Full text of Commercial and Financial Chronicle : July 13, 1929, Vol. 129, No. 3342

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VOL. 129.

SATURDAY,JULY 13 1929.

NO. 3342.

Banks, as in the past, the operation would have
attracted little or no notice. Indeed, the general
PUBLISHED WEEKLY
public would have been unaware of what was going
Terms of Subscription—Payable in Advance
been in entire
Mos. • 6 Mos on, and hence would necessarily have
12
Including Postage—
$6.00
$10.00
Within Continental United States except Alaska
6.75 ignorance of the matter. As it is, considerable spec11.50
Canada
In Dominion of
7.75
Other foreign countries. U. S. Possessions and territories— 12 50
indulged in as to the purpose and
- ulation has been
The following publications are also issued. For the Bank and Quota
Record the subscription price is $6.00 per year; for all the others is intent of the Treasury Department in making the
Hon
MOO per year each.
-purchase. Does the Treasury Department intend to
MONTHLY PUBLICATIONS
COMPINDIUMS-BANK AND QUOTATION RZCORD
Puma° UTILITY—(semi-annually)
RSCORD
'MONTHLY EARNINGS
ease the money situation and with that end in view
RAILWAY & INDUBTRIAL—(iOGI a year)
STAYS AND MUNICIPAL-01eMl-annually)
does it intend to place $75,000,000 at the disposal of
Terms of Advertising
45 cents the money market? If so, will not that be in conflict
Transient display matter per agate line
On request
Contract and Card rates
with the policy of the Federal Reserve Banks in
Cameo Omen—In charge of Fred. H. Gray, Western Representative.
State 0613.
205 South La Salle Street, Telephone
seeking to prevent the use of credit in Aid of stock
LONDON Orme—Edwards & Smith, i Drapers' Gardens, London. E. 0.
speculation? Assuming that to be the case, what
WILLIAM B. DANA COMPANY, Publishers,
are the Federal Reserve authorities going to do
Front, Pine and Depeyster Streets, New York
about the matter? Will they sell some more of their
Published every Saturday morning by WILLIAM B. DANA COMPANY.
President and Editor. Jacob Seibert: Business Manager, William D. Rhign United States Government securities so as to offset
Tress., William Dana Seibert;Sea.. Herbert D.Seibert. Addressee of all. Office of Co.
the action of the Treasury Department?. Are the
Situation.
The Financial
Reserve authorities and the Treasury Department
event of this week was the announcement, on working at cross purposes? These are some of the
An
July 10, that Ogden L. Mills, the acting Secretary of questions that have been asked.
the Treasury, had authorized the Federal Reserve
All this may be dismissed as idle talk, and it
Banks to purchase, at the option of holders, for ac- may be taken for granted that the Federal Reserve
count of the sinking fund of the U. S. Treasury, and the Treasury Department are in complete har$75,000,000, or thereabouts, aggregate face amount mony. The Treasury is simply carrying out one of
2T
of 3y o Treasury notes, of Series A, 1930-32, at 98 its daily operations in the ordinary course, and is
and accrued interest. The offer is to remain open not concerned as to the effect upon the money
until the close of business on Tuesday of next week market, nor are the Reserve authorities, it may be
(July 16), or at such earlier date as the full amount assumed, giving the matter any thought or considshall have been tendered. Purchasefor account of the eration. The operation is really a minor one, and
sinking fund are of course a common occurrence and of little consequence alongside the big jobs of financthe only particular in which the present offer to ing in which the Treasury Department is obliged to
purchase differs from previous operations is in the engage at quarterly periods such as the recent June
method adopted for making.the purchases.
financing, when the Treasury Department had to
The Treasury Department asks for tenders of the provide for taking up $500,000,000 of maturing cernotes at a fixed price, instead of pursuing previous tificates of indebtedness, besides inviting subscrippractice and going into the open market to make tions for a new issue of certificates for $400,000,000,
purchases or buying through the Federal Reserve and making income tax collections to a huge aggreBanks. The Treasury notes now to be bought were gate, so that the total Treasury turnover easily exoriginally exchanged (in March 1927) for the Sec- ceeded $1,000,000,000.
ond Liberty Loan bonds, which the Treasury had
.
This week's action of -the Treasury Department,
called for redemption. These notes were issued at however, in inviting tenders of Treasury notes does
par, of course, but have been selling at a discount show that the Treasury Department has independent
in the open market for over a year, and the market means of affecting the money market, whether it so
price on the day of the Treasury announcement was intends or not; $75,000,000 is not a large amount in
97 24/32 bid, and 98 asked. The Treasury Depart- these days of big transactions, but it is nevertheless
ment is of course desirous of acquiring the bonds as of sufficient consequence to influence the course of
cheaply as possible, and evidently feels that in invit- the money market in times of strain, when, as the
ing tenders it stands a good chance of getting the saying goes, "every little helps." Treasury purbonds without the risk of running up the price, which chases of bonds or notes do not stand alone in that
might be encountered in undertaking to purchase the respect. Of vastly greater importance is the power
notes in the open market. Washington dispatches which the Treasury Department possesses, at times
state that purchase will be made out of the residue of the quarterly financing and the heavy income tax
of the $185,000,000 surplus with which the Treasury collections, to swell Government deposits with the
member banks. Against such Government deposits
closed the fiscal year ending June 30 1929.
If the Treasury Department had made purchases the member banks are not required to hold any cash
in the open market or through the Federal Reserve reserves, and accordingly they are all "velvet."

Emantial Thronicit




168

FINANCIAL CHRONICLE

[VOL. 129.

One recent illustration will suffice to show what 302,874,000. In the circumstances the Reserve
important factors these Government deposits become Banks had no alternative except to add to the volume
at the quarterly periods.. On June 12, just before of Federal Reserve notes in circulation, and the total
the Government's June financing and before the of these increased over $96,000,000 during the week,
receipt of the first installment of the quarterly in- rising from $1,736,259,000 to $1,833,004,000. We
come tax collections, Government deposits with the notice that the Federal Reserve Board remarks that
reporting member banks were only $46,000,000. The "the usual post-holiday return flow of currency being
following week (June 19) they were up to $260,- more than offset by issuance of the new small size
000,000, having increased in that single week in notes," but that is difficult to believe.
amount of $214,000,000. The result was to create
Borrowing at the Federal Reserve Bank of New
an artificial period of temporary ease, the mislead- York has been particularly heavy, the discount holding character of which appeared when the call money ings here having further rieen from $425,254,000 to
rate on the Stock Exchange, after being held un- $439,320,000, at which figure comparison is with
changed at 7%,suddenly advanced to 10%,and then, only $194,426,000 on May 29. Again, as in previous
after being maintained at the latter figure, on the weeks, the Reserve institutions, while diminishing
1st of July spurted to 15%. Since the middle of their own holdings of acceptances, have added to
June these Government deposits have been reduced, their purchases of acceptances made for account of
but even on Wednesday of last week (the figures for foreign correspondents. During the week under re• the present week will not be known until next Mon- view, the total of the bill holdings for foreign correday evening) the amount still stood at $193,000,000. spondents increased further from $428,711,000 to
It is to be remembered,too,that the amounts relate $440,592,000. Since May 1 up to the present week
merely to the reporting member banks, that is, the (July 10) the twelve Reserve Banks have diminished
banks making reports each week. If we could have their own holdings of acceptances froms$170,421,000
reports for the whole body of member banks the to $65,976,000, but have increased their acceptance
amounts would be very much larger.
holdings for foreign correspondents from $349,-257,000 to $440,592,000.
This week's returns of the Federal Reserve Banks
show no very great or material changes from the
The monthly crop report issued by the Department
returns of a week ago. They are important, how- of Agriculture at Washington on Wednesday of this
ever, in the testimony they afford that the credit week was looked forward to with a great deal of instrain remains at close to the maximum, and cannot terest, as affording knowledge regarding the impairbe said to have been leesened or relieved in any sub- ment of the leading grain crops during June by adstantial 'degree. Brokers' loans on security collat- verse weather. The report ie far from being as
eral, after the tremendous expansion for the previ- satisfactory as the earlier reports of this year. This
ous three weeks, when the total was increased in is especially true as to the outlook for the Winter
amount of no less than $485,000,000, went down the wheat crop, there being not only a considerable drop
present week in the relatively insignificant extent of as to condition covering the past month, but the
$14,000,000. The loans made by the reporting mem- indicated yield from this year's harvest as now estiber banks in New York City for their own account mated is 40,000,000 bushels under the indicated prodecreased from $1,255,000,000 to $1,201,000,000; the duction one month ago. This is a particularly large
loans for account of out-of-town banks rose from loss for June for this very important crop. The
$1,580,000,000 to $1,624,000,000, while the loans for first report on corn also is rather below what might
account of others were slightly reduced, dropping be wished for, with the acreage for this year somefrom $2,934,000,000 to $2,930,000,000. The grand what under the average for preceding years and the
aggregate under all the different heads stands condition even below that of last year's corn crop
at $5,755,000,000 the present week, against at this time, and still further below the average of
$5,769,000,000 last week. A year ago, on July 11 other preceding years. Spring wheat has also de1928, when the total was already unduly swol- clined quite heavily in condition during the month,
len, the amount of these brokers' loans was only likewiee oats and rye.
$4,243,000,000.
The July 1 condition of corn is indicated by the
As it happens, too, member bank borrowing at the Department at 77.6% of normal. These figures comReserve institutions has further increased during pare with 78.1% at the corresponding date a year
the week, the total of the discount holdings of the ago and a ten-year average July 1 condition
of
twelve Reserve institutions being reported at $1,- 82.6%. This average, however, is largely made up
153,041,000, July 10, against $1,125,083,000 on of the high July 1 condition for the years prior
to
July 3. The Reserve Banks have continued their 1924. There has been only one year since 1923
when
policy of undertaking to offset, in part at least, this the July 1 condition was above 80%, and that
year
Increase in borrowing by reducing their holdings of was 1925, at 86.4%. This year's acreage for
corn,
acceptances, purchased in the open market, and also too, is somewhat reduced, being placed by
the Detheir holdings of United States Government securi- partment at 98,333,000 acres, against
102,350,000
ties. Acceptance holdings were diminished during acres a year ago, and a five-year
average of 100,the week from $73,922,000 to $65,976,000, and the 899,000 acres. The probable production
the present
Reserve Banks have further reduced their holdings year, based on pref.ent condition,
is put at only
of Government securities, these having dropped dur- 2,662,050,000 bushels, which compares
with the haring the week from $141,382,000 to $136,144,000. vest last year of 2,835,678,000
bushels. This is based
Nevertheless, the total of bill and security holdings on the estimated yield of 27.1
bushels per acre,
the present week stands at $1,365,826,000 against whereas last year it was 28.2
bushels per acre, and
$1,350,852,000 last week. At the same time member in six of the past ten years has
been as high as it
bank deposits with the Federal Reserve Banks was last year or above that figure, reaching
31.5
heavily declined, falling from $2,380,165,000 to $2,- bushels per acre in 1920. Conditions
as to corn may




JULY 13 16291

FINANCIAL CHRONICLE

change very materially for the better at almost any
time up to the end of the season.
As to wheat, however, the crop of Winter wheat
is at this time practically made. The July 1 condition of Winter wheat is now placed at 75.9% of
normal, against 79.6% on June 1 of the present year,
a loss of 3.7 points in the past month. A year ago
the July 1 condition of Winter wheat was 75% of
normal and during June there was an improvement
of 1.4 points. Furthermore, conditions were so improved later in the harvest that an additional
33,000,000 bushels of Winter wheat was added to
the production for that year over the indicated yield
of July 1 1928. The July 1 estimate of Winter wheat
from this year's production is now placed at 582,492,000 bushels. The June 1 estimate this year was
622,148,000 bushels, and the actual harvest last
year was 578,133,000 bushels, being somewhat less
than the indicated yield for this year.
For three of the five years prior to this year, the
Winter wheat crop has been less than is now indicated for the production of 1929. The latest estimate is based on an average yield of 14.6 bushels to
the acre, whereas the final yield last year was 16
bushels per acre. In the July 1 estimate of Winter
wheat for the crop harvested last year the average
yield per acre was placed at 15.1 bushels. The yield
for the past ten years has averaged 14.9 bushels per
acre. In four years out of the last five years, Winter wheat has improved in condition during June,
from one to 3.9 points. The loss this year during
June has been largely in Kansas, Nebraska, Oklahoma and Colorado, where hot winds and insect
damage has been great. The area for harvest of
Winter wheat is now estimated at 39,885,000 acres
as compared with the estimate for May 1 this year
of 40,467,000 acres, after Winter killing had been
deducted, and 36,207,000 acres the actual harvest of
last year.
In the case of Spring wheat, too, the situation as a
whole has become quite unsatisfactory. The condition of Spring wheat on June 1 this year, when
the first report for that crop was issued by the Department of Agriculture, was 84.8% of normal. The
July 1 condition for Spring wheat other than Durum,
the former being much the most important part .of
the Spring wheat crop, was 74.4% of normal, more
than 10 points below that reported a month ago.
On July 1 1928 the condition of the Spring crop,
other than Durum, was 71.7% of normal, while the
10-year average condition on July 1 is 82.6%. Production this year of Spring wheat, other than
Durum, based on the July 1 condition, is now indicated at 193,099,000 bushels—the harvest last year
was• 231,288,000 bushels, and the five-year average
production has been,200,423,000 bushels. The area
sown this year is now placed at 15,514,000 acres, in
comparison with 15,478,000 acres last year and a
five-year average of 14,965,000 acres. Durum wheat,
covering the condition in four States, makes even a
poorer showing that other Spring wheat, the July 1
condition for Durum being 67.5% of normal, against
76.2% on July 1 of last year, and a 10-year average
condition of 80.4%. The estimate of the crop of
Durum wheat for this year is now placed by the
Department at 58,278,000 bushels, against 92,770,000
bushels harvested last year, and a five-year average
of 59,988,000 bushels.
For all wheat a production of 833,869,000 bushels
is now indicated, against last year's harvest of




169

902,191,000 bushels and a five-year average of 809,668,000 bushels. Stocks of wheat on farms on July 1
this year are estimated at 44,741,000 bushels compared with 23,729,000 bushels a year ago, and an
average for that date covering a period of years of
28,887,000 bushels.
Other grains also suffered deterioration during
the month just closed. The condition of oats is
placed by the Department at 79% of normal on
July 1, against 82% on June 1, a decline of three
points during that month, and 79.9% a year ago,
while the 10-year average is 81%. The probable production this year is placed at 1,247,147,000 bushels,
against last year's harvest of 1,448,677,000 bushels.
Rye likewise has made unsatisfactory progress, the
July 1 condition of 76.2% of normal comparing with
83.6% on June 1, but with 66.7% on July 1 of last
year. The 10-year average condition for July 1 is
82.2%. This year's production is estimated at 41,949,000 bushels, against 41,676,000 bushels harvested
last year. The five-year average harvest of rye, however, is 54,793,000 bushels. For barley there is an
estimated production this year of 317,000,000
bushels, compared with 356,667,000 bushels last
year; rice, 32,700,000 bushels against 41,900,000 last
year, and tobacco 1,493,000,000 pounds, which compares with 1,378,000,000 pounds harvested in 1928.
The Department of Agriculture has also this week
issued its estimate of the cotton acreage of the
country for the current season. The Department
finds an increase of 3.2% over the revised figures
for the area planted last year. The area under cultivation is put at 48,457,000 acres. This compares
with 46,946,000 acres under cultivation a year ago,
according to the estimate made then, and 48,730,000
acres planted for the crop of 1926, which latter was
the largest crop on record, both as to area and production. The Department's figures for area this
year are only a fraction of one per cent. under the
record figures of 1926: Eight of the ten leading
cotton States show an increase in area planted this
year over that of a year ago. The Southern tier of
States are all included with a larger acreage this
year, among them Georgia, Alabama, Mississippi,
Louisiana, and Texas; also the important States of
Oklahoma and Arkansas, as well as that of North
Carolina. On the other hand, the Department's
estimate as to South Carolina is slightly less for
this year, and the same is true as to Tennessee and
Missouri. For the States of smaller production an
increase is shown, especially for California.
The stock market has maintained a good tone this
week, though there has been considerable irregularity in the course of prices. Sales to realize
profits have been on a large scale, and have been
features of the transactions on nearly every day.
Considering the extent and general character of the
rise in prices in preceding weeks, this was a perfectly natural development. The market took Erlich
sales well, and while some reaction occurred in the
particular stocks affected whenever such selling was
in progress, quick recovery ensued when the selling
ceased. The general trend of values throughout has
continued towards higher levels. At the same time
there has been no such large general upward sweep
as has marked the course of fluctuations in other
recent weeks, and yet there have been large further
advances in special stocks.

170

FINANCIAL CHRONICLE

The money market played little part in influencing speculative activities in stocks. The easing of
money rates so confidently predicted in certain quarters after the first few days of July has not been in
evidence, but this apparently has given those operating for higher prices little concern. The call loan
rate on the Stock Exchange on Monday after renewals had been effected at 7%,spurted to 9%, and
this 9% figure has been maintained unchanged the
rest of the week. At times it looked as if the rate
would go higher, but apparently there has been a
concerted effort on the part of the big banking institutions who are borrowing large sums at the Federal
Reserve Bank not to let the rate go above 9%. Yesterday, the fact that the weekly statement regarding
brokers' loans given out after the close of business
on Thursday evening showed some falling off in the
total—albeit a very trifling contraction, after the
huge expansion in the three weeks preceding—revived speculative hopes in quite a remarkable way,
and prices moved forward at a greatly accelerated
pace, positive buoyancy developing and causing the
• most pronounced, the most general advance of the
entire week.
The volume of trading has continued on the enlarged scale noted last week and the week before,
the daily sales on the Stock Exchange running in
4
the neighborhood of 41 million shares, and on Friday showing a total substantially above that figure.
At the half-day session on Saturday last, the sales
on the New York Stock Exchange were 1,586,260
shares; on Monday they were 3,522,160 shares; on
Tuesday, 4,247,250 shares; on Wednesday, 4,209,630
shares; on Thursday, 4,211,310 shares, and on Friday, 4,759,180 shares. On the New York Curb Exchange, the sales last Saturday were 876,500 shares;
on Monday, 1,315,700 shares; on Tuesday, 1,446,800
shares; on Wednasday, 1,630,200 shares; on Thursday, 2,026,500, and on Friday, 2,771,800 shares.
As compared with Friday of last week, prices are
irregularly changed, but quite generally higher, with
some large advances in special cases. Westinghouse Elec. & Mfg. closed yesterday at 197 against
2
1
/
200 on Friday of last week; United Aircraft &
/
Transport at 129 against 1311 2; American Can at
/
168 against 15814; United States Industrial Alcohol
/
at 188% against 18578; Commercial Solvents at
2
1
/
4;
458 against 4433 Corn Products at 103 against
101%; Shattuck & Company at 177 against 170½;
Columbia Graphophone at 67% against 77% with
rights; Brooklyn Union Gas at 224 against 20234;
North American at 153 against 145%; American
Water Works & Elec. at 135 ex div. against 140%;
%
Electric Power & Light at 791 ex div. against 77%;
/
Federal Light & Traction at 98 against bid 981 8;
Pacific Gas & Elec. at 69 against 68%; Standard
Gas & Elec. at 134 against 118%; Consolidated Gas
of New York at 1431 8 against 126%; Columbia Gas
/
& Elec. at 96% against 8918;Public Service of N. J.
/
at 116% against 108%; International Harvester at
115 against 110; Sears Roebuck & Co. at 173%
against 167%; Montgomery Ward & Co. at 145 with
rights against 114; Woolworth new at 91 against
4
1
/
92; Safeway Stores at 1693 against 1671 2; Western
4
/
Union Telegraph at 2211 2 against 207%; American
/
Tel. & Tel. at 246% against 229%; Int. Tel. & Tel.
at 110 against 106.
Allied Chem. & Dye closed yesterday at 340%
%
.against 3333 on Friday of last week; Davison
Chemical at 53 against 55; E. I. du Pont de Nem ours




[Vox,. 129.

/
4
/
at 1883 against 202; Radio Corporation at 7914
2
1
/
against 88½; General Electric at 347 against 354;
National Cash Register at 127 against 122; Wright
/
Aeronautical at 13114 against 130; International
/
/
/
Nickel at 501 2 against 511 2; A. M. Byers at 1421 8
against 144; Timken Roller Bearings at 105%
/
/
against 1071 8; Warner Bros. Pictures at 6118
2
1
/
Picture Capital at 57
/
against 5878; Motion
/
/
against 5214; Mack Trucks at 98 against 1001 2;
Yellow Truck & Coach at 39 against 43; National
Dairy Products at 84 against 78; Johns-Manville at
/
191 against 188; National Bellas Hess at 431 2
against 46%; Associated Dry Goods at 48% against
50; Commonwealth Power at 220 ex div. against 221;
/
Lambert Company at 15114 against 147½; Texas
Gulf Sulphur at 71% against 74%; Kolster Radio
/
4. Among the stocks that estabat 361 2 against 373
lished new high records for the year during the
week, the following may be mentioned:
STOCKS MAKING NEW HIGH FOR YEAR.
Indus. and Misc.(Concluded)—
Railroads—
Elec. Auto Lite
Chesapeake & Ohio
Engineers Public Service
Delaware Lack. & Western
Exchange Buffet
Great Northern preferred
Fleischmann Co.
Hocking Valley
Follansbee Bros.
Nash. Chatt. & St. Louis
Glidden Co.
New York Central
Granite City Steel
New York Chicago & St. Louis
Hoe (R.) & Co.
Norfolk & Western
Int. Business Machines
Pere Marquette
Int. Telephone & Telegraph
Reading
Kinney Co.
Union Pacific
Kraft Cheese
Industrial and Miscellaneous—
Lima Locomotive Works
Air Reduction
Ludlum Steel
Allegheny Corp.
Michigan Steel
Allied Chemical & Dye
Midland Steel Products preferred
Amer. Bank Note
Morrell (J.) & Co.'
Amer. Can
National Biscuit
Amer. Ice
National Dairy Products
Amer. Locomotive
North American Co.
Amer. Power & Light
Amer. Radiator & Stand. Sanitary Penick & Ford
People's Gas Light & Coke
Amer. Rolling Mill
Philadelphia Co.
Amer. Shipbuilding
Poor & Co. class B
Amer. Telephone & Telegraph
Public Service Corp. of N. J.
Amer. Water Works & Elec.
Purity Bakeries
Atlantic Refining
Remington-Rand
Atlas Tack
Republic Iron & Steel
Borden Co.
Shattuck (F. G.)
Bethlehem Steel
Simmons Co.
Brooklyn Union Gas
Standard Gas & Electric
Canada Dry Ginger Ale
Sun Oil
Case Threshing Machine
Thatcher Mfg.
Chicago Pneumatic Tool
Underwood-Elliott-Fischer
Coca Cola
Union Carbide & Carbon
Columbian Carbon
U. S. Industrial Alcohol
Columbia Gas & Elec.
U.S. Steel
Commercial Solvents
Van Raalte
Consolidated Gas
Vulcan Detinning
Continental Baking class A
Waldorf System
Continental Can
Warner Bros. Pictures
Corn Products Refining
Western Union Telegraph
Cutler-Hammer
Yale & Towne
Cuyamel Fruit
Young Spring & Wire
Detroit Edison
Youngstown Sheet & Tube
Eastman Kodak

The copper stocks have been laggards. Anaconda
Copper closed yesterday at 117% ex div. against
1
/
1182 on Friday of last week; Greene Cananea at
174% against 177; Calumet & Hecla at 42 against
/
4338; Andes Copper at 52% ex div. against 52%;
/
Inspiration Copper at 4334 against 46%; Calunaet &
/
Arizona at 1271 2 against 131%; Granby Consol.
/
/
Copper at 8114 ex div. against 811 2; American
/
Smelting & Refining at 10778 ex div. against 110%;
U. S. Smelting & Refining at 551 2 against 581 2
/
.
/
Some of the oil stocks have been inclined to weakness on the inability to curtail the output of oil.
Simms Petroleum closed yesterday at 35% against
32 on Friday of last week; Skelly Oil at 40% against
43; Atlantic Refining at 69 against 75%; Pan
/
American B at 5978 against 58; Phillips Petroleum
/
at 37 against 381 8; Texas Corporation at 62%
/
against 621 2; Richfield Oil at 41% against 42%;
Marland Oil at bid 26 against 35; Standard Oil of
s
/
N. J. at 571 8 against 571/ ; Standard Oil of N. Y.
at 38% against 39%;Pure Oil at 26% against 29%.

JULY 13 1929.]

FINANCIAL CHRONICLE

171

scale, however, and
The steel group has again shown great strength. Trading was on a very limited
otherwise were few.
U. S. Steel closed yesterday at 203 against 197% price changes
The Paris Bourse was active and firm in the openon Friday of last week; Bethlehem Steel at 119
110% ing session of the week, stocks rebounding after a
/
against 11214; Republic Iron & Steel at
over the week/
against 1051s; Ludlum Steel at 104% against 102; Cabinet crisis failed to materialize
4
1
/
against 142 . end. Prospects for.ratification of the new Young
Youngstoirrn Steel & Tube at 154
much improved
The motors have been under selling pressure. Gen- Plan and of the debt accords seemed
/
yesterday at 711 8 against 77% and traders displayed more interest in stocks than
eral Motors closed
session was
on Friday of last week; Nash Motors at 86% against for some time previously. Tuesday's
but stocks remained firm.
90; Chrysler at 71 against 78%; Packard Motors at again a rather quiet one,
general im/
132 ex div. against 13812; Hudson Motor Car at Copper stocks and rubber shares showed
an extremely quiet opening Wed4. provement. After
87% against 90, and Hupp Motors at 45 against 463
up as numThe rubber stocks have also yielded to selling pres- nesday, the Bourse suddenly brightened
to buy stocks were received. French
sure. Goodyear Rubber & Tire closed yesterday at erous orders
favored
/
123% against 12978 on Friday of last week; B. F. colliery and chemical issues were especially
Rub- in the buying. A decided upswing took place ThursGoodrich at 81 against 82%,and United States
4
1
/ day, the improvement embracing almost the entire
/,
/
ber at 5134 against 5238 and the preferred at 78
list as buying asAumed larger proportions. Bank
against 80%.
Railroads stocks have, the most of them, moved stocks, motors and chemicals were marked upward
within a narrow range, with irregular changes for substantially, with rails and steels showing lesser
the week. New York Central closed yesterday at gains. The improvement was maintained in yesfinal session of the week. The Berlin
21914 against 218% on Friday of last week; Penn- terday's /
sylvania RR. at 90 against 90%; Erie RR. at 78% Bourse was occupied with a bullish demonstraagainst 79%; Del.& Hudson at 210% against 21314; tion in mining shares at the opening Monday.
Baltimore & Ohio at 127 against 129; New Haven at These issues showed a lively turnover at higher
/
110 against 110%; Union Pacific at 25214 against prices, although the list otherwise was rather
245%; Canadian Pacific at 241% against 23978; irregular. The general trend was uncertain Tues/
/
Atchison at 245% against 24214; Southern Pacific day also, although minor upward movements oc/
/
at 13814 against 13814; Missouri Pacific at 96 curred throughout the day in individual issues in
/
against 9614; Kansas City Southern at 97% against the electrical and shipping sections. These were off99; St. Louis Southwestern at 94% against 98; St. set, however, by declines in department store shares
/
Louis-San Francisco at 12678 agaitust 125; Missouri- and artificial silks. Trading at Berlin was listless
Kansas-Texas at 58 against 58%; Rock Island at 136 Wednesday, with shares inclining rather toward
/,
against 133%; Great Northern at 117 against 11378 weakness. The upward movement of the previous
day in electricals and shipping stocks was not mainand Northern Pacific at 112% against 111%.
tained, and selling movement dominated the market
Stock exchanges in the important European cen- toward the close. The tendency Thursday also was
ters have been generally cheerful this week, share uneven, but with more firmness apparent. The minprices moving upward in most sessions both in Eng- ing group was again taken in hand and whirled upland and on the Continent. The sudden and sub- ward, and this gave a better tone to the entire list.
stantial improvement in sterling exchange Monday Confidence appeared to spread aL o regarding the
was the immediate cause of the change in sentiment reparations developments and the early flotation of
at London. In France and Germany improvement German bond issues in the United States, these facwas brought about largely through relaxation of pol- tors contributing to a firm close. A steady tone
itical pressure, fears of Cabinet overturns having prevailed in yesterday's market at Berlin.
been dispelled in great part. The London Stock
European chancelleries were again occupied this
Exchange was quiet but steady at the opening Monday, British funds improving generally as sterling week With plans for giving effect to the new Young
was marked upward in relation to dollar exchange. Plan for final settlement of the problem of German
The receipt by the Bank of England of £750,000 in reparations payments and for settling the various
gold from abroad aided the recovery. A sharp up- international questions dependent on the new arward movement took place in rubbers, but share rangement. Progress has been slow on these matprices otherwir e showed little improvement. Tues- ters, partly because of the inherent difficulties inday's market was a broader one, with gilt-edged volved in a sweeping rearrangement of the political
securities leading almost the entire list to higher and economic relations of the Reich with the other
levels. Much interest was displayed in the new nations of Western Europe, and partly because both
Cables & Wireless, Ltd., shares, which replaced Mar- France and England have been struggling with in,
coni and other telegraph stocks absorbed by merger. ternal political questions of grave moment. The
Prices were well supported in most sections of the Young Plan was signed by the experts in Paris June
list on Wednesday also, notwithstanding a reaction 7 with the date of its application tentatively fixed
in sterling exchange. Rubber shares again moved at Sept. 1 next. It now appears that the conference
upward, and Cables & Wireless, Ltd., also responded of Government Ministers necesr ary to place the plan
to continued demand. Gilt-edged securities opened in operation will be held Aug. 6 but the place and
firm and wavered a little late in the day, but showed scope of the gathering remains the subject of negono changes of consequence. The London market tiation.
The British Government suggested formally last
turned dull Thursday, with British funds easing off
as a result of the continued drop in sterling. The week that the proposed conference for placing the
industrial market was quiet and irregular. Gilt- Young Plan in operation be held in L01111011. As on
edged securities were again easier in yesterday's ses- former occasions, however, protest has again beeri
sion at London on further weakness in sterling. made by France, Foreign Minister Briand replying




172

FINANCIAL CHRONICLE

[voL. 129.

Tuesday of this week that the international confer- been spent on the preliminary formalities about the
ence should be held in a neutral country. If any convocation of the government's conference. World
large capital were chosen for the conference, M. opinion does not look upon these continual oscillaBriand argued, it ought to be Paris, because the tions about the date and the place as in any way a
French interests are greater than those of any other favorable sign. I hope, therefore, to see this concountry. France, the note added, was willing to troversy ended very soon, for, compared to the immeet the other interested Governments on neutral portant problems which must be solved, these quesground, and to discuss not merely the Young Plan tions are very secondary. I believe that we are con.1)ut also evacuation of the Rhineland and the setting fronted with a task in which vital interests and
up of a "commission of conciliation" to watch over hopes are involved, and such being the case, it does
the area now occupied. M. Briand again urged that not seem to me good to prolong unnecessarily the
several conferences be held, one for dealing with the political tension which has existed among the peotechnical problems involved in giving effect to the ples and parliaments interested for the past six
Young Plan., and the other for dealing with ancillary months. The business world, too, has the right to
political matters.
demand this uncertainty be ended, so that it can
There were indications in the exchanges between get to work on the new basis. I do not think, therethe British and French Governments that the larger fore, that it will be right to divide into several stages
political questions involved are already under seri- the work of the conference. That would only inous consideration. Plain intimations, have been crease the existing tension, with consequent danger.
given by the German Government that it considers The time has come to reach a solution of the political
evacuation of the Rhineland and also of the Sarre evolution of the past few years. And from the presbasin an indispensable corollary of acceptance of the ent situation the conclusion seems impossible that
Young Plan by the Reichstag. Germany is also there should be any divergence."
known to be decidedly averse to the setting up of any
Distinct progress has, however, been made in one
"commission of conciliation" to function for the for- respect at least during the past week. It will be
mer Allies in the Rhineland when the .troops are recalled that operation of the new Young Plan was
withdrawn, even though this commission was dis- made contingent, by the experts at Paris, on a prior
cussed at Geneva on Sept. 16 last, when the entire settlement between Belgium and Germany of the
European rearrangement now in progress was in- claims made by Belgium for worthless German
itiated. It appears, according to recent reports from marks left after the occupation by German troops.
London and Paris, that the new Labor Government Negotiations for this settlement have since proof England is less inclined than its Conservative ceeded in Brussels and Berlin, and a final arrangepredecessor to favor the French viewpoint and is ment was arrived at yesterday. The Belgian Cabimore apt to support German contentions in so far as net Council approved the settlement, according to a
Rhineland evacuation is concerned.
press dispatch from Brussels, and details will be
The French note to Britain, according to an As- made public in Berlin and Bruscels to-day.
sociation Press report of Tuesday from Paris, declared that only the new reparations plan, evacuaVigorous steps for ratification of the new Young
tion of the Rhineland and the commission of con- Plan and of the French debt accords with Great
ciliation were mentioned in the agreement reached Britain and the United States were taken this week
at Geneva last September. It was maintained, by the Coalition Government of France, headed by
therefore, that the question of giving up control of Premier Raymond Poincare. The plan and the acthe Sarre Basin was implicitly excluded from the cords have been indissolubly linked, so far as France
coming conference. British officials, according to a is concerned, both by M. Poincare and by the large
London report of Thursday to the New York Even- Chamber Commissions on Finance and Foreign Afing Post, believe that the Kellogg Pact has intro- fairs. The Premier argued before the Commissions
duced a new factor into the question of European for several weeks that the accords should be placed
security and that evacuation of the Rhineland.should in effect through simple ratification by decree of the
be considered with that factor in view and not be President of the Republic. Both Chamber Commade contingent on any further reparations pay- missions, however, have voted overwhelmingly for
ments by Germany. The Young Plan, morever, ex- ratification with reservations to the effect that
pressly abrogates any external control of Germany, France will only pay on the debt accords to the
it is held. "Hence," the dispatch added,"the British extent that the Young Plan reparations payments
Government made no allusion to the proposed com- are made by Germany. The long discussion by
mittee of conciliation and verification in its recent the Premier before the Chamber of Commissions
note to France. The British regard both the Rhine- has made it necessary for the Government to go beland occupation and the proposed committee as an- fore the Chamber several times and request postachronisms after the Kellogg Pact and the Young ponement of scheduled debates on these matters,
Plan, while the French are organizing a whole bat- and the deputies in every instance have evinced great
talion of experts to deal with these subjects at the nervousness and apprehension. Speedy action is
ensuing conference."
now becoming imperative, owing to the close apGerman officials, meanwhile, are giving signs of proach of the Aug. 1 due date of the $407,000,000
increasing impatience at the long delay in giving ef- war stocks payment due the United States. Ratififect to the recommendations of the experts. An in- cation of the Mellon-Berenger debt- accord will auterview on the matter was given by Foreign Minister tomatically merge this payment with the general
Stresemann last Sunday to Jules Sauerwein,foreign French debt to this country. If the accord is let
editor of the Matin of Paris, and the remarks made ratified by Aug. 1 the payment will •be due and
by Dr. Stresemann were reproduced Tuesday in the Premier Poincare has intimated that in that case
New York "Times." "It is my impression," Herr it will be made. That eventuality, however, would
Stresemann said, "that enough time has already bring an additional complication, the British Gov-




•

JULY 13 1929.]

FINANCIAL CHRONICLE

ernment having notified France that it will demand
an equivalent payment under the Churchill-Caillaux
accord.
Although the Premier and the Chamber Commissions continued to differ on the method of ratification of the debt accords, debate was finally begun in
the Chamber of Deputies Thursday. M. Poincare
began the discussion, making a strong plea for unreserved ratification. Contrary to his custom, the
Premier refrained from the usual elaborate review
of the history of the case, but squarely confronted
the Chamber with its responsibilities. Again indicating the link between the Young Plan and the
debt accords, M.Poincare said: "There are two ways
in which you may destroy the Young Plan; first, by
non-ratification, and second, by ratification with
reservations unacceptable to our creditors." The
Premier was described in an Associated Press dispatch from Paris as confronting the Chamber in a
combative manner while he pressed home the following argument: "How can we ask Germany to bind
herself to pay us during sixty years if we are not
prepared to do likewise toward our creditors?" This,
the dispatch said, was received in an ominous silence.
M. Poincare proceeded to draw a picture of what
would happen unless the accords were ratified. "It
means," he said, "that France will be called before
an arbitration tribunal where the United States has
a clear case, merely presenting little Slips of paper
signed by France acknowledging the debts. French
acknowledgment of indebtedness to the United
States, he declared, bound France'just as strongly
as Treasury bonds. Beginning Tuesday the sessions
of the Chamber will be extended until midnight in
order to obtain a vote before July 20, if possible.

173

modus vivendi under which commerce is carried on
between that country and thd United States, if further barriers to the entry here of Spanish products
are created by the pending tariff bill." The French
Government protested the lack of a give-and-take
policy on the part of the United States, the report
continued,Ambassador Claudel pointing out that the
minimum French tariff rates have been applied to
almost all American merchandise without the slightest corresponding advantage having been gained for
French trade. Emphatic protests were also made
by Greece, Italy, Switzerland, the Netherlands and
many other countries, although in some cases the
notes c'onsisted merely of representations by trade
bodies which were transmitted by the Ministers and
Ambassadors concerned. Many of the Latin-American countries were included among those making
protests. The Uruguayan Minister, Dr. J. Varella,
argued that adoption of the proposed tariff rates by
Congress will cause the undoing of all that was
accomplished by the "good-will" mission of President
Hoover late last year.

British foreign policy and the "safeguarding of
industries" duties of the former Conservative Government were subjects of a good deal of debate in
the House of Commons in London this week, the first
division of the present House occurring after a warm
discussion of the safeguarding duties, Tuesday. The
foreign policy of the new Labor Government, as disclosed in the King's speech which was read early
last week, was freely discussed last Saturday by
Sir Austen Chamberlain, Foreign Secretary in the
Conservative Cabinet. Three points occupied the
former Foreign Secretary—Russia, the optional
clause of the World Court statutes, and Rhineland
Representations have been made to the Secretary evacuation. On Russia he declared that if Prime
of State at Washington by numerous foreign govern- Minister MacDonald resumed displomatic relations
ments against the increases in import duties in the with Moscow without guarantees against Third Inproposed Hawley-Smoot tariff bill. Although the ternational propaganda, he would be false to himfact that protests had been made was known previ- self and his country. As for the optional clause,
ously, the number of the representations and their he warned against going too far and too fast in
tenor were not made public until Wednesday, after giving such power to the World Court. In regard to
insistence on such action by Senator Harrison of Rhineland evacuation, he declared Britain should
Mississippi. Access to the notes was finally granted act only in harmony with her former allies.
Foreign Minister Arthur Henderson replied for
newspaper correspondents in Washington on that
day by Senator Smoot of Utah, Chairman of the the Labor Government, remarking in regard to RusSenate Finance Committee, to which the memoranda sia that the Labor Party had always been against
were referred by the State Department. Representa- Communist propaganda on British soil, and stood
tions, it appears, have now been made by twenty-five by that position. There would be no renewal of
countries, and by thirteen dependencies. The pro- relations with Russia, he added, until the Moscow
tests of dependencies were transmitted in most cases Government had given every pledge that Third Inby the plenipotentiary of the parent country, the ternational activities would cease in Britain. On
British Ambassador, for example, forwarding notes the optional clause of the World Court, Mr. Henderin behalf of six dominions and colonies of Great son criticized the policy of his predecessor as a doBritain, as well as protests from organizations in nothing policy. "We have the Kellogg Pact and the
England. This caused dispute in Washington as to Locarno treaties," he said, "but unless we go on
the number of "nations" filing protests. It appeared forward and take the next step those instruments
finally that there were more than fifty notes, some will not be as influential as they might be if further
of the Governments sending MS many as five or six steps were taken. The optional clause is only the
first step toward completion of these pacts." Sir
communications.
The notes, according to the Washington corre- Austen and Mr. Henderson agreed, however, that the
spondent of the New York "Times," vary in tone dominions should be consulted fully before action
from plain indications of retaliation to a pleading is taken on Russia or the World Court issue. A
for justice in the opening of our doors to merchan- formal statement on evacuation of the Rhineland
dise as a means of payment for the stream of Amer- was delayed by the Government until Monday, when
ican exports to every nation in the world. Among Foreign Secretary Henderson stated that the Labor
the more serious protests, the dispatch indicated, Cabinet was anxious for evacuation at the earliest
is that of the Spanish Government,"which will find possible moment, and hoped it would not be carried
itself obliged to proceed to the denouncement of the out by stages or degrees. The Government's aim, he




174

FINANCIAL CHRONICLE

added, was to co-operate with France and Belgium
in effecting simultaneoUs and complete evacuation.
Determination of the exact date of evacuation, he
indicated, would be one of the tasks of the coming
international conference of Foreign Ministers.
The question of the "safeguarding of industries"
duties was introduced in the House Monday by Sir
Philip Cunliffe-Lister, President of the Board of
Trade in the late Conservative regime. Sir Philip
sought to obtain from the new Government a declaration as to where the country and empire stood
in regard to safeguarding and other duties, urging
that it ought to be the aim of every government and
the policy of every British industry "to achieve a
real partnership in dominion development." William Graham, the new President of the Board of
Trade, replied briefly that the Labor Government
did not propose to depart from the traditional British free-trade policy. "We take the stand," he said,
"of resisting all tariff devices which do not contribute to the aggregate volume of the trade of the
world. As far as we can make a contribution, it
will be a contribution to fiscal freedom and not to
fiscal restriction."
The debate was resumed Tuesday,and a vote taken
on a proposed Conservative amendment to the
King's speech dealing with this point. Leopold S.
Amery,former Secretary of State for Dominion Affairs, spoke for the Conservative opposition, arguing
that Britain should follow the American example
and establish free trade throughout the empire,
while placing heavy duties on goods from outside
the empire. Philip Snowden, Chancellor of the Exchequer, replied for the Labor Government, saying
it was sympathetic to the plan for promoting a
greater trade unity among the members of the empire. He revealed that plans were under way for
treatment of that problem at the Imperial Conference next year. He also made it perfectly plain,
however, that the Labor Party was against protection and that the Government was going to do away
with safeguarding duties when the right time came.
A division of the House followed, which the Labor
Government won handsomely with 340 votes against
220. The Liberals voted solidly with Labor,
while the Conservative vote was reduced by 40
absentees.
The fifth biennial congress of the International
Chamber of Commerce assembled in Amsterdam,
the Netherlands, Monday, for a week's discussion
of important economic problems. Twelve hundred
delegates, each a leader in his own industry, gathered for the meeting. Forty countries were represented. The United States alone sent more than 100
notable commercial leaders, headed by Thomas W.
Lamont of J.P. Morgan & Co., who was Mr. Morgans
alternate at the Paris reparations discussion. Three
American groups were formed before departure of
the United States representatives on the liner Statendam, June 29. The group on industry and trade
was headed by Silas H. Strawn; that on finance by
Willis H. Booth, and that on transportation and
communication by A. J. Brosseau. Six representatives were sent by the Department of State, while
the Department of Commerce sent eight. The items
on the agenda of the gathering included the financial
rehabilitation of China, the relative merits of the
operation of economic enterprises by public authorities and by private initiative, and the work of the




[VOL. 129.

League of Nations in connection with commercial
policy and trade barriers.
There was considerable apprehension at Amsterdam as the meeting opened Monday that the highly
controversial subject of the proposed new United
States tariff would come before the meeting in open
and possibly acrimonious discussion. This matter
was, indeed, touched on in the opening address by
Alberto Pirelli, the retiring President of the International Chamber. "We cannot deal here with the
tariff policies of particular states," Signor Pirelli
said, "as that is a matter of national sovereignty.
But we cannot ignore the fact that the effect of
measures taken will be proportionate to the importance of the country that takes them, and for this
reason the attitude of the great industrial countries,
and therefore of the United States of America, deserves our special attention. The United States and
Europe are customers of each rather than rivals,
and that our American friends certainly will not
deny. They will admit that the United States has
more to gain from the development of Europe as a
customer, taking nearly half the export of the
United States, than to fear from an increase of
European competition on the markets of the world.
We believe in the development of international trade
relations on as free a basis as possible. We are by
no means all free traders in the great organization.
We recognize the special position of certain countries and of certain industries, but we know that
you cannot sell unless you purchase; that you profit
more if your neighbors are prosperous than if they
are impoverished: in a word, that co-operation carries us furthest when it leads to better business for
everybody." Although this address seemed to open
the way for discussion of the American tariff, Signor
Pirelli let it become known on the following day
that he would rule out of order any attempt to discuss the tariff measure now before the United States
Senate.
The first few days of the Congress were devoted
to committee meetings,in the course of which a number of resolutions were drawn up for submission at
plenary sessions. One of the most important resolutions was drawn up Tuesday by the Committe on
International Settlements,which proposed the unanimous endorsement by the Congress of the new Young
Plan for final settlement of the reparations problem.
In another section of the Congress on the same day,
Magnus W. Alexander, President of the National
Industrial Conference Board, stressed the need of
adequate international industrial statistics as an
aid to world progress. A technical committee considered measures to prevent falsification of letters
of credit, corrupt commercial practices, the protection of industrial property and of patents on inventions, double taxation of foreign corporations, the
transport of goods by mail, airplane and automobile,
and the financing of highways. •
Economic reconstruction of China, and the prospect of future loans to that country, constituted the
chief topic at Wednesday's meeting of the Congress.
Mr. Lamont, as the leader of the American group,
delivered an address in which he thanked fifteen
Chinese delegates for coming half way round the
world to participate for the first time in the deliberations of the Chamber and to enlighten the delegates on present conditions in China. He warned
the Chinese, however, that their country's international credit was at a low ebb, adding that no

JULY 13 1929-1

FINANCIAL CHRONICLE

loans on any scale calculated to be really helpful
could be made in New York or in European capitals
until the Chinese themselves took careful measures
for the re-establishment of their country's financial
and political stability. "A great part of China's
indebtedness to foreign countries is in default," Mr.
Lamont remarked. "Much of the specific security
set aside for such foreign indebtedness and for the
service of such loans has been sequestered. Until these
conditions are removed there can be no question of
further credits on a material scale for any purpose.
In this process of restoration, the holders of all
loans to China, whether American, British, French
or any other nationality, must receive equally fair
treatment. Each loan must,in the scheme of things,
be treated upon its merits and not upon the grounds
of future credit favors to be received."

175

with the gain in bullion, brought about an increase of
£267,000 in reserves. There was a general falling
off in deposits, public deposits decreasing £19,066,000
and other deposits £10,328,454, while the subdivisions
of the latter, bankers' accounts and other accounts,
decreased £10,198,339 and £130,115 respectively.
By reason of the large reduction in deposits, the proportion of reserves to liabilities is now 41.93%,
compared with 33.01% last week, 44.79% two weeks
ago and 47.76% this week last year. Loans on
Government securities expanded £6,010,000, while
those on other securities contracted £35,629,324.
"Discounts and advance," which showed a decrease
of £36,138,775, almost offsetting the large additions
made to the item the two previous weeks, and "securities," which increased £509,451, are the constituent items of loans on other securities. The
Bank rate remains
Below we give a compariControl of the Russian owned Chinese Eastern son of the various items for five years:
Railway through Manchuria was suddenly assumed
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
July 15
July 11
July 14
July 13
July 10
by Chinese officials Thursday, with the likelihood
1928.
1928.
1929.
1925.
1926.
that relations between China and the Soviet will
g
a368,839,000 136,362,000 137,584,580 141,468,970 143,148.580
Circulation
again be strained to the breaking point thereby.
9,230,000 16,210,000 10,033,559 9,352,00 12,594,780
Public deposits
Chinese authorities took charge of the 1,000-mile Other deposits
102,527,832 104,703,000 100,424,862 114,011,892 115,229,033
Bankers' accounts
railway line after ousting some 30 Russian officials Other accounts_ _ _ 65,360,123
37,167,709
Governin't securities 43,291,855 30,629,000 48,916,982 38,925,328 36,006,733
at Harbin and other points, and control was later
39,649,422 50,588,000 46,362,296 72,876,165 71,684.455
Other securities
extended also to cover the Central Telegraph and Dint. & advances 16,182.431
23,466,991
Securities
Eastern Telegraph and Telephone lines, which are Reserve notes coin 46,872,000 57,746,000 33,233,847 29.616,114 38,168,422
&
parts of the rail system. ,When the coup was com- Coin and bullion-155,711,707 174,356,917 151,068,427 151,335,084 161,567,002
pleted, the Chinese Foreign Minister, C. T. Wang, Proportion of reserve 41.93% 47.76%
24%
to liabilities
29'A%
30.09%
5%
4 %
5%
%
53.5%
announced a severance of diplomatic relations with Bank rate
Soviet Russia. The action was attributed by the a On Nov.29 1928 the fiduciary currency was amalgamated with Bank of England
note issues, adding at that time £234,199,000 to the amount of Bank of England
Chinese to the need for retaliation against com- notes outstanding.
munistic propaganda. Diplomatic circles in Washington and elsewhere, however, looked upon the step
The Bank of France in its statement for the week
as the culmination of a long process of attrition, ending July 6, reports another gain in gold and
designed to bring the railway under Chinese domina- bullion, this time of 25,355,025 francs, raising the
tion. The line is the central artery of communica- total of the item to 36,650,055,730 francs, as comtion between the Russian port of Vladivostok and pared with 36,624,700,705 francs last week and
European and Asiatic Russia. Although wholly 36,616,599,447 francs two weeks ago. A loss was
.
within Chinese territory, the railway was adminis- shown in note circulation of 81,000,000 francs,
tered jointly by China and Russia, not without fric- decreasing the total to 64,840,648,715 francs. Due
tion. Soviet authorities in Moscow declined to com- to a decrease of 443,000,000 francs French comment on the development in the absence of precise mercial bills discounted now stand at 7,679,559,675
information. Much concern was manifested in francs. Credit balances abroad gained 5,000,000
Tokio, Japanese officials fearing that seizure of francs and bills bought abroad rose 10,000,000 francs.
Russia's great strategic line might serve as a prece- Creditor current accounts dropped 119,000,000
dent for similar action against the equally important francs while advances against securities rose 203,000,South Manchurian Railway, which is owned by 000 francs. A.comparison of the various items of
Japan.
the Bank's return for the past three weeks is shown
below:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
There have been no changes this week in the reStatus as o
Changes
for Week.
July 1929. June 29 1929. June 22 1929.
discount rates of any of the central banks of Europe.
Francs.
Francs.
.
Francs.
Francs.
Rates continue at 732% in Germany; at 7% in Gold holdings_ _ _Inc. 25,355,025 36,650,055,730 36,624,700,705 36,616,599,447
Credit bats. abr'd_Inc. 5,000,000 7,304,755,436 7,299,755.436 7,254,755.431
Italy; at 532% in Great Britain, Holland, Norway French comm'l bills
Dec. 443,000,000 7,679,559,675 8,122,559,675 6,347,559.675
and Spain; 5% in Denmark; 4 2 in Sweden; 4% discounted
%
Bills bought abr'd _Inc. 10,000,000 18,441,377,006 18,431,377,006 18,416,377,006
in Belgium, and 3
in France and Switzerland. Adv. agt. secure- _Inc. 203,000,000 2,524,757,064 2,321,757,064 2,354,757,064
Note
Dec. 81,000,000
London open market discounts for short bills are Cred.circulation _ _Dec. 119,000,000 64,840,648,715 64,921,648,715 62,970,648,715
curs. Recta
17,996,633.745 18,115,633,745 18,213,633,745
53i,@5 5-16% against 5 5-16@5%% on Friday of
last week and 5 5-16@53 for long bills against
A
In its statement for the first week in July, the
54@5 7-16% the previous Friday. Money on call Bank of Germany reports a gain in gold and bullion
3
in London yesterday was 41 %. At Paris open of 83,075,000 marks, raising the total of the item
A
market discounts remain at 3
and in Switzer- to 1,994,459,000 marks, as compared with 2,105,land at 3%%.
378,000 marks last year and 1,802,123,000 marks in
1927. Due to a decline of 228,634,000 marks in
The Bank of England statement for the week ended note circulation the item now aggregates 4,610,013,July 10 1929 shows a slight increase in gold holdings, 000 marks, as against 4,426,661,000 marks the cornamely, £5,776. This follows losses of £4,501,146 responding week last year and 3,676,547,000 marks
last week and of £3,293,540 the previous week. two years ago. Reserve in foreign currency increased
Circulation contracted £261,000, which, together 8,402,000 marks, notes on other German banks




es

176

gained 9,181,000 marks, while investments showed a
decrease of 11,000 marks. Deposits abroad remained unchanged. A loss was shown in bills of
exchange and checks of 202,650,000 marks, in
advances against securities of 114,479,000 marks
and in other assets of 38,914,000 marks. Silver
and other coin rose 1,029,000 marks, other liabilities
increased 1,735,000 marks whereas other daily
maturing obligations dropped 27,468,000 marks.
Below we give comparative figures of the Bank's
return for the last three years:
REICHSBANK'S COMPARATIVE STATEMENT.
Chances
for Week.
July 6 1929. July 7 1928. July 7 1927
Reiehsmarks
Reichsmark*. Reichsmark*. Reichamarks.
Assets—
Gold and bullion
Inc. 83,075,000 1,994,459,000 2,105,378,000 1,802,123,000
59,147,000
85,626,000
57,876,000
Unchanged
Of which depos. abr'd_
73,542,000
Ree've in for'n curr _Inc. 8,402,000 368,928,000 239,549,000
2,305,256,000 2,317,629,000
Bills of exch.& checks Dec. 202,650,000 2,798,568,000
84,290,000
1,029,000 116,891,000
91,968,000
Silver and other coin Inc.
12.505,000
16,289,000
16,838,000
Notes on 0th. Ger.bks.Inc. 9,181,000
27,255,000
Dec. 114,479,000
79,852,000
71,853,000
Advances
93,996.000
93,051,000
Investments
Dec.
11,000
92,878,000
Dec. 38,914,000 523,135,000 604,253,000 491,689,000
Other assets
LIabIlitIes—
Notes in circulation_ _Dec. 228,634,000 4,610,013,000 4,426,661,000 3,676,547,000
Oth.daily matur.oblig.Dec. 27,468,000 603,845,000 483,769,000 587,889,000
Inc.
Other liabilities
1,735,000 330,962,000 215,836,000 328,074,000

Money rates in the. New York market were maintained at a rather high level throughout the past
week. The renewal rate for call loans Monday was
fixed at 7%,but the figure on new loans was advanced
in the course of the day until it reached 9%. The
latter figure prevailed thereafter without deviation
on all call loan transactions on the Stock Exchange
throughout the week. The market, moreover, was
apparently kept tightly in hand, since there was no
overflow offered in the outside market at a concession
at any time. Withdrawals by the banks were fairly
heavy, some $40,000,000 being taken out Monday,
and a further $20,000,000 Tuesday. In yesterday's
market some $10,000,000 was withdrawn. Time
money rates have moved somewhat higher. The
belief prevailed for a time that issuance of the new
small currency Wednesday might cause stringency
because of the "curiosity demand." Although the
expected curiosity inquiry made its appearance, no
tightness was occasioned by this development as
other bills were turned in for the most part in exchange. Introduction of the new currency passed,
therefore, without any reflection in the money market. Brokers' loans against stock and bond collateral were reduced $14,000,000 for the week ended
Wednesday night, according to the statement of the
New York Federal Reserve Bank. This was the
first decline in five weeks. Gold movements through
the Port of New York for the week ended Wednesday
consisted of imports of $10,589,000 and exports of
$307,000. The imports, however, were offset almost entirely by additional ear-markings of gold for
foreign account of $9,994,000.
Dealing in detail with the call loan rates on the
Stock Exchange from day to day, the renewal rate
on Monday was 7%, but as the day progressed
there was an advance to 9% for new loans. This
9% then remained the only rate, day after day the
rest of the week, all loans being at that figure, including renewals. Time money has stiffened again. On
Monday the quotation was 731@7 for all dates;
on Tuesday, Wednesday and Thursday it was 73/2%
for all dates and on Friday at 732@7% for all
1%
dates. Commercial paper has shown a little more
life this week. On Tuesday dealings showed a slight
increase in volume and the rest of the week this
moderate increase in activity has been maintained.




[Vora. 129.

FINANCIAL CHRONICLE

Rates for.names of choice character maturing in four
to six months continue at 6%, while names less well
known are 61 @61
4
/%, with New England mill
paper quoted at 63%.
The market for prime bank acceptances has continued brisk, with the supply insufficient to meet
the requirements,:though offerings were somewhat
more liberal toward the latter part of the week. On
Saturday last rates were reduced another % for all
maturities in both the bid and the asked column.
The posted rates of the American Acceptance Council
are now 53-1% bid and 5%% asked for bills running
/%
30 days, and also for 60 and 90 days, and at 58
/% asked for 120, 150 and 180 days. The
bid and 51
Acceptance Council no longer gives the rates for call
loans secured by acceptances, the rates varying
widely. Open market rates for acceptances have
also been reduced as below:

Prime eligible bills

SPOT DELIVERY.
—180 Days— —130 Days— —120 Days—
Bid. Asked.
/rid. Asked.
Bid. Asked.
534
534
634
534
634
534

Prelme eligible bills

—90 Days— —60 Days— —30 Days—
BM. Asked.
Bid. Asked.
Bid. Asked.
534
534
534
534
534
634

FOR DELIVERY WITHIN THIRTY DAYS.
Eligible members banks
Eligible non-member banks

534 bid
534 bid

There have been no changes this week in the rediscount rates of the Federal Reserve Banks. The
following is the schedule of rates now in effect for
the various classes of paper at the different Reserve
banks:
DISCOUNT RATES OF FEDERAL RESERVE BANKS ON ALL CLASSES
AND MATURITIES OF ELIGIBLE PAPER.

Federal Reserve Bank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco

Bate in
Effect on
Juts 12
5
5

a
a

5
5
5
5

a
a
a

a

Date
Established.

Previous,
Rate.

July 19 1928
July 13 1928
July 26 1928
Aug. 1 1928
July 13 1928
July 14 1928
July 11 1928
July 19 1928
May 14 1929
May 6 1929
Mar. 2 1929
May 20 1929

434
434
434
434
434
434
434
434
434
434
434
434
,

Sterling exchange has been irregular this week, but
while the rate fluctuated more widely the tone has
been firmer. The range this week has been from
4.843i to 4.85 for bankers' sight, compared with
/
2
4.843-i to 4.843/ last week. The range for cable
transfers has been from 4.847 to 4.85 13-32, comA
pared with 4.84 13-16 to 4.85 the previous week.
The greatest firmness in sterling came in the early
trading embracing transactions in the short session
on Saturday, an active market on Monday and the
greater part of Tuesday. This buying, it would
seem, was influenced by traders under the impression
that owing to the heavy gold movement from London
last,
week there were grave dangers that the Bank of
England might increase its official rate of rediscount.
Hence it would seem that the higher average quotations registered, as they were largely the result of
Monday's strong covering, do not indicate a radical
change in the trend of exchange. Bankers' state
that a further factor in the better tone of sterling
this week arises from the fact that sales of sterling
bills from Paris and the use of the proceeds to build
up French balances at New York has now practically
ceased. Although call money against Stock Exchange
collateral in New York is still at high levels, the undertone of money on this side is easier, as evidenced by

JULY 131929.]

FINANCIAL CHRONICLE

177

further reduction in the rate for bankers' acceptances. for foreign account. There was no gold movement
This, of course, is a factor favoring a higher sterling either to or from Canada during the week. Montreal
rate and one which is further enforced by the fact funds continue at a discount. On Saturday the disthat money rates in London are firmer than they count on Montreal was % of 1%; on Monday 23-32;
3
were some weeks ago and more attractive to surplus on Tuesday 11-16; on Wednesday M; on Thursday
funds at various European centers.
and Friday M. In tabular form, the gold movement
English securities continue to show an upward at the Port of New York for the week ending on
trend, which is also a favorable factor for sterling, July 10, as reported by the Federal Reserve Bank of
as it has a tendency to withdraw funds from the Con- New York, was as follows:
tinent. London dispatches during the week stated GOLD MOVEMENT AT PORT OF NEW YORK—JULY 3
-JULY 10,
that London bankers and business men are satisfied
INCLUSIVE.
Imports.
Exports.
that there will be no marking up in the Bank of Eng8107,000 to Mexico
from Argentina
land's official rate of rediscount unless the drain of $5,506,000 from England
200,000 to Venezuela
4,868,000
108,000 from Ecuador
gold should continue on an alarming scale. Evi107,000 chieflyfrom other Latin
dently the gold drain has let up materially this week.
American countries
The London bankers state that the Bank manage- $10,589,000 Total
$307,000 Total
ment is known to be greatly averse to raising the offiNET CHANGE IN GOLD EARMARKED FOR FOREIGN AMOOUNT.
$9,994,0011
cial rate further in view of the hardships which it Increase
might impose on British trade. It is thought in
Referring to day-to-day rates sterling exchange
London that practically the whole of the large credit on Saturday last was steady and inclined to firmness.
lately arranged by Germany in the United States Bankers' sight was 4.84 7-16@4.843/; cable trans2
has been used to effect gold withdrawals from Lon- fers, 4.84M@4.84 31-32. On Monday sterling was
don. Nevertheless the German requisitions are now stronger. Bankers' sight was 4.84M®4.85; cable
believed to be nearly at an end. The strain on credit transfers 4.85 15-16@4.85 13.32. On Tuesday the
at Berlin incidental to the turn of the half-year came market was- slightly easier. The range was 4.843%®
to an end last week and at present exchange rates 4.84 15-16 for bankers' sight and 4.85 7-32@4.85%
gold exports to Berlin from London are barely profita- for cable transfers. On Wednesday sterling was under
ble. Bankers both in London and New York incline pressure. The range was 4.84 9-16@4.84 13-16 for
to the opinion that the visit of Governor Montagu bankers' sight and 4.85 3-32@4.85 3-16 for cable
Norman of the Bank of England will result in under- transfers. On Thursday the market was irregular.
standings with American banking authorities in both The range was 4.84 9-16@4.843% for bankers' sight
New York and Washington which will prevent an and 4.85 1-16@4.853, for cable transfers. On Friday
undue drain on London during the difficult autumn the market was still easier; the range was 4.841 @
A
period. While official information regarding Mr. 4.843 for bankers' sight and 4.85®4.85 1-16 for
A
Norman's visit cannot be obtained, it would seem cable transfers. Closing quotations on Friday were
that the strength of sterling this week might be re- 4.845i for demand and 4.85 for cable transfers.
/
garded in part as an outcome of conversations between Commercial sight bills finished. at 4.84 7-16; 60
-day
himself and New York bankers interested in main- bills at 4.79M; 90-day bills at 4.773/2; documents for
taining the stability of exchange.
payment (60 days) at 4.799/8; seven-day grain bills at
This week the Bank of England shows an increase 1.83M. Cotton and grain for payment closed at
in gold holdings of £5,776, the metal reserve standing 4.84 7-16.
at £155,711,707. The ratio of reserve to liabilities
now stands at 41.93, compared with 33.01 on July 3.
The Continental exchanges have been dull, alThe improvement in the ratio is due principally to a though demand for foreign currency has been much
.
reduction in both public and private deposits. On better during the past few weeks than was the case
Monday the Bank of England received £750,000 in a month or so ago. However, none of the currencies
sovereigns from abroad, exported £40,000 in sover- was in such demand this week as during the period
eigns,. sold £6,847 in gold bars and bought £20 in around July 1, when they were under the influence
foreign gold coin. On Tuesday the Bank set aside of mid-year settlements. Of course, the ArnericaB
£500,000 in sovereigns for the account of a foreign tourist requirements are a factor giving a good tone
central bank, bought £209,100 in gold bars, and ex- to the Continental currencies. Although there is a
ported £4,000 in sovereigns. The Tuesday purchase slightly easier tone to the money market in New
of gold bars was from the.£290,000 of South African York, rates here and as well as American securities
.gold available in the London open market. for which are strongly attractive to European funds. French
the Bank paid, according to London dispatches, francs have averaged slightly firmer. It is believed
84s. 113/d. On Wednesday the Bank bought £111 that the Bank of France has practically ceased
2
in foreign gold coin. On Thursday the Bank of accumulating funds on this side with a view to meetEngland sold £150,749 in gold bars, bought £23,471 ing debt payments of the French Government to
in gold bars, and exported £22,000 in sovereigns. On the United States. This week the Bank of France
Friday the Bank received £6,000 in sovereigns from shows an increase in gold holdings of 25,355,025
abroad and exported £2,000 in sovereigns.
francs and an increase in sight balances abroad and
At the Port of New York the gold movement for of negotiable bills bought abroad combined, of
the week July 3-July 10, as reported by the Federal 15,000,000 francs. Fairly close estimates indicate
Reserve Bank of New York, consisted of imports of that the Bank of France now holds approximately
$10,589,000, of which $5,506,000 came from Argen- 26,000,000,000 francs of foreign exchange, equivatina, $4,868,000 from England, $108,000 from Ecua- lent in American values to about $1,000,A00,000.
dor and $107,000 from other Latin American coun- It is estimated that 60% of this is in sterling and the
tries. Exports consisted of $107,000 to Mexico remaining 40% in dollars. To this total should be
and $200,000 to Venezuela. The Reserve Bank re- added approximately 10,000,000,000 francs of foreign
ported an increase of $9,994,000 in gold earmarked exchange equivalent to approximately $400,000,0013




178

FINANCIAL CHRONICLE

[vol.. 129.

constituting the French treasury's own reserve. marks were 23.81 for checks and 23.82 for cable
Of this 75% is believed to be held in dollars and the transfers, in comparison with 23.803 and 23.813 a
1
remainder in sterling. Up to the present the ad- week earlier. Italian lire closed at 5.22Y for
verse balance of foreign trade has had no particular bankers' sight bills and at 5.23 for cable transfers,
effect on these holdings of foreign exchange. It is as against 5.23 and 5.233 on Friday of last week.
true that the Bank of France has lost approximately Austrian schillings closed at 14.10 on Friday of this
2,660,000,000 francs of its exchange holdings since week, against 14.10 on Friday of last week. Ex8
the first of the year, but that loss was due prin- change on Czechoslovakia finished at 2.963/, against
2
cipally to the export of capital by private banks. 2.96; on Bucharest at 0.593/, against 0.593/2, on
It is probable, however, that during the autumn Poland at 11.23, against 11.23, and on Finland at
months the heavy import movement will necessitate 2.52, against 2.52. Greek exchange closed at
1.293 for checks and at 1.293/ for cable transfers,
the selling of exchange by the Bank of France.
against 1.293( amd
German marks ruled fractionally easier the early
part of the week, both in this and other markets.
The exchanges on the countries neutral during the
This was attributed largely to the cessation of demand
much in evi- war have been quiet. The exchanges on Denmark,
for transfers to Berlin which were so
dence a week or more ago in connection with midyear Sweden and Norway continue to advance gradually
bettlements. Bankers believe that for the time being owing to the improvement in business in the Scandin.
at least there is less likelihood of gold withdrawals avian countries and in some slight measure to inby Germany from either at New York or London. crease in tourist demand for exchange. Holland
Money rates in _Berlin are relatively easier than they guilders have been ruling fractionally higher, notwere a few weeks ago and it is evident that there withstanding the transfer of Dutch funds to London
has been a considerable increase in short-term bor- and Berlin and to other nearby markets owing to
rowing from foreign sources, including New York. more attractive opportunities for employment there.
However, owing to the continuance of high money Spanish pesetas have been steady and on the whole
rates here it is believed that German industry is fractionally higher than a week ago. The steadiness
finding a larger share of its credits in markets nearer of the peseta would seem to indicate that the Spanish
home, especially Paris, Amsterdam and Zurich.. This fiscal authorities have decided upon the present
week the Bank of Germany shows an increase in its figure, from 14.47 to 14.50, as the stabilization
gold reserves of 83,075,000 marks, the total standing point of the,currency preparatory to the re-establishat 1,994,500,000 marks on July 6, which compares ment of the gold standard. Some confusion exists
with 2,105,378,000 marks on July 7 1928. German in the minds of bankers here as to what course Spanish
expert reviews at the end of the half-year emphasize authorities intend to adopt to accomplish stabilizathe recent reduction in outside loans, especially of tion. Comments in the London press indicate that
reduced accommodation extended from Newk York the same uncertainty exists there in foreign exchange
since the upturn in money rates on this side. The circles. The statement issued from Madrid last week
Reichskredit Gesellschaft, an independent economic was positive enough in declaring that the Government
research institution, in its semi-annual review of intended to re-establish the gold basis for the peseta,
Germany's economic development says that the but it contained statements that are difficult to
curtailment of this foreign capital movement cannot reconcile as to the method to be pursued. In one
be viewed with unconcern. These views seem to run place the announcement stated that the Government
counter to those of Dr. Schacht regarding the problem intended to introduce the gold standard "at the most
of erecting barriers against foreign capital. The sum opportune moment in such a way as to interfere as
total of foreign loans in the first half of 1929 aggre- little as possible with the national policy." It is
gated only 500,000,000 marks, against 2,250,000,000 being pointed out in London that this would logically
marks in the corresponding period of 1928. The re- seem to indicate stabilization at the present level of
view states that ample capital, improved methods around 14.50. However, the statement also declares
of production, and increased merchandise exports are that the re-introduction of the gold standar0 will
alike indispensable in Germany's economic recovery coincide with the revalorization of the currency.
and that "inasmuch as the development of reservoirs gins phrase might well indicate that an upward
of domestic capital will be impossible without an revision in the stabilization rate from present levels
unobstructed inflow of foreign capital, any such would immediately precede the adoption of the gold
handicap will definitely retard economic reconstruc- basis. Such a procedure would undeniably disturb
the national economic situation. If the uncertainty.
tion."
although ruling com- caused by the statement continues it is quite possible,
. Italian lire have been dull,
paratively steady. The most noticeable demand for in the opinion of foreign exchange traders, that the
lire comes from tourist requirements and emigrant bull support which the currency is now receiving may
remittances. Lire, as is the case with marks and be alienated and lower levels again prevail. A London
any other currencies, feel adversely the effect of the dispatch yesterday stated that a contract for renewal
transfers for the security markets as the result of of the sterling credit to the Spanish Government for
the stabilization of the peseta has been signed and
the high money rates prevailing in New. York.
• The London check rate on Paris closed at 123.89 will run for another year. The group includes Midon Friday of this week, against 123.98 on Friday land Bank, Barclays Bank, Lazard Bros. & Co.,
of last week. In New York sight bills on the French Anglo-South American Bank, Morgan, Grenfell &
centre finished at 3.913I, against 3.90% on Friday Co. and Samuel Montagu & Co.
Bankers' sight on Amsterdam finished on Friday
s
2
a week ago; cable transfers at 3.913/, against 3.911/,
at 40.133/2, against 40.123/ on Friday of last week;
and commercial sight bills at 3.91, against 3.90%.
2
2
Antwerp belgas finished at 13.89 for checks and at cable transfers at 40.153/, against 40.143/, and
%
cable transfers, against 13.88 and 13.883 commercial sight bills at 40.10, against 40.09.
13.89% for
sight
on Friday cf last week. Final quotations for Berlin Swiss francs closed at 19.223's, for bankers'




JULY 13 1929.]

179

FINANCIAL CHRONICLE

bills and at 19.233 for cable transfers, in comparison
with 19.223. and 19.233.j a week earlier. CopenA
hagen checks finished .at 26.621 and cable transfers
and 26.64. Checks on
at 26.64, against 26.62
A
Sweden closed at 26.79 and cable transfers at 26.801 ,
against 26.783/2 and 26.80, while checks on Norway
2
finished at 26.64 and cable transfers at 26.653/,
26.633' and 26.65. Spanish pesetas closed
against
at 14.50 for checks and at 14.51 for cable transfers,
which compares with 14.44 and 14.45 a week earlier.

defence; and a similar policy will be followed as far as possible in the
budget of the current fiscal year.
In the fiscal year of 1930-1931 no new Government loan will be raised
in the "General Account" and in the "Special Account" annual amount
of the new issue will be limited within the program already drawn up.
The percentage of the funds to be spent for the redemption of the national debt will be increased, and it is expected that the total amount of
the national debt will not increase more than the outstanding amount at
the end of the current fiscal year; no effort will be spared to decrease
the said amount. Utmost effort will also be directed toward suspensioa
of new issues of local Government loans.
The lifting of the gold export is a fundamental condition necessary for
the reconstruction of the public finances as well as that of private economy, and, above all, the circumstances do not warrant allowing a long
delay for its realization. Upon completion of the various preliminary
steps, the lifting of the gold embargo is promised in the near future.

Closing quotations for yen checks were 45/@
The South American exchanges have been dull. 45 13-16, against 44 11-16@443' on Friday of last
Exchange on Argentina has been ruling fractionally week. Hong Kong closed at 48 1-16@48
A
lower despite the flow of gold during the past several against 48@48 5-16; Shanghai at 57M@577 ,against
weeks from Argentina to both New York and Lon- 57%@57%; Manila at 50, against 50; Singapore at
A
/
8
don. This week, as noted in the review of sterling 563/@563., against 561 8@56%; Bombay at 361 ,
3-16, and Calcutta at 36%, against
exchange, the Federal Reserve Bank of New York against 36
accounts for imports of $5,506,000 from Buenos 36 3-16.
Aires. As stated here last week, and on several
Pursuant to the requirements of Section 522 of the
other occasions, this is the season when exchange
on Buenos Aires should be firm. But various business Tariff Act of 1922, the Federal Reserve Bank is now
unsettlements and labor disturbances, while gradu- certifying daily to the Secretary of the Treasury the
rate for cable transfers in the different counally mending, have been detrimental to the peso buying the world. We give below a record for the
tries of
rate. The high money rates in New York for the week just past:
past year have also been detrimental to Argentine FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACTS OF 1922
exchange, as they have caused for the time, at
JULY 6 1929 TO JULY 12 1929, INCLUSIVE.
least, a cessation of many bond projects necessary
Rate for Cable Transfers to New York
to industrial development in the Argentine. Very Country and Monetary Noon Buying in Untied States Monty.
Value
_
much the same remarks apply to Brazilian exchange,
July 9. July 10. I July 11. July 12.
July 6. July 8.
$
$
$
s
$
although this week the milreis has been steady and EUROPE$
Austria, schlliing____ .140446 .140480 .140459 .140462 .140460 .140476
138826 .138848 .138872 .138880 .138911 .138914
on average shows a fractional improvement over a Belgium. belga
.007231 .007220 .007229 .007229 .007225 .007225
Bulgaria, ley
.029595
.029597
.029596
week ago. Argentine paper pesos closed on Friday Czechoslovakia, krone .266305 .029596 .266436 .029593 .029593 .266365'
.266406 .266363
.266321
Denmark. krone
England, pound sterat 41.97 for checks, as compared with 42.00 on ling
4.848497 4.851354 4:852678 4.850397 4.850625 4.849825
.025154 .025146 .025157 .025162 .025141 .025148
Friday of last week, and at 42.02 for cable transfers, Finland, markka
039110 .039123 .039143 .039142 .039139 .039143
France,franc
.238105
against 42.05. Brazilian milreis finished at 11.87 Germany, relchsmark .238115 .012920 .238150 .238153 .238155 .238158
.012924 .012928 .012925 .012928
012919
Greece, drachma
.401436 .401577 .401696 .401621 .401588 .401567
for checks and at 11.90 for cable transfers, against Holland, guilder
174293 .174308 .174373 .174300 .174320 .174340
Hungary. Pengo
052298 .052305 .052315 .052304 .052301 .052301
11.86 and 11.89. Chilean exchange closed at 12.10 Italy, lirakrone
266401 .268433 .266545 .266539 .266482 .266463
Norway,
112002 .111880 .111898 .111900 .111909 .111885
Poland,zloty
for checks and at 12.15 for cable transfers, against Portugal, escudo
044900 .044900 .044930 .044910 .045062 .044930
.005936
005946 .005940 .005946 .005945 .
Rumania, leu
12.10 and 12.15, and Peru at 3.98 for checks and 39a1n. peseta
144238 .144571 .144951 .144871 .144744 .144950
267986 .268020 .268072 .268065 .268048 .268034
Sweden,krona
at 3.99 for cable transfers, against 3.98 and 3.99.
.192314 .192327 .192335 .192319 .192305 .192306
Switzerland, franc
The Far Eastern exchanges have been dull, the
silver currencies inclining to ease due to the ruling
prices of silver, which are much lower than they were
a few weeks ago. Japanese yen show decided improvement, owing altogether to the announcement
by the new Japanese Finance Minister, Junnosuke
Inouye, with respect to the removal of the ban on
gold imports. In a recent interview given to the
Tokio press he promised an official statement of the
Government on the subject in the near future, and
gave assurances that the matter will be taken up in
conjunction with the planning of the new budget in
September, and that the Government will make all
possible reductions in expenditures on the present
budget in preparation for the coming step. He intimated that the currency would be placed on the gold
standard at the latest by next spring if the plans of
the new Government work out successfully, regardless of the course of yen exchange rates in the meantime. Extracts from the text of the announcement
of the new Japanese Government covering important
points regarding the proposed removal of the ban on
gold exports from Japan, have just been given out
by the Financial Advisor to the Japanese Government
in New York. The principal items follow:
The Government, by carrying through drastic retrenchment of the
finances of the central and local governments, contemplates giving impetus to general economic readjustment as well as economy in spending
of the nation. In enforcing the above readjustment, the Government
expects to find a way for considerable curtailment and economy of the
army and navy expenditures in so far as is consistent with the national




.017558
Yugoslavia, dinar
ASIAChina.598958
Chefoo tadl
.590781
Hankow tad
.574464
Shanghai, tad
.609791
Tientsin tact
.479446
Hong Kong dollar
.412083
Mexican dollar
Tientsin or Pelyang
415416
dollar
412083
Yuan dollar
.359846
India. rupee
446562
Japan, yen
.558750
Singapore(S. S.) dol
NORTH AMER..992421
Canada, dollar
999172
Cuba, peso
.479450
Mexico, peso
Newfoundland, dollar .989375
SOUTH AMER.Argentina, peso (gold) .953922
118545
Brazil, milreis
120274
Chile, peso
.962371
Uruguay, peso
.966200
Colombia, peso

.017560

.017557

.599166 .597916
.591250 .590000
.574732 .573392
.610416 .609583
.479535 .479842
.412083 .418437

.592916 .593125
.589375 .590000
.573660 .574017
.608750 .609583
.479553 .479553
.411875 .412083

.597083
.590937
.575089
.610416
.480178
.412500

.422083
.418750
.359682
.452250
.559125

.413750 .415416
.410416 .412083
.359639 .359671
.452703 .454214
.558816 .558750

.414583
.411250
.359671
.453303
.558750

.992611 .992901 .992995 .994609
.999050 .999112 .999112 .999112
.480033 .479750 .479825 .479825
.989580 .989963 .990437 .992125

.994585
.999112
.479575
.992047

.953735
.118620
.120400
.966581
.966200

.953811
.118586
.120602
.967281
.966200

.017563

.415416
.412083
.359637
.446968
.558750

.953872
.118563
.120406
.963742
.966200

.017569

.953577
.118550
.120551
.964868
.966200

.017568

.953801
.118500
.120398
.965227
.966200

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 discontinue 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-Treasury was taken over by the Federal Reserve Bank•on Dec. 6 1920, it is also no longer
possible to show the effect of Government operations
in the Clearing House institutions. The Federal
Reserve Bank of New York was creditor at the Clearing House each day as follows:
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
AT CLEARING HOUSE.
Saturday.
July G.

Monday,
July 8.

Tuesday, Wednesday Thursday,
Julv 9.
Julv 10. July 11.

Friday,
July 12.

Aggregate
for Week.

$
$
$
$
$
3
166.000,000
163,000,000 162.000.000 Cr. 974.000,000
Note.
-The foregoing heavy credits reflect the huge mass of checks which come
to the New York Reserve Bank from all parts of the country in the operation of
$
202400,000 124,000,000

157,000.000

180

FINANCIAL CHRONICLE

the Federal Reserve System's par collectIon[scheme. These large credit balances,
however, reflect only a part of the Reserve Hank's operations with the Clearing
Rouse institutions, as only the Items payable In New York City are represented In
the daily balances. The large volume of checks on institutions located outside of
New York are not accounted for in arriving at these balances, as such checks do
not pass through the Clearing House but are deposited with the Federal Reserve
Bank for collection for the account of the local Clearing House banks.

The following table indicates the amount of bullion in the principal European banks:
July 10 1929.

July 12 1928.

Banks of
Total.

Total.
i Silver.
£
E
£
£
£
£
Bag1and__ 155,711,707
174,356,917
155,711,707 174,356,917
France a._ 293,200,445
233,407,815
(d)
293,200,445233,407,815
(4)
Germany
96.765,600
c994,600 97,760,200 100,987,600
994,600 101,982,200
8 aln
102,456,000 28,904,000 131,360,000 104,320.000 28,417.000132,737,000
Ltaly
55,434,000
52,831,000
55,434,000 52,831,000
Netkerrds. 36,398,000 1,805,000 38,203,000 36,254,000 1,958,000 38,212,000
Nat. Beg- 28.561.' 1 i
1,270,000 29,831,000 22,800,000 1,248,000 24,048,000
Switzerrd_ 19,839,000 1,462,000 21,301,
17,882,000 2,365,000 20,247.000
8weden___ 12,968,110
12,811,000
12.968,000 12,811,000
431,
Denmark - 9,591,'''
615,000 10,718,000
10,103,000
10,022,
Norway___ 8,1550 10
8.168,000
8,155.000 8,168,000
Gold.

Total wee 819,079,752 34,866,600853,946,352773,921,332 35,597.600809,518.932
Prey. week 814.719,38 34,936,600849,655,986 85,576,540 35,664,6''721,241,140
a These are the gold holdings of the Bank of France as reported In the new form
of statement. b Gold holdings of the Bank of Germany are exclusive of gold held
abroad, the amount of which the present year Is £2,481,300. C AB of Oct. 7 1924.
tl Silver is now reported at only a trifling sum.

The Protests Against the Pending Tariff Bill.
Never before, in the history of American tariff
making, has such a world-wide and impressive volume of protest against a pending tariff bill been
lodged with the State Department as that the existence of which was made known on Wednesday.
Some forty different communications, representing
twenty-five different countries, have been turned
over to the Senate Finance Committee, which has
before it the Hawley bill passed by the House. Great
Britain is represented by several communications
from the British Ambassador at Washington dealing
in general with the effect of the proposed measure
on the trade of the Empire, and by specific protests
from Australia, various West India colonies, and the
Irish Free State. Eleven European countries-France, Italy, Spain, Belgium, The Netherlands,
Norway, Denmark, Austria, Switzerland, Greece
and Turkey—have filed their protests either against
the bill as a whole or against some of its provisions,
a number of these countries transmitting several
communications; and similar protests have come
from Mexico, the Dominican Republic, Honduras,
Guatemala, Uruguay, and far-off Persia. The end,
apparently, is not yet, for a press dispatch on Thursday reported that a protest was being prepared by
the German Government and would be presented at
an early date. It has been evident for some months
that the proposed revision of the tariff was exciting
grave apprehension in Canada, and the opposition in
Argentina has been conspicuously outspoken. With
the exception of the British Government, which has
not yet acted officially, most of the leading industrial and commercial States of Europe, and a considerable number of those of Central and South
America, have either joined in formal protest
against the threatened tariff changes, or are known
to be irritated and alarmed at the impending danger
to their industry and trade.
A noticeable feature of the protests is the comprehensive arraignment of the new tariff policy
which a number of them embody. The Australian
memorandwm, for example, points out that "if further restrictions be placed on Australian trade
by tariff increases affecting Australian products, it
is inevitable that feeling against American trade
preponderance will grow." The French Ambassador
reminds the State Department that the pending bill
"has aroused lively protests in France on the part




[Vou 129.

of numerous groups of exporters and manufacturers"; that "the special situation resulting from the
agreement of October, 1927, by which the minimum
French tariff has been granted to almost all American merchandise without the slightest corresponding
advantage having been obtained for French trade,
gives a serious character to these complaints," and
that "the temporary abolition of Treasury agents in
France can scarcely be considered an advantage
since it has entailed worse treatment for French
products under the form of arbitrary applications
of the basis of evaluation according to scale prices
in the United States." The Spanish Minister for
Foreign Affairs, in a note to the American Ambassador at Madrid which the latter was asked to transmit to Washington, stated frankly that in view of
the unfavorable trade balance with the United
States, "the series of restrictive measures and impediments" which characterized American tariff
policy, and the "importunities" which the Government is receiving "not only from specially interested
quarters but from Spanish public opinion in general," the Government might "find itself obliged to
proceed to the denouncement of the existing modus
vivendi" under which trade between Spain and the
United States is carried on.
Reports from Amsterdam, where the International
Chamber of Commerce opened its fifth biennial
conference on Monday, indicate that while a formal
discussion of American tariff policy may be avoided,
the widespread hostility to that policy comes near
to being the uppermost thought in the minds of the
European delegates, and that some, at least, of the
American delegates are seriously concerned about
it. The .French delegates in particular, it is reported, are of the opinion that the situation has
passed the point where mere debate is likely to be
of much avail, and that the time has come for some
form of direct action. According to the correspondent of the New York "Times," the French delegates
came prepared to urge, unofficially if not officially,
the creation of "international committees for each
branch of industry doing an extensive export or import business with the United States," each committee to "ctudy how best to supplant American exports to Europe, either of domestic production or
from purchases in other European countries," together with the question of "finding markets to take
the place of the American market, especially for
those products virtually excluded by the American
tariff or which might be excluded in a trade war between the United States and Europe." The plan
also includes the establishment of a European central trade bureau at Washington to obtain direct
information regarding tariff changes under the proposed flexible provisions of the Hawley bill; "the
possibility of calling a diplomatic conference of the
interested nations with a view to revising the present scope of the 'most favored nation' clauses in anticipation of the expiration of present trade agreements and treaties with the United States;" and
"an extension of preferential treatment to the participating nations, not only on tariff questions but in
other fields, such as foreign enterprises, transit facilities and customs formalities."
Senator Smoot, Republican Chairman of the
Senate Finance Committee, in a statement given
out on Wednesday when a digest of the communications was made public,seemed inclined to make light
of the protests. Referring to a criticism by Senator

JULY 13 1929.]

FINANCIAL CHRONICLE

181

Harrison, a Democratic member of the committee, goods by such methods as the resolution suggests
Senator Smoot was reported as saying that the com- might well become a very serious matter indeed.
munications "are not protests from foreign GovernMr. Hoover, who has been represented as opposed
ments...There are not 38 nations protesting against to a general revision of the tariff, is reported to have
the tariff revision. There are 25 countries, includ- advised Senate leaders on Thursday to apply the
ing possessions, that have sent protests of interested principle of "adequate protection" to the pending
parties against rates provided in the House bill." tariff bill. Precisely what is meant by "adequate
Unless the digest given out by Senator Smoot is in- protection" is not clear, but it is certainly to be
correct, a number of the protests, an apparent ma- hoped that Mr. Hoover will use his influence to prejority indeed, appear distinctly as protests of Gov- vent the kind of tariff legislation against which this
ernments, while some of them,notably those of Spain unprecedented volume of criticism from abroad has
and France, are weighty remonstrances. The fact been lodged. He is handicapped by his commitment
that a foreign Government chooses to limit its pro- to the extension of the so-called flexible provisions
test to rates which will particularly affect one or of the tariff bill, under which the ability of the
more of its own industries, and that in 60 doing it President to raise tariff duties on the recommendahas supported. the representations of particular tion of the Tariff Commission, without the approval
classes of its own producers or merchants, does not of Congress, will be increased, but he may still do
justify a dismissal of the communication as only the much to moderate the excesses of the Hawley bill
protest of "interested parties." The substantial unless the Senate proves utterly recalcitrant, and
fact of the situation is that some twenty-five Govern- to remove from the bill the valuation provisions
ments,alarmed at the injury which the pending tariff which foreign producers and exporters find irritatbill threatens to do to their industries or trade, have ing and burdensome. The country should not be
filed diplomatic protests with the State Department left in the position of seeking to abate the evils of
against a measure which they believe to be unjust. war in guns and naval vessels, while at the same time
From every point of view the matter is occasion provoking ill feeling and reprisals in industry and
for deep regret. As a number of the protesting trade.
„ countries have taken pains to point out, the abstract
Our Contribution to World Co-operation.
right of the United States to frame any kind of tariff
In an article in the July number of the "Atlantic
that it desires is not in question. Tariff making,
like other legislation, is a sovereign right which Monthly," entitled "America at the Crossroads,"
every nation exercises as it thinks best. The broad Francis Bowes Sayre, a professor of law at Harvard
equities of international comity, however, may not University, after pleading at length for a return to
with safety be left out of consideration. Thoughtful the policies • of Washington in foreign affairs, conAmericans, without regard to party, will feel cha- cludes his thesis as follows: "If the World War
grin when they realize that more than a score of has proved anything, it has proved the breakdown
nations, some of them among the best customers for of the old .methods—the positive danger of seeking
American exports and all of them nations whose es- security through gunpowder and poison gas. The
teem is worth having, have been stirred to hostility nation which chooses to place its main reliance in
by a tariff program which threatens to cut deeply its own powerful armament is courting disaster.
into their prosperity. The reflection upon American Huge armaments breed fear, and fear breeds hate,
policy is the more marked because hardly a single and hate breeds war. There is no escape from that.
American industry needs the additional tariff pro- The experience of the World War has shown with
tection which the Hawley bill proposes to bestow. terrible clarity that the outcome of every modern
The only creditable reason for taking up tariff revi- war of world importance depends, not on the arma.
sion at all at this time was the hope that alteration ment of any single nation, but upon the alignments
of a few of the rates might bring some benefit to agri- and grouping of nations which take place before
culture, but that hope has been overwhelmed by a and during hostilities; and these war-deciding alignprogram of wholesale revision which has produced ments depend in the last analysis upon international
a volume of criticism abroad such as the United friendships, upon the degree of international coStates has never had to meet before.
operation which has interlocked the interests of
It is quite possible that the United States will not various nations, upon the existence or non-existence
have to face a tariff war, at least of a general or con- of a confidence that a given State is working for
certed kind. European rivalries are still too keen to purposes and ideals shared by the majority of manmake easy a combined effort to exclude American kind. Guns and battleships no longer measure
products from European markets, and any such plan security; other factors have become more potent.
as the French delegates at Amsterdam are said to A nation which chooses to refrain.from international
have evolved is probably too elaborate for immediate co-operation or to strip itself of its 'friends' is
realization. What cannot be done directly, however, under modern conditions depriving itself of its
may be done indirectly, and with cumulative effects surest defenses. To-day, no matter what its armathat may easily be serious. A Vienna dispatch to ment,no single nation can conquer the world; armed
the New York "Times" on Wednesday reported that isolation, if long continued, is the most dangerous
the Central Chamber of Commerce of Czechoslovakia course which a wealthy nation can pursue." . • •
had resolved that if the new American duties were • And then follows: "The future destiny of the
put into effect against the products of that country, United States is to-day hanging in the balance. The
retaliatory measures "against the importation of foreign problems pressing in on us are likely to
American goods which can apparently be done with- become more rather than less acute. It will not
out, or procured from other countries, will be con- be possible to straddle the problem many years
sidered as a last resort." A boycott of American longer—in the same Congress to adopt a Kellogg
goods in Czechoslovakia might not be a serious mat- Peace Pact and a bill inaugurating a new navyter, but a widespread attempt to displace American building program. The time is fast coping when




182

FINANCIAL CHRONICLE

[VoL. 129.

America must make her choice, and crowding events to the will of a League or an Association of States.
will make that choice irrevocable." . . . "Will It is suggested that danger to the peace of the world
America, with all her youth and buoyancy, choose lies in alliances made preceding or during a war.
armed isolation, the old method which brought Is it an answer to say that this danger is removed
inevitably the world conflict of 1914? Or will -she when all the States enter into one League or Allichoose international co-operation and the effort to ance? What is the cost? That against a recalcisubstitute law for war? If America is true to trant State or States all others in the League shall
her tradition, to the course set by Washington and by the League be forced to enter a war against the
followed for over a hundred years, there can be no seceding members? We must define this much-used
question what her choice will be."
word co-operation. It has become a sort of fetish.
But we must go back a little in Mr. Sayre's article We use it in all our movements. toward consolidato get the full meaning of thece statements which tion, in society, in politico, in industry. If we will
in themselves alone ring so true. He writes: "For only "co-operate" we will straightway reach Paraover nine years America has steadfastly refused to dise and Utopia. But it all depends upon thg object
join the League of Nations; she has refused to ac- sought. If we, as a people, seek the peace of the
cept membership in the World Court even though world, and we most ardently do, our best contribumembership involves no obligation to submit dis- tion is to think and will peace, at home. A "war to
putes to it; in her 1928 series of arbitration treaties end war," and force peace upon the world, seems to
it is the old Permanent Court of Arbitration as have failed, though we helped all we could, without
established under the Convention of 1907 and not entering into any hard-bound political alliance.
the new World Court to which, if the Senate yield Co-operation,in a true sense, is the voluntary giving
its consent, disputes may be referred. For the past of our contribution to the result as a whole. Let
nine years, until the signing of the Kellogg Peace every nation do the same and there will be peace
Pact, America has lifted not a finger to forward the forevermore. Washington envisioned no League of
movement of international arbitration." . . . Nations, nor did Jefferson. They both warned
"As this post-war decade draws to a close, America against "entangling alliances." Are we now, after
is approaching, partly as a result of her changed a hundred years, to put a new interpretation upon.
policy, and partly- as a result of the general world "peace and honest friendship"? To contrast isolasituation, a parting of the ways, involving a coming tion and goodwill with isolation and armed force is
crisis in her affairs as grave as any she has faced." not possible. We are not arming, according to advoHe then cites: First, the problem of the war debts, cates of preparedness,for war but against war. We
"America's unyielding insistence upon full payment, do not refuse to enter the League of Nations because
and her continued refusal to modify her position, of any intention to withdraw our trade and goodwill
may cause the relations between herself and the from the States of the World but because we are
debtor States to become seriously strained. The eager to give them both, voluntarily and freely,
danger is that the United States may be.stripped of without compulsion. This is co-operation in the
her friends. Furthermore, America's insistence fullest sense. There must be a condition of indeupon payment forces the debtor States to look at pendence if any sort of an integer, State or politictil,
the problem from a common point of view and to is to co-operate, and preserve its identity, its will.
make common cause; the inherent nature of the
Our own dual form of government is based on the
situation inevitably separates the interests of idea of independent co-operation of free units. In
America from those of the European nations." Mr. its field of political operation the State is as free
Sayre thinks "the maintenance of high American as the nation. Yet there is a Union, a unity of purtariff barriers adds to the problem." The second pose without surrender of sovereignty. Seven States
factor is thus definvd: "To-day the representatives agree upon the distribution of the waters of the
of some fifty nations are learning at Geneva through Colorado River and the Federal Government builds
hard experience the difficult lesson of co-operation— the Boulder dam. Co-operation is the antonym of
how to give and take, and even, at times, to sacrifice merger. As we continue to pursue our policy of
present national interests for the sake of larger non-interference with the conflicting affairs of the
ultimate gain. But America is not sharing the States of Europe, so are we furthering the peace of
experience." And to all this he appends at the very the world—and according to the teachings of the
last: ". . . Choice unquestionably will depend "Founding Fathers." Put us into the general alliupon what the great rank and file of Americans— ance and we surrender our rights and opportunities
over a hundred million strong—living in quiet homes with our principles. We are no longer separate and
throughout the length and breadth of our land de- apart. And there is too much talk of entering into
mand. It is a time when no true patriot, no genuine these affairs by one route or another. There is a
lover of America, no honest Christian, can afford to wrong conception of co-operation. Living our sepabe silent. All the world hangs upon America's rate State-life in peace and with goodwill to all we
answer." But are we to forget that the answer in are fulfilling our manifest duty and, as we believe,
both cases has already been given? Are we to for- our intended destiny. We should seek no leaderget that the American people have said in emphatic ship, nor permit circumstances to thrust it upon us.
terms that the United States will not join the There must be followers if there is a leader, and
Leaegue of Nations and is of the same opinion still? peace is the product of free co-ordinate units.
Are we to forget that a credit granted European
As to the colossal and unfortunate war debts
nations in a time of dire stress and danger out of with which the world is burdened, for the United
sheer goodwill is still a debt and ought to be paid States to yield to the compulsion that to demand
without a murmur?
payment is to make for war would be to destroy
It seems to us there is a contradiction in the honor with sovereignty. What we may do in the
learned law professor's argument. Individual nor future in this behalf will be voluntary, and not
nation cap co-operate when the will is surrendered because of any duty incurred, or forced upon us.




1

JULY 13 1929.1

FINANCIAL CHRONICLE

We regard tariffs as breeders of wars. And in this
let Europe clean its own house. We may here rise
to heights of abnegation. The American people as
a whole are not utterly unselfish; and in tariffs, as
does every other State, they are thinking most of
their own benefits. But this is not a valid-argument
for doing away with our tariffs as a duty to foreign
States that still practice the same form of interference with free trade. It is enough for us to
say that the tariff is an obstacle to goodwill and
we will in time banish it is far as possible in our
own behalf and the welfare of the world. When
as a nation and people we do our duty in the light
a goodwill and common trade with all Peoples, we
are co-operating in the highest sense.
Congress in Recess.
Comment is sometimes to the effect that the people
"breathe a sigh of relief" when Congress adjourns,
The recess of a Special Session designed to afford
"farm relief" and "limited tariff revision," on the
same basis, can only awaken mingled feelings of
satisfaction and apprehension. The farmer knows
that Congress has done the best or worst for him
according as the law enacted works out in practice.
On the other hand, business as affected by tariff
schedules must bide its time until the return in
October. The farmers must be content; but we
imagine that this content will be materially heightened, through the intervening Summer months, as
favoring weather promises good crop yields or the
reverse. And this suggests the thought that broad
acres and bumper crops are a primal consideration
no matter what laws are passed. "Business," however, is widely affected by tariffs, though their
application be limited,
This fact brought up a curious debate near the
close of the session before recess. A resolution to
. limit the work of sub-committees to tariffs on farm
products, and such other products as were immediately affected by these, caused some embarrassing
questions to be put to its author. That prosperity
is due to "the tariff" has long been an assertion
of the Republican party, lately pronounced with
great vehemence and enthusiasm. Why,then,limitation in revision? Why not make it general in the
interest of equality of so-called prosperity? And,
hy the same rule, must not limited revision of achedules, tariff being the magic key to present "prosperity," seriously affect all the schedules? The
debate was sharp, though in the end the resoluti
on
was lost, and "business" must continue
at considerable uncertainty,
It is an interesting phase of our public life
that,
once in force, we continue in our tendenc
ies; and
can so rarely right-about-face in our
legislative
efforts in behalf of the people. We have
come, insensibly perhaps, to assume that government
has
paternal power to ban or bless our individ
ual commercial and financial efforts, and yet we confine
our
efforts to the old methods. As an instance
we can
rarely reduce one schedule of tariff-tax without
increasing another. Immediately there is conflict and
dissatisfaction, as shown by the popular receptio
n of
the present bill as passed by the House; we seem
incapable of downright abandonment of any law
we
once enact. The tariff, a bone of contention for so
many decades, is with us, and we have not the courage to advocate even a gradual reduction, unless we
tie a string to it such as "for revenue only."




188

No one dares to propose to cut the "Gordian
knot." In the last campaign the Democratic party,
a "low-tariff" party in the past, in theory at least,
forsook its ancient principles and stood for a mixed
form of "protection." And what the outcome will
be of the present recess revision by the Senate Flnance Committee no one knows. And here we
arrive at the reason for the alleged "sigh of relief"
over the adjournment or recess of Congress. We
have a popular government, a representative democracy. But we are constantly in the keeping of Congress. And that body has become obsessed with its
own power and purpose. It is our guardian and
trustee, with unlimited and self-defined powers.
We, the people, are both for it and against it. We
suffer—and absolve it.
And all this, or such parts of it as may be true,
constitutes, if we stop long enough to think about it,
a serious problem that is facing popular government
in its representative-democratic form. This has been
recognized, in a way, in the agitation for "initiative
and referendum." But the random efforts in this
direction have proved that what is known as a
"pure democracy" cannot become efficient in a
nation as large and as diversified in society, cornmerce, and industrial interests, as ours. It has not
worked well in our politics. It is now practically
an abandoned doctrine. We are bound more firmly
to the "representative" features of our government
than ever before. But that does not make Congress
supreme over all. It only adds to the assumed powers of that body. And thus Congress accentuates
the drift toward paternalism and enlarges the scope
of bureaucracy.
What Congress cannot do directly it seeks to
accomplish through commissions. This Federal
Farm Board is the most recent and one of the most
flagrant examples. And the strange thing is that
the people are supine, indifferent, when not, in class
divisions, eager in their acceptance. Yet the "sigh
of relief" on the disappearance of the Congress from
the scene of action! A people with inalienable
rights, bound to the Juggernaut of their own Law!
A people supplicating to their Congress in one
breath and rejoicing at its dissolution in the next!
And a Congress that, through edicts and investigations, towers over the daily lives of the people, accepting their ostensible worship, and dealing out
favors like a demigod!
It happens that this is a called session, called for
a specific purpose, though Congress, on the part of
some of its members, denies the attempt to fetter it
in any way. And this correlates with its own accept •
ance of itself as guardian and trustee of the people.
We are attributing no selfish purposes to its memhem. We are offering no criticism of any one Congress. We are attempting to question its assumed
power as a political body (though this is in the line
of duty as defined by its majorities). When the
people sought to escape from the autocratic power
of tyrants, when they framed a limited form of government, a government denied certain powers over
human rights, did they, or could they, prevision a
Congress, as part of a triune government, that would
exalt itself as ruler over the industries and occupalions of citizens, that would so interfere with natural
laws which surround and support the ordinary relations of men (that they may live and prosper
in
order to maintain the unsubstantial fabric of a popular rule) as that sovereign citizens qhould rejoice

184

FINANCIAL CHRONICLE

when freed from its immediate domination? No.
They regarded it as a division of government which
rules best when it rules lightly. What are visible
effects of this Summer recess? No longer the front
pages teem with debates that range from foreign
debt settlements to criticisms of killings by prohibition enforcement officers, from limitation of
farm acreage to prohibitive taxation on stock exchange transfers, from beet sugar interests to the
employment of coal miners through a tax On South
American oil, and from banks to boodle, wherever
•found. Congress is in recess and the people can
think consecutively of their own affairs!
Is it not time to insist that the people have fallen
into a wrong conception of Congress; and that Congress has come to overrate its importance as an
independent division of the Government? Not so
long since, a popular saying repeated itself: "If
Congress would adjourn for ten years the country
would be better off." A few years ago, in Congress
and out of it, a few men were advocating the superiority of Congress over the upreme Court—that notwithstanding an adverse decision on the constitutionality of a law, its re-enactment by Congress
should override the Court and the law stand. These
ideas may be but foam on the waves of popular discussion, but they point to a belief that Congress is
the center and core of our Government.
Yet Congress is not a body of unlimited power.
Rightly it has no jurisdiction over business. It was
not intended to have. Our whole theory of government is woven about the preservatiOn of individual
rights, the right to initiate enterprise and to own
and operate property. A law-abiding people can be
so hampered by laws as no longer to be free. j.aws
may become so numerous as to become conflicting—
the citizen may be so placed as to be unable to obey
one without violating another. This is not the reasoned conception of "liberty under law." The
primal object of government is not to amass a code
of laws.
The dual fault of people and Congress is the exaltation of a division of government originally intended to formulate laws providing for the raising
of revenue in support of the Government,for certain
directive duties of its administration, and for police
powers to effectuate these inherent elements of rule.
We have departed far and wide from these ideas.
We have eet up or condoned a legislative body that
hesitates at no law-making, however much it curtails
the freedom of business, restricts the natural rights
of citizens, or interferes with the natural needs of
commerce.
The people are to blame that they turn their eyes
alwyas to Congress for relief from what they deem
injustice. One favor granted begets another. Labor
relief and an eight-hour day have been quickly followed by a law to benefit farmers, to raise agriculture to an "equality" with other industries. What
may follow is idle speculation. Yet the people,
through public sentiment, are not demanding Congress refrain from these special statutes. Rather
they are asking for more, and in the same breath expressing mtisfaction when the law-making will
cease, for a time, to grind. This cannot go on for
another half-century without establishing the complete domination of Congress over the current affairs
of the people. Laws will be master, and citizens
only the servants of the ideas of.Congress as to the
manners and customs of life.




[VOL. 129.

Our people are not lacking in inherent respect for
law. But when in the exercise of natural rights they
meet a directing and restrictive statute at every turn
in their individual affairs they come quite easily
to praise or blame Congress as the new laws seem
to help or harm them. Hundreds of specific acts are
passed, investigations in furtherance of theoretic
ideas of conduct in business and social affairs are
inaugurated and prosecuted. It would be hard to
show that all these investigations result in information upon which to base a new law. They are too
often after the fact, too often they seek to ascertain
infringement of existing law, placing Congress in
.
the attitude of detective and prosecutor.
But the main consideration, as far as the people
are concerned, is that Congress in acceding to these
demands grows by what it feeds on, and proceeds on
its own initiative to enact laws which when not
class legislation are specialized statutes -for reforms
that are not demanded or needed. No wonder there
is a "sigh of relief" when an adjournment or recess
is taken! And there seems to be no remedy in sight.
Yet public opinion, if it be outspoken, can in time
effect a change. And the change should be a rightabout-face; a return to less law and more liberty; a
disposition to repeal onerous statutes and minimize
future enactments.
Mercantile Insolvencies During the First Half
of 1929.
The insolvency record for the first half of the
current year testifies quite definitely to the improved trade situation that has prevailed during that
period. We published last week the record for June
and for the earlier months of the year, but now the
completed return for the second quarter has been
issued, in which the statement by geographical
divisions is set forth. As for the first quarter, the
detailed figures covering the second three months
indicate further improvement, so far as business
failures are concerned. The number of such defaults
is reduced, not only as compared with the preceding
three months, which is to be .expected, but it is less
than for the corresponding period of last year. The
liabilities also show a reduction for important sections of the country.
Our comments are based on the insolvency record
compiled from the reports prepared by R. G. Dun
& Co. There were in the three months just ended
5,685 mercantile failures in the United States; with
liabilities of $101,860,328, these figures comparing
with 6,487 similar defaults in the first quarter of
this year, involving $124,268,608 of indebtedness,
and 5,773 insolvencies in the second quarter of 1928
for $103,929,208. The improvement as to the number
of defaults during the second quarter of this year
was wholly in the trading division. Thus,3,808 trading failures for the past three months compare with
4,008 in the corresponding period of 1928. On the
other hand, there were 1,510 insolvencies of manufacturing concerns in the second quarter of this
year, against 1,415 during the same period of the
preceding year, and 367 among agents and brokers
in comparison with 350 similar defaults for the
second three months of 1928. The increase in liabilities, however, was for the divisions embracing
trading failures for the agents and brokers. For
trading concerns the indebtedness shown for the
second quarter this year of $51,224,321 compares
with $48,729,582 in the corresponding period of 1928,

JULY 13 1929.]

