The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
VOL. 130.
SATURDAY,JANUARY 11 1930.
financial Thronicle
PUBLISHED WEEKLY
Terms of Subscription—Payable in Advance
Including Postage—
12 Mos. 6 Mos.
Within Continental United States except Alaska
$10.00
$6.00
In Dominion of Canada
11.50
6.75
Other foreign countries, U. S. Possessions and territories
13.50
7.75
The following publications are also issued. For the Bank and Quotation Record the subscription price is $6.00 per year; for all the others is
$5.00 per Year each.
COMPENDIUMS—
MONTHLY PUBLICATIONS—
PUBLIC UTILITY—(801:014011111111131
BANK AND QUOTATION RECORD
RAILWAY & INDUSTRIAL—(fOUP a year) MONTHLY EARNINGS RECORD
STATE AND MIINICIPAL—(10/311411111.)
Terms of Advertising
Transient display matter per agate line
45 cents
Contract and Card rates
On request
Cameo') Orricz—In charge of Fred. H. Gray, Western Representative.
208 South La Salle Street. Telephone State 0813.
LONDON °tries—Edwards & Smith, 1 Drapers' Gardens, London, E. 0.
WILLIAN B. DANA COMPANY, Publishers,
Front, Pine and Depeyster Streets, New York
Published every Saturday morning by WILLIAM B. DANA COMPANY.
President and Editor. Jacob Seibert; Business Manager, William D. Riggs;
Tram,WilliamiDana Seibert:Am., Herbert D.Seibert. Addresses of all. Office of Co.
The Financial Situation.
Testifying before the Inter-State Commerce Committee of the United States Senate, on Tuesday of
this week, that redoubtable veteran in the telegraph
business, Newcomb Carlton, President of the Western Union Telegraph Co., made some droll observations which at the moment have a pertinency beyond
the ordinary. He took issue with the views recently
expressed by Owen D. Young on behalf of the Radio
Corp. of America. Mr. Young, it may be recalled,
in his testimony on Dec. 10, argued in favor of the
unification of communication services of all kinds
and in his unification scheme included the Western
Union Telegraph Co. along with the Radio Corp.
and the International Telephone & Telegraph Co.
Mr. Young predicated his arguments and his unifying proposals on the fact that there has recently
been a merger of communication interests in Great
Britain, which, to him, seems to involve serious
menace to American communication interests—
menace that could only be met by a similar merger
of American companies engaged in the communication business.
Mr. Carlton, on his part, can see no menace of the
kind, and, in fact, characterized the whole thing as
"one of the most fantastic bogies ever dressed up in
ray experience." He said he felt no alarm concerning the future, with unified companies operating
abroad, against three companies operating independently in the United States, and stressed the
advantages of competition in this country. Not only
that, but Mr. Canton treated Mr. Young's fears
very lightly, saying: "You know it's the fashion
with us, when a man returns from service abroad,
to ask his opinion on all sorts of subjects, from
finance to the kind and amount of milk it is best
to feed the babies. And, in the matter of Mr.
Young's views on international communications,
with all respect, of course, I put them in the class
NO. 3368.
with any advice he might feel moved to give to
nursing mothers."
But it is Mr. Canton's characterization of the
political economist to which we wish especially to
allude. Senator Brookhart asked the Western
Union President if he thought a public utility was
entitled to a greater return on money invested than
the earning power of the whole people, which, he
said, had been placed at less than 6%. "You'll have
to ask some wild economist about that," Mr. Carlton replied. "You don't think a tame one could tell
me?" Senator Brookhort inquired. "I don't think
there is any such thing as an average return for
the whole people such as you are talking about," Mr.
Carlton said.
As it happened, about the same time some of these
"wild" economists, as distinguished from the "tame"
species, were giving utterance to views which
certainly were wild, even if the economists themselves did not deserve the appellation. According
to the New York "Times," Professor Irving Fisher,
in testifying before the New York Legislative Commission for revision of the public service law, declared that business prosperity was definitely threatened by a gold shortage, while the New York "Journal of Commerce," in its issue of Wednesday morning, published a letter from Professor Gustav Cassel, the Swedish economist, criticizing sharply President Hoover's efforts in.endeavoring to prevent or
to relieve business depression in the conferences the
President has recently had with industrial leaders
in all walks of life. If these two economists are
correct in their views, the country is certainly hard
up against it. In a talk with a reporter on the New
York "World," Mr. Fisher was just the least bit
inclined to hedge, saying, "But don't call it a prediction; call it a guess. I have had some unfortunate results from having my guesses put out as
predictions." Prof. Fisher might well be asked to
guess again.
Prof. Fisher is the same individual who could see
nothing wrong with the stock market when prices
were pyramiding in such a spectacular way, the
craze proceeding so far that when the collapse came
market values suffered a depreciation of U0,000,000,000 to $50,000,000,000. He is also the same individual who has for years been arguing in favor of
varying the gold content of the dollar, so as to
insure the stability of commodity prices. He would
have the dollar fluctuate in intrinsic value in order
to even out the fluctuations in commodity prices.
Even on the present occasion he is reported to have
said that the adoption of his plan to stabilize
values by reducing the gold content of the dollar
would probably be effective, though the reporter
says he admitted that there was very little chance
of this being adopted. Mr. Fisher has for years
174
FINANCIAL CHRONICLE
been living in mortal fear that the purchasing power
of the dollar might increase, though it would appear
that this might be a distinct advantage to the wage
earning classes, as well as to the farmers who have
seen their own products declining without being
able to buy at a correspondingly lessened price the
things they are obliged to purchase for their own use
in the markets of the world. As none of the dreadful
things which he has been predicting would happen,
or "guessing" would happen, have come to pass,
possibly the community will not be deeply disturbed by a reiteration of his fears on the present
occasion.
Incidentally, we note that Chairman Albert H.
Wiggin, of the Chase National Bank, certainly a
good authority in the banking world, is quoted as
saying that "there is enough gold in the world to
do the legitimate business of the world at comfortable rates of interest, but there is not enough gold
to finance such a speculation as we have recently
experienced, and there is not enough surplus gold
to justify extremely cheap money at the present
time." There is also a good deal of force in what
Roger W. Babson has to say, namely, that it is
not so much the shortage of gold in the vaults of
our great banks that is to be feared as it is "the
shortage of any kind of money in the pockets of
American consumers."
As to Prof. Cassel, he has all along been criticizing
the Federal Reserve Board for declaiming against
the absorption of bank credit in stock market channels, contending that it is no part of the duty or
the function of a central bank to interfere in any
way with speculative operations in the stock market.
He now contends that "the program of the President (Hoover) is to be considered a mistake of the
first magnitude." Why? "It rests first upon an
incorrect conception of the situation as it actually
exists, and, second, upon an exaggerated idea of the
ability of the Government in the premises." The
second of these contentions is perhaps partly true.
The first, upon which the whole argument rests, has
nothing to sustain it.
He says "the essential characteristic of the present
situation is undoubtedly a marked capital shortage."
He then proceeds to add: "That a shortage of capital is the very kernel of the entire present situation
may be seen from the fact that the export of American capital has declined sharply." But why has
the export of capital declined? Is it not perfectly
plain that the reason why American capital has not
gone abroad to any great extent during the last
'two years is that the gigantic speculation in the
stock market, with the high interest rates that this
brought about, made it more profitable to keep
capital at home. Not only that, but the effect was
also to draw funds from abroad in a perfectly endless stream. Does it notinevitably follow that now
that the stock market has so completely collapsed
and the capital therein employed has been released,
there will be ample capital available, not only for
home use, but for export abroad? As to Prof. Cassel's further contention that stock speculation does
not absorb any real capital, that is a contention that
may well be dismissed.
Accordingly, there would appear to be no occasion
for any disquietude either in the talk of a prospective gold shortage or in the talk of a prospective
capital shortage. And the United States would still
seem to be a pretty good place to live in. No one
[VoL. 130.
need be unduly concerned about what may happen
a trillion light years hence. Some of us may not
be denizens of this mundane sphere at that period.
In the meantime, the indications are that we shall
still be able to indulge in a dish of cereals at breakfast and some luscious grapefruit at dinner.
The Federal Reserve returns this week are in
line with expectations, and in line with conditions
in the business and financial world. Statistics of
brokers' loans no longer possess much significance.
Stock speculation is not now of a size to call for
much borrowing on the part of brokers. After last
week's increase of $96,000,000 in these loans on
securities to brokers and dealers by the reporting
member banks in New York City, the figures this
week show a shrinkage again in amount of $72,000,000. In other words, the total of the loans this
week (Jan. 8) is $3,352,000,000 against $3,424,000,000 a week ago (Dec. 31). A year ago on Jan. 9
1929, when stock speculation was still rampant, the
total was nearly $2,000,000,000 larger, standing in
exact figures at $5,313,000,000. One change this
week, however, deserves mention. Outside lending is
again on the increase—and for the first time since
the panic of last autumn. Loans made by the reporting member banks for their own account decreased
during the week, and decreased very largely, the
amount falling from $1,167,000,000 to $886,000,000.
On the other hand, the loans made for account of
out-of-town banks increased during the week from
$709,000,000 to $824,000,000, while the loans made
"for account of others" have run up from $1,548,000,000 to $1,642,000,000.
In their own returns the Federal Rqserve banks
show a further reduction in member bank borrowing, the discount holdings of the 12 Reserve institutions standing at $567,615,000 this week, against
$632,421,000 last week. This continued shrinkage
now is, of course, natural, inasmuch as funds are
returning from the interior, as usually happens
after the turn of the year, and furthermore stock
speculation has dwindled to small proportions. This
week, it is satisfactory to note, there has been no
attempt on the part of the Federal Reserve banks
to offset the diminution in the discount holdings,
reflecting member bank borrowing, by increased
purchases of acceptances in the open market or by
adding further to the holdings of United States Government securities. On the contrary, the holdings
of accepances have been allowed to run down from
$392,209,000 to $319,167,000, and the holdings of
United States Government securities have been reduced from $510,587,000 to $484,842,000, though
there is one item in these holdings of United States
Government securities, namely, "certificates and
bills," which increased during the week, having risen
from $218,166,000 to $231,914,000. As a result of
these various changes a substantial reduction is
shown in the amount of Reserve credit outstanding,
the total of bills and securities of all kinds being
down to $1,384,324,000 this week as against $1,547,517,000 last week. At the same time, the amount
of Federal Reserve notes in circulation has been
reduced during the week from $1,909,723,000 to
$1,836,854,000, while the gold reserves have increased
from $2,857,051,000 to $2,929,347,000, with the result
that the ratio of total reserves to deposit and Federal Reserve liabilities combined has risen from 69.6
to 72.9%.
J.
111930.]
FINANCIAL CHRONICLE
It deserves to be noted that the Reserve banks,
besides reducing their own holdings of acceptances
from $392,209,000 to $319,167,000, have also reduced
their holdings of bills purchased for their foreign
correspondents, the total of these latter this week
being $527,816,000 against $547,962,000. Altogether,
therefore, for their own account and for their foreign correspondents the 12 Reserve institutions have
reduced their acceptance holdings during the week
in amount of no less than $93,188,000. With the
Reserve banks holding such a lessened amount of
acceptances, and the open market being obliged to
absorb correspondingly more, it is not surprising
that acceptance rates have risen again this week.
Considering conditions in the closing months of
last year, the insolvency record for that period, especially for December, has much to commend it. An
increase in the number of defaults at the close of
the year is to be expected and there was some increase last month, but not as much as is customary.
The one bad feature of the December return was
the heavy liabilities reported. This was due to the
unusual number of large failures that occurred in
that month. Commercial insolvencies in the United
States during the closing month of the year, as
compiled from the records of R. G. Dun & Co. numbered 2,037 with liabilities of $67,465,114. These
figures compare with 1,796 similar defaults in November for $52,045,863, when large failures in that
month also swelled the aggregate indebtedness to
a considerable extent, and with 1,943 insolvencies
in December 1928 involving $40,774,160 of liabilities.
The increase in the number of commercial defaults
for December over a year ago was slightly under
5%, but indebtedness showed an expansion of more
than 65%. It is worthy of note however, that about
5% of the number of defaults in December accounts
for 57% of the total of liabilities.
Notwithstanding the heavy indebtedness involved
in the insolvencies that occurred in the last two
months of 1929, the record for the year remains
quite favorable in the comparison with many earlier
years. There were 22,909 commercial defaults for
the 12 months of 1929, with liabilities of $483,250,196. This compares with 23,842 similar defaults
in 1928 involving $489,559,624. Only two years back
to 1920 show liabilities for commercial failures in
the United States less than that indicated for 1929.
All three classes into which the insolvency record
for December is separated contributed to the increase
over a year ago both as to the number of defaults
and the liabilities, but the heaviest increase as to
the latter appears in the manufacturing division.
For December there were 559 manufacturing defaults for $33,266,079 of indebtedness; 1,344 trading
failures involving $28,549,762, and 134 insolvencies
in the third class, mainly agents and brokers for
$5,649,273. In December 1928, manufacturing defaults numbered 498 involving $17,782,672 of liabilities; trading failures 1,324 for $18,932,934, and
agents and brokers, 121, for $4,058,554. There is
a large increase in the indebtedness reported for
both manufacturing and trading defaults, notably
•the former. In the manufacturing division the sections embracing machinery and tools, and leather
goods, the latter including shoes, show failures more
numerous last month than they were the previous
year. There is also some increase in the number of
defaults in the iron manufacturing division; in the
175
large class covering lumber; in woolens; furs, hats
and gloves; and earthenware. A notable decrease
appears for the clothing division, as well as for
baking. Quite an increase in liabilities occurred
in the sections covering machinery and tools;
clothing; leather goods and earthenware, but the
largest increase in the manufacturing division
covers the miscellaneous classes.
In the trading sections there was also quite a
variey of changes as to the number of failures for
last month compared with a year ago. A considerable increase in the number of defaults appears in
the drug line. There is also some advance over a
year ago for the large clothing class; as well as in
the furniture division; in hardware, and for hotels
and restaurants. On the other hand, quite a decrease appears in the leading grocery section; also,
for dealers in jewelry, while fewer failures appear
among dealers in dry goods, leather lines, including
shoes, and furs, hats and gloves. As to liabilities
the increase last month in the trading section is
very largely for the class embracing hotels and restaurants; also, for the miscellaneous trading section.
Some increase is also shown for the grocery division, furniture, and furs, hats and gloves. Liabilities for the section covering jewelry defaults show
quite a reduction for last month compared with a
year ago.
The number of insolvencies in December where
the liabilities in each instance were in excess of
$100,000 was 101,for a total of $38,549,317 of indebtedness. These figures were unusually high in both
instances. There have been only a few months in
which larger totals have been shown. The figures
for December constitute practically one-seventh of
the total for the 12 months of 1929, notwithstanding
the fact that for both January and November a high
average also appeared, but not so high as for December. The large failures last month were especially
heavy in the division embracing manufacturing concerns, the number being 53 such defaults, with a
total of indebtedness of $23,303,271. The large
trading failures in December numbered 32 for
$10,981,701 of liabilities, while there were 16 similar
defaults for $4,264,345 in the class embracing agents
and brokers.
The stock market this week has again been a tame
affair, and what there is to say about it may be encompassed in a few words. Business has dwindled
to such small proportions that the fluctuations count
for little. On one day the transactions fell below
2,000,000 shares. With the market so limited in
character, the offering of a few hundred shares in
any stock suffices to bring about a deeline in that
stock, while purchases of a few hundred shares in
like manner are sufficient to send the price up.
Fluctuations, however, have been almost as restricted as the volume of dealings. In this we are
speaking of the market as a whole; some separate
stocks have been exceptions to the rule. In the early
part of the week, with business so small, the market
was firm, and yet was inclined to sag a little at
times. On Thursday a broad recovery ensued all
along the line, with some slight increase in the
volume of business. The exhibition of strength was
carried into the dealings on Friday morning, but
while the market remained firm, few further advances of substantial character were established.
Call loan rates on the Stock Exchange declined from
176
FINANCIAL CHRONICLE
[Vol,. 130.
2
1
/
Railroad stocks are irregularly changed, but
2
1
/
5 % on Monday to 4@4 % the latter part of the
week. The renewal rate never went lower than mostly higher. Pennsylvania RR. closed yesterday
/
0
4%7, and on Friday all loans were at that figure. at 743s against 73% on Friday of last week; New
As stated above, trading was on a very meager scale. York Central at 168 against 170; Erie RR. at 57%
On the New York Stock Exchange the sales at the against 57%; Del. & Hudson at 164 against 161%;
2
1
/
half-day session last Saturday were 1,314,890 shares; Baltimore & Ohio at 117 against 116; New Haven
;
1
/
against 1112 Union Pacific at 218
/
on the full day Monday they were 2,171,740 shares; at 1115
2
1
/
on Wednes- against 219½; Southern Pacific at 120 against
on Tuesday they were 2,029,290 shares;
on Thursday, 2,397,330 12234; Missouri Pacific at 89 bid against 88; Kansas
day, 1,638,830 shares;
shares, and on Friday, 2,386,190 shares. On the City Southern at 78'bid against 82%; St. Louis-San
1
/
New York Curb Exchange the sales last Saturday Francisco at 1092 against 107%; Missouri-Kansas4
were 486,300 shares; on Monday they were 652,700 Texas at 523 against 48%; Rock Island at 116
90%,
%
3
shares; on Tuesday, 583,100 shares; on Wednesday, against 115; Great Northern at 97 against
at 86% against 86.
600,500 shares; on Thursday, 542,800 shares, and and Northern Pacific
The oil shares have fluctuated within a very naron Friday, 604,100 shares.
Prices are irregularly changed. United Aircraft row margin. Standard Oil of N. J. closed yesterday
/
/
/
closed yesterday at 4978 against 50 on Friday of last at 6478 against 6578 on Friday of last week; Simms
2
1
/
/
/
against 12078; United Petroleum at 26 against 2618; Skelly Oil at 31
week; American Can at 123%
/
/
/
Alcohol at 1331 2 against 1341 2; against 3118; Atlantic Refining at 38% against
States Industrial
Amer2
1
/
/
Commercial Solvents at 2978 against 29%; Corn 38%; Texas Corp. at 55 against 55%; Pan
Phillips Petroleum
2
1
/
%;
Products at 91% against 901 Shattuck & Co. at 40 ican B at 58 bid against 60;
2
1;
/
2
1
/
against 38; Columbia Graphophone at 29% against at 34 against 35; Richfield Oil at 23 against 24
/,
3
32% against 3278 and Pure
29; Brooklyn Union Gas at 140% against bid 134; Standard Oil of N. Y. at
North American at 97 against 97; American Water Oil at 24 against 23%.
The copper shares have been the one group showWorks at 95 against 91%; Electric Power & Light
2
1
/
at ex-div. 52 against 51%; Pacific Gas & Elec. at ing sustained strength, this on an active demand for
2
1
/ the metal. Anaconda Copper closed yesterday at
54 against 51%; Standard Gas & Elec. at 115
2
1
/
d Gas of N. Y. at 101% 76 against 73% on Friday of last week; Kennecott
2
1
/
against 113 ; Consolidate
1
/
/
/
Columbia Gas & Elec. at 7718 against Copper at 60 against 5878; Calumet & Hecla at 312
against 99;
against
/
/
7418; Public Service of N. J.at 86 against 85; Inter- against 2978; Andes Copper at 35 ex-div.
%
8
2
1
/
national Harvester at 81% against 79 ; Sears, bid 33; Inspiration Copper at 29% against 271 ;
against 82½; Granby
/
/
Roebuck & Co. at 8718 against 84%; Montgomery Calumet & Arizona at 8814
Ward & Co. at 46% against 47; Woolworth at 67% Consolidated Copper at 56 ex-div. against 53%;
2
1
/
against 69%,Safeway Stores at 116% against 113%; American Smelting & Refining at 74 against 74%,
/.
Smelting & Ref. at 34% against 3478
Western Union Telegraph at 206 against 196%; and U. S.
%, and Int.
%
Amer. Tel. & Tel. at 2191 against 2211
Stock exchanges in the important European cenTel. & Tel. at 74 against 73%.
& Dye closed yesterday at 265 ters were firm and active in most sessions of the
Allied Chemical
against 258 on Friday of last week; Davison Chem- current week, with the world-wide trend toward
ical at 30 against 29; E. I. du Pont de Nem ours at easier money rates exerting a favorable influence in
/
1141 against 11778; Radio Corp. at 41% against virtually all markets. Expectations are entertained
%
2
1
/
423%; General Elec. at 245 against 245½; National of further reductions in the discount rates of the
2
1
/
Cash Register at 76 against 75; Fox Film A at Bank of England and the Reichsbank, with reports
20% against 21; International Combustion Engi- also current of a possible downward readjustment
2
1
/
2
1
/
neering at 6 against 5 ; International Nickel at of the 3 % rate so long maintained by the Bank
%
/
/
351 against 311 2; A. M. Byers at 9218 against 90½; of France. Failure of the Bank of England to take
Timken Roller Bearing at 77% against 78; Warner action Thursday proved a disappointment to the
/
Bros. Pictures at 43 against 4014; Mack Trucks at London market, causing some irregularity in prices
%;
713 Yellow Truck & Coach at 13% of securities. In Berlin the belief prevails, accord72 against
against 14%; Johns-Manville at 127 against 123; ing to press reports, that the German reduction
/
National Dairy Products at 47 against 481 2; Na- awaits only a favorable outcome of the current repa/
tional Bellas Hess at 978 against 9%; Associated rations negotiations at The Hague. The conference
Dry Goods at 31 against 29; Lambert Co. at 99 of governments at The Hague was closely followed
4
/
against 9878; Texas Gulf Sulphur at 573 against in all markets, though there was little apprehension
of untoward developments. Financial authorities
/
2
1
/
56 , and Kolster Radio at 41 8 against 4.
The steel shares are generally higher. United believed, rather, that the statesmen are all anxious
2
1
/ to effect a speedy settlement of reparations, which in
1
/
States Steel closed yesterday at 1712 against 168
2
1
/ turn is expected to favor gradual improvement in
Steel at 96
on Friday of last week; Bethlehem
2
1
/ European business affairs. The stock markets in all
/,
against 9318 and Republic Iron & Steel at 77
stocks are almost uni- centers, moreover, are now considered to be in a
.
1
/
against 752 The motor
most of last
formly lower. General Motors closed yesterday at much sounder position than they were
the final months
%
39% against 411 on Friday of last week; Nash year. The substantial declines of
%
2
1
/ of 1929 eliminated many speculative holdings, ac/
Motors at 541 against 551 8; Chrysler at 35
/
/
against 3718; Packard Motors at 161 8 against 16%; cording to this view, and brought stocks into the
/,
Hudson Motor Car at 57 against 5918 and Hupp hands of stronger holders.
Business was started on the London Stock ExMotors at 23 against 23%. In the rubber group
Goodyear Rubber & Tire closed yesterday at 65 change Monday in a very optimistic mood, and the
2
1
/
against 63 on Friday of last week; B. F. Goodrich trading proceeded on a larger scale than for some
at 45 against 42; 'United States Rubber at 25% time past. Improvement in New York over the weekend helped the London market materially, while the
%,
against 243 and the preferred at 48% against 50.
•
JAN. 11 1930.]
FINANCIAL CHRONICLE
brighter monetary prospects also stimulated confidence. Gilt-edged securities improved and active
bidding for international stocks and for British industrials brought enhancement in these sections also.
The strong upward swing at London was continued
Tuesday with the belief gaining ground that the
Bank rate would be reduced Thursday from 5% to
4 %. British funds were buoyant and most other
/
1
2
groups also advanced. Foreign bonds were less popular because of unfavorable developments in the silver
market. Wednesday's market at London was again
characterized by brisk trading and by further advances in prices. Gilt-edged securities were marked
upward and improvement also was noted in a wide
list of mining shares, oil stocks and British industrial issues. Only in the international group was
there any uncertainty. Owing to the widespread
hopes of favorable Bank action Thursday on the
discount rate, much disappointment was caused by
the maintenance of the 5% figure. A brisk advance
again took place Thursday morning, but after the
Bank announcement came at noon the market turned
easier and assumed an irregular appearance at the
close. The gilt-edged list formed an exception to the
afternoon decline, these securities remaining firm.
The London market resumed its advance yesterday,
with gilt-edged securities again in the lead.
The Paris Bourse was firm at the opening Monday,
but trading proceeded on a very small scale. Some
selling was started by professional operators, dispatehes said, and the list lost ground. The copper
group remained steady. Transactions Tuesday were
much like those of the preceding session. After a
similarly firm opening a downward movement was
caused by moderate offerings in a thin market.
Financial circles were apparently inclined to await
the results of The Hague conference before engaging
in extensive buying, even though the prospects of
the conference were viewed as favorable. The downward drift of prices was not, however, considered of
any importance. Trading on the Bourse showed
substantial improvement Wednesday and the more
favorable atmosphere also resulted in a steady gain
in prices. The upward trend was most pronounced
in rentes, French rails, copper stocks and gold mining shares. Other issues advanced more slowly.
The better tone was maintained Thursday and all
French stocks moved upward. International stocks
listed at Paris were less active, but the copper issues
and gold mine shares remained steady. Further improvement took place in yesterday's session at Paris.
Trading on the Berlin Boerse was begun in brisk
fashion Monday with numerous issues showing substantial gains. Optimistic reports from The Hague
and an easier tone in money rates had a stimulating
effect. Mining stocks, steel issues, Reichsbank
shares and the electrical group all were purchased
at advancing figures. The Boerse turned irregular
Tuesday, although most issues maintained the closing prices of the preceding session. Unfavorable
rumors regarding A. K. U. Artsilks caused a decline
of 8 points in this issue. After a quiet opening Wednesday, trading again gained momentum and the
market improved as a whole. Two foreign issues
dominated the session, Svenskas gaining 16 marks,
while Kreuger & Toll bonds advanced 17 points.
The mining group showed distinct firmness, while
artificial silk stocks also advanced. Some irregularity was caused Thursday by disappointment over
the maintenance of the 5% discount figure by the
177
Bank of England, but confidence was soon re-established and the market again turned firm. Electrical
issues were most actively sought, while potash stocks
and some of the international shares also advanced.
Buying gained momentum in yesterday's dealings
at Berlin, and the entire market improved.
Foremost among the arrangements of the current
week in preparation for the forthcoming naval limitation conference at London was the departure on
Thursday of the American delegation on the steamship George Washington. The American representatives are expected to reach England in ample time
for the opening session which will be held in the
Royal Gallery of the House of Lords Jan. 21. There
will also be time for anticipated preliminary conversations between Secretary of State Henry L. Stimson, who heads the American delegation, and
Premier Andre Tardieu, leader of the French representatives. With the exception of the sailing of the
American negotiators from New York, actual developments in connection with the conference were
not especially significant. The State Department
in Washington made public last Saturday the text
of New Year's messages exchanged between Bing
George of Great Britain and President Hoover in
which the hope was expressed that the cause of naval
disarmament will be advanced. King George, in his
message to Mr. Hoover, offered his cordial greetings
"at the commencement of the New Year, so full of
promise for the advancement of world peace by naval
disarmament." In a telegram reciprocating his
Majesty's good wishes, President Hoover remarked
that "the resolve to advance world peace by mutual
good will and by limitation of naval armaments is
the earnest purpose of the British and the American
people and of their governments, as it will be the
endeavor of the American Government to see this
great object attained during the year which has just
commenced."
President Hoover held his final meeting with
members of the American delegation at a White
House breakfast Tuesday morning. The five members of the official delegation of seven who were
present at the meeting were Secretary of State
Stimson, Secretary of the Navy Adams, Ambassador
Dwight W. Morrow, and Senators David A. Reed
and Joseph T. Robinson. Also present at the breakfast were a number of the naval advisers who will
accompany the American contingent, and Under.
Secretaries Cotton and Jahncke, who will assume
the guidance of the State and Navy departments,
respectively, while their chiefs are in London. In
his final words to the delegates, President Hoover
stressed three points for their guidance, according
to a Washington report to the New York "Times."
These points are: (1) that our aim is actual reduction of naval building programs and not mere limitation; (2) that the American delegates should be
conciliatory toward representatives of other powers
and give due consideration to their desire to make
an agreement which will afford them a sense of
security; (3) that the progress of the peace of the
world rests in great measure on the shoulders of the
five delegations. "It was a very hopeful if cautious
message which the President delivered orally and
informally to his breakfast guests," the "Times"
dispatch said. The President emphasized, however,
that he looks to the conference to accomplish results
in the way of preserving the world's peace.
178
FINANCIAL CHRONICLE
At his customary conference with press correspondents late Tuesday, Mr. Hoover repeated in
condensed form the statements made earlier in the
day to the naval delegates. "I am sure the whole
nation bide godspeed to the American delegation
that leaves tomorrow for the London naval arms
conference," the President said. "The peoples and
the governments of the five nations assembling at
this meeting are sincerely desirous that agreement
shall be brought about by which competition in
construction of naval arms is brought to an end,
and by which actual reduction in naval burdens of
the world shall be accomplished. The difficulties
of finding a basis that will be acceptable to five
different nations are great, but they are not insuperable. The conclusion of the conference must be
such as to give a sense of security and satisfaction
to each of the nations. Permanent peace is never
based on either taking advantage of or accepting
a position of prejudice. The technology and complexities of the problem are such that we need hope
for no immediate and quick results. To complete
the conference in three or four months would be
in itself a great accomplishment, and we should
not expect any hurried conclusions. It is the most
important of international conferences of a great
many years, and probably the most important for
many years to come. The progress of the peace of
the world rests in great measure upon the shoulders
of the five delegations. There is good-will toward
the conference on the part of every nation. The
importance and gravity of the occasion have been
recognized in the dispatch to London of the leading men of every country. They have the will to
succeed. I hope that the people of our country will
co-operate in the progress of the conference by
patience,encouragement and freedom from criticism.
We go to London in a fine atmosphere of international good-will, and it is the duty of our country to
preserve that atmosphere so far as lies within our
power."
In press reports accompanying this statement it
was indicated that President Hoover appears to
feel he has reason to be encouraged over the prospects of the naval conference. The impression was
conveyed, according to a report to the "Times," that
he had received information as to the attitude of
other participants which gave him ground for encouragement as to the prospect of an agreement that
would be an advance toward disarmament. Secretary Stimson, who will be the spokesman for the
American delegation, utilized the talking motion
pictures Tuesday for the dissemination of a farewell
message to the American people. Mr. Stimson referred in his address to the Washington conference
of 1921 and remarked that it "seems a most opportune time for the United States to meet again with
these same powers to see if we cannot still further
delay or decrease expenses of the battleship fleets."
At the same time, he added, "we shall endeavor to
find a mutually satisfactory arrangement for limiting the building of cruisers, destroyers and submarines, and thus still further increase that sense
of security essential to international good-will."
Cheerful statements also were issued in Great
Britain this week regarding the prospects of the
London conference. Prime Minister MacDonald,
who retired to Lossiemouth, Scotland, for a short
holiday, remarked Wednesday that he feels very
optimistic about the gathering. "There is no use
[VoL. 130.
in shouting before it is over," he said. "There are
one or two difficult matters arising out of the different conditions of the countries, but I see no
reason for fearing that an arrangement will not be
reached." The Prime Minister made dear, in reply
to questions, that the conference will deal with
every class of warship from large battleships to
submarines. "Great Britain, with the full consent
of the Admiralty up to now, is prepared to make
proposals that will mean considerable reductions in
the naval program without in any degree impairing
the security of the empire," he continued. "But
everybody,both athomeand abroad,must very clearly
understand that these reductions will depend upon
an international agreement. It is quite impossible
for any one country to go beyond what can reasonably be regarded as a state of international equilibrium." Statements of similar purport were made
by A. V. Alexander, First Lord of the Admiralty.
While these hopeful public pronouncements were
being made, preliminary conversations were continued among the several governments in efforts
to solve the now generally recognized problems that
are likely to make curtailment of navies difficult.
The most important of these problems,it is believed,
is the French attitude as expressed in the Paris
memorandum of Dec. 21, which was published in
full Dec. 27. The difficulty of arranging a suitable
accord on cruisers and auxiliary vessels, to which
France and Italy could subscribe, also is recognized.
Italy has officially maintained in all declarations
on the subject that she desires parity with any other
Continental power, while France on the other hand
has maintained that her double coastline on the
Atlantic and the Mediterranean should entitle her
to a larger tonnage than the Italian fleet. In an
attempt to solve the problem thus presented France
suggested in her memorandum that an accord on
the Mediterranean might be reached among France,
Britain, Italy and Spain. It was indicated in Paris
dispatches of Tuesday that such a treaty of nonaggression and mutual guarantees in the Mediterranean was being drafted and would be submitted
at London. A further problem of great importance
is introduced by the Japanese demand for 70% of
American or British strength in cruisers and
auxiliary vessels. Indications that an adjustment
of this problem might be found were given after the
preliminary conversations in Washington last month
between American and Japanese delegates to the
conference. Further preliminary discussions were
carried on this week between the British and
Japanese delegates in London. Prime Minister
MacDonald conferred with the chief Japanese delegates for a short time Thursday, but it was indicated afterward that more serious and prolonged
discussions would begin to-day.
Further exchanges between France and Italy this
week have dimmed the chances of a treaty on the
Mediterranean, according to dispatches of Thursday from Paris and Rome. It was revealed in Paris,
according to an Associated Press report, that Italy
had frowned upon the idea of a broad treaty of
mutual guarantees and instead had voiced a preference for a strictly Franco-Italian accord. Italian
authorities, moreover, desired a concurrent settlement of long-standing questions relating to the North
African possessions of the two countries. In a Rome
report of the same date to the Associated Press it
was made clear that France had replied to the last
JAN. 11 1930.]
FINANCIAL CHRONICLE
Italian communication on the naval limitation problem with a rejection of the Italian proposal for
parity. "Italy had proposed the idea of parity,"
the dispatch said, "on the understanding that she
would accept any limit in tonnage that France would
consider necessary for her defense." The FrancoItalian preliminary conversations were considered
in both capitals to have reached an impasse, arousing pessimism about the naval limitation problem
as it affects France and Italy. The likelihood of a
successful understanding at the London 'conference
was still considered good, however, the telief prevailing both at Paris and Rome that a way may yet
be found out of the difficulty. It was pointed out,
moreover, that Foreign Minister Briand of France,
and Foreign Minister Grandi of Italy will meet
early next week at Geneva where the League Council
will assemble for its regular session. The suggestion was made that something might be achieved in
the personal exchange of views on the naval question between these Ministers.
An indication was given by A. V. Alexander, First
Lord of the British Admiralty, in a speech at Sheffield yesterday, that the conference may be able to
effect more stringent limitation of cruiser building
than appeared probable from the preliminary agreement between Britain and the United States.
Britain, he said, will go to the conference prepared
to agree to reduce her cruisers from 70 to 50, the
latter figure representing the minimum needs of
the Empire under present conditions. He added,
however, that "if, unhappily, the international
horizon should become in the future less unclouded
than it is to-day,it will be incumbent upon the Board
of Admiralty to review their position and make further proposals to his Majesty's Government."
Sessions of the conference of governments at The
Hague, which opened Jan. 3, have proceeded this
week much in accordance with expectations,and every
assurance is now felt that agreement will be reached
on outstanding problems and the way prepared for
parliamentary ratification of the Young plan of
German reparations payments by the several governments. When the delegates re-assembled late
last week it was readily seen that much progress
had been made in the intensive discussions that
were carried on privately since the first Hague conference adjourned at the end of last August. The
sessions of the first conference, it will be recalled,
were marked by a serious clash of interests between
Britain and France which threatened for a time to
disrupt the gathering altogether. After a full
month of earnest dispute regarding the allotment
of the German unconditional annuities, five subcommittees were hastily appointed to carry out the
technical details of the Young plan and the statesmen returned to their respective countries. During the remaining months of 1929 the subcommittees
elaborated working sections of the Young plan and
these were finally joined in legal form by a committee of jurists. Although the Young plan is
specifically designed to remove German reparations
from the political sphere and place them on a purely
economic basis, the various subcommittees referred
constantly to the governments for instructions on
points of political difference. By this means, and
also through direct conversations among the governments, many problems were adjusted and the way
smoothed for the current conference.
179
The conference was opened by a short address delivered by Premier Henri Jaspar of Belgium, permanent President of the conference. M. Jaspar welcomed the distinguished gathering, thanked the
Queen of Holland for her hospitality, and expressed
regret over the recent death of Dr. Gustav Stresemann of Germany, who attended the first Hague
meetting in his capacity of Foreign Minister of the
Reich. The Belgian Premier then urged the delegates to work expeditiously because some of the
statesmen are to attend the League Council sessions
which begin next Monday, while others must proceed to London shortly for the naval conference
that is to begin Jan. 21. The public meeting was
then adjourned and a private meeting called at
which it was decided to set up two main committees, one to consider German reparations and the
other to consider payments by other Central European defeated States. The initial session thus
passed off smoothly and in marked contrast to the
first session of the August meeting in which Chancellor Snowden of Britain launched his demands for
a greater share of the unconditional annuities than
had been allotted Britain by the Experts' Committee
in Paris.
The two committees started their tasks last Saturday in energetic fashion and in a hopeful atmosphere. Private negotiations were bgun at the same
time on the large problems that still remained for
settlement. These differences were: firstly, the
problem of the application of sanctions in the event
of failure by Germany to make the scheduled payments, and, secondly, the problem of reparations
payments by Hungary and Bulgaria. Neither of
these matters yielded to settlement in the government discussions that have preceded the current
meeting, and it was recognized that they might impose severe obstacles to the smooth progress of the
meeting. The question of sanctions was admittedly
made more difficult by the recent agreement between
the United States and Germany in which provision
is made for direct payment of the sums allotted
to the United States in the schedule drawn up at
Paris last spring. Under this agreement German
payments to the United States depend solely on
the good faith of the German Government Representatives of the Reich made clear in advance of the
current meeting that they would demand similar
treatment at The Hague from all other governments, thus setting aside the sanctions for which
provision is made in the Treaty of Versailles. Premier Tardieu of France, however, had promised the
Chamber of Deputies that sanctions would be incorporated in any ugreement reached at The Hague,
and a clear-cut issue was thus provided. The question of payments by Hungary and Bulgaria was
carried over into the current conference notwithstanding the best efforts of the subcommittee
charged by the first Hague meeting to settle this
matter. Agreement in the case of Hungary was
made particularly difficult by the demand of Rumania that the Hungarian optants question be settled at the same time. Both governments, moreover,
objected strenuously to the demands made upon
them.
The first matter to come up for active consideration last Saturday in the official deliberations was
that of payments by Austria. A joint proposal was
made by England, France and Italy that all claims
of the former Allied nations for Austrian repara-
180
FINANCIAL CHRONICLE
[Vol,. 130.
tions be wiped out, in return for which Austria is the World Court and to resume the right to use
to cancel all claims on the successor States for reim- sanctions only if the Court finds Germany at fault.
bursements for property of the former Austro-Hun- S. Parker Gilbert, Agent General for Reparations
garian Government. Austria appeared quite ready Payments at Berlin, arrived at The Hague Tuesday
to accept this settlement, according to a report to to deal with technical questions. Some dubiety was
the New York "Times," but Foreign Minister Titu- caused by the inability, announced on the same day,
lescu of Rumania raised the point that it might be of Dr. Schacht to respond immediately to the call
construed as a precedent by Hungary. M. Titulescu for his aid. The Reichsbank head replied that he
declared that his Government had nothing in prin- would be unable to reach the conference until tociple against the proposal and would accept it pro- morrow (Sunday), but Dr. Ludwig Kastl arrived
vided Rumania got satisfactory settlements with at The Hague Wednesday to assist as much as posHungary and Bulgaria. It was reported in the sible in the meantime.
The deadlock on the question of sanctions con"Times" dispatch that Bulgaria was ready to accept
tinued Wednesday, and an irritating exchange bea schedule of payments by which she is to make
annual transfers of approximately $2,300,000 to the tween the Germans and the French only served to
former Allies. The dispatch added that the French, aggravate the differences. Premier Tardieu, in
English and Italians will press for acceptance of statements to the press, was said to have declared
their plan on the ground that it "amounts to the that the Germans had shown a lack of confidence
claimants giving up what they would not get in order in themselves through their repeated recourse to
to promote peace." Discussion of the problem of Berlin for instructions. Some versions of this declapayments by the non-German defeated States was ration appeared offensive to the German delegation,
continued all week, however, with indications that which demanded an explanation. This was promptly
the very troublesome matter of Hungarian payments given by the French and the incident was allowed to
pass. Considerable progress in settlement of the
might he reached to-day.
and German sanctions difficulty was made Thursday, however,
Sharp clashes between the French
Fordelegations promptly resulted Monday when con- at a meeting attended by Premier Tardieu and
and Foreign Minsideration was begun of the question of sanctions, eign Minister Briand for France,
which involves more specifically the legal right of ister Curtius and Minister for Economics Wirth
the former Allies to re-occupy portions of the Rhine- for Germany. Sanctions were accepted "in prinland in the event of presumed wilful failure of the ciple" by the German delegation, according to a
German Government to make scheduled reparations dispatch to the United Press, but it was inferred
payments. Premier Tardieu demanded the inclu- that the Reich representatives demanded that the
sion of sanctions in the protocol of The Hague con- sanctions be given an economic rather than a miliference. Dr. Julius Curtius, Foreign Minister of tary color. A counter proposal was prepared by the
Germany, opposed the proposal vigorously, pointing Germans on sanctions, the dispatch added, in which
out that voluntary acceptance by Germany of the emphasis was placed on the recommendations in the
business settlement of reparations in the Young plan Young plan for relinquishment of all controls and
should mean an end to all military sanctions. Dr. special securities by the creditor nations.
While these discussions continued, preparations
Curtius also cited the separate reparations accord
with the United States, which accepts German good were under way for formal consideration of the
faith as the sole guaranty of payment. The British first loan in the mobilization of German reparations,
and Italian delegates consistently supported the a report to the New York "Times" said. These disFrench viewpoint. A question also arose regarding cussions are to begin next Monday, after the arrival
the exact date of German payments, the representa- of Jackson E. Reynolds and Melvin A. Traylor from
tives of the creditor nations maintaining that pay- the United States. Tentative suggestions are being
ments should be made in the middle of the specified made for a loan of $200,000,000, the "Times" dismonths, while the Germans held out for month-end patch indicates, of which Germany, France and the
payments which would save them interest. Dr. United States are each to subscribe $50,000,000,
Hjalmar Schacht, President of the Reichsbank, was while the remaining $50,000,000 would be taken by
asked to come to The Hague in order to aid in clear- England, Italy, Holland, and Switzerland. Decision
on this point is to be delayed until after the arrival
ing up these problems.
Discussion was directed Tuesday to the separate of Mr. Reynolds and Mr. Traylor. Some changes
agreement between the United States and Germany, are being made in the draft of the Bank for Interwith the result that the status of this agreement national Settlements, but the eleven alterations
in the Young plan was clarified. The possibility under consideration were said to be of minor
was suggested in the conference that Germany, importance.
under the separate agreement, might continue to
A decided reverse was suffered this week by the
make payments to the United States after having
has
halted payments to the Bank for International Set- dictatorship of General Primo de Rivera, who
as Premier-Dictator since 1923. As a
tlements under the clauses of the Young plan pro- ruled Spain
l" govviding for suspension in certain circumstances. To concession toward the return of "semi-norma
ernment, General de Rivera announced several weeks
remove this possibility a resolution was adopted by
Germany and the important creditor powers to the ago that municipal and provincial elections would
effect that the German Government will not take be held in the coming spring and summer, resultadvantage of the rights of moratorium except simul- ing in a final choice of a representative Assembly.
taneously 'toward all the powers whose claims are The National Assembly as now constituted has held
accepted in the report of the experts. The differ- only desultory meetings under the watchful eye of
ences between the French and German delegations the Dictator, and it now appears that important
on sanctions continued meanwhile, with the French members of the body have declined to attend further
offering to leave the issue of German good faith to meetings. In a royal decree published Tuesday,
JAN. 11 1930.]
FINANCIAL CHRONICLE
Senor de Rivera gave the former Presidents of the
Senate, the House of Deputies and the Council of
Ministers ten days in which to take the Assembly
seats which are theirs by right. An equal period
was allowed to various Assemblymen who had been
elected by the academies, universities, law colleges
and other groups. "The decree was intended," an
Associated Press dispatch from Madrid said, "to
clear the status of those Assemblymen and to determine whether they are attempting to revive the old
political party system which the present Government aLolished." More significant still is a proposition for a change of government placed before
the King late last week by the entire Council of
Ministers. The Ministers called upon the Premier
either to resign or else hold a general election. This
proposal was rejected by Premier de Rivera. It
was declared in a dispatch to the New York "Times,"
however, that "events in Madrid have demonstrated
clearly that Premier Primo de Rivera no longer
constitutes a one-man government."
There have been no changes this week in the discount rates of any of the European central banks.
Rates continue at 7 7'in Austria; at 7% in Ger/0
1
2
many and Italy; at 5 % in Spain; at 5% in Eng/
1
2
land, Norway, and Denmark; at 4 % in Holland
/
1
2
and Sweden, and at 3 % in France, Belgium, and
/
1
2
Switzerland. In the London open market discount
s
for short bills yesterday were 41/ % against 414@
8
/
4 5/16% on Friday of last week, and 4 1/16@4 %
/
1
2
for long bills against 438% the previous Friday.
/
Money on call in London yesterday was 33 %. At
/
4
Paris open market remain at 3 %, but in Switzer/
1
2
land have dropped from 3 3/16% to 3 %.
/
1
2
The Bank of England statement for the week
endea Jan. 8 shows a gain of £3,099,123 in bullion,
bringing the total up to £149,214,869. A year ago
the Bank's gold holdings aggregated £154,479,280.
Circulation contracted £6,861,000 and this together
with the gain in gold brought about an increase of
£9,960,000 in reserves. Public deposits rose £4,861,000 while other deposits fell off £36,544,462. The
latter includes bankers' accounts and other accounts
which decreased £34,595,728 and £1,948,734 respectively. The reserve ratio is now 36.02%, compared with 38.99% a year ago. A decrease of
£11,773,000 was shown in loans on Government
securities and of £29,817,401 in those on other securities. Other securities consist of "discounts and
advances" and "securities." The former decreased
£27,088,631 and the latter £2,728,770. The Bank
rate remains 5%. Below we furnish a compari
son
of the various items for five years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1930.
Jan. 8
1929.
Jan. 9
1928.
Jan. 11
1927.
Jan. 12
1926.
Jan. 13
arculation_s
382,921,000 369,517,000 135,933,585 138,083.730
141,907,835
Public deposits
17,211,000 10,994,000 14,853,638 15,372.145
13.803.506
Other deposits
111,275,000 104,305,000 110,060,585 111,539,306
114,850,578
Bankers' accounts 75,701,298 67,491,000
Other accounta.__ 35,574,069 38,813,000
Governm't securities 69,885,855 57,740,000 39.628,992 34.767.634
44,582,526
Other securities
30,366,704 30.654.000 84,504,322 77,056,244 80.007.071
Nett. & advances 15,081,971 14,686,000
Securities
15,284,733 15,969,000
Reserve notes at coin 46,292,000 44,960,000 38,817,964 33,154,989
Coln and bullion-149,214,869 154,479,280 155,001.549 151,488,719 22,093,812
144.251,647
Proportion of reserve
to liabilities
36.02%
38.99%
31.07%
26.20%
1734%
Bank rate
5%
434%
434%
5%
5%
a On Nov. 29 1928 the fiduciary currency was amalgamated with
Bank of England
note issues, adding at that time £234,199,000 to the amount
of Bank of England
notes outstanding.
181
In its statement for the week ending Jan. 4, the
Bank of France shows an increase in gold holdings of
765,000,000 francs, raising the total of gold held to
42,433,625,382 francs, as compared with 32,679,039,643 francs at the corresponding week last year.
A decrease appears in credit balances abroad of
140,000,000 francs, while bills bought abroad records an increase of 68,000,000 francs. Notes in
circulation expanded 1,717,000,000 francs bringing
the total of the item up to 70,287,395,400 francs, in
comparison with 63,915,518,415 francs in the corresponding week last year. French commercial bills
discounted and creditor current accounts record
decreases, respectively, of 711,000,000 francs and
1,398,000 francs, while advances against securities
reveal a gain of 167,000,000 francs. Below we
compare the various items for the past two weeks and
also the corresponding week last year:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Chances
Status as of
Jan. 4 1930. Dec. 28 1929. Jan. 5 1929.
for Week.
Francs.
Francs.
Francs.
Francs.
Gold holdings__ -Inc. 765,000,000 42,433,625,382 41,668,428,261 32,679,039,643
Credit bats. abr'd_Dec. 140,000,000 7,109,163,722 7,249,163,722 13,510,491,654
French commercial
bills discounted-3ec. 711,000,000 7.874,579,462 8,585,579,462 1,911,533.198
Bills bought abr'd_Inc. 68,000.000 18,740,293,169 18,672,293,369 19,129,512,12$
Adv.asst.secure_ _Inc. 167,000,000 2,688,144,243 2,521,144,243 2,223,056.578
Note circulation_Inc.1,717,000,000 70,287,395,400 68,570,395,400 63,915,518.415
Cred.cur. accls_Dec.1,398,000,000 18.190.255,735 19,588,255,735 19,231,360.240
The Bank of Germany in its statement for the first
seven days of January reports an increase of 716,000
marks in gold and bullion. The total of gold now
amounts to 2,283,832,000 marks, which compares
with 2,729,341,000 marks in the corresponding week
last year and 1,864,585,000 marks two years ago.
Reserves in foreign currency show an increase of
237,000 marks, while the item of deposits abroad
remains unchanged. Silver and other coin and notes
on other German banks expanded 17,905,000 marks
and 9,084,000 marks respectively. Notes in circulation reveal a loss of 438,998,000 marks, reducing the
total of the item to 4,604,679,000 marks, as compared
with 4,484,184,000 marks of last year. A decrease
appears in bills of exchange and checks of 454,662,000
marks, in advances of 199,406,000 marks and in
other daily maturing obligations of 170,657,000 marks
while on the other hand an increase is recorded in other
assets of 18,716,000 marks, in investments of 139,000
marks, and in other liabilities of 2,384,000 marks.
Below we furnish a comparison of the various items
of the Bank's return for the past three years:
REICRSBANK'S COMPARATIVE STATEMENT.
Changesfor
Week.
Jan.7 1930. Jan. 7 1929. Jail. 7 1928.
Assets—
Reichsmark:.
Reich:marks. Reichsmarks. Reichsmark:.
Gold and bullion
Inc.
716,000 2,283,832,000 2,729,341.000 1.864,585,000
Of which depos.abed. Unchanged
149,788.000
85,626,000
81.437,000
Res've in torn curr_ _ _Inc.
237,000 403,484,000 157,377,000 285.691,000
Bills of each. At checks.Dec. 454,682,000 2,771,981,000 2,101.183.000 2,635,490.000
Silver and other coin_ _Inc. 17,905,000 107,018,000
93,618,000
51,414,000
Notes on 0th. Ger.bks.Ine. 9,084,000
13,063,000
19,604.800
14,503,000
Advances
Dec. 199.406,000
5,242.000
54,211,000
23,130.000
Investments
Inc.
139,000
92,608,000
92,278,000
93,356,000
Other assets
Inc. 18,718,000 581,883,000 582,480.000 619.313,000
Liabtlfiles—
Notes in circulation. _Dec.438,998,000 4,604,679,000 4.484.784,000 4-170.932,000
0th. daily mat. oblig _Dec. 170,657,000 584,513.000 819,300.000 676,048,000
Other liabilities
Inc. 2,384,000 195,593,000 299,619,000 275.143,000
A soft tone prevailed in the New York money
market this week, rates moving off steadily from
the levels established in the relative stringency of
the year-end period. The downward tendency,
moreover, is world-wide in extent, and there is general expectation in virtually all important financial
centers of further declines in central bank discount
rates. Call loans in New York renewed at 5%
Monday, but new loans were arranged at 4 7
/0
1 ,
2
while in the unofficial "outside" market transac-
182
2
1
/
tions were reported as low as 3 %. With a heavy
of funds available, call loans renewed Tuessupply
2
1
/
day at 4 %, and new loans dropped to 4%. The
liberal offerings again overflowed into the street
market, where some transactions took place at 3%.
The course of rates Wednesday and Thursday was
similar to that on Tuesday, call loans dropping on
/
both occasions from the renewal figure of 412% to
In the outside market funds
4% for nexv loans.
2
1
/
were available at 3 %. In yesterday's market the
2
1
/
loan figure was 4 % throughout, with outdemand
side money available at 4%. The easier tendency
of money rates was accentuated by a drop of
$72,000,000 in brokers' loans against stock and bond
collateral in the statement of the Federal Reserve
Bank of New York for the week ended Wednesday.
The resume issued by the Federal Reserve for the
week ended Wednesday showed gold exports of
$8,632,000, but of this total $8,497,000 was reported
in the daily statement for Jan. 3. Imports for the
week covered in the report amounted to $398,000.
Dealing in detail with the call loan rates on the
Stock Exchange from day to day, the renewal rate
on Monday was 5%, but as the day advanced there
2
1
/
was a decline to 4 % in the rate for new loans. On
Tuesday, Wednesday and Thursday the renewal rate
2
1
/
each day was 4 %, with a drop to 4% in the rate
2
1
/
for new loans. On Friday all loans were at 4 %,
including renewals. Time money continued dull,
with rates fractionally lower. On Monday quoted
(4)5% for all dates. On each day
/
rates were 434
4%
2
1
/ / for all
since then the range has been 4 @43
dates. There has continued to be a good demand for
commercial paper in the open market, and rates have
eased a trifle. Rates for names of choice character
maturing in four to six months continued to rule
at 5% until Thursday, when paper for the shorter
4@5%.
was offered at 434%, and the range now is 43
Names less well known continue to be quoted at
4
1
/
5 %, with New England mill paper also com/
manding 514%.
As to bankers' acceptances, during the fore part
of the week prime bank acceptances were in good
demand, with liberal offerings available, but the
market sagged as the week advanced, and the offerings were in excess of the requirements. Rates on
30- to 90-day paper were advanced in both the bid
/
and asked columns 1 8% at 3 P. M.of Friday,though
no formal announcement will be made until Monday.
The trouble was that the Federal Reserve Banks
allowed large amounts of bills to run off and did
not replace them with new bills. The Federal Reserve Banks reduced their holdings of acceptances
during the week from $392,209,000 to $319,167,000.
Their holdings of acceptances for foreign correspondents also fell off, dropping from $547,962,000
to $527,816,000. Directly and indirectly, therefore,
the Reserve Banks reduced their holdings of acceptances during the week in amount of no less than
$93,188,000. The posted rates of the American Ac2
1
/
ceptance Council are now 4 % bid and 4% asked
for bills running 30 days, and also for 60 and 90
4
1
/
days, and likewise for 120 days, and 4 % bid and
/
41 8% asked for 150 and 180 days. The Acceptance
Council no longer gives the rates for call loans
secured by acceptances, the rates varying widely.
Open market rates for acceptances have also been
advanced, and are now as follows:
[Vol.. 130.
FINANCIAL CHRONICLE
Primo Web-- Ms
Prime eligible bills
SPOT DELIVERY,
—150 Daps—
—180 Days—
Md. Asked.
Bid. Asked.
494
6%4M
Ali
—120 Days—
Md. Asked.
4
04
—60Days—
BM. Asked.
4
491
—80Days—
Bid. Asked.
4
41.4
—90Days-Rid. Asked.
4
41.4
FOR DELIVERY WITHIN THIRTY DAYS.
Eligible member banks
Eligible non-member banks
49( bid
434 bid
There have been no changes this week in the rediscount rates of the Federal Reserve banks. The
following is the schedule of rates now in effect for
the various classes of paper at the different Reserve
banks:
DISCOUNT RATES OF FEDERAL RESERVE BANKS ON ALL CLASSES
AND MATURITIES OF ELIGIBLE PAPER.
Federal Reserve Rant
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St Louis
Minneapolis
Kansas City
Dallas
San Francisco
Rate In
Effect on
Jan. 10.
41.4
43i
5
5
5
494
494
5
5
494
6
494
Date
Established.
Nov. 21 1929
Nov. 15 1929
July 26 1928
Aug. 1 1928
July 13 1928
Dec. 10 1929
Nov.23 1929
July 19 1928
May 14 1929
Dec. 20 1929
Mar. 2 1929
Dec. 8 1929
Previous
Rate.
5
5
434
494
494
5
5
494
41.4
5
491
5
Sterling exchange has been dull and easier the
greater part of the week, with trading confined to
routine requirements, owing to the general expectation in banking circles, both here and on the other
side, that the Bank of England would reduce its rate
of discount to 432% from 5%. When on Thursday
it was learned that there would be no change in
the Bank's official rate, the market became more
active and showed a firmer tone. The range this
%
week has been from 4.86 7-16 to 4.873 for bankers'
sight, compared with 4.87 1-32 to 4.87% last week.
The range for cable transfers has been from 4.86 15-16
to 4.87 11-16, compared with 4.87 17-32 to 4.88 5-16
a week ago. The market still continues to count
upon a reduction in the Bank of England rate as
money rates are showing a decided tendency to sag
both in London and New York. With easier money
rates in both centers, it is natural to expect a recession in the price of sterling with respect to the dollar,
which would nevertheless result in relatively firm
quotations for this season. An indication of the
course of money in London is found in the steady
decline in quotations for three-month bills. It will
be recalled that the Bank of England rate was reduced from 63/2% to 6% on Oct. 31. At that time
three-month bills were quoted at 5% to 5 13-16%.
A generally downward trend became apparent from
that date, which sent three-month bills in the middle
1
of December to 4Y%@4 13-16%. They are now
4 1-16@41 %.
%
The gold situation of the Bank of England is now
more favorable than since mid-summer and total
bullion holdings of the Bank are only a fraction
under the Cunliffe minimum of £150,000,000. This
week the Bank of England shows an increase in gold
holdings as of Jan. 9 of £3,099,123, the total standing
at £149,214 869, which compares with £154,479,280
a year ago. On Saturday, the Bank of England
received £150,772 in sovereigns from abroad,. bought
£23,882 in gold bars, and £10 in foreign gold coin.
On Monday the Bank received £1,251,244 in sovereigns from abroad and sold £1,712 in gold bars.
Of the sovereigns purchased £500,000 were from
South Africa and the remainder from Argentina.
On Tuesday the Bank bought £535,500 in gold bars
out of a total of £746,000 available in the open market
and exported £2,000 in sovereigns. On Wednesday
JAN. 11 1930.]
FINANCIAL CHRONICLE
183
the Bank exported £32,000 in sovereigns and sold day bills at 4.81, documents for payment (60 days)
£8,596 in gold bars. On Thursday the Bank bought
£20,906 in gold bars, received 0,964 in sovereigns,
sold £3,445 in gold bars, and exported £2,000 in
sovereigns. On Friday the Bank received $1,000,000
in sovereigns from abroad, sold £29,237 and bought
£1,153 in gold bars.
At the Port of New York, the gold movement
for the week Jan. 2
-Jan. 8, as reported by the
Federal Reserve Bank of New York, consisted of
imports of $398,000 chiefly from Latin America.
Exports totaled $8,632,000, of which $8,497,000 were
shipped to France and $135,000 to Mexico. There
was no change in gold earmarked for foreign account.
In tabular form the gold movement at the Port of
New York for the week ended Jan. 8, as reported
by the Federal Reserve Bank of New York, was as
follows:
at 4.82%, and seven-day grain bills at 4.85 13-16.
Cotton and grain for payment closed at 4.806.
The Continental exchanges have been dull and
irregular, influenced largely by the uncertainty which
pervaded the market with respect to the probable
action of the Bank of England on the rediscount rate.
The comparative weakness of the foreign currencies
as compared with the last few weeks in December is
largely of seasonal character and due to the completion of year-end operations. All the Continental
currencies are easier with respect to the dollar except
Germany and also with respect to the pound sterling.
French francs have been especially dull and though
money is in large supply in Paris at very low rates,
money continues to sweep into France. Bankers in
Paris and in other centers are sounding warnings
against the accumulation of gold in France as a situaGOLD MOVEMENT AT NEW YORK,JAN. 2
-JAN. 8,INCL.
Imports.
Exports.
tion tending to create inflation. This week the Bank
8398,000 chiefly from Latin America
$8,497,000 to France
of France shows an increase in gold holdings of
135,000 to Mexico
765,000,000 francs, the total standing at record high
8398,000 total
88,632,000 total
as of Jan. 3 at 42,433,000,000 francs. This comNet Change in Gold Earmarked for Foreign Account.
pares with 32,679,000,000 francs on Jan 5 1929.
No change
The Bank's ratio is also at record high, standing at
Canadian exchange continues at a severe discount. 47.96%, compared with 47.26% on Dec. 27 1929,
At noon on Saturday last Montreal funds were quoted with 39.72% a year ago, and with a legal requirement
at 1% discount; on Monday at 1%; on Tuesday and of 35%. Comment in Paris is largely to the effect
Wednesday at 1 1-16%; on Thursday at 1 1-32%; that the exceptionally strong monetary situation does
and on Friday at 1 1-64% discount. The Toronto not call for such an increase in gold holdings. The
"Mail and Express" recently published a study defi- Bank of France is not intervening in the exchange
nitely showing that the country has abandoned the market and it is pointed out that were the Bank to
gold standard and that the gold reserve is below the take steps to prevent gold imports, it could only do
minimum legal requirement. This assertion has been so through purchasing foreign exchange bills and that
made frequently in the financial press of both New to pay for them it would have to create bank notes
York and London, but this seems to be the first occa- exactly as it does when it pays for gold purchased in
sion on which the situation has been frankly admitted the market. The point is also made that whereas
and discussed in Canada. On Dec. 23 a Dow-Jones the gold imports reduce the base of money supplies
dispatch from Ottawa pointed out that the legal gold on the market from which the gold is taken, foreign
reserve required by the existing amount of note issue exchange bought by the Bank of France would serve
and of the postal and Dominion savings banks totals to create available capital in France without drawing
$86,490,372, whereas the amount of the gold reserve on other markets and might therefore work for inof the country was, by the Government's own figures flation in all markets.
only $62,827,668, or about 27% below the required
German marks have been steady and on average
minimum. The Canadian Government has author- slightly firmer than last week. The firmness in the
ity by order in council to borrow or otherwise obtain mark is due in some measure to confidence entermoney to retire the note issue above the statutory tained in the soundness of the policies pursued
by
requirement or to purchase sufficient gold to bring the Reichsbank. Of course, the firmer rates and
the metal reserve to the proper ratio with the note greater demand for money
in the German centres
issue.
are also a factor, as transfers to meet credit reReferring to day-to-day rates, sterling exchange on quirements are in
steady request at New York,
Saturday last was'steady in a dull half-day market. London, Amsterdam,
and other important centres.
Bankers' sight was 4.87 1-16@4.87%; cable transfers The Reichsbank's
statement as of Jan. 17 shows
4.87%@4.87 11-16. On Monday the market con- an increase of
gold holdings of 716,000 marks, the
tinued dull. The range was 4.86 29-32@4.87 3-16 total standing
at 2,283,800,000 marks. The position
for bankers' sight and 4.87 11-32@4.873/ for cable of the
Reichsbank is considered strong and there
transfers. On Tuesday the market was dull and is a general
expectation that the rediscount rate,
easier. Bankers' sight was 4.86%@4.87 1-16; cable which is now
7%, will be reduced to 6
although
transfers 4.873/s@4.87%. On Wednesday the market it seems probable
that such a step will be postcontinued under pressure. The range was 4.86 7-16@ poned until after The
Hague conference.
4.86 11-16 for bankers'sight and 4.86 15-16@4.871-32
The London check rate on Paris closed at 123.91
for cable transfers. On Thursday the market improved on Friday of this week,
against 123.95 on Friday of
and sterling advanced. The range was 4.86 9-16(4) last week. In New York
sight bills on the French
4.87 for bankers' sight and 4.87 132@4.87 5-16 for centre finished at 3.92%
against 3.93 3-16 on Friday
cable transfers. On Friday the market was easier a week ago; cable transfers
1
at 3.934against 3.93 7-16,
again. The range was 4.86 9-16@4.86Yi for bankers' and commercial sight
bills at 3.92 9-16 against 3.923/
8
.
sight and 4.86 15-16@4.87 1-16 for cable transfers. Antwerp belgas
finished at 13.933/ for checks and at
Closing quotations on Friday were 4.86% for demand 13.943/
for cable transfers against 13.97 and 13.98.
and 4.87 for cable transfers. Commercial sight bills Final quotations
for Berlin marks were 23.883 for
finished at 4.863/, sixty-day bills at 4.82%, ninety-. checks
2
and 23.893 for cable transfers in comparison
,184
FINANCIAL CHRONICLE
2
with 23.853/ and 23.863/2 a week earlier. Italian
lire closed at 5.23 1-16 for bankers'sight and 5.23 5-16
for cable transfers against 5.2334 and 5.233/2 on Friday of last week. Austrian sdiillings closed at 143.
on Friday of this week against 1434: on Friday of last
week. Exchange on Czechoslovakia finished at 2.96
against 2.96%;on Bucharest at 0.60% against 0.603/2;
on Poland at 11.25 against 11.25, and on Finland at
2.52 against 2.52. Greek exchange closed at 1.30
for bankers' sight and 1.3034: for cable transfers
2
against 1.3034: and 1.303/.
Exchange on the countries neutral during the war
is dull. Holland guilders have been inclined to ease
in sympathetic relation with the sterling market, but
the guilder rate is also influenced by the fact that
Holland funds are in demand in the German markets
and in other centers where they can bring more
profitable return. Spanish pesetas have been extremely irregular and have fallen sharply. The break
in pesetas is due to speculative trading and to the
uncertainty as to the rate of stabilization which the
Government may have in mind. The extreme uncertainty of the political situation seems to be causing
exportation of capital in substantial volume. In
addition to these factors, 40% of the subscriptions
to the Government's gold loan fall due this month
and the buying of foreign currencies for this purpose
has had a depressing effect on peseta rates. In the
present unstable condition of the currency a fairly
large amount of selling will bring about wider fluctuations than would seem justified. During recent
months the exchange market has tended to react to
the Government's announcements that stabilization
would be brought about as soon as possible with
declines in the rate for pesetas. Apparently the market believes that stabilization at a level attractive to
the Government or at par would be unwisely attempted. With the exchange rate at the lowest
point in recent years, stabilization could now be
accomplished with a gold cover for notes in excess
of Spain's needs and with no danger of losing too
much metal after the action. The recent flotation of
a Government gold loan indicates that stabilization
under former gold parity of 19.3 would be unsatisfactory. Even stabilization at par would not endanger the gold reserves, which would be more than
adequate, and the gold loan seems to make stabilization at par doubly safe. It is difficult to determine
the trend of pesetas, as no satisfactory official information reaches the press. It is generally understood that there is much disagreement in Spanish
financial and political circles as to the course to be
followed.
Bankers' sight on Amsterdam finished on Friday
at 40.2434:, against 40.32 on Friday of last week;
cable transfers at 40.2634:, against 40.34; and com83/2. Swiss
mercial sight bills at 40.21, against 40.2
closed at 19.3734: for bankers' sight and at
francs
19.3834: for cable transfers, in comparison with
19.3934: and 19.4034: a week earlier. Copenhagen
checks finished at 26.743/i and cable transfers at
26.76, against 26.76 and 26.78. Checks on Sweden
dosed at 26.833/i and cable transfers at 26.85, against
26.86 and 26.88; while checks on Norway finished at
26.733i and cable transfers at 26.75, against 26.76
and 26.78. Spanish pesetas closed at 13.27 for checks
and at 13.28 for cable transfers, which compares with
13.31 and 13.32 a week earlier.
[Von. 130.
The South American exchanges continue dull,
with Argentine exchange especially weak in tone.
The fundamental conditions affecting exchange on
both Buenos Aires and Rio de Janeiro have been
discussed in some detail here during the past few
weeks and there are no new features that might
alter the situation in either center. The unsatisfactory situation in the coffee trade is the principal
factor of weakness in Brazilian milreis. Reports
from Rio de Janeiro state that there is deep pessismism with respect to the present finanical condition of Brazil in banking and commercial circles.
Government officials have made no statement about
their plans for meeting the problem, although rumors
were rife a few weeks ago that the Government
planned to export gold to New York and London
for the purpose of strengthening the milreis. According to some bankers, much Brazilian capital has been
exported to the United States and Europe for
investment during recent weeks. In Argentina
a poor crop season and a disappointing export season,
together with the impossibility of borrowing in the
New York market during the past year, are responsible for the weak tone of the peso.
Argentine paper pesos closed at 40.20 for checks
as compared with 40 11-16 on Friday of last week;
and at 40.25 for cable transfers against 4034:. Brazilian milreis finished at 11.47 for checks and at 11.50
for cable transfers against 10.85 and 10.88. Chilean
exchange closed at 12 1-16 for checks and at 123/i
for cable transfers against 12.10 and 12.15; Peru at
3.99 for checks and at 4.00 for cable transfers against
3.77 and 3.78.
The Far Eastern exchanges are of uppermost importance at present. On Jan. 11 Japan returns to
the gold standard, with the removal of the embargo
on gold exports. Japanese yen are firm. Chinese
exchange quotations are demoralized owing to the
sharp decline in silver prices. In Wednesday's market the Far Eastern silver currencies touched new
2
low levels, with Shanghai quoted around 483/c.,
compared with 63/c. at this time last year, and
,
Hongkong at 393'c., compared with 503/8c. last year.
At the same time silver quotations in London touched
a new low of 20 5-16d., in contrast to 269'd. last
year. Mexican dollars were at 323c., compared
with parity of 50c. The demonetization of silver
currency in India preparatory to the shift from
silver to the gold standard is also a compelling factor
in the decline of silver. China is reported overstocked in silver. T. V. Soong, Minister of Finance
of the Nationalist Government, recently admitted
that the currency situation was very serious. He
expressed the belief, however, that the crisis would
be surmounted, adding "If China can enjoy peace,
allowing trade to flourish, the dollar crisis will disappear, but if more wars eventuate, the financial
future is obscure." It is generally considered that
the only lasting solution for this problem will be for
China to establish gold as the currency standard.
This measure is considered impossible at present.
Closing quotations for yen checks yesterday
were 49.15@49.25 against 49.10(4)49 3-16. Hongkong closed at 39@39 15-16 against 40%@41 5-16;
Shanghai at 49@4934: against 51%@5194:; Manila at
A
50 against 50; Singapore at 56 5-16@565 against
8
56Y(4)56N; Bombay at 36 9-16 against 36 9-16; and
Calcutta at 36 9-16 against 36 9-16.
JAN. 11 1930.]
FINANCIAL CHRONICLE
185
Pursuant to the requirements of Section 522 of the
America, Europe and Japan in Conference.
Tariff Act of 1922, the Federal Reserve Bank is now
certifying daily to the Secretary of the Treasury the
Two international conferences, one actually in
buying rate for cable transfers in the different coun- session and the other on the eve of beginning, claim
tries of the world. We give below a record for the just now the attention of the world. The conferweek just past:
ence at The Hague, participated in directly by most
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
of the States of Europe and by Japan and indirectly
BANKS TO TREASURY UNDER TARIFF ACTS OF 1922
JAN. 4 1929 TO JAN. 10. INCLUSIVE.
by the United States, is concerned with the adoption
of the Young Plan with its provisions for the settleNoon Buying Rate for Cable Transfers to New York
Country and Monetary
Value to Untied States Money,
Unit.
ment of reparations and the organization of an
Jan. 4. Jan. 6. Jan. 7. Jan. 8. Jan. 9. Jan. 10.
international bank. The London Conference, schedEUROPE$
$
$
$
$
$
Austria. Battling
.140611 .140604 .140655 .140580 .140628 .140608
uled to convene on Jan. 21, will comprise represenBelgium, belga
.139696 .139675 .139541 .139458 .139563 .139463
007227 .007225 .007260 .007212 .007212 .007210
Bulgaria, lev
tatives of five great Powers only-the United States,
Czechoslovakia, krone .029593 .029590 .029591 .029590 .029589 .029576
Denmark. krone
.267828 .267784 .267650 .267486 .267638 .267526
Great Britain, France, Italy and Japan-and will
England, pound sterling
4 875667 4.873224 4.872323 4.869171 4.871107 4.869181
undertake to frame a plan for the reduction and
Finland, markka
025163 .025164 .025162 .025157 .025160 .025166
France, franc
039337 .039329 .039324 .039305 .039311 .039299
limitation of naval armaments. Both conferences
Germany, reichsmark 238621 .238659 .238614 .258723 .238922 .238861
Greece, drachma
012988 .012986 .012988 .012976 .012982 .012980
look toward maintaining and insuring world peace,
Holland, guilder
.403407 .403334 .403280 .402928 .403035 .402740
Hungary, Pengo
175018 .175008 .174991 .174979 .174974 .174966
the one by disposing of the greatest of the financial
Italy, lira
.052333 .052326 .052324 .052306 .052323 .052321
Norway, krone
•
267790 .267747 .267614 .267427 .267575 .267434
Poland, zloty
issues created by the World War and the peace
111977 .111988 .111983 .111977 .111972 .111983
Portugal. escudo
.045000 .045050 .045000 .045033 .044916 .044916
Rumania.leu
.005978 .005973 .005971 .005969 .005971 .005966
treaties, the other by putting an end to naval comSpain, peseta
132765 .151651 .129842 .125509 .124447 .131697
Sweden,krona
288777 .268705 .208583 .268375 .268496 .268402
petition and thereby rendering future war less
Switzerland, franc _ __ .194002 .193982 .193998 .193820 .193871 .193813
Yugoslavia, dinar____ .017700 .017701 .017694 .017692 .017695 .107683
likely.
ASIAChinaPresident Hoover, in a statement given out at
Chefoo, tadl
521875 .509583 .509165 .500416 .506875 .506875
Hankow, tadl
515156 .504843 .504531 .496562 .503281 .502968
Washington on Tuesday, following a breakfast to
Shanghai, teal
503392 .491250 .491642 .481785 .489910 .489642
Tientsin,tael
530000 .518541 .518125 .509166 .515625 .515833
the American delegates, urged that while the diffiHong Kong. dollar_ .401964 .396964 .396250 .391071 .393035 .393750
Mexican,dollar _ ___ .363125 .353750 .353125 .345000 .351562 .350312
culties of finding a basis for naval reduction that
Tientsin or Peiyang,
365416 .355416 .354583 .349583 .353750 .353750
dollar_ _ _.
would be acceptable to five different nations were
362083 .352083 .351250 .346250 .350416 .350416
Yuan, dollar
363400 .363385 .363550 .363089 .363214 .363214
India, rupee
great, they were not "insuperable." "The conclu.490587 .490556 .490415 .490282 .490468 .490956
Japan. yen
Singapore(SS.) dollar .560416 .560416 .560416 .560208 .560416 .560416
sions of the conference," he said, "must be such as
NORTH AMER.989175 .990542 .989522 .989314 .989505 .989609
Canada, dollar
999237 .999237 .999250 .999250 .999249 .999249
Cuba. peso
to give a sense of security and satisfaction to each
478925 .479000 .477650 .475425 .474262 .472650
Mexico, peeo
Newfoundland. dollar .987187 .988312 .988658 .986718 .987250 .987281
of the nations. ... The technology and the comSOUTH AMER.Argentina, peso (gold) .918727 .920905 .920667 .913349 .913436 .913853
plexities of the prdblem are such that we need hope
Brazil, milrels
.108540 .107905 .107900 .108410 .109450 .111025
.120745 .120724 .120734 .120622 .120638 .120622
Chile, peso
for no immediate and quick results. To complete
.937643 .938762 .938226 .930965 .929801 .928028
Uruguay. Peso
flnInInhla nada,.
OFMAA
011 10011
.
ORQOAA
ormonn
nagonn
navonr.
the conference in three or four months would be in
itself a great accomplishment, and we should not
Owing to a marked disinclination on the part of expect any hurried conclusions."
In Mr. Hoover's
two or three leading institutions among the New
opinion, the conference is "the most important of
York Clearing House banks to keep up compiling
the figures for us, we find ourselves obliged to dis- international conferences in a great many years,
continue the publication of the table we have been and probably the most important for many years to
giving for so many years showing the shipments and come," but he found hope in the fact that "there
receipts of currency to and from the interior.
is good will toward the conference on the part of
As the Sub-Treasury was taken over by the Fed- every nation" and that the delegates "have the will
eral Reserve Bank on Dec..6 1920, it is also no longer to succeed." He concluded
his statement by expossible to show the effect of Government operations
pressing the hope "that the people of our country
in the Clearing House institutions. The Federal
Reserve Bank of New York was creditor at the Clear- will co-operate in the progress of the conference
by patience, encouragement and freedom from
ing House each day as follows:
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK criticism."
AT CLEARING ROUSE.
If the hopes of the American delegation for large
Salurdatr, Monday, Tuesday, Wednescry, Thursday, Prtday.
Agrepace
Jan. 4.
results from the conference, as the Washington corJan. 9.
Jan. 6.
Jan. 10.
Jan. 7.
Jan. 8.
for Week.
1
$
$
$
respondent of the New York "Times" pointed out
it
$
$
185.000.000 188.000.000 177.000,000 177,000,000 153,000.000 147,000,000 Cr. 1,027.000,000
Note.
-The foregoing heavy credits reflect the huge mass of checks which come on Thursday, are not quite so high as were those
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, that were entertained at the time of Mr. Ramsay
however, reflect only a part of the Reserve Bank's operations with the Clearing
House Institutions, as only the items payable in New York City are represented MacDonald's visit to Washington in September, it
In the dally balances. The large volume of checks on institutions located outside of
New York are not accounted for In arriving at these balances, as such checks do is because of the great enlargement of the scope of
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.
the Conference during the past few months, and
the appearance of difficulties which at first were
The following table indicates the amount of bul- not clearly defined. We
have several times called
lion in the principal European banks:
attention to the changes which the plan of the Conference was undergoing, partly through the emerJanuary 9 1930.
January 10 1929.
Banks of
gence of new or supplementary issues as the original
Silver.
Gold.
Total.
Silver.
Gold.
Total.
£
proposals were studied, and partly through the
f
£
£
I
£
England. _ 149,214,069
149,214,869 154,479,280
154,479.280
France a..339,469,003
d
d
339,469,003261,432,317
1261.432.317 action of France in 'bringing forward an entirely
Germany b 106,702,200 e994,600 107,696,800132.185,750
994.6001133,180,350
Spain ...._ 102,638.000 28,202.000 130,840,000102,362,000 28,037,000130.399,000 different suggestion for approaching the whole
probItaly
58.120,11i 54.638,00'
56,120.000
54,638.000
Netherl'ds. 37.289,000
37,289,111 36,212.000 1,813,000 38,025.000 lem. The result of this perfectly natural
evolution
Nat. Belg_ 32,750,000 1,289,000 34,039,000 25.553,000 1,267,000 26,820,000
SwItzerl'd. 23.799,000
942,111 24,741,i i 1 20,698.000 1,804,000 22,502.()00 has been to give to the London
discussions a range
Sweden _ _ _ 13,592,000
13,592,000 13,105,000
13,105.000
Denmark _ 9,581,000
361,000 9,942,000 9,600,000
491,000 10,691,000 which at the beginning they
were not intended to
Norway __ 8,148,000
8,148,000 8,160,000
8,160,000
Total week 879.303,072 31,788,600911,091,672818,425,347 34,406.600 852,831,947 have, and to increase by so much the practical diffiPrey. week 868,394,508 32,091,600900,486,108810,238,957 34.506,600 844,744.657
culty of reaching an agreement satisfactory to all
a These are the gold holdings of the Bank of France as reported In the new form
of statement. b Gold holdings of the Bank of Germany are exclusive of gold held the nations concerned. It is this, presumably,
that
abroad, the amount of which the present year Is £7,489,400. c As of Oct. 7 1924.
d Silver is now reported at only a trifling awn.
Mr. Hoover had in view in reminding the country
186
FINANCIAL CHRONICLE
that the Conference faced a difficult task and that
a speedy conclusion of its work was not to be expected.
Broadly speaking, the London Conference will be
called upon to reconcile two quite different attitudes
toward the armament reduction question. The first,
which may be called the Anglo-American attitude,
is that naval armaments, and specifically so much
of those armaments as consists of cruisers, can be
dealt with in a practical way and their strength
substantially reduced and limited without taking
account of armaments on land and in the air. As
a contribution to this solution of the problem, the
United States and Great Britain have informally
agreed, it is understood, in the persons of the President of the one and the Prime Minister of the other,
to accept the figure 50 as the basis of cruiser parity,
and to urge upon the other parties to the Conference
a reduction of their .own cruiser or other naval
strength proportioned in some way to this parity
figure. Further, the treaty embodying such an
agreement, it was agreed, should go into effect at
once and of its own motion among the signatory
Powers, without the necessity of approval by other
Powers or by the League of Nations.
To this Anglo-American program the French Government 'has opposed the contention that naval reduction or limitation, while in itself highly desirable, could not properly be carried out without
consideration of land and air armaments also, since
all three branches were involved in national security
or defense; that the special needs of each country,
as for example for submarines, must be taken into
the account, and that whatever was done at London
should be regarded as provisional only, or a part
of the general disarmament which the League, under
the obligation of the Covenant, is charged to bring
about.
The active discussions to which these two theses
have given rise, while they have tended, perhaps
naturally, to magnify the difficulties which confront
the London Conference, have not yet shown that the
two views are irreconcilable, or that substantial
results may not be reached even if the original scope
of the parley has been materially enlarged. It is
clear that some delicate adjustments will have to be
made, that some working compromises may have
to be framed, and that the opinions of technical
experts will be given a weight greater than they
were at first intended to have. There will be need
of wisdom and good will if differences are to be
harmonized, but there is no evidence as yet of a
desire on the part of either of the Powers to limit
the success which the Conference may achieve, or
to turn the proceedings to the benefit of some particular national interest as opposed to the general
good. We cordially endorse Mr. Hoover's appeal
for hopeful and friendly interest as the delegates
of the nations go forward to their great task.
The outlook for harmony at London will unquestionably be much improved if the conference at The
Hague is able to complete its work satisfactorily
before the naval parley begins. The Hague Conference thus far has dealt only with certain incidental
aspects of the reparations question, and discussion
of the main issue, the establishment of the Bank for
International Settlements, will not be reached until
next week. The questions that have been considered up to the present time are mainly three. The
first has to do with the treaty between the United
[vol.. 130.
States and Germany regarding the separate payment, without the intervention of the proposed bank,
of the amounts due in settlement of American claims
against Germany and the costs of the army of occupation. By negotiating a treaty for the separate
payment of these obligations the United States, we
are glad to see, has further dissociated itself from
connection with the bank, at the same time that
Germany, by agreeing at The Hague not to default
on its payments to its other creditors while continuing its payments to the United States, has allayed
a fear which was very manifest in the Conference
debates.
The second question concerns the application of
sanctions by the creditor Powers in the event of
German default. Germany, quite naturally, has insisted that its acceptance of the Young Plan should
operate to put an end to the sanctions of force
contemplated by the Treaty of Versailles, and that
its obligation to pay should rest solely upon recognition of its good faith. To this argument the treaty
with the United States, in which the good faith
of Germany is specifically recognized, obviously
added much weight. The attitude of the other
creditor Powers appears to have been expressed by
Premier Tardieu, who is reported to have said that
while he had entire confidence in the German representatives present at The Hague, the course that
might be taken by future German governments,
especially in view of the recent Nationalist agitation for a repudiation of the Young Plan, made the
outlook less assured. It seems probable that the
difficulty will be met by an agreement to refrain
from applying sanctions until the World Court or
the League of Nations shall have passed upon the
question of Germany's good faith in the event of
a default.
The third question,included in the settlement proposed by the Young Plan but not vitally a part of it,
has to do with a controversy that has developed over
the payment of reparations by Bulgaria and the socalled succession States of the former Austro-Hungarian Empire. The question is extremely complicated,
and a special commission of the first Hague Conference, after protracted examination and negotiations,
found it insoluble. In substance there are involved
the claims of Rumania, Jugoslavia and Czechoslovakia against Hungary for amounts which
Hungary regards as impossible and even fantastic
(Czechoslovakia,for example, whose war connection
with the Allies lasted for only 13 days, demands
about 500,000,000 marks), and the claim that Hungarian subjects who were transferred to Rumanian
sovereignty by the changes which the peace treaties
made in the boundaries of the new States, and who
later, as provided by the treaties, elected to retain
their Hungarian citizenship and returned to Hungary, should be compensated for their property
which was appropriated by Rumania.
Upon a settlement of this controversy depends,
apparently, the adoption of a proposal which has
been brought forward at The Hague to release
Austria, which only with the greatest difficulty can
meet its domestic expenses and the interest on its
League of Nations loans, from all reparations; but
it is also pointed out that if Italy does not obtain
the reparations from Austria which it expects, it
cannot ultimately meet its war-debt payments to
Great Britain. The suggestion credited to Mr.
Snowden, British Chancellor of the Exchequer, to
JAN. 11 1930.]
FINANCIAL CHRONICLE
leave the whole question of the non-German reparations to be settled by the Powers concerned, and go
on with the Young Plan without it, has much to
commend it save for the burden which would in that
case still rest upon Austria.
The real debate at The Hague, however, as we have
said, will come when the question of the Bank for
International Settlements is reached. On that subject the attitude of the interested Governments,
.
while in general represented as friendly, has not
been definitely made known. The nature of the
amendments made by Allied representatives at Paris
in the bank statute drafted by a committee at
Baden-Baden has also not been disclosed. A report
that Mr. Snowden was prepared to demand two
additional British directors of the bank, one for
Canada and one for South Africa, emphasizes the
controversial nature of the question and the difficulties which even a formal change in the bank
plan may raise. Nothing that has yet been said or
done in connection with the bank has shown that it
is any essential part of the reparations settlement.
We still think that the wisest course for the Conference would be to eliminate the bank seheme altogether, adopt the other parts of the Young Plan
without it, and provide for the continued administration of reparations by an office similar to that
which MT. Gilbert has so competently managed
under the Dawes Plan. An international bank, if
one were thought desirable, could then be formed
later by European bankers with none of the political
or other entanglements which are implicit in the
Young proposal.
BusinessYrognostications.
Now that we have the statistics and summaries,
the analyses, comparisons, and opinions, the charts
and graphs, before us—what are we going to do
with them? Will they solve our business problems,
animate us with hope, instil in us determination,
inspire us with enterprise? The answer is yes—
and no. The water that goes under or over the
wheel will turn it no more. Industrial effort, having effected its purpose, is a closed book; yet it
has a sequel, is continuous and cumulative. One
major fact must never be overlooked—that each
business has its own round of accomplishment, its
own "year"—and this does not always conform to
the calendar year. For this reason we cannot date
all our facts with the advent of Jan. 1 of any year,
and start afresh. What we are all doing is a constant work to a given end, the very prosaic "making
a living"; and though all the yesterdays vanish the
to-morrows continue in endless progression.
Current census figures indicate a population of
nearly 120,000,000. The productive power of this
massed labor varies greatly, though it has a minimum of constancy. Likewise, the consuming power,
within the limitations of the essential, has a fixed
ratio. And back of all commerce and finance lies
agriculture—foodstuffs. We know in a way what
we have on hand; we cannot know what the year
will bring forth. Manufacture, spurred on by invention, lures into new fields, but is held in check
somewhat by the sustenance and strength of the
masses. Commerce, the exchange, the distribution
of products, always an inconstant factor dependent
on production and consumption, cannot be pushed
beyond the fundamentals of physical wealth.
Finance, largely founded on credit which evolves
187
like a cellular structure, is the flower that precedes
the fruit and is subject to storm and stress. The
known quantities of all human endeavor are met
in every case more or less by quantities unknown.
Out of a great plethora of observation and comment at the closing of the year we take a fragment
from the "statement" issued by Secretary Mellon:
"Forecasting the future course of business can never
be done with any certainty that it will be borne out
by subsequent events. No one can fully appraise
the complex forces which are always at work, and
it is hazardous to attempt doing so." . . . "I
see nothing, however, in the present situation that
is either menacing or warrants pessimism. During
the winter months there may be some slackness or
unemployment, but hardly more than at this season
each year. I have every confidence that there will
be a revival of activity in the spring and that during
the coming year the country will make steady progress." . . . "In the credit situation the trend
of (the) money is down. There is plenty of credit
available, and we have reason to expect that the
rates for new capital in building construction and
expansion will be such as to facilitate the promotion and accomplishment of new undertakings."
. . "Statements from the executives of railroad, public utility and industrial concerns during
the President's recent conference were, almost without exception, to the effect that their expenditures
for new construction in 1930 will be as much or
more than 1929." . . . "The Government's
finances are in a sound condition, which warrants
the cut in taxes, and the Government itself is
in a position to do its part in helping the
country." • • •
We quote this for its broad view—though we find
little need for excessive building operations of the
ordinary kind, building in cities being in some instances already overdone; nor do we find any call
for the Government to intervene in behalf of the
people. But Mr. Mellon puts his finger on the fatal
trend of these usual prognostications when he says
business is too "complex" to warrant predictions.
He sees the sustaining and at the same time conflicting forces that issue out of the endeavors of
120,000,000 of people, striving single and by company and combination, each in his own way, to
perform work that will fill human need—yes, and
serve the honest purpose of accumulation and profit
making.
Why, then, this apprehension, apparent in all the
reviews? Of course, it is the slump of billions on
billions in paper values in the stock market in the
past autumn. The necessary activities of the people
are going on, cannot stop, though they fluctuate.
But the point of view of the whole American people
has changed. The shock affected the entire system.
For one thing, "prosperity" has taken on a saner
definition. It is the normal employment of the
people at useful things. Few now expect to get
"big rich" in the coming year. The feeling of riding
on the top wave has disappeared. Speculation has
lost its charm. Forcing processes such as "new
issues," "splits," "consolidations," "mergers," have
temporarily, at least, lost their magic. Reaction
upon company capital values has caused a slower
movement, although the main business goes on as
before.
It has been found that continuous "prosperity"
is a myth, a conjuration of interested financial
188
FINANCIAL CHRONICLE
[VOL. 130.
minds. Not too much gratification can be taken in and coalescing in a great machine of producing, exthe improvements and enlargements in railroads and changing, consuming, called "business," by which
certain manufactures, for these were all planned, we live and must live, transforming natural rebefore the slump. "Wages" and "employment" less sources and human energy into a "civilization" that
than a quarter year after the "break" in stocks, if provides comfort and happiness and knowledge for
there is to be any serious reduction, have not had all—a machine that when it runs evenly on all cylintime to feel the effect. In the same way, sinister ders will carry us surely to our destination—but
influences of tariffs, at home and abroad, are at the which, when it misses a beat, or runs away with
moment in the making and are yet to be felt, affect- itself, must sooner or later land us in the ditch!
ing both foreign and domestic trade. It is proved There is
le to fear, and much to do!
that cycles, that could not come again, have come.
Notwithstanding all these elements, the everyday
Money and Morals.
necessary business of the people continues and must
About to enter upon a Congressional "investigacontinue, though subject to influences not now dis- tion" of our banking system, we find a curious situacernible, causing volume, momentum, and direction tion which offers little encouragement to our politito change. There is no reason for fear that turns cal strategists and platform makers. Born of the
to inaction in the normal activities; there is no "long bull market" and at the same time emascureason for panic, the scare is over.
lated by the recent disastrous "crash," it is diffiSuppose we set the date of our prognostications cult to see how "money," so famous in former camahead to mid-summer! At that season we will know paigns, can be made to play the part of an octopus
something of our crops. If storm and drought strangling the liberties of the people. That part of
should be general and our expectation meet with the people's credit known as "brokers' loans" rose
dearth instead of bumper returns, such as we have to tremendous proportions, and in less than three
had for a series of fortunate years, than we will have months fell precipitately, wiping out "paper
a base for sound prediction. Mid-winter is a time profits," and reducing the increases that covered a
of slowing down. Again,suppose we feel the change period of several years. What Congress can do to
from imagined riches to imagined poverty, we will prevent a recurrence of the phenomena cannot at
perhaps see the necessity of frugal living—instead this time be approximated.
of spending, we will be able to throw a new light on
It appears, at the outset, that if the people at
real progress and success—a tamer light of less large have not learned the lesson of the pitfalls of
roseate tint. Suppose having reached a surfeit in inordinate speculation, no law can do much to educertain diversions, in the use of certain inventions, cate them. It appears, also, that the real question
we take on a distaste and refuse to be led away involved is one of morals rather than money. Ethics
from more beneficial enjoyments, we may find more may be a better word than morals, for the manifest
actual comforts in the home and more money in the duty of industry and commerce is to further the
bank. And who dare predict these conditions can- advancement of the citizenry by normal efforts of
not come? On the contrary, we may grow wilder production and exchange; and the lustful spirit of
in our pursuits than ever until a crash does come get-rich-quick business is inimical to orderly progin actual business. Suppose,suddenly brought home ress. Blowing bubbles and breaking them is fine
to the facts, no matter how, we conclude that bor- frenzy while it lasts, but leaves nothing but loss and
rowing forever cannot continue, that payday must heartbreak in its wake. One certain way to precome, and unless there is some retrenchment in the vent another disaster of the kind is to refrain from
order of "living," a day will break for unemploy- mad speculation. To buy in the hope of selling at
ment that will cause almost a revolution, what then? an advance can never be eliminated from the human
One thing is apparent: "We have been living at mind and practice. Stringency in money and credit
the "top of the pot," far too "fast," careless and may be a preventative, but brought about, if it could
almost regardless of the future, living on "credit," a be, by law, it will curtail legitimate "business" and
credit not connected with "brokers' loans," and that ruin the people it is designed to protect. No politicredit may not survive the strain. Perhaps we shall cal party can gain in prestige by such a plan.
see a gradual and harmless change to sobriety and
Attempts to control and regulate speculation in
saving. But who can measure these possible poten- stocks or commodities, or anything else, will immetialities? Some are translating our present con- diately encounter the difficulty of trying to restrain
dition into "cautious hope." Caution is wisdom. the liberty of the citizen in the pursuit of wealth.
Hope is heartening. But if "cautious hope" means a Investment and speculation are so intimate and
prudent desire and an honest day's work, it will interwoven as almost to defy legislation. Banking,
bring competency and content.
fountain head of credit, since the Civil War has
There is no doubt that in pushing ahead too fast been essentially free. To tamper with the legitimate
in our business relations we produce many of the "dealing in credits" by the banks is to invade the
complexities that threaten us—that prevent us from privileges and prerogatives of the depositors who
seeing clearly into the future. A little more of the make the banks. Even the vaunted "branch bank"pay as you go" policy would tend to stabilize trade. ing" now sought to be extended and legitimatized
Is it not a fact that both our "prosperity" and is an invasion of the rights of communities to or"pleasure" are filched from the future by private ganize and emit credit at their free will. And to
corporate and municipal borrowing? At this junc- undertake to limit the amount of brokers' loans the
ture we may ask,"Who is going to pay in the end big banks shall issue, or to separate them from the
for these huge 'public improvements' now projected amounts to be reserved for merchants and manuto forestall unemployment?" No, prognostications facturers, will prove a mystifying problem.
are largely useless. The present lesson is to see
Credit, that issues freely out of the reserves of
business and industry whole and to see them clear. the people in and through the independent banks of
Millions at work, each in his own way, combining the country, is consonant with individual rights.
JAN. 11 1930.]
FINANCIAL CHRONICLE
It assumes protean forms; used either for investment or speculation it reverts to the will of the user;
and while under a free banking system it draws
forth, or transforms into, money—it is a natural
evolution of business endeavor. The right to issue
and employ this credit is, in a way, indefensible.
Left to its natural bent, it can help or harm the
people according to their desires and the uses to
which they put it. If, for example, the people wish
to destroy their community banks and tie themselves
through branches to banks that are alien to their
direct interests, they can do so without legislation
to aid them—but so far they have evinced no desire
,to make this sacrifice, for such it must prove -to be.
Emergency currency provided for, there is no
"money question" at stake. With credit free, it will
take care of itself, as it already has done in and by
the "crash." Legislation seems largely superfluous.
If not a generation, at least a decade, will pass before there will be another "long bull market," buttressed upon the false premise that "prosperity" is
at last continuous, and that prices will indefinitely
advance without setback. The trouble with most of
our financial legislation is that in attempting to
control business, money or credit, as natural rights
of the people,it seta up barriers behind which "speculators" can hide and thus throttles initiative, curbs
enterprise, and destroys opportunity.
If now we are in need of special legislation, why
was it not provided before the horse was stolen?
If we are in need of branch banks, why were they
not provided before the advent of mergers, "trusts,"
torrential capital issues, split-ups and holding companies, in a period of inflation and wild speculation, taught the get-rich-quick spirit a new means of
over-night profits? If brokers' loans are a danger
to legitimate credit, why were they not provided
against before they reached the colossal total of
eight billions only to drop like a plummet to near
half that and cause untold losses to tens of thousand
of speculators in the "provinces" who do not even
know what they are? To run riotous now into financial legislation of any and every kind is to deny
the lesson of the boom and collapse and to set up
new ramparts behind which new battles may be
waged. To recur again, as an example, to branch
banking, is this in response to a need of the people,
or to a movement by a class of National banks, and
banking theorists, to open the way for legislatively
approved and protected innovations on the natural
growth and sufficiency of unit and correspondent
banks?
What is money? It is gold, of fixed weight and
fineness, a free product of mining to him who will,
commercially adopted the world over as a standard
and common denominator of value, of inestimable
service to trade, and independent of governments.
What is credit? That intangible power, based on
character and collateral, which acts as a substitute
for actual money, and so acting furthers commerce
and oils the wheels of industry, self-retiring through
use, dealt in freely by banks, and necessary to the
interim between purchase and sale—whether of
stocks or grains, or goods. What is the Stock Exchange? An instrumentality for furthering the buying and selling of securities, furnishing a universal
market that could not otherwise obtain, governed
by men who investigate and list approved stocks and
bonds, used by and useful to individuals, banks,
brokers, and companies who buy and sell. What are
189
morals, in trade transactions—but the customs that
arise out of experience, declared to be the selfevolved laws of business—honestin the honest hands
of a free people.
What is immoral in money, credit and business?
That propensity in the individual to try to secure
something for nothing; or to render less service than
that which the circumstance and condition demands; or to force, through fictitious representation, a momentum in trade that becomes a mad rush
for profit without regard to service or value. What
has government or law to do with any of these?
Little more than to declare an accepted concensus
of public opinion! Not money, not credit, not the
functioning agencies of trade, are unmoral or immoral—that lies in the mind and heart of the individual. He is not the ward of the State; he is a
free agent within the bounds of equal rights to
others. If in his greed he overreaches the established wisdom of right and fair dealing—still he is,
within prescribed limits, a free agent—and may
speculate in a frenzy until he goes broke, if he
wants to.
Law and Lawlessness—The Views of Nicholas
Murray Butler.
We have again reached an acute stage in the discussion of prohibition. Predictions that the "fur
will fly" in Congress are being realized. Simultaneously, Dr. Nicholas Murray Butler, President
of Columbia University, has injected a new element
into the discussions. In his annual report he presents some views on law and lawlessness, that while
they are foreign to a strict account of the trusteeship of a school are at least interesting and likely
to attract wide attention. Thus, he says: "As was
pointed out a year ago, not everything which comes
clothed in the garb of law is really law. To get at
law one must go behind constitutions and statutes
and judicial decisions and find out what public
opinion has to say about any or all of these. Law
is only one mode and method of social control, and
there are at least two other modes which are superior
to it. The first is the conduct and manners of a
gentleman, and this includes the second, which is
conduct according to the highest standard of morals.
Those persons whose lives are guided and fashioned
by either of these modes of social control are on a
much higher plane than if they were merely lawabiding." . . .
Proceeding, Dr. Butler says: "This is one reason
why the widely heard cry for law enforcement is so
meaningless. It usually reflects merely the demand
of the fanatic for the punishment of violators of
some particular law in which he is interested. If
law enforcement meant the enforcement of all law,
then the social order, at least in the United States,
would quickly be afflicted with paralysis, partly
because of the absurdity of many of these laws and
partly because of their open conflict with each
other." . . . "There is no ground whatever for
the conventional statement that the violation of one
law, or disrespect for it, leads to the disregard of
all law. The contrary is the case. Lawlessness is
selective, and unbroken human experience goes to
prove that a man may hold one law in utter contempt and yet have high respect for the great body
of law of the land in which he lives."
As a prelude to these statements, commenting on
democracy, Dr. Butler has this to say: "The cure
1
190
FINANCIAL CHRONICLE
for false democracy is true democracy. It is not,
and cannot be, the return to despotism under any
form, however attractive that may appear to be.
Privileged individuals and privileged classes sooner
or later become preying individuals and preying
classes." . . . "Still another hallucination of
false democracy is that a majority has rights and
that by the voice of a majority matters of principle
are finally determined. This is utter nonsense. No
majority has any rights whatever. The individual
has rights and a majority has privileges. It has the
privilege of determining who shall be chosen to serve
it in public place, and it has the privilege of determining what policy or course of conduct shall next
be entered upon, but it has and can have absolutely
nothing to do with the determination of true or
false, right or wrong, moral or immoral, beautiful
or ugly."
We must look upon these pronouncements as the
fine-spun views of the scholar and not as meat for
the consumption of the common citizen of the State.
There is truth in them, but it cannot be applied by
the interpretation of the ordinary man. On a succeeding day Senator Caraway is reported as replying to Dr. Butler in the following manner: "If Dr.
Butler's contention is carried to its logical conclusion it would permit each citizen to select the laws
he would want to obey and to disregard all others.
There could be no security of life, limb or property
under such a code, nor any organized law. The
murderers, bandits and burglars would obey all law
but the one they violated, and dismiss the thought
of punishment by saying they didn't believe in the
law they violated." . . . "It would end all social
order. Its mere statement demonstrates its absurdity. He has the right to change bad laws—by propaganda, education or even revision if he sees fit. But
to take the stand he does would destroy all law and
all government."
Of course, it is the Prohibition Amendment which
is in the mind of each of these commentators, though
neither mentions it specifically. That under the interpretation, somewhat passive if not negative, is
now a part of the Constitution, the organic law.
Did the citizens, exercising the voting power, ordain
this? It is still an open question. Congress and
the Legislatures, acting in a representative capacity,
rightly or wrongly, interpreted this prohibition of
the exercise of a hitherto natural right of the individual as the will of the people, or at least a large
majority of the people. How, now, to reach that
"public opinion" which is the basis of law can we
go behind the amended Constitution? We did not,
clearly, have it in the first place; we cannot obtain
it at the present time save by the intricate and
tedious process of repeal. We are bound by our
own system of government. "Public opinion," since
the people did not vote directly as citizens on the
question, has never been crystallized by specifically
applied ballot. The law, then, is not a law in the
sense Dr. Butler defines law. Ours is not a democracy in the primal sense of the term—it is a representative democracy. A Constitutional convention
was the proper method of approach, but an Amendment, not completely consonant with the spirit of a
Constitution which guarantees natural personal
rights of the individual, was thrust upon the representative Legislatures of the States, and the Volstead Act followed. If real law is but the written
expression of the will of the people, through their
[Vox,. 130.
duly elected agents, we have mistaken it for an interpreted will, which they never authorized.
Yet we cannot escape the toils we are in and
preserve our political system, save by a resubmission of the question by Congress. This we cannot
obtain because more representatives in Congress are
"dry" than "wet." This one law, at least, is not the
will of the people directly expressed, and yet it is
legally and politically a law—and must be obeyed,
though in essence tyrannical. There is no escape.
We have chosen our form of government. We are
bound to support it, or destroy Or change it. Our
Supreme Court, in its wisdom, refuses to put the
spirit above the letter. As a people, we are entangled in our own safeguards.
It is easily conceivable that a citizen, realizing
his natural personal rights (which his Government,
under its organic law and limitations, is forbidden
to take away from him), realizing the entanglement
into which this Amendment forces the people, can
have contempt for such a law—and yet have the
highest respect for the great "body" of the law. But
he cannot, therefore, refuse to obey it, as we see it.
Ours is not a perfect Government—though one of
the best on earth, to which, as citizens, we give our
earnest allegiance. Though we may think the law
and Amendment are not in accord with our organic
law and our free representative system, though we
may not respect it, nevertheless we are in duty
bound to obey it. There is no such thing as a higher
and a lower lawlessness. It is true, also, that
statutes are almost innumerable, are conflicting,
are allowed many of them to lapse into desuetude—
but this form of consent by evasion is, notwithstanding, wrong. Still, there are few of these
statutes that compare with the Volstead Act in
prohibiting a guaraneed personal right. Nor—come
down to the very facts—does this Volstead Act underake to make the drinking of intoxicating liquors
a crime, but whips the devil around the stump by
prohibiting the manufacture and sale.
Dr. Butler's contention, placing the essence of
law in the concensus of public opinion, is theoretically correct—provided there is an accepted form of
expression. That we have undertaken to provide
for in our peculiar form of government—complicated and not always attainable. It is not open to
the individual for himself in his own acts either
to express or interpret. What we must do is to
dissociate this statute from others. The vast preponderance, in this country and all countries, of
public opinion as to the wrongs and crimes of murder, arson and theft, does not exist as to the natural
right of a citizen or subject to drink a glass of wine
for his own pleasure or for his "stomach's sake."
And here enters the question of what alcoholic content constitutes, even in the meaning of our law
itself, an intoxicationg beverage. Whatever may be
said pro or con as to this law, it is a serious reflection on the power of a representative democracy to
make a clear law,to express public opinion once it is
really and rightly ascertained. As matters now
stand, there is a fanatical call for enforcement,
although we do not fully understand what the law
means or says.
As to the "rights" or "privileges" of majorities
we need not quibble over terms. That "minorities
have rights majorities are bound to respect," we
must ask what rights, if not the natural rights of the
individual, our Government was instituted to pro-
JAN. 1.1 1930.]
FINANCIAL CHRONICLE
tect? And yet not even a majority of the people
passed this law by direct vote, and after ten years
there is doubt as to there being a majority one way
or the other. This of itself proves that the law rests
on no clear preponderance of public opinion. Is
public opinion always to be trusted? Who can say?
We must not beg the question. "The progress of
all through the leadership of the best and wisest,"
which Dr. Butler quotes from Mazzini, calls for
education and demands slow growth. Does anyone
believe that the prohibition of drinking wine, after
thousands of yeals' practice, comes through the "best
and wisest"? Yet Senator Caraway is decidedly
right—once the law is legally in existence, once the
Supreme Court refuses to throw it out as contrary
to the spirit of the Constitution, there is no room for
personal interpretation and expression, of any
alleged public opinion, one way or the other; it must
be obeyed! Or it must be repealed, which temperate
and lawful enforcement will help to bring about.
The Industrial Outlook—Mixed Conditions Indicated by Year-End Surveys—Banking
Situation Offers Serious Problems.
[II. Parker Willis in New York "Journal of Commerce," Jan. 6.]
191
of view. In addition to this there is beginning to be a
great deal of anxiety among dealers in all sorts of staple
commodities with regard to the question whether there is
not danger to be anticipated from the methods of financing
that are being followed by the Farm Board in Washington.
There is less and less favor for the policy of Government
Intervention in finance for the purpose of raising prices of
Wheat, cotton and other staples, and more and more feeling
that perhaps the whole situation may be of doubtful effect
upon the farmer himself and the market conditions in these
items. To this is added the recognition in a good many
parts of the country that the small banks are very much
overburdened with securities, and with loans thereon, and
that unless there is some systematic policy of liquidation a
good many of them will tend to become frozen if they are
not so already. This merely reiterates the opinions, so
often expressed, that the basic trouble in the autumn breakdown was after all a financial and banking matter, notwithstanding that in a few industries there were bad conditions that needed rectification. The hopeful thing about
the new year's expressions of opinion is found in the fact
that so many persons appear to be actually concentrating
their attention upon the banking and financial side of
things, with a view to assuring themselves of the nature
of the trouble and so far as possible encouraging the process
of getting it straightened out. This is a very great step in
advance as compared with the conditions Which prevailed
two months or even a month ago, When so many persons
were refusing to admit that brokers' loans could have been
excessive or that there was any financial risk whatever.
The actual closing of the year 1929 and the beginning of
1930 has added some few factors of information to data
already available, although it has not very materially
changed the posture of affairs. Year-end statements are
of the most various nature, many being merely vague optimism and hopes, while others are specific statements about
given industries in which opinion is positively expressed
one way or the other as to what is to be expected. Still
another group is concerned primarily with what may happen
if certain other things come to pass. Out of this contradictory mass of material, however, emerge four or five
fairly distinct conclusions which are substantially as follows: (1) Few, if any, persons expect a deterioration of
business and financial conditions below present levels; (2)
few, if any, expect an improvement of conditions that will
put business, investment and finance back to where they
were in 1929; (3) some industries are admitted to be facing
rather serious problems, such, for example, as the automobile industry and building; (4) most industries are believed to be free of excess inventory and other bad conditions that might result in depression; (5) the farmer is
on the whole in a better situation than he was a year ago;
(i)) the railroads have undergone a fairly severe reduction
of business, but may be expected to recover as business
grows better; (7) there has been no reduction in the amount
of credit used for carrying stocks, and a process of liquidation may be expected to set in, and to last for some time,
even though it may be very gradual; (8) gold is moving out
of the country steadily, and will probably move out a good
deal more rapidly; (9) Reserve policy must be shaped with
a good deal more care than heretofore in order to protect
the reserve funds of the banks. It cannot be conducted
merely on a basis of "offsetting" gold movements as in past
years. On the whole, the situation is calmly and courageously viewed, with the expectation that business during
the year 1930 will be, taking the country as a whole, successful and satisfactory. The fact that some weak spots
are recognized as needing correction is all the more encouraging, because it shows that unsound conditions are likely
to be eliminated instead of being merely glossed over.
Congressional Investigations.
increasing recognition of the need of financial disThis
cussion naturally concentrates attention upon what Congress
is likely to do in the direction of legislation. It is pretty
generally recognized that it will be necessary to do something if only by way of window dressing, for party purposes.
In the House of Representatives the Banking and Currency
Committee has been strengthened by the addition of one or
more members understood to be directly in touch with President Hoover, while in the Senate it is not known exactly
what will be the course of events. Both committees are
thought likely to embark upon the usual hearings, which
may be fairly long drawn. The Senate Committee has
before it the so-called King resolution, which calls for a
complete analysis of brokers' loans, methods of banking, use
of bank funds, Stock Exchange evils and a variety of other
matters. This, it is supposed, will be favorably reported to
the Senate in some form—perhaps in a greatly limited form.
Should that be done, and should consent be given by the
Senate, the committee might then engage in still more
elaborate inquiries than it would if acting without specific
authority. Thus, a good deal of discussion is evidently in
sight. The question exactly what is wanted is another and
far more unsettled problem. Apparently, the Administration
Is generally favorable to loosening up the banking legislation, giving greater latitude to branch banking, and otherwise making things more attractive to banks. In Congress
there is a considerable school which wants to do something
to restrict speculation, and also to limit the use of bank
funds for speculation. Exactly what it is desired thus to do
has not yet appeared, beyond the proposal to Impose almost
prohibitive taxation upon margin trading. As to branch
banking, the country banks, so strongly represented in the
House of Representatives, are naturally adverse, while the
large banks are favorable. The prospect favors the usual
kind of compromise, Congress perhaps granting some branch
banking privileges, but attacking chain banking in some
way, or conversely refusing to do anything on branch banking, while at the same time letting chain banking alone.
Political compromises may result either way, but the prosDanger of Financial Tinkering.
pect favors some fairly inconclusive legislation, which will
other.
A plain inference is to be drawn from what has been said. not have any very decisive effect one way or the
the rank and file of What the discussion is likely to do, however, is to bring
It is not very openly stated, because
practice in
those who express themselves are inclined to hold off a about a toning up of conditions, technique and
of
deal and to be wary, indisposed to commit themselves, the Reserve System and to some extent in the number
good
although they recognize certain conditions. This inference banks.
Bcmds and Foreign Issues.
is that most persons recognize the need of great care in
One thing that has caused some (rather serious thought
handling our financial system during the coming year. In
spite of all the compliments to the Reserve System, it is has been the fact that export trade fell off as seriously
plain that a great many people are gravely in doubt as to during November as it did. The official December figures
whether its policies do not need far-reaching change, and will not be at hand for some time, but preliminary figures
are more and more disposed to take an affirmative point show that they also will indicate a decline as compared with
192
[VOL. 130.
FINANCIAL CHRONICLE
recent levels, and probably as compared with 1928, for the
reason that at the close of last year things were moving
quite rapidly in export lines. There is some indication that
those in the export trade attribute the falling off more and
more definitely to the lack of financing, and consequently
they are increasingly anxious to find out what chance there
will be of floating foreign bonds in this market. This
comes back to the whole question of floating any kind of
bonds. As to that, it is expected that money conditions will
remain favorable, but the question just how much demand
can be developed for the bonds is a difficult one. At
present there is comparatively little interest in bonds of
any kind, and instead of going on upward, as it was predicted at the time of the panic they would, bonds have
pretty generally gone off, losing the little increase that
came to them just after the height of the panic. As has
been stated in these columns in the past, there has been a
great deal of doubt in most quarters as to how new issues
of bonds would be received, and this doubt is the more
embarrassing because the time has nearly arrived when it
will be necessary to do something about the placement of
a good many issues that have been held back. It is now
obvious that what is occurring is that persons with money
to spend are not putting it into bonds, but are buying
stocks with it, at what they consider reduced prices. The
propaganda that has been widely distributed to the effect
that stocks are now a "purchase" has affected many minds,
and numerous persons are at work in the belief that they
can inculcate this idea still more strongly. The result
would be that new investment funds as they come along
would be absorbed in the process of liquidation and relieving banks. That would mean that any new issues would
have to be offered at a very high return in order to shift
the demand from stocks to bonds. Particularly is this true
of any foreign bonds. Local buyers have been badly disturbed by what they have heard of the Argentine situation,
of conditions in several other South American countries,
and of tendencies of the Continent, a good many of which
are regarded as anything but satisfactory. This makes,
on the whole, a rather less favorable bond outlook than had
been foreshadowed.
Early Market Prospects.
As the market is more and more attentively considered,
it becomes clearer and clearer that there is little more
to be anticipated in the way of "bullish" recovery. The
staple industries seem more and more likely to hold their
own. Steel, for example, is in a better condition than most
persons have expected, and has a still better prospect. On
the other hand, the so-called luxury industries seem to be
more and more unsettled. In those lines of trade in which
installment selling has been very widespread the conditions
that are reported evidently indicate that it would not take
a great deal of unemployment to undermine the whole structure of credit and bring about a disorganization of trade.
In these branches of business a good deal of house cleaning
must be looked for, and there is not much in the way of
stock market improvement to be anticipated. But, on the
other hand, it is not now expected that any extended recession will develop unless there is some wholly unexpected
unfavorable development of affairs in banking—and that
contingency is being carefully watched by administrators
who are at last convinced that they must keep their eyes
open if they do not wish to be held even more guilty than
they are now. A soft, irregular market with ups and downs
within fairly well marked limits is the Indicated outlook,
although accurate prediction is as difficult now as it
ever was.
Public Utility Earnings in November.
Gross earnings of publi-utility enterprises in November,
exclusive of telephone and telegraph companies, as reported
to the Department of Commerce by ninety-five companies
or systems operating gas, electric light, heat, power, traction
and water services and comprising practically all of the important organizations in the United States, were $202,500,000, as compared with $197,500,000 in October, and $198,032,715 in November 1928. Gross earnings consist, in
general, of gross operating revenues, while net earnings in
general represent the gross, less operating expenses and
taxes, or the nearest comparable figures. In some cases
the figures for earlier years do not cover exactly the same
subsidiaries, owing to acquisitions, consolidations, &c., but
these differences are not believed to be great in the aggregate.
This summary presents gross and net public-utility earnings
by months from January 1926, the figures for the latest
months being subject to revision.
PUBLIC UTILITY EARNINGS
Grass Earnings—
January
February
March
Aprll
May
June
July
August
September
October
November
Total (11 moo.)
December
Total (year)
Net Earnings—
January
February
March
April
May
June
July
August
September
October
November
Total (11 mos.)
December
Total Naar)
1926.
5177,473,781
165,658,704
167,642,439
166,927,022
159,135,618
157,744,715
153,245,315
153,188,101
159,519,246
170,733,069
176,000,849
1928.
1927.
5191,702,022
177.612,648
179,564,670
176.467,300
171,255,699
167,975,072
161,838,462
162,647,420
169,413,885
177,734,493
182,077,497
5196,573,107
187,383,731
187,726,994
181,143,683
180,255,407
178,696,556
173,645,919
173,952,469
179,346,145
190,795,688
198,032,715
1929.
5203,000,000
194,000,000
195,000,000
190,000,000
189,750,000
183,000,000
178,000,000
179,500,000
185,000,000
197,500,000
202,500,000
31,807,268,659 31,918,089,168 82,027,552,394 32,097,2.50,000
188,146,705
194,985,134
202,000,000
31,995,415.364 52,113,074,302 12,229,552,394
$66,974,941
61,555,164
60,696,920
59,471,359
54,993,907
55,699,751
40,238,806
49,844,522
56,930,481
60,878,181
65,844,729
$73,746,891
86,907,757
85,412,739
64,907,729
61,194,779
59,167,096
53.980,280
53,551,164
61,897,207
65,259,727
70,214,468
179,013,279
74,296,576
72,811,146
68,971,324
67,732,911
67,537,149
62.260,333
61,809,794
68,235,698
73,870,561
81,363,806
$92,000,000
86,000,000
85,000,000
83,000,000
82,500,000
79,000.000
71,000,000
73,000,030
80,000,000
83,000,000
92,000,000
$642,128,761
$696,239,837
$777,702,577
8806,500,000
73,023,848
78,937,417
91,000,000
171R I R/ 5110
577&177254
5868.702.577
Indications of Business Activity
11
THE STATE OF TRADE—COMMERCIAL EPITOME. before the panic in the stock market in the Autumn. FavoraFriday Night, Jan. 10 1930.
ble reports come from the automobile trade. Steel produc-
Weather conditions continue to interfere with trade in this
country. In the eastern part, especially along the Atlantic
States from Maine to Florida, it has been unseasonably
warm. In New York the temperature has reached 66 degrees, the highest ever known on a given date in January.
But by 4 o'clock this afternoon it was down to 33 degrees
and the outlook is for colder and more seasonable weather.
In the West on the other hand there have been great storms,
rain, sleet and snow and very severe temperatures. California had snowfalls. Even in Oklahoma there has been zero
weather, and 26 degrees as far south as San Antonio, Texas,
with 14 degrees at Dallas. In Montana it was 40 degrees
below zero. Naturally such weather interferes with the
sale of seasonable goods. Post-holiday special sales have,
however, helped to reduce stocks of various goods in the
retail field. Wholesale and jobbing trade for the Spring
tends to improve where it is not affected by unseasonable
temperatures. Meanwhile it is a regrettable fact that collections continue to be slow. Curiously enough, that has
been the case for many months past. It was noticeable even
I
tion has increased and in some directions there is a fair
business. But prices for sheets, bars and strip have admittedly been irregular. There has been some easing of
prices in such steel from time to time to facilitate business.
Structural steel has been rather quiet. Coal has had a fairly
satisfactory week, considering the mildness of the weather
in parts of the country. Smokeless grades of bituminous have
declined.
Wheat has declined some five cents owing to an unsatisfactory export demand coincident with large American
stocks. Russia has been offering wheat to England and this
has had some effect seemingly beyond what was justified,
for the offerings were not large. It is believed that Russia
has not more than 20,000 tons of wheat to sell for export.
There were some fears that the acreage will be materially
increased at the northwest. Corn has been steady, with a
good cash demand. And oats have not changed much,
being steadied by corn and also at times by an excellent
cash demand. Rye has declined two to five cents and it is
stated to-day that Russia has just sold 1,600,000 bushels of
JAN, 111930.]
FINANCIAL CHRONICLE
193
rye to Scandinavia. It is regrettable that American rye has re-opening of these four mills, it is said, will give employment
been practically shut out of the European market by competi- to about 3,000 operatives. Lowell, Mass., wired that the
tion of foreign producers. Provisions have been firmer. Merrimac Manufacturing Co. and the Booth Mills are to
Lard is noticeably higher than a week ago. Cotton shows take over the extensive plant of the Pepperell Manufacturing
practically no net change in prices for the week. The dull- Co. which has been idle for months. The Merrimac and
ness of the export trade, the slowness of the sale of spot Booth mills have been particularly successful in Lowell notcotton even to American mills and the sluggishness of withstanding the business depression through which the city
speculation have prevented any net advance of consequence. has passed. Approximately 4,000 people are employed in
The other day, however, prices suddenly ran up 30 to 35 the two mills. The Merrimac mills make velour, velveteen
points on intimations that the new National Selling Agency and cloth used for automobile lining, while the Booth Mills.
with a capital of $30,000,000 would begin to function on make window curtains, toweling and similar material.
next Monday. This new federal corporation seems to have Boston wired: "Cotton manufacturers should maintain prolarge powers and the South hopes that it will be of material d action more closely to their vote of distribution, Lincoln
assistance to the farmer. At the same time the Federal Baylies, President of the National Association of Cotton
Farm Board has let the South plainly understand that if it Manufacturers, said. He also advocated a more wide-spread
over-plants cotton this Spring it will not get the benefit of study of the requirements and the location of potential
loans of 16 cents a pound on the basis of %-inch middling. markets for mill products." Manchester, N. H., reported
The Cotton Textile Merchants Association reports the sales that the Amoskeag Manufacturing Co. had a much better
of standard cloths in December as 24% above production. year than usual in 1929.
Charlotte, N.C. wired that a drastic wage cut, amounting
Coffee shorts have had another severe lesson in an advance
for the week of % to 1% cents, Santos coffee leading the to an average of 20% or a reduction in the weekly payroll
3
advance. To be exact it is up 103 to 144 points. Rio has of about $1,000 has been put into effect at the Piedmont
rather lagged behind somewhat, with a rise of 77 to 93 Mill at Gastonia, according to employees. The mill is
points. Brazilian prices for coffee have advanced and Ex- owned and operated by the Goldberg Bros. who also operate
change on London is also higher. Moreover there is per- three other mills in Gastonia and two in Bessemer City. On
sistent talk to the effect that Brazil will obtain a new loan the other hand G. R. Spencer, general superintendent of
in London. Just how large it will be is uncertain. Sugar the Goldberg Mills, denies that there has been a wage cut
has been irregular advancing on the near months but on the except in the case of a few overseers. Spartanburg, S. C.
other hand has declined eight points on July. Prompt raws wired that a more optimistic feeling prevails there and that
ended at 2 1-32c. a decline for the week of 1-32c. in a small while no large orders are being placed inquiries for goods
are more numerous and an improved business is expected.
market. But refined has advanced to 5.20c.
Rubber found falling prices the line of least resistance. Tifton, Ga. wired that the Tifton cotton mills resumed
The net decline for the week is about 1 3 cents, with con- operations last week after a holiday shutdown, and are extinued heavy shipments from the Far East, dullness of trade pected to continue to run regularly throughout this year,
and fears that the consumption in December was very small. depending on orders received and the condition of the inRubber manufacturers express optimistic sentiments as re- dustry. The mills operated through 1929 with only two
gards future business, but the significant point is that they weeks lost, and it is hoped that this record will be equalled
are not buying. Hides have advanced with a rather better this year.
F. W. Woolworth & Co's sales for December amounted to
business. Lumber operations in the Pacific Northwest are
more or less restricted at this time. There seems to be no $44,153,396, a decrease of 2.63 from December 1928. Sales
improvement in the hardwood trade in the Central Valley. for the entire year of 1929 amounted to $303,033,894, an
Unfinished cotton cloths were quiet, and some print cloths increase of 5.47% over last year. Montgomery, Ward &
have sold down Xo touching 63 c for 3834inch 64x60s. But Co's sales for December amounted to $35,799,316, an in4
some mills do not accept this price. Sheetings have been crease of 12% over December 1928. Sales for the entire
dull but fairly steady. Fine and fancy cotton cloths have year amounted to $291,530,621, an increase of 25.4% over
been quiet but firm. Finished cotton goods have been rather preceding year. Sears, Roebuck & Co's sales for December
slow of sale. So have woolens and worsteds. Prices on part amounted to $54,219,540, an increase of 27.8% over Decemwool blankets for the 1930 season are in some cases reduced ber 1928. Sales for the entire year amounted to $443,452,640
as much as 8% and in some instances even more. Raw silk an increase of 27.8% over the preceding year. S. S. Kresge
has been quiet but firm here. There is a better business in Co's sales for December amounted to $24,242,016, an insilk and rayon goods. More activity is noticeable in the crease of 2.42% over December 1928. Sales for the entire
leather trade. Good reports come from Chicago and Grand year of 1929 amounted to $156,327,735, an increase of 6.08%
Rapids of the January furniture sales there. Of course over last year.
World production of Ford cars and trucks during 1920
building is at a low stage at this time of the year. Employment at Detroit since the middle of December has increased totalled 1,951,092 units, an increase of 1,132,358 or 138%
5% and since the beginning of the year there has been a over 1928, the Fotd Motor Co. announced. Of the 1920
further increase. Department store sales showed a decrease production 1,709,945 ears and trucks were produced in the
in December. The tendency of money rates has been down- United States, 87,796 by the Ford Motor Co. of Canada,
ward. With more seasonable weather it looks as though Ltd. and 153,351 in other foreign plants, officials of the
trade in general throughout the United States would im- company stated.
On the 6th inst. the temperature here was 32 to 48 deprove, not rapidly but gradually along conservative lines.
The stock market was irregular with less covering to-day grees. Overnight it was 26 to 36; at Boston, 8 to 66 at
but brisk trading in some of the specialties. The technical Montreal, 32 to 38 at Philadelphia, 18 to 28 at Portland,
position had been affected by heavy covering during the Me., 42 to 48 at Chicago, 42 to 54 at Cincinnati, 42 to 50
week. Money was 4 to 04% during the week. Brokers' at Cleveland, 38 to 48 at Detroit, 46 to 54 at Kansas City„
loans dropped $72,000,000. Bonds at times were active and 18 to 14 at St. Paul,44 to 54 at St. Louis, 1 below to 4 above
higher but to-day quieter awaiting several large new issues at Winnipeg. It was announced on the 6th inst. that a severe
next week. The Mexican dollar has at times been down to cold wave was moving from the Northwest to the North
about 34%c. Low exchange affects China's trade and this Atlantic seaboard and was due to reach New York Tuesday
affects Lancashire and indirectly the American cotton trade. night or Wednesday. Zero temperatures prevailed on the
The depression in silver is attributed partly to Japan's 6th inst. over Montana, the Dakotas, Northern Wyoming
going on the gold standard. Japan is to remove the embargo and Northwest Minnesota. Prince Albert reported a temon gold shipments and low money rates are favoring its perature of 36 degrees below zero.
New York on the 7th inst. had 59 degrees which was 25
trade. Spanish exchange has been at the lowest rate seen
for many years. Silver is the lowest in a century. Gold degrees above normal, and the warmest in 23 years. At the
same time blizzards and icy winds covered the wide area
exports from this country are expected to let up.
Fall River, Mass., wired that the cotton division of the bounded by the Gulf of Mexico, the Pacific Coast, the Great
American Printing Co. re-opened on the 6th inst. after a Lakes and the Mississippi. No part of the West, not even
two weeks shutdown and that about one-third of the machin- lower California and the region bounding the Gulf, escaped
ery of the Bourne Mills was also started. The Bourne mill the cold wave of the 7th inst. The western slope of the
was said to have been idle for three months or more, due to Rocky Mountains was covered by more than a foot of snow.
labor difficulties. The King Philip Mills also resumed Missouri, Kansas, Wyoming, Colorado and Northwest Texas
operations, after having been closed since Dee. 31, and the were deep in drifts left by a blizzard and zero weather.
Shove Mills re-opened after a two week's shutdown. The Temperatures below zero occurred in Minnesota, Wisconsin,
194
FINANCIAL CHRONICLE
[VOL. 130.
Nebraska, the Dakotas and Illinois. Chicago which had great industries would not threaten stagnation in the building industry
been enjoying a breath of spring had a drop of 40 dcgrees for some years to come. We have been building and plowing the earnings
7
:
:
our efforts back into
Ill over the West sleet and ice crippled transportation, in- of continue to do so in the more efficient plants ever since, and no doubt
will
the future. This is true from Maine to California,
terrupted wire communication and brought suffering. Fog and from Canada to the Gulf of Mexico,
"Look at what has been taking place in Michigan, for example. During
and rain in the southerly portions of Texas delayed air serthe Detroit Edison
vice. In Glasgow, Montana, the official thermometer broke The last five years of $120,000,000; Co. has increased its capital Investment by upwards
the Michigan Bell Telephone Co. by
after the mercury had dropped to 40 degrees below zero. some $75,000,000; Consumers' Power Co. by $65,000,000 odd; the Pere
Rio Janeiro had a heat wave and a temperature of 92 degrees. Marquette RR. by $16,000,000. Industrially, the fixed asserts of General
Motors
during
China has the severest winter in many years; 15,000 people figures, are upthat the the period by $266,000,000. These, with other
show
added assets in Michigan of the utilities exceed
have lost their lives because of it.
$280,000,000; of the railroads, $19,000,000, and of industrial enterprises,
On the 8th extraordinary weather continued here when $342,000,000.
"Analyze
the temperature reached 64 degrees, a new high record for has broughtfor a moment what the expenditure of such vast awns of money
about—opportunity for more
service
that date. In Boston it was 56, the warmest for years there. the aeounpanying time saving, improved employment, better greater with
living conditions,
efficiency, lower costs and broader markets. The mobilization of money, as
New Yorkers went to seaside resorts. Even at Manchester,
never before, is a larger factor in bringing about this great development
N. H., it was 60 degrees. The ice in Vermont which usually that is taking place about us
so continuously and gradually that its
remains solid until Spring was breaking up at some points. significance is not always appreciated."
Mr. Clark concludes his statement by declaring that he had been very
Memphis, Tenn. and New Orleans, La., Weather Bureaus
much impressed by the opinion
issued flood warnings. Memphis reported more than six look for much improvement in of Professor David Friday that we cannot
the trend of industry during the
inches of rain in 24 hours. Between Cairo, Ill. and Vicks- months but that improvement should follow shortly thereafter. next six
He also
burg, Miss., the river was three feet higher than normal and finds merit in the view that while the profits of all corporations will fall
still rising, streets in Memphis were flooded. Small streams correspondingly during the depression period, they will, because of an
accumulation of earnings, be able to
in Kentuoky, Missouri and in the Mississippi delta over- higher levels of 1929, if they choose to maintain their dividends on the
do so.
flowed their banks and poured the excess down numerous
courses to the Mississippi. There was a forecast for cold President Hoover Reports Encouraging
Results in
weather in the South on the night of the 8th and snow and
Efforts to Increase Construction and Improvement
sleet for Texas. Arkansas, Tennessee and Kentucky, southWork—Expenditures of Nearly 5 Billion Dollars
ern mail planes were grounded by storms. Melted snows
Planned for Public Works and Public Utility
caused swollen creeks and rivers in Southern Ontario to rise
Development in 29 States.
to flood stages. Yet strange to say in the Far West unPresident Hoover on Jan. 4 reported encouraging results
precedented snows and a bitter cold wave threatened citrus
in the campaign undertaken to increase construction and
crops, blocked mountain roads, greatly delayed air-mail improvement work. He
made known that incomplete reschedules and marooned several parties in their summer
turns from 16 States, and partial returns from 13 additional
bungalows on high elevation. Over the Great Plains and
States indicate estimates of expenditures in 1930 by public
the eastern slopes of the Rocky Mountains there was hail utility and telephone groups of
$2,100,000,000; outlays by
and sleet. Snow fell in many parts of California, even in the railroads for construction and betterments
of $1,050,000,000
warm citrus belt, and on the Mojave Desert, where snow is
and expenditures for public works, including those of the
rare. Orchard owners used smudges to save their crops as
Federal Government, of $1,500,000,000, these items reprethe thermometer dropped to 25 degrees. Rain fell in San
senting a total of $4,700,000,000. The President's announceDiego and the foothills near the city were covered with snow.
ment in the matter follows:
At Phoenix, Arizona, it was 32 degrees to the amazement of
"Our drive for increase in construction and improvement work to take up
the Indians. On the 9th inst. it was 50 to 66 degrees here, unemployment is showing most encouraging results, and it looks as if the
work undertaken will be larger for 1930 than for 1929.
the highest on record for that date. It was springlike. Over"The Department of Commerce now has complete returns from
coats were discarded. It was unseasonably warm from Governors of 16 States covering public works to be undertaken in 1930the
bi
the State, municipal and county authorities. They have partial returns
Maine to Florida. Colder weather had been predicted day
from 13 more States.
after day. It did not come. It was naturally colder to"The total so far reported, and including the Federal
wards nightfall. But even then it was unseasonably mild. about $1,550,000,000, and in nearly all cases larger than Government, is
for 1929. The
Buffalo and Mississippi Valley had high water. The Al- surveys are coming in daily and should be completed by mid-January.
"The preliminary estimate of the railways for construction and betterleghany River was very high. In the Central West the ments for 1930 was $1,050,000,000, and for the public
utilities $2,100,000,Winter's worst blizzard left snow 18 inches deep. In Mis- 000,including the telephones. The total of these items so far is $9.700.000.
souri, Oklahoma, Kansas and Colorado, there was extensive 000.
"This does not include the balance of the State, municipal and
property as well as some loss of life. At Boston work, nor the building construction, nor the industrial and factory county
damage to
improveit was 36 to 56 degrees; Chicago, 24 to 26; Cincinnati, 38 ments. which latter are now under survey by the special business committee.
"The steel companies inform me this morning that the effect of the drive
to 58; Cleveland, 28 to 30; Detroit, 20 to 22; Kansas City,
is already showing in their orders, which are beyond their expectations."
10 to 14; Milwaukee, 14 to 24; St. Paul, 8 below zero to 4
above; Montreal, 8 above to 14 above; Omaha, 4 to 8 above;
Philadelphia, 54 to 68; Phoenix, 32 to 56; Portland, Me., U. S. Chamber of Commerce Finds Increased Confidence in Meeting Present Year's Problems.
22 to 44; Portland, Ore., 24 to 32; Seattle, 24 to 32; St.
Louis, 22 to 32; Winnipeg, 34 to 16 below.
In its weekly organ "The Week's Work," issued Jan. 4,
To-day it was colder with 33 degrees recorded at 4 p. m. the United States Chamber of Commerce, says:
Business,as reflected in reports received from the members of the National
a drop of 33 degrees in 24 hours. There were snow flurries
Business
Conference Committee since the Conference met in
in some parts of the city and a sprinkle of rain. Floods ington onSurvey5, including special reports for the end of the year WashDec.
period,
occurred in Vermont. The forecast here was for cloudy and discloses no loss of the momentum it had on Dec. 5 and indicates that plans
much colder weather to-night and fair and colder to-morrow are being made with confidence to meet the problems of 1930. Since the
Conference met on Dec. 5 there has been an absence of developments which
wit strong northwest winds.
would Justify concern. The developments of this 9-week period have been
mory W. Clark of First National Bank of Detroit Says
That Upon Resumption of Upward Trend Industry
Will Reach Unprecedented Heights.
Industry and trade, upon their resumption of an upward
trend, are destined to reach unprecedented heights, In the
opinion of Emory W. Clark, Chairman of the Board of the
First National Bank In Detroit, set forth in a statement
issued Jan. 5 appraising the outlook. Mr. Clark expresses
his views as follows:
"The United States has, since the World War, developed contacts with
foreign nations, studied and learned their requirements. Transportation
difficulties, storage warehouses and customs delays have been overcome;
the financial problems have been simplified and there is now no long-time
credit involved.
"This groundwork and understanding have progressed in nearly every
line of trade to an extent that is difficult to measure. Where heretofore
our producers were seeking the how and where to reach the world markets,
they are now an open book. When we look about we realize how well
the United States is prepared and equipped to supply these foreign markets.
Ten years ago, shortly after the World War, progressive commerce boards
in the larger cities were deeply concerned, sending questionnaires and
ermimitteee through the country to learn if the overbuilt capacity of our
calculated to increase confidence as to what lies ahead.
On the side of production, industry generally shows a disposition to base
its programs on anticipated normal business activities during the new year.
In the field of distribution the reports reveal an active end-of
-the-year
season which closes with inventories low and the usual spring pick-up
expected. Staple lines of consumer goods maintain reasonably normal levels
and in some cases show advances. Construction and related supply and
equipment industries wait to some extent upon the arrangement of credit
facilities but look forward to expanding building and improvement programs
With the arrival of favorable conditions.
A more graphic portrayal of business conditions will, it is expected, be
afforded by reports summarizing actual accomplishments in typical industrial and trade lines during the year now closing and at the same time
indicate, by comparison with preceding years, the general business trend
with a greater degree of accuracy. With this information before it the
executive committee of the Conference will probably meet some time in the
present month to consider,from a general viewpoint,further steps that may
be taken to maintain the national business equilibrium.
Unemployment Viewed as Coming Problem in U. S.—
Experts at Washington Meetings Warn of Increase
in Jobless in Coming Decade.
Unemployment will be the greatest problem before the
United States in the next decade, according to experts of the
ATIerican Economic Association and American Statistical
JAN. 11 1930.]
FINANCIAL CHRONICLE
195
Association, who discussed it at their closing meetings in finish better than it starts" is expressed by R. S. Hecht,
Washington Dec. 30. The New York "Times" account in President of the Hibernia Bank & Trust Co. of New Orleans,
reporting this, said:
who In its annual report to the stockholders of the instituIn a review of the economic situation at the close of the decade since the
World War. Robert B. Warren of Case, Pomeroy & Co., New York City, tion, issued Dec. 31, also has the following to say in surtold the American Statistical Association that "unemployment, now the veying the outlook for 1930:
nightmare of five out of every ten Europeans,has never been a problem for a
sufficiently long period in the United States to influence our political
thought, but it is doubtful if this blissful state will continue."
In the past decade, he said, the United States has had constant appeals
for "a vague something known as farm relief." Due to improved technique,
and the rationalization of industry, Mr. Warren foresaw a more or less
chronic state of industrial unemployment in the next 10
-year period with
an accompanying demand by the workingman for social insurance or other
other forms of relief, similar to appeals for government aid for the unemployed in Europe.
It is always difficult to make predictions regarding the future course of
business, but it seems even harder than usual just now to arrive at a
satisfactory conclusion as to what the coming year is likely to have in
store for the business world.
Fundamental economic conditions are undoubtedly sound, and the main
factors upon which the progress and prosperity of the country rest appear
to be satisfactory and presage a favorable outlook for 1930.
If we, nevertheless, expect a moderate recession in business as compared
to recent high levels during the first and probably the second quarter of
the year, the explanation is largely to be found in the state of mind Of
Nadler Blames "Mass Production."
our people, so many of whom suffered severe losses in the recent crash.
The outstanding feature of the economic life of society in the past decade,
he continued, was the loss by the individual of control over his own economic However, the memory of man is proverbially short, and the average
American is not given to bemoaning his losses but rather to looking hopesalvation.
"France is the only country in Europe untroubled by unemployment." fully forward to new and constructive activity,
It is not likely, therefore, that the present let-down in business will
Professor Marcus Nadler of New York University told the Statistical
Association. Increased production in the past decade is the outstanding be either very severe or of long duration. Especially will this be true if
phase of European recovery from the war, he said. The existence of un- the very definite efforts being made by the President and many business
employment "on a scale unknown in the pre-war period" he attributed to leaders to accelerate public and private building and to maintain general
confidence prove successful. For it is hard to become pessimistic over
the adoption of the American methods of mass production.
the business outlook in this country so long as our people are generally
employed at high wages and adding many billions to the savings of the
Effects of Stock Market Disturbances as Reflected in nation each year, thus insuring a continuance of our national purchasing
Labor Turnover—Figures of Bureau of Labor power.
These thoughts, and our confidence in the continued growth of the
Statistics.
United States, lead us to the conclusion that, although business may have a
American industry is "staging a comeback" from the somewhat slower pace for the first few months of 1930, especially in the
effects of the recent disturbances in the stock market, and so-called luxury lines, we shall find at the close of the year that net
results will have been quite satisfactory.
those industries which were the worst hit are making the
With reference to the business of the Hibernia, President
strongest return, it was stated orally Jan. 3 by Ethelbert
Stewart, Commissioner of Labor Statistics, Department of Hecht states that "from an earning standpoint the year
Labor. This is learned from the United States Daily of has been a satisfactory one, for interest rates have been
'relatively high most of the year." Mr. Hecht goes on to say:
Jan. 4, which added:
Nearly all industries were affected by the stock market crash, Mr.Stewart
said. Retail trade was in exception, he said, as there is little to indicate
how it was affected because of the heavy Christmas buying. Manufacturing suffered the most, particularly the auto and radio industry, but these
are again making rapid strides forward, it was stated.
It is impossible to tell yet wether all industries will recover at once from
their slumps, but indications are that the stock market disturbances did not
have as harmful an effect on Industry as It was feared they would, and the
outlook for the return of industry to normalcy is quite encouraging, he said.
Mr. Stewart would make no prediction as to when a normal state might
again be attained, explaining that industry and business were perhaps in an
inflated condition, just as was the stock market, previous to the crash, and
that a new basis of comparison might have to be established.
As a result, our earnings for 1929 exceeded those of 1928, and after
making the usual provision for losses we have again paid our shareholders
dividends aggregating 20% per annum out of the earnings of the bank and
the Securities Co., and passed a substantial amount to undivided profit
account.
Our deposits are again well in excess of 50 million dollars, but are
somewhat less than on Dec. 31 1928, due to the general conditions of the
money markets referred to in this report.
•
•
•
During the past summer we have added to the other facilities of our
foreign department a completely equipped "Travel Bureau," in charge of
an experienced transportation man. We have accepted for this department,
among other representations, the general agency of the United States
From the same account we take the following:
The effects of the disturbances in the stock market are reflected in Lines for Louisiana, Mississippi, Alabama and Texas, and are well prepared
preliminary labor turnover statistics for November, just compiled by the to take care of all the requirement of our friends and customers who care
Bureau of Labor Statistics, Mr.Stewart said. These figures show that there to be relieved of the details of arranging for their domestic and foreign
was a very decided increase in lay-off rates, with a corresponding decrease travel by ship, aeroplane or train.
in quit rates and a much lower accession rate. These statistics indicate
Our Trust Department, under the guidance of the Trust Estates Comthat employers were laying off men in greater numbers, due primarily to mittee (a special committee of directors), and the management of experithe "scare" ensuing from the stock market crash,that men were not quitting enced officers, continues to make excellent progress, and during the past
their jobs, because work was become scarce, and that employers were not year has been especially active in the development of life insuranc and
hiring many new workers, Mr. Stewart explained. The monthly net turn- personal trust business. This branch of our financial service is constantly
over rate dropped from 3.6 per 100 employes on the pay roll in August to assuming greater proportions, and constitutes one of the most promising
1.9 in November,as compared with 2.9 for November 1928, and 3.1 for the developments of modern trust company service.
yearly average of 1928, the Bureau's figures show.
The business of the Hibernia Securities Co. continued to show satisIn the equivalent annual rate, which is the rate for the month expressed factory progress in the lace of very difficult conditions in the investment
as an annual rate, the net turnover rate for Nov. 1929, is placed at 23.7 markets. Two additional offices of very modest proportions were opened
in the Bureau's preliminary figures. This is the lowest rate during the two during the year, one in St. Louis and the other in Houston- Both offices
Years the Bureau has been compiling labor turnover statistics, a table have already fully justified their creation and will no doubt add materially
shows. The rate is compared with one of 42.8 for October, 35.3 for Nov. to the volume of our annual distribution of Southern securities.
1928, and the 1928 annual average of 37.1
The Hibernia Mortgage On. has just completed the first five years of its
These preliminary figures obtained by the Bureau were furnished by existence, and the results of its activities continue
to be most satisfactory,
about 70% of the more than 450 companies making reports. These 450 even
during the present depression of the real estate markets.
companies employ about 750,000 persons.
Since the splitting up of our shares in 1928 into units of $25 par value
The Nov. 1929, lay-off rate, expressed on the equivalent annual basis.
the number of our stockholders has shown a further increase. We now
was 14.6, an increase of 5.2 points from the October rate of 9.4. The
rate for Nov. 1928, was 4.8, while the 1928 average was 6.5, the Bureau's have 851 stockholders, of whom 456 are men, 379 are women, and 16 are
figures show. The quit rate decreased from 28.5 in October to 19.3 in corporations and trust estates. The average holding is but 117 of these
November, while the Nov. 1928, rate was 25.6 and the average rate for $25 !hares, with the result that even during the recent debacle in the
securities market there has been scarcely any fluctuation in the quotations
1928 was 25.8.
The discharge rate for November was 3.7, as compared with 4.7 for of our shares on the New Orleans Stock Exchange.
The gratifying results of the past year were made possible by the wholeOctober, 4.9 for Nov. 1928. and 4.8 for the 1928 average. The separation
rate, which is the sum of the quit, discharge, and lay-off rates, was 37.6 hearted support of our directors, the loyalty and efficiency of our official
in November, 42.8 for October, 35.3 for November 1928, and 37.1 for the and clerical staff, and last, but not least, the splendid co-operation received
from our shareholders and customers.
average in 1928.
The accession rate, which is obtained by dividing the number of persons
hired or rehired into the average number on the pay roll, was 23.7, which is
the lowest in the time the Bureau has obtained the figures. For the first
time the accession rate fell below the total separation rate, the figures Federal Reserve Board's Advance Report on Retail
show. The accession rate for October was 48, for Nov. 1928, it was 50.1.
Trade—December 1929 2% Below Same Month in
and the average for 1928 was 44.5.
Previous Year.
The monthly accession rate for November was 1.9, the statistics of the
Bureau show. The rate in October was 3.9, while for Nov. 1928, it was
Department store sales for December were 2% smaller
4.1 and the 1928 average was 3.7. The total monthly separation rate was
3.1 in November, as compared with 3.6 in October, 2.9 in November of than in the corresponding month a year ago, according to
last year, and last year's average of 3.1.
preliminary reports made to the Federal Reserve System
The quit rate for November, on the monthly basis, was 1.6, while for
October it was 2.4, for Nov. 1928, 2.1, and for an average last year, 2.1. by 478 stores located in leading cities of all Federal Reserve
The lay-off rate increased from 0.8 in October to 1.2 in November. It was districts. Decreased sales were reported by 365 stores and
0.4 in Nov. 1928. and last year's average was 0.5. The discharge rate for increased sales by 113 stores, says the Board under date of
November was 0.3, the Bureau's monthly table shows. For October, for
Jan. 8. It adds:
Nov. 1928,and for last year's average it was 0.4.
Decreases were reported for nine Federal Reserve districts, increases of
2% for the New York and Richmond districts, and little change for the
R. S. Hecht of Hibernia Bank & Trust Company of San Francisco district. The reported decrease in sales in the other districts
New Orleans Looks for Satisfactory Business varied from about 1% in the Cleveland district to more than 6% in the St.
Louis, Chicago. and Minneapolis districts. In some districts, particularly
Conditions in 1930 as Year Progresses.
in the Middle West,heavy snowstorms were a factor in reducing the volume
The belief that "the business barometers show a gradually of Christmas trade.
Percentage changes in total
December 1928 and December,
rising and favorable reading, and that business in 1930 will 1929 are given by districts in sales between table:
the following
Number of Stores
ercentage of Increase
Reporting
or Decrease in Sales.
Dec. 1929 Compared
Increase. Decrease.
with Dec. 1928.
365
113
United States
.
rt... -1 8
73
15
-1.6
Boston
27
12
+1.8
New York
29
6
---2.8
Philadelphia
26
s
-1.3
Cleveland
37
19
+2.0
Richmond
20
6
-5.7
Atlanta
46
10
7.0
Chicago
14
3
-6.1
St. Louis
16
2
lir[-8.2
Minneapolis
17
7
-3.0
Kansas City
15
3
-4.6
Dallas
45
22
+0.2
""
San Francisco
yesr an
-The month had the same number of business days (25) this
Note.
last year.
Federal Reserve Distr1ct:]j
From the NationalIFertilizer Association Reports Decline in1CommoditylPrices to Lowest Point Since
July 1927.
Commodity prices declined four-tenths of one per cent
for the week ended Jan. 4, according to the wholesale price
index of the National Fertilizer Association. The index
now stands at the lowest point of record for this index, which
has been compiled since July 9 1927. The Association,
under date of Jan. 6, further states:
The groups that showed the largest declines were fats (largely butter),
grains, feeds and livestock; fuel and certain foods. Of the total list 27 items
declined and 19 advanced. Six groups declined and only one advanced.
An advance of 0.5% occurred in the group of fertilizer materials, due to a
slight advance in cottonseed meal and to schedule advances In sodium nitrate
and ammonium-sulphate-nitrate.
Based on 1926-1928 as 100 and on 474 quotations the index for the week
ended Jan. 4 stood at 94.6; for that:ended Doc.i,28. 95.0; for that ended
Dec. 21, 94.9, and for Dec. 14, 95.0.
"Annalist" Weekly Indexrof Wholesale Commodity
Prices.
The "Annalist" weekly index of wholesale commodity
prices stands at 140.2, a decrease of 0.7 point from last week
(140.9), and:compares with 147.0 last year at this time. In
its weekly report the "Annalist" adds:
Price movements were mixed. In the farm products group advances
In livestock and eggs were balanced by price losses in grains and cotton,
the net being a gain of 0.1 point for the group index. Four groups are lower
than last week and three remain unchanged. The largest net losses were in
the food products group, where declines in meat, butter, cheese, coffee,
lemons and oranges lowered the index 1.7 points; and in the miscellaneous
group, where leather and rubber un.de sharp price dips. The composite
index is 4% lower than last year at this time. The average for the four
weeks in December shows a gain over November of 0.6 point for the farm
products group and losses in all other groups, the composite index being
0.5 point lower. The largest declines were in the textile group, which fell
2.6% during the month.
THE ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY PRICES.
(1913=100.)
in each of the three immediately preceding years, whereas
the liabilities of $150,824,558 were the highest for the
fourth quarter since 1923.
Monthly and quarterly failures, showing number and
liabilities, are contrasted below for the periods mentioned:
Nov.
1929.
137.5
147.2
144.7
161.8
125.9
153.6
134.0
124.9
141.8
148.7
147.0
156.7
166.0
124.3
153.8
134.6
118.0
147.5
137.2
148.3
140.1
159.8
125.2
150.6
134.0
120.7
140.2
137.1
145.0
140.3
159.8
125.3
150.6
134.0
123.9
140.9
147.1
145.1
155.8
167.0
125.4
153.8
134.6
124.1
147.0
Dun's Report of Failures in December.
A higher business mortality during the closing month of
a year marks a normal trend, but December's rise in,the
liabilities was above the average. That was due to an
unusual number of large defaults, which swelled the aggregate indebtedness to $67,465,114. The number of all commercial failures in the United States last month also increased, yet the total of 2,037 reported to R. G. Dun & Co.
was less than 5% above the 1,943 failures of December 1928.
The expansion in the liabilities over the $40,774,160 of 'a
year ago was fully 65%, thus affording a sharp contrast
to the moderate numerical increase. Nearly 55% of the
combined indebtedness last month was accounted for by
the insolvencies of large size, and the amount for all defaults
was the heaviest of any month in a long period. It has
not been equalled, moreover, in any previous December
since 1921, when about $87,500,000 was recorded.
Even with December's pronounced rise in the indebtedness, the aggregate for the year is below that for 1928.
Thus, data compiled by R. G. Dun & Co. show $483,250,196
for the year just ended, whereas in the immediately preceding year the liabilities approximated $489,600,000. The
present total also is under that for 1927, when fully $520,000,000 was involved. It is also less than in 1924, 1923,
1922, and 1921. The numerical exhibit for 1929 is relatively favorable, with 22,909 commercial defaults comparing
with 23,842 in 1928 and 23,146 in 1927. The total for 1928
represented the high point for all years for the fourth quarter of 1929,insolvencies numbering 5,655 were smaller than
1929.
1928.
1927.
1928.
1927.
December
November
October
2.037
1,796
1.822
1,943
1,838
2,023
2,162
1,864
1,787
Fourth quarter
September
August
July
5,655
1,568
1,762
1,752
5,804
1,635
1.852
1,723
5,813 $150,824,558 $116,366,06( $123.444,698
1,573
34,124,731 33,956.686 32,788.125
33,746,452 58,201.830 39.195,953
1,708
32.425.519 29,586,633 43.149.974
1,756
Third quarter. 5.082
1,767
June
1,897
May
2,021
April
5,210
1,947
2.008
1,818
5,037 $100,296.702 8121,745,149 $115,132,052
1,833
31,374,761 29,827,073 34,465,165
1,852
41.215,885 36,116,990 37,784,773
1,968
35,269,702 37,985,145 53,155.727
Second quarter 5.685
March
1,987
1.965
February
2.535
January
5,773
2,236
2,176
2,643
5,653 $107,860,328 $103,929,208 $125,405,665
2.143
341.355.691 54,814,145 57,890.905
34.035,772 45.070,642 46.940,716
2,035
53.877,145 47.634,411 51,290.232
2,465
7,055
6.643 $124,268,60R.$147,510.198 1156.121.853
FIrst quarter
6,487
367.465,114 140,774.16( 151.062,253
52.045,863 40,601,435 36.146,573
31,313,581 34,990,474 36,235,872
-DECEMBER 1929.
FAILURES BY BRANCHES OF BUSINESS
Liabilities.
Number.
1929. 1928. 1927.
Manufacturers
iron, foundries and nails...
Machinery and tools
Woolens,carpets & knit g'ds
Cottons, lace and hosiery
Lumber. carolers & coopers
Clothing and millinery
Hats, gloves and furs
Chemicals and drugs
Paints and otis
Printing and engraving_ _ _ _
Milling and bakers
Leather. shoes and harness_
Tobacco. tic
Glass, earthenware & brick_
A llother
14
36
5
_.
112
39
25
8
3
11
28
18
6
8
246
1929.
10 $971,417
9
3.5 3,954,842
21
189,690
6
1
2
-95 6,810,438
107
49 1,406,495
51
473,965
35
17
71,723
7
10
24,200
2
3
176,840
22
11
340,507
55
46
17 1,062,246
8
386,723
6 9
13 1,073,255
6
202 240 16,317,738
1928.
$255,010
871,173
58,000
9,761,880
833,148
286,700
172.946
68,900
247,800
611,103
236,600
85,800
217,500
4,076,112
1927.
$585,558
690.545
90,900
312,000
8,071,598
1,010,471
472,725
1,527.600
34.600
208,007
547,498
878,040
2,261,100
5,966,313
6,367,410
Total manufacturing-. 559 498 597 $33,266,079 $17,782,672 $29,024.365
Traders
94 81,184,209 $1,531,522 $1,092,014
102 104
General stores
276 332 331 3,216,620 2,771,791 2,708,110
Groceries, meats and flab
88 107 6,186,523 1,778,379 1,337,306
93
Hotels and restaurants
81,089
134,305
14
21
152,977
17
Tobacco, Ac
Clothing and furnishings_ 184 182 195 2,783,906 2,727,938 3,066,462
90 1,180,316 1,418,400 1,476,516
76 85
DrY goods and carpets
523,150
320,684
63
452,225
45
41
Shoes, rubbers and trunks
55 2,843,335 1,458,700
690.003
53
65
Furniture and crockery-.
53
41
793.049
44
631.100
592,535
Hardware,stoves and tools_
703,714
873,722
548,400
66
60
82
Chemicals and drugs
160,689
33,800
13
5
89,360
8
Pants and oils
512,227 1,340,100
24
28
511,773
40
Jewelry and clocks
125,555
5
6
79,600
10
85,800
Books and papers
19
24 1,244,278
621,320
23
358,800
into, furs and gloves
307 240 287 7,082.756 3,635,514 3,074,775
4.11 other
Total trading
3ther commercial
1,344 1,324 1,430$28.549,782 818,932,934818,732,833
134 121 135 5,649,273 4,058,554 5.305,255
2.037 1.943 2.162 267.4115.114 240.774.180 251.082.253
Dec.
1928.
138.1
145.9
140.8
160.1
125.5
151.9
134.0
124.0
141.3
LiabilUles.
Number.
1929.
Total Unitnr1 Stable
Jan. 7 Dec. 31 Jan, 8 Dec.
1930. 1929. 1929. 1929.
Farm products
Food products
Textile products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
All commodities
[vol.. 130.
FINANCIAL CHRONICLE
196
Dun's Index Numbers of Wholesale Commodity Prices.
Monthly comparisons of Dun's index numbers of wholesale prices, based on the per capital consumption of each
of the many commodities included in the compilation,
follow:
Croups.
Breadstuffs
Meat
Dairy and garden
Other food
Clothing
Metals
Miscellaneous
Tnt.I
Jan. 1
1930.
Dec. I
1929.
Jan. 1
1929.
Jan. 1
1928.
Jan.
1927.
333.801
22.622
21.618
18.238
33.297
20.943
35.994
834.292
22.777
22.141
15.556
33.959
20.997
36.247
132.673
24.620
21.690
19.596
35.658
21.348
38.780
832.390
23.480
22.542
19.451
36.030
21.897
37.050
129.455
19.418
24.593
20.160
32.471
23.647
38.014
5188 513
5188.969
8192.365
1192.849
8187.758
Franklyn Hobbs of Central Trust Co. of Illinois Says
Present General Situation Should"' Make 1930
Measure Up to Average of Period from 1925 to 1929.
According to Franklyn Hobbs, Director of Research of
the Central Trust Co. of Illinois, at Chicago, "the general
situation as it now exists, enhanced by increasing building
and engineering operations, and by some gain in the agricultural income, should make the year 1930 measure up to
the average of the period 1925 to 1929, inclusive." Mr.
Hobbs adds that "It would seem reasonable to expect real
dullness at the opening, some improvement during the
spring, a fairly good summer season, and a fall and early
winter business equal to that of 1927, at least. With no real
business depression in prospect, the stage seems to be set
for a fair business in 1930, and a better business in 1931."
In his forecast, Mr. Hobbs also says:
The new year is before us, and it begins its career on the most solid
Money is available in sufficient
foundation business has ever had.
quantities and at satisfactory rates for all commercial enterprise. It is
construction and engineering projects,
gradually becoming available for new
at rates which are comparatively low. Inventories of raw materials have
been reduced during the year, and even inventories of manufactured goods
are somewhat smaller than they were at the close of 1928. Ample labor
JAN. 111930.]
FINANCIAL CHRONICLE
Ii available, yet there is not sufficient unemployment to cause concern.
Wages are high, but earnings during the last few years demonstrate the
ability of the employer to pay these wages and market his product at a
profit. Consumptive demand, which slackened perceptibly with the late
October market break, has almost resumed the normal, and buying power
for the entire country is now at a higher point than the 10-year average
on the first of January.
A determination to make 1930 a good business year seems to be in the
air. It will naturally take several months to recover from the shock administered to a small percentage of the population through the decline in
the stock market, but it has again been brought home to us that the easy
money made in the Stock market is seldom turned into cash, and even more
rarely is it used to pay the current expenses of the family. Indirectly, all
of us will feel the effects of the market decline, although, in actuality, the
country has not lost a dollar, and all of the wealth which existed in midOctober remains with us. The misused term "liquidation" seems to have
created a general misunderstanding in the public mind. Prices of shares
have been liquidated but the shares themselves have not been liquidated.
The total sales of shares during the last three months of 1929 was not
greater than such sales during two other quarterly periods of 1929, or
during the corresponding quarter of 1928. As the shares have not been
sold, the majority of holders must be awaiting the return of a normal
market, and this fact will hasten the return to normal. Some shares were
sold to get money for the final income tax payment, and others have been
sold to establish a lose and reduce the income tax to be paid next year.
But the total sale of shares for the entire last quarter of 1929 is sufficient
evidence that the psychological loss in the market collapse largely exceeded
the actual loss of even *lose people who were unfortunate enough to be
numbered among the losers.
The market for bonds has been dull, largely due to the speculative fervor,
but there has been a slight but continuous improvement in the demand for
bonds as an investment, resulting in an increasing turnover on leading stock
exchanges. There now seems to be a growing interest in bonds by the
Investing public which bids fair to expand during the coming year. This
turning to bonds by the rank and file of investors is of particular importance at this time, as a larger part of the financing of the coming
year must take the form of interest-bearing securities.
The year 1930 promises a manufacturing output and merchandise turnover equal to the last five-year average; a freight movement above such
average; a volume of employment not more than 2% below such average;
a total payment of salaries and wages not more than 1% below the average;
and, most important, an actual gain in the total of agricultural income.
Better prices for raw materials are possible, but the advancing of prices
on any form of consumption goods is likely to cause a restriction in demand
such as was created through the general attempt at price advancing early
in 1921. A resumption of the making of foreign loans may serve to hold up
our export volume, and the outflow of gold during the early months of the
Year should not be sufficiently large as to materially affect our credit
structure, the gold exports being partly offset by payments of considerable
interest and some principal on the allied debts.
At the close of 1928 our index figure for 1929 business operations was
set at 96, working from a base of 100 for 1926. Figures already available
for the year 1929 indicate that the volume of business for the year has
advanced this index figure one point to 97. Extension of the trend lines
show an index of 96 for 1930; of 101 for 1931; and 102 for 1932. This
Indicates a volume of business for 1930 equal to 1928, and, for 1931, a
volume 1% above 1926. Without allowance or readjustment for wars or
other calamities, the three-year period 1930 to 1932, inclusive, should
witness a volume of business 2% greater than the period 1926 to 1928,
inclusive.
H. D. Ivey of Citizens National Bank & Trust Co. of
Los Angeles Finds Little Reason for Depression
of Prolonged Character
-No Lessening of Natural
Resources of Country on Which Prosperity Rests.
Surveying the outlook for 1930, Herbert D. Ivey, President of the Citizens' National Trust & Savings Bank of
Los Angeles, says:
We look forward into 1930 from the background of the most prosperous
year we have known, both locally and as a nation. Industry has operated
at high levels of production, distribution and profit. Earnings have been
literally distributed through dividends. Generous cash reserves have been
built up by many concerns. Perhaps at no time in the past have so many
been in position to go forward with ample resources at their command.
Many corporations have simplified their financial structure, with corresponding reduction of fixed overhead. Physical properties have, in general, been well maintained. Business seems adequately armed to continue
its advance, or fortified to withstand, if need be, a period of depression.
There seems little reason, however, for depression of any serious or
prolonged character. It is true that some reaction has been felt in certain
lines because of the stock market declines. But ,the prices of stocks have
not been affected in any way the properties they represent. There has
been no destruction of the actual wealth hack of these stocks. There has
been no lessening of the great natural resources of the country, on which
in the final analysis our prosperity rests. We bare them; we have the
means of developing them. And those means have probably never been in
better physical conditions, nor under snore able management. Our banks
are in excellent condition, and have demonstrated only recently the ability
to meet a sudden and urgent credit situation in a truly impressive manner.
For the immediate situation one of the most significant and encouraging
factors to consider is the report we receive that collections are favorable,
particularly in installment buying. When we find individuals in position
to take care of the obligations they have assumed toward the future we
may feel reasonable confidence in what lies ahead of us. When we consider
the announced programs of expenditure by governmental agencies, National,
State, and local, by utility companies, by railroads and other great
industries, it is evident that there will be put into circulation in 1930
vast sums in the purchase of materials and distributed in wages and
salaries.
Perhaps never before has business had occasion or opportunity to realize
its united strength. The Washington conferences called by President
Hoover, and the statements issued locally throughout the country since
those conferences, announcing definitely planned programs, have had BO
much to do with steadying our confidence in the future. But of all developments of the Washington conferences, the most significant seems to be
the advice of President Hoover himself to the country to go to work. That
advice, if we follow it, will have as important a bearing on our 1930
prosperity as any other single thing. Because, with our natural resources
unimpaired, with tools of gigantic industrialism at hand for developing
197
,v-alth, there remains only the need to work, and to practice thrift in our
noodling of the returns from our work. With our hundred and twenty
xillion people at work, and thrifty, we should see an exhibition of Amer:ran energy that should insure our prosperity beyond any question.
Chain Store Sales in 1929 Exceed Those of Preceding
Year.
Sales of 20 chain store companies in the month of December 1929 amounted to $182,751,986, an increase of $18,407,318, or 11.2%, over the corresponding month in the preceding year, according to a compilation by Merrill, Lynch &
Co. of this city. The Lerner Stores Corp., Morison Electrical Supply Co. and Neisner Bros., Inc. led all others in point
of percentage gain, with increases of 50.79%, 40.6% and
28.3%, respectively. Sears, Roebuck & Co. led all others
in point of dollar gain with an increase of $11,785,367.
Sales of these same 20 chain store companies for the
calendar year 1929 totaled $1,522,019,714, an increase of
$235,193,279, or 18.28%, over the figure for the year ended
Dec. 31 1928. A comparative table shows:
1929.
Monlh of December- -Calendar Years
1929.
Inc.
Inc.
1928.
1928.
54,219,540
Sears, Roebuck
F. W. Woolworth---44,153,396
s son Kresgetgomery Ward35,799,316
M
.
24,242,016
W.T Grant
.
11,535,827
McCrory Stores
7,295,849
Nat'l Hellas Hess
4,866,734
F.& W.Grand
Isaac Silver
5,127,882
McLellan Stores
4,381,312
NLeerni.neerr
s Corp 3,383,160
s
Bros
2,684.814
G. C. Murphy
2,641.658
Melville Shoe Corp 2.423,340
Waldorf System
1,444,065
Kline Bros
706.215
Exchange Buffet__- 597,082
Winn & Lovett Groe_ 527,536
Edison Bros
413.776
Morison Elec. Supply 315,809
Kaybee Stores
234,674
Total
Decrease.
42,434,173 27.8 443.452.640 346.973,915 27.80
45,440,944 x2.83 303,033,894 287,315,364 5.47
31,951,920 12.0 291,530,621 232.354.738 25.40
24,843,952 x2.42 156,327.735 147.363,022 6.08
10,327,813 11.6 65.448,285 54,985,456 19.00
7,217,867 1.08 44,708,877 41,105.324 8.77
4,985,767 x2.4 48,851,047 44,532,698 9.70
4,749,213 7.97
4,069,259 7.6
2,243,598 50.79
2,092,609 28.3
2,449,581 7.8
2,621,127 x7.55
1,363,236 5.9
609,665 15.8
524,878 13.76
519,739 1.5
324,726 27.4
224,586 40.6
193,967 21.0
30,416,858
23,774.676
19.085,302
15,087,610
15,721,946
25,514,253
16,069,338
4,920.374
4,352,095
6,124,397
3.751,628
2,250,691
1,597,447
23,818,091 27.70
18,516.066 28.40
12,104.191 57.68
10,292,115 46.60
12.118,187 29.70
22,438.205 13.71
14,621.237 9.90
3.504,864 40.40
3,842,566 13.26
5.284,160 15.90
2,986,991 25.60
1,382,450 62.80
1,286,797 24.20
182,751,986 164,344,668 11.20 1,522019714 1,286826435 18.28
Year Closed With Low Volume of Construction Con-High Volume of Contemplated Work
tracts
F. W. Dodge Corporation's Review of Building
and Engineering Activity During the Year 1929.
Construction contracts recorded during the year 1929 in
the 37 Eastern States reached a total of $5,754,290,500,
according to F. W. Dodge Corp. Compared with the total
for the record year 1928, this was a decrease of 13%. Commercial and industrial building reached a combined total of
$1,689,200,800 last year, an increase of 11% over 1928; these
classes of work usually increase when general business activity
and the stock market are on the upswing; public and institutional buildings of all kinds (constituting the remainder of
the non-residential classes) amounted to $901,020,200 last
year, representing an 8% decrease from 1928. Non-residential building as a whole had contract expenditures just
33.4% above those of 1928. The decline was most severe in
residential building, whose 1929 total was $1,915,727,500,
being 31% under the 1928 total. Even public works and
utilities, contracts for which kept somewhat ahead of 1928
very nearly to the end of the year, finished with a contract
total 7% under that of 1928, or $1,248,342,000 as compared
with $1,337,930,500.
Although the financial upheaval which reached its climax
in late October was in the nature of a removal of serious
obstacles to construction improvement, the Dodge "Review"
observes,it came too late to aid any improvement in the 1929
construction record, December contracts amounted to only
$316,368,100, which was 37% under the total for December
1928 and 19% under November 1929. The month's record
included: $114,049,800, or 36% of all construction, for
residential buildings; $67.293,400, or 21%, for industrial
projects; $51,821,300 or 16%,for public works and utilities;
$33,392,100, or 11%, for commercial buildings; and $19,841,800, or 6%,for educational buildings.
A much more promising showing was made, it is stated, in
the December record of contemplated projects. New plans
reported during the month amounted to 64,220,600, an
ncrease of 19% over the amount reported in December 1928,
and a 20% increase over November 1929. The total of contemplated new work reported in the entire year was $8,886,017,500. This was 54% in excess of the amount of contracts, a very good indication that the year closes with a
considerable volume of unsatisfied construction demand.
After saying this, the Dodge "Review" continues as follows:
New York State and Northern New Jersey.
During the closing month of 1929 contracts let in New York State and
Northern New Jersey amounted to $115,187,900. The December total was
198
FINANCIAL CHRONICLE
off 31% from the preceding month and was 17% less than the total foc
December 1928. The classes of building found to be most active in the
month were the following: 169.544,000 or 60% of all construction for
residential buildings; $10.324,300 or 9%, for educational buildings; $9,947,900 or 8%,for commercial buildings; and $7,507.300 or 7%,for public
works and utilities.
New building and engineering work contracted for in the entire year of
1929 amounted to $1,467,272,600, compared with 11,814,316.800 for 1928,
a decrease of 19%.
Contemplated projects as reported during the past month reached a sum
of 1287,813,600. This figure was 25% ahead of November and a further
Increase of 48% was registered over the December month of 1928.
The New England States.
December construction contracts let in the New England States amounted
to $15,946.000. This figure was 34% under the total for the preceding
month and there was a decrease of 43% from the correeponding month of
1928. Analysis of the December building and engineering record showed
the following active classes: $6,020.800 or 38% of all construction, for
res.thntial buildings: $3,672,600 or 23%, for public works and utilities;
s,
$2,894,800 or 18% for commercial buildings; and $1,545,200 or 101 for
educational buildings.
construction volume of $398,382,400.
The year 1929 closed with a total
compared with $495,581,000 in the year 1928, a decrease of 20%.
New construction work reported in the contemplated stage for December
amounted to $47,938,900, representing increases of 63% over November
and 26% over December 1928.
The Middle Atlantic States.
New building and engineering work contracted tor in the Middle Atlantic
States (Eastern Pennsylvania, Southern New Jersey, Maryland, Delaware,
District of Columbia, and Virginia) during December amounted to $21,389,900, compared with $41,363,000, for November and 151,962.100, for
December of 1928. Included in last month's building record were the
following important classes of work: /7,335,800 or 34% of all construction,
for residential buildings; $5,152,200 or 24%. for commercial buildings;
$2,388,200 or 11%, for industrial plants; and $2,159,100 or 10%, for
public works and utilities.
The December contract total brought the amount of construction started
In this district during the year up to $671,500,300. which represents a drop
of 15% from the 1928 year total.
Contemplated work reported last month amounted to $109,917,600. An
increase of 35% was recorded over the preceding month's total, but a loss
of 19% was noted from the December 1928 record when compared.
The Pittsburgh District.
The Pittsburgh District (Western Pennsylvania, West Virginia, Ohio
Kentucky) had $27,332,000 in awarded contracts for new construction
and
work during December. This figure was a little more than 2% over the
preceding month's total but was off 30% from the corresponding month
of 1928. Last month's construction record included the following items of
note: $9,913,800 or 36% of all construction, for public works and utilities:
$5,898,800 or 22%. for residential buildings: $3,725,000 or 14%. for industrial plants; and $3.034,600 or 11%, for commercial construction.
The cumulative total of all construction contracted for in the 1929 year
was $685,535,500 compared with 1723,415,700 during the year 1928. which
was a decrease of only 5%.
Contemplated work reported In December amounted to $71,067,300,
which represents a loss of 47% from November total but a decided increase
of 71% was registered over December of 1928.
The Central West.
December construction contracts awarded in the Central West (Illinois,
Iowa, Wisconsin, Southern Michigan, Missouri, Kansas, OklaIndiana,
homa, and Nebraska) shows a substantial increase over November but a
decrease from the preceding December. Last month's total, $97,352,700
in amount, was 13% greater than November 1929 record but was off 19%
when compared with the corresponding month of 1928.
The major items in the December construction record were the following: 164,237,800 or 66% of all construction, for residential buildings;
847,279.700 or 49%, for industrial plants; $16,601,800 or 17%, for public
works and utilities; and $6,104.600 or 6%,for commercial buildings.
Last month's contract total brought the amount of new construction work
started in the Central West during the 1929 year up to 11.681,835,800,
compared with 11,934,774,900 for the year 1928. a decrease of 15%.
New contemplated projects reported in December reached a total of
$249.768,700 representing rated increases of 48% over November and 16%
over the December 1928 total.
The Northwest.
In the Northwest (Minnesota, North Dakota, South Dakota and
Northern Michigan) the December contract record amounted to $6.866.900.
A decline of 31% was recorded from the preceding month's total but a
decided increase of 79% was noted over the corresponding month of 1928.
According to active classes, the December construction record showed the
following totals; 84,429,900 or 65% of all construction, for public works
and utilities; 11,223,600 or 18%,for industrial plants; $653,100 or 10%.for
residential buildings; and $451,400 or 7% for commercial buildings.
Contracts awarded for the entire year of 1929 amounted to $94,504.500
and when compared with the 1928 record ($80.190.700) shows an increase
of 18%, this being the only territory to register an increase in 1929.
The December total for contemplated work was $8,119,700 against $18,137,500 for November 1929 and $9,136,300 for December 1928.
The Southeastern States.
New building and engineering contracts let in the Southeastern States
(North Carolina, South Carolina, Georgia, Florida, Tennessee, Alabama,
Mississippi, Arkansas and Louisiana) for December amounted to $20,221,600. This figure was 9% below the preceding month's record and 40%
off from December 1928 figure.
The most important items in the past month's construction record were
the following. $5,514.700, or 27% of all construction, for residential
buildings; $4,585,100 or 23%,for public works and utilities; $3.364,500 or
17%.for industrial plants; and $2,762,300 or 14%.for commercial buildings.
The total volume of new construction contracted for In this district for
the year 1929 amounted to 5537.459,400, representing decrease of only
4% from the 1928 year.
The volume of work reported as contemplated in December totaled
$58,760,300 which was a gain of 37% over the amount reported in November 1928 and a slight increase of 3% over the December 1928 record.
Texas.
The State of Texas had $12,071,100 in construction contracts awarded
In the final month of 1929, compared with 512,938.200 for November and
$16,953,400 for the December 1928 record. Included in last month's
building record were: $3,024,200 or 25% of all construction. for commercial
[VOL. 130.
buildings; 12,951,700 or 24%, for public works and utilities; $2,569,500 or
21%, for residential buildings; and $1,324,900 or 11%, for religious and
memorial buildings.
December brought Texas construction total for the year 1929 up to
3217,800,000, compared with 1231,408.800 in the year 1928. which was a
decrease of only 6%.
In contrast to other figures the contemplated new work reported during
the past month was more than double the amount reported during the
preceding month, indicating a favorable prospect for increased building
next year.
December contemplated work amounting to $30.834,500, compared
with $13,927,100 for November and $32.636,700 for December 1928.
Decline in New York State Factory Employment in
December.
December witnessed further widespread seasonal losses in
employment in New York State factories when forces fell
almost 4% after a 2% drop in November. This seasonal
movement was larger than usual and was exceeded only by
the heavy decline in 1920, according to Industrial Commissioner Frances Perkins. The latter's survey further states:
In many years,factories have enlarged forces in December. It is impossible
to determine to what extent the break in the stock market this Fall accentuated the seasonal change. No single month has shown such a large
drop in employment since the late Spring of 1924 when business suffered a
recession after 1923.
Monthly reports from over 1,500 factories in New York State furnish
the basis for these statements. The firms were selected to represent the
various industries situated in the State and employ approximately one-third
of all factory workers.
The December loss brought employment one point below last year and
only slightly below two years ago. This marks the first time in a year
that factories have not held greater forces than for the same month In the
previous year. Ever since March, improvement has been shown over both
1927 and 1928.
Factory Employment Gained During 1929.
The year of 1929 as a whole marked an advance of four points over 1928
and stood somewhat above 1927. The general index of employment for
1929 was 98, based on the three-year average of 1925-27. Except for the
decline after the Fall peak, factory labor did not undergo any severe fluctuations from month to month.
The general improvement this past year formed part of the upward
trend apparent after the middle of 1928. Factories curtailed forces throughout 1926 and 1927 until they reached a low point in July 1928. Advance
that Fall put a check to the declining index of employment. Hence the
year of 1929 opened with fairly bright prospects.
Rapid gains in the Spring months placed employment In March above
any since March two years ago. Factories sustained forces during the
Summer and made widespread advances in the Fall. As a result, the volume
of employment in October rose above the Spring peak and exceeded any
for nearly three years. However, seasonal declines in November and
December wiped out all the advances during 1929 so that tho year closed
on a slightly lower level than it opened at in January.
Rising pay rolls accompanied the upward movement in forces. In fact,
average weekly earnings for factory workers in 1929 were greater than
ever before, with two high points established. The record wage in September
reached the peak of $30.47 and topped that of $30.35 in March. Meanwhile
the cost of living figures for New York State have shown a downward
trend since late 1925. On the assumption that the dollar has remained
fairly stable in value in recent years. this means that the factory worker
has received not just greater money wages, but actually greater buying
power.
December Slackening Seasonal and Widespread.
The fairly general seasonal losses of November broadened to include
practically every industry in December. Most of the industries cut forces
over 1% and several made reductions of more than 10%. No industry
showed an upward trend. The very limited small gains that appeared
resulted from irregular changes. In general, the reduction came from a
definite slackening in all industry, not confined to any particular group of
industries or large concerns. Over hall of the industries reported larger
declines at this season than in the past six years.
All of the metals showed general losses with some below a year ago.
Many of them were gaining in the previous December. Iron and steel
mills cut forces for the fourth month. Monthly reductions since Spring
placed the automobile industry 15 points below a year ago. Large cut
appeared in many machinery and electrical apparatus firms. Instrument
and appliance firms lost the November gain.
Seasonal slackening continued in all of the clothing industries with
reductions on a larger scale than in 1928 or 1927. December generally
marks an upward turn in men's clothing shops. Conditions continued dull
in the moo factories although • few firma partly replaced their reduced
forces. Furriers and glove and bag makers slackened more severely this
year.
Larger losses than usual in all of the textiles contrasted with general
gains last year. Silk and wool usually begin to pick up at this time. Cotton
mill forces were noticeably lower than in several years as a result of monthly
curtailment all through 1929.
The chemical industry registered its first real loss in a year of constant
growth. The photographic and miscellaneous chemicals were instrumentai
in this gain with forces enlarged every month. Glass firms did not increase
employment as usual, but lost along with stone and clay concerns.
General cuts among all the foods made December a duller month than
regularly. Flour, feed and cereals recorded again due to one firm. Printing.
Paper and paper goods were fairly irregular in moving downward.
Employment fell rapidly in piano and other musical instrument firms.
due to general as well as a few large cuts. Some strength was indicated this
Fall when forces were maintained after constant losses since late 1928.
Other wood firms lost ground.
Decline in Wholesale and Retail Trade in Atlanta
Federal Reserve District—Income of Farmers From
Cotton Crop in 1929 Expected to Exceed That of
1928.
The Federal Reserve Bank of Atlanta thus summairizes
conditions in its district in its "Monthly Review," dated
Dec. 31:
The final estimate by the United States Department of Agriculture places
the cotton crop produced in the six States of the Sixth Federal Reserve
JAN. 11 1930.]
FINANCIAL CHRONICLE
District during the 1929 season at 5,949,000 bales, larger by 25% than
the crop produced in these States during the previous season. The price
of cotton during recent weeks has been 2 to 2%c. per pound less than that
prevailing a year ago. In view of the larger crop, however, it seems
probable that the income of farmers from the cotton crop in these parts
will be greater than for the 1928 season. Most of the other crops raised
in these States, except white potatoes and fruits, were greater than those
produced last year.
Sales of merchandise at both wholesale and retail during November,
reflected in figures reported confidentially to the Federal Reserve Bank,
declined by more than the usual seasonal amount compared with the
month before, and were in smaller volume than in November last year.
Retail trade averaged 5.3% less than a year ago, and wholesale trade
showed a decline of 7.8% as compared with November 1928. Savings
deposits held by 75 reporting banks in all parts of the district declined
/ of 1% in November compared with October, and were 8.1% less than
1
2
in November last year. Debits to individual accounts at 26 reporting
cities of the Sixth District declined 12% compared with October and were
4.9% smaller than in November 1928. Debits in this district nearly always
decline from October to November, the decrease last year being 3.5%.
Loans and investments of weekly reporting member banks in selected cities
of the district declined between Nov. 13 and Dec. 11, and were less than a
year ago, and this is also true of discounts by the Federal Reserve Bank
of Atlanta for all member banks in the district. Demand deposits of all
member banks in the district increased, but time deposits declined in
October as compared with the preceding month, and both were smaller
than a year ago. There was an increase in the number of commercial
failures in the district, but a decrease in liabilities in November compared with October, and with November last year. Activity in the
building and construction industry, as reflected in building permit statistics
reported by 20 cities, and in statistics of contracts awarded in the entire
district reached, in November, the lowest level indicated in available
figures. Production of cotton cloth and yam by mills in the district
reporting to the Federal Reserve Bank was smaller in November than in
October, and output of cloth showed a decrease compared with November
last year, but production of yarn was slightly larger. Output of pig iron
and of coal in Alabama was somewhat less than in November last year.
199
most favorable factor in the present situation is the improved
purchasing power of the farmer. Dr. Miller states:
"According to Department of Agriculture figures crops raised in the
United States this year were worth about 885,000,000 more than last year
in spite of a decrease of about 5% in total production. Grain and cotton
were down, but yields from fruits, vegetables and sugar were larger. The
farmer is apparently going into 1930 with improved purchasing power,
which will mean much to both wholesale and retail trade, as well as to
manufacturers of equipment.
'Money and credit continue under wholesome control. Brokers' loans
are down to the lowest level reached since September. 1927. The stock
market adjustment is continuing in good order,and thus far without causing
a really conspicuous failure."
Improvement in automobile manufacture as the spring
advances is expected by the Association to react favorably on
other lines. It is noted that the Ford Company is now on a
schedule of 4,500 cars a week, and that makers of the lower
priced models are, on the whole, more active than manufacturers of the higher priced cars. The bulletin includes a
survey of trade and credit conditions in New York, New
Jersey, Pennsylvania and Maryland. Manufacturers and
wholesale houses in these states reported a negligible decrease in sales from the same month a year ago, when business
was said to be booming.
Business in Richmond Federal Reserve District Below
Seasonal Volume but Some Trade Barometers
Favorable.
Business in the Richmond Federal Reserve district in
November and early December was probably not up to
seasonal volume, although some of the trade barometers were
Further detailing conditions in wholesale and retail lines, quite favorable says the Dec. 31 Monthly Review of the
the Bank says:
Federal Reserve Bank of Richmond, which further reports:
Retail Trade.
Retail distribution of merchandise in the Sixth [Atlanta] District, as
reflected in sales figures reported confidentially to the Federal Reserve Bank
of Atlanta by representative department stores located in 22 cities of the
district declined in November, and were in smaller volume than in
November of any of the preceding four years. Stocks of merchandise
increased slightly over those on hand a month earlier, but were smaller
than a year ago.
November sales by 42 reporting department stores in the district declined
as average of 7.4% compared with sales in October, the decrease being
shared by all reporting cities except New Orleans. A review of figures for
the past nine years shows that in this district department store sales have
each year decreased from October to November, and the average decline
during this period of years has been 7.0%. The decrease this year, while
only a little larger than the average for the preceding nine years, is the
largest since 1925, when November sales were 13.7% less than in October.
November sales this year averaged 5.3% smaller than in November last
year. Cumulative sales for the 11 months of the year, compared with the
same part of 1928, were larger at Atlanta but smaller at other reporting
points, and averaged 2.0% less for the district. Stocks of merchandise on
hand at the end of the month averaged less than I% larger than for
October, and were 4.2% smaller than for November 1928. The rate of
stock turnover for November was the same as for November last year, but
for the year through November it was slightly less than for that period
of 1928. Accounts receivable at the end of November were 1.8% larger
than for October, and 1.5% larger than for November last year, and
collections during the month were 8.7% greater than in October, and 1.4%
larger than in Nor ember 1928. The ratio of collections during November
to accounts receivable and due at the beginning of the month, for 32 firms,
was 32.7%; for October this ratio was 32.8%, and for November last year
It was 33.2%. For November, the ratio of collections against regular
accounts outstanding for 32 firms was 34.8%, and the ratio of collections
against installment accounts for nine firma was 17.4%. Detailed comparisons of reported figures are shown in the accompanying table.
Wholesale Trade.
Distribution of merchandise at wholesale in the Sixth [Atlanta] District.
sa reflected in sales figures reported confidentially to the Federal Reserve
Bank of Atlanta by 120 wholesale firms in eight different lines, declined
if1 November and was in smaller volume than a year ago. Stocks of
merchandise increased slightly compared with October, and also as compared
with November 1928, but accounts receivable and collections showed
decreases compared with both of those months. Wholesale trade statistics
for this district have always shown that the high peak of wholesale trade
is reached in October, and that sales decline in November and December,
as the larger part of buying by retailers for fall and holiday business has,
by that time, already been done. The decrease in sales from October to
November this year, however, is larger than has been shown for any other
year except 1926, during the past nine years, and is almost half again as
large as the average for the nine-year period. According to some of the
reports, bad weather during November exerted an adverse influence on Bales
volume for the month. Percentage comparisons of combined figures for
all of the reporting lines are ahown in the table:
Nov. 1929 Compared With.
Oct. 1929.
Nov. 1928.
Sales
16.6
-7.8
Stocks on hand
+0.2
+1.1
Accounts receivable
-2.4
-1.2
Collections
-10.1
-5.3
Gradual Improvement in Business in Early Months
of New Year Looked For by National Association
of Credit Men.
Gradual improvement of business during the early months
of 1930 is foreseen by the National Association of Credit
Men, whose January bulletin was sent to members on Jan. 6.
Reiterating his statement made a month ago, that real
business is good and is going to be better, Dr. Stephen I.
Miller, Executive Manager of the Association, says that the
On the whole, there seems to be indications of a moderate recession from
the high level of earlier months this year, but the recession was not serious.
Liquidation of agricultural loans proceeded seasonally, but perhaps at a
somewhat slower rate than in most years. Member banks reduced their
rediscounts at the Reserve Bank, although the reduction from country
banks was not in proportion to the reduction of rediscounts of the city
Institutions. Federal Reserve note circulation rose during the past month,
to meet the demand for cash needed for crop marketing and the holiday
trade. Time deposits and other savings deposits declined last month, as
usually occurs at that season of the year, but demand deposits in reporting
member banks increased somewhat. Debits to individual accounts during
the four weeks ended Dec.11 were less than debits during the preceding four
weeks, an unusual development, and in addition were lower than during
the corresponding four weeks of 1928 in a majority of the reporting cities
and in the total for the district. This may be accounted for, at least in
part, by the lessened activity in security dealings. Business failures in the
Fifth district in November were less numerous and liabilities were 78%
lower than in November 1928, a much more favorable showing than the
National comparison, which revealed liabilities 28% greater in November
1929 than in November 1928. Labor is only moderately employed, and on
the whole the outlook for steady employment during the next few months
appears more doubtful than in earlier months this year. Daily production
of bituminous coal in November was less than in November 1928. and total
production of last month declined rather more than seasonal average in
comparison with the October output. Textile mills operated less extensively
than in November 1928, and there was some curtailment of work to four
days per week, but the recession in operations was less marked than the
average for the Nation. Retail trade in department stores In the Fifth
(Richmond) district was better than In November 1928 in the largest cities,
but on the whole was poorer in the smaller cities and stores. Wholesale
trade in November compared unfavorably with that of November a year ago
In every line reported upon. Crop returns were quite spotted, but considering the district as a whole production of most crops was up to the production or tu28. Prices for cotton, the leading money crop, are much
lower this year than In 1928, and returns to the growers will be considerably
below the returns last year. Tobacco prices have averaged somewhat
lower this year than last, but increased production this year probably about
balanced the lower prices.
Wholesale and retail trade in the Richmond Federal
Reserve District is reviewed as follows by the Bank:
Wholesale trade in the Fifth [Richmond] Federal Reserve District was
relatively poor in November, a large majority of 68 reporting firms in five
leading lines showing smaller sales than in either October this year or November 1928. Part of the decrease in comparison with October was seasonal,
but the decline was greater this year than usual, and the decline in comparison with sales in November 1928 reflected an actual decrease in business
done this year. The November sales in dry goods and hardware were
particularly unfavorable in comparison with sales in November last year.
In total sales since Jan. 1, drugs lathe only line which shows an increase over
sales in the first 11 months of 1928, and even in drugs the increase was less
than 1%. Dry goods shows the biggest decline for the 11 mouths of this
year, part of which may be due to slightly lower prices for some classes of
textiles.
Stocks carried by the reporting firms were larger in groceries and drugs at
the end of November than a year earlier, but dry goods and shoe stocks were
smaller than on the earlier date. Dry goods and drug stocks increased
during November but grocery and shoe stocks decreased In comparison with
stocks on hand on Oct. 311929.
The percentages of collections in November to accounts receivable on the
first of the month were lower In all lines than the percentages in October,
and were also lower in all lines except drugs than the percentages in November 1928.
Retail trade In the Fifth Federal Reserve District showed some interesting
developments In November. Reports from 30 representative department
stores, scattered throughout the district showed sales averaging higher than
sales in November last year, but practically all of the gain was in Baltimore.
Washington and West Virginia stores. The Baltimore stores reported Increases averaging 12.1%, an exceptional increase in view of stock figures
averaging 6 4% less than those of a year ago. Some of the Washington
stores did almost as well as the Baltimore stores, but two firms which reported lower figures in November than in November 1928 brought Washington's average increase down to 6-10 of 1%. However, the record of the
stores included in the Other Cities group is quite unfavorable, 11 of the 15
200
FINANCIAL CHRONICLE
[VOL. 130.
The November sales of these firms showed a gain of 1% over both the
previous month and the corresponding month last year. Distribution of
merchandise at wholesale reflected a substantial decline from the previous
month, due in part to the seasonal falling off in the closing month of the
fall season, and was considerably less than in November 1928. The valuation of building permits issued at principal cities reflected a substantial
decline, being 37% less than in the previous month and 39% below that a
year ago. The production, shipments, and new orders for lumber, likewise,
showed a large decline. While the production and shipments of cement
were smaller than the heavy volume in October, they were larger than a
year ago.
The business mortality rate in this district reflected an improvement
during November even though the trend of failures is usually upward at
this season. Both the number of insolvencies and the aggregate indebtedness were smaller than in the previous month and the indebtedness of
defaulting firms was less than in the same month last year. While the
number of failures was slightly larger than in November 1928 there has
been only one month since that date when failures were fewer than in
the past month.
Debits to individual accounts at banks at larger centers were 13% less
than the record volume in October, but exceeded those in the corresponding
Building Operations in Atlanta Federal Reserve Dis- month last year by 5%. The daily average of combined net demand and
time deposits of member banks in the Eleventh District, after
a
trict
-Index Number for November 25.2 Compared seasonal increase in September and October, reflected a slight showing in
decline
With 33.9 for October.
November. The total of these deposits for the month was $891,591,000
$900,260,000 in October and
Building conditions in the Atlanta Federal Reserve Dis- as compared to on Dec. 12 1928. The loanswas considerably smaller than
actual deposits
and investments of member
trict are indicated as follows in the Dec. 31 "Monthly Re- banks in selected cities showed a considerable decline during November
but were slightly larger than a year ago. Federal Reserve Bank loans to
view" of the Federal Reserve Bank of Atlanta.
member banks on Nov. 30 were only slightly lower than a month earlier,
Building.
but they had declined to $19,601,350 on Dec. 14, which was $12,676,928
The volume of building, evidenced by building permits issued at 20 less than on Oct. 31. On that date, however, they were $2,536,195 greater
regularly reporting cities of the Sixth [Atlanta] District for the construction than on the corresponding date in 1928. There is still a heavy demand
of buildings within their corporate limits, and by total contracts awarded for short-term investments, as is evidenced by the fact that subscriptions
In the district as a whole, declined further in November to the lowest level to the United States Treasury certificates of indebtedness, dated Dec. 16
indicated in available statistics.
and bearing 31 11% interest, were $28,452,000 against which allotments
,
Building permits issued during November at these 20 cities declined of $14,900,500 were made.
25.7% compared with the month before, were approximately half as large
Agricultural operations during the month were retarded as a result of
as for November 1928, and were smaller than for any month in this series unfavorable weather conditioni. Nevertheless, farmers are proceeding as
of figures which goes back to the beginning of the year 1920. Increases rapidly as possible with the harvesting of remaining crops and the preparaover November 1928 were reported from Anniston, Montgomery, Miami, tion of the soil for next year's crops. The rains have left a good
subsoil
Augusta, Columbus, Macon, Alexandria and Chattanooga, and from Lakeseason in the ground and have been beneficial to small grains. These crops
land and Miami Beach whose figures are not included in the totals, or used
are now mostly up to a good stand and making rapid growth. While
in computing the index numbers, because not available over a long enough
livestock are going into the winter in fair to good condition, their condition
period. The index number for November is 25.2, compared with 33.9
earlier or a year ago.
for October, and with 50.6 for November last year, based upon the monthly Is not so good as a month
Regarding building operations the Bank says:
averages for the three-year period 1923 to 1925 inclusive as represented by
100. Index numbers for Atlanta, and for cities of the district in which
Building.
branches of the Federal Reserve Bank are located, are shown on the last
As reflected in the valuation of permits issued at principal cities, conpage of this Review. The cumulative total of permits issued at these 20
cities during the 11 months of 1929 is $69,643,705, a decrease of 27.8% struction activity in the Eleventh [Dallas] Federal Reserve District was
decidedly less in November than in October or the corresponding month
compared with the total of 896,405,621 for the same months last year.
According to statistics compiled by the F. W.Dodge Corp.,total building last year. The valuation of permits issued at these centers, amounting
to $5,308,963 as against $8,389,467 in the previous month and $8,692,371
and construction contracts awarded in the 37 states east of the Rocky
Mountains during November amounted to $391,012,500, a decline of 12% in November 1928, was smaller than in any previous month of the current
compared with the month before, and a decrease of 17% compared with year. Of the 14 reporting centers, it will be observed that only four cities
the total for November 1928. In November $113,522,800, or 29% of all reported increases over October while only three showed gains over Novemconstruction, was for residential building: $101,769,200, or 26%, was for ber 1928. The valuation of permits issued during the eleven months of the
commercial building:$72,361,000,or 19%.wasfor public works and utilities, current year was 4.7% below that during the same period of the
and $39,673,900, or 10%, was for industrial construction. For the 11 previous year.
months of 1929 contract awards have totaled $5,437,922,400, a decrease
of 12% compared with the total of $6,195,529,800 for the corresponding Conditions in Pacific Southwest as Viewed By Security
months of last year.
-First National Bank of Los Angeles.
Contracts awarded in the Sixth District during November amounted to
312,567,637, a decrease of 27.9% compared with the total for October,
The year 1929 was a moderately prosperous one in Los
and 32.2% smaller than for November last year. Total awards during
the 11 months of the year, however, amounted to $316,790,000, an in- Angeles and in Southern California, generally, despite the
financial readjustment that took place during the latter
crease of 3.4% over the same part of 1928
In the table are shown building permits issued in November at reporting part of the year, according to the Monthly Summary of
cities of the district, compared with the same month last year.
stores reporting lower figures for November this year. Of the 4 stores in
this group which gained in sales last month, 3 were in West Virginia. Of
the 30 reporting stores in the District 19 show larger total sales for the 11
months of 1929 than for the corresponding period last year.
Stocks carried by the reporting stores are generally less this year, 20 of
the 30 stores reporting lower selling values at the end of November 1929
than on November 30 1928. Most of the stores showed a seasonal increase
in stock on hand during November this year, in comparison with stocks on
hand at the end of October.
The rate of stock turnover in the Fifth District has been more rapid this
than during the first 11 months of 1928, except in Washington where the
figure ir slightly lower. Averaging all the stores together, stocks have been
turned 2.969 times this year prior to November 30,in comparison with only
2.820 times in the corresponding 11 months last year.
Collections in the district in November averaged better than in either
October this year or November 1928, and this is also true of the Baltimore
stores. The Washington collections were better in November than in
October, but not up to those of November last year, while collections in the
Other Cities stores in November showed a decline from those of October but
were better than collections in November last year.
No.
e
74
131
Value.
535,6.50
393,104
54.885
121,390
193,011
415,259
55,955
49,414
47,445
5,850
445,529
359,442
66,278
83,405
70,762
41,492
277,492
50,473
192,100
11,735
207,486
105,777
82,832,591
25.2
index numbers.
•Not included In totals or
Total 20 cities
indpx mIrnhar
3,064
Value.
510,600
909,357
359,056
117,534
453,273
105,374
79,910
50,347
211,939
1,900
277,340
1.791.029
48,739
59,158
40,795
130,275
562,015
23,769
122.446
75,650
332,324
214,374
+236.3
-56.8
84,7
+3.8
-67.4
+294.1
-30.0
-1.9
-77.6
+207.9
+60.7
-79.9
+36.0
+41.0
+73.5
-68.2
-50.6
+112.3
+56.9
-84.5
-37.8
-50.7
3,134
55,697,964
50.6
-50.3
No.
,
OX0Vb.MV.DMN.00!
. ..
C
24
361
98
160
280
383
41
118
153
6
116
226
376
34
142
15
100
60
284
November 1928.
C.40:1M ,
J0WM
V
.MN.
Alabama-Anniston
Birmingham
Mobile
Montgomery
Florlda-Jacksonville
Mkunl
Orlando
Pensacola
Tampa
Lakeland*
Miami Beach*
Georgia-Atlanta
Augusta
Columbus
Macon
Savannah
Louisiana-New Orleans
Alexandria
Tennessee-Chattanooga_
Johnson City
Knoxville
Nashville
Percent.
Change
in Value.
.CO t.0.01C10 00.0.V.MMWVN00.1
, .
D
0
.
..'
,
November 1929.
Slowing Down in Industry in Dallas Federal Reserve
District Offset by Heavy Buying at Retail Stores
-Decline in Building Activity.
A slight slowing down in business and industry during
November was reflected in reports from correspondents in
the Eleventh Federal Reserve District, it is stated by the
Federal Reserve Bank of Dallas, which, however, says that
"offsetting to some extent the decreased activity in other
fields was the heavy buying at department stores in larger
centers in preparation for the Christmas holidays." In its
Jan. 1 "Monthly Business Review," the Bank further summarizes conditions as follows:
Business Conditions in the Pacific Southwest territory
compiled by the Department of Research and Service of the
Security-First National Bank of Los Angeles made available
Jan. 2. It is stated that many of the factors contributing
to the economic structure of this region show increases during
1929 compared with 1928. Check transactions tone of the
best single measures of business activity), increased 13.4%
in Los Angeles during the year compared with the preceding
year. Check transactions during the period from Jan. 1
to Dec. 24 1929, compared with the corresponding period of
1928, recorded increases in six of seven smaller Southern
California cities for which figures are available, as follows:
Santa Barbara, 14.5%; Long Beach, 13.4%; San Bernardino,
8.4%; San Diego, 4.4%; Bakersfield, 2.4%; and Pasadena,
9-10 of 1%. Fresno showed a decline of 3.9% in bank debits
during the year.
The summary continues in part:
Activity In the industrial and manufacturing field, as measured by sales
of electrical energy for industrial use, was approximately 20% greater
during 1929 than during 1928. Petroleum production established a new
high figure during the year, exceeding the former high record output in
1923 by about 11%. The petroleum industry, however, has suffered from
over-production, although recent attempts to bring about a better calance
between supply and demand have proved partly successful. The building
industry operated at a slightly lower level during 1929 compared with 1928.
Agriculture experienced a good year in Southern California during 1929
despite the fact that the yields of many crops were smaller than in 1928.
Prices of agricultural products in general were higher during 1929 than In
the previous year, which more than made up for the smaller yields. Although separatefigures for Southern California are not available, preliminary
figures for the State as a whole show that the total farm value of 28 of the
leading crops increased 12.6% during 1929 compared with 1928, thereby
indicating that the agricultural purchasing power has been well sustained.
Of the 28 leading crops for which data are available, 7 showed increases in
production, and 19 recorded increases in the value of production during
1929 compared with 1928. Farm prices for 22 of the 28 leading California
crops were higher during 1929 than in 1928. A disturbing factor in the
agricultural situation in Southern California, however, is the lack of seasonal rainfall which has been keenly felt for some time.
JAN. 11 1930.]
FINANCIAL CHRONICLE
Distribution and trade were carried on at satisfactory levels during the
Year. Commerce through the Los Angeles harbor during 1929 showed increases of approximately 11.0 and 13.0% in tonnage and value,respectively.
over the figures for 1928. Trade at both retail and wholesale has been
carried on at good levels throughout the year. Sales of new passenger automobiles during the first 11 months of 1929 compared with the same period
in 1928 increased 37.4% in Los Angeles and 40.2% in Southern California.
A large part of these increases has been due, however, to increased sales of
low-priced automobiles.
Banking.
The banking situation in Los Angeles during the four weeks period ending Dec. 18 1929, was changed only slightly from that of the preceding four
weeks, according to figures of banks which are members of the Federal Reserve Bank of San Francisco. Total deposits of these banks on Dec. 18 were
$5,000,000, or 7-10 of 1% greater than on Nov. 20. When the total deposit
figures are segregated according to kinds of deposits, increases occurred in
savings and "all other" deposits, and a decrease was noted in commercial
deposits during the current four weeks period.
The demand for credit has been steady during December. Total loans of
reporting member banks on Dec. 18 were 2 1-3 million dollars. or 2-5 of 1%
less than on Nov. 20. Loans on securities have tended steadily downward
since Oct. 2,the figure for Dec. 18 being nearly 18 million dollars, or 11.6%
less than on the former date, and 33 million dollars, or 2.4% less than on
,
Nov. 20. All other loans increased nearly one million dollars, or 1-5 of 1%,
in the period from Nov. 20 to Dec. 18.
Investment holdings of reporting member banks in Los Angeles on Dec. 18
were held at approximately the same level reported on Nov. 20. A segregation of the total holdings shows that during the current four weeks period
ending Dec. 18, holdings of Government securities increased 3 1-3 million
dollars, or 2.8%, while holdings of other bonds, stocks and securities decreased slightly more than 3 1-3 million dollars, or 3.8%.
Outlook for Buying Power on Pacific Coast as Viewed
by Silberling Research Corporation.
According to the Silberling Reports (dated Dec. 28),
"the decline in general business and buying-power on the
Pacific Coast has thus far been much less severe than in
many other sections of the country. It is added that "our
index, however, has fallen below normal and continuance of a
downward direction through the first half of 1930 appears
definitely assured. It will probably not reach as low a
position with reference to the normal trend of growth as in
some sections where the peak of prosperity this year was
carried to exceptionally high and unsound levels." The
Silberling Research Corp. goes on to say:
It is important to recognize the effect of industrial curtailment on loca
conditions. When a recession affects an important basic manufacturing
industry it is likely to bring about recession in every area where the industry
operates. This is of course less true of lines which cater to strictly localized
demand,such a laundries or some building materials. But in the main the
effects of curtailment are transmitted very broadly and promptly;local concerns will now feel the influence of keener competition through the fact that
national organizations will in many cases seek to make up for the realtivelY
more severe reduction in buying-power elsewhere by forcing their products
more actively on the Coast. This can only mean that this is a time for more
than the usual alertness and keen study of marketing and sales problems
and opportunities.
Several important Coast industries deserve a special word of comment.
The petroleum producers and refiners have been operating actively during
the summer and fall and have created a situation which can only be balanced
by rather drastic curtailment. As this occurs it will remove one influence
that has been important in sustaining general activity in this territory.
Another line of great importance is building construction and its related
material and equipment lines. Residential and commercial building will
be restricted for some time to come and Coast industrial construction will
probably feel a sharp recession during the spring and summer of 1930.
Heavy utility and engineering work will be less affected but, many smaller
projects will be postponed or abandoned. The critical situation which for
some months has been developing in the fir lumber industry deserves special
attention at this time. One bright feature of the Pacific Coast outlook for
the year 1930 is the prospect of continued gradual improvement in foreign
markets which would serve to sustain shipping and particularly those lines
which derive income from export commerce. Now is the time to look carefully into the export market for expansion and competitive opportunities.
Another factor in this section of the country which should inspire confidence
and help to maintain the flow of trade is the exceptionally strong position
of the local banking structure.
As to current business policy the Silberling reports state:
201
Credit Situation in San Francisco Federal Reserve
District—Continued Expansion of Loans of Member
Banks.
"The effects upon the banking and credit situation of the
readjustments which occurred at the close of October and
the beginning of November are still plainly visible in this
District," says the Federal Reserve Bank of San Francisco,
in its Monthly Review, dated Dec. 20, which surveys the
credit situation in the District as follows:
The amount of loans extended by reporting member banks was at record
levels on Dec. 18. On the same date the deposits of these banks were still
below the figures reached in early October, prior to the heavy transfers of
funds to New York which characterized the last days of that month and
the early days of November. Borrowing from the Federal Reserve Bank
has been rapidly reduced since the middle of November but the reduction
was made possible by a combination of special circumstances (which are
set forth below) rather than by a change in the condition of member banks.
Although the peak of demand for Reserve bank credit in the District was
reached on Nov. 20, there has been a continued expansion of loans of
member banks, especially of loans on securities. Most of the increase
occurred during the week of Dec. 11-18 and was due to the flotation of a
large issue of municipal bonds by the city of San Francisco. On Dec. 18
the amount of these loans as well as of total loans was larger than at any
time since the figures have been compiled. Deposits of these banks have
also increased (a gain of 23 million dollars of time deposits more than
offsetting a loss of 10 million dollars of net demand deposits) but not so
rapidly as their loans, and the ratio of total deposits to total loans has
declined.
The amount of credit extended by the Federal Reserve Bank of San
Francisco increased 25 million dollars between Oct. 30 and Nov. 6. During
the following two weeks there was a slight increase In Reserve bank credit
outstanding, the peak being reached on Nov. 20, when rediscounts were
116 million dollars and total earning assets 260 million dollars. During the
succeeding four weeks member bank borrowings were rapidly repaid and,
on Dec. 18, rediscounts were but 64 millions and total earning assets 109
mlWon dollars.
Reduction of member bank indebtedness at the same time that member
bank loans were increasing, was made possible chiefly by transfers of
funds into the District amounting to 33 million dollars. There is ordinarily
a movement of funds into this District during December which seems to be
related to the desire of many banks to liquidate indebtedness at the Reserve
bank in anticipation of a call by the Comptroller of the Currency for a
statement of condition on Dec. 31. The greater part of the funds thus far
received have been for the account of banks in Seattle and Spokane with
smaller gains to Salt Lake City and Portland. There was a substantial
outflow of funds from San Francisco and Los Angeles.
Part of the flow of funds into the District arose indirectly out of member
bank purchases of the Dec. 15 offering of Government securities. Banks
of this District were allotted 25 million dollars of these 34% certificates sf
indebtedness, which were paid for by a deposit credit to the Treasury. But
government deposits of reporting banks increased only 13 million dollars
during the four-week period, and their investments in United States government securities increased only six million dollars, indicating that a substantial part of their allotment of certificates of indebtedness was for the
account of others or was immediately sold. Ordinarily the greater Part of
such sales are made in markets outside the 12th District and contribute to a
gain in funds through the gold settlement fund.
Other factors which contributed to the easier position of member banks
during recent weeks include (1) Mint purchases of gold amounting to four
million dollars;(2) a decrease of eight million dollars in money in circulation:
(3) a net excess of Treasury expenditures over receipts In this District
amounting to seven million dollars.
On Dec.6 the Federal Reserve Bank of San Francisco reduced its discount
rate from 5 to 44%. On Nov.26 its buying rate on bankers' acceptances
was reduced from 4% to 4%. (Maturities up to 120 days.) The change in
the discount rate placed the San Francisco District upon a parity with the
New York, Chicago, and Boston Districts, where the Reserve banks had
already reduced their rates. Following the change in rates, member banks
Increased their sales of local acceptances to this Bank and reduced their
rediscounts. No change in interest rates charged to customers by commercial banks has been reported during recent weeks.
Tederal Reserve Bank of San Francisco.
ondUion
Dec. 18 1929. Dec. 11 1929. Nov. 20 1929. Dec. 19 1928.
160,000,000 136,000,000
Total bills and securities- 109,000,000 112,000,000
65.000,000
72,000,000 116,000,000
64.000,000
Ellis discounted
54.000.000
32.000,000
28,000,000
31,000,000
Bills bought
12.000.000 17,000,000
12,000,000
United States securities... 14,000,000
283,000.000 277,000,000 227,000,000 245.000,000
Total reserves
183,000,000 183,000,000 187,000,000 190,000,000
Total deposits
Federal Reserve notes in
190,000,000 186.000,000 183,000,000 172,000,000
circulation
Ratio of total res. to dep.
& Federal Res. note
67.6
61.5
75.9
74.8
liabllIties combinedAn interesting development of the past month has been the unusual and
non-seasonal decline in the volume of money in circulation in the District
amounting to 12 million dollars. This decline took place notwithstanding
an increase of six millions in Federal Reserve note circulation during the
same period, as shown on the chart at the bottom of this page. The divergent movements of these two series, which usually fluctuate together, was
due to heavy redemptions of United States currency, unfit for further
circulation, and the substitution of Federal Reserve notes of the old series
(large size) for this currency which was redeemed. A reduction in the
amount of money in circulation may indicate that the volume of cash sales of
goods and services is declining and (or) that currency is passing from person
to person at a faster rate and thus doing more work.
Current Business Policy.
We are facing a general business and trade recession which calls for special
scrutiny of sales effort and careful direction of sales promotion toward those
areas and those lines of business which offer relatively the least resistance.
Sales strategy consists of varying the attack to suit conditions, rather than
complaining about the conditions. This is an excellent time to plan ahead
and to make those studies of competitive position, marketing areas and
quotas which require time and are best undertaken in a quiet period when
the rush of routine business is less pressing and distracting. Forwardlooking sales executives are studying the new volume issued by the Department of Commerce called the Market Data Handbook of the United States,
the finest collection of sales strategy material over assembled. Get it.
Use it.
On the Pacific Coast it will pay to put special emphasis on sales efforts in Review of Meat Packing Industry by Federal Reserve
the following areas during the next six months: San Francisco-West Bay:
Bank of Chicago—Increase in Number of Workers—
San Diego; San Joaquin Valley around Fresno; Santa Clara Valley around
Decline in Wages.
San Jose.
There will be advantages in stressing the following lines as prospective
From the Monthly Business Conditions Report, dated
buyers of your products or service: advertisers; commercial and investment
Dec. 31, of the Federal Reserve Bank of Chicago, we take
bankers; chemicals and drugs; low-priced wearing apparel;five-and-ten cent
stores; public utilities; farm machinery makers; bakeries and meats; dairy the following regarding the meat packing industry:
products; life insurance; air transport; confectionery.
November production at slaughtering establishments in the United States
It will be desirable not to expect too much from the following lines. slightly exceeded that of the preceding month and of a year ago. Employ
Building and construction materials; machine tools; automobiles, including ment, as recorded by payrolls at the close of the period, increased 3.3% in
parts and accesssories; tires and rubber goods; office equipment; oils; hotels; number of workers and with one less working day showed a decline of 8.3
hardware; jewelry; art goods; household products and equipment; textiles in hours worked and of 3.3% in total earnings as compared with October.
other than staples;laundries; metals and mining.
Inquiry for packing-house products was restricted to some extent by the
202
FINANCIAL CHRONICLE
usual heavy consumption of poultry at this season; trade in domestic
markets was good for most pork products and rather draggy for beef and
veal. Lamb moved slowly at the beginning of the month but an improved
demand was evidenced later. November sales billed to domestic and foreign
customers by 55 meat packing companies in the United States showed a
seasonal recession of 12.9% in total value from October, and aggregated
3.3% less than for the same month last year. Domestic demand ranged
between fair and good at the beginning of December. Inventories at packing plants and cold-storage warehouses in the United States decreased on
Dec. 1 from the beginning of November but were in excess of last year and
the 1924-28 average for the month. Stocks of pickled pork, frozen pork,
beef, lamb, and miscellaneous meats, however, increased over the preceding period and holdings of dry salt pork and of lamb decreased from a
year ago. Chicago prices of beef changed little in November from a month
previous; pork, lard, and veal declined slightly, while lamb and -mutton
advanced. Quotations for pork products and for lamb and mutton strengthened early in December. Shipments for export totaled a little larger than in
October;several of the individual companies experienced a decline. Foreign
trade remained about on a level with October; some improvement was
found in the United Kingdom. Dec. 1 inventories already abroad,
Including stocks in transit to European countries, were less than on November 1. Prices averaged close to Chicago parity; a few commodities were at
a premium.
Union Trust Co. of Cleveland Sees Improved Sentiment
in Automobile Industry.
"Improved sentiment has appeared in the automobile industry, and present indications are that the trade is beginning
to turn the corner toward moderate improvement," says the
Union Trust Co., Cleveland. "The industry is now looking
forward to the January motor show," says the bank in its
magazine Trade Winds. "Meanwhile order for steel, parts
and other materials are showing some increase. The rate of
improvement will depend upon developments in the trade in
the coming year. It does not appear likely that the situation
will justify an immediate upswing to high peaks of production."
The bank estimates the replacement demand for cars and
trucks in the United States and Canada during 1930 at 3,000,000 units and total output at somewhat, though not greatly,
below 5,000,000 units, as against approximately 5,600,000
produced in 1929. The bank says:
[Vol,. 130.
with 441,337 tons during 1928 and with 371,027 tons consumed during 1927. The heaviest months of consumption
were April, May and June, when the totals were, respectively, 47,521 tons, 49,233 tons and 43,228 tons.
Current Lumber Orders Again Ahead of Production in
Second Holiday Week.
Despite increase in production of softwoods during the
second of the holiday weeks, lumber orders continued in excess of the cut for both hardwoods and softwoods, according
to a summary of telegraphic reports from 800 mills to the
National Lumber Manufacturers Association for the week
ended Jan. 4 1930. Shipments also maintained a similarly
favorable relation. The total production of these mills
was 237,699,000 feet. For Christmas week, 789 mills reported only 183,218,000 feet combined production. For
the week preceding, combined reports of 805 mills gave
total cut as 320,007,000 feet. Orders reported by the 800
mills for the week ended Jan. 4 were 106% of production,
as compared with 110% during Christmas week. Shipments were 108% of production, as compared with 109%
a week earlier. Unfilled orders at 498 softwood mills on
Jan. 4 were the equivalent of 20 days' production, which
may be compared with an equivalent of 19 days' reported
by 509 mills on Dec. 28. Four hundred and seven identical
softwood mills gave production for the first week of this year
as 9% less, shipments 9% less, and orders 7% under the
volume for the first week of last year; for hardwoods, 192
identical mills reported production 33% less, shipments
31% less and orders 28% less than for the same week last
year.
Lumber orders reported for the week ended Jan. 4 1930,
by 602 softwood mills totaled 225,322,000 feet, or 5%
above the production of the same mills. Shipments as reported for the same week were 232,275,000 feet, or 8%
above production. Production was 215,599,000 feet.
Reports from 222 hardwood mills give new business as
25,902,000 feet, or 17% above production. Shipments as
reported for the same week were 23,813,000 feet, or 8%
above production. Production was 22,100,000 feet. The
Association's statement further shows:
"Most automobile companies are planning their schedules for the resumption of operations on a gradually increasing scale early in 1930. The
majority are not expecting to reach the peaks of 1929 activity in the coming
year. although one large company is reported to be preparing for a substantially larger output.
"The coming motor shows are expected to give an indication of the trend
Unfilled Orders.
of demand for next year. No dramatic changes in design and engineering
Reports from 498 softwood mills give unfilled orders of 914.034,000 feet
are known to be in the making, but some interesting developments are
on Jan.4 1930, or the equivalent of 20 days' production. This is based upon
indicated.
production of latest calendar year-300
-day year—and may be compared
"One factor on which the automobile industry is pinning its hope for 1930
with unfilled orders of 509 softwood mills on Dec. 28 1929, of 875,478,000
is a further growth in the number of 'two-car' families. The increasing
feet, the equivalent of 19 days' production.
efficiency and finer appearance of small low-priced cars is making their use
The 354 identical softwood mills report unfilled orders as 773,666,000
more common in well-to-do-families to supplement the larger cars."
feet, on Jan. 4 1930. as compared with 923.201.000 feet for the same week
However, the new high standards of the lower priced cars a year ago. Last week's production of 407 identical softwood mills was
are making it increasingly hard to sell high-grade used cars 168,325,000 feet, and a year ago it was 184,186,000 feet; shipments were
183,753.000 feet and 201.316,000
at a profit. It also reports announcements by the heads ofa respectively feet and 188,586,000 feet. In thefeet; and orders received
176,301,000
case of hardwoods, 192
number of leading automobile companies that they will keep identical mills reported production last week and a year ago 20,472,000
output closely in line with retail requirements. so as not to feet and 30,435,000 feet; shipments 22,056.000 feet and 32.127.00 feet;
force dealers to resort to the uneconomical sales methods and orders 23.189,000 feet and 32,196,000 feet.
largely prevailing in former years. The bank adds:
West Coast Movement.
"Recently there has been a recession in exports of automobiles compared
The West Coast Lumbermen's Association wired from Seattle that new
with preceding months. This recession in exports has resulted partly from business for the 212 mills reporting for the week ended Jan. 4
totaled 128.reduced sales abroad and partly from the growing tendency on the part of 930,000 feet. of which 51.539.000 feet was for domestic cargo
delivery,
American producers to acquire production facilities In foreign countries. and 21,830.000 feet export. New business by rail amounted
to 44,182,000
The first factor came about partly as a result of the high money rates in this feet. Shipments totaled 136,114.000 feet. of which 56.881,000 feet
moved
country, which caused a virtual drying up of loans to Europe,thus affecting coastwise and intercoastal and 28.453.000 feet export. Rail
shipments tothe purchasing power of foreign borrowers and buyers.
taied 39.401.000 feet and local deliveries 11,379,000 feet. Unshipped orders
"The building of plants abroad by American automobile manufacturers totaled 595,525.000 feet. of which domestic cargo orders totaled
282,571,000
may be expected to have some influence upon exports from this country. feet, foreign 149.418.000 feet and rail trade 163,536,000 feet.
Weekly
However, this may not be as great as expected by some, because of the fact capacity of these mills is 247,537.000 feet. For the 52 weeks
ended Dec.
that many of the foreign plants are merely assembling plants and the various 28, 137 identical mills reported orders .1% over production and
shipments
parts for cars in the main are shipped from the United States to these were I% below production. The same mills showed an increase
in invenassembling plants."
tories of 7.2% on Dec. 28, as compared with Jan. 1.
Southern Pine Reports.
Increase in Crude Rubber Exports from Malaya.
The Southern Pine Association
Total exports of crude rubber from Malaya during Decem- reporting, shipments were 4% reported from New Orleans that for 145 mills
below production, and orders 10% below
ber amounted to 48,513 tons, against 46,279 tons in Novem- production and 5% below shipments. New business taken during the week
ber and 66,763 tons exported in December 1928, according amounted to 52,101.000 feet (previous week 37,884,000 at 151 mills);
shipments 55.125,000 feet. (previous week
production
to cables received by the Rubber Exchange of New York 57.658,000 feet, (previous week 28.106,000). 31,200,000); andaverage proThe three-year
on Jan. 3. Shipments from Malaya to the United States duction of these 145 mills is 70,749,000 feet. Orders on band at the end of
during December were 32,559 tons, compared with 28,545 the week at 115 mills were 148,806,000 feet. The 136 identical mills reported a decrease in production of 12%,and in new business an increase of
tons in November and 48,538 tons in December a year ago. 4%,as compared with the same week a year ago.
The Western l'ine Manufacturers Association of Portland. Oregon,
Shipments to the United Kingdom totaled 7,927 tons in
reported
December, against 9,361 tons in November and 8,164 tons and new production from 71 mills as 17,431.000 feet, shipments 15,903.000
business 25,185,000 feet. Fifty-four identical mills reported a
in December 1928.
decrease in production of 7%, and in new business of 6%, in comparison
with the corresponding week of last year.
The California White and Sugar Pine Manufacturers Association, of
Consumption of Crude Rubber at Year's Lowest San Francisco, reported production. Jan. 1 to 4. Incl., from 13 mills as
Figure in December.
1,873,000 feet, shipments 3,727,000 and orders 4.307,000 feet. The same
Owing to the year-end shut down for inventory, con- number of mills reported a decrease In production of 70% and In orders of
30%, when compared with a year ago.
sumption of crude rubber by manufacturers fell to the
The Northern Pine Manufacturers Association, of Minneapolis, Minn.,
year's lowest figures during December. Members of the reported production from 9 mills as 1.430,000 feet, shipments 5,628,000
and new business 4,155,000. The same number of mills reported a decrease
Rubber Exchanke on Jan. 2 estimated consumption for the
in production of 59% and in new business of 24% in comparison with last
month at between
24,000 and 25,000 tons. This compares year.
The Northern Hemlock and Hardwood Manufacturers Association, of
with 27,659 tons consumed during November, and with
31,232 tons during December last year. Consumption for Oshkosh, Wls ,reported production from 24 mills as 3,386,000 feet. shipments 1,336,000 and orders 1,159,000. The same number of mills reported
the year 1929 is placed at a little over 470,000 tons, compared production and orders 18% less than that reported a year ago.
JAN. 11
1930.]
FINANCIAL CHRONICLE
203
The North Carolina Pine Association of Norfolk, Va., reported production from 114 mills as 10,229,000 feet, shipments 9,575,000 and new business 5,629.000. Forty-two identical mills reported a 3% decrease in production and a 19% decrease in new business, compared with last year.
The California Redwood Association, of San Francisco, reported production from 14 mills as 7.377,000 feet, shipments 4,866,000 and orders
3,856,000. The same number of mills reported a 38% increase in production, and a 38% decrease In orders, in comparison with the same period a
year ago.
Hardwood Reports.
The Hardwood Manufacturers Institute, of Memphis, Tenn., reported
198 mills as 16.588,000 feet, shipments 20,675,000 and
production from
new business 23,744,000. Reports from 168 identical mills showed production 41% less. and new business 23% less, than that reported last year.
The Northern Hemlock and Hardwood Manufacturers Association of
Oshkosh. Wis., reported production from 24 mills as 5,512,000 feet, shipments 3,138,000 and orders 2.158,000. The same number of mills reported
an increase of 7% in production, and a decrease of 56% in orders, when
compared with a year ago.
Automobile Price Changes Announced.
The Hudson Motor Car Co. is offering its new Hudson
eight-cylinder models at a lower average list than the
former six-cylinder line. The range on the new cars is
$1,050 to $1,650, showing reductions of $25 to $95 on
popular models, compared with prices of $1,095 to $1,500
on the former six. The new coach is $1,050; coupe, $1,100;
standard sedan, $1,150; brougham, $1,295; touring sedan,
$1,250; sun sedan,$1,335, and seven-passenger sedan,$1,650.
The new Essex models which have been increased in
size, show advances of $25 to $40 compared with former
models, and range from $735 to $995, compared with $695
to $895 on the 1929 line. Coupe is $735; four-passenger
coupe, $750; coach, $765; standard sedan, $825; touring
CURRENT RELATIONSHIP OF SHIPMENTS AND ORDERS TO PROsedan, $875; brougham, $895, and sun sedan, $995.
DUCTION FOR THE WEEK ENDED TAN. 4 1930.
The De Soto Straight Eight, an entirely new car, was
ProducShip- P. C.
P. C. shown this week for the first time at Grand Central Palace
Association.
lion
menu
of
Orders
of
M.Ft.
M.Ft. Prod. M.Ft. Prod. by the De Soto Motor Corp., as a companion car to the
De Soto Six, which established a record for first-year sales.
Southern Pine:
Week-145 mill reports
57,658
55,125 96
52,101 90
Factory list prices of the new straight eights are; Standard
West Coast Lumbermen's:
Week-212 mill reports
116,215
136,115 117
128,930 111
sedan, $995; business coupe, $965; roadster, $985; deluxe
Pine Manufacturers:
Western
Week-71 mill reports
17,431
15,903 91
coupe, $1,025; deluxe sedan, $1,065, and touring car,
25,185 144
California White and Sugar Pine:
$1,035. The present De Soto Six will be continued in the
Week-13 mill reports
1,873
3,727 199
4,307 230
Northern Pine Manufacturers:
line, and together with the straight eight will be offered
Week-9 mill reports
1,430
5,628 394
4,155 291
No.Hemlock&Hardwood (softwoods)
by De Soto dealers this year.
Week-24 mill reports
3,386
1,336 39
1,159 34
North Carolina Pine:
New Oakland V-type eight, introduced by the Oakland
Week-114 mill reports
10,229
9,575 94
5,269 55
Motor Car Co in seven models, is priced as follows: Roadster
California Redwood:
Week-14 mill reports
7,377
4,866 66
3,856 52
$1,025; coupe, $1,045; two-door sedan, 81,065; phaeton,
Softwood total:
$1,075; sport coupe, $1,115; four-door sedan, $1,145; custom
Week-602 mill reports
215,599
232.275 108
225,322 105
sedan, $1,195. Prices of new series Pontiac Big Six, preHardwood Manufacturers Inst.:
sented in seven models, are: Coupe, $745; roadster, $765;
Week-198 mill reports
16,588
20,675 125
23,744 143
Northern Hemlock and Hardwood:
phaeton, $765; two-door sedan, $775; four-door sedan, 8825;
Week-24 mill reports
5,512
3,138 57
2,158 39
custom sedan, $875. Price range of $745 to $875 for new
Hardwoods total:
Week-222 mill reports
22.100
23.813 lOR
25002 117
line compares with range of $745 to $895 on preceding
models.
The Graham-Paige Motor Corp. announces prices on the
West Coast Lumbermen's Association Weekly Report. following 1930 models of Graham cars:
According to the West Coast Lumbermen's Association,
On five-passenger four-door sedans the factory list price follows: Standreports from 224 mills show that for the week ended Dec. ard Six, $995; Special Six, $1,225; Standard Eight, $1,445; Special Eight.
Custom Eight,formerly Model 827. $2,025; Custom Eight, formerly
28 1929, orders and shipments exceed production by 12.40% $1,595;837, $2,455.
Model
and 23.03%, respectively. The Association's statement
Prices of the other models are as follows:
follows:
Standard Six Coupe, $965; coupe with rumble seat, $995: roadster, $995;
phaeton, $1,015; cabriolet, $1,065.
WEEKLY REPORT OF PRODUCTION. ORDERS, AND SHIPMENTS.
224 mills report for week ending Dec. 28 1929.
Special Six, two-door sedan, $1,125; coupe, $1,195; coupe with rumble
(All mills reporting production, orders and shipments.)
seat, $1,225; roadster, $1,125; phaeton, $1,245; cabriolet, $1,295
Production
85,579,393 feet (100%)
Standard Eight coupe with rumble seat, $1,445; Special Eight COUP.
Orders
96,189,203 feet (12.40% over production)
Shipments
105,285,523 feet (23.03% over production) with rumble seat, $1,595.
Custom Eight, 127-in, wheelbase, four-passenger coupe. $2.025; two
COMPARISON OF CURRENT AND PAST PRODUCTION AND WEEKLY
OPERATING CAPACITY (308 IDENTICAL MILLS).
Passenger coupe,$2.225;roadster,$2,225; cabriolet,$2,245; phaeton. $2,295.
(All mills reporting production for 1928 and 1929 to date.)
Custom Eight, 137-in, wheelbase, town sedan, $2,455; seven-passenger
Actual production week ended Dec.28 1929
96,551,023 feet sedan,
$2,525;limousine, $2,595: LeBaron limousine sedan,$2,540; LeBaron
Average weekly production, 52 weeks ended Dec. 28 1929
202,256,946 feet
Average weekly production during 1928
205.670,779 feet limousine, $2,800; LeBaron town car, $2,625.
212,574,720 feet
Average weekly production, last three years
The Durant Motor Corp. announces the following prices
298,551,834 feet
• Weekly operating capacity
* Weekly operating capacity Is based on average hourly production for the 12 on 1930 models:
last mouths preceding mill check and the normal number of operating hours per week.
4 Speed
3 Speed
617
-1929.
614
WEEKLY COMPARISON (IN FEET) FOR 224 IDENTICAL MILLS
Models.
Models.
(All mills whose reports of production, orders and shipments are complete for the
last four weeks.)
$788155
Business coupe
Dee. 21.
Dec. 14.
Week EndedDec. 28.
Dec. 7.
1. 95
3 25
9
0
Production (feet)
85,579,393 163,699,872 164,066,239 174.114,125 Standard coupe, rumble seat
1,065
845
Orders (feet)
96,189,203 154,825,100 158,526,901 131,043,612 Standard sedan
Rail
56,642,685
46,718,596
1,155
43,556,357
54,633,740 Deluxe coupe
945
Domestic cargo
88,535.785
70,432,511
35,097.935
37.033,865
1,195
975
Deluxe sedan
Export
20,111,676
28,463,677
25,597,541
10,384.177
1,155
945
Local
9,534,954
12,912,117
13,778,466 Sport roadster
7,150,734
1,185
Shipments (feet)
960
105,285.532 130,024,838 144,610,598 133,972,507 Sport phaeton
Rail
45,602,113
41,275,729
35,832,190
45,738,279
Domestic cargo
51,650,146
61,612,898
39,905,901
47,712,080
Chevrolet
Substantial price reductions on the new 1930
Export
23,237,625
28,809,854
22,396.707
26,743,682
Local
9,534,954
12,912,117
13,778,466 sixes were announced last week by W. S. Knudsen, President
7,150,734
Unfilled orders (feet)
606,611,063 622,003.003 600,290,931 592,408,858
Rail
160,124,896 154,458,730 143,057,131 137.739,438 and General Manager of the Chevrolet Motor Co. Mr.
Domestic cargo
287,877,124 293,224,285 278,311,260 275,367,485
Export
158,609.043 174,319,988 178,922,540 179,301,935 Knudsen stated:
Base price of $525, current in 1929, will be cut to $495 for the new 1930
112 IDENTICAL MILLS.
passenger and com(All mills whose reports of production, orders and shipments are complete for 1928 series with parallel reductions all along the line of
mercial cars.
and 1929 to date.)
Average 52
Average 52
The new low price on an immeasurably improved product was made
Weeks Ended
Week Ended
Weeks Ended
Possible because use of Chevrolet's record volume in 1929 when 1,350.000
Dec. 28 '29.
Dec 29 '28
Dec 28 '29
manufacture, plus savings effected
Production (feet)
108,524,403
49,211,848
113,614,962 cars were built. Economies of precision
costs
Orders (feet)
63,739,450
105,972,155
115,909,206 by quantity purchase of raw materials, made possible lower production
Shipments (feet)
107.182,351
58,119.151
115,124,541 which are now being passed on to the consuming public.
DOMESTIC CARGO DISTRIBUTION WEEK ENDED DEC.21 '29 (113 mills).
President of the Cadillac Motor Car
Orders on
Hand BeOrders
gin'g Week Received
Dec.21 '29.
Washington & Oregon
(95 Mills)Peet.
Feet.
California
72.555,107 21,596,497
Atlantic Coast
138,331,280 34,714,807
Miscellaneous
7,568.324
186,825
Cancellegions.
Shipmenu.
Unfilled
Orders
Week Ended
Dec.21 '29.
Feet.
Peet.
Peet.
811,771 14,541,782 78,778,051
567,662 25,835,771 146.642.654
None
1,448,994 6,305,855
Total Wash.& Oregon 218,434,711 56,497,829 1,379.433 41,826,547 231.726,560
Brit.Col.(18 Mills)
California
Atlantic Coast
MLscellaneous
2,217,940
125,000
21,047,295 6.045.767
6,330,000
None
61,000
556,000 1,725,940
16,000 2,975,617 24,101,445
None
665.000 5,665,000
Total Brit. Columbia_ 29,595.235 6,170,767
77,000 4,196.617 31,492,385
Total domestic cargo_ 248.029.946 62.668.596 1.456.433 46.023.164 285 21804.5
Lawrence P. Fisher,
Co. has announced prices on the new Cadillac V 16, f.o.b.
Detroit as follows: Roadster, $5,350; convertible coupe,
$5,900; five passenger club sedan, $5,950; seven-passenger
imperial, $6,525; all-weather imperial phaeton, $6,650, and
town brougham, $9,500. There are 50 models and body
types in the new 16-cylinder line with Fleetwood custom
coachwork and priced within the foregoing range.
The Pierce-Arrow Motor Car Co. entered 1930 with a
brilliant array of straight eights, introducing cars of new
dimensions and a notable group of mechanical developments,
including a more powerful engine and a silent gear-shift. A
new and slightly smaller model of somewhat lower price
($2,595 at Buffalo), will serve to extend the Pierce-Arrow line
so that it covers all price brackets of the fine-car field. Aside
from special custom body models, the product will be built in
18 body styles and in four lengths of wheelbase. Five models
-an ultra-smart town car, a seven-passenger enclosed drive
limousine, an unusually commodious seven passenger sedan,
a convertible coupe, and a big seven-passenger touring car
comprises Group A, with prices at the factory ranging from
$3,975 to $6,250. In Group B, powered by a 125 h.p.
engine, are offered a five-passenger sedan, a club sedan, a
chauffeur-driven Club Berline, a five-passenger Victoria
coupe, a seven-passenger sedan, and a seven-passenger enclosed drive limousine, all mounted on a 139-inch wheelbase
chassis. On a 134
-inch chassis are offered a roadster, a
smart four-passenger phaeton with tonneau cowl and windshield, a four-passenger touring car and a convertible coupe.
Prices range from $2,975 to $3,675 at the factory. In Group
C, whose wheelbase is 132 inches, Pierce-Arrow has created a
five-passenger sedan. Companion cars of this group are a
five-passenger club brougham and a two-passenger coupe
with rumble seat. The engine has 115 h.p. Prices at the
factory range from $2,595 to $2,750.
The new line of Dodge Brothers six-cylinder cars are
priced at $835 for the business coupe,$855 for the coupe with
rumble seat, 65 for sedan, $875 for the phaeton and $935
for the convertible coupe. Prices of the new eight-cylinder
models range from $1,095 for the roadster to $1,195 for the
convertible coupe with rumble seat.
Raw Silk Imports in 1929 Totaled 661,611 Bales, An
Increase of 95,233 Bales as Compared With 1928
Inventories Reach New High Figure.
According to the Silk Association of America, Inc., imports of raw silk in the year ended Dec. 31 1929, amounted
to 661,611 bales as against 566,378 bales in the previous year,
an increase of 95,233 bales. Imports during the month of
Dec. 1929 were 58,479 bales, as compared with 62,885 bales
in the preceding month and 44,128 bales in Dec. 1928. Approximate deliveries to American mills in the year 1929
exceeded the total for the preceding year of 571,010 bales
by 48,737 bales. Approximate deliveries amounted in
December last to 44,159 bales as against 45,026 bales in
the corresponding month in 1928 and 50,562 bales in November 1929. Stocks of raw silk at Jan. 1 1930 amounted to
90,772 bales, a new high record, and compares with 76,452
bales at Dec. 1 1929, and 48,908 bales at Jan. 1 1929. The
Association's statement shows:
RAW SILK IN STORAGE JAN. 1 1930.
(As reported by the principal warehouses in New York City and Hoboken.)
Total.
European. Japan. All Other.
Figures in Bales-18,919
56.043
1,490
76,452
Stocks Dec. 1 1929
9,218
1,348
47,913
58,479
month of December 1929x
Imports
Total amount avail. during December 2,833
1,728
Stocks Jan. 1 1930 a
Approximate deliveries to American
mills during December y
1,110
103.956
65,271
28,137
23,773
134,931
90,772
38,885
4,364
44,159
SUMMARY.
Imports During the Month.x
Storage at End of Month.x
1929.
January
February
March
April
May
June
July
August
September
October
November
December
Total
Average monthly_ _
1928.
1927.
1929.
1928.
1927.
58,384
43.278
48,103
47,782
49,894
54,031
46,795
65,518
59,970
66,514
62,885
58,479
46,408
44,828
50,520
36,535
52,972
45,090
38,870
62,930
47,288
48,857
48,134
44,128
48,456
33,991
38,600
46,488
49,264
42,809
47,856
59,819
52,475
51.207
36.650
44,828
49,943
46,993
45,218
39,125
39,898
47.425
42.598
48,408
55.104
64.129
76,452
90,772
47,528
41,677
40,186
35.483
42,088
41.127
38,866
50,975
50,484
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
661,811
55,134
566,378
47,198
552,441
46,037
53.839
44.707
46,768
Approximate Deliveries
to American Mi113.Y
Approximate Amount in Transit
Between Japan and New York
End of Month.
1929.
January
February
March
April
May
June
July
August
September
October
November
December
[Vol,. 130.
FINANCIAL CHRONICLE
204
1928.
1927.
1929.
1928.
1027.
57,349
46.228
49,878
53,855
49,121
46,504
51,624
59,704
53,274
57,489
50.582
44.159
52,420
50,679
52.011
41,258
48,367
46.051
40,931
50,821
47,797
49.940
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
30,000
29,000
30,700
28,000
21,200
34.100
41,600
39,000
49,000
41,000
38,000
25,000
23,500
19,200
28,500
24,000
17,600
32,300
27,500
25,600
31,200
22,800
42,500
17.700
19,000
21,700
25.000
22,900
26,800
29,000
28,400
21.500
18,500
26,900
33,500
Total
619,747 571,010 551,379
24.225
Average monthly ._ 51,646
28,642
34,383
47,584
45.948
x Imports at New York during current month and at Pact ic ports previous to
the time allowed In transit across the Continent (covered by Manifests 305 to 334,
inclusive). y Includes re-exports. z Includes 1,104 bales held at railroad terminals
at end of month. Stocks in warehouses include National Raw Silk Exchange
certified stocks, 3,890 bales.
Production, Sales and Shipment of Cotton Cloth in
December.
Statistical reports of production, sales and shipments
of standard cotton cloths during the month of December,
1929, were made public Jan. 9 by the Association of Cotton
Textile Merchante of New York. The figures cover a period
of four weeks, says the Association, which adds:
Production during the four weeks of December amounted to 243,735,000
yards, or at the rate of 60,934,000 yards per week.
Sales during December were 302,934,000 yards, or 124.3% of production.
Shipments during the month were 214,148,000 yards, equivalent to 87.9%
of production.
Stocks on hand at the end of the month amounted to 461,013,000 yards.
representing an increase of6.9% during the month.
Unfilled orders on Dec. 31 were 431,018,000 yards, representing an increase of 25.9% during the month.
These statistics on the manufacture and sale of standard cotton cloths
are compiled from data supplied by 23 groups of manufacturers and selling
agents reporting through the Association of Cotton Textile Merchants of
New York and the Cotton-Textile Institute, Inc. The groups cover upwards of 300 classifications or constructions of standard cotton cloths and
represent a large park of the production of these fabrics in the United States.
Production Statistics, December 1929.
The following statistics cover upwards of 300 classifications or construe-,
tions o standard cotton cloths, and represent a very large part of the total
production of these fabrics in the Muted States. This report represents
all of the yardage reported to our Association and the Cotton-Textile Insti,,m,e, Inc. It is a consolidation of the same 23 groups covered by our
reports since October 1927. The figures for the month of December cover
a period of four weeks:
December, 1929
(4 Weeks)
Production was
243,735,000 yds.
Sales were
302.934,000 yds.
Ratio of sales to production
124.3%
Shipments were
214,148,000 yds.
Ratio of shipments to production
%
.
87.9°7
431,426,000 Yds.
Stocks on hand Dec. 1 were
461,013.000 yds.
Stocks on hand Dec. 31 were
Change in stocks
Increase 6.9%
342.232,000 yds.
Unfilled orders Dec. 1 were
Unfilled orders Dec. 31 were
431,018,000 yds.
Increase 25.9%
Change in unfilled orders
Report of Finishers of Cotton Fabrics for November
Revised Figures for October.
Along with the November statistics, by Federal Reserve
Districts, on production and shipments of finished cotton
goods, collected and compiled monthly by the National
Association of Finishers of Cotton Fabrics, and furnished
to the Federal Reserve Board, the Association makes public
a revised report for October. Both the November and
revised figures for October were made available Dec. 31.
The November figures, furnished by 25 (out of 52) members
of the national association, are shown in the following
table:
Federal Reserve District.
Total.*
White
Goods.
Dyed
Goods.
Printed
Goods.
Total finished yards billed during mo.:
36.467,146 10,391.477 11,581.358 9,480,231
No. 1-Boston
10,835,509 3,313,809
687,588 2,447,865
No. 2
-New York
10,098,752 5,033,847 4,184,905
No. 3
-Philadelphia
5,270,909 4,411,205
859,704
No. 5
-Richmond
2,324,296 2,324,296
No.8
-St. Louis
64,796,612 26,374,634
Total
Total gray yardage of finishing orders
received:
32,006,336 11,513,938
No. 1-Boston
11,831,334 5,165,624
No. 2
-New York
8,399,114 5,063,892
No. 3
-Philadelphia
5,405,372 4,365,022
No. 5
-Richmond
1,403,707 1,040,350
No. 8
-St. Louts
17,293,535 11,928.096
11,894,222 8,598,176
3,402,886
441,348
3,335,222
1,040,350
59,045.863 27,512,183 19,672,680 9,039,524
Total
Number of cases finished goods shipped
to customers:
21,385
4,585
No. 1-Boston
3,570
2,665
7,037
No. 2
2,486
-New York
622
5,533
No. 3
3,862
-Philadelphia
1,671
3,310
No. 5
494
-Richmond
1,845
No. 8
-St. Louis
1,845
Total
Number of cases finished goods held in
storage at end of month:
No. 1-Boston
No. 2
-New York
No, 3
-Philadelphia
No. 5
-Richmond
No. 8
-St. Louis
39.110
13,272
5,863
2,665
19,366
7,966
7,670
2,857
775
4,269
3,157
820
3,091
852
291
3.149
Total
Total average percentage Of capacity
operated:
No. 1-Boston
No. 2
-New York
No. 3
-Philadelphia
No. 5
-Richmond
No. 8-81t. Louis
37.634
9,021
4,234
3,149
Average (five districts)
total average work ahead at end of
month expressed in days:
No. 1-Boston
No. 2
-New York
No. 3
-Philadelphia
No. 5
-Richmond
No. 8
-St. Louis
775
54
55
53
52
00
x51
x48
x53
x52
190
74
75
55
x52
75
4.2
3.0
2.8
3.8
9.6
12.6
x2.0
x2.8
x3.8
x9.6
10.8
0.5
Average (five districts)
3.9
x2.8
10.3
*Includes in certain instances figures for plants reporting totals only.
x Figures for white goods and dyed goods combined.
The revised October figures for 25 (out of 52) members of
the national association, comparable with the figures for
November 1929, are shown in the following table:
JAN. 11 1930.1
FINANCIAL CHRONICLE
Federal Reserve DIstrici.
Total.*
While
Goods.
Dyed
Goods.
Printed
Goods.
Total finished yards billed during
month:
No. 1-Boston
44,180,330 12,544,744 14,658,267 11,465,557
-New York
No. 2
T13,180.520 5,544.753 1,134.704 2,838.413
-Philadelphia
No. 3
11,283,526 7,627,785 3,655.741
No.5 -Richmond
7,314.488 5,615,276 1.699,212
-St. Louis
No.8
2,362,298 2.362,298
205
"OPEN CONTRACTS"IN FUTURES ON THE CHICAGO BOARD OF TRADE
FOR DECEMBER 1929.
( Short"side of contracts only,there being an equal amount open on the "long" aide.)
December 1929.
Wheat,
Corn.
Oats.
Rye.
Total.
1 Sunday
2
183,241,000 34.562,000 42,058,000 23,272,000 283.133.000
3
182,731,000 35,029,000 42,341,000 23.094,000 283,195,000
4
183,532,000 35,503,000 *42,517,000 23,117,000 284,669,000
Total
5
184,633.000 35,406,000 42,106,000 22.985,000 285,130.000
778,321.162 33,694,856 21,147,924 14,303,970
Total grey yardage of finishing
6
185,503,000 34,946.000 41,325,000 22,898.000 284,672.000
7
orders received:
185,524,000 34,973,000 41,252,000 22,849,000 284.598.000
No. 1-Boston
8 Sunday
41,768,751 14,192,386 16,989,726 10.586,639
No. 2
-New York
9
188,052,000 .356.75,000 41,396,000 23,582,000 288,705.000
712,331,660 75,863,146 r2,878,138
r913,150
10
No. 3
-Philadelphia
189,228.000 35.290.000 41,589,000 23,355,000 .289.462,000
12,218,833 7,100,275 5,118,558
11
No.5
189.190,000 34,864,000 41,493,000 23,415.000 288,962,000
-Richmond
5.643,040 4,497.373 1,145,667
12
No. 8
-St. Louis
188,060,000 35,387,000 40,912,000 .23.724,000 288,083,000
3.250,443 3.250,443
13
187,665,000 34,760,000 40,795,000 23,575,000 286,795,000
Total
188,453,000 33,995,000 40.817,000 23,315.000 286,580,000
775,212,727 734,903,623 r26,132,089 r11,499,789 14
Number of cases finished goods
15 Sunday
shipped to customers:
16
*189,627,000 34,802,000 40,627,000 23,158,000 286,214,000
No. 1-Boston
188,240,000 35,155.000 40,095,000 23,071,000 286,561,000
24,819
3,741 17
5,695
4,193
No. 2
-New York
18
188,330,000 35,325,000 40,211,000 22,961.000 286.827.000
2,791
77.770
979
No. 3
-Philadelphia
19
188.485,000 35,326,000 40,164,000 22,893,000 286,868,000
6,751
4,750
2,001
No.5
20
-Richmond
187,312,000 34,877.000 40,261,000 22,611,000 285,061.000
3,618
535
No.8- St. Louis
21
184,597,000 34.687,000 40,053,000 22,274,000 281,611,000
1,959
1,959
22 Sunday
Total
183,987,000 34,063,000 40,257,000 21,873,000 280.180,000
3,741 23
r44,917
7,173
15,730
Number of cases finished goods
24
x180,854,000 33.889,000 40,207,000 21,518,000 276,468,000
held in storage at end of mo.:
25 Holiday
No. 1-Boston
184,072,000 33.106,000 39,783,000 21.322,000 278.283,000
4.184
17,894
3.058 26
2.973
No. 2
27
-New York
183,524.000 32,494,000 40,017,000 21,040,000 277,075,000
77,364
2,781
1,094
No. 3
28
18.5,081,000 32,145.000 39,931,000 20,838.000 277.995,000
-Philadelphia
856
278
7,563
No.5
29 Sunday
-Richmond
2,824
30
No.8
-St. Louis
184,868,000 30,620,000 39,443,000 17,580,000 272,509.000
820
820
31
184,194,000 x30,189,000 x39,392,000 x17,123,000 z270.898.000
Total
8,641
3,058
4,345
736,455
Total average percentage of
December 1929_. 185,959,000 34,283,000 40,762,000 22,298,000 283,302,000
December 1928_ 128,515,000 78.736.000 28,548,000 10,366,000 246,165.000
capacity operated:
No. 1-Boston
November 1929
202,549,000 35,650,000 44,710,000 24,615,000 307,524.000
82
66
x63
No. 2
-New York
October 1929
238.356,000 42,787,000 47,666.000 19.395.000 348.204,000
60
97
x47
No. 3
-Philadelphia
September 1929_ 227,863,000 46,419,000 47,772,000 15,000,000 337.054.000
65
x65
No.5
August 1929
-Richmond
218,044.000 46,998,000 42,208,000 12,377,000 319,627.000
58
x58
July 1929
No.8
-St. Louts
172.889,000 48,567,000 23,220,000 7,975,000 252.651,000
131
x131
June 1929
129,161,000 51,210,000 15,376,000 9,334.000 205,081,000
May 1929
Average(5 districts)
128,261,000 .54,897,000 19,095,000 8,806,000 210,949.000
65
x62
87
Total average work ahead at end
April 1929
146,314.000 68.315,0)(1 25,671,000 8,971,000 249,271,000
of month expressed in days:
March 1929
144,719,000 78.3421•X 27,320,000 8,510,
000 259,091,000
No. 1-Boston
February 1929._ 127,350,000 79,574(Pt 26,288,000 9,343.000 242.555,000
12.0
4.6
x2.7
No. 2
-New York
January 1929
118,503,000 68,481.40- 25.896,000 8.703 PT) 221,643,000
r2.3
rx1.6
r3.6
No. 3
-Philadelphia
2.6
x2.6
* High. x Low.
No.5
-Richmond
x3.3
3.3
No.8
-St. Louis
x12.9
12.9
Wheat Prices not Unduly Depressed after Harvest
According to Food Research Institute of Stanford
University.
With regard to an investigation made by it the Food ReTransactions in Grain Futures During December on search Institute of Stanford University
says:
Chicago Board of Trade and Other Markets.
The statement is frequently made that wheat prices are usually depressed
Revised figures showing the volume of trading in grain much more than they should be in the period of heavy farm marketing Just
futures on the Board of Trade of the City of Chicago, by after harvest. This view is widely accepted, and has given rise to agricultural discontent,
to criticism of wheat dealers and of the entire wheat
days, during the month of December, together with monthly marketing systemand to much of the expectation of substantial gains from
and
totals for all "contracts markets," as reported by the Grain largo-scale co-operative marketing,or from governmental price stabilization.
A recent investigation by the Food Research Institute of Stanford UniFutures Administration of the United States Department of
versity, California, suggests that this view I. quite unfounded. During the
Agriculture, were made public Dec.7 by the Grain Exchange 15 pre-war and 7 post-war years covered by the investigation, the postSupervisor at Chicago. For the month of December 1929 harvest depression of wheat prices in the United States was insufficient to
to cover the storage costs of many,if not
Yield gains from
the total transactions at all markets reached 1,924,079,000 of most dealers.storage adequatelower costs of storage than most dealers.
Farmers, with
bushels, compared with 1,012,457,000 bushels in the same could have profited by holding wheat for sale in the spring months only by a
month in 1928. On the Chicago Board of Trade the trans- wise selection of the years in which to hold. If it be admitted that much
wheat must sometimes be stored by dealers in terminal markets and that
actions in December 1929 amounted to 1,651,884,000 bushels they should not be called upon to store the wheat at a loss, the post-harvest
against 860,524,000 bushels in December 1928. Below we depression during those years cannot be regarded as excessive.
The post-harvest depression of wheat prices, commonly viewed as unigive the details for December, the figures representing sales
form from year to year, is in fact highly variable and is restricted to cash
only, there being an equal volume of purchases:
prices. There is no real evidence of a tendency to post-harvest depression
Average(5 districts)
3.0
2.8
•Includes in certain instances figures for plants reporting totals only.
x Figures for white goods and dyed goods combined. r Revised.
711.6
VOLUME OF TRADING.
Expressed In Thousands of Bushels. i.e. (000) Omitted.
December 1929,
1 Sunday
2
3
4
5
6
7
8 Sunday
so
31
Corn.
Oats.
Rye. Barley. Flax.
Total.
70,063 10,999 4,327 1.626
'85,198 12,852 4,968 1,545
69.868 9,874 3,040 2.296
63,218 7,377 2,328 1,454
67,228 8,686 3.872 2.137
54,413 6,058 1,411 1.787
9
10
11
12
13
14
15 Sunday
16
17
18
19
20
21
22 Sunday
23
24
25 Holiday
26
27
28
29 Sunday
Wheat.
-----87.015
--------104,563
--------84,878
--------74,377
--------81,903
--------63,667
74,805
57.915
72,783
63,665
45,503
57,843
2,119
2,690
3,587
3,958
2,230
2,560
2.856
1,895
1,803
2,102
1,140
1,546
--------87,431
--__
70,327
--------87,534
--------78,394
--------54,570
--------69,901
56,803
44.867
33,181
46,909
70,689
55,911
6,783
5.358
3,964
5,343
8,888
7,172
2,358
1,865
1,459
1,649
2,491
1,920
1,483
1.927
619
627
1,800
1,126
--------67,427
--------54,017
--------39,223
--------54,528
--------83,885
--------66,129
38,416
54,930
I
..
7,651
7.827
9.361
8,669
5,697
7.952
4,882 1,932 1,628
5,342 1,690
912
--------46,858
--------82,874
41,244
33,802
38,598
4,161 1,308
462
4.307
754
707
5,752 2,043 1,383
--------47,175
--------39,570
--------47,770
42,247
36,079
7,333 1,537 1,419
6,203 1,340 1.721
--------62,536
--------45,343
Chicago Board of Trade 1.375,978 178,469 59,436 38,001 --------1,651,884
Chicago Open Board
39,142 5,259
-- -- -44,631
Minneapolis C. of C
94,622
2305,047 2.821 1898 1,045 107,433
Kansas City Bd.of Trade_
70,654 13,316 ----------------83,970
_
Duluth Board of Trade __ _
20,349
__ ,050
44
820
25,263
St. Louis Meich. Exch.__
1,963
256 ----------------2,219
Milwaukee C. of C
3,435 2,107
702
148 --------0,392
Seattle Grain Exchange- 1.060
Portland Grain Exch
1,127
1,127
Los Angeles Grain Exch.
San Francisco C.of C__
100
Total all markets Dec.'29 1,608,330 199,407 65,415 45.020 4.042 1.865 1.924,079
Total all markets Dec.'28 517,037 419,909 43,199 26,541 2,881 2,890 1,012,457
Total Chic. Board Dec.'28 417.146 384,587 37,592 21.199
100
100 880.524
•High.
of prices of Chicago wheat futures. The tendency to post-harvest depression of cash prices is a tendency to depression of cash prices relative to prices
of futures. This tendency varies widely from year to year, depending
largely on the stocks of wheat remaining from the previous year and on the
size of the current crop. In some years cash prices during the immediate
Post
-harvest period are slightly elevated, relative to prices of futures. In
other years the depression is double the average.
The publication referred to above is "The Post-Harvest
Depression of Wheat Prices," published as No. 1, Vol. VI,
of Wheat Studies of the Food Research Institute, Stanford
University, California, November 1929.
Tobacco Retailers Ask Law Fixing Prices-Also Want
Licensed Clerk in Every Shop as Part of Plan to
Stop Price-Cutting.
According to the New York "Times" of Jan. 8, proposals
intended to provide remedies for certain evils in the retail
tobacco industry, so far as the small dealer is concerned, and
to combat the menace to him of the large chain store merchants, who have been waging a cigarette price war, were
outlined on Jan. 7 before the Independent Retail Tobacconists' Association at the Hotel Pennsylvania by Benjamin
Gorlitzer, President. The paper from which we quote contained the following additional information:
The first remedy suggested would be an amendment of the Federal law.
under which various brands of cigars are now classified only broadly, to
group all manufactured tobacco products according to a strict price scale
at which they should be sold. This would standardize the industry, according to Mr. Gorlitzer, and prevent cut-rate selling.
The second remedy would be to require every retail merchant of tobaccos
to employ as a clerk in each of his shops at least one man licensed by a
commission to be formed by the retailers after passing an examination
as to the quality of tobacco products. This, it was urged, would compel
every shop to pay the salary of an experienced employee, which, it was
alleged, many of the chain organizations are not doing now.
It was also proposed that some plan be devised whereby the minority
stockholders in chain tobacco stores or tobacco manufacturing concerns
206
FINANCIAL CHRONICLE
might sue their corporations when the latter are not paying dividends as a
result of selling at non-profitmaking prices. This plan, it was suggested,
would directly affect the large merchants who operate on a scant margin
basis.
In framing the proposals Mr. Gorlitzer was assisted by Joseph H. San
and Joseph Schottland, legal counsel. It was said that immediate steps
would be taken in an effort to obtain legislative action on the suggestions.
Annual Election of New York Coffee & Sugar Exchange,
Inc. to be Held on Jan. 16.
The nomination of Benjamin B. Peabody to succeed Frank
C. Lowry as President of the New York Coffee & Sugar
Exchange was announced on Jan. 6, when the nominations
for officers and vacancies on the Board of Managers were
posted. Mr. Peabody, who has been a member of the Exchange since 1912, served as Vice-President for two years
and is a member of the firm of T. Barbour Brown & Co.
H. H. Pike, Jr. of H. H.Pike & Son, was named for VicePresident to succeed Mr. Peabody, and C. H. Middendorf
was re-nominated for Treasurer.
Those named for the Board of Managers for two-year
terms were: E. L. Lueder, re-nominated; Jerome Lewine,
William H. English, Jr., Thomas B. Smith, David E.
Fromm and Harold L. Bache. Frank C. Russell, Secretary
of the Exchange, was renominated as a member of the
board for a one-year term. Designations for the nominating committee were: Carl H. Stoffregen, Richard T.
Harriss, Louis Seitz, George R. Siedenburg and Frank G.
Henderson.
The annual election will take place on Jan. 16.
Petroleum and Its Products-Kettleman Hills Shutdown Endangered-Deeper Proration Cut May Be
Required in Oklahoma City Pool-Believe Crude
Production in Texas Will Climb Despite Proration Extension.
Property owners threaten the Kettleman Hills shut-down
through their unwillingness to forfeit profits from their
land, it is indicated in late reports from that flush field. The
property owners and operators of the Petroleum Securities
Felix 1 have frustrated proration plans as far as this well
Is concerned, and it is to be completed. E. D. Reiter,
Chairman of the Kettleman Hills conservation committee,
reported the failure of his committee to win the Felix group
over to a co-operative basis.
In the umpire's report for Santa Fe Springs, covering the
period from Jan. 1 to 15, it is announced that as new wells
have been completed there it became evident that the operators with small properties or minor production who were
not completing wells were placed at a disadvantage. Their
production under strict application of the curtailment
figures is threatened, with a reduction that amounts to a
point of inequity in some cases.
Operators in the Oklahoma City pool have found it necessary to revise their proration percentage for January, making
the cut in production approximately 50%, instead of the
40% originally planned. This is because the performance
of the big wells has made it practically impossible, under
the system of alternately opening and shutting in half of the
wells at a time, to hold to the level of 84,000 barrels daily
as fixed by the Corporation Commission in its order prorating the flush and semi-flush fields throughout Oklahoma.
As a matter of fact the actual production in the Oklahoma
City Pool averaged around 100,000 barrels during the first
few days of 1930. In order to agreeably effect the added
10% reduction the operators have decided to adopt a straight
five-day on and five-day off program. This method will
eliminate five days of overlap, when both groups would
have been in production at the same time, as provided for
in the original plan.
The southwestern section of the industry is becoming
worried over the situation in Texas, where crude oil production is mounting steadily despite prorating. New wells
are coming in at a fast rate, offsetting whatever benefits
are accruing through curtailment on older fields.
Crude prices have held unchanged throughout the past
week.
Prices of Typical Crudes per Barrel at Wells.
(All gravities where A. P. L degrees are not shown.)
Bradford. Pa
$3.05 Smackover, Ark., 24 and over
Corning. Ohio
1.75 Smackover, Ark., below 24
Cabell, W.Va
1.36 Eldorado, Ark., 34
Illinois
1.45 Urania, La
Western Kentucky
1.53 Salt Creek, Wyo., 37
MIdcontInent, Okla., 37
1.23 Sunburst, Mont
Corsicana, Texas, heavy
.80 Artesia. N. M
Hutchinson, Texas. 35
.87 Santa Fe Springs, Calif., 33
Luling, Texas
1.00 Midway-Sunset, Calif., 22
Spindietop, Texas, grade A
1.20 Huntington. Calif.. 28
Spindletop, Texas. below 26
1.05 Ventura. Calif., 30
.86 Petrol's. Canada
Winkler. Texas
2.90
.75
1.14
.90
1.23
1435
1.08
1.20
.80
1.09
1.18
1.90
[VOL. 130.
-INSTITUTE DIRECTORS ADOPT PRICE
REFINED PRODUCTS
POSTING RESOLUTION-U. S. TO INVESTIGATE GASOLINE
-COMPETITIVE COMPRICE-FIXING ON PACIFIC COAST
PANIES FOLLOW LEAD OF STANDARD OF NEW JERSEY IN
-BUYING SLACK.
READJUSTING GASOLINE PRICES
Directors of the American Petroleum Institute, meeting
here Thursday, Jan. 9, approved a uniform plan for organization of three divisions within the institute and adopted
a resolution authorizing, under specified competitive conditions the suspension of requirements for posting prices of
commercial accounts at gasoline stations in certain States.
The uniform plan sets up rules for organization and direction of separate divisions of production, refining and marketing. General committees for each division will formulate
supplemental rules and a standing committee is to correlate
them.
The price posting resolution provides that the local State
code committees, with approval of the national committee
on interpretation of the code, be authorized to approve the
meeting of competition and suspension of requirements for
posting commercial account prices in States, or areas thereof,
where the definition of commercial accounts in rule 21 of
the national code of practices for marketing refined petroleum
products, is not now being observed. The resolution emphasized, however, that no change now be made in the
code definition of, or provisions for, commercial accounts,
as to do so would be to give national application to an effort
to meet local conditions.
The United States Department of Justice will start its
investigation of alleged price-fixing of wholesale and retail
gasoline on the Pacific Coast on Monday, Jan. 13. This
investigation is predicated upon the theory that big companies are using the marketing code of ethics as a pretext
for controlling the smaller refiners. Monday the Federal
Grand Jury in San Francisco is to hear the charges against
33 major petroleum companies operating in the West, who
are charged with violating the Clayton anti-trust statute
by price-fixing agreements.
H. R. Kingsbury, President of the Standard Oil Co. of
California, takes the stand that the investigation, which
he believes is pointed at the marketing code, will tend to
hamper efforts of the industry to curb over-production of
crude oil. Mr. Kingsbury, speaking in behalf of his company, which is included in these against whom the charges
have been brought, in his official statement, said in part:
"The situation presents the disconcerting aspect of one department of the
Government challenging the legality of an action taken at the request of
another department. It appears that the investigation will relate to the
adoption of a code of marketing ethics by the oil industry.
"The National code of marketing ethics was framed after two years of
public effort on the part of the American petroleum industry for the purpose
of securing uniformly fair practises in the oil industry and to promote the
principles of conservation Ins business in which the Federal Administration
has shown so much interest. The proposed code was submitted by the
American Petroleum Institute to the Federal Trade Commission and
brought to the attention of the Department of Justice later.
"The Federal Trade Commission approved the code after it had made
certain amendments thereto and the code was then signed by oil companies
throughout the United States at the request of the Federal Trade Commission. It is surprising that the legality of the code should now be subjected to investigation and attack by the Department of Justice."
Meanwhile, there has been a slight let-up in buying activity in the Eastern markets during the past week. Few
gasoline contracts are being placed, the trade hesitating after
the action of the Standard of New Jersey in readjusting
their basis prices so that buyers nearest the refineries benefit
through the elimination of freight charges for gasoline delivered to other localities, the charges for which were formerly
pro-rated on a statewide basis. Other companies have fallen
in line with the new policy, and the prices established
through the inauguration of this system will be met.
Domestic heating oils are holding fairly steady, with consumption meeting expectations, but not exceeding them by
any means. The alternate spells of warm weather which
have been noted in the Eastern territory throughout the
Winter has not served to benefit distributors. Marine
fuel oils are in slightly better demand, with the price holding
at $1.05 for Grade C bunker oil at refineries, and $2 for
Diesel, same basis.
