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The.
ir
financial
nantrie
VOL. 128.
SATURDAY, JANUARY 26 1929.
finatuiat Chronicle
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The Financial Situation.
Protest anew is called for against further wage
increases on the railroads of the United States.
These wage increases are constantly going on in one
part of the country or another, sometimes the whole
body of employees of a certain grade or class in a
given geographical division of the country being involved, and at other times one or more large individual roads or systems, the effect in all cases
being to add to the payrolls of the roads. These rail
carriers can certainly not be said to be in flourishing
condition and in the western half of the country they
have had a very trying time of it in recent years.
For the roads as a whole 1928 was far from being
a good year. Their tonnage kept running behind
that of the previous year until the closing months of
1928 and it has been only because of the practice of
the most rigid economy and the development of growing efficiency of operations that the most of them
managed to escape a serious decline in net income.
By means of reduction in expenses they were able
to offset the losses in gross revenues in most, though
not in all, cases.
But obviously there is a limit to the possibility of
savings in expenses and accordingly these repeated
wage increases become a serious matter. The fact
that the wage increases referred to as a rule come
as a result of decisions of Emergency Boards, or
Mediation Boards, or Boards of Arbitration, in the
endeavor to avoid strikes, does not mitigate their ill
effects. In our issue of Nov. 3 last we called attention to the decision of the Emergency Board appointed by President Coolidge in the matter of the
wage dispute between the Western carriers and their
conductors and trainmen recommending a wage increase of 6/
1
2% without change in working rules or
a 7/
1
2% increase in the event that the employees
should consent to a change in rules. We showed that
NO. 3318.
the amount involved was a large sum and that it left
the railroads in that part of the country in a very
unfortunate predicament. They have been falling far
short of earning the rate of return authorized under
the Transportation Act of 1920, yet these wage increases keep adding very appreciably to their expenses and further economies through greater efficiency of operations seemed exceedingly problematical, while on the other hand the Inter-State Commerce Commission feels bound by the Hoch-Smith
Joint Resolution and therefore considers itself unable to grant the necessary relief in the shape of
higher transportation charges. Besides this, the
Western agricultural classes are clamoring for lower transportation charges, and their demands find
apparent justification in the fact that farm prices
have declined proportionately very much more than
the cost of living. In these circumstances it seemed
to us that anything that involved at this time an additional burden upon the farming sections of the
country, whether in the shape of higher transportation charges (which must inevitably result, notwithstanding the Hoch-Smith resolution, if further wage
increases are tolerated), or in any other form, must
be considered as falling little short of a crime
against the farmer.
We wish to repeat these observations in view of
the announcement which has come this week that
wage increases of approximately 6 2/3% have been
awarded to 16,500 shopmen on the New York Central
Lines by the U. S. Railway Board of Arbitration before whom arguments for higher wages were concluded in New York on Jan. 12. The argument in
this case followed the usual course, the men asking
for a great deal more than what they expected to
get and what would be entirely satisfactory to them,
and then receiving some increase by way of compromise in the appeal to the tribunal to which the controversy was finally referred. The New York Central Lines of course are not in the straitened condition of many of the Western roads and in the argument some reference was made to the fact that the
company had been able to accumulate a considerable
surplus in recent years above its dividend requirements. That, however, is a matter of no great relevancy. Present ability to pay is no guaranty of future ability to pay under steadily rising wage costs.
In the end higher wages mean higher transportation
charges to provide the revenues to take care of them.
If the carriers were in the flush condition which
these demands for higher pay presuppose, then the
benefit ought to be passed on to the farmer in the
shape of lower freight rates. But we all know that
the ability to bear the additional wage costs does
not exist and that ultimately, therefore, the burden
must fall upon the farmer along with other shippers.
And it is to be remembered that wage increases on
440
FINANCIAL CHRONICLE
Western roads, plus wage increases on Eastern
roads, constitute a double burden all of which the
agricultural classes in the interior sections of the
country must bear, since their grain and other produce in its passage to the seaboard must engage the
services of both groups of roads. In this state of
things, this latest wage increase can only be deplored.
It deserves to be noted that in the arguments before the Arbitration Board on behalf of the 16,500
shopmen, some specious reasoning was employed.
If newspaper accounts have reported the argument
of the Labor counsel correctly, he made the statement that existing wages did not allow the men to
own automobiles "which every skilled laborer is entitled to under the American standard of living."
The standard of living has evidently risen very high
in this country if it is to include the ownership of
an automobile by every skilled laborer. In the present instance, however, if the ultimate cost and expense is to fall upon the agricultural classes of the
West, these latter certainly have good, valid reason
for objecting and we imagine that in the end they
will make their objection known.
The return flow of funds from the interior sections of the country is proving of such magnitude
that the banks are able to curtail their borrowings
at the Federal Reserve Banks, while at the same time
extending still further their lines of credit to brokers and dealers on the security of stock and bond
collateral. A further increase in brokers' loans to
a new high peak in all time is the record embodied
in this week's returns of the Federal Reserve Banks.
Before citing the figures, it is important to note
again, as we did last week, that under the revised
form of return for the member banks now put out
by the Federal Reserve, we are no longer permitted
to know what the number of reporting member banks
is in the New York Reserve district, or the Chicago
Reserve district, or any other Reserve district. The
number at New York before the form was recast,
was 43 and presumably is still the same, but at one
time the number was 72, and now all information
of change in that respect is being withheld. The revised form of statement also omits details as to the
borrowings of the member banks atthe Reserve banks
in the different Federal Reserve districts. It is no
longer permitted the public to know how much of the
borrowing in each Reserve district is on eligible commercial paper and how much on the security of U. S.
Government obligations. Only the lump amount of
the borrowings is shown. Thereby facts of vital importance are arbitrarily suppressed. The statement
likewise fails any longer to show the loans made by
the member banks on Government securities as distinct from the loans made on other classes of securities. The public is thus kept in ignorance as to
many things with regard to which it is entitled to
full knowledge.
In showing this week's figures of loans by the reporting member banks in New York City (the number of reporting member banks not being given, as
just stated), the figures for last week are at the same
time revised, raising them from $5,384,000,000 to $5,395,000,000, and making this last mentioned amount
the highest on record up to that time. Before the revision the total was not quite up to the previous high
record of $5,394,590,000 reached on Dec. 5. Starting with this revised total of $5,395,000,000 for last
[VOL. 128.
week, there has been a further addition of $48,000,000 the present week, raising the aggregate to the
new peak figure of $5,443,000,000.
The new increase of $48,000,000 is found entirely
in the so-called outside loans—that is, in the loans
made for account of others, in which a further big
jump forward has occurred, the amount having increased from $2,452,000,000 on Jan. 16, to $2,579,000,000 on Jan. 23. It is hardly necessary to say
that this last amount marks a new high total by a
wide margin in the loans in that category. The loans
made for account of out-of-town banks are slightly
lower at $1,853,000,000 the present week, against
$1,859,000,000 last week, and the loans made by the
reporting member banks for their own account are
also somewhat lower at $1,010,000,000 Jan. 23,
against $1,084,000,000 Jan. 16. The grand total of
all loans for Jan.23 1929, at $5,443,000,000 compares
with $3,789,000,000 Jan. 25 1928, which tells in a
graphic way the story of the great expansion in
Stock Exchange borrowing which has occurred during the last 12 months.
As to the returns for the Federal Reserve Banks
themselves, borrowings by the member banks have
been somewhat further reduced, as indicated by the
fact that the holdings of discounted bills Jan. 23 are
reported at $782,114,000 against $821,824,000 on
Jan. 16. On Jan. 25 last year, however, the amount
of these discounts was only $385,224,000. Holdings
of acceptances are also lower than a week ago at
$454,218,000 against $481,239,000, and holdings of
U. S. Government securities are down to $202,034,.
000 from $238,343,000 a week ago. Altogether, the
total of the bill and security holdings for the 12
Reserve institutions the present week stands at $1,447,391,000 against $1,551,231,000 a week ago, but
comparing with only $1,173,926,000 on Jan. 25 last
year. It should be pointed out that more than the
entire decrease for the week in the bill and security
holdings of the 12 Reserve institutions, occurred at
the Federal Reserve Bank of N. Y. where the amount
the present week at $300,885,000 compares with
$419,171,000 last week. A still further reduction occurred in the amount of Federal Reserve notes in
circulation, this being $1,660,967,000 the present
week against $1,697,302,000 last week. At the same
time gold reserves increased during the week from
$2,630,570,000 to $2,648,090,000.
The stock market after considerable irregularity
early in the week made a spectacular rise on Wednesday, on the news of the resumption of gold engagements on a large scale at London for shipment
to New York and had another sensational rise on
Friday. On Wednesday prices advanced all the way
from 2@3 points to 15 points. At the same time,
however, a few stocks suffered sharp declines. On
Thursday the market was somewhat reactionary
after the big rise the day before and there was a disposition to await the statement of the Federal Reserve Bank with reference to brokers' loans. This
showed' a smaller increase than had been expected
and on Friday the upward movement was resumed
at an accelerated pace, aided by news of further engagements of gold for import and continued easy
money rates, call loans on the Stock Exchange having never risen above 6% on any day during the
week. U. S. Steel showed an overnight advance of
514 points and rose 334 points more to a new high of
19234. Nash Motors opened at 115 against Thurs-
JAN. 26 1929.]
FINANCIAL CHRONICLE
day's close of 1091/
8; and American Smelting & Ref.
at 106 against 104/
1
2.
The volume of trading has steadily increased. On
Saturday last the sales on the New York Stock Exchange were 2,603,200 shares; on Monday 4,987,500
shares; on Tuesday 5,123,800 shares; on Wednesday
4,919,600 shares; on Thursday 4,497,100 shares, and
on Friday 5,504,900. On the New York Curb Market
the dealings aggregated 1,204,400shares on Saturday;
1,877,900 shares on Monday; 2,118,100 shares on
Tuesday; 1,961,800 shares on Wednesday; 2,180,500
shares on Thursday, and 2,294,700 shares on Friday.
In the excitement on Wednesday and again on
Friday some wild fluctuations occurred and quite a
number of new high records were established, but
these advances were not all retained. American Tel.
& Tel. after a high of 207% on Jan. 24 closed yesterday at 206% against 1997
/
8 the close the previous
Friday; Brooklyn Edison touched 334 on Jan. 23
and closed yesterday at bid 330, ask 340, against bid
300; ask 310 the previous Friday. General Electric
touched 255 on Jan. 25 and closed at 253 against
236 the previous Friday. National Cash Register
touched 1433
% on Jan. 25 and closed at 137 against
100/
1
2 the previous Friday. Union Carbon & Carbide touched 222 on Jan. 23 and closed yesterday
at 217 against 200 the previous Friday. Radio Corporation of America touched 370 on Jan. 23 and
closed yesterday at 360% against 365 the previous
Friday; Montgomery Ward & Co. closed yesterday
at 142/
1
2 against 140/
1
2 the previous Friday; Victor
Talking Machine at 148% against 149%; Wright
Aeronautic at 270 against 272/
1
2; Sears, Roebuck
& Co. at 169% against 171; International Nickel at
70 against 647
/
8; A. M. Byers at 161 against 159%;
American & Foreign Power at 811% against 79;
Brooklyn Union Gas at 191 against 185%; Consolidated Gas of New York at 177 against 110; Columbia
Gas & Electric at 1497
/
8 against 1461/
8; Public Service Corporation of N. J. at 88/
1
2 against 86%;
American Can at 113% against 114½; Allied Chemical & Dye at 2781/
8 against 270; Timken Roller Bearing at 78/
1
2 against 78%; Warner Bros. Pictures at
126% against 1251/
2; Commercial Solvents Corp. at
232/
1
2 against 234; Mack Trucks at 111 against
105%; Yellow Truck & Coach at 42 against 39%;
National Dairy Products at 131% against 131;
Western Union Tel. at 196/
1
2 against 190; Westinghouse Electric & Mfg. at 1457
/8 against 141%; JohnsManville at 233 against 206; National Bellas Hess
at 206 against 210; Associated Dry Goods at
66
against 66%; Commonwealth Power at 1213
%
against 125%; Lambert Co. at 133778 against 131%;
Texas Gulf Sulphur at 77% against 77, and
Bolster Radio at 68% against 72/
1
2
.
In the steel group U. S. Steel at first
suffered a
sharp reaction after last week's big rise, but
bounded forward to a new high on Friday, as
already
stated. As against 189 on Saturday of last
week
the stock sold down to 181% on Jan. 21 but
spurted
to 1923
% on Friday, closing on that day at
187%
against 180% on Friday of last week.
Bethlehem
Steel, however, moved lower notwiths
tanding the
resumption of dividends by the company; it
closed
yesterday at 841/
8 against 8614 on Friday of last
week; Republic Iron & Steel closed at 83/
1
2 against
86%, and Ludlum Steel at 82/
1
2 against 85%. In
the motor group General Motors closed
yesterday
at 211% against 196/
1
2on Friday of last week; Nash
Motors was likewise strong and active; it
closed yes-
441
terday at 116% against 105/
1
2the close the previous
Friday; Chrysler Corporation closed at 118%
against 1211%; Studebaker Corporation at 97
against 88%; Packard Motor at 142% against
144%; Hudson Motor Car at 87 against 85/
1
2, and
Hupp Motor at 79 against 80/
1
2. In the rubber
group Goodyear Tire & Rub. closed yesterday at 129
against 130% the previous Friday and B. F. Goodrich at 97/
1
2 against 100, while U. S. Rubber closed
at 50% against 51 and the pref. at 87 against 967
/
8.
In the case of the copper stocks, the feature of the
week was the further rise in the price of the metal
to 17c. with the export price up to 171
/
4c. This of
course acted as a further stimulus to prices and Anaconda Copper yesterday closed at 123/
1
2 against
119% last Friday; Kennecott Copper closed at 153%
against 152%; Greene-Cananea at 1777
/8 against
177/
1
2; Calumet & Hecla at 531/
8 against 48/
1
2; Andes Copper at 507
/
8 against 49%; Chile Copper at
89% against 84; Inspiration Copper at 467
/
8 against
441/
8; Calumet & Arizona at 125 against 1243
/
8;
Granby Consolidated Copper at 88% against 87%;
American Smelting & Refg. at 1107
/8 against 95, and
U. S. Smelting Refg. & Min. at 68% against 66%.
In the oil group Atlantic Refg. closed yesterday at
59 against 62% on Friday of last week; Phillips Petroleum at 39% against 42; Texas Corp. at 61%
against 641/
8; Richfield Oil at 44% against 45/
1
2;
Marland Oil at 40% against 43; Stand. Oil of Ind.,
regarding which a contest for control at the coming
election is under way between the Rockefeller interests and the present administration headed by Robert W. Stewart, the Chairman of the Board, closed
at 90% against 96; Stand. Oil of N. J. closed at 51%
against 51%; Standard Oil of N. Y. at 42% against
4 and Pure Oil at 24% against 26.
443
The rails have been neglected except in a few instances. Del. & Hudson closed yesterday at 195%
against 1963
4 on Friday of last week; New York
Central on Jan. 21 established a new high record
and closed yesterday at 195 against 193 on the previous Friday; Baltimore & Ohio closed at 121%
against 121; New Haven at 86% against 85%;
Union Pacific at 220 against 218%; Canadian Pacific at 250 against 243; Atchison at 1987
/8 against
200; Southern Pacific at 132 against 13014; Missouri Pacific at 641/
8 against 67; Kansas City Southern at 93 against 95; St. Louis Southwestern at
104% against 106%; St. Louis-San Francisco at
117% against 117%; Missouri-Kansas-Texas at 495
/
8
against 51%; Rock Island at 135 against 135; Gt.
Northern at 109% against 1081/
8; Northern Pacific
at 108% against 108%; and Chic. Mil. St. Paul &
% against 591/
Pac. pref. at 573
8.
European securities markets followed no definite
course this week, the British market showing a fair
degree of strength the early part of the week while
an opposite tendency was apparent in the Continental centers. Later in the week the British market
turned quiet and inactive, while on the Continent increasing activity and rising prices became the rule.
The feature of the London Stock Exchange early in
the week was the pronounced strength of British
Government securities. The firmness in the giltedged section continued until Thursday, when fractional decline occurred. Prices in the industrial
market were fairly active Monday, with margarine
and Mond Nickel shares leading a rise in which mining shares joined as a whole. An announcement of
442
FINANCIAL CHRONICLE
• [vol. 128.
ard, British Ambassador to Washington, met Mr.
Young and Mr. Morgan in the latter's famous library
and, in the name of the six interested Governments,
extended a formal invitation to them to attend the
meetings of the experts' committee. They accepted
immediately, Mr. Young naming Thomas Nelson
Perkins as his alternate, while Mr. Morgan named
Thomas W. Lamont to serve on the committee during his own absences. All the American appointees
expect to sail on the Acquitania on Feb. 1 in order
to be on hand for the first meeting, which will take
place in the Bank of France. The experts' committee will name its own chairman, who, it is expected.
will be Mr. Young, since he played such a prominent
part in drafting the Dawes plan.
Formal announcement of the acceptances of the
American experts was given out last Saturday by
Mr. Young at the New York offices of the General
Electric Company, of which he is chairman. The
statement, as authorized by Sir Esme Howard,said:
"Mr. Owen D. Young and Mr. J. P. Morgan stated
today to Sir Esme Howard, the British Ambassador,
that they would accept the invitation of the Repara
tions Commission to serve on the committee of experts at Paris, designated to consider the matter of
German reparations. •Mr. Thomas Nelson Perkins of
Boston will act as Mr. Young's alternate and Mr.
Thomas W. Lamont as Mr. Morgan's." In a press
interview which followed the issuance of the formal
statement, Mr. Young said he regarded the work of
the experts as designed less to revise than to complete the Dawes plan. "I think it would be most
unfortunate and create a good deal of misunderstanding if the impression were given that we are
building up a new plan," he remarked. In making
clear that the American participation was unofficial, Mr. Young said that he had talked with Secretary Kellogg at the State Department within the
last two weeks and might not have any further contact with him before the American experts sailed.
The original Dawes committee, Mr. Young pointed
out in reply to questions, was called upon to set up
the machinery and determine how much Germany
could pay provisionally, in annual instalments, as
well as to devise means of payment. No total was
fixed. It will be the function of the new committee
of experts to determine, on the basis of the accumulated facts, just how large an aggregate Germany
can pay either by fixing a sum total or by outlining
annual payments over a definite period. Mr. Young
said he would regard it as a fine thing if the program to be outlined by the new committee were to
be known officially as the second Dawes plan, both
because it represents a completion and rounding out
of the original plan and for the sake of continuity
of titles. He pointed out that a large degree of continuity of personnel was represented in the committee of experts. The original Dawes plan was worked
All preliminary formalities for the meeting of the out by ten representatives of five countries and the
experts' committee in Paris on Feb. 9 to revise the new committee will contain five of these members.
Dawes Plan and arrange a definite settlement of No great need for a large staff of American specialGerman reparations were quickly completed last ists was seen by Mr. Young, as the data accumulated
Saturday. Officials of the Reparations Commission, by S. Parker Gilbert, the Agent General for Reparameeting in Paris, acted in conjunction with the Ger- tions Payments, will be available and will present a
of the situation.
man Government, represented by Ambassador von very comprehensive picture
interview,
Mr. Young paid a
the
of
In
the course
Hoesch, to present the names of Owen D. Young and
of
work
Mr.
the
high
to
Gilbert. He said
tribute
J. P. Morgan as American members of the experts'
at
the
tendency
start
to look somea
been
had
there
these
of
committee. It was also announced that each
a
of
man only 32
appointment
the
at
what
alteraskance
American members was empowered to name an
ies
the
responsibilit
handle
tremendous
to
old
years
HowEsme
nate. In New York at the same time Sir
increased dividends on Imperial Tobacco shares
caused a flurry in this stock Tuesday. American
buying was prominent in African coppers. Home
railroad shares showed improvement Wednesday on
reports of increased coal traffic, and an upward tendency was noted also in oil shares. The mining group
was active, sharp gains occurring in some stocks,
only to be followed by a reaction of about equal
scope. The London Exchange quieted down Thursday, although there was much interest in Ner-Sag
shares, which slumped 'badly. Rub'uer shares were
firm owing to the strength in the raw material, but
the market otherwise disclosed little of interest. In
yesterday's market the gilt-edged division was
steady and home rails gained fair support. As a
whole, however, the market was quiet and slightly
lower with talking machine, communications and
tobacco issues notably in supply.
The Paris Bourse opened the week with a general
decline in domestic stocks, this tendency contrasting with the substantial advance of the previous
week. Rentes, however, showed some improvement
on Monday, and increasing interest was noted in the
international shares. The unfavorable developments in the domestic stocks were attributed to the
several scandals which have lately disturbed French
finance. Trading was dull Tuesday on the Bourse,
with 'but small changes in price levels. After an irregular opening Wednesday, there was again a weak
spell, which was succeeded late in the afternoon by
a moderate recovery. Rentes were again strong and
buying was reported in substantial volume for foreign account., With the definite announcement
Thursday of the national sinking fund's conversion
operation, active trading developed on the Paris
market and advances were recorded in nearly all
departments. The market as a whole was again
strong yesterday. The Berlin Boerse showed decided
nervousness at the opening Monday morning, most
stocks losing 3 to 4 points in the first hour. The
situation improved later in the day, aided by easier
conditions in the money market. A bank failure in
Berlin Tuesday interrupted an advance which began
early that day and again gave the market a weak appearance. Shipping shares moved contrary to the
general list, stimulated by the arrival of a $2,000,000
payment by the Alien Property Custodian in Washington to the North German Lloyd for the Hoboken
docks. The Boerse was irregular Wednesday, a
firmer tone in the morning again turning into a
downward movement later in the day. A marked
recovery occurred Thursday, however, virtually the
entire list gaining in active trading. Foreign purchasing orders and increasing demand for stock
from the Rhineland played an important part in the
advance.. The gains were maintained in yesterday's
market and further slight advances occurred.
JAN. 26 1929.]
FINANCIAL CHRONICLE
44$
of the reparations post, but that Mr. Gilbert's settling what Germany pays the Allies,it was added.
achievements had more than justified the choice. "I "By this is meant," the dispatch said, "that without
think," he added, "that the administration of the any consideration of any change at all in the payDawes plan by Mr. Gilbert and his associates is one ments to Washington, those payments are considof the outstanding things in the post-war activities ered for the moment as fixed and will determine
and I cannot speak too highly in praise of it." Mr. largely Germany's annual payments to the Allies.
Young refused to discuss the possibility of an imme- This is true because the Allied Governments have
diate flotation of German reparations bonds in taken the position that, in addition to war damage
America in order to make possible a cash settle- for France, the Reich must pay the Allies what they
ment by Germany with the Allied Governments. pay America. Premier Poincare of France has
Such a flotation he regarded as remote and beyond stated this almost numberless times; Winston
•the terms under which the present commission of Churchill, Chancellor of the British Exchequer, has
experts is appointed. "All we have to do with com- made it plain that England stands on the Balfour
mercialization," he said, "is to determine how the note, while Italy has said that she wants from Gertotal obligation, after we determine it, might be set many in future, as she received under the Dawes
up in a form which could be commercialized later, if plan, what k he must pay her Allied creditors. While
possible." Mr. Young said he thought the commit- the Germans, when this plan of the Allies was first
tee of experts would require not less than sixty days made known, began to protest that under the Treaty
nor more than ninety days to devise a settlement of of Versailles the Allied debts to America were no
German reparations, which must then be submitted affairs of theirs, they have recently changed, and
to the individual Allied and German Governments there is every reason to believe that the Reich exfor acceptance before it becomes effective. Both perts will make no objection to the Allied payments
the American experts, he said finally, intended to. to America being used as to the measure of their
stay on the job until it is done.
payments to the Allies." The reason for the change
Mr. Gilbert, the Agent General for Reparations in the German attitude, the report said, was that the
Payments, conferred again with Government offi- Allied plan offers the Reich the best opportunity to
cials in Washington early this week preparatory to profit by : future better arrangement between the
his return to Europe in anticipation of the Paris Allies d the United States.
meeting of experts. With the American members
of the experts' committee now selected, no special
Complete acceptance .by all branches of the United
problems confronted him in Washington, dispatch
States Government last week of the Kellogg Treaty
said, and his conversations were described as
for the renunciation of war as an instrument of naeral. They included expressions of satisfaction, a tional policy has been followed by similar action in
Washington special to the New York Times said, many other capitals. Although six Governments
over the favorable reaction in the United States to ratified the compact before the United States Govthe selection of Mr. Young and Mr. Morgan as the ernment did so, the vast majority of foreign nations
unofficial representatives of this country in the awaited the result of the debate in the Senate beforthcoming deliberations. Nothing is now left to cause of American failure to ratify President Wilbe done here, Washington officials were quoted as son's proposed U. S. participation in the League of
saying, until the committee of experts has completed Nations. With ratification of the Kellogg Treaty
its inquiry and reached its conclusions. It was as- here an accomplished fact, France took immediate
serted on good authority in Washington, the Times steps for similar action, while British ratification is
dispatch indicated, that "the probability that com- considered certain, since all parties are favorably
mercialization of German reparations will be con- disposed toward the instrument. The Polish Minsidered was primarily responsible for the selection ister of Foreign. Affairs, M. Zaleski, submitted last
of Mr. Morgan." From the first, it was added, it Saturday the draft of a bill for ratification of the
was considered desirable that one ofthe American treaty, and it is expected in Warsaw that the pact
experts should be a banker so that American inter- will be ratified without opposition. The Foreign
ests might be properly conserved in the course of Office in Mexico City announced on the same day
any deliberations over commercialization. Notwith- that the treaty would be sent to the Mexican Senate
standing these statements, the dispatch indicated for formal action as soon as it meets. In a telephone
considerable dubiety in Washington regarding the conversation between King Albert of Belgium and
possibility of securing the consent of the United President-elect Herbert Hoover, which also took
States Government for the sale of reparations bonds place last Saturday, the former extolled the Kellogg
in the United States under a commercialization plan. pact as having brought forward "an ideal of high inBefore departing for New York Tuesday, Mr. Gil- ternational morality." It is the duty, King Albert
bert reiterated in Washington that he has no inten- added,of all interested nations to maintain this ideal
tion of resigning his position with the Reparations unblemished. Baron Tanaka, Premier and Foreign
Commission.. He stated, moreover, that if the new Minister of Japan, declared in a speech before the
experts' committee should devise a plan requiring Diet, Monday, that the Kellogg treaty is an instruhis services, he would remain at his post. He sailed ment of world peace, of which the importance can
from this port for Paris last night.
hardly be overestimated. The Rumanian GovernDefinite and official indications were reported ment began Tuesday to take the necessary steps for
from Paris last Sunday that in the sessions of the ratification, while Lithuania reported on the same
experts' committee, the Allied debts to the United day that the pact had been made into law by the
States will not be discussed. "The Allied debts to Kovno Parliament. Turkey accepted the treaty
America will be talked about, however, if not dis- through unanimous ratification by the Angora Ascussed officially," a Paris dispatch of Jan. 20 to the sembly, early in the week, and the Egyptian GovNew York Times reported. The factor of what the ernment also announced formal ratification.
Allies pay America will be a very important one in
444
FINANCIAL CHRONICLE
Sessions of the British Parliament were resumed
in London, Tuesday, ending the adjournment which
was taken just before Christmas for the holidays.
The present sessions are expected to prove unusually
significant, as they will be the last meeting of the
present Parliament before dissolution prior to the
general election. The dates of these events are still
uncertain, but it is generally assumed in London
that dissolution will take place late in May and the
general election in the middle of June. With the
unemployment problem in the foreground in Britain,
one of the first matters brought up in the Paliament
after resumption was the question of construction of
a Channel tunnel, which would give employment to
many of those now idle. Prime Minister Stanley
Baldwin was asked whether the Government would
permit a debate on the construction of the tunnel between England and France. "In view of the wide
public interest in the tunnel project," Mr. Baldwin
replied, "the Government has come to the conclusion
that the time is ripe for a comprehensive re-examination of the question. We are anxious that a very
thorough inquiry be made into the economic aspects
of the matter in order that these may be weighed
with imperial defense considerations and a decision
reached on broad grounds of national policy. In
view of the time required to carry the project
through, we are convinced that it would be in the
public interest to deal with this important question
outside of a party atmosphere by agreement, so that
a decision of one Government may not be upset by
another." M. de Fleuriau, the French Ambassador
to London, announced at a dinner in the House of
Commons Wednesday that the French Government
was ready to take the project in hand whenever
Great Britain was willing to do so. It was stated
at the dinner that there would be no difficulty in
finding capital for the project.
(VOL. 128.
Reich officials. Sums allotted to the individual
ministries, such as the Defense Ministry, were not
made public by Dr. Hilferding.
In outlining the present position of the Reich
Treasury, the Minister laid emphasis on the need for
improvement. At the end of December, he was forced
to resort to the issue of treasury notes to the extent
of 300,000,000 marks, he pointed out. An additional
760,000,000 marks had to be borrowed from the postal department, the Reichsbank and the treasury of
the Prussian State. Similar steps will again become
necessary in, March, he indicated. In order to balance the budget without recourse to the usual method
of making internal or foreign loans, taxes had just
been raised, Dr. Hilferding added. In asking for
the increased taxes, he recommended that they be
authorized at the time of passing the budget, since
they are considered a temporary measure. He also
requested that measures of strict economy be put
into practice immediately, setting an example in
this respect by cutting the estimates for the Federal
States by 120,000,000 marks and lopping off considerable additional sums from Ministry estimates.
Additional revenues proposed by the Finance Minister consisted chiefly of 165,000,000 marks from an
increase in the beer tax, 90,000,000 marks from an
increase in the spirits tax, 20,000,000 marks from an
additional charge on inheritances and 104,000,000
from a 20% increase in the property tax. The Reich
also claimed a larger share in the surplus from postal revenues. Although urging these additions as
an emergency method of putting Germany'sfinancial
affairs on an even keel, Dr. Hilferding expressed the
opinion that the present rates of the tax burden will
injure German economy if continued more than one
year.
Contrasting with the Finance Minister's dark
views on the finances of the Berlin Government, it
appears from a report of the German Statistical Bureau, also published last week, that German industry on the whole is fairly prosperous and stable. The
report covers a general survey of the business of
7,000 German corporations for the fiscal year ended
Sept. 30, 1928. It shows little change from the previous year in aggregate results, according to a special wireless to the New York Times. Dividends paid
•by the companies averaged 5.6 per cent., while the
total profits amount to 14 per cent. of the capital
invested. Of all companies considered, 2,000 closed
the year's business with a loss, which amount was
deducted from the total earnings in compiling the
tables. Almost all branches of industry showed
profits which the losses of individnal companies did
not overcome. Two lines which furnished exceptions, hOwever, were furniture manufacture and the
development of settlements to overcome the housing
shortage. One discouraging feature, the report says,
is the size of short-term debts, totaling 8,000,000,000
marks. The expense and difficulty of constant
money seeking are hampering the companies, it is
declared. The statistics show, the Times dispatch
said, that Germany has little to fear in the way of a
crisis or a slump in business, despite the increasing
unemployment, which is always expected in the Winter season.
Preliminary figures on the German budgetfor 1929
were revealed in Berlin late last week by Dr. Rudolph Hilferding, the Minister of Finance, who expressed himself pessimistically regarding the
financial position of the Reich Government. The
estimates, as agreed upon by the Cabinet, are espedaily interesting in view of the coming meeting of
the Experts' Committee on reparations. The budget
will be submitted to the Reichstag shortly for the
approval of that body, but it is already indicated in
dispatches from the German capital that the budget
bill, as drawn, will face rough seas before it is made
into law. Total expenditures of the Reich Government for the current year are placed in the budget
at 9,900,000,000 marks (about $2,376,000,000), which
is slightly lower than last year's figure. Dr. Hilferding warned, however, that 1928 showed a deficit of
600,000,000 marks, which must be met in the current year. Germany, he told press representatives,
must not face the reparations negotiations without
a balanced budget. The Government treasury is
called on to bear a greater burden this year by
528,000,000 marks, notwithstanding a reduction in
total expenditures of 170,000,000 marks from last
year's estimates. Of the total estimated expenditures, 3,500,000,000 marks are to be turned over to
States and communes. Reparations and other burFascism has decreed harsh treatment for any Italdens resulting from the war call for 3,400,000,000
marks. Unemployment'relief and similar social ex- ian with the temerity to believe that prices of Govpenditures are placed at 750,000,000 marks, while ernment securities may go down as well as up. Bear1,000,000,000 marks are required for payment of ish activities on Italian stock exchanges are appar.
JAN. 26 1929.]
FINANCIAL CHRONICLE
ently a grave menace to the State, judging by a decision taken in a Mime court Wednesday regarding
four traders accused by police agents of making utterances unfavorably affecting bond prices. The
traders, when haled before the court, professed the
utmost enthusiasm for Italian Government securities, but the charges against them were sustained
and they were given severe jail sentences and fines.
One broker, accused of alarmist utterances regarding securities prices and of saying that Mussolini
was about to dismiss Signor Turati from his post
as Secretary of the Fascist Party, was sentenced to
a year in prison of which two months will be in solitary confinement, and a fine of 1,000 lire. An attorney was sentenced to ten months in prison and
fined 1,000 lire for saying that the recent rise of
the lictoral loan was only temporary, with a decline
inevitable. An investor, accused of questioning the
veracity of a Government communication denouncing alarmist reports about the market, got eight
months in prison and an 800-lire fine. A Bourse
employee was convicted of saying that present Government bond quotations were unwarranted, and
was given four months in jail and a 500-lire fine.
In a Rome dispatch of Jan. 24 to the New York
"Sun," in which these details are related, it is added, incidentally, that "one Fascist newspaper is now
crusading for a special stock exchange militia comprised of seasoned traders capable of ferreting out
persons of bearish tendencies."
Three American marines were killed in northern
Nicaragua, Monday, iu a skirmish with the outlaws
who still infest the comparatively unsettled areas,
notwithstanding the long-continued efforts of the
marines and the native constabulary to rid the country of outlaws. Marine airplanes have been flying
over the northern. area daily in order to prevent the
assemblage of any large number of outlaws, a Managua dispatch to the Associated Press reported.
Small bands have been harassing coffee plantations
in the district, it was said, but apparently each band
worked separately. In Washington it was indicated
Wednesday that sporadic fighting is expected to take
place from time to time, and that no change in the
American policy would result from Monday's encounter. Subsequent Managua dispatches reported
that closer co-operation will result between the
marine forces and the Nicaraguan authorities in an
attempt to wipe out the bands of marauding outlaws. The neighboring Republic of Honduras will
aid by establishing border patrols to prevent bandits
from slipping across the frontier when attacked by
United States marines. Earlier this month, the
rebel leader, General Augustino Sandino, sent a letter to President Moncada suggesting a division of
Nicaragua into two parts, the northern one to be
ruled by himself and the southern portion to remain
under General Moncada. President Moncada characterized the proposal as "sheer lunacy," and indicated that volunteers would be sent to combat the
outlaws. It is not yet known whether there is any
connection between this development and the encounter in which the three marines were killed.
A revolutionary outbreak occurred in the extreme
northwestern Departments of Guatemala over the
last week-end, the rebellious forces gaining control
of several cities before loyal troops could reach the
scene and suppress the movement. First reports of
445
the revolt were sent out from Guatemala City last
Saturday. They indicated that a seditious movement had been uncovered in the western Departments of Retalhuleu and Itazatenango, the Government proclaiming martial law throughout the Republic as a precautionary measure and militarizing
all transportation services. It was disclosed at,the
same time that attempts had been made against the
life of President Lazaro Ohacon, although the connection of these attempts with the revolutionary
movement was not certain. After minor encounters
between the rebellious forces and the Federal troops,
the latter recaptured the cities of Quetzaltenango
and Retalhuleu, which had been the chief conquest
of the rebels. An airplane attack and some artillery
fighting were reported in these engagements. The
revolt was practically crushed by Jan. 21, the rebel
forces retreating from the settled districts after considerable looting. Their leaders, Juan F. Rivas and
Col. Marciano Casado, were reported to have fled
across the Mexican border to escape capture by Government troops in pursuit. The Government at Guatemala City issued a bulletin Monday evening which
said: "Profound satisfaction is felt in announcing
that the traitors have abandoned the field where
they pretended to be strong, thereby avoiding bloodshed and sorrow to the people of Quetzaltenango."
Demobilization of the Government troops was immediately begun owing to a shortage of labor for
harvesting the coffee crop. Train service also was
promptly resumed.
Formal proposals have been made by the Cuban
Government to Washington for a revision of the
commercial treaty between the United States and
Cuba so as to allow free importation. into this country of Cuban sugar up to an amount to be agreed
upon by the two Governments. Information to this
effect was given out in Washington early this week
by a Cuban commercial delegation which proceeded
to the capital to discuss the proposed changes in the
tariff on sugar. "It was learned tonight," a Washington report of Jan.20 to the Associated Press said,
"that Cuba has remonstrated with the State Department to the effect that, as it is now applied, the
reciprocity treaty violates the spirit under which the
two countries entered into close political and economic relationship after the Spanish - American
war." The Cuban arguments were in reply to a report of the Tariff Commission which declared that
Cuba benefitted far more than the United States
from the tariff reductions on their mutual imports
which the 1903 reciprocity treaty called for. The
Havana Government drew the attention of the State
Department to numerous statements by American
leaders to the effect that political and economic relations between the two countries should be close,
as a necessity for American security. It was pointed out also that the reciprocity treaty and the Platt
amendment to the Cuban Constitution, whereby the
United States retains the right to intervene in. Cuban affairs, were agreed upon in view of such considerations. The Havana Government maintained
that it has always abided by the spirit of both agreements to the extent that to-day American interests
in Cuba amount to about I1,500,000,000, while
American shipping and banking interests have advantages over those of other nations and 62% of Cuban imports in 1927 came from the United States.
The question of a new arrangement on imports of
446
FINANCIAL CHRONICLE
Cuban sugar was then brought up. The Cuban note
took sharp issue, it was indicated, with the conclusion of the Tariff Commission that Cuba is to blame
for the present crisis in its sugar industry, the assertion being made that overproduction was brought
about during the World War at the exhortation of
the ;United States to supply the Allied belligerents.
There have been no changes this week in the rediscount rates of any of European central Banks.
Rates continue at 6M% in Germany and Austria;
6% in Italy; 532% in Norway; 5% in Denmark;
4% in London, Madrid, Holland and Sweden;
4% in Belgium, and 31A% in France and Switzerland. London open market discounts are 431%
for short bills, the same as on Friday of last week,
and 4 5-16%@4%% for three months bills, against
4 5-16 the previous Friday. Money on call in London was 434.% on Thursday, but 314% yesterday.
At Paris open market discounts have fallen 414%
to 3 7-16% and in Switzerland from 33:i% to 3 3-16%.
[VoL. 128.
crease in note circulation • of 711,000,000 francs,
reducing the total to 62,442,902,755 francs, as
against 63,153,902,755 francs the previous week
and 64,182,902,755 francs two weeks ago. On the
other hand, creditor accounts rose 543,000,000 francs
and current accounts and deposits 253,000,000 francs.
Due to an increase of 274,172,902 francs during the
week, gold holdings now aggregate 33,983,468,096
francs, but credit balances abroad dropped 606,553,312 francs. Bills bought abroad increased 182,000,000 francs, while French commercial bills discounted fell off 117,000,000 francs and advances
against securities declined 51,000,000 francs. Below
We furnish a comparison of the various items of the
Bank's return for the past three weeks;
BANK OF FRANCE'S
Changes
for Week.
Francs.
Gold holdings_ __ _Inc. 274,172,902
Credit bale. abrd_Dec.606,553,312
French commercial
bills discounted_Dec. 117,000,000
Bills bought abrd_Inc. 182,000,000
Adv.agst.securs__Dec. 51,000,000
Note circulation__Dec. 711,000,000
Cred. curr. accts--Inc. 543,000,000
Curr.accts. dr dep_Ino. 253,000,000
COMPARATIVE STATEMENT.
Status as of
Jan. 19 1929. Jan. 12 1929. Jan. 5 1929.
Francs.
Francs.
Francs.
33,983,468,096 33,709.295,194 32,679,039,643
11,936,637,899 12,543,191,211 13,546,569,879
4,884,349,963 4,901,349,963 4,454,349,963
18,632,417,134 18,450,417,134 18,416,417,134
2,243,886,239 2,294,886.239 2,325,886,238
62,442,902,755 63,153,902,755 64,182,902,753
19,069,221,750 18,526,221,750 18,098,221,753
6,341,773,963 6,088,773,963 5,807,773,960
The latest weekly statement of the Bank of England, dealing with the week ended Wednesday, Jan.
23, shows several important changes, the outstandThe New York money market as far as call loans
ing feature being another large increase in the ratio are concerned has shown a slight relaxation. Call
of the Bank's reserve to liabilities, which three weeks money on the Stock Exchange has ruled at 6%, only
ago stood at 24.24%, last week stood at 45.01%, the outside or unofficial market reflecting the minor
and now stands at 50.33%, an increase of 26.09% in changes that occurred during the week.. In the
less than a month. A loss in gold of £1,063,123, ,sessions of Monday and Tueday, the outside market
partly offset the large contraction in note circulation quotation for demand funds was 5%. Withdrawals
of £5,314,000, so that the increase in the reserve of by the banks of about $8,000,000 cut into the availgold and notes in the banking department amounted able supply, Wednesday, and ,outside loans went at
to £4,251,000. Public deposits rose £1,702,000; 53
4%. The market hardened further Thursday, and
"bankers accounts" dropped £6,708,000 andeother no concessions from the Stock Exchange figure were
accounts" increased £816,000, these items, when con- reported in the outside market. Withdrawals by
solidated, comprise the "other" deposits, so that the the banks of about $10,000,000 yesterday prevented
loss in that item amounted to £5,892,000. Loans on any outside offering at lower rates than 6%. Time
Government securities fell off £5,635,000 and loans loan rates remained unchanged at the higher figures
on "other" securities £2,774,000;this item was recent- which have prevailed in recent months. Brokers'
ly sub-divided into two headings, "discounts" and loans against stock and bond collateral again showed
"advances," which this week declined £2,295,000 and expansion in the statement of the Fderal Reserve
"securities",which declined £479,000. Gold holdings Bank of New York compiled on the basis of reports
now total £153,342,962, as against £156,202,953 in from member banks. The increase for the week
the corresponding week last year and £151,344,543 ended Wednesday was $48,000,000. The new total,
in 1927. Notes in circulation now aggregate (includ- at $5,443,000,000, established a new high record.
ing the fiduciary currency taken over) £355,368,000 Gold movements through New York for the week
against £134,640,060 last year. The minimum rate ended Wednesday consisted chiefly of imports, a,
of discount of the Bank of England remains at 43'%. total of $8,000,000 being received from Canada,
Below we furnish comparisons of the various items of while other imports were $204,000. Exports
the Bank of England return for five years.
amounted to $103,000. It appeared during the week
that a total of $7,500,000 gold was engaged in LonBANK OF ENGLAND'S COMPARATIVE STATEMENT.
1925.
don for shipment to New York.
1926.
1929.
1927.
1928.
Jan. 27.
Jan. 28.
Jan. 23.
Jan, 26.
Jan. 25.
Circulation
b355,368,000 134,640,060 137,049,120 141,503,305 124,456,340
Public deposits
16,850,000 16,525,703 13,733,633 22,537,503 22,560,429
Other deposits
98,322,000 98,707,639 102,777,303 101,332,789 107,271,488
Bankers' accounts 60,841,000
Other accounts
37,481,000
Govt. securities
49,486,000 35,304,777 28,117,634 45,557,526 50,037,899
Other securities
25,824,000 56,717,327 72,452,572 73,955,881 73,990,777
DWI dt advances 10,763,000
Securities
15,061,000
Reserve notes tic coin 57,977,000 41,312,893 34,045,423 22,451,576 23,863,255
Coin and bullion„s153,342,962 156,202,953 151,344,543 144,204,841 128,569,595
Proportion of reserve
50.33%
18%%
to liabilities
35.85%
29.22%
18Si%
%
4%
5%
Bank rate
%
5%
Dealing in detail with the call loan rates on the
Stock Exchange from day to day, the story is a short
one as rates have remained unchanged at 6% on
each and every day of the week. The ruling quotation for time loans all through the week has been
7@,7Y1% per annum for all periods from 30 days to.
six months, with most of the business at the higher
figure. The commercial paper market continues
very unsatisfactory and the volume of business transa Includes, beginning with April 29 1925, £27,000,000 gold coin and bullion acted is far
below the usual for the month of January
previously held as security for currency notes Issued and which was transferred to the
and
on
the
British
standard.
Bank of England
Government's decision to return to gold
considerably less than that transacted during
b Beginning with the statement for April 29 1925, includes £27.000,000 of Bank
the
same month in 1928, which was far from a banner
of England notes issued In return for the same amount of gold coin and bullion
held up to that time in redemption account of currency note issue.
year. The dealers in commercial paper appear quite
dubious about the immediate future and entertain
In its statement issued Jan. 24 for the week ending little hope of improvement within the coming month.
Jan. 19, the Bank of France reports a further de- Names of choice character maturing in four to six
JAN. 261929.]
3.'INANCIAL CHRONICLE
months remain quoted at 532%, with a few names of
exceptional character selling at 53'1%. For names
less well known the figure is 54
3 %. New England
mill paper sells at 54
1 @5%%.
447
situation here is very perplexing to European bankers and doubtless the Bank of England authorities are
hard pressed to find ways of arresting the gold flow
from London to other centers. It is well known that
all countries are so anxious to keep their gold reserves
In the market for bank and bankers' acceptances as high as possible that they are practically off the
sharply conflicting views were still in evidence at the gold standard insofar as they impede the free movebeginning of the week, but these seem to have be- ment of the metal. There seems only the remotest
come harmonized when the asked quotation for probability that the Federal Reserve Bank of New
30 day bills was advanced Monday afternoon from York will increase its rediscount rate. The Bank of
7 %. This has been the only change England rediscount rate continues at 432%, and so
44
3 % to 44
during the week in the posted rates of the American far as bankers can see, the only way the Bank of
Acceptance Council whose rates are now 5% bid and England can arrest an outflow of gold is by increasing
47
A% asked for bills running 30 days, 53/g% bid and its rate of rediscount. This British bankers are very
5% asked for bills running 60 and 90 days, 531% reluctant to do, as it would be considered against the
bid and 5% asked for 120 days, and 5/% bid and best interests of general business in Great Britain.
Doubtless the purpose of Mr. Norman's visit to
5% asked for 150:and 180 days. The Acceptance
Council no longer gives the rates for call loans secured New York is to arrive at a closer understanding of
by bankers' acceptances, the rates varying widely. money market trends and Reserve bank policy here
With the exception of the increase of the 30 day and to devise further methods of co-operation to stem
asked quotation from 44
3 % to 47A% on Monday the outflow of England's gold. Since the beginning
afternoon, open market rates for acceptances have of September the Bank of England has suffered a loss
remained unchanged and are as follows:
of £23,000,000 in gold. Approximately £1,601,000
SPOT DELIVERY.
South African gold will be available in the London
-180 Dayll•-•• -150 Days- -120 Days
- open market in the next few weeks and there may be
Bid.
Bid.
Asked.
Asked.
Rid.
Asked.
prime eligible bills
534
554
554
554
554
5
a disposition to test New York's demand for metal
-90 Days-- -60 Days- -30 Days
Bid
Bid
Asked.
Asked.
Bid.
Asked
Prime eligible bills
5%
5
01 3
434 with this open market supply before decisive action
FOR DELIVERY WITHIN THIRTY DAYS.
is taken on further steps to protect the Bank of EngEligible member banks
534 bid
sligible non-member banks
This week the Bank of England
bid land's holdings.
55
shows a loss of £1,063,123 in gold reserves, the total
There have been no changes this week in Federal standing ati£153,342,962, compared with £154,Reserve Bank rates. The following is the schedule 406,085 on Jan. 17 and,with £156,202,953 a year ago.
of rates now in effect for the various classes of paper On Tuesday the Bank:of England sold £202,327 in
at the different Reserve banks:
gold bars and exported £200,000 in sovereigns and
DISCOUNT RATES OF FEDERAL RESERVE BANKS ON ALL CLASSES bought £207,000 inrgold bars.
On Thursday the
AND MATURITIES OF ELIGIBLE PAPER.
Bank sold £22,425 in gold bars and exported £29,000
Rate So
Date
Previous in sovereigns, and on Friday bought £4,805 in gold
Federal Reserve Bank.
Effect on
Established.
Rate.
Jan. 18
bars. On Tuesday it was announced that Speyer
Boston
July 19 1928
a
434
Co. of New York had arranged for the transfer of
&
New York
July 13 1928
a
414
Philadelphia
July 26 1928
a
434
from London, and on Wednesday the
$2,500,000
Cleveland
a
Aug. 1 1928
434
Richmond
a
July 13 1928
414
American Exchange-Irving Trust Co. announced that
5
Atlanta
July 14 1928
434
Chicago
a
July 11 1928
434
St. Louis
a
July 19 1928
it was receivingi$5,000,000 from London. At the
411
434
Apr. 25 1928
Minneapolis
4
June 7 1928
Kansas City
434
Port
of New York the gold movement for the week
4
May 7 1928
434
Dallas
4
San Francisco
434
June 2 1928
4
Jan. 17-Jan. 25, inclusive, as reported by the Federal Reserve Bank of New York, consisted of imports
Sterling exchange has been under pressure for four of $8,204,000, of which $8,000,000 came from Cansuccessive weeks. The market is extremely dull. ada and $204,000 chiefly from Latin America. Gold
The range this week has been from 4.84 7-16 to exports consisted of $103,000 to Germany. Federal
4.844
5 for bankers' sight, compared with 4.84 9-32 Reserve Bank reported no change in earmarked
to 4.84 31-32 last week. The range for cable trans- gold during the week. Canadian exchange continues
fers has been from 4.847A to 4.85 1-32, compared with at a discount, ranging this week from Wi to 7-32 of
4.84 31-32 to 4.85 5-32 the previous week. The two 1%. As stated here last week, the weakness in
most significant events in the foreign exchange market Canadian exchange is due largely to the volume of
this week are the engagement of $7,500,000 in gold Canadian funds invested in New York and.to the
in London for shipment to New York and a dispatch disproportionate volume of Canadian imports from
on Wednesday stating that Montagu Norman, the United States.
Governor of the Bank of England, had boarded the
Referring to day-to-day rates, sterling on Satursteamship Aquitania en route to New York. As day last was under pressure. Bankers' sight was
previously stated here, bankers expected compara- 4.84 9-16@4.84%; cable transfers, 4.84 31-32@
tively weak rates for sterling throughout January, 4.85 1-32. On Monday the market moved lower.
with a stiffening in quotations from February on- Bankers' sight was 4.84 17-32@4.845
/
8; cable transward, but they were hardly prepared to see the rate fers, 4.84 15-16@4.85 1-32. On Tuesday sterling
go so low as to induce a gold movement from London continued under pressure. The range was 4.84 7-16
to this side. Undoubtedly the marking up of bank- (0)4.84 for bankers' sight and 4.84 29-32@4.85 for
ers' acceptance rates here last week to a point where cable transfers. On Wednesday the market was dull
most maturities were from M to 4
3 of 1% above the and depressed. Bankers' sight was 4.84/
1 @4.84%;
New York Federal Reserve Bank's rediscount rate cable transfers, 4.84 15-16@4.84 31-32. On Thursof 5% had much to do with the decline in the foreign day the market was steady. The range was 4.84 9-16
exchanges, as the higher bill rates doubtless accele- @4.84% for bankers'sight and 4.84 15-16@4.84 31-32
rated a demand for dollars abroad. The money for cable transfers. On Friday the range was 4.843/i
448
FINANCIAL CHRONICLE
@4.84% for bankers' sight and 4.84%@4.84 15-16
for cable transfers. Closing quotations on Friday
2 for demand and 4.84% for cable transwere 4.843/
fers. Commercial sight bills finished at 4.84%;
60-day bills at 4.80 9-16; 90-day bills at 4.78 13-16;
documents for payment (60 days) at 4.80 9-16, and
seven-day grain bills at 4.83 13-16. Cotton and grain
for payment closed at 4.843 .
The Continental exchanges have been dull this
week. German marks have been particularly weak,
ruling at levels which would indicate that the British
gold supply is no longer threatened from the direction
of Berlin. This week there is a further increase of
$103,000 in the small shipments of gold which have
been going from New York to Germany during a
period of 23 weeks. This brings the total of such
small shipments to $1,192,000. It is evident from
the mark rate with respect to the dollar that these
shipments have been in the nature of special transactions unrelated to exchange. The present rate
of the mark in New York, around 23.76 for cable
transfers, compares with dollar parity of 23.82.
The weakness in mark exchange is to some extent
due to high money rates in New York which have
attracted a certain amount of German funds to this
market. A further factor in the lower quotations for
the German unit is the improvement in the credit
situation in Germany. Bankers expect that the
Reichsbank rediscount rate will soon be lowered
to 6%.
French francs have not been in demand, but some
transfers of French funds to the New York market
have been reported this week. The franc rate moved
within narrow limits and entirely under the control
of the Bank of France. This week, as noted above,
there was no further earmarking of gold in New
York and bankers are inclined to believe that France
will be slow to draw down more gold through the
cashing of balances held here, especially since it has
accomplished its purpose of bringing its ratio of reserves to liabilities to a point above 40%. The
legal reserve requirement is 35%. The ratio this
week stands at 41.69% and the gold holdings show
an increase of 274,000,000 francs.
Italian lire have been steady and have made
practically no response to the lower sterling quotation. During 1928 the largest increase in Italy's
gold reserve was effected since the recovery occurring in 1920. In December of 1920 the gold reserve
stood at 1,085,000,000 lire and at the end of 1928 it
had risen to 1,400,000,000 lire. The increase made
last year was considered natural in view of the ease
with which gold purchases could be made abroad
after stabilization. The total reserves of the Bank
of Italy, including gold and its equivalent in foreign
bills, amount to 56% of the bank's liabilities, as
against 9% at the end of 1920. Exchange on
Prague is generally only in light request in New
York, but interest attaches to it this week in view
of renewal of reports that Czechoslovakia is to go
on the gold standard. Since 1922 the Czech crown
has been pegged at 2.96%. This support was withdrawn on the first of this year, giving complete
freedom to foreign exchange operations in that
country. No unfavorable results have been apparent thus far. It is understood that a credit is
being arranged for Czechoslovakia by central banks
of issue similar to the stabilization loans granted
Poland and Italy. In all probability the League of
[VOL. 128.
Nations will make a formal investigation of the
country's finances, so that its sanction will be secured in the event of the flotation of an external loan.
The London check rate on Paris closed at 124.06
on Friday of this week, against 124.07 on Friday of
last week. In New York sight bills on the French
centre finished at 3.90 11-16, against 3.90 11-16 a
week ago; cable transfers at 3.90 15-16, against
3.90 15-16, and commercial sight bills at 3.90%,
against 3.90%. Antwerp belgas finished at 13.89%
for checks and at 13.90 for cable transfers, as against
3 and 13.903 on Friday of last week. Final
13.89%
quotations for Berlin marks were 23.75 for checks
and 23.76 for cable transfers, in comparison with
23.773 and 23.783' a week earlier. Italian lire
closed at 5.23% for bankers' sight bills and at 5.233
for cable transfers, as against 5.23% and 5.23%.
Austrian schillings closed at 14.07 on Friday of this
week, against 14.10 on Friday of last week. Exchange
on Czechoslovakia finished at 2.9620, against 2.96%;
on Bucharest at 0.60%, against 0.60; on Poland at
11.25, against 11.25, and on Finland at 2.52, against
2.52. Greek exchange closed at 1.29 for checks and
at 1.29% for cable transfers against 1.29% and 1.293/2.
The exchanges on the countries neutral during
the war have been dull. Holland guilders and Swiss
francs registered fractional declines during the
week, chiefly as the result of movements in close
sympathy with sterling exchange. While guilders
have declined about nine points from the high of
the year, economic conditions in Holland are exceptionally sound and money is in abundant supply
at Amsterdam. Funds are steadily moving to other
centres for employment. This fact rather than any
weight of commercial transactions is largely responsible for the lower guilder rates. Conditions are
particularly prosperous in the Dutch colonies and
the surplus funds are constantly increasing at Amsterdam from this source. The Scandinavian exchanges
have fluctuated within extremely narrow limits and
the declines registered have been due largely to the
lower quotations for London, Berlin, and Amsterdam,
the centres most closely related to Norway, Sweden,
and Denmark in foreign exchange transactions.
Spanish pesetas continue steady and firm under
the complete control of the foreign exchange committee at Madrid. Bankers' sight on Amsterdam
finished on Friday at 40.07, against 40.07% on
Friday of last week; cable transfers at 40.09, against
40.09%,and commercial sight bills at 40.033/2, against
40.033. Swiss francs closed at 19.23 for bankers'
sight bills and at 19.23% for cable transfers, in
comparison with 19.22% and 19.23% a week earlier.
Copenhagen checks finished at 26.653/2 and cable
transfers at 26.67, against 26.66 and 26.673/2.
Checks on Sweden closed at 26.72 and cable trans2, while
fers at 26.733, against 26.73 and 26.743/
checks on Norway finished at 26.643' and cable
transfers at 26.66, against 26.643 and 26.66.
Spanish pesetas closed at 16.323' for checks and
at 16.333 for cable transfers, which compares with
16.32 and 16.33 a week earlier.
The South American exchanges have been slightly
more active than in the past several weeks. The
Argentine peso has been ruling firmer. Business
sentiment in Buenos Aires has improved as the midharvest shows an extremely good outlook for record
wheat and linseed crops. The value of Argentine
JAN. 26 1929.]
FINANCIAL CHRONICLE
exports for the first 11 months of 1928 was 951,000,000 gold pesos, against 926,000,000 gold pesos for
the same period in 1927. The harvesting is progressing satisfactorily and conditions are good in the livestock market and likewise in wool. Strikes at the
markets and warehouses in the past several weeks
have prevented normal trading and hampered exports to a considerable extent, but Buenos Aires business men are reported as looking forward to an export
season larger than ever. Argentine paper pesos
closed on Friday at 42.18 for checks as compared
with 42.13, and at 42.24 for cable transfers, against
42.19. Brazilian milreis finished at 11.94 for checks
and at 11.97 for cable transfers, against 11.92 and
11.95. Chilean exchange closed at 12.10 for checks
and at 12.15 for cable transfers, against 12 1-16 and
12%,and Peru at 4.00 for checks and at 4.01 for cable
transfers, against 4.00 and 4.01.
449
closed at 49.80@49 15-16, against 49.85@50;
Shanghai at 623
%@627A, against 63@633/8; Manila
3 against 49%; Singapore at
at 49%,
56%©56/,
against 56%@56/3s; Bombay at 36%, a6inst
36%, and Calcutta at 36%, against 36%.
Owing to a marked disinclination on the part of
two or three leading institutions among the New
York Clearing House banks to keep up compiling
the figures for us, we find ourselves obliged to die
continue the publication of the table we have been
giving for so many years showing the shipments and
receipts of currency to and from the interior.
As the Sub-Trea:sury was taken over by the Federal Reserve Bank on Dec.6 1920,it is also no longer
liossible to show the effect of Government operations in the Clearing House institutions. The Federal Reserve Bank of New York was creditor at the
Clearing House each day as follows:
The Far Eastern exchanges have been irregular. DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANE
Japanese yen have been under pressure a good deal
AT CLEARING HOUSE.
of the time and closed slightly lower than on Friday Saturday, MondaY, Tuesday. Wednesd'y, Thursday,
Friday.
Aggregate
of last week. Much of the weakness in yen is due to Jan. 19. Jan. 21. Jan. 22. Jan. 23. Jan. 24. Jan. 25. for Week.
slow readjustments of business with China, but it 122,000,000 121,000,000 Immo £oo 125.000.00C 121.00.000 100,0011.000 Cr. 744.000.081
may also be accounted for to some extent as the Note.-The foregoing heavy credits reflect the huge mass of checks which some
to the New York Reserve Bank from all parts of the country In the operation of
result of plentiful supplies of money in Japan which the
Federal Reserve System's par collection scheme. These large credll balances,
however, reflect only a part of the Reserve Bank's operations with the Clearing
have induced a transfer of Japanese funds to New House institutions, as only the items payable In New York City are represented in
daily balances. The large volume of checks on institutions located outside of
York and London, where the idle funds can be more the
New Uork are not accounted for in arriving at these balances, as such checks do
not pass through the Clearing House but are deposited with the Federal Reserve
profitably employed. Business is recovering slowly Bank for collection for the account of the local Clearing House banks.
but steadily in Japan; but some time must elapse,
The following table indicates the amount of bulhowever, before recovery can be great enough to
give real strength to the yen. Doubtless a complete lion in the principal European banks:
recovery cannot take place until the gold embargo
Jan. 24 1929.
Jan. 25 1928.
is removed and while it was expected that this step Batiks of I sold.
TOWS.
Gold.
Silver. I
Total.
would be taken in January, the prospect for a re.£
£
I
£1
Z
England__ 153.342,962
153.342.962
156,202,953,
156,202,953
moval of the embargo at any time during 1929 has France_ _ _ a271867745
271,887,74 221,753,269, 13.7l7,023235,470,292
d
Germany b 133,182,600 c994,600 134,177,200 89,122,650
994,600 90,117,250
now become very remote. The silver exchanges are Spain_
_ _ 102.366,000 27,942,000130,308,I I 104,189,000 27,467,000 131.656.000
$ I 46.978.000 3,771,000 50.749.000
54,638,000
Italy
weaker, reflecting lower quotations for the white Netheri'ds. 36,212,000 1,857,000 38,069.000 35.102.000 2,330,000 37,432.000
Nat. Belg_ 25,553,000 1,267,000 26,820,000 20,971.000 1,243,000 22,214,000
metal in world markets. Closing quotations for yen Switserl'd_
19,286,000 1,785,000 21,071,000 18.052,000 2,487,000 20,539,000
Sweden... 13,103,000
13.103,000 12,780,0001
12,780.900
checks yesterday were 45 5-16(4)453., against Denmark. 10,112,606 491,000, 10,603.001
10,112.000
611,000 10,723,000
Norway _ - 8,159,000
I 8,159,000 8.180,000'
8,180.000
45%(4)459 on Friday of last week. Hong Kong Total week 827,822,707 34,336,000862,158,90 723,442,872 52,620,623776,063,495
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL
RESERVE
BANKS TO TREASURY UNDER TARIFF ACM OF 1922.
JAN. 19 1929 TO JAN. 25 1929, INCLUSIVE.
Country and Monetary
Unit.
Noon Buying Rats for Cable Transfers to New York,
VOWS in United States /ones.
Jan. 19. Jan. 21. Jan. 22. Jan. 23. Jan. 24. Jan. 25.
EUROPEV
Austria,schilling
140602 .140576 .140535 .140540 .140538 .140563
Belgium, belga
138931 .138921 .138917 .138923 .138934 .138932
Bulgaria, ley
.007208 .007210 .007200 .007205 .007195 .007200
Csechoeloyakie, krone .029601 .029597 .029595
.029596 .029593 .029596
Denmark, krone
.268672 .266647 .266638 .266645 .266846 .286641
England, pound sterling
4.849505 4.849429 4.849375 4.849274 4.849414 4.849086
Finland, markka
.025172 .025172 .
.025172 .025168 .025171
France. franc
.039078 .039075 .039075 .039076 .039079 .039086
Germany, reichsmark .237705 .237606
.237606
.237639
.237626 .237613
Greece, drachma
.012916 .012915 .012911 .012912 .012913 .012913
Holland, guilder
.400853 .400818 .400825 .400816 .400872 .400914
Hungary POI1g0
.174228 .174284 .174235 .174298 1174263 .174320
Italy, lire
.052322 .052319 .052321 .052322 .052328 .052329
Norway. krone
268544 .268539 .266529 .266540 .266508 .266497
Poland. SiOty
.111854 .111840 .111800 .111840 .111985 .111890
Portugal. escudo
.044215 .044115 .044060 .044150 .044275 .044133
Rumania,lel)
.006021 .006020 .006016 .006018 .006018 .006016
Spain, peseta
.163315 .163321 .163310 .163309 .163317 .163318
Sweden. krona
.267315 .267292 .267320 .267300 .267287 .57288
Switserland. Irene__ _ .192307 .192304
.192291 .192291 .192323 .192367
Yugoslavia. diner---- -017578 .017577 .017571
.017575 .017574 .017578
ASIAChinaChefoo tael
.843125 .645416 .644583 .643958 .641458 .643750
Thurkow tael
.641041 .642916 .642916 .643125 .641093 .642500
Shanghai tael
.621767 .628214 .628035 .627321 .626160 .626807
Tientsin Mel
663125 .666250 .866260 .664791 .660208 .661666
Hong Kong dollar__ .497500 .497857
.497589 .497053 .496285 .496428
Mexican dollar.....
.456000 .458250 .453250 .452250 .452000
Tientsin or Peiping
dollar
.458875 .457500 .457500 .452500 .452083 .451666
Yuan dollar
.453541 .454166 .454166 .449166 .448750 .448333
India, rupee
.364391 .364516 .364335 .364468 .364278 .364992
Japan. yen
.455222 .454165 .453859 .453962
SingsPore(13.S.)dollar_ .550166 .559166 .558750 .558750 .454290 .453071
.558666 .558688
NORTH AMER.Canada. dollar
.997655 .997513 .997460 .997595 .997626 .997737
Cuba. peso
.999388 .999497 .999596 .999687 .999718 .999781
Mexico, peso
.484125 .484333 .484166 .485166
Newfoundland. dollar. .995153 .994906 .994875 .995071 .484666 .484666
.995071 .995091
SOUTH AMER.Argentina, peso (gold) .957300 .957377 .957357 .957392
.957392
Brazil, milrebt
.119212 .119280 .119310 .119350 .119419 .957466
Chile. peso
.120541 .120540 .120607 .120647 .120649 .119375
.120586
Peso
Uruguay.
1.027538 1.027138 1.027849 1.027744 1.027849 1.027538
Colombia, peso
.970900 .970900 .970900 .970900 .970900 .970900
Prey. week 827,189,047 34,312,600861,501,647721,808,761 52,373,743774,182,504
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 Debi
abroad, the amount of which the present year is ,C2,481,300. c As of Oct. 7 1924.
d Silver is now reported at only a trifling sum.
Tariff Pleas and Tariff Policy.
It is a safe guess to say that probably very few
people, when the Presidential contest of 1928 began
to take definite form, expected that the tariff would
play any considerable part in the campaign, or, for
that matter, in the policy of the incoming Administration in case that Administration should be Republican. The policy of high protection appeared to
have reached its climax in the Fordney-McCumber
tariff of 1922, and while the so-called flexible provisions of the Fordney-McCumber act, when they had
been invoked, had obviously been used only to increase duties, there seemed no reason to suppose that
any considerable revision of the rates, and especially a revision upward, was likely to be undertaken. If there were still any "infant" industries
to be nurtured, they appeared to be conspicuous only
by their unimportance in the industrial activity of
the country as a whole. The most that was to be
expected, apparently, was that the Republicans
would repeat in their platform their time-honored
declarations in favor of protection, that the Democrats would reiterate their historic criticisms of the
protective policy and demand a scale of duties designed primarily for revenue, and that tariff changes,
450
FINANCIAL CHRONICLE
[VoL. 128.
even in the event, as early seemed probable, of Re- to urge higher duties on a long and varied list of
articles, from steel and chemicals to pottery and
publican success, would be slight.
The situation changed somewhat, however, when peanuts. Some have pleaded for a chance to make
Mr. Hoover, in defining his position on various na- a profit, others have frankly urged that profits ought
tional issues, committed himself unreservedly to to be increased. Representatives of organized labor
protection, and put the increase of tariff duties in have appeared in behalf of the wages of the Amerthe forefront of the remedies which he proposed for ican workingman, and spokesmen for the farmers
the relief of agriculture. The farmers, in Mr. have expounded the necessities or ambitions of the
Hoover's view, had not received the same measure agricultural class. There have been the familiar
of benefit from protective tariff legislation that had references to the lower wage standards of Europe,
accrued to industrialists, and the removal of that and more novel appeals for protection against the
inequality was urged as the primary step in a more cartels in which many European industries have of
or less elaborate process of putting the farmers on late been united.
The demand for general rather than partial retheir feet and insuring them prosperity. The way
seemed open for the Democrats, hard put to it as vision appears to have grown, as was to be expected,
they were to make headway against the Hoover a typical illustration being a resolution voted by the
movement, to exploit the issue of the Fordney-Mc- National Electrical Manufacturers Association, at
Cumber tariff, and appeal to the more moderate pro- its recent meeting in New York, calling for an early
tectionist sentiment of the country by championing session of Congress as soon as practicable after
a substantial modification of some, at least, of the March 4 "for the purpose of general tariff revision,"
existing rates. Instead of seizing the opportunity and opposing "any partial revision at this time bewhich Mr. Hoover had given them, and pressing it cause of the upsetting of business which would reas a campaign issue for whatever it might prove to sult from the postponement of general revision."
be worth, they side-stepped the issue of protection Only a few manufacturers have stood out
in their platform declaration, and permitted Gover- boldly in opposition to the general trend,
nor Smith, in his effort to convince the business in- declaring either that present duties were too high
terests of the country that a Democratic Adminis- and ought to be reduced, or that no increase in the
tration would be as safe as any other, to reject the present rates was needed or desired. Even national
Underwood Tariff as an embodiment of Democratic prohibition has been brought in to enforce the dedoctrine, and commit the party to the support of a mand for protection, Representative Hull of Illinois
protective policy which, as far as its principles were calling the attention of the Committee to the fact
concerned, differed in no essential particulars from that the manufacture of butol acetate at Peoria, in
that of the Republicans. The upshot of the matter his State, and elsewhere,"is rapidly finding a market
was that the country was assured of some substan- for the low grades of corn which, before prohibition,
tial raising of the prevailing rates if Mr. Hoover went into the manufacture of alcoholic beverages,"
were elected, and no substantial departure from the and predicting that "if the new industry has a
prevailing rates if the voters chose Governor Smith. chance" it will "obliterate all complaint" on the score
. With both parties, accordingly, committed to pro- of the 35,000,000 bushels of low-grade corn which the
tection, the tariff, which for some time had ceased liquor manufacture formerly consumed. Taking the
to be an active political issue, at once loomed up as testimony as a whole, one gathers the impression that
an issue of prime importance with the assembling American industry, even in some of its most highly
of Congress in December. A considerable number developed branches, still fears foreign competition,
of Republicans, among them Speaker Longworth, and feels the need of thoroughgoing tariff protection
were quoted as opposed to a general revision of the if it is to continue to prosper or, perhaps, to mainFordney-McCumber rates, but a readjustment up- tain its position.
Two novel features of the tariff situation, besides
ward of particular rates or schedules, especially
those which appeared to have a more or less direct that presented by the growth of European cartels,
bearing upon agriculture, appeared to be widely have developed during the hearings. On Jan. 16 a
favored and to be assured of some Democratic representative of the Ordnance Department appeared
support. The short session was obviously too before the Committee, at the request of the Secreshort to admit of framing, debating and passing a tary of War, to say that "the Government was absonew tariff bill, and the Ways and Means Committee lutely dependent on private manufacture of small
of the House of Representatives accordingly limited arms, and any increase in duties, provided they did
itself to launching, shortly after the reassembling not raise prices, would 'redound very greatly to the
of Congress in January (after the holiday recess) a national defense.'" "We will have to rely on the
series of hearings at which interested parties might private manufacturer," Lieutenant Colonel Wheton
be heard. The hearings, which it is planned to con- declared, "in order that our men will not go into
tinue until late in February, are expected to produce battle unarmed as the Russians did in the last war."
a body of testimony upon which the Committee will Coming as it did on the day following the approval
base the provisions of a new tariff bill to be presented of the anti-war pact by the Senate, the argument
to the next Congress whenever that body shall be seemed to carry a suggestion that the renunciation
convened in extra session. If Mr. Hoover calls the of war as an instrument of national policy was not
new Congress together for an early meeting, as he is likely soon to be an accomplished fact. Senator
now expected to do, we shall have a tariff debate in Bruce of Maryland, on the other hand, whose term
of office is about to expire, laid before the members
full swing before many months.
the Ways and Means Committee and the Finance
of
is
far
The testimony offered at the hearings thus
of the Senate, on Jan. 21, the draft of a
distariff
Committee
curiously reminiscent of the days when
appears to be to take the tariff
bill
purpose
whose
Repstage.
cussions held the centre of the political
bill
proposes to enlarge the memThe
out
of
politics.
industrial
of
resentatives of.particular industries or
Commission
Tariff
from six to twelve,
the
of
bership
Committee
the
organizations have appeared before
JAN. 26 1929.]
FINANCIAL CHRONICLE
451'
excluding from membership any person "who at any those agreements is a matter which Congress, when
time within the preceding five years had been en- the discussion of a tariff bill is reached, will cergaged in any business whose interests might ever tainly do well to consider.
be involved in proceedings before the Commission";
removing the Commission from connection with the
Growing Rubber in the United States.
Executive Department of the Government and atThe "Saturday Evening Post," in a recent editaching it to the Legislative Department "primarily torial advocating a closer investigation into the posto aid the Congress in the exercise of its legislative sibilities of growing rubber in continental United
functions relating to customs duties"; and creating States, has this to say: "In view of the fact that
for the Commission a "Public Relations Counsel," we lead the world as consumers of rubber, our decharged with the duty of safeguarding the interests pendence upon foreign markets, South American and
of the public when applications for tariff changes Asiatic, is an obvious economic weakness. We know
were made.
by experience what centralized price control of rubIt is out of these various proposals, arguments and ber prices can do to us. It would be the height of
protests that the Ways and Means Committee, when folly not to profit by the sharp lessons we have reits hearings have been concluded, will have the task ceived in recent years or to suppose that temporary
of framing recommendations regarding tariff revi- price recessions make it impossible for foreign growsion. There is as little likelihood as ever that the ers to put the screws on us at some future time just
tariff will cease to be a question of politics, for, as as they have in the past. The hardships which grow
the New York "Evening Post" remarked on Wednes- out of this system of artificial price fixing will prove
day, "the tariff is in the hands of Congress and to have been blessings in disguise if they have
Congress is a political body." As in. all previous aroused us to the imperative necessity of controlling
tariff legislation, so now, the tariff schedules will the sources of a substantial proportion of the rubbe adjusted to meet the views not only of those who ber required by our industries. There appears to
insist that more or different protection is needed, be but little doubt that home-grown rubber, supplebut also of the party which is dominant in Congress. mented by the output of over-sea tropical plantaWhile it seems doubtful at the moment whether so tions controlled by American interests, will
go a
large a task as a general revision will be undertaken, long way toward preventing our rubber users from
it is probable that a goodly number of duties will be being gouged in foreign markets."
raised. As customs duties are no longer as imporThe foregoing is well put and very appealing.
tant an item in the Treasury receipts as they used to And yet we are not sure that, admitting the
soundbe, Congress may feel that it has a freer hand than ness of the commercial proposition, we should
favor,
formerly in giving industry what is asked for, al- from an economic standpoint, especial
efforts to
though the need of revenue will still, of course, have grow rubber in the United States. There
is so much
to be considered. Broadly speaking, however, we involved in fundamental economics
that we may be
must expect a further effort to exclude competing pardoned for some general observations.
And first,
foreign products from the American market, and if every nation, with haphazard boundaries,
is to go
the maintenance of a relatively high level of domes- forward on the assumption that it should
become,
tic prices corresponding to the protected level of within itself, self-sustaining in agriculture
, manuproduction costs.
facture and mining, there will be little opportunity
There are two elements in particular that differ- for foreign exchange. The quantum of consumptio
n
entiate the present tariff situation from those for- does not affect the principle. Trade, it is conmerly to be dealt with. The first is the emphasis ceded, is the great world upbuilder and civilizer.
upon higher duties as a remedy for the farmers' ills. Constantly, for ourselves, we are advocating its exAs the grievances of the farmers appear to have pansion. Our late good-will messenger
to the rebecome somewhat less grievous since the election publics to the south of us had perhaps less
to say
than they were during the campaign, or at least to upon this subject than upon the free
exchange of
have been less vigorously urged, it is possible that ideas, ideals, and inventions, but
it all involves a
Congress, when it comes to legislate, may feel less mutual giving (selling) of what
one country posdisposed to make sweeping changes in the schedules sesses and does not integrally need,
having a surthan seemed at first probable. The other factor is plus, for what another does not
have but does need.
the position of the United States with reference to With the thing goes the
thought; and with the
the payment of the war debts. Recent dispatches thought goes that culture and
happiness which furfrom Europe have intimated that while the commit- thers the advance. In truth,
it is the uneven distritee of experts which has just been appointed to deal bution of the earth's
resources that makes imperawith reparations will avoid any direct discussion of tive the world's
trade.
the war debts, a consideration of the amount of such
It follows that the exchange of tropical rubber for
debts owed to the United States is likely to affect
all the va4ied products we possess may be more imthe conclusions of the committee regarding the total portant
to us than production out of our own soils.
amount of reparations that Germany will be asked
For some time past Mr. Edison has been indefatto pay. It would undoubtedly create an unfavorable igably pursuing his
own investigation. It may be
impression in Europe if Congress, at the very moment
discovered that other trees will produce rubber, or
when a reparations settlement was being arranged,
again it may be shown that synthetic rubber can be
should by raising the tariff duties sharply, increase
produced at low cost. But this is more in the line
the difficulty of making debt payments by the inof perfecting our own processes than of producing
ternational exchange of goods. Since the Fordneyde novo this valuable substance. And, since we
McCumber tariff was enacted all the debt settlements
have not reached as nations and peoples that high
with the United States have been concluded, and the
plane of altruism which compels thought of others
bearing of any further restrictions upon the imporin our enterprises,in this view our experiments must'
tation of European goods on the carrying out of
,be encouraged. But in order to affirm this it mist
452
FINANCIAL CHRONICLE
[vol.. 128.
be shown that this gain more than offsets our loss who use it well. But it may be asserted that the
through the consequent lessening of exchange. "Bus- growing of enough rubber to control "price" is a
iness" does not wait on these considerations, how- proper use of energies and resources. If so, is it not
ever. And we find Mr. Firestone has a large rub- an artificial control of price and against the laws
ber plantation in Liberia; Mr. Ford in Brazil, we of economics? The laws of supply and demand,
believe; while the latter is invading England and faithful to the fundamentals of resources and enerother countries with his auto plants. The question gies, ultimately, and thus permanently, will control
in economics is: shall the United States control the price, to the detriment of no one. And the sooner
rubber production of the world sufficiently to estab- all arbitrary, domineering, artificial controls are
lish price, while at the same time it demands a free dispensed with the better for buyer and seller everyexchange of products using rubber by either sale of where. As for the "squeezers," are they confined to
finished goods or by the invasion of capital into any one country? Do they enter naturally into the
countries where rubber is indigenous or into coun- equation? And what will squeeze them out but the
tries that have established markets by means of their freedom of trade as directed by the exchange of
own exchanges? At the present time it may be needs for wants? Why seek to make ourselves selfshown that the economic theory of beneficial ex- sufficient while we produce so many surpluses we
change does not coincide with the fact. But the must exchange or go stale ourselves? Why grow
natural rights of peoples (even in the Congo) to the rubber at home when we can sell more goods abroad
ownership and disposition of their own native re- by letting others produce it? And then, there is the
sources are not altered thereby, and the growth of maxim of "live and let live"; the moral of "looking
world trade in and by the United States can rest out for the other fellow"!
It is proper to say, right here, that, according to
upon no other rightful foundation.
And though we gain temporarily by economic dom- a recent announcement by Mr. Edison, there is at
ination, by forcing our way into the preserves where this time no expectation of making the growing of
rubber naturally grows, thus holding backward the rubber commercially profitable in the United States.
natural advance of others through mutual exchange He is still engaged in his investigations and thus
of unlik Products, may we not in the end lose more talks of his work: "Up to date, I have examined
than the present gain received. At any rate, are we fifteen thousand plants, trees and shrubs growing
within the United States to discover their possibilipracticing what we so eloquently preach?
We may go a step further. As suggested before ties as rubber producers . . . and I have dis—the varying capacities of peoples (nations) due covered over twelve hundred wild plants, each differto location and resources, forbids, at least in eco- ent from the other, which contain appreciable
nomics, the growing of what we are least fitted to amounts of rubber. . . . I have found that the
produce rather than that which we are most fitted to ordinary mangrove bush, which grows almost everyproduce. If it indeed be possible, why grow rubber where around the Southern seas, has a great deal of
in the "bread basket" of the world, our Middle West, rubber. . . . The work ahead involves finding
now as famed in politics as in story? Would it not what plants, shrubs and trees will yield the most
be economical as well as good economics, to exchange rubber. Then we shall work on developing their rubwheat for rubber? One asks, is an enterprising peo- ber content by budding and other means. Then we
nle to be held back in the use of auto tires until the shall have to learn how to harvest them and how to
atives afar are either trained to use their own rub- manufacture the rubber into commercial form. ...
-er or are educated to eat our own wheat? Perhaps I do not know when this work will end. But already
not. But what is known as "trade domination" is I know enough to be certain that eventually we can
not without its attendant evils, and while we are have our own emergency rubber supply and can nevseeking mutual uplift, good-will, peace, we cannot er be defeated (in war) for the lack of rubber." But
well avoid taking at least a side glance at these if we should be able to grow commercial rubber will
phases of "pure" economics, if there is such a thing. we refrain? And may we not have by that time proOur magnificent domestic trade is due to the va- ceeded so far on the road to peace that the new art
riety of our products, the vast extent of our terri- will die unless we do use the product commercially?
>Dry, our peculiar energies—all under one govern- This millenium is not near!
'lent. Yet the economics of trade overrides bounMachinery and the Growth of Mind.
laries. Where else on the globe is there an equal
If life in the United States at the present time is
ation in the north temperate zone? We may always to some extent and in some ways dominate the marked by the materialism of machinery, it is at
trade of the world—and without growing that which the same time characterized by efficiency. If it is
does not primarily belong to us. And not only are a commercial and industrial life, it is being lived
the users of rubber concerned, but all the others. on a grand scale. If money, property, wealth, are
These South American countries that can pay in moving objects, they are attained, collectively by
rubber, coffee, oil, hides and etc., and cannot pay the whole people, in ever increasing abundance. And
if they cannot sell rubber and coffee, cannot buy the very benevolences made possible, as the flower
agricultural machinery, typewriters, and a hundred of this material existence, are dispensed with a lavother things they do not now produce or make. We ish hand. Into the warp and woof of this physical
cannot sell Argentina corn and cattle. But Argen- intensity and mass production are interwoven an
tina can sell to Germany—Germany can sell Argen- educational emprise not equalled in extent in any
tina fine cutlery. Brazil can sell UR coffee; we can other country, or in any other time in the past. Sciill Brazil automobiles. The gold dollar or the bush. ence, following its own discoveries in the laws of
of wheat, directly or indirectly, will exchange for, nature, is applied with ardor and distinction to the
practically, anything on earth. In the natural ex- methods of a communal life that develops and libchange everybody is benefitted—that is economics! erates the individual. Art and letters, indulging in
The world is wide, prolific, beneficent to those their own bent, are producing forms of expression
JAN. 261929.]
FINANCIAL CHRONICLE
and ideals, that, while subject to criticism judged
by older standards, are not without originality and
a degree of permanency. But a disinterested love
of beauty lags in the race. The search for truth
lacks the finer quality of the ultimate spiritual. And
goodness is subject to the changes which a realistic
conception of life unfolds and tends to establish.
Not without the precious pursuit of the "joy of life"
pleasure is the main spring of the constant advance,
a pleasure not without its consecration to helpfulness and the "higher life."
We come then to the study of the relation of machinery to the material with great achievements in
our hands and with a sense of devotion to "better
living conditions" not unworthy of high praise and
imbued with honesty, charity and love. If we err
it is in a good cause. If we fail, it is because of an
excess of zeal and fidelity to the objects of our multitudinous endeavors. The romanticism of ages that
were wedded to crusades for a more glorious religious experience; and to the exploitation of heroes
of war; to the production of an art and architecture
more devoted to sheer beauty; to a literature more
infused with the poetic and classic; that lies behind us, still lies before us and beckons us to refine
the life we live upon a more enduring foundation of
utility and ease. But what concerns us in the present is the pressure of the machine upon the man.
In the very consciousness of our liberty is the question of the effect of the material upon the soul. Are
we destroying our highest nature by the very excess
of our physical progress? We have dreams of ease
from the hard demands of labor, conceptions of life
without work, but are we conscious of what life will
produce out of this leisure? And are we sure that
out of the turmoil of ceaseless change we shall
emerge into love and peace?
We must approach this study of man and machine
from the vantage point of an aloofness to what we
now call "prosperity." Invention, mass production,
tremendous material achievement, the expansion of
energies and the utilization of earth's resources, and
the conquering and harnessing of nature's laws cannot destroy us unless we lose sight of the ideals of
truth, love, and beauty, as the prime objects of existence. Being is more than acting. If the machine
is to materialize and enslave the man, it will not
prove an indubitable good. And since we have it
and will continue to employ it, the only salvation for
man's spiritual advance lies in himself, and in a
form of living that will be above the power of the
machine to affect. At once it appears that bigness,
speed, power, pleasure, even wealth, are not in themselves the ideals we must follow. We want and
must have, if we are to refine our progrejss and prosperity, a chance for every man to cultivate and thus
culture himself. Not an aimless ease but a satisfying and calming contentment. Not a triumph over
environment but a triumph over self. Not an opportunity to acquire and attain, but an opportunity to
work and employ his talents.
In a recent article or interview, Mr. Edison, the
greatest inventor in the world, has something to say
on this subject of the effect of machinery on men:
"One of the effects of machinery has been to increase
general intelligence. As more machinery is introduced, that general intelligence will be further quickened. That is directly opposite to the opinions of
people who, not having any data, think that the use
of machinery dulls men. In the machinery itself you
453
have the answer as to the effect of machinery on the
human race. A machine age cannot be a stupid age.
It has to be a highly intelligent age. A workman
who is only a human machine without intelligence
cannot operate or supervise a highly developed piece
of machinery. We already have some machines
which would considerably decrease the costs of production if only we could get men of high enough intelligence to operate them. A machine age demands
a high level of human intelligence. . . . As our
intelligence rises we shall use still more machines,
but we have no reason to bother about men turning
into automatons. That is just one more of those theories worked up by men who have never studied the
facts. And likewise we do not have to bother about
eventual overproduction and stagnation and all
that; for enough additional intelligence will by then
have been created to solve the problems which the
new conditions create." Now with all respect to this
pfe-eminently great man, it is hard to follow this
line of reasoning.
Does this logic mean that the machinery has in
and of and by itself raised the general average of
general intelligence or merely the general average
of intelligence in the manufacture and use of machinery? What are the examples cited in proof? That
the moving picture quickens the perception by reason of an educated reading of the titles of the picture, a more rapid absorption of the story, and this
regardless of the worth of the pictures. That the
rapid driving of the automobile sharpens the wits,
tends to concentration of attention and a consequent
ability to decide quickly in emergencies. We may
grant this as far as it goes, but it does not go very
far.
Is not this the truth—that the use of these machines merely enlarges the general intelligence in
this use and in the machine, which is a very small
part of the average general intelligence of life or of
rightful and purposeful living? The mere "operating and supervising of a highly developed piece of
machinery" does not teach a man economics, politics, science, sociology or civics; it cannot in itself
broaden the view of our necessary human relations.
It tends to make him efficient as a machinist, no
more. The general intelligence necessary to a representative democracy does not require all men to be
technicians in machinery. And in the coming universal use of automatic machines, a very few will
need to attain to this knowledge.
It is true that the varied products at low costs
"within the reach of the average man," will raise the
general intelligence, but this would be equally true
if the same number and variety of products were
turned out by hand. And there would in this condition be more work for more men, a more intensive
application to workmanship and the intelligence
which this implies, the thought involved in the article or product going along with the thing thus created. It does not require much intelligence to touch
a button that starts an automatic machine which
turns out screws without the touch of a hand. Nor
can we all be expected to spend our lives supervising
or making these marvellous machines.
Again Mr. Edison says: "But if one cuts down
one's line and goes in for quantity production, then
automatic machinery will pay. It will pay high
wages, high profits, and cause low prices.. . . .
I had a test of this in one of our departments. The
wages in the department had gone high and they
454
FINANCIAL CHRONICLE
could not well be lowered because the cost of living
had not fallen and there was apparently no way to
operate at a profit. I changed the whole department
over to full automatic machinery, with the result
that to-day we can produce more with 220 men than
we did with 1,484." What became of the general
intelligence of 1,264 men who lost their jobs and
what became of the jobs?
We think the influence of the machine on the mind
is greatly overrated. The printing press of a daily
newspaper is an intricate machine requiring highly
skilled workmen. to run it. Often it is exhibited to
the public at a window where the casual passerby
can see. But the general intelligence is heightened
by the product far more than by the machine. Now
let us not make a mistake about this. We can no
longer even imagine the use of the old hand press.
We are not put to the extremity of returning to the
old method, and we have forgotten the old pressman.
But the illustration is cited that in the progress of
the use of the automatic it will be possible to construct a machine in which we can place a bolt of
cloth at one end and collect the finished trousers
at the other end. What becomes of the tailors thrown
out of work? Apply the plan. universally. How can
the general intelligence be increased, when machines
do it all and no man knows how to do anything?
But we have so many things we never had before and
could not have save for the machine? True, but we
are lessening the need for mechanics. We are narrowing the spread of specialized knowledge. We
are providing high wages for the few, and unemployment for the many. We are affording leisure for
the growth of general intelligence, in lines outside
economics, but are we ever mindful of man, do we
need all the luxuries we have?
The Role of Suspicion in the Relations of the
Nations.
The human mind has innumerable vagaries and
unmeasured depths, and when it is in action in a
multitude there may well be doubt as to its intention. Prime Minister Stanley Baldwin, speaking
in Albert Hall, London, on the tenth anniversary of
the League of Nations, devoted his address to the
evil done by what he called "the fetid stream of
insinuation and suspicion," and the attributing of
low motives, one's own, or other countries', which
engage in pacificatory work in the world.
In his view the statesman who makes an observation doubting the good faith of a foreign country for the sake of obtaining a cheer, or the newspaper which prints such paragraphs to make news,
are both of them "doing the devil's work," for suspicion quickly becomes hate, and hate quickly becomes war.
The ape in us, he says, has through history been
largely fought with spiritual powers. The tiger has
not. The tiger instincts, which are still there, as
was shown thirteen years ago, are ready to be summoned from their lair in a moment. So long as
these instincts exist overt acts are not needed to
arouse them; suspicion and insinuation are sufficient. This being the situation, the task before the
advocate of peace is difficult. He may be an optimist. But we are not dealing with an open situation and visible forces. Old and hidden impulses
are to be fought. They are in our hearts and it may
well be that the first victory is to be won there.
[VoL. 128.
Only then can progress be made to winning it elsewhere.
The common need makes it necessary to call attention to such existing agencies as have promise of
results. Of these the Kellogg Pact may be mentioned first. It is far from complete or final; it is
widely criticized and, possibly, altogether satisfies
no one; but it is a step in the right direction and
opens the way for further advance. The proof of
this is in the fact of its wide acceptance practically
by so many nations. Its adoption by the United
States has every likelihood of being followed by
most if not all the rest. The promptness of the
attention it has everywhere attracted, and the strong
feeling it has awakened are evidence that it has
reached the public heart, which the pleasure it has
aroused confirms. Mr. Baldwin says:"It means nothing less than this: that every man and woman in
every civilized country of the world must work without ceasing to bring the common conscience of mankind up to the level demanded by the obligations of
that treaty." It cannot be questioned that "the
solemn declaration of the High Contracting Parties
in the names of their respective peoples that they
condemn recourse to war for the solution of international controversies, and renounce it as an instrument of national policy in their relations with
one another" is a positive advance in securing the
peace of the world.
The prompt and unanimous call to Mr. Root to
join the Commission of the League to revise the
Constitution of the World Court and adjust it to
existing conditions as brought to light by its actual experience, shows how ready Europe is to
make such readjustments of Constitutions or agreements as time may prove to be desirable.
A second means of promoting the desired result
is the increasing use of the many agencies for bringing about intercourse among the different nationalities and races. Nowhere is this intercourse more
constant and untrammeled than between the United
States and Canada, with the result that common interests are yearly growing, mutual prosperity and
constant personal contact are promoted, and after
the years of this relationship thought of return to
earlier conditions is not conceivable. Other instances of similar relations might be noted, but in
the great majority of cases the various barriers to
intercourse that existed before the war remain, and
in the states where change of territory has been
made and frontiers moved, these are treated as wellnigh prohibitive of transit or trade for the adjoining inhabitants, and a state of antagonism is created
which has produced enmity and hate. The irritable
mood of states along the Baltic, the frequent violent
outbreaks in the Balkans, and the restlessness of
Russia's neighbors along the entire extent of her
boundaries, are illustration.
Better knowledge of one another, such as comes
with increased means of transportation, exchange of
products, and facilitated business, following the creation of the great corporations and the demand for
skilled labor, emphasizes the mutual dependence of
all. When to this is added the going abroad of students seeking instruction which they cannot get at
home, the opening of their minds, and the establishing of personal relations still more unexpected and
helpful, such as some European states are tentatively promoting and,China and Japan for example
are profiting by, it is seen how open the way is for
JAN. 26 1929.]
FINANCIAL CHRONICLE
creating a new state of mind if not a change of heart
among the nations.
A third agency for securing the same result, far
more effective because fundamental, though little
regarded, is the foreign missionary. His method is
the oldest, and has been applied around the world,
to every variety of people. It appeared at the beginning of modern history and was then so creative
that it arrested and checked or destroyed the Powers
that had ruled the ancient world, and instead laid
down the lines and undertook the direction of the
Christian civilization which was to be the feature
of the new world.
Strangely, this is the agency of which politics,
and business, and finance, take little account, and
concerning which the common man and the speeding
traveler know so little. Yet it is a movement so persistent, so wide reaching and with results piling up
so fast, at once so various and so effective that the
wonder is that it is so little understood. Its history runs through the centuries and has been widely
written. Its modern form is what concerns us.
That arose, assumed its task, and took present shape
in the 19th century. It is this which concerns us
to-day.
In the amazing development of forces of every
kind, economic, mechanical, physical, social, both
creative and destructive, it has become not uncommon to speak disparagingly of Christian missions.
Robert Speer, who, by reason of his position and
long service, for he is known around the world,
speaks with authority, says: "Nowhere in the whole
field of the Church's life and work has there been
a greater growth, both of power and of united effort, in the work of foreign missions than during
the past two decades."
These cover the period since the World Missionary
Conference in Edinburgh in 1910. Then there were
21,307 Protestant missionaries, 103,066 native workers and 2,346,086 members of the 18,904 native
churches. In 1925 there were 29,040 Protestant foreign missionaries, 151,735 native workers and 3,614,154 communicants in 36,246 churches, with 8,342,378
Christian adherents. While there were only 30 nationals from the mission field out of 1,500 at the
Edinburgh Conference in 1910, at the Conference in
Jerusalem last year nearly one-half the members
were nationals representing such churches around
the world.
Dr. Speer further says Christianity is far more of
a force in relation to all human movements and
problems than it was two decades ago. The place
which Christ now occupies in the thought of India
would have seemed incredible in 1908, and Japan
now proposes to recognize Christianity as one of the
three religions of the Empire, though it is only little more than 50 years since modern missions were
established there."
"The idea that the cause is meeting with an unprecedented wave of opposition can only be held
by those who lack historic background, who do not
remember what a tide of antagonism had to be met
after the Boxer uprising in China, lasting in vari- orms for years afterwards."
ous f
When cognizance is taken of the many forms of
recent missionary development, its wide educational
representation in universities, colleges, and schools
of every kind, its creation of literature and even
of written languages, its medical work and its hospitals, the forms of society and home life it every-
455
where introduces, seeking to preserve what is good
and to promote the well-being of the people, while
it establishes intimate personal relations and strives
by word and example to make known to every man,
high or low, the love God has for all, and to help
him realize the life that love would bestow on him,
helping him to pass it on and share it with others,
one cannot but see the supreme place it occupies
if the world is to be freed from war, and the nations
from the inherent selfishness and pride which sustain the suspicion that leads to enmity and hate.
These three lines of effort, agreements by the nations to renounce war, efforts to promote kindly intercourse in daily life, and the missionary activity
of the Church in making Christ known to the nations as the giver of a life full of blessing for all,
are evidence that Christian civilization holds its
place in the progress of the world, and has undisturbed confidence in the life-giving power of the
faith committed to it.
Is Not Group Speculating a Conspiracy, Working for Sham Prosperity.
ARTICLE IV (Communicated).
The question whether the
nation's "amazing
prosperity"
(so styled until familiarity began treating it as commonplace) could, by any chance, be a case of progressive inflation of both credit and business—a "boom" so-called, breeding speculation and thriving thereon—was considered in the
last article,* and reasons were given for fearing that such
Is the fact.
NATURE OF nsumAnox.
But manifestly the inflation, if such it be, is not of the
ordinary type, for it stands as exceptional in at least four
particulars. It is at the same time mainly selective as to the
the trades affected; it is hobbled as to prices and intensity;
especially fostered as to gold imports and otherwise; and
labor-promoted as to major and auxiliary impetus. In more
detail we may say:
(1) It is selective in that the special increase of business goes so notably
to the luxury and related lines—automobile manufacturing and service,
and building and other construction, furniture-making and such subsidiary occupations as production of steel, machinery, oll, gasolene,
lumber; also road, bridge and pipe line building, municipal improvements, and numberless luxury products and services, and incidentally
for life insurance.
Even house building and furnishing is a luxury for many families
prosecuting the same to-day at a cost far beyond their means in more
normal times.
(2) It is hobbled—or restrained, both as to price advances and rising
intensity by the conservative impulses of a strong element among the
American people and the nation's banks as regards loans, wage increases,
etc.; but on the other hand—
(3) It is especially fostered, and possibly rendered uncontrollable,
otherwise than by action by all parties in interest by (a) Its ability to
attract foreign monetary gold (when needed for bank reserves and inflationary credit expansion) because of our holding some $25,000,000,000
or more of foreign loans and debts and our control of so much of the
world's supply of cotton, wheat, and other products. (b) The exclusion
of foreign products and foreign labor through the American tariff and
immigration laws. (e) Frequent potions of Federal Reserve "secondary
credit" and abnormal profits and income from mass-speculating, "boot
legging" and interest on Foreign debts and obligations—all most stimulating.
(4) It is labor-promoted in that labor supplies not only a large part
of the inflationary buying as is always the case in progressive inflation,
but it also delivers from its dilated income and borrowing the "main
punch," initiating and maintaining the inflationary flight both through
(a) its own keen pursuit of everything that pertains to the comfortable
and luxurious in life from private residences, family conveyances and
bounteous tables, to silks, furs, laces, the beauty parlor, higher education, elaborate sports, and entertainments, and long journeys by
highway, rail or otherwise; and (b) its facility for virtually compelling '
enormous expenditures of a public or semi-public nature, civic Improvements, etc.
Finally, we may perhaps be excused if we urge again the
general view that, properly estimated, inflation is not a race
between mounting wages and prices, since prices may for
a considerable time have little or nothing to do with it, but
that it is rather a cancerous business growth marked by
speculation and extravagance, either general or "specialized" in its workings, and both fed by, and itself cultivating,
'Articles I to III in issues Dec. 15, p. 8808; Dec. 22, p. 3461; Jan.
12, p. 181.
FINANCIAL CHRONICLE
456
an ever widening circle of artificial purchasing power, such
as abnormal amounts of borrowed money, increasing wages
and profits, security issues, &c., one form begetting another,
this a third, and so on around and around, swelling, either
slowly or rapidly, the volume of business by a cancer-like
overgrowth of healthy or other cells.
CRITICISM NOT AIMED AT LABOR UNIONS.
In these observations the writer would not be understood
as criticizing labor unions or their leaders. He is merely
stating facts as he seem them, regarding movements and policies which in the main, though possibly mistaken, have had
more or less hearty Federal approval and aid. '
Nor is it Intended to intimate that union wages, however
much they advance, or are used for borrowing purposes,
have supplied anything like all of the aforesaid artificial
purchasing power, or that except collectively, labor has been
a principal gainer in the unnatural development.
Nevertheless, one cannot but see an analogy between the
part which union labor is playing in this inflation and
that of a leak in a reservoir causing a great flood; or a
pump inflating a large balloon. Yet because of their great
number, and their over-sanguine buying and borrowing the
wage earners constitute, as always, the nation's mightiest
single spending force, and in the favored trades are to-day
inflating, not only their own and their fellows' wages, but
also (along with bank credit) other profits and dividends
In a delightfully pleasant and misleading manner, so It
appears to the writer.
THOSE OTHER FRUITS OF INFLATION.
[VOL. 128.
lion soldiers returning to civil life were promptly absorbed
by industry,and labor shortage re-appeared.
The pace was too rapid. Carried off their feet by the
apparently limitless profits to come from post-war business, the wage earners ran from job to job for higher and
higher pay, employers bid against one another for labor
and supplies, consumers ordered far above requirements,
fearing shortage, and speculators and canny merchants borrowed heavily to corner or "husband" supplies in special
request. Prices advanced by leaps and bounds, 50% in a
few weeks, and foreign currencies under pressure of speculation, heavy remittances and high prices for American
exports, fell precipitately. Loan expansion and gold shipments presently compelled bank retrenchment, disrupting
the price and credit bubble.
In this spasm of credit, the extreme foreign factors were
eliminated and it was the American speculator who had
been carrying long lines of commodities on borrowed funds,
the overventuresome commission merchant and the corporation with too large inventories that suffered acutely when
the break in prices came. The real backbone of the movement, labor's buying, was temporarily eclipsed or suppressed,
but in no wise shorn of its passion for buying and borrowing.
Former Secretary Hughes has told the public more than
once how, by a process of forced draught, industry was
once more set in rapid motion—the Federal authorities, numerous great corporations, 200 municipalities and other
agencies joined hands in October 1921 to anticipate required
construction work. Such was their success that there resuited "a decrease of unemployment by one-half In 60
days."
What was really accomplished was, we fear, not the initiation of a period of genuine prosperity, but a revival in
modified form of the old business-credit inflation of 19191920.
For in 1921-1922 when union labor discovered that after
all it had not been permanently crippled by the sharp decline in business activity, and that full time employment
was returning with their inflated wages little, and living
costs greatly, reduced, free-handed spending by the wageearning class was resumed. This time, however, the spending was much more discriminating and with more thought
for the future, though still characterized by lavish expenditures for luxuries. Latterly this has developed into what
has been aptly called the "double standard"—two homes,
one urban or suburban, for the winter, the other at seaside or in the country for the summer, with also at all
seasons for the more fortunate two or more automobiles for
husband and family. For wealthy families it means not
Infrequently a home or two in the north and another in
Florida or Southern California and in some instances several automobiles.
For it is to this wage inflation that we must ascribe
(a) the eagerness with which since 1914 our 13g. billions
(net) of imported gold has been transformed, as the bankers have confessed into 20 or 30 times this amount of loans
and bank deposits for extraordinary purchasing power and
Investment in securities and otherwise; (b) in major part,
the extraordinary growth compared with pre-war days, in
the assets and also the liabilities of the nation's banks. To
this same cause we must likewise attribute the rapid turnover of these bank holdings which in times of depression
might largely lie an inert mass.
So, too, have come this outpouring of investment securities, stocks, bonds and notes for "new capital" (till 1928
constantly on the increase) to aid inflation, aggregating
nearly $49,000,000,000 since 1919 (including some amount
of municipal bonds supposedly for refunding; also foreign
and Canadian issues, their proceeds in the main expended
here)—these all in addition to an immense amount of
purely real estate mortgages, the exact total of which cannot be determined without Federal aid.
Inflationary fruitage, and food for further inflation, is
also seen in the remarkable growth of annual interest and
dividends, such payments in cash aggregating, in addition to
speculative and other profits, 5/
1
2 billions in 1927 and apHOW WAGES HAVE EXPANDED.
proaching six billions in 1928, as against $3,900,000,000 in
It is to be doubted whether the business and financial men
1919; also large additional distributions in stock, just as of the
nation, preoccupied with their own pressing affairs,
in the inflation of 1919-20.
have any conception of the length to which this wageraising has gone and is going.
INFLATIONARY WAGES IN "BOOM" OF 1919-20.
If the reader will turn to Bulletin No. 457, published by
The mad rush of luxury buying in 1919-20, when, the
war and all its restrictions being a thing of the past, the the U. S. Department of Labor in Maw"; 1.92i9ito willi,find on
wage earners, to say nothing of capital, had a chance to pages 12 and 13 the following illuminating data as to soaring
spend their war profits and accruing wages (then still ris- wages, based on a study of the union scales as of May 15
1927, for about 800,000 members of organized trades, as
ing astonishingly), is one of the unforgettable sights.
In December 1919, the holiday buying was declared a found in 66 Important industrial cities, chiefly the building
"Saturnalia" and a Government Commission on the high trades, chauffeurs, teamsters and drivers, longshoremen,
cost of living found that the laboring class were "throwing printing and publishing:
money right and left with inconceivable recklessness" and INDEX NUMBERS OF FULL TIME UNION WAGE RATES
PER WEEK.
that they were doing this "for expensive articles" and with
1913 1918 1920 1921 1922 1923 1924 1925 1926 1927
entire "disregard of prices."
100 129.6 188.5 193.3 183. 198.6 214.3 222.3 233.4
240.8
Along with labor's tumultuous buying there came exFor 1927 the union wage rates per hour were also higher
tremely heavy restocking and re-equipment orders from than in any preceding year, being 259.5, or more
than 2/
1
2
abroad, and large deferred domestic orders. Several mil- times as much as in 1913. The increases in hourly
wage,
FINANCIAL CHRONICLE
JAN. 26 1929.]
457
compared with the year just preceding, is shown in the culture 2,366,000 excluding farmers' families), with estimated annual wages aggregating $41,560,157,000 (agriculPERCENT OF ANNUAL CHANGE IN UNION RATE OF WAGES ture $1,663,237,000), and that many outside of the unions,
PER HOUR.
as in the automotive branch, have been sharing liberally
1918 1919 1920 1921 1922 1923 1924 1925 1926 1927 in wage increases.
following:
116.2
16.5
28.8
3.2
5.9
9.
8.5
4.3
5.2
3.7
Striking as these wage advances are, it was the decline
1
2% in June 1920 (as comin the cost of living from 216/
pared with 100 in 1913), to 166.3 in September, 1922, and
170 in June, 1928, that'gave them much of their effective
buying power. The wage increases in 1918-20 thus became
equivalent to an inflationary rise in labor's anual income of
several billions of dollars.
While the weekly rate of wages yielded slightly in 192122, from 193.3 (index) to 183, it has since continued rising,
and in 1927 stood at 240.8. In December 1928 the official
labor organ complained that "the average earnings of those
at work in the manufacturing industries are but 3% higher
than in October 1927"-but even this would mean $300,000,000 more a year added to the payroll.
WHAT THESE WAGE INCREASES MEAN IN ACTUAL DOLLARS.
Had the Federal Government been issuing paper money
during these "prosperity" years at the rate wages have
been increasing, the effect on business might have been
scarcely more inflationary, for increases in wages are not
spent once for all, but, spread out over the entire country,
are spent many times over and also used for loan expansion, every $100 of additional wages opening the door to a
$2,000 loan at 5%. The upward march also, of the union
wage indirectly causes other wage advances in schools,
municipalities, and many another department of non-union
labor.
To visualize this process of wage expansion and its great
significance to the business of the country, the following
table has been prepared. It lays no claim to even approximate accuracy; It is based on the United States Labor Bureau's record as stated above, for only about 800,000 union
workers (out of some 4,000,000 reported by the "World Almanac" as paying their union dues), but omitting the less
prosperous trades, it discloses in a telling fashion the aggregate result of such changes in earnings for 3,000,000 of
the more favored union workers, assuming for that number the same rate of wages as for the smaller number, and
in all years the same number of hours of work weekly as
In 1927.
FULL TIME ANNUAL WAGE FOR 3,000,000 WORKERS,
HOW LABOR IN GENERAL HAS FARED.
While the richest wage plums have been falling of late
years into the laps of union labor, the general wage movement is not without significance to this study.
For all labor (eittept on farms) the average hourly wage,
between 1913 and the momentary peak in 1920, rose no less
than 134%; then in 1921-22 having subsided substantially,
though still remaining more than 100% above the level of
1913, it has since been gradually advancing, reaching 129%
In 1926 and still rising. So finds,the Bureau of Labor Statistics at Washington.
With these increased earnings the Bureau calculates the
worker can buy 30.7% more than he could in the prewar year 1913 (but this calculation takes no account of the
large expansion of family incomes with numerous members
all, it may be, on good wages).
The importance of these data is more apparent when,
using the statistics prepared for the National Bureau of
Economic Research (and published in their volumes on
the national income), we note that of the 40 odd millions
gainfully employed in 1920 there were estimated to be
27,469,000 working for wages or salaries elsewhere than
on the farms (20,639,000 for wages; 6,830,000 for salaries),
and that in 1920 their estimated pay aggregated $39,896,920,000 ($41,560,157,000, less $1,663,237,000 to farm labor).
If it be proper to apply the aforesaid percentages of the
Labor Board to this figure of nearly $40,000,000,000 of salaries and wages, it would mean (provided the number of
workers had remained constant) that the total remuneration of labor has risen from approximately $17,050,000,000
In 1913 (say $620 per person) to $39,897,000.000 in 1926
($1,452 per person), an increase of $22,000,000,000.
As those on salaries have generally fared less well than
other labor, this increase would be an overstatement were
it not true that in 1913 the wage earners numbered several
millions less than in 1920 and still fewer than in 1926, so
that as a matter of fact, if the authorities quoted are reasonably accurate, the $22,000,000,000 may be substantially
less than the actual increase since 1913 in wages and salaries available for buying, spending and investing.
The interesting statement issued by the Labor Board on
July 30 1928 says in substance:
(At Average Wages of 800,000, and hours worked weekly in 1927.)
YearWage.
Total Wages.
Index.
Increase.
1913
$1,161
100.0
$3,483.000,000
1918
1,504
129.6
4,512,000,000 $1,029,000,000
1921
2,244
193.3
6,732.000.000 2,220.000,000
1924
2,488
214.3
7,464,000,000
732,000.000
1925
2,581
222.3
7,743,000,000
279,000,000
1926
2,710
233.4
8.130,000,000
387,000.000
1927
2,797
240.9
8,391,000,000
261,000,000
A combination of all wage data available, exclusive of agriculture,
made by the Bureau of Labor Statistics shows that in 1920 wages per
hour were 134% higher in 1920 than they were in 1913. The depression
of 1921 brought the average down and it dropped stilt lower in 1922, but
In 1922 wages were still more than twice as high as in 1913.
Since 1922 there has been a steady increase in wages per hour until
In 1926 wages were 129% higher than in the pre-war year, 1913. Similar
summarization for 1927 is not as yet available. In 1926 with wages per
hour 129% higher than in 1913. cost of living was only 75% higher than
in 1913. Thus in 1926 for his hour of work the worker could buy 30.7%
Total increase In such annual wages since 1913
$4,908.000,000 more than he could in the pre-war year, 1913 (as against 12.2% in 1920.)
In general, the labor union member fared even better than the average
Here then Is an increase since 1913 of not much less than
worker. In 1926 wages per hour of these organized workers were 150%
$5,000,000,000 in the rate of annual wages, supposedly paid higher than in 1913 and by 1927 they were 160% higher. Cost of living
1927 was 72.7% higher than in 1913. Thus the organized worker
to 3,000,000 workers; also an advance of two and a quarter In
had a 43% higher real income in 1926 than in 1913, and a 50% higher
real income in 1927 than in 1913. .
billion from 1918 to 1921, accounting
abundantly for the
burst of business activity in 1922-23 when the handicaps
imposed by the credit smash and the peak prices of 1920 were
finally removed. Here also is indicated a continuing
increase of some hundreds of millions of dollars a year
in
current wages for all labor down to the present time,
although the cost of living has fallen since June 1920
from
216 (1913 being 100) to 170 in 1928.
If anyone is disposed to criticize these figures
as excessive since they assume full time employment and
are based
on conditions in building and other trades which
have been
especially liberal in the respect named, let him
recall that
no allowance at all is made for "bonuses" or the
extra sum
for overtime or night, Sunday or holiday work;
and that
even in 1920 the estimated number of
employees attached
to American industry was no less than
29,959,268 (in agri-
AMERICAN AND FOREIGN WAGES.
The following figures taken from the latest available publications of the
Bureau of Labor Statistics illustrate the differences in daily wages in the
United States and various foreign countries:
Bricklayers-Austria, $1.39, Belgium $1.32, France $1.57, Germany $1.84. and the United States
$
Carpenters-Belgium 61.36. Czechoslovakia $1.12, England 62.96,
12.56
Germany $1.86, Italy $1.82, and the United States
10.16
Laborers in the building trades-Austria $1.12, Belgium $0.91,
Germany $1.47. Italy $0.80, Norway $1.88, Sweden $3.09, and
United
lt!(I States
theU
Cool Miners-Great Britain $2.02 to $2.65, and the United States 440
$
9.65
ands
to -France $1.05, Germany $0.56, Great Britain $1.27,
1/a
Far1.26
Norway $1.28. and the United States
2.36
Rolling Mill, heaters-Germany $1.81 to 64.57, Great Britain
$4.36, and the United States...._
Ratting Mill, common laborers-Germany $1.40 to $2.07, Great 7"
Britain $I 61 to $1.64. and the United States
3.28
Monthly wages of able seamen were-France $17 00, Germany
$22.00. Great Britain $.44.00, Italy $20.00, United Statesprivate vessels $60.00. and United States Shipping Board vessels 62.00
Note.-These comparative wage rates. It seems, were compiled from the
extensive tables printed in the "Monthly Labor Review" for August 1927
FINANCIAL CHRONICLE
458
(compare pages 110 to 132). There have since been numerous advances
In the American rates and a few decreases. See "Labor Review" for
November 1928 (pp. 14-15). In Jan. 1929 several of the building trades
unions in New York City were demanding a five-day week and an advance
of 10% in the hourly wage.
In the closing article will be considered briefly the effects of this questionable prosperity on national business
and national income up to the present time, and several
more or less striking reasons will be given for doubting
the accuracy of the explanation generally offered for such
a miracle in the growth of income and luxury buying.
New
Haven, Conn.
ARNOLD G. DANA,
[Vot. 128.
once and for all, it is rather generally hoped that the Court.
will give consideration to the methods for railroad valuation
used by the Interstate Commerce Commission, and that.
there is an evident desire on both sides for such a ruling.
He recalled that the Interstate Commerce Commission
recently stated to the Supreme Court that "What we do
in this ease we must in principle do for all the railroads.
in the United States." Mr. Moody says:
The Supreme Court has, for the most part, tended to uphold the Interstate Commerce Commission in matters of dispute between it and the.
railroads. What may quite possibly occur, therefore, is that the Supreme
Court will render a "hedge" decision, such as rendered by the lower court,
applying only to the St. Louis & O'Fallon Railway Co. and not dealing
with the constitutional matters involved. Thus would a legal review
of the valuation methods used by the Commission be indefinitely postponed.
With regard to railroad stocks and whether or not they
be held, the economist states:
should
John Moody Expects no Collapse of Railroad Stock Investment
shares should be held. Although a decision in favor of the
Values with Decision in O'Fallon Case—Says Earn- railroads can hardly be considered a probability, it is, nevertheless, well
to bear in mind in connection with investment stocks that one of the most
ings, Management and Consolidation Prospects important
results of a favorable decision would be the abandonment of
Will Continue to Dominate Security Values.
the policy of certain railroad managements of keeping earnings as low
as
by
possible
the allocation of abnormally large amounts to the maintenance
Holders of railroad securities need not be greatly conin order to avoid risk of recapture.
cerned over the outcome of the St. Louis & O'Fallon Ry. accounts
Only those few companies whose earnings are substantially in excess
case now being reviewed by the United States Supreme of 6% on the Commission's valaation would be directly affected by an
adverse decision. The stocks of these companies, should, naturally, be
Court, according to John Moody, economist and President avoided,
particularly since they would, in all probability, give no better
stated,
he
case,
O'Fallon
The
Service.
Investors
of Moody's
account of themselves marketwise in the event of a favorable decision
is chiefly important in that it is conidered a test case which than the stocks of companies which would not be subject to recapture
any event. In general it is probably true that the effects, adverse or
may decide whether the valuation methods used by the in
beneficial, of a decision by the Supreme Court in the O'Falion case have
conin
are
and
legal
Interstate Commerce Commission are
probably been exaggerated by the investing public. No matter what the
no collapse of railroad stock values
formity with the "law of the land"—that is, in accordance outcome, there will, presumably, beappreciation.
In short, the factors
nor any extraordinary large price
with previous rulings of the Supreme Court on questions of that
have controlled prices up to date—earnings, management, location,
valuation. Mr. Moody says that while the Court may not dividends and consolidation prospects—will undoubtedly continue to be
render a decision which will settle the matter definitely the principal price determinants.
The 1928 Record of New Building Construction.
The extended tabulations which we present at
the end of this article with reference to the new
building work projected in 1928 at the different
cities throughout the country, again serves to emphasize the distinction which must be made between engineering and construction work and the plans filed
with the local building departments for projected
new building work. Our tabulations deal with these
latter and show a decrease in new work planned in
1928 following decreases in both of the years preceding. On the other hand, the statistics dealing
with the contracts awarded for construction and engineering work as prepared by the F. W. Dodge Corporation and the Engineering News Record show
further expansion in 1928 following little or no interruption to the upward movement in the years
immediately preceding.
The F. W. Dodge Corporation in its summary for
the calendar year 1928, just issued, says the 1928
construction volume was the highest in the history
of the country. It finds that the contracts let on
new building and engineering work in the 37 States
east of the Rocky Mountains during 1928 reached a
total of $6,626,286,100. This figure, it says, was
5% ahead of the total for the year 1927 and 4% in
excess of the total for 1926, the previous high record having been held by this latter year. The terf
ritory covered by the 37 Eastern States embraces,
it is pointed out, about 91% of the country's total
construction. The Engineering News Record on its
part, in making computations along more restricted
lines, reports an increase of 10% in "contracts
awarded on heavy construction operations in the
United States in 1928," as compared with the year
preceding.
These results are sharply at variance with our
own figures, but it will be readily perceived that the
figures we present are cast along different lines
from those relating to awards of contract for engineering and construction work. Some preliminary
comment dealing with the distinction is hence called
for before commenting upon our own returns and
indicating the conclusions to which they lead. It
should be distinctly understood at the outset therefore that our figures of new building work relate
entirely to the plans filed with the local authorities
on which permits are issued in accordance with the
varying requirements of State and local laws for
the prosecution of the work. They do not include
engineering projects, nor do they, as a rule, include
public works construction such as sewers, subways
and highway work in the nature of bridges, grade
crossing elimination and the like, and often do not
include educational buildings, social and recreational structures and public hospitals. This will readily explain why records of contracts awarded, such
as compiled by the F. W. Dodge Corporation, invariably arrive at much larger totals than those represented by the new building plans or permits which
form the basis of our own compilations. It will
also explain why the yearly comparisons, in the case
of these other records, do not reveal, at least have
not during the last three years revealed, the downward trend disclosed by our own tabulations. EngineeHng projects involving, say, public utilities in
the nature of light, power and similar enterprises,
are dependent upon financial conditions and financial developments, and these, as every one cognizant
of the course of financial affairs in recent years
knows, have all been in the direction of continued
expansion. The extended tabulations regarding the
new capital flotations which we presented in these
columns in our issue of last Saturday furnish incontrovertible proof on that point. The increase here
has served largely to offset the decline in distinctive new building work in the common acceptance
of the term.
The F. W. Dodge Corporation in reporting the
construction contracts awarded, classifies them under ten distinct heads, namely, commercial build-
JAN. 26 1929.]
FINANCIAL CHRONICLE
459
lings, educational buildings, hospitals and institu- United States, no leading geographical division
tions, industrial buildings, military and naval build- having escaped some decrease during the last three
ings, public buildings, public works and public utili- years, and the most of them having suffered continuties, religious and memorial buildings, residential ous decreases during the whole three-year period.
buildings and social and recreational buildings cov- The total for 1928 is found to be $3,514,886,995,
ering thirty-seven Eastern States, or, as already against $3,651,036,270 in 1927, $4,121,964,853 in
stated, about 91% of total construction in the United 1926, and $4,393,364,166 in 1925, the decline for the
States. It makes the aggregate represented by the three years being no less than $878,477,171, or roughcontracts awarded in the calendar year 1928, as al- ly, 20%. This is a record certainly which cannot
ready stated,$6,628,286,100 against $6,303,055,000 in be ignored.
It is worth noting, too, that the falling off conthe calendar year 1927, $6,380,915,000 in the calenright up to the closing months of the year.
tinued
1925.
in
$6,006,426,000
and
dar year 1926
It will be seen from what has been said above that We ourselves have not undertaken to compile the
the records of new building work based on plans figures for these closing months, independent of
actually filed and the figures of contracts awarded those for the rest of the year, but the monthly reccover entirely separate and distinct things. And to ords of S. W. Straus & Co., which are compiled
avoid confusion it is well to bear the distinction along the same lines as our own, though embracing
always in mind. As to which set of figures may be some minor cities which we do not undertake to intaken as reflecting the real trend in building work, clude in our own statements and which do not swell
there is room for a difference of opinion. For our- the totals greatly, show a loss in November 1928
selves, we are inclined to think that the building from November 1927 of 14% and for December a
figures which we and a few others undertake to col- loss from the previous year of 11%, which latter
lect furnish a better indication of the course of new itself had shown a decrease from December 1926
building work than the records of contracts award- of 19%, the total of projected work having dropped
ed, though it is not to be denied that these latter from $340,850,805 in 1926 to $281,810,565 in 1927
have a peculiar value of their own. In the first and now to $251,036,904 in 1928.
Possibly higher money rates may have played
place, building permits deal with distinctively building work, and in the second place, inasmuch as they some part in the further slowing down during 1928,
represent projected work more largely than work but the trend was downward even before the tension
actually begun, they are a much more valuable in- developed in the money market and it does not apdication of intentions with respect to the immediate pear that any great difficulty has been experienced
future. When award of a contract has been made, it in financing new building projects, at least not any
almost invariably means that work will commence of the larger type. The real explanation appears
close upon the heels of the award. Not so when a to be found in the gradual slackening of the pace
plan is filed for a new building or for building work. as the need for new buildings themselves is diminNumerous considerations may and often do inter- ishing. Whatever the cause, the movement is a provene to postpone the actual carrying out of the plans, gressive one, and the shrinkage, as already indicated,
and in most cases the contract for the work still extends to virtually all the different parts of the
remains to be awarded at Eome near or remote date. country. The New England group of 60 cities, after
Thus it is unmistakably true that intentions with having dropped from $328,126,502 in 1925 to $264,respect to new building work are more clearly and 938,767 in 1926, and to $258,140,426 in 1927, now
more definitely reflected by the building permit fig- for 1928 is down to $230,240,683. In this New
ures than by the other figures referred to. S. W. England group there are of course numerous
Straus & Co. expressed the situation with great fe- exceptions to the rule among the separate
licity in their permit survey for May 1927 when cities, in which increases appear, and in the
they said that the permit figures furnish a "barom- case of the smaller places the changes, whether increases or decreases, are expressed in large perceneter rather than a thermometer."
At all events, the distinctive feature of our com- tages, this following inevitably from the fact that
pilations, which are very elaborate and comprehen- with the totals on a diminutive basis the addition
sive, embracing 354 separate cities, is that they in- of two or three large buildings in one or the other
dicate an unmistakable downward trend—a trend, year necessarily makes a big difference in the totoo, that has been in progress for three successive tals. At Boston there has been a slight further de_years and which, moreover, is common to all the create, from $56,809,204 in 1927 to 05,445,025 in
leading geographical divisions of the country, in- 1928, but in 1925 the building projects in Boston
vesting it with more than ordinary significance. As aggregated $70,718,365. At Springfield, Mass., the
was pointed out by us last year and the year before building permits in 1928 cover an aggregate value
1926 marked a distinct turn in the record of pro- of only $5,976,799, as against $15,002,140 in 1925.
jected new building work in the United States. After At Hartford, Conn., the aggregate for 1928 at $12,uninterrupted increases in the yearly additions ex- 963,824 compares with $22,130,193 in 1925 and at
tending back to 1918, when ordinary new building New Haven the aggregate of $8,054,927 for 1928 comwork was virtually suspended owing to American pares with $13,182,785 in 1926, but with only $8,participation in the European War, a change oc- 345,366 in 1925.
curred in 1926 and the volume of new work projected
In other geographical divisions, also, with one
began to show a decline which decline has contin- minor exception, the trend has been continuously
ued through 1927 and 1928. Not only that, but the downward. Thus in the Middle Atlantic States,
characteristic noticeable in 1926 and again in 1927 with 72 cities, there has been a drop from $768,179,is observable now also in the figures for 1928—that 693 in 1925 to $736,063,732 in 1926, to $671,922,255
is, the shrinkage is not confined to any one section in 1927 and to $620,148,609 in 1928. In the Middle
of the country, or to any particular geographical Western States the decline has also been continuous,
group, but extends to virtually the whole of the for the 66 cities included therein, and the amount
460
FINANCIAL CHRONICLE
for 1928 is down to $864,416,891 as against $1,101,831,475 for 1925. The "other western" group of 45
cities shows some recovery for 1928, but at $186,053,041 for that year compares with $262,297,691 for
1925. In the Pacific group of 50 cities the contraction has been uninterrupted through all the years
with the amount for 1928 $334,151,128 as against
$472,616,154 for 1925. In order to furnish a graphic
survey of the situation in the different parts of the
country, we introduce here the following table showing the totals for the last four years in each leading
geographical division with New York City shown
separately from the rest of the country:
[VOL. 128.
for business purposes, but also as hotels, theatres,
churches, apartments and in various other special
ways incident to a population of such great size
and the position which the city holds as the metropolis of the country. And when we speak of New
York City we have reference, of course, to all the
different boroughs, which together make up the
Greater New York. As pointed out by us in previous
annual reviews, the Greater New York has a problem all its own. Population is not only large, but
growing very fast, and its manufacturing industries
are also growing. Manhattan Island is only a narrow strip of land and very congested. Therefore
provision for the flow of population has to be made
Inc.of
in the outlying sections. In Brooklyn, in the Bronx
1928.
1927.
Dec.
1925.
1926.
and in Queens, new building construction has been
$
$
5
$
%
New England (60) 230,240,683 258,140.426 —10.8 264.938.767 328,126.502
Mid. Atlantic (72) 620,148,609 671.922,911 —7.7 736.063.732 768.179.693 proceeding on an enormous scale. In the older secMid. Western (66) 864,416,891 944.020,904 —17.6 1,001,879,097 1,101.831,475
Other Western (45) 186,053,041 174,055,786 +6.9 199.922,916 262,297.691 tions of these three boroughs, apartment houses in
Pacific
(50) 334,151.128 376,710.783 —11.3 419,876.044 472,616.154
Southern
(60) 342,690,349 345,439,047 —0.8 439.232,903 451,741,309 great numbers and of large size are replacing priTotal
(353) 2,577.700.701 2.770,289,857 —6.9 3,061,913,459 3.384,792,814 vate dwellings and the small store, and in the newer
New York City__ 937.186.294 880,746,413 —10.6 1,060,051,394 1,008,571,342 sections, the remoter suburbs, vacant lots are rapTAW all 12.L11 2 AIL RRA MIA 2 AA1 ARA 97A —274 121 AU R53 4.393.364.166
idly being utilized for the erection of private dwellings—the one-family and the two-family house. In
The Southern group of 60 cities also shows a slight Manhattan, on the other hand, while many costly
further decline and at $342,690,349 for 1928 com- apartment houses, as well as tenements, are conpares with $451,741,309 for 1925. In this South- stantly being built, very little housing accommoern group the Florida cities still record heavily dation of any other kind is being undertaken, but
dwindling totals and the figures for 1928 make very huge sums are being spent in erecting large hotels,
poor comparisons with earlier years. Jacksonville, theatres, churches and numerous other similar strucFla., for instance, at $7,905,762 for 1928 compares tures that stand in a class by themselves. It
must
with $21,393,945 for 1926 and $14,760,711 for 1925. also be remembered that in a place like the
Borough
Miami is down to $2,171,847 for 1928 against $60,- of Manhattan, where little vacant land remains
to
026,260 for 1925; St. Petersburg to $1,846,100 for be built upon, the erection of new structures
means
1928 against $24,081,700 for 1925, while Tampa re- the demolition of old structures that have
outlived
ports permits issued for 1928 valued at only $3,643,- their usefulness or must be supplanted because
they
259, against $23,418,836 for 1925. S•me other South- are no longer profitable propositions
and hence must
ern cities have a record hardly less unfavorable. be replaced by larger, better equipped and
more
Birmingham, Ala., at $18,622,131 for 1928 compares modern edifices in order to get return on
the ina
with $22,862,303 in 1927 and $22,263,116 in 1926. At- vestment. In Manhattan, that process is under way
lanta, Ga., however, shows its total increased from on a greater scale than anywhere else the country
in
$12,081,122 in 1927 to $27,580,541 in 1928, and Hous- and probably on a greater scale than in any other
ton, Texas, has increased from $27,326,475 in 1927 to part of the world. The new structures are corre$35,319,503 in 1928, which latter is somewhat larger spondingly more costly and they serve greatly to
even than the total of $35,040,010 for 1925.
swell the grand total of the money value of the new
New York City, the Greater New York, after a building projects. Obviously, building work of this
diminution in its total of permits from $1,060,051,- kind belongs in a different category from the putting
394 in 1926 to $880,746,413 in 1927, shows an in- up of new dwellings and apartments in outlying discrease again to $937,186,294 in 1938. It is notice- tricts on previously vacant land, mainly for housing
able, however, that the increase is entirely in Man- accommodation, for there is a distinct limit to the
hattan and the Bronx, the total in the former having latter, measured by the additions to population,
risen from $290,320,563 in 1927 to $381,377,243 in whereas replacing old structures of an obsolete type
1928, and the total in the Bronx from $172,588,681 with new ones more in acord with modern requireto $189,824,853. The Brooklyn total fell from $225,- ments is a process that must all the time go on.
443,224 in 1927 to $202,723,346 in 1926, and the to- It may on occasions be accelerated or be retarded,
tal for Queens from $179,624,011 to $146,509,564; but it cannot be avoided.
in the Borough of Richmond the projected work
It is always interesting to note the course of buildhad a value of $17,251,288 in 1928 and of $12,- ing at the near-by Jersey cities, which really con769,934 in 1927. Manhattan and the Bronx may stitute outlying sections of the Metropolitan
district,
really be considered a single unit, Manhattan Island and at cities like Yonkers, White Plains,
New
being more and more devoted to business and office Rochelle and Mount Vernon which get the overflow
structures, as well as theatres and amusements, and of part of the population from the Greater
New
the flow of population northward, as it is crowded York. The showing for 1928 at these points is
someoff Manhattan Island, finding an outlet in the Bor- what irregular as was the case in the two preceding
ough of the Bronx. Combining the two boroughs years. Yonkers continues to forge ahead with
great
the increase has been from $462,909,244 in 1927 to rapidity and for 1928 has established a new
high
$571,202,096 in 1928.
peak for projected new building work at $37,692,Obviously, New York City should be treated sep- 877, against $34,770,482 for 1927, $25,829,843
for
arately from the rest of the country. In many re- 1926, $20,909,473 for 1925, $13,820,075 for
1924 and
spects, it belongs in a class all by itself by reason very much smaller amounts in previous years. New
of the huge edifices that are being erected not alone Rochelle has also again improved its record, with
JAN. 26 1929.]
FINANCIAL CHRONICLE
461
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0MCOMMCIMMMCVNNO4NNNCINNNNN.
1
$11,357,809 for 1928, against $9,828,581 for 1927,$8,- lutely essential for the conduct of the war. After
218,168 for 1926 and $9,498,267 for 1925. On the 1918 the city was slow in regaining its former promother hand, Mount Vernon has suffered a further inence. In 1919 and 1920 its percentages of the
reduction on top of previous reductions, its total whole were respectively 17.26% and 17.79%. In
for 1928 at $14,280,949 comparing with $16,776,052 1921 the city got as high once more as 25.50% of the
for 1927 and $24,766,256 for 1926. White Plains whole. But in the very next year (1922) it dropped
shows some increase in activity at $12,633,281 for back to 22.74%; this was because, though its own
1928, against $10,147,692 for 1927, but comparing total greatly increased, it did not increase proporwith $14,152,143 for 1926. At the Jersey cities, tionately as fast as the rest of the country. After
Newark suffered a big reduction in a decline in its that, however, the city again forged ahead, its total
total from $52,632,698 in 1927 to $36,246,382 in 1928. keeping steadily rising, as we have seen, and in 1926,
In 1926 that city's projected building work covered with its own building record still expanding while
a value of $45,059,718 and in 1925 of $40,996,478. that of the rest of the country was now beginning
Elizabeth's total is down to $5,914,947 for 1928, to fall off, the city's proportion of the whole adagainst $10,641,384 in 1927, $7,862,506 in 1925 and vanced over 3% and reached 26.45%. In 1927 its
$9,955,866 in 1926. East Orange also shows a big ratio fell back to 24.87%, but for 1928 has risen as
drop at $7,696,066 for 1928, against $12,319,119 for stated to 27.45%. The changes in the yearly per1927, $9,144,024 for 1926 and $7,484,219 for 1925. centages are very interesting, and in the following
Montclair has further declined to $4,708,962 in 1928 we furnish a record of the comparisons for the last
against $10,641,384 in 1927, $7,862,506 in 1925 and twenty-three years. Our compilations now embrace
$9,955,866 in 1926. East Orange also shows a big returns from 354 cities. In this table, however, we
further decline in 1928, while on the other hand, do not use the totals for the enlarged number of
West Orange more than recovered its loss of the pre- cities now included, but only those which we have
vious year. Jersey City has fallen further behind been able to get continuously in the more recent
and at $12,895,094 for 1928 compares with $13,924,- years.
080 for 1927, $21,006,103 for 1926 and $21,284,814
Per Cent of
No.of
Total AU,
Whole. Outside Cities.
New York.
COWL
Year.
for 1925.
3,413,091,835
2,475,905.541
937,186,294
27.45
1928
Comparisons for some of the larger cities through- 1927
2,660.641,629 3,541,388.041
880,746.413
24.87
1,060,051.394
26.45
2.948,257,850 4,008.309.244
1926
out the country show that the projected new work 1925
3,294,125,381 4,302.696.723
1,908,571.342
23.44
23.41
2.768.156,623 3,614.862.440
846,505.817
1924
at Philadelphia further declined to $111,804,680 in 1923
2,663.907.795 3,449,465,740
22.77
785.557,945
2,189.314,914 2.807.884.753
638,569,809
22.74
1928, against $117,221,245 in 1927, $140,267,200 in 1922
1,393.407,781 1.869,694.975
476.827.194
25.50
1921
290.828,942
17.79
1,343,549.455 1.634.378.397
1926 and $170,913,530 in 1925, the 1928 total being 1920
261,500.189
17 26
1,253.554.036 1,515.054.225
1919
507,359,503
11.14
66.500,495
450,859,008
in fact the smallest of any recent year since 1922. 1918
12.54
718.970.094
822.038.892
103,068,798
1917
910,278,381 1.131,572.355
1.9.56
221.293,974
1916
Chicago also suffered a further shrinkage with 1915
931.937,300
758,991,580
18.68
172,945,720
891,845.524
15.49
753,730,258
138,115,266
1914
the amount for 1928 $315,800,000, against $352,936,- 1918
980.971,563
818.029.278
16.61
162.942,285
22.25
798,913.875 1,027.515.183
228.601,308
400 for 1927, $364,584,400 for 1926 and $360,804,250 1912
962,499,688
20.81
762,174,380
200,325.288
1911
21.88
763,368,183
977,216,800
213.848,617
1910
for 1926. Detroit, Mich., likewise shows diminished 1909
26.94
740.677,942 1.013.785.971
273.108,030
555.324,252
730,081,871
23.94
174.757.619
1908
802.290,451
24.63
604,671,738
planning of new building work, at $129,260,285 for 1907
197.618,715
605.551.221
941 (1R44118
20.08
S84 486.82S
1928, against $145,555,647 for 1927, $183,721,438 for
1927 and $180,132,528 for 1925. Out on the Pacific
We have also again compiled the building statisCoast both Los Angeles and San Francisco also low- tics for the Dominion of Canada. And here further
ered their totals, the amount of $101,678,768 for gains are the rule, though Montreal has suf1928 at Los Angeles comparing with $123,027,239 fered a reduction from $45,183,317 in 1927 to $36,for 1927,$152,636,436 for 1925 and no less than $200,- 304,181 in 1928, which loss, however, was more than
133,181 for 1923, while San Francisco has to its made good by an increase at Toronto from $31,274,credit only $37,766,363 of new work for 1928, 876 in 1927 to $51,607,188 in 1928. The Dominion
against $47,032,848 for 1927 and $57,953,948 for continues to enjoy great prosperity and that fact is
1926.
reflected in an enlarged program of new building
New York City (the Greater New York), always work. The improvement has been in progress for
plays a predominant part in the grand total of the three successive years. In Eastern Canada there
whole country; and in 1928 with a big increase here was an increase from $93,407,603 in 1925 to $104,and a considerable decline in the rest of the coun- 155,215 in 1926 and to $139,383,853 in 1927, while
try, its ratio was further enlarged, rising to 27.45% now for 1928 the total has risen to $156,358,280. In
from 24.87% in 1927, and raising the ratio to the western Canada there was a jump from $20,217,171
best figure since 1906. Thus New York City has in 1925 to $38,977,446 in 1926 with the amount for
again been gaining on the rest of the country. Back 1927 just a little smaller at $37,413,283, while in
in 1906 the projected building operations in this 1928 the Western provinces further distinguished
city constituted nearly 30% of those for the whole themselves by a rise to $53,392,808 in 1928. For the
number of cities included. But gradually the pro- whole of Canada, comprising 57 cities, the total has
portion declined, until the city's ratio in 1918 got been steadily expanding, rising from $113,624,774
down to 11.14%. Of course, in 1918 everything was in 1925 to $143,132,661 in 1926, to $176,797,136 in
deeply disturbed by reason of the war; and the bur- 1927 and to $209,751,088 in 1928. It is hardly necesden of the war bore perhaps more heavily upon this sary to say that at this latter figure the total is
city than it did upon other parts of the country. by a wide margin the largest in the history of the
Being the country's financial center, financing the Dominion.
war made a greater drain here than elsewhere. And
We now add our very elaborate and very comprethe requirements of the war being so huge and 'so hensive detailed compilations covering the whole of
urgent little was left for financing local building the past 13 years and embracing all of the leading
work,even if all building work throughout the coun- cities in the United States as also those in the Da
try had not been rigidly limited to what was abso- minion.
UNITED STATES BUILDING OPERATIONS.
1927.
$
$
Inc. or.
Dec.
%
1926.
1925.
1924.
1923.
1922.
$
$
6
$
$
1921.
1920.
1919,
$
$
$
1918.
1917.
1916.