FINANCIAL CHRONICLE

while for agents and brokers, $14,538,218 compares
with $12,010,649 for the second three months a year
ago. On the other hand, the liabilities reported for
the second quarter this year in the case of defaults
in manufacturing lines was $42,097,789 against
$43,188,739 in the same period a year ago. The
variations are not great in any one of the three
different classes into which the insolvencies record
is separated, and are mainly due to small differences
as to the larger failures in the two periods under
review.
The betterment as to the number of insolvencies
this year is mainly in the West and for the three
Pacific Coast States, although as to the latter the
second quarter of 1928 showed quite an increase as
compared with the same three months of 1927. The
Southern Central States also make a very satisfactory showing this year and there is a small reduction
in the number of failures this year in the New England division, as well as in the section embracing
the five Northern Central States—those lying East
of the Mississippi River and North of the Ohio. For
the three Middle Atlantic States, defaults in the
second quarter of 1929 were more numerous than
they were a year ago, and there was as well a small
increase for the South Atlantic division. As to
liabilities, five of the eight geographical sections
of the country make quite a reduction in the amount
reported this year, this improvement mainly relating
to the South, the West and the Pacific Coast States.
There are three sections in which a substantial increase is shown in the amount of indebtedness reported for the second quarter of this year, the three
being the New England States, the Middle Atlantic
and the Mountain division, the increase as to the
latter being entirely due to some large lumber failures in one of the States of that section. Furthermore, some large defaults in Massachusetts, New
York and the other two Middle Atlantic States also
contributed to the heavier indebtedness reported
this year over a year ago.
The increase in New England is practically all of
it in Massachusetts. For that State both the
num.ber of failures in the second quarter of this year
and
the liabilities are substantially larger than they were
in the same period a year ago. There were
more
defaults this year for Massachusetts in the divisions
embracing manufacturing concerns and for agents
and brokers, than there were last year, and the indebtedness was also heavier this year; for trading
concerns, however, there was a slightly smaller number this year, but liabilities for that division showed
an increase. A small increase also appears in the
number of failures for the past three months in
Rhode Island, but for the other New England States
a decrease is shown.
For the Middle Atlantic States, the increase this
year is wholly in New York Sand New Jersey, and
appears for both States in the number of defaults
and in the amount of liabilities reported for all
three divisions, manufacturing, trading and the
brokerage class. There were some large failures in
all three clasres, this adding considerably to the
indebtedness, particularly for those in New York.
The comparison as to Pennsylvania between the two
years shows no change of importance. Manufacturing defaults in that Stale were more numerous this
year than last, but the liabilities were smaller. On
the other hand, there was a small reduction in the
number of trading failures in that State this year.




185

In the South the improvement in the second quarter of this year reflects in the main a somewhat
better situation in Florida, where business defaults
this year have been considerably,reduced as compared with the last two or three years. To some
extent the same condition applies to West Virginia,
owing to the coal mining troubles of last year, and
to Texas, where there has been a decided improvement this year. In some of the other Southern
States, however, insolvencies during the past three
months have been more numerous, among them
North and South Carolina, Georgia, Alabama, Virginia, and Oklahoma. Liabilities in some of these
States also have been considerably in excess of a
year ago. Both manufacturing and trading defaults
have been more numerous in North Carolina. In
Florida there has been a notable reduction in trading
defaults and the same is true as to Texas. Conditions have also improved this year in respect to
mercantile failures in Maryland, Kentucky, Tennessee, Arkansas, and Louisiana.
In the Central and Western divisions the statement for the second quarter of this year makes an
excellent showing in comparison with a year ago.
Insolvencies have been less numerous this year in
Illinois, Michigan, Indiana, Minnesota, Missouri,
Iowa, and Nebraska, and in most of these States
the liabilities also are less this year than they were
last year. The only noteworthy exception as to
the latter is in the case of Illinois, where the number
of manufacturing defaults this year exceed that of
last year and where the amount involved was considerably heavier than it was a year ago. LiabilitieS
for trading insolvencies in that State were also considerably higher this year, but there was quite a
reduction in the number of trading failures this
year. In Michigan, too, the number of defaults this
year was less than it was last year, but the indebtedness involved shows an increase, which is reflected
in the increased number of manufacturing failures
for that State with much heavier liabilities this
year.
For Indiana the improvement appears in both
manufacturing and trading divisions, and the same
thing is true as to the statements for Minnesota and
Missouri. More insolvencies occurred in the second
quarter this year than a year ago in Ohio, Wisconsin
and Kansas, but the indebtedness involved this year
was considerably reduced as to the two States first
mentioned. Both manufacturing and trading failures in Ohio and Wisconsin show an increase this
year. As to Ohio the total liabilities for that State
this year in manufacturing lines is for quite a heavy
total. For Kansas, there was quite an increase in
the number of failures this year and the amount
involved was heavier, the latter in part owing to a
single large default in the class embracing agents
and brokers.
For the Mountain States some improvement appears, although there is a slight increase in the
number of defaults this year for Colorado and Montana. The three Pacific Coast States make a reduction in the number of failures this year, which is
entirely covered by the return from California, in
which State, also, nearly all of the decrease as to
liabilities appears. Both Washington and Oregon
show a larger number of defaults for the second
quarter this year than occurred in the corresponding
period of 1928. Furthermore, the former of these
two States also recoreci quite a large increase in the

amount involved, the increase in number and liabilitien for Washington reflecting some heavy defaults in the number class.
THE BANK INSOLVENCIES.

The record of bank failures for the second quarter
of this year does not show material alteration from
earlier returns, except for one feature which should
properly be considered entirely separate from the
quarterly report. For the past three months R. G.
Dunn & Co. show 148 defaults of banking concerns
in the United States, involving a total of $54,457,541
of indebtedness. These figurec compare with 81
similar defaults in the first quarter of this year for
$37,508,830 and 92 in the second three months of
1928 involving $28,952,552.
Included for the past three months are some 67
banks for Nebraska, with liabilities of $19,086,000.
The Legislature of that State at its last session
repealed the Bank Guarantee Fund law, and many
banks, which has previously been declared insolvent
but had been operated by the Commission created
under that law, are now in receivership—hence this
unusual number. The actual insolvency as to most
of these banks dates back a year or two. Not one of
them, however, has previously been included in the
Dun record.
Omitting the figures for Nebraska, it appears that
four-fifths of the banking failures during the second
quarter of this year were in the South and in the
six Central Wectern States, comprising the same
group to which Nebraska belongs. Furthermore,
nearly two-thirds of the liabilities were also confined to these two sections. For a number of years
this has characterized the record of banking failures.
In the South there have again been a number of
banking defaults reported for Florida, although insolvencies in commercial lines in that State now
show some improvement, to which reference has
been made above.
To return to the situation in Nebracka again, it
appears that during the past two years and a half
there have been in that State 140 insolvencies of
banks, with total liabilities in excess of $45,000,000.
This has been under the Bank Guarantee Fund law,
which is now repealed. That particular legislation
has proven a rather costly experiment to the taxpayers of that State.
The

[VoL. 129.

FINANCIAL CHRONICLE

186

World Bank's Power—Identifying the
Federal Reserve with the Bank for International Settlements.
[Editorial In New York "Journal of Commerce" of July 6.1

intermediate credit operations, making advances for short
periods and arranging for the commercialization of reparations
bonds. Its operations will, in fact, be extremely varied and
will call for a high and disinterested quality of banking
ability.
As the "Journal of Commerce" recently pointed out, the
International Bank is, in fact, empowered to do many things
which the Federal Reserve banks may not be themselves.
Unless some action is taken by Congress redefining the powers
of the Reserve banks in foreign operations, in order to permit
their participation in an institution of large and vague
competence, there is no warrant in law for permitting the Reserve banks to be represented in the new organization. Furthermore, apartfrom the legal restrictions, the tasks assigned
to the bank or those that may conceivably fall to its lot are
of a character that might be subject to serious abuse if
nationalistic, political considerations were permitted to
influence the acts of the directors.
In spite of assertions to the contrary, dangers on this scor3
are great since the heads of the various central banks who
will be in control cannot be considered to be emancipated
from political allegiance to their respective Governments.
The United States, in any case, is well aware that policies
that might suit both the financial and political aims of
European countries might be diametrically opposed to our
domestic interests. We can protect those interests better
by refusing participation than by conceding a representation
that would leave one American to face a company of European
bankers.
Of course the end will not be gained should the Administration refuse official recognition only to suffer private interests
to commit the Reserve banks to policies that they may not
directly assist to develop.

Public-Utility Earnings During May.
Gross earnings of public-utility enterprises in May, exclusive of telephone and telegraph companies, as reported
to the Department of Commerce by ninety-five companies or
systems operating eas, electric light, heat, power, traction
and water services and comprising practically all of the
important organizations in the United States, were $189„750,000, as compared with $190,000,000 in April, and
$180,255,407 in May 1928. Gross earnings consist, in
general, of gross operating revenues, while net earnings is
general represent the gross, less operating expenses and taxes,
or the nearest comparable figures. In some cases the figures
for earlier years do not cover exactly the same subsidiaries,
owing to acquisitions, consolidations, &c., but these differences are not believed to be great in the aggregate. The
following summary presents gross and net public-utility earnings by months from January 1926, the figures for the latest
months being subject to revision.
PUBLIC UTILITY EARNINGS.
1926.
Gross Earnings—
January
February
March
April
May
Total (5 months)- _
June
July
August
September
October
November
December

1927.

1928.

1929.

$
177,473,781
165,658,704
167.642,439
166,927.022
159,135.618

$
101.702,022
177,612,648
179,564.670
176,467,300
171,255,699

$
196,573,107
187,383,731
187,726,994
181,143,683
180.255,407

$
203.000.000
194,000,000
195,000,000
190,000,000
189,750,000

836,837,584

896,602,339

933,082,922

971,750,000

157,744,715
153,245,315
153,188.101
159,519.246
170,733,069
178,000.649
188,146,705

167.975,072
161,638,462
162,647,420
169,413,885
177.734,493
182,077.497
194,985,134

178,696,556
173,645,919
173,952,469
179.346,145
190,795,668
198,032,715
202,000,000

The official organ of the International Chamber of Commerce has published a statement by Mr. Lamont emphasizing the importance of the Bank of International Settlements
1,995,415,364 2,113,074,302 2.229,552.394
Total (year)
incorporated in the Young plan. The large powers that are
Na Earnings—
66,974.941
92,000,000
73,746,891
79,013,279
assigned to the bank were at first minimized when hope January
86,000.000
61,555,164
66.907,757 , 74,296,576
February
60,698.920
65,412,739
72,811,146
85,000,000
was entertained that the United States might consent to March
59,471,359
64,907,729
68.971,324
83,000,000
become officially connected with it through the Reserve April
82,600,000
54,993,907
61,194,779
67,732,911
May
banks. It is evident, however, that to Mr. Lamont the im303,692,291
428,500,000
332,169,895
Total (5 months)_ _
362,825,236
portance of the bank lies not in its usefulness as a mere
55.699.751
59,167,096
June
67,537,140
clearing house for transfers of reparations and other interna- July
49,238,806
53.980,280
62,260.333
49,844.522
53.551,164
61,809,794
August
tional debt payments but in the large discretionary powers September
56,930,481
61,897.207
68.235.698
60.878.181
65,259,727
73,670,561
with which it has been endowed. "In its natural course of October
65,844,729
November
70,214,468
81,363,806
73,023,848
78.937,417
91,000,000
development," he says,"the bank may become an organiza- December
MR 709 c71
77A177 91L1
715 152 ROA
tion not simply or even predominantly concerned with the
Total (year)
handling of reparations but also with furnishing to the world
of international commerce and finance important facilities
Facts Regarding the History of New Jersey—A
hitherto lacking."
Correction.
bank will be carrying on various purely
Meantime the
The following calls attention to some inexcusable and quite
banking functions both of a commercial and investment
sort, such as receiving and crediting current reparations pay- unpardonable misstatements that appeared in one of our
ments, accepting long-time deposits and employing them in articles, a. few weeks ago. The Editor can only express




JULY 13 19291

FINANCIAL CHRONICLE

regret that they found their way into the columns of his
paper.
PRINCETON UNIVERSITY.
Princeton, N. J., July 3 1929.
The Editor, The Commercial and Financial Chronicle, New YorkCity.
Dear Sir: My attention has been called to an article on New Jersey
In your issue of May 4, and in particular to the opening paragraph of
that article wherein is related what the author calls 'a bit of unwritten
history" telling how narrowly "New Jersey was saved in the early days
of the Revolution." According to the writer, Elisha Boudinot and
William P. Smith, two Princeton trustees, stopping at New Brunswick
one evening, found the inhabitants meeting to decide whether to join
revolt against British rule or remain loyal. President Witherspoon of
Princeton earnestly advocating loyalty to Great Britain; Mr. Boudinot
thereupon took the opposite side and finally won the support of his
hearers, Who refused to listen to President Witherspoon any further and
voted enthusiastically to join the movement against Great Britain. I
venture to say that the "Financial Chronicle" has never printed a paragraph more completely perverting the facts than this.
(1) The piece of alleged "unwritten history" was published correctly
thirty-five years ago and is also given in my recent biography of President
Witherspoon where it is discussed at some length.
(2) The story concerns Elias Boudinot and not Elisha; and it was told
by Elias Boudinot in his "Journal," published in 1894.

187

(3) The true story Is just the reverse of what the "Financial Chronicle's" article states.
(4) Far from advocating adherence to the Crown, President Witherspoon had called the meeting to lay before the people the reasons for
breaking away from the Crown, and he had made an eloquent plea for
Independence. The meeting had adjourned until the afternoon when a
vote was to be taken. It was at this time that Mr. Boudinot and Mr.
Smith arrived.
(5) More cautious than Dr. Witherspoon, Mr. Boudinot took the floor
and argued against independence at that time. He felt the action of
Dr. Witherspoon was premature. Word was passed to Dr. Witherspoon
that he was giving offence, whereupon he ceased his effort, and the meeting adjourned.
It seems extraordinary that any writer on New Jersey should know so
little about one of the State's most historic characters as to make the
blunder of alleging that President Witherspoon advocated loyalty to
Great Britain against independence. He was one of the earliest public
men in New Jersey to perceive that separation was inevitable; and it
was because of his activities in hastening the event that he was considered
by the British their arch-enemy in New Jersey.
This is a matter neither of commerce nor finance; but I trust that in
the interests of truth and accuracy in historical writing you may find
space in your columns for this correction.
Very truly yours,
V. LANSING COLLINS.

Gross and Net Earnings of United States Railroads
for the Month of May
For the month of May returns of the earnings of
United States railroads are of the same character
as the returns for preceding months in showing
moderate improvement in the comparison with last
year in the case of gross earnings and net earnings
alike. The expression "moderate" in speaking of
the extent of improvement is obviously called for,
seeing that the present increases follow losses or indifferent results in May of both the two years immediately preceding. But while this qualifying remark
seems proper to guard against too much significance
being attached to the gains now disclosed, the
important thing, after all, is that railroad income
is now on the road to betterment, with the changes,
speaking of the roads as a whole, in the right direction, whereas prior to the advent of 1929 the
reverse was the case. Stating the results in a nutshell
our tabulations for the month of May, which include
all the roads that are required to file monthly reports
with the Inter-State Commerce Commission at
Washington, show a gain of $26,179,817 in the gross
earnings over the same month last year, or 4.86%,
and $17,754,001 gain in the net earnings (before the
deduction of the taxes), or 12.09%. The grand
aggregates for the two years are as follows:
Month of May—
Miles of road (182 roads)
Gross earnings
Operating expenses
Ratio of expenses to earnings
Net earnings

1929.

1928.

Inc. (-I-) or Dec. (—)

241,280
240,798
482 +.20
536,723,030 510,543,213 +26,179,817 +4.86
389,924,238 381,498,422 +8,425,816 +2.12
72.65%
74.73%
—2.08
146,798,792 129,044,791 +17,754,001 +12.09

The underlying causes of the better revenues in
1929 are found, as in the months preceding, entirely in the greater activity of trade and business.
As far as certain key industries are concerned, like
the production of motor vehicles and most of the
leading branches of the iron and steel trade, an
unusually high record of activity has been maintained all through the current year. The activity
in such industries has been on a scale never before
witnessed. On the other hand in the case of many
other branches of business, not favored in an equal
degree, activity has not been quite so pronounced
and in some instances no doubt only little in excess
of that enjoyed in May last year.
One great division of human endeavor, namely
the agricultural world, has been an important
exception to the state of prosperity which has been
the fortunate lot of other classes of the country's
population. This has been so for quite some time,
but during May grain prices in the markets of the




world dropped to a new low level, intensifying the
depressed state of agriculture and correspondingly
diminishing the consuming capacity of the farming
population. There can be no doubt that as a result
of the great drop in grain prices during May, the purchasing power of many Western farmers was greatly
lessened, thereby adversely affecting railroad traffic
and railroad revenues in that part of the country,
besides which the volume of the grain traffic itself
was heavily reduced because the owners of the grain
would not ship it to market at the inordinately low
prices prevailing. What an important part in
affecting the revenues of the roads concerned, this
shrinkage in the grain traffic must have played,
will appear when we say that at the Western primary
markets the receipts of wheat, corn, oats, barley
and rye, for the four weeks ending May 25 1929
aggregated only 38,782,000 bushels, as against
61,396,000 bushels in the corresponding four weeks
of 1928. We discuss the details of the Western
grain movement in a separate paragraph further
along in this article.
Automobile production during May was almost
50% larger than in May last year, the number of
motor vehicles turned out in the United States in
that month of the present year having been 603,969
as against only 425,783 in May 1928. Steel production for the month was of unparallelled magnitude,
the calculated output of steel ingots, according to
the American Iron & Steel Institute, being 5,273,167
tons, as compared with only 4,207,212 tons in May
1928. The increase it will be seen is in excess of a
million tons, this year's total establishing a new
high record for any month in the history of the steel
trade. A new high record in the make of pig iron
was also reached in May 1929. The "Iron Age"
of this city puts the production of iron in May 1929
at 3,898,082 tons, as against 3,283,856 ton in May
1928 and 3,390,940 tons in May 1927. Back in May
1923, which held the previous high record, the production was 3,867,694 tons.
Incidentally the early opening of navigation on the
Great Lakes the present year was a great advantage
to the ore-carrying roads, both to those carrying
ore from the mines to the head of Lake Superior and
those carrying it from the lower lake ports to the iron
furnaces. This will explain the large increases in
earnings shown by roads of that class—the Duluth
& Iron Range reporting $321,747 gain in gross and
$269,115 gain in net; the Duluth, Missabe & Northern

188

FINANCIAL CHRONICLE

$1,152,901 gain in gross and $1,066,018 gain in net
and the Elgin Joliet & Eastern $231,087 gain in
gross and $224,840 gain in net. Doubtless the huge
gain on the Great Northern Ry., which reports
an addition of $1,759,344 to gross and $1,445,993 to
net, is attributable to the same source, the Northern
Pacific, which is without ore-carrying lines, showing
only $246,301 gain in gross and $562,282 gain in net.
The two ore-carrying roads first mentioned above
suffered heavy reductions of their earnings last year
owing to the late opening of lake navigation at that
time.
As to the coal traffic, which plays such an important part of the freight movement of so many of
the roads in different parts of the country, the
anthracite coal shipments to tidewater aggregated
only 4,817,334 tons in May 1929, against 6,313,174
tons in May 1928, and as a consequence most of
the anthracite carriers have suffered considerable
losses of earnings either of gross alone or of both
gross and net. Total anthracite production in May
1929 was 6,308,000 tons against 8,124,000 tons in
May last year. Bituminous production, on the other
hand was larger the present year, aggregating 40,172,000 tons, against 36,624,000 tons in May 1928.
Perhaps the best idea of the course of railroad tonnage as a whole is found in the weekly statements
of the loading of revenue freight furnished by the
Car Service Division of the American Railway Association For the four weeks ending May 25 1929
these car loadings of revenue freight aggregated
4,205,709 cars against 4,005,155 cars in the corresponding four weeks of 1928, and 4,108,472 cars
in the same four weeks of 1927.
Under the favoring conditions so generally prevailing, all the great East and West trunk line systems
show substantial additions to gross and net revenues
alike-in most cases, however, following substantial
losses in the same month of last year. The Pennsylvania Railroad has added $4,785,314 to 'gross
and $2,887,781 to net. Last year in May the Pennsylvania reported $2,417,423 decrease in gross with
$429,441 increase in net. The New York Central
this time shows $2,249,659 gain in gross and $714,683
gain in net. This covers merely the operations of
the New York Central itself. Including the various
awdlliary and controlled roads, the whole forming
the New York Central Lines, the result is an increase
of $3,612,496 in gross and of $1,510,217 in net.
Last year in May the New York Central Lines showed
$766,424 decrease in gross and $48,509 decrease in
net. The Baltimore & Ohio the present year has
enlarged its gross by $1,969,665 and its net by $1,144,815, after a falling off of $1,742,666 in gross and
of $665,223 in net in May the previous year. The
Erie has added $489,520 to gross, but shows $38,797
decrease in net; a year ago in May the Erie reported
$168,354 increase in gross and $233,533 increase in
net. The Lehigh Valley the present year, probably
by reason of its reduced traffic in anthracite coal,
shows $208,844 decrease in gross and $256,723 decrease
in net, which comes after $254,937 decrease in gross
with $402,230 increase in net in May last year. The
Delaware & Hudson and most of the other anthracite
carriers, as already remarked, all show losses the present year, but the Lackawanna is an exception to the
rule and reports $237,877 increase in gross and
$166,338 increase in net, notwithstanding the reduced
shipments of anthracite, though as a matter of fact
the Lackawanna itself shared very little in the falling




FoL.129.

off in the anthracite movement, having transported
901,538 tons of anthracite in May 1929 against
904,956 tons in May 1928.
Western roads give a pretty good account of themselves, notwithstanding the reduction most of them
suffered in their grain traffic. Up in the Northwest,
as already related, several of them had the advantage of a much larger ore traffic by reason of
the early opening of lake navigation. The Milwaukee & St. Paul, which in May last year made
such a splendid showing, then adding $1;132,130
to gross and $1,364,049 to net, the present year
shows $342,755 further increase in gross, but loses
$50,096 in net. The Chicago & North Western,
which a year ago enlarged its gross by $539,301,
though then recording $34,687 loss in net,this year
shows $181,344 gain in gross and $359,686 gainjn
net. Among other large systems the Chicago Burlington & Quincy this time reports $393,540 increase
in gross and $573,081 increase in net; the Rock Island
$660,293 increase in gross and $86,977 increase in
net; the Southern Pacific $1,207,461 increase in gross
and $1,107,112 increase in net, and the Union
Pacific $77,193 decrease in gross, with $409,000
increase in net. In the Southwest the Atchison has to
its credit $1,462,714 gain in gross and $1,882,834
gain in net;the St. Louis-San Francisco $582,495 gain
in gross and $172,188 gain in net, and the Missouri
Pacific $813,626 gain in gross and $234,588 gain in
net. The Texas & Pacific and several of the smaller
roads in that part of the country have suffered a
diminution of their earnings. In the case of the Texas
& Pacific the loss amounts to $548,930 in gross and
to $500,672 in net. This last, however, follows no
less than $1,374,783 gain in gross and $987,745 gain
in net in May last year.
In the South the comparisons this time are irregular.
The Atlantic Coast Line is able to show $288,430
increase in gross and $151,472 increase in net, following its heavy losses of the two preceding years.
But the Florida East Coast shows $661,112 decrease
in gross and $499,975 decrease in net, after its bad
exhibits of the two previous years. The Seaboard
Air Line has added $371,453 to gross and $308,028
to net, after its heavy falling off in May 1928. The
Louisville & Nashville, after its heavy decrease in
May last year, has suffered a further reduction the
present year of $310,044 in gross and of $322,197
in net. The Southern Railway, which suffered relatively light shrinkage in May 1927 and May 1928,
shows a further moderate contraction the present
year with $153,593 decrease. in gross and $3,397
decrease in net. This is for the Southern Railway
proper. Including the roads which go to form the
Southern Railway System, the result, as it happens
is $84,945 increase in gross and $196,801 increase
in net. In the following we show all changes for
the separate roads for amounts in excess of $100,000,
whether increases or decreases, and in both gross and
net:
PRINCIPAL CHANGES IN GROSS EARNINGS FOR THE MONTH
OF MAY 1929.
Increase.
Increase.
Pennsylvania
$4,785.314 Clev Cinc Chic & St Louis $423,002
New York Central
393,540
a2,249,659 Chic Burl & Quincy_-__
Baltimore & Ohio
387,704
1,969,665 Wheeling & Lake Erie_Great Northern
383,133
1,759,344 Pittsburgh & Lake Erie_
Atch Top Sr Santa Fe (3) 1,462,714 Seaboard. Air Line
371,453
Southern Pacific (2)---- 1,207,461 Los Angeles & Salt Lake_
370.383
Dul Missabe & No
1,152,901 NY Chic & St Louis
Norfolk & Western
363,119
888,558 Chesapeake& Ohio
Missouri Pacific
360,129
813,626 Det Toledo & Ironton--Wabash
342,755
663,980 Chic Mil St Paul & Pao321,747
Bessemer & Lake Erie662,049 Duluth & Iron Range-311,263
Chic Rock Isl & Pac (2)_
660,293 NYNH& Hartford-__
310,478
St. Louis San Francisco (3) 582,495 Illinois Central
288,430
Michigan Central
502,066 Atlantic Coast Line
246,301
Erie (3)
489,520 Northern Pacific
244,857
Minneapolis St Paul &
Virginian
237,877
Sault Ste Marie
475,692 Del Lackawanna & West

FINANCIAL CHRONICLE

JULY 13 1929.]
Union
Elgin Joliet & Eastern
Cin New On & Tex PacPere Marquette
Boston & Maine
Lake Sup 4 Ishpeming
Chicago & Northwestern
Buff Roth & Pitts
Central Vermont
Denver Rio Grand&West
Chicago & East Illinois
Western Pacific
Illinois Terminal
Chicago & Alton

Increase.
$237,429
231,087
226,187
218,372
208.339
199,944
181,344
171,979
156.037
154,823
134,791
109,945
107,202
104,148

Florida East Coast
Texas & Pacific
Louisville & Nashville_
Central of New Jersey_ -N Y Ontario & Western
Reading
Lehigh Valley
Kansas City Mexico of
Orient of Texas
Hocking Valley
Southern Railway
Delaware & Hudson---Lehigh & New England..

Decrease.
$661,112
548,930
310.044
266.422
211.950
210,512
208,844
159.471
159,404
b153.593
136,783
117,441

Total (55 roads)
Total (12 roads)
$3,144,506
$28,486,375
a These figures merely cover the operations of the New York Central
Itself. Including the various auxiliary and controlled roads, like the Michigan Central, the "Big Four," &c., the result is an increase of $3,612,496.
I, This is the result for the Southern Railway proper. Including the
Alabama Great Southern, the Cincinnati New Orleans & Texas Pacific,
the Georgia Southern & Florida, the New Orleans & Northeastern and the
Northern Alabama, the whole going to form the Southern Railway System,
the result is an increase of $84,945.
PRINCIPAL CHANGES IN NET EARNINGS FOR THE MONTH
OF MAY 1929.
Increase.
Increase.
Pennsylvania
$2,887,781 Canadian Pac Lines in Vt $172.734
Atch Top & Santa Fe (3) 1,882,834 St Louis San Francisco(3)
172.188
Great Northern
1,445,993 Minn & St Louis
170,488
Baltimore & Ohio
1,144,815 Del Lackawanna & West
166.338
Southern Pacific (2)
1,107,112 Atlantic Coast Line___
151,472
Dul Missabe & Northern 1,066,018 Wabash
148.889
Norfolk & Western
1,027,931 Chic St P Minn & Omaha
136,250
New York Central
a714,683 Western Pacific
124,860
Bessemer & Lake Erie-608,676 Detroit Or H &
122.348
Minneapolis St Paul &
Michigan Central
121.102
Sault Ste Marie
577,452 NY Chic & St Louis_ ___
118.850
Chic Burlington & Quincy
573.081 Cinc New On & Tex Pee_
100,711
Northern Pacific
562,282
NYNH& Hartford_
498,663
Total (47 roads)
$20,392.260
Clev Cin Chic & St Louis
395,895
Decrease.
Chic SE Northwestern--359,686 Reading
599.313
Virginian
329,016 Texas & Pacific
500.672
Les Angeles & Salt Lake
320,064 Florida East Coast
499,975
Central Vermont
311,242 Delaware & Hudson_ _ _ _
381,433
Seaboard Air Line
308,028 Central of New Jersey__
348.220
Detroit Tol & Ironton_
270,751
322.197
Duluth Sc Iron Range
269,115 Lehigh Valley
256.723
Illinois Central
265,072 Missouri Kansas Texas..
174,763
Chesapeake & Ohio
252,013 N Y Ontario Western-.
154.971
Pittsburg & Lake Erie
249,452 Hocking Valley
136.184
Wheeling & Lake Erie___
242,071 Colorado & Southern (2)
131.553
Missouri Pacific
234,588 Grand Trunk Western__
125.385
Union
225,007 Yazoo & Mississippi Val_
108,124
Elgin Joliet & Eastern
224,840 Denver SZ Salt Lake.._ _
103,521
Denver 1110 Grande&West 199,378
Lake Sup & Ispheming
192,492
Total (15 roads)
$3.843.034
a These figures merely Cover the operations of the New York Central
Itself. Including the various auxiliary and controlled roads, like the Michigan Central, the "Big Four." &c., the result is an increase of $1.510,217.
Note.
-The Southern Railway proper shows a decrease of $3,397.
Including the Alabama Great Southern, the Cincinnati New Orleans &
Texas Pacific, the Georgia Southern & Florida, the New Orleans & Northeastern and the Northern Alabama, the whole going to form the Southern
Railway System, the result is an increase of $196,801.

When the roads are arranged in groups, or geographical divisions, according to their location,
the generally favorable character of the exhibits of
the separate roads appears from the fact that all of
the different districts, as well as all the different regions in those districts, show gains in gross and net
earnings alike, though in the case of two or three
of the regions the• increases are very light. Our
summary by groups is as below. As previously
explained we now group the roads to conform with
the classification of the Inter-State Commerce Commission. The boundaries of the different groups and
regions are indicated in the footnote to the table.

189

-We have changed our grouping of the roads to conform to the cleasillNOTE.
cation of the Inter-State Commerce Commission, and the following indicates the
confines of the different groups and regions:
EASTERN DISTRICT.
New England Region.-Thls region comprises the New England States.
Great Lakes Region -This region comprises the section on the Canadian boundary
between New England and the westerly shore of Lake Michigan to Chicago. and
north of a line from Chicago via Pittsburgh to New York..
-This region comprises the section south of the Great
Central Eastern Region.
Lakes Region, east of a line from Chicago through Peoria to St. Louie and the
Mississippi River to the mouth of the Ohio River. and north of the Ohio River to
Parkersburg, W. Va., and a line thence to the wouthwestern corner of Maryland
and by the Potomac River to Its mouth.
SOUTHERN DISTRICT.
Pocahontas Region -This region comprises the section north of the southern
east of Kentucky and the Ohio River north to Parkersburg.
boundary of Virginia.
W.Va..and south of a line from Parkersburg to the southwestern corner of Maryland
and thence by the Potomac River to Its mouth.
-This region comprises the section east of the Mississippi River
Southern Region.
and south of the Ohio River to a point near Kenova. W. Va., and a line thence
eastern boundary of Kentucky and the southern boundary of Virginia
following the
to the Atlantic.
WESTERN DISTRICT.
-This region comprises the section adjoining Canada lying
Northwestern Region.
Great Lakes region, north of a line from Chicago to Omaha and thence
west of the
to Portland and by the Columbia River to the Pacific.
-This region comprises the section south of the NorthCentral Western Region.
St. Louis. and
western region, west of a line from Chicago to Peoria and thence to
north of a line from St. Louis to Kansas City and thence to El Paso and by the
Mexican boundary to the Pacific.
Southwestern Region -This region comprise the section lying between the Mtselesippi River south of Bt. Louis and a line from St. Louis to Kansas City and thence
to El Paso and by the Rio Grande to the Gulf of Mexico.

Western roads had to contend with a heavily
diminished grain traffic in May and also a reduction
in their live stock movement. In the case of the
former, not alone was there a marked falling off in
the volume of wheat and corn moved, but the decrease extended in greater or lesser degree to all the
other cereals. It is proper to state, however, that
comparison is with a large grain traffic in May
1928. For the five cereals, wheat, corn, oats, barley
and rye, combined the receipts at the Western primary
markets for the four weeks ending May 25 1929 were,
as already stated further above, only 38,782,000
bushels, as against 61,396,000 bushels in the corresponding four weeks of last year. The receipts of
wheat for the four weeks were 16,110,000 bushels,
as compared with 23,851,000 bushels in 1928; the
receipts of corn 9,902,000 bushels, as against 20,513,000 bushels;the receipts of oats 9,101,000 bushels,
against 12,944,000; of barley 2,421,000 bushels,
against 2,716,000, and of rye 1,248,000 bushels,
against 1,372,000 bushels. The big drop in grain
prices no doubt induced the withholding of shipments
from market. In the following we give the details
of the Western grain movement in our usual form:

WESTERN FLOUR AND GRAIN RECEIPTS.
Barley.
Oats.
Wheat.
Corn.
4 Wks.End, Flour.
(bush.)
(bush.)
(bush.)
(bush.)
(bush.)
(bits.)
May 25.
Chicago
441,000
407,000
387.000 2,259,000 3.452,000
1929._ 924.000
546,000
223,000
1928____ 922,000 5,283,000 7,405,000 6,402,000
Milwaukee
31,000
427,000
341.000
299.000
227,000
1929____ 183,000
29.000
598,000
778,000
716,000
106,000
1928__..224,000
St. Louts18,000
_ 536,000 1,647,000 1,813,000 1,619,000
6,000
34.000
1928.....504,000 2,356,000 2,769,000 1,410,000
Toledo
2,000
741.000
4,000
59,000
251,000
1929_
SUMMARY BY GROUPS.
1,000
1.000
376,000
683,000
109,000
1928-District and Region.
Gross Earnings
Month of May1929.
1928. Inc. (+) or Dec. (-)• Detroit- ,
21,004
37,000
39,000
85,000
93,000
1929__
Eastern District$
40,000
3.000
77,000
35,000
112,000
1928_
New England region (10 roads)._ _ 22,889,543 22,237,373
+652,170 +2.84
Great Lakes region (34 roads)._ _101,454,631 96,490,494 +4,964,137 +4.89 Peoria
5,000
203,000
474.000
157,000 1,342,000
1929.... 211.000
Central Eastern region (28 roads)_126,905,951 118,055,895 +8,850,056 +6.97
144,000
40,000
827,000
89,000 1,845,000
1928..... 239,000
Total (72 roads)
251,250,125 236,783,762 +14,466,363 +5.76 Duluth-.
321,000
17.000
722,000
4,000
1929.....5,147,000
Southern District
781,000
391,000
83,000
5,129,000
189,000
1928_ --Southern region (31 roads)
65.179,278 65,099,755
+79,523 +03
Pocahontas region (4 roads)
23,442,735 21,848,511 +1,594.224 +6.80 Minneapolis
427,000
591,000
319,000
719,000
4,688,000
1929__
252,000
995,000
5.425,000
367,000 1,315,000
Total(35 roads)
1928.88,622,013 86,948,266 +1,673,747 +1.82
Kansas City
Western District
316,000
2,066,000 1,700.000
1929_ -Northwestern region (18 roads)_ 65,357,352 60,448,456 +4,908,896 +7.51
2,074,000 1,809,000
258,000
1928.....
Central Western region (24 roads) 85,320,181 81,189,468 +4,130,713 +4.84
Southwestern region (33 roads)... 46,173,359 45,173,261
+1,000.098 +2.17 Omaha & Indianapolis
2,000
656,000 1,223,000 1,066,000
_
1928....1.064,000 3,899,000 1,042,000
Total (75 roads)
196,850,892 186,811,185 +10,039,707 +5.10
Sioux City
Total all districts (182 roads)._536,723,030 510,543,213 +26,179,817 +4.86
1929......120,000
165.000
172,000
10,000
109,000
373,000
4.000
272.000
1928-District and Region.
Net Earning
Month of May- -Mileage--1929.
1928. Inc.(%) or Dec.(-) St. Joseph
256,000
505,000
83,000
1929__
Eastern District- 1929. 1928.
1928....548,000
836,000
92,000
New England region 7,281 7,292 6,208,290 5,078,624 +1,129,666 +18.20
Great Lakes region_ 24,839 24,870 27,502,681 26,741,061 +761.620 +2.77 Wichita
415,000
1929_ _
175,000
16,000
Cent, Eastern region 27,283 27,276 37,918,905 32,627,750 +5,291,155 +13.98
873,000
1928_ _ _
161,000.
12,000
59,403 59,438 71,629,876 64,447,435 +7,182,441 +10.02 Total all
Total
1929_ _
1,854,000 16,110,000 9,902,000 9,101,000 2,424,000 1,248.000
Southern District
1928_ --- 1,889,000 23,851,000 20,513,000 12,944,000 2,716,000 1,372,000
+60,367 +38
Southern region_ _ 40,098 40,116 15,604,595 15,544,228
Rye.
Flour.
Wheat.
Corn.
Barley,
Oats.
Pocahontas region. 5,632 5,626 9,300,240 7,707,681 +1,592.559 +17.12 Jan. 1 to
(bush.)
(bush.)
May 25.
(bits.)
(bush.)
(bush.)
(bush.)
45,730 45,742 24,904,835 23,251,909 +1,652,926 +6.64 Chicago
Total
1929_ _ _ 4,872.000 5.787,000 36,589,000 11,779,000 3,208,000 1.326,000
Western District
886,000
1928.... 4,917,000 10,725.000 52,767,000 23,666,000 3,400,000
Northwestern region 48,977 48,803 17,766,995 12,870,317 +4,896,678 +27.56
Cent. West. region_ 52,068 51,877 21,660,788 17,688,427 +3,972,361 +13.51 Milwaukee 784,000
210,000
j1929_.._.
718,000 5,232,000 1,809,000 3,322,000
+49,595 +45
Southwestern region 35,102 34,938 10,836,298 10,786,703
270,000
1928.... 802,000
535,000 7,508,000 2.905,000 4,118,000
136,147 135,618 50,264,081 41,345,447 +8,918,634 +17.74 St. Louis
Total
2,000
567,000
1929._ 2,660,000 12,683,000 15,865,000 9,633,000
508,000
34,000
1928.... 2,558,000 11,446,000 18,477,000 8,229,000
Total all districts_241,280 240,798 146,798,792 129,044,791 +17,754,001 +12.09




190

FINANCIAL CHRONICLE

Jan. 1 to
Flour.
Wheat.
Corn.
Barley
Oats.
May 25.
(bats.)
(bush.)
(bush.)
(bush.)
(bush.)
Toledo
1929__
5,014,000
2,937,000
752,000
43,000
1928_
2,548,000
1,270,000
694,000
15,000
Detroit
1929-_
506.
000
rg:(0
3
608,000
90
311,000
1928703,000
421,000
0
511,000
Peoria
1929-1,297,000
640,000 9,787,000 2,509,000 1,511,000
1928____ 1,471,000
462,000 11,136,000 4.285,000 1,314,000
Duluth192917,017,000
723,000
775,000 2,585,009
1928__
19,499,000
404,000
350,000 1,591,000
Minneapolis
1929._
30,389,000 4,054,000 6.073.000 6,433,000
1928.._
37,247,000 4,980.000 8,507.000 8,335,000
Kansas City
1929._
20,893,000 19,402,000
1,924,000
45,000
1928__
14,881,000 24,508.000 1,492,000
°mho & Indianapolis
1929._
8,022,000 16,472.000 6,758,000
2,000
1928__
6,338,000 26,488,000 7,343,000
30,000
Sioux City
1929._
593,000 2,463,000 1,188.000
33,000
1928___
539,000 4,863.000 1,527,000
21,000
M. Joseph
1929__
2,453,000 5.466,000
525,000
1928_ _
2,638,000 6,035,000
496,000
5,000
Wichita4,586,000 2,529,000
210,000
1123:5.725,000 1,467,000
164,000
Total alt
1929__._ 9,613,000 109,412,000 119,645,000 46,410,000 17,821,000
Il928___ 9,748,000 113,316,000 159,748,000 60,745,000 19,370,000

Rye.
(bush.)

[VOL. 129.

1925 came after tremendous decreases in .1924, and
to that extent constituted merely recovery of what
32,000
25,000 was then lost. Our statement for May
1924 showed
114,000 no less than $70,476,133 falling off in the gross and
129,000
$30,448,063 falling off in the net. But these losses
88,000
45,000 in turn followed prodigious gains in the year pre1,293,000 ceding-that is in May 1923, when the totals were
3,581,000
of exceptional size. In May of that year the roads
2,201,000
1,583,000 were in enjoyment of an unexampled volume of traffic, and our compilations showed an addition to the
gross (as compared with the preceding year) of no
less than $97,510,054, or 21.77%, and an addition to
31,000
the net in the sum of $32,573,715, or nearly 35%.
1,000
9,000 It should be remembered,
too, that the 1923 gains
in net were simply the topmost of a series of increases
1,000
that began long before 1923. Thus in May 1922,
when business revival had already begun, but when
5,267,000 the carriers suffered a very notable
reduction of their
6,594,000
coal tonnage by reason of the strike at the unionized
The Western live stock movement, as already
coal mines then prevailing throughout the country
stated, was also on a reduced scale. The receipts
(coal loadings then having fallen off 47.4% as comat Chicago during May the present year comprised
only 16,061 carloads, as compared with 17,869 car- pared with May of the year before) there was only a
loads in May 1928. At Omaha the receipts embraced very small improvement in the gross earnings-only
-but there was at the
but 6,050 carloads, as against 7,122 carloads, and at $4,069,751, or less than 1%
same time a contraction in expenses of $23,995,177
Kansas City 8,153 cars, against 8,756.
As to the Southern cotton movement, this, too, was and this brought about an augmentation in the net
on a diminished scale as compared with the month in amount of $28,064,928, or roughly 43%. There
last year, both as regards the shipments overland and was improvement also in the net in the year prereceipts at the Southern outports. Gross shipments ceding (1921), though gross at that time was deoverland were only 35,141 bales, as compared with clining, owing to the collapse in trade. The decrease
47,472 bales in May last year 1928; 75,379 bales in in the gross then was $13,214,331, but it was accomMay 1927; 63,513 bales in May 1926; 29,004 bales panied by a reduction in expenses of $58,054,141,
in 1925; 40,534 bales in 1924; 65,395 bales in 1923 thus leaving a gain of $44,839,810 in the net earnand 139,348 bales in 1922. At the Southern outports ings. The loss in the gross at that time was only
the receipts reached only 134,735 bales in May 2.89%, which, of course, failed to reflect either the
1929, against 369,125 bales in 1928, and 345,312 bales great falling off in traffic or the extent and magniin 1927. The details of the cotton receipts at the tude of the depression in trade under which the
different Southern ports are shown in the table we country was then laboring, the reason being that
railroad rates, both passenger and freight, had been
now present:
advanced and the added revenue from the higher
RECEIPTS OF COTTON AT SOUTHERN PORTS IN MAY AND FROM
JAN. 1 TO MAY 31 1929, 1928 AND 1927.
rates served to that extent to offset the loss in earnings resulting from the shrinkage in the volume of
May.
Since Jan. 1.
Ports.
traffic. Contrariwise, the saving in expenses then
1929.
1928.
1928.
1929.
1927.
1927.
Galveston
35.771 114,794
59,416 556,279 346,084 904,324 achieved was effected in face of higher wage scales,
Texas City, &c
26,540
60,898
65,723 537,076 406,982 978,688
New Orleans
43,782
94,462
75,433 514,428 492,983 874.649 the Railroad Labor Board having the previous sumMobile
7,504
24,341
75,363
83,133
19,327
99.339
.
Pensacola
424
179
1,602
1,048
100
2,623 mer awarded a 20% increase to the employees, at
Savannah
7,016
36,131
61,422
72,743 164.753 365,382
Charleston
the same time that the Inter-State Commerce Com6,473
72,176 188,819
18,781
30,172
29,103
'Wilmington
1,166
8,628
52,669
21,898
18,925
75,318
Norfolk
6,059
60,742 131,205 mission granted the carriers authority to put into
10,811
41,135
15,863
Lake Charles
1,024
100
effect higher rate schedules for passengers and
Total
134.735 369,125 345,312 1,857,912 1,666,052 3,620,417
freight. Had business and traffic remained normal,
Carrying our comparison of railroad earnings the higher rate schedules would, according to the
back beyond last year, as far as the roads as a whole computations made at the time, have added $125,are concerned, it has already been indicated that 000,000 a month to the gross revenues, and the
results for May 1928 and May 1927 were either higher wage schedules would have added $50,000,000
poor or indifferent. In May 1928 our tabulations a month to the payroll of the carriers, as was pointed
showed $8,823,323 decrease in gross with $840,317 out by us at the time.
increase in net, and in May 1927 our tables also
On the other hand, in any attempt to appraise corshowed relatively slight changes, namely $1,088,017 rectly the big reduction in expenses effected in 1922
increase in gross, with $1,063,507 decrease in net. and 1921, and the steady improvement in operating
An important fact to remember however is that efficiency since then, the fact should not be overthis followed quite substantial improvement (we looked that, as a result of the antecedent prodigious
are speaking of the roads as a whole) in May 1926 increases in the expenses, net earnings in 1920 had
over May 1925, when, our compilation showed $28,- been reduced to very low levels. High operating
515,298 gain in gross, or 5.85%, and $15,677,492 costs had been a feature of the returns for many
gain in net, or 13.89%. Moreover, these gains in years preceding, and it so happened that in May
1926 succeeded substantial improvement in 1925 1920. the so-called "outlaw" strike, which served so
over 1924, our tabulations for May 1925 having re- seriously to interfere with railroad operations the
corded $11,114,584 increase in gross and $16,805,030 previous month, continued with greatly aggravated
increase in net. On the other hand, it is essential consequences. In these circumstances, it was no
to bear in mind that these increases for 1926 and surprise to find that although gross earnings in-




JULY 13 1929.]

FINANCIAL CHRONICLE

creased $38,629,073 over the amount for May of the
previous year, the augmentation in expenses reached
no less than $61,001,464, leaving a loss in net of
$22,372,391.
But, as already stated, the 1920 decrease in net
was merely one of a series of losses in net that had
been continuing through successive years. As indicating how expenses had been mounting up, it is
only necessary to note that in May 1919, though
gross earnings increased as compared with 1918
in amount of $35,132,305, the augmentation in
expenses reached $69,091,093, leaving a diminution
in the net of $33,958,788. Similarly for May 1918
our compilations registered $31,773,655 increase in
gross, but $14,459,024 decrease in net, owing to an
increase of $46,232,679 in expenses. For the three
years combined, therefore, the loss in net for this
single month was $70,790,203, in face of an increase
in gross earnings of $105,535,033. Expenses in the
three years for this month increased $176,325,236.
Even prior to 1918 rising expenses were a _feature
of the returns, though not, of course, to anywhere
near the extent which subsequently developed. In
the following we show the May comparisons for

191

each year back to 1907. We give the results just as
registered by our own tables each year, though in
1908 and prior years a portion of the railroad mileage
of the country was unrepresented in the totals, owing
to the refusal at that time of some of the roads to
furnish monthly figures for publication.
Gross Earnings.

Net Earnings.

Year.
Year
Given.

I

Year
Preceding.

Increase or
Decrease.

Year
Given.

Year
Preceding.

Increase or
Decrease.

Matt.
$
I
$
1907 _ 144,267,760,121,074,984 +23,192,776 43,765,836 37,319,290 +6,446,546
1908 _ 133,680,555172,218,497 -38.537,943 38,076,927 50,922,678 -12,845,751
1909 _ 196.826,686170,600,041 +26,226,645 64,690,920 49,789,800 +14,901,120
,
1910.230,033841 198,049.990 +31,983,395 70,084,170 64,857,343 +5,226,827
1911 _ 226.442,818231.066,896 -4,624,078 69,173,574 70,868.645 -1,695,071
1912 _ 232,229,364 226,184,666 +6,044,698 66,035,597 68,488,263 -2,452,666
1913 _ 263,496,033 232,879,970 +30,616,063 73.672,313 66,499,916 +7,172,397
1914 _ 239,427,102 265.436,022 -26,007,920 57,628,76573,385,635 -15,756,870
1915 _ 244,692,738 243,367,953 +1,324,785 71,958,563 57.C39.166 +14,619,397
1916 308.029,096244,240,685 +63,448.411105,598.255 71,791,320 +33.806.936
1917 _ 353.825,032308,132,96' +45,692,063109,307,435105,782.717 +3.524.718
1918 _ 374,237.097 342,463,442 +31,773,655 91,995,194106,454,218 -14,459,024
1919 _ 413.190,468 378,058,163 +35,132,305 58,293,2491 92,252,037 -33,958.788
1920 _ 387,330,487 348,701,414 +38,629.073! 28,684,058 51,056,449 -22,372,391
1921 _ 444,028,885457,243.216 -13,214,3311 84,882,813, 20,043.003 +44,839,810
1922 _ 447,299,150443,229,399 +4,069,751 92,931,565 64,866,637 +28,064.928
1923 _ 545,503,898 447,993,844 • +97,510,054126,173.540! 93,599,825 +32,573,715
1924 _ 76,458,749 546,934,883 -70,476,133 96,048,0871126,496,150 -30,448,063
1925 _ 487.664,385476.549.801 +11,114.584112,859,5241 96,054,494 +16,805,030
1926 _ 516,467,480 487,952,182 +28.515.298128.581.566112,904,074 +15.677,492
1927 - 517,543,010 516,454,998 +1,088,016:126,757,878 127,821,385 -1,063.507
--8,823,3231128,780,393 127,940,076
+840,317
1929 _ 536,723.030510,543,213 +26,179,817146.798.792129.044.791 +17.754,001
-Includes for May 92 roads In 1907; In 1908 the returns were based on 143;
Note.
310 miles of road; in 1909.230.514: in 1910. 229,345: In 1911, 236,230: in 1912, 235,410; In 1913, 239,445; In 1914, 246,070; In 1915, 247,747; In 1916, 248,006; In 1917.
248,312; In 1918, 230,355; In 1919, 233,931; in 1920, 213,206; In 1921, 235,333: In
1922, 234.931:10 1923, 235,186; In 1924, 235,894; In 1925, 236,663; In 1926, 236,833:
In 1927, 238,025; In 1928, 240,120; In 1929, 241,280.

Indications of Business Activity
THE STATE OF TRADE
-COMMERCIAL EPITOME. sales in June increased 4.9% over those of May, and for the
Friday Night, July 12 1929.
month of June were 28.7% larger than in June last year.
In the seasonable lines of merchandise, trade is larger, Indeed they were the largest of any June on record. For six
favored by the recent warmer temperatures. In particular months ending June 30 they increased 30%. That was also
the sales are satisfactory in light summer wear and vacation a new peak in such business. In automobile manufacturing
goods. They are in the van in jobbing and retail lines. one concern at least has made so large a gain in output as to
Among the big industries, iron, steel and cognate lines are offset decreases due to model changes among some other
leaders. As a rule, commodity prices have been steady manufacturers.
notably in cotton and grain while rubber has advanced and
It is a sign of the times that on Thursday London newssome of the non-ferrous metals have advanced especially tin, papers devoted their principal news pages to protests from
though as a rule transactions have not been large. The sugar 38 countries against the proposed increases in the United
market was recently oversold and shorts have paid the States tariff. They declare that the whole world, aroused
penalty as the trend is toward more sensible methods of by the American high tariff proposals, will retaliate by
marketing in the world. Once more, too, coffee prices have excluding the United States from the overseas markets.
disappointed those who thought the market could be sold The worst of this is that it is the cupidity of the few who
short with impunity. Collections however, in general trade, bring down on the United States as a whole the just criticism
it must be confessed are not entirely satisfactory. In fact of the family of nations which detects the greedy element
some reports say they are slower. Cotton crop reports have in such tariffs, however specious the explanations.
been in the main more favorable, but as regards the grain
Wheat advanced about a cent on bullish crop reports by
crops the opposite has been the case. In the furniture trade the U.S. Government and continued drought in the American
sales are relatively small, although at Chicago the total made Northwest and Canada. The advance was curbed, however,
a better showing. The falling off in building is attributed 13y profit taking. The Government crop report pointed to
partly to high money rates, partly to more or less overbuild- 582,000,000 bushels of winter wheat or 40,000,000 less than
ing and finally to the fact that labor is standing in its own on June 1 and only 3,000,000 more than was harvested
last
light by its aggressive attitude towards builders, particularly year. The spring wheat yield is called 251,900,000 bushels or
in moving for a more general adoption of the five day week 73,000,000 less than last year. Taking winter and spring
and curious as it sounds higher wages at that. Such high wheat together the total is only 834,000,000 or
70,000,000
handed proceedings are bound eventually to work out their less than last year. Meanwhile the Northwest
and Canada
own cure.
still need rain; also Argentina and Australia. The Canadian
The jewelry trade is not altogether satisfactory. In some crop which was recently estimated
at 400,000,000 bushels is
parts of the country the higher grades are selling well, but now said to be not much over 325,000,000,
against 500,000,in others even the cheaper kinds are dull. It is noticed that 000 last year. Allowing for exaggeration
of damage by prothere has been a large trade in refrigerators and adding longed drought in the spring wheat
areas on both sides of the
machines. New Orleans trade has been injured by the trolley Canadian border, and the evil
effects of a wet winter wheat
strike. In the Birmingham, Ala. district the recent failure harvest in the Southwest of this
country, the crop outlook
of five banks has had some injurious effect on retail business. seems none too promising. Today Chicago and
Winnipeg
The building of airplanes is increasing to an extent that at- were up 19j to 3c., Corn declined about
2c. partly because of
general attention. Of course it affords a new outlet good weather and a lack of any
tracts
urgent cash demand. The
for labor and recalls the stimulus to employment given in crop is late and the government report was bullish, but
primiddle of the last century and later by the introduction vate reports seem more reassuring.
the
Other grain declined
of railroads coincident with a similar fillip as steamships slightly. Provisions advanced with the hog supply
expected
began to ply the ocean in great numbers. The airplane to be moderate. Cotton advanced slightly. No one
influence
industry is merely in its infancy. There seems no doubt that especially dominated. The weather
was good for growth of
time will come when air navigation under very strict regula- the plant, but it also fostered the weevil. The acreage gained
tions will be about as safe as any other form of navigation only 3.2% over that of last year, whereas some private estiand in a way usher into a new era for the race
mates had pointed to an increase of 4 to 5%%. The textile
There is less business in brass goods. Also the trade in figures for June were bearish, showing sales of less than 80%
box material at San Francisco has been cut down by the dam- of the output, but this had been largely discontinued. The
age by frost to fruit crops earlier in the year. Mail order showing of the first half of the year reveal sales of 93.5% of




192

FINANCIAL CHRONICLE

output against 89 in the same time last year and shipments
of 993/2% against 933' in the like period of last year, which
was not a bad showing under the circumstances.
Rubber advanced roughly
with consumption
to
increasing, and London and,Singapore prices rising as shipments to consuming markets decreased. Sugar advanced
noticeably as it is expected that Cuba and Europe will be
joined by Japan in concerting measures to obviate unwise
marketing and the conservation of prices. There will
be no attempt to limit crops. The past has taught its
lesson. Simply there will be an effort to regulate marketing
within bounds that tend to protect the growers' interest.
Coffee has advanced moderately in narrow markets despite
lower Brazilian prices for both Brazilian and European
interests bought. Tin advanced about a cent with London
prices rising. Pig iron here has been quite at a decline in
the southern product of 50c but at the West quite a good
business has been done. Steel has been in fair demand
and steady. Scrap has advanced 25 cents. Coal has been
in rather better demand. Cattle prices are at the highest
of the year, i. e. $16.50 for fancy steers and $14.50 for the
average. Hogs at $11.45 also reached the year's peak
thus far. Wool has declined at the London auction sales
5 to 7 %. In this country wool has been as a rule quite,
though combing is reported to have sold more freely. In
cotton goods finished fabrics especially printed goods sold
well, favored by the warm weather. Unifished goods
were quiet or sold to only a moderate extent. Aside from a
demand for dress goods for the fall season, woolens and
worsteds were quiet. Piece silks on new lines for fall trade
were in good demand. Ray silk was in better demand and
firmer.
The stock market has witnessed some of the irregularity
inevitable in the enormous list of shares traded in daily and
with money 9% but has on the whole acted very well.
Brokers' loans were reduced, slightly, i. e., $14,000,000,
but light as the falling off was it had a reassuring effect.
Government bonds advanced. The West Coast is agin
trading in stocks on a noticeable scale. Last winter it is
said to have at times furnished nearly one-third of the
business. To-day stock trading got within hail of 5,000,000
shares again as some prices advanced to new high levels
with public utilities and United States Steel leading. The
tendency is towards expanding stock business without reckless advances or declines in prices. Railroad shares showed
an upward trend. Meanwhile the tendency is towards gold
shipments from London to New York under the pulling power
of high money rates here. This may be the precursor of
lower money rates here next week. ,In to-day's big trading
the more conspicuous features were American Can, Ceneral
Electric, Sears Roebuck & Co., Montgmery, Ward & Co.,
Allied Chemical, American Telephone, United Corporation,
U. G. I., Columbia Gas, Consolidated Gas, Public Service
and North American, New York Central and Alleghany
Corporation.
Fall River wired that the heavy curtailment is believed to
be a move in the right direction and mill men are said to be
&bowing more optimism. At least,some of them turned down
business rather than grant price concessions. The Worcester
Woolen Mills of Worcester, Mass., which have been closed
for several weeks to liquidate will resume operations shortly.
New Bedford, Maes., said that a practical lawful and workable plan for effectively putting a stop to ruthless practice
of selling below cost in fine cotton goods industry has been
advanced by a group of New England men. Providence,
R. I., wired July 9 that necessary curtailment is said to have
begun in Rhode Island mills early this week. The mills controlled and operated by the Lonsdale Company in various
parts of tlie State, closed for two weeks. Operations are to
be resumed, July 15. The Esmond Mills, Esmond, closed
for one week. The plants of the Berkshire Fine Spinning
Association, Inc., in Rhode Island, also closed for one week,
to reopen July 8th.
Spartanburg, S. C.,wired that the Woodruff Mill of the
Brandon Corporation will curtail one week out of each
month for the next three months; also that two mills of the
Fort Mill Co. would close this week for the summer vacation.
Charlotte, N. C., wired that a number of cloth mills were
expected to close for two weeks or longer. In Durham, N.C.,
district all cotton mills are reported to have resumed operations on Monday after a week or 10 days suspension but
spinning and weaving mills contemplate operating only four
days per week for an indefinite period. Richmond, Va.,
wired July 11th after a week of idleness the majority of
Piedmont Carolina's textile mills are again in operation.




[VOL. 129.

It has been customary for the mills to close for the first week
in July. Over-procdution has.been discussed by millmen
for many months as one of the main reasons for the present
lack of prosperity in the textile industry. At South Boston,
Va., the Halifax Cotton Mills are reported to have closed
down last Saturday for a period of two weeks, this being the
annual vacation time for all employees when such repairs
as may be necessary are made. At Exeter, N. H., July 7
the carding and spinning departments of the Exeter Manufacturing Co. will close for the summer vacation on July
13th to reopen on August 5th. The bleachery and finishing
departments will be operated on full time.
The strike of 19,000 garment workers in this city seems
to be nearing the end after conferences between employers
and workers. Increases in wages and the insurance question
are deferred. Operatives are expected to be back at work
by next Tuesday or Wednesday. Terms of agreement for a
new three year contract between the three employers' associations and the International Ladies Garment Workers'
Union will be submitted for ratification this evening to a
conference of spokesmen for the four organizations. Unless
unforeseen obstacles arise the new agreement will be approved to-night, submitted to-morrow to the general strike
committee and the next day to the shop chairmen of the
union. On Monday a referendum will be held in the various
meeting halls at which the new compact, in the opinion of
union leaders, will be finally approved.
New Orleans reported rumors that a general union walkoutin sympathy with the striking street car men may be called.
Department store sales in June were 1 per cent larger than
in the corresponding month last year, according to preliminary reports made to the Federal Reserve system by 448
stores. On a dAily average basis, however, the sales were
5% larger than a year ago. An increase in total sales was
reported by 204 stores and a decrease by 244.
The sales of twenty-five chain-store systems in June
totalled $122,291,578 against $100,192,504 in June 1928,
an increase of $22,099,074 or 22 per cent. This is a new
high June record. In the first six months of 1929 sales
totalled $664,291,242, also a new high record against $545,721,588 for the first six months of 1928 an increase of $118,•
569,654 or 21.7 per cent.
On the 7th inst. here the temperature rose to 89, the lowest
being 72 and three persons were prostrated. The nearby
beaches were thronged. On the New York street level the
heat was as usual greater than official maximum. Throughout the North and East the weather was similar to that in
New York. In Chicago it was 70 to 78. Boston had 70 to 92
degrees; Cincinnati 70 to 88, Cleveland 68 to 86; Detroit 70 to
82;Kansas City 68 to 84; Milwaukee 64 to 82; Minneapolis 76
to 82; Montreal 86; Omaha 64 to 84; Philadelphia 72 to 92;
Phoenix 80 to 106; Portland, Me.56 to 78; San Francisco 58
to 64; Seattle 56 to 76; St. Louis 66 to 82; Winnipeg 58 to 76.
While New York on the 8th inst. sweltered in heat of 88
degrees with high humidity and little relief in sight, they were
wearing furs and overcoats in Denver with the mercury at
50 degrees. At Cheyenne and Lander, Wyoming,it was even
down to 42, and at Missoula to 46 degrees. This country
seems to be able to supply almost any kind of weather on the
same day or thereabouts. The day before at Phoenix, Arizona, it was 106. Later in the week, when it was close to 90
here, it was 110 in Phoenix. On the 9th inst. the maximum
temperature here was 88 at 4 p. m., but it was 86 as late as
9 p. m.and 85 at 10. On the previous day it was also 88 up
to 6 p. m. and 86 at 9. The persistency of the heat until such
late hours of course made it all the more trying. Houston
had 60 to 76 degrees, Chicago 68 to 88, Cleveland and Detroit
70 to 82; Kansss City 66 to 80; Milwaukee 68 to 82, St. Paul
58 to 72; Montreal 66 to 84; Omaha 58 to 80, Philadelphia 74
to 92, Phoenix, Arizona, 110; Portland, Maine, 58 to 64;
San Francisco 64 to 66; Seattle 56 to 72; St. Louis 70 to 84;
Winnipeg 46 to 74. On the 8th inst. Paris, France, shivered
in a temperature of 43 Fahrenheit, and on the 9th inst. it was
still only 66. Rome last week had an average temperature
of 93 but early in the present week it was 84.
On the 11th inst. the weather here, though only a little
cooler at 85 maximum, was more comfortable from the lessened humidity. The minimum temperature was66; at Boston
66 to 80; Philadelphia 70 to 88; Chicago 66 to 72; Cincinnati
66 to 86; Detroi. 64 to 76; Minneapolis 64 to 86; Phoenix,
Ariz., 82 to 104; Seattle 62 to 68; St.Louis 70 to 86; Winnipeg
58 to 86, Kansas City 68 to 82. To-day the temperatures
here were 71 to 81. The forecast was for cloudy weather
to-night and to-morrow with probably local thundershowers
to-morrow.

JULY 13 10291

FINANCIAL CHRONICLE

Preliminary Report of Federal Reserve Board on Retail
Trade in June-Sales Larger Than Year Ago.
Department store sales in the aggregate for June were 1%
larger than in the corresponding month a year ago, according
to preliminary reports made to the Federal Reserve system
by 448 stores; on a daily average basis, however, the sales
were 5% larger than a year ago. Increase in total sales was
reported by 204 stores and decrease by 244 stores. In
making this known July 8 the Board says:
The change in sales varied considerably for different parts of the country,
ranging from an increase of 9% in the Minneapolis Federal Reserve District
to a decrease of 7% in the Atlanta district.
Percentage changes in total sales between June 1928 and June 1929
are given by districts in the following table:
Federal Reserve District.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco

Percentage of Increase
Number Of Stores
or Decrease in Sales
Reporting.
June 1929, Compared
with June 1928.
Increase. Decrease.
-2.6
+4.4
-2.2
+2.3
+5.0
-8.5
+4.8
+1.4
+8.7
+5.1
-2.4
-0.1

30
25
19
15
24
22
7
7
13
11
25

United States
+1.4
204
Nola-The month had 25 business days thls year, 26 last year.

51
15
21
19
15
17
38
11
8
6
10
33
244

193

"Some industries, in fact, are running at a higher rate than is good for,
them, and unless production schedules are adjusted to conform fairly
closely with orders and shipments, then a surplus of product results with
Its attendant price cutting and elimination of profit-margins. Textile
authorities are warning the cotton goods mills that the present recordbreaking operations are unwarranted and that unless the situation is
corrected by a Curtailment before long a depression in that particular
branch of the textile industry is inevitable. A cheerful and possibly
surprising development is the renewal of activity In American shipyards,
which have been practically idle since the war but are now enjoying a
revival in construction as a result of the Jones-White law, passed in 1928,
which grants extra compensation for carrying mails, also loans at low
interest rates, in accordance with which a program of building more
than a score of large ocean-going vessels is gradually getting under way."

Bank of America N. A. in Reviewing Business Conditions
Finds Outlook Better Than at End of Previous Month.
Business during the past month has been maintained at
a high rate of activity and the outlook is brighter than at
the end of May, although no fundamental changes occurred,
according to the review of The Bank of America N. A.
"The continuance of a high rate of industrial activity, improvement in process of principal agricultural products and
a material reduction in credit strain were the outstanding
developments during June," the review says. It adds:
"The seasonal recessions in operations of certain basic industries was,
in the majority of cases, of less than the usual extent. All these factors
have combined to give a brighter aspect to the general economic situation
than was noticeable at the end of May. There has, however, been no
fundamental change in conditions. The amount of credit employed in
the securities market is still very large and a part of the recent relaxation in rates is due merely to seasonal influences. It is yet too early
to form a reliable estimate of the probable size of crops now maturing,
the return they will bring to producers and its effect upon the buying
power of a large proportion of the population."

Annalist's Weekly Index of Wholesale Commodity
Prices.
The Annalist weekly index of wholesale commodity prices
Regarding retail trade conditions the review says:
"The weather during the greater part of June was favorable to retail
is 148.8, an increase of 2.2 points over last week (146.6),
and compares with 151.1 for the same period last year. trade. During most of the month there was pronounced activity in this
line of business. Higher temperatures stimulate buying of seasonal'
The Annalist, announcing this, asys:
goods. There was strong demand, particularly for cottons. Retail shoe
The increase this week continues the reversal of the price index started
late In May, when the index stood at 142.7. Since then the index gained
6.1 points, the gain being almost wholly due to gains made by the farm
products group, whose index increased 10.7 points, with synchronized
Increases in the food products group of 9 points. The gain this week Is
again caused by increased prices of commodities in the farm products
group, specifically wheat, cotton, potatoes and livestock. Steers and
hogs enjoyed the major price increases, with moderate increases in prices
of lambs and eggs. Increased farm products prices wore promptly
en to the food products group, the increase being 3.9 points for thePassed
week,
caused by increased prices of beef, ham, pork, veal, eggs. Hour, sugar,
and potatoes.
THE ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY PRICES.
(1913=100.)
July 9 1929.
Farm products
Food products
Textile products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
All commodities

146.5
153.4
147.3
183.1
128.3
153.1
134.6
130.7
145.5

July 2 1929. July 10 1928.
142.3
149.5
147.6
163.6
128.4
153.1
134.6
130.7
1455

154.7
-153.5
155.5
160.9
120.0
156.5
134.7
116.1
151 1

Half
-Year Record of Business Surpasses All Records,
According to American Bankers' Association
Journal.
The composite balance sheet of American business at the
close of the first half-year reveals a strength and liquidity
of position surpassing anything ever achieved in the past,
says the American Bankers' Association Journal in its issue
made available July 9. The review says:
"All three of the mainstays of the present era of prosperity continue to
give a good account of themselves, with the steel industry operating at
the rate of 57,000,000 tons annually, and the automobile industry aiming
at an output of over 6,000,000 vehicles. Building construction has fallen
only 12% behind last year In spite of the scarcity of mortgage money.
A score of other industries of scarcely less importance have established new
high production records in the period, and concern is even expressed that
output may overrun demand in certain lines, notably the textiles. Distribution of commodities, however, is holding to a high level and the
belated hot weather has resulted in a brisk movement of lighter weight
apparel and other seasonable goods. Individual merchants who follow the
style trend and operate along scientific methods need have no grounds
for complaint, even against the competition of the chain store organizations.
"The surprisingly high rate of activity in manufacturing this year is
now showing up in the statistics that are available covering the first five
months, with June estimated, and it is found that in no less than 25 major
industries there were apparently established new high records in the half.
year just passed. These include pig iron and steel, automobiles and trucks,
airplanes, motorboats, tires, crude petroleum and gasoline, farm implements, machine tools, electrical apparatus, copper, plate glass, sulphuric
acid, silk and rayon, cotton goods, clothing, newsprint, flour, bakery and
dairy products, confectionery and cigarettes.
"Of the three industries that have for so long been the backbone of the
present era of prosperity, the steel industry is still running full blast with
an output of ingots 14% ahead of last year and at the rate of 57,000,000
tons annually. Autobomile and truck production records point to an
output for the full year in excess of 6,000,000 vehicles, or one-third snore
than 1928, which was the previous best year. Building construction is
hampered by the scarcity of mortgage money at reasonable rates and is
down from 10 to 20% below last year but maintains an enormous volume
nevertheless.




manufacturers reported a better demand. Department store sales in the
New York district showed a moderate increase during May. Leading
apparel stores reported an average increase of 5% in sales as compared
with May, 1928. Chain stores reported a substantial increase in total
sales during May. The greater percentage of increase was reported in
the ten cent stores which showed agains of 17% in net sales during May
as compared with May, 1928. Drug stores reported a gain of 12.4%
and grocery stores a gain of 9.3%.

Mid-West Shippers' Advisory Board Looks for 11% Increase in Business Activity in Its Territory in Third
Quarter of Year-Freight Traffic of 1,515,231 Cars
Forecast.
A probable increase of 11% in the level of agricultural
and industrial activity in Mid-West territory in the third
quarter of 1929, as compared with the corresponding
months a year ago,. was predicted here at the nineteenth
regular meeting of the Mid-West Shippers' Advisory Board,
at Fort Wayne, Ind., on July 11. This forecast covered
the states of Illinois, Iowa and Wisconsin, western Indiana
and northern Michigan. As contrasted with the increase of
approximately 11% anticipated in Mid-West territory, consolidated reports of the Shippers' Advisory Boards throughout the country indicate a probable increase in business of
7% for the United States as a whole in the third quarter of
this year, as compared with the corresponding months of
1928.
Comparing the months of July, August and September
this year with the same months a year ago, the following
increases in activity were forecast for Mid-West territory:
There will be a probable increase of 40% in the movement of iron
and steel, the actual carloadings of these commodities amounting to 61,900
cars in the third quarter of 1928, while the estimated loading for the
third quarter this year is 86,500 cars. Likewise, there was predicted
an increase in coal movement of approximately 32%, from 380,000 cars
in the third quarter last year to 500,000 cars in the next three months.
An increase of 25% was forecast for the movement of hay, straw and
alfalfa. while increases of 20% and 15% respectively were predicted in
the movement of grain and of flour, meal and other mill products. ,
Petroleum and petroleum products will show an increase of 10%,
while approximately a similar increase is anticipated in the movement
of potatoes. An increase of 8% was forecast in the movement of machinery and boilers, while increases ranging from 5 to 2% were forecast for the movement of fresh fruits and fresh, vegetables other than
potatoes, livestock, ore and concentrates, lumber and forest products,
cement, lime and plaster, agricultural implements and vehicles, and
paper, paperboard and prepared roofing.
A level of activity in the coming three months approximately equal to
that of the third quarter of 1928 was reported for salt, brick and clay
products, fertilizers quarter of 1928 and explosives.

Decreases were reported in four lines, amounting to 5%
for poultry and dairy products, 7% for canned goods, 10%
for sugar, syrup and molasses, and 15% for sand, gravel
and stone. Consolidation of the reports of the various
commodity committees comprising the Mid-West Shippers'
Advisory Board indicates that the 26 principal commodity
classes included in the forecast will produce a freight traffic

FINANCIAL CHRONICLE

194

of 1,515,231 cars in the third quarter of 1929. This is an
increase of 148,561 cars, or of approximately 11% above
the total of 1,366,670 cars loaded with these same commodities in Mid-West territory in the third quarter last
year.
The principal address at the meeting in Fort Wayne was
made by Harry Hogan, President of the Fort Wayne Dime
Savings Bank. L. M. Betts of Washington, D. C., Manager
of the Car Service Division of the American Railway Association, reported on general transportation conditions
throughout the United States, while W. D. Beck, Chicago
District Manager of the American Railway Association, reviewed rail transportation conditions in Mid-West territory.

[VOL. 129.

this total for any one week has never been reached before the
latter part of July or in August. Compared with the corresponding week last year, the total for the week of June 29
was an increase of 92,025 and an increase of 74,286 over the
corresponding week in 1927. Further details are as follows:

Miscellaneous freight loading for the week totaled 436,346 cars, an
Increase of 43,694 cars above the corresponding week last year and 34,760
cars over the same week in 1927.
Coal loading totaled 165,664 cars,an increase of 19,375 cars over the same
week in 1928, and 20,841 cars above the same period two years ago.
Live stock loading amounted to 22,967 cars, a decrease of 1,246 cars
under the same week in 1928 and 3,289 cars below the same week in 1927.
cars, a
In the western districts alone, Live Stock loading totaled 17,914
decrease of 331 cars below the same week in 1928.
Grain and Grain Products loading amounted to 51,946 cars, an increase
same
of 15,149 cars above the same week in 1928 and 7.697 cars above the
wedlc in 1927. In the Western Districts alone, Grain and Grain Products
same week
loading totaled 39,009 cars, an increase of 13,389 cars over the
in 1928.
Loading of merchandise less than carload lot freight totaled 260,617 cars,
over the
an increase of 1,718 cars above the same week in 1928 and 72 cars
same week in 1927.
2,648 cars above the
Forest Products loading amounted to 69,457 cars,
same week in 1928 and 1,867 cars above the same week in 1927.
Ore loading amounted to 76,657 cars, 8,322 cars above the same week In
1928 and 10,253 cars over the same week two years ago.
Coke loading totaled 12,070 cars, 2,365 cars above the same week last
year, and 2,085 cars over the corresponding week two years ago.
All districts reported increases in the total loading of all commodities
compared with the same week in 1928, while, all, except the Southern
reported increases compared with the same week in 1927.
Loading of revenue freight in 1929 compared with the two previous years
follows:
1927.
1928.
1929.
3,756,660
3,488,895
3,570,978
Four weeks in January
3,801,918
3,590.742
3,767,758
Four weeks in February
4
4.752,559
4,807,944
Five weeks in March
3,
3,740,307
3,983,978
Four weeks in April
4,108,472
4,005,155
4,205.709
Four weeks in May
4,995,854
4,924.115
5,260,571
Five weeks in June
25,596,938 24,461,773 25,521,640
Total

Survey of Ernst & Ernst Indicates Conservative Tendency in Business.
The net worth together with long-term debt capital of
914 companies in 25 business groups increased in the aggregate 6.2% during the year 1928, but plant and properties
increased in smaller proportion, 4.6%, while net working
capital was more by 8.9% at the close of 1928 compared
with the close of 1927, according to a synposis of studies
made by Ernst & Ernst, accountants. There was a combined increase in working capital and fixed assets, it is
stated, of $1,533,725,000 of which 52.5% attaches to
working capital and 47.5% was added plant investment.
,3,12:211
The exhibit below is said to confirm the same general trend
indicated in previous studies made by Ernst & Ernst;
namely, business on the whole seems to be strengthening
its working capital position and it does not appear that
there has been any extensive expansion of plant facilities
beyond a normal increase in keeping with the current June Building Construction in Seasonal Decline
larger volume of business. Ernst & Ernst in presenting
W. Dodge Corporation's Review of Construction
F.
their conclusions state:
Activity in the 37 States East of the Rocky
While this study cannot be considered as exact because of consolidaMountains.
tions, mergers, expansions, &c., with their consequent effect, nevertheless,
The volume of contracts awarded in the territory east of
it is probably true that it does present a somewhat less favorable picture
than if it were possible to disclose the actual conditions in detail, because the Rocky Mountains during the month of June amounted
such mergers or other acquisitions frequently result at the outset in a
according to the F. W. Dodge Corporation.
proportionately larger increase in the plant accounts than is added to to $545,891,100,
or needed for working capital.
This total represents a decline of 7% when compared with
The compilations follow:
the preceding month, but it should be remembered that the
normal seasonal decline for June amounts to 6%. When
CORPORATION BALANCE SHEETS, 1928 COMPARED WITH 1927.
compared with the June total for 1928, however, the past
Inorease-1928 Over 1927.
month's total represents a decline of 16%. The Dodge
Capitalization
Corporation adds:
Net
Number (Net Worth and
Plants
Classification.
Of
Cos.

34
Iron and steel
68
Oil producing & refining'21
Automobile mfrs
62
Machinery and tools--57
Department stores
70
Food products
18
Tobacco products
21
Electrical equipment__
20
Rubber products
Chemicals
20
51
Mining and smelting___..
11
Meat packing
39
Met products (sundry)
Textiles
56
Building supplies
50
43
Auto parts & accessories_
Railroad equipment_ __
. 16
Shoes
15
8
Business equipment_ --Paper products
21
Clothing manufacturers_
26
Beverages .4 confections_
17
11
Amusemests
Coal mining
14
Unclassified
145
914

Funded Debt,
Excl. Reserves).

Working
Capital.

3.4%
5.5
15.8
6.1
12.4
12.9
2.0
8.1
*1.3
13.9
1.9
*0.7
*0.8
3.1
9.1
15.8
*0.1
6.2
5.4
10.5
4.0
9.0
10.1
*0.8
5.0

7.7%
16.9
11.7
7.0
8.8
6.8
2.6
14.6
*01
12.9
21.0
3.3
5.3
8.0
9.7
18.7
*6.4
6.8
3.9
*5.6
8.5
16.0
7.1
*8.7
9.6

6.2

8.9

and
Properties
(Net).
*04%
2.1
19.6
3.8
20.3
13.1
4.5
1.8
*1.1
16.3
*0.5
*1:6
*0.4
9.0
17.5
0.8
4.6
11.6
18.1
*6.2
*0.1
20.8
0.2
4.3
4.6

•Decrease.

Freight for the Half
on Record.
Movement of freight in the first half of 1929 was the
heaviest for any corresponding period on record, the Car
Service Division of the American Railway Association
announced on July 9. Loading of revenue freight for the
first 26 weeks this year totaled 25,596,938 cars, which
exceeded by 75,898 cars the best previous record for that
period made in 1927 and by 263,706 cars total revenue freight
loading for the first half of 1926. It also was an increase of
1,135,165 cars over the corresponding period in 1928. Except
for a few instances of local car shortage of a temporary
nature, this heavy movement of freight, that has marked the
first half of 1929, has been handled without difficulty by the
railroads of this country.
For the week ended on June 29, loading of revenue freight
totaled 1,095,724 cars, the largest number loaded in any
one week so far this year and the peak week, so far as the
irst half of any year is concerned, in all time. Ordinarily
Loading of

Railroad Revenue
Year the Heaviest




Of the eight districts mentioned below, two showed increases over the
preceding month, one showed a decrease from May 1929, but an increase
when compared with June 1928, and one district showed increases over
both May of this year and June of last year.
In the total contracts awarded in the 37 States, the following classes
were the most important: $189,808,500, or 35% of all constrection, for
residential buildings; $120,841,100, or 22%, for public works and utilities;
:•.'80,884,200, or 15%, for commercial buildings; $70,036,300, or 13%, for
industrial buildings, and $43,417,200, or 8%, for educational buildings.
The total volume of new building and engineering work started during
the first six months of the year amounted to $8,081,546,800 as compared
with $3,444,867,500 for the corresponding period of last year, a decrease
of 12%.
New work reported In the contemplated stage during June amounted to
$634,073,400, representing a decrease of 25% when compared with the
preceding month and a decrease of 38% when compared with June of
last year.
New York State and Northern New Jersey.

Contracts awarded during June for new building and engineering work
in New York and Northern New Jersey amounted to $107,757,700. This
volume represents a decline of 12% compared with the preceding month,
and a decline of 39% compared with June of last year.
The most important classes of work included in the month's total were
the following: $32,440,700, or 80% of the total volume of construction,
for residential building; $22,997,600, or 21%, for public works and
utilities; $18,799,900, or 17%, for commercial buildings; $14,166,700,
or 13%, for industrial buildings; $9,299,100, or 9%, for educational
buildings; $3,678,200, or 3%, for hospitals and institutions, and $2,882,900,
or 8%, for religious and memorial buildings.
The month's total brought the total volume of construction started since
the first of the year up to $687,521,300 as compared with $933,718,600
for the corresponding period of last year, representing a decline of 26%.
The volume of new work reported as contemplated during the month
amounted to $108,528,400 as compared with $255,983,400 for May of this
year, a decline a 58%, and $327,788,400 for June of last year, a decline
of 67%.
The New England States.
New building and engineering work started in the New England States
in June amounted to $35,472,000. This total is a decrease of 19% from
the amount for the preceding May and a decrease of 14% from the
June 1928 total.
In the month's total there were included the following classes of work:
$15,805,100, or 45% of the total construction, for residential building;
$5,151,000, or 15%, for commercial buildings; $4,996,000, or 14%, for
public works and utilities; $2,472,100, or 7%, for industrial buildings;
$2,212,400, or 8%, for hospitals and institutions; $2,001,900, or 6%, for
educational buildings, and $1,122,200, or 3%, for public buildings.
The total construction volume for the first half year in this district
is 16% below the first six months of last year. The total for the six
months of this year amounted to $207,866,900 as compared with $248,046,100 for the corresponding period of last year.

JULY 13 1929.]

195

FINANCIAL CHRONICLE

a

New work reported as contemplated in this district during the month
amounted to $50,041,400 as compared with $52,255,900 for the preceding
month and $83,716,800 for the corresponding month of last year.

compared with the May 1929 total, however, the Juno total represents
decrease of 29%.

The Middle Atlantic States.
The amount of new building and engineering work started during the
past month in the Middle Atlantic States (Southern New Jersey, Eastern
Pennsylvania, Maryland, Virginia, Delaware, and the District of Columbia)
totaled $63,794,900, an increase of 7% from the amount statered in the
preceding month, but a decrease of 16% from the amount started in June
of last year.
The total volume for the important classes of work were as follows:
$23,372,800, or 37%, for residential buildings; $12,930,000, or 20%, for
public works and utilities; $9,449,600, or 15%, for industrial buildings;
$6,796,300, or 11%, for educational buildings; $6,062,800, or 10%, for
commercial buildings.
The volume of construction since the first of the year in this district
amounted to $387,933,400 as compared with $423,895,900 for the correspending period of 1928, a decrease of 8%.
The amount of contemplated projects reported in June was $75,554,400,
a decrease of 44% from the amount of contemplated work for the preceding
month and a decrease of 11% from the June 1928 total.

Volume of New Building Construction in First Six
Months This 'Year Slightly Below that of Same
Period Last Year, According to Indiana Limestone
Co.—Favorable Outlook for Last Half of Year.
New building in the United States for the first six months
of the year was valued at about $3,265,000,000, according
to a summary issued July 5 by the Indiana Limestone Company of Chicago. This figure is based on reports from
several hundred cities and towns. President A. E. Dickinson said that while the volume for six months had been
slightly under the total for the same period last year, there
is a splendid outlook for the next six months. He said:

"High money rates have adversely affected certain types of building.
The apparent decrease in speculation in securities should release funds
for sound investment.
The Pittsburgh District.
"Residential building has suffered more than any other type. This is
In the Pittsburgh District (Western Pennsylvania, West Virginia, Ohio particularly true of apartment houses and the small home division. Slowa total of $58,143,100 contracts awarded for
and Kentucky) there was
ever, the steadily increasing trend toward apartment house living indicates
building and engineering work. This amount was 19% less than the
renewed activity in that field.
•
preceding month and 26% less than June of last year.
"Public works, public utilities, commercial, industrial and educational
The most important classes of work included in the June total were as
construction constituted about 53% of all construction work the first six
follows: $17,230,000, or 30%, for residential building; $16,890,400, or
months of the year.
29%, for public works and utilities; $11,260,700, or 19%, for commercial
"According to figures based on preliminary reports for the month of
buildings; $5,216,300, or 9%, for educational buildings; $3,660,000, or
June, new construction for the month had a value of approximately
6%, for industrial buildings, and $2,391,500, or 4%, for religious and
$560,000,000.
memorial buildings.
"New York and New Jersey showed sharp recoveries from a rather slow
The total volume of new construction work contracted for during the
the year. Pennsylvania, Maryland, Delaware, District of
to $351,003,100, as compared with $366,- start early in
first half of this year amounted
Columbia and Virginia recorded large totals. New England States were
193,500 for the corresponding period of last year, a decrease of 4%.
Spotty at times, showing only a slight decline from last year, however.
Contemplated new work reported during the past month amounted to
"The Northwest has been a bright spot on the construction map dace
$76,892,400, an increase of 2% over the preceding month, but a decrease
the advent of favorable weather. Most of the Southern States have shown
of 20% when compared with the corresponding month of last year.
a consistent high volume of building. The West, also, has been very
The Central West.
active, Los Angeles still holding fifth place among leading cities of the
In the Central West (Illinois, Indiana, Iowa, Wisconsin, Southern country.
"The Middle West, which got off to a bad start because of severe
Michigan, Missouri, Kansas, Oklahoma and Nebraska) construction activity
for June lagged slightly behind the record for the preceding month. The weather conditions, has come back very favorably. Only a slight recession
total for the month amounted to $187,893,100, which is 6% less than the is shown from last year. Chicago, the hub of the section, has totaled a
amount of construction work in May, but only 2% less than the June daily average of about $1,500,000. A stimulating influence to the
industry in this section is the completion of the $10,000,000 World's Fair
1928 total.
Of all classes of work the following were the most important: $29,- fund. Indications of construction activity along this line are already seen
698,600, or 16% of all construction, for commercial buildings; $9,172,800, in certain parts of the city.
or 5%, for industrial buildings; $14,354,600, or 8%, for educational build"Of the ten leading cities New York heads the list in valuation of
ings ; $83,771,900, or 45%, for residential buildings; $40,698,500, or 22%, building permits, with Chicago, Philadelphia, Detroit, Los Angeles, Boston,
Seattle, Milwaukee, Baltimore and San Francisco following in order named."
for public works and utilities.
The June contract record brought the amount of new work started for
the first six month of the year to $928,369,900, a decrease from $1,015,Apartment House Construction in American Cities.
784,600, or 9%, from the total for the first six months of 1928.
New work reported in the contemplated stage during the past month
The trond toward apartment house dwelling continues in
showed a slight decrease from the amount for the preceding month. There
This fact is brought out by the table below
was a total of $183,535,300 reported as contemplated, a decrease of 3% full swing.
from the total for May 1929 and 47% from the total reported for compiled by the Bureau of Labor Statistics of the United
June 1928.
States Department of Labor. The table shows the number
The Northwest.
The amount of contracts awarded in June in the Northwest (Minnesota,
the Dakotas, and Northern Michigan) showed a sharp decline from the
total of the preceding month. The total for the month amounted to
$8,808,200, a decline of 34% from May 1929. However, compared with
June 1928, the month shows a 44% increase.
The important classes of construction included the following: $2,085,200, or 24% of all construction, for commercial buildings; $1,699,400,
or 19%, for residential buildings; $2,761,200, or 31%, for public . works
and public utilities.
The June contract total brought the amount of new construction work
started for the first six months of this year to $48,576,300, an increase
of 38% when compared with the corresponding period of 1928.
Contemplated work reported during the past month amounted to $8,017,900, a decrease of 52% from the total for May and a decrease of 9%
from the June 1928 total.
The Southeastern Sates.
The total contracts awarded in the Southeastern States (the Carolinas,
Georgia, Florida, Tennessee, Alabama, Mississippi, Arkansas and Louisiana)
during the past month reached a total of $70,198,100. This amount was
24% greater than the total for the preceding month and 36% greater than
the total for June 1928.
The total volume for the important classes of work was as follows:
$30,177,200, or 43% of all construction, for industrial buildings; $16,152,500, or 23%, for public works and utilities; $10,948,200, or 16%, for
residential buildings; $5,566,600, or 8%, for commercial buildings; $3,160,000, or 5%, for educational buildings.
The volume of construction for the first six months of the year amounts
to $307,440,100 as compared with $292,834,300 for the corresponding
six months of 1928, an increase of 5%.
Contemplated projects reported last month amounted to $99,096,000.
This was an increase of 28% over the total for the preceding month and an
increase of 88% over the total for June 1928.
Texas.
In the State of Texas the volume of construction work started amounted
to $13,822,000 during the past month. This total represents a decline of
36% when compared with $21,755,600, the total volume of new building
and engineering work started during the preceding May. When compared
with June of last year the month's total represents a decline of 47%.
The most important classes of construction included in the total for
the month were as follows: $4,480,400, or 32% of all construction, for
residential buildings; $3,414,900, or 25%, for public works and utilities;
$2,259,400, or 16%, for commercial buildings; $1,671,800, or 12%, for
educational buildings, and $863,000, or 6%, for social and recreational
buildings.
The volume of construction started during the first half of this year
amounted to $112,835,800 as compared with $129,221,200 for the same
period of last year, a decrease of 13%.
The amount of new construction work reported as contemplated last
month was $32,407,600, which represents an increase of 16% when compared with $28,040,300, the amount reported for June of last year. When




and per cent of families housed in each class of dwelling for
which permits were issued in 257 identical cities for the years
1921 to 1928, inclusive. The statement goes on to say:
In 1928, homes were provided in now buildings for 388.678 families in
these 257 cities; 53.7% of these were in apartment houses, 35.2% in onefamily dwellings, and 11.1% in two-family dwellings. In 1921 only 24.4%
were housed in apartment houses, and 58.3% were housed in one-family
dwellings.
This is the first year since the compilation of these data by the bureau
that more families were provided for in new apartment houses than In onefamily and two-family houses combined.
PER CENT OF FAMILIES PROVIDED FOR IN THE DIFFERENT KINDS
OF DWELLINGS IN 237 IDENTICAL CITIES, 1921 TO 1928, INCL.
Year.

Number of Families
Prorided for In all
Classes of
Dwellings.

Per Cent of Families Provided for in—
One-Family
Dwellings.

Two-Family
Dwellings.•

Multt-Family
Dwellings.

24.4
17.3
58.3
1921
224,545
31.2
21.3
47.5
1929
377.305
33.0
21.2
45.8
1923
453,673
30.9
21.5
47.6
1924
442,919
36.4
17.5
46.0
491,222
1925
45.4
13.9
40.7
1926
462,214
13.4
48.3
38.3
1927
406,095
11.1
53.7
35.2
1928
388,678
• Includesone-family and two-family dwellings with stores combined.
This Is the third consecutive year that more family units have been
provided in apartment dwellings than in ono-family dwellings. Just what
effect this change in the type of dwelling will have on the social, economic.
and political life of the country is hard to determine. That it will have its
impress on the character, life, and customs of the people is an undoubted
fact. As before pointed out by the bureau it is changing the character of
building labor by giving more work to certain trades, namely, structural
iron workers, concrete workers, marble and stone cutters, &c., and less to
other trades, especially carpenters.
In the 14 cities of the United States having a population of half a million
or over 67.2% of the families provided for in 1928 wore housed in apartment
buildings, 22.1% in one-family dwellings and 10.7% in two-family dwellings.
In 1927 the same classes of dwellings in these cities housed 60.8%. 25.8%
and 13.4% respectively. These 14 cities provided now dwelling places for
236,113 families in 1927 and 232,681 families in 1928.
In 1928 Chicago provided for a larger portion of its families in apartments
than any other city. 80.7% of the total housing units in now dwellings
being in this class of building as compared with 12.2% in one-fan lly
dwellings.
The per cent of families housed in now apartment houses in New York in
1928 practically equals that of Chicago, 80.3% of the now housing units
being in apartment houses and 12.4% in ono-family dwellings.
Baltimore built a larger proportion of ono-family dwellings than any other
city in this population group, 86.4% of the dwelling units for which permits
were issued in 1928 being in one-family dwellings and only 13.6% in apartment houses.

196

FINANCIAL CHRONICLE

Most of the cities having a population offrom 25,000 to 500,000 provided
more new family housing units in one-family dwellings than in apartment
houses. Even In the smaller cities, however, the popularity of the apartment house is growing.

1929 Building Costs Versus 1928-Results of Investigation by Greenebaum Sons Investment Co.
Building costs are lower this year than a year ago for
certain classes of work, but higher for others, it appears
from an investigation completed by the Research Department of Greenebaum Sons Investment Co. The trend is
downward for residential, commercial and educational
buildings, and upward for industrial and religious structures. For all classes of work the average is approximately
the same for both years. Regarding the results of the
study it is stated:
New homes and apartments this year are being put up at an average
contract price of approximately $4.80 per square foot of floor space
without site, it is found from newest F. W. Dodge Corporation data.
A year ago the unit price for such work averaged approximately $5.00 per
square foot.
Office buildings, stores and other commercial buildings are costing $5.60
per square foot this year, or 354. per foot less than the 1928 figure of
$5.95 per foot. This contrasts with a rising trend in factory costs which
averaged $6.85 per square foot a year ago, and now stand at approximately
$7.60 per square foot.
Schools this year are being built at a contract price of $6.15 per foot,
the Greenebaum study reveals, as against $6.40 last year. Religious and
memorial buildings are costing $8.75 per foot where a year ago the average
was $8.50 per foot.
The general average of costs to June 1 this year is seen to be $5.65;
last year $5.60.

Chain Store Sales Reach New High Records.
Sales of 19 leading chain store companies for the month
of June totaled $133,050,183, an increase of $20,568,661,
or 18.28% over the same month last year, according to a
compilation of Merrill, Lynch & Co. of this city. Neisner
-10-25-Cent Stores, Inc., and
Bros., Inc., F. & W. Grand 5
Lerner Stores Corp. led all others in point of percentage]
gain with increases of 52.4%,50% and 49.1%, respectively.
Sears, Roebuck & Co. led all others in point of dollar gain
with an-increase of $10,078,860.
Sales of these same 19 chain store companies for the six
months ended June 30 1929 amounted to $729,856,105, an
increase of $120,631,135, or 19.80% over the corresponding
period a year ago. A comparative table shows:
Month of June.
1929.
Montgomery Ward..
Sears. Roebuck
Neisner Bros
National Belias Hess_
W.T.Grant
If. C.Bohack Co
F.& W.Grand
Isaac Silver & Bros
JewelTea
Woolworth
Childs Co
Lerner Stores Corp
McCrory Stores Coro
S. S. Kresge
Western Auto Supply
Melville Shoe
National Tea
J.S.Newberry
McLellan Stores_ _

21.953,639
35.747.979
1,247,783
3,907,859
5,374,178
2,132.993
1,888,569
613.058
1,249,698
23.609.078
2,175,354
1,713.851
3.334.490
12,571,795
1,467.000
2,515,237
7,540.865
2,224.151
1,782,596

1928.

First Mt Months.
1929.

1928.

19,179,246 14.5 122,807.540 96.567,915 27.2
25,669,119 39.3 192.728,711 146,099,065 31.9
818,603 52.4
5,740.795 3,714,111 54.5
3,325,202 17.5 22,860,4.40 20.268,736 12.8
4.365,847 23.09 26,871.117 21,290,916 26.20
1.891,085 12.8 11,277,416 9,886,831 14.0
1,259,080 50.0
9,147,981 6.413.559 2.6
526.175 16.5
3,166,970 2,620,262 0.8
1.239,106 .8
7,618,129 7.156,787 6.4
22,401,399 5.39 35.808,268 125,281.459 8.40
2,040.751 6.6 13,319,555 13.164,351 1.1
1,149,291 49.1
7,894,256 5,071,832 5.6
3.099,133 7.5 19.025,547 17,548,622 8.4
11,834,133 6.2 67,627.807 62,790.164 7.7
1.117,211 31.3
6,619.154 4,966,075 3.32
2,158,365 18.53 12.612,272 10.359.149 1.75
7,502,720 .50 45,015,243 42,284,378 6.45
1,621.613 37.15 10,711,757 7,444,611 3.88
9,003,147 6,296,147, 3.0
1,283,463 38.9

133.050,183 112.481,522 18.28 729,856,105 609.224.970 19.80

Canadian National Railways Crop Report.
Reports covering the Western Canadian crop for the past
week are not encouraging it is stated. The general need of
rain throughout the Prairie Provinces becomes more urgent
each day even if the present less than average crop prospect
is to be maintained, according to the weekly crop report of
the Canadian National Railways. Scattered rains varying
in intensity have occurred chiefly in Northern Alberta and
Saskatchewan and heavy showers on July 5 have further
.
improved conditions in Northeastern Alberta and Northern
Saskatchewan. The report adds:
NiAll sub-divisions in Central and Southern Saskatchewan except Corning
and Carlyle, and all sub-dIvisions in Manitoba except Rossburn. require
rains immediately. Many points in central and southern sections. both
In Manitoba and Saskatchewan, are now endeavouring to estimate the
extent of the drought damage, the figures in those districts ranging from
20% to 40% loss. Frequent repo'ts of plowing down crops or fall plowing
or stubbled in hay.; also come from these areas. High winds centering on
July 2 evaporated moisture rapidly.
Northern Saskatchewan continues to report a favorable outlook. Porter,
Tisdale, Brooksby, St. Brien', Duck Lake and other divisions in that
area report plentiful moisture supply with crops short and later because
of the dry spring. Scattered hail damage has been negligible in extent.
Northern Alberta received good rains but previous conditions have already
seriously impaired crop prospects. Even if improved conditions continue
the best that can be hoped for is a half crop.
Vegreville, Viking, Carnrose, Blackfoot, Wabamum and other subdivisions subscribe to this condition. Central Alberta reports an urgent




[VOL. 129.

need of rain. Plowing down of crops is reported from Red Deer, Drumheller, Oyen and Three Hills sub-divisions, with other points estimating a
quarter or half crop.

Heavy Rains in Dallas Federal Reserve District Affect
Crops-Buying in Some Lines of Trade.
"The heavy and frequent rains during the last three weeks
of May greatly retarded farm operations, seriously affected
the growth and development of raw crops and reduced the
volume of buying in some lines of trade," says the July 1
Monthly Business Review of the Dallas Federal Reserve
Bank. In its further comments it states:
In many portions of the District crops were greatly damaged by overflows and the washing of the soil and the growth of crops was impeded
by the wet soil and cool nights. Due to the long period in which fana
work was retarded, fields became foul and difficult of cultivation. The
cotton crop in the older cotton belt of the District made slow growth
and a considerable amount of the crop is late due to the delayed planting
on account of wet soil and the large amount of replanting which has
been necessary. The lateness of the crop together with the appearance
of insects in large numbers are factors of major importance in considering
the outcome of this year's crops. Offsetting to some extent these adverse
factors, the abundance of moisture stimulated the growth of small grains
ane added considerably to the earlier prospects. The more favorable
weather since the first of June has enabled farmers to make rapid progress
with the cultivation of crops and to proceed with the harvesting and
threshirr of small grains. The physical condition of livestock and their
,
ranges showed a further improvement during the past month and is now
fair to excellent in most sections of the District.
Trade conditions reflected mostly the effects of seasonal factors. Sales
of department stores in larger centers showed an increase of 9% as
compared to the previous month but were 2% less than in the corresponding
month a year ago. While the distribution of merchandise in wholesale
channels was smaller than in the previous month due in part to seasonal
influences and in part to the effects of adverse weather conditions, sales
in a majority of reporting lines were larger than in May 1928. Late
reports are to the effect that demand in most lines was fairly well
sustained during the first half of June. Debits to individual accounts at
banks in leading cities were practically the same as during the previous
month and were 12% greater than in the corresponding month a year ago.
The deposits of member banks reflected a further seasonal decline
during May, the daily average for the month being $903,888,000 as
compared to $924,644,000 during the previous month. The actual deposits
of these banks on June 13 1928 amounted to $867,357,000. Federal Resereve
Bank loans to member banks rose from $22,525,972 on April 30 to
$25,908,865 on May 31 but had declined to $22,631,261 on June 15.
Loans on the latter date compared to $10,181,998 on the corresponding
date of 1928.
The number of commercial failures in the leventh [Dallas] Federal
Reserve District were slightly lower in May than during the previous
month but the volume of indebtedness involved in these defaults was
considerably larger. As compared to a year ago, however, both the number
of failures and the aggregate liabilities were considerably smaller.
Construction activity during May reflected a sharp decline from the
record volume in April. The valuation of building permits issued at
principal centers totaled $8,148,240, which was 58.1% less than in the
previous month and 25.7% less than in the corresponding month last year.
The production, shipments and new orders for lumber showed a decline as
compared to both the previous month and the same month last year. The
production of cement was considerably larger than in either of these periods
but shipments were smaller than a year ago.

Conditions in wholesale and retail trade are reviewed as
follows:
Wholesale Trade.
The demand for merchandise in wholesale channels of distribution
reflected a further seasonal decline during the past month but it exceeded
that of a year ago in a majority of reporting lines. Distribution in many
sections of the District was affected adversely by the heavy and almost
continuous rains which impeded agricultural operations and placed an
unfavorable outlook upon the agricultural situation. This had the natural
result of causing consumers to delay purchases until crop prospects became
more clearly defined. Furthermore, the unseasonable temperatures prevailing in many portions of the district had a tendency to retard the
buying of seasonable merchandise. Late reports, however, indicate that
consumer demand has improved somewhat since the appearance of dry,
warm weather early in June. This improvement is being reflected in the
demand at wholesale as retailers generally are keeping stocks closely
aligned with consumer demand.
While the May distribution of dry goods at wholesale reflected a further
seasonal decline of 5.5% as compared to the previous month, it exceeded
that of a year ago by 2.5%. Reports indicate that the unseasonable temperatures prevailing in many sections of the district retarded the buying
of Summer merchandise but that the recent period of warm weather is
stimulating demand. Collections showed a decline as compared to the
previous month.
The demand for drugs at wholesale was well sustained during the past
month, sales being slightly larger than in April and 8.7% greater than in
the corresponding month last year. The increase over a year ago was general throughout the district. Some dealers report that buying was being
well sustained during the first half of June. Collections were well In line
with those of the previous month.
While the May sales of wholesale farm implements firms reflected a
further decline of 15.2% as compared to the previous month, they were
16.1% greater than in the corresponding month last year. Sales during
the first five months of the current year have averaged 28.7% greater thaa
during the corresponding period of the previous year. Reduced buying dur- •
ing the past month was due in part to the heavy rains throughout the
District which seriously retarded farm operations and reduced the demand
for tillage implements. Late reports indicate that while the demand
during the first half of June was only in moderate volume it is exceeding
that of a year ago. Collections showed a considerable decline. Prices
remained generally steady.
Sales of reporting wholesale grocery firms during May reflected a slight
decline as compared to the previous month and was 4.7% less than in the
corresponding month last year. Sales during the first five months of 1929
were 1.9% less than in the same period of the previous year. Buying
during the past month appears to have been somewhat spotty, sales being
rather slow in those sections most seriously affected by the heavy rains

JULY 13 1929.1

'
FINANCIAL CHRONICLE

but fairly good elsewhere. Collections were well in line with those of the
previous month.
The distribution of hardware at wholesale reflected a sharp decline
during the past month, sales being 10.4% less than in the previous month
and 5.0% smaller than in May 1928. The demand for those items used by
farmers was reduced as a result of the retarded farming operations.
Collections reflected a substantial decline from the previous month.
Prices remained generally firm.
Retail Trade.
Retail distribution as reflected by department store sales in larger cities
showed a seasonal gain of 9.3% as compared to the previous month but
fell 1.8% below that during May 1928. The decline from a year ago
was due in part to adverse weather conditions which restricted the demand
for seasonal merchandise and in part to the fact that buying in May last
year was generally active. The warm weather prevailing during June
is stimulating demand for Summer goods.
Stocks on hand at the end of May were 8.2% smaller than a year ago
and 3.0% below those on hand a month earlier. The ratio of stock turnover
during the first five months of 1929 was 1.26 as compared to 1.19 during
the corresponding period of the previous year.
The ratio of collections during May to outstanding accounts on May 1
was 37.1% which was the same as during the previous month and compared to 35.9% in May 1928.