Kerosene demand is fair, with 41-43 water white holding
at 73 cents a gallon, tank car basis, at refineries.
%
Gasoline, U. S. Motor, Tankcar Lots, F.O.B. Refinery.
8.0634 North Louisiana- __$ 07%
NY(Bayo'ne)5.0812888.0884 Arkansas
08$4
.0834 North Texas
West Texas
.08 N California
•07
Chicago
.0934 Los Angeles, export. .0734 Oklahoma
.0934
New Orleans
.0734 Gulf Coast. export... .0834 Pennsylvania
Gasoline, Service Station, Tax Included,
$.18 Minneapolis
5 182
New York
3.18 Cincinnati
195
18 New Orleans
.21 Denver
Atlanta
21
.188 Philadelphia
.22 Detroit
Baltimore
215
18 San Francisco
Boston
.20 Houston
205
24 Spokane
Buffalo
15 Jacksonville
.18
179 St. Louis
.15 Kansas City
Chicago
JAN. 11 1930.]
FINANCIAL CHRONICLE
Kerosene, 41-43 Water White, Tankcar Lots, F.O.B. Refinery.
11.07M
NY(Bayonne)5.07)(05.08(Chicago
5.055 New Orleans
.055 Los Angeles. export .0534!Tulsa
.0654
North Texas
Fuel 011, 13-22 Degree, F.O.B. Refinery or Terminal.
5.75
New York(Bayonne)_$1.051Loe Angeles
5.85 Gulf Coast
2.00 New Orleans
Diesel
.951Chicago
.55
Gas Oil, 32-36 Degree, F.O.B. Refinery or Terminal.
ewTork(Bayonne)$.053‘!Chicago
8(3
8.03(Tulsa
Petroleum Institute Directors Adopt Price Posting
Resolution.
Directors of the American Petroleum Institute, meeting
in New York on Jan. 9, approved a uniform plan for organization of three divisions within the institute and adopted a
resolution authorizing under specified competitive conditions
the suspension of requirements for posting prices of commercial accounts at gasoline stations in certain states. The
foregoing is from the New York "Journal of Commerce,"
which added:
207
-Week Ended
-Week EndedJan. 4. Dec. 28.
OklahomaJan. 4. Dec. 28. Southwest Texas9 000 9,100
21,300 21,250 Laredo District
Allen Dome
10,600 10,700
Luling
3,450
Asher
28,250 28.850
22,200 23,300 Salt Flat
Bowlegs
North Louisiana18,050 18,650
Bristow-Slick
Burbank
4,650 4,650
17,500 17,200 Haynesztlle
5.200 5.200
7,800 9.850 Urania
Carr City
Cromwell
Arkansas7,650 7,700
5,150 5,550
31,250 30,650 Champagnolle
Earlsboro
5.650 5.700
East Seminole
3,800 4,500 Smackover (light)
Little River
42,050 41,700
39,450 38,550 Smackover (heavy)
13.900 16,250 Coastal Texas
Logan County
14,400 16.900
Maud
7,900 8,200 Barbers H111
9,850 10.100
14,400 15,150 Hull
Mission
11,750 11.800
99,300 79,050 Pierce Junction
Oklahoma city
Sasakwa
8,600 8,900
11,100 10,550 Raccoon Bend
St. Louis
18,400 18,100
47,650 49,950 Spindietop
11,900 12,300
7,850 8,050 Sugarland
%aright
22,400 24,600 West Columbia
Seminole
6,200 6,200
8,750 8,850
Tonkawa
Coastal Louisiana
Kansas1,900 2.000
24,150 23,800 East Hackberry
Sedgwick County
1,650 1.750
Old HackberrY
Panhandle Tama
Carson County
3,500 3,050
9,400 9,200 Sulphur Dome
Gray County
4,200 4,300
64,200 65,800 Vinton
Wyoming
Hutchinson County____ 2.5,600 26,300
Salt Creek
North Texas
34,500 27,500
Montana
archer County
18,300 18,200
6,500 6.800
Wilbarger County
30,050 29,600 Sunburst
West Central Texas-Brown County
9,600 9,500 California
9,000 9,000
Shackelford County
9,300 9.300 Dominguez
26,800 24.800
Elwood-Goleta
West Texas
41.500 41,500
Crane & Upton Counties 43,000 43,900 Huntington Beach
22,500 22.500
Howard County
37,600 37,300 Inglewood
11,000 9.400
Pecos County
144,000 143,800 Kettleman Hills
104,000 105,000
Reagan County
17,000 17,000 Long Beach
77,000 77.000
Winkler County
87,000 89,450 Midway-Sunset
167,700 161,200
Santa Fe Springs
28,500 28.500
East Central TexasSeal Beach
51,500 51,500
6,500 6,750 Ventura Avenue
Coralcana-Powell
The uniform plan sets up rules for organization and direction of separate
divisions of production, refining and marketing as authorized by the board
at the annual meeting in Chicago last December. General committees
for each division will formulate supplemental rules and a standing committee will Correlate them. The new divisions are designed to provide
adequate departmental organization whereby institute activities directly
related to production, refining and marketing more generally may be
Participated in by members. At the same time they will permit independent consideration of specific problems relating to any branch and assure
better and closer co-operative relationships between members engaged in
similar branches.
Weekly Refinery Statistics for the United States.
The resolution provides that the local State code committees, with
According to the American Petroleum Institute, comapproval of the national committee on interpretation of the code, be
authorized to approve the meeting of competition and suspension of re- panies aggregating 3,481,200 barrels, or 95.4% of the
quirements for posting commercial account prices in States, or areas thereof, 3,650,900
barrel estimated daily potential refining capacity
where the definition of commercial accounts in Rule 21, national code of
Practices for marketing refined petroleum products, is not now being of the plants operating in the United States during the
observed. The resolution further provides that no change now be made in week ended Jan. 4 1930 report that the crude runs to stills
the code definition of, or provisions for, commercial accounts, because to
do so would give national application to an effort to meet local conditions. for the week show that these companies operated to 70.9%
The committees on commercial accounts, which met yesterday and of their total capacity. Figures published last week show that
which submitted the resolution today in a report signed by Henry M. companies aggregating 3,514,200 barrels, or 95.5% of the
Dawes, the Pure Oil Co., Chicago, as Chairman, said it understood the
3,678,700 barrel estimated daily potential refining capacity
rule referred to now is being observed in these States:
Ohio, Michigan, Wisconsin, Iowa, Oklahoma, Nebraska, Montana, of all plants operating in the United States during that week,
Utah, Indiana, Illinois, Missouri, Minnesota, Kansas, North Dakota. but
which operated to only 72.3% of their total capacity,
Wyoming, Nevada, California, Colorado, Idaho, Washbagton and Oregon.
The report added, however, that there is divergence of opinion on the contributed to that report. The report for the week ended
question of allowing commercial accounts in any form at service stations Jan. 4 1930 follows:
and as to what restrictions should be imposed. Differences in local conRUNS TO STILLS. GASOLINE AND GAS AND FUEL OIL STOCKS
ditions and previous practices. it was explained, might make any rules of CRUDE
WEEK ENDED JAN.4, 1930. (FIGURESIN BARRELS OF 42 GALLONS.)
universal and permanent application adopted now impractical and unfair
in some sections. The committee recommended that the subject be given
P. C.
P. C.
further study with a view to forming a general policy consistent with public
Gas and
PalenCrude
Oper.
obligations as well as private interest and capable of universal application.
Fuel Oil
ttal Ca- Runs to of Total Gasoline
District.
Stoats.
Capac.
pacify
Stocks.
Stills.
Report.
. Report.
7,431,000
5,998,000
3,184,700
75.1
100.0
at Higher Rate Than East Coast
805,000
64.5
1,282.000
529,000
91.8
Appalachian
3.505,000
5.483,000
2,028,600
81.6
Indiana,Illinois,Kentucky 98.6
Ago.
1,844,800
65.0
Okla., Kansas, Missouri
87.7
3,604,000
3,277,000
13,757,000
6.590,000
76.5
3,779,000
90.7
The American Petroleum Institute estimates that the Texas
4,499.000
2,161,000
1,120,300
61.1
96.8
Louisiana, Arkansas
973,000
daily average gross crude oil production in the United States Rocky Mountain
30.0
2,273,000
291,300
93.3
4,500,300
72.1 14,826,000 109,770,000
99.3
for the week ended Jan. 4 1930 was 2,652,300 barrels, as California
95.4 17,278,000
Total Week
70.9 42,217,000 144,017,000
compared with 2,607,700 barrels for the preceding week, an Daily average Jan. 4_
2,468,300
72.3 41,960,000 14,5,152,000
95.5 17,789,200
Total
increase of 44,600 barrels. Compared with the output for Daily week Dec. 28
2,541,300
average
the week ended Jan. 5 1929, of 2,591,050 barrels per day, Texas Gulf Coast
10,792,000
100.0
5,579,000
3,007,100
81.6
ixallelene. ca.,,e r.......
inn A
7A0 AAA
7/ A
1 R77 nnn
2515 nen
the current figure represents an increase of 61,250 barrels
Note.
-All crude runs to stills and stocks figures follow exactly the present Bureau
The daily average production east of California for the week
of Mines definitions. In California, stocks of heavy crude and all grades of fuel oil
ended Jan. 4 1930 was 1,951,800 barrels, as compared with are included under the heading "Gas and Fuel 011 Stocks." Crude oil runs to stills
1,918,300 barrels for the preceding week, an increase of include both foreign and domestic crude.
33,500 barrels. The following are estimates of daily average
gross production, by districts:
Tin Restriction in Great Britain-Companies Heed
Recommendations of Tin Producers Association
DAILY AVERAGE PRODUCTION.
and Cut Their Production.
(Figures in barrels)
Week Ended
-Jan.'30. Dec. 28'29. Dec. 21'29. Jan. 5'29.
4
The first steps to curtail tin production in accordance with
Oklahoma
635.650
647,550
675,900
719.750
Kansas
111,950
113,800
114,250
97.100 the recommendations of the Tin Producers Association have
Panhandle Texas
110.800
102,600
100.500
59,750
North Texas
89.650
88,100
88,150
88,200 been taken by British producers, according to cablegrams
West Central Texas
54.400
54.000
54,100
54,150 received in New York on Jan. 6. The Geevor Tin Mines,
West Texas
344,350
341,200
338,100
354.600
East Central Texas
23,550
23,550
23,200
21,450 Ltd., a company operating in Cornwall, England, was first
Southwest Texas
70.450
74,950
76,200
37,100
North Louisiana
38,850
38,300
38.000
36,400 to put the restriction plan into effect, according to the
Arkansas
61,950
60,400
60,600
80,200 cablegram, which
added that it was understood on the best
Coastal Texas
140,900
138,850
138,750
114,350
Coastal Louisiana
22,500
20,750
19.750
22,050 authority that within the next few days similar announceEastern (not incl. Michigan)
126,800
128,200
129,100
110,350
Michigan
14,550
14,950
14,550
2,900 ments would be made by large mining companies in other
Wyoming
52,550
56.400
49,300
57,600
Montana
10,500
10,000
10,200
9.400 parts of the British Empire. The output of the Geevor mines
Colorado
5,450
5,400
5.400
7.500 in 1927-1928 was 649 tons of black tin, 495 tons in 1926New Mexico
8,350
7,350
7,700
3,600
California
710,600
700,500
689,400
714,600 1927. and 436 tons in 1925-1926.
Total
The recommendations of the Tin Producers Association,
2,652,300 2,607,700 2,633,800 2,591.050
The estimated daily average gross production for the Mid-Continent recently adopted, called for suspension of mining operations
field, including Oklahoma. Kansas, Panhandle, North, West Central, for 7 clear days in both January and February and for
West, East Central and Southwest Texas, North Louisiana and Arkansas,
for the week ended Jan. 4 was 1,569,100 barrels, as compared with 1.544,350 suspension also from Saturday night to Monday morning
barrels for the preceding week, an increase of 24,750 barrels. The Mid- each week during 1930. Suspension of a week in March also
Continent production, excluding Smackover (Arkansas) heavy oil, was may be recommended later. From the London "Financial
1,527,050 barrels, as compared with 1.502,650 barrels, an increase of 24,400
News" of Dec. 16 we quote the following regarding the
barrels.
The production figures of certain pools in the various districts for the restriction plans:
Crude
Oil Production Continues
a Year
current week, compared with the previous week, in barrels of 42 gallons,
follow:
Details of the plan for the restriction of output of tin are now issued by
the Tin Producers' Association (Inc.). These involve a reduction in work.
lug hours and a complete closing down of all operations for two,and possibly
three, weeks during the first quarter of the coming year.
The official statement is as follows:
"In order to restore the balance between supply and demand, and to
restablish the industry upon a sound and permanent footing, the Council
have unanimously recommended to all members of the Tin Producers'
Association that:
Throughout 1930 all mining operations shall cease from 10 p. m.on every
Saturday until 6 a. m. on the following Monday.
Further, all mining operations shall cease for one week of 7 clear days in
January 1930, also for one week of 7 clear days in February 1930, and
if it be deemed necessary-also for one week of 7 clear days in March 1930.
"The above recommendations are specifically applicable only to the
East, but a similar ratio of curtailment is recommended in the case of
Nigeria and other tin-producing countries upon a basis more exactly suited
to the particular conditions obtaining in those fields.
"In the circular communicating the recommendations to members, the
Council state their conviction that the prudent and conservative regulation
of the industry, while retarding the production of tin not presently required
to meet the world's consumptive needs, will also prevent any excessive rise
in price, which, it is most strongly felt, could only be regarded as directly
nimical to the interests of all concerned."
December Slab Zinc Production Exceeds Shipments
Inventories Reach New High Figure.
According to the American Zinc Institute, Inc., there
were produced a total of 48,590 net tons of slab zinc, as
compared with 47,620 tons in the preceding month and
50,591 tons in December 1928. Shipments in December 1929
amounted to 34,389 tons, of which 11 tons were shipped
from plants for export. This compares with 51,692 tons
shipped in the corresponding month in 1928 and 41,675
tons in November last. Stocks at Dec. 31 1929, totaled
77,272 net tons, a new high figure, as against 63,061 tons
at Nov. 30 1929, and 45,441 tons at Dec. 31 1928.
Metal sold, not yet delivered, at the end of December 1929 amounted
to 18,370 net tons; total retort capacity at the end of December, 121,841
tons; the number of idle retorts available within 60 days, 59,390; the
average number of retorts operating during December,54,371; the number
of retorts operating at the end of December, 57,375. A comparative
able shows:
PRODUCTION, SHIPMENTS AND STOCKS AT END OF PERIOD.
(Figures in Short Tons.)
month of1929.
December
November
October
September
August
July
June
May
April
March
February
January
Total in 1929
Productless.
Domestic
Shipment:.
48,590
47,620
50,938
53,285
55,290
54.441
52,953
56,958
54,653
55,471
48.154
49.709
34,378
41,636
47,117
46,287
50,610
46,570
47,973
56,614
58,558
56,267
51,057
47.677
11
39
67
1,468
969
681
1,874
1.106
1,469
1.882
1.895
2.055
34,389
41,675
47,184
47,755
51,579
47,251
49,847
57.720
58.027
58,129
52,952
49.732
Exports.
Total
Stocks
Shipments. End of Mo.
77,262
83,061
57,116
53,363
47,833
44,122
36,932
33.826
34.588
37,962
40,420
45,418
628,062
582,744
13,496
596,240
1928..
50,591
December
November
50,260
50.259
October
49.361
September
52.157
August
July
50.890
50,825
June
53,422
May
53.493
April
55.881
March
February...50,042
52,414
January
49,625
48.698
50,126
44.103
47,050
49,510
49,780
49.818
48,517
51,856
48,754
45.771
2.067
1.088
1,980
1.759
2,901
3,638
1.802
3,138
3,748
3.786
4,134
5.231
51,692
49,786
52,106
45.862
49,951
53,148
51.582
52,956
80,263
55.642
50.888
51.002
45,441
46.562
46,068
47,915
44,416
42,210
44,468
45.225
44,759
41,529
41,290
42,163
619,595
579.608
85,270
614.878
----
52.347
49.217
50,185
47,735
49.012
47,627
49,718
51,298
51,626
56,546
51,341
56,898
46,488
44,374
48.602
44,038
49,739
43,359
43,122
45,580
44,821
48,107
43,555
45.884
4,433
1,748
1.837
4,007
4.009
4.803
4,784
4,898
1.876
5.098
4.760
2,989
50,916
48,120
48.239
48,045
53.748
56,162
47,907
50.458
46.697
53,208
48.315
48,878
40,751
39,320
36.223
84.277
34.587
39.329
43,858
42,046
41,208
36.27(
32,938
29.912
613.548
549.644
45.040
694.684
Total in 1928
1917.
December
November
October _...
.
September
August
July
June
May
April
March
February
January
Total in 1927.-
[VoL. 130.
FINANCIAL CHRONICLE
208
-Zinc Prices Lower
Copper and Lead Demand Improves
-Tin Shows
on Unfavorable December Statistics
Little Change.
Demand for copper from domestic consumers in the first
week of the new year showed a fair degree of improvement
and while the tonnage sold was not so impressive, the volume
was larger than for any week since the middle of September,
reports Engineering & Mining Journal Metal and Mineral
Markets.- Most of the business booked, it is stated, was for
January and February shipment. The improvement in
buying was in line with expectations, and with fabricators
approaching the point where February consumptive requirements will have to be purchased, the sales curve is expected
to move up over the remainder of the month. The report
goes on to say:
The lead market has rsumed the mid-December activity and all sellers
report excellent business at unchanged prices of 6.25 cents, New York, and
6.10 cents, St. Louis. Demand has been well divided between January and
kebruary, with good tonnages going to the cable, ammunition, mixed metal
and oxide and white lead manufacturers. Producers, in general, have
already sold their expected January production, so further orders must be
filled from stock, which is adequate for the purpose.
The unfavorable statistics for December, coupled with an indifferent
demand, brought out a lower price level for zinc. Some business went
through as low as 5.25 cents St. Louis, but all sellers were not eager to
quote at this level. In fact, most of the business placed during the week
was at prices ranging from 5.375 cents to 5.40 cents. Sentiment in the
market seemed to improve toward the close.
Although the price of tin shows no tendency to go above 40 cents, the
situation covering this metal gives evidence of improving. Demand for
prompt has been very good, with a considerable improvement reported in
orders from the automobile industry.
Large Loss in December Pig Iron Output.
Contraction in pig iron operations, which set in during
November, was even more drastic in December, according
to the "Iron Age" of Jan. 2. The daily rate, which declined
8.3% in November, fell 13.7% during December. For the
first time in many months, if not for any month, no furnaces
were blown in and 20 were shut down last month. This
followed a net loss of 26 furnaces in November. The net
loss of 46 furnaces in the last two months contrasts with a
net loss of 86 furnaces in April and May of 1924. The net
loss in the last two months of 1929 was equalled by the loss
in May, 1924, of 46.
Production of coke pig iron in December was 2,836,916
gross tons or 91,513 tons per day for the 31 days. This contrasts with 3,181,411 tons for November or 106,047 tons per
day for 30 days. The net loss for December was 14,534
tons in the daily rate or 13.7%. The December daily rate
is not only the smallest for 1929 but is the smallest since
December 1927, when it was 86,960 tons. A year ago, or
in December 1928, the daily rate was 108,605 tons. The
"Age" further reports:
Operating Rate on Jan. 1.
Decline in operating rate at the beginning of the month was not so large
as on Dec. 1. The 157 furnaces blowing on Jan. 1 had an estimated operating rate of 88,250 tons compared with 98,450 tons as the estimated rate
of the 177 furnaces active on Dec. 1. The decline on Jan. 1 was 10,200
tons per day in operating rate as against 15,150 tons per day on Dec. 1.
There were 20 furnaces blown out or banked during December with none
blown in. Of these, independent steel companies accounted for 11, the
Steel corporation for three and merchant producers for six. There were
thus 14 steel-making stacks shut down.
The Year's Total a Record.
With coke pig iron production at 42,285,789 tons for 1929, a new year's
total was recorded. This is 5.5% larger than the former high record of
40,059,308 tons in 1923 and exceeds the 1928 total by 11.7%.
Large Loss in Steel
-Making Iron.
There was a large loss in steel-making iron in December-15,124 tons
Per day or 18.5% from November. The November loss from October was
10,368 tons per day or 11%. Merchant iron made a small gain.
At 28,564 tons the December ferromanganese output was the fourth
largest last year. The November output was 28,285 tons and the high for
the year was 33,363 tons in June.
Twenty Furnaces Shut Down.
It has been many years since a month has passed without any turnaces
being blown in. This was true of December.
Operations were confined to the blowing out or banking of 20 furnaces
last month, as follows: One Lackawanna furnace of the Bethlehem Steel
Corp. and one furnace of the Donner Steel Co. in the Buffalo district; the
Delaware River furnace in the Schuylkill Valley;one furnace at the Cambria
plant of the Bethelhem Steel Corp. in western Pennsylvania; one furnace of
the Maryland plant of the Bethlehem Steel Corp. in Maryland; the Ashland
furnace of the American Rolling Mill Co. in Kentucky, No.4 Haselton furnace of the Republic Iron & Steel Co., one Hubbard furnace of the Youngs
town Sheet & Tube Co. and the Cherry Valley furnace in the Mahoning
Shenango Valley; No. 1 furnace of the
Valley; one Shenango furnace in the
Weirton Steel Co. in the Wheeling district; No. 1 furnace of the National
Tube Co.in northern Ohio and one furnace of the Central Alloy Steel Corp.
in central Ohio; one Joliet and one Gary furnace of the Illinois Steel Co.
in the Chicago district and the A furnace of the St. Louis Gas & Coke Co.in
Illinois; one Detroit furnace in Michigan and one furnace of the Colorado
Fuel & Iron Co.in Colorado,and two furnaces of the Woodward Iron Co. in
Alabama.
DAILY AVERAGE PRODUCTION OF COKE PIG IRON IN THE UNITED
STATES BY MONTHS SINCE JAN. 1 1924
-GROSS TONS.
1924.
97.384
January106.026
February
111,809
March
April
107.781
84.358
May
67,541
June
First six months
95,794
July
57,577
60,875
August
68,442
September
70,907
October
83,656
November
95.539
December
12 months'average.. 85.075
1925.
1926.
1927.
1928.
1929.
108.720
114,791
114.975
108,632
94.542
89,115
105.039
85.938
87,241
90,873
97,528
100,767
104,853
99,735
106.974
104,408
111.032
115,004
112,304
107,844
109,860
103,978
103,241
104,543
107,553
107,890
99.712
107.043
100.123
105.024
112,366
114,074
109,885
102,988
107,351
95,199
95,073
92.498
89,810
88,279
86,960
99,286
92,578
100,004
103.215
106,183
105.931
102,733
101.763
99,091
101,180
102,077
108.832
110,084
108,705
103.282
111.044
114.507
119.822
122.087
125 745
123,908
119,564
122,100
121,151
116.585
115,745
108,047
91,513
115,851
TOTAL PRODUCTION OF COKE PIG IRON IN UNITED STATES
-GROSS TONS.
BEGINNING JAN. 1 1927
1929.
1927.
1928.
1929.
1927.
1928.
an... 3.103,820 2,869,761 3,442,370 July..2,951,160 3,071,824 3,785.120
Feb.... 2.940,679 2,900,128 3,208,185 Aug..2,947.276 3,138,570 3,755,880
Mar__ 3,483,382 3,199,674 3.714.473 Sept..2.774.949 3,082,314
3,497,564
Apr__ 3,422,228 3,185.504 3,862.625 Oct__.2,784,112 3,373,808 3,588,118
__2,648,376 3,302.523 3,181.411
May... 3.390,940 3,283,858 3.898,082 Nov.
lune__ 3.089,651 3,082,000 3,717,225 Deo__.2,695,755 3.389,848 2,836,916
14 yr_19,430,678 18.520,921 21,640,960 Year*36,232.396 37.837,804 42,285,769
•Thom totals do sot include ototrooa Dig iron. The 1928 production of this
Iron was 142,960 UMW tons.
JAN. 11 1930.1
FINANCIAL CHRONICLE
-GROSS TONS.
DAILY RATE OF PIG IRON PRODUCTION BY MONTHS
69,520
78,444
88,489
85.183
85.576
81,630
79,513
82.642
82,590
88,051
88,474
85,415
85.530
89.246
95,461
95,680
100,174
99,993
98.044
98,900
95,426
93,644
83.276
68
.152
•
Total.
: 4.
,
31
0101
4141.40.41 0
,
1 ,
m-10o,
c....--rocilmoow-400.410w0O
.....
oc.-.vooMWOOotow
Merchant.*
NWNWWNt4t3WWW,
aWNN..WN,.DW.WN
,
Steel Works,,
1928-January
February
March
April
May
June
July
August
September
October
November
December
8829-January
February
March
April
May
June
July
August
September
October
November
December
92,573
100.004
103,211
106.181
105.931
102.733
99,091
101,180
102,077
108,832
110,084
108.701
111.044
114,507
119.822
122,087
125.741
123.909
122,100
121,151
116,585
115.745
106,047
91.517
•Includes pig iron made for the market by steel oompanies.
-GROSS TONS
PRODUCTION OF STEEL COMPANIES FOR OWN USE
Total Pig Iron
Spiegel and Ferromanganese.
1927.
Ferromanganese x
1929.
1928.
1927.
1928.
1929.
January
February
March
2.343.881
2,256,651
2,675.417
2.155:133
2.274,880
2,588.153
2,651,416
2,498.901
2.959.295
31.844
24,560
27.834
22,298
19.320
27.912
28.203
35.978
24.978
3 months
April
May
June
7.275,949
2.637.919
2.619.078
2.343.409
7.018.171
2.555.500
2.652.872
2,448.905
8,109,612
2.826.028
3.105,404
2.999,798
84.238
24,735
28.734
29,232
69,530
18,405
29.940
32.088
79.164
22,413
25,896
33,363
Half year
July
August
September
14,876.355 14.675,448 17.040.842 166,939 149.963
2.163.101 2.464,896 3,039.370 26,394 32.909
2,213,815 2,561.904 3.065.874 21,279 24,583
2.090.200 2,477,695 2,862.799 20.675 22,278
160.83e
9 months
October
November
December
21.343.571 22,179.943 26,008.885 235.287 230.733 247.842
2.076.722 2,729.589 2.902,960 17.710 23.939 31.108
1,938.043 2.654,211 2.498.291.; 17.851 29,773 28,285
1.987.652 2.647.863 2.112,704 20,992 28.618 28,564
31.040
28,461
27.505
27.345.888 30.211.606 33.522.840 291%640 312.061 335.799
Includee output of merchant furnaces.
Year
Steel Ingot Production Lower in December.
The American Iron & Steel Institute in its monthly statement released Jan. 8 reports steel ingot production for
December at 2,896,269 tons. This is the smallest total
for any month of any year since Sept. 1924. It compares
with 3,513,025 tons in November 1929 and with 4,018,208
tons in December 1928. For 'the 25 working !days in December 1929 the average daily production was 115,851 tons.
In November 1929,which month contained 26 working days,
the average daily output was 135,116 tons and in December
1928, with 25 working days, the average was 160,728 tons
per day. At its maximum for the year, the production in
May 1929 was 195,302 tons per day, while in June 1929 it
was 195,255 tons per day. The monthly figures since January 1928 are shown in the following:
MONTHLY PRODUCTION OF STEEL INGOTS, JANUARY 1928, TO
DECEMBER 1929
-GROSS TONS.
Reported for 1928 and 1929 by companies which made 94.51% of the Open-hearth
and Bessemer Steel Ingot Production in 1928.
Months
1928.
Openhearth.
Calculated
Monthly
Approx. Per
Monthly Ne.of Daily
Output
Cent.
Bessemer. Companies. Output, all Wks. Output, OyerReporting. Companies. Days. all Co.'s. align.:
209
1928 3,976,712 tons. The aggregate at the end of 1929 was
larger than at the end of any other year since 1925. Below
we furnish the figures by months for the past six years.
Figures for earlier dates may be found in the "Chronicle"
of April 17 1926, page 2126.
UNFILLED ORDERS OF SUBSIDIARIES OF U. S. STEEL CORPORATION
1928,
1924.
End of Month.
1927.
1926.
1925.
1929.
January
4,109,487 4,275,947 3,800.177 4,882,739 5,037,323 4,798,429
4,144,341 4,398,189 3,597,119 4,616,822 5.284,771 4,912,901
February
March
4,410,718 4,335,206 3,553,140 4,379.935 4,863,504 4,782.807
4,427,763 3,872,133 3,456,132 3,867.976 4.446.568 4,208,447
April
May
4,304,167 3,416,822 3,050,941 3,649,250 4,049,800 3,628.089
4,256,910 3,637,009 3,053,246 3,478,642 3,710,458 3,262,505
June
July
4,088,177 3,570,927 3,142,014 3,602,522 3,539,467 3,187,072
3 658,211 3,624,043 3,196,037 3,542,335 3.512,803 3,289,577
August
September_ _ _3,902,581 3,698,368 3,148,113 3,593,509 3.717,297 3,473,780
October
4,086,562 3,751.030 3,341,040 3,683,661 4,109,183 3,525,270
November_ _ _ _4,125,345 3,643,000 3,454,444 3,807,447 4,581,780 4,031,969
December
4 417,193 3,976,712 3,972,874 3,960,969 5,033,364 4,186,776
Steel Production Gains-Prices Unchanged.
Steel production has taken an upturn after two months of
sharp curtailment and the outlook isfor further improvement,
although it is expected to be gradual, the "Iron Age" states
this week in its summary of the iron and steel markets. The
"Age" continues:
Finished steel prices have developed numerous irregularities, as well as a
few general reductions, but the Pittsburgh scrap market shows added
strength, with the heavy melting grade up $I a ton to $16.75, which Is
$1.50 a ton above the low point reached Dec. 3.
The betterment in steel demand is due mainly to an increase in the number
of specifications rather than in their size. Buyers are still very cautious,
and it is too early to determine how much of the tonnage they are now
releasing represents replenishment of stocks and how much reflects larger
current needs.
Pig iron production in December showed an even sharper decline than had
been anticipated. Twenty blast furnaces were put out and none went in,
making a net loss of 46 active stacks in the last two months of 1929, comparing with 86 in April and May. 1924, the largest net loss for a similar
period in recent years.
Total output for December was 2,836,916 tons, and the daily rate, at
91,513 tonS, was the lowest since the final month of 1927. On Jan. 1. with
157 furnaces in blast, the production rate was 88,250 tons daily, against
126,150 tons on June 1 1929, the high point last year, and 110,675 tons
12 months ago.
December steel ingot output, at 2,896,269 tons, or 115,851 tons daily,
was at the lowest rate since October 1924. Steel ingot output in December
was at the rate of 59% of capacity. January production, according to
present indications, may approach 65%. The current average is close to
60%. The two largest producers have reached a 65% rate, and operations
in the leading steel centers are estimated at 65% for Pittsburgh, 60 to 65%
for Chicago and 50 to 55% at Youngstown.
The "Iron Age" comp3site prices remain unchanged, pig iron at $18.21
a gross ton and finished steel at 2.362c. a lb., as the following table shows:
Pig Iron.
Finished Steel.
Jan. 7 1930, $18.21 a Gross Ton.
Jan. 7 1930, 2.3620. a Lb.
$18.21
2 3620. One week ago
One week ago
18.29
2.36-'c. One month ago
One month ago
18.46
2.391e. One year ago
One year ago
15.72
1.689c. 10
-year pre-war average
10
-year pm-war average
Based on average of basic iron at Valley
Based on steel bars, beams, tank plates.
wire, rails, black pipe and black sheets. furnace and foundry irons at Chicago,
These products make 87% of the United Philadelphia, Buffalo, Valley and Blrmingham.
States output of finished steel.
Low.
High.
Low.
High.
1929__2.412c. Apr. 2 2.362c. Oct. 29 1929___$18.71 May 14 $18.21 Dec. 17
1928_2.391c, Dec. 11 2.314c. Jan. 3 1928___ 18.59 Nov. 27 17.04 July 24
1927_2.453e. Jan. 4 2.293e. Oct. 25 1927___ 19.71 Jan. 4 17.54 Nov. 1
1926...-2.453c. Jan. 5 2.403c. May 18 1926_ 21.54 Jan. 5 19.46 July 3.11
1925-2.5600. Jan. 6 2.396e. Aug. 18 1925._ 22.50 Jan. 13 18.96 July
Specifications for finished steel and releases against pig iron
contracts have expanded materially in the past week, the
"Iron Trade Review" of Cleveland this week says. Demand
for practically all products has been heavier than in December, although considerably below the level of last January,
continues the "Review," which goes on to say:
3,273,294
3.300,407
3,692,648
3,505,104
3,394,301
3,010,341
3,088,257
3,379.625
3.375,654
3,795,800
3,442,112
3.301,114
498,691
521,250
567,330
564.110
682,128
528,193
528,588
569,771
544,710
599,098
590.669
496,679
3.771,085
3,821,657
4,259,978
4,069,214
3,976,429
3,538,534
3,596,345
3,949,396
3,920,364
4,394,898
4,032,781
3,797,793
3,990,902
4,043,457
4,607,217
4,305.382
4,207.212
3,743,903
3.805,598
4.173,610
4.147,893
4,649.988
4,266,835
4,018,208
CONCIC4C•INCINNCVNN
This betterment is appraised by most producers as a rebound from the
repression of buying over the year-end. Producers generally continue confident of gradual improvement over the first half year, but recognize several
•
conditions precedent to it.
For one thing, consumers still appear determined to avoid commitments,
except for actual spot requirements, until the price situation is clarified, and
by common consent this clarification approaches. The expectation of consumers that prices would go no higher and might go lower may be justified.
Shading of tin plate has been formally recognized by a reduction of 10
cents a base box, to $5.25, Pittsburgh. Autobody sheets are off $2 per ton,
to 3.90c. Pittsburgh, while blue annealed plates and sheets have developed
Total
40,538,657 6,591,217 47,129,874 49,865,185 311
160,338 85.05 a downward range of $2. Strip steel and wire have been shaded $1 to $2
per ton.
1929
Heavy finished steel prices at Pittsburgh, like pig iron in many districts,
Jan
3,694,218
549,616 4,243.834 4,490,354 27
166.309 84.80
Feb
3,599,224
489,279 4,088,503 4,326,000 24
180,250 91.91 have yet to withstand the impact of tonnage requirements. There are
March.__ 4,183.869
598,691 4,780,560 5,058,258 26
194,548 99.20 reports that valley pig iron prices have been shaded, and that $34 for sheet
April_..... 4,026,576 610.351 4.666.927 4.938,025 28
189,924 96.84
May._ _ _ 4,276,186 707,484 4,983,670 5.273,167 27
195,302 99.59 bars is not strong. Iron and steel scrap, having experienced several months
June_ __. 3,990,798 622,585 4,613,383 4,881,370 25
195,255 99.56 of tobogganing, Is an exception to general price softness.
July__ _ 3,922,532
649.950 4,572,482 4.838,093 26
186,080 94.88
The railroads have started 1930 determined to hold their regained title of
Aug
3,988,729
668,023 4,656,752 4,927,258 27
182,491 93.05
of finished steel. Including the enlarged Chesapeake &
Sept
3,627,639
635,593 4,263,232 4.510,879 25
180,435 92.01 premier consumer
-Hocking Valley program of 11,375 freight cars, 130
Ohio-Pore Marquette
Oct._..
3.619,432
644,528 4,263,960 4,511.650 27
167,098 85,21
Nov
2,797,488
522,672 3.320.160 3,513,025 26
135,116 68.90 locomotives and 55 tenders, about 30,000 freight cars are on active inquiry.
Dec
2,376,775
360,489 2,737,264 2,896,269 25
115.851 59.07 Atlantic Coast line closes Jan. 12 on 1,000 cars. Revised figures place 1929
freight car awards at 106,105.
mn.,..
AA ins Ana ,
no, 001
51 Inn ,o, MA IAA RAAl 211
171 lag
Co ol
The Burlington, which has just distributed 500 cars and 67,050 tons of
x The figures of "per cent of operation" In 1928 are based on the annual capacity rails to western makers, may buy 2,000 more cars. The Nickel Plate is
as of Dec. 31 1927, of 58,627,910 gross tons for Bessemer and open-hearth steel inTrack fastening orders at Chicago have
gots, and in 1929 are based on the annual capacity as of Dec. 31 1928 of 60.990.810 awarding 29.860 tons of rails.
totaled 14,000 tons in the past week, with twice that tonnage on inquiry.
gross tons for Bessemer and open-hearth steel ingots.
placing their first quarter finished steel requirements.
Many carriers are
Automotive demand for iron and steel, while somewhat improved over
December, still reflects a hesitancy which will not pass until the verdict of
Increase Shown in Unfilled Steel Orders.
on new models is in. Farm implement manufacturers are more
The United States Steel Corp. reports a further increase the showsbuyers at Chicago, which has experienced a greater revival of
generous
in the unfilled orders on the books of its subsidiaries, the demand than any other district. Building continues seasonally slack, and
work has
total for Dec. 31 1929 being given as 4,417,193 tons. On prospective pipe line and brisk not yet matured.
railroad demand contrast markedly in
Slack automotive
Nov. 30 1929 the figure was 4,125,345 tons and on Dec. 31 comparative sluggishness of the sheet, strip and bar markets and the
the
Jan
Feb
March
April- __ May.- _ _
June_ -.July
Aug
Sept
Oct
Nov
Dec
153.496
161,738
166,934
172,215
155,823
143,996
152,224
154.763
165,916
172,221
164.109
160,728
81.42
85.80
88.55
91.35
82.66
76.38
80.75
82.10
88.01
91.36
87.05
85.26
210
FINANCIAL CHRONICLE
[VoL. 130.
quickening of plate mills. The Chesapeake & Ohio car and locomotive
-inquiry alone contemplates the purchase of nearly 150,000 tons of heavy
steel, chiefly plates. Sixteen river barges are being placed at Pittsburgh,
while in the East the Standard Oil Co. of New York is a heavy buyer.
Plate mill operations at Chicago have been stepped up to 70%•
Final statistics on December production of pig iron and steel ingots reveal
how drastic was the year-end retrenchment but confirm 1929 as a record.
Last month the daily pig iron rate declined to 91,513 tons, the lowest since
December, 1927, but the month's output of 2,836,917 tons gives 1929 a total
of 42,270,183 tons, compared with 37,831,741 tons in 1928 and the previous
record of 40,025,850 tons in 1923. Active blast furnace stacks suffered a
net loss of 19 in December, following the dropping of 29 in November.
bringing the number active as of Dec.31 to 157,the fewest since July, 1924.
December averaged 115,851 tons of ingots daily, the lowest rate since
October, 1924, but an output of 2,896,269 tons brought the 1929 total of
open-hearth and bessemer ingots to 54,164,348 tons, handily exceeding the
previous record, the 49,865.185 tons of 1929. The steel industry averaged
an 88.8% operating rate in 1929,contrasted with 85 in 1928.
Chicago this week is averaging 55 to 60% operations. Pittsburgh and
Buffalo are at about60%,and the Youngstown district65,with independent
plants there doing better than Steel corporation units. Finishing mills in
all districts are on improved schedules. Steel corporation subsidiaries
operate at 66%.
Weakness in sheets and tin plate has depressed the "Iron Trade Review"
composite 16 cents, to $35.72,its lowest since October. 1928. In December
the index averaged $35.95, and last January $36.24.
Bituminous Coal, Anthracite and Beehive Coke Output
in 1929 Exceeds That for 1928
-Output for Week
Ended Dec. 28 1929 Shows Decrease, Owing to
Observance of the Christmas Holidays.
Curtailed by the observance of the Christmas holidays,
the total production of bituminous coal during the week
ended Dec. 28 1929, amounted to 7,675,000 net tons, a
decrease of 3,481,000 tons from the revised estimate Of
11,156,000 tons for the previous week, but exceeded by 673,000 tons, the output tons reported for the week ended Dec.29
1928. The production of anthracite totaled 1,276,000 net
tons, a decrease of 587,000 tons as compared with the preceding week, but was 370,000 tons over the total for the corresponding week last year.
Estimated production for the year 1929 amounted to
525,358,000 net tons, as compared with 500,745,000 tons in
1928, 517,763,000 tons in 1927 and 573,367,000 tons in 1926.
Estimated output of Pennsylvania anthracite for the year
1929 totaled approximately 76,640,000 net tons as against
There has been considerable improvement in the demand 75,348,000 tons in 1928 and 80,096,000 tons in 1927.
for steel products since the beginning of the current year and
The Bureau of Mines report is as follows:
this has brought a sharp increase in ingot production, stated
BITUMINOUS COAL.
the "Wall Street Journal" on Jan. 7. The buying has been
The total production of soft coal (including lignite and coal coked at the
even better than many trade authorities had anticipated and mines during the week ended Dec. 28-Christmas week) is estimated at
is the most encouraging development of the past few months 7,675.000 net tons. This compares with an output of 11,156,000 tons in
the preceding week which, however, had six full working days. Production
adds the "Journal," which is further quoted as follows:
during Christmas week in 1928 amounted to 7,002,000 net tons.
Whereas orders placed in October and November represented the activity
The total production of soft coal during the calendar year 1929,including
of the railroads in placing contracts for steel rails and equipment, the latest lignite and coal coked at the
mines, is estimated at 525,358,000 net tons.
demand has come from general consumers and is in a diversified line of This figure
represents the total of the Bureau's current estimates for the 52
products. This is usually viewed as the most satisfactory business because
weeks in the year, and is subject to slight revision. Compared with the
it reflects general conditions more accurately than if the buying came from
output in 1928, as shown by the annual canvass of mines for that year, the
one or two consuming quarters only.
1929 figure indicates an increase of 24,613,000 tons, or 4.9%. Figures for
It is probable that the increased demand reported by the leading comrecent calendar years are given below..
panies represents the replenishing of stocks by consumers who have been
500,74000 net tons11925
520,053,000 net tons
out of the market for several months and who permitted the surplus of 1928
517,763,000 net tons 1924
483,687,000 net tons
material in their plants to be depleted to a point which was much below 1927
to
564,565,000 net tons
1926
573,367,000 net tons 1923
normal in many years.
Inventories taken at the end of the year are believed to have disclosed the
Estimated Weekly Production of Coal by States (Net Tons.)
necessity of consumers placing contracts for their nearby needs, and this has
Week Ended
Dec. 1923
been the main influence in the better demand which came after the beginning
StateDec.21'29. Dec. 14'29. Dec.24'27. Dee.2427. Average."'
of the current year.
377,000
395,000
408,000
335,000
349,000
Alabama
50,000
50,000
50,003
40,000
25,000
Leading steel trade authorities were hopeful of an improved buying move- Arkansas
263,000
244,000
291,000
196,000
253,000
ment before the end of the current month, but it is admitted that few ex- Colorado
1,435,000 1,492,000 1,519,000 1,562,000 1,535,000
Illinois
pected the change for the better to come se early in the period. Naturally Indiana
408,000
455,000
412,000 401,000
514,000
102,000
there is a more cheerful feeling in the industry and this has been responsible Iowa
104,000
106,000
81,000
121,000
d
d
65,000
79,000
90,000
for the sharp snap back which has occurred in the operations of steel plants Kansas
980,000 1,010,000
898,000
723,000
Kentucky-Eastern
584,000
since Jan. 1.
316,000
320,000 369.000
Western
365,000
204,000
After having been as low as 50% or less during the two holiday weeks,the Maryland
60,000
64.000
66,000
50,000
37.000
10,000
16,000
15,000
13,000
United States Steel Corp. has brought its ingot production back to around Michigan
21,000
85,000
98,000
81,000
Missouri
117,000
69,000
•1%, with indications that by the end of the current week the gradual im80,000
77,000
83,000
93,000
64,000
Montana
provement will result in a rate of between 63% and 65%. Before the holi- New Mexico
52,000
56,000
57,000
64,000
56,000
-downs the corporation was running at 64%•
day shut
72,000
66,000
68,000
61,000
North Dakota
27,000
525,000
523,000
143,000
599,000
408,000
Independent steel companies also have been showing substantial improve- Ohio
78,000
84,000
58,000
89,000
101,000
Oklahoma
ment and are now running in the neighborhood of 58%. This compares
2,685.000 e2.787,000 2,762,000 2,421,000 2,818,000
Pennsylvania
with 30% for the two weeks involving the holidays. Before the curtail- Tennessee (bit)
130,000
140,000
126,000
86,000
103,000
ment prior to Christmas week the independents were at around 60%.
13,000
e16,000
17,000
23,000
21,000
Texas
117.000
130,000 154,000
139,000
100,000
For the entire industry the average is now between 59% and 60%. con- Utah
280,000
293,000
289,000
211,600 193,000
Virginia
treated with 38% to 39% in the two preceding weeks and 62% before the
55,000
56,000
51.000
53,000
57,000
Washington
holiday shut-downs.
2,106,000 2,185,000 1,817,000 1,578,000 1,161,000
West Va.-Southern_b
730,000
706,000 657,000
663,000
At the beginning of last year the Steel Corp. was running at 87% of
688,000
Northern c
134,000
173,000
132,000
144,000
194,000
capacity, with independents around 81%. and the average for the industry Wyoming
68,000
5,000
7,000
5,000
57,000
Other States
was at nearly 84%. In the early days of 1927 the Steel Corp. ran at 73%
to 75% with independents between 67% and 68%,and the average for the
Total bituminous coal _ _11,156,000 11,593,000 11,056,000 9,793,600 9,900,000
industry was around 70%.
Pennsylvania anthracite__ 1,863,000 1,993.000 1,493,000 1.503,000 1,806,000
Preliminary Estimates of Production of Coal and Beehive Coke for the Month of December 1929.
The following preliminary estimates for the month of
December, as given in the United States Bu eau of Mines
report, are subject to slight revisions, which will be issued
in the weekly coal report about the 15th of this month. All
current estimates will later be adjusted to agree with the
results of the complete canvass of production made at the
end of the calendar year. The figures as now reported show
that about 46,200,000 net tons of bituminous coal were
produced in December 1929, an increase of 523,000 tons
as compared with the previous month, and 2,117,000 tons
more than produced in the month of December 1928. Anthracite production during the month under review showed
an increase of 1,544,000 net tons as compared with the corresponding month in the preceding year, and was 1,616,000
tons over the total output for the month of November
1929. The statistical tables as given by the Bureau of Mines
are appended:
December 1929(Preliminary) aBituminous coal
Anthracite
Beehive coke
November 1929 (Revised)
Bituminous coal
Anthracite
Beehive coke
December 1928(b)
Bituminous coal
Anthracite
Beehive coke
Total for
Month
(Net Tons).
46,200,000
7,658,000
341.200
Number of Average per
Working Working Day
Days.
(Net Tons).
1,848,000
25
306,000
25
13,648
25
45,677,000
6,042,000
413,300
24.8
24
26
1,842,000
252.000
15,896
44,083,000
6,114,000
408,000
25
25
25
1,763,000
245,000
16.320
a Slight revision, of these estimates will be issued In the Weekly Coal Report
about the middle of the month. b Final annual figures.
Total all coal
13,019,000 13,586,000 12,549,000 11,296,000 11,706,000
a Average weekly rate for entire month. b Includes operations on the N. & W.:
C. & 0.: Virginian: K. & M., and Charleston division of the B. & 0. c Rest of
State, including Panhandle. d Kansas included in "Other States." e Revised.
BEEHIVE COKE.
The total production of beehive coke for the country as a whole during the
week ended Dec. 28 is estimated at 70,000 tons. This indicates an average
of 14.000 tons for the five active days in the week in comparison with a
daily average of 13,733 tons for the preceding six-day week. The following
table apportions the tonnage by regions.
According to the Connellsville "Courier," the number of ovens in operation In the Connellsville region during the week of Dec. 28 was 20 less than
In the preceding week.
Estimated Production of Beehive Coke (Net Tons.)
Week Ended
1929
1928
Dec. 28
Dec. 21
Dec. 29
to
to
1929.b
1929.
1928.
Date.
Date.a
Region
60,000
72,100
Pa., Ohio & W. Va
71,200 5,358,300 3,713,200
7,100
377,800
393,100
Ga., Ky.,Tenn.& Va _ 6,700
6,400
2.900
3,600
5,900
251,600
239,800
Colo., Utah & Wash
United States total- -
70,000
82.400
83,500 5,987,700 4,346,100
14,000
19,378
Daily average
13,733
16,700
14.065
a Minus one day's production first week in January to equalize number of days In
the two years.
b Subject to revision.
PENNSYLVANIA ANTHRACITE.
The total production of Pennsylvania anthracite during the week ended
-Christmas week-is estimated at 1,276,000 net tons. This
Dec. 28 1929
is a decrease of 587.000 tons from the output in the preceding six-day week.
Production during Christmas week in 1928 amounted to 906,000 tons. kAPHA
of
The total of the Bureau of Mines' current estimates of productionPennsylvania anthracite for the 52 weeks of 1929 amounts to 76,640,000
net tons. This estimate is based on current reports of cars of anthracite
loaded by the railroads, including an allowance for colliery fuel and local
sales within the anthracite region and for dredge and washery coal. Past
experience indicates that the estimate will prove to be within one or 2%
of the exact figures as they will later be reported by the company auditors.
In 1928. for example, the preliminary estimate was 1.8% higher than the
final figures. As it stands, the preliminary estimate for 1929-76,640,000
211
FINANCIAL CHRONICLE
JAN. 11 1930.]
net tons—shows an increase over the final figure of 75,348,000 net tons I
reported by the companies for 1928. If the estimate turns out to be a little
too high, as it did last year. the apparent gain over 1928 may disappear.
The indications, howeverr seem to justify the statement that production of
Pennsylvania anthracite in 1929 was slightly greater than in 1928. Figures
for recent years are given below:
84,437,000 net tons
75.348,000 net tons 1926
1928
61,817,000 net tons
80,096,000 net tons 1925
1927
Current Events and Discussions
The Week with the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve Banks on Jan.8, made public by the Federal Reserve
Board, and which deals with the result for the 12 Reserve
banks combined, shows decreases for the week of $64,800,000
in holdings of discounted bills, of $73,000,000 in bills bought
in open market and of $25,700,000 in U. S. securities.
Member bank reserve deposits increased $12,000,000 and
cash reserves $94,200,000, while Federal Reserve note circulation declined $72,900,000 and Government deposits $5,000,000. Total bills and securities were $163,200,000 below
the amount reported a week ago. After noting these facts,
the Federal Reserve Board proceeds as follows:
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York.
Jan. 8 1930. Dec. 31 1929. Jan. 9 1929.
Loans and investments—total
7,793,000,000 8,240,000,000 7,255,000,000
Loans—total
5,818,000,000 6,257,000,000 5,404,000,000
3.029,000,000 3,398,000,000 2,889,000.000
2,789,000,000 2,859,000.000 2,515,000.000
On securities
All other
1 976,000,000 1,983,000,000 1,851,000,000
Investments—total
1,083,000.000 1,073,000,000 1,123,000.000
892,000,000 911,000,000 728,000.000
U. S. Government securities
Other securities
Reserve with Federal Reserve Bank.-- _ 744,000,000
59,000,000
Cash in vault
779,000,000
61,000,000
756,000,000
59,000.000
Holdings of discounted bills declined $40,600,000 at the Federal Reserve
5,479,Q00.000 6,028.000,000 5.407,000.000
Bank of New York, $15,700,000 at Chicago, $9,100,000 at Philadelphia Net demand deposits
1 267,600,000 1,235,000,000 1,202,000,000
and $6,400,000 at Richmond, and increased $6,300,000 at Atlanta. The Time deposits
30.000.000
17,000,000
9,000,000
System's holdings of bills bought in open market declined $73,000,000, of Government deposits
U. S. bonds $4,500,000 and of Treasury notes $35,000,000, while holdings Due from banks
83,000,000 118,000,000 119.000,000
of certificates and bills increased $13,700,000.
986,000,000 1,163,000,000 1,017,000,000
Due to banks
Federal Reserve note circulation was $72,900,000 less than a week ago, Borrowings from Federal Reserve Bank- 76,000,000 106,000.000 202.000,000
all of the Federal Reserve Banks except Minneapolis reporting decreases
for the week, the largest declines being: Boston, $13,500,000; New York, Loans on secur. to brokers & dealers;
886,000,000 1,167,000,000 1,163,000,000
For own account
$10.900,000; Philadelphia and Chicago $9,200,000 each; Richmond $8,800.824,000.000 709,000,000 1.794,000.000
For account of out-of-town banks__
000 and San Francisco $7,000,000.
1,642,000,000 1,548,000,000 2,356,000,000
For account of others
The statement in full, in comparison with the preceding
week and with the corresponding date last year, will be
found on subsequent pages—namely, pages 253 and 254. A
summary of the principal assets and liabilities of the Reserve
banks, together with changes during the week and the year
ended Jan.8 is as follows:
Increase (+) or Decrease (—)
During
Jan. 8 1930.
Week.
Year.
Total reserves
Gold reserves
Total bills and securities
3,105,130,000
2,929,347,000
+94,202.000
+72,296,000
+322,023,000
+297,675,000
3 352,000,000 3,424,000,000 5,313.000.000
Total
On demand
On time
Loans and Investments—total
2 925,000,000 2,981,000,000 4,748,000,000
427,000,000 443,000,000 565,000,000
Chicago.
1 979,000,000 2,028,000,000 2,073,000,000
Loans—total
1 570,000,000 1,627,000,000 1,618,000,000
918,000,000
652,000,600
947,000,000
680,000,000
888,000,000
730,000.000
409.000,000
401,000,000
455,000,000
155,000,000
253,000,000
126,000,000
275,000,000
197,000,000
258,000,000
_ 177,000,000
17,000,000
175,000,000
20,000,000
185,000,000
19,000,000
On securities
All other
Investments—total
U. S. Government securities
Other securities
1 384,324,000 —163.193,000
—218,390,000
Bills discounted, total
567,615,000 —64,806,000
Secured by U.S. Govt. obliga'ns_ 319,217,000 —34,342,000
Other bills discounted
248,398,000 —30,464,000
—308,932.000
—238,969,000
—69,963,000
319,167,000 —73,042,000
—157,933.000
U. R. Government securities, total- 484,842,000 —25,745,000
72,304,000 —4,513,000
Bonds
180,624,000 —34,980,000
Treasury notes
231,914,000 +13,748,000
Certificates of indebtedness
+245,600.000
+19,638.000
+67,199,000
+158,763,000
Due from banks
Due to banks
Federal Reserve notes in circulation..i,836,854,000 —72,869,000
+91,592,000
* Revised.
+8,624,000
2,422,299,000
2 367,250,000 +11,987.000
23.871,000
—4,981,000
—29,940,000
—37,428,000
+9,763,000
Bills bought in open market
Total deposits
Members' reserve deposits
Government deposits
Returns of Member Banks for New York and Chicago
Federal Reserve Districts—Brokers' Loans.
Beginning with the returns for June 29 1927, the Federal
Reserve Board also commenced to give out the figures of the
member banks in the New York Federal Reserve District,
as well as those in the Chicago Reserve District, on Thursdays, simultaneously with the figures for the Reserve Banks
themselves, and for the same week, instead of waiting until
the following Monday, before which time the staristies 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. The grand aggregate of
these brokers' loans the present week shows a decrease of
$72,000,000 bringing the total of these loans on Jan. 8 1930
down to $3,352,000,000 as compared with $6,804,000,000
the high record in all time established on Oct. 2 1929, and
with $5,313,000,000 on Jan. 9 1929. The loans "for own
account" decreased during the week from $1,167,000,000 to
$886,000,000 but the loans "on account of out-of-town
banks" increased from $709,000,000 to $824,000,000 and
the loans "for account of others" increased from $1,548,000,000 to:361,642,000,000.
Reserve with Federal Reserve Bank_
Cash In vault
Net demand deposits
Time deposits
Government deposits
1,252,000,000 1,248,000,000 1,265,000,000
598,000,000 617,000,000 688,000,000
3,000,000
8.000,000
4,000,000
Borrowings from Federal Reserve Bank_
133,000,000
313,000,000
148,000,000
314,000,000
144,000,000
341,000,000
13,000,000
37,000,000
57,000,000
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding week.
As explained above, the statements for the New York and
Chicago member banks are now given out on Thursdays,
simultaneously with the figures for the Reserve banks themselves, and covering the same week, instead of being held
until the following Monday, before which time the statistics
covering the entire body of reporting member banks, in 101
cities, cannot be got ready.
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 Dec. 31:
The Federal Reserve Board's condition statement of weekly reporting
member banks in leading cities on Dec. 31 shows increases for the week of
$273,000,000 in loans and investments,$529,000,000 in net demand deposits
and $64,000,000 in time deposits,and decreases of $97,000,000 in borrowings
from Federal Reserve banks and $10.000,000 in Government deposits.
Loans on securities increased $373,000,000 at all reporting banks, $364,000,000 in the New York District, $25,000.000 in the Boston District, and
$8,000,000 each in the Philadelphia and Richmond Districts, and declined
$14.000,000 in the San Francisco District, $9,000,000 in the Dallas District
and $8,000,000 in the Kansas City District. "All other" loans declined
$15,000,000 in the Philadelphia District, $7,000,000 in the New York
District and $30,000,000 at all reporting banks.
Holdings of U. S. Government securities declined $47,000,000 in the
Chicago District, $33,000,000 in the Boston District, $20,000,000 in the
New York District and $117,000,000 at all reporting banks, while holdings
of other securities Increased $39,000,000 in the Chicago District, $9.000,000
in the New York District and $45,000,000 at all reporting banks, and
declined $6,000,000 in the Boston District.
The principal changes in borrowings from Federal Reserve Banks for the
week comprises decreases of $28,000,000 at the Federal Reserve Bank of
Chicago, $19,000,000 at New York, $16,000,000 at Cleveland, $11,000,000
at Boston. $9,000,000 at St. Louis and $7,000,000 at Kansas City.
A summary of the principal assets and liabilities of weekly reporting
member banks, together with changes during the week and the year ending
Dec. 31 1929, follows:
212
FINANCIAL CHRONICLE
[VoL. 130.
Increase 1-1-) or Decrease (—) was greater than in most of the past ten years, according to the Dominion
Since
Bureau of Statistics index which is still slightly above the figure for DecemJan. 2 1929.
Dec. 24 1929.
ber 1 1928. The most noteworthy losses registered during November
$
Loans and investments—total_ _ ..23,163,000,000 •+273,000,000 +428,000,000 were in construction and manufacturing, the largest recessions having
occurred in Ontario and the Prairie Provinces, although all other sections
17,649,000,000 a+344,000,000 +846,000,000 participated. November production
Loans—total
figures for the automobile industry
On securities
8,304,000,000 +373,000,000 +486,000,000 substantiate the decline. The output of 9,424 units was the lowest for the
All other
9,344,000,000 *-30,000,000 +359,000,000 Year, and 35% under October. Operations are expected to improve toward
the end of this month in preparation for spring production. The estimated
Investments—total
5,514,000,000 *-71,000,000 —417,000,000
value of mineral production in Canada for 1929, $303,876,000 establishes
U. S. Government securities2,593,000,000 *-117,000,000 —414,000,000 a new high record. Quantity output of copper, 242,401,000 pounds, was
—4,000,000 20% higher than in 1928. Nickel, at 109,200,000 pounds, increased 13%
Other securqies
2,921,000,000 *+45,000,000
+23,000,000 —133,000,000 and crude petroleum, 1,132,000 barrels,82%. Bond flotations by Canadian
Reserve with Federal Res've banks 1,726,000,000
—30,000,000 companies during the year are reported to have amounted to $649,056,000,
—29,000,000
Cash in vault
262,000,000
or 45% more than the 1928 total of $440,400,000. Government issues
Net demand deposits
14,118,000,000 *+529,000,000 +135,000,000 absorbed $118,900,000. municipal issues, $114,600,000. corporation issues,
Time deposits
6,787,000,000 *+64,000,000 —125,000,000 $217.491,000 and railroad issues, $198,000,000.
Closing quotations at
—85,000,000
Government deposits
—10,000,000
82,000,000
Winnipeg on Jan. 3 gave No. 1 Northern wheat at $l.389, slightly under
—65,000,000 the quotation for the week previous. Lake head stock on December 26
Due from banks
1,316,000,000 +194,000,000
Due to banks
3,150,000,000 +353,000,000 —268,000,000 aggregated 46,698,535 bushels.
CHINA.
Borrowings from Fed. Res. banks_ 405,000,000
—97,000,000 —525,000,000
Shanghai business in both imports and exports is at a low ebb. The slack
a Dee. 24 figures revised.
cautiousness produced by recent disturbances and unness results from
Beginning with the statement of Jan. 9 1929, the loan certainty regarding future prospects, a lull in trading during the recent holiother banks and bills of day and impending holidays and an extremely adverse silver exchange.
figures exclude "Acceptances of
Collections of the Maritime Customs for the whole of China during 1922
exchange or drafts sold with endorsement," and include all totaled approximately 152,760,000 Haikwan tads, compared with 82.332.real estate mortgages and mortgage loans held by the banks; 100 Haikwan taels in 1928. (Haikwan tael is worth approximately $0.64.)
1929
previously acceptances of other banks and bills sold with Shanghai customs collections for 1928. totaled 69,442,000 Haikwan teals,
A comparison of collections based
compared with 33,659,000 during
endorsement were included with loans, and some of the on the former 5% tariff rate indicates that the volume of both imports and
investments. Loans secured by exports for all China during 1929 increased by approximately 5% over the
banks included mortgages in
previous year. All foreign loan and
U.S. Government obligations are no longer shown separately, on customs revenues are reported toindemnity obligations which are secured
have been met in full, including service
only the total of loans on securities being given. Further- upon the reorganization loan. The service of both interest and redemption
all domestic loans secured on cancelled indemnities, and on additional
more, borrowings at the Federal Reserve are not now sub- of
duties, is also reported met or provided for in full.
Dec. 31 1929.
divided to show the amount secured by U. S. Government
obligations and those secured by commercial paper, only a
lump total of the two being given. The figures have also
been revised to exclude a bank in the San Francisco district,
with loans and investments of $135,000,000 on Jan. 2 1929,
which was merged with a non-member bank.
COLOMBIA.
The downward trend in Colombian business conditions continues. Imports of all commodities continue to show a decline and coffee prices show a
sharp reduction. This situation, together with other contributing factors,
has further lowered the purchasing power of the people. The revised
Government budget for 1930 is $62,000,000, of which about $14,000,000
is allotted to public works. Government revenues for November were
slightly over $5,000,000 as compared with $4,600,000 for October and $7,200,000 for September. The number of protested drafts is increasing as
Summary of Conditions in World Markets, According likewise the number of business failures. During November, 295.819
to Cablegrams and Other Reports to the Depart- sacks of coffee were moved to ports, as compared with 210,000 sacks in
October, and with 287,000 sacks in November of 1928. An American
ment of Commerce.
group started a new radio station in Cali and will probably install stations
The Department of Commerce at Washington releases in other cities at later date. There is a fair demand in Bogota for shortfor publication Jan. 11, the following summary of market wave radio sets.
INDIA.
conditions abroad, based on advices by cable and radio:
All commodity markets reopened after the Christmas holidays with no
outstanding features. The November foreign trade of India was slightly
ARGENTINA.
lower than for November, 1928. Imports declining from 232,022,000 to
The good condition of the corn crop was maintained by the rains which fell
rupees, and exports from 276,575,000 to 268,000.000 rupees.
over a large part of the country. The commercial movement is quiet; im- 225,000,000
Of the principal items of import, electrical equipment and unbleached
ports seem to be declining; and money is tight, owing to the demand for cotton piece goods were the only commodities not showing declines. The
funds to move the crops. If the rains continue the business situation share of imports into India supplied by the United States was 7% of the
should improve in January. Owing to the holidays, yarns are moving total, the same as for November of a year ago.
slowly, their prices are practically unchanged, but the outlook for January
JAPAN.
Is fairly good.
AUSTRALIA.
Japan's merchandise import excess for the year 1929 will be somewhat
dissolution of the Diet, which has adjourned until
Pastoral and dairying conditions in South Australia, Victoria and in large under 70.000,000 yen. A
parts of New South Wales have been improved considerably in the past week Jan. 20, is generally believed inevitable in view of the Government party's
by further rainfall. The coal strike in New South Wales continues, with no minority in the lower house. Year and settlements are proceeding smoothly.
signs of immediate settlement. A new air service between Sydney and The bank of Japan loans and note issue are smaller than in 1928.
Brisbane, Queensland, has been inaugurated. The Entertainment Tax in
NETHERLAND EAST INDIES.
New South Wales is now operative and is expected to result in the closing
The year opens with most importers overstocked in staple lines. Conlegitimate theaters or their conversion to talking picture houses.
of several
siderable uneasiness is felt regarding the coming Chinese and native new
A delegation of Canadian lumber men has arrived in Australia and will
decline in purchasing power among
endeavor to increase the consumption of Canadian lumber in the Common- Year trades because of the marked
Java's Oriental population. A number of dealers are being carried by imwealth market. No application has been made to the Federal Government
of smaller dealers are anticipated, if the present
this year for an export bounty on canned peaches. A three-year continua- porters and some failures
trend of business continues.
tion of the peanut embargo has been requested by the Queensland peanut
NEWFOUNDLAND.
pool.
BELGIUM.
A preliminary survey of the year's business indicates that the Colony's
The official discount rate of the National Bank of Belgium was reduced to total exports increased 34% in 1929 to a post-war record of $45.000.000
335% on Dec. 31. This action Is expected to assist industry and the stock to which newsprint, Iron ore, lead and zinc ore, and salt fish were all heavy
,
market. The benefit to the bourse is anticipated through checking the contributors. No figures are available for imports but customs collections
issuance of securities in view of the cheaper method of obtaining money thus increased 10% during the year, which, on the basis of tariff reductions
provided. Unofficial money rates have not yet come into line with the made in the early months, point to a volume of imports materially higher
official figure but the Caisse de Report is planning lower charges for advances than in 1928. United States contributions undoubtedly increased,especially
on securities on Jan. 13. Bourse prices are already firmer and the immediate In food stuffs, automotive products, wearing apparel, hardware and coal,
future is viewed more optimistically. The carryover fund of 80,000,000 but the diversion of many orders for U. S. goods to Canadian distributors
francs established during the November crisis has now been completely gives the Dominion a commanding lead in the trade. Relative decreases
liquidated. A reduction of the transmission tax to 1% and other proposed are noted for both British and Continental suppliers. The volume of
tax reductions favor industry and have created a considerably brighter Christmas business is considered excellent and prospects for trade and
Industrial development are good. A generous response has relieved the
outlook.
A slightly steadier trend of the milreis during the week has been recorded destitution in the Burin Peninsula which was caused by the tital wave of
the exchange rate averaging 9.100 to the dollar. The Rio money market Nov. 18.
PANAMA.
has been easier. The general situation continues unimproved and addiThe holiday trade was fair. The opening of the dry season with its usual
tional heavy failures are expected. Exports of coffee through Santos
Influx of tourist season has caused a more optimistic viewpoint regarding
1,098,000 bags.
continued light with stocks reported at
business in the near future. According to a published statement,the PresiCANADA.
dent of Panama will continue his economy program throughout the year
November imports from the United States, $70,044,000, increased 7% 1930 and also construct schools and hospitals in the interior of the country.
over the valuation recorded in the corresponding month of 1928. ThLs According to the Secretary of the Treasury, plans are under way for the
percentage is slightly greater than the increase in total imports, about erection of modern customs and warehouses in Panama City. It is stated
6%,in the same comparison. The valuation of exports to the United States that over
$2.500,000 was invested in local buildings during 1929.
in November,$49,803.000, represents an increase of 15% over the previous
PERU.
year, whereas total exports, declined more than 33% in consequence of
The present unusual exchange situation in Peru has resulted in a tightensmaller shipments of wheat and flour. Retail trade has been comparatively
quiet since the holidays, with the usual January clearance sales in evidence. ing of credits and a general restriction of business activities. Large importers
Reports now are to the effect that last minute buying was substantial but and merchants are reported to be limiting import orders to necessities and
current opinion leans to expectation of relatively slack business for the next buying will probably be restricted as long as the present uncertainty in
two or three months. Radio sales have materially exceeded anticipations, local business continues. The Peruvian budget which was approved by
and sales of winter sports equipment have been excellent. Heavy rains in Congress on Dec. 30 1929 totaled Lp. 14,098.719 (approximately $56,British Columbia have relieved the hydro-electric power shortage which 000,000 U. S. currency at present exchange), an increase of some Lp.
threatened to curtail manufacturing operations. At the end of the year,total 90,000 over the original budget bill.
hydro-electric installations in the Dominion had reached 5,727,600 horseThe Department's summary also contains the following
power, with additions of 1.600,000 horsepower projected for the next 3 year
period. The seasonal decline in employment at the beginning of December with regard to the Island possessions of the United States:
JAN. 11 1930.]
FINANCIAL CHRONICLE
PHILIPPINE ISLANDS.
General business is very slow on account of,the holiday season and there
are no significant developments to report. The copra market remains firm
and receipts continue low while abaca trade is very slow and all prices are
nominal. Textile ordering is very light due to the holidays and year-end
inventories.
German Reparations Loan Planned at Hague—Germans, French and U. S. Each Expected to Subscribe Fourth of $200,000,000—Reich Would Then
get Aid—Changes in Bank for International Settlements.
213
Central Bank for German Industry in Liquidation.
From Frankfort-on-the-Main, Jan. 9, the New York
"Journal of Commerce" reports the following:
The Central Bank for German industry is now being liquidated because
it has not been able to sell its bond issues in America to raise funds for
active operations. Approximately 95% of the par value of the shares Is
being returned to stockholders as a liquidating dividend.
The Central Bank for German Industry was organized in 1928 by German
private and State banking institutions in co-operation with the International Germanic Co., Ltd., of New York. The latter is affiliated with the
International Germanic Trust Co. The institution was designed to furnish
credit to small industrial concerns out of the proceeds of loans raised by it.
The paid-in capital was 10,000,000 reichsmarks, and it was authorized to
borrow 10 times its capital for the purpose of making loans.
From its correspondent at The Hague (Edwin L. James),
the New York "Times" reports the following under date
of Jan. 9:
Berlin Bank for Industrial Shares—Leading German
While the heads of the delegations are discussing what will happen if
Bankers to Organize for Protection of Market in
Germany fails to carry out the Young plan, the financial experts have
Time of Stress.
begun planning for the first loan in the mobilization of German reparations.
After the arrival of banking experts, including Jackson E. Reynolds and
From the "Wall Street Journal" of Jan. 8 we take the folMelvin A. Traylor from the United States, the formal consideration of this
lowing United Press advices from Berlin:
problem is expected to begin on Monday.
There is a tentative suggestion for a loan of $200,000,000, which, it will
A group of leading Berlin banks plan to create a permanent organiza
be recalled, is the same amount as the loan with which the Dawes plan tion to support the German stock market in times of stress.
started operations. The former Allies have insisted that Germany subCapital of the "Bank for Industrial Shares" will be increased to 20,000,scribe part of this loan, which will be based on the unconditional annuities 000 marks from 2,000,000.
under the Young plan.
Berlin and Dresden banks founded the company during an inflation
It is generally suggested that Germany undertake to subscribe one-fourth Period, for the same purpose, but the bank has been permitted to become
and there are indications that the Germans will do so under certain con- inoperative.
ditions. France is also willing to handle one-fourth, but while it is hoped
Decision to revive and broaden its functions was made primarily because
that it will be possible to float another fourth in America the advice of the consortium of bankers, which sought to prevent a market break last
Mr. Reynolds and Mr. Traylor is awaited before any allocation.
November through purchases of stock in the open market, now finds itself
holder of shares worth 60,000,000 marks.
Others Would Subscribe.
Legal technicalities forbid the group from charging these shares against
England and Italy are expected to take a slice, as well as Holland, while their own accounts, and the only answer is to organize a company that will
the Swiss also will take part of the issue to be floated by the Bank for assume their ownership.
International Settlements, which will be situated in their country. It is
The industrial share bank probably will eventually become an investgenerally considered that there will be no difficulty in disposing of $200,- ment trust, owing to the probability of its holdings becoming so large
000,000 of these bonds and indeed it is to insure the success of the operation that it would be dangerous to unload them. Furthermore, the banks
that proposed amount has been reduced from 8500,000,000 to 8200,000,000. have no desire to keep their credit "frozen" for a long period.
Germany has been recently trying to float a loan of about 870,000,000
for posts and railroads and it will be recalled that negotiations had progressed to some degree with American bankers. Germany was discouraged Charter of Bank for International Settlements is Probby England and France from making this loan prior to the conclusion of
lem—Bankers Seek Swiss Law Not Subject to
the Young plan negotiations, and it is now reported that if Germany
Referendum.
subscribes one-fourth of the proposed initial reparations mobilization loan
French bankers will make the posts and railroads loan to Germany instead
From the New York "Times" of Jan. 4, we take the followof American bankers and on terms said to be more favorable than those
ing:
offered by New York financial houses.
Due to the large credits held abroad by the Bank of France, this loan
The task remaining before the experts who drew up the trust agreement
could be made to Germany without diminishing the gold held in Paris. and plans for the Bank for International Settlements consists of selecting a
In correlation with this suggestion it is to be borne in mind that the French building for the institution and fitting it up properly, obtaining a complete
foresee a subscription to their share of the mobilization loan in French Personnel,from the head of the bank to the uniformed concierge, and prorentes, which would mean shifting from the French to the German budget viding for the final transfer of the reparations problem from the hands in
a_clebt service equal in amount to that so subscribed.
Which it was placed by the Dawes plan to the institution set up under the
Young plan.
A Question Solved.
It is to undertake this task that Jackson E. Reynolds, President of the
It is interesting to note that the much-discussed point as to whether or First National Bank of New York,and Melvin E. Traylor, President of the
not a Federal law would be necessary in the United States to permit a bank First National Bank of Chicago, are sailing to-day on the Berengaria.
with an international character to do business in America has apparently Where the Committee will meet is not yet known, even to Mr. Reynolds
been solved by a decision that the world bank will have a Swiss rather than and Mr.Traylor. Possibly its work will be conducted at The Hague,where
an international personality. The question still remains as to whether the the delegates ofthe European powers are now meeting to pass upon the plans
Bank will be able to obtain in the United States certain legal benefits that drawn up by the American experts and their associates at Baden-Baden last
it will enjoy in the countries which participated officially in framing the fall.
Young plan.
How soon the bank will be ready for operation remains uncertain. A
The treasury officials working here have made some changes in the Bank number of factors will prevent the bank from beginning business before
plan drafted at Baden-Baden by the financial experts. These alterations, several months have passed. The problem of assembling the personnel and
which number 11, are said to be minor, but inasmuch as they are now obtaining the equipment will take time. It is not known whether the
secret It is difficult to say whether every one will agree that their result will various governments involved will give their approval to the plans for the
be of a minor character. It is admitted that a good many details regard- bank without requiring amendments.
ing the Bank remain to be adjusted, which causes doubt that The Hague
In addition, time will be required to obtain the type of charter from the
conference will be able to complete its labors next week.
Swiss Government which the bank requires. According to the Swiss law,
In conversations both this morning and this afternoon the chiefs of the treaties may be passed upon by popular vote and may be terminated,if the
delegations made but small progress on the issues of sanctions and a mora- People so wish, after 15 years. It is desired to obtain for the International
ratorium. There is a suspicion that the Germans think they may benefit Bank a perpetual charter, which will enable it to continue its work even
by dilatory tactics, considering the desire of the French Premier, Andre after the reparations problem has been settled.
Tardieu, to complete the work here prior to his departure for the London
Mr. Traylor declined to make any statement regarding the possibility of
Naval Arms Conference.
his heading the International Bank on his arrival here from Chicago
During the talks to-day Philip Snowden, the British Chancellor of the Yesterday.
Exchequer, was said to have complained strongly against the attitude of
The departure for Europe of Messrs. Reynolds and
the Germans, whom he accused of unnecessarily causing difficulties of detail.
Traylor was noted in our issue of Jan. 4, page 42.
Jackson E. Reynolds Said to Have Declined Presidency
Berlin Halts City Works—Reported as Suspending
of Bank for International Settlements.
Construction of 30 Buildings in Financial Crisis.
That difficulties will be faced in the selection of a PresiFrom the New York "Times" of Jan.5 we take the followdent of the proposed Bank for International Settlements
ing Berlin advices Jan. 4:
was indicated in informed circles on Jan. 6, said the New
York "Journal of Commerce," which went on to say:
In accordance with the new slogan, "Savings First," Berlin's Municipal
Council decided to-day to interrupt the construction of 30 public buildings,
Jackson E. Reynolds, President of the First National Bank, who left for which include hospitals, school-houses, public baths and libraries. These
The Hague conference on Saturday with Melvin E. Traylor of the First 30 buildings are, however, less than a third of the number of construction
National Bank of Chicago, is understood to be desired abroad. He de- projects for 1930, including several new exhibition halls, administrative
dared on sailing that he would refuse the position. It was stated that Mr. buildings, airplane hangars and new subway lines. Buildings which are
Traylor would prefer to remain in America. Thomas W. Lamont and nearly completed will be finished.
That this vigorous measure was decided upon despite the fact that private
Owen D. Young, who took part last spring in the drafting of initial plans
for the payment of German reparations, it was stated, would not accept contractors threaten to sue the city for damages illustrates Berlin's financial
crisis. The press terms it an act of despair and says Berlin will not be able
the post.
It was indicated that an American is desired to head the bank. The to overcome the crisis without financial assistance from Prussia and the
post would be one of extreme importance and would carry with it great Reich. It is emphasized that the number of unemployed will be greatly
Prestige. The difficulty will be to find a banker of sufficient authority increased.
to fill it who will agree to remain abroad.
The reports from The Hague yesterday that Dr. Julius Curtius, the Swiss Loss in Slump Put at $80,250,200—Trusts Largest
German Foreign Minister, had declared that American bankers will refuse
Losers from Oct. 15 to Nov. 30 in Wall Street Drop,
to guarantee the successful sale of reparations bonds if a military contrcversy is raised at The Hague conference found no confirmation in loca
Geneva Reports.
banking circles yesterday.
Geneva advices Jan.5 were reported as follows in the New
According to the dispatches from abroad, Dr. Curtius had declared that
a consortium of American banks, including the firm of J. P. Morgan & Co., York "Times" of Jan. 6:
the First National Bank of New York and the First National Bank of ChiThe official financial figures published here yesterday show that the losses
cago had so decreed.
resulting from the recent slump in Wall Street were even heavier in Switzer-
214
FINANCIAL CHIMNICLE
land than was at first estimated. The report says that from Oct. 15 to
Nov. 30 the losses on the Swiss stock exchanges amount to $80,250,200 in
transactions totaling nearly $1,000,000,000.
The principal losers were Swiss trusts connected directly with New York
and Chicago. Financial houses follow the trusts, while commercial banks,
Insurance companies and the hotel business were the least hard hit, though
they lost nearly $250,000 during the six weeks of the depression. American
financiers are much interested in Swiss hotels, which have usually paid fair
dividends since the war.
The report adds that the losses are likely to show further increases when
the final yearly account is compiled at the end of January. The Swiss
hope, however, that American visitors to Switzerland will increase next
summer, as they are considered the "best spenders."
[VOL. 130.
The situation has placed the Nationalist Government in a difficult
position in meeting foreign loan obligations. Payments of these require a
huge portion of the funds originally allotted to domestic uses in order to
offset unfavorable exchange.
T. V. Soong, Minister of Finance of the Nationalist Government, admitted that the currency situation was "very serious."
He expressed the
belief, however, that the crisis would be surmounted, adding "If China can
enjoy peace,allowing trade to flourish,the dollar crisis will disappear. But
if more wars eventuate the financial future is obscure."
It is generxly considered that the only lasting solution of this crisis will
be for China to establish gold as the currency standard. This is considered
impossible at present.
Shanghai Raises Prices as Silver Exchange Falls—
Import Trade Is Paralyzed—Banks Aiding
Removal by Japan of Gold Embargo.
Merchants.
columns, Japan will
As we have already indicated in these
The New York "Herald Tribune" of Jan. 9 pubished the
to-day (Jan. 11) return to a gold basis, the embargo against
Shanghai cablegram Jan. 8 (copyright):
gold being removed as of to-day. Associated Press advices following
A price-raising schedule affecting all major imported products, such as
from Tokio yesterday (Jan. 10) had the following to say in foodstuffs, clothing materials and other imported necessities, was adopted
to-day by Shanghai importers and local merchants as a result of the meteoric
the matter:
Removal of the Japanese gold embargo to-morrow finds Japan confident
of success of the venture. Japan has the highest gold cover for currency94%—of any major country in the world. The Bank of Japan has metal
reserves of 1,073,000,000 yen against a note issue of 1,155,000,000 yen.
In addition 304,000,000 yen in specie credits held abroad and 100,000,000
yen credit in New York and London provide total protection equal to
128% ofoutstanding Bank of Japan notes,or 111% of the Empire's currency
which includes Formosan, Korean and fractional notes.
A statement of Finance Minister Inouye says the Well Street crash made
the removal of the embargo possible, since reduced world interest rates
resulted and enabled Japan to establish cheap credit with assurance that
its own surplus funds would not migrate and handicap domestic industry
with high money rates.
decline of the silver exchange, which to-day reached a new low level.
The Mexican dollar, normally worth approximately 50 cents in American
money, was quoted to-day at 33%" cents, which is the lowest quotation in
the history of the Shanghai silver exchange.
Importers point out that price-raising is imperative to enable them to
meet foreign obligations, which are quoted on a gold currency basis. Banks
are carrying many merchants who would otherwise face ruin, meeting their
obligations for imported goods contracted for on a gold basis at prices
before the silver exchange slump.
The speculations of the last two days as to a panic prevailing in the silver
market were not noticeable to-day, despite the further drop in the silver
exchange rate.
As a result of the crash in the silver market, Shanghai's import trade is
paralyzed, the merchants fearing to contract for goods on a hold price basis
in case the silver exchange should continue to tobaggan downhill. The
silver crisis is expected soon to affect general living expenses here, resulting
in increased wage scales for firms paying in Shanghai dollars.
References to the removal of the gold embargo appeared
In our issues of Nov. 23, page 3247 and Nov.30, page 3402.
The New York Trust Co. made available yesterday
A cablegram to the New York "Times" from Shanghai
(Jan. 10) an advance copy of a report which it has just Jan. 6 said:
compiled on Japan's return to the gold standard. The
To-day the silver dropped 12 points in the Chinese dollar as against last
in
report will appear later in the month in "The Index" pub- week's closing. One hundred dollars in gold will now purchase $276 in
Shanghai money, but it requires $283 in Shanghai money to buy $100
lished by the New York Trust Co. It states in part:
gold. The banks have tightened up and refused to sell gold on speculative
By Imperial Ordinance promulgated in November, on Jan. 11, Japan accounts, which has brought a panic on the Exchange. All the evening
will remove its embargo on the export of gold and stabilize its currency newspapers predict that several hundred speculators will probably be wiped
once more upon a gold basis. The event, which crowns the financial policy out.
of the present government, is an important one, not alone in its bearing
Many Businesses flailed.
upon the internal affairs of Japan, but in its international significance. It is
Nearly all business is at a standstill. Merchants and importers, having
of particular interest to the United States on account of the immediate
postponed buying gold drafts to remit abroad in the hope of an early rise
financial operations in the American market which are involved and because
in the price of silver, now find settlements are necessary with silver treof the extensive and growing trade relationships between this country
mendously depreciated and involving heavy losses to them. Prices already
and Japan.
are soaring in China to meet the new situation.
Japan's return to the gold standard,to which she had consistently adhered
from 1897 to 1917, has been delayed by a series of extraordinary and
unpredictable national calamities: the severe commodity panic of 1920, the China Debates Abolishing Tad, Adopting Dollar—
earthquake of 1923 which, in addition to its heavy toll of human life,
Eventual Gold Basis Also Discussed—Government's
wrought material damage estimated at a total of some 5,000,000.000 yen,
Loss Set at $5,000,000.
and,finally, the financial upheaval ot 1927.
The following Associated Press account from Nanking
Silver Prices Go to New Low Figure.
Jan. 9 is from the New York "Herald Tribune":
The Government held an emergency meeting to-day to consider measures
The price of silver, both in New York and London, has
dealing with the chaotic situation created by the slump in silver. Accordgone new low figures since our item of a week ago (page 42). ing to the official newspaper, the Government is considering abolition of
From the New York "Times" of Jan.9 we take the following the tael, central China monetary unit, in favor of dollar standards, with
eventual adoption of the gold basis.
regarding the new low records:
The same paper reported the following United Press adFurther weakness in the principal European currencies, a severe slump
in the peseta, a drop in the price of silver to the lowest level on record vices from Shanghai Jan. 9:
A loss to the Chinese Government of $5,000,000 through the decline of
and of the silver currencies of the Far East to the lowest rates in more
than ten years featured the foreign exchange markets yesterday. . . . silver was announced by the Government's financial experts to-day. The
The price of silver dropped to 20 5-16d. an ounce in London and 43He. situation has led to the calling of a special meeting of the political council.
an ounce in New York,showing declines of H and 74, respectively. These
are the lowest prices on record for sliver.
Speculation in Gold Prohibited in China.
The Far Eastern currencies have suffered severely with the fall in silver.
The rupee and the Hongkong dollar and Peking tadl all dropped to the
From the Brooklyn "Daily Eagle" we take the following
lowest prices in more than ten years. The rupee WWI quoted at $0.4831,
Associated Press advices from Nanking Jan. 10:
the Hongkong dollar at $0.3913 and the tael at S0.50.
Declaring that the steady slump in silver and the senational jump in gold
An exception to the downward trend of the Far Eastern currencies was
offered by the Japanese yen, which advanced slightly to close at $0.4912. bars have seriously affected the country's finances the Council of State
to-day decided to prohibit all speculation in gold bars.
An upward movement of the price was indicated on Jan.9, The Council has instructed the Ministry of Finance to prepare adethe figures being those reported in the "Wall Street Journal": quate measures for dealing with the situation.
Handy & Harman quote silver: New York, $0.44U, up H; London,
22 13-16d., up Md.: Mexican dollars, $0.33, up H.
London: Bar silver 20 13-16d., up Hd.; forward, 20Hd., up Hd.: gold
bars, 84s. 113d., unchanged.
Concern in Mexico as Silver Tumbles—Government Aid
Suggested as Producers Talk of Closing All Their
Operations.
From Mexico City Jan. 3 a cablegram to the New York
Fail with Fall in Silver Price.
Several Chinese Banks
"Times" said:
Associated Press advices from Shanghai, Jan. 5, are taken
The gravity of the Mexican silver production crisis was emphasized to-day
as follows from the New York "Herald Tribune":
by Walter Palmer, one of the greatest silver producers in this country and
The Chinese Republic to-day was confronted with an acute financial an achnowledged authority on the industry.
The latest quotations on silver in New York are 46% to 47H cents a
problem in the form of depreciated currency as a result of the steady decline
In the value of the Chinese silver Mexican dollar, in addition to the grave Troy ounce, which are considered disastrously low from tho viewpoint of
been struggling.
operators in Mexico.
political uncertainty with which China has
This dollar is now worth only 38 cents gold, as compared with 49 cents a
Questioned as to the basic causes of this condition, which affects world
Year ago. Bankers and financial experts predict that its value will slump finance, for Mexico has produced an average in recent years of 100,000,000
ounces of silver, Mr.Palmer said:
as far as 30 cents gold, possibly further.
As a result of this currency decline, which has been unprecedented in the
"The basis of the present crisis is a total lack of use of silver for money
last quarter century, merchants, especially importers, both foreign and purposes. China, duo to her internal wars, has thrown mountains of silver
Chinese, have felt much hardship due to their commitments being payable Into the market and India is buying only small quantities. Practically all
in gold. Numerous importers are refusing to accept shipments. This of the principal nations of the world have gone on a gold basis, so that silver
refusal has placed many Chinese banks in a difficult position and failures remains without support.
"The only real consumption of silver at the present moment is found in
are predicted.
A dispatch from Peiping stated that five Chinese banks there have failed some 60,000,000 ounces per annum used in cinema enterprises for making
films. And in that industry all discarded films are subjected to a treatand that ten others were tottering.
The decline of tho value of the silver dollar also has resulted in a sharp up- ment whereby about 80% of the silver in them is retrieved, so that the real
of general prices. Sellers are seeking to recoup losses consumption of silver employed works out at around one-fifth or say.
ward movement
12,000,000 ounces.
which are mounting as the dollar declines.
JAN. 11 1930.]
FINANCIAL CHRONICLE
"The only remedy I can see," said Mr.Palmer,"is for Mexico to give her
silver industry what might be called artificial respiration by coining a
certain proportion of its annual production, large enough to enable the
mining operators to pay mining wages. In other words, putting into effect
a law similar to the Pittman act which was enforced in the United States for
a similar transitory period, and in the meantime endeavor to get the cooperation of Canada and the United States and some European countries
to make a more extensive use of silver."
• Associated Press accounts from Mexico City Jan. 3 stated:
215
The peseta to-day touched 7.71, the lowest in many years, fluctuating
up and down so rapidly that bankers had to telephone constantly to follow
its movements. Some bankers attributed the fall to lack of confidence in
Finance Minister Setelo and to the political situation. Others denied these
factors were responsible.
Living prices have not been affected by the decline during the last two
weeks, but importers complain of a slowing up of trade. "La Nacion,"
regarded as the Government newspaper, says the newspaper Infermacione's poll to determine who can succeed Primo de Rivera as dictator
shows so far only the names of the old politicians, who made necessary the
dictatorship,and predicts ironically "the old politicians will have to dissolve
the nation or import leaders."
The slump in prices of bar silver in New York and other world markets
was said by Jenaro Gracia Crave, President of the National Mining Chamber, to-day to have brought Mexico to a grave crisis, with several mines in
silver-producing regions already laying off men. He predicted that 7,000
It was noted in the New York "Sun" last night in its surminers would be without work within three months if quotations do not
vey of the money market that the peseta recovered briskly
improve.
Bartolomeo Vargas Lugo, Governor of the State of Hidalgo, came to the yesterday (Jan.
10) to 133i cents up about 1 cent from its
capital to confer with President Emilio Portes Gil on means of meeting the
crisis in that State, where he feared it might seriously embarrass the finances recent low. The same paper said:
It is reported that the subscriptions to the recent internal loan, which
of the State Government since its greatest income is derived from silver
were asked for in foreign currencies or drafts on foreign banks, met with
mining activities.
Other States principally affected by the silver slump are Guanajuato, favor chiefly at home and did not, as intended, draw many subscriptions
from Spaniards resident abroad, thereby defeating one of the purposes of
Jalisco and Zacatecas.
the loan, which was to place the Government in control of sufficient foreign
exchange to pay off foreign stabilization credits. This, of course, made
Senator Pittman Suggests Embargo on Importation of necessary substantial purchases of foreign exchange.
Silver.
Associated Press dispatches from Washington yesterday Province of Buenos Aires Borrows
$4,000,000 in
(Jan. 10) stated:
External 047 Gold Note Sold.
0
U. S.—
Senator Pittman (Dem.), Nevada. in a statement placed in the Congressional Record to-day expressed the view that the price of silver presented a
question of international concern and in his opinion the one remedy for the
situation would be an embargo on the importation of silver except for reduction, refining and export purposes.
Senator Pittman also offered to
-day his amendment to the tariff bill providing a duty of 30 cents an ounce on silver, now free of duty. "If this is
adopted," he said, "the dumping of foreign silver into the United States
will be retarded."
Announcement was made on Jan. 7 that the First National
Bank of Boston had purchased a six months' external note
of the Province of Buenos Aires for $4,000,000 bearing interest at the rate of6% per annum. The note is dated Jan.
1, will mature on June 30 1930 and is callable at par and
accrued interest upon 15 days notice by the Province. A
group of bankers headed by The First National Old Colony
Spanish Peseta Rallies After Dropping to New Low Corp. and including Harris, Forbes & Co., and Continental
Illinois Co., offered certificates of participation in this exMark.
ternal note of the Province.
Low levels were reached by the Spanish peseta this week,
As head of the syndicate offering certificates of participawhich, however, rallied on Jan. 9, as is indicated in the foltion, The First National Old Colony Corp. reported Jan. 8
lowing cablegram on that date from Madrid to the New
that the entire amount of this loan had been sold within a
York "Times":
few hours after the opening of the subscription books.
The peseta dropped again to-day, as uneasiness grew, but it rallied a bit
Cable advices received by The First National Old Colony
at the close of the market. It is down approximately 55% from par, which
is 6.16 to the dollar.
Corp. from its Buenos Aires representatives this week are
The fact that it is felt abroad that Spain must have gold to meet her
debts made it practically impossible to buy foreign currency. It Is known said to show that the revenues of the Province for the first
that part of the 350.000,000-peseta interior gold loan due on Sept. 22 is ten months of the present fiscal year, namely, up to Dec. 31
unpaid, and another 40% instalment will be due on Jan. 25, making foreign 1929, are 20% ahead
of the revenues for the same period a
gold dear, a shortage of E2,000 at one time being able to affect exchange
year ago. The Province has purchased over $120,000 of its
to the extent of .10.
All bank notes are issued by the Bank of Spain, and as the metallic 6% bonds of 1961 for redemption on the next interest date.
guaranty is 60%, it is felt generally that the exchange quotation is much The
funds for this amortization are derived from the surplus
too low.
It is known that Finance Minister CaIvo Sotelo feels that the crisis is of revenues over expenditures for the fiscal year 1928-29,
a personal attack, believing political enemies from the old regime are and are over and above the regular amortization
funds of
starting wild rumors in the streets and cafes and exaggerating the political
the Province.
situation to be picked up by newspapers and sent abroad. Talk of Senor
The syndicate also announces receipt of advices from
Sotelo's resignation continues.
It is understood there will be no immediate shipments of gold abroad, Senor Francisco Ratto, Minister of Finance of
the Province,
but the government has 100.000,000 pesetas in gold from past customs
stating in part:
collections in the Dank of Spain, and is necessary, it is understood,
this is
The revenues of the Province continue to reflect the constant improveto be used in paying part of the debts, the rest to come from further customs
collections. It is hoped the pesetas will rally, but in the unlikely event ment in its financial status that has been manifest for the last four years.
that it fails to 10.25 to the dollar, it is believed the government will go to For the fiscal year 1927 the revenues collected amounted to $48.995.000:
for 1928 to 354,531,000. Actual receipts of the Province for the nine
the length of exporting whatever gold is necessary to better the currency.
Premier Primo de Rivera, in describing the peseta situation to-night, months ended Nov. 30 1929 amount to $49,790,000. The fiscal year 1927
said: "I have read in recent days innumerable technical reports in which all showed a deficit of $1,993,000 and the fiscal year 1928 closed with a suragree that the condition of the peseta is the result of speculation, a banking plus of $443,000. Based on experience of other years. the indicated
manoeuvre." Despite the lowering of value to-day, the Premier added that revenues for the current fiscal year will exceed the budget estimate of
expenditures.
the banking operations to-day were more favorable.
The total funded indebtedness of the
Including this issue,
On the previous day (Jan. 8) the "Times" reported the amounts to $264,340,000 and the assessedProvince, privately owned real
value of
estate is in excess of 55.000,000.000.
following from Madrid:
All conversions of Argentine pesos into United States dollars have been
As a result of a further startling decline of the peseta, which to-day
reached the lowest level since the colonial disasters of 1898, the Government made at par of exchange.
issued a long communique which leaves the situation no better than before.
Business leaders are nonplussed at the crash, but the Government
blames
the adverse trade balance and regrets the interference of foreign banks Argentina Moves to Relieve Tight Money Conditions—.
on the money market.
Bank of Nation Delivers Gold to Conversion Office
After announcing that the dictatorship will relinquish its hold soon,
on Getting London Loan.
the Government states that it will do nothing to check the decline in
the
exchange value of the peseta.
The following United Press cablegram Jan.8 from Buenos
Premier Primo de Rivera issued to-night a call to the Cabinet
Ministers Aires is from the New York
"Herald Tribune:"
to a special council on Saturday to discuss means of checking the decline
of the peseta. As many Ministers are out of town, including
Delivery by the Bank of the Nation to the gold conversion office of gold
Finance
totaling 7,743,000 gold pesos for release of more than 17,500.000
Minister CaIvo &tele, the meeting could not be held to-day.
paper
pesos for circulation from the conversion office
GovernAssociated Press advices the same date (Jan. 8) from ment's first effective step to relieve the tight moneyconstitutes the has been
situation which
threatening the crop movement and Government credit during the last few
Madrid stated:
months. Deposit of the gold, made to-day, is expected to react strongly
renewed sharp slump in the exchange value of the peseta to
The
-day toward overcoming the disturbing conditions which arose from closure
of
caused a sensation in trade and industrial circles. Some banks refused to
the conversion office in mid-December against export of gold, and is
also
transact business in pesetas because of the irregularity of quotations.
The expected to eventually tide the country over the present seasonal
money
peseta was quoted yesterday at a low of 13.2 cents, United States currency,
crisis.
and to-day dropped to 12.5 cents or lower in various cities, including
The Bank of the Nation's delivery was made from its own permanent
reMadrid. Its par value is 19.3 cents.
serve fund, which must be maintained at 30,000,000 gold pesos
for the purThe Government issued statements counseling calm because of its belief
pose of purchase of foreign exchange for the Government. The Bank
the drop was temporary. Premier Primo de Rivera,in a birthday interview, able to
was
deliver the gold only after it had been advised
of the deposit in
expressed surprise at the drop, but was optimistic on the future of Spanish
London of part of the proceeds from the sale of Argentine
treasury bills
exchange. The Government expressed the opinion that more harm was
under the /5,000,000 (525.000,000) loan recently contracted
with the
being done by the confusion of the moment than by the actual depreciation.
English bankers Baring Brothers, Morgan & Grenfell.
It was pointed out that the reduction in buying of everything excepting
Although the present 17.500,000 paper pesos in additional
necessities from abroad which might be expected to fellow might result
currency is not
in a regarded as sufficient to relieve the economic situation
completely, it is
favorable trade balance.
believed that it will temporarily alleviate financial stringency.
The Bank
We likewise quote from the "Times" the following from of the Nation, by similar means, could conceivably devote the entire proceeds of the sterling loan of more than 23.000,000 gold
pesos, thereby reMadrid Jan. 7:
leasing more than 56,000,000 paper pesos for circulation.
216
[VOL. 130.
FINANCIAL CHRONICLE
Observers recalled that in 1925 release of new circulation totaling less
than 29,000,000 gold pesos relieved an acute seasonal stringency, the money
being retired from circulation after the crop was marketed. This year it is
estimated that 23,000.000 gold pesos would be adequate to relieve the
present situation.
Although the administration has maintained the strictest silence regarding all its plans since the financial problems first appeared it is believed
that to-day's action of the Bank of the Nation is indicative of the course
that will be pursued. Since, with the conversion office closed and no indication of any sizable foreign loan (considered by many the more obvious
means of balancing Argentina's credit), such expansion of currency as
taken to-day is the only means left for bolstering the financial situation.
President Hipolito Irigoyen's December decree authorizing the conversion office to issue new money up to 200,000,000 paper pesos ($84,000,000)
so far has not affected the Bank of the Nation's latest transaction.
The peso exchange continues to reflect the financial uncertainty, in
spite of the fact financial experts are inclined to look on the brighter side of
the situation, and has consistently declined since the Presidential rediscount
decree in early December. Gold pesos, then sold at 106.35 for a dollar,
to-day had declined to 110 for one United States dollar, compared to
yesterday's price of 109.
principal amount of the bonds have been drawn for redemption at par on Feb.1 1930. Bonds so drawn will be redeemed
upon presentation and surrender with subsequent coupons
attached at the head office of the National City Bank of
New York on and after Feb. 1 1930, after which date interest
on the drawn Bonds will cease.
Cauca Valley Revenues.
The Department of Cauca Valley, Colombia, reports to
J. & W. Seligman & Co., fiscal agents for its 73'2% secured
sinking fund bonds, due 1946, that revenues pledged as
security for the bonds amounted in the first ten months
of 1929 to 2,375,906 pesos ($2,312,469 at par of exchange).
This is seven times the service charges on the bonds for
the same period. The pledged revenues consist of the tax
on tobacco,80% of the tax on liquors and 80% of the slaughter house tax.
Argentine Bank of Nation Gets $25,000,000 Negotiated
• in London.
Comparative Figures of Condition of Canadian Banks.
Buenos Aires Associated Press advices Jan. 7 stated:
In the following we compare the condition of the Canadian
The entire loan of nearly 525,000.000 recently negotiated by the govern- banks for Nov. 30 1929 with the figures for Oct. 31 1929
ment with London bankers was placed at the disposal of the Bank of the
and Nov. 30 1928:
Nation to-day to meet all requirements during the present harvest.
in our issues of Dec. 28, STATEMENT OF CONDITION OF THE BANKS OF THE DOMINION OF
Reference to this loan appeared
CANADA.
page 4063 and Jan. 4, page 47.
Assets.
Chile Will Float Debt Plan Loan of $6,000,000—Entire
Amount to Be Paid to Peru in Fulfillment of
Tacna-Arica Treaty.
According to United Press advices Jan. 4 published in
the New York "Herald Tribune" President Carlos Ibanez
has been authorized by Congress to float a $6,000,000
Chilean loan, either external or internal, to be devoted to
fulfullment of the Tacna-Arica treaty with Peru, which
provides for payment to the latter Government of the entire
amount of the loan. It is stated that the President is
authorized to retire the loan at any time by means of a
bond issue.
Panama Institution Liquidating—First National Bank
& Trust Co. Will Pay Full Value for its Shares.
Under date of Jan. 7 the New York "Times" reported the
following from Panama City:
The full amount of their stock subscriptions will be paid to shareholders of
the First National Bank & Trust Co., a Panaman concern, according to
plans for liquidation announced by the local press to-day.
The former President of Panama, Bellsario Porras, who is president of
the bank, and Otto Bell, representing Frederick Deitrich, New York
financier, made the announcement of liquidation at a meeting of the local
shareholders.
According to the Panama American, Mr. Deitrich holds a majority of
the shares. The bank was open for business to-day and ready to pay the
full amount for all shares presented for cancellation.
Republic of Salvador Collections.
According to F. J. Lisman & Co., collections for the
Republic of Salvador for the month of December are as
follows:
1929.
$482,313
December collections
82,957
Service on A and B bonds
399,356
Available for series C bonds
Interest and sinking fund requirements on C bonds- 70,000
7,906,782
Total annual collections
995.484
Total annual service on A and B bonds
6,911,298
Available for series C bonds
Annual interest and sinking fund requirements on
840,000
series C bonds
1928.
$619,340
84,204
535,136
70,000
7.804,118
1.010,448
6,793,670
840,000
Collections for the year 1929, after deducting service
requirements for the period on the A and B bonds, were
equal to over 8.22 times interest and sinking fund require-.
ments on the series C bonds. The banker's representative
collects 100% of the import and export duties, all of which
is available for bond service, if needed, and 70% of which
is specifically pledged for that purpose.
:hirrent gold and subsidiary coin—
In Canada
Elsewhere
Total
Dominion notes—
In Canada
Elsewhere
Total
Nov. 30 1929. Oct. 311929. Nov. 30 1928.
$
46,485.081
51,584,633
$
47,019.022
31,266,004
$
46,650,491
57,618,928
98,069,718
78,285,031
104,269,422
160,474,253
23,231
137,191,720
24,739
150,831,435
21.452
160,497,489
137,216,462
150.852,888
13,388,684
15,232,710
15,852,709
cotes of other banks
17,315,507
29,243,132
22,160,009
Inited States and other foreign currencies
130,764,321 217.116,672 170,736,173
Dheques on other banks
..oans to other banks in Canada, secured, including bills rediscounted_
Deposits made with and balances due
7,801,849
4,706.638
5,268,55C
from other banks In Canada
Due from banks and banking correspond7,602,355
4,675,052
6.632,504
ents In the United Kingdom
Due from banks and banking correspondelsewhere than in Canada and the
ents
87,396.03: 117,323,809
74,095,339
United Kingdom
Dominion Government and Provincial
337,614,674 344,119,372 340,153,114
Government securities
Danadian municipal securities and British, foreign and colonial public securi91,603,774
90,703,211
95,716,588
ties other than Canadian
52,422,246
51,757,558
47.052,383
Railway and other bonds. debs. & stocks
'Dail and short (not exceeding 30 days)
loans in Canada on stocks, debentures,
bonds and other securities of a suf250.158,998 268,336,003 249,832,342
ficient marketable value to cover
281,788,471 252,283,450 276,699,243
Elsewhere than in Canada
loans& discountsin Canada 1,443,075,155 1,473,427,797 1,237,957,932
)ther current
241,318,901 241,866,294 239,325,845
Elsewhere
Loans to the Government of Canada
35,764,389
16,123,281
21,848,747
Loans to Provincial Governments
Loans to cities, towns, municipalities
80,212,388
99,035,773
104,067.669
districts
and school
Ion-current loans, estimated loss pro7,194,366
7,645,759
7,253,651
vided for
5,970,479
5,235,150
5,252,145
teal estate other than bank premises
7,094,937
7,683,563
7,623,443
Vfortgages on real estate sold by the bank
Sank premises at not more than cost.
71,564.155
76,078,944
75,662,787
less amounts (If any) written off
Liabilities of customers under letters of
119,012,957 103,877,421 100,682,781
credit as per contra
Deposit with the Minister of Finance for
6,365,724
6,099,556
6,365,724
the security of note circulation
76,980,866
58,330.866
56.630,866
Deposit in the central gold reserves
10,180,904
9,707,594
9,592,821
;hares of and loans to controlled co's—
)ther assets not included under the fore2,439,337
2,249,575
2,291,542
going heads
Total assets
3,633,955.582 3,710,695.085 3,451,180,196
Liabilities.
187,003,716 185,085,767 186,631,654
;cotes in circulation
3alance due to Dominion Govt. after de71,228,131
34,934,372
86,775,619
ducting adv. for credits, pay-lists, &c..
111,400,000
66,550,000
90,150.000
1dvances under the Finance Act
25,910,990
27,077,697
22,684,946
Ialances due to Provincial Governments
Deposits by the public, payable on de728,877,158 785,768,850 726,222,878
mand in Canada
Deposits by the public, payable after no1,453,060,773 1,470,045,528 1,523,495,911
tice or on a fixed day in Canada
453.597,816 423,146,051 383.331,615
Deposits elsewhere than In Canada
.naus from other banks In Canada
secured. Including bills rediscounted_
Deposits made by and balances due to
16,754,804
24,410,159
13,462,854
other banks In Canada
hie to banks and banking correspond21,776,234
29,261,372
34,501,510
ents in the United Kingdom
Elsewhere than In Canada and the
69,834,867
100,986,426 133,186,792
United Kingdom
17,805,487
13,826,298
13.315,412
Ilils payable
119,012,957 103,877,421 100,682,781
ktters of credit outstanding
2,823,491
4,109,391
4,564,598
heads
Iabilitlea not incl, under foregoing
4,371,497
2,146,672
5,282,899
)1vIdends declared and unpaid
188,011.165 156.178,448 135,990,100
test or reserve fund
142,783,715 142.525,060 122,764,660
%pital paid up
3,619,774,124 3.677,571,172 3,439,881,391
Total liabilities
Tenders Asked for Purchase and Retirement of City
of Cordoba (Argentine) External Bonds of 1927.
White, Weld & Co., as fiscal agents of the City of Cordoba
(Argentine Republic) invited tenders of sufficient of its 7%
External Sinking Fund Gold Bonds of 1927, due August 1
1957, for purchase and retirement at prices below par, exthe cents
clusive of accrued interest, as will exhaust the sum of NOTE.—Owing to the omission ofthe totalsin the official reports, the footings in
given.
the fiscal the above do not exactly agree with
$27,999.78 now held in the sinking fund under
agency agreement. Tenders were required to be delivered
Australia Gets $25,000,000 Abroad—Issue of Treasury
to fiscal agents on or before Jan. 10 1930.
Bills Floated in London—Heavy Conversions a
Problem.
Bonds of Kingdom of Norway Drawn for Redemption.
The following Sydney (Australia) advices appeared in the
The National City Bank of New York, as fiscal'agent, has
"Wall Street Journal" of Jan. 2:
notified holders of Kingdom of Norway 20
-year 6% external
Australian Loan Council has raised a second Issue of $25,000,000 Treasury
oan sinking fund gold bonds, due Aug.1 1944, that $525,000 bills in London, maturing June 30 1930. The bills were discounted at
JAN. 11 1930.]
FINANCIAL CHRONICLE
217
"The farmer wantq equality with industry, and he is entitled to it.
an average rate of 5%%,the effective rate of interest being slightly more
The Agricultural Marketing Act was passed by Congress for the purpose
than 5%.
The previous issue of $25,000,000 was issued in London by the prede- of giving it to him, but economic laws can not be done away with in the
cessor Government in September, with a currency of 12 months. These process, and one of the things which can not be done is to put 100 bushels
-bushel hole, and if you do not reduce the production to
bills were discounted at an average rate of a fraction over 65.1%, the of wheat in a 75
the size of the hole or enlarge the hole it will not be long before you will
effective rate of interest being slightly over 63i %.
Latest issue of Treasury bills will not be used for ordinary loan require- have more wheat than you will know what to do with. What does indusments, but, as with the previous issue, to relieve immediate requirements try do
It does just that—it regulates production to meet the buying
In London of both the Commonwealth and States, including liquidation demand, and sells to the demand as the demand will take it at a profitable
overdrafts, which are still large.
price, and at the same time tries to stimulate and enlarge the demand.
of
Subscriptions to the $50,000,000 Australian loan came in steadily.
"The American farmer is a manufacturer; his plant is his farm and
During the first week the daily public subscriptions averaged $500.000 some plants are better equipped with fertile land and are more efficiently
and for the second week $1,000.000. In addition, two insurance com- managed than others, and if the American farmer wants to derive the
panies subscribed $3.250,000 between them.
fullest benefit from this legislation it is going to be up to him to operate
his farm in the most up-to-date and efficient manner.
Heavy Conversions Problem.
"From the best information that I can obtain, the wheat farmers of
One problem which both the Commonwealth and States have to face this country are producing about 20% more wheat than is used in the
(luring the year 1930, apart from new borrowings, is the heavy conversions domestic trade, which makes it necessary for the 20% to be sold on the
-of loans which mature during the 12 months. The Commonwealth requires basis of the world's price, and it is my opinion that if you farmers, growing
funds to convert or redeem $357,085,000 6% loans, of which approximately wheat, would reduce your acreage 20%, you would sell the production of
$51,525,000 represents loans raised by the Commonwealth for the States. your reduced acreage for more money than you are getting for the larger
The first maturity of the Commonwealth (approximately $53,500.000) acreage and production. In other words, regulate your prduction to
is in March and the remainder in December.
meet the demand just as every other business man who is not on the farm
The States must handle maturities totaling $189,385,000, making a is trying to do to-day. * * *
total of Commonwealth and States maturities combined of $546,470,000.
"There has been a big change in the sentiment of the entire country in
All this represents maturities in Australia except a Queensland 334% the past six or eight years in relation to co-operative marketing and this
London loan of $18,908,500.
applies not only to the farmer himself, but to industry as well. Every
Average rate of Interest for the State loans maturing in Australia is sensible man, whether he is on the farm or in some other line of business,
5.4% and the average for the Commonwealth and States combined, is awakening to the fact that he is either directly or indirectly interested
including the London loan, 5.7%•
in the farmer's rightful proportion of the prosperity of the country, and
Dealing with the loan position in his budget speech, E. G. Theodore most big industrial leaders are now willing to give their time and money,
referred to the fact that owing to the continuation of adverse monetary if necessary, to help bring this about. * * * Co-operative effort on the
conditions in Australia and abroad, the Australian Loan Council had part of the farmer is no different from * * * what has been done in
found it necessary to curtail drastically the public works programs of the industry for many years through the consolidation of capital into corporaCommonwealth and States for the present year. He added: "So far tions. Co-operative marketing for agriculture corresponds in a large
as the market in Australia is concerned, the decline in the prices of our measure to corporations for industry, and neither will succeed unless they
principal primary products, combined with diminished production owing are efficiently and honestly managed, with the determination to ask for
to adverse seasonal conditions in certain parts of Australia, has resulted their produce prices based primarily on the laws of supply and demand
in a considerable reduction of the National income with its inevitable and existing conditions. * * *
effects on the amount of money available for investment in Government
"It is my belief that the farmer's greatest trouble is not so much the
loans. The high rates of interest obtainable in investment markets abroad price level as the fluctuations of price levels from year to year, and one of
also have had the effect of drawing funds from Australia, and in that the main objects of co-operative marketing is to take out the peaks and
manner further depleting our diminished resources.
valleys in a large measure in the prices of farm products over a period of
years, thereby placing the farmer who is a member of the association in a
Hard Hit by Tight Money.
"It is unfortunate that coincident with adverse seasonal conditions and position to regulate production to demand, reducing cost of production.
and enabling him to sell his commodities with a reasonable certainty of
business depression in Australia, financial conditions overseas should
be so stringent. With easier conditions abroad the Loan Council would receiving a living price for it.
"The farmer needs to develop co-operative-mindedness, not only in the
have been justified in raising external loans in order to meet the pressing
requirements of the States and Commonwealth, and, by the increased sale of his product but in his daily contacts with life, because co-operation
in its true sense is one of the fundamentals of life. * * * I wish to cauactivity, contribute to the reduction in unemployment."
In his budget speech Mr. Theodore stated that one of the factors making tion you men to-day, however, that just because you joined a co-operative
for instability of employment was the irregularity of public expenditure marketing association you must not think that all your troubles in the
by central and local governing bodies. The most variable element in handling of your particular commodity are over. You must not forget
this loan expenditure, which tends to grow in times of prosperity and to that when you join an association that the association belongs to you and
you will get from it just what you demand and no more.
diminish in times of depression.
"Any farm organization,rproperly managed, should use every effort to
Mr. Theodore added* "The direct effect of this is to increase the
fluctuations in unemployment, not only through the restriction of em- develop a closer and friendlier relationship * * * with the manufacturer
ployment by public authorities but also by its reactions upon business and processor and the public which buys and consumes the product.
activity in general. Activity in public works should be reduced to a The hardest problem that the Farm Board is up against is to get this mesminimum when other employment is abundant, and should be accelerated sage back to the individual farmer. It is going to be up to him to first
to its greatest capacity when the general industrial situation is stagnant. help himself before the Board can help him. * * *
"I have never believed that the farmer really wanted anybody to give
The present Government will endeavor to work in accordance with this
him anything. All he wants is an equal opportunity and this he is enplan."
titled to, and if it is in the power of the Farm Board to bring this about
under the present legislation, I pledge you now on my own behalf, as well
J. C. Stone of Federal Farm Board Urges Regulation of as on behalf of the other members of the Board, that we will do our best
to accomplish it."
Farm Production to Buying Demand.
Regulation of farm production to buying demand is an
essential part of the Federal Farm Board's program under
the Agricultural Marketing Act, James C. Stone, ViceChairman of the Federal Farm Board said in an address on
Jan. 7 before a general meeting of Nebraska farm organizations at Lincoln. In addition to warning of the dangers of
over-production, Mr. Stone discussed the objectives of the
Farm Board and answered in detail the question uppermost
in the minds of many individual farmers—"What will I have
to do to derive the benefits of this legislation?"
"The first thing he will have to do," Mr. Stone explained,
"is to join a local co-operative association, and if there is
none in his immediate section he will have to organize one
and see that it is organized under the terms of the CapperVolstead Act and the Agricultural Marketing Act. * * *
These local co-operatives should then federate into regional
associations and the regional associations should belong to
the national commodity marketing sales organization. It is
with these national sales associations that the Board expects
to do business." Mr. Stone went on to say:
"As an example of why the Board has adopted this policy I might say
that there are approximately 12,500 co-operative marketing associations
in the United States handling different kinds of farm products, and the
first national sales organization organized was the Farmers National Grain
Corporation. * * * It is the object now of the Farmers,National Grain
Corporation to provide the necessary storage facilities in terminal markets
and sub-terminal markets so that the actual grower of the grain will have
an organization of his own through which he can get all the service that
is necessary in order to merchandise his grain in an orderly way, and feed
it to the demand as the demand can take it at a fair price. * * * Al!
this seems to me to be founded on good sense and good business, and, In
my opinion, will produce results for the farmer.
"Naturally, there will be some opposition to a program of this kind,
because any change in the method of handling a basic agricultural commodity will necessarily, to some extent, hurt the business of some of the
agencies operating under the old system, but I wish to say, in this connection, that it is not the intention of the Board to try to injure anyone's
business. In the natural progress and development of methods of handling
any kind of business those who are not performing a service of value will
necessarily have to vanish from the picture. * * *
Federal Farm Board Warns Cotton Planters Against
Overproduction—Board Cannot Protect Farmers
Who Overplant.
Warning Southern cotton planters against overproduction,
the Federal Farm Board, in a statement issued Jan. 6, says
that "some cotton farmers think that because the Federal
Farm Board has been lending to co-operatives at an average
of 16 cents a pound on the 1929 crop, the Board means to
see to it that the price will be at least that much for the crop
of 1930." "This," says the Board,"is not so." The Board
"cannot protect farmers when they deliberately overplant."
The Board's statement follows:
The time has come for Southern farmers to consider how much cotton
they will plant next spring. Last year's acreage was too large. It was the
largest planted acreage of any year in history, except 1925 and 1926.
Nothing but crop failure in Texas in 1929 prevented a total yield of
16,000,000 bales in the belt. That is more American cotton than the world
will take at a fair price.
A national acre yield equal to that of 1926 and the 1929 acreage would
have produced 17.500,000 bales. A 10% reduction In that acreage with
the 1926 acre yield would return a crop of 15,750,000; with average yields.
13,500.000 bales, and with the lowest yield in the past seven years about
11,250.000 bales.
Large cotton crops sell for less than small ones. Ten million bales In
1923 sold for $1,600,000,000. Eighteen million bales in 1926 sold for less
than $1,000,000,000. That is, farmers picked and ginned 8.000,000 bales
of cotton in 1926, gave them to the world free of charge, and, in effect,
Paid $600,000,000 for the privilege. That is not good business for farmers.
Some cotton farmers think that because the Federal Farm Board has
been lending to co-operatives at an average of 16 cents a pound on middling
ii-inch staple of the 1929 crop, the Board means to see to it that the Price
will be at least that much for the crop of 1930.
This is not so. The Federal Farm Board cannot protect farmers when
they deliberately overplant. What the Board will do to help in marketing
next year's crop will depend upon what farmers do at planting time.
If Southern farmers should raise their own food and feed and,in addition
to that, should raise the food that Southern city people eat, so far as the
climate and soil will let them, there would be small danger of any cotton
surplus at an unprofitable price.
The Federal Farm Board recommends that Southern farmers plant no
cotton next spring until they have first provided acres enough for a reasonable supply of home-raised food and feed. The Board further recommends
218
FINANCIAL CHRONICLE
that no land be planted to cotton which has not produced at least one-third
of a bale per acre on the average of the last five years.
These recommendations, if carried out by Southern farmers, would materially reduce the cotton acreage and help to remove the possibility of a
cotton surplus.
Southern Farmers Repaying Loans, According to F. H.
Daniel, President of Intermediate Credit Bank of
Columbia, S. C.
Farmers of North Carolina, South Carolina, Georgia and
Florida have repaid 85% of $6,000,000 advanced in 1929 by
the Federal Intermediate Credit Bank of Columbia, according to F. H. Daniel, President of that institution, and also
of the Federal Land Bank of Columbia. Columbia, S. C.,
advices Jan. 6, published in the "United States Daily,"
in indicating this added:
Land values, which Mr. Daniel says have been on the downward trend
for the last nine years, have shown an upward trend during the latter half
of the year in a majority of the communities where the bank owns land.
Proof of this statement is shown in an increased demand for lands when a
comparison with 1928 is made. Land sales during 1929 brought to the bank
approximately $1.000,000.
In addition to $6,000,000 advanced to individuals during the year, the
bank extended credit to co-operative marketing associations aggregating
$12,000,000. The major portions of these loans were used for the marketing of cotton.
The Federal Land Bank of Columbia now has outstanding loans totaling
$68.400,535, Mr. Daniel said, and while a number of borrowers have not
kept their loans in current condition, a vast majority have found it possible
to do so "in the face of unusual agricultural conditions."
"Farmers generally," Mr. Daniel says, in his report, "have shown during
1929 a determination to produce crops economically and keep their credit
with this bank and other banking institutions in good standing. Information furnished the bank from 508 national farm loan associations located
throughout the district and the bank's field organization, clearly Indicates
that farmers have confidence in themselves, which goes to make a sound
foundation in agricultural economic conditions."
Mr. Daniels declares that the "slight upward trend" in land values is
"partly explained by the activities of the Federal Farm Board.
"Farmers generally believe, and we think rightfully so,' Mr. Daniel said,
"that the Farm Board will ultimately work out a sound program for aiding
worthy farmers and that a fair price will be received when such a program is
worked out for commodities produced."
Senator Brookhart's Measure to Prohibit "Short Sales"
on Exchanges—Proposal Affects Stock and Agricultural Commodity Markets.
Senator Brookhart (Rep.) of Iowa, on Jan. 6 introduced
three bills, one (S. 2846) prohibiting persons engaged in
"short selling" on the stock and agricultural commodity
markets from using the mails and engaging in foreign and
domestic commerce, another (S. 2847) providing for the
licensing of corporations engaged in foreign or domestic
commerce,and the third (S.2848) providing for the establishment of Federal co-operative banks and a Federal e0-operative reserve system. The "United States Daily" in making
this known said:
The bill prohibiting "short selling" provides that "any person who
makes a sale or an agreement to sell any stock or agricultural commodity
for future delivery in inter-State or foreign commerce, and who at the
time of the sale or agreement to sell does not hold legal title or a beneficiary interest in the stock or agricultural commodity, is guilty of fraud,
and shall be fined not more than $5,000 or imprisoned two years, or both."
Licensing is Provided.
The bill providing for the licensing of corporations states that "on and
after 90 days after the passage of this act no corporation shall engage In
inter-State or foreign commerce without a license from the Federal Trade
Commission." Such license, the bill provides, shall be obtained by filing
with the Commission a statement of capital invested, of all transactions of
the corporation, of gross and net earnings, and of salaries of all managing
officers.
Each corporation shall make an annual report to the Commission, according to the provisions of the bill. It further provides that a maximum of
5% of the capital investment shall be distributed in dividends of the corporation, and that all in excess of 5% shall either be turned into the Government or retained by the corporation for the purpose of expansion of the
business, in which case the corporation shall issue to the Government stock
certificates equal to the amount of excess earnings retained.
Separate Funds Required.
The Treasury of the United States shall maintain a separate fund for each
registered corporation, the bill states, which shall be known as an "excess
profits guarantee fund."
Corporation officials operating in violation of this act, the bill provides,
shall be subject to a fine of 810,000 and 5 years imprisonment, or both.
The bill establishing the Federal co-operative reserve system provides
that "the Federal Farm Board, the Federal co-operative reserve banks and
their member banks shall comprise the Federal co-operative reserve system,
and are hereby vested in the administration of such system with powers
and duties corresponding with those vested in the Federal Reserve Board
or the Comptroller of the Currency and the Federal Reserve banks and
and member banks in the administration of the Federal Reserve System,
under the laws in effect at the time of the passage of this act."
Paul Bestor, Commissioner of Federal Farm Board on
Functions of Federal Land Bank and Intermediate
Credit Banks—Advances of Latter to Co-Operative
Marketing Associations.
In a recent talk over radio station "WRC" Paul Bestor,
Commissioner of the Federal Farm Loan Board, discussed
[VOL. 130.
the functions of the Federal Land Banks and Intermediate
Credit Banks, and had the following to say regarding
advances made by the latter to Co-Operative Marketing
Associations:
According to the last figures available the Intermediate Credit Banks
had made advances to 85 co-operative marketing associations for an amount.
Including renewals, of $453,641,087. The associations served a total
membership of more than 1.250,000 farmers and included the following
commodities: Cotton, wheat, tobacco, wool, rice, raisins, barley, rye,
flax, beans, honey, alfalfa seed, canned fruits and vegetables, prunes, olive
oil and red top seed. The law does not permit the Intermediate Credit
Credit banks to make such loans to co-operative marketing associations in
amounts exceeding 75% of the market value of the commodities securing
the loans.
Commissioner Bestor also had the following to say:
The average interest rate charged by the Federal Land banks during the
first 10 months of 1929 has been only 5.22%, which is the lowest average
rate for any year since 1917, the year in which the system began business,
except for the years 1927 and 1928 when the average rate was a trifle lower.
The present Board has emphasized the fact that these banks were not
created merely to function under good conditions but to operate and serve
the needs of the farmers of the nation during the future, under any and all
conditions and that the actual experience of the banks under proper management operating under the adverse conditions that have existed in agriculture
during the last few years has demonstrated that this can be done.
Of approximately $65,000,000 invested in stock in the Federal Land
banks, the National Farm Loan associations own all but about $300,000,
and they own all of the stock in 10 of the 12 banks. The Federal Land
banks have paid to the National Farm Loan associations In dividends some
$22,000,000, most of which has been passed on to the borrowers who own
the stock in the National Farm Loan associations.
At the present time the total amount of real estate to which the 12
Federal Land banks have title through foreclosure plus the sheriff certificates which they hold, is less than 2% of the gross assets of the institutions. There also seems to be a trend toward improvement in delinquent loans. In almost all sections of the country the banks report
increased sales of real estate over the same period last year. One Land Bank
which had an exceptionally large amount of real estate has sold nearly
82,000,000 worth of farms in 1929 with an average cash payment of more
than 40%.
The Farm Loan System is a permanent part of the financial structure
of this great country of ours. It fills a definite place and need in our National life. It provides the type of loan best suited to the farmer when a
long-time loan is needed for agricultural purposes. It has demonstrated
its soundness. It has eliminated the old problem of refinancing. It has
decreased and stabilized interest rates to an extent that even the framers
of the Act could scarcely have believed possible. It has become the modern
method of financing a farm.
It is the duty and the firm purpose of the Farm Loan Board to see that
the management of the banks and of the National farm loan associations
and the supervision by the Board be such as to insure the permanence of
the system for the future service of American agriculture.
Intermediate Credit.
So in 1923 the Congress of the United States took another step in furnishing permanent financial machinery for the agricultural interests of the
country by the passage of the Agricultural Credits Act, which provided
for the establishment of twelve Federal Intermediate credit banks under
the management of the officers and directors of the Federal Land Banks
serving ex officio. Each of these institutions was provided with an authorized capital of $5,000,000 and granted the privilege of selling tax exempt
debentures up to ten times its paid-up capital and surplus.
As the name implies, these banks were to furnish the farmers of the
country with a type of credit which was not at that time available to a dePendable extent. The law provides that loans may be made for periods
of from six months to three years which, of course, is more than the commercial banks could guarantee, especially in view of the fact that Federal
Reserve Banks cannot discount agricultural paper having a maturity of
more than nine months.
The banks were given two functions: One was to make advances to cooperative marketing associations based upon warehouse receipts on agricultural commodities, and the other was to discount agricultural paper for
agricultural credit corporations, for banks—both State and National—
for livestock loan companies, and for other specified financial institutions.
No loans may be made direct to individuals.
I have already mentioned the fact that the Intermediate Credit Banks
may also discount paper for agricultural credit corporations and other
financing institutions where the proceeds of the notes have been used In the
first Instance for an agricultural purpose or for the breeding, fattening or
marketing of livestock, and the notes must have a maturity at the time of
discount of not less than six months nor more than three years. Total
discounts from organization to the present time have been $402,149,836
including renewals of $129,774.804. Of the institutions discounting paper
with the Intermediate Credit Banks, 378 were agricultural credit corporations; 90 were livestock loan companies; 150 were State banks, and there
were 24 others. Outstanding loans and discounts as of October 31 1829
were $105,099,701. The grand total of loans and discounts of the Federal
Intermediate Credit Banks including'renewals, has been more than 850
millions of dollars The average discount rate for ten months of 1929 was
.
5.73%.
It should be kept in mind that it was the intent of the Congress of the
United States to make these banks permanent institutions. It is the pollcy
of the present Federal Farm Loan Board to do everything possible to maintain that permanency. The investing public is the chief source of the loan
funds of these banks. In order to preserve a market for debentures, it
is essential that the confidence of the public be maintained in the security.
The permanence of the system can only be assured to American agriculture
through the consistent following of safe and sound business policies.
Joint Stock Land Bank Bonds Held Not to Be Obligations of United States Government.
Bonds issued by the Joint Stock Land Banks are instrumentalities of the United States, but like the bonds of the
Federal Farm Loan Banks, they are not obligations of the
United States for Federal tax purposes, according to a ruling
of the Income Tax Unit of the Bureau of Internal Revenue
says the "United States Daily" of Jan. 9, which gives the
ruling as follows:
JAN. 11 1930.1
FINANCIAL CHRONICLE
BUREAU OF INTERNAL REVENUE.
Income Tax 2514.
Memorandum Opinion.
A taxpayer makes the following inquiries with respect to General Counsel's
Memorandum 6872, in which it is held that Federal Farm Loan bonds,
while instrumentalities of the Government, are not obligations of the
United States:
1. Whether Federal Farm Loan bonds are not in fact obligations of the
United States as well as instrumentalities of the Government, and
2. Whether the conclusion reached in General Counsel's Memorandum
6872 applies to Joint Stock Land Bank bonds as well as Federal Farm Loan
bonds.
As to the first question, it is held that Federal Farm Loan bonds, are
execuiRd by the proper officers of the issuing banks and do not purport to
be obligations of the United States. While it is true that the bonds do
state, as is provided by the act of July 17 1916 (39 Statutes at Large 360).
that Federal Farm Loan bonds issued under the provisions of this act shall
be deemed and held to be instrumentalities of the Government, and that
as such they and the income derived therefrom shall be exempt from
Federal, State, municipal, or local taxation, yet, as pointed out in the
memorandum of the general counsel, this does not make such bonds obligations of the United States.
As to the second question, it is held that while the memorandum
mentioned was concerned with Federal Farm Loan bonds only, the conclusions reached therein apply with equal force to Joint Stock Land Bank
bonds issued under authority of the Federal Farm Loan Act.
The ruling under which Federal Farm Loan bonds were
held not to be obligations of the United States Government
was given in our issue of Nov. 2, page, 2745.
219
these authorities in order to back up his argument. The only exception
he could think of was Prof. Edwin A. Kemmerer of Princeton University.
But Prof. 'Kemmerer, he said, made his statement a few years ago and
possibly has changed his mind since.
Deplores Gold Standard.
Little chance of any alleviation of the prospective deflation was seen
by Prof. Fisher as the result of nations abandoning the gold standard.
He said the present attitude of central banks was so rabid on the subject
of maintaining a gold standard as to indicate how little prepared they are
to return to either bimetalism or fiat money. He deplored the tendency
of European nations away from the gold exchange standard in favor of
the strict gold standard. He said that there was a possibility that large
industrial corporations and utilities might do something toward alleviating
the effects of the deflation by increasing the proportion of the common
stock financing in order to decrease their fixed charges. He also mentioned
the possibility of a more wide use of a type of index number bonds such as
he devised someyears ago for the Rand Kardex Co., an issue of which was
outstanding until the absorption of Rand Kardex by Remington Rand.
He said that this use of index numbers might be applied to utility rates
and mentioned the instance of a landlord who charged his tenant on this
basis.
Three Phases Seen.
Interest rates, according to Prof. Fisher, are going to pass through three
phases. In the first place, as a result of the recent stock market crash,
we are going to experience low rates with bond financing predominating.
This will be followed by higher rates caused by a demand for money to
finance new inventions. The third period will again be one of easy money
caused through an abundance of capital.
Prof. Fisher said the general commodity price index was not meaningless in its reference to utility construction costs. The use of such an
index figure has been suggested by various witnesses appearing before the
commission as a means to establish the present value of a utility for ratemaking purposes without resorting to a costly and time-consuming enengineering appraisal. It is incorporated in both the valuation plans submitted by Chairman William A. Prendergast of the Public Service Corn
mission and Dr. John Bauer, a valuation expert.
There is, according to Prof. Fisher, a certain degree of correspondence
existing between the cost of living index and reproduction costs of utility
properties.
Other economists who are scheduled to appear as witnesses before the
Legislative Commission, include Prof. Wesley Clair Mitchell. director of
the National Bureau of Economic Research, and Dr. H. Parker Willis,
editor of The Journal of Commerce.
Price Deflation as Result of Gold Shortage Looked
for by Prof. Irving Fisher of Yale University—
Forecasts Prolonged Depression to Begin in One
or Two Years.
A long, slow, but very great deflation in prices will begin
in one or two years from now, is the opinion of Professor
Irving Fisher of Yale University, said the New York "Journal
of Commerce of Jan. 7, in reporting the appearance in New
York of Prof. Fisher on Jan. 6 before the Special Legislative
.Commission on the Revision of the New York Public Service
Minimizes Gold Crisis Alarm Raised
Commission law to testify as to the feasibility of applying Roger W. Babson
by Irving Fisher.
price index figures in making utility valuations. The paper
The following is from the New York "World" of Jan. 9:
quoted states that in the course of his testimony he was
ComProf.
asked his opinion of future price trends and hazarded what mission Irving Fisher of Yale, testifying before the Joint Legislative years
here Monday, said that the gold shortage in two or three
he termed was a guess as to a coming drastic deflation.
would likely bring a crisis and business panic which would last 20 years.
Incidentally we take the following from the New York The "World" has asked Roger W. Babson, the economist, for comment
on this view.
"World" of Jan. 7:
No discussion of business conditions for the next two or three years can
Dr. Fisher admitted he had made no particular study of public utilities fail to recognize Prof. Irving Fisher's forecast of a few days ago, namely.
and was therefore unable to answer many questions put to him by Col. that we are headed for a major business depression. I would, however.
William J. Donovan concerning utility matters, but what he lacked in like to
know exactly what Prof. Fisher said before commenting thereon
utility information he made up in interest when he predicted a 20
-year
because he has been so optimistic regarding the stock market, and, in his
Panic to begin in about 1932.
forecasts of September, felt that I was absolutely wrong in stating that
the market was due for a severe break.
Calls It A Guess.
Apparently Prof. Fisher feels that it is possible to still have stocks on a
"But don't call it a 'prediction'," he said to The World representative
afterwards, "call it a guess. I have had some unfortunate results from high level with poor business. He probably argues that the depression
would not be severe enough to interfere with the dividends of the standhaving my guesses put out as predictions."
Dr. Fisher referred to his recent advice during the Wall Street crash to ard corporations, and with easier money which accompanies a business desell short in the market, which proved the undoing of some of those who pression, these stocks will be in demand on the basis of their yield.
In other words, Prof. Fisher now apparently forecasts a decline in busifollowed it.
ness with an accompanying improvement in the stock market. It is true
"Journal of Com- that the stock market usually reaches its lowest point in the early portion
Reverting again to the account in the
merce" relative to the views expressed by Prof. Fisher on of a period of depression as shown by the Babson chart for the past twentyfive years, and from this point of view Prof. Fisher and I are in harmony.
Jan. 6, that paper said:
changed his position from
A world shortage in gold is seen by Prof. Fisher as the cause of this prob- It should, however, be recognized that he has
forecast published in
able deflation. The rapid return of European countriss to a gold standard where he stood when he criticised me in my bearish
With the consequent competition for the yellow metal on the part of the The "World" September, 1929. Then he was distinctly bullish on both the
various central banks will, he said, seriously tax the available gold supply stock market and business.
Whether or not the business readjustment which the country is now
and result in a prolonged period of financial and business depression.
Prof. Fisher said that there was of course the possibility that some new entering will be a sharp and short crisis, or will be long drawn out but
gold supply might be discovered or some new process for the production not severe, cannot be foretold at this time,furthermore, I am not expeciallY
of the metal be invented. Either of these events might change the aspect troubled regarding the available supply of gold. Without doubt there is a
of his prophecy, such as the discovery of the cyanid process gave the lie to distinct relation between the available supply of gold and prices, and for
similar prognostications made by economists during the latter part of the this reason I have always been interested in Prof. Fisher's work for the
stabilization of the dollar. I feel, however, that the supply of gold is only
nineteenth century.
one of the many factors which bear upon the business situation.
Gold Flow to United Slates.
Business as a whole Is such a complicated affair that it is very difficult
"The gold flow to the United States during the past few years," he said, to base forecasts on any one contributing factor. The real difficulty with
"has given the Federal Reserve Board an unprecedented opportunity to the situation to-day, as I see it, is not so much the shortage of gold in the
stabilize the wholesale price level. This situation is now changed.
vaults of our great banks but rather the shortage of any kind of money in
"It is altogether possible that within the next few years we will be down the pockets of American consumers. •
to the legal reserve ratio and that a new policy will have to be devised
President Hoover has the right idea that the need of the hour is to keep
unless we are to have deflation."
up the Nation's consuming powers. This can best be done by keeping men
Asked what new policy the Board might resort to, Prof. Fisher said that employed; eliminating waste; developing trade; avoiding Congressional disthe adoption of his plan to stabilize the dollar by reducing the gold content putes, which upset business; and through stimulation of demand by well
of the dollar would probably be effective. He admitted, however, that directed advertising campaigns both national and foreign.
there was very little chance of this being adopted.
Another plan recommended by Prof. Fisher was the proposal made by
the late Prof. Lehfeldt of the University of Johannesberg, South Africa. Norman Lombard of Stable Money Association Declares
The Lehfeldt plan envisages the control of the world gold production by
Hoover Plan to Stabilize Business as Political and
an international agency which would regulate production according to the
equirements of world finance. In the opinion of Prof. Fisher this plan is
Emotional Views of Others on Money Stabilization.
is also unlikely to be adopted due to the spirit of nationalism.
Gold Disarmament.
"Gold disarmament," he said, "is just as difficult of attainment as is
military disarmament. No greater problem exists to-day than a possible
gold shortage. My guess is that there will be a long, slow, but very great
deflation beginning one or two years from now. The decline will bring
prices to well below the pre-war level.
"If we are attended by deflation, the first step will bo to decrease the
gold reserve ratio."
The success of such a step. he said, will depend on how rapidly it is
adopted. He said that there was little chance of pooling reserves on an
international basis.
Prof. Fisher said that his opinion was almost universally held by leading
economists. He offered as an exhibit quotations from recent writings of
At the Institute of Statesmanship of Rollins College
at Winter Park, Fla., on Jan. 7, Norman Lombard of New
York City, Executive Vice-President of the Stable Money
Association, opened the first general morning conference with
a discussion which aroused much controversy according to
a dispatch to the New York "Times," from which the following is also taken:
His views on stabilization of the purchasing power of the dollar were
challenged by economists and editors in the audience.
The "Hoover plan" of reviving business by persuasion and psychological treatment was criticized by Mr. Lombard, who declared that it
failed to provide scientific treatment of the all-important money factor.
220
FINANCIAL CHRONICLE
The plan was bureaucratic in tendency and motivated by a conservative desire to retain the status quo, as well as smacking of politics and
emotionalism in its approach to the problems of business stability, Mr.
Lombard said.
"We must discover what are the causes of fluctuations in the purchasing power of money as a preliminary to considering what can be done
about preventing fluctuations in the general level of prices, he said.
"What is needed is open-minded research in this matter and wide diffusion of the facts discovered. We cannot blame public officials for failure
to use their powers to promote sound and stable conditions unless an informed , public opinion, whose leaders understand the subject, decrees
stability."
Holds Money Affects Price Levels.
"Scientists have come to believe," Mr. Lombard said,"that fluctuations
of price levels are a monetary phenomenon. When price levels rise, the
purchasing power of money falls. When general price levels fall, money
rises in purchasing power. While the causes of price fluctuations in the
purchasing power of money are numerous, one factor is frequently overlooked and that is, the changes in the demand for and the supply of money."
"Economists are almost totally agreed that a reduction in the quantity of money will cause a reduction in the price level, and similarly that
the price level may be made to pursue the even tenor of its way by increasing
or decreasing the volume of money and credit in circulation."
"Prosperity," he added, "which is that condition under which there is
the maximum average of economic well being, that is, the largest average per capita production and consumption of goods and services, can
only come when the level of prices is stable."
Miss Florence Kelly of the National Consumers' League refused to accept
Mr. Lombard's definition of prosperity, which she said "you could no
more define, than you could infinity,"
Accused of Suppressing Facts.
Dean Walter Shepherd of Ohio State University accused Mr. Lombard
of "cleverly suppressing all the facts except those he wished to use to prove
his point."
Victor Rosewater of Philadelphia declared that stabilization of money
was impossible as money depended upon distribution, which was essentially
unstable.
Chaster K. Pugsley of Peekskill, N. Y., spoke briefly to the conference
on the importance of psychological factors in shaping business feeling.
He insisted that economic laws are paramount.
"The Republican party claims to be the party of prosperity," he said,
but the recent stock market crash proved, I think, how much influence
Republicans have on economic laws."
Gustav Cassel Calls Hoover Plan to Maintain Prosperity "Mistake of First Magnitude"—Declares
Capital Shortage Key of Situation.
In its issue of Jan.8 the New York "Journal of Commerce"
reports the following by Prof. Gustav Cassel, under date of
Dec. 29 from Stockholm:
EVoL. 130.
States would increase its export of capital and in consequence the purchasing
power of the outside world for the products of the American export industry.
Such a consummation would free the Government from many worries about
the state of domestic business and at the same time make superfluous its
anxiety, with the help of political authority, to find the foreign markets for
American goods. Such a development would be very welcome to the capital
needy countries of the entire world. As the current state of affairs in the
world now constitutes itself a vigorous outflow of American capital is an
indispensable condition of world prosperity. For this reason one is forced
to look with great anxiety upon Government interference which in
actuality can be counted upon to make impossible an accumulation of
American savings because it stimulates uneconomic undertakingsin America
itself.
The interference of the Government is, therefore, in this instance obviously injurious to business. It would be far better to leave business alone
Industry would in that case surely make use of all savings so far as no specially hampering influence made itself felt. A large American newspaper
has recently assembled a series of statements about the situation from men
of light and leading in American industry. The general impression to be
gained from these statements is that decisions have been reached to proceed
with business as usual independent of the stock market collapse. The need
for enlargement of plant and technical improvements is in most branches of
industry very great. A reading of the symposium of opinion already referred
to certainly does not lead to the impression that there is any lack of opportunity for American capital.
There is in fact in the present situation only one factor that can have
the effect of seriously hampering business and this limiting influence proceeds from a Governmental organization. I refer to the discount policy or
more broadly expressed the limitations imposed by the Federal Reserve
Board upon the volume of currency and credit provided for industry and
trade. This limitation has in recent times been entirely too rigorous. The
cause is not far to seek. The discount policy has been based upon a desire
to control the money market and to curb speculative excesses in the stock
market. Without doubt these efforts indicate a terrible overstepping of the
boundaries that surround the natural duties of a central bank, and overstepping that in the last analysis is to be traced to an ardent desire on the
part of the Government to take unto itself a constantly expanding list of
functions that belong to private business.
Discount Rates.
Since the stock market collapse discount rates have been somewhat reduced, it is true. However, the policy in this regard has been much too
slow and hesitant. The Federal Reserve system has not followed developments with sufficient promptness. It has since last summer maintained
interest rates which were much too high with the result that a decline in
commodity prices has set in, which has now become very threatening to.
general business. So long as prices continue to decline it is obvious that
thoughtful intrepreneurs must shrink from making new commitments. A
continuing downward movement in commodity prices would unavoidably
prevent American business from continuing its heretofore large scale de
velopment. Such a price decline would necessarily spread throughout the
world and result in world-wide economic depression which naturally would
in turn again react upon American business. And this entirely unnecessary
price decline is exclusively the result of a mistaken monetary policy, a
mistake which results from an uninvited intrusion of Government activity
into the sphere of business.
The whole affair is a striking example of what happens when modern
tendencies are not resisted and Governments necessarily are permitted to
interfere in the field of business. The Government thus takes upon itself a
task for which it is not fitted and permits itself as a consequence to fall in
the performance of its own peculiar functions, namely, the management of
the money system. As a result depression ensues which the same Government after the event seeks to remedy through measures which equally lie
outside of its own true field and which can only make the situation worse.
The case is, in fact, only an illustration of a phenomenon which has become
very common in our time. Governed by misconceptions of its genuine
functions the Government greedily grasps each opportunity to interfere in
fields that belong to private business, in order to Turn them for itself. It
then finds itself willingly or unwillingly on the road toward Socialism,
whose aim it is to proceed as fast as possible in this direction.
What the State can do to prevent or to relieve a business depression is a
subject that has often been discussed. First of all it has been contended that
public works ought to be regulated with a view to fluctuations in the business cycle. According to this view the Government ought to undertake
large public works at the moment that the activity of private business
begins to decline. The United States now finds itself in this latter position.
Under the energetic leadership of President Hoover the Government appears to desire to interfere promptly and with vigor to prevent the development of business depression as a consequence of the stock market collapse.
The case can be very instructive for those who wish a general understanding
of the problem. It deserves special attention in view of the fact that Europe
with a fair degree of certainty will become drawn into any depression that
eventually develops in American business and accordingly will find itself
faced with the same difficulties that America .is to-day battling.
The program of the President, which goes under the general name of
"prosperity maintenance," has as its chief aim the stimulation of large
programs of work which, it is hoped, will prevent a feared diminution in
industrial employment. In these endeavors Governmental departments Finds New Practice of Investment Trusts Unsound—
are to co-operate with private business. The President has called into conStock Exchange Spokesman Says Buying of Own
ference representatives of various groups in the business world. The
representatives of the railroads have promised their support at once in the
Shares is Unfavorably Regarded—No Official Rulform of a broad program of improvements in their physical plants.
ing Made.
Apart from certain psychological considerations the program of the PresiThe following is from the New York "Times" of Jan. 10:
dent is to be considered a mistake of the first magnitude. It rests, first,
upon an incorrect conception of the situation as it actually exists, and, secExecutives of investment trusts whose securities have been listed by
ond, upon an exaggerated idea of the ability of the Government in the the New York Stock Exchange since its adoption last June of special
premises. If SUCCESS is attained in creating employment through the in- requirements for the admission of these securities have recently sounded out
stigation of special construction it is perfectly clear that the savings of the the Exchange concerning its attitude toward investment trusts speculating
nation will be thus absorbed and, in consequence, the amount of savings in their own securities, and have received the impression that the Exchange
left for normal enlargement of genuine capital equipment will be decreased. would consider such operations unsound practice, it was learned yesterday.
Governmental interference to enlarge plants and increase industrial equipWhile no official ruling has been made by the Exchange on the subject,
ment might possibly be a reasonable policy if a surplus of savings actually a spokesman for the committee on stock list said yesterday that he had
existed. The Hoover program appears to proceed upon the assumption that notified several investment trusts that in his opinion the committee would
this latter situation actually exists. In his message to Congress the Presi- frown upon speculative activities by a trust in its own securities. Only in
dent announced to the world that American capital had to an unusual cases where investment trust shares were selling below their actual liquidatdegree been employed in stock market speculation and that the collapse of ing value, he said, would the committee countenance operations in which
values in the stock market would free this capital and make it available to an investment trust bought its own stock, he declared.
industry. The Government sees it as its duty accordingly to create employThe attitude of representatives of the committee in this matter is held
ment for this large increase in available capital funds.
to be another indication of the special treatment which the Stock Exchange
process of reasoning is a fallacy. Stock market specula- Is according investment trusts, paralleling its special rulings on oil and
Each step In this
tion as such has never absorbed any capital and can never absorb any. In mining stocks. In discouraging speculation by trusts in their own securiconsequence capital cannot flow from the stock market back into industry. ties, the Exchange is said to be anxious to prevent trusts from setting
Finally there is at the present time little idle capital in America for which artificial values on their own shares through open market purchases which
one has with a special anxiety to find employment.
might result ultimately in a decrease in the net asset value of its shares. In
The American stock market collapse is to be viewed as a return from in- cases, however, where a trust's shares are selling below their liquidating
flated stock prices to normal levels of value. No collapse has occurred in in- value, purchases by the trust of its own stock would result in an immediate
dustry and trade, but only a certain decline in the production of real cap- Increase in the asset value of the shares, provided that the shares were
ital, particularly in the form of dwelling houses. This decline is directly retired by the company. Another advantage of such purchases, representacaused by the fact that current savings have not been sufficient to maintain tives of the Exchange said, was that they provided support for the stock
the production of capital goods on the colossal scale of the past few years. in a declining market.
The essential characteristic of the present situation Is undoubtedly a
Stocks Below Liquidating Value.
marked capital shortage. Is it not unreasonable therefore to undertake large
The attitude of the Exchange to this problem is of interest to Wall
new programs in the belief that these can be paid for with capital that now
lies idle? Every effort in this direction must,especially if it is made by Street now, owing to the fact that many investment trust stocks are
the Government,lead to a squandering of the essentiallyalready inadequate selling several points below their actual liquidating values. Five large
reserves and consequently to a weakening of the entire economic structure. trusts recently have taken advantage of this situation to purchase large
blocks of their shares in the open market and, by retiring the stock acCapital Shortage.
embed, have increased the net asset value of the remaining sharer. Many
That a shortage of capital is the very kernel of the entire present situation small trusts are said to be following a similar policy.
may be seen from the fact that the export of American capital has deNot all of the trusts are in agreement, however, concerning the wisdom
clined sharply. With a rather moderate accumulation of savings the United of those operations, opponents of the trend bolding that they result in a
JAN. 11 1930.1
FINANCIAL CHRONICLE
sharp decrease in a trust's capital and consequently a reduction in the base
also
upon which the company might issue debentures in the future. It is
contended that such operations are outside the field of the investment
trust, which should aim to obtain its Income from investments In a diversified list of securities. Profits accruing from the retirement of stock, it is
held, might be confused by investors with income derived from the company's investments.
Action by Industrials.
While certain industrial companies are prevented by their charters or
by State regulations from purchasing their own stock, other companies are
not hampered in this way, and the Stock Exchange has never sought to
regulate such operations. A few companies are frequently active operators
in their own stocks, with a view to stabilizing the shares, while other companies often make purchases in the open market for the account of employes.
In the case of a group of affiliated investment trusts sponsored by a parent
management company, purchases by the subsidiaries of each other's stock
is said to have been discouraged by a spokesman for the committee on
stock list of the Exchange. The objection to these activities was based
on fear that such purchases might give a fictitious value to the parent company's holdings in the subsidiaries' stock. If the parent company desires.
however, to increase its holdings in the subsidiaries' stock, the Exchange
would not enter an objection, it is believed, provided that the subsidiaries'
shares were selling below the liquidating value.
Since last June, when the Exchange issued stringent rules governing the
listing of investment trust stocks, the shares of a dozen large companies
have been admitted to trading in the Exchange. These trusts have had
to disclose their portfolios and balance sheets, and give detailed Information concerning their structure and management, in accordance with the
rules of the Exchange.
Governing Committee of New York Stock Exchange
Adopts Amendments Increasing Commission Rates
on Bond Transactions.
Amendments to the constitution of the New York Stock
Exchange adopted by the Governing Committee on Jan. 2,
provide for an increase in commission rates on bond transactions. With regard thereto we quote the following from
the "Times" of Jan. 4:
An upward revision in the rates of New York Stock Exchange commissions on bond tracsactions has been approved by the Governing Committee
and is now before the members for ratification. Unless 50% or more of
the members indicate their disapproval within two weeks the increase will
become effective in the form of an amendment to the constitution.
It is proposed to increase the present commission of not less than $2
to $2.50 for every $1,000 par value of bonds "on business for parties not
members of the Exchange, including joint account transactions in which
a non-member is interested, and on transactions for partners not members
of the Exchange.
On business handled for members of the Exchange when a principal
is not given up the commission on every $1,000 par value of bonds will
be not less than $1.25 instead of 80 cents as at present.
On business handled for members of the Exchange when a principal is
given up the commission on every $1.000 par value of bonds will be not
less than 75 cents instead of 50 cents as at present.
Although no explanation of the proposed increase was furnished by the
Exchange, it was said by bond brokers that present commissions are considered inadequate and that a readjustment has been under consideration for some time. The new schedule will mean substantially larger earnings for all firms that deal in bonds, in the opinion of brokers.
Approval of the increase is believed to be assured.
Association of Stock Exchange Firms to Maintain File
Available to Members Covering Unsatisfactory
Experiences with Customers—Outgrowth of Stock
Market Break.
As a result of the break of stock prices in October and
November the Association of Stock Exchange Firms has
established a confidential file in which will be kept information concerning unsatisfactory experience with any of the
customers of brokerage houses, it was learned on Jan. 8,
says the New York "Herald-Tribune" of Jan. 9, in which it
was further stated:
The reason for the establishment of the confidential file arises, it is understood, out of the fact that certain customers failed to live up to established
rules during the break in stock prices and consequently placed various
brokers in unpleasant situations. Stories have been heard of specific cases
in which customers placed orders by telephone with the understanding that
they were to appear with money for the payment of securities.
Coincidental with the continued sharp break in stock these customers
found business elsewhere more pressing and did no appear,leaving a broker
or a customer's man to take a heavy loss through no fault of his own.
Customers who have committed such actions will find that because of the
confidential files of the Association of Stock Exchange firms they will be
unable to do business through houses which are members. Practically all
the important Stock Exchange and brokerage houses are members of the
association.
In a letter dated Jan. 2 members of the Association were notified of the
action of the Board of Governors of the Association, which was taken on
Nov. 21 1929, but which has not hitherto been disclosed. The letter was
as follows:
January 2 1930.
To the Members of the
Association of Stock Exchange Firms.
In Re Confidential Files.
Nov.
The Board of Governors of the Association, at a meeting held of the 21 1929,
office
Secretary
authorized the estballahnlent and maintenance of a file, in the time. be furnished by
of the Association, for such information as may, from time to
members of the Association as to unsatisfactory experiences with any of their customers. The purpose of this file Is to make such Information available to members of
the Association who may seek Information as to the desirability of establishing or
continuing business relations with such parties.
Information contained In the file will be available only to members of this Association and it is tequested that all requests for information, from the file, be made in
Person or in writing.
Your co-operation in furnishing information for the file, which may Drove of
benefit to other members of the Association, will be appreciated.
Very truly yours.
FREDERICK F. LYDEN,
MISecrstary.
221
The officers of the Association are Charles D. Draper, President: William
W. Spaid, vice-President; Jules S. Bache, Treasurer, and Mr. Lydon.
The board of governors consists of Paul Adler, F. Berton Beckwith,
Timothy J. Bresnahan, Allan M. Clement, Louis S. Colwell, George P.
Davis, Reginald E. Heard. Frank R. Hope, J. Chester Hutchinson, Joseph
L. Lilienthal, Donald McL. Miller, Joseph E. Morley, Latham R. Ree,
Arthur G. Somers, and William A. Tall.
Resolutions Commending Force of Stock Clearing
Corporation for Efficient Handling of Clearings
During Stock Market Break.
The managers and employees of the Night Clearing
Branch and of the Day Branch of the Stock Clearing Corp.
were cited on Jan. 7 by the Executive Committee of the
corporation for their "unselfish loyalty and efficiency" and
for the "magnificent results" they obtained in handling the
record volume of clearances on the New York Stock Exchange during the October-November break. Resolutions
commending the personnel of both branches were signed by
the Executive Committee of the Stock Clearing Corp.,
S. F. Streit, President, E. H. H. Simmons, William A.
Greer, R. R. Atterbury, and Richard Whitney.
Opening of New Building of San Francisco Stock
Exchange.
A single stroke of a silver gong officially opened the new
San Francisco Stock Exchange building at 11 o'clock on
Jan 4. The bell was rung when Sidney L. Schwartz, President of the Stock Exchange, pressed a button at the close of a
simple opening ceremony on the new Trading Floor. The
opening day celebration was attended by a thousand or more
men representing the membership of the Stock Exchange, the
banks of the bay region, executives of corporations, State,
Federal and municipal officials. Experts have declared the
new San Francisco Stock Exchange building to be one of the
finest and best equipped structures of its kind in the United
States. Of steel frame and reinforced concrete, it is situated
at the southwest corner of Sansome and Pine Streets in the
heart of the city's financial district. The building represents
an investment of $2,750,000. The site was purchased from
the Federal Government. Where once stood the United
States Sub-Treasury building, the new trading room wing of
the Stock Exchange has risen. Directly behind is the 12
story wing which houses the executive offices and various
departments of the Exchange, and quarters of the San Francisco Stock Exchange Institute, an auxiliary organization
dedicated to education and recreation. An item regarding
the new structure appeared in our issue of Jan. 4, page 51.
Los Angeles Stock Exchange Expels
Frank K. Benchley.
The Board of Governors of the Los Angeles Stock Exchange, Los Angeles, Calif., on Jan. 2 expelled Frank K.
Benchley, a partner in the brokerage firm of Frank Benchley
& Co. of that city for violation of the constitution and bylaws of the Exchange, according to adviees from Los Angeles
"Times" of Jan. 3, which went on to say:
This suspension marks the second similar action that has been taken by
Governors of the Los Angeles Stock Exchange since the collapse of security
prices last October.
Securities Trading on New York Produce Exchange
in December Largest for any Month Since Inauguration of Its Securities Market.
It is announced that the December 1929 sales in the
securities market on the New York Produce Exchange were
the largest monthly sales since the opening of this exchange
a little more than a year ago, totaling 2,864,333 shares, as
compared with a previous monthly record of 2,708,220
shares in October 1929.
Principal Effect of Decline in Stock Market is Elimination of So-Called "Bootleg" Loans, Says National
City Bank—Neutralizing Influence of Federal Reserve Banks Noted in Offsetting Gold Loss.
In its monthly circular (for January) the National City
Bank of New York, discussing "Money and Banking" conditions observes that "it is clear that the principal effect of
the decline in the stock market has been to eliminate from
the credit structure, a large part of the huge total of socalled 'bootleg' or non-banking loans built up during the
period of high money rates." The Bank goes on to say:
Just as the enormous expansion of brokers'loans occurred largely outside
the banking system,so the deflation has occurred in the same quarter,and In
neither the rise nor the subsequent fall have the banking figures been correspondingly affected (except temporarily, when during the height of the crash
222
FINANCIAL CHRONICLE
New York banks were compelled to take over loans called by "others"
and carry them for several weeks pending their final liquidation).
Hence it is not surprising that despite the record breaking liquidation
in the stock market the volume of bank credit remains about where it was
before the crash. On Dec. 18 total security loans of the weekly reporting
member banks throughout the country, while substantially below the peak
reached during the crisis, were only slightly below the level on Oct. 23,
and total loans and investments of all classes were a shade higher than on
the previous date. That this is the case does not necessarily imply that
the liquidation of credit has been inadequate, for it is in terms of all loans,
and not bank loans alone, that the entire credit structure must be judged.
The National City in its circular likewise comments on
the influence of Reserve Bank operations and it notes that
the Reserve Banks "have the power to neutralize the effects
of gold exports by the purchase of Government securities
and acceptances in the open market"; it adds that "during
the past two months we have seen these neutralizing influences at work, and there is no doubt but that the Reserve
Banks will continue to offset the gold loss so long as the
task does not become too great." The comments of the
National City follow:
[VOL. 130.
voted a reduction in the stamp tax on foreign securities, and also the removal of the tax on foreign exchange operations, the latter action being
to encourage the Paris acceptance market. In both cases an effect should
be to facilitate an outflow of French capital, thus tending to offset incoming credits.
Stock Accumulations of Banking Pool.
From the New York "Times" of Jan. 7 we take the
following:
The Consortium's Stock.
Although no public statement has been made by the banking consortium
which provided buying orders for stocks below the market during the
October-November slump—possibly none ever will be made—Wall Street
is full of figures and calculations on what the bankers bought to stop the
decline and what they have left to sell. One of the stories going about
the Street is that the consortium still has some 40% of the stocks accumulated during that hectic period and that this stock forms a barrier, temporarily at least, to an extended advance in the market at this time, because
this stock would surely come out for sale should such a condition develop•
On the other hand,it has been known for some time that various big blocks
of stock purchased for the banking account at that time have been assimilated by private sales to wealthy individuals and will not appear for early
sale, no matter what the market does. Many Wall Street friends of the
bankers who formed the consortium have urged its members to make a
detailed statement of just what stocks were purchased and at what prices.
and the disposition of these securities.
Influence of Reserve Bank Operations.
Meantime, the influence of the Reserve banks has continued to be exerted
on the side of easy money. Their holdings of Government securities have
been steadily increased and in the week of Dec. 24 totalled $485,000,000,
which was the largest (excluding Government overdrafts) since Jan. 1928,
Brokers Enjoined After $100,000 Sales—Charles Reade
and marks an increase of nearly $350,000,000 since October.
& Co. Said to Have Marketed at $18 to $21 Stock
Accompanying these increases in Government security holdings, the
Reserve banks resumed in December the purchase of acceptances, interCosting $4.50 a Share.
rupted temporarily in November when the crisis in the stock market
Charles Reade & Co., Inc., brokers, at 516 Fifth Ave.,
caused a shifting of many "Street" loans into bills, with a resultant substantial reduction in Federal reserve bill holdings at that time. During and their officers were temporarily emjoined on Jan. 6 by
the past month the volume of Reserve bank bill holdings was increased
Supreme Court Justice Riegelmann in Brooklyn from furby approximately $100,000,000 bringing the total to $355,000.000, or
ther sales of stocks and securities, according to the New
approaching to where it stood before the November decline.
On account of these purchases of both Government securities and ac- York "Times" of Jan. 7, which reports as follows regarding
ceptances, which put reserve funds into the market, seasonal expansion
of currency requirements and gold exports have been taken care of with a the proceedings:
The temporary injunction was granted on motion of Watson Washburn,
minimum of credit strain, and without the necessity of added borrowing
on the part of the member banks whose rediscounts in the two weeks of Assistant State Attorney-General, head of the State Bureau of Securities,
24 declined to an average of $750,000,000. or the lowest for who alleged that the concern had defrauded investors of mbre than $100,000
Dec. 18 and
through sales of St ck of the Pacific Gas and Utility Corp.
any time this year.
The firm's officers are George Bentley, President; Harold A. Reade,
Gold Movement and the Money Outlook.
Vice-President and Kenneth C. Berry, Secretary-Treasurer. Hearing on
With business showing a recession and stock market credit requirements Mr. Washburn's motion to make the injunction permanent was set for
greatly reduced, prospects are favorable for a further easing of money Jan 9,in the Supreme Court, Brooklyn. l'apers were served on the defendconditions after the first of the year. One factor however, which must ants soon after the order was signed.
needs be taken account of in any forward view of money rates is the heavy
Mr. Washburn set forth in an affidavit that the Pacific Gas & Utility
export of gold which began in November and continued with increasing Corp. had been incorporated in Delaware with authorized capitalization of
volume during December. During the first nine months of the Year the 300,000 shares of no par common stock. Later, he said. Charles Reade &
gold movement was in favor of this country to the extent of approximately Co. made an agreement with Willard Stone & Co. to purchase an unlimited
$218,000,000, due to the constant attraction of the stock market and the supply of this stock at $4.50 a share and that about two weeks after that
high rates for money prevailing therein. Now that the stock market has agreement Willard Stone & Co.,entered into an agreement with Pacific
declined and rates in this country have eased off to lower levels, there has Gas and Utility to buy 116,667 shares of its stock at $2.29 a
share.
been a tendency for funds to flow back to foreign countries, and this moveMr. Washburn said Bentley admitted under oath that his firm had
ment has raised the exchanges to levels which have made gold shipments sold Pacific Gas & Utility stock at $18 and $20 a share,and ,in one instance,
profitable. During the period from Nov. 1 to Dec. 27 the net loss ol at $21. He admitted, also according to Mr. Washburn, that
the only
gold has amounted to approximately $112,000,000, of which $62,400,000 issues sold by his firm were Pacific Gas and Utility and Transport Aircraft
was shipped to France, and $21,024 000 to England, while $16,000.000 Corp. About 1,900 shares of the aircraft stock, he added, had been paid
was earmarked for foreign accounts unnamed. The following table in- for at $7 a share and sold for $15 and $17.
dicates the scope of this movement, as well as the principal countries inMr. Washburn's affidavit charged that the firm had distributed letters
volved:
stating that quick profits could be made in Pacific Gas & Utility and that
Gold Movement.
banking interests were interested in it. Ile alleged that these representaNovember. December.
tions were false.
1929.
1929.
Imports:
Argentina
$2,028,000 $2,067,000
Canada
3,031,000
Stock Market Corner Held Fraud by Appellate Division
Miscellaneous
2,064,000
1,463,000
Total imports
Exports:
England
Germany
France
Poland <lc Danzig
Switzerland
Sweden
Miscellaneous
Total exports
Earmarkbags
Earmarkings & exports
Net gain or loss
$7,123,000
14,500,000
5,010,000
10.007.000
$3,530.000
21,024.000
I.442,000
47,905,000
772.000
5.005.000
1,341.000
515,000
$30,289,000
+ 1,000,000
—29,259,000
—22,166,000
$77,232,000
—16,002,000
—93,234,000
—89,704,000
It is true, of course, that the Federal reserve banks have the power to
neutralize the effects of gold exports by the purchase of Government
securities and acceptances in the open market. During the past two
months we have seen these neutralizing influences at work, and there is
no doubt but that the Reserve banks will continue to offset the gold loss
so long as the task does not become too great.
Insofar as the majority of foreign countries is concerned It may be supposed that as interest rates come down in those markets this in itself will
tend to check the gold flow from the United States. In most of these
countries the sole reason for raising rates during the past year was the
necessity of protecting their gold reserves against the drain to the United
States, and the advances were made reluctantly as representing an unfortunate and (from the internal viewpoint) unwarranted burden upon
the home industries. Now this danger no longer exists, and the promptness with which foreign central banks have reduced their rates suggests
that they are quite as anxious to pass on to their industries the benefits of
cheaper money as they are to accumulate large supplies of gold:
• 4.
*
What makes the gold movement particularly difficult to gauge is uncertainty as to the scope of the demand from France. The fact that that
country has had a 33i% bank rate for nearly two years and yet has steadily
accumulated gold indicates that the movement is not responsive to money
rates. Apparently the true explanation of this power to draw gold lies in
the fact that France, although a creditor nation, is not reinvesting her
accruing balances abroad, with the result that the balance of payments is
running so heavily in her favor as to raise the franc and bring about a constant inflow of gold. Undoubtedly a broader demand in France for foreign
securities would help the situation, but a movement of this sort has been
hampered by taxes upon the sale of foreign securities in the French market
and the tax upon the receipt of interest payments on securities held abroad.
As we go to press word comes from Paris that the French Parliament has
—Decision Given Under Martin Act of New York.
The five Justices of the Appellate Division, Brooklyn, held
unanimously in a case presented in the name of AttorneyGeneral Hamilton Ward, that a corner in the stock market
comprises a fraud. The New York" Journal of Commerce"
of Jan. 8 noted this, adding:
When informed of the decision by telephone at his office in Albany,
Attorney-General Ward said he considered it one of the most important
decisions ever handed down in connection with the State Martin Act.
The effect of this decision will be that when evidence of an attempt to
"corner the market" is obtained the Bureau of Securities and other agencies
will have an immediate case for an injunction and prosecution.
The case which led to the Appellate decision was that of the State against
William Ferris of Scarsdale, N. Y.; William Ferris & Co.. Inc., of 39
Broadway; Jacob L. Mellon of 170 Parkside Ave., Brooklyn; Jacob L.
Mellon & Co., Inc.. of 299 Broadway; Daniel Runkle of 105 East 63d St..
and Daniel Runkle & Co., Inc.
Those concurring in the decision were Justices Lazansky, Rich, Young,
Rapper and Carswell. In so doing they unanimoutly affirmed a recent
decision by Supreme Court Justice Burt J. Humphrey sustaining the
contention of Attorney-General Ward that running a corner in the stock
market was illegal and a fraud under the Martin Act.
Coming Meeting of Governors of Investment Bankers
Association of America at Absecon, N. J., Jan. 24-26
—Stock Market Collapse Viewed as Bringing About
Healthier Investment Philosophy.
Optimism for increased general business activity and improved conditions in the bond market during 1930 is expected
to pervade the discussions at the 68th meeting of the Board
of Governors of the Investment Bankers Association of
America, to be held at the Seaview Golf Club, Absecon,
N. J., Jan. 24 to 26. About 40 officers and Governors,
representing the larger investment centres of the United
States and Canada, will attend. While this meeting will
concern itself largely with matters relating to internal
JAN. 11 19J0.1
FINANCIAL CHRONICLE
affairs of the association, some expression designed to crystallize investment banking opinion bearing on the future
of fixed-interest securities is looked for.
The late stock market collapse, investment bankers point
out, has brought about a healthier investment philosophy,
which is finding expression in a renewed appreciation of
safety of principal and a very marked desire on the part of
erstwhile prodigal investors to return to more conservative
ways. Other factors interpreted optimistically are the
fundamental soundness of investment banking houses, a
predicted period of moderate and stable interest rates, and
the continuing capacity of the general public to invest.
The association adds:
While no one believes that investors will shun equities in the future,
belief is general that this year's investment buying will be better balanced
between stocks and bonds than for some time past, and that fixed-interest
securities will be readily absorbed in a volume sufficient to meet all normal
requirements, provided that offerings are not forced on the market in too
great a volume.
223
new
The Bowery Savings Bank reports the unusual record of 1,394
accounts since January 1, or in six business days. In November the
accounts.
Bowery gained 2,350 new accounts and in December 1.980 new
This is ahead of January 1929.
an upward
The Franklin Society for Home Building and Savings reports
Janswing in December and January of thLs year. This bank's record for
uary so far as been ahead of last year.
that
The Savings Bank Association of the State of New York reports
from Oct. 5 to Dec. 6 savings banks in the State gained 18,505 new depositors. There was a big gain in December.
deposits for
Savings banks have been worried by heavy withdrawals of
two years or more. A great deal of the money was traced to the stock market.
After the crash, for several weeks, withdrawals were heavy while some
came a
depositors withdrew money to buy bargains in the Street. Then
as the
distinct upward swing which bank officials are expecting to increase
year goes on.
A. G. Becker & Co. Find Most Factors Bearing on 1930
Business as Favorable.
A study of the general business situation with due regard
to all elements involved and without giving to fluctuations
in security prices an importance beyond what they deserve
supplies evidence that conditions are not far below the average level of business activity in the last few years, A. G.
Becker & Co. declare in an analysis of the business outlook
for 1930 appearing in the current issue of their investment
bulletin. Reference to the experience of the last eight years
the bulletin notes, discloses two business recessions, the first
in 1924 carrying industrial production down about 18%
and the second in the latter half of 1927 responsible for a
fall of about 12%. The bulletin adds:
Oliver J. Troster Re-elected President of Unlisted
Securities Dealers Association.
Colonel Oliver J. Troster, of Hoit, Rose & Troster, was
re-elected President of the Unlisted Securities Dealers
Association of New York at the annual meeting of the
Association. Other officers elected were: Frank Y. Cannon
of J. K. Rice Jr. & Co., First Vice-President; Charles E.
Doyle, Second Vice-President; J. Roy Prosser, Secretary,
and C. Lester Horn, Treasurer. In addition to these officers
It is generally felt that the maximum decline would be somewhere bethe following were elected Governors of the Association: tween that of 1924 and 1927. Such a decline would still leave total profits
S. W. Lawson of Lawson & Co.; Charles M. Kearns, of well above the dividend disbursements of 1929, thus making it possible
in 1929 without impairing
to pay
Kearns & Williams; Ralph Bristol, Bristol & Willett; Frank for corporationschose tothe same dividends as
do so.
surplus, if they
Charcot, Charcot & Morgan; H. Prescott Wells, Outwater
The bankers recognize the psychological factor as perhaps
& Wells; Henry Spielman, C. C. Kerr & Co., and H. D. the most unfavorable one in the situation, general confidence
McMillan, L. A. Norton & Co.
in business having been shaken by the market crash. Continuing the bulletin says:
Seamen's Bank for Savings Reports Gain in Savings
Despite the example of 1924 and 1927 when business recessions of severe
have
Accounts Since Stock Crash—Net Increase of character failed to disturb the steady flow of dividends, some people on
taken a pessimistic view of the situation. Were this feeling to lead,
1,731 Depositors Since Nov. 1.
business, or,
the one hand, to harsh retrenchment measures on the part of
The Seamen's Bank for Savings of New York reports on the other, to sharply curtailed buying by the public, the consequences
that since the recent stock market crash new accounts might prove serious.
well
That the latter condition has not, thus far, developed seems fairly
have been increasing much faster than the normal rate and established by reports of mail order business and Christmas trade. Steps
promptly taken by business leadwere
that deposits also have been showing better than seasonal to anticipate the alternative dangerwhile the stock market panic was still
ers throughout the country, even
gains. From Nov. 1, up to and including Jan. 6, the Sea- In progress. They sensibly directed attention to the fact that the country's
men's Bank had a net gain of 1,731 in accounts. Through- business and banking structure had not been harmed. President Hoover's
has been a test between
out the most serious stages of the stock market decline the conferences further focused attention on this fact. Itof pessimism, and the
the psychology of optimism and the psychology
Seamen's Bank was experiencing not only a slowing down in former seems at least to have held its own.
the normal increase in depositors but also was showing
Most of the factors bearing on the probable course of businet losses in total deposits week after week. This was seen ness in 1930, the bankers regard as favorable, among these
as reflecting the straits in which many savings banks de- being easier credit with the prospect of money rates remaining
positors found themselves as a result of stock trading on well under the high levels of 1929; the reduction of brokers'
too slim margins. On Nov. 26 the Seamen's Bank records loans; the soundness of the country's banking and financial
began to show net gains in deposits. In October the bank structure; the reduction of taxes; the promise of large proshowed a gain of 129 accounts. In November the net gain grams of physical expansion during 1930 by the country's
was 452 and in December 987. This last figure compares major industries; industry at large in the strongest position
with a net gain of 799 accounts in December 1928. Up to in history; the modern practice of carrying small inventories,
and including Jan. 6, which embraced four business days, with business well prepared to meet any change in commodity
the Seamen's Bank reported 685 new accounts as compared prices that may develop; employment currently somewhat
with 552 in the same period of 1929. The net gain for that below normal but not a major problem; automobile manufacperiod was 292 accounts. Normally savings banks depositors turers planning for a good year; satisfactory condition of
withdraw substantial amounts during the first three or four mail order and department store business following market
days of the year, deposits being left intact until after the first break; and fully as good prospects for farm income for 1930
so as to get credit for interest due at that time. This year as for 1929.
withdrawals have been much smaller than usual. In fact,
it is stated during the first four business days of this year Responses to Questionnaire of Lawrence Stern 8c Co.
the Seamen's Bank showed a net gain of $172,900 as comIndicate that 97% of Investment Bankers Look
pared with a net loss of $119,000 in the corresponding
for Improved Conditions in Bond Market.
period of 1929. The conclusion reached by officers of the
That 97% of the investment bankers of the United States
Bank is that depositors who were lured into stock market
look forward to improved conditions in the bond market
trading on a margin basis learned a lesson in the Octoberand that 60% of such institutions have already
November crash and have resolved that a policy of steady during 1930
enjoyed substantial increases in business, is indicated by a
savings bank deposits is a more certain road to financial
summary of replies to a questionnaire sent out by the Reindependence.
search Department of Lawrence Stern & Co., investment
inDeposits in Savings Banks Soar—Gain Laid to Stock bankers of Chicago and New York, to more than 2,000
vestment institutions throughout the United States. In
Market Slump.
From the New York "Evening Post" of Jan. 9, we take making this known the company says:
Although the majority of security dealers foresee an active and rising
the following:
market in 1930, the replies to the questionnaire indicate a belief In
The spanking given the public by the stock market in October had a good
effect and the "little" man is now trotting down to the savings bank with
his surplus funds,instead of taking it to the stock broker.
This conclusion has been reached by the heads of the large savings banks,
who have carefully studied the record of the last three months. There has
been a large increase of depositors in all metropolitan savings banks and also
In savings banks throughout the State since November. Savings bank officers state definitely that the public is out of Wall Street.
The Seamen's Bank for Savings reports a net increase of 1.731 depositors
since November 1 and It attributes this to the slump.
bond
financial circles that the investment market in the future will be better
balanced between stocks and bonds than heretofore. The majority believe
that widespread public interest in investment stocks has become a permanent feature of the securities markets, but that, at the same time, there
will be renewed and increasing interest in bonds.
The interesting period of transition following the stock market break
of 1929 furnished the occasion for this survey conducted by the Research
Department of Lawrence Stern & Co. It was believed that a cross section
of the opinion of representative security dealers throughout the country
224
[Vol.. 130.
FINANCIAL CHRONICLE
would be of real interest and importance in analyzing the present situation by bankers' acceptances as a result of liberal purchases of them by reserve
and in forecasting developments in 1930. Accordingly, a questionnaire banks and foreign central banks. The commercial paper market is more
was distributed among investment bankers in every State in the union. A dependent on its own resources.
large proportion of such firms sent in replies to the questions asked;
The market for commercial paper, which consists of unsecured promisand a summary of these replies furnishes a number of interesting com- sory notes sold to note brokers, is found almost entirely among commercial
mentaries on current conditions in the securities markets and on the out- banks. For this reason when call money rates rose to fanciful figures before
look for 1930.
the deflation on the stock exchange the demand for this kind of paper fell
One of the interesting features brought out through this survey is the off sharply.
territorial distribution of the improvement in the bond market which has
Extent of Decline.
taken place since the stock market break. The brightest spot in the nation
At the high water mark in 1920 there was outstanding approximately
from the standpoint of the bond dealer—according to the replies tabulated— 81,200,000,000 in commercial paper. The volume of outstanding notes
is found in New England, where nearly 33% of those reporting state that thereafter declined steadily, dropping to about $600,000.000 in 1927 before
their business in bonds has increased 100%. Next to New England in the period of high call money rates. The decline continued at an accelerated
percentage of improvement in bond sales is the South—particularly the pace thereafter, until last summer the amount outstanding dropped below
Richmond and Atlanta Federal Reserve Districts. New York and the 8300.000,000. A cumulative improvement has set in during the past few
Pacific Coast report a fair measure of improvement; while a lesser degree weeks.
is noted in the Chicago and St. Louis territories. The smallest percentages
Industries which have benefited to a large extent from the use of comof improvement are shown in the Cleveland and Minneapolis Federal Re- mercial paper are textiles, foodstuffs, rubber tires, shoes and hardware.
serve Districts.
Middle-sized and relatively smaller concerns have often found this a desirOther highlights of the returns from the questionnaire include the able means of financing their credit requirements, and they were hit harder
than the large corporations when the rise in call money rates greatly curfollowing:
The mahority of dealers believe that the higher grade domestic and high-yield tailed the commercial paper market and made security issues the chief
bonds will be the most active during 1930 and will show the greatest degree reliance in corporate financing.
foreign
of improvement in price and demand.
The greatest factor in the present upward tendency of the bond market is a renewed appreciation of safety of principal. Other important reasons stressed are:
—more attention to income, turn of capital from stocks to bonds, and temporary
investments awaiting stock market stabilization.
Seventy-five per cent of those replying believe that the majority of investors are
inclined to wait for evidence that we are actually in a strong bond market, rather
than to invest now.
Public utility, municipal and railroad issues are favored as the classes which,
investment bankers believe, will be most popular during 1930. As to the relative
popularity of short-term and long-term maturities in the 1930 market, opinion
Is about equally divided. The majority of investment dealers foresee a stronger
demand for bonds of the higher grade, with little attention paid to the medium
grade and lower grade Issues.
The majority of dealers report that the principal volume of present business is
coming from individual investors who purchase in medium-sized amounts rather
than from institutions. The next most important class among current buyers is the
small individual investor.
Easy money received the largest vote as the factor which would be most effective
in giving further impetus to the bond market. Many other dealers believed that a
dull stock market would be most helpful to bonds, and there was frequent mention
of the desirability of a continued curtailment of the volume of new offerings.
Fifty-two per cent of the security dealers believe that the bond market in 1930
will be good: 34% consider such prospects fair. 11% report a belief that the bond
market will be excellent. 3% report a pessimistic attitude and look for a poor
bond market.
More than 40% of the replies state the belief that investors In stocks during
1930 will pay primary attention to actual yield, rather than to earnings. This
indicates a swing in the direction of conservatism, since during the recent era of
stock speculation the factor of income return was almost entirely ignored.
An increased demand for preferred stocks is predicted by 60% of the security
dealers, and more than 75% anticipate an increased demand for bonds with conversion or stock purchase privileges.
About 75% of the firms canvassed have handled common stocks during the past
few years. Of these. 69% report that their experience in selling common stocks
has been satisfactory; while the remaining 31% indicate dissatisfaction with this
class of business. A few who dealt in common stocks during recent years state
that they will discontinue this business, but by far the greater majority indicate
that they will continue to handle stocks.
Another interesting opinion expressed by Investment bankers in their
replies to the questionnaire is that a keneral rule for measuring the average
price of common stocks of strong and well-managed corporations during
the coming year will be about 12% times the earnings per share. This is
substantially lower than the average price ratio which prevailed during
the recent bull market, but also higher than the old rule of "10 times
annual earnings" which was widely applied in former years.
Dun's Report of Banking Suspensions.
The. record of banking suspensions in the United States
during 1929 affords a contrast to the smaller totals of commercial defaults. After two consecutive years of decline,
banking and other fiduciary failures increased in 1929, both
in point of number and amount of liabilities. Thus, data
compiled by R. G. Dun & Co. show 437 of these suspensions, against 372 in 1928, and last year's indebtedness rose
to $218,796,582, from $129,649,605 in the earlier period.
The number in 1929 was, therefore, higher by 17.5%, while
the expansion in the liabilities was fully 69%.
When the returns are examined by geographical sections
it is seen that no banking failures were reported for New
England last year, compared with 2 in 1928; that is the
only instance in which numerical improvement occurred.
For other groups of States, the increases ranged from three
each in the Western and Pacific Coast divisions to 28 in
the South Atlantic section. The totals of indebtedness were
sharply higher during 1929 in the Middle Atlantic States,
South Atlantic group, Central East, Central West, Western,
and Pacific Coast States. Only in the South Central
division was there a decrease, the reduction being about
$3,000,000.
A comparison of banking suspensions is made by sections
for the past three years:
Number.
Seaton.
Liabilities 1929.
"While a considerable part of the findings obtained
1929.
1928.
1927.
through this survey," says Lawrence Stern & Co. in con- New England
2
9
4
3
819,428,370
cluding the report, "represent merely a confirmation of Middle Atlantic_ -- 104
76
45
83,166,590
South Atlantic
45
39
64
13,500,400
factors that are already well established and generally South Central
46
35
22,511,139
43
Central East
understood—it is believed that the definite expression of Central West
211
200
196
60,551,299
9
12
17
6,123,600
Western
these opinions by representative dealers throughout the Pacific
7
10
25
13,515.184
nation is of real interest and value. Furthermore, in many
372
393
5218,796,582
437
United States
129,649,605
372
-cases the opinions expressed differ somewhat from the gen1928
143,449,246
393
1927
erally accepted viewpoint; and in such instances we believe
the results from the questionnaire constitute a valuable and
thought-provoking contribution to current discussion of Analysis of Earning Assets of Chicago Banks by University of Illinois—Steady Increase in Outstanding
conditions in the securities markets."
Commercial Paper Market Enjoying Distinct Revival—
Amount Outstanding Rises Above $300,000,000,
Dealers Say.
A substantial revival of the market for commercial paper
says the New York "Journal of Commerce" in its issue of
Jan. 7, is looked for within the next few months, which will
restore to this type of credit instrument some measure of
its former importance in the money market. Large commercial paper houses report that the total volume of such
paper outstanding at the present time is well above $300,000,000, which compared with $267,000,000 outstanding
last July, when the commercial paper market was at low
ebb and the volume outstanding smaller than for many years.
The account goes on to say:
The collapse of the stock market has benefited the commercial paper
market powerfully in two ways. It has removed the competition of the
high call money rate, which had made banks less willing to purchase such
paper, and it has made corporations more eager to finance by this expedient.
When stock prices were at a very high level corporations found it cheaper
to finance their capital needs by selling additional stock at inflated prices,
rather than to issue commercial paper.
Rate Differential.
The commercial paper rate for best names is now at approximately 5%,
which is 1 3g% above the acceptance rate. This differential is regarded by
commercial paper dealers as being larger than normal, since the usual
difference before the disorganization of the market in 1928 was one-half to
three-quarters of 1%. For names not so well known the current rate is
from 5% to 5M %. Note brokers feel that the differential from the acceptance rate will tend to decline further,despite the special advantage possessed
Loans of Largest Chicago National Banks Since
1913.
In "An Analysis of Earning Assets of Chicago Banks,"
published by the Bureau of Business Research of the University of Illinois, the earning assets of banks fall into two
groups, loans and investments. An analysis of these shows
how the funds of the money market are employed. In the
middle of 1913 the loans and investments of Chicago banks
(National and States) aggregated approximately 852 millions; by the close of 1928 they had expanded to 2,764 millions--an increase of 224%. The results of the survey are
further indicated as follows:
The group of the largest Chicago National Banks, known as the Central
Reserve City Banks, showed a steady increase in outstanding loans during
the 16 years studied; their security holdings, on the other hand, took a
fluctuating course, rising very rapidly in 1917 and 1918 as the banks
absorbed Government bonds, then declining until the middle of 1921.
Since 1922 there has been a tendency for investments of these banks to
expand more rapidly than loans. Investments have not constituted more
than 25% of the total earning assets since 1913, and for most of the
period considerably less than this figure; for example, since 1922 security
holdings have averaged not far from 15% of the total income-yielding
assets.
When the loans of the large Chicago National banks are diveded into
security loans, commercial loans, and all other loans, it is found that there
has been a marked tendency for loans secured by stocks and bonds to Increase
relative to ordinary commercial loans, particularly since 1922. June 30
1922 the former class of loans cotnprised not quite 30% of the aggregate;
by the middle of 1928 they had advanced to almost 46%. Practically the
some tendency is to be observed in the data of the New York banks,
although these banks regularly show a higher position for security loans
than do the Chicago institutions. It is interestering to observe that
JAL 111930.]
225
FINANCIAL CHRONICLE
when the loans of the Chicago banks are grouped as to demand and time Gross Earnings of Federal Reserve Banks in 1929
loans, the former have shown a notable advance since the middle of 1918—
Reached $70,955,000—Increase of $6,900,000 Over
from a position of approximately 20% of all loans to one of almost 40%
1928 Earnings.
by June 30 1928. During these ten years call loans have tended to
occupy a relatively higher position than those reported by the New York
Announcement was made by the Federal Reserve Board
banks. There bas been a tendency since 1923 for the large National banks
In Chicago to report a larger portion of their loans eligible for rediscount on Jan. 3 that the gross earnings of the Federal Reserve
at the Federal Reserve Bank than in the case of the New York institutions. Banks in 1929 totaled $70,955,000—or $6,900,000 over the
However, the banks in both cities have shown a marked decline in the
Board's announcement follows:
proportion of their paper which carries the eligibility quality during the 1928 earnings. The
Gross earnings of the 12 Federal reserve Banks for 1929 amounted to
past six years. This tendency has been a common one throughout the
$70,955,000, or about $6,900,000 more than for 1928, and current expenses
country as a whole.
An analysis of the year-to-year movement of investments, on the one to 229,690,000, or about $2,785,000 more than for 1928. After providing
hand, and of time deposits, on the other, showed very slight correlation the necessary reserves for depreciation, losses, &c., the Federal Reserve
during the period studied; that is, there has been a tendency for Chicago Banks had net earnings of $36,403,000. Of this amount $9,584,000 was
and New York banks to make adjustsnents in their security holdings quite paid as dividends to member banks, $4,283,230.96 was paid to the United
irrespective of the trend in the type of their deposit liability. It is to be States Treasury as a franchise tax, and the remaining $22,536,006 was
noted, however, that in the case of the large Nationals in Chicago during transferred to surplus account.
Seven Federal Reserve Banks—Richmond, Atlanta, Chicago, St. Louis,
the past few years the relative positions of both investments and time
deposits have moved upward. Since 1924 there has been a very pronounced Minneapolis, Kansas City, and Dallas—paid a franchise tax to the United
expand States Treasury. All net earnings of the five other Reserve Banks
tendency particularly for the time deposits of these banks to
relative to demand deposits.
remaining after the payment of dividends were transferred to their surplus
Much the some movement took place in the earning assets of the State- accounts as required by law, the surplus accounts of none of these Banks
chartered banks of Chicago as in that of the Nationals. The former institu- at the end of the year being in excess of subscribed capital. The total
tions during the 16 years studied, however, consistently showed a higher subscribed capital of the 12 Federal Reserve Banks on Jan. 1 1930
position for security holdings than did the National banks. As for loans, amounted to $341,951,000, and the total surplus to $276,934,000.
Full details as to the disposition of the gross earnings of each Federal
the State banks reported a considerably larger portion of their accommodations to borrowers with collateral of stocks and bonds than the latter institu- Reserve Bank will appear in the forthcoming annual report of the Federal
tions. Again, when the investment account of the State institutions is Reserve Board.
analyzed, it is found that United States Government securities occupied a
much lower position relative to the aggregate securities than in the case Re-election of Officers of Federal Reserve Bank of St.
of the National banks.
Louis and Branches.
When all of the banks in Chicago are considered, it is to be noted that
According to announcement of Rolla Wells, Chairman of
there has been a tendency, although not an unbroken one, for the ratios
of earning assets to total resources to increase. For example, in 1913 the Board of the Federal Reserve Bank of St. Louis, at a
of the average $100 of resources, $71.60 were income-yielding; in 1928,
meeting on Jan. 3, the directors re-elected the following
$79,70 of every $100 were earning assets.
officers for the year 1930:
Commission to Manage Bank of North Dakota.
Bismarck (N. D.) advices Dec. 27 published in the
"United States Daily" stated:
Members of the State Industrial Commission hereafter will sit as the
active board of directors of the Bank of North Dakota,it was decided at a
recent conference of Commission members.
Action was taken to relieve C. R. Green, Manager and Director General,
from the necessity of having to consider the Bank's affairs during his illness.
Mr.Green is slowly recovering from a recent stroke. His mind is clear, but
he is suffering great pain. To relieve his mind of business cares, Governor
George F. Shafer ordered P. H. Butler, Acting Bank Manager, to stop
bothering Mr. Green with the bank's business affairs, but to bring them
Instead to the Industrial Commission.
When Mr. Green was on the job he had full authority, and the Industrial
Commission did not deem it necessary to keep in as close touch with the
Dank as is necessary, now that he is ill, the Governor said.
Plan Allowing Life Insurance Companies To Invest in
Common Stocks Abandoned—Superintendent Conway Says Question Is Dead—Insurance Executives
Find Recent Market Experiences Discourages Such
Plans.
•In its
issue of Jan.8 the New York "Journal of Commerce"
stated that plans announced during the recent stock market
panic to make common stocks legal for investment by life
insurance companies have been tabled indefinitely, it is
indicated by Superintendent of Insurance Albert Conway
and heads of life insurance companies consulted. The
account in the "Journal of Commerce" goes on to say:
This plan was given wide publicity in the early stages of the break in
stock prices when at Gov. Roosevelt's suggestion heads of the leading
insurance companies were called together to conisder changes in the law
to permit purchase of investment stocks by these companies.
Mr. Conway states that no bill to permit insurance companies to buy
common stocks has been drafted. Asked whether he still believed that
life companies should be permitted to purchase common stocks under
suitable restrictions, ho said that he saw no reason for such discussion at
this time.
The new session of the State Legislature would not be asked to consider
this matter, it was said. Gov. Roosevelt's message contained no reference
to it.
The feeling among other life insurance executives was that the experience of the recent stock market panic indicates that the stability of common
stocks had been overestimated and that life insurance companies had
better keep to the old investment restrictions, which results in the investment of the great bulk of their resources in real estate mortgages and
Government and corporation bonds. Since 1927 they have been able
to buy investment preferred stocks under certain restrictions, and many
executives feel that gives them latitude enough in the purchase of securities.
Frederick H. Ecker, President of the Metropolitan Life Insurance Co..
said when asked about his attitude on the subject yesterday:
"I do not think such action is necessary."
Insurance leaders have been importuned by several economists and
financial experts, it was pointed out yesterday, to invest part of their
resources in common stocks in order to avoid adverse effects from fluctuations in the purchasing power of the dollar. However, the fluctuations
of the stock market have proved so much greater relatively, one executive
pointed out, that they were quite willing to take the risk of keeping their
funds in mortgages and high-grade bonds.
Permission to life insurance companies to purchase common stocks was
suggested on Oct. 29 at a special meeting of life insurance company executives by State Superintendent of Insurance Albert Conway. The meeting
was held during the stock market panic, and at the time was given serious
attention in view of the fact that the combined assets of the companies
that would be affected totaled 813,750,000,000. Following the meeting,
Mr. Conway had declared in an official report of what had taken place:
"I stated to them that I would recommend to the next Legislature of
New York an amendment to the statute to permit the purchase of leading
common stocks of the country by life insurance companies for investment
purposes."
Parent bank at St. Louis—Win, McC, Martin, Governor; Olin M. Attebery, Deputy Governor; Jas. G. McConkey, Secretary and Counsel; A. H.
Rani, S. F. Gilmore, F. N. Hall, C. A. Schacht, and G. 0. Hollocher,
Controllers; E. J. Novy, General Auditor, and A. E. Debrecht and L. A.
Moore, Assistant Auditors,
Louisville Branch—W. P. Kincheloe, Managing Director; John T. Moore,
Cashier, and Earl R. Muir, Assistant Cashier,
Memphis Branch—W. H. Glasgow, Managing Director; S. K. Belcher,
Cashier, and C. E. Martin, Assistant Cashier.
Little Rock Branch—A. F. Bailey, Managing Director; M. H. Long,
Cashier, and Clifford Wood, Assistant Cashier.
Walter \V. Smith, St. Louis, has been re-elected to represent the Eighth
Federal Reserve District in the Federal Advisory Council.
C. M. Stewart has been reappointed Assistant Federal Reserve Agent
and Secretary pro tem. L. H. Bailey and W. L. Gregory have been
appointed Acting Assistant Federal Reserve Agents.
Annual Statement of Federal Reserve Bank of New
York—Gross Earnings in 1929 Exceed Those for
Previous Year.
The total earnings of the Federal Reserve Bank of New
York in the calendar year 1929 are shown as $19,314,279 in
the 15th annual statement of the bank, made public Jan. 9.
For the previous year the bank reported gross earnings of
$18,483,042. The net income in the late year was $12,263,224, this comparing with $11,018,433 in 1928. Out of
its net earnings the Bank paid in dividends to member banks,
at the rate of 6% on the paid in capital, $3,544,314, and
added to its surplus the sum of $8,718,910. Noting that
under the law, the Reserve Banks are required to pay to the
Government as a franchise tax, any income remaining after
paying dividends and making additons to surplus, the bank
states that "no balance remained for such payments in 1929
or 1928." The Bank's profit and loss account for the two
years follows:
PROFIT AND LOSS ACCOUNT FOR THE CALENDAR YEARS 1929 AND 1928
1928.
1929.
Earninos—
From loans to member banks & paper disc,for them_ $12,492.641.58 $12.210,526.66
3,522,642.34 3.482,648.63
From acceptances owned
2,459,162.69 2,421,172.24
From United States Govt. obligations owned
368.694.53
839.832.62
Other earnings
$19,314,279.23 218,483.042.08
Total earnings
Additions to Earnings—
For sundry additions to earnings, including income
from Annex building
546.927.82
97.188.96
Deductions from Earnings—
For current bank operation. (These figures include
most of the expenses incurred as fiscal agent of the
$6,313,909.95 26,192,386.68
United States)
For Federal Res,currency, mainly the cost of printing
worn notes in circulation, and
new notes to replace
to maintain supplies unissued and on hand, and the
251,878.14
738,555.41
cost of redemption
545,518.11 1,117,513.57
For deprec., self-insurance, other res., losses, &c
57,597,983.47 57,561,778.39
Total deductions from earnings
Net income avail, for diva., addns, to surplus, &
payment to the United States Government_ ___$12,263,223.58 $11,018,432.65
Distributional'Net Income—
In dive, paid to member banks, at the rate of 6% on
53,544,314.09 52,743,724.61
Paid-in capital
In addns. to surplus—The bank is required by law to
accumulate out of net earnings, after paym. of diva.
a surp. amounting to 100% of the subsc. cap.: et
after such surp. has been accwn. to pay into sum.
each year 10% of the net inc. remaining after paying
8,718,909.49 8,274.708.04
dividends
Any net inc.remaining after paying diva. & making
addns. to surplus (as above) is paid to the U. S.
Govt. as a franchise tax. No balance remained for
such payments in 1929 or 1928.
Total net income distributed
$12,263,223.58 $11.018,43
226
FINANCIAL CHRONICLE
In submitting the above, the Bank also makes available
the following data:
[VOL. 130.
either gives its draft on the Federal Reserve Bank to the buying bank or
arranges with the Federal Reserve Bank to transfer on the Federal Reserve
Bank's books the stipulated amount from the account of the selling bank
to the account of the buying bank.
"It now appears that, while Federal Reserve exchange is frequently
purchased and sold in accordance with the method above described, this
practice is not universally followed and it often happens that a member
bank purchases Federal Reserve funds from another member bank through
the method of book entries, wire transfers or otherwise.
The question has
been presented to the Board as to how such transactions
should be regarded
In cases where the purchase and sale of Federal Reserve
exchange is
accomplished by some method other than that described in its 1928 ruling.
"After considering this question the Board is of the
opinion that all
such transactions should be classified in accordance with the purpose
to be
effected and the principles involved rather than in accordance
with the
mechanics of their accomplishment. Transactions of this kind
are manifestly temporary loans negotiated for the purpose of avoiding
the necessity
of rediscounting with the Federal reserve bank or showing a deficiency
in
reserves. The Board rules, therefore, that in every such transaction
whether effected by check, book entries, wire transfers or otherwise,
and
regardless of the method of repayment, the purchasing member
bank should
show its resulting liability to the selling member bank as money borrowed
and the selling member bank should treat the transaction as a loan
made.
In using the Board's Form 105 for report of condition, the
purchasing
member bank should show the liability incurred in any such transaction
under 'bills payable and rediscounts' and the selling member bank
should
enter the amount of the transaction under 'loans and discounts'."
GEORGE L. HARRISON,
Governor.
EARNINGS BY MONTHS.
The following figures show in comparison the gross earnings of the
Bank
by months for the years 1929 and 1928:
1929.
1928.
1929.
1928.
January__ $1,824,933.96 $1,039,631.08 August-- $1,887,174.26
$1,630,214.68
February. 1,248,163.69
867,890.86 September 1,800,434.28 1.888,208.46
March_ _ _ 1,384,447.34
999,249.28 October._ 1,453,791.83 1,968,589.60
April
1,344,820.13 1,165,227.13 November 1,580,613.63 1.717,395.37
May
1,271,806.96 1,423,236.24 December 2.128,042.38 2,246,437.86
June
1,409,135.64 1,752,645.84
July
1,980,915.13 1.784,315.68
319,314,279.23 318.483,042.08
RATIO OF NET EARNINGS.
1929.
1928.
Per cent earned on capital paid In
20.7
24.1
Per cent earned on capital and surplus
Per cent earned on capital. surplus and deposits
1.1
1.1
COMPARATIVE STATEMENT SHOWING VOLUME OF OPERATIONS.
The following table presents in comparative form for the past three
years
the volume of the principal operations of the Federal Reserve Bank
of New
York, which are ofsuch character that they can be expressed in
quantitative
terms. At the close of business Dec. 31 1929 the total personnel
of the
Bank, including the Buffalo Branch numbered 2.451.
Supplying Currency and Coin—
1929.
1928.
1927.
Currency paid out, received or
redeemed: •
Individual notes counted__ _
709,940,000
666,298,000
640.967,000
Dollar amt. paid & recelved_310,206,866,000 $8,866,402,000
$8,386,293,000
Coin paid out or received, a
service previously performed
largely by the Sub-Treasury,
but now entirely in the hands
of the Fed. Res. Bank:
Individual coins received_ — 1,574,002,000
1,341,373,000
11,89,801.000 Representative
McFadden Proposes Hearing on
Tons of coin rec'd during year
8,685
7,352
6,458
Currency and coin shipments.
Banking Legislative Needs.
number of shipments to and
from out-of-town banks durPaving the way for a complete Congressional inquiry into
ing the year
30,578
303,160
284,288
Making Loans and Investments—
the needs for new legislation affecting all phases of the
Bills discounted for member
country's banking system, Representative Louis T. Mcbanks,either discounted customers' paper or advances
Fadden, Chairman of the Committee on Banking and
against the notes of member
banks secured by collateral
Currency indicated on Jan. 6 that he would seek permission
in the form of Government
securities or commercial or
of the House of Representatives for his committee to invite
agricultural paper:
administration heads and others to testify on the subject.
Number of bills discounted
49,705
38,056
31,024
Dollar amount
$23,602,022,000 $24,791,838,000 313,854.317,000 The Washington correspondent of the New York
"Journal
Acceptances and Government
obligations purchased for the
of Commerce" in reporting this Jan. 6, said:
account of this Bank and
This move was revealed to-day when the Banking and Curency Committee
other Fed. Res. Banks:
Dollar amount
$5,353,414,000 $6.445,726,000 $7,403.868,000 adopted a motion authorizing Obairman McFadden to secure such perCollecting Check*, Drafts, Notes and Coupons—
mission, in the course of the Committee's organization meeting held this
Cash items, mostly checks,
morning. The motion provides that the Committee be permitted to sit
handled for collection for
during the regular sessions of the House if any hearings might be found
banks in all parts of the
country:
necessary. The Committee adjourned to meet at 10.30 a. m. Wednesday
Number of items
190,373,000
.177,349,000
168,724.000 to consider several bills of a non-controversial nature and to hear, in exDollar amount
$156,641.848,000 $115,190,618,000 $100,206,587,000 planation
of these measures, Governor Roy A.Young of the Federal Reserve
Non-cash Items, handled for collection, including drafts,
Board.
notes and coupons:
From the same source it is learned that on Jan. 7 House
Number of items
2,600,000
2,615,000
2,259,000
Dollar amount
$2.683,627,000 $2,803,037,000 $2,385,753,000 leaders took under consideration the request of the Banking
Supplementary Services—
Securities held in safekeeping
and Currency Committee to conduct a complete inquiry
for the U. S. Government,
into the needs for new legislation affecting all phases of the
the War Finance Corporation and others:
country's banking system and their permission is expected
Average dollar amount
$804,299,000 31,142.075,000 $1,357,900,000
Acceptances and other securities
within a week or so. In its account from Washington,Jan.7
bought or sold for member
banks and foreign banks:
the "Journal of Commerce" added:
Dollar amount
$2,247,257,000 $1,931,081,000 $1,674,324,000
The Committee's proposal, agreed upon yesterday at an organization
Funds transferred by telegraph
meeting, was this morning submitted to Speaker of the House. Longworth
to and from an parts of the
country for the Treasury Deand Representative Snell of New York, Chairman of the Rules Committee.
partment and member banks:
by Chairman Louis T. McFadden of Pennsylvania. Longworth and Snell
Number of transfers
445,000
402,000
355,000 desire to survey the legislative program in the House before acting
Dollar amount
on the
$67,426,244,000 $55,469.947,000 $50,898.108,000
Services in Connection with Govt. Loans—
proposed banking study.
U. S. Govt. securities issued,
redeemed or exchanged,incl.
Study Law Carefully.
Govt. bonds, notes and cerChairman McFadden indicated confidence that the inquiry would be
tificates of Indebtedness:
authorized in time to invite as the first witness before the Committee within
Number of items
565,000
1,504,000
2,196,000
Dollar amount
$3,286,509,000 33,985,049,000 35.219,626,000 the next two weeks, Comptroller of the Currency J. W.Pole, whose bureau
Coupons paid on Govt.securities:
would be enlarged under the bill introduced yesterday by the Committee
Number of coupons
5.567.188
7,602,000
9,931.000 head. Although he was non-commital as to the exact scope of the proposed
Dollar amount
$237,610,000
8250,025,000
3250,622,000 investigation. McFadden indicated that his measure would
serve as a
(In addition to these operations for the Treasury, the Bank performed other work
for the Government connected with the currency, the collection of checks, the vehicle for the banking probe.
custody, purchase and sale of securities, the transfer of funds, &c., which have been
Failure of the House leaders to give immediate approval to the powerful
referred to under their respective headings.)
Banking and Currency Committee's plans was not regarded by advocates
of the banking survey as indicating objection to the inquiry on the part of
the Administration. On the other hand, it was pointed out that President
Federal Reserve Board's Ruling as to Liability Incurred Hoover in his message to Congress
expressed a desire that the legislative
by Member Bank in Purchasing Federal Reserve branches of the Government should consider the revision of some portions
of the banking law. However, it is felt that the House leaders wish first
Exchange.
to carefully scrutinize the Committee's plans for authorizing the investigaAccording to a ruling just announced by the Federal Re- tion, the same course that they followed in the proposal of the Interstate
and Foreign Commerce Committee to conduct an inquiry into that phase of
serve Board, transactions involving purchase of Federal railroad
legislation affecting the holding companies. In the
Reserve funds or exchange by member banks should be scope of the inquiry was understood to have been modified at latter case the
the suggestion
of the House leaders so as to embrace only holding companies affecting
treated as a loan. The ruling was made public as follows
transportation instead of the Committee's original proposal to Investigate
on Jan. 6 by the New York Federal Reserve Bank:
holding companies of all public utilities.
The following ruling by the Federal Reserve Board with respect to the
Program Believed Acceptable.
purchase and sale of Federal Reserve funds or exchange and the manner
But the Banking and Currency Committee's program, upon cursory exIn which such transactions are to be treated is set forth at length for the
amination, is generally held to be acceptable to the Administration in as
information of member banks:
"In a ruling published in the Federal Reserve 'Bulletin' for September much as it coincides In effect with the recommendations made by the
Preddent In his message. For instance, it was pointed out that Mr. Hoover
1928, at page 656, the Federal Reserve Board held that the liability
incurred by a member bank through the issuance of its cashier's cheek held that the question of banking legislation needs require careful investigafor Federal Reserve exchange purchased, should be treated as a liability tion, and members of the Committee contended such is their purpose.
for money borrowed rather than as a deposit liability. The facts of the Another similarity between the Committee's plan and that recommended by
transaction which were under consideration by the Board at that time the President is to have appropriate Government officials take part in the
inquiry. As to his suggestion that creation of a joint commission embracing
were described as follows:
"A member bank which is temporarily short in its reserves arranges with members of Congress and other appropriate officials might be found advananother member bank having a temporary excess in reserves for the use tageous, the President now is understood to be satisfied that the House
of a stipulated amount of Federal Reserve credit, for one day or more, as Committee's machinery offers ample facilities for conducting the banking
may be agreed upon. The bank purchasing the credit either gives its study.
At the Banking and Currecny Committee's meeting to-morrow three bills
cashier's check to the selling bank, to be held for one day or more, as
dealing with banking legislation will be considered. Two of these bills are
the case may be, or, dispensing with the formality of issuing a cashier's
measures already passed by the Senate and regarded as non-controversal.
check, authorizes the selling bank to clear a ticket for the amount through
both having been requnsfed by the Federal Reserve Board. One of them
the clearing house settlement on the day agreed upon, and the selling bank
authorizes the cancellation of Federal Reserve Bank stock held by member
JAN. 11 1930.]
FINANCIAL CHRONICLE
banks which have ceased to function in certain cases and the other measure
provides for the waiver of notice by State member banks of withdrawal from
Federal Reserve system.
In its Washington advices Jan. 6, the "Journal of Commerce" stated:
Secretary Mellon was called upon at the Treasury shortly after the committee's action was taken by Representative Franklin W. Fort (Rep.) of
New Jersey, who to-day [Jan. 61 attended his first meeting of the Banking
and Currency Committee along with the three other new members, Representatives Pratt of New York, Golder of Pennsylvania, Seibering of Ohio,
Republicans, and Busby of Mississippi, Democrat.
227
earnings, less the present 6% dividend, has been set aside to surplus,
that the balance of the then net earnings shall be distributed among those
member banks in proportion to their legal reserves on deposit with the
Federal Reserve Banks. This provision in the bill is intended to benefit
the country banks who are not, because of their isolated location, in a
position to obtain the benefits from the Federal Reserve Banks that those
larger banks do that exist in closer proximity to the Federal Reserve
Banks. An observance of the operations of the Federal Reserve System
indicates the disadvantage under which the isolated or country bank is
operating as compared to the city banks or those institutions in immediate
access to the 12 Federal Reserve Banks and their branches.
Mr. McFadden stated that he feels that the change in the method of
examination of member banks as proposed in this bill is of the utmost
importance. He stated further than the changed trends and methods of
operating banks under present conditions demand the highest type of
examinations possible. He realizes in this connection that this means
an enlargement of the functions of the office of the Comptroller of the
Currency to meet the responsibility of these changes. He believes that
more attention should 'be given to the strengthening of the examining
forces now that the added responsibilities are placed upon the Comptroller
of the Currency through the present trend of development of chain ownership, group banking, branch banking and holding company banking, and
the large concentration through consolidation of banking units; and he
believes in relieving the member banks of the expense and burden of the
cost of the present examinations and suggests that it tends to more independence when this burden is transferred to the 12 Federal Reserve Banks
and is paid for out of their earnings.
Offers Branch Bank Bill.
Other developments during the day in connection with banking legislation
at this session embraced the following:
Introduction by Chairman McFadden of a bill enlarging the scope of the
examining functions of the Bureau of the Comptroller of the Currency so as
to transfer to that bureau the examining functions heretofore performed by
the Federal Reserve Board or banks. It further provides for periodical
examination of each of the 12 Reserve banks and their branches.
Introduction by Representative C. L. Beedy (Rep.) of Maine, and a
member of the Banking and Currency Committee, a bill authorizing national banks to establish or acquire branches within the limits of the respective Federal Reserve districts. It provides that State banks may be members of the Reserve system without reference to the geographical area in
which they may establish branches. It also provides that every corporation which may own or control the majority of the stock of more than one
National or State member banks shall be subject to the visitorial powers
The text of the bill follows:
of the Comptroller of the Currency.
H. R. 7966.
Passage by the Senate of a bill which has as its object the speeding
up of settlements to shareholders following failure of a banking instituA BILL
tion. Existing law provides for a compromise between the receiver and the Authorizing the Comptroller of the Currency to examine each Federal
shareholders only after a judgment of the court, and Senator George (Dem.)
Reserve Bank and every member bank and affiliated corporation of
of Georgia, author of the measure, explained that its purpose was to allow
such bank, and for other purposes.
receivers of a National banking asslciation, with the approval of the CompBe it enacted by the Senate and House of Representatives of the United
troller of the Currency and upon an order of court of records to compromise,
either before or after judgment, the individual liability of any shareholder. States of America in Congress assembled, That Section 5240 of the Revised
Introduction by Senator Brookhart (Rep.) of Iowa of two bills dealing Statutes, as amended (United States Code, Title 12, Sections 481-485), is
with bank legislation. One proposes to make it a felony to sell short the amended to read as follows:
stock of any corporation or any agricultural commodity for future de"Section 5240. (a) The Comptroller of the Currency, with the
livery in interstate or foreign commerce, and the other provides for the approval of the Secretary of the Treasury, shall appoint examiners who
licensing by the Federal Trade Commission of corporations engaged in Shall examine each Federal Reserve Bank and every member bank and
interstate or foreign commerce. The former measure proposes a fine of affiliated corporation of such member bank at least twice in each calendar
$5,000 or imprisonment of not more than two years, or both.
year, and aftener if considered necessary: Provided, however, That the
Comptroller may at any time direct the holding of a special examination
Revision Faces Obstacles.
of a member bank and affiliated corporation of such bank. The examiner
While no indication was given at the Treasury as to the purpose of Repre- making the examination of any Federal Reserve Bank or of any member
sentative Fort's call upon Secretary Mellon beyond the fact that the visit bank or affiliated corporation of such bank shall have power to make a
immediately followed the Banking and Currency Committee session, of- thorough examination of all the affairs of the bank or affiliated corporaficials warned that any further legislation to extend national bank branches tion, and
in so doing he shall have power to administer oaths and to
should be approached with caution and careful study. Many obstacles are
examine any of the officers and agents thereof under oath and shall make a
Presented to any plan of branch bank extension, according to Treasury
full and detailed report of the condition of said bank and affiliated corpoofficials in commenting on the coming banking fight in Congress.
Comptroller of the Currency.
Most officials, including Comptroller of the Currency J. W. Pole, agreed ration to the
"The Secretary of the Treasury, upon the recommendation of the Compthat the extension of National bank branches within economic areas, surtroller of the Currency, shall fix the salaries of all bank examiners and
rounding the city of the parent bank seems the most logical plan.
expenses of examinations herein
The proposal to extend bank branches within State lines was opposed make report thereof to Congress. The
Comptroller of the Currency upon
on the ground that State lines do not constitute always the service area Provided for shall be assessed by the
of a bank. It was pointed out furhtermore that many economic areas the Federal Reserve Bank of the district wherein the examinations are
would include more than one State. Objection to extension within Federal made, in proportion to the assets or resources held by the banks examined
upon the date of examination. The cost of each such examination shall
Reserve districts likewise was held objectionable.
In discussing the economic areas, one official said that some would be be paid by the Federal Reserve Bank to the Comptroller of the Currency
large, including several States, and that others would be small. For in- upon the first day of the month following the month in which the examinastance, it was pointed out the service area of a New York bank would tion was made.
"Upon request of a Federal Reserve Bank the Comptroller of the Curinclude Jersey City, Newark, and some other territory besides New York
rency may provide for special examination of any member bank within
City.
The service area of banks in Minneapolis and St. Paul would take in its district or any affiliated corporation of such bank. The expense of
Minnesota and South Dakota and probably other adjoining States. That of such examinations shall be borne by the Federal Reserve Bank. Such
Pittsburgh would include a strip of eastern Ohio to Steubenville, the examinations shall be so conducted as to inform the Federal Reserve Bank
of the condition of its member banks and of the lines of credit which are
Wheeling section and western Pennsylvania.
being extended by them. Every Federal Reserve Bank shall at all times
furnish to the Comptroller of the Currency such information as may be
Representative McFadden Introduces Bill Transferring demanded concerning the condition of any member bank within the district
Examining Functions of Federal Reserve Board to of the said Federal Reserve Bank.
"No hank shall be subject to any visitatorial powers other than such as
Comptroller of Currency—Provision Respecting
are authorized by law, or vested in the courts of justice or such as shall
Distribution of Earnings of Reserve Banks.
be or shall have been exercised or directed by Congress, or by either
Representative L. T. McFadden, Chairman of the House House thereof or by any committee of Congress or of either House duly
authorized.
Committee on Banking and Currency, introduced in the
"Upon joint application of ten member banks the Comptroller of the
House on Jan. 6 a bill enlarging the scope of the examining Currency shall order a special examination and report of the condition of
functions of the Bureau of the Comptiroller of the Cur- any Federal Reserve Bank.
"(b) As used in this section, the terms 'bank' and 'member bank' have
rency which transfers to the Comptroller of the Currency the meaning assigned to such terms in Section 1 of the Federal Rethe examining functions heretofore performed by the Fed- serve Act.
"(c) As used in this Section, the term 'affiliated corporation' means
eral Reserve Board or banks. In a statement explaining
any corporation within an affiliated group of corporations of whioh at
the provisions of the bill, Representative McFadden said: least one is a member bank. For the purposes of this definition, the term
It further provides for periodical examination of each of the 12 Federal 'affiliated group' means one or more chains of corporations connected
Reserve Banks and their branches; for the examination of all member through stock ownership with a common parent corporation if—
banks, including National and State banks and affiliated companies; and
"(1) At least 25% of the stock of each of the corporations (except
that the cost of each such examination shall be paid by the Federal Reserve the common parent corporation) is owned or controlled by one or more
Banks to the Comptroller of the Currency upon the first day of the month of the other corporations; and
"(2) The common parent corporation owns or controls at least 25%
following the month in which the examination was made. It also provides
that if, in the judgment of the Federal Reserve Board, special examina- of the stock of at least one of the other corporations. As used in this
tions of any one bank or affiliated company may be advisable, the subdivision the term 'stock' does not include non-voting stock which is
limited and preferred as to dividends."
Comptroller of the Currency shall make such examination.
Section 2. (a) In addition to the authority to make examinations
The bill also provides for an amendment to Subdivision "II" of Section 11 of the Federal Reserve Act, relating to the granting of permits conferred upon the Comptroller of the Currency by Section 1 of this Act
giving the Comptroller or other provisions of law, all authority conferred by existing law upon
to National Banks to act in a fiduciary capacity by
of the Currency complete authority as to the granting of fiduciary powers the Federal Reserve Board or any Federal Reserve Bank to make or
under this particular section of the Act; whereas, at the present time approve examinations of any member bank or bank applying for memberjoint authority to the Federal Reserve Board and the Comptroller of the ship in the Federal Reserve System or any other banking corporation
Currency causes many complications. This amendment is intended to organized under law of the United States shall, after the date of the
approval of this Act, be exercised by the Comptroller of the Currency.
correct this situation.
The bill also provides for the publishing of financial statements of After such date the Federal Reserve Board and Federal Reserve Banks
affiliated companies in the same manner that reports are now published shall have no authority to make such examinations and shall not employ
by the banks.
any person for such purpose.
Another provision of the bill would permit a further distribution of the
"(b) The authority conferred upon the Federal Reserve Board under
balance of the net earnings of the 12 Federal Reserve Banks to certain subdivision (k) of Section 11 of the Federal Reserve Act, as amended
reserve requirements are under (United States Code, Title 12, Section 248 (k), relating to the grant of
stock holding member banks, whose legal
$500,000, by providing, after a surplus of each of the banks has been permits to National banks to act in a fiduciary capacity), is transferred
created in accordance with the present law and after 10% of the net to the Comptroller of the Currency.
228
FINANCIAL CHRONICLE
[Vol.. 130.
(c) The Comptroller of the Currency is authorized to require such Committee, he said a bank's
desire to withdraw from the Federal Reserve
statements and reports from each Federal Reserve Bank and each State system usually is because
of poor condition—that is, it may not be keeping
bank which is a member of the Federal Reserve System and affiliated up its reserve, or it may be having
difficulty in collecting its paper, and
corporation of such bank as he may deem necessary. Failure to make so on.
such reports within ten days after the date they are called for shall
Favors Discretionary Power.
subject the offending bank and affiliated corporation to a penalty of $100
He said that small member banks do not understand why they cannot
a day for each day that it fails to transmit such report; such penalty to
get out of the Federal Reserve system when they want to withdraw. The
be collected by the Comptroller of the Currency by suit or otherwise.
(d) The results of any exainination made by the Comptroller and the Board, he said, would be loathe to expel any banks because, if they are in
shaky condition,expulsion might result in closing the banks unnecessarily.
contents of any statement or report made to the Comptroller by any
He said that clearly the Board should be given discretionary power as to
Federal Reserve Bank or member bank or affiliated corporation of such
waiving the notice requirement of the present law.
bank shall be made available by the Comptroller to the Federal Reserve
The purpose of the bill is to authorize such discretion so the Board may.
Board or any Federal Reserve Bank upon its request.
in its discretion, waive notice of intention by State banks and trust com(e) As used in this section, the term "member bank" has the meaning
panies which are members of the Federal Reserve system to withdraw from
assigned to it in Section 1 of the Federal Reserve Act.
membership in individual cases. Under the present law, they must file
(f) As used in this section, the term "affiliated corporation" has the written notice
of such intention and, before withdrawal is effected, must
sane meaning assigned to it in Section 1 of this Act.
wait a period of six months.
Section 3. The first and second paragraphs of Section 7 of the Federal
The withdrawal is by surrendering and canceling all of that bank's holdReserve Act, as amended (United States Code, Title 42, Sections 289-290), ings of capital stock in the
Federal Reserve Bank. Meantime, he pointed
are amended to read as follows:
out, such an unwilling member bank must comply with all the
require"Section 7. After all necessary expenses of a Federal Reserve Bank ments, the lack of authority on the
part of the Board to waive the six
have been paid or provided for, the stockholders shall be entitled to receive months' notice requirement, he pointed
out, causes annoyance to the State
an annual dividend of 6% on the paid-in capital stock, which dividend banks seeking withdrawal, to the Federal
Reserve Banks and the Federal
shall be cumulative. After the aforesaid dividend claims have been fully Reserve Board.
met, the net earnings for each year shall be distributed pro rata by the
Where a State bank is an unsatisfactory member and the Federal Reserve
Federal Reserve Bank to each member bank which under Section 19, as Bank would be glad to have it withdraw from membership
as sometimes
amended, is required to maintain reserves, the maximum amount of which happens, the Board, he said, would be disposed to permit
immediate
at any time during such year is not in excess of $500,000. The net withdrawal but for the six months requirement of law.
earnings shall be apportioned to each such bank according to the maximum
Bill Would Authorize Board to Waive Notice.
reserves required to be maintained by it at any time during such year.
Vice Governor Platt, in a letter to the Senate Committee on April 16.
Notwithstanding the foregoing provisions, the whole of such net earnings
shall be paid into a surplus fund until it shall amount to 100% of the said the bill would not repeal the present requirement of law regarding
subscribed capital stock of such bank, and that thereafter 10% of such withdrawal of State member banks of the Federal Reserve system, but
would qualify it so as to authorize the Board,in its discretion, to waive the
net earnings shall be paid into the surplus.
"Should a Federal Reserve Bank be dissolved or go into liquidation, six months' notice in individual cases. When a State bank desires withdrawal, he explained, the Board requires the FederalReserve Agent to asany surplus remaining, after the payment of all debts, dividend sequirements as hereinbefore provided, and the par value of the stock, shall be certain and inform the Board of the reasons. If it is because of some
temporary condition or friction with the Federal Reserve Bank, the Board
paid to and become the property of the United States."
would not be disposed under this proposed amendment of the law to waive
the six months' notice and give the bank opportunity to reconsider.
Mr. Wyatt said he
Bill of Representative Strong Proposing Abolition of Waltham, Mass., said drafted the bill. Representative Luce (Rep.). of
the bill should refer to the code paragraph, which
Group and Chain Banking.
Mr. Wyatt said easily could be written into it. Mr. Luce asked about
amendment. Mr. Wyatt said
A bill designed to abolish group and chain banking "before the reference to trust companies in the amended.
that was to accord with the paragraph it
it is established in every State of the Union," Representative
Mr. Luce said the practice in Federal Reserve legislation is not to mention
Strong (Rep.) of Kansas served notice on Jan. 8, would be trust companies. Mr. Wyatt said that section 1 of the law says that
wherever the term "State bank" is used it
be taken to include trust
introduced in the House by him. In reporting this from companies and the inclusion of the term wasIs tothe purpose of
for
uniformity.
Washington, Jan. 8, the "New York Journal of Commerce" He agreed with Mr.Luce that the term "trust companies"should be omitted
in the amendment.
likewise said:
Mr. Strong, who is a member of the Banking and Currency Committee,
Issued a statement,in which he said:"I am opposed to branch banking and,
of course, unalterably opposed to group and chain banking that
nobody
wants to perpetuate." He argued that it is proposed through the organization of group and chain banks to force Congress to permit Nation-wide
banking. He added that he would have presented his measure to-day, but
the HOMO adjourned before he could complete a draft of the
proposed
legislation.
Earlier in the day the Banking and Currency Committee gave consideration to two bills dealing with banking legislation recommended by the
Federal Reserve Board and in behalf of which Vice-Governor Edmund C.
Platt appeared. One bill authorizes the waiver of notice by State member
banks of withdrawal from the Federal Reserve system, and the other provides for the cancellation of Reserve Bank stock held by memb r banks
which have ceased to function in certain cases. Both were referred back to
the Reserve Board for redrafting.
Committee Sends Bill Back to Reserve Board,
The Committee then took up the other bill (H. R.6604), with discussion
by Mr. Platt, Mr. Wyatt and members of the Committee including Chairman McFadden (Rep.) of Canton, Pa.: Mr. Strong (Rep.), Blue Rapids,
Kan.; Mr. Fort (Rep.) of East Orange, N. J.: Mr. Wingo (Dem.) of Fort
Smith, Ark.; Mr. Beady (Rep.) of Portland, Me., and others.
The discussion bore on the effect of cancellation of valuable rights of a
bank in taking over another one, which merger Mr. Wyatt suggested would
leave in certain cases, as in the case of a Fort Dearborn bank, "a hollow
shell" but still a member bank. Mr. Wyatt said the proposal Is not to put
out of corporeal existence any State bank but to put it out of the Federal
Reserve system.
After some criticism of the bill. the Committee agreed to refer the bill
back to the Board,coupled with the understanding,suggested by Chairman
McFadden, that the Board confer on the subject with the Comptroller
of the Currency in so far as the latter's powers in the matter are concerned.
Edmund Platt of Federal Reserve Board Would Have Philadelphia Mint Coinage in 1929—Turned Out
Membership in Reserve System Voluntary—House
261,791,750 Domestic Pieces Valued at $49,291,920.
Committee Tentatively Approves Bill to Permit
From the Philadelphia News Bureau we take the following:
Waiver of Notice on Withdrawal of Bank.
Philadelphia Mint had an unusually busy year during 1929, although the
Legislation designed by the Federal Reserve Board to actual value of the coinage was not great due to the large number of onecent pieces which were turned out. Total domestic coinage amounted
permit waiver of notice by State member banks of with- to 261,791,750 pieces, valued at $49,291,920 to compare
with 192,995,685
drawal from the Federal Reserve system (H. R. 2027) and pieces valued at $183,794,377 in 1928 and with 226,635,784 pieces valued
at $69,902.467 in 1927. Value of output in 1928 was largely due to unto permit cancellation of Federal Reserve bank stock held by
usually
during that year. Coinage for foreign counmember banks ceasing to function (H. R. 6604), was advo- tries in large coinage of gold34,980,000 pieces against 7,701,000 pieces
1929 amounted to
In
cated without final action, by representatives of the Board 1928 and 3,650,000 pieces in 1927.
compares with 1928 and 1927 as follows (in pieces):
Coinage in 1929
before the House Committee on Banking and Currency on
1929.
1928.
1927.
Jan. 8. The foregoing is from the "United States Daily" Double eagles
1,779,750
8,186,000
2,946,750
Halt eagles
662,000
of Jan. 9, which also had the following to say:
Quarter eagles
532.000
418,000
388,000
The witnesses were Edmund Platt. Vice-Governor of the Federal Reserve
Board, and Walter Wyatt, the Board's General Counsel. The two bills are
companion measures of Senate 684 and Senate 2666, respectively, which
have been reported favorably to the Senate by the Senate Committee on
Banking and Currency. The House Committee, after the hearing, sent
H. R.6604 and II. R. 2207 back to the Federal Reserve Board for redrafting in consultation with the Comptroller of the Currency.
Silver dollars
Oregon Trail halves
Half dollars
Hen. Sesq. halves
Hawaiian halves
Quarters
Dimes
Nickels
Cents
Reach Tentative Agreement.
The Committee tentatively agreed on H.R.2027, with the addition of the
words "subject to such conditions as the Federal Reserve Board may prescribe" at the end of the bill, and including in its text a citation of "U. S.
Code, title 12, section 328," as the law to be amended.
Vice-Governor Platt told the Committee the two House measures well
might be combined. He said similar measures have been reported favorably
by the Senate Committee. H. R.2207,he said, is only a permissive amendment.
H. R. 2207 would amend section 9, of the amended Federal Reserve act,
by inserting the following proviso:
"That the Federal Reserve Board, in its discretion, may waive such six
months notice in individual cases and may permit any such State bank or
trust company to withdraw from membership in a Federal Reserve bank
prior to the expiration of six months from the date of the written notice
of its intention to withdraw."
Mr. Platt said he would be willing to see the whole Federal Reserve
system made a voluntary one. He did not know that the other members
of the Board would agree with that, he said. Replying to questions of the
Total pieces
261,791,750
192,995,685
226,635,784
Total value
$49,291,9213 $183,794,377
$69,902,567
Coinage during the month of December consisted of following number of
pieces: Quarters, 2,808,000: dimes, 6,720,000: pennies, 25,014.000; total.
34,542,000 pieces having aggregate value of$1,624,140.
11,140,000
360,649
50,028
848,000
10,008
8,336,000
19,480,000
23,411,000
134,118.000
11,912,000
28,080,000
37,981,000
144.440,000
40,034
25,970,000
36,446,000
185,262,000
Production of Gold and Silver in the United States—
Reduction in Gold Output in 1929 as Compared
With Previous Year—Silver Output Increased.
According to the figures of gold and silver production in
the calendar year 1929, made public by the Director of the
Mint, on Jan. 3, 2,128,027 ounces of gold, of a total value
of $43,990,200 were produced in 1929, and 60,937,600 ounces
of silver were produced of a total value of $32,540,678.
The announcement states:
JAN. 11
1930.]
FINANCIAL CHRONICLE
229
The preliminary estimate indicates a reduction of$2,175,200 in the output
"The survey will be a strictly scientific research, carried out by trained
of gold as compared with the prior year, and an increase in silver output, technicians and will require about two or three years to complete. It is
as compared with 1928, of 2,475,093 ounces. The year of largest output, believed that it will produce a body of systematic facts about social prob1915, produced $101,035,700 gold, and 74,961,075 ounces silver.
lems, hitherto inaccessible, that will be of fundamental and permanent
The details of production are indicated as follows in the value to all students and workers in the field of social science."
statement issued by the Treasury Department:
Production of Gold and Silver in the United States in 1929.
(Arrivals at United States Mints and Assay offices and at private refineries.)
The Bureau of the Mint, with the co-operation of the Bureau of Mines,
has issued the following statement of the preliminary estimate of refinery
production of gold and silver in the United States during the calendar year
1929:
Gold.
Silver.
States.
Ounces.
Alaska
Alabama
Arizona
California
Colorado
Georgia
Idaho
Illinois
Michigan
Missouri
Montana
Nevada
New Mexico
North Carolina
Oregon
Pennsylvania
South Dakota
Tennessee
Texas
Utah
Vermont
Washington
Wyoming
Philippine Islands
Value.*
Value.
Ounces.
376,517
10
153,465
401,827
215,812
58
19,640
$7,783,300
200
3,172,400
8,306,500
4,457,100
1.200
406,000
54,756
158,041
32,716
49
17,444
726
308.618
745
1,316
243,316
1.131,900
3,267.000
676,300
1,000
360,600
15,000
6,379,700
15,400
27,200
5,029,800
3,662
39
139,470
75,700
800
2.883,100
459,336
2
6,036,942
1,048,513
4,359,342
12
9,394.082
4,038
17,998
115,393
12,649,585
4,529,930
998,982
14
36,318
5,000
83,642
101.200
1,053,200
19,907,925
3,400
44,907
3
87,836
$245,285
1
3,223,727
559,906
2,327,889
6
Senate Resumes Consideration of Tariff Bill with Reconvening of Congress after Christmas Holidays.
Senate action on the Tariff Bill, interrupted by reason of
the Christmas holidays, which had brought a recess of Congress from Dec. 21 to Jan. 6, was resumed on the last named
date. On Jan. 4 steps were taken by the two Republican
factions in the Senate to block wets or drys from staging a
prohibition debate while the Tariff Bill is under discussion,
said a Washington dispatch that date to the New York
"Times,"in which it was also stated:
Progressive Republicans at a conference held late this afternoon agreed
that debate on the tariff bill should be resumed on Monday and the measure
kept before the Senate to the exclusion of all other business until it has been
passed.
At the same time announcement was made by Senator Watson,speaking
for the regulars, that they would co-operate with the progressives to the
utmost in blanketing prohibition and all other controversial topics with a
view to expediting action on the tariff.
5,016,440
2,156
9,611
61,620
6,754,878
2,418,983
533,456
7
19,394
Robinson Approves Proposal.
2,670
Apprised of the agreement among the Republican members of the coali44,565
54,041 tion group to insist on giving the right of way to the tariff, Senator Robinson
562,409 of Arkansas, the Democratic floor leader, stated the plan met with his
10,630,832 hearty
approval. He expressed the opinion that the tariff bill would be
1,816
23,980 passed "in three or four weeks."
2
The last reference in these columns to the Senate action
46,904
on the tariff bill appeared in our issue of Dec. 21, page 3905.
On Jan. 6 the Senate practically completed its deliberations
on the wool schedule, its action being indicated in the folProfit and Loss Account of Federal Reserve Bank of lowing, which we quote from the Washington dispatch
Jan. 6 to the "Times":
Chicago For Year Ended Dec. 31 1929.
Increased tariff protection for wool products was approved to-day by
Net earnings of $5,424,665 are shown for the year ended the Senate over the opposition of the coalition of Democrats and insurgent
Dec. 31 1929 by the Federal Reserve Bank of Chicago in Republicans. A committee amendment to the tariff bill increasing the rates
on yarn from 40 to 45% was adopted by vote of 35 to 29.
the following profit and loss account:
were agreed to without roll-calls, with advances in
Totals
2.128,027 $43.900,200 60,937,600 832,540,678
* Value at 53.4c. per ounce, the average New York price of bar silver.
Profit and Loss Account.
Net earnings Jan. 1 1929 to Dec. 31 1929, less charges for
$5,424,665.18
depreciation, Jtc
Distribution of Net Earnings
Dividends paid
$1,170.363.39
Franchise tax paid to the United States Government
602,837.42
Transferred to surplus account
3,651,464.37
$5,424.665.18
Other increased rates
compensatory duties to correspond to the increase from 31 to 34 cents a
pound in the duty on raw wool, as voted before the Christmas recess. Acting on 31 items, the Senate completed all but one in the wool schedule. It
failed to reach an agreement,however,as to procedure on the sugar schedule
to-morrow.
While the insurgents, led by Senator Blaine of Wisconsin, were vainly
protesting against additional protection for wool manufacturers, Senator
Grundy of Pennsylvania, an owner of yarn mills, was observing with
satisfaction the results of his labors as a tariff lobbyist. It was the first
experience of the new Pennsylvania Senator, who watched tariff making
from the side lines for more than 30 years, on the inside of the framing of
tariff schedules.
Mr. Grundy was one of less than a dozen Senators who remained constantly on the floor. Although takling no part in the debate, he was busy
with a pencil making notations on a copy of the bill as the Senate acted on
various amendments. He refrained from voting in the roll-call on the
increased duty on yarn.
Grundy Withholds His Vote.
"I am interested in the industry affected by this paragraph," said Senator
Grundy when his name was called. "I therefore withhold my vote."
The coalition went to pieces in the test vote on yarn when only 8 Republicans voted in the negative. From 12 to 14 Republicans usually have
lined up in the coalition. Four Democrats voted with regular Republicans
in support of the higher rate.
The test vote applied to yarn valued at from $1 to $1.50 a pound. The
House bill increased the specific rate of 36 cents a pound, as in the present
law,to 40 cents to compensate for the increase from 31 to 34 dents a pound
in the duty on raw wool. The protective rate of 40% in the present law
was retained.
The Senate Finance Committee, in restoring the 31-cent rate on raw
wool, cut the compensatory duty to 37 cents and at the same time decided
to give wool manufacturers more protection by advancing the protective
rate to 45%.
The Senate before the holidays upset the committee's action on raw wool
approving the House rate of 34 cents. Today the Senate accepted the
higher protective rate and also scaled up all the specific rates on yarn and
other woolen manufactures to the House level.
Incorporation of President Hoover's Research Committee on Social Trends.
According to an announcement Jan. 8 by Gilbert H.
Montague the Research Committee on Social Trends, Inc.
is being incorporated in Delaware, with Wesley C. Mitchell,
Professor of Economics in Columbia University, as President, to conduct the survey into social changes in American
life recently ordered by President Hoover as announced
from the White House on Dec. 19 1929, and referred to in
our issue of Dec. 28, page 4080. Professor Mitchell and the
four other experts named by President Hoover, namely,
Charles E. Merriam, Professor of Political Science in University of Chicago, William F. Ogburn,Professor of Sociology
In University of Chicago, Howard W. Odum, Professor of
Sociology in University of North Carolina, and Shelby M.
Harrison, Vice-General Director of Russell Sage Foundation,
New York City, comprise the Board of Directors of the
new corporation.
The charter of Research Committee on Social Trends,
Inc., in addition to the usual corporate powers and provisions, broadly empowers the corporation "to direct surveys
and to study subjects in compliance with the request adOther Rates Scaled Upward.
dressed by the President of the United States to Wesley C.
After the roll call on yarn valued at $1 to $1.50 a pound, the Senate
Mitchell, Charles E. Merriam, William F. Ogburn, Howard accepted a protective duty of 50% on yarn valued at more than $1.50.
The Finance Committee
rate of 40 cents
W. Odum, and Shelby M. Harrison, as outlined in the A specific recommended a a pound also applies.was cut at the suggestion
55% rate, but this
originally
official White House statement released on behalf of Presi- of Senator Smoot, the Committee Chairman. The House bill provided a
dent Hoover on Dec. 19 1929." Quoting from the official protective rate of 45%, while the present rate is 40%•
The Senate then put through the corresponding increased protective
White House statement, the charter states that these surveys
duties on woven fabrics. Virtually all committee amendments in the
will "parallel in character the investigation of economic schedule were disposed of, including those on felts, blankets, pile fabrics,
changes made over a year ago" and that "such subjects knit fabric, hose, knit underwear, outerwear, carpets and rugs.
Roll Call on Yarn Duty.
will be studied as the improvement of national health and
The vote on the committee amendment increasing the duty on yarn
vitality, its bearing upon increased numbers of persons of
-Republicans,31; Democrats,
40 to 45%
'old age' and other results; the changes in maladjusted, such fromAgainst the was: For the amendment 35 8; Democrats, 21.
-Republicans,
amendment,29
4.
as insane, feebleminded, &c.; the effect of urban life upon
An amendment to increase the duty on woven silk fabrics
mental and physical health; the institutional development
was rejected by the Senate on Jan. 7, as a result of which the
to meet these changes; the problems arising from increased
rate carried in the House bill is retained. The account of
leisure changes in recreation and the provision for it; the
the Senate action on Jan. 7 as given in the "Times" follows:
changes in occupations; occupations likely to continue to
The Senate coalition of Western Republicans and the Democratic minority
diminish in importance; those likely to increase; the changes got back into its winning stride to-day and resumed control of the tariff
in family life; in housing; in education; the effect of inven- situation, after having been beaten when its ranks were split by the force
wool schedule. The coalition
tions upon the life of people; and many others which may of State interests during consideration of theCommittee amendment to the
defeated, by a vote of 40 to 32, a Finance
Indicate trends which are of importance." The charter adds: tariff bill increasing the duty on woven silk fabrics.
230
FINANCIAL CHRONICLE
[VOL. 130.
Consideration of the silk schedule was concluded with the one principal mittee recommends 2.75 cents as the general rate and 2.20 cents for Cuban
vote and the Senate took up the rayon schedule. Chairman Smoot of the sugar.
Finance Committee was hopeful that action on the rayon duties would be
The question, what policy is to be followed as to the Philippines is a
finished to-morrow, and he will then ask the Senate to take up the con- complication entering into the situation. In the discussion to-day, Senator
troversial sugar schedule.
Arthur Vandenberg, Republican,of Michigan, brought it up with a proposal
The fight over sugar duties is expected to prove one of the most stubborn that tariff autonomy be granted the islands. He held
that if they are to
waged in the Senate since the tariff bill was reported on Aug. 19. Never- be prepared for independence,it must first be found whether they are in an
theless, coalition and regular leaders are of opinion it will be prolonged.
economic position of "self-sufficiency" to have their market in the United
Senator Grundy of Pennsylvania, who yesterday withheld his vote on States restricted by tariffs.
committee amendments increasing the duty on woolen yarns because of his
The "Times"in its Washington advices Jan.9 said in part:
own interest in the woolen industry, voted for the amendment to increase
the duty on silk fabrics.
Developments ranged from an amendment offered by Senator Harrison,
Democrat, of Mississippi, for retention of the present rates of 2.20 cents a
Vote Retains House Rate.
The amendment would have a duty of 60% on woven silk fabrics or pound on world sugar and 1.76 cent on Cuban sugar to an indication by
broad silks used in the manufacture of all classes of silk goods. The House Senator Borah of Idaho that he would formally press his plan for a bounty
voted to retain the 55% of the present law, and the Senate's rejetction of of about 2 cents a pound to domestic growers. Mr. Borah, however,
admitted his plan was widely opposed. The expectation already is that the
the Committee motion meant approval of the House rate.
Senator Blaine of Wisconsin led the attack on the proposed increase. He Finance Committee rates of 2.75 cents and 2.20 cents, respectively, will be
contended that the Cheney Co., Connecticut silk manufacturers, made voted.
The debate was opened by Senator Ransdall, Democrat, of Louisiana,
handsome profits and was not in need of greater protection and assailed
the plea for a rise made by Horen 13. Cheney in tariff hearings. Mr. Blaine who advocated acceptance of the House plan to impose a duty of 3 cents a
insisted that other silk manufacturers admitted that the increase was pound on world sugar and 2.40 cents a pound on Cuban sugar.
"Under present tariff rates," Mr. Ransdall said, "the domestic sugar
unnecessary. Chairman Smoot of the Finance Committee defended the
Industry is greatly depressed. That condition will be greatly aggravated
amendment.
The vote was: For the amendment, 32 (Republicans, 31: Democrats, 1)• unless relief is granted. Based on present conditions and future prospects a tariff rate of at least 2.40 against Cuba is absolutely necessary."
Against the amendment, 40,(Republicans, 14: Democrat, 26.)
Assails "Sugar Lobby."
Slight Increase on Rayon Yarns.
Mr. Vandenberg agreed that "unless this tariff legislation provides
The Senate agreed to a Committee amendment slightly increasing the
adequate protection the sugar industry in at least three States will be
duty on rayon yarns, but deferred until to-morrow action on other amend. ruined."
menta to the rayon schedule.
"The States I have in mind." he continued, "are Michigan, Ohi and
On Jan. 8, when the Senate devoted the entire day to the Wisconsin. In these $5,000,000 is invested in mills and 35,000 farmers are
involved."
rayon tariff schedule, only two important changes were made
The United States should not be dependent upon foreign sources for
supplies of a product so essential he said.
in the rates, according to the "Times," which said:
Referring to recent disclosures before the Senate lobby investigating
On motion of Senator George of Mississippi, a member of the coalition,
the Senate eliminated the duty of 20 cents a pound levied by the bill on committee that big sugar importing interests had been active in Washfilaments of rayon or other synthetic textile not exceeding 30 inches in ington to hold down the tariff rate, especially against Cuba, Mr. Vandenlength, other than waste, whether known as cut fiber, staple fiber or berg said:
"They were willing to jeopardize our friendly relations with Pan-America
any other name. It substituted a rate of25% ad valorem, which represented
a cut, it was explained, by reason of the change from a specific to an ad as a means of making this country dependent on Cuba and other countries
valorem duty.
for our sugar."
On motion of Senator George, the Senate reduced the duty on spun yarn
Regarding duty-free sugar from the Pihilipppines, he said that protection
of rayon or other synthetic textile from 20 cents a pound, as proposed by against it might be afforded through the payment of a bounty to prothe Bill, to 12% cents a pound. Each amendment was adopted by a viva ducers here, but in no other way could competition from that quarter
voce vote.
be miminized as long as the archipelago remained a possession of the United
Another change was made in the item relating to rayon clothing and States,
articles of wearing apparel not specifically provided for. The specific
Vote Due on Harrison's Motion.
rate of 45 cents a pound on these, as provided by the bill, was retained,
When the Senate adjourned there was pending the amendment by
but the ad valorem rate also applicable was increased from 60 to 65%.
Senator Harrison of Mississippi for retention of the existing rates on sugar.
A like increase from 60 to 65% was agreed to on rayon filaments, fibres It is said that several Democratic Senators intend to support the amendand threads, not specifically provided for. Both changes were made with ment. Others intend to vote for the House rates.
the understanding that they would be reconsidered later.
Sharply conflicting viewpoints on the sugar tariff were
One reduction in existing rates was approved. This was on rayon
roving, which was given joint rates of 10 cents a pound and 30% ad valo- brought out at yesterday's (Jan. 10) session of the Senate.
rem, as against 35 cents a pound and 60% ad valorem, as provided by
existing law.
Proposed increases on single and plied rayon yarns were passed over, Newcomb Carlton of Western Union Telegraph Co.
pending final action by the Senate on paragraph 1,301, which provides
Before Senate Committee Inquiring Into Unificavarious rates on filaments of rayon or other synthetic textiles with a stipution of International Communications Says Owen
lation that none of the articles affected shall be subject to a less duty
than 35 cents a pound.
D. Young Raises Radio "Bogey"—Mr. Carlton Sees
When the Senate was about to adjourn, Senator Smoot made another
No Menace in Foreign Mergers—Opposes Same
unsuccessful attempt to secure an agreement to take up the sugar schedule.
Move Here.
Senator Harrison of Mississippi insisted that the Senate should proceed to
the paper schedule, saying that he was willing to fix a date for beginning
Treating lightly the views recently expressed by Owen D.
debate on sugar. Mr. Smoot refused to assent to the arrangement, and
Young on behalf of the Radio Corp. of America, Newcomb
intends to bring the matter to a head tomorrow, if possible.
The coalition is likely to split on sugar. Some favor the existing sugar Carlton, President of the Western Union Telegraph Co.,
rates. Others will vote for the House rates, which are a little higher than
testifying before the Senate Inter-State Commerce Comthose recommended by the Finance Committee.
The debate on the rayon schedule was conducted with vigor by Senators mittee, declared, on Jan. 7, that in his judgment no menace
Smoot, King and Wheeler.
to American interests in the field of international communi"If the rates proposed in this bill are allowed," Mr. Wheeler asserted,
"the rayon corporations will get back every cent they paid into the Repub- cations was presented by the recent British merger, which,
lican campaign coffers."
he said, was being held up as a "fantIstIc bogey" by the
Mr. Wheeler said the protection provided by the bill was far in excess
Radio Corp. as an argument In favor of a unification, the
of the legitimate needs of the industry. He asserted that the American
Viscose Co. of New York was controlled by British Interests, and that other advantages of which he denied. The views of Mr. Young
rayon manufacturers in the United States were under forign influences.
before the Committee were referred to In the "Chronicle"
"Rayon prices are higher in the United States than in any other place
in the world," he continued. "Our high tariffs are responsible for that of Dec. 14, page 3732. The New York "Times" of Jan. 8,
situation."
indicated as follows, in a Washington dispatch, Jan. 7,
The sugar tariff rates were brought before the Senate on what Mr. Carlton had to say:
Denying that the British company is
Jan.9,the "Herald-Tribune" noting this in part as follows:
The long delayed contest over sugar tariff rates VMS begun to-day in the
Senate. Senator Reed Smoot,chairman of the Finance Committee, who for
several days has been trying to bring up the question,succeeded in doing so
without encountering further obstructions. The result was a debate that
lasted much of the afternoon and which will, in all probability, continue for
two or three days, if not longer.
Senator Pat Harrison, Democrat, of Mississippi, a member of the Finance Committee, said he would not object to taking up thh sugar schedule,
provided his amendment to preserve the rates of existing law be made the
Pending amendment. To this Senator Smoot made no objection. As a
result, the first vote which the Senate will take will be on that proposal or
on amendments which may be proposed to it. Senator Harrison, as well as
numerous other Senators, is prepared to make a determined fight to prevent
any increase in sugar rates and the indications to-night were that a majority
of the Senate would vote with them.
Borah to Urge Bounty.
Senator William E. Borah, of Idaho, will urge a sugar bounty, but there
is no indication that this will prevail. The insurgents are to meet to-morrow
morning to discuss their course as to sugar rates. In the end it is expected
some of them will vote for existing law and others for the rates proposed by
the Finance Committee. In the course of the debate to-day, Senator
Borah declared for the bounty plan unless he was convinced higher tariff
rates on sugar, without duty on Philippines sugar, would help the domestic
industry.
The present law provides a duty of 2.20 cents a pound as the general rate
on sugar, with 1.76 for Cuban sugar. The House bill provides for 3 cents,
as the general rate, and 2.40 cents for Cuban sugar. The Finance Com-
in a position to diotate terms to,
or even conceivably to ruin an American company, Mr. Carlton asserted
that the Radio Corp. and his own company, under the existing arrangement between them, held the British merger "in the hollow of their
hands."
To such a consolidation of communications as that advocated by Mr.
Young, Mr. Carlton expressed the most emphatic disapproval, urging instead
the superior benefits of competition.
Not Opposed to Merger Plan.
To the proposed merger of the Radio Corp. with the International
Telephone & Telegraph Co., Mr. Carlton said he had no objection and could
have none, since his own company had for nearly three years conducted
negotiations with the Radio Corp., which failed only because he and Mr.
Young had been unable to agree on terms.
But he suggested that if the present law is amended to permit the pro.
posed combination, the Radio Corp. at the same time be required to divest
itself of its exclusive contracts with foreign companies. Expressing the
fear that repeal of the prohibitory provision in the present radio act might
(Men the way to the creation of monopolies, Mr. Carlton suggested as
preferable the passage of a specific enabling act to permit this proposed
merger of the Radio Corp. with the I. T. & T. Repeal of the present provision, he thought, might "encourage a drift toward monopoly."
In that connection, Mr. Carlton expressed the opinion that the American
Telephone & Telegraph Co. was the only corporation which could properly
exercise control of a monopoly, should one be permitted to develop.
The witness said he felt no alarm concerning the future, with unified
companies operating in every foreign country as against three operating
independently in this country, nor did he attach any great importance to
JAN, 11 1930.]
FINANCIAL CHRONICLE
the apprehension on that score expressed by Mr. Young when he appeared
before the committee last month.
231
"During that time," he continued, "I observed, because it was my business to know, that the R. C. A., in 1923, raised their rate from 18c. to
20c.. We reduced ours from 25c. to 20c., and that is the situation
to-day."
It was a natural consequence, he insisted, of the growth and development of both means of communications.
"Radio," Mr. Carlton said, "has been of inestimable value."
Says His Company Was "Awake."
"You know, it's the fashion with us, when a man returns from service
abroad, to ask his opinion on all sorts of subjects, from finance to the
kind and amount of milk it is best to feed the babies," Mr. Carlton said.
"And in the matter of Mr. Young's views on international communications,
Says Comipetition is Healthy.
with all respect, of course, I put them in the class with any advice he
Senator Tess asked if the witness thought radio ultimately might dismight feel moved to give to nursing mothers."
Referring to Mr. Young's revelation of the prolonged negotiations which place cables.
"Who can say?" Mr. Carlton replied. "My business is to try and build
have taken place between them in the effort to effect an agreement which
since has been reached between the Radio Corp. and the International up the best system, the best medium of communication. If radio proves to
be better than cable, let's have it. It is what we all want. We are not
Telephone & Telegraph Co., Mr. Carlton said:
"It was a great plan, and at no time and in no way has the genius of fighting each other; we are all fighting for business, more business for
Owen D. Young found more eloquent expression than in the framing of the all of us, and that's a healthy situation."
There was no secrecy about what was being done, he told the Committee.
terms he wanted us to agree to. The only trouble was, we were awake."
"Take the wireless between South America and Europe," he continued.
The effect of the agreement proposed by Mr. Young, Mr. Carlton said,
R. C. A. handled.
would have been to put the Radio Corp. with the relatively small amount "We get every week a complete description of the volume
It's no secret. They know we know. There's no secret about who has the
of business it was doing, "virtually in control of the Western Union."
He did not think that the combination with International Telephone & business and who hasn't."
The idea of secrecy in business, Mr. Carlton added, was "a lot of
Telegraph, if permitted to become effective, would "make much difference
hokum." Code these days, he said, was increasingly unnecessary.
to the Western Union."
As to the amount of business done by the Western Union, Mr. Carlton
"But you would have made it, if you could?" Senator Wagner sugsaid, it had grown from $30,000,000, land and cable, in 1910, to $150,gested.
000,000 in 1929.
On Friends and Horse Traders.
"Of that increase," he explained, "20% is due to the Increase in rates
have agreed made by the Postmaster General when he had our lines in 1918."
"Oh, yes," Mr. Carlton replied. "We would. If we could
on terms."
"Our entire cable business, and we do 50% of the total, amounts this
"The price was too high?" Senator Dill suggested.
year to $12,000,000," this sum being, he added, included in the
"Oh, I wouldn't say that," Mr. Carlton replied. "They are all friends $150,000,000.
of mine. If a friend of mine is making a horse trade, I don't want to
Says There is No Menace.
queer his sale."
Referring to the daily trans-Atlantic average of 51,000 messages, Mr.
for his horse!" said Senator Dill.
"But he wanted too much
Carlton said the Western Union had 44%, the Commercial 29%%, the
"I wouldn't even put it that way," Mr. Carlton drawled. "Let's say he
French Cables 7%, the Merger Cables between Great Britain and North
saw more legs on that horse than I could count."
America, including Canada, 2 9/10%, the Radio Beam, between Great
The last "expiring spasm" of the effort to reach an agreement, Mr.
Britain and Canada, 1 8
/10%, and the Radio Corp. of America and merger,
Carlton said, had taken place on shipboard when he crossed to Europe on 3
5
/10%.
Sarnoff about a year ago.
the same steamer with Mr. Young and David
Senator Dill commented that "the British merger would not seem to be
With the appearance of Mr. Carlton, the committee to-day resumed the much
of a menace to American communications."
hearings, which began with the testimony given by Mr. Young on Nov. 9
"Menace? There is no menace," Mr. Carlton exclaimed.
and 10, and which were adjourned Dec. 17 for the period of the holiday
Ile characterized as "one of the most fantastic bogies ever dressed up in
recess.
my experience" the presentation of the British communications merger
following the testimony
Mr. Carlton was the first witness to appear
in the light of a menacing development possessing potential power to
previously given by representatives of the Radio Corp. of America, and he
control or destroy American interests in the international communicawas given an all-day hearing, in which the liveliest interest was manitions field.
fested by all Senators present. The afternoon session was held at the
As to the system by which the British companies are controlled, Mr.
request of Senators Brookhart and Wheeler, who desired to ask questions
Carlton said that "no more creaking, awkward, ponderous business set-up"
for which there had been no time this morning.
existed anywhere than in London.
"I could wish a business competitor no worse luck than to be hooked
Gives Views on Regulation.
As to the creation of a single commission to regulate and control com- up in such a system," he declared.
"The British merger doesn't present the slightest menace to any one.
munications, indifference was expressed by Hr. Carlton, although, he added,
A. hold the British merger
so far as the Western Union was concerned, he saw no reason not to Right now the Western Union and the It. C.
continue the present system of regulation by the Inter-State Commerce in the hollow of their hand."
The Radio Corp., the witness continued, is a "growing factor in the
Conotnission.
the British being able to dictate
"We are indifferent as to what commission regulates us," he said, "but Far Eastern business," and far from
arrangements existing under its present
I am bound to say that, in our opinion, the Inter-State Commerce Com- rates, the corporation, with the
contracts, is in a position where it "can dictate a rate which will place
mission has done a good job."
He thought that a different situation was presented, however, in radio, the British merger at their mercy."
He had no objection, the witness explained, to the proposed combination
and that a separate commission, preferably of specialists, might be desirable
between the Radio Corp. and International Telephone & Telegraph Co.
in dealing with its problems.
"But we want to be left free to compete with it if it takes place,"
The matter of rates, he added, would take care of itself, since "what one
he said.
company does, all must do."
Brookhart Asks Some Questions.
Senator Wagner suggested that a different problem was presented by
In reply to Senator Brookhart, Mr. Carlton said that the Western Union's
communications than that represented by the railroads, with which the
Inter-State Commerce Commission was devised especially to deal; but the capitalization was $102,000,000, and that it was earning about $15,000,000
witness remarked that the latter commission seemed to be "highly intelli- a year.
"About 15% on the capitalization," said Senator Brookhart, adding
gent," and he could see no reason to change, though repeating that he
that it seemed a "pretty thick dilution."
spoke only for his own company.
"Well, Senator," Mr. Carlton replied, "it's hard to satisfy everybody."
"The Inter-State Commerce Commission has been too busy with other
Subject to correction by the Inter-State Commerce Commission, Mr.
matters to concern itself with your company. It hasn't had time to function," said Senator Wheeler. "I don't blame you for wanting to be Carlton said he placed at $250,000,000 the total valuation of the Western
Union as it is to-day, representing a consolidation of 537 companies sold
regulated by a commission that hasn't time to regulate you."
"I can't agree with that wholly, Senator," Mr. Carlton said, "as to or leased to it. In 1911, he said, the company paid a dividend of 3%, in
their not having done anything about regulating us. But I'll admit I would 1913 about 4%, in 1915 about 5%, in 1917 about 5%, and in 1926 and
ever since, about 8%.
be glad to be let alone."
Senator Brookhart asked him if he thought a public utility was entitled
Sees No Reason for Change.
to a greater return on money invested than the earning power of the whole
Mir. Carlton reiterated that he did not oppose any form of regulation people, which, he said, had been placed at less than 6%.
that Congress might prefer, but as between a new commission and the
"You'll have to ask some wild economist about that," Mr. Carlton
power that now exists, he saw no reason to make a change, as far as replied.
the Western Union is concerned.
"You don't think a tame one could tell me?" Senator Brookhart inquired.
No complaint, he said, had ever been made against the Western Union
"I don't think there is any such thing as an average return for the
rates.
whole people such as you are talking about," Mr. Carlton said. "I be"The extent and completeness of the Western Union connections in the lieve in a rate as low as is consistent with a fair return on the capital
United States," said Mr. Carlton, "seem to us to place upon us all an investment and justice to the large body of employees we have to conobligation almost that of a monopoly. It has been, and is, our policy to do sider."
what we can within the scope of good business to encourage radio.
"That's pretty much the position Mr. Young took," commented Senator
"Radio should be encouraged. It has been to our interest to encourage Brookhart. "You remember his answer to any question on that subject?"
It. Our policy in opening our offices to it was good business, because the
"And it was a dashed good answer," Mr. Carlton replied.
establishment of every new office meant that new business MIS being
"You agree with him on that, anyhow," Senator Brookhart said.
solicited. The competition of R. C. A. has been a valuable factor in
In a discussion with Senator Wheeler as to telegraph rates, Mr. Carlton
' creating new business."
said he was not satisfied with some of the present rates, and thought it
was a question whether any rate of more than a dollar for ten words was
Agrees Rate Cut Was Forced.
not too high.
"They stated in testimony before us that they bad had the effect of
Ile indicated that reductions on some of the present rates was under
reducing your rates," Senator Dill suggested.
consideration and might shortly take effect.
"I think that's true," said Mr. Carlton.
At first, "while getting a foothold," the Radio Corp. charged a rate
of 18c., as against the cable rate of 25c. In 1911 the cable companies Annual Report of New York State Superintendent of
established the half rate on plain messages, deferred, and, coincident with
Banks—Legislation Urged for Stricter Supervision
that action, the Western Union inaugurated the night-letter and week-end
Over Private Bankers—Re-organization of Banking
message, which Mr. Carlton said was their first cheap service, and credit
for which belonged to "the great inventive mind of Theodore Vail," then
Department Proposed—Also Double Liability for
President of the Western Union who retired in 1914.
Stockholders of Investment Companies—Views on
"In those three years," Mr. Carlton said, "Mr. Vail, who had the greatest
'
Chain Banking.
mind in the business world, gave a stimulus to the company it will take
It 20 years to develop and work out."
The reorganization of the State Banking Department and
The witness traced the growth of cable communications from 1911, "when
the creation of additional bureaus, in order that the necesthe companies did a comparatively small business," to the point now
reached, where, he said, the average exchange between Europe and America sary attention may be given to the institutions under the
was 81,000 messages a day.
Department's supervision, is called for in the annual report
232
FINANCIAL CHRONICLE
of New York State Superintendent of Banks Joseph A.
Broderick, presented to the State Legislature, Jun. 8.
Among the additional bureaus advocated is a "Credit
Bureau, to follow loan lines, slow and doubtful assets between examinations, and to keep in close touch with credits."
The report asserts that "had such a bureau been functioning
during the past three years, conditions as disclosed in the
failed City Trust Co. could not have gained headway." In
the legislation proposed in the report it is advocated that
supervision be extended to private bankers throughout the
States and not limited to those in cities, as at present.
The recommendations as to new legislation are set out as
follows in the report:
Legislation.
Two banking commissions have been sitting during the past year; one
appointed by the Governor to investigate banking conditions and recommend legislative amendments, of which commissions Hon. George
W.
Davison of the Central Hanover Bank & Trust Co. is Chairman, the other a
joint Legislative committee on banking, headed by Hon. Nelson W. Cheney,
Assemblyman and now Senator-elect, which committee was created in
1927 and has since continued. The views of the Department with reference
to proposed legislation have been submitted to both commissions.
The following is a brief statement of our recommendations, most
of
which were included in our memorandum submitted to said commissions:
(1) Private Bankers.
Supervision should be extended to private bankers throughout the State
and not limited to those in cities, as at present. The Superintendent should
be empowered to inspect book records and accounts of all persons and
corporations who receive money for deposit or transmission, or who deal in
foreign exchange or foreign currency, or who sell travelers' checks or
steamship tickets, or who use the usual form of bank pass book as
evidence of receipt of funds for any purpose whatever. These amendments
are of vital importance and the necessity for them has been clearly shown
by the developments in connection with the failure of Clarke Brothers
and
at least two up-State private bankers.
Licensed private bankers should also be subjected to the same limitations
as to investment of capital and surplus as are imposed upon banks by
the
provisions of Article III.
The amendments to Sections 39 and 150 are the most important ones
which we have to recommend. The public believes that the Banking
Department has, at present, supervision over all individuals and concerns
(other than National banks) receiving deposits. This is a responsibility
which we are prepared to assume, but we must be placed in a position
where it is possible for us to determine whether or not such persons
and
concerns are doing business which brings them within our jurisdiction.
(2) Conversion of National Bank to Trust Company.
The present statute makes provision for the conversion of a National
bank to a State bank and of a State bank to a trust company, but
a
National bank desiring to convert to a trust company must make a double
conversion, first to a State bank under Section 104 and then to a trust
company under Section 138. A new section should be added to the
Trust Company Article, providing for the direct conversion of a
National
bank to a trust company.
[VoL. 130.
(7) Report of Attendance at Directors" Meetings.
Every institution under the supervision of this Department should be
required to mail to every stockholder, prior to the annual meeting, a report
indicating the number of meetings held by the directors or trustees and
the executive and other committees provided for by the by-laws, and the
number of such meetings attended by each director. The Canadian Bank
Act has a similar provision.
Let the shareholders know which of the directors are aotive and
attentive and which are permitting the use of their names without assuming their proper responsibilities.
(8) Sunday Banking.
Sunday banking should be prohibited.
(9) Publication by the Superintendent of Unclaimed Deposits.
Section 46, requiring the Superintendent to publish once every five years
a list of all unclaimed deposits reported to him by banks, trust companies,
savings banks and private bankers should be repealed. The publication
serves no good purpose, as the banks themselves are required to publish
each year, and the Banking Department keeps an index of such deposits
available to all persons having a legitimate interest therein.
(10) Restrictions on Deputies, Examiners and Other Employees of the
Department.
Deputies, examiners and all other employees should be prohibited, as
the Superintendent is now prohibited, from having any interest, direct or
indirect, in an institution under supervision and from borrowing from
any such institution.
Further proposals of the Superintendent were presented
as follows in the report:
Reorganization of Department.
We have submitted to the Budget Committees, requests for largely
increased appropriations for the next fiscal year, and have also requested
other appropriations immediately available in order that the proposed
reorganization of the Department may be made effective at the earliest
possible moment. The proposed plan submitted with the requests calls
for the following:
(1) Appointment of additional deputy and the elimination of the words,
"First," "Second," "Third," and "Fourth" from the titles of the Deputy
Superintendents, so that all will have the title of "Deputy Superintendent."
It is proposed that one deputy be in °barge of each of the following
departments:
(a) Administration and bank relations (New York office).
(b) Legal department (Albany office).
(c) Disciplinary correspondence (Now York office).
(d) Investigation, credit and small loan bureaus (New York office).