New York CityManhattan
Bronx
Brooklyn
Queens
Rictunond
381,377,243
189,824,853
202,223,346
146,509,564
17,251,288
290,320,563
172,588,681
225,443,224
179,624,011
12,769,934
+31.4
+10.0
-10.3
-18.4
+35.8
341,255,890
214,855.056
288,868,987
192,803,601
15.440,560
398.931,402
157,601.066
258,914,583
179,409,536
13,714.755
286.653,202
133,515.973
242,918.892
165,400,100
18,017,650
204.032.279
128.427.577
284,215,480
156,317,300
12,565,309
165.195,601
113.181.890
211.627.417
136,721.778
11,843.123
144,605,451
75,667.896
162,132,747
83,133,933
10,747,167
139,199.563
22,324.741
80.931.166
42,650,472
5,723,000
106,773,373
23.383,799
77,485,679
49.122,617
4,734.721
17,697,650
5.207.320
23,234,539
6,822.205
3,538,781
42.738,169
10.126,360
33.590,071
12,596,418
4.017,780
Total N.Y.0
134,078,044
18,425,060
42,163,505
21,746,234
4.881,131
937,186,294
880.746.413
+10.6
1.060.051.394
1,008,571,342
846,505,817
785,557.945
638.569.809
476,287,194
290,828,942
261,500.189
56,500,495
103.068.798
221,293,974
$
5
New England StatesMe.-Portrand
2.738,886
2,326.793
+11.8
4.245.238
2.012,949
3,112.183
4,528.938
8,079,749
1,538,243
1,392,121
2,059,300
601.562
773,543
1,663,742
N. H.-Manchester
1,375,983
1,908,592
-27.9
1,369.930
2,361,120
2,649.093
2.083,308
2,085,000
1,164,866
2,612,795
1.784,815
317,462
1.273,945
1.448,129
749,800
903,320
-17.0
1,148.400
1.094,600
409.200
462,400
394,450
206,900
237,450
392,300
187,050
341.275
344.200
Mass.-Attleboro
Beverly
Boston
Brocliton
Brookline
Cambridge
Chelsea
Chicopee
Everett
Fall River
Fitchburg
Haverhill
Holyoke
Lawrence
Long Meadow
Lowell
Lynn
Malden
Medford
New Bedford
Newton
North Adagns
Northampton
Pittsfield
Quhiey
Revere
Salem
Somerville
Springfield
Waltham
Westfield
Worcester
735.945
1,382,885
55,445.025
1,725.858
6,291,422
7.289,432
1,147,515
1,294,190
1,750.750
2,835,644
822,350
554,065
1,260,200
613.345
713.100
941,750
2,786,804
2,862,942
4.514,833
1,068,852
10,807,643
691,575
1,242,893
1,900,140
6,052.953
1,227.142
1,727,325
3,513.417
5,976,799
*2,500,000
*700,000
7.262,670
678,126
1.082.790
56.809,204
1,374,359
5,902,440
9,234.767
855,060
1,175.460
2,044,330
1,845,893
637,975
909,625
2,044,200
1,261,094
650,750
963.71:0
3,857,775
3.800.00
4.370,512
1.412.952
10,138,606
578,685
908,652
1,653,240
5,832.906
1.789,220
2,723,745
3,385.850
8,855.819
2,344.685
706.764
8,812,324
+10.0
+27.7
-2.4
+25.5
+6.6
-21.1
+34.2
-10.1
-14.4
+53.6
+29.0
-39.1
-38.4
-51.4
+9.5
-2.3
-27.7
-23.9
+3.3
-24.4
+6.6
+19.5
+36.8
+14.9
+3.8
-3L4
-36.6
+37.8
-32.5
+6.6
-1.0
-17.6
1.100,000
907,684
51.484,404
1.879.405
4.951.499
8,280,842
1,090,249
1,544,560
3,485,255
2,173,561
1.563,888
844,715
2,607.175
1.745,552
622.400
1,574,635
4,612,145
3,800.093
5,743.860
2,309.955
8,393,954
386,889
1,125.735
1.919.850
6.205.276
1,694,387
2,106,125
5,065,991
8.733,706
2,797,920
914,713
12.980,557
1.176.424
812,432
70,718,365
1.811,112
9,805.641
12,070.704
981,974
3,675,785
2,183,747
3.772,090
2,127.714
667,050
3,348,150
3,072.230
614,500
2,597,419
4,674.993
3,005,811
5,612,172
8.339.300
12,297,313
419,372
1,503,475
2,777.859
8,288,031
1,614,045
2,186,900
5.653.030
15,002,140
2.678,226
1.063.089
18,089,639
493.082
1,239.375
53,031.931
2,441,250
9.339,973
8.369.912
2,161,204
3,540,445
3,760,150
4.449.894
1.641,862
713,605
3,575,918
3,762,864
525.650
2,820,687
3,852.550
3,372.580
4,326,420
6.837,400
8,646,331
340,290
725,800
2.722,545
5.693.819
2.083,571
3,098,445
3,604.730
13.100.219
1,501,550
600,000
14,789,133
526,459
1.471,675
40,675.558
2,205,068
6.638.275
5.341.128
1,120,125
2.578.690
1.468.770
5,467,027
1.113,088
1,025,910
3,322.175
7,798,621
708,905
4.026.391
3,019,272
2,357,618
3,481,678
9,062,700
6.821.418
314,065
1,667,850
1,402,105
4,866.812
1,318.785
1,229,975
3,185,356
10,997,661
1,667,321
599,552
11,136,653
400,000
499,240
57,496.972
1,906,252
8,465,850
4.695,879
742.284
1,813,941
2,011.737
5,027,737
1,057.140
1,286.050
2,588.465
5,626,179
600.000
2,901.174
1,560,673
1.901.432
3,210,330
7,057.240
6.747.432
337,280
112,050
1,628.115
3,970.651
1.166,635
988.333
3,136,602
9,077,645
1.561.863
163,525
8,227,786
300,000
434,223
24,048.803
1,633,699
3,455,249
1.866,180
620,520
995,255
694,905
1.704,213
1,138,874
773.180
1,034.697
3,037,495
600,000
1.579.784
1,356,101
1.248,250
1,348,191
3,847,006
3.496,516
238,985
809,000
794,758
1,902.593
847,753
684.514
1.838.455
5,669.634
754,402
500,000
6,706,371
500,000
424.340
28,167.253
1,564,289
2,572.963
5,277.611
572.258
843,000
740.985
3,076.255
1,722.395
1.121,050
3,352,595
2,544,191
600,000
4,981,378
1,033,175
1,149.475
1,333,189
5.943,414
2.926,721
335,760
750.920
428,875
2,022,748
521.645
539,701
1,384,456
6,675.054
539.050
500.000
6,748,086
400.000
655.205
23,520,855
1.146,088
3,086,400
4,299.818
560,172
1,628.150
928.700
1,800,000
1,065,885
1,324,975
1,875,990
1,738,061
450,000
3,352,710
1,949,066
713.049
1,174,156
7,005,420
3,569.399
230,850
540,000
746.550
2,159.697
552,285
859,440
773,099
5,879,845
509,615
300,000
5,925,164
150.000
102,440
7,706,190
, 280,120
635,400
2,178,718
225,400
248.085
242,836
225,000
364,546
575,525
220,795
1.835.764
300.000
1.342.122
361.670
400,820
211,505
976,664
462,423
200,000
208,315
185.397
3,915.769
261,565
188,793
428,940
1,598,423
141,808
150.000
2,080,869
300,000
400,000
23,294,161
758,567
2.563,185
3,165,592
552,583
1,583,761
591,600
1,500,000
398,136
466.777
670.570
579,480
400,000
1.524.259
1.150,043
600,000
801,828
3,053,211
1,756,886
250.000
200,613
404.193
1.348.297
311,635
735,132
883,412
3,779,042
393,350
200,000
4.332.855
465,329
588,195
27,268,521
1.252,440
2.408,550
4,033.115
1,432.000
1,051.125
701,167
2,000,000
494,309
1,172,350
1,337.570
1.516.723
616.500
1,702.973
1.520,426
852,440
2,360,530
4,726,081
3,166,948
300,000
233,439
798.847
2,171,828
968.028
1,554,124
1,854,236
7,101,032
577,251
400,000
6.164.871
Conn.-Ansonia
Bridgeport
Bristol
Danbury
Hamden
Hartford
Manchester
Meriden
Middletown
New Britain
New Haven
New London
Norwalk
Norwich
Shelton
Stamford
Stratford
Torrington
Waterbury
West Hartford
West haven
Willimantic
*2.000.000
6.129.918
1,982.727
2,488,860
2,481,151
12,963,824
1,297,681
1,277,721
1,136.909
3,482,9',4
8,054,927
2,193.342
4.781,698
770,828
215,865
5,179,238
*900,000
1.364,513
3.587,810
6,606,220
2.432,252
50.340
*2,400.000
5.429.445
2,098.471
2,730,920
2,254,514
17,798,928
792,575
1,569,416
1,780.393
4.454.458
12,487.432
1,801,240
3,592,009
606,243
255,800
6,341.717
968.886
1.220.333
4,916.611
6.317.738
2.013,069
300,655
-16.7
+12.9
-5.5
-8.9
+10.1
-27.2
+63.8
-18.6
-36.2
-22.3
-35.5
+21.8
+33.1
+27.1
-15.6
-18.3
-7.1
+11.9
-27.1
+4.6
+20.8
-83.3
2,000,000
3.861,218
1.487.971
1,136.710
1,880,630
16,829.158
975,120
1,231,687
1,373,367
6.982.728
13,182,785
1,276.815
3,054,352
417,936
128,525
4,436,758
751,718
1.090.658
5.261.715
5,478,209
1,692.795
212,455
2,000.000
4.308,312
1,045,835
1.707,461
2.348,263
22.130.193
2,360,820
1.261,320
941,140
7,903,466
8.345.366
1.556.630
3,513,204
1,372,875
211,868
5,143,229
543,330
600,000
5,993.095
4.423,014
2.658,601
633,998
1.600.000
3.202.407
1,663.854
1,157,752
3,082.257
18,824,463
2,754,031
2,368.348
680,605
5,961,775
8,372,250
1,608,387
2,777,251
602,063
450,000
3,846.970
558.681
500.000
4.029.190
4,624,354
2,365.247
355,875
1.500,000
4.207,527
1,600,000
575,703
1,500,000
9,281,352
2.082,003
909.442
500,000
3,297,397
8,934,663
479,625
2,678,063
669,197
324,955
3.724,251
225,495
400,000
2.776.757
3.279.989
1.477.082
500.000
1,400,000
2.259.998
1.500.000
535.870
1,379.005
8,693.130
1,164.866
1,171,299
400.000
3.763.112
9,625,918
827.175
1.400,000
3,095,170
1,500,000
468,803
796,947
7,827,216
899.780
981,050
348,898
1,602,169
6,487,808
329.175
1.304,570
5.295.255
1,522,775
625.715
635,285
20,956,766
1,056,410
1,326,075
371,188
2,578.339
5,134.343
528.840
533,627
3.835,339
1.862.075
555,794
844,043
8,351,521
300,000
1,232,800
170.410
3,832,320
8,910,917
1.456,320
234.615
3,211.839
225.935
251,571
536.285
2,254.983
250,000
62,565
40,261
942,135
3,219,558
726,195
596,035
4,667.113
398.065
308,706
452,780
7.683.616
194,537
188,490
107.623
1.254,479
5,645,069
947,120
396,865
7,064.564
747.525
576.840
337.134
7,383,163
351,880
208,440
286,255
1,673.860
5.022,566
1.360.255
800,000
183,355
2,665,019
700,000
345,000
2,457,075
4,025,465
1,110,348
225,000
800,000
154,250
1,800.000
700,000
500,000
3,179,325
2,292,935
1,339.460
300,000
762,925
148.250
1.793.414
695.730
428.280
3,969.090
3,034.729
1,215.853
325,000
277,200
200,575
1,209,406
888.895
419,463
4.967,867
2.234,850
867,688
350.000
88,250
117,950
529,668
434,413
197,429
3,854.470
586,325
349,435
100,000
104,425
206.750
832.998
751.606
467.292
6.562.930
915.720
680,255
194,537
462,600
127,725
1,288.685
869.646
100.000
4,270,000
1,141,930
549,160
338,350
R. I.-Central Falls
Pawtucket
Providence
349.338
2,827,964
16,015,119
752,130
3,502,683
23.113.069
-33.6
-19.3
-30.7
1,165.780
3.8.38.228
23,780,900
1,074.681
5.199,895
22,748,500
606.680
3,440,448
25,381,700
716,925
4,836,114
22,472.400
655,622
2,520,835
17.462,100
324.398
2,115,287
13,947,100
359,770
1.736,600
10.084.200
275,000
1.621,385
8,309,100
84,781
552,492
4.986.000
184,410
905,382
3.817,800
248,930
1,213.093
9.248,900
Total New England:
59 cities
60 cities
225,458,985
230,240.683
258,140,426
254.548.417
-11.4
-10.8
261,884,415
264.938,767
324.613,298
328.126.502
286,770,998
289.548.249
231,963,109
234.641.172
219,395,890
- - - -
132,059,384
161,024,600
138,503,269
53.290.939
99,154,903
132.092,636
Vt.-Burlington
,
04
5
arIDINO7IHD
1928.
0
1928.
1927.
Inc. or
Dec.
1926.
1925.
1924.
1923
1922.
1921.
1920.
1919.
1918.
1917.
15
$
%
$
$
$
$
$
$
$
$
$
$
1916.
$
Middle Atlantic States
New York-Albany
Auburn
Binghamton
Buffalo
Elmira
Jamestown
Kingston
Middletown
Mount Vernon
Newburgh
New Rochelle
Niagara Falls
Poughkeepsie
Rochester
Schenectady
Syracuse
Troy
Utica
Watertown
White Plains
Yonkers
16,042.889
512,086
3,926,054
24,516,083
1.976.377
1,846.870
1,736,789
724,965
14,280,949
2,136,742
11.357.809
4.893,697
1.814.920
17,620,798
3.199,405
13,226,579
1.342,859
3.931,495
1,158.447
12,633,281
37,692.877
17.452.579
858.354
4.298,151
33.076,303
1,341.391
2,723.980
2.143,693
1,261,875
16,776,052
1,511,656
9,828.581
4.810,203
1.137,667
22,589.418
4,311,475
21,827.851
3,218,557
3,359,500
1,059.788
10.147,692
34.770,482
-8.1
-40.3
-8.7
-25.9
+47.3
-32.2
19.0
-42.6
-14.9
+41.9
+15.7
+1.7
+59.5
-22.0
-25.8
-39.4
-58.3
+17.0
+9.3
+24.5
+8.4
26,746.016
501.522
3.959.372
27,406.896
2.750.842
2,164.941
1.696.503
433.062
24,766.256
3.495.915
8.218.168
4.268,846
2.196.032
21.637,641
3.777.620
14.356.426
3.279.714
5.479.855
622.014
14.152.143
25.829.843
15.654,917
625,776
4.616,431
26,773.944
2.262.967
3.198.242
1,599.009
815.068
11,371,198
1.728.205
9,498.267
6.727.778
2.147.646
28.102.462
7.933,088
11,919.570
3.219.025
5.182.340
1.028.069
8.337,775
20,909.473
12.849.700
777.240
4.855.215
28.499.393
1.960.440
3.031.755
1.288.162
640,527
10.164.657
400.000
8.307,523
5,299,523
1.781.335
29,588.762
8,229,833
9.479.161
4.303.666
8,565.526
1,265.465
7.994.275
13.820,075
10.594.138
807.822
5.536.372
27,907.000
1.500.000
3.500.897
8.805.895
725,259
4.969.601
25,891.000
1.400.000
4.211.497
426.896
2.278.529
18.642.000
1,400,000
3.576.299
483.649
1.515.211
13.121.000
1,300.000
3,030.388
357.944
1.672.031
13.033,000
1.200,000
1,299,547
233.109
555.166
7.014.030
1.300,000
2.350.594
234.115
1,431.914
10.581.000
1,000,000
1,082,075
6.259.515
379.601
6,377.255
5,762.778
2.330.965
22,938,764
4,951,604
10.228.350
2,32.5.949
6,204.592
2.007.195
5,273.109
10,543.700
858.594
7,990.483
809.000
3,500.000
4,251.607
2.343.985
17.347.873
3.554.119
9.909.524
1.376.313
6.922,783
1.684,750
3.900,174
8,550.750
532,409
3,596,284
800.000
3.209,743
3,179.550
1.144.050
15.940,815
2.513.231
5,838,598
1.756,777
3.102.860
1.076.920
309,925
2,526,002
750,000
2.981.119
3,670.050
782.050
9.951.813
2.601.108
6.893,180
676.561
2.220.079
2,848,587
505,000
3.526.981
3.169.241
2.009.515
9.641,579
1,978.385
6.122.638
673.189
3,287,750
413.415
1.254.000
486.320
2.081,544
969.668
1.003.723
950.289
1.819.258
1.203.863
2,009.707
1.949.551
1.230.220
1.637.895
192.075
873,530
6,754,820
1.869.168
4.251,701
514,446
1.444.085
6.-3719-.447
4.601.500
4,720.700
2,713,600
1,162.800
1,405,400
2,213,100
N.J.-Atlantic City
Bayonne
Bloomfield
Caldwell
Camden
Clifton
East Orange
Elizabeth
Hackensack
Hoboken
Irvington
Jersey City
Kearney
Montclair
Newark
New Brunswick
Orange
Passaic
Paterson
Plainfield
South Orange
Trenton
West Orange
8,288.607
2,055,320
4,630,335
506,660
7,427,850
3,542.055
7,696,066
5,914,947
4.491.511
564,263
5.639.280
12.895.094
6,308,205
4.708,962
36,246,382
2,177,979
3,168.204
3,201,003
7.060.569
3,420.505
2,034.215
4.296,287
4.418,348
5.731,639
1.979,600
6,070,867
623,270
5.330,327
3,389,065
12.319,119
10,641,384
3,672,349
1,535.424
12,960,227
13,924,080
5,772,698
5.460.079
52,632,698
3,711.186
5,585,883
4.708,851
6,296,363
5,704,445
2,497,355
4,529.273
3,407.332
+44.6
+3.8
-23.7
-18.8
+39.3
+4.5
-37.5
-44.4
+22.3
-63.3
-56.5
-7.4
+9.3
-13.8
-31.1
.-41.3
^133
-32.0
+12.1
-32.6
-18.5
-5.1
-29.7
9.942.168
3.128.877
4.912.918
711,815
6.457.628
3.809.315
9.144,024
9.955,866
4.125.481
1.230.921
9.090.751
21,006.103
4.250.213
7.329.752
45,059.718
2.482,566
3.235.881
3.374.188
7.623.640
4,889.781
3.104.120
5.019.118
3.602.124
12.477,769
3.686.091
5,766.251
1,343,852
7.912,711
5.221.477
7.484.219
7.862.506
2.656,394
1.757.097
9.724.191
21.284.814
6.485,351
6,741,508
40.996,478
3,606.630
3.8.51.753
6.659.357
8.462,553
3,689.357
2,576,775
7.092.009
2.982.174
13.541,939
3,592.267
3,964,448
600.000
6,337.940
3.423.644
6.819,810
6.279,352
1.996.118
773.701
10.073.652
19.612.367
6.504.132
7.551.820
42.483,876
2,640,205
2,142.050
3.966.745
7.511,728
3.817.444
2.398.628
5.496.765
2.084,883
10.147.518
5,535.685
3451.098
528.903
8.121.243
4.764.748
4.473,609
6.545.960
2,038.936
567.821
7.902.614
21.653.720
3,046,920
6.870,748
35,507,219
1,834,687
1,821,916
3,712.750
7.746,157
2.562,023
2.176,507
6.642.985
2,283,509
8.508.253
3.537,500
3.521.691
652.551
4.343.192
2.957.970
4.701,984
6,315.839
1.682.866
488,162
4,250,012
14,265,710
6.464.519
3.039,183
1,852,634
239,182
1,908.327
2.389.92.5
3,955,879
3,547.449
1,797,644
656.421
2,418,389
12.702,972
8,942.789
2,317,199
1,000,000
2,279,198
2,625,505
900.000
530,661
588,023
300,000
2,437.875
865.589
600,000
1,891.333
1480.426
895.404
2,781,430
2.181.325
3.052,926
2.835,058
774.943
1.974.919
1.277,265
7,393,049
3,421,949
1.714,666
4,650,790
5,449.372
712.089
913,688
1.189.542
4,557,951
7.727,187
413,170
947,987
1,497,629
2,040,000
2,000.000
1,555.115
1.453,661
1.694.276
2,304,632
662,635
530.985
4,232.693
337.219
448.697
3.596,718
1,789,750
896.198
5,005.243
4.897,333
28,585,166
1,425,262
863.479
4.586.115
5,696,013
3.021.772
2.189,393
4.301,143
1.812,526
3.493.545
20.771.205
478,750
1.395.655
3.493,545
4.405.809
1.552,398
800.000
3.306.131
920.178
1.100,000
20,576.695
706.521
1.156.208
1.649,405
3.686.185
1.370,838
800,000
6,419.957
479,656
900,000
20,890,187
1,072,262
371,365
1.694.658
4,599,541
922.247
700,000
3.323.053
638.855
250.000
5.320,833
1,103.320
164.403
390.520
1,081,730
592,612
200.000
546,585
700,000
9,437,104
778,694
424,403
1.733,060
1.600.000
740.589
444,555
1,804,770
1,300.000
9,486,775
1,249,419
633,847
1,420.758
2,338.796
967,976
593,327
2,256,156
5,035,040
2,663,611
3.858.717
*500.000
1.794.797
720,128
4,763,718
5,606.175
1,187,764
2,829,938
111.804,680
40.254.060
1,536,375
3.828.259
4,467.230
.3,921,934
1,915.561
2,125.375
1.726,546
6.688,169
3,059,877
2.447,507
547,335
2.414.715
1,299,670
5,393,086
3.569,365
1,915,488
2,908,425
117.221,245
37,139,462
1,892,300
4.601.326
6,340,773
5.212,852
1,932,390
2,780,958
1,711,772
-11.3
-13.0
-42.3
-8.6
-25.7
-44.6
-11.7
+57.1
-38.0
-2.7
-4.6
+8.4
-18.8
-16.8
-29.6
-24.8
-0.9
-23.6
+0.9
9.167,690
3.059.818
2.127.821
700.000
3.671.500
2.22.1.893
6.092.221
4.333.265
2.341.284
2.328.107
140.267,200
43.790.103
3.405 473
5,317,675
5,566.677
4,102.924
3,100.326
2,229,805
1,359,487
8.659.765
3.015,438
6.156.600
798.290
3,363.592
2.514.615
8.685.683
4.336.581
2.952.307
3.965,021
170,913.530
41.512.222
2.021,585
7.273.569
6,921,323
4,286,752
2.379,110
1,915,063
3,566,777
5.344.362
3.355.194
2,447,482
611.608
2.082,760
2,032.318
7,036.299
5.315,340
2,561.930
4,756.705
141,737.460
34,156.550
1,193,910
6,125.827
6.001,496
4,554.338
2,166.885
2.124,663
2.897,005
5.113.670
3,052.373
1,944.962
237,315
2.304.380
1.367,756
4.262.524
7.389.345
4,025,300
3.730.730
122.6.50,935
32,928.962
3,344.458
3.313.242
1.564,622
733.555
1.634,096
1.780,820
4,860,924
3,873,640
1,605,150
2,640,665
114.881.040
35.255,375
1,814,268
1.771,818
1.624,516
507,575
2.000,000
1,453,346
3,348,360
2.712,598
475,616
1,323.456
42.790.780
23.429.744
2.630,730
1.634.598
740,922
275,890
1,701.679
1.105.864
3,737.279
1.190.690
258.150
1,286,638
55.30.5.390
16,048.052
2,221.000
1.046.184
2,482,615
731,715
205,853
715.190
1,367.907
319,444
2,178,585
739,258
1.105,449
664,518
3,304.573
2,739,685
6.54.873
967.223
65.088,750
14,731.616
5,083.431
207.378
1.979,004
886,755
138.100
290.640
15.452,670
7,781,729
492.586
3.888,773
1.925.105
332,050
365.716
34,016.480
11.464,204
700,000
2.800,000
1.865.373
490,000
989,397
49.896.570
13.764,810
4.382.480
3.780,831
3,302.343
1.701,665
1.279.744
2,153,414
1,049,366
4,982,351
3.485,854
1,440,400
1,430.240
1.887,205
1,070,385
2,219,665
1,837.886
543,450
900,000
1,003,191
2,450,575
3,021,855
1.360.216
411.150
833.405
695.596
3,262,325
2,112,372
834,286
714,300
682,382
663,972
793,575
426,356
640,513
138,000
388,035
184,125
412,875
1,421,480
704.772
756,500
527,341
435,245
1,719,675
1,536,440
1,213,605
869,475
8.36.462
665,639
Pa.-Allentown
Altoona
Bethlehem
Bradford
Chester
Easton
Erie
Harrisburg
Hazleton
Lancaster
Philadelphia
Pittsburgh
Pottsville
Reading
Scranton
Wilkes-Barre
Wilkenaburg
Williamsport
York
4.245.547
352.345
1,927.948
13.137.000
1,704,900
1.760,825
4.871,414
1.132,827
1.887.825
5,676,274
6.927,279
-18.1
4,967.770
4.040,640
3.868,934
3.776.942
2.827.044
2,236,710
3.840.531
5.911,859
3,018,149
2.389.813
2.788,028
Md.-Ba1timore
Cumberland
Frederick
34,638,350
1,008,544
315.500
34,125,348
944,545
111.000
+1.5
+6.8
+183.8
42,438.705
772.510
651,298
45.364.270
2.417.147
561.662
45.771.050
1,428,711
425,893
39.156.623
1,471.024
403,439
43.263,210
1,027.999
315.971
33,247.726
1.102.674
750,545
24.5.35,692
2,500,000
117.410
26,768,884
4,045.362
176.538
4,694.373
42,225
25,025
10,145.626
438,301
70,085
12.634,728
166.375
162.253
D. 0.-Washington
51.255.080
36,328.830
+41.1
63.499,330
64.711.013
46,173.128
49,744,923
36,197.059
18.999..926
19.706.295
20,420.292
7.136.818
12,916,886
15,049.804
W. Va.-Charleston
Clarksburg
Huntington
Wheeling
2.136,924
1,189.866
700,640
1,937,827
1.503.308
1.013,265
2,505,968
2,397,891
-42.1
+17.4
-68.5
-19.2
3,090.885
559.412
1,859,721
1,811,237
2,544.625
555.960
5.479.744
3,294,232
5,326,809
1.872.611
8,525,780
5.157.876
3.824.989
1,168.542
5379.257
3.986.341
3,157.996
2.000.000
1.920.414
1.840,982
850,000
900.000
745,747
3,588,322
3.342,020
2,436.102
1,251,377
2,401.709
1,160.068
2,428,623
485,971
1,116,844
334,564
1,501,920
426,651
1,332,600
974,537
593,737,776
620.148.609
645,524,495
671,922,911
-8.0
-7.7
708.501.218
736.063,732
744.953.702
768.179.693
658,618.361
681.788,671
586.343.103
504,785,242
307,616,203
281,425,985
284,651,374
102,025.242
157,794,273
199,054.148
Del.-Wilmington
Total Middle Atlantic:
65 cities
72 dties
I
P6g6I 9g 'N.Vr
UNITED STATES BUILDING OPERATIONS-(Continued).
UNITED STATES BUILDING OPERATIONS-(Continued).
Middle Western States
Ohio-Akron
Alliance
Ashtabula
Barberton
Canton
Cincinnati
Cleveland
Columbus
Dayton
East Cleveland
Hamilton
Lakewood
Mansfield
Newark
Norwood
Sandusky
Springfield
Toledo
Youngstown
Zanesville
Ind.-Elkhart
Fort Wayne
Gary
Hammond
IndlanaPolis
Kokomo
Michigan City
Richmond
South Bend
Terre Haute
111.-Aurora
Bloomington
Chicago
Cicero
Decatur
East St. L011111
Elgin
Evanston
Freeport
Moline_
Oak Park
Peoria
Quincy
Rock Island
Springfield
Mich.-Ann Arbor
Bay City
Detroit
Flint
Grand Rapids
Highland Park
Jackson
Kalamazoo
Lansing
Muskegon
Pontiac
Saginaw
Wis.-Kenosha
Madison
Manitowoc
Milwaukee
Oshkosh
Sheboygan
Shorewood
Superior
Total Middle West:
53 cities
66 cities
Other Western States.
Mo.-Joplin
Kansas City
St. JoseIi
St. Lo
Sedalia
Minn.-Dulnth
Mankato
Minneapolis
St. Paul
Winona
Nab -Lincoln
Omaha
1928.
1927.
Inc. or
Dec.
1926.
1925.
1924.
1923.
1922.
1921.
1920.
1919.
1918.
1917.
$
$
%
$
$
$
s
$
s
$
$
$
2
19.652,285
443,295
458,492
961,483
3,599,275
35.759,430
54.592.425
15.239,250
10,358.378
757,457
2,067.079
5,112,497
1,802340
1,355.860
1.573,001
1.027.600
1.667,598
17.146,961
8,628,040
383,710
20,967.461
541.279
514.537
1,208,794
4,105,598
31,842.334
45,480.550
22,282.600
10,432,026
1,358,018
1,888,306
3,518.525
1.790,855
649,622
2,578,721
587,092
1.744,823
16,587,388
9,300,315
*1.000,000
-6.3
+0.5
-10.9
-20.5
-12.3
+12.3
+20.0
-31.6
-0.7
-44.2
+9.5
+45.3
+0.6
+108.7
-39.0
+75.0
-4.4
+3.4
-7.2
-61.6
1,063,899
5,967,770
6382,915
6,509.630
23,662,175
622,317
547,700
940,723
6,639,397
989,397
3.362,592
1,335,800
315,800.000
3,665,046
4,169.345
2,742.428
2,291.046
13,178.225
1.988,650
1,657,347
9,290,495
3,951,126
1,276,957
5,587.739
1,124,099
3.785.823
4.463.105
1,813,221
129.260,285
14.412,630
8.230,285
2.603,477
2,097.086
2,034,864
4,762.147
1,928.134
13.238.283
4,369.585
3,987.618
5,579.832
1.324.432
45.588,857
1.354,362
2,313,449
2.383.607
1,852.835
2,660,566
5.965.735
15,016,529
6,141,100
22.775,414
477.533
800,278
1,828,839
5,325,166
1,998301
2,838,801
924,200
352,936.400
4,605,481
5,786,465
5,600,364
1,839,343
16,017,225
1,606,750
1,082,101
9,080,676
3.409,575
1.105321
6.563723
2,269,402
3.841,173
4,208.403
611,624
145.555,647
22.087.451
8.222,090
2,654,960
2.576,645
2,223,046
7,222.070
1,229,128
17.463,676
3.600,920
4.468,809
4.461.813
1.020,259
46,361,461
2.486,862
2,357.495
3.020,448
1.312.792
-60.0
+0.1
-59.5
+6.0
+3.9
+30.3
-31.6
-48.6
+24.7
-50.5
+18.4
-55.5
-10.5
-20.4
-27.9
-51.1
+24.6
-17.7
+23.8
+53.2
+2.3
+15.9
+15.6
-14.9
-50.5
-1.4
+6.1
-3.6
-11.2
-34.7
+0.1
-1.9
-18.8
-8.5
-34.1
+56.9
-24.2
+21.3
-10.8
+25.1
+29.8
+2.8
-45.5
-1.9
-21.1
+41.1
824.513,660
864,416,891
896,968,585
944,020,904
-8.1
-17.6
966.827,788
1,001,879.097
1.412.339
15.826,900
2,004,618
42.813.495
132,330
3,311,265
592.527
23.257,725
8,737,665
550.306
3,221,608
9.050.410
1,262,083
15,209.076
774.694
42,074.682
257.660
4.494,388
822,108
22,429,620
10.128,589
684,245
4.398.540
4.522.218
+11.9
+4.1
+158.8
+113
-48.6
-26.3
-27.9
+3.7
-13.7
-19.6
-26.8
+100.1
1364,968
23.116.740
1.302.270
39,841364
517.530
6.060,437
650.186
20.609.340
15.710,425
386.867
5,951.465
10.052.338
'
16.068.106
1.470,045
941.626
986.299
5.343.765
32,928.809
61.776.575
25,250.700
11,076.199
1.607.486
2.550.712
4.473.645
2,929,674
377.125
1.973.208
503.530
1.446.818
13.046.365
9,468,282
1.019,945
14,504.742
1,366.510
912.599
873.029
8,033,923
30.939.285
69.254.400
29.353.300
12.483.526
3.962,913
2.207.516
6,211,541
3.120.025
641.570
2,902,295
712.354
969,507
17.734.587
12,324.895
689,058
8.837.420
1,481,195
1.156.364
1,414.576
8,561,803
24,423,470
63,015,300
21,625,900
9.748.369
3,595,675
2.198,966
8.612,960
2,394.463
938.410
1.704.525
750.867
1.923.876
16,924.690
11,831,990
1.047.596
7.495,066
1.079,755
990.694
4,550.538
473.203
895.298
7,398,567
26,656,515
69.390.540
22,296.800
10,275.069
4,093.574
1.478.311
12,108.682
1.634.367
848.768
2.221.058
633.831
1,532.805
15,536.846
5,676.970
2.027.098
6.015.248
28,729,795
55,147,565
18,190,500
11.540,709
2.750.000
1,024,924
9.503.285
966.476
470.232
2,892.395
747.870
1,292.595
9,038.891
5.339.545
837.286
1.435,245
1.171.355
7.733.558
10.876.513
20.690.162
13,057.987
6,776.977
5.931,150
21,505.000
26,225.155
477.429
671.510
735.616
935,512
1,352.793
1,102,655
9,752.029
8.770,255
2,061.370
1,480.683
5,011.001
4,445.435
1,193.050
1,245.400
364,584.400
360.804.250
5.319.927
6,930.029
5,266.352
5,500.640
4,449.576
5.234,863
2,700,000
2,729,080
15.825.670
14,007,420
1.012,200
900.000
1,358.966
970,476
6,469.614
8,070.447
5.685.410
5.565.553
1.327.518
1.215.785
5,537.603
6.475.700
1.221.082
1.311.765
4.271.5265.626.011
3,442,187
' 3,130.881
921.059
964.475
183.721.438
180.132.528
13.028.751
7.277.891
11.336.035
12,473.770
4,819.035
4.239.785
4.180.018
2.598.709
1.983.590
2.063,620
4.336.861
5.295.942
1.310.187
2.090.140
5.518.682
2.143.025
3,074.213
2,937,032
5,127.352
4.950.584
5,357.584
6.346,171
1326.690
1.706,920
41,210.250
39,583,736
2.747.920
2.053.624
2.970392
2,498.869
4.000.000
4,000.000
2,173,755
3,279.924
1.360,000
11,488.092
9.059.128
6,110,858
25.452.812
1,051.599
1,324.635
862,966
5.468.101
2,726,691
2.849,631
'674.725
296,893,985
7.595.470
4366.100
3,293,348
1,600.000
10.219,604
860.750
1.131,981
9.754.942
4,797.843
1.503,692
4.102,985
1,036.046
5.466.438
1.968.142
1,660,948
160.064.794
9.171,457
9.536,200
5,676.490
1,602.009
1,611,955
4,810.325
1.143.514
1.915,343
2.747.471
4,698,386
5.360,307
1,205338
45,633.569
1.178.608
2.692,183
3.344.482
1,459.838
920,950
11.853.643
4,370.822
4,007.780
27.144.484
1.437.463
659.156
798,912
13,462.707
2,645.230
3,205.479
693.889
329.604.312
7.946.621
2.014.070
2,811.799
1.512.000
11,610.066
1.011.420
1,102.265
10.091.738
3,512.874
1,222309
3,750.695
998.516
3.921,012
1,763.500
811,479
129,719.731
8.172.548
10,204.795
4.109.025
2,268,951
1,953.303
6.304.489
1,431.478
1,280.189
1302,673
4.823.951
5.637.163
1,310,247
41.440,720
912,275
2.469.066
2,449,934
872.173
1,070,479.767
1.101,831,475
848.616,574
880,722.496
1,072.127
38,382.965
1.894,842
54.877.013
266,720
7.093.075
640.000
29.446.310
24,045.858
836,555
7.006.077
14.624.520
1.325.108
21.859.892
1.262.940
39.831.639
335.700
7.218.731
663.708
23.246,910
20,905397
1,253,661
3.149,802
12.268.858
3.782.548
1916.
9
19,707,605
27,219.481
4,519.763
14,166,818
12,824.536
3,935,144
12.542,000
46,531,323
9.265,110
6,127,461
2.614,515
1.069,180
5,188.093
494,409
351.310
5,600.000
297.428
1,352.329
7,805.673
5,653,685
537.735
4,520.095
11.684.837
65,625,830
10,257,170
5,881,367
2.494,885
1.431.292
3.880.676
1.706,635
539.650
1.961.000
521.600
790.375
6,795,440
3,424.950
526.080
6,039.960
10.923,750
46,214,175
6.345,760
8.054,543
4,087.660
1,342,385
5,303.582
1,637.644
260.635
1.122.283
941.964
2,107.065
7.889.132
6,990.089
374.208
1,828.777
4,578,833
16.386.360
3,300,220
3,655.202
634,370
724.356
1,430.465
2.648.485
10,451,315
30,483,605
3,914,930
3.937.450
1.700,832
254,104
4,328.555
10,842,895
33,108,260
7,194.240
3,699.146
2,242.371
311.857
202,511
203,969
875.872
790.375
2.661.776
4.407.694
36.161
144.380
745,220
375.537
697.140
7,244.546
4.542.098
100,000
192.860
1,061.743
293,030
1.218,065
9,692,268
3,400,079
245.691
593,621
9.642.589
3,011.433
2,710.525
26.110,457
1.540.494
1.210.450
4.803,156
3,181,852
1,857.285
16.872.240
782,043
177,700
2,929.942
3,279.524
2.287.424
15,284,119
2,241.202
250.000
2,205,145
5.369,742
2,225.818
12.794.556
1,224,090
100.000
901,094
2.903.855
2.275,216
4.557.667
189,613
258.030
3.427.167
4,122,287
1.201.027
7,103.138
595,887
300,000
3.479,531
2.661.635
967.970
8,934.694
875.816
995.436
10,098.035
2,221.679
2.564.960
405.000
227.742.010
476,058
4,098.997
2,214,016
984.448
1.207.000
125,004.510
503.411
4,600.101
756.499
900.000
1344,000
76 173.150
664,863
4.450.120
868.705
819.612
1,106.000
104,198.850
161,875
935,327
523.130
243.796
60.900
35.136.150
230.800
2,028,980
594.281
495.002
261.100
64,188.750
438,030.
1,396,501
816.270
739.507
267.000
112,835.150
2,818.660
2,647.665
2.033.790
1.445,825
1,800.000
1.893.673
2.975340
1.434.658
726.975
886.086
1,340,983
1.197.116
1,277.456
795.496
7.546.133
4,014.613
1.310.814
1,383,106
207.627
918.413
3330,416
2.500300
8,378,238
3,824,739
731.530
3,528,095
2.047.005
6,538,860
2,497.817
289.150
1.998,645
1,564371
2,063,260
3377.542
284.200
2,431.555
53.000
2.675.022
7350.048
536,600
2,434,583
585.460
390,582
810.553
62.100
928,600
1,318.816
2,081.629
588.000
859.043
2,928,928
2,282,081
286.600
4.179.575
2,338.805
2,194.685
2324309
641.225
942.930
2,125.537
94,615,093
6,714.910
11,165.077
3.298.015
1.285,089
1.176.260
55334.988
3.205,110
5,634,182
77,737,165
9,633.932
4.441.711
82.995371
3.235.868
3,758.595
18,201.707
945.453
1,222,013
39,692.305
2,539,035
1,925,157
51.068.310
4,733,447
3,519.245
1,456.393
1,327.712
1.968301
1,383.620
1,500.000
1,234,506
652.468
1,944,500
1,093.980
728.915
1.933.000
574.995
625,895
929.163
1,920,174
2,679,977
1,295.206
4,619,285
3,045.369
1.514,596
3.066.595
2.673.858
2,677,054
2.000300
3.880,472
4,411.978
1,800.000
521.861
1.052,460
1,900.000
428.846
768.845
1,909.699
2:176,e41
25,250.312
1,164,199
1,810.500
2.791.172
3.034.033
19.416,692
771,343
1,614.675
1,805.942
885,007
14,912.950
584.400
1,590.057
1,890,000
1,345.680
20.062.193
502.103
816.492
1,000.000
1,906.799
4,790.750
11,535,859
16,013,194
436.044
120.000
1308,927
503.433
916.000
2,163.045
1.400.834
847,158,645
641,045,736
399,342.273
394,524.361
421,697.220
132.056,474
241,389.451
322.349.051
462,259
24,843,700
1.821.130
41.443.755
1.032.685
6.710.665
722.536
32.315,545
36,028.196
534,945
3,195,611
13.008.899
23,146,190
1,237.419
25.210.503
335.495
7,843.956
755.040
29,470.450
22,388,862
341.120
2.940.687
11.242.915
16,025,225
1.095.044
16.631.305
382.212
3,518.464
819.693
23.391,630
14,362,181
109,677
1.715.932
11.385.200
13,760,295
942,619
17.694.078
258,550
6,989.673
890,000
13,469.564
12.276,466
100,645
2,110,545
11.435.970
13,164,060
1.068.990
20,538.460
390.250
5,453,472
469.475
17.309.160
19,258,734
15.450
2.052.452
9.022.647
5.666.995
558.847
6.352,582
93.200
2.638.861
145.000
5.465.740
10.152,705
10.158.450
828.121
11,308,537
181,450
4.625.264
131.935
9,262,965
7.086.638
11,563,444
893.945
12.753.386
310.487
10.223.598
467,825
22,917.290
11,128,632
758,572
3.608.054
1,374.093
7.737.047
1.939,961
7.226.107
420.900
CP4
1927.
Inc. or
Dec.
1926.
1925.
1924.
1923.
Other Western States (Con.) $
Kan.-Atchison
462.299
Kansas City
1,634.322
Leavenworth
*100,000
Topeka
1.912,616
Wichita
7,794,221
$
315,886
1,296,059
125.600
2,033,405
5,848.942
%
+46.3
+26.1
-20.4
-5.9
+36.3
$
276,848
2.638.674
247,950
3.603,705
5,184.105
$
641.080
3.659.450
382,110
3.176,362
4.694,485
3
200.054
4.193,987
182,555
2.571.173
4,293.153
$
348,063
5,23,5,140
250,000
4,810.407
6,511,949
$
1,456,861
3,056,563
250,000
2.441.128
. 5.937.514
3
1.201,568
1,932,490
348,700
1355,131
7.432,687
3
535.412
1.280,285
186,000
1.658,094
3,807,281
$
101,083
1,665.232
71,450
1,432,295
4,849,831
3
211,440
1058,966
23,000
184,290
3,065.521
$
223,585
1,656,670
1,600
603,974
3,771,519
S
175,503
748.430
93.535
808,865
1,992,935
Iowa-Cedar Rapids
Council Bluffs
Davenport
Des Moines
Dubuque
Ottumwa
Sioux City
Waterloo
2,438,280
810,250
1,390,708
4,519,984
1,046.585
393,775
2,170,440
2,722,194
2,602,622
930.250
2,299.450
2,837,037
1.288,207
578,900
1.867,575
1,088,981
-6.3
-12.9
-39.5
+59.3
-18.8
-32.1
+16.2
-50.0
6.219.713
2,002,250
1463,764
5,918,385
914.980
665.690
4.265.356
1,536,400
3,624,186
1,782,425
2,056.038
6,183,730
1.196.564
783,415
3,611.830
879,945
2,986.857
1.421,400
1,909.847
9.219,980
1.610,758
1.096461
4.596.058
1,138.738
3,846,808
2.711,189
3.571.476
8,330,496
1,807.908
629.208
3,328,045
2.103,483
3,358.727
1.637.714
3,287,219
12.467.820
2,926.057
720.818
3,303.883
2,744,505
2,310.335
1,697,675
3.430,990
1,326.057
634.602
3,480,805
2.203,892
750,000
1.997,327
4,091,229
750,750
723,920
4,896.510
2,142.000
600.000
2,648,589
5,221,885
1.132,859
1,250,000
7.028,328
767.000
500,000
1,677.136
4,100,563
246.618
400.000
3,071,309
1,773,000
1.035,975
982,873
3,145,809
603.085
600.000
3,223,961
1,779,000
717.780
1,017,395
3,387,897
667,508
500,000
3.090.305
Colo.-Boulder
Colorado Springs
Denver
Pueblo
326,475
812,495
15.958.400
1,468.012
416,930
577,398
15,902,650
1,625.382
-21.7
+40.7
+0.2
-9.7
346.710
777.361
14,591.000
1.246.041
552,635
1,072,688
25.333,310
2,342.200
544,885
1.297,290
26,310,250
1.685.654
931,565
1,912,323
20.642.250
898.188
868.972
1.199.677
18.016.095
1215.661
542,090
594,810
10,137,225
1,165,656
300.883
823,866
7,547,020
739,269
502,680
325,145
6.779,880
676,300
47.660
163,982
2,595.890
373.095
146,650
264,255
4.291.000
1,032,748
186,772
460.656
4,038,840
390,520
So. Dak.-Aberdeen
Sioux Falls
501,751
2,009,125
1,186,944
2,042,505
-57.7
-1.6
1.241.163
1.931,614
293.925
2,048,181
176.965
1.392,038
182.435
1.768.328
1727.789
1,236,211
2,034,211
2,226,747
857,195
1,026,535
-------1.049,227
No. Dak.-Fargo
Grand Forks
Minot
1.307,663
1,188,325
2,413,000
1,656,353
736,519
778,765
-20.9
+61.3
+209.8
2,161.113
1,048,395
810.265
1,314.009
522.303
285.000
530.257
305.516
300,000
1,647.693
384.679
250,000
1,574,954
503,585
250.000
1,830.330
133.189
400.000
2.124.765
300,000
188,275
1,310.410
200.000
347,224
742,460
100,000
80,620
1,292,550
193.995
378.850
1,650,000
349,825
1,228,453
Utah-Logan
Ogden
Salt Lake City
372.502
1,283,075
5,361,376
589,400
1,005.260
4,975,690
-36.8
+27.6
+7.8
350.600
1,438.050
5,601,794
233.100
2.397,985
6.603.235
193.800
1,823.750
5.433,375
229.700
1.551.920
6.886,494
338,400
1,019.223
4,351.133
473.600
1,177.102
3,436,985
299,900
1.081,935
3,939,353
338,100
1562.560
4,059.320
83.300
500.000
2,310,015
500,000
2,732,155
860,085
2,706.772
Montana-Billings
Butte
Great Falls
261,450
365,344
2,865.593
304,400
492.000
1,188.310
-14 1
-25.6
-58.8
284,500
349.631
615.811
157,993
168.317
546.270
250.000
379.250
283,592
237,850
670.887
381.486
459.000
314,091
251,500
794,000
102,342
200.975
532.600
227,437
578.047
716,727
1151.770
511,200
291.523
1,528,296
1503,002
2,079.723
1,650,784
1928.
Idaho-Boise
Wyo.-Cheyenne
Sheridan
krix.-Phoenix
Tucson
Total other Western:
43 cities
45 cities
Pacific StatesDalif.-Ajameda
Alhambra
Bakersfield
Berkeley
Beverly hills
Burlingame
Colton
Compton
Emeryville
Eureka
Fresno
Fullerton
Glendalo
Huntington Park
Long Beach
Los Angeles
National City
Oakland
Ontario
Orange
Pasadena
Piedmont
Pomona
Redwood City
Richmond
Sacramento
3an Bernardino
San Diego
San Francisco
San Gabriel
San Jose
San Mateo
San Rafael
Santa Monica
South Gate
Stockton
l'orrance
Venice
1922.
1921.
1920.
1919.
1918.
1917.
1916.
693.408
1,263,592
-45.1
648,424
890.000
717.007
734,131
615,799
550,000
860,495
1.300.000
182.994
193.497
172.648
1,246.649
102,260
726,659
500,000
+71.6
-79.5
644,765
400.000
504,597
371,281
479,964
396.862
1,032.228
584.871
1.287.256
227.867
684,581
416,727
1.169,177
219,387
210.000
326.000
426,700
85,886
6,300,065
2.809.210
5.652,115
2,263,057
+11.5
+28.6
2.637.125
1,796,604
3.106.122
1.345,858
1.903.649
1,425,984
1.841,244
1,432.096
1.815.341
1073.276
1,803.171
1,097.704
4,514,501
1,192,155
2.203,865
1,040,339
727.290
526.050
713,428
778.760
244,651
546.700
182.829.096
186,053.041
169.493,936
174,055.786
+7.9
+6.9
195.995,885
199,922,916
261.123,821
262.297,691
213,060.415
214.574.119
247.518.548
249,804,466
202.866.560
144.108,806
131.292.381
141,837,769
61.165,673
87.318,372
112,107,325
2.131,396
2,078.295
1471.239
6,076.626
6,060,442
1,476,032
282,175
1,341,671
646,542
495,480
1.771219
780,870
7,465.265
2,708,502
16,366,635
101.678,768
187,805
19,696.240
715.796
629,300
5,949,553
1.134.489
1,912,105
1,082,136
864,125
5.552,865
2,822,745
12.372,600
37,766.363
540.732
2,541.110
1.584,402
424.324
3,964,692
2,638.831
1,798,838
1,668,979
1,504,592
1,537.424
2422.862
1,994,491
6,687,233
7,212,766
1,732,437
307,75)
814,91s
298,104
364,826
2,690,978
832.593
8,246,150
1,584,134
13,706,145
123.027.239
392.990
20.794,661,
674,581
202,220
9.019,866
1,330,620
1,481,899
715,636
1,20:3,320
7,968,182
3,452.706
14,251,966
47,032,848
505.524
3,564,480
1,154,035
365,112
4,392,459
1,904,154
2,824,193
2,119,923
1,122,421
+38.6
-14.2
-26.2
-9.1
-16.6
-14.8
-8.3
+64.6
+116.9
+35.8
-34.2
-6.2
-5.5
+71.0
+19.4
-1..3
-52.2
-5.3
+6.1
+211.2
-34.0
-14.7
+29.0
+51.2
-28.2
-30.3
-18.2
-13.2
-19.7
+7.0
-28.7
+35.3
+16.2
-10.4
+38.6
-26.3
-21.3
+34.0
2,238,799
3,119.574
2,095.215
7,337.076
11,001,877
1912.647
303,685
1.503.188
577.163
444,663
1,819.985
496.961
10.027.798
1.429.713
8.615.720
123.006,215
386,965
28,0,5.295
1.057.890
296.000
9.667.900
1,430.638
980.380
1.061.907
2.276.552
7.732.573
3,530,193
20.001.729
57.953.948
1.096.420
4.378.940
2,028.019
512,124
7,517,422
1,583.650
2,749.504
457.788
923,571
4.127.301
3.395,922
2.117.938
10.058.730
10,566.818
2,109,141
250,640
1,566.271
589.018
1,133.355
3,093.062
592.986
10,224.020
1,263.410
19.046.766
152.636.436
379.805
39,185,863
877.718
507.525
9,633,746
1,918,009
1,116,348
921,467
1,312,822
11,351,277
3,255.214
18.198.200
50,392,793
632,512
4.846,775
1,359,479
727,095
5,138,292
844,196
3,728,712
357,643
2.157.329
2,562.008
5.398.490
1.096.452
9,369.027
5.053,644
2,592.314
326,875
1,164.862
1,146.095
820.363
1645.488
1,079.240
10.175,311
2.184.441
20.601.267
150.147.516
420.420
31.223.433
797.604
550.650
12,040,719
1,517,079
1,586.098
1,103,441
970,211
7,666,669
3.762,123
13,561.106
57,852.973
621.145
3.959,075
1.595,688
555,835
8.415,136
1,135,122
4.163,012
1,092,260
3.108.632
1.676,088
7,231.330
1.169.573
7.959.140
3.891.136
1,969.682
366.368
1.081,492
875,453
866.030
5,890.104
2.087.186
10,047.694
2.701.727
23.697.830
200,133.181
379.825
27,628.175
1.193,512
868.350
11.534,186
1,877,321
1693,821
1.196.086
1,147.664
9,699,638
2.343,617
12,102,426
46,676,079
654,300
2,731,630
1.411,218
490,300
6.045.254
792.770
3.897.130
1.873.295
971.170
759,931
802,482
467.171
999,131
518,868
603.672
1.898,686
5.622.963
1,838.994
2.198,869
1.483.794
3,376,409
787.729
796.492
1.314,979
3.113,364
513,441
422,672
838,758
1,641.139
304,900
194,256
304,750
732,290
35,200
604.585
1.243,850
231,823
1,747.223
280,307
100.870
522,000
657,451
211,765
261.892
64,140
7,495.840
2,034.526
6.305,971
3.860.967
951.941
5,099.201
6,775.587
759,348
3,137,264
3.996.875
528.609
591,439
1,677,756
75,000
97,193
1,999.022
101.622
287,360
884,100
84,811
235.907
14,044.518
121.206.787
284.190
24,468,223
13.159.243
82,761.386
262.585
15,791,616
11,001,662
60.023,600
111,628
9,489.906
7,217,849
28,253.619
50,635
7,134,572
2.828,844
8.678.862
15.625
5.382,158
810.631
16.932.082
16.080
4.442,533
1.065,305
15,036.045
14,825
5,368,280
924.412
9.420.481
1.430.415
1.114.447
382.398
6.493.674
867,715
904.026
3,534.235
794,510
801.437
1,821,600
355,869
455.030
211.968
1,367,770
1,-0:1-:64't
897,072
9.351,052
2.209.663
12,004,036
45,327,206
354.846
1.960,548
414,237
3.853.084
1.019.560
10,547,853
22,244,672
357,495
1.235,349
763,390
3.449,388
596.650
5,671,798
26,729.992
112,514
1750,046
593,594
2,054.843
296,534
2,856,015
15.163,242
53,297
1,067,841
200,000
1,211.273
93,032
1,602.260
9,135,477
9,376
558,660
230,800
1.891.292
474,517
905,392
18,480,527
14,272
489.577
343,937
2,102,158
350,591
1,869,994
18.484,401
57.449
851,931
219.800
3.878.365
257,400
2.504,100
117.500
1,219,359
112.200
393,352
22,200
96,040
36.200
.
138.100
3,141.900
333,680
1,712,738
2,617,527
1,477,841
1,050,761
1,355,043
1,138,174
['MT95 'N'Vf
UNITED STATES BUILDING OPERATIONS-(Continued).
UNITED STATES BUILDING OPERATIONS-(Continued).
1928.
1927.
Inc. or
Dec.
1926.
1925.
1924.
1923.
1922.
1921.
1920.
1919.
1918.
1917.
1916.
$
8
$
3
$
$
$
$
Pacific States (Con)Ore.-Astoria
Klamath
Portland
Salem
$
162.900
757,011
21,275,970
1.602,443
$
157.414
1,920.334
28,973,455
2,626,427
%
+3.5
-50.2
-26.6
-39.0
$
278.150
2.437.583
32.588.975
2,904.104
$
903,000
1.6.39.147
38.476.335
1,794.935
$
1,357.440
1,682,779
29.219.425
1,731.210
379,333
25,247.135
1.287,282
800.000
20,939,650
693.678
800,000
17,225.576
343.570
Wash.-Aberdeen
Hoquiam
Seattle
Spokane
Tacoma
Vancouver
Walla Walla
Yakima
706.651
753,257
34,813,200
5.736.778
4,622,765
1,563,583
683,943
1,118,645
992,202
1,420.538
29.070,080
3,656.499
5,391,113
1,342,122
364,480
862,165
-28.8
-47.0
+19.8
+56.9
-14.3
+16.5
+87.6
+29.7
1.451.233
530.358
34,207.700
4.191.223
7,121.632
86.5.012
479.631
1,190.696
1.279.021
457,255
30,626,995
4.366,856
9,926,134
401.708
309,098
821.037
869.334
374,341
27.279.500
3,296.388
8,539.035
4,608
160.558
730.401
1.144,348
608.457
22.974,720
2.486.563
5,500.926
628.425
419.834
729,733
437.111
230.864
19.783.835
3.177,234
4.239.028
221.414
515.500
245,445
189.292
385,059
328.718
77,295
68,221
12.862.425
2,124.037
3.669.082
297.846
311.834
13,760.090
3,031.704
4.749,673
412.709
797,730
15.615.010
1.689.928
2,857,181
370,423
10,899.775
422,766
2.844,405
691,496
6,708.315
2,140,760
1,141,243
23,538
8,304,689
1,586,787
1,671,981
8.218
Total Pacific:
35 cities
50 cities
316,399,459
334.151,128
363,003,009
376.710,783
-12.9
-11.3
403.667,192
419.876,044
455.799.907
472.616,154
427.005.231
448,745,841
448.366,999
330.768,325
219,483.882
182.358.123
Southern StatesVa.-Lynch burg
Newport News
Norfolk
Petersburg
Richmond
Roanoke
1,113.956
829,705
3.891,511
539,211
8,844,881
3,353,198
1,561,143
791.279
3,411,815
270.169
9,780,943
2,598,545
-28.6
+4.9
+14.1
+99.6
-9.6
+29.0
1,046,557
380,925
2.811.070
315.877
10.024.874
4.568.594
1,291.924
261,396
2,966.747
594.256
13.398,246
3.425,275
1.612.519
174,847
6.938.422
258.816
13,613.019
4,167.068
859.885
244.095
5.365.021
413.233
15,642.229
4.073.597
948.065
642,467
5,169.533
499,000
559.038
5,030.168
822.610
701,245
9.632,053
7.852.944
2,723,592
1,488,616
2,712,988
15.116,912
3.259.524
9.292.879
2.285,899
4.778,756
1,221.285
8.770,452
1,106,035
1,838,614
191,029
4,118,688
615,170
4,927.396
845,942
N.C.-Asheville
Charlotte
Durham
Greensboro
Raleigh
Wilmington
Winston-Salem
3,110,001
7,294,038
9,905,838
5,048.295
3,864,573
624,150
8.531,028
6.002,647
4,861,761
2,586.754
4,837,830
3,706.969
461.700
6.539,187
-48.2
+50.0
+282.9
+4.4
+4.3
+35.2
+30.5
9,299.545
7.336,980
3.371.004
6.362,118
3,252,564
1,088.550
5,581,331
6,610.919
7.244,193
5,174.525
6,192,150
2,904,452
572,475
5,004.382
4.289,291
6,827,433
3,097,955
4,342,242
4.653,124
1.605.600
4,524.124
4,565.489
5,265.340
1.395.600
3.522.715
3.776.421
1,967,700
4.260,285
3.190.777
5.032.455
1.207.387
4,223.179
3.038.572
918.000
3.286.864
1,980,120
2,353.808
1.413.706
1.944.083
2.284.835
892.700
2.426.467
1.411,156
2.589,110
1,438,422
1,090,397
822,012
1,388.900
3.259,495
850.755
1,196.004
615.345
973.935
402,824
1,003,550
1,200,000
248,099
841,173
240,000
732,440
121.305
297.300
600.000
636,155
702.171
370.620
1,168,110
300,000
156.550
1,181,756
408,678
837,039
1,684,889
347,131
900,000
918,200
326.131
8, C.-Charleston
Columbia
Greenville
565,609
1,626,576
1,442,928
584,169
1,561.400
1.119,995
-3.2
+3.8
+28.2
508.205
1.490,484
912.735
633.155
1,554.690
1,495,320
235.432
1.266.316
2.560.803
1.547.238
1.330.561
1,277.541
2,507.847
1,583.993
1,242.277
1.368.294
1,570.870
1,326.610
3.290.023
1.151.937
2.105,410
938.398
1,442,775
597.300
309.589
432.024
345,755
235.705
464,666
400,000
410,555
283.584
481,000
27,580.541
1,487.312
2,371,852
2,139,534
12.081,122
1.470,847
2,895,871
2,180,050
+128.3
+1.1
-18.1
-1.9
17.789.363
1,135.609
1.757.649
3.143,462
10,403,558
1,535,949
1,745,026
1.595,830
18.196.091
1.175.353
1,762.647
2.264.349
27.094,912
1,234.780
1.502,882
1,509.534
20.584.754
2.398.126
1.579.313
1.306,740
11.236.776
76,993
930.136
2.055,059
13,372,666
1,873,582
1.430,798
4,025,000
10.442.739
1.307,779
1.192,163
1,770,645
3,572,086
422,601
650.000
768,675
4,977,815
1,120,335
1.656,087
646.505
3,680.178
1,686,531
1,724,733
1,673.880
7,905.762
2,171,847
1,239.576
1.025.260
1,846,100
3,643,259
13,051,074
9,964,877
1,973,587
1,486,692
2,907,400
5.732,606
-79.4
-78.2
-37.2
-31.0
-36.5
-36.4
21393.945
35,845,109
8,288.359
1,691.352
15.580.200
15.872.772
14.760.711
60,026.260
7.993.658
754.415
24,081.700
23.418.836
7.311.497
17,038.144
3,036.006
1.300,446
9.557,500
6.577.055
7.536,557
7.228.569
3.271.749
643.468
7.124.560
3,516.773
5,831,078
4.647,744
5,087.337
5.415.800
3.466.405
4,476.760
1,156.260
3,264,215
1,068,792
1,238.720
1.805,366
1,859.504
1,558.924
1.921,286
364.379
4,167,665
3,091.780
1.116,100
4.608.820
4.057,028
437.313
2.801,120
2,664.392
1,096.607
1.200.000
1,202,534
315.656
175,714
200.000
383,397
773,674
1,290,828
18,622.131
3,200.788
3,331,900
22.862,303
2,240,814
2,525,947
-18.5
+42.8
+31.9
22.263.116
1.777.899
1.575.529
21.464.878
1,964,264
1,011,576
20.247.707
1,299.780
704,100
12,166.996
1.149.430
883.457
7.491.020
1.169,679
513.644
6.556,101
600,000
513.644
4,384,229
603.473
600,000
3,929,822
660,454
590,617
1.572.714
78.684
258.233
1.818,736
140,830
336,496
2.386,599
100,490
442,729
Miss.-Jackson
Vicksburg
2.603,097
1,049.287
2,805,818
486,886
-7.2
+115.5
3,045.285
392.421
2,171,271
546.000
1,850.573
700.436
2,700.000
526.518
1,182,550
479,852
329.556
78,377
455.395
183.608
316,963
136.329
101,765
67,527
772,940
76,045
300,000
La.-Alexandria
Lake Charles
New Orleans
Shreveport
628,892
1.307.377
11.899,011
4,916,680
1.140,782
719,657
16.117,l55
3,977.680
-44.9
+81.7
-26.2
+23.6
999.570
1.170.424
18.789.444
5.421.768
1.926.155
647,422
16.345,140
5,491.818
1,159.653
231,754
16.991.150
8,069,000
1,028.133
187.783
13.089.015
9.467,382
886.892
326,333
10.495,460
6.070.084
860,575
284,277
8.043.159
3.871.485
905.922
452.730
12.598,468
5.717.419
1,120,230
569.300
5,249,092
3.557.346
738,427
205,069
1,763,569
552.267
440,977
235,511
2,862.958
865.112
413,991
311.185
3,117.604
1.124,378
Texas-Amarillo
Beaumont
Dallas
El Paso
Ft. Worth
Galveston
Houston
San Antonio
Wichita Falls
2,906.174
4.355.392
8,232.384
2,050,183
13.222.147
2,731,310
35,319.503
16,408.035
1,911,612
10.491,884
4,946,486
9.874.846
1,308,991
17.111.480
2.977,728
27.326.475
13,987.847
4.050.687
-72.3
-12.0
-15.6
+5.7
-22.7
-8.3
+29.3
+17.3
-52.8
16,476.528
2,451.961
16.133.426
1.163.657
17,022,468
3,213,095
28.512,805
14.462.952
10,022,263
3,436,953
1,638,870
28.379,558
2.184,332
8.872,323
1.707,439
35.040,010
9,428,043
5.098.866
1.550.582
2,540.373
26,402,814
1,605,257
11,408.208
2,605.205
17,222,059
6.603,860
2,343,713
1309,615
2,689.371
20,988.469
2,101,980
8.395,264
1.889,851
19.117.106
8.053.266
1.747,767
1,530,748
18,646,988
3,070,266
12.128,722
2.121,168
12,489,469
7,234.303
1.296.788
2.374.260
15,000,205
4,279,932
4,602.962
1,963,919
10,398,795
7.515,045
330,000
1,634,885
13,595,157
3,296.579
10,373.229
672,783
8,529,247
4.711,212
2,332,000
900.000
13.164.600
2,255,585
18,657,654
632.178
6,861,619
3.987,305
500,000
1,667.730
644.846
2,267,887
175,904
2,275,258
3,755,954
1,075.832
3,573.259
3.769,527
1,705.611
233,271
3,123.877
2,134.477
1.009,692
4,265,354
3,551,909
3;127.884
774,142
3,068,871
2,283.638
Ark.-E1 Dorado
Fort Smith
Little Rock
2.201,184
1.618,704
4,261,359
734.691
1.088,617
2.993,636
+199.6
+48.7
+42.3
1,925,763
1.310.921
5,968.226
2,024,415
1.075,595
5.107.847
850,757
1.067,246
4.331.396
2.387.519
1.506.884
3.843.204
1,349,758
3,908,781
993,396
3.620.638
1,071,178
3.727,732
784.223
2.601.768
274,245
708.208
504,608
1.030.1'64
86.619
753,666
Okla.-Guthrie
Muskogee
Olmiulgee
Oklahoma City
Tulsa
239,457
565,565
252.965
18.128,653
13,553,351
436.047
835,817
262,350
16,238.714
14,840,254
-45.1
-32.3
-3.6
+11.6
-8.7
900.000
390.427
560.881
10,028.228
7.615.428
981,005
701.217
321,470
6,751,775
10,075,971
3.000.000
401,444
326,355
8.052,935
8,048.283
3.000.000
1,303,316
1.027.050
7.948,577
7.780.252
3,000.000
2,830.148
1.215,775
7,698.106
13.636.489
3.000,000
1.119.475
1.662,825
7,794,797
7.330,340
2.678.729
1,193.714
2.452.900
6.007.798
9,648.547
764,847
3331,975
9.030,640
9,474.443
230.625
868.929
2,503.449
4,847,370
148,590
211,860
2,684,176
8,380,492
Tenn.-Chattanooga
Knoxville
Memphis_
Nashville
2.073,634
4,161,293
4.919,768
7.122.657
15.451,573
*5,500.000
4,975,169
5.708,582
15,094,642
5.529,435
-1.1
+24.8
+2.4
-0.5
6.016.569
10,730,451
18.579.260
3.823,829
5,154.558
6,329.396
18,667.605
7,012.768
2.915,924
6.512.411
23.757,040
5.148,098
2,476.129
2,983,320
2,665.411
2.429,041
9,377.0256,715,183
, .3t342.359
2.182.383
1,600,128
2,654,213
7.518,950
2.632,338
401.959
315,261
1,591.078
646,606
734,865
1,271.759
2.625.865
1,124.350
1,436,944
468.771
3,091.970
3.621.134
Ga.-Atlanta
Augusta
Macon
Savannah
Fla.-Jacksonville
Miami
Orlando
Pensacola
St. Petersburg
Tampa
Ala.-Birmingham
Mobile
Montgomery
9,840.725
140.050
6,174,157
45,700
3,717.945
95,250
6,301.360
79,992
'
2.943.697
2,552.698
6.587.810
5.042.172
20,998.38020.883.008
5.259.90$
2,F0.45
756.150
12,088.506
425,990
. ..
109,028.877
57,091.668
66.368,261
70,318.771
I
1927.
Inc. or
Dec.
1926.
1925.
1924.
1923.
1922.
1921.
1919.
1920.
1918.
1917.
s
1916.
s
S
500,815
1,071,150
4,140.714
$
141.125
408,332
1.990,308
265,820
343,420
1,742,245
844.309
586.230
5.053,140
158.913,200
49.204,765
69,110,825
77,898,484
$
1,581,750
1,961,994
18,081,575
357.350
$
1,650,400
2,353.635
23,243,210
379,250
%
-4.2
-16.6
-22.2
-5.8
$
2.145.300
2,110,131
20,919,545
464.100
$
2,254.100
1,892,630
29,910,246
275,745
$
1,613,550
1,744.326
22,682.959
314.090
$
1.709,375
1,955,432
17,024,651
$
2.135.000
2,231,141
16,736.750
$
1,297,000
1,274,723
7.428,300
$
533.000
2,082,390
8,622,152
332,996,565
342,690,349
331.103.187
345.439.047
+0.6
-0.8
411,381,352
439,232,903
437,154.886
451,741,309
334,085.044
340,270.142
302,557,391
270.953,131
190,797.233
192,924.005
3,413.091.835
3,514,886,995
3.541.388.042
3,651,036.270
-3.6
-3.7
4,008,309,244
4,121,964.853
4,302,696,723
4,393,364,166
3,614,662,440
3.702,135,335
3.449,465,740
2,807.884,753 1.869.694,975 1.634,378,397 1,515,054,225
507,359,503
822.038,892 1,131,572,355
2,475,905,541
2,577,700,701
2,660,641,629
2,770,289,853
-6.9
-6.9
2,948,257,850
3,061,913,459
3.294,125.381
3,384.792.814
2.768,156,623
2,855,629,518
2.663,907,795
2.169,314.914 1.393,407,781 1,343,549,455 1.253,554,036
450.859,008
718,970,094
910.278,381
Eastern CanadaQuebec-Montreal
Outremont
Quebec
Sherbrooke
Three Rivers
West Mount
36.304.181
4,887,100
5,710,144
1.101,233
1,681,450
3,616,132
45,183.317
3.408,500
6,300,165
689,930
2,332,500
3,560,797
-19.6
+43.4
-10.2
+59.7
-27.9
+1.6
31,700,549
2,543,575
3,939,281
714,250
1,445.575
2,904,524
25,520,523
2.772.200
3,274,371
1 038 060
2,064,814
2,931.524
31,013,419
3.375.950
7,332,846
524,925
1,046.200
2,381,606
27.092,468
2,203.250
4,786.933
722,100
730.745
1 933 232
22,335,796
2,718,930
3.236.291
732,000
1,200,000
1 592 000
21.310.472
1,297.115
3,693.397
335,000
1,292.800
1 609 413
14,067.669
838,225
2,301,480
3,265,538
857,700
1,179.800
12,743,480
400,000
2,134,219
872,150
1,300,000
883,121
4.882,873
151,725
904,375
128,250
638,975
275,261
4,387,638
264,325
2.459,386
475,000
422,950
155,890
5,334,184
409,188
2,913.157
518,000
537,345
545,754
Ont.-Belleville
Brantford
Brockville
Chatham
Fort William
Galt
Guelph
Hamilton
Kingston
Kitchener
London
Midland
Niagara Falls
North Bay
Oshawa
Ottawa
Owen Sound
Peterborough
Port Arthur
St. Catharines
Sault Ste. Marie
St. Thomas
Sarnia
Sudbury
Toronto
Welland
Windsor
York
233,323
802,528
381,200
769,966
2,062.000
270,231
462,815
6,342,100
678.203
1,524,522
2,561,705
58,608
2,056,415
452,000
2,991,585
5,420,900
262,375
565,577
5.292,545
1,249.141
401,020
362,732
814.586
958.475
51.607.188
309,866
4,518,723
5,660,700
670,010
571.599
188,900
595,087
1,209,450
197,513
493,167
3,837.150
420.467
1,272.631
2,814,950
57,658
1.517,510
548,174
5,255.188
6,446,045
330,350
630,595
3,473,736
1,147,286
329.461
92,682
1,064,265
391,360
31,274,876
408.679
4,930,832
4,526,600
-65.2
+40.4
+101.8
+29.4
+70.5
+91.6
-6.2
+65.3
+61.3
+19.8
-9.0
+1.6
+35.6
-17.6
-43.1
-15.9
-20.6
-10.3
+52.4
+8.9
+21.7
+291.4
-23.5
+144.9
+65.0
-24.2
-8.4
+25.1
306.610
232,754
150,000
591.750
1,291,250
108,723
326,192
3,130.950
608.532
1,100,111
3,621.200
105.000
1,504,000
341,957
1,052.100
3,101.748
141.900
342.757
961,580
940,642
235.831
138.597
601,646
547.360
26,029.584
404,049
7.319.454
4,093,200
194 725
159.537
140,600
193,858
730,340
108 723
2,673.830
493.758
1,546,182
2,389,800
100,551
1,114,290
515,090
576,205
4,911,685
533,560
272.637
402,488
666,962
352,090
350,181
725,698
306,285
25.249.628
124,320
4,333.945
4,380.500
195 000
189.980
350,000
355,329
1,272,570
124.742
404,304
3,309,800
1,035,620
1,221.122
2,113,500
125,000
802,622
400,000
786,985
2,540,670
168.210
437,510
1,167,307
713,638
559.245
164,026
840,803
362,585
23.926,628
178,880
4,429.308
4,145,750
286 825
615,686
400,000
265,867
1,425,130
135,631
571,484
5,452.930
649,233
1.893,892
3,261,065
100,000
758,513
493,158
1.923,110
3,521.817
310,565
295.448
2,640,321
806.310
401,032
334,239
781.970
306.700
30,609,227
206.150
4,725.034
8.921,650
255 400
465,421
375,050
366,317
1,466,685
731,706
964.808
4,928,465
46,070
2,461,721
2,605,630
75,000
800,743
271,325
1,155,130
5,159,687
205,000
439,154
1,167,529
1.293,576
588,813
210.714
880,260
228.190
35,237,921
362,371
4,144,035
11,167,750
115 524
388.450
28,500
800,000
913,050
450.000
433,257
4,639,450
668,334
932,050
2,527.510
38.457
1,145,589
426,088
1,329,405
3,232,322
135,355
541.754
113,509
776,360
924,388
115,755
1,331,337
437.450
23,878,240
435,735
5.123.150
8,101,100
177.250
798.223
2.100
709,437
1,045,160
291,760
486.958
4,321,420
494,736
1.277.595
2,146,305
209,000
493,965
129.925
849,496
3,367.557
120,325
839.700
216.350
830,652
400.000
258,821
742.265
725,575
25,748,732
299,420
4,846,338
4.313.260
176.800
1,173,580
57,150
326,547
627,930
330.101
603.259
5,209,135
657,680
1,176,662
2,455,170
273,000
876,889
20,959
2,332,540
3,179,437
50,000
196,368
1,708,645
861.636
600,000
222,525
641,956
328,500
19,797,026
369,235
2,601.370
4,241.425
100,000
761.500
70.260
189,890
535,615
220.000
83.953
2,472.254
318,943
236,062
876,660
150.000
287.195
70,260
390.997
658,265
186.430
111.435
2,733,865
150,705
205,352
837.890
114,725
282.677
160,430
1,338,924
414.025
253,795
155,222
2.405,781
184,321
324.834
926.125
359.716
430,000
100,000
2,635,612
250.000
22,873
350.000
1,041.017
271,508
125,228
343,265
1.530.400
241.251
607.045
467,427
300,000
53.395
120.000
101.875
8.535.331
440,524
590,305
953,503
1,345,174
522,768
200,000
79,920
136,650
121.975
1,565.095
616,515
103.555
114,165
285,098
7.163,556
241,334
1,156,584
9,882,467
202,587
1,508,330
2,808,357
205,304
1,510,499
291.898
+85.9
-29.7
764.498
136,577
1,035,645
43.907
731,309
151,907
378,709
319.162
1,752,632
604.847
2.179,809
556.813
3,411.341
911.882
5,194,805
703.741
2,816.852
412,073
1,628,556
416,900
1,323,377
128.105
337,073
636,277
736,110
613,916
-54.2
+3.6
272.701
404.208
204.620
683.530
101.774
1.122,265
385,461
358,500
1.037.942
707,100
1,201.673
574.500
2,133,676
1,035.300
158,315
351.323
340.798
531,250
198,105
227,800
156,358,280
139,383,853
+12.2
104.155,215
93,407,603
100,122,735
111.003,547
113,972,009
649,520
574,100
93.480,558
84,752,073
78,316,017
31,567,640
30,328,465
35,393.062
418,130
336,589
871,105
10.547.400
230.252
246,628
761,470
7,569.300
+81.6
+36.5
+14.4
+39.3
it 0,000
200,500
f,01,256
10,362.600
76.573
168.385
969,259
4,156,690
270.285
158,558
418,545
3,177,900
183,634
222,300
510,353
4,484.100
225,029
382,828
552,663
6.875.750
741,190
577,884
380,143
5,580,400
411,127
380.823
465,992
8,367,250
96.981
84.495
360,450
2,942,000
95,022
85.170
268,965
2,050.650
180.338
94.560
155,525
2,212,450
244,873
51,475
134,392
2,507,300
Alta.-Calgary
Edmonton
Lethbridge
Red Deer
6,302,142
2,374,971
498,590
133,080
2,330,131
2,568.565
438,684
21,955
+170.5
+31.4
+13.6
+506.6
1.989,048
1,853,735
236,360
26.740
1,197,475
1,481,890
161.190
28,685
1,030.790
2.305.005
175,086
26,200
821,840
1,488,875
259,685
23,000
4,000,000
2.338,109
213.695
18.540
3,500,000
1,563,966
217,760
11,965
2,906.100
3.231,955
230.000
66,050
2,211,100
923.346
162.110
13,800
1,197,100
351,510
135.553
3.300
548,300
306,300
99,688
600
663,500
228,640
84,122
29.180
task.-Moose Jaw
Prince Albert
Regina
Saskatoon
Swift Current
Wayburn
Yorkton
British Columbia.New Westminster
Vancouver
Victoria
1.073.078
1,333,180
6.619,206
5,756,542
*100,000
357,525
137.716
1,543,389
218.985
3,482,090
3,215,995
150,000
240.610
100,175
-30.5
+508.8
+90.1
+79.0
-33.3
+48.6
+37.5
268.326
75.000
4,242.502
2,018,204
100.000
38.176
14,311
243,535
52,740
1,208.403
1.079.442
95,020
46,140
38.387
501,126
151,465
839,325
1.282,276
95,020
2,205
45,140
289,398
254,255
1,264,030
852,548
14,500
19,055
47,995
279.180
119,598
1,784.124
1,818,909
12,430
48.985
136,575
480,000
576.598
1,699,020
774.660
16,000
102,530
191,075
1,533.095
469,975
2.603.320
1,900,000
26,721
2,376.341
423,195
590,895
275.176
1,699.020
1,404,500
26,721
130 155
397,800
567,615
87,545
1.006,000
604,675
102,500
19.740
25.150
295,460
37,300
416,460
582.739
130 000
20.667
63,445
318,945
66.810
219.875
146,150
61.000
37,172
35,675
1,928,324
12,777,293
1.827.937
1.083,146
10.687.167
2.524,741
+78.0
+19.6
-27.5
751,189
15.501.262
698.237
704,263
7,963,575
546,517
321,432
6,230.774
838,201
350,848
6.277,574
1,050,161
332,680
8,661.695
1,033.004
264.890
3,000,000
977,167
319.109
3.709.873
1.207.573
166,282
2,271 361
366.141
108,300
1 440,384
289,760
81.515
768 255
147.875
85.307
2.412 893
115.334
53,392,808
37,413.283
+42.7
38.977,446
20.217,171
17,799.533
18,414.151
28,833,794
20.655,248
30,628.099
5.222,333
8,438,939
6,141.477
7,443,643
200.751 ARA
176.797,136
+18.6
143.132.661
113,624,774
117,922,268
129.417,698
142,805.903
114.135,806
115.380.172
93,538.350
40.006.579
36,469.942
42.836.705
Southern States (Cone)
Ky.-Covington
Lexington
Louisville
Newport
Total Southern:
Mettles
60 cities
Total:
310 cities
354 cities
Outside New York:
309 cities
353 cities
N.5.-Halifax
Sidney
N. B.-Moncton
St. John
Total East (38 cities)_
Western CanadaMan.-Brandon
East Hildonan
51. Boniface
Winnipeg
Total West(i9 cities)_
Tntal all tfi7 ritirml
-
-
.auolisioullo rIVIDNITNIA
1928.
{TNT 9g •Nvf
UNITED STATES BUILDING OPERATIONS-(Concluded).
00.
468
FINANCIAL CHRONICLE
[VoL. 128.
CHICAGO STOCK EXCHANGE RECORD OF PRICES FOR 1928.
Continuing the practice begun by us twenty-five years ago, we furnish below
a record of the highest and
lowest prices for each month of 1928 for all the leading stocks and
bonds dealt in on the Chicago Stock
Exchange.
In the compilation of the figures, which are based entirely on sale
transactions, we have used
the reports of the dealings as given in the Chicago Stock Exchange
official list each day, and in our range
we make no distinction between sales in small lots and sales in large
lots.
For record of previous years see "
Chronicle
" of Jan. 28 1928, page 484; Jan. 29 1927, page 565;
Jan. 30
1926, page 533; Jan. 31 1925, page 505; Jan. 26 1924, page 366; Jan. 27 1923,
page 349; Jan. 28 1922, page
353; Jan. 29 1921, page 415; Jan. 311920, page 409; Feb. 11919, page
416; Jan. 26 1918, page 333; Feb. 3
1917, page 399; Jan. 29 1916, page 380; Jan. 30 1915, page 349; Jan. 31 1914,
page 347; Jan. 25 1913, page 244;
Jan. 27 1912, page 256; Jan. 28 1911. page 234; Jan. 29 1910, page 276; Feb.
6 1909, page 348; Jan. 25 1908,
page 205; Jan. 19 1907, page 138; Jan. 20 1906, page 135, and Jan. 21 1905,
page 198.
1928
BONDS
March
April
January February
May
June
July
August September
October
November December
Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low
High Low High
Allied Owners 6s
1945 _
American Service 6s
1930 ---------------- 9934 997a 9934 10018 9914 9914 9914 993
-4
9934 9934 9914 9934 ---- ---- ---- ---- --- _—
American Silica Corp 6 Yis 1943 ----------------100 100 100 10012 100 100
99 99,2 98 -98 ---- ---- -.,._Amer States Pub Serv Skis A '48 --------------------------------9812 9812 9812 99
9812 9812 --------95 1613 ----------------90 1612
Atlantic Pub Serv 65
Bee-News Pub Co 6s
1943
Bloomington Limestone 6s 1942 55f2 -9
99
98 9834 98 9812 97 1012-12 5ii"2 9812 97
Boise Water Works 5Si s
1948 ------------------------9912 9912 9712 9912 99 10014 ---- ---- ---- ---- ---- ---- ---- ____ _ _
_ _
Cal & So Chi Ry 1st
Cairo Bridge & Term 1st -M
20-year 6Ss
1947 99 99 100 10014 100 102 --------10184 10134 ------------------------ 101 101 10038 10038
Cent States Util 65
1938 98 98
98 98 --------98 98
98 9814 98 98
98 98
97 97
_
_ 9412 97
97 -97 - -57- ifCherry Burrell 6s
1938 Cl.of Rks Kghwy thig 6Y4s 1947 10012 10012 100 100 10012 1-6612 ioi 10-2 RI54 1-0112
Chic Art Ice Co 6s
1938 _ 8338 9814 9734 1814 9734 1812 9734 -98
_ - _ _
_ _ _
Chicago City Ry Ss
1927 871-2 -8112 55 -86
8-54 -8-7- 55 -8-7- 85 87 95 86
4 8334 15 8114 14 85 1334
8412 8412 8212 -1438358 88
Certificates of deposit_1927 86 8712 84 8512 8414 85 8512 8614 8612 8612 83 83 84 84
83 83 8318 8318 84 85 82 82 82 83
Chic City of Con Rys 5s
65 6712 62 6734 60 62
66 68
1927 6712 6912 65 70
6112 6212 81 6134 62 6712 6318 6534 6312 65 6412
6812
Chicago G L & Co Ss
___ ___.
Chicago Mill & Lumber 6s 1943
Chicago Railways Ss
1927 55ii -28- 5'4 -86- 55 86
8412 8678 8418 85 8012 ai ii -8134 isi -ails 0
4 12-12 id:is -162 8012 8212
1st M ctf of deb Ss
1927 86 8712 84 8412 84 8434 84 8512 83 85
8012 8234 83 85
79 8012 8012 84
80 81
8034 8034 ---8083
---5s, series A
63 6514 60 60
65 68
1927 67 68
66 66
6612 67
58 60
59 6012 ____
__ 6033 61
60 6241 62 62
5s. series B
43 4434 42 45
1927 44 46
39 42
43 4634 4434 45
40 4114 40 41
41 -45
4312 44
43
4312
43
45
Purchase money 5s
1927 47 47
4334 44 ----------------43 4514 42 42 ---- ------------41 44
44 44
---------------------------------------2111 24
24
25
-----------------Chicago Stadium 6s
-----------------1943
----100 10
-------- ---- ----100 10
6loo 100 97 9812
Chic Unit Art Thea 6 .-i s_ _1948 ------------------------ 14141 100 ISO 100 --------100 10 99 100 ____
___ __-_ ____ ____ ___ ___ _
_
Commonw Edison 5s
1943 10634 10712 10638 109 10614 10834 10834 10834 10734 10734 10378 10478 10314 105 10418 10518 10412 1-0514
----------------103
84 124-12
Ist mortgage 6s
1943 ----------------114 114 ____ _ _ 11318 11318 112 112 11034 111 ------------------------1111411112
-1st mtge. series A
1953 106180818 10614 10612 --------10814 10-6-14 10512 10638 10478 10473 103 103 10212 10312 ___ _ — 10412 10412 10514 10514 --103- 1-04 1st mtge Ss,series B
1954 10634 10634 --------10614 10712 106 106 --------10313 10312 -------- 10334 10334 --------10412 10412
--------103 10314
1st mtge 4Si s,series C
1956 10078 10078 --------10184 101
--------------90
1st mtge 4Si s.series D_ _1937 10035 10012 --------101 101 ---- ---- 10012 10012 ------- __-- __-- -----------------8 9 3s ------------------------9834 9838
9784 9734 ----------------97
97 97
CooperRiverBridge1st681958 --------------------------------9612 --9712 -------- 5i -if _ _______9512 96
98
t 96 96
Drake Towers Bldg 68
Pub Serv Co 6s
New
3-year 5Sis
Foreman T & S5s A
5%Bwi
1943 --------100
J------------------------------------------------9984
1947
1930 99 99
99 99
1937 10014 10014 100 101
1937 10014 10014 10012 101
9634 9712 ----------------07
9612 97
99 100 100 100 100 100
99 99
99
--------10012 101 100 101 100 101 ___
10012 101 10012 101 100 10012 100 101 _ ---
-9-i
2 .
651.
99
99
_--- ------- ----
W;jai fid io Ii 6 iii
i oi IR;Fed
-91
99
-------
---—
9878 19 —99- 99 9919
8
'
-9e- -221--- ---- ---- ---- ---- ---- ---- ------- ---- ---- ---- ---- ---- ---- ----
Gt Lakes Paper Co Ltd is A '50 ----------------------------- 100
Lakes Util Corp 1st 5s
5)4sGt
'42 9538 9534 9514 9534 9512 96
9512 9612 95 9712 -- --__
_
_
_
_
_ _
_ _
_
_
Guard Title Mtge ss,s. _1938 ------------------------------------------------100 iiii" ioo
1-66 ioo 1-66 iiis kii iiiis -1(4-g Oils lidig
Hardwood Timber Corp 6s 1939
Furnace
Holland
deb 6s_ _ _1936 ----------------------------------- 10078 1-6i ____ ____
Hous G G Co s f g 6 1 8_1931,10814 10834 10912 110 10912 117 116 119 121 126 120 12618 -----------------------------------------------Inland Gas Corp 6.,s A_ _1938 --------100 100 100 100 100 100
99 100 95 100 92 9814 --- — — ---- --- ------- ---- ---- ---- ---Iowa Power & Lt 4L5 A. _1958 ---------------- -9514 9514 --,- -- ---- - --- --- ---- --- ---- ---- ---- ---- ---- ---- ---- ---- -Jewelers Bldg (Chic) 1st us 1950 99 99 99 101
4 10112 1-01300 101 100 10134 101 101
_
_ _ _
9934 166-2 -____ ____ ____ ___ ____ ____ _ _
Lake St F,lev 1st 5s
1928
La Salle Bldg 5;is
Memphis Nat Gas 6s
With warrants
Met Dis Finance 6s A
Metz- W Side El 1st 4s
Extension gold 4s
1938 ii -ii
1938 7912 81
8134 82 80
ilia ii12 iii2 8412 8112 83
8212 8312 84 84 ..— ____ 8112 8212 81
ifi2 ii "8"2-
iiri 5
34 iii
-7914 7712 7712 7614 7614 7712 804
Moir 1st M s f 55is
Nat Elec Power 6s
3-year 5)s
North Shore Gas 58
_- -___ -_-- ---- __-- ---- 10014 10014
1937
15-year 61 i5
1943
-----------------Northwestern Elevated 58_1941 --------913
9412
943
; 89 93
4 9512 95-----------------2
9578 l
02 88 90
55 -8-8- ifs -1914
554 ii iii IV!. i912 Pac Coast Cement 6s A_ _1942 9S2 9812 98 981z
Pacific West Oil 6Yis
____ ____ ____ ____ ____ ____ ________ ________ __—____ ____ loo 100
_
1943
Palmer Corp of La 68
Pettibone Mulliken 6s
1943 -___
___ ---- ---- -- -- __ ____ _--_ ___. ---- -_.- ___...- ------ ---_ --- _-__ -- --- 99 99 -9
--9 --9--6
:Pub Serv 1st ref gold 5s
_-_ 10478 10478 10314 10314 102 102 --------------------------------10158102
1956 10512 1-0512 ____ ___ 105 1-0538 ____
1st & ref 534s
-- _ _ ---- 104 104 --------10512 10534 105% 05'3 ---- ---- ---- ---- - •— _ _ _ _
1962 10878 10912 --------10834 10834 107 107
Ss
1932-------- ---- 9958 9958
Pub Serv Nor III 1st ref 5)4•4
_.
._ 10634 106-34 ia- 1-01So:et 1st lien 6s
1938-------------------------------- 100 100 100 100 ----------------10112 10112 10112 102 102 10212 10012 10212
1939 97 97
South Gas Util 6A5
Sou United Gas 1st 68 'A" 1937 --------97 I712 55 -62 55 ii OD
99
South United Ice 1st 6s A_I947 --------9734 98
9712 9712 9712 9712 9714 98
1938
1st 6S48 B
Spruce Falls 1st 554s
1945
10-year cony deb 6s
-
—
55 -9-9--- ---- - --- ---- --•- ---- ---- ...__---- ---- ---- ---- ---- ---- ---- ---- ...-
_
____ ___ ____ _-__ -_-_ _—_ -_
ioo 166 ioo 100 100 100 100 100 ioo 102 ioo 160 0813
95 95
oi liE ii ii 9434
Ste Anne Paper 61'4s A__,i946
96
9614 98
St Louis Gas &C Corp 65-A947 ------------------------104..,964
96
9
1944 10238 103 10234 10234 10224 10234 102 10234 10134 102
Swift & Co 1st s I g Ss
65 East So Water 6)4,_._1947 100 100 100 100 100 100 100 100 100 100
1946
Texas-Louisiana 68
95 -9-2 ____
9712 100
95 -95
102 10212 10134 10212 10114 102
100 100 100 100 100 100
9812 100 100
99 9912
_--- ---- ---- ----
93 9434
95
93 93
102 1021s 10134 10214 10138 10212 102 10212
-------- 100 100 --------100 100
JAN. 26 1929.]
1928
BONDS
FINANCIAL CHRONICLE
469
January February
March
April
May
June
July
August September
October
November December
Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Lew
High Low High
Texas Water Util 6s A
Tonawanda Paper Co 5s1941 ____ ..— ---- --__ __-- -- -- 9532 9913
United Pub Serv Co15-year 68 A
1942 9734 98
9714 98
97 9734 97 98
97'l 101
2-year 69
1929 9934 10014 100 10014 --------10038 10038 100 100
98
98
United Public UM Co1st 6s A
1947 9914 10014 9912 101 100 101 100 101 10012 10112 9934 1014 ---- ---- ---- ---- --- - ------_
__ --_ _ ---- ---- ---1st 5!,s 11
1947
9734 9734 9734 9934 9712 9734 9412 9734 -----------------------94 -94 2-year 5;4s
1929 9912 100
9912 10014 9734 101 100 100 100 100
9912 10014
-Union Elevated RR 5s
1945 ---------------- 9414 9414 ---- ---- 94 94 --------89 II) --------89 19
89 -31
UnionGasUtil6Y4sA....1937 9734 9734 ------- 96 96
Union Power Corp con,6s 1943
Util Elk Coal Co 20-yr 6s_ -1948 ------------------------------------------------99 - 1.i 66 -6
66 -6-i 66 -9-i --------99 99
Util Power & Lt 6s
1958
Vicksburg Br & T Co 68— -1958 ----------------9913 1-61- iooi2 1-6i- idoi4 1-66 ioi 1-6i ii)oi2 1-6i --------9912
166 .
West Util Corp 1st 5s .1948
iii2 -oil: iif2 -6612 iii2 -9-g12 6512 -66 iii2 -ii12 --------9812 -9-9-3-year 514s
1931 ----------------------------------------99 99
99 99
99 99
9812 99
99 99 --------9812
Willoughby Tow Bldg 6s...1943 100 100 100 100 100 100 ._.
. _ _ _ _ 107 107 ------------------------101 101 101 101 101 102 102 99
102
STOCKS
Acme Steel Co
Adams Royalty Co com
All-Amer Mohawk Corp A
25 83
• 21
5 2
8312 83 94
83 89
88 96
89 91
85
21
22
2512 2112 25
24 2834 214 2712 19
5
434 812 6
1512 1414 1958 1612 2138 15
91
8512 93
9914 120 102 112 10612 130
9112 101
2534 20 2212 19 21
194 20
18 20
1818 26
1814 1412 1812 1312 2112 17 2112 20 5512 29 43
125 136
19 254
2712 40
Preferred
*
Allied Products Corp class A.* ----------------------------------- ---------------- ----49
-I2 4.5 .32 -g -412 464 53
Altorfer Bros Co cony pref
* ____ ____ ____
__ ____
__ ____
___ ____
_ ____
_ ____
- _..--- ---_ 47 4914 46 474 40 4614
American Colortype corn
2512 2334 -2634 2512 --2458 234 -* ---- ---- 2312 -3312 27 --324 29 __2914 28 -29
29 _3954 3412 40
35 39
35 394
1st preferred 46% A
•
•9494
1st preferred g6
Am Fur Mart Bldg pref
100 99 10014 10014 101
9734 101
98 9934 99 100
97 101
9712 1-055 9712 98
68 -di --------97 -68- 9612 -ii
Amer Multigraph corn
2734 2734 --------28 3012 ----------------30 30
2378 234 45 45 -----------------------American Natural Gas Cor p • 1234 19 ____
__ 21 224 207s 267, 2078 2312 --------18
-----------18
----17
1878 __
_
__ ____ ____
American Pub Serv pref ____100 99 100 994 100
-712 101
98 100
17 10212 101 104 10012 10112 9934 101
99 102 100 10212 100 102
-91 101
Am Pub Util Co pr pref._ _106 9534 9714 97 100
9 100 100 101
02 10234 9334 103
9314
99
99
99
9212
9912
--------95
96
9312 95
Panic preferred
100 8714 94
91
95
,412 9634 96 97
)6 97
93 9314 92 92
9338 9712 9314 101
90 9234 91 92
91 94
American Shipbuilding_ _ _100 10478 11712 103 109
)314 112 103 106
00 105 9812 105
9412 105 88 90 80 92 80 8712 82 90
924
86
Preferred__
100 106 106
Amer States Secur Corp A___. 4
73514 L
-5
934 -1-3-72 912 11-3-4 1014 12-12 if.) fi 1012 ii His 1112 1112 Tit., 151-2 .-1612
5
4 iks -161
Rights
Class 11
* 438 534 5
512 734 738 16. 12
6
1718 1112 1518 1334 16
13
14
1234 17
1312 15
1534 11
13
144
Rights
-- ---- ---- ---- ---- ---- ___- ____ --- ....14 2
Warrants
12 138 112 41
1
12
33
38
378 634 214 5
338
5384
4
43
4
5
0
8
4
6
47
8
534 312 5
Armour & Co(Del) pref.- —100 87 9114 88 901 8734 90 90 921, 92 9414 9212 974 93 9414 94
94
93
95
94 94
Armour & Co pref
180 664 7912 7512 80
74 80
75 821. 8114 8712 8234 9112 85 88
85 8812 8714 90
84 8514 84 -88
81 -8-6
Common A v t c
25 1234 1414 14
141 1312 1312 1334 153, 1138 1138 -----------------------2014
234 ---- ---- _--- ---- ---- -Common cl B v t c
-------91 101: 1034 1212 12
25 7
812 834 10
127
;
. _ - _ _ _ _
_ _
_ _ _ ____
Art Metal Wks Inc Pref
3912 3414 28 2212 6 -ii ii5r2 -5112 55 li io34 1678 ii -66 iL
5434
Assoc Appar Ind Inc com
• ___ ____
___
_ _ ____
_
____
__, ____
___ ____
__ ____ 5112 55
5238 58
52 6112 5314 5912
Associated Investment Co• 36 -3-93s 3812 -371. 3812 -3712
- 37 -371
4 3712 -40
384 -40
3814 -3978
- 3934 -4-4
4334 4612 4634 65
5734 6414 53 59
Atlas Stores Corp corn
27
28
27
51
4
36
383
46
59
55
6712
54 66
4434 6934
Auburn Auto Co common.. * 120 130 114 127 117 14114 12712 137 13018 138 108 138 108 116
86 108
78 94
83 119 103 12112 118 133
Automatic Washer Co cony pf•
3212 36
32 3518 32 3512 3312 3534
Backstay Welt Co corn
•
__
___
___
35
373
4
3312 38
42 534
3312 42
Balaban &Katz v t c
25 5934 6214 6012 63 63 82
72 7912 7034 744 6012 71
63 65
6334 -77
7614 91
80 10412 80 91
78 80
Preferred
100 101 10112 ____ ____ 10112 110 105 105 108 108 109 109 ----------------108
108 --------105 105 106 106
Baldwin Rubber Co A
_
_
24
2512 20 2612 2214 2414 1834 20
Bastian-Blessing Co corn
• 2512 2712 24 2612 2512 364 34 3978 35 40
29 4012 32 37
32 -35
33 48
41
4912 4138 50
Baumann,Ludwig 7% pref.100 --------------------------------101 102 --------101
42 49711
101
Baxter Laundries Inc A
•
25 26
2438 2614 24 32
25 3112 21 - 262 24 2612 2314 16
25 -3114 26 -31-12 54 if 2312 Ili
Beatrice Creamery coin
50 ------------------------6812 71
66 7012 64 72 66 6734 68 71
70 7712 75 84
80 8412 84 95
Beaver Board v t c A
Voting trust certifs B
Pref. vot trust certifs____100 39 5014 4812 494 49 56
56 564 ---- ---- - - ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---Bondi:Corp class A
10 5212 6012 51 57
5212 6412 60 84 83 123
- --- 112 131
Class B
10
106 122 110 14018 1294 119-12 150 1-614 1494 f130 115 2-60 _
_ _
_
Class B new
5
95 120
5512 1-2134
- 55 111
Borg & Beck corn
10 66 8112 69 76
7112 76
73 9412 85 113
84 971 ____ ____ ____ ____ ____ ____ ____ ____ ____ ____ ____ ___ _
Certificates of deposit
__ ____ ____ ____ ____ ____ ____ ____ ___ 88 91
83 94 ---- - - ---- ---- --- ---- - - ____
_ ____
__
Borg-Warner Corp corn
10 ----------------------------------------70 94
8912 161 99 fog
7612 -92
131-4 11134 1-447-11 120 117
7% preferred
100 ------------------------------------ --------------------10112 103 10112 10634 1024
102 10234 101 10312 102
Brach & Sons(E .1) corn
• 1634 21
1812 22
18 20
19 1
212 20 2234 9
1912 2234
34 2034 2034 2214 20 2612 2312 2514 2212 2812 244 10311
2738
Class B
•
Brown Fence & Wire A
*
------------------------------3547- 2 314 3611
Class B
•
- ---------------------------------3434 4012 31
36
Bunte Bros corn
10 15
17
1712 25
2014 26
2012 2112 22 22 --------2114 30
2112 2434 2112 22
2612 32
30 31
25 2538
Butler Brothers
20 2178 2312 21 2334 21
23
224 2838 2312 2434 2234 24
20 2212 2078 27
0314 2434 234 3434 284 50
323
4
504
Campbell Wyant &Can Fdy_ * 3834 44
39 44
44 48
45 541 49 6712 5912 7512 62 74
4034 4438 4112 494 43 53
35 48
40 65
Case Thresh Machine
1150 ----------------------------------------317
Castle & Co (A 51)
10 --------4234 47
46 51
12 43 49
4812 52
46
4338 16 iii -6612 Si 5
12 LL -ii 6212 -Iii
co
in
_
--__ ___
CeCo Mfg Co Inc
_ -------------------------4
2
7212 45 6912
Celotex Co common
49 54
• 5214 60
51 69
61 69
62 68
5412 -6-2
5112 54 68
60 67 60 73 67 71
63 67
Preferred
106 85 8712 80 85 82 87
80 8712 80 83 80 92
8412 88 87 88
88 8912 87 90
8812 90
87 88
Cent D Pa Corp A pref
• 25 2514 2478 2514 24 2434 2334 24
23 24
18 2314 ---- -------- ----22 23 23 2334 2334 27
23 2614
Cent Gas & El Co 6A% pref • 100 100
95 95 95 95
98 9814 94 94
96
9834 100
96
94 94
95
98
98
9812
--------98
101
7% Preferred
••
9412 100
99 100
99 101
99 103 10234 10412 97 97
9738 994 97 101 100 1014 --------101 101
Central Ill Pub Serv pref
9812 10018 99 100
• 9734 9812 9734 99,4 98 100
98 9912 9712 9812 9314 98
9712 9912 97 100 9714 99
9712
99
Central Ind Power pref
100 95 9612 96 9934 9812 9934 9912 100 100 10134 98 100
9714 100
92 9714 9414 9512 9412 98
95 9734 95 97
Certifs of deposit
100 94 954 97 9814 9812 994 99 994 9912 101
99 9914 97 98 ---_ 9312 94
9434 96
9478 95 94 944
Central Pub Serv (Der)
1612 1512 1714 1712 20
• 17
16
174 1612 17
17
19
18
19
1812 --2212 1712 21
21 25
2212 29
24 36
Cent Pub Serv Corp A
2182 21
21
2312 23 24
24
• 2018 21
2512 --------26 3112 29 31
29
3238 324 37
3512 36
35 36
Cent States p & L Corp pref_.• 100 10012 99 1001 9934 101
9912 100 100 102
9734 101 100 100
99 99
9812 9912 9714 100
Central S W Util common.... • 76 85
7734 8912 8212 8612 8512 98
7614 86
80 91
8034 85 80 88
84 88
81 85 81 -6518 14084 -ii
Prior lien pref
• 10518 108 10312 lO6Iz 104 108 10712 110 109 112 104 110 1024 106 100 10518 10311 105 1034 105 10312
106 10312 106
Preferred
• 9918 10512 102 103 102 1041 10378 105 103 105
9934 104 10012 102
9914 10114 99 101
99 101
9714 994 974 994
Central West Pub Scrv 13 pf 100
Chain Belt Co corn
________________________________________ii IiI2 ii li iii -i-100 000 100 100
"
d 444 51
Cherry Burrell Corp corn
49 574
• -----:r - -- --:r
'
--rr
- --7" .. ”... - .." -.
-"
- ”.- '
- .. .
...... 4734 5112 48
Chic City & Con Ry partic sh.•
52
112 ---134 112 -2
182 ---172 Ps --138 '-2
2
138
1
138 138
1
152 13r, ..-2
14
112 118 14 114 24
Participation pref
• 1912 2234 1714 217s 17 2012 1212 18
13 214 124 15
1514
1412
114
16
1514
19
17
20
15
Certificates of deposit
19
18 22
1512 1738 1412 164 16
• 16
18
164 15
11
11
16
---------------17
19 ----------------1784 19
Chicago Elec Mfg A
10
14
10
• 15
18
11
1178 1418 15
13
15
14 _ _ _
_ _ _ 12
13
12
13
13
14
Chic Jeff Fuse & Elec corn— —• 31
13
1434 14
154
3314 30 32
3334 40
36 39
37 3712 --------31_-35
33 33 --------32 3214 32 4612
Chicago Mill &Lumber prof 100 -------------------------41 48
------------------------------1081 10812 107 107
Chickasha Cotton Oil
---------------478
4 4912 12 I
10
2
1
5212
12
2
r
so
54
49
534
Li
ii
iid:
Chic N S & Milw corn
id" 45h gb
23 25
100 23 44
20 24
20 22
20 23
2212 264 20 20
20 20
18
184 ---Prior lien pref
-- 134 1714 16
1824
100 98 9858 98 991 97 9912 9712 100
99 100
97 9912 934 9914 97 981 97 100
97 -981 97 981 9614 99
Preferred
100 6412 65 6312 65 60 6234 60 62
5912
63
6014
63
60
53
50
55
52
53 53 53
Chic R813 Tran Pr prof A
48
5014 53 55
100 10034 10212 101 1021 101 10212 101 102 101 102 101 102 101 10178 10012 1013 10014 102
9934 1011 9934 10012 99 100
Chic Rys part ctf ser 1
17
1878 12
15
17
100 18
1612 17 ----------------18
18 -----------------------_
Part certifs series 2
17
17
17
17
100 212 3
2
234 314 2
3
3
212 34 134 212 178 2
112 2
3
3
Part certifs series 3
214 214 212 3
3
314
100 _
Part certifs series 4
_
12
18
100 _1
Ig
12
114
Chicago Title‘gr Trust
100 610 610 -— _ _ _
_ _ _ _ --- - — 4i5 b7-5- 585 600 --------608
. 606 _
Chicago Towel co con y pref_. --------9512- 1-6.
6 57 1-0-0 9941-02 9812
9634 9634 95 971 98 971 91 67
1-02 97 10-0 9612 98
Club Aluminum Utensil Co„.
- -1-2 -fie -9-7-25 3734 35 3712 35 3812 3312 3734 28 3514 28 32
27
31
2812 33
Coleman I.amp & Stove com__• ------------29
36
3214 3738 30 367S
------------------59 66
„,
56 58
5712 83 5612 59
5712
Commonwealth Edison
100 165 169 16912 189 172 54 Jai 184 180 189 180 18412 182 18758 18212 185 184 641 60 691 67 87 76 904
19212
191 200 196 2114 1994 220
78
838838
Warrants
Com'wealth Util Corp corn B.." - —
.. --- - 412 44
---- ---- ---—
311
-3614
33
Consol Auto Mcise common_* -------------------------------------------------------713
---_--.
___.
___.
-_-_-_-.
488-34
____
4.
71
8i2 1
Cum cony pref
1
714
2 -4
54
52 -4
1
i4
1
9
4
-4
7
1
8
i
2
3
4
ii:
1
2
1
fir
•
Inc-45
Consol Film Ind
---• 15
1878 18
20
1634 19
16
19
16 25
1314 1614 --------13
13
15
15
16
16 ---Preferred• 23 254 22 2338 22 24
23
26
23
24
264
25
2412 2612 25 294 254
2512 23
Consumers Co common
2512 ---- ----- ----- - - -5 738 912 814 914 812 1214 1152 1814 1212 1414 94 13
1312 11
11
1514 124 17
Preferred
12
12 -1-3315
4 -1034 1-3
100 87 9412 90 95
92 98
9312 9814 94 95 93 95 93 96
88 96
Prior pref ser A 6%
90 91
8712 9012 _ 91 91
100 - ---- ---- -V t c purchase warrants....5 312 4
__ oil
95 _--- - ,314 414 338 612 812 161-2 --i- --8 - 44 7
512 74 534 841 UP ili --i- —7
512 814 414 118
- -• _-- - -•
- —
ormer y Henney Motor Co.
&g -ie
FINANCIAL CHRONICLE
470
1928
STOCKS
[Vol,. 128.
May
June
July
August September
October
November December
April
March
January February
Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High
47/
1
4 4918 48 50
45 4512 4512 4612 4612 50
45 46
25 4653 4712 46 47 45 4612 45 4612 45 46
46,4 50
Crane Co common
100 119 120 11912 120 119 121 12014 121 12012 12114 121 12114 12012 12112 12012 121 120 122 120 120 120 120 117 118
Preferred
Crown Willamette Pap lot pf_* 99% 9912 ---- ---6412 6413
Cudahy Packing Co com___50
-37- 1/1-2 37 38 3614 371
Curtis Mfg Co common _______ 5 ____ ____ ____ ____
2 -35- 5918 -Liga 58 s5214 5214 5214 1-6- -56- -66 60 60
Cutler-Hammer Mfg co tom_ to ____ ____ ____ ____ 4812 54 -82- 1111
4, 1414 13
14
15
191/ -15 -11-4
1578 1414 2312 16
1
4 1512 12/
17
1714 13/
*
Davis Industries Inc A
78 178
58
78
112 2
/
1
4 112
114 7
'2 11
/
4
Warrants
112 112
Rights
-45- -6-6- 4034 48 42 -4.51-2 -33- -4-641 47
-Li- 16Dayton Rubber hug A coin_ __. -_-_ ---- -___ --,
4 64 6812 6412 65
70 80 65 7612 69 7612 6534 65
82 90
*
Prior common
78 78
78
7812 78 80
78 78
70 77% 66
76
90 95
Preferred
100
28
27 33
2512 2912
3012
3212
29
---30
34
,
4
29
,
4
293
4
31
31
,
4
26
2712
(Alf)
&
Cohn
Inc
*
25
28
Decker
110 110 110 110 109 109 109 109
110 110 ---110 110
Preferred
100
Deere & Co pref
100 116 116
iLi- fiiDiamond Match common .100 13712 147 i35- 156
---10513 1-66Diversified Invest Inc pref_100 ____ ____
-55- -3-6- -52Ty -3-2-1-2 -35- 34 28 3113 -25- 28 26 2712
• 32 32/
4 -3i- Ii1-2 -53- 12-2-2
- 123-4 -31 163Eddy Paper Corp (The)
1
4
26 3114 29 3934 32 36
2618 28
25 29
2212 27
2112 2312 2112 2714
El Household Util Corp
10 1314 1514 1414 1538 15 24
2114 4212 1912 25
24
1312 11
13
,
4
4
414 812 1414 8
4 6
,
4 10 22
712 11,
1
4 41
Elec Research Laboratory Inc * 2/
/
4 312 6
95
,
4 9712 9512 9738 93/
95/
1
4 9712 86 97
98 101
9713 99
1
4 95/
1
4
Empire G & F Co 6% pref_I00 ____ ____
-5512 11-1-73 100 10012 9914 1001s 9812 100 97% 9814 9738 97,4 97,s 9712 9512 97,4
100
6.1
,% preferred
1
4 105 10178 104
1
4 9914
9978 101713 9912 100% 9878 10014 9918 10014 98,
s 10014 97/
99 10012 9932 101 10053 1-64 103/
7% preferred
100 9953 100
4 111 112 10983 111
8% preferred
100 108,
4 109,
4 10812 110 109 11112 111 113 112 11312 112 113 11112 11212 98% 11112 111 11112 111 111,
83,
4 81 86
63 7212 71
Evans & Co Inc class A
55 70
5 55 74
---81
90
76
89
72
85
62
7212
---71
Class B
5 55 7412 56
----35- 1-5'1
4
---- ---Fair Co (The) common
* 34 37/
1
4 35 3634 35 39% 30 40/
3 11014 11013 109 10914
---- ---- iio- 110
Preferred
100 107 109 108 108 107 110 10812 110 109- 11-6- 11512 11-0-12883
-----_2434 "H3i
Federated Publications $2 pf-• ____ ____ ____ ____
---- ---- 28 29
------94 94
____
Federal Pub Serv 63i% pref__* -_-_ ____ --__ -- ------Fitz Simons & Connell Dk &
56 60
58
58
5534 5534 52 60
58 60
59 65
57 63
61
7412 55 60
20 46
52
52 74
Dredge Co common
,
4 26 3712 31
1812 2812 22'12 2612 2312 2914 2612 28
27 30
2178 1984 28
3918 26
19
37
1884 20
Foote Bros Gear & Mach Co_ _5 1814 20
97 97
100
Preferred
-184 -1"
Rights
57 1-3-14 -3512 -di" -6313 75 -55- -71- 6712 74 -55- 1-11-2 -55- 1-61-2 82 fici" 51 123 112 146
4912 62
Galesburg Coulter-Disc
• 4712 51
412 412 4
6
4
5
712 6
3
5/
1
4 6
212 212 3
3
General Box Corp corn
• 3
55 55
50 50
-55- 164014 55
40 40
36 36
Preferred
100 35 46
24
---23
,
8
General Laundry Mach Co_* ___. ____ ____ _---_-_-_-_ 160- 1-66- 100- 1-66- 100 1-66- 100 1-66- 161 1-66---General War Wks Corp pt $7_* ---- ---- ---- - - -Gill Manufacturing Co
10 112 212 214 3
662z 7212 -./13C4 1-0-4.1
4 -21- 1-1-9-114
Gleaner Corn Harvester com__*
1
4 32
6 -1-6- -1312 2313 2034 2912 2612 3312 29 37/
1
4 7
Eis 412 9 6 7 5/
1
4 23/
2 --i- --1-14 412 5I
Godchaux Sugar Inc class B__* --5- --11---- 30 40
Goldblatt Bros Inc corn
•
5714
518
4
.4- 1312
578 -5
4 ii1-2 -Li- -65- -55i2 1-i- -LO- 15; 50
* 43 4653 44/
Cossard Co(H W)common
1
4 5314 49,
1
2
22 112
Rights
2412 111-4 13- 33
*
Great Lakes Aircraft A
100 245 275 275 330 275 314 261 325 - 295 345 246 14-6 236- 121- 255- 32-6- 255- 295 251 285 26412 275 245 285
Great Lakes D & D
4312
40
42
42
44
40
3912
417
8
45
43
45
39
40 42
41
39
40
43
41
4212
42
/
1
4
4312
com__•
41
3918
Cooperage
A
Greif Bros
7012 9412 90 118 120 19412 193 320 300 400
54 65
,
4 63 7912 6412 82
•
Grigsby-Grunow Co corn
/
4 1812
1612 25
---- 161
Rights
- ---_-_---- ---- ---- 102 125 ioi" 14012 -53- 149
Common new
•
---4412 5522
---- ---- ---- ------- ____
•
Hahn Dept Stores corn
__104 113/
1
4
------634% preferred
100
-35g2 16- 3312 39
Hall Printing Co common___10 ____ ____
-55g2 -611-2 -45g2 60 -51 16-171'2 I71-2 -53- 16- 40 16 35 35 45 45
Hammermill Paper Co
35 -361
2
10 56 37 --Preferred
100 --------109 109 108 116
-25f4 164 2934 36 -52- 3714 -55- Ii1-2 "ii." WI; -5214 36 -2512 1313
Hart-Carter Co cony pref____* ___ ___
43 43
1
4 4312 43 43
42 4312 35/
4 44
- , - - -4513 164 "iiT2 4614 -4334 452 4114 44 42,
Hartford Times part pref
• --------398ii
4012 48
45/
1
4 58
50 65,4
Hart Parr Co common
•
612 612
Rights
Hart Schaffner &Marx
100 134 145 140 144/
1
4 i3g12 148 - 146 Cif" 160 1-71- 142 1-66- 145 145 150- 116- 165 162 161 165 iio- 170 168 183
2012 261
4314 58
1
4 29
,
4 2612 46
2328 2512 23/
/
4 231 26
44 52
1534
•
12
1458 13
Henney Motor Co
4512 49
49 57
48 50
48 50
4612 4912 4712 49
4212 4418 43/
50 52
1
4 45
•
Preferred
1,
8
1
124 1
_
---Rights
4484 11- 4512 8312 41 -611____
Hershey Corp cony pref A____. ____ ___ ---- ---4312 83
42 55
41 68
*
Class B
Hibbard Spencer Bartlett &
58 58
58 58
58
--_- 56
58 59
6884 59% 58 59
,
s 65 60 6112 59 60
25 65 70 ---- ---- 63
Co common
2912 4312 30 35
__-- ____
Hormell & Co (Geo) corn A___• ____ ____ ---- ---40 63 4414 60
----___
_-_Houdaille Corp cl A cony pf• ____ ___ ---- -41
40
___.
60
____
59/
1
4
•
Class B
Hupp Motor Car Corp com__10 29 40/
1
4
-,15?2 14- -4162 12-- 391s 41 -26i2 16- -3913 16- -25g2 4413 -41 -4-2-1; 40 111;
25 41 42 -55- -4IIllinois Brick Co
991,101
100 100
1
4 101 loo 10012 101 101%
9912 10012 101 lops 99/
,
4 10012 100% 10014 101
12 9912 981r 99
Illinois Nor Util pref
10.
:
6
,
55 55/
1
4 50 5312 50 50
48
51
52 531
: 53 54
49
49/
1
4 55
54,8 54 56
47/
48
1
4 48
Indep Pneu Tool y t c
97 97
Indianapolis Pr & Lt pref
*
544 45 -42- If1-2 43 51 -44g4 16- 47 164
68 81
-33g4 62
33 ;-56- --Inland Wire & Cable com___10 -55- 13-9
31
31
32
31
32% 31
Internet Pow Co Ltd com
• ---- ---- ---_ __-_
98 98
Interstate Power Co pref
• _.-- -___ ---_ ____ 10ii2 1-611-2 10222 1-611-2 ioo- 105- 10518 1-614 -51 08
_-_-2211 26
• __-_ ____ _--- ---Iron Fireman Mfg Govt c
____
4059 164 34 40%
.--- ---*
Jackson Motor Shaft Co
361k 36'z
-36- 162
• -5512 -2-61Jaeger Machine Co corn
2 102 11201
141122 "RI 134 jai- fif"
-2-0-12 114 124 iio- 13712 129 fif1Kalamazoo Stove common----• 6553 10612 10522 1-16-1-2 iol fif 123 134 iio- 135 ioi- 114-11984
13
1
4 11
4 9/
934 712 812 8
15,
4 1213 2978 17 23
8
1
4 912 812 12,
1
4 1324 812 1312 8/
/
4 1384 12/
Kellogg Switchboard corn...10 121
7212 75
80 83 80 81
84 84
79 79
80 85
76
85
76 78
77 80
75 93
9334 95
100 96
96
Preferred
10214 10214
103 103
4 10434 10484 104 104
1
4 10312 104 10284 104,
Kentucky Hydro-Elec pref_100 102 103/
51 -Li- 1f1
4 54
51
53 54
54 55
53/
52 5212 52 5212 52 52
51,
4 54
52
Kentucky Util jr cum pref__50 5112 5212 5058 5112 51
Keystone Steel & Wire corn_100 100 194 167 190 154 280 258 300 296 315
4313 55 -41 17-3543
6
6- -43- 57
f6507
8
61
65
164
45
-ilia
64
-1
4
•
Common
100 103 10113 ion2 100 102 102 102
9714 100 1001g 10018
100 100 101 ioi" los 10212 fil" i55- 107
Preferred
52
5124
5414
5612
52
52
52
5312
5612
5214
8
ifcom____•
Corp
Kimberly Clark
6512 6512
7713 -55it Vi' 6214 88
6512 66
63 64
---608i 674 8221, -611-2 63 6712 68
Kraft-Phenix Cheese Co coin 25 607
4612 4612 50 50
47 47 --48 48
55 55
45 57
45 46
48
1
4 50
KU 48
pPellheiMer & Co(B) Inc...5 45/
110
no
100 111 111
Class B preferred
99
10012 10012
155- 100 99
Laclede G &E prior lien
100 -------22 3112 22 3113
- 2112
*
Lane Drug corny t c
2612 30
2712 28
-23 3112
•
Cum preferred
418
318
1
4 318 7/
-212 434 312 3,4 3 3 3 312 3 3/
-5i4
1
4
1
4 4 -514 -1- --5- -1La Salle Ext Univ corn10 3/
102
---102
/
1
4
100
102
_-_Lawbeck Corp ctfs of deposit__ ---- -- --11 -11- -lira To; -1412 1812 -ie- 1814 -1612 18 17 2053 1812 18,4
------- ____
Leath &Co com
•
48 62
50/
1
4 52
5184 52
51/
1
4 53
5134 52
5134 52
45 48
---Cumulative preferred
•
41
/
4 412 4/
1
4 712
Warrants
-Riga -12a-2 -lora -1-1-1-2
-1053 1153 1014 1214 11 17 12,8 16
iiia -65-2
9,8 913 98
912 9
Libby McNeill &Libby
10 9
4312
43
46
5014
----___
Lincoln Printing Co 7% pf_50 -----6
1
4 4
312 9/
Purchase warrants
524 3/
2 --2-1-2
2
2
2
3
1
4 424 312 4
284 453
Lindsay Light common
218
10 2
1
4
9/
1
4 9/
Preferred
10 3184
4312
35
-251
3614
36
234
2
-2412
3178
116; -.2114 -_4673
---- -25- 2734
Lion Oil Ref Co corn
•
3512 41
33 35
301
/
4 34
3012 33
38 45,4 3914 45
---London Packing Co
•
2512 31/
1
4 2573 31/
1
4
Lynch Glass Machine Co....'
1-.-421
4413
2 41 42 40
43 -5512 -414 -55- 11-141 16- 42 43
/
1
4 43
If1"4 "i(314 441 41
i5 124
McCordRadiatormfgA
• _:5 2 42 -35
4312
40
43
39/
1
4 43
Mapes Cons Mfg co tom
*
52
-4212
48
5212
16-41
47
-55
53
60
4812 59
4812
45
53/
1
4 5712
2812 42 -io- 50
McQuay-Norris Mfg
• 2312 27
2514 29
32 3712 30/
1
4 35
26 3312
Marks Bros Thea Inc cony pf.• -_-_
111 85 95
Carburetor (Ind)____10 61/
Marvel
1
4 -ii:11 -81 -7-1
0;
- ii- -74-6 67 9212 81
---1
134 1 21314
Rights
.
---87 -8-6- 83 92
Certificates of deposit ____
____ __
3412 44
Material Service Corp com_10 - -_
- ---- ---- ---- -l81 "jail lila 1413 1614 -ii- -fit; 1175 TA --11
12
15
Meadows Mfg Co corn
1
4 -1-(;18 -ii- -1-A - i:178 -114 17 221i -15T2 2053 1353
• ie/
46 491
: 43 47 43 45
51
52
47 5112 50 5012 4612 50
5212 5434 52 53
Preferred
50 4412 49
48 4912 50 55
Rights
/
1
48 /
1
4
___ ____ ____
-2512
Mercantile Discount Corp A__*
91 93
"ii 98 -577i2 f66- -55g4 -661-4
100 911 li 911 9312 -534 96
Mer & Mfrs Sec pr pref
16
19 20
1812 1912 -1813 19 -jigs 18
3312 -2712 16- -08 -12-1LI 16 20 25 100
4
18 20
25 1553 18
Part preferred
1612 18
102 102
102 100 102 10014 102 101 108 105 107 103 105/
1
4
10512
•
Metro Ind Co ctf of dep
_ . 34 3838 33,4 37 102
34 3614
*
Mid Cont Laund Inc A
• 12384 1341-2 129- 135 - 129 134/
Middle West Utilities
1
4 13322 152 149 169 14112 114-3 14112 14712 142 166- iLL 162 15184 15812 15412 185 16512 184
512
612 724
Rights
1
4 Da 2,11 214 414 4
11118 2/
1208 "-2 iiii2 iii" 124 129
100 11612 12334 12114 12412 12114 12414 120 122 12014 12514 119 121" 11713 f1-6- 1171 fif 120 122
Preferred
9613
96
99
9812
98
94
9612
9614
94
98
99
,
4
9514
10014
100
10312
105
4
10714
• 9312 98
9853 963
$6 cum preferred
96/
1
4 100
96
1
4 10114 10212 101 105 10512 108
iii_
9_1_4 99 100 100 10712 105 108 101 10534 99 102 100 101 10012 102/
•
$6 cum prior lien pref
1
4 12312 125 12414 127/
1
4 12512 123 126 123 12534 12312 124/
1
4 127 12918
100 12534 111112
125 12714 125 12712 125 13014 122/
Prior lien preferred
4
107
100
9812
100
98
81
,
8
86
95 87 102
95 120
9812 110
87 9412 85 90
• 97 11012 86 , 102
Midland Steel Prod COM
90 98
90 93 89 92
92 101
93 9912 92 95
94 94
8512 9612
95 957s 9412 97
/
4 9612 95 9584 95 97
Midland Util 6% pr lien__ --100 941
9914 10614 100 103
9824 101 100 10314 99 101
99 103
8 10512 107
9814 10014
100 105 10614 104 10614 105 10612 104 106,
7% prior lien
8812
8512 90 8512 88
89 91
8712 8812 88
89 90
87 88
100 9012 9123 9012 911
Preferred 6% A
/
4 89/
1
4 92/
1
4 90 9112 90 91
97 99
4 103
,
4 96 9712 96,
9912 10118 98,
4 103 105
9814 103
4 100
100 103 10424 103 10414 99 105 103 10512 103 104,
Preferred 7% A
52
,
4
5112
50
55
53
5111 53,2 5012
48
___
501
4 4712 5112
Miller & Hart Inc cony
-25i2 45 -32- 114 3512 3712 35 38 37 40 38 4412 41 53/
47 61
pf____•• 3112 ---3214;551-min peep Honeywell Reg
- - 1 2 -51- -3-4.- 32 38 106
10212 104 104 106 106 12612 111 132
112 102 108 102 102
1
4 100
98 9912 98 9912 99 10534
100 97/
Preferred
x Ex-dividend.
•No par value.
th;--
JAN. 26 1929.]
FINANCIAL CHRONICLE
471
1928
STOCKS
March
January February
April
May
June
July
August September
October
November December
Low High Low High Low High Low High Low High Low High Low High Low High Low
High Low High Low High LAW High
Miss Val Util prior lien pref-5 94 9612 9414 96
9412 96
94 96
94 96
94 9512 93 96 101 101
93 95
90 94
---------------------------------3214
Modine Mfg corn
3112 3812 34 38
35 55 146-0
35
6 --- - 4
9716 2 9
5978 50 54
56612 51
Mohawk Rubber Co corn
*
---------------------- 172 187
22
5
6
395
245
1
224
251
210
248
7% cum pref
------------100 ----------------------------------------------95 95
---Common (new)____________
&ST -67-Monighan mg Corp A
:---- ---- ---- ---- -i5
.1-2
-5/ 16- -ii- -3-11-2 -iiii1 16- -io2111
- - - -;
70
171i4 -3;2
)
1-- -ii- -66- -51- 16 28
34
Monsanto Chemical Works • 3812 46
4112 50
46
55
50 57
5512 58
50 6012 55 5712 58 75
9212 9412 90 104
7434 95
5 7312 79
Morgan Lithograph corn
7412 8012 7412 80
76 8712 7212 864 6434 7812 68 75
70 75 64 7214 5734 6712 55 6012 4874 62
Morrell & Co Inc
•
63 66
61
6373
Mosser Leather Corp com
• 24 25 23
26
2512 3712 34 37
34 37
33 33 2712 2712 ----------30 34
2512 2512 2512 2512 20 20
Muskegon Mot Spec cony A
• ____ ___ _
29
32
Nachman Springfilled com
• ____ ____ :7.: -_-_---- -------- -------- 2-- -----_-_ -----_-_ -_-_-_-_ -_-_-_-_ -_-_-_-_ -i314 -3-1-12
- -i5i4 -3-i- ii"
-55i2 -69-1-1 SS'z 7953 5712 78
National Bancservice Corp_• ____ ____ ____ ____ ____ -___ _- ____ --- _-- ---_ ____ ____ -___ ____ ____ ___: 15_
_ 14 1_191__ 72
7212 7112 77
National Battery Co pref
*
52 65
3412 70
Nat Carbon pref
roe jai- fill iiiii 1661-2 iiiiz 1-68-1-2 5512 1-3-634 i5i1.2 1-611-2 iii- iii- jai- 116- i55- iii- iii- iii
138 138 136 13712
Nat Elec Pow A part
• 2712 29
29 3234 3034 3214 3012 32
3014 42
31
37
33 3632 33 36
8
3
8
4
1
1
2
2
3
0
7
8
1
2
2
33
36
3212
3912
33 3734
7% Preferred
100 104 105 105 10512 10412 10412 104 105 104 104
9912 10312 10112 10112 ____ __ __
-------_
98
98
National Leather corn
10 312 474 4
434 4
44 4
44 4
6
4
412 372 414 312 412 312 614 4
5
412 4
4
5
Nat Radiator corn
• 3712 4014
National Standard corn
• 3712 4214 -61
EE12 -4ili4 -5E- -iii, iii, "4311 -Eft-, "3812 ii- "ii- lii- -ii5i4 iiii -.
thi, iiii 4214 liri -aft 16- 41
51
National Tea prof
100 104 104 ----------------------------------------10514 10512
Neve Drug Stores corn
•
4
4
2
12
12 3 3 2412 26 -H1-2 -51- -1i- 21-72
- -1K 22-12 -15i4 16- 1114 1/4
Certificates of deposit
•
.
11
12
Convertible A
•
40 42
40 43
33 40
25 3734 3612 40
35 44
28 3812 21
30
2814 34
Noblitt-Sparks Ind Inc com_.*
_
3134 3634 3514 4412 28 38
2912 3334 3114 36
34 38
35 42
36 4112 35 40
North American Car corn_* -32i4 -if- -5i- 11-1-2 -iii2 43-4 39 48
44 5014 4212 54
42 45
43 5234 45 544 48 5712 53 57
48
55
Northern Paper Mills coni
*
3312 36 ----------------35 36
35 35 ___. ---- ---- ---- -__ -___ 3812 3812 3712 38
North States Pow coin
100 .12:1121-2-11-2 i5i- iiiNorthwest Eng Co corn
* 29 34
30 3412 -55- -6674 -5112 -66- -5514 161-2 -55- li" -5522 164 -55- -411; -,-45- 16- -W E034 43 48
4.5
Nor West UM pr lien pref__100 9912 10314 10012 105 10212 10412 10212 10312 10212 10412 100 103
101 10234 101 103 9914 101 100 102 101 102 101 10314
7% preferred c
100 9912
103 100 10212 10012
o
10134 1014 10334
r
101 10512 100 .
n
104 10112 1(1112 ---------98
.
2
2
99
334.
.
.
9
.
7
.
12.
100 97 100
97
100
Novadel Process Co
• 1118 13
1114 1212 1034 13
1212 1612 16
19
16
1712 16
1714 16
012
Preferred
• 2914 32
3014 3134 28 33
31
33
32 36
36
3712 37 3734 37 46
40 53
Oakes Products Corp cl A
•------------------------------------3114 4212 4012
75 -55- 161- 76 9712 -845- 8012
Class B
•
3112 39
36 74
6334 102
75 9734 50 78
Oklahoma G &E prof
100 10812111 111 11214 112 115 114 115 114 115 11114 11214 109
10912 10912 ---- _10912
10914 10914
Omnibus voting trust cris---_• 124 134 12
1312 --------1212 1434 1312 1312 1134 1134 ____ ---- ----------.-6
.
6
---- 814 9
Preferred A
100
98 98 -----------------------96
Ontario mg co corn
•
2712 30
26 30
2 1
6 32 3512 5514 11- 3312 39
Pacific West Oil Corp
•
2414 27
2012 2414
Parker Pen (The)Co com10 ___ _iiii _i
_i_ _iiii_2 _ie._ _ii_ _ii.
f. ..iiii ____ ___. ___. ____ ____ ____ ____ ____
5314 56
511 55
Penn Cent L & P pre
• 7634
Penn Gas & Elec A cons
• 20 2034 20 23
2114 2212 214 2312 -iii4 Iiii -5-14 16- -tiii4 -ii- -55E3 -661-2 -Hi!, -6674 -ii- 23 -2212 2E1-2 2234 2EPeoples Gas Lt & Coke Co__100 ___ ____ __._ ____ ____ __ -__ ____
____ ___ ___ ---- 21212 21212
peoples Lt & Pow Co A com •
-- -- - --- ---- ---- --- -_-_-_-_ -iii2 iir; 4014 -45 44 48
Perfect Circle (The) Co
•
42 60 49354
Pick Barth & Co part pref
• -2-11-2 -2-2
-- ill. ---- -2
-1- -2-1--2
-0
-- -2-0-4
- -____
- -- -____
--- -2
-0
-- -2-1-- -55.4 -ii - lel -i
lO
i- i;
....
i6
ii_4"
iii _ 40 43
Pines Winterfront A com
5 5414 6214 57 -tfil-2 63 86
8334 10012 94 10912 83 11712 115:1- 1.2i- 11312 126
lat3- 194 170 221-1-2 166 2766Poor & Co class B corn
•
2734 3214 29 3112
Potter Co (The) corn
•
_ _
3712 46
36 4212 2414 3632
Process Corp corn •
- 2712 304 22 28
Pub Serv of Nor Ill corn
• 15914 162 165 180 168 17212 171 180 179- 19012 180
189 132 189 175 191 176 186 18234 186 18412 188 193 205
Pub Serv of Nor Ill corn._...100 15932 161 168 180 168 174 17212 180 179 190
180 186 184 186 176 190 17612 186 184 185 18412 18612 195 205
Rights
15
1534 1512 1712 iii
. 1_1_5.4
6% preferred
100 2111 11312 110 11112 11114 115 111 119 110 113 112
12012 103 125 11114 115
115
7% preferred
100 120 12014 119 121 119 120 119 119 118 120 120 120 117
12412 130 132 116 118 120 120 120 121 120 121 125 127
5 3812 40
Q-R-S Music Co cons
3812 4212 42 62
57
63 62 98
87 120 116 132 125 187 153 165 137241521:
84 95
84 90
Quaker Oats Co cora
• 285 308 297 312 293 320 262 327 285 290 270 290 27012
._ 33
3_0_0_ 3_1_0
120,4 340
1512 310 315 344 335 335 350
Preferred
100 111 11412 111 11212 113 11814 118 128 125 1273 123 1231 12112 320
1231 12014 12034 119 120 14
18
9 18
Raytheon Mfg co corn
22
514 119 1204 118 12014
---------------------------------------26
- -------. --------41 48
47
56
474 60
Real Silk Ilos Mills corn
58 70
10
------------------------ -----------3934 4014
Reliance strg Co pref
roe ow* 9914 -------- 103
105 105
------------1C
---10212 1212 ioi 10212 0
27
214
2 13
00
212 1621-2 1E1-2
Common
.
- - 2610
__
2634 3312 2412 -32Reo Motor Car Co
10 2312 26
24 2514 2514 2734 264 2912 30 30 ____ -___ 3312 3312 2838
284 ---- ---- ---- ---Richards(Elmer)Co pref
•
Rich Tool class A
28 29
•
___ ____ ____ ___ ____ ____
3512 4312 3311 41
Class B
•
---------------------------------------------------------2553 3812 4
30
21424
2 4
314 37
Ross Gear & Tool corn
3636
7
:
2 324 43
•
14
12 30 3312 31
3514 3212 3412 3414 43
4012 46
42 45
Ftyan Car Co(The)corn
25 15 2012 1534 1912 15
1712 16- -1112 14
1714 1514 1714 15
14
16
1914 1418 144 ____ ____ 10
13
10
10
Ryerson & Son Inc corn
•
4012 43
38 414
St Louis Nat Stock Yards._100 92 92 ----------------------------------------90 IC
Sangamo Electric Co
• 3012 3312 31
341 31
33
2
312
2 34
30 3118 -:-25- -if- 56- I51-2 -55- 35 -5512 -467i, -544 -66Preferred
100 --------10812 10812 --------107 10812 104
109 109 1094 107 108 108 108 ---108 110
_
Saunders class A corn
*
--- ---- ---- ---- ---- ---- ---- ---- ---- -------- ---- ____ ____ 53 68
6012 -7312
Preferred
SO _
50 54
50 5412
Sears Roebuck common
• 824 89
824 9232 8534 11012 98i4 1-0-6-3g 165- 1-1-51-4 10514 1-1-2-14
.1583.4 121- 1$23-8 1-4i3- 71.4 1-4i- 11712 1-Eil2
4 1/1
Shaffer Oil & Refg pref____100 82 84 8014 8014 79
2 92 94
94 97
9214 9212 9212 9212
95
91
-1)6T4 -941-4 953 WI;
Shaler Co class A
•
Sheffield Steel common
•
4812 6312 6014
.. .
.
72!
.
-2 i i_ 6_ i .-i. _41: ii
.
5: i7:6_ -_ i.
.
55
-2 -61:1- -66- 67 9312 60 95 -E54 68
.
.
i2.
-.
E6
.
-1
62 164
Signode Steel Strap Co
•
---- ---- -- ___Preferred
30 _
._: :::: ____ .... ___ ____ ____ ____ ____ ____ ____ ____ ____ ____
Purchase warrants
•
212 4
Sonatron Tube Co corn
-iii. -tii- -25I2 Ii- -i•-ri2 163.5- 1-16- iii5- fii- 122 186
4 -55r4 161-2 -4
•
90 159
Common (new)
:::: :::: :::: __________ _2
_55.
41 _28f5.341_2
Rights
3012 3012 32 32 ____
• 32 32
So Cities Util class A coin_
:---- - -- - ---- ---- - - - - - - - 25 25 2534 25 26
So Colo Pr Elec A corn
25 26
25 -2-E1. -i.ii 251- -i - 26-12 -23E8 2E1,
.- -2-ili -iiis -268 2612 2612 -25- 2E- 23l 2E1-t - 3
2
South Ice & Util Co B com___* ------------------------ ----------- ---- 26 2614 24 2412 2112 2112 ____ ____ 17
17
17
1912 _
Southwest Dairy Prod com___* ___
__
_
1
is -3-3i
So'w G & El Co 7% pref____100 101- 1-04 - 153i4 fat; Rol 14
- 34 la
.- 1-6i14
-'
jai iiii- Hui ir(ii- iiio- Ilii- -56" 166' -iiii2 11511-2 -511 -66- 9812 -9-912 9714 100
Southwest Lt & Pow pref____• 8914 93 92 93 9012 92
93 96
9434 96
90 9412 90 9412 89 9014 8914 9812 8912 ma 8912 90
8712 90
Spicer Mfg
.
41
Spiegel May Stern common_ iio
• --------------------------------5984 41 __--4 iii - " z.., .,-,
-al -ii- -r-igiz -79 6534 553
6Si% preferred
--------------------------------9924 100
994 994 -N-18 -.45ii
8712 93 9314 96
.
96
99 -51 2512
Sprague-Sells Corp cl A
80 1534 1712 19 2
19
19
___
14
14
15
15
Standard Dredge cony pref___• ____ - - -___. 32 34 -304 -41-1-2 37 544 -5iis -ii- 33 3912 3414 3734
3314
-554
14
-57164
374
-51 16Standard Gas & Electric
2 -Ig4 6214 6312 6312
• 5
8% preferred
50 6612 8612 ____ ---- ____ ____ ____ ____ ____ _ __
.22 -_-_:: -1-36i1 life -5634 -6634 -_-_-_-_ -_-_-_-_ -_-__-__-__ -__-__-__-__
Public Service A___*
_Standr
-56i2 If- 2811 -661•
Standard Thep $7 pref
1
96 964 9614 964
Steel & Tubes Inc
ss 53 61
49 62 61 674 8414 9014 -iiiz 1-68 - roil Ili- 10812 11-1-1-2 iio- 166- 165- 1-66- iii14
Steinite Radio Co
•
43 58
42' 6114 -55- 54
Stewart-Warner Speedom
7712 85 80 9312 8812 947* 80 85
8 -15/- 1-0-0-1-2 -5014 - 4-778
- -iiii- 1-iii - jai- 1119-14
4
8 -i.
it.
,- 104 110 112 11412 12412 12412
StorklIne Fur cony pre!
25 ____ _- -Studebaker Mail Order corn_5 9
- - 2912 3112 254 30
- --6- iii
!
,
.. - --ii, -1-6,
.
- --- -1-6- --ii4 -1-i44 - i ii2 -1-i- •ii- -111-2 12
912 --{)i4 -is; --ii4 --is,
1612 1214 1334 1214 134
Class A
•
Super Maid Corp corn
---- -- 2732 2812 27 28
•
-45- EE1- -45- 161-2 -564 11- -iiSutherland Paper Co corn__ _10 ------------- 6812 8112 70
76
84
75
----------------------------------22 126
5 2212 24
234 27
2312 2412 23 24
Swift & Company
20 26
s
100
r4
i
14
1 24
12 1i 3
132 135 130 13412 13014 1324 13112 146 13214 141
z
z
Swift International
15 28
31
2914 344 27 33
2714
2912
274
31
274 304 284 3314 2834 3334 3012 34
2812 314 29 3378 30 3812
Tenn Prod Corp corn
• 1514 164 13
184 1312 1312 13
1314 1512 2034 21
1612 2212 17
2112 1612 17
Texas-La Power Co pref____100
1812 1812 27
25 2814 2634 30
--------------------------------101 101 100 101
100 100
Thompson (.1 It)commoo____21.
99 99
5 fa
!
.
6_1
99 99
. ._ _s _ __ .... v 1/12 ,g11
_
i.
si
.14 .
.
.
.
l4 e.
r4
v
512 (
2
ilii;-iii- Wilt -iiiiz 65 63 6912 6212 68
12th St Store(The) pref A____
5914 674
2634 25 2734 2534 2734 2512 30
Stock pur warrants ___ _ _____
23 2512
314
3
7
4
414 3 4
3
4
20 Wacker Drive Bldg pref__ --• -_-_ -_::
:-_ -.. -oi- -iiit312 512 312 414 3
2 -5" id- if
t
.
i
i
.
4
igii_11, 94
34
gm, 93t2 9512 92 95
,
s _--- ---- ___ - ____ 9112 9112 9112 9112
Union Carbide & Carbon___• 13912 14312
14212 14212
____
___
_
United Biscuit class A
• 63 64 -Le" iii 59 6012 58
58
Unit Corp of America pref •
-5
ti-::
al. -6
-i
-i
-4:
a
29
5- i
:--i
si
4:2'
515'
is -6i5United Light & Pwr cl A pref-5 -Oa- 1-0E- -iii" -OA -ill- 1-61-- 3212 3814 -34- -311-2:
3 -3034 16- -3114 39
30 37
10014 10284 loo rove roo 102
984 100
9814 100
9812 100
Clasen preferred
98 100 100 1011
/
4 10114 10112
• 53 55
55 5512 5612 57
57 57
57
57
58
57
5514
Common class A new
5612
55 57
r 14
57 58
58 58
1714 154 1714 17 22
2111 2514 244 2514 2134 224 25 2734 25 25
2414 27
Common class B new
24/
1
4 281 30 31
United Pap Board corn
-.-- ---- 100
,,,,i-ii- N
N
-20- 161Preferred
---- ---2 -io- 20
- 1614 17
1
_
_ 7012 7012 .5
i2 .4
-i0
6i2
United Pub Util $6 pref
-.
7-0;
1
.iii.
1 .iiiz
z
--------70
70
•
9412 9412 9412 941, g4
United Repro Corp part pf A_• -------------fro- W6------------------------------------------U S Dairy Prod Co cl A...... •
-5i- 4
34 -5514 43
35 42
U S Gypsum
------814
-ii- -ii- -ii- -7-i- -ii- -i93.134 50
512 506171 60 6412 568 66
57
4 -i6T2 1-66- B12 8
20% paid...................
61 16- 64 74'2
Rights
---------------------------------------------35 42
40 55
47 69
1-5. -1,-1- II- -5- -iiii; 1514 1612
17
Preferred
100 122 124 122 122 123 124
- 1511 i
1 - 1-2814 12612 128 125 12612 126 126 125 fitti- 125 127
12712 i7 12
U S Radio & Tele com
•
coni
..-•- ---- ---- ---- ---- .--- ---- ---- ---- - - -Universal Prod Co Inc
36 50
---------------------------------Uni•Theatres Cone cl A
---- ---- -i543 '
i61-4 44 497$ 4012 474
5 4
4
4
12
vi4 - -I- - - 4 --ii - -W3 -i"
Utah Radio Products com____•----8
8
84 1012
9
8
-------------------------------------------------21
Utilities Pwr & Light cl A____• 21134
35
7
35
512 69
5
56 674 5412 63
35 57
2934
Class B•tc
•
----ieT4 -iiii -------------____
554
Van Sicklen Corp part A.... •
Vesta Battery Corp corn
-35II -1i- -2-i- -ii3- -1-9- -1b
. -1178 -1(iTs 1
/12'II 161-t -iV3
1Vorclosse Corp part Peet
1-1-511 - iiiit -i41-2 -12T2 -1E1-2 1212 14
-------- 1 5Ii
124 154
*
40 4112 404 49
41 2 14
43 5212 4312 52
•No par value. •Meer payment
of 0 300% stock dividend.
c Stook split up on a 4-for-1 beats.
a Ex-dlvidend.
li" -iiig li"
li"
-:45T2
ffi"117 1E3;
ni.4 B :::: ::::
-Ki- -86 -
-if- -7212 ii
je -iiii, "iii- -"i5"
Iii4::
W.
[VOL. 128.
FINANCIAL CHRONICLE
472
Nommber December
June
May
August September Clabber
July
April I
March
January February
Low High Low Huh Low High Low High Low High Low High Low High Low High LOW High Low Mph Lore High Low High
1028
STOCKS
_
• .. _ _ _ _ _
Vulcan Corp corn
Wahl Co corn
• io
1112 6 Ti
Walgreen Co 6S4% pref----100 10112 108 16012 103
Corn stock purch warr
* 5 12
934 11
* 11718 13112 12714 149
Ward (Montgomery)&Co
5 12312 128
1, Class A
12212 124
Warner Gear A conv pref____25 32 3614 3434 3814
Certificates of deposit
Waukesha Motor Co cow.....5
70 70
•
Wayne Pump Co corn
5
Convertible preferred
West P L & Tel 7% pfd
100
Class A
__
-
- --- - ---- .--- -- -. -
• -----------------------------------------------------------3124
5 7
8
9
812 8
8
912 8
812 784 912 912
634 718 7 10
8
678 7
4414 4214 52 48
712 3612
•
Class B
William 0110 Mat corn
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last half of the year witnessed an unusually heavy
Investment Conditions in Chicago Federal Re- volume of stock offerings. This movement was
serve District—Chicago's Position in the just as strongly marked in the Chicago district as
Country's Investment and Banking Field. elsewhere. Under the beneficent influence of a
By A. C. Allyn, President, A. C. Allyn and Company, Inc.
market in which practically any kind of a stock
A summary of investment developments in the could be floated at almost any price, there was a
Chicago district during the past year discloses that flood of offerings of this character. Even investin the main there is as yet no important divergence ment houses which had heretofore devoted thembetween Conditions in this territory and those of the selves almost exclusively to bond underwritings took
leading financial center—New York. Entering 1928, a hand in the placing of stocks and under the intense
new financing for the country as a whole was still drive for new offerings many old and established
on the high tide which held quite steady throughout enterprises which had formerly been operated under
all of 1927, and made its peak in October of that close private control were pried loose from the hands
year. However, after actually exceeding in March of the few and given over to the stock-clamorous
and April the figures of a year earlier, bond and public. As a sidelight to this great demand for
note issues began to sag very pronouncedly. This stock—especially the so-called "equity" or common
tendency, coincident with the advance in the Federal stocks—there was also a moderate swing in Chicago
Reserve discount rates to 43/2% in the important investment banking circles toward participation
centers of Boston and Chicago, reflected quite in investment trust (investment company) offerings
clearly the developing trend toward tightening founded on such stocks.