197,

between the course of prices of such an important product
as wheat and the swings of business activity. On the contrary, he says, "Periods of law agricultural prices seem to
be followed by active business conditions."
It is stated that reports from other bankers throughout
the State do not carry out the prediction made six months
ago in the previous semi-annual survey by the Illinois Bankers' Association Bulletin that there was "a prosperous year
ahead of business." This again is due to the pessimism of
the agricultural communities because of the cold and wet
season which retarded farm operations. One prominent
down-State banker is said to express the opinion that the
activities of the New York Stock Exchange are having an
adverse effect on all business. In most localitlei bank
deposits are reported as being slightly on the downward
trend. The demand for credit is strong. Collections are not
particularly good. Regarding its latest survey the Association also says:

Running throughout the survey is a strain of antagonism against installment selling, mail order houses and chain stores. The banks complain
that these three industries take the cash out of the community and
encourage the purchase of unnecessaries by the people, thereby influencing
detrimentally the liquidating of previously incurred obligations.
The outlook in the fruit and truck growing districts is excellent. It
would appear that the Illinois peach crop will be of banner proportions.
In some sections it has been necessary to have men work in the orchards
to cull out the forming fruit Too many buds have developed into
peaches and it was feared that the trees would not be able to bear the
ripened fruit.
In those sections where stock raising, feeding and dairying have been
developed the farmers and the bankers both seem well pleased. Hogs,
particularly seem to have been a brofitable crop. Cattle feeders have
been fairly well satisfied as they have at least received good prices for
the crop consumed by the cattle.
One comment of a favorable nature is made to the effect that modern
machinery on the farms has quite a tendency to offset unfavorable weather
ordinary consumption, the volume of sales fell below that of the
conditions. The farmer who is in a position to operate with machinery
corresponding period last year. Taken as a whole, however, the May
is not handicapped so much by the delay caused by a wet or cold Spring
volume of production and distribution of merchandise in this district
as is the one who is not so fortunate.
was measurably larger than during the same month of 1928. Wholesale prices of commodities declined further during the month, notably
in the case of cereals and some other important farm products.
Conditions in South West as Viewed by Los Angeles ChamThe showing made by industry was relatively more favorable than in
ber of Commerce—Local Business Active for Mid-Sumthe distributive lines. This was true particularly of the iron and steel
industry, in which only minor recessions in production were noted as
mer Season—Slight Falling Off in Employment.
compared with the peak levels of April and May. Activities at the
The Los Angeles Chamber of Commerce, in its Southwest
textile mills were only slightly reduced, and at glass plants, packing
establishments, stone quarries, cement plants and some other manufac- Business Review for June states that "general local busitories, the rate of operations was as high as during the preceding two ness conditions appear stronger than a year ago, and are esor three months. Distribution of automobiles decreased seasonally
for the midsummer vacation season. Bank
from May to June, but recorded a fair gain over May a year ago. There pecially active
was a decrease in building operations in the housing category, but such clearings, due largely to restricted stock market activities,
construction as municipal improvements, public utility, extensions, river show a decrease although still 6% ahead of 1928 for the
and levee work, highway building, etc., continued in as great volume as
first six months period." In its summary of local condiat any time in the past.
In virtually all merchandising lines, distribution was held down by tions the Chamber adds:
Building permits for the month are less in number and in value.
the unseasonably low temperatures, and excessive precipitation during
May and early June. The movement of spring apparel, hats, shoes, Construction activity seems confined to business property. 1929 is 4%
sporting and recreational goods, electical supplies and other conuno- ahead of 1928 for the first six months.
Employment shows the usual seasonal easing off, although motion
dities ordinarily in heavy demand at this time of year, was in less than
the usual volume. Lateness of the season and heavy rains seriously pictures, rubber goods and printing groups show strength. Interfered with agricultural operations, and crops generally are from
The furniture industry is planning its semi-annual Market Week for
two to four weeks behind tbe seasonal schedule. These conditions are re- July 15-20. The mining industry has settled back to a more normal
flected in decreased demand for farm supplies and equipment, and and healthy pace. The motion picture industry is showing speed progmerchandise generally for consumption in the rural areas. Debits to in- ress in the production and distribution of sound pictures.
dividual checking accounts in this district in May were 1.6% smaller
The petroleum industry especially in Southern California is again
than in April, and 3.2% below the May total last year. For the first recording heavy production, and greatly in need of a conservative plan.
five months this year, however, the total shows a gain of 3.8% over the Wearing apparel and millinery industries are showing greatly increased
corresponding period in 1928.
production, and successfully selling to a national market.
Postal receipts continue strong. Los.Angeles again reached seventh
imRetail
Slight Decline in Business Reported in Survey of place during May.year ago.sales are holding up well and show
provement over a

Recessionary Tendencies in Business Conditions Reported
by Federal Reserve Bank of St. Louis.
The Federal Reserve Bank of St. Louis reports that "influenced by continued unfavorable weather conditions, uncertainty relative to the outcome of some important crops,
and a general disposition on the part of the merchants
and the public to purchase cautiously, and await more
definite developments, business in the (St. Louis) District
exhibited slightly recessionary tendencies during the past
thirty days as contrasted with the high rate of activity
which marked the preceding several months‘" In its
Monthly Review, made available June 29, the Bank adds:
In a number of lines investigated, notably those handling goods for

Illinois Bankers' Association—Views of M. A.
Traylor of First National Bank of Chicago—
Adverse Effect of Installment Selling.
"Business Showing Slight Decline" is the headline of the
Illinois Bankers' Association Bulletin, distributed to the
bankers throughout the State, carrying a survey of business
conditions in Illinois contributed to by over one hundred key
bankers, one in each county. This survey is made semi-,
annually. The lead of the survey is provided by Melvin A.
Traylor, President First National Bank, Chicago. According to Mr. Traylor, his reports indicate that there is some
recession in business, even making allowances for seasonal
fluctuations. During April he observed some recovery in
building-and construction, followed by a sharp decline in
May. Freight carloadings, which increase seasonally,
showed an increase for May that was less than usual for
that month: Other reports, Mr. Traylor points out, disclosed
a most ominous shrinkage in exports which is not confined
to crude materials but is affecting manufacturers' exports
as well.
There is also indicated a general weakness in the prices
of international commodities. All in all, however, business
activity has been extraordinarily high these past months.
'
Mr. Traylor does not share in the fear that many have of a
decrease in the purchasing power of the farm population.
His studies do not show that there is very much connection




As to employment conditions the Chamber says:
As has been the usual seasonal occurrence for the past three years,
•the Chamber of Commerce Index of Employment showed a falling off in
June as compared with May, of about three points. However, the index
is above that for the same month of last year, which has been the case
throughout 1929 to date.
Compared with last month, the decline was evident in the lines of
iron and steel, food, wearing apparel, furniture, clay products, and
rubber products. Moderate increases took place in motion pictures, mill
work, printing and lithographing and the petroleum industry.
Compared with June 1928, the past month found industrial employment in better shape. The only decreases noted over a year ago were
in motion pictures, food products, and mill work. Of these three, that
in food products only was of any considerable size, being due largely to
a poo
fruitsr fish packing season and a short delay in the canning of deciduous
.
The best signs are to be found in the return of motion picture 41•14.
Ploytnent to a nearly normal amount The revival in the iron and steel
and clay products industries, and a general condition of steadiness in all
other lines.
The following ass the comparative figures:
June 1928
96.0
May 1929
100.6
June 1929
97.3

Business in Richmond Federal Reserve District at
Approximately Seasonal Levels—Condition of 61
Reporting Member Banks as Compared with
Year Ago.
The Richmond Federal Reserve Bank reports in its June
30 Monthly Review that May business was at approximately

198

FINANCIAL CHRONICLE

seasonal levels in its district with no outstanding exceptions
in either direction. "A decrease in the demand for Reserve
Bank credit occurred in city member banks," says the Reserve Bank, "while country banks increased their rediscounting moderately, both changes being seasonal developments." In its District summary the Bank goes on to say:
Reporting member banks, located in the larger cities, reduced their
outstanding loans more than usual, especially their commercial loans.
Aggregate debits to individual accounts during the four weeks ended
June 12 were seasonally lower than debits during the four weeks ended
May 15 this year, chiefly due to holidays in the later period, and were
practically the same as the volume of debits reported for the four weeks
ended June 13 1928.
Business failures in the Fifth [Richmond] Reserve District in May were
less numerous and liabilities involved were lower than in May last year,
the District record being better than the National record in both number
of insolvencies and total liabilities involved. Employment conditions in
the District are about up to seasonal levels, and much better than in
May a year ago. Coal production in May was larger than in either April
this year or May 1928, and West Virginia took the lead in bituminous
coal production from Pennsylvania. Textile mills operated full time in
May and early June, but forward orders are scarce and a few mills have
begun to curtail operations to some extent. Building permits and contracts
awarded in May in the Fifth District declined from the levels of May
1928, but the work provided for was still in moderately large volume.
May cotton consumption in the United States reached a record figure for
that month, and reserve stocks of cotton in storage are lower than they
were a year ago. Crops are late in development this year, but except
in some parts of South Carolina agricultural prospects appear to be fairly
good. Retail trade in the District in May was in larger volume than in
May 1928, but wholesale trade was not satisfactory, falling below both
April 1929 and May 1928 in volume.

In its June 30 Review the Bank presents a table in which
are given the chief items of condition reported by 61 regularly reporting member banks on June 12 1920 are compared
with similar figures reported by the same banks on May 15
1929 and June 13 1928, thus affording an opportunity for
comparison of the latest available figures with those of the
'preceding month this year and the corresponding month a
year ago. Regarding these figures the Bank says:
Between May 15th and June 12th, both this year, there was a decrease
of $1,360,000 in loans on stocks and bonds and an unusual decline for this
• season in all other loans, which are largely commercial and agricultural,
• amounting to $8,182,000. Total investments In bonds and securities held
by the reporting banks declined $176,000 during the month under review,
but their reserves at the Reserve Bank rose $791,000 and their cash in
vaults increased $233,000 between May 15th and June 12th. Deposits
declined further last month, demand deposits decreasing $5,155,000 and
time deposits falling $178,000 between May 15th and June 12th. The
decrease in loans previously mentioned was nearly twice as large as
the
decline in deposits, the excess in receipts enabling the reporting banks
to reduce their volume of borrowing at the Reserve Bank by
$5,294,000
between the middle of May and the middle of June.
A comparison of the figures reported for June 12 1929 with those
of
June 13 1928 shows a total decline of $10,282,000 in loans and discounts
during the year. Loans on stocks and bonds rose $2,870,000 during
the
year under review, but all other loans declined $13,152,000. The reporting
banks reduced their investments in bonds and stocks by $12,853,000
between June 13th last year and June 12th this year, and also lowered
their
cash in vaults by $1,310,000. Aggregate deposits declined sharply
between
June 13 1928 and June 12 1929, demand deposits falling
$20,482,000
and time deposits dropping $12,349,000. Decreased deposits
this year
requiring lower reserves at the Federal Reserve Banks,
the reporting
member banks reduced their reserve deposits by $4,719,000
during the year.
The 61 banks were borrowing $1,278,000 more from the
Reserve Bank
on June 12 1929 than on June 13 1928.
The accompanying table shows aggregate debits to individual,
firm
corporation accounts in 24 cities of the Fifth Reserve District for and
three
equal periods of four weeks, ended June 12 1929, May 15
1929, and
June 13 1928.

[VOL. 129.

of Los Angeles, and released for publication July 1. The
summary continues in part:
• Industrial output, in the aggregate, continued at a high level during
the month. Activity in the petroleum, iron and steel, and automobile tire
industries was reported above that of May 1929 and June 1928. In ft
few industries, notably meat packing and furniture manufacturing, some
seasonal curtailment in operations was noted during the month. Building
operations in Los Angeles declined during the period both as compared
with the previous month and with June a year ago.
Total volume of check transactions (bank debits) in Los Angeles was•
1.5% less during June 1929 than during the same month a year ago,
due in part to the fact that there was one less business day in the month
this year, and in part to the fact that there was a large decline in speculative activity. Total transactions of the Los Angeles stock market declined
64.5% during the period compared with the same month last year. Bank
debits in eight cities, exclusive of Los Angeles, in the Pacific Southwest
territory recorded an increase of 5.9% during the four weeks ending
June 19 1929, compared with the same period in June 1928. Business
failures in Southern California during the four weeks ending June 27
were less in number than 1.0 any similar period since December 1926.
Merchandise distribution at both retail and wholesale was reported by
representative stores as being slightly greater during the month than in
June 1928.
The general outlook for fruit crops in Southern California is good,
although the season is from two to three weeks later than normal.
Weather conditions during the month were favorable for growing crops,
except in the San Joaquin Valley where slight damage to grapes was
reported, owing to excessive temperatures prevailing during the latter
part of the month. Crops in practically all producing districts are free
from any serious pests and disease, although the usual care has been
taken
to prevent their occurrence.

Holiday Curtails Lumber Output.
The Independence Day holiday greatly restricted the
lumber movement during the week ended July 6, the National Lumber Manufacturers Association reports. Many
lumber mills are accustomed to shut down at this time for
as much as a week or more to make repairs and alterations.
The 560 softwood mills reporting give a combined production for the week of only 228,121,000 feet, or more than a
third less than the output reported by 552 mills the week
before. New business for the week was 16%,and shipments
10% above production.
Four hundred and fifty softwood mills reported unfilled
orders on hand as the equivalent of 23 days' production,
while 465 mills the week before showed unfilled orders as the
equivalent of 22 days' production. For the week ended
July 6, hardwood shipments and new business are reported
by 228 mills as 2% and 7%,respectively, under production.
On a yearly comparative basis, 374 identical softwood mills
reporting for the week, and for a similar period a year ago,
showed production about 10% less, shipments about 8%
less and orders about 14% less than for the corresponding
week last year. For 208 identical hardwood mills, production was nearly 18% greater, shipments about 10% greater
and ndw business slightly more than 2% greater than last
year.
Lumber orders reported for the week ended July 6 1929,
by 560 softwood mills totaled 265 339,000 feet, or 16%
‘
above the production of the same mills.Shipments as reported for the same week were 251,984,600 feet, or 10%
above production. Production was 228,121,000 feet.
Reports from 228 hardwood mills give new business as
40,833,000 feet, or 7% below production. Shipments as
reported for the same week were 43,235,000 feet, or 2%
below production. Production was 44,105,000 feet.
Reports from 450 softwood mills give unfilled orders of
1,134,197,000 feet, on July 6 1929, or the equivalent of 23
days, production. This is based upon production of latest
calendar year-300
-day year—and may be compared with
unfilled orders of 465 softwood mills on June 29 1929, of
1,174,433,000 feet, the equivalent of 22 days' production.
The Association's statement also adds:

Aggregate debits reported by the 24 cities totaled $1,213,762,000
for the
four weeks ended June 12 1929, a decrease of 4.5% under debits
aggregating $1,270,938,000 reported for the preceding four weeks
this year,
ended May 15th. This decline was largely seasonal, and due to
holidays
which occurred during the later period. Eighteen cities reported
lower
totals for the four weeks ended June 12th, most of the decreases
being
relatively small, but larger totals were reported by six cities, Charleston,
W. V., Danville, Va., Durham, N. 0., Portsmouth, Va., Roanoke, Va., and
Spartanburg, S. C. It is interesting to recall that a year ago only seven
cities reported larger debits for the June period in comparison with the
May period, and among that seven Charleston, Durham, Roanoke and
Spartanburg were listed.
A comparison of $1,213,762,000 in debits reported for the four weeks
ended June 12th this year with $1,214,121,000 reported for the
correIdentical Mill Reports.
sponding four weeks ended June 13 1928 shows a decline in the 1929
The 344 Identical softwood mills report unfilled orders as 838,556,000
total of $359,000, or slightly less than 3 100ths of 1%. Eleven of the
/
24 feet, on July 6 1929, as compared with 882,770,000 feet
for the same week
cities reported higher figures this year, but 13 cities reported
lower a year ago. Last week's production of 374 identical softwood
1929 totals.
mills was 166,, !t 255,000 feet. and a year ago it was 185,339,000 feet; shipments
wero respectively 186.063.000 feet and 203,488,000; and orders received 182,923,C9nditions in Pacific Southwest as Viewed by Security- 000 feet and 213,700.000. In the case of hardwoods, 208 identical mills
last week and a year
reported
First National Bank of Los Angeles—Slight Reces- 000 feet,production 40,646,000 feet and ago, 40,911,000 feet and 34,790,shipments
37.949.000: and orders 38.636,000'
sion in Business Activity.
feet and 37,894,000.
West Coast Movement.
Business activity in Southern California and in the PaThe West Coast
cific Southwest territory generally was maintained at a rate business the 208Lumbermen's Association wired from Seattle that new
mills reporting for the week ended
for
totaled 145,slightly less than that registered in the preceding months 348,000 feet, of which 48,675,000 feet was for domesticJuly 6,delivery, and
cargo
of this year, although in some lines activity either equaled 27.102.000 feet export. New business by rail amounted to 57,892,000 feet.
Shipments totaled 140,535,000 feet, of which
or exceeded that for June last year. The decline may be coastwise and intercoastal, and 28,275,000 foot 48,540,000 feet moved
export. Rail shipments
ascribed to seasonal factors and is normally to be expected totaled 52,041,000 feet, and local deliveries 11,679,000 feet. Unshipped
at this time of the year. This is the introductory paragraph orders totaled 711,985.000 feet of which domestic cargo orders totaled
286.601.000 feet. foreign 224,554,000 feet and rail
of the Monthly Summary of Business Conditions in the Weekly capacity of these mills is 238,109,000 feet. trade 200.830,000 feet
For the 26 weeks ended
Pacific Southwest territory compiled by the Research and June 29, 140 identical mills reported orders 7.7% over production, and
shipments were 4.9% over production. The same mills showed a decrease
Service Department of the Security-First National Bank in Inventories of 12.4% on June 29 as compared
with Jan. 1.




JULY 13 1929.1

FINANCIAL CHRONICLE

Southern Pine Reports.
The Southern Pine Association reported from New Orleans that for
reporting, shipments were
mills
below production, and orders
below production and
above shipments. New business taken during the week amounted to
feet, (previous week
feet, (previous week
shipments
and production
feet, (previous week
identical mills reThe
ported a decrease in production of 9%, and In new business
as compared with the same week a year ago.
The Western Pine Manufacturers Association, of Portland, Ore ,reported
production from
mills as
feet, shipments
and new
business
Thirty-five identical mills reported a decrease of
20% in production and
in orders, as compared with the corresponding
week a year ago.
The California White and Sugar Pine Manufacturers Association, of
San Francisco, reported production from
feet,
mills as
and orders
shipments
The same number of mills
reported a decrease
in production and of
in orders, in comparison with
The Northern Pine Manufacturers Association, of Minneapolis, Minn.,
reported production from
mills
feet, shipments
and new business
The same number of mills showed proless and new business
duction
less than in
The Northern Hemlock and Hardwood Manufacturers Assn.,
Wis., reported production from
mills as
feet, shipments
and orders
Twenty-eight identical mills reported a
in production and of
decrease of
in orders, compared with tha
same period a year ago.
The North Carolina Pine Association, of Norfolk, Va.. reported producmills as
tion from
feet, shipments
and new business
Thirty-seven identical mills reported a decrease of
production and of
in new business, in comparison with the corresponding
week last year.
The California Redwood Association. of San Francisco, reported production from
mills as
feet, shipments
and orders
The same number of mills reported a decrease of 11% in production, and an increase of
in orders, compared with a year ago.

155
2%

60,242,000

13%
13%
59,076,000
76,556,200):
71,379,106).
137

52,421,000

38
27,594,000.

24.601.000
20%

21
15,003,000.

12,852,000
of 17%
1928.

23,096,000

17.347,000

18%

as 8,142,000
43%
1928.
29
3,636,000
2,479,000.
30%

6%

85
6,166,000.

5,137,000.

19%,

9
4,447,000.

19%

595,000

71,674,960):

7,162,000
9%

13

2,722,000
12%

7,234,000

of Oshkosh.
3,-

15%

4,302,000

37%

29
3,231.000.
32%

Orders on
Hand BeOrders
gin'g Week
June 22'29. Received.

20% in

38.933.000

1928.

4.893,000

CURRENT RELATIONSHIP OF SHIPMENTS AND ORDERS TO PRODUCTION FOR THE WEEK ENDED JULY 6 1929 AND FOR 27
WEEKS TO DATE.
Production, Shipments, % of
Orders, % of
AssociationM Feet.
M Feet. Prod.
M Feet. Prod.
Southern Pine:
Week-155 mill reports
60,242
52,421 87
59,076 98
27 weeks-3,944 mill reporta
1,776,536
1,829,411 103 1,834,205 103
West Coast Lumbermens:
Week-210 mill reports
104,269
145,437 139
140.793 135
27 weeks
-5,475 mill reports.- 4,609,319 4,788,472 104
4,870,610 106
Western Pine Manufacturers:
Week-38 mill reports
24,601
23.096 94
27,594 112
27 weeks-943 mill reports
856,313
894,396 104
926,486 108
California White & Sugar Pine:
Week-21 mill reports
17,347
12,852 74
15.003 86
27 weeks
-697 mill reports
646,567
713,265 110
734,565 114
Northern Pine Manufacturers:
Week-9 mill reports
8,142
7,234 89
4,447 55
27 weeks
-243 mill reports
184,594
229,875 125
210,080 119
Nor. Hemlock & Ilardw'd (softwoods):
Week-29 mill reports
3,636
2,479 68
3,595 99
27 weeks-1,141 mill reports........ 121,267
110,324 91
109,556 90
North Carolina Pine:
Week-85 mill reports
7,162
7,132 100
6,160 86
27 weeks
-1.978 mill reports...-. 274.566
282,758 96
230,159 86
California Redwood:
Week-I3 mill reports
2,722
4,861 179
5,137 189
27 weeks
-362 mill reports
191,724
192,296 100
208.950 109
Softwood total:
Week-560 mill reports
228,121
251,984 110
265,339 116
27 weeks
-14.783 mill reports... 8,660,886
9,020,029 104 . 9,140,379 105
aHrdwood Manufacturers Inst.:
Week-199 mill reports
39,212
38,933 09
37.602 96
27 weeks
-5,773 mill reports
1,049,562
1.147.564 109
1,143,387 109
Northern Hemlock & Hardwood:
Week-29 mill reports
4,893
66
4,302 88
3.231
27 weeka-)l,411 mill reports_
334,777
231.202 69
242,658 72
Hardwoods total:
Week-228 mill reports
____
44,105
43,235 98
40.833 93
27 weeks
-6,914 mill reports.... 1,384,339
1.390,222 100
1.374,589 99
Grand total:
Week-759 mill reports
272,226
295,219 108
306,172 112
27 weeks
-20,560 mill reporta_10.045,225 10,410,251 103 10,514,963 104

Shinflunks.

Unfilled
Orders
Week Ended
June 22'29.

Washington & Oregon
Feet.
Fed.
(95 Mills)112,697,082 23,561,998
California
116,939,491 34,925,971
Atlantic Coast
7,999.823 1,214,834
Miscellaneous

Feet.
Fed.
Fed.
235,336 32,788,471 103,317.213
312.000 15,339,861 136,213,601
None
98,000 9.116,657
547,336 48,144,332 248,647.531

Brit. Col. (18 Mills)
1,007,224
275,000
California
11,659,222 4,928,514
Atlantic Coast
830,000
8,856,463
Miscellaneous

None
687,778
694,446
280,000 2.621.459 13.686,277
198,000 2,711,463 6.777,000

Total Brit. Columbia_ 21,522,909 6,033,514
,
r.......A..........In naran

West Coast Lumbermen's Association Weekly Report.
According to the West Coast Lumbermen's Association,
reports from 210 mills show that for the week ended June 29,
both shipments and orders exceeded production by 15.28%
and 0.55%,respectively. The association's statement shows:
WEEKLY REPORT OF PRODUCTION, ORDERS AND SHIPMENTS.
210 mills report for week ending June 29 1929.
(All mills reporting production, orders and shipments.)
189,539,741 feet (100%)
Production
190,582,427 feet (0.55%) over production
Orders
218.505.518 feet (15.28%) over production
Shipments
COMPARISON OF CURRENT AND PAST PRODUCTION AND WEEKLY
OPERATING CAPACITY (277 IDENTICAL MILLS).
(All mills reporting production for 1928 and 1929 to date).
production, week ended June 29 1929
214,005,789 feet
Actual
198,000,331 feet
Average weekly production, 28 weeks ended June 29 1929
201,379.247 feet
Average weekly production during 1928
204.598,076 feet
Average weekly production last three years
278,622.927 feet
z Weekly operating capacity
Weekly operating capacity is based on average hourly production for the twelve
at months preceding mill check and the normal number of operating hours Per week.

9%0 1%0 /0% A% 72A 217

478.000 5.920.700 21,157.723
1

non

22A as

non (mg 900 20%2M

Paper Production in May this Year Larger than in
Same Month Last Year-Gains as Compared with
April.
The total paper production in May, according to identical
mill reports to the American Paper & Pulp Association,
was 605,209 tons, as compared with 586,887 tons in April,
and 573,441 tons in May 1928. The advices from the
association July 10 state:
All grades, excepting newsprint and wrapping, registered increases in
monthly production over last year. Bag paper showed an increase ot
production, while felts and building increased almost
over May
and
writing
tissue
uncoated book
The following grades registered production decreases in
Newsprint
and wrapping
against May
as
May
Shipments of all grades, excepting wrapping, showed an increase over
The total shipments of all grades increased 8% above the
May
total for May of last year.
Stocks on hand registered an increase as compared with April, in all
but newsprint, bag, felts and building, and writing. As compared with
May
all grades excepting paperboard and hanging showed sub..
stantial decreases. The total stock on hand for all grades increased about
and decreased about
from that of May
over April
showed that the total proIdentical pulp mill reports for May
greater than May
Mlll
duction of all grades of pulp was about
greater and shipments to the outside market
consumption was about
greater than during the corresponding month last year. May
tons, against
tons in April and
production totaled
tons in March.
All grades, excepting groundwood and bleached sulphite, showed decreases in inventory at the end of May as compared with the end of April
As compared with May
all grades, excepting bleached sulphite.
registered decreases in inventory.
REPORT OF PAPER OPERATIONS IN DIENTICAL MILLS FOR THE
MONTH OF MAY 1929.

1928
21%
8%.
19%,
hanging 4%.
1928:
1929
1928.

3%,
3%.

9%, paperboard 8%,
4%,

1928,

2%

7%
1929
9%

1929

6%
245.159

23%

1929.

1928.
1928.
1929
227,220

237.825

1928,

Grade.




Cancellotions.

Total Wash. & Oregon 237,636,396 59,702,803

4,861,000

The Hardwood Manufacturers Institute, of Memphis, Tenn., reported
production from
mills as
feet, shipments
and new
Reports from
business
identical mills showed an increase
in now business, in comparison with
in production and of
The Northern Hemlock and Hardwood Manufacturers Association, of
Oshkosh, Wis., reported production from
mills as
feet, shipments
and orders
Twenty-eight identical mills reported production
more and orders
less than for the same period
last year.

39,212,000
180
7%

WEEKLY COMPARISON FOR 208 IDENTICAL MILLS
-1929.
(All mills whose reports of production, orders and shipments are complete for the
last 4 weeks.)
Week EndedJune 29.
June 22.
June 15.
June 8.
Production (feet)
187,981,126 195,061,666 193,690,305 178,153,073
Orders (feet)
187,403,700 184,581,805 203,997,234 197,773,254
Rail
71.418,812 72.841,001
76,284,330 74.940,720
Domestic cargo
82,980,977 73.332,9713 71,908,432 68,176,666
Export
39,442,225 25.924.374
37,188,213 40,800,590
13,561,686
Local
12,483,454
18.617,919
13,855,278
215,167.603 179,273,201 202,113,650 191,961,594
Shipments (feet)
Rail
85,400,953 77,108,348 82,326,591
78.729,385
74,275,621
Domestic cargo
59.682.485
73,655.972 67,738,976
41,929,343 29,998,914
Export
27,513,168
31,637,955
12,483,454
13,561,686
Local
18,617,919
13,855,278
714,314,841 743,420,286 744.888,174 749.585.914
Unfilled orders (toot)
196,255,965 210,127,961 215,762.272 223.184,411
Rail
289,685,650 302,240,725 292,218.274 294,852.209
Domestic cargo
228,373,226 231,051,600 236,907,628 231,549,294
Export
112 IDENTICAL MILLS.
(All mills whose reports of production, orders and shipments are complete for 1928
and 1929 to date.)
Average 26
Average 26
iVeek Ended Weeks Ended
Weeks Ended
June 29 1929. June 29 1929. June 30 1928.
118,341,026
109,894.296
Production (feet)
115,889,010
120,112,038
116,481,452
124,579,743
Orders (feet)
134 931,598
115,731,193
Shipments (feet)
122,892 253
DOMESTIC CARGO DISTRIBUTION WEEK END.JUNE 22'29 (113 MILLS).

7,132,000

Hardwood Reports.

199
37,602,000.

199

Newsprint
Book, uncoated
Paperboard
Wrapping
Bag
Writing
Tissue
Hanging
Felts and building
Other grades
Total, all grades

Stocks on Hand
End of Moldh.
Tons.

Production,
Tons.

Shipments,
Tons.

123,504
89.214
233,143
53.752
16,525
33,328
13,108
4,720
7.505
30,410

124,840
87.314
231,038
52.546
16,737
33,908
12,878
4,276
7,554
28,583

25.778
38.543
61.912
50,008
8,285
39,590
9,944
3.920
1,259
16.898

605,209

599,674

254,127

REPORT OF WOOD 1.1MP OPERATIONS IN IDENTICAL MILLS FOR
THE MONTH OF MAY 1929.
Production,
Tons.

Used
During
Month.
Tons.

Shipped
During
Month.
TOW.

108,144
40,101
27,216
2.888
7.240
32,809
26,733
28

94,163
37,047
24,345
2,963
6,128
26,924
17,386
____

2.200
3,428
2,727
72
1,176
6,265
9,610
--__

116,326
7.341
2,803
556
802
3,766
3,988

245.159

208.956

25.478

135.630

Grade.
Groundwood
Sulphite news grade
Sulphite bleached
Sulphite easy bleaching
Sulphite Mitscherlich '
Sulphate pulp
Soda pulp
Pulp, other grades
Total, all grades

Stocks on
Hand End
of Month.
Tons.

as

200 •

FINANCIAL CHRONICLE

Agricultural Department's Complete Official Report
on Cereals, &c.
The Crop Reporting Board of the United States Department of Agriculture made public on July 10 its forecasts
and estimates of the grain crops of the United States as of
July 1, based on reports and data furnished by crop correspondents, field statisticians and co-operating State
Boards (or Departments) of.Agriculture. This report shows
that the production of winter wheat is now placed at 582,492,000 bushels, which compares with the Department's
estimate of 622,148,003 bushels a month ago and with
578,133,000 bushels harvested in 1928. The July 1 condition is given as 75.9% of normal, which compares with the
June 1 1929 condition of 79.6% and the July 1 1928 condition
of 75%. The ten-year average condition of winter wheat
is 77.5%. The probable production of corn is placed at
2,662,050,000 bushels, which compares with 2,835,678,000
bushels harvested in 1928 and a five-year average production
of 2,746,740,000 bushels. The condition of corn on July 1
was 77.6%, comparing with 78.1% on July 1 1928 and a tenyear average of 82.6%. Many Gf the principal crops show
a decrease in area planted; ameng these being corn, oats,
rye, rice and potatoes. Some other farm products show increased acreage. These include wheat, barley, cotton, hay,
sweet potatoes and tobacco. Below is the report in full:
The July estimates of the Crop Reporting Board of the United States
Department of Agriculture indicate decreases this season in the acreages of
corn, oats, rye, rice, potatoes ano cowpeas, and increases in the acreages
of wheat, barley, flaxseed, cotton, hay, sweet potatoes, tobacco, beans,
peanuts, soybeans and sugar beets. Allowing for some late crops still to be
planted and for usual loss of acreage :rom drought, flood and other causes,
the total crop acreage harve ted this season seems likely to be about the
same as that harvested last season.
In general the acreages p'anted appear to be close to the intended acreages
which farmers rep ol e I in March, the chief e iceptions being in those areas
where wet weather has interfered with the planting of corn and oats, and
a few adjustments in the direction of the published suggestions of the
Department.
It is still too early to forecast accurately the production of late planted
crops, but the reports received from producers indicate that up to July 1
the weather was 2.7% more favorable for crops than it was last year, but
in all groups of States the weather has on the average been less favorable
than during the preceding ten years. In the country as a whole the condlticn of crops averages 3.7% below the 1918-1927 average. On the
first of July crops were in a particularly critical condition in the northern
Great Plains region, where drought and high temperatures prevailed and
prospects were declining daily. The estimates for this area allow only for
damage in evidence on the first of the month.
CORN.
The estimate of the area in corn this year of 98,333 000 acres is 2.3%
acreage harvested in 1928. The present corn acreage decreases.
below the
totaling more than 1,500,000 acres, occurred in the eastern corn belt States
of Ohio, Indiana, Illinois, Michigan and Wisconsin, as well as in Missouri,
where corn acreage was increased a year ago as a result of heavy winter
wheat abandonment during the winter of 1927-1928. The abundance of
rainfall in this area during April and May interfered to some extent with the
plating of corn. Increases are indicated in Minnesota, North Dakota,
South Dakota and Nebraska. In most of the Southern States the 1929
corn acreages are below last year. Decreases are shown for the Far Western
States, while the North Atlantic States show an increase of 3.9%.
The condition of corn on July 1 was reported as 77.6%, or one-half point
lower than a year ago. The ten-year average condition (1918-1927) was
82.6%. In the eastern corn belt States the condition was 74.9% as compared with 76 last year, and in the western corn belt 79.4%, and 83 a year
ago.
The 1929 corn crop from planting time to July 1 shows an entirely different picture than was the case last year. In 1928 the corn crop was
planted in good season and made an excellent start, but was retarded by
cold, wet weather the last half of June, while in early July the weather
cleared, making cultivation and growth possible, and as a result the condition improved greatly during July.
This year the situation to July 1 has been just the reverse of last year in
a number of the corn belt States. The corn crop made a very late, poor
start in May and early June, but favorable weather the latter part of
June resulted in material improvement over most of the corn belt.
The July 1 condition of the crop reflects the general lateness of the crop,
but this does not necessarily indicate that the yield of corn this fall will
be low, except perhaps in the most northern States, where the late crop
may be in danger of early frosts. Moisture conditions are generally favorable for a good crop of corn in the States from Texas to Nebraska. where
moisture is frequently a limiting factor. Excessive moisture in Missouri,
Kentucky and Tennessee has resulted in late planting and slow growth.
The July 1 forecast of corn production on the basis of the July 1 condition is placed at 2,662,000,000 bushels, as compared with 2,840,000,000
bushels harvested in 1928.11,
WHEAT.
The first report covering all classes of wheat indicates a probable production of about 834.000,000 bushels in 1929, compared with 902,000,000 in
1928, 878,000,000 in 1927 and an average production of 810,000.000 during
the five-year period 1923-27.
Winter wheat production indicated by condition on July 1 is 582,000,000
bushels, a reduction of 40,000.000 since June 1. This decrease was largely
in the four States of Kansas, Nebraska, Oklahoma and Colorado, where
hot winds and insect damage were severe during the month. Condition
is reported at 75.9%, compared with the ten-year average condition of
77.5%. The acreage for harvest is now estimated at 39,885,000 acres,
as compared with the preliminary estimate of 40,467,000 on May 1.1 The
acreage harvested in 1928 was 36,207,000 acres, and the average of the preceding five years 36,244,000 acres.
Spring Wheat Other Than Durum.
-The acreage of spring wheat other
than durum is estimated to be 15,514.000 acres, which is 4.5% greater than
the acreage harvested in 1928 and 3.5% above the average acreage of the
five years 1923-27. Condition on July 1 is reported at 74.4%, as compared
with an average July 1 condition of 82.6%. Drought conditions in the




[VoL. 129.

Dakotas, Montana and Minnesota are responsible for the low condition.
The July 1 condition indicates a production of 193.099,000 bushels, which is
16% below the 1928 crop of 231,288,000 bushels, and about 3.5% below the
average production of 1923-27.
Durum Wheat.
-The acreage of durum wheat has been reduced 20.2%
below the acreage harvested in 1928 and about 2% below the 1927 acreage.
Condition on July 1 is reported at 67.5% of normal as compared with an
average condition of 80.4%. Drought conditions in the Dakotas account
for the extremely low condition this year. The July 1 condition indicates
a production of 58,278,000 bushels, compared with 92,770,000 bushels produced in 1928 and an average of 60,000,000 bushels in the preceding five
years.
Stocks of wheat on farms on July 1 are estimated at 44.741.000 bushels,
compared with 23,729,000 bushels in 1928 and average stocks on July 1
of 28,887,000 bushels.
Oats.
-The area seeded to oats this year is 40,222,000 acres, or a million
and a half less than in 1928 and two and a half million less thad the average
acreage of the preceding five years.
The reductions were heaviest in the central tier of States from Virginia
through the Ohio Valley States and Missouri to Kansas and Oklahoma.
In most of these States seeding conditions were unfavorable. The acreage
In the east north central States is 13% smaller than last year. In the South
Atlantic and East Gulf States, where fall planted oats were badly killed out
In the winter of 1927-28 and where the corn crop was poor last year, the
acreage of oats has been increased by more than 20%. In the West, where
feed supplies are short, the acreage seeded to oats is about 12% greater than
last year.
The condition of oats on July 1 was 79% of normal, compared with 80
last year and a ten-year average of 81 at that date. Conditions are lowest
in the Middle Atlantic and Ohio Valley States. They are fair rather than
good in practically all other States.
The reported condition of 79% indicates a crop of about 1,247,147.000
bushels, which is 200,000,000 bushels less than last year and 100,000,000
below the average crop of the previous five years.
BARLEY.
The acreage in barley shows a sharp decrease of nearly half a million acres
in the eastern corn belt where barley was extensively planted last year
to replace winter-killed wheat. Elsewhere the barley acreage ha continued to increase and the 13,595,000 acres planted this year represents an increase of 1,062,000 acres, or 8.5%, over the record acreage harvested last
year. As a result of drought in the leading producing States, the condition
of barley on July 1 averaged only 76.7%, compared with 81.3 last year and
an average of 82.9% during the previous ten years. On account of this
low condition, the prospective production is estimated at 317,264.000 bushels, compared with 357,000,000 bushels In 1928 and an average of 209,000,000 bus els during the previous five years.
RYE.
As a result of low prices and dry weather at planting time in the principal
producing States, the acreage in rye shows a further reduction, the estimated
acreage of 3,284,000 being 4.5% below the acreage harvested last year and
below the acreage harvested in any year since 1916.
As a result of dry weather in Minnesota and the Dakotas, where half of
the total acreage is grown, the condition of rye on July 1 averaged only
76.2%, indicating a yield of about 12.8 bushels per acre and a total crop of
41,949,000. Last year, as a result of an even lower yield, only 41,676,000
bushels were produced but the average production during the preceding five
years was 54,793,000 bushels.
FLAX.
Flax acreage shows an increase of 17.2% over that harvested in 1928, the
indicated acreage for 1929 being 3,092,000. compared with 2,638,000 revised harvested acreage in 1928 and 2,861,000, the five-year average. The
largest increases were in North Dakota and Montana, where there was
some shift from spring wheat acreage to flax.
The condition of flax on July 1 1929 was 71.5% of a normal, which was
relatively low compared with 76.8% a year ago and the ten-year average
for July 1 of82.5%. Heat and dry weather were generally unfavorable to
the crop in the Northwest area during most of the period of June 25 to
July 7 and the effect of this damage may not be fully reflected in the July I
condition.
The condition of flax on July I indicated a yield of about 6.4 bushels,
which would result in a production of 19,885,000 bushels compared with
18,690.000 bushels harvested in 1928, and the five-year average production
of 23,243,000 bushels.
RICE.
A sharp decrease in the acreage of rice is indicated. The acreage planted
is estimated at 883,000 acres, compared with 965,000 acres harvested last
year, representing a decrease of 8.5%. California and all the Southern
States participate in the reduction, the reductionln California being especially marked. The condition of the crop on July Its reported as 83.7%,
compared with 86.2% last year and 88.9% the average for the,preceding
ten years. This condition indicates an outturn of 32,686,000 bushels,
compared with 41.900,000 bushels in 1928 and 37,100,000 bushels the average for the preceding five years.
BEANS, DRY EDIBLE.
The bean acreage increased about 10% over the acreage harvested last
year and is about 12% over the average acreage of the previous five years.
Earlier intentions were for an increase of about 20%. The Eastern bean
States made increases of 20 to 30%, but in the West a late season and lack
of moisture held the increase down to about 15% in the important States,
and unfavorable weather conditions compared with the relatively less favorable prices for pinto beans led to some reduction of acreage of that type.
The condition of beans on July 1 was 83% of normal, or about 7% below
the usual condition at that date. The yield cannot be accurately determined
this early in the season, but with an average season from now on a production of about 18,200,000 bushels may be expected. This would be about
1.500,000 more than was harvested last year, but 500,000 above the average
during the preceding five years. This figure may be cut by acreage losses,
which in some seasons are heavy.
HAY.
The acreage of tame hay in the United States is estimated at 60,054,000
acres as compared with 57.768,000 acres in 1928 and the five-year average
of 59,646,000. The increase of4% as compared with last year is due chiefly
to the increase of about 10% in clover and timothy hay in the eastern and
central corn belt States, where both the acreage and yield were reduced
last year by winter-killing.
The condition of tame hay on July I averaged 85.2%, compared with
76.7% on July 1 last year, and an average of 79.5% the previous five years.
This condition indicates that production may be expected to be close to
99,000.000 tons, compared with 93,000,000 tons last year and an average
of 92.800,000 tons during the previous five years. Practically all of this
increase in production has occurred in the North Central States.

JULY 13 1929.]

FINANCIAL CHRONICLE

201

The acreage of alfalfa shows a slight decrease in California and Colorado In 1928, 1,061,000 tons of beet sugar were made, the sugar content of the
but little changq in other Western States. In the rest of the country the beets being 16.7,%,which was the highest on record, with the single excepacreage is gradually increasing and the total alfalfa acreage in the United tion of 1924, and the extraction was 14.92% of the beets harvested, which
States is 3% larger than the acreage cut last year. The condition of alfalfa was the highest in the past 16 years.
on July 1 is reported at 81.5% of normal, compared with 81.3% last year
The average production of beet sugar for the five years 1923-1927 was
and an average of 86.5% during the previous ten years. This condition : 975,000 tons. The production of sugar in Louisiana is forecast at
218,000
forecasts a production of 29,357.000 tons, compared with 29,100,000 tons tons, this forecast being based upon average sugar content and extraction
In 1928 and a previous five-year average of 28,100,000 tons.
and the assumption that 3,200,000 tons from about 85% of the acreage in
The acreage of wild hay that will be cut is dependent on growth and on the Louisiana cane belt will be used for sugar. Last year the production
of
the price at cutting time, but present indications point to about the same sugar in Louisiana was 132,000 tons.
acreage as last year and to about an average yield, indicating about 12.810.BROOMCORN.
000, compared with 12,900,000 tons last year and an average of about 14,Broomcorn acreage this year is estimated at 390,000 acres, which is bnt
400,000 tons during the preceding five years.
little above the 298,000 acres (revised) harvested in 1928 and is below the
PASTURE.
preceding five-year average of 344,000 acres.
Oklahoma and Texas acreages are below last year but Colorado and New
On July 1 farm pastures were in better than average condition in most of
the Central and Eastern States, but they were poor in Minnesota, the Da- Mexico together have 100,000 acres compared with 90,000 harvested last
year.
kotas and in most of the area from California east to Mississippi. In the
The indicated production this year is 52,800 tons compared with 54,500
country as a whole pastures averaged 87.5 on July I compared with 84.4
tons (revised) last year and a preceding five-year average of 56,291 tons.
a year ago and 85.9 the average for the preceding ten years.
From present indications the large increase in production expected this year
SOYBEANS.
in New Mexico will be more than offset by decreases in Oklahoma, Colorado
and Kansas.
Soybean acreage has increased about 7% compared with last year. InFRUITS.
creases were about 5% in the important North Central States and 15%
The crop of tree fruits seems to be light in nearly all parts of the country.
in North Carolina. Increases of 10 to 20% are shown in most other Southern States, except Virginia and Tennessee, where acreage is the same. The In comparison with the fairly good fruit crops of last season, apples and
condition of soybeans is estimated at 81%, or about average for July 1.
pears seem likely to show a reduction of one-sixth, grapes, oranges and
lemons a reduction of one-fourth, peaches and grapefruit a reduction of
PEANUTS.
nearly one-third, and California prunes a reduction of more than two-fifths.
The condition of peanuts was 80% on July 1, or slightly poorer than usual Apricots,figs and olives seem to be the only important fruits that will show
at that date. No estimate of production will be made until Sept. 1, when a production approaching or exceeding that of last year.
Information will be available on the probable acreage to be harvested for
APPLES.
the nuts.
A total 1929 production of 154,300,000 bushels of apples is indicated by
Peanut acreage has increased less than 5% over last year; there were reductions of 5% in Georgia and 7% in Alabama. Acreage increased 5% in the July 1 condition of 53.7% of normal. The commercial crop is forecast
Virginia and 10% in North Carolina. In the Southwest. Texas increased at about 29,900,000 barrels.
The prospective total 1929 production is about 17% smaller than the 1928
20% and Oklahoma 75%. Considering only acres grown alone, that is,
excluding peanuts planted in with corn, Texas and Oklahoma combined crop, but about one-fourth larger than the 1927 crop. Prospects are particularly unpromising in some of the important commercial States, but the
now have two-thirds as many acres as Virginia and North Carolina comgeneral shortage of fruit supplies is expected to result in rather close utilizabined and one-third as many as Georgia, Alabama and Florida
tion of th ap le crop this year.
COWPEAS.
PEACHES.
Cowpea acreage has dropped 20% below that of last year. The relatively
A slight decline in production prospects of peaches has occurred since
high price of seed compared with soybean seed is in part responsible. DeJune 1. The July I estimate of 47,075,000 bushels now compares with
creases are general, the loss being more than a third in Virginia, Kentucky, 68,374,000 bushels in 1928, 45,643,000 bushels in
1927 and the 1923-1927
,Indiana and Missouri. Growing conditions were about as usual on July I.
average production of 52,224.000 bushels.
No estimates of production of annual legumes will be made before Sept. 1,
Compared with 1928. the North Central States now show a slight inwhen information can be obtained on acreage to be gathered for picking
crease, but in all other divisions production is indicated to be lower with the
or threshing.
South Atlantic States showing a decrease of about 43% from the hi crop
POTATOES.
crop of 16,375,000 bushels.
Expected decreases in potato acreage have quite generally been carried
PEARS.
out in all sections of the country. The preliminary estimate of plantings is
The 1929 pear production is indicated at 19,781,000 bushels. This esti3,370,000 acres. The intended acreage as reported in March. less usual mate is slightly under that of a month
ago and compares with the revised
allowance, indicated 3,350,000. The 1929 acreage is about 12% below that
estimate of the 1928 crop of 24,012,000; the 1927 crop of 18,373,000 bushels
of 1928, somewhat lower than in 1927, and only slightly larger than the
and the 1923-1927 average production of 20.211,000 bushels.
average acreage from 1923 to 1927. The 19 Northern late States ordinarily
All geographical divisions except the South Atlantic States show decreases
producting a surplus of potatoes are estimated to have platned 2,210,000 compared with 1928, the
biggest decrease occurring in the important Westacres, and the 16 deficient late States 811,000 acres, amounting to a decrease
ern States, where 1929 production is indicated at 12,675,000 bushels comof about 10% from the 1928 acreage in each group. The remaining 13
pared with the relatively large production of 15,947,000 bushels in 1928.
States in the South with principally early potatoes have reduced acreage
GRAPES.
one-fourth from that of 1928.
The condition of the potato crop on July 1 was 83.1%, compared with
Grape cond1tion on July 1 was 70.0% of a normal, which was the lowest
84.8 on the same date in 1928 and an average condition of 85.8 on July 1. of record for the past 30 years excepting the year of 1921.
On the basis of reported condition it seems lilely that production this year
Practically every important producing State has reported an unusually
will be close to 380,000.000 bushels, or about 18% short of the extremely low condition for July 1.
large 1928 production, and about equal to the average crop of the preceding
In California, the largest producing State, a severe spring frost was
five years. The expected crop is lower than the 1928 crop by 14% 6 the largely responsible for the present poor outlook of grapes.
19 surplus States, by 27% in the 16 deficient States, and by 26% in the 13
FARM WAGES AND LABOR SUPPLY.
Southern early States.
Farm wages for the country were about 2% higher on July 1 than a year
SWEET POTATOES.
The acreage of sweet potatoes is estimated at 814,000. This is less than ago. Wage increases are general except in the South Atlantic States,
1% above the acreage harvested last year and is about the same as the aver- where some decreasejs shown. The supply of farm labor is reported as
age during the past few years. The condition, 79.4% of normal, forecasts 101.7% of demand, as compared with 105.5% a year ago.
a production of around 77.000,000 bushels, or about the usual supply.
CROP REPORT AS OF JULY 1 1929.
In the important commercial sweet potato States of New Jersey, DelaThe Crop Reporting Board of the United States Department of Agriculware, Maryland and Virginia this year's acreage is 78,000, or about 2,000 ture makes the following forecasts and estimates for the United
States
acres more than was harvested in 1928. The condition of the crop in this from reports and data furnished by crop correspondents, field statisticians
, area is 83, compared with 82 on July 11928.
and co-operating State Boards (or Departments) of Agriculture and Agri
In Georgia and the Carolinas the present acreage is 244.000, or 4,000 cultural Colleges:
acres less than harvested in 1928: and the condition on July 1 this year
averaged 81% of normal, compared with 77 a y ar ago.
ACREAGE.
YIELD PER ACRE.
TOBACCO.
5-Yr.
1929.
Harvested.
Indicated
Tobacco acreage has been increased from a revised total of 1,895,400
Aver.
CROP.
by
acres harvested in 1928 to 2.002,800 acres planted in 1929. an increase of
1923-27 Per Cl.
10-Yr.
Comdata*
of
5.7%. Significant increases were made in the important air-cured and
1,000
1.000 A rerave
1928.
July 1
Acres. 1928. Acres. 1918-27.
1929.a
fire-cured types. Flue-cured tobacco, representing 57% of the total, remains practically unchanged from last year. Burley, which sold at excep- Corn
bush. 100,899 97.7 98,333
27.8
28.2
27.1
tionally favorable prices last year, increased in acreage 19%,or from 338.900 Winter wheat
" 36,244 110.2 b39,885
14.9
16.0
14.6
4,732 79.8
5.357
acres in 1928 to 402,900 acres in 1929. Other air-cured types which show Durum wheat,4States "
12.4
13.8
10.9
15.6
12.4
Increases are: One Sucker, 22%, from 26,300 acres in 1928 to 32.200 acres Other spr. wh't, U.S. " 14,965 104.5 15,514 c12.6
All wheat
" 55,941 105.2 60,756
14.1
15.6
13.7
in 1929; Green River, 25%, from 27,000 acres in 1928 to 33.800 acres in Oats
" 42,816 96.4 40,222
31.0
34.7
31.0
1929. Maryland acreage increased from 31,000 acres to 32,000 acres in Barley
8,041 108.5 13,595
"
24.8
28.5
23.3
Rye
4,105 95.5 b3,284
"
11)29.
13.6
12.1
12.8
2,861 117.2
3,092
7.5
7.1
6.4
Fire-cured types as a rule have been increased, Paducah and Mayfield Flaxseed
Rice, 5 States
928 91.5
883
39.3
43.4
37.0
shelving 131% of last year, or 51.700 acres compared with 39,600 acres Hay,all tame
tons 59,646 104.0 60,054
1.52
1.61
1.65
harvested in 1928; Clarksville-Hopkinsville, 110%, or 115,700 acres com- Hay, all clover and
timothy d
34,086 105.8 e32,841
pared with 105.000 acres last year. Virginia Dark shows a slight decrease
Hay,alfalfa
10.781 103.0 11,378
2.60
2.63
2.58
from a year ago.
Beans,dry edible_e_ _bush
1,555 110.0
1,737
11.2
10.5
10.5
Moderate increases in acreage are shown in Connecticut and Pennsylvania. Soy beans
107.4
lbs
104.6
In the Miami Valley of Ohio an increase ofabout 24% is shown in the acreage Peanuts
bush.
80.5
ef filler type tobacco. The Wisconsin binder districts show no change from Cowpe,as
Velvet beans
lbs.
100.0
last year•
Potatoes
bush. 3,359 87.9
3,370 106.4
121.2
112.6
SUGAR BEETS.
Sweet potatoes
842 100.5
814
95.0
95.9
94.8
lbs. 1,716 105.7
2,003
779
745
727
The acreage planted to sugar beets this year is 781,000 compared with Tobacco
Sugar beets
tons
f715 111.7
781
10.1.
11.0
10.8
700,000 last year. Last year 56,000 acres were abandoned, leaving 644,000 Sorg° for sirup
gals.
374 101.1
352
81.3
77.5
Broomcorn e
lbs.
harvest. About 91% of the planted acreage is usually harvested.
344 100.7
for
300
315
352
366
21 96.2
25 1,211
1,254
The crop of beets this year is forecast from the July condition of 85.1 at HOI:t8 e
1,177
7,633,000 tons, compared with 7.101,000 tons last year and 7.370,000 tons,
a Indicated yield increases or decreases with changing conditions during he season.
average for the previous 5 years. Last year the condition on July 1 was
b Acres remaining for harvest. c All spring wheat. d Including "sweet clover."
e Principal producing States. (See below for separate crops.) I Short time
89.1% and for the previous 10 yeat's averaged 85.4.
average.
SUGAR.
The amount of wheat remaining on farms in the United States on July 1 1929 Ls
The beet sugar produced from this year's estimated crop of beets will be estimated at 4.96% of the crop of 1928, or about 44,741,000 bushels, as compared
with 23,729,000 bushels on July 1 1928 and 28,887,000 bushels, the average stocks
about 992,000 tons if average sugar content and extraction are obtained. of wheat on July 1 for_the five years 1933-1927.




71.7
74.3
79.9
81.3
66.7
76.8
86.2
76.7
71.3

74.4
74.9
79.0
76.7
76.2
71.5
83.7
85.2
80.2

200
810
1,345
209
54.8
23.2
37.1
92.8
14.4

231
902
1,449
357
41.7
18.7
41.9
93.0
12.9

___
___

1379.0
86.5
85.9
85.4

72.9
81.3
84.4
76.3

87.8
84.5
87.5
83.1

47.2
28.1

45.0
29.1

29.4

17:I.

16.6

18.2

81.9
b76.8
b76.8
69.6
b61.9
60.8
60.8
84.6
b61.4
85.8
83.6
79.3
85.4
b82.3
79.1
000

77.6
73.8
78.0
62.9
65.6
70.6
66.5
96.4
57.4
84.8
77.0
74.1
89.1
70.0
78.5
SR.S

_ _
43:6
_ ._
___
__-

193
834
1,247
317
41.9
19.9
32.7
99.0

80.1__--75.9
-80.0
154
186
___
53.7
183
29.9
35.3
_ _
57.2
32.5
48:8
47.1
68.4
49.8
62.2
19.8
24.0
20.7
20.2
52.8
72.67
72.25
70.0
42.0
58.3 b33.9
376
464
___
383
83.1
77.7
77.1
79.4
78.0
1,378
__- 1,493
77.3 1,331
___
7.6:
137.46
7.10
85.1
27.0
29.3
74.6
- 652:8
78.5 g56.3 664.5
fi7.4
27.6
32.7
__29.6

a Indicated production increases or decreases with changing conditions during the
season. b Short time average. c All spring wheat. it Including "sweet clover."
e Principal producing States. 11 For fresh fruit, Juice and raisins, including some not
harvested. g Thousands of tons.

Per
Cent
of
1928.

Total.

10-Yr.
Aver. 1928.
19181927.

Harvested. Subject to 1929,
Forecast
Revision in Dec.
From
1929.
Average
Condition
July 1.
1928.
1923-27.
%

84
87
87
80
79
78
79
84
84
25
78
77
78
72
86
85
84
83
x10.2
111.1
110.3
•81
80
:10.4
:14.6
111.4
112. i
112.2
68
85
85
77
60
89
86
94
81
87
80

69
84
71
51
60
57
66
66
59
75
66
49
83
84
88
80
76
67
111.8
112.5
111.0
49
60
111.0
220.0
111.5
113.5
:11.0
60
63
85
74
66
97
90
98
75
83
86

79
93
90
89
83
72
80
91
87
87
71
78
80
69
88
88
79
86
211.7
112.0
110.0
82
70
110.0
x17.0
112.0
110.5
113.5
77
86
82
62
77
88
76
85
76
81
72

6,105
1.271
21,795
33,871
30,057
40,654
17,607
1,426
2,848
8,550
23,451
1,349
44.760
118.443
1,899
10,193
9,650
2.101
5,389
948
1,242
4.111
4,796
91
76
453
46,240
19.783
9,202
10,366
1597
13,618
1,616
980
2,784
94
24.589
16,478
11,785

4,629
1,200
17.066
9.331
9,450
17.654
14,112
777
2.6471
3,014
18.999
1,260
66,697
177.361
1,836
8,745
9,758
1.686
5,150
800
1,034
1,000
3,714
44
60
253
59.576
22,176
12,150
10,488
930
11,078
1,500
1.269
3,726
104
35,600
20,088
16,380

5,161
1,162
21,788
34,603
27,008
36,967
16,707
975
3,042
8,304
22.571
1,869
55,138
138,393
1,716
9.474
9,012
2,167
5,242
840
1,030
3.075
3,088
40
88
312
44,972
31.576
8,096
12,522
984
13,052
3,145
1.053
2.451
85
25,536
18,507
10,871

77.6

75.0

75.9

549,257

578,133

582,492

74
81
59
60

75
62
64
80

2,800
43,967
12,467
754

5,568
72,950
13,974
278

3,288
42,987
11,817
186

76.2

67.5

59.988

92,770

58,278

Spring 1V11 eat Ot her than D urum92.0
4000 91
!lain°
1,000 88
80.0
Vermont
80.0
8,000 84
York
Vew
5,000 87
75.0
?eine
5.000 82
58.0
)hlo
70.0
7,000 76
Lallans
60.0
181,000 80
Mu&
4.000 79
85.0
dichigan
66,000 87
ffisconsin _ 107.0
hlinnesota- 98.0 1,064,000 783
115.0
47.000 84
owa
10,000 79
70.0
dissourl
f0. Dakota_ 107.0 5.672,000 779
is. Dakota_ 101.0 1.894,000 y77
202.000 79
112.0
iebraska
135.0
54.000 67
KarISSIS
106.0 3,615,000 y85
Zontana
80.0
563,000 88
daho
154,000 90
85.0
Vyoming
463,000 82
109.0
:olorad0
42,000 80
few Mexico 117.0
110.0
104,000 90
Stab
13,000 91
90.0
fevada
Vashington_ 140.0 1.186,000 75
80.0
160.000 81
1regon

80
75
82
86
83
78
80
78
83
71
86
68
74
58
89
86
70
78
93
89
80
93
93
58
69

90
76
78
82
82
82
79
85
88
74
85
70
69
66
82
66
79
87
84
69
83
84
88
74
87

124
41
186
7146
126
86
1,996
100
1,127
21,803
513
123
60,935
16,485
2,833
70
41,940
15,489
2,513
4,719
597
2,647
335
20.848
4,899

80
16
173
105
144
140
5,285
90
1,364
15,747
709
195
69.973
19,312
3,222
472
64.790
18,304
3,168
7.488
554
3,135
378
13,044
3,400

94
18
137
75
102
121
3.217
73
1.336
13,385
740
126
52.835
17,501
2,899
517
51,405
14,694
2,652
6,251
715
2,533
320
18.430
2,923

rair
edstates 104.8 15,514,000 c82.6

71.7

74.4

200.423

231,288

193,099

Winter Wit eatraitedstates 110.2 39,885,000

75.0 175.9

649,257

578,133

582.492

4 States

79.8 5,357,000 z80.4

•

77.5

All WheatreltedStates 105.2 60,756,000 79.2 74.3 74.9 809,668 902,191 833,869
a 5-yr. average, 1923-1927. y Short time average. c Al spring wheat.




82.6

78.1

Preliminary
Acreage, 1929.
State.

Per
Cent
of
1928.

Total.

%
OatsNewEngland 102.6
New York__ 99.0
New Jersey_ 95.0
Pennsylv 'la_ 101.0
72.0
Ohio
Indiana __- 79.0
91.0
Illinois
Michigan___ 92.0
Wisconsin __ 99.0
Minnesota- 100.0
100.0
Iowa
83.0
Missouri
No. Dakota_ 98.0
So. Dakota_ 100.0
103.0
Nebraska
92.0
Kansas
Delaware
110.0
Maryland
105.0
Virginia-. 92.0
WestVirginia 104.0
No. Carolina 140.0
Bo. Carolina 121.0
Georgia.... 140.0
Florida
105.0
85.0
Kentucky
Tennessee.. 100.0
156.0
Alabama
Mississippi - 155 0
.
Arkansas__ _ 90.0
100.0
Louisiana
Oklahoma.. 88.0
120.0
Texas
Montana_ _ _ 120.0
Idaho
110.0
Wyoming
120.0
Colorado... 110.0
New Mexico 120.0
109.0
Arizona
102.0
Utah
Nevada.... 110.0
Washington_ 117.0
Oregon
102.0
94.0
California
Masi
UnitedStates 06.440,222,000
x Yield per acre,
spring wheat.

%

1,000 Bu. 1,000 Bu. 1,000 Bu.

%

87,0
9,960
81
23,689
88
8,445
85
57,760
79,
137,122
72
163,952
72
320,656
76
52,578
85
76,626
85
140,512
83
411,446
64
178,203
76
24.708
82
108,883
85
226,251
72
120,170
89
4,760
84
22,241
85
43,704
83
16,533
77
50,114
73
23,901
80
49,290
87
8,443
82
86,432
78
71,942
76
41,735
79
33,435
69
34,126
74
20,233
69
51,293
67
81,386
77
6,950
81
2,822
77
3,529
77
20,593
83 .
3,529
80
1,043
78
490
87
43
79
1.873
85
2,347
81
2,992

10-Yr.
Aver. 1928.
19181927.
%
83.5
87
92
90
85
86
79
89
87
74
84
78
77
60
84
80
88
84
82
85
122.0
123.0
120.0
117.4
88
80
117.5
120.0
122.0
124.5
126.0
125.5
71
79
92
89
77
90
91
96
73
81
86

9,190
10,613
22,100
26,188
6,968
8,628
58,063
50,037
136.725 139,712
156,288 144,226
367,488 297,948
51,135
46,308
91,203
79,608
143,115 150,368
477,205 419,140
181,540 140,626
24,426
26,510
93,849 121,194
212,701 233,999
179,118 119,228
4,488
4,699
19,345
20,310
42,211
44,715
15,810
16,624
42,642
41,746
20,242
17,064
49,722
38,010
9,047
7,891
79,883
66,638
67,532
56,842
30,475
37,891
22,945
29,146
33,033
31,816
18,615
21,114
49,498
70,150
99,162
81,479
5,821
5,206
2,438
2,041
2,714
3,006
17,437
18,694
3,482
3,887
1,014
1,025
472
522
44
35
1,593
1,794
2,595
2,952
2,526
2,400

77.6 2,746.740 2 835 678 2 662 050

Condition July 1.

0
Ot••CON.TMCI
••••
••••••
0.0.01 .0t
, .
..W000 1“0.4.Nt •0MNVIMONM,M.OWWN,
,
,
V00W000NNIOM0.4.
.!.MWWW.00'..,...NNt.pompowoolommoo
0 00WWWWWWt".WW[
,
,
MMMM

%

Durum W heat
237,000 z84
Minnesota.. 68.0
No. Dakota_ 78.0 3,951,000 z80
10. Dakota. 90.0 1,154,000 z78
15,000 z84
AOIltalla. _ _ 98.0

UnitedStates 97.7 98,333,000

1,000 Bu. 1,000 Bu. 1,000 Bu.

%

%

.e

% 1,000Aeres
,
Winter 11 1: eat278.900
Mew York__ 90.8
61,000
New Jersey_ 102.0
102.3 1,126,000
Penns
200.0 1,728.000
Ohio
181.0 1.627,000
Indiana
180.0 2,270,000
Illiziois
908,000
Michigan... 103.0
42,000
100.0
Wisconsin
152,000
92.0
Minnesota
415,000
101.0
Iowa
125.0 1.878,000
Missouri
121,000
So. Dakota_ 115.0
94.9 3,282,000
Nebraska
108.0 11,268,000
Kansas
100,000
98.0
Delaware
541.000
102.0
Maryland
713,000
106.0
Virginia
140,000
weetwrgtela 115.0
448,000
No. Carolina 101.0
70,000
80. Carolina 110.0
103,000
110.0
Georgia
250,000
Kentucky _ 200.0
422.000
100.0
Tennessee
4,000
Alabama _ _ 100.0
4,000
Mississippi _ 135.0
26,000
Arkansas... 120.0
Oklahoma.. 97.0 4,283,000
116.0 2,339,000
Texas
489.000
Montana... 60.0
520,000
114.0
Idaho
60.000
97.0
Wyoming
Colorado... 120.0 1,108,000
215,000
New Mexico 143.0
42,000
90.0
Arizona
150,000
93.0
Utah
4,000
90.0
Nevada
Washington_ 80.0 1,139,000
898,000
107.0
Oregon
671,000
86.0
California
UnitedStates 110.2 39,885,000

Production.

Condition July 1.

70,8
65
78
79
77
74
79
67
76
77
90
77
67
79
86
80
83
80
82
74
73
68
68
73
63
63
60
63
66
74
80
80
64
83
73
82
79
75
90
97
84
84
86

.ww..og w.0.... .
,
I...V.O,VaDIDID ID.2 0>
0000..400.4ownsw,&.w n

Preliminary
Acreage, 1929.

81.1
79
82
83
81
79
82
82
85
85
88
80
78
85
87
81
83
82
83
85
85
77
78
82
84
82
79
78
77
79
80
77
79
88
87
85
85
90
90
93
86
90
88

Production

Harvested Subject to 1929,
Revision in Dec. Forecast
1929.
From
Condition
Average
1928.
July 1.
1923-27.
1,000 Bu. 1,000 Bu. 1,000 Bu.

a

c82.6
79.2
81.0
82.9
82.2
82.5
88.9
b79.6
b79.7

%
Acres.
CornNewEngland 104.6
227,000
New York__ 104.0
676,000
185,000
New Jersey_ 102.0
Pennsylvla. 104.0 1,334,000
97.0 3,587,000
Ohio
96.0 4,262,000
Indiana
94.0 8,996,000
Illinois
97.0 1,417,000
Michigan_
96.0 2,036,000
Wisconsin
Minnesota... 103.0 4,212,000
98.0 10,978,000
Iowa
90.0 5,634,000
Missouri
No.Dakota_ 106.0 1,057,000
So. Dakota_ 105.0 4,692,000
Nebraska... 101.0 9,026,000
96.0 6,369,000
Kansas
97.0
132,000
Delaware
96.0
509,000
Maryland
Virginia__ _ 94.0 1,528,000
459,000
WestVirginia 100.0
No. Carolina 98.0 2,259,000
So. Carolina 100.0 1,422,000
101.0 3,656,000
Georgia
102.0
619,000
Florida
96.0 2,908,000
Kentucky
99.0 2,886,000
Tennessee
99.0 2,624,000
Alabama
Mississippi. 95.0 1,677,000
Arkansas._ - 94.0 1,882,000
90.0 1,118,000
Louisiana
96.0 2,928,000
Oklahoma
101.0 4,769,000
Texas
115.0
315,000
Montana
105.0
56,000
Idaho
150,000
Wyoming... 90.0
Colorado... 90.0 1,294,000
223,000
New Mexico 112.0
108.0
42,000
Arizona
124.0
22,000
Utah
110.0
2,000
Nevada
48,000
Washington- 105.0
105.0
86,000
Oregon
108.0
81,000
California

4.•

___
622

000.•

2,836
578
93

10-Yr.
Aver. 1928.
19181927.

Harvested lubjed to 1929.'
Revision in Dec. Forecast
From
1929.
Condition
Average
July 1.
1928.
1923-27.

000000

2,747
649
60

Production.

Condition July 1.

MMMMMM
OMMM
-4000,00WWW-4WWWWWWWWWWWW..100-4=0.1WWW.4.4.41M
-40-4C.WO10.24
,
.COOMCAOW00.-.4 W-4•PWW0.0000NOWN-40WOMWOO
,

77.6
75.9
67.5

IDOOIDIDo
:.
§§8§§

78.1
75.0
76.2

Total.

ID

2,662
582
58

82.6
77.5
1380.4

Per
Cent
of
1928.

.
1I,..w kn.‘•.o.cnommo.o.00mo.-4o.....coo.
ts,..0.
0-4 .
..w wg,tu.
,b,

bush.
Corn
Winter wheat
"
Durum wh't,4 States "
Other spring wheat,
"
U.S
"
All wheat
"
Oats
"
Barley
"
Rye
"
Flaxseed
"
Ytice, 5 States
tons
Hay, all tame
"
Hay, wild
Hay, all cover and
"
timothy d
"
Hay, alfalfa
Pasture
Beans, dry edible e_bush.
Soy beans
lbs.
Peanuts
bush.
Cowpeas
tons
Velvet beans
Apples, total cropbush.
Apples, com'l crop_ _bbis.
Peaches, total crop_bush.
"
Pears, total crop
tons
Graves
lbs.
Pecans
bush.
Potatoes
"
Sweet potatoes
lbs.
Tobacco
tons
Sugar beets
gals.
Sorgo for sirup
tons
Broomcorn e
xr.....
irk

State.

IDObID

Indicated in,
July 1
Harvested.
Contlition.a
10-Yr.
Aver. July 1 July 1 5-Yr.
1918-27 1928. 1929. Aver, 1928. June 1 July 1
1929. 1929.
Per Cl, Per Cl, Per Cl, 1923-27
•

Crop.

Preliminary
Acreage, 1929.

Total Production In Millions.

Condition.

State,

[VoL. 129.

FINANCIAL CHRONICLE

202

9,375
34,555
1.597
37,139
67,388
57,626
137,839
53,078
102,379
169,745
217,338
39.063
57,504
75,496
69,220
34,844
126
1,713
4,156
4,885
6,740
9,148
8,174
209
5,159
4,565
2,687
1,382
4,872
754
27,774
46,492
18,510
6,642
4,514
5,794
1,034
469
2,398
78
9,776
9,657
4,266

7,961
33,660
1,500
34,678
89,281
89,910
174,338
58,461
108,532
153,338
240,160
47,768
59,954
59,211
78,936
37,729
120
1,701
4,641
5,712
4,202
7,751
6,300
181
7,930
4,042
1,225
820
3,410
1,078
23,140
35,751
20,221
6,439
4,092
5,983
720
532
2,475
80
9,447
10,944
5,313

8,870
29,779
1.385
32,362
55,792
59,098
138,480
45,420
99,988
137,390
210.643
36,250
36,611
60,044
76,101
32,211
109
1,798
4,048
6,103
6,435
11,016
8,533
174
5,664
3,929
2,180
1,408
3,640
1,100
21,924
43,732
20,349
6,585
4,911
4,884
1,148
472
2,168
69
11,040
10,146
4,187

81.0 79.9 79.0 1,345,081 1,448,677 1,247,147
y Short time ave age, a Five-year average, 1923-1927. c All

Foreign Crop Prospects.
The latest available information pertaining to cereal
crops in foreign countries, as reported by the Foreign Service
of the Bureau of Agricultural Economics to the United States
Department of Agriculture at Washington, and given out
on July 10, is as follows:
WHEAT.
The 1928 wheat production in eight foreign countries reported to date
is forecasted at 598.659,000 bushels, against 626,378,000 bushels in 1928.
when these eight countries produced about 16% of the estimated world
total, exclusive of Russia and China, according to reports received by
the Foreign Service of the Bureau of Agricultural Economics.
The official preliminary estimate of acreage in Canada will be issued today. Unofficial estimates are from 1 to 2% above the 1928 acreage, but
even with some increase it now appears that the 1929 harvest will be considerably below the record crop of 192§. Prospects declined appreciably
in all three of the Prairie Provinces during the last few days of June, due to
the dry weather and hot winds. The supply of moisture appears to vary
widely, some districts having sufficient moisture for the present, while
others are very dry and report that it is now too late for rains to benefit
tho crop to any great extent as it has already been permanently damaged.

JULY 13 19291

The 1929 wheat acreage in 13 European countries which represent about
80% of the estimated European wheat acreage, excluding Russia, has been
reported at 56.709,000 acres, against 56,937,000 acres in 1928. The unusually severe winter damaged large areas of winter wheat in many countries
and the late spring retarded crop developments, but the more favorable
weather during June has improved the outlook for the harvest. Present
conditions indicate that the Continental crops will be below last year but
the crop is now in the critical stage of development and conditions may
change before the harvest. The official estimate of production in Hungary
is 70,547,000 bushels, in Rumania 94,835,000 bushels and in Bulgaria 37,441,000 bushels, all of which are below the 1928'estimates. The latest
official reports from France gave indications of a crop below last year but
the latest trade estimates are equal to last year's crop. Germany also will
probably have a smaller wheat crop, or at least no greater than last year.
The Italian crop will be only medium, according to general trade opinion,
or somewhat below last year's good crop. The crop in Spain is rexpected
to exceed last year's. Heavy winter killing in important regions of the
Danube basin will reduce yields in the Danubian countries.
The production in Morocco has been estimated at 28,623,000 bushels,
and in Algeria at 31.783,000 bushels, against 22,193,000 and 30,302,060
bushels, respectively, last year.
RYE.
The 1929 rye acreage in 14 European countries has been estimated at
acres, against 25,518,000 acres in 1928. The winter killing of
25,859,000
rye was not as extensive as with wheat and the combined German-Polish
crop may equal or even exceed that of last year. The outlook for the less
important rye producing countries is also comparatively good.
FEED GRAINS.
The acreage sown to each of the three feed grains in European countries
has been increased over the 1928 acreage. The barley acreage in 11 European countries has been increased more than 3% over 1928, the oats acreage
in eight countries has been increased nearly 2% and the corn acreage in five
countries shows an increase of nearly 4%. Poland is expecting above average crops, according to an official report. The condition of the spring sown
feed grains in Germany as of July 1 was above average. Much ofthe winter
killed wheat areas in the Danubian countries has been resown to corn.
WHEAT
-PRODUCTION IN SPECIFIED COUNTRIES.
AVERAGE 1909-1913, ANNUAL 1926-1929.
Country.

Average
1909-1913.

United States
Mexico
Hungary
Rumania
Bulgaria
'
Morocco
Algeria
India
Chosen

1926.

1927.

1928.

1,000 Bu. 1,000 Bu. 1,000 Bu. 1,000 Bu.
690.108
902,749
831.040
878,374
s11,481
10.333
11,031
11,890
71,493
99,211
74,909
76,933
2158,672
115,544
96,734
110,883
37,823
50,691
36,544
42,121
22,193
(17,000)
24,618
16,174
30,302
35.161
23,551
28,323
288,811
351,841
324,651 334,992
8.595
6,898
10,517
9,043

Crop and Countries Reported in 1929.a

9,965

1927. 1928.

1929.

50,290 58,467 60,948 59,870 62,892

Total North America (3)

59,541 55,550 55,908 56,937 56,709
6,571 8,189 7,199 7,865 8,025
30,124 31,565 32,116 33,042 32,731

Europe (13)
Africa (4)
Asia (2)
Total above countries (22)

146:526 153.771 156,170 157,714 160,357

Est, world total, excl. Russia and China

Total above countries (16)

1926.

1,000 1,000 1,000 1.000 1,000
Acres. Acres. Acres. Acres. Acres.
844
853
819
898
1,019
47,097 56,337 58,784 57,768.60,716

WheatCanada b
United States

Rye
Canada b
United States
Europe (14)

Aver.
19091913.

•

review of Canadian conditions. For the 12 months ends&
April 30 Canada's foreign trade reached a total of $2,-680,177,416, compared with $2,345,656,621 for the 12
months ended Apri130 1928. Gross earnings of the Canadian
Pacific and Canadian National Railway systems were $187,754,093 for the five months ended May 31, compared with
$181,385,623 for the corresponding period last year. General
Manager Logan says:

While there is no great cause for satisfaction when the average price of
wheat is still at a level close to tho cost of production, the developments
affecting the market for this grain have been more in Canada's favor than
seemed probable according to the predictions last month ofsome authorities.
The present price level is now in line with the world supply and demand.
It is, of course, subject to change, either upward or downward, according
to the progress of the new world crop; if, as Is now indicated, the crops
in some important producing countries should be smaller than in 1928.
the price would probably advance. It is doubtful whether the new Canadian crop will reach the proportions of last year's, but in all likelihood
it will be of better quality, and, as was observed in the "Monthly Commercial Letter" for May, the harvest most to be desired in Canada Is
one of high quality and fairly large size rather than a bumper crop of
low grade.
The automobile industry, which operated for some time at a record
• level, has found it necessary to curtail production sooner than was expected
owing to a congested used car market and to a falling off in western trade,
and the summer output may not be of normal volume. The allied industries have felt the effect of this early seasonal slackening. Many branches
of manufactures, however, are still busy, some in filling orders for summer
and fall trade, and others in making up a shortage of certain materials,
the demand for which has exceeded the supply.
The major operators in the British Columbia lumber industry have
found it necessary to consider the question of reducing their output, for
while they have continued to work on a large production schedule in order
to complete shipments arranged for during the winter an I spring, some
of the foreign markets have weakened to such an extent that little new
business has been booked. The agreement among the eastern newsprint
producers has brought about a greater improvement in the industry than
was expected in so short a time; recently production has reached a monthly
1929.
average of 85% of rated capacity, which would be regarded as satisfactory
for any industry.
1,000 Bu.
The salmon canning season opens on the Pacific Coast with bright
833,869
11,492 prospects. The carryover from last year is sufficient only to supply the
70,547 market until the new pack is available. The canners look for a large
94,835
37.441 pack of high-grade fish, to be sold at about the same price as prevailed
28,623 for the 1928 pack, and if their expectations are realised, the season's
31,783 operations should be profitable.
313,973

Total, nine countries._ 1.380.477 1.438.602 1.503.028 1.529.127 1.432.438
a Four year average.
GRAINS
-ACREAGE, AVERAGE 1909-1913, ANNUAL 1926-1929.

204,200 232,500 239.200 243,000

__ _ _

117
601
568
599
538
2,236 3,578 3,648 3,439 3.284
26,681 22,528 22,677 25,518 25,859

Transactions in Grain Futures During June on Chicago
Board of Trade and Other Markets.
Revised figures showing the volume of trading in grain
futures on the Board of Trade of the City of Chicago, by
days, during the month of June, together with moinW
totals for all "contract markets," as reported by the Grain
Futures Administration of the United States Department of
Agriculture, were made public July 5 by the Grain Exchange
Supervisor at ghicago. For the month of June 1929 the
total transactions at all markets reached 1,952,454,000 bushels, compared with 1,621,005,000 bushels in the same month
in 1928. On the Chicago Board of Trade the transactions.
in June 1929 amounted to 1,653,226,000 bushels, against
1,410,764,000 bushels in June 1928. Below we give the
details for June, the figures representing sales only, there
being an equal volume of purchases:
VOLUME OF TRADING.
Expressed in Thousands of Bushels, i.e., 000 Omitted.

29,034 26,707 26,893 29,556 29,681

Eat. Northern Hemisphere total, excluding
Russia and China
48,300 45,500 45,900 44,800

June 1929.

1
2 Sunday
1
7,620 7,970 9,476 12,533 13,595
3
13,114 13,637 14,159 14,239 14,712
4
7,863 8,245 6,769 7.538 7,744
5
(450)
601
655
892
762 6
7
Total Northern Hemisphere (17)
29,047 30,453 31,059 35,202 36,813
8
9 Sunday
Est. world total, excl. Russia and China
65,000 66,100 65,500 70,600
___ _ 10
11
Oats.
12
United States
37,357 44,177 41,941 41,734 40,222 13
Europe (8)
'
17,827 16,998 16,891 16,947 17,218 14
Africa (3)
' 607
772
679
765
767 15
Syria and Lebanon
(12)
60
66
28
28 16 Sunday
Total Northern Hemisphere (13)
55,803 62,007 59,577 59,474 58,235 17
18
19
Est. world total, excl. Russia and China 102,200 110.200 107,800 106,800
- -- - 20
21
Corn
22
Untied States
104,229 99,713 98,393 100,630 98,333 23 Sunday
Europe (5)
15,605 15,711 16,042 16,674 17.268 24
Total above countries (6)
119,834 115.424 114,435 117,304 115,601 25
26
27
Est, world total, excl. Russia
172.400 179,909 180,600
._--- -- 28
-.
.
.
parolitnesis intilcute tIlo number of countries included.
29
b Winter acreage only.
30 Sunday

Barley
United States
Europe (11)
Africa (4)
Syria and Lebanon

Canadian Business-Excellent Crop Prospects and
Marked Building Activity Noted by Canadian Bank
of Commerce.
A stronger wheat market, excellent prospects for the
crops in Central and Eastern Canada, the opening of the
salmon canning season on the Pacific Coast under favorable
auspices and exceptional activity in construction work
throughout the Dominion have been the salient economic
features of the past month, according to General Manager
S. H. Logan of the Canadian Bank Of Commerce in a




203

FINANCIAL CHRONICLE

Wheat.

Cont.

Oats.

Rye. Barley. Flax.

Total.

29.347 15,685

1,607

547

--------47,186

65,570
85,168
71,121
61,864
39,596
29.888

30,947
33,211
22,853
18,733
18,022
14,514

3,885
2,444
1,808
1,865
1,462
803

1,199
2.036
2,066
937
1,934
743

--------101,401
--------102,859
--------97,848
--------83,399
--------61,014
--------45,948

44,203
38,660
37,569
35,034
28,024
15,980

20.410
19,711
19,032
16,995
12,543
11,501

1,241
1,212
1,196
555
565
531

1,040
1,290
1,168
789
571
233

--------66,894
--------60,873
--------58,965
--------53,373
--------41,703
--------28,245

29,947
23.178
34,687
64,318
47,778
47,833

10,357
10,466
13,842
17,910
12.411
14,015

1,212
57:
1,589
1,442
1.059
1,535

543
202
294
843
1,152
699

--------42,059
--------34,424
____
50,412
--------84,513
--------62,400
--------64,082

70,282
48,812
57,189
38,968
69,411
56,832

16,940
22,548
17,224
18.246
15,529
14,822

1,463
1,243
2,174
1.312
1,935
2,871

1,708
1,140
1,190
1,055
1,665
3,069

---------90,393
--------73,743
--------77,777
--------57,581
--------88,540
--------77,694

Chicago Board of Tr_ 1,151,259 436,467 37,387 28,113 --------1,653,226
55_---49,550
38,152 11,125 . 218
Chicago Open Board_
Minneapolis C. of C
95,558
__- 6,030 2,789 7,136 1,363 112,856
----------------82,958
Kansas City Bd. of Tr_
58,797 24:161
67 1,152
44,571
Duluth Board of Trade_ *41,497
--------1,855
2,561
St. Louis Merch. Exch.
1.872
689
____
---- ---- ---148 --------5,637
Milwaukee C. of C
374
2,407 2,708
Seattle Grain Exch
733
Portland Grain Exch_a_
362
Los Angeles Grain Exch
San Francisco C. of C__
Tot. all mkts. June '29_ 1,350,637475.15.0 44,009 32,940 7,203 2,515 1,952,454
Tot, all mtks. June '28_ 940,819 566,848 432,388 45,705 2,427 2,818 1,621,005
Tot. Chic, 13d. June '28 788,742 524.573 56,676 42,773 --------1.410.764
• Durum wheat with he exception of 2,777 wheat. a Portland Grain Excnange
began trading as a contract market June 19 1929.
.

_

204

FINANCIAL CHRONICLE

"OPEN CONTRACTS" IN FUTURES ON THE CHICAGO BOARD OF
TRADE FOR JUNE 1929 (BUSHELS).
(Short side of contract only, there being an equal amount open on the long side.)
June 1929.
1
2 Sunday
3
4
5
6
7
8
9 Sunday
10
11
12
13
14
15
16 Sunday
17
18
19
20
21
22
23 Sunday
24
25
26
27
28
29
30 Sunday

Wheat.

Corn.

Oats.

134,157,000 885,191,000 15.451,000
132,719,000
131,733,000
126,223,000
126,008,000
126,058,000
126,053,000

54,332,000
53.213,000
51,668,000
51,690,000
50,824,000
50,923,000

15,273,000
15,404,000
15,453,000
15,583,000
15,257,000
15,299,000

125,425,000
124,581,000
*123,907,000
125,984,000
125,891,000
125,477,000

51,312,000
49,473,000
49,637,000
49,937,000
50,178,000
50,527,600

15,216,000
14,992,000
14,975,000
14,951,000
14,892,000
*14,831,000

50,892,000 15,003,000
50,854,000 16,050,000
52,054,000 15,559,000
51,927,000 15,720,000
51,570,000 16,718,000
52,058,000 a16,030,000

127,022,000
127,223,000
. 127,743,000
128,988,000
128,205,000
130,415,000
128,612,000
130,320,000
132,723,000
134,271,000
139,516,000
a139,772,000

50,695,000
52,358,000
50,896,000
49,631,000
49,981,000
*48,439,000

15,681,000
15,570,000
15,462,000
15,605,000
15,547,000
15,888,000

129,161,000
92,547,000
128,261,000
146,314,000
144,719,000
127,350,000
118,503,000
128,515,000
129,718,000
120,644,000
114,061,000
111,279,000
90.257.000

51,210,000
38,174,000
54,897,000
68,315,000
78,542,000
79,574,000
68,461,600
78,736,000
90,553,000
81,548,000
77,168,000
79,207,000
78.156.000

15,376,000
23,901,000
19,095,000
25,671,000
27,320,000
26,288,000
25,896,000
28,548,000
29,997,000
29,314,000
29,562,000
26,765,000
23.824.000

Average—
June 1929
June 1928
May 1929
April 1929
March 1929
February 1929_
January 1929
December 1928
November 1928
October 1928
September 1928
August 1928
JULY 1928

Rye.

Total.

*8,294,000 213,093,000
8,336,000
8,807,000
9,335,000
9,356,000
9,312,000
9,385,000

210,660.000
209,157,000
202,679,000
202,637,000
201,451,000
201,660,000

9,349,000 201,302,000
9,344,000 198,390,000
9,426,000 *197,945,000
9.439,000 200,311,000
9,590,000 200,551,000
9,546,000 200,381,000
a9,724,000
9,688,000
9,677,000
9,640,000
9,468,000
9,494,000

202,641,000
202,815,000
205,033,000
206,275,000
204,961,000
207,997,000

9,283,000 204,271,000
9,284,000 207,532,000
9,260,000 208,341,000
9,390,000 208,897,000
9,480,000 a214,524,000
9,444,000 213,543,000

9,334,000
10,249,000
8,696,000
8,971,000
8,510,000
9,343,000
8,783,000
10,366,000
12,222,000
11,826,000
10,431,000
9,005,000
10.381.000

205,081,000
209,871,000
210,949,000
249,271,000
259,091,000
242,555,000
221,643,000
246,165,000
262,490,000
243,332,000
231,222,000
226,256,000
202,618,000

[VOL. 129.

Workers' Union, the Industrial Council of Cloak, Suit and
Skirt Manufacturers, the Merchants' Ladies' Garment Association and the American Cloak ay.d Suit Manufacturers' Association.
At the Albany Conference it was agreed by all the factions
to further confer in New York on July 10 on plans for settling the issues in dispute, that meeting being participated in
by Lieut. Gov. Lehman and Raymond V. Ingersoll, Impartial
Chairman. The call for the strike, effective at 10 A. M.,
July 2, was 'issued on July 1 by the International Ladies'
Garment Workers' Union, affiliated with the American Federation of Labor. The "World" of July 2 with reference to
the strike orders said:
Under the instructions, the 15,000 now employed, and the others
whose shops have not started on the fall trade, will report to their
places of employment as usual and at the stroke of 10 lay down
tools and march to sixteen halls engaged as strike and registration
headquarters. From these halls pickets will be detailed.
The nominal cause of the strike is the failure of the 160 inside
manufacturers who cut and complete garments under one roof, and
whose wage scale sets the rates for the jobbers' and contractors'
shops, and the International Union to agree on a wage scale to replace
that which expired June 1.

It is stated that in response to the strike order, 25,000 of
the 28,000 employes in the industry walked out. Many disorders resulting in arrests, have marked the course of the
strike. It is noted that in the agreement for the settlement
of the strike the employers have yielded their demand for
-hour week.
a forty-two hour week, in place of the present 40
The "Herald-Tribune" of June 24 stated:
The union demands the modification of a clause in the old contract
whoch permitted the employers, it is contended, to discharge shop
chairmen for union activity. The union also demands the restoration
of an unemployment insurance fund, the certification of shops and an
increase in wages.

*Low. a High.

Early Termination of Strike In Cloak Industry In New York
Expected As Result of Agreement for Adjustment of
Differences.
The strike in the cloak industry in New York City, which
has- been in progress since July 2 is expected to be brought
to an end next week as a result of the reaching of an agreement for a new three year working contract between the
three employers' associations and the International Ladies'
Garment Workers' Union. In summarizing the terms of the
agreement the "Times" of yesterday (July 12) said:

Activity of the Wool Weaving Industry During May—
Production, Stock on Hand, 8ze.
The following statistics were made available July 6 by
The Wool Institute, Inc.

Data contributed by 59% of the total loomage of the Weaving Division
of the Wool Industry indicated increasing trends in production and billings
a slight increase in women's wear stocks on hand in excess of orders.
Women's wear stocks, woolens and worsteds, increased 7% and the
trend of men's wear stocks was indicated by a 4% decrease.
The figures demonstrate that the mills are continuing their policy of
co-ordinating production and billings and have improved their stock
position in spite of an increasing rate of production.
May Activity.
Unless unforseen obstacles arise the new agreement will be approved
Yardage of Combined Groups Adjusted to a 6-4 Basis.
tonight, submitted tomorrow to the general strike committee and the
12,644,368 yards
Production
next day to the shop chairmen of the union. On Monday if referen10,799,448 yards
Billings
dum will be held in the various meeting halls at which the new
$20,572,181
compact, in the opinion of union leaders, will be finally approved. Billings
7,558,905 yards
In this event, strikers from the shops of the 6,500 members of Stock on hand
_
the Industrial Council of Cloak, Suit and Skirt Manufacturers' Association, Inc., will return to work Tuesday or Wednesday. They will Cotton Manufacturers Undertake Movement Against Price
be followed by contractors' employes. The last to return will be
Cutting—National Manufacturers' Service Inc. Formed
strikers from the independent shops.
At 11 o'clock last night the union and the contractors agreed on
'to Establish Uniform Cost System.
the major points of their contract, thus insuring the return to work
Associated Press advices from New Bedford, Mass., July
on Tuesday or Wednesday of 12,000 employes more.
With the employes of the Industrial Council returning to work 10, said:
at the same time the strike will be over by Wednesday for nearly
Launching of a co-operative plan to prevent undercutting of prices
19,000 unionists, with 11,000 workers in independent shops still out. and so to attempt to remedy the present demoralization of the cotton
members of the textile market was announced here today.
However, since many independents will soon be
associated group a much larger number than the 19,000 will return
The plan is sponsored by Robert A. B. Cook, a Boston lawyer; N. H.
to work by the end of next week.
Migley of Providence, and John C. Shaw, Jr., of New Bedford. Mr.
Cook explained his plan after a conference with Lincoln Baylies, presiTerms of Agreement.
Here is a summary of the terms said to have been agreed upon dent of the National Association of Cotton Manufacturers.
Mr. Cook is President and his associates are vice presidents of a
between the union and the Industrial Council, the style creatorsof
National Manufacturers' Service,
the industry, after whose contract the other agreements are being new Massachusetts corporation, the
Inc. Cotton manufacturers will be asked to subscribe to obligations
modeled:
imposed by the corporation and to post a bond.
Establishment of a joint control commission to supervise standards
The corporation proposes to establish uniform cost systems, prosecute
and to maintain union standards in the shops.
Recognition of the right of the union to visit the shops of the unfair trade practices and effectively prevent subscribers to the service
manufacturers once every six months to check up union membership, from selling below their established costs, according to Mr. Cook.
In addition trade statistics will be distributed, credits supervised and a
and assure itself that the workers are in good standing.
Modification of the discharge clause so as to protect the union legislative. service maintained.
The plan would require acteptance by a large percentage of the
from reduction of the size of shops or from wage reductions.
Discharge of shop chairmen under the reorganization rights to be cotton manufacturers, it is understood. Mr. Cook asserts this acceptsubject to review by the impartial chairman in cases where the union ance is in prospect and that the plan has been informally approved by
government officials and passed by legal and banking authorities.
alleges discrimination because of union activity.
The period of reorganization shall be reduced from one month to
a week. (There will probably be but two reorganizations in three Federation of Master Cotton
Spinners, at Manchester,
years, as compared with three in the last two and a half years.)
England, Votes to Reduce Wages
Withdrawal of the Industrial Council's demands for the forty-two-200,000 Workers
hour week, optional piece work and Saturday work at single time.
Affected.
Demand for a wage increase to be held in abeyance one year
From the New York "Evening Post" we quote the foland then reopened before the impartial chairman.
No action to be taken for the present on the demand for unem- lowing Associated Press advices from Manchester, England.
ployment insurance.
12.)
The foregoing terms were agreed upon at a dramatic six-hour (July'
The Federation of Master Cotton Spinners has favored by the requisite
meeting which broke up at 1 o'clock yesterday morning. During the
meeting Benjamin Schlesinger, president of the union, almost collapsed majority the proposal for reductions in wages in both American and Egypafter a fervid speech arguing the union's case. Lieut. Gov. Lehman tian sections. Spinners
and Manufacturers Association today sent out
The Cotton
was said to have saved the conference after a break appeared imminent.
notices of a reduction in wages of 2 shillings 6 pence in the pound sterling
The working out of the agreement folowed the action taken (about sixty cents on 65) to be effective July 29.
wages
The Cotton Spinners have been considering a
last week by Gov. Roosevelt to effect an adjustment of the dif- for several weeks, the operators contending that12%% reduction in of the
the poor condition
ferences between the manufacturers and workers in the in- trade made it necessary. It was estimated that 200,000 workers will be
dustry. At the Governors' invitation a conference, over which affected.
Representatives of the workers declared early in June that any attempt to
he presided, was held at Albany on July 5, at which were reduce wages would bs strenuously opposed by all organizations of operand

present representatives of the International Ladies' Garment atives.




205

FINANCIAL CHRONICLE
A previous item in the matter appeared in our issue of
June 15, page 3924.

Mr. Gallant said that the company would continue to operate a
small fraction of its holdings in Newmarket for the manufacture of
silks. He said that 900 of the looms used in Newmarket were being
operated here.

Production, Sales and Shipments of Cotton, Cloths
During June and Six Months
-Shipments in Latter
Period 99.5% of Production.
Statistical reports of production, sales and shipments of
standard cotton cloths during the first six months of 1929
and also for the month of June, were made public July 10
by the Association of Cotton Textile Merchants of New
York. The figures for June cover a period of four weeks.
The Association states:
During the first six months of 1929 shipments were 1,835,332,000 yards.
This was equivalent to 99.5% of production, which was 1,844,849,000
yards. Sales during the same six months period were 1,725,219,000
yards, or 93.5% of production.
Shipments during June (four weeks) were 252,008,000 yards, which was
equivalent to 88.1% of production, which was 285,928,000 yards. 'Sales
during the month were 228,244,000 yards, or 79.8% of production.
Stocks on hand at the end of June amounted to 401,260,000 yards,
an increase of9.2% during the month. Unfilled orders on June 30 amounted
to 358,748,000 yards, a decrease of 6.2% since the beginning of the month.
Stocks on hand as of June 30 are slightly in excess of unfilled orders.
This is a normal mid-year situation, but the current ratio of stocks to
orders Is unusually favorable when compared with the figures for previous
years. On June 30 1929 stocks exceeded orders by 6.6 weeks' production
at the current rate. A year ago this ratio was 2.2 weeks and in 1926 it
was 2.8 weeks. On June 30 1927 unfilled orders exceeded stocks by five
weeks' production, due to the abnormally large sales which were concentrated in the first half of the year because of prevailing low prices for
cotton and cloths. Figures are not available prior to 1926.
The figures for the first six months of 1929 show a decided improvement
over the same period in 1928, the ratio of shipments to production being
99.5%, compared with 93.5% in 1928. The ratio of sales to production
. during these six months was 93.5% in 1929, compared with 89% in 1928.
These statistics on the manufacture and sale of standard cotton cloths
are compiled from data supplied by 23 groups of manufacturers and selling
agents reporting through the Association of Cotton Textile Merchants of
New York and th'e Cotton-Textile Institute, Inc. The reports cover
Upwards of 300 classifications or constructions of cotton Cloths and represent a large part of the production of these fabrics in the United States.
Production Statistics
-June 1929.
The following statistics cover upwards of 300 classifications or constructions of standard cotton cloth r land represent a very targe part of
the total production of these fabrics in the United States. This report
represents all of th • yardage reported to our Association and the CottonTextile Institute, Inc. It is a consolidation of the same 23 groups covered
by our reports since October 1927. The figures for the month of June
cover a period of four weeks.
June 1929 (Four Weeks).
Production was
285,928,000 yds. Stocks on hand at start_367,340,000 yds.
Sales were
228.244,000 yds. Stocks on hand at end_ _401,260.000 yds.
Ratio of sales to ProChange in stocks
9 2% increase
duction
79.8% Unfilled orders at start_ _382,512,000 yds.
Shipments were
252,008,000 yds. Unfilled orders at end__ _358.748,000 yds.
Ratio of Shipments to
Change in unfilled orders 6.2% decrease
production
88.1%

Production Statistics-First Six Months of 1929 and 1928.
The following statistics are a consolidation of the monthly figures published by us covering standard cotton cloths during the first six months
of 1928 and 1929. They represent all of the yardage reported to our
Association and the Cotton-Text-e Institute Inc., in the same 23 groups
Covered by our reports since October 1927.
First Six Months
First Six Months
of 1928.
of 1929.
Production was
1 879,411.000 yds. 1,844,849,000 yds.
Sales were
I 672,530,000 yds. 1,725,219,000 yds.
Ratio of sales to production
89.0%
93.5%
Shipments were
1 756,928,000 yds. 1,835,332,000 yds.
Ratio of shipments to production
93.5%
99.5%
Stocks on hand at start
336,501,000 yds.
391,743,000 yds.
Stocks on hand at end
458,984,000 yds.
401,260,000 yds.
Change in stocks
36.4% increase
2.4% increase
Unfilled orders at start
386,726,000 yds.
468.861,000 yds.
Unfilled orders at end
302,328,000 yds.
358,748,000 yds.
Change in unfilled orders
21.8% decrease
23.5% decrease
PRODUCTION STATISTICS
-RECAPITULATION OF MONTHI.Y TOTALS,
1928 AND 1929 (IN THOUSANDS OF YARDS).
•
Production.
1928.
January
February
March (5 weeks) _ __.
April
May (5 weeks)
June
July
August (5 weeks)...
September
October
November(5 weeks).
December

297,669
300,323
358,271
286,005
349,325
287,818
221,826
302,470
253,688
284.899
341,841
279,207

Total
3,563,342
1929.
January (5 weeks)._
342,806
February
292,873
March
297,994
283,878
April
341,370
May (5 weeks)
inv.
255,025

Sales.
194,114
256,328
350,101
335,117
269,845
267,025
187,439
340,810
387,151
401,953
375,163
225,189

Shipments.
266,947
285,404
337.819
270.172
326,244
270,342
217,540
324,073
278,110
307,402
347,949
276,098

3,590,235

345,354
309,118
325,633
277,098
326.121
252.005

367,223
382,142
402,594
418,427
441,508
458,984
463,270
441,667
417,245
394,742
388,634
391,743

UnfWed
Orders
at End.
313,893
284,817
297,099
362,044
305,645
302,328
272,227
288,964
398.005
492,556
519,770
468.861

3.508,100

317,078
340,709
358,333
202,520
278,335
225.244

Stock
at End.

389,195
372,950
345,311
352,091
367,340
401.200

440,585
472.176
504,876
430,298
382,512
255 745

Discussing the Sugar Situation.
Vague rumors as to Cuba's plans, all without substantiation,
continue to be the propelling force behind the advance in the
sugar market, according to the current review of Farr & Co.
"Press reports indicate a strong possibility that a sliding
scale of duties will be finally adopted in the tariff bill which
is also said to contemplate an increase in the preference now
enjoyed in Cuba," the review says. "If these features actually
emerge in the bill as finally passed, substantial support will
be found among many Cuban producers who believe that for
next year a single selling agency is the best channel through
which to obtain the preference in the United State3. Protracted delay into the fall with values advancing and receding
nervously in reflection of the latest reports, is the probable
market effect of this uncertain condition.
"There is also tied up with the U. S. Tariff situation a
conference among World Exporters of sugar including Cuba
and Java now taking place in Brussels. Today, we learn
the next meeting has been postponed for two wecks. Cuba, with
the large crop made this year and further expansion possible,
is in a position to play a dominating hand in such a conference particularly in the light of her preferred position in the
United States where she disposes of two-thirds of her crop.
Java has never been willing to co-operate in any manner
whatever but the situation likely to be brought about by the
new tariff may produce a change in Java's attitude and it
is possible that some constructive developments may be the
result."
Petroleum and Its Products-Fear Present Production
Rate Will Cause Serious Problem When Seasonal
Consumption of Gasoline Drops-Oil Fields Continue to Flow at Record-Breaking Rate.
The tremendous production of petroleum in the United
States, which is now discounted to some extent, y the
balancing increase in consumption of gasoline, will bring real
trouble to the industry if not checked before the winter season sets in, it is feared by the industry's leaders who have
led the fight for curtailment. As long as an adjoining well
is producing to capacity, an oil well owner or operator will
not consent voluntarily to cut his own -production. This
was discovered in California, where the voluntary restraint
of production, after months of experiment, had to be dropped
because of la4k of co-operation. In that State the Legislature passed a State law covering curtailment, and this is to
go into effect shortly. During this summer, at least thus
far, gasoline going into consuming channels has assumed
record-breaking proportions. Because of this, oil field operators have been blinded to the future.
The next conference of states interested in the production
of petroleum will bring about a definite measure of curtailment, it is confidently expected. Problems which stood in
the way of such Kmeasure were brought into the open at the
recent meeting and will be thrashed out, it is hoped, to the
satisfaction of all before the industry's leaders, state representatives and Federal authorities meet again.
While there have been some fluctuations in crudes at wells,
the price changes have not been of sufficient import to alter
the following averages:
Prices of Typical Crudes per Barrel at Wells.
(All gravities, where A. P. I. degrees are not shown.)

Bradford. Ps
Corning. 01210
Cauell. W. Va
Illinois
Western Kentucky

$4.10
1.75
1.35
i 45

Smackover, Ark.. 24 and over
Smackover. Ark., below 24
El Dorado, Ark.. 34

kildcontinent. Oklahoma. 37
Corsicana. Tex heavy
Hutchinson, Tex 35
Luling. Tea

Urania, La
1.53 Salt Creek, Wye., 37
1.23 Sunburst, Mont
en Artesia. N Nies
57 Santa Fe Springs. Calif., 33
1.00 Midway-Sunset, Calif.. 22

Spindletop. Tel., grade A
SpIndletoP. Ten., below 25
Winkler. Tel

1.20 Huntington. Calif., 28
1.05 Ventura. Calif.. 30
.85 Petrolla. Canada_

$.90
.75
1.14

so

1.23
1.65
1.08
1.35

.80

1.09
1.18
1.90

-U. S. MOTOR GASOLINE PRICES STILL
REFINED PRODUCTS
HAVE FULL CENT SPREAD-SHELL UNION ENTERS NEW
YORK
-KEROSENE MARKETS DULL.

Cotton Manufacturing Plant at Newmarket, N. H. to Be
Refiners in this territory are still uncertain as to the
Abandoned as Result of Strike.
From the New York "Evening Post" we take the follow- market in U. S. Motor gasoline, as shown by the full cent
spread in quotations which has gone through its second
ing Associated Press advices from Lowell, Mass., July 5:
Standard
Walter B. allant, agent of the Newmarket, N. H., Manufactuirng week. While the large refiner of the territory,
Company, and of the Lowell Silk Mills announced today that all the Oil Company of New Jersey, maintains its price of 11c: a
cotton's manufacturing machinery in the Newmarket plant would be gallon tank car at refinery, which it established on Saturday,
liquidated and that the cotton plant would be abandoned. A strike of
June 29, others are selling at 10c. a gallon, the price on that
more than 1,000 employees caused the Newmarket plant to be closed for
date.
several months.




206

FINANCIAL CHRONICLE

[Vol,. 129.

Demand for bulk gasoline was more or less routine this for some time looking to an advance in the export price of United States
week. Of course there has been considerable movement, gasoline.
It
but this has been against existing contracts. A peculiar leum was pointed out that although the party actually represents the PetroExport Association,
situation, in view of all reports as to the degree of con- entire domestic industry. members will be in a position to speak for the
sumption of gasoline, is the report that even the 10c. price
Also to Discuss Overproduction.
level has been shaded on several occasions within the past
The presence in the party of Mr. Cole of the Standard Oil Co. of New
York, and Mr. Whaley of the Vacuum Company led to the belief here that
few days to secure outstanding accounts for spot lots.
a renewed effort might be
Contracts for deliVeries over the month are not being said still to exist betweenmade to bring to an end the differences that are
these companies and the Royal Dutch group
booked in any great volume. Some deals have gone through despite numerous reports of a truce.
The problem of overproduction undoubtedly will be taken up at the conat 10.25c. and at 10.50c.a gallon. A few refiners are quoting
ferences, which are to begin immediately, it was believed in oil circles here.
10c. but are not willing to book July acounts at this level.
Reports on the conferences will be made by the delegates to the Petroleum
California gasoline in some quarters is being held at Ile., Export Association.
while in others it may be obtained at 10.50 or even a fraction
less. The situation is such that operators are moving very
Crude Oil Output in United States at High Rate.
carefully and are watching all developments likely to have
The American Petroleum Institute estimates that the
an influence on the price question closely. The California daily average gross crude production in the United States,
gasoline situation is becoming interesting, due to the tanker for the week ended July 6 1929, was 2,857,400 barrels, as
problem. It is becoming increasingly difficult to secure compared with 2,815,400 barrels for the preceding week,
charters for July or August shipments. As a matter of fact an increase of 42,000 barrels. Compared with the output for
there are but one or two tankers adailable for September. the week ended July 7 1928, of 2,383,8.50 bonds per day,
The last reported rate for clean tankers was $1.07 per barrel. the current figure shows an increase of 473,550 barrels daily.
In Mid-continent there has not been the same general im- The daily average production East of California for the week
provement in gasoline consumption such as has marked the ended July 6 1929, was 1,978,800 barrels, as compared
Eastern markets. Some sales for delivery over July are with 1,954,900 barrels for the preceding week, an increase
being made at from 3,4, to 34 cent below the market.
of 23,900 barrels. The following estimates of daily average
Kerosene has been quiet, with plenty offered at 7%c., gross production, by districts, are for the weeks shown
although some sellers are still quoting 8 dents. At Baltimore below:
the market is firmer, with quotations ranging from 8 to 83.4c.
DAILY AVERAGE PRODUCTION (FIGURES IN BARRELS)
There has been a slight firming in the demand for marine
July 6 '29. Jurte29'29. June22'29. July 7 '28.
fuel oils, but not of sufficient strength to bring about any Oklahoma
698,400
717,800
584,000
679,650
upward revision of prices. Bunker fuel oil, grade C, is Kansas
121,900
122,400
103,600
121,400
88.400
64,200
moving in a routine manner at $1.05 a barrel f. o. b. New Panhandle Texas
93,850
86,550
North Texas
83.850
83,150
83,850
83.400
York Harbor refineries. Diesel oil continues steady.
West Central Texas
51.900
52.450
50,850
57.500
The entry of Shell gasoline into the Eastern territory was West Texas
375,450
369,100
337.050
358.800
18,200
18,700
East Central Texas
18.300
22,250
heralded this week by large display advertisements in the
77,750
79,800
25,100
81,800
daily press advising motorists to "change to Shell." The Southwest Texas
35,050
35,400
36,000
North Louisiana
42,650
body of the announcement states that "Shell comes to New Arkansas
69,250
69,550
69,800
91,950
128,100
130.300
Texas
127,300
106,650
York! To the seasoned motorist that is front page news. Coastal
19,150
18,950
19,950
28,250
Coastal
It means that the largest producer and distributor of gaso- Eastern Louisiana
110,100
117,350
116.900
111,500
line and motor oil in the world is ready to serve you."
51,050
52,000
50,050
55,850
Wyoming
11,600
11,550
10,450
11,550
It will be interesting to see the effect of this invasion of the Montana
7,300
7,550
7.000
8,400
Colorado
Eastern trade by the powerful Shell interests. Their service New Mexico
1,900
1,550
2,250
2,050
860,500
stations are to be yellow and red, and will be placed at con- California
835,500
878,600
649,000
spicuous locations, which have long been selected.
2,857,400 2,815,400 2,764,500 2,383,850
Total
There were no announced price changes in refined products
The estimated daily average gross production for the Mid-Continent
Field, including Oklahoma. Kansas, Panhandle, North, West Central,
this week.
Gasoline, U. S. Motor, Tankcar Lots, F.O.B. Refinery.
New York(Bayonne). 10-11 Arkansas
.06% North Loulalana--Wen Texas
.06% California
08% North Texas
.094 Los Angeles. export_ 07% Oklahoma
Chicago
New Orleans
.07% Gulf Coa.t. export- 0834 Pennsylvania
Gasoline, Service Station. Tax Included.
19 Cincinnati
New York
18 Minneapolis
Atlanta
.21 Denver
.16 New Orleans
Baltimore
.22 Detroit
.188 Philadelphia
Boston
20 Houston
.18 San Francisco
Buffalo
.15 Jacksonville
.24 Spokane
15 Kansas City
Chicago
.179 St. Louis
Kerosene. 41-43 Water White, Tankcar Lots. F.O.B. Refinery.
New York (Bayonne).07% I Chicago
0556 New Orleans
North Texas
05,41Los Angeles. export 05)4 Tulsa
Fuel OIL 18-33 Degree, F.O.B. Refinery or Terminal.
New York (Bayonne) 1.051 Los Angeles
.851 Gulf Coast
Diesel
2.001 New Orleans
.951 Chicago
Gas oil. 32-36 Degree, F 0.B Restners or Terminal.
New York (Bayonne) .05%1 Chicago
03, Tulsa.