(e) Administration (Albany office).
The Department needs a strong, permanent organization, if the necessary
attention is to be given to the institutions under its supervision. Recommendations have been made for the increase in salaries of all deputies,
in order to make the positions attractive to the men capable of filling them.
(2) Additional Bureaus, As Follows:
(a) Credit Bureau to follow loan lines, slow and doubtful assets at
examination, and to keep in close touch with credits. The Department
formerly had such a Bureau, but this was discontinued some years ago,
because of pressure of work on the examining staff. Its re-establishment
is absolutely essential to effective supervision. Had such a bureau been
functioning during the past three years conditions as disclosed in the failed
City Trust Co. could not have gained headway.
(b) Special Investigation Bureau to investigate and report upon appli(3) Investment Companies.
In addition to the suggestions made in the investment company sub- cations for new charters and branches, to verify payment in of capital
division of this report, we believe that the stockholders of such corporation and surplus upon organizations and subsequent increases, and to investigate
should be subjected to the double liability now imposed by statute upon special complaints. The radical change in method of handling applications
for charters is explained in the subdivision of this report relating to
stockholders of banks, trust companies and safe deposit companies.
new institutions. There has been a similar change in respect to branch
(4) Liquidation.
applications.
(c) Small Loan Bureau to have special supervision over investment
(a) Provision should be made to protect the rights of depositors who
have not filed claims in connection with liquidations of failed institutions. companies which sell iniesttnent certificates to the public, personal loan
companies and credit unions.
Under the present law, dividends are paid only on claims presented and
We have also to provide for additional examinations, as follows:
accepted or established by action, within four months of date of calling
(a) Private bankers are now examined four times a year instead of
for claims. The law should be amended to permit the apportionment of
dividends to the owners of accounts due as shown by the books, and if some twice, as heretofore; investment companies twice instead of once, and some
claims have not been presented upon such accounts at the time of dividend institutions are from time to time placed upon a special list calling for
payments, dividends due on these unfiled claims should be held by the additional examinations or even for the continuous presence of examiners
in an institution for weeks or even months, until conditions are corrected.
Superintendent in trust and paid to the owners upon proper proof.
(b) Holding companies controlling or closely affiliated with banking
(b) The Private Banking Article should be amended to provide, in
case of death of an authorized private banker, for the continuance of institutions are now examined concurrently with the examination of the
the business for a limited time by his legal representative, for the purpose banks with which they are affiliated.
(u) It is anticipated that the amendments affecting private bankers,
of accomplishing the liquidation thereof.
(c) The Superintendent should be empowered to take over and liquidate to be recommended by the Governor's Commission, the Joint Legislative
Committee, and this Department, will be enacted early in the coming
savings and loan associations and credit unions in cases where the assets
are insufficient to pay shareholders, even though sufficient to pay other legislative session, and that as a result of such amendments, it will be
liabilities. Stockholders of the ordinary corporation may be classed as immediately necessary to examine many private bankers not now subject to
joint adventurers and not as creditors, but the relationship of the share- examination and to investigate and inspect the book records and accounts
holders of these mutual corporation is more nearly like that of a bank of steamship ticket, express company and other agencies to determine
not such agencies are violating the law and should be under
depositor.
(d) The Superintendent should be empowered to take over the business supervision.
In addition, we must provide for the growth in number and resources
and property of foreign agencies licensed by him, upon finding that the
condition of affairs of such entity in this State does not afford adequate of institutions under supervision, which growth has been greatly enhanced
protection to creditors residing in the United States. Such creditors should during the past year because of the fact that four of the largest National
banks in New York City have come into the State system.
also be given a priority in the distribution of the local assets.
Since the Civil Service list for the position of Bank Examiner was
(e) The Superintendent should have power to compel a liquidation,
upon finding that any corporation under supervision has abandoned or established on Oct. 7 1929, 28 new examiners have been appointed and
we anticipate that it will be necessary to appoint at least 15 more
forfeited its charter by non-user and is in process of virtual liquidation.
to
adequately man the Department and put into effect the reorganization plan
proposed. The additions to the examining force make necessary corre(5) Qualifications of Officers and Directors of Trust Companies.
Nlsory
.
The Trust Company Article should be amended to provide that the sponding additions to the office force, clerical, stenographic and superPresident and at least three-fourths of the directors of a trust company
The institutions under supervision pay the entire expense of maintaining
must be citizens of the United States. Directors of such companies should
also be required to own at least one thousand dollars in par value of the the Department and we know that they are not only willing but anxious
to see the Department function to the fullest extent. We believe
stock of the company, instead of the present minimum of ten shares.
that
It might be well to require even larger holdings to qualify directors of the amounts requested are absolutely necessary if we are to be in a
position to build up the Department and restore its former prestige.
the larger banks and trust companies, based upon capital and surplus.
We
are confident that to that end we will have the aid and co-operation
of
all agencies of government and institutions under supervision.
(6) Report of Loans by Officers to Directors.
Sections 129 and 214 should be amended to provide a variable minimum
Branch, chain and group banking are discussed in the
in respect to the amount of loans to be reported by officers of banks and report,
and the statement is made therein that "while unit
trust companies to the directors, based upon resources. The present requirement that all loans of one thousand dollars or over must be reported is or individual banks will always be the popular types of
unreasonable and impracticable in the larger institutions.
banking in this country, we believe that branch, chain and
JAN. 11 1930.]
FINANCIAL CHRONICLE
233
group banking, widespread public interest and participation in stock
investment and speculation, record-breaking activity in the stock markets,
high rates of interest on bank loans, declining savings accounts, and,
finally, the most drastic decline and readjustment of security prices in
the history of all times.
That our banking institutions came through this crisis so well is
convincing evidence of the underlying strength of our financial structure;
that it has been possible is due to the sound, competent and experienced
managements of our institutions and to the courage, counsel and coolheaded judgment of our banking and business leaders.
The reports of the State banks, trust companies and private bankers
as of Sept. 27 1929 show a gain of 9.44% in resources and 3.83% in
Branch, Chain and Group Banking.
deposits during the period from Dec. 31 1928 to Sept. 27 1929. We have
In modern banking, as in business, the trend is towards large combina- used the figures taken from the reports of Sept. 27 for the purpose of
tions of capital. Never in the history of the country have there been so comparison, as the last call of the year was as of Dec. 31, and the figures
many important banking mergers as during the past year. The same as of that date are not yet available.
period has witnessed an unprecedented extension of chain and group
The resources and deposits of the State banks, trust companies and
banking.
• rivate bankers as of Dec. 31 1928,and Sept. 27 1929, are shown by the
Unit or individual banks have been and always will be the backbone of 'allowing table:
our banking system. Their success has been due to the undivided attention
$9,672,183,052
Resources Dec. 31 1928
given to their affairs by competent officials who have personal acquaint10,585.379,115
Resources Sept. 27 1929
addition, a
anceship with customers, their affairs and needs, and, in
$913,196,063
Increase
thorough personal knowledge of the business and financial conditions and
group banking will develop greatly during the next few
years." "Without question," says the report, "branch extension along county, district or State lines, is preferable to
either chain or group banking. In it we have the benefit
of unified control and increased protection to depositors
through the double liability of stockholders which is absent
In the chain and group banking operations." We give herewith the Superintendent's comments on this subject:
requirements of the community served.
$7,852,005,843
Deposits Dec. 31 1928
8,153,419,283
Deposits Sept. 27 1929
Branch banking in this State is limited by law to cities; the system
has worked well, giving to the sections where offices are located efficient
$301,413.440
Increase
and adequate service. In a few States, notably in California, and elseThe total resources of State institutions were approximately $17,024,where, such as in Canada, England and all the principal Continental
000,000 on Sept. 27 1929, which is 60.96% of the $27,924,310,000
countries, branch banking has been uniformly successful.
There is a growing idea among well informed bankers that despite the reported as total resources of all the National banks of the country on
institutions on Sept. 27 1929
present opposition, the extension of branch banking is inevitable. There Oct. 4 1929; and the total deposits of State
the $21,901,is a feeling that unit banking, particularly in rural districts, has its were approximately $12,615,000,000, which is 57.59% of
defects; difficulty is being experienced in getting and keeping competent 997,000 reported as total deposits of all the National banks of the country
officials; margin of profits does not permit the payment of salaries to on Oct. 4 1929.
The latest estimate of resources of the State banking institutions in
qualified officials commensurate with their responsibilities, and such
the United States which we have at hand is as of March 27 1929, when
officials are attracted to other lines or undertake outside activities.
of the States,
The development of chain and group banking during the past few years the resources of such State banking institutions in all
has been due to the failure of the law to permit the extension of branch including New York, was given as $43,644,840,000.
The following table shows the capital, surplus and undivided profits
banking beyond city and State limits. We have a number of small chain
systems in this State, but up to date there are but few chain corporations of the State banks, trust companies and private bankers as of Dec. 31 1928,
and Sept. 27 1929:
which extend beyond State limits.
$1,120,576,334
Chain banking is the term applied where an individual or corporation Capital,surplus and undivided profits, Dec. 31 1928
1,595,564,821
undivided profits, Sept. 27 1929
owns 50% or more of the capital stock of two or more banking institutions, Capital,surplus and
or a sufficient part of the stock of such institutions to give to the indi$474,988,487
Increase
vidual or corporation the controlling voice in fixing the loan and investThe percentage of capital and surplus to deposits, as shown by the
ment policies of such institutions. In a study or consideration of this reports of Sept. 27 1929 is 19.57 as against 14.27 on Dec. 31 1928. This
question, a distinction should be made between two classes of chain ratio
is almost one to five, whereas even the ratio of approximately one
corporations—(a) those owned or managed by experienced bank officials to seven, shown by last year's report, was more favorable than the
who are interested primarily in the development of the institutions constandard set by banking practice.
trolled and who hope through economy and efficient management to
increase earnings, dividends and the value of the bank stock investments;
Among other things, the report says:
(b) those owned by corporations primarily interested in general trading in
The Department does not at the present time encourage private bankers
stocks and who have purchased the control of the banking institutions
to incorporate. Experience has shown that the advantages which have
with the idea of creating a market and reselling the stock at a profit.
been considered to accrue to depositors on such incorporation, by reason
Group banking covers that class of activities where a number of banking of
additional capital required and the fact that the stockholders of the
institutions, while preserving their own identities, and, to a large degree,
incorporated bank are subject to the double liability, are more than
local autonomy with respect to internal operations, loan and investment
outweighed by the fact that few such bankers have the requisite ability
policies, are actually in fact controlled through stock ownership by a
and experience to be permitted to assume the additional responsibility
central holding company operated and under the management of experiincidental to the operation of a corporate bank.
enced bankers. The combined resources of a sound group should enable
Mr. Broderick (who succeeded Frank D. Warder, conits members to give a better and more complete service to their customers.
Advantages also include economies in operation and a thorough audit victed on charges growing out of the failure of the City
control.
Trust Co.) assumed his duties as Superintendent of Banks
It is the duty of the State to serve and protect its citizens. Charters
are granted to banking institutions to promote the advantage and con- on April 22 1929. Reparding Mr. Broderick's report, an
venience of the public; the institutions are given the privilege of receiving Albany dispatch, Jan. 8, to the "Herald Tribune" said:
savings and other deposits from the public. The Superintendent of Banks
The report was hailed by Governor Roosevelt as conclusive proof of the
is charged with the responsibility of seeing that the interests of the emergency character of his request for $150,000 for additional bank
depositors are properly safeguarded. However, laws cannot make men examiners for the remainder of the present fiscal year.
honest nor competent.
The item was eliminated from legislation rushed through both Houses on
Regardless of what form of bank organization or bank control may be Monday night on emergency message from the Governor on the ground that
used, safe and successful operation depends primarily upon sound, efficient, there was no necessity for the appropriation.
experienced management, and the proper degree of protection to depositors
That such a necessity does in fact exist is amply proved by Superincannot be assured if managing officials and directors lack character, com- tendent Broderick's report, the Governor said to-night, pointing to this
petency and financial strength.
question from the document: "The largely increased volume of work in
While unit or individual banks will always be the popular type of this department has made it necessary to appoint 28 new examiners, but
banking in this country, we believe that branch, chain and group banking these men were available only the latter part of 1929. The funds for
will develop greatly during the next few years.
the payment of examiners will be exhausted about April 1, and it has,
Without question branch extension along country, district or State therefore, been necessary for the Department to request an emergency
lines is preferable to either chain or group banking. In it we have the appropriation.
benefit of unified control and increased protection to depositors through
the double liability of stockholders which is absent in the chain and
group banking operations.
Railroads Show Large Diminution in Rate of Return
With competent and reasonably conservative management, thoroughly
for November.
familiar with the field and district in which the affiliated banks are
Class I railroads in the first 11 months of 1929 had a net
located, group- banking and banking management •type of chain corporations may develop safely and properly.
railway operating income of $1,201,172,558, which was
During the past six months this Department has examined holding
annual rate of return of 5.04% on their property
companies in connection with the examination of banking institutions at the
with which they are affiliated. NVe will continue this practice and expect investment, according to reports just filed by the carriers
within the next six months, by arrangement with interested parties, to with the Bureau of Railway Economics and made public
examine all group and chain corporations holding the controlling stock
on Jan. 6. In the first 11 months of 1928 their net railway
Interest in institutions under our supervision.
Up to this time no such holding company has refused to permit our operating income was $1,099,823,573, or 4.68%, on their
examiners to inspect their books and records. If difficulty should be property investment. Property investment is the value
experienced we will undoubtedly recommend legislation giving the Departof road and equipment as shown by the books of the railment jurisdiction, or at least the right of examination over all corporations
cash. The net
domiciled or operating in this State which own directly or indirectly, say, ways, including materials, supplies and
25% or more of the capital stock of any banking institutions incorporated railway operating income is what is left after the payment
under our banking laws. We further have in mind the necessity of
of operating expenses, taxes and equipment rentals but
extending the provision relating to the double liability of bank stockbefore interest and other fixed charges are paid. This
holders.
to earnings for the 11 months of 1929 is
The report has the following to say regarding the re- compilation as
based on reports from 180 Class I railroads representing
sources of the State institutions:
The year 1929 has been an eventful one. It has been a period which has
seen a large number of mergers of important banks and trust companies,
the general increase of the capital and surplus structure of our institutions
through the sale of new stock, the growth and expansion of the fixed
and general management types of so-called investment trusts (that is,
corporations organized primarily to invest its stockholders' and other
funds in securities of other corporations), the development of chain and
a total of 241,597 miles.
Gross operating revenues for the first 11 months in 1929
totaled $5,882,985,157, compared with $5,692,846,075 for
the same period last year or an increase of 3.3%. Operating
expenses for the first 11 months of the year amounted
to $4,190,869,790, compared with $4,123,449,957 for the
234
FINANCIAL CHRONICLE
same period one year ago, or an increase of 1.6%. Class I
railroads in the first 11 months of 1929 paid $397,428,893
in taxes, compared with $360,585,613 for the same period
the year before. For the month of November alone the
tax bill of the Class I railroads amounted to $30,000,218,
a decrease of $4,203,564 under the previous year. Twentyseven Class I railroads pperated at a loss in the first 11
months of 1929, of which 11 were in the Eastern, four in
the Southern and 12 in the Western District.
Net railway operating income by districts for the first
11 months of 1929 with the percentage of return based on
property investment on an annual basis as follows:
New England Region
Great Lakes Region
Central Eastern Region
Pocahontas Region
Total Eastern District
Total Southern District
Northwestern Region
Central Western Region
Southwestern Region
Total Western District
Total United States
$50,645,448
202,038,215
273.555,773
85.832,073
5.93%
4.97%
5.52%
9.34%
$612,071,509
122,091,988
141,809,001
225,268,290
99,931,770
5.677
4.07%
4.247
5.01
4.56%
1467.009,062
4.65%
11.201.172.558
5.04%
Class I railroads for the month of November had a net
railway operating income of $86,669,467, which, for that
month, was at the annual rate of return of 3.64% on their
property investment. In November 1928 their net railway
operating income was $113,520,063, or 4.84%. Gross
operating revenues for the month of November amounted
to $499,210,861, compared with $532,055,881 in November
of -the preceding year, or a decrease of 6.2%. Operating
expenses in November totaled $372,167,148, compared with
$374,861,114 for the same month in 1928, or a decrease of
seven-tenths of 1%.
Eastern District.
Class I railroads in the Eastern District for the first 11 months in 1929
had a net railway operating income of $612,071,509, which was at the
annual rate of return of 5.67% on their property investment. For the
same period in 1928, their net railway operating income was $545,389,757,
or 5.12% on their property investment. Gross operating revenues of the
Class I railroads of the Eastern District for the first 11 months in 1929
totaled $2,930,643,078. an increase of 4.7% above the corresponding
period the year before, while operating expenses totaled $2,086,984,610,
an increase of 2.7% above the same period in 1928.
Class I railroads in the Eastern District for the month of November
had a net railway operating income of $41,695,130 compared with $55,822.310 in November 1928.
Southern District.
Class I railroads in the Southern District for the first 11 months in
1929 had a net railway operating income of 1122,091,988, which was at
the annual rate of return of 4.07% on their property investment. For the
same period in 1928, their net railway operating income amounted to
$121,242,614, which was at the annual rate of return of 4.11%. Gross
operating revenues of the Class I railroads in the Southern District for
the first 11 months in 1929 amounted to $709,660,931, an increase of
one-tenth of 1% above the same period the year before, while operating
expenses totalled S535,295,235, a decrease of two-tenths of 1%.
The net railway operating income of the Class I railroads in the Southern
District in November amounted to $7,844,633, while in the same month
In 1928 it was $12,650,508.
Western District.
Class I railroads in the Western District for the first 11 months in 1929
had a net railway operating income of1467,009,061, which was at the annual
rate of return of 4.65% on their property investment. For the first 11
months in 1928, the railroads in that district had a net railway operating
Income of $433,191,202, which was at the annual rate of return of
4.38%
on their property investment. Gross operating revenues of the Class I
railroads in the Western District for the first 11 months this year amounted
to $2,242,681,147, an increase of 2.6% over the same period last year,
while operating expenses totaled $1.568,589,945, an increase of nine-tenths
of 1% compared with the first 11 months the year before.
For the month of November the net railway operating income of the
Class I railroads in the Western District amounted to $37,129,704. The
net railway operating income of the same roads in November 1928 totaled
$45,047,245.
CLASS I RAILROADS—UNITED STATES.
Month of November—
1929.
1928.
Total operating revenues
$499,210,861
$532,055,881
Total operating expenses
372,167,148
374.861.114
_Taxes
30,000,218
34,203.782
Net railway operating income
86,669.467
113,520,063
Operating ratio
74.557
70.46
Rate of return on property Investment....
3.64%
4.84%
11Months Ended Nov. 30—
Total operating revenues
$5,882,985,157
$5.692,846,075
Total operating expenses
4,190,869,790
4,123,449,957
Taxes
379,428.893
360,585.613
Net railway operating income
1,201,172,558
1,099.823.573
Operating ratio
72.43%
Rate
Ra of return on property investment
4.68%
711.2
Strike on Erie RR. Averted Through Federal Mediator
—One Demand Granted—Wage Question to be
Arbitrated.
A threatened strike of 3,500 trainmen on the Erie Railroad
was averted on Jan. 4 by G. Wallace W. Hanger, member of
the United States Board of Mediation, who succeeded in
working out an agreement after several weeks of effort,
according to the New York "Times" of Jan. 5, which added:
One of the grievances has been settled, another will be arbitrated and the
rest will be submitted to the Eastern Train Service Board of Adjustment.
The workers asked for the installation of a seat for the brakeman stationed in freight engine cabs and the railroad management has agreed to
[VOL. 130.
satisfy that demand, Mr. Hanger announced. The union and the railroad
have agreed to submit to three arbitrators the demand for an increase of
99 cents in the wages of the trainmen on the Wyoming branch of the road.
The workers presented about 100 grievances involving alleged infringement ofcontract regulations by the railroad. These grievances will be ironed
out by the Adjustment Board, although the railroad Is not affiliated with
the Board.
Two other controversies which had been injected into the dispute since
the strike was threatened were dropped for the time being. R. E. Woodruff, Vice-President of the Erie, and W. L. Reed, Vice-President of the
Brotherhood of Railway Trainmen, signed the agreement.
A strike had been set for Dec. 5 by the brotherhood, when Mr. Hanger
offered the Board's mediation of the dispute. The brotherhood then
agreed to hold the walkout order in abeyance.
The demands of Erie trainmen for higher wages were
referred to in our issue of Dec. 11, page 3740.
Rise in Value in Inherited Securities Held Subject to
Tax Under Ruling of U. S. Supreme Court—Lapse
of Time Between Death and Receipt no Defense.
Millions of dollars and many individuals were affected
on Jan. 6 by a ruling of the U. S. Supreme Court, under
which it is held that the difference in value in securities at
the time of death and the value at the time of sale of such
inherited property constituted taxable income. Associated
Press accounts from Washington in the New York "HeraldTribune" of Jan. 7,from which we quote, likewise said:
The test case was brought by E. Franklin Brewster, from western New
York. Brewster had appealed from a ruling of the Internal Revenue Commissioner, who had been sustained by lower courts. He insisted the tax
should be levied only on the difference in value at the time he received the
securities and the time of sale, holding considerable time had elapsed since
his father's death and the time the securities actually came into his possession. The point has been raised in a number of cases involving large
sums of money.
Minnesota was declared by the Court to be without authority to impose
an inheritance tax on bonds issued by it and St. Paul and Minneapolis and
held in New York by Henry R. Taylor at the time of his death there.
The case attracted wide attention as testing the right of States to place an
inheritance tax on bonds and other forms of State and municipal indebtedness held outside their borders.
Tax on Production Urged for Solution of Employment
Problem—Commissioner of Labor Statistics Proposes Insurance of Work Instead of Doles for Idle
Workers.
The following by Ethelbert Stewart, United States Commissioner of Labor Statistics was published in the United
States Daily of Jan. 7:
This is a good time for the American people to do some real thinking.
Just now we need some social-minded, some future-minded, some broadminded thinking.
Unquestionably the real problem in the world to-day is unemployment.
Whistle in the graveyard as we will, we cannot keep this ghost away.
In the United States we have acute attacks of it only spasmodically, but
at best it is too much with us. Do we want to attack this social and industrial
disease at its source, or do we want to dilly-dally with its results?
Benefits for Idle Workmen.
Nineteen countries of the world have unemployment insurance. About
45,000,000 workers are insured and, when idle, receive benefits in specified
amounts and over specified periods of involuntary unemployment.
In no country is the system really satisfactory. In no country does it
solve any problem except that of immediate starvation or suffering among
the unemployed.
It gives work to nobody except the clerical force needed in its own administrative machinery. It is clumsy, expensive, ineffective
In England and Northern Ireland there were in July 1929, 11,834,000
Persons insured against unemployment; 1.176.000 of these were unemployed
and the total amount of the cost of unemployment insurance for the year
1928 was $206,214,214. This would have gone a long way toward stabilizing
employment, and toward tunneling the channel toward housing the unhoused.
Of the contributions to the "fund" $79,588,900 came from employers
(based upon pay roll); $70,225,400 from employes (deducted from wages).
and $59,901,000 from the government, i.e., general taxes.
In Germany the insurance covers 16,964,668 persons. The cost for 1928
Was $226,015,594. The contributions of both employers (based upon pay
roll) and of employes (based upon wages) must not exceed 3%, divided
half and half.
The excess is contributed by the Federal and local governments,$33,288,000 in 1928. In some form or other the "dole" reached 1,029,658 persons
averaged monthly for the year.
It is time to think whether or not we in the United States do not want
to do something entirely different. Let us have an employment—not an
unemployment—insurance system. It must be evident that before long we
must have something.
I will not discuss the effect of the so-called "dole." It has been greatly
exaggerated by its opponents, and praised too much by its defenders.
Suffice it to say it will not be tolerated, directly, in the United States for
Years to come, if ever.
Indirectly we are doing it now. But the world has never gotten very far
by discussing or experimenting with negatives. Remedies do not insure
against a renewed attack.
Plan of Emplopnent Insurance.
Employment insurance would have for its purpose continuous production.
continuous employment. Idle men are wasted men: idle machinery wasted
capital.
Theoretically we stand in this country for a stoppage of waste. We are
proud of being the first to do big things.
Employment insurance has never been tried in any general way. Government subsidies in various countries have wet-nursed specific Industries
through crises. But government subsidies per se Is not what lam advocating.
There is plenty of work to be done in this country and plenty of people
to do It. The difficulty is capital and the organized machinery for production and distribution.
JAN. 11 1930.]
FINANCIAL CHRONICLE
Our annual'production, all things considered,amounts to $90,000,000,000
Per year. A production tax to maintain production would seem to involve
no injustice, no economic fallacy.
The maintenance of full employment is the maintenance of continuous
markets; more effective, more satisfactory in every way, than advertising
and high-powered salesmanship. Give the people the income that comes
from full-time employment at good wages; they will find and buy the goods
they want. No window dressing necessary; you could not hide them from
them.
The machinery for the administration of an effective employment
insurance is no more complicated than the machinery for unemployment
insurance, which prevails in 19 countries now. The income from a 1%
production tax would mean $900,000,000 Per year. This would go far
toward stabilizing both employment and production.
President Hoover's proposal to the Governors' Conference in New Orleans
of $3,000.000,000 revolving fund would work right in with an employment
insurance scheme. Not only would it take care of public buildings and
roads, but it would provide alternative employment for seasonal industries
and for dying industries. It would furnish capital for patents and projects
that have real merit but lie dormant for want of capital to make them
effective.
The incentive to stabilize would become universal. All phases of production would be contributors to the fund and partners in the solution of its
problems. Unemployment insurance gets its income from pay roll and from
wages; employment insurance would get its income from production and
price.
Cost Met by Larger Output.
i'Vhy should labor,or pay roll, bear all the burden? In Germany the 1M
%
of wages is a direct tax on earnings, a part of cost of living; and to that
extent decreases purchasing power and becomes a depressant on production
and prosperity.
The effect of the employer's tax on pay roll is to induce him to keel) wages
enough lower to cover the tax, thus again reducing purchasing power and
depressing production. A production tax would mean an incentive to
make production pay the tax and to lessen itself by stabilizing production.
It may not be in my day, but some day the people of the United States
will have to say which it shall be—employment insurance,or unemployment
insurance, whether we are to keep people at work and get better housing,
better school houses and more of them, better and more of everything
for our money, or whether we will keep idle people from starving in their
idleness.
Sooner or later we must face the question of work or dole, which shall
itlbe?
Subscriptions to United Hospital Fund Through
"Bankers' and Brokers' Committee"—Amount to
Date, $130,033.
James Speyer, Chairman, and Charles H. Sabin, Associate
Chairman, of the "Bankers' and Brokers' Committee" of the
United Hospital Fund of New York, are much gratified by
Wall Street's response towards this year's collection, which
is the "Golden Anniversary" of.
the Fund, contributions received to date, namely, $130,033, being an increase of 10%
over last year's total. The following list of contributors of
sums of $100 and over was announced Jan. 6:
Previously acknowledged---$106,000 Thatcher M.Brown
100
Stephen C. Clark
2.000 Mortimer N. Buckner
100
Alfred & Co
1,000 Buell & Co
100
Equitable Trust Co.of N.Y. 1,000 Trowbridge Callaway
100
Joseph P. Grace
1.000 Carlisle, Melllck & Co
100
M.J. Meehan & Co
1,000 George 0. Clark
100
Mr. & Mrs. Van Santvoord
Jerome J. Danzig
100
Merle-Smith
1,000 George W. Davison
100
National City Co
1,000 Stanton Griffis
100
Mrs. Anna Woerishoffer- - 1,000 Gruntal, Lilienthal & Co-- _
100
Joseph F. Feder
500 Norman Ilenderson
100
Walter E. Frew
500 C. M. Keys & Co
100
Donald G. Geddes
500 Louchhelm, Minton & Co_ _
100
Halle & Stieglitz
500 Luke, Banks & Weeks
100
Ladenbtvrg,Thalmann & Co.
500 Miss Jennie L. Mackay_
100
The Prudence Co., Inc— - 500 Malcolm S. Mackay
100
Agents, Bank of Montreal-250 Bernard K. Marcus
100
Hugo Blumenthal
250 George McNeir
100
H. Content & Co
250 Morris Plan Co.of N. Y___
100
Continental Bank & Tr. Co..
250 Jansen Noyes
100
Dominick & Dominick
250 W. B. Potts
100
W. A. Harriman & Co
250 Edgar D. Pouch
100
Hornblower & Weeks
250 "In Memoriam W.F.P."_ _
100
Leeds Johnson
250 Seward Prosser
100
Maitland,Coppell& Co---250 Grafton H.Pyne
100
Eugene Meyer
250 J. K. Rice Jr. dc Co
100
C.E. Mitchell
250 Harold C. Richard
100
Mrs. William H. Moore- _ - _
250 George Emlen Roosevelt— _
100
Newbur_ger,Hendeen & Loeb
250 Percy F. Salomon
100
Albert Tag
250 E. H. H.Simmons & Co-_ _
100
Mr.dz Mrs.E.Van Raalte_ _
250 Harold Stanley
100
Wertheim & CO
250 Andrew V. Stout
100
George T. Bowdoin
200 E. R. Tinker
100
Interstate Trust Co
200 Lawrence Turnure & Co- _ _ _
100
Schuyler,Chad'k &Burnham
200 Morris Walzer
100
Paul Adler
100 Wright & Sexton
100
Adler, Coleman & Co
100 Other contributions
3,333
Frederic W. Allen
100
Christian Arndt
100
Totalsubscriptions for the
Auerbach,Pollak & Rich'son
100
year to date
$130.033
An earlier list of those contributing to the Fund was given
in our issue of Dec. 14, page 3742.
ITEMS ABOUT BANKS, TRUST COMPANIES, ETC.
In accordance with the recent announcement the City
Bank Farmers'Branch of The National City Bank will open
for business Jan. 17 on the ground floor of 43 Exchange
Place in temporary quarters. At this new office there will
be a complete banking unit working in close co-operation
with the institution's trust and custodian departments and
offering also direct to its clients all the facilities of a worldwide banking organization.
235
as assistant managers of the 41st Street Office and H. G.
Kemp as assistant manager of the 149th Street Office.
The Bank of America of New York announces the following appointments: A. H. Merry and P. G. Birckhead, formerly Asst. Vice-Presidents have been elected Vice-Presidents; Edward Craig, formerly Asst. Cashier has been made
Asst. Vice-President; William A. Creelman has been appointed Asst. Vice-President, and H. B. Husted and F. A.
Magrath Assistant Cashiers.
All existing high records in American banking are exceeded
with the publication on Jan. 6 by The National City Bank
of New York of its statement of condition as of Dec.31 1929,
showing total resources of $2,206,241,170, against $1,847,705,548 on Dec. 31 1928, and $2,062,400,220, the previous
high level recorded last June. Deposits total $1,649,554,260, against $1,349,024,386 a year ago, and $1,470,891,893
last June. Total capitalfunds stand at $239,650,233,against
$166,993,905 a year ago and $235,260,406 at the end of last
June.
The balance sheets for Dec. 31 1929 of the various companies making up The Manhattan Co. group as it is now
constituted, were made available the present week. The
total capital resources of The Manhattan Co., which is the
holding company, amount to $139,113,268 as compared with
$44,822,000 on Dec. 31 1928, and with $65,000,000 on July
1 1929, which at that time included also the figures of the
International Acceptance Bank, Inc. and the International
Manhattan Co., Inc. The Manhattan group now includes
the Bank of Manhattan Trust Co., International Acceptance
Bank, Inc., International Manhattan Co., Inc., which are
entirely owned by The Manhattan Co., and the New York
Title & Mortgage Co.,over 80% of whose stock was acquired
by it in January 1930. The New York Title & Mortgage
Co., in turn, owns, as its subsidiaries, the American Trust
Co., New York, and the County Trust Co. of White Plains.
The aggregate resources of the companies comprising the
group as shown by the published statements, amount to
$796,929,498 and the total deposits to $510,673,777.
The combination covers practically the entire field of
banking and at the same time makes a clear division between
the functions of its various units. Thus, the Bank of Manhattan Trust Co. devotes itself entirely to domestic banking
business; the International Acceptance Bank,Inc., to foreign
banking transactions; the International Manhattan Co.,Inc.,
to the issuing of securities and a general investment business,
while the New York Title & Mortgage Co. covers the various
phases of mortgage and title business.
The group as constituted has a total of 86 offices in Greater
New York, of which the Bank of Manhattan Trust Co. has
65; the New York Title & Mortgage Co., 13; and the American Trust Co., 8. Through the County Trust Co. of White
Plains the group is also represented in Westchester County.
When the new seventy-two story Manhattan Co. building,
now being erected at 40 Wall Street, is completed next May,
the offices of The Manhattan Co., The Bank of Manhattan
Trust Co., the International Acceptance Bank, Inc., and the
International Manhattan Co., Inc., will occupy the lower
floors.
The principal officers of The Manhattan Co. are Paul M.
Warburg, Chairman of the Board; J. Stewart Baker, Chairman of the Executive Committee, and P. A. Rowley, Pres.
Detailed figures of the Bank of Manhattan Trust Co.
statement show resources of $474,805,609; capital, surplus
and undivided profits of $65,459,633 and deposits of $396,795,892. The International Acceptance Bank, Inc., now
shows total resources of $170,369,261 as compared to $132,765,894 on Dec. 31 1928. In its current statement, outstanding acceptances amounted to $98,243,982, an increase
of over $30,000,000 since the close of 1928.
The New York Title & Mortgage Co. reports that guaranteed mortgages and certificates outstanding increased
$27,782,123 during the past year and $1,476,754 was added
to the capital funds. These now reach the sum of $63,249,681. Guaranteed mortgages outstanding are $639,047,317.
The directors of the Murray Hill Trust Co. of New York,
and the directors of The Bank of America National Association at their meetings this week, passed resolutions calling
stockholders meetings for Feb. 10 to ratify an agreement for
the consolidation of the two banks. The capital of the consolidated bank will be $36,775,300—the surplus,$37,000,000,
The Equitable Trust Co. of New York announces the and in addition there will undivided profits of more than
following appointments: E. F. Muller and J. A. Armstrong $3,500,000 with substantial reserves.
•
236
FINANCIAL CHRONICLE
The Central National Bank of the City of New York as
of Dec. 31 1929 reports total resources of $18,705,808.
Deposits are given as $14,197,234. Capital $2,500,000, and
surplus and undivided profits $972,038. During the past
year this institution has shown progress gaining about
$2,000,000 in deposits which stood at $12,198,877 on Dee.
31 1928. Surplus and undivided profits a year ago were
$837,552. The Central National Bank of the City of New
York main office is at Broadway and 40th St., and in addition it operates four branches located at Burnside and Jerome
Ayes., Bronx; 62-64 East Mt. Eden Ave., Bronx; First Ave.
and 82nd St., N. Y.City, and at Queens Boulevard and 48th
St., Sunnyside, Long Island City, this latter office having
been opened during the past year.
[Vora. 130.
for Winter Park,Fla., where he delivered an address on Jan.7
before the Institute of Statesmanship at Rollins College on
the subject, "Can Public Opinion Influence Prosperity"?
The Kidder Peabody Acceptance Corp. reports that tota
assets as of Dec. 31 1929 amounted to $69,975,332, compared
with $56,775,219 at the end of 1928. Increases were shown
in the principal asset items with customers' liability on
acceptances totaling $36,685,782 and on unused letters of
credit amounting to $16,195,943. The value of stockholdings amounted to $3,370,752, with cash of $2,446,439
and United States Government bonds of $3,812,346. Capital
stock remained at $13,500,000, while surplus and profit and
loss increased from $1,329,653 to $1,733,404. Acceptances
outstanding, less $441,152 in portfolio, totaled $38,361,606,
The Dec. 31 statement of the condition of the County compared with $29,194,088, less $40,170 in portfolio, at
Trust Co. of New York, of which former Governor Alfred E. the end of 1928.
Smith is Chairman, shows an increase in deposits of nearly
At the regular meeting this week of the trustees of the
$2,500,000 from Nov.9 1929 to Dec. 31 1929, with total deposits at close of business Jan. 4 of $30,159,915, showing an Central Hanover Bank & Trust Co., of New York, Thomas
additional increase of $1,220,000, making a total increase in Ewing Jr. and Robert L. Gerry were elected trustees of
deposits from Nov. 9 to Jan. 4 of $3,644,939. At the close the institution. Mr. Ewing is a director of W.& J. Sloane
of business Nov. 9 1929 deposits were $26,514,976; on Dec. and of the Westchester Trust Co. Mr. Gerry is a director
of the Fulton Trust
31 1929 deposits were $28,939,915, a gain to Dec. 31 1929 of of the City Bank Farmers Trust Co. and
Co.
$2,424,939. At the close of business Jan. 4 1930 total de- Co., as well as of Cruikshank &
posits were $30,159,915, showing a further increase from
The J. Henry Schroder Banking Corp., which started
Dec. 31 1929 to Jan. 4 1930 of $1,220,000, and making a business six years ago with paid-in capital and surplus of
total increase in deposits from Nov. 9 1929 to Jan. 4 1930
$3,200,000, has issued its annual report showing resources
of $3,644,939. The institution has a capital stock of $4,000,totaling $71,821,269 on Dee. 31 1929. This represents an
000, surplus of $3,500,000 and undivided profits of $1,365,increase of $16,149,061, or about 30%, for the year 1929,
975. The total resources were $38,042,814.
during which the corporation introduced 81,800,000 new
by the Irving Trust capital into its business. Paid-in capital, surplus and unAnnouncement was made last week
on Dec. 31 1929,
Co. of New York of a saving and investment plan for mem- divided profits amounted to $9,368,584
staff. The company's announcement compared with $6,604,562 on Dec. 31 1928. The increase
bers of its clerical
of $2,764,022 in these capital items consists of the $1,800,000
says:
stock and $964,022 added to
Under this plan monthly savings in amounts ranging from $1 to half a additional paid in on capital
month's salary may be invested on a basis as advantageous as that upon undivided profits during the year 1929. Total liquid assets
which the company manages the funds of large investors. Participation in
consisting of cash, call loans, acceptances of other banks
this plan, which will become effective Jan. 2 1930, is entirely optional
and Government securities are reported as amounting to
with the individual.
The saving and investment plan provides that the individual wishing about $28,000,000, against total deposits of about $27,to participate in it will authorize the deduction from his salary each 000,000, showing a liquid position of more than 100%.
month of whatever amount he elects to invest. This amount the company,
on Dec. 31 1929 amounted to
as trustee, will invest as the individual may direct in either or both of Total acceptances outstanding
two funds, specially suited to the purposes of the plan.
$34,163,745 compared with $22,348,098 on Dec. 31 1928,
It also was announced that the company had voted to its showing an increase of about $12,000,000, or more than 50%.
clerical staff as additional compensation for services during
The Hibernia Trust Co. of New York, which opened for
the present year a cash distribution, payable Jan. 3, up to
five weeks' additional salary, according to length of service. business on May 28 1929 with capital and surplus of $5,000,000, has issued its first statement for a full half year, showing
At the annual stockholders meeting of International Madi- deposits of $11,761,708 and loans and discounts of $11,180,son Bank & Trust Co.on Jan.8, the following directors were 935. The second largest asset was cash and due from banks
re-elected: Henry A. Schatzkin, member New York Stock totaling $5,841,792. Securities, including United States
Exchange; Max Pick, President Auburndale Mills; Charles Governments, totaled $1,655,855. The report shows unTopkis, Topkis Brothers, Wilmington, Del.; Charles Allen divided profits of $240,562.
Jr., investment securities. Officers for the ensuing year
The statement of condition of United States Trust Co.
will be elected at the directors meeting to be held Jan. 15.
of New York as of Jan. 1, shows total resources of $100,429,Donald Sexton, formerly with Halsey, Stuart & Co., and 902, as against $99,185,152 a year ago. This is the first
the Trust Co. of North America has become associated with time resources of the institution as shown in a published
the Chelsea Exchange Corp. of New York as Vice-President statement of condition have exceeded $100,000,000 although
in charge of wholesale and retail distribution. Chelsea during the last two years that mark has been frequently
Exchange Corp. is the security affiliate of Chelsea Bank & exceeded. Capital, surplus and undivided profits increased
during the year from $25,404,313 to $26,709,141 while
Trust Co.
deposits were substantially unchanged. Stock and bond
The Chatham Phenix Corp. announces the opening of two investments of the company as of Jan. 1 1930,had a par value
new branches in Pennsylvania, one located at 1222 Miners of $19,637,000 as against $18,028,000 on Jan. 1 1929, while
,
Bank Building, Wilkes-Barre, in charg_ of A. D. Conover, their book value was $18,580,760, as against $17,277,000.
and the other at 424 Breneman Building, Lancaster,in charge The detailed list of holdings, made public in connection with
of Lewis C. Spencer.
the statement, reflects no appreciable change in the character
of its portfolio, which includes United States Government,
The Chatham Phenix Allied Corp. reports that as of the municipal, railroad, industrial and public utility bonds.
close of business Dec.31 1929 valuing all securities at closing,
prices on that date, the liquidating value was $49,987,856,
Total resources of The Chase National Bank of the City
representing approximately $24.99 per share. The cor- of New York established a new high record of $1,714,829,447
poration's assets on the same date included $34,168,036 cash, as of Dec. 31 1929, according to the statement of condition
call or time loans. The balance of assets wasinvested mainly published this week in response to the call of the Comptroller
in listed and readily marketable dividend paying stock of of Currency. This showing, together with record-breaking
leading railroad, public utility and industrial companies. deposits of $1,248,218,351, entrenches the Chase National
The corporation has no indebtedness of any kind.
Bank as the third largest banking institution in the United
States and among the eight largest banks in the world. The
Elmer Rand Jacobs was this week elected a trustee and
represent a gain of $284,521,York, resources as of Dec. 31 1929,
Secretary of the Seaman's Bank for Savings of New
210 over total assets at the end of 1928. The latest stateto fill the vacancy caused by the death of Williston H.Benement shows a gain in total resources of $175,736,552 over
dict. Mr.Jacobs will also continue as Comptroller.
the previous record of $1,539,092,895 reported on October
Park mergers had
Chester D. Pugsley, Vice-President of the Westchester 4 1929, after the Garfield and National
and due
National Bank of Peekskill, N. Y., left on Jan. 5 become effective. The bank reported cash on hand
County
JAN. 11 1930.]
FINANCIAL CHRONICLE
from banks of $467,276,600 and band and discounts of
884,694,456. During the year, which was marked by
mergers with the Garfield National Bank and the National
Park Bank, and by affiliation with American Express Co.,
the capital of the Chase National Bank was raised from
$60,000,000 to $105,000,000 and surplus from $60,000,000
to $105,000,000 while undivided profits increased from
$17,498,445 to $31,364,145. Capital funds of the Chase
Securities Corp., affiliate of the Chase National Bank,
exceeding $100,000,000, are not included in the bank's
statement.
237
In our reference last week (page 64)to the consolidation of
the Security Savings Bank of Newark, N. J., with the Howard Savings Institution of that city, the name of the new
organization was erroneously given as the Security Savings
Bank of the City of Newark, whereas it should have read
the Howard Savings Institution. As previously stated the
merger became effective on Dec. 31 and on Monday next,
Jan. 13, the consolidated bank will be located in the building of the Howard Savings Institution, 764-768 Broad Street.
A branch office—Bloomfield Ave. Branch—is maintained
at 266 Clifton Ave., Newark. The new organization,
which is said to be the largest savings bank in New Jersey,
has deposits of $63,365,690 and total assets of $71,220,892.
The principal officers are as follows: Henry G. Atha, Chairman of the Board of Managers; Wynant D. Vanderpool,
President; Howard Biddulph and William W. Rutter,
Vice-Presidents; Frank E. Quinby, Vice-President and Trust
Officer; Charles H. Norman, Secretary; George J. Koeck,
Treasurer and Arthur A. Styvers, Comptroller.
A consolidation of the Long Island National Bank, Astoria
(Borough of Queens), N. Y., and the Douglaston National
Bank, Douglaston, L. I., affiliated institutions of which
William J. Large is President, has been agreed upon by their
respective directors, according to the New York daily papers.
The Brooklyn "Eagle" in its issue of that day stated that
the merger of the two Long Island National banks was seen
as the first step in what may be an extensive chain of banks
under the same control. The directorates of both banks
Two Maine banks, the Pejepseot National Bank of Brunswill continue to serve the consolidated institution, it was
wick and the Union National Bank of that city, both capistated. Branches of the enlarged bank will be established, talized
at $50,000, were consolidated on Dec. 31 under the
according to statements by the directors, it was said, the title of
the Brunswick Nat'l Bank, with capital of $100,000.
first of which is intended to be at 2nd St. and Ditmars
Boulevard, Queens. The paper mentioned went on to say:
On Jan. 2 the First-Stamford National Bank, Stamford,
Sanction from the Government which will permit the expansion along the
lines contemplated by Mr. Large and other officials, it is expected, will Conn., changed its title to the First-Stamford National
signalize more activity in branch banks and possibly other mergers. Mr. Bank & Trust Co.
Large has been a special Federal bank examiner and also was connected
with banks In the greater city for some time.
Albert D. Blauvelt, former National bank examiner, is cashier of the
Douglaston Bank and an active assistant of Mr. Large in the combined
boards' expansion plans.
As of Dec. 31 1929 the National Bank of Ogdensburg,
N. Y. (capital, $300,000) was placed in voluntary liquidation. The institution was absorbed by the Ogdensburg
Trust Co. of the same place.
Robert Winsor, senior active member of the Boston investment banking house of Kidder, Peabody & Co., an
internationally known banker, died suddenly of heart disease at the Ritz-Carlton Hotel in this city early Tuesday
morning, Jan. 7. Mr. Winsor, who was in his 72nd year,
had come to New York last Sunday to spend a few days in
business conferences with his associates in the New York
offices of the firm. His home, "Chestnut Farm," was in
Weston, Mass. Mr. Winsor was born in Salem, Mass.,
and was graduated from Harvard with the Class of 1880.
The same year he entered the firm of Kidder, Peabody &
Co. with which he had been associated at the time of his
death for nearly 50 years. Apart from his immediate
interests in the banking house the deceased banker was a
director in a number of large corporations. Commenting
on Mr. Winsor's death, Thomas W.Lamont of J.P. Morgan
& Co. (as reported in Wednesday's New York "Times")
said:
Robert Winsor's death is a serious loss to us all. For a great many
years he had been a leading figure In the financial community, not of
New England alone but of the whole country. The association of Mr.
Winsor with the Morgan firm and with Its individual members was close
and we all had a high esteem for him personally and for his great capacity
and high character.
The Textile National Bank of Philadelphia (capital $500,000) was placed in voluntary liquidation on Jan. 1. The
institution was absorbed by the Industrial Trust Co. of
Philadelphia. The proposed consolidation of these institutions was indicated in the "Chronicle" of Oct. 19, page 2489.
The Baltimore Trust Co., Baltimore, on Jan.8 announced
the organization of the Baltimore Company, with paid in
capital and surplus of $5,000,000, for the purpose of underwriting, wholesaling and retailing investment securities,
continuing and further developing the business formerly
carried on by the bank's investment department. The new
company will be located in the Baltimore Trust Building
on the banking floor of the trust company. It is owned by
the stockholders of the bank. Donald Symington, President of the Baltimore Trust Co., is President of the new
organization, and all of its directors and officers are identified
with the trust company. The direct management of the
company will be in the hands of Iredell W.Iglehart and Henry
B. Thomas, Jr., Vice-Presidents.
The Safety Fund National Bank of Fitchburg, Mass.,
announces the death of its Vice-President and Cashier,
Samuel Hawes Lowe, Dec. 26 1929.
Directors of the Bankers Trust Co. of Philadelphia, Philadelphia, on Jan. 7 declared a quarterly dividend of 13i%
on the $4,876,800 capital stock, payable Feb. 1, a Iji%
salary dividend to employees and junior officers, payable the
same date, and transferred $250,000 additional to surplus.
The Board also approved the annual report of Samuel H.
Barker, President of the company, which will be submitted
to the stockholders at their meeting. It shows that the
operations of the company for 1929, its third year, covered
the 6% dividend, and besides added $1,774,691 to surplus
and undivided profits.
The Board of Directors of the Kensington Trust Co. of
Philadelphia on Jan. 8 added $150,000 to the bank's surplus
account, making it $1,500,000, according to the Philadelphia
"Ledger" of Jan. 9. The bank's capital is $500,000 and its
undivided profits and contingent fund accounts exceed
$180,000. Charles L. Martin, President of the Kensington
Trust Co., was reported as saying that the year just ended,
which virtually marks the twenty-fourth year of the Kensington Trust Co., was one of the most successful in the history
of the institution.
According to the Philadelphia "Ledger" of Jan. 3, the
stockholders of the Bucks County Trust Co., of Doylestown,
Pa., at their annual meeting on Jan. 2, elected United States
Senator Joseph R. Grundy of Bristol, Pa., a member of the
Board of Directors. On the same day the directors of the
trust company appointed Oscar 0. Bean, a Doylestown
attorney, President of the institution to succeed Henry A.
James. Other officers, it was said, were named by the di-,
rectors as follows: Claude S. Witherill and Joseph J. Conroy.
Vice-Presidents; Jeremy E. Underwood, Secretary; Harry C,
Garner,Treasurer and Assistant Secretary; George E. Moyer,
Assistant Trust Officer,and Thomas Diver, Assistant Treasurer. Mr.Beal,the new President,is Manager of the Doylestown "Intelligencer" and the Newton (Pa.) "Enterprise,"
it was stated.
Upon the request of its directors, the affairs of the Susquehanna Title & Trust Co., 1611 West Susquehanna Ave.,
Philadelphia, were taken over by the State Banking Department at the close of business Jan. 6, according to the
Philadelphia "Ledger" of the following day. A notice
posted on the doors, signed by William Hereh Soule, Special
Deputy of the Department of Banking,for Peter G.Cameron
Secretary of Banking, read as follows:
By virtue of the power and authority vested In him under provisions of
the Act of Assembly approved June 13 1923. as amended by the Act of
Assembly No. 44. approved March 5 1927, the Secretary of Banking of the
Commonwealth of Pennsylvania has taken possession of the property
and business of the Susquehanna Title & Trust Co., Philadelphia.
The Philadelphia paper went on to say:
Although a detail of police under Sergeant NicAnany, of the 26th and
York streets station, was sent to the bank, there was no disorder among
the groups of depositors. . . .
A month or more ago the directors voted to make overtures to another
bank for a merger, but negotiations fell through. Prior to that time, it
238
FINANCIAL CHRONICLE
was said, stock in the bank was selling for $63 a share, but since then has
dropped.
C. Frank Ayre, a real estate operator, at 1724 Susquehanna Ave., is
listed as President of the bank. Other officers include J. T. McDel*,
Vice-President; J. H. Hagle, Assistant Secretary and Treasurer; H. F.
Meixner, Trust Officer and Charles Goglia, Title Officer.
Tilghman S. Derr, Jr.. Secretary and Treasurer of the institution, referred inquiries to the State Banking Department, adding that a statement
would be forthcoming from Secretary Cameron to-day (Jan. 7).
That the stock of the South Euclid Bank of Cleveland
has been acquired by a group of officers and directors of the
Cleveland Trust Co. of that city, was announced recently,
according to the Cleveland "Plain Dealer" of Jan. 6. The
South Euclid Bank, it was said, would continue to operate
under its present name and with its present staff headed by
P. P. Leonard as Treasurer, who formerly had been Secretary-Treasurer and active executive officer of the institution. For the present, it was stated, new directors of
the South Euclid Bank would be A. L. Assmus W. F.
Finley, F. H. Houghton, H. D. King and J. R. Cotabish—
all officers of the Cleveland Trust Co. It was also stated that
Mr. Houghton had been appointed President of the acquired
bank, Mr. Assmus and Mr. Cotabish, Vice-Presidents, and
Mr. King, Secretary.
At a meeting of the board of directors of the Chagrin
Falls Banking Co., Chagrin Falls, Ohio, on Dec. 31, Allard
Smith, Vice-President of the Union Trust Co. of Cleveland,
was, elected a director to fill the vacancy caused by the
death of Austin H. Church.
At the annual meeting of the stockholders of the Continental Illinois Bank & Trust Co. of Chicago, held Jan. 7,
Sewell L. Avery, President of the U. S. Gypsum Co., and
D. A. Crawford, Pesident of the Pullman Co., were elected
to the directorate of the bank. James R. Leave11, Executive
Vice-President of the Continental Illinois Co., was appointed
Assistant to the Chairman of the Board of the Continental
Illinois Bank and Assistant to the Chairman of the company, (newly created offices) at meetings on the same day
(Jan. 7) of the Boards of Directors of the two institutions.
He will continue as Vice-President of the Continental Chicago
Corp. The official announcement in regard to Mr. Leavel
says:
Mr. Leave11 came to Chicago in 1920 as a Vice-President of the Continental & Commercial National Bank. After that bank was consolidated
with its affiliated State bank and the name was changed to Continental
National Bank & Trust Co. of Chicago, he was elected Executive VicePresident of the Continental National Co., the affiliated investment organization. He retained that title when in March 1929. the company was
united with the bond department of the Illinois Merchants Trust Co. as
the Continental Illinois Co. His election to-day (Jan. 7) places him In an
Important executive position In the bank,the company and the corporation.
The following additional changes were made in the official
roster of the Continental Illinois Bank: Carl A. Birdsall was
promoted from a Second Vice-Presidency to Vice-President
Jos. T. Leimert, Norman B. Shaffer, Rudolph Vogel and
Harold Shockey were promoted from the office of Assistant
to-Vice-President to that of Second Vice-President; Lee B.
Doty and J. S. Macferran, Assistant Cashiers, were appointed Second Vice-Presidents, and Monroe Cockrell and
H.P. O'Connell were added to the official list, the former as
a Second Vice-President and the latter as an Assistant
Cashier. The work of the real estate division of the Continental Illinois Co. has been transferred to the trust department of the bank and Charles H. Binney, Manager, was
made Second Vice-President of the bank in charge of real
estate, while J. B. Hall was made an Assistant Secretary
and will assist Mr. Binney. R. M. Kimball, Assistant
Secretary, was appointed a Second Vice-President, in charge
of the trust department's personnel and operations, and C. E.
Ronning, Assistant Secretary, was made Secretary of the
same department. A. M.Brach has been made an Assistant
Manager in the savings department.
The board of directors of the Continental Illinois Co.
elevated four officers and added one new name to the official
roster. George F. Hardie was promoted from the position
of Secretary and Treasurer to that of Vice-President; John
W. Denison from Manager of the municipal bond division
to a Second Vice-Presidency; Frank L. King from Comptroller to Secretary and Treasurer, and John J. Brugman,
Assistant Treasurer, was made Assistant Secretary and
Assistant Treasurer. J. G. Couffer was appointed Assistant
Manager of the municipal bond division and Lloyd Sturtz
was made Auditor.
[VoL. 130.
centage earned during any one year with one exception
since the bank became a State bank in 1909. Earnings on
invested capital were at the rate of 12.24%, which is the
fourth largest rate for any one year since the bank was
organized.
Announcement was made on Jan. 2 by George Woodruff,
Chairman of the Board of the National Bank of the Republic, Chicago, of the organization of the National Republic
Bancorporation under the laws of Illinois with an authorized
capital of $20,000,000, consisting of 1,000,000 shares of the
par value of $20 a share, and a surplus of $10,000,000. The
Chicago "Journal of Commerce" of Jan. 3, from which the
above information was obtained, stated that 15 banks and
Investment companies in Chicago and surrounding territory,
with combined resources of more than $250,000,000, will
form the nucleus of the new bancorporation, which will
institute group banking in Chicago for the first time. The
National Republic Bancorporation, it was said, will have
at least ft 51% interest in all of the institutions which it will
bring together, with the exception of the National Bank of
the Republic, in which it will hold a substantial interest.
This will be effected through the exchange of stock of the
various banks for stock of the bancorporation. Although
it was announced that 15 banks and investment companies
will form the nucleus of the new organization, the names of
only 12 were given out, the directors of the others not yet
having taken the necessary legal steps or the banks not
having been examined. Those disclosed are: National Bank
of the Republic, National Republic Co., Cosmopolitan State
Bank and its affiliate, the Cosmopolitan Bond and Mortgage Co.; People's National Dank & Trust Co. and its affiliate People's National Co.; Western State Bank, Austin
State Bank, Adams State Bank, First Englewood State
Dank, Waukegan State Bank and Chicago Trust Co.
Mr. Woodruff will be Chairman of the Board of the new
bancorporation; Gustave F. Fischer (President of the Cosmopolitan State Bank of Chicago), will be President; Hartley C. Laycock (President of the People's National Bank &
Trust Co. of Chicago), will be Vice-President; Ward C.
Castle (executive Vice-President of the National Bank of
the Republic), Secretary, and John W. Jedlan (President
of the Western State Bank), Treasurer. In his announcement Mr. Woodruff said in part:
"Under the plan of operation affiliated banks will continue to operate
as independent units under the same management as existed before they
became a part of the National Republic Bancorporation. The management
of the Bancorporation is charged with the responsibility of seeing that all
banks are kept in a sound and healthy condition and will place at the
disposal of each bank the advice and technical experience of the central
organization in the determination of the many problems of management and
operation.
"Associated together on the Board of Directors will be the representatives of the affiliated banks, constituting a large group of well-known
bankers and business men intimately identified with the diversified activities of the territory served and whose wide connections will give the
corporation a direct tie-up with the most influential commercial interests
of Chicagoland."
In conclusion the paper mentioned said:
The Bancorporation also will be closely affiliated with the National
Republic Investment Trust. There will be no public financing in connection with the formation of the new company. It is not contemplated
to list its securities at this time.
The operations of the Bancorporation will encompass the Chicago metropolitan area and surrounding territory. Its formation, it was explained,
will fortify the constitutent banks against the possible inroads of branch
banking in the future.
The formation of the Bancorporation to acquire control of banks and
investment companies is in line with present day activities in the banking
field. Similar corporations, some of which have shown rapid expansion,
have been formed in Wisconsin, the northwest, Ohio, Kentucky, New York
and many other States. The formation of the National Republic Bancorporation, however, marks the first time that any Chicago institution has
become identified with a bank group.
The Central Manufacturing District Bank of Chicago we
are advised, reported net earnings of $215,205 for 1929,
which is equivalent to 36.3% on the average capital stock
of $591,667, and to 14.8% on the average invested capital
of $1,447,136. Net earnings for 1928 were $206,874, equivalent to 41.3% on the capital stock of $500,000 and 15.5%
on the average invested capital.
The proposed union of two Peoria, Ill., banks—the Commercial National Bank and the Merchants' & Illinois National Bank—to form a new institution to be known as the
Commercial Merchants' National Bank, was announced
on Jan. 7, according to advices from that city on the same
Chicago "Journal of Commerce." The
Noel State Bank of Chicago reports earnings of day, printed in the
The
capital of the new organization, it is understood, will be
18.71% on its capital for 1929, this being the largest per-
JAN. 11 1930.]
FINANCIAL CHRONICLE
$2,000,000 and its resources $24,000,000. Continuing the
dispatch said:
Directors of each bank will declare a stock dividend in the near future
on the 11,250 shares of the Commercial National and the 6,000 shares of
the Merchants and Illinois. Details of issuing stock in the new organization are expected to be announced simultaneously. The combination will
be the largest in the State outside Chicago, local financial men believe.
Jacob Wachenheimer is President of the Commercial National and
William C. White heads the Merchants.
On Dec. 31, the First National Bank of Aurora,
capitalized at $100,000 and the American National Bank of
that city, capitalized at $200,000, were merged under the
title of the First National Bank of Aurora, with capital
of $300,000.
On Jan. 2 a consolidation of the Citizens' National Bank
of Princeton, Ill., and the First National Bank of that place
was consummated under the title of the Citizens' First
National Bank of Princeton. The new bank is capitalized
at $150,000.
A consolidation of •the Farmers' & Merchants' Bank of
Baraboo, Wis. (capital $50,000) with the First National
Bank of that place (capital $100,000) was consummated
on Dec. 31. The new institution is known as the First
National Bank & Trust Co. of Baraboo, and is capitalized
at $150,000.
The proposed union of the American-First National Bank
of Oklahoma City, Okla., and the Security National Bank
of that city was consummated on Jan. 2. The resulting
institution, the First National Bank & Trust Co. of Oklahoma City, is capitalized at $5,000,000. The AmericanFirst National Bank was chartered in 1889, the year Oklahoma City was founded, while the Security National Bank
was established in 1906. The personnel of the new organization is as follows: Hugh M. Johnson, Chairman of the
board of directors; Charles W. Gunter, Chairman of the
executive committee and Vice-Chairman of the board;
William Mee, Chairman of the finance committee; Frank P.
Johnson, President; J. C. Eagen, J. V. Holt, E. E. Grimes,
A. J. Peters, Henry M. Hart, Ray M. Scruggs, W. E.
Hightower, J. W. Teter, C. A. Vose, Thad N. Wells and
R. D. Wilbor, Active Vice-Presidents; Kent B. Hayes, VicePresident and Trust Officer; J. W. Faherty, Cashier; Lyall
Barnhart, Assistant Vice-President and Comptroller; R. J.
Benzel, Frank Buttram, W. T. Hales, W. R. Ramsey and
Geo. G.Sohlberg, Inactive Vice-Presidents; Jas. B. Cockrell,
Clarence R. Faris, John C. Harrington, W. L. Hatcher,
W. R. Payne, John W. Pruitt, Paul E. Pulley, Jas. A.
Shirley, Harold D. Smith and J. L. Walch, Assistant
Cashiers; B. N. Jenkins, Auditor; A. N. Murphy, Assistant
Trust Officer, and R. E. Fleod, Manager bond department.
The approaching merger of the institutions was indicated
in the "Chronicle" of Sept. 28, page 2015.
239
Northwest Bancorporation now has its affiliatek variously located in
eight States—Minnesota, North Dakota, South Dakota, Wisconsin.
Nebraska, Iowa, Montana and Washington. While its main strength is
in Minnesota and the Ninth Federal Reserve District, it has entered as
well the Seventh, Tenth and Twelfth districts, and while its area covers
wholly or in part the eight States where it has contacts, its field of operation actually will cover eleven States in an area extending from Lake Michigan into Washington,and from the Canadian border line south to the northern boundary of Kansas.
On the day BancNorthwest Co. was announced (Jan. 3) the combined
resources of the group of banks that comprised Northwest Bancorporation
had passed $476,000,000, there having been two Minnesota country banks
added to the group in the first two business days of the new year. Throughout 1929 nearly all figures printed about Northwest Bancorporation were
In some degree inaccurate when they appeared because of the continued
new additions, the entire growth being made over the period of a year,
Northwest Bancorporation having been organized in January 1929. . .
.
What influence the newly organized BancNorthwest Co. may be exneeted to exercise, what territory its operations naturally will cover and
what volume of business it may develop are suggested by the list of institutions (combined resources $477,000,000) that are affiliated with Northwest Bancorporation, and which is here appended:
Minnesota.
Minneapolis:
The Northwestern National Bank
Lake Street office
Lincoln office
North American office
Minnesota Loan & Trust CO.
BancNorthwest Co.
Midland National Bank & Trust Co.
Metropolitan National Bank
Central National Bank
Second Northwestern State Bank
Third Northwestetn National Bank
Fourth Northwestern National Bank
Fifth Northwestern National Bank
Albert Lea, First National Bank
Appleton, First National Bank
Austin. Austin State Bank
Duluth, First & American Nat'l Bank
Duluth. First National Duluth Co.
Farlbault, Security Nat'l Bank & Tr. Co.
Fergus Falls, Fergus Falls National Bank
Lanesboro, Scanlan-Habberstad Bank dc
Trust Co.
Mankato, National Citizens Bank
Moorhead, First National Bank
Northfield, State Bank of Northfield
Osseo, Farmers State Bank
Owatonna, Security State Bank
South St. Paul, Stock Yards Nat'l Bank
South St. Paul, Stock Yards Mtge. Co.
Winona, First National Bank
North Dakota.
Bismarck,Dakota Nat'l Bank &Trust Co.
Fargo, First Nat'l Bank & Trust Co.
Grafton, Grafton National Bank
Jamestown, James River National Bank
& Trust Co.
Minot, First National Bank
Valley City, American National Bank dr
Trust CO.
Wahpeton, Citizens National Bank
South Dakota.
Aberdeen, First National Bank
Deadwood, First National Bank
Huron, National Bank of Huron
Lead, First National Bank
Milbank, Farmers & Merchants National
Bank in Milbank
Rapid City, First National Bank
Sioux Falls, Security National Bank
Sturgis, Commercial National Bank
Watertown, Citizens National Bank
Watertown, First National Bank
Washington.
Spokane:
Spokane Eastern Corp.
Spokane & Eastern Trust Co.
Spokane Eastern Co.
Wisconsin.
La Crosse, National Bank of La Crosse
Montana.
Anaconda, Daly Bank & Trust Co.
Dillon, First National Bank
Great Falls, Great Falls National Bank
Havre, Hill County State Bank
Helena, Union Bank & Trust Co.
Malta, First State Bank
Miles City, Bank of Miles City
Nebraska.
Fairbury, First National Bank
Fairbury, Ilarbine Bank
Lincoln, Continental National Bank
Lincoln, Continental Co.
Omaha:
United States National Bank
United States National Co.
Stock Yards Nat'l Bank of So. Omaha
South Omaha Savings Bank
Cattle Feeders Loan Co.
Iowa.
-Des Moines National
Des Moines, Iowa
Bank & Trust Co.
Mason City, First National Bank
Mason City, Northwest Savings Bank
Sioux City, Live Stock National Bank
Union Investment Company Banks.
Minnesota.
Belle Plaine, First National Bank
Bowlus, Morrison County State Bank
Browns Valley. Union State Bank
Dodge Center, Dodge Center State Bank
Elk River, Bank of Elk River
Farmington, First National Bank
Greenwald, State Bank of Greenwald
Hastings, Hastings National Bank
Hawley. First National Bank
Hopkins, Security National Bank
Jordan, First National Bank
Lake Park, State Bank of Lake Park
I.uverne, Rock County Bank
Montgomety, First National Bank
New Prague, First National Bank
Red Wing. First National Bank
Richmond, American State Bank
Rockville. State Bank of Rockville
Sauk Rapids, Union State Bank
Two Harbors. First National Bank
Virginia, State Bank of Virginia
Warren, Peoples' State Bank
Waterville, First National Bank
North Dakota.
Fairdale, Farmers State Bank
Starkweather,State Bank of Stark weather
Wisconsin.
Baldwin, First National Bank
Berlin, Berlin State Bank
Grantsburg, First National Bank
Knapp, First National Bank
New Richmond, First National Dank
Prescott, First National Bank
The Citizens' National Bank of Chickasha, Okla., and the
Farmers' National Bank of the same place, both capitalized
Details concerning the BancNorthwest Co.—the newly
organized affiliate of the Northwest Bancorporation of at $100,000, were merged on Dec. 31. The enlarged bank,
Minneapolis, which will underwrite and distribute invest- which is known as the Citizens-Farmers National Bank of
ment securities on a National scale, and to which reference Chickasha, Is capitalized at $200,000.
was made in our Jan. 4 issue, page 65—have now been
received from the Bancorporation. Officers of the new comOn Jan. 2 the United States Bank, Washington Ave. at
pany, we are told, will be as follows:
Fourth St., St. Louis, Mo., announced the opening on
E. W. Decker. Chairman of board.
that day of a trust department and the change of the
W. A. Durst, Chairman executive committee.
institution's name to the United States Bank & Trust Co.
H. D. Thrall, President.
D. R. West, Vice-President and Treasurer.
Officers and directors remain as heretofore. The.personnel
R. L. John, Secretary.
of the institution, which was founded in 1872, is as follows:
C. E. Klassy, Assistant Secretary and Assistant Treasurer.
Craig MacQuitid, President; Gustave W. Niemann, Claude
J. W. Groves, Assistant Secretary.
A. Eaton and Earl M. Johnston, Vice-Presidents; Fred J.
John DeJong, Assistant Secrete.6%
D. F. Gruenhagen, Manager corporation department.
Kurtz, Vice-President and Secretary, and Adolph Schenk,
J. Burns Allen, Manager of sales.
Assistant Secretary.
Was, L. Mitten, Manager Municipal department.
J. G. Gordon, Manager statistical department.
The closing on Dec. 30 of the Carolina National Bank
After stating that the new company would be affiliated
with the 96 banks or investment organizations which com- of Spartanburg, S. C., and its affiliated institution, the
prise the Northwest Bancorporation group, the announce- Dollar Savings Bank (capitalized respectively at $200,000
ment goes on to say in part:
and $100,000) was reported in a dispatch by the Associated
The Minnesota Loan & Trust Co. of Minneapolis is one of the larger Press from Spartanburg on that date, printed in the New
organizations in the Northwest Bancorporation group, and the Minnesota
Loan & Trust Co. in turn has had as a subsidiary the Minnesota company, York 'Times" of the following day. Notices posted on the
which carried on an investment security business. The business done by docks of the institutions, the dispatch said, stated their
the Minnesota company now will be taken over by BancNorthwest Co., affairs were in the hands of the
State Bank Examiner "by
and the bond departments of all the affiliated banks will be associated. In
addition thereto, a number of strong outstanding subsidiary investment order of the Board of Directors." The last financial statecompanies associated with the larger banks that are In Northwest Bancor- ment of the Carolina National Bank (Oct. 4 1929) showed
poration group, while continuing to operate and retain their individual
deposits of $760,086, while the last financial statement of
names, will likewise associate with BancNorthwest Co. These are the
First National Duluth Co., Duluth, Minn.; Iowa-Des Moines CO., which the Dollar Savings Bank (Dec. 4 1929) showed deposits of
now is being formed in Des Moines, In.; Spokane-Eastern Co., Spokane. $76,633, it was stated.
Wash., and United States National Co., Omaha, Neb.
210
FINANCIAL CHRONICLE
According to Associated Press advices from Covington,
Ky., on Jan. 3, appearing in the Louisville "Courier-Journal"
of the next day, James B. Brown, President of the National
Bank of Kentucky, Louisville, and of the Banco Kentucky
Co., on that day (Jan. 3) acquired the stock of farmer
United States Senator Richard P. Ernst in the People'sLiberty Bank & Trust Co. of Covington. L. B. Wilson, a
Covington capitalist, the dispatch said, was named President of the acquired bank shortly after the Brawn-Ernst
deal was completed. Mr. Wilson was formerly a VicePresident of the Institution and Mr. Ernst was President.
The dispatch furthermore said:
A large block of stock in the Central Savings Bank & Trust Co. here
was purchased by Mr. Brown several months ago. Banking circles here
believed the Louisville banker will merge the Central Savings with the
Peoples-Liberty. If the merger occurs the Peoples-Liberty will have
resources of $12,000,000,
Mr. Ernst and Mr. Wilson held the directing control in the People'sLiberty Bank. Mr. Wilson said he would not dispose of his holdings, but
indicated he agreed to give his proxy to Mr. Brown so a merger could be
made, tending to bring about economies in operation and larger returns
to stockholders.
On Jan. 4 the Comptroller of the Currency issued a charter to the American National Bank & Trust Co. of Mobile,
Ala., representing a conversion of the American Trust Co.
of that city. The new bank is capitalized at $500,000.
Prank P. Folmar is President and A. E. Vautrot, Cashier.
Effective Jan. 2, the First National Bank of Vicksburg,
Miss., and the National City Savings Bank & Trust Co. of
that city, capitalized respectively at $300,000 and $100,000,
were consolidated under the title of the First National Bank
& Trust Co. of Vicksburg, with capital of $500,000. A
press dispatch from Vicksburg on Jan. 2, appearing in the
Jackson (Miss.) "News" of the same date, stated that
the enlarged bank would have deposits of over $7,000,000
and total resources in excess of $9,000,000. George Williamson, former President of the First National Bank, continues
as President of the new organization.
A charter was issued on Dec. 31 by the Comptroller of
the Currency for the American National Bank of Gadsden,
Ala., with capital of $200,000. The new institution is a
conversion of the Etowah Trust & Savings Bank of Gadsden.
J. B. Wadsworth is President and D. C. Wadsworth,
Cashier.
The board of directors of the Hibernia Bank & Trust Co.
of New Orleans, La., announces the appointment of J. M.0.
Monasterio to the office of Assistant Vice-President. Mr.
Monasterio went to New Orleans from Mexico City in 1915,
shortly after receiving his A. B. degree from Loyola University of Mexico City. In 1923 he became associated with
the Hibernia Bank & Trust Co. and has since been identified
with the foreign department. In 1925 he was appointed
assistant manager of that department and in July 1928
manager. His present promotion comes as a recognition
of years of meritorious service. Mr. Monasterio is a graduate of the American Institute of Banking.
The directors of the Hibernia Securities Co. Inc. and the
Hibernia Mortgage Co., affiliated organizations of the
Hibernia Bank & Trust Co., announce the promotion to
official posts of two of their employees. James A. Stouse
of the Hibernia Securities Co. has been promoted to assistant
sales manager and F. Lloyd Monroe has been made assistant
treasurer of the Hibernia Mortgage Co., both positions being
newly created.
[VOL. 130.
to which was made in our issues of Nov. 9 and Nov. 23,
pages 2963 and 3280, respectively, became effective Dec. 31.
The consolidated bank is capitalized at $8,000,000 and has
resources in excess of $100,000,000.
Two Houston (Texas) banks—the Public National Bank
& Trust Co., with capital of $500,000, and the Guaranty
National Bank, with capital of $300,000—were consolidated on Jan. 2 under the title of the Public National Bank
& Trust Co. of Houston, with capital of $800,000. Reference was made to the union of these banks in our issue of
Oct. 19, page 2491.
Affiliation of two more North Dakota banks with the
First Bank Stock Corp., with headquarters in St. Paul and
Minneapolis, was announced on Jan. 8 by P. J. Leeman,
Vice-President and General Manager of the corporation.
The new affiliates are the Union National Bank & Trust Co.
in Minot, corporate successor to the Union National Bank
of Minot, and the First National Bank of Glen Ullin, a nationalized successor to the Farmers' & Merchants' State
Bank. North Dakota units of the First Bank Stock Corp.
now number 16 with resources in excess of $21,000,000.
The group as a whole consists of 86 affiliated banks, trust
companies and financial institutions. The official announcement goes on to say:
The Union National of Minot is one of the larger banks in the State, with
resources of $1,772.106.05 and deposits of $1,526,693.58. The new corporation for which a charter has been asked is to be capitalized at $100,000
with paid-in surplus and undivided profits of 835,000.
Executives of the older corporation continue in the same capacities with
the new bank. John Ehr, Minot capitalist, is Chairman of the board;
E. S. Person, President; C. H. Zehringer, Vice-President; H. L. Thorndal,
Cashier, and R. S. Loberg, Assistant Cashier. . . .
The new First National Bank of Glen VIEW is capitalized at 825,000.
with surplus and undivided profits of 815,000. Deposits are $550,000 and
total resources 8640.000. The Farmers' & Merchants' State Bank was
organized in 1926 through the consolidation of the Farmers' State Bank
and the Merchants' State Bank. . . .
Officers of the Farmers' & Merchants' State Bank will continue with the
new First National Bank. Michael Tschida is President; David Cannell
and Adam Birger, Vice-Presidents; John C. Fisher, Cashier and Managing
Officer, and Peter V. Hermes. Assistant Cashier.
Fourteen North Dakota banks had previously associated with the corporation, including the First National of Bismarck, the First National of
Cando, the Merchants National of Cavalier, the First National of Cooperstown, the Merchants National Bank & Trust Co. of Fargo. the Red River
National Bank & Trust Co. of Grand Forks, the First National of IIarvey,
the First National of Hebron, the First National Bank & Trust Co. of
Jamestown, the First National of Udgerwood, the First National of New
England, the First National of New Rockford, the First National of Rolla
and the National Bank of Valley City.
The Citizens' National Trust & Savings Bank of Los
Angeles on Dec. 31 mailed $3300,000 in dividend checks to its
stockholders. Of this amount $250,000 represents the regular quarterly dividend of 5%, which rate has been in effect
since April of this year, and $50,000 is in the nature of an
extra, from earnings of the Citizens' National Co., the investment arm of the bank. In commenting on this distribution of dividends, Herbert D. Ivey, President, stated
that the year just closing had been the most prosperous
in the history of the Citizens' Bank and fully warranted
continuing regular dividends on a 20% basis. According
to Mr.Ivey this is the 117th consecutive dividend the bank
has paid. On June 4 the Washington-Westview branch of
the institution moved into permanent quarters in its own
newly completed building. This branch was opened July 12
1929 in one of the rapidly growing residence sections of the
city, and is reported to have enjoyed highly satisfactory
devlopment. The new building provides thoroughly upto-date facilities in unusually attractive quarters. The
Citizens' Bank is at present operating 32 banking offices
throughout metropolitan Los Angeles.
Resources of the Bank of Italy National Trust & Savings
Association (head office, San Francisco) have now passed
the billion dollar mark, giving to California the first billion
dollar bank in the West—according to the semi-annual statement of the institution as of Dec. 31. Only three other
banks in the United States, an announcement by the bank
states,—The National City Bank, The Guaranty Trust Co.
of New York, and the Continental Illinois Bank & Trust
Co. of Chicago—have resources as great as this California
institution. Total resources of the Bank of Italy exceed
$1,055,000,000 and deposits $893,892,000 as compared with
$698,000,000 at the end of last year, an increase of more
than $195,000,000. Cash on hand and in banks amounts to
$183,867,000 reflecting in excess of $96,000,000 above the
The proposed union of the American Exchange National totals 12 months ago. At the same time the volume of
Bank and the City National Bank, Dallas, Tex., reference letters of credit, acceptances and drafts have grown from
On Jan.4 a new financial institution was opened in Dallas,
Texas—the Texas Bank & Trust Co. According to the Dallas
"News"of that date, the new bank is capitalized at $125,000
with surplus of $25,000. Its officers include R.L.Thornton,
Chairman of the Board; M.J. Norrell, President, and Harry
L. Holliday, Cashier. In its issue of the next day (Jan. 5),
the paper mentioned reported that the opening had been very
auspicious, four clerks opening new accounts being kept
busy until long after closing time and the bank ending its
first day with a substantial showing of checking and savings
accounts. The new institution is located in the Mercantile
Building at Lamar and Main Streets.
J.111930.]
FINANCIAL CHRONICLE
241
$33,000,000 to more than $40,000,000 indicating the increase 45 points to 200, Columbia Gas & Electric which improved
%
in international business. Continuing the announcement 2 points to 763/2, Consolidated Gas which advanced a point
says in part:
or more to 100, Standard Gas & Electric which surged upThe Bank of Italy, It was explained, has achieved its goal of a billion ward nearly 3 points to 11634, American Water Works which
dollars nearly six months ahead of time. Originally the employes planned
to have a billion dollar bank by May 6 1930, the 60th birthday of A. P. gained 23% points to 9334 and Electric Power & Light which
Giannini, founder of the bank. To have built a bank of such proportions advanced more than a point to 5234. Toward the end of the
In the West, where no such vast aggregations of wealth exist as are found session copper shares were in strong demand and
there was a
on the Atlantic seaboard, and where the entire population of the State is
scarcely one-half that of Metropolitan New York, is an indication of the sharp run up in Anaconda Copper which closed with a gain
growing importance of the Pacific slope as a financial center.
of nearly 2 points. Kennecott improved a point or more at
"To have a billion dollar bank Is not an end in itself," said Arnold J. 60
and Calumet & Arizona was higher by 25 points as it
%
Mount, President, In commenting upon the statement. "There is the
responsibility for intelligent, efficient, constructive administration. Cali- closed at 8534. United States Steel, and such market leaders
fornia, during the past month, has had a demonstration of what this means as American Can, American Tel. & Tel., General Electric
to the community when the Bank of Italy was able to take over the entire and
Radio Corp. moved within a narrow range. Westing841,000,000 Spring Valley purchase bonds enabling the City of San Francisco to complete its water system, and insuring work for thousands of house Electric Mfg., on the other hand, was fairly buoyant
men and contributing to the general prosperity of the State."
and closed at 145 with a gain of 23/2 points.
With the possible exception of the copper stocks the
The directors of Barclay's Bank, Ltd., London, have to
market was without noteworthy feature on Monday. Inreport that after payment of all charges, full provision havterest in the copper stocks centered in Anaconda which
ing been made for bad and doubtful debts, the net profit
for the year ended Dec. 31 1929 amounted to the sum of bounded forward 334 points to 7834, followed by Andes
which ran up 234 points to 36. Kennecott also moved up
£2,331,579 12s. 2d., to which has to be added the sum of
nearly two points as it closed at 613's, Granby Consolidated
£537,201 8s. 6d. brought forward from Dec. 31 1928, making
a total of £2,868,781 8d. A balance of £552,432 2s. 4d. is improved four points to 58, and Nevada Consolidated
4
carried forward, after making the following appropriations, jumped ahead about 23 points to 31. The tone of the market was dull and prices were somewhat mixed on Tuesday,
viz.:
the list closing below the level of the preceding day. The
To Contingency account
mum)
To Reduction of premises account
early trading was featured by a sharp run-up in Wabash
£150.000
To Interim dividend, paid Aug. 1 1929 at the rate of
10% per annum on the "A" shares of fi4.
which opened at58 with an overnight gain of about six points,
fach,
fully paid, and 14% per annum on the B and
"0"shares of £1 each,fully paid,less income tax
£833,174 9d. 2d. though it sold off later in the day and closed at 5634 with a
The directors recommend a final dividend at the rate of
net gain of about five points. Motor shares were in supply
10% per annum on the"A"shares of .31,ch fully paid
.
and 14% per annum on the B and CI shares of £1
and generally lower. United States Steel, common, Amerieach,fully paid,less income tax, payable 1st proximo_ £833,174 9s. 2d.
can Can, Amer. Tel. & Tel. were inclined to sag and there
A typographical error occurred in our item of last week was very little, if any, improvement in the copper, oil or
(page 66), with reference to the annual report of the Royal specialties. On Wednesday the stock market was a dull
Bank of Canada (head office Montreal), the percentage affair, the day's movements being made up of equal parts of
of liquid assets to the bank's liabilities to the public being advances and declines. The total transactions were slightly
over 1,600,000 shares and were less than any five hour
erroneously given as "86.91%," instead of "46.91%."
market since July 1928. There were frequent intervals
The 74th annual statement of the Bank of Toronto, To- during the day when the ticker service was at an absolute
ronto, Ont., Canada, covering the fiscal year ending Nov.30 standstill for minutes at a time. Railroad shares were the
1929, has just recently been issued. Outstanding features outstanding strong issues of the day, Ches. & Ohio closing
of the report are an increase of nearly $7,000,000 ($6,912,165) at 207 with a gain of about four points. Other active issues
in the total assets of the institution and an increase in net were Mo.-Kan.-Tex. which moved sharply upward and
earnings of $188,465. Net profits for the twelve months, crossed 50 with a gain of two points, Atchison advanced
after providing for bad and doubtful debts, &c.,were $1,453,- three points to 222, New York Central sold above 169 with
436 (as compared with $1,264,971 last year), and, when an advance of two points, Balt. & Ohio closed one point
added to $901,175 balance to credit of profit and loss brought higher at 1163% and St. Louis & Southwestern ran up 234
.
2
forward from the previous fiscal year and $1,000,000 repre- points to 623/ New York traction stocks were in strong
senting premiums on new stock, made $3,354,611 available demand, particularly Interborough which gained two points
for distribution. After appropriating from this sum $773,436 and crossed 25, folloWed by Brooklyn-Manhattan Transit
to pay dividends and bonus, $58,055 to cover tax on circu- which sold above 66 with a two point advance. Motor
lation, $100,000 reserved for taxes, $60,000 contributed to shares continued to sag and most of the active issues were at
officers' pension fund, $200,000 written off bank premises their lowest levels of the week.
Under the guidance of the public utility issues the market
and $2,000,000 transferred to rest account, a balance of
$163,121 remained to be carried forward to the 1930 profit again turned upward on Thursday, the improvement exand loss account. Total assets are shown at $142,185,620 tending to all parts of the list. United States Steel,common
as compared with $135,273,455 a year ago. Call and short was a conspicuous feature as it climbed upward 3 points and
loans in Canada are up from $10,176,328 last year to $11,- sold above 171,followed by Bethlehem Steel which sold above
711,021, an advance of more than one and a half million 96, with a 1 point gain, and Republic Iron & Steel which shot
dollars, but total deposits declined from $105,326,799 a ahead 4 points and sold above 79. Public Utilities again
year ago to $104,996,635. The bank's paid-up capital was moved vigorously forward, Consolidated Gas selling above
increased during the year from $5,000,000 to $6,000,000. 102 with a gain of 4 points, while Standard Gas & Electric
The rest account (including the $2,000,000 mentioned above) showed a corresponding gain as it crossed 117. Other active
stocks prominent in the rise were Electric Power & Light,
now stands at $9,000,000.
which broke through 53 with a 3 point gain, Columbia Gas
& Electric which improved 2 points to 78, American &
THE WEEK ON THE NEW YORK STOCK EXCHANGE. Foreign Power which gained 5 points and crossed 97, and
Price movements on the New York Stock Market were American Water Works which recorded a gain of 3 points at
again confined to a comparatively narrow range during 94. The specialties group was represented on the up side by
the present week, though the trend on the whole was towards Johns-Manville which advanced 3 points to 128, Texas Gulf
slightly higher levels. Speculative interest has leaned Sulphur which ran ahead 3 points to 59, Allied Chemical &
largely to the public utility issues, but they also have been Dye which improved 3 points to 261, Air Reduction which
subject to the backing and filling that has characterized closed at 12934 with a gain of 334 points,J.I. Case which sold
the general list. The weekly statement of the Federal up to 200 with a gain of 434 points and Westinghouse ElecReserve Bank, made public after the close of business on tric Mfg. Co., which advanced to 1483 with a gain of 53%
4
Thursday showed a reduction of $72,000,000 in brokers' points, American Tel. & Tel. shot ahead 2 points to 22034,
loans. Call money renewed at 5% on Monday, dropped Int'l Tel. & Tel. closed at 75 with a gain of 13 points and
4
to 434% in the afternoon and fluctuated between 434, and Western Union Telegraph surged forward 1434 points to•
4% during the rest of the week.
close at 210.
Trading displayed a firm tone throughout the short session
On Friday, the market displayed considerable irregularity
on Saturday with pronounced strength in several sections of and despite the fact that trading was somewhat more active
the list. The public utility issues continued in the fore- than on the preceding day prices continued to move within
ground and numerous gains ranging from 2 to 3 or more a narrow range. In the early trading United States Steel
points were registered during the day. The outstanding and American Can both reached new tops for 1930. Bethlestrong stocks included Detroit Edison, which forged ahead hem, Republic Iron & Steel and Crucible also received at-
[VOL. 130.
FINANCIAL CHRONICLE
242
tention but lost a part of their gains in the later recessions.
The strong stocks of the day included among others, Commonwealth Power which advanced 3 points to 129, Gold
Dust which gained 23j points to 42%, Louisville Nashville
RR. which ran ahead 5 points to 136, and National Biscuit
which closed at 184% with a gain of 23 points..
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Stocks,
Number of
Shares.
Railroad,
die.,
BMW.
State,
Municipal &
Foreign Roads.
1,314,890
2,171,740
2,029,290
1,638,830
2,397,330
2,386,190
52,826,000
4,948,000
6,380,000
5,920,000
8,249,000
5,808,000
$1,232,000
2,237,000
2.854,000
2,740,000
2,435,000
2,045,000
$213,000
288,000
295,000
459,000
363,000
373,000
11.938 270
534.131.000
$13.543.000
51,991.000
Week Ended Jan. 10.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Jan. Ito Jan. 10.
Week Ended Jan. 10.
Sales at
New York Stock
Exchange.
1929.
1929.
1930.
United
States
Bonds.
1928.
11,938,270
23,803,950 *1,124,991,490
919.661,825
$1,991,000
13,543,000
34,131,000
-No. of shares_
Stocks
Bonds.
Government bonds_ __
State and foreign bonds
Railroad & misc. bonds
$3,186,000 *5142,079,800
*657,827,100
13,267,000
39,167,000 *2,182,392,300
$187,634,250
748,626,425
1,967,173,650
Allied Power & Light, com. after early advance from 363
%
to 41%, declined to 375 and closed to-day at 38%. Amer.
& Foreign Power warrants sold off at first from 72 to 69,
then up to 74%, with a final reaction to 703/8. Amer. Gas
& Elec., com. rose from 117% to 122, receded to 1163 and
recovered to 119. United Light & Power, class A, was in
demand and gained some five points to 34, the close to-day
being at 33%. Among miscellaneous securities Ford of
4
Canada, class B, was conspicuous for an advance from 413
to 58 though it reacted and sold finally at 493'. Some
of the chain stores reported good gains, Lerner Stores, corn.
moving up from 383. to 48%. Lane Bryant, Inc., com. on
few transactions improved from 223. to 29. Niles BementPond, corn, rose from 29 to 373/i with the final transaction
at 37. Among investment trusts Hydro-Elec. Securities
4
advanced from 38% to 423 ,the close to-day being at 413.•
Tr -Utilities, com. gained almost five points to 443/8. Among
oils Indian Territory Oil was strong and active and advanced
%
from 215 to 32, the close to-day being at 3134.
A complete record of Curb Exchange transactions for the
week will be found on page 273.
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE.
$49,665,000 $55,620,000 *$2,982,299,200 62,903,434,325
Total
Bonds (Par Value).
* Corrected figures.
Week Ended
Jan. 10 1930.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total ----
Baltimore
Philadelphia.
Boston.
Shares. Bond Sales. Shares. Bond Sales. Shares. Bolos Salta
*23.796
*42,502
*48,957
*44,743
*41,531
38,370
613,000
35,000
29,000
32,750
19,000
35,000
a44,206
a57,863
a54,058
a52,982
693,362
626,500
$6,000
14,300
14,000
15,000
13,200
14,000
998
3,467
8,840
3,322
4,360
3,410
$10.000
70.900
64,000
61,200
26,000
30,000
239,899
$163,750
331,971
$66,500
22,406
3262,100
18,640
$15,100
$88,400
Prey. week revised 391,242 $174,000 477,501
• In addition, sales of rights were: Saturday, 1,166; Monday, 1,064; Tuesday,
1,996; Wednesday, 2,581;
a In addition sales of rights were: Saturday. 10,300; Monday, 28,800; Tuesday.
41,100: Wednesday, 384,000; Thursday, 100,900; Friday, 18.400.
THE CURB EXCHANGE.
Price movements on the Curb Exchange in the forepart
of the week were without definite trend, trading being extremely dull with the volume of business the smallest in
some time. On Wednesday there was a better tone and
prices improved somewhat, the upward trend continuing
to the close. The utility shares continued prominent.
Stocks
(No. Shares)
Week Ended
Jan. 10.
,
,
DAILY TRANSACTIONS AT THE 13 OSTON. PHILADELPHIA AND
BALTIMORE EXCHANGES.
Rights
Domestic
Foreign
aorernmeni
486,300
652,700
583,100
600,500
542,800
604,100
Total
1,500
8,600
9.000
22,800
14,900
18,700
$832,000
1,197,000
1,333,000
1,251,000
2,110,000
1,450,000
$88,000
253.000
197,000
159,000
205,000
345,000
3.469.500
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
75.500
$8,173,000
$1,247,000
-PER CABLE.
ENGLISH FINANCIAL MARKET
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
Fri.,
Thurs.,
Wed.,
Tues.,
Mon.,
Sat.,
Jan. 9.
Jan. 8.
Jan. 10.
Jan. 7.
Jan. 6.
Jan. 4.
20 11-16 20 5-16
20 13-16 20 13-16
Silver, D. oz_d_ 20 15-16 20%
84.11%
84.11
84.113
84.1134
84.113
Gold. p. fine oz 84.11%
54%
5314
5341
5431
5314
Consols, 2558-10051
100%
10051
100%
100%
British, 5a-- --94
94%
9451
95
9314
British, 4%s.... -French Rentes
85
87.80
86.25
84.70
87.75
(In Parls).fr_ --French War L'n
107.80
107.85
107.80
107.80
107.80
(in Paris) fr_
The price of silver in New York on the same days has been:
Silver In N. Y
Foreign
per oz. (eta.):
4451
4551
4451
4334
4451
4434
Course of Bank Clearings
Bank clearings this week will again show a decrease as
compared with a year ago. Preliminary figures compiled by
us, based upon telegraphic advices from the chief cities of
the country, indicate that for the week ended to-day (Saturday, Jan. 11) bank exchanges for all the cities of the
United States from which it is possible to obtain weekly returns will fall 21.8% below those for the corresponding week
last year. Our preliminary total stands at $11,603,149,601,
against $14,838,062,436 for the same week in 1928. At this
centre there is a loss for the five days ended Friday of 25.9%.
Our comparative summary for the week follows:
Clearings-Returns by Telegraph.
Week Ending Jan. 11.
1930
1929
.
Per
Cent.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
36,106,000,000
487,490.082
541,000,000
420,000,000
115,149,938
•103,100,000
158,562,000
155,798,000
137,850,243
137,994,765
120,127,260
85,695,537
54,534,349
58,238,000,000
647,664,454
497,000,000
440,000,000
119,732,743
125,600,000
183,934,000
204,835,000
146,314,589
210,238,357
109,426,939
87,643,785
61,733,135
-25.9
-24.7
+8.9
-4.5
-3.8
-17.9
-13.8
-24.1
-5.8
-35.4
+9.8
-2.2
--11.7
Thirteen cities, 5 days
Other cities, 5 days
$8,623,302,174 $11,072,123,002
1,163,045,955
1,045,989,160
-22.1
-10.2
Total all cities, 5 days
Al cities, 1 day
59,669,291,334 $12,235,168,957
2,602,893,479
1,933,858,267
-21.0
-25.7
311.603.149.601 514.838.062.436
-21.8
results for the week previous-the week ended Jan. 4. For
that week there is a decrease of 16.8%, the aggregate of
clearings for the whole country being $12,729,091,993,
against $15,293,003,839 in the same week of 1928. Outside
of this city the decrease is 7.6%, the bank exchanges at this
centre having recorded a loss of 21.1%. We group the cities
now according to the Federal Reserve districts in which they
are located, and from this it appears that in the New York
Reserve district, including this city, there is a loss of 21.7%
and in the Boston Reserve district of 10.1%, but the Philadelphia Reserve district shows a gain of 4.0%. In the Cleveland Reserve district the totals are smaller by 1.2%, in the
Richmond Reserve district by 6.2% and in the Atlanta
Reserve district by 7.9%. The Chicago Reserve district
suffers a decrease of 13.8%, the St. Louis Reserve district
of 13.0% and the Minneapolis Reserve district of 11.2%.
The Kansas City Reserve district falls 1.0% behind, the
Dallas Reserve district 4.4% and the San Francisco Reserve
district 3.6%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week Ended Jan. 4 1930.
Total all cities for week
*Estimated.
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday) and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week has in all cases had to be estimated.
In the elaborate detailed statements, however, which we
present further below, we are able to give final and complete
Federal Reserve Dists.
181 Boston. __ _12 cities
2nd New York.11 "
3rd Philadel'ia_10 "
4th Cleveland... 8 "
5th Richmond.6 "
6th Atlanta_ ___12 "
7th Chicago _-_20 "
8th Bt. Louis.__ 8 "
9th Minneapolis 7 "
10th Kanstu3City 11 "
11th Dallas
12th San Fran 17 "
1930.
1929.
Dta.or
Dec.
1928.
5
$
$
%
726,803,370
641,641,597 -10.1
583.517,376
8,359,928,684 10,559,073,601 -21.7 8,423,039.684
692,206,199
710,590,166 +4.0
738,821,988
437,334,538
472,696,387 -1.2
467,102,463
201,685,645 -6.2
212,000,539
189,289.212
209,273,713 -7.9
214,297,373
192.733,363
966,039,139 1,120,268,130 -13.8 1,092,147,701
283,499,559 --13.0
266,977,625
246,670,891
124,554,938 -11.2
119,573,993
110,582,733
224,455,643 -1.0
225,304.329
222,171,375
85,888,870
92,739,602 -4.4
82,498,944
652,624,859 -3.6
589,980,313
563,679,199
1927.
5
688,280,587
7,926,586,919
749,802,666
494,879,712
262,081,036
242,629,906
1,159,333,397
290,441,854
132,593,086
270,364,284
103,038,443
639,720,199
Total
127 Mica 12,729,091,993 15,293,003,839 -18.8 13,080,964,608 12,959.752,089
4,532,812,649 4,907,099,281 -7.6 4,826,643,748 5,211,730,503
Outside N. Y. City
t
JAN. 111930.]
FINANCIAL CHRONICLE
243
December
Jan. 1 to Dec. 31We also furnish to-day a summary by Federal Reserve
1929. 1928. 1927. 1926. 1929.
(000.000$
1928. 1927. 1928.
districts of the clearings for the month of December. For
omitted.)
$
$
$
$
8
$
Hartford
78
81
65
68
801
832
890
904
that month there is a decrease for the entire body of clearing Salt Lake City.-- 100
93
102
89
954
924
1.035
922
houses of 12.6%, the 1929 aggregate of the clearings being
Total
49,397 56,815 48,490 42,981 678,732 587,866 509,330 476,452
$53,297,309,677, and the 1928 aggregate $60,991,144,660. Other cities
3,900 4,176 4,097 4,184 49,004 46,006 45,780 47,321
In the New York Reserve district the totals show a loss of Total all
53,297 60,991 52,587 47,165 727,736 633,872 555,110 523,773
15.4% and in the Boston Reserve district of 4.3%, but in Outside N.Y.City_20,197 21,773 20,677 20,450 250,494 242,145 233,876 233 419
The following compilation covers the clearings by months
the Philadelphia Reserve district there is a gain of 1.7%.
The Cleveland Reserve district falls 7.7% behind, the Rich- since Jan. 1 1n1929 and 1928:
mond Reserve district 4.4% and the Atlanta Reserve district
MONTHLY CLEARINGS.
12.0%. The Chicago Reserve district shows a decrease of
Clearings. Total AU.
Clearings Outside New York.
12.6%, the St. Louis Reserve district 10.3% and the Min- Mont S.
1928.
1929.
1929.
1928.
%
%
neapolis Reserve district 8.2%. In the Kansas City Reserve
S
S
$
8
district clearings show a diminution of 3.4%, in the Dallas Jan_ ._ 66,121,376,486 51,499,545.411 +28.2 22,217.710.616
20.458.065,482 +8.7
Reserve district of 1.6% and in the San Francisco Reserve Feb_ ._ 54,658.507.86444,588,430.792 +22.7 18,728,749,534 17.744.304,726 +5.6
March 63.216,050,132 52,817.421,912 +13.3 20,897,211,454 20.383.588,823 +2.7
district of 11.4%
1st
December
1929.
Federal Reserve Diets.
158 Boston ____13 cities
2nd New York__14 "
3rd Philadelpla 14 "
6th Cleveland __15 "
5th Richmond _10 "
5th Atlanta..._ _18 "
7th Chicago ___29 "
8th St. LouLs___10 "
9th Minneapolls13 "
10th KansasCity 16 "
11th Dallas
12 "
12th Ban Fran,.
.28 "
$
2,442,819,596
33,899,663,389
3,092,304,135
1,870,147,626
817,564,488
810,425,259
4,328,437.16
982,040,234
694,678,443
1,241,982,161
619,308,364
2,597,938,815
December
1927.
December
1928.
s
2. 01. .
962 638
32,677,521,616
2,763,912.181
1,905,916,409
899,513,001
986,486,508
4,535,487,983
1,649,622,989
586,157,153
1,245,839,690
577,708,779
2,757,218,799
8
2 524 524 152
. . .
27,457.270.447
2,787,974467
1,912,867,698
967,161,19
1,041,527.962
4,389,871,641
1,017,746,671
573,670,341
1.328,844,873
640.009,630
2,533,181,642
December Inc.or
1928.
Dec.
$
2,558,630,427
40,045,870,361
3,042.358,664
2,026,192,108
855,518,955
919,801,087
4,954,097,781
1,095,378,951
647,794,107
1,284,981,990
629,404,313
2,931,115,916
%
-4.3
-15.4
+1.7
-7.7
-4.4
-12.0
-12.6
-10.3
-8.2
-3.4
-1.6
-11.4
Total
193 cities 53,294,309,677 60,991,144,660 -12.6 52,587,368,246 47,165,253.663
Outside N. Y. City
20,197,186,904 21,773,012,887 -7.2 20.677,345,595 20,449,911.803
(lanais
90 n11.1na
i can .,,n on,
n nla 1 nn an _i I a
n .2.1 In, al."
loin can ona
We append another table showing the clearings by Federal
Reserve districts for the twelve months back to 1926:
Twelve Months.
1929.
1928.
Inc-or
Dec.
1927.
1926.
Federal Reserve Diets.
$II
t
S
1st Boston ___ 14 cities 31,021,019,883 29,134,573,808 ' 29,608,240,625 28,182,070,347
6.9
Ind New York__14 " 487,553,450,643 400,416,198,002 +21.8 329,460,401,556 298,325,474,068
lid PhiladelPla 14 " 33,979,373,812 31,554,665,027 +7.7 30,564,388,289 31,434,918,154
ith Cleveland_.15 " 24,434,092,878 22,728,442,163 +7.9 22,012,742,276 21,582,647,725
Rh Richmond .10 "
9,834,566,699 9,785,185,874 +0.5 10,335,542,052 10,901,020,215
ith Atlanta___ 18 " 10,117,234,108 10,114,722,180 +0.1 11,108,531,915 12,456,122,556
Ith Chicago ___29 " 56,274,113,684 56,385,204.739 -0.2 52,677,335,684 51,641,391,132
ith St. Louis__10 " 11,797219,479 11,932.994,630 -1.2 11,757,013,950 11,894,757,283
ith Nlinneano11810 "
7,285,082,624 7,178,775,087 +1.1 6,751,071,502 6,765,505,827
10th Kawaseity 18 " 15,692,315,523 15,290,803,666 +2.0 14,803,186,711 14,873,742,285
11th Dallas
12 "
6,951,359,197 6,633.536,743 +4.8 6,558,572,517 6,812,696,908
12th Ban Fran._26 " 32,827,014,661 32,717,053,551 +0.3 29,472.714,999 28,903,424,957
Total
.193 cities 727,736,843,191 633,872,155,470 +14.8 555,109,742,076 523,773,772,455
)utelde N. Y. City
250,494,561,030 242,144879,206 +3.5 233,875,528,414 233,418,828.972
lanada
20 n1515•1 25 tvra 710 121
/4 FAA 905 eta
4-0
i on WA IAA PFR
28 q 1_ 165973505,507 164847042832 +0.4 59.833,366,373 61,383,453.480 -2.8
6m I_ 349989 439,989 316 732440947 +10.5 121477037,977 119927410511 +1.3
July. 81,633,007,678 46,909,410.422 +31.4 21,425,258,718 19,153.952.924 +11.9
.Aug_ .- 60,075,748,471 45,612,687,866 +31.7 20,876.523,862 18,833.637.959 +12.1
Sept ._ 59,092,084.597 49,386,570,895 +19.7 20.138,867.910 19.284,242,535 +4.5
3d q r_ 180800385,728 141888669.183 +27.4 82,440,450,491 57,051,833,418 +9.5
9 m 3_ 530769825,717 458821 110,130 +15.8 183917488,468 176979243,929 +4.0
Oct _ ._ 78,197,086,190 57.644.318,783 +35.7 23,998.967,289 22,492,579.680 +6.7
Nov -- 65.472,621,60756,615.581,897 +15.7 22,382.918,389 20.899,842,710 +7.2
Dec_ -- 53,297.309,677 60,991,144,660 -12.6 20.197,186.90421.773.012,867 -7.2
4th qr_ 196967017,474 175251 045,340 +12.4 88.577,072,562 65,165,435,277 +2.2
12 m os 727736843.191 633872 155.470 +14.8 250494 581.030 242144 879.206 +3.5
Our usual monthly detailed statement of transactions on
the New York Stock Exchange is appended. The results for
December and the twelve months of 1929 and 1928 are given
below:
Month of December.
Twelve Months.
Description.
1929.
1928.
1929.
1928.
Stock, number of shares. 83,861,600 92,837,350 1,124,991,490
919,661,825
Railroad and misc. bonds 8197,426,000 $132,381,000 82,182,392.300 $1,967,173,650
State, foreign, &c., bonds 62,692,000 53,416,500
748.626,425
657.827,100
15,427.000 17.678,500
U.S. Government bonds_
142,079,800
187,834.250
$275,545,000 8203,458,000 82,982.299,200 $2,903,434,325
Total bonds
The volume of transactions 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:
19 RIA OM a,,
The course of bank clearings at leading cities of the country
for the month of December and since Jan. 1 in each of the
last four years is shown in the subjoined statement:
(000,0008
omitted.)
New York
Chicago
Boston
Philadelphia
St. Louis
Pittsburgh
San Francisco
Baltimore
Cincinnati
Kansas City
Cleveland
New Orleans
Minneapolis
Louisville
Detroit
Milwaukee
Los Angeles
Providence
Omaha
Buffalo
St. Paul
Indianapolis
Denver
Richmond
Memphis
Seattle
I. 183995934,482 151885398115 +21.2 61,843,671,604 58,563,957,031 +6.7
April.. 55,161,872,704 51.718.442.538 +6.7 20,164,319,300 19,678,582,083 +2.5
May. 56.903,490,597 57,893,281,349 -1.7 20,121,551,005 21.188,294.482 -5.0
._
June ._ 53,908,142,206 55,235.318,947 -2.4 19,347,496,088 20,498,578.935 -5.8
BANK CLEARINGS AT LEADING CITIES
Decemb
Jan. 110 Dec. 31
1929. 1928. 1927. 1928. 1929. 1928. 1927.
1926.
s
$
s
s
$
8
$
$
33,100 39,218 31,910 26,715 477,242 391,727 321,234 290,364
2,890 3,312 3,106 2,995 36,714 37,842 35.958 34.907
2,184 2,272 2,308 2,261 27,610 25,829 26,468 25,130
2,929 2,859 2,558 2,594 31,837 29,377 28,354 29,253
617
661
642
647 7,278 7,566 7,387 7,632
837 10,284 9,453 9,289 9,198
784
781
850
992
884 1,011
844 10,938 11,491 10,118 9,800
422
504 5,286 5,260 5,613 5,970
438
483
289
331
340
338 3,911
3,901
3,877 3,885
582
676 7,451
597
592
7,254
7,245 7,302
616
628
568
536 7,964 6,913 6,467 6.179
229
256
287
272 2,734 2,908 3,056 3,085
387
396
340
340 4,705 4.420 4.095 4,110
148
182
168
152
1.941
1,936
1,880
1,782
825
976
758
724 11,558 10,434 8,770 8,813
139
170
187
186
1,825 2,158 2,246 2,200
863
986
850
804 10,067 10,826 9,382 8,917
69
72
7()
61
876
814
729
714
186
179
174
170 2,398 2,312 2,102 2,104
237
264
237
240 3,396 2,853 2,736
2,727
115
150
143
145
1,438
1,626
1,556
1.617
98
104
103
1,208
103 1,280
1,208
1,192
160
169
152
150 1.861
1,864
1,733
1,689
•213
214
218
233 2,333 2,320 2,517
2.610
110
130
120
102
1,240
1,173
1,192
1,197
179
219
211
195 2,654
2,543 2,367
2,353
1929.
1928.
No. Shares.
No. Shares.
1927.
No. Shares.
1926.
No. Shares.
110,805,940
77.968,730
105,661,570
Month of January
February
March
56.919.395
47,009.070
84.973,869
34.275.410
44.162,496
49,211.683
88,987.885
35.725.989
52.271,691
lst quarter
294,438,240
188.902.334
127.849.569
126.985,565
Month of April
May
June
82,600,470
91,283.550
69.546.040
80,478,835
82.398.724
63,886.110
49,781,211
46.597,830
47.778,344
30.826.714
23,341,144
38.254.578
24 quarter
243,430.060
228.763,669
144.157,585
91.922,433
6 months
537,866,300
415.668.003
271.807.154
218,907,998
Month of July
August
September....
93,378.690
95,704.890
100.058,120
39,197.238
67,191,023
90.578.701
38.575.576
51,205,812
51,578.590
36,091.187
44,491.314
37,030,168
___
289,139.700
196.966,962
141.357.978
118,212.087
Month of October
November_ _ __
December
141,668,410
72,455,420
83,861,660
98,831.435
115,360.075
92,837,350
50.289,449
51.076.335
82,092,302
40,437,374
31,313,410
41,973,806
3d quarter
297,985,490
307,028,880
183,398,086
113,724,590
1 124 991 4,430
919 RAI 690
1127 M3216
450,645.000
4th quarter
Tn1.01 inv araar
1999
We now add our detailed statement showing the figures
for each city separately for December and since Jan. 1 for
two years and for the week ended Jan. 4 for four years:
CLEARINGS FOR DECEMBER, FOR YEAR 1929, AND FOR WEEK ENDING JAN. 4.
Month of December.
12 Months Ended Dec. 31.
Clearings at1929.
1928.
$
$
First Federal Rose rye District- Boston
Maine-Bangor
2,877,422
2,671,050
Portland
19,077,000
15,970,777
Mass.
2,183.865,714 2,271,907,623
-Boston
Fall River
8,917,308
6,252,032
Holyoke
2,868,103
2,473,169
Lowell
5.925,270
5,498,395
New Bedford
5,409,749
8,597,881
Springfield
25,416,246
21,578,163
Worcester
16,914,027
15,354,314
64,80,859
78,187,207
Conn.
-Hartford ____
New Haven
37,005,849
32,270,531
Waterbury
10,229,900
10,965,300
R. 1.
-Providence_ .
72,089,100
69,020,800
N. H.
-Manchester..
3,855.625
3,795,931
Total(14 cities)--
Inc. or
Dec.
1929.
1928.
Inc. or
Dec.
$
%
$
%
-7.2
35,535,087
35,894,328 -0.1
-16.3
220,868,588
202,544,646 +9.0
-3.9 27,610,033,885 25,828,975,499 +6.9
-9.6
78,874,536
85,578,004 -9.4
-13.8
33,430,307
35,209,151 -5,1
-7.2
65,441,362
62,880,710 +4.1
+58.9
88,951,283
58,428,583 +28.1
-15.1
297,921,251
296,082,026 +1.7
-9.2
196,246,099
187.941,048 +4.8
-17.5
890,220,062
903,867,710 -1.5
-12.8
488,600,000
454,489,602 +3.1
+7.2
139,691,400
131,318,200 +5.0
-4.2
878,117,400
813,885,600 +7.8
-1.8
40,088,643
37.478,703 +7.2
2,442,819,598 2,558,630,427 -4.3 31,021,019,883 29,134,573,808 +6.5
Week Ended January 4.
1930.
$
1929.
S
Inc. or
Dec.
%
-1928.
g
1927.
$
730,813
4,015,730
512,541,171
1,255,987
1,271,070 -42.5
4.511.211 -11.0
587.000.000 -9.6
1,413,276 -11.2
833.037
4,833.699
652,000,000
1,973,468
1,044,02-a
4.502.906
812,000.000
2,186,30.3
1.172,797
1,775.858
6,321,437
4,357,742
22,188,735
9,075,917
1.289.818 -9.1
1,182,836 +52.7
8,062,793 -15.7
4,369,105 -0.3
22,884,094 -3.0
9,584,258 -5.3
1,482.825
1,154,519
7,429,347
5,044,095
20,834,585
9,328.980
1,821.652
1,382,513
8,370,482
4,940,818
21,604.269
10,573,284
19,154,900
926,489
19,184.700
908,836
-0.2
+2.0
19,692,300
1,016,735
19.045.500
1,029.056
841,841,597 -10.1
725,603,370
888,280,587
583,517,376
,.voL. 130.
FINANCIAL CHRONICLE
244
CLEARINGS
-(Continued.)
1929.
1928.
Inc. or
Dec.
Second Federal Re serve District-New York
-Albany
27,770,312
29,443.437
N. Y.
Binghamton
5.927.823
5,958,309
Buffalo
236,678,114
263,684,006
Elmira
5.167,524
3,769.763
Jamestown
5,749,960
5.419,666
New York
33,100,122,773 39,218.131,773
7.200,000
Niagara Falls
5,3 8, 70
Rochester
59,983,872
71,234.671
Syracuse
28,363,054
23,005,123
-Stamford_ _ _
Conn.
16,802,968
17,857,243
N. J.
-Montclair__
4.212,360
4,918,501
Newark
171,738,804
146,551,935
Northern NJ
226,712.893
233,921,906
Oranges
8,772,803
9,085.987
Total(14 cities)
1929.
339,980,431
331,980,049
--5.7
71,452,23.5
78,010,459
1-0.5
--10.2 3,395,939,862 2,849,617,173
58,298,891
59,094,042
--27.0
69,844,650
71,092,338
--5.7
--I5.6 477,242,282,161 391,727,476,264
83.203,418
78,778,486
--25.7
776,900,082
850,955,176
--15.8
346,594,405
384,869,476
--18.9
215,061,704
240,409,568
+6.3
47,157.825
50,227,722
--14.4
1-17.2 1,873,545,343 1,520,154,962
2,221,489,574
--3.1 2.797.244,114
87,766,388
97,011,847
1-3.6
3,092,304,135 3,042,358,664
1,870,147,626 2,026,192,108
Fifth Federal Rese rve District
-Richmond
W. Va.-Huntington_
5,627,091
5,410,719
Va.-Norfolk
23,795,066
29,769,000
Richmond
213,002,781
213,682,200
-Raleigh
N. C.
11,560,011
13.478.314
-Charleston_ _ _
S. C.
9,807,793
9,528,336
Columbia
9,904,388
10.310,650
386.
-Baltimore
422,601,554
437,922,282
Frederick
2,192,808
2,058,751
Hagerstown
2,998.366
3,379,291
D. C.-VVashington
116,074,630
129,981.412
Total(10 cities)----
817,564,488
+1.7 33,979,373,812 31,564,665,027
810.425,259
Inc. or
Dec.
1928.
1927.
9,446,374
7,252,129
--5.2
1,696,300
1,683,608
+3.9
64,440,415
--9.0
62,215.287
1,185,886
-19.4
920,237
1,839,671
1,427,193
+14.8
-21.1 8,254,320,860 7,748,081,499
---5.1
-27.8
-12.6
-3.7
20,471,413
8,676,145
3,493,438
1.561,725
21,510,957
10,519,538
3,739,763
932,570
+6.6
60,998,649
63,194,046
+7.6
1,338,124
4.543,538
1.309,347
-5.0
+8.0
+1.0
1.578,490
4,814,652
1,342,760
1,848,745
4,585,582
2,046,664
1,703,638
1,613,351
+5.6
2,490,339
2,613,808
665,000,000 +6.3
5,117,082 -5.4
6.605,407 --I.4
5,553,311 -34.5
2.046,310 +3.3
652,000,000
5,863,131
8,228,689
4,793,300
2,501,918
708,000,000
5,954,238
9,346,629
4,890.747
5,182,929
707.000,000
4,838,939
6,517,914
3,638,828
2,113,193
5,510.000
5,463,695
+0.8
8,592,920
8,383,324
738,821.988
710,590,165
+4.0
692,206,199
749,802,688
7,443.000 --26.9
4.569,12.5 --14.2
78,227,452 --4.7
167,638,674 --1.6
20,846,300 --19.6
6,920,000
3,929,120
81,391,792
140,045,501
18,334.300
5,760,000
4,606,476
90,180,142
150,798,078
21,940,200
2,084,914 -16.2
5,803.874 -27.8
1,896,538
5,802,247
2,073.654
7,508.895
185.983,048
+5.1
179,015,050
212,012,267
472,596,387
-1.2
437,334,538
494,879,712
1,350,230 --5.8
6.972,709 -34.4
43,439,000 +4.0
1,431.659
5.202,698
44,596.000
1,930,880
9,578,320
61,778,000
5,440.000
3,918.556
+12.9
74,544.830
+0.2
+15.2 •165,000,000
16,763,800
+1.6
+11.3
+11.9
1,747,060
+6.7
4.188,217
+8.9
-21.0
-15.9
-17.4
+8.7 •195,500,000
-1.6
+3.6
+7.5
467,102,463
1,272.148
4,574,062
45.178,000
+8.8
---11.3
--10.7
---8.1
--10.7
--16.9
--0.5
--10.3
+8.6
--11.4
-F15.6
---12.1
---0.5
1-1.2
--10.7
--17.2
--13.8
--52.4
--10.5
64,106,999
274.434,033
2,319,531,349
133,279,700
117,606,167
112,903,990
5,260,041,574
24,584,650
42.581,059
1.435,725,603
--2.1
--9.9
+0.6
-5.7
-2.4
+3.7
+0.5
+0.8
-5.0
+3.2
27,649.681
30.151,643
-8.3
28,391,713
33,935,938
9,785,185,874
+0.5
189,257,212
201.685,645
-8.2
212,000,539
262,081,036
160,390,810
1,234,935,792
2,927,843,030
114,504,845
63.214,764
90,958,461
778,210,904
142,316,000
136,395,461
1,277,239,054
108,439,262
88,121,435
85,983,000
111,691,045
45,168,531
17,077,100
2,734,424,704
170,009,256
1,179,685,804
2,679,446,146
103,544,775
59,574,007
118,457,221
835,268,613
143,364,000
184,472.445
1,283.850,241
95,104,890
87,188,580
90,143,000
108,612,955
45,763,096
22,578,709
2.007.752,752
-6.0
3,560.349
19.453,033
51.154,908
2,043,165
3,221,618
23,132,352
19,652,638
2.379,155
1-10.5
--15.9
--14.2
--14.1
4,500,000
23,509,051
55,307,456
2.235,079
4.733,640
25,824,458
63,173.626
2,539,264
1,489,714
23,282,000
2,853,000
1,843,763 -19.3
16,839,499 +38.3
2,454.000 +16.3
2,222,144
16,970,469
3,881,000
2,440,590
27.543.956
9,192,197
28.437.466
2,435,207
26,908,810
2.379,109
+5.7
+2.4
32,231,539
2.373,702
32,918,248
3,321,684
1,992,515
2,488,000 -19.9
2,269,000
2,055,000
333,583
53,543,515
642,091 -48.0
67,332,878 -20.5
479,930
68,318,003
626,789
68,260,454
+9.2
+10.6
+6.1
-23.2
-0.7
-26.1
-0.5
+15.9
+1.1
-4.6
+2.
-1.3
-24.4
-6.0
.3,000.000
3,155,488
-4.9
2,752,167
3,164,251
107,583,321
116,816,578
-7.9
120,676,302
151,693.847
+0.1
192,733,363
209,273,713
-7.9
214,297,373
242,1329.906
14,764,327
13,944,164 +5.8
--8.9
--15.4
54,821.896
50,768,694 +8.0
--15.4 11,558.185,403 10,433.524,569 +10.7
220,442,316
--19.2
203.851,522 +13.7
388,723.194
--35.9
446,963,469 -13.1
105,172,135
---24.0
110,562,917 -4.9
203.161,895
+3.2
166,323,466 +22.2
209,224,323
--2.3
175,910,705 +18.9
296,543,662
--5.4
298,790,097
---5.7 1,286.073,000 1,207.652,198 +6.5
166,280,154
--16.2
163,442,166 +1.7
282,846,687
--3.5
277,537,067 +1.9
161,114,961
--13.6
186,048,289 -13.4
--18.3 1,825,350,991 2,158,202,569 --15.4
49.345.900
--16.4
53.085,295
166,327,972
--1.9
153,225,584 +8.5
676,622,362
+15.6
620,897,859 +9.0
527,409,513
+8.3
507,721,340 +3.9
25,545,078
--11.0
26,207,664 -2.5
362,277,589
360,969,498 +0.4
83,909,006
74,148,880 +13.1
66,781,797
-18.2
70,444.245 +10.5
102,890.598
96,829,609 +6.2
-12.8 36,713,580,962 37,842,393.658 -3.0
66,854,298
-20.0
69,391,689 -3.7
309,660,998
284,704,052 +8.8
205,308,336
189,231,847 +8.5
-10.3
144,937,325
-12.2
143,425,697 --23.5
299.813
1.159,734
201,518,955
364,363 -17.7
1,041,025 1-11.4
166.346,695 +21.1
305,447
1,273,831
138,792,530
285,431
2,983,477
184,810,418
6,076.080
9,101,695 -37.6
9,164,733
10,705,931
3,479,945
3,868,000
2,831,044 +22.9
2,933,929 1-31.8
3,022,068
3,933,620
3,225,000
3,480,594
25,551,000
2,636,228
7,310,888
26,859,000 --5.0
3.981,130 --33.8
7,164,205 1-2.0
24,018,000
3,267,700
7,496,041
32,030,000
4,001,500
10,397,478
32,393,713
36,549,626 -11.2
45,996,399
51,783,769
-2.3
3,314,577
3,892,442
10.755,233
9,589,733 +12.4
10,996,866
12,511.366
5,877,173
1,576,074
7,148,827 -17.8
1,776,069 -11.3
6,098,889
1,511,935
7,165,013
1,767,663
2,029,881
818,264,299
,
1,313,26
5,256,181
3,536,250
2.555,185
1.779,024
812,556,363
1,725,215
6,614,459
4,432,586
3,385,670
--16.2
--17.3
--6.5
--18.5
+11.2
--24.6
+15.7
--I0.8
--3.1
--18.9
277,018,070
9,538,727
'
7,278,217,025
1,940,887,905
21,702,580
120,177,974
1,239,782,882
711,641,180
20,773,724
78,402,412
260,206,749
9,164,551
7,586,304,781
1,936,030,886
20,564,267
121,009,600
1,172,927,187
748,244,471
18,994.907
79,547,231
-0.2
+6.5
+4.1
-3.8
+0.3
+5.5
+6.7
+5.5
+6.5
+9.8
-1.4
982.040,234 1,095,378,951 -10.3 11,787,219,479 11,932,994,630. -1.3
1,271,236
4,905,177
1.323,063
63,130,826
247,128,100
2,333,296,114
125.618,965
114,752,998
117,079,295
5,286,948,733
24,775,594
40,444,345
1,481,390,729
4,328,437,167 4,954,097,781 -12.6 56,274,113,684 56.385,204,739
Eighth Federal Re serve District-St. Louis
Ind.
25.143,374
_
-Evansville_
21.072,751
New Albany
941,441
778,212
Mo.-St. Louis
660,522,650
617,747,014
Ky.-Louisville
181,657,800
147,959,331
Ownesboro
2,356,466
2.621,378
Paducah
9,177,512
12,168,037
Tenn.
-Memphis_ _ _
130,309,757
109.786,627
Ark.
-Little Rock _ _ _
65,383,368
73,259,255
_
1,566,419
1,684,534
5.947,622
QUInCY
7,335,637
Total(10 cities)
1929.
9,834,566,699
1-4.0
---20.1
---0.3
---14.2
1-2.9
--3.9
--1.2
919,801,087 -12.0 10,117,234,108 10,114,722,180
Seventh Federal R eserve Distric t-Chicago-Adrian
Mich.
1,022,461
1,124,647
Ann Arbor
4,087,099
4,829,473
825,099,611
Detroit
975,633,387
13.434,773
Flint
16,234,507
24.712,288
Grand Rapids
38,572,660
7,295,63.4
Jackson
9,701,505
12,702,154
Lansing
12,348,004
17,106,071
-Ft. Wayne_-_
17,510.192
Ind.
23,803,162
25,162,512
Gary
98,142,000
Indianapolis
104,080,035
12,343,348
14,735,822
South Bend
23,352.234
24.188,239
Terre Haute
12,644,973
14,661,276
Wis.-Madison
139.212,043
170,449,179
Milwaukee
3,379,524
4,042,385
Oshkosh
13,193,783
13,450,465
Iowa -Cod.Rapids-52,389,037
60,565,168
Davenport
29,621,104
42,916,405
Des Moines
2,271,894
2,021,030
Iowa City
28,942,761
27,144,474
Sioux City
6,871,867
6,552,995
Waterloo
6,204,822
5,076.090
IL-Aurora
7,983,942
7,182,687
Bloomington
2,890,067,653 3,312,443,715
Chicago
6.417.331
5,136,832
Decatur
24,640,484
23,450,056
Peoria
17.155,985
15,394,934
Rockford
12,687,233
11,141,003
Springfield
Total(29 cities) __
367,108,000
224.145.594
3,901,292,187
6,913,067,391
893,035,600
60,404,063
22,641,750
102,688,923
305,765,883
37,331,534
13,517,047
77,217,585
9,452.671,780
108,149,087
249,426,939
---7.7 24,434,092,878 22,728,442,163
855.518,955
Sixth Federal Rese rye District
-Atlantic
Tenn.-Knoxvllle_
13,083,792
13,602,000
94,228,682
Nashville
105.565,612
221,483,329
Georgia-Atlanta---266,590,722
10,117,981
Augusta
10,172,884
5,255,990
Columbus
5,855,610
Macon
7,243,441
7,874,520
Fla.
65,671,549
-Jacksonville-- 73,001,218
Miami
12,577,000
10,876.000
9,354,460
Tampa
16,162,724
-Birmingham_
Ala.
106.528,222
114,429,037
Mobile
9,289,183
9,331,824
7.638.072
Montgomery
7,544,978
Miss.-Kattlesburg _ _
6,534,000
7,319,000
Jackson
8,243,360
9,957,208
Meridian
3,327.454
3,861,705
1,098,212
Vicksburg
2,307.079
-New Orleans...La.
229,119,453
255,979,445
Total(18 cities)
1930.
-2.4
7,399,328
7,801,553
2,160,914
+9.2
2,245,790
66,503,175
+19.2
60,501.660
+1.4
1,101,561
1,215.267
+1.8
1,832,137
1,596,238
+21.8 8,196,279,044 1038.5904 558
-5.3
18,642,502
21,957,486
+10.1
7,881,981
+11.0
10,923.899
4,016,642
4,595,256
+9.2
940,419
976.241
+6.5
+23.2
59,087,520
55.439,064
+25.9
+10.5
80,669,927 -2.4
78,709,687
--12.7
245,797,295 +12.5
276,486,497
1-16.5
67,798.586 -5.9
63,824,255
--13.1
246,128,739 +0.1
246,312,192
--13.4
111.963,090 -2.7
108,996,383
---4.1
32,773,481
+7.6
35,265,231
1-6.3
52,385,945 -29.6
36,896.914
---26.3
+2.4 31,837,000,000 29,371,000.000 +8.4
223,751,703 +0.9
225,803,124
--15.4
+2.0
329,092,841
335,878,851
--20.1
210,527,730 -2.1
206,040,804
--18.7
106.563,636 +5.8
112,794,814
--10.8
133,294,254 +0.5
133,901,188
13.3
342,917,863 -8.3
314.350,956
Fourth Federal Re serve District-Cleveland-349.750.000
-Ohio-Akron
20.141,000
31,587,000 --36.1
18,987,580
252,951,558
Canton
19,537,622 ---2.8
289,520,118
Cincinnati
330,837,304 ---12.5 3,910,555,730
615,913,603
Cleveland
628,277,079 ---2.0 7.964,234,471
905,967,900
71,638,100
Columbus
73,402,100 ---2.4
8,919,960
67,247,609
Hamilton
5,471,538 1-83.0
1,900,047
25,346,327
Lorain
1,995,554 --4.8
109,509,897
7,788,297
Mansfield
8,692,917, ---10.5
332.037,297
19,967.623
Youngstown
25,526,024 ---20.8
29,492,205
30.4
2,090,334
-Beaver Co
3,003,015
Pa.
887,107
11,361,737
Franklin
967,000 --8.3
3,369,107
74,753,778
Greensburg
8,161.040 --43.1
781,287,760
Pittsburgh
850.113,386 --8.1 10,264,026,239
Ky.-Lexington
9,493,762
106,365,138
14.970,9351 --36.5
W. Va.-Wheeling-18,253,228
140,589,971
25,949,574, --29.7
Total(15 cities)
1928.
Inc. or
Dec.
33,899.683,389 40,045,870,361 -15.4 487,553,450,643 400,416,198,002 +21.9 8,359,928,584 10 559073601 -21.7 8,423,039,684 7,926,586,919
Third Federal Res erve District
--Philadelphia
-Altoona
Pa.
6,738,143
5,884,454
Bethlehem
16,807,486
19.575,064
Chester
5,664,274
4,919,694
Harrisburg
19,929,271
23,023,869
Lancaster
7,772,990
8.104,727
Lebanon
2,691,132
2,861.761
Norristown
3,729,843
4,458,628
Philadelphia
2,929,000,000 2,859,000,000
Reading
20,670,232
17,495.697
Scranton
28,761.349
22,969,003
19,142,544
15,953,536
Wilkes-Barre
9,329,429
8,320,205
York
N.J.
-Camden
13,251,426
11,492,617
24,715,425
22,400,000
Trenton
Total(14 cities)--
Week Ended January 4.
12 Months Ended Dec. 31.
Month of December.
Clearings al
-
3,121,741
1,687,250
646,222,646
1,126.492
5,634,578
3,302,377
2,443,219
3,194,090
1,887,012
824,125,280
1,486,640
6,321,327
3.771,507
2,814,933
--10.6
--21.6
--24.2
-10.8
--12.4
--13.2
968,039,139 1,120,268,130 -13.8 1,092,147.701 1,159,333,397
4,314,149
(1,884,506 -37.3
5,719,986
8,828,144
167,300,000
36,853,055
743,304
192,200,000 --11.9
41,470,232 --11.1
706,565 +5.2
182,700.000
39,640,210
589,873
199,800,000
40,864,728
803,298
21,426,000
14,325,188
418.678
1,290,317
24,719,678 --13.3
15,380,147 +3.2
550,342 --24.3
1,588,089 -18.7
22,269,309
14,147,170
378,600
1,532,477
23.472.342
16,532,904
598,201
1,542,237
246,670,691
283.499,559 --13.0
266,977,625
290,441,854
JAN. 11 1930.]
FINANCIAL CHRONICLE
245
CLEARINGS
-(Concluded.)
Month of December.
12 Months Ended Dec. 31.
Clearings at
1929.
Inc. or
Dec.
1928.
$
$
r Ninth Federal lies erve District -Minneapoli 8
-Duluth
Minn.
31,768,960
38,527,196 --17.5
Minneapolis
386,839,131
395,889,944 --2.7
Rochester
2,658,429
3,137,329 --15.3
St. Paul
114,876,588
150,216,379 --23.5
N. Dak.-Fargo
9,061,411
9,005,146 4-0.6
Grand Forks
7,798.000
6,099,000 4-27.9
Minot
1,989,080
2,166,769 --8.2
B. Dak.-Aberdeen
5,118,715
6,165,862 --17.0
Sioux Falls
8,898,552
7,654,771 4-16.2
3,151,832
3,547,288 --11.0
Great Falls
5,796,859
6,846,400 --15.3
Helena
16,153,152
17,750,000 --9.0
Lewistown
567,734
788,023 --28.0
1929.
Week Ended January 4.
Inc. or
Dec.
1928.
1930.
1929.
Inc. or
Dec.
1927.
1928.
390,823,396
4,705,231,843
32,731,386
1,437,575,407
109.463,285
94,786,000
25,842,392
64,504,526
99,565,055
38,736,025
72,724.161
188,049,416
7,749,743
439,673,409
4,419,614,371
33,204,246
1,626,311,125
103,492,356
72,127,000
22,749,082
72,551,959
86,345,219
38,765,611
69,659,550
184,725,683
9,553,476
-10.5
+6.5
1.4
-11.6
+5.8
+31.4
+13.6
-11.1
+16.5
-0.6
+4.4
+1.8
-18.9
4,822,248
76,965.546
5,681,086 --15.1
80.711.396 --4.6
6.652,998
75,274,590
6,327,590
82,776.884
22.092,310
1.826,992
30.298,746 --27.1
1,965.577 --7.0
30,987.455
1,905.323
35.665,540
2,279.566
1,179,483
1,376,643 --14.3
1,185,436
1.465,990
442,154
760.490 --41.9
596,191
697.627
3,254,000
3,761,000 --13.5
2,972.000
3,379,889
-8.2
7,265,082,624
7.178,775,087
+1.2
110,582,733
124,554,938 -11.2
119,573,993
132,593,086
Tenth Federal Res erve District -Kansas Cit Y
Neb.Fremont
1,540,709
1,678,655 --8.2
Hastings
2,178,898
2,521,202 --13.6
Lincoln
15,121.778
17,861,493 --15.3
Omaha
185,641,936
178,502,270
4-4.0
Kan.
-Kan. City_ _
9,676,800
9.144,408 4-5.8
Topeka
14,822,984
16,434.234 --9.8
Wichita
34,166,147
40,042,228 --9.7
Mo.-Joplin
4,901,008
6,763,725 --27.5
Kansas City
582,111,984
596,563,165 --2.4
St. Joseph
27,801,307
28,889,000 -3.8
Okla.-OklabomaCity
144,678,986
145,387,976
Tulsa
47.050,177
59,947,459 --21.5
Colo.
-Colo. Springs.
5,144,419
5,651,261 --9.0
Denver
159,648,033
168,824,810 --5.4
Pueblo
7,496,995
6.770.104 +10.7
19,871,632
30,058,874
208.4683355
2,397,776,980
114,549,255
188,162.771
440,147,018
70,482,268
7,451,111,541
361,895,823
1,646,089.362
636,700,000
74,753,629
1,861,410,591
90,836,614
20,851,129 -4.7
28,820,191
+4.3
246.146,704 -15.3
2,311,920,165 +3.7
109,011,087 +5.1
193,908,504 -2.9
480,707.432 -8.4
70,680,927 -0.3
7,254,046,094 +2.7
364,887,906 -0.8
1.568,022,225 +5.0
630,886,313 +1.1
70,177,437 +6.5
1,863,583,691
77,153,861 +17.7
361,953
565.573
3,458.370
40,030,932
491,492 -26.4
557,728 +1.4
4,999,338 -30.8
39,966,406 +0.2
422,223
540,929
5,494,475
38,000,489
411,458
494,958
6.143.502
41,672,007
3,292,583
7,899,815
4,427,347 -25.6
9,992,474 -21.9
3,987,090
8,301,929
3,862,490
8,620.129
+1.9
-7.1
+4.4
130,586,142
7,124,134
27.668,003
168,638,570
7,201,548
30.551.150
1,087,572 --26.6
a
a
1,800.410 --14.8
1,796.727
a
1,384.188
1,398,622
225,304,329
270,364,284
Total (13 cities)
Total (16 cities)
594,678,443
647,794,107
1,241,982,161 1,284,981,990
-3.4 15,692,315,523 15,290,803,666
Eleventh Federal Reserve District
-Dallas
Tex.
-Austin
7,140,406
7,666,911
Beaumont
8,544,000
9,800,000
Dallas
265,860,631
259,564,606
El Paso
29,968,240
29.179,874
Fort Worth
63,317.556
73.098,000
Galveston
23,604,000
31,131,000
Houston
179,562,966
176,885,128
Port Arthur
3,422,810
2,604.330
Texarkana
2.798,826
2,924,222
Wichita Falls
11,495.422
10,169,000
La.
-Shreveport
24,919,929
25,054,820
Total (12 cities)
619.308.364
629.404,313
+2.6
-6.9
-12.8
+2.4
+2.7
-13.4
-24.2
+1.5
+31.4
-4.3
-11.5
-0.5
97,763.410
113,183.692
2.881,787,579
324.538.201
744,516,447
284,292.000
2,008,863.851
42,640,553
33,303,527
130,005,246
290,465,686
94,312,924 +3.7
103.414,000 +9.4
2,783,610,484 +3.5
295,164,967 +9.8
729,207,147 +2.1
308,486.000 -7.8
1,825,696,257 +10.0
29,243,695 +45.8
33,372,049 -0.2
133,219,435 -13.6
297,809,785 -2.5
-1.6
6,951,359,197
6,633,536.743
+4.8
Twelfth Federal R. eserve Distric t
-San Franc,iscoWash.-Bellingham
47,274,000
4,484,000
3,200,000 +40.0
42,524.000 +11.2
Seattle
179,012,378
218.875.797 -18.2 2,653,702.788 2,542.920,892 +4.4
Spokane
677,345,000
64,172,000
63,867,000 -15.2
704,091.000 -3.8
Yakima
7,715,198
87,403,918
7,278,032 +6.0
81,862,225 +6.8
Idaho-Boise
75,070,229
7,366.720
6,164,053 +19.5
67,270,426 +11.6
Oregon-Eugene
26,603,724
2.093.000
2,253,869 -7.1
25,408,725 +4.7
Portland
165,167,105
2,074,370.046 1,985,688,152 +4.5
169,180,872 -2.4
Utah-Ogden
9,587,962
97,404.763
10,021,645
95,237,940 +3.0
Salt Lake City
100,456,824
+7.9 1,035.216,659
93,117,061
953,583,888 +8.6
Arizona-Phoenix._ _ _
21,480,000
243.368.000
20.483.000 +4.9
196,964,000 +23.9
Cal.
-Bakersfield
7,592,149
75.984,675
7.072.074 +7.4
69,675,323 +9.1
Berkeley
235,711,123
20,897,993
-9.3
23.036,531
264,618.148 -11.1
Fresno
19,458,420
234,749,359
18,276,140 +6.5
202,467,913 +15.9
Long Beach
35,269,967
455.777,616
39,057,094 -9.7
427,047,254 +6.7
Los Angeles
863,346,000
986,111,000 -12.4 10,066.695,000 10,825.705,000 -7.0
Modesto
10,844,607
59,977,580
4.171,949 +160.2
49,969,110 +20.0
Oakland
82,068,226
100,003,924 -17.9 1,020,614,221
1,046,040.933 -2.4
Pasadena
26,181,103
364,472,854
31,579,036 -17.1
359,077,275 +1.5
Riverside
60,739.928
3,605,304
4,820,652 -25.2
54.163,780 +12.1
Sacramento
34,969,119
394,182,830
+6.0
34,858,591
387,204,230 +1.8
San Diego
30,518,458
30,155,086 +1.2
326,932,602
301,403,758 +8.5
San Francisco
864,377,972 1,010,879,213 -14.5 10,938,051,445 11,491,219,372
San Jose
+8.1
14,651.156
190,592,939
15,837,839
174,259,282 +9.4
Santa Barbara
9,462,972
106,813,576
8,630,631
+9.9
92,052,377 +16.0
Santa Monica
8,932,430
9.229,657 -3.2
104,376,297
113,842,117 -8.3
Santa Rosa
2.352,169
2.340,953 +0.5
27,204,797
27.024,331
+0.7
Stockton
10,689,000
11,800,900 -9.5
135,384,700
135,736,100
Total(28 cities)
2.597,938,815 2,931.115,916 -11.4 32,827,014,661 32,717,053,551
+0.3
128,078,099
6,152.992
*30.000,000
797,626
a
1,533.432
222,171,375
125.786,168
6.623,708
28,723.000
224,455.643
1,389,850
2,114,138
1.932,381
64,266,238
63,847,918
+0.7
57,981,006
63,152,169
10,921,550
3,933,000
13,240,481 -17.5
6,727,876 -41.5
9,381,461
6,490.000
13,961,878
15,900.000
1,285,597
2,046,421 -37.2
6,532.339
8.092,035
88,685,870
92,739,602
-4.4
82.498,944
103,038.443
40,585,536
12.084,000
1,659,345
54,127,964 --25.0
13.795,000 --12.4
1,570.883 +5.6
43,506,261
12,194,000
1,532,445
47,134,966
13.409.000
1,978,840
8,279,485
6,876,906 +20.2
36,088,194
37,861.988
31,595,091
41,810.214
22,662,287
19,769,698 +14.6
20,811,365
24.361,702
3.069,195
7,557,962
195,398,000
3.869,551 -20.7
8,994,639 -16.0
237,993,000 -17.9
4,323.165
8,153,001
195,931,000
5,128,132
9,170,556
208.120,000
18.662,787
5,819,944
20,158,703 -17.3
7,320,956 -20.6
21,492,319
7.527,146
25,050,737
9.127,299
7,284.993
5,878,378
217,897,000
3,962,174
2,087,906
2,007,969
9,375,849
6,045,012
226,646,589
4,965,319
1,745,501
2,642,783
6,516,798
6,077,854
197.440,246
4,059,110
2,147,430
1.924,011
1,826,500
563,579,199
6.030,498
6,919,117
223,883,812
3,931,327
1,823,061
2,246,563
4-8.1
-12.2
-11.8
+3.3
+17.8
-14.4
2,328,100 -21.5
652,624,859
-3.6
3,796.100
3,007,700
589,980,313
639,720.199
Grand total(193 cities) 53,297,309,677 60,991.144,660 --12.6 727,736,843,191 633,872,155,470
+14.8 12729,091.993 15293,003,839 -16.8 13080,964,608 12959,752.089
1
utside New York- 20,197,186,904 21,773,012,887 --7.21250,494,561,030 242,144,679,206
+3.3 4,532,812,849 4,907,099,281 -7.6 4,826.643.748 5,211,730.580
CANADIAN CLEARINGS FOR DECEMBER, FOR
Clearings at
Month of December.
1929.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William
New Westminster__ _
.
Medicine Hat
Peterborough
Sherbrooke
Kitchener
Windsor
Prince Albert
Moncton
Kingston
Chatham
Sarnia
S
652,916,610
571.132,287
272,812,662
91.828,243
38,466.871
33,501.515
17,358.597
31,269,464
51.385,615
10,952,691
11,259,128
15,433,212
32,269,141
27,600,977
2,780,544
3,320,447
12,248,744
5,658,554
6,168,818
4,570,902
4,447,606
1,963,604
4.076,743
4,336,102
6,174,116
21,134,371
2,431,962
5,295,445
3,612,658
3,719,481
2,589,721
Total(31 cities)._
1928.
$
732.330.511
668,397,272
399.675.735
98,925,488
39,296,606
34,449,574
16,634,838
28,567,953
66.720,003
13,758,422
11,734,704
15,958,392
33,834,277
30,194,194
3.679,142
3,535,857
13,309,753
7,318.754
6,201,352
5,650.360
3,890,861
2,769,538
4,613,520
4,446,936
6,201,352
34,815,818
2,359,227
5,015,755
3,846,764
4,401,041
3.656,055
YEAR 1020, AND FOR WEEK ENDING JAN. 2.
12 Months Ended Dec. 31.
Inc. or
Dec.
%
-10.8
-14.6
-11.9
-7.2
-2.1
-2.8
+4.4
4.9.5
-23.0
-20.4
-4.2
-3.3
-4.6
-8.6
-24.4
-6.1
-8.0
-2.7
-0.5
-19.1
+14.3
-29.2
-11.6
-2.5
-0.4
--39.3
+3.1
+5.6
-6.1
-15.5
-29.2
1929.
$
8,279,414,820
7,721,361.164
3,393,339.727
1,243,625,652
443,895,304
375,097,862
197,539,725
350,828,242
697,716,733
151,865,016
151.226,015
183,916.716
328.982,727
341,917,650
35,403,096
38.807.495
146,732,755
72,492,575
76,811,637
52,807,241
52,236,137
24,445,424
51,283,226
54,664.850
71,102,678
303,189,777
27,389,870
54,253.914
46,678,714
41.700,000
42,932,463
1928.
$
8,072,843,473
7,674,586,731
3,443,151,987
1,100,937,564
431,183,371
361,754,092
185,679,424
337.854,407
666,517,374
150,693.371
134.095,845
180,871,381
351,324,768
312,089,792
38,728,824
40,772,004
138,787,497
73.510.635
72,529.308
59,588,922
44,774,994
26,802,962
49.138,361
50,623,174
66,300,152
280.032,888
25,131,848
49,386,221
46,174,083
43,568,049
37,854,684
Week Ended January 2.
Inc. or
Dec.
%
+2.6
+0.6
-1.4
+13.0
+2.9
+3.7
+6.4
+3.8
4-4.7
4-0.8
+12.8
+1.7
-6.4
+9.6
-8.6
-4.8
+5.7
-1.4
+5.9
-11.4
+16.7
-8.8
+4.4
+8.0
+7.2
4-8.3
+8 9
.
+9.9
+1 1
.
-4.3
+7.7
1,952,716,831 2,216,190.054 --11.9 25,083,739.223 24.556.298.549
4-2.1
a Manager of clearing house refuses to report clearings for week ended
Saturday. * Estimated.
1929.
Inc. or
Dec.
$
126,224,334
115.643,237
46.658.554
18,752.256
6,784,241
6,214,633
2,081,500
6,500,560
9,667,467
2,567.620
2,093,059
3,563,075
3,377,846
5,657,740
539,871
562,175
2.434,817
1.198,359
1,258,507
874,271
912,140
327,228
796,494
803,889
1,208,871
3,932,725
471,135
96.5,765
739.532
757,292
751,538
$
181,405,912
144,836,090
59.665.232
23,208,519
8,045,936
8,727,502
3,763,121
6,375,461
13,896,327
2.841,537
2,370,045
3,565,844
7,422,488
3,307,341
691,894
675.922
2,961,327
1,701,543
1,452.050
1,017,879
896,560
459,747
975,447
1,007,259
1.230,469
6,642,690
560,679
1,033,949
971.760
759.253
444,590
%
-30.4
-20.2
-21.8
-19.2
-15.7
-28.8
--44.7
+2.0
-30.4
-9.6
-11.7
-0.1
-54.5
+71.0
-22.0
-16.8
-16.1
--29.6
-13.3
-14.1
+1.7
-28.8
-18.4
-20.2
-1.7
--40.8
-36.0
-6.6
-23.9
-0.3
+69.0
$
156,256,879
149,282,008
59.365.340
19,961,330
7,466,725
7,030,155
3,309,847
6,621,939
11,073,305
3,043,208
2,107,285
4,323,057
6,667.575
5,347,173
674,318
648.517
2,569.418
1,765,279
1.358,588
1,071,698
857,821
419,380
648,593
1,110,889
1,258,142
4,568,733
547,327
1.025,464
917.364
879,105
479,197
$
107,397,022
121,178,910
52,906,802
19,361.414
6,678,650
5,353,418
3,751,880
5,726,299
10,363,129
2,836,275
1,965,155
4.195.888
7.014,674
5,532,398
665.233
555,563
2,173,225
1,698,086
1,416,413
977,043
979,272
359.675
849.671
1,082,706
1,007,134
4.112,345
465,249
910,384
848.170
919,325
779,477
374.370.731
493.414.373 -24.2
462.655.659
374.060.885
1930.
1928.
1927.
246
Treasury Cash and Current Liabilities.
The cash holdings of the Government as the items stood
I/2c. 31 1929 are set out in the following. The figures are
taken entirely from the daily statement of the United States
T,easury as of Dec. 31 1929.
CURRENT ASSETS AND LIABILITIES
GOLD.
Assets—
Gold coin
Gold bullion
3
733,445,731.16 Gold ctfs. outstanding _ _1,321,065,769.00
2,597,995,799.27 Gold fund, Fed. Reserve
Board (Act of Dec. 23
1913. as amended June
1,774,113,021.57
21 1917)
156,039,088.03
Gold reserve
80,223,651.83
Gold in general fund
Total
3 331,441,530.43
3 331,441,530.43
Total
Note.—Reserve against $346,631,016 of U. S. notes and $1,272,550 of Treasury
notes of 1890 outstanding. Treasury notes of 1890 are also secured by silver dollars
In the Treasury.
Assets—
Silver dollars
Total
Assets—
Gold (see above)
Silver dollars (see above)
United States notes._
Federal Reserve notes-Fed. Res, bank notes....
National bank notes_ _ _
Subsidiary silver coin_ __
Minor coin
Silver bullion
Unclassified, collections,
&c
Deposits in Federal Reserve banks
Deposits in special depositaries acct. of sales
of ctfs. of indebtedness
Deposits In foreign den.:
To credit of Treas. U.5
To credit of other Government officers...D(11)091GO in nat'l banks:
To credit or Treas. U.S
To credit of other Government officers. _ _
Dep.in Philippine Treas.
To credit of Treas. U.8
SILVER DOLLARS.
$
Liabilities—
$
493,942,442.00 Silver ctIs. outstanding_ 490,447,918.00
Treasury notes of 1890
1,272,550.00
outstanding
Silver dollars in gen.fund
2,221,974.00
493,942,442.00
Total
493,942,442.00
GENERAL FUND.
Liabilities—
80,223,651.83 Treasurer's checks out2.221,974.00
standing
5,331,713.00 Depos. of Govt. officers:
5,163,660.00
Post Office Dept
85,885.00
Board of Trustees.
34,760,136.00
Postal Say. System:
3,383,700.34
5% Reserve, law1,462,093.37
ful money
4,753,474.18
Other deposits__ _
Postmasters, clerks of
2,129,758.52
courts,disbursing officers, &c
46,361,974.20 Deposits for:
Redemption of Fedi
Res. notes (5% Id..
132,477,000.00
Sold)
Redemption of nat'l
886,986.13
bank notes(5% fd.,
lawful money)
1,982,452.41
Retirement of addi
circulating notes,act
7,089,397.88
May 30 1908
Uncollected items, ex21,637,048.75
changes, &c
1,019,733.59
350,970,639.20
$
Matured Debt on Which Interest Has Ceased—
Old debt matured—issued prior to Apr. 1 1917
Second Liberty loan bonds 01 1927-42
Third Liberty loan bonds of 1928
% Victory notes of 1922-23
435% Victory notes 01 1922-23
Treasury notes
Certificates of indebtedness
Treasury savings certificates
Cash balance In Treas'y
Dep.In specl depositories,
account Treas'y bonds,
Treasury notes and certificates of indebtedness
Dep. In Fedi Res. bank
Dep. In national banks:
To credit Treas. U.S
To credit disb. officers_
"ash in Philippine Islands
Deposits in foreign dents_
Dep.in Fedi Land banks.
134,236.675
121,197,595
144,154,999
139,516,047
325,823,000
67,248,829
181,309.000
27,063.183
71,680,000
46,764,816
132,477,000
46,361,974
7,273,335
18,122,027
843,966
2,212,188
7,234,586
17,759,286
1,080,315
2,509,602
8,387,170
18,271,522
930,024
2,912,663
7,089,398
21,637,049
1,019,733
2,869,438
555,760,021
148,122,660
358.153,567
153,640,726
293,101,193
169,206,949
350,970,639
177,974,561
27,518,209.18
1,900.00
3,291,284.96
$1,933,565,350.00
6,268,269,050.00
3758.984.300.00
1,036,834,500.00
489,087,100.00
493,037,750.00
359,042,950.00
312,110,194,490.00
Available cash balance_ 407,637.361 204,512,841 123.894.244 172,996,078
•Includes Dec. 1, 34,703.474 silver bullion and $1,462,093 minor, &o., coin not
Included in statement "Stock of Money."
Zan=ercial anaMiscalantons4.extro
Irenrewne.
toszerwagal.
New York City Banks and Trust Companies.
(All prices dollars per
Banks
Banks
N. F.(Con.) Bid
Ask
Bid
New York
120
130 Seward._ _ _
A merles,
126
Amer Union._ 100 120 (18 par $25._ 72
_ 67 YorkvIlle
Bryant Park.
Yorktown...
Central
125 140
Brooklyn
Chase
168
170
Globe Exch... 250
Chath Phenix
450
Nat Bk & Tr 119
121 Peoples
Chemical
77 Prospect.....
75
Corn mercial _ _ 970 490
Continental'. 35
35
Corn Each... 192 195 Trust Cos.
share)
Trust Cos.
Ask
N. F.(Con.) 'lid
130 Fidelity Trust 42
74 Fulton
575
220
210
uaranty
698
Intl Germanic
300 Interstate _ _ _
625 Irving Trust..
200
Lawyers Trust
40
34
56
Ala
43
(125
702
45
35
5612
Manufacturers 138
140
Murray Hill_. 245 265
Mutual(WestNew York.
Fifth Avenue,2850 2950
chester)__
400 425
First
5175 5250 Banat Comic
Italians Tr. 320
Grace
600
N Y Trust._ 255 251)
Bank of N Y.
60
Harriman... 1700 181.0
& Trust Co_ 695 710 Times Square. 45
152
Letcourt
125 140 Bankers Trust 139 141 Title Gu & Tr 148
85 United States.3100 300
Liberty
100 112 Bronx Co Tr_
100
Cent Hanover 321 325 Westches'r Tr 1000
Manhattan'... 123 125 Chelsea Bank
Brooklyn.
65
& Trust Co. 58
National City 221
224
245 255 Brooklyn
768 778
Penn Each.
65
80 County
74
77 Kings County 2850 000
Empire
Port Morris.. 40
210 230
Public
125 Equitable Tr. 1011 10212 Mid Wood _
121
•State banks. I New stock. a Ex-dividend. g Ex-stock div. y Ex-rights.
(All prices dollars per share)
OW
Bid
31,884,987,000.00
503,700,000.00
123,400,000.00
848,000.00
$404,209,500.00
549,707,500.00
351,624,500.00
1,305,541,500.00
100,000.000.00
$16,028,670,990.00
31,771,500.26
7,196,700.00
12,927,000.00
20,900.00
1,552,000.00
509,100.00
12,801,100.00
2,782,836.00
$190,641,927.97
Net cash in Treasury
and in banks
Deduct current liabilities_
$
236,262,740
6.975,448
5,331,713
34,760,136
5,163,660
85,885
3,383,700
3,591,853
New York City Realty and Surety Companies.
$932,940,850.00
500,318,700.00
451,727,450.00
$346,681,016.00
156,039,088.03
Nov. 1 1929. Dec. 11929. Jan. 1 1930.
73,287,720.19
39,561,136.26
Debt Bearing no Interest—
United States notes
Less gold reserve
Voldings in U. 3. 7'reasury Oct. 1 1929.
300.194,087 .295,555,135
156,039,088 156,039,088
2,512,935,000.00
Total Interest-bearing debt
Treasury Money Holdings.
The following compilation, made up from the daily Government statements, shows the money holdings of the Treasury at the beginning of business on the first of October,
November, December 1929 and January 1930:
277,236,683
156,039,088
$599,724,050.00
48,954,180.00
25,947,400.00
49,800,000.00
28,894,500.00
18,053,360.00
Treasury Bills (Maturity Value)—
Maturing Mar. 17 1930
Gross debt less net balance In general fund_316,567,656.511.89 $16,127,925,423.17
290.275,763
156,039,088
3,136,986,600.00
Treasury Certificates—
SY, Series TM-1930, maturing Mar. 15 1930
Series TJ-1930, maturing June 16 1930
434
-1930, maturing Sept. 15 1930
3Hi% Series TS
Gross debt less net balance in gen. fund_325,478,592,113.25 317,040,205,167.40 516,312,345,411.03
Nov. 30 1929,
Last Month.
Dec. 311929.
Gross debt
$16,691,550,755.78 316,300,921,501.42
Net balance in general fund
123,894,243.89
172,996,078.25
Total cash in Treasury_
Less gold reserve fund_ —
8,201,834,400.00
4% Adjusted service—Series 1930 to 1934—
4% Civil service—Series 1931 to 1934
4% Foreign service—Series 1933 and 1934—
COMPARATIVE PUBLIC DEBT STATEMENT.
(On the basis of daily Treasury statements.1
Aug. 311919,
When War Debt Was
Dec. 311928,
Sept. 30 1929,
at Its Peak.
A Year Ago.
Last Quarter.
Gross debt
326,596,701,648.01 $17,309,749,135.86 316,719,982,771.63
Net balance in gen. fund 1,118,109,534.76
407,637,360.60
269,543,968.46
60,316,836.07
7,470,326.92
1,519,036.57
$771,373,490.00
Total Bonds
Treasury Notes
334% Ser. A. 1930-32, maturing Mar. 15 1932
33.4% Ser. B, 1936-32, maturing Sept. 15 1932
314% Ser. C, 1930-32, maturing Dec. 15 1932
816,300,921,501.42
$
241,539,353
7,690,337
4,741,380
36,211,008
2,729,420
50,228
3.751,579
3,480,781
First Liberty Loan of 1932-47:
g;i% Bonds
$1,392,257,750.00
5,005,450.00
4% Bonds
536,302,150.00
d51% Bonds
451% Treasury Bonds of 1947-52
4% Treasury Bonds of 1944-54
334% Treasury Bonds 01 1946-56
354% Treasury Bonds of 1943-47
334% Treasury ponds of 1940-43
232,689,375.16
Total gross debt
$
238,337,411
9,590,006
4,425,843
15,426,710
1,518,955
75,909
4,222,377
3,639.472
Preliminary Debt Statement of the United States
Dec. 31 1929.
The preliminary statement of the public debt of the United
States Dec. 31 1929, as made upon the basis of the daily
Treasury statement, is as follows:
ayi% Fourth Liberty Loan of 1933-38
3,461,888.23
Net gold coin and bullion_
Net silver COILI and bullion
Vet United States notes__
Vet national bank notes__
Vet Federal Reserve notes
Vet Fedi Rea. bank notes
get subsidiary silver
1 1Inor coin, &o
,
3,239,006.68
Slate.—The amount to the credit of disbursing officers and agencies to-day *as
$325,172,893.52.
Under the Acts of July 14 1890 and Dee. 23 1913 deposits of lawful money for
the retirement of outstanding National bank and Federal Reserve Bank notes are
paid Into tile Treasury as miscellaneous receipts, and these obligations are made,
under the Acts mentioned, a part of the public debt. The amount of such oblIgalions to-day was $36.511,408.50.
$4,431,020 In Federal Reserve Notes and 534.599,963 In National bank notes
are in the Treasury In process of redemption and are charges against the deposits
for the respective 5% redemption funds.
Bonds
2% Consols of 1930
9% Panama's of 1916-36
2% Panama's of 1918-38
3% Panamas of 1961
3% Conversion bonds
249% Postal savings bonds
36,541,408.50
2,044,150.46
3
254,185,863
9,271,197
1,473,291
15,526,697
1,258,045
41,368
4,068,001
4,451,301
350.970,639.20
Total
Deposits for retirement of national bank and
Federal Reserve bank notes
Old demand notes and fractional currency,._
Thrift and Treasury savings stamps, unclassified sales, die
1,330,240.38
177,974,560.95
172,996,078.25
Net balance
Total
[vol.. 130.
FINANCIAL CHRONICLE
&Mance R'Ity
tni Surety-Bond & Mtg0
($20 Dar)._
FlomeTItle Ins
Lawyers Mtge
Lawyers Title
& Guarantee
Ask
z30
108
100 Lawyers Westchest M & T 200
113
88
57
47
277
90
61
49
Mtge Bond__ 193
NY Title &
Mortgage— 42
287 U S Casualty
95
Ask
Bid
N. Y. Inv't'
let prof..,. 98
255
2d pref.—. 97
203
Westchester
Title & 'Fr_ 130
43
Ask
----160
100
National Banks.—The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
CHARTERS ISSUED,
Capital.
Dec. 311929—
$200,000
The American National Bank of Gadsden, Ala
Conversion of: Etowah Trust & Savings Bank of Gadsden, Ala,
President, J. B. Wadsworth. Cashier, D. C. Wadsworth.
Jan. 2 1930—
25,000
The First National Bank Of Waynesboro, Miss
Conversion of The Merchants & Planters Bank of Waynesboro, Miss.
President, H. B. Graves. Cashier, G. G. Woodward.
Jan. 4 1930—
The American National Bank dc Trust Co. of Mobile, Ala._. 500,000
Conversion of The American Trust Co., Mobilo, Ala.
President, Prank F. Folmar. Cashier, A. E. Vautrot.
JAN. 11 1930.]
FINANCIAL CHRONICLE
CHANGES OF TITLES.
By R. L. Day & Co., Boston:
Dec. 31 1929—
The National Bank of Boyertown, Pa., to "The National
Bank & Trust Co. of Boyertown."
Jan. 2 1930—
-Stamford National Bank, Stamford, Conn., to
The First
-Stamford National Bank & Trust Co."
"The First
The Northeast National Bank of Holmesbury in Philadelphia,
Pa.,to"The Northeast National Bank & Trust Co.in Phila."
VOLUNTARY LIQUIDATIONS.
Dec. 30 1929—
Pipestone National Bank, Pipostone, Minn
Effective Dec. 20 1929. Liq. Agents, A. C. Walker and A.
Roger, Pipestone, Minn. Succeeded by "The Pipestone
National Bank," Pipestone, Minn., No. 13399.
Dec. 31 1929—
The Farmers National Bank of Pleasant Hill, Mo
Effective Dec. 27 1929. Liq. Agent, Robt. A. Wilson,
Pleasant Hill, Mo. Absorbed by Pleasant Hill Banking
Co.,
Pleasant Hill, Mo.
Jan. 2 1930—
The National Bank of Ogdensburg, N. Y
Effective Dec. 31 1929. Lich Agent, Arthur S. O'Neil,
Ogdensburg, NA Y. Absorbed by Ogdensburg Trust Co.,
Ogdensburg, N. Y.
The Textile National Bank of Philadelphia, Pa
Effective Jan. 1 1930. Lich Committee: James J. Diamond,
Chas. E. Firth and Edw. '1'. Flood, Philadelphia, Pa. Absorbed by Industrial Trust Co. of Philadelphia, Pa.
Jan. 3 1930—
The First National Bank of Glouster, Ohio
Effective Jan. 2 1930. Liq. Committee: Board of directors
of the liquidating bank. Absorbed by The Glouster State
Bank, Glouster, Ohio.
The First National Bank of Strawberry Point, Iowa
Effective Dec. 23 1929. Liq. Agent, J. J. Matthews, Strawberry Point,
_Iowa. Succeeded by Union Bank & Tr st Co.,
Strawberry Point, Iowa.
The First National Bank of Gardena, Calif
Effective Nov. 16 1929. Liq. Agents: A. Cost J. J. Bruckshaw and W. S. Rosecrans, care of the liquidating bank.
Absorbed by Bank of America of Calif., Los Angeles, Calif.
Jan. 4 1930—
The National Bank of Sumter, So. Caro
Effective Dec. 30 1929. Liq. Agent, W.J. Crowson, Sumter,
So, Caro. Absorbed by Peoples State Bank of South Caroline, Columbia, So. Cam.
50,000
35,000
300,000
500,000
25,000
50
.000
200.000
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 Wedne§iday of this week:
By Adrian H. Muller & Son, New York:
Shares. Stocks.
$ per Sh. Shares. Stocks.
%Per
192 Burroughs Bldg. Material Co 11634 5 Rockland & Rockport Lime Corp., Sh.
25 American Union Bank
110
1st pref.; 1 corn
$120 lot
By Barnes & Lofland, Philadelphia:
Shares. Stocks.
$ per Sh.
2 Athol Industrial Corp., par $40;
10 Boston Aurora Zinc Co., corn.,
par 525; 2 Central Utility Secur.
Corp.. corn; 66 Chapman Double
Ball Bearing Co., par 55; 1000
Crescent Mines Co., par 510; 1000
Frisco Tunnel Co., par $1; 1000
Indian Hill Hydraulic Mines,
Co., par 51; 10 Lockwood-Greene
& Co., Inc.. pref.; 20 New England Minerals Co.; 20 RobbMontbray Mines. Ltd.. Par $1;
300 St. Joseph Gold Mining &
Milling Co., par 51; 199 Salida
Copper Co., par El; 20 U. S.
Metal Products Corp. 7% cum.
pref.; 40 Utah Coiasol. Mining
Co.. par 55
$20 lot
10 Boston Nat. Bank
125
25 Atlantic Nat. Bank, par 525.... 9954
20 Federal Nat. Bank, par 820.102-10354
50 First Nat. Bank, par $20
12634
2 Merchants Nat.Bank
495
59 Berkshire Fine Spinning Assoelates, pref
75
10 Lancaster Mills, pref
734
15 Appleton Co., corn., par $20. _ _ 7
5 Springfield Ry.Co., pref
7434
10 Florence Stove Co
40
Shares. Stocks.
3 per St
125 Beacon Partie., Inc., pref. A.-- 134
6 units First Peoples Trust
18
10 Robert Gail. Co. A
9
50 13ostonMerald-Traveler Corp.__ 28
10 Rhode Island Ins. Co., par $10
3234
50 Boston Woven Hose & Rubber
Co., corn
88-90
20 Flintkote Co.A
2434
120 New England Southern Corp..
corn
52110
50 Heywood Wakefield Co., 1st
Prof
40.4
30 Nashua Gummed & Coated Pa
per Co.,corn
28
1000 Betty O'Neil Mines, par 85;
170 Bukidnon Associates
$110101
10 Boston Metropolitan Bldg., Inc.,
Prof
71
Bonds—
Per Cent.
$25,000 West Palm Beach 55, July
1929 coupon,Jan.'29& sub.on $10110
535,000 note of Aaron Smith to Bertha Salvin dated Sept. 8 1926.
secured by mtge. on the Premises
1999-2007 Washington St., and
5-9 Ball St., Roxbury, Mass..
subject to assignment to Charlestown 5 Cent Savings Bank to
secure the payment of 530,000_5100 lot
By Wise, Hobbs & Arnold, Boston:
25,000
CONSOLIDATIONS.
Dec. 31 1929—
The First National Bank of Aurora. Ill
100,000
The American National Bank of Aurora, Ill
Consolidated today under the Act of Nov. 7 1918, under 200,000
charter and title of "The First National Bank of Aurora,"
No. 38, with capital stock of $300,000.
The Pejepscot National Bank of Brunswick, Me
50,000
The Union National Bank of Brunswick, Me
Consolidated today under the Act of Nov. 7 1918, under 50.000
charter of The Pejepscot National Bank of Brunswick,
No. 1315, and under corporate title of "Brunswick National
Bank," with capital stock of $100,000.
The First National Bank of Baraboo, Wise
100,000
Farmers & Merchants Bank, Baraboo, Wise
Consolidated today under the Act of Nov. 7 1918, as amend- 50.000
ed Feb. 25 1927, under charter of The First National Bank
of Baraboo, No. 3609, and under corporate title of "First
National Bank & Trust Co. of Baraboo," with capital
stock of $150,000.
The American Exchange National Bank of Dallas, Tex
5,000.000
The City National Bank of Dallas, Tex
3,000.000
Consolidated today under the Act of Nov. 7 1928, under
charter of The American Exchange National Bank of
Dallas, No. 3623, and under the corporate title of "First
National Bank in Dallas," with capital stock of $8,000,000.
The Citizens National Bank of Chickasha, Okla
100,000
The Farmers National Bank of Chickasha, Okla
Consolidated today under the Act of Nov. 7 1918, under 100.000
charter of The Citizens National Bank of Chickasha. No.
5547, and under corporate title of "The Citizens
-Farmers
Nat'l Bank of Chickasha," with capital stock of $200,000.
Jan. 2 1930—
The Citizens National Bank of Princeton, Ill
100,000
The First National Bank of Princeton, Ill
Consolidated today under the Act of Nov. 7 1918, under 105.000
charter of The Citizens National Bank of Princeton. No.
2413, and under title of "Citizens First National Bank of
Princeton," with capital of $150,000.
The First National Bank of Vicksburg, Miss
The Nat'l City Savings Bank & Trust Co. of Vicksburg,Miss.. 300,000
Consolidated today under the Act of Nov. 7 1918, under 100,000
charter of The _Ara National Bank of Vicksburg, No.
3258, and under corporate title of "The First National
Bank & Trust Co. of Vicksburg," with capital stock of
$500,000.
The American-First National Bank in Oklahoma City, Okla_ _3,500,000
The Security National Bank of Oklahoma City, Okla
1,000,000
Consolidated today under the Act of Nov. 7 1918, under
charter of The American-First National Bank in Oklahoma
City, No. 4862, and under corporate title of "The First
National Bank & Trust Co. of Oklahoma City," with
capital stock of' $5,000.000.
The First National Bank of Stanwood, Wash
25,000
The Stanwood National Bank, Stanwood, Wash
Consolidated today under the Act of Nov. 7 1918, under 50.000
charter and corporate title of "The First National Bank of
Stanwood," No. 11935, with capital stock of $75,000.
The Public National Bank & Trust Co. of Houston, Tex-..-500,000
The Guaranty National Bank of Houston, Tex
Consolidated today under the Act of Nov. 7 1918, under 300,000
charter of The Public National Bank & Trust Co. of
Houston, No. 12055. and under the corporate title of
"The Public National Bank & Trust Co. of Houston,
with capital stock of $800,000.
Shares, Stocks.
8 Per S7,.
10 Delaware Co. Nat. Bk.. par $10. 50
20 Delaware Co. Nat. Bk., par $10. 4534
15 Security Title & Tr., par 350.... 60
10 Phila. Nat. Ins. Co., par $10_
203
1 Penna. Academy of the Fine Arts_ 1234
61 Colonial Trust Co., par $50
215
50 Conti al Nat. Bank, par $10
68
25 First Nat. Bk., Chester, Pa
315
5 Citizens Nat. Ilk Menkintown,Pa_100
2 Bk.of Phila.& Tr. Co., par $10_ - 30
15 Bk.of Phil& & Tr. Co., par 510_ - 3034
10 City Nat. Bk.& Tr. Co
175
182 Corn. Nat. Bk. & Tr. Co.,
par $10
34
48 Union Bank & Trust Co
2
10 Woodland Bk.& Tr. Co., par $50 80
247
Shares. Stocks.
3 Per Sh,
5 Broad Street Trust Co., par 850._ 55
1 Germantown Trust Co., Par $10.- 594
375 Bankers Tr. Co., par 550
7134
100 Franklin Trust Co., Par $10
59
50 Southwark Title & Tr. Co.,
par $10
25
10 Southwark Title & Tr. Co.par$10 2334
10 Broadway Merch. Tr. Co.,
Camden, N.J., par $20
60
49 Chciten Ave. Bldg. Corp___5250 lot
187 Bankers Secur. Corp., corn,
voting trust certificates
65
1-- Mine Hill de Schuylkill Haven
100 RR., par $50
54H
10 units Equitable Invest. Corp.__ 20
Shares. Stocks.
IS per Sh.
15 Medford Trust Co., Medford,
Par 520
80
5 Medford Trust Co., Medford.
par $20
90
25 Arlington Mills
2134
4 Berkshire Fine Spinning Associates. 7% preferred
75
54 Associated Textile Co
36
16 Great Falls Mfg. Co
75e.
36 Associated Textile Co
3634
40 Naumkeag Steam Cotton Co__88H-88
45 Associated Textile Co
36
5 New England Public Service Co..
$8 cum. prof. ex-D
84
100 Boston Herald-Traveler Corp
27
17 Post Office Square Co., pref..... 2
17 Bay State Fishing Co., corn....1l5
100 Royal Tiger Mines Co. par lc
3
27 Old Colony Trust Associates__ -- 4354
Shares. Stocks.
t Per Sh,
21 Malden & Melrose Gas Light
Co.. par $25
43
30 Home National Bank,Brockton_240
50 Walter M. Lowney Co., corn... 1
25 ?Massachusetts Utilities Associates, cony. prof
36-33 ex-div.
150 New Hampshire Fire Ins. Co.,
par $10
6834-68
42 Plymouth Cordage Co.
.90-85 ex-div.
70 New England P. S. Co.. corn-- 2834
215 National Se? vice Co's, pref.35-25-24
15 Graton AC Knight Co., tom
8
10 Graton & Knight Co., pref
62
45 Bangor Hydr-Electric Co.,corn.,
par $25
41
1 Boston Athenaeum, par $300 _ _700
1,000 Improved Property Holding
Co., corn.: 8,000 Orange County
Co., common
510,450 lot
By A. J. Wright & Co., Buffalo:
Shares. Stocks.
$ per Sh. Shares. Stocks.
$ per Sh.
20 Public Reserve Financial, Inc.,
100 Boston & Montana Developm't
class A, par $50
50e. lot
Co., Boston, Ws.. par $5
50c. lot
3,000 Creighton Fairbanks Mines,
Ltd., par $1
$1 lot
Bonds.
Per Cent.
200 Tonopah Midway Consol. Min$30.000 Avon Park Florida 6% bds.
ing Co., par $1
50c. lot
due 1936, coupons due Nov. 1
1,000 Area Mines, par, 51
Sc. lot
1929, attached
$3,503 lot
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the
current week. Then we follow with a second table, in
which we show the dividends previously announced, but
which have not yet been paid.
The dividends announced this week are:
Name of Company.
Per
When
Cent. Payable.
Books Mond,
Days Intimate.
Railroads (Steam).
Allegheny Corp., pref. A (guar.)
154 Feb. 1 Holders Of rec. Jan. 15a
Atchison Topeka & Banta Fe, corn.(qu.) *214 Mar. 1 *Holders of rec. Jan. 31
Long Island
•
53 Jan. 20 *Holders of rec. Jan. 13
Wabash Ry., preferred A (guar.)
154 Feb. 25 Holders of rec. Jan. 25
Preferred B (for year 1929)
Feb. 6 Holders of rec. Jan. 21
5
Preferred B (for year 1928)
5
Feb. 6 Hold. of rec. Dec. 31'28
Western N.Y.dc Pennsylvania Ry., corn •$2 Jan. 31 *Holders of rec. Jan. 30
Preferred
'2.50 Jan. 31 *Holders of see. Jan. 30
Public Utilities.
Allied Pow.& Light, 55 1st pref.(qu.)-- •$1.25 Feb. 15 Holders of rec. Feb. 1
$3 Preference (guar.)
750 Feb. 15 Holders of rec. Feb. 1
American Light & Traction,corn.(qu.).._
234 Feb. 1 Holders of me. Jan. 170
Preferred (quar.)
134 Feb. 1 Holders of roe. Jan. 170
American Natural Gas Corp.. prof.(qu.) $1.75 Feb. 1 Holders of rec. Jan. 20
Amer. Water Works & Elec.. corn.(qu).
25e Feb. 15 Holders of rec. Jan. 24
Common (140th share common)
(f) Feb. 15 Holders of rec. Jan. 24
Central Hudson Gas & Electric, common *50e Feb. 1 *Holders of rec. Dec. 31
Central Public Service, pref.(guar.)._ *154 Feb. 2 *Holders of me. Jan. 15
Colurfibla Gas & Electric, corn.(quar.)
50e Feb. 15 Holders of rec. Jan. 20
6% preferred, series A (quar.)
134 Feb. 15 Holders of rec. Jan. 20
5% prefetred, series A (guar.)
14 Feb. 15 Holders of roe. Jan. 20
Commonwealth dr Sou. Corp. corn.(qu.)
15e. Mar. 1 Holders of roe. Feb. 10
Eastern States Power. cl. B (No. 1)
*250. Feb. 1 *Holders of rec. Jan. 15
$7 preferred (anal'.)
*51.75 Feb. 1 *Holders of rec. Jan. 15
$6 preferred (quar.)
*51.50 Feb. 1 *Holders of rec. Jan. 15
Empire Gas & Fue16% Prof.(mthly.)
*50c. Feb. 1 *Holders of rec. Jan. 15
654% preferred (monthly)
* 54 1-8c Feb. 1 *Holders of rec. Jan. 15
7% Preferred (monthly)
•66 2-3e Feb. 1 *Holders of rec. Jan. 15
8% preferred (monthly)
•66 2-3c Feb. 1 Holders of rec. Jan. -15
Grand Rapids RR.pref.(guar.)
134 Feb. 1 Holders of roe. Jan. 15
Hartford Electric Light (guar.)
•13834e Feb. 1 *Holders of rec. Jan. 20
Interstate Fuel& Light, 1st pref.(qu.)
134 Jan. 15 Holders of rec. Dec. 31
Lone Star Gas, $6.50 Pf.(qu.)(No. 1) *51.63 Feb. I *Holders of rec. Jan. 20
Mohawk & Hudson Power, pref.(guar.) *31.75 Feb. 1 *Holders of roe. Jan. 20
Second preferred (guar.)
*31.75 Apr. 1 *Holders of rec. Mar. 20
Municipal Service Co. pref.(quar.)
134 Feb. 1 Holders of roe. Jan. 15
New York dr Richmond Gas—Dividend o mitted .
North Boston L.
Properties corn. (qtr.) *El
Jan. 15 *Holders of rec. Jan.
Preferred (guar.)
*750. Jan. 15 *Holders of rec. Jan. 4
Pacific Lighting common (quar.)
•750. Feb. 15 *Holders of rec. Jan. 31
$5 preferred (quar.)
•51.25 Feb. 15 *Holders of rec. Jan. 31
Standard Power & Light—
One sh. Stand. Gas & El. corn. foil
each 22 shs. Stand. Pow.& Lt.corn?
Feb. 1 Holders of rec. Jan. 7
Texas Power & Light, 7% pref. (quar.)_ •154 Feb. 1 *Holders of rec. Jan. 15
6% preferred (quar.)
•134 Feb. 1 *Holders of rec. Jan. 15
Western Pow. Lt. &Teleg., Cl. A (qu.)_ •50e. Feb. 1 *Holders of rec. Jan. 15
West Penn Electric
Co., 7% pref.(au.). 134 Feb. 15 Holders of rec. Jan. 20
134 Feb. 15 Holders of rec. Jan. 20
6% Preferred (guar.)
Fire Insurance.
National Liberty (quar.)
Extra
•25e. Jan. 15 *Holders of rec. Jan. 8
*50e. Jan. 15 *Holders of roe. Jan. 8
Miscellaneous.
Adams-Millis Corp. common (quar.)
500. Feb. 1 Holders of rec. Jan.
First and second preferred (quar.)_ _ _
134 Feb. 1 Holders of rec. Jan.
Altorfer Bros. Co. prof. (quar.)
•75e. Feb. 1 *Holders of rec. Jan.
American Brick pref. (quar.)
*50c. Feb. 1 *Holders of roe. Jan.
American Chain common (quar.)
750. Jan. 20 Holders of rec. Jan.
American Glue pref. (guar.)
*2
Feb. I *Holders of roe. Jan.
Amer., London dr Empire Corp.—Prof.d iv. omi lied.
20
20
15
23
13
18
248
Name of Company.
[Vol.. 130.
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Name of Company.
When
Per
Cent. Payable.
Books Closed
Days Incluinse.
...Miscellaneous (Continued).
Miscellaneous (Continued).
*2
Jan. 2 *Holders of rec. Dec. 31
.81 Feb. 1 *Holders of rec. Jan. 17 Moe3lerldaes Co. pref. A (quar.)
Amer. Smelt. & Refg. corn.(guar.)
1%c Feb. 10 Holden' of rec. Jan. 31
Monarch Royalty Corp.. pref. (mthly.)_
Mar. 1 *Holders of rec. Jan. 31
(quar.)
Preferred
rec.
*Ix Apr. 2 *Holders of rec. Mar. 5 Moore Drop Forging,class A (quar.)___ $1.50 Feb. 1 Holders of rec. Jan. 15
American Sugar Refg., corn.(quar.)_
Jan. 16
$1.50 Feb. 1 Holders of
Nash Motors Co., corn. (qua?.)
Apr. 2 *Holders of rec. Mar. 5
Preferred (quar.)
75c. Mar. 1 Holders of rec. Feb. 15
National Bearing Metals,com.(qu.) _ _
Holders of rec. Jan. 16
750. Jan. 22
Amsterdam Trading Co.. Amer. she_ _
Preferred (quar.)
13.4 Feb. 1 Holders of rec. Jan. 16
Anglo-Persian Oil, Ltd.
*65c. Jan. 2 *Holders of rec. Dec. 17
National Battery Co., St. Paul(quar.)
Feb. 6 *Holders of rec. Jan. 6
*w4
Amer. dep. rots. for 1st pref
*35c. Jan. 2 *Holders of rec. Dec. 17
Extra
*w4% Feb. 6 *Holders of rec. Jan. 6
Amer. dep. rots. for 26 preferred
*1% Feb. 1 *Holders of rec. Jan. 15
Nat. Dept. Stores, 1st pref.(qua?.)
25c. Jan. 31 *Holders of rec. Jan. 16
•
Arizona Commercial Mining
*I% Mar. 1 *Holders of rec. Feb. 15
Second preferred (quar.)
pf. (qu.)_ $1.50 Feb. 1 Holders of rec. Jan. 20
Associated Security Investors,
50c. Feb. 1 Holders of rec. Jan. 200
Nat. Distillers Products Corp.,corn.(qu)
134 Jan. 15 Holders of rec. Jan. 15
Atlantic Macaroni, Inc.(quar.)
*50c. Mar. 31 *Holders of rec. Feb. 28
1% Feb. 1 Holders of reo. Jan. 20a Nat. Enameling & Stpg. (quar.)
Atlas Powder, preferred (guar.)
12 pic Jan. 20 Holders of roe. Jan. 3
Nat'l Short Term Secura. corn. A (qu.)
*75c. Mar. 29 *Holders of rec. Mar. 15
Balaban & Katz, corn. (guar.)
Jan. 20 Holders of rec. Jan. 3
Common A (in corn. A stock)
•1% Mar. 29 *Holders of rec. Mar. 15
fl
Preferred (qua?.)
134 Jan. 20 Holders of rec. Jan. 3
Preferred (guar.)
Bankinstocks Holding Corp., common- no act' on take n.
.43iic Feb. 1 *Holders of rec. Jan. 20
National Terminals, pref. (quar.)
*50 c.Feb.7 *Holders of rec. Jan. 15
Barnsdall Corp., cl. A & B. (quar.)
*25c. Feb. 1 *Holders of rec. Jan. 20
Participating pref.(quar.)
•$1.50 Feb. 1 *Holders of roe. Jan. 18
Bigelow-Hartford Carpet, corn.(qu.)
:134 Feb. 1 *Holders of rec. Jan. 18
1% Feb. 1 Holders of rec. Jan. 15
Neftner Brothers, Inc., pref. (quar.)___
Preferred (quar.)
50c. Feb. 1 Holders of rec. Jan. 20
New York Merchandise, corn. (quar.)..
25o. Feb. 1 *Holders of rec. Jan. 15
•
Birtman Electric Co., cora.(quar.)
1% Feb. 1 Holders of rec. Jan. 20
Preferred (guar.)
*$1.75 Feb. 1 *Holders of rec. Jan. 15
Preferred (qua?.)
*50c. Dec. 31 *Holders of roc. Dec. 23
North & Judd Mfg
Bloomingdale Bros.,Inc., pref.(quar.)_ '134 Feb. 1 *Holders of rec. Jan. 20
Northwest Engineering, corn. (quar.)_ _ _ *50o. Feb. 1 *Holders of rec. Jan. 15
•75c. Mar. 1 *Holders of rec. Feb. 15
Borden Company (guar.)
Oppenheim, Collins&Co., Inc., com.rqu) $1.25 Feb. 15 Holders of rec. Jan. 31
2% Feb. 15 Holders of rec. Jan. 31
BON Manufacturing, 00M. (guar.)
Orange Crush, Ltd.. pref. B-dividend o mated
1% Feb. 15 Holders of rec. Jan. 31
Preferred (qua?.)
*80c. Feb. 1 *Holders of rec. Jan. 20
Pacific Clay Products (quer.)
50c. Feb. 1 Holders of rec. Jan. 10
Brading Breweries, Ltd., corn. (quar.).
*20c. Feb. 1 *Holders of rec. Jan. 15
Pacific Finance Corp. pref. A (quar.)
Brockway Motor Truck,com.-dividend omitte d.
•16%c Feb. 1 *Holders of rec. Jan. 15
Preferred C (quar.)
1% Feb. 1 Holders of rec. Jan. 20
Brown Shoe, pref. (qua?.)
*17%c Feb. 1 *Holders of rec. Jan. 15
Preferred D (guar.)
Mining & ConBunker Hill & Sullivan
31%c. Jan. 15 Holders of rec. Jan. 5
•250 Jan. 6 *Holders of rec. Dec. 26
Packer Corporation (guar.)
centrating Co. (monthly)
*50c Jan. 6 *Holders of rec. Dec. 26
Parke Austin & Gipscombe, part. pr.(qu) *50c. Jan. 15 *Holders of rec. Jan. 2
Extra
Mar. 15 *Holders of rec. Feb. 28
Co., pref.-dividend omit ted
Parker Young
California Packing corn. (quar.)
'7
Peabody Engineering
Canadian Paperboard, pref.-dividend o milted
$2.50 Jan. 30 Holders of rec. Jan. 20
Penney (J. C.) Co. corn
Capital Management Corp.(quar.)- - - - *25o Feb. 1 *Holders of rec. Jan. 25
Corp., pf. (qu.) 1% Jan. 15 Holders of rec. Jan. 10
of roe. Jan. 25
'
*25c Feb. 1 *Holders
Pennsylvania First Nat.
Extra
th Feb. 1 Holders of rec. Jan. 25
*75c Feb. 1 *Holders of me. Jan. 20
Petroleum Royalties, pref.(monthly)
Castle (A. M.)& Co.(qua?.)
%c Feb. 1 Holders of rec. Jan. 25
*25c Feb. 1 *Holders of rec. Jan. 20
Preferred (estra)
Extra
*200. Jan. 25 *Holders of rec. Jan. 15
*373th Feb. 1 *Holders of rec. Jan. 20
Pickwick Corp.. corn. (quar.)
Central Illinois Scour. (qu.)(NO. 1)
•1710 Feb. 25 *Holders of rec. Feb. 15
7% preferred (qua?.)
Special(for period Oct.21 to Nov.1 '29 )* 4hsc .Feb. 1 *Holders of rec. Jan. 20
.200. Mar. 25 *Holders of too. Mar. 15
15c Feb. 15 Holders of rec. Feb. 5
8% preferred (guar.)
Centrifugal Pipe Corp.(rman)
Jan. 25 Holders of rec. Dec. 31
$2
15c May 15 Holders of rec. May 5
Polygraph Co. of Am. pref.(quar.)
Quarterly
15c Aug. 15 Holders of rec. Aug. 5
Power & Light Securities Trust
Quarterly
el% Feb. 1 Holders of rec. Jan. 15
15c Nov. 15 Holders of rec. Nov. 5
Shares of beneficial int. (in stock)___
Quarterly
25c. Feb. 1 Holders of rec. Jan. 15
*1% Mar. 1 *Holders of rec. Feb. 20
Prairie Cities Oil, Ltd., class A (quar.)
Century Ribbon Mills, pref.(quar.)-*1234c Feb. 1 *Holders of rec. Jan. 21
$1.50 Feb. 1 Holders of rec. Jan. 16
Process Corp.(qua?.)
Cerro de Pasco Copper (qua?.)
*El Feb. 15 *Holders of rec. Jan. 24
•1% Feb. 1 *Holders of rec. Jan. 16
Pullman,Inc.(guar.)
Chain & General Equfties pref.(quar.)
50c. Feb. 1 Holders of rec. Jan. 21
50c. Feb. 1 *Holders of rec. Jan. 20
.
Reed (C. A.) Co., class A (quar.)
Claggett Shares Corp.(No. 1)
Jan. 15 Holders of rec. Jan. 9
Reserve Investing Corp. corn. (special)_ $3
Cluett, Peabody & Co., common(Man) $1.25 Feb. 1 Holders of rec. Jan. 21
$1.75 Jan. 15 Holders of era. Jan. 9
*51.25 Feb. 1 *Holders of rec. Jan. 20
Preferred (quar.)
Columbian Carbon (quar.)
corn.& pf.(quar.) $1.50 Jan. 15 Holders of rec. Jan.
Feb. 1 *Holders of rec. Jan. 20
*25c.
Res. Resources Corp.,
Extra
15e. Mar. 1 *Holders of rec. Feb. 10
Ryerson (Joseph T.)& Sons, corn.(qu.)_ *50c. Feb. 1 *Holders of rec. Jan. 17
Com'wealth & Southern Corp.,com.(au.) •
Jan. 15 *Holders of rec. Jan. 7
*21
Sanford Mills
Consolidated Paper Box,class B.-Divid end pa seed.
Jan. 15 *Holders of rec. Jan. 7
*$1.
21
*
87%c Feb. 1 *Holders of rec. Jan.
Extra
Construction Materials (quar.)
$1.50 Feb. 1 Holders of roe. Jan. 15
82%c. Feb. 15 Holders of rec. Feb. la Savannah Sugar Reg.. coin.(quar.)_
Continental Can, common (guar.)
1% Feb. 1 Holders of rec. Jan. 15
Jan. 15 Holders of rec. Jan. 10
& cl. A (qu.)
25c.
Preferred (quar.)
Credit Alliance Corp., corn.
*1% Feb. 1 *Holders of rec. Jan. 18
*50c. Mar.31 *Holders of rec. Mar. 10
Scott Paper, pref. A (guar.)
Crowley, Milner & Co., corn. (quar.)_
4.1% Feb. 1 *Holders of rec. Jan. 18
*33c. Feb. 1 *Holders of rec. Jan. 15
Preferred B (quar.)
Curtis Lighting, common (quar.)
*97c. Jan. 28 *Holders of recs. Jan. 15
Jan. 20
*50c. Feb. 1 *Holders of rec.
Shell Transport & Trading, Amer.slis De Mets, Inc., pref.(quar.)
*75c. Feb. 1 *Holders of rec. Jan. 15
Feb. 1 Holders of rec. Jan. 20
2
Simmons Co.(guar.)
Dennison Mfg.. deb. stock (guar.)
,
41M Feb. 1 *Holders of rec. Jan. 15
1% Feb. 1 Holders of rec. Jan. 20
Stock dividend
Preferred (quar.)
•50c. Mar. 15 *Holders of rec. Feb. 14
Skelly 011 kquar.)
*75c. Mar. 1 *Holders of rec. Feb. 14
Dictaphone Corp., common (quar.)
•750. Feb. 1 *Holders of rec. Jan. 15
Common (payable in common stock)_ "f10 Mar. 1 Holders of rec. Feb. 14
Spiegel May Stern, corn. Mien)
*I% Feb. 1 *Holders of rec. Jan. 15
Mar. 1 *Holders of rec. Feb. 14
*2
Preferred (quar.)
Preferred (quar.)
*50c. Feb. 1 *Holders of rec. Jan. 20
•250. Apr. 21 Holders of rec. Mar. 31
Storkline Furniture pref. (guar.)
Dome Mince, Ltd. (quar.)
75c. Feb. 1 Holders of rec. Jan. 20
25e. Feb. 1 Holders of rec. Jan. 15
Sun Invest. Co., Inc. $3 pref.(guar.)._
Electric Power Associates, com. & Cl. A_
*750. Feb. 1 *Holders of rec. Jan. 21
Feb. 1 Holders of rec. Jan. 15
1
Super Maid Corp.. corn. Mum.)
Eureka Pipe Line (quar.)
•21 Feb. 1 Holders of rec. Jan. 20
Tacony-Palmyra F'y pf.(au.)(No.1) '$ 1.8734 Feb. 1 *Holders of rec. Jan. 10
Eureka Vacuum Cleaner (qual.)
50c. Feb. 1 *Holders of rec. Jan. 20
7)40. Jan. 31 Holders of rec. Jan. 16
Thermold Co., corn.(qua?.)
Exchange Buffet Corp. (quar.)
1% Feb. 1 *Holders of rec. Jan. 20
*12c. Jan. 15 Holders of rec. Jan. 13
Fancy Aviation Amer.shares
Preferred (qua?.)
..134 Feb. 15 *Holders of rec. Jan. 17
(qua?.)
Rubber (guar.)
6234e. Apr. 1 Holders of rec. Mar. 14
Tide Water 011,.5% Pref.
Faultless
_ *76.8c Jan. 31 *Holders of rec. Jan. 16
*62%c Feb. 1 Holders of rec. Jan. 15
Federal Knitting Mills corn. (quar.)_
Tobacco Products Co., A certificates
prof.(411.)- 1% Jan. 31 Holders of rec. Jan. 15
1
.12Sio Feb. 1 Holders of rec. Jan. 15
Common (extra)
'Fri-National Trading
75c. Feb. 1 Holders of rec. Jan. 15
(qua?.)
com.-Dividend omItt d.
prof.
TM-Utilities Corp.. $3Corp..
Franklin (H. H.) Mfg.,
• fi Feb. 1 *Holders of rec. Jan. 20
*500. Feb. 10 *Holders of rec. Jan. 17
Union 011 Associates (qua?.)
Preferred (qual.)
*50c. Feb. 10 *Holders of rec. Jan. 17
(Robert) Co.class A-DiviromItted.
Calif.(qua?.)
Gat
Union 011 of
'el Feb. 10 *Holders of rec. Jan. 17
Mar. 1 *Holders of rec. Jan. 22
*21
General Cable class A (quar.)
Stock dividend
75c. Feb. 1 Holders of rec. Jan. 15
*21.75 Feb. 1 *Holders of rec. Jan. 22
U.S. & British Internat. Co.$3 pf.(qu.)
Preferred (quar.)
50c. Jan. 1 Holders of rec. Dec. 31
Feb. 1 Holders of rec. Jan. 17
(quar.)
51
U.S. Lines prof
General Cigar, common
$1.25 Mar. 15 Holders of rec. Feb. 14
*1% Mar. 1 *Holders of rec. Feb. 21
Preferred (guar.)
U. S. Realty & Impt.(qua?.)
1% Feb. 1 Holders of rec. Jan. 150
•50o Feb. 1 *Holders of rec. Jan. 20
General Parts Corp. pref. (Guar.)
Universal Pipe & Radiator pref. (quar.)_
•400. Jan. 15 *Holders of rec. Jan. 2
•$1.25 Mar. 1 *Holders of rec. Feb. 1
Upson Company, class A (qua?.)
Gillette Safety Razor (qua?.)
*100. Jan. 15 *Holders of rec. Jan. 2
30c Jan. 31 *Holders of rec. Jan. 15
•
Gilmore Oil (quar.)
Class A (extra)
*Mk. Jan. 15 *Holders of rec. Jan. 2
Goodyear Tire & Rubber common (qu.). *21.25 Feb. 1 *Holders of rec. Dee. 31
Class B (qua?.)
•100. Jan. 15 *Holders of rec. Jan. 2
Great Britain & Canada Invest. pref..- 2% Apr. 1 Holders of rec. Feb. 28
Class B (extra)
'623.4c Feb. 1 *Holders of rec. Jan. 17
*75c Feb. 1 *Holders of rec. Jan. 15
Hachmeister-Lind Co. pref.(guar.)
Vick Chemical (guar.)
*43340 Feb. 1 *Holders of rec. Jan. 15
Haiku Pineapple pref. (quar.)
Virginia Bona & Mtge. pref.-Dividend omitte d.
•823.40 Feb. 1 *Holders of rec. Jan. 15
*435(e Feb. 1 *Holders of rec. Jan. 15
Hawaiian Pineapple pref.(quar.)
Warchel Corp. pref. (qilan)
*25c Jan. 25 *Holders of rec. Jan. 15
Chocolate corn. (qu.)(No. 1) •51.25 Feb. 15 *Holders of rec. Jan. 25
Hershey
Wellington Oil (extra)
•150. Feb. 1 *Holders of ere. Jan. 15
Fob. 15 *Holders of rec. Jan. 25
*al
Convertible preference (guar.)
Western Air Express (qua?.)
Feb. 1 Holders of rec. Jan. 200
$1
Feb. 15 *Holders of rec. Jan. 25
Convertible preference (extra)
Wil-Low Cafeterias. Inc., pref. (qu.)_
*600. Mar. 1 *Holders of roe. Feb. 10
*134 Feb. 15 *Holders of rec. Jan. 25
Prior preferred (qua?.)
Woolworth (F. W.) Co. corn. (quar.)
Sc.
Hollinger Consol. Gold Mines(mthly.) ' Jan. 28 *Holders of roc. Jan. 14
Zenith Radio rorp.-DIv. omitted.
*50c. Jan. 25 *Holders of rec. Jan. 20
Homestake Mining (monthly)
Jan. 25 *Holders of rec. Jan. 20
*21
Below we give the dividends announced in previous weeks
Extra
750. Feb. 10 Holders of rec. Jan. 25
Godman(H.C.) Co.(guar.)
and not yet paid. This list does not include dividends anCo.(qua?.)
•300. Feb. 1 *Holders of rec. Jan. 20
Goldsmith's(P.) Sons
114 Mar. 1 Holders of rec. Feb. 10
•
nounced this week, these being given in the preceding table.
Hamilton Watch pref. (qua?.)
250. Feb. 15 Holders of rec. Jan. 31
•
Hammermill Paper common (quar.)
Horni Signal Co. class A & AA-Divs.o mitred
When
Books Closed,
Per
Jan. 15 Holders of rec. Jan.
$3
Hutchins Investing Corp. common
Days Inclusive.
Cent. Payable,
Name of Company.
$1.75 Jan. 15 Holders of rec. Jan.
Preferred (quar.)
Internat. Paper & Power corn. A (qu.)_ _ *600. Feb. 15 Holders of rec. Feb. 1
Railroads (Steam).
060e. Feb. 15 Holders of rec. Feb. 1
.
Internat. Paper common (guar.)
Feb. 13 Holders of rot. Jan. 10
$2
Alabama Great Southern, Prof
50c. Feb. 1 Holders of rec. Jan. 15
Internat. Shoe pref.(monthly)
$1.50 Feb. 13 Holders of rec. Jan. 10
Preferred (extra)
500. Feb. 15 Holders of rec. Jan. 31
Intertype Corp. common (quar.)
2% Feb. 1 Holders of rec. Dec. 270
Atch. Topeka & Santa Fe preferred
*50c. Feb. 1 Holders of roe. Jan. 15
Mills (quar.)
Jantzen Knitting
13.4 Mar. 1 Holders of rec. Jan. 180
Baltimore & Ohio, com.(qua?.)
-Div. omitted.
Kleiber Motor Co.
1
Mar. 1 Holders of reo. Jan. 180
Preferred (quar.)
-Dividend omitted.
Keyes Fibre, Inc.
13.4 Feb. 1 Holders of rec. Dec. 270
Canada Southern
*25c. Feb. 1 *Holders of rec. Jan. 20
Kress(S. H.)& Co.common (quar.)---Jan. 15 Holders of rec. Dec. 31a
2
(extra)
Central RR. of New Jersey
'Me. Feb. 1 *Holders of rec. Jan. 20
Special preferred (qua?.)
Jan .20 *Holders of rec. Jan. 13
*5
Cincinnati Northern
25c. Jan. 30 *Holders of rec. Jan. 15
•
Lakey Foundry & Mach.(quar.)
Jan. 20 Holders of rec. Dec. 270
Cleve. Cin. Chic.& St L., com.(guar.). 2
'13.4 Feb. 1 *Holden of rec. Jan. 20
Lawbeck Corp. pref.(quar.)
1% Jan. 20 Holders of rec. Doe. 270
Preferred (qua?.)
400. Feb. 16 Holders of rec. Feb. 5
Realty Corp. corn.(qual.)
Letcourt
Feb. 1 Holders of rec. Jan. 150
5
rube RR.. pref. (quar.)
250. Feb. 15 Holders of rec. Feb.
Common (extra)
rec. Jan. 18
Delaware, Laclutwanna & West.(qua?.). $1.50 Jan.' 20 Holders of roe. Jan. 4a
Loew's Boston Theatres Co.(guar.).- •15c. Feb. 1 *Holders of rec. Feb. 1
Jan. 20 Holders of rec. Jan. 4a
$1
Extra
1.62% Feb. 15 Holders of
Loew's Inc. pref. (quar.)
Jan. 15 *Holders of rec. Jan. 8
*3
of rec. Jan. 18
Detroit River Tunnel
- *65c. Feb. 1 *Holders
Loose-Wiles Biscuit common (guar.).
.0234 Jan. 15 *Holders of rec. Jan. 2
(qual.)
Georgia RR.& Banking
Feb. 1 Holders of rec. Jan. 17
*2
Lord & Taylor 2d pref.(qual.)
234 Feb. 1 Holders of rec. Dee, 270
Great Northern, preferred
75c. Feb. 1 Holders of rec. Jan. 15
•
London Packing (qua?.)
23.4 Feb. 16 Holders of rec. Feb. la
,
Hudson & Manhattan 113.. pref
*300. Feb. 15 Holders of rec. Jan. 15
Dec. 31a
Los Angeles Investment (qusr.)
Kansas City Southern, coin.(quar.). 134 Feb. 1 Holders of roe. Dee. 31a
*50c. Feb. 15 *Holders of rec. Feb. 5
Lynch Glass Machine corn.(quar.)
Jan. 15 Holders of rev.
1
Preferred (quar.)
10 Holders of rec. Dec. 20
500. Jan.
Margay 011 Corp.(qua?.)
to Jan. 15
$1.13 Jan. 15 Doc. 14
& Coal
Little Schuylkill Nay., RR.
*lc. Jan. 25 Holders of me. Jan. 15
Mascot 011 (monthly)
334 Feb. 10 Holders of rec. Jan. 15a
Louisville & Nashville
*520. Jan. 20 Holders of rec. Jan. 8
Massachusetts Investors Trust (qua?.)
812.50 Feb. 1 Holders of roe. Jan. 15a
Mahoning Coal RR.,common (quar.)
Jan. 20 Holders of rec. Jan. 8
861
Stock dividend
Jan. 29 Holders of rec. Dec. 270
20
Michigan Central
*75c. Feb. 1 Holders of rec. Jan. 15
Maytag Co., pref. (qua?.)
880 Feb. 15 Holders of rec. Jan. 250
o Nash. Chatt.& St. L(stock dlv.)
*21.50 Feb. 1 Holders of roe. Jan. 15
First preferred (qua?.)
Feb. 1 Dee, 28 to Jan. 22
2
New York Central RR.(quar.)
McCord Radiator & Mfg., class B (qu.)_ *50c. Feb. 1 Holders of rec. Jan. 28
Feb. 19 Holders of rec. Jan. 31a
1
1r.)
Norfolk & Western. ad) prof. (r1w
•
13.4
' Feb. 1 *Holders of rec. Jan. 20
McCrory Stores Corp., pref.(a Elan)._ _
Jan. 15 Holders of me. Dec. 310
$2
18
Northern Central
500. Feb. 1 Holders of rec. Jan.
Melville Shoe, corn. (guar.)
1% Feb. I Holders of rec. Dec. 310
Northern Pacific (qua?.)
134 Feb. 1 Holders of rec. Jan. 18
First preferred tquar.)
Per, Marquette, prior of. & pf. (qua?.). 134 Feb. 1 Holders of rec. Jan. 3a
7%0 Feb. 1 Holders of rec. Jan. 18
Second preferred (quar.)
42.50 Feb. 1 Holders of rec. Dec. 27
Pittsburgh & Lake Erie, corn
1% Mar. 1 Holders of rec. Feb. 15
Mengel Co., preferred.(quar.)
134 Jan. 81 Holders of rec. Jan. 150
Pittsburgh & West Va..corn.
Merchants & Mfrs. Securs.,com. A (qu.) •3714c Jan. 1 *Holders of rec. Dec. 16
Feb. 13 Holders of rec. Jan. 16a
$1
Reading Company common (quar.)-•8
Mar. 1 *Holders of rec. Jan. 10
Merrimack Mfg. common (quar.)
- 134 Feb. 1 Holders of reo. Jan. 20
tit. Louis-San Francisco, pref.(guar.).
214 Mar. 1 *Holders of tee. Jan. 10
.
Preferred (qua?.)
134 May 1 Holders of rec. Apr. 120
Preferred (guar.)
*Holders of rec. Jan. 21
*$1.50 Feb. 1
Metropolitan Industries pref. (quar.)_
134 Aug. 1 Holders of rec. July la
Preferred (quar.)
31%c Jan. 15 Holders of rec. Jan. 3
Meyer-Blanke Co., corn. (quar.)
13.4 Nov. I Holders of rec. Oct. la
Preferred (qual.)
Feb. 15 Holders of rec. Feb. 11
$1
Miami Copper Co.(qua?.)
Feb. 1 Holders of roe. Jan. 20
2
Southern By.,corn.(quar.)
Michigan Steel Tube Prod., corn.(quar.) '373.4e Jan. 2 *Holders of rec. Dec. 241
13.4 Jan. 15 Holders of rec. Dec. 260
Preferred (quar.)
Mississippi Valley 13th. Invest.
Jan. 15 Holders of rec. Dec. 27
*6
Troy Union RR.(annual)
Holders of rec. Jan. 15
$1.50 Feb. 1
Prior lien stock (guar.)
JAN. 11 1930.]
Name of Company.
FINANCIAL CHRONICLE
Per
Whet:
Cent. Payable.
Books Closed
Days Dutusks.
Public Utilities.
Alabama Power, $5 pref.(guar.)
$1.25 Feb. 12 Holders of rec. Jan.
Amer. Cities Pow.& Lt. class A (guar.). (5) Feb. 1 Holders of rec. Jan. 15
4
Class B (guar.)
(b) Feb. 1 Holders of rec. Jan. 4
American Commonwealths Power
Corn. A dr B (pay. In class A stock)-.. e2)i Jan. 25 Holders of rec. Dec. 31
First and second pref.. ser. A (guar.)._ $1.75 Feb. 1 Holders of rec. Jan. 15
$6.50 first preferred ((lilar.)
$1.62 Feb. 1 Holders of rec. Jan. 15
$6 first preferred squar.) (No. 1)
$1.50 Feb. 1 Holders of rec. Jan. 15
Amer. Dist.Teleg.of N.3..com.(qn.)-Jan. 15 *Holders of rec. Dec. 14
Preferred (guar.)
•1,‘ Jan. 15 "Holders of rec. Dec. 14
Amer. Gas & Elec., pref.(guar.)
$1.50 Feb. 1 Holders of rec. Jan. 10
Amer. Telep. & Teleg. ((luar.)
254 Jan. 15 Holders of rec. Dec. 204
Associated Gas & Elec., el. A
(payable in cash or 2-125ths sh. A stk.) *404 Feb. 1 *Holders
of rec. Dec. 31
Associated Gas & Elec., class A (qu.)_ _ *350e Feb. 1 'Holders of roe. Jan. 10
Associated Telep. Utilities, corn.(qu.)
*154 Jan. 15 *Holders Of rec. Dec. 31
Bell Telephone of Canada (guar.)
2
Jan. 15 Holders of rec. Dec. 23
Bell Tel. of Pa., 654% pref. (guar.)
194 Jan. 15 Holders of rec. Dec. 206
Brazilian Tr., L. & Pow. ord.(guar.) _
50c Mar. 1 Holders of rec. Jan. 31
Ordinary (payable in ord. stock)......... 11
Mar. 1 Holders of rec. Jan. 31
Bridgeport Hydraulic Co.(guar.)
*400. Jan. 15 *Holders of rec. Dee. 31
British Columbia Power class A
500. Jan. 15 Holders of rec. Dec. 3
Bklyn.-Manhattan Tran.,com.(qu.)_ _ $1
Jan. 15 Holders of rec. Dee. 310
Preferred. tiF Its A (guar.)
51.50 Jan. 15 Holders of rec. Dec. 3Ia
Preferred, series A (guar.)
31.50 Apr. 15 Holders of rec. Apr. 16
Buff., Niagara & East. Pow.,1st Pf.(qu.) *31.25 Feb. 1 *Holders of rec. Jan. 15
California-Oregon Power, 7% Pl. Wu.). 199 Jan. 15 Holders
of rec. Dec. 31
6% preferred (guar.)
134 Jan. 15 Holders of rec. Dec 31
Canada Northern Power, cont.(guar.) .
150. Jan. 25 Holders of rec. Dec. 31
Preferred (guar.)
199 Jan. 15 Holders of rec. Dec.
Central Ill. Pub. Serv., $8 pref.(guar.). 31.50 Jan. 15 Holders of ree. Dec. 31
31
Chesapeake dr Potomac Teleph.. pt.(qu.)
199 Jan. 16 Holders of rec. Dec. 31
Chic. Rap. Transit, pref. A (monthly)... *65e. Feb. 1 *Holders of rec. Jan. 21
Priorpreferred, series A (monthly).
*650. Mar. 1 *Holders of rec. Feb. 18
Prior preferred, series B (monthly).
- *600. Feb. 1 *Holders of rec. Jan. 21
Prior preferred, series B (monthly)__
seoe. Mar. 1 *Holders of rec. Feb. 18
CitiesService Pow.& Lt.,$6 pf.(mthly.) "50e. Jan. 15 *Holders of rec. Dec. 31
•.58 1-3c Jan. 15'Holders of rec. Dec. 31
$7 preferred (monthly)
Cleveland Elec. Illuminating, prof.(qu.) 134 Mar. 1 Holders of rec. Feb. 14
Columbia G.& E.Corp.,corn.(In stk.)_ _ 125 Mar.81 Holders of rec. Feb. 28
Commonwealth Edison (guar.)
Feb. 1 *Holders of rec. Jan. 15
*2
Commonwealth Power common (quar.)_ $1
Feb. 1: Holders of rec. Jan. 200
Preferred (guar.)
139 Feb.
Holders of rec. Jan. 20
Community Water Service
Common (Payable in common stock)_ _ 3
Feb. 11 Holders of rec. Jan. 15
Consolidated Gas of N.Y.,com.(qua?.). El
Mar. 15, Holders of rec. Feb. 70
Preferred (guar.)
$1.25 Feb. 1 Holders of rec. Dec. 280
Consolidated Traction of N. J
Jan. 15 Holders of rec. Dec. 316
$2
Consumers Power. $5 pref. (guar.)
51.25 Apr. 1 Holders of rec. Mar. 15
6% Preferred (guar.)
134 Apr. 1 Holders of rec. Mar. 15
6 6 Preferred ((luar.)
.%
$1.65 Apr. 1 Holders of rec. Mar. 15
7% preferred (guar.)
199 Apr. 1 Holders of rec. Mar. 15
6% Preferred (monthly)
50o. Feb. 1 Holders of rec. Jan. 15
6% preferred (monthly)
50e. Mar. 1 Holders of rec. Feb. 15
6% preferred (monthly)
150e. Apr. 1 Holders of rec. Mar. 15
6.6% Preferred (monthly)
55c. Feb. 1 Holders of rec. Jan. 15
6.6% Preferred (monthly)
550. Mar. 1 Holders of rec. Feb. 15
6.6% Preferred (monthly)
550. Apr. 1 Holders of rec. Mar. 15
Dakota Central Telex)... coin. (quar.)
*32 Apr. 1
6%% Preferred (quar.)
0134 Apr. 1
Detroit Edhion (qua?.)
Jan. 15 Holders of rec. Dec. 206
2
Duquesne Light. let pf.(Guar.)
134 Jan. 15 Holders of rec. Dec. 316
Eastern Mass. St. Ry. pref. 13. (guar.)
134 Feb. 1 Holders of rec. Jan. 15
First pref. and sink,fund stlui. (guar.) 134 Feb. 15 Holders of rec. Jan. 31
Edison Elec. III. of Boston (guar.)
3.40 Feb. 1 Holders of rec. Jan. 10
Elec. Bond & Share, corn.(In com.stk.). 1 134 Jan. 15 Holders of rec. Dec. 136
,
Electric Bond & Sham.Prof.(guar.).$1 50 Feb. 1 Holders of rec. Jan. 10
Elee.Pow. dr Lt.,allot. Mts. full pd.(qu.)
% Feb. 1 Holders of rec. Jan. 10
Electric Power dr Light, corn. (guar.)._
250. Feb. 1 Holders of roe. Jan. 106
Federal Public Service, pref. (quar.)_ _
•196 Jan. 1 *Holders of rec. Dec. 31
General Pub.Service,$6.50 prof.(qu.)"E
1.3734 Feb. 1 *Holders of rec. Jan. 10
$6 preferred (guar.)
*51.50 Feb. 1 *Holders of rec. Jan. 16
Hamilton Gas, preferred
Jan. 30 Holders of rec. Dec. 31
$7
Havana Elec. & Utilities. 1st pref.(qu.)_
131 Feb. 15 Holders of rec. Jan. 20
Cumulative preference ((liter,)
$1.25 Feb. 15 Holders of rec. Jan. 20
Illinois Power & Light, $6 Prof.(quar.)_ $1.50 Feb. 1 Holders of rec.
Jan. 10
Internat. Hydro-Elec, System
Class A (1-50 share, class A stock) _Jan. 1 Holders of rec. Dec. 26a
Internat. Utilities, class A (guar.)
87 He Jan. 1 Holders of ree. Dec. 304
$7 Preferred (guar.)
Holders of rec. Jan. 18
$1.75 Feb.
Internat. Telep. dr Teleg. (guar.)
50e. Jan. 15 Holders of rec. Dee. 206
Interstate Public Service prior lien (qu.)
199 Jan. 15 Holders of rec. Dec. 31
Kentucky Securities Co.. Pref. Mar./
- 154 Jan. 15 Holders of rec. Dec. 206
Manitoba Power (guar.)
$1
Feb. 1 Holders of rec. Jan. 10
Massachusetts Utilities Associates
-5% participating cony. pref. (guar.).- 6234c Jan. 15 Holders of rec. Dec. 24
Middle West Utillties, new com. (pay.
In corn. stk.) (qu.)(No. 1)
12 Feb. 15 Holders of rec. Jan. 156
$6 cony. Prof. oar. A (quer.)
151.50 Feb. 15 Holders of rec. Jan. 15
Milwaukee Elec. Ry.& Light, pf.(qu.)134 Jan. 31 Holders of rec. Jan.
Mo. River-Sioux City Bridge, pref. (au.) $1.75 Jan. 15 Holders of rec. Dec. 206
31
Montreal L.H.& Pow. Cons.(guar.).
- 600. Jan. 31 Holders of rec. Dec. 31
Montreal Telegraph (guar.)
Jan. 15 *Holders of rec. Dec.
*2
Montreal Tramways(guar.)
2% Jan. 15 Holders of rec. Jan. .
Mountain States Power Co., pfd.(qu.)1% Jan. 20 Holders of rec. Dec. 31
Mountain States Tel.& Tel.(guar.).Jan. 15 *Holders of rec. Dec. 31
*2
National Electric Power. Cl. A (guar.).
450. Feb. 1 Holders of rec. Jan. 15
National Fuel Gas (guar.)
*250. Jan. 16 *Holders of rec. Dec. 81
National Pow.& Light, $6 pref.(guar.). $1. Feb. 1 Holders of rec.
Jan. 10
Nevada-Calif. Elec. Corp., pref. (qu.)
1% Feb. 1 Holders of rec. Dec. 30
New Bedford Gas & Edison Light (qu.). *51
Jan. 16 *Holders of rec. Dec. 26
New England Pow. Amn.. COM.(MUM). .50e. Jan. 15 "Holders of rue. Dec
New England Pub.Serv.,57 pref.(qu.)
*31.75 Jan. 15 *Holders of rec. Dec. 31
$6 preferred (guar.)
91.50 Jan. 15 *Holders of rec. Dec. 31
Adjustment preferred (guar.)
*51.75 Jan. 15 *Holders of rec. Dec. 31
convertible pref. (guar.)
$6
*51.50 Jan. 15 *Holders of rec. Dee. 31
New York Telephone. pref.(guar.)
154 Jan. 15 Holders of
No. American Gas ds Rice.. class A (qu.) •140e. Feb. 1 *Holders of rec. Dec. 20
rec. Jan. 10
Northern Ind.Pub,Sere.7% pt.(qu.)
I% Jan. 14 Holders of rec. Dec. 31
6% preferred (guar.)
154 Jan. 14 Holders of rec. Dec. 31
595% preferred(
11trar.)
1% Jan. 14 Holders of rec. Dec. 31
Northern Ontario Power, com.(qua?.)..
50e. Jan. 25 Holders of rec. Dec. 31
Preferred (guar.)
154 Jan. 25 Holders of rec. Dec. 31
Northern States Power,coin. A.((ln.) _
2
Feb. 1 Holders of rec. Dec. 31
7% preferred (qua?.)
199 Jan. 20 Holders of rec. Dec. 31
6% Preferred(quar)
114 Jan. 20 Holders of rec. Dec. 31
Northwestern Bell Tel.. prof.(qua?.)... 194 Jan. 1 Holders of rec.
Dec. 200
Ohio Edison Co.. 6% pref. (qua?.)
13.4 Mar.
Holders of rec. Feb. 15
6.6% preferred (qua?.)
1.65 Mar.
Holders of rec. Feb. 15
7% preferred (guar.)
1% ?star.
Holders of rec. Feb. 15
5% Preferred (quer)
139 Mar.
Holders of rec. Feb. 15
6% preferred (monthly)
50e. Feb.
Holders of rec. Jan. 15
6% Preferred (monthly)
Holders of rec. Feb. 15
500. Mar.
6.6% preferred (monthly)
550. Feb.
Holders of rec. Jan. 15
6 6 Preferred (monthly)
.%
550. Mar.
Holders of rec. Feb. 15
Pulite Gas & Elec., corn. (guar.)
50e. Jan. 1
Holders of rec. Dec. 316
Pacific Lighting, prof. (guar.)
*$1.50 Jan. 1 "Holders of rec. Dec. 31
Pacific Public Service, com., A (guar.).- c32 He Feb.
Holders of rec. Jan. 10
Pacific Teiep.& Teleg., pref. (quar.)_ _
134 Jan. 1 Holders of rec. Dec. 316
Penn-Ohio Edison Co.. coin.(guar.)
Holders of rec. Jan. 15
500. Feb.
7% prior stock (guar.)
1)( Mar.
Holders of rec. Feb. 15
$6 Preferred ((lilac.)
$1.50 Jan. 1 Holders of rec. Dec. 31
-Ohio Pow.& Lt.. $6 Prof.(guar.). $1.50 Feb.
Penn.
Holders of rec. Jan. 20
E% preferred (guar.)
Holders of rec. Jan. 20
1% Feb.
7.2% preferred (monthly)
60c. Feb.
Holders of reo. Jan. 20
6.6% preferred (monthly)
Holders of rec. Jan. 20
Mc. Feb.
Pennsylvania Power $6.60 p1. (rethly.).
Mc. Feb.
Holders of rec. Jan. 20
36.60 preferred (monthly)
+55e. Mar.
Holders of rec. Feb. 20
$6 preferred (altar.)
$1.50 Mar.
Holders of rec. Feb. 20
Peoples Gas Light & Coke (guar.)
2
Jan. 1 Holders of rec. Jan. 3a
11
(0
Naxos of Company.
249
Per
Cod. Payable.
Beets Closed
Days Isclustre.
Public Utilities (Concluded).
Philadelphia Company, corn. (qu.)
Jan. 31 Holders of rec. Dec. 3Ia
$1
Common (extra)
75c. Jan. 31 Holders of rec. Dec. 31a
Philadelphia Electric $5 pref. (guar.)
- $1.25 Feb. 1 Holders of rec. Jan. 10
Philadelphia Rapid Transit (guar.)
Jan. 31 Holders of rec. Jan. 150
51
Philadelphia Suburban Water, pf.(guar.) 13.4 Mar. 1 Holders of rec. Feb. 80
Preferred (guar.)
134 May 31 Holders of rec. May 126
Philadelphia & Western, pref.(au.)62540 Jan. 15 Holders of rec. Dec. 31a
Power Corp. of Canada,6% pref. (qu.)
134 Jan. 15 Holders of rec. Dec. 31
6% pude. pref.(guar.)
750. Jan. 15 Holders of roe. Dec. 31
Public Ser. Corp. of Nor. Ms.corn.(111.) *2
Feb. 1 *Holders of rec. Jan. 15
6% Preferred (guar.)
•1)4 Feb. 1 *Holders of rec. Jan. 15
*199 Feb. 1 *Holders of rec. Jan. 15
7% Preferred (guar.)
Pub. Serv. Corp. of N J.. pf (monthly)
50c. Jan. 31 Holders of rec. Jan. 20
Puget Sound Pow.& Light,6% Pf.(flu.)
134 Jan. 15 "Holders of rec. Dec. 20
Quebec Power (guar.)
6234c Jan. 15 Holders of rec. Dec. 27
Railway & Light Securities rem.(qu.)... *50c. Feb. 1 'Holders of rec. Jan. 15
Common (extra)
"$3
Feb. 1 'Holders of rec. Jan. 15
Preferred (guar.)
*131 Feb. 1 *Holders of rec. Jan. 15
Rhode Island Pub. fiery., class A (guar)"$1
Feb. 1 *Holders of rec. Jan. 15
Preferred (qua..)
*504. Feb. 1 'Holders of rec. Jan. 15
San Diego Consol. G.& E., pref.(guar.) 199 Jan, 15 Holders of rec. Dec. 31
Southeastern Power & Light,com.SSW .Jan.20 Holders of rec. Dec. 31
Southern Calif. Edison, COM.(guar.)._
50c. Feb. 15 Holders of rec. Jan. 204
Preferred C (guar.)
3454c. Jan. 15 Holders of rec. Dec. 20
50c. Jan. 15 Holders of rec. Dec. 20
Original preferred (guar.)
Southern Calif. Gas, pref. A (guar.).
-"3734c .Jan.15 *Holders of rec. Dec. 31
Southern Canada Pow., corn.(quar.)
25e, Feb. 15 Holders of rec. Jan. 31
6% preferred (guar.)
114 Jan. 15 Holders of rec. Dee. 20
Southern N. E.'Pelee.. (guar-)
Jan. 15 Holders of rec. Dec. 31
2
South Pittsburgh Water. pref.(go.)
1 119 Jan. 15 Holders of rec. Jan. 2
Standard Gas & Elec., corn.(guar.)
8734t. Jan. 25 Holders of rec. Dec. 316
Prior preference (guar.)
$1.75 Jan. 25 Holders of rec. Dec. 31
Standard Pow.& Light. prof.(qua?.)... $1.75 Feb. 1 Holders of rec. Jan. 16
United Gas & Elec. Co., preferred
234 Jan, 15 Holders of rec. Dec. 31
United Gas Improvement, corn. (qu.)
30e Mar. 31 Holders of rec. Feb. 286
United Gas Impt., $5 pref. tquar.)
$1.25 Mar. 31 Holders of roe. Feb. 286
35 Preferred (guar.)
$1.25 Mar.31 Holders of rec. Feb. 28e
United Lt. & Pow., new com.A & B (qu.)
lde Feb. 1 Holders of rec. Jan. Iba
Old common A & B (guar.)
750 Feb. 1 Holders of rec. Jan. 15a
Western Power Corp.pref. (guar.)
134 Jan. 15 Holders of reo. Dec. 31
Western Union Telegraph (guar.)
Jan. 15 Holders of rec. Dec. 28a
2
West Penn Power Co.,7% Pref.(quar.)199 Feb. 1 Holders of rec. Jan. 46
6% preferred (guar.)
13.4 Feb. 1 Holders of rec. Jan. 44
Winnipeg Electric Co., com. tquar.)
Feb. 1 Holders of rec. Jan. 10
$1
Banks.
Harriman Nat. Bk.& Tr.(stk. div.)__*e 33 1-3 Jan. 20 'Holders of rec. Jan. 14
Trust Companies.
Corn Exchange Bank & Trust tquar.)_
Kings County kquar.)
Fire Insurance.
American Alliance (guar.)
Great American (guar.)
$1
"20
Feb. 1 Holders of rec. Jan. 240
Feb. 1 'Holders of rec. Jan. 25
"40c Jan. 1 *Holders of rec. Dec. 31
*40c Jan. 1 *Holders of rec. Dec. 31
Miscellaneous.
Holders of rec. Jan. 10a
Abitibi Power & Paper, 6% pref. (guar-) 134 Jan, 20 Holders of rec. Jan. 15o
Abraham & Straus. Inc.. pref.((SQ).-199 Feb.
Acme Steel
Stock div.(subj, to meeting Jan. 21)
e25
Feb. 15 Holders of rec. Feb. 1
Adams t.J. D.) Mfg..com.(guar.)
604 Feb. 1 Holders of rec. Jan. 15
Ainsworth Mtg. stock div.(guar./
*el
Mar. 1 *Holders of rec. Feb. 20
Stock dividend (quer)
June 2 *Holders of rec. May 20
'Cl
Air Reduction Co.(quar-)
75c Jan. 15 Holders of rec. Dee. 310
Alberta Pacific Grain, pref. (guar.).
- 194 Jan. 12 Holders of rec. Dec. 14
Alliance Realty. corn. (guar.)
750. Jan. 23 Holders of rec. Jan. 100
Common (extra)
500 Jan. 23 Holders of rec. Jan. 106
Allied Chemical & Dye Corp. com.
51.50 Feb. 1 Holders of reo. Jan. 156
750. Feb. 15 Holders of rec. Jan. 244
Allis-Chalmers Mfg. coin.(guar.)
Alpha Portland Cement, corn.(qu.)._
75c. Jan. 15 Holders of rec. Dec. 30a
Aluminum Mfrs.. prof. (quart
*13.4 June 30 *Holders of rec. June lb
Preferred (qua?.)
*134 Sept.30 *Holders of rec. Sept.15
*14 Dec. 31 *Holders of tee. Dee. 15
Preferred (guar.)
75e. Jan. 15 Holders of rec. Dec. 27
Amalgamated Elec. Corp.. Ltd..Pf.(q11.)
Amerada Corp.(guar.)
50c. Jan. 31 Holders of rec. Jan. 156
Amer. Art Wks.. corn.& Pi.(guar.)
134 Jan. 15 Holders of rec. Dec. 31
Amer. Asphalt Roofing. corn.(CPO---- *134 Jan. 15 *Holders of rec. Dee. 31
Jan. 18 *Holders of rec. Dec. 31
Preferred (guar.)
*2
American Can. corn (guar.)
Feb. if, Holders of rec. Jan. 316
$1
Amer. Commercial Alcohol corn.(quar.)_
40e Jan. 15 Holders of rec. Dec. 206
Common (payable In corn. stock)
Jan. 15 Holders of rec. Dec. 200
/2
51.75 Feb. 1 Holders of MC. Jan. 10
Preferred (qua?.)
Amer.Founders Corp.new COM.(spec.)_ 331-Sc Feb. 1 Holders of me. Jan. 15
New common (1-70th sh. corn. stock)_
Feb. 1 Holders of rec. Jan. 15
Old common (extra)
"El
Feb. 1 *Holders of rec. Jan. 15
7% Brat Prof. series A (guar-)
8734c Feb. 1 Holders of rec. Jan. 15
7% first pref. series B (guar.)
8734c Feb. 1 Holders of rec. Jan. 15
70e Feb. 1 Holders of roe. Jan. 15
6% flrst pref. series D (guar.)
6% second pref. (guar.)
37340 Feb. 1 Holders of rec. Jan. 15
Amer.Home Products Corp.(mthly.)..
35c Feb. 1 Holders of rec. Jan. 140
American Ice, corn. (guar.)
750 Jan. 25 Holders of rec. Jan. 7
Common (extra)
Jan. 25 Holders of rec. Jan. 7a
$1
134 Jan. 25 Holders of rec. Jan. 76
Preferred (guar.)
Amer. Machine & Fdy.COMM021
81.75 Feb. 1 Holders of rec. Jan. 170
Preferred (guar.)
199 Feb. 1 Holders of rec. Jan. 176
American Manufacturing. corn. (guar.).
750 Mar. 31 Holders of rec. Mar. 15
Common (guar.)
75c July 1 Holders of rec. June 15
Common (guar.)
75• Oct. 1 Holders of rec. Sept. 15
Common (guar.)
780 Dec. 81 Holders of rec. Dec. 15
Preferred (guar.)
139 Mar. 31 Holders of rec. Mar. 15
Preferred (quer.)
134 July 1 Holders of rec. June 15
Preferred trrear.)
139 Oct. 1 Holders of rec. Sept. 15
Preferred (guar.)
11
4 Dec. 31 Holders of rec. Dec. 15
Amer. Phenix Corp.(guar)
The. Jan. 13 Holders of rec. Jan. 9a
Amer. Boning Mills. men.(guar.,
fele Jan. 15 Holders of rec. Dec. 310
Amer. Shipbuilding, com. (quar.)
Feb. 1 Holders of rec. Jan. 154
2
Preferred (guar.)
I% Feb. 1 Holders of rec. Jan. 15
Amer. Steel Foundries. corn.(guar.) _
75e. Jan. 15 Holders of rec. Jan. 26
Amer. Sumatra Tobacco, corn. (qu.)....
The. Jan. 15 Holders of rec. Jan. 24
American Thermos Bottle, pref. (qu.)_. "8734c Jan. 21 *Holders of rec. Dec. 20
Amer. Type Founders, com.(qua?).... 2
Jan. 15 Holders of rec. Jan. 46
Preferred (guar.)
154 Jan. 15 Holders of rec. Jan. 96
Amer. Vitrified Products. corn.(quar.)._
500. Jan. 15 Holders of rec. Jan. 4
Preferred (guar.)
"199 Feb. I Holders of rec. Jan. 20
Anaconda Copper Mining (guar.)
51.75 Feb. 17 Holders of rec. Jan. 116
Anaconda Wire & Cable (guar.)
750. Feb. 10 Holders of rec. Jan. 116
Andes Copper Mining (guar.)
750. Feb. 10 Holders of rec. Jan. lie
Angle Steel Stool(guar.)
'20e. Jan. 15 *Holders of rec. Jan. 5
Extra
"20e. Feb. 15
Anglo National Core
Jan. 15 "Holders of rec. Jan. 14
*31
Archer-Daniels
-Mid. Co. common (qu.)
50c. Feb. 1 Holders of rec. Jan. 216
Preferred (guar.)
194 Feb. 1 Holders of rec. Jan. 216
Art Itletal Works, common (guar.)
"75e. Feb. 1 *Holders of rec. Jan. 15
Associated Apparel Industries. com.(qu) $1
Apr. 1 Holders of rec. Mar. 206
Associated Dry Goods, corn.(guar.)
63c. Feb. 1 Holders of ree. Jan. 18a
First preferred (guar.)
134 Mar. 1 Holders of rec. Feb. 86
Second preferred (guar.)
159 Mar. 1 Holders of rec. Feb. Iza
Atlas Plywood, new com.stock (guar.)_ _ *500. Jan. 15 *Holders of rec. Jan. 2
Babcock & Wilcox Co.(guar.)
194 Apr. 1 Holders of rec. Mar. 20
•14 Jan. 14 *Holders
Baldwin Co.,6% preferred (guar.)
of rec. Dec. 31
Bancroft(Joseph)& Bons Co-, prof.(qu.) 134 Jan. 31 Holders of rec. Jan. 150
Bankers Bond & Mtge. Guar. lquar.)
25e, Feb. I Holders of rec. Jan. 10
Bankers Capital Corp.. Prof.(quar.).-- .22
Jan. 15 *Holders of reo. Deo. $1
Bankers Securities Corp.
Common (guar.)
75c. Jan. 15 Holders of rec. Dec. 310
Common (extra)
94c+ Jan. 15 Holders of rec. Dec. 316
Participating preferred (guar.)
754. Jan. 15 Holders of rec. Dec. 316
Participating pref. (partic. diy.)
250. Jan. 16 Holders of rec. Dec. 31a
250
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclustve.
Miscellaneous (Cm/ninon!).
Bastian Blessing Co., common (guar.).- '75e. Mar. 1 *Holders of rec. Feb. 14
75e. Jan. 15 Holders of rec. Dec. 310
Bayuk Cigars, Inc., common (quar.)___
1H Jan. 15 Holders of rec. Dec. 3I0
Preferred (guar.)
1)4 Feb. 1 Holders of rec. Jan. 15
Belding-Corticelli, Ltd., corn.(guar.)
.$1.50 Feb. 15 *Holders of rec. Jan. 18a
Bethlehem Steel common (guar.)
*56H0 Mar. 1 *Holders of rec. Feb. 20
Dobbs-Merrill Co.(guar.)
Quarterly
"543He June 1 'Holders of rec. May 20
Jan. 31 Holders of rec. Jan. 14
I
$1
Bon Ami Co.class A (guar.)
50c. Jan. 17 Holders of rec. Jan. 14
Class B (guar.)
50c. Jan. 17 Holders of rec. Jan. 14
Clam B (extra)
Jan. 15 Holders of rec. Dec. 300
e3
Borden Co.(stock dividend)
134 Feb. 1 Holders of rec. Dec. 31
Brandram-Henderson Ltd. corn. (qu.)._
See note (I0
(o) Jan. 17
British Amer. Tobacco ord. (final)
Sc. Feb. 1 Holders of rec. Jan. 2
British Type Investors, Inc.(bi-monthly)
*50c. Jan. 15 *Holders of rec. Dec. 31
Brompton Pulp & Paper (guar.)
250. Feb. 1 Holders of rec. Jan. 106
Budd (E. G.) Mfg. common (guar.)..._
1H Feb. 1 Holders of rec. Jan. 10a
7% preferred (guar.)
Apr. 1 'Holders of rec. Mar. 15
*2
Burger Bros., pref.(guar.)
July 1 *Holders of rec. June 16
Preferred (guar.)
*2
Oct. 1 *Holders of rec. Sept. 15
*2
Preferred (guar.)
Burma Corp., Ltd.. Am. dep. rots.
Feb. 21 *Holders of rec. Jan. 14
6 annas interim and 1 anna bonus__
*500. Jan. 12 *Holders of reo. Dec. 13
Burt (F. W.) Co.,extra
500. Feb. 1 Holders of rec. Dec. 276
Bush Terminal common (guar.)
Common (payable in common stock)_ _ 1134 Feb. 1 Holders of rec. Dec. 276
Debenture stock (guar.)
1)4 Jan. 15 Holders of rec. Dec. 276
IH Feb. 1 Holders of reo. Jan. 130
Byers(A. M.) Co. pref. (guar.)
Byllesby (H. M.)& Co.
Class A and B (1-20th oh. class A stk.) (e) Jan. 25 Holders of rec. Jan. 10
Jan. 15 *Holders of rec. Jan. 1
11
4
California Cotton Mills (quar.)
•50e. Apr. 1 *Holders of rec. Mar. 10
Camp() Corp. common (quar.)
'1)4 Feb. 1 *Holders of reo. Jan. 15
Preferred (guar.)
01% May 1 *Holders of reo. Apr. 15
.
Preferred (guar.)
250. Jan. 15 Holders of rec. Dec. 31
Canada Bud Breweries. common
$1.25 Jan. 15 Holders of reo. Jan. 20
Canada Dry Ginger Ale (guar.)
Canada Foundries & Fore., Cl. A (qu.) '373.4c Jan. 15 *Holders of rec. Dec. 31
500. Jan. 15 Holders of rec. Dec. 31
Canadian Brewing, corn. (guar.)
62340. Feb. 1 Holders of rec. Jan. 20
Canadian Bronze, common (guar.)
1H Feb. 1 Holders of rec. Jan. 20
Preferred (guar.)
134 Jan. 15 Holders of rec. Dec. 31
-Morse pref.(qu.)
Canadian Fairbanks
38c. Jan. 15 Holders of rec. Dec. 31
Can. Indust. Alcohol. cl. A & B (qu.)
1)4 Jan. 15 Holders of rec. Dec. 31
Canadian Industries, pref. (guar.)
Feb. 15 Holders of rec. Jan. 20
Canadian Power & Paper Inv., pref.(ge) 1
Carman & Co., Ltd., class A (guar.) _ - *50e. Mar. 1 'Holders of rec. Feb. 15
•500. Jan. 25 *Holders of rec. Jan. 15
Class B
'1)4 Apr. 1 *Holders of rec. Mar. 2.
Carnation Co., pref.(guar.)
Jan. 15 Holders of rec. Dec. 20
$7
Cent. Amer. Plantations Corp
13( Jan. 15 Holders of reo. Deo. 310
Central Coal & Coke pref.(gum.)
Feb. 1 'Holders of rec. Jan. 2
Century Shares Trust, panic. stock... *El
'31)40 Jan. 15 *Holders of reo. Dec. 25
Chapman Ice Cream (guar.)
35e. Feb. 3 Holders of rec. Jan. 16a
Checker Cab Mfg.(monthly)
35e. Mar. 3 Holders of rec. Feb. 170
Monthly
230. Feb. 15 Holders of reo. Jan. 31
Chelsea Exchange Corp.. cl. A & B (au.)
25e. May 15 Holders of rec. May 1
Class A & B (guar.)
11234e Feb. I *Holders of rec. Jan. 15
Cherry-Burrell Corp. corn. (quar.)
•15( Feb. 1 *Holders of rec. Jan. 15
Preferred (quar.)
"30e. Apr. 1 'Holders of rec. Mar. 20
Chicago Flexible Shaft. corn. (quar.)
"306. July 1 *Holders of rec. June 20
Common (guar.)
*30c. Oct. 1 *Holders of rec. Sept. 20
Common (guar.)
250. Feb. 1 Holders of ree. Jan. 20a
Chicago Yellow Cab (monthly)
Monthly
25e. Mar, 1 Holders of roe. Feb. 190
Cincinnati Advertising Products
•e10 Jan. lb *Holders of ree. Jan. 1
Stock dividend
234c. Feb. 1 Holders of rec. Jan. 15
Cities Service common (monthly)
134 Feb. 1 Holders of rec. Jan. 15
Common (payable in common stock)
50c. Feb. 1 Holders of rec. Jan. 15
Preference and preference B (mthly.).
Sc. Feb. 1 Holders of rec. Jan. 15
Preference B (monthly)
•e134 Mar. I *Holders of rec. Feb. 15
City Ice & Fuel, stock dividend
Stock dividend
*e134 Sept. I *Holders of rec. Aug. 15
1234 Mar. 1 Holders of rec. Dec. 300
City Investing corn.(pay,in corn.stk.)
230. Jan. 15 Holders of rec. Dec. 310
City Stores common (guar.)
87540. Feb. 1 Holders of rec. Jan. 15
Class A (guar.)
July 1 *Holders of rec. Jan. 20
Elec. Prod., stock div. MI
Claude Neon
*500. Apr. 1 *Holders of reo. Mar. 15
Cleveland Builders SuPPIY (guar.)
406. Jan. 15 Holders of rec. Dec. 31
Cleveland Tractor. corn.(No. 1)
Jan. 30 Holders of rec. Jan. 15
Clorox Chemical, Cl. A & B (in Cl. A stk.) 2
25e. Jan. 15 Holders of rec. Jan. 4
Coca Cola Bottling Sec.(quar.)
*25e. Apr. 15
Quarterly
•250. July 15
Quarterly
•250. Oct. 15
Quarterly
"3734c Feb. 1 *Holders of rec. Jan. 15
Cocksbutt Plow (guar.)
"3734c Jan. 15 "Holders of rec. Dec. 31
Coen Cos,, clam A (guar.)
•306 Feb. 1 *Holders of rec. Jan. 25
Columbia Invest., corn. (Oil.) (No. 1)
43Hc. Jan. 15 Holders of reo. Jan. 1
Commercial Bookbinding (guar.)
Consolidated Chemical class A (quar.) *3734c Feb. 1 *Holders of rec. Jan. 15
1)4 Feb. 1 Holders of rec. Jan. 15a
Consolidated Cigar, prior pref. (guar.) _
*50c. Jan. 15 *Holders of rec. Dec. 31
Consolidated Dairy Products(quar.)
el )4 Jan. 15 *Holders of rec. Dec. 31
Stock dividend
1.25 Jan. 15 Holders of rec. Dec. 31
Consol. Mining & Smelting (Canada)
Jan. 15 Holders of rec. Dec. 31
$5
Extra
*15c. Jan. 25 *Holders of reo. Jan. 15
Consolidated Royalty 011 (guar.)
Jan. 15 'Holders of rec. Jan. 2
Continental Securities Corp. (qual.)__ *El
•500. Jan. 15 *Holders of rem. Dec. 14
Copper Range Co.(quar.)
75e. Jan. 20 Holders of rec. Jan. 30
Corn Products Refg., corn.(Guar.)
75e. Jan. 20 Holders of rec. Jan. 3a
Common (extra)
1% Jan. 15 Holders of rec. Jan. 30
Preferred (guar.)
*m75c Feb. 1 *Holders of rec. Jan. 10
Corporation Securities (gnats.)
250. Jan. 15 Holders of rec. Dec. 3I6
Crown Zellerbach Corp., corn.(quar.)_
1H Jan. 31 Holders of rec. Jan. I50
Crucible Steel common (guar.)
Jan. 31 Holders of rec. Jan. 150
Common (extra) (in common stock)_ _
234 Jan. 15 Holders of rec. Jan. 4
Crum & Forster class A & B (guar.)
Mar. 31 Holders of rec. Mar. 20
2
Preferred (quar.)
Jan. 1 *Holders of rec. Dec. In
*37
Crystal Tissue Co
Jan. 15 Holders of rec. Jan. 3a
1
(guar.)
Cudahy Packing common
•154 Mar. 15 *Holders of reo. Mar. 1
Cuneo Press. prof.(guar.)
50c. Feb. 2 Holders of rec. Jan. 20a
Curtis Publishing, corn. (mthly.)
$1.75 Apr. 1 Holders of rec. Mar. 20a
Preferred (guar.)
e20 Jan. 15 Holders of rec. Jan. s2a
-Hammer,Inc. stock dividend_
Cutler
$1.75 Jan. 20 Holders of rec. Dec. 31
Dahlberg & Co., corn. dr pref. (quar.)_
750. Jan. 15 Holders of rec. Dec. 31
Dahlberg Corp. of America. pref.(qu.)._
•250. Jan. 15 *Holders of rec. Dec. 31
Petroleum, corn. (guar.)
Darby
50c. Jan. 15 Holders of rec. Jan. 1
Davenport Hosiery Mills. corn.(guar.).206. Jan. 15 Holders of roc. Dec. 30
Detroit & Cleveland Navigation (extra)_
•40c. Jan. 15 Holders of roe. Jan. 4
Detroit Forging (guar.)
*30c. Jan. 15 Holders of rec. Jan. 10
Detroit Michigan Stove, corn
*230. Feb. 1 Holders of rec. Jan. 1
Detroit Steel Products (qual.)
*50e. Jan. 15 Holders of rec. Jan. 2
Devonshire Investing Corp.(quar.)
25e. Jan. 15 Holders of reo. Jan.
Dictograph Products Corp.(quar.)
Jan. 15 Holders of rec. Jan. 2
Diversified Investments class A (qu.)_._ $1
*1H Jan. 15 Holders of rec. Jan. 2
Preferred (quar.)
25e. Jan. 20 Holders of ree. Dee. 310
Dome Mines, Ltd.(quar.)
Jan. 15 Holders of reo. Dee. 31
$1
Dominion Engineering Works (qual.)
Dominion Tar & Chemical, pref. (quar.) 1H Feb. 1 Holders of rec. Jan. 6
(quar.) 1)4 Jan. 15 Holders of rec. Dec. 31
Dominion Textile Co.,Ltd., pref.
in 15'30 Holders of ree. Deo. 310
Dunhill Internat. common.(quar.)_ _ _ _ $1
Jn 15'30 Holders Of reo. Dee. $1e
fl
Common (payable In corn.stock)
Ap15'30 Holders of reo. Apr. la
$1
Common (quar.)•
Ap15'30 Holders of rec. Apr. la
Common (payable In oom.stock)
50c Feb. 15 Holders of reo. Feb. la
Duplan Silk Corp., corn
Du Pont (F. I.) de Nem. & Co.
134 Jan. 25 Holders of rec. Jan. 10a
Debenture stock (ouar.)
20e, Jan. 15 Holders of ree. Dec. 31
Eagle-Picher Lead,common (quar.).._
134 Jan. 15 Holders of reo. Dec. 31
Preferred (quar.)
Eastern Bankers Corp.. Pref.(quar.). $1.75 Febl'30 Holders of reo. Dee. 81
Jan. 15 *Holders of roe. Dee. 31
12
.
Eastern Steel Products(No. 1)
Eastern Utilities Invest. partio. pf.(qu.) $1.75 Feb. 1 Holders of rec. Dee. 81
(guar.)
$1.50 Mar. 1 Holders of roe. Jan. 31
$6 preferred
$1.75 Mar. 1 Holders of rec. Jan. 81
$7 preferred (guar.)
$1.25 Apr. 1 Holders of rec. Feb. 28
$5 prior preferred (quar.)
750. Feb. 1 Holders of reo. Jan. 15a
Eaton Axle & Spring (quar.)
*25e. Jan. 15 *Holders of rec. Jan. 2
Economy Grocery Stores corn.(qual.)
[VOL. 130.
FINANCIAL CHRONICLE
Name of Company.
Per
When
Cent. Payable.
Books Closed,
Days Inclusive.
Miscellaneous (Continued).
260. Jan. 20 Holders of reo. Dec. 31
Edison Brothers Stores, corn. (quar.)
*25e. Jan. 15 *Holders of coo. Dec. 24
Electric Household Utilities (qual.)_.._
Jan. 15 *Holders of ree. Dec. 24
'$1
Special
'Cl 34 Jan. 15 *Holders of rim. Dec. 24
Stock dividend
Electric Power Associates
*25e. Feb. 1 *Holders of reo. Jan. 15
Common and class A (No. 1)
Elec. Sten Bat., corn. & pf.(in corn stk.) 100 8 ubJ.to e tkhidrs. meeting Apr. 16
Elgin National Watch (guar.)
'0254c Feb. 1 "Holders of roe. Jan. 15
Jan. 21 'Holders of rec. Jan. 3
*S1
Extra
50c. Jan. 15 Holders of rec. Jan. 4
Ely-Walker Dry Goods, corn.(quar.),..
Jan. 15 "Holders of rec. Dec. 26
Empire Bond & Mtge. corn. (guard_
*$1.75 Jan. 15'Holders of rec. Dec. 26
Preferred (guar.)
40o. Jan. 25 Holders of ree. Jan. 10
Enlace Derrick & Equip.(guar.)
*35e. Jan. 15 *Holders of rec. Dec. 31
Fageol Motors preferred
60e. Feb. 1 Holders of rec. Jan. 204
Fair(The)common (guar.)
60c. May 1 Holders of rec. Apr. 21a
Common (guar.)
1)4 Feb. 1 Holders of rec. Jan. 200
Preferred (guar.)
1)4 May 1 Holders of rec. Apr. 210
Preferred (guar.)
230. Mar. 30 Holders of rec. Mar. 1
Fairfax Airports common(No.1)
Fashion Park Associates, pref. (quar.).... 1H Feb. 1 Holders of reo. Jan. 160
*300. Jan. 31 *Holders of rec. Jan. 16
Federated Publications. corn. (quar.)
Jan. 15 *Holders of rec. Jan. 10
Fenton United Clean'g & Dye'g com.(qu) *31
11
4
Jan. 15 *Holders of rec. Jan. 10
Common (extra)
.1x Jan. 15 *Holders of rec. Jan. 10
Preferred (guar.)
Finance Co.of Amer.el. A & B (guar.) _ _ .200. Jan. 15 *Holders of ree. Jan. 6
Jan. 15 *Holders of rec. Jan. 6
*43
Preferred (guar.)
400. Jan. 20 Holders of rec. Jan. 50
Firestone Tire & Rubber, new com.(qu.)
134 Mar. 1 Holders of rec. Feb. 150
6% preferred (guar.)
Fishman (M.H.) Inc., pref.(guar.).- 1% Jan. 15 Holders of rec. Jan. 3
*3734c Jan. 15 *Holders of rec. Jan. 10
Flintkote Co., con). A (guar.)
134 Apr. 1 Holders of rec. Mar. 150
Florsheim Shoe. pref. (guar.)
Fokker Aircraft Corp. of Am. pf.(qu.) '4314c Jan. 15 *Holders of rec. Dec. 31
"37He Jan. 15 *Holders of rec. Dee. 31
Food Machinery (guar.)
Apr. 15 *Holders of rec. Mar. 31
•el
Stock dividend
65e Mar. 15 Holders of rec. Mar. 5
Foote-Burt Co.(guar.)
81
Jan. 20 Holders of rec. Dec. 31
Foreign Power Securities corn.(No. 1)
134 Feb. 15 Holders of rec. Jan. Si
Participating pref.(guar.)
Foremost Fabrics Corp. coin. (guar.)._ *50c. Jan. 15 *Holders of rec. Jan. 2
Jan. 15 Holders of reo. Dec. 30
S1
Fox Film Co., class A and B (quar.)
•1g Apr. 1'Holders of rem Mar. 16
Frank (A. B.) Co., pref. (guar.)
el% July 1 *Holders of rec. June 15
Preferred (guar.)
Oct. 1 *Holders of rec. Sept. 15
Preferred (guar.)
4.5o
Feb. 15 *Holders of rec. Feb. 1
Franklin Process (stock dividend)
Feb. 1 Holders of rec. Jan. 15a
$1
Freeport Texas Co.(quar.)
Feb. 1 Holders of rec. Jan. I50
SI
Extra
Jan. 15 *Holders of rec. Dec. 31
.50o.
4
Fyr-Fyter, class A (quar.)
134 Jan. 31 Holders of rec. Dec. 16a
General Electric common (guar.)
15e. Jan. 81 Holders of roe. Dec. 166
Special stock (guar.)
75e. Feb. 1 Holders of rec. Jan. I5a
General Foods Corp.(guar.)
General Industrial and Bancshares Corp.
37340. Jan. 15 Holders of rec. Jan. 10
Class A
Mar. 1 Holders of rec. Feb. 20
5
Class A (special)
75e. Feb. 1 Holders of rec. Jan. 150
corn. (guar.)
General Mills. Inc.,
60
6
General Motors Corp., %deb.stock(qu.) 134 Feb. 1 Holders of rec. Jan. en
1% Feb. 1 Holders of rec. Jan.
6% preferred (quar.)
Feb. 1 Holders of roe. Jan. Ca
134
7% Preferred (guar.)
- 50e. Jan. 15 Holders of rec. Jan. 60
General Outdoor Advertising (guar.).
General Realty & Utility, prefJan. 15 *Holders of rec. Dec. 20
31.50 cash or 75-1000 share stock
Jan. 15
General Stock Yards common (guar.)... *50c. Feb. 1 *Holders of rec. Jan. 15
*$1.50 Feb. 1 *Holders of ree.
Preferred (guar.)
*25c. Mar. 31 *Holders of rec. Mar. 19
Gilbert (A. C.) Co.. corn. (qu.)
*250. June 30 *Holders of rec. June 18
Common (quar.)
•e2
Jan. 31 *Holders of rec. Jan. 13
Gilchrist Co. (stock env.)
1% Feb. 1 Holders of ree. Jan. 154
Gimbel Bros., Inc.. pref.(guar.)
62340 Feb. 1 Holders of rec. Jan. 100
Gold Dust Corp., corn.(quar.)
- $1.25 Feb. 1 Holders of coo. Dec. 310
Goodyear Tire es Rubber, corn.(quar.)
1% Feb. 1 Holders of rec. Jan. 130
Gotham Silk Hosiery CJ.. pref.(quar.)_ _
Feb. 1 Holders of rec. Jan. 100
Granby Consol. Min. Smelt. & Pow.(gu) $2
250. Jan. 20 Holders of rec. Jan. 13
Grand (F.& W.)5-10-25e. fits. corn.(qu)
1% Feb. 1 Holders of ree. Jan. 13
Preferred (guar.)
Grand (F. dr W.) Silver Stores, Inc.
25e. Jan. 23 Holders of rec. Jan. 13
Common (quar.)(No. 1)
*50e. Mar. 1 *Holders of rec. Feb. IS
Gruen Watch, common (quite.)
Feb. 1 *Holders of rec. Jan. 31
Preferred (guar.)
Feb. 1 *Holders of rec. Dec. 14
Guardian Invest. Tr., corn.(In stock)._ _ ef1
25c. Jan. 31 Holders of rec. Jan. 200
Hall(W.F.) Printing (guar.)
e6 2-3 Feb. 1 Holders of rec. Jan. 200
Stock dividend.
1H Feb. 1 Holders of rec. Jan. 16
Hamilton Bridge (Canada) pt. (qu.)
*30c. Jan. 15 "Holders of rec. Dec. 21
Hamilton Watch (extra)I
Jan. 15 Holders of rec. Jan. 1
Hancock Knitting Mills
114 Jan. 20 Holders of reo. Jan. 100
Harbison-Walker Refrae., pref.(quar.)_
sibc. Feb. 15 'Holders of rec. Feb. 1
Hartford Times pref. (guar.)
1)4 Feb. 15 Holders of roe. Feb. 40
Hercules Powder Corp., pref. (Quar.)
500. Jan. 20 Holders of rec. Dec. 30
Heyden Chemical Corp., corn
She. Jan. 31 Holders of rec. Jan. 24
Hibbard, Spencer, Bartlett & Co.(mthly)
114 Jan. 15 Holders of rec. Dec. 31
11111crest Collieries, corn. (guar.)
134 Jan. 15 Holders of roe. Dec. 31
Preferred (guar.)
*2)ie Jan. 15 *Holders of reo. Dee. 31
Holly Development (quar.)
1H Feb. 1 Holders of rec. Jan. 15
Holly Sugar Corp. pref.(guar.)
20c. Jan. 20 Jan 1 to Jan. 15
Home 011, Ltd
'6234c Feb. 1 *Holders of rec. Jan. 13
Horn & Hardart tom,(guar.)
Household Finance Corp.
75e. Jan. 15 Holders of rec. Dec. 3I4
Participating pref.(guar.)
12%e. Jan. 15 Holders of roe. Dec. 810
Participating pref.(extra)
Jan. 15 Holders of rec. Dec. 310
51
Howe Sound Co (guar.)
500 Jan. 15 Holders of rec. Dec. 310
Extra
*50e. Feb. 1 *Holders of rec. Jan. 15e
Hunt Bros. Packing class A (quar.)
Feb. 1 Holders of rec. Jan. 15a
Hupp Motor Car (quar.)
e234 Feb. 1 Holders of rec. Jan. 15
Stock dividend
250, Jan. 15 Holders of roe. Dec. 24
Hurley Machine (guar')
Jan. 15 Holders of rec. Dec. 24
$1
Special
el 3l Jan. 15 Holders of rec. Dec. 24
Extra (payable in stock)
60c. Jan. 15 Holders of rec. Jan. 3
Hussman-Ligonier Co. (guar.)
*60o. Jan. 15 *Holders of coo. Jan. 3
Illinois Brick (guar.)
•600. Apr. 15 *Holders of roe. Apr. 3
Quarterly
1300. July 15 *Holders of rec. July 3
Quarterly
*60e. Oct. 15 *Holders of reo. Oct. 3
Quarterly
*50c. Feb. 1 *Holders of rec. Jan. 21
Illinois Pacific Glass, A & B (quar.)_
h0c. Jan. 31 Holders of rem Jan. 150
Independent Oil dr Gas(glum)
50e. Feb. 15 Holders of reo. Jan. 24
Indiana Pipe Llne (guar.)
25c. Feb. 15 Holders of reo. Jan. 24
Extra
200. Jan. 15 Holders of rec. Dec. 31
Industrial Collateral Assn. (quar.)
'CS
Feb. 1 *Holders of reo. Jan. 24
Industrial Rayon (stock (Mr.)
corn.(In stock) 11H Jan. 15 Holders of reo. Jan. 1
Insult Utilities Invest.,
Common (payable in common stock). 11% Apr. 15 *Holders of reo. Apr. 1
Common (payable in common stock). •1131 July 15 *Holders of reo. July 1
Common (payable In common stock). *11% Oct. 15 *Holders of reo. Oct. 1
45e. Jan. 15 Holders of rec. Dec. 31a
Inguranshares Corp.ofDel.com.A(No.1)
Insuranshares Corp. of N.Y., pref.(qu.) 154 Jan. 15 Holders of ree. Dec. 31
Apr. 1 *Holders of rec. Mar. 20
*SI
Interlake Steamship,corn.(guar.)
81.25 Feb. 1 Holders of rec. Jan. 17
Internat. Cigar Machine (quar.)
62%e Jan. 16 Holders of rec. Dee. 240
International Harvester, corn. (quar.)
Jan. 15 Holders of reo. Dec. 260
International Match common (qual.)..,.. 81
Jan. 15 Holders of coo. Dec. 260
(quar.)
Participating preferred
Internat. Nickel of Canada, pref.(quar.) 1)4 Feb. 1 Holders of rec. Dee. 260
Internat. Paints, Can., Ltd., pref. (qu.) 134 Jan. 15 Holders of rec. Dec. 31
1)4 Jan. 15 Holders of rec. Dec. 26
International Paper,7% pref.(guar.).Internat. Paper dr Pow.7% prof. (guar.) 1)4 Jan, 15 Holders of rec. Dec. 284
1;4 Jan. 15 Holders of rec. Dec. 260
6% Preferred (guar.)
75e. Feb. 1 Holders of rec. Jan. 130
Internat. Printing Ink,corn.(quar.)-1;4 Feb. 1 Holders of reo. Jan. 130
Preferred (quar.)
3
Jan. 15 Holden, of rec. Dec. 310
International Products, pref
International Tea Stores, Ltd.
*to12 Jan. 11 *Holders of ree. Dec. 14
Amer. dep. rights for ord reg. she_
75c. Jan. 15 Holders of reo. Dec. 21
Investment Foundation pref. (guar.).
*425c. Mar. 1 Holders of rec. Feb. 15
Iron Fireman (guar.)
*d50c. Mar. 1 Holden! of ree. Feb. 15
Extra
75e. Jan. 15 Holders of reo. Dec. 81e
Jewel Tea, common (quar.)
750. Jan. 16 Holders of rec. Dee. 260
Johns-Manville Corn.. 00M.(quer.)
380. Jan. 28 Holders of rec. Jan. 100
Kaufmann Dept. Stores, corn. (guar.)
3
JAN. 11 1930.]
Name of Company.
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
Books Closed,
Days Inclusive.
Miscellaneous (Continued).
Kawneer Company Caner.)
•6234e Jan. 15 *Holders of leo. Dec. 31
Kayser (Julius) & Co.. corn. (guar.)._ _ SI
Feb. 1 Holders of rec. Jan. 15a
Kelsey-Hayes Wheel, pref. (guar.)
1M Feb. 1 Holders of rec. Jan. 21
Key Boller Equip.(guar.)
"25e. Feb. 28'Holders of ree. Deo. 23
Stock dividend
*e50
Holders of ree. Dec. 28
Keystone Steel & Wire,corn.(guar.)._ *50c. Jan. 15 *Holders of rec. Jan. 5
vg% Jan. 15 *Holders of reo. Jan. 5
Preferred (guar.)
Keystone Watch Case
$1.50 Feb. 1 Holders of reo. Jan. 150
Extra
$1
Feb. 1 Holders of ree. Jan. 15a
Knott Corp.. com. (rPlar.)
"u6(1e Jan. 15 Holders of rec. Dec. 30
Kroger Grocery & Baking,stk. dividend. e2
Jan. 11 Holders of roe. Dec. 210
Stock dividend
el
Mar. 1 Holders of rec. Feb. 100
Stock dividend
el
June 2 Holders of roe. May 100
Stock dividend
el
Sept. 1 Holders of rec. Aug. Ila
Laboratory Products (stock dividend)._ •e3
Jan. 15 *Holders of rec. Dec. 20
Land & Building Investing pref
$3.50 Jan. 15 Holders of rec. Dec. 31
Lane Bryant, Inc.. pref. (guar.)
is' Feb. 1 Holeers of rec. Jan. 15
Company, corn. & pref. (extra) __ _ "41
Lane
Feb. 1 "Holders of rec. Dec. 29
Langendorf United Bakeries,
Class A and B (guar.)
'50c Jan. 30 *Holders of roe. Dec. 30
Landon Monotype Machine (quar.)_
1% Feb. 2 Holders of rec. Feb. 18a
Extra
25e. Feb. 2 'Holders of rec. Feb. 180
Leath & Co., common (quar.)
*25e Mar.30 *Holders of rec. Mar. 20
Common (guar.)
"25e June 3 *Holders of rec. June 20
Common (guar.)
"25e Sept.30 "Holders of roe. Sept. 20
Lefcourt Realty Corp., pref. (quar.)_ _
75e Jan. 1 Holders of me. Jan. 6
Lehigh Portland Cement,corn.(quar.)_ _ 62M Feb.
Holders of rec. Jan. 140
Liberty Shares Corp.stock dividend__ •el
Dee. 3
Stock dividend
•el
Mar.3
Link Belt Co.common (guar.)
65e Mar. 1 Holders of rec. Feb. 15a
Lion Oil Refining (guar.)
*50e. Jan. 31 *Holders of rec. Dec. 27
Liquid Carbonic Corp.(guar.)
Feb. 1 Holders of reo. Jan. 200
$1
Lit Brothers, Phila., pref. (guar.)
41.50 Feb. I Holders of rec. Jan. 15
Loew's London Theatres (Canada) corn. 3
Jan. 15 Holders of ree. Jan. 6
Preference
314 Jan. 15 Holders of rec. Deo. 31
Loew's (Marcus) Theatres (Canada) pt.
Jan. 15 Holders of roe. Dec. 31
London Tin Syndicate
Amer. dep. receipts for ordinary shs__ *WO Jan. 16 'Holders of rise. Jan. 2
Loudon Parking (stock dividend)
"e25 Feb. 1 *Holders of rec. Jan. 15
Louisiana 011 Refining pref.(guar.)
$1.625 Feb. 15 Holders of rec. Feb. la
Ludlow TypographCom.(stock div., 1 sh. for every 10)__
Jan. 25 Holders of rec. Dec. 21
MacAndrews & Forbes common (qu.)_ _ _
65e. Jan. 15 Holders of rec. Dec. 310
Common (extra)
25e. Jan. 15 Holders of roe. Dec. 310
Preferred (guar.)
1M Jan. 15 Holders of rec. Dec. 310
MacMillan Petroleum (guar.)
*50c. Jan. 15 *Holders of rec. Dec. 31
Stock dividend
Jan. 15 *Holders of rec. Dee. 31
•e2
Macy (R. H.) & Co., corn,(guar.)
50e Feb. 15 Holders of rec. Jan. 290
Common (payable In eons. stock)
15 Feb. 15 Holders of rec. Jan. 240
Madison Square Garden (guar.)
375'c Jan. 14 Holders of rec. Jan. 40
Magma Copper Co. (guar.)
$1.25 Jan. 15 Holders of rec. Dec. 300
Magnin (1.) & Co (quar.)
*37 Ac Jan. 15 *Holders of tee. Dec. 31
Mahon (R. C.) Co.cony. pref.(guar.).55e Jan. 15 Holders of rec. Dec. 31
Manischewits (B.) Co.,corn.(in stk.)... "11
Mar. 1 *Holders of rec. Feb. 20
Corn.(pay, in cam.stock)(guar.)._ __ $11
June 1 *Holders of rec. May 20
Mfrs.& Merchants Securities
Prior preferred (guar.)
•$1.75 Jan. 15 *Holders of roe. Jan. 2
Maple Leaf Milling. pref.(guar.)
Jan. 18 Holders of rec. Jan. 3
1
Merchant Calculating Mach,(luar.)--- •40o Jan. 15 *Holders of rec. Dec. 31
Massey-Harris Co. (guar.)
75e Jan. 15 Holders of rec. Dec. 31
Mayflower Drug Stores, Inc., pfd.
*50e Jan. 15 *Holders of roe. Jan. 2
McCall Corp.. new stock (quag.) (quer) 62 Mc Feb. 1 Holders of roe. Jan. 150
McColl-Frontenac 011 (guar.)
15 Jan. 15 Holders of roe. Dee. 31
Mead Pulp & Pap.,com.(pay in com.s(k.)
Jan. 15 *Holders of rec. Dec. 31
Mengel Co.common (guar.)
50e Mar. 1 Holders of roe. Jan. 31
Metalcraft Corp., stock dividend
•250 Feb. 1 *Holders of roe. Jan. 15
Metal Textile Corp., corn.(qu.)(No. 1)_
gbe Jan. 15 Holders of me. Jan, 1
Participating preferred (extra)
250. Jan. 15 Holders of reo Jan 1
Mexican Petroleum common (guar.)--- 3
Jan. 20 Holders of reo. Dec. 31a
Preferred (qua?.)
Jan. 20 Holders of rec. Dec. 310
2
Mexican Premier Mines(No. 1)
*le Jan. 15 *Holders of reo. Jan. 5
Michigan Steel (guar.)
62 Me Jan. 20 Holders of rec. Dec. 310
Mid-City Co. of Amer.,'sem.(guar.).
- •40e Jan. 16 *Holders of rec. Dec. 27
Mid-Continent Laundries, class A (rm.)- "30e Jan. 15 Holders of rec. Dec. 31
Mid-Continent Petroleum corn. (guar.). *500 Feb. 15 *Holders of rec. Jan. 15
Mineapolls-Honeywell Reg., oom
$1.50 Feb. 15 Holders of rec. Feb. 40
Extra
50e Feb. 15 Holders of rec. Feb. 4a
Mitchell(Robert) Co., Ltd., corn.(qu.). 250. Jan. 15 Holders of rec. Dec. 31
Mitten Bank Securities Corp., COm.& Pi. 93Me Feb.15 Holders of rec. Dec. 310
Modine Mfg., corn. (guar.)