Perhaps one of the most interesting speculations
credit.
at
with regard to the future of investment banking
As it became necessary to offer a larger return
that
in
the Chicago district lies in the possibility that in
held
the issuing price and, as many authorities
was
it
temporary,
the
years to come this money market may find itself
the situation was more or less
should
financing
less
note
and less bound to merely echo conditions in New
only natural that bond and
borrower.
the
penalize
York.
Its position as a leading railway, agrarian,
to
not
be curtailed so as
less
become
situation
and commercial center in the now quite
industrial
general
Not only did the
return,
fully
fixed
a
middle west and in the more diswith
issues
developed
capital
new
for
favorable
order
in
of the far west—east of the
investors
tant
reaches
and
important
virgin
other
and
banks
the
but
to take advantage of attractive opportunities avail- Rocky Mountains—should enable Chicago within a
able in the field of short term investments, including reasonable length of time to develop as a money
call loans, slashed bond portofolios, and this liquida- center quite distinct from the East as signified by
tion bearing down on the market acted as a further New York, and from London as the European banking hub. It is not inconceivable that in later years
check to new flotations.
1928
for
the divergence may be so pronounced that Chicago
Complete figures of corporate financing
of
will
volume
be enjoying activity in investment financing at
the
show that the year fell behind 1927 in
$1,334,times
of
when New York is having a slow period.
amount
bond and note financing, in
$3,433,During
to
the development of the Middle West it has
458,650 (falling from $4,768,222,200
been
financing
logical
stock
enough for Chicago to follow rather than
hand,
on
763,550) while,
the other
increased over 1927 in the sum of $1,707,868,830, to lead because the territory served was essentially
rising from $1,723,759,751 in 1927 to $3,431,628,581 a borrowing one. It was not until the period of the
in 1928. It should be noted that these figures (which war that Chicago money circles began to figure
are taken from the records of the Commercial & prominently on the lending side, and it is really
Financial Chronicle as published in its issue of last only' within the last few years that this city has
Saturday, pages 309-321) refer only to corporate become an independent creator of surplus capital
bond, note and stock securities, and do not include such as New York and London have been for a
municipal, foreign government and farm loan issues. much greater length of time. The call loan market
Expressed in percentages, corporate stock financing is a feature which alone will probably help to keep
accounted for 50% of the total in the 12 months of New York in the forefront for a considerable time
2% in the 12 months of 1927. to come, but more attention is now being paid to
1928 as against only 263/
note
and
financing left off, it will be the development of security trading markets in ChiWhere bond
stock
issues picked up and the cago and steady growth in this respect seemkassured.
new
seen, however,
JAN. 26 1929.]
FINANCIAL CHRONICLE
It may be noted that back in 1913 Chicago investpent banking originations amounted to only three
and one-half millions out of a total for the country
(mainly Eastern) of approximately 450 millions.
In other words, the ratio of outside financing to that
having its origin in Chicago was approximately 134
to 1 in 1913, whereas, more recently the basis has
been about 5 to 1.
The Chicago investment houses have assumed a
very important position in the financing of public
utility properties during the past ten years. It is
largely due to this that the originations of bond and
stock issues in Chicago have increased considerably
during this period so that Chicago investment houses
to-day are doing a large share of all the public
utility financing done throughout the country.
Banking figures indicate that Chicago is still considerably behind in utilizing its capital reserves.
Figuring as such banking reserves, cash and amounts
due from other banks, as well as the legal reserve
requirements, the Chicago banks in 1925 were supporting about $5.21 in deposits for each $1 of reserves as compared with a shade more than $9 in
New York and $7 for the entire country. However,
recent consolidations of important banks in the
Chicago district indicate that leading financiers here
are alive to modern conditions and possibilities. It
does not seem too much to expect that stronger support from this angle—as well as more consideration
from corporations issuing bonds on the point of
designating payees located in this territory—will help
to give to Chicago within a reasonable length of
time that more influential position in the investment
banking and money matters of the whole country to
which it is entitled by its strategic location.
The Banking Situation in the Middle West.
By M. A. Traylor, President of the First National Bank of Chicago and the
First Trust and Savings Bank.
The banking situation throughout the country continued to be satisfactory in the year just passed.
Profits of banks were generally larger relatively speaking than they have been since the war years. This is
due in a large part to the fact that the volume of
business was very great and interest rates in the
second half of the year very high. In spite of the
demand for money for use on the stock exchanges of
the country, commercial banks continued to show
preference to commercial borrowers. The greater
profits of the banks were, therefore, not reaped at
the expense of the ordinary business interests of the
country.
Some idea of the great volume of banking business
is to be obtained from the increase of bank clearings.
The grand total for the United States amounted to
$634,000,000,000 in 1928 as compared with $555,000,000,000 in 1927, $523,000,000,000 in 1926, and
$512,000,000,000 in 1925. The figures of clearings
for that part of the country of which Chicago is the
chief center, or more specifically the Chicago Federal
Reserve District, are as follows: in 1928, $56,000,000,000; in 1927, $52,000,000,000; in 1926, $51,000,000,000, and in 1925, $51,000,000,000. Chicago alone
showed an increase in clearings of almost $2,000,000,000 or not far from the gain for the whole section of
the country in question. It is not surprising to find
that the largest relative increase of clearings was in
the New York district, since it is there that the greatest part. of the speculation centers and it has been
due undoubtedly to this and not to ordinary business
473
that there has been such a marked increase in the
volume of banking business during the year 1928.
It is too early for detailed figures regarding failures
but, according to Bradstreet's, bank suspensions and
liabilities were 29 and 40%, respectively, below 1927
for the twelve months' period and less than half that
of 1926. As regards other types of failures, there.
were especially large decreases in the Middle West
and the South. Business generally was satisfactory
throughout the Middle West. The automobile industry continued to grow and had a most satisfactory
year. The packing industry, except for about two
months in the fall, had a better year than it has had
since the war. Leather and some other lines which
have been suffering ever since the war period have
shown improvement.
The prospects for the earlier part of 1929 seem
satisfactory. As long as rates remain high and volume
as large as it has been, the banks will continue to do
well. In spite of the high rates it can be said of
1929, as was said in this column in 1928, that brokers'
loans are likely to continue to absorb a large part of
the banking funds. Sooner or later, to be sure, there
will be the inevitable reaction, but no one can possibly tell when it will occur.
Review of Real Estate and Building Situation in
Chicago for the Year 1928.
By Harold C. Joy, Manager, Real Estate Department, Gerard Trost 0o.
The year 1928 made striking changes in Chicago's
skyline. In the downtown district, the demand for
new heights and a greater number of stories in commercial buildings led to an increasing use of the tower
structure. More sky towers were added during 1928
than during any previous year. To one standing on
on the lake front, they present a pleasing contrast
to the older square block structures.
The same tendency to build upward is shown in the
replacement of many of the fine old mansions in the
more exclusive residence sections of the city, with
apartments of twenty stories or over. This is particularly true of Lake Shore Drive and the old Gold
Coast. It looks as though this district will eventually
be a co-operative apartment building center. It
already has nine large projects of this nature, representing a value of approximately $30,000,000.
The North Shore has also greatly benefited from
the opening of the new LaSalle Street Bridge and
from the street widening to the immediate south.
When the widening of the streets to the north of the
bridge is completed, the reclamation now going on
in the near North Side, where fine new fire-proof
structures are replacing the old post-Chicago-fire
properties, will be greatly accelerated.
The opening of the first section of the new North
Shore Outer Drive from Grace Street to Montrose
Avenue has stimulated North'Side building, and its
contemplated extension to Devon Avenue will mark
the beginning of another substantial change in the
character of the North Shore skyline.
Important changes were also made during the past
year on the West Side. The street widening and oneway traffic system recently installed in this section
is already causing many fire-proof structures to be
built there; and from the ffertnber of announcements of
new projects under consideration, one can see that
the great West Side is not going to be left behind in
the city's metamorphosis.
Perhaps the greatest changes of all have occurred
during the past year on the South Side, due chiefly to.
474
FINANCIAL CHRONICLE
[Vora. 128.
the transformation of the lake front. Already the seems to be no outstanding instance where the
new outer drives which will extend along the lake first mortgage bondholder has suffered any loss, thus
from Grant Park to Jackson Park, have been opened further demonstrating the safety of this class of
from Grant Park as far as 39th Street and also from securities.
Perhaps the outstanding feature of the building
51st Street to Jackson Park. Real estate values are
beginning to feel the impetus of these improvements. situation in Chicago, during the past year, is the
Even the old 39th Street district, where real estate growth of the co-operative homes idea. While still
has been dormant for some years, has experienced a in its infancy, it is showing a lusty growth which
rise in values. The widespread publicity given the seems certain to increase each year, especially as the
approaching World's Fair and Centennial which will experimental stage has passed and our people are
occupy the transformed lake front in this section, becoming educated in the advantages of this new
is also having its effect on realty prices. Still type of home.
There has been some complaining among real
another reason for the improved real estate outlook
in
transporta
estate
operators, during the year, of dull markets,
advance
on the South Side is the great
of
the
tion
of them have laid this situation to the
but
the
electrifica
most
and
especially
tion facilities
year
last
of stock market speculations.
traffic
wave
current
suburban
whose
Central,
Illinois
On the whole, we believe that the coming year will
almost outgrew the improved facilities.
Of particular interest on the South Side is the be one of great prosperity in the real estate and buildopening of the new residence sectiOn just north of ing fields in Chicago, and there seems to be no ground
Chicago Beach Hotel. Already a 26-story co-opera- for doubting that this prosperity will continue for
tive apartment building of high character has been years to come.
completed there, while three other towering apartment structures are under construction and several The Improvement in the Situation of the
more are being planned. The character of all of these
Agricultural Classes.
indicates that only de luxe projects will occupy this
By Samuel P. Arnot, President, Chicago Board of Trade.
new section. Indeed, some of the promoters of this
Surveys of agricultural America provide evidence
new center are already speaking of it as the Park
Avenue of Chicago, not only because of the uniformly that farm prosperity has been greatly enhanced.
The livestock farmer is much better off than he
high character of the surrounding community, which
has
been at any time since 1920. The cotton grower
is the heart of the old Hyde Park section, but because
is
prospering. Grain prices are good in light of
of the excellent transportation and especially because
crops. The year recently closed saw large
bumper
of the lake front improvements which at this point,
in almost every crop. The world in
production
fronts
it is claimed, will rival the most famous water
enough for us to anticipate
prosperous
is
general
of the world.
all food products.
It has been well said that an increase of real estate profitable outlet for practically
Gross income of the American farmer for year will
values always follows improvements in transportapreceding year. Net
tion. Chicago's fearless course in widening old be larger than that of the
of production will
streets and in improving its wonderful boulevard returns after deducting costs
Hence farm
year.
previous
system has brought very gratifying increases in exceed those of the
at any time
than
greater
be
realty values all over the city. Old style buildings purchasing power will
power
purchasing
this
Moreover
are giving place to new fire proof structures. These since the war.
.
distributed
be
uniformly
more
newer residences necessarily require higher rentals will
To-day the farm outlook is genuinely encouraging.
but the advantages of location as well as of living
than at any time in
conditions in such buildings make it easier to fill There are fewer distress areas
be some farm bankwill
always
There
nine
years.
the
in
thern at the increased rate than was possible
will be industrial
always
there
as
just
an
ruptcies,
been
has
older structures. In fact, while there
the most hopeful inaverage reduction of rents around 10%, most of it bankruptcies. But one of
l failures have
agricultura
has occurred in the older buildings. Rentals, parti- dications is the fact that
12
past
the
months.
cularly in the newer buildings, now appear to be been materially reduced in
is a cheerful
e.
That
businesslik
Farming is more
stabilized.
are
to the
e
awakening
everywher
The rental situation is still further improved by sign. Farmers
are
methods.
They
production
the decrease in building operations. A study of necessity of better
cut
labor
They
to
costs.
equipment
building permits issued shows • that the number of using improved
careful study of their returns
new structures has decreased each year since 1925. are making more
methods, to the end
accounting
through
correct
During the past year, there was a reduction of 22%
farm leaks. There
up
plug
and
find
a
may
they
that
and
in building permits as compared with 1927,
crop
that
diversification is
conviction
a
is
has
growing
reduction of 47% as compared with 1925. There
rop
is basically
gamble
one-c
the
that
and
the
necessary,
although
been a reduction in building costs, also,
later
or
if
be
abandoned
sooner
must
and
that
unsound
fact
the
rate of decrease is less. This is due to
avoided.
be
to
is
distress
year.
periodic
each
size
the new projects average greater in
Equality for agriculture should be reached without
This year the reduction in cost is about 11% from
. Political agitation, designed
last year and about 13% from 1925. There is a much resort to legislation
economic fallacies, seems to
greater reduction in cost of new dwelling structures as to commit Congress to
General interest in the
course.
have about run its
compared with the new downtown properties.
If the recent political
ever.
than
A few properties got into financial trouble during farmer is stronger
ed
nothing
else, it would
accomplish
the past year. Usually, the trouble arose from the campaign had
is
farmer
the
feeling better,
that
ted
have
demonstra
promoter going ahead without sufficient capital and
out
his
work
own salvation
to
able
and
is
that he
having to pay out construction notes and other time
but with the
artificial
methods,
of
help
the
without
payments from operating income before the earnings
in
him, and a
interest
general
a
freshened
of
aid
there
of the building were stabilized. However,
JAN. 26 1929.]
FINANCIAL CHRONICLE
475
sincere desire to see him prosper in a measure com- in administration officials. On the whole, however,
mensurate with all other lines of endeavor.
voters seemed willing to authorize improvements in
Overproduction, the great evil of the past, must a large way, and there is every indication they will
be corrected. Pooling, holding crops off the market, continue to do so.
Perhaps the most striking development of the year
and other artificial meas of raising prices can only
bring temporary benefits. The true remedy lies was in Chicago, where the voters on two occasions
in judicious production, coupled with crop diversi- defeated large bond issues, many ,of them for imfication. When that goal is reached the usual farm provements already under way. Inasmuch as the
ills will have been eliminated.
principal arguments used in the campaigns were to
Grain markets have functioned well during this the effect that many public officials were not trustyear of McNary-Haugen agitation, freakish weather worthy and should not be entrusted with the expenchanges, and political campaigns. What promised diture of large public moneys, it is evident that this
late in the spring to be a small wheat crop with high and not the desire to cut off improvements was the
prices, became a bumper crop with lower prices.
principal motive of the voter. It is not a bad sign
There can be no doubt that the grain markets are of the times if voters in this way turn against offidisturbed and distressed by too much political cials when they have been proven unworthy of trust.
activity, particularly in the way of threatened legisAnother interesting development is the tendency
lation. Less legislative tampering with the markets to hold officials accountable for the proper applicawould instill greater public confidence, increase the tion of funds derived from bond issues and to insist
investment in grain, and be a true benefit to the that the specific purpose for which bonds are issued
farmer. Such uncalled for attacks as the Capper- shall- be designated at the time of issue. The SaniDickinson bill, now pending, can only cause further tary District of Chicago'is a conspicuous example,
lack of confidence, with subsequent injury to farmer, at present finding itself, without funds to carry on,
grain merchant, miller, banker, exporter and all improvements already contracted for, by reason of
others identified with the grain industry.
having several bond issues declared illegal becanqe
Three outstanding events marked the year for specific information as to the use of the funds for
the Chicago Board of Trade. It celebrated its which the bonds were to be issued was not given.,
80th birthday in April. It moved from its old
Voters are well within their rights in th!s matbuilding into temporary quarters while the new ter, for municipal officials are clothed with no gen44-story home of the exchange is being constructed. eral authority, but are limited striCtly to the authorAnd it definitely determined to turn its vast facilities ity given them by specific laws. The directors of
of trained traders and private wire systems to dealing a corporation may iFSlle bonds of their company for
in securities. By overwhelming vote the members some definite improvements and "for other corposo decided. Now work is going forward rapidly. rate purposes" and may, therefore, divert some of
The highest standard of rules found anywhere will the funds to uses not specified in advance. Not so,
be observed. Only genuinely good stocks will be however, with municipal officials. They should
traded in, and only those properly listed with the know and designate the purpose and the cost of improvements contemplated, and then ask authority
Exchange by corporations.
Our stock market will succeed, just as our cotton from voters to borrow the sums necessary for these
market has succeeded and has inaugurated many purposes. Moreover, they are lawfully bound to
progressive changes, later established by other cotton apply the funds to the uses designated in their notice
to voters asking authority to issue bonds. Let us
exchanges.
Chicago's growth as a financial center will be hope voters will pay more attention to these matters
expedited by the securities market of the Chicago and use their franchise to protect themselves.
These developments should- be pleasing to municiBoard of Trade.
pal bondholders who are interested, as well as the
taxpayer, in knowing that their money is spent foi
Municipal Bonds During 1928.
By Stacy C. Mower, President, Mosser, Wiliaman de Co., Inc., Chicago. the purpose for which it is loaned. Experienced
Nineteen twenty-eight was another year of large bondholders know that where the improvements are
volume in municipal bond sales, the total for the provided for which bonds are issued, there is not
year aggregating $1,415,512,239. While the amount much incentive to contest the validity and regularity
is not a record volume, it is large and above the av- of bond issues.
erage of the last five years. The volume for the first
The continued large improvement in roads, as well
six months was much greater than for the last. The as the growth and needs of cities, will call for the
unusual stock market had its effect in the municipal issuance again of a large volume of bonds in 1929.
field as well as in the general field of bonds, cut- With prosperity continuing, people demand many
ting down the volume during the last half of the improvements and are willing to be taxed to pay
year.
them. Although demand for money for industrial
Prices showed a gradual decline for the year, the expansion promises to be great, yet there are great
average yield ranging from 3.87% in January to institutional reservoirs of credit ready to absorb the
4.13% in December, with the intermediate months needed issues of municipals at reasonable prices.
showing a decline each month, beginning with April.
Money rates are always the governing factor in bond The Chicago Stock Exchange—Its Progress and
prices, and this accounts largely for the gradual
Advance.
decline in prices of municipals for 1928.
By It. Arthur Wood, President of the Chicago Stock Exchange.
Municipal improvements went ahead on a large
Chicago has made more progress in the last year in
scale during the year, although during the latter rounding out the machinery for financing business inmonths there seemed a tendency on the part of voters stitutions than has been made in any previous year.
to withhold approval. This was notable in some The result of the progress made can be summarized
centers where there was clearly a lack of confidence in three statements:
476
First, that the industries and commerce of the Middle West can turn to Chicago and find here a group of
bankers and brokers fully equipped to take care of
all demands for financing, whether it be through
stock issues, bond issues or mortgages.
In the second place, the investors of the Middle
West can now turn to the Chicago market to purchase
securities and feel confident they will be treated as
well here as they would be treated in any other market in the world.
In the third place, the brokerage houses now have a
position of credit which places them on an equality
with the best credit relationship in any city in the
United States.
The most spectacular feature of this past year's
development is to be found in the Chicago Stock Exchange. A single day's trading now is more than the
total trading for a week a year ago. Memberships
on the Exchange that sold for $3,000 a year ago last
August are now selling for $75,000. A year ago- the
tickers of the Chicago Stock Exchange were to be
found only in Chicago and New York. To-day they
will be found in the important brokerage houses
throughout the Middle West.
A year ago there were no Chicago translux or news
projectors. To-day they can be found in practically
every brokerage office in Chicago. A year ago the
Exchange used the same small quarters we had for
twenty years. Now they are in spacious new quarters, with the m•st attractive trading floor in the
country.
More trading was done during 1928 than the trading for the three previous years. The largest day's
trading was on Nov. 23 1928, when a record was
established of 540,000 shares. The record previous
to 1928 was March 5 1923, when a record was established of 205,000 shares.
A very important feature that is broadening the
Chicago Stock Exchange market is the present program of extending the ticker service. On June 1
1928 the Chicago tickers were operating in Chicago
and New York. In another year these tickers will
be serving the important Middle Western cities from
Minneapolis to New Orleans and from Denver to
New York.
It has often been said by economic writers that
every great trading and commercial centre first becomes important in matters of commerce, and when
it reaches the point as a community where it has more
money than is necessary for the development and conduct of its business, this community then proceeds to
become an important financial market, corresponding
in character and size to the importance of its commerce.
The officers of the Chicago Stock Exchange believe, therefore, that history will repeat itself in Chicago and that Chicago is now destined to become a
financial market corresponding in importance to the
business life of this community.
No financial market in the United States has enjoyed the percentage of increased business during the
past year that has been enjoyed by the Chicago Stock
Exchange. During the year the Governors of the
Exchange accepted the applications to list 297 different stock issues and 101 different bond issues.
This is more than 100% increase and brings the total
market value of our listed securities up to approximately eleven billion dollars. The reasons for these
listings can be summed up in a paragraph taken from
it statement by the President of the Pennsylvania
[VOL. 128.
FINANCIAL CHRONICLE
Railroad, when application was made to list the stock
of this railroad on the Chicago Exchange: "Chicago
is certain to continue to be one of the great financial
markets of the world. Almost no limit can be placed
on the possibility of its development and expansion.
The Pennsylvania Railroad, so intimately identified
in every way with Chicago and the territory which it
serves, wishes by this to ally itself more closely with
the continued progress which Chicago is certain to
enjoy."
THE CHICAGO STOCK EXCHANGE
MONTHLY RECORD OF SALES FOR THE YEAR 1928
Stocks—Number of Shares
1927.
Bonds—Par Value
1928.
1927.
1928.
January
February
March
April
May
June
July
August
September
October
November
December
713.875
714,225
623.635
824,470
839,300
750.530
568,320
823,910
1,127,827
1.100,405
1,203.556
1,405,697
1,708,694
1,348,605
2,504,976
3,096,460
3,448,900
1.839,100
1,404.000
2,180.000
3,880.000
6,426,000
6.256.500
4,847,200
61.146,100
814.150
1,108,500
1,824,000
2,394,500
2,723.200
837.500
652,500
737,500
727,500
627,500
1,141,000
3868,000
813.000
899,000
619,000
912,500
840,500
455,500
431,500
364,100
275,000
759.000
570,000
Total
10,695,750
38.940,435
314,733,800
$7,753,000
The record day's trading was on Nov. 23 1928-540,000 shares.
Low price for memberships, 1928—Jan. 14, $22,000.
High price for memberships, 1928—Nov.27, 675,000(three sold for $75,000).
Forty-three memberships were transferred In 1928.
New Listings, 1928.
Number of corporations listing In 1928—Stocks, 205: bonds. 89.
Number of Issues listed In 1928—Stocks. 297: bonds, 101.
Total number of shares listed In 1928. 40,536,465.40,536,465.
Market value of shares listed In 1928. $2,551,301,277.
Par value of bonds listed in 1928, 278,566,000.
Jan. 11927. Jan. 11928. Sept. 11928. Jan. 11929.
91,490,000
Shares of stock listed
77,179,000
109,577,000
132.026.465
Market value
$5,200,783,000 $6,069,802.000 $8,920,688,000 39,328,813.777
Bondslisted(par val.) 918,522,000 1,052,055,000 1,213,000.000 1,330,621,000
On Dec. 24 1928 there were 421 stocks and 202 bonds listed for trading on the
Exchange.
Annual Review of Chicago Bank Stocks—Local
Bank Stock Prices Soar During 1928—Important Mergers and Capital Increases.
By Rogers & Tracy, Inc., Chicago.
All the loop bank stocks as well as many of the
outlying bank slocks registered sharp advances during 1928, advances during the latter half of the year
being much greater than during the first half. The
volume of trading was also much larger and the investing public is becoming more attracted to bank
stocks for investment.
Chicago's three largest banks will figure in mergers,
the most important being the consolidation of the
two largest banks, the Continental National Bank &
Trust Co. with the Illinois Merchants Trust Co. The
capital of the new Continental-Illinois bank will be
$75,000,000 with resources over $1,100,000,000. The
Union Trust Co. will merge with the First National
Bank of Chicago, which is the third largest bank, and
after the Continental-Illinois merger is effected will
be the second largest. The Central Trust Co. of Illinois has announced its acquisition of the Bank of
America.
Six loop banks and several outlying banks have
increased, or are about to increase, their capital.
The First National Bank of Chicago will soon give
its stockholders a 33 1-3% stock dividend, which is
part of the proposed plan to increase its capital from
$15,000,000 to $25,000,000. The Central Trust Co.
of Illinois increased its capital from $6,000,000 to
$8,000,000 and the Union Trust Co. capital was increased from $3,000,000 to $4,000,000. The National
Bank of the Republic increased its capital from $6,000,000 to $6,500,000 during December; also the
Chicago Trust Co. from $2,400,000 to $3,000,000.
The Harris Trust & Savings Bank has declared a
25% stock dividend payable to stockholders of record
Dec. 16.
Advances in the loop bank stocks ranged from $120
to $845 per share and many of the smaller outlying
Range of Prices of Chicago Bank Stocks During 1928, with Amount Earned on Capital.
Compiled for Commercial & Financial Chronicle by Rogers 8c Tracy, Inc., Chicago.
Jan. 23 1929.
National Banks.
Capital
Stock.
Bid.
Atlas Exchange National
Austin National Bank
Bowrnanville Nati ,nal Bank
Broadway National Bank
Calumet National Bank
City National of Evanston
Continental National Bank & Trust--_.
Drovers National Bank
First National of Chicago
First National of Englewood
Foreman National Bank
Hyde Park National Bank
Irving Park National Bank
Jackson Park National Bank
Jefferson Park National Bank
Kenwood National Bank
Lawrence Avenue National
Midland National Bank
Mutual National Bank
',National Bank of Republic
National Bank of Woodlawn
National Builders Bank
Portage Park National
Ravenswood National Bank
Rogers Park National Bank
Stock Yards National Bank
Straus National Bank & Trust Co
Washington Park National
West Side National
JAN. 26 1929.]
r=4
State Banks.
Adams State Bank
Aetna State Bank
Ashland Sixty-Third
Ashland State Bank
Auburn Park Trust & Savings
Austin State Bank
Bank of America
Beverly State Savings Bank
Boulevard Bridge Bank
Boulevard State Savings
Broadway Trust & Savings
Bryn Mawr State Bank
Builders & Merchants State
Capital State Savings
Central Manufacturers District
*Central Trust Co. of Illinois
Chatham State Bank
Chicago City Bank dr Trust Co
Chicago Lawn State
Chicago Morris Plan
Chicago Trust Co
Citizens State Bank of Chicago
Columbia State Savings
Commerce Trust & Savings
Commercial State Bank
Commonwealth Trust & Savings
Congress Trust & Savings
Cosmopolitan State Bank
Cottage Grove State
emir' State Bank
Crawford State Savings
Depositors State Bank
Devon Trust & Savings
Division State Bank
Drexel State Bank
Drovers Trust & Savings Bank
East Side Trust & Savings
Equitable Trust Co. of Chicago
Evanston Trust dr Savings
Fidelity Trust & Savings
First Englewood State
Franklin Trust & Savings
Fullerton State Bank
Garfield State Bank
Guarantee Trust & Savings
3200.000
200.000
200.000
200,000
300,000
200.000
35,000.000
1.000.000
15,000,000
200,000
5.000,000
500.000
200.000
200.000
250,000
300.000
200.000
200.000
300.000
6,500,000
300.000
500,000
200.000
200,000
100.000
1,350.000
1,000.000
800,000
200,000
185
180
250
165
320
430
*692
305
1,290
525
995
425
400
200
315
255
120
225
310
240
275
250
125
130
250
350
375
275
170
200,000
200,000
300,000
250,000
300.000
500.000
2,500.000
100.000
500.000
200.000
200.000
200.000
300.000
300.000
600,000
8,000.000
300,000
1,000,000
300,000
1,000,000
3,000.000
500.000
300.000
200.000
200.000
200.000
500.000
750.000
200.000
200,000
200.000
350.000
200.000
200,000
850.000
350.000
200,000
250.000
200.000
400.000
200.000
300.000
250.000
600.000
300,000
155
220
230
140
275
300
205
305
120
160
165
245
185
670
620
240
425
360
190
540
525
160
135
200
230
160
400
275
140
190
225
175
*350
300
475
170
135
215
220
215
335
205
260
420
a Earnings and book value do not include Securities Co.
b Book value includes Securities Co.
c Par value 620-prices based on $100 par value.
Asked.
175
185
170
330
ega
315
1.295
1.000
325
265
125
Book
Present
Dividend
(Value,
Rate Per Cent Dec. 31.
and
1928.
When Paid.
6+4 xJ&D
8-J Q
8+1 x.1
7-3 &
10+2 xi Q
12-3 Q
16-3 Q
10+2 x J Q
18+4 xi Q
16+4 x M Q
16-3 Q
12+3 xJQ
12+4A-13t
6-2 &
8+4 x J Q
16+4 xi Q
320
244
290
_0
.
6+2 xi &
12+7 x ./ Q
6+215& J
135
140
260
355
390
285
6-F Q
12-3 Q
16-3 Q
10+2 x J Q
6+2 xJ&J
136
178
176
152
188
312
b221
172
388
454
b336
221
201
132
180
217
110
b173
a188
w43
168
121
127
153
182
216
133
151
144
8+4 xJ Q
157
8-J Q
196
5-3 Q
240
167
150
6+2 x J & J
159
6-J & J
148
300
10-.1 Q
155
212
8+2 x J Q
167
6+2 xi Q
8-J Q
195
4-J Q
117
130
6-i &J
134
6-3 Q
134
175
8-J Q
255
180
190
6+2 x J Q
144
276
700
10+8 xJ Q
625
12+2 x J Q
a195
144
250
334-J &J
12+3 x J &J
228
450
192
370
8+4 x J Q
7-3 Q
157
189
545
10+2 x J Q
236
8+6 x J Q
138
170
8-J Q
132
145
___0.......
6-J Q
175
166
6+2 x J Q
_o.
122
iio
w219
425
10+2 x J Q
194
8+xJ Q
300
128
6-3 Q
137
200
-0
.
189
10+2 x.7Q
235
155
5-3 Q
8+4 xi Q
256
232
10+3 x J Q
12+4 iS Q
314
183
6+1 x &
180
6-J Q
134
145
185
8+2 x J Q
134
225
6-J Q
6+2 xJ Q
200
16+4 xJ Q
346
345
w171
6+2 x Q
215
177
8-3 Q
270
345
110+5 x &
165
Market 1928.
Deposits,
Dec. 31
1928.
lligh
165
$2,313.000
3,233
180
250
5.583
2.335
168
6,154
330
430
7.600
735
536.635
300
20,441
413,227 1.270
6,852
525
119.361
975
6,104
425
4,631
400
2,349
200
4.877
285
4,822
270
1.524
130
1.398
215
5,662
305
125.617 1.500
3,718
275
4,540
235
140
2.057
2,440
130
2,568
200
28.412
355
345
7.874
11.925
275
2,824
170
2.699
4,349
1.465
1,774
1.532
6,677
29.167
1.266
13.880
1,564
2.830
1,579
3,581
4,698
11,560
114,560
1,287
8,608
2,425
7.813
42.505
9,152
3,127
2.121
2,653
2.761
2,271
12.636
3.901
1.667
2.391
5.558
1.789
3.281
8,248
7.900
1.340
3.303
3.450
6.028
3.240
4.013
3,879
7.741
3.057
165
225
230
150
300
300
695
205
305
150
160
180
250
190
650
703
250
426
360
185
650
475
170
150
200
225
163
410
275
145
187
225
165
400
320
475
175
150
215
225
215
350
205
250
420
d Earnings figured on old capital
•Opened for business January 9 1929.
o Earnings are for six months.
Low.
160
173
245
133
320
400
515
280
790
425
655
380
305
200
280
210
116
180
295
c440
245
225
130
130
250
325
130
265
145
155
200
205
145
275
250
330
200
225
140
160
160
230
185
435
.430
215
345
275
170
438
400
160
150
190
190
140
325
300
135
155
186
165
260
250
465
175
130
190
190
190
325
200
230
330
Approx.
Per Cent
Earned
In 1928
on
Capital
Stuck.
15.60
14.84
29.50
16.75
25.14
43.12
24.99
20.09
41.40
47.54
40.44
21.34
16.80
25.60
19.89
4.00
a13.02
41.00
11.89
1.43
6.50
15.00
37.00
20.34
8.44
15.77
14.44
42.00
12.97
7.28
17.69
6.70
18.00
29.15
18.60
16.72
7.00
9.00
8.51
22.00
5.08
41.30
a26.01
p3.08
25.72
10.14
25.30
28.03
38.68
8.89
4.02
21.60
19.01
w30.74
34.23
11.00
17.00
18.75
13.36
39.53
20.00
45.17
7.62
3.00
22.80
13.50
27.37
38.83
w12.62
p22.80
r110.00
Jan. 23 1929.
State Bangs.
Capital
Stock.
Bid.
Halstead Street State Bank
Hamilton State Bank
Harris Trust & Savings Bank
Home Bank & Trust Co
Howard Ave. Trust & Savings
Humboldt State Bank
*I-C Bank & Trust Cu
Illinois Merchants Trust Co
Immel State Bank
Inland Trust & Savings
Kaspar American State
Kimbell Trust & Savings
Lake Shore Trust & Savings
Lake View State Bank
Lake View Trust & Savings
Lawndale State Bank
Liberty Trust dr Savings
Lincoln State Bank
Lincoln Trust & Savings
Logan Square State dr Savings
Madison & Kedzie State
Madison Square State
Market Traders State
Marquette Park State Bank
Marshall Square State
Mercantile Trust dr Savings
Metropolitan State
Mid-City Trust & Savings
Midway State Bank
Millard State Bank
Morgan Palk Trust & Savings
Noel State Bank
North Avenue State
Northern Trust Co
Northwestern Trust dr Savings
Oak Park Trust & Savings
Peoples Stock Yards State
Peoples Trust & Savings
Philip State Bank & Trust Co
Pinkert State Bank
Pioneer Trust & Savings
Prudential State Savings
Pullman Trust & Savings
Reliance Bank & Trust Co
Roseland State Savings Bank
Schiff Trust Sv Savings Bank
Second Northwestern State
Security Bank of Chicago
Sheridan Trust & Savings
63rd & Halsted State Savings
South Chicago Savings Bank
South Shore State Bank
South Side Trust dr Savings
Southwest State Bank
Southwest Trust & Savings
State Bank of Chicago
State Bank & Trust Co., Evanston_ _ _
Stockmen's Trust & Savings
Stony Island State & Savings
Suburban Trust & Savings
Transportation Bank
26th Street State Bank
Union Bank of Chicago
Union State Bank of Chicago
Union Trust Co
United States Bank
Universal State Bank
University State Bank
West Englewood Trust & Savings
West Highland State
West Madison State Bank
West Side Trust & Savings
West Thirty-First State Bank
West Town State Bank
Wlersema State Bank
Woodl awn Trust dr Savings
3200.000
350
200.000
125
4.000.000 *1150
1,000.000
400
140
200.000
500.000
210
300.000
150
15.000,000 •1385
200,000
150
300.000
150
1,600,000
225
200,000
325
600,000
450
700,000
260
500,000
430
500,000
490
700,000
355
400.000
135
400,000
325
200,000
190
2.000.000 *360
300.000
215
400,000
175
300.000
300
200,000
145
600.000
360
200.000
210
750.000
345
300.000
105
100,000
170
200.000
220
1.000.000
305
600.000
200
2,000.000
975
1,250.000
495
500.000
375
1,000.000
375
1,000,000
450
400.000
225
200,000
240
750.000
440
200.000
275
500.000
280
750,000
330
200.000
375
600.000
375
350.000
230
700,000
550
1.000,000
340
200,000
300
800,000
310
200.000
210
750.000
225
200.600
150
400,000
160
5,000.000
895
500,000
425
200,000
200
400.000
310
200.000
240
250.000
115
200,000
170
1,000,000
480
200.000
210
4,000.000
960
200.000
310
200,000
210,
300.000
200
600.000
370
200,000
350
190
300.000
375
700.000
100,000
130
330
500,000
200.000
275
600.000
305
p Earnings figured on average capital.
r Including profit realized on Wale of building.
On $20 par value.
Asked.
iio
150
1390
155
235
iio
583
140
iio
225
185
325
155
_
115
Zio
iiL
505
465
245
285
340
345
315
Zio
160
66
320
250
120
180
490
220
965
iio
215
380
400
200
385
140
345
285
315
Present
Dividend
Rate Per Cent
and
When Paid.
Book
Value,
Dec. 31,
1928.
260
8+6 x J &
6-J Q
128
281
I6-J Q
6216
16-J Q
128
4-J Q
137
8+2 xi Q
_O..
150
317
20+4 x J Q
134
6+2 x J & J
161
6-3 Q
8+4 x J Q
128
10+2 xJ Q
227
182
6+3 x.1 Q
10-J Q
152
333
6+4 x J Q
261
16+4 x J Q
161
10+2 xJ Q
8+2 xJ Q
134
12+1 xJ Q
285
6-J Ann
155
14-F Q
152
8-J Q
148
6+4 xJQ
156
169
8+1 x J Q
6-J Q
145
179
8+6 xi Q
223
8+2 x 5 Ann
12+2 xi Q
168
_0------126
160
.
w157
8+3 x J Q
12+1 xi Q
al50
150
7-J Q
425
16-J Q
b205
12+4 x J Q
212
10-3 Q
172
16-J Q
al87
12+2 x J Q
147
8+2 xi Q
12-3 &
182
171
8+8 x J Q
10-J Q
240
8+4 x -1Q
190
10+5 x Q
197
8+5 xi Q
226
12+4 xJ Q
w188
143
6-J Q
15+3 x J Q
t307
159
12-3 Q
12-4 &
209
172
8-.1 Q
166
8-J Q
140
10-5 Q
6+4 xJ Q
165
8-J Q
139
16-J Q
271
12+4 x J Q
220
229
8+4 x M Q
170
8+4 xJ Q
226
6+2 x J Q
110
6+5 xJ&J
160
10+4 x F Q
267
189
8-J Q
295
12+6 xJ Q
10+5x J &
263
6+2 xJ &
240
8-3 &
169
183
12+3 x J Q
6+2 x./ &J
176
6-J Q
139
16-J Q
164
7-F Ann
139
195
12-3 Q
280
8+2 xi Q
10+2 xi Q
172
Market 1928.
Deposits,
Dec. 31
1928.
High
Low.
Approx.
Per Cent
Earned
In 1928
on
Capital
Stock.
340
120
1,250
400
150
219
295
114
675
335
135
195
28.55
10.68
46.03
21.09
10.95
4.10
374,541 1.434
157
2.325
3,316
150
14,738
225
5,201
300
425
11.106
9,129
265
430
12,735
11,319
490
11,225
330
2,902
143
4,853
300
3,733
185
14,966
435
3,568
200
2.591
180
3,123
300
1,889
140
11,474
350
3,222
190
14,414
345
1,019
144
988
160
1,591
230
9.592
280
9.763
200
66,600 1.071
19.565
490
8.041
325
15,281
340
28.736
745
225
4,567
2.905
245
430
11,253
3,905
270
5,836
275
10,150
325
4,076
375
350
5,906
4,555
235
t15,255
500
12.517
345
2,289
300
9,460
310
2,407
210
8.693
240
3,362
155
160
5.588
59.730
949
11.760
425
2,494
220
4.210
290
3.104
240
135
2.635
2.381
175
11,467
545
3,655
210
96.597 1.035
3,309
300
2.743
210
3.402
190
5.756
380
2.073
295
2.907
185
14,026
350
996
130
6,387
330
3,996
280
9,475
300
875
150
140
214
280
330
250
375
410
255
130
285
175
275
154
175
275
135
310
180
315
105
160
225
250
150
740
415
280
308
440
210
235
325
240
275
295
300
300
200
400
320
250
307
175
225
150
150
620
355
200
220
235
110
170
360
205
635
290
150
160
335
240
168
300
124
300
270
285
51.87
10.50
20.75
22.20
22.83
33.20
p16.00
42.17
33.46
19.24
15.40
d47.48
13.11
P30.94
21.95
19.33
15.59
12.00
24.42
22.28
21.60
$3.818
1.318
86,469
9,175
1,542
5.297
2-0:66
w19.50
a 16.95
25.45
35.60
26.33
25.78
25.06
a31.80
22.41
27.41
26.48
30.00
10.12
31.83
10.76
w39.35
10.90
t30.48
20.57
31.50
16.00
16.80
13.11
14.59
16.13
23.13
23.27
18.20
18.97
20.13
7.00
11.00
31.00
17.00
p54.19
88.84
26.00
21.00
22.11
18.89
12.18
24.21
14.00
23.26
18.00
15.16
t Includes figures Second Security Bank of Chicago,
w Earnings and book value include Securities Co,
• On new Mock.
478
FINANCIAL CHRONICLE
banks enhanced from $50 to $200ber share. The
most spectacular advance was made in National Bank
of the Republic stock which more than tripled in
value. This bank reduced its par value from $100
to $20 per share, thereby reducing the price of its
stock to a level attractive to the smaller investor.
The stock advanced from $470 for the old stock to
$300 for the new $20 par stock (which is equivalent
to $1,500 for the old stock) an advance of $1,030.
Last sales, however, were made at $250 ex-rights.
Harris Trust & Savings Bank advanced from $650
to $1,250 ($1,350 will now be paid). Union Trust
Co. advanced $550 with high sales at $1,050 and last
sales at $950. First National Bank of Chicago enhanced $530 to sales at $1,385, with last sales at
$1,250. Illinois Merchants Trust Co. advanced $470
to sales at $1,430. (Since the turn in the year sales
have been made as high as $1,505.)
We are most enthusiastic regarding the coming year
as we see no reason to expect any serious change in
present conditions. We are also very optimistic regarding the possibilities for further substantial enhancement in value for many of the loop and outlying bank stocks.
RANGE OF PRICES OF CHICAGO BANK STOCKS, COMPILED
BY ROGERS de TRACY,INC.
Market Values.
Jan. 1
Jtdg 1
High.
ink of America
338
385
690
ear& Trust Co.of Illinois
*463
x430
710
ticago Trust Co
*445
*500
x675
uit'l Nat'l Bank az Trust Co_
565
550
740
rat Nat'l Bank of Chicago
855
797
1385
reman National Bank
655
812
995
=is Trust & Savings Bank
650
900
1250
Incas Merchants Trust Co
960
885
1430
it. Dank of the Republic
470
045
z300
irthern Trust Co
760
735
1075
°pies Trust & Savings Bank_...- *610
*830
*780
ate Bank of Chicago
635
665
985
don Bank of Chicago
380
410
555
don Trust Co
*635
*860
x1065
* Old stock. z New stock. y Ex-rights. z $20 par stock.
Market
Dee. 31 Adtance.
610
620
570
720
1260
980
1250
1430
y245
1040
x440
940
500
z940
270
235
225
155
405
325
600
470
845
280
170
305
120
455
Public Utility Activities in Chicago.
By Bernard J. Mullaney, Vice-President, the People's Gas Light and Coke
Company, Chicago.
Local public utilities in the Chicago industrial area, especially the electricity-supply and gas-supply utilities, enter
the young year with materially improved facilities for service. They had in 1928, on the whole, a satisfactory year.
Their physical and financial condition, therefore, augurs
well for 1929; for their history has shown consistently that
better facilities accompanied by logical rate readjustments
from time to time (and that is the dominant utility rate policy in the district) invariably spell more business.
The Commonwealth Edison and the People's Gas Light &
Coke Companies both made rate readjustments during the
year which gave their customers a combined saving of more
than $3,000,000 up to Dec. 31 and which, on the basis of
the previous year's business, correspondingly affected company revenues. Yet both companies finished the year with
satisfactory increases in the gross and the net; that much
is known although complete figures on 1928 are not available
at this writing.
Obviously, plant development and new business development (which includes rate-making in these enterprises) go
hand in hand. Both classes of gas and electric development,
in the Chicago area, are governed by a Dominant Idea with
a double ultimate objective:
1. That central station electrical energy shall become the
universal source of light and power throughout the district,
ultimately displacing the burning of "raw" fuels in isolated
or individual plants for the production of light or power.
2. That gas shall become the universal heating agent
for practically all industrial purposes except the production of primary power, as well as for all heating purposes
in and around the home, from cooking to house heating,
and incidentally heating the water, burning household
wastes, running the refrigerator and eventually, perhaps,
cooling the house in summer.
It is recognized that progress toward these objectives can
be made only as each step is progressively" and economically
advantageous to users of the service; each buyer of gas
or electric service must be directly benefitted. At the
[Vol,. 128.
same time, interesting community benefits also accrue, as
the objectives are approached, among which obviously are
diminution of the smoke nuisance and elimination of much
congestion-breeding and pavement-wearing street traffic.
The total investment for extension and betterment of the
electric and gas services of the district in 1928 was upwards
of $53,000,000. The larger investments were, in round figures:
By the Commonwealth Edison Company, which supplies
Aectric light and power in the city of Chicago, $28,000,
000.
By the Public Service Company of Northern Illinois,
which supplies both gas and electricity to most of Chicago
suburbs and to a slice of Illinois hinterland, $15,000,000.
By the People's Gas Light and Coke Company, which supplies gas in the City of Chicago, $6,000,000.
By the Northern Indiana Public Service Company, which
supplies gas and electricity in the heavy-industry area of
northwestern Indiana, $4,000,000.
The district's self-contained "pool of power—electrical—
now amounts to upwards of 2,000,000 horsepower (1,515,000
kilowatts) of available electrical energy, one kilowatt being substantially the equivalent of one and one-third horsepower. Considerably more energy can be drawn from
sources just outside of the district for peaks and emergencies and about 42,000 horsepower (31,000 kilowatts) is so
taken regularly. The present status of the electricity supply of the district itself, including additions during 1928,
is shown by the following table:
—Capacity in Kilowatts.—
As of Dec. 31 1927. As of Dec. 31 1928.
1,042,000
Commonwealth Edison Co.
1,158,000
235,000
Public Service Co. of North'n Illinois
235,000
90,000
Northern Indiana Public Service Co._
90,000
23,000
Western United Gas & Electric Co.32,000
1.390,000
1,515,000
This is an increase in energy producing capacity of practically 167,000 horsepower (125,000 kilowatts) in twelve
months. All of the plants mentioned are interconnected so
that energy may flow back and forth as the center of demand shifts from hour to hour or day to day, and the work
of further interconnection is proceeding apace.
One of the important additions to the Commonwealth Edison Company facilities was a new 100,000-kilowatt turbogenerator, put into service at the company's Crawford Avenue station on Oct. 1. This is the largest turbine now in
service in the middle west. One of 200,000 kilowatts will
go into service in 1929 at State Line Station, on Lake Michigan at the Indiana-Illinois border, which is owned jointly
by Commonwealth Edison and other companies.
Commonwealth Edison also placed in service during the
year, at Sixty-second Street and Prairie Avenue, a new
distributing center which receives energy at high voltage
from generating stations and sends it out at much lower
voltages to smaller sub-stations and over local distribution
lines. This permits many economies tending toward better service. A similar center on the Northwest Side will
come into service in 1930. These distributing stations will
be connected with the company's own generating stations
by 66,000-volt cables, While interconnections with other companies outside will be chiefly at 132,000 volts.
Commonwealth Edison also brought to a' head, during
the year, definitive experiments in the use of Central Illinois coal, pulverized, which hitherto has been thought not
well suited for use in this form. One installation, in service
more than two years, has performed 90 well that employment of this method of firing will be much extended.
Of the $15,000,000 of 1928 investment by Public Service
Company of Northern Illinois, approximately $9,000,000 was
for electrical betterments. Among important additions to
its facilities were extensions of 132,000-volt steel tower
transmission lines which increase the outlets for its generating capacity at Waukegan and make connections with the
lines of the Western United Gas & Electric Company and
other systems.
An interesting innovation by the Public Service Company
was the establishment of a model farm near Mundelein, Ill.,
which is a practical working demonstration in the use of
troth gas and electricity on the farm. The company is developing a consistent farm-service construction program.
During 1928 it spent about $400,000 on farm service and
extended its lines for this purpose by 175 miles.
The next largest combination gas and electric utility in
the Chicago district—the Northern Indiana Public Service
JAN. 26 1929.]
FINANCIAL CHRONICLE
Company—has announced plans for a generating station at
Michigan City, Indiana, to be started early in 1929. The
first unit—a 60,000-kilowatt steam turbine—has already
been ordered and is expected to be in operation in 1931.
The first section of the station will be large enough to
house this first unit, and another probably of like size.
The estimated cost of the building, the first generating unit
and other equipment, is about $9,000,000. The new plant
will be interconnected by high-voltage transmission lines
with State Line Station, previously referred to, and with
the company's present transmission system which is interconnected with other large generating stations in the Chicago district and northern Indiana.
The "superpower" system, formed by these Chicago district companies and their interconnections, will be strengthened during 1929 with additional high-tension lines in the
northeastern Illinois area. One of them will facilitate the
transfer of load between the water power stations of southern Wisconsin and the steam stations of northern Illinois.
The gas supply of the Chicago industrial area is furnished
mostly by four principal companies: The People's Gas Light
& Coke Company, operating exclusively in Chicago; the
Northern Indiana Public Service Company, operating in the
Calumet industrial district and northwestern Indiana; the
Public Service Company of Northern Illinois, operating in
a territory completely enclosing the City of Chicago, in
Illinois; the Western United Gas and Electric Company, operating between Joliet and the Wisconsin line, with its trunk
line mains following closely the outlines of the Fox River
Valley.
The gas companies in this area have made considerable
progress toward a "super fuel" system comparable to the
superpower systems of the electric light and power utilities. The gas supply facilities of the People's Gas Light &
Coke Company are naturally the hub of this system.
On Feb. 1 1928 the company took over the large modern
coke oven and carbureted water gas plant of the Chicago
By-Product Coke Company, which was built for the People's
Company by the Koppers Company of Pittsburgh under a
purchase-option contract made in 1920. The plant is one
of the largest of its kind and is the last word in efficiency
and economy of operation. It is located, in relation to city
growth tendencies, to function with additions as the "key"
gas plant of the entire Chicago district for years to come.
It is completely served transportationally by rail and water
—the Drainage Canal and a belt line connecting with all
railroads entering Chicago.
More than one-half of all gas used in Chicago in recent
years has been produced in this plant. Its normal production capacity is at present 65,000,000 cubic feet of gas per
day. It is laid out with possibilities of expansion, as the
demand for gas increases, to an ultimate capacity of more
than 150,000,000 cubic feet of gas per day. With the ac-
479
quisition of this plant, the total investment of the People's Gas Light & Coke Company for providing gas service
in Chicago is approximately $166,000,000.
In addition to this plant, the company has seven other
gas manufacturing plants with a normal productive capacity of 80,000,000 cubic feet per day. It also has contracts that enable it to utilize economically large quantities
of gas produced in the Chicago industrial area in connection with the iron and steel industries.
Another addition to the company's property, which is of
considerable importance in connection with the super fuel
system, is a new gas holder at 73rd Street and Central Park
Avenue, which was put into service on Dec. 19. It has a
capacity of 20,000,000 cubic feet of gas and is the largest
gas holder yet built anywhere. This brings the total storage capacity of the company up to 108,000,000 cubic feet,
which is practically an average one-day consumption by all
of Chicago. This means storage capacity for as much gas
as would be used in a month by a city like Richmond, Va.,
or Memphis, Tenn.
The new holder, 416 feet high, and topped by a 70-foot
red-light tower, is painted, lighted and otherwise marked to
be an aviation landmark by day and "light-house" by night,
and a guide post to the Chicago municipal air port two miles
to the northwest. All the details of the lighting, painting
and marking were worked out in conjunction with Federal
and local aviation authorities.
The backbone of the People's Company's distribution and
supply system is a 48-inch main, 33 miles in length, running
principally north and south across the western flank of the
city. It is interconnected with the main and holder system
of the Public Service Company of Northern Illinois and also
with that of the Northern Indiana Public Service Company, just across the State line, and other connections are
possibilities of the future.
Of the 1928 investment by the Public Service Company of
Northern Illinois, approximately $6,000,000 went into gas
supply facilities, including a new 10,000,000 cubic ft. holder
and about 170 miles of new mains. The Northern Indiana
Public Service Company laid approximately 108 miles of
new gas mains during the year.
The Northern Indiana Company also made important
additions to its high pressure mains for long distance transmission of gas. Relatively large gas producing plants, strategically distributed over a relatively wide area, are thus
being interconnected much as "super power" interconnections are made in the electrical industry, and for similar
purposes. One effect is the extension of gas service to
small intervening communities which could not have gas
service on a practicable economic basis without this character of development. Long distance transmission is becoming an increasingly interesting feature of the manufactured
gas industry.
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, January 25 1929.
Trade has been hampered of late by very stormy weather
in many parts of the country. Today in New York it was
especially bad, in fact the worst day of the winter, what with
rain, sleet and freezing conditions making travel on the streets
risky and delaying transportation in the immediate vicinity
of the city. Naturally it delayed both retail and wholesale
trade, outside of the big business centers of the country.
Even as it is, however, trade and industry are still running
ahead of a year ago. The most notable in this respect are
automobiles, machinery, implements, radio, iron, steel, and
rayon products. Factory industry and mining have a prominent place in the trade of the moment. Cold weather has a
tendency to help the coal trade and stimulate mining.
Naturally building is retarded by the bad weather. There
is a good business in oil, country merchandise and shoe
manufacturing. Flour prices have advanced, with a better
trade in the Southwest. Wheat has risen some 4c. a bushel,
and has reached to nearly the high points of the season.
Corn has been slightly higher, but only slightly because at
times there have been reports of beneficial rains in Argentina;
but some export business has been done. Cotton ginning up
to January 15 was somewhat larger than expected, and with
speculation disappointing and textiles only fairly active at
best. Raw cotton is down about $2 a bale on most deliveries
as compared with a week ago. And it is worthy of notice
that in the big cities retail trade has on the whole been helped
by the colder weather irrespective of the storms, which have
prevailed in different parts of the country.
Copper mining is said to be active, with a good foreign
demand. It is reported that the export sales of copper in
January are likely to reach some 150,000,000 lbs. There
has been a good business in oil well and gas supplies as well
as in electrical goods and radio materials. The activity in
shoe manufacturing has continued. Stormy weather has
helped the sale of rubber footwear. Silk as well as rayon
manufacturing has reached a high level of activity. A larger
business has been done in furniture. There was a less favorable exhibit in the dry goods trade, as well as in jewelry,
which, however, has been quiet for some little time. It
turns out that the production of automobiles in 1928 was
4,357,000 units, or a total 21.1% larger than in 1927, and
even 1.2% greater than the previous high record year of
1926. In the automobile trade this week the stress has been
on shows at many cities, which, it appears, have been attended with satisfactory results.
In steel the feature hasIbeen'the persistently rising tendewy of scrap metal. The/output of steel in general continues on a relatively high scale; that is, 85 to 90%, partly
480
FINANCIAL CHRONICLE
[VoL. 128.
"The available statistical and other reports for December 1928 and
due to the large use of steel by the automobile companies.
early January 1929 do not indicate any marked change for better or worse
Western prices for steel display the most strength. Detroit in
the general business situation which characterized the year 1928 as a
employment this week shows a gain of some 2,700, the whole. More complete statistical information has now made it clear that,
total being 285,644, against 281,965 last week, 221,180 so far as prevailing measurements of business go, 1928 was a year of less
normal growth in general business activity in the United States, and
last year, 214,733 in 1927, 261,602 in 1926, and the peak than
was notable only for a
months of high activity in iron and steel, In
total for September 1928 of 300,739. In coarse yarn cotton automobiles and related few
industries, and in building construction. Except
cloths the sales in general were moderate, and some de- in these fields there is little in the available records of 1928 to justify
scriptions of print cloth were 34c. lower, reflecting a decline the characterization of that year as one of exceptional business expansion.
in raw cotton. Sheetings were dull. Finished cottons have
"This year has begun without definite evidence of general expansion
been in fair demand for early delivery with printed goods of business outside these special fields, and with some uncertainty as to
whether
activity in these fields is to continue at the high levels reached
most wanted. The feature in the woolen and worsted
in the fall of 1928. As measured by the industrial consumption of electric
goods market was the opening of men's-wear staple worsted energy,
general manufacturing activity in December 1928 fell below that
suitings by the American Woolen Co. for the fall or 1929 in the preceding month but was higher than in December 1927 and higher
season, and prices for the most part showed no change from than the average for the year 1928.
"Steel mill operations declined somewhat in December and early Januthose quoted for spring lines. Still some standard fabrics ary,
but were higher than last year this time. Ingot production in Deare a little lower. Printed silks and crepes were in brisk cember showed about the normal seasonal Increase. Unfilled orders of the
demand for the spring season. Raw silk was rather firmer, U. S. Steel Corporation at the end of December had increased over the
preceding month by somewhat more than the normal amount. Though
but on the other hand did not sell at all freely. Chicago higher
than as of the end of any month since March 1928, they were
reports a sharp demand for packer hides, of which about only slightly above those of December 1927 or December 1926, and only
four-fifths
as high OA at the end of December 1925. Steel prices so
16c.
for
mostly
at
40,000 were sold in the last few days,
this year do not reflect any change in the balance of production and
cows. The production of butter is larger than at this far
demand.
time last year, and both butter and pgg quotations are
"In the chief steel consuming fields conditions are no longer consistently
rather unsettled, although it is said that stocks of buter favorable to sustained demand. Building contracts in December declined
for
the third successive month and were 9% below December 1927. Both
and eggs in storage are decreasing. Hogs have advanced contracts
and permits were low at the opening of the year. Residential
sharply at times during the week, reaching the highest building has been declining since the summer of 1925, and in December
point since the middle of October last year, the crop being such contracts were lowest since February 1925. Unfilled orders for loco$10.15. Business failures during the week are smaller than motives were higher in December 1928 than in the preceding December
and there is anticipation of some increase in railroad demand for steeL
last week or for corresponding weeks in 1928, 1927, and 1925. Machine tool orders fell off somewhat in December but there is expectaThe stock market has continued active with at times nota- tion of early resumption of the increase that has been going on during the
ble advances encouraged by cheap money. To-day some of past year. Automobile production had a greater seasonal decline in December than has
true in some earlier years, but is being scheduled on
the more prominent shares advanced 5 to 15 points in larger a large,: scale thanbeen
last year for the first and second quarters of 1929. Emtrading; that is, some 5,500,000 shares against 4,500,000 ployment in automobile centers rose in December, and the trend early In
yesterday. Conspicuous among those that advanced to-day January is reported to be upward.
"Activity in the rubber industry has fallen off since October, but
were Johns-Manville, Nash Motors, General Electric, petroleum
production has increased fairly steadily, and both these fields
Radio, National Cash Register, Woolworth's, Simmon's, are expected to reflect the higher level of automobile production during the
next
few
months. Activity in the paper and pulp industry was lower in
Electric Autolite, Underwood-Elliott, International HarvesDecember than in November and lower than the average for the year
ter, Smelters, Steel Foundries, Allied Chemical, Machine 1928,
but higher than in December 1927. Newsprint production decreased
Foundry, By-Products Coke and not a few others. An out- by a seasonal amount in December, but the total for North America made
standing feature as regards the money situation is the pros- a new high record in 1928, with an increase of 6.7% over 1927.
"In the textile and garment manufacturing industries the outlook at the
pect of gold imports, with the possibility of lower rates on beginning
of the year is somewhat improved. Employment was higher
call. There has been another increase in brokers' loans, in textiles and their products in December than in November, but still
but that it put no strain on the banks was evident enough lower than in December 1927. Silk production is reported to be holding
the level of last year. The position of cotton textiles is somewhat less
from the prevalence of a 6% call rate. It is now proposed favorable
at the close of this year than in November 1928 or than at the
to increase the membership of the New York Stock Exchange same time a year ago. Production of standard cotton cloths was at a
slightly
by one-fourth or 275 seats. A ballot on the plan will be
higher rate in December than in November, but lower than a year
before. Sales were at a lower rate in December and considerably lower
taken on Feb. 7.
than a year ago.
were lower than in November 1928 but higher
On the 24th inst. the temperatures here were 25 to 32 than in December Shipments
1927. The ratio of sales and shipments to production
degrees; at Chicago on the 23rd 16 to 22; at Cincinnati, was lower in December than in November 1928. Stocks increased slightly
30 to 36; at Cleveland, 18 to 28; at Detroit, 20 to 26; at while unfilled orders decreased during December. In the boot and shoe
field the expectations are for a sustained level of production. In the
Kansas City, 12 to 16; at Milwaukee, 4 to 22; at St. Louis, metal trades,
employment continued to increase during December and Is
26 to 30; at Seattle, 26 to 32; at St. Paul, 4 to 8 degrees now about 14% above that of a year ago.
"The distribution of commodities by railroad during December showed
below zero; at New York, 24 to 46 above. To-day the
more than a
decrease, and during the early part of January contemperatures here were 28 to 35, with rain and sleet, the tinued below seasonal
the level of the corresponding period last year. Estimates
rain freezing as it fell, and to-night the indications point of carload shipments expected for the first quarter of 1929 are about 5%
to an intense cold wave in the Central West and in the North- above those of the corresponding period a year before. In 1927, however, the actual carload shipments for the first quarter showed a decrease
west. To-day transportation was delayed on Long Island, of about
6%, as against an anticipated increase of 5%. "Department
where ice froze on the third rails and the time schedule was store sales in December were about 1% higher than in the corresponding
month
of
the preceding year, but the increase in department store sales
sometimes 30 minuts late. The prediction was for rain
for the year as a whole appears now to have been only about 1%, or less
to-night here and fair and colder to-morrow.
than the normal increase.
"The movement of commodity prices has been downward since Septem-
Business Conditions as Viewed by Conference of
Statisticians in Industry—Money Rates and Effect
upon Activities Most Problematical Feature of
Situation.
"The level of money rates and its effects upon business
activity, chiefly through restricting construction projects,
is the most problematical feature of the business situation
as the year opens," according to the second monthly statement of the Conference of Statisticians in Industry, which
operates under the auspices of and with the co-operation of
the National Industrial Conference Board, 247 Park Ave.,
New York. "The contrast between the continued high level
of financial activity, the sustained activity in a few industries
and the low rate of general business expansion, which characterized last year, continues to be evident at the present time,"
the Conference points out. The report reflects the composite judgment of a group of statisticians and economists
of industrial and trade organizations and leading industrial
corporations, representing about 30 of the leading industries
of the country, together with railroad transportation, building construction and important branches of wholesale and
retail distribution. The full text of the statement issued
Jan. 23 by the Conference Board of Statisticians in Industry
for January 1929 follows:
ber 1928, but they were higher in December 1928 than a year before.
Prices early in January appeared to be well sustained, except in farm
products.
"Employment in manufacturing, mining, utilities, trade and hotels
increased slightly in December, and payrolls showed a larger increase.
Manufacturing employment and payrolls showed slight increases for December, but were lower than in October 1928 and lower than in December
of the past six years, excepting 1927.
"The contrast between the continued high level of financial activity,
the sustained activity in a few industries and the low rate of general
business expansion, which characerized last year, continues to be evident
at the present time. The level of money rates and its effect upon business
activity, chiefly through restricting construction projects, is the most
problematical feature of the situation as the year opens."
The initial statement issued by the Conference was referred to in our issue of Dec. 29, page 3603.
National Bank of Commerce in New York on Business
Prospect—Industrial Operating Levels for First
Half of 1929 Set at Highest Levels.
In its review of the business prospect, issued Jan. 21, the
National Bank of Commerce in New York states that "for
the first half of 1929, it is said,industrial operating schedules
have been set at the highest levels ever considered feasible
for an opening half-year. There is not yet", says the bank,
"any tangible evidence that they have been put too high.
That is a question that only experience can definitely
JAN. 26 1929.]
FINANCIAL CHRONICLE
481
answer." In its comments the bank also has the following to
say:
In spite of the diversion of large amounts of credit Into brokers loam
last fall, new capital flotations do not appear to have suffered thereby.
There Is at least some measure of likeness between the present position In fact the trend has been definitely upward since August. They increased
of industry and that which existed two years ago at the beginning of 1927. from $266.787,000 in August to $960,022,014 in November.
It is well to bear in mind that new capital is steadily being created in
The previous year. 1926, had been notable for an exceptionally large and
well-sustained volume of productive activity. The new year opened under this country at a surprisingly rapid rate. This is illustrated by the fact
generally favoring circumstances, and production picked up rapidly during that savings deposits of banks and trust companies in the United States
the early months, after the usual mid-winter period of quiet. Nor did gained $2,237,059,000 during the last year.
Looking back a number of years we find the per capita increase in savings
adverse changes affect the fundamentally favoring conditions underlying
industry. The best explanation that has been given for the 1927 recession deposits has amounted. to 113.5% since 1918 and 169.3% since 1912.
The continuing heavy demand for iron and steel is an encouraging eviwhich followed is simply that producers and distributors had pushed their
dence in the direction of good business in 1929. Buying has been especially
markets a little too fast and hard.
The current year likewise follows on a period of sustained high rates of active for automobile, ship building and railroad companies.
operation in numerous lines of enterprise. Many new production records in
manufacture, the improvement in profits, a good year for agriculture, the
high level of employment and wages-these have laid the basis of an Business Review of Fletcher-American National Bank
established condition of general well-being and good demand. Soundness
of Indianapolis-Production in Indiana at Higher
on the supply side, moreover,seems assured by the absence ot inflation either
Levels
in December, Except as to Automobiles and
in commodity stocks or in prices.
Building.
It is at such times that the danger arises of pushing prosperity too hard.
Based on the very satisfactory experience of last year, the automotive
"Production indicators showed high levels in Indiana
industry is looking forward confidently to a great& demand and a larger
output this year than ever before. But the competitive situation within the business for the month of December, with the exception of
industry is so patently severe that each producer must strive to market the automobiles and building," says E. J. Kunst, in the current
greatest possibie number of his units in the shortest possible time-before
issue of the Indiana "Business Review," which is prepared
his prospective consumer has been won away by some other producer, or
before anything may happen to alter the present favorable aspect of the monthly by the Indianapolis division of the Indiana Univermarket. With a large number of companies producing automobiles so sity bureau of business research and published by the Fletcher
uniformly excellent in their respective price classes-thus trade comment
goes-the advantage in the 1929 market must be gained mainly through American National Bank, Indianapolis. Mr. Kunst is
the aggressiveness and effectiveness of distributor and dealer organizations. manager of the I. U. business bureau at Indianapolis. "The
Automobile producers, In short, intend to "sell" the volume of cars which is recession in the former is only partial and
temporary, exessential to profitable operations at current narrowed price margins.
The intensified competition which this portends, it may be noted in pass- plained Mr. Kunst. "Coal production exceeded last year
ing, is not simply between one and another make of automobile. It will by 4% and pig iron output set a new record for the month.
also be felt by all the makers of innumerable other products, each one of Auto accessories, petroleum, limestone,
and eleetrie power
whom hopes to secure his section of the consumer's dollar.
Equal care in Judging the actual level of demand as it develops is essential production registered gains over last year."
In many of the lines of enterprise subsidiary to or largely affected by the
Mr. Kunst shows in his "Business Review" that retail
automotive field. In rubber, for example, tire production schedules have
trade indicators reflect a large volume in the holiday trade,
been based on the expectation of a very heavy demand both for original
equipment and for replacement. and somewhat heavier stocks of goods than probably exceeding last year. The downward trend in
a year ago are being carried into the new season. Moreover,on the strength hardware sales was overcome with a 5% gain. Automobiles
of this current heavy consumption in anticipation of future needs, some
numbers, doubling last year's record in some
speculative interest has developed in crude rubber, serving to advance sold in large
prices by several cents a pound. While the expectations of the industry parts of the State. Grain and livestock receipts continued
seem reasonable, the trend of events requires close watching so that, if the at a high rate. Bank debits, clearings, and savings
were
full demand hoped for does not develop, production may be brought into
ahead of last year. With reference to business in Indiana
line before a burdensome condition arises.
A rather similar situation exists in the copper industry where for some for 1928, Mr. Kunst states that it was a year of conservative
time a measure of voluntary control over production has been a markedly progress, marked by notable gains in
many industries.
stabilizing factor. The high rate of consumption during the last half-year
stimulated buying and perhaps also some speculative accumulation of the He says:
Those setting new records were auto accessories with a gain of 37%
metal by consumers; prices have moved up in a series of advances, and
production of refined copper Is not far below capacity figures. The high over 1927, iron and steel with a gain of 11% and automobiles with again
rates of activity anticipated in the automotive, electrical and bu Iding of 7%. Stone output showed a gain of 2% and the furniture industry
Industries seem to assure a sustained heavy demand for copper for months began a recovery during the last half of the year. Coal production was
to come. But here also, the close Judgment of both producers and consumers only 12% below 1927 in spite of the prolonged strike, any following the
will be required to maintain a stable balance between output and require- labor settlement in November a distinct improvement is being noted. Total
ments. The petroleum industry is another which has benefited from volun- volume of building war lower than in 1927, but there were gains in residential and public works and utilities construction.
tary regulation of its output. Here the balance between supply and
demand
is being threatened by the discovery of important new fields in Oklahoma and
California, and the full exercise of the industry's wisdom and self-control
will be needed to maintain the equilibrium which it has so recently succeeded Sales of Life Insurance Increase 5% in 1928-December
Sales Reach New High Point.
in establishing.
In announcing the amount of life insurance sold during the
''Annalist's" Weekly Index of Wholesale Commodity past year, the Life Insurance Sales Research Bureau on
Prices.
Jan. 22 said:
18.936.665.000 of new ordinary life insurance was paid for in the United
The "Annalist" states that further decreases last week States
which represents a gain of 5% over the total volume sold in 1927.
in the farm and food products, textile and fuel groups were This gain was distributed generally throughout the country. Allsectionsinresponsible for the decline in its Weekly Index of Commodity creased their production during 1928 with the exception of the South AtStates which showed a 1% loss. The New England States showed
Prices for the third consecutive week from 146.9 to 146.2, lantic
the greatest increase of any section-a 7% gain over 1927. The middle
which leaves it now 1% below the end of last year. The Atlantic and the East North Central States followed closely, both recording
6% gains. The West South Central increased 5% while the West North
index follows:
Central and Mountain States gained 4% over their 1927 production. Only
six States in the country failed to equal their 1927 records. These figures
are issued by the Life Insurance Sales Research Bureau and are based on
the experience of companies having in force 88% of the total reserve orJan. 22 1929./Jan. 15 1929. Jon. 24 1928. dinary life Insurance outstanding in the United States.
December sales of life insurance set a new record for monthly sales; a total
145.7
146.5
150.4
volume of $886,048,000 of ordinary life insurance was sold during the month.
143.2
144.2
151.8
This represents a 6% increase over December 1927 sales and a 1% gain over
155.5
155.8
152.3
166.3
167.0
December 1926-formerly the highest month on record. This gain was
157.7
125.3
125.3
119.4
shared by 52% of the reporting companies. The Middle Atlantic States
153.7
153.7
150.2
showed the greatest monthly gain of all sections-a 13% increase over
134.6
134.6
133.9
sales in December 1927. The Mountain and Pacific States showed the
127.1
127.0
123.3
146.2
146.9
largest increases both recording an 11% gain over 1927. All sections
second
146.9
of the country surpassed their 1927 production with the exception of the
South Atlantic, East South Central States, and West South Central States.
THE -ANNALIST- WEEKLY INDEX OF WHOLESALE COMMODITY
PRICES-(1913=100).
Farm products
Food products
Textile products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
All commodities
Union Trust Co. of Cleveland Finds Trade Continuing
to Hold Up to Expectations-Credit Situation Canadian Sales of Life Insurance
Show Large Increase
Element of Uncertainty.
in 1928-December Sales Gain.
Trade in general thus far in 1929 is continuing to hold up to
1928 was a record year in the
expectations. High rates of production are being main- insurance in Canada,according production of ordinary life
to the Sales Research Bureau,
tained in steel, automobiles, and various other lines, and the
which supp ies the following information:
outlook for the first half is promising, says the Union Trust
Since Jan. 1 1928 $580,674,000 of new business has been paid for in the
Co., Cleveland. "The credit situation still presents an Dominion. This is $78,000,000 more than in 1927 and represents an inof 16%. This unusually large increase reflects the general prosperity
crease
element of uncertainty," says the bank in its magazine
experienced in the Dominion during the past year. Every province records
"Trade Winds." "Brokers' loans have increased over an increase for the year. Ontario and
Quebec, the two largest Provinces.
$2,000,000,000 in a year and nearly doubled in two years." show gains of 17% and 12% respectively. Newfoundland records the
greater
increase,
43%
than 1927 business. All reporting cities also
largest
It adds:
the year over
1927. Hamilton leading with a 60% gain.
show a gain for
The substance of the credit situation is that increases in
brokers loans
During the month of December the sales of life insurance totalled $56,647.do not in themselves provide cause for alarm. They become
an element 000-the highest month on record and 16% greater than December Jabs
of danger only when their rate of increase becomes
disproportionate to the In 1927. 67% of the reporting companies share this increase. December
general increase In capital, thus tending to overbalance the
credit structure. production shows a gain of nearly $1,000,000 over the business sold in
Such conditions, while perhaps threatening at the present
time, does not October, 1928, which was previously the highest month on record. Decemappear to exist now.
ber sales show increases in all provinces with the exception of Nova Scotia
482
FINANCIAL CHRONICLE
[VOL. 128.
any Prima) Edward Island. These figures are furnished by the Life In- Reserve Bank. Through its stabilization of credits and financial practices,
surance Sales Research Bureau and represent the experience of companies the financing of sound building operations has largely been removed from
having in force 84% of the total legal reserve ordinary life Insurance out- the realm of doubt or temporary depression due to unfounded pessimism.
standing In the Dominion.
Building in 1929.
The present worth of all buildings in the United States is represented by
(1) buildings which become obsolete and are abandoned after a determinable
Further Increase in Detroit Employment.
average life, and (2) buildings such as Government buildings, churches,
The Detroit Employers Association reports employment museums and many other public, industrial, commercial, religious
and
figures for the week ended Jan. 22 as 285,644 an increase recreational buildings and housings which, because of original quality of
construction or better maintenance, serve beyond the period fixed as
over the previous week of 3,679 and an increase of 64,464 average for buildings in the first group.
Using 60 years as the weighted average serviceable life of all classes of
over the corresponding week last year.
structures in the first group and basing calculations on existing records
of money expended for buildings during the period of 1868 to 1928, the
Electric Appliance Sales Gain in 1928-1,223,000 value of all buildings represented by this group at the end of 1928 was apDomestic Refrigerators Installed in Homes-Use proximately 3142,000,000,000.
The 1929 value of the second group, including all buildings erected prior
of Ranges Increases.
to 1868 and in service at the end of 1928. is indeterminate and very largely
influenced
by sentiment. For the purpose of survey estimates it has been
Sales of electrical appliances in 1928 showed a considerable
to be not over 10% of the value represented by group one.
gain over the preceding year, due largely to the more wide- assumed
Using these divisions and evaluations the construction requirements for
spread distribution of domeStic electric refrigerators, ranges, 1929 are estimated as:
Group 1.
oil burners and motor-driven health exercisers. In its
Housings (363,000) to care for a population Increase
annual survey of the industry, electrical merchandising
of 1,650,000
51,533,000,000
construction to accommodate a population inpoints out that 1,223,000 homes in the United States are Other
crease of 1,630,000
1,227,000,000
Replacement of buildings destroyed by tire or storm
500,000,000
equipped with electric refrigerators, or 6.4% of the total Replacement
for obsolescence at 1.66% per year (60year basis for group 1)
number wired for electricity. The survey shows that of the
2,122,000,000
Maintenance which shows up in form of contracts for
19,012,664 wired homes in this country, 93% are equipped
alterations and repairs (0.875%) and recorded by
1,242,000,000
with electric irons; 40.7% with cleaners; 30.2% with wash- commercial report
$6,624,000,000
•
ing machines; 29.5% with fans; 28% with toasters; 15.7% Unrecorded maintenance(0.875%)
1,242,000.000
Total for group 1
with electric heaters; 6.4% with refrigerators; 5.5% with
$7,866,000,000
cookers; 3.8% with electric ranges, and 2.5% with ironing Obsolescence estimated at 2% Group 2.
$280,000,000
Maintenance estimated at 2.6%
machines. The survey adds:
360.000.000
• Sales of electric domestic refrigerators in 1928 amounted to 468,000
Total for group 2
630.000.000
units, valued at 4128.700.000 (retail), as against 365,000 units, valued at
482,125.000 In the preceding year. Distribution of electric ranges for Total building requirements for 1929
$8,496,000,000
the year is blaced at 135,000, valued at 7122,175,000, which compares
The percentage of total money spent for housings has gradually increased
with 110.000 in 1927. valued at 417,600,000. The number of clothes
washing machines sold In 1928 totaled 817.107, as against 775,661 in 1927. over the last eight years. There was a reduction in 1926, but at the present
Sales of irons last year totaled 3,000,000, or virtually the same number as time the percentage is about 5% higher than in 1921.
Commercial and Industrial building percentages have fluctuated slightly
In 1927. Sales of cleaners amounted to 1,200,340, valued at 366,018,700,
In accordance with the demand, the former over longer cycles than thewhich compares with 1,194,614, valued at 858,536.086 in 1927.
Motor-driven oil burners sold at retail In 1928 were valued at $64,750,000: latter, although actual money spent for both classes has shown a decided
trend. It Is anticipated that this year money spent for these two
Ironing machines, $12,920,000: exercise apparatus, $1,875,000: floor upward
polishers, $2.178,000: tans. 814.698.812: electric clocks. 34.000,000: com- classes will diminish slightly as a percentage of the total.
Hospitals,
hotels, public, recreational and religious buildings have carmercial and residential lighting fixtures, $80,000.000; flashlights and flashlight batteries, 121.385.000; heating pads, 33,009.000; toasters, $4,260.000. ried on as fairly regular percentages of all construction.
The school percentage, on the other hand, has fallen off by almost the
and waffle irons, $4,500,000.
Sales of incandescent lamps involved the expenditure of $325,000,000, same amount that the housings percentage has increased.
of which total $66.220,000 was spent on lamps for residential use, $19.780,000 for commercial and Industrial use, and $39,000,000 for miniature
Loading of Railroad Revenue Freight Increasing.
lamps, the latter figure including sales to the automobile field.
for New Construction and Repairs in
Building Field During 1929 Estimated at $8,500,000,000 by Copper and Brass Research Association.
Approximately $8,500,000,000 will be expended for new
construction and for repairs and replacements in the building
field during 1929, according to statistics compiled by the
Copper and Brass Research Association in its annual building
survey made available Jan. 21. This large total exceeds by
about half a billion dollars the building expenditures of
1928 and establishes a new record for all time.
The survey discusses in detail the building activity anticipated for 1929 and compares it with last year. Trends of
distribution of building activity are analyzed according to
classes of structures and geographical sections of the country.
Under these headings the Association says:
Expenditures
The General Building Outlook.
Buildings of all types wear out. By far the largest part of all buildings
n the United States at present fall in that group of construction which
shows a weighted average life of not more than 60 years. This group
represented a present worth of approximately $142,000.000,000. Based
on a life of 60 years, one-sixtieth of this value will be used up during 1929.
Fire and storm losses destroy another $500.000.000 annually. Population
Is increasing, the estimated gain for 1929 being 1,650.000. Housings and a
complement of all other types of structures must be provided to care for
this population increase. In addition, current wear and tear of buildings
expressed in alteration and repair jobs sets another huge demand to be met
annually by the building industry.
Quite generally 30 or 40 years has for depreciation purposes been assumed as the average life of buildings. However, during the past several
years, a wider use of more permanent building materials and construction
methods has given greater permanency to construction so that the better
buildings of to-day are projected with definite expectations offrom 50 to 75
years' service. Statistics also show rehabilitation of older buildings In
larger numbers. particularly those located in rural sections. In these, too,
the use of more permanent building materials is lengthening the extended
period of useful service. The trend, therefore, is toward longer building
life and approximates the 60-year period.
Construction to replace worn-out building, losses by fire or storm, and
for alteration and repair work just about maintains from year to year the
sum total of Investment expressed In dollar value. Construction for the
accommodation ot population Increase goes largely to swell the value
represented by all types of buildings. So long as the population of this
country continues to increase the need for construction will increase proportionately. The demand for construction should, therefore, Increase
somewhat in proportion to population until greater Permanence of construction brings about a longer weighted-average life than buildings of the
past have shown.
Anticipation of a building program for 1929 which will surpass that of
1928 is further strengthened by the beneficial Influence of the Federal
Loading of revenue freight for the week ended on Jan. 12
totaled 914,187 cars, the Car Service Division of the American Railway Association announced on Jan. 22. Compared
with the preceding week which included the New Year's
holiday, this was an increase of 115,464 cars, with increases
being reported in the total loading of all commodities. The
total for the week of Jan. 12 also was an increase of 6,886
cars over the corresponding week in 1928, but a decrease of
28,544 cars under the corresponding week in 1927. Particulars are outlined as follows:
Miscellaneous freight loading for the week totaled 314,186 cars, a decrease
of 557 cars below the corresponding week In 1928 but 210 cars over the
same week in 1927.
Coal loading totaled 213,541 cars, an increase of 22.313 cars over the
same week in 1928 but 14,899 cars under the same period two years ago.
Grain and grain products loading amounted to 44,083 cars, a decrease
of 4,668 cars below the same week in 1928 but 100 cars above the same
week in 1927. In the western districts alone, grain and grain products
loading
le 8.totaled30,816 cars, a decrease of 3,717 cars under the same week
In
Live stock loading amounted to 32,008 cars, a decrease of 381 cars under
the same week in 1928 and 1,000 cars below the same week in 1927. In
the western districts alone, live stock loading totaled 24,364 cars, a decrease
of 479 cars under the same week in 1928.
Loading of merchandise less than carload lot freight totaled 234,666 cars,
a decrease of 5,421 cars below the same week in 1928 and 3,152 cars under
the corresponding week in 1927.
Forest products loading amounted to 54.280 cars, 5,424 cars below the
same week in 1928 and 10.740 cars below the same week in 1927.
Ore loading amounted to 9,732 cars, 402 cars above the same week in
1928 and 1,178 cars over the corresponding week in 1927.
Coke loading totaled 11,691 cars. 622 cars above the same week in
1928,
but 241 cars below the corresponding week in 1927.
All districts except the Southern and Northwestern reported increases
In the total loading of all commodities compared with the same week in
1928, but all district& reported decreases compared with the same period in
1927.
Loading of revenue freight in 1929 compared with the two previous years
follow:
1928.
Week ended Jan. 5
79
18
9.72
29.3
754,247
91
392
3;90
.
Week ended Jan. 12
914,187
907,301
942,731
Total
1.712,910
1.661,548
1,876.621
Secretary of Commerce Whiting Reports 1928 as Year of
Greatest Production and Trade.
In reviewing business conditions in the year just closed,
Secretary of Commerce Whiting declares that "American
business closed its books at the end of 1928 with a greater
volume, broader stability and wider markets than ever
before in history."
3AN.
1029.1
FINANCIAL CHRONICLE
483
Secretary Whiting is also reported as saying:
202,000 in 1928, against a favorable trade balance of $680,633,000 in 1927. Gold imports totaled $24,940,000 in
December, against $10,431,000 in the corresponding month ,
in the previous year, and for the 12 months were $168,887,000. as against $207,535,000. Gold exports in DoceTber I
$1,636,000,against $77,849,000 in December 1927.
According to the "United States Daily" he commented as were only
For the 12 months of 1928 the exports of the metal foot up
follows in his review issued Jan. 24:
Though at mid-year such important industries as textiles, in the manu- $560,759,000, against $201,455,000 in the 12 months of,,
facturing group, and agriculture and coal of the raw material industries, 1927. Silver imports for the 12 months of 1928 have been
were lagging somewhat behind the general trend, conditions in these $68,117,00
0, as against $55,074,000 in 1927, and silver
Industries at the close of the year indicated a turn for the better.
exports $87,382,000, as against $75,625,000. Following is
Practically without interruption, industrial activity, if allowance is
made
for seasonal changes, showed gains month by month during the year, and the complete official report:
The year 1928, on the whole, was the year of the greatest production and
trade in American history in spite of low activity in some branches of industry at its beginning. Final and official returns reaching the Department
of Commerce from leading trade and industries show that the year marked
a continuance of the longest period of general business stability ever witnessed in the United States.
this without any appreciable increases in commodity stocks. The quantitative index of manufacturing production, the most complete measure of
industrial activity, exceeded the previous high record of 1927.
Construction Gains.
The construction industry, which for the last few years has
had such an
important part in creating new demands for manufactured products
and for
labor, showed considerably larger activity than has ever before
been recorded. The automobile industry regained its previous stride and
for the
year registered the largest production on record.
Retail trade, as reflected by the volume of business transacted
by mail
girder houses. 10-cent chains, and department stores, was also larger
than
in any previous year. The total volume of money turnover, as
indicated
by check payments (not counting New York City, where speculative stock
transactions greatly affect the total), showed a gain of 9%
over 1927,
which itself had made the highest record up to that time.
Agriculture, for the year as a whole, was on a sounder basis.
Prices of
livestock and animal products reached higher levels
and crop yields were
large, showing a gain of almost 8% over the average of the
last 10 years
and grain prices since August have been relatively low. The cotton
situation
has been about normal.
The output of electric power continued to increase rapidly,
reflecting
the wider use of electricity, both for domestic purposes and in
industry
where "Electrification" contributes to greater productive
efficiency and
output per worker. The production of steel for the first
time in history
practically reached 50.000,000 tons. Copper production by
smelters was
larger than in any previous year. New orders for machine tools
also reflected
the great industrial activity which was witnessed during the
year.
Silk Consumption Increased.
There are some of the major remits during 1928. Many
other less comprehensive indicators point to the same direction. Despite
the continued
large growth in rayon manufacture, the consumption of
silk by textile
manufacturers, with a gain of 334% over 1927, was about
twice as great
as in the so-called "silk-shirt" era of 1919. Shoe production
was slightly
larger than in 1927. The consumption of tin was
greater than in any
previous year. Cement output reflected the large demands
of the building
program. The record-breaking production of automobile
tires reflected
the high activity in the automobi e industry. Business
failures during
1928 showed smaller liabilities than in the preceding year,
although the
number of individual failures was larger.
In the textile industry, consumption of wool and cotton
showed curtailment of approximately 3 and 11%, respectively, from
the previous year
due to exceptional conditions peculiar to the industry, but
here indications
are not lacking that conditions have turned for the better.
The movement of freight on the railroads, for the year
as a whole, was
somewhat smaller than in 1927, but, during the closing
months, was heavier
than in the corresponding period the year before. The
index of factory
employment, which does not fully reflect the newer and
more active industries, averaged slightly lower than in 1927 in keeping with
the general
tendency to add to output by improved methods and greater
use of capital,
setting free workers to take part in the growing fields which
render services
as distinguished from making commodities. The closing
months of the
year recorded decided increase in employment.
Wholesale prices and the general index of cost of living,
although somewhat higher than in 1927, showed declines from 1925 and
1926.
Savings reached a new maximum in 1928, as indicated by gains
in savings
deposits, building-loan association resources and new life insurance
business.
The year just closed provided invaders larger dividends and
interest payments than ever before, while Christmas savings reached a
new high point.
Activity on the stock exchanges during 1928 was
unparallelled, while prices
for stocks reached new high averages.
The foreign trade of the United States showed larger exports
during 1928
than in any year since the close of the post-war boom,
when price levels
were much higher.The gain, as has been usual in
recent years, was largely
imports of manufactured goods, which were 8%
greater in value than in
the preceding year and considerably smaller than
in 1926, but the declines
are largely due to lower prices of silk and rubber.
If allowance is made for
the effect of lower prices, the resultant index
would disclose an almost
unbroken upward tendency in imports since 1921.
In all, American business closed its books at the end of
1928 with greater volume,broader stability
and wider markets than ever
before in history.
Country's Foreign Trade in December-Imports
and
Exports.
The Bureau of Statistics of the Department of
at Washington on Jan. 14 issued its statement on Commerce
the foreign
trade of the United States for December and the
12
ending with December. The value of merchandis months
e exported
in December 1928 was $475,000,000, as
compared with
$407,641,000 in December 1927. The imports
of merchandise are provisionally computed at
$338,000,0
00 in
December 1928, as against $331,234,000 in
previous year, leaving a favorable balanceDecember the
in the merchandise movement for the month of
December 1928 of
$137,000,000. Last year in December there
was a favorable trade balance on the merchandise
movement of $76,407,000. Imports for the 12 months of
1928 have been
$4,089,930,000, as against $4,184,742,000 for
sponding 12 months of 1927. The merchandis the corree exports for
the 12 months of 1928 have been
$5,129,132,000, against
$4,865,375,000, giving a favorable trade balance
of $1,039,-
TOTAL VALUES OF EXPORTS AND IMPORTS OF THE UNITED STATES.
(Preliminary figures for 1923, corrected to Jan 12 1929.)
MERCHAN DisE
December.
Exports
Imports
Excess of exports
Excess of imports
12 Months Ended Dec.
1928.
1927.
1928.
1.000
Dollars.
475,000
338,000
1.000
Dollars,
407,641
331,234
1,000
Dollars.
5,129,132
4,080,930
137,000
76,407
1,039,202
1927.
Inc. 1+)
Dec.(-1.
1,000
• 1.000
Dollars.
Dollars. ,
4,865,375 +263,757'
4,184,742
-94.812
680,633
EXPORTS AND IMPORTS OF MERCHANDISE, BY MONTHS.
1928.
1927.
1,000
1,000
Dollars. Dollars.
410,778 419,403
371,448 372,438
420,617 408,973
363,928 415,374
422,557 393,140
388,661 356.966
378,984 341,809
379,7.56 374,751
421,646 425,267
550,894 488,675
544,863 460,940
475,000 407,641
ExportsJanuary
February
March
April
May
June
July
August
September
October
November
December
12 mos. end. Dec
1925.
1,000
Dollars.
446,443
370,676
453,653
398,285
370,945
323,348
339,660
379.823
420,365
490,567
447,804
468,306
1924.
1923.
1,000
1,000
Dollars. Dollars,
395,172 335,417
365,782 306,957
339,755 341,377
346,936 325,492
335,089 316,359
306,981 319,957
276.649 302,186
330,660 310,966
427,460 331,434
527,172 399,199
493,573 401,484
445,748 426,666
5,129,132 4,865,375 4,808,660 4,909,848 4,590,984 4,167,493
ImportsJanuary
February
March
April
May
June
July
August
September
October
November
December
337,943
351,035
380,437
345,314
353,981
317,249
317,788
346.715
319,616
355,359
326,493
338,000
12 mos. end. Dec
1926.
1,000
Dollars.
396,836
352,905
374,409
387,974
356,699
338,033
368,317
384,449
448,071
455,301
480,300
465,369
356.841
310,877
378,331
375,733
346,501
354,892
319,298
368.875
342,154
355,735
344.269
331,234
416,752
387,304
442,899
397,912
320,919
336,251
338.958
336,477
343,202
376.86f
373,881
359,462
346.165
333.387
38.379
346,091
327.519
32., 216
325,24:,
340,08C
340,854
3741474
376,431
396,640
295.506
332,323
320,482
324,291
302,988
274,001
278,594
254,542
287,144
310,752
296,148
333,192
329,254
303,407
397,928
364,253
372,545
320,234
287,434
275,438
253,645
308.291
291,333
288,305
4.089.930 4,184,742 4,430,888 4,226,589 3.609.963 3,792,066
GOLD AND
siLvEn
December.
1928.
12 Mos. Ended Dec.
1927.
1,000
1,000
Gold-Dollars. Dollars.
Exports
1,636
77,849
24,940
10,431
Imports
Excess of exports
Excess of imports
SilverExports
Imports
1928.
1927.
1,000
Dollars.
560,759
168,887
1,000
Dollars.
201,455
207,535
67.418
•
(+)
Dec.(-).
1,000 '
Dollars.
+359,304
-38,648,
391,872
23,304
6,080
8,489
5.120
7,186
3,770
87,382
68,117
75,625
55,074
+11,757
+13,043
3.369
Excess of exports
3,416
19,265
20,551
Excess of Imports
EXPORTS AND IMPORTS OF GOLD AND SILVER, BY MONTHS.
Gold.
ExportsJanuary
February
March
April
May
June
July
August
September
October
November
December
Myer
1928.
1927.
1926.
1925.
1,000
Dols.
52,086
25,806
97,536
96,469
83,689
99.932
74.190
1,698
3,810
992
22,916
1.636
1,000
Dols.
14,890
2,414
5,625
2,592
2,510
1,840
1,803
1,524
24,444
10,698
55.286
77,849
1.000
Dols.
3,087
3,851
4,225
17,884
9,343
3,346
5,069
29,743
23,081
1,156
7,727
7,196
1,000 1,000 1,000 1,000 1,000
Dols. Dols. Dols. Dols. Dols.
73,526 6,692 7,388 9.763 11,385
50,600 7,479 6.233 7,752 6,833
25,104 7,405 6,077 8,333 7,917
21,604 6,587 6,824 7,612 9,323
13,390 6.712 6,026 7,931 6,536
6,712 7,456 5,444 7,978 8,522
4,416 6,16
6;650 7,921 8,349
2,136 9.246 5,590 8,041
6,784 6,229 6,627 7,243 8,285
7,427
28,039 7.252 5,945 7,279 8,783
24,360 7,674 5,634 6,794 8,118
5,968 8.489 7.186 5,610 7,689
1928.
1927.
1926.
1925.
12 mos.end.Dec 560,759 201,45.5 115,708 262,640 87,332 75,625 92,2.58 99,123
Imports38,320 59,355 19,351 5,038 6,305 5,151 5.763
January
7.339
14,686 22,309 25,416 3,603 4,658 3,849 8,863 4,929
February
2,683 16,382 43,413 7,337 5,134 4,308 5,539 6,661
March
5,319 14,503 13,116 8,870 4.888 3,315 6,322 4,945
April
1,968 34,212 2,935 11,393 4,247 5,083 4,872 3,390
May
20,001 14,611 18,890 4.426 6,221 4,790 5,628 4.919
June
10,331 10,738 19,820 10,204 6,544 4,288 5,949
July
2,445 7,877 11,979 4,862 6,496 4,856 5,988 5.230
August
7.273
4.273 12,979 15,987 4,128 5,739 4,992 7,203 4,504
September
14,331 2,056 8,857 50,741 7,319 5,069 5,098 5,602
October
29,591 2,082 16.738 10,458 5,448 5,102 3,941 4,049
November
24,940 10,431 17,004 7,216 5,120 3,770 4.430 5,747
December
12 mos.end.Dec 183.887 207.535 213.504 128.272 RR 117 au eva fili ses a,' son
Bank of Montreal Finds Business Activity Well Sustained Following Christmas Holidays.
In its "Business Summary," presented in its Jan. 23 issue,
based on information received from its branches throughout
Canada and from its offices abroad, the Bank of Montreal
says in part:
484
In the month following the Christmas holidays, which normally witnesses a slowing down of business activity, trade and commerce are well
sustained. The fact that industry generally has been able to take up the
seasonal slack in labor has resulted in purchasing power being well distributed among all classes in every part of the Dominion, with resulting benefit
to the retail trade interested in the clearance of carried-over supplies. Many
factors would seem to ensure that this general activity, with ensuing large
'employment of labor, will be maintained. Most of the basic manufacturing
industries are well booked up with orders, this being particularly the case
'with the iron and steel industry, which has just received added stimulation
from the placing of large contracts for railway equipment. An extensive
program of railway construction has been prepared, to be supplemented
by much road-making for motor traffic in all the Provinces. Bridge building
on a large scale will be undertaken In Quebec, and while apartment houses
may not be rushed with the rapidity of the last three years, nor office structures, the supply of which in the larger cities appears to be temporarily
adequate, permits taken out and contracts made assure a very substantial
amount of construction. Mining prospects and development attract much
attention, with promise of steadily incresing output. Foreign trade continues to pursue its upward trend with close approximation in value of imports and exports. Lower prices affect adversely profits of newsprint
manufacturers, but quantity production is fully maintained. Lack of
snow has been a drawback to lumbering operations, but recent low temperatures the country over, and especially in the Western Provinces, have
stimulated belated purchases of winter clothing. Farm products find a
ready market at fairly profitable prices.
Continued activity in building construction is reflected in the figures for
December, which show the value of permits issued in 63 Canadian cities for
erection of dwellings, office structures, &c., to have been $16,742,000, or
$7,000.000 more than in the corresponding month of the preceding year,
and $10,300,000 more than in December 1924. Considering the season,
this is a remarkably large placement of permits. Notable, too, is the fact
that the growth of building permits has been continuous for now four years,
the total value in 1928 reaching $220,265,000, as compared with $125,029,000 in 1925, and that the figures have not been swollen by rising cost
of materials, the average prices of building materials having declined from
153.7 to 149.3 within the same period of time. The foregoing figures do
not include expenditures upon engineering works. . . .
No official announcement has yet been made of a successful conclusion
of efforts to stabilize the price of newsprint. Declared value of newsprint
exports In December was $13,408,600, or $2,330.000 more than in the corresponding month of the preceding year, and the value per hundredweight
$3.15 as against $3.27, making the average price $63 per ton last month.
Taking mere volume of manufacture, the industry at the present time has
reached an unprecedented figure, production in December having been
208,484 tons, and in the year recently ended 2.381,102 tons of newsprint
were made in Canada, or nearly 1,000,000 tons more than the production
in the United States. Yet, despite rising consumption. Canadian mills
operated last month at only 84.3% of capacity. . . •
Railway earnings have not of late shown the large gains reported for
many weeks after the harvest, and are running more on a parity with the
corresponding period last year. The extraordinary rapidity with which
the wheat crop was marketed accounts for the slowing down, but the movement of general merchandise is well maintained, and on Jan. 12 of this
year the visible supply of wheat in Canada, 159,284.000 bushels, was
46,000.000 bushels larger than at the same date In 1928.
Canada's Prosperity in 1928-Survey by Bank of
Nova Scotia.
"Canada has experienced a degree of prosperity during
1928 exceeding all expectations held twelve months ago,"
says the Bank of Nova Scotia in its survey of business conditions in the Dominion. From this survey, appearing in
the January issue of the bank's "Monthly Review," we
take the following:
Canada has experieced a degree of prosperity during 1928 exceeding all
expectations held twelve months ago. For four successive years there has
been an unbroken process of expansion, and current indications warrant
the belief that this will continue for some time to come. A record volume
of retail trade and a 16% increase of industrial production have made for
continued confidence.
A large crop has again been gathered and has been moved to the seaboard
and overseas more quickly than smaller crops have ever been transported
in former seasons. Wheat prices, during the latter half of the year, were
uncertain and caused some apprehension; but reference to the bank's
calculation of the purchasing power of a bushel of wheat shows that this is
at present only 2% below the five-year average.
For the last quarter the bank's indices of employment for the Dominion
as a whole and for the principal geographic areas have changed as fo lows:
FLUCTUATION OF EMPLOYMENT. ADJUSTED FOR SEASONAL VARIATION AND EXPRESSED AS A PERCENTAGE OF THE FIVE-YEAR
AVERAGE 1922-26.
Oct. 1. Nov. 1. Dec. 1.
Canada:
122.9
122.0
121.7
General industrial employment
121.9
121.2
120.5
Employment in manufacturing industries
177.3
173.2
168.2
Employment in building construction
111.6
110.4
112.1
Maritime Provinces: General
124.1
123.2
119.9
Province of Quebec: General
123.5
122.9
Province of Ontario: General
121.6
129.5
129.7
129.3
Prairie Provinces: General
120.5
120.4
120.2
British Columbia: General
From the standpoint of wage earners generally, the year just closed has
been one of continuous good fortune. The working force employed in all
industries increased during 1928 by more than 9%. At the same time the
working force employed in building construction increased by no less than
28%.
Winter in Canada Finds Labor at Peak, According to
S. H. Logan of Canadian Bank of Commerce.
The volume of employment in Canada is greater than in
any previous winter period, says General Manager S. H.
Logan of the Canadian Bank of Commerce in his January
summary of Canada's economic position. Mr. Logan points
out that the Canadian winter climate, generally regarded as
conducive to widespread idleness, and which curtails certian
forms of lqi;Lor, is stimulating employment in many directions. To determine the outlook for winter employment,
in addition to analyzing the Government statistics, the
Canadian Bank of Commerce asked for special reports from
[VOL. 128.
FINANCIAL CHRONICLE
the managers of the more than 800 branches of the bank
throughout the Dominion. Inquiries also were made of
employers, employment agencies and trade unions with a
view of obtaining a true picture of the national employment situation.
"During the past summer and autumn," says Mr. Logan
"employment was available for practically every ablebodied and willing man, the widest avenues for labor being
in construction and the manufacturing industries, in which
operations were at the highest levels ever reached. Indeed
some manufacturers were short of skilled labor." He adds:
As might be expected in a country of this size, ejceptional conditions
have been noted in some of the reports submitted on the winter situation
by some of our branch managers. Weather unusually mild for this season
has been helpful to farmers and builders, but detrimental to lumbermen
in most Provinces where forest operations are conducted on a large scale.
Indolent and incapacitated men, and those without any fixed abode or
definite mission in life are to be found this season, as always, particularly
in the largest centres. Furthermore, the demand for unskilled labor has,
as is natural, fallen off, and at one point a large automobile manufacturing
plant was shut down earlier than in 1927 to prepare for the introduction
of new models, and at another operations, artificially stimulated during
the summer by a large accumulation of orders, are now on a normal basis
with fewer men employed.
It is significant, however, that with only one exception the many reports
received state that conditions affecting employment are more favorable
than a year ago, while several of those from industrial points note a rapid
absorption of labor released from country districts following the cessation
of harvesting, fall plowing and planting on farms, as well as of that displaced by insolvency of employers, introduction of labor-saving devices
and completion or suspension of construction projects. The advices from
relief organizations are to the effect that fewer appeals for assistance have
been received and that much less distress is anticipated than in former years.
It cannot be said that every man physically and mentally fitted for work
Is employed (such an ideal situation never exists), but it is the case that the
volume of employment is greater than in any previous winter period, and
that the prospects are for a continuance of the rising trend which has been
noticeable since 1925.
Report on Wholesale and Retail Trade in Philadelphia
Federal Reserve District.
The Federal Reserve Bank of Philadelphia makes publie
the following statistics covering wholesale and retail trade
in the District during December:
ADVANCE REPORT ON WHOLESALE TRADE IN THE PHILADELPHIA
FEDERAL RESERVE DISTRICT FOR THE MONTH OF
DECEMBER 1928.
Stocks at End of Mo.
Net Sales During Month.
Compared Compared Compared Compared
Index Numbers
with
with
with
with
(P. Ct. of 1923-1925
Same
Previous
Same
Previous
Monthly Average
Month
Month.
Month
Month
Last Year.
Last Year.
Nov. 1928 Dec. 1928
Boots and shoes_ - _
98.1
Drugs
*106.5
Dry goods
*82.4
Electrical supplies**
Groceries
•102.2
Hardware
*92.2
Jewelry
•140.6
Paper
103.1
83.0
131.7
63.8
-15.4% -23.1%
+21.1
+23.7
-11.3
-22.6
97.7
94.8
229.6
89.5
-4.4
+2.8
+63.3
-13.2
+0.7
-4.1
+2.1
-4.4
Accounts Outstanding
at End of Month.
L
7
8-.5%
-1.2
-5.1
-20.8
-4.2
+4.3
-6.6
+11.4
-0.1
Collections
During Month.
Compared Compared Ratio to Compared Compared
with
with
Net Sales
with
with
Same
During Previous
Same
Previous
Month
Month
Month
Month
Month
Last Year
Last Year
Boots and shoes
Drugs
Dry goods
Electrical supplies**
Groceries
Hardware
Jewelry
Paper
-12.4% -11.6%
+13.7
-3.3
-14.9
-13.8
-6.8
-5.6
+14.3
-12.9
• Revised. "Only two firms reported.
-1.2
-5.4
+1.8
-6.2
428.0% +21.2% -23.6%
106.8
+18.1
+11.3
242.1
-11.9
+18.7
127.3
183.6
253.9
139.5
+0.0
-6.2
+96.8
+4.7
-2.0
-16.8
-1.4
+5.3
ADVANCE REPORT ON RETAIL TRADE IN THE PHILADELPIIIA FEDERAL RESERVE DISTRICT FOR THE MONTH OF DECEMBER 1928.
Net Sales.
Imdez Numbers
of Sales
(% of 1923-25 Dec. 1928 Jan. 1
to
Monthly Av'ge Compared
Dec. 31
with
Dec. Dec.1927. 1928.
Nov.
-0.5
All reporting stores
118.4 174.3
-1.0
Department stores
111.4 173.0
-1.5
In Philadelphia
+0.3
__
___
Outside Philadelphia_
+3.5
Apparel stores
146.2 191.6
Men's apparel stores_ _ 125.0 185.1
+0.5
-3.2
___
In
___
__
-3.9
__
_
Philadelphia_+4.7
154.5 194.2
Women'sapparelstores
OutsidePhiladelphia-+5.3
___
In Philadelphia__ _
___
-------0.1
OutaidePhiladelphla
-5.2
Shoe stores
114.7 155.3
+1.6
Credit stores
146.0 163.9
Stores in:
-0.8
Philadelphia
118.4 170.9
Allentown, Bethlehem
-1.0
and Easton
118.8 191.1
-1.0
Altoona
107.8 188.6
+1.3
Harrisburg
106.3 174.2
-4.2
Johnstown
79.9 130.6
+0.2
Lancaster
114.1 188.9
-5.1
Reading
100.7 178.9
-0.9
Scranton
137.2 174.8
+0.3
Trenton
105.2 185.1
+4.2
Wilkes-Barre
117.0 186.5
Williamsport*
+6.9
130.1 226.6
Wilmington
+9.3
123.1 221.2
York
___
___
+0.2
All other cities
Stocks at
End of Month
Compared with
Month
Ago.
Year
Ago.
-20.3
-20.6
-20.5
-20.7
-11.4
-12.6
-16.3
-4.2
-2.811-5-ii
-2.0
-15.9
-4.1
-14.0
+0.9
-26.2
+1.0
-25.6
-0.7
-29.5
+1.1
-7.6
+7.2
-17.4
-9.3
-8.9
-9.6
-10.9
-12.5
-1.8
-2.7
-20.6
-14.3
-3.4
-2.2
+2.8
-8.2
+1.1
-0.9
-4.9
-0.6
+2.0
-18.7
-17.5
-21.8
____
-21.5
-22.4
-23.4
-25.2
-21.4
-8.3
-3.0
+1.0
_--3.7
-6.5
-13.3
-10.4
+2.1
+5.7
----2.8
-15.4
-24.0
-16.9
-0.8
+6.6
-6.0
-2.4
-3.2
-3.9
-1.4
+10.8
-5.1
FINANCIAL CHRONICLE
1928.
1927.
3.65
3.54
3.79
2.96
3.52
3.42
3.62
2.94
2.93
3.44
2.15
6.66
7.21
4.09
2.53
3.24
2.81
3.25
2.14
6.70
7.12
4.51
2.93
2.65
+3.8
+10.8
-5.3
+10.7
4.01
2.39
2.82
2.88
3.82
2.58
2.95
2.68
+0.1
+9.2
+3.8
+14.4
Ybi
2.78
3.52
3.79
2.98
2.91
2.91
3.47
3.45
2.93
3.00
2.84
2.61
2.48
AUTOMOBILE PRODUCTION
(Number of Machines
+4.1
+5.7
Total
Passenger
Cars
Canada
Trucks
Passenger
Cars
Trucks
Total
-rY.6
-2.5
+10.7
+1.3
-9.4
+12.1
+3.3
+18.5
+9.8
+13.2
+24.3
+11.6
+6.6
1926.
139
124
131
156
137
The report adds:
Business of automotive wholesalers, which has been on the upgrade since
early in the summer, closed 1928 at a high level and will show further
expansion in coming months as car registration will show a large increase.
The grand index of shipments to the car and truck manufacturers and
the wholesale trade by a large and representative group of M. E. A. members in Necember was 151% of the January 1925 index as compared with
153 in November and 109 in December last year.
Business of original equipment makers in December was 161% of January,
1925 as compared with 163 in November,200 in October and 111 in December last year,
Shipments to'the trade by manufacturers of service parts last month
were 131% of January 1925, as compared with 149 in November, 184 in
October and 126 in Necember a year ago.
Accessory sales to the wholesale trade in December were 73% as compared with 78 in November, 911n October and 61 in December last year.
Shipments of makers of service equipment, that is, garage machinery
and tools, last month were 120% as compared with 122 in December and
104 in December last year.
176,870
181,270
158,760
148,009
116,644
79,455
165,616
167,756
144,670
134,774
106,081
70,727
11,254
13,514
14,090
13,235
10,563
8,728
4,314
2,845
2,938
2,093
1,846
1,639
4,006
2,561
2,634
1,799
1.537
1,355
308
284
304
294
309
284
Total
861.008
789,624
71,384
15,675
13,892
1,783
89,374
117,871
171.487
219.394
255.622
278,876
245,755
270,838
203,927
232,824
232,923
225,285
80,194
104,936
152,311
197,903
232,439
252.704
223,823
246,867
184.485
211,164
210,955
205.142
9,180
12,935
19,176
21,491
23,183
26,172
21,932
23,971
19,442
21,660
21,968
20,143
5.050
7,423
10,538
11,472
13,024
11,069
7,192
6,874
7,117
6,504
7,729
8,061
4.629
6,907
9,892
10,640
12,195
10,423
6,731
6,266
6.671
5,868
7,145
7,537
421
516
646
832
829
646
461
608
446
638
584
524
2,544,176
2,302,923
241,253
102,053
94.904
7,149
245,889
278.091
359,476
379,138
395,555
380,110
331,844
348,216
327,720
366,461
314,504
307,008
224,549
254,808
324,314
340,283
350,279
338,424
300,896
317,141
300,647
335,836
286.006
277,947
21,340
23,283
35,162
38,855
45,276
41,686
30,948
31.075
27,073
30.625
28,498
29,061
10.130
12,039
15,124
15.948
18,701
14.915
11,882
10,356
9,617
9,403
9,171
9,252
9.341
10.910
13.742
14.331
16,705
13,299
10.475
8,742
8,272
7,964
7,602
7,845
789
1.129
1,382
1,617
1,996
1,616
1,407
1,614
1.345
1,439
1,569
1,307
4,034,012
3,651,130
382,882
146,438
129.228
17,210
318,589
370,569
383,424
375,868
315,177
251,800
269,812
284,693
296,382
294,553
234,611
207,062
287.198
337,045
347,164
337,238
277,284
220,794
242,177
254,610
262,695
260,244
204,323
179,233
31,391
33.524
36,260
38,630
37,893
31,006
27,635
30,083
33,687
34,309
30,288
27,829
11,588
13,751
17,234
16,381
17.044
11,707
9,726
6,316
7,939
7,627
7,043
8.890
9,841
12,072
15,194
14,448
15,291
10,757
8,619
5.436
6,588
6,357
5,962
7,200
1,747
1,679
2,040
1.933
1,753
950
1,107
880
1,351
1,270
1,081
1,690
3,602,540
3,210,005
392,535
135,246
117,765
17,481
240,579
283,638
374.406
433,792
419,056
398,524
398,947
260,236
325,728
441,981
372,271
316,672
8,301
10,779
13,014
15,515
18,351
14,249
11,140
7,430
10,372
13.921
8,741
7,498
1,565
1,693
2,089
1,576
1,888
1,794
1,845
1.486
2,480
1.694
2,237
1,731
161,389
139,311
22,078
15.479
18,838
22,374
21,502
24,934
21,751
15,208
15,285
17,495
14,670
9,828
*7,363
11,781
14,761
17,989
17,929
21.429
18,818
*12,847
*12.782
*13,483
*10,600
6.774
*5,663
3.698
4,077
4,385
3,573
3,505
2,933
*2,361
*2,503
*4,012
*4,070
3,054
1,700
*204,727 *164,856
*39,871
1922.
January
February
\Larch
kpril
May
lune
July
Migust
3eptember
October
November
December
Total
1923.
January
February
March
April
May •
June
July
August
3eptember
October
November
December
Total
1924.
January
February
March
April
May
June
July
August
September
October
November
December
Total
1925.
January
February
March
April
May
June
July
August
September
October
November
December
Total
1926.
January
February
March
April
May
June
July
August
September
October
November
December
Total
1927.
January
February
March
April
May
June
July
August
September
October
November
December
4,265,830
3,768,993
308,998
363,852
433,467
439,336
425.167
386,269
359,610
426,851
398,938
334,421
256,301
167,924
278,995
326,672
388,703
389,954
378.826
343,388
320,411
383,227
354,355
292,562
222,419
139,850
4,301,134
3,819,362
481,772
238,908
304,735
394,513
406,382
405,648
323,817
269,396
309,994
260,310
219,682
134,370
133,571
199,650
264,171
346,031
358,682
358,725
280,620
237.811
275,585
226,443
183,042
109,758
106,083
39,258
40.564
48,482
47,700
46.923
43,197
31,585
34,409
33,867
36,640
24,612
27,488
496,837
30,003
37,180
44,764
49,382
46.341
42,881
39,199
43,624
44,583'
41,859
33,882
28,074
ONM..0.1000000
1927.
150
135
112
155
146
filly
Migust
3eptember
October
November
December
001,-.000000000N
ON 10t 00NON 1000
1928.
199
155
103
144
184
United States
1921
Automotive Parts-Accessory Makers Start New Year at
Rapid Pace-1928 Was Record Business Year.
Having closed 1928 with a record of business far in excess
of any previous year, manufacturers of automotive parts
and accessories are proceeding in January on expanded
schedules, getting, according to the Motor and Equipment
Association, a flying start on a year that will apparently see
1928 records exceeded by a comfortable margin. The year
was the biggest twelve month period for suppliers of original
equipment to car and truck manufacturers and of replacement parts to the trade, according to the Motor and Equipment Association, which, it is proper to say, is composed of
approximately 800 manufacturers and wholesalers of automotive parts and equipment. Averages of their monthly
business last year, similar to the average of business for
motor vehicle makers, was well ahead of 1927 and also of
1926, the previous record year. December business for all
groups was better than December 1927.
Accessory and garage repair equipment makers had a
satisfactory year but closed 1928, it is stated, with a business volume average somewhat below the two preceding
years. Garage repair equipment makers had an unusually
prosperous year in 1927.
The average of monthly shipments for each group last
year, together with a combined average for all groups, on
an index basis of 100 as of January 1925, as compared with
1927 and 1926, is given below:
Original equipment
Service parts
Accessories
Service equipment
Average for all groups
elude taxicabs and those for trucks include ambulances,
funeral cars, fire apparatus, street sweepers and buses.
Canadian figures have been supplied by Dominion Bureau
of Statistics since January 1926.
ert,,MW N N .03W
OMMON.NNMNM
,
-,
CONNt.-tsWNOINM ,
OC.
All reporting stores
Department stores
In Philadelphia
Outside Philadelphia
Apparel store
Men's apparel stores
In Philadelphia
Outside Philadelphia
Women's apparel stores
In Philadelphia
Outside Philadelphia
Shoe stores
Credit stores
Stores in:
Philadelphia
Allentown, Bethlehem and Easton
Altoons
Harrisburg
Johnstown
Lancaster
Reading
Scranton
Trenton
Wilkes-Barre
Williamsport*
Wilmington
York
All other cities
*Only two firms reported.
Accounts Collections
During
Receivable
Month
at End of
Mo.Com- Compared
pared with
with
Year Apo. Year Apo.
DN
t,
ZWWNMWWWWWt,
Stocks Turnover
Jan. 1 to Dec. 31.
485
wwcomeuchaA,Acoto.
lolAr,"6WO,Z.kb.14:4
p.cocpt000cn,v.
JAN. 26 1929.]
15,376
18,655
22,623
24,611
25,708
19,208
10,987
12,526
11,262
7.748
6,617
3,106
11,745
14,826
19,089
20,890
21,991
16,470
8,719
10,139
8,681
*6.225
5,173
2,234
3,631
3,829
3,534
3,721
3.717
2,738
2,268
2,387
2,581
*1,523
1,444
872
01-.NN43-CONP.Z.;4,
41.4.
00000'00CWW0,,
INCO
OCOIWCAO.N.CIAW
WtO
N,WCACAMG,
-4,0-awowo<occ
,
4.L.Q4,
00
IWNOW .
CO.,
Automobile Production in December and the Calendar
Total
3,401,326 2,946,601 454,723 *178,427 *146,182 *32,245
Year.
1928.
December production (factory sales) of motor vehicles in January
231,728
205,646
1,758
6,705
323,796
291,151
the United States, as reported to the Department of Com- February
2,189
10,315
March
413,327
371,821
15,223
2,246
410,104
merce, was 233,135, of which 205,144 were passenger cars April
364,877
3,694
20,517
May
425,783
375,863
4.178
29,764
and 27,991 were trucks, as compared with 256,935 passenger June
396,796
356,622
3,058
25,341
392,076
338,792
20,122
5,104
cars and trucks in November and 133,571 in December 1927. July
August
461,298
400,593
24,274
6.971
415.294
358,872
The 1928 output of passenger cars was 3,826,613, or 29.9% September
4,621
16,572
October
397.112
339,976
5,520
13,016
greater than in 1927, while that of trucks was 530,771, or November
256,935
217,256
3,615
8,154
233,135
205,144
2,691
6,734
16.7% larger than for the previous year. The totals here- December
,.. 4.357.384 3,826,613
Total
530,771 1242,382 196,737
45,645
tofore published have been revised for certain months because of corrections made by some manufacturers.
The table below is based on figures received from 152 manuLumber Demand in Another 20% Gain.
facturers in the United States for recent months, 47 making
A lumber demand more than 20% greater than was shown
passenger cars and 119 making trucks (14 making both during the previous week
was indicated for the third week
passenger care and trucks). Figures for passenger cars in- of the year by reports from
807 hardwood and softwood
486
[VoL. 128.
FINANCIAL CIIRONICLE
mills to the "National Lumber Manufacturers Association"
for the week ended Jan. 19. Aggregate new business in both
the hardwood and softwood fields called for 417,281,000
feet, which represents not only a strong recovery from the
holiday season, (a 20% increase having been reported for
the week ended Jan. 12) but an unusually high demand
in itself. Both the hardwood and softwood mills shared in
the increased business. With only 5 more hardwood units
reporting, the new orders for the week of Jan. 19 amounted
to 61,357,000, as against 42,504,000 the previous week.
With 7 fewer mills reporting, the demand for softwood
rose to 355,924,000 feet, as against 304,372,000 feet the
previous week. An increase of less than 4,000,000 feet
in production was reported, although there was a slight
improvement in shipments.
Automobile and furniture manufacturers are active inquirers for hardwood, and the increased demand in this field
is believed largely to reflect their requirements. Mill and
yard stocks have been low in the softwood field, and the
demand for softwood may reflect an effort to round out
yard stocks, as well as to meet spring business, expected to be
large, continues the "Association," which further states:
Unfilled Orders Increase.
The unfilled orders of 337 Southern Pine and West Coast mills at the
end of last week amounted to 962,577,850 feet, as against 910,358,432 feet
for 337 mills the previous week. The 147 identical Southern Pine mills
in the group showed unfilled orders of 254,033,850 feet last week, as against
243,283,432 feet for the week before. For the 190 West Coast mills the unfilled orders were 708,544,000 feet, as against 67,075,000 feet for 190
mills a week earlier.
Altogether the 523 reporting softwood mills had shipments 96%, and
orders 118%, of actual production. For the Southern Pine mills these
percentages were respectively 96 and 111; and for the West Coast mills
87 and 114.
Of the reporting mills, the 523 with an established normal production
for the week of 301,667,000 feet. gave actual production 100%, shipments
96% and orders 118% thereof.
The following table compares the lumber movement, as reflected by
the reporting mills of eight softwood, and two hardwood, regional associations, for the two weeks indicated:
Past Week.
Preceding Week 1929
(Revised).
Softwood. Hardwood
Softwood. Hardwood
5301
345
350
523
300,436,000,53,066.000 296,120,000 52,766,000
289,851,00050,712,000 278,139,000 45,469,000
355,924,000,61,357,000 304,372,000:42,504,000
Mills (or units
.
)
Production
Shipments
Others (new business)
A unit is 35,000 feet of daily production capacity•
units the week before reported production as 10.841.000 feet. There were
heavy increases in shipments and new business last week, due to the larger
number of reporting mills.
The Hardwood Manufacturers Institute of Memphis, Tenn., reports
production from 284 units as 41,368,000 feet as against a normal production
for the week of 51,115,000. Two htindred and seventy-eight units the
week before reported production as 38,515,000 feet. Shipments showed
some increases last week, and new business an increase of approximately
20,000.000 feet.
Detailed softwood and hardwood statistics for reporting mills of the
comparatively regional associations is given below:
LUMBER MOVEMENT FOR THREE WEEKS AND FOR WEEK ENDED
JAN. 19 1929.
Normal
Production
Association-Production. Shipments.
Orders.
for Week.
Southern Pine-3 weeks
198,668,000 189,587,000 198,031,000
Week (147 mills)
71,419,000 68,521,000 79,271,000 79,218,000.
West Coast Lumbermen's—
Three weeks
447,386,000 412,376,000 495,195.000
Week (194 mills)
170,060,000 147,507,000 193,0.53,000 164,016,006
Western Pine Mfrs.-3 weeks
63,481,000 76,792,000 86,126,000
Week (34 mills)
22,625,000 29,396,000 35,220,000 16,060,000
California White & Sugar Pine—
Three weeks
39,832,000 61,891,000 58,545,000
Week (20 mills)
10,416,000 18,715,000 17,438,000
8,454,000'
California Redwood-3 weeks__ _ 18,844,000 18,516,000 21,609,000
Week (13 mills)
6,594,000 6,810,000
7,627,000
7,425,000
North Carolina Pine-3 weeks
28,806,000 28,882,000 23,658,000
Week (73 mills)
10,339,000 9,616,000
7,978,000 15,210,000
Northern Pine Mfrs.-3 weeks
11,756,000 19,224,000 22,179,000
Week (9 mills)
4,068,000 6,632,000 10,475,000 6,111,000
Northern Hemlock & Hardwood—
15,919,000
8,579,000 11,614,000
Softwoods-3 weeks
Week (33 mills)
4,915,000 2.654,000
4,862,000 5,173.000
Softwoods total-3 weeks_ _ _824,692,000
Week (523 mills)
300,436,000
Northern Hemlock & Hardwood—
35,341,000
Hardwoods-3 weeks
Week (66 units)
11,698,000
Hardwood Mfrs. Ins.-3 weeks 108,956.000
Week (284 units)
41,368,000
815,847,%0 906,957,000
289,851,000 355,924,000
24,881,000 26,279,000
9,497,006 9,193,000 13,790.000
110,559,000 117,328,000
41,215,000 52,164,000 51,115,000
Hardwood total-3 weeks_ _ ..l44,297,000 135,440,000 143,607,000
Week (350 units)
53,066,000 50,712,000 81 357,000
West Coast Lumbermen's Association Weekly Report.
According to the West Coast Lumbermen's Association,
reports from 191 mills show that for the week ended Jan. 12
1929 orders were 3.73% under production, while production
exceeded shipments by 15.16%. The Association's statement follows:
WEEKLY REPORT OF PRODUCTION, ORDERS AND SHIPMENTS.
191 mills report for week ended Jan. 12 1929
(All mills reporting production, orders and shipments for last week.)
Shipments.
Orders.
Production.
137,846,813 feet
156,409,330 feet
162,462,405 feet
15.16%
under production
production
under
100%
3.73%
COMPARISON OF ACTUAL PRODUCTION AND WEEKLY OPERATING
CAPACITY (229 IDENTICAL MILLS).
(All mills reporting production for 1928 and 1929 to date)
• Weekly
Average Weekly
Actual Production
Average Weekly
Operating
PrOd244a0ri
Week Ended
Production 2 Weeks
Capacity.
During 1928.
Jan. 12.
Ended Jan. 12.
243,042,427
feet
feet
192,022,669
179,393,699 feet
153,763,500 feet
* Weekly operating capacity is based on average hourly production for the 12
per
week.
operating
hours
number
of
last months preceding mill check and the normal
West Coast Movement.
The West Coast Lumbermen's Association wires from Seattle that
new business for the 190 mills reporting for the week ended Jan. 19 totaled
190,993,000 feet, of which 74,851,000 feet VMS for domestic cargo delivery,
and 33,157.000 feet export. New business by rail amounted to 74,616,000
WEEKLY COMPARISON FOR 190 IDENTICAL MILLS-1928-1929.
feet. Shipments totaled 144.388,000 feet, of which 48,494,000 feet moved
coastwise and intercoastal, and 27,441,000 feet export. Rail shipments (All mills whose reports of production, orders and shipments are complete for the
last Jour weeks.)
totaled 60,083,000 feet, and local deliveries 8,369,000 feet. Unshipped
Dec. 22.
Dee. 29.
Week Ended—
Jan. 5,
Jan. 12.
orders totaled 708,545,000 feet, of which domestic cargo orders totaled Production
74,413,844 168,713.793
162,402,405 113,719,389
(feet)
feet.
trade
192.472,000
and
rail
feet
259,201,000
foreign
256,81,000 feet,
156,359,330 133,642,044 119,441,442 163,279,988
Weekly capacity of these mills is 218,235,000 feet. Two weeks, Jan. 1 to Orders (feet)
60,701,838
46,591,878
53.597,539
Rail
59,811,782
12, orders from 122 identical mills were 7.05% above production; shipments
46,279,050
42,362,925
46,891.544
Domestic
cargo
67,576,332
.02%
in
1.01 ''); over production. The same mills show a decrease of
38,665,786
22,861.275
22,554.877
Export
19,885,215
7,633,314
6,625,964
10,598,084
inventories Jan. 12, as compared with Jan. 1.
Local
9,086.001
'Southern Pine Reports.
The Southern Pine Association reports from New Orleans that for 147
mills reporting, shipments were 4.06% below production and orders 10.99%
above production and 15.69% above shipments. New business taken
during the week amounted to 79,271.184 feet, (previous week 69.821,040):
shipments 68,520,766 (previous week 62.048,912); and production 71,419.167 feet, (previous week 65,580,443). The normal production (three-year
average) of these mills is 79.218,137 feet.
The Western Pine Manufacturers Association of Portland. Oregon,
reports production from 34 mills as 22,625.000 feet, as compared with a
normal production for the week of 16,060,000 and for previous week 24..153,000. Shipments were slightly larger last week and new business
considerably larger.
The California White and Sugar l'ine Manufacturers Association of
San Fro ocisco. reports production from 20 mills as 10,416,000 as compared
with a normal figure for the week of 8,454,000. Eighteen mills the week
before reported production as 12,945.000 feet. There were nominal increases
in shipments and new business.
The C.,!Kornis Redwood Association of San Francisco, reports production fruit. 13 tullis as 6,594,000 feet, compared with a normal figure of 7,425.000, and for the preceding week 6,883,000. Shipments were slightly
larger last week, and new business slightly less.
The North Carolina Pine Association of Norfolk. Va., reports production
from 73 mills as 10,339,000 feet, against a normal production for the week
of 15,210.000. Seventy-four mills the previous week reported production
shipments and
as 10.259,000 feet. There were no noteworthy changes in
orders last week.
Minn.,
Minneapolis,
Pine
Northern
Manufacturers
Association of
'the
reports production from 9 mills as 4,068,000 feet, as compared with a normal
figure for the week of 6,111,000. Shipments were slightly larger last week,
and Ile%1 business nearly doubled.
The Northern Hemlock and Hardwood Manufacturers Association of
Oshkosh, Wis., (in its softwood production) reports production from 33
mills as 1,915.000, as compared with a normal production for the week of
5.173,000. Twenty-eight mills the week earlier reported production as
4.646,0(10 feet. Shipments and new business showed some increases last
week.
Hardwood Reports.
of
The Northern Hemlock and Hardwood Manufacturers Association
oehhoeh. Wis.. reports production from 66 units as 11,698,000 feet, as
compared with a normal figure for the week of 13,790,000. Forty-two
126,774,168
40,588,289
43,190,850
32,396,945
10,598,084
118,557,644 135,813,436
Shipments(feet)
Rail
Domestic cargo
Export
Local
137,842,403
53,253,568
47,817,504
27.685,330
9,086,001
Unfilled orders (feet)
667,075,171 652,736.590 633,540,023 629,313,779
181,129,598 175,601,796 141,826,629 142,003,287
229,572.729 201,457,113 199,210,807 194,760,685
256,372,844 266,737,681 292,502,587 292,549,807
Rail
Domestic cargo
Export
31,281,022
40,545,593
40,105,064
6,025,964
54,602,317
36,494,104
37,083,701
7,633,314
105 IDENTICAL MILLS.
(All mills whose reports of production, orders and shipments are complete for 1928
and 1929 to date.)
Average 2
Average 2
Weeks Ended
Weeks Ended
Week Ended
Jan. 12 1929.
Jan. 14 1928.
Jan. 12 1929.
88,492,553
103,831,574
Production (feet)
89,419,312
89.927,065
99,680,436
Orders
89,786,510
83.555,539
91.153,357
Shipments
77,056.184
Increased Production of Canadian Newsprint During
December and the Year 1928.
From the Montreal "Gazette" of Jan. 17 we take the following:
Production of newsprint In Canada during December 1928 amounted
to 208,484 tons and shipments to 215,133 tons. Production in the United
States was 115,049 tons and shipments 115.033 tons, making a total united
States and Canadian newsprint production of 323,533 tons and shipments of
330,166 tons. During December, 18,674 tons of newsprint were made in
Newfoundland and 1,724 tons in Mexico, so that the total North American
production for the month amounted to 343,931 tons.
Adding to the production of the regular newsprint mills reporting monthly
throughout the year, the small amount made by mills whose product Is
chiefly other grades, the total North American output of newsprint paper
in 1928 was 4,043,780 tons, of which 2,381.102 tons was made in Canada,
1.414,952 tons in the United States, 230,745 tens in Newfoundland, and
16.981 tons in Mexico. The Canadian output was 14% more than in 1927,
that in the United States 4.8% Jew with a gain of 13.7% in Newfoundland
and 20% in Mexico, making a total increase of 254,347 tons, or 6.7%.
During December the Canadian mills operated at 84.3% of rated capacity
and the United States mills at 83.7%. Stocks of newsprint paper at Canadianlmills totaled 19,139 tons at the end of December and at United States
487
FINANCIAL CHRONICLE
JAN. 26 1929.]
mills 34,469 tons, making a combined total of 53.608 tons, which was
equivalent to 3.5 days' average production.
Increase in Canadian Pulp and Paper Exports in
December-Newsprint Exports Also Gain.
According to the report issued by the Canadian Pulp and
Paper Association, the exports of pulp and paper from Canada
in December were valued at $18,014,627, which was an.increase of $1,147,098 over the previous month,and $2,688,691
over December 1927. The Montreal "Gazette" of Jan. 21,
from which we quote, adds:
culture the identical supervisory authority that he exercises under the grain
futures act of Sept. 21 1922.
In fact, every section of the grain futures act is set out in the Vinsou''
Bill and made applicable to Cotton Exchanges by merely a change or
the word "grain" to "cotton" and "boards of trade" to "otton Exchanges"
with a few minor additions.
A similar bill, presented by Senator Smith of South Carolina, is pending
In the Senate. Mr. Smith said to-day he is hopeful of action by the Senate
on the bill this session, but fears that its passage might be jeopardized
by the tangle resulting from the opposition to the Cruiser Bill. In clothing
the Secretary of Agriculture with power to supervise activities of the Cotton
Exchanges the Cinson Bill stipulates that he shall act in co-operation with
exchange boards of control.
Bill Defines "Manipulations.••
One provision of the bill regarded as most sweeping in character is that
December exports of wood pulp were valued at $4,102,676 and exports
of ten markets designated in the South may be inof paper at $13.911,951, as compared with $3,856.257 and 513.011,272. under which any one
serted in all options traded on in the New York Ilotton Exchange. The
respectively, in November.
as follows:
manipulations"
"cotton
defines
bill
Details for various grades of pulp and paper for December 1928 and
1. Shipping or transferring to any contract market any cotton for the
1927 are as follows:
market at an obvious loss on the
contract
such
on
delivery
purpose of
-December 1927- transaction for the purpose of artificially influencing prices. The purchase
-December 1928Tons.
$
Tons.
$
Pulpin one contract market of a given number of bale, of cotton for delivery In
20,273
567,128 one month and the corresponding sale in the same contract market of a like
535,643
19,980
Mechanical
1.430,912 number of bales of cotton for delivery in a later month. accompanied by the
18,866
1,671,296
21,880
Sulphite, bleached
17,295
868,389 receipt of any cotton on the purchase and the tender of same or other cotton
990,720
19,718
Sulphite, unbleached
892.972 on the sale, when such transaction is done at an obvious loss for the pur14,866
850,674
14,356
Sulphate
2.465
53,265 pose and with the effect of artificially influencing the price relationship of
54,343
3,525
Screenings
the two months.
73.765
3,812,646
4,102,676
Prohibits Retendering Futures.
79,439
Paper2 Tendering and repeatedly retendering on future contracts in any
169,202
11.078,887
213,182 13,808.647
Newsprint
notices of delivery of the same for the purpose
market
contract
designated
931
100,590
154,041
1,475
Wrapping
influencing prices upon such contract market.
5,229
38,019 of artificially
49,568
6,435
Book (cwts.)
future contracts more than once by the same person
upon
tender
The
3.
11,960
1,268
6.843
668
writing (cwts.)
the same calendar month of notices of delivery of the same cotton, or
283,834 In
292,852
All other
otherwise trafficking in notices of delivery for the purpose of artificially
prices.
Influencing
11,513,290
13,911,951
markets
4. Engaging in straddle operations In and between various with
the
of Agriculture as contract markets,
For the year 1928 there was an increase of $16.168.316 in the value of designated by the Secretary
artificially influencing the movement prices in any
of
purpose
apparent
wood pulp and paper exports, as compared with 1927, the total for the year such designated contract markets. For the purposes stf this section a
being $192.771,615. as against a total of $176.603,299 in the preceding year. straddle shall be understood to mean the purchase in one contract market
and a
Wood pulp exports for the year were valued at 545,614.823. which was of a given number of bales of cotton for delivery in one month
corresponding sale in the same or another contract market of a like number
s decline of $1.381,188 from the 1927 total of $46,996.041.
delivery in another month, or the purchase in one designated
for
bales
of
Exports of paper for the year were valued at 5147.156.792. as compared contract market of a given number of bales of cotton for delivery in one
with $129.607.258 in 1927. an increase for the year of 517.549.534, and a month and the sale in another designated market for delivery ha the same
month.
new high record.
Quantities and values for the year were as follows:
Year 1927
Year 1928
s
Tons.
Activity in the Cotton Spinning Industry for
$
Tons.
Mechanical
260,831
7,761,464
5.546,120
203,670
December 1928.
237,228 18,407,169
sulphite, bleached
251,543 19,112,946
192,559 10,269,560
sulphite, unbleached
214,127 10,738.977
Commerce announced on Jan. 21 that,
of
Department
The
169,691
9,595,886
10,193,307
Sulphate
162,772
18.846
620,896
31,694
364,511 according to preliminary figures compiled by the Bureau of
Screenings
863.806
PaperNewsprint
Wrapping
Book (cvrts.)
Writing (cwts.)
All other
45,614,823
2.208,587 141,102,527
1,755,652
16,062
588.671
71,802
58,600
6,892
3,650,342
•
879,155
46,996,011
1,881,867 123,222,094
114,092
1,583,928
99,870
690,880
15,357
124,787
3.985,769
147,156,792
129,607,258
Pulp wood exports in 1928 amounted to 1.532,266 cords, valued at
516.269,660, as compared with 1.511.769 cords, valued at $15,702,705,
exported in 1927.
Price of $55 a Ton for Newsprint Reported as Agreed to.
It was stated in the New York "Times" of Jan. 24 that
newsprint manufacturers and publishers reached final agreement on Jan. 23, fixing the price of newsprint for 1929 at
$55 a ton, according to information from reliable sources.
The price, it was said, would be retroactive to Jan. 1. The
"Times" in its issue of the 24th added:
Officials of the Canadian International Paper Co. and the International
Paper Co. refused to comment on a report that the price of $50 a ton on
a contract between William Randolph Hearst. publisher, and the Canadian International Paper Co., for delivery over a period of five years.
would be raised to $55. They refused also to comment OD the reported
1929 agreement on a $55 basis.
The only statement issued by the International Paper Co. when the
attention of its officials was directed to the report that accord had been
reached on the price of newsprint for 1929 was as follows:
"We hope we will be able to announce our new uniform price schedule
within ten days to two weeks."
The statement was issued by J. L. Fearing, Vice-President and sales
manager of the company.
Nell C. Head. representing A. R. Graustein, President, said yesterday
officials of the company could not discuss the report that the agreement
in the price of newsprint had been reached. He said he could not comment
at this time on the report that Mr.IIearst would be required to pay $55 a ton.
Only last Monday a report from Hamilton, Ont., quoting F. I. Her,
general manager of The Hamilton Spectator, was published that newspaper publishers "would resist to the utmost" contract price differentials
for newsprint in favor of Mr. Hearst, Canadian manufacturers and officials
of the Hearst organization have been conferring here on newsprint prices
for several months, but have declined to be quoted as to the nature of the
agreements.
It was said yesterday that the price of $55 a ton for newsprint will tend
to stabilize the paper industry in Canada. Because of over-production in
Canada. a general agreement was reached last November to stabilize the
newsprint situation thereby holding down production to 80'7,', of capacity.
House Passes
Bill for Federal Regulation of Cotton
Future Trading.
the Census, 35,264,046 cotton spinning spindles were in
place in the United States on Dec.31 1928, of which 30,622,172 were operated at some time during thki month,compared
with 30,596,840 for November, 30,gle,086 for October,
28,227,090 for September,28,243,508 for August, 28,159,676
for July and 31,722,276 for December 1927. The aggregate
number of active spindle hours reported for the month was
7,710,948,023. During December the normal time of operation was 25 days (allowance being made for the observance
of Christmas Day), compared with 253-1 for November,
% for October, 2.44 for September, 27 for August and 25
263
for July. Based on an activity of 8.83 hours per day, the
average number of spindles operated during December was
34,930,682, or at 99.1% capacity on a single-shift basis.
This percentage compares with 108.1 for November, 103.9
for October, 90.6 for September, 87.7 for August, 79.7 for
July and 93.9 for December 1927. The average number of
active spindle hours per spindle in place for the month was
219. The total number of cotton spinning spindles in place,
the number active, the number active spindle hours and the
average spindle hours per spindle in place, by States, are
shown in the following statement:
Spinning Spindles. IAc2Ue Spindle lin.for Dec.
State.
Cotton-growing Staten
New England States
All other States
Alabama
Connecticut
Georgia
Maine
Massachusetts
Mississippi
New Hampshire
New Jersey
New York
North Carolina
Rhode Island
South Carolina
Tennessee
Texas
Virginia
All other States
United States
Aatue
In Place
December During
December.
31.
Total.
Aperage per
/Spindle
in Place.
18,615.284 17.931,892 5,125,234.462
15,137,526 11,411,822 2,358.026.229
1.511,236 1,278,458 227,687,332
1,709,404 1,614,276 453,258.576
1,121,464 1,041,168 219,219,764
3,078,126 2,976.048 351.1144,343
1,058,872 750,108 156,160,973
9,109,084 6.609.832 1,347,004,173
147,446 41,499,490
177,118
993,900 211,146,022
1.414,086
339,220 49,826,91
378,938
754,180 620,330 113,675,839
6,196,208 5,921,054 1,600,888.213
2,317.116 1,900,998 400,807,726
5,512,250 5,445,098 1,744,388,558
583,782 179,336,124
602,452
59,093,102
247,224
281,908
679,254 117,122.126
709.058
753,934 165,686,084
843,806
275
156
151
265
195
277
147
148
234
149
131
151
258
173
816
298
210
165
196
35,264,046 30,622.172 7,710,948.023
219
Strict Governmental supervision of all dealing in"futures"
Cotton Seed Trading Center Opened in Memphis.
on the New York and other Cotton Exchanges is proposed
What is described as the world's first cottonseed pit began
in the Vinson Bill passed by the House of Representatives on operations in Memphis on Jan. 15. The pit is conducted by
Jan. 21 without the formality of a roll call. The "Times"
a newly formed organization known as the Memphis Merin noting this in a Washington dispatch, Jan. 21, stated:
chants' Exchange Clearing Association of which J. B.
This measure, its proponents argued to-day, is intended to give the
McGinnis is Secretary. In an account of the rules governing
Secretary of Agriculture supervisory power over the Cotton Exchanges where
"Commercial-Appeal"
futures are dealt in, and also to regulate transactions in futures and pro- the eperation of the pit the Memphis
hibit manipulations. It confers upon the head of the Department of Agri- of Jan. 15, stated:
488
FINANCIAL CHRONICLE
Cottonseed and cottonseed meal will be dealt in on the exchange. Two
unite are proposed: "Contracts" of 100 tons and "jobs" of 25 tons. The
brokerage will be $1.25 per "contract" and 50 cents per "job."
The minimum rates of commission chargeable to non-members for the
purchase or sale of commodities for future delivery are:
Higher Prices Planned.
For the purchase or sale of each "contract," $15; for each "job," $5:
Additional charges may be made for deliveries. storage, loading, insurance. inspection, weighing and sampling.
Where a clearing member clears trades for any member of the association
the minimum rate of commission shad be one-half the non-member rate.
Other provisions take care of transfers from "non-clearing" to "clearing"
members, "give-ups" and other transrezs of deals.
The new rules provide for three public "calls" on the first five
days
of the business week and two calls on Saturday. Hours of the "calls"
are
10 o'clock, 11:15 o'clock in the morning,and 12:30 o'clock in the afternoon.
On Saturdays the "calls" will be at 9:30 o'clock and 10:45 o'clock in
the
morning. The "calls" will be for month by month commencing with
the
current months and continuing throughout the 11 months following.