074
.06•
07
(194
182
195
21
215
205
169
07•1
061.4
75
55
03

Delegation Representing Oil Interests Sails for Europe
to Study Marketing Problems Abroad-Will Participate in Conferences in London.
A group of American oil leaders sailed on July 7 on the
Aquitania for England, where, according to the "Journal of
Commerce," conferences will be held looking toward the
solution of some of the most pressing marketing problems.
The conferences are to be held in London, says the paper
quoted; it adds:
A better understanding with foreign oil interests on numerous problems
which threaten to disturb the relations of the oil industry of the United
States and abroad Is sought.
Sir Henri Deterding, head of the Royal Dutch-Shell, and Sir John Cadman, head of the Angio-Persian Oil Co., are expected to participate.
Includes Industries Leaders.
The delegation which sailed last night included; J. A. Moffett, vice-president of the Standard Oil Co. of New Jersey; G. P. Whaley, president of the
Vacuum Oil Co.; Howard Cole of the Standard Oil Co. of New York; W. D.
Anderson, representing the Atlantic Refining Co. and L. B. Stanford of the
Sinclair Consolidated Oil Co.
R. C. Holmes, president of the Texas Corporation, and R. D. Matthews,
vice-president of the Union Oil Co. of California, who left for Europe some
1
time ago, will join the group in London.
Commenting upon the delegation's trip to Europe, oil executives here
characterized it as the most important step ever taken toward the settlement of the world oil problems.
The main purpose of the conference is an investigation of conditions in
the markets abroad in connection with the study which has been under way




West, East Central and Southwest Texas, North Louisiana and Arkansas,
for the week ending July 6, was 1,640,600 barrels, as compared with 1,614,750 barrels for the preceding week, an increase of 25,850 barrels. The MidContinent production, excluding Smackover, (Arkansas) heavy oil, was
1,593.000 barrels, as compared with 1,566,350 barrels, an increase of 26.650
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.
-Weeks End.
-Weeks End.lull; 6. June 29
OklahomaJuly 6. June 29
North LouisianaAllen Dome
25,000 24,200 Hayneaville
5,200 5,250
34,650 35,300 Urania
5.950 5,900
Bowlegs
Bristow-Slick
18,750 18,750
Burbank
19,700 19,750
ArkansasCromwell
7,700 7,200
8,100 8,150 Champagnolle
Earlsboro
6,050 6.100
80,700 74,050 Smackover (light)
47,600 48,400
81,000 77,250 Smackover (heavy)
Little River
19,300 19,200
Logan County
12,250 12,850
Coastal Texas
Maud
Mission
8,150 8,400
34,850 34,800 Hull
79,350 81,350 Pierce Junction
18,000 17.600
St Louis
12,050 12,250 Spindietoo
Searight
27.050 26,800
34,200 34.100 %Vest Columbia
Seminole
6,250 6,450
Tonkawa
9,950 10.000
Coastal Louisiana
Oklahoma City
17,250 9.800
14,100 13,650 East Harkberry
Carr City
2,950 2,000
KansasOld Hackberry
2,100 2,300
Sedgwick County
34,350 34,600 Sulphur Dome
1,700 2,000
Panhandle Texas
Sweet Lake
200
•300
Carson County
7,550
7.650 Vinton
4,200 4,250
Gray County
52,950 51,300
Hutchinson County.... 25.750 25.550
Wyoming
North Texas
Salt Creek
29,000 30,850
18,150 17.850
Archer County
Wilbarger County
26,200 26,300
Montana
West Central Texas
Sunburst
6,850 6,850
Brown County
7,700 7,750
Shackelford County.-- 11,700 11,800
CaliforniaWest Texas
DOMillgUe21
10,000 10,000
Crane dr Upton Counties 46,700 46,450 Elwood-Goleta
28.900 29,500
Howard County
43,350 42,500 Huntington Beach
45,000 43,500
Pecos County
117,500 110,100 Inglewood
23,500 23,500
Reagan County
18,100 18,200 Kettleman Hills
3,400
3,400
Winkler County
140,300 142,250 Long Beach
178,000 176,500
East Central Texas
Midway-Sunset
66,000 64,500
Corsicana-Powell
7.600 7,700 Rosecrans
6,300 ' 6,300
Southwest Texas
Santa Fe Springs
268,000 255,500
Laredo District
10,800 10.950 Beal Beach
50,000 50.000
Luling
12.150 11,950 Torrance
13,000 13.000
9Ilt Flat
47,900 50,200 Ventura Avenue
59,000 59,000

Weekly Refinery Statistics for the United States.
According to the American Petroleum Institute, which has
just begun to publish weekly refinery statistics, companies
aggregating 3,002,600 barrels, or 89.9% of the 3,338,600
barrel estimated daily potential refining capacity of the
plants operating in the United States during the week ended
July 6 1929, report that the crude runs to stills show that

•

these companies operated to 86.3% of theirItotal capacity.
Companies aggregating 3,003,500 barrels, or 90% of the
3,338,600 barrel estimated daily potential refining capacity or
all plants operating in the United States during,the previous
week, operated to 87.8% of their total capacity. The report
for the week ended July 6 follows:
CRUDE RUNS TO STILLS, GASOLINE AND GAS AND FUEL OIL STOCKS,
WEEK ENDED JULY 6 (BARRELS OF 42 GALLONS).
Per Cent
Per Cent
Operated
Potential Crude Runs of Total
Capacity to Stills.
Capacity
ReportReporting.
ing.

Distrid.

207

FINANCIAL CHRONICLE

JULY 13 1929.1

100.0
East Coast
Appalachian
82.5
Indiana, Ill., Kentucky 96.2
69.5
Okla., Kansas, Mo
84.4
Texas
Louisiana, Arkansas_ _ _ 86.7
92.2
Rocky Mountain
California
97.2
Total week July 6_
Daily average
Total week June 29...
Daily average

89.9

Texas (Gulf
Coast).Louisiana (Gulf finast1

3,413,700
623,600
2,137,700
1.610,900
3,666,400
1,209,700
462,100
5,003,500

86.3
92.6
96.5
78.1
91.6
78.6
54.5
87.5

18,127,600
2,589,700
18,463,000
2,637,000

86.3

39,140,000

139,950,000

87:8
---

40,047,000

139,471,000

96.0
07 5

90.0

Gas and
Fuel Oil
Stocks.

Gasoline
Stocks.

6,419,000
1,203,000
6,820,000
3,880,000
4,939,000
2,135,000
1,858,000
11,886,000

10.254,000
1.028,000
3,357,000
3,945,000
12,121,000
5,542,000
598,000
103,105,000

8,500,000
4189 000
1.
A RA9 win
, Ko nnn
.
Note.
-All crude runs to stills and stocks figures follow exactly the present Bureau
of Mines definitions. In California, stocks of heavy crude and all grades of fuel
oil are included under the heading "Gas and Fuel 011 Stocks." Crude oil runs to
stills include both foreign and domestic crude.
2,899,200
Oni onn

96.1
Q., 1

Stocks of Refined Copper Again Increase-Production
and Shipments Lower.
Stocks of refined copper in North and South America
were 83,140 tons at the end of June, against 70,412 tons
at the end of May, 57,494 tons at the end of April and
58,809 tons at the end of June 1928, according to American
Bureau of Metal Statistics.
Production of finished copper by refineries in North and
South America was 156,447 short tons in June, against
161,784 tons in May and 131,024 tons in June 1928. Shipments aggregated 143,719 tons in June, against 148,866
tons in May and 138,5q3 tons in June 1928, reports the
"Wall Street Journal," which goes on to say:
Primary copper production by United States mines totaled 82,841
tons in June, against 93,392 tons in May, 94.902 tons in April. and 73,224
tons in June 1928.
Blister copper stocks at smelters and refineries, in transit and in process
on July 1 were 251,481 tons, against 262,229 tons at the end of May,
and 253,509 at the end of April, while stocks of copper above ground,
including refined stocks in hands of North and South American producers
on July 1 were 334,621 tons, against 332,641 tons on June '1 and 311,003
tom on May 1.
Reduction of our 10,000 tons in blister stocks during June would seem
to indicate that the curtailment is farther advanced than had been generally
realized and it therefore seems doubtful whether there will be so great
an increase in refined stocks next month as many have heretofore expected.
Stocks of copper in British • official warehouse on July 1 were 9.809
tons, against 6,651 tons on June 1 and 5,202 tons on May I. Stocks of
copper at Havre July 1 were 8,484 tons, against 5,444 tons on June 1
and 4,368 tons on May 1.
Blister copper production of North America in June was 106,842 tons,
Including direct-cathode copper, against 120,952 tons in May, a decrease
of 14,110 tons during June. Blister copper production of South America,
including direct-cathode copper, in June was 32,068 tons, against 35.947
tons in May and 39,195 tons in April.
Of the total shipments of 143,719 tons in June by North and South
American producers and refiners, 95,258 tons were for domestic account
and 48,461 tons export, against 93,743 for domestic and 55,123 for export
in May.
OUTPUT OF UNITED STATES MINES, BLISTER COPPER PRODUCTION
OF NORTH AND SOUTH AMERICA, AND STOCKS OF COPPER FOR
NORTH AND SOUTH AMERICA, GREAT BRITAIN, &e. (In short
tons).

SHIPMENTS AND PRODUCTION OF REFINED COPPER BY NORTH AND
SOUTH AMERICAN PRODUCERS AND REFINERIES (In short tons).
Production.
Primary

Scrap

Shipments.
Daily
Rate

Total

ErDort a

Domes
tic

Total

1929.
January...... February
March
April
May
June

147.777 6.695
135.425 5.960
156.502 7.059
150.400 10,885
151.297 10.487
146,492 9,955

154.472
141.385
163.561
161.285
161.784
156,447

4.983
5.049
5.276
5.376
5.219
5,215

57.054
50.150
59.946
57,708
55.123
48,461

100.135
98,771
105.860
99,051
93.743
95,258

157,189
148.921
105,806
156,759
144,866
143,719

Total 6 months

887,893 51,041

938,934

5,186 328,442

592,818

921,260

122.723
124.848
128.972
122,824
129.236
131.024
135,092
143.560
137.018
149.199
155.448
147.905

3.959
4.305
4.160
4.094
4,169
4.307
4.358
4,631
4.567
4.813
5.182
4.771

56.721
60.603
55.970
84.989
56.738
57.067
56.785
60.240
51.292
54.992
49.121
49,703

64.824
73.789
72.642
72.234
79.103
81.436
82.245
83.398
88,707
100.371
99.822
84.889

121.545
134,392
124.612
137.223
135.841
138.503
139,030
143.638
139.999
155,363
148.943
134.592

1928.
January
February
Mareh
April
May
June
July
August
September
October..
November
December
Total 1928-

'116.245
117.788
123,162
117.088
122.738
125.065
127.718
137.574
130.897
143.624
148.373
140.779

6,478
7.060
5.810
5,736
6,498
5.948
7.374
5.986
6.121
5.575
7.075
7,126

4.44.8 674.221

1,551.062 76.787 1.627.849

983.460 1.657.681

1.418.815 57.691 1,476.506 4.045641.865 824.844 1,466,709
1927
1.383.604 56.850 1,440.454 3.946 525,861 902.174 1.428.035
1926
1.299.832 52.477 1.352,309 3.705 584.553 831.171 1.415.724
1925
1.267.810 32.522 1.300.332 3.553 566.395 753.339,1.319.783
1924
1 126 624 27.261 1.163 885 3.180 521.872 735.52111.157.393
1023
a Beginning 1926 includes shipments from Trail Ref nery In British Columbia.

Production and Shipments of Slab Zinc Decline
Stocks Increase.
According to statistics compiled by the American Zinc
Institute, Inc., production during the month of June
amounted to 52,953 short tons of slab zinc, as against 56,958
tons in the preceding month and 50,825 tons in June 1928.
Shipments in June 1929 totaled 49,847 short tons, of which
1,874 ions were exported, and compares with 51,582 tons in
the corresponding month last year and 57,720 tons in May
1929. Stocks at June 30 last amounted to 36,932 short tons,
as against 33,826 tons at June 1 1929, and 44,468 tons at
June 30 1928. The Institute also relesaed the following
statistics:
Metal sold, not yet delivered, at the end of June 1929 amounted to
29,559 short tons;•total retort capacity at June 30 was 119.786 tons; the
number of idle retorts available within 60 days, 47,293; the average number
of retorts operating during June, 69,601; the number of retorts operating
at the end of the month, 72,087. A comparative table shows:
PRODUCTION, SHIPMENTS AND STOCKS AT END OF PERIOD.
(Figures in Short Tons.)

Month of1929.
tune
day
kpril
qarch......
February
lanuary

Productfon.

Domestic
Shipments.

52,953
56,958
54.658
55,471
48.154
49,709

47,973
56,614
56,558
56,267
51.057
47,677

317,898

Esp.rts.

Stocks at
Total
Shipments. End of Mo.

1,874
1,106
1,469
1,862
1,895
2.055

49.847
57,720
58,027
58.129
52.952
49.732

36.932
33,826
34.688
37.962
40.420
45,418

316,146

10,261

326,407

----

50,591
50,260
50,259
49.361
52.157
50.890
50.825
53,422
63.493
55,881
50,042
62.414

49,025
48,698
50,126
44.103
47,050
49.610
49,780
49.818
46.517
51,856
46,754
45.771

2.087
1.088
1.980
1.759
2,901
3.638
1,802
3,138
3,746
3.786
4,134
6.231

51,692
49,786
52,106
45,862
49,951
63,148
51,582
52,956
50.263
55,642
60,888
51.002

45,441
46,562
46.068
47,815
44.416
42,210
44.488
45.225
44,759
41,529
41,290
42,163

Total In 1928 --

619.595

579,608

35,270

614.878

-.-

245,210 241,085 242,341 253,509 262,229 251,481
62.749 55,213 52,968 57,494 70.412 83,140

1927.
December
November
October..... _._ September
August
Any
June
May
April
March
February
January

52,347
49,217
50,185
47,735
49,012
47,627
49,718
51.296
51,626
56.546
51,341
66.898

46,483
44,374
46,602
44,038
49.739
43,359
43,122
45.560
44,821
48,107
43,583
45,884

4,433
1,746
1,637
4,007
4,009
4,803
4,784
4,898
1.876
5.098
4,760
2,989

50,916
46,120
48,239
48,045
53,748
56.162
47,907
50.458
46,697
53.206
48,315
48.873

40,751
39.320
38,223
34.277
34.587
39,329
43.858
42,046
41.208
36.271
32,938
29.912

Total North at South Amer._ 307,959 296,298 295,309 311,003 832.641 334,621

Total In 1927 __

613,548

549.644

45,040

594.684

----

Jan.
1929.
Production
Mines, United States
z Blister, North America
z Blister, South America
Refined. North & South AmericaStocks. End of Period
North and South America:
Blister (including In process) ._
Refined

z Great Britain-Refined
Other forms

Feb.
1929.

Mar.
1929,

Apr.
1929.

May
1929.

86,325 84.735 93,698 94,902 93,392
112,178 105,690 118,796 121,775 120.952
35,182 31.886 40.158 39,195 35,947
154,472 141.385 163.561 161.285 161.784

June
1929.
82,841
106,842
32,068
156,447

Total Great Britain
Havre
Japan

1,426
8,934

1,350
7.844

621
7,783

1,038
4,164

868
5,783

2,383
7,426

8,360
3,221
7.202

......

9,194
3,166
7,370

8.404
3,218
6,964

5,202
4,368
7,192

6,651
5,444
9

9,809
8,484
v

z Includes direct-cathode copper. y Not available. z Official warehouses only
OUTPUT IN SHORT TONS OF MINES IN THE UNITED STATES FOR
THE PAST SIX MONTHS.
Monthly
Average
1928.

Jan.
1929.

Feb.
1929.

Mar.
1929.

Apr,
1929.

May
1929.

June
1929.

Porphyry mines. 32,432
7,457
Lake mines
32,053
Vein mines
3.812
Customs ores

37.949
7,166
36.968
4.244

36,173
7,333
37,363
3,866

38,945
8,009
41,849
4.895

40,139
8,204
40,842
5,717

39,183
8.119
40,024
z6.066

33,745
7,874
35,322
x5,900

Total crude prod. 75.754

80.325

84.735

93.698

94.902

93.392

82,841

x Estimated.




Potal 6 mos. 19291928.
December
November
OctoberSeptember
August
July
June
May
April
March
February
January

,

To Resume Tin Mining-Two Maylayan Plants of
London Syndicate Ready to Start.
Under the above head the New York "Times" of July
9, said:
Two Malayan subsidiaries of the London Tin Syndicate, with an estimated annual output of 2,320 tons of tin oxide, will begin production
this month, according to advices received here from London yesterday.
The larger company, Kampong Lanjut Tin Dredging, Ltd., is capitalized
at £230,000. Rawang Concessions, Ltd., the second company, is capital
ized at L200,000. Serendah Tin, Ltd., a third subsidiary, is scheduled to
begin production in November, and Kramat Tin Dredging, Ltd., next Jan.
It is said that while there properties will increase the total output of
London Tin Syndicate companies, the total for the Federated Malay
States is not expected to become proportionately larger. There was a
decrease of 13.747 in the labor force employed in the Malayan mines last
year and further decreases have been reported during the first half of 1929.

208

FINANCIAL CHRONICLE

British Tin Men Organize-Representatives of 167
Producing Concerns Form Association.
Associated Press advices as follows from London, July 11,
appeared in the New York "Times" of July 12:
It was announced to-day that a British Empire Tin Producers' Association has been organized under the auspices of Sir Edmond Davis. Representatives of 167 tin producing companies having a total annual production
of about 100,000 tons of tin ore attended the organization meeting.
The introduction of American methods in the British tin trade, utilization
of research co-operation and efforts to increase consumption will be the
program of the organization.

Lead Prices Lower-Copper Holds Firm-Buying of
Major Non-Ferrous Metals Below Expectations.
Lack of domestic demand, inspired largely by weakness
in London, brought out lower prices for lead here the market
settling at 6.75 cents a pound, New York, which compares
with 7 cents a week ago, "Engineering and Mining Journal"
reports adding:
Copper producers held out for 18 cents, delivered Connecticut, with no
indications of weikness, notwithstanding the fact that domestic sales for
some time now have rarely reached 5,000 tons a week. Zinc sold in a small
way at unchanged prices. Consumer and speculative buying sent the price
of tin to 45% cents for spot Straits.
Considei able speculation is heard as to why manufacturers have not
.
come into the market for mime' The principal reasons offered are that
an unusually large percentage of scrap is being cleaned up; that sellers of
manufactured goods containing copper had larger stocks to dispose of than
was generally thought, and that the ultimate buyer has been inclined to
hold off hoping for a price drop. Substitution of other metals and alloys
may have been somewhat more of a factor than supposed. The vacation
season also is regarded as a factor, the Hawthorne works of the Western
Electric, for example, closing down completely for two weeks to give all
employees a vacation. The present quiet must soon end, it is believed,even
though it be not terminated.by any huge ouying wave.

[Vol.. 129.

western roads. The Canadian Pacific has placed a large rail order with the
Algoma mill. Bridges in Neiv Jersey for.the Pennsylvania will take 14.000
tons of shapes, and the Lackawanna Railroad has ordered 4,000 tons for
catenary supports as a beginning of its electrification program. The
Wabash has bought a car ferry requiring 2,500 tons. Meanwhile, car
builders are taking steel heavily to complete recent car orders. Upward of
30,000 tons will be ordered for 4,000 car bodies recently placed by the Pennsylvania. New railroad equipment buying is light.
Several large gas line projects are taking shape. A line from the Panhandle of Texas to Chicago, also one from the Southwest to Nebraska and
Iowa and others which are less definite promise heavy tonnages of pipe.
-Chicago line has the backing of important oil interests.
The Texas
Structural steel activity is such that a leading producer expects the third
quarter to rival the second in volume. The week's total of new projects,
at 49,000 tons, is the largest reported since the first week of June, while
lettings were 45,000 tons. Awards of buildings only in the New York
metropolitan district in the first half of the year took 243,285 tons of steel
against 182,800 tons in the same period last year, a gain of 33%•
Southern pig iron presents the only marked sign of weakness in the whole
iron and steel situation. A reduction of 50c. a ton, the second of that
amount within a few weeks, has been made by the Alabama producers
in an effort to move large stocks of iron, the accumulation of which has been
due in part to the subnormal consumption by Southern cast iron pipe
foundries. Price weakness has also developed on pig iron sales in New
England,•and moderate concessions in the Pittsburgh district have resulted
fromAhe extremely competitive situation existing there now. Pig iron buying is not in large volume.
Steel prices are fairly steady, though minor weakness has occurred in
some districts on wire nails and black and galvanized sheets, while at
Cleveland steel bars have dropped $1 a ton to 1.90c. a lb.
Heavy melting steel scrap has advanced 25c. a ton at Pittsburgh, and
signs there and elsewhere point to a definite turn upward.
The "Iron Age" composite price for pig iron has declined to $18.54 from
$18.63 last week. This is the second drop in five weeks from the year's
high of $18.71. The finished steel composite price is unchanged at 2.412c.,
as the dollowing table shows:
Finished Steel.
July 9 1929. 2 412c. 5 Lb
One week ago
2.412c.
2.4120.
One month ago
2.3260.
One year ago
10-year pre-war average
1.6890.
Based on steel bars, beams,tank platee,
wire, rails, black pipe and black sheets.
These products make 87% of the United
States output of finished steel.
Low.
High.
1929_2.412c. Apr. 2 2.391o. Jan. 8
1928...2.391o. Deo. 11 2.314o. Jan 3
1927_2.453o. Jan. 4 2.293e. Oct. 25
1926_2.453o. Jan. 5 2.403c. May 18
1925_2.5600. Jan. 6 2.396e. Aug. 18

Pig Iron.
July 9 1929. $18.54 a Gross Ton.
$18.63
One week ago
18.63
One month ago
17.09
One year ago
15.72
10-year pre-war average
Based on average of basic Iron at Valley
furnace and foundry irons at Chicago.
Philadelphia, Buffalo. Valley and Birmingham,
Low.
High.
1929_418.71 May 14 $18.29 Mar. 19
1928._ 18.59 Nov. 27 17.04 July 24
1927_ 19.71 Jan. 4 17.54 Nov. 1
1926_ 21.54 Jan. 5 19.48 July 13
1925___ 22.50 Jan. 13 18.96 July 1

Further Drop Reported in Steel Orders.
/ The unfilled steel orders on the books of subsidiaries of
the United States Steel Corp. as of June 30 1929 aggregated
4,256,910 tons which is 47,257 tons below the unfilled tonnage of May 31 1929 and 170,853 tons under the total of 44,427,763 tons reached April 30 1929. On June 30 1928 the
July thus far has not found its succession to six record
amount was 3,637,009 tons. Below we show the figures
by months for the last six years. Figures for earlier dates months of steel production to be a handicap, states the "Iron
Trade Review" of July 11. For midsummer, specifications
may be found in our issue of April 17 1926, page 2126.
for finished steel have not been excelled since the war, an
UNFILLED ORDERS OF SUBSIDIARIES OF U. S. STEEL CORPORATION. unusual number of large projects is developing, and third
1928,
1924,
End of Month. 1929.
1925.
1927.
1926.
4,109,487 4,275,947 3,800,177 4,882,739 5,037,323 4.798,429 quarter contracting is of such proportions as to make last
January
4,144,341 4,398,189 3,597.119 4,616,822 5,284,771 4,912,901
February
4,410,718 4,335.206 3,553,140 4,379,935 4,863,504 4,782,807 week at Chicago, for example, the best in a year in new
March
4,427.763 3,872,133 3.456,132 3,867,976 4,446.568 4,208.447 business, adds the "Review," continuing:
April
May
4,304.167 3.416,822 3.050,941 3,649,250 4,049,800 3,628,089
4,256,910 3,637,009
June
3,570,927
July
3,624,043
August
September_....3,698.368
3.751,030
October
3,643.000
November _
December _
3,976,712

3,053.246
3,142,014
3,196,037
3.148.113
3,341,040
3,454,444
3,972.874

3,478.642
3.602,522
3.542,335
3,593,509
3,683,661
3,807.447
3,960,969

3,710,458
3,539.467
3,512,803
3.717,297
4,109.183
4,581,780
5.033,364

3,262,505
3,187.072
3.289,577
3,473,780
3.525,270
4.031,969
4.186,776

Steel Output Continues at High Level-Pig Iron Price
Declines.
Fresh accumulations of steel oiders and specifications
since the opening of the third quarter give renewed assurance
that the steel industry will operate through July and possibly
even August at close to maximum capacity, says the "Iron
Age" in its current issue. The "Age" also states:
Though the pace of steel buying has slackened in some districts. Chicago
sales were the largest for any week this year. Heavy releases were also
received by Pittsburgh mills.
Coming on top of a record half year which exceeded the largest previous
six months' ingot output by almost 4,000,000 tons, the vitality of current
demand is the more surprising. No evidence of the usual midsummer
letdown is in sight.
July output probably will not fall short of the large June total of 4,881,370
tons, which was at a rate only fractionally below 100% of capacity. The
holiday, heat and special repair shutdowns are primary cheeks at the moment to continued high performance.
Last month's unexpectedly large total brought the aggregate for 6 months
to 28,967,174 tons, which surpassed that of the same period in 1928 by
4,169,101 tons and the previous all-time six months' record of 25,067,122
tons in the last half of 1928 by 3,900,052 tons. The output of each of the
past four months has been larger than any monthly total ever before
achieved. For the full year to July 1,the ingot output was 54,034,296 tons.
Backlogs of some products are being reduced, with the result that earlier
deliveries are possible, particularly on hot-rolled and cold-finished bars,
structural shapes and strip steel. In plates and sheets, however, mills
have orders that will carry them through the summer without important
additions.
Over the midsummer inventory pericd, many consumers have permitted
their steel stocks to run low,and the volume of specifications received so far
in July indicates that most buyers are now fairly certain that their summer
needs will not be appreciably lower than in the second quarter.
'
The slowing down in the demand for steel from the automobile industry
probably will be less than summer usually brings. Some parts manufacturers have again speeded up schedules to meet the calls from motor car makers
preparing to bring cut new models. Previous records for July and August
are expected to be broken because of the continued high operations of the
two leading makers of low-priced cars.
June automobile production, at 536,309 units broke all records for that
month and made a half year's total of 3,380,088 motor vehicles of all types,
exceeding the output in the first half of 1928 by 1,053,579 units.
Railroad inquiry for steel is noteworthy. Supplementary rail inquiries I
include 30.000 tons for the Great Northern and 5,000 tons for other North-




Barring the July 4 interruption, July production has been responsive to
continue pressure for deliveries, especially of structural material and
plates. Backlogs are being whittled down somewhat, but the industry
anticipates no dip such as usually characterizes July and August and expects pending projects to mature in time to assure the customary fall uplift.
Among prospective work is a pipe line which four companies are projecting from Texas to Chicago, requiring probably 150,000 tons of pipe
up to 24-inch diameter. Secondary rail buying at Chicago promises to put •
30,000 tons on mill books shortly. Barge inquiries at Pittsburgh call for
10,000 tons of shapes and plates.
Automotive and farm implement.manufacturers have moderated their
schedules somewhat, a condition reflected chiefly in soft and cold finished
bars and strip. Autobody sheet demand, however, belies a curtailment at
Detroit. Neither Ford nor Chevrolet, accounting for 55% of all automotive
production, has slackened perceptibly and some other makers are swinging
into new models. The steel industry, nevertheless, is taking precautions
against cancellations.
Prices generally are steady,save for some disturbance in pig iron. Southern iron has been sold as low as $14.50, Birmingham, with reports of still
lower levels, in the North, making it competitive with northern iron in
most districts. Not in 13 years has southern iron been priced scr low.
Some concessions on silvery iron also are reported. In heavy finished steel
some second prices have been extended into the third quarter.
In basic materials more than finished products is there an easier tendency.
Pig iron selling, as usual, is not active so soon after the turn of the quarter.
Lighter demand for beehive furnace coke has not been translated into lower
prices. Iron and steel scrap prices are fortified by the record summer
melt and occasional softness in price is not descriptive of the entire price
structure. Semifinished steel is the most plentiful in weeks.
In sheets as in most finished products, the decline in production over the
July 4 holiday about kept step with the downswing in bookings. At Pittsburgh other consuming lines are practically nullifying the loss in automotive
orders. Galvanized and roofing sheet prices are weak. Though tin plate
mills are not pressed to make deliveries, the last half is apprlased as insuring
a total output equally 1928.
With the 150,000
-ton Texas-Chicago pipe line in the offing, freight car
builders specifying heavily and barge and tank builders active, plates are
the most active of the heavy finished lines. Ten thousand tons of tank
work is pending at Chicago, with 3,900 tons having been closed the past
week. Twenty river barges at Pittsburgh will require 10,000 tons. Third
quarter bar coverage at Chicago is the heaviest since the war. At New York
and Philadelphia each 25,000 tons of structural work nears the losing
stage.
June with a daily ingot rate of 195,255 gross tons, or only 47 tons under
the alltime record of May, rounded out an extraordinary half year in steelmaking. June's t tal of 4,881,370 tons brought the six-month total to 28.967,174 tons, 17% above the first half of 1928, the previous peak.
Beginning with February, each month this year has developed a daily •
rate considerably in excess of last October's the previous summit in steelmaking. To equal the 49,865,185 tons of open hearth and bessemer ingots
made in 1928, an annual record. output in the remainder of this year could
fall 17% below the last half of 1928 or 24% below the first half of 1929. The
best July ingot rate was the 152,224 tons of a year ago, and steelmaking
this month could shrink 43,000 tons a day,or 45%, without falling below it.

JULY 13 1929.1

'FINANCIAll CHRONICLE

Softness in southern and eastern Pennsylvania pig iron has lowered the
"Iron Trade Review" composite of 14 leading iron and steel products 4 cents
this week, to $36.72. The average for June was $36.99, and for July $34.91.

After suffering a sharp drop in steel ingot production,
because of the shut-downs over the Independence day holiday
period, operations in the steel industry have recovered and
the daily average at present is only 1% below what it was
at the beginning of last week, reports the "Wall Street
Journal" of July 9, which goes on to say:
The U. S. Steel Corp. is running at a little in excess of 96%. This compares with about 97% early last week and an average of 84% for the entire
week as a result of the closing of plants. Two weeks ago the corporation
was at 99%.
Independent steel companies are credited with a rate of 90%,contrasted
with about 91% at this time last week and 92% two weeks ago. For all of
last week the average for independents was down to 75% of capacity,
because many mills closed from Wednesday night until this week.
For the entire industry the daily average is now at 93%, against 94% a
week ago and 95% two weeks ago. Last week's rate for the industry was
around 79% on the average.
At this time last year the Steel Corporation was running at 75%,
having
recovered from a rate of 62% during the holiday period, while independents
were at 68%, after having reached a low of 54% over July 3, and
the
average for the industry was back to 71%,following a drop to a little
over
57%.

The "American Metal Market" this week says:
While the conventional computation shows the same rate of steel ingot
production in June as in May,a computation taking account of certain
technical details shows that in essence there was a decrease of about 4% in
the
rate. A few percent further decrease is to be exPected for July.
Openhearth decreases occur from physical causes, hot weather and failures
after
continued hard driving, there being still ample demand, while Bessemer
decreases occur by there being less occasion to substitnte Bessemer
steel
for open-hearth.
The phenomenal steel demand in the last 12 months is not ended and
there is no guessing as to when it will end.

Daily Production of Steel Ingots Runs Close to Record.
The American Iron & Steel Institute, in its monthly
report released July 9, places production of steel ingots
in June 1929 at 4,881,370 tons, as compared with the high
record for all time of 5,273,167 tons in May 1929 and
3,743,903 tons in June 1928. The total for the first six
months of 1929, 28,967,174 tons, is the largest ever recorded
in any half year. The output in the first half of 1928 was
24,798,073 tons. Daily production in June 1929 was
195,255 tons for 25 working days, while for the month of
May 1929 with 27 working •days, the daily product was
195,302 tons. Daily output in June 1928 was 143,996
tons for 26 working days. Below we show the monthly
figures in detail back to January 1928:
MONTHLY PRODUCTION OF STEEL INGOTS, JANUARY 1928 TO JUNE
1929
-GROSS TONS.
Reported for 1928 and 1929 by companies which made 94.51% of the open-hearth
and Bessemer steel ingot production in those years,
Months
1928.
Fan
Feb
March
&urn ___ May
June

Openhearth.
3,273,294
3,300,407
3,692,648
3,505,104
3,394,301
3,010,341

Monthly
Calculated
Approx. Per
Output
Monthly No.of Daily Cent.
Bessemer. Companies. Output, all Wkg. Output. OperReporting. Companies Days. ail Co.'s. ations
498,691
521,250
567,330
564,110
582.128
528,193

3,771,985
3.821,657
4.259,978
4,069.214
3,976.429
3.538,534

3,990,902
4,043,457
4,507,217
4.305,382
4.207,212
3,743,903

26
25
27
25
27
26

153,496
161,738
166,934
172.215
155,823
143.996

6 mos.... 20.176,095 3,261.702 23,437.797 24,798,073 156
July

Aug

Sept
Oct
Nov
Dec
Total
1929
Jan
Feb
March ___
April ..,..-May
June

81.42
85.80
88.55
91.35
82.66
76.38

158,962

84.32

25
27
25
27
26
25

152,224
154,763
165,916
172,221
164,109
160,728

80.75
82.10
88.01
91.36
87.05
85.26

40,538,657 6,591,217 47,129,874 49.865,185 311

160,338

85.05

166,309
180,250
194.548
189,924
195,302
195.255

84.80
91.91
99.20
96.89
99.59
99.56

3,068.257
3,379,625
3,375.654
3,795,800
3,442,112
3,301,114

3,694.218
3,599.224
4,183,869
4,026,576
4.276,186
3,990,798

528,588
569,771
544,710
599,098
590,669
496,679

549,616
489.279
596,691
640,351
707,484
622,585

3,596.845
3.949,396
3,920.364
4,394.898
4,032.781
3,797,793

4,243,834
4.088,503
4,780,560
4,666,927
4,988,670
4,613,383

3,805,598
4,178,610
4,147,893
4,649,968
4,266.835
4.018,208

4,490,354
4,326,000
5,058,258
4,938,025
5,273,167
4,881,370

27
24
26
26
27
25

The figures of "Der cent of operation" in 1928 are based on the annual
as of Dec. 311927, of 58,627,910 gross tons for Bessemer and open-hearth capacity
steel Ingots, and in 1929 are based on the annual capacity as of Dec. 31 1928 of 60,990,810
gross tons for Bessemer and open-hearth steel Ingots.

Preliminary Estimates of Production of Coal and
Beehive Coke for the Month of June 1929.
The following preliminary estimates for the month of
June, as given in the United States Bureau of Mines report,
are subject to slight revisions, which will be issued in the
weekly report about the 15th inst. All current estimates will
later be adjusted to agree with the results of the complete
canvass made at the end of the calendar year. The figures as
now reported show that the production of 37,900,000 net
tons of bituminous coal during June 1929 was 1,937,000 tons
over the same month last year but fell 2,272,000 tons below
the output for the month of May this year. Anthracite
production in June 1929 totaled 5,015,000 net tons, a decrease of 286,000 tons as compared with the corresponding
period last year and 1,293,000 tons below the figures for
May 1929. The statistical table as given out by the Bureau
of Mines is appended:




209
Total for Number of
Month
Working
(Net Tons).
Days.

Average Per
Working Dog
(Net Tons),

June 1929(Preliminary) a-'
Bituminous coal
37,900,000
1,516,000
25
Anthracite
5.015,000
25
201,000
Beehive coke
600,200
25
24.080
May 1929 (Revised)
Bituminous coal
40,172,000
1,522,000
26.4
Anthracite
6,308,000
26
243,000
Beehive coke
597,400
22,126
27
June 1928
Bituminous coal
35,963,000
1.383,000
26
Anthracite
5,301,000
26
204,000
Beehive coke
301,600
11,600
26
a Slight revisions of these estimates will be issued In the Weekly Coal Report about
the middle of the month.

Bituminous Coal, Anthracite and Beehive Coke Production Higher Than a Year Ago.
According to the United States Bureau of Mines, Department of Commerce, output of bituminous coal, Pennsylvania
anthracite and beehive coke for the week ended June 29
1929 was higher than for the corresponding week a year ago.
Total production for the week under review was as follows:
Bituminous coal, 9,480,000 net tons; Pennsylvania anthracite, 1,350,000 tons and beehive coke, 140,000 tons. This
compares with 8,444,000 net tons of bituminous coal, 1,125,000 tons of Pennsylvania anthracite and 69,800 tons of beehive coke produced in the week ended June 30 1928, and
9,078,000 net tons of bituminous coal, 1,218,000 tons of
Pennsylvania anthracite and 142,800 tons of beehive coke
produced in the week ended June 22 1929. The Bureau
further states:
BITUMINOUS COAL.
The total production of soft coal during the week ended June 29, Including lignite and coal coked at the mines, is estimated at 9,480,000 net tons.
Compared with the output in the preceding week, this shows an increase
of 402,000 tons, or 4.4%. Production during the week in 1928 corresponding with that of June 29 amounted to 8,444,000 tons.
Estimated United States Production of Bituminous Coal (Net Tons.)
1929
1928
Cal. Year
Cal. Year
Week.
to Date.a
to Date.
Week.
9,307,000 234,654,000
8,342,000 215,654,000
June 15
1.551,000
1,660,000
1.526,000
1,390,000
Daily average
9,078,000 243,732,000
8,391,000 224,045,000
June 22.b
1,513,000
1,654,000
1,399,000
1,521,000
Daily average
9,480,000 253,212,000
8,444,000 232,489,000
June 29_c
1,580,000
1,651,000
1,517,000
1.407,000
Daily average
a Minus one day's production first week In January to equalize number of days
in the two years. b Revised since last report. c Subject to revision.
The total production of soft coal during the present calendar year to
June 29 (approximately 153 working days) amounts to 253,212,000 net
tons. Figures for corresponding periods in other recent years are given
below:
263,332,000 net tons
232,489,000 net tons!1926
1928
234,728,000 net tons
273.031,000 net tonal 1925
1927
As already indicated by the revised figures above, the total production
of soft coal for the country as a whole during the week ended June 22
amounted to 9,078,000 net tons. This is a decrease of 229,000 tons, or
2.5% from the output in the preceding week. The following table al,- portions the tonnage by States and gives cc mparable figures for other
recent years:
Estimated,liTeeklit Production of Coal vy States (Net Tons).
June
Wee" Ended
1923
June 25
June 23
June 1.
June 22
Average.a
1927.
1929.
1929.
1928.
State291,000
387,000
318,000
317,000
316,000
Alabama
22.000
19,000
24,000
16,000
17.000
Arkansas
175.000
129,000
124,000
102,000
95,000
Colorado
840.000
834,000
68,000 1,243,000
704,000
Illinois
416.000
201,000
236,000
266,000
281,000
Indiana
7,000
56,000
Iowa
54,000
88,000
57,000
d
d
73,000
28,000
23,000
Kansas
900,000
Kentucky-Eastern
863,000
661,000
971,000
897.000
180,000
197,000
Western
183.000
465,000
216,000
46,000
47.000
50,000
44,000
58,000
Maryland
14,000
12,000
12.000
12,000
11,000
Michigan
55,000
28,000
45,000
54.000
50.000
Missouri
45,000
28,000
40.000
38,000
38,000
Montana
42,000
47,000
45,000
51,000
51,000
New Mexico
10,000
12,000
13,000
14,000
9,000
North Dakota
264.000
446,000
446,000
888,000
154,000
Ohio
37,000
33,000
48,000
49,000
38,000
Oklahoma
Pennsylvania (bituminous) 2,606,000 2,650,000 2,346,000 2,328,000 3.613,000
97,000
97,000
97,000
113.000
94.000
Tennessee
16,000
16,000
21,000
23,000
15,000
Texas
58,000
65.000
56.000
89,000
64,000
Utah
231,000
214,000
246,000
240,000
256.000
Virginia
31.000
38,000
44,000
37,000
31,000
Washington
W.Virginia-Southern b_ 1,910,000 2,000,000 1,820,000 2.076,000 1.417,000
686,000
881,000
629,000
702,000
Northern_c
819,000
82,000
87,000
84,000
104,000
85,000
Wyoming
5,000
3,000
42,000
35.000
Other States
5,000
Total bituminous coal
Pennsylvania anthracite

9,078,000 9,307,000 8.391,000 8,496,000 10,866,000
1,218,000 1,220,000 1,083,000 1,574,000 1,956.030

10,296,000 10,527,000 9,474,000 10,020,000 12,822,000
Total all coal
a Average weekly rate for the entire month. b Includes operations on the N.&
W., C. & O., Virginian, K. elt M., and Charleston division of the B. & 0. c Rest
of State, including Panhandle. d Kansas Included in "Other States."
BEEHIVE COKE.
The total production of beehive coke during the week ended June 29 is
estimated at 140.000 net tons, as against 142,800 tons in the preceding
week. Production during the week in 1928 corresponding with that of
June 29 amounted to 69,800 tons. In the Connellsville region, according
to the Connellsville "Courier," there was a net decrease of eighty in the
number of ovens fired during the week of June 29.
Estimated Production of Beehive Coke (Net Tons).
Week Ended
1928
1929
June 29 June 22 June 30
to
to
Date.a
1929.b 1929.c
Date.
1928.
Pennsylvania and Ohio
116.500 118,100
48,900 2,544,800 1.619,600
West Virginia
12,000
10,900
10,600 259,800 305,200
Georgia, Kentucky at Tennessee_
98,200
1,100
40,800
1,200
1,500
Virginia
5,100 133,600 122,800
6,000
6.000
Colorado, Utah dr Washington._
5,500
4.000 139,100 110,800
5,200
United States total
140,000 142,800
69,800 3,118,100 2,256,600
Daily average
23,333
14.559
20.117
11.633
23,800
a Minus one day's production first week In January to equalize number of days
In the two years. b Subject to revision. c Revised.

210

[voL. 129.

FINANCIAL CHRONICLE
PENNSYLVANIA ANTHRACITE.

The total production of Pennsylvania anthracite during the week ended
June 29 is estimated at 1,350,000 net tons. Compared with the output
in the preceding week, this shows an increase of 132,000 tons, or 10.8%.
Production during the week in 1928 corresponding with that of June 29
amounted to 1,125,000 net tons.

Estimated Production of Pennsylvania AnthratUe (Na Tons).
1929-1928
Cal. Year
Cal. Year i
Week.
to Date.
Week.
to Date.a
June 15
1,220.000
34,247.000
1,218,000
34,638,000
June 22
1,218,000
35,465,000
1,083,000
3,721,000
June 29b
1,350,000
36,815,000
1,125,000
36,846,000
a Minus one day's production first week in January to equalize number of days
In the two years. b Subject to revision.

Current Events and Discussions
The Week with the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on July 10, made public by the Federal Reserve Board, and which deals with the results for the 12
Reserve banks combined, shows an increase for the week of
$15,000,000 in total bills and securities, an increase of
$28,000,000 in holdings of discounted bills being partly offset
by decreases of $7,900,000 in bills bought in.open market
and of $5,200,000 in U. S. Government securities. Member
bank reserve deposits declined $77,300,000, while Government deposits increased $4,200,000, Federal Reserve note
circulation $96,700,000 and cash reserves $20,700,000.
After noting these facts, the Federal.Reserve Board proceeds
as follows:
Holdings of discounted bills increased $14.100,000 at the Federal Reserve Bank of New York, $5,900,000 at Chicago. 85,200,000 at Boston,
$4,500,000 at Dallas and $28,000,000 at all Federal Reserve banks. The
System's holdings of bills bought in open market declined $7,900,000, of
Treasury notes $3,000,000, of Treasury certificates $1,700,000 and of U. S.
bonds $600,000.
Federal Reserve note circulation increased during the week at all Federal
Reserve banks, the usual post
-holiday return flow of currency being more
than offset by issuance of the new small-size notes. The Federal Reserve
Bank of Chicago reported an increase in note circulation of $26,800,000
and the other Federal Reserve banks increases ranging from $4,300,000 at
Philadelphia and Minneapolis to $8,300,000 at Atlanta.

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 242 and 243.
A summary of the principal assets and liabilities of the
Reserve banks, together with changes during the week and
the year ended July 10, is as follows:

Total reserves
Gold reserves

Increase (-1-) or Decrease (—)
Owing
July 10 1929.
Year.
Week.
3,062,039,000 +20.740,000
+314.802.000
2,901,817,000 +35,477,000
+306,941.000

Total bills and securities

1,365,826,000

+14,974,000

+129,339,000

1,153,041,000
'Bills discounted, total
Secured by U. S. Govt. oblIga'ne 650,300,000
Other bills discounted
502,651,000

+27,958,000
+40,4n,000
—12,534,000

+63,773,000
—62,982,000
—126,755,000

65,976,000

—7,946,000

—121.666,000

U. S. Government securities, total 136,144,000
42,668,000
Bonds
82,816,000
Treasury notes
10,660,000
Certificates of indebtedness

—5.238,000
—578,000
—2,963,000
—1,697,000

—81,621,000
—18,300,000
—4,904,000
—58,417,000

+96.745,000

+192,854,000

2,359.711,000 —78,237,000
2 302,874,000 —77,291,000
27,555,000
+4,182.000

—47.730,000
—62.522,000
+ 15,325,000

Bills bought In open market

Federal Reserve notes In circulation
Total deposits
Members' reserve deposits
Government deposits

1,833,004,000

Returns of Member Banks for New York and Chicago
Federal Reserve Districts—Brokers' Loans.
Beginning with the returns for June 29 1927, the Federal
Reserve Board also commenced to give out the figures of the
member banks in 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. The grand aggregate of
these brokers' loans the present week has decreased only
$14,000,000 after $585,000,000 expansion in the preceding
three weeks, leaving the total of these loans within $38,000,000 of the high record established on March 20 1929, when
the amount was $5,793,000,000. The total of ,these loans
on July 10 at $5,755,000 compares with $4,243,000,000 on
July 11 1928.




CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York,
July 10 1929. July 3 1929. July 11 1928.
Loans and investments—total

7 461,000,000 7,525,000,000 7,194,000,000

Loans—total

5,781,000,000 5,843,000,000 5,271,000,000

On securities
All other

3048,000,000 3,117,000,000 2,666,000,000
2 734,000,000 2,726,000,000 2,605,000,000

Investments—total

1,679,000,000 1,682,000,000 1,923,000,000

U. S. Government securities
Other securities

940,000,000
739,000,000

Reserve with Federal Reserve Bank_
Cash In vault

_ 740,000,000
55,000,000

Net demand deposits
Time deposits
Government deposits

939,000,000 1,120,000.000
742,000,000 804,000,000
753,000,000
62,000,000

745,000,000
56,000,000

5 254,000,000 5,341,000,000 5,256,000,000
1,066,000,000 1,071,000,000 1,191,000,000
35,000,000
38,000,000
48,000.000

Due from banks
Due to banks

107,000,000 *134,000.000
894,000,000 989,000,000

97,000,000
932,000,000

Borrowings from Federal Reserve Bank_

341,000,000

342,000,000

341,000,000

Loans on securities to brokers and dealers
For own account
1,201,000,000 1,255,000,000 942,000,000
For account of out-of-town banks_ __ _1,624,000,000 1.580,000,000 1,554,000,000
For account of others
2,930,000,000 2,934,000,000 1,747,000.000
Total

5,755,000,000 5,769,000,000 4,243,000,000

On demand
On time
Loans and investments—total

5,369,000,000 5,383,000,000 3,201,000,000
387.000.000 386.000,000 1,042.000.000
Chicago.
1,998,000,000 2,002,000,000 2,034,000,000
1,585,000.000 1,586,000,000 1,539,000,000

Loans—total

898,000,000
687,000,000

902,000,000
684,000,000

852,000,000
687,000,000

'412,000,000

416,000,000

495,000,000

168,000,000
244,000,000

168,000,000
248,000,000

229,000,000
266,000,000

166,000,000
20,000,000

174,000,000
17,000,000

186,000,000
19,000,000

On securities
All other
Investments—total
U. S. Government securities
Other securities
Reserve with Federal Reserve Bank,—
Cash in vault
Net demand deposits
Time deposits
Government deposits

,,
1,195,000,000 1,217,000,000 1,253,000,000
628,000,000 628,000,000 690,000,000
11,000,000
14,000,000
2,000,000

Due from banks
Due to banks

143,000,000
313,000,000

141,000,000
327,000,000

161,000,000
357,000,000

Borrowings from Federal Reserve Bank_

64,000,003

57,000,000

66,000,000

• Revised.

Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week.
• As explained above, the statements for the New York and
Chicago member banks are now given out on Thursdays,
simultaneously with the figures for the Reserve banks themselves, and covering the same week, instead of being held
until the following Monday, before which time the statistics
covering the entire body of reporting member banks, in 101
cities, cannot be got ready.
Beginning with the statement of Jan. 9 1929, the loan
figures exclude "Acceptances of other banks and bills of
exchange or drafts sold with endorsement," and include all
real estate mortgages and mortgage loans held by the banks;
previously acceptances of other banks and bills sold with
endorsement were included with loans, and some of the
banks included mortgages in investments. Loans secured by
U.S. Government obligations are no longer shown separately,
only the total of loans on securities being given. Furthermore, borrowings at the Federal Reserve are not now subdivided to show the amount secured by U. S. Government
obligations and those secured by commercial paper, only
a lump total of the two being given. The figures have also
been revised to exclude bank in the San Francisco district, with loans and investments of $135,000,000 on Jan. 2,
which recently merged with a non-member bank.
In the following will be found the comments of the Federal
Reserve Board respecting the returns of the entire body of
reporting member banks of the Federal Reserve System for
the week ended with the close of business July 3:
The Federal Reserve Board's condition statement of weekly reporting
.
member banks in 101 leading cities on July 3 shows an increase for the
week of $247,000,000 in loans, partly offset by a reduction of $169,000,000
In investments. increases of $275.000,4100 in net demand deposits and of

JULY 13 1929.]

FINANCIAL CHRONICLE

$111,000,000 in borrowings from Federal Reserve banks, and decreases of
$84,000,000 in time deposits and of 867.000,000 in Government deposits.
Loans on securities increased $221,000,000 at all reporting banks, 8227,000,000 in the New York district, $9,000,000 in the Philadelphia district,
and 88,000,000 in the Cleveland district, and declined $10,000,000 in the
Chicago district, and $8,000,000 in the San Francisco district. "All other"
loans increased $21,000,000 and $9,000,000, respectively. in the New
York and Boston districts, and declined $7,000,000 in the Chicago district, all reporting banks showing a net increase of $26,000,000.
Holdings of U. S. Government securities declined $114,000,000 in the
New York district and $136,000,000 at all reporting banks, while holdings
of other securities declined $34,000,000.
Net demand deposits, which at all reporting banks were 8275,000,000
above the June 26 total, increased in all but one district, the principal
increases by districts being: New York. 5128.000,000, Boston $45,000,000,
Chicago $339,000,000 and Philadelphia $20,000,000. Time deposits declined 881,000,000 at all reporitng banks, $88.000,000 in the New York
district and $6,000,000 each in the Boston and St. Louis districta and
increased $8.000,000 in the Philadelphia district.
The principal changes in borrowings from Federal Reserve banks for
the week comprise increases of $107,000,000 at the Federal Reserve Bank
of New York, $10,000,000 at Atlanta, $8.000,000 at San Francisco, and
$6,000.000 at Cleveland, and decreases of $21,000,000 at Boston and
$8,000,000 at Philadelphia.
A summary of the principal assets and liabilities of weekly reporting
member banks, together with changes during the week and the year ending
July 3 1929, follows:
Increase (+) or Decrease (—)
Since
July 3 1929. June 26 1929.
July 3 1928.
Loans and Investments—total_ _22.485.000,000
Loans—total

+78,000,000

+171,000,000

+247,000,000

+782,000,000

7,760,000,000 •+221,000.000
9,165,000,000 • 26,000,000
+

+609,000.000
+173,000,000

16,925,000,000

On securities
All other
Investments—total

5,560,000,000

--169,000,000

--610,000,000

U. S. Government securities.— 2,759,000,000
Other securities
2,800,000,000

—136,000,000
—34,000,000

—248.000,000
—364,000,000

Reserve with Federal Res've banks 1,724,000,000
Cash In vault
243,000,000

+54,000,000
+11,000,000

—56,000,000
—7,000,000

13,293,000,000
6,679,000,000
193,000,000

+275,000,000
—84,000,000
—67,000,000

—241,000,000
—225,000,000
+30,000,000

1,183,000,000
2,886,000,000

+98,000,000
+332,000,000

—37.000.000
—259,000,000

826,000,000

+111,000,000

—134.000.000

Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks

Borrowings from Fed. Res. banks.
* June 26 figures revised.

Summary of Conditions in World Markets, According
to Cablegrams and Other Reports to the Department of Commerce.
The Department of Commerce at Washington releases for
publication July 13, the following summary of market conditions abroad, based on advices by cable and radio:
ARGENTINA.
The general business level in Argentina has been maintained although
there is slightly less optimism about the future. The strike in Rosario has
tied up shipping in that port since Monday. Failure in June amounted to
9,000,000 paper pesos. There has been some increase in sales of passenger
automobiles but sales of trucks have been slow. Argentine cereal exports
in June amounted to 612,000 tons of wheat. 666,000 tons of corn, 115.000
tons of linseed, 26,000 tons of oats, 31,000 tons of barley,and 10.000 tons f
flour. Wool exports amounted to 21,000 bales.
AUSTRALIA.
Settlement of the timber strike at Melbourne has improved the unemployment situation in that center but the strike continued at Sydney.
The coal strike still continues. At recent wool sales. Prices have shown a
firmer tendency.
BRAZIL.
Exchange and the coffee market have been steady with a slight weakening
tendency. Credit conditions continue strained and general business is
extremely dull. Most observers prophesy a continuance of these conditions
for several months. The Sugar Co-operative Association expects to make
the following allotment of required exports to the different States for the
present crop: Sao Paulo. 80,000 bags; Rio de Janeiro, 150,000 bags; and
Pernambuco, 100,000 bags. The concreting of 15 miles of the mountain
section of the Rio-Petropolis highway will be completed in time for the
Latin-American road congress next month.

211

University. The majority of the permits, however, were for very cheap
dwellings.
CZECHOSLOVAKIA.
The slackening during the first quarter of the year, which had been
attributed to the severe winter, continued in the second, although industrial activity still remained higher than that of 1927, but below the level of
the same period of last year. Generally speaking, reduced output is to be
noted in the coal mines, the chinaware, cotton spinning and woodworking
Industries. The woolen branch is the only one of the textile lines well employed. Declining exports mar the otherwise satisfactory situation in the
shoe industry. Cement and brick plants report a higher level of activity.
while iron and steel production is still at a record level. At the middle
of the year the money market was displaying some stringency, but the
demands upon the National Bank were not excessive.
DENMARK.
The slow industrial and commercial improvement of the past few months,
with increasing production and the development of greater competitive
ability, continued during June. Practically all major industries showed.
progress, including a slight Improvement in the branches of textiles, footwear and leather. Shipping also was fully occupied and stimulated by
higher freight rates. Trade demands were accelerated and sales of automobiles were estimated to be higher than in 1928. Unemployment at the
end of June was about 29,000, the lowest in several Years. Prices on agricultural products remained generally satisfactory and the outlook for crops
was promising. Bacon, butter and egg production and exports continued
at a high level. Butter exports showed record figures and the high exports
of bacon, although lower than last year's, were expected gradually to increase. Prices were satisfactory.
FRANCE.
Domestic business during June registered a moderate improvement in all
principal lines except the cotton branches of the textile industry. Produotion and distribution were at higher levels, despite rising living and production costs. Foreign trade continues to show a heavy unfavorable balance
and is the major weak spot in the general commercial situation. The Present high level of production in most industrial branches is based on heavier
immediate consumption. Hqwever, continuation of the heavy output is
considered questionable in view of a perceptible restraint'in buying resulting from rising price levels, increasing production costs, continued heavy
taxation, which it is alleged exceeds current fiscal needs,the lack of improvement in buying by farmers, and the increasing difficulties encountered.
in foreign sales because of the high level of French export prices. Bank
clearances, which have reached the highest point since June 1928, indicate
a heavy turnover, but also partly reflect higher prices. An improvement in
the distribution of merchandise is shown by a 10% increase in current car
loadings over the similar period of last year. The iron and steel industry
Is maintaining a high output but forward orders have declined and steel
exports are more difficult. Coal production and sales are strong. A slight
Improvement occurred in the tanning industry but activity in all branches
of the textile industry is restricted. All ports show a substantial improvement in both mercantile and passenger traffic. The general agricultural
situation has been further improved by mild temperature and moderate
rainfalls.
INDIA.
The official Indian preliminary jute forecast estimates the crop acreage
at 3,319,400 acres, which is said to be considerably less than the trade
anticipated and as a result prices rose immediately and the outlook became
bullish. Allowing for damage by excessive rainfall in certain sections,
brokers predict that the crop yield will approximate 9.500,000 bales this.
season.
JAPAN.
Japanese business circles are favorably receiving the new Government.
which was formed following the resignation of the Tamaka Cabinet on
July 1. Financial retrenchment is expected to be the leading policy of the
new Government with no vital change in other policies. The stock market
remained moderately steady during the week, despite the political situation.
Industrial activity continues slow, except in the iron and steel and cement
industries.
MEXICO.
Manufacturing is increasing steadily it is reported. According to an
official Mexican forecast, the cotton crop will be substantially smaller next
season, owing to the fact that the shortage of water for irrigation purposes
has caused a decrease in the acreage.
NEWFOUNDLAND.
The fishing industry has been handicapped by cold weather, the cod
fishery having been delayed two weeks. Wholesale and retail trade is
quiet, few tourists have arrived, and a slight recession in summer trade IS
anticipated as compared with 1928. Buyers are now leaving for American
and foreign markets for Fall stock.
PANAMA.
Imports into the Republic of Panama during June amounted to $1,302.000
of which 74% came from the United States. Total imports for the fiscal
year ended June 30 1929, amounted to $17,312,000, of which 69% was
supplied by the United States. Construction activities declined somewhat during June. The National Aviation Commission held its first meeting
and after giving consideration to the proposal submitted by the Scadta
company for the transportation of air mail between Panama and Colombia
decided to defer action. The Pan American Airways has reduced its transisthmian service to one trip daily. The National Aeronautical Association
has received its charter and held its first meeting.

CANADA.
Merchants report a retail turnover generally heavier than last year as the
traffic of the past week. Eastern Canadian demand for
result of the tourist
hardware is also exceptional, Montreal and Toronto reporting a very active
business in lawn mowers, sprinklers and garden hose, but Winnipeg wholeBalers report a smaller volume of business at many points in the Prairie
Provinces. Real'lumber trade is considered equal to, if not better than a
year ago, but Toronto mills are less active than earlier this year. ManuSIAM.
facturers prices of blue annealed and galvanized sheets have been advanced,
Reports received from Bangkok indicate that business in Siam is very dull
and binder twine prices are slightly higher than a year ago. The wheat crop and that credits are
greatly restricted. The condition is attributed to
outlook is considered locally to be still spotty, with dry, cool weather the partial(allure of the rice
harvest, recently compl led.
principal complaint in districts where the growth is backward. A normal
SOUTH AFRICA.
crop is expected by powers in Ontario, fall wheat being reported by them as
After the interruptions of the political campaign which
excellent and spring grains as making satisfactory progress. Conditions in
terminated
Prince Edward Island are also believed to be very promising, and the pros- June 12 in the re-election of the Nationalist party, trade conditions appear
pects for both apples and soft fruits in British Columbia have improved to be returning to their normal winter level. There have been no spectacular
developments, but progress on the whole has been consistent toward the
with Juno rains which filled irrigation reservoirs.
resumption of active trading, the cooler weather of early June having
CHINA.
favorably influenced demand in many seasonal commodities. The inFavorable weather conditions in both North and South China have dustrial situation is satisfactory,
with recent machinery imports pointing to
relieved fears of poor crops. Prices on the Dairen exchange on future steady expansion in factory and mining
output. The building and allied
crops have consequently dropped slightly. Crop reports further indicate trades are well occupied, and both the
number and valuation of building
an increase of 6 to 10% in area planted over last year. Attention of the Permits in the larger cities continue at a high level. June rains hindered
Mukden Government is directed to establishing a fixed rate of exchange building operations to some extent, but
the demand for lumber and other
of60 fengpiao to one dollar(Mexican),raising a domestic loan of$20,000,000 structural materials has been good, with overseas prices firm. The used
secured by the cigarette tax, for the redemption of fengplao currency. car problem is more prominent in the motor trade, which
is experiencing a
Building continues active in the Mukden district. Fifteen hundred permits slack period, particularly in the medium
priced models where competition
were issued during the first six months of this year, 60 of which were for is very keen. Sales on extended credit terms tend to increase and most
stores and 20 for large residences and new buildings for the Northeastern distributors are well stocked. With the exception of winter cereals and




212

FINANCIAL CHRONICLE

forage, agriculture has apparently profited little by the
late fall rains, and
the corn estimate has again been reduced to 18.643,000
bags (of 200 pounds)
from the estimate of 19,025,000 bags made in May. Rhodesia,
however.
expects a record crop of 1.970,000 bags. Drastic curtailment of
tobacco
Planting in that Colony has reduced acreage to
18,300, 60% less than in
1928. The Mauritius sugar crop is expected locally to
exceed 225,000 tons
as the result of May and April rains.
SWEDEN.
General conditions in Sweden remain satisfactory with the leading
industries well occupied. It is estimated that automobile sales for the
second
quarter are about 10% below sales for the same period of 1928 which
may
partly be ascribed to the high sales of last year and the
late season of 1929.
The favorable trend in the paper market continues and prices are firm.
After
a period of low turnover the bourse has recently shown increased activity.
The present outlook in agriculture is better than last year and
indicates
greater yield for practically all crops.
UNITED KINGDOM.
The British industrial situation is not greatly changed from the position
reported upon a month ago. The business hesitancy incidental to the recent
election period has been largely dispelled by the early establishment of
the
Labor Party in power, but complete stability awaits a definite Intimation
of the new Government's intentions respecting such matters as present
tariff protection, the condition of the coal Industry, unemployemnt,
and
Inlra-Imperial trade. At a general meeting on July 2 between the Federation of Master Cotton Spinner's Associations and the Operative Spinners'
Amalgamation, the latter unanimously rejected the proposal to reduce
wages of operatives. No further meeting to discuss the subject has been
arranged between employers and the workpeople. As announced in Parliament, the Government's program regarding the coal industry includes
consideration of the matters of co-ordination of selling agencies, ownership
and control of minerals, and length of the miners' working day. Definite
action on the subjects, however, has not yet been taken or announced. The coal markets are firm, with brisk forward business.
The
export subsidy of the Central Collieries Commercial Association
has been
discontinued partly owing, it is alleged, to the drain on the association'
s
financial resources. In some local quarters it is believed, however,
that the
step presages an early breakup or drastic alteration in the existing marketing
scheme of the Yoilcshire and Midland districts. Unemployifent
among
industrial workpeople, considered collectively, has fluctuated recently only
within narrow ranges around 10% of the total. 'The total of registered
unemployed in Great Britain on June 17 was 1,123,000, as against 1,163,000
a year previous. The number of blast furnaces in operation increased during
May;the total now operating 18 27 higher than the aggregate at the beginning of the year. A fair volume of business and a few price reductions
are
reported in industrial chemical lines. Generally speaking, the chemical
export trade remains good. Petroleum imports continue at a good
volume.
automotive sales have been assisted by continued fine weather. The
engineering trades have shown improvement during the past
month.
Shipbuilding prospects are better, and this is reflected by substantial
orders
placed within marine engineering firms and steebmakers. Steel fabricators
are experiencing seasonally improved business. Electrical machinery
trade is steady. Cotton cloth business is very restricted and the
situation
Is generally dull. The woolen goods trade is generally unsatisfacto
ry and
much attention is being given to the matter of reducing production
costs.
Rayon business Is active in all branches. The line trade is generally
better
employed.

[vol.. 129. •

ures with the American banking authorities for easing the
international
money situation. Particularly, measures are likely to be
considered for
tiding over the awkward autumn period. Meanwhile, however, the
Bank of
England's position is reasonably satisfactory. As compared with
a year ago,
although its total gold holdings are considerably less, the banking
reserve
is £1,700,000 higher.
No rise in the bank rate is considered probable in
the near future, unless
the situation in foreign exchange and the resultant
gold movement were to
take sensational form. In financial circles generally, a better
exchange
market position is anticipated in the next few days. and hopefulness
was
expressed this week over the outcome of Governor Norman's
visit.
August 6 Reported as Date of Conference
of Governments to Bring Into Operation Young
Plan For
Settlement of German Reparations.
London Associated Press Advices July 11 state:
The conference to discuss the Young plan for settlement
of the reparations problem, it Is learned from authoriative sources,
will open on Aug. 6.
No decision has yet been made as to the place of meeting.
Efforts are being made here to have the conference in
London. This
may be possible in view cf the acceptance of London
by all the countries
concerned. I
.
:1th the exception of France.
The British Government, however, Is employing every
argument to
induce France to accept London as the meeting place, because
it would be
highly inconvenient for members of the British Cabinet
to leave London
during the busy Parliamentary session.
Since it Is thought that the conference will last about a
month and would
be followed by the League of Nations meetings
at Geneva, which the
Ministers would be required to attend also, the Ministers
might be obliged
to be absent from Parliament for a period of eight or
nine weeks.

Thomas W. Lamont at Congress of Internatio
nal Chamber
of Commerce Tells China That Further Credits Are
Dependent Upon Its Clearing Up of Foreign Indebtedn
ess
Now in Default.

Replying to the appeal of leading Chinese
business men
who addressed the fifth biennial congress
of the International Chamber of Commerce at Amsterda
m July 10, and
who asked for the co-operation of European
nations to help
forward the reconstruction of China, Thomas
W. Lamont
of J. P. Morgan & Co., Chairman of the
American delegation of 150 to the Congress, stated that in
his opinion no
helpful good sized loans would be available to China
in the
New York or European money markets until
adequate
measures had been taken for the restoration of China's international credit. The foregoing advices were
contained
In a special cablegram from Amsterdam to the New
York
The Department's summary also includes the following "Journal of Commerce,"—the further account of that paper
stating:
with regard to the Island possessions of the Government:
The plenary session today was devoted chiefly to the consideratio
n of
PHILIPPINE ISLANDS.
Chinese affairs. President Pirelli of the International Chamber
of
Textile business continues depressed and prospects for improvement in Commerce
presided.
the trade are uncertain. Textile credits are tight and reliable estimates
In addition to Mr. Lamont the speakers included Lord Balfour
of
Indicate that retail and provincial dealers are doing only from 30
to 50% Great Britain, and members of the Chinese delegation.Fifteen busiof their normal business. Such estimates have psychological effect on gen- ness
men 'and public officials formed part of the delegation headed
by
eral buying. Some importers and dealers do not anticipate a revival In
Eia Ngau Chang, governor of the Bank of China.
business before September but expectations are somewhat more optimistic
The Chinese speakers emphasized the point that co-operation
with
In other,quarters. As a result of slow demand from New York and London,
foreign powers in reconstruction of their country was largely
dependent
the abaca market was quiet during the past week. Total receipts amounted
on the granting of complete Chinese autonomy and the abolition
• to 33,584 bales and 29,420 bales were exported, the United States
taking of extra-territorial treaties.
16,901 bales. To-day's f. o. b. quotations are 27 pesos per picul of 139
pounds for grade E; F,25; 1,24; JUS,21; Juk, 17,and L. 14.50. (One peso
Warns on International Credit
equals 60.50.) The copra market continues steady to firm. Arrivals last
Mr. Lamont warned the Chinese that their country's internationa
l
week were about 100% less than anticipated and all oil mills operated at credit was at a low ebb, adding that
the Chinese themselves take carereduced capacity. Current f. o. b. steamer prices for warehouse grade ful measures for the re-establish
ment of China's financial and political
resacado are Manila, 10.50 pesos per picul; Cubu, 10.125; Hondagua and stability.
and.Iloilo. 10; and Legaspi, 9.87 pesos.
"A great part of China's foreign indebtedness is in default,"
said
Mr. Lamont. "Much of the specific indebtedness and for
PORTO RICO.
the service
of such loans has been sequestered. Until these conditions
The economic situation in Porto Rico remains unchanged with no improve
are remerit in sales or collections. This is the quiet season in trade and com- moved there can be no question of further credits on a material scale
mercial, transactions are slowing down considerably. Preliminary data for any purpose. In this process of restoration, the holders of all
Indicate that the total value of shipments from Porto Rico to the United loans to China, whether American, British, French or any other
States for the six months period ended June 30 was $41,759,000 as compared nationality, must receive equally fair treatment. Each loan must, in
with $62,556,000 in the same period of 1928. Shipments during June were the scheme of things, be treated upon its merits and not upon the
$6,276,000 as against 19,458,000 in June, 1928. Custom receipts during grounds of future credit favors to be received."
Mr. Lamont expressed the International Chamber's
June totaled $151,000 or well below those of the previous June, when they
confidence in the
amounted to 1204.000. Bank clearings totaled $18,002,000 as compared aims and aspirations of the Chinese Government and its faith in
the
ultimate achievement of those aims. It was the
with $23,350.000 in June 1928. Registration of new automobiles during
International Chamthe month amounted to 171 units as compared with 245 units registered ber's sincere desire, he said, to assist China in the long, slow
and
patient work, of reconstruction and restoration of
In the same month of last year.
credit:
Cites Difficulties
•
"We appreciate the stupendous difficulties China
has faced and is
Montagu Norman, Governor of Bank of England, facing
in changing a monarchy in existence for
thousands of years into
a republic along Western lines," he said. "After
Taking American Vacation.
seventeen years of
unsettled government following the Manchu
dynasty a stable government
From the New York "Times" of July 2 we take the folseems at last to have been established.
lowing:
"We want to see the new regime in China
which has been described
The mystery surrounding the visit of Montagu Norman, Governor of the as idealistic turn out to be as realistic as it is idealistic."
In the course of an exclusive interview with your
Bank of England, to this country was cleared up, in a measure, yesterday
correspondent Mr.
when it was learned that he had entered the country via Canada and Lamont remarked that he considered that the
presence of the Young
motored to Bar Harbor. His visit is primarlly social, it is understood. He Progressive Chinese Group was a forward looking
step.
intends to have a quiet vacation here with a few of his many American
A resolution was adopted expressing the pleasure
of the Congress
friends.
at the attendance of the Chinese group at the
business sessions and
When the Governor of the Bank of England does come to New York his heartily welcoming the Chinese delegates.
stay is expeoted to be short, although bankers believe the opportunity to
Group meetings included discussions on commercial
policy and trade
discuss international central banking policies with officials of the Federal barriers, international fairs and exhibitions,
transport and communiReserve System here and In Washington will not be overlooked.
cations.
Tomorrow will be given up to an excursion
From London June 28 the same paper reported the folthrough the city and
around the harbor of Rotterdam.
lowing:
Business sessions will be resumed Friday, on
which day Julius H.
The visit to New York of Sir Montagu Norman, Governor of the Bank of Barnes of New York, vice president of
the chamber, will deliver an
England,is ascribed by the City to the Bank's desire to discuss fresh mesa- address on "Public or Private Ownership.
"




JULY

13:1929.]

FINANCIAL CHRONICLE

213

The office carries with it the presidency of the Federal Intermediate
Credit Bank of St. Louis.
Netherland succeeds H. Paul Bestor, who resigned recently when
he assumed the Chairmanship of the Federal Farm Loan Board at
Washington.
• • •
Contract for renewal of the sterling credit to the Spanish Government for
the stabilization of the peseta has been signed and will run for another
Netherland also has been appointed district director by the board
year. The group includes Midland Bank. Barclays Bank, Lazard Bros. & at Washington to fill the unexpired term of Bestor.
Co., Anglo-South American Bank, Morgan, Grenfell & Co. and Samuel
Vacancy Unfilled
Montagu & Co.
There is a vacancy of Treasurer created by his elevation. It is
understood a prominent banker from the corn belt of Illinois will be
Nicaraguan Bonds Retired—Drawing Held for With- chosen, but his name was not forthcoming last night.
Other district directors of the Bank are: L. M. Smith, Ozark, Ill.,
drawal of $200,000 of 1918 Issue.
and A. P. Patton, Jonesboro, Ark.; and local directors, C. E. HopNicaragua, July kins, Pontiac, Ill.: W. W. Martin, Doniphan, Mo., and Oliver J.
Associated Press advices from Managua,
Lloyd, director at large. A local director will be elected soon from
6, were reported as follows in the "Times" of July 7:
The Resident High Commissioner, Irving Lindberg, and the Finance Arkansas to fill the unexpired term of the late L. M. Burge.
Assets of the Bank, according to the latest statement, total $111,Minister, Antonio Barberena. to-day supervised a drawing to retire $200,000 worth of Nicaraguan 5% customs bonds of 1918, redeemable in 1953. 000,000 and of the Federal Intermediate Credit Bank $5,400,000.

London Bankers Renew Peseta Stabilization Credit.
The following from London appeared in the "Wall Street
Journal" of yesterday (July 12).

The large sum retired to-day tripled the requirements of the law. Maintenance of peace by United States marines and by the National Guard has
produced an unusual increase in customs receipts.
The original issue of the bonds redeeemed was for $3,750.000 and there
Is a balance of $1,847,000 yet to be redeemed. The early redemption was
estimated to have saved a large amount of interest.

Chile Borrows $5,000,000—Swiss and Dutch Banks
Participate in Subscription.
A wireless message from Geneva July 5 to the New York
•
"Times" said:
The Government of Chile has Just concluded a loan of $5,000,000 at 6%
with Swiss and Dutch banks, the Swiss banks subscribing $3,000,000 and
the Dutch $2,000,000.
The money is destined for the improvement of public works. American
banks lost the deal because they asked higher interest.

Bonds of Kingdom of Norway Drawn For Redemption.
The National City Bank of New York, as fiscal agent,
-year
has issued a notice to holders of Kingdom of Norway 20
6% sinking fund external loan gold bonds, due August 15
1943, to the effect that $433,000 aggregate principal amount
of the bonds have been drawn by lot for redemption at par
and accrued interest on August 15. Payment on the drawn
bonds will be made upon presentation and surrender at the
principal office of The National City Bank of New York,
55 Wall Street on August 15, after which date interest on the
drawn bonds will cease.
_
Joint Stock Land Bank of Lincoln, Neb., Omits Dividend
as Precautionary Measure.
The following is from the New York "Times" of July 7:
Directors of the Lincoln Joint Stock Land Bank of Lincoln, Neb.,
have decided to omit the usual dividend due at this time, according
to a letter sent out to stockholders.
The passing of the dividend, the directors explained, is not to be
considered a loss to stockholders but is made simply as a precautionary measure to preserve and protect present earnings and
thus strengthen the position of the bank. This precaution is considered advisable, it is explained, in view of the unsatisfactory commercial banking conditions in Nebraska.
The forthcomng statement of the bank, it is explained, will show

earnings at about the same rate as last year. Agricultural conditions,
the,directors say, are not what they should be, but there is evidence
that there has been vast improvement and that efficient farming today is in most respects a satisfactory business.

Analysis by Woodward, Butler & Co. Shows Rise of
Nearly 500% in Stock of Hanover National Bank
and Central Union Trust Co. in Ten Year Period.
An average investment of 15 shares each of Central Union
Trust Co. and Hanover National Bank—merged in May
of this year to form the CentralHanover Bank and Trust Co.
—presents the interesting picture of both appreciating nearly
500% in the ten-year period from July, 1919 to July 1929.
Fifteen shares of Central Union bought for $7,050 in 1919
are to-day worth $40,185 with accumulated dividends, an
appreciation of 470%, while 15 shares of Hanover National
bought at the same time for $11,850 are similarly worth
$66,245, a rise of 459%. This comparison is brought out
in an analysis of these two old institutions, prepared by
Woodward, Butler & Co., specialists in hank stocks. It
recalls that the Hanover Bank was organized during the
'Gold Boom" of 1851 and has continued to be known as
the "Bankers' Bank" due to its widespread service to out-of'town institutions. Central Union Trust Co. was the result
of the merger of the Central Trust Co. and the Union Trust
Co. Both banks have experienced a steady growth over the
yeal.s, due in no small degree, according to the analysis,
to the few changes in the chief executive offices. Neither
of the banks has yet affiliated itself with any security or
investment corporation. In 1928, Central Union Trust
earned $76.13 a share while Hanover National earned $52.19
a share.
John G. Lonsdale of St. Louis Reappointed Chairman
of Finance Department of U. S. Chamber of Commerce.
John G. Lonsdale, President of the Mercantile-Commerce
Bank and Trust Co., of St. Louis, has been reappointed
Chairman of The Finance Department, United States Chamber of Commerce, for 1929-30. He has served in the same
capacity since 1925. Other bankers and business men who
will serve on the committee are Vice-Chairman, Felix M.
McWhirter, President Peoples State Bank. Indianapolis;
William J. Filbert, Comptroller, United States Steel Corp.,
New York; J. H. Frost, President Frost National Bank,
San Antonio, Tex.; W. F. Gephart, Vice-President First
National Bank in St. Louis, St. Louis; George J. Gruen,
Gruen Watch Manufacturing Co., Cincinnati; George W.
Holmes, President First National Bank, Lincoln, Neb.;
Fred I. Kent, Financier, New York; Thomas W. Lamont
(ex officio), J. P. Morgan & Co., New York; Walter Lichtenstein, Executive Secretary, First National Bank, Chicago;
E. E. Lincoln, Economist, International Telephone & Telegraph Corp., New York; W. S. McLucas, Chairman of
Board, Commerce Trust Co., Kansas City, Mo.; Prof.
0. M. W. Sprague, Harvard Graduate School of Business
administration, Cambridge, Mass.; Oscar Wells, President
First National Bank of Birmingham, Ala.; Rollin A. Wilbur,
President Investment Bankers Assn., The Herrick Co.,
Cleveland; Theodore Wold, Vice-President Northwestern
National Bank, Minneapolis.

Chase National Bank Establishes All-Time Record for
Bank Clearings—Its Exchanges of $815,352,462.69
on July 2 Largest of Any Bank in History of New
York Clearing House.
The largest volume of exchanges ever cleared by an
individual bank in the history of the New York Clearing
House was recorded by the Chase National Bank on July 2
with a turnover of $815,352,462.69—approximately 30% of
the day's total clearings of $2,922,000,000. New high records
were established by the Chase Bank both in the amount
brought to the clearing house and the amount received.
Its credits on July 2 totaled $404,582,537.89, while its debits
aggregated $410,769,924.80. This huge volume of clearings
reflects the magnitude of the operations carried out in connection with mid-year settlements by the country's leading
banks, of which the Chase National Bank is one of the
three largest. Thousands of individual items are involved
in the daily exchanges, each of which must go through the
bank's machinery and be correctly tabulated.
Call Loans of Canadian Banks, Held Outside Canada,
$322,182,343 at End of May—Increase of Over $20,000,000 in Month.
Wood Netherland Elected President of St. Louis Federal
Land Bank—Also Becomes Head of Intermediate
Canadian Press advices from Ottawa July 5 published in
the Montreal "Gazette" state:
Credit Bank of St. Louis.
Call loans of Canadian banks, held outside Canada, increased from
Wood Netherland, Vice-President and Treasurer of the S301,764,922 at the end of April to $322,182,343 at the close of May 1222,
Federal Land Bank here, formerly Cashier of the First or an advance of 520,417.421. Savings bank deposits in the banks of
National Bank of Fort Smith, Ark., has been elected Presi- Canada during May dropped $21,897,186. The monthly statement issued
today from the Department of Finance shows that savings bank deposita
dent of the Land Bank, it was 'announced on June 27, ac- in Canadian banks at the close of April last amounted to 51.508.551.619.
cording to the St. Louis "Globe-Democrat." The item says: At the,end of May the figure had decreased to $1.486.454.435.




FINANCIAL CHRONICLE

214

[VOL. 129.

necessarily be undivided, for if any member in an account fails to take
up his bonds when delivered by the municipality the other members of
the account must take up his participation pro rata, as all bids are signed
jointly. In the past the divided form of account has worked out rather
well because the loans purchased by Western groups have been smaller than
those purchased by Eastern syndicates. When a very large issue of bonds
is offered it is usually necessary to market them throughout the United
States, and therefore groups for this purpose are usually formed in New
York, where there is a greater number of municipal dealers who have
branches all over the country.
The Eastern form of account, known as the undivided liability account,
provides that each member shall assume a certain percentage of liability
for any unsold bonds in the account, regardless of the amount of bonds
which that member sells. In this type of account it is possible for a
member to sell more than his original participation and yet be liable for
his proportionate share of the unsold balance.
The very nature of the .municipal bond business makes an undivided
J. H. Allen Indicates Reason for Withdrawing from account preferable, but it is obviously unfair that certain members of an
account most distribute snore than their participation and receive no more
"First Call Money Company of America."
compensation than members who distribute less than their participation.
Details of the brief career of the Merchants' and Traders' Conversations are now taking place between leading municipal houses here
to overcome this objection to the undivided account by the adoption of the
Bancshares Corporation, parent company of .the First Call principle of an "oversellers'" commission, which shall be chargeable
Money Company of America, which is in process of liquida- directly to "undersellers," thereby compensating each member for the
tion, were revealed on July 5 in a statement by John H. exact amount of his sales.

The statement shows that, at the end of May, the banks had a deposit
in the central gold reserve amounting to $57,880,866, as compared with
$61,830,866 at the close of the previous month.
The statement follows:
May 1928.
April 1929.
May 1929.
Reserve fund
$150,731,824 $146,631,527 $133,566,700
Note circulation
168,245,164 170,932,697 162,402,410
Demand deposits
663,515,282 633,814,898 696,072,649
Notice deposits
1,486,454,433 1,508,351,619 1,516,206,532
Deposits outside Canada
410,354,894 398,764,312 407,529,978
64,163.602
Current coin
75,376,978
65,103,016
Dominion notes
126,409,002 131,285,167 133,057,863
65,995,332
61,830,866
Deposit C. G. It
57,880,866
Call loans, Canada
272,311,040 262,674,368 269,392,692
Call loans outside
322,182,343 301,764,922 262,742,355
Current loans, Canada
1,311,219,161 1,320,489,538 1,207,363,245
Current loans outside
247,658,021 251,641,802 279,095,054
Total liabilities
3,491,422,747 3,492,795,219 3,399,520,549
Total assets
3.510,908,888 3,518,070,202 3,417,664,438

Allen, who was President of the corporation. This is
learned from the New York "Times" of July 6, which says: Stock Swindle Loss Put at $300,000-1,000 Out-of-Town
Mr. Allen stated that his connection with the company was of only three
Speculators Victimized Since June 1 by Fugitive
weeks' duration. At the end of that time, finding that public response to
Brokers.
warrant
the offering of shares had been insufficient, in his °Pinion, to
going ahead with the project, he recommended that the funds collected
From the New York "Times" of July 6 we take the folshould be returned intact to those who had subscribed for stock. When
lowing:
this suggestion was not approved by a majority of the Board of Directors,

Within the past few weeks approximately $300,000 was paid by about
1,000 out-of-town stock speculators to a set of brokers here, whom the
speculators had neve' seen and whom they knew only as voices on the
His statement follows:
"My connection with the Merchants' and Traders' Bancshares Corpora- telephone. Deputy Attorney General Selvaggi is now searching for the
tion covered a period of approximately three weeks and developed from an brokers without being sure he could prosecute them successfully if he
them.
invitation to attend a dinner at an uptown hotel, at which there were succeeds in arresting
Mr. Selvaggi declared last night that speculative gullibility established
present most of those who later appeared as directors of the corporation,
in these operations, showing the old confidence game
at which time the plan and purpose of the corporation were outlined, the a new high level
being worked by long distance telephone.
organization of which had already taken place.
The operations were so widespread, he said, that he has spent the past
"Most, if not all, of those who were present at the dinner agreed to serve
reconstructing Om, as a result of the raid made last 1Vedneson the Board of Directors and the meeting was adjourned to meet about a three days
week later. Among those who attended were representative business and day by the stock fraud officers of the Attorney General's Department on
maintained under the name of E. M. Corey & Co. at 55 and at
professional men, and between the two meetings two New York Stock two offices
Exchange houses were represented, one at the first and one at the second 110 West Forty-second Street, and another office under the name of J. B.
Sutton & Co., at 113 West Forty-second Street, all linked by private
meeting.
"At the second meeting practically all except perhaps two of the Board telephone.
Mr. Selvaggi explained that the raid had been made on the complaint
of Directors were present, officers were elected, and I was asked to
become President of the company. Previous to the second meeting and of a Philadelphia lawyer who tried since June 20 to collect the proceeds
subsequent to the first one, I was told that approximately $2,500,000 of of the sale of twenty-five shares of General Motors stock which he had
the stock had been taken, and I think, although I do not know, that other bought outright on June 5 for $1,800 and later instructed a telephone
voice to sell for him. The lawyer, however, went to the brokers first on
directors were told the same thing.
"At the second meeting a contract was made for the marketing of the Tuesday and made such a protect directly to them before going to the
stock fraud office, that the brokers drew their money out of their three
stock, and the public offering took place shortly thereafter.
banks and left town.
Says He Became Uneasy.
The raiders next day found only the three offices and a staff of nine
"Within two or three days after the public offering I inquired about the bewildered stenographers, hired within the past two weeks, attempting to
proceeds of the sale of the shares and was told that everything was pro- deal with the 1,000 out-of-town customers who were beginning to clamor
ceeding satisfactorily and that the returns would be made without delay. by telephone for their stock or their money.
"This went along for about a week, and on May 22, becoming uneasy, I
Operations Began June 1.
called the Board of Directors together and told them that if the representaThe seized records showed operations started June 1, but that the bulk
tions regarding the sale of the stock were not correct or if sales had been
of the $300,000 had been collected during the past two weeks from 1,000
made which had not been lived up to that I believed the company should
2,000 additional customers throughout the
either return to those who had subscribed and paid for shares the amount active customers, and that
of the subscription without any deduction or that the sale of stock should country were under intensive solicitation by long distance telephone.
The raiders answered all telephone calls and broke the news to the
continue and the entire proceeds held intact by the company without
anxious speculators that the brokers had disappeared, but did not find
deduction for expenses or commission until such time as enough shares had
one who knew his broker as anything more personal than a firm name
been sold to enable the company to be declared operative.
and a voice.
"This suggestion did not meet with the approval of the majority of the
The victims were doctors, lawyers and professional men. Many said
Board of Directors; therefore, I resigned as President and Director, which
they preferred to make no complaint and take their losses rather than admit
fact was reported in the New York 'Times' on May 24.
how they had been taken in. For this reason, Mr. Selvaggi explained,
"On this date approximately $53,000 had been received by the company
the name of the original complainant was withheld.
and had been held intact; therefore those who had subscribed and paid for
According to the accounts given to the raiders by the customers, the
their shares at that time would have received one hundred cents on the missing
brokers offered an opportunity to speculate on margin, on the
dollar."
scale of small over-the-counter Iota.
An item regarding the reported winding up of the affairs
Larceny Prosecution Possible.
of the Oall Loan concern appeared in our issue of July 6,
If a Federal prosecution is therefore eliminated, Mr. Selvaggi explained,
it might nevertheless be possible to prove larceny in the State courts under
page 57.
the Martin Stock Fraud Act, if it were possible to identify any of the
telephone salesmen or the principals responsible for their operations.
Bond Dealers Seek Uniform System—Municipal Issues
He said the only public record indicating responsibility was a certificate
Marketed on Different Bases in East and West— filed with the County Clerk on May 31, as required, declaring that Edgar
M. Corey, was about to do business at 55 West Forty-second Street
Undivided Account Urged—Conferences on Proband
that he lived at 535 West 110th Street. Investigation revealed that some
lem.
one of that name lived there two years ago.
The only descriptions obtained by the raiders were supplied
One of the most vexatious problems that have confronted
by the
stenographers who said there
the municipal bond trade for more than a generation, that "very distinguished looking, was a Mr. Corey in the office who was a
gray-haired raan, about 55 years of age."
of reconciling the divided and undivided forms of account There was also a Mr. Marks, described as "very stocky, red faced and dark
used respectively by dealers in the West and in the East, haired."
Two of the stenographers were, found
may be solved in the near future as a result of conferences Corey & Co. at 55 West Forty-second in the luxurious offices of E. M.
Street, where they said they had
held by dealers in municipal issues in Chciago, St. Louis no mail to handle but only long distance telephone messages to
connect
with 110 West Forty-second Street. Similarly at the offices of
and Detroit, says the New York "Times" of July 6. The
J. B.
Sutton & Co., 113 West Forty-second Street, seven new stenographera
gave
account further stated:
the same account of their duties and described Mr. Sutton in a
way that
The Western municipal houses, it is said, are willing to adopt the might have fitted Mr. Corey. The telephone operator said her
chief job
undivided form of account used in the East provided there is sufficient was to make connections with 110 West Forty-second Street
and to send
compensation for distributers. The need for closer co-operation has been messengers there when called for.
apparent during recent months because of the increase in the number of
At 110 the raiders found what was apparently the operating center, a
large municipal loans requiring national distribution.
sound proofed office with twenty telephones and directories of practically
The undivided account, long in use in the West, provides that each every State in the nation, a blackboard with figures and a
door opening
member of a syndicate undertaking to distribute a given issue shall assume into a room that was pitch dark, in which a back door was
concealed.
a definite liability for a certain number of bonds of average maturity. This secret back door led into a hall different from the one on which the
When a dealer sells his portion of the lame his liability is extinguished front door opened. The place was in disorder. The telephone company
and he profits or loses according to his efforts, regardless of how the was already looking for some one to pay a bill of several thousand dollars.
rest of the members of the account fare.
From the papers scattered around the floor, Mr. Selvaggi found that the
It has been pointed out to the Western dealers that even although their brokers had used three banks, M. Berardini's State Bank at 88 Mulberry
accounts are thus divided their bids to the various municipalities must Street, the Inter-State Trust Company at 130 West Forty-second
Street.
Mr. Allen resigned.

Text of the Statement.




JULY 13 1929.]

Forty-seoond Street
and the Sterling National Bank and Trading Company at
and Lexington Avenue.
Corey and Sutton
He served orders on all three to hold all funds of the
the money out just
firms, but it was too late. The brokers had drawn
they were going
before the raid, and left word with the stenographers that
away for a holiday.

and therefore impose the obligastock on presentation and surrender,the approval of the Commission?'
tion on it to obtain, with diligence,
Bondy held that the
In striking out another defense motion, Judge
to bring action.
plaintiff need not be a stockholder of record
& Lehman, by Harold
Mr. Marony was represented by Cook, Nathan Green. Davis, Polg.
Nathan, Frederick F. Greenman and Nathan
who appeared fistWardwell, Gardiner and Reed, by R. S. Coutante,
the Wheeling.

When-Issued Order Reversed by Court—Federal Appeals
Plan
Bench Holds Seller of Rights May Cancel Sale if
Not Binding—Decision AfIs Changed—"As Issued"
fects Rights to Purchase Bank of America Stock.
The following is from the "Times" of July 7:
if issued"
The seller of rights to purchase stock on a "when, as and
corporation
basis under a plan agreed upon by the directors of the
such sales if a plan
whose stock is involved has the right to cancel
complexion of the
is subsequently adopted which changes entirely the
by Judge Aufirst plan. This opinion was handed down yesterday of Appeals, regustus N. Hand oi the United States Circuit Court
the Southern
versing a decision by Judge Henry W. Goddard of Carolyn Civic,
District Court on the appeal of Maxwell Civic and
over-the-counter
bankrupts, doing business as Civic & Co., dealers in
securities.
Henry K.
Judge Hand's decision reaffirms the position taken by
against claims
Davis, referee in the bankruptcy of the Civic firm,
Stone & Co., for
made against it by Albert H. Danino for $27,425,
case involved
$1,880 and Weingarten, Toolan & Co. for $9,600. The
to
the sale of rights to these three purchasers by the Civic concern
by
purchase stock of Bank of America under the plan announced
the bank's directors on March 27.
ing
Under the original plan the Bank of America in consolidat
l
with the Bowery and East River National Bank and the Commercia
Exchange Bank, under the title of the Bank of America National
for
Association, offered to its shareholders the right to subscribe
sold
new stock of $25 par value at $110 a share. Such rights were
a new
by Civic & Co. The Bank of America directors announced
the
plan on April 4, calling for the payment of $125 a share with
the
added $15 representing an interest in the bank's security affiliate,
Bancamerica Corporation, subsequently .known as the BancamericaBlair Corporation.
"We think it reasonable to suppose that both sides contracted with
reference to the original plan," wrote Judge Hand, "and that the
words 'as issued' related to rights to purchase stock of the consolidated bank and did not include rights or obligations to purchase
units which comprised shares of the consolidated bank and the Bancamerica Corporation. Any other interpretation of the contract involves too fundamental a change in the subject matter .to have been
within the contemplation of the parties.
"Here the rights purchased were never issued, but something entirely different. In such circumstances and because of the action of
third parties in adopting a new and different plan the contract had
nothing upon which to operate and was consequently at an end."

Exchange in
Volume of Trading on Los Angeles Curb
of Preesnt Year.First Six Months
Exchange,
The volume of trading on the Los Angeles Curb
months of
amounting to 25,098,672 shares for the first six
that market fourth place among the Ex1929, has given
announced
changes of the nation in share turnover, it was
of the
8 by Phillip S. Leo, Secretary and Manager
on July
its activity. Rating of the first four
Curb, in an analysis of
York Stock
Exchanges has been tabulated as follows: New
not yet available; New York Curb ExExchange, figures
Exchange (no
change, 235,925,659 shares; Chicago Stock
Curb
Exchange), 28,871,000 shares, and Los Angeles
Curb
The monthly tabulation for the
Exchange, 25,098,672.
Los Angeles Curb follows:
Shares.
5,558,056
4,823,125
4,135,697
4,410,477
3,586,925
2,584,392

Market Value.
529,727,146
21,387,240
28,552,566
22,870.718
23,977,670
8,687,187

25,098,672

January
February
March
April
May
June

8135,201,903

value of
Listing of 66,150,438 shares with a market
77,627 during the six months ending June 30 last
$1,897,1
listings,
also was announced by Mr. Leo. Activity in new
a record
g 53 issues of 47 companies,is believed to be
involvin
in any six months'
among Western Exchanges for new listings
listed, 15 were
period. Of the companies whose stocks were
14 oils, 7 aviation, 3 mining, 3 financial and
ndustrial,
4 miscellaneous.
for Delivery
New York Stock Exchange Amends Rule
.
of Security in Which an Irregularity Figured
regarding a change in the
The following announcement
e was made
rules for delivery of the New York Stock Exchang
the Exchange.
on July 11, by Ashbel Green, Secreatry of

Wheeling & Lake Erie R. R. Settles for Stock Corner—
Terms Made With R. J. Marony, Who Was Unable to
Convert Preferred Shares.

The Wheeling & Lake Erie Railway has made a settlement out of court in an action brought against it by R. J.
Marony, Vice-President and Assistant Secretary of the Chicago, Milwaukee, St. Paul & Pacific Railroad, in connection
with the practiced, although not technical, corner in Wheeling stock early in 1927. This is learned from the New
York "Times" of July 9, which says:
The settlement was made as the case was about to go to trial. Although the terms were not announced, it was learned yesterday that it
involved a substantial cash payment by the Wheeling to Mr. Marony.
He sought to recover $22,000 from the railway.
The settlement followed a ruling by Federal Judge William Bondy
adverse to the Wheeling. judge Bondy held that the railroad could
not plead Inter-State Commerce Commission rulings to show it was not
compelled to convert its preferred stock into common immediately at
the time when competitive buying of the stock produced a situation
which, while never, designated technically as a corner by the Stock
Exchange authorities, nevertheless had most of the aspects of a corner.
Wheeling stock scared to great heights at the time.
Many Unable to Convert Shares.
Owners of Wheeling preferred who saw the sensational rise in the
common sought to profit by the situation through converting their preferred into common, but in view of the railway's failure to carry out
this conversion at the time of the rise, many *ere unable to do this.
As a result, court actions were begun against the Wheeling, which were
based on the grounds that the railways should have made preparations
for such conversion.
In his complaint Mr. Marony alleged that on or about Feb. 7, 1927,
he was the holder and owner of 500 shares of Wheeling preferred, and
that he then offered the stock at the transfer agency of the railroad, and
unsuccessfully demanded delivery of common stock in return. Meanwhile, he had sold common stock at the high prices then prevailing
against his holdings of preferred.
In reply, the railroad cited an amendment to the Inter-State Commerce act of 1920, which made it unlawful for any carrier to issue
capital stock without the consent of the Inter-State Commerce Commission, and asserted that after preferred holders began to seek conversion
of their holdings into common in February, 1927, it immediately applied
The Comto the Commission for permission to make the exchange.
mission later gave this authority, but too late for the purposes of those
who sought to profit by the advance in price of Wheeling.
Defense Point Stricken Out
In graning a motion by counsel for Mr. Marony to strike out this
defense, Judge Bondy said:
incorporation and
"The statement by the defendant in its certificate of may convert such
preferred stock
stock certificate, that any holder ofthe obligation of the defendant to
stock into common stock imposed
to keep itself in
use a reasonable diligence to do everything necessary
its preferred
readiness lawfully to comply with its promise to convert




215

FINANCIAL CHRONICLE

NEW YORK STOCK EXCHANGE.
Committee on Securities.

July 11 1929.
been amended effective July
Rule No. 102 of the Rules for Delivery has for "2:15 o'clock p. m.",
p. m."
12 1929, by substituting "3:00 o'clock
as follows:
so that the said Rule, as amended, will read
been delivered may be returned
"A security with an irregularity having
delivered it, who must ioundeiately
up to 3:00 o'clock p. m.to the party who
in proper form for delivery,
it
give the partly presenting of either the securityassume all liability for nonthe security and
or pay the market price
Lelivery."
ASIIBEL GREEN,Secretary.
Reserve
Proposal for Extension of Activities of Federal

DisSystem to Include Mortgage Companies to Be
ce
cussed before Brooklyn Chamber of Commer
July 18.
SysA proposal that the activities of the Federal Reserve
title and mortgage companies will
tem be enlarged to include
of
be presented by Joseph M. Gross, real estate operator
luncheon meeting to be held July 18 at the
Brooklyn, at a
n
Brooklyn Chamber of Commerce, according to the Brookly
Eagle, which says:
Daily

and Congressmen
Mr. Gross has invited United States Senator Copeland
and this group will
Cellar, Somers and La Guardia to attend the luncheon session of Congress.
be asked to introduce the necessary legislation at the next
have been invited.
Various banking and real estate men of lirooklyn also ing position when
"Sometimes title companies are placed in an embarrass
their funds are tied
they have to stop making loans on mortgages because
Reserve
Up in secured investments," said Mr. Gross. "With the Federal banks,
System for
System in vogue, as an adjunct to the present Reserve on their sound colget money
title companies will always be in a position to
which so often
lateral. It will also put an end to the calling in of mortgages
causes hardship to small home owners."

Move to Liberalize National Bank Laws Due at Next Session—Aim to Put Them in Position to Compete With
State Institution—Support of Representative McFaddent Seen Necessary for Government to Accomplish
Purpose.
A determined drive in the December Congress for legislation to liberalize restrictions against national banks and
to put these Governmental instrumentalities in a better
position to compete with State banks and trust companies is
now regarded as an assured fact, it was learned at Washington July 8, according to the Washington correspondent
of the New York "Journal of Commerce." The further advices to that paper follow:

With withdrawals from the National system taking a dangerously
conserious trend in the last year, the Administration is said to be

216

FINANCIAL CHRONICLE

cerned with the situation and anxious to do something that will maintain the National system on a plane of greater power in the financial
world.
Would Reopen Fight
About the same objective was behind forces which strived to bring
about the passage of the McFadden bill, sponsored by Representative
McFadden (Rep.), Chairman of the House Banking and Currency
Committee. The McFadden bill was passed, but in an amended form
and did not quite accomplish the result desired of placing the National
banks on parity with the State banks and trust companies, according
to some officials.
A drive for liberalization of National banking immediately would
bring about the reopening of the fight between the State and National
bank groups in Congress, the former fearing possibilities of unlimited
branch banking, a move which would place the smaller State institutions at a material handicap.
While Secretary of the Treasury Mellon and Under-Secretary Ogden
L. Mills have been quiet on this subject, possibly considering it an
unpropitious time to bring up the matter, it was the understanding that
it is desired that the National banking system, if possible, be maintained
at its full strength.
It was disclosed that inquiries have been received from many parts
of the country as to the possibilities of relaxation of restrictions on
the National banks. Officials said that while the number of National
banks is slowly declining, the resources of the system gradually are
becoming greater.
Territory Served Decreased
Nevertheless, it was pointed out, the concentration of the banks
through mergers and consolidations has brought about a contraction in
the territory served by them. Scores of small National banks have
turned over their field to the State institutions and many communities
have been deprived of the particular services offered by the national
institutions.
Comptroller of the Currency J. W. Pole recently brought up
this
question, describing the necessity to the Government of the
National
banks and pointing out the many withdrawals from the
National
system. He proposed at that time a National conference of
bankers,
economists and business men to assist in drafting banking amendments
to be submitted to Congress. However, that plan has been dropped
as
unworkable and the matter will be given study in the Treasury Department.
Undoubtedly the matter will be discussed with President Hoover soon
by high Treasury officials, with a view to determination of the Administration's attitude and the laying out of a program for the winter session
of Congress. To get results the Government would need the support
of Chairman McFadden.

[Vol,. 129.

hauled and made much more restricted. The course of the Board
in seeking to raise rediscount rates has been made the occasion for
many bitter attacks upon it.

Federal Reserve Bank of New York Becomes Non-Member
of Stock Clearing Corporation.
The addition (effective July 15) of the Federal Reserve
Bank of New York to the list of non-membres of the Stock
Clearing Corporation was made known in the following notice to members, issued July 10 by S. F. Streit, President
of the Corporation:
Stock Clearing Corporation,
18 Broad Street, New York.
July 10,1929.
To Clearing Members
Dear Sirs:
Commencing Monday, July 15th, 1929, the method of delivery and
receipt of securities between Clearing Members and certain Non.
Members through the medium of the Central Delivery Department, will
become effective with the Federal Reserve Bank of New York.
The addition of this banking institution will increase the list of
Non-Members so that that list will now include:
The Bankers Trust Company,
The Federal Reserve Bank of New York,
The Guaranty Trust Company.
It is the desire of the Board of Directors of this Corporation to
urge upon you to actively co-operate in Non-Member delivery and
and to see that your office use the Stock Clearing Corporation as the
regular medium of delivery between yourselves and these three NonMembers.
Yours very truly,
S. F. STREIT, President.

It is noted in the "Times" that the Stock Clearing Corporation does for securities much that the New York Clearing
House does for bank checks. All deliveries are made to the
clearing corporation and all securities are received from
it. At ,.he close o the day's business transactions are balanced
and the clearing member or non-member receives or gives a
check in settlement.
Almcst since the start of the Federal Reserve system, the
twelve Federal Reserve Banks, says the "Herald-Tribune" of
Senator King Expects Stock Market Inquiry by Senate— July 11, have been affording to out-of-town member instituBrokers' Loans Gain Despite Federal Reserve Efforts to tions the service of delivering securities and holding t m f r
Cut Credit, Senator Finds—Glass and Brookhart Urge safe ke-ping. Continuing the item we quote said:
In the past whenever a member bank has desired to sell some
Legislation on Speculation.
stock held for it by the Reserve Bank it has directed the latter to
Prediction that the Senate Banking and Currency Com- deliver the shares to a certain broker, and in the event of a purchase
of stock the country bank has ordered the broker to make delivery
mittee will make a comprehensive investigation into
the to the Federal Reserve.
banking, stock market and financial situation after
Delivery and receipt of such stock will be simplified for the Federal
the
present recess of Congress was made on July 9 by Senator Reserve Bank of New York by the central delivery department of
William H. King, of Utah, a leading Democratic member of the Stock Exchange. This service is one of the many rendered member
banks by the central banking system.
the Finance Committee. In reporting this July 9 a WashA total of 375 member firms of the Stock Exchange now use the
ington dispatch to the New York "Herald-Tribune" said: central delivery facilities for delivery or receipt of all clearing stocks.
Of the approximately 1,200 stocks listed on the exchange, 440 of the

Senator King referred to the matter in connection with
the latest
figures as to brokers' loans. These figures show that
the efforts of the Federal Reserve Board for some in spite of all
months to cut
down the volume of the country's credit which goes
into
brokers' loans have climbeed up again until they are not speculation,
far from the
high point.
It has been made apparent that the efforts of the Reserve
exert influence on member banks and keep them from lending Board to
speculative channels have not sufficed to hold brokers' loans money in
down for
any great length of time.

most active issues are cleared through the Stock Clearing Corporation
and delivered through the Central Delivery Department. Since May
29 all of the cleared stocks have been on the list of those handled
by the central delivery system.
The record number of 10,162 deliveries was handled Monday by
the Department representing 2,725,000 shares actually delivered.
Average deliveries through the department now run slightly more
than 2,000,000 shares a day. Non-clearing stocks, bonds, Curb and
over-the-counter stocks still are cleared in the old manner.

Exhaustive Inquiry Proposed
The King resolution, which is now in the hands
of the Senate Banking
and Currency Committee and which was considered before
the recess,
proposes an exhaustive investigation into speculative loans,
use of the
credit of the country to further speculation, the extent
to which the
Federal Reserve System is being used to help speculative
operations
and how the general level of credit for ordinary business
or for agriculture is affected by the great tide of speculative operations.
Among other things, there would be an inquiry as to how far
interest
rates for ordinary commercial loans have been forced upward
and
whether industries are being adversely affected by the situation. What
legislation is needed to remedy conditions would, of course, be studied
by the committee.
If the inquiry is ordered, as Senator King expects that it will be,
and as he has been assured by some of the leading members of the
Banking and Currency Committee it will be, it will probably consume
many weeks. Not improbably, there will develop an investigation coin.
parable to the old Pujo inquiry of years ago into the alleged "money
trust."
May Shade Tariff Issue
Important as the tariff controversy will be after the recess of Congress ends, it is possible that the proposed financial investigation, if
it
gets under way, will income of greater prominence.
Meantime, there is talk of various kinds of legislation to meet the
situation. Senator Carter Glass, who is one of the Banking Committee,
has proposd a tax on stock transactions of a speculative rather than
investment character. Senator Smith W. Brookhart has proposed such
a tax also. While these amendments are proposed
as additions to the
tariff bill, any investigation by the Banking Committee would bear
directly on such legislation. Senator Brookhart also proposes
to prevent member banks, state banks and interstate corporations from
making
speculative loans.
On the other hand, there are various proposals to restrict the power
of the Federal Reserve Board. The procedure of the Board in
the
last few months has evoked a chorus of criticism against the
Board
and there have been demands that the Federal Reserve measure be
over-

Boston Federal Reserve Bank Reduces Buying Rate
on Acceptances.
The "Wall Street Journal" of yesterday (July 12) contained the following credited to the Boston News Bureau:




Federal Reserve Bank of Boston has reduced its buying rate on acceptances K, of 1% on one to 45 days and X of 1% on longer bills.
The new rates are 53.4% for one to 120 days and 53.1% for five and six
months.
Former rates wore 5%% for one to 45 days; 53i% for 4(1 to 90 days.
5;6% for 91 to 120 days and 51 % for 121 to 180 days. Rate
11
on sales
contracts is reduced to 53470 from 53%.

The "Wall Street News" obervod:
No present market change is contemplated by dealers in
acceptances
rates at this center. Reduction in buying rates by Boston Federal
Bank is regarded as merely a technical adjustment, as Boston's Reserve
buying
rate has been out of line with the prevailing market and
•nstitution has
been buying practically no bills recently.
Quotations are unchanged as follows:
Bid Asked
Bid Asked
30 days
53.1%
% 120 days
5%% 534%
60 days
534%
% 150 days
534% 534%
00 days
534% 5.14% 180 days
534% 534%

$1,000,000 In New U. S. Paper Currency Shipped
to
Banks in Central America.
More than $1,000,000 in the new U. S. paper currency
was carried out on July 11 on tho Panama mail steamer
Colombia, bound for banks in Central America, according
to the "Times" of July 12 which said:

The demand for the new small-sizod bills in Central American countries
is almost as great as in the United States, and most of the largor banking
firms have long lists of applications for the now money, officials of the line
said.

JULY 13 1929.]