*Holders of roe. Jan. 20
*75e Feb.
Mohawk Investment (guar.)
*500 Jan. 1 *Holders of ree. Deo. 31
Moloney Electric, class A bluer,)
Jan. 15 Holders of roe. Deo. 31
$1
Montgomery Ward & Co.. corn.(quar.)_
75e Feb. I Holders of rec. Feb: 40
Morris(Philip)& Co..Ltd..corn.(qua?.) 25e Jan. 1 Holders of rec. Jan. 34
Mountain & Gulf Oil (guar.)
2e. Jan. 15 Holders of roe. Dee. 31
Mullins Mfg. pref. (quer.)
154 Feb. 1 Holders of rec. Jan. 15a
Murray Corp. (stock dividend)
Feb. 1 Holders of rec. Jan. 1.5a
e2
Mutual Investment Trust class A (qu.)... •15o. Jan. 15 *Holders of rec. Dec. 31
National Acme Co., common (quar.)-- 37 Me Feb. 1 Holders of rec. Jan. 15a
Nat. Hellas-Hess, new corn.(guar.
250. Jan. 15 Holders of rec. Jan. 20
Stock dividend (guar.)
Jan. 15 Holders of rec. Jan. 2a
el
National Biscuit, corn.(guar.)
$1.50 Jan. 15 Holders of rec Dec. 31a
National Carbon, pref.(guar.)
Feb. 1 Holders of roe. Jan. 20
2
National Cash Register, class A (guar.). 75e. Jan. 15 Holders of roe. Dec. 300
Class A (extra)
El Jan. 15 Holders of rec. Dec. 300
National Dairy Products Co.
Corn.(payable in coin.stock (qua?.).. ft
Apr. 1 Holders of reo. Mar. 3a
Corn.(payable In corn,stock) (guar.). 11
July 1 Holders of rec. June 3a
Corn.(payable in corn. stock) (guar.). /1
Oct. 1 Holders of reo. Sept. he
National Fuel Gas (guar.)
25e. Jan. 15 Holders of roe. Dec.
National Lead, corn. pref.class B (guar.) 134 Feb. 1 Holders of rec. Jan. 31
17a
Nat. Rubber Machinery. corn. (quar.)-50c Jan. 15 Holders of rec. Dec. 31
National Tea pref. (guar.)
13Me Feb. 1 Holders of roe. Jan. 14
Newberry (J. J.) Realty, pref. A (guar.). •
1
Feb. 1 *Holders of rec. Jan. 10
Preferred B (guar.)
.1% Feb. 1 'Holders of rec. Jan. 16
New Bradford 011 (guar.)
•12Mc Jan. 15 "Holders of rec. Dec. 31
Newhall Buildings Trust, Prof.(guar.)__
Jan. 15 Holders of rec. Jan. 1
New Jersey Zinc (guar.)
*500. Feb. 10 *Holders of rec. Jan. 20
Newrnont Mining Corp. (guar.)
$1
Jan. 15 Holders of rec. Dee. 27
Stock dividend
e5
Jan. 15 Holders of roe. Dec. 27
New River (Reel accurn. div.)
•$1.50 Feb. 1 *Holders of rec. Jan. 15
Newton Steel prof (guar.)
•
$1.50 Jan. 31 *Holders of reo. Jan. 15
N. Y. Air Brake (guar.)
90e. Feb. 1 Holders of roe. Jan. 7a
New York Dock,preferred
25' Jan. 16 Holders of roe. Jan. 6
New York Investors tat pref
3
Jan. 15 Holders of reo. Jan. 6
New York Transit (guar.)
40e. Jan. 15 Holders of roe. Dec. 27
Extra
10c. Jan. 15 Holders of roe. Deo. 27
Niagara Share Corp.common (guar.)... •12Me Jan. 15 *Holders of MO. Dec. 31
Nipi.sing Mines, Ltd. (quer.)
'75'c. Jan. 20 *Holders of rec. Dec. 31
Noblitt-Sparks Industries (In stock)._ 'el% Apr. 1 *Holders of rec. Mar. 20
Stock dividend
.4154 July
*Holders of rec. June 20
Stock dividend
'e154 Oct. 1 *Holders of rec. Sept. 20
Noma Electric Co. (quer.)
400. Feb. 1 Holders of rec. Jan. 15
North American Match (No. I)
$1.50 Jan. 30 Holders of rec. Jan 100
Northwest Engineering (quer.)
*Holders of roe. Jan. 15
•500. Feb.
Ohio Brass, class A & B (guar.)
$1.25 Jan. 1 Holders of rec. Dee. 31
Preferred (guar.)
154 Jan. 1 Holders of rec. Deo. 31
011 Shares, Inc., pref.(guar.)
75e. Jan. 1 Holders of rec. Jan. 4a
011 Well Supply, prof. (guar.)
Holders of rec. Jan. 11 a
154 Feb.
Oliver United Filters, class A (gust.)..- *50e. Feb.
*Holders of rec. Jan. 20
Otis Elevator. cons. (guar.)
$1.50 Jan. 15 Holders of roe. Dec. 310
Preferred (guar.)
154 Jan. 1,5 Holders of rec. Dec. 31,
Outlet Co., common (guar.)
SI Feb. 1 Holders of roe. Jan. 20a
First preferred (guar.)
154 Feb. 1 Holders of me. Jan. 200
Second preferred (guar.)
15' Feb. I Holders of roe. Jan. 20
Pacific American Co. (guar.)
•50o. Feb. 1 *Holders of roe. Nov. 18
Pacific Associates (quer.)
*50e. Feb. 15 *Holders of rec.
Pacific Coast Glass common (guar.)._ _ _ •30e. Jan. 15 *Holders of ree. Jan. 31
Pacific Cotton Seed Products, corn.(qu,) •134 Mar. 1 *Holders of ree. Dec. 31
Feb. 20
Packard Electric Co
65c. Jan. 15 Holders of rec. Jan. 5
Packard Motor Car(guar.)
25e. Mar. 12 Holders of roe. Feb. 15a
(1)
Name of Company.
251
Per
When
Cent. Payable,
Books Closed,
Days Inclusive.
Miscellaneous (Continued).
Paepeke Corp.. corn. (guar.)
Feb. 15 *Holders of rec. Feb. 8
Paramount Indus. Bankers,corn. A (qu.) 35e. Jan. 13 Holders of rec. Dec. 31
Common A (extra)
23.4c. Jan. 13 Holders of rec. Dec. 31
Preferred (qua?.)
1M Jan. 13 Holders of rec. Dec. 31
Park & Tilford, Inc.(qua?.)
75e. Jan. 14 Holders of reo. Deo. 300
Stock dividend
Jan. 14 Holders of reo. Dec. 300
1
Quarterly
75e. Apr. 14 Holders of rec. Mar. 29a
Stock dividend
Apr. 14 Holders of rec. Mar. 290
1
Parmelee Transportation ems.(mthly.) 12 Mc Jan. 10 Holders of rec. Dec. 316
Monthly
1254c Feb. 10 Holders of rec. Jan. 31a
Peabody Coal pref.(guar.)
*2
Jan. 11 *Holders of rec. Jan. 10
Pennsylvania Salt Mfg.(guar.)
$1.25 Jan. 15 Holders of rec. Dec. 31a
Penn Traffic
7540. Feb. 1 Holders of ree. Jan. 150
Philadelphia Insulated Wire
$2.50 Feb. 1 Holders of rec. Jan. 150
Extra
$1
Feb. 1 Holders of roe. Jan. 150
PhilIDSJones Co., pref.(guar.)
Feb. 1 Holders of rec. Jan. 200
Pittsburgh Forging, (qua?.)
"40e. Jan. 25 *Holders of rec. Jan. 15
Pittsburgh Screw & Bolt (guar.)
35e. Jan. 20 Holders of roe. Jan. 20
Pittsburgh Steel pref.(guar.)
1M Mar. 1 Holders of ree. Feb. 8a
Pittsburgh Steel Foundry common (Qu.) •250. Jan. 15 "Holders of rec. Jan. 2
Common (extra)
•25e. Jan. 15 *Holders of reo. Jan. 2
Plymouth Cordage (guar.)
"13.4 Jan. 20 *Holders of rec. Dec. 31
Procter & Gamble Co., pref. (guar.) --- 2
Jan. 15 Holders of rec. Dec. 214
Pure Gold Mfg.(guar.)
*50c. Jan. 15 *Holders of rec. Dec. 31
Pyrene Mfg., common (guar.)
20e. Feb. 1 Jan. 18 to Jan. 31
Q-R-S DeVry Corp., corn.
*200. Jan. 15 *Holders of roe. Jan. 2
(guar.)
Quaker Oats common (qua?.)
*81
Jan. 15 *Holders of rec. Dec. 31
Preferred (guar.)
*1.4 Feb. 28 *Holders of rec. Feb. la
Radio Products(No. 1)
•500. Feb. 1 'Holders of rec. Jan. 24
Republic Bram pref.(guar.)
134 Feb. 1 Holders of roe. Jan. 10a
Republic Supply (guar.)
•750 Jan. 15 *Holders of rec. Jan. 1
Quarterly
"750 Apr. 15 *Holders of rec. Apr. 1
Quarterly
•750. July 15 *Holders of rec. July 1
Quarterly
•750. Oct. 15 *Holders of rec. Oct. 1
Rex-Hide Rubber
•25e. Jan. 15 "Holders of roe. Dec. 31
Extra
•25e. Jan. 15 "Holders of roe. Dee. 31
Revere Copper & Brass pref.(guar.).- 154 Feb. 1 Holders of rec. Jan. 100
Itice-Stlx Dry Goods corn. (qua?.)
3754c Feb. 1 Holders of roe. Jan. 15
Richfield 011 common (guar.)
50e. Feb. 15 Holders of rec. Jan. 200
Preferred (guar.)
'43Sie Feb. 1 "Holders of rec. Jan. 4
Rich Ice Cream Co., common (extra)... •25e. Feb. 1 *Holders of rec. Jan. 15
Rio Grande Oil Co.(guar.)
d50e. Jan. 25 Holders of rec. Jan. 10
Hoover Bros
'17540 Feb. 1 *Holders of rec. Jan. 10
Royalty Corp.of Amer.,partic.pf.(mthly) lo. Jan. 15 Holders of rec. Jan. 1
Participating pref. (extra)
Me. Jan. 15 Holders of roe. Jan. 1
Royal Typewriter, common
$1.50 Jan. 17 Holders of rec. Jan. 10
Common (extra)
50e. Jan. 17 Holders of rec. Jan. 10
Preferred
314 Jan. 17 Holders of rec. Jan. 16
Russell Motor Car corn.(gust.)
1
.1M Feb.
*Holders of rec. Dec. 31
Common (extra)
•1
Feb. 1 "Holders of rec. Dec. 31
Preferred (guars)
1M Feb. 1 *Holders of rec. Dec. 31
Ruud Mfg., corn. (guar.)
85e. Feb. 1 Holders of recs. Jan. 20
St. Joseph Lead Co.(qua?.)
50e. Mar. 20 Mar. 8 to Mar. 20
Extra
250. Mar. 20 Mar. 8 to Mar. 20
Quarterly
50e. June 2 June 10 to June 20
Extra
25e. June 2 June 10 to June 20
Quarterly
50e. Sept. 20 Sept. 10 to Sept. 21
Extra
25e. Sept. 20 Sept. 10 to Sept.21
Quarterly
50c. Dec. 2 Dec. 10 to Dec. 21
Extra
25e. Dec. 2 Dee. 10 to Dec. 31
St. Lawrence Paper Malls. pref.(quar.)- 114 Jan. 1 Holders of roe. Dec. 23
Salt Creek Producers (guar.)
50e. Feb.
Holders of reo. Jan. 150
San Francisco Mines of Mexico
Amer. dep.rcts.(2 shill. 3 pence)
Jan. 1 *Holders of me. Dec. 20
Ravage Arms Corp., 2d Prof.(quar.)---- *14 Feb. 1 *Holders of roe. Feb. 1
iehletter & Zander, pref. (guar.)
*8754c Feb. 1 *Holders of rec. Jan. 31
Preferred (guar.)
'873.4c May 1 *Holders of rec. Apr. 30
Scullin Steel. pref. ((Mar.)
75e. Jan. 15 Holders of rec. Dec. 31
Seagrove Corp., corn.(guar.)
30e. Jan. 20 Holders of ree. Dec. 315
Sears. Roebuck & Co. (guar.)
'6234c Feb. 1 *Holders of rec. Jan. 15
Sears, Roebuck & Co. stock clic% (guar.) el Feb. 1 Holders of rec. Jan. 15a
Stock dividend (guar.)
el
May 1 Holders of rec. Apr. 144
Securities Company
234 Jan. 15 Holders of rec. Dec. 31
Seeman Brothers, Inc., corn.(quar.)_
75e. Feb. 1 Holders of rec. Jan. 15
Sbaffer Oil & Refining. prof.(guar.).-- 144 Jan. 25 Holders of rec. Dee. 31
Sharon Steel Hoop, corn. (guar.)
50e Jan. 25 Holders of roe. Jan. 40
Sharp & Dolime Inc. pref. A (guar.)_
873.40 Feb. 1 Holders of rec. Jan..170
Shattuck (Frank G.) Co.(extra)
50e. Jan. 20 Holders of rec. Dec. 30a
dShenandoah Corp.. prefened (guar.)._ z75c. Feb. 1 Holders of rec. Jan. 14
SIgnode Steel Strapping corn. (guar.)... •20e. Jan. 15 *Holders of roe. Dec. 31
411
Common (payable in corn. stock)
Jan. 15 *Holders of rec. Dec. 31
Preferred (guar.)
'62540 Jan. 15 *Holders of roe. Dec. 31
Silver (Isaac) & Bro. corn.(qu.)(No. 1). 25e. Jan. 20 Holders of rec. Jan. 13
Preferred (guar.)
Feb. 1 Holders of rec. Jan. 13
Sinclair Consolidated 011 ((Mar.)
500. Jan. 15 Holders of rec. Dee. 144
Southern Asbestos, common (guar.)._ _ "41.25 Jan. 15 *Holders of roe. Dec. 31
Common (extra)
•25e Jan. 15 *Holders of rec. Dec. 31
Southland Royalty (qua?.)
"25e Jan. 15 *Holders of rec. Jan. 1
-Melding (A. G.) AL Bros., corn.(qua?.).
500. Jan. 15 Holders of rec. Deo. 280
Sparta Foundry Co.
Common (payable In common stock). 125 Jan. 15 Holders of roe. Dec. 31
Spicer Manufacturing pref. (guar.)
75e. Jan. 15 Holders of rec. Jan. 4o
Standard Investing Corp., pref.(qu.).._ $1.375 Feb. 15 Holders of rec. Jan. 27
Stand. Roy. Wetumpka Corp. (mthly.)
le. Jan. 15 Holders of rec. Dec. 31
Stand. Royalties Wewoka Corp.(mthly.)
lc. Jan. 15 Holders of rec. Dec. 31
Stand. Royalties Wichita Corp.(mthly.)
lc. Jan. 15 Holders of rec. Dec. 31
Stanley Works. corn. (guar.)
'4354c Feb. 1 *Holders of ree Jan. 7
State St. Investment, Boston (qua?.)... •75c. Jan. 15 *Holders of reo. Dec. 31
Steel Co. of Canada, ordinary (guar.)._ 43540. Feb. 1 Holders of rec. Jan. 7
Preference (guar.)
43540, Feb. 1 Holders of rec. Jan. 7
Stetson (John B.) common
$3.75 Jan. 1 Holders of reo. Jan. la
Preferred
$1
Jan. 1 Holders of rec. Jan. la
Stewart-Warner Corp.
New 310 par stock (in stock)
e2
Feb. IL Holders of rec. Feb. 50
Stone & Webster, Inc
$2
Jan. 1 Holders of rec. Dee. 180
Sullivan Machinery (qua?.)
SI
Jan. 15 Jan. 1 to Jan. 7
Sundstrand Machine Tool (guar.)
*50e. Jan. 15 'Holders of rec. Dec. 31
Sun-Glow Industries (guar.)
500. Feb. 1 Holders of rec. Jan. 22
Sunset Stores, preferred
$3.50 Feb. 1 Holders of rec. Jan. 19
Sunray 011 Corp
*2
Jan. 15 'Holders of roe. Dec. 28
Superheater Co. (extra)
62M 0. Jan. 15 Holders of rec. Jan. 4
Sweets Co. of America (guar.)
260. Feb. 1 Holders of roe. Jan. 150
Swift International
$1.25 Feb. 15 Holders of rec. Jan. 15
Teck Hughes Mines (quer.)
15e. Feb. 1 Jan. 18 to Jan. 31
Telautogmph Corp. (qua?.)
30e. Feb. 1 Holders of rec. Jan. 15a
Extra
Sc. Feb. 1 Holders of rec. Jan. 15a
Thompson (J. R.) Co. (monthly)
30e Feb. 1 Holders of rec. Jan. 230
Monthly
30e Mar. 1 Holders of rec. Feb. 21a
Thompson Products pref.(guar.)
Mar. 1 *Holders of roe. Feb. 20
Tide Water Associated 011
30e Feb. 15 Holders of rec. Jan. 310
Semi-annual
30e Aug. 15 Holders of rec. July 310
Tooke Bros., pref. (guar.)
1M Jan. 15 Holders of rec. Dee. 31
Transamerica Corp. (guar.)
•400. Jan. 25 *Holders of reo. Jan. 5
Stock dividend
Jan. 25 *Holders of roe. Jan. 5
*el
Transue & 1,Vms. Steel Fong.. corn.(qu.) 25e. Jan. 15 Holders of ree. Dec. 31a
Truax-'rraer Coal, common (qua?.)____
40e. Feb. 1 Holders of rec. Jan. 21a
Truscon Steel Co.(guar.)
30e. Jan. 15 Holders of rec. Dee. 26a
Stock dividend
Mar. 6 Holders of roe. Jan. fla
Tuckett Tobacco, corn. (guar.)
1
Jan. 15 Holder* of rec. Dec. 31
Common (extra)
2
Jan. 15 Holders of rec. Dec. 31
(qua?.)
Preferred
154 Jan. 15 Holders of roe. Dec. 31
Tudor City Fifth Unit, Inc., pref
3
Jan. 15 Jan. 1 to Jan. 15
Tung Sol Lamp Works,common (guar.) •50e. Feb. 1 'Holders of roe. Jan. 20
Preferred (guar.)
'75c. Feb. 1 *Holders of me. Jan. 20
Twenty Wacker Drive Bldg.. Chicago
Preferred (qua?.)
•$1.50 Jan. 15 *Holders of rec. Dec. 31
United Biscuit pref. (guar.)
Feb. 1 Holders of rec. Jan. 170
United Piece Dye Works, corn.(quar.)_
500. Feb. 1 Holders of rec. Jan. 15a
Common (qua?.)
500. May 1 Holders of rec. Apr. 15s
Common (guar.)
50e. Aug. 1 Holders of nse. July 15s
Common (qua?.)
50e. Nov. 1 Holders of rec. Oct. 154
154
252
Per
When
Cent. Payable.
Name of Company.
Books Closed
Days Inclusive.
Miscellaneous (Concluded).
United Verde Extension Mining (qu.)
Feb. 1 Holders of rec. Jan. 20
$1
U.S. Cast Iron Pipe & Fdy., corn.,(qu.) 500. Jan. 20 Holders of rec. Dec. 310
First Sc second pref. (quar.)
30c. fan. 20 Holders of ree. Dec. 310
United States Finishing common (qu.)_ _
500. Jan. 15 Holders of rec. Jan. 6
Common (payable in corn. stock)
hl
Jan. 15 Holders of rec. Jan. 6
U.S.A: Foreign Sec. 1st Pt.(Q-)
31.50 Feb. 1 Holders of rec. Jan. ha
U. S. Industrial Alcohol, corn. (quar.)
$1.50 Feb. 1 Holders of roe. Jan. 15a
U. S. Radiator, corn.(quar.)
500. Jan. 15 Holders of rec. Jan. 2
Preferred (quar.)
1% dJan. 15 Holders of rec. Jan. 2
U.S.Smelting, ReTg & Min.,corn.(qu.) 8704c Jan. 15 Holders of rec. Dec. 310
87%c Jan. 15 Holders of roe. Des. 316
Preferred (quar.)
Universal Leaf Tobacco common (qu.)._
75e. Feb. 1 Holders of rec. Jan. 17a
Vadsco Sales Corp. Prof. (quar.)
1% Feb. 1 Holders of rec. Jan. 15a
Victor Talking Machine, corn. (quar.)_ $1 Feb. 1 Holders of rec. Jan. 11
Preferred (quar.)
15j Jan. 15 Holders of rec. Jan. 11
Vogt Mfg. (quar.)
*50e. Apr. 1 *Holders of rec. mar. 15
Vulcan Detinning pref.(qua?)
1% Jan. 20 Holders of rec. Jan. 90
Preferred (acc't accum.diva.)
114
Jan. 2 Holders of rec. Jan. 90
Preferred A (quar.)
1% Jan. 20 Holders of rec. Jan. 9a
Preferred (Seel accum diva.)
/14
Jan. 20 Holders of rec. Jan. tia
Warner Co.. corn. (quar.)
50c. Jan. 15 Holders of rec. Dec. 310
Common (extra)
50c Jan. 15 Holders of rec. Dot. 31a
Western Grocers, Ltd.(Canada), pf.(qu) 1% Jan. 15 Holders of rec. Dee. 20
Western Insurance Securities
*250. Mar. 1 Holders of rec. Feb. 15
Western Steel Products (special)
50c. Jan. 15 Holders of rec. Jan. 2
Western Tablet & Stationery corn.(qu.)_
50c. Feb. 2 Holders of rec. Jan. 21
50c. Jan. 31 Holders of rec. Dec. 316
Westinghouse Air Brake (quar.)
Westinghouse Elec. &Mfg.,coin. (qu.)_ $1.25 Jan. 31 Holders of rec. Dee. 316
Preferred ((Mar.)
$1.25 Jan. 15 Holders of rec. Dec. 310
White Eagle Oil & Refg.(quar.)
500. Jan. 20 Holders of rec. Dec. 310
Wieboldt Stores (quar.)
*40e. Feb. 1 *Holders of rec. Jan. 18
Will & Baumer Candle common (qu.)
10e. Feb. 15 Holders of rec. Feb. 1
*350 Feb. 1 *Holders of rec. Jan. 15
Williams (R. C.) & Co.(quar.)
Wilson Line, Inc., preferred
$3.50 Feb. 15 Holders of rec. Jan. 15
25e. Feb. 1 Holders of rec. Jan. 200
Wrigley (Wm.) Jr., Co.(monthly)
50e. Mar. 1 Holders of rec. Feb. 206
Monthly
25e Apr. 1 Holders of rec. Mar. 20a
Monthly
25e. May 1 Holders of roe. Apr. 190
Monthly
*12%e Feb. 1
Yellow Cab Co.(Pitts.)(mthly.)
5123(c Mar. 1
Monthly
•From unofficial sources. 7 The New York Stock Exchange has ruled that stock
will not be quoted ex-dividend on this date and not until further notice. 2 The
New York Curb Market Association has ruled that stock will not be quoted exdividend on this date and not until further notice.
a Transfer books not closed for this dividend. it Correction. e Payable in stock.
S Amer. Cities Power & Light dividends are as follows: On class A stock at
option of stockholders. 75e. cash or 1-32 share of class B stock; class B. 254% In
class B stock.
cUnless notified by Jan. 10 will pay div. in common A stock.
f Payable in common stock. p Payable in scrip. h On account of accumulated
dividends. ,f Payable in preferred stock.
i Middle West Utilities $6 pref. stock city. payable at option of holder either
$1.50 cash or three-eightieths share common stock.
It Payable either in cash or one-fortieth share class A stock for each share held.
m Corporation Securities dividend payable either 75c. cash or 1-40th share corn.51k.
o Nashville Chattanooga & St. Louis stock dividend subject to approval by board
of directors at meeting on Jan. 14.
p Electric Bond & Share dividend Is 114% payable (3-200ths of a share) in common
stock. Similar dividend at same rate is Payable on common stock Issued after
Dec. 13 1929 for common stock of the Electric Investors, Inc., under plan of reorganization.
N. Y. Stock Exchange rules Cutler Hammer, Inc., common stock be quoted
ex the 20% stock dividend on Jan. 16.
f International Hydro-Electric System dividend is 50c. cash or 1-50th share
class A stock at option of stockholder.
u Knott Corporation dividend payable either 600. cash or 1-50th share stock for
each share held.
tt British Amer.Tobacco dividend Is one shilling, eight pence per share. Transfers
received in London up to Dec. 28 will be in time for payment of div. to transferees.
w Less deduction for expenses of depositary.
z Shenandoah Corp. dividend will be paid in common stock at rate of 1-32nd share
common for each share pref. unless written notice is received on or before Jan. 14
of the desire to receive cash.
Ir North American Gas& Electric dividend optional either cash or class A stock at
rate of one-fortieth share.
Weekly Return of New York City Clearing House.
Beginning with Mar. 31 1928, the New York City Clearing
House Association discontinued giving out all statements
previously issued and now makes only the barest kind of a
report. The new returns show nothing but the deposits,
along with the capital and surplus. We give it below in full:
STATEMENT OF MEMBERS OF THE NEW YORK CLEARING HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY, JAN. 4 1930.
Clearing House
Members.
*Capital.
*Surplus and Net Demand
Deposits
Undivided
Average.
Profits.
$
6,000,000
Bank of N.Y.& Tr. Co._
22,250,000
ManhattanTr.Co.
Bankof
33,775,300
Bank of America Nat.Assn
110,000.000
National City Bank
15,000,000
Chem. Bk. dr Trust Co
90,000,000
Guaranty Trust Co
Chat.Ph.Nat.Bk.&Tr.Co, t16.200,000
21.000,000
Cent. Han. Bk.&'Tr. Co_
12,100,000
Corn Exch. Bk.Trust Co10.000,000
First National Bank
50,000,000
Irving Trust Co
6,000,000
Continental Bk.& Tr. Co.
105,000,000
Chase National Bank
500,000
Fifth Avenue Bank
(150,000.000
Equitable Trust Co
25,000,000
Bankers Trust Co
10,000,000
Title Guar. & Trust Co
h6,000.000
Fidelity Trust Co
3,000,000
Lawyers Trust Co
New York Trust Co
12,500,000
Commercial Nat. Bk.&Tr.
7,000,000
Harriman Nat. Bk. & Tr1,500,000
Clearing Non-Members
City Bank Farmers Tr.Co.
Mech. Tr. Co., Bayonne..
Pmela
10,000.000
500,000
aomoom,nn 1
Time
Deposits
Average.
$
$
$
67,274,000
14,240,000
9,877,000
43,228,400 201,153.000
41,263,000
39,281,300 165,908,000
52,015,000
126,952,400 a1151753,000 216,863,000
21,317,400 215,911,000
20,407,000
198,809,000 b856,229,000 102,630,000
f19,380,100 167,249,000
36.621,000
79,033,800 379,897,000
43,996.000
22,804,200 182,548,000
30.706,000
102,357,300 272,940,000
15,308,000
82,750,000 388,504,000
52,088,000
11,275,400
768,000
10,446.000
136,206,100 c782.859,000
88,866,000
3.814,100
25,330,000
1,347,000
57,433,000
g63,988,000 4504,311,000
82,753,300 e431,832,000
49,734,000
39.484,000
1,541,000
24,498,700
41,609,000
h5,617,400
4,836,000
1,886,000
17,400,000
4,508,200
22,834,000
34,047,700 174,446,000
6,830,000
8,416,700
47,105,000
5,751,000
33,964,000
2,822,200
8,510,000
3,043,000
11,093,900
860,500
IAA
nxbx uln
A
1,449,000
5.445,000
10070000n
870.404.000
* As per official reports: National, Oct. 4 1929; State, Sept. 27 1929; Trust
Companies, Sept. 27 1929. f As of Oct. 8 1929. g As of Dee. 19 1929. h As
of Oct. 2 1929.
Includes deposits in foreign branches: (a) $318,510,000: (b) $151,369.000;
(c) $12,277,000; (4) $126,352,000: (e) $60,727,000.
[Vora. 180.
FINANCIAL CHRONICLE
The New York "Times" publishes regularly each week
returns of a number of banks and trust companies which are
not members of the New York Clearing House. The folowing are the figures for the week ending Jan. 3:
INSTITUTIONS NOT IN CLEARING HOUSE WITH CLOSING OF BUSINESS
FOR THE WEEK ENDED FRIDAY, JAN. 3 1930.
NATIONAL AND STATE BANKS
-Average Figures.
OtherCash Res., Dep., Dep. Other
Including N. Y. arid Banks and
Gross
Gold. Bk.Notes. Elsewhere, 7'rust Cos. Deposits:
Loans.
Manhattan-$
$
$
$
$
$
Bank of U S._ _ _ 219,511,000 162,000 5,375,000 31,745,000 2,223,000 216,917.001
191,600
334,200
Bryant Park Bk_ 2,520,300
2,034,00(
1 475,000 1.372,000
Chelsea Exch. Bk 21,871,000
19,723,001
Grace National__ 21,372,051 5,000 181,422 2,036,842
74,290 20,984,991
3,478,000 34,500
93,300
176,300
2,784,801
Port Morris
Public National- 146,199,000 78,000 2,730,000 9,422,000 22,768.000 150,443.001
Brooklyn
8,523,400 16,000
61,700
Brooklyn Nat'l
516,300
667,500 5,773,00(
520,000
73.000 7.100.001
Peoples Nat'l_ _ .. 7.300.000 5,000 133,000
-Average Figures.
TRUST COMPANIES
Loans.
Cash.
Res've Dep.. D6 08 0
P . ilier
N. Y. and Banks and
Gross
Elsewhere. Trust Cos. Depositsa
$
$
$
$
Manhattan$
51,851,600 12,462,200 1,477,300
25.700 55,101.400
American
105,411
858,860
15,399,830
Bank of Europe Sc Tr. 16,148,230
835,983 1,914,860
24,660,163
25,188,933
Bronx County
Central-Hanover.._ _ _ 450,088,000 2,933.000 1,622,000 24,023,000 566,419,000
84,408,100 *5,197,000 7,512,700 4,193,100 85,830,300
Empire
160,643 1,221,022
132,139 17,035,194
17,458,458
Federation
573,200
18,700,000 *2,590,600
16,958,800
Fulton
371,181,000 4,110,000 62,439,000 3,985,000 364,089,000
Manufacturers
83,676,969 5,000,000 11,260.959
73,336,278
United States
Brooklyn
117,954,000
115,276,000 2,832,000 23,825,000
Brooklyn
27,612,781 2,206,049 3,893,858
27,097,371
Kings County
Bayonne, N. J.Manhonlock
RR 7(1.0 805
307.254
822.901
314.173 8.882.627
* Includes amount with Federal Reserve Bank as follows: Empire, $3,392,100;
Fulton, $2,431,700.
-In the
Boston Clearing House Weekly Returns.
following we furnish a summary of all the items in the
Boston Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
Jan. 8
1930.
Changesfrom
Previous Wee/c.
Jan. 1
1930.
Dec. 24
1929.
$
96.975,000 Unchanged
96,975,000
96,975,000
Capital
102,059.000
+549,000 101,510,000 101,610,000
Surplus and profits
Loans,&sole Sc invest'ts_ 1,111,595,000 -6,700,000 1,109,973,000 1.114,497,000
716,944,000 +1,622,000 723,644,000 706,375.000
Individual deposits
171,477,000 +16,987,000 154,490,000 154,961,000
Due to banks
259,264,000 -3,148,000 262,412,000 263,695,000
Time deposits
3,703,000 -1,292,000
5,675,000
4,995,000
United States deposits
37,842,000 -2,750,000
40,592,000
30,636,000
Exchanges for Ci'g House
99,335,000 -7,556.000 106,891,000
93,203,000
Due-from other banks
91,054,000 +4.653,000
86,351,000
86,396,000
Res've in legal deposit's
9,486,000 -1,152,000
10,638,000
10,698,000
Cash in bank
4,158,000 +3,451,000
707,000
1,423,000
Rueve excess in F.R.Bk.
-The Philadelphia Clearing House
Philadelphia Banks.
return for the week ending Jan. 4, with comparative figures
for the two weeks preceding, is given below. Reserve
requirements for members of the Federal Reserve System
are 10% on demand deposits and 3% on time deposits, all
to be kept with the Federal Reserve Bank. "Cash in vaults"
is not a part of legal reserve. For trust companies not
members of the Federal Reserve System the reserve required
is 10% on demand deposits and includes "Reserve with
legal depositaroes" and "Cash in vaults."
Beginning with the return for the week ending May 14 1928,
the Philadelphia Clearing House Association discontinued showing the reserves and whether reserves held are above or below
requirements. This will account for the queries at the end
of the table.
Week Ended Jan. 4 1930.
Two Ciphers (00)
omitted.
Trust
Members of
A.R.System Companies.
$
61,491.0
Capital
214,109,0
Surplus and profitsLoans, dlscts. Sc Invest. 1,073.027,0
62,994,0
Exch. for Clear. House
119,980,0
Due from banks
148,241,0
Bank deposits
Individual deposits--- 662,307,0
210,720.0
Time deposits
1,021,268,0
Total deposits___
71,184,0
Res, with legal depos
Res. with F. R. Bank_
12,287,0
Cash in vault*
83,471,0
Total res. Sc cash held..
Reserve required
Excess reserve and cash
in vault
Dec. 28
1929.
Dec. 21
1929.
Total.
69,485.0
68,991,0
69.485,0
7,500,0
16.671,0 230,780,0 231,699.0 231,699,0
66,360,0 1,139,387,0 1,149,601,0 1,156,941,0
509,0
63,503.0
41,703,0
42,216,0
13,0 119,993,0
99,603,0 101,566,0
1,658,0 149,899,0 147,579,0 142,149,0
32,435,0 694,742,0 651,215,0 663,115,0
15,067,0 225,787,0 227,334,0 228,501,0
49,160,0 1,070,428,0 1,026,128,0 1,033,765,0
71,184,0
71,542,0
71,338.0
6,817,0
6,817,0
4,741,0
5,220,0
1,650,0
13,937,0
15,711,0
17,056,0
8,467,0
91,938,0
91,994,0
93,614,0
7
1
*Cash in vault not counted ea reserve for Federal Reserve members.
7
•
253
FINANCIAL CHRONICLE
JAN. 111930.]
Weekly Return of the Federal Reserve Board.
the condition
The following Is the return issued by the Federal Reserve Board Thursday afternoon, Jan. 9, and showingfor the system
present the results
the
a the twelve Reserve banks at the close of business on Tuesday. In and first table we the corresponding week last year.
with those of
as a whole in comparison with the figures for the seven preceding weeks of the twelve banks. The Federal Reserve Agents'
The second table shows the resources and liabilities separately for each
Comptroller and
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between thethe returns for this
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon
atest week appears on page 211, being the first item in our department of "Current Events and Discussions."
CLOSE OF BUSINESS JAN. 8 1930.
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE
Jan. 9 1929.
Jan. 8 1930. :Dec. 31 1929.IDec. 24 1929. Dec. 18 1929. Dec. 11 1929. Dec. 4 1929.! Nov. 27 1926.1.Noe. 20 1929.
1
RESOURCES.
1,219,166,000
1,685.479,000 1,676,918,0001 1,732,160.000 1,756,080,000 1,628,207,000 1,642,055,000 1.629,465,0001,548,485,000
Gold with Federal Reserve agents
73.400,000
76,287.000
76,287,000
76,287.0001
76,787,000
73,787,000
74,787,000
73,787,000
73.287,000
Gold redemption fund with U. S. Treas.
1,718,352,000 1,705,752,000,1,624,772,000 1,292,566,000
Gold held exclusively agst. F. R.notes 1,759,266,000 1,750,205,0001 1,805,947,000 1,830,867.000 1,704.994,000 550,717,000 593,449,0001 718.728,000 684,091,000
534,305,000 511,243.000; 489,879,000 485,531,000 523,502,000
Gold settlement fund with F. It. Board
723,897.000 688,227,000; 698.195,000 655,015,000
Gold and gold certificates held by banks_ 635.776,000 595.603,000, 525,814,000 566,410,000 735,652.000
1
2,631,672,000
2,821,640.000 2,882,808,000 2,964,148,000 2,992.966,000 2,987.428,000,3.041,695.000 151.435,000
2,929,347,000 2,857.051,000
Total gold reserves
153,933
175,783,000 153,877,000, 129,106.000 143,345,000 145,719,000 145,782,000 147,192.000'
Reserues other than gold
1
2.783,107.000
3,105,130,000 3,010,928,000 2,950,746,000 3.026,153.000 3,109,867,000 3,138,748,000 3,134,620,000,3,195.628,000
Total reserves
99,091,000
79,833,000
79,061,000; 91,042,000
76.472,000
67,687,000
81,909,000, 61,310,000
85,674,000
Non-reserve cash
Bills discounted:
424,932.000 463.173,000 429,160,000 558,186,000
Secured by U. S. Govt. obligations.._ 319,217,000 353.559,000 430,556,000 382,461,000 398,729,000
470,398,000 318,361,000
248,398,000 278,862,000 332,225,000 354,577,000 370.193,000 447,378,000 449,176,0001
Other bills discounted
912,349,000, 899.558.000 876,547,000
567,615,000 632,421,0001 762.781.000 737,038,000 768,922,000 872,310,000
Total bills discounted
283,831,000 477,100,000
319,167,000 392,209,000 354,943,000 309,411,000 321,840,000 256,518,000 257,315,000'
Rills bought in open market
1
U. S. Government securities:
52.666,050
76,791,000
62,791,000
37,955,000
50,971,000
76,817,0001 68,837,000
68,818,000
72,304.000
Bonds
121,998,000 113,425,000
180,624,000 215,604,000: 201,082,000 198,794,000 193.374,000 183,413,000 134.649,0001 127.739,000
Treasury notes
73,151,000
128.658.000
231,914,000 218,166.000: 215,124,000 265,653,000 142.589,000 133,776,000
Certificates and bills
1
355.144,000 326,098.000, 326.528,000 239,242,000
484,842,000 510,587,000 485,013,000 533.265,000 386,934.000
Total U. S. Government securities
9,325,000
20,348,000
18.698,00W
18,698,000
12,300.000:
9,770,000
9.752,000: 13,603,000
12,700,000
Other securities (see note)
Foreign loans on gold
1.514,460,00011,530,265,000 1,602,714,000
1,384,324,000 1,547,517,0001,612,537,000 1,589,466.000:1,491,299,000 1,502,670,000
Total bills and securities (see note)
Gold held abroad
729,000
728,000
723,000
724,000
721,000
724.000
721,000
,
722,0001
724,000
Due from foreign banks (see note)
789,400,000 691,004,000
674.493,000 748,736,000: 776,546,000 870.381.0001 682,767,000 639,918,000 676,919,00011
Uncollected items
58,591,000
59,120,000
59,157,000
59.171.000
59,323,000
07,359,000
58,149.000
Hank premises
7,678,000
11,493.000
11.637,000
11.928.000
11,089.000
13,021.000
11.275,0001
10,779.000
11.788,000
All other resources
1
1
1
1
1
5,476,577.000:5.677,676.000 5,242,914,000
Total resources
LIABILITIES.
F. R., notes in actual circulation
Deposits:
irember banks-reserve account
Government
Foreign banks (set sole)
Other deposits
5,320,282,000 5.455.445.000;5.472.278.000 5,624,456,00015,433,322,000 5.483.042.000
Total deposits
Deferred availability items
Capital paid In
Surplus
All other liabilities
2,422,299,000 2,413,675,000 2,375.211,0002,439,132.000 2.425,693,000 2.452.6S3,900 2,437,037.0002.562.613,000
598,980,000 672,922,000, 634,746,000 787,634.000 620.399,000 623.940,000 641,558,000; 723,722,000
170,307,000 170,973,000 170,760.000 170,148,0001 168,357,000 I 168,388.000 168,321,000, 167,854,000
276.936,000 276.936,000 254,398.000 254,398,0001 254,398,000 254,398,000 254,398,000 254,398,000
45,082.000;; 44,099,000
45,163.000
14,216,000
48,004,000
14,846,000
47,121,000, 46.161,000
2,452,239,000
629,574,000
146,826,000
254,398,000
14,615,000
5.677.676,000
Total liabilities
5,320,282,000 5,458,445,000 5,472,278,000 5,624,456,000'5,433,322,000 5,403,042.000 5,476,577,0001
Ratio of gold reserves to deposits and
67.7%
68.4%
68.1%
68.4%
64.6%
68.2%
66.0%
F. R. note liabilitlea combined
69.0%
Ratio of total reserves to deposits and
71.2%
71.8%
71.5%
69.6%
67,6%
69.3%
71.6%
F. R. note liabilities combined
72,9%
Oantingent liability on bills purchased
510,172,000
for foreign correspondents
527,816,000 547,962,000 540,863,000 539,798,000 617,659,000 505,491,000 509,380,000
5,242,914,000
1
1,930,181,0001.924,990,000 1,745,262,000
1,836,854,000 1.909,723,000 1,989.159.000 1,926.023,000 1,918,314.000 1,938,470,000
984,000 2,401,001.000 2.375,050.000'2,518,202.000 2,404,678,000
0
216, 0012,396,
,
2.355,263,0001 2,320.118.000 2 408,
2,367,250,000
14,108,000
23,871,000
6,048.000
25,130,000
28,852.0001
5,710,000
23.850.000,
30,671,000
5,539,000
18,883,000
3,091.000
5,798.000
22,027,000'
3.310,000
5,880,000
19,619,000
25.346,000
5,774,000
20,562,000
35,847,000,
5,021.000,
20,519,000'
18,036,000
5.48.0,000,
19,995,000:
5,853,000
27,600,000
62,7%
66.3%
333,971,000
s
$
$
$
$
Distribution by Matur05es$
65,270,000 146,784,000
74,963,000
93,042.000
1-15 days bills bought in open market _ 207,684,000 280,459.000 258,148.000 177,017,000 176.762,000
741,362,000
674,134,00
1-15 days bills discounted
439,800,000 508,072.000 619,597,000 584,000.000 588,602,000 667,708,000 692,626,000
23,020,000
570,000
490,000
61,453,000
160,000
62,751,000
69,800,000
1-15 days U. S. certif. of Indebtedness_
103,000
150.000
125,000
150,000
1-16 days municipal warrants
103,000
89.543,000
60.158,000
76,510,000
93,268.000
45.814,000
55,742,000
99,308,000
90.483,000
42,908,000
16-30 days bills bought in open market _
37,238,000
65,415,000, 61,074,000
65,403,000
36,331,000
45,414,000
60,820,000
52,654.000
116-30 days bills discounted
34,874,000
58,250,000' 57,243,000
46-30 days U. S. certif. of Indebtedness.
600,000
100,000
556,000
103.000
50,000
85,000
46-30 days municipal warrants
:360000
99 6 000, 145,298.000 139,511,000
92 08 :
63,078,000
47.422,000
30,234,000
36,346,000
45,823,000
32,940,000
11-60 days bilis bought in open market _
49,880,000
100.044.000
81,928,000
48,742,000
54,317,000
70.713.000
45,295,000
58,326,000
41-60 clays bills discounted
90.000
41-60 days U. S. certif. of Indebtedness_
531,000
481,000
25.000
60.000
61-60 days municipal warrants
97,221,000
12,676.000
8 000
6 05400
43:95 : 0
6,600,000
18,310,000
10,344.000
8,803,000
22,684,000
8,493,000
51-90 days bills bought In open market
35,162,000
47,283.060
40.410.000
25,932,000
29,578,000
32,669,000
30.247,000
28,200,000
41-90 days bills discounted
22,888,000
13,090,000
81,338,000
80,409,000
87,793,000
65,101.000
81-90 days U. 14. certif. of indebtedness_
17,000
81-90 days municipal warrants
4,041,000
429.000
698,000
526,000
204.000
475,000
621.000
596,000
478.000
Over 90 days bills bought in open market
12,905,000
16,973.000
17,994.000
16,861.000
13,340,000
13,875,000
16,118,000
12,871,000
13,858,000
Over 00 days bills discounted
27,243,000
56,746,000
69.918,000
72.323.000
144,121,000 136,828.000 134.555,000 130,752,000
79,838.000
Over 00 clays certif. of Indebtedness
17,000
17,000
47,000
17,000
18,000
47,000
17,000
Over 90 days municipal warrants
3,001,234,000
3,588,714,000.3,644,332,000 3,672,456,000 3.692,970,000 3,687,654,000 3,617,348.000 3.601,128,000 3,597,498,000 753,582,000
F. It. notes received from Comptroller_
1,225,186,000 1,217,748,000 1,166,138,000 1,192,324,000 1,229,468,000 1,167,103,000 1,172,108,000 1.170,449,000
F. It. notes held by F. It. Agent
Issued to Federal Reserve Banks
2,363,528,000 2.426,584,000 2,505,918,000 2,500,646,000 2,458,186,000 2.450,245,0002,429.020,000 2,427,049,000
2,242,652,000
How Secured
371,273,000
413,959,000 414,048,000 455,090,000 455.510.000 342,937,000 355,695,000 355.695,000 357,715,000 101,271,000
By gold and gold certificates
Gold redemption fund
746,622,000
fund-Federal Reserve Board... 1,271.520,000,1,262,870,000 1,277.070,000 1.300,570,000 1,265.270,000 1,236,370,000 1,273,770,000 1.190.770,000 1,314,853,000
Gold
854,099,000; 920,462,000 1,084,535,000 1.017,101,000 1,014.119,000 1,094,771,000 1,125,269,000 1,136,223,000
By eligible paper
2,534,019,000
Total
_.2,539,578,000 2.647,380,000 2.816,695,000 2,773,181,000 2.672.326,000 2.736,836.000 2.754.734.0002.884,708.000
*Revised figures.
nue
NOTE.
-Beginning with the statement of Oct. 7 1925, two new terns were added in order to show separately the amount of balances held abroad and amounts to
changed
to foreign correspondents. In addition, the caption. "All other earning assets," previously made up of Foreign Intermediate Credit Bank debentures. was
total or
"Other securities," and the caption, -Total earning wets- to "Tote bills and securities." The latter item was adopted as a more accurate description of theincludeo.
the discounts, acceptances and securities neardred under the Provision of Sections 13 and 14 of the Federal Reserve Act, which, It was stated. are the only items
Therein.
8_1930
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OP EACH OF THE 13 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS JAN.
Two ciphers (00) omitted.
Federal Reserve Bank of-
Total.
Boston.
New York.
Sag Fres.
Cleveland. Ilichrnond Atlanta. Chicago. Si. Louis. Minneap. Kan.City. Dallas.
$
RESOURCES.
$
,Gold with Federal Reserve Agents 1,685,479,0229,917,0
73.787,0 6,928,0
Gold red'n fund with U. B. Treas.
$
I
$
238,594,0 129200,0 130200,0 71,401,0 115,130,0 239,564,0 81,330,0
16,814.0 4,920,0 5,493,0 3,180,0 3,169.0 11,420,0' 5,734,0
Gold held excl. eget. F.R.notes 1,759,266,0236,845,0
Gold settle't fund with F.R.Board 534,305,0 13,026,0
'Gold and gold Ws held by banks.. 635,776,0 34,947,0
255,408.0 133,920,0 137,393,0 74,581,0 118,299,0 300,984,0' 87,064,0 67,127,0
182,001.0 23.543,0 78,796.0 15,340,0 8,442,0 77,345,0, 18,050,0 14,049,0
369,754,0 40,527,0 44,768,0 12,326.0 3.571,0 77,093,0' 5,778,0 4,311,0
Total gold reserves
Reserve other than gold
2,929,347,0 284,818,0
175,783,01 18,850,0
Total reserves
3,105,130,0 303,668,0
Non-reserve cash
85,674,0 11,322.0
Sills discounted:
See. by U. S. Govt. obligations 319,217,0 10,718,0
248,398,0 11,726,0
Other bills discounted
4
6Ng:g 73127:g 31:1B:S1222:7 2N
5
76
48:W:g N:1 RS22N:S
6,470,0 9,032,01 27,199.0
86,387,0 131,680,0 63,766,0 297,713.0
3,163,0 7,056,0 4,428,01 11,261,0
807.163,0 197,990,0 260,957,0 102.247,0 130,312,0455,422,0 110,892,0,
56,878,0 15,105,0 9,915.0 7,849,0 16,118,0 15,532,0 9,628,0'
864,041.0 213,095,0 270,872,0 110,096,0 146,430,0 470,954,0 120,520.0
15,429,0 4,340,0 5,925,0 5,707,0 5,745,0 12,651,0 7,366,0/
89,550,0 138,736,0 68,194,0 303,974,0
2,432,0 2,397,0 4,320,0 7,040,0
61,734,0 11,672,01
35,185,0 7,198,01
2,281,0 13.888,0 3,657.0 23,290,0
6,923.0 19,391,0 12,513,0 12,408,0
96.919,0 18.870.0
32,358,0 10,300,0
9,204,0 33.279,0 16,170,0 35,698.0
7,285,0 3,417,0 8,886,0 33,385,0
Total bills discounted
Bills bought in open market
0. S. Government securities:
Bonds
Treasury notes
Certificates of indebtedness
567,615,0 22,444,0
319,167,0 16,463,0
109,339,0 24.630,0 47,161,0 7,135,0 3,712,0
21,838,0 32,065,0 31,809,0 25,426.0 31,916,0
131,177,0 56,695,0 78.970,0 32,561,0 35,628,0
152,336,0 7,361,0 17,698,0 11,213,0 18,465,0
72,304,0 3,551,0
180,624,0 6,072,0
231,914,0 16,227,0
13,657,0 3,658,0 4,055,0
96,723,0 13,818,0 12,221,0
104,876,0 24,330,0 13.203,0
3,441.0
1,443,0
4,675,0
23.0 25,438,0 3.044,0
3,442,0 11,763.0 12,765,0
5,386,0 31,234,0 13,457,0
Total U. A. Gov't securities
484,842,01 25,850,0
215.256,0 41.806,0 29,479,0
9,559,0
8,851,0 68,435.0 29,266,0 16,438,0
5,927,0
5,653,0
4,858,0
263,0
2,800,0
9,510,0
5,861,0 10,600,0
9,652,0 1,216.0
3,063,0 25.023,0 11,816.0
254
FINANCIAL CHRONICLE
RESOURCES (Concluded)
Two driers (00) omitted.
Total.
Total bills and securities
Due from foreign banks
Uncollected items
Bank premises
ell other
Boston.
New York.
$
Other securities
Foreign loans on gold
12,700,0
$
1,000,0
7,550,0
1,384,324,0 65,757,0
724,0
53,0
674,493,0 65,638.0
58.149,0
3,580,0
11,788.0
95,0
Phila.
Cleveland. Richmond Atlanta.
S
'
S
1,000,0
1,500,0
[VOL. 130.
Chicago. &.Louis. Minneap. Kaa.Cfly. Dallas. Baslraa
5
3
1,500,0
30,0
120,0
506,319,0 106,862.0 127,647.0 53,333,0 62,944,0 199,212,0
58,466,0 33,047.0 39,759,0 50.079,0 80,899,0
240.0
70,0
72,0
30.0
28,0
96.0
26,0
17,0
22,0
22.0
50.0
175,435,0 60,208,0 61,984,0 50,294,0 23,449.0 81,272.0
34,154,0 14,791,0 42,350,0 28.735.0 36,185,0
15,664,0
1,782,0
7.058,0
3,194,0
2,658,0 8,295,0
3,811,0
2,018.0 3,972,0 1,876,0 4,261,0
3,542,0
144,0
1,039,0
711,0 3,867,0
628,0
351,0
501.0,
,
178,0
368,0
364,0
Total resources
5,320,282,0 450,113,0 1,580,670,0 386,470,0 474,597,0 223,365,0 245,119,0
773,108,0 224,694,0 142,456,0 227,414,0,153,594,0 438,673,0
LIABILITIES.
W. R. notes In actual circulation_ 1,836,854,0 193,015,0, 308,083,0 153,107,0 185,635,0
89,873,0 137,622,0 295,337,0 91,931,0 67,283,01 87,675,01
Deposits:
44,904,0 182,389,0
Member bank-reserve ace't_ 2,367.250,0 155,888.0 958,073.0 136,325,0 183,805.0 65,233.01
63,687,0 340,151,0 79,693,0 51,866,0
Government
23.871,0
3,627.0
2,911,0
473,0
1,249,0
3,049,0 2,673,0 1,826,0 1,588,0 1,274,0 88,944,0 84,995,0 180,590,0
Foreign bank
1,015.0 2,020.0 2,166,0
6,048,0
406,0
2,365.0
532,0
540,0
230,0
198,0
735,0,
198,0
126,0
185,01
Other deposits
379,0
165,0
102.01
25,130,0
12.672,0
45,0
1,415,0
308.0
144,0
758,01
. 997,0
285,0'
251,0
283,0 7,870,0
Total deposits
2,422,299.0 160,023,0 974.021,0 137,375,0 187,018,0 68,820,0 66.702.0 343,470,0
82,476,0 53,551,0 90,375,0, 67,483.0 191,005,0
Deferred avallabffitY Items
598,980,0 63.531,0 148,193,0 52,289,0 55,935,0 45,152.0 22,630,0 71.775,0
32,758,0 10,581,0 35,387,0
Capital paid In
170.367.0 11,593.0
66.701,0 16,467,0 15,632,0 6,052.0
5,409,0 20.007,0 5,260.0 3,083,0 4,288,0 27,180,0 33,629,0
Surplus
4,452,0 11,413,0
276,936.0 21,751,0,
80.001,0 26.965,0 29,141,0 12,498.0 10,857.0 40.094,0 10,877,0
7,143,0 9,162,0 8,935,0 19.514,0
All other llabllItles
14,846,0
200,0,
3,671,0
276,0
1,236,0
982.0 1,899,0 2,445.0 1,392,0
835,0
547,0
660.0
723,0
Total liftbillties
5,320,282,0 450,113.0 1,580,670,0 386,479,0 474,597,0 223,365,0 245,119,0 773,108,0 224,694,0
142,456,0 227,414,0 153,594,0 438,673,0
Memoranda.
Reserve ratio (per cent)
72.91
86.0
67.4
73.41
72.71
69.4
71.71
73.71
69.1
74.11
77.9
Contingent liability on bills pur80.7
82.7
Chased for foreign correspondls 527,816,0 38,890,0 175,179,0 50,977,0 52,554,0 22,0'73,0
18,919,0 70,422.0 18,919,0 12,087,0 15,766,0 15,766,0 36,262,0
FS B. notes on hand (notes rued
tress F. R. Agent less notes in
dreslatIon)
.
526,674,0 69,191,0 131,378,i) 30,687,0 32,832,0 18,445,0 31,269,0 80,264,0 18,405,0
6,719,0 13,216,0 9,310,0 84,958,0
1
1
I
I
I
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS
AT CLOSE OF BUSINESS JAN. 8 1930.
Federal Reserve Agent al-
Total.
Boston.
Two ciphers (00) omitted.
$
$
CIL notes reo'd from Comptroller 3,588.714,0 345,956,0
F. R. notes held by F.E.Agent_ 1,225.186.0 83,750.0
W. R.notes Issued to F. R. Bank_ 2,363.528,0 262,206,0
Collateral held as security for
P. R. notes issued to F. R. Ilk
Gold and gold certifIcates-___ 413,959,0 35,300,0
Gold redemption fund
Gold fund-F. R. Board
1,271.520,0 194,617,0
Eligible paper
854,099,0 38,830,0
Total collateral
2,539.578.0268,747.0
New York.
Phila. Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan.City.
$
$
$
$
it
$
$
$
5
914,351,0 228,094,0 303,447,0 169,184.0 270.002,0 522,201,0 134,808,0 122,864,0
474,890,0 44,300,0 84,980,0 60,866,0 101,111,0 146,800,0 24,470,0 48,862,0 135,751,0
34,880,0
439,461,0 183,794,0 218,487,0 108.318,0 168,891.0 375,601,0 110,336,0 74.002,0
100,891,0
229,968,0 39,900,0 10,900,0 16,401,0
Dallas. Sas/eras.
5
$
73,611,0 368,447,0
19,397.0 101,010,0
54,214,0 267,347,0
..s1
1
17,223,0 35,000,0
7,480,0
7,630,0 14,157,0
8,628.0 89.100,0 120,000.0 55,000,0 107,650,0 289,564,0 73,700,0
262,370,0 56,330,0 94,534,0 43,297,0 54,011,0 128.964,0 29,068,0 49,000,0 75,000,0 17,500,0 191,763,0
16,297.0 36,507,0 24,989,0 68,902,0
500,964,0 185,330,0 225,434,0 114,698.0.169,141,0 418,528,0 110.398,0. 79.454,0 111,507,0
59.712,0,295,665.0
Weekly Return for the Member Banks of the Federal Reserve
System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal
items of
and liabilities of the member banks in 101 cities from which weekly returns are obtained. These figures are the resources
always a week
behind those for the Reserve banks themselves. Definitions of the different items in the statement
ment of Dee. 12 1917, published in the "Chronicle" of Dec. 29 1917, page 3475. The comment were given in the stateof the Reserve Board upon
the figures for the latest week appears in our department of "Current Events and Discussions,
" on
ceding which we also give the figures of New York and Chicago reporting member banks for a page 211, immediately preweek later.
Beginning with the statement of Jan. 9 1929. the loan figures
exclude "Acceptances of other banks and bills of exchange or drafts
dorsement." and Include all real estate mortgages and mortgage loans
sold with enindorsement were included with loans, and some of the banks Included hold by the bank. Previously acceptances of other banks and bills sold with
no longer shown separately, only the total of loans on securities being mortgages In Investments. Loans secured by U. S. Government obligations are
given. Furthermore, borrowing at the Federal Reserve are not any
divided to show the amount secured by U. 8. obligations and those secured
by commercial paper, only a lump total being given. The number ofmore subbanks Is now omitted; In Its place the number of cities Included has
reporting
been substituted. The figures have also been revised to exclude a
Francisco district with loans and Investments of 3135,000.000 on Jan.
bank in the San
2 which recently merged with a non-member bank. The figures are
Mind millions instead of in thousands.
now given in
PRINCIPAL RESOURCES AND LIABILITIES OF ALL REPORTING
MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT AS AT CLOSE
OF
BUSINESS DECEMBER 31 1929. (In millions of dollars.)
Federal Reserve DistrictLoans and investments
-total
:cans
-total
On securities
All other
'32vestmente-total
U.S. Government securities
Other securities
leserve with F. R. Bank
)ash in vault
get demand deposits
Lime deposits
kIvernment deposits
)ne from banks
)tie to banks
Sorrowinas from F. R. Bank
Total,
Boston. New York
Phila.
Cleveland. Richmond Atlanta. Chicago. St. Louis, Minneap. Kan. City
Dallas. San Fran.
$
$
$
1,510
9,487
1,219
2,174
668
630
3,266
676
383
676
478
1,996
17,649
1,228
7,215
930
1.570
514
508
2,830
528
265
459
375
1,426
8,304
9,344
542
686
3,862
3,353
508
424
752
818
195
319
152
356
1,277
1,353
249
279
85
179
125
334
107
268
452
974
5,514
281
2,272
289
604
154
122
836
148
119
218
102
570
2.593
2,921
126
155
1,166
1.106
82
207
281
323
69
85
55
66
237
399
37
112
86
53
93
124
63
39
318
252
1,728
262
97
19
838
76
78
16
120
31
40
13
38
11
243
43
46
7
30
8
52
11
32
7
111
22
14,118
6,787
82
959
485
3
6,651
1,779
10
724
270
7
1,033
935
8
359
235
3
338
230
7
1,840
1,190
9
398
220
1
232
134
501
169
1
293
138
9
789
1,024
16
1,316
3,150
102
124
170
1,223
71
178
99
199
58
108
75
119
217
435
57
122
50
83
125
210
64
103
228
247
405
7
127
25
49
24
20
78
7
8
18
9
33
$
23,163
$
$
$
$
5
$
$
s
$
Condition of the Federal Reserve Bank of New York.
The following shows the condition of the Federal Reserve Bank of New York at the close of business
Jan. 8 1930,
In comparison with the previous week and the corresponding date last year:
ItuorrassGold with Federal Reserve Agent
Gold redemp.fund with U. B. Treasury..
Jan.8 1930. Dec. 31 1929. Jan. 9 1929.
$
238,594,000 238,594,000 198,681,000
16,814,000
16,814,000
18,383,000
Gold held exclusively agst. F. R. notes
Gold settlement fund with F. R. Board_
Gold and gold certificates held by bank_
255,408,000
182,001,000
369,754,000
255.408.000
154,835,000
339,617,000
217,067,000
211,842,000
410,023,000
Total gold reserves
Emma other than gold
807,183,000
56,878,000
749,880,000
50.382,000
838,932,000
30.717 0 0
.0
Total reserves
Non-reserve cash
Bills discounted
Secured by U. B. Govt. obligationsOther bills discounted
864,041,000
15,429,000
800,242,000 869.649.000
33,378,000
12.948,000
109,339,000
21,838.000
127,012,000
44,747,000
206,677,000
74,883,000
Total bills discounted
Bills bought in open market
U. B. Government securities
Bonds
Treasury notes
Certificates and bills
131,177,000
152,336,000
171,759,000
191,745,000
281,560,000
131,618,000
13,657,000
96,723,000
104,876,000
16,997,000
131,383,000
90,826,000
1,384,000
28,127,000
35,141,000
Total U.S. Government securitiesOther securities (see sots)
Foreign loans on gold
215,256,000
7,550,000
239,206,000
7,150,000
64,652,000
Total bills and securities (See Note)
506,319,000
609,880,000
477,830,000
Resources (Concluded)Gold held abroad
Due from foreign banks (See Note)
Uncollected Items
Bank Premises
All other resources
Total resources
Jan,8 1930. Dec. 311929. Jon. 9 1929.
$
$
3
240,000
175,435,000
15,664.000
3,542.000
218,000
220,003,000
15,664,000
3,283,000
221,000
188,017,000
16,087,000
1,055,000
1.580,870,000 1,882,218,000 1,586,237,000
LiaMititesFed Reserve notes In actual circulation_
'
.
Deposits
-Member bank, reserve sect..
Government
Foreign bank (See Note)
Other deposits
308,083,000
318,971.000
332,699,000
956,073,000
2,911,000
2,365,000
12,672,000
985,791.000
5.851,000
1,801.000
10,927,000
950.927,000
770,000
1,524,000
12,293,000
Total deposits
Deferred availability Items
Capital paid in
Surplus
All other liabilities
974,021,000 1,004,370,000
148,193,000 187,721,000
66,701,000
67,301,000
80,001,000
80,001.000
3,671,000
3.852,000
965,514,000
162,470,000
50,064,000
71,282,000
4,208,000
Total liabilities
Ratio of total reserves to deposit and
Fed. Ree've note IfebIlitiee combined.
'
Contingent liability on bills purchased
for foreign correspondence
1,580,670,000 1,862,218,000 1,586,237,000
67,4%
60.5%
67,0%
175,179,000
166,928,000
104,546,000
NOTE -Beginning with the statement
of Oct. 7 1925. two new Items were added In order to show separately the amount of balances held
abroad and amounts due t
foreign correspondents. In addition, the caption
"All other earning assets," previously made up of Federal Intermediate Credit bank
debentures, was changed
"Other securities." and the caption -Total"arning assets- to -Total bills and securities.- The latter term was
adopted as a more accurate description of the total of to
Elsoounts.acceptances and securities acquired under the Drovislon3 of Sections 13 and 11 of the Federal Reserve Act,
the
which. it WM stated,are the only Items Included therein
Vaulters'
STOCKS.
Week Ended Jan. 10.
azette.
Wall Street, Friday Night, Jan. 10 1929.
Railroad and Miscellaneous Stocks.
-The review of the
Stock Market is given this week on page 241.
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 Jan. 10.
Sales
for
Week.
255
FINANCIAL CHRONICLE
JAN. 111930.1
Range for Week.
Lowest.
Highest.
Range Since Jan. 1.
Lowest.
Par. Shares $ per share. $ per share. $ per share.
Railroads
Brooklyn & Queens --*
400 1034
40 240
C C C & St Louts_ _100
Central RR of NJ _100
300 279
Cuba RR prof
10
60 61
Ill Cent leased line _100
10 7334
Manhat Elev Guar_100
20 55
NatRysofMexlatpf-100
200 3
NY Central rts
67,100 5
Pacific Coast
100
1
834
1st preferred
100
10 1934
Pennsylvania RR rts __ 217,700 234
PittaFtW&Chicpref 100
12 151
Rensselaer & Bar _ _ _100
40 140
Wheeling & L Erie _100
100 110
Preferred
100
1 110
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
8 1034
7245
9282
9 61
7 7334
8 57
9 3
8 534
10 834
8 1934
8 334
915134
10 140
7110
9 110
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
6 7
9 225
9 240
9 60
7 70
8 484
9 4
4
10 474
8 18,
9 24
9 142
10 125
7 70
9 70
Highest.
per share.
Nov 15
Nov 75
Nov 360
May 81
Dec 80
Dec 87
Oct 634
Dec 634
Dec 43
Dec 50
Dec 331
Nov 15334
Nov 140
Ap 118
Mar 110
Dec
July
Feb
Jan
Feb
Jan
Jan
Nov
Feb
Mar
Mar
Nov
Jan
July
July
Industrial & Miscall.
Alpha Portland Cem100
100 31
Jan 10 31
Nov 3634 Nov
Jan 10 23
Amal Leather prof _100
100 20
Jan
Jan 7 20
Jan 7 19
Dec 73
20 112
AmMach&Fdypf x-war
Jan 6 112
Jan 6 100
Nov 11634 Jan
Am Rolling Mill rta ___ 36,300
Oct
% Jan 10
34 Jan 4
34 Oct 3
Am&ForPowpf (6) ___*
10 9634 Jan 6 9634 Jan 6 95
Feb 100
Feb
Artloom Corp prof _100
20 90
Jan 10 90
Jan
Jan;10 9034 Nov 106
Art Met Construct _10
200 2734 Jan 4 28
Jan 4 204 Nov 3034 Feb
Am° Dry Gda 1st pf100
100 90
Jan 10 90
Nov 107
Jan
Jan 10 85
Aviation Corp
• 14,60t 534 Jan 10 6
Aug
Jan 6 44 Dec 20
Beatrice Creamery _50
Dec 131
500 7334 Jan 6 74
Jan 6 69
Oct
Bloomingdale Co Ws.*
200 24
Jan 8 24
Dec 30
Dec
Jan 8 23
July
Briggs & Stratton- AOl
500 2234 Jan 10 2334 Jan 9 1734 Dec 43
Brit EmpSteellstpf_100
10 2234 Jan 10 2434 Jan 10 23
Dec 3634 Mar
Brown Shoe pref _100
Oct
5011334 Jan 6 115 34 Jan 9 11134 Aug 121
Budd (KG) Mfg
* 4,400 10
Jan 6 1131 Jan
84 Dec 2234 Oct
Budd Wheel
4,200 934 Jan 7 1131 Jan 10 7% Dec 1234 Dec
Bulova Watch
Dec
1,500 274 Jan 9 2834 Jan 6 2131 Nov 34
Dec 4934 Aug
Campbell (W&C)Fdy.*
900 19
Jan 7 2034 Jan 10 19
Capital Admin class A•
900 1934 Jan 8 2034 Jan 8 17
Nov 65% Oct
Dec
Caterpillar Tractor...* 1,301 54
Jan 7 5634 Jan 10 50% Dec 61
Checker Cab
Oct 804 Sept
* 9,100 37
Jan 4 4034 Jan 9 18
Col Gas & Elec pi B100
Jan 9 86 June 9634 Oct
800 9134 Jan 4 92
Columbian Carbon rtes _ 3,000 234 Jan 10 334 Jan 4
% Oct 1034 Oct
Corn Credit el A_ _ _50 5,000 3334 Jan 4 3634 Jan 10 28
Nov 51% Sept
Dec 246
June
Commonwealth Pow _*
800 123
Jan 7129
Jan 10 105
Congo! Film industry_* 1,600 1634 Jan 4 1734 Jan 10 10
Oct 25% Sept
Consol Cig pf (7) __100
Mar
Nov 100
10 7634 Jan 10 7634 Jan 10 70
Continental BkofNY 10
Dec 6331 Oct
640 37
Jan 6 3734 Jan 10 33
Continental Can pf_100
Dec
Oct 127
Jan 912534 Jan 4 115
7012434
Continental Din Fibre *
500 29
Jan 6 204 Nov 3334 Dec
Jan 9 30
Continental Oil
Nov 3734 Aug
• 38,500 22
Jan 9 2334 Jan 4 18
Continental Shares
* 8,200 3034 Jan 4 32
Jan 7 26% Dec 4534 Dee
Cream of Wheat
* 1,800 2534 Jan 6 2634 Jan 7 24
Nov
Nov 31
Cuba Cane Sue ctfs ___
34 Dec
600
31 Dec
31 Jan 7
31 Jan 7
Preferred Ws
31 Dec
500
31 Jan 6
34 Jan 6
Cushman's Sons prof 8*
Dec 11534 Feb
90 105
Jan 4 106
Jan 10 104
Duplan Silk
•
200 lb
Nov 2834 Jan
Jan 4 14
Jan 4 10
Preferred
100
Dec 102
Jan
50 100
Jan 7 100
Jan 7 90
Eastern Rolling Mill _*
Oct 3034 Sept
800 22
Jan 6 2334 Jan 8 19
Elk Horn Coal prof _50
190 1234 Jan 6 14
Oct
Jan 8 75/g Oct 24
Emerson-Brant el B .._s
100 334 Jan 8 334 Jan 8 134 Dec 13
Feb
Eng Pub Serv pref54'
% Oct 109
1
500 9536 Jan 4 97
Jan 9 845
Oct
Fairbanks Co
* 8,200 6
Jan 9 934 Jan 6 334 Nov 1334 Dec
Apr 35
Preferred
25
480 22
Jan
Jan 10 2834 Jan 8 11
Federal Dept Stores...
,
900 29
Dec
Jan 4 3234 Jan 6 25% Dec 33
Federal Water Ser A _* 3,500 33
Nov 5631 Sent
Jan 4 3774 Jan 10 28
FirstoneThc&Rub
10 2,700 2934 Jan 4 334 Jan 7 244 Dec 37
Dec
Preferred
100 4,900 8434 Jan 10 86
Jan 4 83% Dec 89% Dec
Fisk Rub 1st pf con 100
Dec 82% Jan
Jan 7 8
160 1334 Jan 10 15
Foster Wheeler
No 95
Sept
* 2,900 61
Jan 10 6434 Jan 10 33
Fuller Co 2nd prof
Jan 6
*
20 80
Jan 6 80
Franklin Simon pref100
Jan 7 9491 Dcc 110
Jan
50 944 Jan 9 96
Gamewell Co
500 6934 Jan 7 704 Jan 6 6534 Nov 8334 July
"
No 140
Gen Baking pre(
Jan 7 121
6011934 Jan 6124
*
Feb
Jan 122
General Cigar prof A00
Jan 8 111
Jan
5011234 Jan 8114
Can Elec new
• 23,300 604 Jan 7 6234 Jan 6 5534 Dec 6331 Dec
Can Foods
Oct 7734 July
25,800 4731 Jan 8 494 Jan 7 35
Can Pub fiery
No 98
Jan 10 354 Jan 6 20
* 8,500 33
Aug
Can Ry Signal pref_100
Jan 9 99
20010034 Jan 9101
Jan 10634 Oct
Gold Dust prof
Nov 120
Jan 7 95
Jan 7 103
Mar
*
200 103
Grand Silver Stores *
3234 Dec 4434 Dec
Jan
100 38
Jan 9 38
Grigsby-Grunow
Jan 4 144 Nov 70
* 27,900 184 Jan 8 21
Sept
Hall Printing
Dec 2934 Dec
10
Jan 6 294 Jan 6 27
700 29
Hawaiian Pineapplenew
100 544 Jan 9 5436 Jan 9
Hercules Motor
2134 1)ec 3394 Oct
*
200 2234 Jan 6 2334 Jan 6
Hercules Powder
No 130
Jan 6 80
* 1,500 85
Jan 6 85
July
HouseholciFinpartpf _60
Aug 52% Sept
600 5034 Jan 6 5034 Jan 8 45
Ingersoll Rand prof 100
140 112
Jan 8 1094 Oct 118
Jan 8 115
Oct
Insuranshares Corp
De 16
* 3.000 1334 Jan 4 1434 Jan 9 12
Nov
Inter-Hydro-ElecSys _* 5,100 32
No 5934 Sent
Jan 4 3434 Jan 6 23
Internist Nickel pref100
No 128
Jan 6 112
100 118
Jan 6 118
Mar
Internat Shoe
Oct 7734 Sept
•
500 61
Jan 4 6134 Jan 6 54
Ind Motorcycle pref100
No 95% Feb
110 30
Jan 6 25
Jan 6 42
Interlake Iron
• 3,600 25
Jan 9
Jan 6 26
Investors Equity
• 4,200 19
Jan 7 2034 Jan 4 12% No 7234 Aug
Karstadt Rudolph ___
400 12
Jan 8 124 Jan 10 1034 No 1334 Nov
Kelly-SprTirepf6% -100
320 3031 Jan 4 3434 Jan 10 26
De 100
Feb
Laclede Gas
100
No 325
300 200
Jan 9 200
Jan 9 175
Aug
Libby-Owens Glass-- 1,200 1934 Jan 4 2134 Jan 7
Oct17
43
Aug
Loew's Inc prof
*
Oct 1104 Jan
500 8534 Jan 10 86
Jan 7 80
McLellan Stores
* 1,300 19
Jan 10 2034 Jan 7 1834 Dec 5934 Aug
Preferred
100
Dee 96
100 8334 Jan 7 8336 Jan 7 84
Sept
•
Dec 102
Mengel Co prof
70 83
Jan 4 83
Jan 4 86
May
Minn-Mol Pow Impl _* 4,000 14
Oct 4354 July
Jan 4 1434 Jan 4 10
Nov102
Preferred
*
400 72
Jan 6 77
Jan 8 65
J I
Nov 8
Monsanto Chem Wks * 8,600 4974 Jan 6 5734 Jan 10 47
034 Oct
Oct 674 Oct
Myers F de E Bros
* 1,200 374 Jan 9 413.1 Jan 6 30
Nat Biscuit new
10 9,100 73
Jan 4 7434 Jan 6 654 Dec 73
Dec
July 117
Nat Supply prof __100
Apr
640 114
Jan 10 111
Jan 8 115
Welsher Bros
*
900 45
Jan 4 60
Jan 8 4634 Dec 9834 Oct
Dec 45
Norwalk T di R prof 100
10 9
Jan
Jan 7 9 Jan 7 8
Outlet Co
Jan 9 4931 Dee 9634 Jan
50 53 Jan 6 69
•
Peoples Gas, Lt & Coke
Dec 15
Rights
Dec
22,200 1134 Jan 7 124 Jan 4 11
Nov 1054 Oct
Penney (J C)
• 1,600 7134 Jan 10 7434 Jan 8 66
le Preferred
Oct 97
100
Jan 6 93
200 93
Jan 7 95
Dec
Pitts Screw &Bolt
Dec 2734 Aug
•
Jan 10 17
300 18
Jan 10 18
Pitts Steel prat
100
Jan 7 9231 Feb 110
260 100
Jan 6 103
Oct
Proctor & Gamble_ _ ...• 5,700 5331 Jan 4 5634 Jan 10 4334 Nov 98
Aug
Pub Serv of N J pf(5)."
Jan
100 93
Jan 7 93 Jan 7 9234 Nov 96
Radio Corp prof cl B__* 2,600 72
Nov 8234 Apr
Jan 4 7334 Jan 7 62
Rand Mines
Nov 3634 Feb
510 354 Jan 6 3734 Jan 8 25
Rayhestos Manhattan * 16.100 33 Jan 4 37
Jan 8 28
Nov 5834 Sept
Reynolds Spring rights_ 1,200
Nov 1
34 Jan 6
34 Jan 6
Oct
Reynolds Tob cl A10
Jan 4 70
Am 8934 Oct
160 7234 Jan 6 77
Rhine Westphalia El
1,800 134 Jan 6 134 Jan 9
Purchase richts
Sales
for
Week.
Range Since Jan. 1.
Range for Week.
Lowest.
Highest.
Lowest.
Highest.
per share. $ per share. S per share. per share.
Par. Shares.
Indus. & Misc. (Conc.)
Dec 1534 Nov
Jan 7 9
Second Nat Inv Trust..' 1,700 1134 Jan 7 12
Nov 6331 Nov
Jan 10 45
300 5934 Jan 7 61
Preferred
•
• 10,400 8 Jan 8 8% Jan 4 731 Nov 21% Aug
Serval Inc
Nov 6534 Aug
Jan 6 50
100 55
Jan 655
Sharp & Duhme prof..'
Nov
200 1794 Jan 10 1736 Jan 8 1674 Dec 22
Common
Nov 111
900 9534 Jan 6 9636 Jan 6 8.5
Sept
Solvay Am Inv Tr p1100
Jan 10 20
Oct 4431 Sept
47,400 2634 Jan 7 28
Stand Brands
Jan 10 11434 Nov 11834 Sept
400 118 ti Jan 9 119
Preferred
May
Nov 45
Jan 9 20
Jan 925
10 25
Stanley Co of Amer_ __•
Sept
Sterling Sec Cl A
• 6,200 1034 Jan 8 1134 Jan 10 84 Nov 38
Jan 7 12 34 Jan 10 8% Nov 1534 July
700 12
20
Preferred
Oct 5534 Sept
Convertible pref 50 2,300 3634 Jan 6 384 Jan 1 31
Jan 7 3634 Jan 9
400 36
Union Tank Car new _*
Jan 4 5074 Jan 10 40% Nov 11134 Sept
17,700 47
United Carbon
May
Oct 21
30 634 Jan 4 674 Jan 4 4
United Dyewood_100
Dec 75
May
Jan 055
Jan 9 43
2065
Preferred
100
Oct 5194 Oct
Jan 1 22
3234 Jan 7 35
297.600
United Gas de Imp
Jan 6 9834 Jan 7 904 Oct 9834 Dec
800 98
Preferred
Jan 7 2834 Jan 9 1531 Nov 4834 Aug
United Piece DyeWIts * 2,500 26
Oct
United Stores class A.' 30,300 534 Jan 4 934 Jan 7 334 Dec 14
Jan 6 2934 Jan 7 144 Dec 4034 Oct
5,100 20
Preferred
Aug
Jan 4 27% Jan 9 1734 Nov 72
US & Foreign Seat- - -* 25,400 194
Nov 9234 Aug
200 8534 Jan 887 Jan 10 82
Preferred
5,900 9734 Jan 1010134 Jan 6 8631 Nov 134 34 Sept
U Freight
Nov 12334 Mar
10 104 34 Jan 9 10434 Jan 9 100
Linty Leaf Tob pf- -100
Oct 75
Sent
Jan 7 19
Jan 721
100 21
Wertark Radio Stores *
Zenith Radio Corp -* 3,900 734 Jan 8 834 Jan 4 694 Dec 524 July
• No par value.
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.
Below we furnish a daily record of the transactions in Liberty Loan bonds and Treasury certificates on the New York
Stock Exchange. The transactions in registered bonds are
given in a footnote at the end of the tabulation.
Daily Record of U. S. Bond Prices. Jan. 4. Jan. 6. Jan. 7. Jan. 8. Jan. 9. Jana°.
First Liberty LoanHigh
334% bonds of 1932-47_ _{Low_
Close
(First 330
Total sales in $1.000 units__
Converted 4% bonds of(High
1932-47 (First 43)
Low-
991:33
99nee
9911,2
60
991632
991in
9915,
42
991 n
991%
9915st
103
9911,2
991,
32
.n
991
67
99
18 s
----
----
----
----
----
9fluse
99..st
31
99",,
99
,429
9914
5
-----
_-__:,--- ---------Total sales in $1.000 units_ -Second converted 44%111 igh 100nee 100net 100nee 101 - 100nee litunn
,2 100"st 100"st 10011s1
bonds of 1932-47 (First)Low_ 1001.,, 100",, 10011
8 10011,, 100,066 100e% 100un
% 100,0
Close 1001
Second 431s)
41
7
25
4
36
7
Total sales in $1,000 units_
Converted 44% bondsIH let
_
- 9814n
...---------Lowof 1932-47 (First 44s)
Total sales in $1,000 units-11110
Fourth Liberty Loan
4 Yi% bonds of 1933-38_ - Low_
Close
(Fourth 440
Total sales in 51,000 units_ __
L110
Treasury
Low.
434s, 1947-52
Close
Total sales in $1,000 units(High
Low1944-1954
Close
Total sales in 51,000 unitsHigh
{
Low
334s, 1946-1956
Close
Total sales in 61,000 unite__
III lei
Low_
3318, 1943-1947
Close
Total sales in $1,000 Jnits__
(High
Low_
34s, 1940-1943
Close
at sales In
--10111,1
101"n
1018,2
27
111
111
111
2
----_-----104 61
,
1041n
1041,2
10
991ss2
9911:2
99Itte
____
101"st
101Tee
101932
11
Illin
111%
1110,2
1
I07"st
1070st
10711,2
7
--__
------__-99.132
991"n
992232
17
1
991',
9911st
99",. 991122
991.st 991722
___
1011st
10141
101732
102
111sn
111'n
111sas
26
1071
::
1070,2
107sst
25
1049,6
1040st
1040st
25
99.
182
99.
532
9921,2
6
992.st
99",,
9920n
1
____
1010
,2 101'n
101',, 101"n
1010n
1011n
127 250
11111n 1111n
1111
% 111%
11111n 111122
1
55
____
1010,2
101 :e
,
1011,2
207
11111,2
1117,2
1111012
138
107"st
1071,2
107"st
11
10411n
1041.12
104"st
5
99.
132
991.22
992.32
2
991.2
991 32
9911
,
107151,
107",'45
107",
50
104",
104",
104",2
12
9910,
,
9914
9925s
2
---”
----
107"a
107"si
25
10411:1
10411r
104",.
10
9921,
9911
,
99%
1
9925s
99";
99",
includes only sales of coupon
Note.
-The above table .
bonds. Transactions in registered bonds were:
to 98
98
1013n to 101"n
991482 to 991.st
1st 48
7 4th 431s
2 Treasury 334 1943-1947
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
DU.
Da.
Maturity.
Rate.
Bid.
Asked.
Maturity.
Rate.
Vfar. 151930... 53-4% 1005n 1(.010s2 Sept. 15 1930-32 334%
Fine 16 1930-- 474% 10011t, 100001,21 Mar. 161930-32 3%%
3ept. 15 1930_ 34% 99un 9911,, Dec. 15 1930-32 334%
I
so.
Asked.
2
991.01 99,a
91 1 89 8,
"
9 8
99111
. 991711
-p. 246.
New York City Realty and Surety Companies.
-p. 246.
New York City Banks and Trust Companies.
Foreign Exchange.
To-day's (Friday's) actual rates for sterling exchange were 4.86 9-16
4:663.4 for checks and 4.86 15-16©4.87 1-16 for cables. Commercial on
banks, sight, 4.86 7-16(8i4.8634; sixty days, 4.8234(4)4.83%; ninety days,
4.81(4)4.81%; and documents for payment, 4.82,, fi. Cotton for payment,
,
4.85 13-16, and grain for payment, 4.85 13-16.
To-day's (Friday's) actual rates for Paris bankers' francs were 3.92 13-16
@3.93 for short. Amsterdam bankers' guilders were 40.23@40.27 for
short.
Exchange for Paris on London, 123.91 francs; week's range, 123.94 •
francs high and 123.89 francs low.
Cables.
Sterling, ActualChecks.
4.87 1146
H1212 for the week
4.873-4
4.86 10-16
Low for the week
4.86 7-16
Paris Bankers' Francs
3.93%
High for the week
3.93 5-16
Low for the week
3.93 1-16
3.92 13-16
Amsterdam Bankers' Guilders
40.34
High for the week
40.3434
Low for the week
40.23
40.26
Germany Bankers' Marks
23.90
High for the week
23.90
Low for the week
23.83
23.86%
-The review of the Curb Exchange
The Curb Exchange.
is given this week on page 242.
A complete record of Curb Exchange transactions for the
week will be found on page 273.
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 pomading page.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday.
Jan. 4.
Monday,
Jan. 6.
Tuesday,
Jan. 7.
IVednesday, Thursday.
Jan. 9.
Jan. 8.
Friday,
Jan. 10.
Sales
for
the
Weeft.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range for Year 1929.
On basis of 100-share lots
Lowest.
Highest.
$ per share $ per share S per share
per share Sham
per share 3 per share
Railroads
Tor
per share $ per share
220 2213 2193 222
4
8
2193 22012 220 8 2227 22112 22258 22234 22318 4,500 Ateli Topeka & Santa Fe__100 12518 Mar 26 29853 Aug 80
5
3
4
•1023 103 *10258 103
3
10234 10314 103 103
10314 10314 102% 102%
500 Preferred
100 99 May 16 1047 Dec 18
3
*168 172 *168 172 *167 170 15165 175
165 16
•165 170
Atlantic Coast Line RR___ 1110 181 Nov 13 209',July16
116% 11678 116 1163 11512 1163 116 1163 11612 1163 117 11712 6,600 Baltimore & Ohio
4
4
4
4
100 10514 Nov 13 14518Sept 14
80
80
80
80
80 80 14 80 8014 *80
8012 80 80
800 Preferred
100 75 June 13 81 Dec 18
*64
6412 63 63
64
6412 6412 *63
64
6314 6314 64
500 Bangor & Arooetook
60 55 Oct 29 903
8Se pt 19
*11014 112 •11014 112
11014 110 4 *11014 112
112 112 *11014 112
,
40 Preferred
100 210314 Oct 17 115 Sept 23
997 99% *90 100
8
*95 100
*90 100
*90 100
*90 100
100 Boeton & Maine
100 85 Apr 4 145 July 25
6412 6612 643 6514 6414 6612 65
4
664 654 6613 65
66
12,800 liklyn-Manb'Fran v te-NO par 40 Oct 29 81% Feb 25
*81
86
847 847
3
3 85
*8512 86
3513 8512 86
*8512 86
1,200 Preferred •1 c
No Par 7613 Nov 14 92% Feb 1
•1413 15
16
16
16
16
*15
16
1612 1612 17
19% 6,300 Brunewick Term & Ply Seo.100
413 Oct 29 4413 Jan 18
82
*60
4160
1560
82
82
*60
82
*60
*60
82
82
Buffalo & Elualluehanna_ _ -100 543 Jan 28 85 Mar 2
4
84
*75
*7512 84
157512 34
*7512 84
*7512 84 .7512 84
Preferred
100 5118July
814 Aug 2
1893 189% 189 190
3
4
189 1903 18914 19114 19114 192
19258 193% 4,600 Canadian Pacific
100 185 Dec 23 269 3 Feb 2
7
*96
97 97
__
*954
- *9514 ---- *9514 - *9514 ---30 Caro Clinch & Ohio etre at'd100 9012Se lit 17 10113 Mar 14
206 20712 205 20714 207 20814 2,700 Chesapeake & Ohio
*205 207
204 20612 203 203
100 160 Nov 13 2793
48e93 3
414 458 *414 43
*414 47
4 *414 5
8 *414 43
*414 412
400 Chicago & Alton
4
4 Nov 13 19% Feb 6
100
155 8 6
3
8 6
*5 8 0
5
*512 6
312 Nov 13 25 4 Feb 4
*5 4 573 *53
*514 014
3
Preferred
100
3
•16
•14
15
15
20
1414 18
20
*18
•18
20
20
600 ChM & Eaat Illinois RII
100 15 Doc 26 43 Feb
404 415
36% 393
*35
363k 37
8 4014 40% 404 4014 6,300, Preferred
37
100 36% Dec 26 68% Feb 4
15
1412 157
1512 Fug 1418 •1413 15
143 1512 1414 15% 8,800 Chicago Great Wortern-100
7 Nov 13 23 2 Feb I
7
38
3812 3712 3712 367 374 3714 394 3912 4053 40
4014 4,600 Preferred
100i 1712 Nov 13 63 Jan 31
53
2412 2512 243 253
*2412 2518 2418 244 2412 243
4
3 24% 2514 5.000 Chicago Milw St Paul & P50....1 16 Nov 13 447 Aug 39'
4314 4412 4234 4314 425 431
3
4212 44
4313 4414 4312 4438 14,300 Preferred new
2812 Nov 13 68% Aug 29
8412 8412 85
84 4 847
3
8458 85
8418 2,600 Chicago & North Weatern_100 75 Nov 13 108123ept 7
845 347
8 84
84
8
•13814 140 *13814 13914 *13314 13914 *13814 13914 *13814 13914 *13814 13914
Preferred
100 134 Apr 24 145 Feb 5
1144 11418 1143 115
1143 1143 114 114
4
7 11578 11634 116 1164 1,500 Chicago Rock Cal /4 PacIfle_100 101 Nov 13 14312Sept 3
4
107 107 *106 107 *106 107 *106 107
•107 108 •107 108
200 7% preferred
100 100 Nov 14 109 Oct 10
4
8
*994 10012 993 1003 10014 101 *10012 10113 *10053 10112 101% 10138
4
800 6% preferred
100 94% Nov 14 10314 Nov 26
*8118 8812 *8113 885 *8118 885 158118 885 *8118 8853 *83
8
8
8
8358
Colorado & Southern
100 8614 Dec 4 135 July 20
70
*69
70
15694 70
70
70
70
*69
70
*69
70
100 Flivt preferred
100 6513 Oct 29 80 Jan 25
•____ 67
*637 67
8
__ 67 *__ __ 67
Second preferred
100 84 Apr 22 7212 Mar 5
*4812 4912 4912 51
*5112 5212 5113 52
51
51
52 13 5312 1,700 Cousol RR of Cuba pref
100 45 Nov 14 70% Jan 2
161% 16214 16134 1613 162 1633 16312 164
*162 164
4
4
164 164
1,400 Delaware di Hudson
100 14112 Oct 29 226 July 20
140 140
*139 141
1393 140 •137 140 *13712 1403 *13712 140
4
8
500 Delaware Lack & Weatern_100 12014June 11 1393
4Sept 10
61
61
1559
*57
60% 60% *6014 6012 601 4 6012 61
61
500 Deny & Rio Or West pref-100 49 Oct 30 77 Feb 21
84
*13
4 2
•13
4 2
*13
4 3
*13
4
*1%
4 3
•13
1% Deo 19
Duluth So Shore & Atl____100
4% Feb 4
*214 2% *212 2% *212 27
3 *213 2% *213 2% *212 27
8
74 Feb 4
2 Nov 13
100
Preferred
8 56% 57% 5618 57
5713 585
5613 577
3 5614 5318 57% 5812 12,400 Erie
100 4112Nov 13 93'2Sept 9
6112 6112 *6114 6212 6214 6214 613 62
4
6112 6112 61% 6133 2,200 Firat preferred
100 5512 Nov 14 6614July 2
5712 5712 574 5713 5712 574 *56
58
455
5712 6712 58
700 Second preferred
100 52 Nov 7 637
3July 2
*95
4
98
4 98 98
973 973
98 98
9714 98
9712 9734 1,400 Great Northern preferre4 100 8514 Nov 13 12814 Jul,' 22
159012 9412 *9113 9412 1592
9412 9212 9212 9414 9414
9414 9414
400 Pref certificates
100 8513 Nov 14 12214July 22
4012 4212 4012 41
40
40
41
417
8 4014 4014 41
443
4 9,000 Gulf Mobile & Nortnern
100 18 Nov 13 59 Feb 4
*9412 100
*9412 100
*9412 98
•9412 98
*9412 98
*944 98
Preferred
100 70 Nov 13 103 Jan 3
*8
8
8% *73
8
4 92
,
*8
912 •8
*8
912
100 Havana Electric Ry.
-No par
64 Dec 17 1112 Apr 20
72
72
*72 _
____
*72
*72*72
*72
_
10 Preferred
55 Feb 16 753 Dec 20
_1O(
4
*420 440 *410 440 .410 440 41405 440 *410 440 *410 440
Hocking Valley
10( 320 Nov 18 600 Oct 16
46 4 473
3
4 4612 464 4612 47
47
47
47
467 477
3
47
8 2,100 Hudson & Manhattan
100 3413May 28 533 Jan 5
8
.76
794 •76
80
*7513 80
*76
80
*76
80 •76
80
Preferred
100 60 Oct 28 86 Jan 18
8
130 13014 1307 131 *128 131 *12913 130'2 129 13014 *129 130
1,000 Illinole Central
100 116 Nov 13 15312July 20
•125 140 •125 140 *125 140 *12514 140 *12614 140 •125 140
Preferred_
100 120 Oct 29 15112July 20
74
*70
*70
74
•70
74
*7014 74
*7014 74
*7014 74
RR Sec Stock certificates-. 70 Nov 19 8018 Feb 21
22
234 2314 24% 23
2112 23
25 8 2358 267
3
4
* 233 2533 18.800 Interboro Rapid Tran v t 0_100 15 Oct 24 58% Feb 25
30
*27
*28
30
*26
35
•28
30
*28
2918 2918
31
200 Int Rye of Cent Amerien_100 25 Nov 21 59 Jan 26
35
•27
*28
40
*26
40
*28
35
*28
*28
35
35
Certificates
No Par 23 Dec 10 5912 Jan 25
6214 6214 *62
64
*62
64
62
62
*62
*62
64
64
30 Preferred
100 6114 Dec 27 604 Jan 2
*814 834 81
8114 802 8012 781 7912 79
79
*78
80 4 1,300 Kansas City Southern
,
100 60 Oct 29 1087
2July 20
6712 6712 6718 6814 684 6812 674 673 674 68
*67
6813
800 Preferred
100 63 Nov 15 7013 Jan 15
74
73
1071
73
73 12 73% 737 75
*74
75
74
74
1,800 Lehigh Valley
50 05 Nov 14 10214 Feb 2
13214 13214 1314 1313 131 13138 •13113 132 *132 135
4
135 136
700 Louisville & Nashville,._..,,100 110 Oct 29 1544Sept 16
3312 343
4 32
334 3312 3412 33
3513 345 348 3418 35% 3,800 Manhat Elev modified guar100 24 Oct 29 574 Jan 11
•16
3612 *163 3612 15163 364 •163 3612 •18
4
4
4
3612 4118
3613
Market St Sty prior pref_100 1412 Nov 15 894 Jan 4
•134 17'
17
3 178
17
3 2
•131 218
172
13
4
13
4 •112
800 Minneapolis & St Louis__ 100
114 Nov 14
3 4 Jan 19
3
36
36
*29
*28
3130
35
*30
35 •30
35
*30
35
Minn St Paul & 88 Niarle_100 35 May 31 6114Sept 24
68
*60
*60
67
*60
67
*60
67
*60
67
•60
67
Preferred
100 66 Dec 11 87 Jan 23
54
*5113 54
54
54
54
*5113 56
*54
56
.54
56
50 Leased lines
100 51 Dec 30 60 Jan 25
4812 50
473 493
4
4
4 4713 4913 483 50 8 4912 541
3
4 5114 5318 75,900 Mo-Kan-Texas RR_ _No Par 2718 Nov 13 66 4July 20
3
1033 10313 1033, 1037 10312 104
8
1037 104
8
104 10412 10412 1043
4 4,400 Preferred
100 93% Nov 13 10712 Apr 25
8
89% 883 8812 8812 885
38
8 8812 8934 8858 90
*39
90
5,6001 Missouri Pacific
8July 15
48 Nov 13 1011
100
135 1355 134 135
135 135
8
13518 136
135 13518 13514 138
5,400 Preferred
100 105 Nov 13 149 Oct 23
83
83
*81
*81
*18
83
*81
83
*81
83
*81
83
Morrill & Essex_ _.______ 60 753 Oct 30 8652 Jan 17
3
•180 190 *185 190 *181 190
1
190 190 *182 195 *182 195
10 Nash (Ihatt & St Louie_ -100 173 Nov 13 240 Aug 29
118
14 *1
•1
118 *1
113
113 *113 14
118 1,200 Nat Rye of Mexico 2d pref_100
14
3 8 Jan 25
5
1 Oct 29
,
4
16912 170 4 16812 1693 168 169% 167 16912 1673 1687 168 1693 14,800 New York Central
8
8
4
100 160 Nov 13 25613 Aug 30
1304 13014 130 130
13018 13014 134 134 *133 136
13112 1315
8 1,300 N Y Chic & St Louie Co_.._100 110 Nov 13 19258 Aug 30
109 10914 1083 109 *109 111 *10912 112 *10913 1104
4
51109 111
400 Preferred
100 100 May 913 110 Dec 16
180 180
185 185
185 185
15177 185
18512 18512 *18512 190
70 N Y & Harlem
50 155 Oct 29 379 Jan 18
110 110
10913 11213 111 11212 11158 11238 7,400 NY Nil & Hartford
11112 11212 111 112
2
100 807 Jan 4 13212 Oct 15
125 125 15124 12514 *12412 126
*124 125
124 125
125 125
400 Preferred
11453 Jan 3 1344 Aug 15
*1353 144 135 13% 14
•1312 14
3
1412 14
1412 1458 143
4 1,000 N Y Ontario & Western100
Nov 13 32 Feb 4
2
*112 2
2
*11* 21
*112 2
*13
21
*Hz 214
100 N Y Railways prat---No Par
112 Dec 30
9% Feb 21
174 183
8 1634 17% *163 1812 *1712 1812 1,400 Norfolk Southern
183
4 1713 19
*17
4
100 1412 Dec 28 4813 Feb 4
226 226 41225 230 •225 230 *22512 22912 *22512 230
2283 2294
4
500 Norfolk & Western
100 191 Jan 9 290 Sept 3
*85
85
85
12 85 85
8512 85
•85
*85
8514 *85
8512
20 Preferred
100 82 Nov 19 8714May 14
865 87% 8714 877
8
877
1586
3 853 8712 8614 8714 2,500 Northern Pettit.,
86
86
4
100 7518 Nov 13 1187
2July 22
84
8414 86
*84
8312 3312 84
88
85
85
*34
8514
1,600 Certificates
100 75 Nov 13 1145
8July 22
7218 727
73
8 724 743
733
73
4 7214 73
53 737
7414 7458 103,100 Pennsylvania
50 7212 Mar 26 110 Aug 29
*12
*10
•13
20
4110
20
20
20
*10
20
*10
20
!Peoria & Eastern
100 17 Dec 14 35 July 16
160 160 *140 155 *140 160 *140 170
•140 160 41140 170
10() Pere Marquette
100 140 Nov 13 260 Aug 29
*97
97
97
97
97
97
973 *97
97
4
973 *97
190, Prior preferred
4
100 94 Nov 13 101 Mar 22
973
4
3 95
95
*95
96
•95
*95
- •93
9514 95
*95 ---100 Preferred
100 90 Nov 8 97 Jan 8
116 116 *118 122 *115 122 *11814 122 *118 122
120 12112
500 Pittsburgh & West Vs
100 90 Nov 14 1483* Jan 10
122 122
121 123
122 122
122 122
122 12412 1243 12612 1,800 Reading
4
50 10112May 27 1473* Sept 5
*46
47 47
*46
43
50 .46
48
48
*46
50
50
200 First preferred
N1 414 Apr 22 50 Sept 7
473 4812 *47
4
51
5012 4812 485
*473 5012 *47
4
8 49
4913
900 Second preferred
50 4333May 21 603
48ept 7
62
63
•57
*57
*5613 62
62
62
*57
62
*57
*57
Rutland RR pre:
100 49% Oct 29 74148ept 18
*10712 109 *108 109
1084 1087 109 109
108 108
8
10912 1094
80051 Louis-San Freneleco
4
100 101 Nov 13 1333 Aug 30
92
92
92
924 92
8
9214 9213 9214 9218 923
4 923 9253 3,000 let pref paid
100 87 Nov 1: 0613 Feb 2
60
6012 60 607
*61
4
3 60
593 63
623
4 2,400 St Louis Southwestern,....._500 50 Nov 13 1153 Feb
60
623 *61
4
4
4
87
87
*8614 884
*8614 38
*3614 88
*8614 88
100 Preferred
*8614 88
100 84 Oct 30 94 Apr 26
103 103
8
1014 11
10
934 104 1012 1012
4
11
973 104 9,500 Seaboard Air Line
918 Dec
21+4 Mar 5
100
26
26
26
26
*24
2312 24
26
2418 2434 2,800 Preferred
2312 24
100 1614June 14 41% Oct 16
122 12212 *121 12214 12012 122
11914 12014 120 120
12014 12012 3,000 Southern Pacific Co
100 105 Nov 13 16712Sept 3
132 133
132 1327 13214 13314 1333 133% 13318 134
4
13314 13314 1,800 Southern Railway
100 109 Nov 13 162128ept 4
*98
98% 98
98
98
98
98
98
500 Preferred
983
98
4
*98
98
100 93 June 14 100 Dec 12
*90 115
*90 110
•90 120
*90 115
*90 100
*90 100
Mobile & Ohio certifs....100 74 Nov 13 1407 Jan 14
2
*117 120
117 117 *117 120 *117 120 *11712 120 *117 120
100 Texas & Pacific
100 115 Nov 7 181 May 2
107 107
11
11
8
11
1112 1214 *1112 12
8 *9
4 1,700 Third Avenue
*1114 113
612 Nov 13 39 Feb 25
100
*20
27
2514 2514 •25
253
8 2514 254 *2518 2512 •2513 2514
300 Twln City Rapid Transit...100 2014 Dec 30 584 Jan 25
•7512 79
*4914 79
*4914 79
*4914 79
*65
79
*7512 79
Preferred
100 75 Dee 31 100 Jan 5
21812 21813 2177 217% '21212215
3
215 2163 216 218
218 219
2,000 Union Paalflo
4
100 200 Nov 13 29753 Aug 29
*8212 8314 8212 8253 8212 825
8 8212 8212 82% 82% *8212 8314
700 Preferred
100 80 Nov 13 8512Sept 4
•Bid and asked in ices; no sales on this day. SEx-dividend. y Ex-rights.
PER SHARE
Range for Previous
Year 1928.
Lowest.
Highest.
1
$ Per share $ per share
182% Mar _AM Not
1024 Jan 1084 API
1574 Oct 1914 may
108% June 125% De4
77 Nov
85 Am
01 June
844 Jaw
104 Dee 116+4 May
88 Feb 01 Del
583 Jar
1
773 May
4
02
Jan
053 May
8
1612 Jan
4772 Sens
3214 July 6413 Nov
38 Sept 68 Nov
19512 June 253 Nov
93 Sept 10713 Mat
17512 June 21854 Des
65 Jan
2
18% May
7% Feb
26% MA7
37 Feb
8.834 May
68 Aug 763 May
3
513 Feb 25 Der
2012 Feb
be% Do;
221 Mar 6013 Ape
4
37 Mnr 595 Nov
2
78 June 941 Mar
4
136 Dec 150 Ma7
100 Feb 139% Nov
105 Dec 11112 Mar
99 2 Dec 105 Ma,
105 Aug 126 May
67 July 85
Apr
8018 NOT 35 May
694 Dec 57% June
1034 Feb 220
Alit
12514 Dec 150
Ape
6013 Feb 083 Apr
8
3 Aug
6% Jan
4 June
%
94 May
7213 Dee
48% June
50 June 637 Jan
2
4914 June 62
Jan
9313 Feb 11454 Nov
9113 Feb 111% Nov
413 Aug 617 May
2
99 Aug 109 May
7 Aug
4
173 June
7812 Sep
51 De
360 Jul 628 Nov
5018 Dec 7312 Ape
81
9312 Apr
Oc
181% Jan 1483 2.157
4
18012 Jan 147 May
75 July 82% Jung
29
Jar 02 May
3612 Ma
5213 Nov
69% Jan
43 Jun
8612 Aug
844 Feb
139% Nov
40
Jan
3813 Dec
17g May
60 June
701 Dee
4
60 Dee
3012 June
10113 Jun
6173 Feb
105 Feb
8212 Aug
17112 Aug
2 Feb
156 Feb
1214 Oct
10413 Aug
168
Jan
$4% June
112 Sept
24 Feb
514 Jan
32 June
175 June
347 Oct
2
923 Feb
3
9053 Feb
617 June
2
25 Mar
124% Feb
96
Oct
92 Nov
1214 Feb
944 Feb
6113 Nov
34 Jan
50 Feb
109 Feb
91 Dee
6711 Feb
82 July
1151 Mar
17 Aug
117% Feb
13012 Feb
98% Sept
100
Jan
9911 Jan
2818 Jao
8214 'Sept
% Qt
94
18613 Feb
624 Oct
95 Nov
72 API
116
Apt
19913 May
64 May
443 May
.1
813 May
533 Jan
3
87% May
7113 Jan
68 Dee
109 Feb
4
761 Sept
12672 Dec
89 June
204% May
512 Am
195._ Nov
140 May
110
Jan
505 Apr
62% Dec
117 May
39 May
13 May
58 Nov
19812 Nov
20 June
118 Nov
415 Nov
767 Dee
2
May
154 Nov
101+4 May
100% Me,
163
119% May
66 API
birs May
77 Dee
132 Mal
101 May
1244 Nov
96
Jan
3012 Jan
88
Jan
1314 May
165 MS7
10214 Jan
1594 Jan
194
% thit
464 Ma7
50 MA7
107 Feb
2247 Nov
2
874 Jan
257
New York Stock Record-Continued-Page 2
Yel males doting the week of at,irk) not recorded here, see second page ore *ding.
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
LSaturday,
Jan. 4.
$ per share
5214 5314
*8612 87
*72
80
257 263
8
4
*251z 3012
2212 2212
423 423
4
4
Monday,
Jan. 6.
Tuesday,
Jan. 7.
$ per share $ per share
523
4 55
58
51
87
87% 83
84
8014 8212
80
*76
2512 2612 2518 253
4
*2512 2812 *2512 28
*23
25
23
24
42% 423 423
4
4
*40
Wednesday, Thursday,
Jan. 8.
Jan. 9.
Friday,
Jan. 10.
Sales
for
the
Wee/c.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range for Year 1929.
On basis of 100-share lots
Lowest.
$ per share S per share S per share Shares
Railroads (Con.)
5514 5614 55
12,400 Wabash
56
543 56
4
*84
87
84
84
8514 85% 1,500 Preferred A
*78
85
*82
87
83
85
400 Preferred 13
2518 26% 20
2714 268 2714 24,800 Western Maryland
*2514 277 *26
8
28
100 Second preferred
27
27
233 2412 2414 25
4
2378 24
1,600 Western Pudic
428 43
4214 4314 4314 433
4 1,200 Preferred
Highest.
Par $ per share S per share S per share $ per share
51 Feb9614 Map
100 40 Nov 27 81% Jan 5
8812 Feb 102 May
100 82 Nov 15 10471 Jan 7
87 Feb 9912 May
100 75 Dec 7 91 Jan 8
/
1
311 Feb 544 Mar
/
4
100 10 Oct 29 54 Feb 4
8312 Feb 547 May
8
100 1458 Nov 14 5312 Feb 21
8812 Dec
/
4
2814 Feb
100 15 Oct 30 411 Mar 6
/
1
4
524 Aug 624 Jan
/
1
100 3712 Nov 14 673 July 22
Industrial Er Mficellaneoue
3414 Dec 30 1772/4 Aug 15
293 3014 2914 3014 233* 29
No pa
301
4
7.000 Abitibi Pow & Pan
3
7358 *73
100 69 Nov 13 82 8 Jan 7
78
600 Preferred
*7312 78
57112 72
43 Dec 21 13211 Jan 3
51
Abraham & Straus----No Pa
48
*46
*4612 51
*4612 51
108 *102 108 *102 104 *102 104
100 10012 Nov 15 11212 Oct 25
Preferred
2512 258 26
26
25
253 2618 14,500 Adams Express new. _ No par 20 Nov 13 34 Nov 4
4
100 84 Nov 18 90 Jan 3
8712 8718 8714 8712 8712 *8812 90
400 Preferred
7
25
2312 2312 *21
2412
100 Adams Millis
2412 *21
No Par 19 Nov 14 35 8 Jan 15
/
1
7 Oct 29 1044MaY 1
1112 *115 1214 1214 1314 1314 1314 1,700 Advance Rurael7
100
8
100 15 Oct 29 119 May 1
23
*23
24
23
24
24
244 1,200 Preferred
47 Feb 20
s
1
3 Dec 26
8
2
4
2
8
23
3
4 2,700 Manmade Lead
23
21
126 1287 12318 12678 124 12618 126 12912 12814 13158 28,600 Air Reduction, Inc-_NO par 77 Nov 13 22338 Oct 18
8
par 1818 Dec 30 4872May 13
2134 2214 *2114 22
800 Air-Way Elect AppnanceNo
22
22
22
22
22
22
/
4
1 Deo 27 111 Jan 2
134 2
Vo par
2
214
212 9,700 Max Rubber,Inc
214 212
214
214 23
8
13
4 13
4
4
414 Nov 13 101 Jan 8
8
814 9
9
83* 918
814 83
4
824 83 74,100 Alaska Juneau Gold 1111n_1e
4
824 83
4
5 Oct 29 25 Jan 3
912 *814 912 *814 9
*814 912 *81
Albany Pert Wrap Pan-No Pal
*814 812 *814 812
24% 233 2414 2314 2378 23
24
8
8 243 253 115,100 Allegheny Corp
4
No par 17 Nov 13 5612Sept 8
2412 24% 247
9512 96
96
100 90 Nov 14 11834July lb
97
97
97
9758 975 973
97
8
9753 *97
4 2,000 Preferred
801* Sept 4 92 Oct 25
*9012 91
200 Fret ex-warr
9012 9012 *90
9012
9012 *90
9012 .90
9012 "90
25812 263
1,300 Allied Chemical & Dye_NO17a2 197 Nov 13 33134 Aug 30
257 257
261 261
26412 265
258 261
258 261
•12212 123
121 121
600 Preferred
100 11812 Nov 15 125 Apr 27
121 121 *120 12114 121.14 12114 *121 12212
5018 507
3
8 5018 5112 49% 5012 495* 5012 50
5112 5112 5212 15,400 Allis-Chalmers Mtg new No Par 3518 Nov 13 7512Sept 25
3
*212
*212
2 Nov 15 1118 Jan 14
100 Amalgamated Leather_No par
*25
8 3
23
3 25
8 *212 3
*212 3
8
5,500 Amerada Corp
4
2012 203
No par 1712 Oct 29 423 Jan 3
203 21
4
21
2153 204 21
217
4 203 2112 21
14 7 8 *7
4 Oct 29 2318 Jan 16
900 Amer Agricultural Chem_100
712
7%
75* *7
7 4 7%
,
753
5
4 73
4 *
7
73
*2712 283
100 18 Nov 13 73% Jan 11
2814 2314
28
28
4 2914 2914 *2812 29
*28
281
4001 Preferred
900 Amer Bank Note
10 85 Nov 13 157 Oct 10
80
80
7912 8012
78
*78
80
78
79
78
78
78
Preferred
64
*63
64
50 57 July 23 6534June 14
*63
*63
64
*63
*63
64
64
638 *63
723 71
/
1
4
514 Dec 16 20 Jan la
600 American Beet Sugar_No par
7
7
7% 8
723 718 *64 724
* 4 714
63
1002 Preferred
*35
100 3412 Dec 30 ems Feb 5
45
*35% 4218 *3614 45
3618 3618
*3618 45
*35
45
4258 44
4114 4314 4214 43
4 6,100 Amer Bosch Magneto_NO Par 27 Nen/ 13 7612Sept 7
4418 4212 423
42
4218 42
g
4714 473 *4614 477 *4614 47% 473 473
500 Am Brake Shoe & F
No par 4012 NOV 14 02 Feb 4
47
47
47
4
4
4 47
*11912 120
160 Preferred
100 113 Nov 20 12612 Mar 21
119 1197 *113 120 *118 120
4
8
1194 1193 *11912 120
4June 1
85
8 8%
41 Oct 29 343
/
4
84 88 3,100 Amer Brown Bever! ELM Dar
83
8 83
8% 812
4
84 918
83
* 93
4
/
4
290 Preferred
62
62
6314 63141 6314 63141 6314 63 4 63
100 491 Jan 7 104 June 12
6412 *6312 64
,
/
4
12014 12158 119 12178' 11818 1203 11884 120% 1203 1235 12318 12514 195,300,American Can
25 86 Nov 13 1841 Aug 24
8
4
4
*143 145 *143 145,*143 145 1 144 144 *1413 145 *141 14114
100! Preferred
100 13318 Nov 14 145 Dec 13
4
/
1
700,American Car & Fdy__No par 75 Nov 12 1064 Jan 3
82
82
813 813
81
81
*8012 813
4
81
41 80
82 1 81
116 116 •112 116 *112 116 *110 116 *110 116 *110 116
100i Preferred
100 11012 Oct 10 120 Jan 29
/
1
600 American Chain pref
*78
82
100 7014Ma7 31 954 Oct 10
7614 80
82
80
81
81
81
*78
83
*78
38% 4112 3934 4112 3912 40
40
4,200!American Chicle
No par 27 Nov 13 81%Sept 5
*3914 404 3912 4012 40
30 4 325 11,200,Am Comm'l Alcohol___No par 20 Oct 29 55 May 20
3
8
29
2953 2912 2978 2912 31
30
3153 308 32
4
1814 Nov 14 473 Feb 25
*2412 25
200 Amer Encaustic Tiling_No par
2514 2514 *25
*2412 25
2512 *25
2512 *2412 25
3714 3712 3.800 Amer European Sec's __No par 23 Nov 13 9812Sept 3
36
36
35% 3612 3512 37
36
3634 37
35
94% 9618 927 96
9112 9418 925 9412 935 978 9412 9853 496,600 Amer & Forn Power___No Par 50 Oct 29 19914Sept 21
8
10712 10712 108 108 *107 10712 10712 10712 10712 10712 10714 108
9002 Preferred
No par 10112Nov 18 10812 Feb 14
9512 96
98
98
600 2d preferred
3 300
:3 !
No Dar 8614 Oct 30 103 Fen 21
96
98
96
95% 9518 9512 9712 96
Am Hawanan 80 Co
10 1712 Dec 26 42 Apr 19
8 218 2234
20
20
20
2112 21
4
21
213 2153 213 223
8
312 Dec 27 10 Jan
8 6
*352 6
*43
*4
6
!American Ride & Leather_100
6
*4
6
*45
8 6
*45
/
1
4
297 3014 *29
30
700 i Preferred
100 2314 Nov 14 52 Aug 29
30
*29
30
8
30
3014 297 29% *29
56
1,700 Amer Rouse Products-No Par 40 Nov 13 85% Jan 21
5512 5614 5614 5614 56
5614 56
5618 558 558 56
4
3812 39
39
363 3712 7,100 American Ice
No par 29 Oct 30 53% Aug 23
3912 x3714 378 37
38
37
3612
*87
90
90
300 Preferred
8712 8712 *84
*87
100 8378 Dec 26 96 Mar 8
8612 *84
86,8 8614 87
4Sept 20
37% 383 377 383
8
3
8
4 373 38
8
3714 373
4 3712 38% 383 393 11,300 Amer Internet Corp-No rat 2912 Nov 12 963
8 Jan 10
/
1
4
*212 3
212 Oct 29
"212 3
700 Amer La France & Foamite_10
25* 25
23
238
8
212 23 *238 212
*35
367
8 3112 3112 *30
"30
347
100 2712 Nov 26 75 Feb 21
110' Preferred
30
347 *30
348 30
10314 1043 104 105 *104 105
8
1,800 American Locromotlye_No par 90 Nov 13 136 July 16
1033 1033 103 103 *101 103
4
•11414 115
114 114 *114 115 *114 1143 *114 1144 1148 1145
8
20
0 Preferred
100 11114 Nov 15 120 Dec 10
4
/
1
4
*210 215
215 215
210 215
1,500 Amer Machine &Fay-No par 142 Nov 14 279 Oct 0
21214 21214 *210 220 1 212 219
46% 46% 47 4714 4612 478 4678 47181 468 473
4 4714 4353 7,900 Amer Metal Co Ltd___No par 3112 Nov 13 8118 Feb 8
*110 112 *112 11212 *112 11212 *110 11212 *112 11214 *112 11212
100 100 Nov 13 133 Feb 6
Preferred (6%)
693 *68
4
68
67
60 Amer Nat Gas pref-No par 53 Nov 21 9814 Jan 7
70
*68
70
*68
72
698 69% 68
7
2
1
/
1
4
3 Dec 19 17 Jan 31.
4
4
1
1
1
3
4
1
3,700 American Plano
No pa
1
1
24 1
*5
6
4
4 Dec 20 55 Jan 81
4
190 Preferred
4
100
4
*2
4
312 35* *312 4
3
817 83
8
6414 Nov 13 175 4Sept 7
80 8 83 8 793 8212 79
5
3
4
8112 81
827
8 8114 8312 14,400 Am Power & Light____No pa
10112 10112 10112 10112 10118 10118 *10118 10112 10114 10112 10114 101% 1,200 Preferred
No par 9214 Oct 29 105 Feb 28
*7518 76
70 May 31 80 Feb 13
*7514 76
No pa
7514 7514 75
7514 *75
753
4 7512 7512 1,200 Preferred A
8118 1,700 Pref A stamped
/
1
724 Nov 14 8418 Feb 15
8012 80% 80
8012 8012 8012 *8014 805
8 8053 817
8 81
No pa
3Sept 7
28 Oct 28 553
3014 30% 3012 3112 308 315
8
* 305 3114 3012 3112 30% 3112 21,200 Am Rad & Stand San'ry No pa
12614 12614
*126 135 *126 135
GO Preferred
10 125 Nov 26 139 Sept 13
12614 12614 *126 135 *126 135
24% 2,100 American Republles___No Da
/
1
4
24
1212 Nov 12 64 Jan 2
225 2518 24
8
24
2414 23
*23
23
23
23
8Sept 9
80 Nov 13 1445
9018 13,300 Amer Rolling Mill
815 82
8
83
2
84% 823 87% 88
4
848 81% 8312 83
/
1
4
*5618 60
600 American Safety Rasor_No Pa
44 Nov 14 74 Jan 31
60
*5618 60
6014 *59
60
*5618 60
*5618 60
/
1
22
23
1812 19
8 217 23
8
3,200 Amer Seating•t o
17 Dee 30 414 Mar 15
20
2112 2012 2012 2112 215
No Pa
*118
7 Feb 5
112
112
100 Amer Ship & Comm
No pa
112
112 *113 112 *114
311 Oct 29
112 *114
112 *114
70 Oct 20 11218 Aug 8
*85
8312 8312 *8312 85
120 American Shipbuilding_ __ _10
87
*831 85
.
85
85
85
85
7514 20,900 Am Smelting & Refining-100 62 Nov 13 130148ept 5
7318 74 2 7453 76
,
74
748 7418 7553 74
76% 74
136 136
135 136 *136 13612 136 13612 *13614 137
137 137
900 Preferred
10 12318 Nov 15 138 Jan 4
*4212 43
2
33 Oct 30 49 July 26
427 42% 428 427
8 4212 4212 4212 4212 4253 425* 1,400 American Snuff
*9912 10012 10012 10012 10012 10012 10018 10014 10012 10012 *10012 101
100 Preferred
100 98 Nov 13 112 Jan 24
4812 4914 4812 4914 4812 4812 4712 48 4 478 4812 4812 485* 5,200 Amer Steel Foundries-Na Pa
353 Oct 29 79 Feb
4
/
1
4
,
111 111 '111 11112 11012 110% 11012 1103 1113 11112 111 111
8
8
200 Preferred
100 110 June 17 116 Mar 13
47
47
47
47
47
*47
48
400 American Stores
40 Oct 20 83 Apr 25
47
47
No Da
*47
4812 47
6312 6414 63% 6312 623 63% GI
6212. 63
4
63
62
4
6312 3,400 Amer Sugar Refining
100 56 Nov 13 913 Jan 26
*104 106
104 104 *105 1053 •10412 105
106 106 *106 107
1,0002 Preferred
100 99 Nov 13 111 Feb 1
4
20
203
4 193 203
4
4
21% 218 223
4 2012 225
8 5,400 Am Bum Tob
18 Nov 13 60 Jan 2
4
1934 2014 20
No pa
263 263
4
8
26% 268
4 26% 27
250 Amer Telegraph & Cable_100 17 Jan 2 821 Mar 23
/
4
26% 27
26% 26% 265 27
22012 22112 219 222
8
/
1
4
218% 2203 21718 2193 219 2217 21914 22114 15,600 Amer Tele)) & Teleg
4
4
100 193 Jan 8 31014Sept 19
203 203
199 200 *197 199
201 202
197 197
200 200
2,100 American Tobacco com----50 160 Mar 26 23218 Oct 14
201 2033 201 2033 199 202
4
4
197 1993 19814 2017o 20214 2033
4
4 7,0002 Common date B
50 160 Oct 4 235 Oct 14
•12012 121
12012 12012 12018 12018 *12018 120 4 •12018 1203 12018 12028
4
7002 Preferred
3
100 1145* Nov 14 12114 Jan 15
•I25 12912 *125 12912 *125 1291 *125 12912 *125 12912.126 12912
'American Type Founders_100 115 Nov 13 181 Sept 11
*110 111 *110 11012 *110 11010 110 11012.110 11012 *110 11012
100 103 Nov 13 112 Apr 5
30 Preferred
9112 9412 883 9114 8914 9112 9114 94141 9414 963 39.500 Am Wat Wks & El
9114 94
4
4
No par 50 Nov 13 199 Sept 27
9912 9912 *99 102 •100 102 *100 1013 1013 102 *101 10212
4
300' Id preferred
4
97 Jan
104 Jan 28
8
8
7% 7%
1012 1138 3,900 American WOOlala
9
/ 11
1
4
812 103
914 11
51 Oct 24 27 Jan 3
/
4
/
1
4
100
21
20
20
2214 23
2853 315* 17,000, Preferred
27
2518 263
8 258 28
5838 Jan 2
100 1512 Nov 1
512 512 *512 6
*512 6
200 Am Writing Paper otfs_No par
4 Nov 14 1618July 18
*512 6
*512 6
*512 6
33
33
*2912 3312 *30
*30
*30
33
*3018 33
33
I Preferred certlfloate___100 28 Nov 1
*30
40 Mar 2
9% 113
8
912 11
918 918
*10
1012 1012 1012 1012 12% 16,800 Amer Zino, Lead & Smelt _-25
/
1
4
7 Nov 13 49 Mar 18
56
70
*54
56
633 64
3
66
63% 6158 65
66
4,300 Preferred
*65
25 493 Nov 13 11114 Mar 19
4
7514 7812 7718 7914 76% 78% 77% 79% 57618 773 328,100 Anaconda Copper Mln. new50 6714 Dec 23 140 Mar 22
7314 75
4
47
*48
*47
48% *47
48
48
47
48
*46
200 Anaconda Wire & Cable No par 46 Dec 23 893
47
4Sept 7
*46
3878 3822 39
39% 42
35
3512 3634 37 1 *37
37121 38
4,100 Anchor Cap
No par 25 Oct 29 80 Oct 15
•104 106 *104 115 *104
*104
____ *104•104
13 15412 Oct 15
Vo par 96 Nov
Preferred
-4
35
36 I 36
3,600 Andes CODDer !dining. _No par 30 Oct 29 683 Mar 1
8
*32
3412 34
363* *3312 3514 3514 I63 x34
27% *26% 2714 3,500 Archer, pangs. Mid'Id_No Par 1312 Nov 13 4918 Mar 4
2614 *26
26
2614 2612 26% 26
2612 26
803
4
*80
500 Armour & Co (Del) pre!
8112 *80
808 *80
805
8 8012 8012 8018 80 2 80 4
-100 75 Oct 29 95 Jan 80
,
3
8 6.900 Armour of Illinois elaue A.__31
6
6
6
6 14; 6
1818 Jan 2
6
6
53
4 57
518 Oct 29
628
03
4
3
318
3
6,100 Class 13
353
25
4
314
3-53
33
8 312'
23 Nov 13 1014 Jan 2
318
318 3 8
3
3
63
63
600 Preferred
*6112 6512 *62
62
6212 6212 64
64
6512 62
..100 57 Nov 14 86 Jaa 34
63
/
1
4 7
2,300 Arnold Constable Corp.No par
612 612
63
4 63
8
4. 64 67
63
4 63
4
64 67
614 Dec 28 404 Jan 2
*163 21
8
"16% 21
*165 21
8
*165 21
8
*163 21
8
Artloorn Corp
No Par
1653 Nov 14 SO Feb 5
*1653 21
4June 18
3618 3618 *3512 3612 *36
3712 *37
500 Associated Apparel Ind No par 34 Nov 14 5.33
3612 37
37
37
37%
31
30
28
2914 2314 29
No par 25 Nov 13 7034 Jan 10
*28
30
5,600 Memo Dry Goods
2918 29% 28% 30
37
37
*3612 40
37
3714 37
190 Associated 011
25 3412 Dec 24 4714 Apr 5
37
3718 3718 3718 3718
/
4
723 724 7314 7518 7414 74% 75
4
4 7512 7512 2,100 Atl GA WI S S LIne_No par 321 Feb 16 861 Oct 10
/
4
75
7553 763
*59
597
8
8
*59
60
60
GO
60
59
59
*573 59% *59
4
100 453 Feb 11 627 Sept 26
4
200 Preferred
j
383 384 3814 39
8
373 38% 373 3812 377 3812 3814 39
4
13,100 Atlantic Refining
25 30 Oct 29 777 July 8
8
*81
83
*81
89
*82
88% 8712 8812 *83
883 *81
4
400 Atlas Powder
8812
No par 67 Nov 7 140 Sept 101
•100 10112 *100 10122 4.100 10112 *100 10112 10112 10112 .10012 102
100 90 Nov 14 10612 Jan 14
50 Preferred
614 68 *63
3 7
*612 7
/
1
4July 16
*612 7 1
612 612' *612 7
400 Atlas Tack
No par
5 Nov 14 17
19514 200
190 1953 185 18514 181 1894 184 190
200 204
4
No par 120 Oct 29 314 Sept 18
4,300 Auburn Automobtle
30
*75
*43
*102
253
4
*86
*2312
1218
22
12
12538
*22
3214
78
50
108
26%
8712
25
1218
22
12
126%
2212
2838
72
*43
*10218
255
8
8714
*2358
1112
23
8
4
3018 297
8
73
73%
51
*43
108 *102
2614 2512
8714 *86
24
*2312
12
1112
23
23
21
as
I
•Bid and asked prices; no sales on this day. x Ex-dividend. y Ex-rights.
PER SI1ARE
Range for Previous
Year 1928.
Highest.
Lowest.
861 Nov
4
76 Nov
90 June
Oct
109
195
Jan
93 Jan
30 Des
/
1
4
11
Jan
3:11 Jar
4
253 Jan
09 June
---- -7 xtu e
/
1
4
Jac
1
22 Dee
/
1
4
85 Apt
e
1023 July
142 Dec
11412 June
125 Dec
99 Mar
/
1
4
3312 Dec
05 Sept
6914 sew
53 Mar
4
995* Lee
Jan
24
10 Nov
3114 Jan
146
Feb 25253 Nov
12012 June 1275* may
918 Oct
2718 Feb
151 Pet
5538 Feb
4
743 Jan
oct
60
144 July
/
1
86 Feb
151 Feb
/
1
4
39 July
/
1
4
120 De105 Apr
*
6014 APr
/ Jan
1
4
70
/
1
1364 Jan
884 July
/
1
1105* Aug
71 Dec
41 Dee
164 Apr
43 2 Nov
7
20 Nov
79 Nov
/
1
4
139 Map
057 Jan
8
3411 Aug
6153 Sept
44% Nov
4918 Jan
128 Jun:,
264 May
/
1
85 May
/
1
4
11712 Nov
147
AlPf
111/1 Jan
18712 Mar
103 June
501 Dec
/
4
22N Feb 85
4
1043 June 110
81 Feb 100
Dec
May
Sept
1514 Jan
Jan i
56
87 June l
103
/ Jot
1
4
12912 June
39 Mar
100 Aug
963 Dee
4
125 July
88 Dee
6214 Jan
10012 Dec
7018 Nov
81 Dec
/
1
4
673* Feb
88 Nov
483 Au;
8
99 May
/
1
4
- -1138 Oct
/ Oot
1
4
85
Jan
115
134 MU
Dee
183%
62 Nov
/
1
4
117 Ma?
/
1
4
993 Nov
4
25 Feb
Jan
90
95 May
10714 Ma,
7712 Nov
81114 Nov
511* Feb
"ii- -Ai;
$1
59
28
90
No•
Feb
Jan
Jan
511
JBm 747k 13*02
415 may
27% Nor
312 Aug
ell May
Jan
80 Sent 119
169 Feb 293 Dec
Apr
131 Mar 149
Oct 170 June
/
4
50 June 701 Jan
/
1
4
109 Juno 120 Feb
100
55 Feb
100 Feb
Feb
46
1714 Dec
172 July
152 June
152 June
115 Sept
/
1
4
109 Aug
/
1
4
107 Nov
52 June
Oct
93
14 July
89 Aug
101 June
/
4
84 JUDI
2
53 Jar
Rai
10
psis NOV
110'2 May
73222 Sept
Jan
32
211 May
184% Deo
1844 Nov
/
1
Apr
126
2424 Nov
/
1
116 Mar
7612 Nov
106
Apr
22 Nov
/
1
4
65 Nov
/
1
4
19 Feb
/
1
4
/ Oat
1
4
33
ST
Oct
117
/ Ott
1
4
_
68 Dee 54% Dee
10614 Dec 111 Den
56 Nov
3618 Nov
554 Feb 113 Nov
/
1
/
1
4
/
1
86% Jan 974 June
111 Jan
/
4
2134 Sept
/
1
6% Jan
1312 May
7
/ Jan 9112 June
1
4
/
1
8514 July 514 Apr
2814 Dee
4 8 Mar
3
404 June III; )5- ;
e
8712
371
/
4
38
50
63
102
814
Feb 535* Sept
Feb 69 May
/
1
4
Feb 65
/ Oct
1
4
Nov 8812 Dee
Jar 114 Dec
July 1104 May
/
1
Jan
175* June
258
New York Stock Record-Continued-Page 3
For sales during the week of 8tocks nut recorded here, see third page preceding.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Jan. 4.
Monday,
Jan. 6.
Tuesday,
Jan. 7.
Wednesday, Thursday,
Jan. 9.
Jan. 8.
Friday,
Jan. 10.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
Lowest.
$ per share $ per share $ per share $ per share $ per share 5 per share Shares
Indus. & Miami. (Cos.) Par
4
4
4
4
4
4
412 *4
*4
412 *4
412
,400 AuERR], Nichols & Co_NO Par
•
23
*23
25
25
*23
25
24
*23
24
*23
25
25
200 Preferred non-voting_ -__100
•
56
5812 *56
5812 *56
5613 •55 4 5612 *56
3
56
5812 56
200 Austrian Credit Anstalt
*7
9
7
7
6
614 *
514 6
*53
4 6
*53
4 612
500 Autosalea Corn
No par
21
•
15
•15
21
*15
21
21
*15
21
*15
*15
20
Preferred
50
3712 3712 373 373
4
4 38
38
3818 381
, 384 383
,3 3814 384
500 Autostr Sal Razor"A".No par
3314: 3412 3312 343
8 324 34
323 3312 327 334 33
4
8
333 82,100 Baldwin Loco Wks new No par
4
115 / 115
114 115
114 114 •113 115
1144 115
114 1153
8
320 Preferred
100
*107 10712 10712 1074 *107 108
'
10712 IOS •107 10712 10738 1073
8
310 Bamberger (L) & Co prer 100
1712 1712 1814 1614 *16
1612 1612 •16
20
*16
20
20200 Barker Brothers
No par
*7314 77
*7314 77
*7314 90
*7313 90
*7312 90
*7313 90
Preferred
100
*23 i 414
4
24 24 *3
414
*3
3 4 33
3
414
312
4 •3
200 Barnett Leather
No par
2314 233
8 2318 2378 2312 233
8 2314 2312 2318 2312 233 233 12,600 Denude11 Corp class A
8
4
25
*60
66
*60
66
*60
66
•60
66
66
*60
*60
66
Bayuk Cigars, Inc
No Par
*9912 100
994 9912 9812 9812 *
9813 99
99
*98
*9514 9534
1812 19
60 First preferred
100
15
163
8 15
1512 15
15
15
15
15
15
2.300 Beacon 011
No par
*6112 63
61
62
623 63 .
4
63
6012 633
*627 64
4 63
8
600 Beech Nut Packing
20
•412 5
*212 5
•412 5
5
*412 5
5
5
5
200 Belding Hem'way Co__No par
*
804 8012 *8012 81
8012 81
823 823 *823 84
4
8
8314 8314
4
400 Belgian Nat Rye Part pref____
3612 37
35 4 3714 3414 3618 347 3512 343 36
3
3438 363 31.300 Bendix Aviation
4
8
4
No par
*3113 32
3218 3312 32
314 3122 313 32
32
8
32
32 13 2,400 Beat & Co
No par
93
94
93
9412 9314 947
3
8 93 4 954 947 9618 057 974 123,500 Bethlehem Steel Corp...... _100
8
8
1227 1224 123 12314 1223 123
8
4
12212 12212 1224 12212 12238 123
2,500 Beth Steel Corn of (7%)_100
23
2312 .2312 25
24
24
*215 32
8
24
24
*24
25
2,300 Bloomingdale Bros
No par
•100 103 *100 103 *100 103 *100 103 *100 103
103 103
40 Preferred
100
*78
80
*78
79
*78
79
78
•78
78
80 .78
80
10 Blumenthal de Co pref
100
53
5414 534 543
/
1
8 53
533
4 52
5314 513 52
4
513 52
4
2,000 Bohn Aluminum & Br.._No par
•
7014 72
72
72
•7134 7114 704 70 s *71
7114 71
3
7112
600 Bon Am'claw A
No par
*4
414
414 414 *4
414
41
*4
414 414 *4
412
300 Booth Fisheries
No par
*28
327 *28
8
32
*28
•27
32
32
*29
32
*28
32
let preferred
100
6512 6513 65
6513 63
65
6018 627
8 6114 0323 623 6413 39,600 Borden Co
4
25
34
343
4 3312 35
343
34
8 3414 35
34
353
3518 36
12.200 Borg-Warner Corp
10
.212 3
*212 3
3
*21
*23
8 3
*212 3
*212 3
Botany COMP Nfllif3 class A_60
157 163
8
4 1613 17
153 1653 153 163
8
8
8 153 157
8
1513 154 26,500 Briggs Manufactu:17 _No par
,
*14
13
4 *113
8
13
4 *13
13
4 •13
8
8
13
4 •13
13
*13
8 13
4
British Empire Steel
100
412 41
8 5
*43
*43
8 5
8 5 1
*43
*412 5
43
8 43
8
500 2d preferred
100
133 1378 133 143
8
4
4 144 1412 14 4 15
3
1434 147o
15
15
3,000 Brockway Mot Tr___ _No par
*70
70
77
70
70
70 *-___ 70
*68
70
70
•68
60 Preferred 7%
100
139 13912 131 131
13414 13414 *134 139
13812 140
140
Oas
No Par
41
41
*40
42
...40 42 1 1140 42 11401e 42 *40 14034 1,100 'Davi UnionIno
42
300 Brown Shoe
No par
1938 194 193 20
19
197
8
8 18
1918 18
183
8 183 183
8
4 7.700 Bruns-Balke-Collander_No par
*2213 23
223 223
8
8 223 2314 225 227
8
8
8 221 23
/
4
2318 2,200 Bucyrue-Erie Co
23
10
*3412 3538 3414 3412 3318 3414 3318 34
35121 1,700 Preferred
3418 3541 3418
10
*10734 112 *1073 112 *10734 112
4
1073 1073 *10713 1073 *10712 1073
4
4
4
20 Preferred (7)
4
100
32 .31
*31
32 I 31
31
*31
32
*31
32
31
31
200 Bullard Co
No par
•100 102 *100 102
100 100
*9912 102
*994 100
•9912 100
100 Burns Bros new clAcomNo pat
*251s 2812 *2618 29
*26
28
*26
27
*26
27
27
27
100 New class B com
No par
*9514 0412 *9514 9612 *90
0612 *90
9612 *9514 9612 *9514 9612
Preferred
100
4618 477
g 46
4814 4314 463
8 4452 4512 451g 4612 4512 473 16,200 Burroughs Add Mach_No par
8
36
36
36
3618 36
36
•35
36
36
38 .37
38
No par
10312 10312 104 10414 10413 10412 10412 10412 10218 10518 105 10518 1,000 Bush Terminal
370 Debenture
_100
•110 114 *110 114 *110 114 *110 114
110 110 *11012 114
10 Bush Term Bilge pref _100
48 5
7
5
5 14
44 5
6
5
47
8 5
43
4 514 5,800 Butte & Superior MInIng__10
103 8 34
3
314 313
38 34
3
3
312 334
312 312 *33
8 312 2,400 Butte Copper & Zinc
6
18
18
17
177
8 1718 1938; 1938 193
8 19
194 19
19
2,300 Butterick Co
100
91
923
4 8912 923
8 8812 9178' 8914 913
8 8938 94
924 954 33,400 Byers & Co (A M)
----No Par
•110 116 *110 116 *110 110 1*110 116 *110 116 *110 116
Preferred
100
500 By-Products Coke
No Par
*
6613 68
663 663
8
8 67 67
673 674 677 6812 6818 687
4
8
8 1,700 California Packing.. _ _ No Par
*28
293 *28
8
293 *28
8
293 *28
8
293 *28
8
*28
29
29
California Petroleum
25
18
*1
1
1
1 I
1
1 I
1
114
118
114 *118
114 2,200 Callahan Zino-Lead
10
83
8518 85
8912 88
894 88
8812 87
8 88
897
89
4,200 Calumet & Arizona Mining _20
294 3018 30 8 3214 3213 3338; 3213 323
3
3214 3112 3213 7,400 Calumet & Hecla
32
4
25
*643 6413 63 4 6412 6414 6512 6453 67
8
3
6614 6712 10,200 Canada Dry Ginger Ale No Par
6613 68
2712 28 I 274 28 r 27
2713; 27
271
27
2753 274 273
4 3,900 Cannon Mills
No par
19712 198
105 19812 19212 19212 195 19512 195 200 4 200 204
3
10,4001Case Thresh Macblne cHs100
*115 121 *110 12112 *115 12112 *115 121 *115 121 *115 121
Preferred ctfs
100
; 918 1012 1012 107
8
93 1014 *10
1034 10
4
10
10 4 1212 6,500 Cavanagh-Dobbs IncNo pa
3
6714 *69
65
74
70
70 1 71
71 1 *70
74
71
71
300 Preferred
100
38 , 38
384 4513 42
/
1
463
8' 43
44
4412 4412 44
44
13,000 Celotex Corp
No Pa
79
*71
75 .71
*
71
78 1 *71
743 *71
4
8
777 *71
79
Preferred
100
*2513 12678 26
26
2618 267
8 2612 263
8 2612 264 2612 263
4 5,100 Central Aguirre Asso-NO Po
8
313 323
• *313 32
8
8 3138 323
4 317 3252 3212 333
8
4
8 323 3414 0,400 Central Alloy 8teel__ ._No va
*____ .111
108 108 *108 111 ,*107 111 0.107 111 *107 111
20 Preferred
100
, *314 I 414 *314 4
/ *314 41; *314 414' 4
1
4
4
/
4
*3
414
200 Century Ribbon IfIlls_No pa
*5114 5812 *53
581 *53
5813 *53
5812 *53
58
54
55
20 Preferred
100
63
3 633
6312 653
8 6414 65381 6318 64 1 627 64
8
6313 643 17,600 Cerro de Pasco Copper_No pa
8
•1312 1353 *13
133
8 13
1312' 13
13
1238 13
13
1313 1,600 Certain-Teed Prothicts_No pa
*2812 497 *2812 48
8
*2918 497 *3018 497 •27
8
4818 *27
8
58
7% preferred
100
4018 4012 41
41
41
42
4012 42
42
*4118 4212 1,900 CIty Ice & Fuel
43
No pa
•____ 100 •_ ___ 100
*97 100 *__ 08
98
9618 9618
96
60 Preferred
100
_
Certo Corp
No Pa
;64-1 ;6453 -633-8 .. 1- --- ii---0
64
64 611; -1i---68i--- 6,600 Chesapeake Corp
6 2 618
8 6722
No Pa
*2314 24
2314 237 *23
8
24
*21
22
*2214 23
23
23
500 Chicago Pneumat Tool No pa
*5112 5218 5112 5218 *513 514, 52
4
52
4
5214 5214 *523 53
600 Preferred..
No pa
283 283
4 28
4
28 .
27
28
*27
29
28
28
29
*28
260 Chicago Yellow Cab
No VG
25
*25
25
2512 25
254 253 253 *2514 27
8
8
2612 2612 1,300 Chickasha Cotton 011
10
597
s_60
594 60
59
593
4 5713 5913 583 593
8 59
59
2,700 Childs Co
4
No oar
*534 50
•534 60 •533 69
8
•534 74 1 *62
*535 74
74
8
ICUs Copper
2
371 3814 3714 387
/
4
8 3618 3738 3512 363
4 3514 3 4 3518 363 190,700 Chrysler Corp
8
6
No Pa
*38
40
*38
40 .38
40
*38
40 1 *38
40 .
40
38
City Stores class A____No pa
104
19
97 1014
8
912 10
9
93
4
914 10
912 97 24,400 New.
8
No pa
40
•
36
37
37
40
'38
*38
40
300 Cluett Peabody & Co__No pa
9114 011 4112 :F112 4 94
*9113 94
7
29 I21
N
9412
*94
60 Preferred
100
134 134
134 134 *13334 134
13314 1347 1344 1354 136 139
8
2,500 Coca Cola Co
No pa
*4812 483
4 48* 4S3 483 484 4813 484 484 49
4
487 484 1,000 Claes A
8
No pa
1514 1612 16
4 1614 19
1653 1614 163
1814 187
4
8 184 183 15,200 Collins & Altman
No Po
85 r *74
•74
85
*74
85
*76
85
*74
85
85
*74
Preferred non-voting___100
41
4314 393 42 ; 40
8
407
8 403 41
8
403 423
8
4 4112 423 16,900 Colorado Fuel & Iron
8
100
17412 17714 173 1763 170 174
173 176
4
174 17712 176 1817 14,300 Columbian Carbon•t eNo Pa
8
773
8 7312 753
7412 7612 75
8
4 743 7613 754 7814 7612 7914 125,100 Colum Gas & Elec____No par
1064 10612 10612 10612 *106 106142 10614 10612 10614 10614
*1053 107
4
600 Preferred
10
8
283 3114 2958 3134 295 30
34' 2914 3014 293 303
4
8
8
8 293 3114 202,300 Columbia Graohophone
253
8 2412 25 1 25
243 2512 25
8
25 8 253 263
7
8
4
4 2618 273 18,900 Commercial Credit___ ..NO par
•23
2412 *2312 2412 *2312 2412, 23
23
2412
*23
60 Preferred
2412 *23
25
•22
23
2312 22
2312 2218 22121 *22
*
23
2312
234 22
100 Preferred B
25
*7612 77
77
77 1 77 7712; 77
7812; 7812 79
79
79
1.280 1st preferred (014%)
---100
3912 40 I 40
41
407
39
8 40
40 I 39
3912 3913 4012 6,000 Corn Invest Trust new. No Par
99 *100 10012 *100 10012 *100 10012 100 100 *100 10012
99
100 7% preferred
100
91
*
*89
89
91
91
9214; .89
9214; *89
89
9214
100 Preferred (044)
9214 •
100
011
29
*113 123 •1114 1241 *1114 15 I *111 15
8
4
/
4
*1114 15
100
Warrants
2912130
2972 31
44,900 Comm Solvents new._ No imr
2912 3 3
0 3 2 42 3 ,
13 1 14 81 2149:g
01
0
r 14 3 143
21 4 29114 3°% 1418 1434 273,700 Commonwealth&sou'rn.No Par
9 4 14 4 145
4 1414 143
4
48
48
54712 4818 4914 493
4 483 453 *4814 5412
*45 41 48
4
900 Conde Nast PublIca___No par
4
. 1352 141s
1312 1418 134 14
133 14
8
133 14
4
133 14
4
0,100 Congoleum-Nairn Inc_No par
48
145
*45
49 .4613 49
4813 4812 *46
49
49
*46
100 Congress Cigar
No par
hi *14
,
3
8
*14
*1
3
8
8
8
•14
3
8
*14
*14
4
Comle4 Tin Poll stpd....No par
,
44
44 4414 4414 473
4713 4612 48
*45
4 46
48
4712 .45
3,100 Consolidated Cigar___No Par
*0712 68
673 68
4
8
6712 6712 *675 6812 "68
08
68
60 Prior pref
6812
100
1878 19
1912 20
1918 2,100,Consol Film Ind pref__No par
*1912 193
4 1912 1912 1918 1912 19
9958 10112 9914 10112 983 10034 985 100
4
8
1013 1034 128,300 Consolidated Gas(NY) No Par
4
9853 103
*993 100
4
100 10014 993 1001s 997 10014 100 100
4
100 10014 2,6001 Preferred
4
No par
1
1
1
118
1
1
128
*1
1
8 3,800 Consolidated Textile. .No Par
1
llg
•1212 14
1312 14
13
1312 *13
1313 *13
600'Contalner Corp A yof..._No par
1412 1312 1312
*414 412
412 412 *412 5
*412 5
*44 43
*43
8 5
4
200 Class B voting
No Par
4314 4474 4414 447
8 4412 45
43 431 43
44
/
4
4412 4412 4.900 Continental Baking el ANo par
6
6
618 612
0
6
61 4.4001 Class 13
/
4
6 14
54 6
53
4 57
8
No Par
884 89
8912 8913 8912 8912 8014 90
4
00
4 1,500, Preferred
0014 893 893
100
504 513
8 50 4 517
3
8 50 4 5118 5018 503
3
4 504 52
523 533 22,400;Continental Can Ino-No Par
4
8
59
5934 59
60
*58
59
60
6012 613 63
s
623 63
4
5,900;Contlnental Ins
10
55
8 6
57
8 6
57
8 6
57
8 6
574 6
57
8 6
15,0001ContinentaI Motors_ NoPar
I
•Bid and asked prices; no sales on this day. to Ex-div. 100% In common stock.
PER SHARE
Range for Year 1920.
On basis of 100-share lots.
Highest.
Per share $ per share
3 Oct 30 1134 Aug 27
/
1
4
18 Nov 7 424 Jan 11
4912Nov 12 65 Jan 8
4 Dec 27 3612 Aug 16
13 Dec 19 457 Aug 19
8
34 Nov 14 50 Jan 11
15 Oct 24 664 Aug 12
10912 Nov 14 125 Apr 3
9312 Nov 13 11012 Feb 1
16 Dec 26 333 Jan 23
4
70 Nov 26 97 Jan 28
212 Dec 23 2914 Jan 15
20 Oct 29 4018May 10
55 Nov 13 1133 Jan 26
4
95 Oct 23 1063 Jan 29
4
1212 Dec 30 327g July 17
45 Nov 13 101 Jan 12
412 Dec 30 173 Apr 18
4
75 Nov 13. 867 Jan 3
8
25 Nov 13 10438July 24
25 Nov 13 12312Sept 24
7814 Nov 131 14034 Aug 24
8May 31 128 Sept 18
1163
224 Dec 30 614 Apr 5
100 Oct 15 III Jan 16
704 Dec 10 118 Jan 2
37 Nov 13 1363
4Me7 4
70 Oct 29 8912 Jan 12
3 Dec 2 113 Jan 2
4
18 Dec 3 633 Jan 18
4
53 Oct 29 10012July 10
26 Nov 13 1433
8May 1
212 Dec 13 1512 Feb 11
812Nov 13 $34 Jan 3
113 Dec 26
8
67 Jan 28
37 Nov 13 1312 Jan 28
8
14 Nov 14 7373 Jan 2
7114 Dec 30 145 Jan 2
99 Nov 13 24812 Aug 26
36 Oct 24 511zSept 4
1614 Nov 13 5514 Jan 18
14 Oct 29 424 Jan 5
2612 Oct 20 50 Fob I.
1073 Dec 31 117 Apr 25
4
25 Nov 14 543
8July 19
88 Nov 13 127 Jan 11
2233June 4 39 Jan 16
88 Nov 15 10514 Jan 7
29 Oct 29 3293
4May 21
3114 Nov 14 8918 Feb 2
914 Nov 14 11012 Mar 2
10534 Nov 18 11812 Feb 19
43 Dec 24 121 Jan
8
/
4
2 Oct 30
912 Jan 3
1712 Dec 28 41 Jan 2
50 Nov 7 1927 Jan 2
8
105 Apr 3 12114 Jan 8
20 Oct 29 4718 Oct 7
6312 Oct 29 847 Aug 21)
8
25 June 17 3412 Aug 28
1 Oct 20
4 Jan 22
7312 Nov 14 13614 Aug 7
25 Oct 29 617 Mar 1
8
45 Oct 29 983
4July 13
27 Dec 31 684Sept 7
130 Nov 12 467 Sept 16
113 Nov 18 12312 Dec 7
614 Dec 26 4218 Feb 28
58 Dec 28 10512Mar 8
31 Oct 30 793 Feb 4
8
72 Dec 12 9512 Feb 7
21 Oct 29 4834Jan 30
2618 Nov 11 5934 Oct 14
1053 Apr 2 11212 Jan 28
4
3 Oct 29 204 Jan 2
5014 Dec 30 82 Jan 17
5214 Nov 13 120 Mar 1
104 Dec 30 32 July 30
4512 Dee 20 814 Jan 11
4
3912 Dec 31 623 Jan 30
90 Sept 6 10514 Jan 24
5634 Mar 28 9214 Jan 31
4218 Nov 12 112 July 2
214 Oct 30 4712Sept 21
47 Nov 13 61 Sept 20
8
217 Oct 29 36 Jan 7
25 Dec 27 50 Jan 2
sSePt 3
4414 Nov 13 757
53 Nov 14 12712 Mar 21
20 Nov 13 135 Jan 2
38 Oct 29 52 Jan 2
714 Oct 24 27 Feb 6
3412 Dee 23 723 Jan 3
4
9012 Dec 27 119 Jan '2
101 Nov 13 15412 Aug 30
44114 Oct 20 go Feb 4
10 Nov 14 7214 Mar IA
(15 Dec 16 10312 Feb 6
273 Nov 14 7813Mar 8
4
105 Nov 13 344 Oct 8
52 Nov 13 140 Sept 25
9912 Nov 19 109 July 18
1618 Nov 13 883 Jan 9
4
18 Nov 13 623 Jan 2
8
20 Nov 13 268
8June 18
204 Nov 13 23 June 14
70 Oct 24 WA Jan 24
2818 Nov 13 79 Oct 14
96 Nov 15 109 Feb 5
87 Nov 18 99 Jan 28
9 Dec 30 6912Sent 4
2018 Oct 29 03 Oct 17
10 Oct 29 243 Oct 10
4
35 Nov 13 93 Jan 19
11 Oct 24 353 Jan 28
4
43 Nov 13 924 Feb
14 Nov 12
112 Feb 7
40 Oct 29 9014 Jan 2
63 Nov 14 96 Jan 7
1518 Oct 29 3034 Apr 23
804 Nov 13 183148ept 3
9213 Nov 14 10012 Dec 17
64 Jan 16
58 Dec 30
12 May 24 234 Jan 9
318 Nov 14 1112 Jan 2
2514 Oct 29 90 July 9
44 Oct 30 154July 9
7913Nov 14 100 Juno 6
4012 Oct 29 92 Sept 24
4618 Nov 13 11014Scot 3
018 Dec 3
284 Jan 21
/
1
PER SHARE
Range for Previous
Year 1928.
Highest.
Lowest.
S per share $ per share
914 May
43 Jan
8
Jan
26 July 39
Oct 75 May
68
4
843 Nor
612 Jan
25 Aug 41 Non
43
Oct 524 Mat
ffE" Oct
1071 Nov
/
4
2378 Aug
917 Dec
8
234 Aug
20 June
58 June
1034 17*.c
12 Mar
/
1
4
70 1 July
1
13 Dec
824 Sept
1241 Apr
4
11172, Jan
3514 Dee
1014 June
524 Feb
53 Nov
14013 mar
110 Mar
/
1
4
2413 Dee
1014 Dee
/
1
Jan
22
9218 May
1134 Jan 1- -Os!
61817 June 8818 Des
e
Ap,
11613 Jun
125
334 July 50 SeD1
10913 Jan 1114 July
87 June 122 Del
. ; Jan
61
1
54 Jan
414 Mar
5512 Des
1212 No•
724 Noz
23 -Ku;
853 Aug
214 Feb 634 Oct
118 Jan
914 Ma)
2
/ Jan
1
4
12 Fel
4518 June 7513 Not
110 June 150 Not
139 June 2038 Non
4
44 Dec 1351e Ape
2712 Feb 6214 Sept
241 Feb 484 Maz
33 Feb 544 Mty
/
1
4
1104 Mar 117
/
1
Ago
93I
Feb
154 briar
97 Feb
/
1
4
Jan
139
50 June
10478 Aug
111 Aug
83 Aug
.1
41s Jan
374 Do
90h Jan
10838 Apr
127 -ov
4338 June
1104 June
249 De/
88 Dee
118 May
11912 June
164 Mal
1214 Not
6712 May
2004 Dee
118 Des
882, Juno
2414 Mar
13 Mar
4
lie; Wei.
2013 Jan
547 Jan
8
43 Dec
Nov
5613 Maz
50 Bert
88 Barn
6 .3 All
3
------
284
107
11
77
684
2318
76
Dec -. 19
3 2
Mar 484 Dee
Jan 1113 Mai
4
Ow
Aug 24
Aug 22 May
Jan 119 Not
Dee 643 API
2
Nov 100 May
_
7918 Oct Sil; Dee
62 July 814 Jet
/
1
4
111 Aug 17312 Dec
2978
45
57
$7ss
544
514
----
Aug 63 Jan
Dec 564 Oaf
Apr 64 De
Mar 747 NC v
2
Jan 14012 Oct
fan 644 Jun,
Dec
1114 Dec
10953 ApI
1241 Mar
/
4
44I Dcc
20 Nov
5212 June
79 June
8913 Mar
106 June
61 Dec
21 Feb
23 Feb
23 Feb
86 June
ills; -.lie
109
Jae
8413 Jaz
4
1343 Dee
1437 Del
2
11018 Jaz
863 Not
8
71 Not
7 May
28 Del
107 Not
11) - Jan 102.1 Ma!
424 June 9821 Aut
61 Aug $04
/
4
Jan
48
22 June.
57 Feb
4 Jan
794 Jan
943 Oct
3
23 July
174
Aug
971 Aug
4
21 Aug
/
4
20 Nov
2114 Oct
2612 Apr
34 Apr
73 Apr
43 Dec
75 Feb
10 Mar
Ex-divldond and ex-rights. z Ex-dly1dend. y Ex-rights.
84
&it
81h Ars
371 Des
4
33 Map
4
100 Des
1023 Apt
4
2913 Sept
1704 Mee
105 Mat
64 Des
36
AP
11)14 API
5312 Jaa
94 Dec
9613 Jan
1287 Bet'
1
947 May
8
2012 Noy
New York Stock Record-Continued-Page 4
259
Fos sales during the week of stocks not recorded here, see fourth page preceding.
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday,
Jan. 4.
Monday,
Jan. 6.
Tuesday,
Jan. 7.
Wednesday, Thursday,
Jan. 8.
Jan. 9.
Friday,
Jan. 10.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range for Year 1929.
-share lots
On basis of 100
Lowest.
Highest.
PER SHARE
Range for Previous
Year 1928.
Highest.
Lowest.
Shares Indus.& Miscall.(am) par $ per share $ per share $ per share 5 per share
011r2 .1411 94 NOV
11.200 Corn Products Refining_25 70 Nov 13 12638 Oct 23
100 137 Nov 13 14414 Jan 19 18812 Jan 14614 Apr
150 Preferred
621, Dec 8978 Nov
NO par 18 Dec 5 8214 Jan 98
17,400 Coty Inc
124 Sept 27 Nov
100 15 Des 26 5752 Apr 17
Crex Carpet
---- ----No par 15 Dec 31 125 Feb 25 ---5,600 Crosley Radio Corp.
_
1,100 Crown Cork de Seal_-_No par 3718 Nov 14 79 Aug 5
4
961s Jan 1051 Oet
Crown Will Pap let pf_No par 90 Nov 18 10114 Jan 18
2314 Dec 261 Nov
4
4
No par 17 Oct 30 254 Jan 9
1,100 Crown Zelleabeela
094 July 93 Fell
3,400 Crucible Steel of Amerloa-100 71 Nov 14 1214 Aug 26
100 103 Nov 14 11614 Feb 28 111 Des 121 May
600 Preferred
20 Oct 284 May
5 Nov 13 24112 Jan 8
No pat
10,100 Cuba Co
7 May
11
Ps J11/7
54 Jan 3
h Aug 13
1,600 Cuba Cane sugar
No par
Ps Dec 30 184 Jan 3
131 Oct 3214 Jam
4
100
500 Preferred
4
1512 Dec 241 May
678 Dee 10 17 Jan 3
3,900 Cuban-American 8ugar----10
932 Dec 108 Feb
4
100 56 Dec 10 95 Jan 3
110 Preferred
5 Nov 12 Jan
614 Jan 2
1 Nov 13
-No par
100 Cuban Dom'oan Bug.
54 Jan 7814 Ang
50 36 Nov 14 674 Jan 15
1,700 Cudahy Packhig
4
534 Feb 1921 May
Curtiss Aer &Mot Co_No par 50 Dec 3 17312 Feb 5
.--- ---g
ilk- fa- *i.15" fii",sii5" fi- - *ii5f2 fii" •ii5f2 ITS- *iiii2 111 --- no Curtis Publishing Co___No par 100 Nov 13 132 Oct 10 -- "
No par 1124 Nov 19 12114May 25
Preferred
*114 115 *11414 115 *11414 115 *11434 115 *114 115 *114 115
75
638 Dec 23 3018 Aug 22
No par
75
8 8 42,000 Curtiss-Wright
758 78
73
4 8
818
75
8 8
74 74
8
1478 1478 1434 1512 1478 1518 1478 15
100 1314 Dee 23 377 Aug 27 114 Jan 141 Sept
1434 1478 7,200 Class A
1434 15
52 June 65/4 Nov
*78
82
75 82 *7814 82
10 58 Nov 13 12114 Sept 27
300 Cutler
*78
-Hammer Mfg
80
80
79
79
80
49 July 63 Got
No par 63 Jan 3 12613 Oct 15
.100 106 *100 103 *100 102
*99 104 4
100 Cuyamel Fruit
101 101 *100 105
3414 Feb 6814 Nov
*29
30
29
*29
3014 29
29
No par 2114 Oct 29 694 Jan 81
2,300 Davison Chemleal
2972 29
2978 2912 30
4
Oot 491 Apt
36
*23
2614 23 23
& 20 Dec 26 404 Jan 24
600 Debenham Securities
2538
*2012 2614 *2012 2614 *2012 2614 25
,
117 1181 11834 11834 *11812 11934 11918 11918 11914 120
100 109 Nov 18 128 Jan 4 1151 Feb 12614 May
1,130 Deere & Co pre:
120 120
200 200 20014 20014 200 200 200 20012 200 20012 202 20214 1,400 Detroit Edison
100 151 Nov 13 385 Aug 2 1664 Jan 22458 Des
60 Jan 61 Apt
*31
33
*33
34 *32
34
3158 32
33
3234 3278 *32
800 Devoe & Reynolds A-ND par 24 Nov 13 64% Feb 5
•10634 111 *10634 111 *10714 111 *10714 111 *10714 111
100 102 Dee 2 11511 Jan 15 108 Jan 120 MO
50 let Preferred
10714 10714
•13612 140
140 14014 *140 141
140 140
100 117 Nov 14 113412 Jan 11 1344 Jan 172 Nov
120 Diamond Match
140 1404 *140 141
8 June 1311 Jae
6 Nov 14 114 Aug 1
634 7
678 7
t83
4 7
2,300 Dome Mines, Ltd
63
4 67
7
7
654 7
5
No par
2118 2118 *21
*2112 2178 22 22
1,700 Dominion Stores
22
22
No par 12 Oct 29 544July 1
*2118 2134 21
8
0
78
7812 7712 7814 7712 78
69 Nov 14 1264 Feb 4 -- Mar 1204 Not
7812 79
78
7812 7812 8018 5,200 Drug Inc
No par
347 347
654 Jan 994 Not
•32
35
35
MOO Dunhill International_No par 25 Oct 29 92 Jan 2
3814 39
35
38
35
3614 38
994 OM 11612 Mat
2
100 100
*100 101 *100 101
*99 101 *100 101
300 Duquesne Light lat pref-100 4912 Jan 24 1007 Mar 5
100 100
42
84 5 / 2
3 Aug
211Nov12 1112 Mar 4
_DurbamHo,ieryMiflpB--50
Feb 194
17814 flit; 176- 1181; iii" 17858"
4 3,
fff- ir i., Iii- Fliiii 1811- -- - 800 Eairtman Kodak Co No par 150 Nov 13 2644 Oct 8 163 Aug 1341a JIIII
r
Apu
_ *126
*126*126
*126
Nov 7 128 Mar 9 1331,
_ *126
__ - _ __ *126
100 117
Preferred
26 Jan 684 Nov
2812 - - -7
31
2
9
287 -- -1 2914 -g
4 26 5
3
0
29 -- 8,000 Eaton Axle a Spring-No par 18 Nov 14 7614 Feb 1
2912 -2
9
2918 i0
---- ---•
116 118
118 11958 11712 120
117 118
116 11714 11414 11714 18,800 El du Pont de INem
20 80 Oct 29 231 Sept 7 ---WY 1214 Mai
•11718 11778 11718 11713 117 117 *117 1177 •11712 11778 x11512 11618
100 10712Nov 15 11014 Aug 26 114 700 6% non-vot deb
*77
3314 Aug alt Nov
878 872 *712 834
9
9
9
4 Dec 20 Ms Jan 10
300 Eitingon Send
81
812 812 *8
No par
4
41
41
*4014 46
*4058 46
•4012 46
*41
45
100 Preferred 634%
*4034 46
100 39 Dec 21 118 J.211 19 1014 Aug 1217 Nov
60 June 1364 Des
844 8112 82
85
8612 81
85 86
19,700 Electrie Autolite
815* 8312 83
85
No par 50 Oct 29 174 July 12
10614 10614 11034 1103 *10614 11012 *10614 108 *10614 108
*10614 110
4
20 Preferred
100 10264Nov 15 115 Apr 2 1084 Sept 1121s Dee
43
4
47
g 57
514 512
478
478
814 Aug 174.7112111
518 514 6,900 Electric Boat
412 5
314 Oct 29 184 Mar 19
4 43
No par
1an Ws De,
2814 .
5418 76,900 Electric Pow & Lt
5114 5212 5012 53
4 5118 5312 x52
5012 515
8 5012 513
No par 2918 Nov 13 8658Sept 17
107 107
10658 107
107 107
107 107
1067 107
1,800 Preferred
10714 108
No par 98 Nov 14 10914 Feb 13 105 Dec 11012 Mar
3
. _ •128 134 *125 134 •____ 134
Nov 15 14012June 28 1204 Nov 1297 Apt
12614 12614 • _ _ 134
106
30 Certificates 50% pald
72 •70
69 Feb 911s Dee
7112 *7014 7112 - - 7234 1.700 Elec Storage Battery-No par 64 Nov 14 10412 Oct 16
*12514*7012 7112 7018 7178 71
7112
9 Jas
6 une
614 •5
64 *4
*4
614 *4
34June 15 1012 Oct 18
Elk Horn Coal Oorp___Na par
614 *5
614 *5
614
1
61 Feb 15 1 Dee
4
400 Emerson-Brant °Leas A_Na par
34 Oct 29 224 Feb 7
•Ps 3
4
4
37
2 37
2
31
4 34 *34 414
*31
4 414
5412 4
.5212 5412 5212 54
704 Dec 33 AP*
*5312 5434
*5212 5412 *5312 55 •54
600 Endloott-Johnson Corp--50 4914Nov 13 834 Jan 6
•10712 109 *10712 10812 10712 10712 *10834 109 *1081 110 *109 110
100 Preferred
4
100 108148ept 21 12414 Feb 28 1214 Jan 1274 Dee
4118 393 4014 393 3972 3938 4012 4012 4118 7,400 Engineers Public Serv_Ne par 31 Oct 29 7958 Aug 5
33 Feb 51 Nov
4
3934 4018 40
4
901, Dec 1024 OM
9518 *94
947
8 9458 945 •94 106
*94
947 *94
•95 106
2
200 Preferred
No par 80 Nov 13 12314 Aug 5
241 Oct 8344 J1/17
4
1
394 3934 *395 40
40 40
*3954 40
*394 40
4
300 Equitable Office Bldg-No par 3114 Jan 4 41 May
*3934 40
43 Deo 79 Jai
37
367 .36
3614 *36
500 Eureka Vacuum Clean_No par 3612 Dec 26 54 Feb 38
36% *36
8
364 364 36
•36
37
-- --- --*21
2112 2112 2112 214 214 21
21
*2112 2212 2012 204
5 15 Nov 13 7344 Mar 15
900 Evans Auto Loading
MI, Oct
*22
23 •22
1958 July 23 •22
23 *22
23
23 *22
*22
23
;Exchange Buffet Corp_No par 2214 Jan 15 2712July 20 824 Jan 54 Apt
3412 36
•35
36
211ept 9
36
*3512 36 •3418 3612 *3512 3612
36
1
600 Fairbanks Morin
No par 29 4 Oct 29 547
.1014 1024 10234 1023 102 102 *10112 107 *10112 10914 *10112 10914
s
Dec 27 1107 Jan 9 104 .11111) 11442 541111
4
140 Preferred
100 10112
---- ---4
'20 25 •24114 25
23
*2412 25
1,000 Fashion Park Assoo._--No par 22 Dec 27 7258 Mar 21
23
2512 23
20
21
21-*61
78 *65
4
.65
75
I Preferred
75
*65
75 •61
75
100 73 Dec 30 10112 Mar
*61
75
42 Jan Ti Dec
*60
4
'60
72
5012 Nov 18 109 June 1
*60 65
7212 •60
7212 •60
65
72 •60
15
Federal Light & Trao
98 Jan 109 Apt
95 95
•91
95
*90
95
*90
*90 95
10 Preferred
95
95 *90
No par 90 Nov 11 104 Feb
120 Apr 230 Die
4.100 185 *1021 185 •100 185 •100 185 *1004 185 *105 175
Federal Mining & Smeirg_100 170 Dec 18 310 Feb
914 Jan 1024 Sept
Oct 29 102 JU11
*96 100
*96 100
*9614 98
*96
99 •96 100
*96 100
100 95
Preferreda
164 Aug 257 May
*84 87
5 Oct 29 234 Feb
*814 88 *8
*83
4 9
88 *8
812 *814 812
Federal Motor Truck_No par
754 June 10712 Dec
437
70
*66
70
711
*6934 6934 695 6958 6912 7214 71
8
2,500 Fidel Plum Fire Ins N Y____10 471 Nov 13 123 Sept
114 Jan 154 Ma,
*612 7
*612 7
*612 7
•612 8
6 Oct 24 1314 Mar
.612 7
No par
70 Fifth Ave Bus
7
7
4
.33
44
*33
34
*33
34
*33
44
44
*33
44 *33
Filene's Sons
No par 30 Dec 28 9812 Feb 2
9512
94 94
*9212 9512 *95
95 95
*92
95
100 84 Dec 28 107 Jan 2
60 Preferred
9512 *95
28 Apr 764 Dee
527 5338 507 547
8
53
5312 5368 535* 5312 554 5.900 First National Stores_No par 4412Nov 14 90 Sept 1
8
8
8 525 53
4
312 312
84 Aug 171 Jas
318 312
312 312
32
2 312
318 314
24 Dec 30 2018 Jan 2
318 314 9,900 Flak Rubber
No par
•1412 1478 1412 15
8 Dec 31 7212 Jan 1
100
680 let preferred
8 1612 1612
15
154 155* 1552 1558 157
6914 Nov 561 Not
4212 4238 43
43
43
44
1,000 Florsheim Shoe of A __.Aro par 38 Nov 18 54 Jan
43 *40
43 *38
43 *40
981s Oct 100 Dee
98
98
*9414 98
*96
98
*9314 98
*9314 98
*92
98
100 9018 Oct 29 10218 Jan 1
200 Preferred 6%
5671 Dec 094 Des
40
*3818 39
38
*38
3852 3814 3852 38
700 Follansbee Bros.
3814 3814 40
No par 3218 Nov 13 824 Aug 2
864 Oct574 Del
1512 1512 1614 1614 1,400 Foundation Co ._____ _No par 124 Nov 14 6952 Apr 3
1668 1638 1512 16
16
1612 1518 16
a
72 June 1191 Sept
8Sept 2
2284 1912 2132 527,000 Fox Film class A
23
2118 238 2014 2314 2112 232 22
21
No par 1918 Dec 30 1055
4
63 Oct1091 Is)
414 418 4158 4318 4212 4312 69,100 Freevort Texas Oo._ No par 23 4Nov 13 544 Jan 2
8
5
417 4338 413 434 415 423
,
102 Mar 1097 Ant
8212 Nov 13 1071,May
20 Fuller Co prior pref.
95
95
95
*90 95 •90
95
No par
*90 95 *90
*90 95
7
15 Mar 2811 Jaz
718 73
7
712
8
612 77
3,700 Gabriel Snubber A
6
6
6
6
6
6
5 Oct 29 33 k Feb
No Dar
1714 Dec
74 Jun
3 Dec 28 25 Jan 3
4
418 412
418 414
4
5
4
414 41
4
41
3.500 Gardner Motor
438
604 Feb 101 Dee
10612 1081 104 1063 10118 1O4g 10218 10312 103 106
104 10634 33,500 Gen Amer Tank Car___N0 par 75 Nov 13 12312 Oct 1
68 June 944 Ara
4912 4934 5012 508 50 5012 5038 5112 4,100 General Asphalt
50
503
503 503
8
100 4214 Nov 13 9414 Aug 1
_
_ _
,_ _
_ _ _
_
_1(10 1044 Mar 26 188 Aug 15 1104 Jun 1414 Apr
Preferred
_ _ ---•
_ _
'iTr. Ii13
»ii 2118 ;ii ii
ils - ; 30
5
i'L . . 2 26334 17
2 2
..
No par 24 Nov 7 69114June 8
2;555 General Bronze
,
6114 NCI
28
•25
2814 2814 2812 2,500 General Cable
No par 23 Nov 13 61 Feb 38 if -Feb 26% 29
2714 264 27
26
26
4
50 Feb 881 Not
6538 6612 66
par 6318 Dec 24 1204 Feb 28
69
70
6814 703
4 70
6612 66 67
70
No
2,100 Class A
•105 10514 10514 10514 10512 1057 1054 10514 106 106 *10514 106 1
100 102 Nov 21 1071, Jan 21 102 Oct 107 Oct
8
800 Preferred
4 5312 54
1
53l2 54 , 1,800 General Cigar Inc
591i Nov 734 Feb
*51
5478 5212 525* 5314 5314, 4.5232 533
No par 42 Oct 30 74 Feb 25
245 2461i 243 2474 23814 2458 239% 243 242 24612 24514 249 I 47,500 General Electric,
No par 16818 Nov 13 403 Aug 20 126 Feb 22112 Dee
114 1112 114 1112 1138 1138 1138 1138 1138 1132 1132 1112 7.300 01/0e111.1
11 Sept 12 Juns
4
10 11 Jan 3 111 Feb 4
6612 674 6918 6964 69% 701g 6918 6918 *67
423612 69
3514 Jan 74 Not
69 , 1,
600 leneral Gm & Eleo A._No par 508 Nov 13 112 Sept 23
*91 _
__ 91
_l 91
87 Jan 80 Nov
_ *91
__ *91
116 Oct 19
No par 76 Jan
Clem 13
*11512 111- 11712 11i12' 11914 12-0 *118 fio
-34
1171, 117I4 11712 11712
No par 1114July 18 135 Feb 16 121 Oct 1416 API
270, Pre A (8)
*103 105 *103 105 1 105 105
1044 105 I
105 105 *10412 103
100; Preferred A (7%)___ _No par 99 Oct 30 11611 Jan 21 10812 Jan 11812 Dee
s
!
Pref B (7)
No par 99 June 20 116 Feb 15 105 Oct 1167 MAP
5052 5018 5018 5014 5014 - -3- 503 - 5218 5218 3,600 General Mills
52
79 Dee 8114 Nov
4 5I15 52
51 4
No par 50 Oct 29 894 Jan 18
*9014 92 I *9014 92
92
4
92
984 Dec 1001 De,
9014 92
*9014 9112 *9014 91
100 874 Dec ' 100 Jan 4
400 Preferred
4
4014 4118 397 4012 3912 4014 3918 4018 219,000 General motors ova)
4114 4134 4118 42
734 Dec 901 Noir
10 3312 Oct 29 914 Mar 21
12064 121 211934 12014 11934 12058 11912 11912 *11912 120
11912 120
100 112 Nov 15 1261, Jan 2 12312 Jan 1271s Apt
2,500. 7% preferred
35
3518 *35
40
*3512 40
*35
*35
40
40 *35
69 Aug 584 Jan
40
200 Gen Outdoor Ad, A-No par 30 Oct 30 52 Jan 2
16% 1612 1612 1614 Hi% 1612 1612 1612 167
•1678 17 z16
394, Ant 621. Jan
8 1.800 Trust certificates-No par
911 Oct 30 41 Mar 12
4 8618 8812 8812 907
*88
8912 8758 893
8614 June 1234 Jan
90
8 8978 90
92
10,200 Gen fly Signal_ _ ___No par 70 Oct 29 12612 Aug 26
717
698 69
6834 68h 6714 6912 68
4512 June 82 Jan
7214 72
73
71
12,800 °enema Refraotorles__No par 54 Oct 30 8812 Aug 12
9718June 1234 Doi
103 10434 102 10418 10012 10278 9918 10112 98% 10252 10112 103 46,900 Gillette dart, Raaor_No par 80 Nov 13 143 Oct 8
2
14
14
1314 134 1314 1314 1334 14
844 Mar 597 JUDI
1472 147
8 1,700 Glmbel Bros
14
15
No par 1012 Nov 13 481s Jan 28
*6618 70 •6618 704 *66
68
*66 68 •65
704 *66
87 Mar 101 Jun4
I Preferred..
704
100 56 Dec 20 94 Oct 8
32
3212 3312 3212 33
3278 3211 3234 323 34
33
2011 Jan 37 De!
1
33
4
19
Ito par 26 Oct 29 644July
9,000 Glidden Co
102 102 *10114 102
10114 10114 10114 10114
*10114 102 *10114 102
95 Jar 105 Sept
50 Prior preferred
100 95 Nov 13 10618 Apr 22
4.21, Dec 6211 Nov
1418 14
1412 144 1414 1472 1418 1452 14
14
147
1438 5,500 Gobel (Adolf)
918 Nov 13 56 Feb 5
NO par
7
411. x4072 4314 115,800 Gold Dust Corp r t 0.
1
395* 384 3912 38% 3934 39
Jan 1434 Dm
il
384
39
39
--NO par 3113 Got 29 82 Jan 19
8 43
4512 4418 45
42
4312 4278 4433 43 444 4312 443
681a June 1094 Des
23,600 Goodrich Co (0 F)
1
N• par 3814 Dec 23 105 4 Jan 2
8
955 9538 9558 9558 *96 100
*96 100
*93 100
*9544 100
200 Preferred
100 9512 Dec 30 11618 Feb 25 1094 Feb 1154 Map
637s 613
6418 65
6.3 65
65 67
, 65
6412 65
463830316 140 Dei
6572 6,700 Goodyear T k Rub-No par 60 Oct 29 15412 Mar 18
93
93
92
92
*93
9018 9018 9058 914 9154 92
921, Mar 105 Dee
9312 1,000 Litt preferred
No par 87 Nov 14 10472 Feb 28
231 234 2314 2414 2314 234 2312 2312 2334 2354 233 2358 2,000 Gotham Silt 1102 new-No pa
4
70 Dec 98 At
14 Nov 13 60 Apr 11
6558'__ 70
70
0_
•___ 73 . __ 70 •_-__ 6912 *_ _
70
100 68 Dec 13 1014 Jan 5 100 Dec 130 Apt
100 Preferred new
65
*____ 80 *____ 80 *____ 80 *- ___ 80 •____ 80
65
95 Dec 112 Ma)
240 Preferred ex-warrants-100 844 Oct 9 100 Jan 12
8 9
812 812 *85
*8
812
8
8
*612 8
*854 9
64 Dec 125* PM
4 Oct 29 14 May 6
200 Gould ()outlier A
No par
958 10
934 1018
1068 1114 1018 1024 1018 1012
1814 Feb 614 Sell
98 10
74 Oct 30 54 Jan 2
12,000 Graham-Pnige Motors_No par
93
•9
912 *9
12
*9
912 *9
85* 85*
8 *812 9
264 June as Sept
7 Nov 8 4912 Jan 11
No par
100 Certificates
5912 5818 5912 256
584 5934 59
5712 11,500 Granby Cons hi Sm at Pr_100 4614 Nov 14 1034 Mar 20
5412 59
54
54
391a 1
1.41 93 Der
*335 36
36
35
•3358 36 •34
*3312 36
•344 38
35
6514 June 944 Oct
100 33 Dec 21 9612 Mar 18
200 Grand Stores
1414 1418 1434 1412 1412 1.800 Grand Union CO
*14
1412 1438 1438 14
14
14
,
251 July 417 Oel
4
918 Nov 13 3274 Jan 2
No par
375* 3752 375* 371 3784 3712 3818 3818 3812 *3812 3834 1,6001 Preferred
37
484 Aug 621s 001
No par 30 Oct 30 544 Jan 4
•37
40 *37
39
39
39
3964 40
03Eva 39
40 .
38
-.... ---No par 32 Nov 13 63148ept 3 _9001Granite City Steel
$ per share $ per share
8
8984 9018 8914 907
142 142 *14112 142
8
8 253 29
2534 257
15
*10
15
*8
1814 1912 1814 19
4618 4734
45 45
*9212 105
*9212 102
•1738 18
*1718 18
8
894 894 895 8934
110 110
*109 110
912 10
934 10
1
1
*34
74
27
*2
258 *2
712 722
714 714
4
593 593 *5838 59
4
112 Ps *112 2
47 4712 *4612 4712
$ per share
89
9058
14112 14134
2612 2814
*10
15
16
1814
*47 49
4
.9258 105
*1758 18
8812 8812
11018 11014
10
1012
3
4 1
212
2
712 73
4
59 59
*138 2
4612 4612
5 per share $ per share $ Per share
8812 8912 8812 9138 9112 9258
14112 14112 *14134_ 14112 14112
2534 2612 2612 2714 2612 27
*5
15
*5
15
*5
15
17
1714
174 174 1712 17
4712 4712 46
47 47
47
*9212 93
*9258 95
*9212 95
17
175 •175 177 *175 18
8
8
8
893 893
4
4 894 91
4 8952 893
11038 110% *110 111 *110 111
1012 1058 1012 12
12
13
1
1
3
4 1
7
8
7
8
212 234 *2
2
2
278
75
8 758
72
4 8
712 v.
*5858 614 59
6134 6178
61
*158 2
*112 2
•134 2
4612 4612 *4612 47
4612 4612
iiii-
I
•Bid and asked prices; no sales on this day. 3 Ex-dividend. 0 Ex-dividend ex-rights.
260
New York Stock Record-Continued-Page 5
For sales during the week of mocks not recorded here, tee fifth page preceding
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Jan. 4.
Monday,
Jan. 6.
Tuesday,
Jan. 7.
Wednesday, Thursday,
Jan. 8.
Jan. 9.
Friday.
Jan. 10.
Sales
for
the
1Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range for Year 1929.
On basis of 100-share lots.
Lowest.
Highest.
PER SHARE
Range for Previous
Year 1928.
Lowest.
Highest.
$ per share
per share S pe7 share $ per share $ per share
per share
3458 343
8 353 353
4
4
4 353 36
3618 3618 37
43
407 4118
8
20
203
8 2012 20 8 207 2114 2114 2114 2114 2112 21
8
,
2112
30 4 3118 31
3
3114 31
3114 3114 3114 3112 317
8 3112 3212
11412 11412+11334 11512 11412 115
115 115
115 1153 *11512 1157
8
*100 118 *10112 108 *100 118 *105 118 *105 118 4 *105 118
*114
17
8 *112 13
4 *158 2
*158 2
*15
8 2
13
4
13
4
*22
50
•22
45
*22
40
•22
45
*22
*22
45
45
*52
55
*52
56
*52
56
*52
54
5312 60
*53
5912
*97 103
•97 103
*97 103
*97 103
*97 103
*97 103
26
26
*25
26
26
26
26
26
*26
*26
27
27
*2712 28
28
2814 *28
2814 *28
2814 *2S
2814
2814 *28
•
26
27
26
27
26
27
26
26
*26
*26
27
27
13
14
1312 133
4 1334 1414 1418 145
8 1414 145
8
8 1418 143
7278 73
73
73
7312 74
7514 7512 76
75
765
8
76
*99 101
*99 101
09
99 *100 101 *10012 101 *100 101
*100 106 *100 106
106 10812 .100 10712 *100 10612 10012 107
•____ 60
60
60 *____ 60
*58
61
*58
60
60
60
143 16
8
154 16
16
16
157 16
8
153 153
4
4 1512 16
•50
563 *513 594 *5214 5414 *53
4
4
5114 *50
5312 *5314 5414
8
87
8
8
814
75
8 8
728 75
8
8
63
4 8
8
*85
90
8812 8812 *85
90
*88
90
*85
90
90
*85
74
77
77
8118 79
8014 784 7912 783 79
803
s
8
79
8712 88
89
9012 88 88
873 873
4
4 853 87
8518
8
85
•10514 106 *10514 10512 10512 10512 *10514 1055 *10512 10538 *10512 1055
8
8
•13
15
•13
15
•13
15
*13
*13
15
15
•13
15
*
2518 2612 •25
26
*25
*2512 27
27
*2612 27
27
27
•7
10
*7
10
*7
10
7
*7
*7
7
10
10
*
75
80
*75
80
*75
80
*75
80
*75
80
*75
80
201 2112 20 4 217
8
3
8 207 2114 2014 20 4 2018 2073 19
8
3
2012
*
5014 51
*523 533
4
4 5358 535
8 53 4 54
8
3
543 553
4
4 553 553
4
55
5614 5412 557
a 5314 5412 5312 55
547 5612 553 587
8
4
8
*
3812 39
3812 397
8 393 397
8 3814 39
4
383 3912 39
4
3912
5912 617
8 593 627
4
8 584 6012 573 587
8
567 593
8
8 5714 59
s
2312 2412 2318 2414 23
4
2 225 233
233
4 223 235
8
8 23
233
8
2234 23
223 233
4
8 23
2312 2314 2314 234 2314 2318 2312
514 6
6
712
615 65s
64 63
6
8
63
8
6
6 18
18
1818 177 1838 173 184 1818 20
8
4
3
19
201
8 11.111 2014
1612 1648
1618 1638 16
1634 16
1914 18
185s 1814 183
4
114 119
114 2 1183 1163 120
,
4
11952 1197 118 1197 119 124
4
8
8
*158 160
160 160 *155 160
1544 156
158 158
158 160
73
7312 70 8 73
,
*73
79
*73
79
79
•72
73
74
263 267
4
8 263 303
4
4 29
303
8 2814 293
4 294 301s 297 297
8
8
1
43
4 514
8 *414 514 *412 5
53
8 53
414 47
43
8 412
8 *
412 412
478
478
5
5
48 5
3
5
43
5
8 47s
*50
*4812 57
*50
56
57
*50
57
57
*50
*50
57
*156 163 *156 163 *157 162
16012 162
162 162
16314 164
*57
5712 57
57
57
573
8 563 57
8
*5614 57
5718 5714
682 vg
614 714
558 7
618 613
63
4 63
8
57
8 618
32
395
8 38
35 4 36
3
4112 40
4114 3812 40
3814 39
7914 8114 80
82
793 807
8
8 7912 80'2 8078 815
8 81
81%
*14114 1413 14114 14114 14114 1417 *14114 14113 14112 14112 14112 14112
4
8
66 66
6614 67
67
673
4 6818 697
s 69
69
70
693
8
27
293
8
4 285 303
8 29
293
4 2812 30 8 30
3
3012 30
3012
Shares Indus. & Mlecel. (COMA Par $ Per share
per share 3 per share $ per share
6,100 Grant (W T)
No par 3212 Dec 30 144 3 Feb
6
111% Dec 12511 Belt
4,600 CM Nor Iron Ore Prop No par
19 Oct 24 894 Feb 1
194 June 33
/ Ott
1
4
4,400 Great Western Sugar......No par 28 Nov 13 44 Jan 25
Jan 884 Deo
81
Preferred
40
100 105 Nov 18 1194 Feb 1 1124 Feb 120
Jen
Greene Cananea Copper.._100 106 Nov 14 200128e01 7
894 June 17714 Die
200 Guantanamo Sugar---No par
1 Nov 14
512 Jan 3
64 Dec
91 Jan
8
Preferred
100 44 Sept 27 90 Jan 2
Jan
90 July 107
500 Gulf States Steel
100 42 Nov 13 79 Mar I
Jan 734 Dept
61
Preferred
100 993 Dec 2 109 Feb 14 1034 Nov 110 Ape
4
360 Hackensack Water
26 2312 Nov 14 35 Aug 27
Jar
23 Jan 80
80 Preferred
4
25 233 Nov 13 31 Mar 8
33 Jan 30 Dee
110 Preferred A
25 26 Jan 31 30 Aug 8
2512 Jan 29 June
13,000 Hahn Dept Stores
No Par 12 Oct 29 604 Jan 10
1,900 Preferred
713 Dec 31 115 Jan 31
4
10
30 Hamilton Watch pref
100 99 Nov 25 1051 Jan 8
8
99 Aug 104 AD)
610 Hanna 1st pre! elm) A
100 91 Jan 14 11312 Oct 18
59 May 97 Ncv
Harbison-Walk ...a.rae _No par 54 Jan 3 874 Oct 24
80
54 Dec 8712 Oft
2,300 Hartman Corp class B_No pat 13 Oct 29 414 Aug 28
4
163 Aug 370 Dec
8
Hawaiian Pineapple
20 55 Dec 27 724 Aug 30
01 Dot 08 Nee
3,600 Hayes Body Corp
par
No
512 Nov 13 683
8May 17
100 Helme(0 WI
25 84 Nov 13 11812 Jan 211 100 *De; 190 "Zieti
10.900 Hershey Chocolate____No par 45 Nov 13 1434 Oct 15
3034 Jan 7212 Deo
3,200 Preferred
No par 604 Nov 13 14314 Oct 15
7014 Feb 89 Noe
100 Prior preferred
100 104 Jan 4 1063 Oct 24 10014 Aug 105 Apt
2
No par
Hoe (R) & Co
123 Dec 23 33 Aug 13
4
1614 Sept 3197 Jae
a
100 Holland Furnace
No par 21 Nov 13 61 Mar 9
4018 Dec 493 043
4
100 Hollander & Son (A)
No Pat 1312M89 27 244 Aug 3
18 Dec 367 Apt
8
Homestake Mining
100 65 Nov 12 93 Aug 22
87 Jan 80 Nov
8.800 Houdaille-Hershey el B No pa
13 Nov 13 523
4May 20
2.100 Househ Prod the
No pa
40 Oct 30 7912 Jan 7 - . Feb 84
412
Oct
24,800 Houston 01101 Tel tern Mfg 100 26 Oct 29 109 Apr 2
79 Dee 167 AD)
13,800 Howe Sound
313 Nov 25 8218 Mar 21
4
No pa
4018 Feb 73 4 Nov
3
71,000 Hudson Motor Car___ _No pa
38 Nov 13 9312 Mar 15
75 Jan 997 Ma/
8
39,800 Hupp Motor Car Corp____10 18 Nov 13 82 Jan 28
29
Jan 84 Nov
5,500 Independent Oil & Clas_No par 173 Oct 29 3938May 7
4
214 Feb 383 Nor
8
312 Oct 29 3212 Jan 2
18,700 Indian Motocycle
No pa
20 Oct 70 AD'
24,900 Indian Refining
10 1312 Oct 29 53 Aug 17
9 Feb 393 July
2
10.500 Certificates
10 1112 Oct 28 514 Aug 17
84 Jan 3714 July
6,800 Industrial Rayon
No par 6812 Nov 13 135 Jan 18 118 Dec 146
Oct
900 Ingersoll Rand
No pa. 120 Jan 3 22312 Oct 10
90 Feb 127 Nr.
,
1,000 Inland Steel
No par 71 13,0 23 113 Aug 26
46 Mar 80 The
11,100 InsplratIon Cons Copper___20 22 Oct 24 6612 Mar 1
18 Feb 481 Nov
2
2 Nov 13 144 Jan 11
800 Intercont'l Rubber
No par
84 July 21% Jan
2,800 Internat Agricul
4 Oct 29 174 Jan 28
ato pa
13 Feb 207 May
8
40 Nov 14 8812 Ian 26
I Prior preferred
10
Ws Mar 85 Dee
900 Int Business Machines-/o pa 109 Nov 14 255 Oct 14 114
3
Jan 166% Nov
900 International Cement__No pa
48 Nov 15 1023 Feb 4
4
Jan 9418 Dee
68
66,300,Inter Comb Eng Corp-_NO pa
414 Dec 20 1034 Feb 15
454 Feb 80 Dee
10,2001 Preferred
100 1812 Dec 19 121 Feb 16 103 Mar 110 Elect
15,200,International Harvester No pa
55 Nov 13 142 Aug 30
80 Dec 971_ Deg
800. Preferred
100 137 Aug 6 144 Jan 18 18614 M .6 147 May
7,100 International Match pref__3
47 Nov 13 10218 Jan 4
85 Dec 1211 Mee
2
11.900 Int Mercantile Marine etfs..100 184 Nov 13 394 Oct 18
Preferred
23
384 Feb 1
3418
444 Jeep
"Hi -Hi -5ii8 - - -1- 32's 12 g I -5258 -3153 -5413 -311- -55 -36 8 373,100 Int Nickel of Canada_No 100 25 Nov 13 6114 Apr 23 7E38 June 2694 Dee
s
s
32 21
-7
- -54
72% Jan
pa
Feb
58
*50
58
58 1 •50
60
*50
60
*56
*55
60
60
100'Lnternational Paper___No pa
57 Dec 21 112 Oct 18
50
Oct 8638 May
82
*
80
81
82
83
83
*81
85
*80
*8112 85
83
300; Preferred (7%)
100 77 Nov 13 9412 Jan 8
89 Dec 108
Jan
*2612 267 *2612 27
8
26
26
27
273
8 263 27
3
2714 2714 1.2001Inter Pap & Pow el A-No pa
20 Nov 13 4414 Oct 17
22 Dec 3412 Nov
•
15
1514 1514 *1512 17
18
*1612 18
*1612 1812 *1612 1812
12 Nov 13 33 2 Oct 18
1
7001 Class B
No pa
141 Dec 19 Nov
2
13
1212 1212 1218 13
13
1218 1212 1212 143
8 1314 137
9 6,100, Class 0
9 Nov 13 2618 Oct 18
No pa
103 Nov 134 Dec
4
803 81
4
81
8112 8114 8114 *81
82
*81
8112 813 8138 1,500, Preferred
8
I
100 77 Nov 13 95 (Set 14
88 Dec 91 Dg o
4912 *48
*47
49 I 48
48
48
48
*47
4912
4912 *47
200 Int Printing Ink Corp--No pa
40 Nov 14 681 Oct 7
/
4
473 Oct 60 Dee
4
*94
9512 94
94 ' *94
96
94
95 4 *94
3
*94
95
95
50 Preferred
100 914 Nov 6 106 Mar 4 100 Dec 100 Deo
*72
74
*71
7512 7512 77
77 77
76
76
75
75
240 International Salt
100 5511 Jan 4 90 4 Feb 4
3
4912 Mar 684 Ja
108 108
105 106
109 1133 114 117 *114 116
4
108 108
3.400 International Saver
100 95 Nov 13 1294 Aug 5 126 June 196 .1:11
.
10612 118
110 110 *10612 112 *10612 112
10612 10612 *10612 110
30 Preferred
10 10314 Oct 26 119
an 17 1124 Dec 131
Jan
7314 747
8
8 737 75 8 724 74
3
73
743
8 73513 75
7312 753 61.100 Internet Telep de Teleg_No pa
53 Nov 13 14914Sept 3
4
30 4 33
3
*31
32
*31
32
*30
32
3014 3114 307 325
8 1,500 Interstate Dept Stores _No Pa
8
2518 Oct 29 9312 Jan 2
6112 Nov 90 Die
*
2112 24
23 23
*21
25
*2214 25
*2318 25
25
*23
100 Intertype Corp
17 Nov 14 384July 20
No pa
2334 Sept 8212 Jan
42
*41
42
42
*41
42
*41
42
*41
42
42
42
300 Island Creek Coal
39 Oct 29 69 Mar 5
47
Oct 61 May
46
46
467 47
8
46
463
4 47
47
47 47 18 4713 4713 3,300 Jewel Tea, Inc
39 Nov 13 16214 Feb 5
No pa
771 Mar 179 Nev
4
1215 12312 124 12812 123 12614 123 125
8
12412 1285 12612 129
8
90 Nov 13 242% Feb 2
38,200 Johns-Manville
No pa
9614 June 202 Dee
*12114 12112 *12114 12112 *12114 12112 *12114 12112 *12114 12112 *12114 12112
Preferred
100 118 Nov 6 123 May 16 1184 Oct 122 Aga
•11812 119
11812 119
1183 119
4
11912 120
1197 1197
8
1197 120
8
8
740 Jones & Laugh Steel pref 100 117 June 14 126 Oct 24 119 Dee 124'* Mr
23
8 23
212 212
8
212 212
214 212 *214
23
8
214
214 3,000 Jordan Motor Car
112 Oct 31
1612 Jan 2
No Da
84 Aug
1918 Oct
108 10812 *108 10812 *108 10812 *1063 10812'1063 10812 *1063 10812
4
4
4
20 Kan City P&L let pf B.No par 106 Feb 16 1124 Jan 22 108 Aug 114 At»
*1712 18
1814
4
18
*173 18
1812 '177 18
2 18
2
900 1/Caufman Dept Storee.$12.50 1714 Dec 23 3718 Feb 6
294 Dee 31
Oct
40
40
404 4118 398 403
4
4 4012 405 _0
8 40
403
4 3912 405
8 3 800 Kayser (J) Coy t o_.....No Pa
1:30
30 Nov 13 5812July 2
21 1 ___
21
____
loo Keith-Albee-Orpheum_No pa 1512 Nov 14 46 Jan 4 151k May 5112 Nov
;ii- 1E" ;ii- - - "iiK if- *81 so *so 16" *so -66"
147i,
Preferred 7%
100 70 Nov 14 138 Jan 6
754 May 160 NC•
3 8 37
7
8
4
43
8
4
44
38 4
7
418 43
418
4
8 7,600 Kelly-Springfield The_ _No pa
2
3 Dec 30 231 Jan 2
1914 Dec 254 Nov
*21
243
4 21
223 *19
3
2012 *2112 243 *2212 243
4
4 2212 2212
130 8% preferred
2
100 16 Dec 26 941 Jan 9
564 Feb 96 Nur
2412 2514 2418 25 8 2312 23 8 233 233
3
5
4
4 235 24
8
237 2414 7,900 Kelsey HayesWheelnewNo Pa
8
183 Nov 13 691
8
4Maa 13
712 7 4
3
712 818
77
8 814
77
8 8 I
78 8
7
77
8 8
6,700 Kelvinator Corp
7 4 July 227 •111
1
5 Oct 30 1914 Feb 6
No Da
8
8212 8212 *827 84 I *827 84
8
8
*827 84
8
84
*827 84
84
8
40 Kendall Co prof
No pa
75 Nov 19 94 Feb 15
585 60
8
5918 617
2 6012 6214 6012 6112 6014 6112 60
615 83,300 Kennecott Copper
8
493 Nov 13 1041e Mar 18
8
No pa
*48
50
4912 4912 49
49
49
49 I '48s 4912 *487 4912
8
8
400 Kimberley-Clark
4514May 25 573 Oct 11
No pa
*2112 2312 *2112 223 *2112 22
4
*2112 22 I 2112 2112 *2114 213
4
100 Kinney Co
No pa
2112 Nov 13 44i July17
*
8714 90
*8714 89
*8714 89
*
8714 89 I *874 89
*8714 89,
I Preferred
4
80 Oct 30 1093 Mar 6
874 Mar 100 Apr
100
3
7
3 8 418
7
4
4
4
4
4
4
4
4
4 18' 7,500 Kolater Radio Corp____No par
312 Dec 20 784 Jan 3
5114 Aug 954 Nov
3912 395
8 3818 3912 39
393
4 3918 393
4 39
394 3914 39341 6,300I Kraft Cheese
82 Dec 42 Nov
No par 27 Nov 13 764 Oct 14
*100 101 •100 101 *100 101 •100 101 '100 101 *100 101
I Preferred
2
991 Deo 10114 Dee
4
100 95 Apr 20 1051 Oct 23
333 333
8
5
4 33 8 3414 3358 3418 3318 34
3358 3414 337 34
8
8,700 Kresge (SS) Co
10 28 Nov 13 5712Mar 4 066 Feb
91% Nov
*111 114 •110 114 •110 114 *110 112 *110 112 *110 112
Preferred
100 10312 Nov 20 116 June 7 1104 June 118
API
*812 10
812 812 *812 10
*812 10
*812 10
*812 10
1001Kresge Dept Stores
838 Dee 13 23 Jan 2
1212 Jan
Po par
274 Het
62
62
60
*60
*60
•
62
60
60
*60
61
*60
61
101 Preferred
513 Feb 76 AUf
100 60 Dec 23 76 Sept 17
4
64
64
65 4 653 '64
3
66
*625 66
4
8
*625 66
*62511 66
8
200:Kress Co
Nov 14 114 Jan 5
No par 5314
87 Feb 1268 Nov
4
2418 2414 2414 2438 243 2512 2514 265
8
8 253 263
4
4
8 253 2614 147,300 Kreuger & Toll
2
224 Nov 13 463 Mar 6
321 Dec 40% Oct
8
433 4412 433 45
4 433 443
8
8
433 44 4 43'2 443
4
3
8
8 4418 4514 18,300'Kroger Grocery & Bkg_No Par 384 Nov 13 1224 Jan 3
7314 Mar 1321a Nol
213 23
*2114 24
4
*2114 24
*2112 2212 *2114 2214 *213 223
4
8
'Lento 011 & Tranaport__No par
1612 Nov 12 381
8June 17
271 Feb 3918 Apr
e
983 10018 993 10014 9814 100
4
8
97
9818 9814 9918 98
9918 9,300,Lambert Co
Na par 8018 Nov 13 15714 Mu 19
791s Jan 1361 Nov
/
4
8
814
*612 63
8
7
74
8
3
812
73
4 73
4 6,700,Lee Rubber & Tire
73
4 858
5 Oct 29 25 Jan 14
No par
1714 Jan 2614 Ocs
*32
35
34
34
35
33
34 •
34
34
3418 35
34
600,Lehigh Portland Cement__ 50 30 Nov 14 05 Feb 6
624 June 5812 Nov
105 105
105 105 *105 107 *105 107
'105 107
105 105
1501 Preferred 7%
100 100 Nov 7 110 4May 9 10614 Dec 1103 May
1
2
1438 145
4
1434 144 *143 15
8 15
15
1412 144 15
15
1.700 Lehigh Valley Coal- _No par 10 Oct 30 32 Oct 2
*32
•32
*33
38
*32
38
38
36
*33
*33
36
36
I Preferred
4July 17
60 31 Dec 31 441
31
31
30
*30
31
*30
30
*30
30
30
3012 2,200 Lehn & Fink
30
28 Nov 1:
6812 Feb 4
No Dar
58
Jan 641 Oct
2
0712 973
974 98
963 •
4 96
97
4 94
*96
97
9512 9512 1.300 Liggett de Myers Tobacco_ _ _25 8014 Nov 14 106 Oct 18
834 June 1224 Jan
97
96
98
963
8 953 965
97
8
977
8 9512 97
8 9512 97 1 7.200 Series 13
25 80 Nov 14 10614 Oct 18
8014 Juno 1234 Jan
*138 139 *13818 139 *13818 139 *1384 13812 13812 13812 13818 13818
200 Preferred
100 125 July 2 140 Dec 23 134 Aug 147
Apt
37
383 40 4 38
4
39
38
37
3
3914 3912 4,500 Lima Locom Works-No par 30 Nov 14 57O July 18
404 38
38
88 July 657 May
8
41
41 •
41
*
40
*40
41
41
*38
41
41
41
40
200 Link Belt Co
No par 3718 Nov 15 61 co.:4
553 563
4
5912 5812 60
8 58
5612 587
57
4 5512 59
595 39,100 Liquid Carbonic
8
2
No par 40 Oct 29 1131 Jan 3
- 1 Feb l2L' Nov
6 1i
43 4 443
3
8 4418 463
8
2 4412 447
8 4612 473
8
4 463 474 12,600 Loew's Incorporated
4 463 473
No ear 32 Oct 30 8412 Feb 21
4918 June 77 Mat
414
334 4
34 4
31
3
8 414
334 4
4
8,400 Loft Incorporated
3 4 412
3
34 Dec 30 114 Apr 1
54 Feb
No par
191e Aug
•1212 13 8 •1212 133 *1212 133 •1212 133
3
8 1212 1212 1218 1218
8
8
200 Long Bell Lumber A_-.NO Par 12 Dec 24 8212 Jan
26
Jan 358 Feb
4
a
5012 5112 51
5214 501 514 5178 517
8
8 515 6338 52
8
5418 16,100 Loose-Wiles Bisoult
3918 Nov 13 877 Sept 7
444 Juno 881 Sept
s
4
'
111814
*11814
*11814 -- *11814 _--- *11814 1183 *11814 2
4
lst preferred
100 11514J une 20 1214 Apr 2 1174 Aug 128 Me)
163 16 8 164 171
8
,
8 17
4
173
8 17 1712 2 ;(565 Lorillard
4 1638 17 I 1678 173
233 June 467 Apr
25 1414 Oct 29 3112May 17
4
8
*
83
90
*83
9212 •83
03
9212 9218 9218 *9014 93
8612 Dec 114 Ma;
*92
100 Preferred
100 67 Nov 13 9914 Oct 14
012 912.
914
914
9 4 914
912
,
9
94
914
9
914 2,800 Louisiana 011
912 Feb
7 Oct 29 18 Jan 9
1934 Avg
No Par
88
88
*84
88
84 84
*84
88
88
88
88
88
50 Preferred
78 July 96
100 80 Nov 14 10014 Feb 21
AD,
4018 40 8 39
3
4012 39
8 393 403
397
8 39
393
8
4
88ept 12
28 Feb 41 May
8 3912 403 19,300 Louleville0& El A_-No Da
28 Oct 29 723
3312 333
4 3334 337
8 3318 343
3 3418 35 4 35
3
363
15,200 Ludlum Steel
4 355 37
8
2July 8
No par 22 Nov 13 1081
*80
943 *80
4
943 *80
4
943 *85
4
4
943 *8214 943
943 *80
4
4
Preferred
No pa
78 Nov 13 118 June 1
*3118 36
•314 36
*3118 36
*3118 36 I *3118 35
*3118 35
MacAndreva & Forbee_No Da
44 Aug - - 4 3014 Oct 29 46 Jan 4
6
7 Age?
•____ 105
105 • - 100
100
100
Preferred
4
100 104 Jan 8 1073 Apr 19 104
Oct 110 Nov
717 7312 7314 733
8
4 7012 72
72
7012 7114 714 711
3.700 Mack Trucks,Inc
8 72
4
83 Apr 110 Nov
No par 554 Nov 13 1143 Feb 6
•140 1423 14134 1413 13712 14 12 13712 13712 139 14212 142 14312 1,600 Macy Co
4
4
0
No pa 110 Nov 13 255128e01 3 2184 Aug 592 A eir
1312 *12
•12
1338 •1213 13
1212 1212 *1212 1314 *1212 134
100 Madison Su Garden__ _No pa
1118 Nov 13 24 Feb 28
1814 Den 34 Mat
49
*
48
49
517
8 5112 523
50
4 50
8 61
503 503
5112 3,400 Magma Copper
8
No pa
35 Nov 13 8212 Mat 21
4838 Feb
TO "cv
• Bid and asked prices: no sales on Oils day.
-dim 1 aadltional lb. for each sh. held
El
0 Es-div. 75% in Mock. s Ex-cliv. s Sbllllngs.
.
2 Ex-rights/
,
261
New York Stock Record-Continued-Page 6
Foe sales during the week of stocks not recorded here. see sixth page preceding.
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday,
Jan. 4.
$ per share
*812 1014
47614 91
93
4 614
24
24
*1512 1612
263 267
4
8
*20
21
4532 614
;ii5" 421;
258 26%
*312 312
38% 395
8
12 2
7
17
3014
*76
*4012
- 3524
17
3014
783
8
43
Monday,
Jan. 6.
Tuesday,
Jan. 7.
IWednesday. Thursday,
Jan. 9.
Jan. 8.
Friday,
Jan. 10.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range for Year 1929.
On basis of 100
-share lots
Lowest.
I
$ per share $ per share $ per share S per share $ per share Shares Indus. & Miscel.(Cos.) Par $ per share
6 Nov 11
*812 1018 *812 1018
100 Mattison (H R)& Co__No par
*312 10
812 812 *812 1018
.e ,
o
11
0 71 1ev 21
*7614 91
Preferred
*7614 91
*7614 91
*7614 91
*7614 91
*538 8
*5
8
330 Manati Sugar
63
4 63
53
4
53
4 *5
4 *5
8
*25
4012 *253 55
*25
35
35
100 197 Dec 23
100 Preferrea
*25
8
*253 40
8
r30
4
*15
1612 143 143
4 1412 1412 *1414 1612 1412 1412
300 Mandel Bros
; 117 Nov 8
26, 27
2
263 27
4
/
No pa
27
27% 273 28% 6,700 Mani' Elea Supply--No im
27
27
4
22
22
8
25 1914 Dec 24
23
207 208 207 21
8
245
8 1,000 Manhattan Shirt
2312 24
612 *518 512 *538 ay *518 614 •518 614
*51
518 Dec 26
Maracaibo 011Expl____No par
Marland Oil
No Dar 3313MaY 31
9
41
10 Oeo 13
7
40 - -- 40 -- - *59'8 4212 4212 4212 *397 4212
por 3 No t 29
a
700 Marlin-Rockwell
4
6
2618 273
4 243 263
NNoo
4
8 2414 2478 24
2412 2412 2458 6,200 Marmon Motor Car
212Nov 14
312 312
312 312
*312 4
3
900 Martin-Parry Corn
4
318 *3
No par
3912 417
8 408 413
41
4134 4112 43% 14,100 Mathleson Alkali WorkeNo var 29 Oct 29
4 408 415
100 120 Jan 28
Preferred
51 13 2 -HTo 12- 52;1 - 8 52 - - -53- - - -1- 5,100 May Dept Stores
-125 4512 Dec 20
53553 4
53
1712 177
8 1712 177 *17
8
No par 158 Oct 29
*1712 177
18
8 1712 1712 2,100 Maytag Co
3012 3012 3034 304 31
No par 2314 Dec 31
SOO Preferred
31
323 3238 3212 33
3
No par 7512 Nov 26
100 Prior preferred
*76
783
4 76
*753 783 *7512 783 *757 7334
4
76
8
4
e 4
7
4
*4012 4112 403 40 4 *403 443 *4038 413 '
No par 3914 Dec 31
4
3
200 M:Call Corn
8
4
4
4 34014 413
Highest.
PER SHARE
Range jar Pretious
Year 1928.
Lowest.
Highest.
S Per share $ per share $ per share
16
Jan 3812 Not
393 Jan 15
8
Oct
8718 Jan 110
l'-'512 Jan 18
21 Nov 61 Jaa
26 Jan 14
83 Jos
40 Nov
5012 Jan 10
82 June 4012 .1s2
388 Mar 9
8
3784 Jan 14
/
4
2812 Sept 661JUIN
355 Jan 4
8
313 Feb 63 May
4
181, Apr 18
1212 Feb 2512 Apr
33 Feb
Jan 3
493 Not
4,
89 8May 20
47712
4514 Mar 83 Nor
77 Dec 86 Dee
104 May 10
1218 Mar 2884 June
18 Jan 2
218 Feb 27 1178 June 190 Des
4
Apr
Jan 130
125 Jan 2 115
108% Jan 10
75 July 11311 Not
2912 Aug 2
8012 Nov
1712 Aug
491 July 31
401 Aug 52 Ma1
8
9018 Jan 10
8913 Dec 101 MO7
108 Oct 10
58 Feb 80 Deo
113 4 Feb 5 1 77 Feb 1097 my
3
2
8012 Mar 1198 Nes
11512 Feb 6
4
120 Feb 7 109 Feb 11812 Nov
48 Fa,14
12 2
1
2312 Jan 5 114 Septi -- 1- /is;
6212 June 781 Noe
8
82 Jan 31
4513 Nov 50 4 Der
8
59 Mar 4
,54 Nov 6334 Nov
63 July 19
607 Nov 70 Sept
1
72 Jan 3
347k
r112 jao F14 g :a.y
4lc
,
ey
l
k 1?b 2 .
e
(
i
3 :1
i Dt
't
i
6
38 D6r
17 4 Jan
1
5412 Mar 20
122%July 22
112 i'il
/ iii;
397 Jan 3 - 1- - - - -1 iii;
2
5 2 Ma7
7
112 Jan
338July 31
12314Sept 19
321 Aug 27 iCi" June iii- Nov
Jas
1812 Aug
8
287 Mar 20
s
391s Aug 757 Des
8014 Mar 1
,
s
1567 Jan 2 1154 Dec 15612 De
5 Oct 25
---- ---.
--,
813 Oct 11
71
71
70 71
71
71
1,010 McCrory Stores class A No par
65% 172
*65
69
*65
70
67
68
No Dar
400 Class II
*6512 69
67
68
*67
69
*65
70
*65
70
ev
*31
993 *91
4
100 gl2No°
*91
98
Preferred
*91
98
98
*91
98
*91
98
*3214 35
*3212 35
*3214 35
McGraw-Hill Publica's No par 30 Oct 28
*3212 34
*3212 35
*3212 35
•143 1512 *143 1512 *1434 1512 *1518 1512 1512 1534 1618 1612
4
800 McIntyre Porcupine MInes_51212Nov 4
4
6412 64
613 643
4
4 62
65
64
6418 4,100 McKeesport Tin Plate_No par 54 Nov IS
*63
6412 6318 64
325 33
8
*323 33
8
5,300 McKesson & Robbins_No par 2118 Oct 29
3218 33
3412 347
3214 327
8 3212 35
*44
45
45
800 Preferred
45
45
45
45
45
*4414 45
4414 45
5
0
No par
1,200 Melville Shoe
32
33
33
3114 32
*32
33
3114 313 *31
32
32
4
9 Oct 29
1634 18
167 167
8
8
No par
1712 177
173 18
4
4
4 3,600 Mengel Co(The)
8 173 173
3
4 173 173
100 Metro-Goldwyn PictureS Pr-27 2112 Oct 29
2312 2312 *23
*2314 24
*2312 24
24
*2312 24
*235 24
8
9% Oct 24
1714 1758
1712 1778
1712 18
1718 173
4 1718 1712 1734 187 27,450 Mexican Seaboard 011-No par
28
28
28
6 20 Oct 29
3012 40,300 Miami Copper
3114 30
30% 30
30
30
303
8 30
No par 44 Dec 31
'54
56
573 58% 5,100 Michigan Steel
4
60
53
6314 62 62
5812 59
62
11,100 Mld-000t Petrol
No par 2218 Nov 14
2712 28
27
27
2614 27
2612 27
27
8
278 267 27
%Nov 12
118 2,200'Middle States 011 Corp ars_ __
118
118
118
118
118
118
118
1
118 *1
118
400 Minn-Honeywell Regu_No par 59 Nov 14
61
*64
66
64
64
61
*64
65
*64
65
*64
65
Midland Steel Prod pref _100 135 Oct 30
*170 190 *170 185 *170 185 *170 180 *170 180 *165 170
314 Dec 6
1,500 Miller Rubber
4
418 414
4
4
418 418
No par
4
8
414 43
8
414 43
600 Mohawk Carpet Mills_No par 35 Nov 13
*37
3918 38
377 40
8
3712
3712 3712 377 377
8
8 37
38
8
47
453 4714 44
4
473 358,400 MontWard&ColliCorpNo par 4258 Dec 20
4518 473
3 453 4 8 455 4718 46
8
8 65
112 Oct 31
4
4
438
4 6,600 Moon Motor Car new_ No par
418 43
4
43
4 43
43
4 514
4
47
8 5
300 Morrell (J) & Co
5818 60
*58
60
No par42 Oct 29
5818 5818 *5812 60
585 585
8
8 5812 5812
2I2 Aug
Ca May
612 Mar 4
112 Oct 29
2,700 Mother Lode Coalition _No par
17
17
8 2
I% 2
2
17
8 2
17
8 2
17
8 2
s
fl Mar 167 Da)
1212 Jan 8 6032.1une 21
No pa
'Motion Picture
--- ----- -- - --314 Oct 24 3134 Aug 1
1,700 Moto Meter Gauge&Eo No pa
*45 --18 52
512 - 3- - .T8 -- 0- --LT8 --S1- --;45
/4 ;
*48 514
5
E4
4
8
.
--.
5i8 60
4
5,100 Motor Products Oorp No par 36 Nov 13 206 Mar 1 Ili- Jul
64
63
65
59
6012 62
*62
64
64
63
63
63
2512 Jan alla Get
21 Nov 13 5518 Aug 1
27
2714 273 277
4 4,500 Motor Wheel
No pa
8 2812 283
8
8 273 283
4
4 2812 2812 2814 287
6514 JUDO 951s 081
10 Oct 24 81% Jan 4
185 17,000 Mullins M Co
8
153* 17
18
16
No pa
1612 187
8 1714 18
18
16
17
2
98 Dec 1047 Nes
900 Preferred
6312
1,10 par 55 Dec 27 10214 Jan 11
5712 60
62 6212 63 6314 63
62
63
59
60
57'2
9
2
1,300 Munsingwear Inc
4712 48
'47
Fr
oo aar 38 Nov i3
49
4714 4714 *4714 4812 *48
50
*48
49
2018 2112 2038 22
8 1912 2012 38,600 Murray Body
8
8 203 207
20
8
215
8 197 207
1
in 1 5 IiillB
:
2i
‘
15iill
54% 50,600 Nash Motors Co
5514 573
547
8 54
8 54
8
4 557 5812 537 5634 535 543
71 Jan 3212 DU
s
4 197 198 2,900 National Acme stamped____10 14% Nov 13 417 July 13
1912 193
8 1912 193
4 1958 1978 1912 1938 *1912 197
8 1,100 Nat Alf Transport
*1158 12
No parj 10 Dee 30 4814May 24
1138 1114 115
1214 1214 *1014 112
4 1112 1112 *11
*92 10
4
9% Dec 23 71 Mar I
No par1
4,500 Nat Hellas Hess
93 10
4
10
10
10
10
1014 10
1018 10
4
201 Jan 11812 De
66
100 Preferred
*61
*56
66
68
*56
66
66
*56
66
*56
66
'001 5812 Dec 27 118 Jan 3
4
,
4
17818 18112 183 1847 181 183
' 5 140 Nov 13 2363 Oct 10 15912 July 1951 No
,
8
18114 18218 18114 1823 18212 1343* 8,400 National Biscuit
8
200 Preferred
*14212 14514 *144 14512 *145 14514 145 145 *144 145
100, 140 Aug 15 146 Oct 8 18712 Feb 150 A21
144 144
4
4714 Jan 1048 Der
4
8 6,200 Nat Casb Register Awl No par' 59 Nov 13 1488 Mar 20
753* 7612 7414 7512 753* 7512 7434 76
7512 76
76
767
48% 49
48
No par 38 Oct 29 8812 tug 27
4914 4712 4814 4534 4712 453 4712 4612 4712 42,200 Nat Dairy Prod
4
4
217 Jan 321 01
3
0
2134 213
4 2112 2112 *20 4 22
4
700 Nat Department Stores No par 20 Dec 19 87 Max 5
21
213
4 2114 2114 *203 23
3
91
Jan 102 8457
*39
*89
92
I 1st preferred
9112
92
100 89 Dec24 96 June 8
9112 .89
*89
9112 *89
9112 *89
2914 June 5812 .705
*2914 31
2912 3012 30
8
3012 31
313
8 305 3034 6,100 Nat Distill Prod etfa___No par 15 Oct 29i 58 June 17
3112 31
Aug 23
5114 June 7182 Jars
A
_ _ __ _1 Preferred temp ctfs-No Par 671s Feb 7
231 Mar 578 NCT
4
4
-iii -- -3- -14 2 . 81
700 Nat Enam & Stamping
------ 3O8 *2978"aiiii ;55- IcTli ;56" -30o2
100 2512 Dec17 6214. Jan 9
14"
Jas
210 Oct 15 115 July 130
sl , ,
,
igg Bp Iszov 0
*136 148 *135 148 *13512 145 *13812 1473 *136 1473°140 144%
National Lead
4
Jan 14714 5ls0
14112 Feb 1 131
13818 1393 13912 13912 139 139
•13818 140
240 Preferred A
4
139 139
4
11618 11618
*11618 119 *1161 119
115 3, o t 11 1238 Apr 24 1/212 Mar 122 Jul,
: cy
01
?
70 Preferred B
11618 11618 117 117 *11618 118
100
Miss Der
8
217 Jan
4
718 Aug 20
4 32
3314 3218 3312 325 33
3212 333
8 3312 3514 43,600 National Pr & Lt
NO Par 23
8
3212 345
s
14 JUlY 408 US
2
2
*2
112 Dec 27 17 Jan 10
212
3
8001 NatIonal Radiator
214
13
4 2
*2
No par
214
218 218
36 Dec 9812 Jae
41 Jan 29
Dec
12
512
6
6
*5
6
600 Preferred
5
*5
5
5
•5
512
6
84% June 148 Dee
144 Jan 2
*10212 105 *10212 105 *10212 105
No lc
500,National Supply
10212 10212 10212 10212 102 102
o
7012 71
*7012 73
70 De:31 155 Feb 1 13814 Dec 150 Nov
7314 7312
*70
72
800INational Surety
07114 73
708 71
,
8
13 9111 Mar 1 o160 Jan 320 De
4
3912 393
4 3314 40
8
3 31118 N
3712 393 *3712 38
No 9
8 3734 3814 3,800 National Tea Co
4
3718 383
178 Jan 423* Dee
4
2
29
293
8 29% 313
4 31% 32% 3012 3112 3058 315
8 30% 3114 46,800 Nevada ConsolCoPPer_NO par 2314 Nov 13 627 Mar 21
50 43 Mar 28 103 Sept 26
59
*30
59
*50
59
100 Newport Co class A
*52
51
*50
51
*50
59
59
*42
44
4414 423 423 *42
•41
4412 *43
200,Newton Steel
43
8
No par 35 Dec 30 113 July 15
4212 43
8
5_-1- _Zit
4
45
45
45
457 458 3.500 N Y Air Brake
8
453 24414 4414 4512 458 4534 46
8
No par, 35% Oct 30 498 Mar 4 "lila Oct -il 2 Tri
47 Aug 6414 Jar
533* Feb 2
37
*35
40
*35
40
400 New York Dot&
37
*35
35
40
35
38
38
85 Sept45 ;SD
90 Apr 10
*8312 90
*8312 90
*86
90
Preferred
*8312 90
*8312 90
*8312 90
9812 Oct 10512 Ma/
•100 101 *100 101 *100 10014 100% 10018 WO% 10012 10012 10012
280 NY Steam met (6)__-No par 9312Nov 13 103 Jan 10
Jan 115 API
115 Aug 30 102
____
y
20 1st preferred (7)
4
1113 1113 *1113 ____ *11134
4
4
112 112 *112
No par 1gioIr
__ *112
583* Jan 97 Nov
1863
4Sept 3
961 987 23,500 North American Co
8
963 933
4
977
9334 96
8 9412 96
95
94
N
61 Sept55 2May
5
NLI 5414 Jan 9
5314 1,300 Preferred.
5312 53
521
5218 5218 52
60
527 53
0318 5318 *53
10112 10112 *10012 1015 10112 1013 *1005 102
s
991 Oct 1057 Pet
4
10334 Jan 15
8
1,500 No Amer Edison pref No par 98 8 Nov
102 10218 102 10214
4
8
638 June 5912 Nor
4
4112 Dec 19 6414 Jan 12
453 453 *45
4
4
4 1,100 North German Lloyd
4 473 483
455
8 45
453 463* *4612 473
45
Oct 55 Ma,
45
210 Northwestern Telegraph_50, 4012 Dec 23 50 Mar 16
.43
45
45
4314 043
4314 4314 *4314 45
44
45
43
*2
8
1
712 Sept
213 Mar
614 Feb 4
4
1
3 Oct 21
200 Norwalk The & Rubber____101
1
*7
8
1
*78
1
*7
8
1
7
8
7
8
68 Dee 18 Mar
4
*2% 6
*4 1s
1:
*212 6
8 Feb 8
2 Dec 21
*212 6
*212 6
Nunnally Co (Tbe)---No par
*212 6
ill
2014 June 41
*914 10
77 Dec 30 32 Jan 3
8
10
*914 10
*912 10
10
97 10
8
25
700 Oil Well Supply
97 June 11012 Jaz
8812 8812 88
4
8
120 Preferred
8
88
88
100 883 Dec 26 10312 Jan 16
88 '8712 883 *8712 8838 *8712 883
•1418 143
4 1438 1514 143 153
8 Oct 29 6412 Apr 25
1514 2,800 Oliver Farm Equip--No Par
4
8 143 1518 15
8
8 1414 143
8
32
3218 3112 3112 3184 33
8
3,500 Cony partIcIpating_No Par 17 Oct 29 690 Apr 25 ---32
3218 317 3218 3212 34
7112 7112 7112 7218 72
101 1b 2
:
75
73
No par 6412 Dec 27 997 N1:y 28
75
7112 7112 *70
72
800 Preferred A
312 1,200 Omnibus Corp
33
2 *318
314
*318 314
Dec 1614 Ma,
212 Oct 24
*318 31.1
3
3
*3
314
No par
1
li8
*70
*70
83
*70
83
is
83
83
*70
*70
83
100 65 Nov 14 90 Feb 28 ; Dec 933* RUH
*70
83
Preferred A
*4812 57
*4814 50
50
67 4 Aug
8
45 Dec 28 843* Apr 13
49
49
54
52
*5012 52
Mr jal
700 OPpenheim Collins & CoNo par
*50
63
63
*63
65
75 May 104 Nov
65
4
190 OrDheum Circuit,Inc pref..100 5018 Oct 25 958 Jan 2
8
*6512 668 *6512 667 *6512 667
65
283 283
287 290
284 285
285 285
280 280 *280 285
800 Otis Elevator
50 195 Nov 13 450 Oct 11 14718 Feb 2851 Del
12112 12112 122 122
124 124
4
100 11878 Oct 8 125 Jan 24 11914 Jan 1268 Jul,
110 Preferred
125 125 *123 124 *123 124
32
3214 3218 3212 3218 3218 31
1012 Jan 6012 No's
4 2,500 Otls Steel
313 3314 3314 333
4
31
Na Par 224 Nov 13 55 Oct 8
92
9112 *90
91
*90
1390
91
82 Jan 103 Nor
12
*90
92
92
4
*90
92
100 893 Nov 13 108 Feb 20
100 Prior preferred
5214 53
523 54
4
54
5312 5512 5414 5414 2,200 Owens-Illinois GLIM Co ____23 43 Nov 13 8912Sept 24
54
54
*52
53 3 543
7
5318 553
55
4 53
4312 Feb 5813 Nov
11,700 . Pacific Gas & Elec
4Sept 16
5312 537
25 42 Nov 13 983
4
8 533 5412 54
543
773
4 7512 7612 77
4 76
74
783
80
69 Dec Ws JLInl)
783 7914 78
8
80
No par 3818 Nov 13 14612Sopt 27
10,100 Pacific Ltg Corp
*2018 21
Oct 3512 No
21
21
*201 22
*22
26
25
*21
760 Pacific Mills
215 27
8
24
100 1712 Nov 14 87 Apr 17
*1
118
1
1
*1
118
118 17,400 Pacific 011
214 Apr
118
1
1 Sept
118
118
112 Jan 10
No par
118
t's Oct 30
3148 150
•145 150 '
150 154
150 1513
150 150
160 Pacific Tele') & Teleg
150 150
100 131 Nov 13 220 July 25 145 June 169 Der
11612 11612 •11714 130
Oct 12512 Mat
117 11714 *12014 125 *12014 125
•11612 130
100 1163A Jan 3 138 Oct 16 114
60, Preferred
8
8 1612 17
1614 1634 1618 1612 1618 1638 141,600 Packard Motor Car_ _ _ No par
163 1712 167 177
4
13 Nov 13, 3212Sept 9
59
60% *5912 60
*57
593 593 *57
4
59
1,300 Pan-Amer Pete & Tracs---50 4014 Feb 181 69 Aug 28
*55
60
4
381* Feb 551 Nov
59
8
6011i 5012 5912 5912 60
5914 *5812 60
60
3,900 Claw B
5912 6014 58
378 Feb 5 8 NOV
4
50 401 Feb 10 6914 Aug 28
1812 1812 18581 1818 1912 183 193* 1814 193
1914 6,800 Pal m3lco Transporta'n_No par
8 18
•18
1512 Dec 21 21 Deo 9
*5
*514 6
4 6
53
4 *53
518 518 *5
4
1112 Feb 218 Mal
100 Panhandle Prod & ref-No par
53
4 *5
53
4
3 Nov 7 1514 Jan 3
50
*48
*48
50
50
*48
50
*47
*48
50
70 Feb 10614 May
*48
50
100 474 Feb 26 76 Jan 16
Preferred
8
50
/
1
513
507
8 4914 51
6714 Oct 564 Des
5112 507 52
5078 51% 50
50
25,000 Paramount Pam Lasky_No par 36 Oct 29 751 Oct 15
*2514 26
*2514 26
27
*2514 26
*2514 26
*25
238 27
34 Mar 98 Nor
s
100 Park & Tilford
No Par 23 Oct 30 877 Jan 14
314 314
314 3 3
314 338
1412 Jas
314 33
8 2,200 Park Utah 0 M
338 33
8
33
8 338
3
9 Aug
4
1
3 Dec 23 137 Feb 28
15 Nor
27
8 3
3
3 18
318 314
27
8 318
27
8 3
27
8 27
8
2 Feb
212 Dec 19 1472 Jan 9
10,400 Pathe Exchange
No par
53
4 6
65
8 614
912 512
912 912
6
614 612 2,600 Class A
841 Aug
812 Feb
412 Dec 20 30 Jan 2
pan
63*
2912 2912
4
2814 2814 283 29
Si
4
297 30
8
*283 30
4
AP'
237 Jan
2
247 Oct 29 471 Mar 4
*283 30
4
N
700 Patin() Mines & Enterpr__o_
8 1,500 Peerless Motor Car
7
7
1418 Sops 257 MAP
614 614 *Ms 67
618 618
618 612
78
3
518 Oct 29 2212 Jan 11
2
50
*2734 28 2618 27 2614 2838 28 2878 2878 29 3,600 Penick & Ford
2812 29
4
223* Jan 4112 Oct
No par 22 Nov 13 807 Sept 17
*107
•107 108 *107 103 '
Oct 115 Mar
3107 108
107 107 *107
100 100 Apr 2 110 Jan 9 103
90 Preferred
*634 9
1411 Jss
514 Nov 12 14 Sept 10
*63
4 9
*63
4 9
8 Aug
50
*634 87
Pena Coal & Coke
4 9
0 3
6 4 87
s *63
7
6% 7
612 7
8
612 618
312 Nov 13 27 Jan 5
148 July 31 May
4
714
778 77
734
712 3,700 Penn-Dixie Cement-No par
36
3412 3412 36
40
*3212 4612 *34
*3412 40
*34
40
75 Sept 9682 Apr
100 2018 Nov 15 44 Jan 22
200 Preferred
*220 245 *220 250 *220 240 *220 245 *210 235 *210 235
4
People's0 L &0(Chic)-100 208 Jan 11 404 Aug 5 1518 Jan 217 Nov
*1812 193 •1812 20
4
NO par 1818 Dec 24 4512 Jan 3
193 193 *19
4
6112 Des 464 Dee
20
4
4
1912 193 193 *19
4
200 Pet Milk
4212 4238 4312 *403 4212 4114 4212 42
40% 4012 41
427
4May
10-25 31 Nov 13 797
8 5,600 Phelps-Dodge Corti
8
4
*210 225 *205 225 *205 225 *205 225 *220 22212 2213 226
500 Philadelphia Co (P1rtsb)-50 15712 Apr 17 285 Oct 10 145 Mar 1740s May
*30
49
*47
49
*30 4960 47 4 Aug 9 51 May 20
*30
49
*30
6512 Mar 69 kat
8
*30
49
49
I 5% preferred
4
*51
53
513 513 *5118 5112 507 51% 5118 513 *51
4
53
4
8
511 Oct 57
4
60 471/ Nov 19 54 Mar 18
700 6% preferred
I
2
IL b'elE
17
12 N.Juoiv, N
1.
3
-• WS and asked prices: 00 sales on rots tier. 0 Ex-dividend =tail ex-rizass
x Ex-dividend. 0 Ex-dividend dlstributed 1 additional share for each share held.
262
New York Stock Record-Continued-Page 7
For sale, during the week of stocks not recorded hero, eee seventh page preceding.
111011 AND LOW SALE'PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Jan. 4.
Monday,
Jan. 6.
Tuesday,
Jan. 7.
Wednesday, Thursday.
Jan. 9.
Jan. 8.
per share S per share $ per share
$ per share
1234 12 4 123 13
,
4
1212 1212 1238 127
3
.812 83
4
853 83
4
812 812
814 812
*2112 2512 *2112 2512 *22
2512 *22
2512
•70
83
*70
88
*70% 83
*7018 83
34% 35
34% 35
3318 347
3 3312 343
3
*11
*11
13
13
•11
*11
13
13
88
88 •-___ 88 *
_ 88
2412 2
6 '23
2512 *21
25
25
75
•70
7312 7312 '65
74
74
*70
1
1
1
113
118
1
1%
114
21
"20
*21
24
*2112 24
*2112 2513
213 212
212 258
212 23
8
4 *212 25
*34
35
34
3414 3418 35
3412 3412
45
463
8
3 457 46 4 4614 4614 4612 4612
,
*67
75 '67
7812 76
74
73
78
*10553 1057 106 106
,
104% 110
110 110
•12
17
*12
*12
17
17 '10
30
'43
45 '43
45
45
45 '45
50
29
29% 28% 30 '29
2912 29
29
*5913 65
64 4 6434 *645 65
3
8
*63
65 .
•13
15
14
133 1334 •1312 1412
14
4
98 98
984 98% •96
9853 97
97
Per share
123 123
s
4
83
3 83
3
*2112 2512
*7018 80
3312 34
13
*11
88
*21
25
74
*70
*1
114
*20
25
*212 23
4
*3414 35%
46
46
75
75
108% 10818
'11
30
45
45
29% 293
3
Friday,
Jan. 10.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range for Year 1929.
On basis of 100
-share lots.
Lowest.
$ per share Shares Indus. & Miacell. (Co..) Par
123 123
8
4 8,900 Phtla & Read 0 &I_No par
8 4 814 1,300 Philip Morris & Co., Ltd_ 10
,
Phillips Jones Corp_ __ _No par
*2112 2512
Phillips Jones Dref
*7018 80
100
33% 34
8,300 Phillips Petroleum____No par
*11
13
Phoenix Hosiery
8
Preferred
100
88
*2113 25
2,500 Pierce-Arrow Class A__No-par
•
68
100
73
100 Preferred
1
25
1
1,500 Pierce 011 Corporation
2012 2012
100
100 Preferred
234 4,900 Pierce Petrol'm
2531
No par
343 3512 2,300 Pillsbury Flour Mills_No par
3
4534 46
1,100 Pirelli Co of Italy
73
73
100
6,900 Pittsburgh Coal of Pa
10814 10814 3,100 Preferred
100
•12
100
20
Pitts Terminal Coal
*45
Preferred
109
50
100
29
Nc par
2914 1,800 Poor & Co class B
Highest.
Per share
per share
918 Nov 13 34 Jan
5 4 Oct 30 2314 Feb 2
8
1912 Nov 14 73 May 1
65 Nov 13 96 May
2414 Nov 13 47 Jan
1053 Oct 25 37% Jan 2
9114 Aug 21 100 Jan
18 Nov 13 377 Jan
3
67% Dec 2 8712Juae
1 Oct 29
34 Marl
20 Oct 31 514 Marl
13 Oct 29
54 Jan 1
30 Oct 28 537 Jan 1
4
4314 Oct 29 88 Aug
54 Nov 13 834 Jan
83123ens 5 110 Oct 1
1)3 Dec 30 34% Jan
42 Dec 13 784 Jan
20 Nov 13 434 Aug
3
200 Porto Rican-Am Tob Cl A_100 51 Nov 13 95 4 Mar lb
8 Nov 14 504 Jan 2
No par
300 Class B
700 Postal Tel & Cable pref _ _100 93 Nov 15 105 Jan 31
4
Postum Co. Inc
No par 823 Mar 28 813
4May 3
'Li" 52 5134 52 -5112 5134 5114 5112 5112 - 2 -Eois
25 404 Oct 30 655 Jan 2
8
611--6:1565 Prairie 011 & Gas
59 59
59
5914 59
25 45 Oct 29 05 Aug 23
8 59% 5918 5913 591g 1,900 Prairie Pipe de Line
59% 59% 593
8% 853
618 Nov 13 25 3 Mar 22
9
9
No par
8% 9
3
87
3 87
8 3,100 Pressed Steel Car
87
88 9 I
3 87
8
*53
5714 *53
100 50 Dec 30 81 Mar 27
5714 *53
571 1
571,t 5312 5312 *53
100 Preferred
57 4 *53
,
8% 8%
4 Oct 24 254 Jan 3
8% 834 '814 812
812 812
600 Producers & Refiners 0orp.-50
912 91 ' 812 812
*31
321* *3112 3212 31
3213 31
31
31
*31
3213' *31
50 2513 Nov 13 4684 Mar 21
120 Preferred
*45
48
48
48
•4812 50
48
4812 *4813 50
*4812 50
150 Pro-phi-laa-tic Bruah_ _No par 35 Oct 30 8284 Jan 14
85
86% 8412 8612 84
g
48ept 23
,
8512 837 8514 85
8714 8514 873 83,000 Pub Sec Corp of N J--No par 54 Nov 13 1373
*10612 10714 10714 10714 107 107 •10733 108
100 98 Nov 13 10818 Feb 5
10712 10712 10714 10714
400 8% preferred
12112 12112 *120 12134 *12014 1223 *121 1223 *121 122
4
4
121 122
100 105 Nov 13 1244 Jan 3
500 7% preferred
•
143 14514 143 143
143 143 •143 14414 143 143 *144 145
100 13912 Nov 13 151 Sept 4
500 8% preferred_
*10714 10814 *10718 10814,•10714 108.2 10712 10712 10712 10712 108 108
300 Pub Serf Elea & Gas pref _100 10412 Nov 14 1095 J41128
871 89
8
No par 73 Nov 13 9914Sept 30
85
87
8418 844 86
8712 845: 86
85
863 17,800 Pullman. Inc
6 Dec 30 2112July 21
613 7
65
*612 7
653 *612 7
612 612 1,000 Punta Alegre Sugar
612 612
50
23 3 24
5
24
4
2312 24 I 24
2418 233 24
4
_25 20 Nov 13 30 4May 9
3
248 233 24
11,100 Pure Oil (The)
•11212 113
11212 11212 *11212 113 *11212 113
100 108 Nov 8 116 Feb 25
113 11313 11318 11318
180 8% preferred
785 78% 7818 8118 1 795 80
7812 7912 7818 8014 7813 813
3
3
55 Oct 29 14853 Aug 20
8 8,200 Purity Bakeries
4253 43 8 423 44
8
41
5
4312 4114 4214 4133 4314 41 12 433 363,500 Radio Corp of Amer-_No par 26 Oct 29 114%8ep1 12
3
.55
54 4 543
,
4 54
543
5433 5412 *54
4 5453 545 *54
.50 50 Nov 6 57 Jan 3
543
4
600 Preferred
20
2012 195 215
21
2414 2212 2314 217 23
2133 22331275,560 Radio Keith-Orp el A- _No par 12 Oct 29 464 Jan
46
47
*47
49
47 47
47
47
47
*45
47
47
10 3614 Nov 13 844 Mar 4
800 Real Silk Hosiery
*
88
89
"88
89 '88
89
*88
89
*88
89
*88
100 8614 Dec 30 10212 Feb 8
89
Preferred
3% Dec 20 1614 Feb 1
*3 4 4
8
3% 3% *33
3% 4
4 4
*33
4 4
*334 4
No par
900 Eels (Robt) & Co
*30
•30
35
35
*30
35
*30
35 •30
35
•30
35
First preferred
100 40 Dee 21 10813 Feb 6
283
254 274 27
4 27
2038 Nov 13 573 Oct 14
3
4
2812 273 277
3 2712 2812 2812 294 44,600 Remington-Rand
No par
93
9312 9312 925 9233 93 93
93
8
9312 933 *9312 94
4
100 81 Nov 14 9812 Oct 15
1,300 First preferred
g5
95
•95
96
95 95
*93
97
97
97
*94
97
100 93 Mar 20 101 Apr 15
300 Second preferred
117: 121s
11% 12
1134 12
12
124 114 114 113 113
4
4 5,300 Rec. Motor Car
10 1013 Oct 20 314 Jan 3
75
7312 753
76
4 747 76
s
7412 76
7578 7914 7712 797 13,000 Republio Iron /k Steel_ _ _ -108 6214 Nov 26 14614 Sept 20
8
•10714 10812 •108 10912 *108 10912 *108 10912 10912 10912 '108 10912
4
100 1033 Nov 19 11514 Feb 27
100 Preferred_
.29
30
"29
30 '29
30 •
29
29
30
29
•29
25 Dec 27 3112 Nov 26
30
200 Revere Copper & Brass No 11a
•103 10312 •103 10313 *103 10312 •103 10312 •103 10312 "103 10312
100 103 Nov 13 10513 Dec 13
I Preferred
*65
72
*71
7912 '71
72
72
*71
72 '71
*71
No par 70 Dec 27 78 Nov 25
72
Class A
43
4 47
•432 44
4
412 43
4
412 412 *414 412
3% Nov 14 124 Jan 16
4
414 1,200,Reynold3Sprfng
494 49% 4934 5014 493 50
495 50
4
4934 50
39 Nov 14 66 Jan 11
49% 50
19,900'Reynolds (RJ) Ton elan B.1
.
342
43
*417 42
3
41
425 425
414 •4132 43
8
4212 41
427 Dec 27 64 Jan 2
8
1,200 Rhine Westphalia Elea Pow._
243 244 2412 247
1
4 2412 2433 2418 2433 2278 2412 227 2312 21,900 Richfield 011 of Callfornia.._2
8
22% Dec 21 49% Jan 3
194 19% 1914 1912 1914 1914
1914 1933 1919 193 6183 191
15 Oct 24 4212 Mar 28
3
No pa
, 5,300 Rio Grande Oil
7 47
*46
45
47
*47
4712 45
45 "46
No pa
40 Nov 14 70 June 29
4712 •45
4612
600 Ritter Dental Mfg
3
391 40
38% 40
39
40 8 40
3
40
10 28 Nov 13 96 May 0
40
4112 4013 413 14,400'Rossia Insurance Co
. _ 53 •____ 53
0
.
20 Nov 12 4312Sept 9
•____ 53
53 *._ _ _ 53
Royal Baking Powder__No pa
100 95 June 12 1147 Sept 16
3
Preferred
2g 533
53
4 53% 5312 53% 541,3 5312 53% 53% 5412 5414 54% 21,100 Royal Dutch Co(NY snares)
434 Oct 29 64 Sept 16
4912 4912 497s 5112 49
50
3812 Nov 13 94 Jan 21
49
51
10
50% 4912 50% 50
10,800 St. Joseph Lead
11312 11312 112 113
112 114
112 11212 1113 113% 11114 11678 21,100 Safeway Stores
9013 Nov 14 1954 Jan 4
4
No pa
'96
963
96
8 9633 9612 '96
96
9614 9634 96 4 *9612 97
100 85 Oct 29 101 Sept 17
,
50. Preferred (8)
*106 107
106 10613 *106 107
106 10614 106 1063 106 106
380: Preferred (7)
4
100 100 Oct 28 10912 Dec 14
4 25 3 25 3 263 263 *2512 2614 2453 26
3
*2512 25 4 2.534 253
3
3
4
4
2013 Nov 14 5184 Jan 24
1.100 Savage Arms Corp- - --No Pa
512 512
4% 5
5
514
54 512
512 53
4 4,400 Schulte Retail Stores-No Pa
512 53
312 Dec 24 4112 Jan 8
4
40
39
*40
39
40
43
8
8
40
427 427
40
43
4014 •
100 30 Dec 24 11814 Jan 2
160 Preferred
10 4 103
3
4 1012 10 4 *1012 10 4 •1014 103
3
10 Dec 31 2214 Apr 12
3
3
3
600 Seagrave Corp
3
No Pa
4 1014 10 4 10 4 10 4
834 85 4 8253 86,
3
8 8412 8814 85% 88
8612 8814 8718 887 160,000 Sears, Roebuck & Co No Par 80 Nov 13 181 Jan 2
8
212 258 *25
8 23
2% 258
234 231
25
8 23
4 3,100 Seneca Copper
2 Nov 13 1013 Mar 20
234 23
4
No Par
3812 4012 3912 404 39
40% 39
254 Oct 29 194 Aug 30
4014 3914 40 4 40
403 11,592 Shattuck(FO)
8
No pa
,
*21
*2114 23
*2114 23
24
*2118 24 .
20 Nov 15 53 4July 1
2412 *2312 24
23
3
'Sharon Steel Hoop
No Pa
234 2312 2318 2353 23
23% 23
23 8 2212 2313 2314 23% 9,300 Shell Union
3
19 Oct 29 314 Apr 2
_No Pa
84 9
* 4 103
83
4
8% 10
9% *9
*9
8 Dee 30 7411 Jan 24
9%
9
9
700 Shubert Theatre corp_No Pa
OU___._90
9212' 8818 924 8812 91 4 8812 91
5912 Nov 13 188 Sept 26
,
9014 933 75,400'Simmons Co
8912 93
No pa
4
•24
26
2.53 25 4 '25
2514 •
4
25
3
26
253
4
1,600 Simms Petroiem
4 253 26,
10 15 Nov 13 401s Aug 17
4 26
243 2433 2418 243
3
2458 24
4 24
2414 2353 2414 233 2414 39,700'Sinclair Cons 011 Corp_No par 21 Nov 13 45 Jan 2
4
*1095 110
3
10953 1095 •1095 110 *10953 110
8
8
109 1095 •109 10953
53
400 Preferred_
8
100 103 Oct 30 111 Jan 20
31
31
31
3112 30% 3118 30% 31
3112 3,600 Skelly 011 Co
30% 30% 31
25 28 Oct 29 4014May 6
*3718 4912 *37
*35
12 49
50
*37
40 40
49 '36
50
100 Sioes-Hheffield Steel & Iron l.00 21 Nov 15 125 Jan 19
*6914 80
*7014 80
*70
80
*70
80
"70
Preferred
80
.70
80
10
6212 Nov 14 112 Jan 18
5% 5% '5
6
*514 6
7
8
6
712 73
74
3
4 3,200 Snider Packing
31a Nov 13 1614 Feb 5
No pa
283 29% 2813 30
4
29% 3014 303 3134 313 33 4 33
34
8
14 Nov 14 6412July 9
9,900 Preferred
4
,
No par
2514 25 4 2514 26
25% 2614 25% 2614 2612 27
,
27
27% 4,000 So Porto Rico Sug
NO par 2253 Dec 30 45 May 13
5813 563 57
5618 5812 57
4
5712 5712 5814 6,700 Southern Calif Edison
504 563
4 57
25 461g Nov 13 9314 Sept 30
1814 1814 •153 22
•1814 21
3
*183 22
8
200 South•rn Dairies el A_ _No par 18 Dec 24 5013June 14
8
18% 183 •1812 22
*312 4
3% 3% *312 4
3% 312
312 312
3
*312 4
212 Nov 13 15 3 Jan 12
400 Class B
No par
36
37 '36
37
'35
36
33
36
35
35 '34
*34
600 Spalding Bros
No par 30 Nov 13 8312May 6
•110 112 •110 112 •110 112 *110 111 •110 111 •110 111
Spalding Bros 151 pref
100 107 Nov 6 117 Feb 6
•19
20
20
20
20
20
20
21
21
2112 23
21
2,100 Spans Chalfant&Co IncAro par
15 Oct 29 5214 Jan 3
96
96
98 '95
96
*95
*95
20 Preferred
95% *95
9573 9512 9512
100 89 Mar le 98 Oct 15
1612 1612 15 4 1612 1512 163
163 17
8
3
1613 12,200 Sparks Withington _ ---No Par
3 16
1318 Nov 13 73 Aug 22
167
3 16
6
6
6
6
6 14
6
8
614 63
6
6 13 1,080 Spear & Co
4
•6
2 Oct 29 143 Feb 4
612
No nor
4
4
*7112 793 *713 793 *7112 793 *72I3 793 *713 793 '7134 79%
4
4
4
Preferred
100 70 Aug 23 8012 Jan
4
4
223
*2212 23 • 4 22% 2213 2212 '2212 23
•2212 24
200 Spencer Kellogg & Sons No par 20 Nov 13 45 Aug 20
*2212 24
4
2334 25
•23
243
3 2312 2412 *223 23
26% 2712 1,700 Spicer Mfg Co
4
2513 26
No par 2013 Dec 23 663 Mar 1
*3914 4112 *3914 4112 *3914 4112 *3914 414 *3914 4112 *3914 4112
Preferred A
No par 38 Nov 15 55% Mar 1
3512 2512 3612 3612 373 373
4
4 373 373 *3714 433 '3714 43
500 Spiegel-May-Stern Go_No Par 34 Dec 24 1174 Feb 6
4
4
4
512 53
4
512 512
5 4 531
3
6
613 1,800 Stand Comm Tobacco.No Par
5% 6
*514 512
312 Dec 31 43% Jan 11
1125 1153 11413 117
112% 116
4
114.2 11612 1133 117
8
115 118% 49,600 Standard Gas & El Co_No Par
7312 Nov 13 243114Sep1 27
8
8 6412 643
643 643
4
50 5812 Nov 14 67 Feb 4
4 6412 6412 6412 645
4 6412 64% '645g 6434 2,100 Preferred
100 10212 Aug 10 1634 Jan 18
Standard Milling
100 Sta,,d Investing Corp_ _No Par
;la" Ii- ;ii" 14 -ii- 11 '10 13 *11 13 *11 13
4 Dec 30 48 Sept 10
6033 61,4 6012 6112 6034 6138 6034 6073 6033 604 604 61 11,400 Standard 01101 Cal_ _ _ _No par 5113 Oct 29 814May 6
6513 661s 6514 66
6412 654 6414 6513 645 6518 645 654 76.600 Standard 011 of New Jersey.25 48 Feb 16 83 Sept 16
8
8
3213 33
20,500 Standard Oil of New York _25 313 Nov 13 481sSept 12
323 3314 323 3318 323 33
4
4
4
32% 33
3253 33
4
104 Nov 13
2
213 213 *214 214 *2% 214
2
2
2
218 214 1,000 Stand Plate Glass Co__No par
853 Jan 21
*4
Cl, 6%
100
5
312 Dec 30 31 Jan 18
4
190 Preferred
412 *5
63
4 *5
63
4 '5
63
4
35
35
37
1.500 Starrett Co (The L 9)....No par 3013 Oct 29 47% Oct 17
*36
33
38
38
385
*36
8 37
*36
33
393 3912 3918 40
3
10 30 Oct 29 77 May 10
10,000 Stewart
4012 41
3918 4012 394 404 4014 41
-Warn Sp Corp
80% 82
No par 64 Nov 13 20112 Aug 30
8114 8214 80
801
82
813
79
79
30. 824 5,400 Stone & Webster
13
4413 45,
2
No par 3814 Nov 13 98 Jan 28
2 4414 45 4 44
3
45% 4312 447
435, 4418 4312 443 31,300 Studeb'r Corp (Tbe
•117 123 *117 123 *117 12212 12214 12214 *119 12212 12214 1221 i
100 116 Nov 20 120 June 25
60 Preferred
•3,
12
413 Mar 14
12 5,700 Submarine Boat
No tar
3
3
12
% Oct 29
3
8
13
3
8
3
8
3
8
12
33
•57
12 59
59
500 Sun 011
59
No tot 55 Dec 21 884 (let 16
593 *59
*5714 59
8
5912 *59
58
5912
•103 10412 •103 1047 *103 10412 *104 10412 1023 104 •1023 104
8
50 Preferred
100 /00 Jan 3 10514 Jan 8
4
4
65
8 6%
No par 514 Nov 13 24 Aug 20
612 612 3,700 Superior Oil new
6% 634
63
4 74
63
3 63g
,
6% 65
8
22
2311 22
23% 22
100 15 Nov 7 734 Apr 9
22
3 4,900 Superior Steel
223
8 24i2 223
2118 217
4 21
*212 972
912 912
912
912 912 *9
300 Sweets Cool America
518 Nov 13 2214 Apr 11
50
912
93
8 93
3 *9
3
3
3
3
9 May 2
334
213 Dec 30
No par
3
314 4
4 3,000 Symington
3% 3%
4 33
33
4
812 83
83
3May 2
4 8%
4,500 Clam A
No par
8% 8%
614 Nov 15 195
8% 10
9
9% ee.3 10
1612 17
1714 1712 17% 1712 "1658 1712 •16
900 Telautograph Corp_ Nopa* 144 Dec 12 2511 Mar 28
1712
17% *16
13
13
13
1312 1313 134 1318 133
4
913 Nov 13 207 Apr 29
4 1312 1312 13% 1353 3,000 Tenn Copp & Chem No par
5514 55% 55% 5613 55.3 56
sSept 12
25 50 Nov 13 717
55% 56
8 55% 5 % 18,400 Texas Corporation
8
5518 557
56% 573
4 5614 57% 55
34 57
55% 563
573 5812 36,600 Taxas Gulf Suipttur___No par 4212 Nov 13 854 Apr 13
4
8 563 59
3
•1014 1012 1014 1012 1014 104
104 1014 1014 1131 t
10
912 Nov 13 234 Mar 21
1014 1053 3,600 Texas Pacific Coal & 011
147
8
1433 15
14
1413 14%
1453 14%
I
64 Oct 30 2414 Jan 17
1518 164 85,300 Tema Pao Land Trust
143 15
4
• Bic and asked prIc t*
64
•62
64
*62
12
*1312 141* 12
3
977 977
8
8 983 9873
gales on thls day. x Ex-dividend.
y Ex-rights. d
200% In common stock.
PER SHARE
Range for Previous
Year 1928.
Lowest.
Highest.
5 per share S per share
4
273 June 399 Jan
s
15 Mar 254 May
38 Apr 54 Aug
85 Apr 90 May
354 Feb 534 Nov
Oct 38 May
21
94 Dec 10314 Feb
8
1811 Oct 307 Dec
3
564 Oct 747 Dec
514 Apr
II Mar
Oct
4
161 Feb 50
34 Feb
65, Apr
EA Feb 584 Dec
861, June 78 Dec
a
81 May 1007 Dec
28 Feb
38 Dec
6313 Oct 82 Mar
8314 Dst
533 July
4
2314 Aug 514 Del
10053 Aug 106 Se1/1
61% July 13013 Moy
5912 Dee 603 Die
18 June
70 Aug
10 Feb
41 Feb
52 Nov
6113 Jan
1034 Jan
117
Oct
134
Jan
10513 Dec
77 4 Oct
8
1733 Dec
19 Feb
108 Mar
78 June
3312 Oil
9313 Oat
294 No/
4953 Jam
91
Fell
834 Ma
115 May
12912 Mr y
150 Muy
11014 Apo
96 Me y
344 Jar
314 Nor
119 Jam
1394 Oil
5412 Jan
ue May
3414 Dec 514 Ncv
247 Jan 605 Dos
2
s
304 July 974 D/o
15 Dto
51j Feb
6114 Feb 894 Di,
234 Jan 364 May
871 Dec 98 June
4
881a Oct 100 las
224 Jan 384 Oat
494 June 9413 NOT
102 Jane 112 Pet
1184 Juss
50
Oct
2313 Feb
------- -40 Dec
10411 Dec
4484 Jan
37 Mar
171 Dee
95 Dec
1064 Dee
3014 Dec
363 Day
4
115 Dec
10 Feb
824 Jan
2
Jan
8012 Feb
I-1
(.3
3
544 June
554 June
1812 Feb
174 Feb
10213 Jan
25 Feb
102 June
10414 Oct
11 Dec
31
3214
634
244
9
109
26
97
Nov
Feb
Jan
Jan
Jan
Da.
aa No.
61
494 Dec
1044 Dee
Oct
61
714 Dte
2018 Dec
4
97 Dec
10612 Ded
51 Dee
8714 Apr
129
API
1714Juni
19714 Nov
711 Oel
1401 Oaf
4
- -3 Nov
89;
85% Nov
101% Nov
2714 Nov
463 Nev
4
110
Oel
425s Nov
184 Fe)
123 Mar
20
Ain
60
Jay
49% May
5612 Nov
60% Mily
30 Ate
Jan 12 1- ApI
-(
July 57% Dee
Oct 100 AU.
16- -Ira
93 Feb
1s
51¼ Dci
- 1i Sept If"
61
24
Oct 404 Nor
574 Jan 803 Die
64% Dec 7112 MaY
100
Jan 14212 Dec
171 Feb
374 Feb
16- Nov
WA Feb
214 Jan
10
Jan
454 Des
74 Feb
40
Feb
57
12111
3
Elh
100
4934 Nov
Jan 8713 Oct
Feb 127 Juns
Feb
64 Mar
Jan 77 Nov
Jan 110
Au,
18
Jan
115s Feb
4 Aug
10 Aug
1514 Jan
104 Jan
50 Feb
6213 June
1214 Mar
20 June
- 1 NO•
567.
3311 Sew
7 May
195: Apo
2233 May
197 Ds.
s
764 Nov
834 Nov
288 NOT
4
301 AP.
4
263
New York Stock Record-Concluaea--Page 8
Per sales during the week of stocks not recorded here, see eighth page preceding
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday,
Jan. 4.
Monday,
Jan. 6.
Tuesday,
Jan. 7.
Wednesday, Thursday,
Jan. 9.
Jan. 8.
Friday,
Jan. 10.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range for Year 1929.
-share lots
On basis of 100
Lowest.
Highest.
PER SHARE
Range for Previous
Year 1928.
Highest.
Lowest.
Per share $ per share
Per share
$ per share
92 Jan $9% Ma,
1612 Mar 14 85 Sept 16
58% Jane
Oct45
2Sept
Mar 9 497
35
36
Jan 6212 Dee
2512 Dec 27 51% Jan 15
4
102 Nov 7 11014 Oct 9 104% Jan 1141 Ord
4
581 Suva 71% Ann
30 Oct 80 62 Jan 12
1414 Fe. 25 Sent
10 Nov 13 2312June 7
4
817 Mar 911 Del
2
7418 Nov 14 GO% Aug 2
19% Mar 41% Ds.
14 Nov 13 AO June 7
8512 Nov 14 97% Jan 17
86% July 10014 Dec
/
1
413ept,24
1112 Oct 30 84
-- -12
5812 Nov 13 150 Jan 3 112 - Mar 154 NO;
1 Oct 28 22% Mar 18
54 Nov 13 22% Mar 18
19 Aug 253* Jan
2h Dec 24 18 Feb 13
19 Aug 24 Jan
25 Dec 31 20 Mar 28
2
Ana
19 Dec XX
212 Dec 20 1912 Jan 15
8ig June 104 NO,
512 Oct 29 15% Aug 28
641 Dec 5912 Fee
4
15% Dec 24 53% Apr 18
2
32% June 4111 Sept
30 Dec 23 83 July 8
131 Dec 20 8172 Jan 23
7
551 Nov 83 2 Dec
4
Jan 8
3012 Nov 13 613*
1
OE June 93 4 MN
82 Nov 13 1813* Oct 10
120 Dec 20 125 Jan 5 119 Max 128 Api
30 Dec 69% Pet
7 Nov 13 43 Jan 14
59 Nov 13 140 Sept 10
123* Feb 88 NO;
4212 Nov 13 57 Sept 30 Oct 12812 2417
1
121% Jan 15 183 413ept 11 110
31 Nov 13 182 May 1
8
447 Nov 14 10912Me$ 1
Olt
3414 Apr 67
3312 Dec 28 60 Oct 10
051
4
11412June 11 186 Oct 2 1121 Mar 136
227 Aug 3414 PO
4
3 Dec 21 2712 Jan 11
2
19% Dec 27 104 Jan 2 1037 Dec 11414 Ara
19 Nov 13 7512May 11
2July 29
4212 Nov 14 497
4
8112 Feb 6 181 Oct 8912 Des
8 Dec 30
99 Oct 29 15812 Jan 81 18112 June 148 NOV
1
18% Dec 27 2 ADD
7 Nov 19 Ws Jan 22
,
MA June 13714 No
7
2512 Nov 13 85 2May 10
9114 Nov 100 Feb
28 Dec 4 93 Jan 2
2
15% June 857 Oct
2% Dec 28 2214 Jan 2
87 2 Sent 105% Dec
1
50 Dec 5 10011 Jan 9
88 Dec 33 itcv
19
1912 19
1914 1918 1912 197 2214 2118 22 I 2112 2238 43,800 US Cast iron Pipe Z. Fely-20 12 Oct 29 557s Mar 18
8
191 No;
4
18 Nov
No par 15 Oct 24 19 Jan 11
157
1578
161
16
16
16 I 155 16
8
153 16
4
16
163
4 3,200 let preferred
18% Nov
191 Dee
4
4
00 Second praferred- NO Par 18% Nov 27 20 June 18
•1812 185 *1812 185
4
8
8 1812 1812 185* 183 *1812 183 *1812 183
4
201 Jai
4
la% Jun
9 Oct 29 23 Sept 24
No par
3,700 U 8 Distrib Corp
•1514 17
177
8 1712 177
1514 16 1 *15
*15
17
17
165*
Oct 90% Jal
76
711 Mar 12 97 Sept 24
4
100
700 Preferred
95
4
*80
90
*80
90
8812 943 *94
*80
90
*80
90
Jas
6
2% No
2 Jan 22 10 Apr 8
100
U 8 Expresa
*2% 4
*258 4
*25
8 4
*252 4
*258 4
*25* 4
41 Dec 58% Jae
800 US Hoff Mach Corp_ No par 1712 Dec 20 4972 Jan 2
1912 1912 19
1912 *19
21
*1812 22
*1812 1912 19
19 4
,
Oa
100 95 Nov 13 24358 Oct 11 102% Jun 138
135 13512 13212 1367 13012 134
8
13018 13214 130 13312 1333 1347 21,000 U S Industrial Alcohol
8
8
Jan 61 May
92
5 Nov 13 3512 Jan 14
No par
818 812
914 058
912 93
4 *952 10
3
94 912 1,700 U S leather
81
4 94
Jan 72 AP,
52
2
par 1414 Dec 31 817 Jan 14
No
5,700 Claes A
19
1714 19%
1912 19
1814 1812 *18
1812 19 ' 1814 19
100 8114 Dec 26 107 Feb 1 100% Deo 10912 Mal
100 Prior preferred
*8112 92
*8014 92
893 893 *84
4
4
89%
*8014 .92 I *8014 92
81% Feb 93% May
5012 Nov 13 11912 Feb a
605 608 60 4 613
8
1
8 60
61
6018 6012 608 6218 62% 63% 4,300 U 13 Realty & Impt___.No Pa
1
27 June 68 4 Jas
10 15 Oct 29 85 Mar 18
8 255 2712 2612 267
8
8
2558 263
8 2512 2618 2512 2638 25% 257 13,100 United State/ Rubber
55 July 109% Jas
100 4012 Nov 14 9212 Jan 16
5018 52
51
50
483 483
4
4 2,400 let preferred
49
4
5258 50
508 493 50
3914 Feb 7112 NO;
298 Oct 29 72% Max 20
3412 351
4,400 US Smelting, Ref & M1n-50
343 353
4
8 348 3612' 3212 3212 3412 3512 35
358
ao 48 Nov 4 58 Jan 3 51 Jan 58 Des
53
1,100 Preferred
*533 54
8
533 533* 5314 5312 53 53
8
5312 5312 53
4Sept 3
16814 1693 1678 1705* 1663 1697 1673 1695 1683 17114 171 17314 469,900 United States Steel Cory 100 150 Nov 13 2811
4
8
4
4
4
100 137 Nov 14 16414 Mar 1 188% Jan 1671 AP1
141 1413 14112 1417 14112 141/ 14112 1417 1413 142 *1417 142
4
2,900 Preferred
2
8
4
4
_--. -400 il El Tobacco new
61i2 6112 6014 62
*6018 65
No Par 5512 Nov 13 7114 Nov 6
*61
64
*61
64
63
*60
100 12514 Nov 13 143 May 3 12712 Jan 139 Joel
•12412 144 *1244 144
124l3 144 *12412 144 *12412 144 .12412 144
Preferred
Jan 273 Des
*
1 2247 Nov 25 358 Mar 19 189
10 Utah Copper
*205 250 *213 250 '
;*213 250 *213 250
225 225 *220 250
2811 Feb 45114 Mar
2412 Nov 13 5812 Aug 5
3212 8,800 Utilities Pow & LI A-No Pa
3118 32
3114 317
8 32
8 313* 3112 3114 3212 32
323
Nov 14 1312 Jan 21
3
Ni Par
418 418
412 43
*414 43
2
4
418
4
4
4
4
4 5,500 Vad000 Sales
.....