"Calls" Explained.
"Calls" for cottonseed will precede "calls" for cottonseed meal.
Any non-member can trade on the 'change providing his trades are made
through members.
Hours of trading are from 10 o'clock in the morning to 1:15 in the afternoon,excepting Saturdays, when the hours will be 9:30 o'clock in the mornings.
.
Fluctuations will be in multiples of five cents per ton, equivalent to $5
per contract. Maximum daily fluctuations shall be not more than 40
points or $2 per ton from the previous day's closing price. Contract grades
are prime cotton seed and prime 41% protein cottonseed meal.
From the same paper (Jan. 16) we take the following
regarding the first day's trading:
There was one section headed "Memphis Cotton Seed," another "Memphis Cotton Seed Meal" and another "Memphis Cotton Seed Hulls."
There is to be no trading in cottonseed oil since pits for that have already
been established in New York and New Orleans.
With the striking of the gong which brought to life the first cottonseed
pit in the world the first call was sounded. The "caller," standing beside a
high table, rapped sharply to quiet the buzz of market gossip which was
going on around the pit.
Mr. McGinnis, the caller, announced that the call for January cottonseed was then in effect. A broker offered a bid, a seller made an offer, at a
higher figure, and the trading was on. The prices fluctuated like those
at a furniture auction. In fact, the great difference between the "bidding"
and the "auctioning" seemed to be in the fact that sales were always made.
The "bid" price had to be somewhere near the "asked."
Nor was the trading so loud as that of other and older pits. Each trader
seemed willing to let any other trader have his say before offering a bid.
Among the visitors who sat about the pit yesterday and watched proceedings were many of the members of the Arkansas, Mississippi and
Tennessee Cotton Seed Crushers Association. They were in Memphis
for the convention of the association which was held at Hotel Gayoso
Yesterday.
The pit has been opened under rules that permit non-members to trade
through their brokers.
And that proves-, in a way, the importance of the pit to Memphis. For,
with the city holding the rank of largest cottonseed crushing center in the
world, the price of cottonseed and the stabilizing of the price will mean
much to the dealers.
lk This year the cottonseed oil mills of Memphis will crush about 250,000
tons of cottonseed. Next year the cotton planters of the United States
will produce a total of 6,500,000 tons of cottonseed for all purposes.
In the past cottonseed have been sold largely by luck. If tne seller got
the seed to market when the buyer needed them badly he stood a chance
of winning a better price than if those seed reached market when the mills
were well supplied.
Now, through the establishment of the pit the price of futures will be so
set that a ginner or planter will know before his cotton is planted how much
he can expect for his seed.
[VOL. 128.
New Fabrics.
A number of new fabrics differing in stock, weight and blend
from these
Introduced last spring are included in the fall lines and attracted
the mese
attention of many buyers in attendance at the opening
yesterday. The
new offe:ings are regarded by many discerning buyers
as real values worthy
of comparison with the well known serge and cheviot
repeats. Terms for
all offerings opened yesterday are 3-off-30-net-4.
Millmen view the opening as reflecting the firmness of
prices in wool
markets the world over. It was predicted some time ago
that prices of
staples for the fall season would remain almost unchanged
and the prices
announced yesterday by the American Woolen Co.
are regarded as bearing
out the prophecies of many market analysts.
Trend Toward Staples.
One wholesaler predicted that the offerings, particularly
serges and cheviots, will be popular during the fall season and
added that indications
point to a return of the trend toward staples. As
evidence of this, he
pointed to the gradual disappearance of jazz colors
and to the fact that
deep, rich hues are taking the place of blatant color
contrasts in suiting
,
and topcoatings. He also declared that orders placed
with his concern
are almost proof positive that more staples will be sold
during the coming
fall season than during any period in the past ton years.
Many buyers were in the market yesterday and the
number is expected
to increase substantially during the next few days when
many cloth offices
are expected to open their staple lines. Some declare
that the reductions
on outstanding lines represent a commendable effort on
the part of the
company to encourage both large and small cutters-up to extend
operations
as well as to encourage increased consumption of staple
goods. Price list:
Department No. 1-Staples,
Department 2-Pencil Stripes,
Dow.
High. MfgLow.
High.
Washington
$3.11 Wood worattd
$1.51
$1.85
$2.98
Wcoci Wonted
1.58
3.72 National and Providence_ 1.74
2.27
Ayer
2.02
3.13 Fulton
2.08
3.01
Fulton
1.96
3.46 Shawsheen
2.45
2.55
Shawsheen
1.92
2.57
Department 7-Fall 1929 Staples,
Champlain
1.34
1.47 Puritan, London shrunk._ 2.63
3.85
PRICE COMPARISONS.
Pricer
Fall,
Spring,
Fan,
FabricNos,
Weight, 1929.
1929,
1928.
Serge
8020
15
$2.43
$2.43
$2.53
Serge
5048
15
2.41
2.41
2.51
Cheviot
414
14
1.87
1.87
1.86
Wool filled or unfinished
9613-1
13
2.07
2.07
2.07
Cheviot wonted
3756
12
1.51
1.56
1.54
Wool filled
9812-1
12
2.21
2.21
2.28
Wool filled
9591-1
12
2.22
2.22
Wool tilled cheviot
402-1
14
1.44
1.44
Wonted cheviot
8657
14
1.70
1.74
1.72
Fulton serge
3192
11
2.02
2.06
2.16
Serge
9975
104
1.75
1.81
1.8.2
Cheviot
9028
13
1.58
1.61
---Serge
9070
13
2.18
2.18
---Serge
9075
12
2.06
2.06
Fronchback
9116-58
16
3.72
3.72
3.82
Unfinished worsted
9812-1
12
2.21
2.21
Alexander Smith & Sons Carpet Co. on Four-Day
Working Schedule,
From Yonkers(N. Y.) on Jan. 18 the New York "Journal
of Commerce" reported the following.
Employees of the Alexander Smith & Sons Carpet Co. received notice
yeaterday afternoon that a four-day week operating schedule
would go
into effect for an indefinite period beginning at once. The
mills of the
company will close down on Friday evenings and will reopen on
Tuesday
mornings of each week.
In the notice to the 7,000 workers in the mill, no reason was assigned for
the cut down of working time. In the carpet trade it is accepted
as a
protective move, due to the uncertainty of market conditions on certain
kinds of floor covering products.
Statistics show that throughout the carpet trade, the mills are averaging
operations on a 70% basis. The explanation is that there is considerably less demand for carpets of certain kinds now than there was a few
Members and officers are given as follows in "Commercial- Years ago.
Appeal:"
The Smith company has kept in the van on many of its lines and the
Hugh Humphreys is President of the Clearing Association, Clark E.Coe, operating conditions have been better than in many other carpet mills,
Vice-President, and J. B. McGinnis. Secretary-Treasurer, Directors are due to recent progressive changes.
L.B.Levitt, C.P. Reid, S. E. Risen, W. R. Smith-Vaniz and C. B. Stout.
Members of the association are H. J. Baker & Brother, New York and
Atlanta; James E. Bennett & Company, Chicago, New York and Memphis;
Cereal Byproducts Company. Memphis and Chicago; Fenner and Beane, Members of New York Coffee & Sugar Exchange To
New York, New Orleans and other cities; Jackson Brothers, Boesel & Co.,
Act on Proposal To Raise Initiation Fee on Twelve
Chicago, New York and branches; Zimmerson-Alderson-Carr Co., New
Memberships.
York, Memphis and branches; W. F. Bridewell, Little Rock; W. E. RichAs a result of the recent increase in the market value of
mond & Company, Memphis and branches and following local concerns:
L. C. Barton, F. W. Brode Corporation, W. M. Browne, Memphis: S. F. seats on
the New York Coffee & Sugar Exchange, the
Clark, Memphis; L.P. Cook, Memphis; Hugh Humphreys,E.T. Lindsey,
L. B. Lovitt & Co., E.'L. Luibel, 0. A. McFall, R. N. Neal, C. P. Reid, Board of Managers on Jan. 24 decided to put before the
O.G.Robinson, W.R.Smith-Vaniz, Standard Commission Co.,J.J. Wade. members a proposal to raise the initiation
fee on 12 memberAmerican Woolen Co. Opens Fall Lines of
Men's Worsted
Suitings-Slight Price Reductions Noted.
Trifling reductions in price on several of the more outstanding or "key" offerings marked the opening of the fall
1929 lines of men's staple worsted suitings by the American
Woolen Co. On Jan. 21, says the "Journal of Commerce",
which notes as follows features of the opening:
For the most part prices remained at spring levels, with a slight downward tendency in favor of buyers.
Chief among the fabrics reduced in price is the Fulton serge, long considered one of the leaders in its field and generally regarded as the "serge
barometer," which was marked down from $2.06 to $2.02. No. 3756, a
cheviot worsted used largely for boys' clothes and for several seasons past
one of the market's "best sellers," was reduced Sc. from $1.56 to $1.51.
It was stated in the market that the reduction may be interpreted as a
bid for greater volume of business for this offering, which is generally in
widespread demand by manufacturers of boys' clothing.
No. 3657, a worsted cheviot considered one of the "key" offerings, was
reduced from $1.74 to $1.70. With the exception of the decreases noted
above, the company key staples remain unchanged in price. Outstanding
in the secondary numbers are No.9975,&serge,reduced from $1.81 to $1.75.
and No.9028, a cheviot, reduced from $1.61 to $1.58,
ships held by the exchange from $25,000 to $50,000. This
plan would leave the membership of the exchange at 350,
as it is at present. Under the rules, a membership may
be purchased direct from the exchange, when any are
available, simply by the payment of the initiation fee.
When a seat is purchased from a member, however, the
buyer must pay a transfer fee of $1,000 in addition to the
price at which he obtains the membership. If the recommendation of the board is adopted by the members, when
they vote on it on Feb. 4, it will mean that the 12 memberships held by the exchange will be virtually taken off the
market until such time as the price of seats sold by members
reaches $49,000. Seats recently sold as high as $21,750
and are expected to advance as the plan to establish a
market on the exchage for the stocks and bonds of companies allied with the coffee and sugar industries is developed.
This plan is now in the hands of a committee of which
Frank C. Russell of Russell & Co., is chairman, and the
committee is expected to make a report to the Board of
Managers in the near future.
FINANCIAL CHRONICLE
JAN. 26 1929.]
Frank C. Lowry Re-Elected President New York Coffee
and Sugar Exchange.
At the annual election of the New York Coffee & Sugar
Exchange, Frank C. Lowry, Benjamin B. Peabody and
C. H. Middendorf were re-elected President, Vice-President
and Treasurer respectively. The following were elected
to the Board of Managers:'Charles C. Riggs, Chandler A.
Mackey, F. Shelton Farr, T. S. B. Nielsen, E. A. Canalize
and Walter W. Price. The following were elected members
of the Nominating Committee: George W. Lawrence, M. R.
Mayer, Frederick R. Home, Edward F. Diercks and Manuel
E. Rionda.
The new board of the Coffee & Sugar Exchange, which
will officiate for the coming year, was formally installed
on Jan. 23. In the absence of President Lowry who is
abroad, Vice-President Benjamin B. Peabody presided at
the organization meeting. One of the first acts of the new
board was to re-appoint Superintendent C. B. Stroud, who
has held that position since 1902, and Frank C. Russell,
who has been Secretary since 1922.
The premium of Grades A and B is five cents less than the
January differentials; the discount on Grades E and F is
one cent more; the premium on grades W and X is five cents
less, and the premiums on Grades Y and Z is three cents less
than January.
Connecticut Valley Tobacco Body Dissolved-Distribution of $280,000 Assets to 4,130 Members
Marks End of Association.
The Connecticut Valley Tobacco Association passed
quietly out of existence on Jan. 15 with the final distribution
of the liquidated capital assets of the organization to the
4,130 members. More than $280,000 was sent out to members in New Hampshire, Massachusetts and Connecticut.
This is learned from the Hartford "Courant" of Jan. 18,
which, says:
Monthly Movement of Japan Raw Silk Continues at
Higli Rate.
The Intelligence Bureau of the National Raw Silk Exchange, of which Douglass Walker is director, has compiled an interesting table showing the monthly movement of
Japan raw silk brought into sight from July 1921 to the end
of Dec. 1928. The table follows:
1924-25.
1923-24.
1922-23.
1921-22.
39,322
37,331
35,222
38,348
44,192
42,319
40,365
29.263
38,754
10,000
32,916
21,245
40,235
38.000
34,248
18,251
43,735
37.880
35,145
24,343
37,899
31.700
30,910
7,696
18,905
12,946
11,286
43,368
17,951
15.507
4.626
15,211
33,089
25.510
22,318
15,389
33.009
20,067
21,497
44,257
31,937
32,922
22,208
4,325
27,230
19,853
15,385
5,582
July
August
September
.October
November
December
January
February
March
April
May
June
Total
Average monthly
July
August
September
•October
November
December
January
February
March
April
May
June
Total
Average monthly
406,259
324,035
306,126
267,278
33,855
27,003
25,511
22,273
1928-29.
1927-28.
1926-27.
1925-26.
60,498
61,766
54.658
41,139
60,892
55,329
48,805
53,684
50.250
47,805
45.911
39.268
54,624
50,246
50.640
48,747
45,405
52,148
51.758
44,449
57,958
51,319
44,552
44,872
20,243
21.452
19,775
27,742
26,924
25,400
44,618
43,630
33,762
43,415
40,371
29,427
41,849
38,585
25,183
30,094
39,773
24,047
429.753
35,813
507,058
42,255
17] that a final
President Joseph W. Alsop said Thursday night [Jan.
days in the office of the
certificate of dissolution will be filed within a few
Secretary of the State.
up the affairs
Arthur E. Nelson, Treasurer of the association, has closed
assets, and left Thursday
of the association with the final distribution of the
comptroller of the Daniel
for New York where he has accepted a position as
the largest chain store
Reeves Corporation, of New York, reported to be
organization in that city.
passing of the most ambi.
The dissolution of the association marks the
that the Connecticut Valley
tious co-operative marketing organization
which had renewed the
has witnessed and the failure of the institution
inception in 1922.
hopes of tobacco growers at the time of its
Organized in 1922.
depression followed several
The association was formed in 1922 when a
after the World War.
banner years in the tobacco industry immediately
his libel suit against Henry
Aaron Sapiro, who later became famous for
he had launched several
Ford, was drafted from the Middle West where
was formed.
co-operative marketing organizations and the association
s, Rhode Island
Tobacco growers from New Hampshire, Massachusett
output for five years to
and Connecticut contracted to sell their entire
with control of 90%
the association and the new institution was organized
of the tobacco output of the Connecticut Valley.
successful, but the
was
The first season of the association's existence
downfall of the assosucceeding unsuccessful seasons brought about the
ciation.
Farmers Dissatisfied.
to break away and to
In 1926 scores of the association members began
rampant in
market their tobacco individually. Dissatisfaction became
of the farmers refused to rethe organization and in 1926 a large number
to the association for another
new their contract to turn over their output
and a movement for disfive years. All contracts were finally abrogated
solution was started.
for the appointment
The following year 500 members filed a petition
voted to dissolve the asof a receivership but this was denied. It was later
office of the Seerssociation and the preliminary notice was filed in the
tary of the State in September 1928.
526.574
43,881
An explanatory note accompanying the table says:
These figures have been compiled by the Intelligence Bureau on the
basis of the raw stocks in Japan and the exports from Japan. Stocks at the
end of the month are added to the exports for the month, and the stocks
at the beginning of the month are then subtracted. The resultant figure
differs from the statistics of arrivals from the interior in that it takes care
of the returns to the interior for domestic consumption, leaving a net
brought into sight for export. The figures for August. September and
October 1923, have been estimated on the basis of 30,000 bales destroyed
In the earthquake.
A statement issued by Mr. Walker said:
The three major statistics affecting raw silk price movements are the
production in Japan, the consumption in America and the visible stocks
available. Figures showing arrivals of raw silk from the interior of Japan
are not complete as they are offset by an irregular volume of low quality
silk which is returned to the interior for home consumption.
An accurate set of statistics covering silk brought into sight is obtainable
by adding together stocks at the end of the month to exports during the
month and subtracting stocks at the beginning of the month. Silk brought
Into Bight is subject to definite seasonal variations. At times silk brought
into sight will be either increased by the speeding up of production in order
to take advantage of a good market and satisfatory prices or will be decreased at times when prices are unsatisfactory and demand for exports
small. At other times, even though the market be unsatisfactory and
demand is light, production may be speeded up and silk brought into
sight increased in order to avoid the loss to be incurred should prices decline
to still more unsatisfactory levels.
Price Differentials for Grades of Raw Silk Fixed by
Committee of National Raw Silk Exchange.
Charles V. V. Smillie, Chairman of the Adjustment Committee, announced on Jan. 23 that the committee had fixed
the following price differentials for grades of raw silk deliverable against National Raw Silk Exchange contracts
during February:
Grade A-Premium of 65 cents Per pound.
II-Premium of 25 cents per pound,
0-Premium of 10 cents per pound.
D-Basis grade.
B-Discount of 7 cents per pound.
F-Discount of 13 cents per pound.
W-Premium of 5 cents per pound.
X-Price of basis grade.
Y-Premium of 7 cents per pound.
Z-'-Premium of 2 cents per pound.
489
Petroleum and Its Products-Mid-Continent Oil Lower
as Production Increases.
With the domestic production trend continuing upward
week to
and daily output reaching new high levels from
this
Continent
Midthe
in
lower
generally
are
week, prices
subsidiary,
week. Carter Oil Co., a Standard of New Jersey
a cut
initiated the downward movement on Jan. 24, with
a year
averaging 16c. a barrel. This was the first change in
in July
and a half, the last previous revision having been
made.
was
barrel
a
8c.
of
advance
average
1927, when an
Reductions were also made this week by Humble Oil,
in
Magnolia Petroleum, and others. The declines took
principal fields in Kansas, Oklahoma and Texas. The
market for Corning crude was also reduced this week, the
down
cut amounting to 15c. a barrel, bringing the market
to a range of $1.65 to $1.75 a barrel.
Price reductions in crude this week, while not drastic,
are considered in oil trade circles a warning against continued heavy wildcatting in the Mid-Continent area, and
recently
the extensive exploitation of producing areas
been
has
n
productio
California
as
Inasmuch
in.
brought
inlargely
been
has
and
weeks,
recent
soaring materially in
strumental in carrying the production record for the country
as a whole to record high levels, the industry is inclined
to look for further downward revisions in California crude
in the near future. Thus far, California price declines
have centered on the heavier grades of oil. Much of the
increased output in California, however, is coming from
Santa Fe Springs, which produces light oil, and it is considered likely that some corrective action may be taken there.
Reports from Venezuela this week indicate that large
producers are continuing to expand their output, with production totals reaching new high records. The agitation
for a.curtailment in Venezuelan operations has apparently
not yet progressed to the point where leading interests
are willing to consider a general policy of cutting output.
With the monthly summary of the American Petroleum
Institute showing a gain of more than 3,000,000 barrels in
holdings of gasoline at refineries east of the Rockies during
490
FINANCIAL CHRONICLE
the closing month of 1928, it is considered probable that
refiners will further reduce their runs of crude, which should
make for a larger surplus from current production, and will
consequently tend to create further bearish sentiment with
respect fo the crude situation. Prices are:
Pennsylva
nia_ _ _ .$4.10 Bradford
. $4.10 Illinois
$1.55
Corning
1.65 Lima.
Loll Wyoming, 37 deg- 1.41
Cabell
1.45 Indiana
1.37 Plymouth
1.28
Wortham, 40 deg. 1.32 Princeton
1.55 Wooster_ -. ... __ 1.67
Rock Creek
1.33 Canadian
Gulf Coastal "A". 1.2n
Smackover,24 deg. .90 Corsicana, heavy_ 2.00
1.00 Panhandle
1.29
Buckeye_
3.85 Eureka_ _ _ _ _ _ __ 3.90
Oklahoma, Kansas and Texas32-32.9............$1 08 Ole Muddy
31.33
40-40.9
1.32 Lance Crook..
1.48
44 and above
1.44 Bellevue
1.25
Louisiana and ArkansasMarkham
1.00
32-32.9 .
1.1" Somerset__
1.75
35-35.9- _. _
. _ ___.
CaliforniaSpindletop. 35 deg, and up_ ___ 1.17
1.37
14-14.9
.50
Rik Basin
1.48
42-42.9
1.95
REFINERY PRODUCTS-DOMESTIC GASOLI
NE PRICES LOWER
-EXPORT MARKET FIRMER.
•[Vox.. 128.
Kerosene.
New York
.0836 I Chicago
.0554 'Philadelphia (deny.) .0934
New York (delly.)... .09361Philadelphia
0834 I Oklahoma
0534
Note.-The above prices are f.o.b. refineries, tank
lots, unites otherwise noted.
Delivered prices are generally lc a gallon above thecar
refinery quotation.
Bunker Fuel Oil.
New York
1.05 I Norfolk
1 05 I New Orleans
.95
Baltimore
1.05 I Charleston
90 'California
.85
Note.-The above prices are f.o.b. refineries: a charge
5e.
of
a
barrel
made
is
for"
barging alongside.
Gas and Die;e1 Oil.
Gas oil, New York
.0534 'Diesel oil, New York
2.00
Note.-The above prices are f.o.b. refineries.
Export Quotations.
Gasoline, Navy, New York, eases. .2640[Kerosene
,s. w.,New York.eases- .1765
Bulk
11 I W.W., New York,eases
.1890
Tank Wagon Prices.
Gasoline, New York
.17 'Kerosene, w. w., New York
16
Crude Oil Prices Cut in Southwest-Average
Reduction of 16 Cents Made by Carter Company in OkGasoline in domestic markets is in easier position this
lahoma and Kansas.-First Revision Since 1927..
week, in both refinery and tankwagon markets. Standard
Under the above heading the "Times" in its issue of
Oil Co. of New Jersey on Jan. 19 reduced the tankear quota- Jan. 25 stated.
. tion Me. at Atlantic"Coast terminals, to 103c. per gallon.
Crude oil prices in Oklahoma and Kansas were
reduced yesterday an
Other interests followed in the decline on Jan. 21. The price average of 16 cents a barrel by the Carter Oil Co., a subsidiar
y of the
Standard Oil Co. of New Jersey. This is the first
war which had been waged between Warner-Quinlan and field since the
price revision in that
increase averaging 8 cents a barrel in July,
1927.
Municipal Service Stations for a fortnight was brought to
Under the price schedule posted yesterday the
differential on
dea close Jan. 21 when the former advanced its service station gree of gravity above 32 degrees is made 3 cents a barrel instead ofeach
5 cents
as heretofore. On oil of less than 32 gravity the
differential is reduced from
price 5c. to 19c. per gallon. Municipal Service Stations 7 to 8 cents' for each degree.
The
moved up 2c. to 16c. per gallon. Leading companies had unchanged at 60 cents a barrel. lowest gravity, 24 and under, remains.
The price of crude of 32 gravity is fixed in the
not participated in the controversey.
new schedule at $1.08 a
barrel. This a decrease of 8 cents. The price of
the average grade, which.
Standard Oil Co. of New York on Jan. 22 reduced tank- is about 36 gravity,
is fixed at $1.36 a barrel, which is a reduction
wagon and service station gasoline prices lc. per gallon in cents. For the highest grade, 44 gravity and above, the new price is of 16.
$1.44
a reduction of 32 cents.
New York City, Long Island, and Westchester to 17e. per a barrel,
R. M. Young, President of the Carter Oil Co., said
in
announcing the
gallon tankwagon and 19e. filling station. This put the reduction : "The new price schedule, replacing
that
26 1928, remarket in Metropolitan New York on a parity with that flects the change in value of crude due to the decreaseofinJuly
the
markets for'
refined products derived therefrom; the large
increase in production in the.
prevailing in the remainder of New York State, but still United States
which has taken place in the meantime, and the
fact that
lc. over the quotation in effect in the remainder of Standard large quantities of crude oil are now going into storage
as compared with
the draft which was being made on stocks last
of New York's territory.
July."
Gasoline prices, it was pointed out in trade circles
Standard Oil Co. of New Jersey, on Jan. ?2, reduced decline
yesterday, usually
at this time of the year. Although the price of
gasoline, both.
tankwagon gasoline lc. per gallon to 14c. throughout its wholesale and retail, has
been reduced since late last year, there has been,
territory, but did not change the filling station price. This no abnormal reaction.
reduction in crude oil prices in Oklahoma and Kansas
is expected to
restored to station owneNs the lc. which had been taken from beThe
followed shortly by similar reductions in other parts
in the mid-contheir margin when the company a short time previously cut tinent territory.
The Standard Oil Co. of Ohio has cut the price of
the retail price lc. without changing the tankwagon basis.
white gasoline 1 cent
a gallon, making the service station price 19
cents and the tank wagon
Export gasoline prices at the Gulf were advanced %c. per price 16 cents,
tax paid. Ethyl gasoline was also reduced 1 cent, making
gallon on Jan. 19, bringing bulk navy up to 8%c. per the service station price 22 cents and the tank wagon price 19 cents.
gallon. The advance was credited to the action of the newlyformed Export Petroleum Association, Inc., which was Standard of New York Cuts Mid-Continent Crudereported to have established prices on export gasoline and
Magnolia Petroleum Reduction in Oklahoma,
kerosene at the Gulf, As far as could be learned, the export
Kansas and Texas Ranges from Seven Cents to.
32 Cents a Barrel.
association had taken no action on other products, or on
gasoline or kerosene at other points.
Special advices from Dallas, Tex., published in the
Demand for gasoline throughout the east suffered •con- "Wall Street Journal" of Jan. 25 state:
.siderably from the unfavorable weather conditions which
Magnolia Petroleum Co. (Standard Oil of New
York) has posted new
prices for crude oil in Oklahoma. Kansas and Texas,
have prevailed throughout practically the entire week. 7
representing cuts or
cents to 32 cents a barrel. New top price is $1.444 for 44
gravity and
Sales of kerosene and fuel and gas oils, however, have been above, against $1.78 previously.
and 32 gravity is posted at $1.08. against
benefitted by the cold snap.
$1.16 previously, meeting the prices posted by Carter 0110o.
A chronological summary of price changes during the past
Magnolia's new posted prices on lower gravities, compared
with prices
of Carter Oil Co. on lower gravities, follow:
week follows:
Jan. 19. Standard 011 Co. of New Jersey reduced tank car gasoline
Mc. to 1034c. per gallon.
Jan. 19. Export gasoline at the Gulf Mc. higher at 834c. for Navy.
Jan. 19. Export kerosene advanced Mc. per gallon at the Gulf to
634c. per gallon for prime white and 734c. for water white, both in bulk.
Jan. 21. Warner-Quinlan advanced high test gasoline Sc. per gallon
to 19c. in New York City.
Jan. 21. Municipal Service Corp. advanced high text gasoline lc.
to 16c. per gallon in New York City.
Jan. 22. Standard Oil Co. of New Jersey reduced tank wagon gasoline
lc. per gallon throughout its territory. except Delaware.
Jan. 22. Standard Oil Co. of New York reduced tank wagon and
service station gasoline prices lc. per gallon in New York City, Westchester, and Long Island.
Jan. 23. Leading refiners in the New York area reduced water white
kerosene, in tank cars, Mc. to 834c. per gallon.
Jan. 23. U. S. Motor gasoline at Chicago at 734 to Sc. per gallon,
leading refiners cutting Mc. to the latter.
Jan. 23. Water white kerosene at Chicago easier at 53jc. per gallon,
against previous quotation of 534c. to 534c.
Jan. 23. California refiners reduce U. S. Motor gasoline Mc. to 734c.
per gallon.
Prices are:
Gasoline (U. S. Motor)
10 M Jacksonville
New York
.1034 Tampa
.1034
12 'Oklahoma
Chelsea
.0734 New Orleans
10
12
Providence (deny.). .12
Tiverton
Houston
.10
Boston (delivered).- 12 °Chicago
07M California
.0734
103f
Marcus
Carteret
Hook
103f North Texas
.0734
Baltimore
1034 Philadelphia
.10M
Portsmouth
1034 Norfolk
rex
Note.-The above prices are f.o.b. refineries, tank car ota, unless otherwise noted.
Delivered prices are generally lc a gallon above the ref nery quotation.
*A number of the large refiners were still quoting 834 to 934c.
ajLarge refiners are still quoting Sc. per gallon.
Gasoline (Service Station).
.19 !Richmond
24
New York
Charlotte
.23
18 I San Francisco
21
Boston
Charleston
.23
.22 'Wheeling
Baltimore
.23
Chicago
16
I
Parkersbur
.23
g'
.23 , New Orleans
Norfolk
1536
Note.-The above prices are retail prices at service stations and include State
imposed.
taxes in States where a tax is
GravityMagnolia Decrease
Caner
Decrease
Below 26
.60
.07
.66
.01
26 to 26.9
.65
.00
.72
.02
27 to 27.9
.70
.11
.78
.03
28 to 28.9
.75
.13
.84
.04
29 to 29.9
.so
.15
.90
.05
30 to 38.9
.90
.12
.96
.os
31 to 31.9
1.00
.09
1.02
.07
Magnolia's new prices in Panhandle district (Carson and
Hutchinso
n.
counties) meet Humble Oil & Refining Co.'. cut, with
32 gravity Ported
at 78 cents and 44 gravity and above at $1.14, with
gravities below 32
posted at 72 cents. Wheeler County crude is posted
at 88 cents for 32
gravity, with top price of $1.24 for 44 gravity, and a
minimum price of
70 cents for crude below 30 degrees. Gray County crude
is posted at
93 cents a barrel for 32 gravity, with top price $1.29 for 44
above, and 69 cents offered for crude below 29 gravity. Pricesgravity and
in Wheeler
and Cray counties meet prices posted by Humble.
The same paper states that Prairie Oil & Gas Co.
and
Sinclair Crude Oil Purchasing Co. have posted prices
for
mid-continent crude oil similar to those quoted by
Carter Oil Co., involving reductions.
Humble Oil & Refining Co.-Crude Oil Price
Changes.
In addition to the changes in oil prices noted above,
the
"Sun" of last night (Jan. 25) reported the following:
The Humble Oil St Refining Co. also a subsidiary of the
Co. of New Jersey. to-day posted lower prices for high grade Standard Oil
to conform with the cuts made by the Carter in Oklahoma Texas crudes
and Kansas,
but advanced certain low grades. Reduction,' vary
according to the field.
On Ranger,North Texas, Mexia,Powell, Bogey Creek,
Richland, wortham,
Lytton Springs, Currie, Moran and Nocona crudes it
has made cute of
1 to 32 cents a barrel, according to grade. 011 of 32
posted at $1.08 a barrel with a 3-cent differential for degrees gravity is
each grade above.
Below 32 degrees the differenitial is 6 cents for each
grade. Those differentials make the top price $1.44 a barrel. aPplying
to oil of 44 degrees •
and above,and the minimum price 60 cents a barrel for oil below
25 gravity. -
JAN. 26 1929.]
FINANCIAL CHRONICLE
Gray county crude Is posted at 93 cents a barrel for 32 degrees gravity,
a reduction of 3 cents a barrel, with the top-price $1.29 a barrel for 44 degrees and above, a reduction of 27 cents. For oil below 29 degrees the
quotation is 69 cents, an advance of 1 cent.
Wheeler county crude is posted at 80 cents for 32 degrees gravity, a cut
of 6 cents. The top price Is $1.24 for 44 degrees and above, a cut of 22
cents. The minimum price is 70 cents for oil below 30 degrees, an advance
'of 5 cents.
Carson and Hutchison county crudes. which include the Panhandle field,
'were posted at 78 cents for oil of 32 degrees gravity, an advance of 2 cents.
The top price is $1.14 for 44 gravity oil and above, which Is a reduction of
22 cents. The minimum price is 72 cents a barrel for oil below 32 gravity,
an advance of 3 cents.
In the Eastern field a reduction of 15 cents a barrel was announced in
the price of Corning crude oil, making the new prices $1.75 and $1.65 a
barrel. Eastern oil men said to-day that the cut was due purely to local
-conditions. Corning oil is gathered in Ohio by the Buckeye Pipe Line.
The price of that grade was not advanced recently when prices of Pennsylvania crudes were marked up.
Gross Crude Oil Stock Changes for December 1928.
Pipe line and tank farm gross domestic crude oil stooks
east of the Rocky Mountains increased 1,350,000 barrels in
the month of December, according to returns compiled by
the American Petroleum Institute from reports made to it
by representative companies. The net change shown by
the reporting companies accounts for the increases and
decreases in general crude oil stocks, including crude oil in
transit, but not producers' stocks at the wells.
Crude Oil Production in United States Shows In crease.
The American Petroleum Institute estimates that the daily
average gross crude oil production in the United States, for
the week ended Jan. 19 1929, was 2,644,200 barrels, as
-compared with 2,593,650 barrels for the preceding week, an
increase of 50,550 barrels. The daily average production
east of California was 1,890,900 barrels, as compared with
1,871,450 barrels, an increase of 19,050 barrels. The following estimates of daily average gross production (in barrels)
by districts, are for the periods shown:
Weeks Ended,Oklahoma
Kansas
Panhandle Texas
North Texas
West Central Texas
West Texas
East Central Texas
Southwest Texas
North Louisiana
Arkansas
Coastal Texas
Coastal Louisiana
Eastern
Wyoming
Montana
Colorado
New Mexico
California
World Consumption of Tin Increased to 152,619 Tons
in 1928.
Advances by the automobile, canning and other tinconsuming industries brought an enormous increase in the
world's consumption of tin during 1928 and probably will
bring an even larger increase during 1929, according to a
statement this week by the Anglo-Oriental Mining Corp.,
Ltd. The latter company's statistics show the following
comparison in consumption between 1928 and 1927:
Jan.19 29. Jan. 12 '29. Jan. 5 '29. Jan. 21 '28.
717.950
723,650
719,750
676,950
97,150
97,150
97,100
108,600
58,750
59,550
59,750
76.900
87,600
86,750
88,200
73,050
53,900
53,200
64,15066,300
357,700
368.750
354,600
273.700
21,500
21,000
21,450
25,600
38,950
41,700
37,100
23,200
36,650
36.300
36,400
45,350
79,150
78,250
80.200
90.050
116,100
115,950
114,350
111,400
21,400
22,300
22,050
15,100
112,500
111,750
113,250
110,250
52,400
52,900
57,600
58,500
10,850
11,450
9,400
10,950
6,850
7,100
7,500
7,000
2,450
3,150
3,600
2,400
721,800
753,300
714,600
616,600
1927.
1928.
138.780 tons
152,619 tons
Total world consumption
74,274 tens
81,516 tons
United States consumption
18.908 tons
27,787 tons
Great Britain consumption
43.639 tons
43,316 tons
Other countries
Total supplies throughout the year 1928 rose to 159.148 tons from
139.186 in 1927. The report adds:
British consumption shows a phenomenal increase because of the prosperity of British tin plate and automobile industries. Some other influences
responsible for the increase have been a reversion to tinfoil as wrapping
material, increased use of tin for enamelled wear and for the weighting
of silk.
"The year of 1928 will be remembered as a year of increasing consolidation among tin producers in Malaya. Nigeria and elsewhere," according
to the corporation. Automobile manufacturers have used more tin in
1928 than they have bought, the corporation believes, and substantially
increased buying may be expected in 1929. An increase of at least 8.000
tons in the requirements of the automobile industry and of at least 2,000
tons in other industries is likely.
The corporation anticipates an all around increase of approximately
10% in production of Straits tin, including Malaya. Burma and Siam.
Production from other setuces, it is thought, will remain at approximately
present levels. By the end of 1929 approximate parity between production and consumption is foreshadowed.
2,644,200 2,593.650 2,591,050 2,380,900
Total
The estimated daily average gross production of the Mid-Continent Field
Including Oklahoma, Kansas, Panhandle, North, West Central, West,
East Central and Southwest Texas, North Louisiana and Arkansas. for the
week ended Jan. 19, was 1,566.300 barrels, as compared with 1.549,300
barrels for the preceding week an increase of 17,000 barrels. The MidContinent production. excluding Smackover. Arkansas, heavy oil was
1,514.550 barrels, as compared with 1,497,400 barrels, an increase of
17,150 barrels.
The production figures of certain pools in the various districts for the
current week, compared with the previous week, in barrels of 42 gallons,
follow:
-Week Ended-Week EndedOklahomaNorth Louisiana-Jan.19. Jan.12.
Jan.19. Jan.12.
Cogan County
16,500 18,100 Haynerville
5,350 5,500
11,300 11,300 Urania_
Tonkawa
5.850 6,000
Burbank
23,300 24,300
Arkansas19,150 19.500
Bristow Slick
8,100 8,100 Smackover, light
Cromwell
6,900 7,050
40,400 39,900 Smackover. heavy
51,750 51,900
Seminole
43,500 43,650 Champagnolle
Bowlegs
10,600 10,900
Searight
9.000 9,050
Coastal Texas96,500 92,800
Little River
1/.arlaboro
70,450 68,800 West Columbia
7.200 7,300
129,700 132,200 Pierce Junction
10,700 11.500
St. Louie
Allen Dome
27,300 26,550 Hull
9,700 9,950
33,400 33,550
Maud
27.850 25,150 Spindletop
Mission
600
800
Coastal LouisianaKansas1PboorlEllnw
Sedewick County
4.100 3,850
7,450 6,156 Vinton
Panhandle TexasWI ,I net... East Hackberry
6,150 5.350
Hutchinson County---- 27,700 27,800 Sweet Lake
800
900
Carson County
3.200 2,950
5.650 5,800 Sulphur Dome
Gray County
23,200 21,900
WyomineNorth TexasWIlbarger
29.350 29,500 Salt Creek
32,300 31,700
MontanaArcher County
18,000 18,250
Sunburst
West Central Texas-7,100 7,100
CaltforntaShackelford County_ _ __ 11,350 11,150
Brown County
9,350 9.600 Santa Fe Springs
153,000 130,000
Long Beach
West Texas182.500 182.500
Reagan County
18,900 18,800 Huntington Beach
49.000 49,000
Howard County
38,900 33,200 Torrance
15.000 15,500
Poets County
74,800 73,500 Dominguez
10,000 10,000
Crane A Upton Counties 49,800 49,600 Rosecrans
6,500 6.500
Inglewood
Winkler County
173.400 169,200
27,000 28.000
Midway-Sunset
East Central Texas73,000 73,000
Corsicana Powell
9,400 9,700 Ventura Ave
55.000 49,000
Seal Beach
Southwut Texas28,000 28,000
13,100 13,200 Elwood-Goleta
Luling
18,000 14,000
Laredo District
11.000 10,350 Kettleman Hills
4,000 4,000
in Stocks at Refineries East of California for
December 1928.
The following is the American Petroleum Institute's
summary for the month of December of the increases and
decreases in stocks at refineries covering approximately
89% of the operating capacity east of California.
Changes
Barrels of 42 GallonsDomestic crude oil
Foreign crude oil
-Gasoline
Kerosene
Oss and fuel oils
Lubricating oil
Miscellaneous
Total
Deduct
Net increase
Increase.
Decrease.
1,548,000
960.000
3,038,000
369,000
2.005,000
396,000
685.000
5,079.000
3,922,000
1,157,000
491
3,922,000
World Stocks of Slab Zinc Increase-Total on Jan. 1
Estimated at 71,700 Tons.
The International Metal Service, London, foreign correspondent of the American Zinc Institute, Inc., estimates
world stocks of slab zinc Jan. 1 at 71,700 metric tons of
2,204.6 pounds each, compared with 71,000 tons on Dec. 1,
an increase of 700 tons. The following table gives in metric
tons the Service's estimate of zinc stocks in the various
countries:
Jan. 1'29. Dec. 1 '28. Nor. 1'28. July 1 '28. Jan. 1 '28. Jan. 1'27.
19.800
37.000
40.300
41,800
42,200
41.200
United States
3.200
2.400
4,500
4,300
4,500
x4.600
Canada
2,400
2,800
4:000
4,200
x6.600
x6,200
Australia
9,500
6,100
3,800
5.500
5,800
6,700
Poland_
and
Germany
4,000
4.200
5.200
6,200
6.000
6,400
Belgium
1,000
1.100
1,300
700
1,500
1,800
Great Britain
500
600
800
800
800
800
Far East
3.200
1,900
4,300
y3,700
y3,600
4,000
Elsewhere
64.200
67,200
71,000
71,700
Total
:including afloat. y Including 800 tons in France.
56,100
43,600
The International Metal Service, in reviewing world conditions of zinc, on Jan. 25 stated:
Disappointing as was the course of the market in 1928, a much more
confident tone prevailed in the closing weeks. The New Year commences,
therefore, under much happier auspices in the belief that the International
Lartel will justify itself. Its scope is perhaps limited as at present constituted. but, if it makes a success of things in the first six months of this
year, there is no reason why its objective should not be broadened so
as to enable it to become as powerful a force in the world zinc situation
as is Copper Exporters, Inc., in the case of the red metal. Given a successful handling of the position by the present organization, it is unthinkable that American zinc interests would refuse to become more
Intimately connected with the association so as to permit it to become
a more potent factor in controlling output and selling price. Having
regard to the influence of the London market on the selling price at St.
Louis, the American zinc industry has much to gain by the success of
the International cartel.
The year 1928 certainly provided a lesson for all producers, and surely
there can be few who failed to learn what the lack of co-ordination means
during times when there is even only a small over-production. To have
overcome racial prejudices and succeeded in forming a cartel in Europe
was an achievement of much greater magnitude than most people realize,
and the organizers and sponsors of the syndicate deserve all praise for
their difficult and untiring endeavors.
Prospects for 1929 are bright. There Is a tendency for production to
grow now that the London price has improved to within a few shillings
of £27. Consequently, the cartel will need to be over-watchful to insure
that overproduction shall not prevail. Given success in that direction.
there is, of course, no reason why the price should not be advanced a stage
higher in the second half of the year, if not earlier. In any case the average
selling price for 1929 should be appreciably better than the average of
£25 5s. 5d. for 1928. It may be too much to hope that it will equal the
£28 9s. Ild, average for 1927, but even El less than that figure-sal
108. per ton-would prove very acceptable to the bulk of the European smelting interests and would be hailed as a Godsend by many ore
producers who are netting so little for their product compared with three
years ago.
electroThe past year has been conspicuous for further expansion of the
lytic method of treatment and the standing still of the distillation process.
Various electrolytic plants have been erected, and are in course of con-
492
FINANCIAL CHRONICLE
struction, in several countries; while as regards the older process, beyond
some unimportant additions to existing works, there have been no entirely
new plants erected, nor are any planned according to our knowledge. No
new metallurgical features have been forthcoming apart from a noticeable
improvement all round in the recoveries at the leading electrolytic works
of zinc and especially of by-products from the ores treated.
No new processes have been reported, and of the three it is customary
for us to mention at this time of the year there is little fresh to chronicle.
A few more Waeiz plants have been laid down for the production of oxide
from residues, middlings, scrap and ores. The Coley process has been
in operation throughout the year in the trial plants at Stewarts & Lloyds
works at Haisowen near Birmingham, and in the judgment of its financial
backers the process is a complete success and has reached the stage when
it can be commercialized. Accordingly, a public company is being formed
in London to acquire the world rights, to issue licenses for the operation
of the process, and possibly to work a plant itself. At the time of writing
these notes, we have not seen the prospectus of the new company, but
preliminary publicity claims that the Coley methods will represent a direct
saving of £5 a ton in the cost of producing zinc metal. After the expenditure of a large sum of money,the Important interests trying out the Ashcroft
process abandoned their option. From what we hear, one difficulty of
a mechanical nature arose which proved insurmountable. The inventor.
however, claims that he has now overcome this one stumbling-block to
success, and, if this be so, it Is not improbable that the rights may be
optioned by another zinc group during the present year. The recoveries
of zinc and by-products by the Ashcroft process are so extraordinarily high
that It would be a great pity if matters were left where they are now without
the process being definitely proved one way or the other.
Copper at 17 Cents on Active Trading-Big Foreign
Demand Brings Domestic Consumers Into MarketLead,Zinc and Tin Quiet.
Heavy sales of copper on both foreign and domestic
accounts has featured the metal markets in the past week,
Activity in copper resulted in an advance in the price to
17 cents, Connecticut Valley basis, late Tuesday afternoon,
"Engineering and Mining Journal" reports, adding:
[VoL. 128.
output, following the recent blowing in of several furnaces. has Caused
prices to weaken, particularly on Buffalo iron for delivery in the New York
district.
Railroad equipment orders include 1,000 hopper cars placed by the
Wheeling & Lake Erie, and 2.850 freight cars of various types bought by
the Canadian Pacific. The St. Paul will enter the market for 4,100 cars.
Reinforcing bar awards are featured by 7,200 tons for a Delaware. Lackawanna & Western terminal warehouse at Jersey City and 2,800 tons for a
sewer at St. Louis.
Structural steel lettings totaled less than 26,000 tons, of which the
largest individual contract was 8,500 tons for a Government building at
Washington. New projects, calling for 32,000 tons, include 12,000 tons
for a court house at Milwaukee
A French cast iron pipe maker, witn a delivered price of $40 a ton,was
$3 a ton under the lowest domestic tender on 9,000 tons of cast iron pipe
on which Milwaukee took bids for the second time. Through water
shipment from France is contemplated if the low bidder reedy's; the award.
Negotiations are already under way for boat shipments of Buffalo pig
iron to Chicago and Milwaukee, indicating that tills movement, which
reached sizable proportions in 1928 for the first time, may grow larger
during the coming season. A cargo of English hematite iron is also scheduled to arrive at Milwaukee by boat as soon as navigation Is open.
Manufacturers of bolts and nuts no longer insist on an extra of 10% for
broken cases, a charge that some makers had not enforced because jobbers
were seldom able to secure a compensating advance.
Making the first change since Dec. 18, the "Iron Age" composite price
for pig iron has declined from $18.46 to $18.42 a ton. The finisned steel
composite remains for a seventh week at 2.391c. a lb., as the following
table shows:
Finished Steel.
Pig Iron.
Jan. 22 1929, 2.3910. a Lb.
Jan. 22 1929, $18.46 a Gross Tons.
One week ago
2.391c. One week ago
818.46
One month ago
2.391c. One month ago
18.46
One year ago
2.314c. One year ago
17.67
10-year pre-war average
1.689c. 10-year pre-war average
15.72
Based on steel bars, beams,tank plates,
Based on average cf basic
at Valley
wire nails, black pipe and black sheets, furnace and foundry ironsiron
at Chicago,
These products make 37% of the United Philadelphia, Buffalo, Valley and BirStates output of finished steel.
mingham.
Low.
Hfoh.
High.
Law.
1928..2.391c. Dec. 11 2.314c. Jan. 3 1928_318.59 Nov. 27 $17.04 July 24
1927__2.453c. Jan. 4 2.2930. 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 13
1925_2.660e, _ran. 6 2.396e. Aug. 18 1925- 22.50 Jan. 13 18.96 July 7
1924_2.789. Jan. 15 2.460c. Oct. 14 1924_ 22.88 Feb. 26 19.21 Nov. 3
1923_2.824c. Apr. 24 2.4460. Jan. 2 1923.... 30.86 Mar. 20 20.77 Nov.20
Sustained demand for copper from abroad appears to have started the
latest flurry in the market. Sales to foreign consumers are in excess of
50,000 tons already this month and it is not improbable that the realization
Delivery is now the paramount consideration of the finof this active foreign demand served to bring domestic consumers into the ished
steel markets, and with specifications for many linos
market, despite the relatively unfavorable December statistics. Copper
Exporters, Inc.. raised its export price to 17.25 cents a pound, c.i.f. usual exceeding shipments, this condition promises to become
European destinations. Sales on domestic account in the past week have accentuated, states the "Iron Trade Review" of Cleveland,
been about twice normal. April delivery has been specified on a majority
in its summary on Jan. 24 of the iron and steel markets.
of the orders.
Zinc prices are firm despite slow trading. Sellers,in general,are in fairly Requirements of the automotive industry for steel sheets,
good shape because they sold an unusually large tonnage for delivery in strip and bars and of carbuilders for plates are especially
the first half of 1929 during the active period in November.
Lead sales for the week were about half of average. Prices in the East are pronounced, adds the "Reivew," continuing:
Thougn Pittsburgh and Youngstown district sheet mills are operating at
firm on the basis of 6.65 cents, New York. In the West most of the business
practical capacity, considerable tonnage, especially ot the higher finishes,
has been done at 6.50 cents, St. Louis.
is backing up. Some Mahoning Valley makers of autobody sheets are
Tin has been quiet and the price held around 49 cents a pound all week.
booked into the last week of February. Four to five weeks is the best dating
some Pittsburgh producers of strip can now offer. Last week's specifications for bars at Chicago, the heaviest in a year, have further deferred deSteel Output Maintained at High Rate-Pig Iron Prices liveries.
Excepting pig Iron, the iron and steel market structure has generally been
Slightly Lower-Steel Price Unchanged.
quickened in the past week, Scrap is active and still tending higher in
Further advances in scrap prices and increasing pressure most districts. Beehive coke is firmer with the gradual disappearance of
production. Steelmakers are more loath to part with semi-finished
for shipments of finished steel, particularly bars, automobile surplus
material, and those
mills whicn are not self-contained are compelled
body sheets and strips, stand out in the market developments to look more closelyfinishing
to their supplies.
That
the
industry is swingingl nto its full first-quarter stride is evidenceY
of the week, according to the "Iron Age" of Dec. 24, which
by the leadership the Chicago district has assumed. Expanding rail.mill
is also quoted:
schedules have increased the ingot rate at Chicago to 88%, accompanied
Heavy melting steel scrap at Chicago has gone up $1.25 a ton on a by the lighting of a blast furnace stack at South Chicago. Pittsburgh dislargo consumer purchase. At Pittsburgh the same grade rose .S0c. a ton, trict steelmakers are averaging 85%, Buffalo 87 and Youngstown well over
its eight consecutive weekly advance, bringing it to $19.75 a ton compared 90. Steel Corporation subsidiaries continued to operate at 85%
and the
with $17 at the be finning of December. In Eastern Pennsylvania sellers entire industry at 85
to 87%.
are holding for $17.50 on tonnages under negotiation, or $1 to $1.50 above
The railroads have again provided market activity of a major character.
prices obtained in the most recent sales to consumers.
The Chicago Milwaukee St. Paul & Pacific has distributed 50,000 tons of
The strength of scrap is in keeping with a sustained high rate of steel rails and the Nickel
Plate 22,800 tons. About 60.000 tons of rails is on
Ingot output. Variations in the operations of different finishing mills, active inquiry at Chicago. Track fastening orders there
the past week
which are not uncommon in a market of wide diversity, tend to neutralize approximated 17,000 to 18,000 tons, with probably 9,000 tons
on inquiry.
one another, and raw steel production is amply supported at 88% of capa- The Wheeling Lake Erie
has placed 1,000 freight cars, while other freight,
city at Chicago and at an 85% rate in the Pittsburgh. Youngstown and passenger and miscellaneous equipment orders totaled
259. Fresh car inBuffalo districts. The average for Steel Corp. subsidiaries is also esti- quiry Includes 1,400
for the Northern Pacific and 500 bodies for the Seamated at 85%.
board Air Line.
Steadily growing specifications from the automobile industry have
For freight cars booked by Chicago district car-builders since Dec. 1 it is
forced heavier mill output, particularly by makers of body sheets and alloy estimated over
250,000 tons ot steel is required, only a small portion of
steel bars. An Ohio sheet mill has found its own output of steel inadequate which has already
been ordered out. The 9,675 cars now pending at Chicago
and has entered the open market for a supplementary supply of sheet bars. call for 100.000 tons additional, with the Milwaukee
road a prospective
Alloy steel bar mills in the Chicago district are operating at capacity, com- purchaser of 3,000 to
4,000 cars. Ten thousand tons of plates will be repared with a rate of 85 to 88% a week ago.
quire(' for southwesterq oil tanks now being figured.
Rail mills at Chicago have also increased production, now running at an
Bridge work looms up as a good outlet for structural material. Many
80% rate, a gain of five points in the week. Rail deliveries are being projects are shaping
up at Chicago, while at Pittsburgh a 3.000-ton bridge
asked for earlier than in recent years. Bookings have been augmented by is pending.
The week's structural steel lettings include 8,330 tons for a
an order from a Western road for 50,000 tons.
government building at Washington. A reinforcing concrete bar award of
Railroad poirenases ot rolling stock, together with pipe line orders and unusual size was
made at Hoboken, N. J., when the Lackawanna Railroad
oil tank business, are contributing to an unusually active plate market in distributed 7.780
tons. An order at St. Louis called for 2,800 tons. State
the Chicago district. Western mills have booked 130,000 tons of steel, highway departments
will soon be placing bars for spring roadbuilding.
exclusive of axles and wheels, for cars placed since Dec. 1. Shipments of
French makers of cast iron pipe have come off successful in two
implates to a maker of welded steel pipe average 700 tons daily, a rate that portant encounters with domestic producers. Their bid
of $3 to $8 per ton
present commitments will sustain until July 1.
under domestic makers won 8,500 tonsof 6 to 16-inch pipe at
Milwaukee.
A sharply contrasting situation is seen in market centers,east of Chicago. About 1.600 tons at Tacoma and Bellingham. Wash.,
also wont to French
Plates, structural shapes and steel bars, are still quoted at 1.90c. to 1.95c.. makers on a price basis.
Pittsburgh, but mills show an increasing willingness to accept small orders
Pig iron producers in some districts sense lessened pressure for
deliveries.
at the lower figure. In a few instances 1.90e. has been shaded $1 a ton on Buying continues light,
to be expected at this season, but interest in second
plates.
quarter iron is not as marked as it was in December. A sanitary
ware
In certain districts the call for common finishes of sheets has lagged, and manufacturer has
paid $17.50 to $18, valley, tor 6,000 tons of No.2 foundry
prices on both galvanized and black show irregularity, in the case of the iron. A Uniontown.
Pa.. radiator foundry is inquiring for 5,000 tons of
former representing a sacrifice of the last $2 a ton advance.
malleable and foundry. Basic and foundry iron prices in
eastern PennUncertainty has developed in cold-rolled strip, with some sales reported sylvania are stronger.
at 2.75c. base, or $2 below the ruling market.
While demand for iron and steel on the Pacific Coast
appears a trifle slow
Pig iron has not yet responded to the strength of the scrap market, In recovering from the
year-end dip, still it is better than a year ago. Conprobably because the average cost of old material going into open-hearth crete bars on the west
coast have been advanced $10 per ton.
furnaces Is still below current prices of blast furnace metal. While steel
German export trade in iron and steel is increasing,states
the "Iron Trade
works have not moved to conserve their pig iron, foundries are considering Review" weekly cable
from London. Belgian works are booked through
decreasing the ratio of scrap to iron in their charges. Buyers of pig iron, March. British pig
iron producers are encountering better demand.
Ass yet, show little interest in their second quarter needs, and increased British makers of tin plate may increase prices.
JAN. 26 1929.]
FINANCIAL CHRONICLE
Strength in pig iron in eastern Pennsylvania advanced the "Iron Trade
Review" composite of 14 leading iron and steel products 2 cents this week
to $36.25, equal to the 1928 high for this index.
The "American Metal Market" says in substance:
The changing character of demand for steel IS illustrated by the widely
varying rates at which different finisning departments of the steel industry
are operating, while there is also some variation by reason of some steel
products being helped in activity by old engagements at prices lower than
those now ruling.
Hot and cold rolled strip mills are running practically full and some are
• turning away orders for early deliveries. Sheet and tin plate mills are
running nearly full. In the heavy rolled products, sometimes improperly
grouped together, bar mills are running very well, structural mills at a
moderate pace and plate mills at a poor rate, except for fairly heavy engagements in the Chicago district. In tubular goods the seamless tube mills
have nearly a full operation while pipe mills are producing at less than twothirds of capacity.
Total steel production has gained over the December rate of 85% and the
official report for this month is likely to show an average nearer 90%.
Finished steel prices are steady all along the line but are not absolutely
rigid in all lines. On the whole the market is steadier than it has bren for a
couple of years.
The "Wall Street Journal" in a dispatch from Youngstown
says:
493
ceding, this shows an increase of 1,819.000 tons, or 18.5%. Production
during the week in 1928 corresponding with that of Jan. 12 amounted to
10,865,000 tons.
Estimated United States Production of Bituminous Coal(Na Tons,lad. Coat Coked).
1928
1927
Coal Year
Coal Year
Week.
to Date.
Week.
to Date.a
Dec. 29
6,890,000
361,542,000
7,911,000
345,684,000
Daily average
1,378,000
1,580,000
1,582,000
1.508,000
Jan. 5 b
9,854,000
371,396,000
9,848,000
355,532,000
Daily average
1,825,000
1,586,0001.858,000
1,515.000
Jan. 12 c
11,673,000
383,069,000
10,865.000
366,397,000
Daily average
1,945.000
1,595,000
1,811.000
1,523,000
a Minus two days' production in April to equalize number of days in the two
coal years. b Revised since last report; 5.4 day week. c Subject to revision.
The total production of soft coal during the coal year 1928-29 to Jan. 12
(approximately 234 working days) amounts to 383,069,000 net tons.
Figures for corresponding periods in other recent coal years are given below:
366,397,000 net tons 1925-26
1927-28
410,286,000 net tone
446,919,000 net tons 1924-25
1926-27
361,632,000 net tone
As shown by the revised figures above, the total production of soft coal
for the country as a whole during the week ended Jan. 5 is estimated at
9.854.000 net tons. This Is an increase of 2,964.000 tons. or 43% over the
output in Christmas week. The following table apportions the tonnage
by States and gives comparable figures for other recent years.
Estimated Weekly Production of Coal by States (Net Tons).
Week Ended
Jan. 1923
StateJan. 529. Dec.29'28. Jan.7'28. Jan. 8'27. Average.a
Alabama
485,000
324,000
338,000
189,000
434,000
26.000
Arkansas
32,000
39,000
59,000
30,000
Colorado
253,000
210,000
206,000
247.000
226,000
Illinois
1,251.000 1,097,000 1,495.000 2,027,000 2,111,000
342.000
326,000
659,000
322,000
Indiana
664,000
77,000
65,000
68.000
Iowa
150,000
140,000
69,000
Kansas
49,000
133,000
60,000
103,000
911,000
468,000
866,000
607,000
Kentucky-Eastern
943.000
249,000
366,000
363,000
240,000
361,000
Western
63.000
49,000
40,000
Maryland
73.000
55,000
12.000
17,000
Michigan
13.000
14,000
32,000
75,000
71,000
81,000
81.000
87,000
Missouri
61.000
65,000
68,000
81,000
82,000
Montana
45.000
New Mexico
50,000
60.000
73,000
64,000
Members of United Mine Workers in Pennsylvania North Dakota
41,000
54,000
56.000
50,000
30,000
Ohio
341,000
140.000
814.000
236,000
824,000
District Indorse Plan to Eliminate Controversies Oklahoma
74,000
63.000
58,000
78,000
77,000
Pennsylvania
2,405,000 1,884,000 2,309,000 3,245.000 3,402,000
in Petty Strike.
105,000
133.000
64,000
138,000
103,000
Tennessee
11,000
18.000
26.000
18,000
32.000
Associated Press advices from Hazelton, Pa., Jan. 20 Texas
134,000
Utah
135,000
129,000
109.000
100.000
227,000
120,000
211.000
stated:
Virginia
252.000
225.000
38,000
74.000
34,000
46.000
67,000
A blow was dealt to petty strikes in the mines here to-day when the Washington
871,000 1,742,000 2,103,000 1.168,000
W. Va.-Southern_b___. 1,822,000
members of the executive board, officers of all local unions and mine com659,000
419,000
Northern.c
710,000
728.000
811.000
mittees within District 7, United Mine Workers of America, met and Wyoming
138,000
113,000
177,000
167,000
186.000
2,000
1,000
2,000
7,000
4.000
indorsed a plan submitted by the district president, Michael HartneadY, Other States
to eliminate such action in controversies.
Total bituminous
9,854,000 6,890,000 9,848,000 13.200,000 11.850.000
Heretofore, it has been an almost general practice for a strike to be ordered Pennsylvania anthracite__ 1,169.000
906,000 1,286,000 1.359,000 1.968,000
by a local union or mine committee. Under the plan indorsed by more than
11,023,000
all
coal
7,796,000
Total
11,134,000 14,559,000 13,818,000
300 officers at the meeting to-day, all grievances must be reported to the
a Average weekly rate for the entire month. b Includes operation on the N.&
district office, which reserves the sole right to call a strike.
W.; C.& 0; Virginian; K.& M.: and Charleston Division of the B.& 0. c Rest of
State, Including Panhandle.
ANTHRACITE.
New Wage Scale For Iowa Coal Miners.
The total production of anthracite during the week ended Jan. 12 Is
Centerville, Iowa Associated Press advices Jan. 19 stated: estimated at 1,745,000 net tons, an increase of 576,000 tons over the
Two thousand Iowa coal miners will be affected by a new wage scale revised estimate for the preceding holiday week. The cumulative proagreement between the Southwest Operators' Association and the Southwest duction of anthracite during the present coal year to Jan. 12 (approxiMiners of America, announced to-day, which will be in operation for two mately 237 working days) amounts to 62,654,000 net tons as against
years, beginning April 1.
64,042,000 tons during the corresponding period in the year 1927-28. This
A feature of the. contract .3 elimination of a machine crew day wage, with Indicates a decrease in the current coal year to date of 2.2%.
advancement of the scale per ton for machine men and helpers. The wage
Estimated United States Production of Anthracite (Net Tons).
per ton was raised from 23 to 25 cents. Under the old system machine
928-19291927-1920
men receivi d $6.50 daily and helpers $5.75.
Coal Year
Coal Year
to Date.
Week EndedWeek.
Week.
to Date.a
Dec. 29
59,740,000
906,000
1,215,000
61,165.000
1,169,000
60,909,000
Bituminous Coal, Anthracite and Beehive Coke Output Jan. 5.6
1,286,000
62,451,000
Jan. 12.c
1,745,000
62,654,000
64.042,000
1,591,000
for Week Ended Jan. 12 Shows Increase.
a Less two day's production in April to equalize number of days in the two Goal
years. b Revised. c Subject to revision.
New sheet business in January is ahead of the corresponding period in
December and despite heavy production, as indicated by operation of
nearly all 127 independent mills in the Mahoning Valley, makers' backlogs
are climbing. Indications are that the first quarter will establish a quarterly
production record in the sheet division, if demand from the automotive industry is maintained. At present there is nothing to indicate any cessation
in such requirements. Full finished producers are unable to keep pace with
the rate of requirements piling in on them.
Since Jan. 1,the Falcon plant of Empire Steel at Niles has been producing
highly finished automobile sheets, following suspension of several months
for remodeling.
- According to the United States Bureau of-Mines, the
output of bituminous coal during the week ended Jan. 12
1929 totaled 11,673,000 net ton;as compared with 9,854,000
tons in the preceding week and 10,865,000 tons in the corresponding period last year. Output of anthracite in the
week ended Jan. 12 last, totaled 1,745,000 tons, compared
with 1,169,000 tons in the preceding week and 1,591,000
tons in the corresponding week of 1928. The Bureau of
Mines reports as follows:
BITUMINOUS COAL.
The total production of soft coal during the week ended Jan. 12, ineluding lignite and coal coked at the mines, is estimated at 11.673.000
net tons. Compared with the revised estimate for the holiday week pre-
BEEHIVE COAL.
The total production of beehive coke for the country during the week
of Jan. 12 1929 is estimated at 106,300 net tons, as against 94,500 the week
of Jan. 5 and 89,900 net tons the corresponding week of 1928.
Estimated Production of Beehive Coke(Na Tons).
Week Ended
1929
Jan.12'29. Jan. 5'29. Jan.14'28.
to Date.
Pennsylvania is Ohio __
85,600
61,500
75,600
148.600
West Virginia
14.500
7,600
14,900
8,600
Ky., Tenn. and Ga
1,900
2,000
4,200
3,600
Virginia
4,000
4,300
3,800
7,200
Colo., Utah & Washington
6,100
5,400
5,600
10,800
1928
to Date.a
108,000
25.700
8,100
7.900
9,900
United States total_ _
106.300
94,600
185,100
89,900
159,600
Daily average
17,717
15,750
14,983
16,827
14,509
a Lees one day's production in January to equalize number of days in the two
years. b Revised.
Current Events and Discussions
The Week with the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on Jan. 23, made public by the Federal
Reserve Board, and which deals with the results for the
12 Reserve banks combined, shows decreases for the week
of $39,700,000 in holdings of discounted bills, of $27,000,000
in bills bought in open market and of $36,300,000 in Government securities. Member bank reserve deposits declined
$55,700,000, Government deposits $13,400,000 and Federal
Reserve note circulation $36,300,000, while cash reserves
increased $20,900,000. Total bills and securities were
$103,800,000 below the amount held on Jan. 16. After
noting these facts, the Federal Reserve Board proceeds as
follows:
The principal changes in holdings of discounted bills for the week were
decreases of $64.500,000 at the Federal Reserve Bank of New York.
$4.600,000 at Philadelphia, and $3.900,000 at Cleveland, and increases
of 815,200.000 at Boston, $8,300,000 at Chicago, and $6.900,000 at St.
Louis. The System's holdings of bills bought in open market declined
$27.000,000, of Treasury notes $24,100.000. of Treasury certificates
$11,900.000, and of U. S. bonds $300.000.
Federal Reserve note circulation was $36.300,000 less than a week ago,
all of the Federal Reserve banks reporting decreases in circulation, the
largest declines being $11.700,000 at Chicago, $6.900.000 at Boston.
$3,900,000 at New York, and $3,300,000 at San Francisco.
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 523 and 524. A
summary of the principal assets and liabilities of the Reserve
banks, together with changes during the week and the year
ended Jan. 16 is as follows:
494
FINANCIAL CHRONICLE
Increase 1+) or Decrease (-)
Daring
Year.
Week.
Jan. 23 1929.
$
$
2,813,530,000 +20,895,000 -174,504,000
2,648,090,000 +17,520,000 -170,988,000
Total reserves
Gold reserves
-Total bills and securities
1,447,391.000 -103,840,000
Bills discounted, total
782,114,000 -39,710,000
Secured by U.S. Govt.obliga'ns 471,443,000 -54,292,000
Other bills discounted
310,671,000 +14,582,000
+273.465.000
+396,890,000
+208,658.000
+188,232,000
Bills bought in open market
454.218.000 -27,021,000
+106,913,000
U. S. Government securities, total
Bonds
Treasury notes
Certificates of indebtedness......
202.034,000 -38,309.000
-335.000
52,344.000
095,000
98,383,000
51.307,000 --11.879.000
-238.863,000
-3,840,000
-145.883,000
-89,140,000
Federal Reserve notes In ciroulation_ 1,660,967,000 -36,335,000
+76,045.000
Total deposits
Members' reserve deposits
Government deposits
2,397,090,000 -75,492,000
2,358,861,000 -55,692,000
12,088,000 -13,447,000
-4,524,000
+4,149,000
-9,698,000
Returns of Member Banks for New York and Chicago
Federal Reserve Districts-Brokers' Loans.
Beginning with the returns for June 29 1927, the Federal
Reserve Board also began to give out the figures of the
member banks in the New York Federal Reserve District,
as well as those in the Chicago Reserve District, on Thursdays, simultaneously with the figures for the Reserve banks
themselves, and for the same week, instead of waiting until
the following Monday, before which time the statistics covering the entire body of reporting member banks in 101 cities
.cannot be got ready.
Below is the statement for the New York member banks
.and that for the Chicago member banks thus issued in
_advance of the full statement of the member banks, which
latter will not be available until the coming Monday. The
New York statement, of course, also includes the brokers'
loans of reporting member banks, which this week rose
another $48,000,000, and established a new high record,
the grand aggregate of these loans on Jan. 23 being $5,443,1)00,000. The figures given last week have been revised,
and according to the corrected figures, last week's loan
total actually reached new high ground by about half a
million dollars, last week's revised total being $11,000,000
more than the previously reported figure.
RESERVE CITIES.
(In millions of dollars-)
New York.
Jan.23
1929.
Loans and Investments. totals
7.075
Loans, total
Jan.16
1929.
.17,161
Jan.25
1928.
86,967
$562
*S5,251
$5.061
On securities
All other
$2,761
2,401
*32,837
.2,414
$2,814
2.447
investments. total
1,913
•1,910
1,906
.,- $1.146
767
31,145
'765
81,104
802
727
54
756
54
723
52
5,280
1.178
23
5,391
1,182
24
5,497
1.102
24
103
970
*Ill
*976
99
----
81
141
84
1,010
1,853
2.579
*1,084
1.859
2,452
1,275
1,472
1,041
U.S.Governmentsecurities
Other securIties
Reserve with Federal Reserve Bank
-Cash In vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
,
-Borrowings from Federal Reserve Bank
Loans on securities to brokers and dealers:
For own amountFor account of out-of-town banks
For account of othersTotaL
*35,395
33.789
$4,864
579
$4,818
4.577
$2,894
895
Loans and investments, total
$2,056
*82,056
31,965
Loam total
S1.607
ni..606
$1,455
$873
734
•$873
*733
$767
687
$5,443
On demand
On time
Chicago.
On securities
All other
Investments, total
U.S.Governmentsecurities
Other securities
Reserve with Federal Reserve Bank
Cash in vault
Net demand SePcsits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowingsfrom Federal Reserve Bank
•Subject to correction.
441,
.451
510
$196
252
$199
251
$240
270
186
16
185
17
190
18
1,226
684
2
1,244
685
3
1,304
641
4
154
316
158
324
138
388
78
75
15
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week.
Below will be found the comments of the Federal Reserve
Board respecting the returns of the entire body of reporting
member banks of the Federal Reserve System for the week
ended with the close of business Jan. 16. As explained
above, the statements for the New York and Chicago
member banks are now given out on Thursdays, simul-
[VOL. 128.
taneously 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. It seems important to point
out again that beginning with the statement for Jan.9 1929,
the loan figures exclude "Acceptances of other banks and bills
of exchange or drafts sold with endorsement," and include all
real estate mortgages and mortgage loans held by the banks;
previously acceptances of other banks and bills sold with
endorsement were included with loans, and some of the
banks included mortgages in investments. Loans secured by
U.S. Government obligations are no longer shown separately,
only the total of loans on securities being given. Furthermore, borrowings at the Federal Reserve are not any more
subdivided to show the amount secured by U. S. Government obligations and those secured by commercial paper,
only a lump total of the two being given. The figures have
also been revised to exclude a bank in the San Francisco
district, with loans and investments of $135,000,000 on
Jan. 2, which recently merged with a non-member bank.
The figures are now given in round millions instead of in
thousands.
The Federal Reserve Board's condition statement of weekly reporting
member banks in 101 leading cities on Jan. 16 shows decreases for the
week of $58,000,000 in loans and investments, of 857.000,000 in borrowings
from Federal Reserve banks, and of 321.000.000 in Government deposits.
Net demand deposits and time deposits showed relatively little change
for the week.
Total loans declined $211,000,000 at reporting banks in the New York
district, $14,000,000 in the Chicago district and $10.000,000 in the Philadelphia district, and increased 88.000,000 in the Boston district. An
increase of $64,000,000 in U. S. Government security holdings was reported
by member banks in the New York district and of $9.000.000 in the Boston
district, while holdings of other bonds, stocks and securities Increased
$41,000.000 in the New York district and 38,000,000 in the San Francisco
district.
Net demand deposits, which at all reporting banks were $3,000,000
above the Jan. 9 total, increased 813.000,000 at reporting banks in the
Boston district. $12,000,000 in the San Francisco district and 37,000,000
in the Cleveland district, and declined 313,000,000 in the Chicago district.
Time deposits declined $19,000,000 in the New York district and 86,000.000
In the Cleveland district, and increased $15,000,000 in the St. Louis district, all reporting banks showing a net decline of $5.000.000.
The principal changes in borrowings from Federal Reserve banks for
the week were reductions of $63,000,000 at the Federal Reserve Bank of
New York, of 39,000.000 at Cleveland and of 36,000,000 at San Francisco, and an increase of $21,000,000 at Chicago.
A summary of the principal assets and liabilities of weekly reporting
member banks, together with changes during the week and the year ended
Jan. 16 1929 follows:
Inc. 1+) or Dec.(-)
(In MUMMY of Dollars)Loans and investments-total
Loans-total
On securities
All other
Investments-total
Jan. 16
1929.
J1a
9n29
.9 81a" Jan. 18
1928.
+3787
-$58
$16,188
-8208
+3788
.37.302
*8,856
'+838
*-246
•+3677
"+109
6,076
+150
+1
33.12f
2,958
+$104
+46
+3155
-154
1,771
242
+6
-29
-27
-13
Net demand deposits
Time deposits
Government dePosIts
13,611
'6.891
90
+3
.,__5
-21
-313
*-1-331
+1
Due from banks
Due to banks
1,237
*3,015
+47
'-303
•.i.ii
598
-57
+367
U.S. Government securities
Other securities
Reserve with Federal Reserve banks
Cash In vault
Borrowings from Federal Reserve banks
•Subject to correction.
Summary of Conditions in World's Markets According
to Cablegrams and Other Reports to the Department of Commerce.
The Department of Commerce at Washington releases for
publication Jan. 26 the following summary of market conditions abroad, based on advices by cable and radio:
ARGENTINA.
Business in general throughout the week was very good and economic
conditions were satisfactory. The weather was not quite favorable for
corn but, nevertheless, a large crop is expected locally. This year's imports of tractors are expected to be large. Retail trade in cities was seasonally dull, but sales of farm implements needed to harvest the large
crop
were good.
BELGIUM.
All of the major industries in Belgium are in good condition and
activity
has picked up following the holiday season. The coal situation, formerly
very difficult, is much improved. The year has started with renewed
activity in the metallurgical market and prices are higher. The Belgian
mills are expected in the near future to book orders for 90,000 tons of rails
for the Belgian Congo, Norwegian and Portuguese railways. Conditions
In the plate glass industry remain prosperous and the situation of the
window glass industry is satisfactory. The artificial Portland cement
industry is still working at full capacity, with a good export demand,
although the local demand is weak. The winter weather has brought renewed activity In the leather market and retail sales are very active. Sustained activity is reported in all branches of the textile industry. The
flax market, however, Is sluggish and lace manufacturing is less active.
The clothing industry continues prosperous and department store sales
have increased moderately. Notwithstanding a weak demand, the soap
JAN. 26 1929.]
FINANCIAL CHRONICLE
industry is operating at normal capacity. The building industry has been
extremely active and the demand for lumber and construction materials
Ii strong. There is a seasonal calm in the automobile market. Car
loadings during December were higher.
BRITISH MALAYA.
Events of the past year revealed the fundamentally sound condition of
British Malaya and established confidence in the future. The removal of
rubber restriction is generally believed to have benefitted the industry
and the better-managed estates are expected to continue to show profits.
As the result of lower rubber and tin prices, the value of export trade
dropped 20% and import trade was 13% lower. The automotive market was
most affected by unfavorable economic conditions. Passenger car imports
were 1,500 units less than in 1927. The outlook, however, has improved
slightly. The boycott of Japanese textiles by Chinese firms aided both
American and European lines, especially American duck, which may prove
able to withstand future competition. Importers anticipate increased demand for American hosiery and textile dealers are optimistic concerning
the trade. Machinery trade in 1928 was featured by increasing popularity
of American oil engines. Demand for steel plates and sheets increased
and a large shipment was received from the United States. American
hardware and tools retained a favorable position In the trade although the
market was dull. Owing to increased agricultural activity following the
removal of rubber restriction, better demand for fertiliers is expected. Consumption and distribution of canned goods improved in 1928 and imports
of fresn fruits exceeded all records. Past year was noteworthy for building
activity, which continues and will be accentuated by extensive work on
the naval base during 1929.
BRAZIL.
General business throughout the week was slow, but the foreign exchange
was firmer owing to an increase in the supply of available bills of exchange.
The coffee market was slightly more active than during the previous week.
The Rio Light and Power Co. has obtained a favorable decision regarding
the renewal of its contract of 1922 with the city of Rio. This renewal
should enable the company to proceed with the installation of the needed
telephone services.
CANADA.
Trade continues normally quiet with general confidence in the Spring
outlook. Equipment orders placed by the Canadian Pacific Railway of
Jan. 15 include 2.800 steel box cars.
Canadian imports of $1,220,312,000 during the calendar year 1928
represent an increase of 12% over the value of imports in 1927. The
December figures reflect the consistently higher trend of the preceding
months, but in exports, the gain in wheat shipments was almost completely
offset by a lower valuation and by a decline in flour shipments. Exports
for the 12 months of 1928 were valued at $1,349,751,000, an advance of
11% over the 1927 return.
Alberta petroleum production in 1928 totaled 486,318 barrels, an increase
of 48% over production in the previous year. Newsprint mills In December
operated at 84% of rated capacity, with a total output ot 208,484 tons.
495
NETHERLANDS.
Business in the Netherlands was cautious at the beginning of 1928 but the
upward movement recorded during the preceding year was soon resumed.
Beginning in September, the acceleration of activities became more evident
and at the close of the year tile position of trade and industry generally WWI
regarded as very satisfactory. There is pronounced optimism with regard
to the continuance of the progress already noted. Expansion's, mergers.
and rationalization carried out by various industrial groups have improved
some of the unsatisfactory domestic competitive conditions, and while
keen competition in foreign trade has only slightly abated, exports showed
a substantial gain during the year. Cotton textile mills were active throughout the year, although domestic competition was unusually severe, and the
wool industry was also well booked with moderate profits. The rayon
factories are expanding and conditions are generally satisfactory. Although
the shoe and leather production was relatively large, profits were meager.
The building industry during 1928 was active, although below that of 1927.
The dairy industries have experienced a profitable year. There was an
increase in the domestic turnover in the paper industry. The brick industry
was also better. Progress was noted in the manufacture ofradio equipment.
Activity in the ceramic industry was greater and the blast furnace output
Increased. The coal output during 1928 marked a good advance. Increased
activities in the engineering and electrical industries brought more business
to the metal trades. Automotive imports reached new high levels. Agriculture experienced a much more favorable year because of the unusually
fine summer weather. The bulk commodity markets enjoyed a good volume
of business and favorable margins of profits during the past year. Railway
and aviation traffic increased sharply and foreign trade continued its favorable tendency. The financial situation during 1928 was characterized by a
heavy increase in capital issues, satisfactory conditions in Government
finance and general banking, and stable foreign exchange rates. A noteworthy event was the shifting of stock market preference from colonial
issues to domestic industrials. This development appears to be justified
by the healthy growth of industrial enterprises, by their increased earnings.
and by the sound economic background and general prosperity of the middle
classes.
PANAMA.
Business in Panama has become more active as a result of the arrival
of the United States fleet. Excise taxes collected during the year 1928
amounted to $1,811,000, an increase of $117,000 over the previous year.
The Canal Zone authorities will commence during February the construction of cottages and living quarters involving an expenditure of $300,000.
The steamship San Jose has inaugurated a freight and passenger service
between Panama City and Chiriqui.
RUMANIA.
Preliminary data on foreign trade for the first 11 months of 1928, lately
published by the Ministry of Finance, on the basis of customs returns
indicate a debit balance of 5,078.705,000 lei (average rate of exchange.
$0.0061), imports totaling 30,031,904.000 lei. against 24,953,200.000 lei
of exports. Compared with the foreign trade operation's for the same period
of 1927. the foregoing figures represent decreases of 9,974,000,000 lei (29%)
in exports, and 1,113,122,000 lei (4%) in imports, the adverse balance
being in contrast to the favorable balance of 3,782.569,000 lei in 1927.
The sharp adverse turn in the trade balance is accounted for chiefly by the
heavy drop (about two thirds), in exports of cereals, resulting from the
greatly reduced yield of the 1928 crops.
COLOMBIA.
The Magdalena River. the main artery of transportation from the sea
coast to the interior, is reported to be getting low with the result that some
of the boats that navigate the lower section of the river from Barranquilla
to La Dorada have postponed sailing for fear of becoming stranded on one
of the many sandbars that abound in the river. The low stage of the
SWEDEN.
river is not unusual for this time of the year, but unfortunately congestion
In general Sweden enjoyed a satisfactory year despite the major labor
offreight at the important transfer port of La Dorada has never been cleaned
volume conup so that the present condition of the river is causing the congestion to disputes during the first half. Heavy production and trade
tinued throughout December and totals for the year are likely to equal
become worse.
1927 records. The effects of the stoppage of work are still felt through a
GREECE.
decrease in purchasing power. Various export branches in general had a
Sales of American products have made important progress in this country.
Lumber exports were practically equal to last year's shipments
A predominant position has been attained by American automobiles, while good year.
advance sales at the middle of January totalled approximately one-third
recent figures show that 77% of tires sold here, as well as 60% of the and
output for the year. The pulp and paper situation is fairly
estimated
of the
lubricating oil, came from the United States. The decline in imports of
satisfactory with last sales for 1929 delivery reported and little change in
cereals, for which the United States is an important source of origin, is
prices. No definite Improvement is noted in the iron industry but the machine
partly accounted for by better crop returns during the past year. Producshop branches continued to advance steadily. Swedish shipping and shiption of cereals in 1928 is estimated at 865,000 tons as against 645,000 tons
building enjoyed a very prosperous year. The outlook for 1929 was brightin the previous year, or an increase of 34%.
ened appreciably with the settlement in December of the wage conflicts between employers and workers in the engineering and sawmillindustries. New
JAPAN.
for two years. Wage rates in engineering trades
Pending solutem of various political and financial questions, trade in arrangements are valid
in effect during 1928. In the savrmilling
Japan Is marked with a policy of watchful waiting; while the Chinese prob- are practically the same as those
uniform for all mills, an average
lems, coupled with indecision on free gold movement, prevents any pro- industry, while the new wage scale is not
capital market was very easy
nounced improvement in both foreign and domestic trade. It is expected Increase of about 4% was effected. The
balance was very much
that the Diet, meeting in the latter part of January, will consider these throughout the year despite the fact that the trade
industrial securities abroad tended
important questions, as well as higher income taxes, the lumber tarift. reduc- against Sweden. A large sale of Swedish
other currencies.
against
crown
tion of the luxury tariff on food stuffs, and the transfer of land and business to strengthen the position of the Swedish
greater activity with
taxes to local Governments. Inflation in note issue and decline in gold At the turn of the year the stock exchange showed
Riksdag, the abolition
reserve are likewise serious problems. Foreign loans by semi-Government rising quotations. In the budget discussions in the
recommended. The budget
corporations and municipalities are proposed in order to increase gold of the import duty on various fresh fruits is
freight rates.
reserves. Bankers continue to advance conservative domestic loans. The suggests a reduction in the income tax rate and also in
prorice market is still depressed due to large domestic crop and heavy stocks. A 50% reduction in the present high stamp tax on security transfers is
replacing the latter
However, prospects for demand of American rice are encouraging. Sugar posed as well as the cancellation of the sugar excise tax,
refining operations are generally claimed to be profitless, although exports with the import duty. The position of the bank of Sweden continued very
strong at the turn of the year and the money market remained easy. Foreign
show a marked increase. Heavy Formosan crops present a
favorable
factor to flour milling operations, with conditions improved through sales trade volume was slightly lower during December but the results for the
agreements in home market"; and larger exports to China. The cement year will be only slightly below normal.
industry Is proving more profitable, with some reduction of surplus stocks.
The Department's summary also includes the following
Quietness marks the lumber market. Stocks are small and the
outlook
United States.
good. Importers anticipate no serious effects in the application of new with regard to the Island possessions of the
tariffs. The paper industry is satisfactory, despite reduction in output rePHILIPPINE ISLANDS.
stziction and the possibility of maximum production in the near
future.
General business was excellent in 1928 despite lower agricultural prices.
high
and
Production was
business benefitted from prosperity carried over
NETHERLAND EAST INDIES.
from the previous year. Although no marked improvement in trade is
Sales of American textiles, especially voiles, advanced materially in
expected in 1929. current conditions indicate that the present level of
1928. totaling $800,000 in value. Imports of textiles from all countries business activity will be continued. Import trade in 1928, of which the
increased 19% over 1927. Automotive trade was very active, imports
United States supplied 71%. was valued at approximately $135,000,000
of passenger cars numbering over 10,000, and the value of total automotive or
an increase of 12% over 1927. Exports, of which the United States
imports increasing 33%. Keener competition is expected in the
automotive took 74%, amounted to $150.000,000. Automotive trade reached the
trade in 1929 and improved sales, as the business is on a sound financial highest value on record, imports of all
motor cars and accessories totaling
basis. Bus services have been materially extended and even greater ex- $5,000,000. The chief increase was in imports of trucks. Increased use
pansion is expected in the near future. Imports of machinery advanced of motor buses offered the railroads serious competition during the year
24% In 1928. European countries gaining most of the increase, although Automobile tires were the only important item in the import trade which
trade in American oil-well machinery and tractors showed excellent gains. declined but the lower imports relieved the overstocked condition of the
In view of plans for extensive plantation development. prospects for machin- market and trade in tires improved as a result. The cotton textile market
ery sales are favorable. The value of total Import trade increased 15% was highly competitive, with generally small profits, except for some of the
in 1928, due in part to a definite tendency among natives to buy better larger Chinese dealers. Imports of cotton cloths increased substantially
goods. The first official Dutch estimate of dry rubber exports is 224,000 and the United States secured a large share of the trade. Trade in iron
metric tons. At year-end prices low-cost production estates operated on a and steel and machinery was very active, with especially increased demand
profitable basis but most others were on the borderline between profit and for roofing materials and for sugar machinery. Business in electrical equiploss. The year's sugar crop was 25% above that of 1927. Mills are ment was about 25% above that of 1927 and trade in paper, loather, and
believed to have made good profits and sugar areas are being extended.
, satisfactory.
cigarettes improved. The market for foodstuffs was gunman:
496
FINANCIAL CHRONICLE
[VOL. 128.
Sugar production was the largest on record but the value of exports was advantageous to
the Allies by Frederick C. Goodenough,
considerably under that of 1927. Centrals, however, are repo:ted to
have made fair profits at the lower prices. Exports of abaca were heavy chairman of Barclay's Bank Limited, of London, in his
but also lower in value. The total value of all coconut products exported, remarks to shareholders of the bank at their annual meeting
however, was 8% above 1927 and nearly 11% greater than the value of on
Jan. 17. Mr. Goodenough, a copy of whose remarks was
sugar shipments In 1928. Exports of leaf tobacco dropped about 10% and
shipments of cigars increased slightly. Latest estimates of the typhoon received by the representative's office of the bank in New
damage place the value of crops and property permanently destroyed at York, said on this point:
$25,000,000 and the agricultural loss for the next two years at the same
International trade must be affected to a considerable extent by decisions
figure. Money was plentiful in 1928, credit conditions showed general that
may be reached in regard to Germany's reparation payments. It will
improvement, and banks had a good year. Preliminary reports indicate be of
great benefit if the committee which Is about to consider the question
a satisfactory surplus of Government revenues.
of reparation payments can suggest definitely a fixed schedule of payments which will not only be acceptable to the Allies, but such as will
obviate as far as possible
Germany into excessive industrial comGold and Silver Imported into and Exported from the petition with the rest of theforcing
world, through compelling her people to accept
too low a standard of living. It certainly seems that it will pay allied
United States by Countries in December.
creditors in the
run to assess Germany at what would appear to be a
The Bureau of Foreign and Domestic Commerce of the moderate figure long
for reparations. Steps could be taken towards simplifying
Department of Commerce at Washington has made public the problem by placing on the investment markets of the world some of
its monthly report, showing the imports and exports of gold the reparation bonds at present held on account of creditor powers and, in
order to facilitate the marketing of such bonds, it might be found conand silver into and from the United States during the month venient in some cases for governments individually
to endorse some of
their
holdings prior to issue and so improve the price at which they could
of December 1928. The gold exports were only $1,635,875.
be sold.
The imports were $24,939,680, of which $23,896,020 came
In discussing the financial situation, Mr. Goodenough
from Canada. Of the exports of the metal, $703,787 went
contrasted the British and American banking systems with
to Hong Kong, and $400,000 went to Venezuela.
particular emphasis on the relation of the bank rate to market
GOLD.
SILVER.
rates for money and expressed the view that the ability of
Total.
the Bank of England to retain a 4 ,6% rate had been an
Refined Bullion.
Total (Ind. Cots).
Countria.
Exports. Imports. Exports. Imports. Exports. Imports. important factor in the growing influence of London as the
Dollars. Dollars.
Ounces. Ounces. Dollars. Dollars. chief
monetary center of the world. In his observations he
France
1,499
120 stated.
Germany
209.845
293,163
168,049
Italy
1,381
United Kingdom...
2.377
Canada
24,989 23,896.020
114,431 304,483 191.731 453,737
Guatemala
14.760
Honduras
21.035
192.016
111,370
Nicaragua
38.391
10,000
3.209
8,395
Panama
3,200
•
Mexico
15,
5,084.52. 37,470 3,792,154
282.554
Trinidad & Tobago.
5,000
43,703
1.200
Other Brit. W.Ind.
1,940
100
Cuba
4,873
Haiti, Republic of.
2,000
Argentina
3,910
8,430
Bolivia
5.049
Chile
24.620
253,848
Colombia
74.977
8.895
125
15,336
93
Ecuador
140,929
4.422
Peru
67,101
414.697
3,954
Venezuela
400,000
28,336
British India
12,500
1.367.668
2,380,128
Ceylon
2.000
China
11,443,336
6 585.428
Java and Madura.. 201.000
101,063
34,753
59,348
Hong Kong
703.787
200,574
115,000
Japan
61,754
Philippine Islands..
181,211
1,841
New Zealand
30,880
31
55
Belgian Congo
4,478
35,814
Union of So. Africa..
310
An outstanding feature of the financial situation during the past Year.
has been the fluctuation in interest rates in America caused by speculation
In stocks and shares and the ebb and flow of accommodation required
according to the increase or decrease in the volume of speculation. High
rates paid in New York in connection with speculative activity there serve
to emphasize the difference between the British monetary system and that
of the United States of America. In the former case, even when speculation
was active, rates paid for loans in London to finance operations in stocks.
&c., would bear some definite relationship to the Bank of England rate for
discount of commercial bills. On the other hand, in New York the rates
charged for money lent on stock markets under conditions of great speculative activity would appear to have no relation to the rediscount rate of
the Federal Reserve Bank, but to be a matter of competition.
Heavy gold movements have taken place during the year between the
various international centres. These, however, have been due chiefly to
special causes connected with the stabilization of foreign currencies and
international financial adjustments rather than to settlement of trade
differences in the usual way. For that reason, there has been justification
for retaining the Bank rate at 4 3. % throughout the year as there has been
no necessity to raise the rate, as might have been the case if it had been
found that adjustment of price levels was needed in the interests of foreign
trade. By being able to retain the Bank rate, Industry has gained distinct
advantage whilst prestige of London as a financial centre has been greatly
increased. Looking to the future, it is impossible to foresee the tendency
ota
1,635.575 24,1135.FIR11 14.451.3no 5547 7155450 440 5 100 n
In respect to movements of gold, as so many factors are involved, but it IS
to be noted that, during the period of relatively cheaper money which
prevailed in London during the latter part of last year, large numbers of
commerc
al bills found their way there as the cheapest market.
Montagu Norman, Governor of Bank of England Sails
also has for the same reason and through her growing influence
For New York-To Confer With Officials of New asLondoa
a chief mon3tary centre increase' her acc3ptance credits which has led
York Federal Reserve Bank.
to a larger number of bills being negotiated in the London market. As those
other bills mature for payment they serve to offset demands that may
The departure from London for New York of Montagu and
be made on London and
strengthen the monetary position there. These
Norman, Governor of the Bank of England was announced bills represent debts dueto
as a result of commercial transactions spread all
in press accounts from London on Jan. 23. Concerning his over the world and enable Great Britain as holder to discharge debts owing
by them without their being called upon to maintain a large amount of
visit to this country the "Times" of Jan. 24 said:
gold as a reserve over and above the amount required for actual currency
The gold movement attracted particular interest in Wall Street in con- purposes. The Increase which has taken place during the year in holdings
nection with the announcement yesterday that Montagu Norman, Governor by the banks of commercial bills is an indication of increased assistance
of the Bank of England, is on his way to New York. As a coincidence, Mr. which banks have afforded to trade and industry both in England and
Norman is coming on the Aquitania, which sailed yesterday with the $2,500,- abroad.
000 of gold consigned to Speyer & Co,
Norman's Visit Here Significant.
Although It was said in banking circles that Mr. Norman was coming
here merely on routine business, on a visit such as he has been in the habit
of making every year or so, the fact that he will confer here with officials
of the Federal Reserve Bank was considered significant In view of the
Important international questions raised by the gold movement. The loss
of gold at this time is not relished in London, particularly if it should be
prolonged and result ins reduction In the reserves of the Bank of England.
In previous visits of Mr. Norman, In which he conferred at length with
the late Governor Benjamin Strong of the Federal Reserve Bank of New
York, the point always was made that the discussions were Informal, and
no official statements were ever made concerning their outcome. It has
always been understood, however, that harmonious international financial
relations were promoted by the conferences, and that unofficial understandings were reached regarding policies affecting such important subjects
as currency stabilization, exchange rates and gold movements. On the
occasion of the last visit of Mr. Norman to this country, In the Summer of
1927, the executives of the Bank of France, the Bank of Belgium and the
Reichsbank also were her. and they all joined in conferences with Governor
Strong.
On the present occasion none of the heads of other foreign banks of issue
will be here. Mr. Norman is expected to make his headquarters while in
New York at the Federal Reserve Bank, and he will confer with Governor
George L. Harrison and other officials of the Reserve Bank. He is also
expected to see officials of the Treasury Department in Washington during
his stay In this country.
F. C. Goodenough of Barclay's Bank Urges Moderate
Figure For German Reparation Payments-British
and American Banking Systems Contrasted.
Agreement upon a moderate figure for reparations on the
basis of a fixed schedule of payments which will obviate as
far as possible forcing Germany into excessive industrial
competition with the rest of the world was advocated as
Mr. Goodenough saw ample ground for confident and
hopeful feeling as to the British industrial outlook. He
cited the efforts being made in Great Britain to place depressed industries on a more satisfactory footing, both as
regards economies and efficiency through great combinations
of interests which are taking place. "Much is also being
done," he continued, "to develop new outlets for trade
and to improve the general marketing of goods. If Great
Britain is to regain her full pre-war volume of foreign trade,
steps must be taken to re-organize upon more economical
and efficient lines many industries which are specially subject to foreign competition. In connection with amalgamations generally, it should be recognized very clearly
that success depends upon economy and efficiency in management."
Province of Hanover, Germany, to Market $4,000,000 in
Harz Water Bonds.
The "Sun" of last night (Jan. 25) stated:
The Province of Hanover, Germany, will market a $4,000,000
Harr
water works loan, second series, 6% in the American market within a
few days through Lee, Iligginson & Co.
The bankers have purchased the bonds, which have been approved, as
well as the plan for the water works, by authorities of the German Reich
and the State of Prussia. The bonds will mature Feb. 11949. Tho first
Issue, amounting to $1,000,000 of 6s, due Aug. 1 1957, was floated through
Lee, Higginson & Co. in August 1927.
The construction is being undertaken to supply water to the City of Hanover and larger cities of the Leine Valley as well as to control floods and
generate electric Power.
JAN. 26 1929.]
FINANCIAL CHRONICLE
Two German Banks Merge—Commerz-und Privet Bank
A.G. Taken Over by Braunschweigische Bank und
Kreditanstalt.
The Commerz-und Privat-Bank, A. G., Berlin, has taken
over the Braunschweigische Bank und Kreditanstalt in
Braunschweig. The latter institution was established in
1853 and has a capital of nominal R. M. 5,000,000, on which
dividend has been paid regularly for many years—excluding 1923, the year of the stabilization of the German currency. Eight per cent, has been paid during recent years.
The merger has been confirmed by the New York Representative of the Commerz-und Privat-Bank, A. G. The Commerz-und Privat-Bank, A. G., has concluded a number of
similar transactions within recent months. Some time ago,
the bank increased its participation in the New York &
Hanseatic Corporation, New York and participated substantially in the forming of the General Mortgage & Credits
Corporation. Through these participations, a close co-operation of the bank with American capital seeking investments
in Germany is looked for. In the summer of 1928 the Commerz-und Privat-Bank, A. G., acquired the old established
banking firm Marcus Nelken & Sohn, Breslau-Berlin, prominent for its extensive international stock arbitrage business. The name, Marcus Nelken & Sohn, will be retained,
although the entire business is carried on as an affiliation of the Commerz-und Privat-Bank. To further strengthen its network of branches, the Commerz-und Privat-Bank
also took over the banking firm Kronenberger & Co., Mainz,
Bad Kreuznach and Worms, and, early in January of this
year, acquired the Aachener Bank fuer Handel und Gewerbe, Aachen. The foregoing acquisitions and the participations (as far as the American firms are concerned) took
place without involving an increase in the capital stock
of the Commerz-und Privat-Bank, A. G., and were all
affected by surplus funds.
The business of the
Commerz-und Privat-Bank, A. G., during the year 1928
is reported as quite satisfactory and the balance sheet, as
of Dec. 31 1928 will; it is stated, reveal considerably higher
figures than for the previous year. The total assets are
expected to exceed R. M. 1,500,000,000 for the first time in
the history of the bank.
497
Organization by German holders of Russian pre-war bonds of an association to safeguard their interests was reported to the Department of
Commerce to-day by the American Comercial Attache at Berlin.
The association is under the supervision of two large German banks and
has for its sole aim the protection of German holders of loans obtained
prior to the war by the Russian State, Russian municipalities or Russian
railroads or any other public corporations.
•
France Plans Huge Loan in Conversion of
Debt-37,000,000,000 Franc Issue to
During Term of Premier Poincare.
Short Term
Be Largest
A cablegram from Paris, Jan. 18 to the New York "Journal
of Commerce" reported that Premier Poincare is about to
execute the most gigantic financial coup of his career
through the conversion of some 37,000,000,000 francs of
short term debt into a new consolidation bond issue. This
operation would be the third and largest of the three conversion loans he has floated since he assumed the permiership,
says the cablegram, which reports further as follows:
The project is now before the cabinet and financial authorities, and it will
be decided within a short time,it is learned here by the Agence Economiqns
et Financiere. The announcement of the issue, it is expected, will coincide
with further developments in the effort to settle the question of ratifying
the inter-allied debts. It is also thought likely that the announcement win
be timed to take place simultaneously with further progress in the evolution
of a new reparations solution.
To Reduce Defense Bonds.
The new conversion loan will be chiefly designed to redeem 34,870,000.000
francs of National Defense bonds, eliminating the last important item in
the floating debt of the French Government. The floating debt at the
time of the stabilization of the franc amounted to some 90,000,000.000
francs, and has since been cut down by conversion, repayment and wiping
out of the advances by the Bank of France to the State.
The new loan will also be designed to redeem the 2,631,000.000 francs of
bonds of the caisse d'amortissement outstanding. These obligations were
Incurred by the autonomous sinking fund previously as part of Poincarels
original financial program, but it is now desired to eliminate it entirely.
15 to 25 Year Maturities.
The new loan will have a duration of 15 to 25 years. It Is expected to
have a 5% coupon,similar to the 5% issue put out last year. The issue on
last year's loans was 91, but the bonds have lately been selling in the
market at about 93,so that the new issue will probably come out at about
92I. The 5s of 1928 were issued to the amount of approximately 20,850.000.000 francs.
It is also expected here that the offering of the new issue will resemble
the system followed in the case of the 5s of 1928. In that instance the
Government received cash subscriptions up to 10,000.000,000 francs, the
remainder of the Issue being exchanged against short term bonds which if
was desired to redeem. As not all the outstanding national defense bonds
would be offered in the conversion scheme,large cash subscriptions would be
needed to raise enough funds to assure the elimination of the floating
indebtedness.
-German Steel Wage Arbitration Decision Regarded
Paris advices to the New York "Times" Jan. 23 carried
Favorably by United Steel Works.
the following information:
The Severing arbitration decision in the Ruhr steel wage
Conversion operations which will bring an imp3rtant alleviation to the
controversy means a wage increase of 3,000,000 marks for French treasury situation were decided upon to-day by the administrative
council of the National Sinking Fund. They are set to begin in the second
the United Steel Works Corporation of Germany, accord- week of February and will apply to the tobacco monopoly obligations and
ing to cabled dispatches received in New York. The de- the short term defense bonds. They will provide tie sinking fund with
which will considerably lighten the short term obligations which
cision is regarded as favorable for the company because resources
have constituted one of the most awkward features of the internal debt.
it reduces the burden of wage advance and assures at least
The sinking fund now enjoys a revenue of more than 6.000,000,000
two years of labor peace. It is unofficially estimated that francs (about $234,600,000) from the tobacco monopoly. It will be possible for the entire amount of the tobacco obligations now circulating to be
the wage burden for the corporation, had the workers' bought up or replaced by the new conversion obligations which will be
original demand been accepted, would have totaled 30,000,- offered in exchange for the existing ones. The new tobacco bonds will
with a premium, not yet fixed, which will make the
000 marks. Last year's arbitration, providing for an addi- be issued at 4%% but
bonds about 5%. They will be of 40 years' duration and amortizable,
tional wage burden, which was rejected by the manage- the future holders not wishing to exchange for that new bonds will be reimbursed at the rate of 600 francs for bonds of 500 francs.
ment, would have added 10,000,000 marks.
The conversion issue will also apply to certain categories of defense
A revival of German home buying is expected to begin bonds,
and the entire operation will be handled directly by the sinking
next month, owing to continued active building and ex- fund council without the participation of the treasury. Bonds not ofduring
the brief period, probably three weeks, set for the transaction,
fered
pected railway improvements.
withdrawn and bought up.
Slump Hits Berlin Boerse.
Under date of Jan. 19 Berlin advices to the New York
"Times" stated:
The Boers° experienced a severe slump to-day. After what seemed an
encouraging opening, prices as a whole collapsed in the first hour and
no attempt to interfere was made by the large banks. Siemens shares
lost 10 points within a short time. Dyo Trust shares, 6, and Artificial
Silk shares, 12 points. Practically all the other stocks went down 3 to
5 points.
The unexpected crush was caused partly by Herr Hilferding's budget
speech, but rumors of alleged dissensions in the Cabinet and the possibility of a new political crisis did the most serious damage. It was asserted that the government intended to publish a reply to Parker Gilbert's
reparations report.
The downward movement was further accelerated by New York dispatches according to which the Federal Reserve Bank may still be compelled to raise the discount rate. The bears profited from the total
lack of purchasing orders by throwing large quantities of stocks on the
market, thus forcing prices down still further.
The tendency at the closing time was extremely weak, with the quotations at the lowest.. The money market conditions were unchanged, with
call money at 4% to 6%%.
German Holders of Russian Bonds Form Association.
Washington advices Jan. 16 to the New York "Journal of
Commerce" stated:
will be autmatically
The chief advantage of the operation will be that it will provide the
sinking fund with a considerable source of new revenue which can be used
for a more rapid purchase on the Bourse of rentes and State securities than
is permitted under the present finance law.
France Resumes Coining of Gold and Silver Pieces.
Paris advices (copyright) to the New York "Evening
Post" Jan. 16, said:
The coining of gold and silver pieces began again to-day at the French
mint on the Seine quayside. Ten different types of gold pieces and nine of
silver are to be struck out of a host of different designs sent in during the
last six months by French artists. A jury of artists is to choose three
different types of gold and silver pieces to be submitted to the Government
for its final choice as to the new coinage to be issued shortly.
Warsaw, Poland Loan, First Foreign Issue in
Since War.
The New York "Evening Post" of Jan. 22 stated:
Paris
For the first time since the war a foreign institution has borrowed in
France, according to a cable dispatch to Louis Dreyfus & Co.'s New York
office, telling of the oversubscription of an offering of 50,000.000 francs
of 6% 1959 bonds of the Land Credit Association of Warsaw. The bonds
were offered at 93 by Louis Dreyfus & Co. and Societe Generale.
Up to the present, the French Government has been strongly against
foreign issues being floated in Prance and had previously allowed Participation only on a small scale in loans made nnder auspices of the League of
Nations,
498
FINANCIAL CHRONTCLF,
Millers Ask Government To Stop Wheat
Imports from United States.
Flour millers, meeting at Saragossa, Spain, on Jan. 17
to discuss their industry, blamed the importation of foreign
wheat for their critical situation, says an Associated Press
dispatch from that city (published in the New York "Times")
the further advices in the.matter stating:
Spanish
[VOL. 128.
the rate of 14% which compares with the payment of
12% last year. An issue of 20,000 American shares of the
First National Savings Bank Corp. of Pest was sold in this
market several months go by a Syndicate headed by John
Nickerson & Co., Inc., and Bauer, Pogue, Pond & Vivian.
Institut° Italiano di Credito Marittimo Assumes
Italian Banking Activities of Oesterrei chische
Credit Anstalt Fur Handel und Gewerbe.
A cable received here by Capt. A. Ruspini, President of
the Italia-America Shipping Corp., American Representative of the Istituto Italiano di Credito Marittimo, announces
Monopoly on Marketing Sought for Canadian Wheat
that through agreements made with the Oesterreichische
Pool—Organization Appeals to Courts To DeterCredit Anstalt Fur Handel und Gewerbe, the Institute has
mine Status of Agreement on Use of Elevators.
assumed all the'banking activities which the latter instituFrom Saskatoon, Saskatchewan, the "Wall Street Journal" tion formerly conducted in
Italy. As a consequence, the
on Jan. 10 reported the following:
Istituto Italiano di Credito Marittimo, has established
Canadian wheat pool is appealing to the courts to decide whether their
members can force private elevator companies to deliver to pool terminals its own branch at Bolzano in place of the former branch
wheat so consigned. Private companies own four-fifths of all country office of the Credit Anstalt. In addition, the Institute has
elevators and a majority of the terminal space at the lake head. They
taken over the Banco Veronese di Depositie Conti Correnti,
refuse to deliver pool grain except to their own terminals and defend this
an active Venetian banking house with total deposits of
practice on the grounds of an agreement with the pool executive.
It was to have this agreement construed that the pool finally decided 35,000,000 Lires and numerous branch offices throughout the
to go into court. Decision in a case referred to the Department of Justice
at Ottawa sustained the contention of the pool, but it was not a court region. Less than a month ago,the Istituto Italiano di Creddecision. The construction of the agreement is vital to the continuation ito Marittimo assumed controlling interest in the Banca di
of the pool and affects private investments exceeding $100,900,000 in Santo Spirit°, which in turn absorbed the
Banca Regionale.
elevators.
Pool members have put forward a plan to force a 100% marketing By its latest move, the Institute has extended its activities
agency under pool administration. They declare by resolution they will into the Venetian region, thereby establishing a larger
seek legislation by which grain producers not In the pool will be required field and
gaining greater importance in the economic and
to market their grain through the pool organization. The plan contemplates
making all private elevators at country and terminal points mere ware- financial life of Italy.
A demand was made that American wheat be barred and that Argentine
wheat be imported only in quantities proportionate to the needs of the
kingdom.
This demand will be submitted to the Government.
houses and increasing the compensation over the present schedule for
handling grain.
The compulsory feature of the pool operations is not favored by all
members, a considerable wing opposing any suggestions of compulsion.
City of Tokyo 1912 6% Loan—French Court of Appeals
Rules Entire Loan Must Be Considered as a Single
One.
Irish Free State Currency Hitch—British Mint Declines
From its Paris office the "Wall Street Journal" on Jan. 15
to Accept Retired Coinage in Bulk.
reported the following:
Court of Appeal at Tesancon recently conilrmed a lower court decision
From Dublin, Jan. 21, a cablegram to the New York against
the City of Tokyo In respect of the French portion of Its 1912 5%
"Times" stated:
loan. This loan was issued In New York, London and Paris in sterling
The question of the replacement by Free State tokens of British coinage to nominal amount of £9,175.000. The equivalent of £4,000,000 was subcirculating in the country is in a fair way to settlement as a result of a visit scrihed In 500 franc bonds and the municipality sought to establish that the
French portion was separate from the other two and that Interest and
by Ernest Blythe to London during the week-end.
The Finance Minister expected to make a profit of $2,500,000 out of amortization should be effected in francs having legal currency as irom
the change this year. anticipating that the British Treasury would take June 25, the date of stabilization in France.
The Court of Appeal has ruled that the entire loan must be considered as a
back immediately the withdrawn British coinage in bulk. He now finds
that the British mint is only prepared to accept it In seven or more yearly single one and that its service must be effected in pre-war gold francs
instalments, as it cannot profitably deal with such an amount of returned equivalent to sterling at the rate prevailing at the time of issue, 25.22
francs. This means that the French holder is entitled to receive one pound
coins in one year.
The coins are being accepted by the British Treasury at their face value, sterling or Its present equivalent in the new francs for every 25.22 prealthough at the outset only their bullion value, which Is roughly 15% of war francs subscribed. The judgment is the first of its kind since the statheir face value, was offered. It Is feared that Mr. Blythe's budget will be bilization of the franc and applies indirectly to various foreign bonds held In
affected this year, although it is estimated that a profit eventually will be France and now the subject of litigation.
realized.
Brazil Bank Reform—Change to Gold Basis Said to Be
Nearing Completion.
Quoting
a
local
paper regarding Brazil's change to a
The following from Berlin appeared in the "Wall Street
gold basis a cablegram from Sao Paulo Jan. 19 to the New
Journal" of Jan. 14:
York "Times" stated:
Owing to unfavorable market conditions, the Prussian Government has
Prussian Government Abandons Plan to Float Long
Term Domestic Loan.
abandoned its intention to float a long-term domestic loan of 100.000,000
marks covering requirements, and will Instead sell two to four-year 7%
treasury bills at around 96, which will be placed with savings banks, the
post office and insurance companies during the next few months to total of
100,000,000 marks. The cost of this financing will average 83i17, against
93 % OD long-term financing.
We have trustworthy information that within two months the Federal
Government will solve the problem of reform of the Bank of Brazil which
was authorized by act of Congress of December 1926, says the Diario de
Sao Paulo to-day.
The revision Is linked with the question of the conversion of that part
of the paper money in circulation, continues the Mario, which cannot be
exchanged for gold at the CaiXD de Estabillzacao (Stabilization Bank).
President Washington Luis plans to adopt the "cruzelro" as the monetary unit this year.
To finish the plan to make the rest of the circulating medium convertible
will require a loan of 15 to 20 million dollars which will be offered by English
and American bankers whose representatives came to Rio de Janeiro for
this purpose. It Is planned to not bring this gold to Brazil but to leave it
deposited in a branch of Cabot in New York or London depending on where
the loan is arranged.
—
_
Reichbank Dividend for 1928.
New York and Hanseatic Corp. is advised that the Reichbank dividend for 1928 will be payable after approval by
the general shareholders at a meeting called for February
4, and it will buy dividend coupons at current rates and
supply applicants with form of affidavit necessary to obtain
Coffee Restriction Defended in Brazil—Grower Say&
exemption from the 10% German Income tax.
Nation Received More in 1928 for Product Though
Sales Were Below 1927.
First National Savings Bank of Pest Reports 21%
Increase in 1928 Net Profits—Proposed New Issue
Ferreira Ramos, President of the Sao Paulo Agricultural
Society, speaking at the last meeting of the society, said
of Stock.
The First National Savings Bank Corp. of Pest, Budapest, according to Sao Paulo advices Jan. 20 to the New York
according to cable dispatch received Jan. 22 by John Nicker- "Times":
Official statistics of Brazilian coffee production show during the fiveson & Co., Inc., reports for the year ending Dec. 31 1928, year period 1906-1910 an annual average of 14,000.000 bags, compared
net profits of over 3,400,000 pangoes or $594,660, which with the average for 1921-1925, which did not reach 13,500,000 bags.
It proves in spite of blg plantations that the average has not increased
it is stated, compares with earnings for the corresponding and the
terror of overproduction does not exist. The study shows that.
1927 period of 2,850,000 pengoes or $491,672, representing although selling In 1928 1,000,000 sacks less than in 1927. Brazil received
about
21%.
of
Directors
meeting
18,000,000 more. Which is better, to sell a crop of 18,000,000,
propose at the general
an increase
for /2, getting only M6,000,000 and leaving the country and the producer
to be held Feb. 7 1929 to authorize the issuance of 40,000 ruined or
to sell 13,000,090 for £5, getting £65,000.000, which does not
new shares which will be offered to stockholders at 185 ruin the country and the producer, even if we retain 5,000,000 sacks on
hand?
In
the first case the stock remains in the hands of intermediaries.
pengoes per share on the basis of one new share for each who
take out all the profit, and in the second case remains in the hands
four shares held. Rights to subscribe to new stock will of the producers,
who regulate the average price, not permitting great
expire on Feb. 16 1929. The stock is now selling on the price increases and declines.
The cablegram also contained the following further,
Budapest Stock Exchange around 220. It is also proposed
at the meeting to recommend that the 1928 dividend be at advices:
JAN. 26 1929.]
FINANCIAL CHRONICLE
499
Hildebrance Gomes Barret°, economist and business man, addressed
the Rios Centro de Commercio de Cafe as follows:
We need to promote a greater international sale for Brazilian coffee
at the prices agreed or better if possible. Brazil furnished 80% of the
world's consumption, but now much less on account of other countries'
increased production. Other countries' production increased proportionately 4 to 8 and all sold, while ours increased 16 to 24 and still requires
price protection and with stocks on hand.
Valorization defends the product and is indispensable; without it prices
would fall. I recommend, however, a change in some of the institute's
policies. One of the principal needs to push world consumption is the deveiopment of the Brazilian Lloyd Steamship services, with 10 or 12 ships
reserved for coffee. The cost of such ships is less than the interest on
stocks.
accomplish, should be of great value to this country in improved trade relations, and especially to the Pacific Coast,"
Dr. Kemmerer said. The Commission will spend about a
year in China with headquarters at Shanghai. This is the
longest period Dr. Kemmerer has projected for any of his
various missions of financial reform.
The Central Accounting Office of the Federal Government has presented
a report to the Minister of the Treasury giving the results of the financial
year of 1927, reporting a balance of $3,700,000. The balance would have
been larger, it is said, but for the payment of $7,600.000 for the amortization of various mans included in the 1924 funding arrangement.
The Sao Paulo City Council members, whose terms of office have expired under the three-year term of office, have presented reports for the
period, showing a balance of 1600.000.
The Mayor of Santos has also presented a report for last year, showing a
balance of 11.200 and pointing out that the city's only obligation is the
consolidation loan of £2,200,000.
of Foreign securities on the ground that, while redemption of the bonds
in 1927. when they fell due. may well be postponed for p:actical reasons,
the prolongation of the loan at a lower rate cannot be justified.
It is calculated that prolongation for 40 years and reduction ot interest
by 2% means ultimate repayment of only about 60% of tne original capital.
The French also object that the bonds proposed to be issued are in sterling
while those they hold are in dollars, sterling or Swiss francs. On the
other hand. Swiss holders of these bonds are reported to have consented
to the exchange in principle. French holders were considerably influenced
by the arguments of a large American holder, Velasco, who urged the
necessity of pressure on the trustee in New York. It is apparently his
intention to bring suit in the English courts if other means fail.
Bolivia Ry. Bonds—French Holders Reject Exchange
Proposal and Protective Association Supports
Their Refusal.
From the "Wall Street Journal" of Jan. 15 we quote the
Brazil Reports Surplus of $3,700,000 for 1927—Sao following Paris advices:
Paulo and Santos Report on Finances.
French holders of 5% first mortgage Bolivia By. bonds have refused
accept the proposal of the company for exchange of their securities
From the "Times" we quote the following Sao Paulo to
into new bonds to run 40 years and pay 3% instead of the present 5%.
18:
Jan.
advices
They are receiving support from the National Association of French Holders
Chilean Government Names Grace National Bank,
Mexico Increases Duty on Gasoline.
Brown Brothers & Co. and E. H. Rollins & Sons
as Official Bankers for Municipalities.
Associated Press advices Jan. 12from Mexico City stated:
The Directoi-General of customs to-day notified all customs officers
The Chilean Government has designated as official bankers
that the duty on imported gasoline has been increased four cents (Mexican)
for the municipalities of the Republic a group composed of per litre. The proceeds will be used for road construction.
Grace National Bank, Brown Brothers & Co. and E. H.
Rollins & Sons. The Grace National Bank on Jan. 23, said Indictments Reported Against Former Officials of
on behalf of the group:
Federal Land Bank of St. Paul.
In accordance with Chile's policy of thoroughly organizing the entire
According to the Minneapolis "Journal," Paul A. Preus,
public credit, the credit requirements of Chilean municipalities will be taken
care of by means of consolidated loans.
former Treasurer of the St. Paul Federal Land Bank, surThere will be a definite program to provide for the public improvements
Marshal in St. Paul on
both
in
growing
population and in- rendered to the United States
of Chilean cities, which are rapidly
dustrial development, the latter encouraged by the National Government's Jan. 21, following his secret indictment on charges of crimpolicy of fostering domestic manufactures and other industrial enterprises.
inally conspiring to misappropriate more than $50,000 of
The National Government in Chile strictly supervises and controls
municipal finances under a plan limiting municipal debt in a conservative the bank's funds in land deals reaching approximately
ratio to income and insuring proper budgeting and prompt payment of the $1,000,000. He was released on $10,000 bonds. Referring
service requirements of the loan.
further to the charges, the paper quoted went on to say:
$45,500 Bonds of State of San Paulo Water Works
Loan of 1926 Drawn
Speyer & Co. and J. Henry Schroder Banking Corp.
announce that a drawing for the sinking fund of the State
of San Paulo 7% secured external water works loan of 1926
has taken place and that the $45,500 bonds so drawn will be
payable on and after Mar. 1 1929 at par at either of their
offices,
J. P. Morgan & Co. Asks Tenders For Argentine Government Internal Gold Loan 1909.
J. P. Morgan & Co. announce that they are prepared to
receive tenders for the amortization on or before Mar. 30
1929, of $638,900 Argentine gold pesos, £127,780, nominal
capital, of Argentine Government 5% Internal Gold Loan
1909. Tenders for the sale of bonds with coupons due Sept.
1 1929, and subsequently, must be submitted at a flat price
below par, expressed in dollars per bond, and lodged not
later than 3 p. in. Feb. 14 1929, at the office of J. P. Morgan
& Co., 23 Wall St. Tenders also will be received in London
by Messrs. Baring Brothers & Co., Ltd., and in Buenos
Aires by the Credit() Publico Nacional.
James H. Edwards To Resign as Financial Adviser to
Ecuador to Act in Similar Capacity in China.
From the New York "Times" of Jan. 20 we take the following:
Quito (Ecuador) advice's, Jan. 19.—James H. Edwards, New York
financial expert and advise: to the Ecuadorean Treasury under the Kemmerer plan, Is to resign soon and go to China in a similar capacity for
Professor Kemmerer, who is now en route to Nanking to reorganize China's
financial system.
With the surrender of Mr.Preus,it was disclosed that Thomas 0.Ofsthun.
former assistant treasurer of the bank, also had been indicted on the same
charges and had notified federal officials that he would give himself up.
Mr. Preus is a brother of former Governor J. A. 0. Preus.
Sir. Preus resigned as Treasurer of the Bank in July, 1926. and Ofsthun
In 1923. the latter not being connected with the Bank when the alleged
defalcations took place. Both men have been associated in business in
Cleveland for more than a year. Their families reside in St. Paul.
Investigation Under Way a Year.
Investigation of the bank has been in progress for more than a year and
was under the direction of James A.Whorton, Assistant United States District
Attorney. Administration of the bank's affairs by its present officials has
been in no way connected with the investigation. Last spring H..1. Specter.
former Assistant Treasurer, and John E. Martin. former General Counsel,
were indicted on charges of defrauding the institution of approximately
15.000.
The following overt acts are charged in the indictments: Misappropriating
between Sept. 9, 1925 and May 8 1926. the SUMS of $1,235.35. $11,953.55.
$2.274 and $37,447.60, to the total of $52,828.50.
It is charged in the indictments that Ofsthun in August, 1925, after he
had severed his cmanections with the land bank, purchased from the bank
94 North Dakota farms obtained under foreclosure, for $250,000. paying
down $15,000. Later he assigned his interest in the farms to E. W.Backus
of Minneapolis. Ofsthun was made Secretary of the Investment Land
Corporation, formed by Backus and Frank Thompson of St. Paul, and 91
of the 94 farms were assigned to the corporation.
Ofsthun is charged with having been paid by the corporation to appraise
the land and also by the bank, a bill of $1,253.35 for this work being paid by
the bank.
Opthun Payments Charged
The indictments also charge Ofsthun was paid $11,853.55 of $23,000 in
back rentals on the farms received by the bank. It also says Ofsthun was
paid $2,274 in commissions for sale of farms by the Bank through other
sources. The indictment charges that in 1926 Ofsthun became an employee
of the Midwest Farms Corporation, which had been formed by the BackusThompson interests to purchase forclosed farms, and was paid $25,000 and
$12.447.60 in commissions for sale of foreclosed land to the corporation.
It is alleged Thompson head of Ofsthun's receiving commissions from the
Bank for the land sales, and demanded bonds which Ofsthun had purchased
with his commission money. It is alleged sealed packages from safety deposit boxes of both Ofsthun and Preus were turned over to Thompson.
Through his attorney, Harry Weiss, Mr. Preus authorized the following
statement after his arraignment:
"We have not had the opportunity to learn details of the charges against
Mr. Preus, and until we do so we will be unable to make a definite statement.
But any transactions in which he was involved were approved by the board
of directors of the Federal Land Bank.
"When all the facts are brought out, these transactions will be found
to be in the best interests of the Bank and when all the facts are brought out
It will be found that Mr. Preus can fully account for any money involved in
transactions in which he was concerned at the bank."
Dr. Kemmerer's Mission to Reorganization Chinese
Government's Finances.
Dr. Edwin W. Kemmerer, whose departure from San
Francisco as head of an American commission of financial
advisers to the Chinese Government was referred to in our
issue of Jan. 19, page 346 states that his commission was
employed by the Chinese Government and while he underThan $600,stood the United States Government was sympathetic to Investment Trusts Absorb Millions—More
Since Oct. 1.
for
Capital
Formed
Trusts
000,000
it
mission,
was
not in any way officially sponsored by the
the
We quote the following from the 'Wall Street Journal"
United States. "Stabilization of finances and improvement
of eoonomic conditions in China, which the mission hopes to of Jan. 25:
500
FINANCIAL CHRONICLE
Within the past few months the investment trust idea has spread in
this country almost with the rapidity of wild-fire. Approximately two
or three years ago there was a marked increase in the number of trusts,
as success of similar English enterprises received popular appreciation.
Now within a little over three months the amount of American capital invested through trusts has increased more than 50%.
In the fall it was estimated that domestic investment trusts represented
between $750,000,000 and $1,000,000,000 of capital. Since Oct. 1 at
least 22 new trusts have been organized or projected, with capital aggregating around $600,000,000. In addition, several existing trusts have
sold new securities calling for many millions of dollars.
Stabilising Influence.
As is generally realized, the investment of these new funds has been a
most potent influence making for stock market stability. To a considerable degree stocks acquired have been purchased in the open market. This
operation, of course, has reduced the floating supply of the better investment issues, and constitutes much of the reason why such stocks have not
declined greatly during the market slumps, and have advanced sharply
when the general trend was upward.
During the same period insurance companies, holding companies, bank
and other institutions have increased their investment holdings. One of the
significant features of the recent trend has been that many—a majority
probably—of the leadng investment houses have sponsored one or more of
larger trusts. That them trusts should be organized when stocks as a
whole have been selling much higher than ever before, is strong indication of belief by the country's best investment minds that to-day's stock
market prices will be found conservative in the long run.
Heavy Cash Holdings.
By no means have all of the funds turned over to the investment trusts
been invested as yet. At the end of Nov. 28 trusts with capital of 8356,000,000 had $95,648,000, or 26.81%, of their_ total assets in cash and call
loans.
Following is a table showing 22 investment trusts organized or planned
since Oct. 1, with the total assets of each: (Because of its size, a new
$25,000,000 issue of American International Corp. debentures is included,
although the corporation has been in existence many years and is not
strictly an investment trust.)
Goldman-Sachs Trading Corp
5104.000,000
Blair & Co.. oil stock trust
100,000.000
Selected Industries, Inc
90,000,000
Prudential Investors, Inc
75,000,000
U.S.& Internatlmal Secs. Corp
80,000,000
'Fri-Continental Cot p
25,000,000
American Internet'. nal Coro
25,000,000
American & General Securities Corp
15.800,000
Second General American Investors Co
15,000,000
Insull Utility Investments, Inc
12.000,000
Chain Store Stccks, Inc
11.250.000
thwart Corp
10,500,000
Capital Administration Co., Ltd
9,000.000
Petroleum Industries. Inc
7,000.000
State Bankers Financial Corp
6,500,000
Domestic & Overseas Investment Co
4,600,000
Wedgewood Investing Corp
4,500,000
Air Investors
3,160,000
Tobacco & allied stocks
3,000,000
Southern Bond & Share Corp
2,000,000
International Superpower Corp
2,400,000
Shares In the South. Inc
2,000,000
Devonshire Investing Corp
1,250,000
[VOL. 128.
was made as follows by Ashbel Green, Secretary of the
Exchange:
NEW YORK STOCK EXCHANGE.
New York, Jan. 24 1929.
The following resolution was adopted by the Governing
Committee
on Jan. 24 1929, and is submitted to the Exchange in
accordance with the
provisions of Section 2, of Article XII of the constitution:
"Resolved, That the membership of the Exchange be increased
by 275
memberships: and that each member of the Exchange (or
the legal representatives of any member who may then have died) on
the date this
resolution shall become effective, after it is submitted
to the Exchange
pursuant to the constitution, shall have the right or privilege
of transferring
his proportionate part of such additional memberships
within three Years
of said date to an appllcant for membership who is
approved by the Committee on Admissions pursuant to the constitution,
it being understood
that no such applicant shall be considered by the
Committee on Admissions
until he has contracted to purchase the proportionate part
of such additional
memberships belonging to four members of the Exchange,
and that on
election to membership such applicant shall pay to
the Exchange the
initiation fee and the contribution to the Trustees of
the Gratuity Fund
prescribed by the constitution at the time of his election;
and it is
"Further Resolved, That the power to make such regulations
as may
be necessary and to pass upon all questions that may
arise in connection
with the transfer by members of the Exchange of
their proportionate
parts of such additional memberships be vested in
the Governing Committee or in a special committee to be appointed by it.
ASHBEL GREEN, Secretary.
We give herewith the report of the committee:
The Governing Committee,
New York Stock Exchange.
Gentlemen:
In accordance with the resolution appointing the
undersigned comm•ttee.
It has made an investigation into the matter and has
conisdered the various
opinions expressed and the plans suggested by members
.in regard to Increasing the membership of the Exchange.
After careful consideration, the committee has come to the conclusion
that an increase in the membership of the Exchange by
25% or 275 memberships, is desirable. It has also come to the conclusion that
this increase
should be effected by giving to each of the existing members
of the Exchange
the privilege of disposing of his proportion of the new
memberships. For
the sake of convenience, these privileges are hereafter
called "rights."
Reasons for Enlarging the Membership.
The great increase in the business of the Exchange during
the
clearly indicated that the number of members was insufficient year 1928
to give the
prompt and efficient service on the floor of the Exchange
which has been
given to the public in the past. A substantial increase in
the number of
members will have to be made in order to rectify this condition,
and the
addition of 275 members will not, in the opinion of the
committee, be too
great to meet the requirements of the present volume of business.
While the floor of the Exchange is crowded and telephone
facilities are
barely sufficient, certain changes which the Committee of
Arrangements
now has under consideration will permit a considerable
number of additional members to use the floor without undue inconvenienc
e, any to
have adequate telephone facilities. These changes, however,
will not provide sufficient facilities for more than 275 additional members,
and the
committee, therefore, felt that it could not recommend an increase
of
membership by more than 25% until the properties which the
Exchange
Total
$613,960,000 has recently purchased are made available
for use. The committee in
coming to this conclusion has assumed that between 70 and
80% of the
additional members will use the floor of the Exchange because that is
apGoverning Committee of New York Stock Exchange proximately the percentage
of the present mmebership which is regularly
Adopts Resolution Whereby Membership Will Be represented on the floor.
The committee received 662 answers to the questionnaire which It sent
Increased from 1,100 to 1,375.
to members, and a study of these answers has convinced the committeeIn accordance with a recommendation of the Committee that a larger proportion of new memberships will be absorbed immediately
if the membership is increased by 25% than if it is increased by 50
or 100%•
named in October to report on the advisability of increasing These
answers also indicated
only a part of the rights will be offered
the membership of the New York Stock Exchange, the for sale immediately and thatthat
a considerable number of them will be reGoverning Committee of the Exchange adopted a resolution tained by members for a substantial period of time.
on Jan. 24 calling for an increase of 275 in the membership. As a result, the maximum membership, which has
remained unchanged since 1879 at 1,100 seats, will be
raised to 1,375. The members are given two weeks in
which to vote on the proposal. The report of the Committee inquiring into the subject of increased membership
was made public along with the resolution of the Governing
Committee, and in indicating the method of disposing of
the new memberships the report says in part:
Method of Disposing of New Memberships.
The committee suggests that the increase by 275 memberships be
made
by giving to each of the existing 1,100 members of the Exchange the prlviledge or right of transferring his proportionate part of the new memberships
.
Since there will be four times as many such rights as new memberships
, an
applicant for one of the new memberships will have to acquire
the rights
of four of the present members of the Exchange before his
name will be
considered by tha Committee on Admissions. These so-called
rights would
be transferable either with an existing membership or separately,
and,
therefore, a member could either sell his right and receive a
substantial
consideration in cash or could retain it with his membership.
As an indefinite retention of the rights would deprive the
The committee suggests that the increase by 275 memberships be made vantages of having the additional members, some Exchange of the adlimit should be placed
by giving to each of the existing 1,100 members of the Exchange the privilege upon the time that a member of the Exchange can
withhold his right from
or right of transfering his proportionate part of the new memberships. sale, and the committee, recommends that all
members be required to disSince there will be four times as many such rights as new memberships, an pose of their rights within three years.
applicant for one of the new memberships will have to acquire the rights of
Other Plans Considered by the Committee.
four of the present members of the Exchange before his name will be conMany other plans for increasing the number of persons who
sidered by the Committee on Admissions. These so-called rights would becould make
contracts
no
the floor of the Exchange and many other suggestions in
transferable either with an existing membership or seprately, and, there
refore, a member could either sell his right and receive a substantial consid- gard to other changes which might be adopted were made by members of
the Exchange and have been considered by the committee.
eration in cash, or could retain it with his membership.
The plans
which would increase the number of persons authorized to
make contracts
The Committee recommends that all members be required on the floor, without
Increasing the present number of members, naturally
to dispose of their rights within three years. The Com- involve a fundamental change in either the nature of the Exchange or in
the method of doing nuslness on the floor of the Exchange.
mittee notes that since its appointment in October "the it
For
has been suggested that partners or employees of members example,
might be
volume of daily transactions on the exchange has increased permitted to make contracts
as substitutes for members; that the memberand there is every prospect, particularly in view of the ship of the Exchange be divided into two classes, only one of which would
have the privilege of trading on the floor of the Exchange;
that the inactive
approaching installation of the new ticker, that in the future members
be perm:ttel to lease their trading privileges
approved
greater
a
and greater volume of business will be transacted." by the Exchange. The committee believes that all toofpersons
these plans are
It adds that the study of existing conditions which it has necessarily impractical, both because they involve certain legal difficulties
owing to the character of the organization of the Exchange
and because they
made has convinced it that the only way by which the do
away with the individual moral and financial responsibilit
y that exists
Exchange can continue to furnish adequate service to the to-day since contracts are made only between members
of the Exchange.
The Committee believes that many members who have
public is by increasing the number of its members.
earnestly urged
the adoption of those plans have failed to appreciate the
effect which their
References to the appointment of the committee appeared proposals
would have upon the rights of other members of the Exchange.
in these columns Oct. 20 1928, page 2167; Oct. 27, page If, for instance, the inactive members are allowed to lease their trading
privileges, the members who are active on the floor of the Exchange will
2305; Nov.3, page 2451,and Dec.8, page 3183. Announce- have
to compete with these lessees and this would be inequitable as the
ment of the resolution adopted by the Governing Committee existing members have acquired their memberships
at great cost and
JAN. 26
19291
FINANCIAL CHRONICLE
the lessees would be exercising an equal privilege upon the payment of
only an annual rental. Even if the rentals were paid to the Exchange and
distributed by it to all the members, the active floor brokers would still
be at a distinct disadvantage because their share of the rentals would be
considerably lees than the commissions they would lose through the
competition of these lessees. This proposition would also put a premium
on memberships not being represented by members on the floor of the
Exchange and would tend to destroy the high degree of individual responsibility which has always characterized the trading on the New
York Stock Exchange. Finally, this proposition would greatly weaken
the disciplinary power of the Exchange because the penalty of suspension
or expulsion in the case of a lessee would be obviously less serious than if
the same penalty were imposed upon a member of the Exchange.
The Committee has also been urged to consider the advisability of allowing clerks on the floor to assist members, instead of recommending an
actual increase in the number of members. While clerks would be of assistance to members, and particularly to specialists, they would not increase the number of persons authorized to make contracts and would not
solve the present problem. The Committee understands that the Committee of Arrangements is about to install on the main floor the new type of
enclosed trading posts, within which provision will be made for clerks
who may be permitted to assist specialists.
Many suggestions have also been made in regard to Improving the mechanical facilities of the Exchange. The Committee feels, however, that
with the completion of the installation of the new type of posts the mechanical facilities which the Exchange can provide to its members under present
conditions will have reached their maximum.
501
to be prompted by the controversy over the election to be held at the forthcoming meeting of Standard Oil Co. of Indiana stockholders.
"The rule of the Exchange in question," said Mr. Simmons, "prohibits
a member of his firm giving a proxy vote on stock which is not in his or his
firm's possession and in which neither he nor a customer has any interest,
and this has made it very difficult at times for corporations and associates to
obtain sufficient proxies to insure a quorum or other required vote at a
meeting of stockholders of the corporation or association concerned. In such
cases it may often be possible for members of the Exchange. without great
difficulty, to trace stock and ascertain the actual ownership of it."
It is pointed out that although Standard Oil Co. of Indiana stock la
traded on the Curb Market, many New York Stock Exchange firms are
largely interested in the stock.
Brokers Adopt Rules to Keep "Small" Traders from
Market.
From the "Herald-Tribune" of Jan. 24 we quote the
following:
Several important commission houses moved yesterday to discourage
participation of the small fry trader in the market. One house announced
that hereafter it would not accept orders for less than twenty-five shares to
be held on margin; another informed its customers that in the near future
it would discontinue accepting orders for less than ten shares, and a third
raised the minimum charge on an order to $5.
The purpose of these moves, it was indicated, was that the bookkeeping
Incident to the handling of such small accounts was more costly than the
Conclusion.
profits
to be derived from their commissions. There has been such an
Since the Committee was appointed on October 15 1928, the volume
of daily transactions on the Exchange has increased and there is every onrush of new traders to the market in the last year that brokerage firms
prospect, particularly in view of the approching installation of the new have been forced to double, and in some cases treble, their clerical forces.
ticker, that in the future a greater and greater volume of business will be Inasmuch as it requires as much time for a clerk to do the necessary booktransacted. The study of existing conditions which the committee has had keeping on a ten-share transaction as in one of a large block of stock,
to make in connection with this report has convinced it that the only way brokers have moved to cut down their overhead by eliminating the more
by which the Exchange can continue to furnish adequate service to the unprofitable accounts.
This action is not directed at purchases of odd lots by investors. One
public is by increasing the number of its members, and it, therefore, recommends that the membership of the Exchange be increased by 275 as of the houses taking steps to cut down its small accounts pointed out that
it would still continue to accept orders for outright purchases of less than
soon as practicable.
twenty-five shares.
Respectfully submitted,
For some time certain firms have made it a rule to accept no margin
E. H. H. SIMMONS.
accounts of less than $1,000 capital. The number of "shoestring" traders,
WALTER P. JOHNSON
Including office boys, elevator men, petty clerks. stenographers.bootblacks
RICHARD WHITNEY
and others who have been attracted to the market since last March, when
ALLEN LINDLEY
the big bull movement got under way, is a large one, and the returns on
WARREN B. NASH, Chairman
their trades have not proved very substantial to brokers.
This class of traders has brought a large volume of business to the stock
market in the last year, but the opinion in the financial district was that
Market Value of Listed Shares on New York Stock the
action by brokers would not affect noticeably the volume of trading.
Exchange on Jan. 1 567,472,053,300—Increase of Many of the small traders have garnered large profits and are able to
deal
in larger lots if they are forced to do so or discontinue trading. Many
Over a Billion Dollars in Month.
of the larger traders have graduated from the 100-share lots to 200 and
announces
that on Jan. 1 300-share lots and so the increased commissions derived from their purThe New York Stock Exchange
1929 there were listed 1,177 different stock issues aggre- chases and sales, it is held, will more than compensate for the loss of the
smaller fry.
compared with 1,161
stock
gating 757,301,677 shares, as
issues aggregating 741,680,869 shares on Dec. 1 preceding. Minimum Commission Charge on Security Transactions
Also, on Jan. 1 1929, the total market value of all listed
Fixed at $5 by E. A. Pierce & Co.
shares was $67,472,053,300, an increase of $1,358,797,983
An increase in commission charges on security transactions
over the figure of $66,113,255,317 on Dec. 1. The an- was announced as follows on Jan. 15 by E. A. Pierce & Co.
nouncement of the Stock Exchange Jan. 1 adds:
of this city:
Over the same period, borrowings in New York on security collateral
The result of extensive study and painstaking analysis by several repreincreased $48,096,247 from $6,391,644.264 on December 1 to $6,439.740.511 sentative houses would indicate that under current conditions the unit cost
on January 1.
of effecting security transactions ranges between four and five times our
The ratio of Exchange member borrowings to listed share values thus present minimum charge. In our opinion, this condition is economically
decreased 0.12%—from 9.66% on Dec. 1 to 9.54% on January 1.
indefensible, and, to the end that needed reform be made effective, so far
The average market value of all listed shares declined $0.04 Per share, at least as we are concerned, we hereby give notice that on and after the
per
share
to
$89.09
on
1,
December
1
January
share
on
per
from $89.13
1st proximo our minimum commission charge on security transactions of
every description,excepting rights and partial executions of round lot orders,
will be $5 Per item.
It is not our purpose to apply the new minimum rate to those transactions
The Banks Have Changed.
representing liquidation of items now open on our books; but in order to
The following letter addressed to the Editor of the "Times" obtain the advantage of the old rate on such items, a customer should
by Edwin J. Schlesinger of this city appeared in the Jan. 20 Indicate that his order applies to an open position by ear-marking it with the
expression "undoing order." This is essential, since the prompt entry of
issue of that paper:
orders does not admit of their prior check against position records.
To the Editor of The New York Times:
One reason for deferring the effective date is found in our wish to give
The Times editorial, "The Changing Credit Market," emphasizes the to those who have with us open orders, the execution of which might
fact that there has been a change in the scepe and functions of our banks. bring into effect our new rule, an opportunity to cancel them in the meanNot so many years ago our commercial banks confined their activities
time if they object to meeting the higher charge.
entirely to the business needs of their communities. A gradual change,
The foregoing does not apply to accounts carried by us for other brokers.
however, has taken place and to-day many of the larger institutions offer
E. A. PIERCE & co.
a great variety of service.
From the "Times" of Jan. 22, we quote the following:
During the depression of 1920, many of our industries found themselves
Bringing its margin schedule "more nearly into consonance with the
over-extended, not only as to commercial commitments but also in bank
loans. The banks in many instances suggested to their borrowing customers requirements of the banks," the New York Stock Exchange firm of E. A.
that it would be a good idea to sell securities to toe public in order to reduce Pierce & Co. has announced a higher scale for all grades of securities. The
their bank indebtedness. In most cases the suggestion amounted to a gentle revised requirements will become effective on Feb. 1 on the Pacific Coast
demand, and those companies with large bank loans took prompt steps to and on Jan. 25 elsewhere.
On brokers' wire accounts the firm will require a margin deposit equal to
float their stocks or bonds. The immediate result was that bank loans were
reduced and the banker's anxiety allayed. The future, however, was to 35% of the debit balance. On individual customers' accounts, the margin
demonstrate that the outcome of this policy was far different from that requirements will be as follows: Below 30 a share, 10 points; 30 to 343.
12 points: 35 to 39%, 14 points; 40 and upward,35% of the market price.
anticipated by the bankers.
Exceptions to the general rule will be made in the following is
.
sues: 40%
Without doubt the great increase in call loans "for account of others"
market price on Allied Chemical & Dye, American Can, American Linof
of
stocks and bonds has
I. largely due to the fact that so great a quantity
been sold to the public since 1920. During later years, the companies in seed, Chrysler Corporation, Coty, Inc., Electric Auto-Lite, General Elecquestion have amassed huge sums of cash far in excess of their actual tric. General Motors Corp., Goodyear Tire & Rubber, International Combusiness requirements. Thew funds have made them factors in toe money bustion, International Harvester, International Nickel, National Dairy
Products, Packard Motor and Stewart-Warner. A margin of 50% of the
market, and have enabled them to act independently ot the bank.
With the smaller inventories that are generally carried now, merchants market price will be required on the following: American International,
find that they require less assurance in the form of bank loans. However, A. M. Byers, J. I. Case Threshing, Columbia Graphophone, Curtiss
with a renewal of business expansion, particularly among the smaller com- Aeroplane, E. I. du Pont, Greene Cananea, Houston Oil, Kolster Radio,
panies, bank loans are likely to increase, and with the departure of banks Mexican Seaboard. Montgomery Ward, National Hellas Hess, Radio Corp,
from their strictly commercial activities the question will then arise whether Rossia Insurance, Sears Roebuck, United States Cast Iron & Pipe, Victor
they will be as anxious to serve their commercial customers as they were in Talking Machine, Warner Brothers Pictures, Wright Aeronautical and
Yellow Truck & Coach. The exceptions do not apply to accounts carried
the past.
for brokers.
EDWIN J. SCHLESSINGER.
Now York, Jan, 16 1929.
New York Stock Exchange Defines Proxies Rule.
The following is from the "Wall Street News" of Jan. 16:
Members 01 the New York Stock Exchange have received a letter from
E. H. H. Simmons, President, defining the rule governing the giving of
proxies for the voting stock at corporate meetings. The letter was believed
Plans Progressing For Trading in Securities on New
York Cotton Exchange.
John H. McFadden, Jr., Chairman of the Committee on
Trading in Mill Securities of the New York Cotton Exchange, announced on Jan. 24 that his Committee had
502
FINANCIAL CHRONICLE
drawn up a form containing the requirements for the listing
of securities of cotton mills on the exchange. These forms,
it is understood, will be ready shortly and at the disposal of
mills which desire to avail themselves of the opportunity to
have their securities listed and traded in on the New York
Cotton Exchange. In the meantime, Mr. McFadden said,
rapid progress is being made in framing the necessary bylaws and rules to cover this new activity on the exchange.