FINANCIAL CHRONICLE

by
Rediscount Recognition to Installment Paper
R.
Federal Reserve System Proposed by John
Walker of Morris Plan Corporation of America.
nt of
At New Orleans, July 3, John R. Walker, Preside
tion of America criticized the Fedthe Morris Plan Corpora
eral Reserve System for failing to take cognizance of the
shift in commercial credit that has accompanied the growth
the
of instalment selling during the past decade. With
annual turnover from instalment buying and selling
nation's
now estimated at $8,000,000,000, Mr. Walker ,told the Directhe
tors of the New Orleans Morris Plan Corporation that
failed to keep pace with the changing
Federal Reserve had
tide of commerce although credit had definiteely shifted
from the manufacturer and producer to the consumer. He
argued that if the Federal Reserve would give rediscount
recognition to sound instalment paper at its banks, the cost
of financing instalment trading would be lessened and a
burden lifted from the millions of Americans who buy out
of income. Mr. Walker said:

217

the
In giving the statement of Representative Johnson,
United States Daily of July 3 said:

Johnson said, threaten
The proposal for chain banks, Representative
ment of such
the existence of the banks in smaller cities and the establish
reduce the wealth of small communities
institutions, he added, would tend to
extent than has been
and concentrate that wealth in cities to a far greater
done by the operation of chain-store systems.
Permanent Polley Favored.
chairman of the BankRepresentative McFadden (Rep.),of Canton,Pa.,
a speech before the Illinois Bankers'
ing and Currency Committee, in
of 1927 encouraged branch
Association on June 20. said the McFadden Act
further expansion in the counbanking in the larger cities but prohibited its
believed the time is ripe for
try districts. Mr. McFadden said that he
a permanent policy. Without
Congress to reach a definite conclusion upon
g what his Committee may
committing himself to a program, or forecastin
policies which Congress could
do, Mr. McFadden said there were several unified system of commercial
ce of a
adopt for establishment and maintenan
branch-banking powers to the
banking, among them giving "nation-wide
Representative Johnson's statement
national banks." The full text of
follows:
of the United States should
The banks in the smaller cities and towns
their existence. A drive
begin now to combat a movement which threatens
legislation giving nation-wide
is now on by a powerful group to secure
branch-banking power to national banks.
of all banks except those in
Ultimately this would mean the elimination
become mere branches of a
the larger cities. Banks in other places would
e large chain system; they would be owned, operated and controlled by capi"Instalment finance corporations, such as the Industrial Acceptanc
and
Radio talists living in distant cities; the profits, instead of being distributed
Corporation, which handles all such financing for General Electric,
would go elsewhere: the only
Johns Manville and other national manufacturers, Invested in the communities where made,
Corporation of America,
would be a clerical and subordinate force,
are treniendously handicapped by the fact that this paper is not eligible employes in these branch banks
from some executive officer
with no power to make loans except on orders
for rediscount under the Federal Reserve System.
"The underlying purpose of the Federal Reserve System was to provide in a distant city.
in reducing the wealth of
What the chain system of stores has meant
a medium for expanding the currency of the country to meet the requirecities would be infinitely worse in
that the purchasing power of the dollar would remain communities and concentrating it in the
ments of trade, so
banking means chain banking; that is its logical
constant and not fluctuate disastrously as it had done in the past every chain banking. Branch desired by its advocates.
result, and that is what is
time we had a money panic and contraction of credit.
1927, which gave a limited
When Congress passed the McFadden Bill in
"At the time the System was created, consumer-credit, the term given
cities, where competing
small importance and right of branch banking to certain banks in some who voted against the
to instalment financing, was a matter of relatively
were those of us
account. Trade was then financed largely through State banks had such right, there opening wedge and that the next step
was not taken into
that it was the
credits extended by the manufacturer to the wholesaler, by the wholesaler bill, on the ground power generally to all banks everywhere.
to the retailer and by the retailer to his customers, the latter being limited would be to give this
bill, but the proponents of the bill
We so charged in the debate on the
to thirty days.
ted or would ever be done, and
upon the consumer, who pays vigorously denied that such was contempla would oppose it; but within less
"Now with the burden of credit resting
made they
a twelve month period, it is necessary that the System declared that if such attempt was
champions of
out of income over
prophecy is being fulfilled and the ardent
revise its operations to co-ordinate with present-day financing by making than two years our
that it was "an
thrown off the mask and now declare
passed giving
such paper eligible for rediscount. Thus money rates for this time that bill have
and a "permanent measure should be
financing would be lowered and the consumer would find the financial emergency measure" everywhere."
this right to all banks
costs attached to buying on time reduced.
banking means the elimination
The ultimate and final effect of branch
"In my opinion, the increasing stringency of the credit situation which
groups. Monopthe ownership of all banks by a few small
has been developing during the past two years with its resulting higher of unit banks and
hazard when applied
dangerous, is fraught with extraordinary
interest charges, depressed bond values and a serious handicap to the oly, always
the country.
of banking which controls the credit of
business of the country, is due to the failure of the Federal Reserve to the business
and control all business;
Such a monopoly could and would dominate
of financing the business
System to keep pace with this changing method
country, and even the Federal
It could mould and shape the politics of the
of the country.
will of this super
in time be subservient to the autocratic
"And the only real remedy for the situation which I can see is for the Government would
.
Federal Reserve Board to cease moralizing with the banks over the increase monopoly
be interested in averting this
The entire citizenship of the country should
of collateral and brokers' loans, which is in fact only a normal expression
to purchase securities, and threatened meance.
of the increasing capacity of the population
referred to in our issue of
Representative McFadden's proposal was
direct its attention to a revision of the Federal Reserve Act which will
4086.
make instalment finance company paper, totaling hundreds of millions, June 22. page
eligible for rediscount."

and Tight Money—BeIrving Fisher on Stock Market
Absorb
Market Will Continue Rightfully to
G. Becker
lieves
Federal Reserve Policy Commended by A.
Volume—Says Credit to Reduce
Credits in Large
& Co.
Come Through
Stringency in Other Fields Should
In the face of the rather general criticism of recent FedGold by Federal Reserve System.
Release of
eral Reserve Policy, comment to the effect that the policy of
to Blame for
An article entitled "Is the Stock Market
the Federal Reserve Board has been wholly sound and well
Abroad," is contributed by
and
conceived is contained in the current Investment Bulletin 'Tight Money' at Home
of Economics, Yale University, to
of A. G. Becker & Co., which points out that in discriminat- Irving Fisher, Professor
Financial Diary," edited by S. S.
ing against borrowings for security transactions the Reserve the July issue of "The
Co., members
in mind the true function of Central Fontaine and published by Benjamin, Hill &
authorities have kept
Exchange. Prof. Fisher states that
Bank reserves and have been aware of their responsibility of the New York Stock
g that the Stock
"there are ample reasons for believin
to the fundamental business interests of the country.
e rightfully to absorb credits in volumes
The Review points out that in effect the Federal Reserve Market will continu
that to check this
comparable with the recent past, and
Board has said:
developments as
of credit for commercial process would harm American and foreign
"There is a difference between the expansion
speculation. The difference lies in the fact that there well." In propounding the question, "What then can be
uses and for security
of credit to
is nothing inherent in the financing of rising security prices that is
the way of providing fresh volumes
essentially temporary in character. A loan for the manufacture of com- done in
fields?" Prof. Fisher says "the
modities will be paid off when the goods are sold. But a loan for the reduce stringency in other
purchase of securitiese will be paid off only out of -savings and if loans answer may be found in the still excessive reserves of the
are granted freely prices will continue to rise, there will be no incentive
System, and in the so-called 'hidden reto pay off loans but rather to increase them to benefit further from Federal Reserve
used to back gold
rising prices. Such a condition it permitted to continue would mean the serves' of our gold currency and bullion
financing of ownerships and would constitute a permanent impairment of certificates in circulation."
He contends that "a gold
the country's banking reserves. When the need for which they were
when needed,
reserve is emphatically something to be used
originally created arose, the reserves would not be available."
idle except when not needed. A better appreand not to lie
The article concludes with the statement that the point
European
ciation of this truism abroad would permit the
of the Federal Reserve Board's policy is presumably that
the
to release fresh streams of credit for
central banks
we still have a reserve.
their respective nations, with comindustries and trade of
independence of the disposition of American credit
McFadden's Proposal for Nationwide parative
Representative
resources." Prof Fisher's article in full follows:
Branch Banking Powers for National Banks Opare to the effect
Repeated complaints emanating from European capitals
posed by Representative Johnson of Texas—Says that American stock speculation has interfered with the general price
tion of the fortunes
Plan Would Concentrate Wealth in Large Cities. level, depressing it, and interfering with the rehabilita large a segment of
the United States represents so
proposal of Representative of Europe. Certainly,
the American
Opposition to the recent
world production and trade that anything that seriously affects
is "tight"
McFadden of Pennsylvania that nationwide branch banking money market must affect the world money market. If money of credit
where the means
national banks was voiced by Representa- here, it might be expected to be "tight" abroad,
powers be given
slender.
a statement are relatively more , therefore, that the central banks of Great Britain
It is not surprising
tive Johnson (Dem.), of Corsicana, Tex., in
ons of the and the Continent should have advanced their discount rates, that capital
made public July 2, referring to recent discussi
that price levels
on Banking and Currency. for business and industry abroad should be restricted, and
subject in the House Committee




218

FINANCIAL CHRONICLE

[VOL. 129.

In Europe should continue to sag. The League of Nations Economic Consultative Committee lays the increase in rates to the "violent stock exchange will be 1 some months before the old bills will disapboom" in this country, and thus accounts for the increase in the Federal pear from circulation.
In indicating the difference in
Reserve rate of discount to 5%, and of call loans to as high as 20%.
the size of the old and the new Mr. Mills stated that the
Further, foreign financing has felt the stringency so that its volume in
this country has been cut by one-half as compared with last year, and by present size of the currency is 7 7-16 by 33i inches. The new
more than three-quarters if the loans floated by five American corporations size is 6 5-16 by 2 11-16 inches. Mr. Mills also said:
engaged in foreign business be excluded. Of course, the high money rates
The [fist issue of the new small-size currency will include all kinds. except
in Wall Street have discouraged the flotation of foreign issues. That, National bank notes,
and all denominations from $1 to $20. Small-size
together with the continued depression of average prices in Great Britain gold certificates and
Federal
and various Continental countries has given rise to much grumbling about will be issued at a later date. Reserve notes in denominations above $20
The small size National bank notes will be
the speculative propensities of Americans and their frenzied absorption of printed and issued in order
of charter numbers, beginning about July 15.
credit resources. It is taken for granted that stock prices are enormously
The issue of the new small-size currency will be made through the Federal
inflated, so that foreign exhortations to deflate them have joined the chorus Reserve Banks and branches.
Stocks of the new-size currency have au eady
of domestic objurgations against the long-continued American "bull" been placed in Federal Reserve
custody in the 12 Federal Reserve Banks
market.
and in certain of their branches. The Federal Reserve Banks have been
It is the old story over again of the dog that bit the stick that
authorized to make available on July 10 to the conuneroial banking instibeat
him, instead of reckoning with the beater. The stock market
is the tutions of their respective districts ltmite amounts of new small-size curoccasion of the higher money rates; it is berated, and legislators and govern- rency. But let me emphasize that the amounts
available for issue on
ment officials seem to have joined hands in the effort to curb its
activities. July 10 will be strictly limited. We anticipate, of course, a curiosity
They seem to wish to restrict the volume of call loans. Once that
demand which, for a comparatively short period of time, will increase the
is accomplished, they feel that everybody will breathe easier. We shall have "easy demand for currency, and we are prepared to meet
that curiosity demand.
money" again for business, and the absorption of foreign capital
issues but only to a limited extent.
will be resumed in full measure. With the discouragement of the
At the outset the New York banks received for distribustock
market, the rates for call money, it is claimed, will go down. There
will tion through the local
Federal Reserve Bank about $5,000,be a flight of capital back to Europe for the use of European entrepreneur
s,
and with rising prices trade and industry will be stimulated into
full 000 of the new money. Throughout the entire New York
employment and increased purchasing power of the foreign masses.
Federal Reserve District $18,000,000 to $20,000,000 was
Manifestly, in this reasoning it is not seen that call loans are
a very made available, while
throughout the country approximately
integral part of the process of floating foreign as well as of domestic
loans
and stocks issues, and of holding outstanding securities still
unsold to $3,921,000,000, or $696,000,000 pieces were put into ciroutright investors. President Simmons of the New York
Stock
rightly observes that its function of floating domestic and foreign Exchange culation. In noting the call for the new bills on the first
securities day they were put
in large volume is vital to the commerce and industry of
into circulation, the "Times" of July 11
the world. The
past seven years hare witnessed tremendous increases in
the rate of said:
productivity of American industry, with attendant increases
in value of the
Curious citizens stormed the downtown banks early in the morning for
physical assets of corporations and in corporate earnings.
Consolidations the new bills, presenting a good-tempered Imitation of panic scenes. The
and mergers have taken place on an unprecedent scale,
ed
with the selling "run on the banks" began as soon as their doors opened and continued all
of new stock issues to the public.
day. Clerks, runnels, stenographers, brokers and the casually curious
It is hardly conceivable that the industrial revolution, with
its enhanced paraded before the paying windows, passed in their limp, crumpled old_
rate of improvement in all processes, should not throw a
greatly added fashioned bills which had suddenly grown ugly, and came away with
the
burden on the stock exchanges, by reason of their
new.
function of
of the new security issues. For expanded productive facilities disposing
Enough for Everybody.
must be
financed, and added values must be reflected in higher prices
of securities.
There was actual', little expansion of the amount of paper money in
Moreover, with the level of commodity prices 40% higher
than the pre- circulation. The Treasury Department had chosen a good day to make
war level, the very decrease in purchasing power of
the dollar must be the new issue, a day unmarked by special demands for currency. As a
responsible, in large degree, for the higher level of stock
prices.
result, the banks cared for the rush with little trouble, and everybody
This is true, especially, in the case of common shares. For
it Is certain
who asked was able to carry away at least one of the new notes.
that preferred securities, with their fixed return, cannot
participate further
Toward the close of business it became impossible to meet all demands
in a period of prosperity than the added assurance of
payments contracted in full. Bank tellers noted that in the financial district the money of larger
for. Hence the greater part of the rise in values
will find lodgment in denominations was most desired. But there were still new $1 bills ready
common stocks. Thus the change in purchasing power
of the dollar alone for distribution in the tellers' cages at the end of the day when the supply
might conceivably account for a price level of
common stocks double or of fives, tens and twentys was gone.
treble that of 1913.
It should be added that the income from stocks
A description of the new money has previously been given
is now capitalized at a
lower rate thna obtained a few years ago. Participatio
n by the investment in these columns, one item with regard thereto having aptrusts in the market, with their huge diversified
holdings, has largely peared in our issue of June 1, page 3618. Among other
taken risks out of common stock investments.
facts
Income has accumulated
at a great rate, with the savings in large-scale
production and the growing incident to the new currency Under Secretary Mills pointed
economies of science and invention. Wise administrati
on of credits, accord- to the fact, in his radio talk, that "from the time the paper
ing to the volume of trade by the Federal Reserve
Board, has added another is delivered by the mill until the notes are put into circulafactor in reducing the speculative elements of
business. On these and
other accounts, interest rates have lessened and
tion, an estimated gross saving amounting to almost $1,500,incomes have found a
higher capital valuation. President Hoover's
Committee on Recent Eco- 000 a year will be derived from the change in size."
nomic changes calculates that the accelerated
rate of income will.continue
for at least two more years. So there have
been increased earnings, which
are discounted at a lower rate, with vastly
enhanced capital values and Treasury Department Authorizes Federal Reserve Banks to
stocks prices.
Purchase .$75,000,000 3%2% Treasury Notes For
These are ample reasons for believing that
the stock market will continue rightfully to absorb credits in
Sinking Fund.
volumes comparable with the recent
past, and that, to check this process would
harm American and foreign
Announcement was made on July 10 by Acting Secretary of
developments as well.
What, then, can be done in the way of providing
the Treasury Mills that the Federal Reserve Banks have been
fresh volumes of credit
to reduce stringency in other fields?
authorized to purchase, at the option of holders, for account
The answer may be found in the still
excessive reserves of the Federal of the sinking fund, $75,000,000 or thereabout
Reserve System, and in the so-called "hidden
s, of 3% Vo
reserves" of our gold currency
and bullion used to back the gold
Treasury Notes of Series A-1930-32, at 98 and accrued incertificates in circulation.
Of the reserves above the legal
minimum, the Federal Reserve Board terest. The 3%% Treasury Notes Series A-1930-32, (ofhas stated that during 1928 there
was between $1,400,000,000 and fered in exchange for second Liberty
Loans Converted 41
$1,500,000,000. In May last this sum had
4%
In response to commercial demands, some increased by about $250,000,000. bonds) were issued in March 1927; they are dated March
15,
$600,000,000 more of gold might
be released through retirement of
the billion dollars in gold certificates, 1927, the maturity date being fixed as March 15, 1932, and
which are backed dollar for dollar in
gold; these, converted into Federal were made subject to
call March 15, 1930. The announceReserve notes, would need only 40%
instead of
there are about $400,000,000 in circulating 100% gold backing. Then ment issued this week by Acting Secretary Mills
follows:
gold coins, which might be
recalled at need. In all, added credit
Acting Secretary Mills today announced that he has authorized the
issues might be based on more than
two and a half billions of available
Federal Reserve Banks to purchase, at the option of holders, for
or "free" gold, in the ratio of, say,
14 to 1, which is the present
account of the sinking fund, up to $75,000,000 or thereabouts, aggreratio of
new expansion might grow to thirty-five expansion on engaged gold. The gate face amount of 354,
2% Treasury notes of Series A-1930-32, at 98
billion dollars of "bank money."
Such potential expansion, held in
reserve and utilized with careful and accrued interest.
regard to the indexes of expanding
This offer will remain open until the close of business on Tuesday,
trade and industry, should form a
useful backlog to our national prosperity
for some years to come. If at July 16, 1929, and without further notice will then terminate, or
any time these reserves should be
exhausted, yet other measures might at such earlier date as the full amount shall have been tendered.
wisely be considered, such as
Tenders will be accepted in the order in which received, and those
increasing the legal ratio of notes and
deposits to reserves, until the supply
of currency and credits should again making tenders will be notified of acceptance or rejection. Any notes
be adjusted to the demands of trade.
tendered for purchase must be forwarded at the owners own expense
For a gold reserve is emphaticall
y something to be used when needed, and risk, and such notes may accompany the tender, or may be
and not to lie idle except when not
needed. A better appreciation of this forwarded upon receipt of notification from the Federal Reserve Bank
truism abroad would permit the
European central banks to release fresh of acceptance of offer. In any event the notes accepted must be
streams of credit for the industries
and trade of their respective nations, received at the Federal Reserve Bank on or before Thursday, July
with comparative independence of
the disposition of American credit 18 and the Federal Reserve Bank on that date will make payment
resource&
for such notes at. 98 and accrued interest from March 15 to July
18, 1929, Any Treasury notes Series A-1930-32, presented for purchase under this offer, should have attached the coupon bearing date,
New Paper Money of Smaller Size Put into
September 15, 1929, and all subsequent dates.
Circulation.

The new paper currency, of smaller size than that
Regarding the Treasury Department's action the Washingheretofore in use was put into circulation on July 10.
Eventually ton correspondent of the New York "Journal of Commerce"
the new money will replace the old, issued in its
present on July 10 said:
size since 1861, but the process of retiring the latter
The Treasury's action automatically will release about $75,000,000
will,
in additional funds for the call or other money markets and
as was pointed out in a radio talk by Under Secretary
to
of that degree will ease the credit situation. While
the Treasury Ogden L. Mills on July 6, be gradual and
hardly sufficient
it in volume to have a far-reaching effect, it is a significant move.




Jinx 13 1929.1

FINANCIAL CHRONICLE

Between July 1 and July 10 the Treasury had purchased $25,000,000
for the sinking fund and with the new operation completed $100,000,000
additional funds will have been added to the liquid money of the
gauntry.
Furthermore, the Treasury is taking advantage of the bond market
to make purchases for the sinking fund at a saving. About $400,000,000
will be required for this purpose during the current fiscal year. As
the interest charges decline there is an increase in the annual purchase of bonds for the sinking fund.
The bonds authorized to be purchased were issued in connection
with the funding of the second Liberty loan. Originally $1,360,000,000
were put en the market, of which $1,138,000,000 were outstanding
June 30.
The Treasury does not frequently go into the open market for
the purchase of securities for the sinking fund, although this procedure has been employed occasionally. As a rule, purchases for
the sinking fund are made directly from the banks. The opinion
existed that millions of dollars worth of the 3%%* issue were in the
hands of investors as well as the banks.
The offer was slightly above the prevailing market price for the
Treasury notes, but it was believed by officials that it was sufficiently
high to obtain the required number of securities.
The effect would be much as though the Federal Reserve banks
went into the market to purchase bonds, one of the methods used
in easing the credit situation. The move has been made at a time
when there is need for large funds in agriculture and industry and
may be a combined plan of the Treasury and Reserve Board to make
available this required capital.
Already it has been reported that the Reserve Board has under
consideration a money-easing move through encouragement to member
banks in certain localities where conditions are strained, to borrow
at the Reserve banks.

219

served by a State bank or trust company * • or by a
bank * • under Federal supervision." In proposing the
revision of the State Banking Law to insure the responsibility of directors and officers, Commissioner Moses says:
"Section after section of the banking law establishes what
the officers shall do and what they shall not do. These provisions of law were violated every day by the officers of
the City Trust Company, and yet it is impossible to hold
these persons responsible because of the lack of penalties."
Further below we give the recommendations of Chairman
Moses. In that part of his report bearing the heading
"Responsibility of Individuals" Mr. Moses says in part:

ResPonsibility of Individuals
This is a roster of the persons shown by this investigation to have
been primarily responsible for the failure of the City Trust Company.
Excepting Frank H. Warder, no official or employees of the Banking Department appears on this list. While examples of carelessness, inefficiency and bad judgment have been found, the responsibility, as far as the department is concerned, must rest ea its former
head alone. Similarly minor employees of the City Trust and related companies who were in no sense officials or executives are not
referred to in this roster. With few exceptions they seem to have
been honest, hardworking and underpaid. They have had more than
their share of the misfortunes of the bank, and it is to be hoped
that they will be provided for in the new organization which is to
take its place.
Frank H. Warder.
The evidence shows that Frank H. Warder is a faithful public
and gratuities, including money and seofficial
Additional Appointments By President Hoover to curities;who accepted gifts the dishonest management and bad conthat he knew of
Federal Farm Board—Board to Meet July 15.
ditions in the Ferrari banks and deliberately prevented exposure
of these
In addition to the five who as we indicated last week (page and proper official action; that he authorized the expansion Ferrari's
and placed the seal of the state's approval on
members of the Federal enterprisesHe prostituted his department and the banking law for
61) have accepted appointment as
methods.
Farm Board, two others have been named to the Board. unworthy friends and illegal personal gain, and this offense is the
the small savOn July 8 it was announced that William F. Schilling of St. more heinous and contemptible because it threatened and undermined
ings of the poor, the ignorant and the defenseless,
Paul, Minn., President of the Twin City Milk Producers' the confidence of all foreign groups in the financial system and the
Association, has been chosen as a member of the Board to very government of the State.
Warder has been held by Justice Cropsey for the special grand
represent the dairy interests. Yesterday (July 12) the
jury.
appointment was announced of Charles A. Wilson of RochesFrancesco M. Ferrari.
ter, N. Y., to the Board. From 1914 to 1920 Mr. Wilson was
Obviously it is unnecessary to discuss the liability, criminal or
New York State Commissioner of Agriculture during Gov- civil, of Francesco Ferrari because of his death. His banking activiernor Whitman's term and is a past president of the New ties are discussed throughout this report.
The Directors.
York State Horticultural Society. He is referred to as a
Up to the present time there appears no basis for holding or indairy farmer operating extensive property at Hall, New
dicting judge Mancuso or any other member of the board of directors
York. With one member yet to be chosen, the Board is as such. Although the statute requires that email director of a
•trust company take an oath that he will diligently and honestly adconstituted as follows:
minister its affairs, the courts hold that a neglect of the general duty
Alexander Legge, Chairman, representing general business:
James 0. Stone of Lexington, Ky., representing tobacco and serving as so assumed is not in itself an indictable offense. If, therefore, the
directors escape prosecution it will be due to the weakness of the
Vice-Chairman.
law and not to any particular virtue of their own. In any event,
Secretary Hyde of the Agricultural Department, ex-officio.
there is ample ground for civil action against all of them.
Carl Williams of Oklahoma City, representing cotton.
C. B. Denman of Farmington. Mo., representing live stock.
Francis X. Mancuso.
Charles C. Teague of Loa Angeles, representing the fruit growing inFrancis X. Mancuso is a Judge of the Court of General Sessions.
dustry.
He was a judge at the time he became Chairman of the Board of
Wiliam F. Shilling of St. Paul, representing the dairymen.
and a director of the
Charles A. Wilson of New York, representing miscellaneous branches Directors of the Harlem Bank of Commerce
of
Atlantic State Bank, and, of course, when he became Chairman .
of the agricultural industry.
the Board of the City Trust Company.
W. R. Moscrip who had been invited to become a member
It is difficult to reach positive conclusions as to the part he played
of the Board, declined, because, as was noted in these in the affairs of the City Trust Company and its predecessors. He
columns last week, of the pressure of his business affairs. testified that he was not really intimate with Ferrari, although he
and that he became identified with the Ferrari
President Hoover announced on July 5, that he had issued knew him socially,thought that he would be rendering a service to
banks because he
a notice to the newly appointed members fixing July 15 as the Italian community. He insisted that as a bank director and
Chairman of the Board he was only a rubber stamp; that he was
the date for the first meeting of the Board in Washington.
easy going and did not really know what was happening; that when
he requested information, which was seldom, he was put off by
Report of Rebert Moses, Moreland Commissioner, on In- Ferrari or given assurances which seemed to be satisfactory; that
the bank, and that in
vestigation of New York Banking Department in Rela- he did not follow the work of the officers ofhonorary and decorative.
fact he regarded his position as being largely
tion to Failed City Trust Co.—Department Demoralized
•
• •
in Administration of Frank H. Warder—RecommendaIt is not necessary at this point to dwell at length upon the
undesirability of having a judge of any court act as a director, much
tions as to Legislation Would Abolish Private Banks.
a bank. In accepting such a
The declaration that "the Banking Department was de- less as chairman of the board, of
position Judge Mancuso must have known that he ran the risk of
of Frank H. Warder"— considerable criticism and that he was lending not only his own
moralized in the administration
former New York State Superintendent of Banks—is made name and his political and social affiliations to the Ferrari enterprises,
his position on the bench.
In the report of Robert Moses, Moreland Commissioner, sub- but also the dignity and weight of
• •
•
mitted to Gov. Roosevelt on the "Investigation of the DeIt seems to me that Judge Mancuso's testimony was lacking in
partment of Banking in Relation to the City Trust Com- frankness and accuracy. In the first place he knew Ferrari much
pany." As was noted in our issue of June 22, page 4095, better than his testimony at early private and public hearings would
numerekarges of accepting gratuities were preferred against the indicate. Among other things he was the guest of Ferrari on
ous occasions, visiting him at Hightstown, accompanying him to
as a result of the investigation into Atlantic City with other directors and staying there several days at
former Superintendent
the Banking Department undertaken by the Moreland Com- Ferrari's expense. He became a director of the Federal Securities
mission, following the closing of the City Trust Compally Corporation, and while he resigned after attending only one meeting
the fact is that he did become a director and must have known
of New York in February. The report of Commissioner something about this very dubious corporation or else that he lent
Moses was presented to the Governor under date of July 10. his name and the dignity of his office to a concern about which he
knew nothing.
It is a voluminous document of 67 pages and goes at length
•
•
•
into the history of the failure of the trust company, reciting
As to the semi-animal reports of the board of directors of the
the contributing causes, the responsibility of individuals, Harlem Bank of Commerce to the Banking Department required by
the banking law, one of which was omitted entirely and another of
and proposing recommendations as to administration and which was made long after it was due, as to the failure of the bank
In his report Commissioner Moses says "if the examiners to make their regular semktnnual examination of the
legislation.
history of the City Trust has demonstrated anything it is Harlem Bank of Commerce and Atlantic State Bank in the spring
of 1928, just before the merger, judge Mancuso has nothing to say
that there should be no more private banks anywhere in beyond the statement that this circumstance did not attract attention.
dif- Similarly, the judge admits that after the examination of the Harlem
the State. * * * Their operations are obscure and
ficult to supervise. They serve no purpose which cannot be Bank of Commerce, in the fall of 1927, and of the City Trust Corn-




220

FINANCIAL CHRONICLE

[VoL. 129.

pany, in the fall of 1928, he showed no particular interest in the that his brother had no right to possess; and was generally an agent for
reports of the Banking Department, did not ask to see any dis- dummy for Ferrari in the bank and in other corporations. He was, for
ciplinary letters and was not disturbed because he did not seem them. example, President of the Lancia Motor Sales Company, and this was
Accepting Judge Mancuso's statement that the minutes of the cited to the Banking Department as proof of his fitness to be a director
board of directors were falsified, that he did not see or approve a of the Harlem Bank of Commerce.
number of the larger loans, he never saw the disciplinary letters
•
•
•
from the Banking Department after the fall examination of 1927 and
Edward F. Glynn, Counsel to the Bank
1928 and that he was regarded as having voted in favor of numerEdward F. Glynn was about thirty-two years old in 1925 when he left
ous transactions which, as a matter of fact, were never brought to
his notice, he none the less admitted that he knew of the $375,000 the Banking Department, where he received a salary of $3,750 a year,
loan to the Jalna Corporation. He said he thought this was secured to practice law. He had been for about five years Secretary to Superby a third mortgage on the Park Row Building, and that he had intendent McLaughlin. He was a nephew of the Governor. While he
been informed by officials of the bank that two appraisals had been was still in the Department of Banking, but after he had resigned and
made.
was on his final vacation, Ferrari came to him at the office of Curtin
Other directors testified that they never saw the larger loans, in- and Glynn where he had desk room and made him counsel to the bank
cluding the Jalna loan. Di Paola's testimony to the contrary seems on part time at $5,000 a year and paid him $500 as a retainer by check
to me incredible. Judge Mancuso at least knew more about the to cash. Glynn claims to have devoted about three days a week to
Jalna loan than some of the other directors and we may assume that Ferrari's work, notwithstanding that beginning with 1926 he received
he got his knowledge otherwise than at directors' meetings. The $5,000 as a Special Deputy Attorney General, besides practicing on his
acceptance of Judge Mancuso's statement as to the minute book, own account. In 1926 Glynn complained to Ferrari that his salary was
however, does not excuse his laxity and ignorance as Chairman of inadequate, and thereafter in addition to this compensation, Ferrari
the Board of Directors.
carried a joint stock account in a brokerage house for himself, Glynn
Assuming that he knew nothing about the majority of the trans- and others. Glynn and Ferrari exchanged tips and otherwise pooled inactions involving loans, and that he did not know about any of the formation, and Ferrari financed the operations. Glynn never furnished
frauds, perpetrated in the Ferrari banks, or about the manipulation any capital and said there were no losses. His profits in less than three
of the bank stork, and the activities of the various Ferrari corpora- years were over $12,000. In addition he received a $2,000 fee to reptions which were closely intertwined with the banks, it seems to me resent Ferrari in litigation with De Vita, a private banker, which never
inconceivable that he could have thought that these banks were reached trial. Glynn also represented Ferrari in several minor personal
expanding and prospering.
matters.
If the only transactions were those which Judge Mancuso admitted
Glynn represented the Ferrari banks in formal negotiations with the
came to his attention, the volume of business under those circum- Banking Department for increases in capital and in the number of direcstances would not have justified increases in capital in the stocks of tors, for the establishment of the Murray Hill branch and for the merger
the banks, would not have supported the dividends which were paid, of the two banks. He states that all of these requests affecting the
would not have justified the merger, and certainly would not have Ferrari banks went through the department as a matter of routine,
justified the price at which the stock was sold.
although he received little consideration when he represented other
Judge Mancuso's conception of his position as Chairman of the banking enterprises before Superintendent Warder. Ferrari promised
Board is best illustrated by his statement that after the death of the him an additional
$10,000 for his work on the merger, in spite of the
president he did not feel that he was at least temporarily the re- fact that Warder gave an informal approval after less than fifteen
sponsible head of the City Trust Company. He had some difficulty in minutes conversation with Glynn and
in the absence of any documents
suggesting who was the head of the bank, but finally said he thought or evidence other than
the merger agreement itself. Glynn states that
it must be the cashier. He indicated that he was an unwilling par- he knew nothing of internal
conditions in the banks, that he always supticipant in the hectic meetings and conferences immediately following posed that their
transactions were honest and Ferrari all that he claimed
Ferrari's death, that he did not take a leading part in the proceedings, to be; that he had no
suspicion of the true relations between Warder and
and that he was merely a passive instrument in the hands of other Ferrari;
knew nothing of the failure of the Banking Department to
persons. This may be so; the fact is that he was the Chairman of the
examine the banks before the merger, of the results of other examinations
Board and that he was at least the nominal head of the bank.
other City
I also find difficulty in crediting Judge Mancuso's testimony that or of disciplinary letters, and never asked Ferrari or any
neither before Ferrari's death, nor in the week that followed it, did he Trust official about them; and finally, that, although he had no specific
have any conception of the actual condition of the City Trust Company. knowledge of their operations, he was disturbed about Ferrari's numerous
There was so much discussion of the condition of the bank in the course other companies, and cautioned him to stick to banking and leave other
of the week following Ferrari's death on the part of directors, on the enterprises alone.
The evidence does not contradict Glynn's claim that he had no knowlpart of the Superintendent of Banks, on the part of Dr. Giannini and
his auditors, and on the part of numerous others, that it does not seem edge of the real conditions and practices in the banks, of Warder's conpossible that Judge Mancuso did not have some understanding of the nections with Ferrari, or of the consequent failure of the Banking Dedesperate straits into which this bank had fallen, even assuming that partment properly to supervise the Ferrari institutions. Glynn was
within his rights in capitalizing his experience in the Banking Departhe had no inkling of the facts before Ferrari's death.
I believe that Judge Manuco deserves censure for his lack of frank- ment, and in accepting compensation from Ferrari, but his insistence that
ness and accuracy, for indifference and neglect of his banking duties his services in connection with the merger were worth an extra $10,000,
and for being a mere catspaw at a time when his position in the bank, is not convincing. Glynn should have known a good deal more about the
in the community and on the bench required that he exercise leadership condition of the Ferrari banks in representing them before the departand responsibility for the protection of depositors and stockholders who ment. He not only found out nothing, but showed no curiosity. He
seems to have regarded his duties as perfunctory, to be performed when
were attracted and lulled into a sense of security by his name.
Ferrari's moves required official approval. The conclusion follows that
Anthony Di Paola
Glynn was another Ferrari catspaw used for his experience in the BankDi Paola was secretary of the board of directors. As such he ing Department and because his name was valuable.
falsified minutes, withheld information, including official communicaIn reciting the history of the failure of the City Trust
tions from the Banking Department, and recorded motions and actions Company Commissioner Moses says, in part:
which never arose in the board. He dictated most of Ferrari's imFerrari Arrives.
portant bank correspondence and acted generally as his chief aide.
In 1912 Francesco M. Ferrari came to this country from Italy. His
He prepared, signed and swore to numerous false statements in the
quarterly call reports and the regular semi-annual directors' reports family was of some means and owned considerable land near Naples; his
to the Banking Department. He was a party to the skipping of the grandfather apparently was a general and a marquis of the Two Sicilies
semi-annual examination of the Harlem Bank of Commerce before before the union of Italy. In any event the title was never recognized
the merger. He knew the relations between Ferrari and Warder, used after the union and therefore did not descend to Francesco's father.
and understood fully the significance of the word "Redraw" on The family lived on the land, Francesco receiving some education for
checks and bank records, took care of favors for Ferrari, such as getting the bar but never qualifying. His brother Frederico, who went into the
a discount or reduction on an automobile for a bank examiner who army when he was sixteen and stayed there for many years, testified
was actually examining the bank at the time, was a party to the large that he visited Francesco in Naples while on leave, and that Francesco
illegal loans, forgeries, falsifications of records, manipulations of stock was "like a lawyer," and at any rate had engagementts in the police
certificates, the purchase of the bank building and the attempts to courts where persons of education could then practice without being
admitted to the bar. Francesco was married at this time, and shortly
obtain Saphir's Prudential stock and Rose's City Trust certificates.
Di Paola has been held by Justice Cropsey for the special grand jury. afterward emigrated to the United States. Stories are current to the
effect that Francesco was guilty of frauds involving the Italian immiFrederico Ferrari
gration and other laws, and that he left Italy under a cloud. It appears
Frederico Ferrari's appearance in the United States in 1913 has that he was charged with larceny in connection with a business transalready been referred to. Frederico testifies that he had a quarrel with action in 1913, after he had left Italy, but the case was not
pressed.
his brother and did not see him for almost seven years. Meantime,
When he first landed in this country in 1912 he became a clerk in a
he had been writing to Italy to his father, who came to New York in shipping office. In 1913 Frederico Ferrari
followed Francesco to the
1924 to reconcile the two brothers. As a result Frederico Ferrari went United States. He testified that he found his
brother living in the
to work for Francesco at the private bank at 109th Street and Second Bronx with a wife and one child and
with the family of his brother-inAvenue. He started as a messenger, and eventually became the law, Gennaro Dell'Osso. At this
time Francesco was working for a
executive vice-president of the City Trust Company.
private banker named De Vita, at 108th Street and First Avenue. De
Ferrari called his brother Frederico "il cretino," which the latter Vita's private bank later became
the Harlem Market Branch of the
translated as "the dumb-bell," and Di Paola as "the book." Frederico Atlantic State Bank,
which was one of the two banks merged into the
received a salary of $75 a week and paid a chauffeur $35 of it.
City Trust Company.
Frederico unhesitatingly did anything that his brother told him, and
Francesco Ferrari then opened a transmission agency of his own. In
signed his own or his brother's name to any paper given to him. He
1919 he applied for a license as a private banker, the application being
signed two directors' reports of the Harlem Bank of Commerce and
made by Salvatore Cotillo. Judge Cotillo experienced considerable diffione of the City Trust Company without making an examination and culty in obtaining the
license, the Banking Department being doubtful
without the presence of a notary. He made false affidavits as to the
of Ferrari's capacity to operate a private bank and two years passed becondition of the bank; signed fictitious names to checks and other docfore Judge Cotillo was able to obtain a license. In 1921 Ferrari opened
uments, or used the names of real people without their authority; inhis bank at 2112 Second Avenue, at the corner of 109th Street, and emdorsed other people's names on checks when he claimed not to know
barked on his career as a capitalist.
what the word "indorsement" signified, and even witnessed the indorseHe learned the ropes quickly. He had imagination, ambition and restments himself; signed batches of stock certificates with any names for less energy, and
quickly absorbed the basic ideas of American salesnished by his brother or Di Paola; approved foreign deposit slips where manship.
he knew there were no genuine transactions involved; signed his name
He was shrewd, vain, pompous and boastful, with a large element
to the minutes of directors' meetings when he was outside of the room of showmanship in
everything that he did. People seemed to be taken
during the entire meetings; ordered the clerk in charge to falsify the in by his promises, no
matter how extravagant they were. Witness
safe deposit records so as to transfer a box from his brother's name to after witness has testified
to this.
promised the earth"; "he
his own after his brother's death; opened his brother's box after his promised the Woolworth Building" "He
. . . were phrases used by a
death without the approval of the executors of the estate; kept in his own number of different people.
He took great pride in having been
box all sorts of papers and records of his brother's, including documents appointed Consul to the Republic
of San Marino, a semi-independent




JULY 13 19291

FINANCIAL CHRONICLE

221

or omissions were not part of any
In the Park Row Possibly some of the minor acts
may be
republic of about 8,000 inhabitants near Florence.
or agreement between Warder and Ferrari, but
Francesco Ferrari's name still appears on conspiracy
fortuitous circumstance.
Building, New York City,
of traced to accident, carelessness or to some
the more important
the lobby, followed by the words "General Consul
the register in
overwhelming, however, that
in New York City for a The evidence is
Ferrari received at the hands of the
San Marino." Of course, there is no work
whose subjects are favors referred to below which
General Consul or Consul General of San Marino,
were a direct outcome of his relations with
Consul General, and certainly Banking Department
under the protection of the Italian
a large Warder.
by the Banking
nothing which would normally lead the reputed owner of occasions
The Banking Law calls for examination of banks
On
Bank of Commerce and
building to indicate that this was his chief work in life.
General Department semi-annually. The Harlem
was not above indicating that he was the Italian Consul
as of November 17, 1927, so
Ferrari
were examined
1925 and 1927 he the Atlantic State Bank
and a representative of the Kingdom of Italy. In
due in June, 1928, or just prior to
Italy in this that the next examination was
was decorated by the Italian Government for services to made shrewd the merger. This examination was omitted on the specific instruction
the Italian Hospital. Ferrari
country and for his work for
examiner, who could remember no similar
in the press and from Warder to the chief
use of his titles and decorations to advertise himself
order in all his experience.
of the Ferrari
otherwise.
It must be presumed that Warder knew the condition
Ferrari's Activities Expand
saw the examibanks when the merger came to him for approval. He
department
1927, and
In 1923 Congressman La Guardia applied to the banking
reports and the disciplinary letters of the fall of
of the Harlem nation
1928 spring examination to be skipped. In spite of this he
on behalf of Ferrari for approval of the organization
reported he was ordered the
without question or comment, at a time when the
Bank of Commerce. The chief examiner at this time
board of approved the merger
were gone and
not satisfied with the financial responsibility of the proposed
capital and surplus of the Harlem Bank of Commerce
Ferrari graduated
and when surplus
directors and a long delay ensued. In May, 1925,
there was an additional impairment of about $200,000,
in some way
Bank was gone and half the capital, or about $250,from a private banker into a bank president. He had
Second of the Atlantic State
based solely on the
acquired title to the building at the corner of 109th Street and
000, was impaired. This is a conservative estimate,
reports of the BankAvenue, next to the private bank at 2112 Second Avenue.
items which received unfavorable mention in the
Harlem Bank of Commerce and Ferrari
time. The actual conditions was probably worse.
The private bank became the
which ing Department at the
or both of these
also became influential in the Atlantic State Bank of Brooklyn,
Obviously, this situation called for the closing of one
became
a merger which not
his friend Count Michael Magnoni, was president. Ferrari
banks or their drastic overhauling, rather than for
Count
but confirmed and
vice-president of this bank and subsequently its president when
only left the same officials and directors in charge,
of the
Magnoni returned to Italy.
their methods and invited the increased confidence
Graham Avenue, in the perpetuated
The Atlantic State Bank had a branch on
general public.
three times and
Brooklyn, formerly the private banking busiWilliamsburg section of
The Harlem Bank of Commerce increased its capital
Harlem
increase for both
ness of Palumbo and Granozzi, and one in Manhattan, in the
the Atlantic State Bank four times, with a further
section, on First Avenue, which was formerly the private bank- banks at the time of the merger, making a total of eight capital increases,
Market
employed.
ing business of Salvatore De Vita, where Ferrari was once
approved without question by Warder. An increase
to es- all of which were
more
In 1926 the Harlem Bank of Commerce received authority
$200,000 to $500,000 for the Harlem Bank of Commerce,
Hill section, Thirtieth Street and from
became effective in
tablish a branch in the Murray
fully described in the next chapter of this report,
after the capital
Third Avenue.
March, 1927. An examination made several days
Applications were made from time to time to increase the capital increase was approved listed twelve violations of law, called attention
and
the Harlem Bank of Commerce and the Atlantic State Bank,
of
on the Park Row Building, and made other
stories to the large amount loaned
of the
such increases were approved by the banking department. The
conditions which ultimately caused the downfall
the original capital of criticisms of
of one of these increases and of the source of
Commerce are told in this report. It will suffice bank. examinations by the department of both Ferrari's banks in 1927
the Harlem Bank of
The
to say here that these funds were never actually paid in and that and of the City Trust Company in November, 1928, are marked by
the transactions were bold and complicated frauds. The other in- curious omissions which it is hard to believe were the result of carecreases were brought about in a similar way and, apparently, a sub- lessness or incompetence on the part of the examiners. Assets were
stantial part of the capital of the City Trust Company itself was adversely commented upon, but were nevertheless given full value with
In the examination of
never really paid in.
few and comparatively insignificant exceptions.
which was after
In 1928 the IIarlem Bank of Commerce and the Atlantic State
Harlem Bank of Commerce of November, 1927,
the
Bank were merged with the approval of the banking department.
buildings on the Harlem
Ferrari had foisted his original private bank
The merged bank was known for a short time as the Harlem Bank
makes no adverse
at an inflated price of $345,000, the examiner
of Commerce. The name was then changed to the City Trust Corn- bank
was prepared by an
comment. The real estate schedule in the report
pany.
no evidence of
of the bank and the original worksheet bears
During this period Ferrari's other activities also expanded greatly. employee
the buildings is
by the examiner. The assessed valuation of
He had apparently studied the practices and growth of holding a check
$130,000. In the
at $232,000, although the correct figure was
companies, investment trusts and corporations generally, and the given
as $130,000. The
1928 examination the figure was entered correctly
various possible relationships of such agencies to banks and banking.
ns in foreign exthe bank buildings and the major manipulatio
Ile developed a following consisting of window dressers, good names, sale of
in greater detail elsewhere in this report.
small tradesmen, local political change accounts are described
prominent business men, promoters,
Harlem Bank of
at the time of the organization of the
leaders, etc., with men of Italian extraction in the great majority, They began 1925. In the Department examinations the false accounts
in
but with a sprinkling of others to leaven the lump. He also began Commerce
foreign depositaries,
verified by direct communication with
to employ lawyers for all sorts of purposes. He appointed Edward were never
carefully verified
accounts cf insignificant proportions were
been
P. Glynn, who had been secretary to the Superintendent of Banks but the real
fundamental requirements of a proper audit
and who had left the depart- in this way. Had the
would
during Mr. McLaughlin's incumbency
, gross fraud and overstatements of assets
law, as counsel to the Harlem Bank of Commerce met in any examination
ment to practice
of thousands of dollars.
have been discussed to the extent of hundreds
and Atlantic State Bank.
the Banking De• ,•
•
The City Trust Company was first examined by
report, although inpartment on November 20, 1928. The examiner's
Gifts to the Warders
severe enough to
complete, contained an arraignment of conditions
In 1926 Warder moved from a small flat on the upper West Side warrant immediate drastic action by the Department. The report was
to a larger apartment at 115th Street and Riverside Drive. Ferrari referred to the third deputy toward the end of December. He took it up
helped Warder obtain a reduction in the rental of this apartment, with arder promtply. Warder, instead of immediately summoning
guaranteed a three-year lease and paid the first month's rent. Ferrari or communicating with the directors, said he thought it best to bring
furnished four Oriental and two domestic rugs for this apartment. down some of the officers of the hank to discuss the situation. On
The Oriental rugs cost $1.241 and were paid for by Di Paola at the January 26, 1929, Pawling was called into Warder's office and found
Harlem Bank of Commerce on Ferrari's order. Ferrari also pro- Ferrari there.
in the report he
vided and personally supervisied the arrangement of a set of Louis
When Ferrari's attention was called to the findings
XVI furniture for the parlor. Virginia Warder received a Chrysler stated that some of the conditions complained of had already been corthe Lancia Motors Comcall these matters
car costing $2,209 in that year, through
rected. Nevertheless, Warder said he would have to
pany, one of the Ferrari companies, and subsequently Ferrari ar- to the attention of the board of directors. Pawling dictated a disciplinranged an appointment for Mrs. and Miss Warder at a Cadillac ary letter on January 29 which was not even transcribed for weeks,
agency, at which the Chrysler was traded in and cash was paid for a ostensibly because Ferrari died on February 1, although there was no
Ferrari then bought back the old Chrysler from the
immediately to the
Cadillac.
good reasons why it should not have been mailed
Cadillac dealer. Ferrari's chauffeur testified that presents of chickens,
a normal course
directors. As a matter of fact, if matters had taken
and bottles were delivered by him at Ferrari's order to Warder's
long before
eggs
the letter would have reached the City Trust directors
apartment. There is also some evidence to show that Ferrari gave
Ferrari's death.
Mrs. Warder jewelry. Mrs. Warder when interrogated on this point
reference to
The acts and omissions of the Banking Department with
several days before her death, refused to answer on the ground that
and its predecessors, take on added significance
her. Mr. and Mrs. Warder made a trip the City Trust Company
it might tend to incriminate
and
in the light of the events which occurred after Ferrari's death
to Atlantic City in 1927 and sent the hotel bill to Ferrari. In the
of
the conduct of Warder between that time and the date
fall of 1928 Ferrari paid at least part of the return passage of Mrs. especially of
his resignation as Superintendent.
Warder and Miss Warder on the Cunard liner Aquitania.
Ferrari's Death.
We now turn to the evidence of gifts of securities and cash from
office of
Ferrari to Warder.
On Thursday, January 30, 1929, Ferrari telephoned the main
James L. Miller, the vice-president of a national bank, who was the City Trust Company that he was ill. He became rapidly worse and
a personal friend of Warder and a partner in various investments, refused to be moved until the next day, when he was taken by ambutestified that in the summer of 1927 Warder asked him to hold ten lance to the Fifth Avenue Hospital. He was operated on for acute
shares of stock in the Harlem Bank of Commerce for him, explain- appendicitis by Dr. Tilton in the presence of several other reputable
ing that he had received them in payment for a "bad debt." In physicians. He died shortly after the operation, either as the result
June, 1928, Miss Warder gave this official her check for $80 to of shock or peritonitis.
comexercise rights for four additional shares in connection with an inThere is no foundation for the rumors to the effect that Ferrari
crease in capital. Miller regularly collected the dividends and paid mitted suicide or died through willful neglect of a chronic disease. His
them to Warder by his own checks. These ten shares were evidently death occurred early in the evening, and there followed a series of
the qualifying shares which Fiore, one of the Harlem directors, extraordinary events which led to the closing of the City Trust and to
paid for, but never ieceived. The certificate was made out to Fiore the public scandal now under investigation.
and indorsed in blank. Fiore testified that the indorsement was a
Officials of the City Trust Company, led by Di Paola and Labate,
forgery. The shares were then reissued to an apparently fictitious hurried from the hospital to the apartment of the Superintendent of
of
person and were then transferred to Miller. Warder's holding
Banking, Frank II. Warder. Judge Mancuso and other directors were
stock in any state bank was, of course, illegal. The possession of summoned from their beds. George V. McLaughlin, former Superinbank under these peculiar conditions is parstock in this particular
tendent of Banks, and then head of the Brooklyn Trust Company, was
ticularly significant.
notified by Warder. Conferences were held, lasting through the night
and well into the next day. Fliashniek, Ferrari's personal attorney,
What Warder Did For Ferrari.
, appeared. Other bankers were sent for or communicated with, and the
We now turn to what Warder, through the Banking Department
of
for themselves. word went around that there would be a run when the public knew
did for Ferrari. here again the facts must speak




222

FINANCIAL CHRONICLE

Ferrari's death, that the news must be suppressed for a day or two,
and the bank sold immediately to prevent a crash.
•
• •
Among others, word was received from Dr. Giannini, President of
the Bank of America, that he was interested. The directors did not
return at the time agreed, but began negotiating with other banks.
IF

•

•

[VOL. 129.

recommendations with great care and to consult with the new Superintendent and the banking profession before a decision is reached on
the drafting of bills for the consideration of the next Legislature.
As to Banking Department Personnel.
The Banking Department personnel should be organized like that
of a large accounting staff in private employment. The rank and
file of examiners are underpaid. There should be three grades: a
junior grade of routine assistants with annual salaries from $2,500 te
$3,500, a second grade of examiner at salaries from $4,000 to $5,500
and a grade of senior examiner in charge of large examinations receiving from $6,000 to $8,000 a year. The chief examiner's salary
should be not less than $9,000. Deputies should receive from $7,500
to $10,000. The force should be greatly increased so that there will
be a sufficient number to make thorough examinations. In addition
to the Superintendent, all other officials of the Banking Department
should be prohibited by law from holding, owning or speculating in
stock or bonds under their jurisdiction.

On the Monday following Ferrari's death, Giannini put several auditors into the bank and soon discovered a number of forgeries and accommodations, and also evidence that some of the foreign credit items were
fictitious. On Tuesday Warder asigned several flanking Department
examiners, who were given no instructions beyond being told to look into
the books,!and records and to watch Giannini's men. Giannini protested
to Warder that the Department examiners were in his way, and also
told Warder that he had discovered disquieting conditions in the bank,
and Warder replied that he was unduly pessimistic. On Thursday Di
Paola asked Giannini to withdraw his auditors, because they were in
the way, and said that anyway another purchaser had been found for
As to the Jurisdiction of the Department.
the bank. Apparently the new purchaser did not materialize, because
on Friday evening the City Trust directors and Warder asked Giannini
There seems no good reason why every banking institution should
to come hack and take over the bank on a liquidating basis and agreed not be under either State or Federal jurisdiction. At present the
to pay Giannini $200,000 in addition. Evidently the directors and strongest and the weakest escape; among the former are the great
Warder were getting desperate, because they had been in touch with the banking houses on Wall Street; among the latter, institutions like Claske
Italian Ambassador, who came to New York and urged Giannini to Brothers, which reoently failed.
take over the bank as a service to the Italian people. Giannini agreed
Ast to Private Banks
to take up the new proposition, and on Saturday put twenty-two auditors
The Banking Department supervises private banks only in cities.
into the City Trust to examine all the branches. On Sunday night the
If the history of the City Trust Company has demonstrated anyauditors had found the records so untrustworthy that Giannini notified the
directors and Warder that he would have nothing further to do with the thing, it is that there should be no more private banks anywhere in
proposition, and on Monday, February 11, Warder was forced to close the State. There is no good reason for them. In the cities many
of them are operated by foreigners who cannot speak, read, write,
the bank.
or even understand English. Their operations are obscure and diffiAt that time there were 16,936 depositors, of whom 13,347 had thrift
cult to supervise. They serve no purpose which cannot be served by
or savings accounts and only 3,589 had checking accounts. The
total a State bank or trust company or by a branch of such an organiamount of deposits was approximately $6,500,000, of which
almost zation, or by a bank or branch under Federal supervision. There
$5,000,000 was represented by the thrift or savings accounts.
The are at present only fifty private banks under State supervision,
skies did not look very bright for the depositors.
several of which are in liquidation. I would snuggest for consideration
•
•
•
that private banks both in and out of cities be given a period of two
Warder resigned on April 22, 1929. He had already made quiet years in which to convert into State
or national banks. Thereafter
preparations to go to Europe. In the meantime, through the efforts no private banks would be permitted.
If this change in the law is
of the Governor, the Lieutenant Governor and others, a group of made, the definition of banks and bankers
should be made broad
representatives of the larger banks was called together to save the enough to cover all institutions doing a banking business.
depositors of the City Trust Company by taking over the bank. Finally,
As to savings and thrift accounts
a group was brought together under the name of the Mutual
Trust
Company.
Savings and thrift accounts in banks other than savings banks
• •
•
should be subject to the laws governing investments by saving banks.
The new bank found difficulties in getting started because of
un- The failure of the City Trust Company would have been impossible
favorable publicity affecting the City Trust Company, because of
if the greater part of Its deposits had not been in the form of
the
Federal bankruptcy investigations into several Ferrari corporations, savings and thrift acccunts. Only a bank having numerous small
and the proceedings in the Supreme Court initiated by
stockholders long-term accounts deposited by people who have little contact with
of the. City Trust Company, and because of the demand for
an investi- the bank or interest in its operations could have undergone the
gation by the Governor under the Moreland act. The
negotiations for manipulations which went on in the City. Trust Company. There
the reopening of the City Trust Company went on after
the Moreland can be no good reason why a savings bank should be subject to
investigation got under way. They finally resulted in an
arrangement peculiarly stringent rules, while another bank around the corner
tinder which the Mutual Trust Group will merge with the
Interna• invites and maintains exactly similar accounts without any special
tional Germanic Bank, the Mutual group guaranteeing the
deposits of restrictions. I therefore recommend that all banks having savings
the City Trust Company up to $6,000,000. This arrangement
is about accounts be given a period of three years to adjust their savings into become effective, with the result that the depositors of the
City Trust vestments so as to bring them into line with the regulations which
Company will be paid in full.
apply to savings banks.
It has not been possible to trace the major part of the funds,
stocks Revision of the Banking law generally to insure responsibility of
or other valuable things illegally or improperly taken front the
directors of officers
Trust Company or obtained from the other Ferrari companies City
by
The most effective way of insuring real supervision by directors
manipulations involving the bank. There is strong evidence
that papers would be to impose a statutory duty upon
them supported by crimand money belonging either to the estate or to the City Trust
Company inal as well as civil penalties to diligently and
honestly administer
were taken to New Jersey by some of his relatives
immediately after the affairs of the bank. The i present oath
has been declared ineffective
his death. The tracing of these assets is the function of
the Banking by the courts. The proposed remedy
is drastic, but it is doubtful
Department as part of the City Trust Company liquidation.
In this whether anything short of it will
accomplish the result. In addition,
connection, interested parties should be cautioned as to
the extent the banking law should be
revised so as to impose proper penalties
of these assets. The losses in the City Trust Company
and other for infractions. These penalties
should run to the individuals inFerrari companies were large, but all of them did not represent
real stead of to the bank. Section after section
money. When the bank closed, the capital and surplus of
of the banking law
was gone, and the deposits were impaired to the extent$2,225,000 establishes what the officers shall do and what they shall not do.
of over These provisions of law were
violated every day by the officers of
$2,250,000, but these are only bookkeeping figures. Much
of the the City Trust Company,
and yet it is impossible to hold these
capital was never paid in. There were losses due to mismanageme
nt persons responsible because of the lack
as distinguished from theft. All the manipulations involving
of penalties.
illegal
For example, it is futile to provide that a bank shall he fined $100
acts cannot be added to establish a total actually in the
hands of a day of the semi-annual reports are
not forthcoming on time. One
offending parties. In many cases, one illegal or fictitious
transaction of the semi-annual directors' reports of
the City Trust Company was
was made merely to hide an older one, to bolster up a shaky
enterprise never submitted to the Banking Department
or pay back some one whose money or stock had been
at all, and another was
misappropriated submitted months late.
ObviouSly, certain officers and directors
and who was becoming insistent or ugly. In other cases the
manipula- were responsible for this, including the
chairman and the secretary
tions were carried on to create paper profits out of which to pay
cash
dividends. Toward the end, the web he was weaving was so tangled of the board of directors, the president and the examination committee, but none of these can be held responsible in
that it is doubtful whether even Ferrari knew the way out.
the present
state of the law. Moreover, the first deputy testified
that within his
The recommendations as to administration and legisla- memory no bank had ever been fined $100 a day
when reports were
late, and that the present provision of the law is
tion made in the report follow:
ineffective.
There should be a specific provision in the
The Banking Department was demoralized in the administratio
banking laws as disn of tinguished from the penal law, prohibiting bank
Frank H. Warder. This is well illustrated by the fact that
officers or employees
after the front making false or misleading entries on
closing of the City Trust Company, when charges of
records of any kind,
official corruption and establishing proper penalties. It
should also be provided that
were in the air, he invited DiPaola into
the department and gave all accounting and financial records should
be kept in English.
hint the desk of the Chief Examiner, who was absent.
Di Paola was
afraid to go to the main office of the bank in Harlem, which
As to the Chairman of the Board
was the
only place where he could have been useful
It should be provided by law that the
to the examiners. The
Chairman of the Board of
effect on the State employees of the presence of Ferrari's
chief aide Directors, must see to it that all loans are actually passed upon at
at such a time can well be imagined. Warder was timid,
regular meetings of the Board. He should
cowardly and
be personally liable if this
dishonest. The first two of these qualities must have been
known to is not done. There should be proper credit statements for all loans
all of the executives and employes who saw him daily in the
over a certain amount, such amount to be
department.
fixed on the basis of the
His dishonesty was known to at least a considerable
number shortly capital and surplus of the bank. Bank examiners should have the
before he resigned. He was not an executive, and did not
understand specific power to require such statements from the borrowers if not
either organization or men. The outward aspect
of conservatism which found in the files of the bank.
he cultivated to a marked degree enabled him to pass
muster with
As to disciplinary letters
the banking fraternity and the general public. No department
could
Disciplinary letters should be required by
be sound under such a head, irrespective of the quality
law to be sent to every
of its member of the
subordinates. The Banking Department
Board of Directors in writing, and an examiner should
has its fair share of able,
be required to attend the first meeting
honest and ambitious employes, as demonstrated
of the Board of Directors
by the excellent following
the sending of the disciplinary letter
work of the men assigned by Mr. Broderick to assist this
to see that it is read
inquiry. and understood by
the Directors.
What it needs more than anything else is the restoration of
its morale,
and there is every evidence that this is proceeding rapidly
As to qualifications and duties of Directors
under the
new Superintendent.
Every Director of a bank before his name
is approved by the BankThe following recommendations regarding administration
and legis- ing Department should be personally interviewed
by an official of the
lation are based upon generalizations from the record
of the City Trust department. He should be given a pamphlet
Company. Undoubtedly, you as Governor will wish
prepared by the departto analyze these ment setting forth the duties of Directors.
He should be required to




JULY 13 1929.]

FINANCIAL CHRONICLE

swear that he had read it. Persons holding the office of judge or
District Attorney or any similar position, should not be permitted to
, be Directors of banks. There should also be a statutory duty on the
part of the Secretary of the Board to preserve minutes of the Board
of Directors with a penalty if they are not preserved.

Depositors:
Special interest accounts
Interest thereon to July 1 1929

. 223
$3,719,753.00
87,113.29
$3,806,866.29
1,176,977.74
6,404.80

Checking accounts
Late deposits
insitutions
84.990,248.85
As to relations of a bank or its officials with other financial
and companies
The assets as Shown by the general books of the firm amount to
asset items amounting to $237,367.07 bring
There should be more stringent provision against the borrowing of $5,615,010.88. Additional
to the books, to a figure of $5,852,577.95.
money by officers of banks through allied corporation, and against the the total of assets, according
Three items in the total of the book assets require special attention:
of 'extra compensation to officers by allied companies.
payment
$1,513,434.95
Borrowing money from other banks on the basis of pledges of stock Stocks and securities at book value
1,858,102.47
Private ledger
not yet authorized by the Banking Department should be prohibited.
2,075,651.85
Brokerage houses selling stock directly to a bank or manipulating Loans and discounts receivable
Stocks and Securities.
its stock for a bank should be subject to civil liability.
The entire subject of investment trusts, holding companies and reA list of stocks and securities drawn by the Receiver's accountants
lated corporations should be restudied in the light of the relation of from the several records of the firm totals $1,513,434.95. This list
the City Trust Company and Prudential Bank to other Ferrari com- includes debit entries against the Georgia Fullers Earth Company
panies.
totaling $457,800 and also shares in a number of unknown companies
Ferrari, as the single voting trustee, controlled the Prudential Bank, and likewise certain mortgages. A substitute list drawn from private
appear as a Director, and although the books of the firm was furnished by Mr. P. L. Clarke, one of the
although his name did not
drawn
amount of stock which he personally held was negligible.
partners. In this list, which agrees as to totals with that
The Post Security history shows how a corporation can be organized off by the Receiver's accountants, the shares of the unknown companies
Georgia
for the purpose of evading the law that a bank may not deal in its are eliminated and in substitution therefor the shares of the
own stock.
Fullers Earth Company owned by the firm are given a valuation
Other dangers are demonstrated by the Federal Securities Corporation. of $1,291,320.
That corporation owned a large block of the stock of the bank. The
Exclusive of the Georgia Fullers Earth Company this list of mortbank, on the other hand, made loans secured by the Federal Securities gages and securities cannot be appraised at more than $100,000 at
stock as collateral. The failure of the bank would involve the Securi- present. The Fullers Earth Company which is carried at $1,291,320
represents, according to present information an investment or advances
ties Corporation and vice versa.
by Clarke Brothers amounting to $174,000. There is a possibility
As to Physical conditions in banks
shares may have value, but the property is not yet in
plant that these and its development has not been possible due to lack
The Banking Department should be responsible for the physical
production
banks, and banks should be forced to provide quarters of funds; therefore, for the present, its shares can be given no asset
and condition of
which are adequate in size, sanitary and modern in equipment. Plant value, or at best be valued at $174,000, the amount of the investconditions in the City Trust Company are far below the proper standards ment therein.
which should be maintained in New York State. Vhen the main Harlem
Unless the detailed examination of the items comprised in this
office of the bank was in operation it must have been greatly over- classification should result in appraisals much higher than now appear
even
crowded, and practically impossible to ventilate. There was not
probable, it must be reduced from $1,513,454 to from $100,000 to
adequate space for proper filing; and a proper examination by the $400,000, reflecting a shrinkage of from $1,100,000 to $1,400,000.
Banking Department under these conditions, with business going on,
Private Ledger Account.
must have been impossible.
in
The general ledger includes an account reflecting assets carried
As to capital and capital increase
as
the private ledger and amounting to $1,858,102.47. The balance
It should be required by law that the Banking Department investi- shown in the private ledger is approximately $800.00 more than that
gate original capital and increases in capital to see that the cash on 'shown in the general ledger. The private ledger account, insofar
hand was actually paid in, and not fictitious; and that in the case of as the investigation has gone, appears to have no real asset value
mergers or conversions the assets and liabilities of the existing insti- with the exception of possible realizations on personal assets of parttutions are correctly stated.
ners. Withdrawals by the partners as detailed in this ledger amount
to over $312,000.
In this private ledger there is an item entitled Suspense—$374,646-explanation. There is also an item
Report to Creditors of Clarke Brothers of New York, In- for which there is not present York Port Terminal Company. It
of $840,000 against the New
In Assets of Between $4,000,000 appears that if the Port Terminal Company was ever formed, it was
dicates Shrinkage
to statements of
and $5,000,000—Payment to Creditors Estimated at never on an operating basis and that, according as an investment
the partners, the major part of the items shown
5% to 25%—Partners Indicted.
in this company were actually entries to cover losses in operations
The amount which the depositors of the priva.: banking of Clarke Brothers. In general this entire item of over $1,800,000
as worthless for present purposes, although as
must be
firm of Clarke Brothers, of 154 Nassau Street, this city, indicated considered
above there exists the possibility of realizations on the
are likely to receive is estimated at from 5 to 25% in a personal assets of the partners. Such possible realizations cannot, with
$400,000. This
statement to the creditors of the concern, issued July 9 by information now at hand, be expected toofexceed
$1,400,000 and a maxiwould leave a minimum estimated shrinkage
D. W. MacCormack, head of the receivership department of mum shrinkage of $1,800,000 on this item.

the Irving Trust Company. The naming of the Irving Trust
Company as Receiver for the firm was noted in our issue of
July 6, page 74. In summarizing the asset position of the
firm Mr. MacCormack gives the aggregate value of the
assets as shown on the books of Clarke Brothers as $5,852,377;
the minimum present estimate, according to Mr. MacCormacl.'s
report is $640,000 and the maximum present estimate $1,830,000, indicating says the statement "a minimum shrinkage of
$4,000,000 in the assets of Clarke Brothers and a maximum
shrinkage of over $5,000,000." The book liabilities, it is
added, "are in the neighborhood of $5,575,000, of which
$225,000 consist of secured claims." The amount due depositors is given as $4,990,248. As to the causes of the
failure the statem nt says:

Loans and Discounts Receivable.
The item of loans and discounts receivable, amounting to $2,075,yet due.
601.85, includes only $455,363.91 of loans and discounts not
Approximately 50% of items not yet due are pledged as collateral with
banks. The overdue notes amounting to $1,620,237.94 are elast,Ifiea
as follows,—demand notes being considered as maturing in the year
of their date:
8327,802.22
1929
128,281.74
1928
109,399.06
1927
41,539.34
1926
225,411.48
1925
535,095.57
1924 and prior

$1.387.534.41
Unallocated difference between lists from maturity record and control
252,703.53
account
$1,620,237.94
"It is too early to estimate in detail the cause of this failure. The
It will be seen that of the over due notes $535,000 became due
/
firm has been paying a high interest rate, 51 2%, on a large portion on or prior to 1924, $503,000.00 in the years 1925 to 1928 inclusive,
of its deposits. It appears to have been operating at a loss for a and $327,000.00 in 1929.
number of years. The losses in the last six years alone appear to
Included in the loan account are loans to partners amounting to
be in excess of $1,000,000. Partnership withdrawals also appear to $75,000.00 which are in addition to the withdrawals indicated in the
have been heavy. The following list indicates withdrawals by and private ledger. There is also an item of $183,000.00 covering loans
loans to partners now appearing on books:
extending over a number of years to Milton C. Quimby, and another
$162,360.59 item of $25,000.00 against Milton C. Quimby (endorser). According
James Rae Clarke
4,891.56 to the statements of the partners they financed the operations of
Philip L. Clarke
57,339.82 Mr. Quimby over a considerable period on the understanding that
Hudson Clark Jr
18,154.25 lie was negotiating public utility mergers, oil mergers, mineral conJ. F. liouker
162,248.84 cessions in Russia, etc. On account of the period during which the
...William It. Clarke (deceruced)
account of
8404,995.16 greater part of these notes have been overdue and on
Total
the comparatively small total of notes not yet due, it does not appear
• Partner In 1927.
that a value of more than from $300,000.00 to $750,000.00 can be
placed on these notes at this time. This would indicate a shrinkage
The statement to the creditors follows:
July 9, 1929.
on this item of from $1,325,000.00 to $1,775,000.00.
Irving Trust Company, Receiver.
Other Assets.
STATEMENT TO CREDITORS OF CLARKE BROTHERS
The other assets of the firm, as shown by their books, including
The preliminary examination of the books of Clarke Brothers has cash on hand and in banks, bonds, furniture and fixtures, etc. amount
been completed by Lybrand, Ross Brothers and Montgomery, account- to $405,240, of which $127,253.00 represent cash and $114,100.00 bonds.
ants for the Irving Trust Company, Receiver, in co-operation with The maximum estimated realization on the items in the group is
Messrs. White and Case, attorneys for the Receiver, according to the $280,000.00 and the minimum $240,000.00, indicating a shrinkage of
books the assets of the firm amount to $5,615,010.88; liabilities to from $125,000.00 to $165,000.00.
$5,352,934.51; and capital and surplus $262,076.37.
Summary of Asset Position.
The examination made by the accountants has developed additional
In view of the preceding analysis of the book assets of Clarke
liabilities and contingent liabilities over those shown on the books,
various
bringing the total to $5,574,723.83. Liabilities to depositors included Brothers, it would appear that the realization value of the
items will have to be estimated as follows:
in the above total are as follows:




224
Items—
Stocks and securities
Private ledger
Loans and discounts receivable
Cash on hand and all other assets as shown
by books

FINANCIAL CHRONICLE
Value as
Shown on
Books of
Clarke Bros.
$1.515,434
1,858,102
2.075,601
405,240
85.852,377

300,000

Maximum
Present
Estimate.
$400,000
400,000
750,000

240,000

280,000

Minimum
Present
Estimate.
$100,000

3640,000 $1,830,000

This would indicate a minimum shrinkage of $4,000,000 in the
assets of Clarke Brothers and a maximum shrinkage of over $5,000,000.
Estimate of Dividends to Creditors.
The book liabilities are in the neighborhood of $5,575,000 of which
$225,000 consist of secured claims.
Book liabilities
Secured claims

$5.575,000
225,000
$5,350,000
Minimum
Estimate.
$640,000
225,000

Maximum
Estimate.
31,830,000
225.000

Estimated balance available for unsecured creditors__
$416,000
Unsecured claims
5,350,000
Estimated possible div. after allowing for expenses of admin.
5%

31,605,000
5,350,000
25%

Assets
Less secured claims

[VOL. 129.

D. W. MacCormack, head of the receivership department of the
Irving Trust Company, receiver, announced yesterday that the trust
company's attorneys would ask Referee Lyttle to open such an inquiry
tomorrow if convenient. Mr. Tuttle said lated that, if the referee's
investigation and that before the United States Commissioner both
opened on the same day, there should be no serious conflict.
Garrett W. Cotter is the only United States Commissioner sitting
in this district now. Should the testimony adduced before him justify
such action, he could hold persons involved for the grand jury.
Ordinarily, Mr. Tuttle explained, he would go before the grand jury
at once, but in this case he felt that the depositors and the public
were entitled to know all the facts. All hearings before the commissioner will be public and testimony will be privileged.
Report Juggling of Assets.
Additional reports of accountants for the receiver disclosed yesterday
indications of considerable juggling of figures by members of the
firm with respect to securities listed on the books as assets. After
the accountants had taken from the books a list of securities aggregating $548,000, Philip Clarke of the firm prepared another list which
he said was the proper one. In this list the entire $548,000 was
transferred in a jump to the Georgia Fuller's Earth Company appreciating the latter concern's assets by that amount and bringing them
up to $1,291,320.

Following the issuance of Mr. MacCormack's statement to
The accountants are now examining the security and other records
of the firm with a view to determining whether there have been any the creditors of the firm, the "Herald-Tribune" of July 9
withdrawals other than those stated.
Mr. Tuttle as follows:
The partners of Clarke Brothers in discussing their hope of re- quoted
Tuttle Blames State Officials.
organizing the business have not indicated that they had any expectations of immediate realization on the assets carried on their books,
Mr. Tuttle said: "The reports made to me and the information
but that they were expecting to obtain additional funds to be used made public by the Irving Trust Company as receivers emphasize
until something could be worked out in some of the various ventures the extraordinary character of this failure on the part of a firm
in which they held interests.
of private bankers which has continuously been subject to the jurisOne of these was a public utility merger. Communication with diction of the Banking Department of the State of New York and
the principals mentioned by the partners brought forth the statement which for years has apparently been utilizing the funds deposited in
that the deal in which the Clarke Brothers were interested has been its savings accounts and in its general deposit accounts in gross disclosed without their participation and that there are no profits accruing regard of first principles of conservative banking and of the statutory
to them from that source. They also stated that they were interested restrictions upon banks contained in the laws of this state.
in an oil syndicate. This was supposed to be a syndicate for the
"It is evident that these practices which have finally wrought this
acquirement of oil properties. Inquiries of individuals, when Clarke disastrous failure would have been revealed by the slightest examinBrothers asserted were principals, brought forth denials that they ation of the books of the firm; and if the firm had refused to permit
were in any way interested in the matter. They have also been the Superintendent of Banks to make an examination, Sections 39 and
interested in an oil and mine concession in the former Georgian Republic 57 of the State Banking Laws authorized the Superintendent to summon
and other Russian States. There is obviously no asset value to be before him persons and papers and to take possession of the business
credited to a concession to be granted by a state which would have and property of the bank.
to regain its independence to make the concession effective. Another
Tuttle Explains U. S. Attitude
item in their investment column is that of the Georgia Fullers Earth
"The Federal Government," continued Mr. Tuttle, "has no general
Company. This company is not in production and it has not been
jurisdiction over State banks and no jurisdiction over the violation
possible as yet to appraise its prospects.
This is naturally a gloomy picture for the creditors. The Receiver, of State banking laws, but it does have a duty to enforce the Federal
however, feels it its duty to present such information as it has to laws against fraudulent bankruptcies and concealments and against
the creditors as fully and clearly as is possible. In endeavoring to using the mails in furtherance of fraudulent schemes. It would be
show the actual situation it has been necessary to eliminate many unthinkable that this disastrous failure should go without any Governitems from the statement of assets. This does not mean that no ment inquiry at all and without any Governmental effort to fasten
effort will be made to collect these apparently worthless items. On the responsibility for the heavy losses suffered by this multitude of small
contrary, the utmost pressure will be brought to bear for the collec- depositors whose moneys have apparently been diverted into oil specution of all outstanding accounts and notes and for the maximum lations and promotions in Russia.
"Inasmuch as the Superintendent of Banks has taken no action,
possible realization on all ventures on which Clarke Brothers or the
I will push an investigation under the foregoing Federal statutes,
individual partners have been engaged.
and to this end I will invite all depositors at this bank to place
Regarding Milton C. Quimby referred to in the above, the with me at once any correspondence or circulars which they have
received from the bank or any of its representatives soliciting accounts
"Times" of July 10 said:
The one hope held out for the victims of the crash is a promise or making representations concerning the character of the banking
business done or setting forth the rates of interest to be paid on
by members of the firm and Milton C. Quimby, a promoter to whom
the report shows the firm paid $174,000 direct and perhaps much deposits."
more in the form of investments in his oil and other promotion
From the account of the affairs in the "Times" of July 10
schemes, that they will raise a "considerable" amount not later than
tomorrow with a view of refinancing what is now believed to have we take the following:
Although Superintendent Broderick of the State Banking Departbeen one of the biggest bank failures in years.
Quimby, whose address is unknown to the investigators, appeared ment said recently that Clarke Brothers had refused to permit an
in the case yesterday for the first time. With James Rae Clarke examination of their affairs by his department on the ground that
and J. F. Banker, members of the bankrupt concern, Daniel Hanlon, it had no supervision, Mr. Tuttle declared that several depositors bad
an attorney, and a man known as "Cocheu," he called on Mr. Mac- told him and his aides that the firm had informed them it "could
Cormack and said he expected to raise the "considerable sum." He be relied upon because it was under the supervision of the State
and the others begged Mr. MacCormack not to make public until Banking Department." Other witnesses, according to Mr. Tuttle. said
then the report of his accountants. Their request was refused on Clarke Brothers had sent out statements not longer than two months
the ground that the report was rightfully the property of the creditors. ago setting forth the concern's absolute reliability and soundness.
Quimby, under the name of Milton Quinn, was indicted in April,
Broderick Refuses to Talk.
1922, with Charles W. Morse, now dead, and twenty•one others for
Superintendent Broderick refused yesterday to "enter into any
alleged misuse of the mails to defraud prospective investors in the
argument" with Mr. Tuttle, who insists that the State Banking DeUnited States Steamship Company. In 1926 the indictment against
over and is actually required to examine
Quimby, or Quinn, was dismissed by Federal Judge Thomas D. partment has supervision
twice a year the affairs of such concerns as Clarke Brothers. Mr.
Thacher. At that time he had desk room in the office of former
Tuttle made it clear, however, that Mr. Broderick, personally, was
Surrogate John P. Cohalan, at 42 Broadway. Quimby's attorney is
sense responsible for the department's failure to put through
John P. Halpin of the firm of Laughlin, Gerard, Bowers & Halpin, in no
its examination of Clarke Brothers, as he had been in office only
at 57 William Street. In 1928 Quimby sued the New York Edison
a very short time.
Company for $750,000 he held it owed him as a fee for services in
It was said yesterday that the State Banking Department actually
getting for the Edison Company the stocks, bonds and franchises of
had begun examination of Clarke Brothers in 1923 and was stopped
the Long Acre Electric Light and Power Company.
by the firm with the statement that the State was acting without
Mr. Bouker of the bankrupt firm was a vice president several years
authority. Mr. Broderick said that, without a complaint having been
ago of the Irving Trust Company, now its receiver.
made against such a concern, his department lacked authority to
United States Attorney Chad. s H. Tuttle, who interested compel its submission to supervision.
himself in the affairs of the firm when some of the depositors
besought him to investigate the suspension and determine
whether the bankruptcy laws had been violated announced on
July 9, according to the "Times" that he would file an
information on July 10 upon whith to base a public investigation into the failure. The "Times" of July 10 added:
Mr. Tuttle said that after receiving the reports of expert accountants
and postoffice inspectors and questioning several hundred depositors
he felt it was due the depositors and the public and was also in
the interest of justice that a public inquiry should be conducted by
the government. This investigation will seek to ascertain whether
the Federal statutes relating to fraudulent bankruptcies, concealments
and misuse of the mails have been violated.
To Seek Further Assets.
Another investigation of the bankrupt firm, with a view to discovering further assets, if any, probably will begin tomorrow before
Referee in Bankruptcy John L. Lyttle, at 299 Broadway. Colonel




On July lithe four partners 'n the firm of Clarke Brothers
were indicted by a grand jury on charges of using the mails
to defraud. The "Post" of July 11 said:
The indictment was returned after the Grand Jury, sitting for two
hours had listened to testimony from fifty witnesses, many of them
women. All were depositors whose savings were wiped away in the
bank's crash.
The partners named in the indictment are James Rae Clarke, Hudson Clarke Jr., Philip L. Clarke, brothers and John F. Bouker.
The indictment contains two counts—one of using the mails to
defraud, another of conspiring to use the mails in furtherance of a
scheme to defraud.
Auditors Report on iVithdrawals.
The true bill findings shared interest, in the day's developments,
with three other items.
United States Commissioner Cotter authorized United States Attorney Tuttle to proceed tomorrow with a public inquiry into the
affairs of the failed bank.

JULY 13 1929.1

FINANCIAL CHRONICLE

225

An auditor's report indicated that the partners of the band had
withdrawn $386,512.03 more than the ledgers of the firm showed.

authorized by the stockholders on June 24, for which subscriptions will close July 22.

Banking Suspensions for the Second Quarter of 1929
As Reported to R. G. Dun 8c Co.
From the "Weekly Trade Review" of R. C. Dun & Co.
we take the following, regarding banking suspensions in
the second quarter of the year:

The Central Hanover Bank and Trust Company of New
York has announced the promotion of two officers and the
appointment of four new officers at their Forty-second
Street office. S. H. Tallman was promoted from Assistant
Vice-President to Vice-President; R.C. Faust from Assistant
Treasurer to Assistant Vice-President; A. J. Clabby was
made an Assistant Treasurer, and J. C. Hart, S. J. Clages
and F. G. 0. Wernet were made Assistant Secretaries.
Subsequent to the foregoing changes the Board of Trustees
of Central Hanover Bank and Trust Company at their
regular meeting on July 9 announced the appointment of the
following officers: John C. Higbie, Assistant Secretary;
John B. Henneman, W. G. Allen, Robert M. Moorhead and
James A. Laird, Assistant Treasurers.

A sharp increase in banking suspensions in the United States, due mainly
to larger figures for the Central West, is shown for the second quarter of
this year, compared with the returns for the corresponding period of 1928.
Asreported to It G.Dun & Co.,such suspensions for the country,as a whole
numbered 148 during the three months recently ended, with liabilities of
$54,457,541, as against 92, involving $28,952,552, in the second quarter
oflast year. Numerically, the most adverse showing,as already intimated,
was made by the Central Western section, with a total of 102 suspensions
for $26,293,257, and 67 were included for Nebraska, with an indebtedness of
$19,086,000. The legislature of that State, at its last session, repealed
the Bank Guarantee fund law, and many banks which had previously been
declared insolvent, but which had been operated by the commission created
under that law are now in receivership—hence the unusual number for this
State.
Complete details of the plan under which the newly orElsewhere than in the Central West, increases in number of banking
ganized Mutual Trust Company, the instrumentality through
suspensions occurred in the Middle Atlantic States, the South Atlantic
group, the Central East and on the Pacific Coast, more than offsetting which depositors of the City Trust will have their deposits
slight decreases in the South Central and Western sections. The liabilities available rather than to await the results of liquidation by
increased in all geographical divisions except the Western group,the amount
for the Central West being practically double that for the second quarter the State Superintendent of Banks, will be merged into the
of 1928.
International Germanic Trust Company of New York, were
A comparison of banking suspensions is made by sections for the second
made known in a letter mailed out to the stockholders
quarter of the past three years:
of the latter company on July 6. It is emphasized that the
NumberLiaMliUe
Sutton—
1929.
1928.
1929.
1927.
International Germanic Trust will have no direct dealings
New England
Middle Atlantic
2
85,985,000 with the City Trust but will act through the Mutual Trust
South Atlantic
21
13
9
10,454,000
South Central
8
9
5
4,731,200 and will be guaranteed against loss by the interests which
Central East
10
5
11
3,563,900
Central West
102
46
60
28,293,257 organized the Mutual. As was indicated in our issue of
Western
2
4
660,000
6
International GerPacific
1
3
2,770,184 July 6 (page 75) a special meeting of
3
—
—
manic Trust stockholders will be held on July 22 to ratify
United States
148
92
$54,457,541
81
1928
92
28,952,5,52 the merger agreement. Proxies were sent out with the call

for this meeting and with the Board of Directors' explanation as to how the plan will operate. The practical effect
of the merger will be to bring into the International Germanic Trust $6,000,000 in additional capital and surplus,
all of which is in cash and against which, it is stated, no
liabilities exist The International Germanic Trust thus
will have capital funds of $12,000,000 when the merger beA treasury membership on the Los Angeles Stock Exchange comes effective. It is estimated that the maximum cost to
was reported sold this week for $150,000.
the International Germanic for its part in the program
$125,000, which would be treated as the consideraThe Irving Trust Company of New York announced on would be
tion for the five branches of the City Trust Company and
July 9 the appointment of Charles A. Cook, Vice-President
20,000 depositors.
and General Manager of iladelon Modes, Incorporated, as a its
member of the Advisory Board of its Seventh Avenue Office,
Henry C. Von Elm, President of Manufacturers' Trust
Seventh Avenue at 37th Street. The trust company also Company, announces the appointment of Theodore Hurnos
recently announced the appointment of Samuel A. Salvage, and John M. Schmitt as Assistant Secretaries, both of them
171 Madison Avenue, and Louis N. Messing, President of located at the Union Office of the company,801 Westchester
the Jonas & Naumburg Corporation, as members of the Avenue, the Bronx. Frank R. Long, Assistant Secretary,
Advisory Board of its Twenty-eighth Street Office, Madison has been transferred to the office at 1046 Southern BouleAvenue at 28th Street.
vard, where he will assist C. P. Ranges in the management
of that office.
The Chase Securities Corporation of New York, which
In the last year has opened fourteen offices in this country
The National City Bank of New York has capital of $110,and Europe, announces the opening of another new office 000,000 and surplus of $110,000,000, while its investment
at 111 Sutter Street, San Francisco. This action repre- affiliate, The National City Company, has capital of $55,sents another step in furtherance of the Corporation's policy 000,000 and surplus of $55,000,000, making a total of $330,of establishing its investment service throughout the world. 000,000. Undivided profits of the bank, as reported June 29
Chase Securities Corporation is the investment affiliate of 1929, amount to $15,260,406. The capital stock of the City
the Chase National Bank which is one of the large inter- Bank Farmers' Trust Company is $10,000,000 and the surnational banks of America, and with the recent acquisition plus $10,000,000. The combined institutions, therefore, have
of the American Express Company provides world-wide capital, surplus and undivided profits of over $365,000,000,
facilities. The San Francisco office of Chase Securities not including the substantial undivided profits of The NaCorporation will be in charge of Adolph R. Snoble, Assistant tional City Company, which figure is not obtainable.
Vice-President. Mr. Snoble has spent many years of his
The Bancamerica-Blair Corporation, the securities affilibusiness life in California. With Mr. Snoble will be associated D. G. Saunders as District Sales Manager and B. W. ate of the Bank of America, N. A., has opened an office in the
Candler Building, in Atlanta, Ga. Arthur M. Hoagland, who
Luke as Deputy Treasurer.
In another item in the front part of our paper to-day we will be Manager of the new office, has been engaged in
refer to the record volume of clearings of the Chase National the investment security business for over eighteen years, the
past two of which have been spent in Atlanta. It is exon July 2.
pected that the Atlanta office of the Bancamerica-Blair
Total resources of $1,556,010,960.33 and deposits of $1,041,- Corporation will become the headquarters for that com909,263.10, including outstanding checks, are shown by the pany's Southern activities.
statement of the Guaranty Trust Company of New York as
of June 29, the first published since the merger of the Trust
The statement of The Commercial National Bank and
Company and the National Bank of Commerce on May 6 Trust Company of New York, made public in response to a
last. Capital, surplus and undivided profits are $186,- call from the Comptroller of the Currency, shows, as of
418,068. Undivided profits show a gain of *2,021,896, as June 29, total resources of $97,970,489, a gain of $21,217,299
compared with the aggregate of undivided profits shown by over the figure of $76,753,190 carried in the bank's initial
each bank separately In their last statements prior to the statement on March 27 1929. Deposits during the three
merger, published in March. The atiove figures do not give months' period have increased from $59,534,951 to $76,effect to the increase in capital and surplus of $100,000,000 589,036. Of significance in the present statement is the

ITEMS ABOUT BANKS, TRUST COMPANIES, ETC.
Two New York Coffee & Sugar Exchange membersnips
were reported sold this vl aek that of Addison Leavens to
Charles Slaughter for $24,000, and that of George H.Earlo,
3d. to J. S. Bache & Co. for the same consideration.




226

FINANCIAL CHRONICLE

Item surplus and undivided profits, which stands at $7,886,351, compared to $7,332,000 previously reported, indicating a net increase for the quarter of $554,351, and a total
operating profit of $886,351 since the bank first started
business on January 9 1929.
Ethelbert H. Low was ele-cted a Vice-President of the
Corn Exchange Bank & Trust Co. of New York at a meeting
of the directors this week.
The stockholders of the Ch- ase National Bank and of the
National Park Bank of New York were formally notified
• on July 10 that special meetings of the shareholders of both
institutions had been called for August 12 to ratify the consolidation of the two banks, as recently proposed by the
boards of directors. Stockholders of the Chase Securities
Corp. and of the Parkbanc Corp. will meet on the same
day to approve the merger of the Parkbanc Corp. with
Chase Securities. Details of the plan of consolidation were
given in our issue of June 22, page 4098.
The International Acceptance Bank, Inc., announces
the following elections: Assistant Vice-President, Benjamin
Strong, Jr.; Assistant Treasurers, John C. Becker, R. T.
Giblin, J.J. Moran,James D.MacDouall, Alfred J. Moutrie
and J. Phelps Wood. The Bank of Manhattan Co. and the
International Acceptance Bank, Inc., both of New York,
recently issued their first combined statement of condition
since the merger of these two institutions took place in
March of this year. While there are no previous figures
with which comparisons can be made the statement shows
a total capital of $22,250,000, surplus and undivided profits
of $43,210,812.37, total deposits of $519,405,202.15, and
total resources of $675,852,777.28. The International Acceptance Bank, Inc., reports satisfactory results from the
first six months of the year. Its July 1 balance sheet
shows further growth in its business during the 12 months
period since June 30 1928. The total resources July 1 1929
were $127,311,596, compared with $121,317,562 on the
corresponding date of 1928. The new figures show accept-.
ances outstanding of $60,600,237, as compared with $59,608,628 on June 30 1928. Capital and surplus is $13,750,000 with undivided profits of $4,150,294. Since the
publication of the last statement, as of Dec. 31 1928, the
sum of $1,250,000 has been transferred from undivided
profits to surplus.
J. Howard Ferguson has been appointed an Assistant
Cashier of the Commercial National Bank.and Trust Co.
of New York.

[VOL. 129.

Col. Harry R.Moody,53 years old, Assistant Vice-Pros, of
Chatham Phenix National Bank & Trust Co., of New
York, died unexpectedly in San Raphael Hospital at
New Haven on July 10. After starting on a motor tour on
July 5, from his residence, in Brooklyn, a sudden attack of
appendicitis compelled him to undergo an operation at the
New Haven hospital on the following day. A brief period
of apparent convalescence was followed by the relapse which
proved fatal. During seven years in the organization of
the Metropolitan Trust Co. and that of the Chatham
Phenix, Col. Moody became the head of the Service Department of the latter institution and was widely known among
officials of trans-Atlantic shipping services.
As a Captain in the Quartermaster Corps during the World
War, Col. Moody was an assistant of the late General
George R. Goethals in the Packing Division of the Military
Organization at Washington which had charge of assembling
and forwarding the material for the use of American forces
overseas. At the close of the War he was made a Major and
subsquently was commissioned a Lieut. Colonel in the Officers Reserve Corps. Within the past month he completed
a term of army duty. Following his discharge after the
Armistice and prior to beginning his banking career in 1922,
Col. Moody acted as consultant to a number of exporting
firms with reference to packing problems.
At a meeting held July 9, Nicolas J. Gerold, partner of
Josephthal & Company and Fred Lavis, President, International Railways of Central America, were elected to the
board of directors of Hibernia Trust Company of New York.
The first rivet to be placed in the main steel columns of
the Bank of Manhattan Company skyscraper, the tallest in
the world, now being erected in Wall Street was driven
July 10 by Col. W.A.Starrett,Pres.of The Starrett Corporation, and Raymond E. Jones, Vice-President of the Bank
of the Manhattan Company. A golden rivet was used.
The event was witnessed by a number of officials and representatives of firms identified with this project, including
Starrett Brothers, Incorporated, who are constructing the
the building; Levering & Garrique Co., engineers and
fabricators who designed and are supplying the steel for the
new structure; Spencer, White & Prentis, Inc., in charge
of the foundation work; G. L. Ohrstrom & Co., Inc., bankers
for the Starrett Corporation, and the Forty Wr11 Street
Corporation, owners of the new building. The golden
rivet was driven in one of eight massive steel columns which
will carry the trusses for the main banking floor, and will
support the tower of the building, which will rise more
than 840 feet above the street level. Each of these columns,
which are said to be the heaviest ever used in theconstr notion
of any building in the United states, weighs approximately
22 tons and each is designed to su..tain a loan of over 4,600,000 pounds.

At a regular meeting of the Board of Directors of the
Chemical Bank & Trust Co. of New York held July 11,
Wallace C. Von Arx, Assistant Trust Officer, was appointed
Trust Officer. Mr. Von Arx has been associated with the
bank for six years, actively engaged in the administration of
The Murray Hill Trust C-ompany of New Yo.k, in its
the Corporate Trust Department. This department will be
located at 55 Cedar St. on and after July 22. William C. statement of condition on June 29 shows total resources
McAdam was appointed Assistant Manager of the Times of $17,120,508 with deposits of $11,663,499. The report
of Murray Hill Allied Corporation, a wholly owned affiliate,
Square office, located at Broadway and 44th St,
is not included in the statement. It is officially announced
The Guild State Bank of New York announces that S. I. that earnings of the bank and its affiliate, for the first half
Guild
Chittenden,'one of the senior bank examiners of the State of 1929, &e at the annual rate of $19 per share.
Banking Department, has accepted the office of Vice-PresiApplication to organize a new bank in Syracuse, N. Y.,
dent. He will be in charge of the technical operations of the under the title
of the Lincoln National Bank was recently
bank. Mr. Chittenden has been with the State Banking approved
by the Comptroller of the Currency. The new
Department for twelve years and before that was associated Institution will be
capitalized at *750,000.
with banks in Malone and Plattsburg, N. Y., and with the
Chase National Bank of the City of New York. He will
Stockholders of the Medford Trust Co., Medford, Mass.,
assume the duties of his new office upon the acceptance of have approved a five-for-one
split-up in the bank's stock,
his resignation by the State Banking Department. The newly reducing the par
value from $100 a share to $20 a share,
organized Guild State Bank, as we announced in our issue of according
to the Boston "Herald" of July 4. As a result of
July 6, page 78, expects to begin business shortly after Labor this action the
bank's capital of $500,000 will consist of
Day.
25,000 shares instead of 5,000 as heretofore.
The Directors of the Port Morris Bank of New York this
On July 9 stockholders of the Pittsfield National Bank
week voted to recommend to stockholders an increase in
capital from $200,000 to $300,000. Rights will be given to & Trust Co., Pittsfield, Mass., and of the Third National
stockholders to subscribe to one new share for every two Bank of that city, both located in the Berkshire Life Insurshares held at $20 per share. This will add $100,000 to sur- ance Co. Building, voted 'unanimously to merge the instiplus, as well as to capital, and will raise total resources of tutions, according to a dispatch from Pittsfield on that day,
Port Morris Bank to over $4,500,000. Stockholders of Port appearing in the Springfield "Republican" of July 10. The
Morris will meet August 15, to ratify the above plan. Rights consolidated institution will have a capital of $450,000,
will be issued to stockholders of record August 20, and will surplus of like amount, and undivided profits of $200,000.
expire Sept. 15. Effective May 15, the par value of the stock The dispatch went on to say:
The agreement of consolidation provides that stockholders of the Third
of the bank was reduced from $100 to $10 per share.
National bank may exchange their stock share for share in the consolidated




bank, and in addition may subscribe to one new share in the consolidated

JULY 13 1929.1

227

FINANCIAL CHRONICLE

bank at the rate of $140 a share for each five shares of Third National
Bank stock now held by them. The same agreement provides that stockholders of the Pittsfield National Bank & Trust Company may exchange
their stock in the consolidated bank, share for share.
It is expected the new bank will have these officers; Chairman of the
board, Ralph B. Bardwell; President, Charles W. Power; First Vice-President, Z. Marshall Crane; Second Vice-President and Treasurer of the
Pittsfield Securities Corporation, Monture A. Andrew; Third Vice-President
and Cashier, Malcolm W. Lehman. Mr. Crane will continue as President
of the securities corporation. The bank and security company will occupy
quarters now used by the two banks.

make us better bankers and enable us to offer a greater financial service to
our respective commumties and to the northwest as a whole.
"The importance of Duluth at the head of navigation on the Great Lakes
is rapidly increasing. Duluth has always been interested in the development
of its natural waterways. Now, with the combined interest of banks comprising the Northwest Bancorporation, it is to be hoped greater and quicker
results may be attained in this and in other undertakings which tend to
increase the industrial and shipping importance of that city."
eagkommx.•

That two Des Moines (Iowa) banks—the Iowa National
Bank and the Des Moines National Bank—have effected a
merger, subject to the approval of their respective stockOfficial announcement was made July 1 of the change in
favor the plan, was reported in
affiliate holders, a majority of whom
the name of the Foreman Securities Co., securities
advices from that city on July 10 to the "Wall Street Jourof the Foreman National Bank, Chicago, to the Foreman nal," which went on to say in part:
National Corporation, and of an increase in capitalization
The project will be consummated about August 1. With the Iowa Nafrom $500,000 to $5,000,000. The Foreman National Cor- tional is its subsidiary, the Des Moines Savings Bank & Trust Co.
Name of the new bank will be Iowa-Des Moines National., Louis C.
poration will being business with a paid-in capital and
Kurtz, president of the Des Moines National, will be chairman of the board.
which is trusteed for the benefit of and Clyde E. Brenton, now president of Iowa National, will be president of
surplus of $6,000,000,
Foreman National Bank stockholders. This change in the merged institution.
increased so the new conPresent capital stock of the two banks will
name, it is thought, will more definitely identify the com- cern will have a combined capital and surplus be $3,000,000. According to
of
pany with the Foreman National Bank, and is in line with published statements of the two banks as of June 29, the consolidated instian expansion policy that is expected to make the Foreman tution will have deposits in excess of $35,000,000 and total resources of
the new organization the largest bank In Iowa.
National Corporation an important factor among the under- $40,000,000. This will make
writing and distributing houses in the Middle West. ExecuAnnouncement was made on July 3 of the consolidation of
tive direction of the Foreman National Corporation will be five State banks in Stutdman County, N. Dak., with the
in the hands of Robert B. Whiting, Edwin M. Stark and James River National Bank at Jamestown, N. Dak., was
Harold W. Wood, Vice-Presidents. The Foreman National
announced on July 3 by Gilbert Semington,State bank examCorporation will occupy the entire sixth floor of the new
according to a press dispatch from Bismarck, N. Dak.,
Foreman National Bank Building at 33 North TmSalle St., iner,
on July 3, printed in the Minneapolis "Journal" of the same
Chicago. A branch office will be opened soon in New York,
date. The James River National Bank is affiliated with the
Northwest Bancorporation. The banks which have transJohn C. Evans, Assistant Vice-President of the Union ferred their business to the James River National Bank are:
Trust Co., Detroit, will be one of a commission of five
Millarton State Bank of Millarton, the Spiritwood State
Michigan men selected by Governor Green to go to North
Bank, the Buchanan State Bank, the First State Bank of
Russia to locate and mark the graves of men who lost their
Edmunds, and the Eldridge State Bank.
lives there during the World War. Mr. Evans is Treasurer
the Polar Bears Association, comprised of soldiers who
of
On July 1, the First Nation- al Bank of West Minneapolis,
served in North Russia during the World War. Because Hopkins, Minn., changed its name to the First National
4,000 Michigan men saw service on this front, the State of Bank of Hopkins, to conform to the change in the name of
Michigan is financing the commission. The Commission, the place in which it is located.
which includes in addition to Mr. Evans, Gilbert T. Shilson,
The First National Bank of Tulsa, Okla., capital
Chairman, Walter Dundon, Ray Durham, and Michael
$2,500,000, and the Tulsa National Bank, capital $750,000,
Macalla, will sail July 18 to be gone about three months.
were consolidated on June 22 under the title of the First
A press dispatch from Ypsilanti, Mich.on July 1, appearing National Bank & Trust Co. with capital of $2,500,000.
in the Detroit "Free Press" of the following day, stated that
The First National Bank of Miami, Okla. and the Ottawa
the Peoples National Bank of Ypsilanti, an institution
organized in 1924, has merged with the First National Bank County National Bank of that place were consolidated on
of that place. The combined resources of the institutions, June 24. The new institution, under the title of the First
it was said, total $4,500,000. Officers of the First National National Bank of Miami, is capitalized at $250,000.
Bank are D. L. Quirk, Jr., President; D. C. Griffin, ViceThe Farmers' & Merchants' National Bank of Reno, Nev.,
President, and Guy A. Spencer, Cashier. The dispatch
furthermore stated that Walter Sturm, former Cashier of recently changed its title to the First National Bank in
of the People's National Bank, will be retained as an officer Reno.
of the First National Bank.
Following the closing on June 27 of the Avondale Bank &
Affiliation of the First & American National Bank of Savings Co. of Avondale, Ala.(a Birmingham, Ala. suburb),
Duluth, Minn., with the Northwest Bancorporation (a hold- and the City Bank & Trust Co. of Birmingham, both headed
ing company formed recently) was announced on July 3 by by J. B. Lassiter, three more banks in Birmingham and
E. W. Decker, President of the Northwest Bancorporation vicinity have closed their doors, namely on July 6 the Southand of the Northwestern National Bank of Minneapolis, side Bank of Birmingham and the Woodlawn Savings Bank,
according to the Minneapolis "Journal" of the same date. Woodlawn, and on July 8 the Leeds State Bank, Leeds,
The addition of the Duluth bank,an institution with deposits according to the Birmingham "Age-Herald" of July 7 and
in excess of $31,000,000 and resources of approximately July 9. From the latter paper it is learned that definite
$40,000,000, increases the number of banks in the Bancor- steps have been taken to reopen the City Bank & Trust Co.
poration group, exclusive of Minneapolis, to 15. In Minne- and officials of the Southside Bank and the Woodlawn
apolis the Northwestern National Bank and its affiliated Savings Bank have declared that their institutions are solvent
banks and the Minnesota Loan & Trust Co. are members of and will reopen for business at an early date. The following
the Northwest Bancorporation. Total resources of the Ban- we take from the July 9 issue of the paper mentioned:
State banking oficials under Judge C. E. Thomas, State Superintendent
corporation now are in excess of $214,500,000, Mr. Decker
of Banks, have taken over the affairs of each of the banks and reports on
The First & American National Bank is a con- their conditions will be made public when audits are completed.
announced.
Depositors of the banks have been assured that their interests will be fully
solidation of the First National Bank and the American
issued a
Banks
protected
Exchange National Bank effected in April last. It will con- statement by the State Department of saying and Judge ThomasBirming"all banks at
from Montgomery Monday,
unit under the management ham are well provided with collateral and there that need for further appretinue to operate as an individual
is no
of its present officers and directors, the former including hension or restlessness."
together with County Solicitor
Attorney General Charlie 0.
David Williams, Chairman of the Board; Isaac S.,Moore, George Lewis Balles, will conduct McCall,
investigations through the County Grand
President;Philip L. Ray,Executive Vice-President;J. Daniel Jury into the banking situation.
Mahoney, Edward L. Palmer, George W. Ronald, Walter J. In addition, Gov. Bibb Graves, with the aid of W. C.Oates, of the State
Securities Commission, has begun another probe into the closing of the
Johnson and Willis A. Putnam, Vice-Presidents; W. Gordon Avondale and City Banks.
Following the organization of the Grand Jury, Judge McElroy charged
Hegardt, Assistant Vice-President, and William W. Wells,
and then
on the general
Cashier. The First National Duluth Co., the bank's invest- the inquisitorial bodycourt "gives to aspect of its investigations the proyou in special charge all of
pointed out that the
ment company,has also become affiliated with the Northwest visions of the criminal code of this State relating to banks and banking.
Bancorporation, Mr. Decker said. Philip L. Ray is Presi- . . . If evidence comes before you showing probable cause for believing
that any person has been guilty of any felony in connection with the bankdent. The paper mentioned also quoted Mr. Decker as ing laws it is your duty to indict."
Judge McElroy also pointed out that the grand jurors could return an
saying:
violations of
"Banking, like every other business, has become national in character. indictment for a misdemeanor in connection with for the publicthe banking
good. . .
believed it was necessary
if 12 of
together,
Closer relationships in this northwest territory will tie us closer




law

their number

228

FINANCIAL CHRONICLE

[voL. 129.

The same issue of the "Age-Herald" also contained the
following press dispatch from Montgomery, Ala., under
date of July 8:

"With thLs roseate outlook the syndicate exercised its option on 1.900
shares out of a total of 3,000 more than a year before it would have been
required to do so, taking over control of the bank on Jan. 18 1929,
and
promptly announced its policy, which included immediate increase of
Judge C. E. Thomas, commenting on the closing Monday morning of capital to $500,000, with
a surplus of $100,000.
the Leeds State Bank in Jefferson Country, said the closing was on account
"The directors proceeded to authorize this action but the funds were
of the fact that the institution was unable to realize on its assets as quickly never made available.
This syndicate was composed of August Heckas needed. The run on this bank during the forenoon Saturday. ran the scher. Clarence Lewis
and M. H. Lewis, the last named acting as manager
bank's cash very low, he added, and Its officials were not convinced that of the syndicate.
It could stand a further run Monday morning.
" A short time after control of this bank was purchased, a syndicate
From communications received by him Monday from Birmingham, member invested
in other down-State banks which subsequent events have
Judge Thomas said, he is very much encouraged over the possibility of shown were not
in sound condition and which have since suspended.
opening up two of the closed banks with new capital all paid in, as soon
"Internal dissension among the syndicate members followed this venture."
as the state banking laws can be fully complied with.
Capt. William C. Oates, Secretary-Examiner of the Alabama Securities
The semi-annual statement of the Hibernia Bank & Trust
Commission, began Monday the commission's part in investigation of
the closing of the Avondale Bank & Savings Company and the City Bank Co. of New Orleans, La., as of June 30 1929, showed total
.it Trust Company. In this work he is being aided by C. H. Moses, certiresources of $62,700,000 as compared to $54,600,000 one year
fied public accountant, of Birmingham.

The accidental death of two officers and the severe illness
of a third have marked the closing of the Birmingham district banks. Shortly before noon on July 6, the morning
that the Woodlawn Savings Bank closed after suffering a
heavy "run," Dr. A. W. Bell, President of the instituion,
was drowned while swimming in the Coosa river. His body
was not recovered until the evening of July 9. Dr. Bell
was also until recently, it is understood, President of the
Leeds State Bank, which closed July 8. The following we
take from a dispatch by the Associated Press from Birmingham on July 7, appearing in the New York "Times" of
July 8:
•

Dr. Bell was said to have drowned shortly before noon when apparently
he was seized with cramps. He had gone to his country place at Vincent,
twenty miles from here, to spend the week-end and was swimming with a
party of friends who said he was caught in an undercurrent and carried down
stream before aid could reach him.
Meanwhile, J. B. Lassiter, President of the City Bank and Trust Company and Avondale Bank and Savings Company, remained in a state of
collapse in a New York City hospital, where he was carried when advised
of the closing of the two banks last week.
John R. Wallace, Cashier of the Avondale bank and a nephew of Lassiter,
died the day before the bank closed from a bullet would, which members
of his family said was accidentally inflicted. After investigating Wallace's
death, Coroner J. D. Russtun of Jefferson County rendered a verdict of
accidental death.
Officials of the Southside Bank, which closed yesterday, said it would
remain closed until the situation has been relieved. The bank is solvent,
they said.