62
*57
100 50 Nov 13 82 Jan 18
*57
*57
64
64
*57
64
Preferred
62
*57
64
*57
00
Jan 'Hilt NC'
8
5172 52
No cz 3712 Nov 13 11612 Feb 8
5332 51
51
528 5318 545 15,400 Vanadium Corp
5214 51
5114 51
7s, Jan 603* 00
29
•19
*1812 19
*19
No par 17 Dec 9 42 Sept 6
29
•19
Van Raalte
20
*19
29
*19
29
1
43 4 Jan 78 NOT
50 Nov 27 83 Apr 24
59
20 let preferred
59
*54
*50
59
*50
*50
54
59
54
*54
59
Jan 88 Dee
68
_ioo 33 Oct 29 109 May 15
par
39
39
*3812 39
800 Vick
3814 384 *38
3818 3812 3812
3814 38
1
110 Mar 1 116 k July 5 10112 Jan 1125, DO
ChemicalNo
Vie Talk Mach 7% Pr pret
12 June 20% Nov
31 Oct 29 24 Jan 28
*513 - 3
14
534 13-4 ",- -17- --512 -11- s35'2 -17par
2 '
2
No 11
600 Virg-Caro Chem
5;6
*512 8
57-17-8
4
45 4 Jan 841 Nes
5
15 Oct 29 8512 Jan 28
*2112 29
*28
30
*27
300 8% Preferred
29
*27
28
27
28
27
28
881k Jan 9912 Nos
69 Nov 13 97% Feb 11
79
•
77
*76
80
*76
80
79
*75
80
*75
*75
79
100 102 Nov 12 110 Sept 16 10812 Dec 11412 Ape
10 Vhg Eleoeferred Of (7)
7
% pr & Pow
•1054 110 *10514 110 *1053 110
8
4
1053 105% *10512 1074 *10512 1073
8
Oct 623* JO
47
*39
43
43
*39
43
*39
43
*39
Virg Iran Coal & Coke PI-100 39 Deol8 48 Jan 29
*39
43
*39
43
22% June 74 NOS
71
68
290 Vulcan Dettnning
100 38 Nov 13 14972 Aug 12
70
69
6912 *65
70
65
*69
65
66
66
74 June 99 Sept
100 81 Nov 14 110 Apr 25
9012 9018
60 Preferred
*854 95
*8512 95
*93
*9018 92
95
95
95
1912 June Ott JCDr
79
*65
100 40 Jan 2 142 Sept 9
79
*65
70
*65
Class A
*65
70
*65
70
70
*65
1912 Jan 281 Da
4
Nova? 20 Nov 12 3812 Oct 11
26
2614 2614 1,700 Waldorf Syetem
25
28
25
244 25
25
251
2558 253
100 100 Oct 14 106 Jan 24 105 Dec 10812 Elept
*97 100
100 Walgreen Co pref
*97 100
*97 100
*97 100
97
97
*97 100
14% Aug 287 Seel
s
a
22 Nov 13 497 Oct 11
2
2712 273 .27
No pa
*264 28
2612 27
26
271
26% 27
2712 2,200 Walworth Co
70 Dec 123 Fit
22
*2012 22
40 Ward Baking Class A-No per 20 Dec 20 843* Jan 17
*1814 22
22
*2014 22
2112 22
*2014 22
1814 Dee 293* Jai
112 Oct 30 2114 Jan 16
414 414
414 414 1.200 Claes B
No pa
*414 412
414 43* "414 458 *414 41
77 Dec 97 2 JIN
1
60
60
No per 50 Nov 13 87% Jan 15
600 Preferred (100)
59% 597 *5912 60
59 591
4
60
593 593 *58
4
30 Nov 13 6412 Aug 20
42% 438 423 441 119,100 Warner Bros Pictures new-431
4014 407
42
2 4014 4112 403 427
4
813* Dec 5714 Dee
4
3814 384 383 392
Nova? 2,514 Oct 30 5914 Jan 22
*353 3812 *36
4
700 Preferred
3812 36h 363
3814 381
28 Feb #4 2 011
1
1g
1914 1914 2018 203
20
2014 1912 197
19% 20
4,500 Warner Quinlan
No Par 15 Oct 24 42 Jan 2
8 19
19
4
*13512 138
138 14012 *13812 140
Na par 115 Nov 13 2071 Oct 9 140 June 19212 AN
138 138
137 138
1,300 Warren Bros
137 137
4914 Nov 61
AgO
*50
50
50
50
50
51
*50
51
*50
51
63
70 First preferred
50 39 Aug 15 63% Oct 17
*50
*2313 25 2314 24 •2314 25 23% 2414 24 24 *2312 2412 1,000 Warren Fdry & Pipe-No par 1518 Mar 26 84% Jan 8 13 June 3672 oil
e
*514
5t2
512 512 .514
4 Oct 28 11312 Feb 5
*53
2 512
512 57
600 Webster Eisenlohr
25
55
8 55*
24
116- 514
24
24
Nov87
*2312 24
*234 24
2418 2352 24
*23% 24
900 Wesson Oil & Snowdrift No Par 20 Oct 29 48 Mar 7
*5012 52
505* 5114 52
5134 503 51
5014 50 4 1,200 Preferred
52
*51
1
No par 4912 Nov 14 7212Mar 9 105% Dec 108% No;
4
195 197
19634 1973 100 194
4
20412 210
193 19512 198 210
14,800 Western Union Telegram _100 160 Nov 13 27214 Oct 23 18912 July 901 00
46
46% 4512 46
46
4518 458 45
6215 June 573* Jan
4
4612 11,700 Wetnghse Air Brake-No par 3812 Oct 29 6714 Aug 16
4512 451 461
,
14312 14612 14152 14614 142 146
881 Jan 164 Nes
8
1424 144% 14412 148h 1457 15012 89,000 Westinghouse Eleo & Mfg__50 100 Oct 29 2928 Aug 23
135 135
138 138
139 139 *137 13912 1398 139% 140 140
95 4 Jan 139 Nov
8
290 let preferred
50 103 Nov 13 284 Aug 23
314 3118 3112 3012 3112 3014 3118 31
*30
12% Jan 281 Arne
2
e
1912 Nov 13 841 Sept 18
3218 3212 3,100 Wanton Eleo Instruml-No Par
3212
34
*3112 34
*31
*3112 34
12
34
3412 *32
.32
34
No par 3212 Aug 8 3812 Apr 28
*32
1103* Jan 30 Mat
Claes A
*99 100
*99 105
100 101 *101 105 *101 105 *101 105
60 West Penn Eleo el A-No Par 90 Nov 18 110 Feb 1 108 June 112 Apt
4
4
106 10612 1053 1053 106 10612 10612 10612 *106% 10612 1063 10612
8
4
190 Preferred
100 97 Nov 14 1111 Jan 17 10712 Oct 11314 Apt
*98
99
.98
9712 98
99
08
9812 July 10412 AO
99
98% 98% 987 98%
110 Preferred (8)
100 8812 Nov 14 102 Jan 17
1153 1157 11312 11312 *11314 11512 11512 115% 114 114
4
115 116
117 Mar 18 1181, Oct 118 June
160 West Penn Power Pref.-100 110 Nov
Jam
106 106 *106 10612 109 10614 10612 1074 10614 107
10614 10614
350 6% preferred
100 102 Sept 27 11012 Jan 16 103 June 118
49 *45 46 45 45 4412 45 447 447
*45
1144
46
625, Dec 78
Apr
700 West Dairy Prod el A_No par 3612 Nov 13 80 Sept 23
1412 1418 1538 •1334 14
14
14
20% Jan 49 Apt
1412 1412 143
1414 155* 2,400 Class B
40 Sept 4
7 Nov
No par
3912 394 40
312 3952 397 397
8
*38
41
411
8 40
40
1,100 Westvaco Chlorine ProdNo Par 30 Oct 29 9412May 11
4
2714 2714 2712 2712
14 2712 263 2714 Mg 2712 27
2714
201. Feb 38 No,
1,500 VVhiteEagle01 & Refg-No Par 25 Oct 29 38 Feb 25
315* 32
3112 313
313 318 *314 32
4
801 Feb Old June
4
4 311 31'2 3112 3212 2,600 White Motor
53
12Mar 2
par 2114 Nov 1
*38
39% *394 397 *3912 39% 3812 393
8412 Jan 491 NO;
4
4 3812 391 *38
4Sept 9
3812
551
,
,White Rock Alln Bo elf No 5O 27% Nov 1
*74 858
814 814
881 June 323* Dee
714 814 *7
4
800 White Sewing Machine-No par
1 Oct 29 48 Jan 2
4 8
712 77
714 7 4
1
*284 3112 *2812 3112 2812 3112 28
*2812 3112
513* Aug 88 Des
28
28
28
2
600 Preferred
No par 27 Dec 11 577 Jan 16
153 *1334 15
8
4
.14
15
*14
147
8 1412 1412 *14
1714 Dee 2214 NO8
*14
15
100 Wilcox Oil & Go
No par 12% Nov 14 29% Feb 6
29
29
29
29
293
*25
291 *29
2914 2,400 Wilcox-Rich claas A ___ _No par 19 Oct 30 aNmay 3
4 2912 2912 29
20% 2112 208 2112 2114 218 215* 2114 6,900 Class B
21
211
4 2112 217
No par 12% Oct 30 62 May 3
812 012
52 912
832 87
2
514 Oct 29 85 Jan 8
858 83
173* Jan 88
83
8 85*
83
2 852 28,600 Willye-Overland (The)
Di,
5
82
12
*7014 82
*7014 82
*6712 82
*70
82 1 8: •70
92% Jan 104% Des
100 65 Dec 30 103 Jan 3
Preferred
*3
312
32
2 32
2 •312 4
11
*4
414
4
4
*
Oct 16
3 Dec 28 1312 Jan 23
Yet
300 Wilson & Oo Inc
No par
8
8
8
8
8
*712 812 *8
812
22
Jan 35 May
8
612 Nov 14 27 Jan 21
*8
812
400 Clue A
No P12'
*43
47
*43
46
*
43
46
*43
*43
47
*43
47
45
881 Oct 77
4
/ FO
1
4
14
Preferred100 35 Nov 13 79 Jan 23
65% 673
687 70
2
6652 6852 668 67 4 6412 67
4 6714 6852 35,800 Woolworth (F W)Co
,
10 5214 Nov 1 112 Sept 6
71
7312 7012 73
*89
70
6914 7014 72
6812 70
28
Jan
73% 3,500 Worthington P & M
100 43 Mar 25 13712Sept 20
55 No;
88
1
*88
883 *88
4
8814 8814 *80
883 *88
4
883 *
4 88
10012Sept 9
89
681 Jan 93 Nov
4
100 Preferred A
100 75 Nov 1
*78
84
*78
*78
84
*78
84
82
84
*78 • 84
82
41
9012Sept 9
Jan 80 No;
100 68 Apr
100 Preferred B
O35
40
*35
*35
40
*35
40 .35
40
*36
40
69 Feb 289 Nov
40
Wright Aeronautioal-No par 30 Nov 1 299 Feb 5
6814 6814 68% 688 *6812 683
687 68s 6818 6812 683 OA
*
*
68 J'Ily 84 Aug
65 Nov 13 80% Jan 80
No pa
600 Wrigley (Win Jr)
7512 751 *75
*75
754 7512 7512 *75
7512 *75
751
7512
611 Nov
2
25 61% Feb 11 88 Aug 80
200 Yale & Towne
8411 Ape
1412 145* 14
1358 137
145* 135* 14
13% 131
4 135* 14
7 Nov 13 6114 Apr 24
12
27% Feb
8,300 Yellow Truck & Coach el B..10
WM Nov
•
63
72
*63
72
*63
72
*63
72
*63
72
*63
72
100 80 Mar 8 9612May 10
83 Nov 98
AN
Preferred
*37
3712 37
37
37
361 361 •367 3714
4
4
37
*37
2
373
4
300 Young Spring & Wire-No Par 3312 Oct 30 591 Aug 19
11014 1101 112 112
110 110
110 110
•110 114 *110 114
1,200 Youngstown Sheet & T_No par 91 Nov 14 175 Sept 8
8812 June 115% Dee
per share $ per share Shares Indus. & aliscel. (COS.) PST
per share 5 per share
Per share
5 per share
No par
300 Thatcher Mfg
191 1984 2038 2058 *1938 203
8
1914
•1914 20 2 *194 20
3
*19
20
No par
Preferred
*4112 43
*4112 43
*41% 43
*4112 43
*411243
43
*41
No Par
300 The Fair
30
30
*27
*284 2912 *2812 29
*
2812 30
30
28
28
100
10 Preferred 7%
103
105 105 *103 105
__ 103 *____ 103
•105 108
25
600 Thompson (2 R) Co
377
8
3812 *3712 3814 3814 384 37
*38
3812 3812 3812 *38
10,500 Tidewater Assoc 011-N0 Par
124 123
4 1212 127
4
8 12% 1278 123 13
1214 12% 1212 123
100
300 Preferred
84
84
84
*82
84
8118 8118 *82
*8112 83
*8112 83
100
100 Tide Water 011
*20
23
*20
23
*2012 23
217 21% *2112 23
8
23
*20
100
300 Preferred
4
4
4 873 874 *87h 89
88% 873 87h 878 873
*85
4
8818 *87
10
1612 16
16
16
153 16 4 2,100 Timken Detroit Axle
4
1558 16
1612 1614 1612 16
,
7738 768 7812 763 78% 138,000 Timken Roller Bearing-No Par
4
7712 7912 7712 8012 7512 77% 76
20
3
3
412 45
8 3,200 Tobacco Products Corp
23
4 3
318
3
.
52% 3
3
3
20
914 5
912
84 912
83
4 9%
*812 9
9% 93
4
9 4 914 7,500 Clans A
,
100 Div Ws A
2% 27
8 *
•13
4 2% *218 2%
*218 6%
24 5
*24
Div dIg B
4 *14 23
*114 23
4 *114 21
4 *114 23
,
4 *114 2 4 *14 2 4
,
Dividend certificate. C
4 *114 21
•118 23
4 •118 23
4
4 *114 24 *118 23
4 *Its 23
812 83
83
4 95
8
87
8 93
8
4
9
914
9
9 4 91;i55 1'mo/it:I'll 011 tern Of-No Par
,
9
9,
4
*153 20
4
*16
16
16
100 Traneue & Williams St'l No par
*16
20
20
24
•16
2012 *16
3312 3318 3414 33% 33% 2,900 Trio° Products Corp-No par
3212 33% 3318 3318 33
12 3312 *32
Ni par
400 Truax Truer Coal
1614 164 1614
15
15
*14
17
1614 *16
*14
1614 •14
10
500 Truaoon Steel
x337 337
2
38
8 34
34
*36
3418 3418 *34
3414 3414 3414
7,600 Under Elliott Fisher Co No par
100 1027 101 101
9912 10012 10012 103
10272 104
8
101 103
100
Preferred
*120 ____ *120
•120
*120 _--- *120
_--- *120
100 Union Bag & Paper Corp b0
1112 .10
1212 *10
11
*10
10
10
*1012 1212 *1012 12 2
,
No Par
4
78
4
8 778 80 8 773 787
7918 783 807
7712 8012 7918 8112 80,800 UnionCarbi&Carb
,
25
*4512 46
*45
46
4514 1,400 Union 011 California
45
4518 4514 45
4514 *4514 46
100
200 Union Tank Car
*140 145 *140 145
138 138 *138 144 *140 144 *140 144
4818 50
49
50
8
465 493
8
8 4712 4814 4712 50
498 507 84,300 United Aircraft &'Fran No Par
ao
4,000 Preferred
64
583 584 59 5912 60
4
64
6012 6012 64
60% 60
No Par
1,700 United Biscuit
3612 36% *36
363
4 36
3614 3714 3714 *374 373
4 3812 39
100
Preferred
*106 118 *106 118 *106 118 *106 118 *106 118 *106 118
10
43
412 45
8 4,700 United Cigar 8toree
44 43
418 45
8
4
4 18
4
412 45*
45*
100
700 Preferred
34
*31
31
28
293
4 31
35
35
*31
36
34
34
j 3212 33% 207,500 United Corp
No par
3112 323
8 3114 323
4 31
317 333
3218 311* 32
No par
47
474 5,200 Preferred.
8
4712 465 47
47
4718 4712 47
8 47
468 467
-No par
2.900 United Electric, Coal
11
1214 13
1012 1112
1112 1112 11
11
113
4 1134 12
No par
102 1023 10212 10412 102 102% 10212 103h 10314 104% 9,900 United Fruit
10112 102
4
100
2,300 United Papezboard
88 97
77
2 85*
*714 9
88 88 *75
2 1014 1012
8 9
100 Universal Leaf Tobacco No Par
35
*3212 34
*33
*3212 34
3212 3212 *3112 328 .33
35
50 Universal Pictures let Pfd -100
34
34
37
3812 *34
34
*34
38
*3418 38 . 34
38
214 3 4 2,100 Universal Pipe & Rad_.No par
312 318
23
4 3
,
3
3
3
34, 218 314
100
9512 *35
Preferred
98121 .35
9812
*--__ 99
*35
5 Bid and asked prices: no sales on Ulla day. a El-div. 20% in stock. z Ex-dividend. y Ex-rightsg
264
New York Stock Exchange Bond Record, Friday, Weekly and Yearly
.5111- 1 My lee 5
2118.04 mwA8A of avows° 4014, ems Masa I 41313 PrIa08 ars lee "as/ osiers,••-•tesva , Immo lens defaulted Nana
o
,
BONDS
97. Y. STOCK EXCHANGE
Week Ended Jan. 10.
1.i
3
It
.3a,
Price
Friday.
Jan. 10.
Week's
Range or
Last Sale.
Q. __;
,n ,z7;
471,
5
Range
for Year
1929.
U. S. Government.
Bid
High No. Low
Ask Low
High
First Liberty Loan
342% of 1932-1947
.1 D 991122 Sale 13912w 991833 277 90
100
Cony 4% of 1932-47
J D
_ _- 100 Dec'29 ---93
100
Cony 444% of 1932-47
J D 1001122 Sale 10014210011n 120 982a 1011131
___2d cony 43(% 01 1932-47
J D 982133 Sale 982031 985333
1 98
100
Fourth Liberty Loan
43j% of 1933-1938
A 0 101h2 Sale 101122 1011122 635 98081102
Treasury 434,
1111332 228 105 112"rs
1947-1952 A 0 111333 Sale 111
Treasury ks
1944 1954 J D 107333 Sale 107338 107933 118 1014331080
%
Treasury 334s
1946-1956 M S 1041333 Sale 104133 1041331 62 98133310500w
Treasury 332s
1943-1947 1 D 995531 Sale 991733 995433 28 95033 100013
Treasury 3443 June 15 1940-1943 1 D 992022 Sale 991043 993033 13 95433 100431
State and City Securities.
N Y C aN% Corp st_Nov 1954 M N
335% Corporate st_May 1954 M N
43 registered
1936 MN
45 registered
1958 M N
4% corporate stock
1957 MN
442% corporate Mock
1957 MN
442% corporate otock.-1957 MN
4% corporate stock
1958 MN
4% corporate stock
1959 M N
4355 corporate stock
1931 A 0
4gs corporate stock
1960 M e
434s corporate stock
1964 M 13
4348 corporate stock
1986 A 0
4348 corporate stock
1972 A 0
4348 corporate stock
1971 .1 0
4443 corporate stock
1963 M S
4428 corporate atock
1965.9 D
442s corporate etock_July 1987 J J
New fork State Canal 4e
1960
Es Canal
---Mar 1958 M S
5/
---- ---- 8 8 Oet'29
--------8814 Aug'29
--------993 Mar'28
____ ____ 9438 Dec'29
99 95 Nov'29
104 10214 10214
____ 101 10212 Dec'29
--------9414 Nov'29
--------9508 June'29
96 Oet'29
____ ____ 9814 Dec'29
9812 _
99 Mar'29
--------101 Mar'29
9912 Oet'29
--------10008 Sept'29
___- 10812 10114 Nov'29
____ 106 102 Nov'29
--------10134 Nov'29
10114 May'29
---- ---- 10114 July'29
8558 881i
8814 8812
2
-913 95
,- .
8
95 99
19114 1 1
0
9
8 0
4 9
951 98
4
96 1004
98
98
99 99
101 10114
9814 10118
1013 1013
4
4
9912 10512
101 10308
97 4 1041a
3
9912 10114
9912 10114
Foreign Govt.a Municipals.
1
Agrie Mtge omit i tie
65
65 85
'441F A 82
65 9012
14 63 90
85
Sinking fund 68 A__Apr 15 1948 A 0 8312 Sale 6312
36
Akershus (Dept) exti 5e-_-_1963 MN 8712 Sale 87
89
80 91
9 69 98%
Antioquia(Dept)col 78 A _ __1945 J J 71 Sale 71
• 75
External s 78 ear B
1945J J 7012 7412 7112
6912 94%
7412 11
7278 18
External 5178 series O,.,,1946.9 J 71 Sale 70
69
95%
70
External 1 Te ser D
1948.9
7134 23
7234 70
72
95%
7114
5 68
Externals f 78 tat eer
1957 A 0 7014 745 71
8
95
1957 A 0 7012 Sale 68
Ext1 sec is 1 78 26 ear
7
7012
85
96
1957 A 0 70
Esti see e Te 3d ger
16
7378 67
70
67% 93
Antwerp (Oily)
()YU 55
1958 J 0 9314 Sale 9212
9314 50 86
94
Argentine Govt Pub Wks68_1960 A 0 9714 Sale 96
37
98
92 100%
Argentine NaUon (Govt of)
9814 148 90 10112
dint fund Os of June 1925-1959.9 D 9718 Sale 9534
1959 A 0 9714 Sale 9512
Esti f 68 of Oct 1925
9778 243
924 100%
1957M S 98 Sale 9514
fink fund 65 series A
98 160
9214 101
External 68 melee B_Deu 1968.9
9778 Sale 9534
70
9012 10084
98
ExtlefOsotMay 1926 1960 M N 9712 Sale 9534
983
8 63 90% 100/4
External f 68 (State Ry)_1960 M
9758 Sale 96
90 100 4
98 147
1
Esti fle Sanitary Works
1901 F A 98 Sale 96
70 90 101
98
ICU 69 pub wks(May'27).1961 MN 9718 Sale 9818
56
98
90% 10014
Public Works ern 5428_1962 F A 91 Sale 8912
91
38 88
97
12
Argentine Treasury 51 £
1945 M
9211
8514 87 8512 Jan'30 -- 86
Australia 30-yr 5s-JulY 15 1955 J J 9314 Sale 9314
9414 79
90
97
=term!5e of 1927Sept 1957 M S 93
9414 57
88
9378 9314
Me
1(111 g 434e of 1928
62
1958 M N 8478 Sale 8312
85
8115 881,
4
Austrian (Govt) s f 7e
1943 D 10412 Sale 10234 10412 59 10014 105
Bavaria (Free State) 6426_1945 F A 92 Sale 91
31
92
90 9812
Belgium 25-yr est s f 735e g_1945 J D 115 Sale 115
11512 48 11212 11633
8e
SO-sr
1941 F A 11034 Sale 10934 1103
4 28 10512 11112
15
-year external 8348--.1199 4
10612 Sale 10534 10612 66 10218 107
External a Os
1013 Sale 10118 1013 139
9734 10112
4
4
External 38
-year s 1 78.-1955 D 110 Sale 110
11012 75 10634 11112
Stabilization loan is
1956 M N 10714 Sale 107
10734 119 10418 10712
Bergen (Norway) a t 8s _ _1945 M N 11034 III 111
1 109 11212
111
15
-year sinking fund 68
1949 A 0 100 101 100 Jan'30 --- 92% 10114
Berlin (Germany)s 834e-1950 A 0 9112 95 9212
9338 21
8712 99
External sink fund (is_ __ _1958 J D 86 Sale 8538
20 8013 92
87
8s__ _ _1945 A 0
Bogota (City) ext')at
9112 104
Bolivia (Republic of)esti 88.1947 M N 9
9 Bale 93
3 Ela
5
l
98114 41
52 2
0 87 104
9
5
J 7718 7978 7714
'external WO 75
1958
11
70
78
95
Externals f 78
1969 M S 75 Sale 75
48
77
6414 92
Bordeaux (City Of) 15-Yr 65-1934 M N 103 Sale 10214
9814 1031s
Brazil (17501)externa188_1941 J D 9712 Sale 97
11 2
1
15
,11
14
8518 109
External,16go of 1926 1957 A 0 7512 Sale 7414
203 65 9812
76
Ent 1 6428 of 1927
1957 A 0 7514 Sale 74
7534 103
70 98 8
5
18 (Central Railway) -.1952 J D 83 Sale 8318
86
53
74 102
gs(coffee scour) (flat)_1952 A 0 97 Sale 97
98
8
97 10758
Bremen (State of) extl 75
1935 M
27
97 10212
99 Sale 9812
99
Brisbane (City) e 1 58
1957 M 8 803 Sale 86
13 8414 9312
90
4
-linking fund gold 5s
1958 F A 8634 89
21
87
85
84 93
D 73
Budapest (City) esti sf 68 _1962 J
74
28
70 83
733 73
4
12
Buenos Aires(CRY)8%IL
1955 3
7 95 102%
9758 10012 963
98
4
1960 A 0 9812 Sale 95
exti a f (is ser 0-2
94 100
9812 12
1960 A 0 96 Sale 96
Extl f 6e ser C-3
17
96
9418 1004
Buenos Aires(Prev) exe 611-1961 M 8 85 Sale 84
8512 19
824 94
Bulgaria (Kingdom)if 75„..1987 J J 7712 82 7834
72
7712 14
90
9tabTill'n e 1 7345_Nov. 15'08 84
3 75 9714
8212 Sale 8212
Caldas Dept of(Colombia)7420146 J
24
8112 Sale 81
82
76 101
Canada (Dominion of) 511.--1931 A 0 10014 Sale 100
1003
8 14
984 10212
55
1052 M N 10334 Sale 103
1033
4 67
99/4 105
14
1936 F A 9838 Sale 9812
43-43
9912 34
9514 99%
1954.9 J 104 10412 103
Carlsbad (City) ii 80
10412 39
984 10712
Cauca Val (Dept) Colom 734,'53 A 0 85
8614 86 Dec'29 --__
76 102
Central Agee Bank (Germany)
Farm Loan 5 I 75 Sept 15 1950 M
12
93
9334 923
94
4
90 99
7912 90
Farm Loan s f 66.July 15 1960.9
7912 Sale 78
70 88 8
1
Farm Loan a 1 88.0ct 15 1960 A 0 7912 Sale 78%
79% 170
70
88
Farm Loan 6e ler A-Are 15'38 A 0 8678 Sale 8512
99
87
80
923
8
Chile (Republic
(O67
W-year external s f 719.-1942 M N 101 Sale 9938 101
96 103
9014 110 86
External sinking fund 68-1960 A 0 8934 Sale 8912
94
1961 F A 9038 Sale 8912
External e 1 68
9112 59
8814 9414
1961 J J 91 Sale 89
Hy ref ext1 f 6e
51
90
8818 94
1961 M
Extl sinking fund Oa
92
90 Sale 8934
54
8814 94
Exit sinking fund 6a
15
90
90 Sale 89
80
94
Chile Mtge Bk 634s June 30 1952 M
987 J
95
9412 Sale 9413
41
8312 993
4
4
97
9012 10073
f 6,48 of 1926-June 30 1961 J D 96 Sale 953
35
Gnar f 6a
Apr 30 1981A 0 8718 Sale 8634
88
25
823 94
4
5s_1951 J D 2314 25 2314 Dec'29
Chinese (Hukuang Ity)
22
4438
Christiania (Oslo) 30-yr s I 68 '64 M S 10158
0158 10158
5
981g 102
Cologne(City)Germany 61451950 51 S 91
91
8
93 9018
8778 975
8
Colombia (Republic)es
1961 .1 I 70 Sale 70
91
703
4 53 65
External,f 68 of 1928_
1961 A 0 6812 Sale 8812
82
91
7014 102
Colombia MIS Bank of 6345_1947 A 0 6514 873
7
54 8812
4
4 8712 673
'Sinking fund 78 of 1926
1946 M N 73 Sale 71
73
70
9
9314
Sinking fund 79 of 1927_1947 F A 71
7312
59 9514
5
7712 72
Copenhagen (City)55
1952.9 D 97 9712 9712
9714
98
24
91
46-yr g
1953 M N 8834 8912 89
84
91
891a 37
Cordoba (City) exti s 1 Ta
1957 F A 8112 Sale 7614
8112
7
7612 98
external s f 78 Nov 15 1937 M N 80
1
8712 9712
82
853 82
4
Cordoba(Pew)Argentina 781942
J 9412 9714 93
96
20 94 101
Costa Ries (Repub)exti 78_1951 M N 87 Sale 87
SI
96
8738 13
Cuba (Remit)) fa of 1904_1944
II 9934 101 101
1
973 10212
4
101
External As of 1914 ser A 1949 F A 101
973 103
4
10212 Nov'29
External loan 4134e see C 1949 F A 94
925 993
8
4
953 9312 Jan'30
4
Sinking fund 5349-Jan 151953.9
97 4 107
3
100 4 Sale 100 4 10114 15
3
1
Ctmdlnamarea (Dept) Columbia_
gist •I OM
1959 M N 6614 Sale 65
6612 34
65
8914
Czechoslovakia(Rep of)8e 1951 A 0 109% Sale 1093
4 11012
5 10618 111
mu=fund Els ser B
1952 A 0 10912 Sale 10914 10912 11 10612 111
On the basis of $5 to the £ sterling. o Bales for cash.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Jan. 10.
1,
Price
Zt Friday,
.-.3... Jan. 10.
Week's
Range or
Last Sale.
4_,
g -2,
eq.1
Bid
Ask Low
High No•
Danish Cone Muddy 85 A__1948 F A 11034 111 11034 111
2
1946 F A 10812 Sale 10812 109
Serge 13 e 1 8a
36
Denmark 20
-year ext16a
1942 J J 10414 Sale 10418 10454 56
4
Kati g 5%s
76
101
1955 F A 1003 Sale 100
Katie 4%a
9112 43
Apr. 15 1962 A 0 9118 Sale 9012
Deutsche Bk Am part elf 68.1932 M 5 9812 Sale 9712
9812 11
Dominican Rep Cuat Ad 5345'42 M El 9514 Sale 9514
98
29
2
9612
97 9434
1940 A 0 96
let tier 5328 of 1926
2d series sink fund 540 1940 A 0 95 Sale 95
6
96
Dresden (City) external 75-1945 M N 96
97 97
97
19
Dutch East Invitee ext1193-1947 l J 102 Sale 10138 10212 42
1962 M 8 102 10212 10112 102
16
40-year externales
30
-year external 5145
1963 M 8 10214 Sale 10214
10214
1
30
-year external 5%8
1953 MN 10214 Sale 10214 10234
2
1948 J .1 10518 Sale 10314 106
El Salvador (Repub) 8s
19
7878 79 Dec'29 ---Eetorda (Rev of) 78
1967.9 J 74
Finland (Republic) exti 68_1945 M S 9212 Sale 9178
9212 24
9914 20
External sink fund 7s
1950 M 8 9712 Sale 9712
External e 1 635e
1956 M 5 93 Sale 9214
9334 22
1958 F A 85 86 8418
En,sink fund 54411
86
15
Finnish Mun Loan 6528 A1954 A 0 9334 95 9312
933
4
3
9412 93 Jan'30 -,-External 8349 series B_1954 A 0 94
French Republic ext 7)48_1941 J D 11814 Sale 118
11914 344
4
External 79 of 1924
1949 J D 11278 Sale 11212 1133 313
10718 530
2erman Republic ext'l 75_1949 A 0 107 Sale 106
1964 M N 97 Sale 94
97
6
3ras (Municipality) at
at Brit & Irel(UK of) 5425_1937 F A 10338 Sale 10212 10338 45
__ 10112 DeS29 --,
F A
Registered
___- 8434
4
02% fuud loan fop 1960 __1990 M N 4813 - - 83
83
4
9612 Dec'29 --,
clI% War Loan E opt 1929_1947 J D c9738
4 104
29
3,
-eater Prague (City) 740_1952 M N 104 Sale 1021
28
99
Ireek Government a fee° 78_1964 MN 99 Sale 9814
823
4 58
1968 F A 8212 Sale 8112
Sinking fund sec Cl
9712 11
1962 A 0 9714 9712 9714
laiti (Republic) 8 f 6s
94
1946 A 0 9334 Sale 93
18
lamburg (State) 68
2
102
leldelberg (Germany)ext 7428 50 J .1 100 102 102
11
92
4
lungarlan Munie Loan 7348 1945.9 J 911 Sale 91
8858 12
External s f 7s_....Sept 1 1946 J J 8812 Sale 8638
9212 10
lungarian Land MInfit 734e'61 MN 9212 Sale 92
4
9114
1981 MN 9012 9213 9114
8 f 7343 eer B
a 101
7
lungary(Kingd ol)8 t 7%8_1949 F A 100 101 lOO7
9714 20
rush Free State ext.% et 5e-1960 M N 9714 9712 9614
9614 254
taly (Kingdom of) ext'l 75_1951 J D 9614 Bale 953,
4
95
933
4
taltan Cred Consortium 7ii A1937 al El 9408 96
9234 14
1947 M 8 9318 9412 9234
Esti see e 1 7a err B
9312 61
Milan Public Utility eat 78_1952 1 I 93 Sale 9212
9512 115
apanese Govt £1050 95-1931 J J 9518 Sale 947
240
104
1954 F A 104 Sale 102
30
-years f 6348
ugoslavla (State M tg Ban11 n..y
) 8„1960
)
7812 32
1957 A 0 78 Sale 7734
Secured erg 7s
96
98 96
5
F A 95
7m
Ailleig (Germany) a f 78_1947 j D 93
9
5 9312
9312
1
'owe, Austria
75
1027
8
-year 6a-1934 M N 1027 Sale 102
'Jona(City of) 18
IIlamella (City of) 15-yr 68_1934 MN
10278 Sale 10212 10278 26
19
66
Iedellin (Colombia) 6423-1954 J 0 6512 Sale 8512
10 Dec'29 ---lexlean freest Asetng 4%8.1043 ----------lexico(US)ext155 of 1899 f'46 CI J -------- 4934 Jan'28
17
19
1945 ___ 15
17
5
Assenting 55 of 1899
1012 1212 1518 Dec'29 --,
Assenting 64 large
1134 Sale 113
4
12
Ls
Assenting 4501 1904
1212
3
&meeting 48 of 1910 large-- ---- 1212 Sale 12
1212 44
Aceenting 48 of 1910 small___ ____ 1212 Sale 1112
4
193
4
3
Trees 6e of gasmen%(large)'33.9 J 191 Sale 1914
Small_ 20 Sale 19
12
20
0 88 Sale 8712
88 205
fin (City. Italy) esti 6341 '62 1lines Geraea(3M03) Bra/111956 M 8 7012 Sale 70
7314 24
Kati .1 6345
72 70
1959 M S 70
13
73
Ext see 634o series A
9913 983
4
9934 19
fontevideo (City of) 78-1952 1 I) 99
1959 M N 90
4
9214 91
9214
Esti s f Os ser A
2
Fetheriande 88 Wag pr(ces)_ _1972 M S 10512 ____ 10518 10518
50
90
Few So Wales (State) eat 581957 F A 89 Sale 88
28
90
Apr 1958 A 0 8814 Sale 8814
External a f 58
torway 20
-year exti 68-.1943 F A 10312 Sale 10218 10312 15
1944 F A 10312 Sale 10278 10312 55
20
-year external 65
104
1952 A 0 10413 Sale 102
68
30
-year external 68
1965.9 D 10118 Sale 10034 10118 40
40
-years f 542s
7778 99
Externals f 58_ _Mar 15 1963 M S 9714 Sale 9718
9414
95% 77
95
Municipal Bank exti a f 58_1987 J D 94
1952 F A --------84
8412
6
ruremberg (City) exti Ile
10234 41
elo (City) 30
-year e I tie_ _1955 PA N 102 Sale 102
Jan'30 ---1946 F A 99 100 101
Sinking fund 534e
10
8
Imams(Rep) sail
1953 J D 101 1013 0018 101
12
91
Ext1 a f 5a ser A-May15 1963 M N 9012 9178 90
514e_7
76
7214 7112
ernambuco(State of) ext 712 '4755 S 72
943
4 25
1950 M 9 9418 Sale 93
eru (Rep of) exti 7s
7258 55
8
Nat Loan extl 8f 6s 1st sec _IWO J D 925 Sale 70
69
72
Nat Loan extl e f 6e 26 sec _1981 A 0 72 Sale 6912
77 2 34
oland (Rep of) gold 68_1940 A 0 77 Sale 75
84
90
Stabilization loan a 1 75....1947 A 0 83 Sale 8114
9512 67
Fall sink fund g 86
1950.9 J 95 Sale 9434
95 92
95
4
orto Alegre (City of) 8e
1961 .1 D 93
8812 8412
85
12
Extl guar sink 16 730_ _196f J J 83
10814 26
ueensland (State) eat'a I Te 1941 A 0 10818 Sale 108
5
-year external 66
1947 F A 10414 Sale 1031z 10414 13
9412 26
lo Grande do Sul exti e 188_1946 A 0 94 Sale 9212
8714 60
Extl 8 1 68
1968 J D 6712 Sale 6512
39
78
1966 M N 7712 Sale 74
En's 1 75 of 1928
75
1967.9 D 7712 Sale 75
Bail e f 78 munie loan
5
lo de Janelro 25-yr e f8e
9512 50
1946 A 0 95 Sale 9314
1953 F A 7312 Sale 7214
7358 91
EMI a I 034e
8914 211
ow (City) eat' 6428
1952 A 0 8812 Sale 8812
105
otterdam (City) esti 68_1964 ra N 10312 105 105
6
11)53.9 J 8058 85 8058
82
uebrueeken (City) 68
9
9812 23
10 Paulo(City)e f 8e__Mar 1952 M N 9712 Sale 95
1957 MN 741 Sale 71
11
75
Eat' a f 6%8 of 1927
in Paulo(Mate)exti a 1 88_1936 J J 101 Sale 99
101
85
1950.9 J 93 Sale 913,
94
80
External seo a 1 88
8112 49
External 51 7. Water Vn_1956 M 9 8012 8312 7934
1968.9 J 66 Sale 65
6712 67
Esti s f 6e 2 int rote
8912 10
mita Fe (Pro, Ayg Rep) 7e 1942 M 5 8912 Sale 87
19453 0 93 Sale 93
17
94
Lxon State MIS Inst 7s
3
90
Deo 1946 J D --------8812
Ettege}ge
4
in.. Dept Of(France)exti 75'42 J J 1073 Sale 10712 108
43
11
88
4
i.rbs. Croats & Slovenes 8.'82 M N 873 Sale 87
1962 M N 77 Sale 7534
129
77
Elitism 7e set B
1968.9 D 72 Sale 71
733
4 32
1891a (Fro, of) ext 7e
73
27
'Wan Landownere keen 68_1947 F A 72 Sale 72
1936 M N 10212 Sale 10118 10212 60
tenons (City of) exti 6s
872 18
8712 86
1946 F A 86
Yea (Prov) exti 7a_.
1939.9 0--------10134__ -.
reden 20
-year 68
1944 1,4 N
, al,10438 Dec'29 33
10614
External loan 534/1
.1 10818 Sale 10818 1083, 55
vies Confed'n 20-yr if 85- 1940
ritzerland Govt eat 5345-1948 A 0 10414 Sale 10312 10414 31
7534 75
7618
4
duo City Be loan of 1912-_1952 M S 75
8
9078 118
Exti e f 630 811111'
1961 A 0 903 Sale 89
70
dims(Dept of) exti 7s
7078
1947 M N ____ 71
6
9312
nndhjem (City) let 5)48_ _1957 MN 9334 948 9312
1
1945 D ____ 9312 97 Dec'29 ____
PDer Austria (Proy) n
86
3
15
External 31634e --June-- 1957 D 8114 85 85
'WAY (Republic) eat' 8e_1946 F A 10612 Sale 108
10614 28
External e f 0.
9614 116
196055 N 96h Sale 94
metlan Pro,Mtif Bank 78_1052 A 0 90 Sale 88
90
6
enna (City of) eat' ii f 6a_.1952 M N 8214 Sale 8214
84
28
arsaw (City) external 76-1958 F A 76 Sale 73
76
28
977 188
ikoharea (City) exti 65...1961 J D 972 Sale 96
Range
for Year
1929.
Low
High
10718 III
10712 110%
101% 1047s
981 10212
4
85% 92
96 10214
9114 9912
8814 9812
67 973
4
8912 101523
101111 1044
101 104
10014 103%
100 10312
102 111
6912 8652
8478 9732
924 101
89 9915
8212 92
9914
88
88
9814
10918 119
10612 1134
102 108
9278 10210
10114 10458
10112 10112
4793 8778
4
c9534 100
10214 107
12
99
91
753 87 4
4
3
9812 101
88 9814
9814 10414
8414 100
73 94
8514 9814
88
947
4
96 102
95 98
9152 97%
963
9ms 0 4
8912 9512
883 9514
4
90 98
98% 103
693 go,
4
95 1004
9218 1013
4
9814 103
9812 103
65 892
4
10
25
_
_ _
15 31
1518 34
10
22%
10
234
10
224
16
FM
103 355
4
4
80 91%
70 95
12
8714
65
8914 1033
2
8914 97
0214 108
37 95
8712 943
100 105
100 10313
100 1037
5
9812 1010
4
9134 97%
884 35
80
9012
973 103
8
9414 102
9818 10212
8812 9414
70 95
8912 103
68
9014
67 9014
72 8312
70 883
4
81
99
8913 10614
83 102 e
3
105% 113
100 1043,
MI,
924
65
92
69 9914
70 93
89 10612
67
12 95 4
1
81
913
4
1008$ 10514
9112
79
9312 115
6711 9814
90 108
86 107
11
80 102
643 9314
4
89 98
87 100he
83
95
02
1021s 1081
98
75
7012 89
65 80
68
8472
977 102
8
8218 94
10114 10414
10034 1054
10712 111
100 10514
7212 7 /
84
8318 9012
71
92
9008 9614
897 9812
2
80 893
4
99 1094
91% 100
86 94
8012 964
67 8514
891 964
4
New York Bond Record—Continual—Page 2
BONDS
X. Y. STOCK EXCHANGE
Week Ended Jan. 10.
t
c
.„
Prier
Friday,
Jan. 10.
IVeek's
Range or
Last Sale,
-3 •
Range
for Year
1929.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Jan. 10.
00
265
Price
Friday,
Jan. 10.
Week's
Range or
Last Sale.
•
171
'4453
Bid
Ask Low
High No. tow
High
Bid
Ask Lerc
Moe No
Railroad
Ch M A StP gen g 449A_MaY 1989 J 1 86 Sale 8512
8712 20
Ala Gt Sou let oons A 60----10.43 J
9918 10312
un
_ 10018 Nov'29
Registered
Q I -------- 80
Oct'29 -19433
let eons 14 ser B
9212 "9- - 9112 Nov'29
93
94
3
Geia
4
7414
73
leer B _ __ _May 1986 1 J
7414
9611
All) & BUBQ let guar 350_1946 A 0 83%
81
4
85
85
Gen 4342 serfee C_May 1989 .1 J
9518
9512i 9
6
12
9514
Alleg A Wein let g gu 42___ _1998 A 0 85
843 Dee'29
4
813 9210
8
100 May'28
Registered
Aileg Val gen guar g
1942 M
4
9212
9014 95
9212
93
_
Oen 4 He series E _ -- _ MSS 19893 J 9414 - 96
26
94
96
Ann Arbor lit 111 41____Inl7 1995 Q J 7614 -77
79
78
4
76
71
Deb 444 (June '25 coup on)
.1926 I D
817 Feb'28
8
Itch Top & S Fe—Gen g is.1995 A 0 04 Sale 9314
95
53
90
94
Chic Milw St P & Pao 58. _ _ _1975 F A 927 Sale 927s
8
464
94
A 0
Registered92
91
85
01
10
ChicRegad ir gen g 3ms._ 1000 A O 77,8 Sale 7212
Con vNstaw l
A i
318
_
73 4 311
,
.1ais 1_2987 rvi N
Adjustment gold £t._July 1991 Nov 88
90
843 93
8
6
8812
91
77 Dec'29
Stamped
July 1995 M N 90138 Sale 905s
3
8
83 8 92
92
5
75
Q F -------- 75
11,3541stered
MN 8514 9312 863 Dec'29
4
4
801 883
4
RegisteredRegisteredM N 89
1987
General 42
9114 9114
913
2 20
Cony gold Pa of 1902
19563 D 8812
90
87
85
Q F
84 Apr'29
8714
Cony 4.3 of 1905
1955
91
2
85
8812
88
88
Stpd 4s non-p Fed in tax '87 M N 93
90 Dec'29
COu,g4olesueof1910..196OJ D 8814 894 83 4 Dec'29
8153 90
,
Gen 414e stpd Fed inc tax..11887 M N 10012 --- 101
Jan'30
Cony deb 4343
1948
D 128 4 Sale 128
,
12912 101 10312 165
8
GenegasatredFed Inc tax_ _1987 M N 1077 gale 10714
R b i tepd
3
1077g
Rocky Mtn Div let 4s
1965 I 1
5
8312 92
92
9012
9012
MN
101
Apr'29
Trans-Con Short L lit 4i_1958 J J -9114
9112
6
9114
85se 93
-_
M N
11
Sinking fund deb Si
8
101
1933 10 N 1.oiT8 2_ - 1005
Cal-Aria let & ref 434e A_1962 M
991, Sale 9814 9914 27 93 100
98
Oct'29
All Knoxv & Nor let g 5e_ 1946 J D 10214 Sale 10214
1 101 10314
e10-yeat tered
ioiTs gil- 10118 10114 33
10214
RegiB secured g 7e
Atl & Cheri AL let &tie A.._I944 I J 94
4
92 s 9818
,
95
95
15ty ear er
1.8- ref g sured g 8 tis_ _ _1930 61 B 10812 Sale 1073
4
1938 1 S
10858 21
et 30
-year 5e aeries B
1944 J
99 104
6
101 Sale 101
104
2
May 2037 J D 106 Sale 106
106
Atlantic City lot cons de_ _ _1951 J I 84 8 00
8712
3
84
,
87
87
4
let & ref 4 tie
,
96
68
May 2037 1 D 953 Sale 95 4
Atl Coast Line lat cone 43July'52 M
9318 12
8614 95
93 Sale 93
1949 81 N 100 Sale 100
Cony 431s series A
1001s 1021
Registered _
M S
9014 9014
9014 June'29
100 Dec'29
Subs rcts part paid_
General unified 434.
1964 J D 98 904 97 4
9912 ChiellIecPRallway gen 4a 1983 1 J 8918 Sale 8812
93
1,
9812 28
8914 65
NegisterAd
L & N coil gold la_ _ __Oot 1952 MN 91 4 93 8 913
84
,
931s
,
9318 25
I J
82
4
Oct'29
Atl & Day 1st g le
19481 J 50
75
56
65 Dec'29
60
96
160
3
4
1934 A 0 903 Sale 95 8
Refunding gold 48
2,14s
19481 J
53
8712
9
55
5312 56
55
A 0 ___- _ _ _ _ 9418 Dec'29
Registered
Atl & Ya(1 let guar Le
1949 A 0 821s 89 4 8412
84
78
8412 15
,
9414 230
Secured 4 tie series A
1952 M S 9312 Sale 9312
Austin & N W let gu g 53
1941 J .3 99
9514 10314
0812 Nov'29
89
8814 Jan'30
ld
tL& N 0 Mem Div 4e_1951 J 11 88
10358 10
Si
June 15 1951 J D 1031s 105 10312
Bait & Ohio lit g 441_--July 1948 A 0 9318 Sale 9214
8812 9314
935
8 67
107 Apr'28
J D
Regletered
P.egistered
July 1948 (I
92
87
1
9312 Sale 9312
9312
Gold 3 tie
81 July'29
June 15 1951 J D 77
20
-year cony 434e
1933 M S 991s Sale 987
9412 9912
8
Apr'29
78
9914 10
1 D
Registered
Registered
11
_ 9818
5
9818
Ch St L & P ist conga 5s____
-_-_-_-_ 100 Dec'29
A 0 ioT41932
Refund & gen 54 aortae 6_1995 J D 1E22 Sale- 16112 10212 75
99 10312
8
-_ 1015 June'28
Registered
Registered
J D
9914 9914 Chic St P M & 0cons 62_ _ _1930 1 D 1410i4 g.;1e 10018
_
9914 June'29
1003
4 11
let gold 5a
July 1948 A 0 104 Sale 1033
28 10012 105
4 104
Delle6tur 51 to 3H_e __1930 J D 9814
CO be n e re uced
9914 Dec'29
Ref & gen (Se series C
1995J D 10912 Sale 10812 10912 47 10512 110
8
997 Dec'29
1930M 8 100
PLEA W Vs Sys ref 4e-1941 M N 94 g Sale 91
8512 94
9438 61
,
M 8 997 _-_- 10018 Dec'29
Stamped
8
Mouthy Div let 54
1950
.5 1023 Sale 10214
99 10414 ChieTli tSo East 1st 5a__ _1960 J D 9612 Sale 9614
10278 91
4
.
g A
9712 15
Tol& Cm Div let ref Li A.1959 J J 8512 87
7812 87
10
87
85
2
Inc
9814
Dec 1 1960 M S 89
8912 9814
Ref & gen Si aerie@ D__2000 PA El 101 4 Sale 10112 10212 82
99 103
,
10
991g
Chic Un lita'n let gu 4140 6_1963 1 J 9812 10014 99
Bangor & Aroostook lit 84_1943 J
98 105
4
102
4
10212 105 1013
9
let Se series B
19833 1 105 106 10412 105
Con ref Le.. 19513
86,4
44
78
86
84
851s 87
47
104
1944 J D 10212 104 10218
Guaranteed g 55
Battle Crk & St= let gu 33..1989
D
_
6812 Feb'28
7
let guar 6 tie Berie4)C
115
1E163 .- J 115 Sale 115
Beech Creek 1st gu g ls___ _1936
-55- ---- Chic & Writ rod gen 68 Dee 1932 0 M 101
9
6
9414 Dec'29
97
95
10012 Oct'29
Regietered
95 Aug'28 7
Consol 644-year 48
875s
1952 J 1 8712 - 8
83 875
2d guar g 5a
19361
1
100
100 101 100
22
let ref 534. eerie() A
1962 M S 1043 Sale 1043
8
2 1043
Beech Crk Est let g 834e- _ _ _1951 A 0 7314 ____ 80 Mar'29
80
80
Choc Okla & Gulf cone 58_ _ _1952 M N 99,2 ---- 997
6
8
997
8
Belvidere Del cone gu 330..1943 J .1 8212 ____
Cln H & D 21 gold 4 He
951
1937 1 J 9512
9512
Big Sandy let Ls guar
1944 .1 D 8612 ____ -59; Dec 55
.
131 9314 C eSg L AC let g 4e_ Aug 2 1936 Q F 9514
;
2
h ti,terei
9514
9514
Bolivia RY let 51
1927 .1
_
Aug 2 1936 Q F
9258 Sept'29
Boston & Maine let 5(4A C _1987 MS 985 Sale 9814
91'x 991. Cth Lob & Nor let con gu 45 1942 M N 8812 93
8
98 4 120
,
8712 Nov'29
Be$ton&NyAlrLln5li4L3 1955 F A 81
82
76
8112 Dec'29
82
Bruns Pc West let au g 63_1938 J J 9212 ____ 9012 Oct'29
9012 10012 Clearfield M Mali lit gu 5.._ 19431 J 9218
100 July'28
Buff Rods & Pitts gen a 511_1937 M S 9212 Sale 913 Dec'29
99 102
4
Cleve Cin Ch & St L gen 4e_ _199"
8858 -- 1- 8812 Dec'29
9 2
0
Congo!434e
1957 M N 92 8 9212 9212
13
9314
35
934
,
20
-year deb 4 tie
193. J J 9912 997 9914
8
993
4 31
Burl C R& Nor lat &430115a 1934 A 0 10012 10212 100 Dec'29
pg12 102
,
1993 1 D 107 8
_ 1047 Nov'29
General 54; series B
8
Ref & inapt 68 ser C
1035
8_
10312 Dec'29
Canada Sou eons gu 544A._ _ _1962 A 0 1023 105 10212 103
7 100 10634
4
Ref & Imp% 53 ger I)
10158gale
gt 1
10212 10418 38
i
Canadian Nat 434a_Sept 15 1954 M S 933 Sale 9312
90
9378 24
963
4
4
94 8 93 Dec'29
,
Cairo Div let gold 413 - — 1939
92
5
-Year gold .1 tis_ _Feb 15 1931 F A 997 100
973 100
4
993
4 13
993
4
8
Chi WA M Div Ist g 48..199l J J 85
8714 8412 Dec'29
59-year gold 4 94e
1957 .1
90
941
943
8 79
94 Sale 94
861s 83 Nov'29
St L Div let coil Ira g 42-1990 M N 84
Gold 4.04
1968 .1 D 943 Sale 94
883 9518
4
4
941
4 53
Spr & Col Div let g 443._ 1941) M
9218 Mar'29
9118 94
Guaranteed gold 56
196 J J 10014 Sale 100
9914 101
10014 201
Jan'30
93
90
90
19403
W W Val Dtv 1st g 4e
Canadian North deo s I 78_1940 J D 1113 Sale 110
4
111 4 40 108 113
,
98 4 9714
,
Ref & IMPt 4 tis ger E __ _1977 .1 1 97
9712
25-year if dab 634i
19483 .1 11412 Sale 11312 11412 11 112 11612 CCC&Igenconsgge
1934
0
100
2
J ,38 10412 10218 Dec'29
Registered
_ 112 113
112 Apr'29
Clay LorA W con ist g 541_1933 A 0
99 23
,
10
997g
10-yr gold 6
-- _Feb 151935 FA 985 Sale 9858
9914 Cleve & Mahon Val g
2
95
8
98 4
,
Oct'28
_ _ _1933 3J 9614
- 100
Canadian Pao Ry 4% deb stock. 31 85 Sale 8418
853
8 94
8018 86
CIA Mar 1st au e 4148 1935 MN 9512
_ 96 Dec'29
Col tr Cis
1940 MS 985s 9912 9712
16
95
99
991e
_ 100 4 Mar'28
Cleve & P gen g u 4He ear B.1942 A 0 961$
,
Si equip tr temp ctts
1944 .1 .1 1017 Sale 1003
983 103
4
4
8
1017
8 23
97 Mar'29
1942 A 0 8612
Sertes B 394.
Calbondale & Shaw let g 48_1932 MS
9818 Mar'28 1.
9512 Nov'29
1942 J
Series A 4 tie
Caro Cent let eons g le
1949'.8 73
70 - 8
1
74
14:1174
74
851s May'29
4
1948 91 N 843
Series C 3tie_ __
Caro Clinch &0 let 30-yr Po_ 1938 ID 1004 1003 10012 100544
98 102
6
4
Series D
1950 F A 843
4
-- 8984 Jan'29
let & con g 68 rer A.Dec 15'52 ID 1073 Sale 10712
106 10912 Cleve Shot 33.45 let gu 4146_1981 A 0 973 V812 9714 Jan'30
1073
4
4
8
Line
Cart & Ad lit gu g 4a
1981 ID
80
873 Cleve Union Term let 5 tis_1972 A 0 10714 1073 1064 10714
__ 3712 Nov'29
4
/
1
4
Cent Branch U P let g 48_1948 J D 80-81 Dec'29
7612 85
84
81
Oct'28
107
A 0
Registered
7
8
105
1973 A 0 105 Sale 1035
lat f be eer B
Central of Cla let ga-Nov 1945 P A 102 Sale 102
8 101 10314
1023
4
1977 A 0 96
Wolf guar 4tieserC
0812 97 Nov'29
Coneol gold 5e
1945 MN 102 110 101
925s 10314
11
1017
8
Registered
MN
97 100
97 Sept'29
Coal River Ity let gu 44
1946 J D 83
89
87 Oct'29
Ref & gen 6 He aeries B___1951) AO 155,18 Sale 1053
1053
4 10
8
993 10511 Colo & South ref & eat 4143_1035 M N 97 4 Sale 9714
4
973
4 38
,
Ref & gen 58 series C
1959 AO 10014 Sale 100
9454 10112 Col & H V ist ext g 4s
100s 24
8
1948 A 0 877 01
84 Aug'29
Chatt Di, pur money g 441_1951 ID 8412_ _ 84
Oct'29
837 87
s
8
Col & Tol lstext4s
8418 Dec'29
1966 F A 847, 89
Mao & Nor Div lat g 5s_ _ _ 1946 II 9718 101 101 June'29
161 101
88
Apr'29
Conn & Passum Rio let 44_1943 A 0
Mid Oa & All di, put m 5e 1947 • 1 971s 100
g
987 Aug'29
95
997s Coneol fly deb 48
9412 June'29
1930 F P, 9918
Mobile Div let g be
1948 .8.8 971s 10112 100 Sept'29
995s 101
Non-cony 4e
70
70
1954 J J 6712
1
Cent New Rag hit gu 4e___ _1941 II 84
2
,
853
8512 85 8
8
76
853
8
Non-cony deb 4s____J&J 1955
70
J
70
2
Central Ohio reorg lst 6tia....1930 M
__ 98 Dec'29
97 100
Non-conv deb 4s____A&O 1955 A o
69 Dec'29
Cent RIt & Bkg of Oa coil 581937 MN 98-9512
97
97
9812
2
95
9914
Jan'30 _ _
Non-oonv debenture 4e. —1958 J
70
6712 __
Central of NJ gen gold 544_1987 J J 1083 Sale 107 4
, 1083
4
4 12 105 11118 Cuba Nor Fly let 5345
1942 1 D 6012 Sale 6012
647
8 60
Registered
1987 @ J 108 112 1077
8
108
6 10358 10958 Cuba RR let 50-year 58 g_ _ _1952 .1 J
76
77
78
8112 13
General le
1987 11 901s
901 Dec'29
8
89
903
8
10363 D 9914 Sale 987
let ref 734s aortae A
8
8
9914
Cent Pao let ref gu g 4.41
1949 P A 9312 Sale 92
9312 38
8712 93
ist lien & ref 814 ger B _._l936J D 89 Sale 89
4
907
8
Registered
FA
89 Nov'29
8714 89
Through Short L 1,t
Aol 93 Sale 02 Dec'29
4a_1954
87
9212 Day & Mich let cone 4 Ws_ _1931 1 J
9914 99 4 9918 Dec'29
,
Guaranteed g 51
• A 102 103 101 2 1023 136
1960
,
4
99 103
Del & Hudson 1st & ref 4a-1943 M N 02 4 9314 9114
,
9318 18
1935 A 0 100 107 107
30
-year cony 54
Jan'30
Charleston & Elayn'h let Te_ _1936 11 10818 _
103 Dec'29
108 1131).
1937 M N 10414 Sale 10414
15
2
-year 534,
1041
Ches A 0110 let con a Ea_
1939 MN 103 164 10318
10318
5 10114 104 2
1930 1 o 1007 1011 1007
,
10-year secured 7e
8
8
8
101
Registered__ .......1939 MN
15
102
102
9718 9718 D RR & Bidge let gu g 4a__ _1938 F A
0614 Aug'2
9114
General gold 434e
1992 MS 983 Sale 973
983
4 79
4
4
93 1004 Den & R G let cone g 4a
931
1936 J
38
93 Sale 93
Registered
M
2
913 98
4
1936.8 J 96 4 Sale 957
Canso'gold 4 tia
,
8
963
4 13
20
-year cony 4 tis
1930 FA 597s Sale 997
19618 40
00
96 8
9814 10012 Den & RU Weet gen 5a_ Aug 1955 MN 9312 Sale 9312
116
94
Ref & Impt 434e
1993 AO 9419 Sale 94
95
157
904 963
4
Ref & Rapt 5e sir B Apr 1978 M N 8914 Sale 89
89 4 91
,
Registered
FA
90 4 Sept'29
,
90 4 9218 Dee M & Ft D let gu 48
,
19361 35
25 Dec'29
1 25
Craig Valley let 5e.._May 1 '40
.▪ 1 98 10012 100
go% 1034
Jan'30
Temporary etre or depoalt
6
25
25 Sale 25
Potte Creek Branch let 444_1946 1.8 87
2
88
8612
8812 8812 Dee Plaines Val 1st gen 4348_1947 .
8612
41
8
91 4
,
_ 925 Feb'29
R & A Div let con g 40___1989 J
8112 8812 Dot & Mae let lien g 4.
2
87
____ 865
8
865s
1995 J D
Oct'29
60
_
2d consolgold (la
1989 ii 8312 Sale 8312
2
81
8312
86
Gold 4.44
19851 D 63-65
58 Dec'29
60
Warns Springs V lit g 5e 1941 M
9614 ____ 99 Dec'29
99 100
Detroit River Tunnel 4 tie_ _1901 M N 97
3
97
97
98
Chesap Corp con• Si May 15 1947 MN 987 Sale 98
8
03 10012 Dul Missabe & Nor gen 5s_1941 1
987 190
s
1013 --- 10112 Dec'29
4
AO 64
Chic A Alton RR ref g
65
66 Dec'29
6314 707 Dul & Iron Range let St.. _1937 A 0 1005
e
2 ---- 10012 Dec'29
elf dap nod Oct 1929 int
69 Dec'29
64
70
Registered
A 0 ____
Oct'29
97
Railway first lien 34e____1950 II 59
62
3
59
59
587 71
8
Dui Sou Shore & Atl g fa _ _ _ _1937 J
75
1
75
70
79
Certificates of deposit
59
63
59 Dec'29
09
71
East Ry Minn Nor My let 444'48 A 0 83
93
87 Aug'29
Q-'--Ill Div3341_1949 II 8514 Sale 8518
Chic Bun &
5
87
81
87
EaatTVa&QaDlvg58.,..1930J I 993 10012 993
8
99 4
,
4
8
II
Registered
84 Apr'29
84
84
Cone let gold 5e
1956 M N 10412 105 100
9
100
1949 II
Illinois Division 45
884 94
9414 52
93 sale 9214
Elgin Joliet & East let a 544_1941 MN 100 10514 10012 Dec'29
1958 M
General as
925 Sale 913
8
4
93
38
88
9312 El Paso & W 1st 5.2
1965 A 0 10218 ---- 10014 Dec'29
M
Registered
Sept'28
913
4
1977 FA 99 Sale 9834
lot Are!4 tie ser B
9 -933s 991 Erie let coneol gold 7e ext_1930 M S
99
14
10112 Sale 10112 1015s
1971 FA 10512 Sale 105
let A ref Si aeries A
11 lolls 10612
106
let eons g 48 prior
19961
8
87 Sale 87
87
Chicago & Essat Ill let 61_ __ _1934 AO 10158 ____ 10112 Dec'29
98 106
Registered
1996 J
_
8212 Dec'29
C & E III Ry (sea co) con 52_1951 MN 743 Sale 723
4
4
75
61
72
3842
let consol gen lien g 4s.. _..,.1994l J
815s Sale 8118
317
82
1982 MN 103 109 1023 Dec'29
Chic & Erie let gold 51
4
993 106
8
Registered
1906 J J
81 Dec'29
Chicago Great West let 4.....1969 Ai 5 6558 663 6512
5914 692
4
8
661s 63
Penn call trust gold 444._ _1051 F A 101 161-12 101
Dec'29
Chic Ind & Loully—Ref Os_ _1947 J
11212 11512 1103 Dec'29
4
10018 11314
50
-year cony Use:lee A_..1953 A 0 85 Sale 83
60
85
1947 J J 102 10412 102 Dec'29
Refunding gold As
99% 108
Serie' B
1953 A 0 847 Sale 83
8
847
8 43
Refunding Le Series C.._ _A947 J J 81) _
89 Dec'29
8238 52
Gen cony 44 series D
1953 A 0 835
8
835 Jan'30
8
1966 MN 100 1011 101
lert & gen 51 ser A
14
10112 22
947 10314
8
Ref &'mut 6s
1967 M N 9612 Sale 9612
98
681
41t & gen Beier 11___May 1966 1.8 106_ 1063
8' 1063
8
1 103 112
Erie & Jersey let 463_
1951 J
11034 115 111
111
3
1956 .1
-year 6s
Chic Ind & Sou 50
IT1
87 - .14 89 Dec'29
80
9418
Grathesee River let If 5e_ _1957 I J 110 4 112 1103
,
4
11112
2
Chic L S & East let 4 Ha___ _11169 3D 937
0312 Oct'29
8
914 94
Erie & Pine gu g 334e ser 5.19403 J 8618
857s Nov'29
8erles C 3 tis
19403 J 8618
_ 857 Oct'29
s
ItAt 11.R ext1 41 1 74.
1954MN 105 Sale 1047
8
105343 138
Chcro
Range
for Year
1929,
Late
80
761e
70
895
8
High
87
80
75
4
973
04 ---9
6
86 - 3644
604 80 4
,
72
8012
-83 -- 9
i84
84
835s 9014
9712 104521
1014 109
101 101
954 10212
98 1003
4
100 103
1053 11114
4
10018 107
904 97 4
3
100 10118
100 10014
813 91
4
3114 86
9112 957
s
93 4 9418
3
354 9534
88
83
101 101
81
8158
78
80
9912 101
97 1619914
96 101
974 10018
894 10012
7811 95
904 1034
1004 105
100 104
1117 1163,
a
994 10114
334 89'4
Nis 105
9711 10112
97
92
9612
93
925 924
8
81
954
904
8410 91
97 10012
1003 112
.
,
1004 1053
4
98 1033
90
9312
92
80
8812
80
9218 921s
-- 2
0
9i- 10 -11005s lo418
97 10112
94-
- 4
9W1-
97 -9
i
9512 984
3518 854
89 4 893
3
4
92
993
4
105 109
loo" 10i634
957a 101
841s 905s
831e 9914
837s 01
844 92
88
90
941 9412
65
75
72
67
681 69
,
8713 75
65
93 4
,
96
80
98 106
98
90
97
834
967
8
100
1001e
87 4
1
8812
82
81
23
25
925
8
60
18
93
10014
974
97
70
87
90
10)
woe
957e
9912
9412
10412
10512
10314
_
9414
96
98
93 4
3
40
36
9258
7614
75
100 8
,
10314
101 8
,
97
8112
94
101
1053
4
105
10514
100 104
8014 88
777 8212
s
74
823
4
7112 81
1005 102
8
7814 8612
787 853
s
4
794‘ 83
91
98
105 112
105 112
857 884
$
854 834
10158 106
266
BONDS
N. Y. STOCK EXCHANGE
Week Ended Jan. 10.
New York Bond Record-Continued-Page 3
E•P
is
Price
Friday.
Jan. 10.
Week's
Range OF
Last Sate.
,1 •
•
g's
Range
for Year
1929.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Jan. 10.
Price
Friday.
Jan. 10.
Range
for Year
1929.
Week's
Range or
Last Sate.
514
High No. Low
Ask Low
Ask Low
High No
High
97 Oct'29
97 98
Louisville & Nub,
(Coseiaded)11
1
97
97
93
1st refund 594e series A...2008 A0 106 Sale 10512 107
9914
16
6
86
83 863 85
4
88
94
1st & ref 5s eerie/ B
2003 *0 104 106 9912 104
2
24
8
55
9914 977
977
2
53 Sale 5038
lit & ref 4As eerie' C
48
80
2003 *0 97
1
26
100 Dec'29
26 Sale 26
N 0& M let gold fis
1930 J
3512 50
10038 Dec'29
95 933 Sept'29
94
4
93
/ 94
1
4
2d gold Si
1930 J
1
9118
105 10614 1047 Dec'29
Paducah & Mem Div es_ _1946 P A 9212 ___ 9118
8
10312 10714
10218 1021s
2 100 103 2
2
6712 Sale 6712
10218
6712
St Louis Div 2d gold 32_ _1980 M
7
2
99
97 Sept'29
Mob & Montg let g 4;44_ _1946 MS 9818
9638 Sale 963
8
9512 100
993
4 16
9912 100 993
8
9014
9614 100
South RY joint Motion 41.1952Ii 9014 ---_ 9014
1
963
s
95 963 963
8
92 100
Atl Knox,. dc Chi Div 4e 1955 MN 9112 _- 9112 Jan'30
8
86 Nov'29
Louis,Cm & Lex Div g 634231 MN 9814 19 9112 Jan'30
85 89
1934 II 9958 VE_ 99 Nov'29
Mahon Coal RR let 51
9812 Oct'29
75 Dec'29
944 100
/
1
Manila RR(South Mee)46_1939 MN
6512 7812
7278 6612 Dec'29
65 7212 6512 Dec'29
letextdl
1959 MN
9912 9912
9912
ManitobaS W Coloniza'n 611934 ID 99
983 Feb'24
4
96
9612 953 Dec'29
8
SA. 2 11-1
---- 90 8538 Sept'29 ---110 Sale 110
11012 14 10512 113
Man GB & NW let 330_ _1941 I
4
714 4 Dec'29 --_10412 50 102 10618 N1ex Internat 1st 45 asstd__ 1977 M s
10438 Sale 104
/
1
4
9914 100 99 Nov'29 __
98 9712 Oct'29
924 97
/
1
95
12 Mich Cent Det& Bay City 58281 M
b
100
QM 100 Sale 100
Registered
9312 Dec'29
1940• I
Mich AD Line li
Great Nor gen Ti series A.--1938 II 111 Sale 11014 11114 270 10634 11258
9218 July'28
• J
10812 Dec'29 --- 10712 109
1J
Registered
Registered
9512
4
79 Mar'26
•B
let & ref 430series A___1961 I, 9518 9612 9538
92 98
Jack Lana & sag 8346-1951
8318 Jan'30
7 104 1093
1952 MN 8338
/
1
4
General 5343 aerial B__-_1952 II 10858 109 1083
4 109
4
let gold 8145
4
28 1004 10512 Mid of N J let ext Si
* 0 9014 968 9014 Dec'29
105
105 Sale 104
/
1
General 56 series0
1973 J
15
9
2
9814 78 9118 9735 Mil& Nor let ext 430(1880)1940 ID 9514 97 9514 Dec'29
9
34
9 12
General 430 series D
7
1976 II 97 Sale 967s
- 9658 Dec'29
9714
Cons ext 4346 (1884)-.1934 J D 9514
General 41 aeries E
/
4
3
1977 II 9614 9712 Ems
6- 90
90
86 Oct'28
Mil Spar & N W let go 44-1947 MS 90 - 1
Green Bay & Wen deb Otis A---- Feb
8312
90 Apr'28
26 --5a "Zo" IF* Milw & State Line let 3391 1941 I
Feb 26 Sale 25
Debentures etis B
2
913
4
4
911 912 Minn & St Louis lst cons 52_1934 MN 3712 16 3712 Dec'29
/
4
4
Greenbrier By lit pi 4s.__1940 MN 9134 Sale 913
2
36
97 106
Temp °Us of deposit...1934 MN 3718 40 36
Gulf Mob & Nor let 5346_1950 AO 10212 104 10212 Dec'29 ---1418
2
/
4
14
98
96 100
let & refunding gold 46-1949 MS 141 1512 1418
lot M 65 aeries C
1950 A0 98 100 98
1518 Jan'30
Re & ext 50-yr 5850? A 1962 O F 1518 20
Gulf & lii let ref& ter g 82_01952 II 1031s -- 1051s Dec'29 --- 101 108
9'712
_
15
1712 Aug'29
Certificates of deposit______
4
3 914 99
/
1
Hocking Val 1st eons g 41
6.1999 II 9612 98 963
/
4
8978 14
8858 8932 8812
94
8
lg
'38
933 933* MStP&SSMoonglsIntgu 35
8
Registered
1999 Ii 9378 Sale 937
9812 9718 Dec'29 --- 92 981s
• J 9812 9914 9412 Dec'29 _ -lit cone be
Housatonic By eons g 8e
1937 MN 98
2
99
8
II 10018 101
1938 II 9812 Sale 9812
993
4
119 10214
993
4
lit cons Sign as to int
& TO lit 9 56 int guar
1937
9934 57
1 100 102
1931 MS 9918 Sale 99
N 100
100
100
10
-year coil trust 6341
1930
Waco & NW dly let 61
9912 34
2
95 100
1946 13 92 10012 9814
953
4
4
1st & ref 66 series A
Houston Belt & Term let 56_1937 Ii 96 100 953
2
87
847 85
8
1949 MS 81
9 le 9912
25
Houston E & W Tex lug 5s_1933 MN 9812 100 9914 Dec'29 -5-year 53411
8312 Jan'29
1
1961 MN 8512
100
9618 10218
1933 MN 9934 103 100
let Chicago Terms t 41
let guar fie red
14
99
11 96
1949 II 95 9712 86 87
Hud & Manhat let Slier A_1957 PA 9634 Sale 9612
9812 Misaisaippi Central lit W
8712 13
90
79
7014 8434 Mo Nan & Tex let gold 41_1990 ID 8712 Sale 8512
Adjustmentincome 58 Feb 1957 A0 7812 Sale 7812
50
102
Mo-K-T RR pr lien Se ear A_1962 II 10134 Sale 101
12
88
8718 Sale 8718
1962 J
93 Jan'30 --8912 9514
series B
1951 .51 93
410-year 42
Illinois Central 1st gold 48
95
41
31 9434 Sale 9412
J
87 Oct'29 -87 871978
Prior lien 434s ear El
Registered
8
2
83
83 85 83
79
8512
Cum adjust Ila ear A_Jan 1967 A0 104 Sale 10312 104
lot gold 31
8
/
4
10112 15
JJ
197776
9
- 84 Nov'28 --Mo Pao 1st & ref 56 eer A_- 965 P A 101 Sale 101
Registered
7512 239
MS 76 Sale 75
85 8318 Apr'29 --- -girl -81-1;
General 45
Extended let gold 334s___1951 *0 83 -187
MS 9934 Sale 9914 100
7118 June'29 -7112 7414
let & ref 56 series F
1951 MS 67 71
let gold 3s sterling
4
993 124
MN 9914 Sale 9914
9112 41978
9014
8612 9334
let & ref g 56 ser 0
Collateral trust gold 45_1952 *0 9014
173
MN
1949 MN 109 Sale 10712 109
81
Oct'28 __
Cony gold 5341
Mannered
Jan'30
9214 91
3
9178
86
1955 MN 9134 Sale 9134
let refunding 41.
9278 Mo Pao 8d least at4% July 1938 MN 01
4
784 8314 Mob & Bir prior lien g 66-1946 II 89 1003 100 Apr'29
/
1
?ul5llnes3346
1952 II 82 85 83 Dec'29 --95
_ 100 Dec'29
J
J
87 Nov'28
Small
92 8612 Dec'29
J 01
89
84
1945
91
Collateral trust gold 4s___1953 MN 88 Sale 88
bit M gold 44
81
87 9712 Dec'29
MN
1945 J
8512 Oct'29 -8312 8512
Small
Registered
11
94
94
90
_
MN 10418 10612 0412 10412
5 10014 10514 Mobile & Ohio gen gold M-1938 M
1955
Refunding Si
2
9618
3 104 11118
II 10912 Sale 09
10912
Montgomery Div let g 58.1947 P A 9618 gale 9618
16-year secured 635s
9634 11
9612 9638
70 9412 10012
1977 MS 96
8
99
8
-year 41(e
Aug 1 1988 PA 987 Sale 985
Ref & Rapt 4365
40
94 87 Oct'29 --Mob & Mar let gu gold 4a-1991 MS 8612 8838 86 Nov'29
1950 ID
86
90
Cairo Bridge gold 4s
▪ J 1033 - - 10838 Dec'29
8
7413 Oct'29
Litchfield Div let gold 36_1951 II 7212
711 7514 Mont C let IU8s
4
1
19 713 9918 id 100 Oct'29 _
37
83
77
83
84s2
Loney Div & Term g 33ls 1953I, 8212
lit guar gold 54
2
79 Jan'30
7412
7 16
721 80
4
Omaha Div let gold 3a......1951 PA 7412 - - - 2 7412
Morris& Essex lit In 3M8-2000 ID 7812 81
7414 Nov'29 ___
7414 757
2
gt Louie Div & Term g 32_1951 II 7414
9014
98
1,
1951 II 8238 85 82 Dec'29 --78
8812 Nub Clint & St L fir set A_1977 P A 90 92 9014
Gold 334e
P A
99 Aug'29
J
76 July'29 _
76
76
N Fla & S 1st ICU g 5e
Registered
72 Sept'29 ---82 82
Nat By of Mix pr Ilea 4148_1957 II ---- -- 18 July'28
Springfield Div lit 133.4.. 1951'I 7712
II
713
783 July'28
4
3
88
9012
91
89
90
Western Linea let g 4s-.1961 PA 89
July 1914 coupon on
2
678
6
8s 678
PA
1977
_ 92 Apr'28
Registered
_--- ---Assent cash war rot No 6 on
- -- 8712 Aug'28
-year if es
III Cent and Chlo St L & N()Guar 70
-0
73 10
8
9918 10214
83
8
83
4 3
10412 --3Aegent cash wee rot No 5 on
Joint lit ref 55 series A1963ID 10334 10412 03
13, ---- 3512 July'27
4
9712 23
923 9712 Nat RR Met pr lien 4366 Oet 26
4
let & ref 634s series C___1983 ID 9612 9734 9718
14 Nov'29
---Assent cash war rat No. II on
22 Apr'28
1951
Ind Bloom & Welt let ext 41 1940 *0 8612
91 Nov'28 __ -_
let consol 46
6
612
53
4
92 90 Dec'29 ____ -- 12
ii
cash war rot No 4 on
Ind III & Iowa let 4s
1950 II 89
-1-4
Assent
_ 76 Sept'29
195 WY/ 78
4
Ind & Louisville lii go 46._1956 II 8132 92 8814 Dec'29
80 8814 Naugatuck RR let g 41
9
Ind lJnIon By gen be ger A 1965 II 10112 Sale 0112 10112
964 103 New England RR Cons be-1 45II 9614 105 96 Nov'29 /
1
Ii 8512 8812 8512 Dec'29
J 100
01 Jan'30.
COgiOlgUit 45
Gen & ref os miles 13
1968
9812 108
1
85
1986 P A 85 Sale 85
99 108
N 2 June RR guar 1st 46
Int & Grt Nor let fle aer A _1952II 10414 Sale 0312 10414 15
9412
9258 Nov'29
78
89 Sale 89
8912 70
N0& N E lat ref &Imp 4)481:62 .1
Adjustment 65 ear A July 1952
96
9
10 88
8814
7712 Feb'28
New Orleans Term let 48_1953II 8914 Stamped
9718
9814 96
1956 J J 91
-ligfe
N 0Texas & Mex n-o Ino 54-1935 * 0 97
let 56 melee B
9514 94 Jan'30
99
50
97 9612
1954 *0 96
94
96
lrit 55 series B
1956 II 92
94
9071 963
4
LItgSeeevIeeO
9912
4
1956 P A 9614 99 9013
75
lot Rye Cent Amer let 52 1972 MN 7412 Sale 7413
1st bs series0
3
72 82
4
90
1958 P A 9213 94 90 Dec'29
1941 MN
9278 93
93
9624
let oolitr 6% notes
let 430 seem D
21
8
16
1954 A0 1027 Sale 10234 103
95
let lien & ref 6 As
1947 FA 95 Sale 94
89
let 534s seriee A
9852
97 Dec'29
N & C Rige gen guar 4).01_1945I, 95
Iowa Central let gold fki
1938 ID 32
34 33 Dec'29 ---83
51
3514 3038 Dec'29 ---32
Certificates of deposit
303 6112 N Y B & M B let con g 5-1935 A0 97 100 97 Sept'29
2
28
106
812 2
812 20
Refunding gold 46
1961 MS
N Y Cent RR cony deb 6e-_1935 MN 106 Sale 105
8
87
8 812
106 Jan'29
MN
Certificates of deposit
Registered
978 Nov'29 _
8958
Ms 30
2 833 92
1998 P A 9013 90
James Frank & Clear let 46.1969 115 873 90 88
88
97
Control 44 aeries A
8
4 978
8
10012 27
9614
9914 10014
Ref& Met 436e eeries A__2013 A0 10018 104 99
Kan A &0R 1St 2112 66-.1938 .1
10114 Apr'29 _....
Ref & imp: be series 0.___2018 At) 10612 Sale 10512 10612 51
Kan & M 1st 1111 g 4s
1990 *0 83
8414 Dec'29 -- -80
8412
A0
106 Mar'28
Registered
0658 20
89
K C Ft S & M RY ref g 48-1936 A0 9558 Sale 9518
9512
4
81
25
7712
Y Cent& Bud Riv M 3Ms 1997Ii 80 813 80
1950*0 7618 77 7578
7678 38
70
Kan City Soo let gold 8s
7514
7514
1
1997II
943 10112
4
Registered
AIN 1950 II 100 1003 9918 1003
8 62
itef&inslltSI
4
0778 25
1934 MN 9734 Sale 9712
50
84
90
Debenture gold de
Kansas City Term let 4s __1960 II 8912 Sale 8914
9012
MN
94 July'29
83
90 8812 Dec'29
/ 90 8
1
4
Registered
Kentucky Centeal gold 46_1987 II 88
7
-iir8 .V6- 9512 Dec'29
1942 .1
85 95
30
-year debenture de
Kentucky & Ind Term 430_1961 II
85 94 Dec'29
85
Lake Shore colt gold 8342-1998 F• 7614 Sale 7614
1961 II 88
793
4 12
9014
8914 9014 Dec'29
Stamped
75 Dec'29
1998 P A
83 95
1461 II 85
/
1
4
Registered
8
833 Nov'29
Plain
4
1
97 10218
Mich Cent roll gold 8346_1998 P A 773 80 80 Dec'29
Lake Erie & West Meg 52-1937 Ii 100 10112 10012 10012
1998 P A 76 ___ 75 Sept'29
1
1941 II 985
9418 100
Reglatered
8
100
100
80 gold de
17
18
96
81
7544 8112 N Y Ciao & St L let g 41-1937 £ 0 9514 Sale 9484
8012
Lake SD & Mich So g 330-1997 D 81
1937 £ 0
9214 Sept'29
7412 7812
Dec'29
1997 ID
Regbitered
7778
Registered
N 99
1931 MN
15
25
9632 9912
-year debenture de
1931
9918 9914
9914 51
25-year gold 40
1931 MN 10174 Sa1e 199314 19112 80
N
9 4 9914 01 8
2d 66 series A B 0
0
94
4
993 Apr'28
Reglitered
1 10072 105%
Refunding OW MIN A_ _1974 *0 10638 Sale 10578 1065
105 104
104
8 33
Leh Val Harbor Term go 55_1954 PA
984 100
Refunding 5326 series B._1275 II 10618 Sale 10512 10612 27
8
987
8 22
Leh Val N Y let go g 430_1940 II 9812 Sale 983
1978 M
9534 97 97
13
9718 31
Ref 4366 series 0
89
83 90
Lehigh Val(Pa)eons g 4s __2003 MN _8812 89 8812
MN
98
9614 10018
1
6
NY Connect let all e943•-1953 P A 96
8613
8612
823 88
8
Reghrtered
1953 P A 10012 102 100 Dec'29
9812 21
lit guar 52 series B
92 100
2003 Al N 082 Sale 9712
General cons 4343
MN
NY & Erie let ext gold la-1947 N 8814_ _ _ 90 Jan'30
99 Nov'28
Registered
1933 MS 96 100 0812 Mar'28
3c1 ext gold 436e
1930 * 0 9812 100 99 Aug'29
6th ext gold fie
35 10072 10714
107
106
Lehi Valley RR gen 56 serial 2003 MN 107
95
23
1
99 10812 NY&OreenwLgug 511-194 MN 9514 96 95
6
- Leh V Term By let go g Is...1941 AO 102 10212 10212 10212
AO
NY & Harlem gold 834e-2000 MN 8014 --- 8518 Dec'29
10538 Feb'28
Registered
MN
7514 Oct'29 _-_88
7
86
Registered
88
Leb & N Y lst guar gold 48_1945 MS 88 Sale 8638
981g 1087 NY Lack & W let & ref 01511 13 MN
9718 Oct'29 ___
s
Lx & East lit 50-yr 65 gu__1965 *0 10712 109 10414 10712 10
1973 MN -ogi4
9834
let & ref gu 342 con
8412 873
983
4
4
Little Miami gen Untied A..1962 MN 85 _-_- 88 Jan'30
1930 MS 100 ____ 1005 Dec'29
8
_
1 100 10412 N Y LE&W let Ts ext
Long Dock omurol g 6s
107
1935 AO 1027 _-_- 107
8
1932 F • 10018 __ 10018 101
9314 10114 N Y & Jemmy let 56
4
Long Isla kit con gold bs July1931 Q J 10018 ____ 100
100
1941 MS
87 Sept'29
N Y & Long Branch 48
9634 100
lit oonsol gold 46 __July 1981 Q
97 Sept'29
98
9512 July'29
NY&NE Bost Term 41-1939 * 0
9313 93 Dec'29
8914 94
lemma gold 45
1938 ID 92 84
88 845s Jan'30 _-_985 965 NYNH& Hn-e debt:1_1947 M
8
8
Gold 48
1932 ID 9638
8
- 965 Dec'29
___ 7814
Non-cony debenture 330_1947 MS
7814
Unified ICOM 48
5
85 9014
1949 M
8718
88 - 2 8718
1017312 7912 7518 Jan'30
Non-eonv debenture 330-1954 * 0 7695 100
Debenture gold Is
5
1934 ID 9914 9912 9914
9914
Non-cony debenture 48_1955Ii 8334 Sale 8334
9812
84
10
9212 993
5
8
80
-year m deb 58
1937 MN 9818 983 9812
4
86 8414
Non-cony debenture 44_1956 MN 81
86
8414 9214
8
Guar ref gold 48
19419 MS 88
12
9012 87
88
1956
78
84
77
781
Cony debenture 8345
Nor Sh B 10 eon gm 68..0ot'3201 9912 100 9914
5
5 95 100
9914
1948 II 125 Sale 124
Cony debenture Os
8912
1251
7 1
Lou & Jeff Bdge Co ga a 43.1946
8418 90
39
3
8958 923 8912
4
J
125 Nov'29
Registered
Louisville & Nashville fa
9912 10314
1937 M If 1013 -- 1013 Dec'29
4
4
1941) *0 jai Sale 1047a 105
Collateral !mutt Se
unified gold 48
9112 953
4
1940 II 9538 Sale 9514
57
95513 14
Debenture 41
1957 MN 78
.1
80 78
Registered
9814 9314
29
_- 9314 May'29
8
lit & ref &Ms ear 01 1921 1987• 0 925 Sale 9258
Collateral trust gold 56.....1931 MN 9978 10032 100 Dec'29
9338 202
79'4
9812 1003
4
?..1
Flarlim R.& Pt Mai lit 451061
8634 887 89
-year see 76._ _May Is 1920
89
1
10
28 100 103
10034 Sale 1005
8 101
814
FlnOen$&Penlelextg5i..19301 .1
let 000501 VIM 511
1943 .1 J
Florida East Coast let 4343.1959J D
lat & ref 56 series A
1974 M S
Fonda Johns & Gloy let 43(61952 MN
Fort St 17 D Co bag 435s
1941 J J
8_1961 J
W & Den 0 let g 51
/
4
Frem Elk & Mo Val let 68_1938 A 0
0H&BAM&P1et5s..._1931 MN
2d MIMS be guar
19311 J
Galv How & Bend let 56_1933 A 0
Ga & Ala Ry lel eons fie Oct 1946 J
Ga Caro & Nor lst gu g 15e
1929 J 1
Extended at 6% to July 1_1934 J I
Georgia Midland let 38 „..194e *0
Gouv & Oewego let 58
1942 1 D
Gr R & ext let gn g 4346_1961 J J
Grand Trunk of Can deb 66_1940 A 0
I5
-year
f 6s
1936 M b
Grays Point Term In 50_1947 J D
t
'Due Feb. 1.
Low
High
19012 1073
8
101 1057
8
9118 101
9912 101
993 10112
8
9114
85
6012 6712
9358 97
9012
84
92
86
96
9912
14
97 100
6612 77
77
65
97 10012
853
s
4
99
98
92
_
8612
4
100
98
93
"ii" 'fit;
8714
8818
92
8714
963
4
96
977
8
92
_
361 5511
2
37
53
/
1
4
1218 35
23
15
16
1912
83
9112
90 99
9012 9912
9714 101
91 102
81
9812
93 9312
/
1
4
95
995
8
811 884
/
4
9512 10214
7914 89
/
1
4
87
12 95
94 10712
9518 102
70
7712
9412 10012
9312 10014
97 125
/
1
4
8914 914
/
1
99 100
99 100
85 98
75 99
8158 9358
97 1001
/
4
90 971s
821s 87
102 106
9312 101
7112 8012
85
9112
9812 102
67 -111;
7
14
2112
514
76 82
9112 997
s
80 96
7814 88
5512 9712
8312 91
8712 100
90 10012
96 100
8512 96
98 10518
93 951
4
9312 97
10014 1083
4
106 106
841 93
/
4
/
1
4
94 10012
1013 10712
4
74
83
744 784
/
1
/
1
93
/ 9772
1
4
94 95
90 96
/
1
4
78 814
/
1
735 76
8
733 80
4
78
78
9112 9912
9018 9214
95% 993
2
100 10212
10115 1074
101 107
91
97
89 98
/
1
4
/
4
961 1021
/
4
88 98
-66- 100
91
98
70 854
/
1
7614 7514
971 I99
/
4
/
1
4
96 10018
10058 10058
92 10058
87 87
9512 9512
7412 83
73
80
6812 761
/
4
74
841
/
4
7412 85
6834 77
116 137
116 129
102 10514
70
79
8414 9312
841 90
/
4
/
1
4
New York Bond Record—Continued—Page 4
BONDS
N Y. STOCK EXCHANGE
Week Ended Jan. 10.
•
Price
Freda.
Jan. 10.
Week's
Range or
Larl Sale.
Range
for Year
1929,
Ask Low
Bid
High No. Low
Hi95
60 Sale 60
N YO&W ref let g Se-June 1992
5
6112
52% 75
Reg 55.000 only—June 1992 MI 60 6132 70 Apr'28
General 4s
1955 3D 50 Bale 50
8 -105- 711,
50
N Y Providenoe & Boston 411942 AO 8412
9012 June'29
90 91
Regletered
AO
893 Jan'28
4
NY & Putnam lit oon gu 41 1933 AO 854 88 8412 Dec'28
83 ---119 2
1
NY Busq & West lit ref 58_1937 J J 82 85 86
88
1
74% 87
Id gold 11341
1937 FA 75 80 8434 Nov'28
General gold 51
1940 FA 7512 80 70
70
4 697 82
8
Terminal lit gold 511
1943 MN 94 100 91 Aug'29
91 10111
N Y W-ethee & B 1st ear 100 ,46• .1 88 Sale 86%
88
67
79 8812
11
Nord By ext'l if 644s
1950 AO 105 Sale 1023
4 105
161 100 105
Norfolk South let & ref A 5e-19131 FA 6112 Bale 5812
55
37
62
90%
Norfolk & South lit gold 58-1941 MN 90 99 99 Dec'29
97 102
12
$
Norfolk & Welt gen gold 93_1931 MN
Improvement & ext 6e.._1934 F A
New River lit gold 6s... 1932 A 0
& W Ry lat cone g 48_1996 A 0
Registered
1996 A 0
DWI lat lien & gen g 41_1944 J
10-yr cony 64
1929 M
Pocalt C &0 joint 48- _1941 J D
North Cent gen & ref 58 A1974 M
Gen & ref 444e ger A stpd_1975 M
North Ohio 1st guar g 5a— _1945 A 0
North Pacific) prior lien 42-1997 Q J
Registered
1997 Q J
Gen lien ry & lag 8e_Jan 2047 Q F
Registered
Jan 2047 Q F
Ref & impt 4%6 series A__2047 J J
Ref &'met fle series B_2047 J J
Ref & leapt be mesa 0_2047 J J
Ref & impt &seeders D-___2047 J J
Nor Pao Term Co let g es_ _1933 J
Nor Ry of Calif guar g 5s-1938 A 0
101 101% 10112 1011±
14
8 100 103
10252 ____ 10212 Dec'29
10212 105
9972 104
102 ____ 102 Nov'29
923
.
4
9214 Sale 92
88
92i2 11
86
89%
86 Sept'29 _ _
89
94
923 ____ 9178
8
932 45
13218 270
270 Aug'29
92 WI; 0214 Dec'29
91
1
95%
90 1077
10078 ____ 90 Nov'29
2
9578 99
9872 ____ 9834 Dec'29
8812 9614
93
94 9434 93
2
84
9212
38
91
91 Sale 90
83% 91
874 9012 91 Dec'29
6514 107 60 8 67
1
12
644 Sale 6414
64'z
64 Dec'29.... 61% 84
977 9812 9812
3 894 98 s
7
98'±
113 Sale 11212 1141± 60 109 11438
3 10012 105
10378 10514 1033
4 l03'i
10378 10514 10334 1037s
6 10012 1054
107 109%
107 2 11214 107 Nov'29
7
99 100
1
101
99% 101 101
North Wisconsin 1st 61..._19303 3
Og & L Cham lat gu g 41_1948 J J
Ohio Connecting Ry let 4s_1943 M $
Ohio River RR let g 5a---1936 J D
General gold 56
1937 A 0
Oregon RR & Nay tong 41 _1946 J D
Ore Short Line let eons g 54-1946 J 3
Guar Blvd cons as
1946 .1
Oregon-Wash lit bc ref 44-1961 J 3
Pacific Coast Co lit g 5a-- _1946 J D
Pat RR of Mo lit est g 44_1938 F A
24 extended gold la
1938 J J
Paducah & Ills lit if 430-1955 J J
Paris-Lyons-Med ER exit 65 1958 F A
Sinking fund external 75-1968 M S
Pails-Orleans RR i I Ts
1954 M S
Ext sinking fund 534s
1968 111 S
Paullsta By lit & ref if 78_1042 M
100 &MT
7812 11
7812 Bale 7812
5
90 8 --_ 95 8 Nov'28
5
-- 2
0113
100
100 Sale 100
97 100
9758 Dec'28
978
9212
85
5
918
91 Sale 91
1 10014 10685
1044 Bale 10415 1044
4 1004 106
1037s Sale 10372 104
834 91
9072 43
9014 Sale 8912
60
80
6012
1
601* 6212 6012
8914 9418
9132 __ 91 Nov'29
4
961 99
9818 10012 973
4
99
7
914 93
95 ___ 9512 Dec'29
974 103
4
1023 Bale 10112 10278 103
88 1005s 105
10412 107
105 Sale
8
1033 Jan'28
1064
106/ dife 9978 10034 77
3 97 104
9972
9972 Sale 99
Pennsylvania RR 0001 48.19431111 N
Congo]gold 4s
1948 M N
Ls star stpd dollar_May 1 1948 Si N
Registered
Consol sink fund 028....1960 F A
General 414i series A-1965 J D
General Si series B
1968 3 D
10
-year lectured 78
1930 A 0
15-year secured 6448
1936 I A
Registered
F A
40
-year /secured gold 58_1964 M N
Pa CO gu 3448 coil tr A reg_ _1937 M S
Guar 344s coil trust ser B.1941 F A
Guar 344s trust otts 0_-_1942 J
Guar 3441 trust et% D__1944 J D
Guar 15 -year gold es-1981 A 0
-25
Guar 4s ger E trust °Os_ _1953 M N
!soured gold 442a
1963 MN
Pa Ohio & Det 1st & ref 440 A'77 A 0
Peoria & Eastern lit eons 48_1940 A 0
laoome Li
April 1990 Apr.
Peoria & Pekin Un lit 5348.1974 F A
Pere Marquette lit ser A 54_1956 J J
lot de eeriee B
19563 3
Palla Bait & Werth lit it 0_1948 MN
General 54 series B
1974 F
Philippine Ry lit 30-yr s 4s '37 3 J
Pine Creek registered let 61.19823 0
Pitts & W VI let 440
1958 3
P 0 & St L gu 454i A
1940 A 0
Berle' B 444e guar
1942 A 0
Series C 4348 guar
1942 M N
Series D 44 guar
1944 M N
Series E 334. guar gold_1949 F A
Series F 48 guar gold
1953 3 D
Series(1 es guar
1957 M N
Verlag H oon guar 40
1960? A
Series I eons guar 4448_ _1963 F A
gerlea eons guar 444s_ _1964 M N
General M 68 sedge A
1970 J D
Registered
J D
Gen mine guar Si set E.....1975 A 0
Regatered
A0
1
9372
931g---- 9372
1
944
933 94 9414
4
1
95
95 Bale 95
9234 Dec'29 _ 29
4 101
100s Sale 1003
983 Sale 985
4
2
994 89
6 27
10714 Sale 106% 1073
1003 Sale 10038 1001 159
8
108% Sale 1085* 10914 61
112 Apr'28
73
104 Sale 103% 1041
84 Aug'29
8414 Nov'29
8358 Sept'29 -8212 Nov'29 -30
99
9878 Bale 987
8
9014 32
90% 9112 9014
9914 89
98% Bale 9814
12
971
954 9714 9718
13
851
85 Bale 85
31
3512 34 Dec'2 -4
5
4 1028
102 _
1023
9
10312 Bale 10312 104
90%
90 4 Sale 0012
3
5
9314 94 924 Dec'29
10812
- 103% Dec'29
2
28'z
28 - - 284
12
100 Nov'29
1017
4
92 95 93 Dec'29
97% Dec'29
9714
97% Dec'29
9612
974 Dec'29
963
4
944 Nov'29
944
93 June'2
93
9212
904 May'29 943
5
94 Nov'29,.
944
96% Dec'29
9612
98 Sept'29
964
4
107 Sale 106% 107
102 June'29
1
10612 10612
1067
*
11312 Jan'28
90
8712
Pitts MeK & Y let gu 68_193233
100 Nov'29
211 guar Si
1934
8
J 10014
- 1035 July'28
Pitts Sh & L E lat g as
1960 w 0 1001s 161 100 Dec'29
- -12
lit oonsol gold Si
19433, 9912 ---- 10014 Aug'28
Pitts Va & Char lit 4a
1943 MN
994 8ept'28
Pitts Y & Ash tat te mer _ _1948 3D 91%
•
90 Dec'29
lit gen 51 series B
1962 P A 102
10214 Oct'29
lit gen Its series C
1974 J o 102
Providence %cur deb is_ _ _1967 MN
73l Nov'29
Providence Term let --- _1956 M
8418
80 Nov'29
Reading Co Jersey Can coil 4a '61 AO 9212 95 9214
9212
Registered
AO
944 July'28
Gen & ref 1154s series A_.1997 J
gife" 98
991
homelier & Saratoga 68_1941 MN
1004 Mar'21
Rich & Meek lit 545
1948 MN _
- V4 7812 May'28
7
Richm Term By let gu 4e...1952 J
(171.
_ 100 Dec'29
Rio Grande June let gu 58._1939 3D
94
-9912 94
Rio Grande Sou lit gold 41_1940
J
6 May'28
Guar es (Jan 1922 coupon)'40 3 J
74 Apr'28
Rio Grande Wert let gold 41.1939 33 "iic4 Vi 91
92
let con & ooll troll 48 A 1949 AO 8414 Sale 84
8472
It I Ark & Louis lit 4448_1944 M
9612 Sale 96
9612
Rut
-Canada lit gu g 48.....1949 3, 75
80 77 Dec'29
Rutland lit 00014345
1941
85 Nov'29
86
100 1051;
84
90
833$ 874
883$ 89
911 85
4
961, 9914
85% 92
944 9934
91
9712
794 87
29% 45
99% 103
100 1047
s
86
s
917
90 95
10318 108
28
39
100 103
92 96
9558 993
4
95% 1004
9714 99%
92
9618
93 93
94% 9614
924 9612
924 9612
96 4 100
,
9674 99%
1024 1084
102 102
10212 10812
100
99
102
10012
90
9$12
100% 103
12
la- "FE':
10
7918 8412
86
9312
40
92
7
33
23
62
Eh Jos & Grand Iii let 4i.-1947
' 85 87 873 Dec'29
3
8
St Lavrr & Adir let g 5s
_
1996 J
Nov'29
34:1 gold Se
3
1996 A0 101
101
101
SIL&Cairogoarg4i
1931 J
9872 9912 9814 Dec'29
St L Ir Mt & 8 gen eon g 5a_1931 AO 1001s Sale 100
10014 62
Stamped guar 51
_
1931 AO
1013 Dec'28
4
Riv & Div 1st g 4a
1933 MN 961s Sale 95%
96% 42
St LM Bridge Ter gu g 54_1930•0 100 101 100
1
100
-Ban Fran pr lien di A-1950 M
St 1,
894 242
8918 Bale 88
ConM 441sseries A
1978 M
914 913
903 Sale 90
6
Prior lien 54 serial B
1950 3, 101 Sale 101
10218 48
St Louie & San Fr Ry gen Se_1931 J
10114 Jan'30
1011a
General gold ......
1931 33
1004 1001s
1
St L Poor & N W let flu 6s 1948 3
10214 ---- 9932 Nov'29
4 Due May. IDue June. 8 Due -tumult. sEx-r1118131.
90
95
89% 94
90
93 4
3
884 923
4
96 10112
9312 10012
10214 10812
1004 1037a
105 111
997
k
11- 108
9l7 94
78
91%
75
Ma
87
96%
81
Mg
80% 884
9412 10474
100 102
954 9814
97 un
88* 96
9614 mo
83 8912
83 91%
14
97 102
9814 102
95% 10012
98% 1031s
BONDS
N. Y. STOCK EXCHANGE
Week Ended Jan. 10.
t
St Louis Son 141012 in--1931 M 8
St L 8 W lst g 4s bond otts--1989 MN
2d g 4a inc bond etfa Nov 1989 J J
Consol gold 48
1932 J D
let terminal & unifying 55.19523 J
St Paul & K C Sit L let 4)46-1941 F A
St Paul & Duluth let 58
1931 F A
lit cannel gold 48
1968 J D
St Paul E Or Trunk let 440_1947 J J
St Paul Minn & Man 000 46.1933 3 J
lit consol g 68
1933 3 3
33
Regletered
Si reduced to gold 4348_ 1933 J J
J J
Reilistered
Montext 1st gold 4s
19373 1)
Pacific ext guar 4s (sterling) 40 3 3
'
St Paul Un Dep lst & ref 158_1972 J J
8 A & Ar Pass 1st gU g 4,6_1923 J J
Sante Fe Free & Phen let 52_1942 MS
Say Fla & West 1st g 68
1934 A 0
1st gold 50
1934 A 0
Scioto VA N E let gu g 4s 1989 M N
Seaboard Ali Line lat g 42-1950 A 0
1950 A 0
Gold 4e stamped
Adjuatment Si
Oct 1949 F A
Certificates of deposit
Reftutdhig es
1959 A 0
let & eons Os series A
1945 M S
M5
Registered
ell& Birm 30-yr lit g 41-41933 83 8
Seaboard All Fla lit gu 68A_1935 F A
Berke B
1935 F A
Seaboard & Roan 15t Si extli 1931 3 J
S&NAlaconsgug 5s
1936 F A
Gen eons guar 50-yr 56_1963 A 0
267
Price
Friday.
Jan. 10.
Range
for Year
1929,
Week's
Range or
Last Sale
Bid
Ask Low
High No. Low
NW
954 971s
963$ 99 9534 Jan'30
854 89
44
88 Sale 85%
88
76
70% 82
10
77
793 77
4
32
9734 98 9714
9312 983
4
98
9812 Sale 9732
8
9812 19 9114 1015
95 Bale 95
20 8914 9514
05
9958
98 1003
1003 Dec'29
4
894
8812 Nov'29
8014 8818
____ _ _ _ _ 97% Jan'28
964 9812 964 Dec'29
10214 105 102 Dec'29
1014 1044
10018 10312
10018 Dec'29
-Ogle 'fid- 9814
95 99
1
e
9814
____ _ __ _ 95 Dec'28
9312
89 Dec'29
8812 95
9012 _ _ _ _ 9012
86 89
1
9012
1054 Sale 104% 10518 16 100 107
51
93 Bale 9212
8872 9212
93
95 102
994
100 Jan'30
102 106
101% -- 10212 Dec'29
98 10012
1
993
4
993
4
993
4
87 9012
88 93 90 Oct'29
623 74
4
6512 6712 6512 Dec'29
8 6012 7514
6612 Sale 6612
6634
22
56
355 64
8
57 58
59
58
39
4712 Sale 46
4834 198
34
51
6314
52
533 53
54
4
69 643 85
4
70
6612 Sale 66
75
75 Mar'29
75
5 78 89
841
8412 86 841
5712 81
12
64
6218 Sale 61
67 80
65 61 Dec'29
12
60
97 98
14
____ 9812 98 Dec'29
99 1004
4
1063 Sale I0034 100% 13
1024 10714
1053 10712 10714 Dec'29
8
So Pao coil 48(Cent Pao col) 149 J D
3D
Registered
Ist 4148(Oregon Llnes) A_1977 M 8
20
-year cony 5e
19343 D
Gold 414s
1968 IS 8
Gold 444s
May 1 1969 M N
San Fran Term let 4s____1950 A 0
A0
Registered
So Pac of Cal let eon gu g 58_1937 MN
So Pao Coast let gu g 48—.1937 J J
So Pee RR let ref 4s
19553 3
Registered
J 3
Southern By lat eons g (le___1994 J J
Registered
J J
Devel & gen 4s eeries A_1956 A 0
A0
Registered
Develop & gen 65
1956 A 0
Develop & gen 6345
1956 A 0
Mem Div ling 56
19063 3
St Louis Div lot g Ni
1981 3 3
East Tenn reorg lien g 5e-1938 44
Mob & Ohio ooll tr 4a__1938 M
8558 91%
9012
914 14
8514 88
88 Dec'29
9211\994
101
101
9714 102
101 Dec'29
8814 97
12
954
97 "ioi
99 149 89% 100
9814
9 86% 91
911
91
83 83
83 May'29
2 9814 103
e
s dil- 101% 102
953 98 954 Dec'2
9514 9512
85 924
46
921
9214 Sale_ 9114
8612 90%
86% Aug'2
10814 109 107 1081 76 10414 110
1 10312 108
106
106
1
83 91 4
-al: Bale 89
9014 182
_
8714 Sept'28
e
118 Bal- 117
___24 joilit 120
118
1234 Bale 12212 1243
4 42 117 12312
10212 10614
10612 108 106 Dec'29
/
2 827 89
8812 Bale 8812
8812
100 Sale 98% July'29
9614 100
12
92
8514 93%
92
Spokane Internet Ifft g M-1955 3
Staten Island By lit 4346_1943 J D
Sunbury & Lewiston hit 48_1936 J
Superior Short Line lit Si._81930 MS
Term Assn of St L let g 4%11-1939 A 0
let cons gold Si
1944 F A
Qonrefundifg4i
1953
3
Texarkana& Ft 1st 554s A 1950 F A
Tex & N 0 corn gold be
1943 3 1
Texas & Pee In gold 54
200 J D
0
2d inc54(Mar'28cp on)Deo 2000 Mar
1977 A 0
Gen & ref Si series B
Gen & ref fa series 0
1979 A 0
1931 J J
La Div B L 1st g fa
Tex Pao-Mo Pao Ter 5348-1964 M S
Tot & Ohio Cent let gu 55
1935 .1 3
Western Div lit g 51
1935
General gold fa
1935
Toledo Peoria & West let 4e_1917 .1
Tol 8t L & W 50-yr g 411
1850 A 0
1931 J 3
Tol W VA 0 gu 4448 A
lit guar 4418 series B__ 1923 J J
lit guar 48 series C
1942 MI
Toronto Ham & Buff ling 48 1946 J O
65 Dec'29 __—
86 Nov'28 ___.
95 Apr'28
99 Mar'29
-13ois
9714 973$ 97%
5
97%
102 10234 10112 Dec'29
89%
8912 894 8912
8
4
10412 Sale 10412 1043
4 26
97 100
98 Dec'29
4
10738 10914 107
10712
95 Mar'29
looRs iiie 10012 10118 63
1003 Sale 10012 101% 115
4
6
10012 ---- 100
10012
10514
10412 10512 27
9
9912
9912 _--- 9912
98 Dec'29
- 97 Dec'29
-- - _ 12 Sept'29
5
91
91 Sale 91
981
3
9812 9912 9812
9818 9912 9812
9818 13
92 Dec'29
92
88
89 90 Dec'29
Ulster & Del let eons g 5a--192 3
6
Mixt as to Dec'28 & June'29 lot _ _ _
lit cony ba ctfa of dep
1st refunding g 4s
1952 A 0
Union Pao lat RR & Id grid/1947 3 1
1
Registered
let lien & ref 4a
June 2008 ME
Gold 440
1967 3
let lien & ref 5a
June 2008 M
40
1988 3 D
-year gold 45
II N J RR & Can gen 4e
1944 91 8
Utah & Nor 1st ext 4s
19383 J
Yandalla cons g413 series A1955 I A
Cons a f 4s series B
1957 MN
Vera Crus & P assent 4346-1934
Virginia Mid Si series F_ _ _1931
General 56
1936 IS N
Va & Southw'n
Itu 5s
2003
3
lit cons 50
1958 A 0
-year Si
Virginian By lit for Barite A_1962 M N
Wabash RR let gold Se
1939 M N
2d gold Si
1939 F A
Ref & gen f 53483er 14..-1975 M
Debenture 13 ft registered -1 39 3 3
9
let lien 60-yr g term 4s
1954
3
Des & Chic tat 1st g 5e
1941 J J
Dee Moines Div let 28_1939 3 J
Omaha Div 1st g 840
1941 A 0
Tol & Chia Div g 48
1941 M 8
Wabash By ret & gen 58 B 1976 A 0
Ref & gen 414s aerial C_1978 F A
Warren lat ref gu g 3348._2000 F A
Wash Cent ist gold 4s
1948 Q
Wash Term 1st gu 3448
1945 F A
1st 40
-year guar 4e
1945 F A
W Min W & N W 1st fru 54-197 F A
1
0
West Maryland let g M_ _1952 A 0
hitAref534sierlisA....,1977J J
WestNY&Palstg5s
19873 J
Gen gold 45
1943 A 0
Western Pao tat oar A 15a_1944 M S
Registered
M 8
West Shore lit ge guar____2361 J 3
Registered
2361 J 3
Wheeling & Lake Erie—
Ext'n & impt gold be
1930? A
Refunding 4)4s serial A 1966 M
Refunding 54 series B. _.-1966 M $
RR lit oonsol 4.
1949 la S
19423 D
Wlik & Eaat 1st gu g 58
Will & 8 F 1st gold 53
19383 D
Minter/381am B lit 68_1960 J J
WI. Cent 50-yr lit gen Y._1949 J
Sup & Out div & tam 1st ee '311 M N
Weir Oen East 1st 4lfs
1943
90
85%
90
51
94%
93
904
98
10712
89
9012
IE
914
____
99
1004
96
987
92
gale
_ ___
101
101
Bale
Sale
Sale
6312 68
99 Dec'29
84
15
853
74 Nov'29
51
2
51
93%
73
95
93
914
9
6
9012
913
29
9712
98
108
91
108
8812
91
891
94 Sept'29
96 Nov'28
8714 Oct'29
8812 —
90 93 8212 May'29
812
2
9
9812 Nov'29
9812 _ _
10014 10112 10014 Dec'29
98 100 98 Dec'29
87 Sale 84%
6
87
133
10414 Sale 103% 106
101% Sale 10114 10132 17
10014 10034 1004 10014 10
37
10312 Bale 1023
4 104
984 May'29
21
85 85s 84
86
98 Nov'29
88 93 87 Nov'29
1
80% 8112 8114
8114
8814 ---- 86 Nov'29
99 101 993
4 1003
4 35
9114 Sale 9114
93% ao
71
75 93 Nov'28
8332 10
8312 -- 83%
8414 90 8512 Dec'29
891*
8314 10
8314
9914 100 99% Dec'29
8138 99
8012 Bale 8012
10
97
97 Sale 96
10114 - - -- 10114 Jan'30
89 86 Dec'29
87
9812 Sale 98
27
99
_ 9512 Dec'29
8812 Sale 88
64
891
871 85%
86
30
871
995
8
9018
98
87
6118
08
85114
82
88
83
95
Bale
99
Sale
Bale
Bale
92
Sale
10814
Sale
____
9912
90
98%
86
-.
83" 64
98
9112 82
Bale 79%
89
89
9372 79
0034
Nov'29
90
99
Dec'29
Jan'30
Nov'29
Nov'29
82
89
Oct'29
5
23
1
64
8
811
-Or 99
95 98
9414 103
804 90
9814 105
79
98
1014 109%
95 95
927 10214
8
94% 103%
9714 10158
1001s 1064
9612 10141
98 103
95 100
14
12
12
9218
86
96 9812
9512 98
92 9912
4
8414 943
50
4%
7.5
:13
91's
90
so
92
105
823
4
91
99
86
85
62
9512
9312
924
994
10914
8912
96
5
-g6.494
92 94%
v
19
97% 1004
9614 101
9$ 100
98
87
9978 108
991: 104
9418 103
4
9812 1043
.-ale 4
98 1014
87
88
78 85%
8112 9012
934 10012
8312 92
_
8414 844
824 86
7712 91
97 99%
73 82
8914 100
983 1011s
4
8414 9112
9412 100
954 9512
82 8812
81
883
s
9912 10012
85
92
99% 102
13 893
4
57% 74
98 10058
81% 86
714 814
8412 9112
79
79
268
BONDS
N. Y. STOCK EXCHANGE
Week Ended Jan. 10.
New York Bond Record -Continued-Page 5
'E
z
t
Price
Friday,
Jan. 10.
Week's
Range or
Last Sale.
Range
for Year
1929.
BONDS
N, Y. STOCK EXCHANGE
Week Ended Jan. 10.
9
7.
•It
Price
Friday,
Jan. 10.
Week's
Range or
Last date.
c
:2
Range
for Year
1929.
High
High No. Lou
fad
AO ..ow
Ask Low
High No Low
High
Rid
INDUSTRIALS
3
963 1013
4
4
Den Gas & EL let & ref rifg 5e'61 MN 100 Sale 9912 100
D 8312 Sale 823
8312 86
85
81
4
Abitibi Pow & PaL lot 64-195
,
3
6
8.4) 10134
9912
1961 MN 9912 Sale 9812
Stamped as to Pa tax
Abraham & Straus deb 5%1-1993
73
Oct'29
511
61
8
7
Dewy Corp(D
let s f 7a _ _1942 MS
9812
A 0
93 8 120
9812
With warrants_
70
Jan'30
48
47
40
Jan'30
9134 100
Second etamped
96
Adriatic Eleo Co evil 71 _1952 A 0 9512 9
28
102
J 101 Sale 101
97 103
3
84
8378 82
4
7814 883 Detroit Edison let colt tr /41_1933
82
SdamaExprneeccfltrg4e..1948M
90 10434
102 Sale 102
1027
8 21
let & ref 6a series A_July 1940 11
60 10714
60 60 Dec'29
Max Rubber 111 15-r I 94.1936.3 D 35
31. 1014
102% 94
s
997 10414
1940 A0 10218 Sale 102
Gen & ref 5a series A
514 Dec'29
Alaska Gold M del) 6e A.___1925 M
514 9
27 10414 1083
107 Sale 106
107
181 & ref Bei:erten B._July 1940 M
4
10
8
514 12
1926 ai 8
514 Dec'29
Cony deb tle setles B
,
D 1025 Sale 10218 1023
8
4 38 190 104 8
80
Gen & ref 5a eor B
983
89 Dec'29
1955
4
Albany Prior Wrap PAD 66.1948 A 0 8512 86
7 100 1051s
8
103
93 112
1962 F A 1015 108 103
Series C
100% 177
Allegheny Corp coll tr 58 _ _ 1944 F A 100 Sale 100
4
934 98
98
93 11112 Get United let eons g 4144_ _1932 J J 9618 9612 98
10491 D 100 Sale 9944 10012 225
Coll & many 54
72
93
8712 105%
1940 MN 93 Sale 9212
9712 101
Dodge Bros deb ete
Allia-Chalmere Mfg deb fe. _1937 M N 10014 10712 99% 10018 10
88
69 Dec'29
9112
70
69
Dolt!(Jacob) Pack let6a _ _1942 MN 69
0312 24
97
86
let 7e._1955 M 6 9112 95
Alpine-Montan Steel
99 10112 Dec'29
90 10112
10312 28 103 10612 Dominion Iron & Steel 6.1_ _1939 MS 90
Am Agri° Chem bit ref e 17He'41 F A 103 Sale 103
1
10214
7
10214
4
981 1002
1942• J 10214 -Donner Steel let ref 7e
76
90
75
76 Sale 75
Amer Beet Sus cony deb 60_1936 F A
69 10012 10512
19
Duke-Price Pow let tle ear A '86 MN 10312 Sale 10318 104
99
93% 99
imerioan Chain deb f 6s _ 1933 A 0 9714 Sale 9714
110
1
8
9512 1007
99
9914 Dugueer.e Light 1st 4%a A..1967 A 0 9912 Sale 98% 100
98
99
Am Cot Oil debenture 3a _ _1931 MN 9914 100
18
72
97
8
60
93% 993 East Cuba Sag 15-yr e f g 7345'37 (31 S 72 Sale 6978
4
9714
1942 A 0 9612 9712 96
Am Cynamill deb 5a
2
9512
3
8
9312 07
863 9212 Ed El Ill Bkn let con g As ._l939• J 95 4 -- 9512
8914 20
19533 D 8712 Sale 8712
Amer Ice 1 deb Se
1925 J J 10812 ---- 108 Nov'29
Ed Elite Ill let cone g k
105% 1107s
95 135
Amer 10 Chem eons 5141_.1949 MN 10278 Sale 10212 10312 206
4
87 122, Edith Rockefeller McCormick
9512 57
Amer Internet Corp cony 53.8'49 J J 105 Sale 9412
10114 Sale 1003
4 1013
99 10112
3 35
10384 103
Trust con tr 6% notes ...1934 J
1939 A 0 1033 -- -- 10512 Jan'30
4
Am Mach & Fdy el Oa
4
92
92
91
9
8712 96
74
6418 96 2 Else Pow Corp(Gormany)643'60 MS _
3
.1942 A 0 73 Sale 70
(with war)
Am Nat Gas 6
5
82
83
9512
85
98 1023 Elk Horn Coal let & ref 6148.1931 3D 8214 84
4
3
am Sm& R let 30-yr fie tier A '47 A 0 10114 Sale 100 4 10114 68
1
66
5913 91
Deb 7% notes(with warrts)'31 3D 66 Sale 66
4 55 1011$ 1047
8
Amer Sugar Ref 15-yr 62._ 1937 1 .1 10312 Sale 10312 1043
•S
100 Dec'29
4
95 10018
98
9134 93
Edult Gas Light let con fle_ _1932
98 Sale 98
Telep Toleg cony 4e_ 1936 F A
im
6
06 101
100
3
193394 b 99 8 Sale 9918
30-year eon',4 ge
9512
2
9178 963
4
4
1043 104 100 1047s Federal Light & Tr let 58_1942 MS 9314_ 9412
10314 Sale 103
19413 .1
N.)-year col! IT Se
1; - 9412
9558 12
_1942 MS 95% - 6
2
903 973
4
1s1 lien a 16a stamped
101 101
101 Feb'29
Regtetered
4
101 102 1005
8 10118
1942 M
95 104
lot lien 6e stamped
10112 Sale 101
10414 337 10012 105%
1960 .1
66-yr s I tleb 5a
04
1
94
92 103
1954 3D 9212 93
30-year deb 84 sor B
1943 MN 10312 Sale 0512 10714 75 103 107%
et 5%1
50-year
1
100
/39 J 13 100 101 100
96 105
8
1415 1948 118 227
Federated Metals a f 7s
1939.3 J 140 Sale 38
Cony deb 43.4e
9
8
106
1946 3 3 1055 Sale 105
99 171
16 102 105 2 Flat deb 75 (with war?)
4
,
1940 A 0 1043 10514 0412 105
AM Type Found deb Si
28
91
9012 Sale 90
84 103
Without stock purch war/eats.
1003
96 101
4 55
A 0 100 Sale oo
Am Wat Wks & El col tres_ _1934
21
77
1941 MI 77 Sale 75
4
743 114%
1976 M N 105 Sale 0414 10512 13 101 10431s Flit Rubber let 51 8e
Deb g asset A
4
8 44
8
99, 10613
67
J 69
71
4 12
703
8512 Framorle Ind & Deb 20-yr 7?42'42 .1 3 1033 Sale 10312 1047
69
1947
Am Writ Pap 1st g 6a
_
4
993 95 Dec'29
94 10'7
8312
10
84
79 101
Francisco Sugar let it 7:4e_ .1942 MN 95
Anehe-Chlletin e f deb 73......l946 ;at@ 8312 86
41 100'4 10312
J o 10384 Sale 1023
4 1033
4
Jan'30
49
51
8
797 French Nat Mall 88 Linea 71 1949
44
inane(Comp Aanc)7343_ _ _1939 3 J 50
3
88
88
1)2
..1943 FA 88
95
84
93 10312 Gannett Co deb 6e
8
Ark & Mem Bridge & Ter 5,_ 1984 41 El 987 _ _ _ 98% Dec'29
8912
100 106
25
8412 22 8
& El of Berg Co eons g 158 1949 3D 99%_ _ 100 July'29
7
1931 J D 89 Sale 8812
Armour & Co lit 4%3
63
.
4 100
8
947 100
73
84
7912 9212 Oen Gable lets f 5141, A .......1947• J 100 S;.le 993
2
83, Bale 8214
Armour & Cool Del 5 He
1943
:3
94
943
4 4
96
91
5 100 10314 Gen Electric deb g 3As_ _. _1942 F A 94
0212 103
8
loam:dated 0116% gold notne 1911 M S 1027 103
19
9912 101
101 102
97% 1041 4
8
1013 10184 Oen Elea(Germany)7,13a 3 15 '413 3
8
19413 D 1013 107
4
015 Nov'29
Atlanta Gas L let Mt
1 10214 130
109
St deb630 with Warr_ ...1941 ID 10514 11412 109
1258 May'28
Atlantic Fruit 7$ Ws deo_ _104 J D
9612
7
9112 991 1
J D
Without warrle atU ch'd '40 .1 0 9412 9712 96
s "Hi I24;
1258 May'29
kampel etfa old /peels _
9312 63
8612 941,2
733 Sale 7318
20-year. f deb Se --------1946 MN 9312 Sale 9218
65
- 4
77
73% 44
L ool tr fa..1069 J
Atl Gulf & W I
142
102
98 104
1937 FA 102 Sale 101
29
993 10314 Can Mot Accept del,(Is
4
18371 I 100 Sale 00
Atlantic Refg deb 61
8 32
1017
9812 10212
1 10412 10712 Gen! Petrol let f
_ __ _1940 P A 10014 101 10014
,
Saldw Lose Werke out 311940 M N 10512 Sale 0512 10512
93
11412 95
93% 35
85 122
3
Gent Pub Serv deb 534e _ _ _1939 J J
8313 09
91
92
9014
1
. 90
7
Banana (Comp Al) 7341-193
s 10212 54
101% Sale 1013
9312 18
9813 104
891$ 9418 (Ian'! Steel Cast 6):1 w th war '49
9318 Sale 93
flatavtan Pete gen deb 6%4_1942 .3 J
46
AO 9412 Sale 9212
9414
90 1007
7
8
75
74
74
19363
74
4
943 Good Hope Steel & 1 st 78..1045
70
Bekteng-Hemblaway 61
4 29 104 10814
1053
14 102 10511 Go .drlch(B F)Co 1e1 )4e. _ 1947 J J 103% Sale 105
4
Tele]) of Pail erlea 11_ _1948 J J 1043 Sale 0412 106
Self
158
92
95
85
8 28 10214 10104 Goodyear Tire & Rut 1.1 68.1957 MN 91% Sale 91
1960 A 0 10814 Sale 06
1065
lat & re/ as aortae C
4
90
90
95
55 100
16
Gotham Silk Heeler) deb 6e_1934. Jo 90
90
95
79
(jerllnCItyEiecColtebSl4elSStJ D 8814 Sale 88
2
6912
6912
68
81
1940 FA 6918 71
8812 12
92
1959 F A 8812 Sale 8612
Gould Coupler let 41 as
60
Deb link fund 6522
9812 17
9514 100
11
88
4
731 94 (it Cons El Power (J tpan)7a..1944 FA 'J8I8 Sale 97%
Berlin Else El & Undg 6148.19143 A 0 8734 Sale 86
9313 43
8
.1 925 Sale 9212
86% 95 2
1950
12
lot & gen f 8
,
104
97% 104
deth Steel tat & ref La guar A '42 M N 103 Sale 03
98
19
4
943 99
Gulf States Steal de 0 554,1_ _ _1942 3 I) 98 Sale 98
9713 102
4 10034 64
993
3
30-yr 2 ra 49 imp a 1 5e_ _ _1930 J J 100 4 101
85 10218 10534
8
8 105
-year Sc aeries 4._1948 F A 1047 Sale 047
Cone 30
8712 ____ 85 Dec'29
8212 87 2
,
1963 F A 1067 Sale 067
Reckon/sack Water let 44_ _1942 J
4
B
8 43 1003 107
8 1067
8
-year 5543
Cons 30
Sateen Mining Co with ilk pure
,
1
8612 100
1950 Id 8 8614 90 90
90
edng & Bing deb 414A
31
00
4
848 94
war tor corn stock or Am 11:13 '49 J J 90 Sale 8712
3
47
40
7414
,
19114 A 0 47 Sale 47
Botany Cone Millii6341
9612 Aug'29
9612 _
1930 al
9612 9612
10118 18
:
M
961 103.: Hartford St Ay let 46
Bowman-RIB Hotels
101 18 102 101
1
8412
84
8414
- - 8412
80 87
0 38 Sale 3514
39
3518 17,, Havana Klee oondiol g 94... _1962 F
40
a'way & 7tli Ay let co-a 114._1949
6412 Sale 6214
6412 10
59
7011
Deb 6345 *tries of 1926_ _1951 3
8212
50% 9211
8212
1
_ _1941 3 1 8212 84
>oklyn City RR lax
7
78%
74% 941s
57 100% 10512 Hoe (Ft) & Co 151 (1346 Ser 4_1934• 0 76 Sale 76
8 103
8
B rlyn Etilson lite gen k - 1949 J J 1043 Sale 1043
91
921$ 27
92
943 1033
4
Holland-Amer Line tta OAP _1947 MN
1
41
991 103
19303
100 Dec'29
°snood 61 serial 11 .
68
67
95
60
19633 J 9512 Sale 9412
9614 182
483 Hudson Coal 1st f Se am 4_1962 it) 6312 67
86
4
Sklyn-Maa R T
10114 78
1940 5,114 10184 103 10118
99 105
1
Hndion Co Gas let 55.
63
75
85
69
75
70
8Idyn Qu Co & Sub atm eta le '41 M
10214 53
98 10312
Humble 011 Jo Re/1699/ 3:41_ 1931 3 3 10114 Sale 10114
1941.3 .1 6912 75
6812 84
7312 Dec'29
1st Si stamped
8 13
1937 * 0 10014 Sale 100% 1007
97 10112
Deb gold Si
.1
W212 9
9212 June'29
0rooldyn It Ti lot eon'g 44_2002
212
4 77 10114 105
1043
1964 • D 104% Sale 104
fillnote Sell Telephone 6
/1
10614 Nov'28
3-yr t% inscared notes__ _1921 3 J 105
17811 30
_ _124( * 0 98 Sale 97
9312 101
5
79.2 92% Illinols :Reel deb 43.4s
1950 F A 86 Salo 848
88
4
lot g 4-6is.
Bklyn Lis El
8314 41
77
Ilseder Steel Corp mute 64_ _1948 F • 8314 Sale 82
,
92 4
1050 F A 85 Sale 85
10
93
85
80
Stamped COMA 56_
39
70 Sale 6812
70
6812 92
1 10112 10614 Indiana Limestone let e 68_194 i M
10412 10412
3klyn tIn Gas let :cow g is_ _1945 MN 10518
1921 9411 100 10112 00 Dec'29
MN 114 117 11412 11412
9712 102
5 112 118
1odNutUaAOIlSi
.
lit lien & ref 61 -Aries A_ _ _1947
0 92 Sale 92
112
93
89% 9378
1971•
Inland Steel 1j1 434s
Oct'29
3.54 489
1936 1 J 20.5
255
Cony deb 544s
9912 102 2
,
9212 96‘,1 lampiration Con Copper 6346 1931 MS 10014 Sale low, 10012 26
93 Dec'29
96
Safi & Suaa Iron let 14_1932 J D 93
1961 A0
1912 1912
912 1912 1912 May.29
1952 A 0 8912
laturboro Matron 434i
85
58
8712 Nov'29
doeth Terminal 1st 44
123
64
7912
54
8912 OA interboro Rap 'Fran 1.6 41-111 3 .1 63 Sale 6154
1955 J .1 9618 98
9612 10
61
96
Como'54
.1 3
231
6134
64
7911
56
Stamped
8
894 104%
7
8
1007
8
7
Rosh Term Bithre 5159 lax-ex '60 A 0 100 8 Sale 1007
2
4
C03
6044
76
7612
102
-Itcortatered
9
,
98 4 105
13Y-Prok Coke it 514s A-1946 MN 102 Sale 102
5214 24
84
40
1932 A- 0 5214 Sale 5112
10-vear Si
64
8812 Sale 85
89
4
2
994
78
10
2
4
93 101
-yes.: coo, 7% note:1_194 M
4 1003
1003
Cal0& E Core unif & ref5a_1937 M N 10012
9312 9712 9312 Dec'29
9912 95
9112 102
int AgrIc Corp let 20-yr tra_ _1932 M
9412 10
Cal Petroleum cogs dabs( 5e 1932 F A 9412 Sale 9412
7212 Dec'29
7214 73
81%
72
94 10314
1934 MN 9914 Sale 9812
Stamped extended to 1942..-. MN
9914 15
e 6144
ConY
81
95
0412 Sale 91
88 11812
45
67
15
60
59
59
Osi.cecuey Su • lite' g 70_1942 A
.58
9718 tatCamera °Deo dab 54___ _19 MN
98
133
92 99
47
19 MN 97st Sale 9712
osnada SSt tat a Sea _ _ _1941 A 0 9522 96 9512 9512 1 88 101% Internat Match deb 5.
3
96 4
17
98
4
90 102
68_1943 J
Inter Merean Marine.1 Se_ _1941 AO 1153 97
Gent DIM Tel 1st 30-yr
10212 103 10218 Jan'30 _ _ 100% 10414
9012 24
96%
84
__
981., Internet Paper U ear & B _1947• J 8012 Sale 8812
82
•
82 Nov'29
Cent Foundry IR a Ida May 1931 F A 8112 85
8911 73
8
4
853 97
Ref a 1 IN kr A
190 1011.
1355 91 2 8812 Sale 877
Jan 1037 51 S 10214 105 102 Dec'29
,
Cant Hud ek ElI
12412 115
8
1235 Sale 122
8814 95%
1941 MN 121 12112 121
12112 11 130 124% Int Telep & Tele( deb g 614e 19/2
%
Central SPret Ist g 1 SI
33 10912 224
94
34
Cony deb 434s
J 9344 Sale 9314
54
1239
58
83
55 Sale 54
Dettaln-teed Petal 4.341 A_ _ _1942 M
1038
47 10012 1058
8
4
Kansas City Pow & Lt 54_ _ _1962 M 5 1035 Sale 103
84 100
__
8
Cespedaa S.tgar Co let'17344'U 31
____ 797 84 Nov'29
_ 9812 Dec'29 -_
1917 J J 99
98 10012
let gold 41411 aeries 11
,
83
65
83 July'29 __
59
Cble City Conn R346e3M1 1927 A 0 10818 15 10142 106
lamas Gas & Electric_1932,14 8 105 Sale 10438
95% 103
11
101
G L & coke Istgug 56_11)37 1 J 100 Sale 100
Oh
1943'21 N 69
72
6912
77
81
UN 75
Karetadt (Rudolph) 64
Crdeago Rye 12114 stamped
7612 14
7412 97
Keith 03 1.1 Corp Ira
11
7.5
48
6814 86
_ _19 .44 75 Sale 75
74 Sale 74
Aug 1929 lot 10% pald_1927 F A
89
6
8912 90
89is
8
1947
Kendall Co 634e with warr_ _1943 21
97
8638 983
92
9614 Sale 95
9614 162
Co deb 64
0811.COr9er
33
82 Nov'29
80
7978 U5
1963 A 0 8878 Sale 887
11.4
•
9012 Keyetone Tiler) Co lit 58_ _ _ 1935
8
8918
8
0100 & E 15t 1.1 4e
0112 Dec'29 - _ _
9912 1041s
1940 J
1
K9.11, County El & P g Se_ _ _1937 AO 1014 102
8
677 68
68 Nov'29
77
Cleardel.1 Sit Coal lst 4s
62
25 Dec'29
_ 1231s 130
1997 A0 125 130
1939 F A 7614 Sale 7318
62 119N
klirohnee money 6e
Colon ti cony 65 54
7714 51
7612 Dec'29
_
1943 3 .1
8
783 85
40
Vi
9514 9712 9518 Dec'29
9912 Khige County Cloy 1st g 4n_ _19 IA 7611 78
Colo F I Co gee if k
• A 75
:949
1
7812 78
78
82
3
93
75
80
Stamped guar 46
5a gu_1934 F A 93
8
947 93
8
087
..e 1st &
Col Ind,
9513 1004. Kink County Lighting 6,1_ _195 33 10012 105
0014 Dec'29 _ _ _ _ 100 10514
4
10014 80
4
Colcmola 01 E deb la May.1962 MN 100 Sale 993
12 Dec'29
_ 112 11614
4
195 23 11318 116
First 4a ref 6 tes
9818 10034
7
4
1001 2
Debenture ba____ Apr 15 1952 A 0 10018 Sale 993
6 100 10713
8
1015
92
99s4 KInheY (OR)& Co 734% 00t9446 J O 101 Sale 01
9512 Dec'29
97
Columbus Gm Let gold 64_ _1933 J J 95
..,
3D 10214 103
1023
0214
5
4
.1 923 Sale 923
Kro-ge Found'n ooll It tie.
,
99 104 2
8812 94
8
4
9822
4
Columbus RI PAL let 6HO 1947
8
95% 605
8412 10312
8712 Feb'29
_
8712 871 Krenger & Toll 6s with V710- 1969 MS 95 8 Sale 93
:
Cable let g 98_2397(3 3
Commercial
M N 961 - - 4 9334
9912
3
9512
90
2 963Commercial Credit if
36
10012 1013 00
102
J 91 Sale 85
96 1021$
4
1933
7
91
86
Lackwanna Steel lat be A...1959 M
97
Col tr f 534% 00tel
10018 27
8
973 102
8
8812 9514 Lam! Gas of St L ref&ext 54.1934 S O 100 1017 99
4
933 Sale 927
8
4 29
933
Oen tblInyeat'Fr deb 61_ _1948 31
104% 35
991s 10512
1949 F A 84 Sale 8312
40
Col & ref 3-48 merle/ C._ _1963 FA 103 Sale 03
87
80 11014
Ccny deb 5:40
Lautaro Nitrate Co cony 68_1954
I t Si. _1941 J 3 10414 Sale 0312 1041 2 14 103 106
Cotcuutlnit-Tab-Rec
33 8012 82
57
82
74 104
8012
With warrants
99
93
9513 20
Cont. ay L let k relit 41 1951 J 3 9512 Sale 9512
2
97
923e 99 4
3
98
97
1961 .1 J
9514 96
,
88 8 09
Lehigh C & Nays!434a A.1954 33 97
95
9512 22
Sts.mped guar 410
1
3
' 993 997 993
4
993
8
4
067 101
8
4
_1968 .1 0 7912 Sale 77
Lehigh Valley Coal let g 5e...1933
14
62
8712
7912
Coneol Agrlen1 Loan 610 _
96
Oct'29
96
96
let 40-yr gu hat red 14416_1933 J J
Contoildalied Hydre-Elec Works
101 101
01 Dec'29
89
1934 FA 75 101
2
89
9784
lat&rcfeISs
01 Upper Wnertemberg 7a_ 1956 3 J 9014 9112 89
4
8012
933
75
8012
1944 FA 8012 83
1st & ref a f 54
6112 18
60
6118 Sale 6112
7334
OoneCaIofMd let & ref 64_1950 .1
7118 9311
3
74
74
93
1064 FA 74
1st & ref s f 60
108 162 107
106
3
_ _1946 11 A 103 4 Sale 10517
Comol Gm(N Y)deb 6
88
74
72
72 Dec'29
1964 F • 71
91 1011
8
let&refaf 54
1936.3 D 987 10112 0812 Jan'30
8
Consumer@ Gas of Chic go 5s
A 72
72
75
9018
72 Nov'29
1974
4 103
4 100 104
talk ref ES.
Consumers Power tat Se___ _1962 MN 10318 104 1021
11434 12112
11812
89 10012 Liggett & Myers T4.1)aeco 72_1944 A0 11814 Sale 1712
14
9214
91
92
1944 J D 91
Container Corp 1st 134
4
101,
98 101
7
1951 FA 10114 Sale 00
9112
66
da
7812 19
15-yr deb es wit]wur _ _1943 J D 7814 Sale 77
8 26
1023
96 1231e
02
59
9412 Loew's Ina deb 51 ayttb 111M 1941 *0 101 103
9212 12
Copenhagen Tsidep he Feb 16 11154 F A 92 Sale 92
9212
8
4
88 10011
96% 103
Without stock per warran ta _ * 0 9212 Sale 913
_ _ __ 02 Dec'29
Corn Prod Refg lit 25-yr a f 5614 M N 102
91
3D 90
93
5
93
9012 102
Lombard Elea let Ta with war '62
95 100
10
09
Crown Cork le Seal at ga__ _ _1947 .1
9812 Sale 9838
94
• D
94
2
8814 973
4
9812 10314
WItbout warrants
8 41
1015
Crown-Willamette Pap 64_ 1961 1 J 10112 Sale 0018
1057
8 17 10411 11311
1944 A0 10:54 Sale 0514
3612 794 Lorillard (P) Co 7.3
1
3712
J 36
1930
3812 3712
Cuba Cane Sugar cone 7e
AO
4
023 Dec'29
10244 1053.
58
35
7
RegLitered
42
Certltlrates ct deposit
40 Sale 38
12
s
80
79
7012 917
1951 FA 7912 81
5
54
12 80
37
4
J 3714 Sale 3618
Cony deben stamped 97 _1030
3714
3 88
86
87
7
87
89%
79
1937
Deb 6348
8
34, 571
,
28
Ctfe of deposit
38
3778 Sale 36
99 104
10114 26
84 Loulaville Gus & El (KY) 41-195 MN 101 Sale 101
99% 103
,
Cuban An Sugar lit toll 84_1931 ed 11 9952 Sale 9912
9938 28
2
Oct'29
90
4212
8912 95
40
97 8 Louisville P.) let eon/ he _ _1930 33
,
6
7
4112
Cuban Dim Sue 181 7So___1944 M N 40
43
40
70
23
Oertll'..eates of depoalt
Lower Au@trlan Ridre El Pow44
40
4218 47
7
3
76 $ 87 2
4
8
847
1914 A 83 Sale 83
98 103
13
late1614._
101
Canal)T & T lat & gen 521_ _1937 J
101
3
100 4 101
92
99%
11
97
4
3
•
9812 103% 41.0.2.ory Stores Corp deb 51411'41 JO 97 Sale 063
Fhtyamel Fruit let a f 8a _ __1940 A
8
1037
8
2
1037 Sale 1037
,
59 2 1004
7038
7
,
70 4
Alanatl Sugar 1st a f T 44s_ _ _19 2 * 0 7012 73
Denver Cone Tramw 1st fo_ _1933 A o -------- 76 Dec'27
New York Bond Record—Concluded--Page 6
BONDS
N. Y. STOCK EXCHANGE
Week Ended Jan. 10.
E.6
t
t
0.
Price
Friday.
Jan. 10.
1Vrek's
Range or
Last Safe.
e'47,
Range
for'Year
1929.
INA No. Low
Rich
Lore
Bid
A
5112 68
57
Slanbal By(N T)cow I 611-1920 AO 5612 5634 56
4518 Dec'29
404 60%
50
214.1
2013 J D 47
B 9318 95
9514 Oct'29
_
Manila Elea By & Lt f 54_ _1963
9312 1741!
_
81 Nov'29
9912
85
Marlon Steam Shove if 6t._1947 AO 76
81
Mfrs Tr Co eta of panic In
9412 105
5
A I Namm & Son let Bs_ _1943• D 96
9712
9214 Bale 9112
93
Market St Ry 74 ser A April 1940 Q
33
80
973
8
Meridional El let 7e
93 10014
1957 A 0 98 Sale 97%
9812 17
9812 103
Meer Ed let te ref Le'or C
9
10214 10212 1013
1953
4
10214
69
72
Mgr West Side El(Chic) 4s_1938 P A 68
6814
3014
1
6814
89 Dec'29
89
l'Itag Mill Mach 70 with war_1960 3D
933
8
3D
2
Without warranta ______
80
_ 82
82
9412
83%
idvale Steel &0cony if 54_1936 M
i55 Sale 100
98 100 4
,
100% 47
Milw El fly & Lt ref & ext 4%831 • J 9912 993 9912
4
8
99%
971e 99%
9712 103
Gene-el & ref 36 seriee A 1961 ▪ D 100 103 101 Dec'29
9912 21
lit & ref 58 series 13
98% 1013
1961 3D 9812 Sale 9812
8
J J 10212 Sale 102
Montana Power let 5a A___ _1943
98 104
1025
8 22
Deb 58 eerlee A
1262 3D 99 Sale 99
9512 101
100% 34
Montscatini Mi. & Aerie—
Deb 74 with warranta_ _1937'.3 10118 103 10214
99 127
1
10214
' 96 Sale 96
3
Without warrants
93
0914
9612 47
Montreal Tram 1,t& ref 68_ _11141 33 9512 Sale 9512
91
99 8
,
6
95 4
3
Oen & ref a I 54 series A__1256 AO 917 93 92 Dec'29
90
8
963
4
Series B
9312 984
1956 AO 917
9312 Sept'29
8
3 8218 14
& Co let if 040_1939
7512 8812
82
8212
Mortgage-Bond (70 4,ser 2..1966 AD 73
1
7314
7314 8112
90
7314
10 -mar 64 erodes 8
-25
2
947 9712
1932 .e
97 Sale 97
8
97
Murray Body 1s16 ais
1934
9
89 102
89 Sale 89
89
Mutual Fuel Gas let gu g 64_1947 MN
9912 104
104 104 Dec'29
Mut Un Tel gtd133ext at 5% 1941 MN
98
99
98% Jan'30
Ramm (A I) & Son—See Mfrs Tr
Nassau Elec guar gold as__ 1951 33
Nat Acme 1st,!tle
1942 J O
Nil Dairy Prod deb 6Xs_ 1948 A
Nat Radiator Cleb 63.4.
1947 P A
Nat Starch 20-yeer dela 54_1930 J
•rewark Consol Gan eons 54_1948 3D
New England Tel & Tel 54 A 1962 3D
1st g 42423 terles B
1961 MN
See (Sri Pub Bery let 64 A..1962 AD
!First & ref 36 earlee B__ _ _1966
D
If 2' Dock 50
-year let g 44._1961 FA
Serial5% notes
19311 AO
X Y Edison lit & ref 6249 A.1941 AO
III lien es ref Se aeries B _1944 AO
IT Y Gas El Lt 1.1 & Pr g 6a 194) J O
Purchase money 4011 4e_ _1949 S
NILE&W Dock & Imp 541943 33
N Y Q El L P 1st g 5s_ _1930 P A
N T Rye let R & ref 41s _ 1942 J J
Certificates of deposit
14) year adj lee lie_ _Jan 1942 AO
Certificate, of deposit
N Y Rye Corp Inc el_ _Ian 1905 Apr
Prior lien deserted A
1968• J
N Y & !Bohm Om lit 64 A...1961 MN
N T State Rya let eor.a 4144.1962 MN
let eons 6144 caries 13
1982 MN
R Y Steam let 25-yr El ser A 1947 MN
Y Telep let A gen 414 324_1939 M N
30-year deben if Cs...Feb 1945 A
20-year refundfrm gold 64_1941 AO
er T Trap fork hit 611
1946 J O
trtagara Falls Power let la_ _1932'.3
Ref & gen es
Jan 1932 AO
Max Lock & 0Pr let 5a A ..1965 AG
Slorddeutatbe Lloyd (Brtmen)20-year if 64
11147 MN
Nor A Trier Cam aeb 8144 A._1910 hi S
No Am Edison deb laser A._1957 MS
Deb 5144 eer B._ _Aug 13 1963• A
Nor Ohio Tree & Light 68_1947
G
?for States Pow 21.1-yr 54 A._1941 AC
let & ref 5-yr to series &...1941 AO
North W T let 0214 tts 414.1934
.1
Norweg ElytIre-E1 Nit 620_1957 MN
5114
14
53
5012
4
1023 1013 Dec'29
4
Sale 98%
205
09
29
39
Sale 2118
9912 Dec'29
_
1
10214
Sale 10214
Sale 1054
10612 19
14
9914
9812
100
5
86
Sale 82
2
85
88% 85
821 8212
8212
1
17
75
Sale 70
33
4 114
Sale 1113
45
104
Sale 103
1
4
1043
4
107 1043
2
94
Sale 92%
9712 Sept'29
10014 Dec'29
_
Jan'29
56
43
54
5614 Mar'29
43
I Aug'29 _ _
1 July'2
_
19
678 30
512 6% 5
13
64
68
69
67
6
105
104
_ -- 104%
84
237
2% Sale 22
2312 11
22 Sale 20
10
106
106 Bale 10518
52
100
9958 Sale 98%
11012 24
11012 Sale 11014
1063 Sale 10612
4
107
' 38
9412
2
9412
94
96
5
101
1007 Sale 100%
8
43
4
10212
10212 Sale 1013
10214 Sale 10218
102% 43
5012
1013
4
983
4
39
100
10214
106
9914
82
85
80
75
114
10312
105%
94
924
8912 Sale
53
53%
100% Salo
102 Sale
10018 Sale
10014 Sale
10514 1053
4
9512 98
90 Sale
66
90
8714
5012
51
9912
10012 117
104
103
102
10018 26
9912
21
101
10014
10512
1054
7
Oct'29
95
40
90
8314
Ohio Public Seryles 7 jig •__1946 AD 1105 111 110%
Ill
8
lit & ref 74 varlet B
1947 A 1103 112 11012
11012
4
Oblo Mew Eileen let 83_ __ _1948 J ) 10514 10812 100
106
Old Ben Coal let es
1944 P A
7214
7112 Sale 7112
Ontario Power N 3' let 54_1943 F • 100% 101 10014
100,
2
°Mario Transmit/aloe let U1_1848 M N 100% Sale 100%
8
1005
Oriental Dave guar 64
1953 M
9612
96% Sale 05
Esti deb 5110 lot MN
N
80%
1969
89% Sale 87
Oslo Gas & El Wks esti Ss_ _1983 MS 91 Sale 00
91
Otis Steel let MO.gar• _ _ .1941 M
_
10112
10014 Bale 10014
Pacific Gas & El gen & ref 54 1942
J 102 Sale 1007
102
8
Pao Pow & Lt let A ref 20-yr 6420 A 100 Sale 100
10012
Pacific Tel & Tel let 64
J 10212 Sale 101%
10212
1937
Ref ratite Is series A
105
1952 MN 10414 Bale 103%
Pan-Amer P & T con,ii 64_1934 51 N 103 Sale 103
10314
let lien cony 10-yr 74
105
1930 P A 10412 10514 105
Pan-Am Pet Co(of Cal)con Ba'40 J O 89 Sale 89
94
Paramount-Wway lst 4244._1951 • J 1003 sale 100%
10114
4
Paramount-Pain's
-Lasky 68.1947 JO 99 Sale 9814
9918
Park-Lea Jut leasehold Ohs 1963
1 73
7112 Dec'29
78
Parmelee Trans deb 63
1944 AO 80 Sale 78
80
Pat & Paser.le & El 0004 £11943 MS 100%
101
101
Pathe Each deb 74 with wart 1937 MN 41% Sale 394
52
Penn-Dixie Cement6s
MS 76
1941
82
75
80
Poop Gag & lit eons g 81_l943 AO 11112 114 11112 Dec'29
Refunding gold sa
1947 MS 10212 10314 10212 104
M S
Registered
100 Dec'29
phtladelphia Co see 5a ser A _1987 3D 98% Sale 984
983
4
Palle Elea Co 1,1 434,
1987 MN 9814 9914 97%
99
Plilla & Reading C & I ref 5e_ 1973
' 85% Sale 85
3
86
Cony deb tia
1949 M
9312 Sale 93
9412
Phillips Petrol deb 61411
1939 3D 92 Sale 9012
9212
Plarce-Arrow Met Car deb 861943 M
10512 Sept'29
Plerce Oil deb if 84._Deo 16 1931 J O 103 Ccis 103 Dec'29
Pilbibury Fl Mills 20-yr tle_ _1943 AO 10314 104 10412
10412
Pirelli Co (Italy) cony 74__ _ _1952 MN 1043 106% 1053
4
4
107
Porch Con Collieries) 11(3
(11541957 J J 1)412 Sale 9412
9412
Port Arthur Can & Dk 64 A_1953 FA 103 104 1033
4
104
hut NI Be eartee B
1953 A 102
10114 Nov'29
N 9612 Sale 9612
Portland Elec Pow let Si B._1947
9712
Portland Clan Elea let 54___ _1931,
.1 100 104 103
103
Portland fly Sat & ref 54_ _ _1930 MN 9718 9312 97
98
Portland Ry LAP let ref 54..1942 FA 9634 0912 98
98
lot lien & ref()seeded B_ _ _1947 MN 9712 101
9712
9712
let lien & tel 734.series A.1946 MN 104% 115 105
Jan'30
Porto Rican Am Tel)cony 64 1942 1 .1 91 Bale 91
01
Postal Teleg & Cable ooll 5e_1963 J J 9312 Bale 9312
043
8
Pressed Steel Car eon,g 54_ _1933 33 85 Sale 823
85
4
Pub Baty Corp N ./ deb 4344_1948 A 187 Sale 183
19014
Pub Sere El & Gas let & ref 64 05 3D 10312 104 103
104
III & ref 4.34.
1967 3D 9814 Bale 973
4
0812
Punta Alegre Sugar deb 74....1937 33 5212 60
5212
55
Pure Oli 1 414% notee
1937 P A 10014 Sale 993
4
10012
Purity Bakeries a f deb 5e
1948 J J 96 Sale 96
9612
Remington Arms Si
1937 MN 94 Sale 94
94
Rem Rand deb 5144 with war '47 MN 943 Sale 1)214
943
4
4
Republet Brass Si
July 1948 MS 102 Sale 101% 10212
liepub IA El 10-30-yr 611l-.1940 AO 10214 Sale 10114
10214
Ref & gen 6244 series A-1953 33 101 1025 10012
102
8
Relnelbe Union 78 with war_1946 J
10214 Sale 99
34
1007
8
' 944 Bale 93
3
Without Itk pureh war_ __1948
95
5
6
3
'2
70
122
13
37
50
6
10
22
34
1
19
24
54
13
4
78
13
13
176
31
13
51
111
_
2
1
18
3
28
1
6
1
6
102
24
64
15
5
12
107
29
2
62
21
8
22
26
32
4518 64
101 11,24
9218 99
20
8214
98
903
4
99 10312
10114 107
96 10014
96 4
3
81
7912 5612
4
7312 873
90
70
110 115 4
3
100 105
9814 1074
96
9534
9714 9814
93 10014
56
545
58
66
1
23
s
1
3
4
2412
63
87
10114 106
1014 64
1014 70
1027 108
e
93 101
10912 112
10414 10812
9212 161
9912 103
100 10311
99 10414
8412
4172
97
99
94
97 8
,
100
9118
8512
94
SU
102
103'4
10314
103
10612
12.153
4
9212
10918 11312
109 11512
102 10712
707 91
4
98 1027
8
97 103
9) 977
8
83
00
85
94
994 10512
99 1034
9714 100%
9912 1034
1007 10614
4
101 11014
1023 10514
8
92
9812
97 103
9112 100 4
3
70
9512
79
86
9912 105
29% 84
60
974
110 113
1004 10544
99 100
9512 100
90 10012
81
94
85 11814
80
94
10012 10934
103 107
101 10014
1074 15412
9412 96
100 1053
4
1014 10638
9312 10314
9212 102
95 8 99
3
9412 too
92 10212
102 10712
89 107
89
05
75
99
135 300
10014 105%
954 100
5512 88
96% 1004
89% 963
4
92% 101
88
99
997 103%
2
100 10314
9912 104
139 1067
e
747 98
4
BONDS
N. V STOCK EXCHANGE
Week Ended Jan. 10.
Rhine-Main-Danube 7e A _ _ _1950 MS
RhIne-Weatpluilta Elm Pow 721'50 MN
Direct mtge Be
1962 MN
Cons m 6,0!'28 with war_1933 P A
Without warrants
Richfield 011 of Calif Ga.__ .1944 MN
alma Stool 1st s 1 74
1915 A
Rochester Gas & El 78 ger B _1946 81
Gen mtge 514a series C
1948 MS
Gen mtge 4144 series 13_ 1077 M S
Roch & PILO]ChIpm be__ _1946 MN
St Joe RI Lt & Pr let 5s__ _.1937 M N
St Joeeph Stk Yds let 4 34o. _1930 J J
St L Rock Mt AP6n stmpd_1955 J J
.• 1
St Paul City Cable cons 58_ _1937
'
3
San Antonio Pub Serv lat 64_1952
Saxon Pub Wks(Germany) 74'45 FA
Genre!guar 614a
1951 M
1946 3
&hula)Co guar 824s
Guar 81624s series B
1948 AO
Sharon Steel Hoop 0 1 530_1948 MN
Shell Pipe Line i 1 deb 5._ _ _1952 MN
Shell Union Oil s 1 deb 514._1947 MN
ID
Shlnyetsu El Pow tat 624s-1952
Shubert Theatre 8s_June 15 1942 • D
Siemens .14 Reinke et 74
1935 33
Deb a 16244
1951 54 S
Sierra de San Fran Power 36-1949• A
Silesia Elec Corp if 6244_ _ _1948 A
1941 A
Eillersian-Am Exp eon Pr 7s
Simms Petrol 8% notes
1929 hit N
Sinclair Cons 01115
-year 70_ _1937 M
hat lien colt 6s series D
1930 MS
1s1 Ilen 644s series D
1938 ▪ D
'
3
Sineallr Crude Oil 624e ear A.1938
Sinclair Pipe Line e f 54
1942 AC
Skelly Oil deb 5114
1939
Smith (A 0) Corp let 634L_1933 M N
South Porto Rico Sugar 7e_ _1941 J
South Bell Tel & Tel 1st e 15e 1941
1st s f Os temporary
104 ) J
Southern Colo Power 641 A 1947 3 .
1
Solvay Am Invest 58
1942 M S
S'weet Bell Tel lit A ref 50 1954 A
Spring Val Water lit g 5e
1943 MN
Standard manna laa 5
1930 MN
8
let & ref 6'4,
1946 MS
Stand Oil of NJ deb 58 Dec 15'46 P A
Stand 01101 N Y deb 444s...1951 JO
Stevens Hotel let Bs series A.1945 3 3
Sugar Estates (Oriente) 7s_ _1942 MS
Syracuse Lighting let g 6I... _1961 3D
269
Price
Friday,
Jan. 10.
Week's
Range or
Lan Sale.
4•
Range
for Year
1929.
Ask Low
Bid
Nigh No Low
Nigh
4
101 10112 10112 10212
9612 103,2
10212 10312 RIO
1004 13
9912 10214
8712 Sale 86
71
8712 25
93%
83 Sale 8612
8312 933
8
9014 38
4
8514 ____ 85
85
834 8914
5
96 Sale 95 8
97
69
95 10212
3
90
90
89
96
3
4
18 14 Sale 1063
05
8
10814 35 104% 110
105
__
105
5 103 107
105
100
97 Dec'29
954 1004
_ _99
90 Nov'29
90
9412
04
9312 9814
9414 94 Dec'29
9412 99 Feb.
94
99
29
99
60 Bale 960
60
0
60
77
Nov'29
__ 847
8
897 94
8
12
1(53 5 1054 105
8
997 10712
8
10514
14 15
933 94
4
933
4
PO 10018
94
6
8712 87
86
7912 94 4
88
,
4
0512 9678 45
45
51
50
50
50 101
3
50
50 101
9512 Sale 9512
7
96%
94 100 4
,
49
7
91
94 Sale 93 8
96
97
953 Sale 954
4
9112 98%
9614 42
8
8
8312 94
85% 8812 85,
8812
4714 Sale 4612
4712 24
47
9112
8
10234
4
1023 Sale 10112
98 105
38 100 108
103 Sale 10112 103
10
94 101
9812 994 91(14
9914
1
82
70
89
801_2
27
92
8912 99
92
91
10
90'2 Oct'29
802
99 100
148
9612 10312
102
115- 4 Sale 10014
13
98 10012
0 2
0
: 10 114 65
197, Sale 993
0014 974 997
41
96 101 4
,
91
9714 sa e 9712
9 Balo 9
5
971
l
4
4
9514 71
9,
72
64
8912 95
12
847 951s
4
9314
9214 Bale 92
10
997 104
8
102
102 Sale 101%
1 10012 107
1044 10512 10512
10512
139
997 10414
8
10212 Sale 14,
100 1023
Dec'29
8
5 100 10412
94
0212
153- Sale 193% 104
9512
4
91
104'. Sale 1044
1043
4 19 101 10514
9612 10112
98 Sept'29
993 102
8
23
973 1023
4
4
100 Sale 100
100
5
95 4 105
3
102%
1023
8
10014 102%
10212 Sale 10112 10312 73 100 10311
11212 98
96% Sale 96%
9714 86
9
86% 100
89 Sale 884
8918
98
9
49
45 Bale 45
47
4
102 107
10314 ---- 1033 Dec'29
Tenn Coal Iron & RR gen 5e_ 1951 J J 10212 --- 10218
9712 98
Tenn Cop & Chem deb 0413_1944 M
972
4
Tennessee Elec Pow lit Os_ _1947 • D 105% Sale 1053
Texas Corp cony deb Os__ _1944 A 0 10114 Bale 101
1
5014 Bale 4512
Third Ave tel ref 44
1480
All ice 54 tax-ex NY Jan 1960 AO 3(1 Sale 28
9214
95
Third Ave By Int g 54
92
1937 J
Toho Elec Pow 131 70
1955 MS 98% Sale 9312
_ 962
6% gold notes_ _ _ _July 15 1929 J
6% gold note,
2
1932 J J 97% Sale 967
Tokyo Dec Light Co. Ltd
,
1953 31) 8912 Sale 87 4
1st (44 dollar series
Toledo Tr L & P 614% notes 1930 3 J 1004 Bale 10018
J 99% sale 98
Transeont OIl 113.54 with war 1938
90
90
96
Without warrants
Trenton
& El 1s1 g 54----1949 MS 10214 _ _ _ 10214
2
7912 Bale 79,
Trusx-Traer Coal cony 6 1_ 1943
MN 10214 102% 10214
Trumbull Steel let.f
j 35
40
50
Twenty-third St By ref 5,1,-- 1282
N 9218 96
94
Tyrol Hydro-Elea Pow 7210-1951
Guar sec el 74
1953 A 8712 Bale 8718
,
98% Sale 97 2
Ujigawa El Pow u f 74
1941 M
Unloo Elee Lc & Pr(M0)58-193 al S 100 Sale 100
Ref & ext Si
1932 SIN 10018 100% 100
Un ELAP(111) 1st4514seer A.'54 2 .1 1014 10212 101
Union Elev Ry (Chic) 54
1941 • 0 _
773 76
s
4
- Sale 983
3i4
Union 011 let lien.1 5.
1931 .1 3 9f
30-yr fls seder A ...May 1942 P A 107
_ 107
91112 98
lot lien,f 6s serial C _ Feb 1936 S O 98% K 9912 Sale 993
United Biscuit of Am deb 62_1942
4
5
United Drug 25-yr 541
1953 MS 94 Sale 93 8
72 Bale 72
United Rye St L let g 44-193 .1 .1
4
8
United SS Co 15-yr 68
1937 MN 9912 Sale 973
D 8714 Sale 8512
Un Steel Works Corp 63.49 A _1951
D 8612 Sale 853
Series C
1951
4
United Steel Wks of 13urbach
Esch-Dudelange .17.. _ 1951 A 0 104 Sale 104
U II Rubber let & ref 5s ger A 1947
85 Sale 841s
A 10014 Sale 10018
10-yr 714% Secured notee_1930
61 Sale 61
Universal Pipe & Ran deb 63 1938
Unterelbe Pr & Lt 64
1953 A 0 84 Sale 81
Utah Lt &Trae let & ref Se_ _1944 A 0 933 Sale 93
4
A 9912 Sale 99
Utah Power & Lt 1st 58
_ _1941
Utica Elec L & P let f g 54.1950
1023 -- -- 99
4
Utica Gas es Elec red & ext 561967 ./
1033 Sale 10214
4
Utilities Power & Light 6244_1947
8712 Sale 87
Dec'29
24
99
23
106
1017 765
2
5014 40
307 120
2
Dec'29
9918 22
July'29
973
4 73
10014
58
102
98
47
22
90
95,2
VA
954
897 180
8
100
52 22
9914 89
5
90
10214 14
S
80
28
103
2
4978
2
94
25
88
65
99
10014 15
10014
9
10212
Dee'39
981
4
3
107
987
4 17
2
993
4
8
947 109
7312 14
9012
87
89
8612 37
85
9112
9812 100 2
,
94 1043
4
87
921/
95 10112
7512 10312
111012 10314
39
62
88
9912
25
9212
95 100
97 101
9674 1013
8
100 104
76
87 2
,
964 101%
104 109 3
,
94 1013
4
942 100 4
3
87
9714
69
1 412
,
90 100
79 2 90 2
,
,
9014
80
1
104
123
85
100% 108
17
Cl
37
85
9334 33
99%
Jan'30 -1033
4
16
8712 26
1004 108
89
723
4
s
Ws 1023
533 90
4
77
91
89
96 2
,
90 101:
96 1043
4
100 107
8612 98
Vertientee Sugar let ref 74..1942 JO 62 Sale 62
Victor Fuel let at Se
30
1913 J J 21
45
Va Iron Coal & Coke let g 5e 1949 MS 6914 72
70
Vs By & Pow hit & ref Ss. _ _1934 I .1 10014 Sale 10014
Walworth deb 15144 (with war)'35 AO 91
87
98
Without warrants
87
88
90
let sink fund Be eerie. A _1946 AO 863 Sale 8518
4
Warner Sugar Refin let 74_ _1941 3D 10412 Bale 10412
' -60 5612
3
Warner Sugar Corp it 74___1939
Stamped
5112
4oi2 55
Warner-Quinlan deb 62
1939 M
8712 873 87
Wash Water Power.f 54_ _ _ _1939 3' 102 Sale 102
pampa ltd 1950 J O 10314 Sale 103
WeeMhee Ltd g
West Penn Power 'or A 5s_ _1946 MS 1015 1023 102
8
1st Se aeries E
1983 MS 103 Sale 103
let 524s aeries F
1953 AO 105%
_ _ 10412
let sec 5a orgies(1
1958 3D 103 8 Sale 10212
3
Weet Va C &C 1.1 61
'
3 15
1950
14
20
Weetern Electric deb 54
1944 AO 1023 Sale 10218
4
' 102 1023 102
Weatern Union cell tr cur 64_1938
3
Fund & real est g 214__ _ _1950 MN 98 Bale 9712
15
1938 F A 109 Sale 10812
-year 0 nee
25
-year gold be
1961 JO 10214 Bale 10214
Westphalia Un El Pow 64_19.53 J J 7714 Bale 7618
Wheeling Steel Corp lit 5144 1948 3' 101 Sale 101
let & ref 4 ate series B _ _1953 AG 8714 87% 8718
White Eagle Oil& Ref deb 54437
With stock purch warrants_ _ _ _• B 106 Sale 10212
Whit.Sew Mach 64(with war)'36
.1 90
99
99
Without warrant,
79
80
Panic
1940 MN 73
deb as
75
74
Wickwire Spec Bt'l lat 74_ _1935
3 251g 30
2512
CU ;ley Chaise Nat Bank.....
27 Sale 2518
Wickwire Bp St'l Co 74_Jan 1436 MN 2514 28
25
C1.1 dep Chase Nat Bank
254 28
25
Winn-Overland a f 6244-_ _1933
____ 99
98
Wibion & Co lit 25-n4161_1941 AG 100 Sale 100
Winchester Repeat Arms 734.'41 AO 10114 Sale 101
Youngstown Sheet& Tube 58 1978• J 1011/ Bale 101
62
Dec'29
Jan'30
10012
87
8818
873
4
107
561
Jan'30
88
102
Dec'29
102
103
10514
1041
14
103
102
98%
110
103
7714
102
87%
8
58
973
8
2014 40
687 82
8
9711 101
8518 10412
3
84 4 92
8312 95
957 10712
8
50
853
4
50
55
83
99,
4
98 1023
8
10018 1053
8
9,912 104
100 106
101 107
100 105
111s 3314
lt10 105
100 1043
4
95
99,
4
10514 111
99% 10312
71, 90
2
93 102
8412 8918
106
Oct'29
Dec'29
74
2512
27
29
2514
100
101
102
10112
18
5
3
42
11
2
14
5
7
3
4
37
1
24
2
29
35
17
26
33
45
63
4
1
15
25
26
7
72
1051s
110
107
103
66
64 4
3
97
14
100
10011
973
s
8
95 1057
98 130
7413 9912
74 10011
61
28
2514 47
2514 604
254 48
98 IO2%
9612 1031s
9912 108
99 102
270
[VOL. 130.
FINANCIAL CHRONICLE
Outside Stock Exchanges
Sept
July
July
Sept
Jan
Apr
May
Sept
Jan
Jan
Mar
Jan
Aug
May
Sept
Sept
Oct
Nov
Sept
Mar
Aug
Jan
45 15
330 20
111
9
270 17
526 82
20 38
90 32
500 174
33 100
50 12
4,175 114
475
5
2)4
253
100 89
56 104
110
7
616
7,140
25 100
Nov
Oct
Nov
Nov
Nov
Nov
Dec
Dec
Nov
Nov
Oct
Dec
Nov
Dec
Apr
Dec
Nov
Oct
614 Jan
83
Sept
174 Feb
234 Jan
1424 Aug
50
Sept
47
Jan
354 Feb
130
Sept
244 July
284 Sept
10214 Feb
12
Aug
93% Feb
22 , Sept
13
Jan
18 June
1124 Mar
114
14 114
223
10
National Leather
4
62
5
5
National Service Co
92
20 87
•
92
Pub Sorvioe
N Eng!
43 9634
98 100
Prior preferred
330 135
147% 1464 147%
New Engl Tel &
100 30e
50c
50c
100
Nor Texas Elec
134
100
314 314
100
Preferred
254 204 27
2,477 174
10€
Pacific Mills
4,642 15%
18
1714 18
Public Utility Hold com___
I
1,360
5
414 5
Second Inc Equity
20 15
1714 1714
Second Intl Sec Corp
718 15
16% 16
16%
Shawmut Atlall Con Stk..
25 12
5
5
Southern Ice Co
20' 81
70
100
70
Preferred
245 108
82
82
Stone & Webster Inc
446 1214
100 135% 1354 136%
Swift & Co
110 55
64
63% 67
Torrington Co
1%
125
114
114
Tower Mfg.
25 10%
12% 1214
Tricontinental Corp w L _
300
500 50e
30e
Union Cop Land & Min _25
1.822 25
5 5034 484 50.4
Union Twist Drill
175 12
12
12
United Car dr Fastener.... 12
40,079 25
United Founders Corp . 40% 36% 41
2,849 5514
United Shoe Mach Corp_25 6114 5914 62
31
562 31
31
25 31
Preferred
100 3734
1514 1914
U S & Brit Int pref
21
1914 22
23.735 12
S Elec Power Corp
16
16%
174 3,160 1434
US & Overseas Corp corn. _
11
11
50 10
Utility Equities Corp. •
370 68
71
75
Utility Equities Corti pfd •
1
114
134
40
Holding Corp...
Venezuela
Venez M ex Oil Corp_ ...10 7714 764 77% 3.635 66
39 75
79
75
100 79
Preferred
65 35
49
50
Waltham Watch class B__• 49
96% 96%
6 96%
100
Prior preferred
30 41
27
27
pref__ .50
Warren Bros 1st
56 4934
50%
50 50% 50
Second preferred
30 25)4
114 2
Westfield Mfg Co com____ ------
Dec
May
Nov
0.1
Nov
Dec
Dec
Dec
Dec
Nov
Oct
Oct
Aug
July
May
Nov
Nov
Dec
Dec
May
Mar
Dec
Nov
Nov
Oct
Nov
Nov
Dec
Dec
Nov
Nov
Feb
Dec
Dee
Dec
Aug
Dec
Nov
6%
9
9/
51(
1044
175
10
3514
37%
38
49
25
35
15
83
200
145)4
85
1734
564
114
65k
2216
7514
87
31%
48
3314
38
3834
155
94
83
954
70
102
654
63
2
54
604
32%
5
66
35
100
Aug
Sept
Nov
Deo
Sept
Oct
Dec
Dec
Dec
Jan
Dec
Dec
Nov
Nov
Nov
Nov
Dec
214
500
Oct
Oct
1534
Galv Houston Elec pref 100 15%
43% 43
General Capital Corp__
914
916
Georgian Inc(The) pf A.10
18
•
Gilchrist Co
Gillette Safety Razor Co.• 1034 98%
41
Greif Bros Coop'ge class A.
38
Hathaways Bakeries el A__
20
20
Hathaway Bakerles Cl B._
104
Preferred
1314
Insuranshares Corp Cl A_
15%
Internet Carriers Ltd corn. 16
614
International Corn
3
Jenkins Television corn...
88
Kidder Peab ace A pfd_100
17%
Libby McNeill & Libby _10 1814
714
25
Loew's Theatres
8%
64
Mass Utilities Mao corn._
105%
Mergenthaler Linotype-100
Mining
Arcadian Cons Mining_ _25
5
Arizona Commercial
25
Calumet & Hecht
25
Copper Range Co
East Butte Copper Mln_10
Island Creek Coal
25
Isle Royal Copper
25
Keweenaw Copper
La Salle Copper Co
25
Mohawk
25
New River pref
100
North Butte
15
Old Dominion Co
25
C Pocahontas Co
•
Quincy
25
St Mary's Mineral Land_25
Shannon
10
Silver King Coalit'n Mines5
5
Utah Apex Mining
Utah Metal & Tunnel_ ___1
Bonds
Amer Agric Chem 7348 '41
Amoskeag Mfg ea.__ _1948
Breda Co (Ernesto) 761954
Canadian Int'l Pap 68_1949
50c
114
324
18
1214
4716
314
8
104
194
274
81
50c
134
30
14%
116
424
114
2
36e
44
60
3
614
10
17%
2514
100
914
214
80e
103%
79%
664
92
154
45
94
19
105
42
39%
20,4
106%
13%
16
714
34
88
19
8
914
10554
600
14
324
16
134
43
12%
216
36e
47%
64
316
8
104
19%
27X
150
9%
214
70e
300
1,590
670
400
25
14
1.365
420
25
481
70
6,576
2,598
445
856
425
460
100
620
780
1034 $4,000
66,000
81
684 7.000
2,000
95
250
14
26
14
114
374
10
1%
900
41
55
24
54
84
17
22
75
Nov
6434 Nov
92
Nov
3834
7%
354
64%
87
814
1914
22
50
46
550
Jan
Sept
Jan
Jan
Sept
Jan
Jan
Apr
Oct
Sept
Deo
Sept
Jan
Mar
Aug
Sept
Sept
Feb
Aug
Mar
July
Sept
Oct
Jan
Jan
Oct
Oct
Sept
Sept
Aug
Jan
Sept
Jan
Jan
Jan
Oct
Oct
June
Feb
Jan
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Sept
Apr
Mar
Mar
Mar
Feb
Mar
Mar
614 Mar
24 Mar
Jan
90
96% Feb
July
95
Stocks-
OW.
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
•
Almar Stores
*
American Stores
50 3714
Bankers Secur pref
Bell Tel Co of Pa pref_ _100
Boma Inc
•
13ucid (E G) Mfg Co
Preferred
10%
Budd Wheel Co
Preferred
When issued
Camden Fire Insurance_ _ _ -----4
Central Airport
Commonwealth Cas Co_10
Elec Storage Battery-100
10 37
Fire Association
Horn & Hard't(Phila)com •
Horn & Hard't(N Y) pf.100 9914
Insurance Coot N A _ _ _ _10
Lake Superior Corp_ _ _ _100 1116
50 107
Lehigh Coal & Nay
3434
Manufact Cas Ins
Mark (Louis) Shoes Inc__*
Mitten Bank common
177.4
Preferred
Penn Cent L & P cum pref * 77
Pennroad Corp
117
Pennsylvania Insurance
50
Pennsylvania RR
Phila. Dairy Prod pref
Philo Elec Power pref _ _25 32
Philo, Inquirer pref when Lss 49
Phlia Ra id Tran 7% pf _50 38
50 41
Phila Traction
Real Est Land Title new.. 49
10
Rellarce insurance
2314
Shaffer Stores Co
Shreve El Dorado Pipe L 25 10
--____
Sentry Safety Control
Tono-Belmont Devel._ .1
174
I
Tonopah Mining
50 27
Union Traction
temp ctfs.__ -----United Corp
Temp ars preference_ ___ - -__United Gas Im pt corn new. 3416
9814
Preferred new
US Dairy Prod class A...• 63
Co...10 --____
Victory Insurance
Rights
Pennsylvania RR
3
4
45
49
37
384
113% 115
814 10
916 11%
68
64
84 104
95
95
84 934
22% 23
314 44
,
20
2214
70
72
3616 374
148 160
994 100
70
75
10% 1114
102 110
33
3415
4
14
16
20
17
19
7516 77
13
1334
114 117
724 7434
91
89
314 324
50
49
38
44
41
44
474 4934
16
18
234 23%
914 1014
54 614
4
X
114 2
26% 2714
31
3314
464 4734
3234 3414
98
99
54
52
16
175(
234
Range for Year 1929.
Low.
2
975
1,800 40%
9,975 37
520 110
100
84
934
18,400
25 564
84
11,700
2,500 85
1,500
83,4
2,300 22
3
900
100 20
275 V%
1,700 35
100 148
120 9914
2.500 574
8
1,400
1,200 85
200 29%
%
400
200 15
2,960 154
20 73
300 12
19,900 95
26,600 724
55 85
2,500 31
400 40
955 37
200 38
2,700 43
200 1414
2,400 22
9
750
4
400
16
700
4
5,700
660 25
15,500 25
2,625 42
4/,500 23
200 87
200 48
400 151(
314 207.400
Bonds3534 $27,006
Elec 4 Peoples tr ctfs 45'45 354 34
1,000
10334 10.14
Leh Pow Sec Corp 6s..2028
1.000
100% 1004
E'enna NY Can 48
2,000
45
45
Peoples Pass tr ctfs 48_1943
1,000
9814 984
1967
Philo Co 58
1,000
89
89
Philo Eiec (Pa) Ist s I 48'66
1st lien & ref 5s._ _1960 10334 10316 10314 4.000
1966 10434 10314 1044 9.300
1st 58
1st lien & ref 54s._1947 10534 1054 10634 12.000
103 10534 4,200
1st lien & ref 5 As- -1953
1054 10514 17,000
Philo Elec Pow Co 514s '72
5.000
9534 96
;trawbridee & Cloth 56 '48
97
9814 13,000
Warner 1st 68
2.000
91
DI
Nov
Nov
Jan
Oct
Jan
Nov
Jan
Jan
Oct
Jan
Nov
Dec
Nov
Nov
Oct
Jan
Aug
Nov
Nov
Nov
Oct
Oct
Dec
Dec
Nov
Dec
Nov
Jan
July
Nov
Dec
Oct
Der
Der
Nov
Nov
Nov
Nov
Nov
Nov
Dec
Oct
Mar
Nov
May
Jan
Dec
High.
o0,100
122%
15%
2912
3104
24
106%
107
4116
94
88%
120
4716
2034
8
55%
83
9414
30
50
1024
440
494
C 1 ati.tag
4nOWIO,=00V,
777M•04V00=7090,Vo.4c0.4"40crOneD
Dec
Jan
July
Jan
Nov
Dec
Dec
Dec
Nov
Nov
Dec
Dec
Nov
Oct
Nov
Nov
Nov
Dec
Nov
Nov
Nov
Oct
Philadelphia Stock Exchange.
-Record of transactions
at Philadelphia Stock Exchange, Jan. 4 to Jan. 10, both
inclusive, compiled from official sales lists:
Pvt.a.S.P.oPmPPnrn.C,.P0P.5-.0.0,".5.0040,°C."
Oer0,,
4 7,
Miscellaneous
Am Founders Corp corn stk 3114 3016 3214 21.377 28
2%
990
5% 611
Amer Pneumatic Berv___25
65 15
204 20%
25
Preferred
2,276 193
,
4
Amer Tel dr Tel
100 2191 21616 22114
• 174 12% 1734 3,241 10
Amoskeag Mfg Co
23 75
76
80
Bigelow-Hartford Carpet.
17 99%
100 101
100 101
Preferred
22
23
300 20
Beaton Personal Prop Trust
115 794
83
85
Brown Co preferred
16%
31%
781
29
Columbia GraphoPhone•
544
116 44
48
Cent Sec Corp
15
18% 2,990 15
Credit Alliance Corp Cl A.._ x16
1214
914
12
12
949
Crown Cork & Int'l Corp_ _
3
416 414
245
4%
10
East Boston Land
26%
360 23
264 26
East Gas & Fuel Assn corn _
77%
580 74
100 7634 76
% prior pref
92
93
96 89
100 93
6% cum pref
26
26
588 25%
Eastern S 9 Lines Inc new
45
45
400 42
• 45
Preferred
95
96
35 95
100
let preferred
100 x238 x237 243% 1,096 201
Edison Eke Blum
22% 2315
1,498 20
23
Empl Group Assoc
• No par value. s Ex-dividend.
14 June
Jan
0
,1
Se ,d
0"t
Nov
June
May
June
Oct
Mar
Nov
Oct
Dec
Nov
34
102
91
43
96
88
100%
101
104
10114
102
9434
964
80
.1
July
Sept
Sept
Sept
Feb
Feb
Jan
Jan
Jan
Oct
Oct
Feb
Aug
Dec
Feb
go
204
9014
141
180
1074
27
564
72
70
8616
132
13914
110
314
121
1,934
67
12
7
49
25
150
55
80
19
160
65
3,776
6,309
14
07V00n000V,
4000
May
Apr
Nov
May
June
Dec
Dec
Dec
Dee
Jan
Mar
Apr
Mar
Dec
Apr
106
80
125
160
102
94
2614
42
48
84%
112%
126
74%
3
116
PP.MW,,,PPPMPPPP
104%
71
108
140
99
6
2514
40
47
62
8234
120
7214
24
113
104% 104
79%
125
160
102
916
25%
2516
37
48
8414
1124 1094
125%
126
7434 72
216
116
Deo
Jan
Jan
Feb
Jan
Sept
Jan
Jan
Jan
Mar
Jan
Feb
..
Jan
139 168% Oct 182
Nov 88% Jan
580 65
Jan
Oct 101
15 80
May
Sept 116
72 100
Jan
180 84% Dec 108
High
101
89
64
80
196
1094
99%
100%
924
125
102
100%
,_.....
High.
June
Juno
Dec
Oct
June
Nov
May
Oct
Oct
Nov
Oct
June
..
kaa=a,0-4w
tow,..aaaaw=.w
0....:00a.....to*0'wa,.a-w,..0300'0,-.....03.-wa0330030303ww,00
XX XXX=
XX XXXXXX
4XXX
X XX X X X 4
175% 175% 17736
71% 67
72
88
85
106 108
89
93
Low.
Low.
101% 8,000 94
86
3.000 83
4314 10,000 43
1,000 50
46
2,000 824
93
100
9,000 89
9,000 96
99
1004 11,000 96%
89
2,000 8934
100
1,000 100
um
3,000 994
1004 22,000 98
90
1,000
a
X
Railroad
100
Boston & Albany
Boston Elevated
100
100
Preferred
let preferred
100
2d preferred
100
Boston & Maine
Prior preferred stPd__100
Ser A let pfd skid_ _100
Ser B 1st pref stpd_ _100
Ser D 1st pref stpd_ _100
Chic Jet By &U SY' pf 100
East Mass St Ry com _100
East Mass St By adjus_100
Preferred B
100
First preferred
100
Maine Central
100
NYNH& Hartford__ _100
Old Colony
100
Pennsylvania RR
50
Rights
Vermont Mass
100
Range for Year 1929.
Chic Jet By US Y 58_1940 101
101
4s
1940
86
E Mass St RR 416s A_1948 43
43
1948
58 series B
46
Hood Rubber 7s
1936
93
Hydro-Elec Sys 65 '44 99
98%
Mass Gas Co 414s_ _ _ _1931
99
New Engl Tel & Tel 581932
100
New River 58
1934
89
P C Pocahontas 78 deb 1935
100
Swift k Co Es
1944
loon
Western Tel dr Tel 5s_ _1932 10011 loom
90
Whittal M J Asso Ltd 5537
Range for Year 1929.
.._.
Stocks-
Friday
Sales
Last Week's Range for
Week.
Sale
of Prices.
Par. Price. Low. High. Shares
Friday
Sales
Last Week's Range for
Sale
of Prizes.
Week.
Bonds (Concluded) Par. Price. Low. High. Shares
.0.0o0occ
,a000
:30,aa-.4aawacow.I.
XX
XXX=
Boston Stock Exchange.
-Record of trsanactions at
the Boston Stock Exchange, Jan. 4 to Jan. 10, both inclusive, compiled from official sales lists:
• No par value.
-Record of transactions at
Baltimore Stock Exchange.
Baltimore Stock Exchange, Jan. 4 to Jan. 10, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales.
Last Week's Range for
of Prices.
Week.
Sale
Par. Price. Low. High. Shares.
Appalachian Corp w I
•
Arundel Corp
Atlantic Coast L(Conn)_50
Baltimore Trust Co new _50
100
Baltimore Tube
Ben -Joyce Aircraft corn-•
Black & Decker corn
25
Preferred
Central Fire Insurance_ 10
Voting trust certifs _10
Commercial Credit pref _25
25
Preferred B
Consol Gas. EL dr Pow_ _*
100
6% pref ser D
514% pref w I ser E_ _100
100
5% preferred
*
Davison Chem corn
Delion Tire dr Rubber__ •
•
Eastern Rolling Mill
Scrip
Emerson Bromo Seitz Awl
25
Equitable Trust Co
Fidelity & Guar Fire_ ___10
50
Fidelity & Deposit
Finance Co of America A.•
F1661106 Service, corn A.10
Common class B
First Nat Bank iv 1
Houston Nat Gas war
Houston Oil pref v t e__100
Mfrs Finance corn v t._ _25
25
2d preferred
Maryland Casualty Co_ _25
5
41
38
453.4
23
1003.4
10614
101
2234
25
31
145
41
175
11
50
80
91
4
5
4014 41
170 170
38
3814
12
12
13
13
4534 474
27
274
2914 303.4
304 3014
2234 234
23
23
93 1004
110 1104
105% 1064
10014 101
2924 2934
25c
30e
23
21
2614
20
33
30
145 150
41
39
171 177
104 1214
14
14
1214 1234
51
50
40
40
7724 80
16
16
13
13
8734 91
155
430
5
736
10
10
120
86
30
25
10
25
395
11
10
61
100
500
77
8
136
350
61
109
120
24
50
268
3
110
52
45
150
Range for year 1929.
Low.
5
31
175
38
12
14
31%
27
30
33%
22
22
79
10714
1004
99
5214
25c
20
27
25
10
394
148
11
14
1616
45
40
79
1734
144
88
High.
Oct 1234
Nov 46
Oct 2014
Dec 245
Oct 21
Dec 26
Jan 6914
Feb
2834
Nov 42
June 45
Nov
2616
Dec 27
Nov 146
Dec 112
Dec 1094
Nov 103
July 524
Dec
54
Nov
3916
Oct3834
Nov
3914
Dec 165
Dec 87
Nov 314
Jan 16%
Oct 20
19
July
Dec 604
Jan 40
Oct92%
Aug 36
Nov 194
Nov 18314
Sept
Aug
July
Oct
Jan
June
Sept
Sept
Sept
Aug
June
Feb
Aug
June
Mar
Jan
July
May
Aug
Sept
Oct
Sept
Jan
Apr
Sept
Mar
Mar
Feb
Jan
Jan
Feb
Jan
Jan
eo,
w
79
5534
34
4954
9951
67
66
80
63
42
56
9934
7235
6755
Low.
High.
40
23
18
13
73
38
2834
Oct
Dec
Oct
Jan
Nov
Jan
May
30
34
39
7
42
8
80
50
36
Dec
July
Oct
Sept
Nov
Jan
Oct
Jan
May
Jan
Apr
July
Oct
Jan
Jan
Oct
--May
52
53 May
July
39
1351 Jan
9451 Jan
July
21
Jan
96
Jan
54
42
Feb
9355
9334
94
68
99
9634
8234
June
June
June
May
Mar
June
Aug
9934
9934
9955
68
9954
9834
9634
Jan
Feb
Jan
May
Feb
Jan
Sept
Nov 9834
Dec 102
Dec 9554
Aug 9354
Dec 8235
Feb
Jan
Feb
Jan
Dec
97
67
43
63
9834
7234
8354
Jan
Dec
Jar
Jar
Jar
Jar
Jar
§00§0808§0088
98
98
98
66
85
98
8734
88
96
99
94
87
8255
Ranee for Year 1929.
90
100
92
85
8234
CZ.g§8888
47
2334
20
12
75
3955
30
78
40
40
7434
14
4834
8
85
5034
48
98
98
98
66
85
98
8734
88
96
99
94
87
8255
Bonds—
Baltimore City Bonds
1961
48 sewer loan
1958
4s water loan
4s paving loan
1951
Balt Spar Pt&Ches 454s'53
Benesch I & Sons Inc. w I
Consol G E I,& P 455s 1935
Fair & Clarks Trac 58_1938
Georgia Alabama Con 5%.
Ga Sou St Florida 5s.1945
Gibson Island Co let 68._ _
Md Electric Ry 1st 58.1931
MononValley'Frac 58_1942
South'n Bankers Sec ex war
Un Porto Rican Sugar
655% notes
1937
United Ry & E 1st 48.1949
Income 48
1949
Funding 58
1936
6% notes
1930
1st 6s
1949
Wash Balt & Annap 5fe 1941
45
2351
19
1154
7455
38
29
72
31
3634
7451
9%
4635
8
80
48
41
" IDID"
"
Merch & Miners'Fransp__* 47
Monon W Penn PS pref 25
Mtge Bond & Title w I__ __
1934
Mt Vernon-W Mills v t _100
100
Preferred
New Amsterdam Can Co 10 3955
10
Park Bank
Prudential Ref warrants ___ ..__..
Un Porto Ric Sugar com__• 40
• 40
Preferred
50
Union Trust Co
United Rys& Electric _ _50 14
US Fidelity d, Guar new.. 4634
Wash Bait & Annapolis_50
West Md Dairy Inc pfd__*
50 5034
Prior pre(
Western National Bank.50
i4MOCANN.MCO
.40WWWW140NWNWOW
oases
Week's Range for
of Prices.
Week.
Low.1 High. Shares.
co-a
7wOIDO
Friday
Last
Sale
Stocks (Concluded) Par. Price.
78
52
30
4834
90
5654
67
Dec
Nov
Oct
Aug
Jan
Dec
Nov
4755
27
3634
17
82
93
3334
•No par value.
Pittsburgh Stock Exchange.—Record of transactions
at Pittsburgh Stock Exchange, !Jan. 4 to Jan. 10, both
inclusive, compiled from official sales lists:
Stocks—
Sales
Friday
Last Week's Range for
Week.
Sale
of Prices.
Par. Price. Low. High. Shares.
MOMCMCI
0...v0Mo°
OM.
-.N.4.
WV
ttlgttlqgtAmtgttv3tgLI,twtwaltttwal,ttita5 =wIPM ZW
Pzmol.----,2z<ozcz-tzzzal&p.zz;.-g-. ttptpl
zo.-zzmzmxgm-,
N.N.N
CI
a
9551 954 81.000
COO
Bonds—
Shemrock Oil & Gas 6s'39
26
65
265
45
234 69.302
705
10655
156
3134
18%
385
1,223
25
20
44
Low.
owww000wwwwwwwwwwow.aowwowwwww.noww....
Unlisted—
Amer Fruit Growers pi ---------60
Copper Welding Steel
_
45
4234
International Multiuse Iron
234
174
Lone Star Gas pref
10634 104
Nat Fireproofing co d
3134 30
Shamrock 011 & Gas
18
18
West Pub Service v t c ..... 2434
24
Witherow Steel
44
50
4,500
170
290
190
13
1,470
415
140
123
250
10
16
20
430
150
510
500
8,947
300
200
25
35
12
50
90
3,186
25
687
3.742
770
230
200
100
8,800
360
10
370
55
11
20
Range for Year 1929.
'
0
Allegheny Steel
5954
• 5954 58
American Austin Car
6
734
6
Arkansas Gas Corp
_ •
934 1034
Preferred
corn100
734 734
Armstrong Cork Co
• 60
60
62
Bank of Pittsburgh
50
165 170
Blaw-Knox Co
25 32
3134 33
Carnegie Metals Co__ _10
555 7
Clark (D L) Co corn
•
1354 1334
Colonial Trust Co
100
310 310
Devonian 011
10
11
12
Dixie Gas & UM, pref _ _100
70
70
Donohoes class A
•
18
18
Follansbee Bros pref. _ _100
92
92
Barb-Walker Ref com___• 60
5934 60
Jones & Laughlin St pf-1O0
11855 11855
Koppers Gas & Coke pf 100 9955 9934 100
*
Liberty Dairy Prod
2634 2634
Lone Star Gas
25 3551
35
3834
National Erie CIA
25
25
25
Nat Fireproofing com_.50
30
:30
Preferred
50
35
35
Penn Federal Corp corn •
355 355
Peoples Say & Trust ..100 160
160 165
Pittsburgh Brewing corn 50
234 234
Preferred
50
555 555
Pittsburgh Forging
1234 14
* 1334
Pitts Investors Security _ ..•
10
10
Pittsburgh 011 & Gas....25
3
3
Pittsburgh Plate Gime _100
56
54
Pgh Screw & Bolt Corp..* 18
18
1834
Pgh Steel Foundry
"
23
25
Plymouth 011 Co
5
2655 2634
Pruett Schaffer Chem pf .• 27
27
27
San Toy Mining
1
3c
3c
3e
Stand Steel Springs
40
• 3834 38
Union National Bank .100
500 500
United Engine & Fdy ....• 39
3834 40
Vanadium Alloy Steel
67
67
•
Western Say & Dep Bk _50
140 140
Witherow Steel corn
48
48
• 48
High.
90
1234
26
855
7654
188
63
21
20
327
17
8034
18
9935
75
122
10354
43
68
2734
35
4134
535
208
4
8
15
34
454
75
30
65
36
36
25e
95
520
U
82
140
80
Mar
Sept
Sept
Dec
Oct
Jan
Sept
July
Feb
Oct
Aug
Mar
Dec
Jan
Sept
Oct
Feb
Mar
Sept
Jan
Sept
Feb
Jan
Sept
Apr
Feb
Oct
Feb
Feb
Jan
July
Aug
Oct
Jan
Jan
July
Feb
Aug
July
Aug
Mar
70
80
9
105
3034
19
46
40
Oct
Oct
Sept
Dec
Dec
Oci
Seri
De<
97
Gel
• No par value.
Cleveland Stock Exchange.—Record of transactions at
Cleveland Stock Exchange, Jan. 4 to Jan. 10, both inclusive, compiled from official sales lists:
Stocks—
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Prise. Low. High. Shares.
Aetna Rubber corn
•
Allen Industries com
•
•
Preferred
Amer Fork & Hoe prof.100
Amer Multigraph, oom___•
Apex Elec pref
100
Bond Stores A
20
B
•
Bulkley Building pref _ _100
Central Alloy Steel pref 100
City Ice & Fuel
•
Clark (Fred CO corn. ..i0
Clevel'd Builders Realty •
.
Cleve Build Sup & Br corn •
Cleve-Cliffs Iron corn _ _ _•
.
Cleve Elec 1116% prof.._100
Cleve Railway corn_ _100
Cleve Securities P L p4)1.10
Cleve Stone corn
•
100
Cleveland Trust
Cleve Union Stkyds Corn.*
Vial.. Wnnat 'MIN enrn MA
271
FINANCIAL CHRONICLE
STAN. 11 1930.]
651
34
87
:A
55
55
16
26
92
215
69
8
8
654 634
26
26
110 110
34
34
87
87
334 355
55
51
55
55
10934 10934
4134 41%
1034
10
16
16
26
26
92
92
110 11055
93
92
251 3
69
69
500 501
1734 1734
14
12
14
110
200
30
10
100
2
54
293
5
230
405
120
16
5
40
32
243
1,560
60
90
20
234
Ranee foe Year 1929.
Low.
5
5
25
110
3234
88
3
51
55
105
42
5
24
35
92
10734
99
234
61
398
18
12
Dec
Dec
Dec
June
Dec
July
Jan
Nov
Nov
Nov
Dec
Jan
Oct
Nov
Dec
Nov
Dec
July
Feb
Jan
Nov
Den
High.
27
14
34
114
4134
107
751
234
66
113
64
1434
24
60
9834
11255
110
434
79
670
250
2R
Jan
Jan
Feb
Apr
Oct
Mar
July
Apr
Mar
Mar
Mar
July
Oct
Oct
July
Feb
Mar
Sept
Mar
Oct
Mar
Alla
Sales
Friday
Lail Week's Range for
Week.
Sale
of Prices.
Stocks (Concluded) Par Price. Low. High. Shares.
Dow Chemical corn
* 7451
Elec Controll & Mfg com_*
Faultless Rubber com_
•
Federal Knitt Mills com_ •
Gabriel Snubber
•
Geometric Stamp
* 23
Gen'l Tire & Rub pref _ _100 8834
Great Lakes Tow's pfd_100
Greif Bros Co-oper com_ •
Guardian Trust
100
Halle Bros
10
Preferred
100
Higbee let pref
100 10534
Second preferred_ _ _.100 105
India Tire & Rub corn __* 10
Interlake Steamship com_•
Jaeger Machine corn
•
Kelley Isi Lime & Tr com_* 43
Lamson & Sessions
•
Leland Electric
*
Midland Bk Ind
100 402
McKee(AG)de Co corn_ •
Miller Wholes Drug com_*
Miller Rubber pref ___ _100 21
Mohawk Rubber com
•
Myers Pump pref
•
National City Bank___100 348
National Refining com_ _25
National Tile common_ _.• 2734
9
Nestle-LeMur common*
1900 Washer common_
•
Nor Ohio P & L 6% pf..100
Ohio Bell Telephone pf.100
Ohio Brass B
• 74
Ohio Seamless Tube corn_*
Packard Electric common.*
.
Packer Corp common..
Paragon Relining com _ _ _ _•
9
Patterson Sargent
• 35
Reliance Mfg common....'
Richman Brothers com___* 8055
Selberling Rubber com__ • 1351
Preferred
110 6474
•
Selby Shoe common
Sheriff St Market com _ _100
Sherwin-Williams com_ 25
100
Preferred
Stand Textile Prod A pf 100 4734
Stauffers A with warr
•
Thompson Products corn.*
Trumbull.Cliffs Furn 0(100
Union Metal Mfg corn_ •
Union Trust
100 9334
Van Dorn Iron Wks corn.*
Weinberger Drug
* 34
Wellm-Seav-Morgan pf.100
White Motor Secur pref 100
Youngstown Steel pref _100 10055
Bonds—
Cleve S W Ry & Lt G & C
55
1954
Steel & Tubes 6s
1943
97
75
74
65
65
3434 35
303.4 3051
5% 551
23
22
8834 8854
110 110
3934 42
415 430
36
36
99
99
10534 10551
105 105
10
1055
8234 83
25
25
4255 43
2834 29
28
28
402 402
41
41
25
25
21
20
855 9
102 102
348 348
3334 3354
2654 2734
834 9
2434 2455
92
92
111% 112
7134 74
4434 45
2174 2334
12
11
9
11
35
3534
3934 43
7934 82
1034 1334
6454 6474
19
19
30
30
83
85
105 105%
47
4755
3474 35
25
25
101 101
3334 3334
9451
92
754 754
35
32
80
80
102 101
100 101
25
96
25
97
Range for Year 1929.
High.
Low.
215
28
78
10
75
110
16
71
296
33
51
20
15
7
460
188
25
106
330
60
10
210
120
144
265
10
10
95
1,014
325
50
25
193
466
200
13
1,18
39
8
8
91
60
20
105
50
190
91
46
40
450
19
30
250
100
75
20
756
388
Nov
60
Jan
57
July
30
Oct
30
6
Nov
20
Dec
90
Nov
105 June
Nov
39
Jan
376
Dec
36
9834 Dec
105
Oct
106
May
10
Dec
Nov
80
Nov
25
Oct
44
Dec
28
Dec
30
350
Mar
Oct
38
Nov
20
Dec
17
9
Dec
101% Nov
254
Mar
Apr
33
Nov
25
Dec
4
22
Feb
59
Dec
106
Nov
Nov
70
Dec
42
Nov
22
Dec
10
834 Dec
33
Dec
Nov
35
Nov
78
955 Dec
65
Dec
Feb
Nov
Nov
Dec
Nov
Nov
SeP
Nov
Dec
Dec
Jan
Apr
Dec
Oct
Nov
80
Oct
79
Sept
45
Mar
48
Mar
37
Apr
40
Jan
102
111
Feb
48% Sent
Oct
570
Mar
50
Jan
105
10855 Jan
10755 Apr
Jan
73
Oct
97
45% Jan
60% Mar
Dec
30
Oct
39
550% 'Oct
Dec
45
Apr
42
Mar
85
6554 Jan
Jan
105
Oct
425
4351 Sept
Mar
41
2951 Jan
3055 Apr
9954 Jan
11634 Sept
Jan
92
7554 Jan
Mar
42
33% Jan
2834 Mar
Sept
39
Aug
62
138
Aug
65
Jan
107% Jan
Jan
35
45
Oct
May
105
Jan
108
Apr
90
Dec
35
Jan
68
10555 Jan
Jan
60
Oct
139
Apr
15
July
51
94% July
10451 May
104
May
61.000
15,050
25
Dec
92% Dec
2834 Aug
97% Aug
20
75
103
44
25
21
100
33
92
6
24
62
100
99
• No par value.
Cincinnati Stock Exchange.—Record of transactions
at Cincinnati Stock Exchange, Jan. 4 to Jan. 10, both
inclusive, compiled from official sales lists:
Stocks—
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
Range for Year 1929,
Low.
WWI
July
48
9834 Sept
Jan
30
14251 Sept
July
21
June
50
115% Sept
June
109
Jan
37
Jan
40
554 Sept
Apr
15
Jan
115
Jan
99
5534 Jan
Jan
130
4434 Jan
Jan
62
June
24
Feb
127
Feb
108
4134 Jan
Feb
125
Jan
21
Feb
75
475
Seen
8434 Sept
Feb
16
May
99
2634 Mae
Aluminum Industries, Inc*
Amer Laund Mach,com_20 6655
•
Amer Products, pref
Amer Rolling Mill com_ _25 8851
Amer Thermos Bottle A_-•
50 49
Preferred
Amrad Corp
* 21
Champ Ctd Pap spl pf.100
•
Churngold Corp
Cm n Ball Crank. pref
• 2234
Cincinnati Car B
•
20
2
Preferred
100 105%
CNO&TPpref
Chi Gas& Elee pref....100 9754
Cincinnati Street Ry____50 4355
Cincinnati & Sub Tel_ _ _50 11055
Cin Union Stock Yards._ _• 2334
• 42
City Ice & Fuel
• 1955
Cohen (Dan) Co
* 17
Crosley Radio A
Crown Overall, prat_ .100
• 16
Dow Drug, corn
100
Preferred
Eagle-Picher Lead com _ _20 1234
Early & Daniel, corn
• 2534
Fifth-Third-Union Tr _100 315
Formica Insulation
•
French-Bauer (undeP)- •
100
Preferred
•
Fyr Fyter A
25
64
18
8054
15
49
1834
104
18
2234
54
2
10534
9551
43
110
2234
42
1934
1634
104
15
105
1234
2534
300
40
16
96
20
27
67
18
90
15
49
21
104
20
26
55
2
10551
9751
44
11254
2354
42
20
20
104
17
105
1251
30
315
41
16
96
2054
177
2,802
100
267
70
103
1,920
11
425
325
742
211
12
551
991
184
200
7
115
673
86
260
6
3,018
792
43
810
38
20
25
2254
65
18
65
12
42
19
100
18
2554
51
155
105
90
40
10454
22
42
20
1654
104
16
102
1155
26
300
2854
1534
90
18
Dec
Oct
Nov
Oct
Oct
Oct
Nov
Oct
Oct
Nov
Dec
Dec
Dee
Oct
Oct
Oct
Dec
Oct
Nov
Dec
Dec
Oct
Oct
Oct
Dec
Oct
Jan
Apr
Feb
Nov
•
Gerrard S A
• 4055
Gibson Art, corn
Globe-Wernicke, Pref--100
Gruen Watch, corn
*
100
Preferred
Hatfield-Campbell pref _100
Hobart Mfg
•
International Print Ink •
Preferred
100
Julian & Kokenge
•
Kodel Elec & Mfg A
•
• 4455
Kroger corn
Leonard
Lemkenhelmer
*
McLaren Cons A
• 21
Mead Pulp
• 60
Special preferred__ _100
•
Meteor Motor
•
Moores Coney A
Nash (A)
100
Nat Recording Pump_ _._* 35
*
Newman Mfg. Co
100
Ohio Bell Tel pref
Paragon Refining v t c_ •
Peoples Lib Bank
Procter & Gamble com new* 56
100
8% preferred
100 106
5% preferred
100 10034
Pure 0116% prat
100
8% preferred
•
Putnam Candy corn
• 40
Rapid Electrotype
• 1951
Richardson corn
United Reproducers B_ •
10 89
U.S. Playing Card
24
24
38
4054
71
70
4154 4254
111
111
80
80
43
4454
45
47
9634 9654
21
19
554 6
4334 45
1854 19
39
39
21
21
60
60
96
98
10
10
20
20
115 115
34
3551
2734 2755
III
112
8
855
201 201
5334 56
160 160
10455 106
9855 10034
113 113
5
5
3934 40
1934 21
55
55
91
85
285
610
20
135
10
20
215
20
11
60
500
53
255
100
180
28
20
30
20
10
123
10
29
17
35
2.366
47
121
329
9
18
327
1.235
100
298
2234
37
70
40
11034
70
45
42
9255
16
5
4234
1834
28
1651
60
90
10
20
120
1854
2734
10934
834
201
44%
160
100
96
104
4
3954
20
%
90
Nov 35
Oct 58
Dec 97
Nov 60
Dec 116.
Dec 98
Dec 70
Nov 6851
Oct108
Oct40
Dec 29
Dec 116
Jan 2734
June 50
June 2354
Nov 7855
Jan 10851
Jan 2734
Dec 32
Dec 196
Mar 47
Dec 40)4
Nov 117
Dec 2951
Jan 201
Nov 100
Dec 18534
Feb 111
Nov 10334
Oct 111
Jan
10
Dec 71
Mar 58
Dec
954
Dec 142
Aug
Feb
Jar
Feb
Ape
Jar
Pet
Oel
Pet
Jan
Jar
June
Sell"
Sept
Mal
Oct
Jar
Jul)
API
Aul
Oct
Au,
Sept
Mal
Jar
July
July
June
Jar
July
Jar
May
Mae
Sep)
Seen
272
Filmy
Sales
Lag Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
U S Print & Litho new
Preferred
U S Shoe corn
*
Preferred new
100
Waco Aircraft
•
Western Paper A
•
Whitaker Paper nom
•
Wurlitzer 7% pref __ _ _100
•No par value.
31
31
50
3%
30
9
10
54
100
33
50
334
3031
931
13
59
100
Range for Year 1929.
Low.
61 30
56 40
331
50
65 25
185
831
50 13
192 524
4 100
High.
Dec 3034
Dec 514
8
Oct
Dec 3331
Nov 28
Dec 14%
Dec 89
Jan 100
Dec
Dec
Jan
Dec
June
Dec
Jan
Jan
St. Louis Stock Exchange.
-Record of transactions
at St. Louis Stock Exchange, Jan 4 to Jan. 10, both inclusive, compiled from official sales lists:
Stocks-
[Vol.. 130.
FINANCIAL CHRONICLE
Friday
Sales
Last Week's Range for Range Since Jan. 1 1930.
Week.
Sale
of Prices.
Par. Price. Low. High. Shares.
Low.
High.
Bank Stocks
Boatmen's Nat Bank_ _100
230 239%
First National Bank__ _100 8931 88
90
Mere-Commerce
100 29131 29034 292
Trust Company Stocks
Franklin-American Tr 100
Miss Vail Merch State 100
St Louis Union Trust_ _100 525
277
295
525
Miscellaneous Stocks
Amer Inv B
*
Bentley Chain Sts corn. •
Boyd-Welsh Shoe
•
Brown Shoe common_100
Preferred
100
Century Electric Co_ _100
Champ Shoe Mach pref.100
Chicago Ry Equip corn...25
Consol Lead & Zinc A---*
Elder Mfg A
100
Ely & Walk D G 1st pf _100
Globe-Democrat pref _100
Hamilton-Brown Shoe25
Hussmann Refr nom __10
Hyde Press Brick pref__100
Indep Packing corn
•
Preferred
100
International Shoe com *
Preferred
100
Johnson-S & S Shoe
*
Key Boiler Equip 31___*
Laclede-Chr Clay Pr com_•
Laclede Steel Co
20
Iandix Machine com_25
Moloney Electric A
*
Mo Portland Cement_ _ _25
Nat Candy common
•
Nicholas Beasley
5
Pickrel Walnut
•
Rice-Stix D Gds com
*
2d preY
100
Scruggs
-V-B D G com___25
Securities Inv com
*
Skouras Bros A
*
So'western Bell Tel 151-100
Stix, Baer & Fuller com_ •
St Loubt Pub See com____•
St L Screw & Bolt pfd_100
Sunset Stores pref
50
Wagner Electric corn_ _15
. Preferred
100
Si L Bank Bldg Equip_ _ _*
1031 1034
13
13
394 4034
4131 42
114 115
105 105
95
95
15%
14
534 5%
71
75
96
96
111 112%
731 734
23
23
324 3234
731 734
78
78
6134 624
10441 1054
43
43
40
40
30
32
42
42
49
60
5631
54
32
31
26
26%
5
5
16
16
15% 16
85
85
14
14%
32
32%
2234 2234
117 11734
22
24
10
10
28
28
45
45
25% 2834
10331 10334
12
12
1031
277
300
525
12 230
Jan 23931 Jan
185 87
Jan 90
Jan
370 29034 Jan 29254 Jan
12 277
89 290
5 525
150
5
35
156
25
4
10
190
80
155
5
9
20
129
25
20
5
725
38
25
26
161
38
490
82
60
555
5
150
890
59
120
390
10
87
61
525
3
35
1.847
7
100
1031
13
3934
41%
114
105
95
14
54
71
96
111
731
224
32%
734
78
61
104%
43
40
30
42
49
54
31
24
5
16
14%
85
14
32
224
11631
20
10
28
45
25%
10331
12
Jan 277
Jan 300
Jan 525
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
104
13
4034
42
115
105
95
46
6
75
96
112%
734
23
32%
731
78
8234
105%
43
40
32
42
64
564
31
26%
5
18
18
85
14%
32%
224
11731
24
10
28
45
2834
10331
12
Jan
Jan
Jan
Friday
Sates
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
Union 011
_ _25
011 of Calif
AsociateUn
25
Union Bank & Tr Co_ _100
• No par value.
44%
454
4431 4431
45
454
325 325
Range for Year 1929.
Low.
High.
5,100 4134 Nov 58% Oct
2,300 42% Nov 5631 Sept
Oct
Nov 237
50 250
San Francisco Stock Exchange.
-Record of transactions at San Francisco Stock Exchange, Jan. 4 to Jan. 10,
both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Anglo & London P Nat Bk- 230
Assoc Insurance Fund Inc634
Atlas Imp Diesel Erg A--- ___ _
Aviation Corp of Calif___.
6
Bank of Calif N A
Bond & Share Co Ltd
1131
Borden Co (The)
Byron Jackson Co
Calamba Sugar corn
19
Calavems Cement Co nom_
California Copper
Calif Cotton Mills corn_ _ _ _
34
Calif Ore Power 7% prof..._
Calif Packing Corp
5534
Caterpillar Tractor
Coast Co's Gas & El let pfd
Cons Chem Indus A
Crown Zollerb'k Corp pfd B
Vot trust ctfs
Douglas Aircraft Corp__ _
Eldorado 011 Works
Emporium Capwell Corp
1834
Fireman's Fund Insurance_
First Secur Corp Ogden A_ 13034
Food Mach Corp corn
Foster & Klelser corn
7%
Galland Mere Laundry
__ _
Golden State Milk Prod
Gt West Power 6% prof... 9934
106
7% preferred
Haiku Pine Co Ltd pref._
Hale Bros Stores Inc
Hawaiian C ,k S Ltd
Hawaiian Pineapple
54
Honolulu Cons Oil
Hutch Sugar Plan nom.- 1234
Range for Year 1929.
Low.
230 23334
Nov
30 220
Dec
6
634 634 1.000
28
29
609
24 Nov
6
Nov
6
4
288
2854 295
15 290
Jan
1134 1134
260 11
Nov
64
103 64
64
Jan
1834 2034 7,533 1431 Dec
19
19
400 15
Nov
13
13
100 1231 Dec
231 231
825
2
Nov
34
34
10 30
Nov
106 106
5 104 June
87% 6734
730 64
Oct
5331 5634 10,889 45
Nov
98% 9934
125 98
Jan
26
855 26
26
Dec
81
140 7831 Dec
81
17% 1754 3,147 16
Oct
1431 144
810 15
Dec
25
150 24
Nov
25
1834 18% 1,080 1734 Dec
98 100
470 9034 Nov
1304 13031
Nov
50 139
3931 3934
100 3731 Nov
7
290
Dec
74 7%
3831 3831
170 3831 Jan
29% 3034 2,848 26% Dec
160 98
Nov
9934 100
10434 1084
375 10034 Nov
19
19
20 1831 Nov
14
185 13% Dee
14
4954 4934
40 4634 Nov
5334 554 1.244 5334 Jan
200 264 Nov
3331 334
1234 1234
100 11
Mar
High.
28934 Feb
Mar
12
653.4 Jan
May
31
Oct
435
2031 June
8634 Oct
4334 May
2734 Feb
2034 Sept
1034 Feb
Jan
94
11531 Jan
8434 Aug
87% May
9934 Aug
50
Aug
Mar
95
2531 Jan
44% May
3134 Sept
3734 Feb
151
Feb
Sept
148
58 Sept
1334 May
Jan
55
64% Aug
10231 Jan
10731 Apr
2334 Jan
2434 Jan
554 Apr
72
Aug
4434 May
13% May
Jan
Jan
Jan
Jan
Jan
Jan
Jan
14
Jan
5%
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
82
Jan
Jan
Jan
40
Jan
540 18
Dec 47
Feb
2031 194 2034
32
Jah Illinois Pacific Glass A
200 40
Nov 634 Oct
4034 404 4031
Jan Investors Assoc (The)_ 431 1,044
331 Dec 7934 Jan
4
4
Kolster Radio Corp corn53
Jan
Nov 4031 Sept
274 26
2734 1,513 25
Jan Langendorf Bak A
2434 2534 1,589 25
Jan 3931 Sept
B
25
Jan
25 97
103 103
Nov 10831 Jan
26%
Jan Los Angeles G & E Corp200 12
13
13
Feb 2334 May
Jan Lyons Magnus Inc A
231 331 17,145
231
1% Dec 1354 Jan
16
Jan Magnavox Co (The)
Jan
Dec 39
21
2034 214 1,395 21
15%
Jan (I) Magnin & Co corn
2031 2234 1,546 19
Dec 3134 Oct
March Calcu new com _ _
Jan
94% 95
Nov 10034 Jan
20 05
Jan Mere Amer Realty 6% M
109 113
435 11131 Dec 145
Sept
324
Jan No Amer Inv corn
99
99
99
Oct 1014 Jan
60 98
Preferred
Jan
91
91
10 91
Mar
531% pref
Aug 05
117%
Jan
Jan
394 14% Dec 38
164 1631 1634
Jan Nor Amer 011 Cons
23
23
20.5 234 Dec 304 Feb
10
Jan Occidental Ins Co
Feb
2734 26% 2731 1,549 25
Oct 46
Jan Oliver Filters A
26
2534 2631 1,884 2434 Oct 45
Feb
B
45
Jan
54
534 5431 7,238 4331 Nov 9734 Sept
2831
Jan Pacific G & E com
2634 2631 2634 4,471 24% Nov 28
1st prof
Jan
Jan
Nov 14534 Sept
12
Jan Pacific Lighting Corp COM- 7734 7531 7934 2,917 60
Feb
155 96
Nov 104
10034 10034 10134
6% Preferred
PacifIcPublIc Service A--Street Ry. Bonds
2934 2931 3034 2,490 20
Oct 3774 Sept
150 150
Nov 218
40 140
July
City & Suburban P El 5s 34
82
8531 $16,000 82
Jan 8534 Jan Pacific Tel & Tel common.
120 121
United Rys 42
Preferred
105 114% Nov 13954 Oct
1934
7231 74
26,000 7234 Jan 74
Jan
Paraffine Cos common357 65
Oct 9231 Aug
7554 7554
Miscellaneous Bonds.
Nov 1534 Oct
13
Pig'n Whistle prof
13
15 12
22% 244 18.076 2031 Dec 4834 Jan
23
Houston 011 531s
1938 92
92
92
9.000 92
Jan 92
Jan Richfield 011 common
Seullin Steel Sc
2131 2234 1,531 21
Nov 2554 Apr
22
1943 91
Preferred
91
91
1.000 91
Jan 9311 Jar
Nov 118
93 108
Feb
8 J Light & Pow prior pref. 11131 11131 11131
•No par value.
5 9134 Nov 10234 Jan
1004 10014
6% prior preferred
Schlesinger(B F) COMMOD_
9.31 Dec 2131 Jan
1034 1034 1,500
Los Angeles Stock Exchange.
-Record of transactions
70
65
375 61
Dec 90
Jan
65
Preferred
2331 2,154 2034 Nov 3131 Apr
23
23
at the Los Angeles Stock Exchange, Jan. 4 to Jan. 10, Shell Union Oil Co com
25 6234 Aug 103
Mar
64
64
Sherman Clay prior prefboth inclusive, compiled from official sales lists:
10 834 Dec 9654 Jan
89
89
__ _ _
Sierra Pacific Elec pref
948 1534 Oct 2134 Aug
16% 17
Sou Pao Golden Gate A
17
Friday
Awes
390 13
Dec 1204 Aug
1531 1434 1534
B
Last Week's Range for
Range for Year 1929.
20 82 June 92
Jan
84
Spring Valley Water Co.-_
83
Sale
of Prices.
Week.
6.536 55
Oct 814 May
Standard Oil of California_ 6034 604 61
StocksPar. Price. Low. High Shares.
Low.
High.
840 10
Nov 23 June
1231 1234
Tide Water Assoc Oil corn _
4331 4234 4354 34.220 3034 Oct 6731 Sept
Aero Corp of Calif
•
14 2.35
2
900
Dec 1231 Sept Transamerica Corn
Sc 137,543
3c Dee 75c Sept
64
Rights
8c
Assd Gas Electric tights__ ___
8c. 100
5,878 10
Dec 30e. Dec
40 20 Sept 23
20
20
Feb
Aviation Corp of Calif _ _
54
..
5% 54
100 224 Sent 2234 Sept Traung Label & Litho CO
444 4434 4431 1,532 4131 Nov 5634 Oct
Barnsdall 011 A
25
234 234
100 204 Oct 4834 May Union 011 Associates
4531 1,844 4231 Oct 5634 Sept
Union 011 Co of California. 4534 45
Boles China Oil A
1
1.30 1.30 1.35 2,500 95e
Oct
4.30 Jan
534 534
431 Dee 2854 Mar
100
Byron Jackson Co
• 184 18% 20
1,400 15
Dec 8634 Jan Union Sugar Co common
320 322
Mar 340
15 300
July
California Bank
25
119 120
200 113% Dee 142
Oct Wells Fargo Bk dr Union Tr
18
18
110 16
Dec 30
Corp*.
Jan
California Packing
6734 6734
100 6831 Dec 6834 Dec West Coast Bancorp
24
860 21
25
Western Pipe & Steel Co
Nov 36 Sept
Citizens National (new)_20 111
111 112
150 110
Nov 136
Aug Vallow rhprIrem Mal rn
35
34
310 3235 Sent 53
34
Jan
Douglas Aircraft Inc_ _ _. 14
14
144 1,500 124 Dec 45 May
Emsco Dmick & Equ Co..*
194 22
400 18
Dec 45 May
-Record of transactions at
Chicago Stock Exchange.
Farmers & Merch Bank 100
420 420
20 495 June 410
Dec
Gilmore Oil Co
13
8
13
700 10
Mar 15% Jan Chicago Stook Exchange, Jan.4 to Jan. 10, both inclusive,
Goodyear T & Rub pt. _100
93
Nov 101% Mar
65 85
9431
compiled from official sales lists:
Goodyear Textile pref_ _100 94
94
76 9231 Dec 102
95
Feb
Home Service Co 8% p125
2331 2334
250 22
Nov 2634 Jan
Friday
Sales
Internet Re-loser Corp_10 41
41
Der 654 Sept
43
700 40
Last Week's Range for
Range for Year 1929.
Sale
of Prices.
Week.
Los Angeles Biltmore Pr 100
95
60 95
95
Aug 99
Jan
Par. Price. Low. High. Shares.
Low.
StocksHigh.
8.5 96
Angeles Gas & El pf100 10234 10231 10231
Los
Nov 108
Jan
200 16
Los Angeles Invest Co___1 164 16% 1631
Dec 2234 Aug Abbott Laboratories cern •
37
37
100 36
Nov 52 May
Dec 4334 June Acme Steel Co cap stk..25 084 96
MacMillan Petrol Co__25 20
20
300 23
20
Nov 145
Aug
400 80
97
10
Monolith Port Cern com_.• 10
10
100 10
Dee 14% Aug Adams(SD) Mfg oom...-• 314 29
3134
900 2534 Aug 4331 Feb
170 170
Dec 208
10 171
Mortgage Guar Co_ _100
Oct Adams Royalty Co oorn__•
200
Jan
OM Dee 25
931 94
No Amer Inv Corn com100
100 115
110 110
Feb 137
Oct Ad'asograph Int Corp cum• 274 23
Dee 3631 Sept
2734 1,600 21
Pacific Lighting corn _ ___•
100 64
79
Nov 145
79
Sept Ainsworth Mfg Corn com10
150 20
Nov 5854 Aug
22
21
30 9834 Oct 103
101 10134
•
6% preferred
Jan All American Mohawk A-5
1
350
Dec 39
Jan
231
2
Dec 403-4 Mar Allied Motor Ind Ine oom-• 17
Pacific Nail Co
5
500
7%
25
734 7%
3,050 15
16
Dec 5734 Feb
17
150 54
Pan Am Fire Ins
Dec 7534 Oct Allied Products Corp A....• 3754 35
510
5234 53
Nov 81
May
3734 2,300 23
Pac Mutual Life
200 8231 Dec 87
8231
Dec Altorfer Bros Co CODY Di-• 39
510
8234
150 35
3934
39
Nov 53
Jae
Pacific Western 011 Corp.
300 12
Dee 26
14
Dec 4934 Feb
•
14
Sept Amor Colortype Co com-• 2334 2234 2371
300 20
Pickwick Corp corn _...10
7
800
Dec 2231 June Amer Conunw Pow A__
8% 831
84
Oct 3254 Aug
2431 24
24% 1,150 18
Republic Petroleum Co _10 2.55 2.50 2.60
2,100 1.95 Dec
9% Feb
5e
92
92
• 92
1st preferred $6
Republic Supply Co
Dee 3631 Sept
420 30
30
30
•
100
95
91
• 91
1st prof $7 A
Richfield Oil Co corn _ _ _25 23
224 24% 12,300 2034 Dec 484 Jan
Amer Equities Co corn..' 164 1534 1734
850 1434 Dec 334 Ana
Preferred
25 2131 2134 2234 1,100 214 Dee 2534 Apr Amer Pub Serv pref _ _ _ -100 98
200 96
Dec 10331 Aug
98
96
Rio Grande Oil corn. _.25 1834 18% 194 2,500 18
Oct 4231 Jan Arner Pub ULU prior pf..100 8854 8854 8834
100 90
Sept
Nov 96
San Joaq L,k P7%prpf
-100
Nov 11631 Mar Amer Radio & Tel St Cory*
95 107
11131 11131
131 2
1.400
131
131 Dec 3754 Mal
Scab D CredCorpApfd 100
Nov 10034 June American Service Co corn_•
10 85
95
5
95
64
Feb
64 3,250
5
Dec 16
&cur First NatIBkofLA _25 112
Dee 14231 Apr Art Metal Wks Inc eom-•
1934 2031 2,050 15
11034 1124 2,250 110
Oct 5754 Feb
Signal Oil & Gas Co"A"25 29
29
Dec 4834 Mar
2931
300 29
37
Assoc Appar Ind Inc com.• 37
37
100 34
Nov 584 Jun
So Calif Edison com __ _ _25 5754 5634 58
6,600 474 Nov 9131 Sept
Assoc Investment Co_ -..• 60
584 60
350 4831 Aug 6684 Oct
Original preferred__ _25
Nov 864 Sept Assoc Tel & Tel Cool A.-•
85 50
59
58% 5854
58
150 56% Nov 6274 Sept
7% preferred
25 2834 28
2834 1,800 2734 Dee 2934 Sept Assoc Tel Util Co corn...* 2331 2134 23% 3,000 1834 (let 52
Aug
8% preferred
25 2534 2434 2531 4,100 2431 Oct 26% Jan Atlas Stores Corp com• 1234 1734 19% 1,050 1431 Dee 7434 Feb
531% preferred
25
Feb
22% 224 1,500 2231 Nov 25
Auburn Auto Co com___ • 185
185 205
1,550 120
Oct 510 Sept
Taylor Milling
• 2434 2434 25
200 2434 Dec 3631 Sept Balaban & Katz v t
Jar
664 70
200 59
25
Dec 88
c- AM/
Trana-America Corn new 25 4331 4211 4311 9.600 33
o. Inc
..----tn.
Oct 6734 Sent
',way
sates
Last Week's Range for
Week.
of Prices.
Sede
Stocks (Continued) Par. Price Low. High. Shares.
Bancoky Co (The) com_10
Bastian-Blceeing Co corn_'
Baxter Laundries Inc A__•
Beatrice Creamery com_50
Beni:11x Aviation com____•
Stinks Mfg Co cl A cony pf•
Borg-Warner Corp corn -10
100
7% preferred
Brach & Sons(E J) corn_ •
Bright Star El Co A
•
Class B
Brown Felton& Wire cl A_•
•
Class B
Bruce Co E 1. common_ •
Burnham Traci Corp al ctf•
20
Sublet Brothers_
.
10
Castle & Co (A M)
•
CeCo Mfg Co Inc corn
.20
Cent Cold Stor Co corn.
Cent III Pub Serv pref _.*
Cent Illinois Sec Co Ws__
Cent Pub Serv class A
Central S IV UM corn new.
Chain Belt Co corn
•
Cherry Burrell Corp corn.'
•
Chicago Corp corn
Convertible preferred •
•
Chicago Elec klfg A_
Chic Flexible Shaft corn 5
Chic Investors Corp corn.*
Preferred
•
Cities Service Co corn
•
Club Alum Uten Co
•
Commonwealth Edison 101
Community Water Serv_ •
Construction Material_ •
Preferred
•
Consumers Co common 1.
Preferred
100
V t c purchase warrants
Cent Chic Corp allot ctfs.•
Continental Steel corn •
Cord Corp
5
Corp Sec of Chic allot ctf'
Crane Co corn
25
Curter Mfg Co corn
Davis Industries Inc A__ •
Decker (Alf) & Cohn A. •
Dexter Co (The) corn. •
273
FINANCIAL CHRONICLE
JAN. 11 1930.1
20%
39
11%
72
3434
26%
33%
97
16%
1
1
17%
10
45
26%
15
48
16
22%
033.4
26%
35
21%
45
35
13%
38%
10%
15
21%
39
11%
74%
37%
26%
36
98
18
1
I
19
11%
47
29%
17%
50
18
22%
9434
27
35%
23
45
35
14%
40
1031
16
731
3334 36%
27% 30
334 535
236 240%
13
13
16
1635
39% 40
6
6%
60
60
2
65% 6634
20% 21
12% 14
5534 56
44
44
20% 20%
3
3
10% 11
1535 15%
72
35%
2631
,
35
18%
10%
2735
16
17
22%
27
35%
22%
14%
39%
15
7%
35%
30
53.4
240
40
6%
66
12%
Eddy Paper Corp(The) •
17% 17%
El Household CHI Corp.Hi 43% 41% 4334
Mee Research Lab Inc_ •
34
1
Empire 0 & Fuel 7% p1(00
87
87
03.4% preferred
82
82
100
50
FitsS & Cons D & D corn.'
49
Foote Bros G & M Co_ _
17
17%
1734
Gardner-Denver Co corn.
60
60
(len Theatre Equip v t c__• 31
3134 34
Gen Wat Wks Corp Cl A...
23% 23%
Gerlach-Barkiow corn.
...5
14% 14%
Preferred
19% 19%
•
Gleaner Corn Her corn.._°
21
20
•
Godchaux Sugars B
1334 1534
Goldblatt Bros Inc com__•
24% 26%
Great Lakes Aircraft A..'
5
5
5
Great Lakes D & D__ _ _100 150
150 150
Grigsby-Grunow Co corn.' 18% 18% 21
Ground Gripper Shoe corn •
2734 2734
Hall Printing Co eom _ _ _10 28% 28% 29%
Harnischfeger Corp corn..' 2834 27% 29
Hart-Carter Co cony pref.• 21% 20% 22
Ilibbard Spenc Barri cotn25 52% 52
52%
Hormel & Co(Geo)corn A. 36% 36
36%
Houdaille-Hershey Corp A• 21% 21% 2334
Class B
• 19% 19% 21%
Hussman Ligonier Co com •
23
23%
Illinois Brick Co
26
25
27
Inland Util Ins clam A___• 24% 24% 2431
Instill ULU Invest Inc_
58% 61%
•
20 preferred
8244 89
• 88
Without warrants
82
82
Iron Fireman Mfg Co v to' 24%
25
22
Jefferson Mee Co com___• 33
30
36
Kalamazoo Stove corn _..• 60% 59% 61
Katt Drug Co corn
38
33
1
38
Kellogg Switchboard corn10
5% 5%
Kentucky Util pr cum pf 50
50
50
Ken Radio Tube & LI7%
Common A
7% 1031
•
Keystone St & Wire corn.'
2034 21
Keystone Wat Wks &El A•
40% 41%
Kupperth'er & Colt p01100
105 105
La Salle Ext Unit corn..10
3
3%
,
3
Lane Drug corn v t c_
5
6
•
Cum preferred
15
15
Leath & Co. corn
11
11
Cumulative preferred_ •
37
37
Libby McNeill & Libby_10
18% 20%
Lincoln Printing corn_
•
19% 19%
4334
7% Preferred
43
50 43
Lindsay Nunn 52 cony pt.* 26% 26% 27 34
Lion 011 Ref Co corn
• 20
20
19
Lynch Glass Machine_
•
16
17%
McGraw Klee Co corn..___ • 23% 22% 24
NicQuay-Norris Mfg
•
45
45
Manhattan-Dearborn cone. 35
33
35%
Mark Bros The i ne cony pf•
10% 1035
Material Sell Corp corn.10
,
20
20
Meadow Mfg Co corn____•
234
234 334
Met & Mfrs Sec CIA com25 18%
18
19
•
Mid-Cont Laundries A
11
12
Middle West Tel Co corn..
26
26%
Middle West Utilities new. 27% 26% 27%
• 99% 98
$6 corn preferred
99%
Warrants A
2
2%
Warrants B
3
3
Midland United Co corn. • 23% 21% 23%
Miller & Hart Inc,cony 01•
36% 36%
9614 97
Miss Val UM Inv 7% pf A •
Range for Year 1929.
High.
Low.
1,000 18% Dec 3431 Oct
Nov
62
Aug
450 32
Jan
Dec 26
50 10
Oct
850 7334 Dec 130
July
NON 104
25,900 24
250 24% Nov
37% Jan
Jan
34,700 26% Nov 152
Aug
250 95% Nov 104
Nov 29% Jan
1,100 11
Jan
50
31 Dec 26
18
May
50
134 Nov
650 17
Nov
3641 1:11
,
Jan
450
37
9
Dec
Aug
300 40
8634 Aug
550 25% Dec 65% Sept
Jan
7,550 1334 Dec 45
Dec 79% Jan
300 42
Dec 8634 Fen
1,350 16
450
Jan
Nov 98
200 85
Oct
Nov 40
1,000 22
Oct 5714 Oct
900 25
6,62o 12% Nov 2634 Oct
5934 Jan
Nov
100 42
Oct .5834 Jan
200 40
Aug
38,100 1234 Nov 73
Aug
Nov 69
17,800 35
Nov
15
3
Jan
500
Nov
100 16
1734 Sept
Dec 5134 Aug
6,950
6
Nov 58
9,100 30
Aug
Oct es% Oct
17,350 19
Dec 3494 Feb
2
7,900
Nov 44934 Aug
925 202
500 1234 Dec 21% Oct
Feb
Dec 38
100 15
Oct
Feb
150 35
55
1,250
414 Oct 1334 Jan
Feb
350 5934 Dec 80
Oct
41 Jan
1
400
7,940 59
Nov 9734 Sep.
Dec 4794 Sept
200 21
Nov
22.150
3734 Sept
9
300 51
Dec 10034 Oct
Oct 4841 Mar
800 42
Dec
37
Jan
50 18
Nov
17 34 Jan
50
1
Jan
400
834 Oct 27
50 153.4 Dec 25% July
50 ir%
3,400 30
%
1,400
150 84%
50 82
100 47%
2,550 13
50 58
1.350 28
50 20
100 12
50 12
16 34
600
1.380 15%
400 22
650
4
240 128
61,400 14%
500 26
450 20
25%
85
1,05
18
10
50
250 32%
1,350 17%
12
2,15
20
10
150 23
6,45
'2434
41,00
30
7,20
85
50 82
3,100 22%
2,350 2934
850 50
soo 28%
500
4
100 50
Jan
Dee
Nov
Dec
Dec
Nov
Dec
Oct
Nov
Nov
Dec
Dec
June
Nov
Dec
Nov
Nov
Dec
Nov
Nov
Oct
Aug
Dec
Nov
Nov
Nov
Nov
Aug
Jan
Nov
Dec
Dec
her
Nov
June
Dec
Nov
550
5
300 18
150 38
100 113
900
2%
950
2
50 14
50 10
50 34%
13,150 1034
150 1644
200 42
800 22
300 17
250 12
1,250 20
50 48
6,500 31%
50
6
50 16
34
19,000
550 15
300 11
150 24
66,850 2034
800 98
450
2
400
3
2,950 1834
50 35
205 91
Dec 42
Feb
Dee 58
Jan
Oct 4534 Oct
Jan 110
Jan
Dec
541 Jan
Oct 2934 Jan
Nov 32
Sept
Dec 25% Mar
Dec 48
Jan
May
22 34 July
Nov
28
July
Jan
48
Oct
Dec 31% May
Nov
3834 Jan
Dec 30
Jan
Nov
3934 Oct
Dec 76
May
Dec
5434 Aug
Oct
3314 Jan
Dec 4234 Jan
Der 2944 Feb
Oct
36 3.4 Aug
Dec 35 34 Feb
Nov
2834 Sept
Nov
50
Sent
Jan 194
Seta
Dec
5
Nov
Dec
43.4 Nov
Nov
3554 Sept
Nov 52
Jan
Dec 98% Dec
De(
28
903.4
2234
9834
97
833.4
3234
80%
66
3134
26
30
25
38
38
32
290
693.4
48%
36
3334
34 34
58
5834
5954
59
3034
41
2734
14934
108
90
38
59
131
73
193.4
5294
Jan
Sent
Jan
Mar
Jan
Feb
July
July
Sept
Oct
Feb
Feb
Nov
Sept
Feb
Jan
July
Sept
Sept
Oct
Sept
Jan
Jan
Sept
Feb
Feb
July
Jan
Oct
Aug
Aug
July
Aug
Mar
Jan
Oct
Jan
Mar
Irma,/
Sales
Last Week's flange for
Sale
1Week
of Prices.
Stocks (Concluded) Par Price. Low. !Itch. Shares.
Mo-Kan Pipe Line com__5 20
Modine klfg corn
• 50
Mohawk Rubber Co cm..
9
Monig,han Mfg Corp A • 17%
Monroe Chemical Co corn • 15
Preferred
Morgan Lithograph corn..' 1244
MuskegonMotSpec convA•
Nachman Sorb:teed corn.*
Nat Battery Co pref
Nat Eiec Power A part...,' 2834
National Leather corn_ _10
Natl Republic Inv tr____• 513'6
Nat Secur Invest Co corn.'
Certificates
• 82%
Nat Shareholders corn_
•
Nat Standard common_
32%
Nut Term Corp Pert
Nat Un Radio Corp corn.'
334
Mold-dirt-Sparks Ind com_• 48%
North American Car corn.* 38%
North Amer G & El cl A__• 203.4
No Am Lt & Pr Co corn..' 6841
Nor Amer Wat Wks & ElA
N &S Am Corp A com___• 18
Northwest Bancorp corn..5C 55
Northwest Eng Co cont.. •
Ontario Mfg Co corn
•
Oshkosh Overall Co corn _ •
Convertible preferred_ •
Pac Pub Ser Co cl A com_•
Parker Pen(The) Co com10 3444
Peabody Coal com B___-•
83-6
Penn Gas & El A com
•
Perfect Circle (The) Co..'
Pines Winterfront com___5 43
Prom.% Corp common_
•
Pub Eery of Nor HI corn_ • 222
Quaker Oats prof
100
• 1634
Q-R-S De Vry corn
Railroad Shares Corp corn •
794
Rath Packing Co corn_ _10
Raytheon Mfg Co
• 18
Reliance Mier Co com_ _ _10 1734
Rollins Hog Mills cony W.` 433.4
Ross Gear & Tool,corn_ •
Ryerson & Son Inc corn •
Sally Frocks Inc corn_
•
Sangamo Electric Co c
_•
Saunders Stores Inc Acorn'
Seaboard Util Shares Corte.
634
Sears Roebuck & Co cont.*
Sheffield Steel Corpcom._* 50
Signode Steel Strap corn •
Cum prof
30 24
So Cob Pr Elec A corn_ _25
So'west Gas & El 7% p1100 95
• 82
So'west Lt & Pr pref
Standard Dredge cony pt.* 2634
• 21%
Common
Stelnite Radio Co' 2
Stone & Co fH 0)corn...' 25%
Storkline Fur cony pref _25 ______
Studebaker Mail Ord cl A_. ______
Super Maid Corp corn_
•
Swift & Co
100 136
Swift Isternational
15 35
Tenn Prod Corp corn
• 13
Thomson Co (.1 R) coin _25 38
Time-O-St Controls A _ _ _ _ • 26
Union Carbide & Carbon • __
Unit Corp ot Ant pref_. • 10
• 2044
United Gas Co corn
Un Repro Corp part pf A. __
•
U S Gypsum
20 4234
U S Lines Inc pref
• __
13 S Radio & Telev corn... 1034
534
Utah Radio Products corn •
• 1934
Ut & trad Corp com
• 2534
Cony pref
CHI Pow & Lt Corp A_ .. •
Common non-voting _ _• 15
Van Ste klen Corp part A_
Viking Pump Co corn__ •
Preferred
•
Vorclone Corp Part Pref- •
• 21
Vortex Mfg
• 27
Claw A
•
Wahl Co common
Warchel Corp, cony pfd..' 22
Ward (Monte) & Co cl A. 12834
Waukesha Motor corn...112
Wayne Pump cony prof..' 2845
Western Grocer Co com_25
Wextark Rad Sts Inc corn • 21
• 31
Wieboldt Stores Inc
vigilante 011 -Marie corn' ______
-0
Winton Engine Co.corn _ _• 4944
Wisconsin Bank Shs corn 10 1134
Wolverine Portland Cern 10
Yates
-Amer Mach pt pfd_• 1436
Yellow Cab Co Inc (Chic)•
73-1
Zenith Radio Corp com__•
Bonds
Chic City & Con Rys 55'27
Chic City Ry 55 ctf dep.
1927
1st mtge 5s
Chic Rys 58 series A__1927
1st mtge as
1927
1927
55 series B
Com'wealth Ed 4 44s C 1956
1943
lot more 5s
Commonw'h Sub 534s A '48
Met W S El 1st 4s_1938
Northwest Elev 5s....1941
Stand Tel 10-yr 6s.....1938
Wash Gas & Eire To_ 1953
1834
50
9
1734
14
30
10
16
26
31
28
144
50%
1334
77
25
3134
14%
334
47
35
20
20
50
9
1734
15
30
13
16%
27
31
2834
141
.52
15
82%
25
3231
14%
434
49
30%
20%
,
6734 6851
2034 21%
16% 18
5431 5534
21
2236
3234 32%
5% 536
18
18
29% 29%
3444 3534
834
834
17
1776
3234 3244
42% 45
6
7%
220 225
112 112
16
1745
7% 8
2144 22
18
25
1734
17
41% 43%
2934 32
33% 3434
1434 17
33
33
373.4 3734
6% 7
86% 86%
50
50
23
24
23
24
2334 2334
95
95
82
82
26
27
21
2134
331
2
24
27
15% 18
18
17
4934 49%
136 137
34% 3544
13
13
39
38
25
26
79
79
10% 10%
19% 2034
I%
134
4134 44
14
14
1031 1334
534 7
19
2034
2534 26
32
32
1434 15
16
17
12
14%
25%
25
12
10
20% 22
27
27%
8
8
21
2234
12834 129
110 112
2834 2944
12% 1236
20
22%
31
30
8
834
45% 51
1134 11%
531 5%
12% 1434
27
28
7
8%
56
75
75%
45
75
35
9631
102 34
9774
70
77%
933.4
93 34
4,000
200
300
200
150
100
4,860
200
550
100
500
1,200
1,200
1,000
850
400
SOO
200
1,800
2,150
2,500
450
1,200
20(
2,550
1,400
450
400
100
100
1,300
400
300
150
100
3,000
4.520
198
50
850
9,900
GOO
600
150
650
1,500
350
650
100
50
8,050
500
100
190
150
100
50
100
700
650
4,500
3,600
350
250
200
2,000
3,800
1,800
550
350
1,000
450
3,450
350
1.950
400
2,650
4,200
6,550
2,750
50
250
400
300
100
200
950
500
250
150
350
150
750
.50
1,450
550
300
11,200
6,550
300
1,500
1,150
5,050
Range for Year 1929.
Low.
Oct
10
Mar
48
734 Doc
17% Dec
Nov
12
Dec
30
Oct
5
Dec
16
2231 De
,
Dee
28
20 34 Oct
13.4 Dec
47
Dec
De,
11
68
Dec
Oct
25
3034 Nov
Dec
14
334 Dee
3234 Mar
Oct
29
Nov
18
Nov
60
Nov
18
Dec
14
53
Dec
Nov
19
Dec
29
Oct
6
Nov
15
Oct
16
3434 Dee
834 Dec
Oct
16
Nov
28
Nov
34
61.4 Oct
Nov
200
10034 July
Nov
15
634 Dec
2134 Dec
Dec
18
Nov
14
Dec
39
Dec
29
3034 Dec
Oct
15
30
Nov
July
48
Oct
5
8394 Dec
Nov
50
1134 June
Nov
20
Nov
20
9234 Dec
8034 Dec
Nov
20
Nov
17
23.4 Dec
Dec
28
183.4 Dec
Dec
14
Oct
46
June
123
Oct
25
994 Not
Nov
30
Oct
20
733.4 Der
934 Oct
Oct
14
1% Dec
35
Nov
Dec
13
534 Dec
4
Dec
14 34 Nov
1934 Nov
27 34 July
Dec
13
1794 DOC
15
May
2294 June
9
Dec
IS
Nov
24
Oct
6
Dec
Nov
20
105
Nov
Dec
105
25
Dee
12% Oct
19
Nov
26
Dec
1134 Dec
Dec
38
1134 Der
Oct
4
13
Dec
22
Oct
634 Dee
High.
42% May
July
75
Jan
66
Jan
35
26 34 Jan
5)44 Jana.1 1
3566
Jan
76% Feb
Jan
6434 July
an
6651
Jan
72%% SePt
5
55% Sept
118
Sept
26% Dee
SeptFeh
Aug
20
456334
84% Oct
Jan
70
Feb
iuib
ey
2
*0
2534 Sept
44
Aug
99% Sept
Feb
48
453.4 Sept
15% Mar
Mar
ar
p
27
3894 Se t
Jan
Aug
57
30
3144 July
67
90% A g
AugA
Jan
33
435
Aug
Jan
120
Seta
52
12% Oct
44
Sept
81% Apr
30% Jan
5834 Aug
Feb
57
50
July
Fleet
35
4631 Jan
Jan
73
1814 Sept
92% Dec
Jan
90
24% Dec
3254 Jan
3534 Sept
Jan
101
Apr
95
Feb
41
39% Mar
Jan
49
38% Oct
Jan
30
Jan
30
Jan
74
Aug
145
Aug
46
28% Jan
Jan
62
bn
Aug
Dec
76
3734 Jan
513{ Sept
4234 Jan
92% Sept
Aug
19
Feb
141
Jan
58
Aug
55
Aug
55
5834 Sept
Sept
38
36 34 Jan
1934 Aug
May
32
573.4 Jan
3234 Sept
42 .Aug
Jan
27
Jan
36
Sept
135
Mar
210
Jan
46
Jan
25
7431 Sept
Jan
57
29% Jan
Sept
77
P% Dec
Feb
8
323.4 Apr
Jan
35
6234 Feb
$1,000 52% Nov 84
56
Nov 853£
75
1,000 68
5,000 69 34 Nov 87
75 34
Dec 7831
5,000 47
45
1,00(
72% Nov 88%
75
69
Nov
15,000 35
35
99
Nov
1,000 94
9844
1023.4 6,000 100% Nov 104 34
1,000 9634 May 98%
97 34
Nov 78%
1,000 65
70
Nov 96
77
1,00
77%
Dec 92
2,000 91
93 34
933.4
5.00
May
July
July
MaY
Mar
May
Jan
Jan
Jan
Feb
Feb
Dec
• No par value. s Ex-dividend. y Ex-rights
New York Curb Exchange -Weekly and Yearly Record
In the following extensive list we furnish a complete record of the transactions on the New York Curb Exchange for
the week beginning on Saturday last (Jan. 4 1929) and ending the present Friday (Jan. 10 1930). It is compiled entirely
from the daily reports of the Curb Exchange itself and is intended to incldue every security, whether stock or bonds,in
which any dealings occurred during the week covered.
Friday
Sales
for
Last Week's Range
Sale
Week.
of Prices.
Par. Price. Low, High Shares
Week Ended Jan. 10.
Stocks-
Indus. & Miscellaneous.
Acme Wire v t r
Aeronautical Industries _•
A ...n. C.Inwsl. yarn "On.* 11
4554
8
07,4
4534 453.4
8
8
OU 103%
200
200
ann
Range for Year 1929,
Low.
554 Oct
Ill
Dor
11(0h.
3144 Aug
9914 amp
Friday
Sales
Last IVeck's Range for
Sale
of Prices.
Week.
Stocks (Continued) Par. Price. Low, High. Shares.
•
kero.Underwritera
Agfa Ansaco Corp cora _ •
100
Preferred
5
•1.....,...... 1 no •• • n
16
2274
8234
1334
2274
8234
4274
16
2234
82%
Al
400
300
100
21111
Rance for Year 1929.
Low.
1434 Nov
Nov
15
Nov
86
1014 7,Tnv
11Wh.
48 34 Feb
4394 Jan
4
95 1 May
54 mg A U2
274
FINANCIAL CHRONICLE
Friday
Sales
Last Week's Range for
Week.
Sale
of Prices.
Stocks (Continued) Par. Price. Low. High. Shares.
Range for Year 1929.
Low.
High.
Air Investors Inc corn•t c•
354
Oct 20% July
400
3% 354
3
Convertible preference
Dec 40% July
400 10
15
16
Ala Gt Sou RR pref
50
50 109% Nov 167
Feb
130 130%
Alexander Industries
•
1,000
1% Dec 23
Mar
254 254
2%
Alles & Fisher common •
Nov 36% Jan
100 15
14
14
Allied Aviation Industries
With stock purch warr_•
% Dec 14% June
1%
100
1% 1%
Allied Internal Inv com_ •
Dec 25A Oct
900
4
% 1%
Allied Milli Inc
• 13% 13
2,300 10% Oct 24% Oct
14
Allison Drug Stores el A_•
;£ Dec
200
75£ Jan
Class B
•
A Oct 11
200
May
Aluminum Co pref__ _ _100 108
Nov 110 June
107% 108% 1,300 103
Aluminum Industries Inc_•
Dec 49
July
400 25
26% 301£
American Arch Co
100
Nov 47% Jan
200 31
38
37
Amer Brit A Cord Corp_ _•
Dec 22% Feb
5
5
900
5
5
Amer Chain corn
• 41% 37
2,400 16A Mar 49% Oct
41K
American Cigar corn__ 100 75% 75
Dec 153% Aug
850 76
80
American Colortypecom_ •
Oct 49A Feb
100 16
23
23
Amer Cyanamid corn cl B20 2655
27% 10.000 20% Nov 80
Jan
26
Amer Dept Stores Corp.-•
1,600
2% Dee 29
3
3%
Mar
355
American Equities corn_ _• 16% 15% 18
5,100 14)4 Oct 33% Oct
Amer Investors el B com_• 1054 10
10% 6,400
814 Nov 42
Sept
Warrants
Nov 24% Sent
3
4% ass 3,300
Am Laund Mach com_
•
Dec 97% Sell
75 66
6255 63
, Amer Mfg Co
100
175 37% Jan 59% Sept
45
48
American Phenix Corp_ _ 50 48
Dec 70
100 45
48
Aug
48
Amer Pneum Serv com_25
2% Mar 16% Apr
100
53-4 sg
Amer Salamandra Corp _50 56
Nov 89
600 51
56
56
Sept
Amer Solvents & Chem
Old common
•
12
100 10% Nov 40% July
12
American Thread pref __25
3
Feb
100
3% Jan
3% 3%
Dec
Amer Yvette Co new w I_ _*
5% Dec
5
554 6% 4,200
6%
Amsterdam Trading Co
American shares
100 20A Nov 33% May
271i 27A
Anchor Post Fence com_ •
8
Oct 251£ Aug
300
12% 13
Oct 45% Jan
Anglo-Chile Nitrate Corp.
200 15
17A 18A
Anglo Norwegian Holding *
2% Dec
3
500
3
4% May
3
10
7% Dec 55% May
10%
Arcturua Radio Tube---• 101i
200
•
Art Metal Works com_
100 15% Dec 56% Feb
,
19A 1955
Amax Elec Industries
6% 6% 2.800
•
6% Oct 15A May
Amer dep rcts
6%
2
2
2
Associated Laundries A •
100
1% Dec 14% Feb
4%
Nov 35A Jan
4% 4%
Associated Rayon corn_ •
900
3
ioo 421£ 39A 4214
400 30% Nov 8714 Jan
6% preferred
24
Dec 90% Feb
Atlantic Coast FIsherles--•
300 20
23
•
Atl Fruit & Sugar
200
34
2
•is Oct
Jan
%
• 23% 23A 23A
Dec 26
Atlas Plywood new
100 24
Nov
33% 33%
Atlas Portland Cement •
100 30% Nov 6414 Jan
Automatic Voting Mach--•
300
7% 7%
7% Aug 1554 Jan
•
Cony prior partie
15% 16% 1.300 15% Dec 29% Jan
Aviation Corp of the Amer*
25%; 2a% 4,400 20% Nov 89% Mar
Aviation Credit Corp_ ___* 1254
12% 13
Nov 23% Feb
12,600 12
Axton-Fisher Tob A comb
37
38
Nov 43% Feb
300 30
Babcock & Wilcox Co__100 122
122 123
150 117% Apr 139
Oct
•
Bahia Corp com
2% 3
200
154 Oct 22K Jan
•
Bancomlt Corp new
48% 48%
600 48% Dec 50% Oct
Bickford's Inc corn
•
141£ 15
800 14% Dec 27
July
• 28
$2.50 preferred
28
28
Dec 34% July
100 28
Blaw-Knox Co
•
31% 32
Nov 64
300 30
Sent
Slim(E W)Co common__•
1,300 10
Oct 56% Jan
23K 25
Blue Ridge Corp corn__ __•
7H
334 Oct 29% Aug
6% 7% 12,900
Opt 6% cony pref_ __ _50 38H
35A 39% 33,400 23% Nov 55% Aug
Blumenthal (El)& Co com_* 29A
700 27% Dec 102% July
27% 29%
I3lyn Shoe Inc corn
10
100
1% 1%
1
1%
Aug
3
Jan
•
Ilohack(H C) Co Ina_
68
68
Nov 102% July
100 65
Bridgeport Mach cons_ •
2% 2%
200
1% Jan
63£ May
Brillo Mfg
• 14%
14A 14%
Nov 27% Mar
400 14
British American Tobacco
Am dep rots ord bearer El
Nov 32% Feb
100 26
28% 2814
Brit Celanese Amer dep rcts
4
4%
300
3% Dec 10% June
Bureva Watch cony pref__' 35% 34% 35H
1,000 30
Oct 50
Jan
Burro Inc warrants
4
Oct
3 o455
250 3A
8
Sept
Burma Corp Amer dep rets
3% 3%
3% Oct
1.200
5% Jan
Butler Bros
1,700 13% Dec 4414 May
15
16
Buzza Clark Inc corn.. •
100
25£ 2%
2% Nov 17% June
Carnation Co common___
30
1,600 29% Nov 52
30
30
Sept
Carrier Eng el A non-voi_ _
44
100
44
44
Celanese Corp of Am con..' 33% 33
34% 1,300 20
Oct 57% Feb
100 87
First preferred
Oct 122
3.400 80
80
87
Apr
Nov 100
7% prior preferred_ _100
87
1.300 80
83
Feb
Celluloid Corp corn
Nov 50
17
•
17
200 12
Jan
Centrifugal Pipe
5
5% 3,100
5A
13
---•
4)4 Nov
Jan
Chain Stores Stocks Ine• 13% 12% 13% 2,600
Nov 40% Jan
9
*
Charier Corp common..
100 21 !Nov 42
Jan
22K 22K
Chas & Ohio RR new_ _ _25
Nov 69
100 44
53% 53H
Oct
Cities Service common_ _ _• 29% 271£ 29% 03,300 20
Oct 68% Oct
Preferred
Nov 995£ May
1.000 84
881£
88% 88
Cleveland Tractor corn_ •
500 123i Dec 32
19%
18
June
Club Aluminum Utensil_ _•
5
1.200
4% 5
2g Dec 33A Feb
Colgate-Palmolive-Peet _• 53K 53% 53%
Nov 90
200 40
Oct
Colombian Syndicate
5£ Dec
200
2
Jan
Colts Pat Fire Arms Mfg
Dec 4534 Jan
28A 28A 28A
100 24
Columbia Pictures cern_ •
Oct 38% Mar
700 20
24
26
Clonaol Automatie
Merchandising v t e..-__•
% Dec 17% Jan
7,300
•
% Dec 45
$3.50 preferred
1% I%
Jan
100
Como]Dairy Produets___• I7A
17% 19
700 1234 Oct 50% Feb
Cowl Gas Util class A_ •
23
500 20)4 Oct 38% Sept
23%
Conaol Instrument cols__•
21£ Nov 35
3%
ast 3)4 1.500
Mar
Consol Laundries sera ____• 10% 10
Oct 21
2,000 10
Mar
10%
Cons Retail St's Inc eom_•
11
100 1034 Dec 8V3-( Feb
11
8% cum pf with war 100
Sept 111
90
100 100
90
Apr
• 2351 20
Coon(W 13) Co own
23%
400 17% Nov 43)4 Jan
Oeoper-BeessuerCoresows 28
28
30
300 29% Dec 581£ Sept
Nov 52% Apr
39
$3 cum prof with wire.'
200 38
40%
Copeland Products In.
Class A with warrants •
5
5% Oct 1254 Feb
51£
500
12% 12% 13%
Nov 17% Sent
Cord Corn
4.700 10
13
1355
Corroon & Reynold* nann700 12% Nov 41% Sept
13A
•
Crocker Wheeler eon_
2114 22% 4,300 17)4 Nov 87A Oct
Cross & Blackwell In.
Feb
200 36% Dec 56
36% 361(
Preferred with warrasts•
300 29)4 Dec 62% Jan
30% 30A
Crowley Milner & Co sou•
5
6
Dec 2954 AN
100
8
Curtiss Flying Sere Ins_ •
154 Dec 13
July
Curtiss-Wright Corp war?.
2% 2% 1,200
2%
Oct 345£ Feb
DavenportHordery Mills..•
100 17
21A 21A
Nov 57% Mar
2
Davis Drug Stores allot ctfs
900
2
2%
3A Dec
314
Dayton Airplane Engine.•
300
3
3%
46% Sent
Nov 643
435
350 310
470
Deere & Ce eorainde _ _ _1110 470
Feb
4
De Forest Radio ettin____•
354 4% 3,400
3
Dec 26% Jan
De Ilaylland Aircraft C.
1,200
Amer dep rots old reg_gl
6% 654
5% Nov
,
1074 May
3,900
7
Detroit Aircraft Corp..,...
6
5)4 Nov 17% Sept
6%
• 1434 13% 14%
1,600 12% Dec 65% May
Douglas Aircraft Ins
Jane 20
Dubdies Condenser Corp'
800
4
Ana
1154 12%
Durant Motors lie
64.700
19% Jan
5% 7
•
8% Nov
53-'
Duval Texas Sulphur
22
Nov
500 01354 Dec
13% 15%
•
Edison Bros Stores Ine
300 15% Dec 25
15
•
15
Sell
Meier Eleetrie oom
• 14% 14
14% 2,300 125£ Nov $234 Sent
Eieo Fewer Associates own* 28% 27A 29% 4,100 15
Oct 92
Sept
Class A
• 26
Nov 92% Sept
24% 26% 7,400 14
Elea Shareholdings dem _• 185i 16% 18% 4,700
Oct 66
9
July
Cony prof with ware__ _• 85% 83% 85% 1,500 451£ Oct 163% July
Empire Fire Insurance_ _10 14%
Dec 14% Dec
14
14% 1,700 14
Empire Steel corn
Nov 32% July
12
300 10
12%
Employers Re-Ins Corp.10
100 21A Dec 32)4 Sent
23
23
Fabrics Finishing com_
•
4
Dec 25% Jan
100
4
3
Fairehild Aviation Car A •
3
Nov 84% Feb
3% 4
200
Fajardo Sugar
100
52A 52%
60 50% Dec 12414 Jan
•
Fandango Corp son
Oct 10
Mar
200
%
%
Fan Farmer Candy Shops•
15
15
200 13% Dec 40% Feb
Fansteel Produets Ine...„• 1154
814 11% 4.800
5)4 Nov 24% Sell
[VOL. 130.
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Continued) Par. Price. LOW. High, Shares.
Federal Screw Works_ ___• 38
Federated Metals tr ctfs__* 2354
Flat. Amer dep receipts_
FinancialInvests of N Y10
6
Fokker Air Corp of Amer.' 17%
Folds
-Fischer common__ •
Ford Motor Co Ltd
Amer dep rota ord reg-gl 10%
Ford Motor of Can 01.4_5 3134
Class 13
Ford of France Am dep rots
Foremost Dairy Prod corn.* 10
Cony preferred
•
Foundation Co
Foreign shares class A...•
31£
Fourth Nat Investors Corp
Corn (with purch. warr)• 34%
Fox Theatres class A com_*
4%
Franklin(H H)Mfg corn..'
Preferred
100
Freed Eiseman Radio.....'
French Line-Am shs for
Corn B stk for 600 francs 41%
Garlock Packing oom-_-• 21
Gen Amer Investors
• 12
Preferred
100
4
General Baking oom
•
• 53%
Preferred
General Cable, warrants..... ......
Gen Elec Cool Cit Britain
American deposit rots... 11%
GeneralElectric(Germany)
Amer deposit receipts_
General Empire Corp.....' 21
Gen'i Fireproofing com •
Gen Indust Alcohol v i o_e
Gen Laund Mach cora___• 10%
General Printing Ink com.•
9%
(loll Realty & utn corn-5
Pf with corn puroh war 100 73
Gen Theatres Equip corn.' 34
Gilbert(A C) Co com_
*
• 1193£
Olen Alden Coal
Globe Underwrit Exah_.• 13A
Goldman-Baths Trading, 37%
•
35£
Gold Seal Elec Co
Gorham Inc
$3 cum pref with warr * 32
Gotham BMWs* Mach- •
Grand Rap Store Eq 7% pf
9
Grand Rapids Varnish__ •
• 33
tiraymur Corti
at Ati & Pao Tea 1st 01 100 117%
Non vol corn stook
•
Griffith (D) class A
•
Grocery Stores Prod, t a_• 14
Ground Gripper Shoe oom• 26%
29
$3 preferred
Guardian Investors Corn•
4
Guenther(Rud) Russ Law5
Hambleton Corp allot ctfs
55
Handley Page Ltd
Amer dep rcts porde pf
1%
Happiness Candy 88 01 A _•
Hartman Tobacco Co___10
•
Ilaygare Corn
•
Elaseltine Cory
5%
Helena Rub'etein Ins corn •
Horn&Hartdart7% pf _100 99%
Houdallle-Hershey pfd A.* 22%
• 41%
Hydro-Elea Sec corn
flygrade Food Prod corn... 11%
Imperial Chem Industries
Am dep rcts ord shs reg £1
Imperial Tob of G B & Ire
Am dep rcts ord shs _ _ £1
[nen!! Utility Inv estm.--• 59
86 2d pref with warrants 86H
$5.50 pr pf with war _ •
[Deur Coot North Amer_10 72
Insurance Seouritles...-10 19%
Intercoast Trading corn_ •
Internal Cigar Machy _ _.• 100
1nternat Products coin •
Internat Safety Razor B_•
Interstate Equities corn..' 11
ConvertIble$Preferred•
Irving Ain Chute corn -• 14
Johnson Motor Co corn...' 29%
Jonas dr Naumberg corn_ •
$3 cum cony pref
•
Klein(H)& Co part pf_ _20
Knott Corp common
•
Kolster-Brandes. Ltd
American shares
£1
Lackawanna Securities---• 365(
•
Land Co of Florida
Lane Bryant Inc oom- •
Langdendorf United
Bakeries el B
•
latcourt Realty Corp... •
•
Preferred
Lehigh Coal & Nay
SO 10654
78%
Lehman Corp
48%
Lerner Stores Corp corn..
Libby. MeNell & Libby -10
Lily-Tulip Cup Coro
• 18
314
Loow's Inc stock purch warr
Louisiana l&nd A Exolor -•
Mae/dart Stoma oom_. • 24
•
Mengel Stores corn
Marine Midland Corp__10 34%
Marion Steam Shovel corn• 13
25 93
Maryland Casualty
Massey-Harris Co corn _ •
114
Mavis Bottling Coot Am.*
Mayflower Associates Itio• Si
Merritt Oberman & Soots• 17%
•
Mesabi Iron
954
Metal & Mining Shares-.'
Metal Textile panic pf _.• 4114
Metropol Chain Stores....' 26
Midland Royalty $2 prof.'
Midland United Co com__• 23
Milgrim (H)& Bros corn.'
Miller (I) A Sons COM- •
Mock, Juds & Voehringer•
Monteeatinl M & Air
1%
Warrants
Moody by partic Pf- •
Moore Drop Forge cl A
•
Morrison Elec Supply - --• 39%
Mtge Bank of Columbia
American shares
Nat American Co Inc....'
8%
•
9
Nat Aviation Corn
Nat Baking Co 7% pf .100 61
Nat Family Stores corn...' 18%
Prof with warrants _25
Nat Food Products
Class A with warr
Clam B
•
3
Range for Year 1929.
Low.
High.
35
23%
17%
5%
s15%
7
38%
23%
17%
6
17%
7
3,800
100
600
300
2,000
300
2934
20
15%
4%
8
5)4
76
39
29%
80
6714
38%
May
Mar
May
Jule
May
Jan
10%
31
41%
7
915
10
1131
,
33%
58
7%
10%
18
8,000
3,800
525
500
800
200
101£ Nov 20%
15
Oct 695£
30
Oct 172
8
Oct 1334
9% Dec 2154
15
Nov 23
Aug
Apr
Apr
Sell
Oct
Ape
234
31£
1,000
Dec
Nov
Dec
Nov
Oct
Oct
33£ Nov
19% Mu
33% 34% 6,600
4%
5% 38,900
18
24
3,000
75
75
25
100
%
20
5
21
70
OK
Oct
Dec
Nov
Nov
Dec
411£
20
10%
81%
3%
52
12%
35
18;£
8%
70
234
45
6
Oct 59
Jan
Nov 36
Aug
Dec 8034 Sept
Nov 111% Sept
Oct 10% Jan
Nov 79% Jan
Dec 47
Mar
41%
100
21
800
12
5,200
85
400
454 15,700
54% 3,700
13
200
11% 11%
4,100
37% 37% 1,100
21
22%
600
200
3215 32%
14% 1454 1,300
9
300
10%
44% 44%
100
11% 5,000
9%
69
500
73
34% 27,600
26
17
300
17
119% 121
300
12% 1315 2,100
36
38% 16,500
3% 4% 6,200
32
30
114 1)4
8% 9
7
7
32% 33
nag 119%
240 249
1% 1)1
12% 14
26% 27%
29
29
4
4%
28% 28%
55
55
2%
%
12
36%
20
554
99%
22%
38%
1134
-
2%
2%
12%
37
20
6
99%
22%
42%
13
714
35;£
19
2954
10
10
40
9
60
24
14
80
11%
32
8
Oct
603.4 Sept
saA Jan
46% June
91A Feb
4% Jan
20% Feb
Dec 50%
Deo 3654
Oct 44%
Nov 84%
Dec 27%
Nov 63
Dec 39%
Nov 121%
Nov 66%
Nov 25%
Oct 1159%
Dec 28
Nov 1121%
Oct 27K
Nov
Dec
Aug
Sept
July
May
Jay
Oct
Sept
Sept
Sept
Jan
Sept
Aug
Mar
May
200 25
11£
700
200
100 12
4,900 23
120 1114
50 162
1
300
1,600 10
2,200 18
200 20
200
3
100 24%
100 58
Oct 23%
Nov 68%
Aug 118
Nov 494
Oct
4%
Nov 17%
Nov 49
Nov 48
Dec 1234
Nov
305£
Nov 66
Aug
Sept
Dec
May
Feb
Aug
Sept
Sept
Aug
Oct
Oct
200
1,000
300
600
200
600
25
100
6,900
2.700
Nov
5%
Dec
5%
Dec 29%
Nov 82%
Nov 70%
Nov 2614
Nov 105
Nov 59%
Nov 82
Nov 4914
June
Jan
Sept
Mar
MAY
Jan
Jan
Feb
Sept
Jan
2
1
12A
2714
14%
35£
98
15%
27
10
61
Jan
19% Feb
614
654
300
24
58
NA
82
70
17%
21
100
24
61%
8614
82
73K
19%
21%
100
754
12
11%
4154
14%
29%
2%
20
20
25
400
3.900
100
150
1,200
1,900
400
200
200
300
2,000
200
2,700
300
200
400
400
200
6%
26
70
70
52
17
20
80
5
10%
10
40
11%
29
2
10
12)4
24%
Oct
Oct
Nov
Oct
Nov
Nov
Nov
Oct
Nov
Dec
Dec
Nov
Dec
Dec
Dec
Nov
Nov
Dec
33%
160
101
103
92
83%
3214
150
1434
46
25%
650
41%
42K
11%
59
24%
37
Jan
Aug
Sept
Sept
Sept
Jan
Sept
Aug
Jan
Jan
Aug
Oct
May
Oct
Aug
Mar
Feb
Feb
1
1
36%
36
234 25£
22% 29
1,100
700
200
200
1
Dec
30
Oct
134 Dec
25
Dec
12%
45%
13
9114
Mar
Jan
Jan
Sept
39
39
39
17134
186
72%
23
37%
14
1414
4314
38%
75%
5634
170
99%
11
10134
3734
3
22%
43%
89
34
31%
20%
57
41%
Sept
Jan
Jan
July
Sept
July
Sept
Jul/
Mar
Feb
May
May
Oct
Jan
Jan
Jan
Mar
Sept
Sept
Jan
June
Sept
Feb
July
Oct
Feb
July
Apr
1154
10%
40%
12
29%
2A
1954
19%
23%
25
15
29
103
78%
38%
18%
17%
355
35£
23
15
33%
13
90
42
1
48
1754
1%
81£
4154
26
1654
22
10
29
2554
25
100
15%
1100
30
700
200
106%
1,000
79
48% 1,500
1.300
20%
18% 2,000
3%
300
5
12.200
24
300
15
500
3534 11,800
13
100
93
70
300
43%
1)4 17,800
800
61
18
400
2
1,800
9% 1,900
4155
100
28
300
200
1654
23
200
11%
1,000
31
500
25%
200
134 1%
4254 42%
55
55
38% 40
26
8%
854
59%
17%
25%
400
100
100
900
300
28
12% 15,700
914
1,750
61
176
19
1.100
26
300
19% 20
3
3
300
200
6% Nov
28
1054
23
90
63
35A
1114
1214
2
20%
15
28
814
86
41%
1
4614
164
134
a
31%
2534
15
21%
8
34
22
Nov
Nov
Oct
Nov
Nov
Dec
May
Nov
Nov
Nov
Nov
Dec
Nov
Dec
Dec
Dec
Nov
Nov
Oct
June
Oct
Nov
Dec
Oct
Nov
Oct
Dec
Dec
54 Oct
Oct
38
50
Oct
35
Dec
23
6%
654
50
15
10
Dec
Oct
Nov
Nov
Oct
Oct
17
Nov
2% Dec
11% Feb
6% Feb
52% Jan
Jan
75
48% Oct
48%
23%
88
75
48%
49%
37
12
Mar
Aug
May
Aug
Yob
Mar
Jan
Jun
JAN. 11 19301
FINANCIAL CHRONICLE
Friday
Sales
Last Week's Range for
Sale
of Prices.