The announcement by Mr. McFadden followed a meeting
of the committee held on Jan. 23, at which were present the
Chairman, Arthur Lehman, of Lehman Bros.; Homer W.
Orvis, of Orvis Bros. & Co.; Richard T. Harriss, of Harriss
& Vose; Simon J. Slenker, of E. A. Pierce & Co.; Philip B.
Weld, with Post & Flagg and representatives of Cadwalader,
Wickersham & Taft, counsel for the exchange. The proposed
trading in securities of textile mills on the Cotton Exchange
was referred to in these columns Dec. 1, page 3035 and Dec.
22, page 3469.
Additional Issues Dealt in on Securities Market of
New York Produce Exchange.
The following five issues have been designated by the
Committee on Securities of the Securities Market on the
New York Produce Exchange to be dealt in on this Exchange:
Massachusetts Utilities Associates, common voting trust certificates.
Photomaton. Inc.. class "B" common.
Trinidad Electric Co., capital stock.
Consumers Power Co.. 6% cum preferred.
Consumers Power Co.. 6.6% cum. preferred.
Lists of securities dealt in have been indicated in these
columns Dec. 22, page 3482; Dec. 29, page 3639; Jan. 19,
page 348.
Minneapolis Chamber of Commerce to Trade in
Securities.
Action toward trading in securities on the Minneapolis
Chamber of Commerce, heretofore devoted solely to grain
trading, was taken on Jan. 16, the members having voted to
embrace stock trading in its functions. The Minneapolis
"Journal" of Jan. 16, reports this as follows:
[VOL. 128.
in point of share volume and fourth in value of transactions, definitely
reflects the growing importance of the Southwest territory as a market
for high grade securities and to a great extent bears out predictions of
able authorities that this Exchange is destined to become as important
a market in the West as the New York Stock Exchange is now in the
East.
"During the year just passed, all existing records on this Exchange
were broken. The value of transactions was nearly four times the value
of sales in 1927 and was in excess of the aggregate value of business
conducted by this Exchange in the ten preceding years. Sales during 1928
totaled 49,403,086 shares, as compared with 27,082,249 shares in 1927.
The value of the 1928 share turnover was $840,384,806, as against $242,272,278 in 1927. This represents an increase of 82% in share turnover
and 246% in value."
Stocks added to the board over the year, enlargement of
the facilities of the Exchange and Exchange personnel, formation of the Los Angeles Curb Exchange, new departments inaugurated to cope with changing conditions, and
various other activities were discussed in detail by President
Jardine, who closed his remarks with an optimistic prediction of 'business conditions for the coming year.
John E. Jardine of William R. Staats Company was reelected President of the Exchange to serve for the ensuing
year. at the annual organization meeting of the Board of
Governors on Jan. 16. Paul B. Hammond of Hammond
Bros., Inc., was chosen to serve as First Vice-President;
McClarty Harbison of Dunk-Harbison Company as Second
Vice-President; James R. Martin of James R. Martin &
Company as Treasurer and Norman B. Courteney as
Secretary.
Two new members were elected to the Board of Governors of the Los Angeles Exchange at the annual meeting of
the membership on Jan. 15. The new members are McClarty
Harbison of Dunk-Harbison Co. and Norman A. Tulk of
Bond & Goodwin & Tucker, Inc. James R. Martin of James
R. Martin & Company was re-elected. The two retiring
members of the board are Frank L. Gardner of Banks,
Huntley & Company, and A. W. Morris. They were not
candidates for re-election. The three members were elected
to serve for a period of three years, Exchange rules providing for nine members of the governing body with onethird retiring each year. Other members of the board are
John Earle Jardine, Lewis A. Crisler, S. H. Ellis, Francis
P. Graves, Paul B. Hammond and L. F. Parsons.
Joining with other grain exchanges over the country in a movement to add
trading in securities, the Minneapolis Chamber of Commerce has voted by
more than a two-thirds majority to start listing stocks and bonds as a part
of its regular trading procedure.
The New York Produce Exchange, Chicago Board of Trade and Milwaukee Grain Exchange already have voted to add trading in securities to Kansas City Board of Trade to Establish Securities
their grain trading. A similar move is being considered by the Kansas City
Trading Department.
and St. Louts grain exchanges. Private wire connections between these
According to the Kansas City "Star" the Kansas City
markets is planned,to help the exchanges develop a broad trade in securities,
Board of Trade announced on Jan. 16 that it would establish
according to grainmen who are leaders in the movement.
Trading to Start Soon.
a securities trading department, to operate as a stock
W. J. Russell. President of the exchange, plans to appoint a securities
committee within the next few days, which will work out the listing ofstocks exchange, listing various local and outside stocks and bonds.
The paper quoted added:
and bonds so that active trading may be started in the near future.
J. J. Kraeull, Board of Trade President, said a portion of the grain exCount of the mail vote late yesterday showed 309 votes in favor of trading in securities and 133 against, a total of 442 votes, as announced by change's trading floor would be set aside for stock trading.
A manager of the new department has not yet been chosen. The comSecretary John G. McHugh of the grain exchange.
"Trading in securities has been taken up by all of the leading grain mittee in charge of the stock trading plans includes James N. Russell.
exchanges, which will put Miruaeaplis in direct connection with the markets Chairman; George S. Carkoner. Vice-Chairman; E. 0. Bragg, George H.
of the country, providing the northwest not only with a local market but a Davis and Paul Uhlmann.
Under the by-laws all members of the Board of Trade will be eligible to
world market in stocks and bonds," said a leading grain man to-day.
deal in securities in addition to their grain operations.
Two Sloe* Markets Here.
the
security
Commerce
field
will
into
give
Chamber
of
Entry of the
Minneaplis two stock markets. The Minneapolis-St. Paul stock Exchange,
recently organized, has completed the installation of trading facilities in Secretary Mellon Considers Early Retirement of Naquarters located in the Roanoke Building. No date has been set for the
tional Bank Note Circulation Inadvisable—Notes
opening session of the exchange. Trading, however, is expected to start
in Reduced Size TO Be Made Available When New
next week, according to Neill McKinnon, manager of the exchange. Work
of the listing committee has been making steady progress, Mr. McKinnon,
Paper Currency is Put Out in July.
said.
Secretary
of the Treasury Mellon made known on Jan.
exchanges,
according
"Northwestern securities will be featured by both
to!present plans. Several hundred issues of stocks and bonds of companies 21 that he has reached the conclusion "that it will be inadoperating in the Twin Cities and other industrial centers of the northwest, visable to submit to Congress at this time a
program looking
many not at present listed on the leading exchanges of the east, are widely
held by investors. Both exchanges plan to make a broader market for to early retirement of our National bank note circulation."
these securities within easy reach of those interested.
He has therefore decided that, when the new size paper cur-
The stock trading plans of the Minneapolis Chamber were rency is issued about July 1,"the Treasury Department will
referred to in our issue of Dec. 1, page 3036.
be prepared shortly thereafter to make available National
bank notes in the reduced size." Secretary Mellon so adAll Previous Records of Los Angeles Stock Exchange vised Congress in communications addressed on Jan. 21 to
the President of the Senate and the Speaker of the House.
Broken in 1928.
In his annual address to the members of the Los Angeles Reports that Mr. Mellon had been in favor of the discontinuStock Exchange on Jan. 15 President John Earle Jardine ance of National bank notes had been current in recent
reviewed the progressive steps taken by the exchange months, an item in the matter having been given in these
during the course of the year and stressed his apprecia- columns Nov. 24, page 2904. The present condition of the
tion of the co-operation and loyalty of the officers, mem- money market is said to have induced Secretary Mellon to
bers and employees. Mr. Jardine prefaced his remarks with postpone action toward the retirement of the notes. The
the statement that "at no time in the history of the Los Washington correspondent of the New York "Journal of
Angeles Stock Exchange has any President had the privi- Commerce," commenting on Jan. 21 on the decision announced that day by Secretary Mellon, said:
lege of reporting to you such outstanding progress as it
Mr. Mellon remarked today that this Is not the opportune time to retire
is my pleasure to relate to you for the year 1928." He the national bank notes, because the money situation does not lend itself
to any immediate action.
further stated:
"The period covered by this report stands without contemporary in
the annals of Stock Exchange history. The growth 01 the Los Angeles
Stock Exchange during 1928 to the third largest Exchange in the nation
To Issue Consot Bonds.
Mellon explained that new bonds will be issued to replace the consols of
1930 which mature in April 1930.
JAN. 28 1929.]
FINANCIAL CHRONICLE
Since the passage of the Federal Reserve Act, the national bank note
circulation always has been considered as temporary in character and
Secretary Mellon has been of the opinion that the national bank note
circulation had no part in a permanent American currency system, considering it illogical.
The Reserve Act gives the Secretary of the Treasury discretion as to
continuance of national bank notes, but Mellon said that he would take
no action without submitting the matter to Congress.
Strong opposition, however, has existed among a big group of the national
bankers to the elimination of this currency. Through the use of the
bonds which back up the currency considerable issues of the notes may
be made and the assets of the banks increased. Furthermore, the bank
notes form a valuable medium of advertising for the banks.
In the 1924 annual report Mellon said: "It has long been recognized by
economists, bankers and others interested in the establishment of a more
perfect currency system, that even this form of bank note currency—the
only supplement to the certificates and notes issued by the Government—
failed to serve the growing needs of the country and that the lack of elasticity of the whole currency system had become a source of real danger.
It is hard to contemplate a condition of the Federal Reserve Banks in
which it would not be possible to provide sufficient currency for any emergency that might arise."
Mellon, in 1924, suggested a tentative program of the retirement of the
consols of 1930 should National banking legislation then before Congress
have been passed by that time.
The McFadden bill was pending at that time, but now has been written
into law. Proponents of the National Bank currency had insisted that
these banks were at a competitive disadvantage with the State institutions
and needed the bank notes as an added asset. The McFadden Bill removed some of the disadvantages referred to.
503
"The profits of large corporations shows a striking expansion," he said.
• but the Commissioner of Internal Revenue shows in his report for 1928
that of the 425,000 concerns (in round numbers) which filed schedules
about 45% reported no taxable income, an increase of about 10% above
the figures representing the situation in 1922."
Blames Reserre System,
Dr. Willis placed the responsibility for the present credit situation, which,
he said, has weighed heavily on the small business man, increasing the
price of bank accommodation to him by 20 to 50%, squarely on the Reserve
system.
"That system," lie continued, "in the eyes of the world at large has been
found conspicuously wanting on three principal occasions. First of all, it
failed to restrain the inflation of the war period and the credit debauch
which occurred in connection with the issue of Liberty bonds. Second,
it was unable to foresee or to guard a;minst or to relieve the epidemic of
bank failures, which between 1922 and 1928 swept several thousands of our
institutions into disaster. Third, and perhaps of equal importance, is
the failure to conserve its lending power and the permission it has granted
for the development of an unparalleled era of overspeculation, which has
resulted in the extravagant money rates that have prevailed on the New
York market during the past few weeks and months."
Dr. Willis further pointed out that tne great credit inratton of the past
year largely was based on the open market operations of the Reserve
Banks, to some small extent in Government securities, but far more in
acceptances. In pointing out the need for corrective measures in the
immediate future, Dr. Willis said:
"It would seem clear that the general market and speculative situation
is quite out of the hands of the Reserve system, just as the agricultural
credit and land speculation of 1919 and the early part of 1920 had escaped
from control. Furthermore, there are few persons who would think it wise
Mr.
by
week
this
to follow the tactics of 1920, if these tactics had to be paid at as costly a
The following is the letter addressed
rate as were their predecessors. And yet, it may be possible to work out of
Mellon to the Senate and House:
the present situation if the Reserve system and the principal banking in"Washington, Jan. 211929.
terests of the country can be induced to operate in harmony with one an"My dear Mr. President (Speaker):
"In my annual report for the fiscal year 1928, submitted to the Con- other.
Remedies Proposed.
gress last December, referring to the question of whether the national
"What are the chief things that should be agreed upon? First of all
bank notes now in circulation should be retired, I said as follows:
or moratorium with
"'In all probability a conclusion as to the possible retemment of the there should be some temporary partial suspension
regard to overissues of new securities. If you tell me that this is out of the
national bank circulation, through exercise of the call privilege attachin
reached
be
will
before
1930.
1
and to the more
April
which
war
arises after
to the 2% consols
question, I simply refer you to the experience of the
the Department can issue national bank notes in the reduced size. The recent experience of about three years ago when a serious glut of bonds
Federal Reserve act originally contemplated th3 retirement of the nationd
process of susbank currency. The problem was discussed fully in the annual report for was noticed in New York, and was relieved by the obvious
1924. Considerable time having elapsed, it is felt advisable to submit pending the overissues for a time. With this moderation in new issues
present
the
session.
the
In
at
decision
to
for
the Congress
the matter
time will be given to work off old ones, a large part of which remain still
event national bank notes are continued indefinitely as a part of the money
carried by their sponsors whose loans for that purpose
circulation of the United States, the Treasury will be prepared to apply unsold and are being
the new designs to such notes and to make them available in the reduced are included under the head of 'brokers' loans.
size within a reasonable time after the issue of other kinds of currency in
"In the next place, the principal bankers must undertake quite definitely
the reduced size.'
to reduce their commitments on purely speculative or trading account
'The question has received the thorough study and consideration of to some figure taken as basic or normal. This expedient was tried during
this Department, and I have concluded that it would be inadvisable to the war with good results and has been sporadically employed on a limited
submit to Congress at this time a program looking to early retirement of basis at times since then. There has been a partial attempt at it in New
our national bank note circulation. Accordingly, when the new-size cur- York during the past few months, which has been defeated by the threat
rency is issued, on or about July 1. 1929, the Treasury Department will of large depositors to move their accounts if they were deprived of speculabe prepared shortly thereafter to make available national bank notes in tive facilities.
Aim reduced size.
Qualitanre Credit Control.
"Sincerely yours,
"In the third place, the Federal Reserve system must absolutely go out
"A. W. MELLON,
of the business of furnishing bargain counter credit, or of bootlegging its
"Secretary ol the Treasury."
accommodations to the stock market. A Reserve Bank knows perfectly well
what a member bank is going to do with funds when the latter borrows.
and this shows
David Friday, Economist, Predicts New Records for It has the right to (and does) ask for a statement of condition, that
a borrowpractically what is going on. The Reserve Bank should insist
Production and Security Prices in 1929.
ing member refuse unlimited credit to those who want to use it for the
not mean
does
David Friday, economist, addressing the annual dinner furtherance of merely speculative market operations. This to compel
the
should take place in such large measure as
curtailment
that
at
Jan.
Stock
on
pre17,
Exchange
Detroit
of the Detroit
calling of loans in this quantity and the throwing of securities on the market
dicted that new records for production and profits and higher in amounts that would involve danger. It merely means that a halt should
the country has had an opportunity to catch its breath,
stock prices will be witnessed in the last half of 1929. The be called untilwants
to do and let its savings keep pace with its speculative
decide what it
Associated Press exivices from Detroit report him as stating: commitments.
"Commodity prices." he said, "have not yet risen to the point which
"Partly under the influence of bad banking management, partly as the
would indicate we have already experienced the culminating boom year of result of great natural expansion in business and partly as the outcome of
credit
present
the business revival which began in 1924," notwithstanding
an ill-judged and untimely effort to supply foreign countries with gold
stringency, which he regards as temporary, Excess of exports over imports under conditions of doubtful wisdom,the United States has largely scattered
In 1929 will be even greater than in 1928, when it was $1,040,000,000, he its surplus lending and credit power. The time has thus come when a
believes. With the continuance of high excess of exports, gold is bound to revision and reconsideration of its various policies, looking to a marked
flow back to America in the absence of further loans abroad, which have reduction in the strain upon its banking and credit resources, must take
been discouraged by high interest rates, he said.
place. As to this there can be no doubt, but the exact methods and technique
"America may well get several hundred million dollars in gold from of the process and the degree of suffering to be involved in it remain to be
abroad," Mr. Friday declared. "The outside world is supplied abundantly. ascertained."
In addition to that which we have sent out, the world is producing $200,------ 000,000 worth of gobs annually, which goes into monetary uses.
Want Acceptances Legal as Reserves—Dealers and
"If this return of gold materializes, the American money situation will
Some Bankers To Sponsor Proposal.
ease almost as rapidly as it tightened, for it will at once reduce our rediscounts and Federal Reserve credit usey by a corresponding amount. Our
in the New York "Journal of Commerce"
stated
was
It
bankers will have had snore time to get adjusted to the new situation any
of Jan. 19 that a movement is on foot among acceptance
will be less hesitant about rediscounting.
"When that has happened, our money market and our rates of interest dealers and several bankers to broaden the acceptance market
once more will be determined by fundamental economic factors rather than
by amending the Federal Reserve Act to make bankers'
by a policy founded upon a transitional and unfamiliar situation."
The greatest fallacy extant in the United States, Mr. Friday pointed out, acceptances eligible as primary bank reserves. The paper
Is the belief that brokers' loans constitute money withdrawn from inchnstry. quoted went on to say:
Eighty to 90% of brokers' loans stands to the credit of industry, he said.
This is being advanced by them as a solution of the problem of broadening
the market for bankers' acceptances, which is regarded as very trgent by
Reserve System Called Upon To Control Speculative bankers here.
The rise in acceptance holdings of the Federal Reserve banks to nearly
Credit—H. Parker Willis, in Addressing District $500.000,000 has created general realization of the fact that in a period of
of Columbia Bankers, Urges Less Speculation by tight money it is very difficult to prevent the creation of an excessive load
in the portfolios of the Reserve Banks, since the latter are
Bankers, and Qualitative Credit Control by Re- of acceptances
expected to buy eligible bankers' bills at the market rate. On the other
serve System.
hand interested banks do not care to disturb the present situation, which
gives them an assured market for their acceptances. Owing to pressure
Co-operation between the Federal Reserve System and from
the Reserve Banks, and the difficulties many deeera find in establishmember banks to curtail the expansion of credit for specula- ing contact with the Reserve banks for the purpose of working off their
•tive uses was termed an immediate necessity in the interests accumulating stocks of acceptances, the present scheme is being widely
as a solution.
of sound credit and business prosperity by Dr. H. Parker discussed
It was learned among informed acceptance deaiers yesterday that meetWillis, editor of the "Journal of Commerce," in an address ings have already been held to consider this proposal, and to give it the
delivered before the District of Columbia Bankers' Associa- organized support of those interested.
new proposal would be revolutionary, so far as present legislation
tion on Jan. 23. From the paper indicated we take the is The
concerned, in that it would permit members of the Reserve system to
following account of what Dr. Willis had to say:
keep part of their legal required reserves in their own vaults in the form
Dr. Willis pointed out that recent high money rates have a'ready had of acceptances. At the present time, the only legal reserve for memter
business.
He
general
pointed out that banks is a deposit in a Reserve Bank. Non-member State banks are subject
some unfavorable effects upon
bankruptcies were more numerous than ever before during the past year. to the varying reserve requirements, and even in their case the counting
504
FINANCIAL CHRONICLE
of bankers' acceptances as primary reserve would constitute a new departure.
If bankers' acceptances are made legal for primary reserves it is felt by
the interested dealers that there would be no doubt that the acceptances
would be taken up on a large scale by commercial banks, and Reserve banks
would thus be relieved of the load. At the present time no interest is received by member banks on their deposit with the Reserve Bank. The
new proposal would make such reserves interest bearing.
On the other hand, several conservative bankers do not regard the new
proposal with favor. They sear that it would have inflationary possibilities In that it permits the elimination of the Reserve Bank holdings
of acceptances without a corresponding reduction in the volume of Reserve
credit. Furthermore, it would make more difficult credit control by the
Reserve banks, since it would permit member banks to expand of their own
accord one type of credit instrument which they can count as reserve,
regardless of the state of the money market or the credit needs of the
country.
Federal Reserve Bank of Boston Held Leader in Bill
Rate Increase—Bankers Here Say It Is Forcing
Boost in Rates—Ascribed to Governor W. P. G.
Harding.
Reports are current in the financial district that the
Federal Reserve Bank of Boston is playing a leading role
in the movement for higher acceptance rates, and that its
policy toward the acceptance market latterly has not been
wholly consistent with that of the Federal Reserve Bank
of New York, said the New York "Journal of Commerce"
on Jan. 23. In its further comments it said:
This follows an increase of approximately 50% in its bill holdings in three
weeks.
The policy of the Boston Reserve Bank, according to reports current
among the banks here, reflects the attitude of W. P. G. Harding of the
Federal Reserve Bank of Boston. Mr. Harding was formerly Governor of
the Federal Reserve Board, and bankers say that a less liberal acceptance regime existed under his administration than is at present in force.
Chicago Loses Leadership.
The policy of the Boston Bank represents the second occasion since the
summer of 1927 that an out-of-town Reserve institution has acted along
lines independent of those followed by the Now York Bank. At that time
it was the Federal Reserve Bank of Chicago which opposed a reduction in
its rediscount rate to 334%, a reduction made for the purpose of facilitating
European financial rehabitation, as was disclosed by the recent annual
report of Secretary Mellon. The Chicago bank last year led the way in
rediscount rate increases.
The expansion of Reserve credit, since last summer, has taken the form
of acceptances rather than rediscounts, however, and the Chicago Bank
is not a large holder of acceptances in proportion to its other resources.
Hence,it gave up the role of leadership in the policy of tighter credit control.
The attitude of the Boston Reserve Bank has been crystallized by the
sharp increase which has taken place in Its bill holdings during the past
month. Between Dec. 26 and Jan. 16, the weekly statements of the Boston Reserve institution showed a progressive increase in holdings of bankers' bills from $49,284,b00 to $74,200,000. This involves a gain of $24.916.000 within three weeks. Boston has now replaced Cleveland as the second
most important holder of acceptances within the system.
[VOL. 128.
are few in the financial district who expect any change soon in the bank rate.
In the present unusual situation in the money market, there is not the close
link between acceptance rates and the rediscount rate that existed in previous years. It was pointed out yesterday also that the New York banks in
recent weeks have materially reduced their borrowings at the Federal
Reserve Bank and have cut down sharply the loans made for their own
account on stock market collateral. International conditions also are
acting against any advance in the rediscount rate at the present time.
Under the new schedule of rates, 30-day acceptances were quoted at
5@4%, against 454@4M% on Thursday; 60-day, 534@5. against 5®
454; 90-day, 5)4@5, against 5®434; 120-day, 531@5, against 534@434;
150-day, 534@534, against 5).(@5, and 180-day, 534@534, against
5Si@5.
The "Wall Street Journal" of Jan. 19 commented thus on
the change.
Advance in acceptance rates by New York dealers an average of 34%
was made in an effort to move bills. The previous advance. made Jan. 4,
resulted in a short flurry of buying, but this soon dried up and Federal
Reserve Bank again became the principal buyer. The Reserve Bank and
dealers are all desirous of seeing a broader market for bills established,
one less dependent on Reserve Bank support.
It is still too early to tell what effects the new rates will have. Yields
of 5% on 60- to 120-day maturities and of 534% on longer maturities
should, however, attract considerable buying by savings banks, foreign
investors, and possibly even commercial banks. It is an experiment to
try to find the point where, under present money conditions, acceptances
constitute desirable investments. No revolutionary change in the bill
market is expected, but it is to be expected the Reserve Bank will be left
with a smaller bill portfolio.
Not since 1920 has the bill rate been higher than the New York rediscount rate and for that reason the present situation is unusual. It should
not be inferred that the rise in bill rates necessarily is the forerunner of an
increase in the New York rediscount rate. A slight advance in acceptance
rates is of relatively little significance as far as its effect upon general business are concerned.
The present advance means interest payments on currently outstanding
acceptances will be some $1,500,000 larger annually, hardly sufficient
extra burden to retard business. An advance of the rediscount rate from
5% to 534%, however, would affect not $1,200,000,000 of acceptances,
but many billions of bank credit involving almost every line of business.
It is inconceivable the Reserve Banks would move their rediscount rates
merely because acceptances have advanced. If the rediscount rate is to
be raised it will be for entirely different reasons of deeper significance.
Whether these reasons are present is debatable.
It is possible the higher bill rates may somewhat reduce volume of new
bills and divert some financing into straight bank credits. However, no
large diversion into other types of credit is anticipated.
Advances from Boston on Jan.21 stated that the Shawmut
Corporation and the First National Corporation were offering 30-day acceptances at 4% as compared with 45i%
previously. The "Evening Post" of Jan. 21, stated:
The stiffening tendency in money rates was manifested again to-day in a
hardening of the tone in bankers' bills accompanied by an advance of an
eighth in the asking rate for thirty-day bills from 434 to 4 Ye% by one New
York dealer.
Another New York dealer was reported to have advanced his bid rate of
90-day bills from 534 to 534%. A similar advance was announced by the
Shawmut Corporation of Boston.
New York Holdings Less.
The advances earlier in the month were noted in our issue
While the Federal Reserve Bank of New York is still the largest holder of
bankers' acceptances, it has largely reduced its portfolio during the past of Jan. 5, page 39.
few weeks. Its holdings declined in the three weeks ended Jan. 16, by
$22,187,000. an amount roughly equivalent to the increase in the holdings Rolla Wells Designated Chairman
of the Federal
Of bills by the Boston Reserve Bank.
Reserve Bank of St. Louis.
The lead in the upward revision of the asking rate on acceptances Monday
was taken by the Shawmut Corporation of Boston, and it is understood
Advices from the Federal Reserve Bank of St. Louis Jan.
that this institution also was a leader, along with the First National Corp.
of Boston, in the advance of one-quarter of 1% in the bid rate on accept- 23 state:
Rolla Wells has been designated by the Federal Reserve Board in Washances on Friday of last week. As the Shawmut Corporation is understood
to be an important seller of acceptances to the Federal Reserve Bank of ington as Class C director, Chairman of the Board and Federal Reserve
Agent
of the Federal Reserve Bank of St. Louis, to succeed Wm. Mc0.
extent
by
the
naturally
Boston its quotations are
influenced to a large
policy of that institution in taking acceptances offered by it. The discount Martin, who recently resigned as such to accept the Governorship of the
houses to a large extent base their rates upon Reserve bank buying policies. institution.
Mr. Wells has been connected with the Federal Reserve Bank of St.
Buying Rate Higher.
Louis from its inception. He served as Governor from its opening on
The Federal Reserve Bank of New York now has an acceptance buying Nov. 16 1914 until Feb. 5 1919. On April 4 1919 he was elected a direcrate of 5%. This rate is dependent upon market conditions, being made to tor and has since been serving in that capacity.
conform normally with the going rate in the market. The upward revision
Mr. Martin's election as Governor of the bank was rein the Reserve buying rate, therefore, has followed a previous advance
in the open market rate brought about as described above.
ferred to in our issue of Jan. 19, page 350.
Bankers here say it is too early as yet to judge what effect the advance
In the acceptance buying rate to the same level as the rediscount rate, and
higher in the case of longer maturities, will have on the credit situation. Instrument of Ratification of Kellogg-Briand MultiIt is regarded as an experimental move, and some observers believe that
lateral Treaty Signed by President Coolidge.
it will have no substantial effect and that the acceptance rates will decline
As we indicate in another item in this issue of our paper
again after the end of the month, when the total of outstanding bills is
expected to go lower.
President Coolidge and Secretary of State Kellogg
signed
on Jan. 17 the instrument of ratification of the Kellogg
New York Federal Reserve Bank Advances Buying Briand Multilateral Treaty which was ratified by the Senate
Rate for Bills—Acceptance Dealers Raise Rates on Jan. 15. The text of the instrument of ratification
for Bills—Rates Increased in Boston.
follows:
CALVIN COOLIDGE.
It was announced in the "Wall Street News" of Jan. 23
"President of the United Slates."
that the New York Federal Reserve Bank had advanced its "To all to whom these
presents shall come, greetings:
buying rate for bills from 4% to 5% the general market "Know ye, that whereas a treaty between
the President of the German
rate. This action followed an advance by acceptance Reich, the President of the United States of America, His Majesty the King
the
Belgians,
the
of
President
of
the
French
Republic,
His Majesty the King
dealers in rates for acceptances, the "Times" of Jan. 19 of Great Britain,
Ireland and the British Dominions beyond the seas, Emreporting this as follows:
India,
peror of
His Majesty the King of Italy, His Majesty the Emperor of
A general readjustment was made yesterday in the prices of bankers'
acceptances, placing the yield rates on these bills at their highest levels
since the Autumn of 1920. Reflecting the growing confusion in the bill
market, the changes were not uniform, some of the maturities being
advanced 34 of 1% and others, 34 of 1%. The new spread between the bid
and asked prices also was irregular, the difference in some cases being
34 of 1% and in others Ys of 1%.
The new rate schedule put the bid price of 90-day bills Si of 1% above the
Federal Reserve Bank's rediscount rate of 5%. In ordinary circumstances
this would cause discussions in Wall Street of the probability of an early
advance in the rediscount rate, but under the present conditions there'
Japan, the President of the Republic of Poland, and the President of the
Czechoslovak Republic, declaring in the names of their respective peoples
that they condemn recourse to war for the solution of international controversies, and renounce it as an instrument of national policy in their
relations with one another,was signed by their respective plenipotentiaries
at Paris on the Twenty-seventh Day of August, One Thousand Nine
Hundred and Twenty-eight, the original of which treaty, in the French and
English languages,is hereto annexed;
"And whereas, the Senate of the United States by their resolution of
Jan. 15 1929 (two-thirds of the Senators present concurring therein), did
advise and consent to the ratification of the said treaty;
JAN. 26 1929.]
FINANCIAL CHRONICLE
505
"This treaty in no respect changes or qualifies our present position or
"Now, therefore, be it known that I, Calvin Coolidge, President of the
United States of America, having seen and considered the said treaty, do relation to any pact or treaty existing between other nations or governhereby, in pursuance of the aforesaid advice and consent of the Senate, ments.
"This report is made solely for the purpose of putting upon record what
ratify and confirm the same and every article and clause thereof.
"In testimony whereof, I have caused the seal of the United States to your committee understands to be the true interpretation of the treaty
not in any sense for the purpose or with the design of modifying or
and
be hereunto affixed.
"Done at the City of Washington this Seventeenth Day of January in changing the treaty in any way or effectuating a reservation or reservations.
the Year of our Lord One Thousand Nine Hundred and Twenty-nine,and of to the same."
the Independence of the United States of America the One Hundred and
Fifty-third.
Kellogg-Briand Multilateral Treaty Renouncing War
"CALVIN C0OLID GE.
(Seal)
"By the President:
Signed by President Coolidge Following Ratifica"FRANK B. KELLOGG.
tion by Senate.
"Secretary of State."
Report of Senate Committee on Kellogg-Briand Multilateral Treaty Renouncing War.
Elsewhere in this issue of our paper we refer to the ratification, by the U. S. Senate, on Jan. 15, of the KelloggBriand Multilateral Treaty renouncing war as an instrument
of National policy. Below we give the text of the report on
the treaty presented to the Senate by the Senate Committee
on Foreign Relations, on the submission of which the treaty
was ratified:
Your Committee on Foreign Relations reports favorably the treaty
signed at Paris. Aug. 27 1928, popularly called the multilateral or Kellogg-Briand treaty.
The two articles in this treaty are as follows:
Article I.—The high contracting parties solemnly declare in the names
of their respective peoples that they condemn recourse to war for the
solution of international controversies and renounce it as an instrument of
national policy in their relations with one another.
Article II.—The high contracting parties agree that the settlement
solution of all disputes or conflicts of whatever nature or of whatever
origin they may be, which may arise among them, shall never be sought
except by pacific means.
The treaty in brief pledges the nations bound by the same not to resort
to war in the settlement of their international controverseries save in bona
fide self-defense and never to seek settlement of such controversies except
through pacific means. It is hoped and believed that the treaty will
serve to bring about a sincere effort upon the part of the nations to put
aside war and to employ peaceful methods in their dealing with each other.
The Committee reports the above treaty with the understanding that
the right of self-defense is in no way curtailed or impaired by the terms or
condition of the treaty. Each nation is free at all times and regardless of
the treaty provisions to defend itself and is the sole judge of what constitutes the right of self-defense and the necessity and extent of the same.
The United States regards the Monroe Doctrine as a part of its national
security and defense and under the right of self-defense allowed by the
treaty must necessarily be included the right to maintain the Monroe
Doctrine, which is a part of our system of national defense. Bearing upon
this question and as to the true interpretation of the Monroe Doctrine as it
has always been maintained and interpreted by the United States, we incorporate the following:
"We owe it therefore, to candor and to the amicable relations existing
between the United States and those powers to declare that we should consider any attempt on their part to extend their system to any portion of
this hemisphere as dangerous to our peace and safety. It is impossible
that the allied powers should extend their political system to any portion
of either continent without endangering our peace and happiness. (Presdent Monroe's message, Dec. 2 1823.)
"The doctrine upon which we stand is strong and sound because its
enforcement is important to our peace and safety as a nation, and is essential to the integrity of our free institutions and the tranquil maintenance
of our distinct form of government. (Message of President Cleveland.
Dec. 17 1895.)
"The doctrine is not international law, but it rests upob the right of
self-protection and that right is recognized by international law. The
right is a necessary corollary of independent sovereignty. It is well understood that the exercise of the right of self-protection may. and frequently
does, extend in its effect beyond the limits of the territorial jurisdiction
of the state exercising it. Since the Monroe Doctrine is a declaration based
upon this nation's right of self-protection, it cannot be transmuted into a
joint, or common, declaration by American States or any number of them.
"It is to be observed that in reference to the South American Governments, as in all other respects, the international right upon which the
declaration expressly rests is not sentiment or sympathy, or a claim to
dictate what kind of government any other country shall have, but the
safety of the United States. It is because of the new governments cannot
be overthrown by the Allied Powers 'without endangering our peace and
happiness' that 'the United States cannot behold such interposition in
any form with indifference.' (Hon. Elihu Root, July -- 1914.)
"There are now three fundamental principles which characterize the
policy of President Monroe as it was and as it is. First, the Monroe Doctrine was a statement of policy originated and maintained by reason of
self-Interest, not of altruism. Second. It was justifiable by reason of the
right of self-defense (which is a recognized principle of international law).
Third. It calied no new rights into being, therefore, whenever it oversteps
the principle of self-defense, reasonably interpreted, the right disappears
and the policy is questionable because it then violates the rights of others.
The Monroe Doctrine is based upon the right of self-defense. This is the
first law of nations as of Individuals." (Prof. Theodore Woolsey, June
1914.)
"The Committee further understands that the treaty does not provide
sanctions, express or implied. Should any signatory to the treaty or
any nations adhering to the treaty violate the terms of the same, there
Is no obligation, or commitment, express or implied, upon the part of any
of the other signers of the treaty to engage in punitive or coercive measures
as against the nation violating the treaty. The effect of the violation of
the treaty Is to relieve the other signers of the treaty from any obligation
under it with the nation thus violating the same.
"In other words, the treaty does not, either expressly or impliedly, contemplate the use of force or coercive measures for its enforcement as against
any nation violating it. It Is a voluntary pledge upon the part of each
nation that it will not have recourse to war,except in self-defense, and that
It will not seek settlement of its international controversies except through
pacific means. And if a nation sees proper to disregard the treaty and
violate the same, the effect of such action is to take It from under the
benefits of the treaty and to relieve the other nations from any treaty
relationship with the said power.
President Coolidge and Secretary of State Kellogg on Jan.
17 affixed their signatures to the instrument of ratification
signifying the acceptance by the United States of the KelloggBriand Multilateral treaty for the renunciation of war as an
instrument of national policy. The treaty was signed at
Paris on Aug. 27 1928 by representatives of 15 nations, including the United States, and its text was published in our
issue of Sept. 1 1928, page 1195. The signing of the instrument of ratification by President Coolidge on Jan. 17, followed the action of the United States Senate in ratifying the
treaty on Jan. 15. The three articles of the treaty were
agreed to by the Senate following the reading of each before
that body on Jan. 15, the Vice-President explaining that it
was not necessary to have a yea-and-nay vote until the
question came on the ratification of the treaty; each of the
three articles was agreed to without objection, the Senate
recording its acceptance of the treaty in the adoption, by a
vote of 85 to 1, of the following resolution of ratification:
Resolved (two-thirds of the Senators present concurring therein). That the
Senate advise and consent to the ratification of Executive A, Seventieth
Congress, second session, a multilateral treaty for renunciation of war,
signed in Paris Aug. 27 1928.
The three articles of the treaty, which the Senate agreed
to without objection, follow:
ARTICLE I.
The high contracting parties solemnly declare in the names of their
respective peoples that they condemn recourse to war for the solution of
International controversies and renounce it as an instrument of national
policy in their relations with one another.
ARTICLE II.
The high contracting parties agree that the settlement or solution of all
disputes or conflicts of whatever nature or of whatever origin they may be,
which may arise among them,shall never be sought except by pacific means.
ARTICLE III.
The present treaty shall be ratified by the high contracting parties
named in the preamble in accordance with their respective constitutional
requirements, and shall take effect as between them as soon as all their
several instruments of ratification shall have been deposited at Washington.
This treaty shall, when it has come into effect as prescribed in the preceding Paragraph, remain open as long as may be necessary for adherence
by all the other Powers of the world. Every instrument evidencing the
adherence of a Power shall be deposited at Washington and the treaty shall
Immediately upon such deposit become effective as between the Power
thus adhering and the other parties hereto.
It shall be the duty of the Government of the United States to furnish
each Government named in the preamble and every Government subsequently adhering to this treaty with a certified copy of the treaty and of
every instrument of ratification or adherence. It shall also be the duty of
the Government of the United States telegraphically to notify such Governments immediately upon the deposit with it of each instrument of ratification or adherence.
Regarding the Senate ratification of the treaty, we quote
the following Washington account Jan. 15 to the New York
"Times":
The Kellogg-Briand multilateral treaty renouncing war as a national
policy was ratified by the United States Senate late to-day by a vote of
85 to 1. Senator Blaine of Wisconsin, a progressive Republican, cast the
sole vote against approval. Nine senators were absent when the roll was
called. As all of these except one were announced to be in favor of the
pact and as the ninth also favors it, it may be said that ratification was
really carried by 94 to 1.
There are now only 95 members of the Senate, the seat of Mr. Vare
Pennsylvania not having been filled.
The fight against ratification without an accompanying declaration
protecting the Monroe Doctrine, the right of the United States to self
defense and denying obligation to punish a treaty violator, waged by
between 25 and 35 senators, ended when Senator Borah, Chairman of the
Foreign Relations Committee, permitted a qualifying clause to be written
Into that committee's report on the pact. This clause read as follows:
t
This report is made solely for the purpose of putting upon record wha
your committee understands to be a true interpretation of the treaty and
not in any sense for the purpose or with the design of modifying or changing
the treaty In any way or effectuating a reservation, or reservations,to the
same."
The 25 signers of the round robin circulated by Senator Bingham, demending that the Foreign Relations Committee submit an interpretative
report, declared they had won a decisive victory by forcing Senator Borah
to admit that the report was the "true interpretation of the treaty."
Negotiations on the Report.
Negotiations for the inclusion of the interpretative clause in the committee report went on behind closed doors this morning.
On one side were ranged the forces of Senators Reed of Missouri, MOWN
and Bingham, who demanded that the committee submit a report containing its understanding of the terms of the pact. On the other were the
supporters of Senator Borah and the administration, who insisted that
nothing construable as a reservation should be contained in the report.
The former group made no secret of their belief that they held the master
hand. Although denying that they desired the defeat of the treaty, it
was evident that with 25 signers to the round robin and 10 other adherents,
506
FINANCIAL CHRONICLE
[vol.. 128
they controlled enough votes to prevent Senator Borah from applying was the only word coming from the home of the Underwoods when death
came.
closure and thus forcing an agreement to vote on the treaty.
The former Senator died at 11:15 o'clock. News of his death was reSenator Borah held out for a long time against any kind of a qualifying
clause, but in the end he was forced to submit. He did so, he stated, with- ceived generally at the Capitol and elsewhere in Washington with deep
out necessarily having the approval of Secretary Kellogg, who has been expressions of regret.
adamant against either direct or indirect qualifications. This afternoon,
Senate Adjourns at the News.
when Senator Harrison asked Senator Borah if the State Department
Those who had worked with him in the Senate and in the House held
objected to the report, including the new clause, Senator Borah replied: him in high regard, both for his
personal qualities and for his ability as
"I am proceeding on my own responsibility."
a leader. The Senate adjourned immediately on announcement of his
Senator Blaine was signally defeated in a move to amend the pact. death out of
his
to
respect
memory. His work in handling an unwieldly
During the debate just before the vote, he presented a resolution, stipu- majority when the Democrats came into power In the
House for the first
lating that any statements in correspondence on the treaty from any time in years placed him at once into a
conspicuous position in the nation's
power should not be accepted as reservations. This was a direct reference political life.
to the note of Sir Austen Chamberlain, who said that Great Britain reBefore becoming so ill that he had to remain in his home at Woodlawn,
served the right to protect special spheres of influence. On a viva voce Mr. Underwood had undergone
treatment at Johns Hopkins Hospital in
vote, Sen. Blaine alone voted "aye," while a loud chorus joined in "no." Baltimore. At that time the ailment was not believed to be of a
serious
Elsewhere we give, under separate headings, the report nature. Ho had not been seen about the City of Washington, however,
for
many days. He would have been 67 years old on May 6, this year.
made on the treaty by the Committee on Foreign Relations,
The death was announced to the Senate by Senator Heflin of Alabama.
and the text of the instrument of ratification signed by Presi- He suggested an immediate cessation
of business and Senator Curtis, the
dent Coolidge and Secretary Kellogg on Jan. 17. Describ- Republican floor leader, made the motion for adjournment. Mr. Curtis
Mr. Underwood as one of the finest men I ever know."
ing the ceremonies incident to the signing of the document, described
Senator Underwood, noted for his leadership of the Democratic party
the Associated Press accounts from Washington Jan. 17 said in both houses of Congress, took up his residence at Woodlawn, near the
Mount Vernon home of George Washington, after he had decided to retire
in part:
With ceremony appropriate to what he considers one of the principal from the Senate. His health had been bad for many months, although he
had
himself made light of it.
his
achievements of his administration, President Coolidge to-day affixed
Mr. Underwood assumed leadership of his party in the House of Represignature to the instrument of ratification of the Kellogg anti-war treaty,
sentatives in 1911. The tariff bill passed during the Wilson Administraproclaiming to the world that the United States had approved it in full.
The entire Cabinet and a large representation from the Senate were tion bore his name, and he was placed in nomination for the Democratic
present as Mr. Coolidge signed the document. He used the gold pen which Presidential nomination at several of the party's national conventions.
Alabama finally placed him in the Senate, and during his service there
was presented to Secretary Kellogg by the City of Havre. France, when the
he became party leader, and was one of the American delegates to the
Secretary went abroad last summer to sign the treaty at Paris.
Two copies of the instrument received the President's signature and Washington Arms Conference and bore a large part of the burden in the
then each was signed by Secretary Kellogg, who sat beside the President Senate fight to have the treaties drawn up at that conference ratified. He
at the historic old desk which served as a Cabinet table from the time of retired voluntarily from the Senate, declining to let his name go before the
voters in 1926.
President John Adams to the administration of Theodore Roosevelt.
Vice-President Dawes sat at the President's right, and Secretary Kellogg
at his left, while grouped behind them were the members of the Senate. Wage Increases Awarded to Shopmen on New York
They included Moses of New Hampshire and Bingham of Connecticut,
Central Lines.
two leaders of a group which demanded that some sort of interpretation of
Wage increases of approximately 6 2-3% were awarded
the treaty accompany its ratification.
Under the glare of camera lights and accompanied by the grinding of on Jan. 18 to 16,500 shopmen on the New York Central
motion picturJ machines, the President entered the East room ot the
Board of Arbitration, before
White House a few minutes after 10 o'clock. He was accompanied by his Lines by the U. S. Railway
military and naval aides, and Vice-President Dawes. Behind them the whom arguments for higher wages were concluded in New
Cabinet filed in two by two. Taking his place at the desk, the President York on Jan. 12. An item regarding the hearings on Jan. 10
was handed the pen by Sidney Y. Smith, of the treaty division of the
State Department, in whose custody were also the instruments of ratifi- and 11 appeared in these columns Jan. 12, page 194. On
cation. The President signed the first copy and then handed it and the pen Jan. 12 Donald R. Richberg, counsel for the shopmen, in
to Secretary Kellogg for his signature. The same procedure was followed arguing for
an average daily increase of $1.42 told the
with the second copy.
The next formal step will be the notification to the 14 other original Board that the wages heretofore in force did not allow them
signatory Powers that the United States has ratified the treaty. After the to own automobiles, which every skilled laborer is entitled
other signatories have ratified, the official treaty will be signed by each and
under the American standard of living. The "Heralddeposited In the State Department here, and in addition exchange copies of to
the pact bearing the seals and signatures of each of the 15 countries will be Tribune" of Jan. 12 in reporting this said:
Mr. Richberg, In his summation,said the shopmen were earning $200 less
prepared, one for the archives of each nation.
Seven nations have now virtually completed their acceptances of the than the $2,000 a year set by the Department of Labor as the minimum
treaty. They are Afghanistan, Austria, Dominican Republic, Ethiopia, "health and decency budget." This, the lawyer pointed out, did not take
Soviet Russia, Siam and the United States. Siam's adherence was deposited Into consideration a savings account nor an automobile. He declared the
yesterday by the Siamese Minister. Seven other countries have ratified railroad had increased its surplus by more than $117,000,000 from 1922 to
the treaty, documents of ratification being en route here from Albania, 1927, out of which, he contended, the shopmen should have been granted
wage increases.
Cuba, Liberia, Panama, Haiti, Paraguay and Portugal.
Jacob Aronson, of counsel for the New York Central, said Richberg had
In a dispatch from Washington Jan. 15, indicating the distorted
statistics to gain his point. He said journeymen shopmen, instead
satisfaction of the President and Secretary Kellogg at the of standing still in wage matters, had been granted increases in excess of
those made to shop crafts in other industries. Mr. Aronson will conclude
action of the Senate, the "Times" stated:
Following the action of the Senate to-day on the anti-war pact, Secretary his arguments to-day, after which Mr. Richberg will be allowed to make a
brief rebuttal. The hearings began on Nov. 22 and are expected to be
of State Kellogg said:
I am very much pleased that the Senate has given its advice and consent concluded to-day, after which the Federal Board will adjourn for settleand the Central
to the ratification of the general pact for the renunciation of war, without ment, which must be effected by Jan. 31. Both the shopmen
have agreed to accept the decision and abide by it for one year.
reservations, amendments or conditions."
President Coolidge was represented as very happy that the Senate had
In noting the conclusion of the arguments before the Board
acted favorably upon a matter which he regards as the most important act on
Jan. 12, the "Times" stated:
of his administration.
Between 4,000 and 5.000 pages of testimony were taken in the case,
The President believes that the treaty will do more than anything else together
with forty voluminous exhibits. Arguments of Jacob Aronson,
than has been done to stabilize the world, and that it will go far toward counsel
for the railroad, and Donald R. Richberg of Chicago, counsel for
preventing future wars.
the shopmen, required fourteen hours. The shopmen, who now receive
The State Department to-night notified its representatives abroad of the
$6.08 a day, are seeking an increase to $7.50 a day.
Senate's action, instructing them to notify the foreign governments.
Mr. Aronson attacked the comparisons made by counsel for the shopThe treaty was originally signed by 15 major nations, including the men
of the wages of shopmen with those of employees In outside industries,
United States. Forty-nine other nations have been asked to adhere, and
declaring that wages in other industries had no bearing on the case. The
of these five have deposited pledges with the State Department and 41 higher
wages outside, he contended, were based on irregular employment
have signified their intent to adhere. Three have not yet been heard from.
and periods of inflation. He recalled the report of the Lockwood comFrom the "Wall Street Journal" of Jan. 16 we quote the mission in asserting that wages In the building trades were artificial.
Investments by the railroad in other railroad stocks and in real estate,
following United Press advices from Washington:
The report of the Foreign Relations Committee interpreting the Kellogg Mr. Aronson declared, had enabled the New York Central to pay its operanti-war pact has no effect on the treaty itself, in the opinion of Secretary ating costs during the years of depression. Whereas the net operating
dollar, he said, now it is 16 cents.
of State Kellogg, and therefore will not be communicated to foreign govern- income in 1916 was 30 cents out of the
Mr. Richberg declared that the shopmen were the victims of "a false
ments
economic policy which had been repudiated and discarded." He quoted
President Coolidge, President-elect Hoover and industrial leaders to support
Death of Former Senator Oscar W. Underwood—Senate his contention that a new economic order existed, requiring higher wages.
The "Herald-Tribune" of Jan. 19 stated that the award
Adjourns.
into effect immediately, the account in that paperadding:
goes
Underwood,
W.
respect
to
Oscar
former Senator
Out of
Payment under the Increased rates is directed for the next pay day for
from Alabama, the United States Senate adjourned for the each of the twenty-six grades or classes of employees involved. The
is on an hourly instead of a weekly basis, as asked by the workers.
day yesterday (Jan. 25). The former Senator died yester- award
However, on the basis of an eight-hour day the percentage of increase is
Associated
day at his home at Woodlawn, Va. Washington
as indicated.
Under the award the machinists, boiler makers, blacksmiths, sheet metal
Press dispatches in recording the fact that the former Senator
workers and electrical workers, who asked for $7.50 a day, receive 81 cents
was a prominent figure in the political life of the country, an
hour; electrical workers who asked for $7.18 a day receive 77 cents an
carried the following account in part of his activities and hour; electrical workers asking for $6.70 a day receive 71 cents an hour;
electrical workers asking for $6.14 a day receive 64 cents an hour; car men
death:
cants an
A cerebral hemorrhage early in December, a stroke of paralysis two
weeks later, from which he rallied, and a relapse a few days ago, combined
to bring his distinguished career to an end.
WashThe death was announced by his son, Oscar W. Underwood Jr., a
the
ington attorney, who, with other members of his family, had guarded
beillness
his
annoyances
the
of
since
the
curious
Alabama statesman from
succumbed
came serious. A brief statement that the former Senator had
hour; car men asking foe
who asked tor $7.50 a day receive 81
$7.10 a day receive 74 cents an hour; helpers asking for $5.66 a day receive
$4.06
from
to $6.06 a day, the latter
apprentices
58 cents an hour; regular
rate for four-year men, receive from 38 to 63 cents an hour; helper apprentices asking from $5.66 to $6.46 a day, the latter rate applying to threeyear men, receive from 58 to 68 cents an hour, while coach cleaners receive
increases of two cents an hour over the prevailing rates.
JAN. 26 1929.]
FINANCIAL CHRONICLE
507
the ground floor on 41st St.; its space runs through to 42nd
St. where it will constitute the second floor, due to the
change of level between the two streets. A monumental
entrance from Madison Ave., also, will lead to the bank's
The "Times" notes that workers involved in the contro- quarters. The office will be known as the Grand Central
versy included members of the International Brotherhood of Branch and will be the fifteenth location of the Chatham
Electrical Workers, Brotherhood of Railway Carmen, Inter- Phenix, whose operations extend through 117 years.
national Association of Machinists, International BrotherHenry C. Scheer was elected a Vice-President of the Bank
hood of Boilermakers, International Brotherhood of Blacksmiths and the Sheet Metal Workers' International Ass'n. of United States of this city on January 21. Mr. Scheer was
formerly in charge of the New York Credits of the AmerITEMS ABOUT BANKS, TRUST COMPANIES, ETC. ican Woolen Co. The bank, at its recent annual meeting
following changes, A. M. Strong was elected a
New York Stock Exchange memberships reached new made the
H. It. Comfort, Frank Rega, C. G. Gemuendt,
Vice-President;
high records this week when the membership of Robert C.
F. J. Jessup, C. Hamburger, Leo M. Selling and H. R. Slaght
Beal was posted for transfer to Charles C. Renshaw for
$625,000. The membership of Walter B. Snyder, deceased, were made Assistant Vice-Presidents; 0. A. Pearlstein,
was posted for transfer to Herbert R. Wilson for $625,000; Charles Grotheer, Morris Kosins, Harry Papenmeyer, Harry
that of Buell Hollister to Ernest L. Jones for a nominal Stern, John J. Girolama, Henry F. Grieme and W. Randall
consideration; that of Donald P. MacGregor to John C. were appointed Assistant Cashiers.
The Board of Arbitration was appointed June 17 1928, consisting of
J. J. Carr and F. H. Knight, representing the employees; Walter H. Flynn
and John G. Walber, representing the New York Central Lines, and
Julian W. Curtis and Walter C. Clephane, representing the United States
Board of Mediation.
Winchester for $620,000 and that of J. Henry Townsend to
At the Annual Meeting of the Trustees of the Bowery
Joseph M. Fitzgerald for a nominal consideration.
Savings Bank of New York, Matthew S. Sloan, President of
Edison Company, was elected to the Board, to
Arrangements were reporte-d made this week for the sale the New York
of the late Chester A. Braman. All the ofthe
place
take
of a New York Curb Market membership for $175,000.
ficers were re-elected.
This equals the high record price.
Hale Holden, Chairman of the Executive Committee of
The New York Cotton Ex-change membership of W. K.
the Southern Pacific Company and Robert J. Eidlitz of the
Jones was reported sold this week to A. L. Wachsman for
firm of Marc Eidlitz were elected trustees of the Bank for
another $38,000. The last preceding sales was for $45,000.
Savings of this city on January 19. Mr. Holden fills the
Arrangements were reporte- d made for the transfer of a vacancy caused by the death of Howard Elliott and Mr. EidPhiladelphia Stock Exchange membership for $39,000, a litz fills the vacancy caused by the death of his brother, Otto
M. Eidlitz.
reduction of $1,000 from the last preceding sale.
At the annual meeting of the stockholders of the AmalgaA Chicago Board of Trade
-membership was reported sold
this week for $42,500, the same as the last preceding transac- mated Bank of New York, on Jan. 15, all of the retiring
directors were re-elected. Joseph Milner was added to the
tion.
board. At the monthly meeting of the directors of the bank
A new high record price was established for Toronto Stock on Jan. 16, a regular quarterly dividend of $2.50 per share
Exchange memberships when it was reported that the seat was declared payable Feb. 1 1929 to stockholders of record
of John K. Niven had been sold to George A. Summerville Jan. 25 1929. This represents an increase from $2 heretofore
for $175,000. The last preceding sale was for $150,000..
declared, quarterly. The following officers were elected
and appointed: Sidney Hillman, Chairman of the board;
-in the National Raw Silk Ex- Hyman Blumberg, Vice-Chairman; Adolph Held, President;
Sales of two memberships
change were announced Monday when Edmond() Gerli, Jacob S. Potofsky and Harry K. Herwitz, Vice-Presidents;
purchased the seat of Charles Slaughter, for another for Andre F.Pony, Second Vice-President and Cashier; John G.
$5,250, up $250 from the previous sale, and Hisashi Fu- Rolph, Second Vice-President; Meyer B. Horton, Assistant
jimura, of the Asahi Corp., purchased Philip H. Frost's Vice-President and Manager of Foreign Dept.; Joseph Hillseat for another for $5,300.
man, Assistant Cashier and Murray B. Karman, Auditor.
It is learned that the Fid-elity Trust Company of New
Samuel Barnett, President of the Municipal Bank &
York will submit a plan to its stockholders in February ask- Trust Co., in summarizing the progress made by the bank
ing for their approval of a reduction in the par value of during 1928, reported at the annual meeting of stockholders
the company's stock. At the same time the stockholders held on Jan. 17 that daring the past year the institution
would also be asked to approve a plan for the organization added four offices in Manhattan, including the one at 70
of a securities company.
Wall St. which is to be its headquarters,and two in Brooklyn,
total of 20 banking offices, four in Manhattan and
Chairman
of
the
George F. Baker Sr.,
First National making a
Mr. Barnett also reported that total
Brooklyn.
in
16
Bank of New York, and Edward E. Loomis, President of
from $45,990,524 to $80,825,416 or
the Lehigh Valley RR., left this week for Jekyl Island, Ga. resources increased
from
$39,805,057 to $66,509,551 or 67.1%;
deposits
75.8%;
Mr. Baker will remain until early spring. Mr. Loomis
undivided profits from $684,302 to $1,261,624 or 84.3%;
plans a trip of ten days.
surplus from $1,240,000 to $6,000,000 or 383.8%; and
At a meeting of the board of United States Mortgage & capital from $2,590,000 to $5,000,000 or 93%. Net earnTrust Co. on Jan. 25, George Le Boutillier, Vice-President ings were $26.43 per share. In August., Mr. Barnett noted,
of the Pennsylvania RR. Co., was elected a director to fill the institution was changed into a trust company. Another
a vacancy. Gladding B. Coit, heretofore Assistant Treas- step taken during the year was the merging of the Seventh
National Bank of New York into Municipal Bank & Trust
urer, was elected Treasurer of the company.
Co. The entire board of directors headed by Simon H.
Negotiations have been c-ompleted whereby the Little Kugel,Chairman,was re-elected as were all officers including
Neck National Bank of Little Neck, N. Y., will be merged in addition to Mr. Barnett, President, Harry H. Heyman,
into the Bank of the Manhattan Co. of this city. The merger Morris Weinberg, Julius Meaner, Morris M. Diamond and
will become effective through an exchange of stock on the John J. Lewis, Vice-Presidents.
basis of one share of the Bank of the Manhattan Co. stock
and $35 cash for each two shares of the Little Neck National
Chev. Raphael Prisco, President of the Prisco State Bank
Bank. The merger becomes effective to-day (Jan. 26).
of New York, announces that earnings of the bank for the
were equal to $43.44 per share of capital stock,
The Chatham Phenix National Bank and Trust Company year 1928
the increased capitalization. The following
upon
based
of New York announces that arrangements had been comhave been elected to serve for 1929: Chev. Raphael
directors
pleted for its establishment of banking quarters in the
Alfred E. Smith, Jr., Richard E. Enright, Reuben L.
Grand Central area. A lease has been executed providing Prisco,
Haskell, Joseph W. Prisco, Harry G. Jones, George W.
for the bank's occupancy of approximately 17,000 square
Dominic Truda, Gaetano S. Martorelli and Hyman
feet of space in the new fifty-three story Lincoln Building Prisco,
Ressler.
now in course of construction, facing Vanderbilt Ave. and
fronting on 41st St., 42nd St. and Madison Ave. The. strucThe Directors of Interstate Trust Company of New York
ture, rising 678 feet above 42nd St., is expected to be fin- at their meeting this week declared dividends on the capital
ished within 400 days. The Chatham Phenix will occupy stock of the Bank and the Securities Corporation, at the
508
FINANCIAL CHRONICLE
rate of $6 per share annually. An initial dividend of $1.25
share quarterly was declared on the $5,175,000 capital stock
of the Trust Company, placing the shares on a $5 annual
dividend basis. The dividend declared to-day is payable
March 1 1929 to stockholders of record February 15 1929.
In addition, the directors declared an initial quarterly dividend of 25 cents a share on the stock of The Interstate Corporation, or $1 annually, payable March 1 to stockholders
of record February 15 1929. In his announcement of the
dividend action, George S. Silzer, former Governor of New
Jersey and President of Interstate Trust Company, stated
that the policy of the directors in the future will be opposed
to any further merger negotiations with other banking institutions. As a result Interstate will continue to operate as
an independent institution. The Trust Company is planning
to move into its new quarters at 37 Wall St. about May 15
of this year, and plans are progressing for the establishment
of a new branch at Madison Ave. and 96th St., which is
expected to be opened about March 1. Both resources and
deposits established new high records as of December 31
1928, amounting to $65,169,857 and $46,751,711, respectively.
_•_.
The Stockholders of Manufacturers Trust Co. and of the
State Bank & Trust Co. of this city have approved plans for
the merger of the latter institution into the former through
exchange of stock on the basis of four shares of Manufacturers, par value $25, for one share of State, par value $100.
The plan becomes effective to-day (Jan. 26). An item regarding the merger appeared in our issue of Jan. 19, page
352.
Henry C. Von Elm, Chairman of the Executive Committee
of the Manufacturers Trust Company, announces that Walter McKeekan, formerly Trust Officer, has been promoted
to the office of Vice-President, and will be in charge of the
trust department. Frederick N. Finger, Assistant VicePresident, has been promoted to Vice-President, and Charles
C. Clough, formerly Assistant Secretary, has been promoted
to the office of Comptroller, a newly created position in
the institution.
Tammany Hall is to house a bank in its recently-erected
home at Union Square. This became known on Jan. 22,
after the signing of a long-term lease under which Manufacturers Trust Company is given possession of the entire
first floor frontage along the Fourth Ave. side of the building. It will use these quarters for a new office which will
be opened in the early spring, and which will be known as
the Union Square Unit of Manufacturers Trust Company.
Installation of a large safe deposit vault and other banking
equipment will start immediately. All interior decorations
will be especially designed to harmonize with the Georgian
architectural treatment of Tammany Hall. The new office
will be the forty-seventh unit of Manufacturers Trust Company in New York City and the twenty-second unit in Manhattan. Although it will contain every department of the
bank, it will specialize in handling the wholesale and retail
lines of business which predominate the Union Square District.
- According to the "Wall Street Journal" of last night
• (Jan. 25) the stockholders of th , Brooklyn Trust Co. and
the Mechanics Bank have approved the merger of Merchanics
into the Brooklyn Trust through exchange of stock in accordance with the terms submitted by directors and trustees
• of the two institutions early this month. More than 90%
of the stock of each institution was represented at the special
meetings. The plans were referred to in our issue of Jan. 5
page 43.
Clarence A. Loeffler was appointed an Assistant Cashier
of the Lafayette National Bank of Brooklyn on January 22.
The board of trustees of the Central Union Trust Company of New York at their annual meeting on Jan. 16 promoted Samuel A. Brown of the personal trust department
from Assistant Vice-President to Vice-President. W. Tresc• kow was appointed Assistant Vice-President. He is in
charge of the newly organized business development department. C. S. Fischer, H. J. Osborne and J. A. Toensmeler were appointed Assistant Treasurers and Herman
Zepf, R. W. Maccubbin, Thomas J. Haugh, and Fred E.
Egly, Assistant Secretaries.
[Vox,. 128.
At a meeting of the board of trustees of the Bank of
New York and Trust Company on Jan. 22, P. W. Ziegler
was appointed Comptroller and Dave H. Morris, Jr., Assistant Comptroller.
The Equitable Trust Company of New York announces
the appointment of the following as Vice-Presidents of the
company: Joseph E. Smith, J. J. Graeber, Charles W. Higley and Earl R. Gafford. Mr. Smith, who has been associated with the Equitable for over twenty-five years, was
appointed an Assistant Secretary of the company in 1918
and Manager of its New Business Department in 1919. Mr.
Graeber was with the old Bowling Green Trust Company
in 1909 when it was merged into the Equitable. Mr. Graeber
was taken over and for the next six years worked in every
division of the bank with the exception of the Foreign Department. In 1915 he was assigned to the Trust Department; in 1918 he was made an Assistant Secretary and
assumed direction of certain divisions of the company's
trust service. Mr. Higley received his early business training with the American Express Company. He joined the
Equitable in 1914 and was a member of the company's Foreign Department. In 1917 Mr. Higley was made an Assistant Manager of the Department and in 1919, a Manager
in charge of the Foreign New Business Unit. Mr. Gafford has been with the Equitable Trust Company of New
York since the latter part of 1924. He was appointed an
Assistant Secretary soon after his affiliation with the
company and travelled extensively In the South and Southwest, covering the States of Missouri, Kansas, Texas, Oklahoma, Louisiana and Tennessee for the bank. In 1924 Mr.
Gafford as Asst. Vice-President of the Battery Park National Bank was active in the negotiations resulting in the
merger of the Battery Park Bank into the Bank of America.
Upon the completion of the merger, Mr. Gafford was appointed an Assistant Cashier of the Bank of America. He
was also a member of the New York Produce Exchange
and through this connection developed a wide acquaintance
among milling and grain companies.
The Equitable Trust Company of New York also announces the appointment of Albert S. Freed as its representative in Philadelphia. Except for the interruption of
the war when he went overseas with the 311th Field Artillery, 79th Division, practically Mr. Freed's business career has been in the credit and investment field in the Philadelphia territory. He has represented several prominent
bond houses from headquarters in and around Philadelphia
and for the last few years has occupied the position of credit
manager of Congoleum-Nairn, Inc., in their Philadelphia office. The Philadelphia representative's office of the Equitable was opened in 1918. It is connected by direct private
wire with the home office.
Interests identified with the newly organized Plaza Trust
Company of this city which opened for business on Dec. 5
at Fifth Avenue and 52d Street have organized a securities
company under the name of the Plaza Investment Corporation. M. H. Cahill, President of the Plaza Trust Company,
was on Jan. 19 elected President of the Plaza Investing
Corporation. G. F. Parton, Vice-President of the trust
company was elected Treasurer. The Plaza Investing Corporation is the investment affiliate of the Plaza Company.
The new corporation will have an authorized capital of
250,000 shares of no par value Class A stock and 250,000
shares of Class B stock. The stock of the securities company will be offered to the stockholders of the trust company at $170 a unit, consisting Of three shares of Class A
stock and two shares of Class B stock of the Investment
Corporation for each trust company share held. The Class
A stock is entitled to a dividend of $3 a share annually before any dividend is paid on the Class B stock, and is noncumulative. After $3 has been paid on the Class A stock,
a dividend of $1.50 may be paid on the Class B stock. In
further dividends, each class of stock will share equally.
In case of liquidation of the corporation, the Class A stock
is entitled to receive $65 a share and the Class B stock
$32.50 a share, and thereafter the Class A stock receives
twice as much as the Class B stock. The Class B stock,
which carries the voting power, will be trusteed. The Trustees will be M. T. Cahill, President of the Plaza Trust Company; Frederick Brown, and Liston Lewis. The directors
thus far announced by the investment company are: Herbert
L. Aldrich, Herbert Turrell, Frederick Brown, Lazarus
White, William H. Johns, Francis L. Wurzburg, Howard
JAN. 26 1929.]
FINANCIAL CHRONICLE
L. Wynegar, Thomas R. Cowell and Liston L. Lewis, all
but the latter being directors of the Plaza Trust Company.
The board of directors of Municipal Bank and Trust Company of New York has authorized the calling of a stockholders meeting for the purpose of voting upon a five for
one split-up of the company's stock. It is planned to issue
five shares of $20 par value stock for each share of $100 par
value stock at present outstanding.
-of Europe Trust Company of
Stockholders of the Bank
this city at their annual meeting on Jan. 16 voted to reduce
the par value of the stock of the institution from $100 to
$25.
At the annual meeting
of the directors of the Security
Trust Co. of Rochester, N. Y., on Jan. 17, Carl S. Potter and
William H. Stackel, Secretary and Trust Officer, respectively, were each given the additional title of Vice-President, and Benjamin E. Lull. was appointed an Assistant
Trust Officer. All other officers were reappointed. The
complete roster of the bank is as follows: James S. Watson,
President; Julius M. Wile, Edward Harris, Jesse W. Lindsay, Carl S. Potter (and Secretary) and William H. Stackel
(and Trust Officer), Vice-Presidents; George F. Stone,
Harvey W. Miller, and David Gales, Assistant Secretaries,
and Grace E. Howie, G. Morton Minot, Seward H. Case and
Benjamin E. Lull, Assistant Trust Officers. The following
brief outline of the banking careers of Mr. Potter and Mr.
Stackel is taken from the Rochester "Democrat and Chronicle" of Jan. 18:
Mr. Potter started with the Security Trust Company in 1904 and previously was with the Traders National Bank for four years and with the
Alliance Bank for two years. He started in a modest capacity with the
Security Trust Company and was elected assistant secretary in June 1917;
secretary in January 1921, and trustee in June 1924. He is a director
of the Cutler Mail Chute Company, General Indemnity Corporation, Rochester Industrial Corporation and Rochester Association.
Mr. Stackel came to the Security Trust Company in January 1903, and
was elected trust officer in 1911 and trustee in 1924. Mr. Potter's
attention is directed principally to the general banking department of the
company. Both Mr. Potter and Mr. Stackel are widely known because
of their interest in a number of civic affairs.
The trust company's statement of condition as at the close
of business Dec. 31 1928 shows total resources of $38,847,423,
of which $3,764,281 represents cash in banks and vaults;
deposits of $35,358,368, and combined capital surplus and
undivided profits of $29,962,765. Resources of the trust
department as at the close of business Dec. 31 are shown
at $96,857,609.
509
stockholders at a special meeting called for March 29. The two companies have together resources in excess of $41,000,000 with total deposits of $23,000,000. With the consolidation consummated, Bankers
Trust Company will have $3,725,000 capital, represented by 74,500
shares, and with surplus and undivided profits, snore than $5,000,000 of
working capital.
The proposition, which has received approval of the boards of both
companies and is recommended by the directors of Federal Trust Company
to its stockholders, offers alternatives of $800 a share in cash for Federal
Trust Company stock, or exchange of 62,¢ shares of Bankers Trust Company
stock for each share of Federal Trust stock contingent upon payment to
Bankers Trust Company of $75 on each share of Federal Trust stock.
This proposition already has the assent of a large majority of the stock.
This will carry $150,000 of cash into undivided profits of Bankers Trust
Co.
Bankers Trust Company of Philadelphia began business Jan. 1 1927 with
$2,479,715 of deposits, $1,000,000 capital and $250,000 surplus; capital
and surplus being doubled almost immediately by issue of additional
shares. Before the end of the year National Bank of Commerce was acquired and early in 1928 Logan Bank and Trust Company. At the beginning of its second year, Bankers Trust Company had capital, surplus
and undivided profits of $3,521,680 and deposits of $13,660,128. It
started this year with capital, surplus and undivided profits of $3,986,054
and deposits of $16,457,092.
Federal Trust Company in the twenty-three years of its existence has
grown faster and much more strongly and successfully than any bank in
South Philadelphia- This business, with the greatly larger resources at
its command, will be conducted with purpose to help in every constructive way this large and fast ,growing section of Philadelphia.
Bankers Trust Company has three other offices, at 713 Chestnut Street,
52d and Ludlow, and Broad and Louden, with the main office, Walnut
Street at Juniper. To assure the Federal Trust customers all the facilities and accommodations to which they have been accustomed, and all
the new ones which will be offered, the business there will be conducted
under supervision of an advisory committee, made up from the directors
and officers of Federal Trust Company, and by officers who have been
in charge there and are known to all the customers. A. S. Ruggiero has
just been promoted and elected Vice-President of Federal Trust Company.
Directors of Federal Trust Company who will enter the board of Bankers
Trust Company are: Edwin R. Cox, Samuel R. Foster, Joseph W. Gardiner,
Harry B. Hirsh, Ellis Jackson, Harry M. McBurney, Thomas McCaffrey,
J. S. McCulloch, William McLean, Cyrus S. Radford, Ralph C. Stewart,
and Oliver P. Waldron. Present Board of Bankers Trust Company consists
of: Harvey J. Aungst, Samuel a Barker, Jacob Cartun, Thomas Cooper,
W. Sherwood Crowl, James J. Diamond, Nelson F. Eberbach, Nathan T.
Folwell, William Freihofer, Joseph J. Greenberg, Albert M. Greenfield,
James G. Leiper, Jr., J. Milton Lutz, Harry Magen, Clarence L. Marks,
Jacob Netter, Jacob Paley, Harry J. Rittenhouse, Ely H. Selig, Harry
G. Sundheirn, T. Lewis Thomas, Ernest T. Trigg, William E. Wark, Max
Weinmann, William T. Weir, Jr., Horace L. Wiggins and Robert M.
Wilson.
Bankers Trust Company has a controlling interest in Bankers Securities
Corporation which has $25,631,803 capital, surplus and undivided profits
and above $31,000,000 resources.
According to the Philadelphia "Ledger" of Jan. 22, officers of the Bankers Trust Co. were re-appointed by the
directors on Jan. 21, when an initial quarterly dividend
of 1%.70 was declared on the capital stock of $50 par value,
payable Feb. 1 to stockholders of record Jan. 25.
The Directors of the Central National Bank of PhiladelThe followingiappeared in the "Wall Street News" of phia at their recent annual meeting unanimously appointed
yesterday (Jan. 25):
Charles E. Ingersoll, heretofore President, Chairman of the
The Plaza Investing Corporation, the affiliated subsidiary of the Plaza
and advanced Archie D. Swift to the Presidency.
Trust Co., has acquired a large block of stock in the Utica National Bank Board
& Trust Co. of Utica, N. Y., virtually amounting to control, it was an- Mr. Swift was formerly Vice-President and Cashier of the
nounced to-day. M. H. Cahill, President of Plaza Trust Co. and the institution.
Plaza InvestineCorporation was, before joining the Plaza Trust Co.,
President of the Utica National Bank & Trust Co.. and is still Vice-Chairman of the board of directors of the bank. On Dec. 31 Utica National
Bank & Trust Co. had deposits of over 55,000,000 and a capital of $750,000
and surplus and undivided profits of about $775,000.
The Banca Commerciale Italiana Trust Co. of Boston, a
recently organized institution affiliated with the Banca
Commerciale Italiana, with head office in Milan, Italy,
opened for business at 290 Washington Street, Boston, on
Jan. 15. The company starts with combined capital and
surplus of $1,125,000. The new trust company was organized by interests connected with the Banat Commerciale
Italiana Trust Co. of New York. With the exception of
the qualifying shares of the directors, the capital ($750,000)
was furnished by purchase of the stock by the Bancomit Corporation, organized last June and controlled by the Banca
Commerciale Italiana Trust Co. Giuseppe Guillermin, long
connected with the Bailee Commerciale Italiana Trust Co.
of New York, is President of the new bank and Mario Renna,
Vice-President. The directors are as follows: Siro Fusi,
Giuseppe Guillermin, Antonio Albiani, John Olfrino, Nathaniel S. Corwin, Domenico Destefano, Donald H. Hill,
Judge Frank Leveroni, Laurence M. Lombard, Joseph A.
Tomasello.
On Monday of this week (Jan. 21) plans looking toward
the consolidation of the Federal Trust Co. of Philadelphia
with the Bankers Trust Co. of that city were announced.
From Samuel H. Barker, President of the latter, we have
the following details:
Consolidation of Federal Trust Company of Philadelphia with Bankers
Trust Company of Philadelphia was arranged for yesterday (Jan. 21), by
action of the board of the latter company, subject to ratification by its
At a meeting on Jan. 21 of the stockholders of the Philadelphia Company for Guaranteeing Mortgages of Philadelphia, an increase of capital stock from $3,000,000 to
$4,000,000 was unanimously authorized, and at a special
meeting of the directors on Jan. 22 it was decided to issue
the stock at once. Warrants will go out to the stockholders
of record as of February 15 1929, payment in full to be made
on or before March 30 1929, on which date the right to subscribe to the stock will expire. The stock will be issued to
the present stockholders in the ratio of one share to three
held, and the price to be paid by them will be $200 per
share. It is not possible to determine at this time what the
rights will sell for since there has been no public sale of
the stock since last May when $327 was paid at public auction. It is stated that as high as $380 has been bid for the
stock lately with no takers. This would indicate that the
rights would be worth from $100 to $125 per share depending on the quantity that will come out on the market. As
we indicated in these columns Jan. 12, page 202, Samuel C.
Edmonds, heretofore President, has become Chairman of the
board of directors, Thomas Shallcross, Jr., is President; Edward H. Bonsall, Vice-President; William H. Lauer, Secretary, and Theodore G. Homan, Treasurer. All the directors
were re-elected for the coming year.
—.—
Pursuant to a resolution of the directors of the Ninth Bank
& Trust Co. of Philadelphia adopted on Nov. 28 last, a
special meeting of the stockholders will be held on Feb. 14
next, to vote on the proposed enlargement of the bank's
capital from $1,000,000 to $1,300,000.
510
FINANCIAL CHRONICLE
Announcement was made this week that the name of the
Allegheny Title & Trust Co. of Philadelphia has been changed
to the United States Bank & Trust Co. and that the main
office of the institution, beginning Feb. 4, will be located
at the Southeast corner of Fourth and Market Streets with
the present office at Allegheny Ave. and Front St. to be
known as the Allegheny branch, according to the Philadelphia "Ledger" of Jan. 25. Stockholders of the company
at their annual meeting on Jan. 23 approved a proposal to
reduce the par value of the bank's shares from $50 to $10 a
share, with present stockholders receiving five $10 shares in
place of each share of $50 par value stock. At a subsequent
meeting of the directors,the following officers were appointed:
William Goldstein, President; William B. Ward, VicePresident; Albert E. Peterson, Vice-President and Secretary; M. Clifford Brooks, Treasurer and Assistant Secretary; C. Raycroft Patterson, Title and Trust Officer, and
Roy Martin Boyd, Solicitor.
[vol.. 128.
not active in the institution, was made Chairman of the
trust committee, and relieved of the Vice-Presidency. All
the other officers were re-appointed. Foster Copeland is
Chairman of the Board, J. C. Campbell, Vice-Chairman,
and Richard Patton, President of the institution. The
stockholders at their meeting on the same day re-elected all
the directors.
In addition to the changes at the annual meetings of
Chicago banking institutions, noted in our issues of Jan. 12,
page 203 and Jan. 19, pages 356-357, other appointments
and changes in the official staff or directorate of Chicago
banks are indicated herewith.
Addison National—John G. Weisbach and Alex. R. Treulich, Directors;
Peter Bukowski, President; M.J. Schmidt, Chairman; Fred W. Heide and
Raymond A. Von Danden, Vice-Presidents; John Henry, Assistant Cashier:
A. R. Fenske, Manager real estate loans.
Amalgamated Trust and Savings—Clarence Darrow and Leo Wolman,
Directors.
Ashland Sixty-Third—Buchanan Currie, Assistant Cashier.
Auburn Trust and Savings—Charles H. Neachem, Director; Lyden
Wild, Cashier and Director; John J. McInerney, Vice-President.
that
"Ledger"
stated
Philadelphia
Yesterday's (Jan. 25)
Belmont-Sheffield—Elmer P. Issacson, Director.
Beverly State—Arthur A. Baer, Director.
subscribers to the 5,000 new shares of the Girard Trust Co.
Bowmanville National—Merton 0.Jones and George W.H. Heldkamp,
of Philadelphia will have the privilege of paying for the Assistant Cashiers.
Brighton Park State—Edward F. Glomski and John A. Oichoszewski,
stock in full at $1,000 a share on April 1 or in four equal
installments of $250 each on the first day of April, May, directors; Leo J. Dobrowolski, Assistant Cashier.
Broadway National—Louis Marks, director.
June and July.
Bryn Mawr State—C. E. Rowe, Vice-Presidents.
Builders and Mechanics State—Paul C. Mellander, President and
Directors of the Bank of North America & Trust Co., director; Edward M. Olson, Vice-President and Cashier.
Calumet
National—P. J. Murphy, director.
Philadelphia, on Jan. 24 appointed R. M. Edens, A. S.
Capital State Savings—J. H. McFarland, director.
Assistant
H.
Davis,
and
Granville
Hannum, W. J. Bradsley
Central Trust Co. of Illinois—George B. Dryden, director.
Chatfield Trust and Savings—A. H. Meyer, Vice-President and director;
Secretaries and Assistant Treasurers, according to the
Walter A. Olsen, Assistant Cashier.
•
Philadelphia "Ledger" of the following day.
Cheltenham Trust and Savings—Julius Lencioni, Dr. A. S. Mioduki
and John E. Nelson, directors; W. A. Woodsworth, Cashier was also made
Initial quarterly dividend of 1M% (75c. a share) has been Vice-President.
Chicago Ave. Trust & Savings—Carl Burteson, Robert Schlewe and A.
'declared by the Bankers Trust Co. of Philadelphia, payable Heilman, directors.
Feb. 1 to stockholders of record Jan. 25.
Chicago City Bank & Trust—Henry F. Jaeger, director; 0. B. Claussen,
Second Vice-President.
Cicero State—Harry C. Ganger. Assistant Cashier*
A special meeting of the stockholders of the Second NaCitizens State—Charles Johnsen, Chairman of the Board; Otto J.
tional Bank of Philadelphia has been called for March 5 to Gondolf, Vice-President; J. G. Squires, President; Henry F. Hawkins,
vote on a proposal by the directors to reduce the par value Vice-President and Trust Officer; F. M. Spohr, Vice-President.
City National
& Trust of Evanston—Hurd Comstock, Nels M.
of the capital stock from $100 to $10 a share, according to Hokanson and E.Bank
E. Sheridan, directors; James A. Shedd and John B.
the Philadelphia "Ledger" of Jan. 24. Ten shares of the Happ, Assistant Cashiers.
Commonwealth Trust & Savings—P. S. Graver, director.
new stock will be issued for each share of the present stock.
Continental National Bank & Trust—Arthur W. Robert. Second VicePresident; Gerald R. Scott, Assistant Secretary; Anthony Von Wening,
The board of directors of the Lancaster Trust Co., Lan- Assistant Secretary and Assistant Treasurer of the Contillonu.1 National
caster, Pa., at their annual meeting on Jan. 7 transferred Co., was elected Second Vice-President of the company.
Cosmopolitan State—Albert F. Hanunann, Vice-President; Arthur W
$100,000 from undivided profits to surplus, bringing the Hamraann, Assistant
Vice-President.
surplus account to $1,800,000. Concerning this, the LanCottage Grove State—A. M. Summers, Vice-President; William G.
Nelson,
Vice
-President and Manager of Real Estate Loans; Edward G.
caster "News Era" of Jan. 9 said:
Within the past six years, the surplus of the Lancaster Trust Co. has Carey, Cashier; Walter J. Krueger, Assistant Cashier and Trust Officer
grown from 81,000,000 to the present figure of $1,800,000. A high dividend Richard F. Evans, Assistant Cashier and Irving Webb, Auditor.
Crawford State Savings—Warren G. Jones, director.
rate has been maintained in the face of this rapid growth of the surplus
Depositors State—Robert D. Mathias, President; A N.Smietanka and
account. Stockholders have been receiving regular annual dividends of
S.
J. Ratajczak, Vice-Presidents; Klemens Zarembski, Assistant Viceaggregate
dividends
of
10%
making
the
dividends
34%.
24% with special
In addition to the regular dividends, the company has, within the past President; Conrad von Staudacher, Walter lilarecki and Joseph A. Tupy,
Assistant Cashiers; Stanley F. Borgdanski, Auditor.
seven years, paid $200,000 in extra dividends.
East Side Trust & Savings—John A. Harris and Frank M. Stanley,
With its latest addition to surplus, the Lancaster Trust Co. holds a
directors
Robert B. Munroe, Cashier.
high place among financial institutions, since the surplus account is now
Edgewater Trust & Savings—Henry C. Keel, Chairman of the Executive
720% of the original paid-in capital of $250,000.
Committee; William G. Hettich, President; John J. Dewey, Edward
sh
Sch
. effl
uee
a
ernder
nribg
C
George
eo
W.Thompson. directors; Henry J. Berliss and E W.
vipr
Oil Jan. 15 the Comptroller of the Currency issued a
Edison
o
State
Savings—N.
E. Roberts. Cashier; G. F. Ryan, AssistBank
of
Orestline,
Ohio.
The
First
National
charter for the
ant Cashier.
new bank is capitalized at $70,000. 0. F. Kline is President
Elmwood Park State—E. M. Lovett, director.
Elston State—Max H. Boysen, Chairman of Executive Committee;
and Frank C. Blue, Cashier.
M.
Et.aMek/iverer.
n and Walter G. Olson, Vice-Presidents; Edwin S. Kostka.
—.—
Cashier.
The appointment of Lawrence A. Wiles as an addiitonal Assistant
Fullerton State--Edward J. Prebis and Frank E. Lackowski, directors;
Vice-President was the only change made in the personel of John W. Deering, Assistant Cashier.
G. arfiMe
directors,ldParkStateGeorge P. Madigan, Louis J. Maracak and Ralph
the Fletcher Savings & Trust Co. of Indianapolis, Ind.,
Nelson,
at the directors' annual meeting on Jan. 16, according to the
Guarantee Trust & Savings—David W.Carlson, Assistant Cashier.
Guardian National-4. J. Forschner, James B. McCahey, I. W. Kahn,
Indianapolis "News" of Jan. 17. Mr. Wiles was placed in
Herbert
charge of relations with outside banks. Since October 1928, AssistantBrooks, James S. McLellan, directors; William Legroa,director and
Cashier.
Mr. Wiles has been Vice-President of the South Side State
Hamilton State—Herbert P. Hoot, director.
Harbor State—A. B. Fulton, W. R. Sosthein, Sidney Frisch and Oscar
Bank of Indianapolis, one of the six affiliated State banks
E. Hewitt, directors; O. E. Quinton, Vice-President and Secretary; C. J.
of tile trust company, and prior to that time was Cashier Skidmore, Assistant
Cashier; R. E. Evans, Cashier.
of that institution. He began his banking career in the
Hatterman and Glanz State.—Arthur W. Hatterman, director.
Hegewisch State—E, K. Engle, director.
Bank of Fowler, at Fowler, Ind., in 1889 and subsequently
Howard Trust & Savings—W.0. Willison,director; Louis J. Robin,Third
engaged In the banking business at Earl Park, Ind., and Vice-President.
Hyde Park National—Leonard J. Burke, director.
Goodland, Ind. In 1912, Mr. Wiles, with nine others orImmel State—Henry J. Immel and Otto Frerk, Vice-Presidents,
ganized the South Side State Bank, and when the instituImmigrant State—Albert B. Szoeke. Assistant Cashier.
tion was acquired in 1925 by the Fletcher Savings & Trust
Inland Trust & Savings—Edward J. Prebis, director; Richard T. Ummach,
Assistant Cashier.
Co. continued to serve as Cashier.
Irving Park National—Charles H. Bloch, Chairman of the board; Murray
MacLeod, President; P. L. McDonald, Vice-President; Thomas Klechhak,
At the annual meeting of the directors of the City National Cashier,
Inderendence State—Leon Zimmerman director.
Bank of Commerce, Columbus, Ohio, on Jan. 8, the folJackson Park National—Joseph X Galvin, director.
lowing changes were made in the official staff, according to
Jefferson Park Trust & Savings—Louis Bunts, Walter Hirsch, directors.
Kimball Trust & Savings—John J. Visser, Vice-President and Trust
the "Ohio State Journal" of Jan. 9: Guy E. Coffman,
Officer;
Albert Mueller, Secretary; Elmer A. Paulson, Assistant Cashier.
Walter P. Reiter, Raymond F. Davis, and Alfred P. CopeLake Shore Trust & Savings—William M. Kirchhoff, Assistant Cashier;
ViceAssistant
to
advanced
Cashiers, were
land, all former
Joseph P. Cummings, Assistant Trust Officer.
Lake View State—A, C. Brown and C. A. Carlson, directors:
Presidents and George T. Spahr, a Vice-President, who was
JAN. 26 1929.]
FINANCIAL CHRONICLE
Lake View Trust & Savings—George J. Huber, John H. Ehlen, Clarence
Mills, Assistant Cashiers; Oliver W. Cox, Manager of new business department; Albin E. Wahlstron, Trust Officer.
Lawrence National—George I. Pllat, Vice-President.
Logan Square Trust & Savings—George B. Thoresen, director.
Liberty Trust & Savings—Max Shulman, director.
Lincoln Trust & Savings—Frank J. Bersbach, director; Roy Johnson,
Assistant Cashier.
Lincoln State—John J. Cullen, Vice-President and Cashier.
Madison and Kedzie State—William C. Grunow and James F. Raleigh.
directors.
Madison Square State—James A. O'Keefe and Byron Thorpe, directors.
Marshall Square State—Dr. John H. Luczak, director; Eugene L.
1Vachowski, Secretary.
Mayfair State—Dr. Thomas W. Plont, director.
Mercantile Trust & Savings—Thomas H. Thorne, Assistant Cashier;
H. A. Swanson, Auditor.
Midland National—Frank Wozniak, director; Joseph J. Sokolowski,
Assistant Cashier.
Northwestern Trust & Savings—Elmer F. Wieboldt, Alfred K. Foreman, A. I. Miktyn and Lawrence F. Zygmundt, directors.
North Avenue State—Roscoe L. Tearney, director and Vice-President.
Walter R. Lotz, Cashier.
Oak Park Trust & Savings—Ellis H. Denney, director.
Peoples Stock Yards State—James F. ConJan, Assistant Vice-President;
Frankin B. Robinson, Cashier; William J. Szietowskl, Elmer Kolb and
Samuel E. Stott, Assistant Cashiers.
Phillip State Bank & Trust—S. Rogers Touhy, director.
Prairie State of Oak Park—William Gowne, Jr., director.
Progressive State Bank—L. H. Block, Chairman, J. S. Guthman, Vicechairman of the board.
Prudential State Savings—Lawrence Daleiden, director.
Peoples Trust & Savings—Wayne Chatfield Taylor and Donald B. Douglas, directors; H. B. Bray, Vice-President; Charles L. Bandow. Assistant
Cashier; Lyell H. Ritchie, Manager. Credit Department.
Roseland National—Guy J. Hunting, director; Isaac E. Berkson, VicePresident.
Second North Western State—Albert Hollander, director.
Security—Thomas Mathiesen, Trust Officer.
Second Security—Edward C. Hansen, Trust Officer.
Sheridan Trust & Savings—Morris Halevy, Assistant Cashier.
Sherman State—Lambert Johnen. Third Vice-President.
Southwest Trust & Savings—James J. McGowan, Jr., director.
South Chicago Savings—G. A. Nelson. Trust Officer.
South Shore State—Arthur W. Draper, Jr., director; Frank P. Leahy,
Assistant Cashier.
State Bank of Beverly Hills—Edward A. Warfield, director; Howard C.
Stanton, Vice-President.
Stony Island State Savings—Charles H. Meacham and Dr. G. Henry
Mundt, directors; Stanton Ornex, D. A. Campbell, Thomas Larkin, Jr..
William B. Unson, Assistant Cashier.
Transportation—Oscar Carlestrom and W. G. Moorhead, directors.
Triangle State—B. M. Pierzynski, Vice-President; W. B. Gibbons, Assistant Cashier.
West Town State—George W. Colberg, Trust Officer.
West Irving State—J. Frenzel, director.
Western State of Cicero—Frank Diazek, director.
West Side National—Thomas Dood Healy,director; A. B. Waltershausen,
Secretary and Assistant Cashier.
Wilmette State—D. F. Lewis, Jr. and J. Alden Sears, directors.
West Englewood Trust & Savings—W. Merle Fisher, Vice-President
and Cashier, Ford. A. Kerbs. Trust Officer; Albert Jennings. Assistant
Trust Officer; James A. Bland, James Young and Charles Ferguson, Assistant Cashiers.
The Central Trust Company of Illinois at Chicago has
appointed John R. Magill & Co. renting agent for the premises which they now occupy in the Borland Building at 105
South LaSalle St., comprising the entire first and second
stories except the store, occupied by Western Union Telegraph. The building which is to be rented only to investment houses is in one of the most prominent locations in the
financial district. The Central Trust will move from its
present location east of the Borland Building to banking
premises new occupied by the Continental and Commercial
National Bank early in April. They will be joined by the
Bank of America which recently was consolidated with
them.
At the annual meeting of the Chicago Title & Trust Company of Chicago held Jan. 16, the following officers were
re-elected:
Harrison B. Riley, President.
A. It. Marriott, Vice-President.
Abel Davis. Vice•President.
Charles L. Bartlett, Vice-President and Advisory Counsel.
.In-din M. Doll. Vice-President.
Sherman C. Spitzer, Vice-President and General Counsel.
Het ben Becker, Vice-President.
II. D. Pettibone, Vice-President &, Trust Officer.
Donald Riley, Vice-President.
Kenneth E. Rice, Vice-President.
E. C. Hackett, Vice-President.
M. J. Kautzky, Vice-l'resident.
H. J. Tan.ley, Secretary.
Frank G. Gardner, Treasurer.
In addition, J. Frank Graf was elected a Vice-President
.in charge of construction and maintenance of plant.
Tile First National Bank of Lapeer, Mich. (capital $75,000) and the State Savings Bank of that place (capital
$45,000) were consolidated on Jan. 15 under the title of the
First National Bank of Lapeer, with capital of $120,000.
The name of the National Exchange Bank in St. Paul,
St. Paul, Minn., is to be changed to the Empire National
511
Bank, effective Feb. 1 1929. The institution (which has a
capital of $250,000), is a member of the Federal Reserve
system. Its officers are: D. C. Shepard, President; C. E.
Johnson, Vice-President; C. T. Dedon, Cashier; D. L. Carroll, Manager of the Credit Department; A. W. Warn, Assistant Cashier, and George E. Gere, Safe DeposIt Manager. Purchase of a controlling interest in the institution by
Mr. Shepard and a group of close associates in December
1927 was noted in our issue of Dec. 31 1927, page 2591. According to the St. Paul "Pioneer-Press" of Jan. 9, the institution now has deposits in excess of $4,000,000 and total resources of $4,500,000.
It is learned from the Richmond (Va.) "Dispatch" of
Jan. 17 that L. W. Hoffman, heretofore Executive VicePresident of the Central National Bank of Richmond, has
been chosen President of the Broadway National Bank of
that city, effective Feb. 1. Mr. Hoffman succeeds in the
Presidency H. N. Phillips, who has been promoted to Chairman of the Board of Directors. Mr. Phillips, however, will
continue his active connection with the institution. Other
officers of the Broadway National Bank are as follows: F.
L. McConnell. Active Vice-President; S. P. Waddill and F.
W. Brown, Vice-Presidents, and F. 0. Drummond, Cashier.
Mr. Hoffman, the new Pres:dent of the Broadway National
Bank, has been associated with the Central National Bank
of Richmond for nearly eight years, for five years prior to
which he was a national bank examiner. He began his
banking career as Assistant Cashier of the Bank of Keysvine, Keysville, Va., and later became Cashier of the State
Bank of Pamplin, Va., where he remained for six years,
resigning to become a national bank examiner with headquarters in Atlanta, Ga., Subsequently he was commissioned as an examiner and transferred to Huntington, West
Va. In 1919 Mr. Hoffman went to Richmond as examiner
at large for the Fifth Federal Reserve District. The paper referred to furthermore said:
It was stated that the board has recommended that the Broadway National be converted into a State bank, with full powers. A split in the
par value of capital stock to obtain a wider distribution also is contemplated, according to report.
Directors of the First National Bank-Kentucky Title
Trust Company group at Louisville, Ky., at their recent
annual meeting, appointed President Embry L. Swearingen
to the newly created office of Chairman of the Board;
promoted Executive Vice-President John M. Monohan to the
Presidency; appointed Executive Vice-President Ralph C.
,Gifford as sole Executive Vice-President, and advanced Assistant Vice-President Henry Y. Offutt to a Vice-President.
Other officers were reappointed. Hugh L. Rose is VicePresident and Cashier of the First National and Embry Lee
Myers is Cashier of the Kentucky Title Trust Co. Judge
Ernest S. Clarke is Trust Officer of the latter. The combined resources of the two institutions are in excess of $40,000,000. The First National which is said to he the oldest
National bank in the South, operates six branches in Louisville. Its affiliated institutions include the Kentucky Title
Co.. the First Kentucky Fire & Marine Insurance Co., the
First Kentucky Co., and several others.
Mr. Swearingen joined the Kentucky Title Co., which is the parent organization, in 1892, succeeding his father, George W. Swearingen, as
President in 1894. The Kentucky Title Trust Co. was organized In 1900
and the First National was purchased in 1909, subsequent companies being organized as the growing business of the group required.
Mr. Monohan is 47 and joined the group in 1909. In 1912 he was
elected Assistant to the President, in 1914 a director, in 1915 a VicePresident and in 1927 Executive Vice-President
Mr. Gifford comes from Maryland and joined the group shortly after
his graduation from the University of Pennsylvania in 1913. During
the past year he has been in charge of the investment department.
Mr. Orfutt has been in the same department during the past year. He
joined the institutions in 1926 and was mentioned for "meritorious service"
by the directors recently in connection with the construction of the new
building.
A new banking organization, the resources of which will
be in excess of $85,000,000, is being formed in Louisville,
Ky., through the consolidation of the Louisville National
Bank & Trust Co. with the Louisville Trust Co. under the
name of the latter. Since the early part of 1927 the Louisville Trust Co. has been consolidated with the National
Bank of Kentucky as far as stock ownership is concerned
and the banks are managed by the same board of directors. Following the merger the enlarged institution will
continue to be under joint ownership with the National Bank
of Kentucky. A statement setting forth the merger plan,
as printed in the Louisville "Herald-Post" of Jan. 17, is in
part as follows:
512
FINANCIAL CHRONICLE
Mr. John Stites, President of the Louisville Trust Company; Mr. Richard
Bean, President of the Louisville National Bank and Trust Company, and
James B. Brown, President of the National Bank of Kentucky, announce
the proposed merger of the Louisville National Bank and Trust Company
with the Louisville Trust Company. Details are now being worked out
by the directors and officers of the two institutions, and the plan will be
submitted to the stockholders for their approval.
The name of the Louisville Trust Company will be retained for the
new institution. This is in line with the trend all over the country, which
shows the large commercial banks are taking on names of trust companies
because under that style they can group not only the trust business, but
commercial banking, securities, insurance, real estate, and the multitudinous activities that now are handled by metropolitan financial institutions.
The company will probably occupy the new building that is just nearing
completion at 421 West Market Street, originally intended for the home
of the Louisville National Bank. This will be completed about the first
of June and will then be occupied by either the merged institution or its
associated bank, the National Bank of Kentucky. This will combine
three banks now in the downtown financial district into two homes, but it
will make available to the patrons of all three institutions the increased
convenience Of modern facilities and the use of the seven branch banks
throughout the city. Furthermore, it offers to all three groups of depositors the varied kinds of service—trust, banking, investment, insurance,
real estate, safety vaults, etc.
The executive force of the new Louisville Trust Company will consist
of Judge John Sites as Chairman of the Board; Mr. Richard Bean, President; Mr. Nicholas H. Dosker, executive Vice-President; Judge Huston
Quin, Vice-President; Angereau Gray, Vice-President; Ben J. Metcalfe,
Vice-President, and the titles of other officials of both institutions will
remain as they are at present.
The new company will have an investment in capital and surplus of
about $3,500,000 and deposits of about $19,000,000.
The new trust company and the National Bank of Kentucky will be
under separate management, but their stocks will be trusteed, thus putting
under joint ownership the National Bank of Kentucky and the newly.
merged institution. The consolidated statement of these three institutions
will show capital and surplus of approximately $10,500,000, deposits of
more than $60,000,000 and total resources $85,000,000. In addition to these
figures estates amounting to more than $35,00,000 are held in trust.
The directorate of the new company is composed of outstanding business
and professional men, whose counsel and co-operation will always be available to the institution and its patrons.
This association of three strong financial institutions is the answer made
by Louisville to the challenge of the times, for as industry has continued
to assume enormous proportions the banks have had to consolidate capital
in order to serve better those industries. Having these institutions, Louisville is in a position to compete financially with any Southern city.
Effective Jan. 8 1929 the First National Bank of Hazard,
Ky., capitalized at $100,000, was placed in voluntary liquidation. The institution was absorbed by the First National
Bank in Hazard.
[VOL. 128.
Avenue and Valley Boulevard, its management being under the direction of the following: President, W. L. Bevers;
Vice-President, H. R. Hayne, and Cashier, Leo N. Roach.
The organization meeting of the Board of Directors of the
Los Angeles-First National Trust & Savings Bank, Los
Angeles, was held on Jan. 18. J. M. Elliott, now in his
forty-eighth year of continuous service with the bank, was
reappointed Chairman of the Board, a position he has held
for the past twelve years. The board also reappointed the
various officers of the bank, headed by Henry M. Robinson as President, and R. B. Hardacre as Executive VicePresident. H. J. McClung was added to the list of VicePresidents.
Outlining the progress made by the bank during the year
1928 President Robinson in his annual report to the stockholders, said in part:
"Duriag the year we have established one additional branch at Vine and
Hollywood Boulevards and have combined the two branches at Santa Paula
into one, thus leaving the number of existing branches unchanged.
"This is the end of the first full year since the consolidation of our
two banks.
"The published statement shows a total of $354,488,620.58 on Dec. 31
1928, which compared with the statement of Dec. 31 1927, shows an
increase of approximately thirty-four million dollars, representing:
Deposit growth of
$22,500,000
Increase in Capital Structure
3,000,000
Increase in Acceptances
4,000,000
Letter of Credit Liability
4,800,000
"The letter of Credit Liability was not included in the 1927 statement
at which time it amounted to $6,500,000.
On Dec. 31 1927, the deposis were $285,624,966.70:
Head Office
$94,058,809.84
Sixth & Spring Office
50,349,680.52
All other Branches
-141,219,076.84
"On Dec. 31 1928, the deposits were 4308,078,047.47:
Head Office
—$96,580,492.28
Sixth & Spring Office ---------55,519,408.70
All other Branches
155,978,151.49
"On December 31 1927, the Commercial Deposits amounted to $142,187,000, and the Savings $143,438,000. It is of interest to note that the
growth for the year has been quite evenly divided—being $11,190,000
Commercial and $11,260,000 Savings.
"Under all the conditions, we have had a reasonably satisfactory year
and have been able to install part of the economies planned at the beginning
of the year. We believe we can bring about additional economies and that
the year 1929 should prove a satisfactory one."
The organization meeting of the Board of Directors of
the First Securities Company, owned by the stockholders
Ryburn G. Clay, formerly a Vice-President of the Fulton
of the Los Angeles-First National Trust & Savings Bank,
National Bank of Atlanta, Ga., was made President of the
was also held on Jan. 18, and the officers for 1929 appointed
institution at the annual meeting of the directors on Jan. 8,
as follows:
succeeding in that office Bolling H. Jones, who is identified
Henry
Robinson, President; John R. Barber, Executive Vice-Presiwith the bank as Chairman of the Board. William Mat- dent; H. M.
C. Barroll, H. J. McClung, F. S. Baer, E. C. Sterling, Robert H.
thews, an Atlanta Lawyer, was made Assistant Trust Of- Parsons and C. F. Seidel, Vice-Presidents; A. B. Jones, Secretary and
ficer of the bank. Other officers were re-appointed as fol- Treasurer; A. M. Johnson, Comptroller, N. Metcalf, Assistant Vice-President and Theo. P. Seeley, Cashier.
lows: Henry B. Kennedy, Ronald Ransom and Frank W.
Blalock, Vice-Presidents; Garnett C. Evans, Cashier; and
The following advices with reference to the results of
W. Ralph DeLoach, Cone E. Bond and Leon A. Gilbert, the recent annual meetings of stockholders and directors
Assistant Cashiers. Mr. Clay, the new President, who is has been received from the Citizens National Trust & Savonly 37 years of age, has been with the institution since 1910, ings Bank of Los Angeles:
with the exception of one year when he served as bank ex- The Citizens National Trust & Savings Bank of Los Angeles reelected
all directors, promoted a number of officers, and secured the ratification by
aminer. Beginning as a runner, he has worked his way up stockholders
of an increase in capital at the meetings held during the
by successive stages to the Presidency.
second week in January.
The stockholders of the Hibernia Bank & Trust Company
of New Orleans at their annual meeting on Jan. 9,re-elected
the entire Board of Directors, as follows: C. E. Allgeyer,
Gus. B. Baldwin, A. Brittin, E. J. Caire, Peter F. Dunn,
C. P. Ellis, Jr., Fred W. Ellsworth, Fred W. Evans, Jno.
T. Gibbons, Jr., Geo. J. Glover, H. R. Gould, R.S. Hecht,
Alvin P. Howard, Paul F. Jahncke, Jas. H. Kopper, Gustave Lembo, Frank L. Levy, J. J. Manson, B. McCloskey,
Harry McCloskey, C. E. Meriwether, Mike M. Moss,
Wm.H. Nalty, E. R. Oliver, W.B. Reily Jr., Jos. Reuther,
I. T. Rhea, W. L. Richeson, E. G. Schlieder, W.P. Simpson, Hugh E. Vincent, R. W. Wilmot, W. G. Wilmot and
S. Zemurray. The directors on Jan. 16 re-elected the
entire official staff.
At the annual meeting of the stockholders of the Hibernia
Securities Co., the entire board of directors was also reelected. At the same meeting the directors of the Hibernia
Securities Co. elected Guy E. Bowerman Jr. Assistant Manager of the Los Angeles office.
Frank E. Forker, Vice-President, was placed in charge of Branch Loans
and Credits, leaving the operating details of the branches to the Cashier.
He has been with the bank since 1913 and was for a number of years Assistant Cashier and Manager of Broadway office. He has been Superintendent of Branches since 1926.
Val J. Grund, Vice-President and Comptroller, was elected Vice-President
and Cashier.
Originally from St. Louis, he was for some years Chief Bank Examiner
for the Eighth District and afterwards Deputy Governor of the Federal
Reserve Bank of Dallas, Tex. He came to Los Angeles in 1925.
Frank R. Alvord who was advanced from Cashier to Vice-President
has been with the bank for 23 years. He came to Los Angeles from Albuquerque to 1906 and entered the bank, rising through practically every
subordinate position, to Assistant Cashier in 1917 and Cashier In 1924.
Alex S. Cowie, Foreign Department, Frank D. LeBold, Hill Street
office, and H. P. Tracy, Broadway office, were elected junior Vice-Presidents. B. B. Reynolds was elected Assistant Cashier, and E. B. Warner,
Assistant Cashier and Personel Officer.
Capital stock of the bank will be increased by the sale of 10,000 shares
par value $100, to existing stockholders, at $500 per share. Of the $5,000,000 thus provided, $1,000,000 will be added to the capital stock of the
bank, $3,000,000 to surplus, and $1,000,000 to the capital of the Citizens
National Co. This will raise the capital, surplus and undivided profits
of the bank to a total of more than $15,000.000 in addition to an investment of more than $1,500,000 in the Citizens National Co.
J. Dabney Day,President,in his annual address to the stockholders, said
in part: "Further development during the year of statewide banking
throws into sharp relief the independent local character of your institution.
The pooling agreement between the directors and principal stockholders
of this bank effectually precludes the securing of large blocks of stock by
outside interests, and it is our determination to preserve the Citizens Bank
as an outstanding independent Los Angeles institution, owned and managed
by local people."
Plans to organize the Ramona National Bank of Alhambra, Cal., are under way. An application for permission to
establish the bank was made to the Comptroller of the
Currency a short time ago. With receipt of this permission the institution will be established with a capital of
Acquisition, by purchase, of the First National Trust &
$100,000 and surplus of $20,000. Its stock will be in shares Savings Bank of Whittier, Cal. by the
Bank of America
of $25. It is planned to locate the institution at Wilson of California (head office Los Angeles) was announced' on
•
JAN. 26 1929.]
FINANCIAL CHRONICLE
513
realizing going on simultaneously with the bidding up of
some of the pool specialties, thereby giving the list an
appearance of great irregularity. Copper shares moved to
the front under the leadership of Anaconda which opened on
2, as compared with its prea block of 25,000 shares at 1243/
ceding close at 122, and continued to shoot ahead to a new
Acquisition of the First National Trust & Savings Bank of Whittier peak at 126. Railroad stocks improved and a good showing
by the Bank of America of California yesterday, following approval of was made by Baltimore & Ohio, Great Northern preferred
State Superintendent of Banks Will C. Wood, was regarded as the first
and Southern Pacific. Pennsylvania, on the other hand,
step in acquisition of a number of smaller California banks.
Among the institutions which it is rumored will be taken over by the Bank sold off. National Cash Register sold up four points to the
of America in the next few weeks are the Second Avenue State Bank of highest top since listing. In the steel
group United States
Los Angeles Bank of San Clemente, and the First National Bank of Long
Steel common yielded five points from its preceding high,
Beach.
The Long Beach institution is the largest of the three, with assets of though Bethlehem Steel displayed considerable strength and
$6,739,403, deposits of $6,166,756, and a capital and surplus of $300,000.
Vanadium Steel slipped downward a point or more. Warner
Second Avenue State Bank reports assets of $449,257, deposits of $398,793,
Bros. Pictures was conspicuously strong and shot upward
and capital and surplus of $48,500.
seven points to 133%. Studebaker bounded forward four
The Anglo National Corporation—the recently organized points to 98 8. General Motors gained two points to 198,
holding company of the Anglo & London Paris National but Chrysler slipped back to 117% with a loss of three points.
The market was active and strong on Tuesday and moved
Bank of San Francisco and its subsidiaries—on Jan. 18 acquired a substantial stock interest in the Modesto Trust & confidently upward under the undisputed leadership of
Savings Bank of Modesto, Cal., according to the San Fran- United States Steel common, which raised its top above
190, though it slipped back later in the day and closed
cisco "Chronicle" of Jan. 19, which continuing said:
It is the first expansion move made by this newly created organization, at 187 with a net gain of 45% points. Copper stocks conwhich, it is believed, will follow a program of acquiring numerous banktinued in the forefront, Anaconda pushing ahead to the
ing institutions in the West.
The call statement of the Modesto Trust and Savings Bank, as of De- highest level in the history of the company as it crossed 128.
cember 31, shows total resources of $5,369,265.55. It is one of the lead- Chile Copper also broke all records as it reached 91. Johnsing financial institutions of the Upper San Joaquin valley and one of the Manville was one of the striking features of the day as it
oldest, having been established in 1873.
bounded upward 20 points into new high ground above
225. Union Carbide & Carbon was noteworthy for its
The Bank of Nova Scotia (head office Halifax) in its 97th strength and advanced more than seven points to 208%.
annual report made public Jan. 21 reports total assets for Motor stocks displayed decided improvement, particularly
the year ended Dec. 31 1928 of $279,503,066, an increase of Nash and Chrysler, both of which moved ahead about
$17,766,086 over 1927, and a record figure for the bank. three points. General Motors was higher at the close and
Deposits total $212,487,129, a gain of $8,988,559 during the Studebaker moved into new high ground. Railroad stocks
year. Total current assets stand at $152,922,150, of which attracted attention, particularly Chicago Great Western,
$50,071,004 is in cash or its equivalent. Net profits also es- Southern Pacific and New Haven, all of which closed higher.
tablished a new high record at $2,535,519, an increase of Industrial specialties like International Combustion,National
$170,199 over 1927, and with $479,207 brought forward from Biscuit, Borden and International Paper were in active
1927, made a total of $3,014,726 available for distribution. demand at rising prices. Impressive strength all along the
Of this sum $1,600,000 was paid out in dividends; $100,000 line characterized the trading on Wednesday, though the
was required for war tax on circulation; $100,000 was con- heavy profit taking during the early dealings held the
tributed to officers' pension fund, and $300,000 was written market back for a brief period. Industrial specialties were
off bank premises account, leaving a balance of $914,726 especially active, National Cash Register leading the upto be carried forward to the current year's profit and loss ward rush with a gain of 15 points to 127 and closing at
account. The Bank of Nova Scotia operates 320 branches 125 with a net gain of 123
% points. Union Carbide &
throughout Canada, Newfoundland, Cuba, Jamaica, Porto Carbon continued its spectacular upward spurt and adRico, Santo Domingo and in Boston, Chicago, New York and vanced 10 points to a new high above 220, though it closed
London, Eng. It has a paid-up capital of $15,000,000 and at 214% with a net gain of six points. Copper shares were
a reserve fund of $20,000,000. S. J. Moore (Toronto), is in sharp demand, Anaconda maintaining its leadership with
President; Hector McInnes (Halifax), Vice-President, and a gain of two points to 1263(, followed by Greene-Cananea
J. A. McLeod (Toronto), Vice-President and Genesal Man- with a gain of nearly five points. Public utilities were
prominent in the early trading, especially Consolidated Gas,
ager. The General Manager's office is in Toronto.
which touched a new high for the present shares as it crossed
114. North American also was boosted to a new top for
THE WEEK ON THE NEW YORK STOCK EXCHANGE. the present form of capitalization. International Tel. &
The stock market has continued strong and many new Tel. moved into new high ground at 218. Allied Chemical
high records for the year and in all time have been estab- & Dye duplicated its previous high of 280 and registered
lished by some of the more virile of the market leaders. a gain of nine points on the day.
The market was under pressure during the greater part
United States Steel common has been the center of speculative activity and surged forward to its highest peak on of the day on Thursday and many prominent issues slipped
Friday as it sold up to 1923
4. Copper shares have at- downward from one to five points. General Motors, Nash
tracted considerable speculative attention and public and Studebaker recorded substantial gains in the early
utilities have gradually worked forward to higher levels. trading, but most of these were cancelled in.the downward
Call money has maintained a rate of 6% throughout the reaction later in the day. American Tel. & Tel. recorded a
week. The report of the Federal Reserve Bank made public new top for 1929 above 207. Columbia Graphophone broke
after the close of business on Thursday shows a further below 80 and United States Steel common met persistent
expansion of $48,000,000 in brokers' loans, making a total profit taking and yielded to 184 where it was down two
increase of $293,000,000 so far this month, as compared points from its morning high and six points below its recent
with $71,000,000 during the same weeks of 1928.
top. Mathieson Alkali moved to a new high at 214 where it
The spectacular advance of United States Steel common was up 16 points from its previous close. American Water
was the outstanding feature of the two-hour session on Satur- Works moved'ahead about seven points to 81. National
day. The high price of the day was registered at 189 and the Power & Light surged upward to a new peak at 49. Vigorous
closing quotation was 1883/2, a new high and a net gain of advances in high priced industrials characterized the trading
8h points on the day. In the last hour considerable realizing on Friday. United States Steel common was again the star
appeared and the advance was checked for a brief period, performer and moved violently upward to the highest
but the market was strong at the close. Copper stocks also peak in its history as it broke through 192. In the final
attracted attention and substantial gains were made by hour General Motors (new stock) moved to the front,
Anaconda, Kennecott and Chile Copper. Calumet & Hecla followed by United States Industrial Alcohol, both making
was taken in large blocks at higher prices; the new Inter- sensational gains. General Motors (old stock) moved ahead
national Nickel moved into new high ground, and Calumet to 211 with a gain of nine points. Johns-Manville, rushed
& Arizona showed moderate improvement. Railroad stocks ahead 16 points to 287. Industrial stocks were in strong
were fairly active and New York Central ran ahead about demand and gains of one to 10 points were recorded by
43i points to 197. Motor shares were heavy and most of Allied Chemical & Dye, Union Carbide & Carbon, American
them slipped back from one to three points. On Monday Steel Foundries, Vanadium Steel and International Nickel.
stocks were churned about in a turbulent market, heavy The final tone was decidedly strong.
Jan. 12, its opening as a branch of the latter occurring on
Jan. 14, according to the San Francisco "Chronicle" of
Jan. 13. The latest available figures show, it was said,
that the Whittier bank has total resources of $5,309,619,
deposits of $4,321,151, and combined capital and surplus
of $500,000. Continuing the paper mentioned said:
514
FINANCIAL CHRONICLE
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE,
DAILY. WEEKLY AND YEARLY.
Stocks,
Number of
Shares.
Railroad,
de.,
Bonds.
2,603,200
4,987,500
5,123,800
4,919,600
4,497,100
5,504,900
$4,117 000
2,262 000
7,995 000
8,000 000
6,997 000
8,349 000
$1,435,000
2,295,500
2,420,500
2,538,000
2,595,000
1,597.000
5155,500
1,346,000
405.000
738,000
567,000
115,000
27.838.100
$35,720,000
$12.881.000
33.326.500
Week Ended Jan. 25
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Saks at
New York Stock
Exch. age.
Week Ended Jan. 25.
1929.
Stocks-No of shares_
&mar.
Government bonds_ _
State and foreign bonds
Railroad & misc. bonds
Total bonds
United
States
Bonds.
Stale,
Municipal &
Foreign Bonds
Jan. 1 to Dec. 25.
1928.
1929.
1928.
8,894,379
90,168,400
32,214,931
$3,326,500! 33,500.950
12,881,0001 27,489,000
35.720.000, 53,310,900
$12,402,000
49,149,500
133,573,000
524,829,850
102,789,200
219,361,200
551.927,5001 584,300.850
$195,124,500
3346,980,250
27,636,1001
DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston,
Wee* Ended
Jan. 25 1929.
Saturday
Monday
Tuesday
Wednesoay
Thursday
Friday
.58,6011
*94,078;
*105.201!
•114,2281
•117,701
57,8491
Total
Prey. week revised
Baltimore.
Philadelphia.
Shares. 'Bond Sales. Shares. Bond Sales. Shares. Roved Salm
$16,000
28.000
30,000
38,000
38,000
22,000
a47,531
098,242
a117,508
a112,203
a134,965
840,095
58,500
24,000
38,000
10,000
32,500
10,000
83,326
56,944
b7.628
612,817
812,038
512,437
525,000
47,200
48,000
72.700
70,000
36,500
547,656
5166.000
590.544
3121 000
54,988
$299,400
391,999
$242,050
519,237
5181,5001
40.178
5203,800
•In addition, sales of rights were: Saturday, 2,819; Monday, 2,818; Tuesday,
2.858; Wednesday. 2,368; Thursday, 1.038.
a In addition, sales of rights were: Saturday, 700; Monday, 2,200; Tuesday.
3.100: Wednesday. 3,100. Thursday. 1,760. Friday,600. •
S In addition, sales of rights were: Saturday. 3,390: Monday, 5,258; Tuesday
1,771; Wednesday, 3,409; Thursday, 11,149; Friday, 13,386.
In addition, sales of warrants were: Monday, 5; Tuesday. 5; Wednesday, 5:
Thursday, 3814.
Foreign Exchange.To-day's (Friday's) actual rates for sterling exchange were 4.84 7-16@
4.8454 for checks and 4.84%8(44.85 1-32 for cables. Commercial on banks,
sight, 4. 84M(44.84% sixty days. 4.80 17-32(44.80 9-16 ninety days,
4.78 13-16. and documents for payment. 4.80 1-32(84.80 9-16. Cotton for payment, 4.84 13-16, and grain for payment, 4.83 13-16.
To-day's (Friday's) actual rates for Paris 'bankers' francs were 3.903 ©
3.90% for short. Amsterdam bankers' guilders were 40.07 for short.
Exchange at Paris on London, 124.06 francs week's range, 124.09 francs
high and 124.06 francs low.
The range for foreign exchange for the week follows
Sterling. ActualCables.
Checks.
High for the week
4.84%
4.85 1-32
Low for the week
4.84 7-16
4.8414
Paris Bankers' FrancsHigh for the week
3.90 15-16
3.9014
Low for the week
3.909-16
3.90%
Amsterdam Bankers' GuildersHigh for the week
40.10
40.09
Low for the week
40.04
40.08
Germany Bankers' MarksHigh for the week
23.78
23.77
Low for the week
23.74
23.76
New York City Banks and Trust Companies.
(All prices dollars per share.)
Bauka--N.Y. Bid
Ask Bunks-N.Y. BM Ask Ti.Coe.-N.Y.1 Bid I us
America
191
193 Public
240 244 Equitable Tr. 507 512
Amer Union*. 240 250 Seaboard
_ 845 880 Farm L &'Tr_ 925 935
Bryant Park* 275 375 Seward
1e2
o R8 Fidelity Trust! 470 490
Central
all) 930 Fulton
198 205 State*
1 630
305
Century
5 Guaranty.... 905 915
240 260 Traele•_ Chase
280
860 870 Yorkville.
65
215 221
Chath Phenix
Interstate... 355 362
Yorktown'.
6
Nat Bk & Tr 650 660
Lawyers Trust _
Chelsea Exch• 438 448
Brooklyn
Manufacturers
1100 Ills Globe Exch., 340 355
Chemical_
New $25 par 328 231
Colonial•_
1400
22
Rights
Mechanics'. 537 547
24
Comnurce__ 905 915 - Municipal'. 590 800 Murray Hill. 325 335
Contlnental•_ 575 625 Nassau. _
610 625 Mutual(WestCorn Exch.__ 795 805 People's.... 1000
chester)... 380 460
Rights
38
40 Prospect...- 160 175 N I' Trust.. 1095 1100
Fifth Avenue.2200 2300
142 147
Rights
5150 5225
First
Trust Co.
Times Square 175 182
601)
Grace
New lark.
Title flu & Tr 890 905
Hanover
795 810 AID Ex av Tr 512 516 13 Mtge & Tr 800 611.
Harriman.... 900 925 Banca Comle
United States3525 3825
Liberty
285 295
Itallarut Tr 420 450 Westchest'rTr 1000 1160
Manhattan'- 810 820 Bank of N
National City,
Brooklyn.
& Trust Co 865 1.75
278 278 Bankers T us 1135 1145 Brooklyn..0085 1110
New.
aigats____. 95
97 Bronx Co Tr 450
---- Rights __._ 610 625
835 845 Central 1:11210b 2065
Park
2800 2950
Kings Co
Penn Exch... 175 1b5 County __
9511
hIldwood .. 300 320
850
Port Morris
Empire_
495 505
estate banks. I New stock. s Ex-divl lend
• Ex-stock dlv. g Ex-eights
All/.
Rats. 1 ena. Idsksii.11
IIAMMO,.
-- Mar. 15 1929.- 814% 9914n, 99.811 pept 15 1980-32
Mar.15 1929.. 314%1 99574,' 99"n IM a 16 1930-32
lone15 1929._. 449% 99.41 90",s'13 e IS 1930-32
444 o 941"11,1 %Mu iSept. 15 1939
Sept. 15 1929
Dec. It. 1929
454 *: 9920re 99"n
lifsewrigy.
Ins.
Bale.
8141
I aete
% 96"n
314% 96"n
8404 9,31,.
454% 100 1
97
97
97
1007n
New York City Realty and Surety Companies.
All preces dollars per Stun.
Bid
so
*maw mg 320
Amer suretyBoa** M u_ 485
Lawyers Mtge 316
Lawyers TUN.
& GUarailt& 383
133
Mtge SlIfli
Ask
Bid
85 N Y Title &
830
Mortgage.- 638
475 U 8 Casualty. 470
321
388
140
AWL
648
490
'IS-
Realty
alklyMoom
lit pref..
2d pref....
Westchester
Title & 'Tr
495
101
100
450
'THE CURB MARKET.
Trading on the Curb Market was active this week and
prices were strong until Thursday when a selling movement
caused sharp declines. To-day's market, however, showed
a better feeling and a rally was in progress. Utilitity shares
dominated the market. Amer. Commonwealth Power,
corn. A, advanced from 22 to 27% and the com. B from
273 to 373/i the close to-day being at 263' and 34 respectively. Amer. Light & Trac. corn. sold up from 218 to
246 and at 242 finally. Amer. Superpower corn. A rose
from 913, to 1133c and closed to-day at 1123
4. The corn. B
moved up from 973/i to 117%, Arizona Power, corn. rose
from 28 to 373
4. Commonwealth Edison improved from
2253/8 to 242. Duke Power sold up from 158 to 210 and at
1993
4 finally. Electric Bond & Share Securities was especially active and sold up from 189 to 2195(, the close
to-day being at 210. Electric Investors advanced from
95 to 1093/8, reacted to 1033' and to-day jumped to 1113
4.
The close was at 1093'. In industrial strong spots were
Aluminum Co. which rose from 1603j to 189 and sold finally
at 180. Amer. Cyanamid, class B, improved from 563/i to
713', the close to-day being at 70. Deere & Co.,com.sold up
5993 to 615. Oils were irregular. Standard Oil (Indiana)
was off from 96% to 90, the close to-day being at 903.g.
A complete record of Curb Market transactions for the
week will be found on page 543.
DAILY TRANSACTIONS AT 'THE NEW YORK CURB MARKET.
(Bonds Par Value).
Week Ended
Jan. 25.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
4 .5
500
Stocks
(No. Shares)
Rights.
Domestic.
Foreign
Government.
1,204.900
1,877,900
2,118,100
1,961,800
2,180,500
2,294,700
3.700
36,100
69.400
35,700
49,800
89,500
$1,050,000
3,443,000
2,276,000
2.882,000
3,026,000
2,581,000
$168.000
316,000
264.000
516,000
481,000
170,000
11,837,400
279,200
$15,238,000
$1.915,000
COURSE OF BANK CLEARINGS.
Bank clearings the present week will again show a substantial increase compared with a year ago. Preliminary
figures compiled by us, based upon telegraphic advices from
the chief cities of the country, indicate that for the week
ended to-day (Saturday, Jan. 26) bank exchanges for all the
cities of the United States from which it is possible to obtain
weekly returns will be 27.9% larger than for the corresponding week last year. The total stands at $13,713,358,015,
against $10,725,797,869 for the same week in 1927. At this
centre there is a gain for the five days ended Friday of 42.3%.
Our comparative summary for the week follows:
Clearings-Returns bp Telegraph.
Week Ended January 20.
1929.
1928.
Per
Cent.
57,711,000,000
822.632.067
505.000,000
417,000,000
111,417,210
118,400,000
170,806,000
189,329,000
165,935.903
244,727,094
111.828,324
75,2011.878
56,583,847
55,419,000,000
554.349,698
453,000,000
400.000,000
106,321,457
115,500,000
172,450,000
146.572,000
148,621,861
141,289.178
95,038,405
79,920,634
57,361.228
+42.3
+12.3
+11.5
+4.3
+4.9
+2.5
-1.0
+20.2
+11.8
+73.2
+17.6
-5.9
-1.4
Thirteen cities, 5 days
Other cities, 5 days
$10.499.868,123
1,094,798,890
57,889.422.261
987.830,150
+33.1
+10.8
Total all cities, 5 days
All cities. 1 day
$11,594.485,013
2,118,893,002
$8,877,252,411
1,848,545,458
+30.6
+14.6
_l_ on n
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
Torsi all nItIne Mr on...
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
[VOL. 128.
SIR 715 2All flIA sin 75A 707 RAO
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot furnish them to-day, inasmuch as the week ends to-day
(Saturday) and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week has in all cases had to be estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete results for the week previous-the week ended Jan. 19.
For that week there is an increase of 24.0%, the 1929 aggregate of clearings for the whole country being $13,988,760,655,
against $11,277,187,316 in the same week of 1928. Outside of this city the increase is only 5.7%. The bank exchanges at this centre record a gain of 36.5%. We group
JAN. 26 1929.]
FINANCIAL CHRONICLE
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 an
improvement of 34.8%, in the Philadelphia Reserve district
of 10.5%, and in the Cleveland Reserve district of 10.2%.
The Boston Reserve district shows a decrease of 9.6%, the
Richmond Reserve district of 3.4% and the Atlanta Reserve
District of 1.5%. The Chicago Reserve district has a gain of
13.3% to its credit, and the Minneapolis Reserve district of
7.6%, but the St. Louis Reserve district shows a loss of
3.2%. The Kansas City Reserve district has a trifling
increase (0.1%), the Dallas Reserve district an increase of
11.2%, and the San Francisco Reserve district of 9.0%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week Ended Jan.26 1929.
Federal Reserve Diets.
let Boston _ _ _12 cities
2nd New York.11 ird Philadel91210.10 "
4th Cleveland__ 8 "
6th Richmond _ 6 "
6th Atlanta. _ _ _13 "
7th Chicago_. _20 "
8th St. Louis..8 "
9th Minneapolis 7 "
10th K11118118 City12 "
11th Dallas
5 12th San Fran 17 ''
1929.
1928.
Inc.or
Dec.
1926.
'Total
129 011168 13,988,760,655 11,277,187,316 +24.0 10,451,158,547 10,700,594,996
Outside N. Y. City
4,816,699,611 4,558,297,559 +5.7 4,376,511,433 4,530,910,034
21 MM. l7R 450 775
AR. Mit 477 .1-SR
'1N1 l7A 151
gin me "le
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week Ended January 19.
1929.
1928.
Inc. or
Dec.
First Federal Reserve Dist rict- Bosto 11Maine-Bangor
631,380
760,292 -17.0
Portland
3,635,980
3,895.471 -8.7
Mass.-Boston - - 529,000.000 600.000,000 -11.8
Fall River_ - 1.823,655
1,917,438 -4.9
Lowell
1,359,796
1.290,354
+5.4
New Bedford - _
1,402,086
1,274,639 +10.0
Springfield
5,963,457
6,081,525 -1.9
Worcester
4,073,446
3,518.438 +15.8
Conn.-Hartford
23,874,018
19,824,520 +20.4
New Haven_
11,066,778
9,469,159 +16.9
05.1.-Providence
18,559.400
17,162,300 +8.1
N.11.-Manches't
666,927
695,791 -4.1
Total(12 cities)
602,056,923
665,889,927
Second Feder al Reserve D strict-New
6,608,889
N. Y.-Albany
6,111,002
Binghamton_
1,531,576
1,405,900
64,646,516
Buffalo
52,154,278
1,245,075
Elmira
1,092,116
Jamestown
1,452,206
1,532,456
New York.... 9,172,061,044 6,720,889,757
18,452,475
14,082,879
Rochester
7,167,293
6,010,220
Syracuse
4.854,690
4,064,247
Conn.-Stamford
1,260,229
747,070
N. J.-Montclair
46,179,078
42,873,924
Northern N .1_
-9.6
1927.
1926.
802,354
3,849,685
545,000,000
2.040,729
1,239.251
1,257,900
5,928,982
3,985,545
16,232,164
7,487,709
14,346,400
559,651
647,009
3,299,718
495,000,000
2,158.326
1,147,096
1,365,508
6,623,833
3.755,316
18,398,506
7,348,133
16,123,600
631,649
602,730,370
556,498,694
York
+8.1
5,450,314
5,395,403
+8.9
1,281,300
1,175,645
+23.9
53,884,205
56,519,176
+14.0
1,029,497
977,339
-5.2
1,678,024
1,387,698
+36.5 6,074.647,114 6,169,684.962
+31.0
13,443,731
12,133,950
+19.3
5,943,683
5,502,557
+19.4
4,029,833
4,164,126
+68.7
1,006,428
628,066
+7.7
44,063,887
35.958,036
Total(11 cities) 9,325,459,071 6,850,963,849 +34.8 6,206,458,016 6,293,526,008
Third Federal Reserve Dist rict-Philad elphia
1,412,465 +16.8
1,650,018
Pa.-Atoona
_
4,243,357 +9.5
Bethlehem. -4,647,234
1,441,282 -7.3
Chester
1,336,079
2,261,146 -25.1
Lancaster
1,693,117
Philadelphia___ 630.000.000 566,000,000 +11.3
Reading
4,482.116 +15.0
5,154,866
Scranton
6,181,046
+7.1
6,618,149
Wilkes-Barre._
4,607,642
4,491,638 +2.6
York
1,972,678 +5.3
2,077,107
N.J.-Trenton
6,852,289 -32.2
4,649,003
1,608,255
3,942,459
1,452,614
1,881,547
579,000,000
3,670,013
6,475,822
4,275,733
1,639,727
6,410,075
1,507,157
4,087,431
1,347,137
2,441,278
629,000,000
3,993.857
5,764,304
3,765,103
1,797,253
5,773,096
599,338,017 +10.5
610,356,245
659,476,608
Fourth Feder al Reserve 13 Istrict-Clev elandOhio-Akron
6.776,000 -4.5
6,473,000
Canton
4,039,627 +5.4
4,256,736
Cincinnati_
_
83,421,892 -2.8
81,051,064
Cleveland
150,436,416 126,747,705 +18.7
Columbus
18,244,100 -4.4
17,447,300
Mansfield
2,278,151 -2.2
2,228.870
Youngstown _
4,695,320 +35.4
6,357,923
Pa.-Pittsburgh - 193,572,050 172,858,990 +12.0
5,336,000
3,778,418
84,067,157
122,654,863
16,762,900
1,811,851
4,022,368
178,099,550
6.871,000
4,345,896
87,529,089
122,867,405
16,188,300
2,268,907
4,734,040
182,814,038
Total(10 cities)
Total(8 cities)-
662,433,215
419,061,785 +10.2
416,523,107
427,618,675
-Richm ond1,320,902 -6.6
7,432,787 -42.4
40,007,000 -5.9
2,600,000 +21.0
101,833,483 -2.2
27,715,622 +7.4
1,508,858
4,754,446
45,904,000
2,500,000
104,359,100
28,680,67
1,518.337
8,911,724
58,236,000
2,764,780
111,698,988
25,629,612
180,909,794
-3.4
187,707,081
208,759,441
Sixth Federal Reserve Dist rict-Atlant aTenn.-Chatt'ga
9,721,835
9,333,895 +4.2
Knoxville
3,785,000
3,000,000 +26.2
Nashville
23,205,609
22,071,583 +5.1
Ga.-Atlanta_._
48,649,424
51,623,713 -5.8
Augusta
1,722,025
1,918,219 -10.2
Macon
1,706,137
2,116,386 -19.4
Fla.-Jack'nville.
15,275,342
17,323,914 -11.8
Miami
2,456,0(10
4,171,000 -41.1
Ala.-Birming'm
21,684,718
22,635,859 -4.2
Mobile
1,490,099
1,746,621 -14.7
Jackson
2,120,000
2,450,000 -13.5
Vicksburg
469,540
392,631 +19.6
La.-N.Orleans_
62,520,614
59,114,285 +5.8
Total(13 cities) 194,806,343 197,898,106 -1.5
8.157,163
3,200,000
20,649,553
50,427,871
1,856,856
1,830.161
23,944,387
8,305,805
23,999,355
2,080,026
1,801,794
580,451
63,125,351
8.068,94,9
3,125,5A
20,345,304
71,701,023
2,339,800
1.441,175
37.762,582
23,500,174
26,258,852
2,104,204
1,700,000
571,135
64,474,092
209.958,773
263,392,810
1928.
Inc. or
Dec.
1927.
I
1926.
Seventh Feder al Reserve D Istrict-C h cagoMich.-Adrian __
337,650
306,133 +10.3
292,183
261,773
Ann Arbor _ _ _
872,945
1,019,062 --I4.3
1,042,559
946,489
263,389,616 196,843,994 +33.8 177,055,926 192,789,197
Detroit
Grand Rapids.
10,867,700
8,911,900 +21.9
8,679,638
9,538,163
Lansing
3,229,432
4,189,142 -22.9
2,257,000
2,300,000
3,519,954
Ind.-Ft. Wayne
3,286,521
+7.1
2.903,917
2,707,416
Indianapolis_
27,013,000
23,562,000 +14.6
23,149,000
20,590,000
South Bend_- _
3,494,100
2,763,235 +26.4
2,858,700
2,821,300
Terre Haute_ _ _
5,006,466
5,400,109 -7.3
5,632,035
4,918,130
Wis.-Milwaukee
34,604,552
43,820,867 -21.0
43.590,507
41,498,217
2,964,659
Iowa-Ced. Rap.
2,775,025 +6.8
2.587,214
2,563,043
DesMoines...
9,577,968
9,321,628 +2.7
9,310.215
10,410,952
7,629,369
Sloux City- -6.785,225 +12.4
6,628,214
7,120,316
1,828,178
Waterloo
1,265.277 +44.5
1,234,627
1,136,792
III.-Bloom'gton_
1,922,634
1,791,624 +7.3
1,350,332
1,804,376
806,893,209 732,881,184 +10.1 669,094,282 720,248,070
Chicago
1,524,569
Decatur
1,288,039 +18.4
1,218,592
1,269,974
6,384.285
Peoria
5,427,586 +17.6
4,891,756
5,061,267
Rockford
3,691,967
3,288,801 +12.3
3,272,328
3,003,426
Springfield_
2,900,177
2,655,618 +9.2
3,132,163
2,780,408
Eighth Federa I Reserve Die trict-St.Lo uis5,535,103
Ind.-Evansville.
4,837,893 +22.8
Mo.-St. Louis.. 159,200,000 162,400,000 -2.0
38.235,642
Ky.-Louisville..
42,684,974 -10.4
491,997
Owensboro.
495,739 -0.8
Tenn.-Memphis
21,498,895
23,137,935 -7.1
15.912,323
Ark.-Little Rock
15,221,771
+4.5
•300,000
111.-Jacksonville
295,668 +1.5
1,429,909
Quincy
1,436,586 -0.5
970,181,188 1,033,769,309
5,224,704
157,200,000
36,857.890
448,203
22,116,038
14,180,029
341,248
1,430,922
4,998,240
162,743,358
35,322,792
560,836
27,477,000
14,916,644
376,220
1,732,225
-3.2
237,799,034
248,127,311
Ninth Federal Reserve Die tact-Min ne apolls6,478,709
inn.-Duluth
6,463,599
+0.2
83,581,391
Minneapolis...
75,345,157 +10.9
32,829,266
32,547,531
St. Paul
+0.8
2,055,686
N. Dak.-Fargo_
1,953,801
+5.2
1,355.071
S. D.-Aberdeen.
1,259,661
+7.6
928,064
Mont.-Billings.
583,259 +59.1
3,516,000
Helena
3,378,000 +4.1
5,846,620
68.631,942
28,885,211
1,881482
1,261.233
554,835
2,903,247
7,640,263
80.871,057
32,572,97dg
1,675,558
1,353,297
487,740
2,844,949
+7.6
109,964,570
127,445,836
Tenth Federal Reserve Dist rict- Kansa City419,824
Neb.-Fremont..
417,371 +0.6
689,332
Hastings
503,611 +36.9
4,852,150
Lincoln
4,674,594 +3.8
44,45g,267
Omaha
43,473,169 +2.3
3,929,088
Kan.-Topeka...
3,964,281 -0.3
8,606,035
9.520,744 -9.6
Wichita
Mo.-Kan. City. 141,892,854 143,711,889 -1.3
7,867,459
8,080,541 -2.6
St. Joseph..._
33,126,519
31,569,223 +4.9
Okla.-Okla. City
1,229,068
Colo.-Col. SPgs.
1,246,035 -0.4
a
a
Denver
1,580,845
1,258,456 +25.6
Pueblo
411,025
424,365
4,742,270
40,109,867
2,833,081
8,975,981
147,488,494
7,625,927
31,663,645
1,153,262
a
1,242,271
328,355
554,222
4,371,724
41,903,112
3,598,814
8.296,416
138,338,808
9,292,039
31,365,598
1,027,597
a
1,132,790
+0.1
246,670388
240,209.475
Eleventh Fede ral Reserve District-Da Has2,254,385
1,912,980 +17.8
Texas-Austin -.
60,489,976
53,328,649 +13.4
Dallas
14,207,075
14,577,612 -2.5
Fort Worth _ _ _
6,342,000
5,817,000 +9.0
Galveston
6,607,228
5,235,872 +26.2
La.-Shreveport-
1,583,858
54,149,085
12,220,681
11.314,000
5,624,160
1,642,891
55,084,278
14,182.620
11,347.000
5,207,810
84,901,784
87,464,599
Franci sco43,704.047
+7.8
-5.1
11,802,000
+11.8
1,292,046
+4.5
35,303,838
17,759.619
-3.1
3,697,281
-5.4
+26.4
7,442,976
+22.4 202,873,000
-0.1
18,374,756
+2.5
8,308,573
+6.1
8,644,620
+30.7
6,552,087
+0.7 192,790,000
2,573,765
+8.9
+30.5
1,408,758
2,164,125
+43.7
-3.5
3,216,700
49,843,876
11,578,000
1,324,658
37,620.089
19,819,708
3,974,073
7,647,303
174,098,000
21,525,196
7,181.625
8,933,452
5,669,113
194,900,000
2,825,310
1,614,670
2,642,009
3,108,200
Total(8 cities).
Total(7cities).
Total(12 cities)
Total(5 cities).
242,603,869
130,744,187
248,646,441
89,900,664
250,510,566
121,531,808
248,419,914
80,872,113 +11.2
Twelfth Feder al Reserve D istrict-San
54,536,413
50,575,975
Wash.-Seattle
12,877,000
13,571,000
Spokane
1,471,767
1,315,973
Yakima
38,342,762
36,682,573
Ore.-Portland
20,981,093
21,643,792
Utah-S. L. City
3,687,481
3,486,438
Calif.-Fresno.9,688,104
7,662,015
Long Beach
247,842,000 202,461,000
Los Angeles
20,149;784
20,149,960
Oakland
7,879,031
7,683,241
Pasadena
7,704,165
7,264,108
Sacramento
7,284,247
5,572,313
San Diego- - - San Francisco. 217,577,722 216,056,500
3,343,108
3,071,144
SanJose
2,229,097
1,708,715
Santa Barbara
3,034,604
2,113,897
Santa Monica_
2,885,400
2,989,600
Stockton
Total(17 cities) 657,969,627 604.209,287 +9.0 567,908,191 554,305,282
Grand total (129
13,988760655 11,277187 316 +24.0 10,451158 547 10,700594998
cities
Outside N.York_ 4.816,699,611 4,556,297,559
+5.7 4,376,511,433 4.530,910,034
Clearing*
1929.
461,823,359
174,664,526
1929.
Week Ended Jan. 17,
Fifth Federal Reserve Dist
W.Va.-11unt'g'n
1,233,934
Va.-Norfolk____
4,281,585
Richmond _
37,714,000
S.C.-Charleston
2,054,614
Md.-Baltimore _
99,616,460
D.C.-Washing'n
29,763,933
Total(6 cities).
Week Ended January 19.
Clearings at
Total(20 cities) 1,197,652,430 1,057,582,950 +13.3
1927.
$
S
$
%
$
602,056,923
665,889,927 -9.6
602,730,370
556,498,694
9,325,459,071 6,850,963,849 +34.8 6,206,458,016 6,293,526,958
662,433,215
599,338,017 +10.5
610,356,2.45
659,476,606
461,82.3,359
419,061,785 +10.2
416,523,107
427,618,675
174,664,526
193,909,794 -3.4
187,707,081
208,759,441
194,806,343
197,898,106 -1.5
208,958,773
263,392,810
1,197,652,430 1,057,582,950 +13.3
970,181,188 1,033,769,309
242,603,869
250,510,566 -3.2
237,799,034
248,127,311
130,744387
121,531,008 +7.6
109,964,570
127,445,836
248,646,441
248,419,914 +0.1
246,670,188
240,209,475
89,900,664
80,872,113 +11.2
84,901,784
87,464,599
657,869,627
604,209,287 +9.0
567,938,191
654,305,282
Clearings al-
515
1928.
Inc. or
Dec.
1927.
Canada$
161,912,199 149,611,934
i-8.3 109,199,538
Montreal
156,078,315 156,548,134 --2.0 135,436,790
Toronto
49,631,905
61,660,556
38,858,820
Winnipeg
22,939,639
21,190,755 +8.3
Vancouver
15,556,011
9,275,945
7,837,803 i-18.3
Ottawa
7,488,480
7,019,166
8,806,828 ---20.3
6,075,312
Quebec
2,844,611 i-33.0
3,784,105
Halifax
2,711,518
5,836,456
5,668,241
i-3.0
Hamilton
5,645,127
17,174,113
10,529,044 i-63.1
7,324,462
Calgary
2,664,138
2,672,753 --0.3
2,870,754
St. John
2,083,752
2,312,834 --9.9
Victoria
1,865,969
3,261,939
3,364,211 ---3.I
London
2,927,324
8,034,149
7,722,490 i-4.0
Edmonton
4,835,191
5,072,183
4,661,055 i-8.
3,563,881
Regina
532,480
608,649 ---12.
13randon
531,566
621,832 i-11.
694,698
Lethbridge
480,414
2,074,370
2,304,785
Saskatoon
1,626,059
1,254,588
1,351,100 --7.