The East Alabama National Bank of Eufaula, Ala., an
institution capitalized at $125,000 and with deposits of
approximately $250,000, failed to open for business on July 1,
following the reported admission by its President, Allen M.
Brown, of a shortage in his accounts and his surrender to the
Federal authorities at Montgomery, Ala., according to
Associated Press advices from Eufaula on July 1, appearing
in the New York "Times" of the following day. A notice on
the door of the bank stated:
"The board of directors deem it to the best interest of depositors and all
others that this bank be closed. Its affairs are in the hands of the Controller
of the Currency."

An Associated Press dispatch from Montgomery on the
same date, also appearing in the "Times" of July 2, stated
that a warrant charging the former President with alleged
violation of the national banking laws was sworn out before
W. A. Jordan, Federal Commissioner, that morning and he
was arraigned a few moments later. Preliminary hearing
was set for July 10 and bond fixed at $10,000. This the
former banker announced he was unable to furnish and he
was remanded to jail. In his cell, it was said, he declined to
discuss the shortage other than to say: "You may say for me
that I am short in my accounts and am willing to pay for it
by working it out." A more recent dispatch by the Associated Press from Montgomery (July 10), printed in the
"Times" of July 11, reported that the former President, after
waiving a preliminary hearing before Commissioner Jordan,
was held to the Federal Grand Jury and admitted to bail in
the amount of $10,000. He told the Commissioner, it was
said, that the shortage would exceed $75,000 and that the
withdrawals had extended over a period of five years. The
dispatch furthermore stated that the affairs of the bank had
been placed in the hands of R. E. Shoemaker, Examine:.
Supplementing our item of last week (page 81) with reference to the closing on July 5, of the People's Bank of Jacksonville, Fla., capitalized at $300,000, advices from Jacksonville appearing in the New York "Times" of July 6,
contained the following:
A. P. Anthony, President of the bank, says it is his belief that all depositors will be paid in full. His statement, in part, is:
"On March 26 1928. a syndicate of wealthy business men of New York
obtained an option for a two-year period on the controlling interest in
the People's Bank of Jacksonville. and at the same time August Heckscher
and M. H. Lewis became directors of the bank.
"Immediately the institution reflected increased deposits and improvements in all respects as advantages of this connection, and In a few months
the bank was on an earning basis.




ago. Deposits this year are $50,200,000 which is an increase
from $48,200,000 as of June 30 1928. The capital account,
which includes surplus, undivided profits and reserves,
totals this year $6,520,000 while the amount last year was
$4,940,000. This increase is accounted for by a new capital
stock issue authorized by the stockholders for the purpose
of taking care of the growing business of the bank.
The regular quarterly dividend of 5% was distributed to
stockholders on July 1 and the usual quarterly dividend on
salaries divided among the employees, this distribution being based on salaries and length of service.

A special meeting of the stockholders of the WhitneyCentral Trust & Savings Bank of New Orleans has been
called for July 31 to vote on a proposal to change the bank's
name to the Whitney Trust & Savings Bank.
J. Dabney Day, President of the Citizens National Trust
& Savings Bank of Los Angeles, and one of the outstanding
bankers of California, died suddenly of heart disease on June
22, while spending the week-end at his Santa Monica beach
home. The deceased banker, who was in his 57th year, was
born at Ladonia, Tex. Upon his graduation from the Ladonia
High School, he entered Hill's Business College at Waco,
Tex. where he completed the law course. Later he entered
the banking field. In 1907 Mr. Day organized and became
Cashier of the Traders' State Bank of Dallas and for several
years held executive positions in Texas banks. In 1920 he
left Dallas, where he was then a Vice-President of tho City
National Bank, to accept a Vice-Presidency with the First
National Bank of Los Angeles. Subsequently, Mr. Day
became President of the Citizens National Bank of Los
Angeles and its affiliated institution, the Citizens Trust &
Savings Bank, and upon their consolidation in March of
last year, was chosen President of the new organization,
the Citizens National Trust & Savings Bank,—the office he
held at his death.

The Arcadia National Bank, Arcadia, Cal., a newly organized institution, opened for business on June 29 at 232
North First Avenue, Arcadia, according to thear Francisco "Chronicle" of that date. Officers of the new bank
are J. L. Byrne, President; F. S. Einhazt and J. W. Lambert,
Vice-Presidents and W. L. D. Brown, Cashier.
Following a meeting of the directors of the Citizens National Trust & Savings Bank of Los Angeles on July 5, it
was announced by M. J. Connoll, Chairman of the Board,
that Alex S. Cowie, Junior Vice-Prebident, in charge of
Foreign Credits and acceptance financing, had been elected
Vice-President. Mr. Cowie who has been with the Citizens
Bank since 1927, was formerly with the Hellman Commercial
Trust & Savings Bank, and previous to 1920 was with the
financial department of the American Express Co. Be is a
member of the Foreign Trade Committee of the Los Angeles
Chamber of Commerce, and of the California Development
Association and i.. also a member of the Foreign Trade Club.
A press dispatch from South Pasadena, Cal. on June 28,
printed in the Los Angeles "Times" of the following day,
reported that the South Pasadena National Bank, with deposits in excess of $700,000, had closed its doors on that
day because of inability to meet payments. The failed bank
was organized four years ago and was capitalized at $100,000.
Frozen assets and a small "run" the aftarnoon of July 8 resulted in the directors' decision to close the doors and olace
the institution in the hands of I. I. Chorpening, a National
bank examier.
advices furthermore stated that officials
announced "that all depositors will be paid 100 cents on the
dollar and that the institution may be reopened within
ten days as a branch of a large chain system."

JULY 13 1929.]

FINANCIAL CHRONICLE

229

ed
reported as of June 30, 1928. All figures have been convert
into dollars at the rate of $5 per pound sterling.
,
The directors of the Midland Bank Limited of London
e with regret the retirement of E. W. Wooley from
announc
cornthe position of Joint Managing Director after having
completed upwards of 46 years service with the Bank. Mr.
entered
Wooley retains his seat on the Board. Mr. Wooley
gham and
the service of the institution (then the Birmin
Midland Bank) in 1883 at the Head Office in Birmingham.
ant
At that time the late Sir Edward Holden was the Account
associof the Bank and Mr. Wooley continued to be closely
of
ated with him during a period of 36 years until the death
was
Sir Edward in 1919. At the age of 22 Mr. Wooley maThe promotion of C. E. Neill, Vice-President and General appointed Accountant at the Leeds branch on the amalga
Manager of the Royal Bank of Canada (head office Montreal) tion with the Leeds and County Bank Limited. Two years
to the newly created office of Vice-President and Managing later, when by the absorption of the Central Bank of London,
Director, was reported in the Montreal "Gazette" of July 4. Ltd., the Midland Bank entered the London Bankers'
Morris W. Wilson, heretofore Senior Assistant General Clearing House and transferred its Head Office to London,
Manager, will succeed Mr. Neill as General Manager. Mr. Wooley took the position of Head Office Accountant.
Mr. Neill's new position will enable him to continue the He held the post of Inspector of Branches from 1897 to
active direction of the bank, but will at the same time 1901 when he was appointed Chief Inspector. Subserelieve him of many of the details of administration which quently Mr. Woolley occupied in succession the positions of
require to be handled by the General Manager. With Chief Accountant and Assistant Manager at the Threadreference to the banking careers of the two executives, the needle Street branch until in 1914 he became a Joint General
he was
Montreal paper said:
Manager. This position he retained until 1920 when
Mr. Neill entered the service of the Bank in 1889; in 1900, eleven years
Mr. Wooley's
three months appointed a Joint Managing Director.
later, he was appointed Manager of Vancouver branch and
over a period of
later was made Supervisor of British Columbia branches. In 1903 he was association with the Bank thus extends
n
increased
moved to head office and appointed chief Inspector of the bank. Promotio
46 years, during which the number of offices has
to the position of Assistant General Manager came in 1907 and in 1916 he from five to over 2,000.
Viceent as

An increase of $10,200,000 in the deposits of the Citizens
National Trust and Savings Bank of Los Angeles during the
past year was announced on July 1 by M.J. Connell, Chairman of the Board. This increase amounts to approximately
10% of deposit totals. Owing to the increase in capital
effected this spring the capital, surplus and undivided
profits have risen from $11,136,834 to $15,590,476. Of this
increase $4,000,000 was provided by the new subscription
and the balance of $453,000 represents profits over and above
the dividend, which was twice increased during the period.
Total resources of the bank grew in proportion to these
figures showing an increase of $17,630,000.

succeeded E. L. l'ease as General Manager. His appointm
President was made in January. 1927.
He is also a Governor of McGill University and a Director in several
large Canadian companies. Ile was President of the Canadian Bankers'
Association for two years—in 1926 and 1927.
Morris W. Wilson, the new General Manager of the Royal Bank of
Canada,entered the service in 1897,the Institution at that time being known
as the Merchants Bank of Halifax. Mr. Wilson's early experience, which
was marked by steady progress, took him to many of the bank's branches
in the Maritime provinces. So rapid was his promotion that in 1911, he
was appointed Manager of Vancouver Branch, a post which he filled with
ability during the trying times of business contraction that marked the next
few years.
Mr. Wilson was made Chief Inspector of the Bank in 1916; a year later
he became Superintendent of Branches; and in 1922. he was made senior
Assistant General Manager of the Bank—the position which he now relinquishes to become General Manager.

NGE.
THE WEEK ON THE NEW YORK STOCK EXCHA
market has been active and strong during the
The stock
occasionally
present week and while price movements have
y
brief periods of irregularity the trend has generall
shown
Speculative interest has centered
been toward higher levels.
ne stocks,
largely in the public utility group and telepho
ies also have enjoyed a generous share of the
though specialt
d the
buying. The noteworthy features of the week include
tonnage report of the United States Steel Corpora
unfilled
a decrease of 47,257 tons from the
tion as of June 30 showing
% gold
total shown on May 31, the twenty million dollar 53of the Cities Service Power & Light
debenture bond offering
Announcement is made by the Dominion Bank (Head Company, the twenty-five million dollar offering of 532%
Gas &
Begg,
Office Toronto, Canada) of the retirement of Evan A.
sinking fund debenture gold bonds of the Koppers
of Branches. Mr. Begg began his career in Coke Co., and the twenty-five million dollar offering of First
Supertinendent
the Federal Bank at Strathroy, Ont., in 1882 but joined the Mortgage Gold Bonds of the Canadian International Paper
Dominion Bank In 1884 and after serving various ports in Co. The report of the Federal Reserve Bank made public
Toronto Branch became Assistant Inspector at the Head after the close of business on Thursday showed a decrease of
Office in 1895, Secretary in 1905, Chief Inspector in 1907, $14,000,000 in brokers'loans in this district the present week.
Assistant to the General Manager in 1912, and Superin- Call money renewed at 7% on Monday morning advanced to
tendent of Branches in 1920. He is a very well known 9% in the afternoon and continued unchanged at that rate
banker and notice of his decision to retire will be heard during the balance of the week.
in the day
with great regret In financial and business circles. The
On Saturday early irregularities turned later
following appointments are also announced: Dudley Daw- into brisk rallies and despite the high increase in brokers'
son (late Manager of Toronto Branch) to be Superintendent loans shown the night before, many of the more popular
of Branches at the Head Office; Mr. C. S. Howard, Foreign speculative stocks moved into new high ground before the
Superintendent at the Head Office; Robert Rae (late New closing hour. Telephone stocks led the upward swing, Inter33%
York agent) to be Manager Toronto Branch.
national Tel. & Tel. shooting upward with a gain of
while American Tel. & Tel. was bid up 331
points to 109%,
4
The Directors of Westmin- ster Bank Limited, London, points to 232%. Western Union closed at 2093 . Oil stocks
interim dividend of 10% for the half-year
have declared an
fairly buoyant throughout the session, Atlantic Refinwere
ended June 30 on the £4 shares, and the maximum di-idend ing assuming the leadership as it moved across 77 with a gain
on the £1 shares for the same period. Dividends of 2 or more points followed by Sun Oil with a similar
of 63.),%
2s. per share and is, 3d. per share respectively (both less in- advance and Wesson Oil, pref. with a gain of nearly 3 points.
railcome tax), will be payable on Aug. 1.
Postum Cereal ran up about 2 points. Changes in the
tant though there was some special
Aggregate resources of Barc-lays Bank Limited of London, road group were unimpor
which soared upward
not including those of affiliated banks, are reported in its buying in Del., Lack. & West.,
In the so-called specialties group Case
semi-annual statement of condition as of June 29, details of points to 132.
as it bounded ahead
which were received by cablegram on July 9 by the repre- Threshing Machine was the star feature
with a net gain of 23 points at 355. Eastman
sentative's office at 44 Beaver Street, New York, as being and closed
an advance of 11U
$1,904,001,895. This compares with an aggregate of $1,- Kodak was in strong demand and scored
3
the end of June last year, an increase of points to 205%.
799,912,284 as of
and
The market opened somewhat higher on Monday
more than $100,000,000. Advances to customers and other
continued
d as $870,554,174 against $852,556,006 despite the fact that call money advanced to 9%,
accounts are reporte
of the day. Atlantic Refining again
a year ago, while bills discounted are up from $179,936,008 its upward swing most
stocks as it rose into new high ground for
to $201,873,057 and the item of acceptances shows an increase featured the oil
the
1,153. These changes clearly the present shares. United States Steel, common was
from $79,616,730 to $116,48
of the session as it moved briskly ahead and
reflect the continued expansion and use of the London strong feature
net gain of 4% points at 201. Republic Iron
discount and acceptance market. The bank's investments closed with a
of which & Steel, Bethlehem Steel and most of the independent issues
are up approximately $45,000,000 at $295,145,750,
and closed with substantial gains. Columbia
$272,424,868 represents securities of or guaranteed by the were strong
es, the feature Graphophone moved briskly ahead nearly 4 points to 73.
British Government. On the side of liabiliti
The outstanding features of the merchandising croup were
is the increase recorded in deposits which now stand at
and
,189 over the $1,589,754,468 Sears-Roebuck which ran up about 3 points to 170M
$1,656,979,657, a gain of $67,225




230

FINANCIAL CHRONICLE

[VOL. 129.




1§§§§t

10.0.'4
IM1342t

.g

Montgomery-Ward which improved about 3 points to 117. similar advance. Railroad shares were
higher, Atchison
Railroad stocks were firm and substantial gains were re- moving ahead 134 points, Ches. & Ohio
434 points to 25334
corded by New York Central, New Haven and Erie. In and Texas & Pacific 4 points. New tops were
registered by
other parts of the list new peaks were registered by Allied many of the more active speculative issues including
among
Chemical & Dye above 340, Youngstown Sheet 8o Tube others American Can, Youngstown Sheet & Steel,
American
above 150, International Business Machine at 230 and Corn Rolling Mills, Fleischmann, Mathieson Alkali,
Commercial
Products at 106. Peoples Gas moved into new high ground Solvents and United Gas Improvement. Amer. Tel.
& Tel.
early in the day and there was a strong demand at higher reached new high ground as it crossed 246 with a gain
of
prices for American Car & Foundry, Pressed Steel Car and 5% Points. The final tone was good.
National Cash Register, the latter running ahead about 4
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
points to 126.
DAILY. WEEKLY AND YEARLY.
On Tuesday the market was somewhat mixed, liquidation
affecting several speculative favorites. While a brisk demand
Mocks.
Railroad,
State,
Week Ended July 12
Number of
dec..
Municipal &
carried other stocks to higher levels. Two notable new tops
Shares.
Bonds.
Porgies Bonds
were recorded in the early trading, American Can crossing Saturday
1,586,260
$3,933,500
$1,497,000
Monday
•
3,522,160
8,769,000
2,280,000
161 with a gain of 334 points and Amer. Tel. & Tel. shooting Tuesday
4,247,250
11,471,000
2,568,000
into new high ground at 241 with a gain of about 7 points. Wednesday
4,209,630
10,576,000
2.093,000
Thursday
4,211,310
10,384,000
2,465,000
Copper stocks displayed decided improvement, Anaconda Friday
4,759,180
12,188,000
1,746,000
crossing 120 with a gain of 2 points and Greene-Cananea
Tntal
99 Kg.C.7on 5c7 191 cnn
219 A40 nnn
19 91452 Inn
advancing about 4 points. Motor shares ran into heavy
Sates as
selling and most of them dropped from 2 to 4 points. Food
Week Ended July 12.
Jan. 1 to July 12.
New York Mock
shares were in demand, Borden Company moving up to
Exchange.
1929.
1929.
1928.
1928.
9934 with a gain of more than 3points and Shattuck Company Stocks-No,of shares_ 22,535,790 11,632,330 577,522,640 425,157,806
Bonds.
which jumped more than 6 points into new high ground Government
bonds_
$2,288,100 $7,034,000
$68,720,700
$117,552,750
around 177.
State and foreign bonds 12,649.000
17,290,800
329,892,650
468,470,565
The market turned irregular on Wednesday though for a Railroad & misc. bonds 57,321,500 35,138,500 1,028,646,000 1,451,376,025
Total bonds
572,258,600 $59.463,300 $1,427,259,350 $2,037,399,340
short period during the early trading the tone was quite buoyant. Public utilities moved up to the front under the guid- DAILY
TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
ance of Brooklyn Union Gas, which scored an advance of 13
BALTIMORE EXCHANGES.
points at its high for the day and closed at 211 with a gain
Boston.
Philadelphia.
of 10M points and Consolidated Gas followed with a gain of
Baltimore.
wea Ended
43% points. Among the outstanding features of the day were
July 12 1929.
Shares, Bond Sales. Shares. Bond Sale,. Shores. Bond Safe,.
the advance of Amer. Tel. & Tel. to a new top at 24234 and laturday
*24,155
$14,000 a34,562
$9,000
1,192
$14,000
*47,984
18,000 078,873
23,000
3,708
43,000
its equally sharp drop to 23734, where it was off more than 14onday
Tuesday
*61,486
9,000 079,634
25,000
3,695
12,000
Vrednesday
*64,837
24,000 a82,969
3 points. Gold Dust, and National Dairy Products were in Thursday
20,000
63,519
15,500
*61,595
44,000 0138,934
10,500
2,514
23,500
brisk demand, the latter selling at new peak prices and there Friday
56,495
56,000 376,422
4,000
3,707
11,000
was considerable activity in Johns-Manville, Warner Bros. Total
316,552 $165,000 491,394
$91,500
18,335 $119,000
and Montgomery-Ward at higher prices. Motor shares and 'rev, week revised 281.179 $12.000
554.828
147.0001 15.973 5102.700
electric stocks were under pressure and most of them extended • In addition
sales of rights were: Saturday, 594; Monday, 972; Tuesday, 1,565.
their early losses. Consolidated Gas, again lifted its top with Wednesday, 1,726; Thursday, 1,732.
a In addition there were sold: Rights
-Saturday,6,700; Monday, 5,220; Tuesday,
a gain of nearly 5 points, American & Foreign Power gained 2,400; Wednesday, 2,600; Thursday. 11,500; Friday, 13,100. Warrants-Saturday,
1,700; Monday, 1,300; Tuesday, 2,000; Wednesday, 1,000; Thursday, 2,400; Friday,
3 points to 121, American Power & Light 234 points to 14334, 3,500.
Brooklyn Union Gas 103 points and Peoples Gas 5 points. S In addition,sales of scrip were: Wednesday. 7-20.
Radio Corporation was heavily sold and dipped to 7734,
where it was off about 5 points from its previous close.
COURSE OF BANK CLEARINGS.
Other gains worthy of note were Auburn Auto Company 1.734
Bank clearings will again show a very substantial increase
• points, American Rolling Mills 65 points, and National the present week. Preliminary figures compiled
%
by us,
Biscuit 7/ points.
based upon telegraphic advices from the chief cities of the
On Thursday the market was again irregular many popular country, indicate that for the week ended to-day (Saturday,
favorites developing considerable weakness, while others July 13) bank exchanges for all the cities
of the United
moved vigorously forward. Public utilities dominated the States from which it is possible to obtain
weekly returns will
trading throughout the day, Consolidated Gas leading the be 21.6% larger than for
the corresponding week last year.
upward swing asit broke into new high ground for the present The total stands at $13,215,774
,575, against $10,866,436,439
shares. Brooklyn Union Gas bounded forward to 225 closing for the same week in 1928.
At this centre there is a gain
at 220 with a net gain of 9 points. Other strong stocks in for the five days ended Friday
of 21.6%. Our comparative
the public utility group included Columbia Gas which surged summary for the week follows:
45% points to 88/, Standard Gas &
forward
Electric which
Clearings
-Returns by Telegraph.
reached a record top at 1289's, United Gas Improvement
Per
Week Ended July 13.
1929.
1928.
Cent.
which ran up nearly 3 points to 5134, American Water Works
New York
57,207,000,000 $5,217,000,000 +38.1
which gained 8 points to 14834 and Detroit Edison which Chicago
577,486,500
605,017,684
-4.6
473,000.000
425,000,000 +11.3
improved 534 points to 290. Some of the independent Philadelphia
Boston
428,000,000
366,000,000 +16.9
steel shares were active and strong particularly Midland Kansas City
139,237,288
138,527,364
+0.5
St. Louis
119,500,000
124,700,000
-4.2
Steel, pref. which ran up over 12 points to 290. Ludlum San Francisco
175,820,000
174,739,000
+0.6
Los Angeles
178,984,000
180,852,000
-1.0
Steel, pref. moved ahead about 4 points to 11734 and Beth- Pittsburgh
\
164,016,975
139,948.628 +17.2
Detroit
172,620,117
lehem Steel sold up to 1173 at its high for the day and Cleveland
158,533,163
+8.9
4
136,457,038
120,007,438 +13.7
Granite Steel closed with a gain of 334 points. Chesapeake Baltimore
89,842,101
80,425,222 +11.7
New Orleans
53,876,240
58,455,644
-9.5
& Ohio attracted considerable speculative attention as it
Thirteen cities, five
$9,914,840,249 $7,789,206,143 +27.3
shot forward 53 points to 249% followed by Rock Island Other cities, five days days
1,098,305.230
1,094.198,880
+0.4
with a 2 point gain. American Can forged ahead 4 points
Total all cities, five days
$11,013,145.479 $8,883,405,023 +24.0
to 165, and Air Reduction gained 33z points at 15734. All cities, one day
2,202,629,096
1.983,031,416 +11.1
American Tel. & Tel. 31 2 points to 241. Aeroplane stocks
Total all cities for week
/
513,215.774.575 $10.866.436.430 421R
were featured by Wrigh. Aero with a gain of 534 points to
Complete and exact
%
1323 , Curtis Aero with an advance of 23 points to 1603i foregoing will appear details for the week covered by the
in our issue of next week. We cannot
and United Aircraft Transport about 3 points to 12934.
furnish them to-day, inasmuch as the week ends to-day
The stock market was buoyant on Friday and a long list (Saturday)
and the Saturday figures will not be available
of stocks, particularly among the public utilities, advanced until noon to-day
. Accordinglyi in the above the last day
to new high ground. United States Steel again raised its top of the week has
in all cases had to be estimated.
and crossed 203. Bethlehem Steel forged ahead to 120 and
In the elaborate detailed statements, however, which we
Republic Iron & Steel closed at 112. Public utilities again present further
below, we are able to give final and complete
moved to the front under the leadership of Consolidated Gas results for the
week previous
-the week ended July 6. For
which sold up to 144 at its high for the day. American 8s that week there is
an increase of 18.6%, the 1929 aggregate
Foreign Power pushed ahead about6 points, Brooklyn Union of clearings for
the whole country being $14,520,345,409,
surged forward 6 points to a new peak. North American ran against $12,242,401
,980 in the same week of 1928. Outside
upward 3 points and Standard Gas & Electric registered a of this city the
increase is only 2.8%, the bank exchanges

.1 uLY 13 19291

FINANCIAL CHRONICLE

at this centre recording a gain of 27.6%. We group the
cities now according to the Federal Reserve Districts in
which they are located, and from this it appears that in the
New York Reserve District (including this city) there is an
expansion of 27.7%, in the Boston Reserve District of
18.9% and in the Philadelphia Reserve District of 10.9%.
The Cleveland Reserve District shows a loss of 1.1%, the
Richmond Reserve District of 1.9% and the Atlanta Reserve District of 3.5%. The Chicago Reserve District
falls 7.5% behind, the Minneapolis Reserve District 3.3%
and the San Francisco Reserve District 3.9%. In the St.
Louis Reserve District the totals are larger by 0.8%, in
the Kansas City Reserve District by 8.8% and in the Dallas
Reserve District by 8.3%.
In the following we furnish a summary by Federal Reserve
districts:
AUMMARY OF BANK CLEARINGS,

231
Week Ended .Tidy 8.

Clearings at
1929.

1928.

Inc. or
Dec.

Total(20 cities) 1,009,963,171 1,091,342,768
Week End. July 6 1929.

1929.

1928.

Inc or
Dec.

1927.

1026.

Federal Reserve Diets.
$
$
$
%
$
15t Boston.....12 cities
656,259,996
551,829,634 +18.9
553,579,335
452,927,948
gad New York.11 " 10,143,045,352 7,940,232196 +27.7 5,268,843,723 4,574,453,345
3rd Philadel la.10 684,319,424
617,061,082 +10.9
512,276,036
634,530,527
11th Cleveland__ 8 457,580,617
462,431,768 -1.1
377,993,926
349,673,112
5th Richmond _ 6 190,326,653
194,037,739 -1.9
334,741,649
171,262,736
6th Atlanta_ ___13 "
169,350,415
175,468,369 -3.5
169,950,454
181,526,296
70 Chicago ...20 "
1,009,963,171 1,091,342,768 -7.5
856,995,051
817,173,097
8th St. Louts-. 8 "
199,987,353
198,455,618 +0.8
196,093,540
190,431,493
9th Minneapolis 7 "
119,566,328
123,610,732 -3.3
109,873,746
114,404,860
10th KanaasCity 12 "
243,914,896
224,207,985 +8.8
215,315,937
244,710,316
11th Dallas
72,508,014
5 "
66,924,408 +8.3
63,912,626
59,638,240
12th San Fran_ _17 '
573,523,190
596,799,681 -3.9
498,301,834
498,903,923
Total
129 cities 14,520,345,409 12,242,401,980 +18.6 9,027,877,868 8,189,636,186
Outside N. Y. City
4,568,436533 4,445,852,388 +2.8 3,890,198,789 3,731,179,864
(*nada
81 cities
543,834,618
512.861.618 +8.0
397 PA2 17F
Aso 0(17 RIC

We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week Ended July 6.
,

Clearings at
1929.

1928.

17CC. OT
Dec.

$
$
%
First Federal Reserve Dist rIct-Bostondente-Bangor__
982,786
764,507 +25.9
Portland
4,870,841
4,374,189 +11.4
dass.-Bostou
584,000.000 487,000,000 +19.9
Fall River
1,118,004
1.194,524 -6.4
Lowell
1,333,461
1,230,133 +8.4
New Bedford
1,136,444
1,101,873 +3.1
Springfield_
6,927,450
6,813,203 +1.7
Worcester
4,373,276
4,516,314 -3.2
Do n n.
-Hartford
21,734,004
17,555,353 +23.8
New Haven...
10,920,195
11,183,771 -2.4
1..I.
-Providence
17,589,400
14,991,100 +17.2
6.11.-Manch'r_
1,314,135
1,104,687 +19.0
Total(12 cities)

656,259,996

1927.

1926.

$

$

887,780
816,929
4,370,694
4,125,480
502,600,000 401,000,000
1,799,672
1,679,524
1,127,004 - 1,006.747
1,096,057
1,065,869
5,282,646
7,023,362
3,766,775
3.378.498
13,288,299
13,058,331
7,682,733
7,204,505
11,305,600
11,858,600
972,075
710,103

Second Feder at Reserve D istrIct-New
g. Y.-Alban.v
8,023,997
8,278,859
Binghamton...
2,063,734
1,858.075
Buffalo
74,767,413
57,755,695
Elmira
1,522.189
1,286,233
Jamestown.__ _
1,758,836
1,700,989
New York.... 9,951,908,876 7,798,549,592
Rochester
25,037.374
21,652,397
Syracuse
10.707,998
.8,798,857
Donn.
-Stamford
6,513,929
4,405,389
1. 1.
-Montclair
1,237,534
920,541
Northern N. J.
59,503.472
37,027,569

553,579,335

452,927,948

York.
-3.1
7,161,573
6,325,778
+11.1
1.477,000
1 .204,800
+29.5
52,158,355
47,584,640
+18.3
1,028,787
949.125
+3.4
1,583,586
1,689.417
+27.6 5,137,679,079 ,458,456.322
+15.6
14,686,115
12,672,131
+21.7
9,555,2607,700,935
+47.9
3,914.723
3,549,675
+34.3
928.068
570,961
+60.7
38.673.177
33,749,564

Total(11 cities) 10143045,352 7,940,232,196 +27.75,268.843.723 4,574,453,348
Third Federal Reserve Dist rict-Philad elphla-Altoona__ _
Pa.
1,708,280
1,637,037 +4.4
1,631,118
1,595,872
Bethlehem_ 5,342,887
5,141,340 +3.9
4,097,355
4,085,767
Chester
2,032,618
1,353,472 +50.2
1,706,004
1,186,693
Lancaster
2,045,957
2,025,520 +1.0
1,999,018
2,025.261
Philadelphia... 644,000,000 577,000,000 +11.6 478.000.000 505.000.000
Reading
5,985,925
4,459,542 +34.2
4,160,781
4,217,889
Scranton
6,527,867
7,355,194
11.2
5,767,657
5,492,734
Wilkes-Barre-4,681,263
4,926,620 -5.0
4,270.922
3.801,710
York
2,468,923
3,011,047 -18.0
1,908,365
1.759,577
g. J.
-Trenton__
9.525,724
10,151,310 -6.2
8,734,816
5,365,324
Total(10 cities) 684,319,424 617,061,082 +10.9 512,276,036 534,530,827
Fourth Feder at Reserve D Istrict-Clev eland.
Dhlo-Akron____
7,006,000
7,125,000 -1.7
6,579.000
5.681,000
Canton
4,526,755
4,045,345 +11.9
4,263,187
3,933,731
Cincinnati ____
78,176.615
73.070,075 +4.3
72,729,634
65,913,879
Cleveland
149,853,835 140,763,931 +6.3 114,660,436 102,491.426
Columbus
18,107,500
18,039,600 +0.4
16,106,700
15,944,300
NI atedleld
1,867,888
1,625,002 +17.5
2,082,990
1,780,151
Youngstown
6,260,339
6.866,591 -8.8
8,617,737
5,976.376
75.-Pittaburgh
. 193,981,685 210,896,224 -8.0 154,954,242 147,952,249
Total(8 cities). 457,580,617 462,431,768 -1.1 . 377,993,926 349,673,112
Fifth Federal Reserve Diet rict-Richm ond1,358,392
0/. Va.-Hunt'on
1,495,892 -9.2
Va.-Norfolk_ _ _
5,254.636
7,879.619 -33.3
39,845,736
Richmond
42,176,000 -5.5
-Charleston
*3,000,000
2,887,493 +3.9
3. C.
Sid -Baltimore
. 110,857,658 112,211,181 -1.2
30,010.231
27,387,554 +9.6
D. C.-Washlon
Total(6 cities).

190,326,653 . 194.037.739

-1.9

Sixth Federal Reserve Dist rIct-Atlant a
-Knoxville
.3.500,000
3,525,437 -0.7
Tenn.
21,382,787
20,316,168 +5.3
Nashville
48.875,777
44,490,338 +9.9
Georgia-Atlanta
1,638,310
1.639,684 -0.1
Augusta
1,790,124
2.168,958
17.1
Macon
12,326,763
15,108,855 -18.4
Fla. Jack'nville
2,500,000
1,987,000 +25.8
Miami
21,103,840
Ala.-BirmingM.
24,315,687 -13.2
2,116.148
1,895.974 +11.6
Mobile
3,005,000
2,142,986 +44.5
Miss -Jackson.
406,437
505,230 -19.6
Vicksburg
50,615,429
57,382,252 -11.8
-New Orilla_
La.
Total(12 cities)

169,350,415

175,4138,369




-3.5

1926.

856,995,051

817,173.097

5,512,679
127,100,000
33,299.096
318,539
16,255.587
11,605,455
450,052
1,652,132

7,211.408
118,200,000
33,694,427
350,203
16,834,002
12,144.404 •
432,106
1.584,943

+0.8

196,093,540

190,431,493

Ninth Federal Reserve Dia trict-Minn eapolia
Minn.
-Duluth8,796,546
6,178,337 +12.4
Minneapolis__
77,666,802
80.423,374 -3.4
25,759,617
29,764,340 -13.5
St. Paul
No. Dak.-Fargo
1,986,641 +6.9
2,123.176
S. D.
1,130,394
1,326,693 -14.8
-Aberdeen
735,793
601,347 +22.4
Helena
3.354.000
3,330,000 +0.7

7,959.627
69,198,329
26,502,582
1,644,405
1,221.368
610.434
2.737.000

7,350.576
72;424,971
28,251,171
1,703,661
1,353,850
574,150
2,746,471

-3.3

109,873,745

114,404,850

Tenth Federal Reserve Di.trict-Kens as City
525,069 -17.4
Neb.- Fremont,
433,476
624.964
556.449 +12.3
Hastings
5,429,804 -20.1
Lincoln
4,340,068
42,251,385
Omaha
41.538,872 +1.7
Kan. Topeka
4,045,235
4,310,433 -6.2
Wichita
10,971,174
12.612,711 -13.0
380.
-Kan. City. 137,390.601 123,433,806 +11.3
St. Joseph.
6,273,082
6,040,210 +3.9
34,061,445
Okla.-Okla.City
26,608,562 +28.0
1,565,898
Colo.
1,627,418 -3.8
-Col. Spgs.
1,524,651 +28.4
Pueblo
1,957,568

450,424
431,987
5,283,493
34,969,624
4,030,718
10,821,191
124,988,002
6,060,980
25,693,304
1,267,832
1,318,382

729,805
475,100
4.117.800
34,512,836
4,845.745
12,433,152
146.451,589
6,950,995
31,059,331
1,251,106
1,282,857

+8.8

215,315,937

214,710.316

Eleventh Fade ral Reserve District
-Da nasTex. Austin_ __
1,945,439
1,642,581 +18.4
Dallas
47,290,714
42,647,290 +10.9
13,740.214
Fort Worth.
12,751.086 +7.8
Galveston
4,172,000
4,379,000
La.
-Shreveport_
5,359,647
5,504,451
+2.4

1,259,352
38,736,733
12.848,665
6,144,000
4,923.879

1,198,635
35,365.932
13,308,063
6,410.000
3,355,610

63,912,629

59,638,210

Twelfth Feder al Reserve D (strict-San Franci scoWash.
--Seattle
49,300.780
39,871,233
46,519,430 +6.0
Spokane
13,447,000
12,057,000
13,587,000 -1.0
Yakima
1,614,010
1,731,214 -6.8
1,240,267
Ore.
-Portland
39,696.637
38.818,502 +2.3
33,657,240
Utah-S. L. City
20,408,056
17,821,935 +8.4
16.733,721
Calif.-Fresno...3.523,137
3.787,216 +6.5
3,413,222
Long Beach_
9,072,873
8,277,647 +9.6
7,403,411
Los Angeles.-- 190,522,000 195,431,000 -2.5 160,195.000
Oakland
20,974,793
22,520,748 -6.9
19,216,739
Pasadena
6,819.288
6,288,146 +8.4
7,066,422
Sacramento- 5,984,898
7,950,303 -24.7
8.662,544
San Diego
6,990,073
8,622.979 +5.5
5,523,795
San Francisco. 193,218,958 215,485,000 -10.3 173,188,000
San Jose
4,492,100
4,433,133 +1.3
3,165,838
Santa Barbara.
2,075,849
2,047,246 +1.4
1,574,593
Santa Monica_
2,375,458
2,296,482 +3.4
2,386,709
Stockton_ _ - - 3,007,300
3,201,700 -6.1
2,946,100

38,514,966
11,492.000
1,454,002
34.184,821
15,083,991
3,688,850
7,930.165
157,558,000
19,219,326
7,456,690
8,774,268
5,907.746
176,589,000
4,173,694
1,344,034
2,335,970
3,196,400

Eighth Faders I Reserve Dts trIct-St. Lo uisInd.
5,541,472
-Evansville
6.135,480 -9.7
Mo.-St. Louis- 126.700.000 128,100,000
34,248,224
35,061,914 -2.3
Ky.-Louisville Owensboro...
370,763
358,837 +3.9
17,884,192
Tenn.
-Memphis
17,031,680 +5.0
12,970,596
Ark.
-Little Rock
9,838,234 +31.8
III.
482,297
-Jacksonville
423,643 +13.8
Quincy
1,789,809
1,507,830 +18.7
Total(8 cities)-

Total(7 cities).

Total(11 cities)

Total(5 cities)
551,829.634 +18.9

1927.

Seventh Feder al Reserve D IstrIct-Chi cagoMich.-Adrian-379,304
296,708 +27.8
251,596
209,548
Ann Arbor...1,329,995
1,190,382 +11.6
973.121
932,649
196,557,622 183,086.763 +7.4 136.532.632 140,431,662
Detroit
Grand Rapids6,994,362
8,040,088 -13.0
7,487,833
6,667,408
4.330,000
Lansing
3,710,231 +18.8
2,892,530
2,231.000
Ind.
-Ft. Wayne
4,729,005
4,458,403 +6.1
2,992.278
3.496,461
Indianapolis..._
29,298,000
26,906,000 +8.9
24,554,000
25.856,000
5,885,011
3.794,986 +55.1
South Bend
3,233,900
2,885,500
6,983,133
7.921,110 -11.8
Terre Haute5,295,355
5,489,657
41,369,316
Wls.-Milwaukee
47,095,796 -12.2
44,015,350
39,416,679
3,681,328
Iowa-Ced. Rap.
3,476,280 +5.9
3,180,801
2,543,682
Des Moines
10.733,145
11,649,006 -7.9
10,165,239
9,797,137
6,785,500
6,308,599 +7.6
Sioux City -5,538.670
6,127,091
Waterloo
1,818,672
1.722.050 +5.6
1.314,701
1,313,093
Ill.-Bloom'gton_
1,826.353
1,724,305 +6.0
1,442,574
1,378,945
672,972,471 765.728,178 -12.1 595,223,198 556,696,383
Chicago
1,191,456 -1.4
1,175,269
Decatur
1,212,731'
1,208,593
6,095,481
5,809,208 +4.9
Peoria
4,778,551
4,770,379
4,367,398
4,232,101 +3.2
Rockford
3,487.679
3,358,265
3,001,118 -11.6
Springfield_
2,651,808
2,422,296
2.362,986

Total(17 cities)

199,987.353

119,566,328

243,914,896

72,508,014

573,523,190

198,455,618

123,610,732

224,207,985

86,924,408

596,799,681

+8.3

-3.9

498,301,834

498,903,923

Grand total (127
cities)
14520 345 409 12 242401980 +18.6 9,027,877.868 8,189.636,186
Outside N.Y

4,568,436,533 4,445,852,388

+2.8 3,890,198,789 3,731,179.864

Week Ended July 4.
Clearings at
1929.

1928.

inc. or
Dec.

1927.

1926.

Canada$
$
$
$
%
Montreal
208,038,403 179.776,732 +15.7 145,483,211 131,054,197
Toronto
145,890,903 138,035,530 +5.5 104,336,222 121,008,246
Winnipeg
81,016.256
91,521,469 -11.5
59,862,732
56,268,638
Vancouver
22,196,747
22,693,964 -2.2
17,010,475
20,677,938
Ottawa
8,059,186
7,449,665 +8.2
6,483.182
8,230,881
Quebec
7.923,821 +14.2
9,051,688
7,000,394
9,021.226
Halifax
4,819,838
3,492,463 +38.0
3,308.981
5,158,699
Hamilton
7,240,367
7,320,570 -1.1
6,458,455
6,453,688
Calgary
10,585,955
10,524,999 +0.1
5,920.160
7,951,394
Bt. John
3,117.314
2,889,884 +7.9
2,777,301
3,347,204
1,374,220
1,514,725 Victoria
3,503,085
3,669,944 -4.5
2,269,381
2,868,850
6,522,670
8,267,726 London
3,890,347
4,081,273 -4.7
3,675,886
3,722,418
38,972,500
39,981,000 Edmonton
6,920,340
6,718,589 +3.0
8,207.077
6,119,890
*3,000,000
3,142,845 Regina
7.139,032
5,022,349 +12.1
4,891,785
5,555.816
131,039,119
93,184,258 Brandon
700,275
675,138 +3.7
589,057
833.771
23,833,640
25,172,182 Lethbridge
662,734
749.585 -11.6
480.933
653,427
2,482,455
2,481.058 +0.9
2,169,908
2,162,107
204,741,649 171,262.736 Saskatoon
Moose Jaw
1,653,266
1,456,881 +13.5
1,448,117
1,628,742
Brantford
1,583,832
1,645.389 -3.7
1,540,795
1,696,491
Fort
1,055,999
1,227,727 -14.0
945,542
*3,500,000
1,126,434
.3.600.000 New William ___ _
Westminster
1,090,649
1,002,099 +8.8
20,159,263
899,395
1,003,874
19,476,918 Medicine
Hat
621.860
518,509 +19.9
46.545.873
427.280
503,706
44,581,073 Peterborough ....
1.111.574
616,329 +80.3
1,720,036
1,170,645
1,325,763
1,658,057 Sherbrooke
1,042,287
1,134,523 -8.1
2,102,561
991,220
1,205.733
1.884,620 Kitchener
1,278,619
1,301,408 -1.8
1,118,791
1,100,030
15,763,363
22,417,770 Windsor
5,146,702
4,792,626 +7.4
4,358,308
4,839,794
3,968,000
10,050,578 Prince
Albert....
526,425
471,513 +11.6
476.811
421,993
21,562,230
22,014.853 Moncton
1,060,087
962,652 +10.1
940,137
1,122,065
1,671,354
1.884.327 Kingston
1,167,601
1,791,408 -9.6
1.157,742
1,272,130
1,999,008
1,635.000 Chatham
838,828
698,111 +20.2
916,334
796,207
419,102
428,987 Sarnia
541,964
735.430 -26.4
661.694
702.899
50,539,664
51,914,113
Total(31 cities) 543.834.618 MARI _812 4-11 n 207 582 278 4139.907.830
,
169,950,454 181,5/8.296
•Estimated.

[VOL. 129.

FINANCIAL CHRONICLE

232

Exports

Imports-

£160,548
£77,500 Poland
Mexico
THE CURB EXCHANGE.
29,149
10,150 Egypt
Netherlands
44,765
6,400 British India
Advancing prices for utility issues in an active market Irish Free State
5,693
194 Other countries
Other countries
was the feature in the Curb Exchange this week, the upward
£240.155
£94,244
Allied
movement extending also to the miscellaneous list.
INDIAN CURRENCY RETURNS.
Power & Light, com, was up from 83 to 923s. Amer. Gas
June 15. June 7. May 31.
(In lacs of Rupees).
18416
18426
18531
224% and sold finally Notes in circulation
& Elec., corn. moved up from 205 to
9957
0949
10055
Silver coin and bullion in India
at 220. Amer. Superpower gained 15 points to 65 and Silver coin and bullion out of India
3222
3222
3222
bullion
Gold coin
8.
closed to-day at 643/ Central States Elec., corn. old stock Gold coin and bullion in India
and
out of India
4555
4555
4322
Securities (Indian Government)
rose from 146 to 174 the new stock advancing nine points Securities (British Government)
914
932
932
3
to 57%, the latter finishing to-day at 563'. The 6% conThe stock in Shanghai on the 22nd inst. consisted of about 79,500,000
dollars and 7.340 silver bars, as compared
vertible pref. (old) sold up from 249 to 278. Elec. Bond & ounces in sycee. 124,000,000 in sycee, 126,000,000 dollars and 7,780 silver
with about 78.600.000 ounces
Share, corn, was conspicuous for an advance from 1233.-i bars on the 15th inst.
Quotations during the week:
to 142%, the closing figure to-day being 1393. Electric
-Bar Silver per Oz. Std.- Bar Goy per
as
.•
Investors from 205% reached 259, easing off finally to 255%. June 20
24 7-16a. 84s. 1134a.
24 7-16d.
247-16d. 84s. 1134d.
23348.
21
West Utilities, corn. moved up from 2193' to 2703/8 June 22
Middle
24 5-16d. 84s. Mid.
24=cl.
June
245-16d. 844. I1 34d.
24=c1.
and sold finally at 265. United Gas Impt. was a leader June 24
245-16d. 84s. 1134d.
24=c1.
June 25
advancing from 240% to 278 with the close to-day at 2773/8. June 26
844. 1134d.
=
24 -d.
243-16d.
844. 11.5d.
24.3438.
24.291d.
Among the miscellaneous issues Aluminum Co. in the be- Average
months' delivery are
The silver quotations to-day for cash and
ginning of the week jumped from 340 to 4003/z, reacted to respectively 34 d. and 3-16d. below those fixed atwo go.
weeka
386 and sold to-day at 390. Amer. Cyanamid, class B,rose
Checker Cab Mfg.,
from 53 to 69 and ends the week at 68.
-PER CABLE.
ENGLISH FINANCIAL MARKETS
corn. showed decided weakness, dropping from 86 to 68Y,
The daily closing quotations for securities, &c., at London,
to 72%. Grigsby-Grunow Co., corn.
with a final recovery
sold up from 149 to 196 and at 194% finally. National as reported by cable, have been as follows the past week:
Fri.,
Thurs.,
Wed.,
Tues.,
Mon.
July 12.
Investors Corp. corn, sold up from 35 to 75. Tubize ArtiJuly 11.
July 10.
July 9.
July 6.
July 9.
24 3-16
24 3-16
2434
24 3-16
410, and eased Silver, p. oz_d. 24 3-16 243-16 84.1034 84.11
ficial Silk, cl. B gained almost 50 points to
84.1131
84.1034
Gold, p. fine oz. 84.1134
84.1134
5474
54 13-16 54
5434
5434
off finally to 398. Gulf Oil was active and strong, ad- Consols, 234s.._ ____
101
101
10174
10131
10034
British, Is_
9434
9434
9434
vancing from 1753/8 to 2023/8, the close to-day being at 196. British, 4345_
9434
9434
__
74.75
A complete record of Curb Exchange transactions for the French Rentes ---74.80
74.30
74.30
74.30
(in Paris).fr.
French War L'n
week will be found on page 263.
YORK CURB MARKET.
The price of silver in Now York on the same days has been:
DAILY TRANSACTIONS AT THE NEW
Bonds (Par Value).
Week Ended
July 12.

Stocks
(No. Shares)

Rights.

Domestic.

Foreign
Government

Saturday
Monday
Tuesday
Wednesday
Thursday
Friday

876,500
1,315,700
1,446,080
1,630,200
2,026,500
2,771.800

157,000
250,360
302,720
279,930
289,330
485,100

$691,000
1,330,000
1,717,000
1,232,000
1,466,000
1,421.000

589,000
238,000
409.000
301,000
251,060
198,000

Total

10,067,500

1,764,440

$7,857,000

$1,485,000

THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
June 26 1929:
GOLD.
The Bank of England gold reserve against notes amount to 1162,469,470 on the 19th inst. (as compared with £163,241,482 on the previous
Wednesday), and represents an increase of £8,563,155 since April 29 1925
.
when an effective gold standard was resumed.
The exchange with Germany remaining favorable to the export of gold
to that country there was a keen demand for the gold on offer in the open
market yesterday. About £777,000 was available, and of this £20,000 was
secured for India and 137,000 for the Home and Continental trade. The
balance of /720,000 was taken for Germany and in addition, both yesterday and to-day, large withdrawals were made from the Bank of England
for that quarter-as indicated in the figures given below.
The following movements of gold to and from the Bank of England have
been announced,showing a net efflux of £3.405,970 during the week under
review:
June 25. June 26.
June 20. June 21. June 22. June 24.
£10,014
Received
£47
1.721 E1,873,718 £1,540,592
Withdrawn
Of the withdrawals, all in bar gold, about 13,400.000 was for Germany.
The following were the United Kingdom imports and exports of gold
registered from mid-day on the 17th Inst. to mid-day on the 24th inst.:
Imports-

British South Africa
Irish Free State
Other countries

Exports

1655,123 Germany
10.000 Belgium
6.178 Switzerland
France
Egypt
Austria
U. S. A
British India
Other countries

£ 28,910
500,466
27.300
22,472
27,430
15,000
1,654,500
23,281
5,013

£2,304,372
£671,301
The Southern Rhodesian gold output for the month of May last amounted
to 48,189 ounces, as compared with 48,210 ounces for April 1929 and
47,323 ounces for May 1928.
The balance of trade figures (in lacs of rupees) for India for May last
were as follow:
21,23
Imports of merchandise on private account
Exports, including re-exports, of merchandise on private account__ _ 26,38
1.69
Net imports of gold
1,10
Net imports of silver
2,49
Total visible balance of trade-in favor of India
5
Net balance on remittance of funds-against India
SILVER.
The week under review has been quiet and at 243.ci. and 24 5-16d. for
cash and two months' delivery respectively, prices remained unchanged for
three consecutive working days. China has both bought and sold and the
Indian Bazaars also worked both ways, having made some forward sales
besides buying to cover bear positions. American operators have continued to sell without pressing silver on the market, being usually willing
to meet the moderate demand at currant rates.
In the return of the Bank of France dated the 14th inst., the holding
of demonetised silver coin showed a decrease of about 100.000,000 francs
as compared with the return of the previous week.
The following were the United Kingdom imports and exports of silver
•egistered from mid-day on the 17th inst. to mid-day on the 24th inst.




102.45
(in Paris).fr.
Silver in N. Y., per oz. (cts.):
5231
5234
Foreign

102.20
52

102.15

102.25

102.40

5234

5234

5234

Government Receipts and Expenditures.
Through the courtesy of the Secretary of the Treasury we
are enabled to place before our readers to-day the details of
Government receipts and disbursements for June 1929 and
1928 and the twelve months of the fiscal years 1927-28 and
1928-29:
-Month of Jtine-- -Twelve Months
1928.
1929.
1929,
1928.
Receipts.
$
$
$
$
Ordinary
52,400,543 44,162,157 602,262,786 508,986.188
Customs
Internal revenue:
555,258,509 458,102,633 2,330,711.823 2,173.952.557
Income tax
54,719,125 62,534,417 607.307,549 621,018,666
114iscell. internal revenue
Miscellaneous receipts:
-owned secs.
Govt.
Proceeds
Foreign obligations
47,841.167
38,790,661
10,185,098 20,833.508
Principal
69,924,288 69,024,158 160,340.908 161.084,776
Interest
15,473,796 164,407,076
1,937,004
417,127
Railroad securities
9,153,398
7,031,516
342,054
822,516
All others
Trust fund receipts(reappro63,395,443
53,641,113
6,007,565
prlated for investment).__. 2,023,822
8,770.251
9,398.732
648,857
Proceeds sale of surp. prop_ 1,849,094
28,141,474
28,046,704
2,093,533
2,173,617
Panama Canal tolls, &c
16,109,988 12,341,461 180,244,637 195.597.160
Other miscellaneous
Total ordinary

765,881,726 678,927,345 4,033,250,225 4,042,348,156

Excess of ordinary reeks, over
total expenditures chargeable against ordinary rects_345,408,991 274,320,356

184.787,035

398,828,281

Expenditures.
Ordinary
(Checks and warrants paid, &c.)
202,862,050 185,720,656 2,106,503,131 1,953,327,042
General expenditures_a
94,388,551 89,863,602 678,330.399 731,764,476
Interest on pubUc debt_b
Refund of receipts:
21,856,901
2,014,639
21,826,436
2,019,991
Customs
14,087,667 13,607,785 190,727,887 148,286,060
Internal revenue
94,699,744
32,080,202
24,678,843 14,034,558
Postal deficiency
952,432
10,448.880
551,758
9,045,647
Panama Canal
Operations in special accounts:
c619.722
36,063
c1,857,633
53.177
Railroads
c3,813,041
c66,711
c611,415
c22,507
War Finance Corporation
34.881.713
1,396,527
5,701,874
15,889,059
Shipping Board
c351,152
c1,345,327
c279,030
c693,185
Allen property funds
c304,189
c284,556 111,772,810 111,817,840
Adjusted service ctf. fund
109.272
c73,244
c89,621
19,055,191
Civil service retirem't fund
Investment of trust funds:
81,701.568
1,950,836
3,528,283
52,160,112
Govt. Life Insurance
513,918
75,011
503.158
63,986
D.of C.Teachers' retireml.
80,939
282,444
c7.204
c8,039
Foreign Service Retirement_
1,179,957
977,843
2,404,291
General railroad contingent_
Total ordinary

341.359,835 316,813,439 3,298,859,486 3,103,264,855

Public debt retirem'ts chargeable against ordinary recta.:
Sinking fund
Purchases and retirements
from foreign repayments_
509,900 17,632,500
Received from foreign govts.
under debt settlements.- 78,567,000 70,161,050
Received for estate taxes__
10,000
Purchases and retirements
from franchise tax recta,
(Fed. Res. and Fed. intermediate credit banks)_.,_
20,000
Forfeitures, gifts. dtc
Total

79,112,900 87,793,550

370,277,100

354,741,300

571,150

19,068,000

175,642,350
20,000

162,738,050
1,600

2,933,400
159.704

818,367
3,089,803

549,603,704

540,255,020

Total expenditures chargeable
against ordinary receipts.....420,472,735 404,608,989 3,848,483,190 3,643.519,875
Receipts and expenditures for June reaching the Treasury In July are Included.
a Figures for the fiscal year 1929 include $12,167.000 for loan made to the Hellenic
Republic under authority of the Act approved Feb. 14 1929.
b The figures for the month include $46.550.90 and for the fiscal year 1929 to date
$774,912.65 accrued discount on war-savings certificates of matured series, and for
the corresponding periods last year the figures Include $80,785.57 and $1,342,135.76.
respectively.
•

e Excess of credits (deduct).

FINANCIAL CHRONICLE

JULY 13 1929.]

233

Preliminary Debt Statement of the United States
Treasury Cash and Current Liabilities.
June 29 1929.
The cash holdings of the Government as the items stood
The preliminary statement of the public debt of the June 29 1929 are set out in the following. The figures are
United States June 29 1929, as made upon the basis of the taken entirely from the daily statement of the United States
daily Treasury statement, is as follows:
Treasury as of June 29 1929.
Bonds
Consols of 1930
Panama's of 1916-36
Panama's of 1918-38
Panama'. of 1961
Conversion bonds
Postal savings bonds

$599,724,050.00
48,954,180.00
25.947,400.00
49,800,000.00
28,894,500.00
16,887,180.00
$770,207.310.00

First Liberty Loan of 1932-47
Fourth Liberty Loan of 1933-38
'Treasury
'Treasury
Treasury
Treasury
Treasury

AssetsGold coin
Gold bullion_

$1,939,148,900.00
6.278,359,550.00
8,217,508,450.00

bonds of 1947-52
bonds of 1944-64
bonds of 1946-56
bonds of 1943-47
bonds of 1940-43

$758,984,300.00
1,036,834,500.00
489,087,100.00
493,037,750.00
359,042,950.00

3,136,986,600.00
Total bonds
$12,124,702,360.00
Treasury Notes
Series A-I930-32, maturing Mar. 15 1932.... $1,138,047.400.00
Series B-1930-32, maturing Sept. 15 1932____
603,010,550.00
Berke C-I930-32. maturing Dec. 15 1932____
513,046,550.00
Adjusted service-Series A-1930
15,000,000.00
Berlea A-193I
53,500,000.00
Series 11-I931
70,000,000.00
Series A-1932
123,400,000.00
Series A-1933
123,400,000.00
Senci A 1934
127,700.000.00
Civil service-Series 1931
31,200,000.00
Series 1932
14,400,000.00
Series 1933
47,800,000.00
Foreign service-Series 1933
502,000.00
2,861,011,500.00
Treasury Certificates
-1929, maturing Sept. 15 1929
Series TS
307,806,000.00
Series TS2 1929. maturing Sept. 15, 1929
_
202,818,000.00
Series TD-1929, maturing Des. 15 1920
273,169,000.00
Series T D2-1929, maturing Dec. 15 1929..
452,197,000.00
Series TM-1930, maturing Mar. 15 1930
404,209,500.00
1,610,199,500.00
Treasury Savings Certificates
-a
Series 1924, issue of Dec. 1 1923
13,028,019.35
1 otal interest-bearing debt
$16,638,941.379.35
Matured Debt on which Interest Has Ceased
Old debt matured-issued prior to Apr. 1 1917
1,914,180.26
Second Liberty Imiln bonds of 192742
9,605,800.00
Third Liberty Loan bonds of 1928
20,452,950.00
Victory Notes of 1922-23
8j%
21,000.00
49(% Victory Notes 01 1922-23
1,704,850.00
Treasury notes
619,900.00
Certificates of indebtedness
12,828,100.00
Treasury savings certificates
3,602,919.00
50,749,199.26
Debt Bearing No Interest
Untied States notes
$346,681,016.00
Lees gold reserve
156,039,088.03
Deposits for retirement of national bank and
Federal Reserve bank notes
Old demand notes and fractional currency _
Thrift and Treasury savings stamps. unclassified sales, dre

$190,641,927.97
45,230,053.00
2,044,572.54
3.481,351.98

Total gross debt
a Net redemption value of certificates outstanding.

241,397,905.49

3,278,068,229.55
Total
Total
3,278,068,229.55
-Reserve against $346,681,016 o U. S. notes and $1,283,050 of Treasury
Note.
notes of 1890 outstanding. Treasury notes of 1890 are also secured by silver dollars
in the Treasury.
SILVER DOLLARS.
Liabilities
Alms-488.402.438.00 Silver ctfs. outstanding_ 468,749,416.00
Silver dollars
Treasury notes of 1890
outstanding
1,283,450.00
Silver dollare in gen.fd. 18,369,572.00
488.402,438.00

Total
Assets
Gold (see above)
Silver dollars (see above)
United States notesFederal Reserve notes
Fed. Reg. bank notes
National bank notes.Subsid. silver coin
Minor coin
Sliver bullion
Onclassified-Colleolions. he
Deposits in F. R. banks
Deposits in special depositariee account of
sales of etre. of hidebt.
Deposits in foreign dep.:
To credit Treas. U. S.
To credit other Government officers
Deposits in natl. banks:
To credit Treas. U. S.
To credit other Government officers...
Dep.in Philippine Treas.
To credit Treas. U. S.

Total
488,402,438.00
GENERAL FUND.
Ltahltflfes175,296,663.12 Treasurer's cheeks out18,369,572.00
standing
3,574,257.28
2,274.041.00 Devoe. of Govt. officers:
1,117,620.00
Post Office Dept
57,278.196.82
88,154.00
13d. of trustees, Postal
15,304,325.00
Savings System
2.662.128.28
5% reserve, lawful
2.021.918.45
money
7,459,992.23
Other deposits
6,745,681.28
1,391.399.02
Postmasters, clerks of
courts, disbursing of2,513,487.82
ficers, he
43,568.117.80
59.960,243.98
Deposits for:
Redemption of F. R.
356.843,000.00
notes(5% fund.gold) 168.871,032.57
Redemption of nat'l
87.542.56
bank notes(6% fund,
lawful money)
28,452.759.43
Retirement of add'i
363,127.56
circulating notes. Act
8,960,186.44
May 30 1908
1,950.00
Uncollected items, ex18,673,812.37
2,341.901.13
changes. he
1,155,357.41
Net balance

Total

656,044,735.09

26,596.701,648
1,118,109,535

17,604,293,201
265,526,981

17,236,518,507
427,807,235

Gross debt less net bal. in gen.fd.25,978.592,113

17.338,766,220
May 31 1929.
Last Month,

16,808,711,272

17,167,124,980
138,227,607

16,931,088.484
326,713.003

17,028,807,373

16,604,375,481

ross debt less net balance in general fund

Treasury Money Holdings.
The following compilation, made up from the daily Government statements, shows the money holdings of the Treasury at the beginning of business on the first of April, May,
Juno and July 1929:
Holdings in U. S. Treasure April 1 1929. May 1 1929. June 1 1929. July
1 1929.
Net gold coin and bullion _
Net silver coin and bullion
Net United States notes...
Net national bank notes__
Net Federal Reserve notes
Net Fedi Res. bank notes
Net subsidiary silver
Minor coin. he

9
332,396,036
9,892,749
2,249,045
12,895,812
1,158.905
161,123
2.658,283
4,265,796

$
345.561,223
9.710.003
2.523.329
9,704,798
1,146.835
11,363
3.258,969
4,557.773

$
340,081,025
24.988.234
3,967.113
10,263,225
1,068.970
43.160
3,331.359
4.456.243

Total cash in Treasury_
Less gold reserve fund...-

365,677.749
156,039,088

376,564,291
156,039.088

388,249,329 .382,432,678
156.039,088 150.039,088

Cash balance in Tress y
Dep,in spec I depositories,
acct. Treasury bonds,
Trail/Wry notes and certificates of indebtedness
Dep. in Fedi Ites. bank__
Dep. in national banks:
To credit Treas. U. S__
To credit dieb. officers.
Cash in Philippine Islands
Deposits in foreign depts.
Dep. in Fedi Land banks

209,638.661

220,525.203

232,210,241

$
331,335.751
25,115,253
2,274,041
15.304,325
1,117,620
88,154
2,662,128
4,535,406

226,393,590

408.341.000
36.155,193

198,013.000
34,261.690

117.316.000
32,986,033

356,843,000
43,568,118

7,575.397
19,987,809
212.422
549,334

8,974,221
18.895.956
921,099
474,562

7,451,822
18,211,589
1,384.954
455,985

8,960,187
18,673.812
1,155.358
450,670

Net cash in Treasury
and in banks
Deduct current liabilities_

682,454.816
254,647,581

482,065,731
256,897,156

410,016.624
271,789.017

656,044,735
329,331,732

Available cash balance-.

497 007 91c

996 litY 0051

1/2 so, en,

.2, .71,(ml
)11

• Includes July 1 $6.745,681 silver bt Ilion and $2,021.918 minor, &c., coin Oct
included In statement "Stock of Money."




656,044,735.09

Total

-The amount to the credit of disbursing officers and agencies to-day was
Note.
$291,197,679.79.
Under the Acts of July 14 1890 and Dec. 23 1913 deposits of lawful money for the
retirement of outstanding national bank and Federal Reserve bank notes are paid
into the Treasury as miscellaneous receipts, and these obligations are made, under
the Acts mentioned, a part of the public debt. The amount of such obligations
to-day was $45.230.053.
5455,490 in Federal Reserve notes and 515,269,225 in national bank notes are in
the Treasury in process of redemption and are charges against the deposits for the
respective .5% redemption funds.

goinnvercial antiMiscellantonsBMW
42.1111•••••••*

Breadstuffs figures brought from page 312.
-All
the statements below regarding the movement of grain
receipts, exports, visible supply, &c., are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ending last Saturday and since Aug. 1 for
each of the last three years:

June 30 1929.
Gross debt
Net balance in general fund

329,331,732.46
326,713,002.63

$16,931,088,484.10

COMPARATIVE PUBLIC DEBT STATEMENT.
[On the basis of daily Treasury statements.1
Aug. 31 1919,
When War Debt Was June 30 1928, Mar. 31 1929,
at Its Peak.
A Year Ago.
Last Quarter.
Gross debt
Net balance in general fund

CURRENT ASSETS AND LIABILITIES.
GOLD.
Lfaellttles$
734,539,849.36 Gold ctfs. outstanding...l,384,306,899.00
2,543.528,380.19 Gold fund, F. R. Board
(Act of Dec. 23 1913,
as amended June 21
I 562,425,579.40
1917)
Gold reserve
156,039,088.03
Gold in general fund
175.296,663.12

Receipts at-

Flour.

Wheat.

Corn.

I

Oats.

Barley.

Rye.

5513.1960s.bush.60 lbs. bush. 56 lbs.'bush. 32 lbs. bush.481bs.bush.561b5.
Chicago
234,000
105.000 1,512,000;
482,000
9,000
70,000
Minneapolis_
1,417,000
236,000
378.000
52,000
180,000
Duluth
1.313,000
48,000
22,000
162,000
51,000
Milwaukee...
44,000
244,000
291,000
121,000
165,000
Toledo
43,000
16,000
63.000
4,000
2,000
Detroit
24,000
14,000
4,000
Indianapolis
7,000
382,000
230,000
St. Louis....
98,000
567.000 1.072.000
371.000
10,000
Peoria
51,000
41,000
675,000
138,000
33,000
4.417,000
Kansas City629,000
82.000
Omaha
463,000
469.000
48,000
St. Joseph235,000
235,000
16,000
Wichita
2,452,000
27,000
4,000
Sioux City__
65,000
195,000
34,000
1,000
Total wk. '29
Same wk. '28
Same wk. '27

427,000 11,393,000
418,000 7,404,000
375,000 8,542,000

5.787,000
3,194.000
3,515,000

2.003,000
1,382,000
1,645,000

625,000
441,000
528,000

118,000
111,000
419,000

Since Aug.11028
23,232.000476,326,000262,970,000 138.511,00091,706,000 25,615.000
1927
22.955.000 441.568.000 297.050.000 148.624.000 69.760.000 35.321.000
1926
22,657,000 335,399,000222,551.000 139,095,00022,095,000 30,561.000

Total receipts of flour and grain at the seaboard ports for
the week ending Saturday, July 6 1929, follow:
Receipts at
-

Flour.

Wheat.

Corn.

Oats.

Barley.

Rye.

bbls.1961b0. bush.60th,. ush. 56 lbs. bush. 32 lbs.'bush.481bs. bush.56/15.
New York...
285,000 1,287.000
35.000
96,000
2,000
716.000
Philadelphia__
23,000
81,000
1.000
14,000
Baltimore....
14,000
194,000
9,000
10,000
100,000
Newport News
3,000
Norfolk
94,000
New Orleans•
45,000
30.000
70.000
21,000
Galveston _
636,000
Montreal...
50,000 2,985.000
5,000
125,000 1,565,000
149,000
Boston
19,000
10,000
Total wk. '29
439,000 5.307,000
120,000
276,000 2,381,000
151,000
Since Jan.1'29 13,810,000 92,949,000 14,894,000 10,775,000 18,234,000 2.837,000
Week 1928_
399.000 3,743,000
79.000
944,000
512,000
57,000
Since Jan.1'28 12,143,000 84,404,000 8,619,000 15.054,00015.717.000 9,815,000
• Receipts do not include grain passing through New Orleans for foreign ports
on through bills of lading.

The exports from the several eastboard ports for the week
ending Saturday, July 6 1929, are shown in the annexed
statement:
Wheat.

Exportsfrom-

Barley.

Rye.

Oats.

Flour,

Corn.

Bushels. [Bushels.
1,074,000

New York
Boston
Philadelphia
Baltimore
Norfolk
Newport News
Mobile
New Orleans
Galveston
Montreal
Houston

Barrels. Bushels. Bushels. Bushels.
252,100
64,070
13,000

120,000
115,000
94,000

42,000

5,000

106,000
88,000
1,207,000
128.000

7,000

Total week 1929._ 2,932,000
Same week 1928.... 2.761.650

7,000
52.000

3,000
1,000
21,000
13,000
45,000

17,000

4,000

111,000

369,000

165.070
244.936

128,000
925.000

373,000 1.020,100
264,760 374,844

726,000

The destination of these exports for the week and since
July 1 1929 is as below:
Flour.
Exports for Week
Since
Week
and Since
July 1
July 6
July Ito1929.
1929,

165,070
244,936

Corn.

Wheat.
Week
July 6
1929.

Bushels.
Barrels. Barrels.
84,514 1,100,000
United Kingdom_ 84,514
55,556 1,810,000
55,556
Continent
18,000
7,000
7,000
So. & Cent. Am
11,000
11,000
West Indles
4,000
7,000
7.000
Other countries
Total 1929
Total 1928

[VOL. 129.

FINANCIAL CHRONICLE

234

165,070 2,932.000
244,936 2.761.650

Week
July 8
1929.

Since
July 1
1929.

Since
July 1
1929.

Bushels, Bushels, Bushels.
1,100,000
1,810,000
18,000
7,000
7,000
4,000
2,932,000
2,761,650

7.000
52,000

7,000
52,000

The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, July 6, were as follows:
United StatesNew York
Boston
Philadelphia
Baltimore
New Orleans
Galveston
Fort Worth
Buffalo
" afloat
Toledo
Detroit
Chicago
" Chinson
Milwaukee
Duluth
Minneapolis
Sioux City
St. Louis
Kansas City
Wichita
St. Joseph, Mo
Peoria
Indianapolis
Omaha
On Lakes
On Canal and River

GRAIN STOCKS.
Barley.
Rye.
Oats.
Corn.
1Vheat.
bush.
bush.
bush.
bush.
bush.
68,000
47,000
71,000
17,000
120,000
3,000
8,000
5,000
6.000
91.000
11,000
139,000
11,000
1,000
76,000
61,000
291,000
198,000
6,000
87,000
127,000
247,000
86,000
87,000
1,936,000
47,000
2,000
202,000
117,000
1,528,000
131,000
156,000
2,988,000 2,083,000 1,079,000
108,000
510,000
13,000
2,000
140.000
33.000
989,000
5,000
15,000
37,000
18,000
162,000
493,000
14.065,000 5,265,000 2,162,000 2,777,000
145,000
745,000
207,000
511.000
322,000
781,000
884.000
600,000
193,000 1,959,000
124.000
19,066,000
116,000 1,728,000 1,025,000 2,684,000
25,519,000
143.000
183.000
361,000
33,000
322,000
10,000
731,000
2,319,000
64,000
21,000
18,000
15,496,000 1,504,000
3,000
3,387,000
3,000
347,000
829,000
44,000
61,000
82,000
5.000
371,000
347,000
114,000
80,000
17,000
303,000
807,000
4,418,000
87,000
247,000
27,000
94,000

Total July 6 1929-96,195,000 13.355,000 7.501,000 6,558.000 4,799,000
Total June 29 1929-.92.707.000 12,748,000 7,430,000 6,622,000 5,692,000
482.000
39,097,000 14.518,000 2,742,000 2,376,000
Total July 7 1928
-Bonded grain not included above: Oats, New York, 107,000 bushels;
Note.
Philadelpbla, 3,000: Baltimore, 4,000; Buffalo, 200,000; Duluth, 17,000: total,
331,000 bushels, against 162.000 bushels in 1928. Barley, New York, 537,000
bushels; Boston, 28.000; Philadelphia, 14,000: Baltimore, 7,000: Buffalo, 1,446,000.
Buffalo afloat, 323,000; Duluth, 108.000: on Lakes. 1,015,000: total, 3,478,000
bushels. against 578.000 bushels in 1928. Wheat. New York, 4,314,000 bushels;
Boston, 1,287.000: Philadelphia, 3,255,000: Baltimore, 3,434,000; Buffalo, 8.209.000; Buffalo afloat, 1.196,000; Duluth, 51,000; on Lakes, 183,000; Canal. 376,000:
total, 22.305,000 bushels, against 17,525,000 bushels in 1928.
Canadian
1,849,000
493.000
935,000
6,043,000
Montreal
8,058,000 1,763,000 2.977,000
Ft. William & Pt. Arthur.45,357,000
283,000
837,000
2.822,000
13,496,000
Other Canadian
10,729,000
Total July 8 1929_.__64,896,000
10,159,000
Total June 29 1929._.65.712.000
3,122,000
Total July 7 1928....54,699.000
Summary
96,195,000 13,355,000 7,501,000
American
10,729,000
64.898,000
Canadian

2.539,000 4,749.000
2,492,000 5,304,000
1.934,000 1.014,000
6,558,000 4,799,000
2,539,000 4,749,000

Total July 6 1929._ _161,091,000 13,355,000 18,230,000 9,097,000 9,548.000
Total June 29 1929_158,419,000 12,748,000 17,589,000 9,114,000 10,996,000
Total July 7 1928... 93.796,000 14,518,000 5,864,000 4,310,000 1,496,000

-Record of transacSan Francisco Stock Exchange.
tions at San Francisco Stock Exchange, July 6 to July 12,
both inclusive, compiled from official sales lists:
Stocks-

Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Price, Low. High. Shares.

126
American Co
Anglo & London P NatBk 251
954
Associated Ins Co
Associated Oil
59%
Atlas Im Diesel En A
27%
Aviation of Cal
Bank of Calif N A
51%
John Bean corn
Byron Jackson Pump Co- 36%
18%
Bond & Share
Calamba Sugar pfd
Calif Copper
Calif Cot Mills corn.
Calif Pkg Corp'
Cat Trac
Clorox Chem Co
Coast Co G & El 1st pfdCons Chemical "A" pfd
Crown Zellerbach com_ _ _ _
Preferred "A".
Preferred "B"
Eldorado Oil Wks
Emporium CorP
m A.-.
-._ __-•




6%
55
78%
85%
98
20%
89%
25%

126 128
250% 251
954
44% 45
59%
58
26% 27%
387 387
51%
50
36% 38%
18% 19
17
5%
55
75%
83%
41%
98
30%
18%
89
89

J. 9R

Low.

1.794 124
280 250
8%
2,010
44%
1,804 44
2,225 24%
290
3,117 45%
9,695 31
343 18%

17
6% 1,780
50
55
7834 8,488
86% 31,829
42
98
216
34%
20% 10,511
774
8934
89

25% 26
25% 25%
a 9R

Range Since Jan. 1.

610

High.

July 151% Mar
June 269% Feb
Mar
June 12
Feb
July 46
May 65% Jan
May
June 31
July
Jan 387
%
Feb 551 May
Mar 43% May
May 20% June
July
June
June
Mar
Mar
May
Jan
July
May
July
July

Jan
19
10% Feb
Jan
94
81% Feb
87% May
50% Jan
Jan
99
26% Apr
25% Jiin
Jan
96
Mar
95

25% July
2434 May

26% May
V% Feb

17
5
53
73
71
36%
98
34%
18
89
89

A 1 R.

Tnn.

7

Tan

Sales
Friday
Last Week's Range for
Week.
of Prices
Sale
Stocks (Concluded) Par Price. Low. High. Shares,
Firemans Fund Ins
Foster & Kleiser corn
First Sec Ogden
Galland Mere Laundry
Golden State Milk Prod _
Gt West Pwr ser A 6% pf.
Preferred
General Paint "B"
Haiku Pineapple Co Ltdpf.
Haw Coml & Sug Ltd.
Haw Pineapple.
Honolulu Cons Oil
Hunt Bros Pac "A" corn..
Ill Pac Glass "A"
Jantzen Knit
Holster Radio Corp
Rights
Langendorf Un Bak"A"
Leighton Ind "A"
"B" v t c
Leslie Salt Co
L A Gas & Elea pfd
Lyon Magnus "A"

108
11
140
49
53%
101%
106

106%
10%
140
48%
53%
100%
105%
22

21
53%
65
40
23
23
31% 31%
46
48
35
36
40
45
30%
30% 30%
15
8
29%
104
17%
66

108
11
140
49
5434
101%
106
22%

445
1,279
80
512
1,964
111
146

Range Since Jan. 1.
Low.
104%
10%
140
48%
52%
100
104%
20%

Mar
Mar
Feb
July
Mar
Mar
June
May

High.
151
13%
146
55
80%
102%
107%
28%

Feb
May
Feb
Jan
May
Feb
Apr
Feb

20% May 23% Jan
21
50% Jan 55% Apr
53%
Mar 66 'June
826 59
66
3534 Feb 4434 May
40%
Mar 23% Jan
149 22
23
7
Feb
850 30 May
31%
May 48% Jan
48% 1,040 41
38% 7,252 23 May 7934 Jan
July
July 74
12,678 40
74
Feb 3534 Mar
28
3034
Jan 3234 Mar
360 25
30%
July 18% Jan
15
16
Jan 10% Feb
7
8
29% July 47% Jan
31%
102% May 108% Jan
104
17% July 23% May
17%

4.15 4.45
32%
27% 27%
98%
99
23%
123
101
101
94
3334 31%
24%
34%
30

4.15
33
2734
99
23%
123
101
94
3434
25
35
30%

7,166 3.45
31
50 26%
60 98%
22
113
100
94
6,907 20
24%
30%
28

June 13% Jan
Jan
June 39
Feb
July 36
Apr 10034 Jan
Apr
May 30
Jan 12334 June
Feb 101% Jan
Mar
Jan 95
Jan
Mar 38
July 30% Feb
Feb
May 46
Feb
May 45

70
66%
Pacific Gas & Elea corn..
26
26
1st preferred
93%
Pacific Lighting Corp coin. 95
101% 101%
6% Preferred
190
195
Pacific Tel & Tel com
125%
Preferred
83% 82%
Paraffine Co Inc com
12% 12%
Filen Whistle prof
26% 26%
Pacific Pub Service A

70
26%
95%
101%
195
125%
84%
13
2731

8,442 54
5,608 25%
5,610 70
140 9934
90 160
121
5,358 7934
350 12%
4.003 20%

Jan 70%
May 28
Jan 96%
June 104
Jan 196
Jan 130
June 8834
Mar 1434
Jan 27%

30%
41
24%
32%
98%

31
42%
24%
32%
98%

Magnavox Co
Magnin (I) corn
Market St By pr pref
Mercantile H M Realty._ _
Natomas Co
North Amer Invest com
Preferred
% preferred
North Amer Oil
Occidental Insur Co
Oliver Filter A

Rainier P & P Co
Richfield Oil
Preferred ex-warrants _
Roos Bros corn
Preferred

41%
2434
32%

113 114
J Lt & Power pr pref.__ _ 114
10034 100%
6% prior preferred
17
17
Schlesinger (B F) A corn..
113 114
114
Preferred
26% 26% 27
Shell Union 011 corn
75
75
Sherman & Clay prior pref_
93
93
Sierra Pao Elec pref
81
81
81
Sperry Flour Co corn
83%
83% 83
Spring Valley Water
72% nsi 73%
Standard 011 of Calif
1934
Tidewater Assoc Oil corn
86%
Preferred_
28%
Transcontin Air Trans Inc_
Traung Label & Litho Co.. 21% 21%
19%
Thomas Alice
136% 136%
Transamerica Corn
Union 011 Associates
Union Oil of Calif
Union Sugar corn
Preferred
Wells Fargo Bk dr Union Tr
West Amer Finance pref.We.st Coast Banc
Yellow & Checker Cab Co.

2934
3954
23%
31
97%

25 110%
98%
16%
25 110%
1,190 26
75
90
150
570 82
9,433 64%

18
20
215 85
88
24
34
25 21
21%
17
19%
137% 22,433 125

4734 4734
4734 48
18% 19
27% 27%
320 340
4.30
4.05
22% 2234 22%
42% 42%

4754
19

2,423
1,301
575

48%
46%
18%
27
300
4
445 22%
42%

2,670
410

June
Jan
July
Feb
Mar
Mar
Jan
Apr
July

Mar
Mar 35
Feb 4834 Jan
May 2514 Apr
Jan
June 34
June 100% Jan
June
Mar
Apr
June
Feb
July
Mar
June
Feb

118
In%
2134
118
31%
103
9654

Feb
Jan
Jan
Feb
Apr
Mar
Jan

Jan
92
81% May

Feb 23
June 89%
Mar 34
Apr 23
July 2034
Feb 143

June
Jan
July
Feb
May
May

Feb 5334 Apr
Feb 53% Apr
July 28% Mar
Mar
May 32
July
Mar 340
6% . Jan
May
July 30 f Jan
July 53 [Jan

-Record of transactions
Los Angeles Stock Exchange.
at the Los Angeles Stock Exchange, July 6 to July 12, both
inclusive, compiled from official sales lists:

Stocks-

Sales
Friday
Last Week's Range for
Week.
of Prima.
Sale
Par. Price. Low. High. Shares.

Range Since Jan. 1.
Low,

100 53 May
54
54
Associated Gas & Elec. •
150 148 June
148 158
Dank ot America of Callt.25
Mar
100 38
40
40
25
Barnsdall 011 A
1.70 Apr
2.20 2.06 2.45 16,300
1
Balsa China 011 A
Buckeye Union 011 pref_l 0.48 0.46 0.82 67,750 0.25 May
Apr
• 3634 36% 38% 3,800 33
Byron Jackson Co
Jan
247 125
132 133
25
California Bank
30 9934 July
101 101
Central Investment Co.100
Mar
22 505
575 575
100
Nat Bank
Citizens
July
50 115
115 115
20
New
3634 2,400 2434 mar
34
• 34
Douglas Aircraft Inc
32% 3334 3,500 32% June
33
Emsco Derr & Equip Co..*
Jan
15 460
475 475
Farm & Merch Bank_ _100 475
100 1134 May
Foster & Kleiser corn...AO 1134 1134 1134
Mar
200 10
8 13% 13% 13%
Gilmore 011 Co
850 28% June
29
30
Globe Gr & Milian com_25
30 9734 June
99 100
Goodyear T & R pref_100
Feb
65 98
100
99
.100 99
Goodyear Textile pref.
100 24% Apr
25% 25%
Home Service Co 8% p1_25
Jan
200 40
55% 5534
Hydraulic Brake Co com.25
5734 1,200 48% June
Internat Re-Ins Corp_ __10 sni 57
Mar
47
100 42
47
Jantzen Knitting M corn.'
2.40 2.50 2,294 2.50 Fob
Laguna Land & Water Co.•
July
100 15
15
15
• 15
Leighton Ind Inc A
8
•
July
8
100
8
8
B
0.70 0.70 2,274 0.80 Jan
Lincoln Mtge common_ •
834 Jan
210
8% 834
•
Preferred
102% 102%
253 102 May
Los Ang Gm & Elec 0.100
2 June
2.10 2.05 2.15 4,200
1
Los Angeles Inv Co
MacMillan Petroleum_25 38% 38% 3934 2,600 25% Feb
1 June
900
1.50 1.60
1
Mascot Oil Co
.45 July
.45
.45 .45 1,250
Merchants Petroleum Col
Feb
2
189
102.50 2.50
Moreland Motors corn..
Feb
160 190
206 208
Guarantee Co100
Mortgage
2.10 Jan
3.10
1
3.10 3.20 2,100
Occidental Petr corn
July
63
10
100 63
63
Pac Am Fire Ins
118% 120% 1,850 67% June
Pacific Finance Corp com25
Air
23% 23%
650 23
Preferred series C._..25
100 5434 Jan
68
88
Pacific Gas & Elec corn_ _25
26
528 25% June
28
25
let preferred
Jan
1,000 70
• 95
9334 95
Pacific Lighting corn
July
76 39
39
40
Pacific National /3ank_25
July
3,259 25
30
25 25% 25
Pacific National Co
100 23% June
•
2634 2634
Pac Pub Service A
July
16
1634 1,900 16
Pacific Western 011 Corp.' 16
July
11ti 1.200 11
11
111.4
10
Pickwick ("Inm COM

High.
5736 May
174 June
48% May
4.30 Jan
1.85 Jan
86% Jan
142 May
103% Mar
May
800
July
115
45 May
4434 Feb
495 June
Jan
12
15% Jan
3434 Mar
101% Mar
Feb
102
2634 Jan
60% Mar
Apr
65
48% Jan
2.50 Feb
July
15
Mar
10
1.47% Jan
Jan
9
Jan
108
2.55 Jan
43% June
3.10 Jan
.80 Jan
4.10June
208 June
534 Jan
July
63
120% July
2534 Jan
7334 July
27% Jan
96% July
Jan
50
40% Mar
26% July
Jan
23
12% June

Sates
Friday
Last Week's Range for
Wed.
of Prices
Sale
Stocks (Concluded) Par. Price. Low. High. Shares.
Republic Petroleum Co_10
34%
Republic Supply,
Richfield Oil Co com ___25 40%
25
Preferred
25 23%
Rio Grande Oil corn
San Jo L&P 7% pr pref 100
6% prior preferred-100
25
Seaboard Nat Bank
Seaboard Nat Sec Corp_ _25
Secur First Nat Bk of LA25 127
Signal Oil & Gas Co A25 36%
So Calif Edison com___ -25 65%
Original preferred_ _25
25
7% Preferred
25 25%
6% preferred
25 24%
534% Preferred
So Calif Gas8% pref._ _25
So Counties Gas 6% pf._25 9734
72%
Standard 011 of
1
Sun Realty corn
Trans-America Corp__25 136%
Union 011 Associates.---25 47%
25 4734
Union Oil of Calif
Union Bank & Trust Co 100
Bonds
Pacific Gas & Elec 44s'57
So Calif Edison Ss__ _1951
So Counties Gas 448_1968

235

FINANCIAL CHRONICLE

JULY 13 1929.1

4.23 4.30
36
34
40% 42%
2434 24%
28% 30%
113 115
10034 100%
4634 46%
4634 4634
125% 128
36
36%
6334 68
64
64
28% 29
2534 25%
2434 2434
23% 23%
97% 98
72% 74
3.50 3.50
136% 137
47
48
47% 48%
300 300

400
900
3,100
425
9,000
25
10
41
10
2,350
300
4,800
10
974
2,574
3,603
281
83
1,900
262
2,200
2,800
4.700
20

94% 9434 $1,000
99% 99% 2,000
88% 88% 4.000

Range Since Jan. 1.
Low.
4 June
July
34
Feb
40
23% May
27% June
June
111
Mar
100
Apr
42
Apr
42
Mar
126
July
36
5434 Jan
56 May
28% June
2534 June
2434 June
23% July
97% June
64% Feb
3.50 Mar
125
Feb
45
Feb
46% Feb
255
Feb

High.
9%
60
48%
25%
42%
11634
101;i
48
50
14234
48%
6734
70
29%
26%
25
26%
10134
81%
514
143
5334
54
300

Feb
Jan
Jan
Apr
Jan
Mar
Apr
Feb
Feb
Apr
Mar
Jan
Feb
Jan
Jan
Feb
Feb
Mar
May
Jan
May
Apr
Apr
July

100,000
-The Nokomis National Bank, Nokomis, Ill
July •2
75.000
The Farmers National Bank of Nokomis. Ill
Consolidated today under Act of Nov. 7 1918, under
charter and title of "The Nokomis National
the
Bank," No. 1934. with capital stock of $75.000.
25,000
-The First National Bank of Reedy, W. Va
July 3
25.000
The Bank of Reedy, W. Va
Consolidated today under the Act of Nov. 7 1918, as
amended Feb. 25 1927, under the charter and title
of "The First National Bank of Reedy," No. 10285,
with capital stock of $35,000.
100,000
-The Fast National Bank of Cartersville. Ga
July 5
100,000
The Cartersville National Bank, Cartersville, Ga
Consolidated today under the Act of Nov.7 1918,under
the charter and title of "The First National Bank of
Cartersville," No.4012,with capital stock of$200,000.
-The First National Bank of Hawaii,at Honolulu, T. H. 500,000
July 6
The Army National Bank of Schofield Barracks, Hono100.000
lulu, T. H
1,000,000
The Bank of Bishop & Co., Ltd., Honolulu, T. H
The First American Savings Bank,Ltd., Honolulu,T.H. 200,000
Consolidated (effective close of business July 6) under
the Act of Nov. 7 1918, as amended Feb. 25 1927,
under the charter of The First National Bank of
Hawaii, at Honolulu, Territory of Hawaii, No. 5550.
and under the corporate title of "Bishop First National Bank of Honolulu," with capital stock of
$3,150,000. The consolidated bank will retain the
five branches of The Bank of Bishop & Co., Ltd., all
of which were in operation on Feb. 25 1927.

94% July 97% Jan
Jan
99% June 100
Jan
88% July 92

-Among other securities, the following,
Auction Sales.
not actually dealt in at the Stock Exchange, were sold at auction
York, Boston, Philadelphia and Buffalo on Wednes-The following information regarding in New
National Banks.
day of this week:
national banks is from the office of the Comptroller of the
By Adrian H. Muller & Sons, New York:
Currency, Treasury Department:
•No par value.

APPLICATIONS TO ORGANIZE RECEIVED WITH TITLES
REQUESTED.
Capital.
-The First National Bank of Hope, Ind
July 3
$25,000
Correspondent: Martin A. Holder, Hope, Ind.
July 3 .The First National Bank of Hagler, Neb
25.000
Correspondent: W. L. Best, Haigler, Neb.
)Miitrose Na- d Bank, Montrose, Pa
July
i 100,000
Correspondent: M. J. O'Brien, Montrose, Pa.
July 5
-The Plaza National Bank of White Plains, N.Y
100,000
Correspondent: Edwin B. Day, 41 South Broadway.
White Plains, N. Y.
July 8
-The Center National Bank, Center. Mo
25,000
Correspondent: W. E. Flowerree, Center, Mo.
APPLICATION TO ORGANIZE APPROVED.
July 6
-The Lawrence Park National Bank,Lawrence Park,Pa.
50,000
Correspondent: J. 0. Spencer, care First Nat. Bank,
Erie, Pa.
CHARTERS ISSUED.
July 1-The Girard National Bank, Girard, Kens
30,000
Conversion of The Farmers & Miners State Bank,
Girard, Kans.
President, H. H. Janssen. Cashier, Ed, C. Strickler.
July 2-TheBeverly Hills National Bank & Trust Co., Beverly
Hills, Calif
150,000
Conversion of The Beverly Hills Savings Bank, Beverly
Hills, Calif.
President, 0, N. Beasley. Cashier, G. J. Brooks.
CHANGES OF TITLES.
July 1-The Merchants National Bank of Poughkeepsie, N. Y., to "Merchants National Bank & Trust Co. of Poughkeepsie."
July 1-The First National Bank of West Minneapolis, Hopkins. Minn.,
to "First National Bank of Hopkins," to conform to change in
name of place in which the bank is located.
July] 1-Security National Bank of West Minneapolis, Hopkins, Minn., to
"Security National Bank of Hopkins, to conform to change in
name of place in which the bank is located.
July 1-New First National Bank in Lemmon, South Dakota, to "First
National Bank in Lemmon."
VOLUNTARY LIQUIDATIONS,
Capital.
-Laclede National Bank of St. Louis,Mo $1,700,000
July 1-The Merchants
Effective June 29 1929.
Liquidating Committee: A.L. Shapleigh, D.R.Francis
Jr., and W. J. Drammen, St. Louis, Mo.
Absorbed by Mississippi Valley Trust Co., St. Louis,
the title of which it is understood will be changed to
Mississippi Valley Merchants State Trust Co.
July 1-The State National Bank of St. Louis, Mo
2,000.000
Effective June 29 1929.
Liquidating Committee: Edward B. Pryor, Daniel K.
Catlin, Duncan I. Meier. St. Louis, Mo.
Absorbed by Mississippi Valley Trust.Co., St. LOUIS,
the title of which it is understood will be changed to
"Mississippi Valley Merchants State Trust Co.
July 1-The Vienna National Bank, Vienna, Va
25,000
Effective June 29 1929.
Liquidating Committee: Board of directors of liquidating bank. Succeeded by: Vienna Trust Co., Vienna, Va.
-The Tenth National Bank of Philadelphia, Pa
July 2
1,000.000
Effective July 1 1929.
Liquidating Committee: John F.' Bauder, Herbert L.
Shaffer, C. Harry Johnson and Raymond M. Rau,
care of the liquidating bank.
Absorbed by the Integrity Trust Co., Philadelphia, Pa.
The liquidating bank has one branch located in Phila.
-The Broadway National Bank of Paterson, N. J
July 2
200,000
Effective July 11929.
Liquidating Committee: John McCutcheon, George W.
and Frederick P. Hofmayer, care of the liqRenkel
uidating bank. Succeeded by Broadway Bank &
Trust Co., Paterson, N. J.
-The Central National Bank of Lincoln, Neb
July 5
200,000
Effective June 21 1929. Liquidating Agent: L. O.
Chapin, care Central National Bank, Lincoln, Neb.
Absorbed by The First National Bank a Lincoln. Neb..
No. 1798.
-The First National Bank of Libby, Mont
40,000
July]6
Effective July 1 1929. Liquidating Agent:R. W.Smith,
berger,care of the First National Bank of Libby, Mont.
Absorbed by First State Bank of Libby, Mont.
CONSOLIDATIONS.
400,000
July 1-The First National Bank of Easton, Pa
125,000
The Northampton Trust Co. of Easton. Pa
Consolidated today under the Act of Nov. 7 1918. as
amended Feb. 25 1927, under the charter of The First
National Bank of Easton. No. 1171,and under the
title "First National Bank & Trust Co. of Easton,"
with capital stock of $600.000.
7,000,000
July 1-The National Bank of the Republic of Chicago, Ill_
1.000,000
Teter State Bank, Chicago, Ill
Consolidated today under the Act of Nov. 7 1918, as
amended Feb. 25 1927, under the charter and title of
"The National Bank of the Republic of Chicago."
No. 4605, with capital stock of $10,000,000.




$ per sh.
Shares. Stocks.
43 Stineman Coal & Coke Co.,
83 1-3 Stineman Coal Mining Co,
50 South Fork Lumber Co.. Par
$50; 20 Johnstown Ledger Publishing Co.,603 South Fork Water
$500 lot
Co., par $5
50c.
125 O'Donohue Park corp
Perpetual Self Winding Watch
5,000
$1,000 lot
Corp., corn., no par
Sundry accounts receivable amounting to approximately $3,887.78_$10 lot
603 South Fork Water Co., par $5$100 lot

Per at.
Shares. Stocks.
50c.
6234 O'Donohue Park Corp
20 Automatic Straight Air Brake,
v. t. C., no par; 5 Automatic Str.
$5 lot
Air Brake, 8% let pref
20 Johnstown Ledger Publishing
$500 lot
Co
127 Hudson Reduction Co., 11
Shatter Mining Co. 200 Darleeling Trading Co.,i par $5;
1 Olympic Club of N. Y., 1 Clin$21
$21 lot
ton Hall Association..

By R. L. Day & Co., Boston.
$ Per at.
Shares. Stocks.
10 Nat. Shawmut Bank, Par $25-- 86
141
25 First Nat. Dank. par $20
215
30 Boston National Bank
41 Nat. Shawmut Bank, par $25 8534
580
10 Old Colony Trust Co
10534
5 Farr Alpaca Co
30
)
ir
0 nIiegtoited
63 A dnposn M 1118
120 Royal Worcester Corset Co.
20%
130%
5 Nashua & Lowell RR
25 North Boston Lighting Proper73%
ties, corn. (undeposited)
83 Copley Square Trust Co., v.t.c. 4634
50 Howes Brothers, 1st pref. ser. B. 69%
25 Old Colony Trust Associates._ ... 5234
ra
M iten Housing Corp., pref.,
50p. s
234
95
5 New Eng. Pow. Assn., pref
18
15 Farms Co.; class A corn
50 Old Colony Trust Associates-- 5234

$ per sh.
Shares. Stocks.
275
25 Collyer Insulated Wire Co
Participations, Inc.,
46 Beacon
18
preferred A
8134
15 Plymouth Cordage Co
19 Old Colony Trust Associates.... 55
7 Deacon Participations, Inc.,
18
preferred A
100 New England Pow. Assn.. pref. 95
70
Merrimac Hat Corp.. COM
70
Demand note for $3,650. dated at
Springfield. Maas., Aug. 1 1928
with int.,signed by Olen E.Doty $10lot
Six months note for $2,500, dated
at Los Angeles. Calif., Feb. 1928
with int., signed by P.F.ThompSOD
Rights.
9 Collateral Loan Co
180 Collateral Loan Co

per
-4 1:
r $R11 i
$ 1P %533t.
1234

By Wise, Hobbs & Arnold, Boston:
Shares. Stocks.
p
$.
E:la
%
.. 055
$ Per 5x 15 esu
18 Nat. Shawmut Bank, par $25: . SharN.w St4c . ad Power Assn. er sh.
95
240%
8% preferred
1 Exchange Trust Co.
35g
44 Atlantic Nat. Bank, par $25---- 84% I unit First Peoples Trust
Peoples Trust.- 3
150 Nat.Shawmut Bank, par $25 86-86% 8 special units First
West
33par $25Boston Gas Co., v.t.c.,
11 Arlington Mills
37
20 Farr Alpaca Co
115
45 Grasser Mfg. Co., corn. cl. A-- 65
20 West Point Mfg. Co
50 50 New England Power Assn.,
6 Arlington Mills
95
48
6% preferred
75 Newmarket Mfg. Co
100 Atlantic Public Utilities, Inc.,
30
10 Arlington Mills
21
class A (Del.)
293
1 Franklin Co.(Maine)
50 Eastern Utilities Associates, corn. 39'4
30
90 Arlington Mills
25 Massachusetts Bonding dr In63
22 Prov. Warren & Bristol RR
suranee Co., par $25_.....17834 ex-div.
15 Springfield Gas Light Co., v.t.o.,
5734 ex-div. 170 New England Power Assn.,
Par $25
95
6% preferred
England Public Service
200 New
,5
Co., corn. (new) (when issued)_ - 33% 107 Old Colony Trust Associates-52%4
125 Beacon Participations, cl. A
21 Hood Rubber Co., 734% prefer67-70
pref.. 15; 60 class A pref., 1534;
ence
100 class A pref., 18.
74 New England Public Service
6734
Co., corn. (old)
'Per Right.
Rights.
25 Plymouth Cordage Co.___83 ex-div.
434
10 North Boston Lighting Proper434
National Bank
ties, corn. (undeposited)___73 ex-div. 96 Atlantic
434
16 New Eng. Pow. Assn.. com _86 ex-div. 44 Atlantic National Bank
12%42%
20 Collateral Loan Co
Edison Light
10 New Bedford Gas ie
Ronda.
106% ex-div.
Co., v.t.c., par $25
$2,000 Tacoma Ry. at Power Co. Cent"
24 Springfield Gas Light Co. (un57 flat
1st 5s, due April 1929
58
deposited), par $25

By Barnes & Lofland, Philadelphia:
Atlanticper sh.
Shares. Stocks.
20 Second National Bank,
75
City, N. J., par $25
10 Lansdowne (Pa.) Bank & Trust
301
Co., Pa
12 Industrial Trust Co., par 350...565
44 Phila. Life Ins. Co., par WI__ 2834
25 Independence Fire Insurance
45
Security Co.. par $25
100 Security Title & Trust Co.,
par $50
50
40 National Bank of Germantown
.1 Trust Co., par $10
120
25 Second National Bank. par $10_ 8034
105 Second National Bank. par $10 80
12 Phila. Nat. Bank, par $20
17534
48 Phila. Nat. Bank, par $20
175
60 Southwark Nat. Bank. par 810- 35
55 Penn Nat. Bank, par $10
84
40 Central Nat. Bank, par $10
9234
100 Drovers dt Merchants National
Bank, Oar $a)
163i
at.
5N
137%
Security Bank,Par $10
5 Nat. Security Bank, par $10
13634
40 Nat. Security Bank, par $10__ _135
.
10 Obey Bank dr Trust Co par $50450
10 Olney Bank & Trust Co., par $50450
50 Pa. Co. or Ins. on Lives, drc.,
par $10
14034
44 Bank of North America ir Trust
Co., par $25
13934
5 City Nat. Bank & Trust Co
240
70 Commercial National Bank &
Trust Co., par SIO
38

Shares. Stocks.
30 Corn Exchange National Bank St.
17434
& Trust Co., par $20
100 Bankers Trust Co., par $50... _ _131
129
25 Bankers Trust Co.. par $50
31 Integrity Trust Co., par $10____15834
.
10 Broad St. Trust Co., par $50. _ 70
100 Real Estate-Land Title & Trust
6634
Co., par $10
10 Northern Central Trust Co.
172
(with rights), par 350
830
2 Provident Trust Co
828
1 Provident Trust Co
827
7 Provident Trust Co
2 Ambler (Pa.) Trust Co., par $50.. 95
150 Girard Life Ins. Co., par $10.- 2434
10 Bankers Bond & Mtge. Guaranty
30
Co. of America, no par
7 Phila. & Suburban Mtge. Guar25
antee Co
40 2d & 3d Ste. Pass. By., com......145%
29534
5 Colonial Trust
21%
15 Adelphia Bank
Rights.
'
Bank
1,257 Commercial National $ Per Mehl
& Trust Co., at $20
10 No
Northwestern Trust Co., (g, $0
20
$200
10 Northwestern Tr. Co.(5$200. 15
900 Northwestern Tr. Co.,(5$200. 1...
Rights Germantown Trust Co., as
follows: 30 at 2334; 100 at 23:
305 at 22,

236

FINANCIAL CHRONICLE

By A. J. Wright & Co., Buffalo:
Shares. Stocks.
$ per 58.IS8are4
Stocks.
$ per sh.
100 Boston dr Montana Devel. Co.,
100r.z.lets Realization Co., par $10_$1 lot
Boston temp. W., par $5
500.10$ 500ir7ry Hollinger Mines, Dar $1... 25c.
1
1,000 Baldwin Gold Mines. par $1. 3e. I

Name of Company.

[VOL. 129.
Per
When
Cent. Payable.

Books Closed
Days Inclusive.