Wed.
Stocks (Corst(nued) Par. Price. Low. High. Shares.
Nat Investors coin
•
Nat Screen Service
•
Nat Steel without wart...'
Nat Sugar Refg
*
Nat Trade Journal Inc_ •
•
Nat Union Radio com
Cum cony prof
•
Neill Corp oommon
•
First preferred
•
Nehiner Bros Inc pf _ _100
New Mexico & Ariz Land..!
New Or! Gt Nor RR_ _100
Newport Co corn
•
N Y Auction common A-•
N Y Investors corn
•
N Y Merchandise
•
N Y Rio &Bu'os Aires AL•
Niagara Share Corp
•
Niks-Bem't-Pond nom.. •
Noma Electric Corp oom_.•
North American Aviation.'
Northwest Engineering.. •
Novadel-Agene common.'
Oilstocke Ltd el A
•
Orange-Crush Co
•
Otis Elevator cum w 1_ •
Outboard Mot Corp corn B•
Conv prei el A
•
Ovington Bros Partic pref.*
Overseas Securities
•
Paramount Cab Mfg oom_•
Parke Davis & Co
•
Patterson-Sargent Co corn•
Fender(D) Grocery cl B. •
Pennroad Corp corn• o-•
Peoples Drug Store Ina_ •
Pepperell Mfg
100
Perfection Stove Co_ _25
Perryman Elec coin
•
Pet Milk 7% Pref
100
Phillippe (Louis) el A._..'
Phil Morris Con Ine corn..'
Plek (Albert). Barth & Co
PM (panto Pr)
•
Pierce Governor Co corn_ •
Pilot Radio & Tube oht....•
Pines Winterfront Co
_5
Pitney Bowes Postage
•
Meter Co
Pittsburgh Forgings
•
Pitteb Plate Glass com--25
Polymet Mfg
•
Potrero Sugar common__.•
Powdrell & Alexander_,..'
Pratt & Lambert Co
*
Pressed Metals
•
Prince & Whitely Wad_ •
•
$3 May pest A
Propper Silk Hosiery com..•
Prudence Co 7% prof _100
Prudential Investors oom_•
Public Utility Holding Corp
corn with warrants
•
Pyrene Mfg
10
Quaker Oats prof
100
Radio Products corn
•
Rainbow LumlnousProd A•
Common class B
•
Raymond Concrete Pile pf•
Reliable Stores Corp
•
Reliance Mansnement •
Repettl Inc
5
Reynolds Bros Inc--.57.50
Reynolds Metals corn. _•
Itice-Stlx Dry Goods corn _•
ichman Bros
Richmond Radiator corn..
7% cum cony Prof
•
e-Kumler Co corn_ _ _•
Roils-lloyce Ltd
Am (lop rcts old sh reg £1
veil Field Dm
•
oss Stores Inc
•
Royal Typewriter corn_ •
I uberold Co
.
jot)
usseks Fifth Ave Inc__.•
fety Car Heat & Ltri..100
t Regis Paper Co com_ _10
7% cum prof
100
hilt Co corn
•
hletter & Zand corn vtc.*
hulte-United be to 51 St•
butter-Johns Candy clA•
otten-Dilion Co
10
man Bros corn
•
limning Rubber
•
looted Industries corn_•
Allot oils let & 2nd paid
Prior preferred
•'fridge Provincial Stores
Ordinary
£1
!my Safety Control___-•
ton Leather corn
•
• enandoah Corp corn__•
6% oonv pret
i0
ea Gel Corp oom• e_ •
S
Inter AIL
100
to Financial Corp
•
Milner Organ
•
mith (A 0) Corp corn_ •
nom Products Corp__ _•
•
uthern Corp som
uthwest Dairy Prod
pan & Gen Coro Ltd_ _El
Plegel-May-Stern prof -100
tand Dredging cony Dr- •
tand Invest 1514 pref__.•
tand Mot Construct.
.100
tame% Corp oom
•
6% cum preferred_ _ -.50
Win Cosmetics oom
•
LW (A)& Co com
•
tern Bros class A
•
Common v t c
•
Wows(Hugo)Corp
Amuse(Nathan)corn.. •
'trams Roth Stores coin_.•
troock (3)& Co
•
lute Motor Car
•
un Investing corn
•
$3cony preferred
•
uperheater Co
•
Mitt & Co
100
wilt & Co new
Insernattonal
18
• rao Wash Mach B corn_•
Wart Corp oommon_ •
'aylor Milling Corp corn.'
•
•ermold Co corn
1rd Nat Investors corn.'
ompson Prod Inc el A _ _•
1334
50%
31%
335
1834
12434
954
24%
24
1214
173.4
14
23%
7334
434
1134
1334
2354
1314
95
10
11%
1054
5834
14
654
60
23%
9%
36%
14%
15%
Range!,? Year 1929.
Low.
13% 14
1,900 10%
15% 16
200
6
50
50% 2.300 50
31
1,500 28%
31%
6% 6%
100
5
3% 4% 1,900
3%
5
5
2
100
1654 18% 2,000 15
74
74
200 70
115 12454
100 118
3% 3%
800
254
12% 13
200 10%
24% 28
200 2054
914 9%
200
734
22% 24% 4,700 20
24
24
200 17
8% 13% 3,400
5%
17% 19%
4,400 12
29
37% 8,200 21%
13% 14
300
6
5% 5% 4,600
4
2114 2134
200 17%
22% 23%
500 20
9
9
100
34
29
30
700 mg
70% 7354
1,500 58%
3% 454 2.300
3%
1051 11%
1,100 1014
4
4
254
100
1554 18
300 19
11% 13% 3,700
41% 42%
600 40%
2334 n2514
225 10
35
60 20
35
13% 1334 31,900 13
48% 48%
100 46
92
95
200 85
59% 59%
75 60
6% 6%
200
4
96% 96%
20 94%
11% 11%
100
814
300
54
44
hi
Nov
Nov
Dec
Dec
Nov
Dec
Nov
Nov
Jan
Dec
Oct
Dec
Dec
Nov
Nov
Nov
Dec
Nov
Nov
Oct
Dec
Nov
Feb
Oct
Nov
Dec
Dec
Nov
Dec
Dec
Oct
Dec
Oct
Nov
Dec
Nov
Oct
Sept
Nov
Nov
Nov
Dec
645( Sept
3534 Mar
67% Dec
65% Jan
3454 Jan
42% Aug
32% Mar
2954 Jan
Feb
76
Dec
140
9% Mar
Feb
32
52
Seri
24% Feb
4854 Sent
4714 Mar
19
Sept
743( July
75
Apr
2754 May
Jan
24
4834 Feb
31% Feb
1954 Jan
Oct
34
Dec
75
1354 Aug
21% May
754 Jan
May
59
4354 Jan
58% Feb
39% Sept
62% May
80
July
Jan
94
11334 Feb
May
100
29% May
114
Jan
May
32
A% June
Jan
19
3814 Jan
29% Sept
6754 Aug
10
11
1014
41
1034
11
11%
41
300
200
2,900
300
10
Sept
1034 Oct
Nov
7
Oct
41
10
13
54
1314
6%
60
56
22
954
36%
1014
14
56%
1514
614
62
57%
23%
1034
363(
200
900
1,900
1,600
100
700
800
300
6,400
1,200
854
10
49
1234
4%
60%
58
20%
6%
29
100
14% 1454
95
425
9954
14% 1554 13,600
1714
High.
Nov 3134 July
10% Dec
Dec
Dec 7654 Jam
Nov
4254 Oct
8% Nov
Oct
Oct 12044 Beet
Feb
Nov 85
Dec 24% Dec
Nov
14
Sept
Nov 50% Sept
Jan
11
Nov e8
Dec 10434 Apr
92
53.4 Oct 4154 Sept
Dec
6,900 15
1934 Dec
634 Nov
1034 July
100
Jan
July 120
30 106
1.000 10% Oct 36,4 Sept
Jig
1,000
754 Nov 65
2,300
3,4 Dec 2074 Sept
Aug
Dec 71
100 50
Aug
29
300 14% Nov
Oct63% Sent
1,200 12
6
54 Dec
ADI
100
Nov
18
4
Sept
2,400
Oct
2,500 18% Nov 43
100 1614 Oct 2414 Jan
50 8054 Dec 13954 Aug
1954 Feb
400
234 Nov
Dec 3834 Mar
8
100
300 2734 Deo 4354 Sept
1754
754
11014
18
9
9
444
4%
50
18% 18%
18
16%
44
Si
5%
53.4
2214 2234
15%
8014
3
2%
12
28% 28%
17%
7%
11014
20%
9%
4%
50
19%
1854
34
631
22%
15%
80%
3
12
28%
11
334
11
300
934 Mar 1 554
314 Dec
18
800
314
1% Dec 297-4
n214
100
Nov 8334
55
100 55
Oct 1083$
55
500 45
15
100 1354 Dec 3534
130
275 12434 Dec 22934
4734
2114 8,700 1454 Nov
Nov 107
400 95
107
Nov 79
300 25
30%
200 12
12
Dec 2534
234 Dec 26
3% 2,100
100
3% Dec 12
4
100
22
700 3834 Dec 80
42%
900
9
Dec 8534
1354
814 11,500
4
Nov 8134
SOO 5034 Nov 106
88%
62% 2,800 4936 Nov 6934
55
543.4
15
130
2034
30
314
42%
13%
7%
68%
6154
534
931
37%
474
18
30
'Is
A
1034
78
34
35
18%
10%
234
14%
41
136
3314
8%
25
20%
31
26%
11
3%
n2%
'55
5214
1454
129
20
106
30
1114
3
4
22
42
10%
7%
8834
61
254
100
23' 2%
354
534 5/4
900
13
13
200 11
614
854 9% 6,300
343-4 37% 10,400 14%
1,800 1454
1934 203-4
465 474
60 424
18
18%
500 10
30
30
100 25
15614 160
50 161
34
14 17,900
Si
454 53-4
1,700
4
10% 11
1,000
934
1,4 1%
54
700
70
67
300 50
7034 75
150 2434
78
77
200 71
44
54
154 6,400
21
21
100 13
3434 36%
800 31
10
1014
800 1034
1614 1834
700 15
45
45
175 42
814
8
100
y
9
10
400
113-4 113.4
200 10%
9
100
1034 10%
23
23
100 25
134
23.4 4% 39.800
1436 1434
4
200
40
4054
400 3234
39
41
400 x3014
136 13634
150 121%
3314 34
3354
301
35
35
100 2534
8% 854
634
8
00
20
20
100 18
21
25
500 2154
1954 207-4
1,300 19
2954 3134 3,700 2534
2474 26%
900 10
Nov
Nov
Dec
Nov
Nov
Dec
Oct
Nov
Nov
Nov
Dec
Dec
Nov
Nov
Oct
Nov
Dec
Oct
Nov
Nov
Dec
Nov
mar
Dec
Dec
Dec
Nov
Dec
Dec
Nov
Nov
Nov
Nov
Dec
Oct
Dec
Nov
Nov
Nov
Nov
Nov
Feb
Mar
Jan
July
Jan
May
Jan
Sept
Jan
Jan
May
Jan
Feb
Jan
Jan
Feb
Jan
Aug
31514 Feb
28% Sept
15
Nov
3954 Aug
63
Aug
48144 Mar
631
Jan
5634 Aug
493-4 June
200
July
Jan
19
21
Sept
25
Sept
7
Jan
98% Feb
3734 Aug
103
Jan
634 May
63% Sept
5134 Get
24
Oct
3814 Feb
4734 Feb
15
Jan
1614 Feb
34% May
3474 Aug
61% Feb
3514 May
343.4 Sept
5234 Sept
4074 Dec
14934 Sept
3454 Dec
3734 Jan
s26
June
5934 Feb
36
July
88
July
85
July
6954 Jan
275
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
Thompson StarrettCo corn'
9%
Prat without warr
• 4034
Timken Dot Axle pret...100
Todd Shipyards Corp
46
Transamerica Corp
25 4354
Transcont Air Transp----•
8
Voting trust ctL
•
444
Frans
-Lux Plot Screen
Class•oommon
454
•
Tr-Coot Allied Co unit cite
WI
-Continental Corp corn• 12%
6% cum prof with war100 80
Warrants
5%
Tr -Utilities Corp
• 44%
Triplex Safety Glass
Amer rots ord eh reg...'
8
Trunz Pork Stores
• 2434
rubles Artificial Silk el S-• 174
Tung Sol Lamp Wks corn.'
$3 cum cony prof
• 1854
Olen & Co loom
Ungerleider Finan. Corp.' 28%
Union Tobago)Lim
Si
•
United Carbon pref. _100
United-Carr Fastner eorn..• 11%
United Chemicals pref.' 32%
United Corp warrants
1554
United Dry Docks sem
8%
United Milk Prod corn...*
4
United Molasses Co Uri
Am den lets for ord rani 29
United Porto Rican Sug_
United Profit Sher com__.
114
United Reproducers
Class A without wart- -•
2
Claes B
•
Unit Retell Chem A•t e_•
54
B vet tr ate
14
•
Preferred
8
United Shoe Mach'y corn 25
United Stores Corp oom -•
514
Un Wall Paper Factories.'
US Dairy Prod clam A.--• 52
• 15
Claes B
S Flmsning corn
• 24
B Poll class B
• 1934
El Lines oem
14
U S Radiator corn vi c _ _
43
U S Shares Financial CorpWith warrants
714
Utility Equities Coro ; 10%
Utility & Ind Corp cam...* 19%
Preferred
• 25
Van Camp Pack eon
•
7% preferred
25 1354
Vick Financial Corp
914
10
19
Vogt Mfg Cern
Waitt & Bond clam A.---• 15
•
9
Class II
tralgrsen Co eommon
• 60
*
Warrant,
Walker(Hiram) Gooderham
& Worts common
• 10%
Watson (John W) Co_ _ •
Wayne Pump eommon___•
Welch Grape Juice corn...
Western Air Express__ _ _10
West Point Mfg
100 112
Williams(BC)Co Inc...* 18
Wil-Low Cafeterias com_.•
Wilson-Jones Co corn.- 414
Winter (Ben)) Inc corn_ ....•
•
Worth Inc class A
Zeal% Products Corp eom• 2035
Rights
Associated G & El debris
Loew's Inc deb rights
Mountain States Tel & TeL
Southern Calif Edison
Transamerica Corp
White Sew Mach deb rights
Public Utilities
Allegheny Gas Corp com_•
tilled Pow & Lt corn
$5 let preferred
53 preference
Am Cities Pw & Lt cl A.50
•
Claes B
am Com'w'ith P oom
Common B
•
Warrants
Amer & Foreign Pow warn.
timer Gas & Bloc oons.....•
•
Preferred
Lmer Lt & Tree nom- _100
Amer Nat Gas corn•s
Amer Pub Serv 7% pref._ _
Am States Pub Sere el A •
Amer Superpower Corn
Corn, new
First preferred
Appalachian Pow 7% pref.
Arkansas Pr & Lt $7 pret•
&Noe Oas & Else mass A _•
Smitten Tr Lt&Pow ord•
Buff Nlag & East Pr pi_ _25
Cables & Wireless
Am Dep rots A ord MI.11
ArndeprctoBot'dshs.41
Am dep nets prof shs.£1
Cent All States fierv• 0-•
I
Cent Pub fiery class A_.-•
Prior lien
•
Cent & S W Util new
7% Preferred
Cent States Elec com____•
Warrants
Com'vellth Edison Co__100
Oom'w*Ith Pow Corn P1.100
Oommwealth & SOU Corp
Preferred w I
Warrants
Community Water Sem_ _•
"one0
& T Balt com_•
Cont'l CI & E
pref. _100
Dixie Gag &
oom..._•
Duke Power Co
100
831
2%
6C
934
40
105
46
42%
7
4%
Ranee for Year 1929.
Low.
43-4
78
1214
75
4%
40
474
79%
13
80%
6%
44%
8
24
14714
2114
34
18
28%
34
101
11
32
14%
8
3%
8
25
175
21%
3414
18%
2834
31
101
12
3:554
16
8%
4
2,800
600
7,700
2,200
5,500
1,700
Sept
Sept
June
Jan
Dec
July
July
Oct 24
4554 Nov 10434
10
Nov 57
Nov 119%
75
Mar
Aug
Aug
Aug
40
Sept
4,000 5%
1,200 15
670 111
100 1054
300 2354
300 15
3,400 2414
6.500
54
100 92
600
II
900 2914
3,000
814
600
6%
300
234
Dec
60
Nov 33%
Oct 6054
Nov 695
Oct 49%
Nov 50%
Oct 38%
Dec 2714
Dec 20
Jan 109
Oe t 22
Nov 8134
Nov
47%
Nov 20%
Dec 21
Feb
Jan
Jan
July
Aug
July
Dec
Jan
Oct
Bev.
Feb
Sept
AD?
Jan
27% 2931
38
36
144 254
2,200
100
300
2254 Nov
Nov
29
114 Nov
41% Aug
May
53
11
Mar
1% 2
54
34
Si
Si
54
Si
8
8
60% 61
3% 654
10%
10
52
52
15
15
2354 n24%
18% 19%
14
1454
43
43
300
700
500
100
300
300
1,700
500
100
100
1.500
2,300
900
100
2
Dec
Dec
34 Dec
Dec
734 Dec
5534 Nov
1% Dec
Nov
10
4854 Jan
Feb
14
205( Nov
14
Nov
Dec
13
37
Nov
2334
934
3
3
40
85%
2854
30
65
26%
5654
7454
19
56%
5
10
13
20
8%
11
6%
18%
13
9%
3234
21
Nov
1854 Oct
Aug
Oct 4.4
Nov 5534 Aug
Oct 54% Aug
Oct 8834 /eh
Feb
Nov 38
Dee 18 June
Dec 38% Aug
2634 Apr
Nov
Nov 22% Jan
Nov 107% SePt
Dec 8814 Sept
514
1054
19%
25
12
12%
8%
18
15
9
57%
27
1054
2
9
52
2214
112
1514
7
51
454
2
1914
SOO
754
11
2.200
2034 6,100
800
2554
500
12%
500
1351
934 12,300
19
200
15
300
9
100
61
4,400
800
331i
10%
244
10
52
24%
112
18%
7%
55
454
2
2054
3,300
634 Oct 23
2,200
31 Deo 14%
400
5% oct 82
100 62
Nov 80
700 15
Dec 78%
10 12934 May 140
2.200 14% Dec 41%
600
734 Dec
30
600 .50
Dec 01%
1,800
354 Dec 16%
100
2
Dec 113.4
3,300
17 Deo 44%
5,400
754 9
14
14
100
100
75.4
711
254 3
2.900
100 14,500
6c
1% 1% 38,200
3% Oct
12
Dec
hi Nov
134 Dec
554
700
4%
3834 4114 53,000 23
77
80
1,700 71
45
48
4,200 4044
38% 39%
1,200 29%
54).4 1634 4.400 10
23% 24% 7.400 18
35
35%
700 22
3%
3% 4
700 254
7034 6714 7444 18,500 2534
119
11614 122
6,400 70
100 98
107% 10734
23014 225 230%
425 190
100
514
731 7%
96
98
50
19
1814 19
300 -183.4
514
38%
7934
47%
3935
16
2414
25%
94%
24%
9434
105
102
41% 36%
3854 3614
2454
354
13.1
28
86,100
95
1,700
105
10
102
10
43
18,500
3354 12,900
24% 2,700
3% 334
131 2
4% 454
6
614
35% 35
3554
9534 95%
2214
2251 22%
9474 9434
22% 19% 22%
25
25
5
238
237 240
99
99 10214
95%
3%
13
9954
High.
9%
500
Oct 20
5
40%
700 34% Nov 42%
105
10 105)4 May 110
46
100 40% Nov 7834
41,800 285( Oct 41%
44
8% 5,600
154 Oct 8254
534 3,900
344 Dec 8154
95%
354
12%
9154
102
1054
May
Jan
Jan
Sept
May
Jan
Feb
Mar
Aug
Jan
Jan
Jan
2834 Sent
4934 Feb
Sept34
14%
Jan
15
110
80
52
84%
60%
31%
52
11%
174
224%
10954
399
15%
Oct
July
Oct
July
July
July
Aug
Oct
Aug
Sent
Jule
Jan
Sept
Jan
Dec -ie
.
Oct
Dec
Nov
Nov
Dec
Nov
Oct
Oct
May
Dec
Oct
Nov
Nov
Nov
Nov
7134 July
11
Nov
89% Nov 10034 Feb
90
Oct 107
3514 Oct TS%
31% Nov 75%
Nov 26%
22
3
1,300
Oct
7,800
134 Oct
900
334 Oct
Dec
6
700
Oct
5.900 20
May
50 98
Dec
100 19
Mar
50 92
9,200 12
Oct
100 19% Jan
420 210% Nov
2.700 93% Nov
1,900
98%
414 121,200
1354
900
10034 3.500
102
lao
11
200
Oct
Sept
July
Apr
Apr
Feb
Jan
Aug
Sept
Oct
Aug
Feb
Aug
Mar
Apr
Sept
Sept
Jan
5%
5%
554
1954
57%
10334
39%
100
Aug
JULY
Aug
Apr
Oct
July
Sept
Aug
gag July
103
Sept
44954 Aug
10454 June
1% Oct 12% July
1234 Nov 21% Oet
71
Oct 160 Inns
85
Nov 10444 Jan
8% Dec 3044 Aug
164
149% 164
850 120
Eastern Gas & Fuel Assn..* 2635 26% 2634
30,5 22
East States Pow B sem ___• 22
18% 22% 8,000 17
F.lec Bond & Oh Co com__
: 83% 82
88% 24,500 60
10354 10314 10554
Preferred
2,700 100
Elec Pow & Lt 20 pf A..
101% 101%
200 9434
3031
Option warrant
2834 30% 2,500 1014
Empire Pow Corp part ask.
40
4114
800 2534
Empire Pub Serv com ciA•
20
2034
700 1454
Fla Pow & Lt 37 cum pf_•
100 10054
300 100
14
Gen Gas & El el A
1454 10,600 1334
14
98
Indiana Pow & Lt Tref
98
98
100
Intermit Superpower
3214 35
2,300 25%
• 35
Nov
Oct
Nov
Oct
Nov
Nov
Oct
Oct
Nov
Jan
Oct
0,t
324%
5554
77%
189
10954
103
61%
62
31
102
23%
Aug
Sept
Aug
Sent
Jan
Mar
Sept
May
Serif
Mar
Sept
93 4 Aug
,
[VOL. 130.
FINANCIAL CHRONICLE
276
Sales
Friday
Last Week's Range for
Week.
of Prices.
Public Utilities(Cond.) Sale
Par. Prtce, Low. High. Sahres•
Interns* Util class A
Class B
84
Italian Super Power cl A
10
Warrants
54
Jersey Cent P & L
pf100 100%
Long Island Light emu- _• 4431
7% preferred
100
Marconi Internat Marine
COMMILD Am dep rets__
1134
Marconi Wirel Tot Can __1
334
Marconi Wireless Tel Lona.
Clare B
• 1175
Memphis Nat Gas
Middle West Util
26%
86 cony pref series A__ •
Mohawk & Hod Pr 1st pf_•
•
2d pref
*
Nat Elec Pow Class A_
Nat Pub Serv corn class A•2234
N Engl Pow Assn 6% p1100
New Hug P S pr lien__* _ _96
New Eng Tel & Tel_ __100
N Y Pr &Lr 7% pref_100
N Tele') Of% Mel--100
Niag Hudson Pr corn
10
Class A opt ware
3%
B warr (1 warr for 1 sl))_ 7
Nor Amer Mil Bee cony_
6
Nor States P Corn oom_100
Ohio P S 7% 1st pf A_ _100
Oklahoma G & E pref_ _100
Pacific Gas & El let pref 25
Pacific Pub Serv CIA corn•
Pa Gas & Elec cl A
• 2635
Penn Ohio Edison corn.. •
7% prior pref
100 110%
•
$6 preferred
Warrants series B
•
Pa Water dr Power
PeoplesLight & POW comA• 3434
*
Power Securities corn..
*
Preferred
Pub Serv of Nor Ill
Puget Sd P & L 6% pf_100 9934
Railway & Lt see. corn...'
Rochester Cent Pow corn.*
Rockland Light & Power10 22
Shawinigan Wirt & Pow...* 7935
Sierra Pacific Elec oom_100 49%
S'east Pow dr Lt panic Pf-•
• 11031
$7 preferred
2834
Sou Calif Edison pf
25 2534
Preferred B
25 2075
634% pref class C
25 23%
Sou Colo Power cl A
8
Sou weet Gas Util corn _ _•
Southw Pow & Lt 7% 01100
Stand Gas & El 7% Pre-- 1065,4
25 12651
Standard Pow & Lt
Preferred
• 754
Tampa Electric Co
Tenn Klee Pow 7% pf _ _100
Union Nat Gas of Can- •
• 21%
United Gas corn
Un Elec Serv Am abs
Porch warr
34
United LS & Pow own A--• 33)4
• 100
6% cum 1st pref
17111 Pow & Lt corn
15
Class Byte
40
Former Standard Oil
Par
Subsidiaries
Anglo-Amer 011 Vol ens__
1771
Voting stock reg
1731
Otis of deo
Non-vol Ws of dap_ _El
Non vol stock reg
50
Buckeye Pipe Line
25 16635
Cbeebrough Mfg
Contin Oil (Me.) v t c_ _10 14
100
Eureka Pipe Line
Galena Oil Corp w I
Galena Signal Oil com_100
New pref ctfs of dep....
Humble Oil& Refining _25 8571
100 306)4
Illinois Pipe Line
Imperial011(Canada)----• 26%
10
Indiana Pipe Line
National Tranell---13.50 22%
26 71
Ohio Oil
25
Penn Mexican Fuel
26
South Penn 011
10 13
Southern Pipe Line
Standard 011(Indiana). 25 5251
Standard 011(Kansas)
-36 29
10 34
Standard 011(Ky)
25
Standard 011(Neb)
Standard 011(0) oom- .25
100
Preferred
Stand011Exp non-vol p1100
25 9471
Vacuum 011
•
•
Other Oil Stocks
Amer Contr Oil Melds_ _1
6
Amer Niaraealbo Co
Arkaim Nat Gas Corp eom•
10
Preferred
•
Class A
Atlantic Lobos Oil prof. 50
Carib Syndicate new cont..
Colon MCorp common..
Cosden 011 Co pref
•
Creole Syndicate
Crown Cent Petrol Corp *
Darby Petroleum (Jant- •
Darby 01 & Ref cern_ •
Preferred
Golf Oil Corp of Penna.-26
•
1
Houston Gulf Gas
Indian Ter Ill Oil
IntercontinentalPetrol-10
•
Internal Petroleum
Kirby Petroleum
•
Leonard Oil Developm1-26
Lion 011 Refining
•
Lone Star Gas Corti
•
)
Magdalena Elyndloate
Margay Oil
•
Marland 011 of Mexico_ _1
Mexico-Ohio 011 Co
*
Mo Kansas Me Line---6
Mountain & Gulf Oil__ _I
Mountain Prod Corp- -10
•
Nat Fuel Gas
New Bradford 011 Co__ _5
New Eng Fuel Oil new_ *
NY Petrol Royalty
•
Nor Cent Texas 011 Co. •
•
Pacific Western 011
•
Panden 011 Corp.
Panetpee 011of Venesuela•
Petroleum Corn full paid.).
10
7%
10
fi
5%
6%
140
1034
3134
134
2131
214
1%
19%
35
he
19%
25%
13%
1%
20
Range for Year 1929.
Low.
100 2834
35
35
a
771 874 14.900
6%
941 1035 3,200
4%
54 534 1,600
100 100
10034 100%
900 40
41
4431
40 103
1085,4 109
11% 1114
35,1 4
124 124
10% 114
2834 27
9931 100
104 106
103% 10531
30
30
2234 23
89% 91
9674
96
145 145
105% 106
114 11434
124 13%
331 3%
6% 7
6
6
178 178
100% 10035
110 110
26% 26%
3031 3014
26% 26)5
57
53
105 111%
95
9631
1135 13
74
74
33% 35
14% 144
40
38
220 220
9941
99
73
73
384 3831
1934 22
7935 7935
49)5
43
90% 100
108 110%
28% 28%
24% 26%
22% 23%
2335
23
8
831
108 109
10634 109
125 12634
9914 99%
68
55
108 108
25
2631
19% 2171
15% 16
74
54
2931 34
9734 wog
144; 1534
38 n44
300
3,300
•
100
1,300
9,200
200
725
150
100
2,200
40
200
50
300
100
60,600
5,000
1,300
200
300
300
50
2,500
100
400
800
3,660
400
200
200
700
100
200
25
60
100
200
3,500
200
600
2,200
1,200
100
1,100
1,100
200
1,200
50
200
200
50
2,300
75
500
20,600
500
2,200
103,200
300
8,302
312
High.
Nov 51
Oct 22%
Jan 35
Dec 28
Oct 105
Oct 91
Nov 112%
July
Fet
Sept
Sept
Apr
July
Mar
Oct
Oct
37% Aug
1234 July
Oct
Dec
Oct
Nov
Oct
Oct
Nov
Nov
Aug
Oct
Dec
Sept
June
Dec
Dec
Oct
2
Nov
5
11531 Oct
10031 Oct
10531 Sept
24% Oct
2334 Nov
16% Oct
42% Nov
Nov
98
86% Nov
Nov
4
68% • Dec
Oct
25
14% Nov
39% Dec
Jan
210
98
Jan
Nov
55
10
Oct
Nov
18
Oct
65
Oct
28
Nov
80
Nov
100
2311 Mar
Oct
20
21% Oct
18% Nov
4% Oct
102 June
Nov
100
4934 Jan
9331 Nov
40% Nov
101% July
23% Dec
1534 Oct
Oct
15
'op Oct
Nov
20
85% Nov
Dec
13
27 June
22% Jan
Oct
24
513.1 Sept
Sept
140
1104 Jan
Jan
110
65
July
44
Jul)
Feb
100
100
Jan
179% Aug
108
July
11434 Dec
80% July
9% Aug
21% Sept
26
May
301
Sept
11034 Jail
11135 Feb
2834 Jan
38 Sept
July
31
10635 June
109
July
100
Oct
51
June
117% Act
58% Fe.
27
Mar
864 Mar
385 Sept
10134 Apr
113% July
49
Jan
40% July
111% Aug
69% Aug
98
Feb
110% Sept
Jan
30
2634 Jan
2835 Jan
3834 Sept
22% Aug
Oct
113
111% Feb
189 Sent
10534 Feb
108% Seel
10931 Feb
45
July
5034 Sete
23% Mar
4% Feh
61% July
12434 .11113
40
July
90
July
•
7
a
7
8%
18
92
984
9934
25
20
85
97
142
102
111
11%
16% 174 4,500 1634
1734 23,000 13%
17
16% 17% 8,300 11
100
16% 16%
200 55
684 6871
1664 1664
100 130
600 10
14%
14
50
100 42
60
100
235 24
4%
100
5
5
Si) 73%
7551 7574
86% 1,900 7434
85
2,900 280
305 310
2635 26% 1,700 22
400 26
39% 39%
21% 2234 1,100 10%
1,400 64%
71
71
100 18%
20
20
300 354
41
41
500 13
13%
13
5234 5434 38,900 45
29
29% 3,300 18
3334 34% 4,500 29
100 40
4531 4571
25
60
86
864
1184‘ 1184
4 11331
96% 96% 1,000 95%
3,00
95% 96
75%
Dec
Sent
Nov
34
700
he
35
400
134
134 134
335
934 1034 5,900
4
300
734 8
20,100
634
934 10
%
100
1
34
4,700
1
34 1
2,100
554 6
374
100 55
62
62
835 634 5,600
554
% %
1,000
%
300
834 834
654
.5
5%
700
2
30
200 17
30
2,800 115
13634 140
6
934 1031 2,100
68,300
6
2134 32
%
34 131 13,600
2034 2171 8,400 16
134
171 231 7,000
600
1
14 1%
800 18
1931 20
3771 2,700 28
35
1,400
100 14
15
15
35
800
ile
600
234
234 234
8
1934 3,000
19
36
100
34
34
7
600
836 834
2534 2614 1,100 24
234
235 234 1,100
334 335
100
34
1631 1634
700 1134
8
300
836
834
1334 1434 1,100 1234
31
1
1% 16,600
2,200
234 3
236
1954 2034 6,500 17
Oct 720 Jan
Oct
8% Jan
Sept
Jan 26
Mar
Oct
9
Oct 24% Aug
Oct
435 Apr
Nov
435 May
Nov 15
Jan
Nov 87
Oct
Oct 1134 Jan
Dec
235 Apr
Jan
Nov 26
Jan 11 June
July
Oct 44
Nov 209
Aug
Oct 22% Sept
Oct 4954 Oct
Nov
2% May
Oct 29% Aug
3% Jan
Oct
Dee
634 Mar
Oct 38/5 May
Oct 67% Sept
2% Mar
Oct
Nov 3835 Jan
2% Mar
Oct
635 Mar
Dec
May
Oct 42
135 Jan
Nov
Oct 2214 Feb
Nov 43% Aug
5
Jan
Oct
Dec
4% Sept
Oct 24% Mar
Nov 18,4 Aug
Oct 28% Sept
834 Mar
Oct
Dec 10% Jan
Nov 28
Oct
14
16% Dec
1835 tet
17% Dec
Oct Mt
Nov 210
Oct 29
Nov 7031
Jan
Aug
Mar
Jan
Dec
May
Nov
Nov
Oct
Nov
Oct
Jan
Dec
Oct
Feb
Oct
Jan
Oct
Nov
Oct
Aug
Dec
Oct
Sept
Mar
Aug
May
Sent
Nov
Jan
Sept
Feb
Apr
Sept
Mai
Oct
Oct
May
May
Mar
Dec
Mat
7
78
128
84034
41
42%
2514
7914
4434
6014
2334
63
33%
46%
504
129
12435
9731
18334
Sales.
Friday
Last Week's Range for
Week.
Sale
of Prices.
Other Oil Stocks
(Concluded)
Par. Price. Low. High. Shares.
Plymouth 011 Co
5
Reiter Foster Oil Corp....'
Richfield 01101 Cal pid__25
•
Ryan Consol Petrol
Salt Creek Consol 011...._10
Salt Creek Produeers___10
louthland Royalty Co.....'
Sunray 011 corn
5
Texon Oil& Land
Venezuela Petro earn- --5
•
Y011&GasCo
214
1136
14
841
231
Mining Stocks
-1
Arizona Globe Copper
Bunker Hill & Sullivan_10 7031
Bwana M'Kubwa Cop Min
American shares
Carnegie Metals
10
Comstock Tun & Drain 10c
531
Consol Copper kilnes....5
Ii
.
1
Cortez Silver Mines
he
Cresson Consol M &
..1
1%
Oust Mexicans Mining.
1
Engineer 0o76 Min Ltd 5
4%
Evans Wallower Lead corn'
1
Falcon Lead Mines
First National Copper__ _5
31
gold Coln Mines
3%
lolden Canty.. Mines......5
trt
Midfield Como' Mines-1
25e
&oda Mining
Hollinger Consol 0 M......5
1036
End Ray Min &
Iron Cap Copper Co_ _10
Mohawk Mini
tgejarsv zi
:
Rewmont Mining Corp-10 113
25 7134
N Y & Honduras Rosarlo10
6
Riplesing Mines
• 36
Ltd
troirano
3a
._.l
135
_1
Copper
Pacific Tin special stock_ _*
134
Premier Gold kilning__ __I
1
Red Warrior Mining
Roan Antelope C Min Ltd. 3114
St Anthony Gold Mine ___
---O3;
.
ihattuck Denn
Silver King Coaiftion_ _5
to Amer Gold & Plat_ -1
Standard Silver Lead_ _1
535
1
reek Hughes
1
Tonopah Mining
United Verde Extension 50e 1234
1
Unity Gold Mines
Utah Metal & Tunnel_-1
1
Walker Mining
g
Warden Copper Mlning_l
Bonds
Abbott Dairies 6s____1942
Alabama Power 4341-1867
1956
& ref Es
1968
59
Aluminum Co s f deb 5s'52
Aluminum Ltd 6a____1948
Amer Aggregates 65._ _1943
Liner ComIth Pr 64'59-toter 0 & El deb 54-311211
Amer Gas & Power 6* 1939
tmerloan Power & Light.* without ware -2015
Amer Radiator deb 435s'47
4mer Roll Mil deb 55-1948
Amer Seating Corp 6s 1936
Amer Solv & Chem630'36
With warrants
Without warrants
Loyal-whim) El Pr 58_1956
Arksuisas Pr & Lt.5s- _1958
kssoclated Gas & Electric
Cony deb 434s w war1948
Without warrants
1968
56
510
!awl Sim Hard 6%8'77
1933
11800 Telep Util 53484944
Bates Valve Bag 68 with
stock purch warr. _1942
Bel Tel of Canada 50-1955
1st fis series B
5
7
Boston & MaineRR6s 19 3
03
Buffalo Gen Elec 58.. _1956
Burn & Wain(Copenhagen)
15-year 65
1940
Canada Cement 535s A1947
Canadian Nat Rye 75-1936
Canacnan Pacific Ry 55 '64
Cap Adm1n 5s A w war 1953
Carolina Pr & Lt 54-1956
Cent States Elec 55_1048
Deb 5168...Sept. 15 1954
Cent StatesP & Lt5%a'63
Chic Pneum Tool 5348_1942
Chic Rye 56 Ws dap _1927
1943
Childs Co deb 5s
Cigar Stores Realty
1949
952
535e series A
Cincinnati St fly 634s
1965
Cities Service 5s
Cities Service Gas 535s 42
Cities Serv Gas PiPeL6(
43
Cities Serv P & L 5s._1952
Cleve Elect Ill deb 76_1941
1954
.58 series A
Cleve Term Bldg 88-1941
Commander Larabee 6s '41
Com mkrs us d Priva
Bane 5%n Private
1937
Com-wealthEdison4%s-'57
1952
535s series E
Consol Publishers 634* 1936
1941
Consol Textile 85
Consumers Pow 4345.1958
1937
Conlfi ei tl E111 5714.-1 958
Mnt nC n (3 58
Cubati Tlletthdeb 54 1941
o , i ack one 7341 937
s ny
_1948
5s
Del Elec Pow deb 5343.1959
Deny & Salt L Ry 68_1960
Detroit Edison 58 ser A '49
Del City Gas tla set A_1947
1950
series B
Detroit Int Bdge 6341-1957
87
52
Di ieyGsif am 7. :19
r- r u f deb 641... 9
8
27
2%
22
22
314 435
2%
1031 11)5
14
15%
6% 8%
8% 934
231 234
36
34
100
800
200
1,100
300
1,900
1,600
5,700
400
2,900
200
H
36
70% 9535
700
300
27
534 534 10,400
100
6
6
300
%
%
6,000
5% 6
he
he 4,600
he
% 6,900
1% 1% 2,000
100
1
1
4% 4% 1,700
he 2,700
H
% 5-16 1,500
he 13,100
Si
4,600
4
3
1,200
tte
400
37
1235 121
100
5
5
9
1036 8,500
100
254 2%
200
44% 45
112 11934 4,100
800
69
7134
100
16
16
400
1% 1%
34% 37% 7,500
134 23,800
1
100
12
12
300
134 134
800
34
H
4,900
2831 33
400
31
34
8% 94 1,200
1,000
10
9
400
135 134
3,4
100
31
471 574 1,000
700
2
2
12% 1234 2.600
100
34
%
h
5,700
200
4% 441
71 6.700
he
100 100
100
9534 9441 95%
9931 101
100 101%
10131 10131 10231
97% 9754 9875
86
85
85
10135 101% 10235
9835 95% 9631
95%
95
106
98
6934
10534 106
9735 98
9731 98
6735 6931
51,000
76,000
8,000
6,000
42,000
7,000
6,000
20,000
15,800
6,000
Range for Year 1929.
High.
Low.
22
July
13.4 Oct
19
Nov
Oct
3
114 Nov
Nov
11% Nov
4
Nov
7% Oct
1% Oct
34 Dec
37
834
2531
11
535
25%
34
12
23
634
54
Oct
Tel
Apr
Jan
Jan
Jan
Mar
Aug
Jan
Jan
Jan
Dec 470
9836 Dec 165
Jan
Mar
8 Sept
Nov
Dec 2114 June
235 Jan
,5 Mar
Mar
4
Oct 18
37e. Aug
Aug
114 Jan
31 Dec
135 Dec
4% Oct
4% Jan
3-4 Nov
3% Dee MN Feb
100 Jan 64" Jan
1% Jan
20c Jan
Oct
334 Apr
71
234 Nov 12
Jan
1
Aug
16c Jan
10
Oct 2334 Mar
9% Jan
33( Oct
6
Oct 28
Feb
934 Mar
1
Oct
4334 Dec 64
Bent
89
Nov 236
SKIS
6035 Nov 87% Sept
Apr
1035 Nov 18
1% Dec
334 Jan
10
Oct 68% Jan
5-4 Oct
4% Jan
1035 Dec 34% Mar
1
234 Apr
Nov
1-16 Dec 32o Mar
22% Nov 53 June
34 May 930 Mar
Oct 28
POO
11
June 1334 Jan
334 Feb
1% Nov
% May 36c Jan
Oct 10% We
4
2
Nov 43-16 Jan
11% Nov 26
Mar
2% Apr
56 Nov
235 Aug
34 Sept
7
Aug
234 Jan
2% Jan
34 Oct
4
06
89%
98
98
9934
9334
80
92
9034
96
Oct
Sept
June
Dec
Oct
Sept
Dec
Nov
Sept
Dec
100%
9614
105
100%
10334
98%
11535
128
9731
96
May
Dec
Oct
Dee
Jan
Nov
Jan
Oct
Jan
Dec
63,000 100
Oct 10634 Jan
11,000 9334 Oct 9934 Jan
63,000 94
Mar 10234 Oct
25,000 86
Des 9735 Jan
4,000
95
9234 3,030
97% 44,000
9634 42,000
99
8044
93
9114
Dec 125
Oct 9734
Feb 9934
Aug 498
Aug
Mar
Jun
Jan
25,000
35,000
32,700
13,000
11,000
95,000
9974
9434
7531
90
8534
96
Jan
Jan
Dec
Nov
May
Oct
20834
141
843-4
143
88
163
Sept
Sept
Dec
Sept
Feb
Aug
102 n10534 6.000 102
10034 10031 101% 93,000 98
101 101)5 69,000 9834
13,000 9834
19134 10035 101
1,000 994
101 101
Apr
Mar
Oct
Apr
Oct
11034
10254
10234
103
104
Jan
Jan
Fe5
Jan
Jan
95
97
9531
95
9234
97
95%
11031 101% 1103(
9035 9435
8674 79% 88
100 10034
10"i 8634 86%
98 101%
99
98
98
9734 97% 9734
10834 108 108,4
10014 100 100%
83
83
10034 100 10034
7131 734
7354 7371 7775
9034 88% 90%
98
97
74
73
73
82% 84
84
68
96
8231
83%
90
8731 85%
106
101
90%
6934 6971
68
8334
84
70
96
84
8435
94
88
10831
101
92
69%
1,000 9731 Sept 100
Nov
1,000 95
Nov 10136 Jan
16,000 ugg Oct 110
Jan
15,000 100
Dec 10.)54 Dec
1,000 83
Dec 12534 Sept
63,000 95 Sept 102% Jan
44,000 66
Nov 9034 Jan
134,000 70
Nov 10034 Bent
23,000 8634 Nov 9634 Jan
16,000 96
Aug 102
Nov
36,000 88
Nov 8434 July
4,00
81
Jan
Aug 90
16,00
68
1,00
89
41,000 7034
25,000 8034
5,00
86
44,000 84
20,000 104
5.00 101
14,00
88
2,000 70
8135 83% 32,000
96% 20,000
83% 96
10635 106% 10635 5,000
4,000
98
98
5.000
72
71
71
12,000
97
97
86
8835 85.000
975.1 9431 9531 11,000
85 6
23,000
197x 10735 108
0 %
6
oeg 96% 26,000
2,000
9935 0934 100
93% 9334 5,000
29,000
82
75
80
10134 10231 111,000
25,000
10514 195 106
9934 11,000
99
8035 17,000
80% 79
18,000
5134 80
69
75
With warrants,
Edison El(Boston) 5s_1933 9936 994
88
Electric Pow (Ger)614.'63 88
El Paso Natural Gas
Deb 6 Hs Deo 1-1938 10034 100
1943 9934 98%
836s series A
29,000
75
99% 57,000
4,000
88
10031
99%
3,000
2,000
81
9231
105
91
72
89
82
9131
10234
90
9535
92
55%
10034
100
95%
76
48
Dec 9934
Nov 103
Nov 9034
Nov 9234
Nov 9854
Nov 9734
Feb 10834
Aug 10454
Nov 9834
Nov 90
Jan
Feb
Jan
Jan
Jan
Jan
Oct
Feb
Jan
Jan '
88
99
107
10234
96
98%
91%
96%
111
99%
103%
96%
9134
10134
g
101
96
89%
Jan
Dec
Nov
July '
Jan
Dec
Jan
Jan
Jan.
Jan
Dec
Jan
Jan
Dec
Jan
Nov
Jan
Feb
Sept
Oct
Feb
Dec
De
Sept
Aug
Oct
Nov
Dec
Nov
Nov
Nov
Dec
Nov
Sept
Nov
Dec
6014 Dec
83,4 Jan
97
Feb
84
Aug
90
89
Nov 120% July
AIM
Nov 115
JAN. 11 1930.]
B rods (Continued)-
FINANCIAL CHRONICLE
Friday
Last IVeek's Range Sales
of Prices.
Sale
for
Price. Low. High. Week.
Range for Year 1929.
Low.
Empl e Oil & Refg 54s 42
83% 844 12,000 79
EuropNItg&Inv7seerC 1967
8334 844 6,000 79
1950
99 101
9,000 92
748
Fabrics Finishing es_ _1039
93
1,000 79
93
Fairbanks Morse Co 5s1942
93
934 2,000 92
Federal Sugar (is
1933
8734 88
4,000 81%
Federal Water Serv 548'54 924 904 9234 21,000 90%
Finland Residential Mtge
Bank (is
1961
77
78
79% 26,000 72
• Firestone Cot MI11858_1948 01
904 91
12,000 88
Firestone T&R Cal 55.1942 95
94
17,000 90%
95
Fisk Rubber 534s
1931 44
44
2,000 35
44%
Florida Power & Lt be _1954 8336 83
84% 127,000 73
Garlock Packing deb es '39
94% 94% 2,000 89
Gatineau Power 5s__.1956 924 92
9234 117,000 9134
OA
1941
95% 96% 11,000 93
Gelsenkirchen Mint:W.1934 9134 90
914 68,000 86%
Gen Amer Invest 55
Without warrants _ _1952
SO
81% 18,000 78
Gen Indus Alcohol 6344 '44
8634 89
9,000 79
Gen Lanni Mach 614s 1937 50
50
52
13,000 50
General Rayon Os A _ _1948 60
60 n6434 9,000 60
Gen Theatres Eo 6e-1944 10934 98 109% 121,000 974
General Vending Corp
Os with warr Aug 151937
21
25
12,000 1934
Georgia dr Fla RR 6s__1946
204 20%
2,000 2034
Georgia Power ref bs__1967 98
97% 9811 132,000 94
Goodyear T & It 534s 1931
99% 100
10,000 97%
Grand Trunk Ry 6341_1930
106% 106%
1,000 103
Gulf Oil of Pa 55
1937 9934 99% 100% 143,000 97%
Sinking fund deb 55_1917 100
100 1004 68,000 984
Gulf States Oil 5z
1956 9434 94
94% 29,000 9234
Hamburg Elec 75
1935
Hamburg El & Cud 548'38
Hanover Cred Inst 68_1931
Stood Rubber 7s
1936
534s
1936
Houston Gulf Gas 034s 63
Os
1943
Hrgrade Food Os ___ _1949
III Pow & Lt 5345 ser B_'54
Deb 534n
1957
Loden Oil& Om deb fle 1939
P & L 55 ear A '57
Inland Utilities es_ ....1934
Instill Util Inv es
1040
jut Pow 'Sec 7s ser E _1957
lutenist Securities 5s..1947
Interstate Nat Gas 6s_1936
Without warrants
Interstate Power 58_1957
Deb es
1052
Invest Bond & Share Corp
Delia 5s series A- - 1947
Invest Co of Am 5s A 1947
With warrants
Iowa-Nab L & P 55_1957
1sarco Hydro-Elee 75_1952
Italian Superpower of Del:
Debs Os without warr _'63
Without warrants
Han.sas Gas & Elec 6s_2022
Kelvinstor Co Cs
1936
Without warrants
Hoppers 0& C deb 5s_1947
Laclede Gas 53.'s
1015
Lehigh Pow Secur 6s....2026
Leonard Tletz 7%s_ _ _1946
Without warrants
.MoN & Libby Os'42
Libby.
Lone Star Gas Corp be 1942
Long Island Lfg Os__ _1945
Louisiana Pow & Lt At 1957
Manitoba Power 5345_1951
Masa Gas Cot 5%s...._1946
McCord Rail Mfg 6s_1943
Memphis Nat Gas 6s _1943
With warrants
Metrop Edison 4 As _1968
Milwaukee Gas It 44.1.'67
hilim Pow & Lt 4348.1078
Miss River Fuel es
Montreal L H & P col 5s'51
Morrie & Co 7
_ _1930
Munson OS Linos 0%s '37
With warranta
Narragansett Elea Si A '57
Nat Power & LI Os A_2026
Nal Public Service 5_1978
Nebraska Power Os 1_2022
NE Gas & El Assn 5s_1947
55
1948
N Y & Foreign Invest
534s A, with warr 1948
NYP&L Corp let 445'67
Niagara Falls Pow 88_1950
Nippon Flee Pow 634s 1953
North Ind Pub &Iry As 1966
55 series D
1069
No Sts Pow 634% notes '33
North Texas Util 78..1935
Ohio Power rie ser 13...1952
44s sedan D
1956
Ohio River Edison 50_1951
Oswego River Pow 63_1931
Piko lase & El 1st 44..195,
Pacific Weitem 0116 45'43
rann-Ohlo Edison fls 1950
Without warrants
534s when issued_ _ _1959
penn Dock & W fla w w '49
Penn Pow & Lt 55 B__1952
1st & ref 5n nor 0_1953
Peoples I.t & Pow 5s_ _1979
Ma Electric Co 530_1053
534s
1947
Mita Elec Pow 5348_.1972
Ma Rapid Trans t(is 1962
Plilla Suburban Counties
Gas dr El Ist&ref 4 34s'57
Pittsburgh Coal 6s_ _ _1949
Pittsburgh Steel 6s_ _1948
Poor & CoOs
1939
potouute Edison 5e _1956
power Corp of NY5%s '47
Procter & Gamble 430.'47
Puget Sound P & L 53.48'49
Queensboro Gas & El 53.3s
Series A
1952
Reliance Manuel 58-1954
With warrants
Rochester Cent Pow Ifs '53
Ruhr Gas C 4s
1958
Ryerson (Jos 1') & Sons Inc
15-yr sink fund deb 5:4'47
et Louie Coke eg Gas 1 '47
Nan Ant Public Sent Si 1968
Banda Falls 5s
1055
Rchulte Real Estate 65 1935
With warrants
Without warrants
•
4a_
85
81%
69%
714
61
102%
9834
984
994
82%
100 102
84% 85
96% 96%
93% 93%
81% 83
64
694
6734 714
6034 6134
99 100
90
90
1024 103
9834 99
98% 9834
99 1104
95
0635
80
84
9,000
18,000
3,000
3,000
7.000
48,000
23,000
30,000
27,000
3,000
20,000
44,000,
4,000
97,000
12,000
19,000
96
794
93
7634
63
62
6534
50
97
8834
964
9334
98
High.
Nov
Jan
92
Sept 92
Jan
Sept 98% Dec
Sept 101% Feb
Sept 964 Jan
Nov 954 Jan
Dec 103% Sept
Nov 914 Jan
Aug 9434 Jan
July 95% Aug
Jan
Dec 96
Nov
9334 Feb
Nov 118% Aug
Nov 974 Feb
Oct 1004 Jar
Oct 014 Jar
Dec 864 Feb
Nov 106
June
Dec 102% Jan
Dec 95
Jan
Nov 175
Oct
Dec
Dec
Sent
June
May
Aug
Aug
Oct
87%
7034
984
100
108
10134
10234
994
Feb
Jan
Dec
Feb
Jan
Jan
Dec
Jan
Nov
Aug
May
Aug
May
Dec
Dec
Oct
Apr
Oct
Nov
Nov
Nov
103
88
07
07
92%
92%
92%
1004
101
97
1111%
100
984
Jan
Jan
Dec
Jan
Aug
Jan
Jan
Am
Feb
Nov
Mat
May
Sept
91% Dec
80
Sept
96% July
Jar
92
1004 100% 21.000 100
Nov 1044 Jan
884 884 90
16,030 8334 Oct 984 Jan
82
804 82
8,000. 804 Dec 97
Jan
88%
88%
77
89%
9234
8434
5,000
89
3,000
77
8,000
90
924 1,000
88
15,000
71%
714 714 16,000
69
71% 30,000
101
101
1,000
72%
9634
72% 22,000
9634 75,000
994, 6,000
104
89,000
694
963-4
994
103% 103
90
75
8834
87
78
Dec 110
Jan
Jan
Nov 83
Dee 131% Sept
Sept 9414 Jar
Oct 91% Jan
6834 Dec 82
0834 Dec 82
99
Apr 103
86
93
97
98
Jan
Jan
May
Nov 794 Apr
July 1004 API
Mar
Aug 101
Oct 106
Jae
94% 95
5,000 91
92
02% 7,000 89
96% 96% 55,000 93
104
103% 104
9,000 100
94% 94% 95% 12,000 87
98% 99% 9,000 95
103% 103 10334 13,000 994
80
80
80
2,000 80
Oct
Nov
Sept
Sept
Nov
Nov
Aug
Dec
102%
94
994
(06
96)4
101
1044
99%
Jan
Jan
Jan
Feb
Jan
Jan
Apr
Jan
95
96
97
91%
104% 1024
9831
99%
Oct
Aug
Sept
Sept
Nov
Apr
Oct
107
4)9
10031
93
119%
101%
101
Feb
Jan
Feb
Jan
Aug
Jan
Jan
95
103
103
98
99
1054 105
7434 74
105% 104
894 874
91
8834
97
07
97
92
104%
99%
9955
5,000
92,000
6,000
11,000
109,000
27,000
21,000
90
9134
9434
84%
97
963.4
97
103
994
106%
744
1054
894
91
3,000 97
33,000 954
26,000 101
39,000 7334
10,000 101%
21,000 85
12,000 85
May
Sept
Oct
Dec
June
Oct
Sept
123
10034
105%
834
110
97%
97%
Feb
Jan
Mar
Feb
Jan
79
80
92% 92% 9334
1054 10534 1054
894 90
90
98
99
9934
98% 98
99
10234102%
9834 100
99% 100
92% 93%
9934 9934
99% 99 100
944 9531
81% 81
82
4,000 75
140,000 88%
1,000 102
28,000 87
13,000 94
53,000 9634
10,000 100%
7,000 9734
12,000 9731
80,000 89
20,000 95%
49,000 96
8,000 8934
31,000 80
Nov
Oct
Nov
Apr
Sept
Dec
Oct
Nov
June
Sept
Nov
June
Sept
Dec
94
96
108%
92
101%
98
104
10.5
1024
95
10034
9934
98%
99
Feb
Oct
Feb
Jan
Jan
Dee
Feb
Oct
Dee
Dec
Feb
Dec
Jan
Sept
100%
93%
95
Aue
AM
994 1004
9034 93%
9334 95
101
10134
101 101%
101
74% 76
75
105% 10534 10534
105% 105%
105
105 105%
924 92% 93%
34,000 98
37,000 89
15,000 92
5,000 9834
21,000 99
36,001
85
3,000 104
1,000 104%
31,000 101%
11,000 92
974 97%
100 10134
101% 102%
105% 105% 106%
96% 97%
96
96
96
97
9934
101% 101 102%
2,000 94
Aug 9834 Jan
9,000 984 Oct 102
Dec
37,000 100)4 Apr 103
Jan
17,000 96
June 130
Aug
26,000 924 Aug 98
Mar
4,000 88
Aug 98% Feb
17,000 90% May 598% Feb
34,000 974 Oct 1014 Dec
1004 1004 21.000
80%
81
75
94
794 80
8,000
79
81% 117,000
80
81
4,400
02
75
93
100
53
51
924 10,000
76
7,000
94
17,000
1004 10,000
53
51
5,000
5,000
Sent
Aug
Nov
Nov
May
Oct
Dec
Aug
Oct
Nov
102
97)4
994
10334
10234
100
107
107
10531
10334
9534 Sept 105
Jan
Mar
Aug
Apr
Jan
Feb
Nov
Feb
Jan
Feb
Feb
Dec 111% Sept
80
Oct 89% Jan
76
7234 Nov 94
Jan
9034
76
88
07
Aug 96
Jan
Dec 92
Jan
Sept 97
Feb
Dec 1024 Jan
51
60
Dec 110
Jan
Dec 96% Mar
Bonds (Concluded)
Scripps(E W)5%s_ _ _1943
Serve] Inemew co) 58_1948
Shawinigan W & P 434e '67
Elhawslieen Mills 78_1931
Union 011 5s___ _1949
Silica Gel Corp 634s with
warrants
1932
Snider Pack 6% notes_1932
Southeast P & L 6e2025
Without warrants
Sou Calif Edison 5e___1951
Gen & ref 5s
1944
Refunding Is
1952
son Calif Gas 5e
1937
Sou Nat Gas Gs
1944
Elou'west Dairies 648.1938
with warrants
Sweat & E 5s A_ ___1057
Southwest L & P 5s _ _1957
.Twest Pow & Lt fis___2022
Staley (A E) Mfg 6s__1942
Standard Invest 548_1939
Stand Pow & Lt 6s_..1967
Stinnes (Hugo) COrD7a 1948 without warents
7s Oct 1 '36 without warr
Strauss (Nathan) 65_1938
Stutz Motor (Am) 734s'
37
Sun Maid Raisin 63.41.1942
0un 011 545
1939
awItt & Co 5 0.5 15 1932
Texas Cities Gas Is.. _1948
texas Power & LI 61._1956
Thermold Co 6s w w_ _1934
Tri Utilities Corp deb 5s'79
Glen Co Ss__
____1949
Union Amer Invest 55_1948
United El Serv (Unee)7trot
1
With warrants
Without warrants
United Indus 64s_ _1941
United Lt & Rya 54a-1982
6s sertm A
1952
United Itys of(Hav)734s'35
'Jolted Steel Wk.,634s 1947
With warrants
S Rubber
Serial
% notes _1930
Serial 635% notes_ _1932
Serial 034% notes__1933
Serial 634% notes__1935
Serial 634% notes_ _1936
Serial 64% notes_ _1937
Serial 634% notes_ _1940
utilities Pr & Lt
_195n
Virginia Else Pow 5e__1955
Waldorf-Astoria Corp
let 7s with warr____1954
Warner Bros Pict 6s_ _1939
Webster kill's 634s_ _1933
Western Power 545_ .1957
West Tex Uhl 58
1957
Western Newspaper Union
Cony deb Os
1944
Westvaco Chlorine 5348 37
'
Foreign Government
end MunicipalitiesAgricul Mtge Ilk ReporCol
20-yr 75 Jan 15 ____1946
20-yr 7s Jan 15 _ _1947
Batten (Germany) 78_ _1951
Bane of Prussia Landowners
Amen 6% notes____1936
Buenos Alres(Prov) 7341'47
7s
1952
Cent Bk of German State&
Prov Banks 6s 13_1951
1
es series A
1952
Chilean Cons 7s
1960
Dan.sh Cons Munie 530'5
5
5s
1953
Danrig P & Waterway Rd
Exti s f 64s
1952
Frankfort (City) 6348_1953
German Cons Munie 75 '47
fle
1947
Hanover (City) 78 w1.1939
Hanover (Prov) 634s_1949
Indus Mtge of Finland
1st mtge coil s f 78_ _1944
Lima (City) Peru 6 481958
Medellin (Columbia) 78 '51
Mendoza (Prov) Argentina
74e
1951
Mortgage Bank of Bogota
75 new
1947
Mtge Bank of Chile fle 1931
6a
1962
Mtge Bk of Dent 5s....1972
Parana(State)Brazil 701958
Prussia (Free State) es 1952
Ext16 4s(of'26)Sep 15'51
Rio de Janeiro 6 4s...1059
Rumanian Mono Last 7s'59
Russian Governments
6 4a
1919
1919
63.4e Mfg_
.534s
1921
534s certificates___ _1921
Saar Basin 7s
1935
Santa Fe (City) Argentine_
Republic ext 78__ _ .1945
Santiago (Chile) 7s__ _1949
277
Friday
Last Week's Range Sales
for
of Prices.
Sale
Price. Low. High. Week.
Range for Year 1929.
Low.
High.
99
85
70
92
96%
984
8534 13,000
2,000
70
92% 12,090
6,000
97
9931 162.000
85
65
884
94
5234
97
6934
97
60
6.000
97
70% 59,000
Nov 112% Mar
96
5734 Dec 1073.4 Jan
Dec 95% Apr
Nov 85% Jan
Aug 944 Apr
May 98% Jan
Oct 10014 Sept
67,000
38,000
11,000
14,000
16,000
11,000
99%
97
914
9734
88
90%
1,000
91
91
7,000
92% 9.1%
934 9434 4.000
23,000
10334 103 104
98
9831 20,000
98
3,000
83% 84
98% 90,000
9834 98
85
91
89
9934
974
804
92
Dec 101
Jan
Sept 974 Jan
Aug 96% Dec
May 81074 Jan
Sept 99
Feb
Dec 103
Aug
Nov 99% Jan
10,000
22.000
7,000
7,000
19,000
20,000
42,000
13,000
21.000
23,000
13,000
18,000
1,000
70%
80
75
50
48
90
98
73
92
804
85
75
81
Nov
Oct
Dec
Dec
May
Aug
Oct
July
July
Dec
Nov
Oct
Dec
104
101%
101
101%
90
103% 104
10034 10134
101 101%
100% 101%
92
92
90
90%
92%
78
83%
75%
49
8334 75
100%
101
100
100
804
97% 9734
8634 82
8834
89
87
853.4
84
79
84
77%
50
83%
101%
10034
81
98
864
89
87
84
90
9034
84
87
85%
87
10134 100%
100%
2.000 95
90
90% 4,000 SS
8734 23,000 83
76,000 79
87
101% 31,000 96
3,000 1003.4
100%
90
8734
96
84%
994
103
115
93
Oct
Aug
Oct
Aug
Oct
Dec
87
8714 11,000
8114
Oct
99% 2,000
2,000
97
4,000
96
7,000
94
4,000
94
1,000
92
2,000
94
84% 89,000
99% 4,000
97
9334
93
93
94
03%
94
75
9334
Oct
Dec
Nov
Nov
Oct
Dec
Dec
Oct
Aag
87
87% 6,000
103% 1024 103% 50,000
41,00
93
13,000
76
954 22,000
85
98
91
94%
91
11634
93
102
102
89
99%
105%
10234
100%
12034
Nov 994 July
Jan
Oct 104
98
99%
98
9834 30,000
97% 99% 16,000
96% 4,000
95
77
77
7734
914
9734
9034
7735
78
91%
100
9334
5,000
11,000
18.000
61,000
16,000
73
Nov 8734
Oct 874
75
Nov 97
90
0404 Oct 10114
004 July 0634
79
89%
91
8034
96
8634
81
924
92
81
97
88
13,00
10,00
35,00
31,000
24,00
5,000
75
8234
89)$
76
964
86
79
98
18,00
99
97
794 79% 2,00
75
75
7,000
85
87
6934
9734
87%
69%
964
8634
954
65
83
894
67
80%
72%
97%
88%
98
67
84
91%
67%
83
3,000
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Aug
Jan
Oct 10434 Oct
Dec 106
Oct
Dec 96)4 Jan
Nov 197
Aug
Oct 964 Jan
90
75
94
92
80%
96%
Feb
Feb
Feb
Jan
Aug
Jan
Dec
Mar
Jan
Mar
Oct
Aug
Aug
933.4 July
wog
100%
10034
100%
100'4
100%
102
101
100%
90
91%
99
93%
Jan
Feb
Mar
Apr
Mar
Sept
Feb
Nov 130
Apr 9234 Jan
Dec 91% Jan
Sent 9474 Jan
Sept 1014 Jan
Jan
Dec 110
99%
96
95
94
94
92
94
82%
9831
103 103% 64,000 103
90
89
7,000 88
7,000 85
854 86
14,000 103
111)$ 115
38,000 88
93
93
10534
10214
1024
102
95
98%
753( Dec 100
66
NOV 99
91% Oct 98
Jan
Jan
Jan
Dec
944 May 99
9634 Dec 104% June
92
Dec 1024 Oct
Nov
Sept
Oct
Oct
Dec
Dec
Feb
Mar
Oct
Jan
Jan
86% Apr
9634 Jan
98% „June
89
Jan
9834 Oct
Dec
87
07
Jan
Dec 102
7634 Dec 93
Jan
Dec 9774 Feb
75
86
Dec
99
3,000
23,000
139,000
24.000
9,000
71,000
10,000
21,000
14,000
84
944
81
9334
05
78
81%
63
78
Oct
Oct
lice
Sept
Dec
Nov
Aug
Dec
Nov
9734
984
93
97
934
9014
92
91%
894
Aug
Feb
Aug
Jan
Jan
Jan
Dec
July
Feb
94
5)1 531 2,000
534
7
31,030
74 8
18,000
5% 5% 5,000
94
94
4,000
53$
5
54
95
94
Dec 19(
Dec 19
Dec 19
Dec 19
Dec 101
Apr
AP,
AM'
APr
Jan
8734
93
87
87%
9011 93
84% Dec 96
Dec 100
90
834
8934
6734
8134
734
6,00
7,00
Apr
Jan
Jan
*No par value. 1 Correction. m Listed on the Stock Exchange this week, where
additional transactions will be found. n Sold under tie rule. o Sold for cash.
8 Option sales. 1 Ex-rights and bonus. w When issued. x Ex-div. it Ex-rights.
"Under the rule" sales were made as follows:
a American Meter Co., Jan. 15 at 128; 3 82,000 Procter & Gamble 4348 of 1947
Aug. 20 at 100; c Danish Consolidated Municipal 534s, 1955, Jan. 15, at 105; e Ainsworth Manufacturing, July 8, at 5834; Parmelee Transportation, July 22, at 26:
O Servel, inc., pref. v. t. c.. Nov. 19. at 30:5 Southwest Power & L, es,.2022. Oct. 4,
31,000 at 112; (Interstate Equities, 200 cony. pref. Oct. 3 at 5034; .1 Internat.
Projector, 50 corn. Sept. 20 at 64; p Educational Pictures preferred, Feb. 6 at 100
r United Milk Products, March 21, preferred, at 81; rAllied Packers 65, 1939;
April 2 at 59; y Mayflower Associates, May 29. 200 at 65; a Investors' Equity be.
1947, 87,000 at 98.
"Cash" sales were made as follows:
d Arkansas Power & Light let & ref. 55, Jan. 22 at 99.
Chicago Nipple Mfg. class A, Dec. 31. 100 at 1.
"Option" sales were made as follows: u Schutter-Johnson Candy class A, March 5
100 at 6: $ Schulte R. E. 6s, 1935, without warrants, Oct. 4, 05,000 at 79.
Goldman Sachs Trading Co. paid 100% stock dividend in April. Range of old
stocks before payment of stock dhldend was 11734 low, 226 high.
278
FINANCIAL CHRONICLE
[VoL. 130.
Quotations of Sundry Securities
All bond prices Ere -end Intmeer" except where marked •F'
Chain Store Ste__. Par Ma Ask
Rogers Peet Co com100 130 145
*30
31
Schiff Co oom
94
Cum cony pref 7%___100 90
231s 2318
Shaffer Store corn
40
Silver (lease) as Bros corn_t 34
7% cunt cone pref._ _100 88
03
45
Southern Stores 6 units
U S Stores corn class A_ __t
1
3
New
5
9
Common Maas B
12 112
First preferred 7% - -100 50
60
Young (Edwin 11) Drug units 100 102
Investment Trust Stocks
end Bonds Coed.) Per 840 AO
General Trustee common_- __ _
New unite
8% bonds
11
9
Germaa Cred dr Inv 25% Pd -28
30
Greenway Corp corn
64
,
without warr
8 _
Warrants
Guardian Investment
4
_ __
14
29 _- -Preferred
Guardian Investors
0
9
- . - 95
$8 u nits
_5
0
4
4
90
$3 units
Standard 011 Stocks
$7 preferred
30 2
2512 - 1
1718 Incorporated Equities
Anglo-Amer 011 vot stook LI •17
Li •17
Non-voting stock
171s Innen:vented Investors
25 •383 3812 Industrial Collateral Amu_ _
1
Atlantic Ref coin
25 *24
29
Borne Scrymser Co
5
2 11-2 27
Industrial & Pow See Co_ - _ _ - 1 54
6912 Insuranshares Ctrs Inc
Buckeye Pipe Line Co _50 *68
Chesebrough Mfg Cons _25 •160 172
Inter Germanic 'Tr
4158
64
417
541
Continental 00(Me) v t010 *1312 15
Int Sec Corp of Am corn A_
2212 2234
Continental 011 (Del)
32
37
Common B
614 612
Creole Petroleum
Allotment certificatea
139
43
93
87
Cumberland Pipe Line_100 40
7
6% preferred
53
91
preferred
85
Eureka Pipe Line 0o A00 47
Aeren•utleal Securities
2
3
90
83
612 73 Galena Signal Oil cot:11_100
Aeronautical Ind without war
4
100 7618 80
d
Inc
45
InGteirn%at
Preferred old
35
118 2
Warrants
100 7618 80
Interstate Share Corp
Preferred new
314 4
Air Investors common
4
36 -4042 44
Humble Oil & RatIn1ng_25 .8518 853 Invest Co of Amer oom_
Airstocks Inc
100 306 310
1
preferred
212 IllinoIs Pipe Line
2
Alexander Indus corn
8
.265 27
Inv7elt
rr IN
dZ J
Imperial 011
82
8% participating pref____
*30
4
10 4 182
87532 9112
4012 Investment Trust of N Y
Indiana Pipe 1,11110 CO
6
Airports Corp__
American
8
39
44
n4
International Petroleum_ __t *215 2134 Invest Trust Associates
7
Aviation Corp of Calif
2212 Joint Investors clam A
30
5
NatIonal Transit Co__12.50 .22
10
Aviation See Co of N E
..l00 1512 19
Convertible preferred.- 90 --__
8 312 New York Transit Co.
33
Bellance Aircraft Corp
52
Keystone Inv Corp clam A
____ _ -_ n3
Northern Pipe Line Oo_100 50
5
Central Airport
Short Terns Securities
25 *703 71
4
Clam B
_
Ohio Oil
12
Census Aircraft new oom
Leaders of Induatry
102 105
8
105 1111*
Preferred
15
1634
Consolidated Aircraft
At111 Coal Mfg fa May 1937 9934 100
25 20
44
2412 Mamachuaetta Investors__ _
457s
314 334 Penn Meg Fuel Co
Consolidated Instriment__t
A1001 Co ef Amer Se May '52 10134 102
25 •.51
5114 Mohawk Invest Corp
6034 83 4
3
5
'47 9734 98
Flying Service
Prairie Oil& GM
7
Curtiss
Amer Red deb 4%e May
25 *5918 593 Mutual Investment A
8
_
3
_
6
Prairie Pipe Line
Curtiss Bald earn
Am Roll Mill deb U_Jan '48 9734 98
25 *30
34
Units
n30
-Solar Refining
40
Curtiss-Robertson coin
Can Si A_Mar '55 1003 101
4
Ball Tel of
4
3
Southern Pipe Line Co .50 •1212 1412 Nat Re-Ine Corp
Dayton Alrpl Engine
Bethlehem Steel
25 841
4114 North Amert Cell See
,
6 2 634 South Penn 011
Detroit Aircraft
8
See 6% sotes_June 15 '30 997
65
Preferred
3
3 8 4 2 Southwest Pa Pipe Lines_50 57
Aviation class A
16 '31 9912
,
Fairchild
Bee 5% notee_June
4 94
4
83
Standard 011 (Callfornia)-1 *6012 603 North Amer Tr Shares
,
15
Federal Aviation
Bea 6% Detes_June 15 '32 9912
3
4
North dr Routh Am B corn
Standard Oil (Indiana) 25 *523 53
20
18
Fokker Aircraft
00mmoi'l Invest Trust
34 1 14 Standard Oil (Kansas_
25 *28
011 Shams unite
29
May 1930 99
Kinner Airpl & Motor
5% notes
15
4
343 Old Colony Invest 'Tr oom
16.n3
6
Standard Oil (Kentucky)-10 *34
,
4
Cud Pkg deb 5)46..Oct 1937 96 2 963 Lockeed Aircraft
_
44% bonds
85
90
Standard 011 (Nebraska) 25 *4414 46
12
Maddux Air Linea corn
Eason El III Boston
43 _47
25 0643 65
4
.
Old Colony Tr Associate.__
8t - 12 912 Standard 01101 NJ
Nov 1930 9978
National Aviation
44% notes
____
8
25 x343 347 Overseas Sc1948
4
Standard 011 of N Y
17
New Standard Aircraft
Empire Gem & Fuel
Pacific Investing Corti 00 0- _ ___
25 *84
87
,
n7
Standard 011 (Ohio)
10
June 1930 9918 100
North Amer Aviation
64
Preferred
100 *11712 120
7
Preferred
10
45
35
Sky Specialties
Illsk Rubber 548.. Jan 1931
56
59 4
9614 963 Power & Light Seca Trust_
5
10
Stand 011 Export pref
Southern Air Traneport
General Motors Accept
Warrants
718 1012
25 .61, 10
Mar 1930 997 1001,3 Stearman Aircraft corn
Swan & Finch
8
5% mer notee
1712 2212
Public Utility Holding corn
25 .140 144
Mar 1931 983 9943 Stinson Alrerall coin
Union Tank Car Co
4
5% aer notes
512 812
3612
Corn w w
34
Mar 1932 9712 9812 Swallow Airplane
New stock
5% set notes
Warrants
25 *943 95
4
04
6
Vacuum Ohl
,
5% ter notee_Mar 1933 96 2 9712 Warner Aircraft Engine
27
34
Research Inv Corp corn. _ _ _
6
Niar 1934 95 2 97
whitteleey Mfg
ear notes
,
5%
Units
65
801s
Investment Trust Stocks
Mar 1935 94 2 96
,
5% sew notes
Royalties Management
and Sonde
,
7 2 1012
Water Bends
,z 9512
5% oar notes_Mar 1936 93
Seaboard Coot Corp unite..
Ark Wet let 5a A '56__A&O 90
Gulf Oil Corp of Pa
Common
1312 161 3
Alliance Investing
Debenture 54. Dee 1937 100 10014 Blrm WW let 5)4sA.'54 A&O 99 102
7
5
Second Financial Invent
Feb 1947 10014 10012
Amer Capital Corp B
Debenture 5a
lat NI 5e 1954 eer B__J&I) 90
98"
Amer Common Stocks Corp. .......2nd Found Sh Corn units
Koppers Gas dr Coke
City W(Chat) 5 itaA'54 J&D 95 -.
1612 1131;
Class A
J&D 88
92
Amer& Continental
let M 543 1954
Debenture fe_June 1947 96
9612
85 90
One hundredths
Am & For Sh Corp units
City of New Castle Water
Meg Pet 4 kiS.Feb 1530-35 92 100
42
38
Second Internal Sec Corp
45 49 -Common
Mar 0115% notes J'n3 1630 9912 100
Le Dec 2 1941____J&D 1 94
1938 97
22
28
614% oonv debs
Clinton WW let 5.1'39.F&A 91
Serial 5% notes J'ne 1531 97 08
4112 4612
3434
6%
p
erred
1532 95, 9612 Com'w'th Wat tel 5.)4sA '47 96
Founders Corti Com-- *3154 98ompreferred
Amer
Serial 5% notes J'ne
4
98
Second Net Investors
93
Cone preferred
W 5sOct2'39 Adc01
4
Masa Gas Coa 8)4 s_Jan 1946 103 1033
41
46
Select Trust Share
9112 - -1
02 2
8% preferred
Pacific Mills 5)411.-Feb 1931 083
E St L & Int Wat 5a '42 Jack
4
4712 5212 Shawmut Association com_
J&J 99
1612 -184
7% preferred
let M ea 1942
Peoples GM L & Coke67c 72c Shawmut Bank the Trust_
20
25
1-40tha
Huntington let 6s '54_M&S 99
dAs____Dec 30________
9812
4%s
17
87
1942 82
1954 90 93
Warrants
904
5e
Proof & Gamb 4Sis July '47 06 - 40
45
5e
1952 85
90
Amer & General Sec units.
Monm ConW let58'56 JAG 90 92
illWift & Co
32
37
6e
1952 158 - - - Class A
5% notea____Oct 15 1932 100 l008 Monm Val W 54s '50..J&J 9312 95
12
17
Southern Bond as Share93
MuncleWW5e0ct2'39 A&O I
Clam B
20
15
Com A
A&O 92
Par
95
Amer Insurance Stk Corp _
Tobacco S
St Jos Wat Be 1941
Com 13
Amer & Overseas pref
Shenango Val W 5e'56_A&0 85 90
1412 1612
$3 prim allotment
Amer Sty Tr Shares
78
American Cigar cm ,,.100 73
So Pitts Wat 1st 5e 1980 J&J 94
Standard Collateral Min__---- 1412
Trust.. 1312
FAA 94 97
100 95 100
Amer Util & Genl B Unite..
let M 5e 1955
Preferred
Standard Corporation
2012 21741
Astor Financial
31
British-Amer Tobae ord_Ll *29
Terre II WW fis '49 A_J&D 90
19
17
Standard InveetIng Corp
_
El *29
Atlantic Securities corn
31
lot M de 1956 ser B_F&D el
Bearer
85
_
1
54% pref with warr _ _ _ _
Warrants
Tob 0108 & Irel'd *23
Wichita Wat 1st 6a '49_M&S 99
25
Imperial
39 41- Standard 011 Tr nhe
10% 1 17
s
el
Preferred
int Cigar MackinerY----100 100 125
181 M be 1956 sec B_FdrA
Trustee Stand 011 She
4
11, 12
Bankers Financial
65
Johnson Tin Foil & Met_100 55
Trustee Transportation
Chain Store Stocks
Bankers Inveetrot Am units. -3-4-3-4
18
Union Cigar
4012
Corp corn_
she.4,12 1 Berland Storm units new.._ n95 100 Bankers See Tr of Am corn
United Founders
Union Tobacco Co com
1-70ths
4.1
56c Cl.
71
BankInstocks Holding Corp
6
Bohack (H c) Inc coin_ --1 67
Clam A
.
United Trust Shares A '2_ _ _
100 99 103
Bankshares Corp of U Set A
7% lot preferred
Young (J 8) Co core __100 98 103
IS U S Elm Pow CorD
03
9
100 102
Etankstocka Corp of Md ciA
Butler (James) commonPreferred
_
e
Warrants
100 n10
Class B
Preferred
u S Shame A
14
35
30
Indus. & Miscall
Diamond Shoe common_
Preferred
Clam A 1
8
133 1511
5
8 8 87e
89 94
Bade Industry Shares- -(t)
35
Preferred with warr
Aeolian Co pref
11
14
63
Class A 2
11
60
Ills
15
17
British Type Investors
20
Aeolian Webber P&P-- 100
Edison Bros Stores com
Class 0 I.
27
26
90 94
Cent Nat Corp A
84
American Hardware
Preferred
24
20
Class C 2
2814
30
100 12013 124
Claim B
Farmer Candy Sit Pf -1 26
& Wilcox
Fan
Babcock
! 412 Colonial Investor Shame oat
25
Cl
Clam C 3
24
2078
*22
25
Fed Bak Shops corn
Bliss (E W) Co
Clam D
ii i
16 i '50
Commonwealth Share Corp60
Feltman & Curme Shoe
Preferred
Class F
100
1614 18
55
100 104 109
Continental Shares corn
Storm A 7% prof
Childs Corp preL
74512Clans II
8
1218 123
20
15
Cone pref
Fishman (11 MI Stored Wm
Dixon (Jos) Crucible __ADO 162 170
5
79
USA Brit Internet clam B.
12
17
95 105
100 128 131
Continental Securities Corp. 51
Preferred
Safety Car Ht&Ltg
75
70
32
Class A
37
Preferred
Gt Atl &Pae Tea Met.._100 115 119
Sumer Manufarrturing__100 465 475
1812 2012
42
Preferred
47
13
£1 •4
5
Howorth-Snyder Co A
Corporate Cap Corp units_
Singer Mfg Ltd
TI ft Elen fight Ar Power__ _ _
39
42
(t)
100
Knox Hat
Deferred stock
8- 8
1,
- 84 1872 US Overseas Corp corn_ _ _ _
18
17
40
t 30
Kobacker Stores oom
Credit Alliance A
Railroad Equipments
100 90
95
5.40 5.05
Corporate Trust Shares_ _ _ _
Cum pref 7%
Ceast Lim Ga
Atlantio
Sugar Stocks
10
5.00 4.80 Kress (S II) 6% pref
Crum & Forster InsuranEquipment 8)44
70
74
oo •
Caracas Sugar
5.40 5.05 Lane Bryant Inc 7% p w w. 95 110
shares corn
Baltimore & Ohl* de
97
99
Fajardo Sugar
100 51
53
95
4.85 4.65 Lerner Stores 8)4% pf w w. 87
7% preferred
Equipment 4i41 I Ss
23
t•
Godchaux Sugars Inc
100 300 400
Deposited Bank Shares Sur
Buff Koch & Pitts equip 6S- 5.15 5.00 Lord & Taylor
82
100 77
Preferred
100 r95
B-1
First preferred 6%
Pacific 41413 & 8e. 5.00 4.85
Csaallan
8
10
213
•5
Haytian Corp Amer
Second preferred 8% 100 n100
5.40 5.05
Diversified Trustee SharedCentral RR of N J lia
36
19
4
193 Holly Huger Corp corn____t •32
5.40 5.05 MacMarr Stores 7% pf w w 96 101
Share. B
Chesapeake * Ohio Os
8
80
812
100 75
Preferred
4.85 Melville Shoe Corp
Series C
5.10
Equipment 6)41
32
4
100 31
7
National Sugar Ref
91
Domestic & Overseas
1st pref 8% with warr_100 83
4.90 4.70
Equipment 54
18
New Niquero Sugar._ _ _100 14
Eastern Bankers Corp corn_
Chicago & North West 66... 5.40 5.05 Metropolitan Chain SCUM
t 85
90
Savannah Sugar corn
100 84
90
Units
New preferred
5.10 4.80
Equipment Sis
23
100 95 100
18
Preferred
0 •30
35
&quit Investing Corp unite
Chic III & Pao 4)4s & 56. 5.15 4.90 Miller (I) & Sow corn
5
8
18
Sugar EatatmOriente of _100 13
100 n85
90
Clasen
Preferred 84%
5.50 5.10
Equipment fla
22
64
3
7 12 Vertientea Sugar pref.._ 10(1 35
45
0
6
Equity Invest Corp corn
5.60 5.30 Mock Judson & Voeringertg 90 94
Colorado & Southern 84_
90
units
5.40 5.05 Murphy (0 C) Co oom ___t .65
& Hudson 6.
Delaware
Rubber Stocks (Cleveland)
100 100
Federated Capital Corp
8% cunt pref
5.50 5.20
Erie 4)4s & be
36
*63
40
Aetna Rubber common _ _ _ t
4 8
New corn
5.60 5.25 Nat Family Storer) Inc wary n2
Equipment Oa
3
5712 64
Fella Rubber common -.1
t .10
15
New units
Nat Shirt Shops com
5.40 5.15
Great Northern 134
Preferred
9
25 •
100 n78
83
First Holding & Trad
Preferred 8%
4.90 4.70
Equipment 54
•81, 1014 Fixed Trust Shares classA(t) 1918
35
Faultican Rubber
4.95 4.75 Nedick's Inc corn
Hocking Valley 61
t
5
*
(1) 173 ____ General Tire & Rub oom_25 *34 185
Class it
5.40 5.05 Neianer Bros Inc Pref 7%100 110 130
Equipment 8s
90
Preferred
100
Founders Holding corn 01 A
Illinois Central 43.4e & 5e_ 4.90 4.70 Newberry(J)Co. % pref.100 95 101
Goody'r T & R of Can 0.100 r10612 107
25
t •24
Preferred
Merchandise corn_
.5.40 5.05 N Y
6%
Equipment 6s
•
t •10
1012
India Tire & Rubber
New 140th*
First preferred 7% - - - 100 90
5.70 4.80
Equipment Is &
,12
8
0
00
100 2 ,4 25
Miller Rubber pre!
.
Foundation Sec corn
Kanawha & Michigan
5.50 5.20 Peoples Drug Stores oom t
Mohawk Rubber
100 102 107
Preferred
634% cum pref
Kansas City Southern 5%4_ 5.60 5.20
55
100
15
Preferred
Founders Sec Tr Pf
5.40 5.05 Piggly-Wiggly Corp
Louisville & Nashville 6a
Selberling Tire & Rubber__ t •13
1314
100 90 100
Founders Shares
.5.25 5.00
Equipment filis
Preferred 8%
68
22
100 60
Preferred
90 95
General Equities A
Michigan Central 5e,
5.00 4.75 Reeves (Daniel) preferred_
Gen Pub Sere 6% Pre.- - - 9212 9412
5.10 4.80
Equipment 03
• Per share. 7 No par value. 1 Basle. a Purch. also pays scar. div. 1 Last sale. o Nomin. sEx-div. ii Ex-righte. r Canadian quot. s Sale price. v Ex. 400% stook dlr.
Public Utilities
Par Bid Ask
60
Amer Publie Uti corn. 100 50
7% prior preferred---100 90 93
106 85 89
Partle ureferred
Appalachian El Pr pref 100 106 10712
Associated Gas &
95
$5 preferred
80
75
Cleve Elec III coin
100 110 115
6% preferred
Col El & Pow 7% pi _100 106 108
37
Eastern Citil Amami eem_t •36
•12
Convertible stock
1234
pref-t .82
Gen Publie
8612
Mirada/11PM Riv Pow pref 100 9912 10112
First nags 5s 1951_ _J&J 90 10012
M&N 94
Deb 5e 1947
National Pow & Lt $7 prof-t *107 10812
$8 preferred
x100 101
North States Pow 7% pref_ 104 107
..hio Pub Serv 7% pref__100 102 104
97
95
0% Preferred
Facitle Gas &El let pref 25 .2614 2634
Puget Sound Pr & Lt $8 Pf-t •98 101
$5 preferred
80
•84
let & ref 5%8 1949__J&D 10112 10212
90
Say El & Pow 6% pf__100 87
90
Marra Pao El Co 8% pf_100 88
Stand Gas & El $7 pr pf 100 107 1091 2
tenn Elm Pow lot prof
106 10712
100 97
99
6% preferred
88
Toledo Mimi 5% pref-- 84
98 101
6% Preferred
100 107 109
7% preferred
98
Utilities Pew & L 7%pf_100 96
Railroad Equip.(Coed.) Bta
Minn St PASSM4tie & Se
Equipment 8.148 & 7a____
Missouri Pacific 548
Equipment es
Mobile SC 01110 be
New York Central 44s & 58
Equipment 8e
Equipment 7s
Norfolk & Western 434s___.
Northern Pacific Is
Pacific Fruit Express 711
Penney lvanin RR equip 58Pittab & Lake Erie 6
Reading Co 44s & 541
St Louis & San Francisco 55.
Seaboard Air Line 554e & 64
Southern Pacific Co 4%e.__
Equipment 78
Southern Ry 454s & 56
Equipment 6s
Toledo & Ohio Central 6s_
Union Pacific 70
5.25
5.80
5.25
5.40
4.95
4.90
5.30
5.05
4.90
5.10
5.10
4.85
5.40
4.90
5.15
6.00
4.90
5.00
4.90
5.40
5.40
5.00
Ask
5.00
5.15
5.00
5.05
4.75
4.70
5.00
4.80
4.70
4.80
4.85
4.70
5.00
4.70
4.85
5.40
4.70
4.80
4.70
5.05
5.10
4.85
279
butestment anti Alai:trout lnteiligettcrc
Latest Gross Earnings by Weeks.
-In the table which
-In the folOther Monthly Steam Railroad Reports.
follows we sum up separately the earnings for the first week lowing we show the monthly reports of STEAM railroad
of January. The table covers one road and shows 14.92% companies received this week as issued by the companies
themselves, where they embrace more facts than are redecrease under the same week last year.
quired in the reports to the Inter-State Commerce Commission, such as fixed charges, &c., or where they differ in
First Week of January.
1930.
1929.
Increase. Decrease.
some other respect from the reports to the Commission.
Minneapolis 9tg St. Louis
$215,782
$241,867
226,085
Interoceanic Railway of Mexico.
Total (1 road)
Net decrease(14.92%)
$215,782
$241,867
$26,085
26,085
In the table which follows we complete our summary
of the earnings for the fourth week of December:
Fourth Week of December.
1929.
Canadian Pacific
Georgia & Florida
Mobile & Ohio
Southern
St. Louis Southwesters
1928.
Increase,
$4,550,000 $5,562,000
103,400
110,794
302,959
411,661
4.129,593 4.678.743
571,400
659,266
Total (5 roads)
Net decrease(11.74%)
Decrease.
$1,765,112
1,765,112
In the following table we show the weekly earnings for a
number of weeks past:
Current
Year,
8
20,100,633
14,083,977
14,025,691
13,987,172
19.926.465
16,362,466
14,179.746
15,414.954
20.931.896
13,783,513
14,098,543
14,329,624
21,329,515
14,210,254
13,914,646
14,138,646
21,078,339
13,983.956
15,535,299
15.745,187
21.174.048
15,055,110
15.790,725
15,740,663
21,843,142
10,016.635
13,321,885
9,461,558
16,167,720
12,513,496
12.570,553
9,444,380
9,657,352
215.782
4th week April (8 roads)
181
2d
841
4th
week May (8 roads)
week May (8 roads)
week May (8 roads)
week May (8 roads)
lst week June (8 roads)
26 week June (8 roads)
3d week June (8 roads)
4th week June (7 roads)
let week July (8 roads)
2d week July (8 roads)
8d week July (8 roads)
4th week July (8 roads)
let week Aug. (8 roads)
2d week Aug. (8 roads)
8d week Aug. (8 roads)
4th week Aug. (8 roads)
let week Sept. (8 roads)
2d week Sept. (8 roads)
8d week Sept. (8 roads)
4th week Sept. (7 roads)
lot week Oct. (8 roads)
2c1 week Oct. (8 roads)
ad week Oct (7 roads)
4th week Oct. (8 roads)
1st week Nov. (7 roads)
2d week Nov. (8 roads)
3rd week Nov. (7 roads)
4th week Nov. (7 roads)
let week Dec. (6 roads)
2ndiweek Dec. (8 roads)
8d week Dec. (7 roads)
4th week Dec. (5 roads)
1st week Jan. (1 road )
• Previous
Year.
Increase or
Decrease.
S
16,956,008
13,198,800
13,800,007
14,015,235
20.132,939
16,187,145
13,805,018
13,974,488
18.619.998
13,461,219
13,922.999
14.169,119
20,439.976
14,632,315
14.848.790
14.144.881
22,069,553
14.430.895
15,383,636
16,524,538
23,291,930
18,216,629
18,706.196
17,968,778
27,153,455
11,582,851
17,436,765
11,553,954
21.192,292
15,718,973
15,524,333
10,803,703
11,422,464
241./167
8
+3,144,625
+885,177
+225.684
-28,063
-206,474
+175,321
+374.728
+440,466
+2,311,898
+322.293
+175,544
+160,505
+889,539
-422,061
-934,144
-1,006.235
-991.214
-446,039
+279,605
-779.351
-2,117,882
-3,161.499
-2.915,471
-2,22 '5
-5,310,3.,3
-1,576,216
--4.114,880
-2,082,396
-5.024,572
-3,205,478
-2,953,780
-1,360.323
-1,765,112
-26.085
18.51
8.71
1.64
0.20
1.03
1.07
2.70
10.30
12.41
2.39
1.26
1.13
4.35
2.97
6.29
6.64
4.49
3.09
0.98
5.82
9.10
16.53
15.58
12.41
19.50
12.53
23.18
18.11
23.72
20.4C
19.02
12.51
11.79
14.92
1929.
1928.
Inc. (-I-) Or
Dec.(-).
486,201,495
474.780.516
516,134,027
513,076,026
536,723,030
531,033,198
556.706,135
585.638,740
585.638,740
565,816,654
607.584.097
Month.
457,347,810
456.287.931
505,249,550
474,784,902
510,543,213
502,455,883
512,821,937
557.803.468
557,803,468
556,003,668
617.475,011
$
+28,853.685
+18,292,585
+10,884,477
+38,291,124
+26,120,817
+28,577,315
+43,884.198
+27.835,272
+27,835,272
+9,8 2.986
-9,890,014
Net Earnings.
Pesos.
35.671
96.64%
1.644
Net earnings
P. C. expenses to earnings_ __
Kilometers
494.381
95.32%
-20,710
102.05%
1.644
100.757
99.03%
National Railways of Mexico.
-Month of October- -Jan.Ito Oct.31-
1929.
1928.
*1929.
1928.
Pesos.
Pesos.
Pesos.
Pesos.
10,020,861 9,268.009 93,308,156 93,784.754
8,162,307 8,380,035 78,205,179 82,261,786
Gross earnings
Operating expenses
887.973 15.102,976 11.522,968
1,858.553
Net earnings
83.81%
90.42%
87.71%
P. C.expenses to earnings_ -- 81.45%
11.816
11.395
Kilometers
*Figures for 1929 do not include Tehuantepec. Alvarado and Ejutla
roads.
Philippine Railway Co.
-Month of October- -12 Mos. End. Oct. 31-
1929.
$
72.196
49,458
1928.
1929.
Gross operating revenue---Operating expenses & taxes--
64277
46,781
760210
536,593
1928.
$
689,467
528.755
Net revenue
Interest on funded debt
22,737
28,496
17.296
28,496
223,716
341,960
160.711
341,960
5,759
11,199
118,243
181,248
Net income (deficit)
Income appropriated for inv.
in physical property
Balance (deficit)
5.759
11,199
35,466
110,321
153,710
•
291,570
Virginia Central Ry.
- 11 Mos. End. Nov. 30.
-Month of November
1929.
1928.
1929.
Operating revenue
Operating expenses
7,326
5,323
4,313
3,931
101280
50,131
1928.
$
79,568
49.951
Net operating revenue---Less equip. & it. facility rent
2,003
649
383
237
51,848
20.617
1,353
145
Net after income
Electric Railway and Other Public Utility Earnings.
-Below we give the returns of ELECTRIC railway and
other public utility companies making monthly returns which
have reported this week:
Alabama Power Co.
Month of 12Mos.End
November
Nov. 30
1928.
Balance
Other deductions
8,022,689
233.044
240,833
242.884
241,185
240.956
241.280
241,608
241,450
241.026
241,026
241,704
241.622
Miles.
240.417
242,668
240.427
240,316
240,798
241,243
241,183
241.253
241,253
241.447
241.451
Balance
Dividends on preferred stock
7.789.645
1,882.136
Inc.(+) or Dec.(-).
Amount.
8
117,730,186
126,308,848
139,639,086
136.821,660
146,798,792
150.174,332
168,428,748
190,957.504
190,957.504
181,413,185
204,335.941
$
94,151.973
108.987,455
132,122,686
110.884,575
129.017.791
127.514.775
137,635.367
174,198,644
174,198.644
178,800.939
216.519.313
$
+23.578,213
+17.381,398
+7.518,400
+25.937,085
+17,754,001
+22,659,557
+30.793,381
+16.758,860
+16,758.860
+2,612.246
-12.183.372
Per Cent.
American Water Works & Electric Co.
(And Subsidiary Companies.)
-Month of November- 12 Mos. End. Nov. 30
1928.
1929.
1929.
1928.
$
4,669,796 4,456,252 53,859,203 50,822,123
Gross earnings
2,215,798 2,225,817 27,022,129 26,105,565
Oper. exp., maint. & taxes
$
2,453,998 2,230,435 26,837.074 24,716.558
7,658,234 5,949.863
Gross income
Net inc. avail, for dive, after all charges & reserves
(Electric Power & Light Corp. Subsidiary)
-Month of November- 12 Mos. End. Nov. 30
1928.
1928.
1929.
1929.
$
$
$
Gross earns, from operation_ 7/8,669
683,704 8.412.377 7,111,535
Oper. expenses and taxes-- 392,791
348,776 4,295,448 3.758,778
Net earns,from operation_
Other income
375,878
32.357
334,928 4,116,929 3,352,757
268,387
261.950
15,289
Total income
Interest on bonds
Other interest and deductions
408,235
109,185
32,575
350,217 4,378,879 3,621.144
109,185 1,310,210 1,170.403
148,117
225.600
7,913
266.475
233,i19 2,843.069 2,302.624
672,803
715,348
Balance
Dividends on preferred stock
2.127,721
Balance
-Month of Nov.
- 12 Mos.End. Nov.30.
1928.
1928.
1929.
1929.
$
Ann Arbor
November _
496,581
100,263
516,917
139,521
121.247
105,800
From Jan 1_ 5,798.779 5,440,367 1,530,818 1,388,271 1,237,535 1,099,301
Chicago Great Western
November _ 2,167,610 2,113,000
449.093 0243,729 0202,166
569,338
From Jan L23,867,180 22,057,685 5,469,535 4,698,584 02,580,478 02,268,504
Gulf Colorado Or Santa Fe
November _ 3,088.957 2,718,147 1,407,044 1,192,859 1,232,127 1.010,501
From Jan L27,512,857 25,494,065 7,978,974 7,195,964 6,743,247 5,999,682
Texarkana & Fort Smith °November
215,204
278,266
150,108
76,558
85,892
137,947
From Jan 1_ 2,871,574 2,657,580 1.460,265 1,277,557 1,273,729 1,143,216
1.629,821
Bangor Hydro-Electric Co.
-Crossfrom Railway- -Net from Railway- -Net after Tares
-1029.
1929.
1928.
1929.
1928.
1928.
$
5,907.509
Balance for reserves, retirements, &c
Arkansas Power & Light Co.
+25.04
+15.95
+5.68
+23.39
+12.09
+17.77
+22.37
+9.62
+9.62
+1.48
-5.53
Net Earnings Monthly to Latest Dates.
-The table
following shows the gross, net earnings and net after taxes
for STEAM railroads reported this week to the Inter-State
Commerce Commission:
1928.
Pesos.
1929.
1928.
a After rents. •Corrected report.
1929.
Pesos.
1929.
1929.
S
S
1,566,627 18.275.351
Gross earnings from operations
including taxes and maintenance 544,161 6,844.750
Operating expenses,
1,022,466 11,430.601
Net earnings from operations
854,002
55,238
Other income
1,077,704 12,284,603
Total income
4,261,914
Interest on funded debt
1929.
January
February
March
April
May
June
July
August
August
September
October
1928.
Length of Road.
Gross Earnings.
January
February
March
April
May
June
July
August
August
September
October
Operating expenses
Per
Cent.
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.
Month.
1929.
Pesos.
1,061,508 1,011,650 10,578,146 10.415,635
1,025,837 1,032,361 10,083,764 10,314,877
Gross earnings
$1,012,000
7,394
108,702
549,150
87.866
$9,657,352 $11,422,464
Week.
-Month of October- -Jan 1 to Oct. 31-
Gross earnings
Operating expenses & taxes.._
180,996
77,551
171,570 2,014,964 1,974,393
80,081
927.875
905,609
Gross income
Interest, &c
103,445
17,848
91,489 1,137,089 1,068,784
19,789
214,831
262.492
Net income
Preferred stock dividend
Depreciation
Balance
Common stock dividend
Balance
85.597
71,700
922,258
269,317
123,945
806,292
250,845
122,542
528,996
369.342
432,905
232.855
159,654
200.050
280
[VOL. 130.
FINANCIAL CHRONICLE
American Telephone & Telegraph Co.
Houston Lighting & Power Co.
-Month of November- -11 Mos. End, Nov. 301929.
1928.
1929.
1928.
$
9.532,746 8.873,800 102,100,662 91,042,117
3,017,257 3,603.183 36,168,857 35,020.292
Gross earnings
Operating income
(National Power & Light Co. Subsidiary)
-Month ofNovember- 12 Mos. End. Nov. 30
1928.
1929.
1928.
1929.
$
$
$
$
Gross earnings from oper_ _ 704,809
619,189 7,900,233 7,141.097
Oper. expenses and taxes_ _ _ _ 358,592
344,112 4,155,158 4.077,536
Boston, Worcester & New York Street Ry. Co.
(And Subsidiary Companies)
Month of
Nov. 1929.
Operating revenue
$59.262
Operating expenses (depreciation not included)_
50,057
Net earnings from oper___
Other income
11 Mos. End.
Total income
Nov. 30 '29.
$677,842 Interest on bonds
550,012 Other interest & deductions_
346,217
2,177
275.077 3,745,075 3,063,561
2,691
31,200
35.683
348.394
78.346
8.674
277.768 3.776.275 3,099,244
752.9011
65,262
394.594
125.968
15.454
137.277
Balance
Dividends on preferred stock
261,374
197,052 2,744.404 2.220,376
210.000
255,000
Net operating revenue
Taxes
$9,204
1,625
$127,829
18,148
Operating income
Other revenue
$7,579
629
$109,680
12,285
Gross income
Interest on bonds
$3,209
1,470
$121,966
16,170
$6,739
$105,796
Net income
Carolina Power & Light Co.
(National Power & Light Co. Subsidiary)
-Month ofNovember- 12 Mos. End. Nov. 30
1929.
1928.
1928.
1929.
$
$
S
$
841,645 9,354,984 8,996,415
Gross earningsfrom operation 808,407
345,351 4,297,974 4,394,216
Oper. expenses and taxes- _ _ _ 340,970
Net earnings from °per
- 467,437
84,011
Other income
496,294 5.057.010 4,602.199
705,856
39,198
929.931
Total income
Interest on bonds
Other interest & deductions_
551.448
194,102
22.003
535,492 5,986,941 5,308.055
160,808 2.163,985 1.822,752
19.407
267,557
216,770
Balance
Dividends on preferred stock
335,343
Balance
2,489,404 2.010,376
Illinois Power & Light Corp.
(and Subsidiaries.)
-Month of Nov.- 12 Mos. End. Nov 30.
1929.
1928.
1928.
1929.
Gross earningsfrom oper--- _ 3,249,452 3.125,884 37,380,285 34,536,566
Oper.expenses & maint
1,499,504 1.575,523 18,587,691 18,107,482
Taxes
196,180
131,142 2,066,441 1,445.695
Total expenses & taxes..... 1,695,684 1,706,670 20,654,132 19,553,175
Earnings from operation_....1,553,767 1,419,213 16,726,152 14,933,388
Less rentals
84,680
72,620
882,663
701,743
Add other income
83,213
32.472
563,506
497,252
355,277 3,555,399 3,268,533
1,245,156 1,030.301
Total net earnings
1,552,301 1.379,065 16,406,995 14,778,897
Less prior charges of: Iowa Power & Light Co. and
Kansas Power & Light Co
1,437,074 1.281,416
Total earnings available for bond interest
14,969,921 13,497,476
12 mos.'int. on Ill. Power & Lt. Corp. mtge. debt
5,617,929 5,638,417
Louisiana Power & Light Co.
2.310,243 2,188,232
Balance
(Electric Power & Light Corp. Subsidiary)
-Month of November- 12 Mos. End. Nov. 30
1928.
1929.
1929.
1928.
Dallas Power & Light Co.
(Electric Power & Light Corp. Subsidiary)
-Month of November- 12 Mos. End. Nov. 30
1929.
1928.
1929.
1928.
$
$
$
$
Gross earns from operation- 448,203
432,286 5,160,931 4,720,432
177.707 2,362,400 2,189,310
Oper expenses and taxes-- 192.350
Gross earns, from operationOper. expenses and taxes_ _ -
488,288
234.918
394,530 5.1 9,884 3,6/7,436
/
191,996 2,668,337 1,980,528
Net earns,from operationOther income
253.370
6,484
202,534 2,521,547 1,716,906
3.411
116.206
158,970
Net earns,from operation_
Other income
255.353
6.413
254.579 2,798.531 2.531,122
9.357
121.445
25,945
Total income
Interest on bonds
Other interest and deductions
259,854
52,083
8.224
205.945 2.637,753 1,875,878
33,333
617,500
398,121
35.675
107,239
288,645
Total income
Interest on bonds
Other interest and deductions
262.266
58.125
1,483
199,547
136,937 1,913,014 1.189,112
313,333
180,000
Balance
Dividends on preferred stock
202,658
264,436 2,919,976 2.557,067
Balance
58,125
697,500
697.500 Dividends on preferred stock
1,086
22,103
22,289
Balance
205,225 2,200,373 1,837,278
245,000
245,000
Balance
(National Power & Light Co. Subsidiary)
-Month of November- 12 Mos. End. Nos.30
1929.
1928.
1928.
1929.
Engineers Public Service Co.
Net operating revenue_
1,875,349 1,228,842 21,170,577 12,868,431
ncome from other sources_ -793,570
129,917
65,458
5,930
Balance
Interest & amortization
1,940.808 1/234.772 21,964,148 12.998,348
594,519
300.124 6,893,405 3,863.809
Balance
1.346,288
Divs,on pref. stock ofsub. cos.(accrued)
Grass earnings from operation
Oper. expenses and 4axes____
561,869
342.578
523,716 6,014.188 5,979,155
'
316.643 3,672,336 3,444,399
Net earnings from oper___
Other income
219,291
13.873
207,073 2,401,852 2,534.756
243,832
8,401
345,275
Total income
Interest on bonds
Other interest & deductions_
233.164
52,952
12,551
215,474 2,747.127 2,783.583
589.272
661,560
58,256
132.636
88,211
1.258
Balance
Dividends on preferred stock
167,661
155.960 1,997,356 2,061,680
248,840
271.124
1.726,232 1.812,840
Balance
934.647 15,070,742 9,134,638
4.095,796 1,951.245
Mississippi Power Co.
Balance
10,974,946 7,183,293
Amt.applie. to corn.stk. ofsubs,in hands of public91,677
57.025
Bal, applic. to res. to Engineers P.S. Co
10.883,269 7,126,267
Federal Light & Traction Co.
-Month of November- 12 Mos. End. NOV. 30.
1928.
1929.
1928.
1929.
1,009,112
Memphis Power & Light Co.
1.955.373 1,592,278
(and Subsidiary Companies.)
-Month of Nov.- 12 Mos. End. Nov. 30
1928.
1929.
1928.
1929.
$
3
$
$
Gross earnings
4,406,926 2,766,176 50,494,852 31,173,932
Operation
2,047,846 1,139,553 22,014,718 13,354,959
Maintenance
298.140
200.268 3,686.677 2,382,002
Depreciation of equipment.. _
15,993
179,568
Taxes
169.595
197,512 3,443,309 2.568,539
1.599.681
Month of 12Mos.End
November
Nov. 30
1929.
1929.
Gross earnings from operations
Operating expenses, including taxes and maintenance
319,839 3,579,124
201,151 2,224.636
Net earnings from operations
Other Income
118,688 1,354,488
98,727
3,749
122,437 1,453,216
482,229
Gross earnings
Oper., adm. exp. & taxes.-
759,114
419,672
723,155 8.477,145 7,843,650
401,444 5,026,896 4,674,393
Total income
Interest on funded debt
Total income
Interest and discount
339,442
108,492
321,711 3,450,249 3,168,757
91,444 1,227,579 1,071,448
Balance
Other deductions
970,986
348,771
Net income
230,950
Preferred stock dividends:
Central Arkansas Public Service Corp
New Mexico Power Co
Springfield Gas & Electric Co
230,267 2,222.670 2,097,309
Balance
Dividends on preferred stock
622,215
246,310
Balance after charges
104,850
1,204
69,687
104,809
Balance for reserves,retirements and Dividends
Portland Electric Power Co.
2,046.929 1,924,396
Gulf Power Co.
Month of 12Mos.End
November Nov. 30
1929.
1929.
$
$
77,191 1.030,868
Gross earnings from operations
52.153
669.361
Operating expenses, including taxes and maintenance
Net earnings from operations
Other income
25.033
2,413
361,507
21,512
Total income
Interest on funded debt
27.451
383,019
164,197
Balance
Other deductions
218,822
44,991
Balance
Dividends on $6 cumulative preferred stock
173,831
60,000
Balance for reserves, retirements and dividends
Gross earnings
Oper.expenses & taxes
-Month of November- -Jan. 1 to Nov. 301928.
1929.
1928.
1929.
$
$
$
$
7,853,000 7,051,000 83,096,000 73,565,000
1,692,000 1,398.000 16,498,000 14,028,000
-Month of Nov.- 12 Mos. End. Nov. 3
0
1928.
1929.
1928.
1929.
$
S
1,03,064 1,08,805 12,728.990 12,509,115
703,400
623,325 7,646,067 7,430,062
Gross income
Interest.&c
369,664
213,675
448,480 5,032,923 5,029,053
215,593 2,536.018 2,572,848
155,989
Net income
Divs, on stock: Prior preference
First preferred
Second preferred
232,887 2,546,905 2,456,205
457,133
470.702
813,033
749,917
330,000
322,500
Balance
Depreciation
946,739
781,792
913,086
776,934
Balance
164,947
136,152
San Diego Consolidated Gas & Electric. Co.
113,831
Illinois Bell Telephone Co.
Gross earnings
Operating income
375,905
68,104
-Month of November- 12 Mos. End. Nov. 30
1929.
1928.
1928.
1929.
Gross earnings
Net earnings
Other income
512,869
272,043
5.240
511,846 7,313,596 6,77,764
255,201 3,502,959 3,175,133
2.381
36
26,676
Net earns., incl. other incBalance after interest
277,284
255,238 3,529,636 3,177,520
2,819,505 -2.474876
JAN. 11 1930.]
FINANCIAL CHRONICLE
South Carolina Power Co.
Month of 12Mos.End
November
Nov. 30
1929.
1929.
$
$
Gross earnings from operations
235.154 2,739,401
expenses, including taxes and maintenance 108,493 1,392,183
Operating
Net earnings from operations
Other income
126.661
4,234
Total income
Interest on funded debt
130.895
Balance
Other deductions
Balance
Dividends on cumulative preferred stock
Balance for reserves, retirements and dividends
1,347,218
82.627
York Utilities Co.
Operating revenue
Operating expenses
-Month of November- 12 Mos. End. Nov. 30.
1929.
1928.
1928.
1929.
$
$
9,574
124.228
10,874
103,648
11,272
124,507
11,119
110,042
Net revenue (deficit)
Non-operating income
Gross income (deficit)
Deductions
Coupon interest
Taxes
Other deductions
Miscellaneous interest
1,697
7
244
6
6,393
67
279
49
1,689
238
6,325
230
3,392
391
3,783
3,392
321
3,714
40,705
4,341
45,104
58
40,705
4,248
45,130
177
Net income (deficit)
5,473
Surplus (deficit)
Surplus from previous year (deficit)
Profit and loss
3,952
51,430
51,430
188,374
Cr.27
45,361
45,361
142,825
Dr.134
239,778
188,320
Total surplus (deficit)
Earnings of Large Telephone Companies.
-The InterState Commerce Commission at Washington has issued a
monthly statement of the earnings of large telephone companies having an annual operating revenue in excess of
$250,000. Below is a summary of the return:
No. of Co.
Station,In
Service.
Oct. 31.
October 1929
16,650,877
October 1928
15,689,848
10 mos.end. Oct. 31 '29- 16,650,877
10 mos.end. Oct. 31 '28- 15,689.S48
Gross
Earnings.
99,914,975
91.150,805
947,124,859
860,078,741
Operating
Expenses.
66.284.718
60.103,358
636,938.913
570,815.044
Operating
Income.
25,024,325
23,449,604
228.925,327
213,060,824
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
Jan.4. The next will appear in that of Feb. 1.
Swift & Company.
(Financial Statement-Year Ended Nov. 2 1929.)
Excerpts from address by Louis F. Swift, Pres., at the
45th annual meeting of shareholders, Jan. 9, follow:
The year 1929 was another year when our results were "not good enough
to brag about nor bad enough to cry about," but we earned our dividends
and a margin for surplus besides.
Our experience with employee ownership of shares has been so gratifying
that we feel that we should make it attractive for still more ofour employees
and our friends outside the organization as well to become shareholders.
By changing the par value of the shares from $100 to $25 we believe that
part ownership of Swift & Co. will be within reach of a much larger
number
ofsmall investors and that Swift & Co.shares will become even more widely
distributed than they are at present.
During the year we paid out for live animals $543,975.887. Total
sales
of meat, butter. eggs, cheese, poultry and all by-products amounted
to
more than $1.000,000.000.
As in former years, we proved the value of diversification. Practically
all of the by-product departments made good profits. In the slaughtering
end of our business, however, we did most of our work for nothing.
In line with the nation-wide movement toward better distribution
we have asked for modification of the Consent Decree which atmethods
prevents us from engaging in the retail trade or from distributing present
certain
food products which we are well equipped to market economically.
We
have based our request on the commonplace fact that methods of
bution have undergone revolutionary change since the Decree was distriinto and that nothing is accomplished in the public interest by entered
closing
to us a field which is wide open to most of our competitors. It also
seems
inequitable that we should be prohibited from going into other lines
of
business when others are free to engage in meat packing.
I am glad to note that agricultural interests have almost unanimously
approved our action in requesting that these inequalities be removed.
Restoration of free and unrestricted competition in the nation-wide
distribution of agricultural products would be one of the most effective forms
of farm relief.
Now that the country seems to be passing through a period of
ment in business, I call your attention to the fact that the packingreadjustis one of those fortunate industries which are not so much affected industry
by
ness recessions. Food is one of the last things people stop buying busiwhen
purchasing power declines.
We have so much confidence in tho future of this country and in
opportunities for Swift & Co. that we expect to go right ahead with our development plans as if nothing had happened. That should leave no doubt
any one's mind as to what we think of the outlook for Swift & Co. and in
the
producers of livestock over the years immediately ahead.
-V. 129. p. 3814
CONSOLIDATED INCOME STATEMENT
Fiscal Years Ended- Nov. 2'29. Nov. 3 '28. Nov. 5 '27. Nov.
6 '26.
Business done
1,000,000,000 970,000,000 925,000,000 950,000.000
Net earnings a
13,076,815 14,813,182 12,202,493 15,645,242
Cash dividends (8%)
12,000,000 12,000,000 12,000.000 12,000,000
Balance, surplus
1,076,815
2,813,182
202,493
Profit & loss, surplus- 77,216,699 76,139,884 73,326,702 3.645,242
73,124.209
Earnings per share
$8.72
$9.87
$8.13
$10.43
a After interest, depreciation and Federal income taxes.
COMPARATIVE BALANCE SHEET.
Nov. 2 '29. Nov. 3 '28. Nov. 5 '27.
Assets
s
Real estate & improve'ts,
including branches
108,437,098 106,567,964 108.150,791
Stocks and bonds
30,613,213 27,926,909 27,578,922
Cash
10,449,477 12,902,407 19.421,946
Accounts receivable
74,191,511 75,963.248 66,817,159
Live cattle, sheep, hogs,
127,561,146 124,236,196 115,239,516
dressed beef, &c
Total assets
1.429,845
Liabilities
464.669 Capital stock
1st mtge. 5% bonds
965,176 5% gold notes, 1932
243.345 Notes payable
Accounts payable
721,831 General reserves
160.136 Surplus
561.695
281
Total liabilities
-V. 129, v. 3814.
Nov. 6 '26.
110,559,925
27,485,830
11,025,720
79,288,300
113.655.386
351,252,446 347,596,724 337,208.334 342.015.161
150.000,000
23,583.500
31,500,000
30.377,000
25.685,526
12,889,721
77,216,699
150,000,000
23,918,500
37.000,000
23,421,750
24,436,166
12,680,424
76,139,884
150,000.000
24,918,500
47,500,000
11,716,920
17.257,280
12,488,931
73.326,702
150,000,000
25.586,000
48,000.000
13,387,270
18,564,181
13.353.501
73.124,209
351,252,446 347.596.724 337,208,334 342,015,161
Armour & Co. (Illinois).
-Year Ended Nov. 2 1929.)
(Financial Report
President F. Edson White says in substance:
Earnings, after setting aside $8,639,617 to cover depreciation and
after paying interest charges of $10,933,074, gave us slightly more than
enough to meet preferred dividend requirements of $8.991,696. Total
sales continued in excess of $900,000.000.
Notwithstanding limited earnings, the financial condition of the company
continues to improve. Within the year we reduced funded debt $2,208.100
and retired preferred stock in the amount of $648.700 and these retirements were made without reducing the company's working capital.
A decrease in cattle supplies, such as had been expected, came about
In 1929. but the predicted decrease in hog supplies failed to materialize
and, in fact, actually turned into an increase. Thus, the packing industry
paid prices for hogs which were higher than were warranted and the year s
operations in the pork end of the business were unsatisfactory.
As evidence of the importance of company to the agricultural world,
at a time when farm relief is a matter of economic and political consequence, note the large sums paid by company during the year to the producers of livestock-and paid, cash in hand, on the day of purchase
$287,000,000 for cattle. $199.000,000 for hogs, $54,000,000 for sheep,
326,000.000 for calves. $77,000,000 for poultry and dairy products.
The various auxiliaries of the company, here and in foreign lands, gave
a fairly good account of themselves during the year and their business
continues to grow and to become of greater importance.
Relations with the public and with employees were never better.
Available surveys lead to the impression that there will be normal
supplies of livestock in 1930, certainly as many hogs and sheep and probably
an increase in the number of cattle. With adequate raw material in
sight and with the nation in prosperous condition there is reason to look
forward with confidence to the coming year.
CONSOLIDATED INCOME AND SURPLUS STATEMENT.
[Including Armour & Co. of Illinois, Armour & Co. of Delaware, North
American Provision Co., and tiviir subsidiaries.]
Year Ended Year Ended Year Ended 10 Mo.End,
Nov.2'29. Oct. 27 '28. Oct. 29 '27. Oct. 30 '26.
Net sales (in excess of)
--900,000.000 900,000.000 900,000.000 750,000.000
Income
29,383,210 30,592,731 20.373.663 25,890.166
Deprec. (bidgs., mach'y
8,639,617 8,535,823
and cars)
8,554.749
7,956,281
Interest charges
10,933,075 10.730,481 11,280,740
9,785,315
Prof. stock dividends..
8,991,696
9,080.105
9,168,514
6.901,928
Class A common divs1,000,000
Rate per share
(50c.)
Balance, surplus
Special charges (net)
Previous surplus
2.246,320def8,630,339
818,822
246.642
1.882,642
468,269
202.847
46,788.115 46,424,438 55,054.777 55.010.982
47,138,668 46,788,115 46.424,438 55.054,777
Total surplus
Earns, per sh. on 2.000.$0.40
$1.12
000she. cl. A (par $25)
Nil
$0.62
CONDENSED BALANCE SHEET (ILLINOIS COMPANY).
[Including Armour & Co. of Illinois Armour & Co. of Delaware, North
American ProvLsion Co., and their subsidiaries.]
Nos. 2'29. Oct. 27 '28.
Nov.2'29. Oct. 27 '28.
LiabilitiesAssets
$
7% pref. stock
Land, buildings,
machinery and
Delaware Co_ 61,620,800 62,269,500
201.283.932 7% Pref. stock
fixture equip_199.170.771
N.A.Prov.Co 8,600,000 8,600,000
Refrigerat'r cars.
7% pref. stock.
delivery equipIllinois Co___ 59,298,400 59,298,400
ment, tools,&c 15,987,052 15,720.023
Coat. stk., el. A 50,000.000 50,000,000
Franchises and
Class B
leaseholds__ 1,959,748 1,964,775
50,000,000 50,000,000
Cash
10,742,163 9,564,359 Notes payable
12,246,600 4,409,476
Notes receivable 10,189,4'9 11,025,647 Accept's Payable 10,309,369 12,483,806
Accts. receivable 54,840.566 50,434,553 Accts. payable_ 16,504,731 15,869,349
Inventories _ _ _1127.976.679 126,503,823 Morris & Co.
Invest'ts, stocks,
9,667,900 11,500,000
74% notes
bonds & aav_ 19,877,660 19.712,861 1st M.4 Sis,'39_ 50,000,000 50,000,000
Deferred charges 11,569,695 12,339,524 do Del. 00.514s 60,000,000 60,000,000
do Morris 434s_ 13,982,000 14,358.000
Res.for conting_ 1,000,000 1,000,000
Minority stockh.
eq'y In sub.cos 1.945.287 1,972,831
Tot.(each side)_452,313,755 448,549,498 Surplus
47,138,668 46,788,115
x After deducting $8,212,458 drafts drawn against foreign consignments.
CONSOLIDATED BALANCE SHEET (DELAWARE COMPANY).
[Including North American Provision Co. and their subsidiaries.]
No1.2'29. Oct. 27 '28.
Nov. 2'29. Oct. 27 '28.
Assets$
Land, buildings,
7% pref. stock,
mach.& eq'p_123,974,541 124,505,542
Delaware Co_ 61,620,800 62,269,500
Ftefrig. cars, &e_ 5,069.589 4,686,013 7% pref. stock.
Franchises and
NA.Prov.Co 8,600,000 8,600,000
leaseholds_ __
1,956,200 1,060,789 Common stock _ y60,000.000 60,000,000
Cash
4,200,583 2,632,738 Morris & Co.
Notes me
s16,219,045 23,338,215 734% notes__ 9,667,900 11,500,000
Acels receivable 31,797,490 22,369,148 Delaw. Co. 5148 60,000,000 60,000,000
Inventories _ _x65,695,354 63,057.442 Mor.& Co. 434a 13,982,000 14,358,000
InvestWtstocks.
Accepts. payable 10,222,457 12,080,264
bonds Sr adv_ 17.800.005 18,488.525 Accra payable__ 8,399,306 8,179,595
Deferred charges 9,508,088 10,206,091 Minority stockh.
equity in subs. 1.945,287 1,972,851
Tot.(each side)A76.220.894 271.244.503 Surplus
41.783,143 32.278,293
x Packing house products at market values, less allowance for selling
expenses,
products
eyiis at costorntriet whichever is icvzr
t.
(after
$4,497,097 drafts
against
y All owe by, Armour & Co. (Ill.). z Including $6,569,845 due from
Armour & Co. (I11.).
-V. 129, p. 2230.
Pacific Oil Company.
(Final Report-Period from Jan. 1 1927 to Dec. 211929.)
Henry W. De Forest, Chairman of the Executive Committee, and Paul Shoup, President, in the final report to the
stockholders of the company, state in substance:
It is deemed appropriate at this time briefly to review the activities of the
company since its inception. Company was organized on Dec. 3 1920 in
Delamare, for the purpose of taking over and operating oil properties
belonging to the So thorn Pacific Land Co. The stockholders of the
Southern Pacific Co. registered as such on the books of the company at the
1
FINANCIAL CHRONICLE
282
close of business on Jan. 14 1921, were given the right to purchase the
capital stock of the company at $15 per share, each stockholder having the
right to purchase one share of company's stock for each share of capital
stock of Southern Pacific Co.so held. The total number of shares authorized
is 3.500,000 (without par value) all of which were issued, originally, for a
consideration of $15 per share, total consideration $52.500,000. In Feb.
1926, with the approval of the stockholders, the capital stock was reduced
from $52,500,000 to $1,750,000. such decrease being effected by reducing
from $15 to 50 cents per share, the consideration for which such stock was
issued. No preferred stock has been authorized, and the company has no
funded debt. With the proceeds from the sale of its capital stock.
company, after making provision for working capital, purchased from the
Southern Pacific Land Co., its proven and prospective oil lands with all
wells and improvements existing thereon, as well as 50.48% of the capital
stock of the Associated Oil Co.
The operation of these properties was carried on from Jan. 1 1921, to
Dec.31 1925,incl. From earnings accumulated during this period,company
declared and paid cash dividends amounting to $13 per share, a total of
$45,500,000. including dividend No. 10 of $1.50 per share, paid on Jan. 20
1926.
Under a plan approved by the stockholders, the principal properties of
company (except those distributed and those to be distributed to you),
were consolidated, as of Jan. 1 1926, with those of the Standard Oil Co.
(Calif.). A new company, the Standard Oil Co. of Calif. (a Del. corp.),
was organized; and the consolidation was accomplished by the conveyance
of these principal properties to the new company, which later, on May 10
1926, issued to the stockholders of Pacific Oil Co. and of Standard Oil Co.
(Calif.), a share of stock in the new company for each share of stock of the
two grantor companies named.
Certain assets, including crude oil and cash on hand at Dec. 31 1925,
and company', holdings of the capital stock of the Associated Oil Co., as
well as some other investments in capital stocks and properties, were excluded from the transfer to the Standard Oil Co. of Calif. for distribution
to you, and for payment of taxes, administrative expenses and other
liabilities of your company.
On March 6 1926, company distributed upon each share of its stock,
two-fifths of a share of Associated Oil Co.stock and $3 in cash. Stockholders
were subsequently given the opportunity to dispose of the Associated Oil
Co. stock at the price of $58.50 cash, per share, or to exchange it for corn.
and pref. stock in the Tidewater-Associated Oil Co. This distribution was in
addition to the stock of the Standard Oil Co. of California (Del.) issued as
above outlined.
The determination of the amount of Federal income tax due and payable
involved problems of difficulty, but final settlement was effected in September of this year by the payment of a net amount, including interest, approximating $2,370,000. In the meantime, the administrative expenses of
company were reduced to a minimum.
The miscellaneous assets of the company, except a small amount of office
furniture, have since been disposed of for cash, and all known liabilities
have been paid.
It is planned in the near future to dissolve the company by means of a
receivership. As soon as the necessary legal processes have been complied
with, the remaining assets will be distributed, in cash, by the receiver to
the stockholders of record.
INCOME ACCOUNT FOR PERIOD FROM JAN. 1 1927 TO DEC. 21 1929'
-Year Ended Dec. 31- Jan. 1 to
Dec. 21 '29.
1928.
1927.
Loss from the sale of exchange oil rec.
at Jan. 1 1927,& of oil purch.subse.
to that date for which contr. were
outstdg. together with gen. & adm.
$533,675
$96,056
$205,258
exps., less rev. fr. real est. & leases_
314,005
413,797
161,805
Interest earned (net)
Profit or loss before Federal taxes_ _ loss$43,453 loss$219,669 prof$317742
42,925
Provision for Federal income taxes_ _ _
Int. on prov. for Fed. inc. taxes of
205,825
Cr85,915
223,223
prior years
los.s309,601 loss$425,495 prof$231826
Net profit or loss
SURPLUS ACCOUNT FOR PERIOD FROM JAN. 1 1927 TO DEC.21 1929.
$1,258,077
Balance at Dec. 31 1926
Add-Adjust. of def. Hab, incurred prior to Jan. 1 1926 to co428,867
owners of stock of Associated Pipe Line Co
309,602
-Net loss for the year ended Dec.311927,as above
Less
$1,377,343
Balance at Dec.31 1927
425.495
Deduct: Net loss for the year ended Dec.311928,as above
Net adjustment resulting from settlement of account with
25,749
Associated Oil Co
-Further adjust, of deferred Habil. incurred prior to Jan. 1
Less
13,345
1926 to co-owners ofstock of Associated Pipe Line Co
$939.444
Balance at Dec. 31 1928
Add: Excess of reserve for possible Federal taxes & contingencies
$2,227,517
over amount of final settlement
231.826
Net profit for the period from Jan. 1 to Dec.211929. as above_
Less: Compensation for extra & spec, services rendered in connec.
with the merger of the company's props. with those of the
Standard Oil Co. of Calif. & the settlement of its affairs
272,550
prepatory to liquidation
175,329
Losses on disposal of real estate, int. in leases & miscel.invests_
Settlement of share of liabil. for Federal income taxes of Asso156,220
ciated Supply Co.& Miley-Keck Oil Co
14,261
Settlement of contingent pension liability
$2,780,427
Balance at Dec.21 1929 carried to balance sheet
BALANCE SHEET DEC. 21 1929.
Liabilities.
Assets.
Cash:On call, with accr. int__ -53,610,000 Capital Stock:(Auth. & issued
-3,500,000 shs. no par) - _81.750,000
128.629
On deposit
13,407
802,089 Accts. pay.& esti. seer.exps_ _
In bank,subject to check3,407 Res. for antic, loss on disposal
Accounts receivable
3,000
of turn. &cancel. of lease _ _ _
2,709
Office turn. & fix., less depree_
2 780,427
Surplus
Total
-V.129, p. 979.
$4.546,833
Total
$4,546.833
Fajardo Sugar Co. of Porto Rico.
(11th Annual Report-Fiscal Year Ended July 31 1929.)
RESULTS FOR FISCAL YEARS ENDED JULY 31.
1925-26.
1926-27.
1927-28.
1928-29.
623,592
626.718
680,332
501.453
Cane, ground,tons
67.879
69,819
57,541
77,230
Sugar output, tons
Sugar. &c., produced__ _ $4,585,380 $6,848.584 $6,670,465 $6,003.894
290,372
235.503
234.721
304,140
Miscellaneous receipts$4,889,520 $7,083,305 $6,905,969 86,294,266
Total
Deduct-Producing and
5.529,912
5,272,331
6,010,264
4,882,502
mfg. costs, &c
Net income
Interest paid
Depreciation
$7,018 $1,073,041 $1,376,057 $1,021,936
130,935
143,747
209,661
307,512
308.890
330,448
361,599
420,387
x Net profits
loss$720.881
Previous surplus
2,119,585
Amount transferred from
reserves
200,000
$501.782
2,375,116
$901,863
2,194,331
$582,111
2,537.892
Total
$1,598,704 $2,876,898 $3,096,194 $3,120.003
Income and profit taxes
73,298
295,854
109,532
of prior years
55,040
629,818
647,780
Dividends declared
647,780
325,025
Profit and loss,surplus $1,218.639 $2,119.585 $2,375,116 $2,194,331
Shs. of corn, stock out64,779
64,778
64.778
standing (par $100)..
64,778
$8.99
$13.92
Nil
$7.75
' Earns.per sh.on com.stk.
x Before providing for income taxes.
[VOL. 130.
BALANCE SIIEET JULY 31.
1928.
1929.
1929
1928.
$
Assets
$
Liabilities5
Property & plant a 7.567,531 7,323,347 Capital stock
6,477,800 6,477,800
Live stock & equ b 1,097,449 1,107,281 Stock of subsidiaries
2,625
1.325
Growing cane_ _ _ 1,584,004 1,322,718
.
with public_ _ _
633,772
Mat'is & supplies_ 523,938
.
494,143 Mtges. payable_ _ 573,610
Mtges. and loans_
45,772 Bills & loans pay 5,488,765
48.282
33,917
4,763
Planters accounts_ 517,134
342,204 Planters accounts_
224,126
Raw sugar on hand 1,825,165 1,395,831 Accounts payable_ 212,097
Molasses on hand_
44,911
121,319 L. W. & P. Arm3,087,331
Mtge. bonds
strong
430,361
377,526
161,945
Misc. investments 100,000
100,000 Dividends payable
Accts.rec.for'sugar
Res.for ins.conting
430.498
sold
416,400 & replacements_ 230,498
453.357
449,679
Miscel. accounts dr
Capital surplus.... 449,809
bills receivable_
99,971
91,234 Earned surplus... 1,218,639 2,119.586
98,000
U. S. &c., secur_ _
98,000
136,711
294,673
Cash
55,224
Accts.
53,700
(not current)
75.263
Deferred charges__
37.130
Total (each side)14.657,307 13,621.279
a After deducting $2,441,995 reserve for depreciation. b After deduct-V. 128. p. 2275.
ing reserve for depreciation.
Manati Sugar Company.
(Annual Report-Fiscal Year Ended Oct. 311929.)
STATISTICS FOR YEARS ENDED OCT. 31.
1925-26.
1928-29.
1927-28.
1926-27.
Output of raw sugar (in
96,116
95,102
97,676
108,596
tons, 2,240 lbe.)
2.182 cts. 2.641 cts. 3.043 cts. 2.424 Os.
Receipts per pound
Cost of produc. (per lb.) 1.675 cts. 2.080 eta. 2.256 cis. 2.000 eta.
$1.242,608 $1,218,893 $1.689.837
$928,495
Operating profit
INCOME ACCOUNT FOR THE YEARS ENDED OCT. 31.
1926-27.
1925-26.
1928-29.
1927-28.
662,462
655,475
670.750
746,234
Production (bags)
Sugar sales (f.o.b. basis) $4,926,386 $5,437,538 $6,229,368 $5,126,142
265,866
153,792
276,452
390,024
Molasses sales
31,638
24,190
25,089
29,795
Miscellaneous income_ _ _
Total income
Oper. exp..f.o.b. basis
$5,341,501 $5,733,201 $6,537.458 $5,304,124
4,847,621
4.514.307
4.375,629
4,098,893
Profit from operations $1,242,608 $1,218,893 $1.689,836
43,242
43,072
Acct. previous fiscal yrs.
Sec. taken in liquidation
of claim pertaining to
prey. year's business
194,991
201,797
219,228
Tunas RR. profit
138,305
86,833
Interest earned
$928,495
21,221
155,642
191,164
$1.548,669 $1,602,067 $1,928,070 $1,296.522
Total income
Deductions
Interest, other income &
$565,919
$694,027
$570.160
$646,344
charges (net)
20,000
Inc. domes.& for taxes
69,463
55,093
64,251
28,436
Disct. & exp,on bonds
17,410
10,326
3.926
Adjust, of mat'ls & supp.
8.705
1,031
Accts, rec. uncoliectible_
5,076
Loss on dismantled prop.
471.000
480,000
473.599
458,408
reserve_ - Depreciation
401.924
502.210
504,686
Other reserves
Loss on suer. of cap. stk.
& notes of Cane Har17.713
vester Corp
Adjust. in val. of Pron•
retired in work cap. as53,619
sets
122,500
Preferred dividends....
$369,112 def$439.231
$343,116 def$143,498
Surplus for year
Earns,per sh. on 100,000
shs. (par $100) corn.
Nil
$0.72
$3.30
$0.98
stock outstanding_ - _ _
Cousolidated Balance Sheet Oct. 31.
1928.
1929.
1928.
1929.
Assets
Property & plant_17,145,366 17,642,220 7% Pref. stock__ 3,500,000 3,500,000
20,570 Common stock _ _10,000,000 10,000,000
80,916
Investments
First mtge. bonds_ 5,754,500 6,199,000
Balance pending on
358,667 Purchase money
84,836
sugar contracts_
127,672
mtges.on Cuban
93,562
Notes receivable
319,187
332,437
679.342
lands
Materials & supp_ 590,642
Notes payable_ __ 1,400,000 1,400.000
Cos,celonos, grow77,954
50,000
337,054 Drafts outst'd•g
345,894
ing cane, &c
Adv. to C,olonos 2,412,306 2,215,632 Accts. payable &
346,472
accrued charges_ 421,277
70,188
98,582
Accts.receivable
443,184 Unpresented coup.
Sugar on hand__ _ _ 1,382,654
on 1st M. bonds
21,808
16,723
38.000
26.084
Molasses unliquid_
55
55
552,702 Common div. scrip
389,010
Cash
16,724 Accrued int. on
21,808
Depos.for bond int
mtge. bonds_ 35,700
38,744
17,163
247
Sinking fund
1,756 Advances against
928
Special deposit_..
sugars
900,000
480,291
482,741
Deferred charges
Conting, pref. on
487,412
sugar,cont
725,096
030,323
Tot.(each aide)_23,155,579 23,001,167 Surplus
-V. 127. P. 3700.
Manhattan Shirt Co., New York.
-Year Ended Nov. 30 1929.)
((Annual Report
CONSOL. INCOME & SURPLUS ACCT. FOR YEARS ENDED NOV. 30.
1926-27.
1925-26.
1928-29.
1927-28.
$1,109,804 $1,172,144 $1,586.958 $1,374,280
Net profits
8,870
18,241
26.054
17.729
Interest (net)
184.330
120.516
137,447
211,809
Federal taxes
$971,047 $1,008,643 $1,357,420 $1,181,080
Net income
94.021
79,921
35,015
51,933
Preferred diva. (7%)- - 8% 565,492 (8)565,956 (7)493.578 (6)423.430
Common dividends
$663,629
$783,923
$370,541
$390,754
Balance,surplus
1.816.469
2,470.040
3,145,489
3,507.610
Previous surplus
10,058
108,474
84.111
28.633
Adjustments
Prov, forest, loss due to
aband. of part of Solvay Dyeing & Textile
Dr200.000
Co. plant
Total profit & loss, sur $3,594,040 $3,507,610 $3,145,489 $2,470,040
283,564
283,606
283,557
281,373
(par $25)
Shs.com. outst.
$4.50
$3.37
$3.83
$3.32
Earnings per share
CONSOLIDATED BALANCE SHEET NOV. 30.
1920,
1928.
1928.
1929.
Mobil tiesSS
$
$
$
AssetsPreferred stock _ - _ 299,400
652,200
L'd, bldgs., mach..
&c.,less deprec 1 1,177,829 1,341,654 Corn. stk.(par 525) 7,034,323 7,090,173
Notes & accts. pay.
Trade name, geed& accrued accts.. 2,311,845
659.172
will & patterns__ 5,000,000 5,000,000
175,544 Dividends payable 129,630
141,398
157.059
Investments
598,171 Applied to retiring
885,144
Cash
preferred stock_ 1,400,000 1,400,000
636,736
Fmp stk acct.
137,609
Notes & accts. rec. 2,620,649 2,276,609 Rep. for Fed. taxes 132,192
3,594 040 3.507.610
4,330,321 4,125,995 Profit & loss
Inventories
70.189
93,692
Deferred charges__
Total (each side)14.901,430 13.588.162
-V. 128, p. 4333.
x After depreciation.
FINANCIAL CHRONICLE
JAN. 11 1930.]
Lee Rubber & Tire Corporation.
-Fiscal Year Ended Oct. 31 1929.)
(14th Annual Report
CONSOLIDATED INCOME STATEMENT.
-Years Ended Oct. 31- 10 Mos.End. Year End.
1929.
1928.
Oct. 31 '27. Dec. 31 '26.
Period410,586,785 $11,032,914 $10.175,169 $12,213,077
Net sales
Cost of goods & gen.exp.
10,060,774 10.845.805
9,517,307 13,192.630
and depredation
Net income
Other income
4526,011
75,536
$187,109
111,250
$657.863 losst079,553
226,777
72,132
Total income
-Interest paid
Deduct
$601,548
115,619
$298,359
132,594
$884,640 1084907,421
100,383
117.248
$485,930
1,448,916
Deb14,044
$165,765
1,317,084
Deb33,633
$784.257loss$1024669
587,594
2,253,294
Deb54,766 Deb641,031
Net profit
Previous surplus
Adjustments
283
Long Island RR.
-The directors have
-6% Dividend.
declared a dividend of 6% on the capital stock, par $50,
payable out of 1929 earnings. This compares with a 6%
dividend paid on May 2 1929 out of earnings for 1928, and
4% paid May 1 1928 out of 1927 earnings. Div. is payable Jan. 20 to holders of record Jan. 13.
Practically all of the capital stock is owned by the Pennsylvania RR.
A revised record of dividends paid since 1882 follows:
1882 1883-90. 1891 1892 1893 1894 1895 1896 1897-27. 1928 1929
4% 6%
1% 4% yrly. 451% 5% 5% 43% 4% 4% None
The table given on page 81 of the Railroad number of the "Railway and
-V. 129, p. 3160.
Industrial Compendium should have read as above.
-Notes, &c.
Louisiana & Arkansas Ry. (Del.).
The I.
-S. C. Commission Dec. 20 authorized the company (1) to renew
from time to time, the last renewal to mature not later than Dec. 31 1930,
Surplus
$1.920,802 $1,448,916 $1,317,084
$587,594 an unsecured promissory note for $2,600,000 which will mature Dec. 31
Earns,per sh. on 300.000
1929, and (2) to pledge and repledge from time to time but not beyond
shs. no par cap.stk.__
41.61
$0.55
Nil Dec. 31 1930, not exceeding $3,250,000, par amount, of 1st mtge. 5%
$2.61
series A bonds, as security for the above-described note.
CONSOLIDATED BALANCE SHEET OCT. 31.
A supplemental report of the Commission says in part:
1929.
1928.
1929.
1928.
By our order of Aug. 19 1927. as amended, the Louisiana & Arkansas
Assets
Liabilities$
$
Railway (Ark.) was authorized to issue a 5% unsecured promissory note
Plants, real estate
Capital stock
x1,500,000 1,500,000 for $2,600.000, and to renew it from time to time,the last renewal to mature
& equipment_ _ _ 7,028,341 7,071,224 Notes payable _ - _ _ 1,500,000 1,506,000 not later than Dec. 31 1929. By our order of Feb. 23 1929, as modified
Pats. & tr.-marks.
11,023
19,291 Bankers' accept's
the Louisiana & Arkansas Railway (Del.), the applicant was authorized,
Cash
822,554
990,969
against letters of
among other things, to assume obligation and liability in respect of the
Notes receivable _ _ 439,409
95,200 outstanding securities of the Louisiana & Arkansas RR. (Ark.), including
224,357
Credit
45,920
Accts.rec.(less res.) 2,164,779 1,997,486 Accts. payable__ _ 348,723
567,766 $2,600,000 of 5% promissory notes, to sell $4,000,000 of 1st mtge. 5%
Inventories
2,601,323 2,912,918 MIscell. accruals- - 138,787
125,771 series A bonds at not less than 90% and int. and to use $2,600,000 of the
Mdse. in transit
32,559
70,138 Trustee of cash fds.
1,499
1,007 proceeds from the sale of these bonds to retire a note of the Louisiana &
Consigned mdse
332,425
y2,798,745 2,799,597 Arkansas RR. (Ark.) for that amount, the notes to be assumed and the
Reserves
Real est. not used
Capital surplus _ _ _ 5,355,384 5,355,384 note to be retired being the note above described or any renewal thereof.
for mfg. purposes
19,770
Surplus
1,920,802 1,448,916 By our order of June 1 1929, the applicant was authorized, pending the
Loans & exps. adv.
sale of its first mortgage bonds, to pledge and repledge from time to time.
to employees_ _ _
22,475
25,241
but not beyond Dec. 1 1929, not exceeding $3,250,000 thereof as colTrustee of cash Ms
1,499
1,007
lateral security for any renewal or renewals of the note.
Investments
33,967
16,150
By supplemental application filed Dec. 4 1929, the applicant requests
Deferred charges_
99,734
70,859
authority to renew the note from time to time, the last renewal to mature
not later than Dec. 31 1930, with interest at a rate not exceeding 6% per
Total
13,609,861 13,399,641
13,609,861 13,399,641 annum, and to pledge and repledge from time to time, but not beyond
Total
x Represented by 300,000 shares of no par value. y Including reserve Dec. 31 1930, not exceeding $3,250,000 of its first mortgage 5% sales A
for depreciation of plant and equipment, 42,580,347.-V. 128, p. 3841.
bonds as security for the renewal or renewals of the note.
The applicant represents that since authority to sell its bonds was granted
the market for bonds has been very unfavorable, and that while some improvement in market conditions has developed, conditions are still such
that it may be Impossible to advantageously dispose of the bonds in time
to meet the note at maturity on Dec. 31 1929.-V. 128.P. 3998.
GENERAL INVESTMENT NEWS
STEAM RAILROADS.
Meridian & Bigbee River Ry.-Securities.-
Freight Cars in Need of Repair Established New Low Recordfor Recent Years.
The I.
-S. C. Commission. Dec. 27 authorized the company to issue
-The railroads on Dec. 15 1929 established a new low record for recent $200.000 common stock and 4500,000 of 1st mtge. 10-year s% gold bonds:
years in the number of freight cars in need of repair, the car service division the securities to be sold or otherwise disposed of at not less than par and int.
of the American Railway Association announced. On that date there were on the bonds; and the securities or the proceeds thereof to be applied in part
122,552 cars in need of repair, or 5.5% of the number on line, a reduction payment of indebtedness for construction of a new line of railroad.
-V.
of 1,705 cars under the best previous low record, established on Dec. 1 1929, 129. p. 2855.
when there were 124,257 cars, or 5.6%. This is the fifth time in the last
-Abandonment.
Southern RR.
Mississippi
three months that the railroads have established new low records in the
number of freight cars in need of repair. Freight cars in need of heavy reThe I.
-S. C. Commission, Dec. 20 issued a certificate authorizing the
pair on Dec. 15 totaled 88,212, or 4%, a decrease of 1,482 cars compared Edward Hines Yellow Pine Trustees to abandon operation, as to interwith Dec. 1, while freight cars in need of light repairs totaled 34,340, or state and foreign commerce, of a line of railroad operated by them as the
1.5%. a decrease of 223 compared with Dec. 1.
Mississippi Southern RR., in Lamar, Pearl River, and Hancock Counties.
-V. 119, p. 1282.
Locomotives in Need of Repair.
-Class I railroads of this country on Miss., approximately 50 miles.
Dec. 15 1929 had 8,308 locomotives in need of repair, or 14.7% of the num-Through Express Service
ber on line, according to reports just filed by the carriers with the car
National Railways of Mexico.
service division of the American Railway Association. This was an in- Re-Established.
crease of 475 compared with the number in need of repair on Dec. 1, at
The Banco Nacional de Mexico in New York reports in its Monthly
which time there were 7.833, or 13.8%. Locomotives in need of classified
Summary that through express service has been reopened between Mexico
repairs on Dec. 15 totaled 4,392, or 7.8%,an increase of 233 compared with and
the 'United States, through the border ports of Ciudad Juarez, Piedras
Dec. 1, while 3,916, or 6.9%, were in need of running repairs, an increase
Eagle Pass,
Negras,
of 242 over the number in need of repair on Dec. 1. Class I railroads on Laredo Nuevo Laredo and Matamoros, opposite El Paso, service had
and Brownsville respectively, after full details of the
Dec. 15 had 5.573 serviceable locomotives in storage compared with 5,315 been
satisfactorily worked out between the express department of the
on Dec 1.
National Rys. of Mexico and the Railway Express Agency, Inc. Express
Representative Parker Asks House to Order Inquiry into Railway Holding service on the West Coast of Mexico, from Nogales on the border with
Companies.
-Representative Parker offers resolution as prerequisite to Arizona to Guadalajara, Jalisco, is handled by Wells, Fargo & Co.. this
consolidation and speed is expected. N. Y. "Times" Jan. 8. P. 9.
concern also continuing its express service from New York to the Gulf Port of
Matters Covered In "Chronicle" of Jan. 4.
-Senator Couzens demands Vera Cruz through the Ward Line and thence to Mexico City over the
railroad inquiry; calls for facts on merging by holding companies before Mexican Railways, while packages are also handled by water from New
action on consolidation; favors review by I.
-S. C. Commission, p. 60.
York to the gulf port of Tampico, this latter service being exclusively a
maritime express. The through express service between the two countries
Bennettsville & Cheraw RR.
--Operation of Line.
now covers all railroad lines in Mexico and the United States and represents
The I.
-S. 0. Commission Dec. 26 issued a certificate authorizing the a great step forward in the development of trade between the two countries.
company to operate a portion of the portion of its line extending from removing the obstacles presented by delays at the border and special arBrownsville, Marlboro County,in a general southeasterly direction through rangements with forwarding agents in each case.
-V.129, p.4137.
Dillon County, to Sellers, Marion County, all in South Carolina, 10.44
miles.
-Control of Company
New Orleans Great Northern RR.
On Aug. 31 1921. company was granted authority to abandon operation
-See Gulf Mobile
of the line in question. On Oct. 31 1921, the company executed a contract by Gulf Mobile & Northern Approved.
with the Tilghman Lumber Corp. under which the line was leased for a & Northern RR. above.
-V.129, p. 3958.
nominal consideration to the lumber company, to be operated as a plant
New York Ontario & Western Ry.-New President, &c.
facility for a period of 10 years, the lessee agreeing to keep the property in
good repair and to surrender it at the termination of the lease in as good
Effective Jan. 1, John B. Kerr retired as President and J. H. Nuelle was
condition as it was in at the beginning, with due allowance for reasonable elected as his successor. On the same date R. D. Rickard retired as Vice-Arthur L. Parmelee was elected to
use. Provision was made for termination of the lease and the return of President. Secretary and Treasurer.
-V. 129.
the property for resumption of operation by the owner, upon 60 days' succeed him as Treasurer, and C. E. Simmons as Secretary.
notice to be given in writing by the railroad company. The lumber com- p. 4137.
pany has operated, and still operates, logging trains over the line, carrying
Northern Pacific Ry.-Construction of Branch Line.
timber to its mill at Sellers.
The I.
-S. C. Commission, Dec. 21 issued certificates authorizing:
Since the above arrangement was made in 1921, the lumber company
has purchased additional tracts of timber lands in the vicinity of the com- (a) The Northern Pacific Ry, and the Oregon-Washington RR. & Navipany's line and will require rail facilities for a longer time than was con- gation Co. to construct a branch line of railroad in Gray's Harbor and
templated when the lease was made. The company desires to enter into Jefferson Counties, Wash.
(b) The Port Angeles Western RR. to construct an extension of its
a new contract with the lumber company in order to increase its revenues.
railroad in Clallam and Jefferson Counties, Wash.
Consideration of the application in so far as it requested authority for the
Chicago Indianapolis & Louisville Ry.-Bonds.-The I.
-S. 0. Commission Dec. 27 authorized the company to procure Oregon-Washington RR. & Navigation Co. to operate under trackage
the authentication and delivery of not exceeding 4539,000 of 1st & gen. rights over the line of the Northern Pacific Ry. from Hoquiam to Moclips.
mtge. 6% gold bonds, series B in partial reimbursement of its treasury in Gray's Harbor County. Wash, was deferred.
The report of the Commission says in part:
for capital expenditures heretofore made.
-V. 129. D. 3796.
The Northern Pacific Railway and the Oregon-Washington RR. &
Erie RR.
Navigation Co. on April 4 1929, filed a joint application for a certificate
-Bonds.
-The I.
-S. C. Commission Dec. 28 authorized the company to pledge and that the present and future public convenience and necessity require (a)
repledge from time to time until Dec. 31 1931, not to exceed $12,000.000 the construction and operation by them jointly of a branch line of railroad
of 1st consol. mtge. gen. lien 4% gold bonds as collateral security for any extending from a connection with an existing line of the N. P. at Aloha
northerly to the south bank of the Hoh River, approximately 60.5 miles,
short term notes which it may issue.
-V. 129.P. 3796.
in Grays Harbor and Jefferson Counties, Wash., and (b) the operation
from Hoquiam,
R. St N. over a line of the
Gulf Mobile & Northern RR.
-Acquisition of Control of by the 0.-W.Moclips, approximately 26.5 N. P. extending Harbor County,
miles, in
New Orleans Great Northern Approved-Stock Issue Authorized. via Aloha, to amended application, filed Sept. 12 Gray's length of the
Wash. By an
1929. the
The I.
-S. C. Commission, Dec. 21) approved the acquisition by the com- line proposed to be constructed was increased to 67 miles, and its northern
pany of control of the New Orleans Great Northern RR.by purchase of its terminus was fixed at a point on the north bank of the Hoh River. about
capital stock, and authorized the company to issue $2,727,273 of common three miles northeasterly from Spruce post office. On May 14 1929, the
stock (par $100), to be delivered in exchange for stock of the Now Orleans Port Angeles Western RR., filed an application under the same paragraph
Great Northern RR.
-V.130, P. 133.
and section for a like certificate authorizing it to construct an extension of
Its railroad from Forks in a general southeasterly direction to the north
Illinois Northern Ry.-Final Valuation.
bank of the Hob River, with a branch line extending therefrom at a point a
The I. S. C. Commission has placed a final valuation of $972,023 on the short distance north of the Hob River in a general easterly direction to
owned and used properties, and $696,842 on the used but not owned proper- Spruce, a total distance of 24 miles, all in Clallam and Jefferson Counties,
ties of the company as of June 30 1918.-V. 124, p. 3493.
Wash.
Both of the proposed lines would be located in the western part of the
Kansas Oklahoma & Gulf Ry.-Bonds.Olympic Peninsula in northwestern Washington. The region they would
-S. C. Commission Dec. 26 authorized the company to issue traverse is heavily timbered and the main object of both is to reach this
The I.
$219,000 of 1st mtge. gold bonds 5% series 1978, in reimbursement of timber, chiefly by means of connecting logging roads, which would be
capital expenditures not heretofore capitalized; the bonds to be pledged owned privately. At their extremities near Spruce they would nearly join.
and replcdged from time to time as collateral security for short term notes. With their immediate connections the N. P. and 0.-W. R. & N.'s joint
-V. 129, P. 3323.
line would run south to Gray's Harbor, and the line of the Port Angeles
Western would run northwesterly and thence easterly to Port Angeles.
Lehigh & Hudson River Ry.-4% Extra Dividend.
Both lines are claimed to be needed to supply the extensive woodworking
The company on Dec. 31 1929, paid an extra dividend of 4% on the industries about these two harbors. There is no intermediate harbor on the
catel stock, par $100, in addition to the regular quarterly dividend of coast.
2%. An extra of 4% was also paid on Dec. 31 1928. 1927 and 1926.-V.
If the instant application be granted the N. P. has agreed to give the
128, P. 2623.
0.-W. R. & N. the equal joint possession and use of its line from Hoquiam
284
[vol.. 130.
FINANCIAL CHRONICLE
We suppose the ground for the doubts is the probability that the directors
will be tempted to abuse their power,in the usual case of a corporation controlled by the holders of the common stock. Their interest would lead them
to apply earnings to improvement of the capital rather than to make
avoidable payments of dividends which they do not share.
But whether the remedies available in case of such a breach of duty are
adequate or not, and apart from the fact that the control of the Wabash
seems to have been in class A, the class to which the plaintiffs belong, the
law, as remarked by the dissenting judge below. "has long advised them
Oklahoma-Southwestern Ry.—Abandonment of Line.— that their rights depend upon the judgment of men subject to just that
-S. C. Commission, Dec. 21 issued a certificate authorizing the possible bias."
The I.
When a man buys stock instead of bonds he takes a greater risk in the
company to abandon, as to inter-state and foreign commerce, its entire
line of railroad, which extends from Bristow to Nuyaka, 23.86 miles, with business. No one suggests that he has a right to dividends if there are no
two spurs aggregating 4.45 miles. all in Creek and Olomulgee Counties, net earnings. But the investment presupposes that the business is to go
on, and therefore even if there are net earnings, the holder of stock, preOkla.—V. 129, P. 1907.
ferred as well as common, is entitled to have a dividend declared only out
Savannah & Atlanta Ry.—Time Extended.—
of such part of them as can be applied to dividends consistently with a
Over 72% of the Savannah & Atlanta 1st and cons. mtge. convertible wise administration of a going concern.
When, as was the case here, the dividends in each fiscal year were debonds are now deposited under the recently announced plan of reorganization, and over 75% of the Brinson Railway 1st mtge. 25
-year 5% gold clared to be non-cumulative and no net income could be so applied within
the fiscal year referred to in the certificate, the right for that year was gone.
bonds have assented to the plan.
The time for the deposit of undeposited bonds of both the above issues If the right is extended further upon some conception of policy, it is enlarged
and the presentation for stamping of certificates of deposit representing beyond the meaning of the contract and the common and reasonable underBrinson Railway bonds has been extended to the close of business on Jan.31. standing of men.
Decree reversed.
Holders of undeposited bonds and of unstamped Brinson Railway certificates of deposit are urged to transmit them at once and in any event on or
Chairman Comments on Suit.—William H. Williams,
before said date to the depositaries, viz.: Equitable Trust Co., 11 Broad
St., N. Y. City for Brinson Railway bonds and Bankers Trust Co., 16 Wall Chairman, commenting upon the Supreme Court decision,
N. Y. City for Savannah & Atlanta By. bonds. See plan In V. 129. said:
9.6631.
The Supreme Court in an unanimous opinion written by Justice Holmes,
litigation instituted
preferred stock A of
Seaboard Air Line Ry.—Rights Expire.—The stock- decided the favor of the railwayby holders ofThe suit was broughtWabash
company.
by the
Railway in
holders of record Dec. 6 were recently given the right to preferred A stockholders, seeking a decree that the preferred A stock is
subscribe on or before Jan. 9 for approximately 280,000 entitled to receive preferential dividends up to 5% for each fiscal year from
1915 to 1926, inclusive, to the extent that such dividends were earned in
shares of common stock (no par value) at $12 per share on such fiscal years but were unapid.
The railway company had pursued the conservative policy of approthe basis of two new shares of common stock for each share
priating earnings otherwise available for dividends, for necessay betterof common or preferred stock held or for each share of ments and improvements, and over the period involved in the litigation,
common stock which holders of certificates of deposit repre- earnings In excess of316,000,000 had been utilized in developing the property
earning power. The Supreme Court sustained the
senting adjustment bonds shall be entitled to receive under to its presentof the railway company and stated that it had been action of
the comthe directors
the plan. (See also V. 129, p. 3470.)—V. 130, p. 134.
mon understanding of lawyers and business men that in the case of noncumulative stock entitled only to a dividend if declared out of annual
Southern Pacific Co.—Abandonment.—
profits, if those profits are justifiably applied by the directors to capital
within
dividend
. The I.-S. C. Commission Dec. 17 Issued a certificate authorizing the Improvements and nocannot be is declared a later the year, the claim for
date.
inserted at
of its Mills City branch in that year is gone and
company to abandon part (about 12li miles)
The decision of the Court will permit a resumption of dividends upon the
Lima County, Ore.—V. 130. p. 134.
preferred stock B,interrupted in 1928 by the decision of the Circuit Court
Wabash Ry.—$10 Class B Preferred Dividend.—The of Appeals which was reversed yesterday by the decision of the Supreme
Court.—V. 129. p. 3959.
$10 a share
declared a
to Moelips. Such use is necessary to enable the 0.-W. R. & N. to reach the
joint line which it is proposed to construct. The details of the agreement
for such use had not been fixed at the time of the hearing, but leave was
wanted the applicants to file a copy of the contract for our consideration
in this proceedMg. Such contract has not been filed. Therefore, consideration of that part of the application which requests authority for the
0.-W. R. & 1%l. to operate over the N. P.'s line between Hoquiam and
Weill)s will be deferred.—V. 129, p. 2855.
on the class
dividend of
directors have
B preferred stock on account of arrearages, and the regular
quarterly dividend of $1.25 a share on the preferred A
stock. The dividend on the preferred B is for the years
1928 and 1929 and will be paid on Feb. 6, half to holders of
recoord Dec. 31 1928, and the remaining $5 to holders of
record Jan. 21 1930. The preferred A dividend is payable
Feb. 25 to holders of record Jan. 25.
The company issued the following statement:
Payment of the preferred B dividends for 1928 was suspended under a
decision of the U. S. Circuit Court of Appeals. This decision having been
reversed by the U. S. Supreme Court of the United States, payment of the
dividend will be made on Feb.6 1930, to holders of record on Dec. 31 1928.
The dividend on the preferred B stock for 1929 is payable Feb.6 1930, to
holders of record Jan. 21 1930.
Dividends Are Denied Owners of Preferred Stock for Past
Years—Preference Provision of Securities Declared to Apply
Only to Distributions in Present Period.—The opinion of
the Court delivered by Mr. Justice Holmes follows:
The holders of class A preferred non-cumulative stock are not entitled
to restrain the payment of dividends to holders of class B and common
stock until dividends allegedly accruing in prior years, but remaining unpaid
on the class A stock, are paid, the U. S. Supreme Court held on Jan. 6.
The class A stockholders claimed to be entitled to payment of dividends
for prior years which had been alegedly earned but expended on improvements and not paid them, before any dividends for present years were
paid junior stockholders.
This contention was overruled by the Court, it being held in an opinion
by Mr. Justice Holmes that in the case of non-cumulative stock entitled
only to a dividend if declared out of annual profits, if those profits are
justifiably applied to capital improvements and no dividend is declared
within the year, the claim for that year is gone and cannot be asserted at a
later date.
This is a bill by holders of first preferred stock (called class A) of the
Wabash Railway to have it declared that holders of such stock are entitled
to receive preferential dividends up to 5% for each fiscal year from 1915
to 1926 inclusive to the extent that such dividends were earned in such
fiscal years but were unpaid, before any dividends are paid upon other
stock; and that the company may be enjoined from paying dividends upon
preferred stock B or common stock unless it shall first have paid such
preferential dividends of 5% to the extent that the company has had net
earnings available for the payment and that such dividends remain unpaid.
The case was heard upon bill and answer. The bill was dismissed by the
district court but the decree was reversed by the circuit court of appeals,
one of the Judges dissenting. 30 F. (2d) 260, and a writ of certiorari was
was granted by this court. 279 U. S. 828.
The railway company was organized in 1915 under the laws Of Indiana
with three classes of capital stock: Shares of the par value of 3100 of 5%
profit sharing preferred stock A: shares of the same par value of 5% convertible preferred stock B: and shares of the same par value of common
stock. At the date of the bill there were 693,330.50 shares of A, 24,211.42
B and 666.977.75 common.
From 1915 to 1926 there were net earnings on most of the years but for a
number of years no dividend or less than 5%, was paid on class A, while
$16,000,000 net earnings that could have been used for the payment were
expended upon improvements and additions to the property and equipment
of the road. It is not denied that the latter expenditures were proper and
were made in good faith, or that the money could not have been applied
to dividends consistently with the duties of the road.
The company now is more prosperous and proposes to pay dividends not
only upon A but also on B and the common stock, but the plaintiffs say
that it is not entitled to do so until it has paid to them unpaid preferential
dividends for prior fiscal years in which it had net earnings that might
have been applied to them but were not.
The obligations assumed by the company appear in its instrument of
incorporation and in the certificates of preferred stock A in substantially
the same words,"The holders of the 5% profit sharing preferred stock A
of the company shall be entitled to receive preferential dividends in each
fiscal year up to the amount of 5% before any dividends shall be paid upon
any other stock of the company, but such preferential dividends shall be
non-cumulative."
Claim Is Lost.
In the event of a liquidation the holders "shall be entitled to be paid in
full out of the assets of the company the par amount of their stock and all
dividends thereon declared and unpaid before any amount shall be paid out
of said assets to the holders of any other stock of the company. By the
plain meaning of the words the holders are not entitled, of right, to dividends payable out of the net profits accruing in any particular year, unless
the directors of the company formally declare, or ought to declare, a dividend payable out of such profits"• in the first instance at least a matter for
the directors to determine. New York, Lake Erie & Western RR. Co. v.
Nichols, 119 U. S. 296, 307.
We believe that it, has been the common understanding of lawyers and
business men that in the case of non-cumulative stock entitled only to a
dividend If declared out of annual profits, if those profits are justifiably
applied by the directors to capital improvements and no dividend is declared within the year, the claim for that year Ls gone and cannot be asserted
at a later date. But recently doubts have been raised that seem to have
have affected the minds of the majority below.
Western New York & Pennsylvania Ry.—Initial Divs.
—The directors have declared a dividend of 4% on the
common stock, par 850, and a dividend of 5% on the 5% noncumulative preferred stock, par $50, both payable Jan. 31
to holders of record Jan. 31. These are the first dividends
since recapitalization (see V. 125, p. 1705; V. 126, p. 2785).
This company is controlled by the Pennsylvania RR.—
V. 129, p. 2679.
PUBLIC UTILITIES.
Matters Covered in "Chronicle" of Jan. 4.—Production of electric power
in the U. S. in Nov. 1929 exceeded same month a year ago by about
6%, p. 26.
Alabama Water Service Co.(& Subs.).—Earnin s.—
Years Ended—
Operating revenues
Operation expense
Maintenance
Taxes (excluding Federal income tax)
1929.
$830.551
320.898
30.233
83,947
l928.x
$758,789
282.814
38,616
73.978
Net earnings from operations
Other income
$395.473
1,807
$365,382
774
$366,156
$397.279
Gross corporate income
193,850
Interest on funded debt
x The year ended Nov. 30 1928 includes revenues and expenses of
properties prior to acquisition.—V. 129. p. 3959.
Allied Power & Light Corp.—Consolidation Plan.—
See Commonwealth & Southern Corp. below.—V. 129, p. 629.
American Community Power Co.—Earnings.12 Months Ended Nor. 30—
Gross earnings, all sources
Oper. expenses,incl. maint.& local taxes
Interest charges on funded debt ofsub cos
Divs. on pref. stocks of subsidiary companies
1929.
1928.
$8,799,597 $9.486,352
5,203,353
5.061,992
1,623.825
1,660,141
686,352
704,328
Bal. avail. for Amer. Community Power Co. &
$1,451.112 31.954,846
for reserves
275,000
Ann. int. require. of 35,000,000 gold deb.5li% ser., due 1953$1.679,846
Balance available for dividends and reserves
180,000
Ann. div. require. of 30,000 shs. 1st pref.stock,$6 div.series- V. 129. p. 3632, 2679, 2383, 1118, 957; V. 128, P. 4319, 2268; V. 127,
P. 1944, 1387. 258.
American Electric Power Corp.—Acquisition.—
The corporation has acquired control of the Atlantic lee & Coal Co. of
Atlanta, Ga., it has been announced by R. P. Stevens & Co. The Atlanta
Ice & Coal Co. does an annual gross business of about $4,500.000. It
supplies ice in a number of Southern cities, including Atlanta, Nashville.
Chattanooga, Tampa and Jacksonville. The American Electric Power
Corp. already controls subsidiaries supplying ice and gas in Virginia and
the Carolinas in addition to the electric service in Sioux City and some
200 other communities of Iowa and the gas business In York and 50 other
communities of Pennsylvania.—V. 128, p. 2458.
American States Water Service Co.(Calif.).—Formed.-
Representing the consolidation of 20 California public utility companies,
the above company, with headquarters in Los Angeles, was formally
created on Dec. 311929. coincidentally with the filing of articles of incorporation and a consolidation agreement with the Secretary of State of California. The new corporation is a subsidiary of the American States Public
Service Co., which controlled the consolidated companies.
The companies involved in the consolidation were Los Angeles & Suburban
Water on., orange County Water Co.. Gardena Valley Water Co., Peoples
•
Water Co. of Palms, Highland Domestic Water Co., Ojai Domestic Water
Co., Placentia Water Co., Harbor City Water Co., Huntington Beach
Water Co., Oak Park Water Ce., Ocean Park Heights Water Co., Venice
Consumers' Water Co.. Southern California Utilities, Inc.. Imperial
Utilities Corp., Los Angeles Water Service Co.. Claremont Domestic Water
Co., Hollydale Water Co.. La Ilabra Domestic Water Co., Bell Water Co.,
Haines Canyon Water Co.
The consolidation was effected with the approval or the California RR.
Commission, which also authorized the issuance of capital stock in the
z.mount of 3.3,001.400 by the new company.
Officials of the new company include E. E. Towles, President; A. B.
Muller, Vice-President and Treasurer; and W. C. Kennedy, Secretary.
The directors consist of thew officials together with William E. Vogeiback
(President of American States Public Service Co.), and L. L.Davis (Chairman of the board of the latter company).
Other subsidiaries of the American States Public Service Co. In California
are the Bear Valley Utility Co.,serving in Bear Valley, and the South Coast
Gas Co. at Oceanside. (Los Angeles "Times.")
JAN. 11 1930.]
FINANCIAL CHRONICLE
-Directors Continue
American States Public Service Co.
-The company will continue its
Stock Dividend Option.
policy of permitting class A shareholders the option of
taking dividends in either cash or stock, it was announced
on Jan. 10 by the directors. A majority of the stockholders
have indicated a desire to exercise their options in favor of
stock dividends, which is a yield of 10%.
285
Chicago City Ry.-Interest on Bonds.
-
The Chicago City Ry. and Calumet & South Chicago Ry. have deposited
with the First Union Trust & Savings Bank, trustee, funds for the payment
on Feb. 1 1930, of interest for the preceding 6 months period on the Is
mtge. 5% bond issues of both companies.
As no coupons representing such interest are attached to the bonds it
will be necessary that such bonds be presented to one of the following:
First Union Trust & Savings Bank,33 So. Clark St., Chicago, Ill., Bankers
Trust Co., 16 Wall St., New York, N. Y., Mercantile Trust Co., 200 E.
Redwood St., Baltimore, Md., for endorsement thereon for such interest
payment.
1929.
1928.
Consol. Earns. Years Ended Nov. 3081.619,910 $1,552,257
Certificates of deposit representing bonds deposited with the protective
Gross revenues
committees should not be presented. Interest on such bonds will be paid
633,6001
Operating expenses
89,6191
828,489 to the committees and checks will be sent by them or their agent to registered
Maintenance
holders of certificates of deposit without the surrender of the certificates.
76.365J
General taxes
-V. 129, P. 278.
$723,768
Earnings avail, for int. charges.reserves & dives-- $820.325
Citizens Water Service Co.
-Earnings.
Note -The statement above for the years ended Nov. 30 1929 and 1928
Years Ended Nov. 301929.
1928.
reflects the operations for each full year irrespective of acquisition dates
339.335
$40.062
subsidiaries. No adjustments have been made to eliminate those ex- Operating revenues
of
11.406
11,653
penses of subsidiaries which occurred within the year but prior to acquisi- Operation expense
Maintenance
1.459
2,232
tion and which will not recur under present management.
Taxes (excluding Federal income tax)
823
1.168
Consolidated Balance Sheet Nov. 30 1929.
Liabilities-.
Assets
Net earnings from operations
$25,645
$25.009
81,803,485 Interest on funded debt
$14,304,880 Preferred capital stock
Fixed capital
10,972
133,281 Common capital stock
3,318,888 -V. 129, P. 3961.
Cash
5,071
240,527 Common stock scrip
Notes & accounts receivable_
Commonwealth Power Corp.
-Consolidation Plan.
Materials and supplies
81,583 First lien bonds
4,058,000
See Commonwealth & Southern Corp. below.
-V. 129, D. 3010
Prepayments
12,878 Convertible debentures
3,999,000
Miscellaneous investments-82,859
42,538 Other funded debt
Consolidated Gas, Electric Light & Power Co. of
Unamortized discount and exNotes & accts. payable, incl.
penses on funded debt.._
591,111
488,999 Baltimore.
accruals
-Earnings.
Other deferred debits
43,733 Res.,incl. construct. advances 1,728,495
12 Months Ended Nov. 301929.
1928.
257,955
Surplus
Gross revenue
$27.871,044 $25,963,473
18,138.517 17,279,400
Total
$15,540,330
Total
$15,540,330 Expenses, taxes and depreciation
See American States Water Service Co. above
-V. 129, p. 471.
Operating income
$9.732,527 38.684.073
550.500
390,622
American Telephone & Telegraph Co.
-Expected to Other income
Sell $150,000,000 35-Year 5% Debentures.
-The company is
expected shortly to do some financing, which it is believed
will take the form of an issue of $150,000,000 35-year 5%
debentures. It is rumored that the issue will be offered by
the company's bankers within two or three days at around
9934.-V. 129, p. 4137.
American Water Works & Electric Co., Inc.-Divs.-
Total income
Fixed charges
Net income
Preferred dividends
Common dividends
$10,283,027 59.074,695
2,796,349 3,050,067
57.486,678 $6,624,628
1,038.835
973.325
3,145,347 2,834,184
Surplus
$3,302,496 82.217.119
Earnings per share on average of 1,022,364 shares
common stock (no par)
$4.94
The directors have declared the regular quarterly cash dividend of 25c. -V. 129, p. 3634.
a share and the regular semi-annual stock dividend of 2%% on the common
Commonwealth & Southern Corp.-Plan 1 erger and
:
$6 M
stock, payable Feb. 15 to holders of record Jan. 24. A stock distribution
of 2%
was also paid in Feb. and Aug. 1929, and in additional a special Consolidation.
-The boards of directors of Allied Power &
stock dividend of 10% was paid on July 11 last.
-V. 129. P. 4137.
Light Corp., Commonwealth Power Corp., Penn-Ohio Edi-
Associated Gas & Electric Co.
-Earnings.
-
The earnings statement appearing under the Associated Gas & Electric
Securities Co. in last week's "Chronicle" should have appeared under
Associated Gas & Electric Co.
Makes Revised Offer to Holders of Securities of Subsidiary
and Affiliated Companies to Exchange for $8 Interest-Bearing
Allotment Certificates.
-A list of subsidiary and affiliated
companies whose securities may be turned in in lieu of cash
toward the purchase of
interest-bearing allotment certificates was given in our issue of Nov. 30 last. The company
has issued another list bearing date of Jan. 3. The turn-in
price for allotment certificates (per share) is the same in the
new list as the old with the exception of the following:
son Co., Southeastern Power & Light Co. and the Commonwealth & Southern Corp. have approved of a plan of merger
and consolidation, which, when completed, will result in
the acquisition by the Commonwealth & Southern Corp., a
Delaware corporation, of all of the assets and the assumption
of all of the liabilities of Allied Power & Light Corp., Commonwealth Power Corp., Penn-Ohio Edison Co. and Southeastern Power & Light Co. and the issue by the Commonwealth & Southern Corp. of its preferred stock, $6 series,
common stock, option warrants and scrip in exchange and
substitution for the outstanding preferred stock, common
stock, option warrants and scrip of the other companies
above named. Some of the directors, officers and employees
of each of the above companies are also stockholders and
(or) officers or directors of certain of the other companies
above named. A circular letter further states:
Old
New
Price. Price.
Stocks
Rochester Central Power Corp., 6% preferred
$100
$90
Bonds
&American Utilities Co., 68, due 1945
95
-&American Utilities Co., 133s, due 1941
Advantages of the Plan.
90
-bRailway Bonds
At present the Commonwealth & Southern Corp. owns more than 96%
Adamstown & Mohnsville Electric, 1st 5s, 1935
25
35 of the common stock of Commonwealth Power Corp., Penn-Ohio Edison
Albany By., cons. gold 5s. 1930
40 Co.and Southeastern Power & Light Co. respectively, and these companies,
90
Boyertown & Pottatovrn By., 1st 5s, 1936
30 In turn, own substantially all of the common stock of the various operating
10
East Reading Electric By., 58, 1937
90
30 public utility companies comprising the Commonwealth & Southern
Front & Fifth St., 5s, 1933
90
30 System. Allied Power & Light Corp. has substantial assets,including 1,961,Neversink Mountain Ry., 4s. 1931
75
25 940 shares of common stock and 980.079 option warrants of Commonwealth
Oley Valley By., 1st gold 4%s, 1931
45
30 & Southern Corp. and no indebtedness. Among other things it is engaged
Reading & Southwestern 5s, 1931
90
30 through its subsidiaries in a supervision, engineering and construction
Reading & Temple 5s, 1934
100
30 business. Its services are employed by utility companies including the
Reading Traction 6s, 1933
100
35 eperating subsidiaries of Commonwealth Power Corp. and Penn-Ohio
Reading Transit 1st gold 6s,series A, 1954
100
30 Edison Co. By the consummation of this plan, its supervision, engineering
Trappe & Limerick Electric, 1st 4%s, 1931
40
20 and construction organization and the organizations performing similar
Troy City By.. 1st cons. gold 5s, 1942
20
30 services for the operating subsidiaries of the Southeastern Power & Light
&United T. Co.(Oley Valley ctfs.) 5s 1931
20
Co. will be combined, providing a unified organization
a Additions to list. b Company announces that no further changes will operating subsidiaries of the Commonwealth & Southern available to all the
Corp.
be made in the offer to railway bonds.
-V. 129. P. 4137.
The great advantage of uniting all these corporations into the Common-To Offer Bonds.
Associated Telephone Utilities Co.
- wealth & Southern Corp. is: first, that it will greatly simplify the corporate
Company will offer, probably early next week, a new issue of $6,000,000 structure of the Commonwealth & Southern System by eliminating the
15 year 5%% convertible gold debentures with conversion rights. Upon intermediate holding companies, and second, that it will give the Commoncompletion of this financing the company will control groups of telephone wealth & Southern System a unified, supervision, engineering and conproperties serving a population of more than 3.110,000 in 20 States. These struction organization.
include 397,428 stations and constitute one of the largest groups of inde- Table Showing Stock and Warrants to be Received by Holders of Stock and
Warrants of Constituent Companies.
pendent telephone properties in the United States. The issue will be offered
through Paine, Webber & Co.. Bonbright & Co., Inc. and Mitchum,
There Will be Rec'd the Following Secur. of
-V. 129. p. 4137.
Tully & Co.
For Each Sh.(or Option Warr.)of:
Commonwealth do Southern Corp.
Option Warr.
Brazilian Traction, Light & Power Co., Ltd.
-Stockto Purch. at
holders' Meeting.
A special general meeting of the shareholders will be held on Feb. 4 for
the purpose of considering and, if approved, of passing a resolution authorizing the company to apply to the Secretary of State of Canada for supplementary letters patent amending the letters patent of the company by
adding a provision conferring power on the board of directors to declare
and Joey stock dividends and to adjust fractions on the issue of shares.
See V. 129, p. 3960.
California Water Service Co.
-Earnings.
Years Ended Nov. 39Operating revenues
Operation expense
Maintenance
Taxes (excluding Federal income tax)
1928.:
1929.
$2,104,039 $2,062,723
830,470
822.177
112,893
97,279
141.499
153,174
Net earnings from operations
Other income
$1,023,116
14,880
$986.153
17.517
Gross corporate income
$1,037,997 $1,003,669
Interest on funded debt
353,014
x The year ended Nov. 30 1928 includes revenues and expenses of
properties prior to acquisition.
-V.129, p. 3960.
Chester Water Service Co. Subs.).
-Earnings.
(&
Years Ended Nov. 30Operating revenues
Operation expense
Maintenance
Taxes (excluding Federal income tax)
1929.
$663,463
138,561
23,333
9.869
1928.
$522,505
134.990
27,411
17,706
Net earnings from operations
Other income
$391,699
3,471
8342,488
7,239
Gross corporate income
Interest on funded debt
-V. 129, P. 3961.
$395,170
135.000
$349,727
Sh3 0 s Com
$. of Sh".
.3
No. of Shs.
of Pfd. Stk. No. of Shs. At"k Stathe
S mt. in ted
Below.
$6 Series. of Corn. Stk.
5-6
Allied Power & Light Corp.:
lst pref.stock,$5series
Preference stock,$3series
Common stock
Commonwealth Power Corp.:
6% cumulative preferred stock1
Common stock
4
Penn-Ohio Edison Co.:
7% cum. prior pref. stock
1 1-6
S6 cum. preferred stock
1
Common stock
Option warrant, series "A"
13'
2k
Option warrant, series "B"
Southeastern Power & Light Co.:
$7 cum. preferred stock
1 1-6
1
$6 cum. preferred stock
1
Cum. partic. preferred stock
Common stock
Option warrant
1
Holders of scrip certificates, representing rights in fractional shares of
stock or warrants of Penn-Ohio Edison Co.. Commonwealth Power Corp.
and Southeastern Power & Light Co. will receive scrip certificates of the
Commonwealth & Southern Corp. on a basis proportionate to the common
stock and warrants respectively. The holders of those due bills representing
fractional shares of pref. stock of Commonwealth Power Corp. which
accrue dividends, will receive a cash adjustment.
The preferred stock. $6 series, will be cum.from April 1 1930. Cash adjustments will be made on account of divs, accrued prior to that date on
surrendered preferred stock.
Outstanding Stock of the Commonwealth & Southern Corp. Unaffected.
The plan will not affect the authorized capitalization of the Commonwealth & Southern Corp. Its stockholders and holders of its option warrants
will retain their present certificates and no exchange or dep-At is necessary.
286
FINANCIAL CHRONICLE
Capitalization of Commonwealth & Southern Corp. After Completion of Plan.
Unsecured funded indebtedness assumed
$55,489,500
Preferred stock, $6 series
1,355,937 1-6 shs.
Common stock
33,973,561 shs.
Warrants, evidencing the right to subscribe to an equal
number ofshares ofcommon stock at $30 per share_ .._ _
17,607,437 shs.
[VoL. 130.
Dividends were paid on the capital stock at the annual rate
share for over 19 years prior to Nov. 1 1929, at which time aof $12
quarterl
dividend of $3.40 was paid.
Company serves directly a population of over 1.300,000 in Boston an
39 surrounding cities and towns, and sells energy in bulk in ten other companies and municipalities.
-V.129. p. 4138.
Note.
Eastern Utilities Associates.
-The foregoing does not include $392,544,902 of subs, funded
-Earnings.
debt and $195,097,038 of subs. pref. stock outstanding, $11,326,100
guaranty of which will be assumed by the Commonwealth & Southern Gross earnings Earningsfor 12 Months Ended Nov. 30 1929.
Corp.
Net earnings
Earnings 12 Months Ended Nov. 30 1929 (Giving Effect to Plan.)
Balance applicable to reserves and dividends
(Commonwealth & Southern Corp. ez Sub. Companies.]
Common dividend requirements
Gross earnings
$151,404,677 -V.128. P. 1903.
Operating expenses & taxes
73.682,548
Gross income
Fixed charges
$77.722,130
35,539,410
Net income
$42,182,719
Divs, paid or accrued on pref. stocks affected by consolidation
(annual div. requirements on 1,355,936 1-6 shs. pref. stock
$6. Series to be issued therefor will be $8,135,623)
7,841,879
Provisions for retirement reserve
8,885,167
Balance
$25,455,673
Earnings per share on common stock
7.493
Description of $6 Preferred Stock and Option Warrants of The Commonwealth
& Southern Corp.
Preferred stock, $6 series is entitled to receive cum. preferential divs. at
the rate of $6 per share per annum, is entitled to $100 plus diva, on dissolution. red. at $110 plus diva, and is entitled to one vote at all meetings
of stockholders. The option warrants will be in the same form as the option
warrants of the Commonwealth & Southern Corp. now outstanding and
will entitle the holders to purchase common stock at any time without limit
at a price of $30 per share.
Formal Steps in Plan.
In carrying out the proposed plan, certain formal corporate action must
be taken which will require meetings of stockholders. As two of the corporations
-Commonwealth Power Corp. and Southeastern Power & Light
Co.
-were organized in Maine, and as the other three companies who are
parties to the plan were organized in Delaware, a technical legal merger
of all five companies at one time is not possible. It is therefore planned
first to have a technical legal merger or consolidation of the three Delaware
corporations, namely, the Commonwealth & Southern Corp., Allied
Power & Light Corp. and Penn-Ohio Edison Co. and the agreement of
merger and consolidation will provide for the issue of the stock and option
'
warrants shown in the above table to the holders of stock and warrants of
these three companies.
There will also be a separate technical legal consolidation in Maine of
Commonwealth Power Corp. and Southeastern Power & Light Co., the
consolidated Maine company to be known as the Commonwealth Southeastern Corp. By the terms of this consolidation, the stockholders of
Commonwealth Power Corp. and of Southeastern Power & Light Co. will
be entitled to receive stock in the consolidated company with similar
preferences and provisions, and representing the same number of shares as
the stock of the Commonwealth & Southern Corp. which they are eventually
to receive under the plan as shown by the above table, and the holders of
the option warrants of Southeastern Power & Light Co. will be entitled to
receive option warrants in the consolidated company as set forth in the
consolidation agreement. However, the pref. stock of the consolidated
company will be redeemable at the election of the board of directors in the
pref. stock $6 series of the Commonwealth & Southern Corp. and at the
election of the board of directors the holders of pref. stock, option warrants
and scrip of the consolidated company may receive on the dissolution of
that company pref. stock $6 series, option warrants and scrip of the Commonwealth & Southern Corp. in the amounts referred to in the above table.
The consolidation agreement will provide that no exchange of certificates
is necessary to give to the record holders of the certificates in the constituent
companies their rights in the consolidated comapny for the reason that the
plan contemplates the redemption of the pref. stock of the consolidated
company into the pref. stock, $6 series, of the Commonwealth & Southern
Corp. and the immediate sale by the consolidated company of all of its
assets of the Commonwealth & Southern Corp., the Delaware company,
.
in consideration of the issue to the holders of stock, option warrants and
scrip of the consolidated company by the Commonwealth & Southern Corp.
stock, option warrants and scrip. After this sale, the consolidated
of its
Maine corporation will immediately dissolve.
The various steps in the plan are not mutually dependent but may be
carried out independently irrespective of whether any other step is carried
out. The Commonwealth & Southern Corp. which owns over 96% of the
common stocks of the Maine companies will vote that stock in favor of the
Maine consolidation only if in its opinion sufficient proxies have been
received from other stockholders.
15 Cent Cash Dividend.
-
The directors have declared a quarterly cash dividend of 15 cents per
share on the common stock payable March 1 to holders of record Feb. 10.
This action places the common stock on a cash dividend basis instead of the
previous stock dividend basis.
On Sept. 1 and Dec. 2 1929, quarterly stock distributions of 1-80th of a
share ofcommon stock were paid on this issue.
Jacob Hekma and F. P. Cummings, Vice-Presidents, have been elected
cllrectors.-V. 129, p. 3799.
$9,316,86
3,712,69
2,706,17
1,365,43
ElectricRailway Lines.
-Receiverships Reduced in 1929.
-The "Electric Railway Journal" reports in part:
The receivership record of 1929 would be good at any time, but is
ticularly noteworthy after the record of the past 20 years. When co
ditions in the industry were normal, in the five years before the World War
began, the receiverships averaged 19 per year, with an average of 500 mil
of track each year, and with securities averaging $24,700,000 in stock an
$39,000,000 in bonds. As the war progressed the situation became worse
the 1919 record reaching the tremendous figure of 48 roads with 3,781 miles
of track thrown into receivership, involving $321,000,000 of stocks and
$312,900,000 of bonds. From that point the receiverships diminished
gradually until only 8 roads became involved in 1928. But the
last year, when only 5 roads with a total of 510 miles of track,record for
and with
$18,473,000 of stocks and $21,173700 of bonds went into the hands of receivers, is the best since 1925. It is also noteworthy that one of these roads
was able to satisfy its creditors and the arrangements for ending the receivership were made during the year.
There also has been a material reduction in the number and importance
of roads remaining insolvent. Notable among the reorganizations were
several properties that have been in trouble for several years. The Des
Moines City By. is one of these. This 100
-mile system was sold at f
closure and taken over by a new group, headed by W. J. Cummings of
Chicago. The long-standing source of difficulty has been a contract
between the company and its trainmen which prohibited the use of one-man
cars. This has now been abrogated, and it is expected that operating
economies that will make the system successful can be introduced.
Another important system that was reorganized during the year is the
Detroit United system. This property, which was the interurban portion
of the old Detroit United remaining when the city of Detroit purchased the
city lines, finally was able to work out a plan for satisfying its creditors.
It now has been reorganized as the Eastern Michigan Rys. Incidentally,
this was the largest road remaining in receivership at the beginning of last
year, comprising 613.9 miles of track and involving $45,000,000 ofsecurities,
The Indiana Columbus & Eastern Traction Co., which went into receiver
ship in 1921, finally adjusted its difficulties and was merged with the Cincinnati Hamilton & Dayton Ry. The plan was worked out in 1928, but
was not consummated until last year.
Electric Railway Receiverships in 1929.
Miles of
Track.
Hammond Whiting & East Chicago By., Hammond, Ind
34.16
New York State Rys., Rochester, N
254.14
United Traction Co., Albany, N. Y
112.10
Oklahoma Union Ry., Tulsa, Okla
18.9
Sunbury & Selinsgrove By., Selinsgrove, Pa
6.2
Receiverships Terminated and Foreclosure Sales During 1929.
Receivers Discharged with or without Foreclosure
Miles of
Sales or Following AbandonmentTrack.
Indianapolis & Cincinnati Traction Co., Indianapolis, Ind
101.00
Milford & Uxbridge Street Ry., Milford, Mass
35.00
Wahpeton-Breckenridge Street Ry., Breckenridge, Minn
1.00
Atlantic & Suburban Ry.. Atlantic City, N. J
16.00
Missouri & Kansas By. Kansas City, Kan
20.03
Joplin & Pittsburgh Ry., Pittsburgh, Kan
94.52
Manhattan & Queens Traction Corp., Long Island City, N. Y
20.11
Ogdensburg Street By., Ogdensburg, N. Y
4.23
Westchester Street RR., New York, N. Y
17.68
Tulsa Street Ry., Tulsa, Okla
23.00
Sold at Foreclosure Sale. but Receiver Not Yet Discharged
Des Moines City Ry., Des Moines, Ia
103.10
Hammond, Whiting & East Chicago Ry., Hammond, Ind
34.16
Binghamton By.. Binghamton, N Y
47.31
Ithaca Traction Corp., Ithaca. N. Y
12.72
Indiana Columbus & Eastern Traction Co., Springfield,0
153.23
Lawton Ry.& Light Co., Lawton, Okla
6.31
-V. 128. P. 556.
FederalWater Service Corp.
-Earnings.
-
Years Ended Nov. 30Operating revenues
Operation expense
Maintenance
Reserved for retirements and replacements
General taxes
Net earnings from operations
Other income
1928.1
1929.
$14.454,559 115,872,207
4,441,605 4.717.082
880,291
856,486
482,658
640,677
954,105
1.113,130
$7,695.899 58.544.831
342,507
606.059
Gross corporate income
$8.038,406 $9,150,891
Interest on funded debt of subsidiary companies
Eastern Minnesota Power Corp.
3,992,674
-Transfer Agent.
Federal 'Water Service Corp
214.212
The Chase National Bank has been appointed transfer agent for an Interest on funded debt of
Miscellaneous interes. charges
78,556
authorized issue of 3,000 shares $6 cum. pref. no par value stock.
-V.129, Federal income tax
256,557
p. 1120.
Other charges
136,981
Eastern States Power Corp.
-Initial Class B Dividend.
- Net income
$4,471,910
The directors have declared an initial dividend of 25c. per share on the Dividends on subsidiary companies' preferred stock
1.171,845
class B stock and the regular quarterly dividends of $1.75 a share on the Dividends on Federal Water Service Corp. preferred
stock.-949,928
$7 preferred and $1.50 a share on the $6 preferred stocks, all payable Feb. 1
to holders of record Jan. lg.-V. 129, p. 1120.
Balance---------------------------------------------- $2.350,136
x The year ended Nov. 30 1928 includes revenues and expenses of
Edison Electric Illuminating Co. of Boston.
-V. 129, p. 3962.
-Notes properties prior to acquisition.
-Lee, Higginson & Co.; the First National Old Colony
Sold.
Corp.; F. S. Moseley & Co.; Kidder, Peabody & Co.; Burr,
Gannet & Co.; Hams, Forbes & Co.; Blake Brothers & Co.;
Bankers Co. of New York, and the Natoinal City Co.
announce the sale at 983 , and int., to yield over 5.45%,
A
of $30,000,000 3
-year 5% coupon gold notes.
General Gas & Electric Corp.
-Split-Up Approved.
-
The stockholders on Jan. 6 approved the directors' recommendation to
split-up the class A and B common stocks, on the basis of five new shares
for each share outstanding. In order to provide for the split-up the number
of authorized shares of common stock class A was increased from 2,000,000
to 10.000,000 and the class B common from 1.500,000 to 4,000,000 shares.
-v. 129, 13. 4138.
Dated Jan. 15 1930; due Jan. 15 1933. Principal and interest (J. & .1.)
Gulf States Utilities Co.
-Earnings.
payable at Old Colony Trust Co., Boston. Coupon Notes of $1,000 each.
Earnings for 12 Months Ended Nov. 30 1929.
Capitalization (After Completion of the Present Financing).
Gross earnings
16.771,504
Three-year 5% notes, due Jan. 15 1933 (this issue)
00.000,000 Net earnings
3,063,793
Three-year 4;4% notes, due Nov. 1 1930
30,000,000 Balance for reserves, retirements and dividends
2,012,257
Capital stock (par $100)
53,487,500 Required for dividends on $5.50 and $6 preferred stocks
384.096
Premium paid in on capital stock
128, p. 3185.
36,916.433
No mortgage will be put upon the company's existing property unless
Illinois Water Service Co.
these notes are equally secured or retirement thereof is provided for in
-Earnings.
such mortgage.
Years Ended Nov. 301929.
1928.
The proceeds of these notes will retire all floating indebtedness and leave Operating revenues
$634,534
$579,289
approximately $6,000,000 for future extensions of the property. Physical Operation expense
247,681
238.125
property investments amount to over $150,000,000 or more than 2.5 times Maintenance
33,915
27,269
amount of the above debt.
Taxes (excluding Federal income tax)
45,202
46,871
Earnings Years Ended Dec. 31.
Operating
Net Available for
Gross
Net earnings from operations
$307.736
$267,025
Years
Earnings.
1, rges
Int. & Reserves. Int Cn, 8. Other income
1ha 2 8
615
1,636
1924
$7,736,143
$19,494,784
1925_
8,303,870
1,599,434
21,315,241
Gross corporate income
$308,351
$268,661
1926
9,638,738
1,866,486 Interest on funded debt
23,204,901
127,774
1927
25,886,945
11,148,391
1,900,393 -V. 129. p. 3962.
1928
27,749,658
12,548,106
2,061,355
1929*
Italian Superpower Corp.
2,4S4,14
12,947,194
29,471,249
-Definitive Debentures Ready.
* Year ended Nov. 30 1929.
Notice was recently given to all holders of interim receipts
-year
Company's $53,487,500 stock has been issued for $90,403,933 cash or 6% gold debentures, series A and option warrants, series of for 35 that
1929,
an average of $169.02 per share. Present market value $243 per share or definitive debentures and option warrants have been received by Bankers
$129,974,000.
Trust Co.and that the holders ofinterim receipts may obtain the debentures
JAN. 11 19301
FINANCIAL CHRONICLE
surrender
and option warrants, called for by such interim receipts upon p. 1440.
-V.129,
thereof at the Bankers Trust Co., 16 Wall St.. N. Y. City.
-Initial Preferred Dividend.
Lone Star Gas Corp.
The directors have declared an initial quarterly dividend of $1.63 a
share on the 644% cumulative preferred stock, payable Feb. 1 to holders
3f record Jan. 20. The next quarterly dividend will be $1.62 a share.
V. 129, p. 2857.
-Wins Case.
Los Angeles Ry. Corp.
The right of the company to ignore the 5c. fare contract with the City
of Los Angeles and apply to the California RR. Commission for an increase in fare was again upheld by the U. S. Supreme Court on Jan. 6.
The Commission filed a petition with the Court asking it to reconsider
Its decision, holding that the City of Los Angeles had no authority to enter
into a contract with the public utility in fixing a 5c. fare, but the Court
-V. 129, p. 3963.
denied the petition.
-Trans. of Control.
Los Angeles Water Service Co.
-V. 123, p. 842.
See American States Water Service Co. (Calif.) above.
-51 Dividend.
Manitoba Power Co., Ltd.
The directors have declared a dividend of$1 a share on the common stock.
payable Feb. 1 to holders of record Jan. 10. A similar distribution was
made in August last. compared with $1.50 a share on Feb. 1 1929. $I a
*bare on August 1 1928 and $2 a share on Jan. 16 1928.-V. 129, p. 2682.
Massachusetts Northeastern St. Ry.-Receivership.-
A petition for appointment of a receiver was heard Jan. 6 by Judge
Elisha H. Brewster at Boston. Judge Brewster appointed Robert B.
Stearns of Boston, receiver.
The appointment was sought by the General Finance Corp., represented
by Atty. R. A. Pritchard of Boston. Pritchard stated that liabilities included more than 11,000,000 in bonds, certain notes with a face value of
$220.000, and a judgment in a personal injury case. It was brought out
that liabilities under the bond issues, due in December and January, bad
not been met and that the company was in no position to meet them.
Atty. John Hall, representing a bondholders' committee, agreed that the
general condition of the company was as stated by Atty. Pritchard. The
committee he represented he said, held about $300,000 of first mortgage
bonds and consisted of John E. Oldham, President of Atlantic Corp.;
Donald W.Campbell, Asst. Treas, of the State Mutual Life Insurance Co.:
Wilson G. Wing of the Providence (R.I.) Institution for Savings; Walter A.
Danforth of the Bangor Savings Dank and Jacob A. Barbee of the New
England Mutual Life Insurance Co.
He said hat he had found that the General Finance Corp.,the petitioner.
was a subsidiary of the Associated Gas & Electric Co., and that the Massachusetts Northeastern Street Ry. was owned by the New Hampshire
Electr.c Railways, which was in turn controlled by the Railway and Bus
Associates and that they were controlled by corporations affiliated with the
-V. 119. p. 2287.
Associated Gas & Electric Companies.
-Acquisition.
Michigan Bell Telephone Co.
287
-To Extend Service.
Mississippi River Fuel Corp.
Preparations are now being made to supply natural gas to more than
20 cities and towns of Arkansas and Missouri from the corporation's 526
mile pipe line supplying the St. Louis Industrial district from northern
Louisiana fields. Most of these communities are being equipped with gas
mains for the first time. They will be served by three operating companies
which will purchase about 2,000.000,000 cubic feet of gas a year from the
the new highMississippi River Fuel Corp. the operating company for of New Jersey,
pressure line owned by a syndicate comprising Standard Oil
United Gas Co., Electric Bond & Share Co. and other interests.
100,000
The territory involved has an aggregate population of about Fuel reIncluding approximately 15,000 potential domestic customers. demands
industrial
quirements for this section will supplement the huge capacity of the line
of the St. Louis district, for which most of the intial
of 100,000,000 cubic feet a day has been reserved. gas deliveries in their
All three operating companies contemplate starting
building
respective groups of towns within six months. The corporation isEngland,
branch lines from the main line to Stuttgart, Warren, Monticello, Natural
Arkansas
Lonoke,and other nearby Arkansas towns for delivery to of Electric l'ower
Gas Corp. Arkansas Power & Light Co., a subsidiarytime
& Light Corp., is preparing to supply gas for the first otherto Jonesboro,
communities
Searcy, Kennett, Hoxie. Walnut Ridge, Newport and
of northern Arkansas. Missouri Natural Gas Co., a subsidiary of Utilities
Power & Light Corp., will supply a third group of towns, in Missouri, including Popular Bluff, Fredericktown, Crystal City, Farmington. Festus
and others.
of
Gas for the long-distance line to St. Louis is secured from the reserves
and from four
subsidiaries of Standard Oil of New Jersey, United Gas Co.,whose supplies
other leading producers in the Monroe-Richland (La.),field, consumption.
are estimated to be sufficient for decades at present rate of
-V. 129, P. 1121.
New England Telephone & Telegraph Co.-Acquis.-
-S. C. Commission Dec. 28 approved the acquisition by the comThe I.
pany of control of the Windham County Telephone Co., Inc. by purchase
of its capital stock.
the
On Aug. 9 1929, the New England company contracted to purchaseand
physical properties of the Windham company, free from all liens the
of
encumbrances for $26,000, or in the alternative to acquire control stock,
Windham company by the purchase of all its outstanding capital shares
six
consisting of 720 shares of the par value of $25 each, excepting company
held by directors for the same consideration. The New England
stock. The cost of any additions to
has elected to acquire the capital
of the
plant made between the date of the contract and the consummation
-V. 129, p. 2536.
transaction are to be added to the purchase price.
New
-Omits Dividend.
& Richmond Gas Co.
York
ordinarily
The directors recently decided to omit the quarterly dividend
payable about Jan. 1 on the common stock. Previously quarterly diva
-V. 129. p. 2285.
were made on this issue.
of 30 cents per share
-Proposed Expenditures in
New York Telephone Co.
1930 to Total $120,000,000 and for Next Five Years W00,000,000.
Expenditures of approximately $120,000,000 during 1930 and $600,000,
in its
000 in five years, for telephone plant additions and improvements
territory, are planned by this company, according to an announcement
about
made by President J. S. McCulloh. The total for 1930 will exceed by in the
$20,000,000 the expenditures for these purposes in 1929, the largest
company's history up to this time. It represents a sixth of the nationwide
total of 5700,000.000 recently announced as the estimated cost of the
Bell System's expansion program in the new year.
"Our studies throughout the company's territory, comprising New York
State and a small part of Western Connecticut, indicate that the growth in
demand for both local and out-of-town service will continue to increase
rapidly," Mr. McCulloh states. "Though large additions have been made
continuously to the telephone plant in the past, a still larger Construction
program is necessary to care for the anticipated growth.
"In accordance with our usual practice, we have supplemented our budget
sucfor the year with a forecast of the construction requirements for thesuch
expansion, but
ceeding four years, with full regard not only to and equipment to will
as
in apparatus
replacements and improvements
and
-Debentures Offered. contribute to the speed and dependability of telephone operationthese
Middle Western Telephone Co.
$600,000,000 for
The
-Kent, Grace & Co., Emery Peck & Rockwood and Porter, transmission.ngAe 1prospective outlay of nearlyof the past five years by
.
00o
32oo
.onster period will exceed that
purposes during
sduri
mogt
Fox & Co. Chicago, recently offered $500,000 convertible pur
storm-proof cable
"By 1932 we expect to complete the major projects of atoll routes of the
6% gold debentures at 97 and int.
extend and multiply the
Dated Nov. 1 1929; due Nov. 1 1939. Interest payable (M. az N.) program which will greatly small percentage of telephones into connection
very
a
at Continental Illinois Bank & Trust Co., Chicago, trustee. Denom. State and bring all butsystem. For both exchange and toil line construction,
with the improved
$1.000 and 3500c*. Callable at any time on 60 days' notice to and incl. about $35,000,000 toll be expended in 1930 and $162,000,000 in five years.
will
Nov. 1 1934 at 103 and int.; at 102 and int. to and incl. Nov. 11936: at
the dial method of operation will be made at many
"Further
101 and int. to and incl. Nov. 11938; at par and int. thereafter. Company points. Weextension of about two-thirds of the telephones served by this
expect that
will agree to refund certain taxes levied on residents of Mass., Pa.and Iowa,
this basis, both in New York City and the State genercompany will be on
upon proper application
involves no reduction in the total number of
-A Delaware corporation. Controls operating telephone ally, by the end of 1934. This increasing size of the system and growing
Company.
the
systems in Wisconsin, Illinois and Ohio, which serve without competition operators employed. With still be needed for toll, long distance, infora population in excess of 340,000. In Wisconsin, a subsidiary serves the volume of traffic, they will The company's employed staff as a whole,
services.
mation,
City of La Crosse, with a population in excess ot 37.000 and sourrounding already and special 65,000, will necessarily grow larger to care for the
numbering
territory. In Illinois another subsidiary serves Park Ridge and Des increasing requirements."
and several towns in Central
Plaines on the Northwestern limits of Chicago
general item of the
Provision for subscribers' equipment is the largest
for
Illinois, principal of which are Pekin and Havana. Other company subbudget, with about $32,000,000 Indicated for 1930 and $186,000,000
sidiaries operate in excess of 31.000 stations in Ohio. serving the Cities of five years. This includes the various new instrumentalities for the imWarren, Wooster, Mt. Vernon and about 40 other communities.
service on the subscribers' premises, such as private branch
Each of the operating units has been giving telephone service for 15 years provement of
telephone typewriters, and hand telephones.
'or more in prosperous territories whch give promise of satisfactory increases exchanges of the dial type,
subscribers' equipment are estimated at about
in future business. The physical properties include 60 exchanges serving New York City's needs in
$143,000,000 over the full period.
approximately 54,000 stations. There are more than 480.000 feet of under- 825,000.000 this year and general items is the provision for central office
Another of the largest
ground conduit owned and used in the several systems; the underground
will be expended for this purpose in 1930
installation is being constantly extended to promote more efficient service equipment. About 330,000,000 Approximately two-thirds of each of these
in five years.
and to decrease expense. More than 80% of the stations served are within and $164,000,000York City, where the plans for the longer period include
sums is for New
the corporate limits of cities and towns. Nation-wide toll service is promanual switchboards now in service as well as the
vided every station served through connections at necessary points with dial replacements of 33new dial offices and enlargement of others.
Opening of a number of
the lines of the Bell system.
The estimated expenditures to enlarge housing accommodations for both
Consolidated Earnings (Co. & Subs.) for the 12 Months Ended June 30 1929. operating and administrative purposes also are prominent in the construc;1,821,565 tion program. Erection of new buildings or additions to others, together
Gross earnings, including other income
Oper. exp., maint. & taxes, int. & div. on subs, outstanding
with land, call for more than $22,000,000 in 1930 and $74,000,000 in five
1.410.965 years.
securities & minority interest in net income
For New York City, many new buildings and additions to existing struc$410,600 tures are planned,including the 27-story headquarters building in Brooklyn
Net earnings
69,090 for the Long Island area, work on which has already begun. An enlargement
Interest on company's funded debt (incl. this issue)
of the long distance central office building in Walker St., Manhattan, will
$341.510 extend the structure to cover an entire block. An addition will also be made
Bal. for depreciation, Federal income taxes & dividends
The above net earnings are equivalent to 5.90 times the annual interest to the East 13th Street Building.
requirements on all the outstanding funded debt. After deducting deIn the metropolitan suburban sections,comprising Westchester, Rockland
preciation and estimated Federal taxes of $174.915, balance is equal to and l'utnam counties on the north, and Nassau and Suffolk counties on
and
3.40 times the annual requirement.
Long Island, it is estimated that approximately $4,000.000 in 1930
Conversion.-Debenturce will be convertible into class A common stock $24,000,000 in five years must be applied to central office expansion and
equipat following rates per $1.000 debenture: At any time on or before Nov. 1 improvement. Complete or partial replacement of manual with dial
1931 into 30 shares of stock; thereafter on or before Nov. 1 1932 into 28 ment is plannel for about 40 cities and villages. In those small communities
is
shares of stock; thereafter on or before Nov. 1, 1933 into 26 shares of stock: in which the calling party signals the operator by turning a crank, it of
thereafter, on or before Nov. 1 1934 into 25 shares of stock. At the time expected during the longer period to replace this system with equipment
the operator is signalled
of conversion adjustment of accrued interest and accrued dividend will be the common battery type of operation, under which
made.
merely by removing the receiver from the hook.
suburban sections include
The class A common stock is preferred over the class B common stock
The building projects in the New York Citybuilding now
erected
-story
as to assets and as to dividends at the rate of $1.75 annually, and partici- several new structures, among them the 7 headquarters for being
Nassau and
pates equally, share for share, in any distribution of earnings after the at Hempstead, which will be the division
these sections the estimated
per share in any year.
class 13 stock has also received 4.1.75
Suffolk counties. For land and buildings in
. .
The class A common stock is non-callable and is entitled to $30 a share
e yeam approximately $2,500,000 during 1930 and 310 300 000 during
la ys are
in preference over the class B common stock in liquidation, being also five
all that
entitled to share equally with the class B stock in any distribution of assets,
For central office equipment in the up-State area, comprising Putnam
after the class B has received a like amount per share. Class A common part of New York State north of Westchester. Rockland and
be applied this year and $26.000.000
Stock Exchange.
stock is listed on ghe Chicago
counties,approximately $5,000,000 will
Outstanding. In five yearn. according to the estimates. Substantial amounts are included
Authorized.
Capitalizationof about 70% in
6% coll, gold bonds, series A, due 1943651,500 for additional toll board equipment, an increase being estimated for the
the
$500.000
operator's positions at toll switchboards
6500,000
mber of oper
period.
Cong.6% gold deb., due 1939 (this issue) --150,000 shs.
y50.000 shs. entire
Class A common stock (no par)
will have been affected in the cities
450,000 shs.
150.000 abs.
By 1934 complete dial operation
Class B common stock (no par)
Glens Falls. Rome, Auburn,
x Limited by the conservative provisions of the trust indenture. yIn- of Buffalo, Albany, Troy, Schenectady, and about 25 smaller localities.
eludes 20,000 share; in treasury, of which shares sufficient for the con- Binghamton, Elmira, Johnson City, Solvaythe up-State area, expenditures
For land, new buildings and additions in
version of these debentures have been reserved. In addition there were
included in the five-year budget.
$4,250.000 par amount of bonds and $1.840,000 par value of preferred stocks of approximately $8.800,000 areof toll system expansion and improvement.
Carrying forward its program
of subsidiaries outstanding in the hands of the public as of Nov. 1 1929.
-Proceeds will be used to acquire outstanding securities and including several joint projects with the American Telephone & Telegraph
Purpose.
-V. 129, p. 2070.
Co.. the New York Telephone Co. plans to expend an average of approximfor other corporate purposes.
The I.
-S. 0. Commission Dec. 26 approved the acquisition by the company of the properties of the Benzie Consolidated Telephone Co. The
Bantle company owns and operates exchanges at Benzonia. Frankfort and
Thompsonvillle, in Benzie County, Mich., which serve 422 owned subscriber stations and 30 service stations. These exchanges are conencted
by toll lines having a pole mileage of 30.9 miles. The Bell company does
not maintain exchanges at the points served by the Benzie company, but
its toll lines connect with that company's system.
On July 22 1929, the Bell company contracted to purchase the physical
properties of the Bend° company,free from all liens and encumbrances,for
$52,000. An appraisal made by the Bell company finds the reproduction
cost new of the properties to be $78,534. and less depreciation $52.685.
None of the acquired properties will be retired from service. The Benzie
company has outstanding a mortgage indebtedness of $13.000, and bills
payable amounting to $21,000. These are to be deducted from the pur-V. 129, p. 1738.
chase price.
288
FINANCIAL CHRONICLE
ately $10,000,000 on this work during each of the next five
percentage of toll wire mileage enclosed in storm-proof cable years. The
will
increased, and it is expected that by the end of this period more be largely
of all the company's telephones will have this dependable cable than 95%
connection
with the general toll network.
Crossing under the Hudson River from Manhattan are at present
32 toll
cables to up-State, New Jersey, and long distance points north,
south. Five will be added in 1930 and 32 more in the following west and
four years,
making an increase of 116% during the budget period. The
number of toll
cables between New York City and suburban territory in New
York and
Connecticut will be largely increased.
Work will continue on the extension of new cable routes up-Sta
te, providing additional and improved toll links between hundreds of
communities
and readier access to long distance points. The new undergroun
d conduit
route between New York City and Schenectady by way of Albany
two-thirds completed by the end of thLs year, according to present will be
plans.
The Syracuse-Buffalo section of an additional
Mohawk Valley will also be finished during the main cable through the
pletion is expected within the next few years ofcurrent 12 months. Comthe
Albany to Saranac and Montreal, of others crossingnew cable route from
the State to Buffalo
through the southern tier of counties, and of the cable line
bisecting the
State from Binghamton through Syracuse to Watertown. Various
routes are being extended into territory adjacent to the main cable shorter
highways
During the five-year period 20 repeater stations, with amplifying
equip.
ment for toll and long distance service, will be added to the
14 already
service on the cable routes of the State.
-V. 130. p. 137.
New York Water Service Corp.(& Subs.).
-Earnings.
---
Years Ended Nov. 30Operating revenues
Operation expense
Maintenance
Taxes (excluding Federal income tax)
1929.
x1928.
32,607,478 $2,423,808
742,857
707,186
141,895
83,409
234.006
204,263
Net earnings from operations
Other income
$1,488,719 $1,428,949
50,512
30.432
Gross corporate income
$1,539,231 $1,459,382
Interest on funded debt
622,887
x The year ended Nov. 30 1928 includes revenues and expenses of
properties prior to acquisition.
-V. 129, p. 3964.
Niagara Falls Power Co.
-Larger Dividend.
-
The company on Dec. 31 paid to common stockholders of
a quarterly dividend of 75 cents per share. This compares record Nov. 29
with quarterly
distributions of 65 cents per share made from Dec. 1927 to Sept.
1929.
incl.-V. 129. p. 2682.
Ohio Bell Telephone Co.
-Acquisition.
-
[VOL. 130.
and an executive committee was created with
Mr. Young as its Chairman.
-V. 130. p. 137.
Railway & Utilities Investing Corp.
-Earnings.-
Earnings for six Months Ended Dec. 311929.
Profits on securities sold
x Dividends
Interest received & accrued
Total income
General expenses
Interest paid
Taxes
$97,231
52,435
22,806
$172,471
15,259
7,827
20,380
Net income available for preferred dividends
Preferred dividends paid
$129,006
40,922
Surplus for period
Surplus June 30 1929
$88,084
253,321
Surplus Dec.31 1929
$341,406
x Stock dividends not included.
Condensed Balance Sheet Dec. 311929,
Assets
Investments
84,100,249 Reserve for taxes
841.556
Cash
315,303 Convertible preferred stock.._ 2,226,300
Cash dividends receivable__
26,972 Common stock
1,559,330
Interest accrued
3,667 Premiums on capital stock _
277,599
Surplus
341,405
Total
$4,446,191
Total
$4,446,191
Note.
-243 shares of 7% convertible preferred stock
the Treasury Dec. 31 1929 and availlble for resale, are series A, held in
ments under assets and in preferred stock outstanding included in investunder liabilities.
Classification of Investments Dec. 31 1929 (at Approximat
e Market Value.).
Railroad bonds
$505,000
Railroad stocks: Paying cash dividends
N on-dividend paying
526,800
Public utility stocks: Paying cash dividends
760,791
Paying stock dividends
605,925
Non-dividend paying
Miscell. holdings, incl. railroad & (or) utility "rights," option 322.225
warrants, treasury stock ar par, &c
42,000
Total
$4,401,630
Cost, as per balance sheet
4,100,248
Excess market value over cost
3301,381
-V. 129, p. 3167.
The I.
-S. C. Commission has approved the acquisition by the
of the properties of the Chester Telephone Co. The Chester company
owns and operates an exchange in the unincorporated village ofcompany
ChesterReading Transit Co.
land, Geauga County. Ohio, which serves 189 subscriber stations.
-Receives New Offer.
No
exchange is maintained by the Bell company at Chesterland, but
The holders of 6% 1st and refunding mortgage bonds, due
its toll been offered
1954, have
lines connect with the exchange of the Chester company.
a revised plan of exchange comprising Associated Gas &
Electric
On Sept. 10 1929, the Chester company gave the Bell company an option securities on the basis of 100% of the principal amount of the
bonds. The
to purchase all of its physical _properties, except real estate, free from
securities offered in the exchange are Associated Gas & Electric
all bearing allotment
$8 interest
liens and encumbrances, for $4,000. This option was exercised
certificates at $120 each plus cost of rights: $6 cumulative
by the convertible
Bell company on Oct. 21 1929.-V. 129. p. 3800.
preferred stock, series B, of General Gas & Electric
share and dividend, or 6% registered convertible debentures of at $100 a
Associated
Ohio Water Service Co. (8c Subs.).
Gas & Elec. Co. at their principal amount and accrued interest.
-Earnings.
--V. 129.
P. 4139
Years Ended Nov. 301929.
x1928.
Operating revenues
$591,089
$539,763
Operation expense
Roanoke Water Works Co.
-Earnings.
154,186
141,035
Maintenance
28,249
Earnings for Year Ended June 30 1929.
37,805
Taxes (excluding Federal income tax)
55,962
55,209 Gross operating revenue
$395,117
Operating & maintenance expenses
Net earnings from operations
61,681
$352,692
$305,713
Other income
27,959
Net operating income
22,524
$5333,436
Net non-operating loss
Gross corporate Income
951
$380,652
$328,236
Interest on funded debt
Gross income
159,636
a The year ended Nov. 30 1928 includes revenues and expenses
$332,485
of prop- General expenses & taxes
&ties prior to acquisition.
74,107
-V. 129. p. 3964.
Interest on funded debt
171,025
Oregon-Washington Water Service Co.
-Earnings.
Bal, bet. prov. for deprec. & amortiz. of bd. & note disc. & exp_
387,353
Years Ended Nov. 301929.
Balance Sheet June 30 1929.
x1928.
Operating revenues
$605,362
$578,504
Assets
Operation expense
Liabilities
237,409
210,259 Cash
Maintenance
$5,858 Notes payable
$91,252
28,951
30,222 Notes receivable
Taxes (excl. Federal income tax)
380 Accounts payable
171,803
76.627
66,953 Accounts receivable
269,389 Int. accrued on bonds
71,883
Materials & supplies
73.677 Funded debt
Net earningsfrom operations
3,320,500
$262,375
$271,070 Deposit for bond interest
71,883 Reserves
Other income
367,675
1,650
2,698 Investments
147,566 Preferred stock
Plant, equip. & constr
4,612,475 Preferred stock subscriptions _ 657.774
Gross corporate income
4.900
$264,025
$273,768 Deferred charges
645,003 Common stock
Interest on funded debt
1,000,000
137,500
The year ended Nov. 30 1928 includes revenues and expenses
Surplus
140,444
of properties prior to acquisition.
-V. 129. It• 3964•
Total
85.826,231
Total
55,828.231
Penn-Ohio Edison Co.
-Consolidation Plan.
-V. 123. p. 3322.
See Commonwealth & Southern Corp. above.
-V. 129. p. 1912.
Pittsburgh Suburban Water Service Co.
-Earnings.
-
Years Ended Nov. 30
Operating revenues
Operation expense
Maintenance
Taxes (excluding Federal income tax)
1929.
$321,292
113.942
12.757
7.493
1928.
$306,972
110,253
27.789
4,643
Net earnings from operations
Other income
$187,099
1,158
3164,288
769
Gross corporate income
Interest on funded debt
-V. 129. P. 396
4•
$188,257
85.000
$165,056
Puget Sound Power & Light Co.
-New Project.
-
The Engineers Public Service Co., nnounces the beginning
immediate future of work by one of lts principal companies, the in the
Sound Power & Light Co. on the first stage of a 200,000 h.p. hydro Puget
-electric
development at Rock Island
on the Columbia River near Wenatchee.
Wash., at an ultimate cost of about 115,000,000. This will be the
first
major development to be constructed on this river.
The Puget Sound Power & Light Co., which will build the project, supplies electric power to a large part of western Washington. At present
this company's power supply is obtained from water power plants on the
western slope of the Cascades, supplemented by steam power, but the rapid
growth of the company's business will now enable it to absorb the
amounts of power which can be made available at the Rock Island large
site.
Thy remarkably high flow of the Columbia River, even in seasons of severe
drought, will produce a minimum output at Rock Island materially greater
than can be obtained at Muscle Shoals under similar conditions.
The dam will be about 60 ft. high and about 3,500 ft. long and will back
up the water for 20 miles. 80,000 h.p. will be developed initially, and it
will require over two years to make this block of power available. The
ultimate development of 200,000
can be further increased, if
to 240,000 h.p., which will make it one of the most importantdesired.
h.p.
hydroelectric plants in the country.
Some of the power will be used locally, but the major portion will be
transmitted approximately 125 miles over the Cascade Mountains and distributed by the Puget Sound Power & Light Co.'s system.
Contract for the design and construction of the project has been awarded
to Stone & Webster Engineering Corp.
Earnings for 12 Months Ended Oct. 311929.
Gross earnings
$16,123,553
Net earnings
6,757.494
Balance for reserves, retirements and dividends
4,353,063
Annual dividend requirements on $5 prior preference stock
550,000
-V. 129, p. 2386.
Radio Corp. of America.
-New Chairman.
-
The directors on Jan. 3 accepted the resignation ot Owen
Chairman of the board and elected Gen. James G. Harbord toD. Young as
succeed him
in that office. At the same meeting, David Sarnoff was elected President
Rochester 8c Lake Ontario Water Service Corp.
-
Earns. Years Ended Nov. 30Operating revenues
Operation expense
Maintenance
Taxes (excluding Federal income tax)
1929.
$557,622
185,358
30,247
35,017
x1928.
$515,066
173,451
28,692
35,561
Net earnings from operations
Other income
$3306,999
1,478
$277,362
2,274
Gross corporate income
$3308,478
$279.635
Interest on funded debt
125,000
x The year ended Nov.30 1928 includes revenues and expenses
of properties prior to acquisition.
-V. 129, p. 3965.
Scranton-Spring Brook Water Service Co.
-Earnings.
Years Ended Nov. 30Operating revenues
Operation expense
Maintenance
Taxes (excluding Federal income tax)
1929.
x1928.
$5,559,217 $4,732,051
1,312,459
1,192,329
352,480
371,983
219,332
142,979
Net earnings from operations
Other income
$3.674,945 13.024,759
13,135
10,968
Gross corporate income
13,688,081 $3,035,728
Interest on funded debt
x The year ended Nov. 30 1928 includes revenues 1,626,732
and expenses of properties prior to acquisition.
-V. 129. P. 3965.
Sioux City Gas & Electric Co.
-Bonds Offered.
-An
issue of $1,000,000 1st mtge. gold bonds,5% series due 1960,
is being offered at 93 and int., to yield over 5.45%, by Bonbright & Co. and A. C. Allyn & Co., Inc.
Dated Jan. 1 1930; duo Jan. 1 1960. Int. payable (J. & J.).
Denom.
$1,000 and $5000. Red. all or part at any time on not lees than 60
days'
notice at 105 and int., up to and incl. Jan. 11935. with successive
reductions
of 1% during each 5
-year period until Jan. 11955, and at principal
amount
and ant. thereafter to maturity. Prin. and int. payable at
Illinois Bank & Trust Co.. Chicago, trustee. Int. also payable Continental
of the Commercial National Bank & Trust Co. of New York. at the office
without deduction for normal Federal income tax not to exceed Int. payable
0. Company has agreed to refund upon proper and timely application 27
the Pa.4
-mill
tax, Calif. tax not in excess of 4 mills per annum. Conn.
annually, Iowa tax up to 6 mills annually. Md.securities tax up to 4 mills
tax not in excess
of 436 mills per annum and the Mass,income tax or tax
,
measured by income
not in excess of'6% per annum on income derived from
the Ponds.
Data from Letter of C. I. Crippen, Vice-President of
the Company.
Company.
-Incorporated in Iowa. Does the entire electric light
and
power and gas business in Sioux City, Ia. An incidental
steam heating
business is carried on. and through Sioux City Service Co.,
a subsidiary,
JAN. 11 1930.]
FINANCIAL CHRONICLE
289
Under the plan the assets of Standard Power & Light Corp. are trans
gas
Light Corp.
street railway service is also furnished in the city. More than 38,800
(erred to Standard Gas & Electric Co. and Standard Power &Electric Co..
and electric customers are served.
of the electric will have a majority of the common stock of Standard Gas &
-Bonds are secured by a direct first mortgage on all
Security.
which will be the sole voting stock.
light and power and gas properties now owned by the company. All
H. M. Byllesby & Co. and United States Electric Power Corp. under the
property hereafter acquired, subject to prior liens, if any, as restricted by above arrangements will control Standard Power & Light Corp. and
the terms of the trust indenture, will also be subject to this mortgage.
Standard Gas & Electric Co. The latter company and its properties will
Earnings 12 Months Ended Nov. 30.
continue under Byllesby management.
1929.
of
1928.
The new arrangement is designed to simplify the capital structure
$3,007,622 $3,223,689 Standard Gas & Electric Co. and to retain for it the benefits of Byllesby
Gross earninfoct
1,571,117
1,571,050
important utility and
Oper.exps.. maint.& taxes,incl. Federal taxes
management while adding the advantages of the Corp. Provisions of the
banking connections of United States Electric Power
$1,436,572 $1,652,572 amended by-laws of the Standard companies make the control substantially
Net earnings
partnership, of the United States Electric and
Ann.int. requirements on $9,279,100 1st mtge. gold bonds (incl.
535,301 a joint responsibility, or the active management of 13yilesby.
this issue)
Byllesby groups, and retain
to Standard
x Included in gross earnings are net non-operating revenues consisting
The assets transferred from Standard Power & Light Corp.stock of the
principally of income from investments and amounting to $250,582 and Gas & Electric Co. include more than 94% of the common
$282,515 respectively.
Philadelphia Co. which through the Duquesne Light Co. and other subNet earnings for the 12 months ended Nov.30 1929 as shown above were sidiaries, furnishes power and light, gas and transportation service to the
thus more than 3 times annual interest requirements on all mortgage bonds City of Pittsburgh and adjacent territory. They also include substantial
to be presently outstanding, including this issue.
holdings in the stock of the Market Street fly. Co. and in bonds of Sierra
-To reimburse treasury for funds heretofore expended for addi- & San Francisco Power Co. In consideration of these and other assets
Purpose.
tional property, to provide for further additions and extensions to the Standard Gas & Electric Co. assumes $24,000,000 of 6% gold debs. of
properties, and for other corporate purposes.
Standard Power & Light Corp. and surrenders all the outstanding partic.
Authorized. Outstanding. pref. stock of Standard Power & Light Corp. The Standard Gas & Electric
Capitalization$1,000,000 Co. issues to Standard Light & Power Co. 220,000 shares of prior preference
a
1st mtge. gold bonds 59' ser. due 1960 (this issue)
3,452,100 stock,$7 cu. and 600,000 shares of com,stock without par value.
Closed
Series A, % due 1947
2,538.000
a
Series B,6% due 1949
The United States Electric Power Corp. has transferred 580.000 shares
2.289,000 of the com, stock of Standard Gas & Electric Co. to Standard Power &
a
SeriesC.53d%due1950
b$4,838,700 Light Corp. and has received 880.000 shares of the new cora, stock off
$6,000,000
Preferredstock
5,800,000 Standard Power & Light Corp. in payment therefor.
8,000,000
Common stock
assets o
a Limited by the restrictions of the mortgage agreement. 67% series.
The Standard Gas & Electric Co., through its purchase of the
In addition to the above, the company is contingently liable as the guar- Standard Power & Light Corp., greatly strengthens its position, especially
antor of $1,273,100 6% bonds of Sioux City Service Co. Net earnings of In the strategic Pittsburgh district. The Standard Power & Light Corp.
in a highly advanthis subsidiary, after depreciation and Federal taxes, are currently 2.14 becomes essentially a holding company and is placed that the cora, stock
times the interest requirements.
tageous investment and cash position. It is expected
-Company is controlled by American Electric Power Corp. of the Standard Power & Light Corp. will be placed on a div. basis immedManagement.
the
-V. 122, p. 1918.
iately and that the capitalization of the company will provide for
present.
- acquisition of additional properties as occasions
-Earnings.
under which the Standard group will continue,
South Bay Consolidated Water Co., Inc.
The Byllesby management,
important
has built up the properties of the Standard system to its present
Earnings (Company Only) for 12 Months Ended June 30 1929.
$408.062 position in the American utility field. II. M. Byllesby & Co. is one of the
Net revenue
banking houses and occupies a par74,732 oldest and most influential American
Operating expenses
5,522 ticularly important position in the public utility field.
Maintenance
in Sept. 1929
25,046
The United States Electric Power Corp. was organized
General expenses
44.301 with resources in excess of $90,000,00.) and its position in the Standard
Taxes
in the public
is the most important announcement of its activities company was
group
$258,460 utility field that has been made since its inception. The
Gross income
38.795 organized by investment and utility groups including United Founders
Income from investments
Corp.,
Corp., the American Founders group. Hydro-Electric Securities
$297,255 Harris, Forbes & Co., W. C. Langley & Co., A. C. Allyn & Co.. Albert
Total income
152,346 Emanuel Co., Inc., J. Henry Schroder Banking Corp., and Seaboard
Interest charges
5,508 National Corp. J. Henry Schroder & Co.,London,and the Societe Generale
Miscellaneous bills and accounts
10,985 de Belgique, Brussels, are also represented on the United States Electric
Amortization of debt discount and expense
of United
Board. No one of these companies holds a majority control
$128.416 States Electric Power Corp. although the largest holdings are known to
Surplus for period
with its
be those of United Founders Corp. and American Founders Corp.
Balance Sheet June 30 1929.
subsidiary group of general management investment companies. & Light
Standard Power
Liabilities
AndsThrough its large ownership of the stock ofbecomes one of the largest
$102,189 Corp., the
$39,825 Notes payable
Cash
United States Electric Power Corp. States, and this company
241,435
companies in the United
518,673 Accounts payable
Accounts receivable
Public
A con37,308 should utility holding
69,298 Deferred credits
Materials and supplies
play an increasingly active part in the public utility field. $1,100.3,186,500
Funded debt
show total resources of approximately
165,284
Investments
472,446 solidated balance sheet will
Reserves
Plant, equipment and con1,012,200 000.000. boards of directors of the two companies consist of the following
4,771,955 Preferred stock
struction
The new
16,100
260,263 Preferred-Stock subscript__
Deferred charges
750,000 members:
Common stock
-Arthur C. Allyn, J. H. Briggs, Victor
(1) Standard Gas t% Electric Co.
5,120
Surplus
W. Fuller. Robert J. Graf,
Emanuel, Halford Erickson, C. L. Fisher, H. W.Lynch, M. A. Morrison,
E. Carleton Granbery, William C. Langley, B. Rosenthal and Louis H.
$5,823,298
k
Total
Total
$5,823,298
Riggs, Moritz
John J. O'Brien, Royal E. T.
there will be no
-v. 125. p. 248.
Seagrave. John J. O'Brien will continue as President and
- changes in the officers of this company.
-Consolidation Plan.
Southeastern Power & Light Co.
C. Allyn, J. H. Briggs, H. C.
-Arthur
(2) Standard Power & Light Corp.
-V.129, p. 3965.
Robert J. Graf,
See Commonwealth & Southern Corp. above.
Cummins, Chester Dale, Victor Emanuel, C. L. Fisher,
Morrison, John J.
E. Carleton Granbery, C. C. Levis. B. W.Lynch, M. A.
-New Gas Line.
Southern Natural Gas Corp.
Louis It. Seagrave.
O'Hara. Royal E. T. Riggs and
Bringing natural gas to Birmingham (Ala.) and Atlanta (Ga.) is one of O'Brien, Thomas A.and Victor Emanuel, respectively Chairman of the
H.
the most significant developments in the new industrial South in a genera- Louis andSeagrave of United States Electric Power Corp., were elected
President
on the formal opening Board
tion according to George W. Bacon, commenting
and President of Standard Power & Light Corp.
-mile line from the Monroe-Richland Chairman of the Boardin V. 129, p. 4140.)-V. 130, p. 137.
this week in Birmingham of the 325
field in Louisiana, announcement of which was made by J. II. White, (See also further details
Chairman of
President of the Southern Natural Gas Corp. Mr. Bacon is
-Becomes Essentially a
the board of Ford, Bacon & Davis, Inc., New York engineert., who conStandard Power & Light Corp.
structed the line in record time. The project was financed through G. L. Holding Company
-To Sell Assets to Standard Gas & Electric
()hrstrom & Co., Inc., and IIalsey, Stuart & Co. Work on the extension
-See latter company above.
of the line to Atlanta, 137 miles tarther, is 969' completed and gas will be Co.
turned on in that city late in January. The 32.5.000,000 project also in-The directors have declared a special
Special Dividend.
cludes construction of 475 miles of lateral lines to more than 30 towns in
Mississippi. Alabama and Georgia, all of which have been finished or are dividend to holders of its old common stock of one share of
under construction.
Gas & Electric Co. for each
The completed line will be the longest in operation in this country and, the common stock of Standard
although it was finished to Birmingham in the comparatively short time of 22 shares of Standard Power & Light Corp. old common stock
eight months, involved some of the most severe engineering difficulties
holders of record Jan. 7 1930.
ever met by his company, according to Mr. Bacon. In addition to the held, payable Feb. Ito
hilly country encountered over a great part of its length, the contractors
Consolidated Balance Sheet Sept. 30 1929.
were forced to carry it across 17 rivers, the largest of which was the MissisLiabilities
sippi. In this crossing, a multiple line was sunk in the river bottom, its
5191,641,340
Funded debt
eight sections joined in either side by "headers" to guard against possible Plant, property, rights &
400,000
$380,937.203 Notes payable
against the current. The multiple line
&e
franchises.
damage. The whole was arched
2,911,988
Accounts payable
four in Invest, in other cos., assoc..
idea was used in the other crossings, the number of sections being
9,733,852
11,509.798 Accrued liabilities
most cases. Other difficulties encountered were 27 inches of rain during
dr.c
1,183.179
1,199,461 Deferred liabilities
November and three inches of snow in December. During the last stages Skg. fits. & other deposits__ _
899,867
6,492,402 Miscel. unadjusted credits _
of the work, 20 gangs of 300 men each were used, working in three shifts Cash
2,300,000 Retirement & depletion res. 40,705,591
during most of December. Rub-contractors who contributed a major Cash on deposit-call loans _
6.411,979
Res. for contingencies, &c._
Oklahoma Contracting Cash on deposit tor bond &
share to the work included Williams Bros., Tulsa:
a20,398,333
1,538,199 $7 cum. pref. stock
Co., Tulsa; Hope Engineering Co., Mt. Vernon, Ohio; Sheehan Pipe Line
note interest, &c
4,168,576 $1 cum. panic. pref. stk. _ b41,359,890
Construction Co.. Tulsa, and A. M. Lockett & Co., New Orleans.
Notes & accts. receivable. _
70,774,950
stk
-year contract with producers Inventories
4,708,734 Subs. & anti. pref.
The Southern Natural Gas Corp. has a 20
c2,696,667
Corp. corn. stk
In the Monroe-Richland field to supply 150,000.000 cubic feet daily through Prepaid accts. & unexpited
8,490,609
world, is controlled by
Subs. & MM. corn. stk
851,875
its new line. This field, one of the largest in the
insut ance
5,802,011
Minority interests
such well known operating companies as Electric Bond & Share Co., Deferred exp. & charges In
Oil of N. J., Columbia Carbon Co., United Carbon Co., the
2,395,772 Standard Power & Lgt. Corp.
Standard
Process of amortization__ _
of surp.
Incl. Its proper,
Palmer Corp. and the Moody-Seagrave interests.
Unamortized debt discount &
of subs. & MM. cos. since
14,118,732
Birmingham and its environs will be served through the Birmingham Gas
expense
11,453,957
date of acquisition
Co. and the Industrial Gas Co., while Atlanta and near-by towns will be
Cap. surp. represented by
served through a subsidiary of the Central Public Service Corp.
book value over cost of
Completes Branch Line to Vicksburg, Miss.
Inter-co. owned bonds &
11,321,377
stocks
The corporation has completed its branch line to Vicksburg, Miss.
Cap.sur. ofsubs.& MM.cos. 4,053,133
which has a population of approximately 21,000, and is now supplying
arising tr omreval.of prop.
latter with natural gas, it was announced yesterday. The branch
the
-inch pipe, about 27 miles long, to Vicksburg was constructed in
line of 6
$430,218,753
Total
$430,218,753
Total
record time and connects with the corporation's main interstate transby 2.997,014
the Monroe and Richland gas fields in northmission line extending from
a Represented by 220,000 no par stock. b Represented
eastern Louisiana through Mississippi and Alabama to Atlanta. Ga. It is no par stock. c Represented by 440 000 no par stock.
companies
estimated that sales of natural gas to Vicksburg consumers will approximate
-This balance sheet does not include operated lessor
Note.
of said
-V. 129, p. 3801.
500,000,000 cubic feet annually.
of subsidiary and affiliated companies, none of the capital stocks
companies.
companies being owned by subsidiary, and affiliated 1929 were:
-Stock Increased-To lessor
Gas & Electric Co.
companies at Sept. 30
Standard
The outstanding securities of said lessor
of which
-Latter to Capital stocks $16.779,000, and bonds 56.659.500, certainp. 4141. are
Acquire Assets of Standard Power & Light Corp.
129.
stockholders of the Standard guaranteed as to dividends, principal and interest
-The
Become Holding Company.
Gas & Electric Co. and the Standard Power & Light Corp.
at special meetings held in Dover, Del., on Jan. 7 authorized
the increase of capital stock and other transactions submitted
to the meetings of the two companies as recommended by
their boards of directors. All matters presented to the
stockholders of Standard Power & Light Corp. by the directors were unanimously approved. Approval by the stockholders of the Standard Gas & Electric Co. of all matters
submitted was virtually unanimous, a minority of less than
1% of the stock dissenting.
-Earnings.
Union Water Service Co.(& Subs.).
Years Ended Nov. 30Operating revenues
Operation expense
Maintenance
Taxes (excluding Federal income tax)
1929.
$423,855
113.602
16,824
54,566
1928.
$400.695
109,760
• 17,445
48,436
Net earnings from operations
Other income
$238,863
54.906
$225,054
55,494
Gross corporate income
Interest on funded debt
-V. 129. P. 3966.
$293.768
146,520
$280,548
290
FINANCIAL CHRONICLE
United Gas Co.
-Earnings.
--
For the 12 months ended Nov. 30 1929, company reports
gross revenues of $14,006,589 and net operating income ofconsolidated
$8,318,498.
After deducting prior charges of controlled companies, priority common
stock interest after reserves but betore Federal tax and
ferred stock of parent company, the balance available dividends on prereserves, Federal tax and United Gas Co. common stockfor depreciation,
was $3.820,822.
Average common stock outstanding during the period was about
1,250,000
shares.
Earnings of Consolidated Gas Utilities Co. in which United
Gas Co.
recently acquired 51% of the voting trust certificates representing
class B
stock, are not included in this statement, nor are earnings from
a number
of recently completed developments of the parent company.
new pipe lines put in operation to San Antonio, Texas. 1hese include
and MonterrY,
Mexico
-V. 130. P. 138.
[VOL. 130.
Halliburton-Abbott Co. originally incorporated in 1906 as the ScottHalliburton Co.,is the leading department store in Tulsa. The old quarters
were found to be totally inadequate for their growing business, necessitating
the construction of their new building for increased
fixtures throughout. Several new departments are floor space and modern
being added
add materially to their already increasing volume of business. which will
This lease has been assigned to the trustee as additional security for
the loan.
Abitibi Power & Paper Co., Ltd.
-Listing.
-
The New York Stock Exchange has authorized the listing of an additional 100,000 shares of common stock (no par) on official notice of Issue
from time to time in exchange for a like number of shares without par
value of the common stock of Provincial Paper, Ltd., making the total
amount of common stock applied for 1,117,038 shares.
The company has agreed to purchase and acquire the entire issued and
United Rys. & Electric Co., Baltimore, Md.-Fare outstanding
common stock of Provincial Paper. Ltd., consisting of 100,000
Increase Upheld.
common shares, under an agreement with The Dominion Securities Corp.,
Ltd., of the City of Toronto, Ont., whereby The Dominion Securities
The U. S. Supreme Court, in an opinion handed
down by Justice George Corp.. Ltd., undertakes to deliver
Sutherland, on Jan. 6 upheld the right
at least 90,000 common shares of Profares. The increase gives the company aof this company to increase its vincial Paper, Ltd., and such additional common shares as it may be
flat 10
10 cents cash or 4 tokens for 35 cents, as ordered -cent rate in the place of able to obtain. The consideration for the purchase and acquisition of
by the Maryland Circuit the common shares is the allotment
Court of Appeals.
and issue to the holders thereof of
shares of the common stock of the company on the basis of one share of
Justices Louis D. Brandeis, Harlan F. Stone and Oliver
Wendell Holmes common stock of the company for each
dissented.
common share of Provincial Paper,
Ltd.
-V. 129. p. 1442.
The Court ruled that a return to the company of
worth of the property was not excessive, and that a 7.44% on the present
(J. D.) Adams Mfg. Co.
less would be confiscatory. The Maryland P. S. fare which would net
-Estimated Earnings.
The company, makers of road building machinery, will report earnings
the fares at 10 cents each or 4 tokens for 35 cents, Commission, in fixing
the return of 6.26%, which would thus be brought took the position that of around 34.25 per share for the year 1929, according to an estimate by
about, was adequate. President Roy E. Adams, and
Justice Sutherland. speaking for the majority of the Court,
current business is reported as excellent.
the case presented the simple question whether this return is so held that This compares with $4.07 per share for 1928.-V. 129, p. 3637.
inadequate
as to result in a deprivation of property in violation of
the due process
Addressograph Co.
-Debentures Called.
clause of the Fourteenth Amendment.
AU of the outstanding 5;4% serial gold debentures, dated Sept. 1 1927.
The majority opinion justified the return of 7.44% on several
including evidence submitted by the company, showing that grounds, have been called for payment March 1 next at the Harris Trust & Savings
upon the Bank, 115 West Monroe St., Chicago, Ill., at the
valuation fixed with allowance for depreciation calculated
following prices:
Debentures maturing Sept. 1 1930, at 100M and int.. debentures maturfares in 1920 to 1926, incl., the return was slightly more thanand upon the
5%.
ing March 1 and Sept. 1 of each of
In the dissenting opinion, which was written by Justice Brandies
'
and 1933, at 101 and int.; debentures the years 1931 and 1932 and March 1
concurred in by Justice Holmes, it was held that the depreciation
maturing Sept. 1 1933, March 1 and
should be calculated on the basis of the original cost of the property item Sept. 1 of each of the years 1934 and 1935 and March 1 1936, at 102 and
rather
debt ntures maturing Sept. 1 1936, March 1 1937 and Sept. 1 1937.
than on its present worth, as the company had done. It was also contended
int.•. and int.-V. 129, p. 2073.
at 103
that an item of $5,000.000 which the company put in as the value
of its
franchise was not properly figured in the valuation, as it cost the company
Affiliated Bond & Share Corp.
-Transfer Agent.
nothing.
-V. 129, p. 3168
The Bankers Trust Co. has been appointed transfer agent for the $3
cumul. cony. pref. stock, series A, common stock, class B stock and
United States Electric Power Corp.
-Transfers Holdings common stock purchase warrants.
in Standard Gas & Electric Co. in Exchangefor Standard Power
& Light Corp. Common Stock.
-See Standard Gas & Electric
Co. above.
-V. 129, p. 3474.
United Traction Co. of Albany, N. Y.
-Offer to Albany
Ry. Bondholders.
Associated Gas & Electric Securities Co. has forwarded
By.consolidated 5% bonds, due 1930, notice ofrevision holders of Albany
a turn-in price of 40 for the bonds for securities in theof its offer, allowing
Associated system.
The revised offer makes the turn-in allowance against the Associated
Gas
securities of 90% of the principal amount of Albany By. bonds for any
of
the following:
(a) In lieu ofcash on subscriptions to Associated Gas & Electric $8
interest
bearing allotment certificates at $120 each plus cost of necessary rights.
(b) $6 cumulative convertible preferred stock, series B of General
Gas &
Electric Corp. at $100 a share.
(c) Convertible debentures of Associated Gas & Electric Co. at
principal
amount.
-V.130, p. 138.
West Virginia Water Service Co.(& Subs.).
-Earnings.
Years Ended Nov. 30
1929.
x1928.
Operating revenues
$806,945
$769,435
Operation expense
302,822
300,869
Maintenance
39,645
43,470
Taxes (excluding Federal income tax)
88,857
80,198
Net earnings from operations
$375,621
$344,897
Other income
2,816
3,339
Gross corporate income
$378,437
$348,237
Interest on funded debt
175,750
x The year ended Nov. 30 1928 includes revenues and expensesof
properties prior to acquisition.
-V.129. p. 3966.
Airparts & Tool Corp.
-Initial Class B Dividend.
-
The directors have declared an initial dividend of 18U cents per share
on the class "B" stock, no par value, payable Jan. 20 to holders of record
Jan. 10.-V. 129, p. 3328.
Alaska Juneau Gold Mining Co.
-Earnings.
Period Ended Dec.31- 1929
-Month-1928.
1929-12 Mos.-1928.
Gross earnings
$254,500
$231,000 $3,456,500 $3,208.500
Net profit after int. &
Ebner Mine develop.
charges but before depreciat'n & Fed. tax
70,400
48.450
1,159,050
929.050
-V. 129, p. 3637.
Aluminum Co. of America.
-Tenders.
-
The Union Trust Co. of Pittsburgh, trustee, will until noon Jan. 24
receive bids for the sale to it of 5% s. f. debenture gold bonds to an amount
sufficient to exhaust $1,000,169 at a price not exceeding 105 and interest.
-V. 129, P. 3637.
Amarada Corporation.
-Brings in New Well.
-
This corporation and the Standard Oil Co. of Indiana (Dixie) have
completed the Fullerton Well No. 1 in the East Earlsboro pool of Oklahoma
which, on proration test flowed at the rate of 10.000 barrels of oil daily.
This well will be put on production in accordance with proration agreements.
-v. 130, p. 138.
American Cigar Co.
-Dividend Correction.
-
Due to a typographical error, the stock distribution made on Dec. 31
1926 was given as 23 1-3% In our issue of Jan. 4. This should have read
33 1-3%. See V. 130, p. 138.
American Colortype Co.
-Contract Closed.
-
President Edwin Lennox states that a contract has been signed with
"College Humor" for a period of three years whereby the company will
print all of the color work for this publication, which includes a four-page
cover and a number of colored inserts each Issue. This is in addition to
a number of other contracts recently renewed, including a long-term
INDUSTRIAL AND MISCELLANEOUS.
contract for all the color work of "Liberty Magazine."
The annual report is expected to be issued early In February. Mr.
Refined Sugar Prices Advanced.
Lennox expects that profits for 1929 will
-The following companies
advanced the price of refined sugar 5 points to 5.20c. a lb.:Jan. 9 each per share compared with $4.86 earned for be between $4.20 and $4.30
1928, the reduction in earnings
American,
Arbuckle, National, Pennsylvania, Revere and Spreckels.
being due to extraordinary expenses incurred during a strike last summer.
Garment Workers Strike.
-Workers in 84 garment factories in Cleveland Dividends are regularly being paid on the common stock at tho rate of
walked out after a general strike call had been issued.
$2.40 per annum.
that between 4,800 and 5,000 workers were affected. It was estimated
Mr. Lennox states that announcement is expected shortly of the signing
-N. Y. "Times"
Jan. 8, p. 21.
of some additional contracts.
-V. 129, p. 3328.
Matters Covered in "Chronicle" of Jan. 4.-(a) Wholesale trade
in NoAmerican Department Stores Corp.
vember as reported to Federal Reserve Board indicates
-Net Sales.
seasonal decrease. p. 21. (b) Federal Reserve Board's more than usual
1929
-Dec.
Increase.
-1928.
1920-12 Mos.-1928.
Increase.
survey of retail
trade in the United States
$76.0261610,823,480 $7.059,683 $3,763.797
-November sales 1% larger than same month $1,554,349 $1,478,323
last year, p. 22. (c) Wholesale trade in New York Federal
-V. 129, P. 3638, 3475.
Reserve District
below that of previous year, p. 24. (d) New automobile
American Depositor Corp.
-Record Cash Distributions.
changes, p. 31. (a) Motor and Equipment Associationmodels and price
reports slowing
In addition to the regular coupon distribution, which amounts to 7%,
up of manufacturing operations in automotive parts Industry as
year on the 410 par value corporate trust shares, the trust distributed extra
ends, p. 32. (f) Canadian firms retaining 1929 newsprint price
for first cash dividends totaling $1.26.3i, bringing the total cash distribution for
half of 1930. p. 32. (g) Cotton trade review and outlook by Gardiner
H. the year to $1.9634 per share. The extra distributions were a little more
Miller, President New York Cotton Exchange, p. 32. (h) Sugar
Exchange
in Liverpool formed-Opposition to new futures market voiced by London than 180% of the regular coupon rate. Distributions on corporate trust
shares accrue from 28 common stocks contained in the portfolio, of which
trade. p. 34. (i) Coffee trading on Exchange in 1929 exceeded
Over 2,500,000 bags, p. 34. (i) American investments abroad 1928 by there are four shares ofeach for every "unit" of 2,000 corporate trust shares
11,678,039,400, according to Max Winkler--Foreign financing in 1929 outstanding. Distributions also accrue from interest earnings on cash
during in the reserve fund. The corporation also granted rights
past year declines 22% compared with 1928, p. 42. (k) $60,000,000
to all sharecut voted in France, p. 44. (I) Outstanding brokers' loans on N. tax holders to purchase additional shares at 5% under the offering price during
-V. 129, v. 4142, 3803.
Stock Exchange drop to $3,989,510,273 Dec. 31, decline $27,088,496 Y. January.
in
month, p. 50. (m) Twenty-eight bank mergers involving 44
American District Telegraph Co. (N. J.).--Bonus to
institutions consummated during 1929, according to Gilbert New York
Elliott & Employees.
Co., p. 53. (n) Prices in 1929 at the N. Y. Stock Exchange, p. 67.
All
of this company and controlled companies have received
a 1929 bonus of 72% of their monthly salary, through the employee par(The) Abbott Co., Tulsa, Okla.
-Bonds Offered.
-First ticipation plan, according to President Clarence C. Johnson. This is the
National Co., St. Louis, recently offered at par and int. sixth consecutive year that the plan has been in effect, and the bonus is
one of the largest ever distributed.
8500,000 1st mtge. fee & leasehold 6% serial gold bonds.
The 1929 bonus brings the total amount of money distributed to emDate May 1 1929: due serially (M. & N.) from Nov. 1 1930 to May 1
ployees in this manner to almost $1,000,000. "More than 2,500 employees
1939. Principal and int.(M.& N.) payable at Mississippi
State Trust Co., St. Louis, Mo. Mississippi Valley Vatley-Merchants of the company will benefit from the award," Mr. Johnson stated. The
Merchants-State
Trust Co. and Orville Grove, trustees. Call, on any int. date on 60 days' American District Telegraph Co. operates burglar alarm and fire protection systems in many large cities of the country, he explained.
notice at 102 and int.
-V. 128.
Security.
-Bonds are a direct obligation of The Abbott Co., and are p. 2633.
secured by a first closed mortgage upon fee,leasehold and Abbott Building
American London & Empire Corp.
-Income Statement.
in Tulsa, Okla.
Income Statement-Jan. Ito Nov. 30 1929.
The improvements consist of a new 7
-story and basement and
basement department store building of structual steel and concrete sub- Profit, exclusive of reserve for market fluctuation, Jan 1 to
conSept. 30 1929
struction covering the entire ground area (14,000 square feet) with exterior
$796,744
Loss Oct. 1 to Nov. 30 1929
walls on the two street elevations faced with terra cotta, the other
533,420
being of brick. The building contains approximately 2,024,042 elevations
cubic feet
Balance, profit
and approximately 112.000 square feet of floor space. These improvements
$263,324
Preferred dividends paid
were completed in December 1929.
222,639
The fee, leasehold and building securing this mortgage have
been apBalance
praised at $987,000.
$40.685
Undivided profits Jan 1 1929
Rental Income.
-The entire building has been
159,547
Abbott Co. for a period of 20 years from Oct. 1 leased to the Halliburton- Reserve for market fluctuation
27,112
1929,
of $90,000. The lessee is to pay all operating costa and at an annual rental
maintenance of the
Total profit
building, the owner to pay taxes and insurance. The owners estimate
$227,344
that Deduct
-reserve for market fluctuation
the net annual revenue from this property,
1.500,000
taxes
insurance premiums, will be approximately after payment of times and
the
Deficit as of Nov.30 1929
greatest annual interest charge on this loan. $75,000, or 23
31,272,656
The balance sheet as of Nov.:30 1929 was given in V. 130.
p. 138.
291
FINANCIAL CHRONICLE
JAN. 11 1930.]
American Metal Co., Ltd.
-New President.
Dr. Otto Sussman, who has been Vice-President for the past 12 years,
was recently elected President to fill the vacancy caused by the retirement
of 0. M.Loeb on June 30 1929.-V. 129, P. 3013.
American Piano Co.
-Preferred Stockholders' Committee.
-
W.B.Armstrong,formerly Vice-President of the company,hasannounced
that a committee has been formed to protect the interests of the preferred
stock holders.
The committee of which Mr. Armstrong is Chairman,includes George G.
Foster, former Chairman of the company; Fred H. Gordon and Lee Richmond, of Rochester: and George Q. Chase, of Keeler & Chase, dealers for
the company in San Francisco. Walter A. Hall was appointed secretary and
counsel to the committee.
-V. 130. p. 138.
American Rolling Mill Co.
-Extends Rights.
The directors have voted to extend until June 1 the time in which the
stockholders may subscribe to 20%, additional stock at $104 a share. The
time had previously been extended to Feb. 15-V. 129, p. 2859.
American Salamandra Corp.
-To Exchange North Star
Insurance Co. Stock for 80,000 Shares of General Alliance Corp.
Surplus account follows: Surplus, Dec. 31 1928. $1,497,944; add,surplus
for limos,ended Nov.31 1929, after diva.,$617.467; total surplus,$2,115,411; deduct: Profit and loss adjustments for prior years (net). 253,927;
deprec. on appreciation of capital assets and adjustment of appreciation on
capital assets sold. $96,016; leaving surplus on Nov. 30 1929, 21,965,467.
The above for 1928 includes earnings of companies acquired from Jan. 1
1928, except La Mode Garment Co., Inc., which is included from July 1
1928: 1927 includes earnings of Modart Corset Co. from Aug. 1 1927: 1926
ncludes earnings of H. W.Gossart Co.(Del.)from Feb.8 1926,date incorP•
Comparative Consolidated Balance Sheet.
LiabilitiesNov.30'29. Dec. 31'28.
AssetsNov. 30'29. Dec.3128.
$3,800
Preferred stock
x Land, buildings,
$1,778,229 $2,403,087 Common stock _y$4,298,847 3,923,848
equity, &c
1,100,000 1,575,000
256,493 Funded debt
Cash
670,197
Notes payable
1,157,500 1,128,700
Notes and accounts
917,143
receivable
2,678.353 1,644,508 Accts. payable__ _ 783,346
66,733
3,690,525 4,472,713 Divs. payable _
Inventories
380
Prem.red. pfd.stk.
Advances
25,304
142.459
52,885 Accrued accounts_ 365,173
32,091
Prepaid expenses_
165.704
52,256 Taxes
163,342
Other assets
67,917
33,333
214,658 Other liabilities
Prepaid charges... 227,584
168,427
561,455 Conting. reserve.... 128,021
Good-will, &c___ _ 566,062
Surplus
1,965,467 1,497,944
The American Zalamandra Corp., an insurance holding and investment
company, has made arrangements for the exchange of the entire capital
Total
$9,831,687 $9,658,055
Total
89,831,687 89,658,055
stock of North Star Insurance Co., its wholly owned subsidiary, for 80,000
x After depreciation. y Represented by 207,500 no par shares.
shares of capital stock of General Alliance Corp. The General Alliance
stock to be received will bring to American Salamandra's portfolio 25% V. 129. p. 283.
of the General Alliance shares to be outstanding after the exchange. A
-Larger Dividend.
Arrow-Hart & Hegeman Electric Co.
special meeting of stockholders will be held on Jan. 17, to consider and
The company on Jan. 1 last paid a quarterly dividend of 75c, a share
vote upon the proposed exchange.
on the common stock and the regular quarterly dividend of $1.62;4 a
The North Star Insurance Co., which after the exchange will be wholly
owned by General Alliance,is a fire re-insurance company. General Alliance. share on the preferred stock, both to holders of record Dec. 16. This
which has heretofore operated in the casualty and surety re-insurance placed the common stock on a $3 annual basis compared with $2 previously.
field, will thus be enabled to extend its activities to the fire re-insurance -V. 128. P. 2094.
field. Likewise, the American Salamandar Corp., through its holdings of
Atlantic Ice & Coal Co., Atlanta, Ga.-Sale.General Alliance stock, will participate in profits from casualty and surety
See American Electric Power Corp. under "Public Utilities" above.
as well as fire underwriting.
-V. 129. P. 2075.
V. 129, p. 3639.
American Surety Co.
-Results for 1929.
-Correction.
Autosales Corp.
Recording a year of the largest volume of business in its history, the
In recent announcement of the election of directors of this corporation,
company reports a total of net premiums in 1929 of 210,060,000. During
-P. Murphy
-P. Murphy was elected to the board and not G. M.
the year the lines written by the company were increased by the addition Edward M.
as stated. See V. 130, p. 139.
of automobile, workmen's compensation and other important forms of
liability.
-Earnings.
Backstay Welt Co.
From the business written and from its investments, company realized
Consolidated net income of the company for the 10 months ended Oct.
an income of $2,018,930, and profit on and appreciation of securities
after charges and Federal taxes, equal after 4%
amounted to $318,187. Total net income from these two items was 31 1929 totaled $311,928
preferred dividend requirements to $3.85 a share on 79,876 no par common
$2,337,117. Disbursements from this net income included $1,500,000 in shares.
-V. 129, p. 3639.
dividends, $3 a share being paid on 200,000 shares during the first six
months of the year, and $3 a share being paid on 300.000 shares during
-Extra Dividend.
Baltimore American Insurance Co.
the last six months, at the rate of $6 annually. Surplus and undivided
The directors have declared the regular semi-annual dividend of 30 cents
profits now total $8,329,930.
a share and an extra dividend of 60 cents a share, both payable Jan. 15 to
Comparative Balance Sheet December 31.
holders of record Jan. 8. Like amounts were paid on July 15 last.
M. L. Jacobs has been elected a director to succeed R. B. Alderoftt,
1929.
1928.
1929.
1928.
resigned, and H. V. Smith a director to succeed C. A. Ludlum, resigned.
$
AssetsReal estate
7,500,000 5,000,000 V. 129, p. 800.
8,408,069 8,539,225 Capital stock
U. S. bondsSur. undiv. prof. 8,329,931 6.027,831
&
-No Action on Dividends.
{5,752,560
Bankers Capital Corp.
Other bonds
Res.tmearn. prem. 7,047,470 6,944,386
The directors on Dec. 30 took no action on either the pref. or common
Stocks
11,289,880 4,445,787 Res.canting.claim 4,210,704 3,7.85,094
Cash
.551,902 1,173,725 Exp. & tax reserve 1,111,997 1,110,725 dividends due at this time. See also V. 129. p. 3968, 3170, 3014.
100,000
Premium in course
Volunt'y spec. res_ 1,500,000
-Extra Dividend.Bauer Bros. Co., pringfield, Ohio.
450,000
of collection
2,154,424 2,108,031 Res. outst. prem__ 400,000
An extra dividend of 1.6c. per share was paid in December last on the
Aeon int. & rents_
210.237
88,559
98,467 Accts. pay., dm- 245,313
-V. 113, p. 1678.
no par capital stock, it was recently stated.
Relnsur. & other
accts. receivable 102,020
57.660
Tot.(each side)_30,345,415 23,628,273
-To Take
Berkshire Fine Spinning Associates, Inc.
-V. 129, P. 2860.
of
mug
Over Parker Mills by Exchange
$6,725,391 $6,784,630
Total
Total
$6,725,391 $6,784,630
.V.127,P.3707.
x After deducting reserve for depreciation of$2,336,443
-Earnings.
Anaconda Wire & Cable Co.
The company reports for the quarter ended Sept. 30 1929, earnings of
$572,844 after deducting all expenses, including selling and administrative,
repairs, depreciation and estimated taxes. These earnings are equivalent
-V.129, P.
to $1.38 per share on the 411,672 shares of stock outstanding.
2860.
-New Plant.
Anglo-Chilean Consol. Nitrate Corp.
The corporation has completed the erection of a unit at its Maria Elena
nitrate plant for the recovery of iodine as a by-product. Chilean nitrate
ores contain considerable quantities of iodine, it is stated. Operation of
the new unit will increase substantially the earning capacity of the company.
-V. 129, P. 3170.
Art Metal Works, Inc.
-Corrects 1928 Report.
Attention has been called to the fact that the annual report for the
year ended Dec. 31 1928 was incorrectly prepared in that gross profit
was stated, after depreciation, giving rise to the belief that no depreciation
had been charged before arriving at net income.
A copy of a letter to the company from Barrow, Wade, Guthrie & Co.
outlines the facts as follows:
"Before arriving at the amount of gross profit on sales aggregating
$1,760,501, as shown in the company's printed annual report, there was
deducted an amount of $28,840 in respect of depreciation on buildings,
machinery, punches, dies and molds and patents. The item of operating
expenses, shown under the above gross profit, includes a further amount
of depreciation aggregating $4,649, in respect of office furniture and fixtures
and automobiles, which makes a total depreciation charge for the year
of $33,488. This amount has been included in cost of sales or operating
expenses before arriving at the net profit of 21,040,241, as set forth in the
company's consolidated income statement for the year ended Dec.31 1928."
V. 130, p. 139.
-Earnings.
-Associated Apparel Industries, Inc.
Years Ended Dec. 31
11 Mos.End.
PeriodNet income
Other income
1928.
$980,534
338,523
1927.
$623,648
95.213
1926.
$576,966
80,633
Total income
Interest
Depreciation
Income taxes
21,677,791 $1,319,057
\
151,150
176,732
136,044
110,366
118,476
165,729
$718,861
43,511
71,457
67,897
$657,599
15,273
70,323
61,414
Net profit
Dividends paid
91.224,964
Nov. 30 '29.
$1,509,922
167,869
Balance, surplus_ ___ _
Ohs,corn.stk. outstand'g
Earnings per share after
preferred dividends....
607,497
$913,388
599,997
$535,995
399,998
$510,589
391,664
$617,467
207,500
2313,391
200,000
$135,997
100,000
$118,925
100,000
$5.90
$4.41
$4.94
24.86
Securities.
-
-V. 130. p. 139.
See Parker Mills below.
American Vitrified Products Co.
Years End. Oct.311926.
1927.
1929.
1928.
Net sales
$3,765,519 23,600,488
Not Available.
Net profits for year after
depreciation, but before
Federal taxes
332,985
276,696
$270,747
$258,662
Net credits to surplus
after dividends
16,983 def.53,440
17,525
2,249
Profit and loss surplus
1,402,930
1,419,914
1,440,446
1,416.934
Comparative Balance Sheet Oct. 31.
Assets1928.
1929.
1929.
1928.