1,184,145
Moose Jaw
1,152,811
1,155,110
Brantford
937,029
934,397
867,32
i-7.7
824,018
Fort William-874,774
709,216 +23.3
New Westminster
588,492
507,069
396,10 +28.0
Medicine Hat
256,700
982,726
919,35
i-6.9
Peterborough -728,550
896,591
845,80
Sherbrooke
+6.0
802,803
1,531,955
1,303,666 +17.5
1,116,213
Kitchener
5,708,838
4,391,929 i-30.0
Windsor
3.633,616
428,139
396,355 i-8.0
Prince Albert
391,694
858,866
871,203 --1.4
Moncton
868,114
865.81
Kingston
792,755 i-9.2
707,216
791,56
884,222 --10.
Chatham
818,680
632,02
857,810 ---26.3
Sarnia
616,878
Total(31 cities)
475,489,715
454,608,477
+4.6
360,476,384
a Manager of Clearing House refuses to report weekly eleartnao.
1926.
$
90,896,995
97,115,628
45,811,308
16,819,444
7,410,493
4,989,610
2,921,251
4,909,193
8,630,395
2,841,616
2,025,073
2,750,774
4,733,804
4,413,878
513,775
601,080
1,682,111
1,072,677
914,132
777,767
740,391
267,967
664,622
712,506
904,479
3,309.987
317,610
786,977
700,973
310,236,316
FINANCIAL CHRONICLE
516
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Jan. 9 1929:
GOLD.
The Bank of England gold reserve against notes amounted to £153,123,339
on the 2(1. inst.(as compared with £153.783,646 on the previous Wednesday),
and represents a docrease of £782,976 since April 29 1925, when an effective
gold standard was resumed.
Only £10,000 of gold was available in the open market this week and the
additional requirements of India and the trade were met by withdrawals
from the Bank of England.
The following movements of gold to and from the Bank of England have
been announced, showing a net influx of £1,157,054 during the week under
review:
Jan. 9
Jan, 7. Jan. 8.
Jan. 3. Jan. 4. Jan. 5.
Nil
Nil
Received ____
.E1,665
Nil £250,000 £1,000,000
£5,130
Nil £69,316
Withdrawn -- £5,165
Nil
15,000
The receipts consisted of £1,250,000 in sovereigns "released" and £1,665
in bar gold, and the withdrawals of £19,000 in sovereigns and £75,611 in
bar gold.
The following were the United Kingdom imports and exports of gold
registered from midday on Dec. 31 to midday on the 7th inst.:
Exports.
Imports.
£37,570
France
£33,264 Germany
29,770
British South Africa
535,209 Austria
14.184
3.728 France
Other countries
503.910
Switzerland
34,839
Egypt
75,001
British India
25,840
Other countries
E721,114
£572,201
SILVER.
Movements in silver continue within narrow limits. Sellers have proved
hesitant and the market responded to some inquiry from China, but both
buying and selling orders have been mostly limited as to price, businms
consequently being restricted. The present level of prices has little attraction for the Indian Bazaars, and American operators have been interested
only at prices slightly outside those current.
The tone of the market remains steady, and this condition is likely to
continue should the present reluctance on the part of sellers be maintained.
The following were the United Kingdom imports and exports of silver
registered from midday on Dec. 31 to midday on the 7th inst.:
Exports.
Imports
£60,580
Prance
£19,681 Egypt
97,280
66,100 China
U.S. A
144,896
Mexico
British
India
11,900
25,570
Other countries
22,910 Other countries
£328,326
£120,591
72.10
98.65
98
The price of silver in New York on the same days has been:
Silver In N. Y. Perez.(ets.):
Foreign
5634
5433-4
5831
5655
5655
5831
OSramturcial anft c Ilanc0115Rexus
Philadelphia Stock Exchange.-Record of transactions
at Philadelphia Stock Exchange, Jan. 19 to Jan. 25, both
inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last 1Veek's Range for
Sale
of Prices. Week.
Par. Price. Low. High. Shares.
Low.
Almar Stores
655 7
735
*
12,170 6%
• 92
90
American Stores
9334 7,181 64
Bankers Secur Corp pref 50 61% 61% 63
3,000 62
200 200
Bankers Securities com
35 218
Bell Tel Cool Pa pref__100 116% 116% 11654
715 114%
595%
Manners All ca
595% 58
200 41
811
851 851
Bomot Inc
100 855
• 53% 4834 54
Budd (E G) Mfg Co
14,600 17
7934 77
81% 2.270 41
Preferred
FF
FF
FF
High. ram
mm
FebNN
20
NovNN
10134
OctNN
75
DecNN
218
118% OctNN
MayNN
60
FebNN
14
39% NovNN
MarNN
73
Range for Year 1928
Dec
Jan
Dec
Dec
July
Nov
June
Aug
Aug
89%
34%
51%
50
34%
50
9934
155
3%
177%
5134
100 5155 Oct 5634 May
5334 5355
245 90
92% 93
Mar 97
Oct
550 5534 Jan 86% Nov
86% 89%
33% 3431
7.530 335% Dec 3354 Dec
2,775 50% May 61
5155 52
Apr
50
50
Apr 52
3,300 50
Apt
744 54
54
5415
Dec 64
May
8
200
831 954
Nov 15
Feb
300 30
Mar 36% Feb
30% 30%
15,000
82% 83
600 25 June 375% June
2514 26
33
36
4.155 18
Slay 45
Oct
1,530 40% May 60.4 May
4934 5055
945 98
99% 9954
Oct 101
Sept
25 2555 Oct 37
Nov
373-1 38%
156 1% 4.900
55 Mar
2
Jac
3% 4
3% Dec
6,200
5
July
375% 38% 2.720 3854 Sept 48
May
170 177% 91,360 114% Jan 173% Nov
34
Feb 32% Dec
3934 5,020 15
1,100 3714 Jan 62% May
50
50%
400 2455 Dec 34
24% 2434
Jan
5.100 52
June 155% Mal
147 150
4954 5134 2,200 3314 Jan 55
Dec
42% 43
1.900 35
Aug 5755 Jac
Dec 45
6 39
40
40
Apr
Bonds.
Elec & Peoples tr ars 4s'43 5254 52
5334 $17,400 52
Lake Sup Corp 5s. _1929
55
500 15
55
55 stamped
41,000 14
65
65
60
Lehigh C & N cons 4 qs'54
1,000 99
100 100
Lehigh Val con con 452003
87
87
1,000 8634
Peoples Pass tr ctfs 45 1943
1,000 543-4
5354 .5355
994 974 2,900 9854
Phila El(Pa)Ist 455s ser '(37
1st 55
105% 10555 5,000 104
1966
Phila. Elec Pow Co 555s '72 10535 105% 105% 6,000 104
Strawbridge & Cloth 38 '48
10054 100% 15,000 9955
Un Rye & El(Baltict of dee
88
88
11,000 85
York RallwavH 1st. TA 1037
0581 0St 3.4
loon 071.1
Nov
Jan
Jan
Oct
July
Dec
Aug
July
Aug
Nov
Oct
Sent
68
May
5654 Dec
40
Dec
wig May
92% Feb
66% Apr
103
Apr
109
Jac
108
May
101% Jar
90
NON
1 A2
rat
•No par value.
Pittsburgh Stock Exchange.-Record of transactions
at Pittsburgh Stock Exchange, Jan. 19 to Jan. 25, both
inclusive, compiled from official sales lists:
Stocks-.
Friday
sates
Lail Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Amer Vitrified Prod corn 50
Am Wind GI Mach com100
Preferred
100
Amer Wind Cl Co pref _100
Arkansas Gas Corp com•
Preferred
10
Armstrong Cork Co
•
Blaw-Knox Co
25
Calorlzing prof
25
Carnegie Metals
10
Cent Ohio Steel Prod corn •
Columbia Gas & Elec corn •
Consolidated Ice com_ _50
Preferred
50
Devonian Oil
10
Dixie Gas & Util com_
•
Preferred
100
First National I3ank_100
Follonsbee Bros pref___100
Harbison-Walk corn
•
Horne (Joseph) corn
•
Libby Dairy Prod com_ •
1st preferred
100
Lone Star Gas
25
McKinney Mfg corn
Nat Fireproofing com ... _50
Preferred
50
Penn Federal Corp corn_ •
Petroleum Exploration_ _25
Phoenix 011 pref
1
Pitts Brewing pref
50
Pitts Investors See
•
Pitts Oil& Gas
5
Pitts Plate Glass
100
PIUS Screw & Bolt Corp..*
Pitts Steel Foundry corn_ •
Pittsburgh Trust
Plymouth Oil Co
5
Richardson & Boyton pf_ •
Salt Creek Consol 011_ _ _10
San Toy Mining
1
Stand Plato GI pr pref_ _100
Stand Sanitary Mfg corn 25
Surburban Elec Dev
''
Tidal Osage 011
10
United Engine & Fdy corn •
United States Glass
25
Westinghouse Air Brake_•
West Penn Rys pref._ _100
Witherow Steel corn
*
Zoller (William) Co corn _.•
17
48
43.4
85%
52
42
1934
425
98
55
108
70
16
1054
50c.
2754
45%
73
87
280
29
22c.
31
51
40
4654
46
Unlisted StocksAluminum Goods Mfg _ _ _ _
Crandall McK & It
Koppers Gas & Coke prof_ ______
Standard Steel Springs_ _ _ _ ______
Western Public Service_ _ _ _ ______
Win:Ann. Steel
•No par value.
57
17
17
100
32
32
300
4754 49
60
88
88
4% 45% 6.410
2,055
8% 83.1
6154 6254 3,313
612
42
423.4
50
8
8
4.065
1955 20
50
275% 2755
44
150 150
25
23% 23%
25
233-4 23%
16
7
7
400
855 9
70
50
70
31
425 425
98
98
20
5655 2,460
62
38
3854
200
32
3255
284
105% 106
46
1,940
70
71
16
17% 7.090
105% 105%
1.591
29
2931
1.305
434 4%
10
35
35
270
500 500
500
6
6
50
27
28
1,082
43-4 454
20
713.4 75
13,863
79
87
4,872
3855 385%
400
280 280
6
2855 2955
1,435
20
20
50
555 53.4
50
80 23c 102,200
31
31
20
50
5255 4,710
2634 2755
720
100
1434 1454
1,005
38
4234
11
11
200
110
4834 4634
100 100
20
3,755
3834 48
54
54
130
32
27
102%
73
24
4111
3234
29
1023-4
80
25
AS
2,840
2,815
200
980
6,690
518
Range Since Jan. 1.
Low,
High.
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
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
18
32
49
88
4%
854
64%
43
8
20
2734
150
23%
23%
8
10
70
435
98
5634
40
34
107
71
1754
1054
29%
554
35
75c
654
28
4%
75
87
40
280
3054
20
554
23c
31
5255
29
15
433-4
11
48
100%
48
59
COCCO$
delOold(
,
,vva.>.
70.10
79
2105giggggggggggggeqgggggg2ggelgggggggg5ggggggggggggggg
.,V.Pnn..,.s,
,-...,
,..
V.5.n.v.v,v.3.-a
84.113-1
56%
10231
9934
6855
3354 Jan
29
Jan
102% Jan
85
Jan
2655 Jan
.
•
JUL.
-
0000)0
NW
Cl
WWWt-NN
84.1134
5634
102%
0934
37%
152%
24%
High.
Nt-NMV,
MNONN,
Fri.,
Jan. 25.
2655
845%
10
21
Low.
Nov
Oct 45
16,100 25
240 40% Dec 4355 Mar
85,700 27% Jan 395% May
400 25% Oct 35% Mar
1,535
303 5055 Aug 6254 Mar
9
Nov
2,838 69% Jan 99
6,300 4655 Oct 85
Ant
June 41% Feb
300 31
10 20554 Apr 240
Nov
600 52
Feb 64% Nov
Aug 10434 May
2,300 68
3
Jan
6,812
7
Jan
Jan 21
Jan
200 12
July 5055 Jan
20 35
3
Jan
42,935
1834 Nov
Nov
5.100 105% Nov 171
2,390 22% Jan 29
June
10 40% Sept 45
Feb
Sept 71% Nov
4,700 47
July 58% May
50 54
29,700 20% Mar 56
Nov
8 87
Oct 91% Apr
240 7754 Dec 82
May
29,200 61% July 73
Api
100 92
Jan 109% Jan
154 Apr
2
530
Nov
NVNvwvvwwto
Thurs.,
Jan. 24.
26
59
39%
55% 65
4055 41
34% 42%
32
30
19
19
61
57
115H 115%
84% 86
49% .50%
3934 40
226 226
5855 59%
84
85
6
1051
15
21
4755 4754
25
37%
15054 155
24% 24%
41
41
65
6934
5354 53.55
52
5534
87% 87%
79
79
81%
78
98
98
1% 254
C.NWWWNCI7OvvN
Wed.,
Tues.,
Sat.,
Mon.,
Jan. 19. Jan. 21. Jan. 22. Jan. 23.
Silver, per oz.d. 263-16
261-16
263-16
263-1
Gold, per fine
ounce
84.11%
84.113-4
84.11%
84.11%
Consols,2% %_ ____
.56%
5634
5654
British. 5% ..,.
102%
1023-4
102%
British, 434%_
99
9934
99%
French Renters
(in Parls).fr. ____
69.60
69.55
69.60
French War L'n
(in Parls).fr. ____
98.30
98.40
98.05
65
4054
3934
.N10NN
ENGLISH FINANCIAL MARKETS-PER CABLE.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
Budd Wheel Co
Cambria Iron
50
Camden Fire Insurance_ __
Commonw'th Casualty _ _10
Cons Theatres Ltd
Consol Trac of N J_ _100
Curtis Publish Co pref ____
Electric Storage Batt'Y-100
Fire Association
10
Giant Pont Cement pt_50
Hom&Hard't(Phila) com_•
Horn&Hard't(N Y)corn *
Insurance Cool N A _ _ _10
Keystone Telephone_ _ __50
Preferred
50
Keystone Watch Cass_*
Lake Superior Corp_ _ _100
Lehigh Coal di Nay
50
Lit Brothers
10
Lit Schuyi Nav RR & C_50
Manufact Cas Ins
Minehill & Schuyl Hav _ _50
North East Power Co
North Penn 101
50
Penn Cent LAP cum pref •
Pennsylvania RR
so
Pennsylvania Salt 5Ifg_50
Penn Traffic
254
Philadelphia Co(Pitts)6% preferred
50
Phila. Dairy Prod prof
Phila. Electric of Pa
25
Phila Elec Pow pref
25
Phi's Rapid Transit
50
7% preferred
50
Philadelphia Traction_ _ _50
Phila. & Western Ry_ _50
Preferred
50
R E L T, new
Reliance Insurance
10
Shreve El Dorado Pipe L 25
Scott Paper Co
•
655% preferred "B" .
Tacony-Paimyra Bridge_ •
Tono-Belmont Devel_ _ __I
Tonopah Mining
Union Traction
50
United Gas Impt
50
United Lt & Pr"A" com_•
U S Dairy Prod class A.. •
Victory Insurance Co. _10
Victor Talking Mach. corn•
W Jersey & sessh R.11._ _50
Westmoreland Coal
50
York Railways pref
50
Range Since Jan. 1.
WV
1-168. above those fixed a week ago.
I. matt
oases
Last Week's Range for
Week.
of Prices.
Sale
Stocks Concluded) Par. Price. Low. High. Shares.
NVW
INDIAN CURRENCY RETURNS.
Dec. 31. Dec. 22. Dec. 15.
(In Lacs of Rupees)
18566
18697
Notes in circulation
18910
10238
10069
Silver coin and bullion in India
10088
Silver coin and bullion out of India
5iio
5iiii
Gold coin and bullion in India
3110
Gold coin and bullion out of India
ii55
iHiii
Securities (Indian Government)
4327
585
685
685
Securities (British Government)
400
600
700
Bills of exchange
The stock in Shanghai on the 5th inst. consisted of about 62,500,000
ounces in sycee, 101,000,000 dollars and 4,400 silver bars, as compared with
about 62,000,000 ounces in sycee, 101,000,000 dollars and 5,740 silver bars
on the 29th ult.
Quotations during the week:
Bar Cold
-Bar Silver Per Oz. Std.Per Or. Fine.
Cash.
2 Mos.
1 1 sia.
84s.
26 5-16d.26 Ad.
Jan. 3
84s. 11%cl.
26%cl.
265-16d.
Jan. 4
84s. 11Ad.
26 7-16d.
Jan. 5
84s. 11%(1.
36 d
Jan. 7
26 4-1.6d.
845. 11.34d.
26 -16d.
26%d.
Jan. 8
11%d.
84s.
7-16d.
26
Jan. 9
ii •
84s. 11.3d.
26.427d.
26.364d.
Average
The silver quotations to-day for cash and two months' delivery are each
[VOL. 128.
FINANCIAL CHRONICLE
JAN. 26 1929.]
Bank Notes-Changes in Totals of, and in Deposited
Bonds, &c.
which show all the monthly changes
tables
We give below
in national bank notes and in bonds and legal tenders on
deposit therefor:
Amount Bonds
on Deposit to
Secure Circtila
ion for National
Bank Notes.
Dec. 311928
Nov.30 1928
Oct. 31 1928
Sept.29 1928
Aug. 31 1928
July 31 1928
June 30 1928
May 31 1928
Apr. 30 1928
Mar. 31 1928
Feb. 29 1928
Jan. 31 1928
Dec. 31 1927
Nov. 30 1927
Oct. 81 1927
Sept.30 1927
Aug. 81 1927
July 811927
June 30 1927
May 81 1927
Apr. 80 1927
Mar.81 1927
Feb. 28 1927
Jan. 81 1927
rk,t, at 1095
9
667.013,340
667.508.440
667,168,440
667,318,040
666,732,700
666,643.200
665.658,650
667,491,900
666,196,460
666,866,710
667,011,210
666,230.710
667,127,710
666,830,210
666,873,290
686,985.710
607,143.790
667.156,290
668.991.130
667.095,680
665.724.930
665.641,990
666,138,640
664,503.940
National Bank Circulation,
Afloat onBonds.
Legal
Tenders.
S
662,904,627
663,931.957
662.705,675
660,463,912
660,518,182
658.463,423
658,732.988
661.522.450
661,127,660
662,412,992
661,481.322
659,332,017
662.380.082
663.340.675
663,167.030
662,742,593
663,747378
661.550,768
661,288,545
663.156.720
662.238,833
661,673403
660.366,240
657,364.790
551 nift ARA
$
35.877,502
36,248,802
37.446.779
37,688,747
38,299,802
38,926,224
40,887.664
39.757.992
38,814.509
36,802.227
38,250,372
38307.517
88,623.507
39,060,424
39,825.664
40,537,019
41.052.614
42.967.269
42.857.722
42.777.217
39,074.404
38,251,364
36.825.184
37,856.759
Total.
$
698,782,129
700,180,759
700.152,454
698,152,659
698.817.984
697,389.647
699,620,652
701,280,442
699.942.169
199,215,219
699.731,694
697,739,534
701,003.589
702.401,099
702.992.694
703,279,612
704,799,792
704.518,037
704,146,267
705.933,937
701.313.237
699.924,967
697,191,424
695,221,549
517
50.009
Jan. 17-The City National Bank of Granbury,Tex
Effective Dec. 20 1928. Lig. Agent, Sid Powell, Granbury. Tex. Absorbed by the First National Bank of
Granbury, No. 3727.
25,000
Jan. 17-The First National Bank of Raymond, Minn
Effective Jan. 141929. Liq. Agent,J. F. Millard,care
of Union Investment Co., Minneapolis, Minn. Absorbed by Farmers State Bank of Raymond,Miim.
25,000
-The First National Bank of Higgins, Tex
Jan.
Effective Dec. 17 1928. Lig. Agent, A. L. Wood,
Higgins,Tex. Absorbed by the Citizens National Bank
of Higgins. No. 8249.
75.000
Jan. 18-The First National Bank of Mt. Pleasant, Tex
Effective Jan. 15 1929. Liq. Agent, I. N. Williams,
Mt. Pleasant, Tex. Succeeded by the First Nat. Bank
in Mt. Pleasant, No. 13257.
CONSOLIDATION.
75,000
Jan. 15-The First National Bank of Lapeer, Mich
Bank of Lapeer. Mich
Savings
45.000
State
The
Consalidated to-day under the Act of Nov 7 1918, as
amended Feb. 25 1927. under the charter and vtle of
the "First National Bank of LapEer," No. 1731, with
capital stock of $120,000.
200,000
Jan. 17-The Champaign National Bank of Urbana, Ohio
200,000
The National Bank of Urbana, Ohio
Consolidated to-day under the Actof Nov.71928,under
the charter and corporate title of the "Champaign
National Bank of Urbana:. No. 916, with capital stock
of $300,000.
17
Auction Sales.-Among other securities, the following,
not actually dealt in at the Stock Exchange, were sold at auction
in New York, Boston, Philadelphia and Buffalo on Wednesday of this week:
By Wise, Hobbs & Arnold, Boston:
$ Per sit.
$ per Sit. Shares. Stocks.
Shares. Stocks.
3
201% 24 Ludlow Mfg. Associates
20 Boston National Bank
80
20134 25 Plymouth Cordage Co
10 Boston National Bank
10534 ea-div. 3 Blackstone Valley Gas & Electric
5 Continental Mills
138
Co., common, par $50
41%
10 Arlington Mills
100
5334 32 Springfield Provision Co
The following shows the amount of each class of United 25 Flint Mills
div.
&
Inc_103
Spa,
Thompson's
units
5
11134
Pepperell
Mfg. Co
5
States bonds and certificates on deposit to secure Federal 6
8234 90 Pneumatic Scale Corp., corn.,
lioosac Cotton Mills, pre
814
par $10
47
10 Hamilton Woolen Co
Reserve bank notes and national bank notes on Dec. 31:
50
834 2 units First People's Trust
15 Everett Mills
Steam Cotton Co...123-124 25 Shawmut Bank Invest. Trust 4714
Naumkeag
94
U. S. Bonds Held Dec. 31 1928 to &cure- 22 Fairhaven Mills. pf.(ctf. of den.) 331 100 Florence Stove Co., corn
38
$2.50 lot 8 Greenfield Tap & Die Corp., 8%
24 Fairhaven Mills. corn
On Deposit to On Deposit to
102 & div;
Bonds on Deposit
preferred
100 New England Southern Corp,
Secure
Total
Secure Federal
so
Dec. 31 1928.
10C, 2 units First People's Trust
C0112111011.
Held.
Reserve Bank National Bank
80
334 25 Plymouth Cordage Co
11 Fairhaven Mills. pref
Notes.
Notes
250
22534 4 West Penn Steel Co., corn
25 Warner Aircraft Corp
83
4034 50 Western Massachusetts Co's
100 Eastern Utilities Assoc.. com
50
80 Old Colony Investment Trust.-- 33 6 units First People's Trust
592,754,100 592.754.100 25 Graton & Knight Co.,coin
21, U.S. Consols of 1930
1034 100 Shawmut Bank Invest. Trust 48
48.635,720
48,635.720
2s, U. B. Panama of 1936
25 Graton & Knight Co.. pref-71 ex-div. 130 units Thompson's Spa, Inc.,
25,623.520 100 Plymouth Cordage Co
25.623,520
10234-10334 & dlv.
2$, U.S.Panama of 1938
80
10 8 Boston Wharf Co
10534
10 Saco-Lowell Shops. 28 pref
667.013,340 667,013,340 100 Fall River Gas Works, par $25,
1 unit First People's Trust
50
Totals
414
59-60 ex-div. 50 J. R. Whipple Corp., com
80
12034 10 Plymouth Cordage Co
Co
Cordage
Samson
32
notes
bank
The following shows the amount of national
5 Eastern Mfg. Co., pref
75
20 Eastern Utilities Associates,
Bonds.
Per Cent.
1234
shares
afloat and the amount of legal tender deposits Dec. 1 1928 cony.
$1,000 Y-D Service Garage(WorcesMass. Utilities Associates,
and Jan. 2 1929 and their increase or decrease during the 100pref.,
ter) 7s, July 1960, carrying 10
4434-4434
par 5.50
shares common as bonus_ _ __11 di int.
100 Flintkote Co.. class A corn-- 4034
month of November:
Rights.
50
$ per Right.
3 units First People's Trust
National Bank Notes-Total Afloat26134 254 Springfield Fire dr Marine Ins.
9700,180,759 20 U. S. Envelope Co., corn
Amount afloat Dec. 1 1928
Co
Trust. 50
units
special
22-2231
6
First
People's
1,398,630
December
during
decrease
Net
By R. L. Day & Co., Boston:
$898,782,129
Amount of bank notes afloat Jan.2
Shares. Stocks.
$ Per Sit. Shares. Stocks.
$ per Sh.
Legal Tender Notes$36.248,802 20 First National Bank
503-50334 40 Baldwin Chain A Mtg. Co.,
Amount on deposit to redeem national bank notes Dec. 1
371,300 12 Boston National Bank
20134
Worcester
75
Net amount of bank notes redeemed in December
7 Spencer National Bank, Spencer_18234 20 Rockwood & Co.. pref
7431
$35,877,502 2 FirstNational Bank, NVinchendon 195
10 Western Massachusetts Co's.-- 83
Amount OA deposit to redeem national bank notes Jan.2 1929
6 Spencer National Bank, Spencer_1823( 10 Merrimac Chemical Co.. Par 858 84
15 Ludlow Mfg. Associates_ -18434-18534 2.5 Municipal Gas Co., pref. (Ine.
4634
Texas)
25 Hamilton Woolen Mills
8534
National Banks.-The following information regarding 50 Great Falls Mfg.Co
534 2 Boston Insurance Co
941
6 Parker Young Co.. prof
pref
83
1334
Mills,
Lancaster
5
the
of
the
of
office
Comptroller
the
national banks is from
2534 17 Saco Lowell Shope, emu
s
9 Boston Mfg. Co., pref
5134 10 Beacon Oil Co.. pref
107
50 Lockwood Co
Currency, Treasury Department:
4 units First Peoples Trust
50
38
40 Butler Mill
712
11134 3 Maas. Bonding & Ins. Co
2 Pepperell Mfg. Co
TO ORGANIZE RECEIVED WITH TITLES
15 50 units Thompson's Spa, Inc.,
27 Whitman Mill
REQUESTED.
36
ex-div
10334
Butler
Mill
2
Capital.
80
5 Beverly Gas & El. Co., par $25 8334 50 Plymouth Cordage Co
Bank of Grosse P inte Park. Mich-20 Merrimac Hat Corp., com
an. -The First National
64
40 Haverhill Gas Lt. Co., par $25._ 40
Correspondent,Henry Dattner. 1515-21 Barium Tower,
80 Old Colony Trust Associates__
62
50
8 units First Peoples Trust
Detroit, Mich.
5 New England Power Co.. pref 107%
16 Washington Investment Trust,
50,000
Bonds.
Per Cent.
$5 lot
corn.: 371 Pollock Pen
-The Stephens National Bank of Roseville, Mich
Jan.
$1,000 Lockwood, Greene & Co.,
50
6 units First Peoples Trust
Correspondent, Charles A. Retzlaff, Roseville. Mich.
Inc., 7s, March 1933
50
25 flat
units First Peoples Trust
8
CHARTERS ISSUED.
By Barnes & Lofland, Philadelphia:
35,000
Jan. 15-The First National Bank in Valley Mills,Tex
$ per Sit. Shares. Stocks.
President, W.T. McNeill. Cashier, Roy S. Pool.
i per sit.
Shares. Stocks.
5 Security Trust Co., par $50
73
70,000 20 Continental-Equitable Title &
Jan. 16-First National Bank in Crestline. Ohio
400
10
Real
Trust
Estate
Frank
Co.,
Cashier,
O.
common
Blue.
$50
par
Trust Co..
President. 0. F. Kime.
(assented)
35031'
10 Burlington County Trust Co.,
10 Real Estate Trust Co., common
CHANGES OF TITLES.
355
Moorestown, N. J
(assented)
350
10 Philadelphia National Bank..._890
Jan. 15-The First National Bank of Plainfield. Ind., to the
Real Estate-Land Title di Truitt
25 Nat.13k. of Germantown,par$10130
"First National Bank & Trust Co. of Plainfield."
Co., Dar $10, as follows: 25 at
180
Bank
National
Overbrook
20
Jan. 15-ThePelham National Bank & Trust Co.of Philadelphia,
8434: 25 at 84; Sat 8334: 14 at 8334
86434
5 Penn National Bank
Pa., to "Tulpehocken National Bank & Trust Co. of
499
90934 5 Tacony Trust Co
7 Central National Bank
Philadelphia."
157
10 Frankford Trust Co., par $50.-475
5 National Bank of Olney
the
to
Mo.,
"Joplin
Joplin,
Jan. -The Joplin National Bank.
16531 Republic Trust Co., par $50, as fol5 National Bank of Olney
National Bank & Trust Co."
lows: 2 at 185: 2 at 181: 3 at 177:
5 Tradesmen's Nat. Bk.& Tr.Co 587
11 at
Jan. 18-The Commercial National Bank of St. Joseph. Mich.,
178
47 Union National Bank of W11150 4 William Penn Title & Trust Co..
to the "Commercial National Bank & Trust Co. of Bt.
mington, Del
par $50
76
Joseph."
10 Darby Bk.& Tr. Co., par $50-150
10 West Jersey-Parkside Trust Co..
635
5 Ninth Bank & Trust Co
Jan. 19-The First National Bank of Schuylkill Haven, Pa., to
$48
Camden
62 Bank of No. Am. dr Trust Co._ _48934
the "First National Bank & Trust Co. of Schuylkill
60
55034 30 Glenside (Pa.) Trust Co
6 Bank of Phila. & Trust Co
Haven."
10 Media (Pa.) Title & Trust Co_..205
25 Allegheny Title & Trust Co..
VOLUNTARY LIQUIDATIONS.
7434 2 Collingiiwood (N. J,) Trust Co--21534
par $50
4 Mortgage Co.of Pa., par $25____ 8134
Jan.
-The National Globe Bank of Woonsocket, R. I
37 Allegheny Title & Trust Co..
2 Autocar Co., pref
9531
74
Effective Jan. 12 1939. Lb. Agent, R. W. Bowen,
par $50
112 Mine Hill & Schuylk. Hay.RR. 5534
care of Rhode Island Hospital Trust Co., Providence,
10 Allegheny Title & Trust Co.,
It. I. Absorbed by Rhode Island Hospital Trust Co.,
5 North Pennsylvania RR
8834
73
par $50
6634
1 East Pennsylvania RR
9 Finance Co. of Pennsylvania____685
Providence, R. I.
3 Schuylkill Valley Nay.& RR---- 503.1
886
5 Provident Trust Co
Jan.
-The First National Bank of Hazard, Ky_
46
5
Co
886
Trust
prof
Catawissa
Provident
let
RR.,
Effective Jam 8 1929. Lig. Monte:'V. A. Hull and
7
20
5 No.Phila. Trust Co., par $50_ --52534 8 Mt. Holly Water Co., N.J
W. W. Reeves, Hazard, ICy. .Absorbed by the First
634
Co.,
Tr.
&
73
$50_
par
2
Title
Pa
of
Co.
Mfg.
Enterprise
Security
2
National Bank in Hazard. EY.. No. 13248.
1034
6 Delong Hook & Eye Co
St. Terminal Title & Trust
Jan. 14-The Wylie National Bank, Wylie, Tex
25.000 8 69th
Right.
per
$
17634
$50
par
Rights.
Co..
Effective Dec. 21 1928. Lig. Agent, L. 0. Neal,
62
31 First Nat. Bank of Phila
10 Susquehanna Title & Trust Co.,
Wylie, Tex. Absorbed by Wylie State Bank, Wylie,
62
22-4 First Nat,Bk.of Phila.(41350 240
par $50
Tex.
Susquehanna Title & Trust Co.,
$2.000 No. 1708 Chancellor St.,
50
-The National Bank of Unionville. Mo
Jan.
50,000
82
Phila., 1st 6s, ser.B, Sept. 1 1932 88
par $50
Effective Jan. 1 1929. Lig,Agent,F.0.Bison, UnionBy A. J. Wright & Co., Buffalo:
ville, Mo. Succeeded by National Bank of Unionville,
No. 13268.
$ Per Bit.
b per Sit. Shares. Stocks.
Shares. Stocks.
Sc.
Jan. 17-The Farmers National Bank of Vinton,Iowa
1,000 Night Hawk, par $1
65,000 100 New Sutherland Divide.
Buffalo
of
Assn.
Temple
55c. lot 10 Labor
Effective Jan.
par $10
1929. Liq. Agents: J. F. Traer and
50c. lot
A. H. Ellis, Vinton, Iowa. -Succeeded by the Farmers
and Vicinity, Inc.. par $5
$1.75
•200 Kirkland Lake, par $1
National Bank in Vinton. No. 13263.
65c. lot
10 Assets Realization Co
555 211 AAA
RA 721 4A4
597.757.022
$3,882.751 Federal Reserve bank notes outstanding Jan.2 1929,secured by lawfu1
money. against 93,949,861 on Jan. 2 1928.
APPLICATIONS
$100,000
18
18
17
14
00.000
14
100,000
17
10
518
By Adrian H. Muller & Son, New York:
Shares. Stocks.
8 Per Sh.
124
16 Fresnillo Co., corn
110 Standard Supply & Equip. Co.,
class A; 110 Standard Supply &
Equip. Co. class 13, par $10_ _ _$22 lot
900 Sound Transit az Marine Corp.,
pref.; 3,000 corn
$10 lot
40K. C. Joint Stock Land Bank of
Kansas City, Mo
$8 lot
20 Morris & Essex Realty Co., Inc.
(N.J.); 200 Religious Motion Picture Foundation, Inc. (N. Y.),
no par; 20 Educational Radio
Corp. of Del., no par; 846,000
Religious Motion Picture Foundati n deb.bonds
$30 lot
500 Kenova Oil Co., par $1; 10 VicSoria 011 Co., par $10
81 lot
2,800 Contact Bay Mines, Ltd.,
Par $1: 4,000 Bonanza United
Mines, Ltd., par 51
531 lot
-
[VOL. 128.
FINANCIAL CHRONICLE
$ Per Sh.
Shares. Stocks.
60 Mattagami Pulp & Paper Co.,
Ltd., con.; 30 Mattagami Pulp
& Paper Co., Ltd., pref.; 450
Quaking Petroleum Co.. no par_$12 lot
4 Baldwin-Lester Corp.; 9 Pneumelectric Machine Co., pref.:
4 Pneumelec. Mach. Co., corn--El lot
6 Citizens Gas & Fuel Co. of Dunkirk: 32 Fulton Motor Truck Co.,
pref., Par $10: 50 Fulton Motor
Truck Co., corn., par $10; 1 John
Jackson Mining Co.; 2 McKinley
Mining Co.; 10 Midland Securi$31 lot
ties Co., corn., par $1
500 Foster Cobalt Mining Co..
Ltd., par 61;200 Goldfield Consol.
Mines Co., par $10; 200 Goldfield
Deep Mines Co.of Nev., par 50140 lot
Name of Cosnpans.
Warm
Per
Cent. Payable
Books Closed
Days Mellish'
M IsceIIa n eous (Continued)
Decker (Alfred)& Cohn,Inc., corn.(qu.) *50c. Mar. 15 *Holders of rec. Mar. 5
*134 Mar. 1 *Holders of rec. Feb. 19
Preferred (quar.)
*1M June 1 *Holders of rec. May 22
Prbferred (guar.)
*134 Sept. 1 *Holders of rec. Aug. 22
Preferred (quar.)
50c Feb. 16 Holders of rec. Feb. 1
Duplan Silk Corp., common
Eastern Utilities Investing,$6 pref.(qu.) $1.50 Mar. 1 Holders of rec. Jan. 31
$1.75 Mar. 1 Holders of rec. Jan. 31
87 preferred (guar.)
Eastern Utilities Associates, corn. (qu.)_
50c. Feb. 15 Holders of rec. Jan. 250
Eisenstadt Mfg.,pref.(Quar.)
134 Feb. 1 Holders of rec. Jan. 15
Esmond Mills, common (quar.)
$1 Feb. 1 Holders of rec. Jan. 23
134 Feb. 1 Holders of rec. Jan. 23
Preferred (quar.)
Fairbanks, Morse & Co., corn. (quar.)_. *750. Mar. 30 *Holders of rec. Mar. 12
Preferred (guar.)
•134 Mar. 1 *Holders of rec. Feb. 11
Federal Fur Dyeing, corn. (special)
•1234c Feb. 15 *Holders of rec. Feb. 1
Finance Service Co., com
4
Mar. 1 Holders of rec. Feb. 15
Preferred (quar.)
134 Mar. 1 Holders of rec. Feb. 15
Fisher Brass, pref. (quar.)
50c. Feb. 20 Holders of rec. Jan. 31
Flint Mills (quar.)
•1
Feb. 1 *Holders of rec. Jan. 21
First Federal Foreign Bkg. Corp.(qu.)
$1.75 Feb. 15 Holders of rec. Feb. 1
Quarterly
$1.75 May 15 Holders of rec. May 1
Florsheim Shoe, pref.(guar.)
*$1.75 Apr. 1 *Holders of rec. Mar. 15
DIVIDENDS.
Apr. 1 *Holders of rec. Mar. 13
Genl. Amer.Tank Car(quar.)
Quarterly
*31 July 1 *Holders of rec. June 13
Dividends are grouped in two separate tables. In the
Apr. 1 'Holders of rec. Mar. 13
Stock dividend
first we bring together all the dividends announced the
July 1 *Holders of rec. June 13
Stock dividend
current week. Then we follow with a second table, in Genl Outdoor Advertising, cl. A (qu.) 111 Feb. 15 *Holders of rec. Feb. 5
'
1 34 Feb. 15 *Holders of rec. Feb. 5
Preferred (quar.)
which we show the dividends previously announced, but General
Building & Fund Corp., of.(qu.) 134 Feb. 1 Holders of rec. Jan. 20
which have not yet been paid.
Feb. l*Holdrs of rec. Jan. 20
General Tire & Rubber, common (quar. *1
*132340 Feb. 1 *Holders of rec. Jan. 21
Globe Automatic Sprinkler (quar.)
The dividends announced this week are:
134 Feb. 15 Holders of rec. Feb. 1
Greenway Corp. (quar.)
34 Feb. 16 Holders of rec. Feb. 1
Extra
When
Books Closed
Per
Mar. 1 *Holders of rec. Feb. 8
Goodrich (B. F.) Co., common (guar.)._ ,P$1
Days Inclusive.
Cent. Payable.
Name of Company.
*134 Apr. 1 *Holders of rec. Mar. 8
Preferred (guar.)
*50e. Mar. 1 *Holders of rec. Feb. 15
Hale Bros. Stores (guar.)
Railroads-Steam.
c. Jan. 31 Jan. 25 to Jan. 31
Halle Bros., corn. (quar.)
Feb. 15 *Holders of rec. Feb. 4
*2
Central RR. of N. J. (quar.)
134 Feb. 1 Jan. 25 to Jan. 31
•1
Preferred (quar.)
Apr. 1 *Holders of rec. Mar. 15
Maine Central, common (quar.)
134
Mar. 1 Holders of rec. Feb. 9a
Hamilton
(quar.)
Watch
15
of
rec.
Feb.
*Holders
Mar.
1
•1
Preferred (quar.)
3
Jan. 15
Hancock Knitting Mills
Minehill & Schuylkill Haven
$1.25 Feb. 1 Jan. 18 to Jan. 31
15c. Mar. 1 Holders of rec. Feb. 20
Hanes (P. H.) Knitting, corn. & corn. B
Mar. 19 Holders of rec. Feb. 28
*2
Norfolk & Western, corn. (quar.)
134 Apr. 1 Holders of rec. Mar.20
Preferred (quar.)
8734c Feb. 28 Holders of rec. Feb. la
Pennsylvania (quar.)
Mar. 20 *Holders of rec. Mar. 5
Hanna(M. A.) Co., let pref
*50c. Mar. 14 "Holders of rec. Feb. 20
Reading Company, 1st pref. (quar.)
134 Feb. 1 Holders of rec. Jan. 24
Harmony Mills, pref. (quar.)
50c.
Feb.
28 Holders of rec. Feb. 150
Hawaiian
Pineapple (quan)
Public Utilities.
1
Feb. 15 Holders of rec. Jan. 25a
Hershey Chocolate Corp., pref. (quar.)_
Amer.& Foreign Power,2d pref. A (qu.) $1.75 Feb. 15 Holders of rec. Feb. 1
134
Feb.
15 Holders of rec. Jan. 25a
Prior
(quar.)
Jan.
21a
preferred
rec.
1
Holders
of
pref.
(guar.)
Feb.
1)
American Natural Gas,
35c. Feb. 22 Holders of rec. Feb. 15
Hibbard, Spencer, Bartlett Co.(mthly.)
Associated Gas & Elec. class A (guar.)._ r214 Feb. 1 Holders of rec. Jan. 10
350. Mar. 29 Holders of rec. Mar. 22
Monthly
40c. Feb. 1 Holders of rec. Jan. 10
Class A (extra)
*8734c Mar. 1 *Holders of rec. Feb. 15
Household Products (quar.)
Mar. 1 *Holders of rec. Feb. 8
*2
Brooklyn Edison Co. (quar.)
2
Feb. 1 Holders of rec. Jan. 28
Hudson Casualty Ins. Co.(N. J.)
Canadian Hydro-Electric, 1st pref. (qu.) 134 Mar. 1 Holders of rec. Feb. 1
Imperial Tobacco of Gt. Brit. & Ire_ - "11
Central Power & Light, 7% Pref.(qu.)-- *131 Feb. 1 *Holders of rec. Jan. 15
Bonus
(8)
Louisville Gas & Elec., corn. A & B (qu.) 4331 c Mar. 25 Holders of rec. Feb. 28
*25
Stock dividend
Mohawk & Hudson Power,let pref.(qu.) *81.75 Feb. 1 *Holders of rec. Jan. 19
3
Feb. I Holders of rec. Jan. 31
Industrial Credits Service (quar.)
New England Water, Light & Power
Inter. Agricultural Corp., prior pf. (qu.) 134 Mar. 1 Holders of reo. Feb. 15a
Associates, pref. (quar.)
134 Feb. 1 Holders of rec. Jan. 19
May 1 Holders of rec. Mar. 30,
$1.50 Mar. 1 Holders of ree.$Feb. 15a Internat. Educational Publishing, pref._ $1
North American Edison Co., pf. (qu.)
134 Feb. 1 Holders of reo. Jan. 260
Interstate Dept. Stores, pref.(qar.)North Amer. Utility Secur., 1st PI.(qu.) .$1.50 Mar. 15 *Holders of rec. Feb. 28
Jones & Laughlin Steel, corn.(quar.)__. "11.25 Mar. 1 *Holders of rec. Feb. 13
Northern States Power, pref. (guar.)_ _
134 Mar. 1 Holders of rec. Feb. 20
•134 Apr. 1 *Holders of rec. Mar. 13
Preferred (guar.)
Ohio Public Service, 1st pi. A (mthly.)-* 58 1-3e Feb. 1 *Holders of rec. Jan. 15
200 Feb. 1 Holders of rec. Jan. 21
Klein (Henry) & Co.,
corn. (qu.)-Philadelphia Electric Co., corn. (quar.)_ *50c. Mar. 15 *Holders of rec. Feb. 28
30c Feb. 1 Holders of rec. Jan. 21
Inc.,
(quar.)
Participating preference
Public Service Corp. of N.J., corn.(qu.) •65c. Mar. 30 *Holders of rec. Mar. 1
200 Feb. 1 Holders of rec. Jan. 21
Panic. pref. (participating d17.)
*2
Mar. 30 *Holders of rec. Mar. 1
8% preferred (quar.)
3400 Mar. 30 *Holders of rec. Mar. 11
Kresge (S. S.) Co., corn. (quar.)
*134 Mar. 30 *Holders of rec. Mar. 1
7% preferred (quar.)
quo
Mar. 1 *Holders of rec. Feb. 11
Common (payable in corn, stock)85 preferred (quar.)
*$1.25 Mar. 30 *Holders of rec. Mar. 1
*1U Mar. 30 *Holders of rec. Mar. 11
Preferred (guar.)
*50c. Feb.
6% preferred (monthly)
80c. Mar. 1 Holders of rec. Feb. 16
Lake of the Woods Milling, cool.(qu.)
*50c. Mar.
6% preferred (monthly)
134 Mar, 1 Holders of rec. Feb. 16
Preferred (guar.)
Feb. 1 Holders of rec. Jan. 22a
Rhode Island Pub. Berv., class A (quar.) Si
50c. Feb. 1 Holders of rec. Jan. 22a Lakey Foundry & Mach.
Preferred (quan)
Stock dividend
'214 Apr. 30 *Holders of rec. Apr. 15
50c. Feb. 15 Holders of rec. Jan. 25a
Tampa Electric Co., corn. (guar.)
•e234 July 30 *Holders of rec. July 15
Stock dividend
Common (1-50th share corn. stock.)
(1) Feb. 15 Holders of rec. Jan. 25a
"e234 Oct. 30 *Holders of rec. Oct. 15
Stock dividend
81.1234 Mar. 30 Holders of rec. Feb. 28
United Gas Improvement (quar.)
Lehigh Coal & Navigation (quar.)
$1
Feb. 28 Holders of rec. Jan. 31
Lehn dr Fink Co.(guar.)
'75c. Mar. 1 *Holders of rec. Feb. 14
Trust Companies.
Libby-Owens Sheet Glass, corn. (guar.)_ *50c. Mar. 1 *Holders of rec. Feb. 19
Interstate (quar.)(No. 1)
*134 Mar. I *Holders of rec. Feb. 15
Loew's Ohio Theatres, 1st pf. (guar.)-- 2
Feb. 1 Holders of rec. Jan. 25
525c. Mar. 1 *Holders of ree. Feb. 15
Interstate Corp. (quar.) (No. 1)
Mallinson (H. R.) & Co., pref.(quar.)
134 Apr. 1 Holders of rec. Mar. 21
Fire Insurance.
Marathon Shoe, corn
8734c Feb. 2 Holders of rec. Jan. 25
Feb. 6 Holders of rec. Feb. 4
5
Bankers & Shippers (quar.)
Marmon Motor Car, corn. (quar.)
Mar. 1 Holders of reo. Feb. 15
$1
81.25 Apr. 1 Mar. 20 to Apr. 11
Brooklyn Fire Insurance
Massey-Harris Co., pref.(quar.)
134 Feb. 15 Holders of rec. Jan. 31
•75c. Feb. 15 *Holders of rec. Jan. 31
Employees Re-insurance
McCord Radiator & Mfg., el. B (qu.)..
50c. Feb. 1 Holders of rec. Jan. 26
50e. Feb. 1 Holders of rec. Jan. 21
Guardian Fire Assurance (quar.)
McKesson & Robbins, corn. (quar.)_ --- '400. Feb. 10'Holders of rec. Feb. 1
$1.25 Feb. 4 Holders of rec. Feb. 1
Pacific Fire
Preferred (quar.)
•8734c Mar. 15 *Holders of rec. Mar. 1
10e. Feb. 15 Holders of rec. Jan. 28
Miscellaneous.
Metropolitan Royalty Corp
Mid-Continent Petrol., pref. (quar.)
Apr. 1 *Holders of rec. Mar. 20
*1
441.75 Mar. 1 *Holders of rec. Feb. 15
Acme Steel (quar.)
Modine
9
rec.
Jan.
31
Mfg
*50c. Feb. 1 *Holders of rec. Jan. 21
*2
Feb.
*Holders of
Alaska Packers Assoc. (guar.)
*2
Feb. 9 *Holders of rec. Jan. 31
Montgomery Ward & Co., corn.(quar.)- •6234c Feb. 15 *Holders of refs. Feb. 4
Extra (from ins, fund net. Income)
Apr. 1 *Holders of rec. Mar. 20
Class
A
*11.75
omitted.
(quar.)
Dividend
American Chain.
Morris Plan Bank (Cleveland)
Feb. 1 Holders of rec. Jan.'25
3
Amer. Oil Royalties Seminole Corp.,
Muller Bakeries, pref.-DIvidend Passed
14 Jan. 31 Holders of rec. Jan. 25
Preferred (monthly)
750. Mar. 1 Holders of rec. Feb. 14
550c. Apr. 1 *Holders of rec. Mar. 12
Munsingwear, Inc. (quar.)
American Chicle,common (guar.)
National Biscuit,corn.(guar.)
"134 Apr. 1 *Holders of rec. Feb. 25
*$1.50 Apr. 15 *Holders of rec. Mar. 29
Preferred (cjuar.)
Feb. 28 *Holders of ree. Feb. 15
1
*134
Mar.
*Holders
of
rec.
Feb.
14
Preferred
*25c.
(quar.)
Products
(monthly)
American Home
*37340 Feb. 15 *Holders of rec. Feb. 1
National Refining (quar.)
"25c. Apr. 1 *Holders of rec. Mar. 14
Monthly
*50c. Feb. 15 *Holders of rec. Feb. 1
Extra
American Rolling Mill,common (guar.)_ *50c. Apr. 15 *Holders of rec. Apr. 1
Nell' Corporation, corn.(quar.)(No. 1)- •25c. Mar. 1 *Holders of rec. Feb. 19
July 30 *Holders of rec. July 1
Common (payablein common stock) _ *13
New England Bond & Mtge.,corn
50c. Feb. 1 Holders of rec. Jan. 15
*51.50 May 1 *Holders of rec. Apr. 10
Amer. Solvents & Chem., panic. pref
Feb. 9 *Holders of rec. Jan. 19
*2
1
New
Feb.
of
rec.
Jan.
19
•25c.
*Holders
Jersey Zinc
common
A.
_
Bottle,
Thermos
American
*75c. May 1 Holders of rec. Feb. 1
1
Feb. 9 Holders of rec. Jan. 31
Nichols Copper,class B
Amparo Mining (quar.)
*750. Mar, 1 Holders of rec. Feb. 1
Class B
Alpha Portland Cement,common (quar.) *75c. Apr. 15 *Holders of rec. Mar. 15
*50c. Feb. 15 *Holders of rec. Feb. 1
Nineteen Hundred Washer "A"(qu.)
*$1.75 Mar. 15 *Holders of rec. Mar. 1
Preferred (quar.)
*134 Mar. 1 *Holders of rec. Feb. 14
North American Co., corn. (quar.)
2.34 Apr. 1 Holders of rec. Mar. 5
Artloom Corp., pref. (quar.)
114 Apr. 1 Holders of rec. Mar. 5
Preferred (quar.)
460. Feb. 1 Holders of rec. Jan. 21
Art Metal Works,cony. Pr
Feb. 15 *Holders of rec. Feb. 1
Oppenheimer
& Co., pref. (guar.).- *E2
Associated Apparel Industries*6215C Feb. 15 *Holders of rec. Feb. 1
Parker Pen, corn. (quar.) (No. 1)
•331rc. Feb. 1 *Holders of rec. Jan. 21
Common (monthly)
Feb. 16 Holders of rec. Jan. 26
*334c,
Pick
433(0
1
of
rec.
Feb.
19
Mar.
*Holders
(Albert)
pf.
Barth & Co.. Part.
Common (monthly)
(qu.)
*750. Mar. 1 *Holders of rec. Feb. 20
Phillips Jones Corp.,corn.(guar.)
*3313e. Apr. 1 *Holders of rec. Mar. 21
Common (monthly)
*3734c Mar. 1 *Holders of rec. Feb. 15
Poor & Co (quar.)
Common (monthly)
*33iro. May 1 *Holders of rec. Apr. 19
*50c. Mar. 1 *Holders of rec. Feb. 15
S331,0. June 1 *Holders of rec. May 21
Extra
Common (monthly)
Apr. 1 *Holders of rec. Mar, 15
"$1
Pratt & Lambert & Co. corn.. Mar-)Common (monthly)
*33izo. July 1 *Holders of rec. June 20
134 Mar. 15
Procter & Gamble8% '
*4
Feb. 1 *Holders of rec. Jan. 22
pf.(quan)
Bates Manufacturing
Pro-phi-lac-tie Brush, pf. (Quar.)
134 Mar, 15 Holders of reo. Feb. 28
Benisch (Isaac)& Son,corn. A
*75c. Feb. 1 *Holders of rec. Jan. 19
*50o. Mar. 1 *Holders of sec. Feb. 18
Ranier Pulp & Paper, cl. A (quar.)
First preferred (quar.)
*50c. Feb. 1 *Holders of rec. Kan. 19
•25c. Mar. 1 *Holders of rec. Feb. 18
Class B (quar.)
Benson & Hedges, pref. (quar.)
550c. Feb. 1 "Holders of rec. Jan. 28
Feb. 15 *Holders of rec. Feb. 7
*4
Scotten Dillon Co.(guar.)
Bethlehem Steel, corn
311 May 15 *Holders of rec. Apr. 19
*3
Feb. 15 *Holders of rec. Feb. 7
Extra
Preferred (guar.)
'134 Apr. 1 *Holders of rec. Mar. 4
Feb. 1 *Holders of rec. Jan. 21
Securities Corp., general, cony.(quar.)- •81
Blauner's,corn.(guar.)
530c. Feb. 15 *Holders of rec. Feb. 2
81.76 Feb. 1 *Holders of rec. Jan. 21
First preferred (guar.)
Preferred (quar.)
*75c. Feb. 15 *Holders of rec. Feb. 2
Feb. 15 Holders of rec. Feb. in
2
Sinclair Consul. Oil, pfd.(guar.)
Blaw-Knox, new no par stk.(qu.)(No. 1) *25c. Mar. 1 *Holders of rec. Feb. 18
75c. Feb. 1 Holders of rec. Jan. 25
Skouras Bros., class A (quar.)
Bonded Capital Corp., Pref. (quar.)_ _
134 Jan. 22 Holders of rec. Dec. 31
$1.75 Feb. 18 Holders of rec. Jan. 31
South Coast Co., pref. (guar.)
Brown Fence dc Wire, cl. A (quar.)
*60c. Feb. 28 *Holders of rec. Feb. 15
Sparks-Withington Co., corn. (quar.)--- .750. Mar. 15 *Holders of rec. Mar. 5
Class B (No. 1)
*60c. Feb. 28 *Holders of rec. Feb. 15
•134 Mar. 30 *Holders of rec. Mar. 14
Preferred (quar.)
Bucyus-Erie Co., corn.(quar.)
*25c. Apr. 1 *Holders of rec. Feb. 21
134 Mar, 1 Holders of rec. Feb. 8
21
Standard
Convertible pref.(quar.)
Feb.
Oil(Ohio), pfd.(guar.)
'134 Apr. 1 *Holders of rec.
81.12% Feb. 1 Holders of rec. Jan. 26
Steel & Tubes, Inc., corn. B
w• 334
*Holders of rec. Feb. 8
Burma Corp. Am dep.rcts
$1.1234 Feb. 1 Holders of rec. Jan. 28
Common class C (guar.)
*Holders of rec. Feb. 8
Amer. dep.rcts(extra)
w*M
Strauss(Robert T.)& Co.,PM.
Burroughs Adding Machine (special). _
$2 Feb. 11 Holders of rec. Feb. 1
--- 134 Apr. 1 Holders of rec. Mar. 15
Feb. 1 Holders of rec. Jan. 20
2
Troxel Mfg.,corn.(quar.)
15c. Apr. 1 Holders of rec. Mar. 15
Capital City Surety
134 Feb. 1 Holders of rec. Jan. 20
Congo'.
28
Copper (quar.) $1 Mar. 30 Holders of rec. Feb.
Preferred (guar.)
Calumet & Heels
United Engineering & Foundry, corn-- Divide nd Omitted.
*75c. Feb. 1 *Holders of rec. Jan. 18
Castle(A. M.)& Co.(quar.)
'134 Feb. 8 *Holders of rec. Jan. 29
Centrifugal Pipe (quar.)
Preferred (guar.)
15c. Feb. 15 Holders of rec. Feb. 5
Feb. 21 *Holders of ree. Feb. 1
United Piece Dye Wks.,corn
*2
Charlton Mills
Feb. 1 'Holders of rec. Jan. 21
*114 Apr. 1 *Holders of rec. Mar. 20
Preferred (guar.)
Chile Copper Co.(quar.)
*8734c Apr. 22 *Holders of rec. Mar. 22
July
1 *Holders of rec. June 20
25
*134
pref.
Jan.
Preferred
(quar.)
(quar.)
Clinchfield Coal,
Feb. 1 *Holders of rec.
•134 Oct' 1 *Holders of rec. Sept. 20
134 Feb. 1 Holders of rec. Jan. 25
Preferred (guar.)
Columbia Investing, pref. (quar.)
o3% Feb. 20 *Holders of ree. Feb. 9
'134 Jan2'30 *Holders of reo. Dec. 20
Preferred (quar.)
Consumers Co., Preferred
134 Apr, 2 Holders of rec. Mar. 15
United Securities, Pref. (guar.)
Apr. 1 *Holders of rec. Mar. 15
Prior preferred (quar.)
U. S. Cast Iron Pipe & Fdy., corn. (qu.) •50c Apr. 20 *Holders of rec. Mar. 31
Crown Zellerbach Corp., pfd. A (quar.) _ '11.50 Mar, 1 *Holders of rec. Feb. 13
*50c
July 20 *Holders of rec. June 30
(quar.)
13
Common
pref.
•$1.50
Mar,
Feb.
(quar.)
Convertible
1 *Holders of rec.
*300, Oct. 21 *Holders of rec. Sept 30
•$3.50 Feb. 1 *Holders of rec. Jan. 25
Common (guar.)
Cuba Company.preferred
*50o.
Jao20'30
(monthly)
*Holders of reo. Dec. 31
corn.
*50c.
Mar,
28
Common
Publishing,
2
rec.
Feb.
of
*Holders
(quar.)
Curtis
•30c. Apr. 20 *Holders of rec. Mar. 31
*$1 Mar. 23 *Holders of rec. Mar. S
First & second pref. (quar.)
Davis Mills(quar.)
1
JAN. 26 1929.]
Name of Company.
FINANCIAL CHRONICLE
When
Per
Cent. Payable.
Books Closed
Days Inclusive.
Name of Company.
Miscellaneous )Concluded).
U.S. Cast Iron Pipe & Fdy.(Concluded).
*30c. July 20 *Holders of rec. June 30
First & second pref. (guar.)
.30c. Oct. 21 *Holders of rec. Sept. 30
First & second pref. (guar.)
*30c. Jan20.30 *Holders of rec. Dec. 31
First & second pref. (guar.)
U.S. Fidelity di Guaranty Co.(qu.).-. 50e. Feb. 15 Holders of rec. Jan. 31
*El Mar. I *Holders of rec. Feb. 18
U. S. Hoffman Machinery (guar.)
*El Apr. 1 *Holders of rec. Mar. 4
U.S.Playing Card (guar.)
U. S. Mortgage Co.(N. J.) (guar.).- ni Jan. 29 Holders of rec. Jan. 18
1
Jan. 29 Holders of rec. Jan. 18
Extra
.62c Feb. 15 *Holders of rec. Jan. 31
Veeder Root Co
Virginia Carolina Chem., prior pf. (qu.) •134 Mar. 1 *Holders of rec. Feb. 16
*35c. Mar. 10 *Holders of rec. Feb. 28
Volcanic Oil & Gas (guar.)
'Sc. Mar. 10 *Holders of rec. Feb. 28
Extra
*350. June 10 *Holders of rec. May 31
Quarterly
*5c. June 10 *Holders of rec. May 31
Extra
*35c. Sept. 10 *Holders of rec. Aug. 31
Quarterly
'Sc. Sept. 10 *Holders of rec. Aug. 31
Extra
*35c. Dec. 10 *Holders of rec. Nov.30
Quarterly
'Sc. Dec. 10 *Holders of rec. Nov.30
Extra
Westfield Mfg.,corn.(guar.)
3734c Feb. 15 Holders of rec. Jan. 31
2
Feb. 15 Holders of rec. Jan. 31
Preferred (guar.)
White(8.8.) Dental Mfg.(qu.)
134 Feb. 1 Holders of rec. Jan. 23
Extra
A Feb. 1 Holders of rec. Jan. 23
*51.25 Apr. 1 *Holders of rec. Mar. 20
Whitaker Paper,corn.(guar.)
Common (extra)
*al Apr. 1 *Holders of rec. Mar. 20
*134 Apr. 1 *Holders of rec. Mar. 20
Preferred (guar.)
Winsted Hosiery (guar.)
'234 Feb. 1 *Holders of rec. Jan. 15
Extra
•)4 Feb. I *Holders of rec. Jan. 15
Quarterly
'
2)4 May 1 *Holders of rec. Apr. 15
Extra
*34 May 1 *Holders of rec. Apr. 15
Quarterly
.
234 Aug. 1 *Holders of rec. July 15
Extra
•H Aug. 1 *Holders of rec. July 15
Wolverine Portland Cement(guar.) _ _ _ 1% Feb. 6 Holders of rec. Feb. 15
ye,apler Corp.. pref.(guar.)
*75e. Feb. 1 *Holders of rec. Jan. 28
519
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Public Utilities. (Concluded)
Elec. Power & Light. common (qua?.)...
25e. Feb. 1 Holders of rec. Jan. 120
Allot. elf, full paid
34 Feb. 1 Holders of rec. Jan. 120
Allot. etre.40% paid
5e. Feb. 1 Holden of rec. Jan. 120
Fall River Gas Works(guar.)
*75e. Feb. 1 *Holders of req. Jan. 18
Foreign Power Securities. 6% prof. (111.) 14 Feb. 15 Helder, of rec. Jun. 31
Fort Worth Power & Light.PM.(guar.). 14 Feb. 1 Holders of rec. Jan. 18
General Public Service-56 preferred (ouarterlY)
$1 50 Feb. 1 Holders of reo. Jan. 10
35.50 preferred (guar.)
1.3714 Feb. 1 Holders of rec. Jan. 10
Convertible preferred (guar.)
61.75 Feb. 1 Holders of rec. Jan. 10
Grand Rapids R. R.,7% pref.(qua?.).. 14 Feb. 1 Holders of rec. Jan. 15
Hartford Electric Light
.13854c Feb. 1 *Holders of rec. Jan. 19
Havana Elec.& lJtilltie 1st p1.(guar.).. 31.50 Feb. 15 Holders of rec. Jan. 19
Preferred (oriar.) _
$1.25 Feb. 15 Holders of rec. Jan. 19
Idaho Power 7% pref. (guar.)
14 Feb. 1 Holders of rec. Jan. 15
$1.50 Feb. 1 Holders of rec. Jan. 15
56 preferred (guar.)
Illinois Northern Utilities, pref.(guar.). '13.4 Feb. 1 *Holders of rot. Jan. 15
Illinois Power & Light $6 pref. (guar.)... $1.50 Feb. 1 Holden, of rec. Jan. 15
ea
rre
tin
dg(t
iuP
Illp
ao
uniseifn
r.)
wer Scour., corn.(qu.) $1.50 Feb. 9 Holders of rec. Jan. 31
14 Feb. 15 Holders of rec. Jan. 31
Indianapolis Pow.& Lt. 1st p(,(qu.).... $1.75 Feb. 1 Holders of rec. Jan. 21
Interns! l'tillties. $7 ilrri
Cl 71 Feb. I Holders of rec. Jan. 17
Interstate Rye., common (guar.)
1734c Feb. 1 Jan
22 to Feb 1
Italian Superpower Corp. pref.(guar.).- $1.50 Feb. 1 Holders of ree. Jan. 19
Kentucky Utilities Junior pref.(qua?.)..'8734c Feb. 20 *Holders of rec. Feb. 1
Mar. 1 *Holders of rec. Feb. 18
Keystone Telephone, pref.(guar.)
*al
Knoxville Pow.& Lt.. $7 pref.(guar.).- $1.75 Feb. 1 Holders of reo. Jan. 19
56 preferred (guar.)
21.50 Feb. 1 Holders of reo. Jan. 19
Long Island Lighting, common
100. Feb. 1 Holders of yea. Jan. 16
Manitoba Power, 1.1d
$1.50 Fen. 1 111,,tiers of tee. Jan. 10
Massachusetts(has Con.. cemmon (qu.) $1.25 Fen 1 Holders of rec. Jan. 15
Middle West Utilities common (guar.)._ 21.75 Feb. 15 Holders of rec. Jan. 31
Milwaukee Elec. Hy.dr Lt., pl.(mu.)-- - 14 Jan, 31 Holders of rec. Jan. 2I0
Montreal L.. H.& Pr., corn.(guar.)._
52.40 Jan. 31 Holders of rec Deo. 31
Montreal L.H.&Pr..Cons..com. (guar.).
600. Jan, 31 Holden of tee Dec. 31
Nat.Elec.Power, own.el. A (guar.).-45e Feb. 1 Holders of ree. Jan. 18a
250. Mar. 1 Holders of rec. Feb. 13a
Below we give the dividends announced in previous weeks Nat.Power & Light,corn.(qua?.)
*14 Feb. 1 *Holders of rec. Jan. 16
6% preferred (guar.)
and not yet paid. This list does not include dividends an- National
Telep.& Teteg., class A (guar.) 87oFeb. 1 Holders of rec. Jan. 17
$1.75 Feb. 1 Holders of rec. Jan. 17
1st preferred (guar.)
nounced this week, these being given in the preceding table
260. Feb. 15 Holders of rec. Feb. 6
Nat. Water Works Corp., corn. A (qu.)
873.40. Feb. 15 Holders of rec. Feb.
Preferred A (guar.)
Per
Nevada-Calif. Elec. Corp. pref. (qu.)
14 Feb. 1 Holders of rec. Dec. 29
When
Books Closed
Name of Company.
Cent. Payable.
Northern StatesPower corn. A (qua?.)
2
Days Inclusive.
Feb. 1 Holders of rec. Dec. 31
$1.75 Feb. 15 Holders of roe. Jan. 31
North West Utilities. pref.(guar.)
Railroads (Steam).
oiar(qua?.)
Holders of rec. Feb. 15
134 Mar.
6Edp
% isre
Oh6lo
onfe
.r6red
% pref.
Alabama Great Southern. preferred
$1.65 Mar.
Holders of rec. Feb. 15
Feb. 13 Holders of rec. Jan. 11
82
Preferred (extra).
81.50 Feb. 13 Holders of rec. Jan. Ii
14 Mar.
(qua?.)
Holders of rec. Feb. 15
re
5 preferred
)
Atoll. Topeka & Santa Fe, corn.(guar.)
2% Mar. 1 Holders of reo. Jan. 25a
14 Mar.
Holders of rec. Feb. 15
Preferred
214 Feb. 1 Holders of reo. Dec. 280
50c. Feb.
Holders of rec. Jan. 11
6% preferred (monthly)
Baltimore & Ohio. corn.(guar.)
134 Mar. 1 Holders of rec. Jan. 120
500. Mar.
6% preferred (monthly)
Holders of rec. Feb. 16
Preferred (guar.)
1
Mar. 1 Holders of reo. Jan. 12.
55e. Feb.
6.6% preferred (monthly)
Holders of rec. Jan. 16
Canada Southern
14 Feb. 1 Holders of reo. Dec. 28s
55e. May.
Holders of rec. Feb. 15
6.6% Preferred (monthly)
Chicago River & Indiana(annual)
•$10 Feb. 15 *Holders of rec. Feb. 8
Pacific Gas & Elec.,6% pref.(guar.).- *3714o Feb. 15 *Holders of rec. Jan. 31
Cuba RR., preferred
5 % preferred (guar.)(No. 1)
3
•344e Feb. 15 *Holders of ree. Jan. 31
Feb. 1 Holders of reo. Jan. 15
Great Northern preferred
2
750. Feb. 15 Holders of rec. Jan. 3111
Feb. I Holders of rec. Dec. 210 Pacific Lighting common (guar.)
Hudson & Manhattan. preferred
•51.25 Feb. 15 *Holders of rec. Jan. 31
2)4 Feb. 15 Holders of reo. Feb. In
Preferred (guar.)
Internal Rye of Cent Amer., Pref.(qu.)- 1)4 Feb. 15 Holders of rec. Jan. 310 Pacific Power & Light. Pref.(guar.).- 14 Feb.
Holders of ree. Jan. 18
Louisville & Nashville
3% Feb. 11 Holders of rec. Jan. 15.. Pacific Public Service, corn. A (guar.).- 164e. Feb.
Holders of reo. Jan. 10
Motioning Coal RR., common (guar)
- 25e. Feb.
812.60 Feb. 1 Holders of ree. Jan. 14. Penn-Ohio Edison, common (guar.).
Holders of reo. Jan. 15
Michigan Central
14 Mar.
20
Jan. 29 Holders of rec. Dec. 28a
7% prior preferred (guar.)
Holders of roe. Feb. 18
Nashville Chattanooga & St. Louis
314 Feb. 1 Holders of rec. Jan. 19. Pennsylvania-Ohio Pow.& Lt.56 pf.(qu) 21.50 Feb.
}Riders of roc. Jan. le
New Orleans Texas & Mexico (guar.).- 134 Mar. 1 Holders of rec. Feb. 15a
7% preferred (guar.)
14 Feb.
Holders 01 rec. Jan 19
New York Central RR.(guar.)
'2
Feb. 1 Dec. 29 to Jan. 23
600 Feb.
Holders of rec. Jan 19
7.2% pref.(monthly)
Norfolk & Western. adi. pref. (guar.)._ _ 1
Feb. 19 Holders of rec. Jan. 310
55c. Feb.
6.6% pref.(nunthly)
Hclders ot reo. Jan. lto
Northern Pacific (guar.)
1H Feb. 1 Holders of reo. Dec. 31a Philadelphia Co.,'tom. (guar.)
$I
Jan. 3 Holders of rec Jan. 20
Peoria & Bureau Valley
*4
Feb. 9 *Holders of rec. Jan. 19
750 Jan. 3 Holders of rec. Jan. 2.
Common (extra)
Pere Marquette 5% Prior Pref.(guar.).- 1% Feb. 1 Holders of rec. Jan. 4a Phila. Rapid Transit. corn. (guar.)
Jan. 3 Holders of rec. Jan. 154
al
r lye per cent preferred (guar.)
131 Feb 1 Ho.deis of reo Jan. 4a Phila. Suburban Water. prof.(guar.).- 134 mar.
Holders of rec. Feb. 9
Pittsburgh & Lake Erie
82.50 Feb. 1 Holders of reo. Dec. 280 Portland Gas & Coke. prof.(guar.)
14 Feb.
Holders of rec. Jan. 18
Pittsburgh & West Virginia, corn.(guar) 114 Jan. 31 Holders of reo. Jan. 15a Power & Light SecuritiesReading Co., common (guar.)
SI Feb. 14 Holders of rec. Jan. 17a
50e. Feb.
Holders of reo. Jan. 4
Shares of beneficial interest
St. Louis-San Francisco. Pref.(guar.)
I% Feb. 1 Holders of rec. Jan. 2.
Holders of rec. Jan. 4
Rhares of beneficial Int. (In stock).... el Si Feb.
Preferred (qller.)
1% May 1 Holders of rec. Apr. llte Pub.fiery. Corp.of N.J.,6% Pf.(MtillY) •500. Jan. 3 *Holders of rec. Dec. 31
Preferred (guar.)
134 Aug. 1 Holden; of rec. July la Pueb%
Feb.
*Holders of reo. Jan. 15
Nrir. III. 5100 par (gu.).... *2
rerv
f.(
.o
atua
lIcpSe
Preferred (guar.)
134 Nov. 1 Holders of rec. Oct. 1.
Feb.
22
*Holders of rec. Jan. 15
Common (no PIO (guar.)
Southern Railway, corn. (guar.)
2
Feb. 1 Holders of reo. Jan. 2.
•134 Feb.
*Holders of rec. Jan. 15
7% pref.(guar.)
Virginian Ry ., preferred
•3
Feb. 1 *Holders of reo. Jan. 19
•1A Feb.
*Holders of rec. Jan. 15
Wabash preferred A (guar.)
14 Feb. 25 Holders of rec. Jan. 250 Railway & Light Securities, corn.(qua.. 506. Feb.
Holders of rec. Jan. I50
$2 Feb.
Common (extra)
Holders of rec. Jan. 15.
Public Utilities.
t1.5i) Feb.
Holder. of rec. Jan. 154
Preferred (quar.) No. 1
81.25 Feb.
Alabama Power,$5 prof.(quar.)
*$1.12 Feb.
Holders of reo. Jan. le
*Holders of rec. Jan. 15
Rockland Light AG Power (guar.)
$1.2 Feb. 1 Holders of rec. Feb. 1
Allied Power dr Light, 65 pref.(gu.)-50c. Feb.
Holders of rec. Jan. 22.
Sierra Pacific Elea Co.. corn. (qu.)
75e Feb. 1 Holders of rec. Feb. 1
53 cumulative preference (guar.)
114 Feb.
Holders of rec. Jan. 22.
Preferred (guar.)
Am. Com'wealths Pow. 1st pf. A (qu.) $1.7 Feb.
Holders of reo. Jan. 15
50e Feb. 1 Holders of rec. Jan. 20a
q.olthern California Edison. corn.(au.)
$1.6 Feb.
$6.50 first preferred (guar.)
Holders of reo. Jan. 15
250. Feb. 1 Holders of rec. Jan. 81
Southern Canada Power, corn. (qua?.)
$1.76
Feb.
(guar.)
Second pref. series A
Holders of rec. Jan. 15
50e. Feb. 2 Holders of rec. Jan. 31
Southern Colorado Power, corn. A (qu.)
Holders of rec. Jan. 15
Amer. Elec. Securities, panic. pf.(qu.)_ 37140 Feb.
Holders of rec. Jan. 20
-,,,uthwest Gas Util., pref. (qua!'.)._.$ 1.62)4 Feb.
$1.80 Feb.
Amer. Gas & Elec. pref.(guar.)
Holders of rec. Jan. 10
Holders of rec. Apr. 20
$ l.6214 May
Preferred (guar.)
Amer. Light & Traction, corn
2)4 Feb.
Jan. 18 to Jan. 28
Holders of rec. Jan. 16
.rtandard Power & Light. pref.(qua!'.).. 21.73 Feb.
1)4 Feb.
Preferred (guar.)
Jan. 18 to Jan. 28
Holders of rec. Mar. 15
Tennessee El.Pow.Co..5% 1st p1.(qu.) 1% Apr.
Amer. Water Wks. & Elec., con]. (qu.)
25e. Feb. 1 Holders of ree. Feb. la
Holders of rec. Mar. 15
134 Apr.
6% let pref. (qua?.)
Feb. 1 Holders of rec. Feb. la
Corn. (one-fortieth share corn. stk.)
1% Apr.
Holders' of rec. Mar. 15
7% let pref. (guar.)
Associated Gan & Elec., class A (guar.).Feb.
Holders of rec. Jan. 10
1.80 Apr.
Holders of rec. Mar. 15
7 2% let pref.(guar.)
$1.50 Mar.
$6 Preferred (qu.)
Holders of reo. Jan. 31
50c Feb.
Holders of rec. Jan. 15
6% 1st prof. (monthly)
$6.50 preferred (qua?.)
$ 1.624 Mar. 1 Holders of rec. Jan. 31
50e Mar.
Holders of rec. Feb. 15
6% let prof. (monthly)
Bangor Hydro Elec., coon (guar.)- -- •51 $t) Feb. 1 'Holders of rec. Jan It.
Holders of rec. Mar. 15
50c Apr.
8% 1st pref. (monthly)
Brazilian Tr., Lt.& Pow.corn.(qu.) -- 500. Mar. 1 Holders of rec. Jan. 31
60c Feb.
Holders of rec. Jan. 15
7.2% 1st pref. (monthly)
Broad River Power, pref. (guar.)
154 Feb. 1 Holders of rec. Jan. 15
60c Mar.
Holders of rec. Feb. 15
7.2% let pref. (Monthly)
13klyn.-Manhat. Transit. pref.set A (qu) $1.50 Apr. 15 Holders of rec. Apr. la
6ne Apr.
7 2.7 1st pre? (monthly)
Holders of rec. Mar. 15
86 Preferred (guar.)
•$1.26 Jan. 31 *Holders of rec. Jan. 16
154 Feb.
Texas Power & Light, pref.(guar.)
Holders of rec. Jan. 16
Central Hudson c.rus & Elec.. corn
*50o. Feb. 1 *Holders of reo. Dec. 31
Feb.
134
Holders
of rise. Jan. 16
26
preferred
(guar.)
Common (extra)
*50c Feb. 1 *Holders of rec. Dec. 31
35c Mar. 1 • Holden( of rec. Feb. 28
Unir
traNatural(48 of Canada (qu.)...
Cent. & Southwest. URI. prior pf.(qu.). $1.75 Feb. 15 Holders of rec. Jan. 81
ISe Mar. I
Holden of roe. Feb. 2R
27 preferred (guar.)
$1.75 Feb. 15 Holders of rec. Jan. 31
12e Feb.
Dn. I.t & Pr.. new corn. A & B (guar.).Holders of rec. Jan. 150
Chic. Rap. Transit, pr. pref.(monthly) *65o Feb. 1 *Holders of rec. Jan. 15
60e. Feb.
Old common A & H (Quay.)
Holden of rec. Jan. 160
Prior preferred A (monthly)
*65o. Mar. 1 *Holders of rec. Feb. 19
I% Feb. 1 Holders of rec. Jan. 216
Co.. 7% pref.(eu.)
Electric
Penn
West
Prior preferred B 'monthly)
•600. Feb. 1 *Holders of reo. Jan. 16
Six per cent preferred (guar.)
114 Feb. 1 Holders of rec. Jan. 210
Prior preferred 13(monthly)
•600. Mar. 1 *Holders of reo. Feb.
Wt Penn Power Co.. 7% prof. (guar.) 134 Feb. I Holders of rec. Jan. 50
Columbia Gas & Elec., corn.(guar.).- $1.25 Feb. 15 Holders of rec. Jan. 19
19a
preferred
6%
Mara
134 Feb. 1 Holders of reo. Jan. 6a
Preferred,series A (guar.)
134 Feb. 15 Holden of rec. Jan. 19. Wilmington Gas Co., preferred
3
Mar. I Holders of rec. Feb. 90
Comliioowcaltii Edison (guar.)
Feb. 1 *Holders of reo. Jan. lb
.2
$1
Feb 1 Holders of roe Jan. 10
Winnipeg Electric Co
Commonwealth Power,common (guar.)
750. Feb. 1 Holders of reo. Jan. 11. York Rye., preferred (quay.)
624e.
Jan.
31 Holders of reo. Jan. 21
6% Preferred (guar.)
14 Feb. 1 Holders of reo.
11
Community Power & Light corn.(qu.).- *75o Feb. 1 *Holders of rec. Jan.
Jan. 22
Banks.
Preferred (guar.)
'13.4 Feb. 1 *Holders of rec. Jan. 22
Amalgamated (guar.)
'
2)4 Feb.
*Holders of res. Jan. 25
Consolidated Gas of N. Y., corn. Btu.)
75c .Aar. 15 Holders of rec. Feb. eti Continental
6
Feb.
Holders of rec. Jan. 2Ra
Preferred (guar.)
51.21 Feb.
Holders of rec. Deo. 28. corn Fschange ((ms!'.)
A
Yell
-Holders of rec. .lan. 31
Consumers Power.65 Prof. (guar.)
$1.25 Apr.
Holders of rec. Mar. 15
(Brooklyn)
Mechanics
(extra)
*2
Feb.
*Holders
of rec. Jan. 18
Six Per cent preferred (guar.)
Apr.
134
Holders of rec. Mar. 15
Companies.
Trust
6.6% preferred (guar.)
1.65 Apr.
Holders of rec. Mar. 15
*4
Feb.
Farmers Loan & Trust (guar.)
*Holders of rec. Jan. 24
Seven per cent preferred (guar.)
134 Apr.
Holders of roe. Mar. 15
*20
Kings County (qua!'.)
Feb.
*Holders of reo. Jan. 25
Six per cent preferred (monthly)
500. Feb.
Holders of reo. Jan. 15
Six per cent preferred (monthly)
5013. Mar.
Holders of reo. Feb. 15
Fire Insurance.
Six per cent preferred (monthly)
50c. Apr.
Holders of rec. Mar. 15
73e Feb.
Amer. Alliance Ins, let pref. allot. etreHolder* of rec. Jan. 161
6.6% preferred (monthly)
55o. Feb.
Holders of reo. Jan. 15
Amer.Egult.Assuranee Co.of N.Y.(qu.) 734 Feb.
Holders of rec. Jan. 21
6.6% preferred (monthly)
55o. Mar.
Holders of rec. Feb. 15
Knickerbocker Ins. Co. of N.Y.(qu.).
734 Feb.
of rec. Jan. 21
Holders
6,6% preferred (monthly)
55e. Apr.
Holders of rec. Mar. 15
Nat. Liberty Ins., new 55 par stk.(No. 1) 250. Feb.
Holders of rec. Jan. 21
Dallas Power & Light pref. (guar.)
1)4 Feb.
Holders of rec. Jan. 21
Extra
50c. Feb.
Holden of rec. Jan. 21
Derby Gas & Elec. $7 pref.(guar.)
$1.75 Feb.
Holders of rec. Jan. 21
New York Fire (guar.)
6
Feb.
Holders of rec. Jan. 21
$eA preferred (guar.)
1.6234 Feb.
Holders of rec. Jan. 21
Eastern MOM.Street By., Prof. B
Feb.
3
Holders of rec. Jan. 15
Miscellaneous.
First pref. ar sinking fund stock
Feb. 1 Holders of rec. Jan. 81
3
Abraham & Straus. Inc.. pref iqu
I kt Feb. 1 Holders of rec. Jan. 156
Edison Elec. III., Boetuu (11.1ar.)
Feb.
3
Holders of rec. Jan. 10
Acme Steel,stook dividend
.50 Feb. 1 *Holders of req. Dee.:
Electric Bond & Share. prof.(guar.).- 134 Feb.
Holders of reo. Jan. 12
Corp., corn.(guar.)
Millis
Adams
50c. Feb. 1 Holders of roe. Jan. 18a
Electric Investors. Inc.'154 Feb. 1 *Holders of ree. Jan. 18
1st and 2d pref. (guar.)
so preferred (guar.)
$1.60 Feb.
Holders of rec Jan. 15
Alliance Realty, cam.(guar.)
110 Feb., 20 Holders of res. Feb. 5s
Empire Gas & Fuel8% pref.(monthly)_e 662-30 Feb.
*Holders of rec. Jan. 15
Preferred (guar.)
21.50 Met. 1 Holden of rec. Feb. 200
•58 1-3c Feb.
7% preferrred (monthly)
*Holders of rec. Jan. 15
Allied Chemical Az MP. COM (guar.).- al
Veh • I Hoiden% of rec. Jan. 116
% preferred (monthly)
•54 1-6e Feb.
*Holders of reo. Jan. 15
Allis-Chalmers Mfg corn (guar.)
$1.75
Feb. 15 Holders of rec. Jan. 25.
a% preferred(monthly)
•500. Feb.
*Holders of rec. Jan. 15
Alpha Claude Neon Co.. pl.(on.)(No.1) 134
I Holders of rec. Dee. 31
7/
(1)
(1)
[Vol.. 128.
FINANCIAL CHRONICLE
520
Name of Company.
When
Per
Cent. Payable.
Books Closers
Dave Inclusion.
Miscellaneous (roettnued).
Altorfa Bros. pref. (qu.)(No. 1)
"750. Feb. 1 *Holders of roe. Jan. 5
Amerada Corp. (guar.)
50e. Jan. 31 Holders of rec. Jan. 154
•25e. Feb. 1 *Holders of rec. Jan. 21
American Brick common (quay.)
Feb. 1 *Holders of ree. Jan. 21
(quar.)
*50e.
Preferred
75c. Feb. 15 Holders of rec. Jan. 3in
Amer.Can coin (qua?.)
•$1.75 Feb. I *Holders of roe. Jan. 20
Amer. Chatillon Corp.. PL(Ou.)
Preferred (quay.)
"51.75 May 1 *Holders of rec. Apr. 20
Feb. I Holders of roe. Jan. 15
American Cigar common (quay.)
2
Feb. 1 Jan 12 to Feb 1
American Coal ((buar.)
$1
134 Feb. 1 Holders of rec. Jan. 18
Amer. Dept. Stores, 1st & 2d Dr. (can.)
(nal Feb. 15 Holders of rec. Feb. la
Amer. Encaustic Tiling
Amer. European Securities, pf.(quar.). $1.50 Feb. 15 Holders of ree. Jan. 31
Amer. Founders Corp.. corn. (quay.)..., 1234e Feb. 1 Holders of rec. Jan. 15
Corn.(1-140th share corn, stock)
(f) Feb. 1 Holders of roe. Jan. 15
87340 Feb. 1 Holders of rec. Jan. 16
7% 1st pref.(quar.)
75e. Feb. 1 Holders of roe. Jan. 15
6% lst pref. (quay.)
37310 Feb. 1 Holders of rec. Jan. 15
6% 2d preferred (quar.)
Feb. 1 Holders of roe. Jan. 12
Amer. Glue, pref. (guar.)
2
250. Feb. 1 Holders of reo. Jan. 140
Amer.Home Products(Mthly.)
Feb. 1 Holders of ree. Jan. 18a
$1
Amer. Mach.& Foundry corn.(quar.)
144 Feb. 1 Holders of rec. Jan. 180
Preferred (quay.)
2 Feb. 1 Holders of rec. Jan. lba
Amer.Shipbuilding.corn.((mar.)
Preferred (gnarl
154 Feb. 1 Holders of reo. Jan. 15
Feb. 1 Holders of rec. Jan. 110
Amer. Smelt.& Re fg. new corn.(qn.)__. $I
134 Mar. 1 Holders of rec. Feb. Is
Preferred (oiler
‘1,134 Mar. 1 'Holders of rec. Feb. 15
Amer. Sumatra Tobacco (quar.)
Amer. Vitrified Products, pref.(inar.)-- '131 Feb. 1 "Holden of ree. Jan. 19
51.50 Feb. 18 Holders of rec. Jan. 120
Anaconda Copper Mining (guar.)
Anglo-Persian OilJan. 31 *Holders of roe. Jan. 7
Amer. dep. reeks. for 1st prof., reg.- •4
"434 Jan. 31 *Holders of rec. Jan. 7
Amer. dep. recta. for 2d pref., reg131 Feb. 1 Holders of rec. Jan. 21
Apollo Magneto, new pref. (quar.)
Feb. 1 Holders of rec. Jan. 210
Archer-Daniels-Midland Co., com.(qu.) 51
Common (payable in common stock)_ 1100 Mar. 1 Holders of roe. Feb. 190
134 Feb. 1 Holders of rec. Jan. 210
Preferred (Van)
•250. Jan. 31 *Haulers of roe. Jan. 16
Arizona Commercial Mining
•3734c Apr. 1 *Holders of rec. Mar. 9
Armstrong Cork, COMM= (guar.)
*1234c Apr. 1 *Holders of rec. Mar. 9
Common (extra)
Associated Dry Goods Corp.. conk. (mi.) 63e Feb. 1 Holders of rec. Jan. 120
134 Mar. 1 Holders of rec. Feb. 94
First preferred (quar.)
144 Mar. 1 Holders of rec. Feb. 9a
Second preferred (quar.)
Jan. 31 *Holders of rec. Jan. 15
*4
Atlantic Funding,pref
Atlantic & Pacific Internat., pref. (qu.1_ •750. Feb. 1 *Holders of rec. Jan. 15
134 Feb 1 Holders of rec. Jan. 16
Atlantic Refining pref.(quar.)
134 Feb. 1 Holders of rec. Jan. 180
Atlas Powder pref. (quar.)
144 Apr. 1 Hold, of rec. Mar. 20'290
Babcock & Wilcox Co.(final%)
*25e. Feb 1 *Holders of rec. Jan. 19
Balaban & Hats, corn.(monthly)
•25e. Mar. 1 *Holders of rise. Feb. 20
Common (monthly)
1025e. Apr. I *Holders of roe. Mar. 20
Common (monthly)
*134 Apr. 1 *Holders of rec. Mar. 20
Preferred (quar.)
134 Jan. 31 Holders of rec Jan. 15
Bancroft (Joseph) Or Scala Co.. pref. OW
50e. Feb. 1 Holders 01 ree. Dee. 3)
Bankers Financial Trust common
Bankers Security 'Tr.Co..ser. A pf.(qu.) •134 Mar. 1 *Holders of rec. Feb. 15
50e Feb. 5 Holders of roe. Jan. 2.
Barnedall Corp.cam. A Ilr B (quer.) - - 134 Feb. 15 Holders of rec. Feb. 1
Baturaum (Ludwig)& Co., lot pf.(qu.)_
Beacon 011 pref (quar.)
1.8734 Feb. 15 Holders of rec. Feb 1
Beech-Nut Packing Caner.)
750 Apr. 10 Holders of rec. Mar. 25a
Belding-Cortice111, Ltd., common
31.4 Feb. 1 Holders of ree. Jan. 14
Bessemer Limestone & Cement A (quay.)
75c Feb 1 Holders of roe. Jan 18
S2.50 Feb. 1 Holders of roc Jan. 18
Class B
Bigelow-Hartford Carpet, COM. (quar.). '$1.50 Feb. 1 "Holders of roe. Jan. 18
Preferred (quay.)
•134 Feb. 1 *Holders of rec. Jan. 18
Preferred (quar.)
'134 May 1 *Holders of rec. Apr. 18
Preferred (quar.)
"134 Aug. 1 *Holders of roe. July 18
Preferred (quay.)
•114 Nov. 1 *Holders of rec. Oct. 18
Hinman Electric Co., corn. ((suar.)
50c Feb. 1 Holders of rec. Jan. 15
Preferred (quar.)
131 Feb. 1 Holders of rec. Jan. 15
Bloomingdale Bros. pref.(quar.)
154 Feb. I Holders of rec. Jan. 190
Blumenthal(Sidney)& Co.
Jan. 31 Holden of rec. Jan. 146
Bon Ami Co. class A (quay.)
31
$1.50 May. 1 Holders of rec. Feb. 15
Borden Company, coin.(quay.)
$2.50 Feb. 15 Holders of rec. Jan. 31
Boss Mfg., common
144 Feb. 15 Holders of rec. Jan. 31
Preferred (quar.)
50e Feb. 1 Holders of rec. Jan. 15
Brading Breweries, Ltd. (quar.)
Brit.-Columbia Pulp.k Paper. pref.(qu.) 134 Feb. 1 Holders of rec. Jan. 15
British Type Investors, el. A (bl-mo.)- •450. Feb. 1 *Holders of rec. Jan. 15
•154 Feb. 1 "Holders of rec. Jan. 14
Broadway Dept.Stores. pref.(qu.)
Brockway Motor Truck, corn.(quar.)_ _ •750 Feb. 1 *Holders of roe. Jan. 15
144 Feb. 1 Holders of rec. Jan. 216
Brown Shoe pref.(guar.)
Bruce (E. L.) Co.. common ((Mar.)...- 83 1-3c Feb. 1 Holders of rec. Jan. 21
750. Feb. 15 Holders of roe. Feb. 5a
Brunswick-Balke-Collender. corn. (:111.).
Bull (J. G.) Co., common (guar.)
1111.25 Feb. 1 *Holders of rec. Jan. 31
10134 Feb. 1 *Holders of rec. Jan. 31
Preferred (quar.)
'144 Feb. 1 *Holders of rec. Jan. 11
Bullocks. Inc., pref. (quar.)
•51 Feb. 1 *Holders of rec. Jan. 25
Bunte Bros., common (quay.)
82 Feb. 15 Holders of rec. Feb. la
Burns Bros., class A (quar.)
60e Feb. 1 Holders of rec. Jan. 46
Bush Terminal Co., corn.(quar.)
Common (payable in corn. stock) --- f134 Feb. 1 Holders of res. Jan. 4/1
131 Feb. 1 Jan. 15 to Jan. 24
Byers (A. M.) Co., pref.(quar.)
'$1.50 Mar" I *Holders of rec. Feb. 8
California Dairies, pref.(quar.)
Mar. 1 Holders of rec. Feb. 28a
$1
California Packing (guar.)
Jan. 15
CamPe Corporation, 634% prof. (guar.) 154 Feb. 1 Holders of rec.
1 Holners of rec. Jan. 20
Feb.
50c
Canadian Bronz., corn.(quay.)
134 Feb. 1 Holders of reo. Jan. 20
Preferred (quar.)
134 Feb. 15 Holders of rec. Jan. 31
Canadian Converters, Ltd.(quer.)
750Feb. 1 Holders of rec. Jan. 16
Canadian Dredge & Dock, corn.(quar.)
144 Feb. 1 Holders of rec. Jan. 16
Preferred (quar.)
1 Holders of ma. Jan. 15
Feb
134
Canadian Vickers, Ltd., pref.(guar.)...
$1.75 Mar.31 Holders of roe. Feb. 20
Canfield OIL corn. & pref.(quar.)
$1.75 June 30 Holders of rec. May 20
Common & preferred (Quer.)
$1.75 Sept. 30 Holders of rec. Aug. 20
Common & preferred (guar.)
41.75 Dec. 31 Holders of rec. Nov.20
Common & preferred (quar.)
Century Ribbon Mills pref. (guar.).- 134 Mar. 1 Holders of rec. Feb. 181
Cerm de Pasco Copper Corp.(quar.)
$1.25 Feb. 1 Holders of rec. Jan. III
Certo Corporation (stock dividend)
e331,Feb. 28 Holders of ree. Feb. la
50c. Feb. 1 Holders of rec. Jan. 21
Charts Corp. (quar.)
Extra
25e. Feb. 1 Holders of rec. Jan. 21
Chelsea Exch. Corp., A & B (quar.)-25c. Feb. 15 Holders of rec. Feb. 1
Class A & B (guar.)
250. May 15 Holders of rec. May 1
Chic. Milw.& Franklin Coal, Prof.(au.) 51.50 Feb. 1 Holders of rec. Jan. 18a
Chicago Yellow Cab Co.(monthly)
250. Feb. 1 Holders of roe. Jan. 211
Monthly
250. Mar. 1 Holders of reo. Feb. 191
Chickasha Cotton 011(quay.)
750. Apr. 1 Holders of rec. Mar. 95
Quarterly
75e. July 1 Holders of rec. June 10a
Christie Brown & Co.,corn.(guar.)
30c. Feb. 1 Holders of rec. Jan. 196
Chrysler Corp.common (quay.)
75e. Mar, 30 Holders of roe. Mar. 2s
Cities Service. common (monthly)
34 Mar, 1 Holders of roe. Feb. 15
Cam.(mthly.)(Payable in corn. stk.).
34 May. 1 Holders of reo. Feb. 15
Prof. and preference BB (mthly.)...
50c. Mar. 1 Holders of rec. Feb. 15
Preference B (mthly.)
Sc. Mar. 1 Holders of roe. Feb. 15
City Investing,corn
52.50 Feb. 1 Holders of roe. Jan. 23a
City Stores Co., claea A (guar.)
8754c Feb. 1 Holders of roe. Jan. 140
Class A (guar.)
8734c May 1 Holders of rec. Apr. 15e
Cleveland Stone, common (guar.)
50e. Mar. 1 *Holders of ree. Feb. 15
.
Common (guar.)
*50c. June 1 *Holders of rot May 15
Common (quar.)
•50o. Sept. 1 "Holders of rec. Aug 12
Clinchfield Coal, prof. (guar.)
.0131 Feb. 1 *Holders of rise. Jan. 25
Cluett. Peabody .fr Co.. corn. (ouar.)
51.25 Feb. 1 Holders of rec. Jan. 21e
Cockshutt Plow.corn
5750. Feb. 1 Holders of roe. Jan. 15
Cohn-Hall-Marx, corn. (quar.)
6236c. Apr. 1 Holders of roe. Mar. 15a
Common (guar.)
623.4e. July 1 Holders of rec. June 15
Columbian Carbon (quar.)
El Feb. I Holders of rec. Jan. 17e
Extra
250. Feb. 1 Holders of rec. Jan. 17e
Community State Corp., A & B (quay.)134 May 15 Holders of rec. May 10
Class A & B (quar.)
134 Sept. 2 Holders of tee. Aug. 28
Class A & B (quar.)
134 Dec. 31 Holders of reel. Dec. 20
Consolidated Cigar Corp.. prior pref
51.625 Feb. 1 Holders of ree. Jan 15e
Cont. Can,new eons.(au.)(No. 1)
62lk c. Feb. 15 Holders of roe. Feb. la
Continental Mills
Feb. 1 Holders of rec. Jan. 10
3
Coon (W.B.)Co.COm.(quay.)
*70c. Feb. 1 *Holders of rec. Jan. 22
(guar.)
Preferred
'131 Feb. 1 "Holders of roc. Jan. 22
Name of Compose.
Per
When
Cent. Payable.
Books Closed
Days Indust's.
Miscellaneous. (Continued)
20e. Jan. 30 Holders of rec. Jan. 11%
Continental Motors Wilma
134 Feb. 1 Holders of rec. Jan. 15
Coaden & Co., Inc., pref. (qua?.)
1k, Jan. 31 Holders of rec. Jan. 15a
Crucible Steel, common (qua?.)
Curtis Publishing. common (monthly)_ _ *50e. Feb. 2 *Holders of rec. Jan. 19
*50c. Feb. 2 'Holders of rec. Jan. 19
Common (extra)
'144 Apr, 1 *Holders of rec. Mar. 20
Preferred (quar.)
25e. Feb. I Holders of rec. Jan. 16
Davega, Inc., corn.(quar.)
48e. Jan. 26 Holders of rec. Jan. 19
De Beers Congo!. Mines
$1.75 Feb. 1 Holders of rec. Jan. 20
Dennison Mfg., pref. (qua?,)
$2 Feb. 1 Holders of rec. Jan. 20
Debenture stock (quar.)
*50c. Mar. 1 *Holders of rec. Feb. 15
Dictaphone Corp., corn. (quar.)
Mar. 1 *Holders of roe. Feb. 16
Common (payable in common stock)_ •10
65c. Feb. 15 Holders of rec. Jan. 29
Dominion Bridge, Ltd. (quay.)
Apr. 1 Holders of roe. Apr, la
51
Dunhill International (quar.)
Apr. 15 Holders of rec. Apr. la
el
Stock dividend
el
July 15 Holders of rec. July la
Stock dividend
el
Oct. 15 Holders of rec. Oat. Is
Stock dividend
Eastern Theatres, Ltd.(Toronto). Pref- 334 Jan. 31 Holders of rec. Dee. 31
Eastern Utilities Investing51.50 Feb. 1 Holders of rec. Dee. 31
Participating preferred (qua?.)
75e Feb. I Holders of rec. Jan. 150
Eaton Axle & Poring, core. (guar.)
•3734c Mar. 15 *Holders of rec. Mar. 1
El Dorado 011 Works(au.)(No. 1)
El Feb. 1 Holders of rec. Jan. 253
Electric Shovel Coal Panic. Pf.(qua?.)
'02%c Feb. I *Holders of rec. Jan. 15
Elgin National Watch (quar,)
•50c. Mar. 24 *Holders of rec. Mar. 1
Emporium-Capwell Corp. (quer.)
50c. Feb. 1 Holders of rec. Jan. 15
Enamel &Heating Product,corn.(qu.)
50c. Feb. 15 Holders of rec. Feb. 1
Equitable Casualty dr Surety
$1 Feb. 1 Holders of rec. Jan. 15
Eureka Pipe Line (quar.)
"al Feb. 1 *Holders of roe. Jan. 213
Eureka Vacuum Cleaner (guar.)
Apr. 1 *Holders of roe. Mar. 20
Evans Anto Loading,stock dividend---- •e2
•02
Oct. 1 'Holders of roe. Sept. 20
Stock dividend
1171.4e Jan. 31 Holders of res. Jan. 15a
Exchange Buffet (guar.)
o. Feb. 1 Holders of rec. Jan. 210
Fair (The), common (monthly)
134 Feb. I Holders of rec. Jan. 210
Preferred (qua?.)
$2.50 Feb. 1 Holders of rec. Jan. 14
Fajardo Sugar (quar.)
6234c Feb. 1 Holders of rec. Jan. 15
Federal Knitting Mills (guar.)
1234e Feb. 1 Holders of rec. Jan. 15
Extra
*25e. Feb. 1 *Holders of rec. Jan. 20
Federal Screw Works (extra)
40c. Jan. 31 Holders of roe. Jan. 15
Federated Publications, foe.. pref
•S1 .1 Feb. 1 *Holders of rec. Jan. 31
Fidelity industrial Bank (Guar.)
•50e. Feb. 15 *Holders of rec. Jan. 31
Extra
Firestone Tire & Rubber,7% prof.(qu ) 154 Feb. 15 Holders of rec. Feb. 1
First National Stores, corn. (Ouar.)---- 3734e Jan. 27 Holders of rec. Dec 200
1234e Mar. 1 Holden' of rec. Jan. 31
First Trust Bank Inc.(qua?.)
734e May. 1 Holders of rec Jan. 31
Extra
50e. Mar. 15 Holders of rec. Feb. 28
Follansbee Bros. Co., corn. (guar.)
250. Mar. 16 Holders of rec. Feb. 28
Common (extra)
134 Mar. 15 Holders of rec. Feb 28
Preferred (guar.)
815. Mar. 15 Holders of rec. Mar 5
Foote-Burt Co cons
Franklin (H. H.) Mfg., pref. (guar.).- *I.0 Feb. 1 *Holders of rec. Jan. 20
$1 Feb. 1 Holders of rec. Jan. 15e
Freeport Tease Co.((Mar.)
May. 1 Holders of roe. Feb. 133
$1
General Cable class A (guar.)
151 Feb. 1 Holders of rec. Jan. 220
Preferred (quar.)
Feb. 1 Holders of rec. Jan, 165
51
General Cigar, Inc., corn.(guar.)
154 Mar. 1 Holders of rec. Feb. 210
Preferred (quar.)
75c. Feb. 1 Holders of rec. Jan. 153
Generul Mills,corn.(quar.)
134 Feb. 1 Holders of reo. Jan. 7a
General Motors,6% pref.(quiz.)
144
Feb. 1 Holders of rec. Jan. 7a
7% preferred (ttuar.)----134 Feb. 1 Holders of roe. Jan. 7a
6% debenture stock (quar.)
50e. Feb. 1 Holders of roe. Jan. 15
General Stock Yards, coin. (guar.)
134 Feb. 1 Holders of reo. Jan. 15
Preferred (quay.)
•750. Jan. 31 *Holders of rec. Jan. 15
Gilchrist Co. (guar.)
Mar. 1 Holders of rec. Feb. la
11.25
Gillette Safety RUM
-------134 Feb. 1 Holders of rec. Jan. 15a
Gimbel Bros., pref. (oust.)
*37340 Apr. 1 *Holders of rec. Mar. 16
Glidden Co.,corn.(guar.)
*1234c Apr. 1 *Holders of rec. May. 16
Common (extra)
•134 Apr. 1 *Holders of rec. Mar. 16
Preferred .quar.)
750, Feb. 1 Holders of rec. Jan. 25
Godman (H.C.)Shoe Co.(qua?.)
Gold Dust Corp.(guar.)
6234c Feb. 1 Holders of roe. Jan. 176
Apr. 15 Holders of roe. Dec. 31
Goldwyn Investment Corp.. extra.
$1
154 gay. 1 Holders of roe. Feb. 1
Gorham Mfg. 1st pref.(quar.)
151 Feb. 1 Holders of rec. Jan 120
Gotham Bilk Hosiery, pref.(guar.)
Granby Canso!. Min.Smelt.&Pow.(au) $1.60 Feb. 1 Holders of rec. Jan. 40
Grand(F.&W.)5-10-25c. Sts., prof. (qu.) 1.44 Feb. 1 Holders of rec. Jan. 14a
Feb. 15 Holders of rec. Feb. 7
Great Lakes Dredge & Dock (quar,)
2
Extra
Feb. 15 Holders of rec. Feb. 7
2
Greenway Corp. 5% pref. (near.)
•75e. Rib. lb *Holders of rec. Feb. 1
*75e. May 15 'Holders of rec. May I
5% Preferred (quar.
•75e. Aug. 15 *Holders of rec. Aug. 1
5% Preferred (quiz.)
6% preferred (quar.)
*75c. Nov. 15 *Holders of rec. Nos. 1
Gruen Watch, common (guar.)
50e. Mar. 1 Holders of rec. Feb.190
Preferred (qua?.)
1.11 Feb. 1 Holders of rec. Jan. 190
Guggenheim & Co. let pfd.(quar.)
51.75 Feb. 15 Holders of rec. Jan. 29
250. Jan. 31 Holders of rec. Jan. 10
Hail(W.F.)Printing(quar.)
e5 Jan. 31 Holders or req. Jan. 10
Stock dividend
134 Feb. 1 Holders of rec. Jan. 15
Hamilton Bridge, Ltd. pref.(guar.) _ _
Harbison-Walker Refract., corn. (guar.) 50c. Mar. 1 Holders of reo. Feb. I83
134 Apr. 20 Holders of rec. Apr. 103
Preferred (Guar.)
Hart-Parr Co., A pref. (quar.)
*134 Feb. 1 *Holders of rec. Jan. 19
*250. Mar. 1 *Holders of rec. Feb. 15
Hazeltine Corp.(quar.)
134 Feb. 1 Jan. 22 to Feb. 1
Higbee Co. let pref.(quar.)
Sc.Jan. 2: Holders of roe. Jan. 11
Hollinger Cons. Gold Mines(montblY)-11.4 Feb. 1 Holders of roc. Jan. 15
Holly Sugar Corp.. pref. (oiler.)
*31.87 Feb. 1 *Holders of rec. Jan. 21
Hood Rubber, preference (quar.)
$1.75 Feb. I *Holders of rec. Jan. 21
Preferred (quar.)
Hood Rubber Products. pref. (qua?.)... •131 May, 1 *Holders of rec. Feb. 20
Horn & Harden of N. Y.. corn. (guar.)'
- 3734c Feb. 1 *Holders of rec. Jan. 11
•25c. Feb. 1 *Holders of rec. Jan. 11
Common (extra)
p5
May,2 Holders of rec. Feb. 28
Horni Signal Mfg.el. A corn
p5
Mar. 20 Holders of rec. Feb. 28
Class AA.common
"3
dFeb. 1 *Holders of rec. Jan. 21
Houston Oil, preferred
51.25 Apr. 1 Holders of rec. Mar. 110
Hodson Motor Car (guar.)
•5003 Feb. 1 *Holders of roe. Jan. 16
Hunt Bros.(quar.)
50c Feb. 1 Holders of rec. Jan. 210
Hupp Motor Car((Mar.)
e234 Feb. 1 Holders of rec. Jan. 213
Stock dividend (quar.)._....
e254 May 1 Holders of rec. Apr. 153
Stock dividend (qua?.)
e234 Aug. 1 Holders of rec. July 153
Stock dividend (quar.)
g Nov. 1 Holders of rec. Oct. 15a
Stock dividend (quiz.)
.
60c Apr. 15 *Holders of rec. Apr. 3
Illinois Brick (quay.)
•60c July 15 "Holders of rec. July 3
Quarterly
*60. Oct. 15 Holders of rec. Oct. 3
Quarterly
lc Jan. 30 Holders of rec. Jan. 25
Imperial Royalties Co., corn
15o Jan, 30 Holders of rec. Jan, 25
Common class A
134 Jan. 30 Holders of rec. Jan. 25
Preferred (monthly)
15e Jan, 30 Holders of rec. Jan. 25
Preferred class A (monthly)
50c Jan. 31 Holders of rec. Jan. 150
independent 011 & Gas(guar.)
SI
Feb. 15 Holders of rec. Jan. 25
Indiana Pipe Line (quar.)
$1
Feb. 15 Holders of roe. Jan. 25
Extra
Industrial Finance 7% prof.(quiz.).... •134 Feb. 1 *Holders of roe. Jan. 18
'134 Feb. 1 *Holders of rec. Jan. 18
6% Preferred (quar.)
750 Mar. I Holders of roc, Feb. (143
Ingersoll-Rand Co.,corn.(guar.)
Insuranshares Management, series A.
Holders of rec. Feb. 15
$9.85
.5
Series C
Holders of rec. Feb. 15
960.
Series F
Holders of rec. Feb. 15
81e,
Series H
Holders of reo. Feb. 15
Series 13
Holders of rec. Dee. 31
5157c. Feb. 1 Holders of rec. Jan. 18
Internat. Cigar Machinery (guar)
Internat. Combustion Eng. corn.(qu.)- - •50e. Feb. 28 *Holders of rec. Feb. 18
•25e. Apr. 1
Int. Cont.Invest. Corp.corn.(qua?.)
*250. Joly 1
Common (guar.)
154 Mar. 1 Holders of rec. Feb. 53
Internat. Harvester, pref. (quar.)
144 Feb. 1 Holders of rec. Jan, 18
Internat. Nickel of Canada, pref.(qu.)
600. Feb. 15 Holders of rec. Feb. la
Internat. Paper Co., oom.(qua?.)
60C. Feb. 15 Holders of rec. Feb. la
lot l'ap. & Pr., Cl. A com.(qu.)(No. 1)
Internat. Printing Ink, corn.(afar.).... 6254c Feb. 1 Holders of rec. Jan. 140
1;4 Feb. 1 Holders of ree. Jan. 140
Preferred ((boar.)
Internat. Safety Razor, class A (qua?.).. 60e, Mar, 1 Holders of rec. Feb. 11
50e. Mar. 1 Holders of rec. Feb. 116
Class B (guar.)
250. Mar, 1 Holders of rec. Feb. 1la
Class B (extra)
Inter. Sector. Corp. of Am.. A corn.(can.) •750. Mar. 1 *Holders of rec. Feb. 15
40c. Jan. 29 Holders of rec. Jan. 150
Iron Products
JAN. 26 1929.]
Name of Company.
FINANCIAL CHRONICLE
When
Per
Cent. Payable.
Books Closed
Days Inclusive.
Name of Company.
521
Per
When
Cent. Payable.
Books Closes
Days Jnebuise.
Miscellaneous (Conti:sued).
Miscellaneous (Continued).
International Shoe Pref.(monthly)
50o. Feb. 1 Holders of rec. Jan. 15
Nlies-Bement-Pond. pref. (guar.)
•133 Mar.30 *Holders of rec. Mar. 20
Preferred (monthly)
*500. Mar. 1 *Holders of roe. Feb. 15
*133 June 29 *Holders of roe. June 19
Preferred (guar.)
*50c. Apr. 1 *Holders of rec. Mar. 15
Preferred (monthly)
North American Investment,corn
Feb. 20 Holders of rec. Jan. 31
$1
*500. May 1 *Holders of rec. Apr. 15
Preferred (monthly)
North Central Texas Oil(qua
15c. Mar, 1 Holders of rec. Feb. 11
Preferred (monthly)
*50c. June 1 *Holders of rec. May 15
Northwest Engineering (guar.)
*50o. Feb. 1 *Holders of rec. Jan. 15
*50o. July 1 "Holders of rec. June 15
Preferred (monthly)
011 Stocks, Ltd. CIA & B (qu.)
1234e. Feb. I Holders of rec. Jan. 31
*50o. Aug. 1 'Holders of rec. July 15
Preferred (monthly)
Oil Well supply preferred bluer.)
14 Feb. 1 Holders of rec. Jan. 126
*500. Sept. 1 "Holders of rec. Aug. 15
Preferred (monthly)
Ontario Steel Products, corn.(guar.)
40c, Feb. 15 Holders of rec. Jan. 31
Preferred (monthly)
*50e. Oct. 1 *Holders of rec. Sept. 15
Preferred (quar.)
13g Feb. 15 Holders of rec. Jan. 31
Preferred (monthly)
•50o. Nov. 1 *Holders of rec. Oct. 15
Oppenhelm. Coliina & Co.. corn. (guar.) $1
Feb. 15 Holders of rec. Jan. 25a
Preferred (monthly)
*50e. Dec. 1 *Holders of roe. Nov. 15
Otis ElevatorPreferred (monthly)
*50o. Jan 1'30 *Holders of rec. Dec. 15
Common (payable in common stock)-- f15
Feb. 15 Holders of rec. Jan. 186
Intertype Corp.. COM. (guar.)
25o. Feb. 15 Holders of MO. Feb. 1
$1
Outlet Company, corn. (guar.)
Feb. 1 Holders of rec. Jan. 216
25c. Feb. 15 Holders of rec. Feb. 1
Common (extra)
134 Feb. 1 Holders of rec. Jan. ha
First preferred (guar.)
Investors Capital Corp.. common
50e. Apr. 15 Holders of reo. Dec. 31
133 Feb. 1 Holders of rec. Jan. 21
Second preferred (guar.)
50e. Mar.30 Holders of rec. Feb. 28
Isle Royale Copper
Overseas Securities
$1
Feb. 15 Holders of rec. Feb. 1
Jaeger Machine (special)
32.50 Jan. 28 Holders of roe. Jan. 18
Pacific-Clay Products(guar.)
*(30o. Feb. 1 *Holders of rec. Jan. 20
dividend
Stock
e63/ Jan. 28 Holders of rec. Jan. 18
Pacific Coast Biscuit, corn.(guar.)
*25c. Feb. 1 *Holders of rec. Jan. 13
Jantsen Knitting Mills corn.
*500. Feb. 1 *Holders of reo. Jan. 15
"87330 Feb. 1 *Holders of rec. Jan. 13
Preferred (quit.)
Joint security corp., corn. (guar.)
1233c Feb. 1 Holders of rec. Jan. 20
Pacific Finance pref. A (guar.)
*50e. Feb. 1 *Holders of rec. Jan. 21
Corn.(payablein corn.stock)
fl
Feb. 1 Holders of rec. Jan. 20
•4033c Feb. 1 *Holders of rec. Jan. 21
Preferred C (guar.)
Corn.(payablein corn,stock)
11
May 1 Holders of rec. Apr. 20
Preferred D (guar.)
"4334e Feb. 1 *Holders of rec. Jan. 21
Corn.(payable I n corn.stock)
J1
Aug 1 Holders of roe. July 20
Packard Motor Car Co.(monthly)
250. Jan. 81 Holders of rec. Jan. 12.
Corn.(payable In mm.stock)
Nov. 1 Holders of rec. Oct. 20
fl
Park dr Tiltord (stock dIvidend)-=
Kaufmann Dept.Stores.corn. BOO
no.Jan. 28 Holders of rec. Jan. 100
750. Apr. 14 Holders of rec. Mar.29
Quarterly
Kaynee Co.. common (extra)
*12340 Apr. I *Holders of rec. Mar.20
el Apr. 14 Holders of rec. Mar.29
Stock dividend (guar.)
Common (extra)
•1234c July 1 *Holders of rec. June 20
Penmans. Ltd., common (guar.)
Feb. 15 Holders of rec. Feb. 5
$1
Kayser(Jullua)& Co..corn.(guar.)
11 25 Feb. 1 Holders of reo. Jan. 156
133 Feb. 1 Holders of roe. Jan. 21
Preferred (allar.)
Kendal Co., part. pref. A (guar.)
$1.50 Mar. 1 Holders of rec. Feb. 100 Pennsylvania Dixie Cement pf.(go.)... la/ Mar. 15 Holders of roe. Feb. 28a
Keystone Watch Case.Prof
87540. Feb. I Called for redemp Feb. 1 Penn Traffic Co
733c. Feb. 1 Holders of rec. Jan. 15a
Kinney (G. R.) Co., corn
25o. Apr. 1 Holders of rec. Mara2la Perfection Stove (monthly)
•37330 Jan. 31 *Holders of re.c Jan. 19
Common (special)
Feb. 1 Holders of rec. Jan. 21a Philadelphia Insulated Wire
$1
Feb. 1 Holders of rec. Jan. 15a
$2
Preferred (guar.)
Mar. 1 Holders of rec. Feb. 18a
2
Feb. 1 Holders of rec. Jan. lba
Extra
$1
Knox Hat, corn.(pay.In partio. pf.)-- 123
Feb. 1 Holders of rec. Jan. 15
Phillips Jones Corp.. pref.(quar.)
13i Feb. 1 Holders of rec. Jan. 20.
prior preference (guar.)
$1.7 Apr. 1 Holders of rec. Mar. 15
nada Wiggly Western States A (guar.). •3733 Feb. 1 'Holders of rec. Jan. 20
Prior preference (guar.)
$1.75 July 1 Holders of rec. June 15
Pitney Bowes Postage Mach.(Quar•)--. •15o. Feb. 1 *Holders of rec. Jan. 19
Prior preference (guar.)
$1.75 Oct. 1 Holders of rec. Sept. 16
Pittsburgh Steel. prof.(guar.)
134 Mar. 1 Holders of rec. Feb. 90
Participating pref. (guar.)
$1.75 Mar. 1 Holders of rec. Feb. 15
Plymouth Oil
*50o.Feb. 1 *Holders of rec. Jan. 17
Participating pref. (guar.)
$1.75 une 1 Holders of rec. May 15
*3734 Mar 1 *Holders of ree. Feb. 15
Poor& Co..com.(guar.)
Participating pref. (guar.)
$1.75 Sept. 3 Holders of rec. Aug. 15
•50o. Mar. 1 *Holders of rec. Feb. 15
Common(extra)
Participating pref. (quay.)
$1.75 Dec. 2 Holders of roe. Nov. 15
Procter & Gamble Co.,corn.(quiz.).... *$2 Feb. 15 *Holders of rec. Jan. 25
Class A participating pref.(guar.)._ 68
Feb. 1 Holders of rec. Jan. 15
Pro-phy-lac-tic Brush,pref.(guar.)
•133 Mar. 15 *Holders of rec. Feb. 28
Kress (S.
& Co,COM.(guar.)
25c. Feb. 1 Holders of rec. Jan. 19a Postum Company.Inc.. corn.(guar.)... 750. Feb. 1 Holders of rec. Jan. 154
Special preferred
*15c. Feb. 1 *Holders of rec. Jan. 19
Pullman Inc. (guar.)
$1
Feb. 15 Holders of rec. Jan. 240
Lakey Foundry & Machine (guar.)
50c.Jan. 30 Holders of rec. Jan. 15
Pullman Company (guar.)
113 Feb. 15 Holders of rec. Jan. 31
Stock dividend (guar.)
ea% Jan. 30 Holders of rec. Jan. 15
Pyrene Manufacturing corn.(quiz.).... 20e. Feb. 1 Jan. 19 to Jan. 31
Landay Brothers, Inc., cl A (gust.)
"75c. Feb. 1 *Holders of rec. Jan. 16
•134 Feb. 28 *Holders of rec. Feb. 1
Quaker Cate, preferred (guar.)
Lane Bryant, Inc.7% pref.(quar.)
13( Feb. 1 Holders of rec. Jan. 14
Quincy Mkt.Cold Storage Whae.,pf.(qu.) $1.25 Feb. 1 Holders of roe. Jan. 17
Langton Monotype Machine(guara__._ $1.50 Feb. 28 Holders of rec. Feb. 18a Raymond Concrete Tile, corn
50c. Feb. 1 Holders of rec. Jan. 18
Larrowe Milling Co., corn. (guar.)
*3733c Feb. 1 *Holders of rec. Jan. 25
25e. Feb. 1 Holders of res. Jan. 18
Common (No. 1)
Common (extra)
*3733c Feb. 1 *Holders of rec. Jan. 25
75e, Feb. 1 Holders of rec. Jan. 18
Preferred (guar.)
Lehigh Portland Cement.oom.(quit,),,. 6254e Feb. 1 Holders of rec. Jan. 14a Reed (C. A.) Co.. class A (guar.)
50c.
Feb. 1 Holders of rec. Jan. 21
Life Savers, Ines
Holders of rec. Dec. 31a Republic Iron & Steel. corn. (quit.).... $1
(n)
Mar. 1 Holders of rec. Feb. 130
Lincoln Interstate Holding Co
150. July 1 Holders of ree June 20
lag Apr. 1 Holders of rec. Mar. 110
Preferred (guar.)
Liquid Carbonic Corp.(guar.)
Feb. 1 Holders of roe. Jan. 200 Rice-Stlx Dry Goods, common (guar.)•- 3733c. Feb. 1 Holders of rec. Jan. 15
1
Extra
11g Feb. I Holders of rec. Jan 20a Richfield Oil common (guar.)
50c. Feb. 15 Holders of rec. Jan. 196
Stock dividend
Feb I Holders of rec. Jan. 200
e20
• 433g0. Feb. 1 *Holders of reo. Jan. 5
Preferred (guar.)
Lit Brothers
50c. Feb. 20 Holders of rec. Jan. 21a Ritter Dental Mfg.,corn.(go.)(No.1) .6233c Apr. 1
Loose-Wiles Biscuit. corn. (guar.)
40c. Feb. 1 Holders of rec. Jan. 18a Hoovers Bros.. Inc.. prof.(No. 1)
35e Feb. 1 Holders of rec. Jan. 100
Lord &Taylor 2d mi.(guar.)
Feb. 1 Holders of reo. Jan. 17
2
$1.336 Feb. 8 Holders of rec. Jan. 256
Royal Dutch N.Y.shares
Louisiana Oil Refg.. prof. (guar.)
1.8234 Feb. 15 Holders of reo. Feb. la Russell Motor Car, common
'2
Feb. 1 *Holders ot rec. Dec. 31
MacFadden Publications
•200. Feb. 4 Holders of rec. Dec. 31
*1
Common (extra)
Feb. 1 *Holders of rec. Dec. 31
McCall Corp.(guar.)
Feb. 1 Holders of rec. Jan. 216
$1
*13( Feb. 1 *Holders of rec. Dec. 31
Preferred (quar.)
McCrory Stored Corp.. Pref.(guar.).
I33
Holders
Feb.
1
of rec. Jan. 190 Ryerson (Jos.) & Son, Inc.(gna (No.1). •550. Feb. 1 *Holders of rec. Jan. 20
McIntyre Porcupine Mines (guar.)
25c. Mar. 1 Holders of rec. Feb. 1
50c. Mar. 20 Mar. 8 to Mar.20
St. Joseph Lead Co.(guar.)
Macy (R. H.)& Co..oom.(guar.)
60o. Feb. 16 Holders of reo. Jan. 254
25e. Mar.20 Mar. 8 to Mar.20
Extra
/5 Feb. 15 Holders of reo. Jan. 25a
Common (Payable in corn.stook)
50o. June 20 June 8 to June 20
Quarterly
Manhattan Rubber Mfg.(quar.)
*75c. Jan. 31 *fielders of rec. Jan. 15
25e. June 20 June 8
Extra
to June 20
Mansfield Theatre Co., Ltd., prat
334 Jan. 31 Holders of rec. Dec. 31
50c. Sept.20 Sept.10 to Sept.20
Quarterly
$1.50 Feb. 1 Holders of rec. Jan. 15a
Maytag Co., let pref.(guar.)
Extra
25o. Sept.20 Sept.10
Sept. 20
750. Feb. I Holders of rec. Jan. 15a St. Lawrence Flour Mills, pref.(gust.).. 134• Jan. 31 Holders of to
Cumulative preferred (guar.)
rec. Dec. 19
250. Feb. 1 Holders of rec. Jan. 19a St. Louts Screw &Bolt,coin.(Mara
Melville Shoe, common (attar.)
•25s. Mar. 1 *Holders of rec. Feb. 25
10o. Feb. I Holders of rec. Jan. 19a
Common (extra)
'250. June 1 *Holders of tee. May 25
Corn.((mar.)
First and second preferred (guar.).- 134 Feb. 1 Holders of rec. Jan. 19
154 Feb. 1 Holders of rec. Jan. 25
Preferred (guar.)
$1.25 Feb. 15 Holders of rec. Jan. 31
Mercantile Stores, corn. (guar.)
75e. Feb. 1 Holders of rec. Jan. 156
Salt Creek Produrers Assn.(guar.)
$1.75 Feb. 15 Holders of rec. Jan. 31
Preferred (guar.)
4,134 Feb. 15 *Holders of reo. Feb. 1
811,
7803 Arms.2d pref.(guar.)
$3
Mar.
1 Holders of rec. Jan, 14
Merrimack Mfg.. corn. (guar-)
Savannah Sugar. mm.(guar.)
$1.50 Feb. I Holders of rec. Jan. 16
234 Mar. 1 *Holders of reo. Jan. 14
Preferred
13( Feb. 1 Holders of rec. Jan. 16
Preferred (guar.)
50e Feb. 15 Holders of rec. Feb. la Sober-Blest Co.. class A (guar.)
Miami Copper Co.(guar.)
50c. Feb. 1 Holders of rec. Jan. 18
Mid-ContinecaPegrol.. coin
50e. Feb. 16 Holders of reo. Jan. 10a Schnell & Penselpen Corp.. prof
314 Fab. 1 Holders of ree. Jan. 22
50c. Apr. 1 Holders of rec. Mar. 15
Miller (I) & Sons, corn. (guar.)
8733c Mar. 1 Holders of rec. Feb. 150
Schulte Retail Storm, corn.(gUar)
$1,6234
Mar.
1
Holders of rec. Feb. 15
Preferred (guar.)
Common (payable in common stock). f;V Mar. 1 Holders of rec. Feb. I50
Minneapolis-Honeywell Regulator134 Jan. 31 Holders of rec. Ian. 180
Scott Paper, pref.,. ser. A (guar.)
•111.25 Feb. 15 *Holders of rec. Feb. 4
Common
133 Jan. 31 Holders of rec. Jan. 18a
series B (guar.)
Preferred
*$1.25 Aug. 15'Holders of rec. Aug. 3
Common
6234e Feb. 1 Holders of rec. Jan. 15a
Sears. Roebuck & Co (gust.)
* 50c. Feb. 15'Holders of rec. Feb. 4
Common (extra)
el Feb. 1 Holders of rec. Jan. 154
Quarterly (payable in stook)
•13( Feb. 15 Holders of rec. Feb. I
Preferred (guar.)
el May 1 Holders of rec. Apr. 130
Quarterly (payable In stock)
4434 May 15 Holders of rec. May 1
Preferred (quar.)
Second Inter. Secur. Corp., corn. A(qua •5013. Apr. 1 *Holders of rec. Mar. 15
•1
Aug. 15 Holders of roc. Aug. 1
Preferred (gmar.)
ManagementSecurity
•134
Nov. 15 Holders of rec. Nov. 1
Preferred (guar.)
Feb. 20 *Holders of rec. Feb. 20
*$1
First Investment fund. class B
Mirror (The). Pref.(guar.)
•13g Feb. 1 'Holders of rec. Jan. 25
.0$2
Feb. 20 *Holders of rec. Feb. 20
Second investment fund, class B
Mississippi Val. Utilities Invest
corn. (guar.)... 50c. Feb. I Holders of rec. Jan. 15
Inc..
Brothers,
Seeman
Prior lien pref.(guar.)
$1.50 Feb. 1 *Holders of rec. Jan. 15
50e. Mar. 15 Holders of too. Mar. la
Common (extra)
$6 dividend series (guar.)
51.50 Feb. 1 *Holders of rec. Jan. 15
Segal Lock & Hardw,new corn.(No.I)._ 1233e. Feb. 25 Holders of rec. Feb. 11
Missouri Portland Cement
50c.Feb. 1 Holders of rec. Jan. 18
Selby Shoe common (guar.)
550. Feb. 1 Holders of rec. Jan. 15
Mock,Judson, Golhringer,(guar.)
Inc.
133 Feb. 1 Holders of rec. Jan. 15
Preferred (guar.)
Common (quar.)(No. 1)
50e. Feb. 15 Holders of rec. Feb. 1
113 May 1 Holders of'rec. Apr. 15
Preferred
(guar.)
Mohawk Mining
$1.50 Mar. 1 Holders of rec. Jan. 26
Beton Leather, corn.(guar.)
50o. Feb. I Holders of rec. Jan. 16
Mond Nickel-Amer. deposit rcts. for
Sheffield
Steel
ordinary shares
*Holders
Feb.
21
of rec. Dec. 21
*re 18 1-3
on
Common (In common stock)
Apr. 1 *Holders of rec. Mar.21
Moody's Investors Service
an
July 1 *Holders of rec. June 20
Common (payable In common stock)
Participating pref.(guar.)(No.1).-- 75c. Feb. 1 Holders of rec. Feb. la
(payable In common stock).... eft
Common
Oct.
1 'Holden of rec. Sept. 20
Moore Drop Forging class A
$1.50 Feb. 1 Holders of tee. Jan. 10
Shepard Stores, Inc., class A (quar.),.._
75c, Feb. 1 Holders of rec. Jan. 20
Morison Electrical Supply,
2 Feb. 1 Holders of rec. Jan. 20
75e. May 1 Holders of rec. Apr. 20
A
(guar
Class
Motor Products Corp.,cornInd.(gm)1
Holders
Feb.
50c.
of rec. Jan. 190 Skelly Oil (guar.)
•50e. Mar. 1 'Molders of rec. Feb. 15
Preferred (guar.)
$1.25 Feb. 1 Holders of rec. Jan. 190 South Penn OH (stock dividend)
•e50 Jan. 3
Mt.Diablo Mm.& Dead.(guar.)
•y44 Feb. 1 *Holders of rec. Jan. 24
Spiegel May Stern Co., Inc., corn,(qu.). 75e, Feb. 1 Holders of rec. Jan. I6a
Mulford (H. K.) Co.common (quit.)... •$1.50 Feb. 15 *Holders of rec. Jan. 15
•133 Feb. 1 *Holders of rec. Jan. 16
6)4% preferred (quar.)
Common (extra)
Feb. 15 *Holders of reo. Jan. 15
0S1
1.3713 Feb. 15 Holders of rec. Jan. 26
Mullins Manufacturing pref.(qu.)(No.1) 1)f Feb. I Holders of rec. Jan. lea Btandard Investing, prof.(guar.)
50c. Feb. 1 Holders of rec. Jan. 19
Steel Co. of Canada, new corn.(guar.)._
Nash Motors common (guar.)
$1.50 Feb. 1 Holders of roe. Jan. 210
New common (extra)
1834e Feb. 1 Holders of rec. Jan. 19
National Acme Co.(guar.)
250. Feb. 1 Holders of rec. Jan 15a
50e.
New
(Guar.)
preferred
Feb. 1 Holders of rec. Jan. 19
National American Co. (guar.)
*50o. Feb. 1 *Holders of rec. Jan. 15
183(o Feb. 1 Holders of roe. Jan. 19
New preferred (extra)
National Carbon, pref. (guar.)
Feb. 1 Holders of rec. Jan. 19
2
(guar.)
•234 Apr.
Radio
Stellate
Nat. Dairy Products, com.(guar.)
Holders
of rec. Mar. 4a
75o. Mir. 1
Quarterly
*233 July 1
Corn, (Payable In corn. stock)
Apr. 1 Holders of rec. Mar. 46
11
•2)3 Oct. 1
Quarterly
Common (payable In common stk.).. /1
July 1 Holders of rec. June Sc
Sun 011, preferred (guar.)
134 Mar, 1 Holders of recs. Feb. Ila
Common (payable in common stock). ft
Oct. 1 Holders of rec. Sept. 3a
Super Maid Corp.(guar.)
*75o. Feb. 1 Molders of rec. Jan. 15
preferred A & 13 (guar.)
•13f Apr. 1 *Holders of rec. Mar.
•256. Feb. 1 'Holders of rec. Jan. 15
Extra
National Dept. Stores, let Pref.(quit.). 104 Feb. 1 Holders of reo. Jan. 4
Sutherland Papal'(guar.)
•300. Jan. 81 *Holders of rec. Jan. 20
National Fireproofing, prat. (quar.)...... OWL Apr. 15 Holders of rec. Apr. 15a
1
Extra
•30o. Jan. 31 *Holders of rec. Jan. 20
Preferred (guar.)
62340. July 15 Holders of rec. July 1
Sweets Co.of America (guar.)(No. 1)
25e. Feb. 1 Holders of rec. Jan. 150
Preferred (guar.)
15 Holders of rec. Oct. I
62330.
Swift International
$1
Feb. 15 Holders of rec. Jan. 15
Nat.Lead, Prof. A (gUar.)
'1.75 Mar.15 *Holders of rec. Mar. 1
Teck-Hughes Gold Mines
156. Feb. 1 Jan. 18 to Jam. Si
Preferred, class B (guar.)
134 Feb. I Holders of rec. Jan. I8a Telautoarapb. common (guar.)
25o, Feb. 1 Holders of rec. Jan. 15a
National Recording Pump (guar.)
750. Feb. 1 Holders of rec. Jan 21
pref
1010 Fifth Ave.Inc.
3
Feb. 15 Feb. 1 to Feb. 15
National &war cam.(guar.)
$1.26 Feb. 15 Holders of rec. Feb. 54 Texas Pacific Coal & 011(in stock)
e233 Mar. 20 Holders of rec. Feb. 230
National Tea, Prof.(guar.)
$1.625 Feb. 1 Holders of rec. Jag. 14
Thirty-four East 51st St., Inc., prof.. 3
Feb. 1 Jan. 16 to Feb. I
National Tile (guar.)
750. Feb. 1 Holders of rec. Jan. 18
Thompson (John R.)(monthly)
30o Feb. 1 Holders of rec. Jan. 235
Nauheim Pharmacies. Inc., pref.(0
111.)-- 82140. Feb. 1 Holders of rec. Jan 17
Monthly
30o Mar, 1 Holders of rec. Feb. 216
Neisner Bros.,Inc., pref.(guar.)
13( Feb. 1 Holders of rec. Jan. 15
Tide Water Oil, prof.(guar.)
13( Feb. 15 Holders of rec. Jan. 18
Nestle-Le Mur Co.class A (quar.)
50c. Feb. 15 HolOers of rec. Feb. 1
Tobacco Products Corp.. CUM A (quit,) 13g Feb. 15 Holders of rec. Jan. 250
New Amsterdam Casualty (guar.)
*7233e Feb. 1 *Holders of rec.
17
Truax-Traer Coal (qu.)(No. 1)
400 Feb. 1 Holders of rec. Jan. 21a
Newberry (.I. J.) Co.. pref.(gear.).... *13( Mar. 1 *Holders' of rec. Jan.
Feb. 15
'Truscon Steel Corp.(stock dividend)
e6
Jan. 31 Holders of rec. Jan. 56
New Cornelia Copper (guar.)
18
Holders
Feb.
500.
of rec Feb. 1
Stock dividend (extra)
e4
Jan. 31 Holders of rec. Jan. 5a
New Process Co., pref.(quar.)
'1)4 Feb. 1 *Holders of rec. Jan. 28
(quar.)..._
corn.
Works
Lamp
Tung-Sol
•200 Feb. 1 *Holders of rec. Jan. 20
Newton Steel, Prof.(guar.)
•133 Jan. 31 *Holders of rec. Jan. 15
Class A (guar.)
Feb. 1 *Holders of rec. Jan. 20
New York Air Brake (guar.)
750. Feb. 1 Holders of nee. Jan. 3a 'Twelfth Street Store Corp.. corn.((Iowa *456
25c Feb. 15 Holders of rec. Feb. 5
N. Y.& Honduras Roaario Mining(qua 233 Jan. 26 Holders of rec. Jan. 16
Class A (guar.)
50c
Feb. 1 Holders of rec. Jan. 21
Extra
234 Jan. 26 Holders of rec. Jan. 16
Union Oil Associates (guar.)
*50c Feb. 10 *Holders of rec. Jan. 18
Noma Electric Co.(quar.)
dOe. Feb. 1 Holders of rec. Jan. 15
Union 011of California (guar.)
50o Feb. 9 Holders of rec. Jan. 180
Per
When
Cent. Payable
Name of Company.
Books Closed
Darr Inclusive.
Miacellaneous (Concluded)
*Holders of rec. Jan. 15
•250.
United Advertising (guar.)
*Holders of rec. Jan. 15
Extra
*500.
United Biscuit. preferred (guar.)
1% Feb. 1 Holders of rec. Jan. 170
.(qu.)_
United Cigar Stores of Am. pf.
14 Feb. 1 Holders of rec. Jan. 150
United Elec. Coal, corn.(guar.)
75e. Mar. 1 Holders of rec. Feb. 15
Mar. 1 Holders of rec. Feb. 18
First preferred (quar.)
$2
$1.75 Mar. 1 Holders of rec. Feb. 18
General preferred (quar.)
SIM Apr. 15 Holders of rec. Apr. 10
United Paperboard, pref.(quar.)
75e. Feb. 1 Holders of rec. Jan. 40
United Verde Extension Mining (quar.)75e. Feb. 1 Holders of rec. Jan. 21
U. S. Asbestos, corn. (guar.)
$1.75 Feb. 1 Holders of rec. Jan. 21
Preferred (quer.).
U.S.& British Internat. pref.(quer.).-. 750. Feb. 1 Holders of rec. Jan. 15
U. S. & Foreign See. Corp., 151 pf.(qu.) $1.50 Feb. 1 Holders of rec. Jan. 11
$1.50 Feb. 1 Holders of roe. Jan. 11
Second preferred (guar.)
0.5.Industrial Alcohol, corn.(quar.)__ - $1.50 Feb. 1 Holders of roe. Jan. 150
U.S.& International Securities-.
Allot ctfs(25% paid )(rin.)(No. 1)
•31%c Feb. 1 *Holders of roe. Jan. 22
U. 8. Leather Claes A participating and
Apr. 1 Holders of roe. Mar. Iii
SI
convertible stock (guar.) '
July 1 Holders of rm. June 104
Class A partie. dr cony. stock (ciu.)-- $t
Oct. 1 Holders of rec. Sept. 10a
Class A nettle. & cony. stock (qua-- 81
Mar. 15 Holders of rec. Feb. 15a
U. 8. Realty & Impt., corn.(euar.)
$1
75e. Feb. 1 Holders of rec. Jan. 2I0
Universal Leaf Tobacco, corn.(quar.)_._
Universal Pipe 11: Radiator pref.(quar.). 1% Feb. 1 Holders of rec. Jan. 15a
•e100 Feb. 10 *Holders of rec. Jan. 29
Utah Radio Products (stock diva
Feb. 14 Holders of rec. Feb. 9
Valvoline Oil. corn.(In common stook).- 16
750. Feb. 15 Holders of rec. Feb. 1 a
Vanadium Corp.(guar.)
*be. Feb. 15 *Holders of rec. Jan. 31
Venezuelan Petroleum (guar.)
Feb. 1 Holders of rec. Jan. 170
81
Vick Chemical (guar.)
Feb. 1 Holders of rec. Dec. 310
Victor Talking Mach., corn. (quar.)---- $I
1,' Feb. 1 Holders of rec. Dec. 31a
Prior preference (guar.)
Feb. 1 Holders of roe. Dee. 31a
$6 cony. pref. (guar.)
(V.) VIvaudon ere/ (quar.)
15( Feb. 1 Jan. 8 to Jan. 9
75e. Mar. 1 Holders of rec. Feb. 15
Wayagamack Pulp dr Paper (guar.)
1St Feb. 1 Holders of me. Jan. 11.0
Weber & Hellbroner. pref.(guar.)
Wedgwood Invest. Corp.,Pf.(qu.)(No.1) $1.50 Feb. 1 Holders of rec. Jan. 15
•406. Feb. 1 *Holders of rec. Jan. 15
Welboldt Stores (No. 1)
50e. Jan. 31 Holders of roe. Dee. 310
Westinghouse Air Brake (War.)
_ $1 Jan. 31 Holders of rec. Dec. 310
westinehouse Mee Mfg.. corn (ciu
Feb. 1 Holders of rm. Jan. 19a
White Sewing Machine. prof.(quar.)_ $1
37%0 Mar. 15 Holders of rec. Feb. 15
Mellor Food Products(No. 1)
enillams(R. C.) dc Co..Inc.(No.1)(qu.) •35e. Feb. 1 *Holders of roe. Jan. 15
30c Feb. 1 Holders of roe. Jan. 10a
Willys-Overiand Co .eom. tqu.)
51.25 Feb. 1 Holders of rec. Jan. 180
Common (extra) (in corn, stock)
Woolworth (F. W.) Co.(quar.)
51.50 Mar. 1 Holders of rec. Feb. 9a
50c. Feb. 28 Holders of rec. Feb. 140
Wright Aeronautical Corp.(guar.)
Wrigley (Wm.)Jr. Co., corn.(mthly.),_ •25c. Feb. 1 *Holders of roe. Jan. 190
•25c Mar. 1 *Holders of roe. Feb. 200
Monthly
•25e 4pr. 1 *Holders of roe. Mar. 200
Monthly
*50c. Feb. 1 *Holders of rec. Jan. 21
Zenith Radio (guar.)(No. I)
• From unofficial sources. t The New York Stock Exchange has ruled that stock
will not be quoted ex-dividend on this date and not until further notice. t The
sfew York Curb Market Association has ruled that stock will not be quoted ex.
lividend on this date and not until further notice.
a Transfer books not closed for this dividend. d Correction. @ Payable in stock.
/Payable In common stock. p Payable in scrip. A On account of accumulated
dividends. .1 Payable in preferred stock.
o (Jockshut Plow dividend is for two quarters ending Dec. 31 1928.
I Seagrove Corp. dividend is 300. caah or 24% stock at option of holder.
Associated Gas & Electric dividends payable in cash or In class A stock as
follows. On clam A stock at rate of 24% of one share of clam A Mock for each
share held.
m American Encausting Tiling dividend is one share for each share held subject
to stockholders meeting Jan. 22.
n Life Savers dividend Is 10% in stock of Standard Industries, Inc.
o Payable also to holders of coupon No. 4.
p Payable in class A stock.
r Payable in class A stock.
s Imperial Tobacco of Gt. Britain & Ireland bonus dividend is one shilling, six
Pence.
Payable In cash at rate of $1.50 for each share or in common stock at rate of
amorists fourth share.
r At rate of 7% per annum from date of Issue.
to Use taxes and expeesee of depositary,
s Curtis Publishing stock dividend reported in previous Issue an error. There
was no stock dividend, but a split-up of the stock-two for one.
[VoL. 128.
.
FINANCIAL CHRONICLE
522
The New York "Times" publishes regularly each week
returns of a number of banks and trust companies which are
not members of the New York Clearing House. The following are the figures for the week ending Jan. 18:
INSTITUTIONS NOT IN CLEARING HOUSE WITH CLOSING OF BUSINICeir
FOR WEEK ENDED FRIDAY, JAN. 18 1029.
NATIONAL AND STATE BANKS-Average Figures,
Oth. Cash. Res., Dep., Dep.Other
Including N. Y. ass Banksand
Gold. Bk.Notes. Elsewhere Trutt Cos
boons.
ManhattanBank of U. s
Bryant Park
Chelsea Exchange
Grace National_
Harriman Nat'l
Port Mcrris
Public National
BrooklynMechanics
Nassau National_
Pe3Ples National_
Traders National_
Gross
Deposits
$
$
$
$
157,778,000 62,000 2,193,600 23,825,200 1,609,700 156,688,900
2,190,900
163,500
2,062,300 80,100 196,300
22,586,000
985,000
22,738,000,. 1,780,000
80,300 1,628,300 1.778,800 16.769,100
18,521.800 6.000
31,822,000 20,000 735,000 4,520,000 1124.000 40,426,000
213,600 158.800 3,767.100
4,235,400 39,900 118,300
117,674,000 45,000 2,007,000 7,274,000 4,001,000 112.576,000
57.152,000 248,000 1,723,000 8,227,000
21.262,000 82,000 307,000 1,783,000
593.000
8,350,000 5,000 129,000
353,200
51,400
.._ 2,971.600
53.653.000
533,000 20,938,000
104,000 8,300,000
36,600 2,336,800
TRUST COMPANIES-Average Figures.