Miscellneous (Concluded).
Electrical Securities. pref. (quar.)
•
13d Aug. 1 *Holders of rec. July 15
Electric Shareholdlngs,com.(qu.)(No.1) .25e. Sept. 1 *Holders of rec. Aug. 5
Common (payable in corn. stk.)
12
Sept. 1 *Holders of rec. Aug. 5
Prof. (1-20 share com. stk.)
Sept. I *Holders of me. Aug. 5
Electric Shovel Coal, panic. pf. (qu.)
$1 Aug. 1 Holders of rec. July 17a
DIVIDENDS.
Enamel & Heating Products (qu.).
50c. Aug. 1 Holders of rec. July 15
6231c. Aug. 1 Holders of rec. July 15
Dividends are grouped in two separate tables. In the Federal Knitting Mills, corn. (qu.)
Common (extra)
1231c. Aug. 1 Holders of rec. July 15
*6
first we bring together all the dividends announced the Folio (J. J.) & Co., common
July 15 *Holders of rec. July 10
(quar.)
Preferred
*1% July 15
of rec.
current week. Then we follow with a second table, in French Line, common B. Amer.shares *52.07 July 24 *Holders of reo. July 10
*Holders
July 17
*20c. Aug. 1 *Holders of rec. July 15
which we show the dividends previously announced, but Fuller Brush, class A (quar.)
Class AA (quar.)
*800 Aug. 1 *Holders of rec. July 15
GeLsenkerchen Mining(Gelsenkerchener)
which have not yet been paid.
Bergwerks-Aktlen-Gesellschaft)
July 6 Hold. of coup. No. 57
General Box, pref. (quar.)
*$1.75 Sept. 1 *Holders of rec. Aug. 15
The dividends announced this week are:
General Laundry Mach'y (qual.)
400. July 29 Holders of rec. July 19
General Tire & Rubber, com. (qu.) _ _ _ _ *El Aug. 1 *Holders of rec. July 20
Gillette Safety Razor (quar.)
*$1 25 Sept. 3 *Holders of rec. Aug. 1
Per
TWhen
Halle Bros., corn. (quar.)
Books Closed
*500. July 31 *Holders of rec. July 24
Name of Company.
..1% July 31 *Holders of rec. July 24
Cent. Payable.
Days Inclusive.
Preferred (guar.)
Hartford Times, Inc. partic. of. (qu.).._ •75c. Aug. 15 *Holders of rec. Aug. 1
Railroads (Steam).
Hawaiian Com'l & Sug.(mthly)
*25c. Aug. 5 •Ilolders of rec. July 25
Connecticut & Passumpsie Rivers
3 Aug. 1 Holders of rec. July 1
Monthly
•25c. Sept. 5 *Holders of rec. Aug. 25
Hudson & Manhattan RR. pref
•2H Aug. 15 *Holders of rec. Aug. 1
Monthly
*25c. Oct. 5 *Holders of rec. Sept. 25
Massawippl Valley
3 Aug. 1 Holders of rec. July 1
Monthly
525e. Nov. 5 *Holders of rec. Oct. 25
Mine Hill & Schuylkill Haven
$1.50 Aug. 1 July 12 to July 31
Monthly
*25c. Dec. 5 *Holders of rec. Nov. 25
Nashville, Chattanooga & St. Louis
3H Aug. 1 Holders of rec. July 20
Homestake Mining (monthly)
50c. July 25 Holders of rec. July 20
Humbersome Shoe, corn
*50c. Aug. 1 *Holders of rec. July 15
Public Utilities.
Common (extra)
•50e. Aug. 1 *Holders of rec. July 15
Allied Power & Light 5% pf. (qu.)___ Aug. 15 *Holders of rec. Aug. 1
Hunt Bros. Packing (quar.)
550c. Aug. 1 *Holders of rec. July 15
3% preferred (quar.)
*75c. Aug. 15 *Holders of rec. Aug. 1
Internat. Paper & Power,com. A (qu.)
60e. Aug. 15 Holders of ree. Aug. la
Amer. Natural Gas $7 pref.(quar.)
$1.75 Aug. 1 Holders of rec. July 20
International Paper Co., corn. (quar.)
goe. Aug. 15 Holders of rec. Aug. la
Associated Gas & Elec. $6 Pf.(quar.) _
E1.50 Aug. 31 Holders of rec. July 31
Intertype Corp., 1st pref. (qual.)
M2 Oct. 1 *Holders of rec. Sept. 16
$6.50 preferred (quar.)
1.623 Aug. 31 Holders of rec. July 31
Kress (S. H.) & Co., corn. (qual.)
•25c. Aug. 1 *Holders of rec. July 20
$5 preferred (quar.)
$1.25 Sept. 14 Holders of rec. Aug. 15
Special pref. (guar.)
*15c. Aug. 1 *Holders of rec. July 20
Calgary Power pref.(quar.)
1M Aug. 1 Holders of rec. July 15
Kroger Grocery & Baking, 2d p1. (qu.)_ •131 Aug. 1 *Holders of rec. July 31
Central West Pub. Serv. Did.(quar.)- - - *1% Aug. 1 *Holders of rec. July 15
Landay
. Inc.,
75c. Aug. I Holders of rec. July 150
Columbia Gas dz Elec., corn.(quar.) _ _
50e. Aug. 15 Holders of rec. July 20
Lawbeck Corp., pref. (quar.)
*131 Aug. 1 *Holders of rec. July 19
6% pref. seriesA (quar.)
13 Aug. 15 Holders of rec. July 20
Lazarus (The F. & R.) & Co., pf.(qu.).. •IM Aug. 1 *Holders of rec. July 20
prof. (guar.)
1% Aug. 15 Holders of rec. July 20
Lincoln Printing, corn
•40c. Aug. 1 *Holders of rec. July 22
5%
Community Power & Light corn. (qu.).. •75c. Aug. 1 *Holders of rec. July 20
Mass. Investors & Trust (qu.)
52c. July 20 *Holders of rec. July 8
Preferred (quar.)
*$1.50 Aug. 1 *Holders of rec. J_ly 20
Midwest Oil, corn.($10 par) (qu.)
•75c. July 15 *Holders of rec. July I
Consolidated Traction of N. J
2 July 15 Holders of rec. June 29a
Common ($1 par) (quar.)
July 15 *Holders of rec. July 1
Electric Investors, Inc.$6 Pf.(quar.) _ - - $1.50 Aug. 1 Holders of rec. July 19
Preferred (quar.)
*9 Hc. July 16 *Holders of rec. July 1
Grand Rapids RR.7% pref.(quar.)- - 1% Aug. 1 Holders of rec. July 15
Minneap.-Honeywell Reg., com. (extra) *500. Aug. 15 *Holders of rec. Aug. 3
Green & Coates Sts.Pass. Phila. quer.). $1.30 July 8 June 23 to July 7
Minneapolis
-Moline Power Implement
Hartford Elec. Light(quar.)
*68%c Aug. 1 *Holders of rec. July 20
Co., pref. (quar,) (No. 1)
* $1.625 Aug. 15
Knoxville Power & Light pref. (quar.)... $1.75 Aug. 1 Holders of rec. July 20
Moore Drop Forge, class A (quar.)
*51.50 Aug. 1 *Holders of rec. July 15
$6 preferred (quar.)
$1.50 Aug. 1 Holders of rec. July 20
Nash Motors (quar.)
$1 50 Aug. 1 Holders of rec. July 20
Long Island Lighting, corn.(quar.)
10e. Aug. 1 Holders of rec. July 20
National American Co., Inc. (qu.)
50c Aug. 1 Holders of rec. July 15
Lowell Electric Lights (quar.)
*63c. Aug. I *Holders of rec. July 15
National Tile (quar.)
75e. Aug. 1 Holders of rev. July 15
Middle West Utilities, com.(quar.)
5175 Aug. 15 *Holders of rec. July 31
*131 Sept. 1 *Holders of rec. Aug. 16
Newberry (J. J.) & Co., pref. (quar.)
North Amer. Utility Secur. corn. (quar.) 51.50 Sept. 16 *Holders of rec. Aug. 31
New Jersey Cash Credit, corn. (qu.)._
15e. July 25 Holders of rec. July 8
Pacific Lighting common (quar.)
*750. Aug. 15 *Holders of rec. July 31
Preferred (quar.)
15c. July 25 Holders of rec. July 8
*1 si Aug. 15 *Holders of rec. July 31
5% Preferred (quar.)
Preferred (extra)
150. July 25 Holders of rec. July 8
Rockland Light & Pow.,corn.(quar.)- - _ nt.12 Aug. 1 *Holders of rec. July 1
New Process Co., pref. (quar.)
131 Aug. 1 Holders of rec. July 15
Sedalia Water. pref.(quar.)
1% July 15 Holders of rec. July 1
N. Y. & Honduras Rosario Mln (qu.)..25c. July 27 Holders of rec. July 17
Southern Colorado Power, corn. A (qu.) _
50c. Aug. 24 Holders of rec. July 31
Extra
250. July 27 Holders of roc. July 17
Standard Power & Light pref. (quar.)_
$1.75 Aug. 1 Holders of rec. July 16
Niagara Share. corn. (quar.)
*25c. July 15 *Holders of rec. June 29
Standard Telephone Co.Prof.(quar.) _ _ _ *51.75 Aug. 1 *Holders of rec. July 15
Nichols Copper Co., class A (quar.)
4331c. Oct. 1 Holders of rec. Sept. 20
Tampa Electric Co.com.(quar.)
50c. Aug. 15 Holders of rec. July 25a North Lily Mining (quar.)
25e. July 20 *Holders of rec. July 16
Corn.(1-50th share corn,stock)
(f) Aug. 15 Holders of rec. July 250 Oliver United Filters, class A (quar.)
•500. Aug. 1 *Holders of rec. July 19
Texas Power & Light 7% pref.(quar.)
*1% Aug. 1 *Holders of rec. July 17
Oppenhelm, Collins & Co., corn. (qu.)... $1.25 Aug. 15 !folders of rec. July 26
$6 Preferred (quar.)
*$1.50 Aug. 1 *Holders of rec. July 17
Pennsylvania Cash Credit, corn. (quar.)_
15c. July 25 IIolders of rec. July 8
United Power, Gas & Water $3 pf.(qu.). *750. Aug. 1 *Holders of rec. July 15
Preferred (quar.)
Mc. July 25 Holders of rec. July 8
Preferred (extra)
15c. July 25 Holders of rec. July 8
Banks.
Philippe (Louis), Inc., class B (guar.).25e. Aug. 1 Holders of rec. July 19
Bryant Park
3 July 8 Holders of rec. July 2
Picturetone Theatre's Corp., cl. A (qu.).
250. July 15 Holders of roe. Aug. 1
Harriman Nat.Bank & Trust Co
5 July 5 Holders of rec. July 5
Plymouth CordageExtra
5 July 5 holders of rec. July 5
Com,and employees stock (guar.)._
*11.5 July 20 *Holders of rec. July 2
Harriman Securities
20 July 5 Holders of rec. July 5
Prairie Cities Oil Co., Ltd. A (quar.)
25e. Aug. 1 Holders of rec. July 15
Pyrene Manufacturing, com.(guar.)._ _ - 2
Aug. 1 July 20 to July 31
Fire Insurance.
Raymond Concrete Pile, corn. (guar.).500. Aug. 1 Holders of rec. July 20
American Alliance (quar.)
400. July 15 Holders of rec. June 290
Common (extra)
25c. Aug. 1 Holders of rec. July 20
Amer. Equitable Assur. Co. of N.Y.
Common (special)
25c. Aug. 1 Holders of rec. July 20
Common (quar.)
37Mc. Aug. 1 Holders of rec. July 20
Preferred (quar.)
75e. Aug. 1 Holders of rec. July 20
American Reserve (quar.)
*51 July 15 *Holders of rec. July 8
Reed (C. A.) Co., class A (quar.)
500. Aug. 1 Holders of rec. July 20
Great American (quar.)
40c. July 15 Holders of rec. June 29a Republic Service Co., pref. (quar.)
*51.50 Aug. 1 Holders of rec. July 15
Home Fire Security
3 Aug. 1 Holders of rec. July 15
Riverside Por, Cement, bet pref. (qu.)
*51.50 Aug. 1 *Holders of rec. July 15
Extra
2 Aug. 1 Holders of rec. July 15
Class A (quar.)
•3131c Aug. 1 *Holders of rec. July 15
Knickerbocker, corn. (guar.)
37 Mc. Aug. 1 Holders of rec. July 20
Royalty Corp. of Am. part. pf. (mthly.) 1
July 15 Holders of rec. July 10
National Liberty (quar.)
•25c. July 15 *Holders of rec. July 5
Participating pref. (extra)
H July 15 Holders of rec. July 10
Extra
550e. July 15 *Holders of rec. July 5
Royal Typewriter, corn
$1.25 July 17 Holders of rec. July 10
New York Fire, corn.(quar.)
30c. Aug. 1 Holders of rec. July 20
Common (extra)
25e. July 17 Holders of rec. July 10
Preferred
331 July 17 Holders of rec. July 16
Miscellaneous.
Ruud Mfg., corn.(quar.)
•50c. Aug. 1 *Holders of rec. July 20
$ 1.37M Aug. 1 Holders of rec. July 15
Allegheny Corp., pref. A (quar.)
Ryerson (Jos. T.) Bs Son,Inc., corn.(qM.) •50c. Aug. 1 *Holders of rec. July 19
Altavista Cotton Mills-dividend passed.
Savannah Sugar, corn. (quar.)
$l.50 Aug. 1 *Holders of rec. July 15
American Chicle, corn.(quar.)
Oct. 1 Holders of rec. Sept. 12a
Preferred (quar.)
*51.75 Aug. 1 *Holders of me. July 15
Amer. Founders Corp., corn. (guar.)._ 123l c. Aug. 1 Holders of rec. July 15
Scott Paper, pref. ser. A (quar.)
131 July 31 Holders of rec. July 17a
Corn.(I-140th share corn. stock)
(f) Aug. 1 Holders of rec. July 15
Preferred, series B (quar.)
131 July 31 fielders of rec. July 17a
7% first preferred, series A (quer.).
87Hc. Aug. 1 Holders of reC. July 15
Seaboard Surety (quar.)
131 Aug. 15 Holders of rec. July 31
7% first pref., series B (quar.)
87 0. Aug. 1 Holders of rec. July 15
Securities Management, el. A (quar.)
131 July 15 Holders of rec. July 1
75e. Aug. 1 Holders of rec. July 15
6% first pref., series D (quar.)
Class B & C (quar.)
25c. July 15 Holders of rec. July 1
6% second preferred (quar.)
37Hc. Aug. 1 Holders of rec. July 15
Selby Shoe, corn. (quar.)
550. Aug. 1 Holders of rec. July 15
American Glue, pref. (quar.)
Aug. I *Holders of rec. July 20
*2
Preferred (quar.)
11-5 Aug. 1 Holders of rec. July 15
Amer. Phenix Corp. (quar.)
750. July 10 Holders of rec. June 28
Shares Holding Corp., cl. A (quar.)
4331c July 15 Holders of rec. July 12
Amer. Thermos Bottle, corn. A (qu.).-- •25c. Aug. 1 *Holders of rec. July 20
Class A (extra)
50e. July 15 Holders of rec. July 12
Amsterdam Trading, Amer. shares
750. July 22 Holders of rec. July 16
Shell Transp. & Trad., Am.shs
(z) July 23 *Holders of rec. July 16
Arizona Commercial Mining
525c. July 31 *Holders of rec. July 16
Sinclair Consol. Oil, pref. (quar.)
2
Aug. 15 Holders of rec. Aug. 1
Oct. 1 *Holders of rec. Sept. 20
Associated Apparel industries (qu.)
*El
Skelly Oil (quar.)
•500. Sept. 16 *Holders of rec. Aug. 15
Atlantic Finance & Discount, pref
3H July 15 Holders of rec. June 30
Skinner Organ (stock dividend)
*el()
*Holders of rec. July'16
Bankers Bond & Mtge. Guaranty (qu.).
25c. Aug. 1 Holders of rec. July 20
Storkline Furniture Corp., cony. pt. (qu) •50c. Aug. 1 *Holders of rec. July 20
*1,4
Bates Mfg
Aug. 1 *Holders of rec. July 12
Supermaid Corp., com. (quar.)
•75c. Aug. 1 *Holders of rec. July 20
Special(from accumulated earnings)._ .530 Aug. 1 *Holders of rec. July 12
Tide-Water Oil, pref. (quar.)
•$1.25 Aug. 15 *Holders of rec. July 22
Bigelow-Hartford Carpet, corn. (qu.)--- $1.50 Aug. 1 Holders of rec. July 18
Tobacco Products, class A (par 520)-35c. Aug. 15 Holders of rec. July 25
Bingham Mines Co
87$c July 22 *Holders of rec. July 17
Class A (par UN)
Aug. 15 Holders of rec. July 25
Hinman Elec. Co., corn. (quar.)
•50c. Aug 1 *Holders of rec. July 15
Trustee Standard 011 Shares
(li) July 15 Holders of rec. June 20
Preferred (quar.)
*51.75 Aug. 1 *Holders of rec. July 15
Thermold Co., pref. (quar.)
*1% Aug. 1 *fielders of roc. July,' 19
Blanner's, Inc., corn. (quar.)
530e. Aug. 15 *Holders of rec. Aug. 1
Truax-Traer Coal (quar.)
40c. Aug. 1 Holders of roe. July 20
Corn. (payable In corn. stock)
•o1H Aug. 15 *Holders of rec. Aug. 1
Tung-Sol Lamp Works, new pref.(quar.) •75c. Aug. 1 *Holders of rec. July 20
$3 preferred (quar.)
*75e. Aug. 15 *Holders of rec. Aug. 1
Twelfth St. Store of Ills., class A (qu.)„ 550c. Aug. 1 *Ilolders of rec. July 20
*1 yi Aug 1 *Holders of rec. July 31
Brill (J. G.) Co., pref. (guar.)
Union 011 Associates (quar.)
*50e. Aug. 10 *Holders of rec. JUIY 18
Bunte Bros., com
*50c. Aug 1 *Holders of rec. July 25
Union 011 of Calif. (quar.)
•50c. Aug. 10 *Holders of rec. July 18
Preferred (quar.)
*51.75 Aug. 1 Holders of rec. July 25
United Bond & Share, panic. pref
•25c. Aug. 1 *Holders of rec. July 15
California Packing (quar.)
*$1
Sept. 15 *Holders of rec. Aug. 31
United Chemicals. pref. (quar.)
*75c. Sept. 1 *Holders of rec. Aug. 15
Canadian Dredge & Dock,com.(quar.)_
75c. Aug. 1 Holders of rec. July 16
United Cigar Stores of Amer., pref. (qu.) 1 H Aug. 1 Holders of rec. July 18
Preferred (quar.)
131 Aug. 1 Holders of rec. July 16
U. B. & British Internat. Co., pref. (qu.)
75e. Aug. 1 Holders of rec. July 15
Carr Fastener, corn. (quar.)
550e. July 15 *Holders of rec. July 10
U. S. dz International Sec.
Common (extra)
5$1
July 15 *Holders of rec. July 10
First pref. allot. Ws. 50% paid
6231c Aug. 1 Holders of rec. July 11
Chain & General Equities pref.(qu.)1 .62H Aug. 1 *Holders of rec. July 16
United States Realty & Improvement.-- $1.25 Sept. 14 Holders of rec. Aug. 16
Chelsea Exchange Corp. class A & B (qu)
25c. Aug. 15 Holders of rec. Aug. 1
Universal Leaf Tobacco (quar.)
*75c.
Class A & B (guar.)
25c. Nov. 15 Holders of rec. Nov. 1
Stock dividend
135 Sept. 10 *Holders of rec. Aug. 9
Class A & B (quar.)
25c. FbI5'30 Hold, of rec. Jan. 31 '30
Utility & Industrial Corp.. pf. (guar.).- 3731c Aug .20 Holders of rec. July 31
Class A & B (quar.)
25c. My15'30 Hold, of rec. May 1 '30
Vick Chemical (quar.)
sit
Aug. 1 *Holders of rec. July 17
Chic. Wilm. & Franklin Coal, Pt. (am.). $1.50 Aug. 1 Holders of rec. July 15a Warchel Corp., cony. Prof. (quar.)
*62 jic Aug. 1 *Holders of rec. July 15
City Stores class A (quar.)
Western Air Express (quar.)
587Ac Aug. I *Holders of rec. July 15
•15c. Aug. 1 *Holders of rec. July 15
Connecticut Cash Credit, corn. (quar.).
15e. July 25 Holders of rec. July 8
Steel Products, Prof. (guar.). _ _
Western
Aug. 1 Holders of rec. July 15
Preferred (quar.)
15c. July 25 Holders of rec. July 8
West. Tablet di Stationery, com.(qu.)
Preferred (extra)
150. July 25 Holders of rec. July 8
(No. 1)
50c. Aug. 1 Holders of rec. July 21
Consolidated Chemical Industries (qu.)_ *37.c Aug. 1 *Holders of rec. July 15
Willard (IV. E.) & Co., pref. (guar.)._ _ _
131 July 15 *Holders of rec. Julyl 1
Continental Can, corn. (quar.)
6231c. Aug. 15 Holders of rec. Aug. la Wil-Low Cafeterias, Inc., cony. pt. (qu.) $1
Aug. 1 Holders of rec. July 200
Cosden Oil, preferred
$3.50 Aug. 1 Holders of rec. July 15
IVillys-Overland Co.(quar.)
*30c. Aug. 1 *Holders of rec. July'( 20
Courtauld's, Ltd., ordinary (interim)._ _ *4
*13,4 Aug. 31 *Holders of rec. Aug. 23
Aug. 9
Witherow Steel, bat pref. (quar.)
Crum & Forster (quar.)
•22Hc July 15 *Holders of rec. July 5
*1% Aug. 31 *Holders of roe. Aug. 23
Second preferred (quar.)
Crunden-Martin Mfg., corn
$2.50 July 10 Holders of rec. July 10
Woolworth (F. W.) Co.
Cuba Co., preferred (quar.)
$3.50 Aug. 1 *Holders of rec. July 13
Nevi $10 par stock (guar.)
*60e. Sept. 3 *fielders of rec. Aug. 10
Curtia3 Aeroplane & Export., pf. (qu.) _ •1H July 15 *Holders of rec. July 1
Youngstown Sheet & Tube,corn.(In stk.) 5
120 Oct. 1 Subject to stockholders
Decker (Alfred) & Cohn. com. (qu.)
550c. Sept. 16 *Holders of rec. Sept. 5
Zonite Products, com. (quar.)
*25c. Aug. 15 *Holders of rec. July115
Dominion Distillers Cense!. "A"
25c. Sept. 1 Holders of rec. July 5
Zenith Radio Corp., corn. (quar.)
*50c. Aug. 1 *Holders of rec. July 19




(I)

131

131

JULY 13 19291

237

FINANCIAL CHRONICLE

Below we give the dividends announced in previous week
and not yet paid. This list does not include dividends announced this week, these being given in the preceding tables

Name of ausearaf.

Per
When
Cent. Payable.

Boots Coma
Days hultalel.

Public Utilities (Coiffeuse).
25e. Aug. 1 Holders of roe. June 13
Electric Power & Light. corn.(guar.)
3$ Aug. 1 Holders of rec. July 13
Allot. etf. full paid (guar.)
6310. Aug. 1 Holders of rec. July 13
Allot. Ms.50% paid (guar.)
$1.75 July 15 Holders of rec. July 10
El Paso Elec. Co., pref. A (guar.)
Empire Gas & Fuel.8% pref.(monthly). *500. Aug. 1 *Holders of rec. July 15
Books Closed
Per When
•54 1-dc Aug. 1 *Holders of rec. July 15
634% preferred (monthly)
Days Inclusive.
Cent. Payable.
Name of Company.
•581-30 Aug. 1 *Holders of rec. July 15
7% preferred (monthly)
•88 2-3c Aug. 1 *Holders of rec. July 15
8% preferred (monthly)
Railroads (Steam).
English Elec. Co. of Canada A (qu.)... 760. July 15 Holders of rec. June 29
Aug. 15 Holders of rec. July 11
Alabama Great Southern. preferred-- 32
Ft. Worth Power & Lt.. pref. (guar.)--- 13$ Aug. 1 Holders of rec. July 15
$1.50 Aug. 15 Holders of rec. July 11
Preferred (extra)
20
23$ Sept. 3 Holders of rec. July 260 Havana Elec. & UtIl., 1st pref. (guar.)._ 51.50 Aug. 15 Holders of rec. July 20
Atch. Topeka & Santa Fe. corn. (q11.)
$1.25 Aug. 15 Holders of rec. July
Preference (guar.)
234 Aug. 1 Holders of rec. June 286
Preferred
*134 Aug. 1 *Holders of ree. July 15
Utilities, pfd. (qu.)134 Sept. 3 Holders of rec. July 130 Illinois Northern
Baltimore & Ohio, corn.(quar.)
Sept. 3 Holders of rec. July 13a International Hydro Elec. System
1
Preferred (guar.)
July 15 Holders of rec. June 25
Class A (50c. cash or 1-50 sh. Cl. A stk)
•88e. Oct. 1 *Holders of rec. Aug. 31
Bangor & Aroostook, corn. (guar.)
Internat. Telep. & Teleg., new stk.(qu.) 50c. July 15 Holders of rec. June 210
•134 Oct. 1 *Holders of rec. Aug. 31
Preferred (guar.)
87340. July 15 Holders of rec. June 280
134 Aug. 1 Holders of rec. June 286 Internat. Utilities, class A (guar.)
Canada Southern
$1.75 Aug. 1 Holders of rec. July 186
$7 preferred (guar.)
Aug. 15 Holders of ree. Aug 50
2
Central RR. of N. J. (guar.)
134 July 15 Holders of rec. June 200
July 15 Holders of rec. July 86 Kentucky Securities, prof.(guar.)
2
Extra
Aug. 1 Holders of rec. July 10
$1
Hold, of rec. June p 270 Manitoba Power
Chesapeake Corp.(pay. in corn. stock.)_ 1331-3
$1.50 Aug. 1 Holders of rec. July 15
Massachusetts Gas COS.. COM.(qua:.)..
July 20 *Holders of rec. July 12
•5
Cincinnati Northern
Holders of rec. June 29
July 20 Holders of rec. June 280 Mass. Utilities Associates, pref.(guar.). 623$c July 15 "Holders of rec. June 29
& St. L.,corn.(quar.)- 2
Cleve. Cin. Chic.
July 15
134 July 20 Holders of rec. June 286 Middle West Util. 7% panic. pref.(qu.) *2
Preferred (guar.)
15 *Holders of rec. June 29
•$1.50 July
$6 preferred (guar.)
Aug. 1 Holders of rec. July 156
3
Cuba RR., preferred
20a
Febl'30 Holders of rec. Jan. 150 Milw. Elec. Ry.& Light. pfd.(guar.).- 13$ July 31 Holders of rec. July 29
3
Preferred
$1 75 July 15 Holders of rec. June
Mo. Gas & Elec. Serv. pr. lien (qu.)
•234 Sept.20 *Holders of rec. Aug. 28
Delaware & Hudson Co.(quar.)
15 Holders of rec. June 29
Delaware Lackawanna & Western (Cu.)- $1.50 July 20 Holders of rec. July ea Mo.River-Sioux City Bridge. pref.(qu.) $1.75 July
Monongahela West Penn. Pub. Service,
•3
July 15 *Holders of rec. July 8
Detroit River Tunnel
4334c Oct. 1 Holders of rec. Sept.14
7% Preferred (guar.)
2 July 31 Holders of rec. July 150
Erie RR.,first & second pref
June 30
2 Dee. 31 Holders of rec. Dec. 160 Montreal L. H.& P. Congo'. corn.(qu.) 600 July 31 Holders of rec. June 29
First and second preferred
2 July 15 Holders of rec.
(guar.)
Montreal Telegraph
Georgia Railroad & Banking (quar.)... *23$ July 15 *Holders of rec. July 1
23$ July 15 Holders of coo. July 15
234 Aug. 1 Holders of rec. June 256 Montreal Tramways(guar.)
Great Northern preferred
20 Holders of reo. June 29
134 Sept. 3 Holders of rec. Aug. Is Mountain States Power. Prof.(quar.)
Illinois Central, corn. (guar.)
July 15 *Holders of rec. June 29
3
Sept. 3 Holders of rec. Aug. la Mountain States Tel. & Tel.(quar.).... *2
Preferred A
July 200
134 Aug. 1 Holders of rec. June 296 National Electric Power, el. A (quar.).. 4450 Aug. 1 Holders of rec. Sept 20
City Southern, corn.(quar.)
Kansas
.
1
July 15 Holders of rec. June 290 Nat. Gas & Elec.. $8.50 prof.(guar.).•5 1.8234 Oct. 1 *Holders of roe. July 12
Preferred ((mar.)
of rec.
Nat. Power & Light, $6 pref. (guar.)... $1.50 Aug. 1 Holders
$1.13 July 15 June 16 to July 15
Little Schuylkill Nay.. RR.& Coal
Aug. 1 Holders of rec. June 29
334 Aug. 10 Holders of rec. July 156 Nevada-Calif. Elec. Corp. pref.(qu.)
Louisville & Nashville
July 15 *Holders of rec. June 27
$12.50 Aug. 1 Holders of rec. July 156 New Bedford Gas & Edison Light (cu.). 41
Mahoning Coal RR., corn. (guar.)
June
July 29 Holders of rec. June 28a New England Power A.9811.. COM.(qu.)... 50o July 15 Holders of rec. June 21a
20
Michigan Central
80
$1.75 July 15 Holders of rec.
New England Pub.Serv.87 pref.(qu.)
•e60 Approved by stockholders July 9
Nash. Chat.& St. Louis(in stock)
•31.75 July 15 *Holders of reo. June 80
$7 adjustment prof.(quar.)
2
Aug. 1 Holders of rec. June 286
New York Central RR.(guar.)
•$1.50 July 15 *Holders of coo. June 80
$6 preferred (qua.)
Sept.19 Holders of rec. Aug. 316
2
Norfolk & Western, corn. (qua:.)
13$ July 15 Holders of rec. June 20
Aug. 19 Holders of rec. July 310 N. Y. Trdephone.694% prof. (rium..)
1
Adjustment pref. (guar.)
rec. Sept. 86
July 15 Holders of rec. June 290 North American Co (payable in corn.51k) 123$ Oct. 1 Holders of rec. Sept. 50
$2
Northern Central
475e Oct. 1 Holders of
Preferred (guar.)
134 Aug. 1 Holders of rec. July la
Northern Pacific (guar.)
$1.50 Sept. 3 Holders of rim. Aug. 150
North American Edison Co., pt.(qu.)
*81 50 July 15 *Holders of rec. June 29
Pennsylvania Company
Aug. 31 Holders of rec. Aug. la North American Utility Securities
$1
Pennsylvania RR.(guar.)
$1.50 Sept. 16 Holders of rec. Aug. 31
1st preferred (guar.)
134 Aug. 1 Holders of rec. July 50
Pere Marquette RR., pref. (guar.)
$1.50 Sept.18 Holders of rec. Aug. 31
1st pref. allot. Mts. (guar.)
144 Aug. 1 Holders of rect. July 5.2
Prior preference (guar.)
Aug.
First Prof. allot. certifs. 75% paid__-_ 1.12)$ Sept. 16 Holders of rec. July 31
234 July 20 Holders of rec. July 10a
Pittsb. Chi. Chic. & St. Louis
3
North Boston Ltg. Prop.,com.& pf.(qu.) •750. July 15 *Holders of rec. June 29
*32.50 Aug. 1 *Holders of rec. June 28
Pittsburgh & Lake Erie
Holders of reo.
corn.(guar.)
31 Holders of rec. July 150 Northern Indiana Pub. Ser. 7% pf.(qu.) 134 July 15 Holders of rec. June 29
134 July
Pittsburgh & West Va..
13$ July 15
8% Preferred (guar.)
Reading Co., common (guar.)
51 Aug. 8 Holders of rec. July Ila
13$ July 15 Holders of rec. June 29
534% preferred (guar.)
50c Sept. 12 Holders of rec. Aug. 220
First preferred (guar.)
1 Holders of rec. July 10
Second preferred (guar.)
50c Oct. 10 Holders of rec. Sept. 196 Northern N.Y. Utilities, pref.(qua:.).. 51.75 Aug. 25 *Holders of rec. June 30
- 134 Aug. 1 Holders of rec. July la Northern Ontario Power,8% prof.(qu.) •134 July 1 Holders of rec. June 29
St. Louis-San Francisco, pref.(guar.).
Aug.
134 Nov. 1 Holders of roe. Oct. to Northern States Power,corn. A (guar.)._ 2
Preferred (quar
July 20 Holders of rec. June 29
7% Preferred (guar.)
Aug. 1 Holders of reo. July la
2
Southern By.. corn. (guar.)
134 July 20 Holders of rec. June 29
6% Preferred (guar.)
Preferred (guar.)
13$ July 15 Holders of rec. June 24a
2 June 29 Holders of rec. June 270
Northwestern Bell Telep.. corn. (cu.)...
Virginian Ry., preferred
Aug. 1 *Holders of roe. July 13
*3
1.82 34 July 15 Holders of rec. June 256
Preferred (Gear.)
Wabash By. prig, A (guar.)
134 Aug. 24 Holders of roe. July 26.
134 Sept. 2 Holders of rec. Aug. 15
Ohio Edison Co.8% pref.(qua:.)
1.65 Sept. 2 Holders of rec. Aug. 15
6.6% preferred (qua:.)
Public Utilities.
134 Sept. 2 Holders of rec. Aug. 15
7% preferred (guar.)
134 Sept. 2 Holders of rec. Aug. 15
(quay.)
5% Preferred
Alabama Power, $5 pref. (quar.)
$1.25 Aug. 1 Holders of rec. July 15
500. Aug. 1 Holders of rec. July 15
6% preferred(monthly)
Amer. Cities Power & Light class A (cu.) (1) Aug. 1 Holders of roe. July 5
500. Sept. 2 Holders of rec. Aug. 15
6% Preferred (monthly)
Class B (guar.)
1234 Aug. 1 Holders of rec. July Sa
550. Aug. 1 Holders of rec. July 15
6.6% preferred (monthly)
American Commonwealths Power
550. Sept. 2 Holders of rec. Aug. 15
6.6% Preferred (monthly)
Common class A & B (No. 1)
15c. July 16 Holders of rec. July 1
50o. July 15 Holders of rec. June 290
Pacific Gas & Elec.. corn. (guar.)
Oct. 1
Corn. el. A &II(1-40 share el. A stock) (I) Oct. 16 Holders of rec.
*$1.50 July 15 *Holders of rec. June 29
Pacific Lighting, pref. (quar.)
$6.50 first preferred (guar.)
$1.63 Aug. 1 Holders of rec. July 15
10
Pacific Public Say.. corn. A (guar.) -- 5323$0 .Aug. 1 Holders of rec. July 296
Brit preferred (quar.)
$1.75 Aug. 1 Holders of rec. July 15
87
- 135 July 15 Holders of rec. June 15
Pacific Tel.& Tel., preferred (guar.).
Second pref.. series A (guar.)
$1.75 Aug. 1 Holders of rec. July 15
Holders of rec. July
260. Aug. 1
Penn-Ohio Edison common (guar.)
July 1 *Holders of rec. June 15
Amer. Dist. Teich. at N. J. corn.(qu.) Ill
134 Sept. 1 Holders of rec. Aug. 15
7% prior pref. (guar.)
el% July 1 *Holders of rec. June 15
Preferred (qua:.)
$1.50 July 15 Holders of rec. June 29
$6 preferred (guar.)
American Gas & Elec., pref. (guar.).--- $1.50 Aug. 1 Holders of rec. July 8
51.50 Aug. 1 Holders of rec. July 20
-Ohio Pow.& Lt..$6 pref.(quar)
234 Aug. 1 Holders of rec. July 120 Pa.
Amer. Light & Tree., corn. (guar.)
134 Aug. 1 Holders of reo. July 20
7% Preferred (guar.)
134 Aug. 1 Holders of rec. July 120
Preferred (quar.)
60e. Aug. 1 Holders of rec. July 20
7.2% preferred (monthly)
234 July 15 Holders of rec. June 20a
Amer. Telep. & Teleg.(qua:.)
550. Aug. 1 Holders of rec. July 20
8.6% preferred (monthly)
Amer. Water Works & Elec.July 17 Holders of rec. July 30
2
Gan Light & Coke (guar.)
250. Aug. 15 Holders of rec. July 28a Peoples
Common (guar.)
July 31 Holders of roe. July la
31
(f) Aug. 15 Holders of rec. July 250 Philadelphia Co. common (guar.)
Corn. (1-40 share com. stk.)
75e. July 81 Holders of MO.July la
Common (extra)
of rec. Sept. 12a
$1.60 Oct. 1 Holders
16 first preferred (qua:.)
$1.25 Sept. 2 Holders of rec. Aug. 10a
5% Preferred
(I) Aug. 1 Holders of rec. June 29
Associated Gas & Elec. class A
Philadelphia Elec. Power. prof.(guar.).500. Oct. 1 Holders of rec. Sept. 100
July 15 Holders of rec. June 23
Bell Telephone Co. of Canada (quar.)__ 2
July 31 Holders of rec. July 150
Philadelphia Rapid Transit Co.(guar.). $1
1% July 16 Holders of rec. June 20a
Bell Telep. Co. of Pa. pref.(qua:.)
Phila. Suburban Water pref.(guar.).- 134 Sept. 1 Holders of rec. Aug. 120
*40e. July 15 *Holders of rec. July 1
Bridgeport Hydraulic Co.(guar.)
134 July 15 Holders of rec June 30a
Phila. & Western Ry. pref.(guar.)
Power, el. A (quar.).. 50c. July 15 Holders of rec. June 20
British Columbia
Power Corp. of Canada panic. pf.(qu.). 750. July 15 Holders of roe. June 29
Brooklyn-Manhattan Transit Corp.
134 July 15 Holders of rec. June 29
Preferred (guar.)
July 15 Holders of rec. July la
$1
Common ((mar.)
65c. Sept.30 Holders of rec. Sept. 64
$1.50 July 15 Holders of rec. July la Public Serv. Corp. of N. J., corn.(qu.)
Preferred, series A (guar.)
Sept.30 Holders of rec. Sept. 80
2
$1.50 Oct. 16 Holders of rec. Oct. la
8% Preferred (qua:.)
Preferred, series A (guar.)
144 Sept.30 Holders of rec. Sept. ea
$1.50 Jan.15'30 Holders of rec. Dec. 310
7% Preferred (quer.)
Preferred, aeries A (guar.)
$1.25 Sept.30 Holders of rec. Sept. 60
$5 preferred (qua:.)
$1.50 APri510 Hold, of rec. Apr. 1 '306
Preferred, series A (guar.)
500. July 31 Holders of rec. July 50
6% preferred (monthly)
*Holders of rec. July 15
Buff. Nies. & East. Pow., 1st pref.(cu.) *51.25 Aug.
31 Holders of rec. Aug. 90
6% Preferred (monthly)
California-Oregon Power,7% pref.(qu.) I% July 1 Holders of rec. June 30
. 30 Holders of rec. Sept. 64
500. Sept.
13$ July 1 Holders of rec. J.ne 30
6% Preferred (monthly)
Six per cent preferred (guar.)
Pub. Serv. of Nor. Iii.. no par corn.(qu.) *12 Aug. 1 'Holders of reo. July 15
Northern Power pref.(quar.)... 144 July 1 Holders of rec. June 29
Canada
12 Aug. 1 *Holders of rec. July 15
4
Common,$100 par (qua:.)
*Holders of rec. June 29
,
*33 4 Aug.
Cent. Hudson Gas & Elec., corn
5% preferred (quar.)
*194 Aug. 1 *Holders of rec. July 15
*$1.50 July 1 *Holders of rec. June 30
Central Ill. Public Serv.. pfd.(qu.)
*144 Aug. 1 *Holders of rec. July 15
July 1 *Holders of rec. June 30
Preferred (guar.)
*134
7%
Central Power. 7% pref. (guar.)
Pub.fiery. Elec. & Gas.8% pref.(qu.).. 134 Sept. 30 Holders of roe. Sept. ea
'134 July 1 *Holders of rec. June 30
6% preferred (guar.)
•144 Sept. 30 *Holders of rec. Sept. 6
756. July 1 Holders of rec. June 19
7% preferred (guar.)
Central & Southwest Util.. corn. (guar.)
Puget Bound Power & Light pref.(qua:.) $1.50 July 15 Holders of rec. June 200
Central States Elec., corn. (In stock)._ *1200 July 2 *Holders of rec. July 15
11.25 July 15 Holders of reo. June 200
Prior preference (guar.)
Chesapeake .S, Potomac Telep., pf (cu.)
134 July 1 Holders of rec. June 29
60o. July 16 Holders of roe. June 27
Quebec Power (guar.)
•650. Aug.
*Holders of rec. July 16
Chic. Rap. Transit pr. pf. A (mthly.)
50o. Aug. 1 Holders of rec. July 150
Railway & Light Securities, corn.(qu.)•850. Sept. *Holders of rec. Aug. 20
Prior preferred class A (mthly.)
$1 50 Aug. 1 Holders of roe. July 150
800 Aug
Preferred (guar.)
*Holders of recs. July 16
Prior preferred class B (mthly.)
$1 Aug. 1 Holders of rec. July 15
*600. Sept. *Holders of rec. Aug. 20
Rhode Island Pub.Serv.cl A (quar.)
Prior preferred class B (mthly.)
50o. Aug. 1 July 16 to July 31
Preferred (quar.)
Cin. Newp. & Coy. L. & Tr., corn. (qu.) •134 July 1 *Holders of rec. June 28
San Diego Consol. G.& E., pfd. (cU.) - 13$ July 15 Holders or rec. June 30
•134 July 1 *Holders of rec. June 28
(guar.)
Preferred
*134 July 15 *Holders of rec. July 1
Seattle Lighting, common (guar.)
Cities Serv. Pow. le Light,55p1.(mthly) 411se July 1 Holders of rec. July 1
Preferred (quar.)
134 Sept.
Holders of rec. Aug. 15
'134 July 15 *Holders of roe. July 1
Cleve. Elec. Illuminating, pfd. (qu.) _ _
*2
Sierra Pacific Elec. Co.. corn.(quar.)
Aug.
50c Aug. 1 Holder of rec. July 150
*Holders of rec. July 15
Commonwealth-Edison Co.(qu.)
Preferred (guar.)
Aug.
$1.50 Aug. 1 Holders of rec. July 150
Holders of rec. July 120
Commonwealth Power Corp., corn.(qu.) $1
July 20 Holders of rec. June 1
1
134 Aug.
Southeastern Pr. & Lt., corn.(Guar.)
Holders of rec. July 12
6% Preferred (quar.)
Southern Calif. Edison, corn.(guar.).
- 500 Aug. 15 Holders of rec. July 200
Commonwealth & Southern Corp
500 July 15 Holders of rec. June 20
Original preferred (quar.)
Holders of rec. Aug. 1
Corn.(qu.)(No. 1)(1/80 eh. com.stk.) (f) Sept.
$1.25 Aug.
34340 July 15 Holders of roe. June 20
534% pref.(qua:.)
Holders of rec. June 29a
Consol. Gas of N. Y., pref.(quar.)
Southern Canada Power. glom. (qua:.).. 25c. Aug. 15 Holders of rec. July 31
$1.25 Oct.
Holders of rec. Sept. 14
Consumers Power,$5 pref.(guar.)
13$ Oct.
Preference (guar.)
*13$ July 15 *Holders of rec. June 20
Holders of rec. Sept. 14
6% pref.(qua:.)
Southern N. E. Telep. (guar.)
July 15 *Holders of rec. June 29
*2
$1.65 Oct.
Holders of rec. Sept. 14
6.6% preferred (guar.)
South Pittsburgh Water Co. pf.(qua:.).
July 15 Holders of rec. July 1
13$ Oct.
Holders of rec. Sept. 14
pro?.(quar.)
7%
Standard Gas & Electric. cons.(qua:.).. 873$c July 25 Holders of rec. June 290
500. Aug.
Holders of rec. July 15
6% pref.(monthly)
Prior preference (guar.)
$1.75 July 25 Holders of rec. June 29
600. Sept.
Holders of rec. Aug. 15
8% prat. (monthly)
Tennessee Elec. Pow..5% first pref.(qu) 13$ Oct. 1 Holders of roe. Sept. 14
50e. Oct.
Holders of rec. Sept. 14
6% pref. (monthly)
6% first preferred (guar.)
13$ Oct. 1 Holders of rec. Sept. 14
55e. Aug.
Holders of rec. July 15
8.8% pref. (monthly)
7% first preferred (guar.)
13$ Oct. 1 Holders of reo. Sept. 14
55e. Sept.
Holders of rec. Aug. 15
6.6% preferred (monthly)
7.2% first preferred (gum.)
$1.80 Oct. 1 Holders of roe. Sept.14
55e. Oct.
Holders of rec. Sept. 14
6.6% preferred (monthly)
2
July 1 Holders of rec June 20a
500. Aug. 1 Holders of rec. July 15
6% first Preferred (monthly)
Detroit Edison (guar.)
6% first preferred (monthly)
15$ July 1 Holders of rec. June 20
500. Sept. 2 Holders of rec. Aug. 15
Diamond State Telep. pref.(qua:.)
8% first preferred (monthly)
500. Oct. 1 Holders of rec. Sept. 14
Dominion Power & Tramp..Pref.(guar.) •144 July 1 *Holders of rec. June 22
7.2% first preferred (monthly)
600. Aug. 1 Holders of rec. July 15
134 July 1 Holders of roe. June 150
Duquesne Light6% let pref.(quar.)
7.2% first preferred (monthly)
600. Sept. 2 Holders of rec. Aug. 15
134 Oct. 1 Holders of rec. Sept. 140
6% first pref.(guar.)
7.2% first preferred (monthly)
600. Oct. 1 Holders of roe. Sept. 14
3734c July 1 Holders of rec. July 1
Eastern Mass. Street Ry. common
United Gas & Elec. Co.. preferred
231 July 15 Holders of rec. June 29
Holders of rec. July 15
134 Aug.
Ry.. pf. B (guar.)._
Eastern Mass. St.
•$ 1.1234 Sept.30 *Holders of reo. Aug. 31
United Gas Impt.,cons.(guar.)
134 Aug. 1 Holders of rec. July. 31
First pref. and sink, fund stk. (quar.)_
United Light & Power Co.
Aug.
3
Holders of rec. July 10
Edison Elec. Ill. of Boston (guar.)
Old common, class A & B (qua:.).... 75c. Aug. 1 Holders of rec. July 15a
e13$ July 1 Holders of rec. June 18
Electric Bond & Share common
New corn., class A & B (quar.)
15c. Aug. 1 Holders of rec. July 154
Holders of roe. July 10
$1.50 Aug.
Preferred (quan)




13$ July
144

134

13$

238
Name of Company
Public Utilities (Concluded).
Western Power Corp., pref.(guar.)
West Penn Elec. Co.,class A (guar.)._
'
Seven per cent preferred (guar.)
Six per cent preferred (guar.)
West Penn Power Co., 7% pref.(qu.)
Six per cent preferred (guar.)
West Penn Rya Co.. pref (quay.)
Western Power, Light & Telep. A (guar.)
Western Union Teleg. (guar.)
Winnipeg Electric Co
Banks.
Continental (in stock)
Trust Companies.
Corn Exchange Bank & Trust
New $20 par stock (guar.) (No. 1)___
Fire Insurance.
United States (stock dividend)

FINANCIAL CHRONICLE
Per
When
Cent. Payable.

Books Cloaca
Days Infirmly..

1k July 15 Holders of ree. July 1
1k Sept. 30 Holders of rec. Sept. 17a
154 Aug. 15 Holders of rec. July 200
154 Aug. 15 Holders of rec. July 20a
154 Aug. 1 Holders of rec. July ba
154 Aug. 1 Holders of rec. July 50
154 Sept. 16 Holders of ree. Aug. 24
550c. Aug. 1 *Holders of rec. July 15
2
July 15 Holders of ree. June 250
Aug. 1 Holders of rec. July 10
El
e50

July 15 Holders of rec. June 29a

Si

Aug. 1 fielders of rec. July 20a

625

July 15 Holders of rec. June 28

Miscellaneous.
Abitibi Pow. & Paper, 5% pref. (qual.)
154 July 20 Holders of res. July 10a
Abraham & Straus, Inc., pref. (quar.)_
134 Aug. 1 Holders of rec. July 15a
Adams Express, corn. (pay. In corn. stk) 11
July 15 Holders of rec. June 28a
Adams (J. D.) Mfg., common (guar.)._ •60c. Aug. 1 *Holders of rec. July 15
Adams-Millis Corp., common (guar.)...
50e Aug. I Holders of rec. July I8a
First and second preferred (quar.)__
154 Aug. 1 Holders of rec. July 18
Air Reduction (guar.)
75c. July 15 Holders of rec. June 29a
Alabama Fuel & Iron (quay.)
1I4 July 1 June 21 to June 30
Allegheny Steel, common (monthly)____
15e. July 18 Holders of rec. June 30
Common (extra)
25e. July 18 Holders of rec. June 30
Common (monthly)
•150. Aug. 17 *Holders of rec. July 31
Common (monthly)
•15c. Sept. 18 *Holders of roe. Aug. 31
Preferred(guar.)
el% Sept. 1 *Holders of rec. Aug. 15
Preferred (quay.)
'164 Des. I "Holders of rec. Nov. 15
Alliance Realty, corn. (guar.)
6240, July 20 Holders of rec. July 80
Allied Chemical & Dye, corn. (guar.)
$1.50 Aug. 1 Holders of rec. July lla
Allis-Chalmers Mfg., common (quar.)__
134 Aug. 15 Holders of rec. July 24a
Alpha Portland Cement (quay.)
'750. July 15 "Holders of rec. June 25
Aluminum Mfrs., corn. (quar.)
•1500. Sept. 30 *Holders of roe. Sept. 15
Common (quar.)
*50o. Dec. 31 *Holders of rec. Dec. 15
Preferred (qua?.)
•1154 June 30 *Holders of rec. June 15
Preferred (quar.)
•1% Sept.30 *Holders of ree. Sept. 15
Preferred (quar.)
*lit Dec. 31 *Holders of rec. Dec. 15
Amalgamated Elec. Corp.. Ltd.
Preferred (No. 1)
$1
July 15 Holders of rec. June 28
PreL(issued subsequent to Mar. 1529) 32e. July 15 Holders of rec. June 28
Amerada Corp., common (guar.)
50c. July 31 Holders of rec. July 15a
American Alliance Investing, pf. allot. ctf
75e. Aug. 1 Holders of rec. July 15
American Art Worsts. cam.& pref.(qu.). 134 July 15 Holders of rye. June 30
Amer. Asphalt Roofing. corn.(quar.)... •
134 July 15 *Holders of rec. June 30
Preferred (guar.)
*2
July 15 "Holders of ree. June 30
American Can. corn. (guar.)
750. Aug. 15 Holders of rec. July 310
American Chatillon Corp., pref. (qu.)_. 14‘ Aug. I Holders of rec. July 20
American Cigar, common (guar.)
2
Aug. 1 Holders of rec. July 15
American Coal (guar.)
51
Aug. 1 Holders of rec. July 110
American Commercial Alcohol
Common (guar.)(No. 1)
40e. July 15 Holders of rec. June 20a
Common (payable in corn, stock). - - 13
July 15 Holders of rec. June 20a
Amer. European Sec.. pref. (guar.). - - 51.50 Aug. 15 Holders of rec. July 31
Amer. Hardware Corp.(guar.)
•1
Oct. 1 *Holders of rec. Sept. 14
Quarterly
•1
Jan2'30 *Holders of rec. Dec. 17
Amer. Home Products Corp.(monthly)30c. Aug. 1 Holders of rec. July 150
American Ice, common (guar.)
50c. July 25 Holders of rec. July ba
Preferred (guar.)
134 July 25 Holders of rec. July 50
Amer. internat. Corp.
Common (stock dividend)
•e2
Oct. 1
Amer. Mach. de Fdy., corn. (guar.)._ 51
Aug. 1 Holders of rec. July 19a
Common (extra)
El
Aug. 1 Holders of rec. July 19a
Preferred (guar.)
1Ie Aug. 1 Holders of rec. July 19a
American Manufacturing
Common (guar.)
750. Oct. 1 Holders of ree. Sept 15
Common (guar.)
750. Dee. 31 Holders of ree. Dec. IS
Preferred (quar.)
134 Mar. 31 Holders of rec. Mar. 16
I% Oct. I Holders of rec. Sept. 16
Preferred (quay.)
Preferred (guar.)
134 Dec. 31 Holders of rec. Dec.
Amer. Metal, corn. (guar.)
750. Sept. 1 Holders of rec. Aug. 21a
Preferred (guar.)
51.50 Sept. 3 'folders of rec. Aug. 2Ia
Amer. Radiator & Standard
Sanitary Corp., corn.(guar.)
3734c Sept.30 Holders of rec. Sept. 110
Preferred (guar.)
51.75 Aug. 31 Holders of rec. Aug. 150
500. July 15 Holders of roe. June 29a
American Rolling Mill, corn. (qual.),..
Common (guar.)
50c. Oct. 15 Holders of rec. Sept.30a
- 15
Common (payable in common stock)
July 30 Holders of rec. July la
American Shipbuilding, corn. (guar.)... 2
Aug. 1 Holders of rec. July 15a
Preferred (guar.)
154 Aug. 1 'folders of rec. July 15
Amer. Smelt. & Rerg, corn. (quar.)__ *51
Aug. 1 *Holders of rec. July 12
Preferred (guar.)
'134 Sept. 3 *Holders of rec. Aug. 2
750 July 15 Holders of rec. July la
Amer.Steel Foundries, corn.(guar.) _ _
Amer.Sumatra Tobacco. corn.(quar.)- 750. July lb Holders of rec. July la
2
July 15 Holders of rec. July 5a
Amer. Type Founders corn.(quar.)
Preferred (guar.)
134 July 15 Holders of rec. July 5a
Amer. Vitrified Products,com.(qu.)_ __
50e. July 15 Holders of me. July 5
014I Aug. 1 'Holders of rec. July 20
Preferred (quar.)
Anaconda Copper Mining (guar.)
51.75 Aug. 19 Holders of rec. July 130
Anaconda Wire & Cable (guar.)
750. Aug. 5 Holders of rec. July 13a
75c. Aug. 12 Holders of rec. July 13a
Andes Copper Mining (guar.)
Anglo National Corp., corn. A (No. 1). _ "51 July 15 *Holders of rec. July 3
Archer-Daniels-Midl. Co., corn. (guar.) •50e. Aug. 1 'Holders of rec. July 20
Preferred (guar.)
'134 Aug. 1 *Holders of rec. July 20
Arrow-Hart & Ifegeman El., corn. (cm) *50c. July 15 *Holders of rec. July 10
Preferred (guar.)
81.623,1 July I *Holders of rec. June 24
63e. Aug. 1 Holders of rec. July 13a
Associated Dry Goods common (quar.)_
First preferred (quay.)
I% Sept. 2 Holders of rec. Aug. 10a
Second preferred (guar.)
1% Sept. 2 Holders of rec. Aug. 10a
Atlantic Gulf & West Indies ELS. Lines.
Preferred (guar.)
Si
Sept. 30 Holders of rec. Sept. 10a
Preferred (guar.)
51
Dec. 31 Holders of rec. Dec. lie
Atlantic & Pacific Internat. Corp. A__ __ •13.4 Aug. 1 *Holders of rec. July 15
Atlas Plywood (guar.)
July 15 Holders of rec. July 1
if
Atlas Powder, pref. (guar.)
114 Aug. 1 Holders of rec. July I9a
Autosales Corp., pref. (quay.)
75c. July 15 Holders of rec. June 29a
Bakers Share Corp., corn.(MO
13.4 Oct. 1 Holders of rec. Aug. 1
Common (guar.)
154 Jan 1'30 Holders of rec. Nov. I
Balaban & Katz, cont. (guar.)
*75c. Sept. 27 'Holders of rec. Sept. 16
Preferred (guar.)
'134 Sept. 27 *Holders of rec. Sept. 16
Bamberger (E.) & Co..6%% pt (qu.).
I M Sept. 2 Holders of ree. Aug. 125
64 V. preferred (qual.)
134 Dec 2 Holders of rec. Nov. 11.
Bancroft (Joseph)& Sons Co., pref.(qu.) 134 July 31 Holders of rec. July 15
Bankers Capital Corp., corn
July 15 Holders of rec. July 1
54
Preferred (quar.)
July 15 *Holders of rec. July 1
52
Preferred (quay.)
Oct. 15 *Holders of roe. Sept. 30
*52
Preferred (guar.)
Jan15'30 *Holders of rec. Dec. 31
"52
Bankers Financial Trust, common
250. Aug. 1 Holders of rec. July 1
Bankers Holding Trust
July 1 *Holders of rec. June 20
.53
Bankers Securities Corp. COM.
75e. July 15 Holders of rec. June 290
(MO-.
Common (extra)
94e. July 15 Holders of ree. June 29a
Common(one share corn.stock)
(1) July 15 Holders of rec. June 29
Participating pref.(guar.)
75e. July 15 Holders of rec. June 290
Participating pref. (extra)
250. July 15 Holders of rec. June 290
parosdau Corp., class A de B (guar.). __
50c. Aug. 8 Holders of rec. July 80
Class A & B (extra)
25e. Aug. S Holders of rec. July 80
Bayuk Cigars. Inc., corn. (guar.)
50e. July 15 Holders of rec. June 290
First preferred (guar.)
$1.75 July 15 Holders of rec. June 29a
Bean (John) Mfg.(guar.)
•3734c July 15 'Holders of ree. June 30
Belding-Corticelli, Ltd., corn.(guar.).
1M Aug. 1 Holders of rec. July 15
Preferred (guar.)
I% Sept. 14 Holders of rec. Aug. 31
Bethlehem Steel common (quay,)
1
Aug. 15 Holders of rec. July 194
114 Aug. I Holders of rec. July 18
Bigelow-Hartford Carpet. pref. (quar.)
Preferred (quar.)
*134 Nov. 1 *fielders of rec. Oct. 18




Name of Company.

[vol.. 129.
Per
When
Cent. Payable.

Books Closed
Days Inclusive.

Miscellaneous Cont(nued)
Bloomingdale Bros., Inc., pref. (guar.).
134 Aug. 1 Holders of rec. July 20a
Bon Ami Co., class A (guar.)
Si July 30 Holders of rec. July Itta
Class A (extra)
$I
July 30 Holders of rec. July 15a
Booth (F. E.) Co.,com.(pay.in corn.stk) AO
Aug. 15 fielders of rec. Aug. la
Borden Co., common (guar.)
75e. Aug. 31 IMIders of rec. Aug. 15
Borin-Vivitone Corp. 83 pf.(No. 1)
81.25 Aug. 15 *Holders of rec. Aug. I
$3 cony. pref. (extra)
•500. Aug. 15 *Holders of rec. Aug. 1
Boston Safe Dep. Co., common
*36
July 15 *Holders of rec. July 2
Extra
*516 July 15 •Ifolders of rec. July 2
Brading Breweries (guar.)
50e. Aug. 1 Holders of rec. July 15
Brewers & Distillers of Vancouver
Common (interim)
5c. July 15 Holders of rec. July 2
Brill° Mfg. Co., class A (guar.)
50c. Oct. 1 Holders of rec. Sept. 1541
British Type Investors, Inc.
Class A (hi-monthly)
15c. Aug. 1 Holders of rec. July I
Broadway Dept. Stores, pref.(guar.)... *51.75 Aug. 1 *Holders of rec. July 11
Brockway Motor Truck corn,(quar.).._
75c. Aug. 1 Holders of rec. July 15a
Brompton Pulp & Paper (quay.)
50c. July 15 Holders of rec. June 30
Brown Shoe, pref. (quar.)
134 Aug. 1 IIelders of rec. July 200
Brunswick-Balke-Collender, corn. (qu.)
75e. Aug. 15 Holders of rec. July 25
Budd (E. G.) Mfg., common (guar.)...
25e. Aug. 1 Holders of me. July 15a
Common (extra)
250. Aug. 1 Holders of rec. July 15a
Preferred (guar.)
141 Aug. 1 Holders of rec. July 15
Preferred( acct, accum. dividends).- *7
Aug. 1 *Holders of rec. July 15
Bunte Bros., corn. (guar.)
*50e. Aug. 1 *Holders of rec. July 25
Preferred (guar.)
'1k Aug. I *Holders of rec. July 25
Burma Corp., American dep. receipts _ _ (0) Aug. 21 *Holders of ree. July 13
Burroughs Adding Machine
New no par stock (qu.)(No. I)
20e. Sept. 10 Holders of me. Aug. 27a
Stock dividend
*f400 Aug. 1 *Holders of rec. July u15
Bush Terminal Co., corn. (guar.)
50e. Aug. 1 Holders of ree. June 28a
Common (payable in common stock)._ /1 3.4 Aug. 1 Holders of rec. June 28a
Preferred (guar.)
134 July 15 Holders of ree. June 28a
Byers(A. M.) Co. pref.(guar.)
134 Nov. 1 Holders of rec. Oct. 15a
Preferred (guar.)
134 Aug. I liolders of rec. July 15a
California Cotton Mills (guar.)
"SI
July 15 *Holders of rec. July 1
California Dairies, pref. A (guar.)
•114 Sept. 1 *Holders of rec. Aug. 11
• 51.6234 Aug. 1 *Holders of rec. July 11
Preferred B (quar.)
Canada Dry Ginger Ale, Inc. (guar.)... $1.25 July 15 Holders of rec. July la
Canada Foundries & Forg. class A (qu.). 37 Mc July 15 Holders of rec. June 29
Canadian Brewing (quar.)
50e. July 16 Holders of me. June 29
Canadian Bronze, corn. (guar.)
623.40 Aug. 1 Holders of rec. July 19
Preferred (guar.)
134 Aug. 1 Holders of rec. July 19
Canadian Car dr Foundry. ord.(quar.)... 134 Aug. 30 Holders of rec. Aug. 15
Canadian Fairbanks-Morse, pref. (qu.). 134 July 15 Holders of rec. June 29
Canadian Industrial Alcohol (guar.)
38e. July 15 'folders of rec. June 29
Canadian Wineries, Ltd.(No. 1)
•12160 July 15 'folders of rec. July 1
,
,anfield Oil. corn.& Pref.(guar.)
$1.75 Sept. 30 Holders of rec. Aug. 20
Common & preferred (Qust.)
81.75 Dec. 31 Holders of lee. Nov. 20
Carnation Milk Products
Common (payable in common stock).. •1 Jan 230 *Holders of ree. Dec. 21
Castle (A. M.) Co. (quay.)
•750. Aug. 1 *Holders of rec. July 19
Extra
.25c. Aug. 1 *Holders of rec. July 19
Celluloid Corp. let partic. pref.(guar.). 51.76 Sept.
Holders of rec. Aug. 10
$7 preferred (guar.)
31.75 Sept. 7 Holders of rec. Aug. 10
Central Coal & Coke pref.(guar.)
134 July 15 Holders of rec. June 30a
Centrifugal Pipe Corp.(guar.)
15c Aug. 15 Holders of rec. Aug. 5
134 Sept. 3 Holders of rec. Aug. 23a
Century Ribbon Mills, pref. (guar.)._
Cerro de PASCO Copper (guar.)
$1.50 Aug. 1 Holders of rec. July ha
6214c Aug. 15 *Holders of rec. Aug. 1
Chain Belt Co. (guar.)
•3134c July 15 'Holders of rec. June 25
Chapman Ice Cream (guar.)
*6234c Aug. 1 *Holders of rec. July 15
Cherry Burrell Co., corn.(guar.)
Preferred (guar.)
•134 Aug. 1 *Holders of rec. July 15
250. Aug. 1 Holders of rec. July 190
Chicago Yellow Cab (monthly)
25c Sept. 2 Holders of rec. Aug. 20a
Monthly
234c. Aug. 1 Holders of rec. July 150
Cities Service, common (monthly)
Common (payable in common stock). .VM Aug. 1 Holders of rec. July lba
50c. Aug. 1 Holders of rec. July 15a
Preferred and preference BB (mthly.)
5e. Aug. 1 Holders of rec. July 150
Preference B (monthly)
*53.50 Aug. 15 *Holders of rec. Aug. 1
City of Paris, 2d pref.(quar.)
Claude Neon Elec. Prod., corn. (quar.)- •20e. Aug. 1 *fielders of rec. July 20
•boe '
,
,
pin
I .floqler4 10
cluvttapd so me& co.
Ci eeel neabrra y cer ut m
Ada lb
corn.u Ictr' _
( iar.)_
at
$1.25 Aug. 1 Holders of rec. July 20a
•37Itc Aug. 1 *Holders of rec. July 16
Cockshutt Plow (guar.)
'3734e July 15 *Holders of rec. June 30
()con Cos.(guar.)
50c. July 15 Holders of rec. June 29
Colgate-Palmolive-Peet Co. corn. (qu.).
Preferred (guar.)
13.4 Oct. I Holders of rec. Sept. 7
Preferred 'quar)
13.4 Janl'30 Holders of rec. Dec. 7
Columblan Carbon (guar.)
81
Aug. 1 Holders of rec. July I5a
25c. Aug. 1 Holders of rec. July lba
Extra
Commercial Bookbinding, corn. (guar.). 4354c July 15 Holders of ree. July 1
Community State Corp.. A & B (uhier.)134 Sept. 2 Holders of rec. Aug. 28
Class A & B (quar.)
134 Dec. 31 Holders of rec. Dee. 20
Consolidated Car Heating (guar.)
'134 July 15 *Holders of rec. June 29
Extra
*2
July 15 *Holders of rec. June 29
Consolidated Cigar, prior pref.(guar.). 1.6234 Aug. 1 'folders of rec. July 17a
Preferred (guar.)
$1.75 Sept. 3 Holders of rec. Aug. 190
Control. Mining dr Smelt. of Canada...... 81.25 July 15 Holders of rec. June 29
Bonus
55 July 15 Holders of rec. June 29
Consolidated Paper Box,cl. A (guar.).- - '3734c July 15 *Holders of rec. June 30
Class B (guar.)
.25e. July 15 *Holders of rec. June 30
Consolidated Royalty Oil (guar.)
•15c. July 25 *Holders of rec. July 15
Continental Motors Corp.(guar.)
120e. July 30 Holders of rec. July 15a
Continental Securities Corp.(guar.) _ _
SI July. 15 Holders of rec. July 1
Coon (W. B.) Co., corn
.600. Nov. 1 *IIolders of ree. Oct. 10
Common
•70e Aug. 1 *Holders of rec. July 10
Preferred
'134 Nov. 1 *Holders of me. Oct. 10
Preferred
•134 Aug. 1 *Holders of ree July 10
Coos Bay Lumber, pref. (quay.)
*S1.75 July 15 *Holders of rec. July 1
Copper Range Co. (quar.)
50c. July 15 Holders of rec. June 15
Corn Products Refining, coin. (guar.).
75e. July 20 Holders of rec. July 5a
Common (extra)
50c. July 20 Holders of rec. July 50
Preferred (guar.)
134 July 15 Holders of rec. July .5a
Coty, Inc.. stock dividend
114 Aug. 27 Holders of ree. Aug. 12
Stock dividend
134 Nov. 27 Holders of rec. Nov. 12
Credit Alliance Corp. corn. & cl. A (qu.)
250. July 15 Holders of rec. July 3
Common and class A (extra)
25e, July 15 Holders of rec. July 3
Crocker-Wheeler Elec. Mfg.
Preferred (quarterly)
'134 July 15 "Holders of rec. July 5
Preferred (acct. accumulated divs.)._ *52
Aug. 1 *Holders of rec. July 2
Crosby Radio (stock dividend)
84 Dec. 31 Holders of rec. Dee. 2041
Crown Zellerbach Corp., corn. (quar.)._
25e. July 15 Holders of ree. June 290
Convertible preferred (guar.)
$1.50 Sept. 1 Holders of rec. Aug. 13
Preferred aeries A& B (guar.)
$1.50 Sept. 1 Holders of rec. Aug. 13
Crucible Steel, common (guar.)
134 July 31 Holders of rec. July( 15a
Cudahy Packing, corn.(guar.)
$I
July 15 Holders of rec. July ba
ouneo Press, Prof.(guar.)
'134 Sept. 15 *Holders of rec. Sept 1
Curtis Lighting, common (guar.)
*330. Aug. 1 *Holders of rec. July 15
Curtis Publishing common (monthly)... 51 Aug. 2 Holders of rec. July 200
Common (monthly)
59,. 'opt. 2 Holders of rec. Aug. 20
Common (monthly)
•50e. et. 12 *Holders of rec. Sept. 200
Preferred (guar.)
$1.75 Oct. 2 Holders of rec. Sept. 20
Darby Petroleum (quar.)
II25e. July 15 *Holders of me. July 1
Davega, Inc. (guar.)
25e. Aug. 1 Holders of rec. July 15
Davenport Hosiery Mills. Coln. (OU.).-- *50e. July 15 'holders of rec. July 1
Decker (Alfred) & Cohn, pref. (guar.)
•1 54 Sept. 1 *Holders of rec. Aug. 22
Dennison Manufacturing. pref. (guar.). 134 Aug. 1 Holders of ree. July 20
Debenture stock (guar.)
2
Aug. 1 Holders of rec. July 20
Detroit Forging (quar.)
•40c. July 15 *Holders of rec. July 5
Detroit Michigan Stove, corn.(guar.).- - "30c. July 20 *Holders of rec. July 10
Detroit Steel Products, corn.(mthly.)
*250. Aug. 1 *Holders of rec. July 20
Common (monthly)
"250. Sept. I *Holders of reo. Aug. 20
Devonshire Investing common (quar.)_
50c. July 15 holders of rec. July la
pictograph Products (guar.)
*250. July 15 *Holders of me. July 1
Distillers Co., Ltd.
Amer. rcts. ord. shares (2s. 6d.)
(w) Aug. 7 *Holders of rec. July 5
Div.rsified Investments let pref.(qu.) •$1.75 July 15 *Holders of rec. July 1
Domes Mines. Ltd.(guar.)
25e. July 20 Holders of rec. June 290
Dominion Engineering Wks.(quar.).
II
July 13 Holders of ree. June 29
Dominion Tar & Chemical. pref. (quay.) 134 Aug. 1 'folders of rec. July 15
Dominion Textile. pref. (quar.)
134 July 15 Holders of rec. June 29

JULY 13 1929.1
Name of Company.

FINANCIAL CHRONICLE
Per
When
Cent. Payable.

Books Closed
Days Incbutes.

Miscellaneous (Contfeturd).
Dunhill Internat. common (guar.)
$1
July 15 Holders of rec. July la
Common (guar.)
$1
Oct. 15 Holders of rec. Oct. la
Common (guar.)
$1
Jn 1530 Holders of rec. Dec. 31a
Common (payable in corn. stock)
1
Jn 1530 Holders of roe. Dec. 31a
Common (guar.)
El
Ap15'30 Holders of rec. Apr. la
Common (payable in corn. stock)
•1
Ap15'30 Holders of rec. Apr. la
Dunhill Internat. (stock dividend)
el
July 15 IIolders of rec. July la
Stock dividend
el
Oct. 15 Holders of rec. Oct. la
Dupont(E. I.) de Nem.,deb.stk. (qu). 14 July 25 Holders of rec. July 10a
Eagle Plcher Lead, corn.(guard
•20c. July 15 "Holders of rec. June 30
Preferred (guar.)
"51.50 July 15 *Holders of roe. June 30
Eastern Bankers Corp.. corn
.30c. Aug. 1 *Holders of rec. July 1
Common (extra)
*30c. Aug. 1 *Holders of rec. July 1
Preferred (guar.)
$1.75 Aug. 1 Holders of rec. July 1
Preferred (guar.)
$1.75 Nov. 1 Holders of rec. Sept. 30
Preferred (guar.)
$1.75 Febi'30 Holders of rec. Dec. 31
Eastern Dairies, pref.(guar.)
1% July 15 Holders of rec. June 30
Eastern Theatres(Toronto). pref
July 31 Holders of rec. June 29
Eastern Utilities Invest. partic. pf. (qu.) $1.75 Aug. 1 Holders of rec. June 29
$6 preferred ((Mar.)
$1.50 Sept. 2 Holders of rec. July 31
$7 Preferred (qwar.)
$1.75 Sept. 2 Holders of rec. July 31
Prior preferred (guar.)
$1.25 Oct. 1 Holders of rec. Aug. 31
Eaton Axle & Spring (guar.)
75e. Aug. 1 Holders of rec. July 15a
Economy Grocery Stores (quar.1
25c July 15 Holders of rec. July 5
Eitingon-SchIld Co.. corn.(guar.)
624c. Aug. 30 Holders of rec. Aug. 15s
Electric Hose & Rubber (guar.)
•1
July 15'Holders of roe. July 8
*1
Extra
July 15 "Holders of rec. July 8
Electric Household Utilities (guar.)
"25c. July 20 *Holders of rec. July 5
Stock dividend
•el
July 20 "Holders of rec. July 5
Elgin National Watch (guar.)
*624c Aug. 1 *Holders of roe. July 16
Ely & Walker Dry Goods. 1st pref
July 15 Holders of rec. July 3
Second preferred (guar.)
3
July 15 Holders of rec. July 3
Emsco Derrick de Equipment (guard11140c. July 25'Holders of rec. July 10
Eureka Pipe Line (guard
Aug. 1 Holders of rec. July 15
$1
Eureka Vacuum Cleaner (guar.)
$1
Aug. 1 Holders of rec. July 20a
Evans Auto Loading,stock dividend... *02
Oct. 1 *Holders of rec. Sept. 20
ExchangeBuffet (guar.)
37iic. July 31 Holders of rec. July 150
Fageol Motors preferred
"35c. July 15 "Holders of rec. July 1
Fair (The) corn (qua:.)
•600 Aug. 1 "Holders of roe. July 20
•
Preferred (guard
Aug. 1 'Holders of rec. July 20
.6
Fair (The), corn. (qear.)
Nov. 1 'Holders of rec. Oct. 20
Preferred
Nov. 1 *Holders of rec. Oct. 20
Fashion Park Associates pref. (quar.)_
$1.75 Aug. 1 Holders of rec. July 17a
Federal Knitting Mille. pref. (quar.)- - - •1
Oct. 1 'Holders of rec. Sept. 20
Federated Capital Corp. common
374c Aug. 31 Holders of rec. Aug. 15
Common (payable in common stock)__ 11
Aug. 31 Holders of rec. Aug. 15
Preferred
374c Aug. 31 Holders of rec. Aug. 15
Federated Publications, pref. (guar.)
50c. July 31 Holders of rec. July 15
Finance Co.of Amer.. corn. A & B baud_ 17 tic July 15 Holders of rec. July 5
434c July 15 Holders of roe. July 5
7 Pref. (guar.)
%
Firestone Tire dr Rubber, corn.(guar.)._ $2 July 20 Holders of rec. July 10
6% preferred (guard
July 15 Holders of rec. July 1
Fishman (M. II.) Co. 50. to $1 Stores
Preferred (guar.)
•1 3j July 15'Holders of rec. July
Ms Simmons Dredge & Dock
Corn.(1-40th share corn. stk.)
(f) Sept. 1
Corn.(1-40th share corn.ink.)
Dec. 1
Flintkote Co. common (guar.)
' 4c. July 15 Holders of rec. July 10
7
Fokker Aircraft of Amer. 1st pf. (qu.)_. "434c July 15 *Holders of rec. June 24
Foremost Fabrics Corp. (guar.)
"50c. July 15 *Holders of rec. July 6
Formica Insulation (guar.)
111350. Oct. I 'Holders of rec. Sept. 14
Quarterly
•35c Jan1'30 "Holders of roe. Dec. 14
Foundation Co of Canada. corn. (guar.)
25c. Aug. 15 Holders of rec. July 31
Fox Film Corp., eoni. A & B (qu.)
$1 July 15 Holders of rec. July la
Franklin(H. H.) Mfg.,corn.(gear.).- -50e. July 20 Holders of rec. July 10
Preferred (guar.)
1% Aug. 1 Holders of rec. July 29
Freeport Texas Co.(guar.)
$1
Aug. 1 Holders of rec. July 150
Frost Gear & Forge corn.(guar.)
'20c. July 15 *Holders of rec. June 28
Fuller (Geo. A.) Co.of Can., partic. if. "54.38 Aug. I "Holders of rec. July 15
_
Galr (Robert) & Co.,class A (quar.)___ "68 tic July 15 "Holders of me. June 28
General Cable, pref. (guar.)
General
$1.75 Aug. 1 Holders of rec. July 100
Class A (guar.)
$1 Sept. 1 Holders of rec. Aug. 80
General Cigar, common (guar.)
Aug. 1 Holders of rec. July 160
$1
Preferred (guar.)
$1.75 Sept. 3 Holders of rec. Aug. 23a
General Electric, common (guar.)
July 26 Holders of roe. June 2Ia
$1
Common (extra)
July 26 Holders of rec. June 21a
$1
Special stock (guard
1.5c. July 26 Holden] of rec. June 210
General Electric Co.. Ltd.
Amer. dep. rcts. for ord. shares
*w10 July 26 "Holders of rec. July 1
General Mills, Inc., corn. (guard
75e. Aug 1 Holders of rec. July 15a
General Motors Corp.,6% deb. stk.(qu.) 14 Aug. 1 Holders of rec. July 80
6% preferred (guar.)
14 Aug 1 Holders of rec. July 8a
7% preferred (guar.)
14 Aug 1 Holders of rec. July 80
Gen'i Outdoor Advertising, corn. (qu.)
50c. July 15 Holders of rec. July Si
General Public Service Corp.
56 preferred (guar.)
51.50 Aug. 1 Holders of rec. July 10
554 preferred (quar.)
1.374 Aug 1 Holders of me. July 10
General Realty & Utilities
$6 pref.(75-100 sh. corn. or $1.5)) cash)
July 15 Holders of rec. June 21
General Stock Yards, corn. (guar.)
50c. Aug. 1 Holders of rec. July 15
Preferred (guar.)
14 Aug 1 Holders of rec. July 15
Georgian, Inc., class A pref. (guard
40e. July 15 Holders of rec. July 5
_
Gilchrist Co. (guar.)
75c. July 31 Holders of rec. July 15
Gilman Oil (guar.)
'30c. July 30'Holders of rec. July 15
Gimbel Bros.. Inc., pref. (quar.)
14 Aug. 1 Holders of rec. July 15a
ladding.M eBean& Co..com(iri corn elk) .2
Oct.1
Globe-Wernicke Co.. pref. (guar.)
'114 July 15 'Holders of tee. June 30
Goldberg (S. M.) Stores. 57 prof.(guar.) •$1.75 Sept. 15 *Holders of roe .Sept. 1
Gold Dust Corp., corn. (guar.)
624c Aug. I Holders of rec. July 170
Golden State Milk stock dividend (qu.). "el
Sept. 1 *Holders of fee Aug. 16
Stockdividend_ _
*el
Dee. 1 *Holders of too. Nov.
Goodyear Tire & Rubber, corn.(guar.).- $1.25 Aug 1 Holders of roe. July 15a
I
Gorham Mfg., corn. (guar.)
50c. Sept. 1 Holders of rec. Aug. 1
t %oilmen (guar.)
hoc Dee.
Holders of rec. Nos
Gotham Silk Hosiery, pref. (qu.)
14
Aug. 1 Holders of rec. July 120
Granby Cense'. MM., Smelt.&Pow.(qu) $1.75 Aug. 1 Holders of rec. July
120
Grand (F.& W.) 5-10 & 25c. Stores
Common (quar.)
25e. July 20 Holders of rec. July I3a
Preferred (quar.).
1% Aug. 1 Holders of rec. July 130
Grand Rapids hietalcraft, corn. (guar.).
25c. July 15 Holders of rec. July 3a
Grand Rapids Varnish (guar.)
.250. Sept. 30 'Holders of rec. Sept.20
Quarterly
'25c. Dec. 31 "Holders of rec. Dec. 20
Greenway Corp. % pref. (guard
1175e• Aug lb Holders of rec Aug ,
5% preferred ,lmtar
.75, goy If •Holders of me Nos '
Ground Gripper Shoe, corn. Mar.)
'25c. July 15 *Holders of rec. July 10
Preferred (quar.)
*75c. July 15 *Holders of rec. July 10
Gruen Watch, common (guar.)
*50c. Sept. 1 'Holders of rec. Aug. 21
Common (guard
•50c. Dee. I 'Holders of rec. Nov. 20
Common (guar.)
•50e.
*Hold,of rec. Feb. 18'30
Preferred (guard
•1
Aug. 1 •Holders of reo. July 21
•14 Nov. I 'Holders of rec. Oct. 21
Preferred ((Dar.)
Preferred (guard
Febl'30 "Hold, of rec. Jan. 21 '30
Guardian Invest. Trust.. corn.(No. 1).. fl
Aug. 1 "Holders of rec. June 27
Gulf States Steel, pref. (guar.)
14 Oct. I Holders of rec. Sept. 16
0
Preferred (guar.)
191 Jan 2'30 Holders of roe. Dec 16,
Hall (W. F.) Printing. corn.(quar.).... 11125e. July 31 'Holders of rec. July 20
Harblson-Walker Refract. Pref.(qual.).
14 July 20 Holders of roe. July 100
Hayes Body Corp.(guar.)(pay. In stk ) 2
Oct. I Sept. 26 to Seta.30
Quarterly (payable In stork)
Jan 2'30 Dec. 25 to Jan. 1
2
35e. July 26 Holders of rec. July 19
Ilibbard,Spencer,Bartlett&Co.(mthly.)350. Aug. 30 Holders of rec. Aug. 23
Monthly
35c. Sept.27 Holders of rec. Sept.20
Monthly
14 July 15 Holders of rec. June 29
Hilicrwt Collieries, Ltd., corn. (guar.)._
1% July 15 Holders of rec. June 29
Preferred (guar.)
Sc. July 15 Holders of rec. June 28
Bollinger Consol. Gold Mines (menthyl)
2140. July 15 holders of roe. June 30
Holly Development Co.(guar.)
Holly Sugar Corp., pref.(guar.)
1% Aug. 1 Holders of rec. July 15
. 6214e Aug. 1 Holders of rec. July lb
Horn & Hardart of N.Y.,corn.(guar.)
•
14 Sept. 2 'Holders of roe. Aug. 12
Preferred (quar.)
Household Finance, partici prof (guar.)
75e. July 15 Holders of rec. July la
87 lic Sept. 3
Household Products(nmar.)




(I)

Name of Company.

239
When
Per
Cent. Payable.

Books Mesa
Days Inclusive.

Miscellaneous (Contfnueef).
Howe Sound Co.(guar.)
51 July 15 Holders of rec. June 29a
50c. July 15 Holders of rec. June 29s
Extra
50c. Aug. 1 Holders of rec. July 154
Hupp Motor Car Corp.(guard
Stock dividend (guar.)
e214 Aug. 1 Holders of rec. July 15a
624 Nov. 1 Holders of rec. Oct. 15a
Stock dividend (guar.)
Oct. 1
*2
Hiron & Erie Mortgage (guar.)
Hussmann-Ligonier Co., corn. (quar.)__
50c. July 15 Holders of rec. July 5
•60e July 15 'Holders of rec. July 3
Illinois Brick Mar-)
060 Oct 15 •Holders of rec. Oct. 8
Quarterly
"25c. July 15'Holders of rec. June 22
Incorporated Investors
'Sc. July 15'Holders of rec. June 22
Extra
July 15'Holders of rec. June 22
"2
Stock dividend
50e. July 31 Holders of rec. July 15a
Independent 011 & Gas (guard
Aug. 15 Holders of rec. July 26
$1
Indiana Pipe Line
$3 Aug. 15 Holders of rec. July 26
Extra
Industrial Finance Corp., 7% pf. (qu.). 14 Aug. 1 Holders of rec. July 19
I 4 Aug. 1 Holders of rec. July 19
6% preferred (guard
Sept. 3 Holders of rec. Aug. 60
Ingersoll-Rand Co., corn. (guar.)
$1
In•nranshares Corp. cone. pref. (guard_
I
July 15 Holders of rec. June 28
Internal. Agricultural Corp.. pr. pt.(ou.) 14 Sept. 3 Holders of rec. Aug. 15a
International Banding Mach.
2
Aug. 1
Common and preferred (special)
$1.25 Oct. 10 Holders of roe. Sept. 210
Internat. Business Mach.(guard
Aug. 1 Holders of rec. July 19
Si
Internat. Cigar Mach'y (guar.)
50c. Aug. 1 Ilolders of rec. July 19
Extra
Internat. Harvester common (quar.)--__ 6214c July 15 Holders of rec. June 25a
80c. July 15 Holders of roe. June 250
Internat. Match, corn.(guard
80c. July 15 Holders of rec. June 25a
Participating preference (guard
Internat. Nickel of Canada pref.(god__
191 Aug. I Holders of rec. July la
International Paper Co.. 7% pref.(q.). 1% July 15 Holders of rec. June 25a
14 July 15 Holders of rec. June 25a
Six per cent preferred (guar.)
14 July 15 Holders of rec. June 25a
Internat. Paper & Pow.7% pref.(qu.)__
14 July 15 Holders of roe. June 25a
6% Preferred (guar.)
Internal. Printing Ink, corn. (quar.)____ 624c Aug. 1 Holders of tea. July 150
$1.50 Aug. 1 Holders of rec. July 15a
Preferred (guar.)
July 15 Holders of rec. July la
Internat. Products, preferred
3
Internat. Safety Razor. cl. A (guar.)...
60e. Sept. 3 Holders of rec. Aug. 14
50e. Sept. 3 Holders of rec. Aug. 14
Class B (guard
25e. Sept. 3 Holders of rec. Aug. 14
Class B (extra)
Internat. Securities Corp. corn.(guar.)
•25e. July 15 'Holders of rec. July le
International Shoe, pref. (monthly)____ "50c. Aug. I "Holders of me. July 14
*50c Sept. I *Holders of reo. Aug. 16
Preferred (monthly)
•50o Oct. 1 *Holders of roe. Sept. 15
Preferred (monthly)
•50: Nov I 'Holders of rec. Oct. 16
Preferred (monthly)
•50.3 Dee. 1 'Holders of roe. Nov. 15
Preferred (monthly)
*Mb Jan I'to 'Holders of rec. Dec. 15
Preferred (monthly)
July 15 "Holders of rec. July 5
Interstate Iron & Steel, corn. (guar.)... "1
25e. Aug. 15 Holders of rec. Aug. la
Intertype Corp.. corn. (guard
250. Aug. 15 Holders of rec. Aug. la
Common (extra)
•30e. July 15 'Holders of rec. June 15
Jackson Motor Shaft (guar.)
'30e. July 15 'Holders of rec. June 15
Extra
Jefferson Electric (guard
•75c. Oct. 1 "Holders of rec. Sept. 17
Jewel Tea common (guar.)
75o. July 15 Holders of rec. July 3a
Johns-Manville Corp., corn. (guar.).75e. July 15 Holders of rec. June 24a
Joint Security CorpCorn.(payablein corn.stock)
Aug. I Holders of ree. July 20
/1
Corn.(payable In corn,stock)
Nov I Holders of tee. Oct. 20
fl
Kalamazoo Vegetable Parchment Mud - - •150. Sept.30 *Holders of rec. Beet. 20
•15e. Dee. 31 *Holders of rec. Dec 21
Qearterly
Kaufmann Dept. Stores corn.(guar.).Mc. July 29 Holders of rec. July 10a
Eawneer Company (qua?.)
'6234e July 15 'holders of rec. June 30
Quarterly
•62.4c Oct. 15 *Holders of rec. Sept. 30
Quarterly
*624c Jan15'30 'Holders of roe. Dec. 31
Kayser (Julius) & Co.. corn. (qu.)
$1
Aug. 1 Holders of rec. July 15
KeLsey-Hayes Wheel, pref. (guar.)
14 Aug. 1 Holders of rec. June 22
Keystone Steel & Wire, common Mud__ .750. July 15 *Holders of rec. July 5
"14 July 15 *Holders of rec. July 5
Preferred (guar.)
Keystone Watch Case, corn
$1.50 Aug. 1 Holders of rec. July 19.3
Klrby Lumber (guard
'191 Sept. 10 *Holders of rec. Aug. 31
•1114 Dec. 10 *Holders of sec. Nov.30
Quarterly
Knapp Monarch Co.. common
50c. Aug. 1 Holders of rec. July 15
Knott Corp. (guar.) (600. cash or 1-50
60e. July 15 Holders of rec. July 5
share stock
KnoxHat Co., prior pref. (guar-)
$1.75 Oct. 1 Holders of roe. Sept. 160
Participating pref (guar.)
Mc Sept. 3 Holders of rec. Aug. 150
Participating pre, (guar.)
75c Dec. 2 Holders of rec. Nov. 15a
Lackawanna Securities
"$3 Sept. 3 "Holders of roe. Aug. 15
Laclede-Christy Clay Prod., corn. (qu.)_ $1.25 Aug. 1 Holders of rec. July 22
Lakey Foundry & Mach.(guar.)
*50c. July 30 *IIolders of roe. July 15
Stock dividend
'2)4 July 30 "Holders of rec. July 15
Stock dividend
1421
4 Oct. 30 •Holders of roe. Oct. 15
Land Bldg. Investing Corp.. pref
$3.50 July 15 Holders of rec. June 29
Landers. Frary & Clark rouar.)
11175e Sept. 30 'Holders of rec. Sept. 20
•75e. Dec. 31 *Holders of rec. Dec. 21
Quarterly
Lane Bryant, Inc., pref. (guar.)
14 Aug. 1 Holders of rec. July 15
Langendorf Untied Bakeries
Class A and B (qua!)
"500. July 15 *Holders of ree. June 311
Class A and B (guard
•500. Oct. 15 'Holders of reg. Sept.30
Class A and B (guar.)
•50e. Ja 1630 'Holders of rec. Dee. 30
Lanston hionotype (guar.)
14 Aug. 31 Holders of rec. Aug. 2Ia
loath & Co.. pref.(quar.)
'8794e Oct. 1 *Holders of rec. Sept. 15
Lefcourt Realty Corp., common (guard.
40c. Aug. 15 Holders of rec. Aug. 5
75c. July 15 Holders of rec. July 10
Preference (guar.)
Aug. 31 Holders of rec. July 310
Lehigh Coal dr Nay. (guar.)
$1
Lehigh Portland Cement. corn. (qual.). 624e. Aug. 1 Holders of rec. July 134
Lincoln Printing corn.(guard
.40c. Aug. 1 'Holders of roe. July 22
Link Belt Co.(quar.)
65e. Sept. 1 Holders of roe. Aug. 15a
Lion 011 Refining (quar.)
*50c. July 27'Holders of roe. June 28
Liquid Carbonic Corp.(guar.)
$1 Aug. 1 Holders of rec. July 20a
Loew's London Theatres (Canada).com• 3
July 15 Holders of rec. June 29
34 July 15 Holders of rec. June 29
Preference
Loew's(Marcus) Theatres(Can.). Pre
394 July 15 Holders of roe. June 29
Loose-Wiles Biscuit Co., com. (qua?.)..
65c. Aug. 1 Holders of me. July 180
Aug. 1 Holders of rec. July 17
Lord dr Taylor. Prof.(quar.)
2
Louisiana 011 Ref., pref.(guar.)
1% Aug. 15 Holders of rec. Aug. la
Lunkenhelmer Co., pref. (guar.)
'114 Sept. 30 "Holders of rec. Sept. 20
•I94 Dec. 31 *Holders of ree. Dee. 21
Preferred (guar.)
Lynch Glass Machine, pref. (guar)_ _ __ "50e. Aug. 15 'Holders of roe. Aug. 5
MacAndrews & Forbes. COM.(guar.).
- 65e. July 15 Holders of roe. June 290
Preferred (guar.)
14 July 15 Holders of rec. June 290
MacKinnon Steel Corp. 1st pf. (quar.)_. 14 Aug. 1 Holders of roe. July 23
Macmillan Petroleum (guar.)
•500. July 15 *Holders of rec. June 28
Macy (R. H.) & Co.. corn. (guar.)
50c. Aug. 15 Holders of rec. July 26a
Madison Square Garden Corp.(guard - _ 374c July 15 Holders of rec. July 50
Magma Copper Co. (guard
$1.25 July 15 Holders of rec. June 286
Magnin (I.) Co. (guar.)
.37 4c July 15 'Holders of rec. June 30
Mahon (It. C.) Co.cony. pref
.550. July 15 *Holders of rec. July 1
Mansfield Theatre, Ltd., Toronto corn
5
July 31 Holders of rec. June 29
Preference
344 July 31 Holders of rec. June 29
Maple Leaf Milling, prof.(guar.)
14 July 18 Holders of rec. July 3
NIarchant Calculating Machine, new Prof .35c. July 15 'Holders of rec. June 30
Massey-Harris Co.(quar.)
The. July 15 Holders of rec. July 2
May Dept. Stores Inc (qua?.)
$1
Sept. 3 Holders of rec. Aug. 15a
Mayflower Drug Stores
52 preferred (50% paid) (guar.)
'25c. July 15 'Holders of rec. July I
Maytag Co.. first Prof. (guar.)
$1.50 Aug. 1 Holders of roe. July 15a
Cumulative preference (quar.)
The. Aug. 1 Holders ot rec. July 150
McCall Corporation (Oust-)
Si
Aug. 1 Holders of rec. July I54
McColl Frontenac 011, pref. (guar.)._ __
114 July 15 Holders of rec. June 30
McCrory Stores, pref. (guar.)
14 Aug. 1 Ilolders of rec. July 20a •
Mead Pulp & Paper (guard
41
July 15 "Holders of rec. July 1
Melville Shoe Corp., common (guar.). _ _
35e. Aug. I Holders of rec. July 18a
First preferred (guar.)
14 Aug. I Holders of rec. July 18
Second preferred (guar.) ($5 par)
14 Aug. 1 Holders of rec. July 18
Metropolitan Chain Stores. pref. (guar.) .31.75 Aug. 1 *Holders of rec. July 18
Metropolitan Industries, prof.(guard --- .$1.50 Aug. 1 'Holders of rec. July 20
Mexican Petroleum, corn. (guar.)
53
July 20 Holders of rec. June 29
Preferred (guar.)
$2
July 20 Holders of rec. June 29
Meyer-Blanke Co., common (guard.... 314e. Aug. 10 Holders of rec. June 30
Miami Copper Co. (guar.)
St
Aug. 15 Holders of rec. Aug. la
Michigan Steel(quar.)
62
July20 Holders of rec. July la

4

•

240
Name of Company.

When
Per
Cent. Payable.

Books Closed
Days Inclusive.

Miscellaneous (Cominued).
*600. July 15 *Holders of rec. July I
Mid-Continent Laundries (quar.)
50c. Aug. 15 Holders of rec. July 150
Mid-Continent Petroleum, corn. (guar.).
91.25 Aug. 15 *Holders of reo. Aug. 3
Minneapolis-Honeywell Reg.. corn
Aug. 15 "Heiden of rec. Aug. 1
Preferred (quar.)
•14.4 Nov. 15 "Holders of rec. Nov. 1
Preferred (quar.)
Miss. Val. Util., Invest. pr. lien (qu.)-- $1.50 Aug. 1 Holders of rec. July 15
25c Oct. 15 Holders of rec. Sept. 30
Mitchell (Robert) Co. Ltd.(quar.)
2.4 Aug. 15 Holders of rec. July 1
Mitten Bank Securities Corp., corn
Aug. 15 Holders of rec. July 1
3
Preferred
34 Aug. 15 Holders of rec. July 1
Preferred (extra)
*50c Aug. 1 *Holders of rec. July 20
Modine Mfg., common (guar.)
*250 Aug. I *Holders of rec. July 20
Common (extra)
July 15 Holders of rec. July 1
$1
Moloney Elec. Co., cl. A (guar.)
Monarch Mortgage & Invest.(Toronto)
July 15 Holders of rec. June 30
5
Common
July 15 Holders of rec. June 30
2
Preferred (guar.)
Montgomery Ward & Co., corn.(quar.)_ 8244e Aug. 14 Holders of rec. Aug. 3a
"31.75 Oct. 1 *Holders of rec. Sept.20
Class A (guar.)
'l 34 Aug. 1 *Holders of rec. July 20
Monsanto Chemical Works (in
Investors Service
- stock)Mdy'
750. Aug. 15 Holders of rec. Aug. 1
Participating pref.(guar.)
75c Nov. 15 Holders of rec. Nov. 1
Participating pref.(guar.)
25c July 15 Holders of rec. July 2a
Morris (Philip) & Co., Ltd.(guar.)
.2c July 15 *Holders of rec. June 29
4
Mountain & Gulf Oil(guar.)
*31.50 Aug. 15 *Holders of rec. July 15
Mulford (H. K.) Co., corn.(guar.)
$1.75 Aug. I Holders of rec. July 15
Mullins Mfg., pref. (guar.)
Muncie Gear Co.. pref., class A (quar.) '50c. Oct. 1 *Holders of reo. Sept. 15
.508 Jan 1'30 *Holders of tee. Dec. 15
Preferred, class A (guar.)
Oct. 2 *Holders of reo. Sept. 21
"2
Murphy (0. C.) Co.. pre/ (Guar.)
750. July 15 Holders of rec. July la
Murray Corporation (qu.)(No. 1)
134 July 15 Holders of rec. July la
Corn.(payable in corn, stock)
*52.50 July 15 'Holders of rec. July 9
Nash (A.) Co.,(guar.)
37% C. Aug. 1 Holders of rec. July 150
National Acme (guar.)
25c July 15 Hi Mere of rec. July 10
Nat. Hellas-Hess. new corn.(qua?.)
25c. Oct. 15 Holders of reo. Oct. 10
New common (guar.)
25c. Jan. 15 Holders of rec.Jan.2300
New common (guar.)
July 15 Holders of yea. July lo
s1
Stock dividend (guar.)
Oct. 15 Holders of reo. Oct. la
sl.
Stock dividend (guar.)
Ja.15'30 Holders of rec. Jan.2'306
el
Stock dividend (guar.)
154 Sept. 2 Holders of rec. Aug. 210
Preferred (quar.)
$1 50 July 15 Holders of reo. June 280
National Biscuit, corn. (guar.)
50c. July 15 Holders of rec. June 280
Common (extra)
$1.50 Oct. 15 Holders of rec. Sept. 270
National Biscuit, corn.(quar.)
1% Aug. 31 Holders of rec. Aug. 15a
Preferred (quar.)
Aug. I Holders of rec. July 20
2
National Carbon, pref.(guar.)
750. July 15 Holders of rec. June 29a
National Cash Register, corn. A (quar.)
National Dairy Products
Oct.1 Holders of rec. Sept 30
Common (payable in common stock). 11
$1.75 Aug. 1 Holders of rec. July 15a
Nat. Dept. Stores, 1st pref. (guar.
Nat. Distillers Prod., pref.(qu.)(No. 1) $1.75 Aug. 1 Holders of rec. July 15u
Aug. 1 Holders of rec. July la
National Enameling & Stpg., common_ $1
6234c July 15 Holders ol rec. July 1
Nat. Fireproofing, pref.(guar.)
62%c Oct. 15 Holders of roe. Oct. 1
Preferred (guar.)
National Food Products
Oct. 15 Holders of yea. Oct. 5
2
Class B (payable in class B stk.)
*25c. July 15 *Holders of rec. June 29
National Fuel Gas (guar.)
134 Aug. 1 Holders of rec. July 190
National Lead. pref. class B (quar.)
July 15 Holders of rec. July I
2
National Refining, corn.(guar.)
*50c. July 15 *Holders of rec. July 1
Nat. Rubber Machinery (guar.)
National Short Term Securities
1244 July 15 Holders of rec. June 27
Common A (guar.)(No. 1)
July 15 Holders of rec. June 27
Common A (payable in corn. A stock). 11
17340 July 15 Holders of rec. June 27
Preferred (quar.) No. 1
Pref. (quar.)_ _ 13%e. Aug. 1 Holders of rec. July 13
National Tea, new 54%
National Terminals prior pref. (quar.)-- *25e. Aug. 1 *Holders of rec. July 23
*4334c Aug. 1 *Holders of rec. July 23
Convertible pref.(guar.)
Neisner Bros., Inc. corn.(in corn.stk.)- _ 160c. Aug. 5 Holders of rec. July :20
1% Aug. 1 Holders of rec. July 15
Preferred (guar.)
July 15 Holders of reo.June 15
New Amsterdam Casualty (in stk.) ____ e50
Newberry (J..1.) Realty, pref. A (qu.) - *31.62 Aug. 1 "Holders of rec. July 15
*31.50 Aug. 1 "Holders of rec. July 15
Preferred B (quar.)
•12 Sic July 15 *Holders of rec. June 29
New Bradford Oil Co.(quay.)
•500. Aug. 10 *Holders of rec. July 20
New Jersey Zinc (guar.)
July 15 Holders of rec. June 28
$1
Mining (guar.)
Newmont
New River Co., pref. (acct. mews. div._ 621.50 Aug. 1 Holders of rec. July 20
*S1.50 July 31 "Holders of rec. July 15
Newton Steel, preferred (guar.)
75e. Aug. 1 Holders of rec. July 9a
New York Air Brake, corn. (guar.)
234 July 15 Holders of rec. July 50
New York Dock, pref
Foreign Investing, pref. (qu.)..3 1.624 July 15 Holders of rec. July 10
N.Y.&
July lb Holders of rec. July 5
N.Y.Investors, Inc.. 1s1 pref.(quar.)-- 3
.50c. Aug. 1 *Holders of rec. July 19
N. Y. Merchandise common
*$1.75 Aug. 1 'Holders of rec. July 19
Preferred (guar.)
74c July 20 Holders of rec. June 29
Massing Mines (quar.)
"75c. Nov. 1
Nichols Copper, class B
40e. Aug. 1 Holders of rec. July 15
Noma Electric Corp. common (quar.)_
19e Sept. 1
Northern Manufacturing. pref.(guar.) _
19e Dee. 1
Preferred (quar.)
*50c Aug. 1 *Holders of rec. July 15
Northwest Engineering (guar.)
$1.25 July 15 Holders of rec. June 30
Ohio Brass, class A & B (guar.)
1% July 15 Holders of rec. June 30
Preferred (guar.)
75c. July 15 Holders of rec. July 5a
Oil Shares Inc., pref.(guar.)
12Sic. Aug. 15 Holders of rec. July 31
011stocks, Ltd., cl. A & B
$1.75 Aug. I Holders of rec. July 120
011 Well Supply Co., pref.(guar.)
$1.50 July 15 Holders of rec. June 290
Otis Elevator, corn. (guar.)
Preferred (guar.)
134 July 15 Holders of rec. June 29a
144 Oct. 16 Holders of reo. Sept. 800
Preferred (quar.)
144 l'n15'30 }Joiners of rec. Dee. 31a
Preferred (Qum.)
Aug. 1 Holders of rec. July 20a
$1
Outlet Co.common (quar.)
$1.75 Aug. 1 Holders of rec. July 20a
First preferred (quar.)
$1.50 Aug. 1 IIolders of rec. July 20
Second preferred (quar.)
*60c. Aug. 1 *Holders of rec. July 20
Pacific Clay Products (guar.)
*87%c Aug. I *Holders of rec. July 16
Pacific Coast Biscuit. pref. (guar.)
•50e. July 15 *Holders of rec. June 30
Pacific Equities, Inc
•100. July 15 *Holders of rec. June 30
Extra
65c. July 15 Holders of rec. June 30
Packard Electric Co. (guar.)
250. July 31 Holders of reo. July 120
Packard Motor Car (monthly)
250. Aug. 31 Holders of reo. Aug. 120
Monthly
$1.50 July 31 Holders of rec. July 12a
Extra
62%c. July 15 Holders of rec. July 5
Packer Corporation (guar.)
•Iy.i Aug. 15 "Holders of ree. Aug.8
Paepke Corp., corn. (quar.)
75c. July 15 Holders of rec. June 290
Park dr Tilford. Inc. (guar.)
1
July 15 Holders of reo. June 290
Stock dividend
Quarterly
75e. Oct. 14 Holders of rec. Sept. 300
1
Oct. 14 Holders of rec. Sept. 300
Stock dividend
.
Quarterly
75e. Jan14 311 Holders of rec. Dec. 300
Jan14'30 Holders Of roe. Dee. 305
Stock dividend
1
.
Quarterly
75e. Apr14 30 Holders of reo. Mar. 29n
Apr14'30 Holders of roe. Mar. 290
Stock dividend
1
Aug. 16 Holders of rec. Aug 5
$1
Penmans. Ltd.,corn.(guar.)
Preferred (guar.)
$1.50 Aug. 1 Holders of rec. July 22
Pennsylvania Salt Mfg. (guar.)
$1.25 July 15 Holders of rec. June 290
Penn Traffic
74c. Aug. 1 Holders of rec. July 150
Perfection Stove (monthly)
*3735c July 31 *Holders of reo. July 18
Monthly
*37Sic Aug. 31 *Holders of reo. Aug. 16
Monthly
'3714c Sept.30 *Holders of reo. Sept. 18
Monthly
•3744e Oct. 31 *Holders of reo. Oct. 17
Monthly
•37.44c Nov. 30 "Holders of reo. Nov. 18
Monthly
037 Sic Dee. 31 *Holders of rec. Den. 18
750. July 15 Holders of rec. July 5a
Petroleum Industries. Inc., pref. (guar.)
Petroleum Royalties CO., pref.(mthly.)- 1
Aug. 1 Holders of rec. July 25
4 Aug. 1 Holders of rec. July 25
Preferred (extra)
Petroleum & Trading Corp., cl. A (qu.). 314c. Aug. 1 Holders of rec. July 19
Philadelphia Insulated Wire
$2.50 Aug. 1 Holders of rec. July 15a
-Jones Corp. pref. (guar.)
134 Aug 1 Holders of rec. July 200
Phillips
'Sc. Aug. I 'Holders of rec. July 17
Pitney-Bowes Postage Meter (guar.).- _
Pittsburgh Screw dr Bolt, corn.(guar.).- "350. July 15 *Holders of roe. June 24
Pittsburgh Steel Co. pref. (guar.)
134 Sept. 1 Holders of rec. Aug. 100
The. Aug. 1 Holders of reo. July 156
Postum Co. Inc.. corn.(guar.)
Power & Light Securities Trust
500. Aug. 1 Holders of rec. July 16
Shares of beneficial interest
Shares of beneficial interest (In stock)_ el4 Aug. 1 Holders of rec. July 16




[VOL. 129.

FINANCIAL eFIRONICLE
Name of Company.

Per
When
Cent. Payable.

Books Closed
Days Inclusive.

Miscellaneous (Continued).
Pressed Metals of Amer.. pref. (quar.)__ •15.‘ Oct. 1 *Holders of rec. Sept. 12
rgyi Jan1'30 *Holders of rec. Dec. 12
Preferred (guar.)
2
July 15 Holders of rec. June 250
Procter dr Gamble, pref. (guar.)
50c. July 15 Holders of rec. June 290
Pro-phy-lac-tio Brush, corn. (guar.)._
Public Investing Co.(guar.)
25c. Sept. 16 Holders of rec. July 15
Aug. 15 Holders of rec. July 240
$1
Pullman, Inc. (quar.)
60c. July 15 Holders of rec. June 29
Pure Gold Mfg. Co., Toronto (quar.)......
R.S. De Vry Corp.(qu.)(No. 1)...... *20c. July 15 *Holders of rec. July I
Q.
July 15 *Holders of rec. July 1
Quaker Oats Co.,corn.(guar.)
*31
*1;4 Aug. 31 *Holders of rec. Aug. 1
Preferred (qua?.)
Republic Brass. pref. (guar.)
1% Aug. 1 Holders of rec. July 100
+40c. July 25 *Holders of rec. July 1
Republic Stamping & Enamel
Rice-Stix Dry Goods, common (guar.)._ 37% Aug. 1 Holders of rec. July 15
50c. Aug. 15 Holders of rec. July 200
Richfield Oil. corn. (guar.)
.4344c Aug. 1 *Holders of rec. July 5
New preferred (Ouar.)
Richmond Radiator, 7% con. pref. (qu.) *87 Mc July 15 *Holders of rec. June 29
July 25 Holders of reo. July 541
$1
Rio Grande 011
Hold, of ree. Jan. 5 '30
SI
Cr)
Rio Grande 011
Oct. 25 Holders of reo. Oct. 5
el
rStock dividend
Riverside Forge & Mach., corn. (quar.)- *60c. July 25 'Holders of rec. July 15
Roover Bros., Inc., preferred
174c. Aug. 1 Holders of rec. July ba
Russell Motor Car Co. common (quar.)_ '13-4 Aug. 1 *Holders of rec. July 15
'134 Aug. 1 *Holders of rec. July 15
Preferred (guar.)
St. Croix Paper Co., common (quar.)_
"32 July 15 *Holders of rec. July 6
St. Joseph Lead Co.(quar.)
500. Sept 20 Sept. 10 to Sept. 20
Extra _
25c. Sept.20 Sept. 10 to Sept.20
St. Lawrence Paper Mills-d$1.125 July 15 Holders of rec. June 20
1st pref. allot. certifs. (guar.)
50c. Aug. 1 Holders of rec. July 15a
Salt Creek Producers (guar.)
Samson Tire & Rubber. corn.(No. 1)___ 314c Aug. 1 Holders of rec. July 15
San Francisco Mines of Nevada, Ltd.
Am.dep.rcts. ord.shs.(Is.6d. per sh. (o) July 16 *Holders of rec. June 21
•1yi Aug. 15 *Holders of ree. Aug. 1
Savage Arms, 2d pref. (quar.)
Schulte United Sc to $1 Stores. it ref.(qu.) *$1.75 Oct. 1 *Holders of rec. Sept. 20
Scott Paper Co.
Dec. 31
Cam.(In stk.sub). to stkhrs.' approv.) 2
750. July 15 Holders of roe. June 20
Scullin Steel. pref. (quar.)
Seagrove Corporation
July 20 IIolders of roc. June 296
Guar.(30c. cash or 234% In stock).__
62 c Aug. 1 Holders of rec. July 150
Sears. Roebuck & Co.(quar.)
Aug. 1 Holders of roe. July 150
81
Quarterly (payable in stock)
Nov. 1 Holders of ree. Oct. 156
el
Quarterly (payable in stock)
Seeman Brothers, Inc., corn. (quar.)_ _ _
50c. Aug. 1 Holders of rec. July 15
Segal Lock & Hardware pref. (guar.)._ __ '8734 c July 15 *Holders of rec. June 30
50c. Aug. 1 Holders of rec. July 16
Seton Leather common (guar.)
Shaffer 011 & Ref. pref. (guar.)
1% July 25 Holders of reo. June 29
Sharon Steel Hoot) (guar.)
14 July 25 Holders of rec. July 50
Sept. 19 *Holden of Teo. Aug. 27
•31
Sheaffar 1W A.) Pen Co.(Qua?.)
Sheffield Steel, corn.(pay. in coin. stk.).
Oct. 1 *Holders of rec. Sept. 20
Signode Steel Strapping, pref. (guar.).__ "624c July 15 'Holders of rec. June 30
1% Aug. 1 Holders of rec. July 20
Silver (Isaac) & Bros. pref. (guar.)
'76c. Aug. 1 *Holders of rec. July 18
Simmons Co. (guar.)
608. July 15 Holders of rec. June 15a
Sinclair Consol. 011 Corp. corn.(quar,)_
25e. July 15 Holders of rec. June 15a
Common (extra)
*31.25 July 15 *Holders of rec. July 9
Southern Asbestos
*25e. July 15 *Holders of rec. July 9
Extra
Southern Sugar, corn. (pay. In corn. stk.) *15 July 15 +Holders of rec. June 30
25e. July 15 Holders of rec. July 1
Southland Royalty (guar.)
40c. July 16 Holders of rec. June 30a
Spalding (A. G.)& Bros., corn.(guar.)-1(4 Oct. 1 Holders of rec. Sept. 14a
Spang, Chalfant & Co.. pref.(quar.)_
400. Sept.30 Holders of reo. Sept. 140
Spencer Kellogg & Sons. Inc.(quar,)._
75e. July 15 Holders of rec. July 50
Spicer Mfg.. pref. A (quar.)
75e. Aug. 1 Holders of rec. July 15a
Spiegel-May-Stern Co., corn. (quar.) _ _
1.6245 Aug. 1 *Holders of rec. July 15
Preferred (guar.)
$I
July 15 holders of rec. June 20
Standard Screw common (extra)
*374c Aug. 15 *Holders of rec. Aug. 3
Stanley Works,6% pref. (guar.)
Co. of Canada. com.& pref.(qu.)- 43%0 Aug. I Holders or rec. July 6
Steel
1
*24 Oct
Stein ite Radio(qua?.)
$2.50 July 15 Holders of rec. July 10
Stetson (J. B.) Co., common
$1
July 15 Holders of rec. July In
Preferred
-Warner OM.
Stewart
Aug. 15 Holders of tee. Aug. 5
e2
New $10 par stock (In stook)
e2
Nov. 15 Holders of reo. Nov. 5
New $10 par stock (in stock)
e2
2/15/30 Holders of rec. Feb.5104
New $10 par stock (In stock)
*37140 Sept. 1 *Holders of reo. Aug. 15
Stlx Baer & Fuller, coin.(qua?.)
*37 lic Dee. 1 *Holders of rec. Nov. 15
Common (quar.)
•75o. Oct. 1 *Holders of tee, Sept.18
Stroock (S.) Co. (quar.)
0750. Dec. 21 *Holders of ree. Dee. 10
Quarterly
Studebaker Corp.
Sept. 1 Holders of reo. Aug. 10a
fl
Common (payable in corn. stock).
Dec. I Holders of rec. Nov. 941
fl
Common (payable in corn. stock)
$I July 15 June 30 to July 5
Machinery (guar.)
Sullivan
50c. Aug. 1 Holders of rec. July 22
Sun-Glow Industries, corn,(No. 1)
$1.50 July 15 Holders of rec. July 5
Superheater Co. (quar.)
25e. Aug. 1 Holders of rec. July 15a
Sweets Co. of America (quar.)
Aug. 15 Holders of rec. July 15
Swift International
15c. Aug. 1 July 18 to July 31
Teak-Hughes Gold Mines
25c. Aug. 1 Holders of rec. July 150
Telautograph Corp. (guar.)
'45c. July 15 "Holders of rec. June 30
Temple Court, pref. (quar.)
25c. Sept. 16 Holders of rec. Aug. 3Ia
Tennessee Copper & Chemical (quar.)_ _
900. Aug. 15 Holders of rec. Aug. 66
Thatcher Mfg., cony. pref. (guar.)
Aug. 1 July 16 to Aug. 1
3
Thirty-four East 31st St., Inc., pref.__ _
300. Aug. 1 Holden of rec. July 23e
Thompson (John R.) Co.(monthly)....
300. Sept. 2 Holders of reo. Aug. 23a
Monthly
144 Sept. 1 Holders of rec. Aug. 20
Thompson Products, preferred (quar.). _
350. July 15 Holders of rec. June 250
Tobacco Products Corp., vim.($20 Dar)
134 July 15 Holders of rec. June 256
Common (guar.) ($100 Par)
134 July 15 Holders of rec. June 29
Tooke Bros.. Ltd., pref.(guar.)
"II July 25 *Holders of rec. July 5
Transamerica Corp. (quar.)
•1
July 25 "Holders of rec. July 5
Stock dividend
250. July 15 Holders of roe. June 29s
Transue & Williams Steel Forg (guar.) _
30e. July 15 Holders of rec. June 26a
Truscon Steel, corn. (guar.)
$1 July 15 Holden) of rec. June 29
Tucketts Tobacco, corn. (quar.)
144 July 15 Holders of tee. June 29
Preferred (quar.)
July 15 June 30 to July 15
3
Tudor City Fifth Unit. Inc., pre(
Tung Sol Lamp Works. new corn. (qu.). "50c. Aug. 1 *Holders of rec. July 20
•I5c. Sept. 30 *Holdera of rec. Sept. 20
Union Twist Drill, corn. (guar.)
Preferred (quar.)
•144 Sept. 30 *Holders of rec. Sept.20
400. Sept. 1 Holders of rec. Aug. 170
United Biscuit, COM. (guar.)
I% Aug. 1 Holders of rec. July I70
Preferred (guar.)
United Dyewooa Corp., pref. (quar.)_ +134 Oct. 1 *Holders of rec. Sept. 13
*I5c. July 15 *Holders of reo. July 1
United Pacific Corp., partic. pref
United Piece Dye Wks.. pref.(quar.)..... •154 Oct. 1 *Holders of reo. Sept.20
Preferred (qua?.)
'134 Jan2 30 *Holders of reo. Dec. 20
60e. July 15 Holders of reo. June 1541
United Profit-Sharing,corn
United Retail Chemists, pref
•874ic July 15 *Holders of rec. June 28
United Verde Extension Mining (quar.). 51
Aug. 1 Holders of rec. July 20
75c. Aug. 1 Holders of rec. July 15
U.S. & Brit. Internat., $3 pref.(quar.).
First preferred (guar.)
*31.25 Aug. 1 *Holders of rec. July 15
First pref., 50% paid (guar.)
'624c Aug. 1 *Holders of rec. July 15
60e. July 20 Holdera of reo. June 2ta
U.S. Cast Iron Pipe & Fdy.. corn.(qu.)
Common (quar.)
500. Oct. 21 Holders of roe. Sept.800
Common (quar.)
500. Jan20'30 Holders of Fee. Dec. 810
First & second pref. (quar.)
30o. July 20 Holders of reo. June 2110
First & second pref. (quar.)
300. Oct. 21 Holders of ree. Sept. 300
First & second pref. (qua?.)
800. Jan20'30 Holders of reo. Dec. 810
U. S. Finishing, corn. (quay.)
144 July 15 Holders of rec. June 27
Common (extra)
1
July 15 Holders of rec. June 27
U.S.& Foreign Secur.,$6 1st pref. (qu.) $1.50 Aug. 1 Holders of rec. July 11
U.S. Industrial Alcohol, corn. (guar.). _ $1.50 Aug. I Holders of rec. July 150
United States Leather
00. 1 Holders of reo. Sept. 1130
Class A partici. & cony. stook (Go.).- 51
.50c July 15 *Holders of rec. July 1
U.S. Radiator. corn.(guar.)
Preferred (guar.)
•144 July 15 'Holders of reo. July 1
U.S. Smelt., Refg.& M.,corn.& pt.(qu. 874ic July 15 Holders of rec. July 54
Universal Cooler. Prof. (guar.)
"35c Sept. 1
144 Aug. 1 Holders of reo. July 150
Universal Pipe & Radiator. prof. (qu,)_
•40e. July 15 *Holders of rec. June 1
Upson Company, cl. A dc B (guar.)
Class A & 13 (extra)
•I00. July 15 *Holders of reo. June 1
Oct. 1 Holders of roe. Sept. 15
Commit Metal Cap Corp.. pref.(guar.). $1
Utah Radio Products,common (guar.)._ '308. Aug. 1 *Holders of rec. July 226

1

JULY 13 19291

FINANCIAL CHRONICLE
Per
When
Cent. Payable.