LiabilitiesFixed assets
x$4,604,828 $4,576,756 Preferred stock -$1,315,900 $1,359,900
Inv. in assoc. co__
143,224
165,295 Common stock- 3,500,000 3,500,000
Sundry invest_ -__
250,000
42,763
17,090 Notes payable____ 225,000
Inventory
86,406
92,307
999,362 1,064,215 Accts. payable_ .._
Notes & accts. rec_ 504,287
20,548
24,836
534,075 Prov.for Fed.tax_
114,060
116,853
Accts. other co.'s_ 350,002
387,814 Accruals
23,028
23,798
Cash
56,896
18,085 Prof. stock dim
1,440,447 1,416,934
Deferred charges
24,026
21,298 Surplus
-1929 Gross Sales Up 53%.Berland Shoe Stores, Inc.
Increase.
Increase. I 1929-12 Mos.-1928.
1929-Dec.
-1928.
$1,377,041
$415.721
$294,928
-V. 129. p. 3803.
$120,7931$3,964,637
$2,587,596
-Sales Increase.
(H. C.) Bohack Co.
1929-11 Mos.-1928.
-1928.
Period End. Dec. 31- 1929-5 Wks.
$2,994,465 $2,736,820 $26,536,484 523.580,290
Sales
-V. 129. p. 3969, 3639.
-Listing.
Borden Co.
The New York Stock Exchange has authorized the listing of (1) 10,815
additional shares of capital stock (par $25) on official notice of issuance,
in connection with the acquisition of the entire assets and the businesses
of the Mitchell Dairy Co. and The Hall Ice Cream Co., Inc.; and (2) not
exceeding 111,201 additional shares of capital stock on official notice of
Issuance, as a 3% stock dividend.
Pursuant to resolutions adopted by directors, the company has been
authorized to effect certain purchases and to issue additional shares of its
capital stock as follows:
8,240 shares and the assumption of all liabilities, except liability for
capital stock and certain tax liabilities, in payment for the entire assets
and business of The Mitchell Dairy Co.
2.575 shares and the assumption of all liabilities, except liability for
capital stock and certain tax liabilities, in payment for the entire assets
and business of The Hall Ice Cream Co., Inc.(N. Y.)•
Pro Forma Consolidated Balance Sheet Dec. 31 1928.
Liabilities
Assets$1,511,444
Property, plant dr equipml.x$97,454,407 Mortgages
14,408,834 Notes & accts. payable ___ 26.373,290
Cash
2.016,020
18,410,586 Income taxes (estimated) _ Receivables
3,690,364
11,294,487 Other current items
Marketable securities
119,823
24,084,057 Deferred credits
Inventories
93,277,350
Capital stock
Prepaid items and miscell.
1,119,051 Reserve for insurance. conassets
16,469,524
tingencies, &c
Trade marks, patents and
30,313 609
7,000,000 Surplus
good will
$173,771,423
Total
$173,771,423
Total
x Values are based on cost or on field surveys by company's engineers.
independent appraisals, with subsequent
supplemented where necessary by
additions at cost; less mortgage on Madison Avenue Office Building property of 21,400,000 and reserve for depreciation.
The above balance sheet is after giving effect to the acquisition of the
Properties and businesses of Standard Creameries, Inc. on basis of figures
as of Sept. 30 1928; Walker-Gordon Laboratory Co.; The Purity Ice Cream
& Dairy Co.; Dairy Dale Co.; Sharpless-Hendler Ice Cream Co.; Springfield Dairy Products Co.; A. I. Barber & Co.; Averill Dairy Co.; Plainfield Milk & Cream Co.; Bergen's Dairy Co.; Peerless Creamery Co.;
Mutual Dairy Association; Galloway-West Co.; Hosier Ice Cream Co..
Inc.; Trojan Ice Cream Corp.; Central Distributors, Inc.; Castanea Dairy
Co.; Hasselbeck Cheese Co.; Red Wing Corp. Co., and Adirondack Dairy
Corp., on basis of figures as of Dec. 31 1928; Hammond Dairy Co.; Terre
Haute Pure Milk & Ice Cream Co. and Logan Square Dairy Co.. on basis
as of Feb. 28 1929: Central Dairy Products Corp.; Handler Creamery
Co.; Casein Co. of America; S. Caulfield & Sons, Ltd.; Caulfields' Dairy.
Ltd., and Irving Park Dairy Co. on basis of figures as of March 31 1929;
Heights Dairy on basis of figures as
Des Plaines Dairy Co. and Arlington
of April 30 1929; Maricopa Creamery Co. and Monroe Cheese Co., on
of May 31 1929; certain assets and business of Oregon
basis of figures as
Milk Co., on basis of figures as of June 1 1929; Rascher Dairy Co. and
Absopure Ice Cream Co., on basis of figures as of June 30 1929; Benson
Dairy Co.; C. Carlsen Dairy Co.; Winnetka Sanitary Dairy Co. and
Hohlfelder Dairy Co., on basis of figures as of July 31 1929, and to the
appropriation to reserve account of the net capital surplus arising from the
above transactions offsetting purchased good will against acquired surplus.
The net assets acquired from the afore-mentioned companies include certain property valuations based on appraisals partially completed and are
subject to audit of books of the companies now in progress -V.130, p. 139.
-Sub. Co. Receives Orders.
Borg-Warner Corp.
President C. S. Davis announces that the Warner Gear Co., a division
of the corporation has received orders to fill the transmission requirements
292
FINANCIAL CHRONICLE
of the Austin automobile, a British light car, which is to
In this country by a company recently organized here. be manufactured
Clutches for the
Austin car will be manufactured by another subsidiary, Mr. Davis said.
-V. 129, P. 4143.
[Vol.. 130.
Data from Letter of Pres. Frank S. Cunningham Dec. SO.
Business.
-Butler Bros. was founded in 1877.
chiefly of the wholesaling of general merchandiseIts business consists
through a chain of distributing houses, extending fromto merchants only.
Coast to Coast
Boss Manufacturing Co.(& Subs.).-Bal. Sheet Nov.30. located in New York, Chicago, St. Louis, Minneapolis, Dallas and and
Francisco, with sales offices in other important trading centers of San
Assetsthe
1929.
1928.
Liabilities1929.
1928.
United States. Company operates 76 departments of general merchandise,
Plant & equip___a$1.292,294 $510,924 Common stock_ _33,250,000 $2,500,000 comprising
approximately 30,000 items, including dry goods, clothing,
Cash
373,419
360.788 Preferred stock... 750,000
750,000 hardware, tinware, toys, glassware, crockery,
Demand ins. & int. 400,169
automobile accessories and
300,479 Accounts payable_ 127,709
18,234 tires, jewelry, &c. Sales are made through
the medium of monthly cataReceivle (less res.) 1,151,005
835,951 Notes payable ___
.
6,500
logues, principally to general and variety stores, including dry goods
Cash surrender val.
and
Accrued wages- - 34,017
15,466 department stores in small towns throughout
of 1n.sur. policies
the United States. The
57,440
187,765 Tax reserve
72,898
87,506 number of customers is in excess of 200.000
independent merchants.
Inventories
2,324.186 2,360,793 Res, for conting's. 100,000
100,000
American IVholesale Corp.: This company, which was acquired by
Investments
26,740
4,100 Profit & loss sum- 1,316,978 1,118,405 Butler Bros. on Jan. 11930, is the
largest wholesale
Deferred charges.32,850
28,810
serving the territory south of Philadelphia and easthouse in the Southeast
of Ohio and handling
a complete line of general merchandise; sales for
Total
1928 amounted to $22.$5,658,103 $4,589,611
Total
$5,658,103 $4,589,611 866,000. Its selling is effected through a
monthly net price catalogue.
a After deducting $1,244,428 depreciation.
IM plant is located at Baltimore and this acquisition will complete
a group
Peter A. Waller, President, says in part:
of seven wholesale houses.
We call attention of the stockholders to the fact that in addition to the
During 1929 the retail division of merchandising was undertaken through
regular cash div. of 7% on the pref. stock and of 10% on the com, stock, a the organization of a wholly owned
20% stock div. was distributed to the holders of corn, stock on Nov. 15, operates variety stores specializing subsidiary, Scott Stores, Inc., which
and in addition to this, 2,500 shares of com. stock were offered to the stock- in towns which are not served in goods retailing from five cents to 31,
through the wholesale division. Our
holders at a price of $165 per share and were promptly subscribed.
merchandising, warehousing and operating organization which supplies
The latter part of the year the company instituted a program of expansion goods for the chain of wholesale houses effectively
serves the retail chain of
from which it expects to derive a great deal of benefit. The stockholders Scott Stores. Forty-two such stores are now in
operation and it is expected
voted to authorize an increase of the corn, stock to $5,000,000, of which that 80 additional stores will be opened during
the coming year. Our
there is outstanding 33.250.000. Preferred stock already authorized was exoanbsyi
ro
orgrazatio of nag divisionrwil1
ba the r
will
de
m n
furtheroresvch. during
augmented
$1,250.000. of which $500,000 has been retired, leaving outstanding
the
department
will sell
3750,000.-V. 129. p. 2540.
exclusively popular priced women's, missespand children's' ready-to-wear
clothing; men's clothing, shoes and comprehensive assortment of notions
Bourne Mills, Fall River.-Ma7 Liquidate.and fancy goods.
The stockholders, at an adjourned meeting held on Dec.5,voted authority
Earnings.
-Net earnings after all charges
to their directors to liquidate the company's holdings, providing such before Federal income taxes for the eight year including depreciation but
period, 1922 to 1929, incl.,
action was deemed advisable by the board.
were as follows:
The directors' statement to the stockholders in part said:
1922
$2,581,587 1927
$3,162,237
"The directors arc presented with a problem, therefore, which requires 1923
3.649,801 1928
2,487,162
most careful consideration, and the solutions available in their opinion are: 1924
3.127,437 1929 (est.)
2,000,000
(1) To liquidate the property and distribute the proceeds after payment 1925
3,819,842
of debts; or (2) to sell. or exchange the assets of the corporation as a whole 1926
3,194,055
Average
$3,002,765
for stock or cash; or (3) to reopen the plant when market conditions warrant
Average net earnings for the eight year period 1922
incl.
and endeavor to manufacture merchandise salable at a_profit. This all charges including depreciation but before Federal to 1929, taxes after
income
'
last solution is the one the directors hope to be able to effect. They naturally $3.002,765. The maximum annual interest requirements of this issuewere
will
would prefer to carry on and bring the investment back to a dividend- be $375,000. Such net earnings for the year 1929 are conservatively
paying basis. They are faced, however, with the expenditure of con- estimated at $2,000,000, after making provision for
siderable sums of money, to say nothing of conditions which may change recurring expenses expended in the foundation of the extraordinary nonnew retail division
from day to day. What may appear to be sound policy now may seem and the operation of the new San Francisco house. These net earnings
a week from to-day to have been foolish. For this reason, they have asked do not include earnings of the American Wholesale Corp. which for the
the stockholders to place the whole matter In their hands with full powers same period, have averaged $1.247,251 annually. Cash dividends have
to take such action as they shall deem advisable. They will not liquidate been paid on the capital stock of Butler Bros. without interruption for the
the mill until they have in their opinion ascertained the possibilities of past 42 years.
profitable operation. But, it may well be that unless full powers are
-Proceeds of this financing will provide
Purpose.
for the regiven them, opportunities of the best remedy will slip by awaiting the tirement of current indebtedness, for the expansion in part retail store
of the
calling of a stockholders' meeting. This meeting now convened was division and for other corporate purposes.
called Nov. 9, an example of the difficulties of negotiation in times when
Financial Statement Nov. 30 1929 (Giving Effect to this Financing).
parties are impatient of delay. The directors wish to conserve every asset
Assets
LtaAttiesand know full well the history of other mills in this city whose assets have
$1,363,224 Accounts payable
Cash
$1,338,713
vanished waiting for the tide to turn."
-V. 129, p. 3171.
Accounts receivable
14,777,702 Bills payaole
2,225,000
Merchandise
13,343.269 Reseves for taxes, ke
664.863
Broadway Department Store, Inc.
-Earnings.135,184 5% serial gold debentures...7,500,000
Supplies
Years Ended Oct. 31Prepaid int. & insurance_ _ _.
184,096 Real estate loan on St. Louis
1929.
1928.
Sales
$18,983,873 $19,491.468 Investments
214,964
plant
960,000
Cost of goods sold, selling operating and adminisDeferred charges
843,179 Cap. stk.
tration expenses, less miscellaneous earnings_ _ 18,135.709 18.618.599 Deferred retail chain de vel. exp 238,784 Surplus (auth. $3),000,000) 22,762,200
7,199,406
Interest on 15
-year 6% sinking fund debentures- 156,098
707,452
163,362 Improve. to leased prop., &c
Provision for Federal income tax
68,500
93.836 Real estate, fix. &equip.,&e_ 9,729.486
Employees stock sales fund..
689,928
Surplus
$623,566
372.914
$615,671 Employees pension fund__
Total(each side)
$42,650,182
Previous surplus
969,832
653,783
To Decrease Dividend.
111 Total surplus
Beginning with the payment due Feb. 15, the annual dividend rate on
$1.593,398 $1.269,453
Extraordinary expenses
142,009
the capital stock will be reduced from $2 to $1.20 per share it was announced
Dividends on 7% cum. 1st pref. stock
181,997
195,408 by President Frank S. Cunningham, who stated that in view of the comDividends on 7% non-cum. 2nd pref. stock
105,000
104.212 pany's expansion program, the directors believe that it is in the Interest of
the company to put more earnings back into the business and to pay out
Balance, per balance sheet
$1,164,393
$969.832 a smaller amount in dividends.
-V. 129. P. 3015.
Earnings per share on 116.461 common shares-- x$5.36
$5.28
(A. M.) Byers Co.
-Earnings.
z Before allowing for extraord. charges of $142.009 for store alterations.
[Including operations of Orient Coal & Coke Co.]
President Malcolm McNaghten says in part:
Years End. Sept. 30-1929.
1928.
1927.
1926.
Against this year's profits there has been charged $142,009, represent- Sales (net)
$10.154,843 $10,606,362 311,415,945 $11,843,061
ing extraordinary expenses incurred in connection with the refixturing and Cost of sales
6,851,721
8,309,275
7,384,622 8,131,986
altering of the store, leaving a balance of $481,557 available for dividends.
The cost of the changes amounted to $925,232 and of this sum $783,223
Gross mfg. profit.. 33.303,122 $3,221,740 $3,283,958 $3,533,786
was capitalized.
Other income
623,741
137,597
104,612
275.816
Balance Sheet October 31.
1929.
Total income
1928.
$3,926,863 $3,497,556 $3,388,570 $3,671,383
1929.
1928.
Assets
Admin.,gen.& sell. exP- 1,022,960
LiabUilies$
800,506
850.894
922.092
Cash
785,889 1.178,034 Acets. payable.. _ 1,324,350 1,130,898 Exper.,spec. chges., &c93,416
178,350
Short term secur
525,056
300,821 Reserve for taxes_
68,500
658,025
660,124
98,783 Prov. for deprec., &c- 654,456
852.443
Accounts reeelv_ _x1,634.836 1,839,297 Other current nab_ 278,399
276.298 Prov. for conting. & Idle
Merchandise
3,238,324 3,319,855 ISliseell. reserves__
time
32,882
143,560
68,034
19,315
Bidgs. & equip, on
Int.,disc.& exp. of bonds
15-year6% sinking
279.831
47,826
leased land,store
fund debs
2,621,500 2,753,000 Federal income taxes_ _ _
268,681
228,285
175,766
145,508
fixtures, deliv'y
7% cum. 1st pt stk 2,718,000 2,815.300 Special charges
.
36,006
equipment. dte_y4,111,327 3,493.006 7% non-cum. 2nd
assets... _ 209,937
Net profit
245,602
1,500,000 1.500,000
pref. stock
31,977.197 $1,577,513 $1.377,237 $1,465,673
Deferred charges__ 352,258
317,396 Common stork _ _ _z1.130,584 1,130,584 Preferred dividends. _ _ _
429,130
308,971
425,526
428,858
Surplus
1,164,393
969,832
Surplus
$1,548,067 $1,148,655
$951,711 $1,156,702
Total
10,838.607 10,694,011
10,838,607 10,694.011 Previous surplus
Total
3,839,351
1,816,351
3,375.045
2,814,355
x After reserve of $80,655. y After depreciation of $576,507; no value
Total surplus
35,387.418 $4,523,700 $3,766,066 $2,973,053
included for leases. z Represented by 116,641 no par shares.
-V.128, p.562. Prem. &
unamort. disc.
& exp. of bonds retired
391,019
Brockway Motor Truck Corp.
-Omits Common Div.
- Profit & loss charges_ _ _ _ x168,964 y684,349
158,698
The directors have voted to omit the quarterly dividend ordinarily payable about Feb. 1 on the common stock, no par value. From May 1 1928
Profit & loss
and including Nov. 1 1929 quarterly disbursements of 75 cents per share Ms. Qom. out. surplus.- $5,218,454 $3,839,351 33,375,045 $2,814,355
to
(no par)_
266,635
199,310
150,000
199.340
-r.129, P. 1744.
were made.
Earns. per share on com$5.81
$5.76
$7.71
$4.77
x Applicable to prior year in respect to delivery of common stock under
Bunker Hill 8z Sullivan Mining & Concentrating Co. contract. y Loss on abandonment of Gerard
blast furnace and Pittsburgh
-Extra Dividend to be Reduced.
puddle mill.
The stockholders are in receipt of the following notice signed by President
Comparative Balance Sheet Sept. 30.
F. W. Bradley:
1929.
1928.
1029.
1928.
"At the present depressed prices for metals particularly zinc and silver,
AssetshtabtlIttes$
the company is not earning sufficient surplus to warrant paying its regular land,b1dgs..mach•
7% pref. stork_ _ __ 6,124,400 6.108,800
and two extra monthly dividends in addition to paying for all new developequipemtn_ _110,943,184 7.775,891 Common stock_ __y2.666,350 4.222,680
ment and construction work it now has under way. Therefore, in ac- Good-will
1
1 Cap.sur.. I ncl.our.
cordance with its past dividend policy, the board of directors has decided Invest. In sub_
500,000
500,000
arising from apthat beginning with the dividend payable on Feb. 5 next one of the two Pref. stock purch.
praisal of prop.. 2,673,884 2,673,884
extra monthly dividends of 25c. per share be discontinued until further
for employees..
24,202 Accounts payable_ 1,412,575
308,204
notice."
Inventories
2 854,057 2.141,780 Acer. gen. tax St
Dividends have been paid monthly at the annual rate of $3 regular and Adv. pay, on ore
177,187
expenses
171,420
$6 extra.
-V. 129, p. 3639.
contracts
13,713 Accrued cure. Fed.
1,125,481 1,040,327
Accts. & notes
taxes
168,062
Butler Brothers, Chicago.
-Debentures Offered.-Halsey, Investments roe_ 2,959.626 3,613,212 Prof. dlv. payable_ 268,681 106,904
107,177
2.400,009 Reserves
Stuart & Co. Inc., First Union Trust & Savings Bank and Cash on time dep.
738,821
749,451
Cash in banks, &e. 310.882
554,490 Surplus
5,218,454 3,839,351
First Chicago Corp., Chicago, are offering $7,500,000 5% Call loans
7,800,000
Paid-in surplus. 8,131,000
serial gold debentures at prices ranging from 92.50 and int. Patents
931.818
to 99.41 and int., to yield from 5.30 to 5.75%, according to Deferred Charges._ 93.480 285,140 Tot.(each side) _27.518,529 18.348,756
x After deducting reserve for depreciation and depletion. y Reprematurity.
sented by 266,635 shares of no par value.
-V. 129, p. 3804.
Dated Dec. 15 1929; due serially Feb. 1 1932-1945. Principal and int.
Camden Fire Insurance Co.
-Larger Quarterly Div.
(F. & A.) payable at First Union Trust & Saving's Bank, Chicago, trustee.
The directors have declared a quarterly dividend of 25c. a share, payable
First interest coupon for 73 months payable Aug. 1 1930. denom. Feb. 1 to holders of record Jan. 17.
-An extra of 20c. a share and a regular
$1.000 and $500c5 Callable all or part, on any int, date upon 30 days' quarterly dividend of 20c.a share were paid on
Nov.1 last -V.129. p.2390.
notice at 102) and int, on or before Feb. 1 1933; at 102 and int. after
Feb. 1 1933 and on or before Feb. 1 1935; at 101A and int. after Feb. 1
Canada Dry Ginger Ale, Inc.
-Option Extended.
1935 and on or before Feb. 1 1940; at 101 and int. after Feb. 1
and on
Tills corporation, which on
informal discussions
or before Aug. 1 1944. Interest payable without deduction 1940Federal with the 'White Rock MineralJan. 8 officially admittedpossible combination
for
Springs Co.regarding a
normal income taxes not in excess of 2%.
of the two companies, on Jan. 9 confirmed the fact that its option on the
FINANCIAL C
JAN. 11 1930.)
ck of the Campfire Corp., obtained last year. had been extended for a
Lod of another year. The Campfire Corp. manufactures marshmallows.
V. 130, P. 139.
-25c. Extra Dividend.
Capital Management Corp.
The directors have declared an extra dividend of 25c. per share and the
• lar quarterly dividend of 25c. a share, both payable Feb. 1 to holders
record Jan. 21. An extra distribution of $1 a share was made on Aug. 1
.-V. 129. P. 636.
-Earnings.
Caracas Sugar Co.
Years Ended Sept. 30et earnings from sales ofsugar & molasses
perating cost
terest & discount (net)
djustments for previous periods
rganization expense, proportion written off
djustment of cost of materials on hand
ccounts receivable, written off
epreciation on machinery & equipment
Net loss for period
efic.it at beginning of period
eserve for adv. to planters doubtful of collection_
°predation of old cane fields
1928.
1929.
$1,334,906 $1,385,974
1,358,901
1,260,581
168,879
155,293
610
5,652
4,185
4,185
5,305
Cr.37
996
145
49,473
$129.081
1,960,939
Cr.708
10,476
$141,682
1,801,170
18,087
$2,099,788 $1,960,939
Deficit at Sept. 30
Comparative Balance Sheet Sept. 30.
1928.
Liabilities1929.
1929.
1928.
Assetsotal fixed aasets.$5,327,430 85,356,750 7% cum. pref.stk.62,000,000 62,000,000
.
75,325
79,510 Common stock_ -1 b900,211 11.000,000
rganisation exp.
.
I a39.061
Capital surplus _ _ J
ock in Compacts
1,953,203 2,075,588
Bank loans
Exportadora do
081,354
Other notes pay'le_ 975,468
Ammar de Cuba,
25,204
31.291
1,900
1,900 Int. & rents accr
S. A
48
4
24,140
72,299 Planters' ac •ts.pay
,
st mtge. on lands_
23,763
2'3,588 Merch. & current
Avestock
45.375
53.575
108,650
accts. payable._
Implies at cost __
101,251
6.248
105
op exp. account
52,871
67.023 Accounts payable_
64.854
60,358
paid expenses_
nilq. sugar & molasses, less adv_
78,157
ccts. receivable
49,427
54,372
4,850
otes receivable_
ash.
12.985
60,371
falters accts. ran
85,845
112,416
hinted & growing
Tot.(each side).15,913,857 16.172,879
cane
94.064
92,615
a Capital surplus obtained on conversion of common stock, 82.000,000
ess deficit account of $1,960,939. Arrived at as follows: b 100,000 shares
mmon stock par $10, $1,000,000: capital surplus obtained on conversion
fcommon stock $2,000,000:total $3,000.000:less deficit account $2,099,788
Blanca as above.
Note.
-Company holds, or has deposited in escrow, as guarantee for the
ulfilment of certain obligations, cash and securities amounting to $157,732.
V. 128, p. 405.
The directors have declared an extra dividend of 25c. a share and the
egular quarterly dividend of 75c. a share on the common stock, both
•ayable Feb. 1 to holders of record Jan. 20. Like amounts were paid in
ay, August and November last.
-V. 129, p.2541.
1928.
$1,070,281
-Anticipates a Return to Normal.Chrysler Corp.
\
In response to requests for his views of the business outlook for 1930,
Walter P. Chrysler. President and Chairman of the Board, authorized the
following:
Plans of this corporation for 1930 anticipate a return to normal production early in the year and a continuation of good business thereafter for the
balance of the period. Ample opportunity in the last two months to observe
the reaction from the stock market decline at least indicates that only a
relatively small percentage of the total buying power of the country was
adversely affected.
Meanwhile, business generally, especially automobile manufacture,
being rehas been cleaning house. Overloaded distributing facilities aregreat deal
lieved of the pressure of stocks on hand, and inventories will be a
lower by April 1. Production and merchandising of automobiles this year
promise to be on a more profitable basis for dealers and distributors as well
production
as manufacturers. More than ever before Chrysler Corp.'sboth dealers
this year will be based on retail sales to the public. Moreover, situation.
better equipped to handle the used car
and manufacturers will be
Notwithstanding the record output of automobiles in 1929, the market
for automobile production in 1930 promises to reach a very satisfactory
volume. With replacements alone estimated at more than 3,000,000 motor
new car
vehicles, certainly the normal growth of automobile users among to make
buyers, two-car families and exports should add sufficient volume
the total market for motor cars in 1930 compare favorably with any year In
the industry's history.
This view, however, does not take into account another most important
factor in the industry's progress and one which has always in the past enlarged automobile output. That is, engineering advances which are
steadily making individual transportation more economical, more efficient
and more desirable than ever before. This year. for instance. Chrysler
Corp. will produce for the first time in the industry's history eight-cylinder
cars in the low-price field, namely,in the Dodges and De Soto lines.
Nothing appears on the business horizon to change the forward-looking
course of the motor car industry or to lessen confidence in its future prosperity and increasing service to the public, if the manufacturer continues to
emphakeep his house in order and help the dealer to make money. Undue Yet exsis has been laid on this year's seasonal decline in production.50% durperience shows that production normally is only approximately
ing the winter months as compared with Jul. August and September.
Chrysler Corp. sold to the American public 16 more pasesnger cars during Sept., Oct. and Nov. this year than it produced during these months,
they
and stocks in dealers' hands on Dec. 28 were 27% less than were were
lower
Dec. 28 1928. Furthermore, stocks at the end of December
years except the year 1927. •
than at the same time in each of the last four
The stock market recession had so little effect on the sales of Chryslerbuilt cars that it would not be possible to tell, from the sales curve of the
Chrysler Corp., Just when the market break occurred.
the
Particularly significant as an indication of the financial stability of
American public is the fact that the three months'period up to the beginning
of December produced 11,000 new stockholders for the Chrysler Corp.
This was an increase of 44% and represented by a considerable margin the
largest number of stockholders acquired in any similar period since the
corporation came into existence. And the bulk of these have become share-V. 129, p. 3804.
holders since the market break.
(A. M.) Castle & Co.
-Extra Dividend.
-Sales.
Ce Co Manufacturing Co., Inc.
293
(JNICLE
Increase.
$1,021,093
-Earnings.
City Ice & Fuel Co.
11 Months Ended Nov.30--1929.
1928.
826.616,348 $22.649,879
Sales
4,847,982
5,766,927
Net profit after int., deprec. Federal taxes
oi
Earir
share on 1,120.770 shares com. stock
$3.63
$4.45
s)
ari)
; er
-V. 129. p. 3805.
-Initial Dividend.
Claggett Shares Corp.
The directors have declared an initial dividend of 50c. on the no Par
value capital stock, payable Feb. 1 to holders of record Jan. 20-V. 129,
P. 1746.
For the quarter ended Dec. 31 1929, earnings were equivalent to 73c. a
.
-Increased Oper. Capacity.
Central Alloy Steel Corp.
share.
The corporation has increased operations of its productive facilities
President Strabo V. Claggett in a letter to the stockholders. says: "The
about 70% of capacity compared with a low point of around 40% in earnings record during the quarter ended Dec.311929. was established deecember, Chairman F. J. Griffiths announced. Releases and new spite the fact that securities markets in that period, and particularly
ere for sheets and other material from the automobile industry have October and November, suffered the greatest shrinkage of values ever
•anded substantially since the first of the year.
witnessed in any similar space of time.
"For a long time previous to the decline we considered prices of reprewo important divisions of the company are running practically at
pacity, these being the auto body sheet mills at Massillon and the electric sentative open market securities to be out of line with intrinsic values and
company as a result the corporation's resources were not invested in highly inflated
nace and stainless steel departments at the Canton works. The
operating 15 of its 23 open hearth furnaces compared with six in the issues.
"The corporation is now in a position to consider the purchase of stocks
iddle of December.
This corporation will be a part of the Republic Steel Corp.. the new selling at attractive prices. Even at to-day's prices, however, all stocks
50,000,000 Midwest steel merger recently formed by the Continental are not attractive. The management considers careful discrimination to
be as important as ever, and believes that 1930 prespects rather than 1929
-V. 129, P• 3969.
hares-Eaton interests of Cleveland.
earnings will be the determining influence on the course of prices over the
next several months."
-V. 129. P• 1746.
-Initial Dividend.
Central Illinois Securities Corp.
The directors have declared an initial dividend of 41 2-3 cents per share
-New Director.n the $1.60 cumul. cony. pref. stock, no par value, payable Feb. 1 to
Cleveland Tractor Co.
olders of record Jan. 20. It consists of a regular quarterly dividend of
J. 0. Eaton, Chairman of the board of the Eaton Axle & Spring Co., has
714 cents and a special dividend of 4 1-16 cents covering the period from been elected a director.
ct. 21 to Nov. 1 (see V. 129, p. 2391).-V. 129, p. 3478.
Business of the company for the quarter ended Dec. 31, the first quarter
-V.129, p. 3805.
of the fiscal year, is reported as the best in its history.
Calendar Yearset sake
V. 129, v. 3640.
1929.
$2,091,374
-1930 Dividends.
Centrifugal Pipe Corp. of Del.
The directors have declared four quarterly dividends of 15c. each for
be entire year 1930. The dividends are payable Feb. 15, May 15. Aug. 15
nd Nov. 15 to holders of record Feb. 5, May 5, Aug. 5 and Nov. 5, repectively. Similar quarterly distributions were made during 1929.-V.
28. p. 2096.
-Receivership Sought.
Cessna Aircraft Co.
-Initial Dividend.
Clover Splint Coal Co., Inc.
The company on Dec. 20 paid to holders of8% cum. pref. stock of record
Dec. 15 an initial quarterly dividend of 2%. See also V. 129, p.3172. 3016.
-Earnings.Cockshutt Plow Co., Ltd.
11Mos.End. 12Mos.End.
Advice's from Wichita. Kan., say that the appointment of a receiver
Periodor the company has been asked in a suit filed in Sedgwick County District Operating profit, after depreciation
- Surplus from sale of Adams Wagon Co
urt by F. M. Munoz, a stockholder, who alleges mismanagement.
128. p. 3518.
Totalincome
Chapman Ice Cream Co.
-December Sales.
Provision for taxes, &c
Increase. Conversion payments
1929-December-1928. Increase.' 1929-12 Mos.-1928.
8177,792
8480.123
$26,297
$42,677
$657,915
316.3801
1928.
1929.
Calendar YearsNetincome
$53,572 Dividends
(est.)3120,000
et profits, before Federal taxes
V. 129, p. 3640.
Transferred to merchandise reserve
Chatham Phenix Allied Corp.
-Report.
The corporation, as of Dec. 31 shows a liquidating value of $49,987,586,
r approximately $24.99 a share, taking closing prices on that day. The
assets on the same date included $34.168.036 in cash and call loans and the
balance in dividend-paying stock of railroad, public utility and industrial
companies -V. 129, p. 3640.
-Output Increased.
Chevrolet Motor Co.
Surpassing its best previous achtvement by more than 150.000 cars, the
company in 1921) manufactured 1.350,000 cars and trucks. The Year was,
by a wide margin, the. greatest in Chevrolet history.
Although the first Chevrolet Six did not go onto the street until Jan. 1,
there were a million In owner operation early in August.
The monthly production mark was set in May when the Chevrolet
factories built 160,895 cars. A new high monthly record was established
In every month except January. Chevrolet's daily producdon average for
the year was 4,500 cars and trucks.
Production annually in recent years is shown in following table:
1,200,000
728.00011928
1924
e9
309.000tlA:126
1.350,000
1,001,00011929
1925
510,000 1927
from coast to coast, made
in strategic points
Sixteen factories, loca
ghe 1929 production showing possible. They are: the motor, sheet metal
ead assembly plants at Flint: the drop forge and gear and axle plants in
Detroit: the transmission plant at Toledo. Ohio; the small parts plant at
Bay City, Mich: the foundry at Saginaw, Mich.; the export plant at Bloomfield, N. J., and assembly plants in the following cities: Tarrytown. N. Y.
Buffalo, N. Y., St. Louts, Mo., Cincinnati, 0., Janesville, Wis., Kansas
city, Mo., Atlanta, Ga., and Oakland, Calif. ("Wall Street Journal.")
--V. 127, P. 1952.
-Sales Increase.
Childs Co., New York.
-1928.
-Dec.
1929
$2,407.100 $2.369,168
--V. 129. p. 4143.
Increase.
Increase.' 1929-12 Mos.-1928.
837,9321827.532.332 $26,379,261 $1,153,071
Balance
Brought forward
Nov. 30 '29. Dec. 31 '28.
$827,451
$875,859
142,043
$1.017,902
68,247
$827.451
54,936
x646,500
$949,655
324,675
100,000
$126.015
216,450
$524,980 def$90,434
570.352
479,917
$479,917
$1.004898
Profit and loss surplus
x Preference stock conversion payment under plan of capital arrangement.
Comparative Balance Sheet.
Nov.30'29. Dec.31'28.
Nov.30'29. Dec.31'28.
Liabilities
Assets54,616
622,198
24,505 Accts. payable_
Cash
112,223
89,915
Accts., receivable. 2,859,111 2,108,618 Bank loans
4,164,058 3,338,624 Unclaimed dim &
Inventories
238,258
28,624
diva. payable
35,078
26,509
PrePd. expenses..
65,000
80,8)0
50.200 1,045,750 Prov. for taxes...
Securities
Common stock_ _x11,465,000 11,465,000
674,071
Inv.in attil. cos.__ 773,267
2,500,000 2,400,000
7716,150 7.566,017 Reserve
Fixed assets
Profit & loss ac479,917
1,004,898
count
Tot.(each side)_15,701,521 14,792,708
par shares.
-V.130, p. 140.
x Represented by 288,600, no
-Dividend Rate Increased.
Columbian Carbon Co.
The directors have declared a quarterly dividend of 81.25 a share and the
usual extra dividend of 25c. a share, both payable Feb. 1 to holders of
voting trust certificates of record Jan. 20.
In each of the four quarters of 1929, the company paid a regular of $1 a
-V.129, p. 3330.
share and an extra of 254. a share.
--Sale.
Columbia Steel Corp., San Francisco.
Special meetings of the common stockholders have been called for Jan.
15 to authorize the sale of this company to the United States Steel Corp.
and on Jan. 27 to authorize the dissolution of the company. It is reported
-V
that 97% of the preferred stock has been deposited for redemption.
129. p. 2863.
294
FINANCIAL CHRONICLE
[VOL. 130.
Consolidated Steel Corp.
-Earnings.
-
Edison Brothers Stores, Inc.
-December Sales.
Increase.] 1929-12 Mos.-1928.
Increase.
Container Corp. of America.-Consol. Balance Sheet.-
Electric Power Associates, Inc.
-Report.
-
The company reports for the 10 months ended Oct. 31 net income of
1929
-December-1928.
$776,858 after all charges but before Federal taxes, equal after preferred $413,776
dividend requirements to $2.14 a share on the 241,617 common shares out- -V. 129, P. $324,726
3641.
standing.
-V. 130, P. 140.
Oct.31'29.
Assets$
Cash
654,221
Accts. & notes rec. 1,775,433
Inventories lower.. 1,892,681
Other assets
164,661
Deferred charges
636,207
Organization exp_
49,735
Real estate
2,781,307
Bldgs., mach. .St
equipment
18,553,119
Dec.31'28.
Oct. 31 '29. Dec.31'28.
Liabilities$
$
5
656.535 Accounts payable_ 760,873
594,695
1.028.026 Accrued wages__ 45,451
18,681
2,009,890 Reserve for taxes_ 303.469
228,802
267,510 Res. for conting__
81,622
116,554
907,225 Reserve for deprec. 2,728,241 2,103.216
49,735 Funded debt
9,523,000 9,997,000
2,781,307 7% cum. pref. stk. 1,990.000 2,000,000
Cl A com(820 par) 5,483,500 5,475,500
18,077,040 Cl. B corn (no par)x4,424,483 4,424,483
Earned surplus_.._ 1,166,725
818,356
Total
26.507,365 25,777,267
Total
26,507,365 25,777,269
x Represented by 588,289 shares (no par value.)
-V.130, p. 140.
Cuban Dominican Sugar Corp.
-To Reduce Stated
Capital Stock and Extinguish Deficit.
A special meeting of stockholders will be held on Jan. 20 to act on a
proposal to reduce the total amount of capital stock from 145,713,275 to
$40,000,000. The effect of this would be to realize for capital surplus
reserves 15,713,275, a part of which would be used to extinguish the deficit
now shown on the balance sheet of 1928,555, and set up a substantial
capital surplus.
As of Sept. 30 last, the outstanding capital stock, consisting of 1,142,833
no par shares, was carried at 145,713,275.-V. 129, P 4135.
Cutler-Hammer, Inc.
-Comparative Balance Sheet.AssetsJune 30'29. Dec. 31'28.
Accts. & notes rec.$1,387,919 $1,058,074
Marketable secur_ 244,883
416,688
Cash
1,309,473 1,467,389
Sundry accts. rec..
73,568
85,879
Inventory
2,327,185 1,731,437
Deferred charges to
289,485
operations
294,198
Investments
5,110
5,610
Invest. In subsid
207,089
Plant and propertyx1,878,817 1,859,914
Patents
316,759
327,657
Liabilities- June 3029. Dec. 31'28.
Accounts payable_ 1277,093 $268,754
State taxes & misc. 335,155
196,245
Fed.inc. taxes (est.) 150,000
200,000
Reserves
146,267
103,226
Common stock-- 2,750,000 2,750,000
Capital & earned
surplus
4,381,773 3,728,621
Total
$8,040,288 57.246,846
Total
$8,040,288 $7,246,846
x After depreciation of $3,024,160.-V. 130. p. 140.
Devonshire Investing Corp.
-Earnings.
Earnings for Period from Dec. 15 1928 to Sept. 30 1929.
Interest miscellaneous income
Cash dividends received
Profit, sale of securities after Federal taxes
Total income
Expenses
Taxes, incl. Federal tax on income
151,952
20,275
99,274
1171,501
$14,301
5,184
Balance
$152,015
Balance Sheet Sept. 30 1929.
Assets
LIabilitiesInvestment stocks
$1,121,538 Capital stock (34,000 no par shs)$850,000
Notes receivable (call loans)_ _ 600,000 Accounts payable
2,460
Cash
69.876 Dividends payable
17,000
Tax liability
18,689
Capital surplus
802,250
Total (each side)
$1,791,414 Earned surplus
101,015
-V.129, P. 1130; V. 128. p. 1913.
Dictaphone Corp.
-Larger Quarterly Cash Dividend-10%
in Stock Also Declared.
The directors have declared a 109" stock dividend on the common stock
and a regular quarterly dividend of 75c. a share on the common and
$2
on the pref. stock, all payable Mar. 1 to holders of record Feb. 14. Previously regular quarterly dividends of 50c. a share were paid. In addition
an extra dividend of 50c. a share was paid on the common stock on Dec.
1928 and on June 1 and Dec. 2 1929, while on Nov. 1 1929 and on June 1
1
1928stock dividends of 10% each were paid.
-V.129, p. 2864.
Dominion Bridge Co.
-Stock Increased-Acquisition.
-
The stockholders on Jan. 8 increased the authorized capital stock
from
500,000 shares to 600.000 shares, no par value.
T. R.Deacon,Pres.of Manitoba Bridge & Iron Works,Ltd., of Winnipeg,
announces that a majority of the stockholders of this company, including
all the directors, have agreed to the absorption of that company by
the
Dominion Bridge Co.
The terms of the merger provide for the exchange of Manitoba
stock on the basis of one share of Dominion Bridge stock for each twoBridge
of Manitoba Bridge stock held. Fractional shares of Dominion shares
Bridge
stock will be paid for at the rate of $65 a share.
The exchange of stock may be made through the Northern Trusts
Co. at
Winnipeg, Canada, before March 11930.
"It is to be noted," Mr. Deacon's letter continues, "that the next
dend of the Dominion Bridge Co. will be payable to holders of record divi31 1930. To enable shareholders of Manitoba Bridge to share in Jan.
this
dividend their certificates, endorsed to the Dominion Bridge Co.,
in the hands of the Northern Trust Co. at Winnipeg on or before must be
Jan. 27.
-V. 130, p. 140.
Dryden Paper Co., Ltd.
-Earnings.
-
Years End. Sept. 30Gross earnings
General expense
Interest
Depreciation & deple'n_
1929.
$351,823
Net earns, before taxes
x Before depreciation.
$151,704
100,118
100.000
1928.
$400,015
74,308
115,454
1927.
$345.744
69,709
117,272
0210.253
0158,763
12,986,001
1765.627
President H. Hobart Porter in his report to the stockholders says:
Company was organized on Feb. 8 1929, not as an investment trust to
acquire and hold a highly diversified list of securities, but with the intention of making long-term investments of relatively large amounts in the
common stocks of public utilities which stocks the management felt would
increase in value over a period of time. Funds not so invested have been
used to acquire as temporary investments a variety of other preferred and
common stocks (largely of public utilities).
During the period from Feb. 8 to Dec. 31 1929 company realized net.
cash profits from interest, dividends and the sale
securities amounting
to $1,213,667, exclusive of stock dividends. Afterof
expenses company had
a balance of 11,165,715 available for taxes (estimated at $120,000)
dividends, from which there has been declared a dividend of 25 cents and
Per
share payable on Feb. 1 1930 to holders of record Jan.
15.
In spite of the very great decrease in the
securities tha%
has taken place in the last few months the market value of the securitied
market value of
in company's portfolio as of Dec. 31 1929, was in excess cost and togethen
of
with cash and call loans was in excess of the amount realized by the company from the issuance of its own stocks. Directors feel
company's
Investments will, over a period of time, materially increase that
in value.
Income Accountfrom Feb. 8 1929 to Dec. 31 1929.
Cash dividends and interest
$419,859
Profit on sale of securities
'
Total income
$1,213,668
Expenses
47,952
Reserve for taxes
120.000
Net profit
$1,045,715
Note.
-The above statement does not include stock dividends. Thq
market value of the stocks so received was on Dec. 31 1929, $1.295,1234
Balance Sheet December 31 1929.
Assets
Liabilities
Cash & call loans
$1,688,849 Accounts payable
$8,307
Securities at cost
24,776,109 Reserve for taxes
120,000
Accrued int. receivable, &c
4,780 Capital stock and surplus_ _x26.373.183
Furniture and fixtures
1,623
Organization expense
30,128
Total
$26,501,490
Total
$26,501,490
x Represented by 400,000 no par class A stock and 400.000 no par
common stock.
List of Securities Held as of December 31 1929.
American Chicle Co., corn.
New Engl. Tel. & Tel. Co., cap. stock.
American Power & Light Co., cons.
Pacific Gas & Electric Co., corn.
Amer. Wat. Works Sc Elec. Co., Inc.,com. Public Service Corp. of N..1., corn.
Columbia Gas & Electric Corp.. corn.
Sioux City Gas & Elec. Co. $7 pref.
Detroit Edison Co., capital stock.
Standard Gas & Electric Co., corn.
Gen'l Pub. Serv. Corp.,554% cony. debs. Southern California Edison Co., corn.
Georgia Power Co., $6 pref.
United Light & Power Co., $6 cony. pref.
Gold Dust Corp., corn.
U. S. Electric Power Corp., corn., with
Long Island Lighting Co., coin.
option warrants attached.
Louisiana Power & Light Co., $6 prof.
U.S. Electric Power Corp.,$6 cony. pref.
Mountain States Tel. dc Tel. Co.,cap.stk. Westinghouse Elec. Sc Mfg. Co., corn.
-V. 130. p. 141.
Electrical Products Corp. of Colorado.
-Rights.
-
The common stockholders of record Dec. 1 1929 were recently given the
right to subscribe on or before Dec. 16, at $5 per share, for additional
common stock, on the basis of two new shares for each three shares held.
-V. 129. P. 1130.
Empire Fire Insurance Co.
-On Curb.
-
Company has announced the listing of 40,000 shares capital stock (Par
$10) on the New York Curb Market. There are only two other insurance
company stocks at present traded in on the Curb Exchange, namely, Insurance Co. of North America and Insurance Securities, Inc.
-V. 129, P.
1919.
Empire Title & Guarantee Co.
-Annual Report.
-
The company in its annual report for the year ended Dec. 31 1929 shows
net profits, after all provisions for taxes and reserves, of $1064)80, equivalent to $10.60 per share on the outstanding capital stock. Earnings for
1929 of $10.60 per share compare with $17.50 per share for 1928 and $10.30
per share for 1927. Although the earnings for 1929 have decreased from
the 1928 figure, the showing 15 considered excellent in view of the extremely
unfavorable real estate and mortgage market which has prevailed throughout most of 1929.
Judge E. A. Richards, President of the company, stated that the company carries no real estate and has sustained absolutely no loss whatever
from foreclosures.
Balance Sheet Dec. 311929.
Liabilities
Cash
$289,783 Agency accounts
$17,590
Bonds and first mortgages_ _
2,452,698 Borrowed money
1,320,000
Stocks and bonds
24,760 Accounts payaole
82
Notes receivable secured by
Int. accrued on guar. mtges.,
collateral
but not yet payable
85,500
50,877
Accounts receivable
6,043 Commissions not yet payable_
1,063
Accrued interest
93,838 Reserve for taxes
13,419
Capital stock
1,000,000
$2,952,622 Surplus and undivided profits_ 549,591
Total (each side)
-V. 129. p. 2544.
Engels Copper Mining Co.
-Earnings.
-
Period Ended Nov. 30 1929Gross value production
1926.
Net income after mine exploration and develop$292,093
ment but before depreciation and depletion
66,997 -V.129. p. 3174.
128,223
Month.
$159,017
11 Mos.
$1,942,902
41,095
482,178
Equitable Office Building Corp.
-Earnings.
-
x$96.873
Balance Sheet Sept. 30.
1929.
1928.
Liabili(ies1929.
1928.
$40,317 $267,532 Acets payable_ _ .... $83,530
$62,475
165,207
172,457 accrued charges__
22,789
24,058
629,147
487,036 Reserves
929,454
20,231
7,322 6% 1st M. bonds_ 1,500,000 1,500,000
Common stock and
125,781
surplus
x5,551,704 6,206,402
Assets
Cash
Acc'ts receivable_
Inventories
Deferred charges_
Call loan and accrued interest__
Mills, bldgs., machinery & plant.
real est., timber
& water powers_ 7,106,794 6,858,589
$89,0601$3.751,628
8 Months Ended Dec. 31Total revenue
Operating profit
Depreciation
1929.
1928.
14,213,327 $3,844,003
3,446,206
3,098,666
183.854
183,854
Balance
Other income
13,262,352
72.322
Total income
Interest, real estate tax, &c
Federal taxes
Reserve for additional depreciation
13,334,674 12,961,586
1,440,049
1,456.068
222,000
184,000
50.814
40,139
$2,914,812
46,774
Net profit
11,621.811 $1,281,379
Earns, per sh. on 893,576 shs.com.stock (no par)._
$1.81
$1.43
-Total
$8,087,478 $7,792.935
Total
$8,087,478 $7,792.935 -V. 129, p. 3971.
x Represented by 150,000 no par shares.
-V. 128. p. 1061.
Everett (Mass.) Mills.
-$15 Liquidating Div.
-Sale.
The directors have declared a second dividend in partial liquidation of
Dunhill International, Inc.
-Retires 40,000 Shares.
$15 per share, payable Jan. 15 to holders of record Jan. 8. A liquidating
It Is announced that this company between Sept. 20 1929, and Dec.
10 dividend of 110 per share was paid on Sept. 27 1928.
1929. retired 40,000 shares of corn, stock, no par value, thus decreasing the
See Pilot Radio dr Tube Corp. below.
-V. 129, p. 2081.
outstanding stock as of the latter date to 141.585 shares. The 1% stock
dividend payable Jan. 15 1930, will increase the outstanding com, stock
Exchange Buffet Corp.
-Sales Higher.
to 142,998 shares.
-V. 130. p. 141.
Sales for Month and Eight Months Ended Dec. 31,
(E. I.) du Pont de Nemours & Co.
1929
-December-1928. Increase.] 1929-8 Mos.-1928.
-Offers Debenture
Increase.
3524.878
$597,082
172.204 I $4,352,095 $3,842,566
Stock to Employees.
3505.529
The company has set aside 10,000 shares of 6% debenture stock for -V. 129, p. 3641.
subscription at $114 a share for all employees of this company and
Fairey Aviation Co., Ltd.
its
-Initial Dividend.
subsidiaries. This debenture stock also carries an extra dividend
of $3
An initial dividend of 12c. a share on the "American"
a share for a period of five years and is offered only to employees.
-V. 129. clared payable on Jan. 15 to holders of record Jan. 13. shares has been deThis dividend was
p.3971.
declared from earnings for the year ended Sept. 30 last.
FINANCIAL CHRONICLE
JAN. 11 1930.]
-December Sales.
Federal Bake Shops, Inc.
-Dec.
-1928.
1929
$403,633
26,933
V. 129, P. 3806.
Increased 1929-12 Ams.-1928.
$23,300134,500,731 $4,074,934
Increase.
$425,797
-Omits Div.
Financial Investing Co. of New York, Ltd.
The company omitted the payment on Jan. 1 1930 of a 2% stock dividend
n the common stock. A quarterly distribution at this rate was made on
ct. 1 and July 1 1929, as compared with quarterly cash dividends of
-V. 129, p. 2235.
Oc. a share formerly paid.
-Sales:
First National Stores, Inc.
Period. End. Dec.28- 1929-5 Weeks-1928. 1929-13 Weelcs-1928.
$9,753,154 $7,400,486 $62,637,149 $19,239,727
ales
V. 129, p. 3806.
(M. H.) Fishman & Co., Inc.
-December Sales.
-December
-1928.
1929
$222,731
14,209
V. 129. p. 3642.
Increased 1929-12 Mos.-1928. Increase.
$191,478182,056,078 $913,005 $1,143,073
(F. B.) Foshay Co.
-New Directors.
A new board of directors of the company, elected Jan. 2 at an adjourned
eeting of stockholders, has been authorized by common stockholders
A take steps "to work the company out of present receivership." and
eturn its affairs to the management of its officers and directors.
The board was asked, in a resolution adopted at the adjourned meeting,
"immediately contact and work with creditors and others of interest
oward the solution of this plan."
Wilbur B. Foshay, President of the company, was elected to the new
board after resignations of all of the old board were accepted, including
r. Foshay's. Other members of the board include H. H. Henley,
eorge M. Bleeker, Dr. A. B. Butter, Dr. T. H. Bauer, and Dr. J. L.
Litchfield.
A move to have the Foshay Tower and building sold at a foreclosure
sale to satisfy lien holders has been launched in Hennepin County District
Court. The G. W. Olson Manufacturing Co. as one of 80 lien holders
representing liens of $450,000 against the building, filed suit asking foreosure sale of the south half of the block on which the tower stands.
In a statement Mr. Foshay declared the stockholders "and the directors
whom they have elected are anxious to see the receiverships of the various
companies worked out in such a way that the companies will be conducted
and re-established in business on a sound basis rather than to have them
liquidated,and it was with that idea in mind that receivership was originally
greed to.
'
Mr. Foshay, as President of the company, presented a report to the
stockholders which included the statement that as of Oct. 31 1929 the
company had in its inventory $4.805,048 of securities of Public Utilities
Consolidated Corp., that it had borrowed on $4,769,437 of these securities
$2,184.697, and that it had a large amount of money tied up in advances
paid on properties for Public Utilities Consolidated Corp. and in investigations of other properties and in properties which it was holding for the
benefit of Public Utilities Consolidated Corp.
The resolution adopted at the meeting follows:
Be it resolved by the common stockholders of the W. B. Foshay Co..
In meeting assembled, that having elected a new board of directors pursuant
to a plan adopted Dec. 16 1929 az a meeting of the stockholders including
both common and preferred, and having the utmost confidence in such
board, and each of the members thereof, it is our desire that said board
take such steps and do such things as in their judgment may seem best
for the purpose of working this company out of the present receivership
and returning its affairs to the management of its officers and directors
and that the board be asked to immediately contact and work with creditors
-V.129. p.3174.
and others of interest toward the solution of this plan."
Fox Film Corp.
-Receivership Plan Disavowed.
S. M. Lazarus of Fox Film class "A" stockholders issued following
statement:
"Inquiry has been made of the committee of class "A" stock in connection with the alleged rumor that a receiver should be applied for.
"The committee states that it does not know of any basis or foundation
of such rumors and that the committee has no intention of now applying
for a receiver nor, so far as its present plans indicate, at any time in the
near future. It is the committee's opinion that if such rumor has to do with
any voluntary application by the Fox interests that that also is without
foundation, and that the present situation in the pending negotiations
would render such move extremely unlikely and unnecessary."
-V. 130.
p. 141.
Franklin Process Co., Providence, R. I.-50% Stk. Div.
The directors have authorized an increase in capital stock from 100,000 to
200 000 shares, 50,000 shares to be distributed as a 50% stock dividend,
subject to the approval of the stockholders at a special meeting to be held
Jan. 22 1930. The other 50,000 shares will be held in the treasury. The
50% stock distribution will be payable on or about Feb. 15 to holders of
record Feb. 1. An extra dividend of $1 in cash, and the regular quarterly
dividend of 50 cents per share were paid on Jan. 2 to holders of record
Dec. 24.-V. 130, p. 141.
(Robert) Gair Co.
-Class A Dividend Deferred.
-
No action was taken in regard to the declaration of a dividend on the
82.75 cumulative participating class A stock at the directors' meeting on
Jan. 3. The company had been paying 68% cents quarterly on this stock,
the last dividend having been paid Oct. 15.
President George W. Gair in a notice to the stockholders says in substance: "1929 has proven an unprofitable year, due to the general conditions in the industry, and the immediate outlook does not justify the payment of dividends until conditions improve.
'The annual report will be presented at the stockholders' meeting on
Feb. 27. The company's financial position is very strong.
"At Dec. 1 1929 current assets represented a ratio of 8 to 1 to current
liabilities, the book value of the class A shares over $90 a share, and net
current assets $25 a share. Improvements and economies completed this
year will result in a great saving during the coming year, and it is further
hoped that some plan for the correction of the over-production that the
industry is suffering from will be found which will result in general better-V. 129, P. 2691.
ment.''
General Alliance Corp.
-To Acquire North Star Insurance Co.
See American Salamandra Corp. above.
-V.128. p.2471.
General Electric Co.
-Orders Received.
Period End. Dec. 311929.
1926.
1928.
1927.
3 months
$108,398,049 $88,162,049 $76,708,532 880.406,570
12 months
445,802,519 348,848,512 309,784,623 327.400,207
-V.129. p. 4145.
General Empire Corp.
-New Director.
-
Robert H. Treman, President of the Tompkins County National Bank,
theca. N. Y., and formerly Governor of the Federal Reserve Bank of
ow York. has been elected a director.
-V.129, p. 2865.
General Bancshares Corp.
-Stock Offered.
-Franklin
'ck & Co., San Francisco, are offering the class A shares at
10 per share.
295
Bank Stocks Approved for General Bancshares Investment.
New York Banks (Continued)
New York BanksNew York Trust Co.
Bank of the Manhattan Co.
Public National Bank & Trust Co.
Bank of New York & Trust Co.
Bankers Trust Co.
Chicago Banks
Chase National Bank
Chatham Phenix National Bank & Central Trust Co. of Illinois
Continental Illinois Bank & Tr. Co.
Trust Co.
Drovers National Bank.
County Trust Co.
First National Bank
Empire Trust Co.
Foreman National Bank
Equitable Trust Co.
Harris Trust & Savings Bank
First National Bank
National Bank of the Republic
Guaranty Trust Co.
Northern Trust Co.
Irving Trust Co.
Peoples Trust & Savings Bank
Manufacturers Trust Co.
Union Bank of Chicago
National City Bank
Invested funds may include additional banks, prime bonds and other
high-grade securities.
-Stock for Employees.
General Fireproofing Co.
The stockholders are being asked to approve an issue of 10,000 additional
common shares, to be sold to employees upon terms to be determined by
the directors. Action will be taken on the proposal at the annual meeting
-V. 129.
on Jan. 28 and stockholders are asked to waive pro rata rights.
P. 3807, 2082.
-Acquisition.
(The S. A.) Gerrard Co.
The company has acquired nearly 50% of the capital stock of the Sands
Furber & Co. of Boston. John H. Barr, Secretary of the Gerrard Co.,
stated that the newly acquired company will be made a branch of Gerrard
-V. 129, p. 290.
organization.
-Plans to Quadruple ProducGillette Safety Razor Co.
tion in 1930.
Plans for the manufacture and distribution of an entirely new model
safety razor and blade by this company were announced on Jan.9 by J. E.
Aldred, Chairman of the Board.
The company, Mr. Aldred stated, has so arranged its methods of production and distribution that the company will shortly b emanufacturing 80,000
of the new model razors each day. This compares with the production of
razors last year of between 20,000 and 30,000 a day. The production
schedule for the new blade is geared to reach from 2,700,000 to 3,000,000
finished blades per day. This production basis will be reached by Mar.1.
The company sells about 75% of all the blades and razors used in the
world. The output of the old-style razors and blades by the Gillette company has been sharply curtailed with the results that dealers' stocks are
ready for the new products.
In the matter of changing over to the manufacture of the new razor,
the production problems have been solved. The company's plans for the
Introduction of the new razor and blade call for advertising expenditures in
the United States alone during 1930 of 87,500,000. This is an increase of
$2,500,000 over the company's advertising expenditures in 1929.
Earnings Years Ended Dec. 31.
1929.
1926.
1928.
1927.
Net earnings after taxes.
depreciation and all
other fixed charges--$13,620,700 $16,244,429 $14,589.037 $13,311,412
Shares capital stock outstanding (no par)____ 2,100,000
2,100.000
2,000,000
2,000.000
$6.18
$7.74
Earnings per share
$7.29
$6.65
-V. 128. p. 4146.
-Rights.
Gilmore Oil Co.
The directors have voted to offer stockholders of record Jan. 15 the right
to purchase one new share for each share held at $12 a share. This offer
expires Feb. 10. There are now 189.567 shares ofstock outstanding. This
offering will be subject to approval of the California State Corporation
Commission.
The directors declared regular quarterly dividend of 30c. a share, payable
Jan. 31 to holders of record Jan. 15.-V. 129, p. 3972.
-Earnings.
Glidden Co.
1928.
1927.
1926.
Years Ended Oct. 311929.
$4,221,864 83.297.713 32,826.633 82,969,375
Operating profit
393,812
492,445
382,728
516,170
Interest, 8:c
380,282
371,750
520.526
323,260
Depreciation
262.500
250.000
268.000
Fed.& Canadian taxes.359,500
Net profits
$2,959,110 $2,261,118 $1,712.438 $1,861.945
Sub. cos. pref. dividends
17,500
Prior pref. divs. (7%) _
505,712
487,693
497,850
497.800
_
(81)399,247 (82)798,750
Common divs. (cash)_($2)1,137,147
Common divs. (stock
a33,750
$815,341
Balance, surplus
$1,265,000 $1,773.425
$565,395
Shs. corn. out. (no par)_
500,000
400,000
681,750
400,000
$4.43
Earnings per share
$3.57
23.04
$3.41
a 6,750 shares capitalized at $5 per share.
-Previous surplus, $9,723,997; surplus
Surplus account Oct. 31 1929.
for year (after diva.), $1,264,963; excess of amount received over declared
value of $5 per share on 175,000 shares common stock (no par) sold during
year, together with premium obtained for issuance of 5,276 shares prior
preferred stock (net):$6,201,589: appreciation of permanent assets (acquired
$76,635; total surplus Oct. 31 1929, $17.267.184.
Consolidated Balance Sheet Oct. 31.
1929.
1928.
1928.
1929.
Assets
7% prior pf.stock_ 7,444,300 6,916,700
Land, buildings,
equipment,.fec_ a14,100,295 8,778,502 Common stock___e3,408,750 2,500,000
Sub. co. 1st 6s
_ 470,000
Good-will, trade315,000
marks. &c
62,972,490 1,037,340 Cap,stock sub.co_ 500,000
1,265,024 1,168,227 Notes pay., bank
Investments
633,087
acceptances, &c_ 2,682,051
Cash
747,597
Notes & accts.rec.c15,262,605 3,790,272 Notes pay.assum'd
In connect. with
kliscell. accts. rec.
47,443
158,917
Recoils. of sub.to 150,000
Inventories
8,640,114 4,884,859
251,805 Min. int. sub. co_
Other assets
712,582
2,737
371.100 Sun. bds.& mtges_
570,314
Deferred charges
117,500
Accts. pay., misc.
accounts, &c_ _ _ 1,671,185
942.885
Accr, tax., int., &c 566,407
372,766
Res. for conting. _ 155,852
185,261
Tot.(each side)_34,318,466 21,074,109 Surplus
17,267,184 9.723.997
a Includes land. $2,215,453: bui dings, machinery, equipment, &c.,
$15,233,522: less allowance for depreciation, $3,348:680. lb Good-will,
trade-marks, reorganization and development expenses and unamortized
bond discount, &c. c Common stock represented by 681.750 no par shares,
with declared value of $5 per share. 4:1 Customers' accoun.s and notes
receivable, less reserve for doubtful accounts, discounts, &c.
-V. 129. P.
4146.
(F. & W.) Grand 5
-10-25-Cent Stores, Inc.
-Sales.
-
1929
Increase.
-Dec.
Increase.] 1929-12 Mos.-1928.
-1928.
$213,158($21,928,709 $17,160.872 $4,767,837
$3.600.920 $3,387,762
-V. 129. IL 3642
'
Cumulative preferred dividends payable Jan. 1 and July 1 at the rate of
(F. & W.) Grand-Silver Stores, Inc.
0 cents per share per annum. Certificates dated as issued. Entitled to
-1929 Sales
ddltional dividends earned and paid upon the basis of an equal distribution Merger
Now Complete-To Pay Stock Dividends.
tween the two classes of stock. Preferred as to assets up to $10 Per
"Sales totalled $30,416.858 for the full year 1929 against $23,818,091 in
are, plus an equal distribution in excess thereof between the two classes
fstock. Right reserved to class A stock to seledct a majority of the board 1928, an increase of 86.598,766, or 27.7%," President Harold F. Stone
announced. "Sales for Dec. 1929 were $5,127,882 compared with $4,749,213
fdirectors upon default in the payment of 4 consecutive dividends. Exempt for
1928, an increase of 7.975'. It is expected that the increase in net
om Personal property tax in California and income free of present normal
ederal income tax. Pacific National Bank, San Francisco, registrar. profits has been on practically the same ratio for the year and that earnings
Per share for 1929 will show a substantial increase over the $3.64 per share
Franklin Flick & Co.. San Francisco, transfer agent.
reported in 1928. The balance sheet of the company as of Dec. 31 1929,
Capitalization.
will show a ratio of current assets to current liabilities of about five-to-one.
lass A shares (preference and participating)
500,000 shs. The company had in operation at the close of the year 139 stores."
lass B shares (voting)
50,000 abs.
"It is the intention of the directors to declare stock dividends on the
Compang.-Incorp. in Delaware. Corporation is designed to provide an
which has just been placed on a $1 annual cash
vestment, offering maximum income and profit accruals, through group common stock,such stock dividend will be determined at a later div. basis.
The amount of
meeting of
vestment in the shares of various banks and other financial institution the board and will be payable in semi-annual installments.
nd securities consistent with the fundamental requirements for safety of
"The new company is now functioning as one unit having a centralized
management with resultant economies in operation. Six members of the
296
FINANCIAL CHRONICLE
board of directors of the new company are formerly of the Grand company
and two formerly of the Silver company. The officers and heads of all
departments of the new company were formerly associated with the Grand
company with the exception of Newman Silver, now in charge of display
and store layouts of the new company.
"As a result of more efficient operation made possible through the
consolidation of the companies and the normal growth of the business, sales
for 1930 should approximate $38,000,000 with a corresponding increase
in net profits. -V. 130. p. 142.
Granite City Steel Co.
-Earnings.
Earnings for 11 Months Ended Nov. 30 1929.
Billings
Net income after all charges in taxes
Preferred dividends
Balance for common
Earnings per share on 292,347 shs. capital stock (no Par)
x Stock retired during year.
-V. 129, p. 2866.
$14,544,655
1,667,895
x23,400
81,644.495
$5.63
(W. T.) Grant Co.
-Sales.
-
1929
-December-1928. Increase. I 1929-12 Mos.-1928.
Increase.
$11,535,827 $10.327.814 81.208.0131885,448,285 $54,985.456 $10,462,829
-V. 129, p. 3642.
Great Lakes Finance Co.
-Receivership.
It is reported that receivers have been appointed in Delaware for this
company whose main office is in Detroit.
Greenebaum Sons Investment Co.
-Omits Dividend.
-
The directors have voted to omit the dividend which would ordinarily
have been paid on Jan. 1 on the no par value capital stock. Previously
quarterly distributions of 50 cents per share were made.
-V. 129, p. 485.
Hamilton Woolen Co.
-Earnings.
Years End. Nov. 301928.
1927.
1926.
1929.
Sales
$5,001,464 $4,436,987 $4.016,251 $3,959,043
Operating costs
4.351.899
4,810,527
4.326,415
4.462,558
Operating income_ __
Other income
$190,937
y$85.088 loss$310.164 loss$503,515
9,470
731
[VoL.130.
1930's bond market and the first real test with a large issu
since the early part of October. The issue represents th
largest corporate bond offering since the $100,000,000 Tex
Corp. debentures were offered on Oct. 9. The issue was th
$60,000,000 10
-year 6% debentures which were offered by
large banking group headed by Halsey, Stuart & Co.,
9934 and int., yielding 6.07%. Bankers reported many •
quiries from dealers as soon as the new issue was rumore
pointing to the fact that dealer inventories are low and th
they are in position to take new commitments.
The size of the first offering of the new year came as som
thing of a surprise since the belief prevailed that the marke
first would be tested with smaller issues. The only othe
financing of large size recently was the U. S. Treasury bill
which, because of their nature, hardly could be considere
as a test of market strength.
Bankers Making Offering.
-Halsey, Stuart & Co., Inc.; ContInen
Illinois Co.:, Inc.: Harris, Forbes & Co.; Central-Illinois Co.; First Unto
Trust & Savings Bank; Field, Glore & Co.; Foreman-State
t
National Republic Co.; E. H. Rollins & Sons; Hill, Joiner & Crop.•'
Co. Inc
Insult, Son & Co., Inc. and Insull, Son & Co., Ltd., London, Eng. an
Mo treal, Can. See full details in 'V. 130, p. 143.
n
International Business Machines Corp.
-Retires Bond
The corporation announces that it has deposited under sinking fun
terms $250,000 for the retirement of Computing, Tabulating & Recordin
Co. 64 due 1941. This leaves slightly less than $3,000.000 of an o
issue of 17,000.000 as outstanding. In 1928 the company retired bon
in the amount of 82,000,000.-V. 130, p. 144.
Internat. Combustion Engineering Corp.
-Receiver.
Following a joint meeting of the stockholders and creditors of the co
pany Jan. 6, Federal Judge Alfred C. Coxe made permanent the tempora
receivership of the company. Judge Core appointed the Irving Trust
and Wilbur R. Wood as receivers.
-V. 130, p. 143.
Net income
$85,088 loss$300,694loss$502,784
$190,937
International Harvester Corp.
-Offers to Purcha
Shares of stock
25,850
38.775
25,850
25 850
$446,000 Bonds of Elk Drainage District of Missouri.
Earnings per share
Nil
$3.29
$4.92
N'il
y Includes interest and depreciation.
See under "State and City" section on a subsequent page.
Balance Sheet Nov. 30.
V. 129, p. 487.
AssetsLia.71111tes1929.
1928.
1929.
1928.
Plant
International Shoe Co.
3696,368 :8754,478 Capital stock_..ot$1.938,750 $1,292,500
-Acquisition of Stock of McElwai
Inventory
1,300,810 1,280,781 Notes&accts. Pay. 257,420 1,470,870 Co. Held Not to Violate Clayton Act.
Investments
5,709
5,709int.seen& advs.74,605
38.366
The acquisition of the capital stock of the W. H. McElwain Co. by th
Cash & accts. rec_ 1.173,794 1,440.179 Profit and loss.. _ - 919,133
728,196
International Shoe Co. in May 1921, was Jan. 6 upheld by the U. 8. S
Advs. to Ins. cos.
32,543
promo Court in reversing a decision of the lower courts affirming an ord
Prepd. taxes, ins.,
ate
13.227
16.242
Tot.(each side)_33,189.908 $3,529,932 issued by the Federal Trade Commission requiring International to div
Itself of such holdings.
x Represented by 38,775 (no par) shares.
-V. 128. p• 1917.
The commission's order was based on Section 7 of the Clayton Act an
held that the acquisition
Hartford Steam Boiler Inspection & Insurance Co., competition between the of the McElwain stock had the effect of lessen
two companies and restraining commerce in th
Hartford, Conn.
-Obituary.
shoe business in localities where both were engaged in inter-State commerc
Sherwood F. Jeter, Vice-President, died in Hartford on Dec. 31.-V. 129, Thecompany contested the order on the ground that there had never been su
stantial competition and that the condition of McElwain at the time of th
p. 4147.
purchase of stock was such that it had to liquidate or sell and that, there
Hayes Body Corp.
-Rescinds Action on Jan 2 Dividend. fore, the prospect for future competition was entirely eliminated.
The Supreme Court upheld International's contention that there was n
The directors late in December rescinded their recent resolution declaring
a quarterly 2% stock dividend on the common stock, no par value, payable substantial competition, pointing out that the companies competed only
Jan. 2, to holders of record Dec. 24. This rate had been paid in each of the the sale of men's dress shoes, and there to only a limited extent. Th
three preceeding quarters, while in Jan. 1929 an initial quarterly cash type of shoes made by the two concerns were different, they catered t
distribution of 75c. a share was made.
different classes of customers and 95% of the business was done in non
-V. 129, P• 3973.
competitive territory.
Herring-Hall Marvin Safe Co.
-Extra Dividend.
In selling the stock to International, the court held, the officers of th
An extra dividend of $3.75 per share and the regular quarterly dividend McElwain company did their best to "avert a more disastrotis fate," th
of $1.25 per share were paid Jan. 2 1930, the regular payment to holders of recovery of the concern being in gravest doubt.
"In the light of the case, thus disclosed, of a corporation with resourc
record Dec. 4 and the extra to holders of record Dec. 28. Like amounts
so depleted and the prospect of rehabllitation so remote that it faced th
were paid on Oct. 1 last.
-V. 129. p. 2395.
grave probability of a business failure with resulting loss to its stockholder
Hershey Chocolate Corp.
-Initial Common Div., &c.
- and injury to the communities where its plants were operated," the cour
The directors have declared the following dividends for payment Feb. 15 declared, "we hold that the purchases of ita capital stock by a competito
to holders of record Jan. 25; an extra dividend of 21 a share on the cony. (there being no other prospective purchaser), not with a purpose to lease'
preference stock and a quarterly dividend of $1.25 a share on the common competition but to facilitate the accumulated business of the purchase
stock. These dividends are in addition to the regular quarterly dividends and with the effect of mitigating seriously injurious consequences other
of $1.50 a share on the prior pref. and $1 a share on the cony, preference wise probable, is not in contemplation of law prejudicial to the public an(
stock previously declared for payment Feb. 15. Under the provisions of does not substantially lessen competition or restrain commerce within th
the articles of incorporation, before any dividends may be declared and Intent of the Clayton Act."
A dissenting opinion was filed by Justices Stone in which Justices Holm
paid on the common stock in any year, an extra dividend of $1 a share must
-V. 130. P. 133, 144.
be declared, set aside and paid on the cony, preference stock. The cor- and Brandeis concurred.
poration has just closed the most successful year in the history of the
Johnson Iron Works, Dry Dock & Ship Building Co.
business and the action of the board Is a reflection of the prosperous condition of the company and the excellent outlook for the ensuing year, it Inc.
-$2 Accumulated Dividend.
was announced.
-V. 129, p. 2867.
The directors have declared a dividend of $2 per share on account o
- . inlatip1an 5.the regular quarterly dividend of $2 per share on th
acc:m 27 on 81d
.
Homestake Mining Co.
-Extra Dividend of $1.
,
The dirve-cr tlava declared an extra dividend of 21 per share in addition Pref. stock, both payable Jan. 1 1950 to holders of record Dec. 26 1929
to the rbgubr men,hly dividend of 50c. per share, both payable Jan. 25
to holders of rectyd Jan. 20. The company paid a similar extra dividend
-Rights-- Underwritten.
Johnson Motor Co.
In January of 1925. 1926, 1927, 1928 and 1929.-V. 128,. p. 1917.
The directors have authorized the offering at $25 a share of 19,710 share
of authorized but unissued common stock to stockholders of record on Jan
Home Title Insurance Co., Brooklyn, N. Y.
-Extra Div.
The company on Dec. 31 1929 paid to stockholders of record Dec. 24 14 1930,in the ratio of one new share for each five outstanding. The right
an extra dividend of 25c. per share in addition to the regular quarterly will expire Jan. 27 1930 and payment in full will be required on or befor
dividend of 75c. per share. A dividend of 75e. per share was paid on that date. Hayden, Stone & Co., who are represented on the board o
directors, have agreed to provide for the underwriting of the offer.
the stock on Sept. 30 last.
The company manufactures outboard motors. Its sales have increas
Balance Sheet Dec. 31 1929.
from 3,500 motors in 1922 to 31,000 in 1929. The company is producin
an entirely new line of five outboard motors. In order to level out produ
Asset
Liabilities
nature of the company's major activity, th
Bonds and mortgages
$3.7913,527 Capital stock
$2,500,000 tion and offset the seasonal line of portable
smal
management has developed a
Stocks and bonds (market
Svxplus and profits
2,800,110 and economical gasoline motor for use where power pumps and also a
electric power is not available
$875.479)
559,804 Mortgages void
90,589 The company has
and is having manufactured to its spoctft
Accrued interest
254,811 Agency account
09,755 cations a completealso designed which are correctly
line of boats
adapted to the Johnso
Real estate, company use only 652,776 Interest Prepaid
91.417
will require additional
Accounts receivable
52,767 Reserve for taxes At conting.-- 168,291 motors. Thiswill be utilized for this working capital and proceeds of th
new financing
purpose.
Cash
439,477
Years Ended Sept. 301929.
$4,832,894 $3,3 8,6
142
98
Total
$5,750,163
Total
35,750,163 Net sales
Cost of goods sold
3,070,622 1,940,70
-V. 129, p. 2395.
Provision for depreciation
102,16
115,345
Expenses
-Omits Dividends.
Horni Signal Mfg. Co.
1.201,314
97538
The company has omitted the quarterly dividends of 25c. a share on both
Net earnings
8330,5
the class A and class AA stocks, due at this time. In view of the orders on
18,362
17.07
hand and the volume of business in prospect, the directors deem it advisable Other income credits
to conserve cash, it was announced. The company manufactures manual
Total income
$463,975
$347.62
and automatic automobile traffic control devices and accessories.
-V. 130,
Interest
80,639
41,2
P. 143.
Income tax
18,75
36,660
11711113
Hunt's, Ltd., Toronto, Ont.-Extra Dividend.
On Jan. 1 last, an extra dividend of 50 cents per share and the regular
quarterly dividend of 25 cents per share were paid on both the class A and
lass B stock to holders of record Dec. 21.-V. 129, p. 1598.
Hupp Motor Car Corp.
-Regular 234% Stock Distribution.
Net income
Earnings per share on 98,412 shares common stock
(no par)
-V. 129, p• 138
.
$346,676
$287,62
$3.52
22.9
-Sales Increase.
Kaybee Stores, Inc.
-
The directors have declared the regular quarterly cash dividend of 5%
-December
-1928. Increase.' 1929-12 Mos.-1928.
increase
00c. per share) in addition to the regular quarterly stock disbursement of
1929
840.707181,597,447
8193,967
payable Feb. 1 to holders of record Jan. 15. Like amounts 8234,674
$1,286,797
2310,6
have been paid since and incl. Aug. 1 1928. From Nov. 1 1926 to May 1 -v. 129. D. 3644.
1928 incl. quarterly cash dividends of 3;5% (35c. per share) were paid. In
-Extra Dividend.
Kaynee Co., Cleveland.
addition, the company on May 1 1928 paid a 234% stock dividend.
-V.
129, p. 2867.
The directors recently declared an extra dividend of 12)4. per a
and the usual quarterly dividend of 50c. per share on the common stock
Illinois Pipe Line Co.
-Exchange Offer.
both payable Jan. 1 to holders of record Dec. 20 1929. Like amonn
See Ohio Oil Co. below.
have been paid quarterly since and incl. Oct. 1 1927.-V. 129. D. 1923.
-V. 128, p. 1742.
2%%. both
Insull Utility Investments, Inc.
-Debentures Oversubscribed.
-Oversubscription of a $60,000,000 issue by investors
as well as by dealers sums up the result of the first teat of
-Extra Dividend.
Kendall Co.
-
The directors recently declared an extra dividend of Sc. per share on tb
common stock, payable Dec. 26 to holders of record Dec. 20.-V. 129
P. 3974.
FINANCIAL CHRONICLE
JAN. 11 1930.]
(George E.) Keith Co. & Subs.
-Sales, ctc.-
297
Lawyers Title & Guaranty Co.
-Balance Sheet Dec. 31.
Sales-Years Ended Oct. 31
1928.
1929.
1929.
1928.
818.800,000 1925
519,000,000 1921
324,700,000
Assets
Ltabtltties$
$
17,900.000 1924
19.600.000 1920
33,000,000 Cash
2,519,067 2,454,234 Capital
10.000.000 10,000,000
18,400,000 1923
21,700.000 1919
26,000,000 Stocks & invest.
Surplus
15,000,000 12,500,000
18,400,000 1922
20,850,000 1918
24,021,860
account
10,126,114 8,129,499 Undivided profits_ 2,895,047 4,018,104
Comparative Balance Sheet Oct 31.
Bonds& mortgages11,215,545 11,371,671 Dividend payable_ 300,000
300.000
Company's bides. 4.118,943 4,118.544 Res.for tax & cont. 215,927
1929.
294,471
1928.
1929.
1928.
Accounts reeelv_ _
Assets403.324 Mortgages sold not
311,999
$
Liabilities$
$
$
L'd, bides., mach'y
delivered
155,661
216,250
1st pref. stock _
- 4,500,000 4,885,800 Interest accr. rec. 684.110 1,254,007
& equipment_ --x3,328,588 3,390,480 Common stock _ _ _y2,024,800 2,024,800
Client's money reG'will, walk-over
tained
409.143
402,454
Cap. & sur, owned
tr.-mark, &c___ 1,250,000 1,253,012
by mgrs., &c__ _ 261,487
325.802
Cash
Total
Total
1,157,254 1,329,189 Notes & loans pay _ 2,108,069
08 975.780 27,731,278
28,975,780 27.731.278
829,028
Notes receivable
5,869
13,359 Accts. pay., accru-V. 128, p. 122.
Accts. receivable
3,071,861 3,021,350
als, res. for taxes,
Inventory
5,395,761 4,513.114
Lehigh Portland Cement Co.
-Earnings.
pref. diva
640,751
896,768
Life insurance_
73,696
54.983 Drafts payable
222,041
352,677
Years Ended Nov. 301929.
1928.
1927.
Prepd. ins. & exp.
93,650
79,425 Surplus
4,559,285 4,552,567 Sales, less discounts, allowances, &c..$19,346,790 $23,522.906 $27.642,843
Lease premiums
108.597
60,178
Manufacturing & shipping cost
11.168.759 13.108,687 16.701,564
Sundry invest'ts
21,791
21,715
Tot.(each side)_14,507,068 13,736,807 Prov. for deprec., obsolescence &
x After depreciation of $2,458.192. y Represented by 40,496 shares
accrual renewals
2,292,205
2,271,848
2,222,740
(no par value)
.-V. 128, P. 121.
Selling, administrative & gen. caps _ _ 3,569,782
3,866,982
4,221,719
1929
1928
1927
1926
Keyes Fibre Co., Inc.
-Omits Common Dividend.
-
The quarterly dividend of 50c. a share usually paid Jan. 1 was omitted
on that date on the common stock. The last distribution at this rate
was made on Oct. 1 last.
-V. 125, p. 1060.
Kidder, Peabody Acceptance Corp.-Bal. Sheet Dec. 31.
1929.
1928.
1928.
1929.
Assets$
5
Cash
2,446,440 1,938,913 Capital stock
13,500,000 13,500.000
U.S. Govt. bonds_ 3,812,346 4,171,613
1,733.404 1,329,653
Surplus
Demand loans(see.
Accepts.outstdg _x38,361.607 29,194,088
by e eceptancesl_ 1,400,000 1.300,000 Letters of credit
Other bakers' seoutstanding.. _ _ _16,195,944 12,609.212
cep'all es
2,145.480 2,085,582 Bonds
17.000
Notes,Lills & accts.
Reserve for taxes,
receivable
1,939,603 1,397,695
125,265
184,377
dividends. &c.
Bonds
1,871,463 1969,029
Stocks
3 370,752 3,038.333
Real estate
107,522
107,522
Cust. hall. on acceptances
36,685,783 28,157.318
Cust. habil. on unused letters of
credit
16,195,944 12,009,212
Total (each slde)69.975,332 56,775.219
x Less 8441,152 in portfolio.
Note.
-Other bankers acceptances sold with endorsement of corporation
amounted to $7,006,946 in 1929 and $7,270.593 in 1928.-V. 128. p. 413.
(G. R.) Kinney Co., Inc.
-December Sales.
1929
-December-1928. Increase.1 1929-12 Mos.-1928.
Increase.
82,741,379
52,603.388
8137,9911820.720,790 819.238,341 51,482,449
President E. H. Krom authorizes the following: "The sales for the 12
months period of 1929 and also for the month of December were the largest
in the history of the company. Stores in operation at the end of the year
numbered 362 including 44 new stores which were opened during the
year."
-V. 129, p. 3809.
Kline Bros. Co.
-December Sales.
-
1929
-December-1928. Increase
Increase.
1929-12 Mos.-1928.
8706,215
$609,665
596,550184,920,374 $3,504,864 $1.415,510
-V. 129, P. 3644.
(S. S.) Kresge Co.
-Sales.
-
1929
-December-1928. Decrease.
Increase.
1929-12 Mos.-4928.
324,242.018 $24,843,952 8601,9361E156,327,735 $147,363,022 8.964.713
The company is operating 578 stores in the United States and 19 in
Canada.
The decrease in sales for December was due in part to the fact that
there was one Saturday less in December this year, and also to bad weather
conditions.
-V. 129. p. 3644.
(S. H.) Kress & Co.-Sales.1929-Decem5ser-1928.
812,260,037 511,946,233
-V. 129, p. 3644.
Increase.' 1929-12 Mos.-1928. Increase.
8313,8041568,474,986 565,054.638 53,420,348
Kroger Grocery & Baking Co.
-Sales Increase.
Period End. Dec. 31- 1929-Month-1928,
1929-12 Mos.-1928.
Bales
824,858.338 $20,611,238$286,561.145$207,308,084
Stores in operation at Dec. 31 1929 were 5,575 as compared with 5,260 a
year ago. The above figures include sales of stores from dates of acquisition only.
-V. 130, p. 144.
Laguna Land & Water Co.
-New Treasurer.
C. Graham has been elected Treasurer to succeed H. H. Carstin, deceased.
-V. 120, p. 711.
Lakey Foundry & Machine Co.
-Smaller Dividend.
-
The directors have declared a quarterly dividend of 25c. a share, compared with 50c. in previous quarters. The dividend is payable Jan. 30
to holders of record Jan. 15. An extra dividend of 23i% in stock was
also paid in each of the four quarters of 1929.-V. 129, P. 3334.
Lane Bryant, Inc.
-Sales Higher.
1929
-December
-1928.
81.146.598
81.045.329
-V. 129, P. 3809, 3484.
Increase.' 1929-12 Mos.-1928. Increase.
$101,2691545,355,208 $11,441,740 83,913,468
Lane Co., Inc.
-Extra Dividends.
-
The directors have declared an extra dividend of $1 per share on the
pref. and common stocks. payable Feb. 1 to holders of record Dec. 29.V. 121, p. 1575.
Lautaro Nitrate Co., Ltd -Balance Sheet June 30.Assets
1029.
1928,
1929.
Liabilities1928.
Cash
$835,247 $1,168,983 Bankers for guar $153,870
$189,675
Cash dep. with
907,432
Bank overdrafts
respect to pro248,182
Bills payable ___
859.553
posed issue of
Accts. payable__ 1,881,394
1,966,343
let mtge. 6%
Rea,for taxes_ . 154,503
.
509,087
cony,gold bds.
559,953
Export duties.
64,795
_
125,118
Sundry debtors &
Interest payable
65.600
suspense items 1,615,431
1,051,766 Unclaimed city__
88,290
27,577
Stks. of nitrate,
Customers'adv. 4,413,542
4,038
Iodine & gen.
8K % let mtge.
stores
12,129,782 6,695,388
deb. stock. _ 10,974,808 11,983,294
Prop., bides. &
Mtge. guar. for
equipment _ _x48,225,317 42,010,404
workmen's acInvest. in & adv.
123.078
cident pensions
to Compania
Res, for work.
SalltreraBlanco
accident Maur.
Encalada _
572,148
& pensions
225,986
.
Other investm'ts
118,884 Fire insur. fund6,892
391,909
376,415
Dep.In guaran_ _
153,870
189,675 Empl. pens. id__
72,998
72,998
Guar. for workCapital stock _ __ 38,932,000 31,924,240
men's accident
Profit & loss_ ___ 5,077,494 3,642,596
Pension
123,078
Total
$63,649,568 851,507,248
$63,649,568 $51,807,248
Total
Note.
-Conversions of the company's accounts from pounds sterling
into United States dollars have been made at the rate of 54.8665 to the
pound.
x After depreciation of $6,623,936.-V. 130. p. 145.
Lefcourt Realty Corp.
-Extra Dividend.
-
The directors have declared an extra dividend of 25e. a share and the
regular quarterly dividend of 40c. a share on the common stock, no par
value, payable Feb. 15 to holders of record Feb.6.-V. 129, P. 2239.
Net profit from operations
Miscellaneous income
82,316,045 34,275,389 $4,496,820
736,590
405,319
274.148
Total income
Prov. for Federal income taxes
83,052,635 $4.680,709 $4,770,969
315.158
556,318
652.125
Net income carried to surplus acct. $2,737,477 54,124,391 $4,118,844
Earnings Per share on 450,348 shs.
common stock (par 850)
82.77
$5.79
$5.64
Surplus Account November 30.
1929.
1928.
Previous balance
$8.324,131 $29,123.004
Net income for the year (as above)
2,737.476
4,124,391
Adjust, of unrealized apprec. for stone removed_
19,022
21.486
Total surplus
Div. on com,stock paid in 7% cum. pref. stock
Applicable to stock in treasury
Preferred dividends
Common dividends
Premium paid on preferred stock retired
811,080,630 533,268,880
22.517,400
Cr24,100
1,485,491
1,537,433
1,124,066
842,025
46.688
71.992
Surplus carried to balance sheet
$8,424,385 88,324,131
Comparative Balance Sheet Nov. 30.
1929.
1928.
1928.
1929.
AssetsLiabilities$
$
Land, build., mach
Preferred stock.._ _21,119,100 21,696,700
& equip
x29,778,815 30,326,321 Com.stk.(par $50)22,517,400 22.517,400
Mineral deposits,
Accounts payable_ 642,678
775.059
less deplet
1,682,583 1,729,808 Acer. wages, salar.
Invest. in & adv.
& gen. taxes.__ 302,140
316.952
to OM. cos. &
Reserve for Fed.
subs. not consol. 2,986,927 3,114,481
income taxes....315,159
556,318
Workmen's cornDividends payable 610,129
662.137
pen.ins,fund inRes. for returnable
vest. In U. S.
cotton duck bags 152,556
226,813
Govern. Wig
314,729 Res. for compen.&
325,343
Treasury stockfire ins. reserves 588,387
489,664
corn, at par_ _ _ _
30,750 Unreal. aPorecia•
65,950
Miscell. stocks &
arising from apbonds
107,520
84,429
praise' of minCash
3,929,545 5,057.285
eral deposits__
429,161
410,138
Demand loans.
8,000,000 2.500,000 Surplus
8,424,385 8,324,131
Liberty loan bonds
de U. 8. Treas.
certificates
1,258,500 5.158,500
Work.funds & adv. 203,570
166,191
Accts. & bills rec.,
less res. for disc.
& doubt. accts. 1,277,325 1,745,377
Inventories
4,204,284 4,645,452
Unabsorbed stripping thgs., &c
1,296,083 1,041,282
56,638Tot,teach side)_55.122,073 55.994.335.
Prepaid Insurance..
30,918
x After reserve for depreciation of 518.724,684.-V. 129, p. 1924.
•
Lerner Stores Corp.
-December Sales.
1929
-Dec.
-1928.
$3,383,160 $2,243,598
-V. 129. p. 3645.
Increase.' 1929-12 Mos.-1928.
Increase.
81,139,5621819,085,302 912,104.191 56.981.111
Libby's Hotel Corp.
-Deposits of Bonds.
Craig B. Hazelwood, chairman of the bondholders committee of the first
mortgage bonds, which have been in default since Nov. 1 1928. has called
for deposits of bonds in order that proper representation may be made at the
condemnation proceeding pending, whereby title to the property was vested
in the City of New York about Aug. 11929. and whereby the city is now
obligated to pay such award as the court may fix. Taxes approximating
$125.000, covering 1926, 1927, 1928 and 1929 are in default. The corporation operates a hotel at 26 Delancey St. The depositories for the bonds are
the Chicago Title dv Trust Co. in Chicago and the Bank of America, N.Y.
City.
Libbey-Owens Glass Co.
-New Director.
-
C. 0. Miniger, President of Electric Auto-Lite Co., was recently elected
a director.
-V. 129, p. 3795.
Lincoln Fire Insurance Co. of N. Y.
-Initial Dividend.
The directors have declared an initial quarterly dividend of 60 cents
per share on the capital stock, payable Jan. 15 to holders of record Jan. 6.
Rights Extended.
The directors on Jan. 3 1930 extended the time within which stockholders may exercise the right to subscribe for 20.000 additional shares
of capital stock, par $10 per share, under stock subscription warrants for
full and fractional shares mailed to all stockholders on Dec. 4 1929. from
Jan. 10 1930 to and including March 10 1939. Such action was taken in
view of the continuance of unusual financial conditions and was decided
by the directors to be for the best interests of the corporation and of its
stockholders. The Chatham Phenix National Bank & Trust Co. as agent,
has been authorized to accept subscriptions in accordance with such warrants, if stockholders exercise the right of subscription on or before March
10 1930.-V. 128, p. 4168.
MacMarr Stores, Inc.
-December Sales.
1929
-1928. Increase.'
-Dec.
1929-12 Mos.-1928. Increase.
$7,730,486 $7.029.490
8700.9961887,174.791 875,110.153 $12,064,628.
-V. 129, p. 3810, 3177.
McCrory Stores Corp.
-New Directors -Sales.Edmund C. Lynch and Luigi Criscuolo of Merrill, Lynch & Co.. Samuel
E. Fuller and Andrew Stewart of Kissel', Rinnicutt & Co.,and William M.
Clark have been elected directors, succeeding the following memberkof the.
board who resigned; viz., Mrs. Carrie M. McCrory. S. S. Brinkley, E. A,
Brillinger, F. D. Jolly and Thomas H. Lyons.
Sales for Month and Twelve Months Ended Dec. 31.
1929
-Dec.
-1928.
Increase.]
1929-12 Mos.-1928. Increase.
87,295.849
87,217,867
877.9821844,708,877 $41.105.324 $3.603,553
-V. 130, p. 145.
(Arthur G.) McKee & Co.
-To Recapitalize.
-
The stockholders will vote Jan. 13 on approving a plan to increase tha
class 13 shares from 55,000 to 100,000, and to offer holders of class A stock
the right to convert share for share their class A stock into class B shares
any time up to May 11930.
The stockholders will also vote on cancelling existing restrictions and
limitations upon the right to hold and transfer class B shares.
At present class B stock can be held only by officers and employees of
the company. It is the intention of the management to place the cla
298
FINANCIAL CHRONICLE
[VOL. 130.
Note.
-The Munson Steamship Line has a contingent liability in connection with its guarantee of the annual interest and sinking fund payments of
the $3,421.500 631% bonds of the Munson Building Corp. The net earnMcLellan Stores Co.
-Sales Increase.
ings of the Munson Building Corp. for the 12 mon.hs ended June 30 1929,
1929
-Dec.
-1928.
Increase. were substantially in excess of these requirements and the appraised value
Increase.) 1929-12 Mos.-1928.
$4,381,312 $4,069,259
$312,0531$23,774,676 $18,516,066 $5,258,610 of the property as of May 13 1924 securing such bonds, less depreciation
to June 30 1929 was $5,630,300. The Munson Steamship Line is also
Compare also V 130, p. 145.
contingently liable on $65,250 1st pref, mtge. on Steamship Munmystic.
The New York Canal & Great Lakes Corp., a subsidiary, was contingently
(R. C.) Mahon Co.
-Extra Dividend.
The company on Dec. 15 last paid an extra dividend of 15c. per share liable in an amount not to exceed $100,000 in connection with an agreeon the common stock to holders of record Dec. 10 1929.-V. 127. p.2968. ment with Inland Waterways Corp.
x There were issued and outstanding at June 30 1929 option warrants
2241.
for the purchase of 67,640 shares of common stock, of which 2,110 shares
were represented by warrants attached to 63i% gold debenture bonds
Mengel Stores Corp.
-Sales Increase.
-V. 128, p. 415.
1929
-December
-1928. Increase.) 1919-12 Mos.-1928. Increase. required by the company.
$1,621,922
399,1841310,629,324 $8,543,488 $2,085,836
$1,522,738
Morison Electrical Supply Co., Inc.
-Sales.
-V. 129, p. 3810.
1929
-Dec.
-1928. Increase.] 1929-12 Mos.-1928.
Increase.
$315,809
$224,586
$868,241
Mason Tire & Rubber Co.
-Payment.
$91,223132,250,691
$1.382,450
Holders of first mortgage 20 year 77 gold bonds, series A of the Mason -V.129. p. 3810.
Tire & Rubber Co. dated March 1 1923, and of the non-negotiable receipts
(G. C.) Murphy Co.
-Sales Increase.
therefor issued by the Bankers Trust Co, are notified that on and after
1929
-Dec.
Jan. 2 1930 the following payments on account of the bonds will be made:
-1928.
Increase.
Increase.) 1929-12 Mos.-1928.
$35.60143 upon each $1,000 bond,$17.80072 upon each $500 bond,$3.56014 $2,641,658 $2,449,581
$192,0771$15,721,946 $12,118,187 $3,603,759
upon each $100 bond out of a third dividend to creditors paid by the trustee -V.129, p. 3646.
in bankruptcy out of the proceeds of sale of unmortgaged assets.
Nash Motors Co.
-Earnings.
Payments will be made to the holders of bonds upon the presentation
thereof with Sept. 1 1928 and subsequent appurtenan.; coupons to Bankers
Years End. Nov.30- 1928-29.
1927-28.
1926-27. 1925-26.
Trust Co., 16 Wall St. N.Y. City.
xNetincome
$20,204,505 $23,604,832 $25,898,190 $27,020,524
Bondholders will not be entitled to receive their distributive share in the Prov.for Fed. taxes_ _ _ - 2,190,724
2,784,746 3,227,445
3,674,218
dividends payable out of the proceeds of the unmortgaged assets unless
they present their bonds promptly as the right to receive such share ex- Net inc. after expenses
pires upon receipt by Bankers Trust Co. of a notice of the date assigned
reserves & local taxes_$18,013.781 $20,820,085 $22,670,744 $23,346,306
for the meeting of credibors to declare the final dividend which notice is to Preferred dividends
140,908
-V.127. p. 3553. Common dividends
be given at least 30 days before the date of such meeting.
16,380,000 16,380.000 13 650,000 yI0,920,000
Rate
($6)
($6)
(35)
($13)y
Dividend.
B stock on a $3.50 annual dividend which is amply justified by this year's
earnings, says Secretary Robert E. Baker.
-V. 126, p. 3606.
-1% Stock
Massachusetts Investors Trust.
The trustees have declared a quarterly cash dividend of 52c. a share,
and a stock dividend of 1%.both payable Jan.20 to holders ofrecord Jan.8.
This compares with a quarterly cash dividend of 45c. a share paid in
April and October last, and 52c. a share in July 1929 on which latter date a
-V.130, p. 145.
I% stock distribution was also made.
-Extra Dividend.
Maud Muller Candy Co.
The company on Jan. 1 1930 paid to common stockholders of record
-V. 128, P. 2475, 901.
Dec. 15 an extra dividend of 25c. per share.
-Increases Common Dividend.
Melville Shoe Corp.
The directors have declared a quarterly dividend of 50c. per share on the
common stock, placing the issue on a $2 annual basis, against $1.40 previously.
The directors also declared the regular quarterly dividends of 13i% on
o
the 1st pref. stock and 136 V on the 2d pref. stock.
All dividends are payable Feb. 1 to holders of record Jan. 18.
Holders of the old common stock, issued prior to the split-up in August
1928, will only receive dividends when they exchange their old stock for
the present stock.
Sales for Month and 12 Months Ended Dec. 31.
-December
-1928. Decreased 1929-12 Mos.-1928. Increase.
1929
$2,621,127
$197,7871$25,514,253 $22,438,205 $3,076,048
$2.423,340
-v. 129, P. 3810.
Mesta Machine Co.
-Co
-Transfer Agent.
The Bankers Trust Co. has been appointed co-transfer agent for the com-V.129. p. 3645.
mon stock, $5 par value.
Metropolitan Chain Stores, Inc.
-Sales.
-Increase. I 1929-12 Mos.-1928.
-Dec.
-1928.
Increase.
1929
$3,432,128 $2,751,793
3680,3351318,121,818 $13,512,704 $4,609,114
At the end of December 1929 Metropolitan was operating 151 stores,
against 109 stores at the close of 1928.-V. 129, P. MS.
-Extra Dividend.
Moreland Oil Corp.
-Earnings.
(John) Morrell & Co., Inc.(& Subs.).
Earnings for 13 Months Ended Nov. 2 1929.
Net sales (American companies only)
94.660,595
Operating prolit of all companies after deducting all expenses,
Including repairs and maintenance of properties, but before
providing for depreciation,int. charges and Fed,income tax
4,512,417
Provision for depreciation
469.154
177,464
Interest charges
Provision for Federal income tax
430,000
$23,487,309
p. 3697.
-Earnings.
Munson Steamship Line (& Subs.).
Earnings for Year Ended June 30 1929.
$23,774,014
Operating revenues
including interest, amortization and depreciation.-- 23,312,120
Expenses,
Net profit
$339.770.961 $38,137.179 $333,697,094 $36,961,350
a12,285,000
Profit & loss surplus- -$339,770,961 $38,137,179 $333,697,094 $24,676.350
Earns, per sh. on 2,730,000 shs. corn. stk.
(no par)
$6.60
$7.62
$8.30
$8.50
a On Feb. 1 1926 company paid a stock div. of 900% in common shares.
capitalizing $12,285,000 of the surplus ($5 per share). x Net income after
deducting expenses of manufacturing (incl. depreciation), selling, administrative and local taxes. y Being $10 per share on 273,000 shares (before
payment of 900% stock div.). and $3 per share on 2,730,000 shares.
Consolidated Balance Sheet Nov. 30.
1929.
1928.
1928.
1929.
Liabilities
Assets$
Common stock_..y13.887.000 13.887,000
Real estate, equipment, &c
x 9,160,930 8,216,058 Accounts payable_ 2,900,692 2,890,101
1,247,447 1,286,048 Reserves
Investments
Federal taxes_ _ _ 15 958 847 2,784,747
Govt.securities_24,797,072 20,297,071
Other taxes_ - _ " 14,082,129
ScMali supplies 5,246,094 5,809,040
Losses on acc'ts
63,000
Notes receivable... 321,000
receivable_ --Acc'ts receivable_ _ 5,562,510 6,830,824
18,260
40,1165
17,214,333 20,947,663
Miscellaneous Cash
34,070
15,559
69,211
Contingencies.. 1,516,954 1,682,135
Prepaid expenses- 537,399
Surplus
39,770,961 38,137,180
64,086,785 63,518,915
Total
Total
64,086,785 63,518.015
x After depreciation. y Represented by 2,730,000 no par stock.
-V.129.
p. 2242.
National American Co., Inc.
-Proposed Merger.
National Belles Hess Co., Inc.
-Net Sales.
-
-1928. Decrease.) 1929-12 Mos.-1928, Increase.
-Dec.
1929
$44,985,767
3119,0331348,851.047 $44,532,696 $4,318,351
$44.866,734
The last three months of 1928 include sales of heavyweight lines of
merchandise which were discontinued this year.
Figures for 1928 do not include proportion of receipts of companies in
which common stock ownership was subsequently acquired.
-V. 129,
P. 3646.
National Distiller's Products Corp.
-Initial Corn. Div.
The directors have declared an initial quarterly dividend of 50c. a share
on the common stock, no par value, payable Feb. 1 to holders of record
Jan. 20. The entire issue of preferred stock was redeemed on Aug.301929.
$3,435,799 -V.130, p. 146.
1,080.000
-Stock Placed
National Enameling & Stamping Co.
Balance, surplus...
*
32,355,799
Earns, per share on 400,000 shs. common stock (no par)
Sheet, Nov.2 1929.
Consolidated Balance
Liabilities
Assets
81,150,000
$622,954 Notes payable
Cash
44,350
83.953 Drafts drawn set. consignin'ts
Value of life insur. policies_ _ _
554,883
Marketle sec.(British Govt.) 1,050,189 Accounts payable
664,493
Notes & accounts receivable_ 4,520,081 Sundry deposit & loan accts._
163,475
11,743 Accr'd prop,taxes. wages. &c.
Claims(net)
Product, incl. consignments_ 6,860,230 Sales ex-consignment, acct.
49,384
sales not rendered
778,703
Raw materials, livestock, &c.
22,443
26,880 Insurance fund
Investments Sc advances_ _
688,459
Land, build.,fixea equip,&c _ 9,408,973 Reserve for income taxes _ _ _ _
297,000
123,602 Other reserves
Deferred charges
x15,639,204
Capital stock
1,858,018
Initial surplus
2,355,799
Earned surplus
$23,487,309
Total
Total
-V. 128,
x Represented by 400,000 no par shares.
Total surplus
Common stock dives_
$1,633,781 $4,440,085 $9,020,744 $12,285,398
Dr 401,920
38,137,180 33,697,094 24,676,350 25,077,872
See State Title & Mortgage Co. below.
-V. 129, p. 3022.
The company on Dec. 31 paid an extra dividend of Sc. per share and
a regular quarterly dividend of 15c. per share on the no par val class B
stock. An initial dividend of 20c. per share and an extra of 5c. per share
-V.129. p. 2241.
were paid on the no par class B stock on Sept. 30 last.
Net profit
Dividends paid
Balance, surplus
Adjustments
Previous surplus
$461,894
on a Quarterly Dividend Basis.
The directors have declared a quarterly dividend of 50c. a share, payabl:
March 31 to holders of record Feb. 28. Previously the company paid
-V. 129, p. 1455.
semi-annual dividends of $1 a share.
-December Sales.
National Family Stores, Inc.
Sales for Month and 11 Months Ended Dec. 31.
Increase.) 1929-11 Mos.-1928,
Increase.
-Month-1928.
1929
$5719971$6,605,783 $3,208,234 $2,397,549
$4476,474
$1,048,471
Figures for 1928 include the Iloyle and Rarick Stores but exclude the
-V. 129, p. 3811, 3178.
W.T. & E. J. Farley Stores sales.
National Liberty Insurance Co.
-Extra Dividend.
-
The directors have declared the regular semi-annual dividend of 25c. a
share and an extra dividend of 50c. a share, both payable Jan. 15 to holders
of record Jan. 8. Like amounts were paid in January and July 1929.
National Milk Products Co.
-Receivership.
National Trust Co. of Toronto has been appointed receiver for National
Milk Products Co. of Gananoque, which failed to pay interest on its 634%
first mortgage bonds on Sept. 15.
National Milk was a subsidiary of Canada Dairies, Ltd., but the latter
company did not guarantee the $150,000 of bonds outstanding at the time
-V. 123, p. 2664.
it acquired the capital stock.
National Service Cos.
-Notes Offered.
-C. D. Parker &
Co., Inc., Boston, are offering at 99 and bit. $1,500,000
3
-year 6% secured convertible gold notes.
Balance Sheet June 30 1929.
Dated Dec. 2 1929; due Dec. 1 1932. Int. payable J. Sc D. Prin. and
Condensed consolidated balance sheet of Munson Steamship Line and int, payable at offices of Old Colony Trust Co., Boston, trustee. Denom.
subsidiaries engaged in the operation of steamships and allied activities $1,000, $500 and $100 c*. Interest payable without deduction for normal
subsidiaries owning and operating certain office building Federal income tax up to 2%. Present Conn., Penn. and Calif. 4 mills
(excluding the
property in N. Y. City and certain hotel and appurtenant property in taxes, Maryland 434 mills tax, and Mass. and New Hampshire income
Nassau, B.I., on which properties there is mige. indebt. of $6,319,210). taxes up to 6% refundable.
Liabilities
-Notes are convertible on any interest date during their
Convertible.
Assetslife into convertible participating preferred shares at the rate of 231 such
Steamships & auxiliary props$15,599,504 Curr. Habits., incl. maturities
on funded debt due within
Investments & advances_ _ 3,514,596
shares for each $100 of notes so converted, or into common shares at the
3,149,573 rate of 12 such shares for each $100 of notes so converted, or into convertible
1 year
90,768
Special deps.& misc. Invests.
259,515 participating preferred shares and common shares at the rate of 2 con411,792 Del. liabils. to sub. Sc affil.cos
Cash
vertible participating preferred shares and 2 common shares for each $100
Call loans
1,200,000 Excess of revs, over expo. on
403,416 of notes so converted.
voyages not completed ---Marketable secs. Incl. co's
9,832,667
392,690 Funded debt
bonds reacquired
Capitalization as of Oct. 31 1929 (including this issue).
1,811,723 Res.for claims, cont.,etc---- 1,430,643
Receivables
6% secured gold notes, due 1932 (this issue)
$1,500.000
295,507 Min. Int. in cap. stk. Sc surStores & supplies
1,061,975 Convertible participating preferred shares (no expressed value) 4,727,621
plus of subs
Prepaid insurance
328,025
1,104,500 Common shares (no expressed value)
692,918 shs.
Goodwill
550,000 Pref.stock
Property.
-A holding company formed Mar. 23 1928 in Mass.,
Iristory &
Deferred charges
737,999 xCommon stk.(125,000 abs.
2,450,000 for the purpose of acquiring the securities of companies engaged in the ice,
no par)
525,117 coal and allied industries.
Capital surplus
4,715.198
During the past 6 years over 100 separate operating ice, coal or oil orgaEarned surplus
nizations, serving many of the principal cities of Connecticut, Maine,
$24,932,604
Massachusetts, New Hampshire, Rhode Island and Westchester County in
Total
Total
$24,932,604
1
JAN. 11 1930.]
FINANCIAL CHRONICLE
New York have been consolidated into seven operating units and, through
the formation of the National Service Companies these seven units have
been brought under one control, thereby securing for the National Service
Companies' shareholders the advantages of a territorially diversified investment in ice and fuel companies together with the economies of consolidated operation and unified management.
The properties include 20 modern artificial ice plants with a daily manufacturing capacity of 2,500 tons; natural ice reserves with storage houses
sufficient to provide for an annual harvest of 1,765,600 tons: over 60 centrally located ice delivery stations; and 14 yards for the retail distribution of coal and several bulk stations for the distribution of petroleum
products. Combined ice sales in 1928 were approximately 1.400.000 tons;
coal sales were over 180,000 tons. All these companies serve prosperous
and rapidly growing communities whose combined population is more than
3,000,000.
On Oct. 15 1929, the company acquired the entire capital stock of the
Busfield Oil Co. and plans are being consummated as rapidly as possible
to expand the business of the company into all territories served by any
subsidiary of National Service Companies not already handling fuel oils.
Purpose.
-Proceeds of this issue will be used to retire entire note indebtedness ($400.000) and to buy underlying securities of the subsidiary Companies when in the opinion of the management such purchase will show a
substantial net profit to National Service Companies.
Listing.
-Application will be made to list these notes on the Boston
Stock Exchange.
Income Statement for 12 Months Ended October 31 1929.
[Based on shares owned Oct. 31 1929 and actual expenses of trustees for
that period, also income of constitutent companies for the calendar year
1928.1
Annual income of trustees based on interest and dividends payable
at present rates on securities owned as of Oct. 31 1929 (excluding
Busfield Oil Co., Inc., none of which was owned during 1928)-4389,376
Actual expenses of trustees for 12 months ended Oct. 31 1929-_-- 12,033
Interest for one year on notes payable outstanding Oct. 31 1929-- 24.000
Balance
$353,343
Additional income from securities to be acquired with proceeds of
issue of $1,500,000 notes
77,553
Interest savings on present notes putstanding
24,000
Net available for interest (this issue) after giving effect to this
financing
$454.896
Consolidated Statement Nine Months Ending Sept. 30 1929 (Co. & Subs.)
Ice sales
$6,319.018
Fuel and miscellaneous supplies
1,716,929
Miscellaneous non-operating income
85,424
Gross revenue
$8,121,371
Cost of goods sold
2,903.870
Gross profit
Operating expenses including maintenance
Interest
$5.217,501
3,442.953
444,494
Balance
$1,330,054
Dividends on National Service Cos. preferred and subsidiary
prior preferred
315,998
299
Neiman-Marcus Co.-Pref. Stock Offered.
-Republic National Co., Dallas, Tex. recently offered at 100 and int.
$400,000 cum. 7% 1st pref. stock.
Dated Dec. 1 1929. Cumul. dividends payable (Q.
-M.). Callable all
or part on any div. date upon 35 days' notice at $105 per share and div.
Callable for sinking fund at $105 per share and divs, or by purchase in the
open market at $105 or less. Preferred as to assets in case of voluntary or
involuntary liquidation at $105 per share and diva. Exempt from State.
county and city taxes, and from present Federal normal income tax. Transfer agents: Republic National Bank & Trust Co., Dallas, Registrar:
Mercantile Bank & Trust Co. of Texas, Dallas.
Authorized. Outstanding.
CapitalizationCumul.7% 1st preferred stock (par $100)
$500,000 $400.000
Common stock (par $100)
750.000
750,000
Mortgage note on leasehold due Nov. 12 1930
30.000
1st mtge.6% gold bonds.due ann. May 15 1930-42_
420,000
Incorporated in Texas April, 1907. Is a large retail establishment,
specializing in everything worn by women and children, men's haberdashery and home decoration. It is one of the largest and beat equipped
institutions of its kind in the Southwest. The business has shown a conUrinous growth since its establishment.
Earnings.
-The net earnings for the past five years have been as follows:
Prot
Net Profit. on Net SaLs.
f
Year ended Dec.31 1924
3145,437
6.74
Year ended Dec. 31 1925
181.212
7.87
Year ended Dec. 31 1926
161.023
6.65
13 months ended Jan. 31 1928
166,252
5.81
112.864
4.01
Year ended Jan. 31 1930 (est.)
200,000
The net earnings for the first 4 months of the fiscal year. beginning Feb. 1
1929, and ending May 31 1929. were 3107.479. For the five years ended
Jan. 31 1929, the net earnings in excess of all charges. including Federal
income tax, have averaged approximately $153,000 or 5M times the dividend requirements on this issue of pref. stock.
Assets.
-The balance sheet as of May 31 1929 adjusted to give effect to
the present financing,shows net tangible assets, after deducting allliabilities.
amount to over $420 per share of the $400,000 of this issue of first pref.
stock. The ratio of current assets to current liabilities is over 5 to 1.
Sinking Fund.
-Company is required, beginning on April 30 1931. and
every 3 months thereafter, to set aside a sinking fund of $6,250 with which
to pay off and retire the pref. stock of this issue at $105 per share of par
value and diva. Under this plan this $400,000 issue of first pref. stock will
be reared by 1947, or in 18 years. Company has the right out of this fund
to purchase at a lesser price than $105 for each share in the open market.
Purpose.
-To provide funds for the expansion of the business and for
further equipping the entire building with a modern up-to-date cooling
system.
Neisner Bros., Inc.
-Completes Best Year.
President A. H. Neisner Jan. 3 said:
We have just completed the best year in the history of our company.
In January 1929 we had 35 stores. During the past year we opened 23
additional stores, making a total of 58 now in operation.
Calendar YearsIncrease.
1928.
1929.
Sales
Sal
310,292,115
315.087.610
46.59%
Sales in old stores show an increase in 1929 over 1928 of 15.11%.
We are lloking forward to 1930 as another year of great progress. Our
stores have completed taking inventory and our inspectors report small
and clean inventories. Our finances are in excellent shape to take care of
our 1930 expansion.
-V. 130, p. 146.
Balance
$1.014,056
Balance Sheet, Oct. 31 1929 (Giving effect to issue of notes.)
AssetsLiablitttesSecurities owned at cost_ __ _ $9,116,813 Convertible notes
81,509 004
16
:
Cash
1,104,383 Accounts payable
(J. J.) Newberry Co.
-December Sales.
Divs. & interest receivable..
52.727 Reserve for taxes
275
1929
Increase.
1929-12 Mos.-1928.
-1928. •
Increase.
Prepaid interest
80.619 - . -Dec.
2,733 Reserve for dividends
$5v..14928 1p.S1.546,109
$603,6921327,788,269 $20,609,243 $7.179,026
1 0
.8. 381 1.
Organization expense. &c___
n4,727,621
105,626 Preferred shares
Common shares
b4,072.090
New England Southern Corp.
-Earnings.
Total
$10,382,282
810,382,282
Total
Earnings Year Ended Sept. 30 1929.
a Represented by 107,491 shares. b Represented by 692,918 shares.
- Gross
sales (excl. sales of Lowellinventory)
V. 129, P. 3178.
5 .
36. 18.
368 498476
Deductionsfrom sales incl. selling expenses
National Shirt Shops, Inc.
Cost ofsales & operating charges
-Gross Sales.
5.688.676
-December
1929
-1928. Increase.' 1929-12 214os.-1928. Increase.
Operating income
$562,815
$823,834
$769,108
354,726134.469,488 33,796,803 $672,685 Other
credits less other charges
2,986
-V. 129. P. 3646, 3178
.
National Steel Corp.
-Budget for 1930, &c.
-
The corporation, recently formed through consolidation of the Weirton
Steel Co., Great Lakes Steel Corp., and subsidiaries of the M. A. Hanna
Co. of Cleveland, will expend $32,000.000 in expansion and new construction during 1930. Ernest T. Wets, Chairman of the Board, announced
on Jan. 6. The corporation's budget for the new year includes 37,000.000
for expansion of its present plants and 325000,000 for the new Detroit
Plant of the Great Lakes Steel Corp., its subsidiary.
"Consummation of the merger of our subsidiary companies has put
National Steel Corp. in a position to go forward with its development
program as a completely integrated steel producing unit," said Mr. Weir.
Our producing capacity for the current year will be 3.350.000 tons of
iron ore, 1,750,000 tons of pig iron and 2,000,000 tons of steel ingots, witha
great diversity of finishing capacity.
"The position of the company in raw materials, plants and financial
structure is unusually sound. Ore properties are owned on all the Lake
Superior ranges, both in Minnesota and Michigan, and include both
operating and large reserve properties, which will insure an adequate lowcost supply for many years to come. The company ranks second only to
the United States Steel Corp. in its ownership of lake ore tonnage as compared with its annual requirements, and the location of its plants on the
Ohio river and on the lakes at Detroit and Buffalo is most favorable for
obtaining low production costs and effective distribution to 'principal
consuming territories. Our Weirton plant is one of the most modern and
efficient in the country, and the Great Lakes plant in Detroit. now under
construction, will have the benefit of the latest developments in the industry.
The National Steel Corp., at the outset of its operations, ranks as the
sixth largest steel producer in the United States. A preliminary
sheet shows total assets of $119,982,000 and current assets having balance
a ratio
of better than 2%-to-1 of current liabilities."
The corporation has purchased a
Lake Michigan,
oast of Gary, Ind., and will establish a1.000-acre tract on
an investment
steel mill
of between $40,000,000 and $50,000,000 within representing
the next three years,
Weir announced on Jan. 8. "The plant site which we have acquired inMr.
the
Chicago district was purchased through the Insull interests." said Mr.
Weir,"and will aggregate about 1.100 acres
work. Construction on this property will upon completion of reclamation
be started upon completion of
the new Detroit plant of Great Lakes Steel Corp., probably within the
next three years. The Detroit plant, now building, will on completion
represent an investment of $25000,000,and with our contemplated Chicago
operation and improvements in our Weirton, W. Va. plant, now under
way, makes an aggregate expenditure of more than $72,000,000 scheduled
for expansion operations by National Steel within the next several years.
The Chicago plant will embody the last word in modern steel mill construction and will include blast furnaces, complete steel plant, and finishing
mill. Decision of the company to build in the Calumet district
nition of the growing importance of the Middle West as a steel is in recogconsuming
center, and is another step in the company's program of diversifying
manufacturing operations to locate production close to both consuming
markets and sources of raw material supply. All of our plants are on waterfront locations, making our position most favorable for obtaining low
production costs and effective and low-cost distribution."
-V. 129. p. 3976.
Gross operating profit
Depreciation
Current interest
Interest on funded debt
3565,801
299.312
105,976
340,502
Consolidated loss after all charges
$179,988
Consolidated capital stock & surplus account Oct. 11 1928
10,621.145
Reserve set up for liquid. & reorganiz.losses, exps.,etc
Dr 2,155.309
Reserve for loss by Pelzer Mfg. CO.in conned, with Chicora Bk.- Dr.150,000
Total surplus
$8,135
8
7
Gain on 7% secured notes purchased for sinking fund
: 7
84
180
Consolidated capital stock and surplus account Sept. 30 1929_ _ _ $8,223,027
Condensed Consolidated Balance Sheet Sept. 30 1929.
Liabilities
Cash
$430,784 Notes payable unsecured_ --- $822,500
Notes& accounts receiv
892,245 Notes Day. (see. by pledge of
Inventories
1,826,067 raw cotton)
17,800
Prepaid items
83,043 Accts. payable & accruals_ __
456,077
Chicora bank stock
80,000 Funded debt
5,578,910
Plant acct. (Incl. Lowell real
BaIof no. r liquid, losses,
.to
nss
estate)
x12,193.230 expe
&e
57,56
Res. for loss by Pelzer Mfg.
Co. in conn. with Chicora
Bank
150,000
Total(each side)
515.305,369 Capitalstock &surplus
y8,223,027
x After depreciation ot 51,646,787. y Represented by 33.720 shares
prior preferred stock, 62.500 shares preferred stock, and 59.530 shares
common stock all of no par value.
-V. 127, p. 2546.
Newton Steel Co.
-Notes Sold.
-Midland Corp., Union
Cleveland Corp., R. V. Mitchell & Co., and McDonaldCallahan & Co., Cleveland, have sold at par and interest
$3,000,000 2
-year 6% convertible gold notes.
Dated Jan. 1 1950: due Dec. 31 1931. Interest payable (J. & J.) at
Cleveland. Denom. $1,000 c*. Interest payable without deduction for
Federal income tax not in excess of 2% per annum. Company agrees to
reimburse on application, for the Penn. 4
-mill tax. Red. as a whole only
at the company's option upon not less than 30 days' notice as follows: on
July 1 1930 and Jan. 1 1931 at 101, on April 1 1931 at 100X and on
tru y l .
Julstee1931 at 100 plus interest in each case. Union Trust Co.,Cleveland.
Conversion -Each note is convertible at the option of the holder into
common stock at any time not less than 15 days prior to maturity (or in
event of earlier redemption, then on or before the 25th day after the date
of the notice of redemption) at the rate of 12 shares of common stock as
now constituted for each $1,000 of notes. Indenture provides for the protection of the conversion privilege in any dilution or other change in the
company's common shares. Such right of conversion is subject to the
limitations stated in the indenture, which provides among other things for
conversion upon 60 days' notice in event of merger, consolidation or sale of
National Tea Co., Chicago.
assets and for termination of conversion rights at the end of such period.
-Sales.
1929-Dec.
-1928.
Decrease.' 1929-12 Mos.-1928.
Increase.
Data from Letter of Edward F. Clark, Pres, of the Newton Steel Co.
$8,076,019 $8.190,681
$114.6621$90,193.156 $85,893.241 34.299.915
Company manufactures full finished steel sheets which are used extensively
..--Y. 129. P. 3811.
by the automobile, metal furniture and stamping industries. Company
has two throroughly modern plants, one at Newton Falls, Ohio, and the
(Oscar) Nebel, Inc.
-Acquisition.
-The corporation has acquired the assets, good-will, trade-marks, and other just being completed at Monroe, Mich.
CapitalizationAuthorized. Outstanding.
organization of Rosonhaim Co., Inc., whose capital stock is $300,000. The
$3,000,000 $3,000,000
latter concern has heretofore been the principal sales agency for the Oscar Funded debt (this issue)
4,000,000
Sobel products. By this acquisition the Nebel company takes over the 6% cumul, preferred stock ($100 par)
2,177,500
300.000 shs.*264,000 shs.
zales force and selling end of its own product, thus eliminating the middle Common stock (no par)
•36.000 shares of authorized common stock are reserved for the converman's profit and having the advantage of a more direct contact with its
customers. It is anticipated that this acquisition should add considerably sion of notes. The outstanding common shares are listed on the New York
Stock Exchange and company agrees to apply for additional listing of the
to the earnings of the Nobel comnany.-V. 129, p. 2400.
36.000 shares so reserved for conversion.
300
FINANCIAL CHRONICLE
Purpose.
-Proceeds are to be used to reimburse the company in part for
the cost of the new plant at Monroe, Mich. (representing an investment
cost at this time of approximately $6,800,000) and the balance for working
capital.
Earnings.
-The net earnings of the company for the period of 4 years
and 11 months, before deduction for interest and Federal taxes follow:
1925
$1,023,60611927
$482,84711929 (11 mos.)$2,298,230
1926
664,51411928
1.526,3461
These earnings reflect no benefit from use of the plant at Monroe, Mich.,
which is expected to go into operation.
Assets.
-Based on the balance sheet as of Nov. 30 1929, and giving effect
to this financing, the company shows total net tangible assets of approximately $14,668,000 and net current assets of approximately $4.116,000,
being respectively $4,889 and $1,372 for each $1,000 note.
---V. 130, P• 146
New Weston Hotel, New York City.
-Bonds Offered.
S. W.Straus & Co.,Inc., are offering at par and int. $600,000
gen. mtge.fee 7% sinking fund gold bonds.
[VOL. 130.
The City Commissioners of Provo, largest Utah city south of Salt Lake
City, have voted the Ohio Oil Co. a 50
-year franchise for the distribution
of natural gas in their community. The Ohio Oil officials are reported
to be negotiating for the purchase of the Utah Valley Gas Co., a Foshay
subsidiary, now supplying the Provo area with artificial gas.
As soon as required franchises in other Utah County towns have been
secured, the Ohio 011 Co. will proceed with the extension of its gas mains
from Sandy, 15 miles south of Salt Lake City, into Provo district.V. 129, p. 3811.
Old Colony Investment Trust.
-Report.--
The company in a statement of condition as of Nov. 25 last shows securities carried at 811,528,295 and cash $674,315, making total assets $12,202.610. The securities had a market value of $11,047,558. The principal
groupings, in cost figures, were: Public utility bonds, $2,153.064: industrial
bonds, $726,819; railroad bonds, $376,636; foreign bonds, $286.323; industrial stocks, $4,061.118; Public utility stocks, $1,693,080, and railroad
stocks, $1,161,678.
Adding securities at market value of $11,047,558 to the cash of $674,315
gives total assets of $11,721,873. After deducting $7,500,000 of bonds
outstanding, there is a balance of $4.221.873 applicable to 300,000 shares
of common stock, indicating a liquidating value of $14.07 a share. The
book value per share of common was $15.67.
The more important stock items in the investment portfolio, together
with cost and market value as of Nov. 25, follow;
No. Shs.
Stock.
Mid. Val.
Cost.
900 Lawyers Mtge. Invest. Corp. of Boston
$184,500 $184,500
1,000 American Sugar Co. 7% preferred
103,000
110,700
5,200 Atlantic Coast Fisheries
130,000
260,700
3,000 Flintkote 3% common
69,000
107,237
2,000 Robert Gair Co."A"5%
30,000
98,000
1,000 General Electric
221,000
194.750
2,000 German General Electric
98,553
84,000
1,000 Gillette Safety Razor
119.500
105,000
2,000 Hahn Department Stores 6%% preferred
206,000
152,000
2,000 Hamilton Woolen Co
104,400
60,000
1,000 Ludlow M.Associates 10% common
190,038
149,000
1,000 Pepperell
fg. Co. 8% common
95,561
88,000
2,600 Radio Corp. 2nd preferred
195.475
182.000
1,000 Shell Union Oil 5)4% preferred
97,000
100,000
2,000 Swedish Ball Bearing "A"
107,206
123,000
1,000 Swift & Co.8%
124.087
128,000
1,000 Thompson's Spa 6% pref. units
103,500
90,000
1,550 United Fruit Co
185,562
167,400
800 Vacuum Oil Co
99,550
77,600
Boston & Maine 7% prior preferred
1,000
106,882
107,000
2,000 Missouri Pacific 5% cum. prof
250,172
256,000
1,000 New York Central
166,625
181,000
700 Union Pacific 10% common
147.000
157,500
2.999 American Water Works
125,535
251,916
1,000 Central Maine Power 7% pref
106,362
103,000
1,000 Central Vermont Public Service $6 pref
96,250
93,000
1,000 Florida Power & Light $7 pref
100,000
97,000
1,000 International Power Securities 6% pref
106,000
85,000
1,000 Long Island Lighting 6% pref
102,000
99,000
1,000 New England Public Service $6 cony. pref._ 96,000
89,000
1,500 North American Edison 6% pref
152,625
151,500
3,000 Pennsylvania Water & Power Co
249,000
234,000
1,200 Shawinigan Water & Power
97,764
92,400
-V. 128, p. 4017.
Dated Dec. 1 1929; due Dec. 1 1938. Int. payable J. & D. Denom.
$1.000 and $560. Callable except for sinking fund purposes at 104 and
int. Red.for sinking fund retirement at 101 and in
Penn.. Conn.4 mills
taxes; Maryland 4K mills tax; District of Columbia and Virginia, 5 mills
taxes refunded. Trustee: Straus National Bank & Trust Co. of New York.
New Weston Hotel.
-This financing will provide in part for the erection
of a 21 story hotel building on the southeast corner of Madison Avenue
and 50th St., N. Y. City, to be operated as an integral part of the New
Weston Hotel, now located on the northeast corner of Madison Avenue
and 49th St., and the New Weston Hotel Annex on the south side of East
50th St. The present New Weston Hotel and Annex, containing 447 rooms
is a successful midtown hotel and has shown a steady increase in earning
power. Both the hotel and the annex are consistently well occupied at
all times. The new building is being erected in response to a demand for
which present accomodations are inadequate. The new building will have
228 rooms, making a total in the three buildings of 675 rooms.
Security and Valuation.
-Bonds are secured by a mortgage on the new
21-story hotel building and the land thereunder,fronting 50 ft. on Madison
Ave. and 75 ft. on East 50th St., containing approximately 4,825 sq. ft.
In addition these bonds are secured by a mortgage upon the adjoining New
Weston Hotel Annex and the land thereunder, runnffig 200 ft. through the
block to 49th St. The 21-story Annex fronts 50 ft. on East 50th St., while
the 49th St. frontage, 40 feet in width, contains two five-story houses.
The above properties, exclusive of furnishings, have been appraised at
$3,_900.000.
The general mortgage bonds are subject to a standing first mortgage on
the new addition and the land thereunder of $1,090,000. maturing in 1939.
with interest at 5%, per annum; and to first and second mortgages on the
New Weston Hotel Annex and the land thereunder as described above,
aggregating $1,529,250, with interest at 6% Per annum.
Earnings.
-Based on operations of the New Weston Hotel and Annex
for the 12 months ended Oct. 31 1929, the net income of the new
building, after deducting operating cost, taxes and interest on the first
mortgage,are estimated at $141,500,which is more than 3 times the greatest
annual interest charge on this general mortgage bond issue and nearly
$50,000 in excess of the annual sinking fund and interest requirements
taken together.
Sinking Fund.
-Under the provisions of the trust mortgage a minimum
of $50,000 in bonds are to be retired each year, beginnning Dec. 1 1933.
However, the trust mortgage requires that additional bonds shall be retired annually, the amount to be based on the net earnings of the properties
owned or controlled by the borrowing corporation. Based on the actual
net earnings of the New Weston Hotel and the Annex for the year ending
-Extra Dividend.Onomea Sugar Co., Hawaii.
Oct. 31 1929, and on the estimate of earnings for the new building, the borIn
to the regular monthly dividend of 20c. per
paid on
rowing corporation estimates that an additional $40.000 to $50.000 in bonds Dec. additionto holders of record Dec. 10, it is announced sharean
20 last
that
extra
will be retired annually.
distribution of 60c. per share ws also made on that date.
-V.128, p.3846.
New York Athletic Club.
-Report.
-
-Listing.Owens-Illinois Glass Co.
The Club in its report for 1929, the first year in which the new clubhouse
The New York Stock Exchange has authorized the listing on or after
was occupied reports total membership 8.013, including the 256 athletic Jan. 1 1930 of 41,361 additional shares of common stock (par $25) on
memberships. The non-athletic memberships increased from 6,941 to official notice of issuance as a stock dividend, making the total amount
7,757 during the year. New members elected during the year totaled 1,359. applied for 867,587 shares.
"After writing off a depreciation of $154,828, our operating profits
Comparative Consolidated Balance Sheet.
amounted to the sum of $402,741, which was added to surplus," William
28.
Sept.30'29. Dec.31.
Sept.30'29. Dee.31'28.
Kennelly, President, reported. "Many momentous events have occurred
Liabilities
Assets
$
during the year, most important of which was the completion and occupancy Cash & U.S. Govt
Accts. pays hie--- 566,156
657,863
of our new clubhouse. Moreover, the problem of the excess real estate
3,865,440 4,218,070 Cwt, credit bal.
securities
owned by the club was solved when title to the old clubhouse site at Fifty& advances---1.625,099 1,640,149
72,740
123,735
ninth Street and Sixth Ave. was passed to the purchaser for the sum of Fed. Land bk. bds
Accrued taxes,&o.. 478,345
126,346
$2,000,000. This sum and withdrawals from the club's surplus funds were Notes accent. &x4,282,703 2,485,033 Est.Fed.inc. tax _ 834,081
accts. rec
503,000
used for the purpose of reducing the club's indebtedness by $2,250,000, Inventory
9,931,095 5,870,011 Dividends declared 947,226
which reduction was accomplished by paying off the two mortgages on the Invest,in contr.&o 737,224
749,622 5% debentures- -- 5,000,000
Sixth Ave. site, aggregating an amount of $1,000,000, and by retiring loan Other assets
2,024,856 1,758,049 Res, for repairs &
bonds in the sum of $1,250,000."-V. 128, p. 572.
contingencies- 3,858,523 3.079.840
Land,bidgs.,mach.,
equip.,&c -y22,101,988 10,748,409 8% cum. pref.stk- 8,000.000
Northern Securities Co.
-Earnings.
Common stock_ - -20,680,650 19,221,150
Gas prop., plant,
Calendar Years1927.
1929.
1928.
1926.
z1,957,347 1,697.389 Earned surplus... 9,090,273 9,188,541
leases
Total receipts
$404,522
$406,808
$405,647
$403,115 Pat,rights, contr.,
Capital surplus..
1,100,000
Taxes
23,653
24.985
22,770
23,166
goodwill, &c_ _ 3,514,521 3,558,950 Uncontr.corn.scrip
956
Administration expenses.
13,616
7,767
8,109
13,797 Prepaid expenses.
213
174
172,792
Interest and exchange_ _
1,352
400
supplies, &a188,878
Net income
Dividends
$372,681
$367,079
$374.576
$365,752
(9%)355.851(9%)355,851 (10)395,390 (10)395.390
Total
50,226,930 32,898,475
50,228,930 82,898,475
Total
x After allowance for doubtful accounts, &c. of $447,597. y After
allowance for depreciation of $11,914,697. z After allowance for depreciation and depletion of $2,714,746.-V. 129, P. 3646.
Balance,surplus
$16,830 def$28,311 def$29,638
$18,725
Earns, per sh. on 39,540
$230,630
shs.stock (par $100)-$9.47$9.43
$9.26
$9.25
Pacific Mutual Life Insur. Co. of Calif.
-Listing, cte.x Total receipts in 1929 include dies, from C. B. & Q. RE..
The Los Angeles Stock Exchange has authorized the listing of 440,000
divs. from Crow's Nest Pass Coal Co., Ltd., $171,342, and int., $4,834. shares of common stock of $10 par value, total authorized and outstanding.
-Chartered under the laws of California on Jan. 2 1868, for
Company.
Comparative Balance Sheet Dec. 31.
period of 75 years.
Assets-1929.
1929.
1928.
Liabilities1928.
a The company was organized as a stock company by Leland Stanford,
Cost of charter - -- $85,048
33.954,000 83,954,000
$85,048 Capital stock
D.0. Mills, Mark Hopkins, Charles Crocker and others, and began business
186,073
Cash
162,354 Divs. unclaimed &
a capital of $100,000. In 1906 the company re-insured the
1,506
C.B.& Q.stock _ 2,858,810 2,858,810
unpaid
1,335 In 1868 with Life Insurance Co. of Los Angeles. At
Conservative
that time the present
Crow's Nest Pass
Balance,surplus_ _ 3,080,006 3,061,287
management, headed by George I. Cochran and Lee A. Phillips, came
Coal Co.stock__ 3,808,945 3,808,945
Into control.
97
Fractional scrip_ _
97
-The par value of the shares from 1868 to 1928 was $100.
Capital Stock.
95,037
100,037
U.S. bonds
par value
1,501
1,330
Total(each side)37,035,512 $7,016,622 In the latter year theshares havewas reduced to $10, and the shares split
Suspense acct., &c.
been sold on
10 for 1. Additional
when the
-The company on Dec. 31 1929 owned of C. B. & Q. RR. stock company needed capital to finance expansion. several occasionsnew
Note.
These sales of
stock
23,063 shares of $100 each, shown in balance sheet as $2,858,810. Com- have generally been made to stockholders under rights.
pany also owned on Dec. 31 1929 of the Crow's Nest Pass Coal Co. stock
the plan of the directors to offer stockholders the privilege
Rights.
-It is
each, carried in the balance sheet at $3,808,945. of buying one new share for each ten held, at prices substantially under
28,557 shares of $100
-v. 128, p. 263.
the market, each year for the next ten years. This policy was inaugurated
In 1929. at a subscription price of $50 for the new shares. The ten-year
-Profits.
(Charles F.) Noyes Co., Inc.
program will increase the company's outstanding shares from the 400,000
The company announces its gross business for the first eight months of on Dec. 31 1928 to about 1,037.500 on Dec. 31, 1938.
its fiscal year. from May 1 to and including Dec. 31. as approximately
-The company writes a comprehensive line of life, accident;
Business.
50% greater than its business ofa year ago. Net profits for the eight months and sickness insurance, including both participating and non-participating
before reserves, taxes, co-operative fund or dividends, were 30% greater policies. No property insurance is written,as the company prefers to insure
than a year ago and net profits after dividends on preferred stock and after against death and personal disability only.
deducting co-operative fund, group insurance, reserves and State and FedThe company is the oldest and largest life insurance company located in
eral taxes, were 50% greater than a year ago. The figures include the com- Western United States. Its operations are conducted in 43 States of the
pany's business for Oct., Nov. and Dec.
Union, through an agency force of 3.000 people. While the company has
Mr. Noyes states that several deals that were temporarily halted on ac- always maintained a steady growth, it is evident from the following table
count of the situation in Wall Street have been closed and there is more that the last few years have seen an unusually substantial development.
good business in negotiation at the present time than is usually the case
Insurance in Force.
YearTotal Assets.
Cash Income.
with the company. Profits of the Noyes company for its last fiscal year 1869
$4,954,350$873,261
$324,269
were the greatest in its history and the earnings for this year therefore are 1906
92,634,087
12,721.564
4,978,009
breaking all previous records -V. 129. p. 3485.
208.647.520
45,432,696
1918
12,149,531
537,314,727
1924
91.998.853
29,471,530
Ohio Oil Co.
-Preferred Stock Issue Approved.
586,249.747
1925
104,452,663
32,482,397
The stockholders on Dec. 30 approved the creation of 600,000 shares 1926
628,535,911
117,113,076
34,831,844
of6% cum. pref. stock, par $100, to be offered in exchange for stock of the 1927
667.079,906
132,273,479
38,298,731
Illinois Pipe Line Co. The exchange is to be made on the basis of three 1928
701,043,410
145.983,165
41.113,415
shares of Ohio Oil preferred for one share of Illinois Pipe Line stock, of
The board of directors consists of Danford M. Baker (Vice-Pres.)
which 200,000 shares are outstanding.
Geo. I. Cochran(Pres.) W. H. Crocker, W. H. Davis (V.-Pres. & (len.
There are at present 2,400.000 shares of Ohio Oil Co. common stock Counsel), Howard S. dudley (V.-Pres. & Treas.), Herbert Fleishacker,
Alfred G. Hann (Actuary), Milbank Johnson, Atholl McBean, S. F.
(par $25) outstanding.
The Ohio Oil Co. early in December last contracted to furnish natural McClung (Sec.), Rich J. Mier (Vice-Pres.), Lee B. Milbank, John B.
gas as fuel for operations at the American Smelting & Refining Co.'s Miller, C. I. D. Moore (Vice-Pros.), D. E. C. Moore, Wayland A. Morrismelter at Murray. a suburb of Salt Lake City, Utah, and at its Garfield son, Arthur C. Parsons (Vice-Pros.), Lee A. Phillips (Exec. Vice-Pros.),
smelter on the shore of Great Salt Lake, Garfield smelter treats mainly Chas. H. Quinn, Samuel K. Rindge, Henry M.Robinson,and 0. Rey Rule.
W. W.Beckett is Vice-President and medical director.
concentrates from the Utah Copper Co.
-V. 129. IL 2698.
JAN. 11 1930.]
-Foreclosure.
Palace Theatre Building Corp.
company has been
According to a dispatch from South Bend, Ind., the
made defendant in a $990,000 mortgage foreclosure suit filed in the District
Court there by counsel for the liquidating Midland Bank of Cleveland.
-Taxicab Concession.
Paramount Cab Mfg. Corp.
Paramount taxicabs at midnight Jan. 10 replaced at the Pennsylvania
RR. Station the Yellow cabs, which have long held the terminal concession
there. The concession, which is let on a competitive basis, was awarded
to the Terminal Cab Corp.. a subsidiary of the City Transport Co.,the operating unit of the Paramount Cab Mfg. Co.
The concession requires that a company submitting a bid must have a
minimum of 750 taxicabs available for use at the terminal. The terminal
provides the largest business for taxicabs of all points in the United States,
-V. 129.
between 6,000 and 8,000 trips originating there every 24 hours.
P. 3811.
(pen. Mgr. of Wm. C. Atwater Co.), Frederick Webb (Treas. of Cherry &
Webb Co.), George R. Lawton, Fall River, and Wm.S. Cook (Pres. of Safe
Deposit National Bank), New Bedford.
Combined Parker Mills and Consolidated Berkshire Fine Spinning Associates,
Inc., Balance Sheet Sept. 30 1929.
LtabilfzierAssets
Land, bldgs., mach'y, &c...$10,279,945 7% convertible pref. stock
$7,586,400
Cash. notes Az accts. receiv__ 2,422,948 (par $100)
366,655 Common stock and surplus. _x10,276,857
Marketable securities
429,271
5.842,057 Vouchers and accounts pay
Inventories
168,044
86.312 Accrued Items
Inv. In de adv. to other co's_
767.420
Notes & acceptances payable
Consignments, rezelvables &
40,440 Reserve for Federal income
advances (miscellaneous)._
177,826
tax
166,480
Prepaid and accrued items124,551 Minority Interest In subsidiOrganization charges
6,444
ary capital and surplus_ _
82,875
Good-will, trade-marks, &c
-Film Rentals.
Paramount Famous Lasky Corp.
The corporation reports that receipts from domestic film rentals for the
week ended Jan. 4, which is the first week of the fiscal year 1930, were
45% ahead of the corresponding week in 1929.-V. 129. p.4150.
-Law-Stock Offered.
Paramount Investment Corp.
rence & Co., Los Angeles, recently offered 109,980 units
at $40 per unit, each unit being made up of 3 shares cum. and
partie. pref. stock (par $10) and 1 share of class"A"(no par),
common stock.
Preferred stockholders are to receive cumulative dividends at the rate of
% per annum; and after all cumulative preferred dividends are paid,
any extra dividends declared in any one year are to be distributed as follows:
(1) 25c. per share to all preferred stockholders and all class A common
stockholders. (2) 50c. per share to all class A common stockholders.
(3) 75c. per share to all class B common stockholders. (4) All further
distributions are to be made to the class A and class B common stockholders, share and share alike.
Preferred shares are redeemable at any time upon 30 days' notice as a
whole or in part at $11 per share, plus dividends.
Class A and class B common stock have equal voting powers at all stockholders' meetings. Citizens National Trust & Savings Bank of Los Angeles.
transfer agent, and Bank of America of California, Los Angeles, registrar.
Capitalization Authorized.
330,000 shs.
Preferred stock (par $10)
110,000 shs.
Class A common stock (no par)
385,000 shs.
Class B common stock (no par)
-The principal purpose of this corporation will be to buY,
Corporation.
hold and sell real property and interests therein, including subdivisions,
hotels, apartments, business offices, residences and stores, which may
be improved and(or) operated either directly by this corporation or by the
organization of subsidiary companies; and to hold, sell and trade in stocks
and securities.
It will be the policy of the corporation to invest approximately one-half
of the corporation's funds in the full development, immurement and sale
of the realty holdings of the corporation's real estate subsidiarx,and in order
to properly balance the corporation's investments so ritiorthe corporation
will at all times have in its portfolio, tangible and liquid securities available
for the full protection of the corporation's investments in real estate, the
corporation will, at the outset, consistent with times and conditions, and
at the discretion of the board of directors, invest approximately one-half
of its funds in the investment securities referred to herein.
Real Estate Investments.
-Corporation has acquired, by the issuance of a
Part of its class B common stock, all of the outstanding preferred and no par
common stock of General Realty Corp., a real estate corporation owning
valuable pieces of real estate and whose net assets amount to over $368.000.
-Approximately one-half of all capital funds
Standard Oil Investments.
of the corporation are to be invested exclusively in common stocks of the
following-named Standard Oil companies:
Anglo-American Oil Co. (Ltd.)•
Prairie 011 & Gas Co.
Atlantic Refining Co.
Prairie Pipe Line Co.
Solar Refining Co.
Borne-Scrymser Co.
Buckeye Pipe Line Co.
Southern Pipe Line Co.
South Penn Oil Co.
Chesebrough Manufacturing Co.
Continental Oil Co.
Southwest Penn Pipe Lines
Cumberland Pipe Line Co.
Standard Oil Co. (Calif.)
Eureka Pipe Line Co.
Standard Oil Co.of'Wane
Humble Oil & Refining Co.
Standard Oil Co.(Kentucky).
Illinois Pipe Line Co.
Standard 011 Co.(Nebraska).
Imperial Oil. Ltd.
Standard Oil Co. of New Jersey.
Indiana Pipe Line Co.
Standard Oil Co. of New York
International Petroleum Co. (Ltd.). Standard Oil Co. of Ohio
Union Tank Car Co.
National Transit Co.
Northern Pipe Line Co.
Vacuum 011 Co.
Ohio Oil Co.
-Receives Security ExParker Mills, Fall River, Mass.
change Offer from Berkshire Fine Spinning Associates, Inc.Albert A. Harrison, John C. Batchelder and R. G. Emerson,
a committee of directors, in a letter to the security holders
Dec. 30 stated:
The directors have received and recommend the acceptance of an offel
from Berkshire Fine Spinning Associates, Inc.. to take over the Parker
Mills and assume its liabilities other than bonded indebtedness upon a basis
permitting an exchange as follows: (a) 7,14 shares of Berkshire 7% cum.
cony. pref. stock of $100 par value for each $1,000 bond of Parker or Hargraves now outstanding: (b) 1X shares of Berkshire no par common stock
and 1-10 share Berkshire pref. stock for each share Parker preferred: (c)
share of Berkshire common for each share Parker common. Bondholders
will also receive a check in adjustment of interest accrued to Feb. 1 1930.
On the above basis bondholders after the exchange will receive in annual
income dividends of $54.25 instead of interest of 850 now received on each
$1,000 bond now held.
Berkshire preferred is a 7% cumulative stock of $100 par value, callable
at $107.50, preferred in voluntary liquidation at the call price and in involuntary liquidation at par, and convertible at the option of the holder
into common stock on the basis of two shares for each preferred share, with
provision for adjustment safeguarding the proportionate interest in common shares. Since issue of its pref. stock in April 1929, the Berkshire company has paid its preferred dividends regularly, which were earned with
sufficient margin to warrant the dividends paid on common stock as well.
No obligation of over one year's duration other than purchase money obligations may be created by the company if more than 25% of the pref.stockholders object upon 15 days' notice.
The Berkshire company is a Massachusetts corporation manufacturing
fine cotton textiles, with plants aggregating 515,000 spindles and 11,350
looms. Parker manufactures goods of similar character with a plant of
227d50 spindles and 5,456 looms. The combined plants will have approximately 742,650 spindles and 16,800 looms and will be of a size to effect
economies and provide the modern management and policies not available
to smaller units. It will continue to command the same strong financial
and banking support now available to Berkshire, while in itself the consolidation of these two properties will effect a step in the solution of the difficulties of the textile industry in a direction and manner strongly urged by
practical manufacturers and economists.
The directors urge that bondholders and stockholders take advantage
of the opportunity afforded to place the Parker Mills on a sound financial
and operating basis. Unless this offer is accepted arrangements must be
made in the near future to refinance the company's liabilities, all of which
will come due within two years, and your directors believe this would be
of great difficulty.
By acceptance, however, holders of Parker bonds and stock in effect
obtain adequate working capital for their enterprise upon excellent terms,
gaining also the advantages of participation in a business of proven success,
with its own selling agencies handling the combined product of the plants.
With L. S. Chace, at present Treasurer of the Parker, joining the Berkshire
organization, there will be a continuity of Parker interest added to the benefits of modern merchandising and manufacturing management.
The offer is conditioned upon its acceptance on or before Jan. 15 1930,
before which time you are urged to deposit your bonds and stocks with
13. M.C. Durfee Trust Co., Fall River, Mass., which is acting as depositary
for a committee representative of bondholders, stockholders and creditors
selected to facilitate the acceptance of the offer. This committee consists of:
Nathan Durfee (Vice-Pres. of American Printing Co.), David H. Atwater
301
FINANCIAL CHRONICLE
$19,412,264
Total
$19,412,264
Total
x Represented by 241.702 shares of no par value.
liabilities of Parker Mills: Acceptances discounted.
-Contingent
Note.
$207,138: Federal taxes prior years, $66,358.
Berkshire Fine Spinning Associates. Inc., stock purchase warrants are
-V. 130. p. 147.
outstanding for 55,000 additional shares of common stock.
-Comparative Balance Sheet.
Park & Tilford, Inc.
Sept. 30'29. Dee. 31 '28.
$
Assets$
199,343
334,109
Cash
8,966
6,348
Notes receivable
1,245,049 1,845,019
Accts. receivable
2,552,115 1,978,869
Inventories
946,591
2,112,066
Investments
3,577
Accr. int. reedy
11,934
Real estate. land
and buildings_ _ _ 1,250,000 1,250,000
1
1
Mach'y & equIpl.
Good-will & trade1,000,000 1,000,000
marks
93,493
Deferred charges__ 131,770
Sept. 30'29. Dec. 31'28.
Liabilities$
$
405,179
Accounts payable- 304,566
Notes payable__ 1,075.000
Accrued interest
42,201
13,295
payable
Accrued for taxes
42.749
94,869
and rent
Real estate mon475,000
475,000
gages payable
30-year 6% debenture bonds 1,720,000 1,820,000
x3.150,455 3.057,785
Capital stock
1,833,421 1,459,736
Earned surplus
2
Total
Total8,643,39 7,325,865
8,643,392 7,325,865
-V. 130. p. 147.
x Represented by 210,197 no par shares.
-December Sales.(D.) Pender Grocery Co.
1929-Dec.-1928.Increase.
Increased 1929-12 Mos.-1928.
$94,6851$15.922,688 $14,521,147 81,401,541
$1.534,549 $1,439,864
At the close of 1929 the company had in operation 410 stores, compared
with 396 stores at the end of 1928.-V. 129, p. 3811.
-$2.50 Common Dividend.(J. C.) Penney Co. Inc.
The directors have declared an annual dividend of 82.50 a share on the
common stock and announced their intention of placing the stock hereafter
on an annual basis of$3 a share, payable in quarterly installments, the first
of which will be distributed at the end of March. The dividend declared
will be paid Jan. 30 to holders of record Jan. 20.
President E. C. Sams stated that the annual dividend was an increase
over the 1928 dividend, which, figuring the recent split-up, was equal to
$2.33 a share on the present outstanding stock.
President Sams further said: "In determining the common dividend it
has been the consistent policy of the company to pay a cash dividend on a
basis of approximately 50% of the earnings for the year. While final
figures of our yearly 1,400 stores are not yet completed this year's dividend
is definitely in keeping with our established policy, taking into consideration
the stock split-up during the last five years. The common stock has paid
increasing dividends at the rate of $1.67 in 1926, $1.98 in 1927. $2 in 1928.
$2.33 in 1929. $2.50 on Jan. 30 1930. Announcements on contemplated
dividends totaling $3 a share for this year indicate our confidence in a continued upward trend."
1929-12 Mos.-1928.
-Month-1928.
Period End. Dec.31- 1929
saes
$29,585,291 $25,105.292 3209686,460 3176698,980
-V. 129. p. 4150.
-Extra Dividend.
Peoples National Fire Insurance Co.
The directors have declared the regular semi-annual dividend of 25 cents
vs 1ar pn 812
a.h 2 e a.d an extra dividend of 50 cents a share, both payable Jan. 15 to
9
.
holders of record Jan. 8. Like amounts were paid on July 15 last. M. L.
Jacobs has been elected a director to succeed H. B. Nickerson, resigted.
,
-Stockholders Increase 10%.Phillips Petroleum Co.
A 10% increase in the number of stockholders between the dividend period
of Sept. 14 to Dec. 14 1929, is announced by an official of the company,
who gives this fact as "evidence of the steadily growing public confidence
in the oil industry."
"Buying of this kind does not represent transfers from one stockholder to
another, but instead absorbs the floating supply of stock through transfer
from speculative accounts and from brokers to individuals for investment,
tending to prevent sharp and unwarranted price fluctuations and insuring
-V. 129.
a more stable price for the security," according to the statement.
P. 3811.
-Record Sales, &c.
Pierce-Arrow Motor Car Co.
See Studebaker Corp. of America below.
A. R. Erskine, President of the Studebaker Corp. has been elected
President of the Pierce-Arrow Motor Car Co. to succeed M. E. Forbes,
resigned. Walter P. Cooke of Buffalo, N. Y., has been elected a director
to fill the vacancy in the board caused by the resignation of Mr. Forbes.
Mr. Ersldne is also Chairman of the board of the Pierce-Arrow company,
and will continue to hold this position.
The Pierce-Arrow Motor Car Co. reports sales of 256 passenger cars during December against 62 in December 1928, a gain of 313%. Sales for
1929 were 9,840 passenger cars against 5,492 in 1928, a gain a 79%. The
1929 sales broke the previous record of 6,037 cars made in 1927 by 63%.
V. 129, p. 3646.
-Sales Higher.Pig'n Whistle Corp.
9 D
192 - ec.--1928.
-v. 129, p
25t7,62,410761
$395,567
Increased 1929-12 Mos.-1928.- Increase.
$432,152
$19,3911$3,816,293
$3,384.141
-To Acquire Everett Mills
Pilot Radio & Tube Corp.
-To Consolidate Plants.
Property at Lawrence, Mass.
The Everett Mills property in Lawrence, Mass., said to be one of the
largest factories in the world, has been acquired by I. Goldberg, President
of the Pilot Radio & Tube Corp., according to an announcement this
week. Although the properties originally coat several millions, it is understood that the deal involved about 4300,000.
Purchased in the name of the Lawrence Factories, Inc., of which Mr.
Goldberg is President, the properties will eventually be turned over to
the Pilot corporation at the original acquisition cost,says the announcement.
"Preparations are now being made to consolidate all of the Pilot plants
and its subsidiaries at Lawrence," states Mr. Goldberg. "The Detroit
plant has already been installed and our Poughkeepsie plant is now in the
process of being moved. The consolidation of all plants under one roof
will effect a considerable saving in overhead and should result in greatly
Increased profits.
"The Pilot corporation has made application to the Federal Radio
Commission tor the removal of its experimental television station known
as W2XCL from its Brooklyn plant to Lawrence where we expect to immediately proceed with the production of television apparatus. A great deal
of Pilot's airplane radio experimental work will also be carried on at Lawrence where a suitable aviation field has already been acquired.
"The property of the Everett Mille contains 1,500,000 square feet of
floor space, nearly all of which will be utilized by the Pilot corporation
and its subsidiaries. The corporation embraces 20 odd industries which
will eventually give employment to approximately 5,000 persons. Lawrence will now have the largest radio tube plant and the largest electric
-V. 129. p. 4150.
decorative lighting plant in the United States."
-Bonds Offered.
Pollock Paper & Box Co. Dallas, Texas.
'
-Republic National Co., Dallas, Tex., recently offered
$250,000 guaranteed 1st mtge. serial 7% gold bonds at 100.
302
FINANCIAL CHRONICLE
Dated Sept. 151929; due serially Sept. 151931, to Sept. 15 1939. Callable on any interest date at 101 and int. Prin. and int.(M.& S.) payable
at Republic National Bank & Trust Co., Dallas, Tex., trustee.
Capitalization
7% 1st mortgage serial gold bonds (this issue)
$250,000
7% preferred stock
150,000
Common stock
200,000
Company.
-Organized in 1918 in Texas. Property consists of the parent
plant at 2236 South Lamar St., Dallas, Tex.; the Texas Paper Box Manufacturing Co. at 1200 Patterson Ave., Dallas, Tex.; the Dallas Paper Co.
at 2311 Laws St., Dallas, Tex.; and the Southern Waxed Paper Co. at 840
Woodrow Ave., Atlanta, Ga., which occupies a building
company. Company also has a distributing plant in Fortowned by the
Worth, Tex.,
located at the corner of Kentucky and Rio Grande Sts.
Security.
-Bonds are a direct obligation of company and are secured by a
direct first closed mortgage on all the fixed physical assets of the company
In the 4 plants, and all the real estate owned by the company, with a total
depreciated value of $479,451. The net assets as of June 30 1929, are
$577,841, or $2,311 for each $1,000 bond. In "addition, these bonds are
unconditionally guaranteed, both principal and interest, by Lawrence S.
Pollock and Henry 8. Jacobus.
Earninys.-The net earnings of the 4 plants for the past two years.
available for interest charges on these bonds, had they been then outstanding,would have been 2.70 times the $17.500 annual interest charges on
the bonds. These net earnings would have been sufficient in amount to
pay interest charges and also to provide sinking funds necessary to
the bonds as they mature. The net earnings for 10 months of 1929retire
have
been $143,000 or over 8 times the interest charges.
Purpose.
-Proceeds have been used to purchase new plants, to retire outstanding indebtedness,and for other corporate purposes.
Power & Light Securities Trust.
-13/2% Stock Div.
-
The trustees have declared a dividend of 13i% in stock for the current
quarter, payable Feb. 1 to holders of record Jan. 15. On Nov. 1 last a
like amount was paid, while on Aug. 1 last, the trust paid a dividend of
50c. per share in cash and 13 % in stock.
,
6
-V. 129. p. 2682.
Prairie Pipe Line Co.
-Crude Oil Shipments.
(In Barrels.)
January
February
March
11 1
)
4
June
July
August
September
October
November
December
1929.
5,914,554
5.203,883
5,880,545
5.952,637
6,098.692
6,482,036
7,048,297
6,929.411
6,552.482
6,429,164
6,191,204
6.410.734
1928.
5,394,759
5,006,573
5.253,096
4,901,433
5,480,557
5,294,564
5.701.370
6,021,445
5.794,602
6,254,380
5,461,566
5,985,265
1927.
4,850.792
4.736,228
5.494,688
5,484,826
5,641,514_
5,505,551
5.788,134
5,786,822
5,321,179
5,156,296
5,460,060
5,344,811
1926.
4.187.390
4,071,405
4.588.038
4,332,971
4,342.259
4,215,416
4,234,294
4,005,484
3.906.978
4,190,377
4,082,007
4,331,958
Total
75,093,639 66,549,610 64,525,901 50.688,577
-These figures do not include shipments through the lines of the
Note.
Pure Oil Pipe Line Co. of Texas, a subsidiary.
-V. 129, p. 3812.
Process Corp., Chicago.
-Decreases Dividend.
-
The directors have declared a quarterly dividend of 123ic. a share,
payable Feb. I to holders of record Jan. 21. In previous quarters 50c. a
share was paid.
-V. 128, p. 3847.
Provincial Paper, Ltd.
-New Control.
-
See Abitibi Power & Paper Co.. Ltd.. above.
-V.128, p. 3699.
Punta Alegre Sugar Co.
-Listing.
-
The New York Stock Exchange has authorized the listing of
of deposit, to be issued by The Commercial National Bank & certificates
Trust Co.
of New York for not to exceed $4.132.800 of the 15
-year 7% sinking
convertible debentures. due July 1 1937, now outstanding and listed. fund
The indenture provides for an annual sinking fund of an amount equal
to at least 5% of the total principal amount of the debentures
Issued under the indenture. It also provides that without the theretofore
consent of
the holders of three-fourths of the outstanding debentures the company
shall not issue any common stock other than that having a par value of
$50 a share. Company has been unable to meet the sinking fund requirements for June 30 1929, and wishes to procure the waiver of such default
and the consequences thereof and to be freed from the restrictions above
referred to upon the issuance of its common stock.
The indenture provides that the holders of a majority of the debentures
at the time outstanding may waive defaults thereunder and that the
Indenture and any of the provisions therein or in the debentures contained
may be altered or amended and that new provisions may be added with
the consent in writing of the holders of three-fourths of the debentures at
the time outstanding and that the trustee, if requested in writing by the
company and by the holders of three-fourths of the debentures at the
time outstanding, shall join in such alteraiton, amendment or addition
and shall not be liable for the consequences thereof.
The company has requested the holders of its debentures: (a) to waive
the default in respect of the June 30 1929 sinking fund requirements:(b) to
free the company until June 30 1934,from the necessity of making further
provision for the sinking fund:(c) to approve the Issuance of common stock
other than that having a par value of $50 a share; (d) to consent to the
amendment of the indenture so as to effectuate the above.
-V.130.1).147.
Pure Oil Co.
-To Extend Employees Investment Plan.
-
President Henry M.Dawes,through the medium of the"Pure Oil News",
at the inception of the New Year, anounces that he will recommend to the
board of directors that it extend the Pure Oil Employees Savings Investment
Fund for a second period of four years commencing April 1 193C1, when the
first four years of the plan will have drawn to a conclusion. With a few
minor changes the plan will be the same as the present one, as the latter
has successfully stood the test of a four-year period, and very few changes,
and those for its betterment, were found necessary. The full details of the
new Pure Oil Employees Savings Investment Fund, Second Series 19301934. will appear in the February issue of"The News' ,and the opportunity
to subscribe by those who are eligible will come only during the month of
February.
Some 2.700 Pure Oil employees will have, under the plan, saved up a
total of approximately $2,800.000 of their own money on April 1 next, an
average of slightly in excess of $1.000 each. For this they will have delivered
to them promptly on April 1 approximately 28,000 shares of Pure Oil
cumulative 6% preferred stock. In addition to this, the company will on
the same date pay to each participant in cash a sum equal to 25% of the
full amount he has paid into the fund-the total amount of cash bonus
thus distributed totalling approximately $700,000. In addition to this,
during the four year period, each participant in the fund has received a
quarterly dividend in cash,representing the surplus accruing to him through
being allowed 8% interest on his total subscription and being charged 6%
Interest on the unpaid balance thereof
-which in actual dollars and cents
amounted to $19.2:3 on each $100 subscription as finally paid out, providing
of course the subscriber started in the fund at its inception and stayed with
It until the end-a total cash benefit on each $100 of $44.23 in such case.
The time in which eligible employees will have an opportunity to subscribe to the fund will be limited to the month of February 1930. All
eligible employees to the fund will on Feb. 1 receive from President Dawes
an Invitation to participate, together with booklet
-explaining the plan and a
subscription blank.
-V. 129. p. 1458.
Rand (Gold) Mines, Ltd.
-Output.
(In Ounces)January
February
March
April
May
June
July
August
September
October
November
December
1929.
876.452
815,284
866,529
872,123
897.598
856.029
889,480
889,601
849,553
888,690
861.593
851,134
Total
8.524.564
-V. 129. P. 4150, 2402.
1928.
843,857
816.133
879.380
825,097
866.186
826,363
867,211
891,363
857.731
897,720
872,484
859.761
1927.
839,000
779,339
860.511
824,014
859,479
855.154
851,861
363,345
842,118
856,843
848,059
851,225
8.610,002 10,141.849
[VOL. 130.
Railway & Light Securities Co.
-Earnings.
-
Earnings for 12 Months Ended Nov.
Interest received and accrued and cash dividends 30 1929.
Profit on securities sold, &c., less tax on profit
Total income
Expenses, taxes and interest and amortization charges
Preferred dividend requirements
Balance for 149.916 common shares
-V. 129, p. 4150.
$734,629.
1.577,348
$2,311.977
388,273
91.872
$1,831,832
R. C. A.- Victor Co., Inc.
-New Officers Announced.
President E. E.
Schumaker announces the appointment of E. K. Mac
Ewan as Secretary of this company. Francis S. Kane
and
were made Assistant Secretaries. Paul G. McCollum Walter H. Hunt
has been named
Assistant Comptroller and Robert P. Alexander, Eugene
F. Haines and
Cornelius G. Terwilliger, Assistant Treasurers.
-V. 129, 1 3337.
1•
(Daniel) Reeves, Inc.
-December Sales.
-
1929
-December-1928. Increased 1929-12 Mos.-1928.
Increase.
$2,893.110 $2,853,908
$39.2021E33,766,924 $31,569,318 $2,197,606
-V. 129, p. 3647.
Republic Iron & Steel Co.
-Listing.
-
The New York Stock Exchange has authorized
additional shares (no par) common stock on official the listing of 40,000
notice of issuance in
exchange for all the issued and outstanding shares (no
par) common stock
of Union Drawn Steel Co., making the total applied for to
date 939.164
shares.
The Republic company has entered into an agreement
dated Aug. 29
1929,supplemented by an agreement, dated Nov. 19 1929,
company under the terms of which the Union company with the Union
will amend its
certificate of incorporation so as to authorize Union
company
40,000 shares (no par)common stock and 55,000 shares (par $100) to issue
preferred
stock in lieu of the 100,000 shares of common stock (par
$100) now
authorized.
Under the agreement dated Aug. 29 all of the stockholders of the Union
company have agreed to exchange their proportionate share of the
40,000
shares common stock of the Union company for 40,000 shares of common
stock of the Republic company on a share for share basis. The Republic
company has covenanted that it will guarantee the payment of the principal
of and interest on the $5,500,000 20
-year 6% debentures of the Union
company by a written guaranty endorsed upon the debentures and that
it
will also guarantee the payment of the dividend on the preferred stock of
the Union company in case the debentures are converted into preferred
stock and that the debentures shall be so drawn as to provide that they
are to be convertible into preferred stock the dividends upon which are to
be so guaranteed. A stockholders' committee has been appointed to represent the stockholders of the Union company and Commonwealth Trust Co.
of Pittsburgh has been appointed to act as depositary for the common
stock of the Union company to be exchanged for the common stock of the
Republic company.
The 40,000 shares of common stock of the Republic company so to be
exchanged for the common stock of the Union company are to be capitalized
at $60 per share.
-V. 130. p. 148.
Reynolds Brothers, Inc.
-Owners Donate 1,000,000
Shares of Personal Holdings for Retirement.
R. S. Reynolds, President, in a letter to stockholders, says:
At the time of offering 250,000 shares of its capital stock for sale (V. 129.
P• 1603) company held and still holds a diversified list of investments in
various railroad, industrial and investment companies.
The recent drastic decline in the market quotations of all classes of
has particularly caused heavy depreciation in those of investmentstocks
companies.
The management has investigated the portfolios of all the companies in
which company has substantial investments and has found them sound,
and Is satisfied that the stocks are selling considerably below their potential
values. It is confidently believed that within a reasonable time a material
enhancement will be shown in practically every investment of company.
Messrs. R. S. Reynolds and C. K. Reynolds, who owned, and still
all the stock in company, except the 250,000 shares of treasury stockowns,
sold,
by company, have offered to donate to the company for retirement 1.000.001)
shares of their personal holdings without any obligations on the part of the
company, present or future.
This offer has been accepted by the company and the donated stock
cancelled, making the total shares now outstanding 1,583,334 instead of
2,583.334 formerly outstanding,
-V. 129. p. 1603.
Reynolds Spring Co.
-New Director.
-
A. N. Townsend, Chairman of the Board of Raybestos Co. has been
elected a director.
-V. 130, P. 148.
Richfield Oil Co. of Calif.-Subsid. Buys Stations.
-
The Richfield Oil Corp. of New York. the company's Eastern marketing
subsidiary, has acquired the Super Service Stations, Inc., of Lockport.
N. Y., for a cor-fderation of approximately $750,000. The Super Service
Co. operates a c.:tin of 25 stations and handles an aggregate of 6,000,000
gals, of gasoline annually. The manageme t will continue in the hands ot
ts former owners.-'. 120, p. 3812
Rio Grande r
-50c. Cash
1 Co.
The directors ha *
flared a dividend of 50c. a share, payable Jan.
,
25 to holders of ree • Ian. 5 On July 25 last a semi-annual cash
dividend of $1 a shar
as paid, while the comi any paid semi-annual stock
dividends of 13 % in April and October.
4
,
The directors announced that it is the intention to keep the stock on a
quarterly basis of 50 cents a share for the year 1930.
Following the annual meeting of the company last March, when the $1
cash disbursement and the stock payments were authorized, it was announced at that time that the policy of the board would be to declare in.
1930 a second semi-annual dividend of $1 cash at be paid the 25th inst. to
holders of record the 5th inst. The 50
-cent dividend voted last week thus
makes the total cash payments $1.50 instead of 52 a share as previously
Indicated.
-V. 129. p. 2872.
(Hal) Roach Studios, Inc.
-Defers Preferred Dividend.
-
The directors recently voted to defer the dividend which ordinarily
was due Dec. 1 1929 on the 8% cum. partic. pref. stock. A quarterly dividend of 2% (25c. a share) was paid on Sept. 1 last.
-V. 127. p. 2103.
St. Croix Paper Co.
-Extra Dividend.
-
An extra dividend of $1 per share was paid on the common stoc': on
Dec. 6 last. See also V. 128, p. 4336
Sanford (Me.) Mills.
-Extra Dividend.
-
The directors have declared an extra dividend of $1 per share In addition
to the regular semi-annual dividend of $1 per share, both payable Jan. 15,
to holders of record Jan. 7.-V. 128. p. 417.
Scott Paper Co.
-Comparative Balance Sheet.
-
Sept. 3029.Dee. 31 '28.
Sept. 30'29. Dee. 31 '23
AssetsLtabilUtes$
680.295 Accounts payable_ 336,327
Cash
183,913
384.216.
748,123
543,517 Current year FedAccts. receivable
703,161
751,685
Inventories
eral income tax_
1926.
25,939
103,757
Investments
48,713 Equip.,contr. mat.
39,006
796,270
beyond 1 year753,924 Prepaid and de41,497
!erred items
120,798
66.044 Reserves for con834,340
tingencics, &e__ 206,509
803,303 Cash with sinking
50,718
fund agent
20,967 Parch. mon. mtge.
849,214
50,000
50.000
let M.68 gold bds. 367,000
852,145 Land, buildings,
384,000
mach'y, equIp.,
7% pref. stock..._ 1,861,900 1.890,500
860,134
timber res. and
6% Prof. stock__ 590,000
843.854
603,000
water power_ __ _x5.137,998 4,497,058 Common stock_
839,939
y308.000
300,000
Earned surplus.. 1,758,548 1,355.763
753,296 Good-will, trademarks, patents_
1
1 Other surplus.... 1,437,801 1.437,801
840,276
836.157
Total
6,981,522 6,559,758
Total
8,981,521 8,559,756
9.962.855
x After depreciation of 51,168,876. y Represented by 153,000 so par
stock.
-V. 130, p. 148.
JAN. 11 1930.]
303
FINANCIAL CHRONICLE
Schiff Co.
-December Sales.
Increase.
Increased 1929-12 Mos.-1928.
-1928.
-Dec.
1929
$575,674169,197,586 $5,364,922 $3,832.664
$721.784
$1.297,458
On Dec. 31 1929 the company had in operation 159 stores against 86 in
1928.-V. 129, v. 3812.
--Sales.
Schulte-United 5c. to $1 Stores, Inc.
-Month ofCal. Year.
1929.
Dec. 1929. ec. 1928.
PeriodSales
$3,911,050 $1,500.483 x$19,954,101
x No comparison is available for the corresponding period a year ago.
The number ca stores in operation at the end ot the year amounted to 111
compared with about 56 actively operatinif at the close or 1928. This
includes stores in Canada and stores of Miller s,Inc., operated independently
-V.129, p. 3812.
of Schulte-United units.
Selected Industries Inc.
-Report.
it. S. Reynolds. President, says:
"As of the close of business on Dec. 7 1929, company had made total
Investments at a cost of $52,481,701 and had in cash and call loans a total
of $18,423,817.
"Of the total amount invested, $19.810.758 was invested in railroad
securities; $17.207,239 in special situations in which company and its associates own large or virtually controlling interests and in which they are utilizing
their time for development; and $15,463,703 in a diversified list of securities
of other companies. The last amount includes approximately $6,000,000
of investments in Amberican Tobacco Co.. Liggett & Myers Tobacco Co.,
P. Lorillard Co. and R. J. Reynolds Tobacco Co., the four largest companies in the tobacco industry, and about $1,200,000 in the stock of Texas
corporation. Of the amount invested in special situations, a large portion
is in the Kraft
-Phenix Cheese Corp., a company dominating in the manufacture of cheese and mayonnaise and having an exceptionally bright future.
J. L. Kraft, Chairman of the board of directors of that company. recently
made an announcement that the profits for the year 1929 would double the
profits of the preceding year.
The book value of the outstanding prior stock was over $115 per share.
as reflected by the closing prices of securities held by company on Dec. 7
1929. The net income from the beginning of operation has been substantially in excess of the dividend requirements on the prior and convertible
stock.
If we had been forced to dispose of our securities at prices of Dec. 7 1929.
there would have been a shrinkage, due to the decline in market quotations,
of 85.630,448, or about 7% of the capital. However, as company is in a
strong cash position, has no bonded indebtedness or other debts, it has no
'
necessity or intention of sacrificing its securities bought after careful study
on the basis of values. Company feels confident that over a period of
time these securities will again reflect a substantial profit. In the meanwhile, we are picking up on market reactions securities of real merit and
,
and sustained return.'-V. 129, p. 2873.
Separate Units Inc.-Liquidation.-
(A. G.) Spalding & Bros.-Earnings.10 Mos.End.
-Years Ended Oct. 31
Oct. 31 '26.
1927.
1928.
1929.
$27,886,334 826,024.700 $23,961,319 $19,713,230
Net sales
17,091,069 16,068,492 15,161,813 12,763,041
Cost ofsales
5,181.331
6,655,557
7,226,106
Admin.& selling imps__ 7,914,531
481,824
542,504
559,007
578,923
Depreciation
61.640
74,488
90.566
108.889
Royalties
Period-
Net operating profit_ _ $2,192,921 $2,080,530 $1.526.957 $1,225,395
192,078
264.583
271,210
322,320
Other income
$2,515,241 $2,351,740 $1,791,540 $1,417,473
Totalincome
209.236
224,239
242,192
204,595
Interest paid
162,900
234,000
266,100
260,200
U.S.and foreign taxes.. _
050 446 81 843 447 $1 333 301 81.045,337
Net income _ -----221,128
287:7 3
'
282,9
' 0 .3
6
260:887
%
7 1st pref. dividends__ $2'
59,970
79.990
80,000
80.000
8% 2d pref. dividends_ _
386,029
296,945
356,424
538,926
Common dividends
125,000
150.000
150.000
150,000
Prov.for red. 1st pref.__
8253,211
$518,662
6974.060
81,020,633
Surplus
Shs. corn. stk. outstandx59,822
x59,822
x59.822
349.110
ing (no par)_ _ _ ______
$12.77
$16.14
$24.75
$5.12
Earns. per sh. on corn_ __
x Par $100.
Comparative Balance Sheet Oct. 31.
1929.
1928.
1928.
1929.
$
Assets
Land. bldgs ,&c.. _x4,502,247 4,290,584 7% lat pref.stock_ 3,755,000 3,885.000
8% 2d pref. stock. 1,000,000 1,000,000
Leaseholds. bicigs.,
y1,249,267 1,231.796 Common stock. _ _a9,032,200 5,982,200
1.800,000
5,230 Notes payable _
Patent rights
13.542
633.879
Cash
1,189,344 1,321,861 Accts. payable.._ 711,854
759,820
3,653,036 Demand loans_ _ _ _ 406,292
Accts. receivable.
175,726 Accr. sal., wages.
Notes rec., cust'rs z4.160,357
421,511
Int., taxes. &c _ _ 501,175
Notes & accts. rec
270.332
1 37.425 Res.for Inc. taxes. 264,638
employees _ _ _
25,748
26.298
10,377,223 9,349,555 Empl. sub, to stk.
Inventories
99,978
170,072 Miscell. reserve...
Derd charges. &C_ 194,650
378,605
588,931 Res. for conting
753,424
Investments
5,804,983 4,488,822
60,995 Surplus
Treasury stock _ _ 175,189
1.269 Surp. appropr. for
Cash In sink. fund_
1,787
red. of 1st. pref _ 1,371,083 1,240,565
Employ, cont for
purch. of stock. 356,468
22.973,498 20,886,481
Total
Total
22,973,498 20,886.481
a Represented by 349,110 no par shares. x After reserve for depreciaand improvements thereon,
tion of S3,915314. y Leaseholds, building
after depreciation and amortization, $1,324.267, less mortgage (payable
825.000 annually). $75,000. x After provision for loss on uncollectibles
of 5168,172.-V. 129, p. 983.
{
The stockholders are In receipt of the following notice dated Jan. 3:
'
"The dissolution of this company has been duly authorized in accordance
with the laws of the State of New York,and its liquidation is now in process.
-Organized.
The board of directors have voted a first liquidating dividend of $100 a
Standard Corporations, Inc.
share, payable immediately."
This company was organized in Delaware Dec. 19 1929 as an investment
Stockholders are requested to return to them their certificates of stock, company to engage in investing and reinvesting its resources under the
Upon receipt of which, a check representing the first liquidating dividend supervision of management experienced in the investment of large funds.
Will be sent to them, and payment thereof endorsed on the certificates.
Investment Policy -The policy of the corporation is to acquire securities
V. 129, p. 3488..
of a limited number of railroad. pulolic utility, banking and industrial Corporations when prices and fundamental conditions offer opportunities for
-2s. Dividend.
Ltd.
Shell Transport & Trading Co.,
profitable investment. Holdings will be confined to securities appearing
The Equitable Trust Co. of New York. as depositary of certain ordinary to offer the greatest potentialtiee for appreciation in principal, with due
shares of the above company, under an agreement dated Aug. 28 1919, has regard to Income and diversification. It is a policy of the corporation.
received a dividend of 2s. per ordinary share, par El sterling each. The that not more than 5% of Its total assets will be invested in any one security,
equivalent thereof, distributable to holders of "American shares" under
company. The investments ot the corporathe terms ot the agreement, is 97 cents on each "American share." This or in the securities of any one common stocks of the following corporadividend will be distributed by the trust company on Jan. 28 1930 to the tion currentlyconsist of the
registered holders of "American shares" of record Jan. 15 1930. A dis- tl ons:
International Harvester Co.
tribution of 3s. per ordinary share, equivalent to $1.447 per "American American Can Co.
Kroger Grocery & Baking Co.
American Gas & Electric Co.
share." was made on July 23 last.
-V. 129, p. 3338.
American Smelting & Refining Co. National Biscuit Co.
New York Central RR.
Shenandoah Corp.-Pref. Div.
-No Action on Common. American Tel. & Tel. Co.
North American Co.
The directors have declared a regular quarterly dividend (No. 2) of 75c. Borhison Topeka . Santa Fe By.
Atcden com pany&
Pacific Lighting Corp.
per share in cash (or 1-32nd of a share of common stock) on the optional
Safeway Stores, Inc.
6% cony, preference stock, series of 1929, payable Feb. 1 to holders of Chesapeake & Ohio Railway
record Jan. 14. An initial distribution of like amount was made Nov. 1.
Consolidated Gas Co.of New York. Standard Oil Co. of California
Standard Oil Co.(N. J.)
No action was taken on a dividend on the common stock. An initial Eastman Kodak Co.
Texas Corporation.
134% stock distribution was also made on Nov. 1 1929 (see V. 129, P. Electric Bond & Share Co.
Union Pacific RR.
2091).-V. 129, p. 3648.
General Electric Co.
United Light & Power Co.
General Foods Corp.
Shoreland Hotel, Chicago.
United States Steel Corp.
-Default.
General Motors Corp.
Walgreen Co.
The Greenebaum Sons Investment Co. has sent out notices to holders Gillette Safety Razor Co.
of 1st mtge. 634% bonds of the Shoreland Hotel in Chicago that "the Great Atl.& ?ac. Tea Co. of America F. W. Woolworth Co.
borrower will probably not be able to pay interest and serial maturity due
,
capitalization consists of 1,000,000 shares of
-Authorized
Capitalization.
as of Jan. 1 1930.
' The bankers request that the bonds and coupons be no par common stock and 10,000 shares of no par value Founders' stock.
not presented for payment as steps have been taken to protect the bondThe common stock and the founders' stock will be en.itled to receive diviholders.
-V. 121. p. 87.
dends when and as declared by the board oi directors, and of the total dividend so declared, nine-tenths shall be distributed pro rata to the holders
Silent Automatic Co.
-Acquisition.
of the common stock and one-tenth pro rata co the holders of the Founders'
The corporation announces the acquisition of the patents, processes and stock. In case of liquidation, common stock will be entitled to all of the
methods of the Uni-Lec-Tric Burner Corp. of New Jersey. In connection such
assets
thecorporation, the founders' stock hav.ng no participation in
with the acquisition President Walter F. Tent,said:"We have every reason
assets.
to be optimistic over our business in 1930. Our sales increased nearly 100%
Each share of common stock shall have voting rights at the rate of one
in 1929 over the previous year and in the five years since our inception the vote per share, and the founders' stock shall be en.itled in the aggregate
-V. 129. to one-half as many votes as there are shares of common stock outstanding,
company has jumped to the top of the industry in unit sales."
P. 2091.
so that the common stock,shall haveat all times two-thirds of the aggregate
vote and the founders' stock one-third. No stock of any class shall have
-Sales.
(Isaac) Silver & Brothers Co., Inc.
or otherwise to subscribe for any additional stock
f any
Increase. of any
1929
-Dec.
-1928.
Increased 1929-12 Mos.-1928.
$1,526,962 $1,361,450
$165,512168,488,149 $6,657.219 $1,830,930
Transfer agent, United States Corporation Co., Jersey City, N. J.
-V. 130. P. 149.
Registrar, Guaranty Trust Co. of New York, New York, N. Y.
-There is no management contract, the affairs of the
Management.
Simmons Co.
-December Sales Higher.
corporation being governed by the board of directors, which, as presently
Increase. constituted, Is closely identified with John Nickerson & Co., Inc. The
-Dec.
1929
-1928.
Increase.' 1929-12 Mos.-1928.
$3,599,474 $2,300,215 $1,299.2591651,971,448 $36,479,281 $15,492.167 officers and directors serve without salary. The personnel of John Nicker-V. 129. p. 3648, 3338.
son & Co.. Inc., and the facilities of their organization for research and
analysis have been made available to the corporation without cost.
Southern Grocery Stores, Inc.
-Gross Sales.
-Corporation has entered into an agreement with John
Issue of Shares.
Increase. Nickerson & Co.. Inc., under the terms of which John Nickerson gc Co.,
1929-Dec.
-1928.
Increase.' 1929- -12 Mos.-1928.
81,623,183
$1,199.169
$424,014 1$16.092,468 $13,995.262 $2,097,206 Inc., may purchase the common stock of the corporation as issued from
The corporation operates 400 stores throughout Georgia, South Carolina time to time, at the net asset value (as defined in the certificate of incorpoasset
and Alabama under the name of Rogers, Inc., about one-half of which ration). The common shares are being offered at the current net
value, as determined daily, plus an amount equal to 6% of the selling
contain meat markets.
-V. 129. p. 3813.
price to cover the cost of distribution. Under the terms of the above
Inc. have also purchased the founders'
Southern Sugar Co.
agreement John Nickerson &
-New Mill Opens.
Co.,cover
kifor
a
The company this week began 1930 cane grinding operations at its en- stock, for n amount sufficient to cov the cost of organization including
legal
larged Clewiston, Fla. mill, said to be the biggest cane sugar mill in the
-It is the intention of the distributors to maintain a
Marketability.
United States. Since fast year's grinding season, the capacity of the plant
regular market for the common stock at approximately its net asset value.
has been increased from 1,500 tons of cane per day to 4,000 tons per day.
subject to the
Approximately 300,000 tons of cane will be harvested from 10.000 acres, In addition, the certificate of incorporation provides that
shares
according to President B. G. Dahlberg. Last year 4,500 acres were har- conditions therein specified the corporation itself shall purchase any ot in
cororatip
offered, a lessnet liquidating value, as defined in the certificate
%
o.
at
vested and ground. Increase in capacity of the mill represents an expenditure of more than $2,500,000.
Opening of the completed unit is the second step in the development of
-New Unit.
Standard Oil Co. of Calif.
175,000 acres of Florida Everglades land which, In six years. Mr. Dahlberg
The company has formed the Standard Management Operating Corp.
expects will produce 450,000 tons of raw sugar annually, more than the
for the purpose of handling its electric, gas, cold storage and similar cornState of Louisiana has ever produced. Planting of new cane is now pro38.
102 ..
3 11es The total capitalization of the new company is 200 shares, all of
-V. 129, p. 3489.
gressing at the rate of 400 acres per day.
-V. 129, p.
which has been sold to the parent company for $100 a share.
Southwestern Consolidated Graphite Co., Boston.Bankruptcy.
-
The company has filed a voluntary petition in bankruptcy in the Federal
Court at Boston. Liabilities are listed at 8890.000 and assets at $500.000.
Action was in accordance with recent vote of stockholders, the petition
revealed.
-Receivership Petition
Standard Motor Construction Co.
Dismissed.
Vice-Chancellor Lewis at Paterson, N. J. has dismissed receivership
proceedings against the company. The American Machinery Supply Co.
charg
Newark,
of Newark the petitioner charged that Standard Motor was unable to
obligations. Standard Motor manufactures Diesel enmeet its
-V. 126, P. 2806.
gines.
-Extra Dividend.
(L. S.) Starrett Co.
The company on Dec. 30 last paid an extra dividend of 25c. per share
in addition to the regular quarterly dividend of 50c. per share on the common
stock (no par value) and 134% on the 6% cum. pref. stock (par $100). all
to holders of record Dec. 21. Initial quarterly distributions of 50c. per
share on the common and of 144% on the pref. were paid on Sept. 30
last.
There have been placed on the Boston Stock Exchange list 150.000 shares
-V. 129, p. 2554.
Wei
(no par value) common stock (voting).
-To Expand.
State Title & Mortgage Co.
This company will be greatly expanded and stockholders of the Natioral
American Co. will be given State Title stock in exchange for their stock.
31E_
FINANCIAL CHRONICLE
under a plan made public this week by the board of directors of the National
American Co. The State Title Co. will become one of the strongest companies devoting its capital funds exclusively to the guarantee of first mortgages.
In addition to Its own capital and surplus of 310,000,000, it will also own
the General Surety Co. which has a capital and surplus of 310.000,000,
and which is now owned by the National American Co.
Stock of the enlarged State Title Co. is to be distributed pro rata to the
stockholdrs of the National American Co.. on the basis of one share of the
stock of the enlarged State Title Co. with a liquidating value of over
$200 in exchange for each 12A shares of National American now held.
As part of this plan, the National American Co. will stop functioning as a
separate entity, delegating its activities to the State Title & Mortgage Co.
This plan approved by its directors was announced by David H. Knott,
President of the National American Co. The 8,000 stockholders have
been asked to ratify the arrangement at a special meeting on Jan. 28 next.
The State Title Co. thus becomes one of the strongest companies devoting
its capital funds exclusively to the guarantee of first mortgages. Organized
In April 1927, with a capital and surplus of 32.000.000, early in 1929 it
acquired the First Mortgage Guarantee Co. and Provident Mortgage Co
and has steadily grown until to-day it stands in fourth place as a guaranteed
first mortgage company, with a capital and surplus of $10,000,000. and
outstanding guarantees of over 350.000.000, covering more than 8,000
homes in the Greater City, held by 3,000 investors, banks and insurance
Companies. The proposed enlargement of its assets, it is stated, will not
affect its consistent policy of confining its capital funds to the guarantee of
first mortgages in and about New York and, with the discontinuance of
high money rates, the directors look for an active and productive year.
-V. 129, p 983.
(John B.) Stetson Co., Phila.-New Directors.
-
[VOL. 130.
This is equivalent to $3.12 a share on the outstanding "A"stock. Divs.
at the rate of $1.50 per annum have been paid on the outstanding "A"
stock, and at the rate of $I per annum on the outstanding "B" stock
throughout the entire year covered by this report.
Condensed Consolidated Balance Sheet Aug. 31 1929.
Assets
Liabilities
Cash
649,995 Accounts payable
647,982
Notes & accounts receivable_
175,580 Accrued expenses
16,743
Inventories
171.872 Divs. payable
22.750
Securities & real estate
6,216 Prov. for Federal taxes
21,222
Plant dr equipment
632,810 Warranty deposit, due 1934_
25,000
Deferred charges,incl org.exps
39,761 Capital stock and surp1usx942,537
Total
61,076,234
Total
$1,076,234
x After depreciation and amortization of 3123,819.-V. 127. p. 3720.
Super Maid Corp., Chicago.
-Regular Dividend.
-
The directors have declared the regular quarterly div.
75c. a share
on the common stock. payable Feb. 1 to holders of recordof
Jan. 20. This
time last year an extra div. of 25c. was paid. (See V. 127, p. 3558.)
V. 129,p. 3025.
Swift & Co.
-Split
-Up Approved.
-The stockholders on
Jan.9 ratified a 4
-for-1 split-up of the capital stock, changing
the par value of the shares from $100 to $25. See also
V. 129, p. 3814.
Tacony-Palmyra Bridge Co.
-Larger Pref. Dividend.
-
Maurice Bower Saul has been elected a director, succeeding George A.
The directors have declared a quarterly dividend of $1.87A Per share
Elasser, resigned. C. Stevenson Newhall has been elected to the board to on the 73.5% pref. stock, payable Feb. 1 to holders of
record Jan. 10.
succeed the late Milton D. Gehris.-V. 128, p. 748. Previously, the company paid semi-annual dividends of 3% on this issue,
the last payment at this rate having been made on Nov. 1 1929. (For
Studebaker Corp. of America.
-Preliminary Figures for offering, see V. 126, p. 1523.).-V. 127, P. 1265.
1929
-Record Pierce-Arrow Sales.
-
President A R. Erskine in reviewing the corporations of this corporation
and of its affiliated
company, the Pierce-Arrow Motor Car Co., predicted
a favorable outlook for both companies based upon a survey made of the
automobile market situation at the beginning of the year. Regarding the
Studebaker Corp., Mr. Erskine said that present indications are that the
corporation will report larger profits in 1930 compared with 1929, and also
that a larger number of cars will be sold, due chiefly to the new models
*which have been added to the lines of both companies.
Mr. Erskine's statement in part follows:
Studebaker expects to show an increase in 1930, both in the number of
cars sold and in net profits. Conditions which lie within the corporation
itself, rather than general conditions, are the basis for this expectation on
the part of the management. We enter 1930 with a complete line of passenger cars consisting of Erskine. Studebaker and Pierce-Arrow models
which cover every price field from $895 to $10,000. Never before has the
corporation been in a position approaching this opportunity.
Owing to the sizable character of our eight-cylinder program, begun in
1926, plus the burdens involved by the consolidation of the Detroit plants
In South Bend in 1928 and the early part of 1929, the production of the
Dictator Straight Eight cars was delayed until May and the Dictator
Sixes until June 1929. and consequently we had no low-priced Studebaker
models in the first five months of last year. Besides, there was a serious
shortage of Pierce-Arrows as the new company was not in substantial production until May. Sales of Commanders and President models were our
chiefreliance in the first part of last year.
Pierce-Arrow Sales and Profits Break all Records.
December sales of Pierce-Arrow Motor Car Co. were 256
compared with 62 in December last year, a gain of 313%.passenger cars
Sales
year 1929 were 9.840 passenger cars compared with 5.494 In 1928. a for the
gain of
79%. The 1929 sales broke the previous record of 6,037 cars made in 1927
by 63%.
Because of the increased demand for Pierce-Arrow cars net profits of
1930 will show substantial improvement over the 1929 figures, which were
over 32,500.000 as against losses of $1,293,025 in 1928. Having purchased
the large majority of the class "A" common stock in addition to the class
"B"stock already owned, Studebaker's equity in the Pierce-Arrow
profits
s very large.
On Dec. 31 the company had much the largest dealer and distributor
organization in its history. There were 525 such connections in the United
States alone, against 217 in 1928. While these figures show the numerical
growth which is the result of the introduction of the new Pierce-Arrow
Straight Eight line of cars, they do not reveal the enlargement and development which have taken place in nearly every Pierce-Arrow city. Better
locations have been established, new quarters have been built,and occupied,
sales forces have been increased, and in Boston, Brooklyn, Chicago, St.
Louis, Toronto and elsewhere, distributors have invested over $3,000,000
in new buildings. These expenditures in 1929 alone are far beyond those
of any several years in the company's history.
The new line of Pierce-Arrow Straight Eights Introduced
New
York Show in Jan. 1929 has been broadened by the additionat thesomeof a
what smaller and lower prices Pierce-Arrow car-the 132
-inch wheelbase
line at $2,595 and up. The whole line has undergone comprehensive improvement and refinement, without changes in the exterior body and
chassis lines, which have made the new Straight Eights more alluring to
the eye and more enjoyable to drive.
The Buffalo plants have been remodeled and re-arranged during
which, with the rounding out and rebuilding of the personnel of the1929
manufacturing division, will result in increased efficiency and lower production
costs.
-V. 129, p. 3980.
Stutz Motor Car Co. of America, Inc.
-Federal Judge
Dismisses Creditors' Petition-Other Actions Also Dropped.
-
United States District Judge Robert O. Baltzell Jan. 4
petition in involuntary bankruptcy against the company. dismissed a
Three
creditors filed the petition several days ago. Their counsel joinedlocal
attorneys for the company in requesting that the action be dismissed. the
suit for the appointment of a receiver, filed in a State court, has also
A
been dismissed.
"We are assured that all the other suits which have been filed In the
State courts also will be dismissed immediately," Mr. Gorrell said, "and
the company, with the co-operation of all its creditors, which ce-operation
has been assured, will proceed with its financial reorganization. It expects
to enjoy the best years business in its history.'-V. 130, p. 149.
Submarine Boat Co.
-Receivership.
-
Teleregister Corp.
-To Extend Operations.
-
The Western Union Telegraph Co. to-day (Jan. 11) announces that its
affiliated company, the Teleregister Corp., is about to extend to Chicago
its centrally operated automatic quotation board service which has been
in operation in New York City for almost a year. Service to stock brokers
in Chicago will begin May 1, following extensive technical preparations
now under way.
Wires will be leased from New York to Chicago, and the best available
transmission systems and methods will be used so that Chicago boards can
be operated direct from New York City. This will make it possible to post
Chicago boards so promptly that the service will in all respects bo as rapid
as that given brokers' offices in New York City.
This announcement follows the beginning recently made by the Western
Union Telegraph Co. of a $4,500,000 program of nation-wide installation of
new high speed tickers. Extension of Teleregister service to Chicago is
being made at almost the same time for the purpose of providing this city
with modern quotation board service as well as with modern tickers.
Teleregister service is complementary to ticker service. While the ticker
gives a chronological record of the day's transactions the Teleregister gives
the previous close, and the current day's opening, high, low and last positions on a stock at any given time. Installations of Teleregisters are being
rushed to meet the demand for a quotation board which has demonstrated
Its ability to keep pace with all types of markets.
-V. 128, p. 1416.
Temple Corporation.
-Receivership.
Chester Willoughby has been appointed receiver for this company, radio
manufacturers, in the United States District Court at Chicago.
-V. 129.
p. 3980.
(John R.) Thompson Co.
-December Sales.
-1928.
-Dec.
1929
31,254.619
$1,319.607
-V.129, p. 3815,3183.
Increase. I 1929-12Mos.-1928.
Increase.
364,9881315.742,600 $14,585,050 $1,157,550
Thompson Products, Inc.
-To Reclassify Stock.
-
A special meeting of all class A and class B stockholders has been called
Jan. 13 to act on amendments to the articles of incorporation whereby
each share of class A and B stock outstanding will be changed into one share
of a newly created common stock, no par value, and each share holding
equal voting power.
If the recapitalization is approved application will be made immediately
to list the new common stock on the New York Stock Exchange. Holders
of virtually all class 13 stock and more than 45% of class A stockholders
have agreed to vote in favor of the proposed recapitalization, according to
the directors.
At present the company has, in addition to the preferred stock outstanding 214.068 shares of class A stock and 48,592 shares of class 13 stock. The
class A stock is non-voting except in the default in payment of certain
stipulated dividends, the class B stock having all the voting power of the
corporation.
The class A stock is entitled to a preference over the class B stock,to cumulative dividends of $1.20 per share per annum, after which the class B
stock is entitled to a cumulative preferential dividend of $1.20 a share
each year. Any further dividends declar d are divided equally per share
among holders of class A and class B stock. At all times since the class A
and class B stock have been outstanding the dividends paid on both classes
of stock have been equal.
The corporation has received an order from the Olds Motor Works for
140,000 valves and 43.000 spring bolts and an order for 156.000 valves and
26.000 spring bolts from the Oakland company. This is in addition to a
recent order from Oakland for 200,000 valves and is new business for
Thompson from these companies.
-4 129, p. 3648.
.
Thompson-Starrett Co., Inc.
-Contract.
-
Work on the new 14
-story addition to the New York Curb Exchange will
begin Feb. 1, according to this company. The new structure will be completed within a year and in the meantime building operations will be carried
on in such a way that the Curb Exchange can conduct Its business unhampered in its present quarters, which were erected In 1921 also by
Thompson-Starrett.
With the addition the Exchange will occupy all of the present site with
a frontage on Trinity Place of 124 ft. and a frontage on Greenwich St. of
178 ft. Plans for the building, which were prepared by Starrett & Van
Vleck, architects, call for a trading room 5 stories in height with a floor
of 14,132 sq. ft. as compared with the present area of 9,598 sq. ft. area
The
sixth floor will house ventilating equipment and the 7 to 14 floors will be
devoted to rooms for the Board of Governors, the president and secretary
and other officers and committees of the Exchange.
Henry R. Carse. President of the company, in a statement on the receivership appointment, said in part:
"The receivership has been extended by the appointment of ancillary
Consol. Balance Sheet Oct. 24 1929.
receivers in San Francisco and Los Angeles, the receivers having already
Liabilities
taken possession of the property and assets of the corporation. It is
$3,088,732 Accounts payable and accrued
believed that if opportunity is afforded to realize free from pressure on Cash
Notesrecelv.(due within 1 yr.) 144,500
liabilities
the company's ships, canal barges and other assets, all creditors can be
$3,616,080
Accts. receiv., customers
3,343.052 Reserves for claims for personal
paid, a reorganization effected and considerable saved for the stockholders.
118,355
injuries
"The corporation was organized in 1915 as a holding company and it Accts. reedy., miseeltaneou.s
209,769
Conttact work unbilled
545,469 General reserve
acquired all the stock of the Electric Boat Co. In 1925, however, the
152,282
596,719 Preference stock
corporation divested itself of the ownership of the stock of the latter to Securities at cost
y3,500,000
the then stockholders of the Submarine Boat Corp. on a share-for-share Notes reeell . Ac accrued Int_ __ 1.093,834 Common stock
r600,000
Securities on deposit at cost - 152.511 Surplus paid in
basis, so that the two corporations are now distinct and owned by different
3 277,916
2,603,346 Earned surplus
interests. Submarine Boat is not now and never was a builder of sub- Investment In securities
1,109,191
marine boats. Such activity now is and has always been exercised by the Burr. valueof life ln.qur. policies 146,547
15,559
Electric Boat Co., which is the owner of numerous patents employed in Prepaid expenses
301.303
the construction and operation of the submarines. The receivership L. I. City property
Total (each side)
does not at all affect except as a secured creditor the Electric Boat Co. Constr. equipment & materials x315.311
$12,465,238
nor its subsidiaries, New London Ship & Engine Co., Electric Dynamic
z After depreciation of $290,686. y Represented by 160.000 no
par
Co., and Elco Works."
shares. z Represented by 600.000 no par shares.
-V. 130, p. 149.
The income account for the year ended Oct. 24 1929 was published
in
Sunset
-McKee Salesbook Co.
V. 130. p. 149.
-Earnings.
Earnings for Year Ended Aug. 31 1929.
Tobacco Products Corp.
-Div. on "A" Certificates.
Profit from operations
$162,743
The directors have declared a dividend of 76 8-10c. a
Depreciation and amortization
55,521 Certificates A,payable Jan. 31 to holders of record Jan.share on the dividend
Interest, discount and other income, net
16.-V. 129, p. 2874.
573
Transamerica Corp.
-1% Stock Dividend.
Total income
3107,79.5
The directors have declared regular quarterly
Provision for Federal income tax
.
13,926 share in cash and 1% in stock, payable Jan. 25 to dividends of 41-1c. Per
holders of record Jan. 5.
Like amounts were paidjon Oct. 25 last (see V. 129, p. 2093).-V.
Net Income
129,
$93,869 P. 3815.
JAN. 11 1930.]
FINANCIAL CHRONICLE
305
Inc. (and subsidiary companies, including The Mirror), the loss for the 6
-Warrants Exercised.
Transcontinental Oil Co.
months was $1,271,988.
To the end of November last 25,810 shares of common stock had been
The more speculative part of company's operations, which is described
purchased on warrants attached to the 1st mtge. 655% bonds of 1938. in the statement as 'real estate and financial operations," resulted for the
Common stock in the amount of 214.190 shares is still subject to outstand- first 6 months of 1929 in a net profit of only $1,019,936. or less than oneing warrants, which permit the purchase of the stock at $9 per share to fourth of the profit of $4.519,838 from the same sources for the preceding
July 1 next and at increasing prices thereafter.
12 months. Company's net loss on all operations for the first 6 months
As of Nov. 30 there were $11,622,000 of the bonds outstanding in the of 1929 was $252,051.
-This period contains
and $123,000 in the company's treasury. Bonds
Statements for Four Months Ended!Oct. 31 1929.
hands of the public
aggregating_$255,000 have been retired by the sinking fund from 1928 profits in the amount of $2.931.390 from the sale of securities at prices
earnings. The sinking fund provision provides for 20% of consolidated net over cost. These securities were in large part the securities written up in
prior periods and written down to cost in the audited balance sheet of
earnings in each year to be used for bond retirement.
All of the pref. stock has been presented for retirement and the stock June 30 1929.
-Company on June 30 had $30.719,774 of
as of Nov. 30 consisted of 6,544,219 no par common shares
capitalization
Sale of Marketable Securities.
outstan n .-V. 129, p. 3648.
current assets as against $20,986,800 of current liabilities. This ratio of
13i to 1 was a somewhat radical change for the worse from company's
-Listing.
Tr -Continental Corp.
Position on Dec. 31, as shown by its published balance sheet, when the
were in
There have been placed on the Boston Stock Exchange list temporary ratio was 4 to 1. Moreover a third of the company's current assets
case of a
certificates for 433.650 shares (total authorized issue). par $100 per share. marketable securities subject to a possible large shrinkage in
which
debt and other cash
$6 cum. pref. stock. and 2,020,150 shares (out of an authorized issue of general market decline. Company's bank had been increased toloans
$9.120,000.
6,000,000 shares), without par value, common stock, with authority to add stood at $7,327,000 on June 30,by July 15 to purchase blocks of securities
created
thereto 1,008,650 additional common shares, as the same may be issued The bank debt had been largely
at prices below market, of companies the sale of whose products the comthrough the exercise of certain outstanding stock purchase warrants.
market
Tr -Continental Corp. (new company) was organized in Maryland pany was promoting: the right to purchase the securities below
the companies to promote
Dec. 31 1929. Company was organized ion the purpose of merging the having been obtained through agreement with managements (which latter
new
of Tr -Continental Corp. and Tr -Continental Allied Co., Inc., such sales. Nevertheless both the old and that in view of general market
interests
agreed
and the shares of these two companies are being exchanged for the shares had not yet assumed office) werewas not sound, and, accordingly, shortly
.
of the new or consolidated company in accordance with a consolidation plan conditions the company's position management the old management comall of the securi- prior to the election of the new
promulgated under date of Dec. 10 1929. Assuming that
company's marketable securities. This
ties of the two merging companies are exchanged for the shares of the con- menced the orderly sale of the
solidated company, the number of shares of the consolidated company out- liquidation was continued.as rapidly as practicable by the new management,
general market decline took
standing will consist of 433,650 shares of pref. stock and 2,020.150 shares and for the most part was completed before the realization during the four
ofcommon stock, and stock purchase warrants representing 1,008,650 shares place. The result to the company was the $2.931,390 over the cost of
months ended Oct. 31 1929, of a net profit of
of common stock.
the new manageTransfer Agents.
-(1)Pref. stock: National Shawmut Bank oi Boston and the securities sold. The proceeds of the sales were used by
strengthen
Chase National Bank, New York. (2) Common stock: National Shawmut ment to liquidate the company's indebtedness to the banks and to reflected
position. The net results ofthese operations are
York.
the company's cash
Bank of Boston and Central Hanover Bank & Trust Co., New
-(2) Pref. stock: First National Bank of Boston and Central in the balance sheet as at Oct. 311929.
Registrars.
due
Considerations Which Determined the Passing of the Preferred Dividend
Hanover Bank & Trust Co., New York, N. Y. (3) Common stock: First
-The fact that company's merchandising business was oper-V. 130. Nov. 1 1929.
National Bank of Boston and Chase National Bank, New York.
the
ating at a loss for the year 1929 would not alone have determined just
P. 149.
directors to suspend the preferred dividend. The profits which had and
-Contract.
been realized from the sale of securities might be non-recurring profits
Tubize Artificial Silk Co. of America.
profits. Directors
The above company, according to an announcement made by Rufus W. dividends had already been paid for 1929 in excess ofsuchthe merchandising
in
Scott, Chairman of the Board of the American Chatlllon Corp., has been felt that the losses which the company was suffering
reorganization of business
appointed selling agents for the products of the Rome, Ga., plant of the end of the business required that a thorough
of time. Furthermore
American Chatillon Corp., consisting of both their acetate process yarn methods and policies be undertaken over a period
or surplus, and
which will be marketed under the trade name, Chacelon, as well as the the directors could only declare dividends out of earnings it might be adthat
viscose process yarn which will be marketed under the trade names. Sun- in view of the adjustments which the directors felt in declaring a div.
visable to make to surplus they did not feel justified
-V.
beam and Sunmist. This arrangement becomes effective at once.
at that time.
129, p. 650.
-While the company will need to conserve cash
Future Dividend Policy.
of its reto carry out its plans for expansion and for the development economies
Union Drawn Steel Co.
-Terms of Sale.
organized business, the directors are hopeful that important losses into
See Republic Iron & Steel Co. above.
P. 3980.
-V. 129.
already made and further ones to be made will shortly turn
profits: and furthermore that the closing out of some unprofitable lines of
-1% Stock Dividend.
Union Oil Associates.
carry out its Plans.
The directors have declared a regular extra stock dividend of 1% in business will return adequate capital to the company to of dividends when
withholding
addition to the regular quarterly dividend of 50 cents per share both payable Directors certainly do not contemplate thenecessary in the interest of th
Feb. 10 to holders of record Jan. 17. Like amounts were paid in November earned any longer than will be absolutely
company and of all its stockholders.
last.
-Directors considered whether some of the items in the
Conclusion.
A deduction of 2c. per share from the regular rate of 50c. per share is company's balance sheet, particularly the $34,440,532 representing "goodmade each year in one of the quarterly disbursements in order to pay office will and leaseholds" did not require some readjustment of the company's
this might
and operating expenses of the year.
-V. 129, P. 3183.
capital structure. Directors felt, however, that any action on company's
well be postponed until a later date, when a further survey of the policies.
-1% Stock Dividend.
Union Oil Co. of California.
light of the results of new operating
The directors have declared the regular quarterly dividend of 50c. a condition could be made in the
Consolidated Statement of Profit and Loss.
share and 1% in stock, both payable Feb. 10 to holders of record Jan. 17.
a4 Mos.End. 6 Mos.End. bCal. Year
Like amounts were paid in November last.
-V.130, p. 150.
1928.
Oct. 31 '29. June 30'29.
Union Tank Car Co.
-New Stock Certificates Ready.
Store Operations
$28480,605 $40,416,287 $82,644,432
Sales
Secretary C. W. Hochette, Jan. 2, stated in substance:
20,757,428 28,641,931 58,757,902
At the meeting of the stockholders held on Dec. 23 1929, the resolution Cost of merchandise sold
was duly adopted in favor of changing the par value of the shares of capital
$7.923.176 $11,774.357 $23,886,530
Gross profit
par value,
stock of the company from the par value of $100 per share to no
2,032,713 4,084,742
1,222,210
four shares ofsuch no par value stock to be issued in exchange for each share Other store operating income
of the present outstanding stock, and in favor of increasing the total authorGross prof. & oth,store open.inc_ -- $9,145,386 $13,807,069 $27,971.271
ized capital stock to 3,000,000 shares without par value.
8,585,812 13,067,475 24.409.052
Beginning with Jan. 3 1930, certificates of the new no par value stock Store operating and depot expenses- 1.150.011
1,888,386 3,182,239
will be issued in exchange for the certificates of the present outstanding Administrative and general expensesstock, on the basis of four shares of the new stock for one share of the old
loss$1148793 prof$379981
loss$590437
Result ofstore operations
stock. Certificates should be surrendered for exchange to the Equitable
Trust Co., 11 Broad Street, N. Y. City. The new no par value stock has Prop of loss of Happiness Candy
Stores, Inc. (Sz sub. cos., incl."The
been listed on the New York Stock Exchange in place of the old stock, and
Mirror") applic. to United's stock
under the rules of the Exchange the old stock will soon be removed from
$123.194
$107,554
holdings in that company
the list and then will no longer be a good delivery on the Exchange. Future
Real Estate & Financial Operations
dividends will not be continued on the old shares. The payment of diviProf. on oper. of fee & leasehold prop.
dends when due will be ensured by the prompt surrender of old certificates
$2,262,468
before charging int. on mtgs. & deb. $871,035 $1,116,118
for exchange for new certificates.
-V. 130, p. 150.
602,468
297.641
164,549
Int. on mtgs., call loan, bk. bats., &c868.341
170,829
2,931,390
- Profit on sale ofsecurities
-Special Report.
United Cigar Stores Co. of America.
27.419 Dr.37.375
7,005
A special report dated Jan.9 1930 has been mailed to stockholders. First Profit on mortgages sold or matured- 1,160.021
365,537
126,374
Is given the report for 1928 as published by the company (V. 128. P. 2482), Dividends received on securities
259,173
7.999
and then a revised report as prepared by Price. Waterhouse & Co., auditors. Prof. on sale of real estate
265,512
for the Morrow interest which succeeded the Whelan interest in the manage- Bonus on sale of leases
19.052
15,852
Sundry credits
ment of the company last August.
A reconciliation of the two reports gives the profits for 1928 as published
$4.116.206 $1.985,542 $5,399,660
Total
by the company as $8,352,762, and the profits as revised as $4,525,609.
708,789
509,693
291,498
A further revision in the book accounts of the two managements is shown Less-Int, on real estate mortgages
43,260
312,883
221,859
In an account called "surnlus arliustments." which wipes out an amount of
Interest on debentures
-year deb.,
Amortiz, of disc. on 20
given as surplus on Dec.31 1928 to become a deficit of $776,286
$21915.523
through
ona
less profit on debs, net,
onJune 30 1929. Among the deductions from the surplus in the 6 months
Dr.9.555
Cr 458
are noted a loss from operations of $252,051. preferred dividends $586.350
sink fund
122,030
115,146
201,510
and common dividends $2,701,612, a total of $3,540,013.
Int.
k.loans,tenants deps., &c
5.744
18.328
The consolidated statement of profit and loss for the four months from
Sundry charges
June to October, also given in the special report, shows that the loss from
ffnan. open __ $3,401,797 $1,019,936 $4,519,838
real estate and
store operations continued through those months, but
Result of real est. &
financial operations showed a profit to the extent that the company as of
Oct. 31 1929 showed a surplus of $283,103.
Combined result bet prey.for Fed.
prof $2,703,806 loss$252051 $4,899,819
income tax
374.210
Frederick K. Morrow, President, commenting on the
Provision for Federal tax
report, says in part:
Inasmuch as company's business was known to be suffering from severe
competitive and other conditions at the time of the change of administration in August, and inasmuch as the new management had been chosen
by the old with a view of bringing about a reorganization of company's
business, with the introduction of any necessary reforms and if possible
new methods of merchandising, it was considered advisable to have a thorough examination and analysis of the company's business and operations
made by Price, Waterhouse & Co. The investigation has not been completed, but it has progressed sufficiently to enable the directors to give to
the stockholders a partial report of company's condition.
Profit and Loss Statement for Year 1928.-1'he most important difference
between the profit and loss statement for the year 1928 as published and as
revised is an item of $3,325,886 for appreciation of certain securities, the
book value of which had been increased to reflect part of an appreciation
in market value, the amount ofsuch increase having lneon taken into current
earnings. However justifiable this writeup may have appeared at the time,
the directors are not inclined to adhere to the policy of taking up on the
books any part of the appreciation in value of securities owned by the
company. Another important difference is an item of $579,043, "expenses
and losses applicable to the year 1928." Of this amount $469.632 represents deferred expenses and losses of Whelan Drug Co., Inc., which the
auditors have recommended be charged off in the year in which they were
incurred, rather than deferred.
It will appear from the revised report for 1928 that the net profit from
store operations for 1928 was only W79,980. Particular attention is called
to this fact as it is indicative of the decline which had already set in in corn.pany's merchandising operations, which this year have shown a substantial
loss. The net profit from store operations on $82,644,432 of gross sales
was only 46-100ths of 1% before income taxes.
-While gross
Profit and Loss Statement for 6 Months Ended June 30 1929.
sales compare favorably with gross sales for the first 6 months of last year,
the first 6 months of merchandising operations showed a net loss of $1,148,793, or 2.8% on $40,416,287 of gross sales: a net change for the worse in
company's merchandising operations of 3.26%. If there is added to the
company's loss its proportion of the net loss of Happiness Candy Stores,
$2,703,806 loss$252,051
Surplus Account Oct. 31 1929.
Deficit at June 30 1929
Profit for four months ended Oct.31 1929 as above
$4,525,609
Balance
Dividends paid on preferred stock, Aug. 1 1929
On common stock, Oct. 1 1929
$1,927,520
288,900
1,355,517
Balance
$776,286
2,703.806
$283,103
Surplus at Oct. 31 1929
a Per books not verified by Price, Waterhouse & Co. b As revised by
Price. Waterhouse & Co.
-The following is a consolidated statement of the
Surplus Adjustments.
surplus of company and subsidiaries as prepared by Price, Waterhouse dr
Co., after giving effect to the adjustments which it is proposed to make:
Consolidated surplus at Dec.31 1928 per annual report to stock-$21,915,523
holders
Add-Capital surplus from issuance of common stock in ex2.129,270
change for securities of other companies
$24.044,793
Total
252,051
Deduct-Loss on operations for 6 months ended June 30 1929
586.350
Dividends paid on preferred stock
2,701,612
Dividends paid on common stock
$20,504,780
Balance of surplus June 30 1929 before adjustments
Deduct-Reserve for contingent loss on real estate holdings as a
result of an appraisal of all of the fee holdings by the corn4.426,000
pany's real estate staff
Elimination of write up of unrealized appreciation of marketable securities:
79,932
In respect of securities sold in first six months of 1929
5,947,914
In respect of securities held at June 30 1929
Reduction of book value of investments in affiliated companies
1,977,942
(not consolidated)
306
FINANCIAL CHRONICLE
[VOL. 130.
Reserves for contingencies
2,136.350
United States & International Securities Corp.
Reserve for bank loans of officers and employees guaranteed by
--the company under its Plan C for officers' and employees subEarnings for 14 Months Ended Dec. 31 1929.
scriptions to stock (less approx, market value of collateral)_
Total income
200,000
$1,860,305
Estimated loss on liquidation of Gllmers, Inc., a former subExpenses
169,999
sidiary company engaged in a dept.store business in the South 1.187,508 Federal taxes
97.859
Increase in reserve for depreciation offurniture and fixtures--- 1,115,384
Reserve for reduction from cost to par value of company's comNet income
$1,592,447
mon stock purchased against employees' subscriptions, now
First preferred dividends
1,061,497
cancelled for reasons given below
2,000,000 Second preferred dividends
500,000
Reduction of pipe inventories to basis of cost
709,186
Profit payable to pipe manufacturers for 1928
Balance. surplus
100,433
$30,950
Reserve of 2 % for contingent loss on unsalable merchandise
-V.129. p. 3490.
in inventories
293,328
Provision for loss on guarantee to repurchase company's comUnited States Lines, Inc.
-Special Preference Dividend.
mon stock at price in excess of par value
A special dividend of 50c. Per share was recently
487.050
declared on the no Par
Deferred losses and expenses of prior years written off
preference stock. payable Jan. 1 1930. This issue becomes cumulative
521.390
at
Leasehold improvements on drug stores to be closed, written off
132.060 the rate of $I per share per annum (50c. semi-annually) from latter date,
Provision for doubtful accts. receivable & worthless securities_ _
20,658 the first payment becoming due July 1 next (see V. 128, P. 2483).-V.
129.
Sundry charges
p. 495.
18,925
Surplus at Dec.31 1928 ofsub. cos. not now consolidated
11,052
Balance, deficit
Excess provision for insurance premiums, &c
Over provision for real,state and local taxes of prior years_
_
Interest income applicable to 1928
Profit ofsubsidiary drug companies in 1928 subsequent to acquisition heretofore omitted from consolidated surplus
Discount on preferred stock retired
$860,272
52.433
12,695
4,496
12.715
1.648
Consolidated deficit at June 30 1929
$776,286
Consolidated Balance Sheet.
Oct. 31 '29. June 30 '29.
Oct. 31 '29. June 30 '29.
Assets5
Liabilities
$
Cash
3,499,861
3,712,510 Notes payable_ 267,420 e7,580,843
Call loans
1,600,000
Accts. pay. &
Mark'le secur_ _ b1,665.889 10,702,550
sundry accr_ _ 7,518,396
7,927,743
Notes receivable
188,416
865,200 Accr. int. on
Accts. reedy__ a2,822.985
2,439.403
mtgs. & debs_
487,641
457,527
Invent, at cost
Bal. of Fed, tax
less conting.
for 1928
104,944
208,830
res. for unsalCorn. div. pay.
able merch'se. 11,383,807 13,000,111
July 1
1,332,238
Sec. of 0th. cos_ 6,995,232
7,119,881 Prov. for loss on
Adv. tooth. cm. 3,145,934
2,501,644
gtd. Wig _ _ _ _
375,000
375,000
Mtgs. recely_ _ _ 4,061,040
4,510,808 Refds. pay. to
Co.'s corn stock. d1,219,025
1,591,665
empl. on stk.
Deb. sink. Id. &
subscriptions_
326,047
915,331
dep. for ret't
Res. for outstdg.
of mtgs. pay_
34,544
39,873
prem. ctfs_ _ _ 1,614,916
2,189,288
Land & bldgs___c30,957.382 30,625,923 Adv. rentals dr
Impr. to lsehlds.
tenants' sec.
less amortlz.._ 7,270,842
7,089,193
deposits
1,017,525
931,869
Store impr. &
Res. for oblig. to
bldg. constr.
to repurc. co.'s
constr. In prog
539,133
785,437
corn. stock_
314,600
314,600
Furn.fixt.& %Int 4,473,399
4.037,444 Res. for empl's'
Prepaid 111.9Urpension fund_
207,454
201,660
ance taxes etc.
557,416
578,865 Def. discounts &
Rents pd. in adv
328,452
295,120
partly, of oth.
Unamort. lease
in respect of
bonuses and
mtgs. reedy
350,162
375,737
commissions. 1,040,898
1,134,875 Res. or bldg.
Unam. disc, on
constr. on lsehlds
151,807
143,507
funded debt __
566,662
571,340 Res. for conting. 1,437,939 1,557,705
Gd-will & Isehlds 34,440,532 34,440,532 Min.int. in corn.
Deficit
776,286
stk. of Whelan
Drug Co.,Inc.
5,000
5,000
9,938,000
534% deb. 1949 9,880,000
10-yr. 6% cony.
gold notes
Whelan Drug
Co., Inc
1,900,000
1,900,000
Realest. mtgs._ 17,121,451 16,937,072
6% Pref. stock_ 19,200,000 19,300,000
Common stock_ 54,228,044 54,226,709
Total each side 116,791,451 126,818,659 Surplus
283,103
Contingent Liability. Agreement to repurchase 35,000 shares of company's common stock at $20 per share in 1934.
a After deducting $13,844 reserve for bad debts.
b Market value
$1,983,930 ($12,361,065 was realized from sale of securities subsequent
to June 30 1929). c Owned in fee at cost, less reserve for deprec. of bldgs.
and reserve of $4,426,000 for reduction to present values as appraised by
the company's real estate staff. d Originally purchased against employees'
subscriptions now cancelled, less reserve for excess of cost over par value.
e Includes notes payable to banks partly secured by company's common
stock purchased for employees.
-V. 129, p. 2701.
United Hotels Co. of America.
-Defers Dividend.
The directors recently
IN% usually paid Jan. 1 voted to defer the regular quarterly dividend of
on the 7% cumulative preferred stock. The last
distribution at this rate was made on Oct. 1 1929.-V. 127, P. 2105.
United National Corp., Seattle.
-Extra Dividend.
-
The company in December 1929 paid an extra dividend of 25c. per
share on the partic. preference stock, no par value, it is stated.
-V. 129.
p.4151.
United Paperboard Co., Inc.
-Annual Report.
-Semi
-
6 Months EndedNov. 30'29. Nov. 24 '28. Nov. 26 '27. Nov. 27 '26.
Total sales
$4,422,645 $4,519,965 $4,684,880 Not avail.
Gross earnings (including
other income)
279,243
507,604
304,155
$308,752
Taxes and insurance_
40,000
69.399
Administrat'n expenses..
59,658
50,982
45,965
71.084
x Net earnings
$233,278
$407,946
$253,172
$168,269
Earns. per sh.on 120,000
shs. corn. (par $100)
$1.78
$1.61
$3.07
$1.07
x No deduction has been made for Federal income taxes and depreciation, which will be deducted at end of fiscal year.
Comparative Condensed Balance Sheet.
Nov. 30'29. Nov. 24'28.
Nov. 30'29. Nov. 24'28.
Assets
Liabilities
Plant & eoulpm't_12,912,557 12,851,448 Preferred stock... 1,317,200 1,317,200
Personal property_
19,630
16,834 Common stock__ _12,000,000 12,000,000
Stocks and bonds_
118,051
118,051 Accounts payable_
292,792
296,250
Cash
482,204
365,383 Notes payable_ __ _
400,000
200.000
Accts. receivable
746,459
698,440 Pref. dividends_
39.484
Notes receivable
12,999 Reserve for ac10,693
Mdse. & supplies_ 1.054,662 1,247,687
129,611
crued taxes, &c_
162,177
9,701
1,229,737 1,314,544
Deferred charges
8,678 Surplus
10,134
Suspended assets_
15,382
Total
15,369,340 15,329,655
-V. 129, p. 1279.
Total
15,369,340 15.329,655
United Porto Rican Sugar Co.
-Co-transfer Agent.
The Chase National Bank has been appointed co-transfer agent for an
authorized issue of 67.439 shares of cony. partic. cum. pref. stock, no par
value, and 255,463 shares common stock, no par value.
-V.125, p. 2827.
-Earnings.
United States & Foreign Securities Corp.
-Calendar YearsGross income
Expenses
es
Provision for taxes
1928.1926.
1927.
1929.
$13,163,089 $8,611,595 33.490,007 $3,340,318
261.324
158,872
205,287
144,010
241,377
284,952
1,247,713
814,697
Net income
$11.710,089
Div.on 1st & 2d pf.stks_ 1,799,753
$7,652,888
1,797,450
Balance
$9,910,336
Earns, per sh. on 1.000,000 abs. corn. (no par)
$9.91
-V.129, p. 1143.
$5,855,438 $1,385,127 $1,561,901
$5.85
$2,987,304
1,602,177
ka. $1.39
$2,896,494
1.334,592
$1.56
United States Realty & Improvementro.-Earns.-
[Including George A. Fuller Co. and Subsidiaries.]
8 Mos.End. -Years Ended April 30
Dec. 31 '29.
1929.
1928.
1927.
Real est., net oper. inc__ $1,653,306 $2,511,606
$2,499,060 $2,389,185
Less int. on mortgages._
342,687
527.264
548,864
537,784
Net income
$1,310,619 $1,984,342 $1,961,276 $1,840,321
a All other income
3,193,115
4,897,426
4,220,672
4,197,908
Total income
$4,503,735 $6,881,768 $6,159,184 $6,060,996
Deductions
Gen. & corp. exp., Fed'i
tax res've,deprec.,&c.
467,963
567,124
564,131
537.898
Net
$4,035,772 $6,314,644 $5,595,053 $5,523,095
G.A.Fuller Co.pr.pf.div.
202,500
270,000
67,500
Geo. A. Fuller Co. 2d
preferred dividend...
164,250
109,500
Geo,A.Fuller CootCan.
6% pref. dividends._.
33.750
45,000
11,250
Common diva
(53.75)3,731,168($4)2932,408(54)2932,408(54)2665,828
Res. for partic, dive. of
G. A. Fuller Co. and
G. A. Fuller Co. of
Can., Ltd
174.630
223,960
Balance, surplus
de4270,525 $2,733,775 $2,583.895 $2,857,267
Shs. coin. out. (no par).
994,978
733,102
733,102
733.102
Earns. per share on corn_
$3.52
$7.72
$7.52
$7.53
a Including net income of George A. Fuller Co. and proportion of net
income of Plaza Operating Co. and Savoy-I'laza Corp.
Commenting on the results for the eight months President
H.S. Black says in part:
The net income of $4,035,771 compares with $3,133,610 for the corresponding period of last year
-an increase of $902,161. After deducting
8 months' proportion of the cumulative dividends and the participating
dividends earned on the underlying pref. stocks of the George A. Fuller Co.
and of the George A. Fuller Co. of Canada, Ltd., amounting in the aggregate to $530,630. there remained $3,505,141 for the 8 months' period,
which is equal to $3.52 per share on the 994,978 shares of capital stock
outstanding at Dec. 31 1929, as compared with $3.70 per share on 733,102
shares outstanding during the 8 months ended Dec. 31 1928.
In connection with these figures it should be borne in mind that the last
four months of the old fiscal year (Jan. 1 to April 30) have generally resuited in larger earnings than any other four months' period of the year.
This Is due mainly to the fact that certain of the company's investments
produce proportionately larger revenues during the four months ending
April 30, and it is reasonable to expect that a similar result will be shown
for the four months ending April 30 1930. The earnings for this particular
four months' period of 1929 were 33,181,034.-V. 129, p. 3183.
United States Rubber Co.
-Election Confirmed.
At a meeting of the board of directors held on Jan. 7, the election of
William de Krafft as a member and chairman of the finance committee was
confirmed, and in addition Mr. de Krafft was elected a member of the
executive committee and vice-president of the company.
-V. 130, p. 150.
United States Shoe Co.
-Earnings.
The company and subsidiaries reports for the period from April 27 to
Nov. 2 1929, net income of $108,987 after taxes, against $163,025 for the
corresponding period of 1928.-V. 125, P. 1337.
United States Steel Corp.
-Unfilled Orders.
See under "Indications of Business Activity" on a preceding page.
Vol. 129, p. 4151.
Universal Pictures Co., Inc.
-Pays Off Notes.
The corporation announces that the outstanding 6% notes issued 2%
years ago in the original amount of $2.500,000, and which matured Jan. 1
1930, have been paid at maturity by the company by depositing with the
National City Bank as trustee under the indenture covering the notes the
necessary funds. The funds for payment were supplied by the Universal
company without any further public financing, it was stated.
-V. 129.
P. 2701, 1606.
Upson Co., Lockport, N. Y.
-Extra Dividend.
The directors have declared an extra dividend of 10c. a share and the
regular quarterly dividend of 40c. on the class A stock, payable Jan. 15
to holders of record Jan. 2. Like amounts were paid on April 15. July 15
and Oct. 15 1929. V. 129, p. 2094.
-
-To Create New Offices.
Vacuum Oil Co.
-
A special meeting of the stockholders will be held on Feb. 3 for the purpose
of considering and acting on the following proposals, to wit:
1. To provide that the number of directors of the company shall be not
less than 7 nor more than 15.
2. To amend the by-laws to provide for the appointment and duties of a
chairman and vice-chairman of the board of directors and to change the
Provisions relating to the title of officers and the duties of president and
vice-president.
President George P. Whaley, Jan. 9, says: "Under the present by-laws.
the president is the chief executive officer of the company. lie is also
chairman of the board of directors. The directors believe that it is desirable
and in the best interest of the business to create two new executive offices,
and it is therefore proposed to change the company, and a vice-chairman
of the board who shall perform the duties of the chairman in his absence.
If the shareholders approve of the change, it is proposed to appoint
George P. Whaley, now a director and president of the company, to the
office of chairman, Herbert Baker, now a director, vice-president and
treasurer, to the office of vice-chairman, and Charles E. Arnett, now a
director and vice-president, to the office of president.
The by-laws now provide that there shall be eight directors. An increase
in the number is desirable, due to the growth of the business of the company, and it is proposed to change the by-laws to provide for a minimum
of 7 and a maximum of 15 directors. If the shareholders approve of this
change, it is proposed that the number of directors be fixed at 11, to hold
office until the next meeting of the shareholders. The additional directors
who will be chosen are men now in leading positions in the company's
employ who by experience and ability are eminently fitted for this new
relation."
-V. 129, p. 3982.
Venezuela Syndicate, Inc.
-New Name.
The name of the Venezuela Maxudian Oil Co. has been changed to
Venezuela Syndicate, Inc., and the authorized capital stock was changed
to 2,999,000 shares of $2 par value each. The Guaranty Trust Co. has
been authorized to register certificates under the new name in exchange
for the old certificates on a share-for-share basis.
Vick Financial Corp.
-Annual Report.
President II. S. Richardson. New York, Jan. 7, says in substance:
This report, covers operations for period from June 10 1929 to Dec. 31
1929.
JAN. 11 1930.]
FINANCIAL CHRONICLE
307
-Sales Increase.
Western Auto Supply Co.
On the basis of closing prices for our investments as of Dec. 31 1929,
the book value of our stock would be 39.68 per share, or approximately
-December-1928. Increased 1929-12 Mos.-1928. Increase.
1929
97% of the capital paid in by stockholders. When we consider that we had $1,175,000
$1,016,000 $159.000;315,957,000 $12,521,000 $3,436,000
about $4,000,000 invested in stocks before the crash in the stock market, -V.129, p. 3817.
we feel that a depreciation at this time of only 3% in the book value of our
-Sales.
Winn 8c Lovett Grocery Co.
common stock is a splendid record. At the close of business on Dec. 31
-1928. Increase.; 1929-12 ilios.-1928. Increase.
-Dec.
1929
our investment account stood at $12,069,810, classified as follows:
$840,237
$5,284,160
$7,797 $6,124,397
$519,739
$527,536
Principal
-V. 129, p. 3817.
Cost.
Amount.
Government
$2,000,000 $2,018,828
-United States
Bonds
-December Sales.(F. W.) Woolworth Co.
875,816
874,000
Short term
1926.
1927.
1928.
1929.
Period901,654
955,000
Other bonds
Month of December__ _344,153,396 $45,440,944 $43,898,427 $41,348.747
$3,829,000 $3,796,299 12 mos. end. Dec. 31--303.033.894 287,315,364 272,754.046 253.645,124
At the close of the year the parent company was operating 1.828 stores
9,200 shs.
703,051
Preferred stocks
101,226 shs.
7,570,460 compared with 1,725 stores at the end or 1928.-V. 129, p. 3650.
Common stocks
$12,069,810
Total
Many of the stocks that we now own have been acquired on a relatively
high yield basis. Average current returns on our investments, which include some non-dividend paying stocks, at cost and at closing prices of
Dec. 311929, after deducting Federal Income Tax at the rate of 11%,are
classified as follows:
-Current Return
At
At Market
Cost. Dec. 31 1929.
Classification4.67%
4.73%
Bonds
6.18
7.16
Preferred stocks
5.54
5.13
Common stocks-Railroad
Industrial
6.18
5.91
--Omits Dividend-Earns.
Zenith Radio Corp.
The directors have voted to omit the quarterly dividend of 50c. per share
due to be paid Feb. 1, according to Treasurer Robertson. The directors
felt that it was conservative policy to hold cash for working capital. Four
regular quarterly payments of 50c. a share were made during 1929.
For 12 months ended Oct. 31 1929, net profit of the company was
$337,593 after all charges, including depreciation and Federal taxes.
-V. 129.
equivalent to 84 cents a share on 400,000 no par shares of stock.
IL 1145.
CURRENT NOTICES.
Every important date on which American business may expect official government reports or other information that has an effect upon
prices of stocks or commodities or upon general business conditions Is
Total investments
5.21%
5.44%
We now have uninvested funds of $1.134,172 and as our investments in listed in a new and unique booklet called "Factors of Market Influence,'!
U. S. Government, short term and other bonds are subject to only minor Just compiled by Sutro & Co., of New York, San Francisco, Los Angeles
fluctuations, we thus have nearly 35,000,000
-about $3.77 per share of and Oakland. It lists, for instance, the regular dates on which the Bank
outstanding common stock-which is practically equivalent to cash.
regular dates on which the
At the annual meeting to be held Jan. 28 stockholders will be asked to of England rate is announced, as well as the
approve the purchase and retirement of a certain amount of stock, which Federal Reserve banks announce their rates. The dates of the issuance
has recently been selling at a substantial discount from book value. Retire- of government reports on crops also are listed, as well as the dates of regular
ment of this stock will give the corporation a profit equal to the difference reports on conditions in the steel, motor, oil and other basic industries.
between the book value and the price at which such stock is purchased.
and exAt the annual meeting stockholders will also be asked to approve the Department store sales reports, employment statistics, imports
, action of the directors in extending for six months, to the extent of 100.000 ports, sugar reports and Supreme Court decisions are all listed so that
shares, the option to Vick Chemical Co. to purchase shares of common investors and business men may act in accordance with information availstock at $10 per share; and permission is also being asked to offer an additional 400,000 shares at a price of not less than $10 per share to such parties able upon those set dates.
as the directors in the interests of the corporation may determine. The
Elmer G. Diefenbach, who together with George E. Barrett and
reasons for these requests are evident.
associates organized G. E. Barrett & Co., Inc., in July 1923, has been
Income Account-Period June 10 to Dec. 31 1929.
Co., Inc., 120 Broadway, N. Y., Mr.
$227,927 elected President of G. E. Barrett &
Interest received and accrued
100,825 Diefenbach has been the active head of G.E. Barrett & Co., Inc. as ExecuDividends
tive Vice-President siI1C0 February, 1929, and prior to that, was Vice$328,753 President and Director since the inception of the business. He is a director
Total
147.796
Net loss from sale of securities
of American Commonwealths Power Corporation and United Gas Co. as
$180,957 well as many other corporations, including American Community Power
Gross income
46,185 Co., Consolidated Gas Utilities Co., Dixie Gas & Utilities Co., Houston
Operating expenses
Gas Co., Southern Gas Co. and South
$134,772 Gas & Fuel Co., Rio Grande Valley
Net profit
10,100 Texas Gas Co. Mr. Diefenbach was formerly associated with the Guaranty
Organization expense charged off
6,585 Co. of New York and Bonbright & Co., Inc., previous to the organization
Federal tax on original issue of capital stock
8,762 of G. E. Barrett & Co., Inc.
Fees of registrar and transfer agent on original issue of capital stock
2,912
Furniture and fixtures charged off
-The investment banking firm of Battles & Co. is celebrating its fortieth
Surplus, Dec. 31 1929
$106,412 year in business and the fortieth year of active direction of its founder,
Balance Sheet Dec. 31 1929.
Frank Battles, who is still head of the house. Established in 1890. the
Liabilities.
Assets.
firm was one of the pioneers in public utility financing and has specialized
$134,172 Common stock (par $10)-$13.169.950
Cash
business of the firm, which has
1.000,000 Earned surplus
106,412 in that field ever since. The original
Call loans
offices in New York and Philadelphia, was conducted under Prank Battles's
al2,069,809
Investments
72,380
Int. and diva. receivablename. In 1900 Mr. Battles formed the firm of Battles, Ileye & Harrison.
In 1907 additional members were taken into the firm and the name was
Total
$13,276,362
Total
$13,276,362
Beside Frank Battles, present members of the
a Book value of common stock: With investments valued at cost. $10.08 changed to Battles & Co.
H. Battles, both sons of the
per share; with investments valued at closing prices Dec. 31 1929. $9.68 firm are William W. Battles and Winthrop
founder, and Joseph B. Keen, admitted to the firm in 1926. The New
per share.
Classification and Valuation of Securities Owned.
Winthrop H. Battles.
York office of the firm is in charge of
Market Value
-Kreuger & Toll's unique position in international markets, combining
Amount, Dec. 311929.
Cost.
Classification$3,796,299 the functions of a holding corporation for vast industrial and financial
Bonds
$3,829,000 $3.752,533
Preferred stocks
9,200 shs.
606,825
703,051
of banker to various governments, Is set forth in a
7.570,460 enterprises and those
Common stocks
101,226 shs.
7,180,487
survey of the corporation's activities just completed by M.J. Meehan & Co.
$11.539,845 $12,069,810 which shows the inter-relation of its diversified interests. While its largest
Totals
11.539,845 interest is in the safety match industry and through its holdings in the
-Market value Dec. 31 1929
Deduct
in turn the International Match Co.,
$529,965 Swedish Match Co.. controlling
Depreciation in market price of securities
106,412 Kreuger & Toll extends its activities over the iron ore and pulp and lumber
-Earned surplus Dec. 31 1929
Deduct
industries and banking and real estate. Its earnings are derived mainly
$423,553 from dividends paid by companies in these industries, the company reporting
Net deprec. applicable to 1,316,995 sits. ofcommon stock..
Per share
$0.32
its share in undistributed earnings.
10.00 only dividends actually received and not
Paid-in capital per share
-Announcement is made of the formation of Jay T. McCoy & Co., Inc..
Book value ter share, with securities valued at closing prices
with offices at 52 William Street, New York. The new firm will act U
$9.68
Dec. 31 129
underwriters and distributors of general investment securities with an active
Stack Values.
Comparative Analysis of
insurance and unlisted securities. Jay T.
Comparison of book value and maximum price of $8.50 per share at trading department in bank,
which stockholders are being asked to approve the purchase for retirement McCoy,President ofthe new concern, was formerly Resident Manager ofthe
of not exceeding 100,000 shares of common stock.
New York office of F. A.Brewer & Co.,and prior to that was connected with
Per Share at
Market Value Per Share on
Gect. H. Burr & Co. Andy Fischer, formerly Manager of the trading deAssets1,316.995 Shs. Price of $8.50.
Dec. 31 '29.
partment of F. A. Brewer & Co.. is Vice-President, and Thos. E. Kenney,
Cash,call loans,int.& diva. rec. $1,206,552
$0.92
$0.92
formerly in charge of the trading department of the New York office of
Bonds
2.85
.2.85
3,752,533
Sawyer Bros., will be in charge of the trading department.
$3.77
$3.77
$4,959,085
-Stein Bros. & Boyce have opened an office in Charlottesville. Va..
Preferred and common stocks-- 7,787,312
4.73
5.91
under the supervision of Richmond T. Minor, Jr., A complete investment
$8.50
$12746,397
$9.68
and brokerage service will be offered to the public and the new office WM
In this analysis bonds are considered equivalent to cash as they are
firm
subject only to minor fluctuations. On that basis, a price of $8.50 per be directly connected with the extensive private wire system of the
share for Vick Financial Corp. stock puts a value of only $4.73 on a partici- The firm of Stein Bros.& Boyce. which was established in 1853 at Baltimore,
pation in preferred and common stocks worth $5.91 at closing prices on Md.,are members of the New York, Baltimore, Washington and Louisville
Dec. 31 1929-a discount of 20% under the market value of such stocks.
- Stock Exchanges and an associate member of the New York Curb Exchange
V. 129. P. 3339.
In addition to the Charlottesville office, other branches of the firm are loWaldorf System, Inc.
cated in Louisville, Ky., Washington, D. C., Clarksburg and Charleston,
-Sales Increase.
-1928. Increase.] 1929-12 Mos.-1928. Increase. W. Va., Atlanta Ga. and Hagerstown, Md.
-Dec.
1929
$80.829;$16,089,338 $14,621,237 $1,448.101
$1.444,065
$1,363,236
-The aggregate gross earnings of the entire public utility industry for
--V. 129. P. 3982
.
the year 1929 are estimated to be about $5,590,000,000 for the year ended
Walgreen Co.
Dec. 31 1929, a new high record, in a comprehensive survey, accompanied
-December Sales.
-December-1928. Increased 1929-12 Mos.-1928. Increase. by charts and tables, prepared by Pynchon & Co. This figure compares
1929
$4,901.459 $3,664,493 $1,236,9661$46,545,462 $31,389.313 $15,156,149 with $5,277,100,000 in 1928, with $4,982,000,000 in 1927, with $4,650,550,-V.129, D. 3817.
000 in 1926 and with $4,368,500,000 in 1925. The fields included are electric light and power, gas, telephone, telegraph, water service, electric railWarner Sugar Corp.
-Interest.
The New York Stock Exchange having received notice that interest way and affiliated bus operations. The survey is believed to be the first
-year 7% sinking fund series A bonds, to assemble vital statistics at one time on every phase of the public utility
due Jan. 1 1930 on the 1st & ref. 15
due 1939, plain and stamped is now being paid, the committee on securities
rules that bonds be quoted ex-interest 334% Jan.4,that bonds will continue Industry.
go be dealt in "flat" and until further notice to be a delivery must carry
-Bedell & Co., Providence, R. I., announce that on and after Jan. 2
-V. 129. p. 1462.
the July 1 1930 and subsequent coupons.
1930 Jas. B. Colgate & Co., established in 1852, members of the New
York Stock Exchange, will be their New York correspondents. Bodell &
Washburn Crosby Co.
-New Officers.
0. C. Hovey has been elected Chairman of the board, H. R. McLaughlin, Co.'s present New York office at 120 Broadway will be discontinued. Their
-V. 127, P.2248. new New York City address will be at 17 East 42d St., and direct private
II. Crosby Vice-President and director.
President, and A.
telephone wire from their Providence, Boston and New Haven offices will
-Extra Dividend.
Weedon & Co., San Francisco.
main office of Jas. D. Colgate & Co., 44 Wall St.,
The company on Jan. 1 last paid to common stockholders of record be maintained to the
Deo. 20 an extra dividend of 50c. per share in addition to the regular in order to increase facilities for the prompt execution of orders on the
per share.
New York Stock Exchange and the New York Curb Market.
quarterly dividend of 60c.
-V. 127. p. 277.
Total stocks
5.45%
5.79%
308
FINANCIAL CHRONICLE
[VOL. 130.
—"Coppers, Facts and Figures," one of the most complete analyses of
—Wm. T. Yetman, for the past two years manager of the advisory
leading copper companies which has ever been distributed, is now being department of
Gurnett & Co., members of the New York Stock Exchange,
sent out by Muncis & Winslow. members of the New York Stock Exchange. has opened offices
in the Atlantic National Bank Building, Boston, where
25 Broad St., New York. It covers with detail figures of every phase he will conduct
a business of general investment counsel and management.
of copper industry and gives production figures, operating costs, earnings,
—James C. Davis has joined the staff of the Boston office of Doremus
dividends and other statistics covering the period of years for 19 of the
leading mine and smelting companies in the field. A feature of the book & CO. as an account executive. Mr. Davis has served on some New England papers and the Farm Journal, and more recently has been connected
Is a number of graphs covering mine property statistics.
with the New York office of Batten, Barton, Durstine
& Osborn, Inc.
—Clark, Dodge & Co., New York, in the current issue of "Financial
—C.J. Devine,formerly of Bancamerica-Blair Corp. and of C.F. Childs
and Economic Review" discuss the current situation and probable future
trend of industry. In a special supplement they point out that in the past & Co.,and E. G. Olwell and A. B. Doyle, both recently with Bancamericaintermediate fluctuations of the premier investment common stocks have Blair Corp.. have become associated with the new firm of Belden & Co,
proved of minor importance and over a period of the near term future members New York Stock Exchange, 44 Wall St., New York.
market reactions may be considered as favorable opportunities for scale—Perine & Co., public accountants, announce that the Hon. Joseph F.
down accumulation for the purpose of long range investment.
Loehr, retiring Comptroller of the City of Yonkers, N. Y., will from Jan. 2
—G. L. Ohrstrom & Co., Inc., announce that David Van Alstyne Jr., 1930 serve as resident Manager of their newly opened Westchester office in
has become associated with them as a Vice-President and that Henry the Park Building, No. 28 South Broadway, Yonkers.
—Two branch offices in Florida, one in the Murray Building at Palm
Dunn has been elected as Asst. Vice-President. Harold K. Young, J.
Arthur McKaig, Marshall Coxe, Alfred D. Boote, Herbert Dayton, John Beach under the management of M. R. Meyer, and one in "The Breakers"
W. Boyd and Harry 0. Robinson have become associated with them in at Miami Beach, under the management of Charles H. Goudiss Jr., have
their sales department, and Victor D. Strivings and Horace A. Ferris have recently been opened by M. J. Meehan & Co.
become associated with their sales department at Rochester.
—Mathews & Co., 105 West Adams St.. Chicago, announce the forma—As the unexploited field for electrical consumption narrows, increased tion of their new company to transact a general investment business. The
officers are Henry T. Mathews. President; Frank L. Wilcox, Vice-President;
output must be secured by a rise in per capita use, point out J. R. Schmeltzer & Co., members of the New York Stock Exchange, in an exhaustive Murray C. Mathews, Secretary and Treasurer.
—In accordance with their annual custom, Newburger, Henderson &
analysis of the annual reports of 35 electrical companies, made by Robert
C. GiIlies, who states that the extraordinary growth of the past has been Loeb have again compiled a Summary of Forecasts of the Stock & Bond
largely due to the development of virgin territory, which cannot be expected markets for 1930 and those economic factors which influence the course of
to continue indefinitely.
security prices.
—Van Holt Garrett and Donald C. Bromfield announce the formation of
—Engel & Co., members ofthe New York Stock Exchange, 120 Broadway
New York, announce that A. J. Canter, formerly with George M. Mayor Garrett-Bromfield & Co., California Building, Denver, Colo., to do a general
& Co., has become associated with them as Manager of their newly estab- business in real estate and insurance and stocks and bonds.
lished unlisted bond department. Emanuel Kirschenbaum, also formerly
—Sayers Coe, for the past five years with Doremus & Co. as account
with George M. Mayer & Co., has become associated with the general executive, is now associated with M. J. Donahue &
J. G. Mayor Advertisunlisted trading department of the firm.
ing Agency, Inc., of New York, as a member of the firm.
—The National City Co. has issued a circular on San Francisco and the
—John C. Button, for many years manager of the bond department
great water project, known as the Hetch Hetchy development, which in- of Tobey & Kirk, is now associated with W. K. Johnson
& Co., members
cludes the acquisition of watersheds in the Sierra Nevada Mountains, the New York Stock Exchange. 141 Broadway, New York.
constructions of reservoirs adequate to San Francisco's future needs and the
—M. M. Freeman & Co.. Inc., 2 Wall St., New York, are offering a
transmission of the water 156 miles to the city. The project also includes
list of 45 Municipal Bonds comprising General Market, Pennsylvania and
the generation of hydro-electric power.
New Jersey issues yielding from 4.10 to 5.75%.
—Jerome D. Greene, a member of Lee. Higginson & Co., was elected
—Montgomery,Scott & Co., members of the New York Stock Exchange,
Chairman of the Institute of Pacific Relations at the conference recently
announce the removal of their New York office from 45 Wall Street to
held at Kyoto. Japan. At this conference he was also made Chairman
of 120 Broadway. Eugene F. Klansman will be manager of the cashier's
the Pacific Council of the Institute, consisting of one member from
each of department and Edward E. Smith will be associated with the trading
seven nations and exercising all authority of the Institute until
the next department.
conference is held in China in 1931.
—Morrison & Townsend. 37 Wall St., New York, have issued a weekly
—Abbott, Hoppin & Co., members New York Stock
Exchange, 120 market letter on American Tel. & Tel., Corn Prod. Refining, Union Carbide
Broadway, N. Y., have issued their January letter containing
comments on & Carbon and National Biscuit.
Gillette Safety Razor Co., Reynolds Tobacco Co. and Drug Inc.
—Edward M. Chase, formerly branch manager of the New York and
Holt, Rose & Troster, 74 Trinity Place, New York, have
issued a special London Management Co., Ltd., has become
associated with Roura &
circular on 1929 figures of earnings, deposits and resources of
New York Reed, 128 Broadway, New York.
City banks and trust companies.
—Harold L. Lemlein, formerly Vice-President of National Public Service
—The annual number of the "Weekly Statistical Sugar Trade
Journal," Corp. has become associated with Bertles, Rawls
& Donaldson, Inc., as
published by Willett & Gray, New York City, has just been
issued. It is General Sales Manager.
replete with the usual elaborate statistics showing the
consumption of
sugar in the United States and Europe in 1929. production
—Hopkins Bros., 82 Beaver St., New York, announce the opening of
of sugar by
months in Cuba, sugar crops of the world, progress of U. S. beet
Unlisted Securities Department in charge of Charles A. 13ezer, formerly
crop in an
42 years, &c.
of Peabody, Smith & Co.
—Hubbard, Warren & Chandler, Chicago, announce with sincere regret
—Bacon, Whipple & Co., Chicago, have formed a new partnership
the withdrawal of R. G. Chandler from their firm, effective
at the close to succeed the business formerly conducted under the name of Bacon,
of business Jan. 4. They also announce that DeForest Hulburd,
Whipple & Co., Inc..
President
of the Elgin National Watch,Co., became a general partner on
—John Munroe & Co., 100 Broadway, New York, are distributing their
Jan. 6 and
S. J. Smith and G. M. Benson also became general partners on that
date. January "American Letter," which features a review of Allis-Chalmers
—Canton O'Donnell, recently Vice-President of the United
Manufacturing Co.
States
National Co., and W. R. Owen, formerly Vice-President and
—Dillon, Read & Co. announce the retirement from membership in
Treasurer of
the Denver Dry Goods Co., announce the organization of
O'Donnell-Owen the firm on Jan. 1 1930 of William Augustus Read, Jr. and Clifton Mcand Company, to engage in the general investment banking
business, with Pherson Miller.
offices in the U. S. National Bank Building, Denver, Colo.
—Hemphill, Noyes & Co. will open an office in Ithaca, N. Y., under the
—Baylis & Co., members of the New York Stock Exchange,on
the occa- management of Arthur B. Treman, formerly sales manager of Treman
sion of their 89th anniversary, have admitted S. Herbert McVitty
to the King & Co.
firm as a limited partner. The present partners are William
Baylis, John
- -Wilbur D. Bijou, formerly with Tucker, Anthony & Co., has become
L. Handy, J. Edgar Morris, Chauncey H. Murphey, Welles
Murphey, associated with the trading department of Wolfarth & Insley, 30 Broad St.,
S. Willingale Jr. and Norborne P. Gatling.
New York.
—Organization of the firm of Mathews & Co. of Chicago to do
a general
—Harvey Fisk & Sons, 120 Broadway, N. Y., have published a review
investment business is announced. Henry T. Mathews, formerly
sales of the Inter-State Commerce Commission's plan for railroad consolidation.
manager of Leight & Co., is President; Frank L. Wilcox, also
formerly
—The investment business of The Frank C. Evans Co., Denver, Colo.,
with Leight & Co.. is Vice-President, and Murray C. Mathews,
formerly Is being continued under the same name by Mr.Evans's
former associates.
with Blyth & Co., is Secretary and Treasurer.
—James Talcott, Inc., has been appointed Factor for the Max J. Fried—Because of the enormous surplus accounts laid up by
corporations man Corp. of 350 Broadway, N. Y. City, selling agents
for knit goods mills.
during several years of prosperity, dividend and interest payments in
1930
—Love, Bryan & Co., 50 Broadway, N. Y., have Issued a circular concan be maintained safely even though profits declined substantially,
taining analytical data showing earnings of principal copper companies.
something which is not looked for, a review for the first quarter of this
year
Issued by A. G. Becker & Co. states.
—E. A. Pierce & Co. have opened an office in the B. J. Reynolds Build—Charles D. Robbins & Co., members of the New York Stock Exchange, ing, Winston-Salem. N. C., under the management of W. H. Chance.
announce the admission to general partnership of D. A. Badenoch, who
—Charles Christian Ilohmann, formerly of Dominick & Dominick,
is
a member of the Chicago Seock Exchange and Chicago Board of Trade. has joined the sales organization of Lord, Westerfield & Co. Inc.
He will be resident partner in Chicago, where the firm has just opened an
—Harris, Upham & Co., 112 West Adams Street, Chicago, take pleasure•
office at 231 South La Salle Street.
in announcing that Ainslie J. Bell is now associated with them.
• —Crowell Hadden 3d has been admitted to general partnership,in the
—Peter P. McDermott & Co., 42 Broadway, New York, have issued a
International banking firm of Aldred & Co.,60 Wall St., New York. Mr. circular folder entitled "Industrial Activity
and Stock Prices."
Hadden has been associated with Aldred & Co. since 1924 and is one of the
—John McGuire. Inc., 120 Broadway, New York, has prepared an analyofficers of Aldred & Co., Ltd., of Montreal, and an officer of the Interhis of Consolidated Indemnity & Insurance Co.
national Power Securities Corp.
—J.It. Timmins & Co.,61 Broadway, New York, have issued an analysis
—Edward M. Harrigan has resigned as Asst. Vice-President of Clarence
of
Hodson & Co., Inc., with whom he was connected for a number of years, of the Standard 011 Co. New Jersey.
—Rhoades & Co., N. Y., have prepared an analysis of Westinghouse
and has formed E. M. Harrigan & Co., Inc., of which he will be the President, with offices at 165 Broadway, New York, to engage in the invest- Electric & Manufacturing Co.
ment securities business.
—Hugh J. Devlin has become associated with the Wholesale Department
—Throckmorton & Co. recently held a conference of wholesalers of their of G. E. Barrett & Co., Inc.
—J. R. Timmins & Co., New York, have prepared an analysis of the
Diversified Trustee Shares in the Chamber of Commerce Building. New
York. Representatives were present from Illinois, Pennsylvania, Ohio, Pennsylvania Railroad.
Massachusetts, Maryland, Tennessee. Indiana, California, Washington
—Ainslie J. Bell is now associated with Harris, Upham & Co., 112 West
and other States.
Adams St.. Chicago.
—W. Thornton Poole, recently with A. D. Watts & Co., is now asso—Guttag Bros., New York, have issued an analysis of New York banks
ciated with Ross Beason & Co., Inc., eastern syndicate managers
for Basic and trust companies.
Industry Shares and Corporate Trust Shares.
—Curtis & Sanger, 49 Wall St., New York, have issued an analysis of
—The financial achievements and outlook for the Home Insurance
Co. Seeman Bros., Inc.
are discussed in a descriptive circular issued by R. W. Pressprich
& Co.,
—Stein Bros. & Boyce, Baltimore, Md., have prepared an analysis of
members New York Stock Exchange.
U. S. Rubber Co.
.
JAN. 11 1930.]
309
FINANCIAL CHRONICLE
The Commercial Markets and the Crops
COTTON-SUGAR-COFFEE-GRAIN-PROVISIONS
-ETC.
-WOOL
-DRY GOODS
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, Jan. 10 1930.
COFFEE on the spot was firm with mild coffee and
Santos in excellent demand and none too plentiful. They
were the dominant features. Santos 4s were 143% to 1430.;
/
Rio 7s, 93% to 932c.; Victoria 7-8s, 8 to 83jc. Fair to good
Cucuta, 15 to 153'c.; Colombian, Ocana, 15% to 163jc.;
Bucaramanga, natural, 16 to 17c.; washed, 183% to 190.;
Honda, Tolima and Giradot, 19 to 193'c.; Medelin, 20 to
203'c.; Manizales, 19 to 193'c.; Mexican washed, 19 to
20c.; Surinam, 12 to 13e.; Ankola, 24 to 32c.; Mandelling,
29 to 35e.; Genuine Java, 29 to 31c.; Robusta washed,
13 to 131 c.; natural, 93 to 103 04 Mocha, 2532 to 2632c.;
4
%
/
Harrar,23 to 240.; Abbyssinian, 173 to 18 Wic.; Guatemala
%
prime, 173/2 to 183%c.; good, 173% to 1730.; Bourbon, 153
/
4
2
to 163/c. On the 6th inst. the supply of cost and freight
offers was small. On the 7th inst. there were few cost and
freight offers at generally somewhat higher prices. For
prompt shipment they included Santos Bourbon 2-3s at
143 0.; 3s at 14 to 143/2c.; 3-4s at 143jc.; 3-5s at 133' to
/
14c.; 4-5s at 12.65 to 13.20c.; 5s at 123% to 12.800.; 5-6s at
/
/
103/2 to 113 0.; 6s at 110.; 6-7s at 10%o.; 7s at 93% to 930.;
7-8s at 8 to 83%c.; part Bourbon 4-5s at 12.90c.; Peaberry
45 at 13.2004 rain-damaged 7-8s at 80.; Rio 7s were here at
8.650. and 7-8s at 8.450.
On the 8th inst. cost and freight offers from Brazil were
not numerous and the prices were unchanged to a little
higher. There were no Victoria offers and but a few from
Rio, one of 7s at 8.90c. and 8s at 8.70c., or 25 points higher
than the price named by the same shipper on Tuesday.
The prompt shipment offers from Santos were of Bourbon
2s at 15.350.; 2-3s at 14.70 to 15c.; 3s at 143'c.; 3-4s at 13.95
to 143%c.; 3-5s at 123 to 14c.; 4-5s at 123 to 13.20e.; 5s
4
4
at 12.10 to 12.90c.; 5-6s at 11.35c.; 6s at 10 to 11.90c.; 6-7s
at 10c.; 7-8s at 73 to 83 c.; part Bourbon 3-5s at 123 to
4
4
A
13.350.; Peaberry 4s at 13.20c.; rain-damaged 5-6s at 103'c.;
7s at 93.e.; 7-88 at 8.40c. and 8s at 7.40e. On the 9th inst.
few cost and freight offers from Brazil were received. For
prompt shipment they were generally 15 to 25 points higher.
They included Santos Bourbon 2-3s at 14.80c.; 3-5s at 13e
to 13.20c.: 4-5s at 13c.; 5-6s at 11.60c.; 6s at 10 to 11.40c.;
7-8s at 8c to 9.65c.; Rio 7s at 9.203.; 7-8s at 9c.; Victoria
7-8s at 7.95c. Rain-damaged 3s were here at 123 c. An
4
official cable said: "Rio Centro Cafe estimates the quantity
of the 1930-31 crop exportable via Rio de Janeiro at 2,500,000 bags. The Institute De Cafe De Sao Paulo estimates
the quantity of the 1930-31 crop exportable via Sao Paulo
at 7,850,000 bags. The latter is a preliminary estimate."
A Comtelburo cable to the Exchange said that Rio receipts
have been suspended temporarily owing to the fact that the
stock limit has been reached. The world's visible supply of
coffee increased 100,554 bags during the month of December, according to the New York Coffee & Sugar Exchange.
The total on Jan. 1 was 5,079,355 bags against 4,978,801 on
Dec. 1 and 5,267,008 on Jan. 1 last year.
Some think consumption at present prices should show a
decided increase but that actual and prospective supplies are
so large that a considerable time may elapse before a healthy
situation develops. A special Santos cable to the Exchange
quoted spot price of No. 4 at 21$200, an advance of 200
milreis, but the official closing cable again quoted 21$000.
Futures on the 4th inst. were 1 to 5 points net higher on Rio
and 2 points lower to 9 higher on Santos. There was some
selling by Europe and some covering. Offerings were not
large. The cables were a bit irregular and exchange 1-32d.
lower. Rio was partly higher. Here the trade and shorts
bought and Europe sold. Futures on the 6th inst. advanced
13 to 38 points on Rio with sales of 22,750 bags and 23 to 50
On Santos with sales of 41,250 bags with mild scarce and so
-"firm that it affected futures. The Madaglena river is low.
Santos coffee was also firm. Some reaction came later owing
to realizing. The trade bought and Europe sold. Deliveries
of Brazilian coffees in the United States last week amounted
to 158,093 bags against 152,930 bags in the previous week
and 178,273 for the same period last year. Futures on the
7th inst. advanced early with Rio terme prices stronger and
some firm offers 50 points higher. But later came renewed
selling here as covering fell off and Europe sold steadily.
Closing prices were 18 to 33 points lower for Santos with
sales of 53,000 bags and 16 to 28 lower on Rio with sales
of 24,750 bags. On the 8th inst. Rio advanced 8 to 28 points
net with sales of 18,000 bags and 5 to 24 on Santos with sales
of 40,000 bags under the stimulus of high Brazilian Exchange
and scarcity of tenderable coffee here. On the 8th inst.the
trade, shorts and Brazil bought.
On the 9th inst. reports of higher markets in Brazil and
reports of a new loan secured by that Government tended to
make shorts nervous and prices on big covering advanced 43
to 56 points. Reports about the loan were rather confused.
Some say it was for £25,000,000; others for $25,000,000.
Another thing that dominated the situation was the strong
technical position. Everybody had been bearish. The short
account was big. It was a stampede of the shorts both on
Thursday and Friday of this week. Spot coffee was firm
4
without being any more active. Santos 4s, 143% to 143 e.;
Rio 7s, 93c.; Victoria 7-8s, 83%c. The trade and foreign
interests bought. Brazilian Exchange was up 3-32d. Santos
cabled on the 9th inst.: "In our opinion will very soon see
143c. c. & f. for 4s." To-day prices closed 15 to 27 points
higher on Santos after being 40 to 62 points up early. Sales
422 lots. Rio ended unchanged to 5 points higher with sales
of 266 lots. The market was plainly short. Rio cables
especially were higher and also Exchange. The talk here is
that a conference was held in London yesterday between a
representative of Brazil and London bankers and, that
announcement of a loan is expected to-day. According,to
another report a loan has been confirmed, but no mention
of the amount is made. Private cables from Santos stated
that the Bolsa is open with a trading on a fair to good roast
Santos 4 contract. From Rio, it is reported that a large
exporter is buying heavily in that market. The presumption here is that he is acting for the Brazilian Government.
Final prices show an advance for the week of 77 to 93 points
on Rio and 103 to 144 points on Santos.
Rio coffee prices closed as follows:
Spot (unofficial)_ _ _ _ 9i May
March
8.50 July
- I September -7.98 ® 7.99
8.O7(_
8.03®nom.1December -7.88 ©nom.
Santos coffee prices closed as follows:
I May
Spot (unofficial)
March_ _ _ _13.25 ® 13.28[July
12.21012.221September 11.50 ©nom.
11.73 ®11.75IDecember _11.20 ® _-
COCOA to-day ended 1 to 5 points lower with sales of 11
lots. Jan. closed at 9.08c.; May at 9.76c. to 9.78c. and July
at 10e. Final prices show an advance for the week of 1 to
5 points.
-Prompt Cuban raws were quiet at 2 1-16 to
SUGAR.
3.83c. c. & f. and delivered; 2,000 tons sold at 2 1-32 or 3.80c.
delivered on the 4th inst. Futures on that day were 1 to
3 points higher with little hedge selling and less liquidation.
Also the trade bought. Outsiders bought a little more freely.
The technical position was better. Offerings were smaller.
Refined withdrawals were satisfactory though new business
was not. Receipts at Cuban ports for the week were 13,064
tons against 16,262 tons in the same week last year; exports
28,159 tons against 37,778 last year; stock (consumption
deducted) 166,144 tons against 102,822 last year. Of the
exports 13,861 went to Atlantic ports;53 to Interior of United
States; 237 to New Orleans and 14,008 to Europe. Futures
on the 6th inst. advanced 1 to 4 points with sales of 23,500
tons with reports from Washington that the Senate will take
action on the tariff soon. Trade houses bought. Shorts
covered. There was some hedge selling. About 12,000 tons
of Philippines and Porto Ricos sold on the basis of 3.80e.
delivered or 2 1-32c. c. & f. due Jan. 20 and in Feb. The
Single Selling agency made no announcement. On the 6th
inst. it is reported that a local refiner bought 1,000 tons
of Cuban raw sugar ex-store at 3.80e. delivered or 2 1-32e.
c. & f. and it was rumored the next morning that 3.83e.
delivered or 2 1-160. c. & f. had been paid for Cuban. There
was also an unconfirmed report that New Orleans bought
10,000 bags of Cuba on the 6th inst. at 2 1-16c. c. & f.
Refined withdrawals were satisfactory but new business
was not. It is said the Cuban Selling Agency has decided to
withhold all information as to sales and prices. There are
sharp complaints here about this though it would seem that
if this report is true the Selling Agency is acting strictly
within its rights. Refined later was 5.20e. but with some
business still at 5.10e. Futures on the 7th inst. were firmer
for a time but reacted later closing 1 point lower to 4 higher
the latter on January with sales of 42,400 tons. Futures on
the 8th inst. ended unchanged to 1 point lower with sales of
only 8,000 tons. There is a general disposition to await the
definite fixing of tariff rates before trading at all freely. It
is learned that the 24,000 tons of Philippine raws sold for
forward shipment were made to New Orleans. They are to
be shipped at the rate of 5,000 tons month during July to
April inclusive and 4,000 tons in May. The price is to be
a 10 days average of the market here at time of arrival.