Loans.
cam
Reeve Dep., Depos.Other
Gross
N. Y. one Banks and
Seisetehere. Trust Co.. Deposes.
$
$
S
Manhattan781,800 11,394,200
49,898,000
American
144,846
876.451
Bank of Europe & Tr. 17,323,900
572,703 1,638,075
22,360,196
Bronx County
251,678,000 *37,578.000 4,770,000
Central Union
76,227,100 *4,922,800 3,847,500
Empire
241,226 1,325,260
17,995,377
Federation
397,100
16,651,600 *2,391,500
Fulton
276,890,000 2,467,000 43,028,000
Manufacturers
64,701.800 1,767,200 4.998,400
Municipal
71.035,001 3,783,333 8,273,048
United States
Brooklyn62,247,700 1,546,500 11,294,900
Brooklyn
29,489,006 2.033,671 2,652.420
Kings County
Bayonne, N. J.876.543
371.868
0 148244
Mant,antna
S
$
97.500 51,481,200
16,709,370
22,173,460
2.946,000 266,303,000
3.846,000 74,095,500
249,363 18,174,701
18,992,100
2,274,000268,189.000
50,600 61,536,600
57,938,475
66,562,000
27.935,864
310.180
0.498.078
•Includes amount with Federal Reserve Bank as follows: Central Union, $36.690,000; Empire, $3,120,000: Fulton, $2,267,800.
Boston Clearing House Weekly Returns.-In the
following we furnish a summary of all the items in the
Boston Clearing House weekly statement for a series of weeks
BOSTON CLEARING HOUSE MEMBERS.
Jan. 23
1929.
Changesfrom
Previous Week
Jan. 16
1929,
Jan. 9
1929.
$
$
$
$
85,850,000
85,850,000
85,850,000 Unchanged
Capital
-269,000 112.037,000 112,179.000
111,758,000
Surplus and profits
Loans, dise'ts & inverit'ts 1,113,880.000 +4.033,000 1.109,847,000 1,107.675,000
694,048,000 -11,555.000 705.603.000 707.139,000
Individual deposits
Due to banks
137.843,000 -9,280,000 147.123,000 157,416,000
-343,000 280,347,000 280,161,000
Time deposits
280.004.000
4,101,000
3,231,000
-301,000
2,930,000
United States deposits,,,
39.678,000
33,127,000
30,837,000 -2,290,000
Exchanges for Clg. House
97,383,000
90,481,000
Due from other banks,. 80,302,000 -10,179,000
85,610,000
86.159,000
Res've in legal deposles_
84,117,000 -2,052,000
10,532,000
9,851,000
-522.000
9,329,000
Cash In bank
890.0110
1 4.711 non
,41 ,W--,KK nnn
Weekly Return of New York City Clearing House.Beginning with Mar. 31, the New York City Clearing House
Association discontinued giving out all statements previously
issued and now makes only the barest kind of a report. The
Philadelphia Banks.-The Philadelphia Clearing House
new return shows nothing but the deposits, along with return for the week ending Jan. 19, with comparative figures
the capital and surplus. We give it below in full:
for the two weeks preceding, is given below. Reserve
STATEMENT OF THE MEMBERS OF THE NEW YORK CLEARING HOUSE requirements for members of the Federal Reserve System
ASSOCIATION FOR THE WEEK ENDED SATURDAY, JAN. 19 1929.
are 10% on demand deposits and 3% on time deposits, all
to be kept with the Federal Reserve Bank. "Cash in vaults"
Time
*Surplus & Net Demand
DePorits
Deposits
Undivided
Clearing House
*CapPal
not a part of legal reserve. For trust companies not
is
Average.
Atoms.
Profits.
Members.
members of the Federal Reserve System the reserve required
$
$
i
$
8,468,000 is 10% on demand deposits and includes "Reserve with
66,762,000
Bank of N.Y.4v Truss
. 6,000,000 13,324,400
40,837,000
181,682,000
Bank of the ManhattanCo..28,775,400
Co--- 16,000,000
and "Cash in vaults."
49,287,000 legal depositaries"
143.423,000
Bank of
America Nat. Assn-National City Bank
Chemical National Bank
National Bank of Commerce_
Chat.Phents Nat.Bk.derr.Co
Hanover National Bank
Corn Exchange Bank
National Park Bank
First National Bank
Amer. Each. Irving Tr.CoContinental Bank
Chase National Bank
rush Avenue Bank
Darfleld National Bank
Seaboard National Bank
State Bank & Trust Co
Bankers Trust Co
(3. 5. Mtge. & Trust Co
title Guarantee dr Trust Co
Cuaranty Trust Co
Fidelity Trust Co
Lawyers Trust Co
gow York Trust Co
Farmers Loan & Trust Co_ __ _
Equitable Trust Co
Colonial Bank
2
- ommercial Sat Bank &Tr Co
25,000.000
90,000,000
6,000,000
25,000,000
13,500,000
10,000,000
11,000.000
10,01)0,000
10,000,000
40,000,000
1,000,000
60,000,000
500.000
1.000,000
11,000,000
5,000,000
25.000,000
5.000,000
10,000,000
40,000,000
4,000,000
3,000,000
10.000,000
10.000,000
30,000,000
1,400,000
7,000,000
37.384.600
76,986.700
20,294,200
48,295,300
15.460.600
21,983,000
17,857,1)00
25,594,600
92,884,400
54,084,000
1,522,300
77,490,800
3,382,100
1,900,200
15,912,900
6.772,700
77,387,200
6,187,200
22-577,900
63,377,000
3,771,400
4,087.800
25,938,100
23,113,900
27,098.900
3,965,400
7,000,000
*839,585,000
138,668.000
304,397,000
164,625,000
127,991.000
175,571,000
134,022,000
254,906,000
368,513,000
9,313,000
6577,516,000
28,654,000
16,568,000
129,623,000
38,604,000
c350,431,000
55,374,000
36,738,000
d486,706,000
44,801,000
18,480,000
150,571,000
el21,556,000
f332,113,000
28,974,000
30,269,000
167.524.000
11,329,000
49,599,000
42,123,000
3,103,000
32,401,000
10,746,000
16,512,000
52,891,000
600,000
69,074,000
1,077,000
194,000
8,569,000
58,502,000
45,358.000
5,621,000
2,594,000
79,214,000
5,249,000
2,342,000
24,877,000
20,198,000
46,344,000
7,517,000
2,277,000
Clearing Non-Members.
%echanics'Tr. Co., Bayonne_
500,000
816,400
3,343,000
5,736,000
486,900.000 825.020 4005 nAR.870.000 870,163,000
• As per official reports: National, Dec. 31 1928; State. Dec. 31 1928; trust
1928.
31
companies, Dec.
Includes deposits in foreign branches: (a) 5279,125,000: (b) $14,921,000:
(c) $71,000,000; (d) $110,025,000: (e) 810,114,000: (0) 8124,450,000.
Totals
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. 19 1929.
Ttco Ciphers (00)
omitted.
Trust
Members of
F.R.System Companies.
$
57,683,0
Capital
Surplus and profits... _ 176,857,0
Loans, discts. & Invest. 1,024,167,0
43,925.0
Exch. for Clear. House
96,821,0
Due from banks
135,648,0
Bank deposits
Individual deposits,.. 625,478,0
211,895,0
Time denoting
973,021.0
Total deposits
Res. with legal depos.
70,287,0
Res. with F. R. Bank_
10.388,0
Cash in vault•
80,675,0
Total res. & cash held_
Reserve required
Excess reserve and cash
in vault
1928.
Total.
Jan, 12
1929.
Jan. 5
1929.
$
$
9,500.0
67,183,0
67,183,0 •67,183,0
18,521,0 195,378,0 195,279,0 194,984,0
97.916,0 1,122,083,0 1,129,222,0 1,130,916,0
993.0
44,918,0
50,365,0
45.006,0
576.0
97,397,0
94,213,0 117,265,0
4,019,0 139,667,0 140,845,0 145,276,0
46,389,0 671,867,0 673,133,0 705,167.0
26,608,0 238,503,0 236,889,0 238,904,0
77,016,0 1,050,037.0 1,050,867.9 1,089,347,0
8,086,0
8,085,0
12,543.0
9,173.0
70,289,0
70,287,0
69,782,0
2,526,0
12,914,0
13,797,0
13,351,0
2 26.0
84,086,0
83,201,0
83,133,0
f5
•Cash In yeah mot counted as reserve ice /Warm Resent members.
JAN. 26 1929.]
FINANCIAL CHRONICLE
523
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, Jan.24 and showing the condition
of the twelve Reserve banks at the close of business on Wednesday. In the first table we present the results for the system
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the returns for the
latest week appears on page 493, beingithe first item in our department of "Current Events and Discussions."
COMBIN11,13 RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS JAN 23 1929
Jan.23 1929.,Jan. 16 1929. Jan.9 1929.1 Jan. 2 1929. Dec 26 1928. Dec. 19 1928. Dec. 12 1928. Dec. 5 1928 Jan. 25 1928.
I
I
RESOURCES.
$
$
1,223,392,000 1,196,417,000 1,219,166,000,1,233,332,000 1,171.408,000 1,268,645,000 1,172.296.000 1,150.080.000 1.465,875,000
Gold with Federal Reserve agents
73.150.000
77.666.000
70,648,000, 68,979,000
76.485.000
47,455,000
73.400,000
83,171.000
Gold redemption fund with U. S. Tress_
73,693.000
Gold held exclusively sent. F. R. notes 1,294,040.000 1,265,396,000 1,292,566,000 1,307,025,000 1,254,579,000 1,345.130.000 1,249,962.000 1.223.230,000 1,513,330,000
Gold settlement fund with F. R. Board__ 683,066,000 704,819,0001 684,091,0001 685,346,000 750,186,000 736,444.000 730,827.000 768.422.000 636,954,000
Gold and gold certificates held by banks_ 670,984.000 660,355.000 655,015,0001 595,256,000 579,474,000 533.383.000 646.186,000 625,948.000 668,794,000
Total gold reserves
Reserves other than gold
Total reserves
Non-reserve cash
Bills discounted:
secured by U. S. Govt. obligations
Other bills discounted
2,648,090,000 2,630,570,000'2,631,672,00&2.587,627.000 2,584.239.000 2,614,957.000 2.626.975.000 2,617.600.000 2,819,078.000
165,440,000 162,065,000, 151,435,0001 130,898,000 104,588.000 108,800 000 118.878,000 119,532,000 168.956,000
1
2,813,530,000 2,792,635,000 2,783,107,00012,718,525,000 2,688,827.000 2,723.757.000 2.745.853,000 2,737.132,000 2,988,034.000
96.488,000
53.028.000
92,558,000
96,532.000; 99.091,000
60,046.000
64,093,000
56 973.000
83.308.000
650.795.000 665.864.000
377.557.000 346,318.000
262,785.000
122,439,000
821,824,000, 876,547,000 1.151,464,000 1,167,579,000
481,239,000 477.100,000 484,358,000 489,270,000
946.710.000 1.028,352.000 1,012,182,000
453.111,000 494,323.000 477,770.000
385.224,000
347,305,000
52,679,000
122,478,000
63,186,000
471,443,000
310,671,000
525,735,0001 558,186,000
298,089,000 318,361,000
Total bills discounted
Bills bought In open market
U. S. Government securities:
Bonds
Treasury notes
Certificates of indebtedness
782.114,000
454,218.000
Total U. S. Government securities
Other securities (see note)
202,034,000
9,025,000
52,344,000
98,383,000
51,307,000
757,451,000
394,013,000
713,759,000
453,820,000
582.722,000
363.988.000
52,666,000
113.425,000
73,151,000
52,666,000
120,818.000
70.469.000
52,717.000
104.759.000
74.852,000
53,386,000
105 318,000
Ill 838.000
53,497,000
116.173 000
65.837.000
53.499,000
117,958.000
55.325,000
56,184,000
244,266,000
140,447,000
238,343,000, 239,242.000
9,825,0001
9,825,000
243,953,000
9.885,000
232.328.000
10,135.000
/40.542.000
L0.360.000
235,507,000
4.415.000
226,782.000
4.390.000
440,897,000
500,000
1
Total bills and securities (see note)
Gold held abroad
Due from foreign banks (see note)
Uncollected Items
Bank premises
All other resources
1,447,391,000 1,551,231,000 1.602,714,000 1,889,660,000 1,899,312,000 1./00.723.000 1,762.597,000 1.721,124.000 1,173,926,000
'rota resources
LIABILITIES.
g. R. notes In actual circulation
Deposits:
Member banks-reserve account
Government
Foreign banks (see note)
Other deposits
5.125,193,000 5,300,968,000 5.242,914,000 5,584.714,000 5,443,401.000 5.418.479.000 5,435.846.000 5.330.571.000 4,942.522.000
total deposits
Deferred availability Items
Capital paid In
Surplus
511 other liabilities
2,397,090,000 2,472,582,000 2,452.239,000 2,563,733.000 2.45.5.093,000 2,356,428,000 2,465,967,000 2.435,672.000 2,401,614,000
648,570,000 713,457,000 629,574,000 776,626,000 654,553.000 771.548,000 735,000.000 685.663,000 577,945,000
148,356,000 147,856.000 146,826,000 146,952,000 146.868.000. .000 146.868.000 146.801,000 134,209.000
254,398,000 254,398.000 254.398,000 254,398.000 233,319,000 233,319,000 233,319,000 233.319,000 233,319,000
39.271.000
15,812.000
15,373.000
42,730,000
41,118.000
40,972,000
10,513,000
14,615,000
13,641,000
731,000
700,026,000
58,606,000
8.421,000
731,000
729,000
793,508,000, 691.004,000
58,591,000, 58,591,000
7,740,000
7,678,000
728,000
826.187.000
58,591,000
7,715.000
7'-.000
722,108,000
60 629,000
,HI
7,704 '
47.000
667 494.000
60,630,000
8,375.000
726.000
795.957.000
60.606,000
10.061.000
726,000
747,281.000
60.601.000
10,699.000
568,000
618,190.000
58.731.000
10.515,000
1
1.660,967,000 1,697,302,000 1,745,262,000 1,829.364.000 1.910,838.000 1,869,192,000 1.813.720,000 1.789,845,000 1.584,922,000
2,358,861,000 2,414,553.00012,404,678.000 2,493,757,000 2,409,195,000 2,325,879.000 2,408,967.000 2,382,329.000 2,354,712,000
12,088,000
29.724.000
25.876.000
25.535,000
5,489,000
21.786.000
14,108,000
15,782,000
30.999,000
6,762,000
6,023.000
7.283,000
5,744,000
7.059.000
5,806.000
7,534.000
5,853.000
5,935.000
21.444,000
19,379,000
25,211 000, 27.600.000
19,314,000
20,217,000
22,582,000
19,310.000
33.042,000
Total liabilities
5,125,193,000 5,300,968,000 ...242,914.000 5.584.714.000 5,443,401.000 5,418,479.000 5.435.846,000 5,330.571 000 4,942.522,000
Ratio of gold merles to deposits and
F. it. note liabilities combined
63.1%
59.2%
61.9%
61.4%
61.9%
70.7%
65.3%
62.7%
68.9%
Ratio of total reserves to deposits and
F. R. note liabilities combined
64.2%
64.8%
75.0%
67.0%
61.6%
64.5%
69.3%
66.3%
61.9%
Contingent liability on bills purchased
for foreign correspondents
325,443,000 332,338,000 333,971,000 325.064.000 327.315.000 321,010,000 284,014,000 279.488,006 231,881,000
--vesolotaton by Ma2urities8
8
8
1-15 days bills bought In open market _ 132,608,000 156,899,000 146,784,000 156,817,000 166,325,000 139,251,000 175,007,000 149,250.000 122.510,000
1-15 days bills discounted
656,529,000 688,297,000 741.362,000 1.011.198,000 1,012,581,000 797.249,000 886,179,000 866.112,000 318.991.000
1-15 days U. B. certif. of Indebtedness
21.790.000
80,690,000
10,126,000
13,546,000
93,000
19.885,000
780.000
12,965,000
23,020,000
1-15 days municipal warrants_
125.000
60.000
125.000
16-30 days bills bought In open market _
95,793,000
98,639,000
73,182,000
80.215.000
93,021,000
94,713,000
81,392,000
89,543.000
77,198,000
16-30 days bills discounted
38.475,000
38.749.000
38,723,000
40,413.000
14.912,000
37,238,000
39,031,000
33,076.000
36,022,000
18-30 days U. S. certif. of indebtedness.
18-30 days municipal warrants
155.000
60,000
60.000
90.000
74,684,000
81-60 days bills bought In open market _ 180,109,000 141,846,000 139.511000 129,680,000 131,901,000 143,448,000 147,077,000 151.971,000
26,751,000
31 AO days bills discounted
49.880,000
54,432,000
59,509,000
54,253,000
54,820,000
50,422,000
58.914.000
58,933,000
28,000
57,519,000
81-60 days U. S. certif. of Indebtedness.
22,928,000
22.913,000
81-60 days municipal warrants
35.000
97,221.000 104,083,000
61-90 days bills bought in open market _
76,359,000 100,252,000
93,531,000
73,660,000
71,311,000
72,446,000
73,340,000
35,162,000
81-90 days bills discounted
31,148,000
38.616,000
17,352,000
40,430,000
31.801,000
33.383,000
31.328.000
30,928.000
22,888,000
81-90 days U. S. certif. of Indebtedness.
22.995.000
24,203,000
22.873.000
61.90 days municipal warrants
Over 90 days bills bought In open market
5,044.000
4.041.000
3,750,000
4,563.000
3,269,000
4,492,000
4.570.000
4,388.000
4.000,000
Over 90 days bills discounted
13,146,000
15.282.000
12,905.000
16,301,000
7.318.000
18,124,000
19.909,000
18,133,000
17,869,000
Over 90 days certif. of indebtedness
27.308.000
27,243.000
27,599,000
27,561,000
82,835,000
28,859.000
28,275,000
41,779,000
55,711,000
Over 90 dare municipal warrants
2.654,000
F. R. notes received from Comptroller... 2,983,997,000 2,982,912.000 3.001,234,000 3,013.124,000 3,009,974.000 3,007,737,000 2,989,120.000 2.965.449,000 2,945,157,000
V. R. notes held by F. R Agent
810,547,000 800,957,000 758,582,000 733,832.000 685,137,000 720,295,000 746.295.000 784.130,000 900,551,000
Issued to Fcaeral Reserve BAnke
2,123,450,000 2,181,955,000 2,242,652,000 2,279,292,000 2,324,837.000 2,287,442.000 2.242,825,000 2,181.319,000 2,044,606.000
How SecuredBy gold and gold certificates
380,155,000 365,155,000 371,273,000 371,273,000 370.973.000 441,021,000 341,207.000 341,208.000
Gold redemption fund
93,968,000
94,958,000 101,271,000
98.442,000
98.905. 00
94.785,000 101.890.000 104.047.000
Gold fund-Federal Reserve Board_.... 766,259,000 7:16,304,000 746,622,000 763.617.000 703.830.000 732.839,000 729.199.000 704.825.000
By eligible never
1,197,449,000 1,262,034,000 1,314.853,000 1,582,351,000 1,588,168,000 1,350,802,000 1,443,842.000 1.444.684.000
414,240,000
107,902,000
943,733,000
704,650,000
TOtai
2,420,841,000 2,458,451,000 2,534,019,000 2,795,683,000 2.759.576,0002,619,447,000 2,816,138.0002.594.754,000 2,170,525.000
NOT .-Peginning with the statement of Oct. 7 1025, two new Items were added in order to show separately the amount of balances herd abroad and amounts due to
foreign sorrrsPondents. In addition. the caption "All other earning assets.- prey ously made up of Federal Intermediate Credit Bank debentures, was changed tr
"Other securities," and the caption 'Total earning assets" to "Total bills and securities." The latter term was adopted as a more socurnte description of the total of the
discount acceptances and securities acquired under the provisions of Sections 13 and 14 of the Federal Reserve Act,
which. It was stated, are the only Items Inmost)therein
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSF OF BUSINESS JAN 23 199
Two ciphers (00) mutat,
Federal Reserve Bunk of-
Total.
Roston.
New York.
Phila.
Cleveland. Rkhmond Atlanta. Chicago. 8i. Louis. Afinne,ap. Kan.City. Dallas. San Pro.
RESOURCES.
$
$
Gold with Federal Reserve Ageota 1,223,392.0 66,346,0
"Sold red'n fund with U.s. Trees.
70,648,0 9,884,0
$
$
$
$
$
S
$
$
$
5
$
242,371,0 110,328,0 128,743,0 54,394,0 76,532,0 233,060,0 27,618,0 46,981,0 56,295,0 20,061,0 160,663,0
15,952,0 5,813,0 6,933,0 1,434,0 4.166,0 9,006,0 5,197,0 2,363,0 3,055,0 2,547,0 4,298,0
Gold held excl. eget v. R.notes 1,294,040,0 76.230,0
Gold settle't fund with F.R.Board 683,066,0 30,926,0
Gold and gold ate heir' by bank
670,984,0 31,047,0
258,323,0 116,141,0 135,676,0 55,828,0 80,698,0 242,066,0 32,815,0 49,344,0 59,350.0 22,608,0 164,961,0
280,225,0 25,476,0 72,847,0 5,730,0 11,267,0 119,077,0 20,603,0 19,974,0 41,118,0 22,055,0 33,759.0
422,438,0 31,517,0 44,786,0 15,176,0 6,528,0 55,928,0 11,639,0 3,684,0 6,262.0 12,734,0 29,245,0
Total gold rese. v.
Reserve other than gold
960,986,0 173,134,0 253,309,0 76,734,0 98,502,0 417,071,0 65,057,0 73,002,0 106,730,0 57.397,0 227,965,0
39,131,0 9,120,0 11,272,0 10,956,0 11,322,0 17,327,0 18.669,0 2,933,0 6.176,0 6,945,0 12,405,0
2,648,090,0 138,203,0
165,440,0 19,184,0
Total reserves
2,813,530,0
Non-ieserve Cash
96,488,0
Bills dis000nted:
s„0. by CI B. Govt. obligations
471,443,0
Other uille discounted
310,671,0
i 441 ullls discounted
Isms bought In open market
U. 8. Government securities:
Bonds
Treasury notes
Certificates of indebtedness
Foes! U. a. Gov
enrages
157,387,0 1,000,117,0 182,254,0 264.581,0 87,690,0 109,824,0 434,398,0 83,726,0 75,935,0 112,906,0 64.342.0240,370.0
11,441,0
36,053,0 2,251,0 5,173,0 8.907,0 5,244,0 9,540,0 4,662,0 1,170,0 2,193,0 3,718,01 6.136,0
35,867,0
29,027,0
782,114,0 64,894,0
454,218,0 68,749,0
52,344,0
98,383,0
51,307,0
„
689,0
3,073,0
4,411,0
„
97.310,0 44.656,0 46,157,0 20,278,0 20,494,0 102,222,0 27,787,0
55,847,0 24,516,0 27,112,0 19,398,0 40,219,0 53,477,0 14,172,0
9,054,0 12,648,0 18,416,01 36,574,0
4,308,0 20.193,0 3,645,5 18,757,0
153,157,0 69,172,0 73,269,0 39,676,0 60,713,0 155,699,0 41,939,0 13,362,0 32,841,0 22,061,0
120,436,0 20,583,0 45,246,0 19,983,0 25,329,0 45,274,0 8,383,0 18,416,0 7,457,0 21,649,0,
1
1,384,0
585.0
548,0 1,152,0
24,0 19,937,0 7,125,0 4,519,0 8,505,0 7,813,0
13,007.0 10,307.0 28,530,0 1,063,0 3,560,0 6,489,0 11,563,0 4,618,0
902,0 2.175,0
12,901,0 10,555,0 3,884,0 1,212,0 1,286,0 7,884,0 2,355,0 1,770,0 1,106,0
I
,
„
,
„
,
,U'kO,U
Iu,001,u
55,331,0
52,713,0
63,0
13.096,0
3,943,0
Iu,ozO,u„
[VOL. 128.
FINANCIAL CHRONICLE
524
RESOURCES (Cencluded)Two Ciphers (00) onsitted.
Total.
Boston.
New York.
Phila.
$
1
1
$
9,025,0
Other securities
Total bills and securities
Due from foreign banks
Uncollected Items
Bank premises
All other
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan.City. Dallas. San has.
$
$
$
$
$
$
$
$
775,0
1,500,0
s
6,000,0
750,0
300,885,0 111,202,0 151,477,0 63,086,0 90,912,0 235,283,0 71,365,0 43,460,0 52,311,0 59,698,0 125,896,0
24,0
18,0
24,0
52,0
75,0
28,0
29,0
223,0
70,0
34,0
100,0
184,033,0 59,164,0 65,453,0 54,349,0 30,374,0 86,740,0 33,537,0 13,404,0 37,882,0 28,436,0 41,868,0
16,087,0 1,752,0 6,535,0 3,575,0 2,744,0 8,527,0 3,826,0 2,110,0 4,140,0 1,921,0 3,687,0
812,0
325,0
500,0 1,150,0
440,0
1,020,0
242,0 1,154,0
480.0 1,415,0
800,0
1,447,391,0 141,816,0
54,0
731,0
700,026,0 64,786,0
58,806,0 3,702,0
8,421,0
83,0
5,125,193,0 379,269,0 1,538,418,0 356,935,0 494,448,0 218,121,0 240,541,0 775,388.0 197,585,0 136,909,0 20.978,1 158,639,0 419,159,0
Total reeourees
LIABILITIES.
F. R. notes In actual circulation_ 1,660,987,0 133.991,0 322,550,0 126,320,0 200,533,0 78,661,0 128,207,0 280,591,0 60,304.0 60,274,0 67,074,0 42,834,0 159,628,0
Deposita:
Member bank-reserve aoc't_. 2,358,861,0 148,607,0 915,506,0 136,168,0 184,700,0 68,809,0 66,378,0 357,880,0 83,887,0 53,582,0 94,058,0 72,613,0 176,673,0
533,0
307,0
788,0
816,0
274,0 1,211,0 1,115,0
2.004,0
700,0 1,295,0 1,083,0
12,088,0 1,962,0
Government
155,0
851,0
248,0
205,0
205,0
447,0
2,433,0
596,0
634,0
286,0
242,0
Foreign bank
460.0
6,762,0
252,0
240,0
38,0 7,794,0
90,0 1,453,0
758,0
381.0
8,075,0
93,0
93,0
112,0
19,379,1
Other deposits
Total deposits
Deferred availability items
Capital paid in
Surplus
AO other liabilities
928,018,0 137,128,0 187,998,0 70,303,0 87,413,0 360,784,0 85,599,0 54,510,0 94.822,0 73,644,0 185,730,0
161,117,0 54,366,0 63,491,0 49,596.0 27,901,0 76,214,0 34,312,0 11,106,0 33,946,0 28,662,0 44,309,0
51,311,0 14,536,0 14.561,0 6,154,0 5,247,0 18,526,0 5,416,0 3,020,0 4,232,0 4,319,0 10,889,0
71.282,0 24,101,0 26.345,0 12,399,0 10,554,0 36,442,0 10,820,0 7,082,0 9,088,0 8,890,0 17,978,0
917,0
621,0
645,0
4,140,0
484,0 1,520,0 1,008,0 1,219,0 2,831,0 1,134,0
490,0
2,397,090,0 151,141,0
648,570.0 63,550,0
148,356,0 10,165,0
254,398,0 19,619,0
803,0
15,812,0
5,125,193,0 379,269,0 1,538,418,0 356,935,0 494,448,0 218.121,0240,541.0 775,388,0 197,585,0 136,909,0 209,781,0 158.639,0 419,159,0
Totalliabllitles
Memoranda.
69.2
68.1
57.4
66.2
89.7
69.6
55.2
80.0
56.1
67.7
55.2
58.9
69.3
Reserve ratio (per cent)
Contingent liability on Mlle pur97,550,0 31,388,0 33,350,0 15,040,0 12,752,0 44,794,0 13,079,0 8,174,0 10,790,0 10,790,0 23,541,0
chased for foreign correspondle 325,443,0 24,195,0
F. R. notes on band (notes reed
from F. R. Agent lees notes In
..so AQ7 A 91 A77 n 1250210 52 5115 n 25 R02 n 99 171 n lq n9c n 25 509 n 12 2.15 0 R 204 0 In 71R n 16 517 n 511 2110.
circulation)
FIRDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS AT CLOSE OF BUSINESS JANUARY 23 1929.
Federal Reserve Agent at-
New York.
Boston.
Total.
Phila.
Cleveland. Richmond Atlanta. Chicago. St. Louis Minneap, Kan.City. Dallas. BanFras,
1
g
Yoe Ciphers (00) miffedF.11.notes reed from Comptroller 2,963,997,0 235,193,0
P.R.notes held by F. R. Agent-- 840,547,0 69,725,0
8
$
1
$
$
$
$
$
1
$
$
772,586,0 215,428,0 277,355,0 120,473,0 223,472,0 446,403.0 87,603,0 85,167,0 108,592,0 66,198,0 325,527,0
314,805,0 35,300,0 41,130,0 19,641,0 62,240,0127,220,0 13,950,0 16,589,0 30,800.0 12,547,0 96,600,0
T.R.notes Issued to F. R. Bank- 2,123.450,0165,468.0
00llateral held as security for
F. R. notes Issued to F. It. Bk.
Gold and gold certificate._-_ 360.155,0 35,300,0
96,968,0 13,046,0
Gold redemption fund
766,269,0 18,000,0
Gold fund-F.R. Board
1,197,449,0 133,568,0
Illigible Paper
457,781,0 180,128,0 236,225,0 100,832,0 161,232.0 319,183,0 73,653,0 68,578,0 77,792,0 53,651.0 228,927,0
Waal eollatsral
171.880,0
50,000,0 8,690,0 27,350.0
7,500,0 14.167,0
12,268,0 35,000,0
15,491,0 12,551,0 13,743,0 3,704.0 8,682,0 2,060,0 3,118,0 1,814,0 2,935,0 3,793.0 16,031,0
55,000,0 97,777,0 65.000,0 44,000,0 40,500,0 231,000,0 17,000,0 31,000,0 63,360,0 4,000,0 109,632.0
258,080.0 74,473,0 117.900,0 54,744,0 85,772.0 200,712,0 50,277,0 31,496,0 39.854,0 43,662,0 106.911,0
500.451.0 184.8(11.0 248,643,0 109.138.0 162.304.0 433.772.0 77.895.0 78.477.0 96.149.0 83.723.0 267.574.0
2.420A41.0 199.914.0
•
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources
and liabilities of the member banks in 101 cities from which weekly returns are obtained. These figures are always a week
behind those for the Reserve banks themselves. Definitions of the different items in the statement were given in the
statement of Dec. 12 1917, published in the "Chronicle" of Dec. 29 1917, page 3475. The comment of the Reserve Board
upon the figures for the latest week appears in our department of "Current Events and Discussions," on page 494 immediately
preceding which we also give the figures of New York and Chicago reporting member banks for a week later.
Beginning with the statement of Jan. 9 1929, the loan figures exclude "Acceptances of other banks and bills of exchange or drafts sold with
endorsement, and include all real estate mortgages and mortgage loans held by the bank. Previously acceptances of other banks and bills sold with
endorsement were included with loans, and some of the banks included mortgages in Investments. Loans secured by U. S. Government obligations are
no longer shown separately, only the total of loans on securities being given. Furthermore, borrowings at the Federal Reserve are not any more subdivided to show the amount secured by U. S. obligations and those secured by commercial paper, only a lump total being given. The number of reporting
banks is now omitted: in Its place the number of cities included has been substituted. The figures have also been revised to exclude a bank in the San
Francisco district, with loans and investments of $135,000,000 on Jan. 2, which recently merged with a non-member bank. The figures are now given in
round millions instead of in thousands.
PRINCIPAL RESOURCES AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT AS AT CLOSE OF
BUSINESS ON JANUARY 16 1929. (In millions of dollars.)
Federal Reserve District.
Total.
Loans and Investments-total
Boston. New York
$
22,234
$
1,499
$
8,380
Phila.
Cleveland Richmond Atlanta. Chicago. St. Louis. Minneap. Kan. City Dallas. San Fran.
$
1.240
$
2,181
$
683
$
837
$
3,320
$
$
$
739
392
502
$
1,976
$
887
16,158
1,130
6,145
890
1,479
523
500
2,567
533
261
448
364
1,316
*7,302
*8,856
457
673
*3,252
*2,893
494
396
*625
*854
199
324
142
359
1,125
1,442
240
293
79
182
*152
*298
*136
*228
*400
*916
8,076
369
2,235
349
702
159
137
753
206
131
239
138
659
3,120
2,956
184
205
1,244
991
114
235
337
365
71
88
69
88
381
391
83
123
74
57
117
122
96
41
390
269
1,771
242
101
18
820
67
82
15
131
29
42
12
42
10
268
40
48
7
26
6
59
11
36
8
117
21
Net demand deposits
Time deposits
Government deposits
13,611
*6,891
90
950
476
2
5,986
1,717
27
754
294
5
1,043
948
9
369
241
2
335
230
5
1,875
1.277
5
417
*256
2
221
141
1
514
179
1
323
139
8
825
995
22
Due from banks
Due to banks
1,237
*3.015
53
*120
160
*1,035
63
172
108
222
54
103
88
126
231
459
59
148
48
86
141
218
77
114
155
212
598
28
184
39
62
20
36
116
22
10
17
17
45
Loans-total
On securities
All other
Investments-total
U.S.Government securities
Other securities
Reserve with F. R. Bank
Cash in vault
Borrowings from F. R. Bank
*Subject to correction.
Condition of the Federal Reserve Bank of New York.
The following shows the condition of the Federal Reserve Bank of New York at the close of business Jan. 23 1929,
In comparison with the previous week and the corresponding date last year:
Jan. 23 1929. Jan. 16 1929. Jan. 25 1928.
RewurcesGold with Federal Reserve agent
Geld redemp.fund with U.S.Treasurer-
242,371,000
15,952,000
192,458,000
17,136,000
324,359,000
11,327,000
Gold held exclusively agin.F.R. notes..
Gold settlement fund with F.R. Board
Gold and gold ctfs, held by bank
258,323,000
280,225,000
422,438.000
209,594,000
264,790,000
415,642,000
335,686.000
235,079,000
422,130,000
Tots gold reserves
Reserves other than gold
960,988,000
39,131,000
890.026,000
36,058,000
922,895.000
32,051,000
Total reserves
Non-reserve cash
Bills discounted:
See. by U. S. Govt. obligations
Other bills discounted
Total bills discounted
Rills bought in open market
U. S. Government securities:
Bonds
Treasury notes
Certificates of indebtedness
Total U.S. Government['murales__
Other securities (see note)
Total bills and a curItles (see note).-
1,000,117,000
36,053,000
926,084.000 1,024.946,000
31,538,000
34,092,000
97,310,000
55,847,000
160,987,000
56,679,000
91.326,000
23,74,000
153,157,000
120,436,000
217,866,000
137,813,000
119.073,000
79,983,000
1,384,000
13,007,000
12,901,000
1,384,000
37.222,000
25,088,000
3,384,000
48,136,000
33,910,000
27,292,000
63,892.000
85,430.000
419,171,000
280,486,000
300.885,000
Jan. 23 1929. Jan. 16 1929. Jan. 251928.
$
$
Gold held abroad
Due from foreign banks
Uncollected items
Bank premises
All other resources
OM n018)
Total resource,
223,000
184,033,000
16.087.000
1,020,000
223,000
227,155,000
16,087.000
1,061,000
216.000
158,505,000
16,498,000
2,610,000
1,538,418,000 1,623,873,000 1,514,799,000
F. R. notes In actual circulation
Deposits-Member bank, reserve scot
Government
Foreign bank (see note)
Other deposits
322,550.000
915,506,000
2,004.000
2,433.000
8.075.000
326,403,000
935,615,000
12,033.000
2,954,000
11,584,000
Total deposits
Deferred avallabilty items
Capital paid in
Surplus
All other liabilities
928,018.000
161,117,000
51,311,000
71,282.000
4,140,000
982,186,000 926,928,000
188,503,000 138,361,000
50,844,000
41,513,000
71.282,000
63,007.000
4,655,000
2,598,000
Total liabilities
Patio of total reserves to deposit and
F. It. note liabilities combined
Contingent liability on bills purchased
for foreign correspondents
342,292,000
910,546,000
4,040,000
2.331,000
10,011,000
1,538,418,000 1,623.873,000 1,514,799,000
80.0%
70.8%
80.8%
97,550,000
98,910,000
64.614,000
NOTE.-Beginning with the statement of Oct. 7 jos.two new Items were added in order to show separately the amount of balances held abroad and amounts due to
foreign correspondents. In addition, the caption,"All other earning assets," previously made up of Federal Intermediate Credit Bank debentures, was changed to "Other
securities." and the caption. "Total earning assets- to -Total Mils and securttles." The latter term was adopted as a more accurate description or the total of the discounts.acceptances and securities acquired under the provision of sections 13 and 14 of the Federal Reserve Act, whim,. It was stated. are the only Items Included therein
JAN. 26 1929.]
FINANCIAL CHRONICLE
gianiters'
azettt,
STOCKS.
Week Ended Jan. 25.
Wall Street, Friday Night, Jan. 25 1929.
Railroad and Miscellaneous Stocks.-The review of the
Stock Market is given this week on page 513.
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. 25.
Sales
for
Week.
Range for Week.
Lowest.
Highest.
Range Since Jan. 1.
Lowest. I Highest.
RailroadsPar. Shares $ per share. $ Per share.
Per share.* Per share.
Atch Topeka & S Fe rts_ 80,800 1;4 Jan 19 234 Jan 22 1% Jan, 234 5Jan
Beech Creek RR
1 41% Jan 24 4115 Jan 24 4115 Jan, 4134 Jan
50
Buff Koch & P pref _100
10 1003.4 Jan 22 10034 Jan 22 98
Jan 10034 Jan
Buff & Susquehanna_100
100 5534 Jan 19 55% Jan 19 55% Jan 57
Jan
Preferred
100
Jan 19 59 Jan 24 5315 Jan 59
610 57
Jan
Car CI &0 ctf stpd._100
50 100 Jan 21 100 Jan 21 loo
Jan 100 Jan
Cleve & Pittsburgh._100
10 795e Jan 19 7955 Jan 19 7851 Jan' 7955 Jan
Cuba RR pref
100
20 79% Jan 22 80 Jan 23 79
81
Jan
Detroit Sr Mackinac.100
100 50 Jan 22 50
Jan 22 40
Jan 50
Jan
Erie & Pittsburgh __50
10 6134 Jan 19 6115 Jan 19 61% Jan',
1 6 55 Jan
Havana Elec Ry
400 8
Jan 23 834 Jan 19 755 Jan 8% Jan
Preferred
100
100 57 Jan 25 5934 Jan 24 57
Jan, 60
Jan
Hocking Valley
120430 Jan 21 450
100
Jan 22 410
Jan 450
Jan
Ill Cent leased line. _.l00
10 7934 Jan 24 7934 Jan 24 7934 Jan 79% Jan
RR secured stk ett.100
17 7834 Jan 21 7834 Jan 24 7734 Jan' 7855 Jan
Int Rys of Cent Am Ws* 5,900 5134 Jan 21 5915 Jan 25 50
Jan 5955 Jan
Iowa Central
100
160 434 Jan 21 43( Jan 21 351 Jan 451 Jan
Morris & Essex
so 30 8315 Jan 19 8334 Jan 25 8334 Jan 86% Jan
Nash Chatt & St L...10
120 1863.4 Jan 19 190 Jan 23 18634 Jan 195
Jan
Nat Rys of Mex let pf100
300 6 Jan 24 611 Jan 23 6
Jan 651 Jan
New On Tex & Mex.100
3013534 Jan 2 13515 Jan 22 13534 Jan 137
Jan
NY Lack & Western _100
20 108
Jan 23 108
Jan 23 108
Jan 108
Jan
NY State Rys pref_ _100
400 34
Jan 21 3534 Jan 22 30
Jan 3515 Jan
Pacific Coast 1st pf _ _100
30 40
Jan 21 41
Jan 21 36
Jan 41
Jan
2d preferred
100
100 25 Jan 21 2534 Jan 21 2115 Jan 30
Jan
Wheel& Lake Erie p1100
100 80
Jan 24 80 Jan 24 80
Jan 89
Jan
Indus. & Miscell.
Adams Express prof..100
400 93% Jan 22 9434 Jan 23 9351
• 2,500 33% Jan 1 3455 Jan 25 31%
Adams Millis
Alliance Realty Co_._
20 95 Jan 24 95 Jan 24 90
Amer Chicle rights
2.800 115 Jan 19 114 Jan 19 1%
Amer International new 33,600 7155 Jan 24 7554 Jan 19 72%
Allis-Chalmers rights._ _
10
4 Jan 25 4 Jan 25 4
Am M & Fdry p1(7) xwar
140 11655 Jan 2111634 Jan 21 11315
Am Nat Gas pref
• 480 96 Jan 23 9755 Jan 19 96
Am Pr Jr Light pref A._*
700 7535 Jan 22 75% Jan 24 73
Pref A stamped
• 2,000 8074 Jan 19 8155 Jan 19 8051
Anchor Cap
• 3,200 5355 Jan 22 56
Jan 22 5355
Preferred
400 115
Jan 23 115 Jan 23 112
Andes Copper Mining... 158900 4955 Jan 1' 5255 Jan 22 4855
Art Metal Constr_ .10
400 2934 Jan 25 30 Jan 22 29%
Assoc Dry G'ds 24 p1.100
800 10974 Jan 23110 Jan 22 109
Barker Bros pref._ _100
Jan 23 89%
600 8954 Jan 19 95
Brown Shoe pref.__ _100
10 119 Jan 19 119 Jan 19 118
Bucyrus Erie pref (7).100
130 114
Jan 24 115 Jan 19 112
Byers rights
11,100 14% Jan 21 15% Jan 22 14%
Cananah-Dobbs
800 3414 Jan 24 35 Jan 24 34%
Celotex
3,700 69% Jan 24 7355 Jan 24 69%
Preferred
Jan 24 89 Jan 24 89
200 89
Central Aguirre Assoc_."39,000 3851 Jan 19 48 Jan 23 3755
Cent Alloy Steel pref.
Jan 19 112 Jan 19 111
30 112
.100
Chand-Clev Mot pf ctfs• 100 3934 Jan 23 3934 Jan 23 37
Chic Pneum Tool new100 3,900 32
Jan 23 3555 Jan 25 29%
Preferred
• 8,300 55 Jan 19 5534 Jan 24 55
City Ice & Fuel
1,600 6034 Jan 25 62 Jan 24 6051
Preferred
1,300 10514 Jan 2410534 Jan 24 105%
City Stores class B rights 2,500 5 Jan 24 555 Jan 19
Coca Cola international_
10 344
Jan 24 344 Jan 24 344
Columbia Gas & El new •43,600 60 Jan 21 63 Jan 23 57
Columbia Graphophone_ 711700 75 Jan 25 8534 Jan 23 75
Commercial Credit rts_ _ 12,800 4% Jan 25 514 Jan 25
Crex Carpet
100 28% Jan 23 28% Jan 23 22%
100
Cr'n Willamette lot pr.•
30 101
Jan 22 101
Jan 22 99%
Crown Zellerbach
• 600 2254 Jan 25 23% Jan 24 2255
Cudahy Packing rights.. 11,500 154 Jan 22 155 Jan 19 114
Dunhill Internat rights.. 8,300 934 Jan 24 10 Jan 19 951
Duplan Silk
3,300 2634 Jan 24 28 Jan 25 2634
100 102
Preferred
Jan 24 102 Jan 241102
DuPont de Nemours new 78,100 15534 Jan 22 173 Jan 22.155%
Durham Hosiery
100 6 Jan 22 6 Jan 22 554
50
Preferred
10 37
100
Jan 25 37
Jan 25 36
Elec Auto Lite pref_ _100
3011034 Jan 1911034 Jan 19 109
Elec Pr & Lt ctfs full pd_
200 125 Jan 21 125
Jan 21 125
Ctfs 40% paid
10 130
Jan 23 130 Jan 2J12234
Elk Horn Coal prof...501
10 1251 Jan 24 1251 Jan 241 1234
Emerson-Brant cl B...'I 100 514 Jan 23 5% Jan 23 4
Emporium Corp
20 2755 Jan 21 2734 Jan 211 2734
First Nat Pict let pf.I0Ot 100105 Jan 24 105
Jan 24 10434
Filene's Sons
• 1,40 9234 Jan 2 9555 Jan 22 90
Preferred
.12,3.,
311 10615 Jan 25 107
100
Jan 23 wog
Follansbee Bros
62 Jan 19 6834 Jan 21 62
Franklin Simon pref_100
Jan 21 110
70 110 Jan 21 110
General Cable pref....100
1 10615 Jan 2 10715 Jan 21 106
General Cigar pref. _ _100
Jan 2411234
24611534 Jan 19 122
General Gas dr El cl B...•
36,103 Jan 2510434 Jan 22 76
Preferred A (7)
• 300115 Jan 1911634 Jan 21 115
Preferred A (8)
• 20013034 Jan 19 134
Jan 2412134
Preferred B (7)
• 700 109 Jan 2310934 Jan 24 109
General Mills
" 7,600 85% Jan 22 88 Jan 23 83
Preferred
100
30 98 Jan 19 98 Jan 19 98
Gen Motors new
10696 1: 7834 Jan 21 85
Jan 25 78
Debenture (6%)_ _106, 2 11014 Jan 2 11034 Jan 25 109
Gen Ity Signal pref _ _ 100
3610234 Jan 21 103 Jan 21 99
Gobel(Adolf)
.122711 5634 Jan 19 6434 Jan 22 52
Grand Stores pref..iod
Jan 21 115
101 115 Jan 211115
Guantanamo Sug pf _10
21 90 Jan 211 90 Jan 21 88
Gulf States St lot p1_100
130 107
Jan 2210834 Jan 21 107
Hackensack Water p1.25
lot 2934 Jan 22 2955 Jan 22 28
Preferred A
25
1801 2634 Jan 24 2834 Jan 2 2634
Hahn Dept Stores
•58,300 5014 Jan 25 5335 Jan 1.9 5094
Preferred
100 13,0 111% Jan 2511334 Jan 21111134
Hamilton Watch pf _.1001
30.10234 Jan 2510234 Jan 251101
Barb-Walker Refract..°l 6901 54 Jan 21 5435 Jan 241 54
Preferred
1
10 112 Jan 19 112 Jan 19,412
Hawaiian Pine apple_ .201 1,106 61
Jan 23 62 Jan 23 61
lIelme (G W) pnef...100I
1012334 Jan 2312334 Jan 2312334
*1 1.600
Holland Furnace
48 Jan 25 47% Jan 21: 4114
Industrial Rayon
*1 1,400125
Jan 21 132 Jan 24 121
Internal Pap dr Pr elA.,* 19,800 30 Jan 19 3234 Jan 23 2715
Class B
*33,300 1655 Jan 19 1934 Jan 22 1535
Class G
*89,700 1155 Jan 19 1334 Jan 221 1055
Preferred
100 2,200 90 Jan 21 93 Jan 23 8851
Rights
116900
55 Jan 19 134 Jan 22,
34
Int Nick of Canada pf100
400118 Jan 24 120 Jan 241118
International Silver_ _ 100
700131
Jan 22 137 Jan 23 131
Preferred
100
30 119
Jan 21 119 Jan 21111234
Int Telco & Teleg rights. 21,500', 554 Jan 19 634 Jan 19 411
Interstate Dept Stores_.i 1,100' 82 Jan 21 85 Jan 19, 8055
Johns-Manville prof _100
250119 Jan 21 120 Jan 24'119
Kaufmann Dept St $12 55 1 1,0001 2914 Jan 21 30 Jan 191 2934
Kraft-Phen Cheese pf 100
300 98
Jan 19 9855 Jan 19, 98
Kreuger & roll
152900 3915 Jan 25 4134 Jan 211 3634
Kuppenhelmer pref _ .100
30 110 Jan 25,110
Jan 25 110
Laclede Gas L St L_.100
300 238 Jan 2223834 Jan 251235
100
Preferred
10 102
Jan 231102
Jan 23.1102
Jan 96
Jan 35%
Jan 105
Jan 1%
Jan 7654
J
4
Jan 116%
Jan 98%
Jan 76
Jan 8255
Jan 5815
Jan 119
Jan 53%
Jan 3015
Jan 110
Jan 95
Jan 119
Jan 115
Jan 17
Jan 35
Jan 7315
Jan 89
Jan 46
Jan 112
Jan 40
Jan 3555
Jan 5651
Jan 62
Jan 105%
Jan 515
Jan 344
Jan 63
Jan 88%
Jan 5%
Jan 29%
Jan 101%
Jan 2554
Jan 1%
Jan 11%
Jan 28
Jan 102
Jan 173
Jan 7
Jan 37
Jan 113
Jan 126
Jan 130
Jan 12%
Jan 555
Jan 2755
Jan 105
Jan 97%
Jan 107
Jan 68%
Jan 110
Jan 107%
Jan 122
Jan 10434
Jan 116%
Jan 134
Jan 109%
Jan 89%
Jan 100
Jan 85
Jan 11034
Jan 103
Jan 6435
Jan 116
Jan 90
Jan1108 15
Jan 30
Jan 29
Jan 5654
Jan 115
Jan 105%
Jan 5455
Jan 112%
Jan 63
Jan 12434
Jan 50
Jan 135
Jan 3234
Jan 19%
Jan 13%
Jan 93
Jan 1%
Jan 120
Jan 149%
Jan 119
Jan 655
Jan 93%
Jan 120%
Jan 33
Jan 99%
Jan 42%
Jan 110
Jan 241
Jan 102
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
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
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
525
Sales
for
1Week.
Range for Week.
Lowest.
Range Since Jan. 1.
Highest,
Lowest.
Highest.
Par. Shar $ per share. $ per share. $
1 per share.* per share.
Indus.&MIsc.(Conc.)
Lambert Co rights
58.400 4% Jan 21 6% Jan 25 1 434
635 Jan
Louisville Gas Sr El rts_ _ 28,200
34 Jan 22 1
Jan 241
31 Jan 155 Jan
Ludlum Steel pref
1.80010134 Jan 25102% Jan 25 1 10115 J 102% Jan
McKesson Sr Robbins_ _• 10,2001 4915 Jan 21 53 Jan 22 49
Jan
Jan 53
Preferred
50 moo, 57% Jan 19 6035 Jan 231 57%, Jan 60% Jan
Manati Sugar
100 2074 Jan 25 2115 Jan 251 2055 Jan 26
100
Jan
Manhattan Shirt pref 1
90,1 120
Jan 23 120 Jan 231 120
Jan 120
Jan
Marmon Motor Car___. 13,200 6955 Jan 24 75 Jan 19 0934 Jan 84
Jan
Rights
8.2016 4% Jan 23 5% Jan 11 354 J
6
Jan
Melville Shoe
• 1,900 64 Jan 23 ISM Jan I9 64
Jan 72
Jan
hlic-Cont Petrol pref 100 40012034 Jan 21 12015 Jan 211120% Jan 121
Jan
Rights
79,600
55 Jan 25 115 Jan 19,
15
115 Jan
Nat Cash Register rights 17,700 134 Jan 19 251 Jan 211 1%
214 Jan
National Lead pref A 100
400 140 Jan 2114074 Jan 21 140
14034 Jan
Preferred B
1
10 118
Jan 25 118 Jan 25.118
119% Jan
National Supply pref 100
10 116
Jan 23 116
Jan 23,11534
116
Jan
North German Lloyd__ 4,300 58
Jan 24 5954 Jan 24 58
Jan 6411 Jan
Norwalk Tire & pf.100
30 4234 Jan 25 4234 Jan 25 4074 Jan 42% Jan
100
Outlet Co pref
90 106
Jan 25 106
Jan 25,1106
Jan 109
Jan
Pacific Mills
100 290 3155 Jan 21 33% Jan 24' 3034 J
333.4 Jan
Pac Telep & Teleg pf _100
40125 Jan 22 125 Jan 22,116% Ja 125
Jan
Penna Coal & Coke_ _ _50 1,700 11
Jan 19. 1134 Jan 211 10
Jan 12
Jan
Pet Milk
• 2,900 4254 Jan 21 4234 Jan 21 42% Jar 4555 Jan
Phillips-Jones Corp pf1
20 8855 Jan 24 8834 Jan 24 88% Jan 9055 Jan
Prairie Oil& Gas
2 89,600 59
Jan 25 65 Jan 21 59
Ja 6555 Jan
2 60,100 5451 Jan 19 57 Jan 22 5355 J
Prairie Pipe Line
57
Jan
Pittsburgh Steel pref_100
100 94
Jan 22 94 Jan 22 94
Ja 95
Jan
PS of h. Jersey pf (5)_ _
400 9514 Jan 23 9555 Jan 221 95% J
95% Jan
PS Elec Sr Gas prat _100
400109 Jan 22 109 Jan 22,108
Jan 10934 Jan
.142400 72 Jan 21, 75% Jan 23 71
Radio Corp new
J
76% Jan
Radio-Kelth-Orph Cl A .124200 39% Jan 22 4234 Jan 23 3915 Jan 46% Jan
Rels(Robt)&Co 1st pf100 1,700 80 Jan 19' 8554 Jan 2.2i 80
Jan 87
Jan
Rem Typewr 1st pt. _100
10 109 Jan 24 109
Jan 24' 109
Jan 109
Jan
Reynolds'Fob ci B newl0 30,600 61
Jan 25 64 Jan 19 63
Jan 66
Jan
Class A
25
10 190 Jan 21190 Jan 211190
Jan
Jan 191
Rhlne-Westph Pr Sr Lt.._
600 56
Jan 22 5734 Jan 25 56
Jan 64
Jan
• 9900 34% Jan 22 4174 Jan 25 3415 Jan 41% Jan
Rio Grande Oil
Royal Baking Powder_ _•22,100' 3115 Jan 221 3915 Jan 25 3135 Ja 4311 Jan
100
Preferred
30010274 Jan 2310334 Jan 21 10255 Jan 10355 Jan
• 4,100 17751 Jan 25 184% Jan 21 177?..; Ja 19551 Jan
Safeway Stores
300 105 Jan 25106% Jan 21 105
100
Preferred (7)
Jan
Jan 108
Shell Transp & Trail rts. 3,800 5 Jan 231 7 Jan 24 5
Jan
Jan 7
So Porto Rico Sug p1.100
9013034 Jan 2313374 Jan 22 130% J r133% Jan
Chalfant
pref _100
Spang
100 96
Jan 22 96
Jan
Jar 97
Jan 22 96
Standard Milling rights. 2,800 1834 Jan 241 21
Jan
Jan 22 18% Jan 21
Sun 011 pref
190 104
1
Jan 22 104
Jan 10555 Jan
Jan 22 100
400 39% Jan 25 40 Jan 2 3955 Jan 40
Texati Co mei
Jan
Tobacco Prod div ars C. 200 1714 Jan 23 1711 Jan 23 16
Jan 1934 Jan
• 2,700 2655 Jan 19 3174 Jan 23 2455 Jan 3155 Jan
Truax Truer Coal
10 6
Truscon Steel
53 Jan 23 5415 Jan 19 52% Jan 6154 Jan
Underw Ell Fish pf I
40(125
Jan 21 125
Jan
Jan 21 125
Jan 125
111 Jan 22 1% Jan 21
Union Oil of Calif rights_ 11.3
155 Jan 151 Jan
1
,
2 Jan 22 4
U S Express
Jan 2.5 2
Jan 451 Jan
• 300100 Jan 1910334 Jan 24 9755 Jan 10934 Jan
1J S Tobacco
100
Preferred
7013874 Jan 2313834 Jan 23 137
Jan 13834 Jan
20 8 Jan 24 8 Jan 24 634 Jan 8
United Dyewood..... _100
Jan
30 5934 Jan 23 5954 Jan 23 5954 Jan 60
Preferred
100
Jan
United Electric Coal_ _ _'(36.300'77
Jan 22 81
Jan 23 66
Jan
Jan 81
Cast Iron Pipe &
U
. 1,100 19% Jan 21 1974 Jan 24 19% Jan 1954 Jan
Foundry 2d pref
Unit,Leaf Tobacco p1100)10120,34 Jan 22 120 51 Jan 22 12011 Jan 12034 Jan
10
30270 Jan 25289 Jan 23 264
Utah Copper
Jan
Jan 293
•13,700 1155 Jan 241 13% Jan 21 1135 Jtili 1355 Jan
Vadsco Sales
100 900 7634 Jan 24 81
Preferred
Jan
Jan 19 76% J
82
Va Elec Sr Pr pref (75_100
20 108
Jan 19 108 Jan 19 107% Jan 108
Jan
Va Ir Coal & Coke pf _100
20 4755 Jan 21 4715 Jan 21' 47
Jan 47 34 Jan
100106
1
Jan 24 106
Walgreen pref
Jan 24 100% Jan 106
Jan
Warren Bros 1st pf _ _.50
30 51
Jan 21 51
Jan
Jan 21 5055 Jan 52
Wesson Oil Jr Snowdr__. 3,000 9755 Jan 25102% Jan 21 93% Jan 107
Jan
• 100108
Preferred
Jan 19 108 Jan 1910634 Jan 108
Jan
Jan 22 5 Jan 25 4
West'house El Sr Mfg rts 81,200 4
Jan 551 Jan
• 9,200 2034 Jan 19 23% Jan 23 1934 Jan 2315 Jan
Wilcox Oil& Gas
Yellow Tr & Coach pf 100
300 85 Jan 21, 87 Jan 19 85
Jan
Jan 91
Young Spring & Wire_ _.20,4
5674 Jan 25 60 Jan 21 5315 Jan 6134 Jan
Bank, Trust & Insurl
a nee Co. Stocks.
40511
Jan 19 522 Jan 19 493
Eqult Tr Co of N Y__100
Jan
Jan 522
Ja
Ja
•No par value.
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.Daily Record of U. S. Bond Prices, Jan. 19 Jan. 21 Jan. 22 Jan. 23 Jan. 24 Jan. 25
High
First Liberty Loan
334% bonds of 1923-47._ LowClose
(First 334)
Total sales in $1,000 units.__
Converted 4% bonds °frith
Low1932-47 (First 4s)
Close
Total sales in $1,063 units
Converted 4 51% bonds( High
of 1932-47 (First 434*))low[Close
Total sales in $1,000 units_ __
Second converted 4% %IIIigh
bonds of 1932-47 (First( Low(Close
Second 4515)
Toted sales in $1,000 units
fHigbi
Fourth Liberty Loan
411% bonds of 1933-38._ LowClose
(Fourth 4345)
Total sales in $1,000 units...
High
Treasury
Lotv_
4 Hs, 1947-52
Close
Total sales in $1,000 units_ __
(High
Low.
4s, 1944-1954
Close
Total sales in $1,000 units__.
{High
3s.
15 1943-1947
Low.
Close
Total sales in 51,000 units
High
.354s. 1940-1943
Low_
Close
Total sates in 51.000 units_ __
(High
394s, 1946-1950
Low.
Close
Total enles in 31 000 units
991255
991,
99',,
12
991 /55
995,,
99355
60
991055
997
991055
90
99355
99355
991, 99.„
99*
993s:
30
26
Nu.
993355
993055
99,22
99.22
99032
10
I
100,32 100,32 100.32 1000,, 100.32 100,32
100132
99"22 100.32 100'32 1000
. 100122
100'33 100632 100.32 100632 100/55 100632
15
52
35
20
43
3$
100'32
100
100155
99
100,32
110
110/55
6
______
975432
97.32
975432
1
97.232
971555
97.32
25
100,32
100
100/n
971
100",
110"3
110115
20
105.3
105",
105"3
93
1021/5
102105
102105
60
972)3
97",
972°3
61
97.23
97852
97'8
43
100.32
100233
100',,
60
1101.32
110
1101/55
55
105832
105
105
6
100.32
100.a2
100555
110
110.632
110022
1101/55
40
105103
105032
105",
111
1021555
1021355
1021255
400
972.22
971832
97.6n
29
970832
97"n
97.832
124
975355
971%,
971722
15 __
100.12
100232
100/55
21i
110103
110105
110105
11
97283
970,3
972.3
2!
97215
97315
970.3
.
100.32
100,
32
loon
ss
1101355
110/n
1105n
11
9711,
97111,
978155
Note.-Tho above table includes only sales of coupon
bonds. Transactions in registered bonds were:
13 4th 4145
100 to 10015512 Tress 434s
1001655 to 11013n
New York City Realty and Surety Companies.-p.514.
New York City Banks and Trust Companies.-p.514.
Quotations for U.S.Treas. Ctfs. of Indebtedness.-p.514.
Foreign Exchz nge.-p. 514.
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Seven Pages-Page One
For sales during the week of stocks not recorded here, see preceding page.
111011 AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Jan. 19.
Monday,
Jan. 21.
Tuesday,
Jan. 22.
Wednesday,1 Thursday, i Friday,
Jan. 25.
Jan. 24.
Jan. 23.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1.
On basis of 100-share lots
Lowest
Highest
PER SHARE
Range for Previous
Year 1928
Lowest
Highest
Railroads
Par $ per share $ per share $ per share $ per share
$ per share $ per share $ per share $ per share 8 per share $ per share Shares
19,300 Atch Topeka & Santa Fe__100 19614 Jan 2 20312 Jan 23 18214 Mar 204 Nov
200 2004 19034 2004 19914 2004 1985* 20312 200 20238 519634 201
100 10212 Jan 3 10378 Jan 7 10212 Jan 10812 Apr
*10312 10354 10312 10312 10312 10312 10312 10312 10312 10312 10312 10312 1,600 Preferred
100 169 Jan 2 176 Jan 23 15718 Oct 19112 MaY
176 176 *17512 176 *175 17612 1,900 Atlantic Coast Line RR
17312 174
17358 175
•17244 174
Baltimore
az
100
11878 Jan 16 12458 Jan 3 10314 June 12552 Dec
35,700
Ohio
12112
12012
8
12034 12178 12118 12212 12114 12214 12112 12218 12058 1223
1,400 Preferred
85 Apr
77 Nov
100 78 Jan 23 8014 Jan 8
7814
7814 7838 78
78
78
79
7918 7918 7912 7878 79
50 6612 Jan 2 72 Jan 2
51 June 8414 Jan
700 Bangor & Aroostook
46612 684 46642 6812 *6624 6934 68
6812 6714 6714
68
68
100 10654 Jan 2 11012 Jan 22 104 Dec 11534 MaY
10 Preferred
1104 11012 *108 111 *108 111 *108 111
*108 111 *108 111
58 Feb 91 Dee
100 91 Jan 2 10934 Jan 5
700 Boston & Maine
101 101 *101 106 *102 105 *102 105
105 105
•105 108
5338 Jat
7754 MAY
7612 7818 7738 7812 44,000 Bklyn-Manh Tran v t e_No par 7214 Jan 4 79 Jan 23
7472 76
734 74
70
7812 7612 79
82
No par 8978 Jan 3 9214 Jan 22
Jar 0534 MAY
*91
9212 *9012 9212 1.500 Preferred v t e
92
9112 9012 9214 91
*89
*89
91
1412 Jar
4012 17,800 Brunswick Term & Ry See_100 37 Jan 4 4418 Jan 18
4772 Sent
43
4018 4312 4058 424 404 4112 3958 41
4112 43
100 23312 Jan 8 25434 Jan 24 1012 June 253 Nov
24814 25454 24918 25278 104,700 Canadian Pacific
241 24384 24214 24458 242 2434 24212 250
100 21412 Jan 7 22114 Jan 4 17512 June 21854 Dec
21514 21634 9,600 Chesapeake & Ohio.
217 21758 21612 21734 21618 217
21712 220
21578 217
6,500
.54 Jan
Chicago
&
Alton
10i
1118 Jan 2 1478 Jan 16
184 May
"123
4
1314
4
1314
123
1418
14
133
4
1432
8
144
1358 1334 137
1738 Jan 0 2112 Jan 16
BY
74 Feb
2028 May
20
204 1918 1918 1918 1912 10,700 Preferred
1934 2034 204 21
194 20
484 May
37
Feb
100 4018 Jan 25 4184 Jan 17
200 Chic & East Illinois RR
4212 4018 4018
*40
4212 *40
43
401z 4012 *40
43
*40
101) 6112 Jan 21 63 Jan 2
1,700 Preferred
58 Aug 7668 May
62
6212 *60
*61
62
63
63
6012 624 *60
*60
63
8 Jan 22
94 Feb
100 19 Jan 15 22,
25 Deo
204 214 2014 2078 69,000 Chicago Great Western
2112 2258 2078 22
1914 1972 1934 22
5412
Jan
23
4618
Jan
7
5032 Dec
2012 Feb
100
87.700
544
Preferred
534
535
8
5212
525
8
5412
534
543
2
4914 5372
4814 49
2214 Mar 4012 Apr
34 Jan 7 3758 Jan 22
3534 3658 53,900 Chicago Milw $t Paul az Pao__
37
3714 36
3512 3512 3484 3714 3612 374 37
55 Jan 4 6112 Jan 11
37 Mar 5958 Nov
5852 594 584 6012 5834 6032 5838 591z 5768 5852 5712 5838 37,800 Preferred new
8934 19,900,Chicago & North Western_100 8672 Jan 7 9078 Jan 23
78 June 9214 May
8712 9078 884 9012 89
89
88
8912 88
8812 89
3001 Preferred
100 135 Jan 5 140 Jan 10 135 Dec 150
136
,
4 13634 13612 13612'135 136 *135 13612
•136
,
4 137 •13634 138
40,300 Chicago Rock Ial &Paciflo_100 13012 Jan 16 1394 Jan 19 106
Feb 13952 Nov
13658 13864 13434 13612 1344 136
135 1394 1364 13912 13614 138
1.500 7% preferred
100 10614 Jan 2 1084 Jan 25 105 Dec 11111 May
10612 10612 10714 10712 1074 108 *107 10812 10718 10814
*105 107
1.100 6% preferred
9912 Dee 105 May
100 100 Jan 8 10158 Jan 12
•10012 10134 10128 10138 10034 10034 101 10114 101 10114 101 10114
200 Colorado & Southern
100 112 Jan 22 120 Jan 3 105 Aug 126 May
113 113
112 112 *110 115 *113 115
•112 119 *112 119
1301 Pint preferred
85 Apr
87 July
100 76 Jan 14 80 Jan 25
7934 80
*7812 80
*784 80
*7812 80
*7812 80
*7812 80
6912 Nov 85 May
Second preferred
100 70 Jan 14 71 Jan 14
*6912 73
*6912 73
*6912 73
*70
73
*0912 73
*6912 73
June
7058
Jan
2
Congo'
Jan
24
10,300
6738
8762
6812
Dec
RR
of
-100
6512
6612
Cuba
prof
6612
654
66
66
67
6714
66
67
6778
6714
100 190 Jan 2 10012 Jan 4 16814 Feb 226
19512 1974 8,800 Delaware & Hudson
AP,
19512 19878 196 197
19512 19512 194 194
196 197
3,600 Delaware Lack & Western_100 127 Jan 10 13318 Jan 3 12514 Dee 160
Apr
1274 1274 12732 128
12712 12734 127 12734 12718 12714 127 128
900 Deny & Rio Or West pref 100 5514 Jan 2 60 Jan 18
.58
5012 Feb 5514 Apr
58
57
57
"57
.58
58
58
58
59
58
58
34 Jan 9
600 Duluth So Shore & Atl
3 Aug
318 Jan 8
100
372 34
65* 255
334 378 .378 4
334 334
*34 334
*314 4
6 Jan 23
400 Preferred
WO
514 Jan 4
612
94 May
44 June
612 *6
*6
6
6
534 578
*552 6
*534 6
4854 June 7212 Deo
100 6634 Jan 9 7158 Jan 21
6858 7014 91,300 Erie
70
684 694 684 7158 6952 7118 6934 7058 69
60 June 634 Jag
First Preferred
100 61 Jan 17 6358 Jan 3
6214 8258 6218 63
6212 6234 6218 6234 17,300
6212 63
6214 63
4,000 Second preferred__. __ .100 58 Jan 1 6014 Jan 5
4914 June 532
Jan
*5814 59
*5814 59
5818 5818 59
*584 59
60
60
60
934 Fe. 11434 Nov
109 10914 9.000 Great. Northern preferred.. 101110734 Jan 17 11238 Jan 5
108 10814 10812 10912 10918 10934 10914 1104 10818 109
914 FeL 11144 Nov
7.000 Pref certificates._
100 10514 Jan 17 10978 Jan 3
108 10812 107 108
1074 10734 10758 10838 108 109
10672 107
3338 Oct
1914 June
3214 3258 334 3434 3758 3412 3612 3518 37 319,900 Iron Ore Propertles__No pa- 2758 Jan 7 3738 Jan 23
30
3012 31
1,300 lull Mobile & Northern.. 100 51 Jan 25 5638 Jan 4, 43 Aug 6172 May
51
51
52
52
*53
5314 5314 5312
53 53
53
53
hue 109 May
500 Preferred
102 102
100 102 Jan 11 103 Jan 3, 915
102 102 "102 103
*102 103
*102
103
103 103
100 5218 Jan 23 5838 Jan 5
5014 Dec 7312 Apr
534 3,400 Hudson & Manhattan._
5218 5212 53
5458 524 54
5414 5414 544 5478 54
300
82
81
Oct 934 Apr
. 100 82 Jan 25 84 Jan 18
8334 82
*80
8412 *80
84
*80
8412 84
85
*80
2,200 1111n01s Central
4 May
100 14014 Jan 4 14354 Jan 11 13154 Jan 148,
142 14238 142 142
14014 14014 14014 142
141 1414 141 141
Preferred
100 141 Jan 15 14218 Jan 31 1304 Jail 147 May
*141 145 *140 145 *140 145 *140 145 *139 145 *140 145
5514 71,500 interboro Rapid Trait v t e 100 48,
54
57
29
Jan 62 May
8 Jan 4 5778 Jan 23
5112 5212 5312 5514 5358 5714 5478 5778 55
3612 Mar 5218 Nov
5514 5512 5712 3,400 tut Rys of Cent America..100 51 Jun 2 5712 Jan 25
*53
*524 57
*51
55
57
56
573* 56
450 Preferred
6972 Jan 82 May
100 7758 Jan 25 8014 Jan 2
7812 784 784 784 7812 7758 7758
*7812 7914 7812 7812 78
43 June 95 Nov
9114 9312 9.700 Kansas City Southern....100 8914 Jan 2 9878 Jan 12
93
9212 934 93
9312 9312 9312 9538 9312 95
300 Preferred
70
Apr
6612 Aug 77
100 6858 Jan 24 7012 Jan 15
6852 6858 *68
*29
71
71
56834 6944 6934 694 *69
Apr
844 Feb 116
9634 9634 1,400 Lehigh Valley
50 9658 Jan 22 102 Jan 5
964 97
9658 9658 9812 99
97
98
99
*98
800 Louisville& Nashville
14612 14612
100 14512 Jan 15 151 Jan 5 1394 Nov 1594 May
147 147
*144 14812 *144 147 *146 14712 14612 148
20 Manhattan Elevated guar_100 8314 Jan 4 87 Jan 3
Jan 96 May
8512 *85
75
8512
*85
8512 "85
86
86
86
*85
87
*85
40
Jan 64 May
Modified guaranty... _ .100 53 Jun 17 5712 Jan 11
5514 5512 15,000
54
5718 5414 56'2 5414 55
53
55
5314 54
712 May
34 Dec
300 Market Street Railway._ . 100
4
4
411 Jan 22
4 Jan 3
45* 438 *314 438 *34 4
*312 412
4
4
3812 Dec 5414 May
200 Prior
.
.. 100 38 Jan 11 3912 Jan 4
3812 3812 *3812 39
*3812 39
*3812 39
39
*3812 3912 39
1,500 Minneapolis
338
172 May
612 May
334 Jan 19
& St Loula
3 Jan 14
preferred.100
314
312 31.:.
358 352
34 352
34 384
384 34
441 June 624 Jan
2,300 Minn St Paul & 8 8 Marl,. 100 4012 Jan 15 46 Jan 24
*43
46
4454 434 444 4514 4558 4512 46
4334 4334 44
Preferred
7014 Dee 8744 May
3,400
82
82
83
83
100 71 Jan 14 87 Jan 23
87
7634 7912 84
75
75
7314 75
60 Dec 7112 Jen
430 f.eased lines
66
66
65
65
100 6112 Jan 4 66 Jan 25
64
64
65
6434 644 6412 *64
*64
3012 June 58 Dec
25.500 Mo-Kan-Tex Rh
No par 4912 Jan 24 54 Jan 4
5178 5012 5112 494 5118 4958 50
5218 51
51
514 52
2,700 Preferred
10378 10378 10312 104
100 10318 Jan 4 10412 Jan 3 40112 June .09 Feb
10312 104
10384 10334 10334 10378 10312 104
7614 Sept
413* Feb
16,000 Missouri Pacific
100 6212 Jan 4 694 Jan 8
6634 6518 674 6518 6658 634 6534 6412 65
6534 664 66
Feb 12678 Dec
15,600 Preferred
12738 12778 12718 12712 12718 128
100 120 Jan 2 1281 4 Jan 19 105
12712 12814 12612 12814 1274 128
2 Feb
358 3,800 Nat Rye of Mexico 28 pref..100
614 Apr
358 Jan 25
34
318
312
3 Jan 8
314
3
318 314
312 34
318 34
Feb 1964 Nov
106 18658 Jan 8 1984 Jan 21 146
19234 19634 19334 19578 185,900 New York Central.
1924 19712 194 19812 19414 19612 19434 198
Jan
3
1214
Oct
128
13912
24
13434
Jan
NY
4,800
134
134
Chic
May
&
13564
St Louis Co
100
134
13554 13534 13534 13614 1364 13634 135 135
Jan
1,200 Preferred
10712 108
100 10714 Jan 17 10914 Jan 4 10412 Aug 110
•105 10814 10714 10714 10814 10814 10778 10778 10772 108
Jan 505 Apr
80 N Y & Harlem
345 345
60 335 Jan 7 379 Jan 18 168
345 345
341 350 *345 350 *340 345
340 340
21
544
Jan
Dec
887
2
4
8284
June
Jan
NY
58.300
8638
874
8712
86
8
N
H
8818
807
&
8718
100
884
Hartford
8512 8638 864 8878 8712
1,320 Preferred
11458 Jan 3 117 Jan 12 112 Sept 117 May
•11618 11612 116 11638 116 11612 11614 11612 1164 11658 11618 11614
24 Feb 89 May
7,800 N Y Ontario & Western. ..100 27 Jan 25 2978 Jan 3
2714
27
2914 2714 2814
2814 2814 28
*2814 2834 2812 29
918 Jan 25
514 Jan
5,300
13 May
NY
712
918
684 Jan 14
Railways prat
No par
654 64
*612 7
7
7
7
7
*612 9
32 June 58 Nov
100 Norfolk Southern
100 43 Jan 14 4658 Jan 5
*4312 45
46
4312 4312 .04312 46 .44
*44
46
*43
46
198
Jan
18
9
176
Jan
3.400
196
19812
Nov
June
Norfolk
191
&
100
196
1974
1954
Western
19714
19758 19754 196 198
19534 19684 196
8478 Oct 90 June
97
"81
Preferred
87
100 8478 Jan 2 86 Jan 17
*81
*81
87
*81
87
*8114 87
*8184 87
11,500 Northern Pacific
9258 Feb 118 Nov
100 10718 Jan 15 11212 Jan 4
*10812 10872 10812 10914 1084 10914 10918 11018 1084 1094 108 109
9062 Feb 11$ Nov
100 10414 Jan 12 10978 Jan 23
10634 10714 106 1084 108 10838 10818 10978 10712 10812 10712 10878 13,500 Certificates
100 2112 Jan 16 26 Jan 18
1912 May
400 Pacific Coast
2478 2478
3472 May
25
*23
26
2572 2572 2554 2534 2534 25
,
4 "23
8214
Jan
8
18
Jan
617
123,600
2 June
7612
7912
7678 Dee
7812
Pennsylvania
50
5
80
78
80
8012 79 4 804
81
8078 8112 80
25 Mar
100 Peoria & Eastern
32
*30
37 May
10() 30 Jan 18 32 Jan 5
32
*30
*30
32
*30
32
31
31
*30
32
5,100 Pere Marquette
163 163
100 148 Jan 3 16812 Jan 12 124;4 Fat 144 Nov
163 165
16212 16634 *160 165
16334 1654 164 164
96
410 Prior preferred
Oel 1014 Mar
100 96 Jan 5 99 Jan 16
*9812 9854 9834 984 9854 9878 984 9878 9878 9878 9878 99
92 Nov 10054 Mar
100 Preferred
94
94
95
1.00 9312 Jan 4 97 Jan 8
*92
9612 *92
*93
97
*92
95 .92
96
600 Pittsburgh & Weal VA
Oct
14012 141
100 14012 Jan 25 14884 Jan 10 .214 Feb 163
14114 142
1414 14114 *14012 144 *14012 147
*14212 148
944 Feb 1194 May
4,300 Reading
50 10514 Jan 15 11238 Jan 5
10714 10714 107 10758 10558 107
106 10712 106 1064 10534 106
4112 Nov 46 Apr
200 First preferred
50 42 Jan 4 43 Jan 8
4212 4212 4212
*42
43
4212 .43
*42
4212 *42
43
*42
44
200 Second preferred
Jar 5972 May
47 Jan 4 484 Jan 5
47
54
47
47
*46
47
48
*4712 48
•46
47
*46
47
in 4 _0
.li23
100 Rutland RR pret
40
9 r
69
77
2 m
Fet _ 2
*66
Dar
ec
68
68
1938
71
71
70
*66
*68
*68
68
Jan
n
16
6
'a
j
J
a
16
12,700
1131
04
St
Francisco-1
1174
Louls-San
11714
8
3
1175
117 11811 117 1184 116 4 118
117 1184 11654
96
Jan
Jan
14
4
Ion
94
94
3,000
let
8
943
Dec
pref
paid
101 MAY
9412 9414 9438 9414 9412 9418 9412 94
*94
9414 94
8.400 St Louis Southwestern____100 10312 Jan 25 11358 Jan 3
6712 Feb 12418 Nov
10654 10712 106 109
10512 107
10612 10878 106 10618 10312 106
100 Preferred
89 July 95
92
Jan
100 9012 Jan 2 92 Jan 15
*90
9212 *90
9212 *90
92
9212 92
*90
92
*90
3
Jan
14
20
4
Jan
2
1162 Mar
100 1612
804 Jan
1978 1978 6,400 Seaboard Air Line
1914 1912 194 20
194 20
1912 1984 1918 1978
57 Aug
38
Jan
100 20 Jan 2 24 Jan 14
2214 2212 2212 2212 2284 2,700 Preferred
2258 2258 2212 2212 2218 2212 22
131 13234 1324 134
100 128 Jan 2 13478 Jan 23 1174 Fet 13114 May
133 13478 13138 1334 132 13312 24,400 Southern Pacific Co
13012 131
MO 1464 Jan 2 1574 Jan 9 13912 Feb 165 may
154 15512 8,200 Southern Railway
154 155
15444 156
154 15478 1644 15632 15412 155
100 0812 Jan 2 99 Jan 3
9658 Sept 10214 Jan
1,900 Preferred
9834 99
,
4 984 9812 9812 984 9884 *98:34 99
9834 9884 98
340 Mobile & Ohio certif....A0() 130 Jan 10 14078 Jan 14 100
Jan 15912 Jan
12912 12912
134 1364 135 135
129 132
132 183
135 135
100 167 Jan 21 175 Jan 11
1.100 Texas & Pacific
9912 Jai 19458 Oct
168 169
167 167
169 169
167 169 *167 170 *165 167
1,300 Third Avenue
464 may
37
2812 .1a.
100 33 Jan 2 374 Jan 11
*34
351z 35
35
36
37
36
3714 3714 *34
*34
4514 Jan 2 584 Jan 25
3214 Sell? 56 May
53
544 53
5312 5518 5478 .5814 12,000 Twin City Rapid Transit_ .101
551, 53
52
55
55
100 684 Jan 2 100 Jan 5
170
9452
100
Oct
Preferred
*9812
100 100
107
Feb
100 100
99
100 100
9812
9814 9812
100 2144 Jan 8 224 Jan 3 14612 Feb 2244 Nov
16,000 Onion Pacific.
219 21978 21978 222
21812 22112 220 221
218 2194 219 220
824 Oct
1,500 Preferred
8284 Jan 3 8372 Jan 4
8314
8714 Jan
83
48314 84
105
8312 8312 8318 835* 63
83
833
83
Si
Feb 964 May
100 71 Jan 24 8132 Jan 5
7112 4,800 Wabash
7354 73
7312 73
71
7178 71
73
7314 7312 72
1,100
94 Jan 2 10478 Jan 7
97
9712 9712 9714 6712 6412 97
884 Fel 102 May
Preferred A
.94
*95 100
99
*96
21 91 Jan 8
Jan
8212
100
00
87
90
*83
IS
.......
101
Yet
Preferred
*84
8212
9912 May
..__
*83
8212
*83
90
90
90
*83
4112 Jan 22 444 Jan 4
2141 Fel
101
54% May
4218 424 424 434 4112 4314 4152 424 4114 4214 4114 4178 17,500 Western Maryland
MN V&
4154 Jan 10 4612 Jan 2
600 Aeeond oreferred _... 148
45
A44 May
*42
45
45
*42
424 4212 4338 4338 4212 4338 *42
10(
3318 Jan 25 37 Jan 2
7814 Fat
3318 3478 1.300 Western Pacific_
35
35
36
384 Dec
35
*35
35
36
3414 35
*35
,
5978 Jan 3
424 Aug
2,900
In() 5712 Jan
Preferred.........
58
4212 Jan
58
58
684 58
58
58
58
5712 58
58
58
211
may
12 '620878
* Bid and asked prices; no sales on this day. x Ex-dividend. a Ex-dividend and ex-rights.
y Ex-rights. b Ex-div. of l'is the shares o Chesapeake Corp. stock.
527
New York Stock Record-Continued-Page 2
For sales during the week of stocks not recorded here, see second page preceding.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Jan. 19.
Monday,
Jan. 21.
Tuesday.
Jan. 22.
Wednesday. Thursday,
Jan. 24.
Jan. 23.
Friday.
Jan. 25.
S per share $ per share $ per share $ per share $ per share $ per share
Shares
PER SHARE
Range for Precious
Year 1928
PER SHARE
Range Since Jan. I.
On basis of 100-share lots
STOCKS
NEW YORK STOCK
EXCHANGE
Sales
for
the
Week.
Lowest
Highest
$ per share
$ per share
Lowest
Industrial & Miscellaneous
No Par 4018 Jan 4 5472 Jan 22
38,800 Abitibi Pow & Pap
5112 4812 49
4710 491
495 508 504 548 51
544 48
100 83 Jan 21 88% Jan 7
8412 85
2,100 Preferred
8334 84
8314 8314 84
8312 84
83
85
*82
par 139 Jan 23 15912 Jan 3
Straus-___Nn
Abraham
&
141
141
2,100
141
140
139 1404
14012 14312 140 140 43140 142
100 10914 Jan 16 112 Jan 2
260 Preferred
11034 11034 11012 11012
11012 11012 1101 11012 111 111
*10934 111
100 389 Jan 16 424 Jan 24
412 415
7,600 Adams Express
410 423 416 424
397 410
390 396
389 389
100 4812 Jan 7 58 Jan 3
4,100 Advance Rumely
49
49% 4834 49
50
5012 49% 5012 50
501s 50
• 50
100 5812 Jan 23 6434 Jan 5
1,100 Preferred
60
60
60
*56
5812 60
6078 60
60
607s 4360
60
4% Jan 21
312 Jan 2
1
Ahumacia
Lead
3
3
4
4
/
1
4
68,800
4
5
334
4
4
334 414
378 4
4
434
No oar 967 Jan 7 11138 Jan 25
108 1113, 38.800 Air Reduction. Ins
10634 10712 10312 1074 10512 10778 107 10838 105 109
912 Jan 7 1114 Jan 2
No par
97 1014 1014 11
107s 114 1012 1118 101 1078 78.700 Ajax Rubber,Inc
10
1018
77s Jan 2 1014 Jan 8
91
83, 834 29,300 Alaska Juneau Gold Min_ 10
812 8%
84 94
8% 91
9
812 94
2314 2414 1,500 Albany Pert Wrap Pap_No Par 23 Jan 18 25 Jan 3
2315 24
24
24
24
24
2314 2314 235 24
241
Jan 7 280 Jan 16
Par
Dye_No
Chemical
&
281
14,200
Allied
12
275
281
278
273
276
275
272
275
271
275
272
100 121 Jan 3 123 Jan 24
200 Preferred
123 123 •123 124
*122 1244 43122 1234 43122 1234 122 122
100 175 Jan 25 194 Jan 11
1,700 411is-Chalmers Mfg
182 182 a175 175
182 18212 18234 185
185 18512 181 181
10 Jan 9 Ills Jan 14
1012 4310
1012
300 Amalgamated Leather_No Par
1012 *10
1012 4310
*10
1014 4310
10
10
704 Jan 16 73 Jan 17
200 Preferred
*70
73
4370
73
72
*70
73
*71
74
72
*71
74
No par 33 Jan 25 4234 Jan 3
1514 3522 33
, 374 3734 3534 37
35
19,100 Amerada Corp
3712 375
3714 377
,Jan 15
6.000 Amer Agricultural Chem_ 100 2012 Jan 10 235
2234 22
223i 2338 2218 2278 22
2214 2112 2212 2112 22
100 674 Jan 8 734 Jan 11
7014 71
71
4,900 Preferred
7234 72
7312 711 7314 72
7212 70
72
10 1228 Jan 7 13134 Jan 11
125 125
1,900 Amer Bank Note
126 12612 1261 12714 126 127
125 125
• *126 128
50 60 Jan 3 61 Jan 18
6014 6012 *601 61
320 Preferred
6012 604 *6012 61
*6012 61
6034 61
19
1912 19
4,400 American Beet Sugar-No Par 17 Jan 2 2012 Jan 16
18% 19% 19
19
19
19
19
187 19
51 Jan 7 60 Jan 23
_100
Preferred.
4358
59%
59
5912
594
5915
60
60
1.000
59%
5914
5912
435712
12,000 Amer Bosch Magneto-.No par 4134 Jan 2 474 Jan 17
44
4518 46
458 4412 4534 4434 4534 44% 45% 444 45
473
4612 4612 4714 4,400 Am Brake Shoe & F__ No par 45 Jan 16 4818 Jan 2
46
461g 47
4678 4678 47
463, 473
100 124 Jan 23 124 Jan 23
100 Preferred
124 124 •121 125 *121 125
*124 125 43124 125 *124 125
1514 Jan 7 2034 Jan 21
irits 2034 18
19
1878 203a
1712 1812 1834 1712 1712 1938 54,500 Amer Brown Boyer! EL No Der
4934 Jan 7 74 Jan 19
• 101
68
1,170 Preferred
69
71
67
6912 67
6714 66
74
68
6712 67
1095
,Jan 4 118% Jan 8
2?
11414 1158 113 115
1133, 11612 115 11612 112% 115% 11312 11472 136,100 American ('an
100 141 Jan 3 14178 Jan 14
14114 14114 14178 1417s •14114 142
500 Preferred
14112 14115 S1414 142 *14114 142
Jan 7 10812 Jan 3
9712
1
par
9912
9912
_No
18
FdyAmerican
Car
&
100
100
3,500
9934
10014 9934 100
99 100
99 101
100 11634 Jan 3 11914 Jan 25
11914 11914 11934 11934
118 118 *118 120
300 Preferred
•118 120 43118 120
*72
7212
*721 763, 7212 7212 7234 723, *7212 75
200 American Chain prof- 100 724 Jan 23 77 Jan 7
*7212 78
1
4 Jan 25
No par 474 Jan 3 55/
5012 4934 5032 5014 5178 5014 5138 4912 5034 505* 551k 29,100 American Chicle
50
100 Prior preferred_ ......_No par 10912 Jan 2 1101e Jan 24
10912 10912 10934 10934 10912 10912 *10912 11012 11014 11014 *10912 111
Jan 2
Jan
25
11
9
97
Syndicate...10
9
Druggists
9%
10
8
103
8
103
1912
103
2
1012
25,500 Amer
1032
10
1034
9178 92
91
91
90
88
90
9012 90,8 8712 8834 87
1,300 Amer Encaustic Tiling_No par 83 Jan 8 92 Jan 18
100 288 Jan 7 298 Jan 2
288 288
289 2921 292 294 43282 290 *280 290
800 American Express
O280 298
823g 8812 8014 821
81% 8478 48.100 Amer & For'n Power _ _ _No Par 7514 Jan 4 85h Jan 23
84
7834 7914 784 787
78
No par 10512 Jan 3 108 Jan 10
ioe 106 •106 107
400 Preferred
1071y 10712 43106 1063 *106 10712 107 107
*971 9812 9734 9812 9812 99
No par 967s Jan 2 9914 Jan 4
99
988 988
99
97% 98
1,900 2d preferred
9 Jan 12 10 Jan 2
Leather_100
&
*812
9
. *9
914
9
9
43815 9
9
9
*81z 9
400 American Ride
100 33 Jan 23 38 Jan 2
3318 3374
37
3478 3478 34
33
*35
34
700 Preferred
3412 *3212 33
85% 83
8434 58,200 Amer Home Products_.No par 75 Jan 2 85% Jan 24
774 77% 771 79
787 8212 8112 8434 83
No par 384 Jan 16 434 Jan 3
3934 4018 15.800 American Ice
397 4114 4034 4134 4014 4078 4018 4034 4018 407
100 9212 Jan 7 94 Jan 3
*93
95
439212 9614 92% 92% *921 9315 9234 9234 *9212 94
300 Preferred
142
__No
Par 140% Jan 7 1507e Jan 2
14212
145
1484 1503s 147,
7 150
147
1447 26,600 Amer Internat Corp_
1457s 14838 145
878 Jan 10
74 Jan 2
77
77
7%
74 814
8
8
77s 8
2,800 Amer La France & Foacalte.10
*734
78 88
100
------ American Linseed
100
Preferred
Jan 3
jai" lid- jai" 110 10913 11078 10913 i16- 10911 1165-8 11012 112 10,200 American Loeomotive_No Par 108 Jan 193 115
118 Jan 22
_100 113 Jan
1174 11712 117 117
•1174 118 4,11718 118
118 118 *117 118
400 Preferred
180 18434 2,500 Amer Machine & Fdy--No par 176 Jan 7 1884 Jan 11
178 178
17614 179
176 179
180 180 *179 180
71
724 684 71% 69% 7112 52.600 Amer Metal Co Ltd---NO Pm 604 Jan 7 74 Jan 22
6914 691 72% 7134 74
68
100 117 Jan 3 12614 Jan 14
124 124
•121 1211 12112 12312 125 12538 123 123
12312 1241s 3,000 Preferred (8%)
13 Jan 2 16 Jan 15
15
1334 14
No Par
1414 •14
1514 1418 1412 4314
1514 *14
153s
900 American Plano
100 38 Jan 2 4814 Jan 16
41%
417
8
4341
4012
42
42
4112
4112
40%
4112
4134
310 Preferred
438
87% 8912 8814 9012 9014 9412 9212 941. 95
89
901
9814 74,900 Am Power & LIgh11--No Par 811s Jan 8 984 Jan 25
10014 1001 loos 10034 10038 10012 10038 10034 10078 101
No Par 9912 Jan 2 101 Jan 24
1007s 101
2,200 Preferred
19812 20014 199 203
20414 20614 203 20514 200 203
20512 208
25 18712 Jan 2 210 Jan 15
11,400 American Radiator13218 134
134 13617 13612 13712 134 13734 13534 13934 6,900 Amer Railway Enna.• ...100 12978 Jan 16 140 Jan 3
131 131
57% 5872 8,000 American Republics--No pro 5712 Jan 14 6414 Jan 2
1
4 5834 5934 591g 5934 574 59
5814 5814 573g 59/
7115 7234 7034 723s 7012 7178 16,100 American Safety Hagar-No Pat 68 Jan 2 7218 Jan 19
7112 727s 7134 724 7138 727
3312 3312 34
34
3312 331
34
34
No Par 33 Jan 21 368 Jan 3
35
3312 3414 33
3,800 Amer Seating v to
4 Jan 4
34 Jan 2
3% 3%
334 334 *334 37s *334 38
334 34
334 334
600 Amer Ship & Comm_ _ No Par
*91% 94
94
94
92
92
*9114 94
*9114 94
92
92
50 American Shipbuilding_ _ _ 100 90 Jan 7 94 Jan 24
10412 10714 10214 108
97
9534 104
108 1111 285,30O Am.Smelting & Relining-100 9312 Jan 16 111h Jan 25
9412 95% 95
137 137 431361 1371 137 137
100 137 Jan 2 138 Jan 4
•136% 1371 137 137
138 138
600 Preferred
204 204 •201 205
100 203 Jan 2 20512 Jan 17
205 205 205 205 204 20412 205 205
800 American Snuff
110 Jan 11 112 Jan 24
112 112 *110 112
110 110 *110 112
100
•110 112 43110 112
Preferred
20
7012 68
6812 75
701
69
7178 69
7512 78
7014 72
92,800 Amer Steel Foundries_ _No par 6414 Jan 7 78 Jan 25
11114 1111 11112 111% •11115 112
111 111
111 111
100 11012 Jan 4 11214 R0116
•111 112
100 Preferred__ 90
8812 90
92
92/
100 834 Jan 7 9414 Jan 25
1
4 9434 62.200 timer Sugar Refining
8918 9012 88% 891
89% 91
108 lO8is 10814 1081 10878 10878 10812 1081
10C 10612 Jan 3 10878 Jan 24
*107 1071 *10712 108
700 Preferred_
5512 56% 5612 58's 2,300 tm Sum Tob___ ____No pal 54 Jan 7 60 Jan 2
55
561
456% 57
561 57
5711 59
17 Jan 2 1878 Jan 25
4318
1912
,
_
187s 187k
1915 1834 185
3418
•18
19
200 tmer Telegraph & Cable. 10(
104 19314 Jan 8 2074 Jan 24
19814 1997 199 2003, 200 200% 2003, 2041 204 20714 20515 207
76.900 Itner Telep & Teleg_
Jan 8 18334 Jan 24
18212
183
175
1834
179
182
1801
.5C
180
corn..
1823
169
181
17814 179
12,800 kmerican Tobacco
.56 1744 Jan 8 18334 Jan 24
180 1801 1794 1827 182 183% 18134 1831 28,200 Common CiASP B
17814 17914 179 181
1204 Jan 3 12114 Jan 15
12012 12012 *12014 122 •1204 12112 •12014 1211
*12014 122 *12012 122
100 Preferred.. .........
/
4 1451
14512 1464 14634 1483 145% 145% 1451
147 147
146 147
1,700 irnerlean Type Founders_ .100 13612 Jan 5 154 Jan 14
10712 108
108 108
108 108
107% 1071 •1074 108
1071z 108
150 Preferred _ ...... 100 10712 Jan 8 11012 Jan 2
814
7412
811
7412
7534
/
4
7512
75
74
76
853 78,100 km Wat Wks dt El
74
7578
Nova' 6714 Jan 8 854 Jan 25
97 Jan 3 101 Jan 24
*97 105
9912 991 *093S 991
9912 9915 1003, 1003, 101 101
12,000 1st preferred
244 2434 2334 241
241s 247
2638 28% 24
100 2334 Jan 25 2778 Jan 3
2512 2418 247
6,800 tmerIcan Woolen
5534 557
5178 6,600 Preferred
543
100
55
517 5334 51
5578 541 544 54
1312 15
14
1514 1434 144 4314
1434 1434 1434 •14
14% 2,900 Am Writing Paper offs_No Par
4215 4215 44
4212 4212 *4134 421
*4212 433
44
344212 44
400 Preferred certificate-100
4078 42
4034 417
41
427
4014 403
, 41
4234 3912 41
7.900 Amer Zinc, Lead & Smelt -25
10515 106
25
106 106
10534 106
10534 1071 10512 10512 105 105
2,000 Preferred
120 122/
1
4 127 12712 12478 1287e 12532 128
12378 126
12312 1251 730,200 Anaconda Copper MInIng._50
10314 104 210132 1024 10115 10334 104% 1061 1044 10414 10134 1033
6,100 Archer, Daulls, Midi'd_No par
•113% 115 3411134 115
115 115 *11134 115 •111 115
114 114
100
120 Preferred
4393
94
9334 9334 *9312 gn 9312 931
931 9312 93
9334
900 Armour & Co (Del) pref.-100
17
178
1712 18
17
1734 17
1734 1714 1714 177
17% 42.300 Armour of Illinois class A _25
834 9
0
9/
1
4
25
9
94
9
918
87s 94
814 9
23,300 Claes B
85
85
85
8512 8518 8517 8512 8534 85
•8434 85
100
86
2,600 Preferred
37
37
365k 37
36
3612 388 3634 3678 3534 36 8 35
7.900 Arnold Constable Corp-No Pa
28
28
*2712 28
277 2778 •27
2712 2712 27/
1
4 277
No pa
28
1,000 Artloom Corp
4398
99
*98
99
99
99
4398
99
99
99
99
.100
99
230 Preferred
6534 6714 Mg 68
6634 68% 6534 68% 78,600 Assoc Dry Goads
6734 70% 6818 708
No pa
464 47
46
46
4514 4514 4518 454 *4514 4712 4514 4512
25
290 Associated 011
40
4014 *3934 42
3812 3934 384 3812 3814 3814 3734 3814 4.600 AtlO&WISSL100..N pa
4351
53
5114 514 61
514 5014 5034 4934 5034 48
100
4912 2,400 Preferred
5
624 63/
1
4 62
6338 6114 8238 6114 6238 59
615
, 59
6012
Refining..........
*11512 11712 115 11512 11512 11658 1164 1164 *115 11613 •115 11612 116,600 Atlantic
150 Preferred__ ........ -.100
10814 11034 108 10814 107 107
107 107
108 10812 107 10734 2.600 Allan Powder
.No vo
*105 10612.*105 10612 105 105
105 105
105 105
105 105
100
160 Preferred
4312
13 •1214 1378 4312
13
•12
1234 *12
1312 *12
No pa
1212
Atlas 'rack
*834 87s
8
84 84
832
838
8
7
718
No pa
712 7% 2,700 Austin.Nichols&CO
41
3440
3440
41
40
40
*349
404 40
41
39
39
500 Preferred non-voting---.100
65
4363
65
64
436312 84
•6312 64
*6312 64
*6312 64
100 Austrian credit Anstalt
*25
2512 2434 2534 2438 25
*2412 25
247 25
2418 2514
No par
1,900 A UtO3a1911 Corp
3912 3918 41
39
4278 *4134 42
4378 42
4112 43% 41
50
4,400 Preferred
*4512 4612 4515 4612 *4512 47
*4512 464 45
4512 444 4414
Razor -A--Ne par
Saf
Autostr
800
*230 250
248 248 43240 258
240 240
231 240
240 240
1.4z•emotIve Wks_100
Baldwin
400
•117 120
117% 117% 118 119
119 119
119 119
100
120 120
170 Preferred
1094 10934 1094 110
10934 1097s 10934 1094 10934 10934 •10012 110
350 Bamberger (L) & Co pref__100
3012 31
30
32
32
33
3315 3334 335 335
No
par
33
33
2,000 Barker Brothers
26
025
*25
26
27
2514 2614 2512 2512 26
No par
2512 2512 1,000 Barnett Leather
434 43% 4312 4434 44
4434 4374 4415 427 4414 4214 43% 161.500 Hamadan Corp class A
25
44
*43
*4312 45
•4312 44
4512 4512 *42
44
.26
*42
44
200 Class B
109 11134 110 11012 •107 111
110 110
11012 112
111 1134 3,300 Bayuit Cigars, Lie
No par
10512 106
108 106
105 106
105 105
106 106
100
106 108
210 Pint preferred
231z 2414 2338 2512 23% 2512 244 2434 237 24
No par
2312 24
25,600 Beacon 011.
9514 97
9514 9514 9512 9512 95
96
94
94% 93
20
Peeking
93
Nut
1,600
Beech
44134 1312 134 1312
1314 1312 135 1334 134 1314
124 134 3.000 Belding Rern'way Co. NoPo,
84
8332 83% 8314 84
4483
*83
8312 *83
8312 4383
8312
700 11•121an Nat Rya part prof_
* 11141 and asked Prices; no sales on this day.
s Ex-dividend.
Highest
$ per share $ Per share
y Ex-rights.
51 Jan-5
1214 Jan 17
41% Jan 16
3812 Jan 15
10314 Jan 8
11514 Jan 15
1007 Jan 16
114 Jan 4
9134 Jan 9
1 Jan 4
16,
814 Jan 25
82 Jan 7
35 Jan 25
2712 Jan 22
9712 Jan 9
6318 Jan 4
434 Jan 2
3812 Jan 8
48 Jan 25
59 Jan 25
115 Jan 21
103 Jan 5
105 Jan 2
1112 Jan 2
67s Jan 3
37 Jan 2
6212 Jan 2
241s Jan 25
38 Jan 14
4314 Jan 10
20 Jan 23
11534 Jan 4
10814 Jan 2
2812 Jan 14
243s Jan 10
4214 Jan 25
44 Jan 2
106 Jan 8
105 Jan 3
217* Jan 2
93 Jan 25
1214 Jan 25
8314 Jan 22
583* Jan 2
1514 Jan 21
44 Jan 4
447 Jan 2
10714 Jan 23
12878 Jan 22
11078 Jan 9
115 Jan 11
9472 Jan 12
184 Jan 2
1014 Jan 2
86 Jan 24
4078 Jan 2
2934 Jan 4
100 Jan 4
7034 Jan 10
47 Jan 5
434 Jan 11
5534 Jan 2
68 Jan 2
117% Jan 11
115 Jan 2
10612 Jan 14
1512 Jan 3
10 Jan 11
424 Jan 14
65 Jan 8
2912 Jan 7
437 Jan 23
50 Jan 11
248 Jan 21
120 Jan 25
110 Jan 21
3334 Jan 23
2914 Jan 15
467 Jan 3
46 Jan 3
1134 Jan 25
106 Jan 4
2812 Jan 8
101 Jan 12
148 Jan 2
8472 Jan 3
3614 Nov
76 Nov
90 June
109
Oct
195
Jac
Jan
11
344 Jan
23, Jan
59 June
7h June
1
Jan
2214 Dec
146
Feb
120h June
1154 Feb
94 Oct
69 Mar
271a Feb
1518 Feb
557, Feb
7434 Jan
Oct
60
1414 July
36 Feb
1511 Feb
397a July
120 Dec
104 Apr
4014 Apr
7012 Jan
13614 Jan
8814 July
110h Aug
71 Dec
44 Dec
Jan
107
1012 Dec
53 Jan
169
Jan
2214 Feb
10414 June
Feb
81
8,4 Oct
31 Not
50 Feb
28 Jac
90
Jan
Jar
71
514 Jan
5681 Jan
8612 Jar
87 June
10314 Oct
12912 June
39 Mar
109 Aug
12/4 Jul)
38 Dec
624 Jas,
100,8 Dec
13014 Jar.
1104 Jar
514 Feb
56
Jan
27% Nov
3/
1
4 Aug
80 Sep
169 Feb
131 Mar
lel
Jan
100
Oct
601s June
1.09 June
55 Fer
100 Feb
46 Feb
1714 Dee
172 July
152 June
152 June
11514 Sept
Wins Aug
107 Nov
52 June
Oct
98
14 July
39 Aug
IO% June
34 June
6851 Jan
40
Jan
54
Jab
554 Feb
112
Oct
86/s Jan
114 Jac
Pa Jar
671, Jar
354 July
2814 Dec
99 Dec
404 June
3712 Feb
37/
1
4 Feb
38
Feb
54 Nov
1412 Sept
63
Jan
102 July
85 Apr
10214 July
142 Dec
11412 June
425 Dec
65 Sept
6934 Sept
534 Mar
99% Dec
1414 Jan
10 Nov
3114 Jan
25214 Nov
1274 May
200 Dec
1614 Apr
AO Ain
437s Nov
28 Nov
797a Nov
150 May
657a Jan
2434 Aug
614 Sept
441 Nov
494 Jan
128 June
2814 May
6574 May
11712 Nov
147 Apr
Illh Jan
13712 Mar
105 June
50/
1
4 Dec
114 May
154 AM
86 Nov
310 Dec
85 Dec
110 May
100 Sept
154 Feb
(171s Feb
86 Nov
46/
1
4 Aug
9912 May
150 Dec
115 Oct
192 Dee
182 Dec
115
Jan
134 Mar
18314 Dec
6314 Nov
11712 May
25 Feb
90
Jan
45 May
10714 May
19112 Dec
143 Dec
85 Apr
7474 Sept
45 MAY
els May
119 Jan
293 Dec
142
Apr
210 Dec
120 June
1 Jan
70,
120 Feb
9312 Nov
(1012 May
734 Sept
32 Jan
211 May
18418 Dec
1841s Nov
126
Apr
14214 Nov
115 Mar
76/
1
4 Nov
106
Apr
321s Nov
6514 Nov
194 Feb
5314 Oct
57
Oct
1177s Oct
12014 1)ec
11272 Nov
1154 Mar
97h June
234 Sept
1312 May
9112 June
5114 Apr
44/
1
4 Mar
114 Mar
/512 Dec
531s Sent
597a May
6514 Oct
6612 Dec
1814 Jan
114 Dee
11012 May
814 Jar 17% June
th Jar
Ju may
26 Juty
39
Jan
58
Oct 75 May
64 Jan 3414 Nov
25 Aug
41 Nov
411
Oct
5212 May
235 June 285 Mar
115
Oct 12414 Apr
1074 Nov till, jag
267a Aug 354 Dec
2812 Aug
524 Feb
20 Junc 53 Nov
20 June
14118 Nov
98 June 14012 Mar
10/
1
4 Dec 110/a Mar
124 Mar
2412 Dee
701s July 10114 Dee
12 Dec 22
Jan
821s Sept
92% May
528
New York Stock Record-Continued-Page 3
For sales during the week of stocks not recorded here, see third pate preceding.
111011 AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday, 1 Monday,
Jan. 19,
Jan. 21.
Tuesday,
Jan. 22.
Wednesday
Jan. 23.
Thursday,
Jan. 24.
Friday,
Jan. 25.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1.
On basis of 100-share lots
Lowest
I
$ per share I$ per share $ per share 5 Per share $ per share $ per share Shares Indus. & Miscel. (Con.) I
864 89
91
9358 91
5,800 Best dr Co
915
88
89
90
No;
86% 8712 *87
8518 864 8434 87% 8458 8638 848 8578 8358 8638 8418 86 197,700 Bethlehem Steel Corp
1
•122 12212 12214 12214 12214 12214 12214 123
12214 12214 12214 12212 1,300 Beth Steel Corn Pf 17%1_1
43
43
4214 4214 *4112 4212 4234 4334 4212 4312 43
5,200 Bloomingdale Bros____Ns 2
45
•10814 111 *10814 111 *10814 111 *110 11012 *110 11012 *110 11012
Preferred
1
10312 10312 10212 10212 102 102
60 Blumenthal & Co prat
*97 10214 *97 10214 *97 10214
1
8512 8534 86
2,400 Bon Am)class A
8634 8512 86
8538 8412 85
8512 8512 85
No;
91/ 10
958 1038
10
.9
1,000 Booth Fisheries
10
914 912
94 912 .9
No;
6234 6278 *58
62
200 let preferred
59
*56
*54
553
60
60
59
*54
1
192 194
19014 194
192 199
19612 20134 193 198
19334 1964 47,100 Borden Co
13
13
1234 1234 .1218 1378 13
400 Botany Cons Mills class A.
13
51218 13
13
13
5612 5712 5618 5718 5514 5614 5514 5812 553* 5734 56
5712 158,700 Briggs ManufacturIng_No p
*418 412
5,500 British Empire Steel
6
412 434
5
438 438
434 434
1
43* 478
4,000 2d preferred
10
5034 678
8
778
VS 733 .67s 712
718 712
778
1
6812 6812 6714 693* 68% 69
707 19,000 Brockway Mot Tr
69
6734 6812 6712 69
No;
137 137
137 137 *137 145
700 Preferred 7%
137 137
13634 13634 .135 145
1
•310 330 *300 345 *310 330
100 Brooklyn Edison Ins
334 334
312 345 *330 340
1
186 18714 *182 186
18434 186
186 19112 188 1894 18934 1917 15,800 Bklyn Union Gas
No p
.45
46
46
46
4434 4514 *44
4334 4412 2,500 Brown Shoe Inc
46
46
*45
No p
5312 54
5212 5312 525 5318 52
5314 5118 5178 5158 5258 13,100 Brunsw-Balke-Collan r_No y
3818 3818 3818 384 373* 3812 38
3734 3834 6,800 Bucyrus-Erie Co
3878 3758 38
4718 4712 47
4712 4658 4714 463* 467
4618 46% 46
4658 6,100 Preferred
12078 12078 120 121 *120 121 *120 121 .120 121 *120 121
400 Burns Bros new elAcomNo y
3412 3412 34
3314 3314 33
34
800 New class 13 com___No P
3334 3334 .3314 34
338
105 105 .310334 105 *10338 105 *10334 105
105 165
10334 105
60 Preferred
I
23512 239
3,700 Burroughs Add Mach _No y
23912 240
240 2424 239 240 *236 241
240 240
79
8018 7814 80
77
7,200 Bush Terminal
78
78
7814 79
7814 79
77
No p
•10714 108
10714 10712 10714 10712 10712 108
410 Debenture
10714 10812 108 108
1
115 11634 *11412 11612 *11412 11612 *1144 11612 115 11612 11512 11612
50 Bush Term Bldg@ pref
1
1012 1012 1058 1158 1034 1114 11
1138 1012 114
1034 1034 8,800 Butte & Superior MlnIng___
84 9
9
9
834 9
812 84
812 834 10,100 Butte Copper & Zino
812 88
398 393
3818 39
37
38
3712 337 36
3634 7,800 Butterick Co
37
35
1
15558 15712 158 15978 160 163
1604 162
160 16112 1607 162
5,300 Byers & Co(A M)
Nap
*112 115
112 112 *112 114
114 114 *112 121 .112 121
30 Preferred
I
119 12012 11912 120
118 120
119 1194 11812 11912 11834 12734 13,900 By-Products Coke
Nov
7512 7512 7512 76
75% 7558 7558 7638 7558 76
7512 754 4,300 California Packing
NO P
*27
2978 *27
2978 n; 298 *27
294 294 297
10 California Petroleum
2978 •27
318 318
314 378
334 4
312 334
312 358 51,600 Callahan Zino-Lead
334 4
1234 126
125 127
12458 127% 12518 12714 12458 12678 12312 12612 18,700 Calumet & Arizona Mining48% 60
53
58
54
547
54
5434 5318 5418 534 534 253,900 Calumet ,fe Hecht
7914 80
7912 798 7918 80
8014 7938 7978 14,400 Canada Dry Ginger Ale-NOP
79
8012 79
4712 4778 4634 4758 4614 4714 48
45
46
4512 4458 4514 4,000 Cannon Mills
NO V
*470 490 *470 480
475 482
1,100 Case Thresh Machine
48712 48734 475 483 .460 480
1
*122 125
125 125
125 125 .125 128 .125 128 *125 128
200 Preferred
1
474 48
4612 477
4634 4812 4814 5112 5018 5214 5018 5134 320,600 Central Alloy Steel_-_No 1
20
20
1934 1934 1934 2012 2012 2012 20
1934 1934 2,400 Century Ribbon MIlls_No /
20
*7614 87
*7614 85
*7614 85
*7614 85
*7614 85
*7614 87
Preferred
1
103 10334 10312 10538 10334 10558 10358 10478 10314 10412 104 10538 46,800 Cerro de Pasco copper_No;
2418 2418 2414 26
26
2512 26
10,900 Certain-Teed Products_No 1
2814 26
2738 2534 26
8112 81
*81
81
8112 80
80
.80
400 7% preferred
80
81
80
*80
1
82% 83
83
834 8318 8314 834 85
8458 8431 8412 844 2,900 Certo Corp
No p
2212 22% 2234 2234 *22
21
20
2012 22
2278 2112 22
2,300 Chandler Cleveland MotNol
40
40
*38
40
*3912 40
.37
40 .37
40
40
*38
100 Preferred
No s
828 8334 83
8512 84
85% 8312 84% 834 8438 8234 8334 37,900 Chesapeake Corn
No;
*160 163
_
_ _
_ _
_
_
_ _
_ ___
Chicago Pneumatic Tool...I
33
25H1 -3134 ;5
33
-3-i12 .5iii -3- 2 ..5ii4 -ii12 .iii, -ii12 i.15 Chicago Yellow cab No;
.4678 47
47
47
4678 47
4634 4678 4614 4678 4614 47
1.700 Chickasha Cotton 011
5614 57
5518 5612 55
56
5412 553* 5412 5612 5614 57
10,900 Childs Co
No r
8418 8534 8634 8934 884 9278 9058 9178 894 913
8958 9012 413,700 Chile Copper
*9934 110
*9934 110
*9934 110
*9934 110
*9934 Ho .9234 110
Christie-Brown tom ctfeNo 1
120 12134 11714 11912 118 12012 11814 12238 11714 11878 118 120% 511,400 Chrysler Corp
NO 2
*4958 52
*4958 52 .4958 52
51
*50
51
51
*50
*50
City Stores class A
No /
•100 101 *100 101 .100 101
100 100
10012 10112 9934 10012 3,000 Class B
No;
7014 7012 369
6934 6834 69
684 6878 684 6834 6814 69
2,000 Cluett Peabody & Co No;
•1144 119
116 116 *11478 116
1147 1147 *1148 116 .1144 116
40 Preferred
I
$ per share
8534 Jan 8
8258 Jan 7
12134 Jan 2
4214 Jan 21
110 Jan 4
102 Jan 22
83 Jan 7
914 Jan 8
55 Jan 22
17412 Jan 8
113i Jan 10
5412 Jan 7
418 Jan 8
534 Jan 14
6714 Jan 16
13634 Jan 24
300 Jan 2
175 Jan 7
4334 Jan 25
4914 Jan 17
364 Jan 3
4534 Jan 2
120 Jan 21
3214 Jan 16
10314 Jan 5
234 Jan 16
7414 Jan 7
10514 Jan 5
114 Jan 15
1018 Jan 2
814 Jan 12
3378 Jan 24
15558 Jan 19
110 Jan 17
108 Jan 8
74% Jan 2
27 Jan 3
3 Jan 8
12114 Jan 7
44 Jan 8
78 Jan 4
4412 Jan 2
475 Jan 22
124 Jan 14
4618 Jan 7
19 Jan 4
7614 Jan 5
10178 Jan 16
2418 Jan 18
80 Jan 2
7712 Jan 7
20 Jan 24
3612 Jan 7
8018 Jan 7
173 Jan 2
3114 Jan 3
46 Jan 11
5412 Jan 23
7114 Jan 8
102 Jan 3
11714 Jan 21
5012 Jan 4
9934 Jan 25
6814 Jan 25
11478 Jan 23
171 17134
5112 5112
*9212 96
723
71
130 131
14414 14712
*10512 108
5612 5712
26
•25
*264 27
10334 104
15014 151
•10612 109
*94
9412
*3812 39
230 23412
12434 12434
93
85
2934 3014
8158
80
114
114
95
95
95
*89
16812
50
93
6658
124
13612
10558
54
2412
25
102
13112
105
94
2714
22712
10714
80
27%
79%
1
9218
94%
16912 170
5134 5212
*9512 96
6914 7112
129 12934
14014 14814
10678 107
5612 5778
*25
26
25
2618
10314 10412
15338 165
10612 10634
9412
*94
4412
40
233 233
121 121
9258
90
2978 3212
8012 81
*14
114
*944 9412
95
*91
16918 170
169 16978 169% 17134 17014 171
3,200 Coca Cola Co
No;
5112 5212 5114 517g 5012 5114 5018 5478 14,100 Collins & Alkinan
No;
96
96
95% 9614 91334 9634 *9614 07
800 Preferred non-voting6958 7134 6912 7212 6912 7178 694 715 30,600 Colorado Fuel dv Iron ---1
1
12712 12914 128 133
129 132
13014 13414 11,600 Columbian Carbon v t oN0 1
14612 14938 14912 15134 14912 151
14834 15014 49,300 caiuni Gas & Mee
No 2
10678 107
10634 10678 10678 107 *106 108
1,100 Preferred
I
y54
5614 5734 5612 5712 5618 61
5614 72,800 Commercial Credit_ __N0 1
26
26
26
•25
.2512 26
26
26
120 Preferred
26
26
26
2614 *2618 27
26
200 Preferred B
27
10418 10458 1034 105
104 10534 104 105
1,850 let preferred (6)%)_ _1
169 17458 1654 17212 17438 18312 54,400 Comm Invest Trust____No 2
16634 174
10612 10612 *104 109 *10412 109 *104 109
120 7% preferred
1
*94
9412 9412 9434 9434 95
9534 964 1,100 Preferred (635)
1
45
4734 4634 49
4818 4934 4934 55
22,200 Warrants.
1
23212 23484 7,000 Commercial
23112 239
23412 238
231 235
Solvents_No 1
12112 123% 121 12558 12112 12478 12134 12314 20,100 Commonwealth Power_No /
90
90
88
8912 8912 878 8778 88
6,700 Conde Nast Publica__.No ;
3158 3212 3112 3238 31
32
3134 3378 335,400 Congoleum-mairt ito __No 2
8118 8212 8112 8214 8112 832
824 84
14,700 Congress Cigar
1
Not
*118
Ds
114 *118
114
118
600 Conley Tin Foil stpd_No
1111
114
94
9358 9438 94
9218 9358 9218 9458 5,300 Consolidated Cigar __No I
1
95
95
*90
*93
*94 101
*94 101
Preferred (6)
1
2718 2778 27
2734 27
2712 278 2714 28
2718 277
274 6,200 Consol Film Ind pref_No 1
10838 11038 10818 10934 10812 11118 112 114
11018 11234 11134 117 250,200 Consolidated Gas(NY) No 1
99
9914 9958 9912 9938 9912 6,800 Preferred
99
99
9918 994 994 991
No 1
53* 534
558 534
518 53
514 512
512 26.700 Consolidated Textile_ No 1
514 512
518
2112 21
2158 22
21
2112 211* 2114 4,800 Container Corp A vot No 7
2034 2118 2118 217
1034 1078
1012 1034 1012 1084 1012 1058 1012 1034 1012 1034 10,300 Class B voting
No 7
574 58
5414 5514 5412 5514 18,000 Continental Baking cl ANo i
56
54
55
571
56
53
1114 1218
11
1034 1118 1014 1034 1018 1058 90,000 Class 13
12
1012 1114
No 1
9314 9334 92
93
03
9212 9212 9214 9278 2,400 Preferred
93
9214 93
1
60
6078 61
6212 6378 6338 643* 69,300 Continental Can Ine_No 1
6238 6212 6338 624 64
*12434 126 *1248 127 *12434 127 *124 126
12434 12434 .124 126
10 Preferred_.
917 927
9112 14,800 Continental Ins
915 9212 9112 92
90
91
93
91
91
2612 2838 2614 27
265* 273
2434 2614 2538 2638 273,800 Continental Motors_ .._ _No 1
264 27
864 877g 87
871
8718 8712 8718 8978 8712 8812 8818 8878 19,700 Corn Products Refining
14434 14434 143 143
14318 14314
14414 14414 143 14314 143 143
370 Preferred
1
7412 76% 745 7658 743 7518 7314 75
7618 78
76
61,700 Coty Inc
73
No7
9034 93
903 0212 893* 9112 8912 90
00% 8,800 Crucible Steel of America1
89
90% 89
111 111 .111 113
113 113
113 113 *113 115 *11412120
300 Preferred
1
2212 23
227 23
8,100 Cuba Co
2234 234 2314 2312 224 2278 2214 23
No7
514 514
5
5
5
5
1,400 Cuba Cane Sugar
54
54 514
518 514
5
No1
1814 1812 18
181s *1712 1812 1714 1714 1734 1734 1758 175
2,300 Preferred
1
17
17
1658 17
1658 1658 3,600 Cuban-American Sugar
1612 1634 1612 1612 1612 1678
95
95
*9312 95
200 Preferred
9312 9312 *88
95
*88
1
05
*88
95
*534 6
534 534
534 6
4,300 Cuban Dom'can Bug __No
512 534
534 534
512 534
6434 6514 6414 6538 6414 654 64
5.800 Cudahy Packing
6312 6314 64
644 63
15714 159
158 1617 15714 15912 15614 161
15514 15734 15312 15634 28,200 Curtiss Aer & Mot Co__No
•221 22514 *221 2251 221 22514 *221 22514 .221 22514 221 221
100 Cushman's Sons
No
•123 126 *123 127
12018 12018 *12012 125 *12012 125 *12012 125
30 Preferred (7)
6513 65
65
6514 *65
65
900 Cutler-Hammer Mfg
65
6418 6418 6418 6418
85
7114 7212 70
6934 71
7112 72
7218 694, 7112 7012 71
13,100 Cuyaluel Fruit
No
644 65% 64
65
64
6412 6359 647
6314 6458 6314 648* 38,600 Davison Chemical
No
*4312 4558 54312 45
45
4512 4514 48
4614 4614 7,200 Debenham Securities
4618 467
12514 12514 12512 12512 125 12512 12512 12512 *12512 12612
126 126
210 Deere & Co pref
230 230
*230 234
230 230
1,100 Detroit Edison
235 235
2344 2344 23312 235
5814 5834 58
577
58323 57
5814 5618 5758 57
577 5814 7,700 Devoe & Raynolds ANo
•11412 115 *11514 11512 .11514 11512 11512 11512 11512 11512 11512 11512
100 lit preferred
•160 163
163 163
161 181
161 161
200 Diamond Match
158 159%
160 161
Dodge Bros Claaa A.
Ns
____
____
Preferred
No
95s 934
034 1014
984
95
934 1014
678
934 04 13,300 Dome Mines, Ltd
9%
NO
121
119
11912 121
12012 1214 12112 12412 12112 124
12214 123
18,500 Drug Inc
"Jo
7612 75
73
754 76
75
74
7334 6,600 Dunhill International_No
75
73
74% 747
•Bld and asked prices; no sale on this day. 1 Ex-dividend of 100% In corn. stock.
Ex-dividend. y Ex-rights
Highest
$ per share
9312 Jan 3
8834 Jan 2
123 Jan 11
45 Jan 7
111 Jan 16
118 Jan 2
8912 Jan 12
1134 Jan 2
634 Jan 18
20134 Jan 23
14 Jan 2
634 Jan 3
6 Jan 25
10 Jan 25
7378 Jan 2
145 Jan 2
334 Jan 23
191% Jan 25
47 Jan 2
5514 Jan 18
4234 Jan
49% Jan 5
127 Jan 11
39 Jan 14
10514 Jan 7
24912 Jan 5
82 Jan 3
10812 Jan 24
11634 Jan 19
1238 Jan 4
912 Jan 3
41 Jan 2
19278 Jan 2
12114 Jan 8
12734 Jan 25
7812 Jan 4
294 Jan 25
4 Jan 22
131 Jan 5
60 Jan 19
804 Jan 15
4812 Jan 3
509 Jan 2
125 Jan 12
5214 Jan 2-1
2012 Jan 2
82 Jan 17
113 Jan 2
285s Jan 2
8112 Jan 11
85 Jan 23
23 Jan 11
4014 Jan 18
83% Jan 22
182 Jan 4
36 Jan 7
50 Jan 2
6012 Jan 2
924 Jan 22
105 Jan 3
135 Jan 2
52 Jan 2
109 Jan 2
7234 Jan 3
119 Jan 3
2514
10318
9812
478
204
1018
4718
818
8812
60
1244
8712
1918
864
143
7118
8512
109
2112
44
1718
154
934
Jan 7
Jan 4
Jan 3
Jan 8
Jan 7
Jan 2
Jan 18
Jan 25
Jan 2
Jan 21
Jan 15
Jan 2
Jan 2
Jan 3
Jan 7
Jan 8
Jan 7
Jan 3
Jan 2
Jan 8
Jan 8
Jan 24
Jan 2
Jan 2
Jan 7
Jan 2
Jan 2
Jan 21
Jan 25
Jan 8
Jan 8
Jan 2
Jan 19
Jan 7
Jan 2
Jan 2
Jan 15
Jan 2
Jan 12
Jan 7
Jan 8
Jan 8
Jan 17
Jan 18
Jan 9
Jan 22
17278
5612
96%
73%
137
15134
1078
6258
26
2714
10534
18312
107
9634
55
24112
12759
93
337g
85%
114
964
96
2878
117
9934
038
2312
1112
6078
1334
97
64%
12434
9412
285*
9178
14434
7858
94
11418
2412
512
1878
17
95
Jan 2
Jan 11
Jan 24
Jan 2
Jan 2
Jan 23
Jan 11
Jan 2
Jan 9
Jan 17
Jan 24
Jan 21
Jan 14
Jan 26
Jan 25
Jan 4
Jan 17
Jan 19
Jan 25
Jan 11
Jan 4
Jan 2
Jan 7
Jan 16
Jan 25
Jan 8
Jan 15
Jan 9
Jan 2
Jan 17
Jan 17
Jan 16
Jan 8
Jan 7
Jan 14
Jan 21
Jan 3
Jan 19
Jan 17
Jan 11
Jan 3
Jan 3
Jan 3
Jan 3
Jan 3
Jan 3
512
61
141
221
12018
62
63
592
3812
125
224
5512
112
15712
Jan 23
Jan 7
Jan 4
Jan 25
Jan 22
Jan 5
Jan 3
Jan 2
Jan 2
Jan 16
Jan 2
Jan 7
Jan 7
Jan 3
634
674
165
22514
121
6534
7212
6712
46%
128
236
5834
11512
16412
Jan
Jan 15
Jan lo
Jan 1
Jan 11
Jan 11
Jan 21
Jan 4
Jan 24
Jan 4
Jan 17
Jan 19
Jan 1
Jan 1
_
918 Jan 2 164 J,-).; -9
11534 Jan 9 12434 Jan 1
73 Jan 25 92 Jan
3 Shillings.
PER SHARE
Range for Previous
Year 1928
Lowest
Highest
$ per share $ per share
Oct
5334 Jan 102
514 June 8838 Dee
111318 June 125 Apr
3351 July 50 Sept
10912 Jan 11154 Jily
87 June 122 14e
5514 Jan 854 '('80
121: 4OV
54 Jan
4114 Mar 724 Nov
Jan
162 June 187
23 Jan
8% Aug
2118 Feb 63% Oct
914 May
DR Jan
12 Feb
214 Jan
4512 June 754 Nov
110 June 150 Nov
20634 Jan 325 Nov
139 June 20334 Nov
44 Dec 554 Apr
2713 Feb 8234 Sept
48% May
2412 Feb
33% Feb 5458 May
Oct
9312 Feb 127
1578 Mar 43% June
9754 Feb 110% June
139
Jan 249 Dee
50 June 88 Deo
10478 Aug 115 May
111 Aug 11912 June
8% Aug
1834 May
1214 Nov
418 Jan
3712 Dec 6712 May
904 Jan 20634 Dec
108% Apr 118 Dec
65 Mar 122 Dec
684 June 8258 Sept
254 Mar 36 Sept
538 Apr
134 Mar
89 Feb 133 Nov
2018 Jan 47% Nov
54% Jan 8612 May
43 Dec 50 Sept
247
Jan 515 Nov
12012 Dec 13512 Mar
2818 Mar 4838 Deo
Oct
11
Aug 24
77 Aug 92 May
584 Jan 119 Nov
2313 Dec 64% Apr
75 Nov 100 may
7012 Oct 8318 Dee
$12 Feb 24 Nov
14 Mar
3778 Deo
62% July 814 Jan
111 Aug 17312 Des
2978 Aug
43
Jan
45 Dec 564 Oct
37
64 Dee
AM
3738 Mat 7478 Nov
76 Dec 131
Jan
5454 Jan 14012 Oct
5114 Jan 5414 June
52
Jan 114% Nov
6038 Dec 109% Apr
11111 Dec 12454 Mar
127 Feb 1801/ Oct
4418 Dec 111% Jan
90 Nov 109 Jan
5212 June 844 Jan
79 June 134% Dec
8912 Mar 1404 Dec
106 June 11018 Jan
71 Nov
Feb
21
27 May
23 Feb
28 Dec
23 Feb
85 June 107 Nov
51514 Mar 140% Nov
Jan 109 May
99
9238 June 9812 Aug
618 Aug 3078 Dec
137% June 25014 Nov
824 Jan 11012 Deo
48
Jan 84
Oct
22 June 314 Apr
67 Feb 8714 Dec
334 May
14 Jan
7911 Jan 100 Dec
94% Oct 102% Apr
23 July 294 Sept
y74 Aug 17014 May
974 Aug 105 Mar
214 Aug
612 Dec
20 Nov
Apr
36
984 Oct
1914 Apr
264 AU
5311 Jan
3% Apr
9% Dec
73 Apr 961, Jan
53 Dec 12878 Sept
123
Jam 128 Mar
75 Feb 94% May
10 Mar '201/ Nov
64% Jan 94 Nov
1384 Jan 148% Apr
6258 Dec 89% Nov
6914 July 93
Feb
111 Dec 121 May
20
Oct 28% May
438 July
712 May
1334 Gel 32% Jan
1538 Dec 2414 May
9334 Dec 108
Feb
5 No
Jan
12
54
7814 Aug
Jan
534 Feb 19234 May
14414 ,jan 230
Oct
114
Jan 141 Sept
52 Jun
0512 Nov
49 July 63
Oct
34% Feb 6834 Nov
38
Ort
494 Apr
1151, Feb 126% May
nub, Jan 22414 Deo
40
Jan 61
Apr
108
Jan 120 May
134% Jan 172 Nov
12 June 4058 Oct
8312 June 111 Sept
8 June
1311 Jan
80 Mar 12018 Nov
554 Jan 99% Nov
b Ex-dlv. and ex-rights.
New York Stock Record-Continued-Page 4
529
For sales during the week of stocks not recorded here, see fourth page preceding.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Jan. 19.
Monday,
Jan. 21.
Tuesday,
Jan. 22.
Wednesday, Thursday,
Jan. 24.
Jan. 23.
Friday,
Jan. 25.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan 1.
- On basis of
109-share lots1
Lowest
Highest
$ per share $ per share S per share $ per share $ per share 5 per share Shares Indus. & MIscel. (Con.> Par $ per share S per share
9912 100
9934 9934 *9978 10014 *9934 100
*9958 10012
700 DUQUCEMO Light 186 pref_100 4912 Jan 24 1003 Jan 16
9934 100
18114 18114 183 18334 182 183
2,200 Eastman Kodak 0o___No Pat 18114 Jan 2 188 Jan 3
18314 1837
18312 1835 184 184
Preferred
•12612 130 *12612 130 *12612 130 *12612 130 *12612 130 *12612 130
100 126 Jan 2 12614 Jan 15
7214 69
7012 6812 6978 6714 6878 68
53,500 Eaton Axle & Spring__ _No par 61 Jan 7 7214 Jan 21
698 7134 70
70
611 540
5,500 El du Pont de Nem _ _._No par 493 Jan 8 600 Jan 22
58514 600
579 58212 590 595
580 593
50434 510
•____ 117
11534 11712 11712 11712 11714 11714 11738 11734 11734 118
1,600 6% non-vol deb
100 11534 Jan 21 1187o Jan 8
110 112
111% 113
6,100 Eisenlohr & Bros
10834 10934 108 10814 107 108
25 9578 Jan 2 11212 Jan 18
10634 107
38
*3714 3712 3612 37
37
39
38
10,900 Eitingon Schild
38
3634 38
38
No par 3618 Jan 5 3934 Jan 10
10912 11112 *10912 111
111 11114 .110 11078
10912 110 *109 111
700 Preferred 635%
100 10913 Jan 19 113 Jan 19
16018 16434 15812 16212 159 16578 16214 16714 162 16418 164 168 192,700 Electric Autolite
No par 13418 Jan 7 168 Jan 25
1518 1534
1334 1414 1334 14
15
133 1334 22,400 Electric Boat
No par 1212 Jan 9 1534 Jan 16
1534 1438 15
4678 4734 4714 4818 4714 4834 50
5312 55% 291,700 Electric Pow & Lt
52
54
54
No par 4318 Jan 8 5538 Jan 25
107 10714 107 10712 107 1077 10712 10814 10818 1081 108 108
2,500 Preferred
No par 10618 Jan 2 10814 Jan 23
85
8538 8434 8518 8434 8478 8412 8638 8434 8512 8434 8512 14,600 Mee Storage Battery
A'o par 8434 Jan 15 8834 Jan 4
6
.6
6
6
6
6
6
.6
800 Elk Horn Coal Corp
6
638
6
634
612 Jan 9
No par
6 Jan 19
1134 1134 1034 1058 115 1 134 .1014 11
12
12
12
12
600 Emerson-Brant Class A.No par 1034 Jan 22 1334 Jan 2
7834 7834 79
7918 7934 7818 7934 7818 7818 4,700 Endicott-Johnson corp__50 7818 Jan 24 8338 Jan 4
798 7934 797
*120 124 *120 124 *120 125 *120 124 *120 124 *120 124
Preferred
100 123 Jan 4 123 Jan 4
53% 54
53
5434 5314 54
5378 531 5312 53
5414 5524 36,900 Engineers Public Serv_No par 4812 Jan 4 5534 Jan 25
9114 9212 92
*9112 92
9214 9158 9134 9312 94
9212 91
1,400 Preferred
No par 90 Jan 12 94 Jan 3
3214 3112 3112 3134 3178 *3134 317
3212 3214 3234 32
*32
2,700 Equitable Office Bldg No par 3114 Jan 4 33 Jan 5
48
4838 247
4814 .4712 48
471 4712 4634 4634 46
4634 1,600 Eureka Vacuum Clean_No par 46 Jan 25 5234 Jan 3
*2234 23
*2212 23
*2238 23 .2238 23
.2238 23
2234 2258
200 Exchange Buffet Corp_ _No par 2214 Jan 15 2212 Jan 17
5018 5078 5014 5134 50
4914 47
48
4812 48
9,100 Fairbanks Morse
No par 437 Jan 8 5134 Jan 21
508 48
11012 11012 109 109
108 109 *110 111 .10914 111 *110 111
80 Preferred
100 108 Jan 17 11078 Jan 9
7314 7734 75
78
78
7612 7612 7714 77
8112 13,000 Federal Light & Trac
7734 77
15 6818 Jan 3 8112 Jan 25
100 10034 100 100 *100 101
*9934 100
10012 101 *100 101
No par 9934 Jan 17 103 Jan 2
50 Preferred
.240 250 249 24934 251 260 .250 280 .250 300 .265 300
GOO Federal Mining & Smelt'g_100 234 Jan 8 260 Jan 22
*9914 100
*99 100
100 10018 10038 10038 *9912 10012 .9912 10012
300 Preferred
100 100 Jan 4 10034 Jan 7
1834 19
19
19
1812 19
1834 19
1812 Jan 16 208 Jan 3
1834 1834 1834 1834 3,000 Federal Motor Truck., No Par
102 10434 102 102% 102 10338 5,900 Fidel Phan Fire Ins N Y____10 101 , Jan 22 106 Jan 2
101 103
10312 1047 103 103
*12
1312 *12
13
13
1312 *1178 1312 *1178 1312 *117 1312
No par
20 Fifth Ave Bus
12 Jan 4 13 Jan 3
6612 6618 6614 6618 6838 6634 687
6618 664 66
6914 11,800 First Nat'l Stores
67
No par 66 1 Jan 21 7178 Jan 2
1812 1834 197
18
1778 18
1934 20 115,800 Fisk Rubber
No par
1538 Jan 8 2018 Jan 23
1934 2018 1934 20
6912 6912 *69
6912 6912 6978 70
70 .68
694 72
71
1,000
1st preferred stamped.,,, 100 65 , Jan 8 7212 Jan 14
77
*76
77
•76
77
82
8112 82
80
8214 8212 3,300 1st preferred cony
80
100 6812 Jan 5 8212 Jan 25
8134 7934 8014 7934 8014 7912 8014 7812 7978 7914 8014 28,500 Fleischman Co
80
No par 7812 Jan 15 8438 Jan 2
5214 53% 5212 5212 5212 5212 .51
53
63
52
5178 5218 2,300 Florsheim Shoe Cl A
5134 Jan 2 54 Jan 8
No par
•100 10218 *101 102 *101 10114 101 101 *101 102
9912 101
300 Preferred 6%
100 99 Jan 5 10218 Jan 18
48
4614 4712 45
48
53
5018 5112 51
51
*4712 50
4,400 Foundation Co
No par 45 Jan 22 53 Jan 22
96% 9934 97
9818 101
9834 96% 9738 9518 9614 9512 9878 54,400 Fox Film Class A
Jan 19
No par 9314 Jan 2 101
5134 517 5434 5234 5458 5212 5458 5212 5334 5234 5472 78.800 Freeport Texas Co
51
No par 4812 Jan 3 548 Jan 25
•102 104 .102 104
102 102 *10212 104 *102 104 *102 104
100 Fuller Co prior pref___ _No par 101 Jan 8 104 Jan 11
2618 2678 2618 267
2614 267
2612 267
2614 2612 2514 2614 10,200 Gabriel Snubber A
No par 24 Jan 2 2814 Jan 7
1512 16
158 1634
1512 157
15
15
1512 13,000 Gardner Motor
1514
1532 15
15 Jan 7 1712 Jan 2
No par
9618 9712 97
9514 967
97
9578 9912 39,600 Gen Amer Tank Car_ No par 94 Jan 17 102 Jan 9
9812 96
97
997
_-_ - --100
Preferred
;Fr 714 "76=4 -iiii -,iaiz -iiis -'i - -7734 7434 7634 7434 7513 8,300 General Asphalt
100 7414 Jan 8 8114 Jan 12
.117 11918 *117 120 .117 120
118 118
117 11712 *11612 117
300
1-reterred
100 114 Jan 9 12014 Jan 12
*130 134 "130 134 .130 134 *130 134 *132 134 .132 134
General Baking pref..,,No par 134 Jan 7 136 Jan 10
4714 498 47% 4812 46
4714 49
4718 4614 4714 464 4812 21,200 General Cable
No par 3712 Jan 9 497q Jan 21
9612 100
9834 101
98
9912 97
9614 99
9812 9814 98
32,000 Class A
No par 81 Jan 8 101 Jan 21
6818 6878 6712 6812 6714 6974 69
7032 6812 71
6912 7034 27,000 General Cigar, One
No par 63 Jan 8 71 Jan 24
23512 237
23514 238
237 24178 240 255 109,600 General Electric
239 243
235 238
No par 222 Jan 2 255 Jan 25
1114 11% 1134 11%
1114 113s 1114 113
1114 1138 12,300 General Electric special_ ___10 11 Jan 3 1112 Jan 9
1114 1134
75
7514 76
7638 78
87
88
8734 89
8512 89
88
3,200 General Gas & Elec A_ _No par 70Jan 7 89 Jan 23
•__ 107 .101 107 *100 107 *100 107
106 106
106 107
600 Gen Ice Cream Corp No par 104 - Jan 2 108 Jan 5
196 19812 19512 198
19914 20412 204 20712 20112 205
205 212
70,100 General Motors Corp
25 19418 Jan 7 212 Jan 25
125 125E4 125 125
12514 12512 12514 12514 1253 12512 12534 12534 2,000 7% preferred
100 12434 Jan 10 12612 Jan 2
*5114 52
*5114 64
5114 5114 5114 5114 5034 5034 5034 51
GOO Gen Outdoor Adv A_ _No par 5014 Jan 8 52 Jan 2
3212 33
3234 33
3212 3278 3212 33
3212 3258 33
347
3,500 Trust certificates__ __No par 3212 Jan 12 347 Jan 25
9614 9718 965897
974 98
9534 9714 95
9714 95
97
9,600 Gen Ry Signal
No par 95 Jan 24 10418 Jan 3
7618 7712
7612 78
7812 80
7612 78
20,000 General Refractories_No par 74 Jan 8 80 Jan 25
11734 11812 11812 11934 11878 11934 118 11934 120 12412 121 12634 32,500 Gillette Safety Rator_No par 116 Jan 2 12634- Jan 25
7
45
45
4434 45
44
4534 46
4718 4534 4678 447 4512 6,200 Gimbel Bros
No par 43 Jan 9 4734 Jan 2
*89
*88
90
DO
8914 8914 8914 8912 8718 89
87
8818 3,900 Preferred
100 87 Jan 25 90 Jan 3
4212 4334 4134 4234 41
42
4012 4112 4034 41
4012 4178 30.500 Glidden Co
No par 3678 Jan 2 4414 Jan 17
.10434 105
10478 105
10434 10434 1047 10478 *10414 1047o 1047 1047
150 Prior preferred
100 10312 Jan 3 105 Jan 7
7914 8138 7834 801
8014 82
7812 81
7834 7978 78
80 230,600 Gold Dust Corp v t e__ _No pal
7112 Jan 4 82 Jan 19
9958 10034 9912 10039 998 10234 99 10212 9812 9912 9712 9938 55,800 Goodrich Co(B
No par 96 Jan 7 1054 Jan 2
1
5
)
•11414 115
115 115 *11414 115
1143 11434 11412 11434 11418 11484 1,000 Preferred
100 113 Jan 9 115 Jan 17
12814 13012 127 1297 12618 13312 12812 13212 12714 130
129 1327 54,000 Goodyear T dr Rub_ ___No par 12212 Jan 7 140 Jan 9
10334 10312 10312 10313 10312 1031 10312 10358 10278 10338 10278 1031
2,100
No par 1027 Jan 24 Ion Jan 4
1st preferred
7813 7714 777
77
74% 7838 7612 78
75
76
75
75
10,400 Gotham Silk Hosiery
No par 7314 Jan 18 8118 Jan 2
73
7412 6914 7314 *6712 72
74
73
74
6714 6712 69
4,100
No par .65 Jan 16 7412 Jan 23
New
101 101 *10012 104 .100 10434 *100 10434 .100 104
*984 100
100 Preferred New
100 , 9812 Jan 12 10114 Jan 5
9918 9910 .97 100 .971 99 .98
*9918 100
99
98
98
40 Preferred ex-warrants_ _ _100 97 Jan 11 100 Jan 12
*734 9
*7
9
*734 9
.
712 812 .