Washington wired: "A total world beet sugar crop of
9,865,000 short tons for the 1929-30 season, compared with
10,178,000 short tons produced in 1928-29, was estimated
by the United States Department of Agriculture based on
official reports and information received to date from the
International Institute of Agriculture. The European crop,
including Russia, according to the Institute's figures, is
placed at 8,708,513 short tons raw sugar, as compared with
310
FINANCIAL CHRONICLE
[
-Vox,. 130.
an early estimate of 8,470,684. The revised estimate indi- Lard, prime, 133/2e.; extra strained winter,
cates a decrease of 3.2% from last season when 8,997,641 Cod, Newfoundland, 62c. Turpentine, New York, 13c.
55% to 618 0.
/
short tons were produced. Excluding Russia, the European Rosin,$8.45 to $9.80. Cottonseed
oil sales to-day, including
crop is only 0.9% below that of 1928-29. Increases over switches, 9,400 bbls. P. crude S.E., 7c. bid.
Prices closed
the early estimates occur in several of the exporting coun- as follows:
tries, including Germany, Czechoslovakia, Poland and Spot
8.50§
1March
8.64@8.68'June
8.959.05
Hungary. Production in Germany and Czechoslovakia is January
8.35
April
8.70R8.85 July
9.06
8.85t8.88 August
9.15@9.25
slightly below last year, while in Poland and Hungary the February---8.50 8.60 May
crops show slight increases over last year. France and
PETROLEUM.
-The export demand for gasoline has been
Italy, which normally rank as sugar importing countries, very quiet of late. Yet stocks on the Continent are said to
show increases over last year. Italy this year is expected be greatly reduced. The Gulf market was also rather quiet,
to have a small surplus above domestic requirements. The but firm. There was a fair movement of cased gasoline.
Porto Rican sugar crop for the current season is officially Locally there were little or no changes. U. S. Motor in
estimated at 743,147 short tons against 585,761 in 1928-29.' tank cars at refineries was quoted at 8%c., and no changes
Havana cabled: "Bankers met on Tuesday to discuss are looked for during the immediate future. Consumption
financing of the next crop, and will continue such meetings. is holding up well. Domestic heating oils were steady.
On Thutsday they expect to see President Machado. They Marine fuel oils were in better demand at $1.05 for bunker
are understood to be willing to lend up to $4.50 a bag to the oil, grade C, at refineries and $2 for Diesel oil, same basis.
sugar planters, who are asking for $5, the Cuban Govern- Lubricating oils were a little firmer. Kerosene was in good
ment to give a guarantee for the difference of 50 cents a demand at 73 c. for 41-43 water white at refineries in tank
%
bag," The consumption of sugar in the United States cars. The average price of crude petroleum in 10 producing
during 1929 was estimated in one case at 6,086,000 long fields in the last week showed no change. It was $1.612 a
raw sugar value against 5,945,000 long tons in 1928. barrel as compared with $1.75 for the same week a year ago.
tons,is an increase of 141,000 tons or 2.37%. On the 9th There was a decline of 73/a0. from the 7.66e. level of the preThis
inst. Jan. dropped 7 points and other months in some cases ceding week in the average price of gasoline at refineries.
1 point net. There was a good deal of switching from Jan. Service station prices remained unchanged at 19.22c. a gallon.
to later months and at one time Jan. was 12 points lower. [Tables of prices usually appearing here will be found on an earlier page in
Indications,.
our
' an article entitled "Petroleum
in
Further notices for Jan. were issuedi and they had a de- anddepartment of"Business
Its Products."]
pressing effect. The switches steadied the later months.
RUBBER on the 4th inst. declined 10 to 20 points with
The sales for the day were only 20,000 tons. Everybody was
still awaiting the outcome of the tariff legislation. Prompt sales of 462 tons owing to bearish statistics: Large shipCuban was quiet at 3.80c. delivered. On the 9th inst. it was ment figures from the Far East had told. In addition to
reported that an operator bought 1,000 tons of Philippines the Malayan exports of 577,202 tons for the year was a
for June, July shipment at 3.90c. delivered equivalent to 1 report of shipments from Ceylon during 1929 as 86,974
point better than 23/843. c. & f. basis for Cubas. To-day tons gross, with the December outgo 9,112, tons against
prices closed unchanged to 3 points lower with sales of 7,538 in November. London declined on the 4th inst.
29,650 tons. The technical position is evidently weaker. 1-16d., though it rallied to the closing prices of the 3d inst.
Commission houses, were selling near months, with raw later on the same day. London closed on the 4th inst. with
/
sugar apparently weaker. Final prices are 8 points lower on spot 7 11-16d.; Jan., 7 11-16d.; Feb., 78 0.; March, 7701.;
/
July while March and May show an advance of 1 point for April-June 8 1-16d.; July-Sept., 8 5-16d. Singapore closed
1-16 to 4,d. lower with Jan., 7%d.; April-June, 7%d.;
the week. Prices were as follows:
Spot (unofficial)
-21-32 May
2.01 September
2.13 July-Sept., 83d. New York closed on the 4th inst. with
January----1.88®nom. July
2.05 December
2.17 Feb., 15.400.; March, 15.60 to 15.700.; May, 16.10 to
March
16.20c.; July, 16.600.; Sept.
LARD on the spot was steady; prime western, 10.65 to smoked spot and Jan., 15% 17o. Outside prices: Ribbed
to
-March, 157
%
10.75c.; Refined Continent, 10%c.; South America, lie.; to 163io.; spot first latex, 16 to15%c.; Feb.
163c.; thin plate latex,
Brazil in kegs, 12c. On the 4th inst. futures declined 5 points
16340.; clean, thin brown crepe, 13% to 13%c.;
with grain lower. Futures on the 6th inst. closed unchanged 163j to
crepe,
/
after being 2 to 3 points lower. Western hogs were 10 to specky amber,13 to 133sc.; rolled brown crepe, 9% to 9%o.;
13%
No. 2
No. 3,
15c. lower owing to large receipts at all Western points. amber, 13 to 13%e. to 14e.; upriver 13% to 13%c.; No.
Paras,
fine, spot, 16 to 163je.
Chicago received 68,000; total, 182,000. There were de- On the 4th inst. members of the
Rubber Exchange estimated
liveries of 50,000 lbs. of lard and 220,000 of bellies on Janu- consumption for December at 24,000
to 25,000 tons against
ary contracts. Liverpool lard was 3d. to 6d. lower. Total 27,659 tons in November
clearances from New York were 9,136,000 lbs. against last year. Consumption and 31,232 tons during December
for the year 1929 was estimated
8,855,000 on the same day last week.
at a little over 470,000 tons, against 441,337 tons in 1928
Later prime Western on the spot advanced to 10.90 to 11c. and 371,027 tons in 1927. The
Early and refined to Continent, 103/g; South America, sumption were April, May, and heaviest months of con113/0.; Brazil, 124c. Later there was a further rise. respectively 47,521 tons, 49,233 June, when the totals were
8
tons, and 43,228 tons.
Futures on the 8th inst. advanced 30 points on a stronger
New York on the 6th inst. was
technical position a better demand from shippers and a rise higher with London up 30., and a unchanged to 20 points
in hogs of 10 to 15c. Ribs were up sharply to 11.50c. and meeting of a special committee ofreport that there was a
cash lard was very firm at an advance. Very cold weather Association to consider a reduction the Rubber Growers'
in
and storms throughout the West seemed to foreshadow British-owned' plantations. One looks tapping hours on
receipts for a time. Liverpool lard was unchanged tapping on Sundays. The increase in the to a cessation of
smaller
London
to 3d. lower. Futures on the 9th inst. advanced 5 to 7 pool stocks was smaller than expected. They and Livergained 2,735
points with hogs up 10 to 150. and corn 2o. Total Western tons against estimates of 2,950 tons. The outside
tone was
receipts of hogs were 122,000 against 150,180 last year. firmer, but January No. 1 ribs were again
Liverpool was quite steady. Clearances from New York at 153 0. with bids of 1534c. Para gradesoffered, however,
/
were 30. higher
were 2,362,000 lbs., mostly to English ports. The govern- on Acre and Upriver fine. The
ment will issue a report on the number of livestock on farms in Liverpool 19,438. London London stock is 56,616 tons;
spot and January, 7810.;
/
on Jan. 1. It will appear on Jan. 23 at 3 p. m. Prime Singapore, 730.
Western on spot was up to 11 to 11.10e. with refined ConOn the 7th inst. New York suddenly broke 40 to 50 points
tinent, lle.; South America, 1134c.; Brazil 12%,e. To-day to a
low in a dull market
futures declined 12 to 20 points partly owing to the weakness side new dropped % to %c.with London off 3-16d. Outprices
New
in the grain markets. Final prices, however, show a rise inst. with Jan. 15 to 15.200.; March York closed on the 7th
15.4004 May 15.80 to
for the week of 12 to 25 points.
15.90c.• July 16.200.; Sept. 16.60c.; Dec. 17.20o.• Outside
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
prices: Ribbed smoked spot and Jan., 15 to 15%c.; Feb.
'
Sat.
Mon. Tues.
Wed. Thurs. Fri.
January delivery
March, 153 to 15%c.; April-June, 155 to 153/gc.; July9.95
9.95 10.00 10.30
10.37 10.25
%
%
March delivery
10.17 10.17 10.20
10.50 10.55 10.35
16%c.; spot first latex, 15% to 16c.; thin pale
Sept., 16 to
May delivery
10.40 10.40
10.40 10.70
10.75 10.57
latex 16 to 163c.;
%
PORK steady; mess, $26.50; family, $33.50; fat back, $20 specky crepe, 13 to clean thin brown crepe, 133 to 13%o.;
13%c.; rolled brown crepe, 93% to 93'c.;
to $24. Ribs, Chicago, 11.50e. Beef firm; mess, $25; No. 2
amber, 13%
%
ticket, $26 to $27; family, $27 to $29; extra India mess, 13 to 133,40.; Pares,to 140.; No. 3, 133/2 to 133 c.; No. 4,
upriver fine spot, 16 to 163(o.; coarse,
to $44; No. 1 canned corned beef, $3.10; No. 2, $5.50;
834c.; Acre
six pounds South America, $16.75; pickled tongues, $70 to 83 to 8 to 83ic. fine spot, 1634 to 16%c.; Caucho Ballupper,
London spot and Jan., 7 9-16d.; Feb.,
$75. Cut meats steady; pickled hams, 10 to 20 lbs 173 7%d. Singapore advanced 34
%
to 3-16d.; Jan., 7%d.; Aprilto 18%0.• pickled bellies, 6 to 12 lbs., 17 to 1830.; bellies, June, 7 15-16d.
clear, dry salted, boxed, 18 to 20 lbs., 13
14 to 16 lbs.,
On the 8th inst. New York prices broke 20 to 30 points
143c. Butter, lower grades to high scoring, 26 to 353'ae. and down through 150. to as low
as 14.70c. It was the old
Cheese, flats, 20 to 26%c.• daisies, 21% to 25c. Eggs, story at home and abroad of
medium to extras, 42 to 4834e.; closely selected heavy, 49e.; demand. London dropped too much rubber and too little
1-16 to 3,1d. and Singapore,
fancy 1 to 23/2e. higher.
5-16 to 7-16d. New York closed with January, 14.80
OILS.
-Linseed was rather quiet with raw oil in carlots March, 15.20c.; May, 15.60c.; July, 160.; Sept. to 15c.;
16.400.
cooperage basis 14.2e. and in tanks 13.40. Oil can be ob- Outside prices: Ribbed smoked spot and Jan.,
14y; to 150.;
tained, it is reported, at about 2 points under these prices, Feb.
-March, 15 to 153c.; spot, first latex, 155s to 15%c.;
/
but any real buying movement would, it is stated, cause thin plae latex, 153 to 16d.; clean thin brown
%
crepe, 13 to
higher prices. Cocoanut, Manila coast tanks, 630.; spot 133c.; No. 2 amber, 13% to 1334c.; No. 3, 13
/
to 1330.•
New York tanks, 73/sc.; corn, tanks, f.o.b. mills, 7%0.; No. 4, 1234 to 12%o.• Paras, up-river, fine
olive, Den., 95e. to $1; China wood, New York drums, 160.; coarse, 8% to 843.; Acre, fine spot, spot, 15i, tx;
16% to 165'o.;
carlots, spot, 133 to 1354c.; Pacific Coast futures, 12c.; Caucho Ball-upper, 8 to 8%c. London
and
soya bean, tanks coast, 930.; edible, olive, $2.25 to $2.40. 7%d.; Feb., 73/ad.; March, 7%d.; April-J January spot,
une, 7 13-16d.;
JAN. 11 19301
FINANCIAL CHRONICLE
311
July-Sept., 8d. Singapore, Jan., 8d.; April-June, 7Md.; filler tobacco, however, is small, 1929 production amounting
to 71,333,000 lbs. against 70,513,000 in 1928. There is a
July-Sept., 7 15-16d.
On the 9th inst. prices dropped again to a new low with slight decrease in the Pennsylvania production with prices
Jan. down to 14.60. There was a good deal of selling of higher than were paid in 1928 in prospect and an increase in
near months and buying of the distant. The total sales were the Miami Valley of Ohio, with somewhat lower prices in
907 tons. Twenty-four Jan. notices appeared. They had no prospect. The Georgia-Florida production of Sun Sumatra
particular effect. New York was depressed by London and shows a slight increase. Of the cigar binder types only the
the Far East as well as speculative selling. In London there Connecticut Valley Havana seed shows an increase
was a good deal of that. Singapore also seemed disposed to 17,983,000 lbs. this year and 17,474,000 last year. Broadsell more freely. Some here were selling March and buying leaf 10,390,000 lbs. this year against 14,162,000 in 1928.
tc.
May. Outside prices here were X lower in a dull market. Total production this year, 76,663,000 lbs. against 82,March on the 9th inst. ended at 15c.• July at 15.80 to 796,000 in 1928. Broadleaf prices are estimated to average
15.90c.; Sept. at 16.20e.; Dec. at 16.80o. Spot and Jan. 30.20. this year against 21.0c. last year; Havana seed, 34.5o.
-March, 14% to 15%c.; against 24e. in 1928. In the Wisconsin binder districts,
ribbed smoked, 14% to 14%0.3 Feb.
4
4
First latex 15M to 153 c.; thin pale, 15% to 157 c.; No. 2 there was a slightly lower production. Southern district,
/
amber,134to 133gc.; Upriver Para finespot,153jto 160. In 27,860,000 lbs. against 30,044,000 last year; average price,
4
London spot and Jan. 73 d. Singapore, Jan., 7d. To-day 14.8e. against 13.70. Northern district 19,080,000 lbs.
prices ended 40 to 50 points lower with sales of 432 lots. this year and 19,256,000 last year; average price, 17.7c.
Foreign intereats sold quite freely. Uptown dealers and against 15.8e. Production of wrapper, 14,619,000 lbs. in
factory interests were also selling. London closed % to 1929 against only 11,806,000 in 1928. Most of the increase
5-16d. lower with spot-Jan., 7%d.• Feb., 7 3-16d.; March, is in Connecticut Valley Shadegrown with a slight increase
Md.; April-June, 7 7-16d.; July-Sept., 7 11-16d.• Oct.- in Georgia and Florida. Flue-cured tobacco, 763,131,000
Dec., 7 15-16d. Sinagpore closed with Jan., 6 11-16d.; lbs. in 1929 against 740,807,000 in 1928, an increase of 3%.
April-June, 7 3-16d.; July-Sept., 7 11-16d.; No. 3 ambers Prices of all flue-cured tobacco will probably average a fracspot, 5 15-16d. Final prices here show a decline for the tion of a cent per pound higher for the 1929 crop than in
week of 120 points. Dealers' stock in the Far East showed a 1928, the increased returns for types 13 and 14 being parmoderate increase for Dec., but the London-Liverpool tially offset by the decreases in types 11 and 12.
stocks on Monday are expected to show a good gain.
COPPER has remained quiet as to the home trade, but
HIDES.
-On the 6th inst. prices ended 5 to 10 points the export business turns out to have been better during
higher with sales of 640,000 lbs. January closed at 14.25c. Dec. Prices have been steady. Early in the week there was
March at 14.90c.; May at 15.45 to 15.510.; Sept. at 16.41 a better business. Later on it quieted down. Brass makers
to 16.45c. United States tanners bought frigorifico hides are not doing much buying. Wire and cablemakers make
at higher prices; 21,000 Argentine steers sold last week at the bulk of the purchases. Electrolytic, 178 to 180. Some
%
183c. to 18 5-16c. City packer hides were dull with no think consumers are awaiting Dec. statistics in order to get
large stock available. Country hides were in fair demand. more light on the situation. They will appear next week.
Common dry hides were in a little better demand. Mara- On the 9th inst. at the Exchange, Jan. and Feb. closed at
caibo, 15c.• Central America, and Savanillas, 153/20.; Santa 16.50 to 17.250.• March, 16.25 to 16.750.; In London on the
Marta, 16
packer, spready native steers, 18c.; native 9th inst. spot standard dropped 5s. to £71 7s. 6d.; futures
steers, 16e.; butt brands, 15c.; Colorados, 14c. New York were up 5s. to £69 15s.; sales 150 tons spot and 325 futures.
City calfskins, 5.7s, 1.75o.; 9-12o, 2.75o.; 7-9s, 2.150. On Electrolytic £83 5s. spot, and £83 15s. futures. There were
the 7th inst. New York declined 6 to 20 points with sales of intimations that production has been somewhat curtailed.
920,000 lbs. May closed at 15.25 to 15.40c. after selling It is not very clear that it has been. At any rate, it is not
at 15.40 to 15.4504 Sept. sold at 163 to 16.40c.; closing at believed that any great curtailment has taken place.
%
16.35c.; December sold at 17o., closing at 16.80c.
To-day Jan.
-Feb. closed at 16.500.; March at 16.100. and
On the 8th inst. prices were active and 15 to 35 points May at 16.20c. Final prices on futures show a decline for
higher; sales 1,640,000, with Chicago reporting sales of 8,000 the week of 5 to 15 points.
light native cows at 14d. That was an advance of Mc.
TIN has been in moderate demand and latterly steadier.
Covering and new buying here also figured in the rise. January closed on that day at 14.40c.; May at 15.500. to 15.600.; March Straits sold at 39.650. and April at 30.85c. The closand Sept. at 16.50 to 16.550. Outside demand was better. ing here on the 9th inst. was with spot 39%c.• Feb., 3954 to
On the 9th inst. prices advanced 5 to 35 points with sales of 39%c. In London on the 9th inst. prices early were £1 17s.
1,200,000 lbs. January closed at 14.75 to 14.95c. nominally; 6d. to £2 12s. 6d. lower at the London Metal Exchange;
May, 15.65c.; Sept. 16.65 to 16.700.; Common dry were sales, 600 tons. Another London dispatch stated that spot
quoted at 16 to 164c. the latter for Santa Marta; 4,000 tin was £2 2s. 6d. lower at £176 5s.; futures dropped £1 17s.
South dock Angle steers sold at 18c. To-day prices closed 6d. to £179 15s.; sales, 30 tons spot and 270 futures. Spot
5 to 15 points lower with sales of 22 lots; Jan. 14.600.; Straits dropped £2 12s. 6d. to £177 15s.; Eastern c. i. f.
Of
March, 15.55 to 15.690.• Sept., 16.50 to 16.550. ' heavy London closed at £181 10s. with sales of 500 tons. At the
second session spot standard advanced 7s. 6d. and futures
Texas steers, 2,000 Dec.
'
-Jan. sold at 15c.
To-day
business was quiet. There 2s. 6d. with sales of 20 tons spot and 300 futures. Feb. and
OCEAN FREIGHTS.
-Latter
was some improve- prices closed at 39c. for Jan., 39.10 to 39.30c. for
was some grain demand. Later on there
39.500.for March, with no sales reported. Final prices show
ment reported in business. Later cables were lower.
CHARTERS.
-Grain: 30,000 qrs., Gulf, Feb. 1-15, to Greece. 19(c.; an advance for the week of 40 to 55 points.
2s. 6d.; Antwerp-Rotterdam,
22,000 qrs., Gulf, spot, United Kingdom,
LEAD has been in pretty good demand and firm at 6.10
2s. 6d.; Spain, 3s. Sugar: Cuba, 15s.; Santo Domgino 14s. 6d.. Feb.,
United-Kingom-Continent. Coal: Hampton Roads. prompt, Jan., Ser- for East St. Louis and 6.25 for New York. To some the
second half Jan.,
vole, per Italian Hermanda, $2.25; Hampton Roads,
more stabilized. Rather liberal sales were
Civita Vechlo,$2.25; Hampton Roads to Montevideo,Jan.,$3.15; Hampton situation looks
Roads to Porto Fermi°, $2.10. last part of Jan. Time, prompt West reported for January and February delivery. London on
Indies round, 60c. Tankers: Clean, Jan., Gulf, 2,000 tons, to Havre. the 9th inst. was unchanged at £21 Us. 3d. for spot and £21
30s.6d. and 6.000 tons, Rouen,30s.: clean, Gulf. Jan.,to north of Hatteras.
34c.; Tampico, Jan., crude, to north of Hatteras. 30)ic.: clean, Gulf, 12s. 6d.for futures; sales 100 tons spot and 150 futures.
New York, 32c.: clean,
Feb., to Alexandria, 158.: clean, Feb.,
ZINC has been quiet with buyers holding aloof fearing a
Gulf to Ghent, 30s. 9d.:Batoum.United Kingdom March 31s,___6d.: crude
Gulf to
and (or) fuel, Feb.
-March, United Kingdom-Continent, from U. S. Gulf, further decline. What they want is stabilized prices. Then
228.; from Tampico. 23s.: clean, Jan., United Kingdom-Continent, from
San Pedro, 44s. 6d. Lumber: Gulf, Feb., Plate basis, $14.25: two they may buy more freely. It would not be at all surprising.
Gulf trips, Jan., to north of Hatteras, 2734c.; Puget Sound, Jan., to Prices were 5.30 to 5.350. East St. Louis at one time but on
north of Hatteras. $10. Homeward: Steamer 7,200 tons, Manila,
the 9th inst. that was quoted at 5.250. Even that did not
Feb. 15 to March 10, sugar, Baltimore. New York, or Boston. $7.
-Mild weather hurt business for a time, but then stir up demand. Ore was still $35 a ton. In London on the
COAL.
came more seasonable temperatures and some increase in 9th inst. spot fell 55. to £19 10s.; futures off 3s. 9d. to £20
business. Bituminous output, according to the National 3s. 9d.; sales 50 tons spot and 525 futures.
STEEL has been in fair demand for semi-finished material
000 tons for Dec. 28 week, comCoal Association, was 7,600,
pared with 11,156,000 tons for the Dec. 21 week and 11,593,- at $34 a decline of $1 from recent prices. There has been a
bee. 14 week. Hampton Roads loadings good demand for locomotives which was reflected to some
000 tons for the D
Tuesday-Wednesday totaled 94,945 tons and for Dec. 1,916,- extent in the call for steel plates. In Ohio a better demand
180 tons. Bunker quotations for Jan. are unchanged. The prevailed from automobile makers. It is stated that Chicago
Berwind Co. quoted Liverpool 24s.; Tyne, 16s. 3d.; Dart- mills recently booked 45,000 tons of steel rails and 70,000
mouth, 25d.; Portland, 25d.• Rotterdam, 20s. 6d.• ?Look of tons more are pending. Some 12,000 tons of track fastenings
'
Holland, 20s. 6d.; all f.o.b.'Antwerp, Holland, 20s. 6d., all are wanted at Chicago. About 12,000 freight ears are
f.o.b.. Antwerp, 21s. 6d.; Ghent, 22s. 6d., both t.i.b. needed, and there is some demand for steel for the construction of bridges. Tin plate makers are working at 70% on
Later larger export orders were reported.
TOBACCO was dull as usual at the holidays and just an average, as against 40 to 50% early in Dec. Youngstown,
after. Even Connecticut shade grown and Wisconsin Ohio, wired that 1.90c. is a merely nominal quotation for
binders got very little attention. The 1929 crop was about plates, shapes and bars. It is frequently cut. On any good
12% larger than in 1928 as shown by the official figures. orders it appears it is generally shaded. As to sheets and
Washington, D. C. wired: "Revised tobacco estimates of stripped it is stated prices are almost as weak and uncertain.
the Department of Agriculture put the total production in An illuminating and significant circumstance is that the
the United States during 1929 at 1,500,891,000 lbs. against American Sheet & Tin Plate Co. recently cut its first quarter
1,374,547,000 in 1928. An acreage increase of 19 lbs. in price of tin plate to $5.25 per base box, after stating that it
the average yield per acre account for the increase of 126,- would be $5.35. This was the answer to independent cutting
344,000 lbs. or 9% in production. Nearly all types of of prices, chiefly in the Pittsburgh district. Further reductobacco participate in the increase, some of the cigar types tions, it is rumored will be made if necessary.
Steel companies in the Youngstown district increases probeing the most important exceptions to the general rule.
Filler and wrapper types show some increase over 1928 and dilation schedules 10% from 55 to 65%. This increase is
binders a considerable reduction. The increase shown in largely due to improved buying by the automobile industry.
312
FINANCIAL CHRONICLE
[Vox.. 130.
Eclipsing all previous records for steel ingot production in
The following table shows the week's total receipts, the
the United States, the total in 1929 was 54,164,348 tons, total since Aug. 1 1929 and the stocks to-night,
compared
according to the American Iron and Steel Institute. This with last year:
compares with the previous peak of 49,865,185 tons in 1928.
The ingot producing capacity of all mills in the United States
1929-30.
1928-29.
Stock.
is estimated at about 64,000,000, so that last year's total
Receipts to
Jan. 10.
This Since Aug This Since Aug
was within about 14,000,000 tons of the present plant limit.
Week. 1 1929. Week. 1 1928.
1929.
1928.
Later it was stated that big buyers were cautious. RailGalveston
32,896 1,513,194 48,505 2,299,447 482,940 593,569
roads were the best buyers. Automobile concerns were Texas City
1,771 126,405 2,683 143,136
36,004
39,368
cautious. The index price of sheets and tin plates was the Houston
43,457 2,352,405 63,653 2,441,756 1,145,624 944,629
Corpus Christi--- 1,963 376.376
lowest for three months past. Unfilled orders on the books Beaumont
---- 252,823
27.234
13,650
3.650
of the U. S. Steel Corp. on Dec. 31 totaled 4,417,193 tons, New Orleans
34,682 1,256,684 39,102 1,087,570 522,999 330,004
Gulfport
an increase of 291,848 tons from the previous month.
Mobile
9,802 318,125 6,608 198,304
44,158
43,566
PIG IRON.
26,104
-A fair amount of business has recently been Pensacola
7,837
737
-_-120
861
733
done and shipments did not slacken much if at all at the Jacksonville
Savannah
2,998 406.221 2,598 290,256
76,102
49,967
holidays which was something rather unusual. It is explain- Brunswick
7,094
Charleston
1,702 167,752
956 142.735
40,181
41,446
able no doubt by the fact that consumers had allowed their Lake Charles..
1.369
8,567
---_
5,505
stocks to become perhaps unusually depleted. Prices were Wilmington
1,510
79.124 1,140 106,438
35.074
39,094
Norfolk
4,480 121,513 1.887 191,803
74,583 107,560
steady. It is stated that, though no great amount of business N'port News, &c_
92
is expected in ferro-alloys yet the amount of buying still to New York
273
1.532 2,978
25,534
93,334
57,904
Boston
67
1.086
10
1,698
be done is very far from negligible. Recent mild weather Baltimore
1,608
2,981
729
18,378 2.220
28,370
1,347
1,078
hurt the sale of coke butlower and more seasonable tempera, Philadelphia
586
5.070
4,631
tures automatically increased the trade. December output
Totals
137.600 8.795.533 172.340 7 227 074 2 5527 110 2 955 5•Irt
of 2,836,916 or 91,513 daily tons was the smallest in two years.
Automobile companies are buying a little more freely but
In order that comparison may be made with other years,
buyers even in that industry are for the most part cautious. we give below the totals at leading ports for six seasons:
WOOL.
-Boston wired a government report stating that
worsted domestic sixty-fours and finer wools continued Receipts at- 1929-30. 1928-29. 1927-28. 1926-27. 1925-26. 1924-25.
moderately active with prices fairly steady. Secured wools Galveston_ --- 32,896 48,505 30,106 85,041 57,473 95,674
43,457
for the woolen trade were moving more freely and prices Houston*__-- 34,682 63,653 26.740 76,955 35,961 36,097
New Orleans39,102 35,449
56,303
52,373
56,269
showed a firmer tendency. Demand for wool tops is slow, Mobile
9,802
6,608
2,279
4.286
2,357
2,258
2,998
2,598
but top makers are inclined to view the outlook with con- Savannah _ _ _ _
5.945
21,325
13,181
12,687
Brunswick_
fidence. The demand for wools evident at the beginning of Charleston..
1,702
956
3,581
5,766
4,497
5,859
1,510
1,140
the year has fallen off considerably this week, transactions Wilmington_ _
1,455
2,492
954
7,228
Norfolk
4,480
1,887
2,192
1,796
5,167
7,313
on the 6th inst. having been exceedingly light. Current N'port N.. &c.
interest in the local market centered to-day around the de- All others---6.172
7,891
9.584
5.815
6,771
8,199
livery of purchases of the past two weeks. More recent Total this wk_ 137.699 172,340 117,331 264,749
178,734 231,584
heavy movement also tends to slow up trading as mills
quite generally covered most urgent needs before the close Since Ana. 1_ _ 6.705.533 7.227.074 6.201.501 9.080.858 6.912.470 R.626 ft24
*Beginning with the season of 1926. Houston figures include movement of
of 1929. Receipts for domestic wool here last week were
Houston as an interior town. The distinction
1,330,000 lbs. against 1,342,000 the week before. Fine cotton previously reported by been abandoned.
between port and town has
territory combing clean was quoted at 82 to 850. French
The exports for the week ending this evening reaclia
combing 78 to 80c., half blood 82 to 84c., three-eights
blood, 80 to 81e.; quarter blood, 71 to 72e.; Fine Ohio total of 173,495 bales, of which 30,112 were to Great Britain,
fleeces were quoted at 35 to 360., grease basis; half blood, 23,765 to France, 27,946 to Germany, 10,631 to Italy, 54,079
40 to 41c.; three-eights blood, 41 to 420., and quarter blood, to Japan and China, and 26,962 to other destinations.
In the corresponding week last year total exports‘were
40 to 410.
At Sydney on Jan. 6 the fifth series of wool sales opened 173,495 bales. For the season to date aggregate exports
with an average selection and demand good, chiefly from the have been 4,401,664 bales, against 5,062,132 bales in the
Continent and Japan. Compared with the close of the last same period of the previous season. Below are the exports
series, good wool and all good merino skirting were un- for the week.
changed- faulty shabby fleece wool par to 5% lower. At
Exported to
Christchurch on the 7th inst. wool sales ended. A total of
'
Week Ended
24,000 bales was offered and 22,200 sold. Yorkshire, the Jan. 10 1930. Great
GerJapan&
Exports from
- Britain. France. many.
Russia. China. Other. Total.
Continent and America bought. Fine crossbreds were
wanted and medium and coarse grades were neglected. Galveston
825 5,029 8,049
11,578 10,151 35,632
3,715 9,508 2,632
Compared with Dunedin sales on Dec. 20 merinos were un- Houston
23.564 9,330 48,749
322 1,690
1,330
Texas City
434 3,776
changed and crossbreds were par to 5% lower. Prices paid Corpus Christi
478
2,372
2,850
Lake Clip ries- 1,585
for merinos super were 12 to 143 d.- average, 11 to 118 d.; New Orleans__.- 8.307 8.131
4
1,369
4
2:iii 7,103
12,665 6.707 45,787
crossbred 56-58s, 11 to 175id.; 56-56s, 103.( to 15%d.; Mobile
5,795
9,838
99 15,732
3,604
181 2,059
48-50s, 93 to 12d.; 46-48s, 8U to 1031d.; 44-46s, 83,1, to Savannah
4
5,844
2,400
54
Charleston
231 2,685
103.'d.;40-4 s,8 to 10d.
4
Norfolk
2,848
1,500
4,348
200
Still later advices from Boston said: "Inquiries from manu- New York
--io
210
Los Angeles.-650
575
2;itio _-_- 5.013
facturers center on the finer qualities of Western grown wools. San Francisco-- 1,288
"ioo
1,100
_-_1,200
Sales have been reported on Oregon fine staple wools in the Seattle
300
-300
original bags at prices in the range of 79-81c. scoured and
Total
30.112 23,765 27.946 10,631
54,079 26,962 173,495
graded strictly combing Montana wools of .64s. and finer
82,275 24.709 52,077 17,235
qualities have been reported sold in the range of 82-84c. Total 1929
51,176 16,314 223,786
26,853 12,734 28,008 17,796
37,233 12,425 134.849
scoured basis. Choice 12 months Texas wools have been Total 1928
sold at prices in the range of 80-82c. scoured basis."
From
Exported to
Aug.
SILK to-day ended unchanged to 4 points higher; sales Jan. 1 1929 to Great
10 1932
Get.
11
560 bales. January closed at 4.43 to 4.45e.; March, 4.47 to Exportsfromj Britain. France. many. Italy. 'Russia. Javan& Other. Total.
China.
4.50c.; May, 4.46 to 4.500.; June, 4.4504 July, 4.41e.
Galveston__
139,762 183,325 250.290 115,142 8.123 218.844 178,374 1,093,860
Final prices show a decline for the week of 4 points.
Houston
165,624247.163 284.194113.234 12,521 210,8 130,186 1,153,728
COTTON
Friday Night, Jan. 10 1930.
THE MOVEMENT OF THE CROP, as indicated by our
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
137,699 bales, against 154,364 bales last week and 187,785
bales the previous week, making the total receipts since
Aug. 1 1929 6,795,533 bales, against 7,227,074 bales for the
same period of 1928, showing a decrease since Aug. 1 1929
of 431,541 bales.
Receipts at-
Galveston
Texas City
Houston
Corpus Christi
New Orleans
Mobile
Savannah
Charleston
Lake Charles..
Wilmington
Norfolk
New York
Boston
Baltimore
Sat.
Mon.
Tues.
Wed.
Thurs.
4,44'7 12,973
4,225
4,506
-.
.6
3,I48 10 0 6,8'”
52
165
668
9,643 2.356 8,153
768 2,522 1,105
587
953
555
____
615
406
___-----257
179
494
442 1,099
531
4,;50
211
5,474
2,798
241
261
___
-329
630
6,218
717
2,313
1,735
115
352
1,369
97
534
4,355
_
___
Totals this wk_ 20,840 22,036 31,446 18,849 17,956
Fri.
Total.
Texas City_
21,742 9.981
27,494 2,533
3,151 8,137 4173,018
Corpus Christi 92.495 67,185 45,298 36,517 41,621 27,731 29,162 339.909
Beaumont_ -.
2.707 3,511
3,2881
953
---- 3,191 i 13,650
Lake Charles.
318
363
3,842 3,154
450
8.627
New Orleans. 171,256 51.681 143,404104,314 15,850 114,;181 58,417 659,323
66,760 6,392 139,014, 6,969
Mobile
5,000 4,465 228,600
Jacksonville..
500
1
114500
Pensacola _ _ _
3,507 --22,797,
200
26,504
Savannah _
117,171
883 181,003 3,909
ICAO 417ii 314,592
Brunswick
117,094
7 094
:8
Charleston.-- 3317
115 43,870
220
40,405 9,834 128,261
Wilmington.5,987
---7,781 29,969
2,000 45,737
Norfolk
31,686___
15,895
138 48,319
600
New York --3,062 4,615
19,768 4,958
2,497 7,239 42,137
167
Boston
753
920
Baltimore972
972
Philadelphia72
--_Los Angeles
22,898 2,875 31,436
78Ai 1.032 139,034
San Diego- -5,2
---5,250
Ban Francisco
---- 30,778
147 43,225
Seattle
-- 24.095
24,095
Portland, Ore
4,237
4,237
Total
883,920578,99 1,220,472 423,672 78,015 777.438439,161 4,401,664
2,390 32,896
1,771 1,771
11,902 43.457
150 1,963 Total
6,743 34,682 Total 1928-'29 1,213,007,546,467 1.378,747 373,420 118,600970,582461,309 5,062,132
1927-'28 601,334587,199 1,390,466 332.699 101,126 663,822 445.2964.121,042
874 9,802
547 2.998
NOTE.
-It has never been our practice to include in the
-Exports to Canada.
68 1.702 above
---- 1,369 all thetable reports of cotton shipments to Canada, the reason being that virtually
Dominion
154 1,510 returnscotton destined to the from week comes overland and it is impossible to get
to week, while reports from the customs
1.244 4,480 districtsconcerning the same
on the Canadian border are always very slow in coming to hand. In view,
however, of the numerous inquiries we are receiving regarding the matter, we will
67
729 say that for the month of November the exports to the Dominion the present season
729
have been 31,386 bales. In the corresponding month of the preceding
season the
were
26,572 137.699 exportsbales 29,696 bales. For the four months ended Nov. 30 1929 there were
80.052
exported, as against 79,937 bales for the four months of 1928.
JAN. 11 1930.]
FINANCIAL CHRONICLE
313
In addition to above exports, our telegrams to-night also Continental buying was largely neutralized by London and
give us the following amounts of cotton on shipboard, not Bombay selling. Worth Street was quiet, and it seems that
now and then print cloths were sold at a cut in prices.
cleared, at the ports named:
Manchester's trade was hurt, it was said, by political agitaOn Shipboard Not Cleared for
tion in India against Great Britain and fears that India
might increase the duties; also it is injured in China by
Leaving
Great
GerOther CoastTotal.
Stock.
- Britain. France. many. Foreign wise.
Jan. 10 at
low exchange and falling silver, which continued to make
Southern selling slackened and
11,800 8,000 7,200 30,000 3,000 60,000 422,940 new low levels. But here
Galveston
8,550 4,745 8,807 11,051
102 33,259 489,740 spot prices advanced 10 points.
New Orleans
Savannah
200
200
75,902
On the 9th inst. prices advanced 30 to 35 points, with the
Charleston_
315
315
39,866
5:666 -468
Mobile
8.866
13,905
30,253 position short, contracts scarce and an announcement that
Norfolk
-ioo
100
74,483 next Monday the $30,000,000 National Co-operation Sales
- 4,000 3,000 8,000 32,000 1.000 48,000 1,298,156
Other ports*
Agency will be ready for business; that the corporation
Total 1930
29,354 16,150 24,007 81,551 4,717 155,779 2,431,340 will start with 1,000,000 bales of cotton and unlimited GovTotal 1929
25,937 20,098 32,426 78,633 12,539 169,633 2,086,897
Total 1928
21,076 14,444 31,133 56,130 7,830 130,613 1,329,209 ernment credit. New Orleans wired that some members of
the Farm Board seemed to think that the low price of
*Estimated.
'Speculation in cotton for future delivery has been very cotton for the season had been ?reached, or soon would be,
resources at
small and in the end prices are practically unchanged for and that the Farm Board will have unlimited
its command to buy or sell spot cotton or futures if it
week. Bullish reports as to the attitude of the Farm
the
sees fit. How much foundation there is for this last
Loan Board in regard to the next acreage, warning against report seems none too clear. But, plainly, all this talk
overplanting, had some effect. Also there were reports about Government aid to the farmer had an effect in a
that the National Selling Agency will begin functioning short market. The speculation was larger, though it was
next Monday, with large capital and practically unlimited not active. Most of the foreign markets were higher.
Bombay advanced 4 rupees. Silver in London advanced
powers. On the other hand, however, spot markets have
The weather in the Central belt was bad for plowing
been quiet, exports, as a rule, rather small, and Liverpool or for the small amount of picking that remains to be done.
cables anything but stimulating. On the 4th inst. prices Spot prices were up 30 points. The spot sales in Liverpool
declined 10 to 15 points owing to continued liquidation for the first time in many months were up to 10,000 bales.
coincident with lower cables than due and some hedge Finally, after the close came a bullish statement by the
Association. The sales of standselling. In Liverpool the Continent and Bombay sold. A Cotton Textile Merchants'
ard cloths in December were 24.3% above production,
small failure occurred in Liverpool. Though small, it against only 64.6 of production in November, 78.5 in Octohad a certain moral effect. Silver in London was reported ber, 38.3 above output to September and 1.7% above in
at its lowest price in history. In Manchester a better de- August. The shipments in December were 87.9% of the
mand appeared for cloths and yarns, but recently the bids production against 80.1 in November, 93.8 in October, 7.1
in August.
have often been too low to admit of actual business. Fall above production in September, and 6.1 above
Stocks increased in December 6.9% against 19% in NovemRiver was quiet, though• the week's sales showed some in- ber and 5.1 in October, but a decrease of 5.2% in September
crease. Worth Street was quiet and steady, with sales of and another decrease of 4.9 in August. Unfilled orders
38%-inch print cloths 64x00's at 7c. There were intima- increased in December 29.5%, against a decrease of 13.5 in
tions that the output of cotton goods was outrunning pro- November, a decrease of 9.9 in October, an increase of 23.6
duction to such an extent that stocks were accumulating In September, and a decrease of 3.7 in August. These December figures are supposed to be based in part on a
at the mills. Talk was heard to the effect that some of
sharply curtailed output during the holidays. Nonetheless,
the large mills will curtail their production sharply. Spot it was a far more cheerful report than the last one.
markets were lower and total sales smaller than on the
To-day prices declined 13 to 20 points, with the cables
same day last year. On the other hand, there was calling not fully fresponsive to the advance of the previous day and
and other trade buying on a scale sufficient to act in some the technical position evidently rather weaker after some
heavy covering, on a quick advance of late of some 40 points.
degree as a check on the decline. Liverpool bought.
On the 6th inst. prices advanced a few points, and then Spot cotton was 10 points lower. Spot sales in Liverpool
fell some 10 to 15 points from the early top under renewed were down to 5,000 bales, or just half what they were on
liquidation by discouraged bulls. The Liverpool cables the previous day. Liverpool and the South sold to some
were a little higher than due, but New York paid little extent. There was a certain amount of hedge selling.
attention to this. For a time, however, the offerings were Offerings were larger. Covering fell off. The ending was
smaller. The trade bought. Shorts covered. The spot steady at a small recovery from the lowest price of the day.
basis was reported firm. But later came another outpour- • Manchester and Worth Street were quiet. Some reports
ing of long accounts, as it was seen that the market was from the Carolinas were to the effect that a better spot
Inclined to sag. All the foreign markets were moderately demand prevailed at a basis showing a small recent advance.
lower. Liverpool reported selling there by the Continent Final ,prices show a rise for the week of 1 to 4 points. Spot
and Bombay. Worth 'Street was quiet. Manchester's busi- cotton ended at 17.35c. for middling, a rise for the week
ness was checked by disturbed politics in India and a steady of 5 points. The Cotton Exchange to-day estimated the
decline in silver to the lowest price on record in London. domestic consumption in December at 447,000 bales against
The price of silver was said to be the lowest in 25 years, 544,150 in November and 533,301 in December last year.
and it hurts British business with China. Mexican dollars Staple Premiums
It was stated are worth only 38c. in gold, or 11c. less than 60% of average of
Differences between grades established
a year ago. The disordered finances and political dissen- six markets quoting for delivery on contract Jan. 16 1930.
for deliveries on
sions in China are both a blow to its trade. On Thursday,
Jan. 16 1930.
Figured from the Jan. 9 1930 average
after the official closing of the Exchange, was to appear
quotations of the ten markets designated
15-16 1-inch &
the report for December by the Cotton Textile Merchants'
Inch.
longer.
by the Secretary of Agriculture.
Association. On the 7th inst. prices advanced 8 to 11 points,
White
1.02 on Mid.
Middling Fair
.27
.73
largely because the Federal Fa= Board warned the
Strict Good Middling._ do
do
.85
.27
.73
do
do
Good Middling
.70
.27
.73
Southern farmers that it would not continue to advance
do
Strict Middling
.49
do
.27
.71
16c. per pound of %-inch middling cotton if the South should
Middling
do
Basis
.243
.71
do
overplant. It was pointed out that nothing but crop failure
Strict Low Middling.75 off Mid.
.26
.67
do
do
1.70
.25
.sa Low Middling
In Texas in 1929 prevented a total yield of 16,000,000 bales
do
*Strict Good Ordinary-- do
2.80
In the belt. That is more American cotton than the world
do
do
3.78
*Good Ordinary
Good Middling
Extra white
.70 on do
will take at a fair price. A national acre yield equal to
do
Strict Middling
do
.49
do
that of 1926 and the 1929 acreage would have produced
do
Even
do do
Middling
Strict Low middling-- do
.75 off do
do
17,500,000 bales. A 10% reduction in that acreage, with
do
1.70
Low Middling
do
do
the 1926 acre yield, would return a crop of 15,750,000; with
.23 on do
.25
.66
Good Middling
Spotted
.05 off do
Strict Middling
.68
do
.24
average yields 13,500,000 bales, and with the lowest yield
.73 off do
Middling
.23
do
.63
past seven years about 11,250,000. Large cotton
in the
do
1.65
'Strict Low Middling__
do
do
2.73
"Low Middling
do
less than small ones. Ten million bales in
crops sell for
.05 off do
.22
Strict Good Middling.... Yellow Tinged
.57
$1,600,000,000. Eighteen million bales in 1926
1923 sold for
do
.50
.22
Good Middling
do
.57
1.00
do
.22
Strict Middling
do
.67
sold for less than $1,000,000,000. Liverpool was a little
1.60
do
*Middling
do
higher than due. Spot cotton was unchanged to 5 points
2.27
do
"Strict Low Middling__
do
3.15
do
do
higher. The sales for several days had been exceeding
*Low Middling
do
.21
Light Yellow Stained.1.25 off do
.57
Good Middling
those of the same days last year. That was something new.
do
do
do
do _1.83
"Strict Middling
do _2.48
do
It is true that much of the advance was lost on further
*Middling
do
do
.21
1.50 off do
Good Middling
Yellow Stained
.57
liquidation. All the same, the action of the Farm Board
"Strict Middling
do
do
2.35
do
checked any net decline.
do
*Middling
do
do
3.15
.21
Good Middling
.57
.80 off do
Gray
On the 8th inst. prices advanced about 10 points with less
.21
Strict Middling
do
.54
do
1.18
offering and the trade and shorts taking them readily.
'Middling
1.65
do
do
*Good Middling
1.65 off do
Blue Stained
The Farm Loan Board's warning was also still a feature.
"Strict Middling
do
2.40
do
do
Some were predicting an increase in the sales of standard
*Middling
do do
3.18
do
cloths to some above output in the report of the Cotton
The official quotation for middling upland cotton in the
Textile Association for December to appear after the close
New York market each day for the past week has been:
on the 9th inst. None of the markets advanced much, howJan. 4 to Jan. 10Sat. Mon. Tues. Wed. Thurs." Fri.
.
ever. The trading was small here and in Liverpool, where Middling upland
17.15 17.05 17.05 17.15 17.45 117.35
314
FINANCIAL CHRONICLE
[VOL. 130.
FUTURES.
-The highest, lowest and closing prices at
AT THE INTERIOR TOWNS the movement
-that is,
New York for the past week have been as follows:
the receipts for the week and since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
Saturday. Monday. Tuesday, Wednesday. Thursday, Friday,
corresponding periods of the previous year, is set out in
Jan. 4.
Jan. 9.
Jan. 8.
Jan. 7.
Jan. 6.
Jan. 10.
detail below:
Jan.
Range..
16.9547.07 18.86-16.99 16.8246.94 16.85-16.95 17.06-17.25 17.10-17.15
Movement to Jan. 10 1930. I Movement to Jan. 11 1929.
Closing- 18.9717.2316.9516.86-16.87 16.8617.12Feb.
Towns.
Ship- 1Stocks
Receipts.
Receipts.
Ship- Stocks
t. Range__
I meats. Jan.
meals. Jan.
i Closing- 17.0416.9417.2017.3117.0116.93Week. Season. Week. 10.
Week. Season, Week. 11.
Mar.
Range.. 17.19-17.2117.02-17.16 17.01-17.12 17.02-17.11 17.20-17.44 17.24-17.42 Ala.,
Blrming'm 1,323 97,637 1,845' 17,539 1,284 48,613 1,504 8,893
Closbig. 17.11-17.12 17.02-17.03 17.0117.10-17.1117.40-17.42 17.29-17.30
Eufaula
123 16,587
110 5,005
10 12,743
85 6,333
Apr.
Montgomery.
551
56.281
1,105 32,972
268 50,202 1,154 26,100
Range
Selma
411
70,582 2,448 35,524
189
Closing- 17.2217.5117.2217.1317.1317.40- Ark.,Blytheville 4,965 114.286 3,486 45,312 2.247 42,442 1,408 24,388
74,791 1,606 22,423
May
Forest City
578 28,032
757, 14,550 1,032 23,942
860 10,858 ,
Range.... 17.34-17.43 17.25-17.39 17.26-17.36 17.27-17.36 17.44-17.68 17.4647.66
Helena
845 53,644 1,084 21,212
846 51,834 1,799 19,907 l
Closing- 17.34-17.35 17.25-17.26 17.26-17.27 17.3317.63-17.66 17.52-17.53
Hope
363 53,609
482 5,429
246 53,972 1,501 10,548
June
Jonesboro.-881
36,321
917 5,7581
743
30,374 1,285 5,349
Range...
Little Rock- 2.052 118,301 2,917 41,5711 1,312 101,687 2,952 27,487
Closing- 17.4317.4217.3817.3317.7317.59Newport........
682 49,977
973 7.2491
931
44,221 2,01, 10,993
JulyPine Bluff..... 2,175 173,976 3,235 45,864 1,552 119,242 4,413 39,478
Range- 17.52-17.60 17.42-17.58 17.46-17.53 17.48-17.54 17.60-17.84 17.64-17.83
Walnut Ridge
769 9 5891 1,832 31,229 1,099 10.717
.
Closing- 17.5217.83-17.84 17.67-17.68 Ga., Albany.... 1,158 51,695
17.5117.42-17.43 17.464
6,481
4 2,574
2
15 1,938
3,55:
Aug.
Athens
350 32,240
800 18,
75 27,37: 1,800 14.081i
8771
Range Atlanta
6,100 111,534 1,229 88,688 1,859 98,284 2,672 59.138 I
Closing- 17.5417.5317.4717.4517.8417.68Augusta
3.980 258.312 3.836107.873i 2.571 177,154 4.739 75,943
Sept.
Columbus._
318 22,413
500 4,6571 1,341
36.747
416 5,961
Range Macon
966 67,873 1,373' 22,3821
483 47,378 1,295 8.679
Closing. 17.5817.85 -- 17.8917.5417.48
17.48Rome
50 21.851
-__ 18.381
750 31,731
356 29,265
Oa.
La., Shreveport 1.355 140,799 4:822 64.967 1,347 136,183 2.803 68.124 ,
Range.._ 17.58-17.65 17.51-17.62 17.4847.60 17.49-17.58 17.63-17.88 17.6547.86
MIss.,Clark'dale 2,942 174.397 8,526 52.6441
785 136,694 7,781 53,812 4
Closing_ 17.59-17.60 17.51- .
17 46-17 50 17 56.
.
Columbus_.._
17.56150 26,67
969 13,358
1.7.71 54
28,636 1.052 13,821
Noe.
Greenwood.... 1,312 212,311 3,9971 79,85074664182,034 10,442 76.931
Range__
Meridian_
197 49.364
2481 9.202
286 43,442
517 10.583
17.58Closing_ 17.6517.9217.8217.5617.76Natchez
480 21.894
3121 9,643
194
23,855
335 19,913
Dec.
Vicksburg _ _ _
359 30,377
9401 8,941
71
23,185 1,317 5.935
Range __ 17.72-17.75 17.62-17.7117.62-17.72 17.61-17.70 17.74-17.96 17.80-17.95
Yazoo City513 40,314 2,334 15,946
88 38,960 2,25: 12,861
17.62-17.63 17.6317.68Closing- 17.7217.9817.82- Mo., St. Louis_ 9.244 180,163 9,317 13,828
19,546 251,978 18,664 25.030 .
N.C.,Greensb'o 1,056
11.365
682 9.557
874
13,813
289 9,215
Range of future prices at New York for week ending Oklahoma
15 towns*..... 16,902 703,790 14,438 96,262 20.057 697,913 23,363 76,303
Jan. 11 1930 and since trading began on each option:
S.C..Greenville 3,176 113,713 5,140 18.263 1,257 114.101 1,891 39,348
Tenn..Memphls 88,4221,431.963 52,145435,138 66.8391.140,401 58,187 289.212
457 26,927
Texas, Abilene_
819
700 3,349 44.780 2,907 1.899
Range for Week.
Range Since Beginning of Option.
Option for239
10,831
Austin
236 1,483
190 46,167
723 3,717
Brenham._
198
10,152
240 4,205
137 30,282
Dec. 1929_
16.55 Nov. 13 1929 20.70 Mar. 15 1929
173 14.694
2,033 100,726 1,782 13,651 2,887 110,964 3,476 22,814
Dallas
Jan. 1930.- 16.82 Jan. 7 17.25 Jan. 9 16.70 Dec. 21 1929 20.60 Mar. 15 1929
Paris
1,240 70.045 1,224 7,267 1,538 84.313 1.400 7.061
Feb. 1930.
17.04 Nov. 13 1929 19.12 Sept. 12 1929
422 12,930
Robstown
122 32,690
Mar. 1930_ 17.01 Jan. 7 17.44 Jan. 9 17.01 Jan. 7 1929 20.25 Apr. 1 1929
21
27.981
1,151
271 1,149
San Antonio..
209 22,063
200 39,792
Apr. 1930_
18.71 July 9 1929 18.82 July 8 1929
386 2,660
Texarkana - _
357 55,998
716 8,471
5'' 61.923 1.500 11,742
May 1930.... 17.25 Jan. 6 17.68 Jan. 9 17.25 Jan. 6 1930 20.18 Sept. 3 1929
Waco
1,401 100,431
479 8,884 2.000 134.325 2,000 17.158
June 1930_
17.58 Dec. 23 1929 18.87 Oct. 24 1929
,
July 1930_ 17.42 Jan. 6 17.84 Jan. 9 17.42 Jan. 8 1930 20.00 Sept. 3 1929
Aug. 1930_
18.34 Nov.22 1929 18.34 Nov.22 1929 Total_ 511 Myrna 140.237 5.008.620 137.709 1477345 142.3374 s10 22217d d91119me me
Sept. 1930...
* Includes the combined totals of 15 towns in Oklahoma.
Oct. 1930._ 17.48 Jan. 7 17.88 Jan, 9 17.44 Dec. 31 1929 18.56 Nov. 20 1929
Nov. 1930
The above total shows that the interior stocks have
17.78 Dec. 16 1929 17.78 Dec. 16 1929
1930._ 17.61 Jan. 8 17.96 Jan. 9 17.61 Jan. 8 1930 18.00 Jan. 2 1930
Dec.
increased during the week 374 bales and are to
-night
THE VISIBLE SUPPLY OF COTTON to-night, as made 273,886 bales more than at the same time last year. The
receipts at all the towns have been 21,000 bales less than
up by cable and telegraph, is as follows. Foreign stocks as
well as afloat are this week's returns, and consequently the same week last year.
all foreign figures are brought down to Thursday evening.
NEW YORK QUOTATIONS FOR 32 YEARS.
But to make the total the complete figures for to-night
17.35c. 1922
18.354. 1914
30
12.600. 1906
11.754.
20.200. 1921
18.25c. 1913
(Friday) we add the item of exports from the United States, 1929
13.10c. 1905
7.154.
19.55c. 1920
39.25c. 1912
1928
9.45c. 1904
13.70c.
including in it the exports of Friday only.
13.30c. 1919
30.90c. 1911
1927
14.95c. 1903
8.900.
January 10Stock at Liverpool
Stock at London
Stock at Manchester
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Ghent
Stock at Antwerp
bales
1929.
828.000
1929.
893,000
1928.
1927.
842,000 1,255.000
103,000
91,000
931.000
984,000
919,000 1,410,000
545,000
292.000
9,000
92,000
72,000
717,000
253.000
11,000
83.000
45,000
1926
1925
1924
1923
20.65c.
24.100.
35.00c.
26.754.
1918
1917
1916
1915
33.254.
18.400.
12.600.
8.00c.
1910
1909
1908
1907
15.45c.
9.400.
11.454.
10.800.
1902
1901
1900
1899
8.254.
10.12c.
7.56c.
6.000.
587,000
337.000
13.000
121,000
30,000
77,000
155,000
MARKET AND SALES AT NEW YORK.
613,00
Futures
SALES.
262,000
Spot Market
Market
11,000
Closed.
Closed.
Spot. Contect Total.
94.000
53,000 Saturday_-- Quiet. 15 Pta- ded-- Barely steady_ _
800
800
Monday
Quiet, 10 pts. decl_ _ Barely steady__
200 9,000 9,200
Tuesday --- Steady, unchanged_ Barely steady...
500
500
Wednesday.. Steady, 10 pts. adv.. Steady
1,100
200 1.300
Total Continental stocks
1.010.000 1,109,000 1,088.000 1.033,000 Thursday -- Steady,30 pts. adv.. Very steady
600 3,200 3,800
Quiet, 10 pts. dec.- Steady
700
Total European stocks_.._,1,941,000 2,093,000 2,007,000 2.443,000 Friday
700
India cotton afloat for Europe___ 136,000 178,000
60.000
49,000
Total3,900 12.400 16,300
American cotton afloat for Europe 436,000 614,000 443.000 747.000
Since Aug. 1
117.682 229:100 347.582
Egypt,Brazil,&c.,afloat for Europe 121,000
92.000
80.000
87.000
Stock in Alexandria,Egypt
438,000 481,000 443,000 431,000
Stock in Bombay.India
999,000 925,000 596,000 438.000 OVERLAND MOVEMENT FOR THE WEEK AND
Stock in U. S. ports
a2.587,119a2,256,5.3002,459,822a2.948,782
SINCE AUG. 1.
Stock in U. S. interior towns---a1.477,345a1,203,459a1,261,688a1,509.833
-1929-30-U. S. exports to-day
-1928-291,300
1,465
800
Jan. 10Since
Since
Week. Aug. 1.
Shippedarotal visible supply
Week. Aug. 1.
8,135,464 7.844,289 7.351.975 8,654.415
Via St. LouLs
9,317 175,464
18,664 228,319
the above, totals of American and other descriptions are as follows:
1.624
Via Mounds, &c
37,090
5,432
41.373
American
Of
225
Via Rock Island
2,011
557
3,329
Liverpool stock
bales 407.000 612,000 562,000 894.000
Via Louisville
725
20,017
23,964
1,740
Manchester stock
65,000
60,000 138,000
71.000
4,849
Via Virginia points
95,374
5.220 112,050
Continental stock
938,000 1,049.000 1,033,000 995,000
Via other routes, J‘c
13,213 342,277
15,584 293,629
American afloat for Europe
436.000 614,000 443,000 747,000
U.S. port stocks
a2,587,119a2,256,530a2,459,822a2,948.782
Total gross overland
29,953 672,233
47.197 702,664
U. S. interior stocks
a1,477,345a1,203,45901,261,688a1.509,833 Deduct Shipments
1,300
1,465
U. S. exports to-day
800
Overland to N. Y.. Boston, &C... 1.069
21,632
5,208
55,045
Between interior towns
413
8,725
457
9,597
Total American
5.916,464 5,801,289 5.820,975 7,233.415
Inland,8m.,from South
14,864 214,927
12,064 306,173
Indian, Brazil, &C.
East
421,000 281.000 280,000 361,000
Liverpool stock
Total to be deducted
16,346 245,284
17,729 370,815
London stock
26,000
32.000
17.000
Manchester stock
17,000
Leaving total net overland*
13,607 426.949
29,468 331,849
60,000
72.000
55.000
Continental stock
38,000
136,000 178,000
60,000
Indian afloat for Europe
49.000
*Including movement by rail to Canada.
92.000
121.000
80.000
Egypt, Brazil, &c., afloat
87,000
438.000 481,000 443,000 431,000
The foregoing shows the week's net overland movement
Stock in Alexandria. Egypt
999.000 925,000 596,000 438,000 this year has been 13,607
Stock in Bombay,India
bales, against 29,468
Total East India, &a
Total American
2,219.000 2,043,000 1,531.000 1,421,000
5.916.464 5.801,289 5,820,975 7.233.415
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 95,100 bales.
8.135,464 7,844,289 7,351.975 8,654,415
Total visible supply
-1929-30Middling uplands.Liverpool
9.58d. 10.58d. 10.904.
7.I6d.
In Sight and Spinners'
Since
Middling uplands, New York.._...17.35c. 20.25c. 19.45c. 13.500.
Week.
Takings.
Egypt,good Sakel, Liverpool_
Aug. 1.
15.300. 20.304. 19.05d. 15.154.
137.699 6,795,533
Peruvian,rough good. Liverpool- 13.75d. 14.504. 12.25d. 11.50d. Receipts at ports to Jan. 10
13,607
Broach. fine, Liverpool
9.800.
9.00d.
426.949
7.35d.
6.456. Net overland to Jan. 10
Tinnevelly. good, Liverpool
8.700. 10.254. 10.500.
6.900. Southern cmisumption to Jan. 10108.000 2,555,000
Total marketed
a Houston stocks are now included in the port stocks; in previous years
259,306 9,777,482
Interior stocks In excess
they formed part of the interior stocks.
374 1,267.426
Exc-ss of Southern mill takings
* Estimated.
over consumption to Dec. I----616.281
Continental imports for past week have been 196,000 bales.
The above figures for 1929 show an increase over last
week of 37,600 bales, a gain of 291,175 over 1928, an
increase of 783,489 bales over 1927, and a loss of 810,126 bales from 1926.
-----1928-29----Since
Week.
Aug. 1.
172.340 7,227,074
29,468
331,849
106,000 2,481,000
307,808 10,039,923
*37,172
885,990
597,368
Came into sight during week-259,680
270,636
Total in sight Jan. 10
11,661,189
11,523,281
North.spinn's's takings to Jan. 10 27,585
677,898 47,316
686.787
*Decrease.
Movement into sight in previous years:
Bales.
10,386,088
13.545,828
12,189,603
Bales.
Since Aug. 1214.910 1927-28
420,329 1926-27
264,759 1926-26
Week-Jan. 13
1928
-Jan. 15
1927
-Jan. 16
1926
QUOTATIONS FOR MIDDLING COTTON AT
-Below are the closing quotations
OTHER MARKETS.
for middling cotton at Southern and other principal cotton
markets for each day of the week:
Closing Quotations for Middling CoUon on
Week Ended
Jan. 10.
Galveston
New Orleans _ _ _
Mobile
Savannah
Norfolk
Baltimore
Augusta
Memphis
Houston
_
Little Rock _
Dallas
Fort Worth_ _
Palestine, Tex
San Antonio, Tex
New Orleans. La
Shreveport, La
Mobile, Ala
Savannah. Ga
Charleston, S. 0
Charlotte, N.
Memphis, Tenn
18.87
16.88
17.30
16.63
16.25
17.00
16.12
16.10
17.10
16.69
16.10
16.78
16.81
17.15
16.50
16.15
16.90
16.02
16.10
16.10
17.10
16.69
16.10
16.76
16.75
17.10
16.50
16.15
16.90
16.02
16.15
16.15
17.20
Holiday
16.20
16.85
16.88
17.10
16.63
16.25
17.00
16.10
16.20
16.20
17.50
17.05
16.50
17.15
17.19
17.25
17.06
16.55
17.30
16.42
16.50
16.50
Thermometer
Rain. Rainfall.
5 days 0.67 in. high 70 law 20 mean 45.
3 days 0.24 in. high 72 low 26 mean 49
mean 60.
,
0.15 in.
1 day
4 days 4.41 in. high 69 low 33 mean 51
high 72 low 35 mean 57
dry
2 days 0.42 in. high 75 low 36 mean 56.
?days 0.02 in. high 72 low 36 mean 54
days 0.07 in. high 71 low 28 mean 49.
4 days 9.06 in. high 63 low 30 mean 44
The following statement we have also received by telegraph, showing the height of rivers at the points named at
8 a. in. of the dates given:
Saturday. Monday. Tuesday. Wed'day. Thursd'y. Friday.
17.15
16.79
315'
FINANCIAL CHRONICLE
JAN. 11 19301
17.50
17.05
16.40
16.84
16.95
17.13
16.94
16.45
17.20
16.30
16.40
16.40
Jan. 10 1930.
Feet.
7.
28,1
21.5
11.6
28.5
Above zero of gauge_
New Orleans
Above zero of gauge.
Memphis
Above zero of gauge..
Nashville
ShreveportAbove zero of gauge_
Above zero of gauge.
Vicksburg
Jan. 11 1929.
Feet.
6.1
11.8
19.4
21.5
20.9
-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
part of the crop which finally reaches the market through
NEW ORLEANS CONTRACT MARKET.-The closing the outports.
quotations for leading contracts in the New Orleans cotton
ptsfrom Plantation&
Stocks as Interior Towns.
Receipts at Ports.
Week
market for the past week have been as follows'.
Ended
1926. I 1628. I 1927.
Saturday,
Jan. 4.
Monday,
Jan. 6.
Tuesday, Wednesday, Thursday,
Jan. 7.
Jan. 9.
Jan. 8.
January __ 16.7716.6916.70February.
March_ __ _ 17.03-17.04 16.93-16.94
116.9546.96
April
May
17.29-17.31 17.18-17.19 17.20-17.21
June
July
17.46-17.47 17.3517.37-17.38 HOLIAugust _ _ _
DAY.
September
October _ _ 17.45-17.46 17.3817.37November
December_ 17.55 Bid 17.50 Bid 17.47 Bid
Tone
Spot
Quiet
Steady
Steady
°Miens_ _ _
Steady
Steady
steady
1929. 1
1928. 1
1927. I 1929. 1 1928.
1927.
Friday,
Jan. 10.
se pt
I
29._ 388.535417.651 406.030 573.923 1.012,624 647,605519.474 543.853529.041
16.9348.95 Oct.
17.044..437.422532.796421.802 726.959 602.945 742.848590.458661.488 517.046
IL..512,983,521.837 391.639 881.858 706,536 869.2911667.882625,028 518.088
17.31 ---- 17.2047.21
18.. 569,510558.699 389.720 1,041.822 847,112 974,9 729.274 696.281 495.323
25... 518.799650.877 424.130 1.185,728 953.520 1.101,815 662.815 857.285 551,145
17.57-17.58 17.47Nov.
1._ 503.2701535,822 38.156 1.305.221 1,034.049 1,199.935622.763616.351 536,276
17.61 17.728..403,514 396,001 390,293 1.348,324 1.050.545 1.260.956446.617 412.497 451.314.
15_ _ 350,357 351,467 341.143 1.400.376 1.099.921 1,290309411,409400.843370.596
22_ _ 262,509 351.505257.764 1.441.290 1,165.384 1,307.971 294,423 406.968275.326
17.6017.7029.._ 268.195 365,189284.933 1.448.310 1,215,753 1.329.900275.215 425,558306.862
Dec.
17.80 Bld 17.70 Bid
I
8._ 282,747.388,988 233.588 1,451.947 1.223,573 1.342.508285.384 398,808248,196
13._ 281.398 311,736199.962 1.461.857 1,232.683 1,331,182291.308 320.846 188.636
Steady
Steady
, .
1,308,770 275.614265,553 158.087
20.. 260,772 265,780180,499 , ,
Steady
Steady
27- 187,785 255,661 159,069 1.493.015 1,255,901 1,328,743504,101279.131 179.042
MANCHESTER COTTON ASSOCIATION COMPLAINS OF AMERICAN BALING AND MARKING
METHODS.
-A communication in which formal notice is
taken of the "continued unsatisfactory manner in which
American cotton is baled" and of the damage caused by the
"ink used for marking the bales 'running' into the cotton"
has been received by Nils A. Olsen, Chief of the Bureau of
Agricultural Economics, U. S. Department of Agriculture,
from H. Robinson, Secretary of The Manchester Cotton
Association, Ltd. Mr. Robinson said he had been instructed
at a recent meeting of the directors of the Manchester Association to bring the subjects of baling and marking to the
notice of the U. S. Department of Agriculture, with the following observations:
1930.
1929.
1928.
1930. I 1929. 1928.
1930. I 1929. 1928.
Jan.
3-- 154,384 188,298 110.324 1,476,971 1.240,6311,295,532 138.320173,028 77,113
in 157 ACIO 170 RAfl 117 R31 1477.345 1.203.459 1.261.633138.073 135_1
83.487
The above statement shows: (1) That the total receipts
from the plantations since Aug. 1 1929 are 8,040,428 bales;
in 1928 were 7,999,403 bales, and in 1927 were 7,084,916
bales. (2) That, although the receipts at the outports the
past week were 137,699 bales, the actual movement from
plantations was 138,073 bales, stocks at interior towns
having increased 374 bales during the week. Last year
receipts from the plantations for the week were 135,168
bales and for 1928 they were 83,487 bales.
WORLD'S SUPPLY AND TAKINGS OF COTTON.
The following brief but comprehensive statement indicates
at a glance the world's supply of cotton for the week and
since Aug. 1 for the last two seasons from all sources from
which statistics are obtainable; also the takings or amounts
gone out of sight for the like period:
"After all the talk and agitation which has been carried on for years,
no headway has been made in the matter of securing a neater package.
The neatly packed bales received from every other cotton growing country
1929-30.
are in striking contrast with the American bale and with the development
1928-29.
Cotton Takings,
Week and Season.
of cotton growing outside America and the inevitable keener competition.
Week.
Season.
Week.
Season.
the South in its own interest should make strenuous efforts to effect reform.
The present untidy and partly covered American bale without question Visible supply Jan. 3
8,097,864
7.818,455
4,175,480
3.735,957
results in heavy losses not only to the consumer, but more especially to Visible supply Aug. 1
the producer as buyers have to take into consideration the loss resulting American in sight to Jan. 10- -_ _ 259.68C 11.661,189 270,636 11,523,281
190,000 1,208,600 111,000
908,000
from this inefficient covering of the bales and the South suffers in the prices Bombay receipts to Jan. 9 9-5.000
237,000
25,000
307,000
Other India ship'ts to Jan.
they obtain for their cotton in competition with other countries whose Alexandria receipts to Jan. 9- 33,000 1,162,200
46,000 1,022,200
14,000
409,000
10,000
458.000
cotton is packed efficiently with no resultant loss.
Other supply to Jan. 10_*_b-- _
"We know how anxious yourself and your department are to market all
8,612,544 18,392,346 8,268,091 18,414,961
Total supply
your products in such a form as may be most economical to the producer and
Deduct
consumer and therefore the directors will be pleased to hear of your activi8,135,464 8,135.464 7,844,289 7,844.289
ties to secure some reform in the baling of American cotton, and we can Visible supply Jan. 10
assure you that you will have our whole-hearted assistance in this matter.
477.080 10.256.882 423,802 10,570,672
"In relation to the damage caused by the ink used in marking the bales Total takings to Jan. 10
303,080 7.508,682 341,802 7,863,47
Of which American
'running'into the cotton; in some instances the mark is on the actual cotton
174.000 2.748,200
82.000 2.707.20
Of which other
on account of the torn canvas. Many complaints are made by the mills
that this action is causing serious losses and results in claims being made
* Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
by the spinner on the local merchants who in turn claim upon their shipper.
a This total embraces since Aug. 1 the total estimated consumption by
We believe that this careless marking is due entirely to the haphazard way Southern mills, 2,555,000 bales in 1929-30 and 2,481,000 bales in 1926-29
in which those responsible for the marking of the bales carry out their work.
-and the aggregate amounts taken by Northbeing available
The Association therefore suggests that you will be kind enough to make -takings not spinners, 7,701.882 bales in
ern and foreign
1929-30 and 8,089,672 bales in
representation to those responsible and urge that greater care should be 1928-29, of which 4,953,682 bales and
5,382,472 bales American.
taken in the marking of the bales and that preferably the marks should be
Estimated.
made upon a patch of closely woven canvas thereby minimizing the possibility of the ink 'running' into the cotton."
INDIA COTTON MOVEMENT FROM ALL PORTS.
C. W. Kitchen, Acting Chief of the Bureau of Agricultural Economics,
has sent the following reply to Mr. Robinson's complaint:
The receipts of India cotton at Bombay and the shipments
"While Federal Legislation does not give the Department of Agriculture
regulatory control over these matters, we are endeavoring to encourage in from all India ports for the week and for the season from
every way possible the improvement of baling and handling methods and Aug. 1, as cabled, for three years, have been as follows:
will be glad to have any helpful data of a specific nature that you may
supply.
1927-28.
The problem of packaging cotton in this country is somewhat WM1928-29.
1929-30.
plicated by the fact that several interests handle the bale and contribute
Jan. 9.
Since
Receipts atSince
to its condition. Unfortunately, none of these can of itself deal adequately
Since
Week. Aug. I. Week, Aug. 1. Week. Aug. 1.
with the problem. W.aro sure, however, that it is the desire of American
cotton growers to see their cotton delivered to its users in other countries
in a suitable package and as free of waste as possible. The Department Bombay
190.000 1,208,000 111.000 908.00') 137.000 1.110.006
has been making some studies in this field and believes that an improvement
in the American bale may be hoped for in the future."
For the Week.
Since August 1.
Exports
WEATHER REPORTS BY TELEGRAPH.
fromGreat Conti- Japan&
Great
-Reports to
Coati- Japan &
Britain. neat. China. Total. Britain.
nent.
China.
Total.
us
by telegraph this evening denote that the weather has
continued rather favorable for the completion of cotton
picking, though only a little remains in the fields to be
gathered.
Galveston,Tex
Abilene, Tex
Brownsville, Tex
Corpus Christi, Tex
Dallas, Tex
Del Rio, Tex
Houston, Tex
Rain. Rainfall.
4 days 1161 in.
2 days 0.28 in.
dry
1 day
0.06 in.
3 days 0.16 in.
-1 day
0.06 in.
4 days 1.16 in.
Thermometer
high 66 low 36 mean 53
high 70 low 10 mean 40
high 78 low 38 mean 58
high 73 low 30 mean 53
high 64 low 14 mean 39
high 70 low 26 mean 48
high 72 low 30 mean 51
Bombay
1929
-301928-29.
1927-28_ Other India
1929-30.1928-28...
1927-28.
22,000 22,000 46,000
2.
3,000 32,000 24,000 59,000
6,000 86,000 97,000
5,0
28,000 293,0001 454,000 775,000
17,000 319,0001 564.0001 900,001
21.000 174.000 360.000 555,00"
- 5,000
7:000 18,000
3,000
9,
49,000 258.
42,000 195,0001
33.500 205,000
---- 5,000
_ _ _ _ 25.000
12,000
Total all
1929-30.. 2,000 27,000 22.000 51,000
1928-29... 10,000 50,000 24,000 84,000
1927-28. - 14,000 9,000 86,000109,000
307.00(
I 237,0011
238,50C
77.000 551,000 454,
1,082,00C
59,000 514,000 564,
1,137,00C
54.500 379,000 360,0001 793,50(
FINANCIAL CHRONICLE
316
According to the foregoing, Bombay appears to show an
increase compared with last year in the week's receipts of
79,000 bales. Exports from all India ports record a decrease
of 33,000 bales during the week, and since Aug. 1 show
a decrease of,55,000 bales.
-We
ALEXANDRIA RECEIPTS AND SHIPMENTS.
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:
Alexandria. Egypt,
Jan. 9.
1929-30.
Receipts (cantars)This week
Since Aug. 1
230,000
5.101,828
1928-29.
1927-28.
165,000
5,795,246
140,000
4,148,785
This Since
This Since
This Since
Week. Aug. 1. Week. Aug. 1. Week. Aug. 1.
Exports (bales)-
[VOL. 130.
SAVANNAH-To Genoa-Jan. 4-Lavada, 2,059
To Liverpool
-Jan. 7-Wildwood, 3,604
To Hamburg-Jan. 7-Wildwood, 181
SAN FRANCISCO
-To Italy
-Jan. 3-Hinnoy, 100
To Japan-Jan. 3-Hinnoy, 1,100
MOBILE
-To Bremen
-Dec. 31-Parkhaven, 5,865; Braddock,
3,805
To Rotterdam-Dec. 31-Parkhaven, 31; West Hike, 68
To Liverpool
-Dec. 31-West Maximus. 4.926
To Manchester
-Dec.31-West Mmdmus,869
To Hamburg-Dec. 31-Braddock, 168
CHARLESTON-To Liverpool
-Jan.4-WIldwood,2,400
To Hamburg-Jan, 4-Wildwood, 54
To Rotterdam-Jan. 4-Wildwood, 100
To Antwerp-Jan. 4-Wildwood, 131
LAKE CHARLES
-To Genoa-Jan.8
-West Harshaw, 1.369LOS ANGELES
-To Liverpool
-Pacific Exporter, 2601
-Jan. 4
Prince Rupert City, 203
To Manchester-Jan. 4
-Pacific Exporter, 200; Prince Rupert
City, 685
To Havre--Jan. 4
-Notre Dame de Fourviere, 575
To Bremen-Jan. 4-Witram, 650
To Japan-Jan.4
-Hawaii Maru, 2,500
CORPUS CHRISTI
-To Bremen-Jan. 2
-Nord Friesland, 478
To Japan
-Dec. 26-Fernlane, 2,093
To China-Dec. 26-Fernlane, 279
Bales.
,059
3,604
181
100
1.100
9,67099
4,926
869
168
2,400
54
100
131
1.369
403
885
575
2,
65
503
478
2,093
279
82,164 6,250 93,770 5,000 70,773
To Liverpool
To Manchester, &c
8,009 89,262 5,750 99,170 7,250 73,404
To Continent and India_ 15,000 236.626 13,000 237,257 15,500 199,082
To America
55,368 1.000 73,871 7,500 70,552
2.1.000 463.420 26.000 504.068 35.250 413.811
Total exnort•
Note.
-A canter is 99 lbs. Egyptian ba es weigh about 750 lbs.
This statement shows that the receipts for the week ending Jan .9 were
230,000 cantars and the foreign shipments 23.000 bales.
-Our report received by
MANCHESTER MARKET.
cable to-night from Manchester states that the market in
yarns is quiet and in cloths steady. Demand for cloth is
improving. We give prices to-day below and leave those of
previous weeks of this and last year for comparison:
Sept.1434015
25Nov.-
Dee.
-
81.4 Lbs. SAM- Cotton
OSPS, Common Middre
to Finest.
Upl'ds
High
StandDensity.
ard.
Stockholm .60e. .75e.
Trieste
.500. Mo.
Fiume
.500. .65e.
.65e.
Lisbon
.450. .60e.
Oporto
.603. .75e.
.75e.
Barcelona .300. .45e.
.45e.
Japan
.63940. .78940.
Shanghai
Bombay
Bremen
Hamburg
Piraeus
Saionlca
Venice
821 Cop
Twist.
834 Lbs. Shin- Cotton
ing., Common Middro
te Finest.
Up!'de
e. d.
d.
d. e. d.
1494016 127 4013 1
e. d.
e. d.
13 0 013 2
d.
10.72
ission% 13 0
mialos4 13 0
143401534 13 0
14molot 18 0
013 2
013 0
013 2
013 2
10.28
10.28
9.94
9.96
15 016A 12 7
154(01814 13 1
1834 0164( 13 2
154(016M 13 1
013 I
013 1
013 4
013 3
10.84
10 95
11.00
10.51
143401534 12 8
133401434 12 3
1344014% 12 2
133401434 12 3
134i014N 12 3
013 0
012 5
012 4
012 5
012 5
9.88
9.56
9.56
9.76
9.59
15 0163( 13 1
15 0183‘ 13 0
16 31017% 13 0
153301834 13 1
1551016M 13 3
013 3
013 2
4013 2
013 3
013 5
10.49
10.46
10.55
19.84
10.97
12 3
12 3
12 3
12 3
012 5
012 5
012 5
012 5
13M014M
1341014M
1314014M
133401494
Jan.
-
Standard.
.600.
.60c.
.60e.
.480.
.480.
.800.
.650.
.650.
1928
1929.
82s Cog
Twist.
High
Density.
Liverpool .450.
Manchester.45e.
Antwerp .450.
Havre
.310.
Rotterdam .45e.
Genoa
.500.
Oslo
19 30.
13;4.014M 122 012 4
13M014M 122 012 4
9.58
9.47
9.36
9.51
15M018M 13 3 013 5
153.601635 13 3 013 5
13 5
1534041634 13 3
153i016% 13 3 013 5
19 29.
9.52 15M66184( 133 @135
9.58 15416118M 133 @135
1063
10.89
10.58
10.63
10.50
10.58
SHIPPING NEWS.
-As shown on a previous page, the
exports of cotton from the United States the past week have
reached 173,495 bales. The shipments in detail, as made
up from mail and telegraphic reports, are as follows:
Bales.
GALVESTON-TO Havre
-Dec. 31-Cliffwood, 1,336; Tugela,
5,029
3,693
-Dec.31-Tugela,3,641; Dec.31-Cliffwood, 173
3,814
To Ghent
To Antwerp-Dec.31-Tugela,123
1132
To Gothenburg-Dec. 3I-Tugela, 1,498
100
To Copenhagen-Dec. 3I-Tugela, 100
To Rotterdam-Dec. 31-Cliffwood, 493
-Tripp, 3,827__ _Jan. 7-Yorck, 4,222._ tri
To Bremen-Jan. 3
To Barcelona-Jan.4-Edgef1e1d, 4,123
To Japan-Jan. 6
-Volunteer. 367: Fernlane, 466---Jan. 8-La Plata Maru,3,800
10,476
Taian Meru, 5,843; Jan. 8
1,102
To China-Jan. 6
-Volunteer, 1.102
825
To Liverpool-Jan. 7
-West Celina, 825
-To Liverpool-Dec. 31-West Celeron, 3,790
NEW ORLEANS
6,746
__ _Jan.3
-Barbadian, 2,956
-Dec. 31-West Celeron, 835-Jan. 3
To Manchester
1,561
Barbadian,726
1.195
-Dec.31-Aussa.895- _ -Jan. 8-Labette,300
To Marseilles
5,508
To Havre
-Dec.31-Missouri Havre, 848; Syros. 4,660
3,700
To Gkent-Dec. 31-Skros, 3,700
2,634
To Bremen-Dec. 31-Davenport, 2,634
240
-Dec. 31-Davenport, 240
To Hamburg
To Rotterdam-Dec.31-Davenport,568- _Jan.7-Maasdam,
2,332
1,764
-La Plata Maru,
To Japan-Jan. 3-Pajala, 8,000-_ _Jan. 4
12,665
4,665
750
-Liberty Bell, 750
To Venice-Jan.4
300
To Barcelona-Jan. 4-Sapinero, 300
310
-Michigan,310
To Bordeaux-Jan.7
-Michigan, 200
1,118
-Toledo, 918-__Jan. 7
To Dunkirk-Jan.6
100
-Toledo. 100
--Jan. 6
To Oslo
6,353
To Genoa-Jan. 8-Labette, 6,353
125
-Jan.6
-Toledo, 125
To Gothenburg
100
To Arlco-Jan. 4-Tela, 100
To Porto Colombia-Jan.4-Tela,50
-Winona, 417---Jan. 8
-Jan. 4
-To Manchester
NORFOLK
2,00
5
°
8
Delillan, 1,591
1,500
To Bremen-Jan. 7-Altmark, 1.500
840
-Jan. 8-Delilian, 840
To Liverpool
-Siberia Maru. 50
SEATTLE
-To Japan-Dec. 23
3.755
21
0
-Siberia Marn, 250
To China-Dec. 23
-Dec. 31-West Celina, 3,715
Liverpool
HOUSTON-To
-De la Salle, 5,053 9.408
To Havre-Jan.3-Waban,4,355-Jan.7
100
To Dunkirk-Jan. 3-Waban, 100
100
To Antwerp-Jan. 3-Waban, 100
To Ghent
-Jan. 3-Waban, .
1 ,3 3
4
20
3-Waban, 1,020
To Rotterdam-Jan.
To Barcelona-Jan. 3-Edgefield, 3,397.-Jan. 4-Aldecoa,
7,167
3.770
2.632
To Bremen-Jan. 4-Yorck, 2,632
To Janan-Jan.4-Taian Meru,5,840, Fernlane, 512--_Jan. 3 17.591
• _volunteer. 1,
175_ __Dec. 31-Weiwu Marn,15,525-Jan.
6-Stensby, 4,539
To China-Jan.4-Fernlane,175- _Jan. 3-Fernlane,1,1235,973
Dec. 31-Weiwu Mani, 4,675
1,330
--Westward Ho,1,330
TEXAS CITY
-To Lizzool-Jan.6
322
To Havre-Jan.
Uffwood, 322
L.
257
To Rotterdam-Jan. 4-Cliftwood, 257
177
lig To Ghent-Jan. 4-Cliffwood, 177
1,690
To Bremen-Dec. 30
-Tripp, 1,690
10
NEW YORK
-To Lisbon
-Jan. 3-Hinnoy, 10
200
To Havre-Jan.8
-Waukegan,200
Spot.
Saturday,
Monday,
Market,
12:15 {
P. M.
Quiet
Quiet
Mid.Uprds
Sales
9.46d.
Tuesday, Wednesday, Thursday,
Quiet
9.456.
5,000
3,000
More
demand.
9.43d.
5,000
9.42d.
5,000
More
demand.
9.44d
10,000
Friday,
Quiet
9.58d.
5,000
Quiet
Quiet
Q't but sty Steady
Quiet
Easy
Futures.{
8 to 10 pts. 4 to 8 pta. 3 to 5 pta. 4 to 5 pta. 2 to 3 pts. 8 to 9 pts.
Market
decline,
decline,
decline,
decline,
advance. advance.
opened
Quiet
Quiet
Q't but st'y Q't but st'y Steady Q't but sty
Market, I
5 to 8 pts. 2 to 4 Pte. 2 pta.adv. 2 to 4 Ms. 7 to 9 pta. 3 to 4 pts.
4
decline. to 1 pt.decl decline,
decline,
advance. advance.
P. M.
Prices of futures at Liverpool for each day are given below:
Sat.
a•. 4
to
an. 10.
Mon.
Tues.
Wed. I Thurs. I
Fri.
12.1512.3 12.1 4.0012.15 4.00 12.15 4.0012.15 4.0012.15 4.09
P. m.P. ni.P. m.D. m.
P. m.P. m• P m.P. m.P. m.P. m.P. m.
d.
January...... __ February
__ __
March
April
-May
__
June
July
__
August
September__ __
October
November
__
December
.
_January (1931) _ __
d.
9.11
9.14
9.19
9.22
9.28
9.29
9.34
9,33
9.33
9.33
9.34
9.36
9.35
d,
9.10
9.11
9.17
9.1.
9.25
9.26
9.31
9,31
9.31
9.29
9.31
9.32
9.31
d.
9.09
9.11
9.18
9.18
9.2,
9.26
9.30
9.29
9.29
9.29
9.30
9.32
9.31
d.
d.
9.08 9.11
9.09 9.12
9.14, 9.17
9.16 9.19
9.22 9.25
9.23 9.28
9.27 9.30
9.26 9.28
9.26 9.28
9.25 9.28
9.26 0.29
9.27 9.31
9.26 9.30
d.
0.07
9.08
9.13
9.1
9.21
9.2
9.25
9.24
9.2
9.24
9.2
9.2
9.2
d. 1
9.08
9.08
9.13
9.15
9.22
9.23
9.27
9.26
9.26
9.26
9.27
9.28
9.271
d.
9.09
0.10
9.16
9.18
9.24
9.25
9.29
9.28
9.28
9.28
9.29
9.30
9.29
d.
9.15
9.16
9.22
9.24
9.81
9.3
9.36
9.35
9.35
9.34
9.25
9.37
9.3
d.
9.23
9.23
9.29
9.31
9.38
9.39
9,
9.42
9.4
9.41
9.41
9.
9.43
d.
9.19
9.19
9.25
9.27
9.34
9.35
9.39
9.38
9.38
9.38
9.38
9.41
9.40
BREADSTUFFS
Friday Night, Jam 10 1930.
Flour was in moderate demand and steady. Exports of
flour late last week were 37,377 sacks from New York.
Other shipments of 19,993 sacks went to Dublin. Later
prices fell 10 to 25c. Exports wore 28,000 barrels, on the
7th inst., mostly to the Continent.
Wheat has felt the lack of a spirited export demand, and,
therefore, is noticeably lower. Also professional operators
have been aggressive sellers. Latterly the weather has
been more favorable for the winter wheat crop. Snowfalls
have occurred. Statistics for the time being are against
the price, unless they are offset by an aggressive foreign
demand. Of that there is no sign at the present time. On
the 4th inst. prices declined 2%c., or 6c. in two daya, owing
to reports that Russia had sold 75,000 bushels of low grade
to the United Kingdom. Winnipeg fell 1% to l'rAc. Later
came a rally. Private cables reported that the Russian
wheat was being offered on account of political conditions,
and it was estimated that at a maximum of only 20,000
tons, or 750,000 bushels, were available for export. Also
a better demand appeared from shorts and holders of bids.
Good buying earlier was said to be for foreign account.
The seaboard was also a buyer. Export sales were 640,000
to 700,000 bushels in all positions, including a. cargo of
hard winters to Portugal. The trade looked for a decrease
JAN. 11 1930.]
FINANCIAL CHRONICLE
in the amount of ocean passage and a moderate decrease in
the United States visible supply. Chicago wired, Jan. 4:
"While cables from London to-day said that Russia was
offering wheat to the United Kingdom, it was reported, on
the other hand, that Russia was trying to buy flour on credit
on the Continent. This suggested to close observers that
there was a small surplus of grain in the Black Sea area
and a shortage in the northern section. This view seemed
plausible, as it is easier to export grain from the southern
area and replace it with flour closer to the distressed
district than to ship the actual grain."
On the 6th inst. prices ended 14 to %c. higher at Chicago
/
and % to %c. lower at Winnipeg on a dull day, with a
holiday in Buenos Aires. Export sales were 1,000,000
bushels, including two cargoes of hard winter for Portugal.
World's shipments were 9,516,600 bushels for the week, and
from July 1 amounted to 331,000,000 bushels, or about
120,000,000 less than exported for the same time a year ago.
Of the total for the week, North America exported 4,901,000
bushels. Despite the small world's shipments, there was a
slight increase in the afloat stocks, with the total on passage
now 28,266,000 bushels. Seaboard advices indicated that
there were numerous bids in the market very close to a
working basis, and premiums at the Gulf showed a firm
tone, with 1
4c. under the May bid for No. 2 hard. Of
Russian wheat a small parcel was said to have been sold
to go to France, and press cables stated that Russian wheat
was also going into Germany. Some contend that if the
United States has much wheat to spare for export, the
decrease in the United States visible supply of 2,589,000
bushels did not fully reflect the large expert sales reported
in the last few weeks. It was noticeable that winter wheat
receipts are quite liberal in the Southwest for this time of
the year. The United States visible supply is now 175,518,000 bushels against 138,091,000 last year.
On the 7th inst. prices ended 1% to 2c. lower, with Russia
offering wheat to Liverpool, London and the Continent.
The offers are supposed to have been at $1.49 to $1.61 a
bushel c.i.f. England. Liverpool fell 1% to 21
4d., Buenos
Aires 14c., and Winnipeg 2% to 2%c. The Northwest was
at one time 3c. lower. Some think the Argentine Government crop estimate was too low, and farmers are marketing
freely. From now on the shipments from the Southern
Hemisphere are expected to increase noticeably. Export
business was dull. The Continental crops, it is believed,
are turning out larger than they had been estimated. January wheat at Chicago on the 7th inst. closed at $1.23 a
bushel, or only %c. a bushel over February at Buenos Aires.
On the 8th inst. prices ended % to 114e. higher, with a
better export demand, and sales of 600,000 to 700,000 bushels
Manitoba and hard winter, and higher cables. Liverpool
closed 1%d. to 1%d. higher, due to reports of shippers in
Russia asking slightly higher prices. A private estimate
that the Russian exportable surplus would not exceed
10,000 bons, and reports that Russia was inquiring for flour
on the Continent had some effect. Russia was said to be
interested in a cargo of North American wheat for seed.
Offerings at the Gulf were rather small, and with more
active bidding the basis was advanced to the May price,
with offerings at 1 to lc. over. Omaha reported sales
/4
direct to the Gulf with bids on No. 1 hard on a shipping
basis. No. 2 hard was slightly below. On the 9th inst.
prices broke 2c. early, and that was the swing of prices
throughout the day, in an uncertain market, closing %c.
net higher. Liverpool dropped 1% to 1%c., with reports of
larger Argentine exports for the week and also increased
shipments from the Black Sea. The Black Sea shipments
were 328,000 bushels. Buenos Aires at one time was %c.
higher. Argentine exports were put at close to 2,400,000
bushels against 1,503,000 for the same week last year. Snow
fell all over most of the West and Southwest, offsetting
the very low temperatures. The Kansas State report was
favorable. Export sales were only 300,000 to 400,000
bushels, but there was more activity reported in No. 2 hard
at the Gulf. Premiums there advanced % to %c. over May
for No. 2, and 4 to 4%c. over May for No. 1 hard. There
was really no pressure to sell. The market, if anything,
acted rather short.
To-day prices closed 3 to 314c. lower under heavy liquida/
tion, poor cables, and talk of the possibility of a crop of
900,000,000 bushels by next summer. Buenos Aires was %c.
lower at the Chicago close. Liverpool was % to %d. higher.
Cash markets were quiet. Flour was dull. Exports sales of
wheat were very small, if there were any. A good snowfall over the winter wheat belt also had a weakening effect.
Bradstreet's North American clearances were 5,678,000
bushels, indicating world's exports this week of about
10,000,000. Final prices show a decline for the week of
4% to 5c.
317
Indian corn has been steadied by the smallness of the
stocks at terminal markets, cash demand has been persistent, and receipts and country offerings moderate or
actually small. On the 4th inst. prices declined %c. and
then recovered %c. of the loss, with country offerings to
arrive small and the shipping demand sharp. The immediate future of the price largely hinges on the weather,
and with it the size of the receipts. The United States
visible supply was expected to show an increase on the 6th
inst. Primary receipts were 620,000 bushels against 465,000
on the same day, in the previous week and 768,000 last year;
shipments 628,000 against 520,000 a week previously and
,4c. lower
656,000 last year. On the 6th inst. prices closed 1
to %c. higher in a small market. Receipts were fairly
large, despite none too favorable weather, but Shipping
demand lagged. The weather was a little too warm and at
times too rainy over a wide area. Colder weather would
Increase the movement. The United States visible supply
increased last week 1,949,000 bushels against 1,713,000 last
year; total now, 9,802,000 against 18,853,000 last year.
On the 7th inst. prices ended %c. lower after an early
decline of lc. The weather, as a rult, was good, despite
some rain. People kept predicting larger receipts. Cash
demand was small. Outside markets were underselling
Chicago. Industries bought to a fair extent. Argentine
May corn is over 25c. under Chicago, and this naturally
excited remark. It seems that 50,000 bushels of May were
sold at Chicago late on the 7th inst. against purchases of a
like amount at Buenos Aires at a difference of 27c. a bushel.
4
On the 8th inst. prices ended 1 to %e. higher. Rains
interrupted husking in Illinois. Shipping demand was
better. Offerings to arrive were small and generally held
at 2 to Sc. above present prices. With bad weather, consignments have decreased. On the 9th inst. prices advanced
1% to 2c. The cash demand was better. Country offerings
were smaller. The weather was bad. The Government
report put the 1929 crop at 2,191,135,000 bushels, or 72.8%
less than in 1928. And that was the smallest crop since
1924. A larger percentage of the acreage than usual was
given up to silage, forage, or hogging down. To-day prices
ended 1% to 1%c. lower. In the end they were affected
by the depression in wheat. Early in the day bad weather
and small country offerings sustained prices. Later on come
realizing. Also the cash demand fell off. Recent buyers
1c.
2
became sellers. Cast corn was steady to / higher.
Eastern buyers balked at any advance in the early trading.
Final prices are %c. lower to %c. higher for the week.
Production of corn for grain in the United States for 1929
was estimated by the Department of Agriculture at 2,191,135,000 bushels, which is 7.2% less than last year, and the
smallest in any year since 1924. The area harvested for
grain was estimated at 82,601,000 acres, the smalleest in
any year since the estimates were begun in 1924. Production of corn for silage for 1920 was estimated at 29,908,000
tons, or 5.3% less than the 31,579,000 tons placed as the
total in 1928. The yield was placed at 6.95 tons per acre
compared with 7.43 tons for 1928. Corn utilized for hogging,
grazing and forage totaled 11,113,000 acres, compared with
10,974,000 acres in 1928. The Agricultural Department's
final estimate for production of corn, including amount fed
on the farms, was for a yield of 2,786,288,000 bushels compared with 2,839,959,000 bushels in 1928. The total production as then given was the smallest since 1924, when
the outturn was 2,300,414,000 bushels, with that exception
was the smallest since 1918.
OF
DAILY CLOSING PRICES Sat. CORN IN NEW YORK. Fri.
Mon. Tues. Wed. Thurs.
10434 10434 10436 10631 10834 10731
No.2 yellow
CORN FUTURES IN CHICAGO.
DAILY CLOSING PRICES OF Sat. Mon. Tues. Wed. Thurs. Fri.
91 9136 9034 91% 9334 91
March delivery
9434 9434 94 945 96 94
May delivery
July delivery
9634 9654 9534 9834 98 96
Oats have clanged only fractically in spite of the decline
in other grain, for the cas'h demand, as a rule, has been
good and the movement of the crop not at all burdensome.
4c. lower. Selling of
On the 4th inst. prices ended % to 1
'May by local operators was a leading feature so far as it
went. Commission houses and shorts bought. That kept
4c. lower
down the decline. On the 6th inst. prices ended 1
to %c. higher in a small and unsatisfactory market generally. Cash oats sold well, with offerings small. The
United States visible supply decreased last week 392,000
buShels against 502,000 last year. Total, 26,956,000 against
13,468,000 a year ago. On the 7th inst. prices ended unchanged to Ihc. lower. Cash demand was good and country
receipts were small. Futures, however, could not ignore
the decline in other grain.
ige. lower to Vac. higher,
On the 8th inst. prices ended l
with no life in the trading aside from the spot demand,
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
which was good. Also the receipts were small. On the 9th
Sat. Mon. Tues. Wed. Thurs. Fri.
with
1.10. 2 hard
13534 13634 13434 13531 13534 13234 inst. prices closed % to %c. higher,and aan excellent cash
shipping business,
smaller country
demand, a
FUTURES IN CHICAGO. movement. fair
DAILY CLOSING PRICES OF WHEAT
To-day prices ended trAc. lower. There was
Sat. Mon. Tues. Wed. Thurs. Fri.
March delivery
12934 12934 1271 121 12831 125% only moderate trading. The decline in other grain made
13234 12934
gay delivery
13234 13334 131 132 13334 13034 itself felt. Liquidation played some part. The tendency is
delivery
July
133 13334 131 133
to follow corn. Cash oats were comparatively steady, but
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG. quiet. Final prices show a decline for the week of % to %c.
.•
01.
6
Mar delivery
July delivery
October delivery
Sat. Mon. Tues. Wed. Thurs. Fri.
IN NEW YORK.
DAILY CLOSING PRICES OF OATS Tues. Wed. Thurs. Fri.
14134 14134
14334 14314 141 14234 14234 13834
Set. Mon.
140
14534 14434 14234
58
58 58
58 5834 57
14034 14034 13734 13734 13734 13534 No.2 white
(VOL. 130
FINANCIAL CHRONICLE
318
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
4734 4734 4734 4734 4834 4734
49
4834 4834 4934 4834
49
47% 4734 4734 4834 4734
48
OATS FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
61%
May delivery
64bC 64
6334 6334 63
63% 6334 61%
July delivery
6434 6434 64
October delivery
5934 5934 5934 5934 593.4 5731
March delivery
May delivery
July delivery
DAILY CLOSING PRICES OF
The exports from the several seaboard ports for the w
ending Saturday, Jan. 4 1930, are shown in the ann
statement:
Exports from-
Wheat.
Corn.
Bushels. Bushels.
412,000
16,000
120,000
16,000
114,000
New York
Portland, Me
Flour.
Oats.
Rye.
Bar
Barrels. Bushels. Bushels. Bus
1.
44,872
21,000
__
12,000
2,000
Rye declined partly in sympathy with the drop in wheat, Boston
but also because of the lack of any foreign demand. Russia Philadelphia
7,000
Baltimore
moreover is said to be selling to Scandinavia. A concen- Newport News
3,000
56,000
270.000
New Orleans
16,000
35,000
trated long interest is said to exist in the March delivery. Galveston
362,000
Strong people, it is believed, hold the greater part of the St. John, N.B
•
68,000
28,000
206,000
visible supply which is now in Chicago. Finding a good Houston
market for rye, however, seems to be another matter. On
Total week 1f30._ 1,584,000
16,000 152,872
2:
56,000
10 000 152 Ann 1 52
)'awe week 1929_ 4.020 4110 2.28975'S 102 117
the 4th inst. prices declined % to 1c. in sympathy with
wheat. Export business was absent. Spreading between
The destinat'on of these exports for the week and s
March and May was the only feature. On the 6th inst.
2
1c.
prices were unchanged to / lower in sympathy, so far July 1 1929 is as below:
as it went, with wheat. Futures and cash rye were dull.
Flour.
Corn.
Wheat.
The United States visible supply increased last week Exports for Week
1,078,000 bushels against 122,000 last year; total now
Si
Since
Week
Week
and Since
Week
Since
Jul
Jan 4.
Jan. 4. July 1
July 1
July 1 toJan. 4.
13,715,000 bushgls against 6,281,000 a year ago. On the
1930.
192
1929.
1030.
1929.
1930.
2
1
7th inst. prices fell / to 1%c., with wheat down and trade
Barrels. Barrels.
Bushels.
Bushels.
Bushels. Buse
and speculation dull. On the 8th inst. prices rallied on United
3(
976,000 34,433.000
Kingdom_ 72,555 1,911,434
March with wheat, but there was a decline in other months Continent
581.000 46,909,000
54.317 2,003,038
4
544,000
27,000
and nothing to stimulate the market as regards either cash So.& Cent. Amer_ 3,000 254,000
303,000
23,000
33,000
17
16,000
West
-rye or futures. The ending on that day was Ific. lower to OtherIndies
245,221
_ _ _.
484,000
countries__ _
%c. higher.
152,872 4,710,693 1,584,000 82,403.000
24
16,000
Total 1930
On the 9th inst. prices were unchanged to 1c. lower in
Total 1929_ _ ._ 108.117 0.166.849 4.020.469 189.694.504 2.369.703 8.431
sympathy with wheat. Besides, there was no snap to
trading in rye, either for cash account or speculation.
The visible supply of grain, comprising the stock
Noth:ng seems to wake it up. To-day prices ended 1% to granary at principal points of accumulation at lake
steady liquidation. Also it is said Russia
1%c. lower, with
has just sold 1,600,000 bushels of rye to Scandinavia. Nor- seaboard ports Saturday, Jan.4 1930, were as follows:
GRAIN STOCKS.
way, it is reported, has supplied its requirements for
B
Oats.
Wheal.
Rye.
Corn.
January, February and March. Of course, •the decline in
bush.
bush.
bush,
bush,
United States2,000
181,000
34,000
10
1,670.000
wheat also affected rye. Final prices show a decline for New York
7.000
2,000
250,000
Boston
the week of 2% to Sc.
15,000
226,000
25,000
801.000
--
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
104
103% 10334 103% 10334 102
10034 10134 10134 91
10234 102
96
98
100% 100% 99' 99
March delivery
May delivery
July delivery
Closing quotations were as follows:
FLOUR
S6.40@S6.80
Spring pat, high protein 47.00§S7.50 Rye flour, patents
49
7.00 Seminole, 1.1o. 2. pound
6.50
Spring patents
2.70@ 2.75
6.25 Oats goods
5.75
Mears first spring
2.45@ 2.50
6.40 Corn flour
Soft winter straights-- 5.90
6.50 Barley goods
Hard winter straights__ 6.15
3.25
Coarse
Hard winter patents_ 6.5000 7.00
Fancy pearl Noe. 1,2,
5.1500 5.90
Hard winter clears
6.000 6.50
3 and 4
Fancy Minn. patents- 5.6000 9.35
8.6000 9.30
City mills
GRAIN.
Oats, New York
Wheat, New York57
1.4034 No. 2 white
No.2 red,f.o.b
No. 3 white
55
1.3234
No. 2 hard winter, f.o.b
Rye, New York
No. 2 f.o.b
109%
Corn, New York1.0734 Barter, New York
No. 2 yellow all rail
Ma ting
6934
1.03
No. 3 yellow all rail
All the statements below regarding the movement of grain
-are prepared by
-receipts, exports, visible supply, &c.
us from figures collected by the New York Produce Exchange. First we give the receipts at Western Lake and
river ports for the week ending last Saturday and since
Aug. 1 for each of the last three years:
Flour.
Receipts at-
Wheat.
Corn.
Oats.
Barley.
Rye.
,bls.196lbs.bush.60 lbs. bush.56 lbs.bush. 32 lbs. bus. 48 lbs. bus. 56 lbs.
73,000
791,000
512,000
55,000 3,306,000
194,000
Chicago
168,000
219,000
196,000
503,000
662,000
Minneapolis..
188.000
122,000
90.000
102,000
465,000
Duluth
92,000
8,000
46,000
431,000
17,000
21,000
Milwaukee
1,000
41,000
40,11 1
115,000
Toledo
7,000
2,000
12,11 1
28,000
Detroit
104.111
555,
24,000
Indianapolis_
23,000
210,000
588,000
452,000
107,000
St. Louis--1,000
105,000
63,000
903,000
23,000
42,000
Peoria
46,000
888,000
1,184,000
Kansas City
170,000
387,000 1,075,000
Omaha
6,000
462,000
351,000
St. Joseph_
6,000
116,000
252,000
Wichita
18,000
189,000
11,000
Sioux City_ _ _
364,001
447,000
403,000
Total wk. '30
Same wk. '29
Same wk. '28
4,026,000
4,487,000
4.558,000
9,170.000
9,052,000
5,353,000
538,000 1,163,000
1,607,000
1,904,001 1,030j 1 i
328,000
1,815,000 '862,000
266,000
Since Aug.110,120,000249,682,000 114,026.000 81,381,00047,538,000 19,347,000
1920.
11,351,000 330,628,000 133,584,000 81.539,00070,426,00' 10,453,000
1928
H H i rum MIR 1)71 000116.339.000 79.058.00047.856.000 27.874.000
1.10,
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
Hutchinson
St. Joseph. Mo
Peoria
Indianapolis
Omaha
16
28,000
35,000
78.000
4,730.000
726,000
42
88,000
7,000
105,000
2,175,000
331
3,000
2,485,000
19
517,000
7,000
123.000
4.424,000
40
371,000
993,000 2,478,000
8,528,000
56
233,000
383,000
10,457,000
1
140,000
2,831,000
7,000
21,000
019,000
210.000
1
23,000
7,000
21,000
179,000
35
23,246.000 2,675,000 4,642,000 5,131,000
4,376,000
984,000
52
24,000
920,000 4,268,000
632,000
24,036.000
251,000 1,953,000 2,686,000 1,01
270,000
357,000
32,732,000
727,000 4,9
058,000 7,252,000
1
433,000
882,000
268,000
9
12,000
426,000
363,000
4,134,000
21
24,000
23,443,000
731,000
16,000
02,000
6.006,000
2,428,000
17,000
11.000
5,848,000
453,000
100,000 1,157,000
63,000
3
8.000
733,000
454,000
1.594,000
81
16,000
804,000
9,667,000 1,219,000
Total Jan. 4 1930..--175,518,000 9,892.000 26.956,000 13,715,000 9,73
Total Dec. 28 1929_178,107,000 7,943,000 27,350,000 12,637,000 9,88
Total Jan. 5 1929_138,091,000 18,853.000 13,468.000 6,281.000 0,22
-New York, 420,000 btl:
-Bonded grain not included above: Oats
Note..
Philadelphia, 3,000; Baltimore, 5,000; Buffalo, 254,000; Duluth. 18,000:
bushels, against 868,000 bushels In 1929. Barley-New York, 61
700,000
bushels; Buffalo, 1,230,000; Buffalo afloat. 1,071,000; Duluth, 104,000;
-New York, 5
3,017,000 bushels, against 5,042,000 bushels In 1929. Wheat
000 bushels; Boston, 1,612,000; Philadelphia, 3,279,000: Baltimore, 4,02
Buffalo, 7,896,000; Buffalo afloat, 12,555,000; Duluth, 189,000: total, 35,46
bushels, against 38,339,000 bushels in 1929.
Canadian
446,000 1,18
1,511,000
6,886.000
Montreal
4,012,000 4,154,000 13,82
Ft. William & Pt. Arthur 47,730,000
29
194,000
afloat
4,058.000 1.539,000 1,44
20,757,000
Other Canadian
9,581,000
Total Jan. 4 1930... 75.567.000
9,709,000
Total Dec. 28 1929_.. 74,704,000
7,965,000
Total Jan. 5 1929-- _ 76,331,000
Summary
175,518,000 9,892,000 26,956,000
American
75,567,000
9.581,000
Canadian
6,139,000 16,14
6,046,000 16,59
2,621,000 8,16
13,715,000 9,73
6,139,000 16.74
Total Jan. 4 1930_251,085,000 9,892.000 36,537.000 19.854,000 26,4
Total Dec. 28 1929_252,811,000 7,943.000 37,059,000 18,683.000 26,47
Total Jan. 5 1929._ 94.430,000 18,853,000 21.433,000 8,902,000217,3
The world's shipments of wheat and corn, as furnishe
Broomhall to the New York Produce Exchange, for the
ending Friday, Jan. 3, and since July 1 1930 and 19
shown in the following:
-V_
......
Total receipts of flour and grain at the seaboard ports for
the week ending Saturday, Jan. 4 1930, follow:
Receipts atNew York_ __
Portland, Me_
Philadelphia_
Baltimore__ __
Newport News
New Orleans.
Galveston_ _ __
St. John, N.B.
Boston
Flour.
Wheat.
Corn.
Oats.
Barley.
Total wk. '30
Since Jan.1'30
439,000
439,000
839,000
839,000
100,000
100,000
71.000
71,000
19.000
19.000
6,000
6,000
Week 1929...
fl1nen Jan 1'20
508,000 2,875,000
ens non. 2 R75 ono
2,576,000
0.576.000
234,000
234.000
997,000
997.000
159,000
159.000
•Receipts do not Include grain passing through New Orleans for foreign ports
on through bills of lading. kia
Exports.
Rye.
bls.196Ibs.bush. 60 lbs.bush.58 lbs. bush. 32 tbs. bus. 48 lbs. bus. 56 lbs.
10.000
18,000
15,000
294,000
275,000
16,000
12,000
22,000
10,000
2,000
44,000
10,000
22,000
180,000
18,000
3,000
9,000
36,000
48.111
30,000
247.000
5,000
68,000
28,000
1,000
12,000
1,000
29,000
Corn.
Wheat.
Week
Jan. 3
1930.
Since
July 1
1929.
Since
July 1
1928.
Week
Jan. 3
1930.
Since
July 1
1929.
Si
19
Bushels.
Ma
Bushels.
Bushels.
Bushels.
Bushels.
65,000
2.195,000 11
North Amer. 5,877.000 171,733,000318,411,000
200,000 15,883,000 1,912,000 1,470,000 10,268,000 1.8
Sea___
Black
Argentina... 1,503,000 101,217,000 65,621,000 2,460,000 111,422,000 162,5
Australia-- 1.176,000 25,861,000 33,584,000
320,000 1,064,000
India
246,000 21,584,000 19.
760.000 22.436,000 28,380,000
6
0th. countr's
Total
9.518.000337.450.000448.972.0001 4.241,000145,469,000195,2
WEATHER BULLETIN FOR THE WEEK EN
-The general summary of the weather be
JAN. 7.
issued by the Department of Agriculture, indicating th
fluence of the weather for the week ended Jan. 7, follow
At the beginning of the week fair and moderately cool weatb
vailed rather generally, though with a considerable warming up.i
far Southwest: precipitation was confined to local areas of the!fari
JAN. 11 1930.1
FINANCIAL CHRONICLE
319
From this it would appear that buyers have
1 warmer weathe
t and the more northeastern States. By January West,and during moderate.
in the
devoted most of their time in viewing the new lines instead
vailed in the interior valleys, but it was colder
was a sharp temperature drop in central and
following few days there
of placing orders. However, the week was not devoid of
tern districts.
eastern half of the
over
features. RepoIrts of retail sales for the first
tather widespread precipitation occurredin the the
Northwest and Pacific favorable
week and
ng.
.ntry about the middle of the
as far south as ex- seven days of the new year have been most encouragi
toward its close, with rather general showerscolder weather prelions
In many cases they have resulted in a substantial reduction
me southern California. At the same time much
of an extensive "high"from
led over the Northwest, with the advance
of stocks, which should pave the way for renewed purchases
Canadian Provinces.
that the
the week over a
y
NTotwithstanding the cold weather the latter part ofabnormally warm in primary channels. It is confidentl expected
was
go area of the Northwest, the period, as a whole, the table on page 3 January retail sales figures will compare favorably with
parts of the country. The data in
practically all
ing period of a year ago. This has
mean temperature
iw that from the Great Plains eastward the weekly above normal and those of the correspond
as 14 deg.
Red generally from about 4 deg. to as much 4 deg. to 8 deg. above. A been generally accepted as conclusive proof that the purchasMountain sections they were
tt in most Rocky
while temperatures
consumer had not been seriously impaired
all area of the far Northwest was cooler than normal, freezing weather ing power of the
In the East
re deficient in parts of the Pacific area. but farther west the lowest ra- by the recent crash in the stock market. As a result, senti. Ga.,
urred as far south as Thomasville
,
the future of the industry as a whole was
about 35 deg. in northwestern
tted in Gulf coast sections ranged from Grande Valley. At the close of ment regarding
Rio
Jrida to 48 deg. in the extreme lower the Northwest. where the coldest considered in a favorable light and one which holds promise
week temperatures were low in
at Devils of improvement. Meanwhile, the unusual success of the
ether reported at first-order stations was 24 deg. below zero
of spring fabrics held by the Wool
ire, N. Dak.
and Ohio Val- woolen fashion revue
rhere were fairly heavy rains in the central Mississippi of the Pacific Institute has elicited considerable comment thlroughout the
in parts of the Southeast, but elsewhere, east
's and also
, while in Industry. An exceptionally large attendance viewed the
ates, there was generally less than 0.5 Inch of precipitation
over a large area. The
o Southwest the week was practically rainless rains that occurred prac- many improvements and refinements of all types of wearing
feature of moisture was the generous
tanding
rains ox- apparel. As to the cotton goods division, the most important
ly everywhere in the previously dry Pacific States. The
has
tided to extreme southern California on the 5th and the drought
development was the publication of statistics covering sales
en relieved in that area.
month of December
favorable
East of the Rocky Mountains most of the week was fair and were bare and production of cotton cloths for the
-growing States
Merchants of New York.
- seasonal farm work. The principal wheat
comrlaints as compiled by the Cotton Textile
snow, but there were no severe temperatures although
curtailment of production
tre received of some freezing and thawing conditions in parts of the These tgures showed that the
Valley. Over the eastern half of the country moisture is still generally which had been prevalent during the holiday season had
Great
sple, but parts of the West are dry, especially in the western
position. This was chiefly eviains and the eastern foothills of the Rocky Mountains, extending as resulted in an improved
r south as western Texas. In the Pacific coast area conditions have very denced by the fact that December sales exceeded production
eatly improved with the previous rains in central and northern sections
orders increased 25.9%. If proul rather generous amounts of moisture nearly everywhere during the week by 24.3%, while unfilled
'st closed.
ducers can be induced to continue a reduced rate of operaIn the winter trucking districts of the South the warmer weather was
current month, many believe that
ineficial, but extensive damage was done by the severe freezes of recent tions throughout the
truck
soles. Considerable replanting is reported, however, and hardy Texas prices will soon be restored to a more profitable level.
se
the extreme lower Rio Grande Valley and lower Coast sections of
in good condition. In Florida crops improved with the dry, sunshiny
DOMESTIC COTTON GOODS.—The first full week of
eather, but much replanting is necessary.
nt which had
husking and crib- the new year failed to bring the improveme
In the Corn Bolt conditions were rather favorable for
esbeen expected throughout the domestic cotton goods marng in most places, but there is still considerable corn in the fields.
iclally the upper Ohio Valley; reports of deterioration to that outstand- kets. Although the influx of buyers was about in line with
also rather
g continuerather generally, with some spoiling in cribs. It wasremains in
earlier predictions, their operations were disappointing.
vorable for the completion of cotton picking, though little
y confined
to fields.
of snow, Purchasing in small quantities, buyers apparentl
SMALL GRAINS.—The main winter wheat belt remains bare
the next few
at condition of the crop is still satisfactory. There were some reports their commitments to prospective needs over
but wheat is still
° unfavorable freezing and thawing in the Ohio Valley,
weeks. As a result, some weakening of prices was noted
ir to good, with soil moisture ample. In the western parts of the belt conlarge scale curtailment which
are
tion varies from good to excellent, but some areas of the southwestand on various lines despite the
scorning dry, particularly western Kansas, southwestern Oklahoma.
had been in farce during the holiday season. However, such
eaten Texas; in the first-named State there was some soil blowing.
schedules should be continued if the
bile in the last the condition was only poor to fair in the dry section. reduced operating
cover
here was also some soil drifting in Wyoming. and lack of snow snows industry is to be benefited and prevent stock accumulations.
the Northwest rains or
as detrimental in parts of Colorado. In
present indications, it is claimed that
ere very helpful, with a light to ample cover reported from Washington, In fact, according to
bile there were beneficial rains in southern California. In the South- the need for restricted output is urgent if definite estabeffects of the recent
ist winter oats were reecovering slowly from the
quotations is to be avoided. Mills have
Tema, while winter grains are in mostly good condition in the more eastern lishment of lower
tates.
been encouraged to extend schedules in force over the holi-
the latter event, many feel
The Weather Bureau furnishes the following resume of days throughout the month. In
that some real strength in the price structure can be
he conditions in the different States:
stimulate buying on a larger
Virginia.—Richmond: Fair weather, with temperatures considerably looked for which should
bove normal most of week; light rain on one day. Very favorable for scale. At a meeting of mill executives held at Spartanburg,
truck mostly in
utdoor work; some plowing done. Winter grains and
S. C., commencing to-day, it is expected that such practices
ood condition.
North Carolina.—Raleigh: Mild and rainfall light, except rather heavy will be stressed and urged upon manufacturers. The meet-'
outdoor
a southeast. Weather favorable for truck, winter grains, and
ing will probably be conducted along educational lines and
ctivities.
in week,
Siuth Carolina.—Columbia: Rather high temperatures early Oats and impress the importance of preventing over-production
out weather generally favorable, with only one da3 of rain.
medium of more intelligent operating schedules
ye show practically seasonal development, but wheat is backward due through the
A press item of
o late planting and wet soil; early plantings coming to good stands, with and the popularizing of finished goods.
ilanting progressing. Spring cabbage on coast doing well. Some hog considerable interest published the earlier part of the week
tilling.
Farm Board to
Georgia.—Atlanta: Moderately warm week, with general rain Thurs- was the announcement made by the Federal
far
do not reduce their acreage
lay all.noon and night; colder Saturday morning, with freezing as
of previous the effect that if cotton planters
outh as Thomasville. Oats slowly recovering from effects
growers by means of the price
reeze. but truck remains poor. Farm work very inactive, but progress the Board will not help the
t. Excess planting, it is
o far about normal.
sunshiny. scheme evolved by the Governmen
Florida.—Jacksonville: Except scattered showers,'seek dry andreplanting
claimed, has been one of the fundamental causes of the
, cabbage and other truck; much
mproving oats and strawberries
is a resuP, of damage from previous cold. Potato planting about finished unsatisfactory conditions Prevalent throughout the cotton
n Federal Point, but continues in Hastings district. Plowing for melons
accordingly, many hope that the Govidvanced. General farm work progressing. Ranges poor. normal mid- goods industry, and,
Alabama.—Montgomery: Temperatures somewhat below
ernment's action will have effect. Print cloths 28-inch
lie of week; much above remainder. General light to moderate rains
quoted at 5c., and 27-inch 64x60's
rhursday: remainder fair. Scattered patches of cotton and corn in north 64x60's construction are
con,till ungathered. Oats surviving recent severe freezes mostly in poor good at 4%c. Gray goods in the 39-inch 68x72's construction are
other cold-weather crops made
lltion. Resetting cabbage and planting
quoted at 8c., and 39-inch 80x80's at 9%c.
progress in coast section. Little farm work accomplished elsewhere.
Mississippi.—Vicksburg: General rains Thursday; meetly light in exWOOLEN GOODS.—The Wool Institute's fashion revue
elsewhere. Progress of
tome north and on coast, but moderate to heavy
reasonal farm work, truck, and pastures generally poor.
wherein 209 costumes of every type and price range were
Louisiana—New Orleans: Mostly seasonable or somewhat lower temthe markets for woolens and worsteds.
peratures and fair weather, except light to heavy rains Thursday. Plow- exhibited, featured
ing in several localities, with some replanting of winter truck. Sugar This showing of the new spring styles conclusively demonabandoned on some
cane grinding progressing fairly well; standing cane
strated the wide uses and style appeal of woolen and
plantations due to acidity and decreasing sucrose.
has
Texas.—Houston: Warm, with little or no precipitation, favorable for worsted goods and the many improvements the trade
mostly dead and
field work and plowing made good progress, Pastures
more popularity among the buying public.
dry, but livestock in lair to good condition. Progress of wheat and oats made to stimulate
gratifying,
oor to only fair in parts of west account dryness, but generally good The reception accorded the revue has 'been most
sewhere. In lower Rio Grande Valley and lower coast section progress and the Institute is said •to be seriously considering the
and condition of hardy truck and citrus good and shipments large; elsesuggestion that similar shows be held semi-annually. Meanwhere nearly all truck killed by recent freezes and being replanted.
clear;
Oklahoma.—Oklahoma City: Moderate temperatures and mostlyFavor- while, the number of buyers in the markets has been steadily
to moderate rainfall in central and east, but none in west.
light
that a broad buying
gathered.
able for winter grains and plowing. Cotton practically all where is is Increasing. While it is not expected
Condition of wheat good to cxcellent, except fair in southwest
movement will set in right away, prices appear stable and
to poor.
beginning to show effects ol scanty moisture. Pastures fair
Arkansas.—Little Rock: Favorable for farm work, except 2d and 7th prospects are considered favorable.
when light to rather heavy rains occurred. Soil too wet for plowing most
FOREIGN DRY GOODS.—frhe arrival of many buyers
of week in north; favorable elsewhere most of time. Wheat, meadows.
pastures, and fruit in good condition; oats damaged by freezing.
in the local linen markets stimulated more activity during
weather resulted in
Tennessee.—Nashville: Considerably improved
the total sales volume failed to
wheat. oats, rye, and barley making some progress and, although grains the past week. Although
appear slightly brown from recent severe weather, there has been no ma- equal expectations, business was better than it has been,
terial damage., Livestock fair to good.
indications that sales would register further imKentucky.—Loulsville: Temperatures moderate to high. Night freezes and with
caused some heaving, but grainr mostly in good condition where drainage provement, sentiment was much better. Interest continued
sati‘factory. Moderate precipitation favorable for handling tobacco.
to center more in the dress linens and certain of the household fabrics to the exclusion of other types of cloths. Prices
appear firm at current levels, and it is expected that the
THE DRY GOODS TRADE
trade will experience a more profitable year than was the
New York, Friday Night, Jan. 10 1930.
case during 1929. Burlaps continue dull, with both buyers
Sentiment throughout the textile markets continues hope- and sellers apathetic. It has been suggested that the trade
ful despite the fact that the arrival of many buyers failed form a Burlap Institute to collect and distribute statistics
to stimulate actual business to the extent expected. All and other pertinent matter. Light weights are quoted at
things considered, the week's sales might be termed as 5.05c., and heavies at 6.40c.
p
1
1
320
FINANCIAL CHRONICLE
*tate anti Titg Ptvrartuunit
NEWS ITEMS
Chicago, Ill.
-1,100 City Employees Dismissed Due to
Budget Cut.—On Jan. 3 the various departments of the city
government were forced to dismiss 1,100 employees as the
result of a sharp cut in the budgetary appropriations, and it
is said that 1,000 more will be asked to resign, according to
a special Chicago dispatch to the New York "Times" of
Jan. 4. On Jan. 3, after an all-night session, the City Council adopted a budget of $85,282,340, including $55,264,140
for corporate purposes during the current year. Among the
employees discharged, reports state that there were 473
policemen and 179 Health Department employees.
City's Tax Valuation Set at $2,684,421,379.—On Dec. 30
the Board of Assessors set the valuation of the real estate in
the city at $2,684,421,379, on a basis of 37% of real value,
reports the Chicago "Journal of Commerce" of Dec. 31.
This figure is said to show a reduction of $518,059,076 under
the final figure of the Board of Review which was $3,202,512,358. The value of the loop property, including land and
buildings, was put at $471,491,711, also a reduction from the
tentative figures given by the reassessment staff.
Massachusetts.—Legislature Convenes.—On Jan. 1 the
147th Legislature of Massachusetts convened in its regular
annual session. The main features of Governor Allen's
annual message to the Legislature were outlined as follows
in the Boston "Herald" of Jan. 2:
The repeal of our State law providing for the enforcement of the 18th
amendment to the Federal Constitution would not change the fundamental
situation with regard to prohibition.
I ask your earnest consideration of the question of removing such legislative restrictions as now remain, in order that the women of this State
may assume, subject to proper exemptions, the obligations of jury service.
Provision should be made whereby a motor vehicle once registered and
taxed for the entire year should not again be subjected in the same year
to a further excise tax in any taring jurisdiction of this State.
I recommend that legislation oe passed at the present session providing
for the erection of 51 suitable courthouse building on the State House grounds
at the corner of Bowdoin and Dome Streets.
Grade crossing aboiltion is a logical part of our highway program.
The superior court docket has become so clogged that frequently trial
of such cases (compulsory motor vehicle insurance law) is delayed for
more than a year. This has the often disastrous efiect of postponing the
prompt financial relief which the law undertook to guarantee to persons
Injured in such accidents. To this degree the law is failing of its purpose.
I recommend legislation to forbid the granting of an operator's license
to any Person who has been convicted of a felony more than once.
The net direct debt of the State at the close of the last fiscal year was
$11,180.000.72% below the maximum. There was reduction of $1,660.000
in 1929.
The State has adhered to its wise policy of conducting the government
on a strictly "pay-as-you-go" basis. No added burden has been placed
upon property, industry or agriculture.
Coral Cables, Fla.—City Pays $180,570 on Bonds.—The
following is from a statement issued by George N. Shaw,
director of finance of the above named city relating to the
bonded indebtedness of the city:
Interest payments totaling $180.570 were made on Jan. 1 by the City of
Coral Gables, chetfly on municipal improvements bonds, according to the
report of George N. Shaw, director of finance. In addition to these payments the city refunded $96,000 principal due Jan. 1 on the $4,532,000
Improvement bond issues of Jan. 11927.
This brings the total principal and interest payments made by Coral
Cables during the present fiscal year to date to $419,545.
Coral Gables never has missed an interest payment on its bonded indebtedness or defaulted on principal, Mr. Shaw said. The city's financial
condition is improved due to a program of rigid economy instituted shortly
after the present commission took office on July 1 last year,and to efficiency
methods adopted by the various departments.
Collections on 1929 taxes show a considerable increase over those of the
preceding year. Collections during December totaled $74,885.92. bringing
the total for the fiscal year to date up to $249,124.42; while the figures for
the same periods were $57.230.69 and $206,044.45.
The total collection of principal and interest on assessment liens
July 1 1929 is $162,797.64, with the month of December showing a since
high
total of $45,485.48.
Elk Chute Drainage District, Mo.—Proposed Redemption
of Outstanding Bonds.—We are in receipt of a statement issued
on Jan.2by George A.Ranney,Vice-President and Treasurer
of the International Harvester Co. of Chicago, in which he
sets forth his reasons why the Wisconsin Lumber Co., a
wholly owned subsidiary of the Harvester Co. does not feel
justified in continuing to pay the taxes levied against the
land holdings of the Lumber company and has therefore
decided to let the title to most of these holdings revert to the
State while it proposes to fully reimburse the holders of the
bonds of the above named district. The official notice
accompanying the statement reads as follows:
This Drainage District was organized in 1922 and comprises 45,780 wrcs
of timber land in Pemiscot and Dunklin counties, of which a substantial
part is owned by the Wisconsin Lumber Co., a wholly owned subsidiary of
the International Harvester Co
The District was bonded to the extent of $500,000, said bonds being
Purchased by two well-known bond houses in St. Louis and sold by them to
the investing public. These bonds were issued to construct the necessary
drainage ditches to protect said lands from the overflow water coming
from adjoining territory to the North.
There is now outstanding $446,500 of future due bonds of said issues.
Due to nation-wide conditions affecting the demand and consequent value
ofcut
-over lands and the heavy taxes on the lands in the Elk Chute Drainage
District, the WISC0118111 Lumber Co. does not feel justified in continuing
to pay taxes thereon.
While neither the International Harvester Co. nor the Wisconsin Lumber
Co. (Its subsidiary) is in any way responsible for the land depreciation, or
legally liable for the drainage taxes which are a claim only against the
assessed lands, the Harvester Co. recognizes a certain moral obligation to
the bondholders who may have purchased the bonds in reliance not only
upon the then existing land values but also in part upon the fact that the
Harvester company through its subsidiary company was a suslistantial
land owner and as such had acquiesced in the organization of the Drainage
District.
To fully discharge all possible obligations and protect the bondholders,
the International Harvester Co. hereby offers to purchase all of the outstanding bonds, aggregating $446,500, of the Elk Chute Drainage District
of Missouri (Pemiscot and Dunklin Counties), at par and accrued interest,
subject to the terms and conditions set out below:
1. This offer to purchase expires by limitation on May 2 1930.
2. All bonds together with all future due interest coupons attached
thereto may be presented, or forwarded at the owner's risk, any time prior
to May 2 1930,to the First National Bank in St. Louis, St. Louis, Missouri,
[voL. 130.
or to the First Union Trust & Savings Bank, Chicago, Ill. Said banks will
remit promptly in St. Louis or Chicago exchange for all bonds and accrued
interest thereon presented prior to said date.
The bonds referred to in this notice are more particularly described as
follows:
All bonds dated March 1 1922, bearing 534% interest coupons and maturing serially Nov. 1 1930 to Nov. 1 1941, both inclusive, aggregating
$207,000; and all bonds dated May 11924, bearing 5y,% interest coupons maturing serially from May 1 1930 to May 1 1944, both inclusive, aggregating
$239,500.
Bondholders who prefer to hold their bonds,
future tax collections and proceeds of tax sales, relying for payment upon
are of course at liberty to
do so but the Harvester company recommends the acceptance of this offer.
INTERNATIONAL HARVESTER CO..
George A. Ranney,
Vice-President and Treasurer.
Dated Chicago, Illinois, Jan. 2 1930.
Fairmount City School District, Mo.—Suit Filed to
Restrain Bond Sale.—We are informed by our Western
correspondent that on Dec. 31 a group of taxpayers filed in
the St. Clair County Circuit Court at Belleville an application for an injunction to restrain the District authorities
from selling a $43,000 issue of school bonds. The petition
is said to ask that both of the elections held on these bonds
be declared void and that Board of Education be elected
for the District to supersede present directors.
Iowa (State of).—United States Supreme Court Upholds
Motor Tax Law.—A Washington dispatch to the "Wall Street
News" of Jan. 10 reports that the U. S. Supreme Court
upheld the validity of an Iowa statute imposing a ton-mile
tax on public motor carriers operating over regular routes for
the purpose of raising funds for the maintenance of highways,
in deciding two test cases brought by the Iowa Motor Vehele
Association against the State authorities.
Lake Worth, Fla.—City Makes Payment on Defaulted
Bonds.—The following statement, dated Jan. 4, was issued
by the Bondholders Protective Committee of the above city,
dealing with the payment of principal and interest on the
defaulted 6% improvement bonds of 1926 and 1927:
To the Holders of City of Lake Worth, Fla., 6% Improvement Bonds of the
several issues bearing various dates, the earliest of which is May 15 1926,
and the latest of which is Mar. 20 1927:
The Bondholders' Proetctive Committee is pleased to announce that.
pursuant to decrees entered by the United States District Court for the
Southern District of Florida in the suits in equity against the City of Lake
Worth mentioned in the Deposit Agreement and in which suits the committee intervened on behalf of depositors of bonds and coupons, it has
collected in respect of certain coupons and accrued interest thereon the SUM
of $55,929 in cash, which sum is being held by the committee pursuant to ,
the terms of the Deposit Agreement. The above mentioned decrees provide for additional payments to be made by the City upon the bonds and
coupons from time to time as and if cash is available for that purpose in the
improvement funds established and held by the City.
The committee believes that the results thus far accomplished are gratifying and considers the decrees to be a step of substantial importance in protecting the interests of the depositors. The attention of the committee will
now be directed primarily toward working out with the City a plan for
handling of its financial obligations. Every increase in the numberthe
of
bends and coupons deposited will improve the position of the committee
in its negotiations with the City and make more probable the accomplishment of satisfactory results.
Therefore, pursuant to action of the committee heretofore taken, the
time for the deposit of bonds has been extended to March 24
committee urgently requests the holders of bonds who have1930, and the
not yet depposited to do so without further delay.
Very truly your
s,
JOHN R.BRANDON,Chairman.
JAMES D. FLAHERTY,
HAROLD C. PAYSON,
HARRY E. TOWLE, Committee.
Minnesota.—Supreme Court Denies State Right to Levy
Inheritance Tax on Bonds.—On Jan. 6 the United States
Supreme Court ruled that the above named State did not
have the right to collect an inheritance tax on bonds in the
possession of a resident of New York at the time of his death,
even though the bonds were obligations of the State and
the cities of St.Paul and Minneapolis, holding that tangibles
having a permanent situs can be taxed only in the State
where they are found. The "U. S. Daily" of Jan. 7, contained the following regarding the decision:
The
State of Minnesota has no right to collect an inheritance tax on
bonds of that State and on bonds of the Cities of St. Paul and Minneapolis,
when such bonds were owned by a resident of New York at the time of
his death, the Supreme Court of the United States held Jan. 6.
The decedent, at the time of his death, and for a long time prior thereto.
owned and kept in New York the bonds in question, the Court explained.
and the State of New York had imposed an inheritance tax upon their
transfer.
Four Views Advanced.
"Four different views concerning the situs for taxation of negotiable
obligations have been advanced," the Court said. "One fixes this at the
domicile of the owner; another at the debtor's
a third at the
Place where the instruments are found physicallydomicile; and the fourth
present;
within the jurisdiction where the owner has caused them to
tegral parts of a localized business. If each State can adopt become inany one of
these and tax accordingly, obviously the same bonds may be declared
present for taxation in two, or three, or four
Such a startling possibility suggests a wrong places at the same moment.
premise."
"Intangibles may be properly taxed at the domicile
the Court said, "and we can find no sufficient reason for of their owner."
saying
are not entitled to enjoy an immunity against taxation at more that they I
than one
place similar to that accorded to tangibles."
Existing conditions demand protection of choses in action against multiplied taxation, the opinion continued, and for many years the trend of
decisions has been in that direction.
Tangibles having a permanent situs can be taxed only in the
they are found, the Court reiterated, and said: "We think State where
the general
reasons declared sufficient to inhibit taxation of them by two States apply
under present circumstances with no less forco to intangibles with taxable
situs imposed by due application of the legal fiction."
Justice Stone wrote a concurring opinion. Justice Holmes wrote a dissenting opinion in which Justice Brandeis concurred.
New Hamphire.—State Tax Plan Upheld by Supreme
Court.—A special dispatch from Concord to the New York
"Journal of Commerce" of Jan. 8 reports that the State
Supreme Court handed down a decision on Jan. 7 in which
it upheld the constitutionality of a general tax program with
but a few minor exceptions. The report reads as follows:
The New Hamphire Supreme Court to-day handed down the long
awaited
decision relative to the general tax program of the State as recommended
by the Interim Tax Commission.
The Court ruled that the piece of legislation known as the "chain store
tax bill" is unconstitutional, but adds that a tax
on gross
sales. Relative to the utility franchise tax bill, the may be levied that
Court decided
bill is constitutional so far as the tax Is levied on the actual value of this
gas
and electric utilities and further says that revenue received from such
a
JAN. 11 1930.]
FINANCIAL CHRONICLE
tax may be distributed to the towns under the terms of the equalization
bill.
The Justices also ruled that an income tax law is constitutional, but submits that proposed exemptions for heads of families and single persons
are too high. The Court suggested $2,000 for the former and $1,200 for the
latter, and noted three minor amendments to insure constitutionality of the
proposed law. Immediately after the decision had been handed down Gov.
Tobey said he would in all probability summon a special session of the
Legislature to consider adoption of the tax program.
321
Local politicians, jealous of their influence and authority, might oppose
but he offers
such an extension of power to a State body, Mr. O'Berry said, credit of the
it, he said, as the best method apparent for safeguarding the interest fund
the great
State, as well as of its subdivisions, and of reducing
that goes out of the State annually.
BOND PROPOSALS AND NEGOTIATIONS.
ELECTION.
ADAMS COUNTY (P. 0. Corning), lowa.-BOND
A special election has been called for Jan. 31 to submit to the voters a
issue of $243,000.
proposal to approve a second primary road bond
ALBUQUERQUE MUNICIPAL SCHOOL DISTRICT (P. 0. Albu-The $300.000
-BOND SALE.
querque), Bernalillo County, N. M.
-was
issue of coupon bonds offered for sale on Jan. 4-V. 129, p. 3994
awarded to the State Treasurer as 434s, at par. Dated Feb. 1 1930. Due
to 1940 incl. No other bids were submitted.
$30,000 from Feb. 1 1931
AMHERST CENTRAL HIGH SCHOOL DISTRICT NO. 1 (P. 0.
-BOND OFFERINO.-Albert A.
Eggertsville), Erie County, N. Y.
Cushing, District Clerk, will receive sealed bids until 8 p. m. on Jan. 16.
for the purchase of $320.000 series A. coupon or registered school bonds,
or
to bear interest at a rate not exceeding 6%,stated in a multiple of 1, as
7. Dated Jan. 1 1930. Denom. $1,000. Due on Jan. Prin.
1-10th of 10
in 1957 and 1958.
follows: $50,000, 1953 ot 1956, incl., and $60,000 gold at the Marine Trust
and semi-annual int. (Jan. and July 1) payable in
Co., Buffalo. A certified check for $6,000, payable to the order of Louis
approving
J. Dorr, Treasurer, must accompany each proposal. The
opinion of Clay, Dillon & Vandewater, of New York. will be furnished to
the successful bidder.
-ADDITIONAL DETAILS.
APLINGTON, Butler County, Iowa.
of refunding bonds that was purchased by the Carleton
According to the annual report of the office, the number of conveyances The $10,000 issue Moines-17. 129, P. 167
-bears interest at 434% and
Des
D. Beh
recorded shows an increase over the preceding year, while there is a slight matures Co., of
as follows: $500, 1930 to 1947 and $1.000 in 1948. The price
decrease in the number of mortgages.
paid was par.
There was also an increase in the mortgage tax receipts.
Financial Statement.
The installation of the photostat for certified copies of records has proved
$378.340
a very encouraging source of revenue. Realtors and lawyers have found Assessed valuation
517.900
It convenient to come in and secure a photostat copy for court purposes Moneys and credits
22,000
Instead of subpoenaing the books.
Total bonded debt
700
A marked decrease in the number of last-owner's cards is noticeable, Population
-At a
caused by the fact that any one can now go to the new abstract index,
-BONDS VOTED.
ASHEBORO, Randolph County, N. C. their approval of the proturn over the page and find the present owner, without any expense.
special election held on Dec. 31. the voters gave
The main items of the Register's statement follow:
for the construction of a
1928. posed issuance of $25,000 in bonds to be used
1929.
16.071 hospital.
16,974
Conveyance instruments recorded
-Sealed bids
-BOND OFFERING.
30,000
25,668
Mortgage instruments recorded
ATWATER, Merced County, Calif.
813 will be received until Jan. 15, by the City Clerk, for the purchase of a
793
Miscellaneous real estate papers recorded
10,924 $70,000 issue of sewer bonds.
7,301
Satisfaction of mortgages
78.344
76,473
Chattel mortgage instruments filed
-A.P. Briggs,
-BOND OFFERING.
AUBURN,Cayuga County, N. Y.
15,190
14.132
Notary and commissioners' certificates
on Jan. 14, for the
2,951 City Comptroller, will receive sealed bids until 12 m.
Last-owners' cards
1.677
coupon or registered public improvement
of $128,741.77 434%
1931;
The revenues of the office from statutory fees in 1929 were $363.319.90. purchase
bonds. Dated Feb. 1 1929. Due on Feb. 1, as follows: $12.741.77, semias compared with $339,538.64 in 1928.
and $13,000 from 1933 to 1940, incl. Principal and
The mortgage tax collections in 1929 were $3,054,897.62. as against $12,000, 1932. (Feb. and Aug. I) payable in gold in New York. A certified
annual interest
$3,032,202.35 collected in 1928. The number of mortgages on which a tax check for $2,575 must accompany each proposal. The approving opinion
was collected was 9,538 in 1929, as against 10.418 in 192 .
8
of Perkins. Malone & Washburn, of New York, will be furnished to the
The expense of maintaining the Register's Office in 1929 was approxi- Purchaser.
mately $360,000.
-The Auburn
-BOND SALE.
AUBURN, Cayuga County, N. Y.
issue of $30,000
North Carolina.
-State Treasurer Urges Halt on Issuance Savings Bank recently purchased anDated Jan. I 1930. 434% registered
Denom.$5,000.
a price of par.
of Bonds.
-A dispatch from Raleigh, dated Dec. 31, to the land purchase bonds at from 1931 to 1936, incl. Interest payable in Jan.
I
d $5.000
"U. S. Daily" of Jan. 2, reports that State Treasurer and j111y. on Jan.
Nathan O'Berry made an oral statement on Dec. 29 in which
AUBURN CITY SCHOOL DISTRICT, De Kalb County, Ind.
-Herman L. Brown,Secretary of the Board of Trustees,
he declared that the cities, counties and other local adminis- BOND OFFERING.
until 1 p. m.on Jan. 15,for the purchase of $109,998
will
trative units in the State are paying a total of $20,000,000 a 5% receive sealed bids
coupon school bonds. Dated Jan. 15 1930. Denoms. $500 and $357.
1931 to 1945.
year in interest on their funded debt. The Treasurer is Due as follows: $4,000. June 30 and $3,857, Dec. 30, from15) payable at
D
quoted as saying that the above amount is in addition to the Incl. Principal and semi-annual interest (June andforec. of the amount
2%
the City National Bank, Auburn. A certified check
burden imposed by the bonds outstanding in the name of the of bonds bid for, payable to the order of the School District, must accomState government as a whole, and that it represents a greater pany each proposal.
BARBERTON SCHOOL DISTRICT, Summit County, Ohio.
drain on the people in North
than does the payment BOND
W. Arnold, Clerk of the Board of Education, will
of interest on the debt of the State as a governmental unit. receive OFFERINO.-E. 7 p. in. on Jan. 28, for the purchase of $275,000
sealed bids until
general election held on Nov. 5.
%
He is said to have urged a halt on the issuance of bonds, and Dated coupon school bonds, voted at theand $500. Due $27,500 on Sept.
1 1930. Denoms. $1,000
sinking fund 1 from Marchto 1940, incl. Interest payable semi-annually. Bids for the
to have advocated giving greater power to the
1931
also be concommission in the matter of fixing a higher tax rate. The bonds to bear interest at a rate other than above stated will such fraction
sidered, provided, however, that where a fractional rate is bid
United States "Daily" goes on to say:
shall be 31 of 1% or multiples thereof. A certified check for $5,000, payable
"The curse that hangs like a pall over the State of North Carolina isnot to the order of the Board of Education, must accompany each proposal.
so much the indebtedness of approximately $175,000,000 of the State as a
-BOND OFFERING.
BEACH HAVEN, Ocean County, N. J.
unit, but the indebtedness of about $400,000,000 of the counties, municipali- A.
Paul King, Borough Clerk, will receive sealed bids until 8 p. in. on Jan.
ties and districts of the State," said Mr. O'Berry.
$6,000 534% series 2, coupon or registered electric
20, for the purchase of
bonds. Dated June 30 1928. Denom. $1,000. These bonds are pars of
Asks Halt on Bond Issues.
been sold.
$40.000
"The State's debt of $112,000,000 for her highway system, $15,000,000 an authorized issue of $50,000, of which June 30. bonds have
Prin. and semi-annual
for her educational activities and nearly $50,000,000 more for institutional The bonds now offered mature annually on Haven National Bank & Trust
and general fund Indebtedness is enough and a halt should be called on bond int. (June & Dec. 30) payable at the Beach
of bonds bid
issues," he stated. "As it is we are required to pay approximately $7,000,- Co., Beach Haven. A certified check for 2% of the amount
each
000 a year in interest on our bonded indebtedness. While we are reaping for, payable to the order of the Borough Treasurer, must accompany
all agree that the funds Proposal.
the benefits of the money these bonds represent and
have been wisely and honestly expended, the interest we pay is a heavy
County, Pa.
BEAVER FALLS SCHOOL DISTRICT, B
drain." Mr. O'Berry continued:
% coupon school bonds offered on Jan.
BOND SALE.
-The $500,000
"However, our greatest drain is in the interest of our counties, cities and 7-V. 129, p. 3994
-were awarded to the First National Bank, of Beaver
districts pay on the approximately $400,000,000 they have in outstanding Falls, for a premium of $8,005, equal to a price of 101.601, a basis of about
bonds. That interest amounts to fully $20,000,000 a year and in 20 years,a 4.3207. The award consisted fo a $350,000 Issue and a $150,000 issue.
period shorter than the average life of
'bonds issued, would more than double
Due annually on Jan. 1 from 1935 to 1949, incl.
the original issues. Moreover, this interest and the repayments do not Dated Jan, 1 1930.
-BOND SALE.
BELMONT COUNTY (P. 0. St. Clairsville), Ohio.
come from incomes, inheritances, license, franchise or automobile taxes, as
do the State's revenues, but from real and tangible property, including that The $10,409.88 sewer construction bonds offered on Dec. 30-V. 129.
of the small farmer and the homeowner, most of whom are least able to pay. P. 3994
-were awarded as 5$ to the Well, Roth & Irving Co., of Cincinnati.
"There is no real reason why the counties, municipalities and districts for a premium of $3, equal to a price of 100.02, a Wale of about 4.99%.
should pay a rate of interest from 1 to I 3..6% higher than the State has tp The bonds are dated Feb. 1 1930 and mature as follows: $909.88, Aug. 1
pay, if their finances are properly looked after," said Capt. O'Berry, adding 1930: $500, Feb. and Aug. 1 from 1931 to 1938, incl. The following is an
Bid that there should not normally be a greater difference in interest rate for the off ci lt of the other bids received:
ialis
Price Bid.
Int. Rate.
State and her subdivisions than 34 of 1%.
Bidder,
$100:442372:4333
5.25%
Breed,Elliott & Harrison
More Powers Urged.
Title Guarantee & Trust Co
10,440.88
"The next general assembly should further extend the powers and duties McDonald,Callahan &Co
10,411.98
of the sinking fund commission so that it not only should have authority to Provident Savings Bank & Trust Co
5
2
5..25;
10.443.88
say whether or not a proposed bond issue may be consummated, as it now Ryan, Sutherland & Co
5.50%
10,445.88
has, but should be required to fix the tax rate sufficient to provide revenue Ffrst Citizens Corp
to pay off all county, municipal or district bonds issued and the interest on
-OFFER $600,000
BERGENFIELD, Bergenfield County, N. J.
them, as well as to receive the funds in taxes collected and actually pay off
-The syndicate composed of H. L. Allen & Co. and B. J. Van
the bonds and interest as they fall due," said Captain O'Berry. who, along BONDS.
and
with Governor Gardner and State Auditor Baxter Durham, compose the Ingen & Co., both of New York; M.M.Freeman & Co.of Philadelphia.
H. B. Hand & Co. of Newark, to whom the $600,000 coupon or registered
sinking fund commission,"
State
on Dec. 23 were awarded as 534s, at a price of
Mr. O'llerry believes that if the commission should be required to fix the assessment bonds offered
-is now reoffering the
tax rate. aften placed too low by officials desiring to make a show of economy 100.12, a basis of about 5.7207-V. 129, p. 4165
The bonds are
In adminstration by low tax rates, then receive the funds as the taxes are obligations for public subscription priced to yield 5.25%.
banks and trust funds in the State
collected and make the payments as they fall due,that the great discrepancy stated to be legal investment for savings
of the entire
In interest rates charged on State bonds and bonds of its subdivisions would of New Jersey and are also said to be direct general obligations
and
1929 of
be largely eliminated. Instead of using funds for payment of bonds and Borough, which reports an assessed valuation forgiven as $10,613.460.
$2,552.500.
bond interest for other purposes and finding no funds when payments fall a total bonded debt, including the present issue,
due, the commission would meet all payments as due.
BIG HORN COUNTY SCHOOL DISTRICT NO. 1 (P. 0. Byron),
The result would be a reduction of the interest rate on subdivision bonds Wyo.-BOND OFFERING.
-Sealed bids will be received until 4 p. m. on
and notes to within 3.4 of I% of the State's rate, thus saving $4.000,000 to Jan. 31, by the District Clerk, for the purchase of a $3,500 issue of 5%
$5.000,000 a year to these tax units, he said.
school bonds. Denom. $500. Dated Jan. 1 1930. Due in 25 years.
Principal and semi-annual interest payable at the office of the District
Example is Cited.
Bros., in New York City. No bids are to be
West Virginia, Mr. O'Berry points out, has this kind of a law, the result Treasurer or at Kountze
being that not only does the State have a law interest rate, but also the tax below par.
within the State are able to float bonds at rates that average not more
units
-The $8,000 507
-BOND .SALE.
BLUFFTON, Allen County, Ohio.
of 1% greater than that of the State's bonds.
than
-were awarded to the
cemetery bonds offered on Jan. 7-V. 129. p. 4165
Important steps have been taken during the past few years through the Commercial Bank & Savings Clo., of Bluffton, for a premium of $16, equal
enactment of the so-called county government acts to safeguard the finances to a price of 100.20, a basis of about 4.96%. Dated Mar. 15 1930. Due
and credit of counties and other governmental units and especially by the serially from 1931 to 1940, incl.
act of the 1929 general assembly giving the sinking fund commission author-BONDS OFFERED.
-Sealed bids were reBOISE, Ada County, Ida.
ity to approve or disapprove proposed bond issues, he said. Mr. O'Berry
until 5
thinks the next step is to extend'this authority to fixing tax rates and ceived by Angela Hopper, City Clerk,issue of p. in, (mountain time) on
not to exceed 6% aviation
as they fall due.
Jan. 10, for the purchase of a $78,000
actually paying of bends andlnotes, and interest,
-At 3 o'clock in the
-Legislature Adjourns.
New Jersey.
afternoon of Jan. 7 the 153rd session of the Legislature was
adjourned sine die after it had concluded what was characterized by newspaper reports as "a fruitless session." While
the Legislature practically finished its law making last
spring, it continued in technical session for the sole purpose
of calling Mayor Hague of Jersey City to its bar and punishing him for contempt in regard to his failure to answer in
the Case McAllister investigation. Nothing was done as
the Supreme Court had not reached a decision on the contempt charge at the time of adjournment.
-Register's Office Self-Sustaining
New York County.
-According to an announcement made recently
During 1929.
by Annie Mathews, the retiring Register, the Register's
Office of the county was self-sustaining during the past year
for the first time in its history.
14
M
322
FINANCIAL CHRONICLE
?park bonds. Denom. $1,000. Dated July a 1929. Due on July 1 1949
and optional after July 1 1939. Prin. and int. (J. & J.) payable at the
'Chase National Bank,in New York City, or at the office of the City Treasurer. Legality to be approved by Chapman & Cutler of Chicago. (This
nreport supplements that given in V. 129, p. 4165.)
BRAZOS COUNTY (P.O. Bryan) Tex.
-BOND SALE -The $250,000
Issue of 5% semi-annual road series "C" bonds offered for sale on Jan.8V. 129. p. 3995
-was awarded to Hall & Hall of Temple, for a premium of
4225, equal to 100.08, a basis of about 4.99%. Dated Oct. 101929. Due
from April 10 1932 to 1969 incl. No other bids were received.
BRIDGEPORT, Fairfield County, Conn.
-BOND SALE.
-The
3
4150,000 44% series G,coupon or registered school bonds offered on Jan.6
-V. 129, p. 167
-were awarded to R. L. Day & Co. of Boston, at a price
of 102.549, a basis of about 4.53%. The bonds are dated Jan. 15 1930
-and mature on Jan. 15 as follows: $4,000. 1931 to 1960 incl., and $3,000,
1931 to 1970 incl. The following other bids were received:
BidderRate Bid.
H. L. Allen & Co
102.15
Rutter & Co
101.833
A. B. Leach & Co
101.344
BROCKTON Plymouth County, Mass.
-TEMPORARY LOAN.The Home National Bank of Brockton on Jan. 8 purchased a $300,000
temporary loan at a 3.93% discount. The loan is dated Jan. 9 1930 and is
payable on Nov. 6 1930.
BROWARD COUNTY PORT DISTRICT (P. 0. Fort Lauderdale),
Fla.
-BONDS NOT SOLD.
-The $275,000 issue of 6% semi-annual port
-authority bonds offered on Dec. 28-V. 129,;I. 3832
-was not sold. Dated
Oct. 15 1929. Due $11,100 from Oct. 15 1934 to 1958, incl.
BRUNSWICK COUNTY (P. 0. Southport), No. Car.
-NOTE
'OFFERING.
-Sealed bids will be received until 10 a. m.on Jan. 14, by John
Jenrette, Chairman of the Board of County Commissioners,for the purchase
-of an $85,000 issue of revenue anticipation notes. Int. rate is not to exceed
3%. Dated Jan. 17 1930. Due on July 17 1930. Payable at the Central
Hanover Bank & Trust Co. in New York.
BURLEY, Cassia County, Ida.
-MATURITY.
-The $10,000 issue of
6% semi-annual airport bonds that was purchased at par by the Burley
National Bank, of Burley
-V.129, p. 4165-4s due from 1932 to 1941, incl.
BURLINGTON, Alamance County, N. C.
-BOND ELECTION.-A
special election will be held in the near future for the purpose of having the
voters passsed upon a proposed bond issue of $195,000 for school building
and improvement purposes.
CALDWELL, Essex County, N. J.
-BOND SALE.
-01' the $130,000
-coupon bonds offered on Jan.
129, p. 4165-J. S. Rippel & Co. of
Newark were awarded $128,000 bonds as os, paying $130,126, equal to a
price of 101.66, a basis of about 4.84%. The offering consisted of:
473,000 sewer bonds. Due on Jan. 1, as follows: $2,000, 1932 to 1951,Ind..
and $3,000 from 1952 to 1942, incl.
38.000 arainage bonds. Due $1,000 on Jan. 1 from 1932 to 1969, incl.
19,000 paving bonds. Due on Jan. 1, as follows. $2,000, 1932 to 1936,
incl., and $3,000 from 1937 to 1939, incl.
All of the above bonds are dated Jan. 1 1930. A detailed statement of
the financial condition of the Borough was given in V. 130, p. 167.
CALHOUN COUNTY (P. 0. Pittsboro) Miss.
-BOND SALE.
-An
issue of $158,000 534% refunding road bonds has recently been purchased
by Saunders & Thomas, Inc., of Memphis. Denom. $1,000. Dated Jan. 1
1930. Due on July 3, as follows: $5,000, 1930 to 1934, and $7,000,_1935 to
1953. all incl. Inn, and int. (J. & J .) payable at the Central Hanover
tr
Bank & Trust Co.,in New York City. Legality approved by B. H. Charles,
of St. Louis.
Financial Statement (As Officially Reported).
-Assessed valuation (1929)
$33,608,970
Total bonded debt
389,000
Less: Sinking fund
$29,000
Net bonded debt
360,000
CALIFORNIA, State of (P. 0. Sacramento).
-BOND OFFERING.
Sealed bids will be received until 10 a. m. on Jan. 23, by Charles G. Johnson, State Treasurer, for the purchase of a $250,000 ISSUE of 434% State
,
Park bonds. Denom. $1,000. Dated Jan. 2 1929. Due on Jan. 2 1934.
Prin. and int. (J. & J.) payable at the office of the State Treasurer or at
the State's fiscal agency in Aew York City. A certified check for 1-10
of the bonds bid for, payable to the State, is required.
(This report supplements that given in V. 129. 1)• 3353)•
CAMBRIDGE, Guernsey County, Ohio.
-BOND SALE.
-The following issues of bonds aggregating $80,381.92 offered on Dec. 27-V. 129,
p. 4165
-were awarcied as 5345 to tslanchet, Bowman & Wood, of Toledo,
for a premium of $120, equal to a price of 100.14, a basis of about 5.47%:
164,215.03 property owners' portion improvement bonds. Due on Oct. 1,
as follows. $6,215.03, 1931; $6,000, 1932 to 1936, incl., and
37.000, 1937 to 1940, incl.
16,166.89 city's portion improvement bonds. Due on Oct. a, as follows:
$1,166.89, 1931; 31,000, 1932 to 1934, incl., and $2,000 from
1935 to 1940, incl.
Both issues are dated Dec. 15 1929.
CAMILLUS (P. 0. Camillus), Onondaga County, N. Y.
-BOND
SALE.
-The $70,000 coupon or registered water district bonds offered on
Jan. 8-V. 129, p. 4166
-were awarded as 4348 to the Lincoln Equities
Co., of Buffalo, at a price of 100.81. a basis of about 4.64%. The bonds
are dated Dec. 1 1929 and mature on Dec. 1, as follows: $5,000, 1934 to
1943 incl., and $4,000 from 1944 to 1948 incl.
The following is a list of the other bids submitted:
BidderInt. Rate.
Rate Bid.
.Manufacturers & Traders Trust Co
434
100.7263
Dewey, Bacon & Co
434 ,s
100.36
Batchelder & Co
434%
100.146
W Vs hitis & Co
,
434 %
100.03
CHISHOLM, St. Louis County, Minn.
-CERTIFICATE OFFERING.
-Sealed bids will be received by II. L. Cawley, Village Recorder, until
.8 p. ni on Jan. 16, for the purchase of an issue of $175,000 semi-annual
certificates of indebtedness. Int. rate is not to exceed 6%.
COLUMBUS,Franklin County, Ohio.
-BOND SALE.
-The following
bond issues aggregating $155,110. issued in anticipation of the collection of
-were awarded
special assessments, offered on Jan. 9-V. 129, p. 3996
43is to H. M. Byllesby & Co. of Chicago, for a premium of $564.75,
equal to a price of 100.36, a basis of about 4.43%:
4110.200 street improvement bonds. Due on March 1, as follows: 311.000,
1932 to 1940 incl., and $11,200 in 1941.
44,910 street improvement bonds. Due on March 1, as follows: $9,000,
1932 to 1935 incl., and $8,910 in 1936.
Both issues are dated Feb. 1 1930.
-BOND OFFERING.
-Carl
CONCORD, Merrimack County, N. H.
H. Foster, City Treasurer, will receive sealed bids until 12 m. on Jan. 15,
for the purchase of $90,000 434% coupon City Hall and Auditorium bonds.
Dated Oct. 1 1929. Due $5,000 on Oct. 1 from 1930 to 1947 incl. Prin.
and semi-annual in (A. & 0. 1) payable at the office of the City Treasurer,
or at the National Shawinut Bank, Boston. The aforementioned bank
will supervise the engraving of the bonds and will certify as to theirigenuineness; legality will be approved by Storey, Thorndike, Palmer & Dodge of
Boston, whose opinion will be furnished to the purchaser. Bids should be
addressed to the above-mentioned official, care of the First National Bank,
Concord.
-A
-BOND SALE.
CORPUS CHRISTI, Nueces County, Tex.
$725,000 issue of 6% water plant refunding bonds has been purchased by
Eldredge & Co. of New York. Denom. $1,000. Dated Sept. 2 1929.
'
Due on Aug. 1, as follows: $10.000. 1931 to 1934: $15,000, 1935 to 1939;
020,000. 1940 to 1944; $25,000, 1945 to 1949; 030.000. 1950 to 1954;
335,000. 1955 to 1959 and $60,000 in 1960. Prin. and int. (F. & A.)
payable in New York City. Chapman & Cutler, of Chicago, will furnish
the legal approval. The following statement is furnished in connection
with the sale:
The total amount of revenue bonds outstanding, including this issue, is
$2.725,000 on which the annual interest charge is $163,500. Net earnings
for the fiscal year ending Mar. 31 1929, were $195,935 and, based upon the
[VOL. 130.
revenues for the first seven months, estimated net earnings for the current
year will be, it is stated, over $245,000 or 114 times interest charges on all
bonds outstanding, including this issue.
CRESKILL, Bergen County, N. J.
-M.M. Freeman
-BOND SALE.
& Co., of Philadelphia, are reported to have recently purchased an issue ol
$430,000 6% improvement bonds. Dated Dec. 1 1929. Denom. $1,000.
Due on June 1, as follows: $10,000, 1931; $22,000. 1933; $230.000, 1934;
$53,000, 1935; 339,000, 1936; $40,000, 1937, and $36,000 in 1938. Prin.
and semi-annual int. (J. & D. 1) payable at the Tenafly Trust Co.,in Tenafly. Legality to be approved by Reed, Hoyt & Washburn. of New York.
CULVER CITY ACQUISITION AND IMPROVEMENT DISTRICT
NO.70 (P.0. Culver City), Los Angeles County, Calif.
-BOND SALE.
-A $66,357.90 issue of 7% paving and street improvement bonds has been
purchased by the District Bond Co., of Los Angeles. Due from 1932 to
1949, incl.
Financial Statement of District.
Estim.actual val.,land & improvements
$3.000,000.00
Assessed valuation,land only
$1,152,960.00
Assessed valuation ofimprovements
297,870.00
Total assessed valuation
1.45066:8335000
7:90
Bonded indebtedness, this issue
DOWNEY COUNTY WATER DISTRICT (P. 0. Los Angeles), Los
Angeles County,Calif.
-BOND SALE.
-An issue of$180,0005%% water
supply bonds has recently been jointly purchased by the Wm.R.Staats Co.,
and Wm. Cavalier St Co., both of Los Angeles. Denom. $1,000. Dated
Jan. 1 1930. Due on Jan. 1, as follows: 32,000, 1935 and 1936; 33.000,
1937 and 1938; $5,000, 1939 to 1957; $7,000 in 1958, 1960, 1962, 1964 and
1966: and $8,000 in 1959, 1961, 1963, 1965 and 1967. Prin. and int.
(J. & J. 1) payable at the Security-First National Bank of Los Angeles.
Legality of issue subject to approval ot Gibson, Dunn & Crutcher, of Los
Angeles.
Financial Statement as Officially Reported. •
Estimated real valuation
$8,000,000
Assessed valuation, 1929
2,170,120
Bonded debt(thisissue)
180.000
Estimated population, 3,500.
-BOND SALE.
DUKE, Jackson County, Okla.
-The $15,000 issue
of semi-annual water works extension bonds offered for sale on Dec. 30
(V. 129, p.4166) has been purchased by local investors as 6s at par. $1,000
from 1932 to 1946, inclusive.
-BOND SALE.
EAST LIVERPOOL, Columbiana County, Ohio.
The $63,600 building improvement bonds offered on Dec. 26-V. 129,
-were awarded as 4345 to W. L. Slayton & Co., of Toledo, for a
p. 3996
premium of $78.60, equal to a price of 100.12, a basis of about 4.74%.
Dated Jan. 1 1930. Due on Sept. 1, as follows: 33,000, 1931 to 1949, incl,
and $6,000 in 1950.
-PRICE PAID.
EAST PATERSON, Bergen County, N. J.
-M. M.
Freeman & Co., of Philadelphia, and B. J. Van Ingen & Co., of N. Y.,
jointly, are reported to have paid a price of par for the $500,000 6% coupon
-V.129.
or registered temporary sewer bonds privately purchased recently.
p. 3996. The bonds are dated Dec. 1 1929 and mature on Dec. 1, as
follows:$54,000, 1932 to 1934,incl.; $162,000, 1935,and $44,000from 1936
to 1939, incl.
-BOND OFFERING.
EAST PROVIDENCE,Providence County, R. I.
William E. Smyth, Town Clerk, will receive sealed bids until 7:30 p. m.
on Jan. 21 for the purchase of the following issues of 434% bonds, aggregating $500,000:
$300,000 bridge land bonds. Due $10,000 annually for a period of30 years.
200,000 school bonds. Due $8.000 annually for a period of 25 years.
Both issues are dated Feb. 1 1930. Interest payable semi-annually. A
certified check for 2% of the amount of bonds bid for must accompany each
proposal.
-BOND SALE.
-The three issues
EL DORADO, Butler County, Kan.
of 5% semi-annual bonds aggregating $33,886.27 offered for sale on Dec. 30
-were awarded to the Brown-Crummer Co. of Wichita
- 129, p. 4166
V.
for a premium of $205, equal to 100.60, a basis of about 4.86%. The
Issues are divided as follows:
$11,893.00 refunding bonds. Due from Jan. 1 1931 to 1940 incl.
10,312.94 paving bonds. Due from July 1 1930 to 1939 incl.
11.680.33 sewer bonds. Due $1,168.04 from July 1 1930 to 1939 incl.
Other bidders for the bonds were The Central Trust Co. of Topeka,
Branch, Middlekauff Co. of Wichita and the Columbian Title & Trust Co.
of Topeka.
ELK RIVER SCHOOL DISTRICT (P. 0. Elk River), Sherburne
-BOND SALE.
-A $98,000 Wale of school bonds is reCounty, Minn.
ported to have been recently purchased at par by the State of Minnesota.
-BONDS OFFERED FOR
EL PASO COUNTY (P. 0. El Paso), Tex.
$550,000 issue of 5% seml-annual road bonds that
IN
was purchased by the Well. Roth & Irving Co. of Cincinnati and associates
-is now being offered
at 100.828, a basis of about 4.92%-V. 130, p. 168
for public subscription by the purchasers, priced to yield 4.70% on all
maturities. Prin. and int. (J. & J. 15) payable at the Guaranty Trust Co.
in New York. Legality to be approved by Chapman & Cutler of Chicago.
Due serially from Jan. 15 1931 to 1960 incl.
Financial Statement.
$172,786,300
Actual value taxable property
86,393,150
Assessed valuation, 1929
5,544,127
Total indebtedness
Sinking fund
4,868:704
Net debt
Population: 1920 Census, 101,860; present official estimate, 140,000.
-CERTIFICATE SALE.
-A $25,000
Tenn.
ERWIN, Unicoi County,
Issue of 6% certificates of indebtedness is reported to have recently been
purchased by Little, Wooten & Co., of Jackson. for a premium of $275.
equal to 101.10. Denomination $1,000.
-NOTE OFFERING.
-The
ESSEX COUNTY (P. 0. Salem), Mass.
County Treasurer will receive sealed bids until 11 a. m. on Jan. 14 for the
purchase of an issue of $50,000 Tuberculosis Hospital maintenance notes.
Dated Jan. 15 1930 and payable on April 1 1930.
-BOND OFFERING.
-Sealed bids will
EUGENE, Lane County, Ore.
be received until 7.30 p. m. on Jan. 13, by R. S. Bryson, City Recorder, for
the purchase of an issue of 3137,048.96 semi-annual improvement bonds.
Int. rate is not to exceed 6%. Dated Jan. 1 1930. Due in 10 years and
optional after 1 year. A certified check for 2% must accompany the bid.
EUCLID VILLAGE SCHOOL DISTRICT, Cuyahoga County, Ohio.
-The $900,000 bonds issued to finance the purchase of
-BOND SALE.
sites, make additions to present school buildings and provide furnishings
for same, and for the payment of notes which have been issued for the
temporary financing of said project offered on Jan. 6-V. 129, p. 3996
were awarded as 5s to Otis & Co., of Cleveland, Stranahan, Harris & Oatis
of Toledo,and Seasongood & Mayer of Cincinnati, jointly,for a premium of
$1.310, equal to a price of 100.14, a basis of about 4.98%. The bonds are
dated Jan. 1 1930 and mature as follows: $18,000 on April 1 and $19,000 on
Oct. 1 from 1930 to 1941, incl.; and $19,000 on April and Oct. 1 from 1942
to 1953, incl.
-The Citizens
-BOND SALE.
EVANS CITY, Butler County, Pa.
National Bank, of Evans City, on Aug. 15 1929 purchases an issue of
$25,000 414% coupon sewer bonds at par plus a premium of $5, equal to a
price of 100.02, a basis of about 4.49%. The bonds are dated June 11929.
Denom. $500. Due annually from 1933 to 1955, incl. Int. payable In
June and December.
-A $12,000 issue of
FAIRFIELD, Clay County, Neb.-BOND SALE.
4%% auditorium bonds is reported to have been purchased by the Public
Utility Investment Co. of Salina. Due in 10 years.
FAIRVIEW (P. 0. North Olmstead), Cuyahoga County, Ohio.
BOND SALE.
-The following issues of 6% special assessment bonds, aggregating $57,350, offered on Jan. 6 (V. 129. p. 3996) were awarded to the
Guardian Trust Co. of Cleveland for a premium of $299,00, equal to a price
of 100.52, a basis of about 5.88%:
$52,570 paving bonds. Due on Oct. 1 as follows: $5,750 in 1931, $5,000
1932 to 1938 incl. and $6,000 in 1939 and 1940.
4.600 sidewalk bonds. Due on Oct. 1 as follows: $600 in 1931 and $1,000
from 1932 to 1935 inclusive.
Both issues are dated Oct. 1 1929.
-BOND ELECTION.
-At an elecFLINT, Genesee County, Mich.
tion to be held on Jan. 21 the voters will be asked to pass on a proposal to
JAN.
11 1930.]
FINANCIAL CHRONICLE
323
6,500.00 road improvement bonds. Due on Sept. 1, as follows: $500 in
Issue $1,500,000 in bonds to finance additions and improvements to the
1931; and $1,000 from 1932 to 1937, incl.
city's water works system.
6.500.00 road improvement bonds. Due on Sept. 1, as follows: $500 in
-The
-BOND SALE.
FLOYD COUNTY (P. 0. New Albany), Ind.
1931; and $1,000 from 1932 to 1937, incl.
Fletcher American Co., of Indianapolis, on Dec. 28 was awarded an issue of
6,500.00 road improvement bonds. Due on Sept. 1, as follows: $500 in
$44,499.90 5% coupon road construction bonds at a price of 103.25. a basis
1931; and $1,000 from 1932 to 1937, incl.
of about 4.60%. The bonds are dated Jan. 15 1930, are in denoms. of
6.700.00 road improvement bonds. Due on Sept. 1, as follows: $700 in
$468.42. and mature from 1931 to 1949,incl. Int. payable on M.& N. 15.
1931; and $1,000 from 1932 to 1937, incl.
6,500.00 road improvement bonds. Due on Sept. 1, as follows: $500 in
County,
FORDSON SCHOOL DISTRICT (P. 0. Dearborn), Wayne
1930: and $1,000 from 1931 to 1936, incl.
-The $900,000 school bonds offered on Jan. 8 (V.
-BOND SALE.
Mich.
6,500.00 road improvement bonds. Due on Sept. 1, as follows: $500 in
130, p. 168) were awarded as 4/is to Braun, Bosworth & Co. of Toledo for
1930: and $1,000 from 1931 to 1936, incl.
a premium of $1.60, equal to a price of 100.0001, a basis of about 4.74%.
5,800.00 road improvement bonds. Due on Sept. 1, as follows: $800 in
Purchaser agreed to pay for legal opinion and printing of the bonds. Dated
1930: and $1,000 from 1931 to 1935, incl.
Jan. 15 1930. Due $30,000 on Jan. 15 from 1931 to 1960. inclusive.
4,600.00 road improvement bonds. Due on Sept. 1, as follows: $600 In
-BONDS REGISTERED.
FORT WORTH, Tarrant County, Tex.
1931; and $1,000 from 1932 to 1935, incl.
The four issues of 4 Y4'% semi-annual improvement bonds that were sold on
All of the above issues are dated Jan. 1 1930. Bids for the bonds to bear
-were registered by the State Comptroller on interest at a rate other than above stated will also be considered, provided,
Nov. 19-V. 129, p. 3355
Jan. 3. The issues are divided as follows: $250.000 fire protection; S250.000 however, that where a fractional rate is bid such fraction shall be yi of 1%
main arterial thoroughfare; $150.000 airport and $150,000 street improve- or multiples thereof. Prin. and semi-annual in (M. & S. 1) payable at
ment bonds. Due from 1934 to 1969, incl.
the office of the County Treasurer. A certified check for 5% of the amount
(The Attorney-General's Department approved these bonds on the same of bonds bid for, payable to the order of the County Treasurer, must acday.)
company each proposal. The approving opinion of Squire, Sanders &
FREDERICKSBURG, Spotsylvarda County, Va.-BOND OFFER- Dempsey, of Cleveland, will be furnished to the purchaser.
-Sealed bids will be received until 2 p. m. on Jan. 16, by John F.
ING.
-At a
-BONDS VOTED.
HICKORY, Catawba County, No. Caro.
Gouldman, Jr., Chairman of the Finance Committee,for the purchase of a
voters authorized the issuance of
$50.000 issue of coupon high school bonds. The bonds will be sold on the special election held on Dec. 31, thereported to have been 512 "for" to
bonds by a count
basis of the lowest interest at par, and no bid below par will be considered. $45.000 in hospital
Dated Feb. 15 1930. Due $2,500 from 1931 to 1950. incl. The city will 497 "against."
-The $25,000
-BOND SALE.
furnish certified transcript of ordinances, but the purchaser must pay for
HOKE COUNTY (P.O. Raeford), N. C.
3834
legal opinion and printing of bonds. Authority: Act of the General issue of 5317 highway bonds offered for sale on Jan. 6-Y. 129.
Assembly, approved Mar. 21 1928, Chap. 349, Acts of 1928. A certified was awarded to N. S. Hill & Co. of Cincinnati, for a premium of $377.50.
check for 1 % of the total bid is required.
equal 'co 101.51, a basis of about:5.33%. Dated Jan. 1 1930. Due from
-BOND Jan. 1 1932 to 1950, incl.
FRIENDSHIP (P. 0. Friendship), Allegany County, N. Y.
-BONDS REGISOFFERING.
-Fred C. Mulkin, Town Supervisor, will receive sealed bids
HOPKINS COUNTY (P.0.Sulphur Springs),Tex.
until 1 p. m. on Jan. 15 for the purchase of $12,000 5% coupon highway TERED.
-A $50,000 issue of 534% compensating road bonds was registered
bonds. Dated Feb. 1 1930. Denom. $1,000. Due $2,000 on Feb. 1 on Dec. 30 by the State Comptroller. Due serially.
from 1931 to 1936 incl. Interest payable on Feb. and Aug. 1. A certified
-BOND ELECTION.
HOUSTON COUNTY (P. 0. Crockett), Tex.
check for $1,000, payable to the order of the above-mentioned official, must
roads committee,
A special election has been decided upon by the good the voters will be
accompany each proposal.
for the first week in March. at which time
probably
-The $3.181 6% called upon to approve the issuance of $1,450,000 in road bonds.
-BOND SALE.
GIRARD, Trumbull County, Ohio.
property owners' portion sanitary sewer construction bonds offered on
-The six issues of
-BOND SALE.
JACKSON, Hinds County, Miss.
Jan. 3-V. 130, P. 168
-were awarded to the First National Bank, of
at public auction on Jan.
Girard, for a premium of $25.70, equal to a price of 100.78, a basis of bonds aggregating $371,627.17, offered for sale composed of John Nuveen
-were awarded to a syndicate
about 5.65%. Dated Nov. 11929. Due annually on Oct. 1 from 1931 to 7-V. 130, p. 169
& Co. of Chicago, A. K. Tigrett & Co., of Memphis, Caldwell & Co. of
1934 incl.
the First National Bank,
-OFFER $150,000 IMPROVE- Nashville, the Jackson State National Bank. and
GLEN ROCK, Bergen County, N. J.
b
oth of Jackson, as 5s, at par. The issues are divided as follows: $158,000
MENT BONDS.-Seasongood & Mayer of New York are offering a total of
refunding municipal building,sewerage, paving and sidewalk bonds; $95,000
$150,000 54% coupon or registered improvement bonds for public inspecial street improvement:
vestment, priced to yield 4.90%. Dated June 1 1929. Due on June 1 refunding water works improvement;$52,262.04
$47,148.13 special improvement and $8.as follows: $5,000, 1930 to 1936 incl.; $4,000, 1937; $5.000, 1938;$2.000, $10.729.63 street intersection; bonds.
1939; $5,000, 1941; $3,000, 1942: $7,000, 1944 to 1956 incl., and $5,000 in 487.37 sidewalk improvement
-ADDITIONAL INissue for $185,000 sold on Oct. 14 at a
1957. These bonds are part of an
JACKSONVILLE, Cherokee County, Tex.
was sold at par
129, p. 2892.
price of 100.177, a basis of about 5.2:3
-The $75,000 issue of city,,hall bonds that-bears interest
FORMATION.
-V. 130, p. 169
Financial Stalement.
to the First State Bank, of Jacksonville
$7,547,427 at 5%. Denom. $1,000. Dated Dec. 15 1928. Due on Dec. 15, as follows:
Assessed valuation
970.893 $1.000. 1931 to 1943 and $2.000. 1944 to 1968, all incl. Principal and
Gross debt
New York
$18,898
Leas: Sinking fund
interest (J. & D. 15) payable at the Seaboard National Bank inof Chicago.
566,525
*Special assessments
City. Legality subject to the approval of Chapman & Cutler,
385,470
Net debt
(These bonds were registered by the State Comptroller on Dec. 28.)
Population: 1920 Census, 2,181. present estimate,5,000.
-A
-BOND SALE.
JEFFERSON COUNTY (P. 0. Beaumont), Tex.
*These bonds are payable primarily from special assessments and may
$16.000 issue of 5% coupon school building bonds has recently been purbe deducted under the New Jersey laws.
chased by the State of Texas at par and interest. Denom. $800. Dated
-Jacob May 1 1929. Due from May 1 1930 to 1949, incl. Interest payable an-BOND OFFERING.
GRAND RAPIDS, Kent County, Mich.
Van Wingen, City Clerk, will receive sealed bids until 3 P. M. (Central nually on May 1.
standard time) on Jan. 20, for the purchase of $690,000 sewerage disposal
-BONDS
JEWETT SCHOOL DISTRICT, Harrison County, Ohio. received
system bonds,to bear interest at a rate not exceeding 43 %. Dated April 1
-A. L. Purviance, Clerk of the Board of Education, school
1924. Denomination $1,000. Due $30,000 on Aug 1 from 1931 to 1953, OFFERED.
inclusive. Principal and semi-annual interest payable at the office of the sealed bids until 12 m. on Jan. 9, for the purchase of $23,000 6%
City Treasurer. to bids will be considered for less than par and accrued bonds. Dated Nov. 1 1929. Denom. $1,150. Due $1,150 on May and
interest. The city will furnish the bonds. A certified check for 3% of Nov. 1 from 1931 to 1940 incl. Int. payable on May and Nov. 1.
the par value of the bonds bid for, payable to the order of the City TreasCOUNTY ROAD DISTRICT NO. 1 (P. 0. Alice),
JIM
erer, must accompany each proposal. Payment and delivery of the bonds Tex. WELLS
-The $160,000 issue of 53% semi-annual
-BONDS REGISTERED.
-was
will be made at the office of the City Treasurer.
road bonds offered without success On Nov. 12-V. 129, P. 3356
-A registered by the State Comptroller on Jan. 3.
-NOTE SALE.
GREENE COUNTY (P. 0. Snow Hill), No. Car.
-Richard A.
-NO BIDS.
$25,000 issue of revenue anticipation notes was purchased by the National
KEANSBURG, Monmouth County, N. J.
Bank of Kinston, on Jan. 1, at 6% int. Due in 6 months. No other Jessen, Borough Clerk. states that no bids were received on Jan. 4, for the
aggregating
bidder submitted a bid.
purchase of the two issues of 5% coupon or registered bonds consisted of
- $260,000 offered for sale. -V. 129, p. 4167. The offering due in equal
GROSSE POINTE (Branch of Detroit), Wayne County, Mich.
sewer bonds, both issues
-The $360,000 sewer improvement bonds offered on Jan. 6 $180,000 paving bonds and $80.000
BOND SALE.
2 1930
-V. 129, p. 4167
-were awarded to a syndicate composed of Watling, annual amounts on Jan. 1 from 1931 to 1940, incl. Dated Jan.
-BONDS PARTIALLY
Lerc.hen & Hayes of Detroit. Otis & Co. of Cleveland and the Fidelity Trust
KENTUCKY, State of (P. 0. Frankfort).
Co. of Detroit for a premium of $34, equal to a price of 100.009. The pur- AWARDED.
the 5% toll bridge bond issues ag-The major portion of
-was
chasers took $240,000 bonds as 45is and $120,000 bonds as 43is. Dated gregating $11,667,000, offered for sale on Jan. 6-V. 129, P. 3834
a total
Oct. 11929. Due $12,000 on Oct. 1 from 1930 to 1959 incl.
disposed of on Jan. 8 when the State Highway Commission awarded Stifel,.
combined bid of
-BOND AWARD. of approximately $10,500,000 of the bonds on the of
GRUNDY COUNTY(P.O. Grundy Center), Iowa.
Co..
The $12,000 issue of refunding bonds that was reported sold at a price of Nicolaus & Co.,of St. Louis, C. W. McNear & rangingChicago. and Stradafrom 90.01 to 90.31.
-was awarded as follows: $6,000 to the Farmers han, Harris & Ostia, Inc., of Toledo, at prices
100.66-V. 130, p. 168
the New York
Savings Bank,of Beaman,$2,000 to the Grundy County National Bank, of The following is an outline of the bids submitted, as given in
Jan. 7:
Grundy Center,and $4,000 to the Grundy County Savings Bank.of Grundy "Herald Tribune" of
A tender containing prices ranging from 90.01 to 90.31 was submitted for
Center. The bonds were awarded as Es.
the bonds by a syndicate composed of Stifel, Nicolaus & Co., of St. Louis:
HARMONY SCHOOL DISTRICT (P. 0. Altus), Jackson County, 0. W. McNear & Co., of Chicago, and Stranahan, Harris & Dads, Inc., of
Okla.
-BOND SALE.
-A $4,300 issue of school bonds has been purchased Toledo. Caldwell & Co., of Nashville, offered 89.00 for the bonds covering
River
by the Taylor-White Co. of Oklahoma City.
all projects with the exception of the $1,807.000 bridge over the Ohio90.00.
tender of
-BONDS at Henderson. On this issue Caldwell & Co. presented a Commissioners.
HAMILTON COUNTY (P. 0. Chattanooga), Tenn.
county court held on The bids were filed for consideration of the State Highway named bridges:
-At the quarterly meeting of the
AUTHORIZED.
The combined bid offered the following prices on the
Jan. 6, resolutions were passed authorizing the issuance of bonds to the
amount of $1.156,500. The bonds under separate issues were voted for the Cumberland River at Burnside, combined with the Ohio River bridge at
following purposes: $961,500 school purpose; $500,000 Missionary Ridge Maysville, 90.10: Rio and Numfordville bridge over Green River, 90.123:
bridge,
tunnel; $100,000 bridge construction, and 9;95,000 elementary school bonds. Clay's Ferry bridge over Kentucky River, 90.125; Boonesboro River
90.05; Tyrone bridge over Kentucky River 90.025; Spottsville bridge over
HARRISON TOWNSHIP (P. 0. Mount Clemens, R. F. D. No. Si, Green River, combined with Canton Bridge over Cumberland River, 90.02;
Macomb County, Mich.
-Carl H. Jobse. Township Eggner's Ferry over Tennessee River, 90.015; Tennessee River at or near
-BOND OFFERING.
Clerk, will receive sealed bids until 2 p. m. (Eastern standard time) on Paducah,90.015; Ohio River at Henderson, 90.31: Ohio River at at CarrollJan. 18, for the purchase of $20,000 special fire apparatus and equipment ton, combined with Kentucky River at Carrollton, 90.035; Cumberland
assessment bonds, to bear interest at a rate not exceeding 6%, payable
at Smithiand, 90.075; Green River at Calhoun. 90.045, and Ohio
semi-annually. Dated Feb. 1 1930. Due $4,000 on Feb. 1 from 1931 to River at Ashland, 90.05.
1935 incl. A certified cheek for $1,000 must accompany each proposal. River
-D. E.
-BOND OFFERING.
KILLBUCK, Holmes County, Ohio.
Successful bidder to pay the cost of printing the bonds and of the legal
McDowell, Mayor, will receive sealed bids until 12 m. (eastern standard
opinion of Miller. Canfield, Paddock & Stone of Detroit.
the purchase of $35,000 5% water works system
time) on Jan. 11, for
HASKELL COUNTY (P. 0. Haskell), Tex.
-BONDS VOTED.
-At a construction bonds, authorized by the voters at the election held on Nov.
special election held recently, the voters are stated to have authorized the 5 1929. The bonds are dated Feb. 1 1930. Denom. $700. Due semiissuance of $985,000 in bonds to be used for road construction purposes.
annually on March and Sept. 1 from 1931 to 1955, incl. Principal and
the Village
HENRY COUNTY (P. 0. Napoleon), Ohio.
-BOND OFFERING.
- semi-annual interest (Mar. and Sept. 1) payable at the office ofproposal.
Earl T. Crawford, County Auditor, will receive sealed bids until 10 a. m.on Treasurer. A certified check for $500 must accompany each
Jan. 27, for the purchase of the following issues of 5% improvement bonds
DISTRICT NO. 157 (P. 0.
KOSSUTH COUNTY DRAINAGE
aggregating $174,266.86:
-The $8,400 issue of 5% drainage bonds
Algona), lowa.-BOND SALE.
$22,500.00 road improvement bonds. Due as follows: $500, Mar. 1, and offered for sale on Nov. 5-V. 129, p. 2423
-was awarded at par to local
Sept. 11930; 31,000, Mar. 1, and $2,000. &Pt. 1 1931 banks. Dated Nov. 1 1929. Due $1,200 from 1933 to 1939, incl.
$1,000.
to 1937. Incl.
-OFFER $500,000 434% BONDS
LANSING, Ingham County, Mich.
18,000.00 road improvement bonds. Due $1,000, Mar. and Sept. 1 1931
-The $4400.000 sewerage bonds and the $100.000 bridge
-OTHER BIDS.
to 1939, incl.
% interest and totaling $500.000, awarded
11,170.74 road improvement bonds. Due as follows: $170.74, Mar. 1 bonds, both issues bearing
and $1,000, Sept. 1 1930; $1,000, Mar. and Sept. 1 1931 to on Dec. 30 at a price of 100.21, a basis of about 4.46%-V. 130, P. 169of
are being re-offered by the Detroit Co. and the First National Co.
1935,Incl.
The bonds
10.200.00 road improvement bonds. Due as follows: $1,200. Sept. 1 Detroit. jointly, for public investment priced to yield 4.25%. to be legal
are said to be a direct obligation of the City of Lansing and
1931; $1,000, 1932 to 1938, incl.; and $2,000 in 1939.
8,000.00 road improvement bonds. Due $1,000, Sept. 1 1931 to 1938. Investment for savings banks in Michigan. The following is a list of the
other bids opened on the date of sale:
incl.
Premium.
Bidder17,800.00 road improvement bonds. Due as follows: $800. Mar. 1. and
$1,000, Sept. 11931.$1,000, Mar.and Sept. 1 1932 to 1939,incl. Harris Trust St Savings Bank, Chicago
on Sept. 1, as follows: $796.12, Halsey. Stuart& Co., Chicago
7,796.12 road improvement bonds. Due
®
35 00
10° °°
$361.
Chatham-Phenix Trust Co., New York
1931; and $1,000, 1932 to 1938, incl.
7,500.00 road improvement bonds. Due on Sept. 1, as follows: $500 in
-The County
-NO BIDS.
LA PORTE County (P. 0. La Porte), Ind.
1930; and $1,000, 1931 to 1937, incl.
Treasurer reports that no bids were received on Jan. 6 for the purchase of
7,700.00 road improvement bonds. Due on Sept. 1, as follows: $700 in the $10,034.08 6% ditch improvement bonds offered for sale
-V. 129,
1931; and $1,000, 1932 to 1938, incl.
P. 3998. Dated Jan. 6 1930. Due $1.034.08 on Dec. 6 1930, and $1,000
7,000.00 road improvement bonds. Due $1,000, Sept. 1 1930 to 1936. on Dec. 6 from 1931 to 1939 inclusive.
incl.
-BOND OFFERING.
LAUDERDALE COUNTY (P. 0. Ripley), Tenn.
7,000.00 road improvement bonds. Due $1,000, Sept. 1 1930 to 1936,
-Sealed bids will be received by W. C. Potter, Chairman of the Hard
incl.
324
FINANCIAL CHRONICLE
[Vol.. 130.
Roads Commission, until Jan. 25, for the purchase of a $250,000 Issue of
MARION COUNTY (P. 0. Marion), Ohio.
-BOND OFFERING.
6% semi-annual road bonds. Due in 30 years. (A similar issue of bonds T. A. O'Leary Clerk of the Board of County Commissioners, will receive
was sold to Caldwell & Co. last August.
-V.129, P. 1323.)
sealed bids until 2p. m.on Jan. 22,for the purchase of $15,5205%% special
LAUREL, Jones County, Miss.
.-The five issues of assessment road improvement bonds. Dated Sept.3 1929. Due as follows:
-MATURITY
5X% semi-annual bonds aggregating $420.000. purchased by the Meridian 51.000.(M.& S. 3)from 1931 to 1937, incl.; $1..000. Mar. 3, and $520 on
Sept.
Finance Corp. of Meridian, at a price of 100.27-4. 129, p. 4167
-are due office 3 1938. Prin.and semi-annual int.(Mar.and Sept. 3) payable at the
of the County Treasurer. A certified check for $300, payable to the
as follows:
order of the Board of County Commissioners, must accompany each
$150,000 sewer bonds. Due $7.500 from Jan. 1 1931 to 1950 incl
proposal.
100,000 water works bonds. Due $5.000 from Jan. 1 1931 to 1950 inc].
70,000 parks and playgrounds bonds. Due 33.500 from Jan. 1 1931
MARTIN COUNTY (P. 0. Shoals), Ind.
-The fol-BOND SALE.
to 1950 incl.
lowing issues of 5% bonds aggregating $11,534.20 offered on Dec. 30-V.
50,000 airport bonds. Due $2,500 from Jan. 1 1931 to 1950 incl.
129. p. 3998
-were awarded to the Fletcher Savings & Trust Co. of Indian50,000 fair ground bonds. Due $2,500 from Mar. 1 1931 to 1950 incl.
apolis, for a premium of $190.40, equal to a price of 101.65 ,a basis of about
Basis of about 5.21%.
4.66%:
$6.334.20 Grant Cochran et al highway construction bonds. Due $316.71
LAVACA COUNTY (P. 0. Hallettsville), Tex.
-BONDS REGISon July 15 1931; 5316.71, Jan. and July 15 1932 to 1940 incl.:
TERED.
-A $19,500 issue of 6% bridge refunding bonds was registered by
and 3316.71, Jan. 15 1941.
the State Comptroller on Jan. 2. Due serially.
5,200.00 William Dustin et al road improvement bonds. Due $261 on
July 15 1931: $261, Jan. and July 15 1932 to 1940 incl.; and
LAWRENCE SCHOOL DISTRICT NO. 15, Nassau County, N. Y.BONDS DEFEATED.
5261. Jan. 15 1941.
-At a special election held on Jan. 3 the voters
Both issues are dated Dec. 30 1929. The following other bids were
defeated a proposal to issue $145,000 school site purchase bonds. The
received:
measure was defeated by a vote of 933 to 589.
Bidder
Premium.
LEWISTON, Androscoggin County, Me.
-BOND SALE.
-Harris, Martin County Bank
Forbes & Co. of Boston,on Jan.9 purchased an issue of $51,000 4% refund- Union Bank
ing water and bridge bonds at a price of 97.73. Dated Jan. 1 1930. Due J. F. Wild Investment Co
191127...000000
0
annually from 1931 to 1940, inclusive. One other bid was received, that of Campbell & Co
97.60, submitted by E. H. Rollins & Sons, of Boston.
Inland Investment Co
85.00
LOS ANGELES COUNTY DRAINAGE DISTRICT IMPROVE- Meyer-Kiser Bank
MENT NO. 26 (P. 0. Los Angeles), Calif.
-An issue of
-BOND SALE.
-NOTE OFFERING.
-Two issues
3868.058.67 6% storm drain construction bonds has been purchased by the ofMEMPHIS, Shelby County, Tenn.
short-term notes aggregating 32.000,000 will probably be offered for sale
District Bond Co. of Los Angeles. Due from 1938 to 1945 incl.
on Jan. 28. according to the Memphis "Appeal" of Jan. 8. They are deLOS ANGELES COUNTY MUNICIPAL IMPROVEMENT DIS- scribed as follows:
TRICT NO. 64 (P. 0. Los Angeles), Calif.
-An issue of $1.250,000 improvement notes. Due on Sept. 6 1930.
-BOND SALE,
750.000 school notes. Due on Oct. 1 1930.
3150,000 6% street paving bonds has been purchased by the District Bond
Co. of Los Angeles. Due from 1934 to 1963 incl. The same company has
Denom. $10,000. It is further stated that an issue of $1,000,000 notes
also purchased three other issues of acquisition and improvement district will probably be offered for sale about the end of March.
bonds divided as follows: $268,527 7% district No. 70 bonds. Due from
MENTOR SCHOOL DISTRICT, Lake County, Ohio.
1932 to 1941 incl.: $69.805.53 7% district No. 146 bonds. Due from 1931
-OTHER
-The following other bids were received on Dec. 26,for the $100,000
to 1943 and $161,804.66 7% district No. 180 bonds, maturing from 1934 BIDS.
5% school bonds awarded to Braun, Bosworth & Co., of Toledo, for a
to 1948 incl.
premium of $169, equal to a price of 100.169, a basis of about 4.97%.
LYON COUNTY (P. 0. Emporia), Kan.
-BOND OFFERING.
- -V. 130, p. 170.
Sealed bids will be received by W. J. Hanna, County Clerk, until 11 a. m.
BidderInt. Rate.
Premium.
on Jan. 18, for the purchase of a $73,000 issue of 43 % road improvement Ryan, Sutherland & Co
5.25%
3660
bonds. Denom. $1,825. Due serially in from 1 to 20 years from date. 'W.L. Slayton & Co
5.25%
574
Feb. & Aug. 1. The above bonds are subject to the Stranahan, Harris & Oatis, Inc
Interest payable on
5.25%
140
refusal of the State School Fund Commission. A certified check for 2% First Citizens Corp
5.25%
53
of the bid, is required. The successful bidder will bear the expense of
transcribing and printing the bonds.
MERIDIAN, Lauderdale County, Miss.
-BOND SALE.
-A $230,782.64 issue of 6% street improvement bonds has been purchased by the
MACOMB COUNTY (P. 0. Mount Clemens), Mich.
-NO BIDS.
Bert Englebrecht, County Drain Commissioner, states that no bids were Commerce Securities Co. of Memphis. Denom.$1,000 and one for $782.64.
received for the $48.000 Warren Township lateral drain, not to exceed 6% Dated July 1 1929. Due on July 1 as follows: $22,782.64 in 1930, $23.000,
interest, bonds offered for sale on Dec. 21-V. 129, p. 3998
-adding that 1931 to 1938, and $24,000 in 1939. Prin. and int. (J. & J.) payable at the
the issue nay be disposed of privately. The bonds are dated Nov. 1 1929 Equitable Trust Co. in New York. Legal opinion of Thomson, Wood &
and mature on May 1, as follows: $2,000, 1932 and 1933; $3,000, 1934 to Hoffman of New York.
(A similar issue of bonds was recently purchased by the above company
1938,incl.; $4.000, 1939 to 1944, incl., and $5,000 in 1945.
-V. 129, p. 3835.)
MADISON COUNTY (P. 0. Anderson), Ind.
-BOND SALE.
-The
Financial Statement (As Officially Reported).
$80.000 5% coupon Neel M. McCullough et al park improvement bonds Assessed valuation for taxation, 1929
$26,856,341.00
offered on Jan. 7-V. 129, p. 3998
-were awarded to the Union Trust Co.
including this issue
$3,415,243.12
ei Indianapolis, for a premium of $2,856. equal to a price of 103.57, a basis Total bonded debt,
Deduct
of about 4.535%. The bonds mature $5,000 on Dec. 1 from 1932 to 1947, Water works bonds
3594.000.00
Incl. The following other bids were received:
847,827.35
siuuiul assessment bonds
Specia fund
BidderPremium.
344,867.98
• City Securities Corp
$2 45
1: 19
6 7
1,786,695.33
Madison County Trust Co
Anderson Banking Co
552
Net bonded debt
1,628,547.79
Msyer-Kiser Bank
2,710
Population (1920 Census), 24,312.
Farmer's Trust Co
800
J. F. Wild Investment Co
MERIDIAN TOWNSHIP, Ingham County, Mich.
975
-BONDS NOT
-Jay Marsh,Township Clerk. reports that the issue of $7,000 special
SOLD.
MAHONING COUNTY(P.O. Youngstown),Ohio.
-BOND SALE.
- assessment fire protection apparatus bonds offered on Dec. 27-V. 129.
In connection with the offering on Dec. 27 of 7 issues of bonds aggregating D. 4168
-was not sold. Interest rate was to be named in
3109,910-V. 129,P. 3668,3835-F. E. Lancaster, Clerk of the Board of Jan. 1 1930. Due in five equal annual installments on Jan. bid. Dated
1 from 1931
County Commissioners,states that the issue for $38,360 was not sold, while to 1935 inclusive.
the issues below aggregating $71,550 were awarded as 5s to W. L. Slayton
MILFORD,Clermont and Hamilton Counties, Ohlo.-BOND SALE.
& Co., of Toledo, for a premium of $303.20, equal to a price of 100.42, a
-The $3,000 sewerage system plant construction bonds offered as 68 on
basis of about 4.88%:
-were awarded at a price of par to the Milford
$20,300 road improvement bonds. Due Oct. 1, as follows: $4,300, 1931; Dec. 17-V. 129, 13. 3668
and 34.000 from 1932 to 1935,incl.
National Bank. H. L. Schroeder, Village Clerk, states that premiums of
18.800 road improvement bonds. Due on Oct. 1, as follows:$1,800, 1931; $5 and $8.40 over the par value of the bonds sold were offered by Assel,
32.000, 1932 to 1938,incl.; $1,000, 1939;and $2,000in 1940.
Goetz & Moerlein, Inc.. both of Cincinnati, respectively. The bonds are
9.000 road improvement bonds. Due on Oct. 1, as follows:$1,000. 1931; dated Oct. 1 1929 and mature $500 on Oct. 1 from 1930 to 1935,incl.
and $2,000, 1932 to 1935,incl.
MONROE, Monroe County Mich.
-OTHER BIDS.
-In connection
8,500 road improvement bonds. Due on Oct. 1, as follows:$1,500, 1930; with the award on Dec. 30 of $64:700 spec. asst. bonds as 5 Ms to the Detroit
$2,000, 1931 and 1932; $1,000, 1933; and $2,000 in 1934.
Co., and the First National
at a
7.500 road improvement bonds. Due on Oct. 1,as follows: 31,500. 1931; & Security Trust basis of about 5.09%-V. Co. of Detroit, jointly, that
price of 100.59, a
130, p 170
-we learn
$2,000. 1932; $1,000. 1933; 32,000, 1934; and $1,000 in 1935.
Watling, Lerchen & Hayes of Detroit, bid par for
7.450 road improvement bonds. Due on Oct. 1. as follows: $1,450, 1931; plus a premium of $549.95 for the bonds as 5%s. the bonds as 5Ms,and par
Carl Kiburtz of Monroe,
$1,000, 1932; $2,000, 1933; $1,000, 1934; and 52,000 in 1935.
of Toledo, jointly, bid par plus a premium of
All of the above bonds are dated Oct. 1 1929. Mr. Lancaster makes no and Braun, Bosworth & Co.
explanation as to the reason for not awarding the issue for $38,360. Pre- $332 for the bonds as 550.
miums of $610.40 and $574.20for the 7issues as 5% bonds were offered by
MOORESTOWN TOWNSHIP (P. 0. Moorestown), Burlington
-The following other bids were received
the First Citizens Corp., of Columbus. and Otis & Co., of Cleveland, County, N. J.
-OTHER BIDS.
respectively.
on Dec. 30 for the $62,000 coupon or registered assessment funding bonds
The following other bids for the 6 issues awarded were received:
awarded as 5Ms to Rufus Waplees & Co., of Philadelphia, at a price of
BidderInt. Rate.
Premium. 100.19. a basis of about 5.21%.-V. 130, p. 170.
Stranahan,Harris & Oat's,Inc
Bidder
Premium,
5%
$288.87
Ryan,Sutherland & Co
5
257.00 Burlington County Trust Co., Moorestown
$84.94
Title Guarantee & Trust Co
14.38 Moorestown Trust Co
68.20
Braun.Bosworth &Co
MOUNT VERNON, Westchester County, N. Y.
-BOND SALE.
Herrick Oo
56
19
.
.88 The following coupon or registered bonds aggregating $1,545,000 offered on
Seasongood &Mayer
5i%
5
216.00 Jan. 9 are reported to have been awarded to a syndicate composed of the
MAMARONECK (P.0. Mamaroneck), Westchester County, N. Y.- First National Old Colony Corp., R. L. Day & Co.and Phelps Fenn & Co.,
BOND OFFERING.
-Walter R. Marvin. Jr., Town Clerk, will receive all of New York, at par plus a premium of $160, equal to a price of 100.01,
sealed bids until 2:30 p. m. on Jan. 14, for the purchase of the following for $894,000 bonds as 4%s and 3651.000 bonds as 4s.
issues of coupon or registered bonds aggregating $160,000. to bear interest
$534,000 North Fourth Ave. widening bonds. Due on Jan. 1 as follows
at a rate not exceeding 6%,stated in multiples of 1-10th or % of 1%•
$26,000, 1931 to 1936 incl., and $27,000, 1937 to 1950 incl.
$96,000 street improvement bonds. Due on Dec. 1, as follows: $7,000,
228,000 MacQuesten Parkway bonds. Due Jan. 1 as follows: $8,000,
1930 to 1935, incl., and $6,000, 1936 to 1944, incl.
1931 to 1948 incl., and $7,000, 1949 to 1960 incl.
street improvement bonds. Due on Dec. 1, as follows: 35.000.
64.000
151,000 land purchase bonds. Due Jan. 1 as follows: $5,000, 1931 to
1930 to 1933, incl., and $4,000, 1934 to 1944, incl.
1959 hid., and $6,000 in 1960.
All of the above bonds are dated Dec. 1 1929. Denom,31.000. Principal
132,000 highway improvement bonds. Due Jan. 1 as follows: $13,000.
and semi-annual interest (June and Dec. 1) payable in gold at the Trust
1931 to 1939 incl., and $15,000 in 1940.
Co. of Larchmont,in Larchmont, or at the Bankers Trust Co.. New York.
108,000 garage bonds. Duo Jan. 1 as follows: $3,000, 1931 to 1942 incl.,
A certified check for $5,000, payable to the order of the town, must acand $4,000. 1943 to 1960 incl.
company each proposal. The approving opinion of Clay, Dillon & Vande100,000 assessment bonds. Due 120,000, Jan. 1 1931 to 1935 incl.
water, of New York, will be furnished to the purchaser.
86,000 North Eighth Ave. extension bonds. Due Jan. 1 as follows:
Financial Statement (Town of Mamaroneck)
34.000. 1931 to 1944 incl., and $5,000, 1945 to 1950 incl.
Valuations:real estate & special franchise,1929-30
575,031,055
78,000 drainage bonds. Due Jan. 1 as follows: $3,000, 1931 and 1932.
110.000.000
Actual valuation, 1930 (estimated)
and 34,000. 1933 to 1950 incl.
$2,404,000
Debt:Total bonded indebtedness,including these issues
76,000 City Hall equipment bonds. Due Jan. 1 as follows: $3,000, 1931
Water district bonds,included above
288.000
to 1934 incl., and $4,000, 1935 to 1950 incl.
Sewer district bonds included above
973.000
33,000 Dept. of Public Works equipment bonds. Due Jan. 1 as follows:
Population 1920 Federal census, 6,571: 1925 State census. 13,124: 1930
36,000. 1931 and 1932, and 37,000 from 1983 to 1935 incl.
estimated. 21,000.
8,000 city lot impt. bonds. Due $1,000, Jan. 1 1931 to 1938 Incl.
8,000 highway repaving bonds. Due 81,000, Jan. 1 1931 to 1938 incl.
MARION CITY SCHOOL DISTRICT, Marion County, Ohio.
3,000 sewerage bonds. Due $1,000. Jan. 1 1931 to 1933 incl.
BOND SALE.
-The $300,000 school bonds offered on Jan. 8-V. 129. p.
All
4168
-were awarded as 4s to Ames, Emerich & Co. of Chicago. for a and of the above bonds are dated Jan. 1 1930. Denom. $1,000. Prin.
premium of $3,212. equal to a price of 101.07, a basis of about 4.63%. to semi-annual int. payable at the office of the City Treasurer. Legality
be approved by Caldwell & Raymond of New York.
Dated Jan. 11930. Due semi-annually on March and Sept. 1 from 1930
to 1953 as follows: In the even numbered years, beginning with 1930.$6,000
MULTNOMAH COUNTY DRAINAGE DISTRICT NO. 1 (P. 0.
bonds will be payable on each March and Sept.1 until 1952. and in the odd Portland), Ore.
-BONDS NOTSOLD.
-The 322.000 issue of 5% drainage
numbered years, beginning with 1931. $6,000 bonds will be payable on refunding bonds offered on Dec. 28-V. 129. p. 3507
-was not sold as all
March 1 and $7,000 bonds on Sept. 1 until 1953.
the bids were rejected. Dated Dec. 1 1929. Due from Dec. 1 1939 to
MARION COUNTY (P. 0. Indianapolis), Ind.
-BOND SALE.
-The 1943 incl.
$139,800 4M% Board of Children's Guardians Home building construction
MUSCATINE, Muscatine County, Iowa.
-MATURITY.
-The $75,and equipment bonds offered on Dec. 27-V. 129. p. 3998
-were awarded 000 issue of sewer bonds that was purchased by Geo. M.Bechtel & Co., of
to a group composed of the Union Trust Co., the Fletcher Savings & Trust Davenport, as 4 Ms,for a premium of $760,equal to 101.01-V. 130, p. 170
Co., and the Fletcher American National Bank, all of Indianapolis, for a -is due on Dec. 1, as follows: 54,000, 1930:17,000, 1931 and 1932; 38,000.
premium of $3,275, equal to a price of 102.34, a basis of about 4.46%. 1933 to 1935: 59.000. 1936 and 1937; 310,000 in 1938 and $5,000 in 1939,
Dated Dec. 1 1029. Due $6,900, Dec. 1 1930 to 1949 incl.
giving a basis of about 4.56%•
JAN. 11 1930.]
FINANCIAL CHRONICLE
325
MUSKEGON HEIGHTS, Mich.
-BOND OFFERING.-Mabelle C. on Jan. 21,for the purchase of $930.000 coupon or registered grade crossing
eterson, City Clerk, will receive sealed bids until 5:30 p. m. on Jan. 13 elimination bonds, to bear interest at a rate not exceeding 6%,stated in a
or the purchase of $15,000 general improvement bonds. Rate of interest multiple of h of 1%. Dated Feb. 1 1930. Denom. $1,000. Due on
o be named in bid. Dated Jan. 1 1930. Due $1,500 on Jan. 1 from 1931 Feb. 1, as follows: 816.000. 1932 to 1955, incl.: $18.000, 1956: and $24,000
• 1940, inclusive. Interest to be payable semi-annually. Legal opinion from 1957 to 1978, incl. Bids are desired on forms iurnishod by the city.
o be furnished by the city.
Prin. and semi-annual int. (F. & A. 1) payable at the office of the City
Treasurer. No more bonds are to be awarded than will produce a premium
NAVARRO COUNTY CONSOLIDATED ROAD DISTRICT NO. I of
$1,000 over the amount stated above. The bonds will be prepared under
(P. 0. Corsicana), Tex.
-BOND OFFERING.
-Sealed bids will be reCo., New York, which
eived by Clay Nash, County Judge, until 10 a. m. on Jan. 27 for the pur- the supervision of the International Germanic Trustof the officials and the
will
hase of an issue of $1,366,000 5% road bonds. Dated July 1 1927. Due seal certify as to the genuineness of the signaturesof the amount of bonds
impressed thereon. A certified check for 2%
n April 1 as follows: $76,000. 1940 to 1955, and $75,000 in 1956 and 1957. bid
for must accompany each proposal. Legal opinion to be furnished by
in. and int. (A. & 0.) payable at the Seaboard National Bank in New
ork City. Chapman & Cutler of Chicago will furnish the legal approval. Caldwell & Raymond,of New York.
These bonds are the remainder of an authorized issue of $2,278.000.)
-BOND OFFERING.
PHILIPPINE ISLANDS, Government of.
$2.500 certified check must accompany the bid. (The preliminary offer- Sealed bids will be received until 2p. m.on Jan. 16 at Room 3040, Munitions
.g report appeared in V. 130, p.170.)
Building, Washington, D. C.. by F. LeJ. Parker, Brigadier-General and
Official Financial Statement.
Chief of the Bureau of Insular Affairs, for the purchase of an issue of
Consolidated Road District No. 1, created April 11 1927. Bonds issued 81.500,000 4 % coupon Metropolitan Water District bonds. Denom.
nder authority of Section 32, Article 3 of the Constitution of Texas, and $1,000. Dated Oct. 1 1929. Due on Oct. 11959. Prin.and hat.(A.& 0.)
ws pursuant thereto, particularly Chapter 16 of the General Laws passed payable in gold coin at the Treasury of the United States. Authority for
y the 39th Legislature, first called Session 1926. Bonds are printed and issuance: Sec. 11 of an Act of Congress. approved on Aug. 29 1916. as subelivery will be made at once.
sequently amended by an Act, approved on May 31 1922, and in Act
otal value of taxable property (estimated)
$75,000,000 No. 3255 of the Philippine Legislature. approved Dec.3 1925. A certified
..eased valuation for taxation, year 1929
22,000.000 check for 2% par of the bonds bid for, payable to the above named Chief,
otal bonded indebtedness, including this issue
2,538.000 is required.
ax rate for payment of bonds
1
PIMA COUNTY SCHOOL DISTRICT NO.1(P.O. Tucson), Ariz.
Population, estimated, 30,000.
BOND SALE.
-The $375,000 issue of school building bonds offered for
NEBO, McDowell County, N. C.
-BOND OFFERING.-Sealed bids sale on Jan.6-V.129, p.3836
-wassold to John Nuveen & Co.,ofChicago,
be received by N. L. Wessinger, Town Clerk, until noon on Jan. 22 as 58, for a premium of $6,750, equal to 101.80, a basis of about 4.81%.
or the purchase of a $5.000 issue of 6% semi-annual electric light bonds. Due $25,000 from 1936 to 1950, incl.
(A similar issue of bonds was awarded on Dec. 18-V. 129, p. 4168.)
-PRICE PAID.
-Stone &
PITTSFIELD, Berkshire County, Mass.
NEWBURYPORT, Essex County, Mass.
-ADDITIONAL INFOR- Webster and Blodget, Inc., and Curtis & Sanger, both of Boston, jointly.
MATION.
-In connection with the report of the sale of $25,000435% sewer paid a price of par for the $400.000 4% coupon bonds sold recently.
-V.
bonds at a price of par
-V. 130, p. 17 --Charles E. Houghton, City Treas- 129, p. 4169. The
are dated Dec. 15 1929 and mature on Dec. 15.
er,informs us that the award was made on Nov. 15 and that the bonds are as follows: $27.000,bonds 1943, incl.. and $22,000 in 1944.
1930 to
dated Nov. 1 1929. Denom. $1,000. Due as follows: $2,000 from 1930
-The
-BONDS NOT SOLD.
POLK COUNTY (P. 0. Benton), Tenn.
• 1041 incl., and $1,000 in 1942. Int. payable on (J. & D. 1). The
institution for Savings of NewburyPort purchased $13,000 bonds and the $100.000 issue of 5% funding bonds offered for sale on Jan. 6-V. 129,
-was not sold as the County Court declined to sell the bonds
emaining $12,000 bonds were sold to the Newburyport Five Cents Savings p. 4169
laelow par. The highest bid received was an offer of 94. The County
Bank.
Clerk Informs us that the bonds will again be re-advertised.
NEW HARTFORD, Oneida County, N. Y.
-OTHER BIDS.
-The
-TEMPORARY LOAN.following is a list of the other bids received on Dec. 20 for the $22,000
PORTLAND, Cumberland County, Me.
..upon or registered at. impt. bonds awarded as 5s to the Manufacturers & The Boston Safe Deposit & Trust Co. of Boston on Jan. 6 was awarded a
aders Trust Co., of Buffalo, at a price of 100.39, a basis of about 4.93%. $300.000 temporary loan at a 4.10% discount, plus a premium of $2.40.
Dated Jan. 9 1930. Denom. to suit purchaser. Payable on Oct. 7 1930
Premium paid was 372.49.-V. 129, p. 4168.
BidderInt. Rate.
Premium. at the First National Bank of Boston. Legality approved by Ropes, Gray,
.C.Allyn & Co
5.50
$152.50 Boyden & Perkins of Boston. The following is a list of the other bids
George B. Gibbons & Co
5.25
65.54 received:
Discount.
Batchelder & Co
Bidder
5.00%
24.20
4.29
First National Bank(New Hartford)
Salomon Bros. & Hutzler (plus $7)
5.00%
Par
4.40
Fidelity Trust Co., Portland
NEWTON COUNTY (P. 0. Kentland), Ind.
-BOND SALE.
-The Casco Mercantile Trust Co
4.41
$4,186 6% Iroquois Township ditch construction bonds offered on Jan. 4- S. N. Bond &
4.42%
Co.(plus $8)
V. 129, p. 3999 were awarded at a price of par to a local Investor. The
-A $130,000
bonds are dated Jan. 1 1930 and mature $418.60 on (J. & J. 15) from 1931
PORTSMOUTH, Norfolk County, Va.-BOND SALE.
issue of 4% send-annual refunding bonds is reported to have recently been
to 1935,incl.
perchased at i s.by the Sinking Fund Commissioners. Dated Jan. 1 1930
ue io 30 yeT
s
NORRISTOWN, Montgomery County, Pa.
-BOND OFFERING.
F. Lester Smith, Borough Clerk, will receive sealed bids until 12m. on Jan.
31 for the purchase of $150,000 4h % coupon borough bonds. Dated
-TEMPORARY LOAN.
PORTSMOUTH,Rockingham County, N. H.
Jan. 1 1930. Dcnem. $1,000. Due on Jan. 1 as follows: $40,000 in 1940, -The First National
Colony Corp. of Boston recently purchased a
50,000 in 1950 and $60,000 in 1960. A certified check for 2% of the $100,000 temporary -Old a 4.59% discount. The loan is dated Aug. 31
at
amount of bonds bid for, payable to the order of the Borough Treasurer, 1929. The following loan bids were received:
other
must accompany each proposal. The bonds are issued subject to the favorTemporary Loan.
Bidderable opinion of Townsend, Elliott & Munson of Philadelphia as to their Merchants National Bank of Boston
4.63%
validity.
S. N. Bond & Co
4 72%
NOXUBEE COUNTY (P. 0. Macon), Miss.
-BOND SALE.
-The
-CERTIFICATES
POWESHIEK COUNTY(P.O.Montezuma), Iowa.
$100,000 issue of coupon bridge bonds offered for sale on Jan. 7-V. 129, SOLD.
-The $35,000 issue of 5% annual road construction certificates
-was awarded to the Boatmen's National Co. of St. Louis. as 58,
p. 3999
-has since been
for a premium of $455, equal to 100.455. Denom. $1,000. Dated Feb. offered without success on Nov. 15-V. 129, p. 3358
awarded as follows: $25,000 to the County Sinking Fund and 810,000 road
11930. Due serially without option. Interest payable F. & A.
construction bonds to local investors. Dated Nov. 15 1929. Due on Dec.31
1931.
OCEAN CITY, Cape May County, N. J.
-NOTE SALE.
-The First
National Bank of Ocean City during December purchased an issue of
Provo), Utah County,
$100,000 6% tax revenue notes at a price of par. Dated Dec. 1 1929. in PROVO SCHOOL DISTRICT (P. 0.school bonds is reportedUtah.to have
BO1949.
ND SALE.-A 8225.000 issue of 5%
Denom. $5,000. Due on June 1 1930.
been purchased by an undisclosed investor. Dated Dec. 15 1929. Due
OKLAHOMA CITY SCHOOL DISTRICT (P. 0. Oklahoma City),
Okla.
-BOND SALE.
-The $2,150,000 issue of semi-annual school bonds
PROWERS COUNTY CONSOLIDATED SCHOOL DISTRICT NO.
offered for sale on Jan.6(V. 129, p. 4169) was sold to a syndicate composed
-The $30,000 issue of school
-BOND DETAILS.
0. Holly), Colo.
of the Continental Illinois Co., Halsey, Stuart & Co. and the Northern 6 (F.1 94o
Fen. 7 was purchased by the United States National Co., of Denver
bobds
t
Trust Co., all of Chicago; Stern Bros. & Co. of Kansas City; the Mercantile V.
130. p. 171-bears interest at oi%. Due in 1950 and optional after
Trust Co. of St. Louis; the American-First Trust Co. of Oklahoma City,
and the Fart Worth National Co. of Fort Worth, at a price of 100.009,
giving a basis of about 4.70% on the bonds, divided as follows: 81.302,000
-BOND SALE.
-The $150.RHEA COUNTY (P. 0. Dayton), Tenn.
maturing $93,000, 1933 to 1946, as 5% bonds, and $848,000 maturing 000issue ofschool funding bonds offered for sale on Dec.30-V.129, p.4000
893.000 1947 to 1954, and $104,000 in 1955 as 4h % bonds. The high -Nashsiney awarded to Caldwell & Co. and J. C. Bradford & Co., both
ofavas j intl
o
bid on the bonds is understood to have been made by a group composed of
the Continental Illinois Co,Halsey, Stuart & Co., the Northern Trust Co.,
RICHLAND,Stewart County, Ga.-BOND OFFERING.Sealed bids
Stern Bros. & Co., the Mercantile Commerce Co., the American-First
Trust Co. and the Fort Worth National Co. The syndicate submitted will be received until Jan. 15 by J. E. D.Shipp, Attorney for the City, for
two bids, of which one was par for all 4hs, while the other was par for the purchase of 810.000 issue of 5% semi-annual water works bonds.
$1,302,000 of the bonds, with maturities up to 1946 as 5s, and the remain- Denom. $1,000. Due $1,000 from Jan. 1 1940 to 1949, incl.
ing maturities as 4 he.
RICHMOND HEIGHTS (P. 0. South Euclid, R. F. D.), Cuyahoga
A group headed by the Prescott, Wright, Snider Co. offered par for County, Ohio.
-Henry Schroeder, Village Clerk.
-BOND OFFERING.
82.046,000 of the maturities up to 1954 as 4hs and the remaining $104,000 will receive sealed bids until 12 in. on Feb.3 (to be opened at 8 p. m.),for
of 1955 maturity as 43.s.
the purchase of $14,900 534% Village's portion street improvement bonds.
A third tender was made by a syndicate comprising the Bankers Co., Dated Jan. 1 1930. Due on Oct. 1, as follows: $1,500. 1931 to 1939, incl..
the National City Co., Eldredge & Co., the First National-Old Colony and $1,400 in 1940. Principal and semi-annual interest (April and Oct. 1)
Corp., Kean. Taylor & Co. and R. J. MacMahon & Co. This offer also payable at the legal depository of the village in Cleveland. Bids will
was Par, but the coupon rates requested were 5% for $1.442,000 of matur- also be considered for the bonds to bear interest at a rate other than above
ities to 1948, while the remaining $708,000 of maturities to 1955 were to stated, if fractional to be in multiples of h of 1%. A certified check for
be
%.
10% of the amount of bonds bid for, payable to the order of the Village
OLMSTEAD FALLS, Cuyahoga County, Ohio.
-BOND OFFERING. Treasurer, must accompany each proposal.
A. F. Schuttenberg, Village Clerk, will receive sealed bids until 12 m. on
-BOND OFFERROBERTSON COUNTY (P. 0. Springfield), Tenn.
Jan. 27,for the purchase en $1,400 6% improvement bonds. Dated Jan. 1 ING.
-At 10 a. m. on Jan. 18, two Issues of bonds and warrants will be
1930. Denom. $300. one bond tor $200. Due on Oct. 1, as follows: $200
follows
:
1931, and $300 from 1932 to 1935,incl. A certified check for 10% of the offered for sale at public auction, by Byron Johnson, County Judge,divided
in
amount of bonds bid for, payable to the order of the Village Treasurer, as
$25,000 road bonds. Due in 20 years.
roust accompany each proposal.
25,000 school warrants. Due $1,000 annually to maturity.
OSAGE SCHOOL DISTRICT (P.0. Osage), Osage County, Okla.
Bids are to be at the lowest rate upon which par can be paid. Dated
INTEREST RATE.
-The $8,000 issue of school bonds that was purchased Feb. 1 1930. A certified check for 2% of the issue must accompany the bid.
by the Piersol Bond Co., of Oklahoma City, at a price of 100.12-V. 129,
ROCKFORD SANITARY DISTRICT (P. 0. Rockford) Winnebago
0.4169
-bears interest at 6%,giving a basis of about 5.98%. Due $1,000
County, 111.
-Sealed bids will be received by the
-BOND OFFERING.
from 1933 to 1940, incl.
Clerk of the Sanitary District until 10 a. m.on Jan. 16,for the purchase of
PASADENA, Harris County, Tex.
-A $500,000 434% sewer bonds. Dated Jan. 1 1930. Denom. $1,000. Due
-BONDS REGISTERED.
$12.000 168110 of 8% serial refunding bonds was registered on Jan. 3 by the
$25,000 on Jan. 1 from 1931 to 1950, incl. Principal and semi-annual
State Comptroller.
interest (Jan. and July 1) payable at the First National Bank of Chicago.
PASQUOTANK COUNTY (P. 0. Elizabeth City), N. C.
-BOND or the Third National Bank of Rockford. A certified check for 3% of the
-The $13,000 issue of 6% coupon bridge bonds offered for sale on bid must accompany each proposal. The approving opinion of Chapman
SALE.
Jan. 6-V. 129, p. 3999
-was awarded to the Hanchett Bond Co., of & Cutler of Chicago, will be furnished to the purchaser. A similar issue of
Chicago, for a premium of $57, equal to 100.43, a basis of about 5.82%. bonds was sold on Aug. 19 to Halsey. Stuart & Co., and the National City
Dated Jan. 1 1930. Due on Jan. 1. as follows: $3,000, 1931 to 1933 and Co.,jointly, at a price of 97.5833,a basis of about 4.81%.-V. 129, p. 1325.
$4,000 in 1934.
ROCK ISLAND SCHOOL DISTRICT NO. 41, Rock Island County,
PEMBERTON,Burlington County, N. J.
-BOND OFFERING.
-J.N. III.
-BOND SALE.
-The $280,000
% school bonds offered on Jan.
Jones, Borough Clerk, will receive sealed bids until 2 p. m. on Jan. 16, 6-V. 129, p. 4000
-were awarded to the Mississippi Valley Co.. of St.
for the purchase of $42,000 5% coupon or registered sewerage plant pur- Louis. at a price of 99.47, a basis of about 4.62%. The bonds are dated
cbase bonds. Dated Jan. 1 1930. Denom. $1,000. Due on Jan. 1, as Jan. 20 1930 and mature in 5 years.
follows: $1,000, 1932 to 1943, incl., and $1,500 from 1944 to 1963. incl.
The following is an official list of the other bids submitted:
principal and semi-annual interest (Jan. and July 1) payable at the Peoples
Price Bid.
Bidder
national Bank & Trust Co., Pemberton. No more bonds are to be awarded
Davenport
$275,220.00
tban will produce a premium of $1,000 over the amount stated above. Glaspell, Vieth & Duncan,Davenport
M. Bechtel & Co.,
277.004.00
The bonds will be prepared under the supervision of the aforementioned
275,240.00
bank. A certified check for 2% of the amount of bonds bid for, payable Central Trust & Savings Bank, Rock Island
273,810.00
to the order of the Borough, must accompany each proposal. The bonds The White-Phillips Co., Davenport
276,230.50
are issued to finance the acquisition of the water and sewerage plants of the A. B. Leach & Co.. Chicago
First Union Trust & Savings Bank, Chicago
277,276.00
pemberton Township Water, Sewer and Light Co.
The National City Co., New York
275.613.24
PERRYSBURG VILLAGE SCHOOL DISTRICT, Wood County,
-MATURITY.
SAINT JOSEPH, Tenses Parish, La.
-The $30,000
okio.-BONDS VOTED.
-At the general election held on Nov.5-V. 129,
-the voters approved the proposal to issue $225,000 school building issue of 6% semi-annual water works bonds that was jointly awarded to
p. 2894
E. P. Clarke, of Alexandria, and the National City Savings Bank & Trust
construction bonds by a vote of 796 to 402.
Co., of Vicksburg, at a price of 100.10-V. 129, P. 2722
-is due on Sept. 1,
PERTH AMBOY, Middlesex County, N. J.
-BOND OFFERING.
- as follows: 3500, 1930 to 1941: $1,000. 1942 to 1950: $1.500, 1951 to 1956:
Joseph E. Hornsby. City Treasurer, will receive sealed bids until 2 p. m. and $2,000, 1957 to 1959,incl., giving a basis of about 5.99%.
326
FINANCIAL CHRONICLE
ST. MARTINVILLE, St. Martin Parish, La.
-BOND SALE.
-The
two issues of 6% coupon bonds, aggregating $38,000, offered for sale on
Dec. 31-V. 129, p. 4000
-were sold to J. Franklin Schell, of Washington,
at par and interest. Denom. $100 and $200. The issue are as follows:
$20,000 tax revenue and $18,000 water and electric plant bonds. Dated
Jan. 1 1930. Due serially. Interest payable on Jan. and July 1.
ST. THOMAS TOWNSHIP SCHOOL DISTRICT (P. 0. Edenville),
Franklin County, Pa.
-An issue of $23,000 4%% coupon
-BOND SALE.
school bonds was sold during Dec. to J. G. Benedict, of Waynesboro, for a
premium of $91, equal to a price of 100.39, a basis of about 4.47%. The
bonds mature in 1952. Int. payable semi-an ually.
SAN FRANCISCO (City and County), Calif.
-339,000.000 OF THE
-The National
$41,000,000 BOND AWARD ABSORBED BY PUBLIC.
City Co., of New York, reported on Jan. 8, on behalf of the members of
the nation wide syndicate headed by itself and the Bank of Italy, of San
Francisco, that all but $2,000,000 worth of the total award of $41,b00,000
•1,4% San Francisco-Spring Valley water bonds purchased on Dec. 17V. 129, P. 4000
-had been disposed of to the public. According to reports.
about half of the issue was disposed of to investors on the Pacific Coast.
We are informed that the distribution of the bonds was accelerated by the
impending retirement of $21,000,000 5% Spring Valley Water Co. bonds,
which are being turned in by the holders in exchange for the 43 % taxexempt bonds. Due $1,000,000 from 1930 to 1970, incl.
(It is now reported that the syndicate books on this account were closed
on Jan. 9.)
-The
SAPULPA, Creek County, Okla.
-BOND SALE POSTPONED.
sale of the $259,000 issue of 6% funding bonds scheduled for Dec. 27-V.
129, p. 4170
-was temporarily postponed, we are informed by W. P.
Woodruff, City Treasurer.
SOUTH EUCLID-LYNDHURST SCHOOL DISTRICT (P. 0. South
Euclid), Cuyahoga County,Ohio.
-BOND OFFERING.-Paul H.Prasse,
Clerk of the Board of Education, will receive sealed bids until 12 m. (to
be opened at 8 p. in.) on Jan. 28, for the purchase of $71,000 6% school
bonds. Dated Oct. 1 1929. Denom. $1,000. Due on Oct. 1, as follows:
$2,000, 1931 and 1932: $3,000 ,1933: $2,000, 1934 and 1935; $3,000, 1936;
82.000, 1937 and 1938: $3.000, 1939: 32.000, 1940 and 1941; $3,000, 1942;
$2,000. 1943; 83,000, 1944 and 1945; $2,000, 1946; $3,000, 1947 and 1948;
$2,000, 1949: $3,000, 1950 and 1951: *2.000. 1952 and 1953; 83,000, 1954;
$2,000, 1955 and 1956; $3.000. 1957; 82.000. 1958 and $3,000 in 1959.
Principal and semi-annual interest (April and Oct. 1) payable at the Cleveland Trust Co., Cleveland. A certified check for 5% of the amount of
bonds bid for, payable to the order of the above-mentioned official, must
accompany each proposal. Bids based upon the bonds to bear an interest
rate other than above stated will also be considered.
STAFFORD, Stafford County, Kan.
-PRICE PAID.
-The 538.865
issue of 5% semi-annual street improvement bonds that was purchased
by the Guarantee Title & Trust Co. of Wichita-V. 129, p. 4170
-was
awarded for a premium of $99.54, equal to 100.25, a basis of about 4.95% •
Due on Nov. 1 as follows: $2,865 in 1930 and $4,000, 1931 to 1939 incl.
STAMFORD (City of), Fairfield County, Conn.
-TEMPORARY
LOAN.
-The First Stamford National Bank on Jan. 8 was awarded a
$100,000 temporary loan, maturing in about 9 months, at a 4.32% discount, plus a premium of $3. The following other bids were received:
Discount.
BidderGuaranty Co. of New York
4.34%
First National Old Colony Corp
4.37
S. N. Bond & Co.(plus $4)
4.40%
STAMFORD (Town of), Fairfield County, Conn.
-NOTE PURCHASE.
-Salomon Bros. & Hutzler, of New York, recently purchased a
issue of $150,000 tax anticipation notes at a 4.24% discount, plus a premium
of $3. The notes are due on July 1 1930 and are being reoffered by the
purchasers for public investment to yield 4.20%
The following other bids were received for the loan:
BidderDiscount.
S. N. Bond & Co. (plus $4)
4.44%
Old Colony Corporation
4.53%
STEPHENS COUNTY (P. 0. Breckenridge), Tex.
-BOND OFFERING.
-Sealed bids will be received until 10 a. in. on Jan. 16. by E. R. Maxwell, County Auditor, for the purchase of an issue of $100,000 5% %semiannual road bonds. Dated Oct. 15 1929. Due $4,000 from April 15 1931
to 1955, incl. Payable at the Central Hanover Bank in New York City.
Thomson, Wood & Hoffman, of New York City, will furnish the legal
approval. A certified check for 2% of the bid is required.
-BONDS NOT SOLD.
STRONGSVILLE,Cuyahoga County, Ohio.
H. V. Polk, Village Clerk, reports that the three issues of6% special assessment bonds aggregating $33,399 offered on Dec. 21-V. 129. p. 3838
-were
not sold.
-BOND OFFERING.
SUMNER COUNTY (P. 0. Wellington), Kan.
-Sealed bids will be received by J. A. Alexandre, County Clerk, until 11
a. m. on Jan. 21, for the purchase of an issue of $174,000 4%% semiannual road bonds. Denom. $1,000. Dated Jan. 1 1930. Due on Jan.
and July 1 from 1930 to 1940. A certified check for 2% must accompany
the bid.
TACOMA, Pierce County, Wash.
-BOND OFFERING.
-Sealed bids
will be received until 2 p. m. on Jan. 27 by A. S. Walters, Commissioner of
Finance, for the purchase of a 5450,000 issue of coupon water bonds. Int.
rate is not to exceed 6%. Denom. $1,000. Dated Jan, 11930. Due as
follows: $15,000. Jan. and July 1 1942; $20,000, Jan. and July 1 1943;
$25,000, Jan. and July 1 1944:830.000. Jan. and July 11945:$60,000,Jan.
and July 1 1946, and 375,000. Jan. and July 1 1947. Prin. and semiannual int. Is payable at the office of the City Treasurer or at the State's
fiscal agency in New York. Thomson, Wood & Hoffman of New York.
will furnish the legal opinion to the purchaser. The Comptroller will
furnish the required bidding form. A $22,500 certified check, must accompany the bid. (Authority for issue: Ord. No. 10327, passed on Dec. 26
1929 and is only a special fund obligation).
-MATURITY.
-The two issues
TACOMA, Pierce County, Wash.
of semi-annual coupon bonds aggregating $615,000, that were jointly purchased by Eldredge & Co., of New York, and Ferris & Hardgrove, of
-are due as follows:
Spokane, as 4%s, at 100.08-V. 129, p. 4170
$350,000 sewer bonds. Due as follows: $6.000, 1932 and 1933; $7,000
1934,to 9136:$8,000, 1937 to 1939: 89,000, 1940 to 1942; 310,000
1943 and 1944: 811.000, 1945 and 1946: 312,000, 1947 and 1948
$13.000, 1949 and 1950: 814,000, 1951; $15.000, 1952 and 1953
$16,000 1954: $17,000, 1955; 818,000, 1956; 819,000 1957 and
1958; $20,000, 1959, and $21,000 in 1960.
265,000 viaduct bonds. Due as follows: 35,000, 1932 to 1935; $6,000,
1936 to 1939; 37,000. 1940 to 1942; 38,000, 1943 to 1945; 39,000,
1946 to 1948: $10.000, 1949 and 1950; 1111,000, 1951 and 1952:
$12,000, 1953 to 1955; 313.000 in 1956; 814.000, 1957 and 1958:
and $15,000 in 1959 and 1960.
Basis of about 4.49%.
-BOND SALE.
-The $51,000
TARRANT, Jefferson County, Ala.
Issue of paving bonds that was offered for sale on Jan. 2-V. 129, p. 4001
was awarded to Cadlwell & Co. of Birmingham, at a price of 97.80.
-BOND AWARD.
-Six of
TENNESSEE, State of (P. 0. Nashville).
the seven issues of bonds and notes offered for sale on Jan. 9-V. 130,
awarded to a large syndicate (35 members) headed by Lehit• 171-were
man Bros. and the National City Co., both of New York, through a group
of banks in Nashville, Chattanooga and Memphis at par, giving a basis
of 4.676%. The successful syndicate purchased $29,050,000 of the total
amount of $31,050,000, offered, divided as follows:
$10,000,000 highway notes. Due on Dec. I 1939.
12,500,000 highway notes. Due on Jan. 11939.
2,350,000 bridge bonds. Due on Jan. I 1945.
2,500,000 refunding notes. Due on Dec. I 1931.
500,000 highway refunding notes. Due on April 29 1932.
1,200,000 highway refunding notes. Due on April 111935.
The $2,000,000 issue of highway refunding notes was not included in
the sale as the State Funding Board derided not to sell the entire amount
as advertised.
-BOND SALE.
-The
TARRYTOWN, Westchester County, N. Y.
$17,000 coupon or registered storm sewer bonds offered on Jan. 6-V. 129,
p. 4170
-were awarded as 4.60s to the Marine Trust Co., of Buffalo, at a
price of 100.378, a basis of about 4.55%. The bonds are dated Dec. 15
1929 and mature $1,000 on Dec. 15 from 1930 to 1946, incl. The following
other bids were received:
[Vol.. 130.
Bidder
Int. Rate. Rate B
Sherwood & Merrifield, Inc
100.2
4.70
100.1'
Manufacturers & Traders Trust Co., Buffalo
5..000%
44.970
Batchelder & Co
A. C. Allyn St Co
110°00.
5.00
Roosevelt & Bon
100.5'
5.25 0
George B. Gibbons & Co
100.2
TEXHOMA, Texas County, Okla.
-The 358,0
-INTEREST RATE.
issue ofsanitary sewer bonds that was purchased at par by the First Nation
Bank of Texhoma-V. 129, p. 3671-bears interest at 54%. Due fro
1932 to 1954 incl.
TODD COUNTY INDEPENDENT SCHOOL DISTRICT NO, 1
(P. 0. Long Prairie), Minn.
-BOND SALE.
-A $3,000 issue of 4%
school bonds is reported to have been purchased at par by the State
Minnesota,
TRENTON, Mercer County, N. J.
-BOND SALE.
-A syndicate co
posed of the First National Bank of New York, the First National 0
Colony Corp., of Boston, B. J. Van Ingen & Co., and Wallace & Co., t
latter two of New York, on Jan. 7 submitted the accepted tender of 102.'
for $2,432,000 bonds of the $2,500,000 coupon or registered school fund
issue offered for sale.
-V.129, p.4170. The successful bid was for the bon
as
the price paid figures an interest cost basis to the city of abo
4.29 0. The bonds are dated Feb. 1 1930 and mature on Feb. 1, as folio
,
$50,000, 1932 to 1951, incl.: 3100,000 from 1952 to 1961, inc., and $32,
in 1966.
BONDSPUBLICLY OFFERED
.-The purchasers are reoffering the bon
for public subscription at prices to yield 4.20 and 4.25%. according to in
Unity. The securities are stated to be legal investment for savings ban
and trust funds in New York, New Jersey and other States. The inform
tion following is taken from the offering notice: "Trenton, the capital
the State of New Jersey, reports an assessed valuation in 1929 of $20
646,696. The total bonded debt including this issue is $20,202,819, to
after deductions of $3,615,307 for water debt and sinking funds there
mains a net debt of $16,587,512. The population, according to the 19'
census, was 119,289, while the present official estimate is 138,000. The
bonds, issued for school purposes, are direct and general obligations of t
City, payable unlimited ad valorem taxes levied against all of the taxat
property therein."
TRUMBULL COUNTY (P.O. Warren), Ohio.-INT. RATE-PRII
PAID.
-In connection with the award on Dec. 27 of four issues of brin
aggregating $286,500 to Stranahan, Harris & Oatis, Inc. of Toledo, V.
129, p. 171-we learn that the bonds bear 44% interest and were sold
par plus a premium of $286.50, equal to a price of 100.10, a basis of abo
4.73%. Squire, Sanders & Dempsey of Cleveland, will certify as to
validity of the bonds.
TUCKAHOE, Westchester County, N. Y.
-BOND OFFERING.
J. C. McDonnell, Village Clerk, will receive sealed bids until 8 p. m.
Jan. 13, for the purchase of $17,000 coupon or registered general impro
ment bonds,to bear interest at a rate not exceeding 6%,stated in a multii
of 1-10th or 3 of 1%. Dated Jan. 11930. Denom. $1,000. Due $1,0
from 1931 to 1947, incl. Prin, and semi-annual hit. (J. & J. 1) payable
the First National Bank & Trust Co., Tuckahoe. A certified check
$1,000, payable to the order of the Village, must accompany each propo
The approving opinion of Clay, Dillon St Vandewater, of New York, will
furnished to the purchaser.
UNION COUNTY (P. 0. Creston), lowa.-BOND ELECTION.-(
Jan. 28 the voters will be called upon to pass judgment on a proposed bo
issue in the amount of $498,000 to be used for the paving of primary roac
UNION COUNTY SCHOOL DISTRICT NO. 43 (P. 0. Jonesbor
-The First National Bank of Jonesboro during Deco
-BOND SALE.
111.
her, 1929 purchased an issue of 310,0005% school bonds. Interest paya
semi-annually. Due $500 annually for a period of 20 years.
-BOND OFFERING.
VAN NUYS, Los Angeles County, Calif.
Sealed bids will be received by the City Clerk, until Jan. 14,for the porch
of a $40,000 issue of city hall bonds.
-E. J. Coulon & Co., of N
-BOND SALE.
VENTNOR CITY, N. J.
York, were awarded the $450,000 temporary loan school bonds off
for sale on Dec. 23.-V. 129, p. 4001. The purchasers paid par plus
premium of $5 for the bonds as 5.95s, equal to a price of 100.001, a ba
of about 5.94%. The bonds are dated Dec. 30 1929 and are payable
July 1 1930.
-W.
-BOND OFFERING.
VERMILION, Erie County, Ohio.
Mitchell, Village Clerk, will receive sealed bids until 7 p. m. (east
standard time) on Jan. 20,for the purchase 0337,800 5% special assessm
and village portion street improvement bonds. Dated Dec. 1 1929. 1)
on Dec. 1, as follows $4,300, 1931; $4,500, 1932 to 1934, incl.,
$4.000 from 1935 to 1939, incl. Principal and semi-annual interest (J
and Dec. 1) payable at the Erie County Banking Co., in Vermilion.
certified check for 1% of the amount of bonds bid for. payable to then
of the Village Clerk, must accompany each proposal. Bids for the bon
to bear interest at a rate other than above stated will also be considee
provided, however, that wnere a fractional rate is bid such fraction sh
of 1% or multiples thereof.
be
-ADDITIONAL INFORM
WAKEENEY, Trego County, Kan.
TION.-The $35,000 issue of water works improvement bonds that
-was purchased by the Central Trust
reported sold-V. 129. p. 4170
of Topeka, as 54, at par. Due serially in from 1 to 20 Years.
-BONDS N
WARREN COUNTY (P. 0. Williamsport), Ind.
-Rae Flemming, County Treasurer, reports that the issue,
SOLD.
6% drain construction bonds offered on Dec. 30-V. 129.
$4.711.80
4001-was not sold. The Issue may be reoffered shortly. Dated Dec.
1929. Due $471.81 on Nov. 15 from 1930 to 1939. incl.
-BOND SALE.
-The
WARWICK, Orange County, N. Y.
National Bank of Warwick on Jan.6 was awarded an issue of $13,000 5%
coupon or registered series C,fire truck bonds at a price of 100.50 a basis
Dated
about 5.30%. Dad Jan, 1 1930. Denom. $1,000. Due July 1,
follows: 33.000. 1930: and $2,000, 1931 to 1935, incl. Prin. and se
annual int. (J. & J. 1) payable at the above-mentioned bank.
WASHINGTON COUNTY(P.O. Hagerstown), Md.-BOND OFF
ING.-The Board of County Commissioners will receive sealed bids tin
2 p. m.on Jan. 21,for the purchase of $471,000 4)4% school bonds, Dal
Feb. 1 1930- Denom. $1,000. Due on July 1 as follows: $15,000 in 19
and $24,000 from 1936 to 1954, incl. Principal and semi-annual inter
(Jan. and July I) payable at the office of the County Commissioners.
certified check for 2% of the amount of bonds bid for, payable to the or
of the County Commissioners, must accompany each proposal.
WATERTOWN, Middlesex County, Mass.
-TEMPORARY LOAN.
A $400,000 temporary loan was recently sold to the Bank of Commerce
Trust Co., of Boston, at a 4.02% discount. The loan is due in a
11 months. Offers to discount the loan at 4.07% and 4.125% were al
by Faxon, Gade & Co., and the Union Market National Bank, of Wat
t
wA ect NDA
town, respyiively.
AND GOSHEN COMMON SCHOOL DISTRI
-BOND OFF
NO. 10 (P. 0. New Hampton), Orange County, N. Y.
ING.-John Dombroski, District Clerk, will receive sealed bids until 2 ro• •
on Jan. 16, at the office of Gardner & Taylor,62-64 North Sc., Middieto
for the purchase of $18,000 coupon or registered school bonds, to bear
at a rate not exceeding 6%. Dated Feb. 1 1930. Denoms. $1,000 a
$500. Due as follows: $500 from 1931 to 1944. incl.; and 51.000 from 1
to 1955, incl. Prin. and semi-annual int. (F. & A. I) payable at
Merchants National Bank, Middletown. A certified check for 10% of
par value of the bonds, payable to the order of Victor Golmboski, S
Trustee, must accompany each proposal. The approving Opinion
Thomson, Wood & Hoffman, of New York, will be furnished to the P
chaser.
WAYNE COUNTY(P.O. Detroit), Mich.
-OFFER $1,900,000 BON
-The syndicate headed by the Continental Illinois Co. of Chicago,
whom the $1,900,000 airport bonds were awarded on Dec. 27 as 44s t
4(s. at 100.007, a net interest cost basis of about 4.42%-V. 129, P.
-is re-offering the bonds for public investment, subject to approval
legality by Chapman & Cutler of Chicago, at prices to yield 4.40 to 4.25
according to maturity. The offering notices states that, according to„,
last official report, the assessed valuation of the county is $4,615,771.6,.
the net bonded debt $7,007,748, and the population is estimm
at 1,944,479.
WESTMORELAND COUNTY (P. 0. Greensburg), Pa.-APpRO
-James F. Woodward, Secretary of the Depo
$600.000 BOND ISSUE.
JAN. 11 1930.]
327
FINANCIAL CHRONICLE
ent of Internal Affairs,on Jan. 3 approved the flotation by the county ofa
00,000 bond issue for the rebuilding of county bridges and improving
hways,according to the Jan. 4 issue of the Philadelphia "Ledger."
WEST UNION INDEPENDENT SCHOOL DISTRICT (P. 0. West
-Bids will be
-BOND OFFERING.
nion), Fayette County, Iowa.
lved until 7.30 p. m. on Jan. 15, by Ruel P. Camp, Secretary of the
oard of Education, for the purchase of an issue of $105,000 semi-annual
hoot bonds. Int. rate is not to exceed 5%. Denom. $1,000. Dated
ay 1 1930. Due $10,000 in 1935; $5,000. 1936 to 1940 and $7,000, 1941
1950. all incl. Sealed bids will be received up to the hour of sale, after
hich open bids will be received. The purchaser is to furnish the printed
nds and legal approval.
WHITEFISH BAY SCHOOL DISTRICT NO. 1 (P. 0. Milwaukee)
-A. E. Ames & Co. of Toronto
HAMILTON, Ont.-BOND SALE.
recently purchased a total of $2,983,998 improvement bonds, consisting
of $1,903,887 430, dated 1930 and maturing in 1958, and $1,080,111 5s.
dated 1930 and maturing in 1948, at a price of 95.68, payment and delivery
at Hamilton, an interest cost basis of about 5.20%. The purchasers are
re-offering the bonds for public subscription at prices to yield 5.05 to 5%.
according to maturity. The report of the sale of the bonds and the following
list of the other bids received appeared in the Jan. 2 issue of the "Financial
Post":
Rate Bid.
Bidder94.90
Wood, Gundy & Co. and the Royal Bank of Canada. jointly
Commerce, Matthews &
Bell, Gouinlock & Co., Canadian Bank of
Co., McLeod, Young, Weir & Co. and Fry, Mills, Spence & Co__ _94.821
94.25
Bank of Montreal and the Dominion Securities Corp., jointly
Financial Statement (As at Nov. 30 1929).
$158,626,982.00
Assessed value of taxable property (1929)
21.805.450.00
Exemptions not included above
25,110.942.04
Gross debenture debt (including this issue)
Less
$7.149,961.49
Revenue-producing debt
Ratepayers' share of local improvements.... 2,194,259.28
Sinking fund for non-revenue producing debt- 2,534,152.61 11,878.373.38
-The $145,000 issue of 5%
lwaukee County, Wis.-PRICE PAID.
upon school bonds that was purchased by A. B. Leach & Co. of Chicago
-was awarded for a premium of$1.824.60,equal to 101.26,
V.129, p.3048
basis of about 4.81%. Due from Oct. 1 1930 to 1944 incl.
-The
-BOND SALE.
• WILLIAMS COUNTY (P. 0. Bryan), Ohio.
91101.46 road improvement bonds offered on Jan. 4-V. 129, p. 3838
ere awarded as 5s to the Detroit & Security Trust Co. of Detroit, for a
.
remium of $68.82. equal to a price of 100.13. a basis of about 4.95%
ated Jan. 10 1930. Due as follows: $4,161.46 on Mar. 10 and $5,000
$13,232,568.66
Sept. 10 1931,$5.000 on Mar. and Sept. 10from 1932 to 1935 incl.
Net debenture debt
The following is an official tabulation of the bids received:
(The above does not include $268.196.18 contingent liability for the HousAmt.of Bonds
ing Commission: semi-anpual payments of $5,000 payable until 1949 for
Bid For.
Int. Rate. Premium. Park lands; nor $563,091.28 annexation debt.)
Bidder6%
$49,161.46
Na't Bank,Bryan
Population (1929), 143.129.
155
6%
152 500
..00
15,000.00
armers State Bank,Stryker
-The $22.500 5% local
easongood & Mayer, Cincinnati_ - 49,161.46
198.00
531%
LAC AU SAUMON, Que.-BOND SALE.
-were disposed of
68.82 improvement bonds offered on Dec. 21-V. 129, p. 4002
Detroit & &cur. Tr. Co., Detroit_ 49,161.46
64.00 according to J. H. Lane, Secretary-Treasurer. Purchaser not disclosed
yan,Sutherland & Co., Toledo... 49,161.46
%
177.00 The bonds are dated Nov. 1 1929 and mature serially in 20 years.
tis & Co., Cleveland
534%
49,161.46
81.00
he Herrick Co., Cleveland
49.161.46
534%
-H. J. Noble, City
-BONDS NOT SOLD.
MEDICINE HAT, Alta.
61.50
avid Robison & Co., Toledo
49,161.46
5%
186.20 Treasurer, states that the $100,000 535% electric light and power plant
Irst Citizens Corp.. Columbus6%
49,161.46
4171-were not sold. The
20.00 extension bonds offered on Dec.31-V. 129, p.
5
aun,Bosworth & Co., Toledo 49,161.46
tie Guar.& Tr. Co.,Cincinnati
49.20 Issue will be reoffered later. Due annually over a period of 10 years.
49,161.46
534%
•Purchaser.
-The 155.000 5% school
PORT COLBORNE, Ont.-BOND SALE.
5-V. 129,
WILLOUGHBY RURAL SCHOOL DISTRICT, Lake County, Ohio. building construction bonds offered on Oct. Anderson & p. 2118-are reCo., of Toronto.
purchased by Dyment.
-In connection with the award on Ported to have been
ADDITIONAL INFORMATION.
payable in 20
ec. 28 of $65,000 school bonds as 5s to Otis & Co. of Cleveland. at a price at a price of 96. a basis of about 5.53%. The bonds are
that the bonds are dated Dec. 15 1929. annual installments.
p. 172
I 100.12-V. 130,
-we learn
-A syndicate
e coupon in $1,000 denoms.,and mature semi-annually on April and Oct.1
-BOND SALE.
SASKATCHEWAN (Province of), Can.
m 1930 to 1939 incl. Int, payable in April and October. Int. cost basis composed of the Dominion Securities Corp., Wood. Gundy & Co., A. E.
of Combout 4.98%.
Ames & Co., the Royal Bank of Canada, and the Canadian Bank
- merce, all of Toronto, recently privately purchased an issue of $3,500,000
WORCESTER, Worcester County, Mass.
-TEMPORARY LOAN.
construction of
he Worcester County National Bank on Jan. 7 purchased a $600,000 5% coupon bonds issued for the following purposes: the
• porary loan at a 3.875%. Dated Jan. 9 1930. Denoms. $50,000. public buildings, telephones and highways, and to meet the requirements of
Denoms.
5,000 and $10,000. Payable on Nov. 5 1930 at the Old Colony Trust the Saskatchewan Power Commission. Dated Dec. 2 1929.
1959.
o., of Boston, or at the Bankers Trust Co., New York. Legality to be 3_1000 and $500. Registerable as to principal. Due on Dec. 2 Royal
(J. & D. 2) payable at the agency of the
pproved by Storey, Thorndike, Palmer & Dodge, of Boston. The follow- Prin. and semi-annual int.
standard of
ng other bids were received:
Bank of Canada,in New York,in U. S: gold coin of the presentin Canadian
7
39
Discount. weight and fineness; also payable at the Royal Bank of Canada
BidderVancouver and St.
hawmut Corp
gold coin, in Toronto, Montreal, Winnipeg, Regina,
investment,
alomon Bros.& Hutzler (Plus $11)
3.99% John. The purchasers are reoffering the bonds for publicint., yielding
E. G. Long, of Toronto, at 100 and
.O.Gay & Co
4.03% sublect to legal opinion of
5%.
-BOND OFFERING.Y.
YONKERS, Westchester County,
Deslauriers, City
SHERBROOKE, Que.-BOND OFFERINO.-A. for
barley E. Stahl, City Comptroller, will receive sealed bids until 12 m. on
Jan. 15
an. 22, for the purchase of the following issues of coupon or registered Clerk, will receive sealed bids until 5 p. m. on $563,000: the purchase of
aggregating
I 0 nds aggregating $2,900.000, to bear int. at a rate not exceeding 534%. the following issues of 5% bonds
1958
$223.500 impt. bonds. Due annually on Nov. 1 from 1930 to 1958 incl.
tated in a multiple of 31 of 1%:
222,500 impt. bonds. Due annually on Nov. 1 from 1931 to 1968 incl.
1.800,000 school bondi. Due $60,000 on Feb. 1 rom 1931 to 1960. Inc
89,000 impt. bonds. Due annually on Nov. 1 from 1930 to 1938 incl.
public building bonds. Due $30,000, Feb. 1 1931 to 1950, incl.
600,000
Incl.
28,000 impt. bonds. Due annually on Nov. 1 from 1931 to and Quebec.
500,000 water bonds. Due $25,000, Feb. 1 1931 to 1950, incl.
All of the above bonds are payable at Sherbrooke. Montreal
All of the above bonds are dated Feb. 1 1930. Denora.$1,000. Different
of the
nterest rates may be bid for different issues, but no split rate bid for any
-A
-BOND SALE. syndicate composedYoung,
VANCOUVER, B. C.
ogle issue will be considered. Prin. and semi-annual int. (A. & 0. 1)
Bank of Commerce, Fry, Mills. Spence & Co., McLeod. Odium.
ayable in gold at the office of the City Treasurer. A certified check for Canadian
all of Toronto: Victor W.
Weir & Co., and Bell, Gouinlock & Co.,
% of the amount of bonds bid for, payable to the order of the City Comp- Brown & Co., and Gillespie, Hart & Co., both of Victoria, on Jan. 6 suboiler, must accompany each proposal.
The approving opinion of mitted the accepted tender of 98.58 (Vancouver payment) for the purchase
awkins, Delafield & Longfellow, of New York. will be furnished to the of the following issues of 5% bonds, coupon, registerable as to principal.
urchaser.
aggregating 53,000,000. Int. coat basis about 5.09%:
on June 1 1969.
ZWOLLE SCHOOL DISTRICT NO. 1 (P. 0. Many), Sabine Parish, 11.000,000 sewer bonds. By-law No. 1987. Due
By-law No. 1992.
800.000 school buildings and equipment bonds.
.-BONDS NOT SOLD.
-The $45,000 issue of school bonds that was
Due on June 1 1969.
ffered on Jan.2-V.130. p. 172
-was not sold as all the bids were rejected.
on June 1
500,000 street improvement bonds. By-law No. 1996. Due
ue serially in 25 years.
1944.
No. 1988. Due on June 1 1969.
300,000 airport site bonds. By-law
Due on
300,000 English Bay Foreshore bonds. By-law No. 1991.
June 1 1969.
No. 1993. Due on June 1 1969.
BRITISH COLUMBIA,Province of (P. 0. Victoria).
50,000 school sites bonds. By-law bonds. By-law No. 1994. Due
-PRICE PAID.
The syndicate composed of Dillon, Read & Co., New York, A. E. Ames
50,000 school grounds improvement
• Co., Wood, Gundy & Co., the Dominion Securities Corp.,the Canadian
on June 1 1969.
&
ank of Commerce, and the Royal Bank of Canada, all of Toronto, which
All of the above bonds are dated June 1 1929. Int. payable on (J.4,D.1)•
scheduled to have been sold on Nov. which
•urchased a total of $6,000,000 534% Treasury bills recently
-V. 129, P. These are the bonds originally
-V.129, p. 2897.
-is reported to have paid 99.25 for the obligations, a basis of about were withdrawn from the market at that time.
673
.03%. Dated Nov.251929. Due $3,000,000 on Nov.25 in 1930 and 1931.
-The Bank of Montreal. of Mon-BOND SALE.
WINNIPEG, Man.
jointly, on Jan. 3
COCHRANE, Ont.-BOND OFFERING.
-Sealed bids addressed to treal, and the Dominion Securities Corp., of Toronto,
D. Campbell, Town Clerk and Treasurer, will be received until 12 M. were awarded an issue of $2,500,000 570 improvement bonds at a price of
an interest cost basis of about 5.070/.
Jan. 28. for the purchase of $15,000 5
telephone system extension 99.02 (Canadian funds), equal to
nds. By-law No. 379. Due $1,255.19 (Incl. interest payments) on The bonds are dated Jan. 1 1930 and mature on Jan. 1,as follows:$250.000.
$1.900.000 in 1960.
ov. 1 from 1930 to 1949, incl.
1940; 5125,000. 1945; 5225,000, 1950, and
HALIFAX, N. S.
-BOND SALE.-GaIrdner & Co. and C. H. Burgess The successful bidders are re-offering the bonds for public investment
for all maturities.
• Co., both of Toronto, jointly, recently purchased an issue of $606,070.18 at a price of 99.50 and interest
submitted:
provement bonds, bearing 50/ interest and payable in 35 years, at a
The following other bids are reported to have been
Rate Bid.
rice of 98.377, payment and delivery at Halifax, an interest coat basis of
Bidder98.66
bout 5.10%. The following other bids were received:
& Co.and the National City Co & Co. and Fry, Mills,
Harris, Forbes
BidderMcLeod, Young, Weir
Rate Bid. Bell, Gouinlock & Co.,
98.65
Wood, Gundy & Co
97.65
Spence & Co
Royal Bank
Dyment. Anderson & Co
96.341 Chase Securities Corp., Wood. Gundy & Co. and the
98.33
Fry, Mills, Spence & Co
96.079
of Canada
CANADA,its Provinces and Municipalities.
AUCTIONEERS
CLASSIFIED DEPARTMENT
Adrian H. Muller & Son
FINANCIAL
Established 1837
We Specialize in
19 Liberty Street
NEW YORK
City of Philadelphia
Stock & Bond Auctioneers
Sales Every Wednesda
)
MINING ENGINEERS
H. M. CHANCE &
Mining Engineers and Geologists
COAL AND MINERAL PROPERTIElt
Examined, Managed, Appraised
orexel Building
PHILADELPHIA
USE and CONSULT
the Classified Department of
the Financial Chronicle.
3s
1
/
32s
4s
/
41 45
s
2
/
41
5s
51 4s
/
51 28
/
Henry
Biddle & Street
Locust
1522
Philadelphia
Members of
Philadelphia Stock Exchange
Baltimore Stock Exchange
Private New York Wire-Canal 8437
328
FINANCIAL CHRONICLE
ffinanciaI
[VoL. 130.
Jfinancial
ffittancial
CHICAGO
CHICAGO
Paul C. Dodge & Co., Inc.
that
ENDURE
INVESTMENT SECURITIES
120 SOUTH LA SALLE STREET
CHICAGO
SAINT LOUIS
INVESTMENT
SECURITIES
KANSAS CITY
pro'
companies
MICHIGAN
of offerings yielding 6,and more.
,11ARRIS, SMALL & CO-
New York
Boston
Philadelphia
Chicago
Milwaukee
St. Louis
Pittsburgn
Detroit
Buffalo
Kansas City
Providence
San Francisco
Los Angeles
New Haven
Scranton
Seattle
DETROIT
Joel Stockard & Co., Inc.
Investment Securities
Main Office
Penobscot Bldg.
DETROIT
Branch Offices:
Kalamazoo
Jackson
Dearborn
Members Detroit Stock Exchange
A. 0. Slaughter & Co.
Members
New York Stock Exchange
Chicago Stock Exchange
Chicago Board of Trade
120 SOUTH LA SALLE STREET
CHICAGO, ILL.
Members of Detroit Stock Exchange
Charles A. Parcells & Co.
INVESTMENT SECURITIES
CALIFORNIA
UTILITY SECURITIES COMPANY
230 So. La Salle St., CHICAGO
New York St. Louis Milwaukee Louisville Indianapolis Detroit Minneapolis
Richmond San Francisco
150 CONORESS ST..W
A.B.Leach&Co.,Inc.
PECIALIZ
'
ING
in investment securities of
Sgressive public utility for list
operating in 31 states. Write
PENOBSCOT BUILDING, DETROIT, MICH.
GARARD TRUST
AND SAVINGS BANK
INVESTMENT SECURITIES
TRUSTS • ESTATES
39 So. La Salle St.
CHICAGO
S. R. LIVINGSTONE & CO.
E. A. Pierce & Co.
11 WALL STREET, NEW YORK
Members
N. Y. Stock Exch. Los Angeles Stock Exch.
San Francisco Stock Exchange and
other leading Exchanges
Private Wires to Branch Office• at
San Francisco
Portland, Ore.
Tacoma
Los Angeles
Seattle
Pasadena
Members
New York Stock Exchange
Detroit Stock Exchange
New York Curl) (Associate)
PHILADELPHIA
409 Griswold St.
DETROIT, MICHIGAN
E.W.Clark4e0.
WHIETTLESEY.
MaEAN &CO.
BANKERS
Market for
Pacific Coast Securities
WM.114STAMM CO.
Locust and Sixteenth Streets
Philadelphia
PENOBSCOT BUILDING, DETROIT
Established 1837
AUGUSTA
Stocks - Bonds - Grain - Cotton
INVESTMENT BONDS
LISTED STOCKS
Members New York and Philadelphia
WIVI. E. BUSH & CO.
Stock Exchanges
Augusta, Ga.
SOUTHERN SECURITIES
COTTON MILL STOCKS
Established 1887
LOS ANGELES
SAN FRANCISCO
PASADENA
SAN DIEGO
PAUL & CO., Inc.]
•
SPARTANBURG. S. C.
A. M. LAW & CO., Inc.
1420 Walnut St„
PHILADELPHIA
120 Broadway
NEW YORK
Investment Securities
DEALERS IN
We specialize in California
Municipal & Corporation
BONDS
Stocks and Bonds
Southern Textiles a Specialty
SPARTANBURG, S. C.
WINSTON-SALEM, N.C.
DRAKE, RILEY & THOMAS
Van Nuys Building
LOS ANGELES
Long Beach
Pasadena
Santa Barbara
Wachovia Bank & Trust Company
WARREN A. TYSON & CO.
Investment Securities
1518 Walnut Street
PHILADELPHIA
BOND DEPARTMENT
North Carolina State and Municipal
Notes and Bonds.
Southern Corporation Securities
Winston-Salem, N. C.
CHAPMAN IY WOLFE 6C
• BROKERS •
MEM9ERS
NEW YORK STOCK EXCHANGE
SAN FRANCISCO STOCK EXCHANGE
SAN FRANCISCO CURB EXCHANGE
NEW YORK CURB MARKET (Associate)
351 Montgomery Street• San Francisco
Telephone DAvenport 4433
MARX & COMPANY
BANKERS
BIRMINGHAM, ALABAMA
SOUTHERN MUNICIPAL AND
CORPORATION BONDS
Frederick Peirce
& Co. ""f:47NT-T.
BONDS
FOR
60 Wall Street, New York
207 So. Fifteenth Street, Philad•lphia
@FedFRASER