712 8% *712 88
712 Jan 2 10 Jan 9
No par
Gould Coupler A
4812 4734 4878 4784 507 35,100 Graham-Palge Motore_No par 4618 Jan 21 54 Jan 2
48
4714 48
461 48
4712 483
45 .43
*44
46
46
46
47
45
46
47
4314 4314
700 Certificates
No par 4314 Jan 25 4912 Jan 11
7
8834 90
9138 8914 90
9014 89
8818 90
8634 8734 89
46,600 Granby Cons M Sm & Pr_100 85 Jan 16 913 Jan 22
8112 7934 80
80% 827 *797 82
811 .80
79
.80
79
900 Grand Stores
100 79 Jan 2' 86 Jan 3
2814 2812 2818 2839 2814 2834 2732 2814 28
2878 2814 2918 4,900 Grand Union Co
No par 2733 Jan 23 3278 Jan 2
6034 5122 5079 5138 5114 5t75 5114 5134 5112 5314 53
53
5034 Jan 19 5438 Jan 4
6,000 Preferred
No par
120 12112 120 12418 *11918 120
119 12578 12512 12634 8,100 Grant (W. T.)
122 122
No par 11612 Jan 17 1264 Jan 25
Grasselll Chem Co____No Par ---- -- -- ---- -- -100 ---------------Preferred 6%
-5634 1617, 5614 16 "ioc, "4"63; -.mi., 117; "ii.C4
14 124,300 Great Western Sugar_Nopar 37 Jan 7 44 Jan 25
•l1718 118
117 118
1177 1177o 11718 11714 11718 11718 *11712 118
100 11612 Jan 16 11812 Jan 8
380
174 18312 17614 18112 17612 1807s 103,200 Preferred_
17418 17632 17318 17734 17314 178
Greene Cananea Copper_ A00 168 Jan 14 1867 Jan 4
5
5
.48 5
*434 514 *5
5
5
514
"478 514
512 Jan 3
478 Jan 9
200 Guantanamo Sugar_ -No par
7358 7434 73
72
7434 733 74
72
7312 72
73
7278
5,900 Gulf States Steel
100 66 Jan 7 7434 Jan 21
.26
2612 2612 2612 2534 26
26
26
2534 2534 26
26
25 25 Jan 7 2634 Jan 5
430 Hackensack Water
9538 9934 99
9934 9934 9934
93% 93% 95
95
97
95
810 Hanna let prat class A___100 91 Jan 14 9934 Jan 23
*2512 2612 *2512 2012 2514 2512 42512 2618 26
26
•25
2618
500 Hartman Corp class A_No par 2514 Jan 22 27 Jan 2
3258 343
33
3434 3258 34
3218 3334 23,800 Class B
33
3358 3212 33
No par 3118 Jan 14 3938 Jan 2
0110 112
110 110
110 110
114 .111 114
110 112 *111
26 •110 Jan 2 112 Jan 23
50 Helme (0 5%')
6718 68
6712 68
67
66
6718 6614 6612 66
6534 6614
3,100 Hershey Chocolate____No par 65% Jan 25 7212 Jan 3
8314 8314 8212 8312 83
82
81
82
83
84
83
Jan 3
82
Jan
an 25
J
2,100
Preferred
No
p
ar
*105 - -.
10518 - -- *105 105% 10512 10518 *10518 106
104 104
10
85
5178 Jan 17
81
300 Prior preferred100 104
•1712 1812
- .1712 1812
18
18
•17
1834 .1712 1834 1814 195
2034 Jan 2
18 Jan
300 Hoe (It) & Co
No par
.19
20
17% 19
1912 1912 1912 99,00 Hollander it Son (A)., NO par
1758 18
187 1878 19
1718 Jan 21 22 Jan 2
75
75
7434 7434 *74
7412 7412 7414 7414 7312 7312
75
100 7312 Jan 25 76 Jan 3
700 Hornestake Mining
77
77
7634 77
7712 7734 7714 784 7734 7838 7614 77
74
Jan 4 7912 Jan 7
par
No
4,600
Prod.Inc
Househ
9412 9412 9412 9412 9134 9358 8712 9134 *87
90
90
9134 3,700 Houston 01101 Tel tern ctfs100 8712 Jan 23 107 Jan 3
69
707
6934 71
70
7138 694 70% 6812 7038 69
70
18,800 Howe Sound
No par 6614 Jan 8 72 Jan 4
8512 857
84% 8514 8418 8538 8414 8558 8418 85
8414 88
73,400 Hudson Motor Car._ _ _No par 84 Jan 8 93 Jan 2
7973 8073 177
7814 77
78% 7814 7734 7512 77
7812 7934 111.300 HuPP Motor Car Corn- --10 7512 Jan 24 8178 Jan 11
3134 32
3134 3334 3312 3412 32
337
3014 325g 31
3112 53,700 Independent Oil it Gas_No par 3014 Jan 24 3514 Jan 2
29
292912 2934 2878 2912 .2812 29
2714 2814 27
3212 Jan 2
27
1,100 Indian Motocycle
No par 27 Jan
*---- 96 *---- 96 .---- 95 .____ 96 "__-- 95 *---- 95
100 95 Jan4 95 Jan 4
Preferred
33
3334 3212 3212 32
3212 3112 3218 3134 3311s 34
37
10 29 Jan 8 37 Jan 25
71,600 Indian Refining
3134 315
3039 3118 30
31
3012 285* 2918 29
3212 3434 27,100
10 28 Jan 7 3434 Jan 25
Certificates
•I50 170
__
__. •150 200 •150_ 165 165 •170
100 160 Jan 2 165 Jan 11
-100 Preferred
130 130
130 1-30
1297 130
130 1-3112 129 12914 13014 1-3-5
No
par
120 Jan 3 135 Jan 10
Rand
1,900
Ingersoll
8812 8958 85
897
87
88
8514 8814 8512 8634 87
89
No par
7812 Jan 2 897s Jan 21
10,000 Inland Steel
4614 47
448 45
457 47
4618 4718 4614 4678 4634 4738 35,400 Inspiration Cons Copper___20 4318 Jan 7 4734 Jan 2
12
12
12
127
1212 1278
1234 1218 1212 12
11 Jan 3 1414 Jan 11
1234
par
1
Ne
Rubber
234
7,300
intercont'l
1714 1712 1718 173
1634 1718 1678 168 164 168
1634 173
15 Jan 8 1712 Jan 19
No pat
6,400 Internal Agricul
8412 8412 8434 8434 84
34 8434 85
8514 8514 8512 87
85
Jan 7 87 Jan 25
8312
1,00
preferred
1,800
Prior
15012 15134 150 15212 152 15312
14954 15178 14938 14934 15014 15234 6,000 Int Business Machines_No par 14938 Jan 24 15534 Jan 3
91
9214 92
9234 9034
9134 9258 91
9234 8,400 International Cement_No par 8934 Jan 7 96% Jan 3
9234 92
8034 8239 7912 5178 8014 92
83
8212 8512 8212 847
83
8512 325,600 Inter Comb Rug Corp- No par 6818 Jan 7 8512 Jan 23
•11018
_ .11012
..111
_ •11112 _ _ •11112
_ *11112 _
11112 Jan 18
.100 10812 Jan
Preferred
96 97-14 96 -9934 9614 -9-7-12 975
1.
0
-38
105
8
99
9734
1
06
-78 -7-5-,a00 International Harvester No par 9234 Jan 15 10678 Jan 25
14412 145
14412 145
145 145 *14412 145
145 145
145 145
100 14212 Jan 2 145 Jan 18
2,200 Preferred
9734
96
'
96
2 99739612
94
95
9534 93
9612 95
95
14,000 International Match pref__35 93 Jan 25 10212 Jan 4
618 618
618 634
612 634
EN
6
61p
618
6 Jan 2
100
6,700 Int Mercantile Marine_
6
6% Jan 11
6
3738 373
373 393
38
3918 3734 387
38
3834 8712 3734 8,o00
100 37 Jan 8 3912 Jan 2
5
Preferred
6414 6678 6314 6512 6418 69'
93 6912 7234 6658 70
69
71581248200 International Nickel (The)25 5214 Jan 14 7234 Jan 23
---- ---- ---- ---- ---- ---- ---- ---- ---275 Jan 2 325 Jan 4
---- ---- CtIs
7614 77
7058 7714
y2-7-8 -iii81
• Bid and asked prices; no sales on this day. x Ex-dividend.
a Ex-rights.
PER SHARE
Range
,for Previous
1 ear 1928
Lowest
Highest
$ per share 5 per share
9938 Oct 11612 Mar
163 Feb 19414 July
12312 Aug 134
Apr
28
Jan 6812 Nov
810
Jan 503 Nov
114 July 12112 May
1218 Jan 99 Dec
3314 Aug 43 Nov
10138 Aug 12178 Nov
60 June 13612 Dec
834 Aug
1734 June
2834 Jan 4934 Dec
105 Dec 11018 Mar
69 Feb 9118 Dec
6 June
9
Jan
514 Feb
1552 Dec
7434 Dec 85 Apr
12114 Jan 12734 Dec
33 Feb 51 Nov
9012 Dec 10212 MI
2958 Oct 3334 July
43 Dec 79 Jan
245 Oct
1934 July
3212 Jan 54 Apr
104
Jan 11434 May
42
Jan 71 Dec
Jan 109 Apr
98
120
Apr 230 Dec
9114 Jan 10212 Sept
1634 Aug 2578 May
7514 June 10712 Dec
1514 May
1114 Jan
Apr 768 Dec
28
878 Aug
174 Jan
5534 Oct 9111 Jan
54
Oct 9734 Jan
85 June 8934 Oct
4914 Nov 5612 Nov
98% Oct 100 Dec
3632 Oct 5712 Dec
72 June 1193 Sept
43
Oct 10914 Jan
102 Mar 109% Ace
15 Mar 2812 Jan
714 June 1738 Dec
6078 Feb 101
Dec
10914 June 11134 May
68 June 9472 Apr
11018 June 14112 AD!
132
Oct150 June
21 Feb4138 Nos
56 Feb8834 Nov
752 Feb
5918 Nov
124 Feb 22112 Dec
11 Sept
12 June
351 Jan
74 N'ON
7418 July 10512 Oct
130
Jan 22434 No
12312 Jan 12712 Am
49 Aug
5872 Jai
2912 Aug
5238 Jar
8414 June 12334 Jar
4512 June 82
Jar
9718 June 12334 Oct
3412 Mar
Mrs Jun(
87 Mar 101 Jun1
2032 Jan
37 De'
95
Jan 105 SePI
Jan 14314 De
71
6812 June 10914 De(
10912 Feb 11538 M113
45% June 140 De(
9212 Mar 105 Del
7312 Dec 9372 Aln
70 Dec 93 Api
100 Dec 130
Api
95 Dec 112 Ma3
6% Dec 1234 Fel
1634 Feb 6114 Sep
2612 June 56 Sep'
3918 Feb 93 De
6514 June 94% Oc
2634 July 4172 Oc
4612 Aug 6232 Oc
11134 Dec 12512 Sep
51% &In 9878 NO,
109 Sept 110 Sep
31
Jan 3812 Del
11212 Feb 120
Jai
89% June 17714 De
434 Dec
9% Jai
61
Jan
7378 Sep
23 Jan
30
Jai
59 May 97 No,
2312 Aug
2752 Fel
16% Aug
3734 De
105 Dec120
Oc
304 Jan 7212 De
7014 Feb 89 No'
10014 Aus
105
AP
1514 Sept3072 Jai
18 Des
3872 Ap
67
Jan 80 No'
6418 Feb84
Oc
79 Dec 167
Ap
4034 Feb 7334 No'
75
Jan 9974 Ma
29
Jan 84 No'
2154 Feb 3832 No
20
Oct 70 Ap
93 Nov 115 Ap
9 Feb
3934 Jul
81 Jan 3714 Jul
140 Dec 185 No
90 Feb 127 No
48 Max 80 De
18 Feb 48% No
2154 Jo
818 July
13 Feb 2078 Ma,
48% Mar 85 De
Jan 16639 No
114
58
Jan 9472 De
4514 Feb SO De
103 Mar 110 Sep
80 Dec 971 De
13614 Mar 147 Ma,
85 Dec 12172 Ma
734 Ma
334 Mar
3418 June 4458 ja
735 Feb 26912 De
!Nov 26914 De
1941
530
New York Stock Record-Continued-Page 5
For sales during the week of stocks not recorded here, see fifth page preceding.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Jan. 19.
Monday,
Jan. 21.
Tuesday,
Jan. 22.
Wednesday,1 Thursday,
Jan. 24.
Jan. 23.
Friday,
Jan. 25.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1.
On Oasis of 100-share lots
Lowest
Highest
PER SHARE
Range for Precious
Year 1928
Lowest
Highest '
Shares Indus. & Mace!. (Con.) Par $ per share $ per share $ per share $ per share
2,100 International Paper___No par 5712 Jan 11 654 Jan 23
Oct 86% May
60
Certificated
49/
7212 July
1
4 Nov
No par
94l 94l
92
93
9253 -114'90
Jan
89 Dec 108
4
100 894 Jan 15 9412 Jan 8
,-2 9384 9384 1,200 Preferred (7)
Preferred certificates_-_ -100
87 Nov 103 July
58
60
-WI 6212 6112 63 62 627, 62 63 _9,600 Int Printing Ink Corp--No Par 5712 Jan 1.4 83 Jan 23 Vat Oct 60 Dec
6212 6212 62
66
65
2,620 International Salt
6734 6712 8812 6712 6918 6870
49% Mar 6834 Jan
100 5512 Jan 4 70 Jan 25
21112 21478 21214 215
Dee
21212 21434 21334 223
21812 22234 53,300 Intemat Telep & Teleg. __100 19714 Jan 7 223 Jan 23 13912 Feb 201
215 221
30
•29
*29
30
*28
2934 29% *2812 2912 2912 314 4,200 IntartYPe Corp
30
No par 29 Jan 2 3134 Jan 25
2334 Sept 3812 Jan
5412 55
5478 554 5434 5434 5378 54
3412 55
4,800 Island Creek Coal
5434 55
1 53 Jan 2 5558 Jan 9
Oct 61 May
47
14134 1524 15334 15413 15115 15312 15134 15234 150 150 •148 152
5,100 Jewel Tea, Inc
No par 14678 Jan 18 15412 Jan 21
7734 Mar 179 Nov
205 210 2024 20713 204 225
220 22812 22038 22534 22314 237 209.300 Johns-Manville
No par 18012 Jan 7 237 Jan 25
964 June 202 Dec
12112 12112 12134 122
121 121
121 121
310 Jones & Laugh Steel Prof-100 11812 Jan 4 122 Jan 21 119 Dec 19,414 May
121 121
120,
8 121
*25
36
35
*26
35
100 Jones Bros Tea, Inc_ _ _No par 35 Jan 21 35 Jan 21
36
*27
*25
36
36 .26
36
/
4 Oct
2538 Mar 411
13% 1418 13% 144 14
1912 Oct
1318 1313 14,800 Jordan Motor Car
1312 1378
1412 1334 1418
1212 Jan 14 1612 Jan 2
No par
815 Aug
•11214 113 •11214 11212 11234 11234 .11214 11212 *11214 11212 11212 11212
30 Kan City P&L 1st pf B No par 11214 Jan 9 11234 Jan 22 108 Aug 114 AM'
83 8414 82% 83
12,600 Kayser (J) C'o v to...No par 80% Jan 24 88 Jan 3
82
81
8278 8138 8212 80% 82
82
92 Nov
6256 Jar
4112 4112 41
1,900 Kelth-Albee-Orpheum _No par
4134 3934 39% 4034 4114 4012 4013 4014 404
39% Jan 22 46 Jan 4
5112 Nov
1512 May
•120 130 *122 127
122 122 *128 130
754 May 160 Nov
127 127
300 Preferred 7%
128 128
100 121 Jan 15 138 Jan 5
2218 2258 22
2212 22
33,000 Kelly -Springfield Tire..No Par 2112 Jan
2112 22
2134 2212 21% 22
23
2378 Jan 2
1914 Dec 264 Nov
*89
9312 *89
600 8% preterred
89
9312 *89
92
89
89
89
89
93 .
100 89 Jan 24 944 Jan 9
96 Nov
6514 Feb
*9812 9913 99
99
9812 9812 •94
99
300 6% Preferred
.9812 99
99
99
100 9812 Jan 7 100 Jan 14
68 Feb 101 Nov
4818 484 4818 4938 4912 5312 5214 5478 52% 5378 5314 5412 51,000 Kelsey Hayes Wheel__.No par 474 Jan 15 5478 Jan 23
Oct
221
: Jan 36
•110
z109 109 .
20
10614 -- .110 -- •110 11212 •11012 112,2
Preferred
100 109 Jan 21 110 Jan 8 106 Ma 111 Nov
16
1614 16
1658 17
94,700 Keivinator Corp
18
1718 1814
16,
8 17
No par
15 Jan 7 1814 Jan 22
,
8 1614 1714
2272 Apr
784 July
15358 15514 15618 15878 15612 15914 156 15734 152 15512 15214 15412 157,600 Kennecott Copper
No par 15012 Jan 16 16318 Jan 4
456 Dec
8018 Fe
514 5512 z5312 5312 5112 5314 53
5212 1,700 Kinney Co
5312 5212 5313 .51
5112 Jan 22 5814 Jan 3
No par
8778 Aug 6684 Oct
9712 9734 97
470 Preferred
974 9738 9738 9714 9713 97
974 97
97,2
100 9312 Jan 2 9778 Jan 21
874 Mar 100 Apr
7134 72% 7115 73% 714 72% 7018 7178 68
7034 68% 704 40,900 Roister Radio Corp--No Par 68 Jan 24 7858 Jan 3
9578 Nov
514 Aug
3712 3712 3718 39
3658 3778 3634 37
36% 37
36/
1
4 364 8,400 Kraft Cheese
No par 3512 Jan 7 39 Jan 21
32 Dec 42 Nov
8818 91
48,700 Kresge (S13) CO
8514 8412 8514 8518 87
85
8858 904 8858 89
.10 84 Jan 16 91 Jan 23
65 Feb 91% No%
113 113
113 113 .113 115 .113 115 •113 115
30 Preferred
113 115
100 109 Jan 5 113 Jan 19 11014 Jung 118
Apr
22
•20
2018 2114 20,
201, 20,8 1,300 Kresge Dent Stores....No par .18 2018 Jan 21 23 Jan 2
8 2078 .
2012 •20
21
20
1312 Jan 274 Feb
*70
75 •70
75 .70
75
75
*70
*70
•70
75
75
Preferred
100 72 Jan 15 72 Jan 15
75 Aug
5134 Feb
•110 114 .11114 114 •11012 115 .11114 115 •112 115
11112 11112
100 Kress Co
No par 111 12 Jan 25 114 Jan 5
87 Feb 12434 Nov
114 11538 114 11478 11312 11438 113 118
42,300 Kroger Grocery & Bkg_No par 113 Jan 23 12212 Jan 3
11418 11738 11412 116
7314 Mar 13214 Nov
•30
32
.3012 31
28
3014 30,2 28% 30
28 Jan 25 33 Jan 2
28,2 3,500 Lago Oil & Transport_ No Par
304 31
394 Apr
27% Fe
1314 1314 y128 134
12718 12814 12712 13034 131 1323 133 136,2 108,700 Lambert Co
No par 12718 Jan 22 13612 Jan 25
794 Jan 13618 Nov
23
2312 23
227
, 2312 2278 2312 2234 23
7,100 Lee Rubber & Tire.. No par 2134 Jan 7 25 Jan 14
23
2278 23
1714 Jan 261/ Oct
594 5912 60
60
5812 Nov
59
604 6012 61
59,4 4,800 Lehigh Poritand Cement...50 5612 Jan 8 62 Jan 10
6034 •5914 60
4234 Jun
1094 10914 10914 10914 10912 10912 •10914 10958 10914 10914 10912 10958
150 Preferred 7%
100 106% Jan 3 110 Jan 16 1064 Dee 1104 May
6412 654 63% 64,4 6358 6434 6314 64,4 63
63
631
63% 9,400 Lehn & Fink
No pa' 6234 Jan 2 6814 Jan 10
Jan 64% Oct
88
3114 3114 32
32
*31
400 Life Savers
32
32
33
•32
32
3212 324.
No par 2914 Jan 7 39% Jan 5
2812 Aug
4014 Nov
9512 963* 97
96
9513 9714 7,600 Liggett & Myers Tobacco_ _25 92 Jan 2 9734 Jan 21
9612 9512 9612 06
974 96
834 June 12212 Jan
933 9434 94
9412 96% 95% 96% 95
95
9578 9558 9712 45,700 Series B
25 8958 Jan 7 9712 Jan 25
8014 June 1234 Jan
*136 13634 *138 13634 *136 13634 13614 13614 •136 13634 13614 1361 1
200 Preferred
100 136 Jan 3 13614 Jan 14 134 Aug 147
Apr
4614 474 4734 .4634 48
*4614 464 4512 4512 46
474 474
600 Llma Loc Works.
6678 May
No par 4512 Jan 21 5212 Jan 3
38 July
107 10834 107 1074 104 10614 10378 10512 105 10612 10458 1075s 11,1001Liquld Carbonic
No par 1034 Jan 7 1134 Jan 3
634 Feb 12412 Nov
74
763* 744 7834 75
78% 7514 784 74
76% 7458 754 275,400 Loew•s Incorporated___.Vo par 63% Jan 2 7834 Jan 21
494 June 77 May
10518 107
10518 10518 107 10838 10778 10838 10778 10778 10718 108
2,500 Preferred
4 Jan 2 10838 Jan 22
Na Par 102,
99% Mar 11058 Apr
712 778
818 9
84 9%
912 10
918 978 54,000 Loft incorporated
738 8
712 Jan 19 10 Jan 24
No par
19% Aug
534 Feb
*32
3218 32
32
31
31
32
32
31
314 3114
32
1,800 Long Bell Lumber A
No par 2814 Jan 2 3211 Jan 5
26
Jan 8534 Feb
69
705* 717
6678 884 15,100 Loose-Wiles Biscuit
7114 6838 701s 6838 7014 6714 69
25 6678 Jan 21 74% Jan 5
4414 June 8814 Sept
•11712 118
11712 11712 118 118 •11712 118 .11712 118
117 11712
230 1st preferred
100 1164 Jan 12 118 Jan 17 11712 Aug 125 May
2531 26
2412 2534 2478 2578 2478 2678 25% 26% 2512 2614 66,700 Lorillard
25 2412 Jan 21 2838 Jan 11
2334 June 4678 Apr
*91
93
91
91
91
9412 •9115 95
91
•9113 95
*91
300 Preferred
864 Dec 114 Mar
100 88 Jan 4 93 Jan 16
16
1838 1514 1618
1538 15%
15%
1514
15
1538 144 1518 28,600 Louisiana Oil
144 Jan 2 18 Jan 9
No Par
9% Feb
193
, Apr
.91
9212 .91
9212 91
91
91
91
•8912 9112 *8912 9112
150 Preferred
96
100 89% Jan 4 05 Jan 9
Apr
78 July
3714 3713 3678 3738 364 3718 3638 37
3634 3714 3758 41
23,500 Louisville 0 & El A.__No par 3658 Jan 23 , 41 Jan 25
28
41 May
Feb
85
8634 844 87
8312 86
83% 8538 8212 84
8212 84
10,200 Ludlum Steel
No par 774 Jan 4 87% Jan 18
Jan 89% Nov
25%
*44
4512 44
42% 43
43
4212 43
*43
44
1,100 MacAndrews & Forbes_No par 4212 Jan 24 46 Jan 4
4414 43
44 Aug 574 Apr
122 122 •120 135 •120 135 *120 135 *120 135 *120 135
100 Mackay Companies
100 122 Jan 19 12518 Jan 15 1084 Mar 134 Mar
*84
8512 8314 84
*8318 85 •8318 85 •8318 85
•8318 85
200 Preferred
ga
Oct
100 8314 Jan 21 844 Jan 14
Jac
6814
105 10614 10458 10638 106 10878 10614 108% 10618 10778 1081* 111
72,200 Mack Trunks. Inc
No par 104 Jan 16 112 Jan 2
83
AP, 110 Nov
17612 17612 17634 17834 17512 17612 17612 17734 17812 180 x171 17112 8,000 Macy Co
.No par 171 Jan 25 18634 Jan 2 p134
Aug 382 Aug
2012 2058 2018 2058 20
194 1918 1934 1918 19% 8,200 Madlsbn So Garden ..No par
2014 19
1814 Jan 5 2178 Jan 2
1814 Dec 34 May
6758 6734 6818 69
6812 6978 68
6718 6858 6718 68
69
11,300 Magma Copper._
..No par 66 Jan 161 7218 Jan 3
434 Feb 75 No
3712 374 3612 37
3612 374 36
3738 35
354 3418 343 13,500 Mallinson (II RI & Co.Plo Par 3418 Jan 25 393 Jan 15,
3812 Nov
Jan
16
10512 10513 10512 10513 10512 10512 *10512 107
10512 10512 .10512 107
80 Preferred
Oct
100 101 Jan 15 10512 Jan 18
874 Jan 116
*32
*3212 34
34
*32
3212 32
31
32
32
32
32
700 Mandel Bros
31 Jan 25 3412 Jan 10
Supply.__
32 June 4012 Jan
331
3312 3478 3312 3334
3312 34
3334 338 34
331
33
3,900 Manh Eine
.._No par 3014 Jan 7 378 Jan 141
2512 Sept 6638 June
34
34
3314 341 4 33
33
3318 3318 3318 334 3314 3312 3,500 Manhattan Shirt
43 May
25 3212 Jan 2 3558 Jan 4
314 Feb
*16
1614 •16
16
1614
16
1512 1512
16
16
16
16
900 Maracaibo Oil 'UM__ _No Par
1
4 Apr
1512 Jan 25 1714 Jan 31
124 Feb 25/
4212 43
4212 43
4212 43
4112 4258 4018 41
4018 4034 53,200 Xfarland 011
33 Feb 4934 Nov
4018 Jan 24 4718 Jan 31
No par
7712 7834 7812 794 781, 79
76
78
7734 784 7,100 Marlin-Rockwell
783* 76
74 Jan 15 7978 Jan 21 1
No pa
4514 Mar 83 Nov
1614 17
•17
1614 174 •165, 17
1734
•1612 17
•1612 17
4,900 Martm-Parry Corp._ _.No par
1212 Mal 25% June
161 4 Jan 21
18 Jan 2,
190 1994 198 1994 19913 214
210 2184 6,900 VI ap;
18634 189 •187 190
t
WorksNo pa 175 Jan 9 21634 Jan 251 11714 June 190 Dee
*12058 121 •12058 121 .12038 121 .12038 121 •12058 121 •120% 121
Preferred....
Apr
Jan 130
Jan 2 115
15
125
Jan
1203
8
100
10018 1024 10014 101
101 1014 9,300 May Dept Stores
1004 100% 10058 10334 102 102
75 July 1134 Nov
25 96 Jan 8 10812 Jan 10
2318 23% 2318 234 2312 2312 23
235* 23
2358 2318 2312 6,700 Maytag Co
1742 Aug
3012 Nov
23 Jan 23 2414 Jan 31
No
pa
4312 4312 4234 4312 4212 4312 4312 4312 43
431
43
43
3,200 Preferred
4018 Aug 52 May
No pt., 4212 Jan 22 454 Jan 3
8912 .88
894 8818 8818 88
*88
8912 *88
88 .88
80
200
8912 Dec 101 May
Prior preferred
No par 88 Jan 15 9018 Jan 10
27812 7934 7878 80
79
76
76
78
795
78
78
78
8,600 McCall Corp
56 Feb 80 Dee
No pa' 73 Jan 10 80 Jan 22
10434 106
10512 106
10534 10534 10512 10534 10534 1053 106 106
780 McCrory Stores class A No ear 10034 Jan 4 106 Jan 19, 77 Feb 109% Nov
•10514 107
10514 106
106 1061* 106 1061 106 106
106 106
1,500 Class B
8013 Mar 11934 Nov
Vo par 101 Jan 10 10612 Jan 22
.
10978 113 *11212
•114
*111
.114-- •114
Preferred
100 114 Jan 3 115 Jan 16 109 Feb 1184 Nov
•21
•21
24
23
2114 2114 22
22
2218 *21
211* _ 1,666 McIntyre Porcupine alinas..15 ,21 Jan 2 2312 Jan 5
21
1914 Sept 284 Mar
7313 7313 73
7312 7212 7378 7278 73% 73
74
7334 73
8.200 McKeesport Tin Plate_No Oar 1 7115 Jan 8 75% Jan 2; 6212 June 783s Nov
31% 3234 3034 32
3138 32
3012 31
294 30% 2913 30
9.600 Mengel Co (The)
2818 Jan 2 34% Jan 4' 2514 July 41 Sept
No dr
251. 2512 2512 26 .
26
25
2512 254 •2512 26
.2513 26
1,700 Metro-Goldwyn Pletures p1-27 24 rJan 10 26 Jan 21
2412 Dec 2718 Mar
62
61
58
58
5914 116,200 Mexican Seaboard OIL-NO Par 5612 Jan 8 6938 Jan 3
57
58
59
5938 5714 60% 60
4% Jan
73 Dee
33% 3438 338 34
3338 3312 3414 34
35
33
3418 35
35,900 Miami Copper
17% Jan
33 Der
•
6 3018 Jan 8 36 Jan 4
3438 344 3414 347e 3418 3412 3334 34% 3234 34
32% 3314 37,200 Mid-Cont Petrol
2518 Feb 4415 Nov
NO Pa: 3258 Jan 25 39% Jan 3
412
414
458
412 4%
412
414
4,
412
8
412 4%
412 12,700 Middle States 011 Corp..-10 • 414 Jan 2,1
518 Jan 3
7% May
2,
8 Jar
318 338
3
3
318
318 3,200 Certificates
34 314
3,4
34 314
314
31.3 Jan 3
67g May
10 * 3 Jan 2
11
: Jar.
.245 255 .243 250 .242 252
249 258
247 2524 252 253
1,900 Midland Steel Prod prof...100 24214 Jan 16 26314 Jan 2 1)3 June 295 Nov
24
2438 2438 2438 2434 24,4 2534 2538 2533 24
24
2478 4.000 Miller Rubber
1812 Aug
Jan
27
No Par 2212 Jan 5 2834 Jan 14
7314 7312 7212 7414 7178 73
73,8 7512 7278 74% 73
7434 20,600 Mohawk Carpet MI1111-No par
704 Jan 4 77 Jan 4
3012 Aug
7578 Deo
.____ 168 •____ 168 *130 168 *130 165 •I30 162 *130 162
Montana Power
1934 Jan 175 May
100
14012 142
1404 14714 14434 148
146 14914 142 14878 141 14612 196,800 Mont Ward &Co 111 CorpNo par 1373
; Jt;ii 6 1-517e Jr-ui
11514 Dec 15612 Dec
612 614 7,700 Moon Motors
74 718
7
612 84
678 7
714
8 Jan 8
612 Jan 24
64 7
5% Pot
Ills May
No Pa'
312 312
312 312 10.100 Mother Lode CoalltIon_,p
312 334
312 Ps
3,2 338
34 Jan 2
3% 334
34 Jan 3
Vs Aug
44 May
No
y
Pa;
pd
1712 18
18
1738 1812 1712 18
1814
1712 1734 1713 1814
6,000 Motion Picture
121z Jan 8 18% Jan 17
1478 Dec
6 Mat
2278 2278 2278 23
203
4
2134 3,200 Moto Meter A
2212 23
2278 23
2112 2212
13 Mar
2434 Beat
No Par 2634 Jan 25 254 Jan 3
17712 17814 183 189
188 1944 190 193
186 191
188 188
7,200 Motor Products Corp No Par 165 Jan 16 19434 Jan 22
94 July 218% Oct
*4415 4434 4414 4478 43% 44% 434 44% 4378 44% 4334 4434 10,000 Motor Wheel
4212 Jan 7 46 Jan 3
Ne
o paa,
25/
1
4 Jan
r
51 14 Ort
79% 79% *75
79
79
76
*75
•76
76
77
7412 Jan 17 8178 Jan 4
6914
June 9514 Oct
10
75
1 l8 10
75
1 14
*98 101
10134 10134 .98 100
5
*98 101
10034 101
1°
20
° Migleinf8
98 Jan 17 10214 Jan 11
errNeldf° Co
98 Dec 104% Nov
.52
54
64
55
55
5514 5534 55
*54
54
5578
5412
.
53 Jan 12 5578 Jan 23
Murrains wear Inc
4634 Mar 624 May
7512 76% 7434 7614 75
74
76
75
7434 76
34.800 Murray Body
75% 721
2112 Feb 1244 Oct
par 68 Jan 16 7734 Jan 17
10458 10513 210278 10412 104 107
10414 10638 1054 10978 11334 11878 423,600 Nash Motors Co
: 10214 Jan 4 11878 Jan 25
o
cr par
8014 Feb 112 Nov
No
2914 2912 2914 30
29
2813 28% 2818 294 11,700 National Acme stamped__.
2958 28% 29
714 Jan 324 Dee
atamDarlNo n 2818 Jan 7 3138 Jan 2
2104 214
210 210
209 214
, 207 20878 206 206
20978 2097
3,900 Nat Beilaa Hess
41
Jan 2194 Dee
No Par 202 Jan 2 234 Jan 11
'115 1154 11534 116 *115 116
116 116
116 116 •116 117
600 Preferred
4
Jan
118
Jan
3
9014 Jan 11812 Dee
100 11514
1
4 192 19234 193 196
193 194/
192 19312 18812 192
188 19034 11,100 National Biscuit
36 18712 Jan 2 205 Jan 4 15912 July 19514 Nov
•14312 147 •14312 145 •14312 145 *14212 148 •14312 145 •14313 145
Preferred
Apr
100 14313 Jan 2 14313 Jan 2 13712 Feb 15,
111% 11534 11138 11358 11134 127
107 112
12414 14112 136 1434 639,400 Nat Caen Register A w 1 No par
96 Jan 8 14334 Jan 25
47/
1
4 Jfl 1048.1 Dec
12913 13118 129 1301 12918 13034 1294 1304 1284 13118 131 1324 49.700 Nat Dairy Products...No Pal 12612 Jan 7 136 Jan 5
8412 Ja
1334 Dec
3112 314 3112 314 5,600 Nat Department Stores No par
3138 31% 32
.31
3112 3218 317 32
2818 Jan 4 3258 Jan 14
21% Jan 3214 Oct
95
94
•9214 95
9312 *93
94
100
.
93
.9214 95 •9214 95
lei preferred
94 Jan 22 94 Jan 22
91
10%
Jan 102 May
3734 381
401
40
37
38% 3813 393* 38% 3812 38711 4118 13,200 Nat Distill Prod att.__.NO per
37 Jan 22 4338 Jan 3
2914 Jun
6812 Jan
72
71
73
*70
703
1,200
8
7034 7012 7013 70
6912
70%
*72
Jan 2 75% Jan 3
7036
Preferred temp etto__No pa.
5114 Jun
7112 Jan
5714 61
*5712 58
591z 603
5814 3,900 Na, Enam & Stamping.4
Jan
5918 58
5914 5914 59
6214
Jan
521/
9
2314
67
/
1
4 Nov
Mar
.- 100
15014 1503* 149 1501 148 150
1484 149
1,900 National Lead
14612 14812 146 146
100 132 Jan 2 15812 Jan 9 115 July 136
Jan
44%
4414
45
4712 4612 4934 4934 51 12 344,800 National Pr es IX...-.
457
4412 45
46
4212 Jan 8 5112 Jan 25
2178 Jan 4658 DPC
-No
Pa'
15
1514 151
15
1514
151
1478 1534 15
1518 1534 5,300 National Radiator.,._No pa' 1478 Jan 23 17 Jan 10
154
14 Jul
4038 Jan
*39% 46
*3978 46
.3978 46
*3978 42
*3978 42
*3978 46
Preferred
36 Dee 984 Jan
No pa, 38 Jan 7 3912 Jan 14
130 131
13012 133
133 134
13034 131
12978 131
1,900 National Supply
13014 131
50 12978 Jan 25 144 Jan 2
146 Dec
8414 Jun
142 142 *135 142 •140 144
141 142
•145 146 •143 147
500 National Surety
50 140 Jan 2 15212 Jan 7 13834 Dee 164, Nov
.
348
350
34234 34234 340 341
345 345
354) 351 *343 350
600 National Tea Co
340 Jan 24 370 Jan 2 160
Jan 390 Dee
-NO
Pa'
44% 4412 4658 444 4678 44% 4578 44% 454 352,100 Nevada Comma Copper_No pa. 3934 Jan 16 4678 Jan 23
43
427
42
174 Jan 42% 11e0
4412 4413 4434 4514 4478 47
4414 45
441
44
46
464 19,000 N I' Ale Brake . .
424 Jan 7 47 Jan 24
Oct 504 Nov
Na ea
$ per share $ per share $ per share $ per share $ per share
per share
60
5814 5814 58
6412 6534 64% 6578 633s 6434 *63
65
*Bid and asked prices; no sales on this day. z Ex-dividend. y Ex-rights
New York Stock Record-Continued-Page 6
531
For sales during the week of stocks not recorded here. see sixth page preceding.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturdat
Jan. 19.
Monday,
Jan. 21.
Tuesday,
Jan. 22.
Wednesday, Thursday,
Jan. 24.
Jan. 23.
Friday,
Jan. 25.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
$ per share 8 Per Mare $ per share $ per share $ per share $ per share Shares Indus. & Mace.(Con.) Par
5218 5212 *51% 52
53
51/
1
4 5114 *51
*52
52
52
5214 III 700 New York Dock... ._ ...100
*85
*86
89
89
86
*85 89 •85 89
86
*85
89
100 Preferred
100
1013, 10212 102 102
101 101 .101 102
102 102
100 10118
100 N Y Steam pref (6)....NO Oa,
114 114
114 114
114 114
114 114
114 114 •11412 115
240 1st preferred (7)....N0 Vat
94
94/
1
4 98
9212 9512 94% 963
95
941
/
4 9612 9534 9612 94,500 North American Co
111
53/
/
4 5314 *53
1
4 53% 531
5318 5318 53 53
53
1,300 Preferred
5314 53
be
10278 10278 10278 10274 10314 10314 103 103
10234 10314 1034 10314 1,200 No Amer Edison pref..No par
*4812
4912
4912
49/
1
4 4912 4912 4913 *4912 50
*48/
1
4 4912 *4812
20 Northwestern Telegraph__ .50
5/
1
4 64
538 512
534 6
512 512
512 578
5/
1
4 534 3,500 Norwalk Tire & Rubber.... .10
*fps 634
.612 634 *612 634 *61
634 68
200 Vunnally CO (The).... No per
612 612
/
4 6/
1
4
2934 30
297
30
29
30
30
29
30
29
29
29
3,400 00 Well Supply
25
104 104
*104 10512 10512 10512 10512 10512 •104 105
10312 104
60 Preferred
_100
8/
1
4 8/
1
4 *9
9
914 10
912
94
918 938
9
9
5,600 Omnibus Corp
No par
90
*87
*8718 90 •87 90 *87
90
87
87
87
87
200 Preferred A
100
75
75
*75
75
76 •74
7512 7534 *74
7512 •741
/
4 76
700 Oppenhelm Collins & Co/Jo par
*24 65 •23 65 *25 65 *23 65 •23
*23
65
65
Orpheum Cfroult. Inc
1
9014 90
90
9012 91
8978 8974 89
9012 9012 90
89
260 Preferred
100
330 335 .320 330 325 325 *303 325 *315 325 *305 325
500 Otis Elevator
60
123 123
*122 123 .122 123 *122 123
125 125
125 125
70 Preferred
100
1
4 41
/
4 42/
1
4 411
4112 40/
41/
1
4 41
4178 42/
1
4 4034 40% 42 47,000 OM Steel
No Par
*101 10112 101 101 *101 102 4,101 102 •101 102 *101 102
1,100 Prior preferred
100
96
*92
96
*92
*93 96 •92
96
94
94 .93
94
100 Outlet Co
No par
94% 9212 95
85% 853i 86
853 87
8714 92
87
89/
1
4 19,500 Owens Bottle
25
5412
5514
54
3
4
55
55
55
5412 5512 53
56
5512 55
7,500 Pacific Gas & Mee
25
73 *11
73
73 *71
*71
72
*71
7134 7134 7214 7214
500 Pacific Ltg Corp
No
P4*
114 138
14 11
/
4
114 1/
1
4
114 114
114
114
114
11
/
4 9,200 Pacific Oil
No par
164 169
*170 172 *188 171 *165 170
16812 16812 167 167
180 Pacific Telep & Teleg._ __ _100
14214 14434 14114 143/
1
4 141 14334 14112 14374 141 14234 141% 14418 88,500 Packard Motor Car
10
47
*4612 4634 4614 4612 451846
48 4834 4V
4412 45
3.500 Pan-Amer Petr & Trans.-50
4772 484 4734 4838 474 48
4812 487
46
47
45/
1
4 4614 30,500 Class 13
50
1712 1712 1712 171 *17/
1
4 18
*1712 18
1712 1712 1712 1712 1,200 Pan-Arn West Petrol 13.No Par
121 1274 1212 1212 12
1312 1212 13 *1212 13
*13
1218 2,300 Panhandle Prod & rel..No par
75 *75
75
78
78
75
•75
75 *70
73
70
70
400 Preferred
100
5814 387
57/
1
4 587
5812 60/
1
4 6012 621
611
/
4 6338 634 64's 275,100 Paramount Fern Lasky_No par
1
4 8212 853
82
841
847
82
8534 86/
8312 86
84% 8534 20,300 Park & Tilford
No
Par
1134 131
111
/
4 12
1214 13/
1
4 1214 127
12
1234 12
1238 111,700 Park Utah C M
1
1272 13
1212 13
1212 13
1214 12/
1
4 12
1238 12
121 46,200 Pathe Exchange
No
Par
27
26
2614 2614 26
267
2512 26
2534 26/
1
4 2512 26
4,200 Class A
No par
36/
3634 37
1
4 37/
1
4 3612 367
3614 37
364 37
3634 3678 11,900 Patino Mines & Enterpr____20
20/
1
4 20'* 2034 2014 201
2014 203 20
20
2018 1918 20
3,500 Peerless Motor Car
50
4014 411
40/
4012 417
1
4 403
3914 401
394 4074 40
30
6,900 Penick & Ford
No par
2374 24
2314 24
24 24
2318 24
2212 23
23
23/
1
4 10,500 Penn-Dixie Cement-- NO per
9112 911
*go
911
94
94 .92
931 *92
93/
1
4 *92
9312 X81200 Preferred
100
.721814 2223 220 2231 22314 240 23634 2363 *233 235
235 24612 17,500 People's 0 L & C (Chic).-100
•162 170 •162 170 •160 170 *162 170 *165 170 *163 170
(Pittsb).
_
Co
_50
Philadelphia
50 .49
50 •49
*49
50
*49
50 *49
50
*49
50
50
5% preferred
*53 531 •53 5338 *53
531
53/
1
4 53'2 537 537
5312 5312 1,200 6% preferred
50
3134 3214 32
3212 311
/
4 32/
1
4 3118 313
3114 33
311
/
4 327 18,900 Phila & Read C & I_-No Pa
1712 1734 1734 1878 17% 19/
1
4 19
20
1812 19/
1
4 17.500 Phlilp Morris & Co., Ltd
1
4 1838 19/
10
411
411
/
4 42/
/
4 42
1
4 4012 41/
1
4 407
1
4 40/
3912 4012 39
40
46,000 Phillips Petroleum
No Par
35
354 36
37/
37/
1
4 3612 3714 357 36/
1
4 37
1
4 35/
1
4
36
5
9,900 Phoenix Hosiery
9912
•.._. 9912
99
9912 •---- 9912
100
Preferred
33 33/
1
4 327 3538 3312 3474 34
3414 341
/
4 3412 35/
/
4 341
1
4 35,000 Pierce-Arrow Class A..NO Par
80 80
804 83
82
8274 82 8334 83
8312 8312 8334 4,500 Preferred
100
212 234
2/
1
4 2/
1
4
234 274
2/
1
4 2/
1
4
2/
1
4 28
2h 234
25
9.800 Pierce OU Corporation
3412 3412 34% 34% 34
33/
1
4 337
35
33
33
3234 33
1,300
100
Preferred
53
Ws 511
5/
1
4 5/
1
4
54 5/
51/4
1
4
5
5
514
514 25,200 Pierce Petrol'm
No par
60
6114 60 6118 5934 61
5812 60
5818 5918 59
5934 24,200 Pillsbury Flour Mills_ No par
*154 158 •150 155
148 148 *143 150 •135 150 •145 150
200 Preferred
100
7314 76
75/
1
4 77
7412 73
73
74
70
74
72
73
6,800 Pittsburgh Coal of Pa
100
93 9318 *92/
1
4 94
*9234 95
9234 9234 92
921
92
92
1,000
100
Preferred
*3014 33 *3014 32/
1
4 *3014 33 *3034 31
3034 3034 3014 3014
200 Pitts Terminal Coal
100
71
71
71 •____ 75 •71
71
75 a_ _ _ _ 74 •-.__ 74
140 Preferred
100
7812 79/
*77
1
4 807
8112 8314 83 84
8112 83
83
8338 6,500 Porto Rican-Am 'Fob al 1.100
4134 4214 41
4212 4112 4238 4112 41/
1
4 4012 41
40
40
6,200 Class B
No par
103 10334 10334 10334 104 104 *103% 1041 104 104
•10314 104
700IPosta Tel & Cable prat-100
7512 77% 7512 77
7514 7634 7538 7612 74% 757
7412 75% 119,300 Postum Co, Inc
No par
1
4 22% 22% 2238 2274 22% 227
2212 22/
2134 221
2112 2134 10,700 Pressed Steel Car
No par
78
•7718 79
78
78
7812 78/
78
1
4
7612 77
77
77 $ 1,900 Preferred
100
1
4 2238 2212 2234 2234 2274 2234 223
2238 22/
1
4 22/
21% 22% 13.500 Producers & Refiners Corp.60
*40
42 •40
42 •40
42
*40
42
42
42
•40
42
50
70:
Preferred.
74
*73
75
73 7312 710
74
72
70
74
70
7112
250 Pro-phy-lac-tIc Brush. No par
1
4 8818 9132 8712 8934 88
8612 87% 884 87/
1
4 8612 91/
8978
105 10514 105 105 •105 10538 10514 10514 10512 10578 10574 106 201,400 Pub Ser Corp of N J __No par
100
1,300 5% preferred
12112 1211 12112 12112 120 120
121 121
•120 121 •121 122
400 7% preferred
100
146 146 *14618 148 •146 148
1454 1451 *146 148
*145 148
Preferred
100
8%
400
881g 87
8638 8714 x85
8638 867
8638 87
8612 85
8512 22,900 Pullman Inc
NO par
19
191
191
1914 1934 1912 191 *19
18/
1
4 19
19
19
50
1,400 Punta Alegre Sugar
2634 26
2574 26's 2534 26
25% 26
25
2534 24% 25 42,500 Pure Oil (The)
25
11412 1141 *114 11412 *114 11412
*11312 1141 114 11513 114 114
50 8% preferred.
100
/
4 1363 1321
/
4 134
136 1377 13538 136's 134 1351 1331
132/
1
4 133
7,100
Purity
Bakeries
•154 175 •150 175 *150 175 •150 175 •150 170 •150 175
359 365 355 360 35514 3591 35514 370 35512 36312 360 36634 22,700 Preferred
Radio Corp of Amer---NO Dar
55
55
55
55
55
56
567 *55
55h 5512 2,100 Preferred
55
55
50
/
4 71/
684 711
1
4 757
74
74/
1
4 7318 75 68,400 Real
7638 724 748 73
10
Silk Hosiery
100 100
100 100
100 100 *100 10034 100 100
100 100
360
100
Preferred
13
13
13
13
1212 121 *12/
1
4 1284 121
/
4 1212 12
12/
1
4 2,800 Reis (Robt) & Co
311
31
Pia Par
30/
1
4 31/
1
4 3012 31
301
1
4 30/
/
4 3114 29/
1
4 3018 3134 48,500 Remington-Rand
Nova?
*9012 92
•9012 92
•9012 91
•9012 9112 9012 91
91
91
500 Flint Preferred
100
9312 9312 *9312 98
*9312 98
*9312 98 •93/
*9312 98
1
4 98
300
100
Second
preferred
28/
1
4 2878 2812 29
2812 2874 2834 2874 2814 8334
2834 284 2834 20.500 Reo Motor Car
10
8514 8634 8334 8618 84
84/
1
4 8214
8512 84
834 8534 30.000
Iron & Steel-...100
110 110 •11018 11114 112 112 •11112 112
112 112 •112 11218 2,600 Republic
100
Preferred
1118 1112 1114 111
/
4 11
1114 11
1
4 11
1138 10/
1012
10% 8,300 Reynolds Spring
No Par
15612 15912 15711 15734 158 15838 158 158
157 15712 157 15712 6.100 Reynolds
(11.3) Tob class B.26
45
45/
1
4 45
46
4438 4512 4412 4514 4412 45
4414 45
21,800 Richfield Oil of California...25
252 25834 25034 252 247 254 252 252 248 249% 249
251% 3.100 Rossia Insurance Co
25
*5338 5312 5234 5274 5234 5314 •5318 53/
1
4 x5138 52
1
4 52/
1
4 52/
1,100 Royal Dutch Co(NY dwell)
8714 9112 8712 94
8812 911
/
4 85/
8212 8678 83
1
4 90
864 266,400 St Joseph Lead
10
47
47% 48
4834 4714 48
50/
4812 51
1
4 5178 4934 5112 36,000 Savage Arms Corp....No par
3712 37% 37/
1
4 3778 3634 3734 36
3634 355 36h 35
35h
Schulte Retail Stores..- NO Par
*11212 113 *11214 113
112 11234 112 112
11112 1123 11212 11212 44,900
.100
480 Preferred
17% 18% 1714 184 18
18
•174 18
1714 17% 18
1814 2,700
No gar
Corp
169% 17034 16914 173% 16912 173/
1
4 1703 17312 16812 17234 1694 17112 72,700 Seagrave
N rpm
Co
Roebuck
&
Sears.
314 6
5% 6
5/
1
4 6
578 6
514 6
534 578 29,900 Seneca Copper ------No pa'
13478 13712 136% 139% 13514 13734 132 13534 13012 1331 13112
13234 21,600 Shattuck (F W.. ... No par
55 *51
*51
*51
54
48
48
52
52
43
43
4,800 Shell Transport & Tra4ing_f2
2818 284 28% 28% 2838 2878 2814 2834 28
2814 27/
1
4
2814 54,300 Shell Union Oil.. _.
No par
7014 7214 71
72
7414 72/
711
/
4 7334 73
1
4 741
711
/
4 73
bar
102 10412 102% 105
103 10634 103 10534 10218 10418 10434 112 154.800 Shubert Theatre Corp No
sit, par
155,500
Simmons
Co
2178 2238 22
2212 22
2314 2234 23/
1
4 2138 2278 21% 2234 16,600
10
&mins Petroleum
4078 4112 4114 4214 4114 411
/
4 41% 42% 4012 42
3912 4114 263,600 Sinclair Cons Od 0011D-N0
, 110 110 •110 11014 10934 10978 110 110 •1093
109% 1097
Far
11018
700
3518 3912 3878 4078 3814 40
preferred
100
37/
1
4 38/
1
4 3614 3878 3612 39% 89,600 Skelly 011 Co
25
12434 125 •121 12412 •119 122 *120
124 *118 123 *120 123
300 Sloss-Sheffield Steel & Iron 100
1414 14
14
1518 15/
157
1
4 1412 1514 1438 14/
1
4 •1412 15
11,100 Snider Packing
No Par
4112 44
4018 41
4238 4538 41
4014 41
42
42
43
5,600 Preferred
No par
4112 42
4134 42
41
4214 4114 42/
1
4 411
/
4 4314 43
43% 27,300 4n Porto Rico Sug
No par
5612 5534 5658 5538 5612 5612 5314 571
56
/
4 59
58
5874 21,600 Southern Calif Edison
25
*38
3954 *37
39
*3712 39
3734 39
39
39
372 3712 1,100 Southern Dairies Cl A__No par
1412 1412 14
1412 1414 1414 13/
1
4 1412 13/
1
4 13/
1
4 •1312 14
11512 11612+115 118
2,000 Class B
No par
11514 11614 115 115
115
115
115 115
310 Spalding Bros lin prof....l00
4712 4712 4814 4814 4634 47/
1
4 4612 47
4514 4712 46
4812 6,800 Spang Chalfant&Co IneNo par
*1214 13
•1214 13
*12
13
1138 1112 •1114 12
1112 1112
110 Spear & Co
No par
*7912 80 •7012 80 •7912 80 •7912 80 •7912
80
79
7934
100
30 Preferred
4814 487
4814 4934 4838 4934 4838 49% 48% 49
48
48% 17,800 Spicer Mfg Co
No Par
82 83 y82
8214 80
82
81
82
89
83
84
89
par
_No
Co_
18,800
-Stern
3914 40
3914 40
Spiegel-May
3814 39/
1
4 3512 375
35
35% 35
3678 19.100 'Stand Comm 1 obacoo-No Par
85
85 86
86
8412 8538 85
86
•8578 87%
42,300 Standard Gas & El Co_No par
66
66
664 6612 6618 6612 66,4 6634 66% 66% 87% 90
68
66% 2,000 Preferred
_50
•160 162121438 140/
1
4 139 13974 13712 13934 13712 139
137 13812 3,600 Standard
100
12714 129341 12712 129
Milling
12612 127
126 128
127 128
12714 12712 3,150 Preferred
100
• Bid and asked prices: no sales on this day. z Ex
-dividend. a Ex-rights. 6 Ex-dividend and ex-rights.
PER SHARE
Range Since Jan. 1.
On basis of 100-share lots
Lowest
Highest
$ per share
49 Jan 9
8512 Jan 7
100 Jan 25
11212 Jan 3
9038 Jan 7
52% Jan 12
10178 Jan 2
48% Jan 3
5 Jan 7
612 Jan 25
29 Jan 23
10218 Jan 5
812 Jan 7
8334 Jan 2
73 Jan 18
89 Jan 25
276 Jan 7
122 Jan 8
3714 Jan 2
101 Jan 21
94 Jan 24
81 Jan 7
53% Jan 2
70 Jan 7
118 Jan 2
159 Jan 3
13918 Jan 12
4412 Jan 25
45% Jan 25
17% Jan 3
12 Jan 25
70 Jan 25
55% Jan 2
79 Jan 4
1112 Jan 15
1114 Jan 4
2512 Jan 23
3418 Jan 7
1918 Jan 25
38 Jan 2
21 Jan 2
8612 Jan 8
208 Jan 11
159 Jan 2
4812 Jan 15
53 Jan 2
30 Jan 2
17 Jan 8
39 Jan 25
33 Jan 16
99% Jan 17
28% Jan 3
7212 Jan 2
212 Jan 2
30 Jan 8
5 Jan 10
57 Jan 2
143 Jan 2
70 Jan 24
90 Jan 14
3014 Jan 25
71 Jan 18
77 Jan 11
38 Jan 4
103 Jan 7
7034 Jan 2
2112 Jan 7
7612 Jan 8
2112 Jan 25
4178 Jan 18
6018 Jan 7
81% Jan 8
104 Jan 5
119 Jan 8
14518 Jan 18
85 Jan 2
1812 Jan 8
2418 Jan 25
112 Jan 14
131 Jan 7
349 Jan 16
55 Jan 19
57 Jan 7
97 Jan 5
12 Jan 25
2978 Jan 24
90% Jan 4
9312 Jan 19
2814 Jan 24
81 Jan 8
10878 Jan 7
1038 Jan 7
155 Jan 8
44% Jan 25
238% Jan 16
5i38 Jan 25
62 Jan 7
4514 Jan 7
35 Jan 25
11112 Jan 24
1578 Jan 2
16834 Jan 16
512 Jan 2
12312 Jan 8
43 Jan 25
2753 Jan 25
6818 Jan 9
92 Jan 8
2112 Jan 14
3912
10912
34
120
12
33
41
5353
37
1314
115
454
111
/
4
79
45
774
35
82
65
137
113
Jan 25
Jan 10
Jan 18
Jan 3
Jan 2
Jan 3
Jan 22
Jan 4
Jan 7
Jan 8
Jan 2
Jan 24
Jan 23
Jan 3
Jan 7
Jan 15
Jan 24
Jan 8
Jan 2
Jan 25
Jan 2
PER SHARE
Range for Previous
Year 1928
Highest
Lowest
$ per share $ per share $ per share
5312 Jan 17
47 Aug 5414 Jan
86 Jan 24
85 Sent 96 Jan
pg12 Oct 10512 May
103 Jan 10
114 Jan 15 102 Jar 115 Apr
98 Jan 23
6834 Jar 97 Nov
5414 Jan 9 51 Sent 55% May
10334 Jan 15
9934 Oct 1057s Feb
4912 Jan 4
48 Oct 55 May
618 Jan 14
512 Mar
71, Sept
7 Jan 8
6/
1
4 Dec 18 May
32 Jan 3
2014 Juni, 61
Jan
10612 Jan 16
97 June 110% Jan
10 Jan 22
712 Dec 1514 May
87 Jan 24
8312 Dee Ms June
79% Jan 3 6734 Aug 88% Jan
18 May 70 Oct
958 Jan 2
75 May 104 Nov
335 Jan 19 147% Feb 28512 Dec
125 Jan 24 11914 Jan 12634 July
4234 Jan 18
1012 Jan 40% Nov
103 Jan 2
8312 Jar 103 Nov
9634 Jan 4
61 June 99% Sept
95 Jan 23
74% Jay 957k Apr
431k Feb 561s Nov
56 Jan 25
7314 Jan 4 69 Dec 8534 June
112 Jan 10
2% Apr
1 Sept
175 Jan 15 145 June 169 Dec
153 Jan 2
5614 FeL 183 Dec
rak
, 5512 Nov
8
37
8/
1
4
14 Pe
50 Jan 4
5178 Jan 3
Nov
15% July
28584
1712 Jan 3
1514 Jan 3
1118 Feb 2134 May
76 Jan 16
,6 May
4
7714
0 Fet 1064
Oct
6412 Jan 25
Dec
87% Jan 14
34 Mar 98 Nov
1312 Jan 3
9 Aug 141k Jan
14% Jan 9
2 Feb 16 Nov
30 Jan 9
81s Feb 34 Aug
3938 Jan 12
2378 Jan 42 Apt
2212 Jan 11
14% Sept2578 Mat
4458 Jan 4
22% Jan 411a Oct
27 Jan 5
1414 July 31 May
94 Jan 22
78 Sept 9151 Apr
24612 Jan 25 15134 Jan 217 Nov
180 Jan 5 IllS Mar 174% May
4834 Jan 11
4518 Mar 49 Aug
537 Jan 24
OM Oct 57 Max
34 Jan 8
27% June 3934 Jan
20 Jan 23
111 Mar 2512 May
47 Jan 3
3514 Feb 537 Nov
375 Jan 22
21 Oct 38 May
9912 Jan 17
94 Dec 103%Feb
3774 Jan 9
1812 Oct 307 Dee
8612 Jan 9
581 Oct 747 Dec
27 Jan 7
5% Apr
12 Mai
35 Jan 23
1614 Pet 10
Oct
57 Jan 15
ang A ri
312 Feb
6374 Jan 15
32/
1
4 Fel
58/
1
4 Dec
15614 Jan 14 108 Jar 1447 Des
8334 Jan 9
Dec
100 Jan 5
36
814 4e
Ma
:
e 100787788
34/
1
4 Jan 9
26 Feb 38 Dec
7814 Jan 9
6318 Oct 82 Mar
81 Jan 23
5314 July 8534 Dec
5034 Jan 2
2314 Aug 5178 Deo
104 Jan 11 10038 Aug 106 Sept
78% Jan 5 61% July 13612 May
2334 Jan 2
18 June 3312 Oct
7912 Jan 3
70 Aug 9312 Oct
2578 Jan 3
16 Feb 294 Nov
43 Jan 3
at Feb 4953 June
82% Jan 14
52 Nov 91 Feb
4112 Jar 8312 Dec
9134 Jan 22
10618 Jan 14 10334 Oct29
Jan 11154
1247 Jan 3 117
May
14614 Jan 11 184 Jan 150 May
9174 Jan 3
7778 Oct94 May
2114 Jan 14
1734 Dec 3478 Jan
2812 Jan 3
19 Feb 8114 Nov
11512 Jan 21 108 Mar 119 June
13914 Jan 9
75 June 1391, Oct
105 July 16614 Oct
410 Jan 5
8514 Feb 420 Dee
57 • Jan 3
541 Jan 60 May
7653 Jan 22
347s Jan 6053 Des
100 Jan 15
8012 July 9712 Dec
141
/
4 Jan 2
512 Feb 15 Dec
34 Jan 3
23% Jan 3612 May
91 Jan 2
8714 Dec 98 June
98 Jan 14
8812 Oct 100 Jan
3178 Jan 3
221k Jan 35% Oct
49% June 9412 Nov
88/
1
4 Jan 2
112 Jan 22 102 June 112 Feb
1214 Jan 16
814 Feb 147a June
163 Jan 11 128 Apr I.651* Nal
495 Jan 3
331g Feb 56 Nov
25834 Jan 19 145 June 278 Nov
553 Jan 5
4438 Jan 64 Oct
94 Jan 21
37 Mar 7112 Dee
51% Jan 24
3614 Dec 51 Dec
411. Jan 8
11812 Jan 2 13
15514 Dr.lec 15
29
7111 A b
prr
1918 Jan 17
10 Feb 1712 June
181 Jan 2
8218 Jan 19712 Nov
634 Jan 5
2 Jan
7% Oct
1393 Jan 21
Ws Feb 1401 Oct
558 Jan 10
3938 Jan 5712 Oct
3014 Jan 3
2814 Feb 3934 Nov
7412 Jan 24
543* June 854 Nov
112 Jan 25 554 June 1015* Nov
2378 Jan 3
1812 Feb 2714 Nov
45 Jan 2
N
110 Jan 7 102
17% Pe
Jan
b 14
164
0 Oct
40 Jan 22
25 Feb 42% Nov
125 Jan 19 102 June 134 Feb
157 Jan 21
11 Dec 20 Mer
4553 Jan 22
31 Not 666012 NovJa
4434 Jan 2
32% Feb 493 May
59 Jan 24
43% Jar
42 Jan 2
24% Jar 605* May
15/
1
4 Jan 12
JarJatr 30 Apr
99
11612 Jan 19 10
120
Apr
5214 Jan 3
26 July 571 Dec
13 Jan 11
1014 Nov 20 eab
8012 Jan 2
7634 Nov 92% Feb
5112 Jan 9
51% Dec
Jap
6
23
,
4 se
89 Jan 24
91 Nov
43/
1
4 Jan 11
Gel 4014 Nov
24
90 Jan 25
577a Jan 8434 Dec
6612 Jan 21
84% Dec 71% May
1 Dee
16314 Jan 18 100 Jan 142,
133 Jan 12
97 Nov 115 Derr
1.1
New York Stock Record-Concluded-Page 7
532
For sales during the week of stocks not recorded here, see seventh page preceding.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Monday,
Jan. 21.
Saturday,
Jan. 19.
Tuesday,
Jan. 22.
Wednesday i Thursday,
Jan. 24.
Jan. 23.
Friday,
Jan. 25.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
Indus. & Mace!. (Con.) Par
$ Per share $ per share $ per share j $ per share $ per share Shares
6818 6912 6712 688 33,400 Standard 011 of Cal_ _No par
6912 705
6914 70
6918 70
-5134 5234 5178 528 5112 5214 5058 5134 5138 5238 108,900 Standard Oil of NewJersey_25
4418 4512 4414 4478 4314 4414 424 4314 4218 427 218,100 Standard 011 of New York-_25
714 46,300 Stand Plate Glum Co_ _No par
658
658 718
718 834
718 734
818 953
2438 2,490 Preferred
100
27
24
2712 2212 2412 23
2712 2912 26
52
48,000 Stand San Mfg Co____No par
5138 5212 51
5114 50
5238 5()
5214 49
4114 4114 1,900 Stanley Co of Amer_ ___No par
42
1
4 42
40
4234 41
4234 4034 40/
92,100 Stewart-Warn Sp Corp.No par
140% 14438 141 145
138 140
13814 145
14358 145
5812 10.000 Strousberg Carburetor_No oar
59
5612 5818 57
56
5712 578 5812 57
9638 9418 9658 9458 97 562,900 Studeb'rCorp(The)-___ No par
8718 9312 9318 9534 94
10 Preferred
100
12434 12434 *12434 125 *12434 125 *12434 125 *12434 125
312
382 3,200 Submarine Boat
No par
31
312 358
312
312 358
353 334
3,400 Sun 011
No par
6018 62
64
64
60
64
64
64
64
64
No par
918 49,300 Superior 011
8h
913
9
912 978
94 934
913 934
5,500 Superior Steel
44
100
*42
43
44
42
464 43
4814 46
46
3,800
20
Sweets
20
Co
of
America
50
20
18
1918
18
18
18
1778 18
611 1,000 Symington
No par
*6
64 614
612 612 *638 612
68 64
800 Clam A
No par
1414 1438
1438 143
1513 1418 15
*15
1513 *15
2034 2,000 Telautograph Corp
No par
2034 2078 2014 2058 2014 2034 *2014 2012 20
No par
1734 1818 1712 1818 18,100 Tenn Corp & C
1734 18
18
1814 1734 1814 1734 18
25
6112 6238 60,400 Texas Corporation
63
637
62
64
6434 63/
1
4 6414 6358 63% 63
_ - No Pa'
7634 778 765 803s 768 7918 7634 7778 7714 7834 110,900 Texas Gulf
7718 777
1614 167 19,400 Texas Pacific
Coal dr011---10
Sulphur174 1718 1758 1612 17
17
1713 1718 1734 17
1
2214 2258 213 2212 2134 2238 31,000 Texas Pan Land Trust
2213 2338 2238 2278 2214 227
3,800 Thatcher Mfg
23
No par
*21
23
23
23
2138 2014 2112 21
2138 2214 20
1,800 Preferred
44
No par
44
44
44
4312 44
44
43
44
44
43
44
4812 12.400 The Fair
No par
4818 46
4878 47
48
4914 5012 z4858 4953 484 487
20 Preferred 7%
100
110 110 *10511 110 *10514 110
*107 111 *10514 111 *10514 110
300
25
59
Thompson
(J
RI
Co
*56
59
5853
5912
a5912
60
60
*58
60
*58
*57
203
1934 2014 1834 1978 1858 1918 35,600 Tidewater Assoc Oil__ _No par
2012 20
2014 2012 20
,400 Preferred
100
*8812 89
88
8912 *8712 8912 8712 8712 8818 8818 88
*89
100
3312 3414 4,400 Tide Water 011
354 3638 354 36
348 348 3412 35
3614 37
944 9412 1,400 Preferred
100
95
9614 9614 9514 9614 95
*9414 96
*95
96
22,300
par
Timken
Bear1ng.No
79
Roller
773
4
7812
7614
793
4
787
8
793
4
797
3
7918
783
8
79
78/
1
4
8,800 Tobacco Products Corp
100
9712 99
9712 9812 974 98
99
99
9912 9814 9834 98
2,400 Class A
100
10978 11018 10934 11018 110 110 *10812 111
110 110
*110 111
200 Div contra A
*1718 18
23
•17
18
1714 1713 *1718 21
•17
*17
23
*174 21
200 Div certifs B
*1718 21
23
1738 1738 *1718 21
*17
41734 23
_No par
1153 11
1114 1058 1118 1012 1034 47,800 TranacTI Oil tern
1114 11
11
1138 11
4738
300 Trauma dr Williams
*46
Eit1 No par
otf_48
*46
48
46
46
4812 48
4812 *48
*48
10,600,TrIco Products Corp___No par
4138 4134 4238 4418 4312 4414 4234 4334 4218 43% 4238 43
37,4001 Under,Elliott Fisher Co.No par
988 9558 9712 9634 112
98
99
9914 9852 99
98 WO
37
1,500 Union Bag & Paper Corp_ _100
364 3613 37
38
387 3953 3814 3838 3714 3814 38
21014 21612 215 22112 151.300 Union Carbide & Carb_No par
20978 222
20214 20478 20014 20458 20014 209
51
12.500
Union Oil California
25
5038
464
511
50
508
493
4
5018
5012
50
5214
5114
100
12718 12718 2,300 Union Tank Car
1294 13134 127 129
13278 13312 *128 132 *127 132
No par
5134 5134 5113 5158 3,700 United Biscuit
5258 514 52
5134 52
5134 5134 52
700 Preferred
100
12012 126 *125 130
124 124 *12018 120 120 •12018_
10
24
2412 8,700 United Cigar Stores
- 245 2534 2413 24-3-4 2414 25
2458 2518 2458 -2-478
100 Preferred
100
1
4*10112 10232 *10112 10234
*102 1028 10278 10278 *1014 10234 *102 102/
4,600 United Fruit
140 142
No par
1404 14014 140 14178 13918 141
1394 13914 14014 142
19.200 United Paperboard
100
25% 2234 26
21
2012 2178 2034 22
2853 2514 2638 23
7812 814 7918 8138 7853 8078 8,200 Universal Leaf Tobacco No par
78
78
78
*77
7912 •77
SS
8834
400 Universal PIcturee let pfd_100
88
8812 8838 8934 8838 8812 88
898 8918 88
1934 6,100 Universal Pipe & Rad__No par
1918 19
1933 19
19/
1
4 2014 1912 20
1918 1912 19
100
.99 101
Preferred
•99 101
*99 101
*99 101
*984 10312 •98 101
12,100 US Cast Iron Pipe & Fdy__20
4412 4412 447 46
4434 45
4212 44
43
4412 433 45
3,400 1st Preferred
1
4 187
No 90.
1
4 1853 1834 18/
*184 1878 1878 187
1834 187s 1834 18/
No par
1534 1534 1538 1534 1558 1534 1512 1558 154 1512 153 1538 3,500 U S Distrib Corp
500 Preferred
*7712 78
100
77
80
77
79
79
*77
*7934 8012 7934 80
4618
47
46
2,200
481
8
US
Hoff
par
4718
Corp___No
4618
Mach
451
4712 474 4712 4712 45
141 154% 92,000 U S Industrial Alcohol-100
135 1374 136 1384 13573 137
13813 13912 13718 140
20 Preferred
100
1
4 *12434 12534
*12434 12534 *12434 12534 *12434 12534 *12434 12434 12434 124/
3212 5,700 0 S Leather
No par
33% 32
32/
1
4 32
324 3218 3253 32
3334 3334 33
5.300 Chris A
5812 59
No Par
5851 59
594 58/
1
4 59
6012 6058 594 6012 59
100
100 Prior preferred
10514 10514 *105 107
*105 107 *105 106 *105 107 *105 107
84
8518 10,700 US Realty & Impt
No par
84,2 87% 8318 85
8414 85
844 87
8312 85
100
5214 508 5173 89,700 United States Rubber
51
5012 5178 5053 5112 5083 5234 514 533
6,600 181 Preferred
100
8634 8614 87
8912 86
90
88
8953 87
8812 89
88
1
4 6912 6712 69
57.600 US Smelting. Ref & Miln___50
6814 7012 6812 7014 67/
6612 6714 6838 697
400 Preferred
50
*5014 56
561t 554 56
551s 56
563 *56
*56
5653 *56
1
4 187 19234 1115900 United States Steel Corp
18258 18784 18334 1904 18512 1891 18312 185/
18133 189
100
4,700 Preferred
14138 14112 14114 14113 14138 14112 1414 1417 142 14238 14218 143
4153 4218 59,700 Utilities Pow & Lt A__No par
4112 4114 4284 414 417
4134 405 4153 41
41
10812 11114 10614 10912 10758 11134 81,100 Vanadium Corp
No Par
11018 11334 108 11034 10858 111
31
31
400 Van Raalte
31
No par
33
31
31
*31
3114 3114 31
35
'31
70
800 let preferred
100
7184 70
7013 70
7014 70
7014 7014 70
*7012 75
928 13.100 Vick Chemical
88h 88
No par
88
9018 884 8978 8818 881
9118 9118 89
147%
14934
14814
15014
149
par
48,500
Machllie-No
14758
14834
1483
14714
Victor
Talk
14812
4
147
3
4
14754
100
1,100 7% prior preferred
11212 11258 11212 1121 11214 11212 *11212 11314
11314 11314 113 113
2114 2253 2178 244 55,000 Virg-Caro Chem
No par
2314 2412 2212 2378 225 2338 2253 227
100
6188 638 6234 6514 12,300 6% preferred
6312 64
6414 638 64
6478 63
64
9714
800 7% preferred
100
*9612 9712 9612 9612 97
*9612 97
97
97
97
*96
____
____
____
____
______
par
___
____
No
____
Vivaudou
____
____
(V)
____
1314
13
Preferred
- ___
- - - - --- - - _ *80
90
100
Lii2 If Li -ii •Lii2 li . 'lie) Vulcan Detinning
*54
5413 Ei "5112 5314 ii
100
v 10 Preferred
9812 9812 9612 *9412 964 *944 9612 *9412 9612
*94
*9412 99
100
45
46
- S 60 Class A
45
45
45
45
46
46
46
48
*45
•45
$ Per share
6934 7034
5158 5212
4458 4514
758 87
28
3018
5018 5058
'40
42
138% 1407
5434 557
8718 8858
*12434 125
312 312
641 6514
912 934
4678 4712
1778 1778
678 678
•15
1513
2014 2014
PER SHARE
Range Since Jan. 1.
On basis of 100-share lots
Highest
Lowest
$ per share
6712 Jan 25
508 Jan 24
4134 Jan 17
413 Jan 2
17 Jan 3
4618 Jan 4
40 Jan 21
12112 Jan 3
25234 Jan 11
77 Jan 5
12434 Jan 2
34 Jan 8
60 Jan 24
833 Jan 25
38 Jan 2
1778 Jan 19
5 Jan 3
14 Jan 2
20 Jan 25
1712 Jan 25
6113 Jan 25
76 Jan 7
1614 Jan 25
2112 Jan 4
20 Jan 21
4212 Jan 10
4514 Jan 4
108 Jan 2
5858 Jan 24
1858 Jan 25
8712 Jan 22
3312 Jan 25
9412 Jan 25
7614 Jan 24
9753 Jan 8
10812 Jan 25
1714 Jan 23
1758 Jan 22.
1012 Jan 25
46 Jan 23
4118 Jan 15
91 Jan 7
3478 Jan 4
19612 Jan 7
4814 Jan 14
12178 Jan 15
4812 Jan 2
120 Jan 19
2312 Jan 2
10112 Jan 16
13918 Jan 24
16 Jan 7
76 Jan 9
88 Jan 21
19 Jan 23
10012 Jan 9
4214 Jan 9
1818 Jan 15
1518 Jan 24
77 Jan 12
44 Jan 11
128 Jan 16
12414 Jan 8
32 Jan 7
5738 Jan 8
10253 Jan 7
81 Jan 8
42 Jan 8
81 Jan 9
6158 Jan 8
5518 Jan 24
15718 Jan 8
14118 Jan 4
40 Jan 8
9534 Jan 7
28 Jan 2
60 Jan 2
82 Jan 4
145 Jan 2
1
4 Jan 2
111/
1814 Jan 8
5858 Jan 2
9418 Jan 2
13 Jan 16
Jan 16
Jan 4
Jan 2
25 Jan 11
231g Jan 8
, 7312 Jan 7
17 Jan 8
7912 Jan 2
11612 Jan 7
5314 Jan 7
3634 Jan 17
151 Jan 24
2512 Jan 25
755 Jan 8
9938 Jan 2
1794 Jan 2
4518 Jan 24
1374 Jan 15
132 Jan 2
2214 Jan 24
334 Jan 7
104 Jan 5
108 Jan 8
9734 Jan 25
113 Jan 8
10714 Jan 9
LI
91
40
No per
2578 2618 2512 2618 2512 2578 12,300 Waldorf System
25
2514 2514 2534 255 26
No par
2612 2712 46,700 Walworth Co
25
2578 2518 2638 2553 2514 2558 2738 2618 273
81
480 Ward Baking Class A_ _No par
81
80
81
8214 804 82
81
83
8212 834 80
1711
1812
par
14,700
Class
B
1812
No
1812
187
8
18
183
4
1912
19'z
1918 2038 19
900 Preferred (100)
No par
85% 85% 8512 8512 8512 8512 8278 85
86
8658 8658 86
12614 12938 334.400 Warner Bros Plotures__Ne par
127 131
12814 134
1
4 134
127/
1
4 134
12558 12714 125/
5734 5512 5612 43,200 Preferred
No Par
5514 56
5512 5812 5714 5914 5718 5812 56
No par
3734 3712 3833 24,000 Warner Quinlan
383s 3938 3714 3833 37
3953 397
395
89
151 15134 1,200 Warren Bros
151 154
No par
155 155
*156 160
156 156 *154 155
5.700 Warren FdrY & Pipe-No par
2712 2758 *27
28
2612 2712 25% 2612 2512 26
2714 28
*7712 7912 1,700 Weber & Hellbr,
7734 78
No Par
SO
80
83
81
81
758 7553 *78
op
Preferred
*100 103 •100 103 *100 103 *100 103 *100 103 *100 103
191 192
19212 19478 193 19712 197,4 20014 196 19814 19612 19953 33.700 Western Union Telegram-100
454 454 9,100 WetngIsse Alr Brake_ __No par
4678 4614 4614 4614 46
48
4612 47
46/
1
4 47
14218 146 101,200 Westinghouse Eleo di Mfg__50
140 1417 1381 14034 13814 139/
1
4 13958 14412 141 4144
590 1st preferred
50
140 L14012 137 145
139 139
137 137
136 13912 13912 140
2214 2214 224 2234 1,100 Weston Eleo Instruml_No PM
23
234 2312 24
24
*23
2314 23
*3312 35
4,3312 35
*3312 35
4.3312 34
*3312 35
Class A
*3312 35
No Par
West Penn Elms el A_-_No par
*106 107
107 107 *108 109
107 108 *10712 110 *10712 110
100
280 Preferred
11012 11012 10812 11058 10814 10814 10812 10812 10812 10912 10812 10978
100
290 Preferred (6)
10114 10114 29912 101
*98 100
984 9812 9812 9812 9734 9834
420 West Penn Power pref-.100
115 115
11512 11512 *115 116 *115 116
115 11534 115 115
100
Itt 20 6% preferred
10812 1084 *10812 111 *10812 111
10814 10814 *10734 110
*108 111
56
*55
400 West Dairy Prod Cl A-No Dar 5312 Jan 16
56
*55
5812 557 557 *55
56
5678 568 56
2855 4,000 Class B
No par 26 Jan 10
29
2813 2834 28
29
2914 28
29
28/
1
4 2918 29
32
3214 9,300 White Eagle 011 & Refg_No par 32 Jan 25
3438 3438 3418 344 34
3418 3234 3314 3218 33
4612 4755 46
4512 4434 4713 47,200 White Motor
No par 40% Jan 3
467
457 46/
1
4 4434 4612 44
46
4712 4812 4712 45
2,400 White Rock Min Sp ctf
*4612 4712 *47
50 43 Jan 2
4753 4738 4718 48
4,600 White Sewing MashIne_No par 414 Jan 22
4112 4258 4112 42
427 43
4238 4318 4114 43
4212 43
No par 56 Jan 22
500 Preferred
56
*557 56
56
5858 5614 5614 5614 5614 56
*5514 56
3014 Jan 24
314 3134 3118 3138 31
3113 3014 3114 3014 31 110,800 Willye-Overland (The)
314 32
400 Preferred
100 995 Jan 25
995 9958
10018 100,8 *100 102
100 100 *100 102
3'101 102
No par
1112 Jan 4
1212 1212 9.200 Wilson & Co too
12/
1
4 1338 1314 1312 1212 1314
1214 1238 1212 13
2458 258 10,000 Class A
No par 24 Jan 9
2612 27
2512 2555 2512 27
26
2611 2512 26
100 6814 Jan 3
75
19.900 Preferred
73
72
75
75
75
71
78/
1
4 76
75
79
71
21134 21358 2104 2117 20918 21178 2101 21434 23,100 Woolworth (F W) Co
25 20618 Jan 18
21312 21434 21153 215
100 4712 Jan 7
9.100 Worthington P & M
5614 6674 58
60
574 59
587 5912 5812 60
5938 60
100
8634 Jan 2
2,700
*91
glii
9012
92
88
*90
903
4
91
9114
Preferred
A
4
924
9012
903
100 7778 Jan 8
7912 2,500 Preferred B
79
8078 8038 8033 79
8034 80
80
80
80
80
20,700 Wright Aeronautical-No Par 25812 Jan 7
268 276
270 275
268 274
270 283 269 273
273 274
7512 7653 7518 764 7512 7653 7538 7578 3,500 Wrigley(Wm Jr)
No par 7318 Jan 2
7614 7638 7514 76
600 Yale & Towne
*62
63
6214 63
*62
25 62 Jan 11
63
*6212 64
6214 6214 63
63
7
7
85,200
384
43
3914
387
8
3718
3812
3814
Yellow
CI
B.10 3718 Jan 25
38
3812
Coach
397
3
3712
Truck
&
39%
1133
11012
11314
112 113
1125 114
3,600 Youngstown Sheet & T_No par 107 4Jan 8
114 115 *112 11312 113
•
-"
•Bid and aaked vetoes; no sales on this day. z Ex-dividend. a Ex-rights. • No par value.
v Hz-rates
PER SHARE
Range for Previous
Year 1928
Highest
Lowest
3 per share $ per share $ Per share
63 Feb 80 Nov
7312 Jan 5
1
4 Nov
378 Feb 59/
5512 Jan 3
2834 Feb 4512 Dec
4534 Jan 2
77 Feb
24 Jan
958 Jan 21
10 Jan 40 Feb
31 Jan 18
34 June 5338 Dec
524 Jan 21
1
4 Sept
35 Dec 69/
4314 Jan 3
7714 Feb 12818 Dee
145 Jan 22
Jan 99 Dee
44
9213 Jan 9
Jan 8712 Oct
87
97 Jan 25
125 Jan 18 12112 Feb 127 June
614 Mar
3
Feb
17
334 Jan
3112 Jan 77 Nov
6812 Jan 10
1414 Nov
24 Feb
12 Jan 3
Jan 5678 Nov
18
484 Jan 21
20 Jan 24
1153 Feb 2312 Sept
73 Jan 14
7 May
4 Aug
1938 Apr
10 Aug
1634 Jan 14
22 Jan 4
1514 Jan 2253 May
1978 Dee
104 Jan
1978 Jan 2
50 Feb 7434 Nov
68 Jan 2
82 Jan 3
6218 June 8212 Nov
12% Max 2658 Nov
1958 Jan 2
2412 Jan 17
20 June 3034 Apr
27 Jan 3
22 Jan 3912 May
Oct 5358 June
4838 Jan 5
45
517 Jan 15
Jan 5212 Den
34
110 Jan 2 10412 Jan 1144 Oct
6614 June 7134 June
62 Jan 12
22 Jan 3
1454 Feb 25 Sept
90 Jan 2
817 Mar 9134 Dec
375 Jan 3
1953 Mar 414 Deo
974 Jan 17
8634 July 10018 Dee
150 Jan 3 11253 Mar 154 Nov
102 Jan 11
93 Aug 1181s Apr
112 Jan 3 10978 Aug 128 Feb
1713 Jan 24
19 Aug 2534 Jan
19 Jan 14
1918 Aug 24 June
12 Jan 2
6/
1
4 June 1412 Nov
52 'Jan 2
4414 Dec 5918 Feb
4414 Jan 22
3253 June 447 Sent
112 Jan 75
63 June 937s Deo
43 Jan 14
30 Dec 4934 Feb
222 Jan 23 13818 Feb 209 Nov
4234 Feb 58 Nov
524 Jan 19
13312 Jan 19 110
Oct 12818 May
Oct
5312 Jan 14
344 Apr 57
126 Jan 24 11214 Mar 135
Oct
2712 Jan 11
2278 Aug 34% Feb
104 Jan 2 1037 Dec 1144 Apr
143 Jan 4 13112 June 148 Nov
1812 Dec 277 Apr
2838 Jan 22
8112 Jan 23
6038 June 8753 Nov
93 Jan 2
914 Nov 100 Feb
2214 Jan 2
1558 June 3578 Oct
10012 Jan 9
8778 Sept 10534 Deo
38 Dec 53 Nov
4713 Jan 10
19 Jan 11
18 Nov
1912 Nov
1312 June 2014 Jan
1734 Jan 3
8012 Jan 3
78
Oct 9038 Jan
41 Dec 583 Jan
497 Jan 2
15478 Jan 25 10218 June 138
Oct
12578 Jan 4 11858 Sept 1257 Nov
3512 Jan 14
22
Jan 51 May
6173 Jan 14
82 Jan 72 Ain
106 Jan 14 10014 Dee 10912 May
6114 Feb 9353 May
88 Jan 17
5514 Jan 14
27 June 8314 Jan
9213 Jan 18
55 July 10931 Jan
7034 Jan 11
3912 Feb 7112 Nov
Jan 58 Dee
58 Jan 3
51
19234 Jan IS 13238 June 1724 Nov
143 Jan 25 13858 Jan 14714 Apr
4383 Jan 3
284 Feb 45/
1
4 May
11334 Jan 19
60 Jan 1114 No,
75 Jan 4078 Oct
35 Jan 17
7214 Jan 17
4378 Jan 78 Nov
58
Jan 85 Dec
9418 Jan 16
5253 Jan 15834 Nov
157 Jan 5
114 Jan 15 10112 Jan 1124 Dec
12 June 2034 Nov
2412 Jan 19
4458 Jan 6414 Nov
6514 Jan 25
884 Jan 994 Nov
9714 Jan 17
11/
1
4 June Ms Jail
15 Jan 4
78 June 100
Jan
2212 June 74 Nov
5912 Jan 2
74 June 99 Sept
9612 Jan 22
194 June 4834 Nov
48 Jan 15
1912 Jan 28/
2712 Jan 3
1
4 De(
2734 Jan 24
1418 Aug 2078 Sent
8434 Jan 17
70 Dec 128 Feb
2114 Jan 16
1514 Dec 2958 Jan
874 Jan 15
77 Dec 974 Jar
134 Jan 21
8078 Aug 13914 Sept
5914 Jan 22
5134 Dec 5714 Dec
4278 Jan 2
26 Feb 447 Oct
170 Jan 2 140 June 19218 Apr
3414 Jan 3
13 June 3878 Oct
83 Jan 19
59% June 8234 Dec
100 Jan 8
98 Dec 103 Jam
20014 Jan 23 13912 July 201
Oct
4934 Jan 3
42% June 57% Jan
15212 Jan 5
881s Jan 144 Nov
145 Jan 5
9514 Jan 139 Nov
25 Jan 5
124 Jan 2812 June
3514 Jan 16
30/
1
4 Jan 4012 May
108 Jan 23 103 June 112 Atn
11114 Jan 17 10712 Oct 11514 Ape
102 Jan 17
984 July 10418 Apt
11534 Jan 11 11312 Oct 118 June
11012 Jan 16 103 June 113 Jan
577 Jan 3
5212 flee 78 AD,
2914 Jan 19
20% Jan 49 Apt
3612 Jan 3
2018 Feb 38 Nov
484 Jan 15
80/
1
4 Feb 4314 J0111
487 Jan 8
3418 Jan 4978 Nov
48 Jan 2
3314 June 5234 Dee
577 Jan 16
51/
1
4 Aug 58 Dec
35 Jan 3
17/
1
4 Jan 33 Dec
103 Jan 3
9214 Jan 10418 Dec
1312 Jan 23
11
Oct 16 Feb
27 Jan 21
22
Jar
35 May
79 Jan 23
6314 Oct 77% Pet
22214 Jan 3 17512 Feb 22534 Nov
8212 Jan 17
28
Jan 55 Nov
9212 Jan 23
4614 Jan 93 Nov
82 Jan 11
41
Jan 80 Nov
294 Jan 14
89 Feb 289 Nov
7678 Jan 17
88 July 84 AuS
65 Jan 2
814 Nov 8412 AP,
437 Jan 25
2758 Feb 5734 Nov
11634 Jan 18
834 June 11558 Der
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
533
Jan. 1 1909 the Exchange method of uoting bonds was changed and prices are now -and interest"-except for income and
defaulted bonds.
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Jan. 25.
Price
Friday
Jan. 25.
Week's
Range or
Last Sale.
Si
U. S. Government.
Bid
Ask Low
High No.
First Liberty Loan
83-4% of 1932-1947
.JD 99Tii Sale
99.32 991422 228
Cony 4% of 1932-47
ID
9910.2 992032
1
Cony 434% of 1932-47
J
991122 100532 200
100i3-2 Sate
20 cony 434% of 1932-47
D
9913.2Dee'28
Yourth Liberty Loan43.4% of 1933-1938_.
AO 100.22 Sale 100
1003.2 1482
Treasury 43.4.
1947-1952 AO 110';, Sale 110
11017,0 143
Treasury 4s
1944-1954 Jo 1053.21051332 105
105142 210
Treasury 3e
1046-1956 MS 10211.21021% 102102210213.2 460
Treasury 33.4s
1943-1947 J
9731.2Sale 97140 97342 243
Treasury 3.4s June 15 1940-1943 JD 9734097282 97322 97332
88
Mate and City Securities.
NYC 355% Corp et_Nov 1954 MN
355% Corporate st__May 1954 MN
4s registered
1936 MN
4.s registered
1956 MN
4% Corporate stock
1957 MN
AM % Corporate stock.„:957 MN
435% Corporate stock _1957 St N
4% Corporate stock
1958 St N
4% Corporate stock
1959 MN
£348 Corporate Stock
1960 M
.151s Corporate Stock_ __.1964 M
£34 a Corporate stock
1966 A0
a 5,
1a Corporate stock
1972 AO
43.45 Corporate stock
1971 Jo
1963 MS
4558 Corporate stock
43i8 Corporate stock
1965'ID
4;4e Corporate stock_July 1967 j j
8812
8812 92
10314
995g
ioi"
10312
10334
104
8802
8812
881
8812
9934 Mar'28
9912 June'28
97-78 9813 Jan'29
__ 10438 Nov'28
1044 Nov'28
-9-8-1- 9712 Jan'29
9718
98
100
994
994
10014 Dec'28
10138 Nov'28
10112 Nov'28
1-07 10812 June'28
10838 105 Nov'28
11038 107 June'28
____ 10312 Jan'29
New York State Canal 4s
1960
4s Barge Canal
1942 J J
as IllghwaY
Mar 1962 M
20
4
11
1
9912 Aug'28
9934 Dec'28
10312 June'28
Range
Since
Jan. 1.
Bavaria (Free State) 655s___1945 FA
Belgium 25-yr ext. f 755e g_1945 SD
20-yr e f 88
1941 FA
25-year external 6 M s
1049 M 5
External s f 68
1055 J
External 30-year s f 7o
D
1955
Stabilization loan Ts
1956 SI N
ergen (Norway) o f 85
1945 MN
15-year sinking fund 68___1949 A0
Berlin (Germany) a I 0348__1950 AO
Extls 16s
1958 SD
Bogota (City) ext'l a f _88_1945 A0
Bolivia (Republic of) aril 8s_1947 RI N
ext'l 500 78
1958ii
Bordeaux (City of) 15-yr 69_1934 MN
Brash (U 8 of) external 88___1941 ID
External 8 f 6555 of 1926._1057 AO
Esti f (155s of 1927
1957 A0
7e (Central Railway)
1952 ID
755s (coffee eecur) (flat)_1952 A0
Bremen (State of) extl 713_1935 MS
Brisbane (City) e I On
1957 MS
Budapest(City) esti 6s___1962 SD
Buenos Aires (City) 6551_A955 J J
Extl f 6s ser C-2
1960 AO
Ent e 61. eer 0-3
1960 A 01
Buenos Aires (Prov) eat' 66_1961 M 8
Bulgaria (Kingdom) a 1 712_1967 Si
StabTn Ins f 7 Ms_Nov. 1568 _
9o12 Sale 8834 9012
8812 93
90
89
8912
8812 8834 8812
96 Sale 9478
96
9314 Sale 9318
94
9414 Sale 9212
9414
9334 Sale 93
9414
9314
9134 03 9234
94
92
92 Jan'29
9212 Sale 9212
93
10014 10012 100
10078
10038
10014
101
10014
10012
10014
10012
10012
9634
9178
Sale
Sale
Sale
Sale
Sale
Salo
Sale
Sale
Sale
sale
9614 sale
100
100
100
100
10018
100
100
10018
964
91
06
96 sale 9512
8712 Sale 8712
10214 Sale 10214
10033 73' 9958
10034 59
9958
101
68
9934
1004 76
9934
10034 46
99%
10034 102
9938
10034 38
9934
10034 95
9912
97
9434
67
9178
8, 91
97
100
9534
96% 120
95,2
8818 97
8712
10234 40 10218
10118
10034
101
10038
10034
10034
10078
10034
9714
9178
97
9612
8814
103
9612 Sale 95
9612
11478 Sale 11412 11514
10813 Sale 108
10934
10634 Sale 106
107
10012 Sale 1004 10078
10812 Sale 10734 10834
10614 Sale 105 4
10613
11178 112 11114
11112
100 11034 100
100
9834 Sale 9814
9834
9118 Sale 91
9134
10234 10314 103
10314
103 Sale 103
104
94 Sale 93
9412
10018 Sale 9914
10018
10812 Sale 10818
109
96 Sale 9514
96
954 Sale 954
9534
10018 Sale 100
1001
10512 ___ 10512 10512
10212 Sale 1014 1021
9178 Sale 9114
9214
8238 Sale 8112
8234
101 Sale 10038 101
Jan'29
10034 Sale 100
9978 100
9978
9978
933e
9314 Sale 93
90
90
88
8918
974
97
•
9914 Sale 9812
9912
10138 Sale 10038 10138
10014
100 Sale 100
10414 Sale 10378 10414
991
.
9812 Sale 9812
10612
10612 10712 106
101
101 Sale 101
Caldaa Dept of(Colombia)7 M8'46 ii
Canada (Dominion of) 58___1931 AO
10-year 5558
1929 PA
55
1952 MN
43.4,
1936 FA
Carlsbad (City) 5 1 88
1954'S
Cauca Val (Dept) Colom 73.4s' q A0
Central Agrie Bank (Germany)
Farm Loans I 78 Sept 15 1950 201 S 9814 Sale 0712
Farm Loan a f 68_July 15 1960 Si 8712 Sale 8714
Farm Loan S f 63_0ct 15 1960 AO 87 Sale 8612
Farm Loan 68 nor A_Apr 15'38 A 0 9012 Sale 90
Mile (Republic of)20-year external a f 7e____1942 MN 103 Sale 10112
External sinking fund 68_1960 AO 9312 Sale 9312
External s I Os
1981 FA 9312 Sale 9338
Ry ref extl t Ca
1961 45 9312 Sale 9312
Esti f 65
1961 Si S 9312 Sale 9312
Mile Mtge Ilk 63.aJune 30 1957'ID 9714 Sale 97
6 s of 1920_June 30 1901 ID 9912 Sale 09
Guar a f 6s
Apr 30 1961 A0 9214 Sale 92
Chinese (Hukuang Ry) 68_1961
D 37 Sale 37
Christiania (Oslo) 30-Yr a f(38 '54 MS 100 101 101,8
Cologne (City)Germany 634s1950 M
Colombia (Republic) 6s.___1961 J
External s f 65o1 1928___1961 A0
Columbia Mtg Bank of 6555_1947 A0
Sinking fund 78 01 1926_1946 MN
Sinking fund 79 of 1927___1947 F A
Copenhagen (City) 56
D
1952
25-yr g 455e
1953 MN
coraona (City) extl e f 7s
1957 FA
External a f 78 Nov 15 1937 MN
Cordoba (Prov) Argentina 761942 Si
Costa Rica (Repub) extl 70_1951 MN
Cuba (Repub) 5s of 1904_1944
8
External 58 of 1914 ser A 1049 F A
External loan 4558 ser C__1949 F A
Sinking fund 5541__Jan 15 1953 J
Cundlnamarca (Dept) Columbia M N
lase •
Exti s f 6 Ms .
c On the basis of $5 to the Z sterling
9012
90
8912
9634
9478
95%
9414
9314
9278
93
10078
17
66
26
79
34
33
154
116
156
3
2
14
52
11
101
60
83
36
337
137
57
2
34
33
52
18
2
63
7
11
23
37
102
74
47
3
7
9838 31
88
46
8714 144
9012 40
10278 37
94
104
94
71
94
101
94
80
9934 101
994 60
9234 61
37
15
10118
9512 9634 9538
90 Sale 90
90 Sale 90
92 Sale 8612
8912 sate 89
9334 92
92
9612 Sale 96,4
884 874
88
9534 Sale 9534
9578 Sale 95,2
100 Sale 9978
95 Sale 95
10114 10214 10114
_ 10218
102189512 977
- 8 9512
10318 Sale 10212
97
9078
9034
874
0012
92
97
8814
96
96
100
953
10114
1021
971
10338
12
49
38
9
7
2
50
31
13
7
6
36
2
25
7
10
88 Sale 8612
d Cash sale.
884
46
Price
Friday
Jan. 25.
IVeek's
Range or
Last Sale.
High
Bid
Ask Low
Czechoslovakia (Rep of) 86..1951 A 0 11014 Sale 11014
99432 993132
Sinking fund 8s sec B
1952 A 0 11018
90204,992844 Danish Cons Municip 85 A__1946 F A 11018 11012 11018
11034 110
99,30100322
SeriesBsf8e
1946 F A 10912 Sale 10912
Denmark 20-year ext168____1942 J
10434 Sale 10414
Exti g 5558
1955 F A 10078 Sale 10014
993132100"n
Ext1 g 455s
Apr. 15 1962 A 0 8914 Sale 89
110 11132.2 Deutsche Bk Am part ctf 6s_1932 M S 9713 974 9714
105 106,342 Dominican Rep Cust Ad 5558 '42 M
98 Sale 98
102,01031122
Ist ser 555s of 1928
1940 A 0 9514 9812 9712
97
981122
20 series sink fund 555s___1040 A 0 9738 Sale 97
973.2 98"32 Dresden (City) external 78_1945 M
10012 10034 100
Dutch East Indies exti 6s___1047 J
10355 Sale 10318
40-year external 6s
1982 M 8 104 Sale 10338
30-year external 534e
1953 IA El 1024 104 1024
8812 8812
30-year external 555s
1953 MN 10314 Sale 10314
8812 8812 El Salvador (Repub) 8s
1948 .1 J 110 Sale 110
- - -- ---- Finland (Republic) esti 6s._1945 M 5 964 9634 9614
External sink fund 7s____1950 111
100 Sale 100
9755 981,,
External s f 655s
1956 M S 9812 Sale 98
Extl sink fund 5558
1958 F A 90 Sale 90
Finnish Mun Loan 655s A__1954 A 0 9612 Sale 9612
-9712
External 63.4' series 13-.1954 A
9612 Sale 961,
9718 98
French Republic ext 7 Ms___1941 J D 113 Sale 11212
9938 9938
External 75 of 1924
1949 J D 10734 Sale 1074
_
German Republic ext.
1949 A 0 10714 Sale 10678
'78
Gras (Municipality) 8s
1954 M N 102 Sale 10138
Gt Brit & Irel (UK of) 550_1937 F A 10312 Sale 10312
10-year conv 5340
1929 F A 11838 Sale 1184
4% fund loan £ op 1960_ A990 MN 87 Sale 87
5% War Loan £ opt 1029_1947 .1 D 994 100
9918
10313 10313 Greater Prague (City) 7555_1952 MN 10618 Sale 1053
4
Greek Governments f set 7s_1964 M N 9714 Sale 9714
Sinking fund sec Os
1968 FA 8538 Sale 8514
8712
88
88
9478
9318
9212
93
91
91
9118
9958
46
14
29
7
16
15
24
31
z•
Low
Foreign Govt. & Municipals.
Agri° Mtge Bank a f 68
1947 F A
S f 68 A
Apr 15 1948 A 0
Akershus ([Sept) extl 55_ _.1063 MN
antiouula (Dept) Col 78A__1945 .1 .1
External s f 7s ser B
1945 Si
Externals f 7s series C
1945
External s f 78 ear D
1945 J J
External 5 I 7e 1st ser____1957 AO
Eat)sec 517s 2d ser
1957 A0
Ertl sec o f 75 3d ser
1957 AO
Argentine Govt Pub Wks 68_1960 AO
Argentine Nation (Govt of)Sink fund 6801 June 1925_1959
D
Esti s f Os of Oct 1925____1959 A0
Sink fund 68 series A
1957 ht S
External 68 aeries B__Dee 1958 J
Ertl a f 13s of May 1926
1960 MN
External s(Os (State Ry)_1960 MS
Ext165 Sanitary Works.__196l FA
Ext 68 pub wke(May '27)_1961 MN
Public Works eat! 534s___1962 FA
Argentine Treasury be £____1945 M 5
Australia 30-yr 58 __July 15 1955 J J
External 5501 1927__SeDt 1957 MS
Ertl g 4355 of 1928
1956 MN
Austrian (Govt) a f 75
1943'ID
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Jan. 25.
95
9612
11412 1151 2
108 10934
10512 107
100 10078
10734 10834
10534 10612
110 11212
100 101
9734 99
9012 92
10212 104
102 104
93
95
9918 10018
10534 109
9418 96
94
9578
100 102
10512 10513
10134 10212
9118 93
8112 8312
10014 10112
9912 100
9912 10018
9212 9334
8918 90
9714
97
98
100
100
103
9812
106
101
Haiti (Republic) a f (38
1952 A0
Hamburg (State) 64
1946 AO
Heidelberg(Germany)ext 7 Ms50 .1 .1
Hungarian Munie Loan 73481945 J
External s f 7s__Sept 1 1946 J J
Hungarian Land M hist 755e '61 MN
Hungary (Kingd of) s1734sA944 FA
Irish Free State extls. el.5s_1960 MN
Italy (Kingdom of) ext'l 7s__1951 SD
Italian Cred Consortium 7s A1937 M
Extl see f 7o ser B
1947 MS
Italian Public Utility ext 78_1952 I J
Japanese Govt £ loan 48____1931 is
1954
30-year s f 6348
Leipzig (Germany)s f 7s
1947 FA
Lower Austria (Prov) 755s 1950 SD
Lyons (City of) 15-year 6s 1934 MN
Marseilles (city of) 15 yr 6s_1934 MN
Medellin (Colombia) 634s__1954 SD
Mexican Irrigat Asstng 4 M 8_1943
Mexico(U 5) extl 5s of 1899 £ '45 Q J
Assenting 58 of 1899
1945
Assenting 5s large
Assenting 48 01 1004
Assenting 48 of 1910 large.....
Assenting 49 01 1910 small
Trees Os of'13 assent(large)'33 is
Small
Milan (City, Italy) ext'l Otis '52 A 0
Minas Geraes (State) Brazil1958 m s
ExtIsf 6340
NIontevideo (City of) 7s
1952 J D
Netherlands 6s (f)at prices)__1
19
95
74
2 PA
A 0
8
30-year external 68
New So Wales (State) ext 58 1957 F A
External s 1 58
Apr 1958 A 0
1943 F A
Norway 20-year extl 68
1944 F A
20-year external 6,
1952 A 0
30-year external 65
19651 D
40-year s f 555s
Externals f 5s____Mar 15 1963 M S
Municipal Bank extl f 58-1967.7 D
Nuremberg (City) extl 6s___1952 F A
Oslo (City) 30-year s f 6s___1955 M N
Sinking fund 5349
1946 F A
Panama (Rep) extl 53.Ss
1953 J D
Extl sec s f 655s
1961 J D
Ext1 f 58 ser A __May 151903 MN
Pernambuco (State of) ext. 78 '47 Ai 8
Peru(Republic of)
li
59
6M
m s
Ent s f sec 7558 (of 1926)_ 195
Extl s f sec 78
Nat Loan est! a f 65
19605 D
1961 A 0
S f g 6s
Poland (Rep of) gold (3o__ -1940 A 0
Stabilization loan a t 78_19
40
71
A 0
5
95
Ext sink fund g 88
Porto Alegre (City of)85
1961 .1
Extl guar sink fel 7 8_ _ _1966 J J
101
Queensland (State)extls f 78 1947
941 AO
F A
10138
25-year external 68
10038 Rio Grande do Sul exti f 88_1196
46
8 A0
J 0
10414
Ext'l s f 63 temp
9938
Extl s f 7s of 1926
1966 MN
10714 Rio de Janeiro 25-yr s f 8s___ 19
95
46
3 AO
F A
102
Esti s f 6 Ma
Rome (City) extl 650
1952 A 0
96
99
Rotterdam (City) extl 66_ 196
54
3 51
5 N
j
86
88% Saarbruecken (City) 6s
8012 SS
Sao Paulo (City)s f 8s_ _Mar 19
957mN
52 MN
8834 9034
Extl s f 6 Ms of 1927
San Paulo (State) extl at 88_1936 J J
100 103
External sec s f 8s
1950 J J
9234 94
Externals 17. Water L'n_1956 M S
9212 94
Esti f 6s $ int rcts
1968J J
9234 94
Santa Fe(Prov. Arg.ReD.)7s 1942 M S
93
94
Saxon State Mtg Inst 7s____1945 J D
9634 9934
F g 6 Ms
Dec 1946! IS
9712 10078 Seine, Dept of(France) exti 7s'42 .1
9112 93
Serbs, Croats 3, Slovenes 8s '62 M N
35
38
Extl sec 78 ser B
1962 M N
101 10112 Silesian Landowners Assn 68_1947 F
A
Soissons (City of) exti 6s
1936 M N
9538 9738 Styria (Prov) exti 75
1946 F A
8834 91
Sweden 20-year 68
D
1939
8834 91
External loan 5 Ms
1954 MN
8434 8814 Swiss Confed'n 20-yr
s f 8s._1940 I ./
89
9214 Switzerland Govt ext 5558_1946 A 0
92
95,4 Tokyo City 5s loan of 1912__1952 M S
9618 97
Exti o f 5 Ms
N
a
m O
8712 8814 Tolima (Dept of)
guar10
extl 7e__196471
9434 9634 Trondhjem (City) 1st 5558_1957 M N
9512 9612 Upper Austria (Prov) 7s____1945 J
9978 10018
External s f 6540__June 15 1957 J D
95
9534 Uruguay (Republic) extl 88_1946 F A
10014 10112
External s f 6s
1960 50 N
10218 10218 Venetian Prov Mtg Bank 721_1952 A 0
9614 9713 Vienna (City of) extl 8,1 68 1952 M N
10134 10338 Warsaw (City) external 78_1958 F A
Yokohama(City) extl 6s
1981 J D
8612 8914
10018 10014 100
9534 9512
95
10312 10412 10418
9614 Sale 9578
9178 Sale 9178
9712 Sale 96
10138 Sale 10034
9538 Sale 9514
9634 Sale 9634
9512 96
9512
9338 Sale 9312
9434 Sale 9434
9214 Sale 92
10114 Sale 10034
9938 10038 9912
9814 Sale 9814
9912 Sale 9914
9934 100
98%
89 Sale 89
25
2612 26
4934
34
3534 3478
3312
2178 2212 2112
2318 Sale 2112
2134 Sale 2114
3514 Sale 3514
34
90 Sale 8912
9314 9414 934
103 Sale 10278
High
111
111
110
1104
10478
10138
89,2
98
9812
9734
9738
100
10338
104
10238
10314
110
9634
10014
99
9012
9612
9612
11338
10734
10738
102
104
1183s
8734
100
106,8
9712
8616
;•
0
Range
Since
Jan. 1.
No.
17
13
3
10
89
38
109
14
18
2
8
5
17
15
2
1
7
15
15
54
10
2
1
141
239
140
4
101
160
50
20
5
5
80
Low
High
109 111
10938 111
10914 111
109 11018
10418 10478
100 10134
8838 8912
9714 9818
9734 9812
97
9812
9312 9734
100 10112
10318 10334
103 104
10238 10378
103 10314
110 11014
9512 9634
100 10014
9712 9912
90
92
9612 9912
9612 98,4
112 11312
10634 10734
10534 10738
10034 10212
10312 10412
118% 11838
86% 8734
98% 100
104 10618
96
98
8514 8734
6
10012
96
13
Jan'29
_
9734 37
9334
9
9712 12
10112 13
9534 18
9714 188
2
9512
94
42
944 12
9212 44
10114 98
1004 11
9914
8
9934 54
100
55
8912 12
Dec'28
_
Jan'28
3478 10
Jan'29
2238
7
2318 38
2218 96
3514
34
90
88
9414
10338
29
12
10512 107 10512 10578 13
10034 Sale 100
10018 73
9412 Sale 9414
95
66
9434 Sale 9414
943
36
10234 Sale 10234 103
34
10234 Sale 10234 10314 31
10338 Sale 10234 1034 28
10133 Sale 101
1013
63
97 Sale 964
9714 57
93 Sale 93
9314 65
8978 Sale 8812
897
19
1024 Sale 101
10258 101
100 10014 9934
993
3
10218 10212 10238 Jan'29
10112 Jan'29
9314 93
93
934 71
934 Sale 9314
95
12
100 101
0502 9634
10319 10412
9578 100
91% 94
96
9814
99% 10112
9514 9714
9634 9734
9418 9512
93% 94%
94% 9512
91% 94
10012 10214
9912 10012
9612 9914
99
9934
98% 100
89
89%
3334
3312
21
2112
21
3518
34
8912
93
101
35
3312
22%
2314
2218
371.,
35%
90
9414
1034
105 106
100 1004
9313 95
9338 9434
10214 10314
10218 10314
102 10334
10038 101%
96% 97%
89% 95
8812 89%
10014 1025g
9934 10114
10218 10212
10114 10112
93
9414
934 95
10714 Jan'29
gale 102
1021
28
Sale 89
8934 149
Sale 89
90
83
Sale 82
83
14
Sale 8712
8834 140
Sale 9812
99
66
107 10612 10612
1
Sale 10012 10238 22
107
10034
89
89
81
8714
98
10514
10011
10712
10232
9014
9038
8312
884
99
10612
10238
10012 III 10914
110
16
10334 Sale 10334 10478 19
10512 Sale 10512 106
26
9012 Sale 8914
9034 89
9918 Sale 98
994 26
10614
10514 10612 106
6
0412 Sale 9412
9512 68
9134 Sale 9034
9134 193
1041
Jan'29
- - 104
4-9112 89 Dec'28
8912
114 Sale
9612 Sale 9612
9714
8
10012 Sale 106
10612 22
10714 Sale 106
10714 50
10012 Sale 10013 10112 24
9112 Sale 91
9134 70
9712 22
97 Sale 97
9812 99
9812
9812
2
97 Sale 95
95
5
107 Sale 10614
107
61
9414 Sale 944
9518 54
80 Sale 80
8138 116
8334 Sale 83
8418 32
9838 Sale 9833
99
9
9214 Sale 9214
93
43
102 10238 10214 10238
9
1044 Sale 10438 105
27
11012 Sale 110
1103
89
103 1033 103
1033
4
7838 Sale 78
783
71
8834 Sale 8812
891
17
90 Sale 90
91
6
9434 96
9434
95
9
9734 99
97
29
97
8712 Sale 8714
37
871
10812 1091 108
54
109
9814 Sale 98
50
991
9118 Sale 9118
57
94
8712 Sale 8714
27
88
8412 Sale 84
85
58
9514 Sale 95
96
69
10812
10312
10514
894
9714
105
93
9034
10312
11012
104%
106
92
9918
10812
9534
9134
10413
i(UT8
8912
89
8214
8712
9812
106
10238
6
113 114
90
9812
1054 108
10512 10714
100 102
91
93,4
964 98
9814 994
94
95
10512 107
94
98
8112
80
8218 8478
99
98
9034 93
101% 10414
10414 105
10956 11034
10234 1034
7712 7834
8812 9012
91
90
9434 96
9612 97
8614 8712
108 109
9718 9912
90
94
8612 88
8212 8514
95
9614
New York Bond Record—Continued—Page 2
534
Price
BONDS
N. Y. STOCK EXCHANGE. 111 Friday
a, Jan. 25.
Week Ended Jan. 25.
Week's
Range or
Last Sale.
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Jan. 25.
111
Price
ItI Friday
, Jan. 25.
Week's
Range or
Last Sate,
1g
Range
Since
Jan, 1.
High
Inch No, Low
Ask Low
I Rid
High Chic Milw & St P (Conauded)—
4 9512
1
93/
4
1
9412 78
ren 4 He aeries E. May 1999 1 J 9412 Sale 93/
Feb'28
71%
-------19252 D
Debentures 48
10234 1023*
10234 104 10214 Jan'29
-05- 04
4
1
93/
93 94 Chic Milw St P & Pao les___ _1975 F A 9312 Sale 93
Jan'29
94
80
77
80
Jan 52000 A 0 7912 Sale 794
Cony adj 5s
86 88
86
86 86
85
4 8012
1
79/
79%
8012
Chic & N'west gen g 3Hs-- _1987 MN 80
8912 Nov'28
Oct'28
7712
-------F
Q
Registered
98 9318 Dec'28
94
89's 0112
9112
4 Sale 894
1
1987 M N 90/
General 48
7614 78
5
764
764 Sale 7614
94 Apr'28
9334
92
Registered
Q F
108
93
9212 Sale 92
Dec'28
9212
911:
8914
N
M
4s
87
tax
In
Fed
non-p
Stud
4
4
1
894 90/
9018
894
Gen 43-4s atm! Fed Inc tax-1987 MN 1024 105 10612 Oct'28
4
1
874 87/
4 Jan'29
1
8512 8712 87/
10512 10)54
4
4 109,
1
Gen 5s stud Fed Inc tax— 1987 M N 10114 1104 109/
8812 Jan'29
MN -------- 113 May'28
Registered
21 -ii- Ili
88
4 87 87
1
86/
-66- -911
ng
Reig
1879-1929 A 0 101114 ____ 10012 Jan'29
dink
feurn0 Os
ieted
Oct'28
89
--5- 1004 Oct'28
A 0 -ifiis -9-98
2 -ggrii -91189
89 Sale 89
.9912 10012
4
99,
4
99,
1879-1929 A 0
Sinking fund Si
91
90
9012 12
90
9012
Nov'28
9814
0
A
Registered
Nov'28
8818 9012 91
10112 1-614
1933 MN iggi2 III- 10184 Jan'29
Sinking fund deb 58
3 -gi- -9-2 92
92 Sale 92
10034 10034
4 Jan'29
100,
IA N
9114 93
Registered
9114
914 Sale 9114
1017g 103
46
.
ilitile
T4
4
1
/
gi
.
1
102
10214
II
1
1930
10-year
9814
974
secured
28
78
g
977 9712
98
11118 28 11014 1114
10314 10314
15-year secured g 6 Ha..__JOU IN 8 111 Sale 111
10318 10612 10314 Jan'29
27 10412 10512
10412
Sale
10412
1054
D
J
May
5*
96
g
2037
ref
let
96
Jan'29
96
____
96
4
1
97/
98
4 96
1
96/
4
,
96
May 2037 1 11 96
bit At ref 4 He
2 101 102
102
102 103 102
8712 89
13
89
Chic RI dr P Railway gen 48 19882 3 8712 89 8712
8518 8912 874 Oct'28
Dec'28
884
J
-------lii"
J
-iii.
Registered
17
4 93 91
/
911
914
9412 220
4
1934 A 0 94 Sale 93,
9014 904
Refunding gold 4s
4
9014
9014
A 0 - --- ---- 93 Sept'28
9712 97/
Registered
4
1
9734 19
9718 97158
9212
5
4
1
/
be
92
062
Sale
9314 79
sedesA
91
8634
Secured
434s
4
1
8824 Sale 88/
894 12
75 Ch St L & NO Mem Div 48_1951 J D 8412 88 8914 Dec'28 - 73
5
75
75
7312 76
Jan'29
105
104
D
/
1951
66
15
Gold
June
6712
Se
Jan'29
6614 86
60
107 Apr'28
Registered
4 Dec'28
1
79
853* 85/
e. 8412 Jan'27
.:
LGold 3345
June 15 1951
3 ioo- 1010-100
100 102 100
101fa—
101
101
Ch St L & P lat cons g 5a____1932 A 0 1
4 June'28
/
923*
A 0- - - 1011
90
Registered
9214 74
nen & Ohio Ist g 48.....__July 1948 A0 9212 Sale 9218
ioo- 101
6
illi gale 101
101
D
_
J
_
PM
St
8e-1930
Chia
cons
&
0
Dec'28
89
Jul,'1948 Q J
Registered
964 97
Cone lls reduced to 3118.-1930 .1 D 9612 - - 9612 Jan'29
9S1 156 -Oa -ii
1933 M
9812 Sale 983s
50-year cony 4115
9818 101
11
8 984 gale 9318 101
PA
1930
56
Debenture
June'28
98
M
Registered
9814
9918
98
Dec'28
8
iiiiM
166i2
Stamped
125
4 102
/
102 Sale 1011
Refund & gen Is series A__1995 3
10-0-11
-el
Sale
98
98
32
9818
Chic T IT & So East let 58_1960 1 0
4 Dec'28 _
1
99/
J D
Registered
9018 9212
9214 15
Inc gu 5s. _
Deo I 1960 M 8 924 Sale 91
July 1948 AO 10312 gal.- 1034 10412 14 igiii 1041-2
let gold 5s
10014
994
Sale
9914
49
9914
100
109
1
110
1
1983
A
4315
Chic Iln Sta'n tot gu
1097e 55
1995 3 D 1094 Sale 109
Ref & gen 66 series C
103 103
9284 94
1st 55 aeries B
1963 1 J 10212 103 103 Jan'29
18
94
4
1
4 9312 93/
1
PLEA W Vs Sys ref 48_1941 MN 93/
84 10212
101
102
10112
4
/
1011
4
/
1011
10042
3
0
1
10312
1944
68
g
21
Guaranteed
10258
1950 J J 10214 Sale 10012
6outbw Div let 55
10 114 11512
115
82/
4 854
1
1963 J J 11412 116 115
1st guar 61.1e series0
11
84
4
1
4 Sale 82/
1
82/
Col & Cin Div 1st ref 441 A.1959 3
10212 Dec'28
61 10014 102 Chic & West Ind gen 6e Dec 1932 O M
4 Sale 10012 102
101,
2000 M
Ref & gen 55 series D
8888
8914
12
11
103
894
J
103
3
874
1952
Consol
50-year 48
,angor & Aroostook let 58_1943• 3 10314 105 103 Jan'29 - _
4 105
105
7 103,
1962 M $ 105 Sale 104
4
1
1st ref 5H a ser A
2 8318 83/
83141
8314
84
1951 3, 83
Con ref 4s
10018
10412
Dec'28
N
II
5s._1962
Oboe
------cons
Okla
Gulf
&
Feb'28
6812
aattleCrk & Stur 1st gu 3s 1989 J o 6018 71
042 0417
1937 3 3 9412 -9712 9412 Jan'29
j 95 ____ 95 Dec'28 -- ---- ---- Cin H & D 2d gold 4148
-leech Creek let an g 40-1936
CR
256
L&
giste
,let g 48-Aug 2 1930 0 F 9412 9614 9512 Dec'28
?
re
Registered
3 1
974
Oct'28
---F
0
1936
2
Aug
97 June'28
1936 3
26 guar g 58
88
2 88 88
88
---- ---- Oln Leb & Nor let eon gu 4s 1942 M N
82 Aug'28 -tteecb Crk Est let g 354e,,..1951 AO 774 81
Belvidere Del cons an 3118_1943• J 8612--100
98112
9114
July'28
3'
ini; Clearfield & Mab let gu 53_1943
; -11-5
114
1944 J o 9118 9214 911
Big Sandy tat 45 guar
89 WCleve CM Ch & St L gen 4s_ _1993 D 8912 -91 89 Jan'29
1927 JJ
uoilvia Ry let 58_
97% 9834
973 99
2
9818
1931 33 9778 9814 984
20-year deb 414a
71
99
Breton & Maine Is; be A C..1967 MS 9712 Sale oil;
112
112
112
Jan'29
8012 8112
1993 3D
General(*Series B
4
8012
8012
Barton & NY Air Line tat 481955 CA 791. 81
9978 1017s
Sale 99% 101% 43
8
1017
9412
9418
33
_1929
&
__
Ref
A_
series
6a
lmpt
13
941p
96
94
94'8
Bruns le West let gu g 46..1938 3
10414
10414
10414
3
10414
DIN
1941
Ref
ii
& impt Os ser C
Suf/ Roth & Pitts gong 56_1937 MS 10114 10612 10012 Dec'28 -10254 1011
4 103/
/
4 29 10178 1033*
1
4
1963 33 101% -Ref & impt 58 ser D
28 "968. -1/3917
1957 ▪ N 9112 Sale 9114
Conso1434s
9414 95 Nov'28
Calro Div let gold 4s
1939 1 .1
5 10014 10014
nor IC R & Nor let & coil 58 1934 *0 10014 102 1004 10014
8718
91
Jan'29
Cm W & M Div let g 411_1991 33
8738 8812
4 Jan'29
1
4 87/
89,
St L Div let coil tr g g 48_ _1990 MN WI
Canada Sou cons gu 58 A_—_1962 A 0 10412 10514 10618 10612 10 10538 10634
9512 9634
Spr & Col Div let g 4s
1940 Ms 924 95 9218 Dec'28
96 , 26
Janadian Nat 4111..Sept 15 1954 M $ 96 Sale 9514
4
/
90 Oct'28
9838 9912
W W Val Div Ist g 4s_
1940 3 3 911
993*' 61
5-year gold 411e_Feb 15 1930 F A 994 Sale 9918
9514 96
4 48 "sio" 08
96,
Ref & Impt 4Hs ser E...1977 3, 9612 gale 98
4 70
1
95/
1957j 3 954 Sale 9514
SO-year gold 4Hs
104
1 104 104
1934• J 104 108 104
4 11214 18 1114 11214 CCC&Igenconsges
/
.2.onadian North deb s 1 7.--1940 3 D 112 11214 1111
100 10112
10112 Sale 1014 10112
116
11418
58_1933
Clev
0
*
&
Lor
g
lat
con
W
1
116
116
11612
116
3
61-0
deb
f
19463
36-year
100
Oct'28
100
99
973s
1938
&
55
Cleve
J
J
17
Mahon Val g
99
9814 Sale 9814
10-yr gold 4319---Feb 15 1935 F
96 "ig Jan'29
86 Cl & Mar let gu g 4101...J935 MN 964 --- 96
84
85 144
Janadian Pao Ry 4% deb stock-. 3 3 8412 Sale 84
..-4 Mar'28
/
1011
9712 99 Cleve & P gen gu 4 He ser 11 1942 £ 0 994
9912 62
1946 M S 98 Sale 98
Colo440
---_
994
Nov'28
100
3
'
1942
Series A 411e
981s Nov'28 _
Oarb & Shaw 1st gold 4e_ —1932 M
91
Oct'28
80
8018
MN
C
Series
3
1948
12
8013
He
80
Sale
80
let
Cent
J
J
1949
Caro
oons g 48
89g 89
4 Jan'29
1
89/
1950 ✓ A
9 100 10112
SerieeD 3He
101
Caro Clinch &0let 30-yr 56_1938 J D 100 Sale 100
4
,
99
98
9912
7 107 1083s Cleve Sher Line let gu 4 Hs_1961 * 0 98l 9958 994
10734 109 10734 108
let & con g 68 ger A _Deo 15 52 3
10612 109
10
Sale
10612
10712
10612
Cleve
*0
Union
Term
Dec'28
1972
1,$53-4e
4
1
/
87
4
/
871
87
19813 0
Cart & Ad let gu g 48
Oct'28
107
8412
84'2
Registered
A0
8412 Jan'29
85
Cent Branch U P 1st g 4e_1948 J D 82
4 jai. foil;
4 10514
latsf 5sserB
1973 * 0 l04 10514 104,
Central of Ga 151 g fis_Nov 1945 F A 105 ____ 105 Dec'28
8 9974 101
101
5 ioi- 103
lets fguar 4HeserC
103
1977 £ 0 100 Sale 100
1945 MI N 102 Sale 102
Como!gold 5e
100 100
_ 100 Jan'29
MN
Registered
0018 901s
_
Jan'29
904
91%
90
1001.
997.
Coal
River
2
Ry
1164
4s
gu
1st
3D
100
1945
100
D
100
19293
10-year secured fla_June
9912 99%
6
99%
3 105 10512 Colorado & South lat g 4a_ 1929 FA 96 Sale 99%
105
Ref & gen 5H a series B_.1959 A 0 102 104 105
974
96
2
96
4 Sale 96
1
2 10118 10118
Refunding & eaten 4Ha_1935 MN 95/
1969A 0 10118 Sale 10118 10118
Ref & gen 58 wiles0
8 91
90,
2
91
s
,
90
93
4
1
/
90
Col
H
&
V
June'28
lst
g
0
ext
£
1948
4e
_ 9312
Chan Div pur money a 48_1951 J D 86
_
...._
Nov'28
9211
921
4
/
911
101 101
Col & Tol lst est 48
J'29
1955 P A
102 1-67 101
an.
Mao & Nor Div let g 58_1946 j
90 May'28
Conn & Passum Riv let 4e_1943 * 0
101 105 10318 Apr'28
Mid Ga & Atl div pur m 5e 1947 j
4 Nov'28 _ _ _ _
1
- 95/
4
Cowen Ry deb 48
_
1930 CA 95,
19463 3 101 105 105 Dec'28
Mobile Div lst g 58
74 -71"
75 Jan'29 ___.
73
72
84
833*
9
Non-cony
84
3,
4s
84
1954
Sale
84
j
J
1961
4s.
gu
1st
Eng
New
Cent
76 Dec'28
75
72
99
974
2
Non-cony
99
3
deb
'
99
1955
Bale
99
4e____J&J
Central Ohio roorg let 4348._1930 M S
Nov'28
76
_
72
9812 9914
Non-cony deb 48____A&O 1955 £ 0
Cent RR dc Bkg of Ga con 55 1937 IN N _-_- 9718 9812 Jan'29
8384 73 Jan'29 _ _ -73- -71110 11118
Non-cony debenture 4s___1956
3 72
'
110 113 110 Jan'29
Central of N J gen gold 58-1987
9314
91
9212 82
1 1094 10958 Cuba Nor Ry In 5348
4
1
1942• D 9112 Sale 91
4 109/
1
1987 ra J 109 111 109/
Registered
9414 96
9512 24
944
Sale
9414
Cuba RR Int 50- yeAr 58 g---1952 3,
9212 91 Dec'28
19873 J
General 48
4 104
1
100/
10134 104
10
104
1034
11-112
003
let
3D
1936
ref
19
9112
4
1
/
90
A
7Haser
Sale
1949F A 9012
Cent Pao lat ref gu g 48
98
98
4 98 Jan'29 ____
1
__ 95/
let lion & ref 6s ser U
1936 J
88 Sept'28
V A
Registered
3 -66" 19
99
9914 99
Mtge guar gold 3yis_ _Aug 1929 3 D 99
9734
974
Jan'29
4
1
/
97
4
973
4
/
911
90%
Day
J
&
411s-1931
2
Mich let cone
4
/
911
4
/
Through Short List gu 48 1954 A 0 9133 9212 911
4 9412
91,
9Pe Sale 9154
9258 11
1980 F A 10284 Sale ,10214 10278 58 102 102% Del & nucleon let & ref 48....1943 MN
Guaranteed g55
101 10412 Jan'29 _ _ _ 10412 10412
30-year cony Se
1935 * 0
105
10312
Bale
104
1
104
104
N
1937
15-year 5la
4 Aug'28
1
Charleston & Savnis let 7s...1936• 3 11318 ____ 1 119/
10238 10314
1930 D _947 10178 103 Jan'29
10-year secured 75
_I 993* Dec'28
(Thee & Ohio fund OS kept 68-1929 j
_
_
Aug'28
64
9
A
l04'
F
D
RR
10334
&
7
48_1936
10414
Hideo
gu g
1939 MN 103'z 1041g 104
let coneol gold Si
4
90 1)-21
4 65
92,
Den & R G 1st cons g 4s_ _1936 J J 90 gale 90
_ _110214 Dec'28
1939 MN
Registered
_
93 944
963k 10014
3 93 Sale 9412 Jan'29
'
1936
Consol gold 4148
9884 89
4 9812? 9654
1
96/
1992 M
ileneral gold 41345
9514
Bale
94
93
94.4
93
182
MN
954
95(8
A
Den RU West gni 5s_Aug 1955
3
9518
Registered
MB 9518 Sale I 954
4 Sale 911
/
4
/
9058 9334
4 38
1
92/
94)12
99
Ref dr Impt 58 ser B Apr 1978 MN 911
4 113
1
99/
1930 CA 99 Sale 99
40-year cony 434a
41
40
36
33
40
29
9934 100
Dee MAMD 1st gu 48
1935• J 40
10012 ___ 9984 Jan'29
Craig Valley 1st 68_May 1 '40 J
35
34
37
3518
35
30
8
Temporary etre of deP0,1,--.4-.;,
10012 9034 Sept'28
Potts Creek Branch 1st 48_1946 33
4 100 10214 Feb'28 _ _
1
92/
Slit;
MS
86
Des
1
Plaines
86
Val
86
Sale
let
86
j
gen 41411-1v4
& A Div let con g 48._1989
'3D 7614 80 7614 Jan'29 _ _ _ _ -776i4 704
Del
& Mao let Ben g 48
199'
4 July'28
1
85 92/
1989• J
2d conaol gold 48
79 75 Jan'29 _ _
75
75
ioo- 169;1995• D 75
Gold 4s
100 Jan'29
Warm Springs V 1st g 68_1941 M
984 16
98 10014
99 100
Detroit River Tunnel 4 He._1961 MN 9814 Bale 98
99% Sale 9912 100 3 tii-Champ Corp cony 58 May15 1947 MN
8
,
103
10312
Aug'28
70
J
69
Dui Missabe & Nor gen 511_1941
1
70
& Alton RR ref g 38—.1949 AO 70 Sale 70
4 loofa Ica-69
69
1,441 & Iron Range 1st 5s____1937 £ 0 1014 --- 10012 101
Jan'29
69
Ctf dep stud Oct 1928 Int...
10012 May'28
71
£0
68
Registered
8912 10
6914 6912
Windy first lien 31111-1950
67
4
1
8112
5 -i6i2 In;
71
68
_1937 33 "ioi.83 60/
Dul Sou Shore & A tl
70 70 Jan'29
Certificates of deposit
67
94
.- 94
Jan'29
94
8512 86
East Sty Minn Nor Div 18‘46'48 * 0
8512
L Die Burl & (2—Ill Div 8341-1949• .11 8512 Sale 8512
9912
9912
99
99
Jan'29
East T Va & Ga Div g 5s._1930 33
8512 Dec'28
Registered
./
10418 1-(1i11-4 1044 10414 12 10418 10412
933*
MN
92'l
1956
21
Cons
let
4
1
/
93
58
gold
9212
4
1
/
93
4
Illinois Di Y1810D4a
1949 32 -923
10212 101
10012
10312
101
101
1
9312
MN
4
913
58_1941
Elgin
15
Joliet dr East let g
9234
General 4e
9212 Sale 924
1958 M
103 10514
El Paso & W let 5e
1985 * 0 10113 10312 103 Jan'29
9334 Sept'28
Registered
MS - 98'4 99's
9912 25
1977 CA 9812 9918 99
tat dr ref 4 Ha tier B
10314
103
4
1033
10313
1024
10314
21
MS
105
4
,
Erie lot control gold 78 ext-1930
13 104
1971
A 10478 10512 0478 105
'
let & ref 5e series A
844 85's
8558 24
3 8512 Bale 854
'
105 105
1996
ist cons g 4s prior
05 Jan'29
k:LtIcago & East fll let 88-1934 AO 104
86
Jan'28
_
8518
J
81
1996
114
Registered
8218
C & E Ill Ry (new co) con 54_1951 MN 8114 Sale 81
803*
4 79
79
80
78
10312 106
let cousol gen lien g 411-1996 £ 3 -7888 -1i11982 MN 10312 1084 10312 Jan'29
Chic & Erie let gold 6.
4 Nov'28
1
77/
6812 69%
1996 J
Registered
6912 163
6884 Sale 6884
Chicago Great West let 48-1959 M
Sale
1003*
10118
10118
5
1-61-71,
A
11334
F
4
1
/
113
48-1951
3
Penn coil trust gold
4 11384
1
11334 Sale 113/
Chic Bid & Loulsv—Ref 60_1947 1
4
1
827, 10
4 8412
1
82/
1 100 10312
50-year cony 4e series A-1953 A 0 82'i Sale 82/
100
1947• 3 100 Sale 100
Refunding gold 5s
8
,
4 8378
1
4 83
1
4 83/
8378
82/
1
92
1963* 0 82,
Series B
3 92
92
Refunding is Series C.—1947 33 02 Sale 92
834
Dec'28
8412
9934 10314
1953* 0
Gen cony 4a series D
4
9934 100
1966 MN 9934 102
let & gen 5s ser A
frii4 Bale 95
"ii"
96
138
N
10812
M
106
1987
&
Ref
20
58
impt
107
3
1960
_MAY
4 107 l08g
1
106/
let & gen Os serif_
4 110
11012 13 110 11012
Erie & Jersey ist a f 68— 1955 3 1 109 111,
Jnic Ind A Sou 50-year 4s_ _ _1956 3., 8712 9218 9214 Dec'28 -Genessee River let a f k 1957 3 1 109 11038 1114 Jan'29 _- 11112 11112
9918 Oct'28
Chic L B & East 1st 434s,,..19)19• D
102
.
8818
Feb'28
...i
3
863
I
-1940
85
Erie
&
B
28
ser
Hs
Pitts gu g 3
85
jh MA HIP gene 48 A _May1989 3 .1 85 Sale 85
1940 3 3 8818 If 8818 Jan'29.Series C 3H8
8218 Dec'28
Q J
Registered
10412 Sale 10318 1044 119 10318 10412
N
M
75
1954
75
Est
RR
esti
79
Jan'29
1
a
1989
_May
7412
_
B_
J
J
75
79
Gen g 3145 ser
9414 95,
4
39
947
Oen 4415 series C___ May 1989 j 3 9414 Sale 9414
Registered
- - - - —_- 00 May'28
Bid
Railroad
&Is Cit Sou 1st cons A 154-1943 .1 0
1943 3 D
tat cons 4s ser B
1946. (3
if) Sun 1st guar 33-1.
klieg & West lst g gu 48—.1998 A 0
1942M 8
klieg Val gen guar g 4e
Inn Arbor lot g 48_ ... _July 1995 Q
ktdis Top & S Fe—Gen g 48-1995 A 0
A 0
Registered
kdjuatment gold 4s July 1995 Nov
Registered
Nov
July 1995 PA N
Stamped
N
Registered
1955 J
Cons' gold 4e of 1909
1955 J D
Cony 48 of 1905
Cony g 49 issue of 1910_1900 J D
Rocky Mtn Div let 48._ _1965 .1 J
Frans-Con Short L let 4a_1958 J J
Cal-Arbs 1st & ref 411e A 1982 M S
atl Knozy & Nor lot g 5e-1946 J D
J
ktl & Chart A L 1st 4H/1A-1944
tat 30-year 58 aeries B..1944 J J
atlantic City tat cons 4s....1951J 1
kt1Coarst Line let cona 4s July'52 M
M
Registered
19843 D
General unified 41-4s
L & N coll gold 4s____Oct 1952 MN
1948J J
ail & Day lat g 49
1948 3 J
30 45
1949 A 0
itl & Yad 1st g guar 48
AUfft111 & N W let gu g 58-1941 .1 3
Ask Low
High No, Low
I' 13 -1,-3ji,
BONDS
•
N. Y. STOCK EXCHANGE
Week Ended Jan. 25.
r •
r
r
New York Bond Record—Continued—Page 3
1,4
Price
Friday
Jan. 25.
Week's
Range or
Last Sale
Ask Low
99
99
93
78
2512
94
107
107
1034 1-O&72 10334
9914 9978 9914
9914 9912 994
9634 9878 99
89
86
86
9712 Sale 0712
7438 75
7438
96
97
96
11212 Sale 112
10518 10512 10518
98
;1 •
.t
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Jan. 25.
535
Price
Friday
Joni 25.
Week's
Range or
Last Sale.
Range
Since
Jan. 1.
Bid
High No, Low
High
High No, Low
Ask Low
High
Oct 28
Louisville & Nashv (Concluded)-55- 19-14- 10-year sec 7sMay 15 1930 MN 10234 Sale 10212 10234 8 101 102,4
Jan 29
3
93
106
9312
9312
2 10558 10738
let refund 5).4s seriesA2003 A0 106 Sale 106
80
40
77
80
2003 * 0 10438 1064 10418 1041g
1 104 10578
let & ref Is series B
32
2512 354
974 99
34
2003 * 0 9758 9912 9758
9814 40
1st & ref 434s series C
100
Jan 29
94
94
1930 J
1 100 10034
N 0& M 1st gold 6s
10014 100
10014 Dec'28
100i4
Dec 28
1930 J
---2d gold 6s
0214 Dec'28
1 1(-)334 103310334
4
Paducah & Stem Div 40_1946 FA 9114
---S 65
6618 Dec'28
70
6
9914 9914
9914
St Louis Div 2d gold 3s 1980
100 Sept'28
9932 9912
9912 10
Mob & Montg 1st g 4348_1945 MS 984 _
Jan 29
89
89
89
9812 99
89
1
South Ry joint Monon 4e _1952 II 88
N 914 92
Jan 29
8514 86
9112 92
92 Jan'29
All Knoxv & an Div 48 1955
9912 9912 Jan'29 _
9678 98,
9712
4
9878 9912
Loulsv(an & Lex Div g 4348'31 MN 99
7438
5
9912 Dec'28
74
,
8 75
1934 ▪ .3 994
Mahon Coal RR let 55
7414 74
Jan'29
96
74 -74
96
-7
2
7412
Manila RR (South Lines)48_1939 MN 74
6
1124 14 11119 11214
75 Dec'28 _
80
1959 Ml'. 77
let ext 4s
1057s 39 105 106
984 Jan'29
-55i2
Manitoba S W Coloniza'n bs 1934 ID 99
Oct'28
---88 July'28
89
Man GB&N W lst 3;48_1941 II 88
8 Mich Cent Det & Bay City 5s_'31 MS 9912
Great No gee 75 series A
1936 J J 11134 Sale 11112 11218 82 11112 112,
9912 Jan'29
-551-2 ITET1-2
J J
Registered
114 Apr'28
1004 Apr'28
QM
Registered
let & ref 4318 series A____1961 J J 91
9678
7
0612 9112 Nov'28
967s 9612
9612 98
Mich Air Line 4s
1940 II 93
I .7
General 5348, series B
9218 July'28
1952 J J 10878 Sale 10834 10934 31 10834 10934
Registered
General Is series C
7 10212 104
8OSs 8558
1973 J J 103 1034 10212 103
1st gold 334s
1952 MN -8058 -_-_-_-_ 8058 Jan'29
General 434s series D
9512 Sale 9512
9612 22
994 9934
9512 9714
2
9934
1976 I
20-year debenture 45
1929 A0 9958 9978 9958
9614
General 4,34s
19
96
AO
99
Oct'28
97,
1977 I I 9614 Sale 96
Registered
Green Bay & West deb ctfs A____ Feb
_ 85
Oct'28
-554 -9-6-34
Mid of N J let ext 5s
1940 A0 9118 964 9634 Jan'29
2914
Debentures ctfs B
Feb 84- - 2834
28
295s 43
28
2028 Milw L S & West imp g 5s., A920 FA 9934 100 9912
9912
9912 9912
Greenbrier Ry let gu 45
9312 Dec'28
9778 Dec'28
98
1940 MN 9358__
Mil & Nor 151 ext 43-W1880)1934 ID 96
- 106
Jan'29
Gulf Mob & Nor let 5;0_1950 AO 98 10578
106- 166D
95 Dec'28
1934
Cons ext 434s (1884)
0184
1st M 5s seriee C
101 102 Dec'28
92
1950 AO
9134
9134 92
Mil Spar & N W 1st go 4s__ _1947 M
16
Gulf & S I let ref & ter g 56_01952 Ii ioiE2
Jan'29
108
ioi- 108 Milw & State Line let 3S4s_ _1941 Ii
90 Apr'28
5414
Hocking Val let cons g 4340_1994 I, 99 100
99
1
50
99
9834 99
64
47
Minn & St Louis 1st cons 53_1934 MN 52 Sale 52
Registered
10212 May'28
49
Jan'29
52
53
53
1999 I
Temp ctfs of deposit_ _1934• N 51
Housatonic Ry cone g 5s
2912 543
1912 2912
9818
9818
98
9818
2938 Sale 2278
5
1937 MN 974
1949 M
let & refunding gold 4s
El ATO 1st g bs int guar
10212
_ 102 Dec'28
15,
8 1912
1912 13
1937 I
Ref At ext 50-yr 58 ser A_.1962 Q F 1618 1914 19
Waco & N W div let 68
1 102 102
102
16
16
16
1714
16
1930 MN 10014 fcii 102
1
Certificates of deposit
Houston Belt & Term 1st 58_1937 J J 99 102
99
2
99
9934
883s 894
8914 884
99
,
4 M St P&SSM con g 4s let gu'38 J J 89
8914 29
0514
Houston E & W Tex let g 5/8_1933 MN
101 10012 Dec'28
9334 99
2
1938 ▪ I 9512 974 9514
lst cons 581
let guar Is red
10178 10014 Jan'29
9684 99
1151-)T4 1-k14
99
97
1933 MN
9812 9812
33
let cons Is gu as to int___A938 J
Hud & Manhat 1st baser A 1957 FA 971-4 Sale 964
113
95,
8 98
98
10014 Sale 10014 10012 11 100 101
1931 M
10-year coil trust 634s
Adjustment income 58 Feb 1957 AO 83 Sale 8112
101 102
83
178
Jan'29
8112 83
10012 101
1946 J J
1st & ref 65 series A
0312
94
92
94
9
9312 95
1949 M
25-year 5345
0312 9312
Clilnels Central let gold 4s
I 9478 ____ 95 Jan'29
91
945
9312
1951
1941 MN 9312 ____ 9312
2
1st Chicago Terms 14s
Registered
12
95 May'28
9958
98
9812
-1949 J J 9812 Sale 9812
1
Mississipp Central let 5s
let gold d
8514 ---- 8514 Dec'28
8434 8558
844
4
4
---- Mo Kan Az Tex lot gold 4s-1990 ID 8458 8434 84,
____
Registered
ii ---- - - -- 84 Nov'28
102
81 10012 102
Mo-K-T RR pr lien 58 ser A_1962 J J 101 Sale 101
Extended 1st go1.1 3348_1951 AO 84
8714 8612 June'28
8658
85
1962 J J 8434 8514 85
8514 19
413-year 48 series B
let gold 39 sterling
9278 9412
1951 MS 7358_ 74 Sept'28 _
9412
1978 J J 9234 9312 9278
9
Prior lien 434s ser D
Collateral trust gold 4s
6i 9334 9334 1 91 9334 Cum
1952 AO 91
adjust Ss ser A Jan 1967 A0 10334
@FedFRASER