Name of Company.

Seeks Closed
Days Inclusive.

Miscellaneous (Concluded).
Vadsco Sales Corp.. pref. (guar.)
*$1.75 Aug. 1 *Holders of rec. July 15
Vanadium Alloys Steel (extra)
July 15 *Holders of rec. June 206
*32
•1% Sept. 10 'Holders of rec. Sept. 2
Vapor Car Heating, pref.(guar.)
4.1 yi Dec. 10 *Holders of ree. Dec. 2
Preferred (guar.)
Vick Chemical (stock dividend)
el00 July 29 Holders of rec. July 15a
Victor Talking Machine, corn. (quar.)
$1 Aug. 1 Holders of rec. July 8a
7% prior preference (guar.)
1% Aug. 1 Holders of rec. July 8a
$6 cony. preferred (quar.)
$1.50 Aug. 1 Holders of rec. July Sa
Old preferred (guar.)
1% Aug. 1 Holders of rec. July 8a
Viking Oil Corp.,partic.pf.(qu.)(No. 1)_
50c. July 15 Holders of rec. July 1
Volcanic 011 &,Gas (guar.)
•35e. Sept. 10 'Holders of rec. Aug. 31
Extra
•50. Sept. 10 "Holders of rec. Aug. 31
Quarterly
•35o. Dec. 10 *Holders of rec. Nov. SO
Extra
•50. Dee. 10 *Holders of roe. Nov. 30
Vulcan Detinning, pref.(guar.)
114 July 20 Holders of rec. July 9a
Preferred (acct. accum. dividends)
h43.( July 20 Holders of rec. July 9a
Preferred A (guar.)
114 July 20 Holders of rec. July 90
Vulcan Detinning, pref. (guar.)
1% Oct. 19 Holders of rec. Oct. 9a
Preferred (accrued accum. env.)
714
Oct. 19 Holders of rec. Oct. 9a
Preferred A (guar.)
1% Oct. 19 Holders of rec. Oct. 9a
Preferred A (accrued accum. div.)
44
Oct. 19 Holders of rec. Oct. 9a
•i% Oct. 1 *Holders of rec. Sept. 21
Waltham Watch, preferred (guar.)
Warner Co., corn. (guar.(No. 1)
550e. July 15 'Holders of rec. June 29
Web Holding Corp. (guar.)
50c. July 24 Holders of rec. June 29
Welch Grape Juice, corn. (in corn. stk.)_ *130
Aug. 1 'Holders of rec. July 15
Western Grocers (Can.) pref. (quar.)
114 July 15 Holders of rec. June 20
Western Grocery, corn. (guar.)
Aug. 1 *Holders of rec. July 20
Westinghouse Alr Brake (guar.)
50c. July 31 Holders of rec. June 290
Westinghouse Elec. & Mfg., cons. (qu.). $1
July 31 Holders of rec. June 28a
Preferred (guar.)
$1
July 15 Holders of rec. June 280
West Va. Pulp & Paper pref.(guar.)---- •
13. Aug. 15 *Holders of rec. Aug. 5
•1 4 Nov. 15 *Holders of rec. Nov. 5
Preferred ((loan)
White (S S) Dental Co., stock div
*010
"Holders of rec. Aug. 15
Subject to stockholders meeting Aug. 16.
White Eagle Oil & Refg. (quar.)
50e. July 20 Holders of rec. June 28a
White Sewing Machine, pref. (guar.).- "El
Aug. 1 'Holders of rec. July 19
Wieboldt Stores, Inc. (guar.)
•40c. Aug. 1 *Holders of rec. July 15
Wilcox-Rich Corp.. class B (No. 1)
50c July 15 Holders of rec. July la
Class B (payable in class B stock)___. 5
July 15 Holders of rec. July la
Willard (W. E.) & Co
•10
June 15 *Holders of rec. June 10
*314 Aug.
Wilson Line, Inc., 7% pref
15 'Holders of rec. July 15
Winsted Hosiery (guar.)
*2% Aug. 1 "Holders of rec. July 15
•3i Aug. 1 *Holders of rec. July 15
Extra
Wrigley (Wm.) Jr., Co.(monthly)
25c Aug. 1 Holders of rec. July 200
Monthly
25c. Sept. 1 Holders of rec. Aug. 20
3
Monthly
25c. Oct. 1 Holders of tee. Sept. 20a
Monthly
25c. Nov. 1 Holders of rec. Oct. 196
Monthly
50c. Dec. 2 Holders of rec. Nov. 206
Yale & Towne Mfg.(guar.)
El
Oct. 1 Holders of rec. Sept. 10a
Young (L. A.) Spring & Wire (stock div.) 625
Aug. 15 Holders of rec. Aug. 26
•From unofficial sourced. t The New York Stock Exchange has ruled that stock
will not be quoted ex-dividend on this date and not until further notice
The
New York Curb Market Association has ruled that stock will not be quoted exdividend on this date and not until further notice.
a Transfer books not closed for this dividend. d Correction. 8 Payable In stook.
/Payable In common stock. p Payable in scrip. h On account of accumulated
dividends.
Payable In preferred stock.
I Amer. Cities Power & Light class A dividend is payable either 75c. cash or
In class B stock at rate of 1-32nd share of class B stock for each share class A stock.
Clam B dividend is payable In class B stock.
oBurma Corp. dividend is 7 annas and 2 annas per share less deduction for expenses of depositary.
p N. Y. Stock Exchange rules that Chesapeake Corp. shall not be quoted ex the
33 1-3% stock dividend until July 5.
p L. A. Young Spring & Wire stock dividend subject to approval by stockholders
at meeting on Aug. 1.
r Rio Grande 011 stock to be placed on a 12 per annum basis. The company has
declared Si payable July 25 and intends to declare another $1 payable on or before
Jan. 25 1930. The stock dividends are 1;i shares on each 100 shares, the first
% having been declared payable April 25 with the intention to declare a second
114% paYable on or before Oct. 26.
Unless notified to the contrary on or before July 10, Pacific Power & Light dividend will be applied to the purchase of common A stock or scrip.
C Associated Gas & Electric class A dividend is 50c. cash or 1-40th share Cl. A stock.
uNew York Stock Exchange rules Burrough Adding Machine be quoted ex the
stock dividend on Aug. 15.
o Blauners. Inc., declared a stock dividend of 6%, Payable In quarterly Installments; first installment 114% payable Aug. 15.
to Less deduction for expenses of depositary.
x Shell Transport & Trading dividend is as on ordinary shares, equivalent to
11.44 7-10.
y Trustee Standard Oil shares dividend is 31.34765.
C Electric Bond & Share dividend is 3-200ths of a share of common stock.

211

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 July 5:
INSTITUTIONS NOT IN CLEARING HOUSE WITH CLOSING OF BUSINESS
FOR THE WEEK ENDED FRIDAY, JULY 5 1929.
-Average Figures.
NATIONAL AND STATE BANKS

Loans.

014.Cash, Res. Dep., Dep, Other
Gross
Including N. V. and Banks and
Bk, Notes Elsewhere. Trust Cos. Deposits.

Gold.

s
a
$
s
$
Manhattan$
60,000 5,093,100 38,874,500 1,881,000 239,927,000
Bank of U. S__ 248,305,000
1,927,400
196,000
196,700
Bryant Pk. Bk. 1.854,800
20,681,000
Chelsea Ex.Bk. 22,360,000 1,673,000 1,322,000
3,000
74,600 1,634,300 2,671.300 18,860,800
Grace National 20,896,800
3,320,100
193,200
24,200
75,000
3,930.300
Port Morris__ _
27,000 1,953,000 8,763,000 29.131,000 154,009.000
Public National 148,228,000
Brooklyn72,000 8.100,000
5.000 113.000
582.000
P.nrona Nat'l__
8.200.000
TRUST COMPANIES-Average Figures.

Loans.

Cash.

Res've Dep.. Depos.Other
N. Y. and Banks and
Elsewhere. Trust Cos.

Gross
Deposits.

s
$
$
$
$
Manhattan21,300 56,370,100
51,462,200 13,966,900
982,700
American
16,851,566
17,474,514
958.986
178,930
Bk.of Europe & Tr
21,617,667
22,211,275
696,157 1,815,648
Bronx County
45,863,000 499,513.000
Central-Hanover.... 615,444,000 "49,878,000
79,044,500 "5,255,900 "4,433,100 3,854,400 77,098,600
Empire
172,847
189,650 17,217,019
17,277,866
Federation
51,520,400
601,300
16,844,800 '2,247,800
Fulton
405,145,000 3,774,000 56,913,0(10 1,729,000 367,001,000
Manufacturers
61,294,132
17,672,284 3,460,000 9,822,022
United States
Brooklyn
115,896,900
118,996,000 4,082,000 23.136,000
Brooklyn
25,934,327
27,166,914 1,739,267 3,423,969
Kings county
Bayonne, N. J.a
875.081
315.550 9.421,468
217.169
Manhcanirn
0 227 672
-Hanover,
• Includes amount with Federal Reserve Bank, as follows: Central
$46,910,000; Empire, 53,582,600; Fulton, 82,138,700.

-In the
Boston Clearing House Weekly Returns.
following we furnish a summary of all the items in the
Boston Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
July 10
1929.

Changesfrom
Previous Week

July 3
1929.

June 26
1929.

1
$
5
S
86.550,000
+7,500,000
86,550.000
94,050,000
Capital
+559.000 110.085,000 116.024,000
110,644,000
Surplus and profits
+4,114,000 1,146,376,000 1,143,932,000
Loans, disc'ts & Invest'ts_ 1,150,481.000
Individual deposits
689.580.000 -11,443,000 701,023,000 657.200.000
148,551,000 -1,548,000 150,099,000 129,735,000
Due to banks
264,309,000 -2,923,000 267,232,000 266,712,000
Time deposits
14,346.000
13,062,000
United States deposits
9,514,000 -3,548,000
29,358,006
55.050,000
Exchanges for Clg. House
36,032,000 -19,018,000
81,314,000
96,132,000
Due from other banks
86,733,000 -9,399,000
79,123,001
85,248,000
Res've in legal deposit's
83,716,000 -1,532,000
8,031.000
7,920,000
8,459,000
Cash in bank
+539,000
Rasenn germane In LIR 111r
,
51 110
--1 4175 00I1
1 017 MO
229.000

Weekly Return of New York City Clearing House.
Beginning with Mar.31'28the New York City Clearing House
Philadelphia Banks.
Association discontinued giving out all statements previously
-The Philadelphia Clearing House
issued and now makes only the barest kind of a report. The return for the week ending July 6, with comparative figures
new return shows nothing but the deposits, along with for the two weeks preceding-, is given below. Reserve
requirements for members of the Federal Reserve System
the capital and surplus. We give it below in full:
STATEMENT OF THE MEMBERS OF THE NEW YORK CLEARING HOUSE are 10% on demand deposits and 3% on time deposits, all
ASSOCIATION FOR THE WEEK ENDED SATURDAY. JULY 6 1929.
to be kept with the Federal Reserve Bank. "Cash in vaults"
is not a part of legal reserve. For trust companies not
5 Surplus d1 Na Demand
Time
• Capttal.
Clearing House
Undivided
Deposits
Deposits
members of the Federal Reserve System the reserve required
Members.
Profits.
Average.
Average.
is 10% on demand deposits and includes "Reserve with
$
s
$
$
6,000,000
Bank of N.Y.& Tr. Co__
13,539,100
61,286,000
9,594,000 legal depositaries" and "Cash in vaults."
22,250,000
Bk.of the Manhattan Co_
42,559,300 178,798,000
41,935,000
Beginning with the return for theWeek ending May14,1928 the
Bank of America N. A__ 635,775,300 638.675.900 172.872,000
54,476,000
National City Bank
y110,000,000 p125.260,40001097615,0 127,493,000 Philadelphia Clearing House Association discontinued showing
Chemical Bank & Tr. Co_ 015,000,000 021,003,400 196,297,000
14,035,000
Guaranty Trust Co
470,000,000 4115,632,000 4755,850,000
81,631,000 the reserves and whether reserves held are above or below requireChat.Ph.Nat.Bk.&Tr.Co
13,500,000
15,698,000 162,216,000
37,729,000
Bk. & Tr. Co. /21.000,000 /79,117,700 390,025.000
Cent. Han.
48,509,000 ments. This will account for the queries at the end of the
12,100,000 m22,294,700 182,202,000
Corn Exchange Bk.Tr. Co
31,899,000 table.
015,000,000 024,500,800 141,784,000
National Park Bank
9,393,000
First National Bank
Irving Trust Co
Continental Bank
Chase National Bank
Fifth Avenue Bank
Seaboard Bank
Bankers Trust Co
Title Guarantee & Tr. Co_
Fidelity Trust Co
Lawyers Trust Co
New York Trust Co
Equitable Trust Co
Comml Nat.Bk.& Tr. Co.
Harriman N.Ilk.& Tr. Co
Clearing Non-Members
City Bk. Farmers Tr. Co_
Mechanics Tr.Co.,Bay'ne
.....•-•-

10,000,000
95,735,400 275,251,0013
n50,000,000 n80,037,800 375,222,000
o2,000,000
03,550.500
9.051,000
480,000,000 6120.397.400 c600,174,000
500,000
3,869,100
24,969,000
11,000,000
16,614,400 119,040,000
25,000,000
77,498,400 4402,400,000
10,000,000
23,854,300
35,440,000
4,000,000
3,812,600
42,366,000
3,000.000
4.160,400
18,590,000
112,500,000 132,041,100 152,658,000
30,000,000
28.625.000 e349.466.000
7,000,000
7,332,000
38,942,000
1,500,000
2,840,300
31,161,000
10,000,000
500,000

10,000,000
832,800

7,701,000
37,390,000
695,000
60,371,000
996,000
7.709,000
34,043,000
2,355,000
4,966,000
2,461,000
16,219,000
42,271,000
4,014,000
5,587,000

9,510,000
3,375.000

1,361.000
5,638,000

F.,, AOC QM', 1 /Inn A 00 QM K 00(1 [An nnil
•
,t.rv ,
Koa,ocns
to a

Ann A.T. ntsn

• As per official reports: g National, Mar. 27 1929; h State, Mar. 22 1929:
trust companies, Mar. 22 1929;1 as of Mar. 30 1929: k as of May 4 1929; I as of
May 15 1929; m as of May 21 1929; n as of May 27 1929; o as of June 14 1929
y as of June 29 1929: gas of July 1 1929.
Includes deposits in foreign branches: a $310,186,000; b $121,448,000; C $12,
742,000; 4164,073,000; 01130,279,000.




Week Ended July 6 1929.
Two Ciphers (00)
omitted.

Members of
Trust
F R.System Companies
.

Capital
59,802,0
Surplus and profits... 208,916,0
Loans. enacts. & invest. 1,068,525,0
Exch. for Clear. House
57.955,0
Due from banks
113,009,0
Bank deposits
140,865,0
Individual deposits... 667,583,0
Timedeposits
210,427,0
Total deposits
1,018,875,0
Res. with legal dePosRes. with F. R. Bank
72,083,0
Cash In vault*
11,050,0
Total res. & cash held_
83,133,0
Reserve required
Excess reserve and cash
In vault

June 29
1929.

June 22
1929.

Total.

7,500,0
67,302,0
67,250,0
67,250,0
16,519,0 225,435,0 216,496,0 216,496,9
72,005,0 1,140,530,0 1,130,577.0 1.126,060,9
467,0
43,306.0
58,422,0
48,525,0
13,0 113,022,0 104,005.0 101.267,0
823,0 141,688.0 129,930,0 126,808,0
36,489,0 704,072,0 689,743,0 687,497,0
18,883,0 229,310,0 220,814,0 220,711,0
56,196.0 1,075,071,0 1,040,487,0 1,035,016,0
6,975,0
4.891.0
6,975,0
5,166,0
68,973.0
69,732,0
72,083,0
1,826,0
11,939.0
12,676,0
12,120,0
8,601,0
85.808,0
87,018,0
91.734,0

•('ash In vault not satiated se reserve tor Federal Reaeros manners

242

[VOL. 129.

FINANCIAL CHRONICLE
Weekly Return of the Federal Reserve Board.

The following is the return issued by the Federal Reserve Board Thursday afternoon, July 11 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
!steel week appears on page 210, being the first item in our department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS JULY 10 1929.
I
July 10 1929. July 3 1929. June 26 1929. June 19 1929. June 12 1929. June 5 1929.IMay 29 1929.•May 22 1929,1July 11 1928.

s

$

$

$

s

I

a

3
8
$
RESOURCES.
1,439,492,000 1,380,112,000 1,372,441,000 1,367,581,000 1,318,782.000 1,303.5,55,000 1,315,181,000 1.318,551.000 1,161,160,000
Gold with Federal Reserve agents
69,988.000
61,196.0001 67,361,000
66,118,000
67.988,0001 66,969.000
67,828,000
71,589.000
82,335,000
1010 redemption fund with U. S. Treas.
i
Gold held exclusively agst. V. R. notes 1,521,827,000 1,447,940,000 1,444,030,000 1,437,569.000 1,384,900,000 1.371,543,0001,382.150,000I 1,379,747,000,1,228,521,000
Gold settlement fund with F.R. Board_ _ 600,666,000 669,696,000 644,038.000 637,598.000 691.678,000 679.733,000; 663.795.000 652,404,000; 666,960,000
Gold and gold certificates held by banks_ 779,321,000 748,704,000 807,441.000 805.135,000 799.052.000 792.692,000 *777.836,000 809,751.0001 699,395,000
Total gold reserves
Reserves other than gold
Total reserves
Ron-reserve cash
BIlls discounted:
Secured by U. B. Govt. obligations__ _
Other bills discounted

2,901,817,000 2,866,340,000 2,895,514,000 2,880,302,000 2,875,630,000 2,843,968.000 .2,823,781.000 2.841,902,000 2,591,876,000
160,222,000 174,959,000 177,040.000 166,379,000 149,559,000 141,383.000 *146,177.0001 166,229.000i 152,361,000
'
3,062,039,000 3,041.299,000 3,072,554,000 3,046,681,000 3,025.189,000 2,985,351,0002,960,958,o00 3,008,131,000 2,747,237,009
63,113,000
83,604.000
74,841,000
69,108,000
55,912,000
82,473,000i 85,517,000
79,385,000
71,099,000
480,292.000
478.812,000

474,086,000
459,825,000

508,912,000
468,532.000

536,177,0001 .502,558,000
452,017,000 .401,868,000

1,153,041,000 1,125.083,000 1,016.747,1300
82,839.000
73,922,000
65,976,000

Total bills discounted
13111ebought In open market
U.S. Government securities:
Bonds
Treasury notes
Certificates of indebtedness

532,545,000
481,202,000

959,104,000
87,032,000

933,911,000
114,117,000

977,444,000
112,747,000

988,194,000
117,919,000

650,390,000
502,651,000

609;898,000
515,185.000

42,668,000
82,816,000
10,660,000

42,738.000
92.021,000
14,768,000

42,672,000
83.014,000
13.772,000

44,630,000
97,244,000
27,999,000

48,625,000
85,295,000
13,408,000

50,384,000
84,965,000
9,223,0(11

136,144,000
10,665,000

Total U. S. Government aecurttles_
Other securities (see note)
Foreign loans on gold

43,246,000
85,779,000
12,357,000
141,382,000
10,465,000

149,527,000
13.315,000

139,458,000
13,167,000

169,873.000
9,917.000

147,328,000
9,917,000

144,572,000
7,817,000

713,372,000
375,896,000

904.426,000 1,089,268,000
137,986,000, 187,642,000
I
50,386,000, 60,968,009
91,839,0001 87,720,000
11,062,000, 69,077,000
153.287,000
7.817.000

217,765,000
490,000

Total bills and securities (see note)___ _ 1,365,826,000 1,350,852,000 1,212,428,000 1.198,761,000 1,227,818,000 1,247,436,000 1,258.502,000 1,203,516,000 1,495,165,000
Gold held abroad (see note)
571,000
729,000
726,000
727,000
730,000
729,000
727.000
728,000
729,000
Due from foreign banks
716,451,000 810,892,000 676.603.000 812.097,000 746,312,000 723,705,000 655,928,000 691,828,0001 687,818,000
Uncollected Items
58,761,000, 60,056,000
58.613,000
58,613,000
58,595,000
58,614,000
58,614,000
58,761.000
58,614.000
Bank premises
8,563,000
8,319,000,
8,486,000
8,119,000
7,602,000
7.441,000
8,543,000
8,132,000
7,710,000
All other resources
5,282,468.000 5.326,429,000 5,147,477,000 5,199,325.000 5,150,751,000 5,103,318,000 5,034,892,000 5,056.798,000 5,062,523,000
I
I
1,833,004,000 1,736,259.000 1,658,496.000 1,649,187,000 1.644,216,000 1,647.435.000 1,653,685,000 1,639,554.000 1,640,150,000

fetal resources
LIABILITIES.

I

P. R. notes in actual circulation
Deposits:
-reserve account
Member banks
Government
Foreign banks (see note)
Other deposits

2,302,874,000 2,380,165,000 2,343,813,000 2,291,765,000 2,328,232,000 2,321,343,000 2,285,870,000 2,275.752,000 2,365,396,000
18,700,000
16,023,000, 15,368,000
12,230,000
48.924,000
46.731.000
23,373,000
19,291,000
27,555,000
6.225.000
9,476,000
5,606,000
7,124,000
6.744,000,
6,362,000
0,567,000
6,128,000
8,085.000
23,058,000
20,339,000
21.312.000
23,052,000
21 873.'
23 106 000
23,715,000, 28,282,000
21.668,000I
.
0001
' .
2,359,711,000 2,437,948.000 2,419,655,000 2,368,672,000 2.376.215,0002,365.778.000 2,331,194,000 2,324.511.000 2,407,441,000
649,848,000 712,989,000 625,737,000 739,228,000 688,296.000 649,782,000 611.242,000 655,232,000 619,630,000
158,797,000 158,585,000 158,607.000 158,412,000 157,931,000 157,507.000 156,446,000 158,279,000 143,221,000
254,398,000 254,398,000 254,398,000 254,398,000 254,398,000 254.3)8,000 254,398,000 254,398,000 233,319,000
30,584,000
29,695,000
28,418,000
18,762,000
26,250,000
26,824,000
26,710,000
29,428,000
27.927.000

Total deposits
Deferred availability Items
Capital paid In
/arolos
All other liabilities

5,282,468,000 5,326,429,000 5,147.477,000 5,199,325,000 5,150.751,000 5,103,318,000 5.034.892,000 5.056,798,000 5,062,523,000
Total liabilities _
Ratio of gold reserves to depoolts and
71.5%
70.8%
71.6%
64.1%
71.0%
70.8%
69.2%
68.6%
71.6%
F. R. note liabilities combined
Ratio of total reserves to deposits and
75.2%
74.4%
74.5%
75.9%
67.9%
75.3%
75.8%
73.0%
7.29%
F.R. note liabilities combined
Contingent liability on bills purchased
140,592.000 428.711,000 424,566,000 416.999.000 405,240,000 392.415,000 385,754.000 381,751,000 310,888,000
for foreign correspondents
Distribution by Maturities
1-15 days bills bought In open market _
1-15 days WM discounted
1-15 days U.13 certif. of indebtedness
1-15 days municipal warrants
16-30 days bills bought in open market.
t8-50 days bills discounted
16-30 days U. S. certif. of indebtedness.
16-30 days municipal warrants
31 60 days bills bought In open market
81-60 days bills discounted
11-60 days U. S. certif. of Indebtedness.
81-60 days municipal warrants
61-90 days bills bought in open market
61-90 days bills discounted
61-90 days U. S. certif. of Indebtedness_
61-90 days municipal warrants
Over 90 days bIlls bought in open market
Over 90 days bills discounted
Over 90 days certif. of Indebtedness
Over 90 days municipal warrants

18,005,000
49,840.000

-36,927,000
730,889.000
2,250,000
102,000
22,594.000
62,339,000

62,241,000
713,597,000
18,835,000
102,000
23.974.000
51.665,000

12,123,000
78,270,000

15,654,000
78,909.000

17,445,000
81,554,000

16,653,000
84.307,000

5,735,000
63,552,000
7,166,000

6,527,000
52,665.000
7.319,000

7,497,000
47,910,000
7 066,000

1,452,000
31,338,000
2,201,000
300,000

1.925.000
36.096,000
2,474.000
300,000

2,569,000
36,422,000
4,456.000
300,000

35,293,000
928,035,000
1,520.000

36,848,000
898.478,000
2,990,000

40,728,000
799,237,000
4,975,000

13,026,000
52,149,000

17,764.000
53,445,000

11,315,000
79,936,000
5,68.5,000
63,919,000
8,235.000
300,000
657.000
29.002,000
905,000

$
73,110.000
718,591,000
2,120,000

$
73,920.000
936,325,000
3,220,000

31,118,000
45,644,000
35,000

37,839,000
39,563,000

21,021,000
71,402,000

43,478,000
54,585,000

10.080.000
57,418,000

102,000
10,265,000
42,000.000

26,683,000
43,594,000

2,194.000
30,957,000
8,435,000
300,000

1,872,000
26.095.000
8,907,000
300,000

5,722,000
15,201,000
65,857,000

56,415.000
756.686,000
4.194,000

54.291.000
762.915.000
495,000

27,290.000
50,478,000
9,000
102,000
17,969,000
84,847,000

31,848,000
52.052,000
293,000
102.000
19.506.000
84,852.000

8,640,000
51,090,000
12,000

9,027.000
53.173,000

2.609.000
33.252.000
9,152.000
300.000

2,106,000
32,260,000
9,205.000
300,000

F. R. notes received from Comptroller_ _ 3,831,317.0003,831,793.000 3.777.049,000 3,670,048.000 3.595,813,000 3.487,024,000 3,432,180,000 3,227,661.000 2,824,675,000
F. R. notes held by F. R. Agent
1,471,785,000 1,571,715,000 1,585,752,000 1,526,482,000 1,482.382.000 1,402,482,000 1,358,362,000 1,101,597,000 783,160,000
Issued to Federal Reserve Banks
How Secured
By gold and gold certificates
Gold redemption fund
Gold fund-Feeral Reserve Board
By eligible paper

2,359,532,000 2,260.078,000 2,191,297.000 2,143.564,000 2.113.431.0002.084.542,000 2.073.818,000 2,066,064,000 2,041,515,000
356,395,000 376,395,000 368,025,000 372,045,000 371,145.000 372,895,000 372,895.000 376,295,000 354,977,000
93.393,000
96,802.000
90,753.000 101.776,000 100,092.000 102,211,000
99,815,000
97,579,000
98,685.000
984,412,000 906,138,000 911.023,000 898.734,000 858,884.000 828,884,000 842,194.000 840,045,000 706,368,000
1,170,445,000 1,164,330,000 1.063,446,000 1,015,461,000 1,010,892,000 1.050.631,000 1,057,853,000 909,891,0001,222,349,009
1
2,609,937.000 2,544,442,000 2.435,887,000 2,383,042,000 2,329.674,000 2,354,188.000 2.373.034.000 2.318.442.000 2,383,509.009

Total
*Revised figures.
NOTE.-1301Inning with the statement of Oct. 7 1925. two new Items were added In order to show separately the amount of balances held abroad and amounts due
10 foreign OorreePondents. In addition, the caption. "All other earning assets," previously made up of Federal Intermediate Credit Bank debentures, was changed to
rather securities,'and the caption."Total earning assets" to "Total bills and securities." The latter Item was adopted as a more accurate description of the total of
the discounts, acceptances and secUStlee acquired Under the provision of Sections 13 and 14 of the Federal Reserve Act, which, It was stated, are the only items Included

thereto
wzattLy STATEMENT OP RESOURCES AND LIABILITIES OF EACH OF THE
Two ciphers (00) omitted
Federal Reserve 61g of

Total.

Boston

New York.

Phila

12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS JU1.y 10 1929

Cleveland Richmond Atlanta. Chicago. St Louis. Minneap. Kon.00y. Dallas. gam Fru.

RESOURCES.
$
$
Gold wins Federal Reserve Agents 1,439,492,0 103,501,0
82,335,0 7,312,0
Gad red'n fund with U.S. Tress

$
8
$
$
$
$
$
$
$
$
$
165,729,0 131,973,0 155,387,0 52,629,0 94.689,0 329,747,0 27,343,0 67,715,0 61,440,0 34,388,0 214,951.0
3,790,0 10,934,0 6,831,0 1.627,0 6,249,0 2,168,0 3,047,0
21,882,0 10,227,0 4.769,0 3,699,0

Gold held ere! ages. F. R.notes 1,521,827,0 110,813,0
Gold settle't fund with F.R.Board 600,666,0 67,273,0
Gold and gold ctfs held by banks 779,324,0 25,846,0

187,611,0 142,200,0 160,156,0 56,328,0 98,479,0 340,681,0 33,974,0 69,342,0 67,689,0
115,061,0 43,873.0 90,826,0 17,871,0 19,493,0 82.116,0 34.710,0 19,450,0 47,273,0
503,831,0 27,433,0 42,044,0 7.025,0 3,642,0 109,560,0 8,314,0 6,189,0 5,192,0
806,503,0 213,506,0 293,026,0 81,224,0 121,614,0 532,357,0 76,998.0 94,981,0 120,154,0
70,965,0 7,889,0 8,958,0 5,170,0 8,524,0 17,763,0 7,472,0 2,592,0 3,800,0

Total gold reserves
,
114/111110 other than gold

2,901,817.0 203.732,0
160,222,0 9,879,0

36,556,0 217,998,0
18,813,0 43,907,0
11.303,0 29,145,0
66,672,0 291,050,0
5,006,0 12,204,0

3,062,039,0 213,611,0
Total reserves
71,099,0 8,581,0
MD-reserve cash
Bill.discounted:
See. by U.S. Govt. obligations 650.390,0 38.931.0
502,651,0 50,366,0
Other bills discounted

877,468,0 221,395,0 301,984,0 86,394,0 130,138,0550,120.0 84,470.0 97,573,0 123,954,0 71,678,0 303,254,0
1,629,0 2,183,0 3,599,0 4,782,0
1,674,0 3,328,0 4,711,0 6,230,0 7,889,0 4,240,0
22,253,0

1,153.041,0 89.297,0
65,976,0 9,824,0

439,320.0 74,457,0 89,600,0 55,709.0 68,931,0 139,521,0 51,258,0 14,912,0 39,022,0 25,836,0 65,178,0
15,032.0, 5,723,0 3,687,0 2,178,0 5,236,0 8,125,0
187,0
1,500,0
1,874,0 5,505,0 7,105,0

Total blilsdhicounted
Mils bought In open market
U. S. Government securities:
Bonds
Treastury noes
Certificates of Indebtedness
.Sal CI S. Gov't securities
-




42,668,0
82.816,0
10 660 0

317,145,0 42,116,0 55,384,0 20,560,0 10,425,0 81,299,0 23,986,0
122,175,0 32,311.0 34,216.0 35,419,0 58,506,0 58.222,0 27,272,0

548,0
689,0155,0,
585,0
1,523,0
13,902,0 8.835.0 26,816,0
1,055,0
1,0
1,520,0, 7.038,0
„

.

1,152,0
657,0

24,0 19,937,0
3,037,0 3,142,0
35,0
990,0
.

7,125,0
6,500,0

8,966,0 11,711,0 8,808.0 31,059,0
5,946,0 27,311,0 17,028,0 34,119,9

4,575.0
3,844.0
12,0

7,813.0
65.0
3,223,0 11,337,0
9,0
.. nAe

n

il Ann n

JULY 13 19291
wItSOIJRCES (Conctudea)Two Ciphers (00) omitted.

FINANCIAL CHRONICLE
Toga).

Bott011.

$
10,665,0

Olbernecurities
Foreign loans on gold
Total Mlle and securities__
Due from foreign banks
Uncollected items
Bank premises
•Ilother

New York
t
2,815,0

$

1,365,826,0 102,388,0
729,0
54,0
716,451,0 72,472,0
58.614,0 3,702.0
7.710,0
66,0

Phila.

Clereland RicAmorld Atlanta

$
300,0

$

Chicago. St Louis Minneap. Kars.Ctis. Donne. Sonlvtas

$

$

243

$

$

$
3,850,0

$
1,500,0

$
1,250,0

$
950,0

472,744,0 96,938,0 120,652.0 59,696,0 77,263,0 171,715,0 65,070,0 28,693,0 42,396,0 43,636,0 84,635,0
221,0
70,0
74.0
28,0
100,0
34,0
29,0
18,0
24,0
24.0
53,0
198.501,0 .57,298,0 64.772,0 49,549,0 21,875.0 90,573.0 31,527,0 15,693,0 45,378,0 26,884,0 41,929,0
16,087,0 1,762,0 6,535,0 3,395,0 2,744,0 8,529,0 3,969,0 2,110,0 4,140,0 1,922,0 3,719,0
953,0
242,0 1,150,0
428,0 2,128,0
679,0
357,0
621,0
245,0
433,0
408,0

Total resources
5,282,468,0 400,874,0 1,588,227,0 379,379,0 498.495,0 204,207.0 240,406,0 829,605,0 189.662,0 146,337,0 213.320,0
148,176,0 438,780,0
LIABILITIES.
F. R. notes In actual circulation. 1,333,004,0 154,352,0 315,649,0 155,919,0 209,588,0 74,517,0
136,417,0 349,600,0 62,056,0 69,391,0 76,352,0 45,965,0 182,698,0
Deposits:
Member bank-reserve acc't 2,302,874,0 141,233,0 945,710,0 129,934,0 131,913,0 61,945,0
61,512,0 335,686.0 76,329,0 50,630,0 85,946,0 58,708,0 173.278,0
Government
27,555,0 2,571,0
3,664,0
1,020.0
1,476,0 2,246,0 3,626,0
858,0 1.243,0
1,474,0 2,353,0
2,904,0 4,120,0
Foreign bank
5,567,0
415,0
1,658,0
539,0
572.0
258,0
219,0
768,0
224,0
140,0
185,0
185,0
404,0
Other deposits
23,715,0
129,0
11,215,0
178,0 1,321,0
117,0
103,0 2,263,0
238,0
239,0
153,0
55,0 7,704,0
Total deposits
2,359,711,0 144,348,0 962.247,0 131,671,0 185,282.0 64,566,0 65,460,0 339,575,0 78,034,0 52,533,0 88,637,0 61,852,0
185,506,0
Deferred availability Items
649,843,0 70,289,0 174,764,0 50,412,0 59.528,0 45,127,0 20,404,0 79,404,0 31,769,0 13,257,0 38,381,0 26.495,0 40,018,0
Capital paid In
158,797,0 10,393,0
57,830,0 15,575,0 15,139,0 6,176,0 5,409,0 19,749,0 5,383,0 3,071,0 4,296,0
4,451,0 11,325,0
Surplus
254,393,0 19.619,0
71,282,0 24,101,0 26,345,0 12,399,0 10,554,0 36,442,0 10,820,0 7,032.0 9,086,0 8,690,0 17,978,0
All other liabilities
26,710,0 1,873,0
6,455,0
1,701.0 2,613,0
1,422,0 2,162,0 4,835,0
1,600,0
1,003,0
1,068,0
723,0
1,255,0
Total liabilities
5,282,463,0 400,374,0 1,588,227,0 379,379,0 498,495,0 204,207,0 240.406,0 829,605.0 139,662,0 146,337,0 218.320,0
148,176,0 438,780,0
Memoranda.
Reserve ratio (per cent)
73.0
71.5
68.7
77.0
76.5
62.1
64.5
79.3
60.3
80.0
74.9
66.5
82.4
Contingent liability on bills bur
Chased for foreign correspond'
440.592,0 32,120,0 138,057,0 41,669,0 44,273,0 19,967,0 16,928,0 59,465,0 17,362.0 10.851,0 14,324,0 14,324.0
31,252,0
V. R. notes on hand (notes rec'
from F. R. Agent less notes I
con ',go^ on IAC n
nnn nr.•n
circulation
on 'se-A n nr Illl n
vs, non n
ell ',Inn
co Inn n
lc A01 n
o Ann n
li OIA II IA n4= A IA 517 n
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS
AT CLOSE OF BUSINESS JULY 10 1929,
Federal Reserve Agent al-

Total.

Boston,

New York.

Two Ciphers (0O) omitted5
5
R notegrec'd from Comptroller 3,831.317.0176.948.0
R.notes held by F. R. Agent__ 1,471,785,01 92,190,0
R. notee issued to F. R. Bank. 2,359,532,0184,758,0
ilateral held as security for
F. P. notes !issued to F. R. Bk.
Gold and gold certificates__.,., 336,395,0 35,300,0
(Sold redemption fund
98,685,0 10,201,0
Gold fund-F. R. Board
984,412,0 58,000,0
Eligible paper
1,170,445,0 99,006,0
Total collateral

Phila. ICAntelancl. Richmond Amnia. Chtcago. St. Louis. Minneap. Kon.City

Dallas. San Fran.

$
i
1
$
$
$
$
$
$
$
$
$
928,649,0 240,793.0 327.559,0 194,747,0 307.919,0 641,049,0 124.687,0 154,961,0 151,716,0 82,354,0 399,935,0
404,745,0 48,820.01 92.570,0 101,384,0 140,420,0 238,280,0 47,210,0 78,074,0 63,030,0 22,342,0 142.720,0
523,904,0 191,973,0 234,989,0 93,363,0 167,499,0 402,769,0 77,477,0 76,887,0 88,686,0 60,012,0 257,215.0
151,330,0 30.000,0 41,800,0 16,190,0 9,500,0
7,800,0 14.167,0
14,758,0 35.000,0
13,849,0 10,816,0 13,587,0 4,439,0 9,189,0 2,747,0 2,543,0 2,548,0 6,080,0 5,630,0 17,056,0
91,157.0 100,000,0 32,000,0 76,000,0 327,000,0 17,000,0 51,000,0 55,360,0 14,000,0 162,895.0
425.143.0 66,611,0 93,122,0 53,933,0 74,028,0 147.337.0 51,328,0 16,352,0 40.779,0 31.265,0 71,536,0
Ron 0790 me 551 0940 kno n ins 5070 100 717 0477 0040 70671.0 04.067.0 102.219.0 65.653.0
286.487.0

2.999 937 0 2frt 5370

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 statement of Dec. 12 1917, published in the "Chronicle" of Dec. 29 the different items in the statement were given in
1917,
upon the figuresfor the latest week appears in our department of "Current Events page 3475. The comment of the Reserve Board
preceding which we also give the figures of New York and Chicago reporting and Discussions," on page 210 immediately
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 wItb
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
(tanks III now omitted; in its place the II, S. obligations and those 3000red by commercial paper, only a lump total being given. The number of reporting
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
or $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 JULY 3 1929. (In millions of dollars.)
Federal Reserve Dievici.

Total,

Boston

New Yon!

Loans and Investments--total

S
22,485

S
1,508

$
8,787

Loans--total

16,925

1,155

7,760
9.165

484
671

5,560
2,759
2,800

Phila, I Cleveland Richmond' Atlanta. Chicago. St. Louis. Mtnneap. Kan. City
S
1.222

5
2,194

6,795

912

3,563
3,233

476
436

353

1,992

172
182

1,012
950

1,721
243

101
15

13,293
6,679
193

5

S

U.S. Government securitlea
Other securities
Reserve with IL R. Bank
Cash in vault
Res demand deposits
Titus deposits
Government deposits
Due front banks
Due to banks
Borrowings from F II Hank

1,545

522

512

720
824

202
319

149
363

310

649

159

97
213

311
339

75
85

813
77

77
16

129
27

920
458
10

5,960
1,610
51

727
267
18

55
136

181
1,050

326

ID veatments-total

648

1,183
2,886

On securities
All other

681

$
3,280

56

389

5

I

$

Dollar. Sax Fran.

678

376

692

469

I
1,950

2,585

509

2531

461

343

1,333

1,215
1,370

228
231

81
169

122
338

103
240

412
921

135

695

169

123

231

126

617

62
74

318
377

60
109

69
54

107
124

86
40

361
256

41
12

40
9

256
38

44
7

27
6

57
10

33
7

108
20

1,026
959
21

357
244
8

320
245
13

1,850
1,223
19

367
222
5

223
132
2

501
180
4

281
145
11

762
994
29

69
173

98
208

51
99

69
94

216
457

56
111

56
77

115
201

53
78

164
202

3
0

07

97

/n

Int

/50

/

11

un

$

*Subject to correction.

Condition of the Federal Reserve

Bank of New York.
The following shows the condition of the Federal Reserve
Bank
in comparison with the previous week and the corresponding date last of New York at the .1h .,-e of business July 10 1929,
year:
Resources
Gold with Federal Reserve Agent
Gold relent). fund with Ii. S. Treasury.

July 10 1929. July 3 1929. July II 1928.
$
165,729,000 225,729,000 175,652,000
21,882,000
17,200,000
21,002,000

Gold held exclusively asst. P. It. notes
Gold settletuent fund with F. it. Board_
Gold and gold certificate, held by bank_

187,611,000
115,061,000
503,831,000

242.929,000
77,772,000
483,230,000

196.654.000
112,175,000
472,987,000

Total gold reserves
Reserves other than gold

806,503,000
70,965,000

803,931,000
66,346,000

781,766,000
30.073,000

Total reserves
Ron-resene cash
Bills discountedSecured by U. H. Govt. obligations_
Other bills discounted

877,468,000
22,253,000

870,277,000
18,250,000

811,839,000
20,127,000

317,145,000
122.175,000

288,122,000
137,132,000

333,298,000
116,335,000

439,320,000
15,032.000

425,254,000
13,055,000

449,633,000
33,486,000

155,000
13,002,000
1„520.000

155,000
16,737,000
2,990,000

7,084,000
15,020,000
18.193,000

15,577,000
2,815,000

19,882,000
2,815,000

40,297.000

472,744.000

461,006,000

523,416,000

Total Dills discounted
mils bought In open market
H. ti. Government securItlexBonds
Treasury notes
Certificates of Indebtedness
Total U.S. Government sectirltlea
Usher securities (ere note)
Foreign Lomas on Gold
Total bills and securities (Ave Note)..

Resource.,(Conclutle4)Gold held abroad
Due from foreign banks (See Note)
Uncollected Items
Bank premises
All other resources
Total resources

July 10 1929, Juiy 3 1929. July 11 1925.
$
$
$
221,000
198,501,000
16,087,000
953,000

220,000
261,651.000
16,087,000
962,000

217,000
183,140,000
16,563,000
1,458,000

1 583,227,000 1,628,453,000 1,556,760.000

LlaNittiesForl'I Reserve notes in actual circulation
Depoeite-Member bank, reserve sect
Government
Foreign bank (See Note)
Other deposits

315,649,000
945,710,000
3,664,000
1,658,000
11,215.000

309,389,000
966,403,000
3,335,000
1,138,000
13,968,000

341,685,000
929,535,000
1,292,000
2,502,000
11,171,000

Total deposits
Deterred availability Items
Ca9ltal Paid In
Surplus
All other liabilities

962,247,000
174,764,000
57,830,000
71,232,000
6,455,000

984,844,000
198,989,000
57,300,000
71.282,000
6,149,000

944,500,000
154,506,000
47,541,000
63,007,000
5,521.000

Total liabilities
Ratio of total reserves to deposit and
Fedi Res've note liabilities eousblued.
Contingent liability on bills purchased
tor lot-elm corrispondenne

1,588,227,000 1,628.453,000 1,556,760,000
68.7%

67.2%

63.1%

138,037,000

134,309,000

86,670,000

NOTE.-Beirinning with the statement of Om. 7 1925, two new Items were added in
foreign correspondents. 10 addition. the (motion "All other earning assets." presto lily order to inow.seintracely tIle 4,11.14111ot bsianoet held abroad sod amouula due to
rotie up of Federal
lat11446 Ore lit Bunk debentLres, was ensued to
..osnersecurnies," and the oaPtioo "Total earning assets" to "Total Dills and
disoanniscceptances sag seourttles am-mired Under the Provisions of Seations ssanrIt104." rns latter tern 2is II Lite! Si s .u.tre av,Irate te,orintion At the 19111 of the
13 end 14 of he redi:%IflAin've Aot, wenn it ass itatA.1 trs true only Items
Included therein.




[Vol.. 129.

FINANCIAL CHRONICLE

244

New York City Realty and Surety Companies.

azette.

VanTtertf

(AU prices dollars per :Sam)

Wall Street, Friday Night, July 12 1929.
Railroad and Miscellaneous Stocks.—The reivew of the
Stock Market is given this week on page 229.
The following are sales made at the stock Exchange this
week of shares not represented in our detailed list on the

Sales
for
Week.

Par. Shares

Range Since Jan. 1.

Range for Week.
I

Lowest.
per Share.

Lowest.

Highest.

Highest.

per share. $ per share. Per share.

Railroads—
B & 0 ctfs full
Buff Roth & Pitts_ _100
Canadian Fag 1st paid_
Caro Clinch & Ohio_100
Cent RR of N J____100
100
C C C& St L
Chic Ind & Lou pref 100
100
Clev & Plttsb
Detroit & Mack pf_ _100

4.600 125
500 98
500233%
150 83
338
100265
10 7231
40 74%
30 60

July
July 1
July
July 1
July60
July 1
July 1
July
July

July 8 128%
July 10 77
July 8 228
July 10 82
July 0305
July 10 248
July 11 72%
July 10 73%
July 960

June 127%
May 99
June 234
May 92%
Apr 360
May 265
July 7439
Apr 7935
Mar 60

July
July
July
Feb
Feb
July
Mar
Jan
Mar

III Cent leased line.. _100
100
N 0 Tex & Mex
N Y State Rys pf 100
100
Pacific Coast
100
2d preferred
Phtla Rap Tran___50
Pitts Ft W & Ch p1_100
Vicks Shrev & Pac_100
Wheel & Lake Erle_100
100
Preferred

30 72
60 140
100 14%
700 21%
10 28%
1,000 51
20144%
20 95
400 98
500 99%

7356 July 12 72
July
July 1 140 July 12 130
July 1 22 July 11 14%
July
25 July 12 20
July 1 28% July 12 21%
July
55 July 12 49%
144% July 9 144%
July
95 July 8 95
July
99% July 10 70
July
104 July 9 70
July

June 80
Apr 156
May 41
Feb; 43
Jan; 40
Apr, 55
July 153%
June 100%
APr, 99%
Mar 104

Feb
May
Jan
Feb
Feb
July
Feb
Jan
July
July

July 6 86
July 12 50
July 11 8234
July 8 108
July 11 11054
July 12 2634
July 11 88%
July 10 94
July 8 36
July 12 115%
July 8 117

Mar 130
July 73
July 84
May 116%
July 115
June 30%
July 107
May 110
July 43%
July 12034
Feb 110%

July
Jan
July
Jan
Jan
Feb
Jan
Jan
July
July
Feb

127
99
234
83
350
265
72%
76
60

Indus. & 51Iscell.
July 8 130
July 12 50
July 12 84
July 8 114
July 10111
July 11 28%
July 12 90
July 9 96
July 12 43%
July 8 120%
July 8 117%

900 88%
Columbia Gas & El pf B
373,600 5%
Rights
Columbia Graph° rts_ 134,600 8%
40 92
Com Credit pf ex-w 100
• 28,600 33%
Continental 011
90111
Cushman's Sons pref,._•
•
300 21
Duplan Silk
100
500 98
Preferred
20 42
Durham Hosiery p1.100
190 9
Elk Horn Coal pref _50
700 96
•
Eng Pub Serv Pf(5%)

July 10 89% July 6 86
July 6 6% July 12 4%
July 6 9% July 8 539
July 10 92 July 10 85
July 11 35% July 9 33%
July 9111% July 9 leg%
July 9 22 July 6 20%
July 12 99 July 10 98
July 6 42 July 6 36
July 10 9% July 12 8%
July 11 9839 July 12 92%

Junel 89%
June 6%
June 9%
May 95
July 35%
Feb iissi
Mar 28%
Mar 102
Jan 45
June 3
June 99%

July
July
July
June
July
Feb
Jan
Jan
Apr
Jan
Feb

•
100 5
Fairbanks Co
400 883,1
Fleischmann Co ctfs
Fisk Rubber 1st pfd 100 1,160 45%
100
70 45%
Cony pref
70104%
Franklin Simon pref 100
290 82%
Gamewell Co
100 135
Gen Baking Co pret_ •
lot)
120 117%
Gen Cigar pref
Gen Public Service_ __• 16,800 62
•
500 112
pref
Gold Dust
300105%
Grand Stores pref.._...'

July 9 5 July
July 11 89% July
July 8 51% July
July 8 49% July
July 11 104% July
July 11 83% July
July 12135 July
July 8120 July
July 9 67% July
July 11 114%, July
July 12107 July

9 43,1
11 88%
10 40y
9 41
11104%
11 82%
12 130
11 1123,1
12 57
111106%
6105%

Jan 10
July 89%
June 72%
July. 8256
June 110
JulYI 83%
Mar,140
Jan 122
June' 69%
June 120
July 1116

Apr
July
Jan
Jan
Jan
July
Feb
Jan
July
Mar
Jan

30111%
Harb-Walk Ref pfd_100
*
200 24%
Hartman Corp cl A
40 128%
Helme (0 W) pref__100
600,130
Hercules Powder
Household Fin pref. 50 1.1001 49%
Int Mercantile Mar ctfs 2.0001 27
600 122
Int Nickel pref
Inter Hydro-El Sys A_* 118,4001 47%
300 90
I-S Dept St plea w.100
20105
Island Creek Coal pfd_l

July 11 111%
July 10 24%
July 6 128%
July 11 130
July 8 49%
July 12 28
July 11 122
July 9 53%
July 11 91%
July 10 105

July 11111%
July 9 2334
July 6 123%
July 11 130
July 9 49%
July 12 27
July 11 118
July 12 47%
July 8 90
July 10 105

July 1I834
May 27
Jan 136
July 130
July' 5039
July l 28
Jan 128
July. 53%
JulY. 97
May 10534

Jan
Jan
May
July
July
July
Mar
July
May
Mar

6 34
8 231%
10 100
8 92%
6 90
8 210
8 38%
6 97
12 18
8 16%
9 114%

Apr, 4934
May 2543,1
Mar 102
June 110%
Mar 95
June 295
June 4334
June 102
July, 19
June 19
Feb117

Mar
July
Jan
Jan
Mar
Apr
July
July
July
June
Apr

July
July
July
July
July
July
July
July
July
July
July

100
Pitts Steel pref
100 993,1 July 10100 July 8 92%
Pub Ser of NJ pf (5)- -•
300 9556 July 9 95% July 9 95
Radio Corp prof Cl B_-• 7,000 77 July 11 79% July 10 74
Railway dr Express--• 8,400 49% July 10 56 July 12 4934
Reynolds Tobac cl A _10
10 70 July 12 70 July 12 70
124% July 8124% July 8 124
So Porto Rico Sug p1100
%
% July 9
54 July 9
Spencer Kellogg rights_ 5,200
Stanley Cool Am.._'
230 39% July 11 40% July 11 26
Sterling Securs cl
14.600 27% July 12 28% July 8 25%
20 9.300 14% July 8 15% July 6 13%
Preferred
Tobacco Prod ctfs
2,600 14% July 8 16 July 10 14%
Preferred ctfs
1,400 17% July 11 18% July 10 17%
United Bus Publish's_•
400 34 July 8 35 July 6 34
United Carbon
* 63,600 87 July 11 93 July 8 87
United Cigar Stores ctfs
100 16% July 12 16% July 12 16%
United Corp rights__ 214,800 4% July 10 6% July 12 4%
July 8 6%
United Dyewood _ - _100
3 13 July 8 13
•662,400 4714 July 6 54 July 12 4834
United Gas & Impt
Preferred
• 3,100 92% July 12 9434 July 9 9234
US & For Securities....' 9.700 58 July 12 62% July 6 58
Preferred
89% July 11 92 July 10 89%
10 100 July 9 100 July 9 9939
Va El & Pow pf (6)_100
Iron C & Coke__100
100 23 July 10 23 July 10 23
Va
100 90 July 11 90 July 11 90
Webster Eisenlohr p1100

Feb 100 June
Jan
June 96
Mar, 82% Apr
July
July 56
Mar
Apr 80
July 135
Feb
July
34 July
May
Apr 45
June 29% July
June' 15% July
July
July 16
July 18% July
July 36 June
July 93
July
July 16% July
July 6% July
May
Apr 21
June 5434 July
July, 94% July
July 653,1 July
July
July 92
June 101% Jan
Mar 25% May
Mar
May 100

* No par value.

Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
Bid.

Asked.

q% 99."8, 100
Sept.15 1929
4% 993: 99,0n
4,
flee. 15 192A _ _
Mar.15 1930._ 534 % 1001,n 100wis




4,5

112

180

Banks—N.Y.
America
Amer Union..
Bryant Park'

Bid
222
246
450

Ask
226
250
490

Central
Century
Chase
Chath Phenix
Nat Bk& Tr
Rights
Chelsea Ex
Chemical
Commercial_
Continental._
Corn Each.. __

204
320
208

212
350
210

875
73
99
117
790
58
203

885
75
104
119
820
61
206

Fifth Avenue_ 3200 3400
7000 7075
First
750
Grace
1380 1420
Harriman
350
Letcourt
242 248
Liberty
Manhattan' 878 885
National City 403 406
182 185
Park
155
Penn Each..... 145
132
Port Morris__ 120

(All prices dollars per share.)
Ask
Banks—N.Y. Bid Ask Tr.Cos.-N.Y Bid
255 260 Equitable Tr. 845 651
Public
970 985 Fidelity Trust 211 216
Seaboard
565 585
170 Fulton
164
Seward
848 855
312 330 Guaranty _ _
Trade'
4
4
983 993
Rights
202 205
US lot 525.
Yorkville __-- 225 235 InVICIermanle 217 224
Interstate.___ 315 323
Yorktown...__ 280
7514 76
Irving Trust
Lawyers Trust
Manufacturers 280 283
Murray Hill... 300 315
Brooklyn.
Globe Each' _ 420 435 Mutual(West365 405
chester)
1200
People's
170 185 N Y Trust_ _ _ 338 343
Prospect
155
Times Suuare. 145
181
Title Gu & Tr 178
United States4375 4500
Trust Co..
Westchest'r Ti 1000 1100
New York.
Banes Cornle
Brooklyn.
Italiana Tr_ 4,10
1158 1168
Brooklyn
Bank of N Y
&Trust Co_ 940 950 Kings Co_ _ _ 3350 3450
Bankers Trust 173 176 Midwood_ _ _ - 305 325
Bronx Co Tr _ 535 550
Cent Hanover 438 442
490 520
County
Empire
632 640
y Ex-rights.

United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.—
Below we furnish a daily record of the transactions in Liberty Loan bonds and Treasury certificates on the New York
Stock Exchange.

The transactions in registered bonds are

given in a footnote at the end of the tabulation.

50 38 July 6 38
Kuppenheimer & Co __5
100
20254% July 8254%
Laclede Gas
100
20,100 July 10 100
Preferred
•
800 93% July 6 96
Loew's Inc pref
100 90 July 6 90
Pref ex warrants— 10212 July 8212
:Mexican Petroleum _100
Minn Mol Pow Impl • 24,900 39% July 12 43%
• 3,400 100% July 9101%
Preferred
Montgomery Ward rts_ 17,000 18 July 11 19
500 17 July 10 17%
Motor Meter cl A ctts.*
115
10115 July
Nat Supply pref___ _100

Int.
Rate.

394 U El Casualty_ 107

Ask

325

*State banks. I New stock. z Ex-dividend. / Ex-stock dlv.

s
Alliance Realty
60129%
100 50
Amalgamted I.eather p
3,600 82%
Am European Secur_
120 114
Am Mach & F pf ex-w_
510 11054
Arch Daniels Mldl p1100
600 28
Art Metal Construe_ _10
500 88%
Aaso Dry Gds lot pf_100
100
300 93
2d preferred
• 20,300 36
Briggs & Stratton
• 8.100115%
Bristol-Myers
30117%
Brown Shoe pref___100

Maturity.

91 Mtge Bond__ 195
300 N Y Title &
6212 Mortgage.._ 62

Bid
N. V. Inv't'ra
let Prof---- 98
97
2d pref
205 Westchester
160
Title & Tr
6212

Bid
Ask
130 Lawyers West138
chest NI & T 275

New York City Banks and Trust Companies.

pages which follow:
STOCKS.
Week Ended July 12.

Bid
Alliance WIly 120
AinSurety new 133
Bond & M
New($20par) 87
Home Title Ins 285
Lawyers Mtge (112
Lawyers Title
&Guarantee 388

Maturity.
Sept.15 1930-32
Mar.15 1930-32
Dec.15 1930-32
Sept. 15 1929
Dec.15 1929

In'
Rate.

Bid.

Asked

,
33.4 % 07 ln 97,,us
,
,
3%% 97 ln 98 n
334% 97,012 97,,
,
100 n
434% 100
,
,
439% 100 n 100 ti

Daily Record of U. S. Bond Prices. July 6. July 8. July 9. July 10 July 11 July 12
971.3: 971233
97233
IHigh 96 sts 962031 97233
,
First Liberty Loan
971033 971023
,, 993,33 97
334% bonds of 1923-47_ _ Low- 962,31 96,,
971,33 97"3:
,
97 n
,
Close 96,11tt 96,,n 97 33
(First 355)
41
97
9
187
58
65
Total sales in $1,0130 units......
---------___ —_-____
Converted 4% bonds of High
1932-47 (First CO
Total sales in 51.000 units _-_
Converted 4 Si% bonds'High
011932-47(PIM 4%s)(Low(Close
Total saks in 51,000 units___
Second converted 434% Mg h
bonds of 1932-47 (First LowSecond 4 A s)
Total sales in $1,000 units__ {High
Fourth Liberty Loan
44% bonds of 1933-38_ LowClose
(Fourth 431*)
Total sales in $1,000 units ___
1111gb
Treasury
Low
44s, 1947-52
Close
00
Total sales in 51,0 units__
High
Low_
4s, 19-11-1954
Close
Total sales in 51.000 units__
High
Low_
3Ms, 1946-1956
Close
Total sales in $1,000 untts__
(High
Low_
334.,3s, 1943-1947
Close
Total sales in $1,000 units__
. High
Low_
354s, 1940-1943
(Close
Total salsa in SI 000 tinits___

Note.—The

--992"ti
99',,
991031
21
--__
____

---9900ti
,
99 33
,
99 33
12
___.
___ -

-- -991.ti
,
99 11
991133
180
-------

------. 99211,
9501
991.33 99"13
991133 99243:
14
22
-------------

-_--99'ln
9911ss
991,33
72
---

---99l'is
'.
9914
99,,n
45
108.ss
it
108,
3:
108,
57
:
10411
,
104 33
101'13
20
____
____
__
____
____
____
-___
__ .._
__
____
--- ____

---99Isst
"
991,
99,,ti
121
10,3831
,
108 tt
,
105 32
60
1041',,
1041,33
1041,33
13
101113,
1011.33
1011,it
50
971,33
971,33
971.33
50
97,ii
,
97 33
97.31

---992,31
99l0n
99,,n
107
____
____
--_____
104'23,
1041,13
1041,3:
2
1011,33
101 1.33
”
101,
33
:s
971,
971,33
971,33
25
____
--._
....- -

----,99..n 100
,,99,133
99t0
” 99,,tt
992,
93
143
1081,31 1081,31
,
109 st 1081,n
1031,33 108,,n
6
51
10116., 104:',,
104un 104un
31
1041,3: 104,,
1
27
-___ 102
_-__ 102
__ 102
25
____
---971,33
---97"at
---971133

,,-9IPTst
992133
992,ti
347
,
108' 11
108"n
1081,31
46
105
104un
1041133
351

97",,___---,
97 .33
- -..970O3,
5

98.3,
98'3:
98'3:
25
97"33
97,,t1
972233
I

above table includes only sales of coupon

bonds. Transactions in registered bonds were:
43 lot 4315
13 4th 434 s

99
to 99,,as
99'33 10 99",,

Foreign Exchange.—
To-day's (Friday's) actual rates for sterling exchange were 9.84%6
4.84% for checks and 4.850_04.85 1-16 for cables. Commercial on banks,
sight. 4.8434(54.847.16; sixty days, 9.793404.79%; ninety days. 4.77%
©4.77%; and documents for payment, 4.799.404.79%. Cotton for payment, 4.83%, and grain for payment, 4.83%.
To-day's (Friday's) actual rates for l'aris bankers' francs were 3.91 1-16
3.913-4 for short. Amsterdam bankers' guilders were 40.12690.15 for
short.
Exchange at Paris on London, 123.89 francs; week's rango, 123.97 francs
high and 123.89 francs low.
The range for foreign exchange for the week follows:
Cables.
Sterling. Actual—
Checks.
High for the week
4.8.3
4.85 13-32
4.84%
Low for the week
4.84%
Paris Bankers' Francs—
3.91%
High for the week
3.91%
3.91%
Low for the week
3.90%
Amsterdam Bankers' Guilders—
40.18
40.10
High for the week
40.14%
Low for the week
40.113,1
German Bankers' Marks—
23.82
23.82
High for the week
23.81
Low for the week
23.78%

The Curb Market.-7'he review of the Curb Market is
given this week on page 232.
A complete record of Curb Market transactions for the
week will be found on page 263.

Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages-Page One
For salsa during the week of stocks not recorded here. see preceding Page.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
July 6.

Monday, I Tuesday,
July 8.
July 9.

Wednesday, I Thursday,
July 10.
July 11.

Sales
for
the
Week.

STOCKS
NEW YORK STOCK
EXCHANGE

PER SHARE
Range Since Jan. 1.
On basis of 100
-shore Iota

Friday,
July 12.
LOOM
Hishedl
8 per share 8 per share 8 per share $ per share 8 per share $ per share Shares
Railroads
Par $ per share I per share
243 24514 24314 24504 24214 24512 24214 245
243 24614 243 2465 43.400 Atch Topeka dr Santa Fe__100 19518 Mar 26 24812July 3
8
102 10212 1011 1013 101 101
4
4
101 101
10114 10112 .101 102
600 Preferred
100 99 May 16 1037 Jan 7
8
199 200
199 20012 199 20014 19912 20014 198 19978 199 199
100 169 Jan 2 201 July 3
Atlantic Coast Line RR
5200.
12812 1295 12839 1297 12818 129
8
8
12712 1283 12714 1283 2127 1277 42,700 Baltimore & Ohio
4
4
8
100 11518IMay 27 133 Mar 5
777 777
8
4
8 783 783
4 79
79
*7712 783
4 783 783 277
4
4
773
700 Preferred
8
100 75 June 13 8012 Mar 20
7914 7914 7912 8014 7912 80
7912 80
7912 8014 79
4,600 Bangor & Aroostook
79
50 6412Ma7 8 8039July 3
1094 1097 *108 110 *108 110
8
108 1097 *10712 110
8
10712 10712
50 Preferred
100 105 Apr 4 110 8May 20
5
*102 105
1013 1013 *102 105 *102 10312 *102 1037 102 102
4
4
8
400 Boston & Maine
100 85 Apr 4 1093 Jan 5
4
6214 6214 6212 6312 613 62
4
615 6214 6112 6218 6118 615
8
8 6,900 BklYn-Manh Tran v t o_No par 6018May 28 817 Feb 25
2
85
853
4 8314 8512 *8412 853
8 8412 8412 *82
8514 *84
85
800 Preferred v t .3
No par 83 May 22 925 Feb 1
8
26
26
243 2512 2412 25
8
*25
26
24
25
24
1,600 Brunswick Term & Ry See_100 18 May 28 4418 Jan 18
24
•70
*67
75
72
*67
72
*67
72
*67
72
*67
Buffalo & Susquehanna_ _ _100 54 4 Jan 26 85 Mar 2
72
3
*52
56
56
.52
56
56
*52
56 .52
56
*52
56
10, Preferred
100 5118July 1 68121Mar 4
2393 2427 24014 244
8
8
24014 24154 2395 2423 2403 242
8
8
4
24114 24214 15,800'Canadian Pacific,
100 218 May 27 2697 Feb 2
8
*95
9812 *96
9812 *95
97
97
97
495
97
*95
97
20 Caro Clinch dr Ohlo etfs st'd100 95 June 11 10112 Mar 14
243 244
244 2463 24318 245
4
24314 245
246 252 252 25312 14.000 Chesapeake & Ohio
100 195 May 20 25312July 12
714
712
7
7 14
6
713
47
8 5
412 514
6,900 Chicago & Alton
45
412July 11
100
8 512
193 Feb 4
4
912 93
4
914
8
612 8
718 718
718 8
712 818 12,0001 Preferred
100
612July 9 25 4 Feb 4
3
343 36
4
*3412 37
*3412 37
*3412 37
*3412 36
*3412 3412
900 Chic & East Illinois RR_..
.1110 28 May 20 43 Feb 4
6112 62
6012 *60
*60
62
*60
62
585 585 *5812 5912 1,2001 Preferred
8
8
100 49 June 26
8
16
1634 17
17
1612 1678
1618 1614 1612 1612 1512 1614 8,300 Chicago Great Western_100 1234May 28 667 Feb 4
237 Feb 1
8
*4312 443
4 4312 447
s 4218 4318 425 425
8
8 42
43
4114 4138 5.200fPreferred
100 38 June 11 63 8 Jan 31
5
3512 365
8 3514 3612 357 3612 3512 36
8
3512 3618 3512 353 27.800 Chicago Milw St Paul dr Pao_
4
273
4May 28 397 Feb 2
8
5514 557;I 5518 5658 5453 56
5418 55 4 5418 5512 54
3
553 34,0001 Preferred new
4618May 28 63 4 Feb 2
8
3
.
911 927
913 94
4
913 93 4 9212 943
4
3
8 9218 94
9212 933 51.300 Chicago & North Weetern-100 8014May 28 9434July 6
4
•134 13812 *135 140 *135 140 *135 136 *133 136
*133
1 Preferred
100 134 Apr 24 145 Feb 5
13312 13312 134 134
1325 13312 13212 1341 13214 13412 135 136
8
1367 11,400 Chicago Rock 1s1 &Paciflo_100 115 May 27 1397 Jan 19
8
8
1057 10578 106 106 *105 4 106
8
3
105 4 10534 1053 1053 *10512 10612
3
4
4
400 7'7 preferred
100 10514 Mar 27 10814 Jan 25
*99
993 *99
4
9934 *99
993
99
99
9914 9914 9912 997
;
100 9812June 20 1027 Feb 5
600 64 Preferred
8
*110 116 *110 115 *112 115 *110 115
115 116
116 116
800 Colorado & Southern
100 101 May 28 122 Mar 5
*88
72
*68
72
.68
72
*68
72
*68
72
*68
68
100 68 July 3 80 Jan 25
101 First preferred
*68
7112 *70
7112 7112 711 *68
711 *68
7112 .68
71'
100 64 Ayr 22 7212 Mar 6
I Second preferred
54
59
55
55
5918 591
603 62
4
607 61
8
*5912 60
1.800 Consul RR of Cuba pref
100 51 May 29 705 Jan 2
8
21314 21414 212 21314 21012 21312 20914 212
211 214
21012 21112 8.300 Delaware dc Hudson
100 182 Mar 26 215 July 3
12818 1323 13112 13314 134 140
4
13712 1401 137 138
13714 140
35,700 Delaware Lack & Western_100 12014June 11 14012July 10
69
69
6914 707
8 70
703
4 70
7012 7012 713
4 703 713
4
4 5.400 Deny & Rio Gr West pref 100 5514 Jan 2 773 Feb 21
4
*213 312 *212 312
25
8 25
8 *23
4 31
*212 314 *212 314
100 Duluth So Shore & AtI
8June 11
23
100
472 Feb 4
*4
43
8 *4
55
8 *4
5
*33
8 5 8 *4
3
558 *4
55
8
_ __I Preferred
4 June 11
100
711 Feb 4
7918 797
8 7912 805
8 7914 80
7918 797
8 783 7918 783 793 36.600 Erie
4
8
8
100 64 Mar 26 8172.1une 28
*6518 653
2 65 653
4 645 65
8
65
65
65
6518 645 65
8
3.900; First preferred
100 57 Mar 28 6614July 2
*6312 635
8 6312 6312 6312 6312 6312 6312 6312 635
8 633 637
4
8 1.5001 Second preferred
100
Mar
7
1135 11414 11312 115
8
114 1163 116 1177 11512 11634 117 11812 31,800 Great Northern preferred 100 58 May 27 63 8July 2
8
8
101
28 I1812July 12
10912 10912 110 111
109 11114 1113 113
4
11114 11214 11218 1137g 11,900 Pref certificates
100 100 May 15 1137
8July 12
4612 4612 *45
4512 *4514 46
453 453 .45
8
8
451 1 45
45
400 Gulf Mobile dc Northern
100 323
2May 27 59 Feb 4
*91
93 4 *92
3
933 *92
4
93 4 *92
3
933 *92
4
933 *92
4
933
4
I Preferred
100 9012June 6 103 Jan 3
*812 912 *812 912 *812 9
.812 9
*812 9
.812 9
Havana Electric Ry... _No par
7 Feb 18 1112 Apr 20
.69
70
*69
70
69
69
70
70
.6914 75
6914 6914
3401 Preferred
100 55 Feb 16 73 Apr 15
.462 47712 462 462
466 469
460 468
468 484
485 512
340 Hocking Valley
100 375 Mar 26 512 July 12
.4114 4134 4118 415
8 41
4158 4058 41
4012 403
4 41
41
2,000 Hudson & Manhattan
100 3412May 28 532 Jan 5
8
*7014 74
*71
7412 *72
75
*72
74 .72
74
74
.72
Preferred
100 70 June 25 84 Jan 18
144 144
144 144
144 14478 14412 14478 143 14314 14214 14214 2,400 Illinois Central
100 13212May 27 152 Feb 1
•140 148 *140 148 •14418 150 *144 150 .144 150 .144 150
100 13312May 31 146 July 3
Preferred
*7312 7512 *7312 7512 *7312 7512 *73
751 *7312 7512 *7312 75,
RR Sec Stock certificatee__
2
7234 July 2 8018 Feb 21
2238 23
23
23
23
2318 223 23
4
225 235
8
8 235 233
8
4 3,700 Interboro Rapid Tran v t c_100 2238July 6 583 Feb 25
8
*4934 5012 497 497 *49
8
8
5012 50
503
8 50, 5012 503 51 14
4
2
900 Int Rye of Cent Amerlca_100 43 Apr 1 59 Jan 26
*4312 5312 *4312 52
*44
53
*44
*44
53
53
*44
53
Certificates
No par 4018June 1 5912 Jan 25
74
75
*733 75
4
7412 75
70
75 .75
77
78
78
220 Preferred
100 6912June 13 8014 Jan 2
9314 9918 98
987
8 9718 985
8 96
973
8 9614 967
8 96
987 18.900 Kansas City Southern
8
100 78 Mar 26 ionJuir 2
*6312 64
64
64
.63
65
6414 647 *63
8
65
65 .63
300 Preferred
100 6318July 3 7012 Jan 15
.92
9212 9218 943 .9314 94
4
9314 93 8 92
3
94
933 94
8
5.600 Lehigh Valley
50 773
4May 29 10214 Feb 2
1473 1473 1467 149
4
4
149 149
8
1483 14884 147 1483 147 149
4
4
1.100 Louisville & NashvIlle
100 13812May 28 15312 Feb 5
34
34
337 3412 333 3414 34
8
4
34
3312 3339 3334 34'8 3,600 Manhat Elev modified guar100 3113 Apr 8
572 Jan
.
*27
347 *26
8
347 .26
8
347 *26
8
347 •26
;
347 *26
8
347
8
Market St Ry prior pref__100 20 May 28 3912 Jan 11
4
*2
21
212 *2
*2
21
*2
214
218 218 *2
214
100 Minneapolis & St Louls___100
2 May 22
334 Jan 19
*4412 45
443 45
4
45
*4412 45
45
*443 45
4
45
45
700 Minn St Paul & S 8 Marie.100 35 May 31 4714 Feb 6
.75
80
*76
SO
763 763 *76
4
80
*76
80
*76
80
100 Preferred
100 6814J1,ne 3 87 Jan 23
5712 5712 565 573
8
8 5712 5712 57
57
5712 5712 *5712 59
330 Leased lines
100 565
8July 8 66 Jan
583 595
8 5814 597
8
8 5712 5858 5612 577
8 5618 573
8 57
5814 63,000 Mo-Kan-Texas RH.____No par 4212 Mar 26 61 July 25
5
010412 105
105 105
105 105
1045 105
8
10414 105
10418 105
1,7041 Preferred
100 102 Apr 9 10712 Apr 25
9514 9612 96
963
4 9512 971
9518 9614 9514 963
4 951s 9739 9.200 Missouri Pacific
100 6212 Jan 4 OSaaJuly 3
139 141
14118 14213 1423 14454 14238 14312 141 1425 1403 1427 12.500 Preferred
4
8
4
8
1001 120 Jan 2 1443
4July 9
*7712 82
*7712 82
*7712 82 .7712 82
7714 7712 *7712 82
30 Morris & Essex
501 7714June 3 865 Jan 17
8
225 22712 *223 229 *220 229
228 228
228 228
228 228
280 Nash Chatt dr St Louls
lOOj 186 Jan 29 228 July 10
*178 218
2
2
*2
21
.2
214
2
2
2
218 1,100 Nat Rys of Mexico 2d pref.100i
13
4May 28
35 Jan 25
8
217 218
2173 2217 218 22134 217 22018 21712 21912 218 221
4
8
92,000 New York Central
1001 17812Mar 26 22178July 8
147 147
1473 1527 15012 155
4
8
15512 15512 153 155
1533 155
8
8,000 N Y Chic & St Louis Co
100 12818 Mar 26 15512July 10
•106 10612 10612 1063 1063 1063 1063 1065 10714 10712 1063 1063
8
8
4
8
8
4
4 1,500 Preferred
100 100 May 28 10914 Jan 4
*305 320 *313 320 *301 320
301 305
302 305
303 304
130 N Y & Harlem
50 27712June 13 379 Jan 18
1093 1103 1093 11112 1093 11012 10914 111
4
4
4
4
10912 1107 1093 1103 48,900 NY N HA
8
3
4
100 8072 Jan 4 114 June 24
12114 122
*12012 122
12018 12018 *12014 1213 121 1213 122 12212 1,200 Preferred Hartford
4
8'
1145 Jan 3 125 July 3
8
25
2512 2514 2572 255 257
8
8 25
2518 2518 2514 2434 25
2,700 N Y Ontario & Western_ _100 2312June 28 32 Feb 4
38 33
3
312 312 •
3
3 .31, 47
8 *312 478 .318 47
339 47
200 N Y Railways pref___Ne par
338July 6
Vit Feb 21
*34
37
*34
37
*34
37
*34
36
.34
36
*34
36
Norfolk Southern
100 33 May 28 4813 Feb 4
24914 24914 24914 254 *245 248
2495s 2495 245 248
8
2477 248
8
2,800 Norfolk & Western
100 101 Jan 9 254 July 8
*8512
_ *8512
*8512
__
8512 8512 .8512
_ •8512 .
70 Preferred
100 83 Feb 15 87141May 14
1
111 111
-14 11114 112'8 11113 11338 11112 1133 109 8 112 8 1117 112 8 20,500 Northern
4
,
-5
8
1
Pacific
100 9512May 27 114 4 Mar 5
3
10812 1093 10812 10912 10814 10912 10712 1093 1073 1087 1075 1083 16,200
8
8
8
8
8
4
Certificates
IGO 96 May 27 112 Feb 2
8 8954 907
8912 907
8
8 897 913
8 893 903
8
4 8914 903
8 895 907 82,400 Pennsylvania
8
8
50 7212 Mar 26 9112July 5
*28
32
32
32
*29
*29
32
32
*29
32
*29
32
200 Peoria & Eastern
100 2512June 4 344 Feb 1
189 200
190 190 •185 194
•182 189
190 19412 195 198
4,300 Pere Marquette
100 148 Jan 3 200 July 8
97
9712 *96
96
96
97
96
Ms 96
96
96
96
90 Prior preferred
100 96 Jan 5 101 Mar 22
94 .92
*92
94
*92 2 95
9312 9312 *92
,
94
*92
94
1001 Preferred
100 92 Mar 15 97 Jan 8
.143 14112 144 144 *144 146 *144 146
1
145 14518 143 143
400,Pittsburgh .1 West Va.__ _100 12553May 23 1484 Jan
10
116 1173 116 1173 1163 1175 116 117
4
4
116 116
4
8
116 11613 8.800 Reading
50 10112May 27 1173
4July 8
4512 4512 *45
50
4512 4512 *4512 50
*4512 50
46
47
2,1001 First preferred
50 4112 Apr 22 47 July 12
4012 47
*47
47
47
47
48
47
47 4718 47 47
1.2001 Second preferred
50 435
8May 21 493 Feb 5
4
.65
69
*66
69
69
.65
*65
69
*65
69
*65
69
Rutland RR prof
100 6318 Mar 21
71 June 19
4
12312 12412 12512 12612 12518 1253 12518 127
12412 1253 126 127
4
13,400 St LOUIS-San Francisco
100 10912May 20 127 July 2
9412 95
8
8 945 95
8
9514 955
9412 9513 943 957
8 9412 9412 3,0001 1st pref paid
100 9214 Mar 26 9612 Feb 2
8
4 9614 9712 955 953
4 945 9514 3.000 St Louis Southwestern
98
63
9853 9814 9914 9 4 993
8
100 82 May 27 11534 Feb 4
*8814 92
92
*89
•8814 92
92
*8814 90 .893 893
.89
4
4
100 Preferred
100 87 June 14 94 Apr 26
8 1412 1412 14
1412 14
8 1418 143
8
14
143 143
133 1412 4.000,Seaboard Air Line
4
100 12 June 15 213 Mar 5
4
193 19 8 *1912 20
2018
8
,
*1912 20
•1912 2012 20
*1912 20
7001 Preferred
100 1614June 14 2412 Mar 5
139 1393 13814 13939 13712 1387 138 13912 6.800 Southern
4
13858 1393 13912 140
4
8
Pacific Co
100 124 !Mar 25 14114July 5
8
8
4
1483 14912 14812 14912 14812 1517 150 1517 15018 15112 150 15078 9,000 Southern Hallway
100 138 May 27 1583 Feb 1
3
*9418 947
95
8 95
94
95
94
94
95
94 12 95
95
7001 Preferred
100 93 Jurce 14 99 Jan 3
*110 118 *110 116 •110 116 *____ 116 •____ 116 *____ 116
Mobile & Ohlo certifs
100 104 Apr 4 1404 Jan 14
161 161
165 165
*164 169 .162 169 *162 169 *162 169
200.Texas & Pacific
100 155 May 28 181 May 2
16
*14
16
*15
*15
17
15
17
15
514
16
.14
100,Third Avenue
100 133
3912 3912 39
40
40
39
39
537
39
40
40
*39
400,Twin City Rapid Tranet_104.1 39 4May 9 39 Fen 25
July 1 5814 Jan 25
9312 *93
9412 *93
9312 93
9412
9318 93
95
03
40: Preferred
*91
100 93 July 11 100 Jan 5
4
24512 24712 24612 2493 245 24912 24612 24812 24112 24714 246 25214 18,600 Union Pacific
100 209 Mar 26 25214July 12
814 817
8 8114 8114 181
814 814 *8114 82
8118 1.3001 Preferred
*8113 8153
100 81 July L., 843 Mar 16
s
• ma aid adaed prices. no 1414101 On 11181 day. s Ex-dividend. V Hz
-right..




I

PER SHARE
Range for Precious
Yale 1928
Lowest

HagIleal

$ per share 5 per liars
18238 Mar 204 Nov
10212 Jan 10812 Ape
15718 Oct 1911254a,
1033 June 125 8 Del
4
5
77 Nov 85 Api
61 June 8414 Jar
104 Dec 1153 May
4
58 Feb 91 Dec
774 May
2
533 Jac
82
Jan 95 3 Mal
3
1412 Jan
477 Sept
2
3214 July
6412 No1
38 Sept 63 No
19512June 253 Noi
98 Sept 10718 Mai
17512 June 21834 Del
5 8 Jar
5
183 5
4 110
7 2 Feb 263 May
7
8
37 Feb 4814 May
58 Aug 7652 May
918 Feb 25 Dec
2012 Feb 503 Des
3
2214 Mar 4013 API
37 Mar 5938 Nol
78 June 944 Mal
135 Dec 150 Mal
106 Feb 13958 Noi
105 Dec 111'1 Mai
99 3 Dec 105 Mal
105 Aug 126 Ma,
67 July 85 A121
6912 Nov
85 Mal
6812 Dec 8758 ,Jun,
16314 Feb 226 AD1
12514 Dec 150
Ap
5012 Feb 65 .4 Al)
3
3 Aug
634 Jac
432 Jun
912 Ma:
4834 June 7212 De
50 June 6372 Jai
4SIgJune 62
Jai
9312 Feb1143 No'
4
9118 Feb1113 No'
4
43 Aug617 Ma:
2
99 Aug 109 Ma:
1734 Jun
7 Aug
51 Dee 7818 sap
340 July 473 No
5018 Dec 7312 Ap
81
Oct 9312 Ap
13134 Jan 1484 Ma
13012 Jan 147 Ma
75 July 823 Jun
3
Jan 02 Ma
29
3612 Mar 5212 No
693 Jan 82 Ma
2
43 June 95 No
6612 Aug 77 At
8418 Feb 116
At
1393 Nov 15911 Ma
4
40
Jan 64 Ma
3812 Dec 443 Ma
4
I?, May
84 Ma
40 June 523 is
3
7014 Dec 874 Ms
60 Dec 714 Ja
3012 June 58 De
10112 June 109 Fe
4173 Feb 7614 Set
105 Feb1297 De
2
8212 Aug89 Jut
1714 Aug2043 Ms
4
2 Feb
512 A:
156 Feb196.2 No
1211a Oct146 Ma
10412 Aug110 is
168
Jan 505 Al
54 8 June 823 DI
3
4
112 Sept117 Ms
24 Feb
39 Ms
514 Jan
13 Ma
32 June 58 Ns
175 June 19812 No
847 Oct 90 Jul
2
92 8 Feb 118 Nc
3
903 Feb 115 Nc
3
617 June 767 Di
2
8
25 Mar :":7 Ms
1247 Feb 154 Nc
2
Oct 1014 M
96
92 Nov most NI,
12114 Feb 163 0
9414 Feb 11939 Me
414 Nov 46
Al
44
Jar 597 M4
;
50 Feb 77 D
109 Feb 122 At
94 Dec 101 Ms
674 Feb 1244 NI
89
sly
CM
J.
113 Mar 3013 Ji
3
17 Aug 38
J1
11733 Feb 13114 Ms
13912 Feb 165 MI
965 Sept10214 J1
2
100 Jan 15912 Js
9912 Jan 1943 0
4
2818 Jan 4618 Ms
3214 Sept56 Ms
945 Oct107 Fc
8
18612 Feb 2247 Nc
2
8218 Oct 871.4 Je

New York Stock Record-Continued --Page Z

246

page preceding.
Fos sales during the week of stocks not recorded here. see .econd
-PER SHARE, NOT PER CENT.
11101? A VD LOW SALE PRICES
Saturday,
July 6.

Monday,
July 8.

$ Per share
8
725 7318
94
*93
85
*83
4414 45
8
467
*44
3612 3612
*61
6112

$ per share
8
717 7212
93 93
85
*83
8
8
445 457
4612
*44
3614
*35
6112 6218

Tuesday, Wednesday,
July 9. I July 10.
$ Per share
72
*70
*91
4
923
85
*83
8
445 4512
45
*43
4
3512 353
8
623
62

3 Per share
8
71% 713
9112
*91
85
*83
4
4312 443
*43
47
36
*35
62
62

Thursday,
July 11.
$ per share
71
•70
*91
9112
85
*83
4312 4438
47
*43
35
3512
4
6114 61,

Friday,
July 12.

Sales
for
the
Week.

STOCKS
NEW YORK STOCK
EXCHANGE

Railroads (Con.)
$ per share Shares
1,600 Wabash
70
70
200 Preferred A
9112
*91
Preferred B
85
.83
433 443 12,100 Western Maryland
4
8
Second preferred
47
*43
600 Western Pacific
3512
*33
8
603 6018 3,100 Preferred

PRA SHARI,
Range Since Jan. 1.
-share logs
On basis of 100
Highest
Lowest
Par $ per share $ per share
2
100 60 May 27 813 Jan 6
100 01 June 27 1047 Jan 7
100 79 May 24 91 Jan 8
100 3212 Mar 26 54 Feb 4
100 3102May 28 5312 Feb 4
Bel 32 May 27 41% Mar
100 56 May 27 64% Feb 4

I

P004 SR ARS
Range for Previous
Year 1928
Highest
Lowesi
oar share l$ per sears
Feb 9614 May
51
8812 Feb 102 Mat
87 Feb 9912 May
4
543 MA9
31% Feb
6472 Ma.
3312 Feb
2814 Feb 38% De)
5212 Aug 6212 Jan

Industrial & M1sceiluneous.
Apt
85
364 Nov
8
No par 3818May 27 547 Jan 22
3,900 Abitibi Pow & Pap
4212 43
8 4212 4234 4214 43
4
4 413 427
4
*413 4212 4212 423
8
76 Nov 1025 July
8
100 79 Apr 10 875 Jan 7
200 Preferred
83
•81
84
080
85
*82
8414 82
*82
8312
85
*83
Dee
90 June 142
1,000 Abraham & Straus___ _No par 101 May 28 15012 Jan 3 109
124 124%
8
125 1277 •I22 125 *117 125
125 127
•120 125
Oct 11412 June
100 106 June 4 112 Jan 2
70 Preferred
4
4
4
4
4
4
4
4
*1111103 1103 1103 *110 1103 1103 1103 *109 1103 *109 1103
Jan 426 Dee
100 389 Jan 16 750 Apr 23 195
Adam, Express
*60
620 *600 620 *600 620 *590 620 •590 625 0590 625
Jan 991k Mar
93
4June 26 96 Jan 3
100 8.13
Preferred
8612 1,400
8612 *86
,
8
*8514 8612 8514 8612 8514 8512 853 85 2 *86
30% Dec 33% Dee
1
35% Jan 15
2May
No par 273
600 Adams Millis
32
031
32
3114 3114 3112 3112 *3012 3112 3112 3112 *31
Jan 65 Sept
11
8May I
100 27 May 31 1047
9,000 Advance Rurnely
4014 3712 38
41% 4014
42
4312 40
8
8 397 43
3712 397
311.4 Jar 6934 Sept
100 40,81May 29 118 Slay 1
5812 4,500 Preferred
*57
4
60
573 59
*59
61
6112 60
4
53 mar
60
60
59
4
23 Jan
8
47 Feu 20
4July 3
13
1
3,900Ahumada Lead
.1% 2
4 2
13
8
4 2
, 17
13
'1 4
4 2
13
4
4 13
13
11
59 June 9953 Dee
15814 16014 8,900 Air Reduction, Ine____No par 9518 Apr 10 16112July 13
8
8
4
8
153 15312 15218 1547 1503 1513 15212 1587 15718 16112
4878May
4412 12.100 Air-Way Elec ApplianceNo par 3714May I
4312 43
4218 42
8 4214 4212 4214 4212 42
712 Jul e, 143* Jau
4278 427
1114 Jan 2
412May 31
No par
4 4,800 Alas Rubber,Inc
584 53
4
8 53
55
8
3
54 6
553 57
8
512 57
8
5
5 8 55
Jan' 10 Nor
1
1014 Jan 8
412June 4
6,500 Alaska Juneau Gold Min__IC
4
8 53
55
552 618
,
3
5 4 614
8 612
8 613
63
63
618 612
P May 31 25 Jan 3
22% Dec 3114 Rs
400 Albany Pert Wrap Pap_No pa,
17
17
18
•16
18
1614 16 4 *16
,
*1612 18
18
18
8
No par 275 Mar 26 4612July 12
8 4414 4612 459,900 Alleghany Corp
437
42
4114
_
8
4 415 428 4112 4212 4078
8
405 413
100 9918 Apr 15 114'2July 12
Preferred
112 11412 6,100
4
8
10612 1077 10712 10812 10712 10814 1073 109
10518 106
10038May 14 11212July 12
16,200 Receipts
4
104 10412 10514 10814 107 10814 10718 10818 10712 10924 10912 11212 29,900 Allied Chemical & Dye_No p1 ; 14, Jan 7 34 .34July 8 146
Feb '2523 NO;
11
4
4
4
337 3463 342 3463 33614 343 233712 3383 340 345
334 339
121 14 Apr 8 125 Apr 27 12012 June 12753 May
200 Preferred
12018 12114
8
121 121
8
•12012 12114 *1203 12114 *121 12114 •1203 121
100 166 Mar 26 280 July 3 11518 Feb 200 D..t
4,300 Allis-Chalmers Mfg
266 276
268
265 266
271 272 *265
270 276
1814 kIn
270 270
912 Oct
5 Mae 31
1118 Jan 14
300 Amalgamated Leather_No par
6
6
61 i
2 06
6,
612 *6
612 *6
612 *6
43% Nor
*6
2718 Feb
No par 2212Nlay 25 42% Jan 3
27,300 Amerada Corp
3112 32% 3214 33
8 3112 3214 3112 33
8 3112 323
8
315 323
1558 Feb 26 Not
8
4 1,200 Amer Agricultural Chern_100 1018May 22 235 Jan 15
4
113 113
4
4
1214 1214 113 113
4
1214 113 1214
8 12
123
.12
5552 Feb 797 Noe
4
100 405811.1ay 29 733 Jan 11
1,200 Preferred
43
43
43
4
413 4314 4312 4313 4214 42% 43
45
*43
4
743 Jan 159 St 41
10 110 Star 26 1-183* July 12
8
8
1437 1483 22,600 Amer Bank Note
8
8
13414 14012 139 1413 1385 13912 139 143
133 134
Oct 6572 Pin
60
4June 14
50 5914July 9 653
160 Preferred
60
60
*5913 61
4
6012 6012 5914 5914 *593 61
*6012 61
14% July 3412 Atm
Jan 16
par
145
8June 26 2012
1512 157
8 1512 1512 1512 1512 2,200 American Beet Sugar_No
1512 1614
16
16
15
15
2
Feb 613 Sept
36
100 46 Apr 24 6014 Feb 5
200 Preferred
5112 5112
54
54
*50
51
5112 5112 *50
4
513 *50
8
*50
8
163 Feb 443 Nor
4012 Feb 14 73141May 2
8 5618 5718 10,200 Amer Bosch Magneto_No par
8 5618 5712 5512 573
8 5512 587
597
5812 57
57
8
397 July 4918 Jae
F____No par 45 Jan 16 62 Feb 4
4
5618 57 2 5612 5712 5712 573 12,300 Am Brake Shoe&
,
5612
4 56
5612 5512 563
56
100 117 July 10 126% Mar 21 120 Dec 128 June
230 Preferred
117 117
117 117 *117 119
4
*120 12012 *120 122 *1153 120
8
105 Apr 2614 May
1512 Jan 7 343
4June 1
4 29% 303* 9.300 Amer Brown Boyer! El_No par
8
3014 297 303
4
3018 30% 293 3012 297 30% 30
2
4012 Apr 657 May
100 49% Jan 7 104 June 12
680 Preferred
8212
82
82 4 833 I 8218 83
83 83
4
83
,
8218
83
83
7012 Jan 11712 Nor
25 1073 Feb 18 169 July 12
4
16614 169 272,500 American Can
4
8
8
API
157 1587 1563 15953 1563 16114 160 16314 16012 165
4
100 13612July 8 122 Mar 28 1363 Jan 147
2,100 Preferred
138 138
8
4
4
3139 13912 13612 13918 1383 1387 13718 1383 4 13712 138
.
8814 July 11111 Jan
3
8 99 10114 24,200 American Car & Fdy __No par 92 May 27 10612 Jan 29
100 1015
8
8
5
98 100 8 100 10212 1007 1015 101 102
8
1105 Aug 137% Mar
100 114 June 25 120 Jan
200 Preferred
116
116
4
4
4
4
•113 1163 *115 1163 *115 1163 *115 1163 115 115
Dec 105 June
71
100 7014May 31 85% Mar 13
1,100 American Chain prof
81
81
1
81
*8012 81
8018 8012 81, 81
80
80
80
44 Dec 5054 Dee
4
No par 463 Mar 26 6634July 5
8 9,700 American Chicle
6518 663
6412 66
3
8
65
65I2 643 65 4 6314 6412 6412 66
No par 43125l11y 16 55 May 20
COUffill Alcohol_
- 4
49
478 483 26,300 Am
8
465 4812 48
8 4814 49
4 4814 493
4412 483
4May 31 473 Feb 25
4
3014 3118 4,000 Amer F:ncaustio Tiling _No par 233
4 3114 311 1
3212 3218 3214 *3014 313
4 30
4
293 293
Jan iio" be.
100 280 Feb 2 409 Apr 8 169
American Express.
_
*325 495 *325 495 *325 495
De
145
O325 450 *325 475 *325 _
2252 Feb
Power___No par 7514 Jan 4 13*78 Feb 11.
8
11912 1217 148,700 Amer & Forn
4
8
3
116 119 4 11614 1183 11812 12212 1183 122
114 116
4
No par 104 July 1 10812 Feu 14 1043 June 110 May
Preferred
8
8
10514 1057 10514 10514 106 10618 1055 107 *106 10812 1,100
105 105
Feb 100 Sees
81
lo
No var 148 Apr 9 103 Feb 21
preferred
9412 2,700 2d
93
94
9514 9512 9512 94
93 9314 93
O9312 95
2418 Mar 26 42 Apr 19
8
3814 397 10,000 Am Hawaiian S S Co
3512 38
35
3312 34
33
1552 Feb
3312 3312 3314 34
614 Apr 9 10 Jan 2
300 American Hide & Leather_ 100
612 612
*612 712 *612 712
7
7
712
712 *7
*7
31 Nov 67% Fet
00 3014 Feb 6 42 June a
034
Preferred
3531 .34 361
36
3.134 *33
*33
36
*34
36
33
•
Feb 88 No.
59
14 724 723 *7212 7312 2,000 Amer Home Products-NO Par 64 June 3 R65, Jan 24
4
74
72
72
7314
3
4 727 73
7212 723
4652 Auti
Jan
28
No par 38 Mar 26 4818July 11
8
4718 4818 4718 477 61,900 American Ice
3
45 4 4714 4514 48
5
4318 4312 43 8 47
9912 Ma•
Jan
90
4Nlay 23 86 Mar 6
893
300 Preferred
95
*93
95
95
*93
*93
93
93
93 93
94
093
7218 748 75,000 Amer Internal Corp_ __No par 5212May 31 7614 Jan 18
717
703* 7214 7112 7414
8
8 718 7212 71
11% Oot
711s 717
514 Jan
412Jtme II)
8% Jan 10
8 1,600 Amer La France & Foatalte_10
8 47
47
8
5
47
*434 47
4 5
43
8
8 47
47
2 5
*47
Jan 8512 Oct
66
100 60 May 28 75 Feb 21
Preferred
6012 •5518 60 *-_ 6012
61 •____ 6012 *____ 6012 •__
Jet
87 June 115
8
American Locomotive_No par 1025 Feb 18 12912July 8
8
4
8
8
1257 1263 126 1277 17,600
4
3
125 4 12612 1263 12912 127 1285 126 128
100 113 Jan 3 11014May 15' 10314 Oct 134 Mar
Preferred
11612 11612 *116 118 *117 11812 11812 11918 1,100
116 118
116 116
4
3 1883 Jan 11 12912 June 1833 Dee
4
7,100 Amer Machine & Fdy __No par 14714June
18212 18212 182 186
179 181
4
17014 17412 17414 1793 177 185
Mar 63'. Nov
9,300 Amer Metal Co Ltd___Na par 50 May 27 8184 Feb 6: 39 Aug 117% may
65
8 64
8 6418 653
6412 65141 65 657
6414 65
65
65
81May 21 135 Feb 6 109
100 1133
100 Preferred (6%)
12012 12012 *120 125 •121 12412 *121 12412'122 12412 *122 12412
98% Dee 99% Noi
580 Amer Nat Gas pref.._ _No par 66 July 11 3814 Jan 7
67
8 66
677
66
68
67
68
6912 68
68
Vet
70
25
70
4
123 J1.117
17% Jan 31
4 June 1:1
No par
412 412
400 American Plano
5
5
5
412 412 *4
*412 5
Jse
911
*412 5
Der
38
100 1812Junr 23 55 Jan 31
Preferred
10
25
*20
*1914 2214 •20
25
22
22
25
*22
25
96 May
*22
6214 Jan
8July 12
8
8 1495 52,300 Am l'ower A Light__..No par 8118 Jan 8 1493
142 14614 14312 1487 1475
8
8
14112 143% 14014 14512 1405 143
8June 14 105 Feb 28' 10018 Dec 10714 St .1
par 983
No
1,000 Preferred
100 100
4
993 100
8
997 99% *9912 99% 9912 100 • 100 100
77% No.
7018 Nov
70 May 31 80 Feb 13
No par
1.400 Preferred A
*7318 74
7312 7.312 *7318 74
74
8112 Dec 861 Nov
4 7312 7312 74
.
7312 733
26 845 Feb 15
4
,
8112 1,500 Pref A flUitO60 1 . __._No par 79 Star
81
8114 81
4
803 8114 81
8118 81
81
8114 *
81
6314 July9
8
5318 5012 5214 505 52 527,300 Am Rad St Stand San'ry No par 4018May 28 188 May 3
5012 53 4 51
,
8
143 -5'8;
485 4912 4912 51
Amer Railway Express___ _100 12972 Jan 16
611. Feb 85 Aur
2
4
4518 453
8 2,300 Amerlean Republics.--No Par 4312May 31 643 fan 12
46
45
45
4518 4512 45
4518 4518 *4512 47
95 10612May 28 13458July
Rolling 51111
8
8
8
8
.1
4
4
1193 12118 1193 1213 1203 1227 122 12914 13018 1337 13218 1345 90,100 Amer
74% Weir;
Jan
56
4
American Safety Rasor_No par 61 June 12 743 Jan 31
4 6414 6612 3,800
65
6512 6412 6412 6414 643
6414 6418 65
*64
8
8
275 Nov 45 May
No par 3212July 9 417 Star 15
1,100 Amer denting v to
4
323 33
4
*323 33
4 3212 3212 *3212 33
4
8 323 323
4
323 327
MAI
:
31 Aug
7 Feb 5
312slay 28
700 Amer Ship & C00803-- No par
4
4
33
33
4
312
12
*312
'3
*312 4
*312 4
Jan
*312 4
80 Sept 119
2,330 American Shipbuilding_ ___100 8112June 13 10214 July 11
97
99 10214 92
92 100
92
90
88
87
88
,
88
Fe 293 De
451ar 1 169
10958 1117 10918 111 310814 1093 50,400 Am Smelting dt Refining _100 9312 Jan 16 1243
8
4
4
1103 110 112
8
Apr
8
1095 11014 1095
100 130 May 31 138 Jan 4 131 Ma 142
400 Preferred
13312 13312
4
4
134 1353 *134 1353 13312 13312 •13312 13412 13312 13312
Doc
.
Jan 210
Feb 1 141
100 17912June 5 206
'American Snuff
'
.180 190 *182 190 *180 190 *182 195 *175 185 .4 175 185
Oct 120 June
100 106 July 5 112 Jan 24 100
' Preferred
.100 10712 *100 10712 *100 10712 *100 10712 0100 10712 *100 10712
5018 June 704 Jan
8
'
6412 65341 6412 6512 13,300 Amer Steel Foundries_ No par 56 May 28 797 Feb 4
8 6434 65
1
67, 6512 665
6512 6612 66
Feb
_100 110 June 17 114 Mar 13 109 June 120
280j Preferred
111 111
11012 11012 11012 11012 112 112
•11012 113 *11012 113
No par 65 June 21 85 Apr 25
7018 1,400,American Stores
7112 7112 7212 7212 703* 7038 7012 70,2 7018 7112 70
55 Feb 9312 Nov
100 71% Apr 5 944 Jam, 25
36,900,Amer Sugar Refining
8 8512 8614
8512 8514 863
8312. 84
7712 7712 8214 82
*77
Feb 11012 May
s/tine 7 Iii Feb 1 100
100 1043
7001 Preferred
4
4
4
4
106 10712 •10512 10812 1063 1063 *106 1063 •106 1063 107 107
Feb 73% Sept
46
No par 3514June I 60 JIM g
3,1001Am Sum Tob
38
3818 3712 3712 37
3718 3718 3712 3918 38
38
38
Jae
1714 Dec 32
Telegraph & Cable_100 17 Jan 2 3'272 Mar 25
7001 Amer
26
2512 2012 26
26
*25
25
8 25
2412 2412 2478 247
100 19314 Jan 8 24712July 12 172 July 211 May
24212 2471 171,000:Amer Telep & Teleg
23712 24212 23814 243
234 241
3
8
22734 2325 232 235 8
2 Dee
1841 12.400 American Tobacco oom____N 160 Mar 26 113612 Jan 28 152 June 1843
4
177 1813 180
175 177
177 1785 178 17812 176 176
8
50 16014 Mar 26 188 Jar 2* 152 June 18472 Nov
8
177 18112 18012 1847 19,1001 Common class B
8
178 1787 17814 179% 177 17814 175 177
Al"
100 116 June 20 121% Jan 15 1104 Sent 126
500 Preferred
11614 11614 11614 11614 *115 11614 115 115 *115 1154
•11512 116
Amerlean Type Founders._100 136% Jan 5 155 Jan 31 10972 Aug 143,4 N.I
1,400
14712 148
14612 148
14614 147
146 146
146 146 *14514 146
100 10714May 15 11.2 Apr 6 1417 Nov 116 Mat
20 Preferrea
•10712 110 *108 110 *108 110 *108 1101
108 108
108 108
52 June 76% Noy
No Dar 6714 Jan 8 I4812July 11
Am War Wke & El
4
140 14114 13912 14012 140 1433 14714 14812 3133 137 4 42,200 let preferred
138 140
Ayr
Oct 108
98
97 Jan 3 104 Jan 28
300
4 9914 9914 9914 9913 *99 100
8
*9612 1005 *9612 993
*9612 101
3234 Nor
14 :111y
2
277 Jan 3
100 1618June 21
4
163 163
4 1,500 American Woolen
8
167 17
1712 *1714 1712
1712 1758 *17
17% 17%
39 Aug 653 Nos
4
2
100 3912J028 583 Jan 2
1,600 Preferred_
8
4
41
4014 4038 393 40,
40
40
8
4014 4014 407 4078 40
10.2 June
9 May 28 1514 Jan 21
19,2 Eel
2,300 Am Writing Paper otte.No par
1218 1218 12% 1218 1114 12
1258
1214 1214
1218 1218 12
34 June 5314 Gel
104) 3914May 29 46 Mar 2
700 Preferred certlficate
4
43
4112 4312 4212 433
•40
43
*40
43
*40
43
*40
8
63 Jo
Gel
57
Lead & Smelt__25 2414May 28 4914 Star 18
8 2,000 Amer Zinc.
265
8
253 2718 26
27
27
27
*2712 2814 27% 2712 27
Jt.n 1177 Oct
8
40
25 93 July 12 11114 Mar 19
1,000 Preferred
94
93
95
,
95 4 9514 95
.9512 96
06
.95
96
_
*95
541,900 Anaconda Cooper Min. new50 99 May 20 140 Mar 22
8
4
4
11718 11812 11758 11914 11838 12012 1183 12112 11818 1193 31163 11853
4June 13 8614May 9
----900 Anaconda Wire & Cable No par 623
7012 7012 6914 70
70
6912 70
*68
8
70
69% 697 *69
48 Dec 5452 Dee
No par 43 June 26 62% Feb 21
1,100 Anchor CO/
4712 48
48
48
48
48
46
4834 46
4614 4614 *47
Dee
_No par 10234June 27 124 Mar 1 10614 Dee 111
200 Preferred
1023 1023
4
4
4
4
4
104 104 *1023 112 *1023 112 *1023 112
•104 112
3612 Nov 56 Nov
...No par 443261aY 28 6838Star 1
,
8
4
5438 523 5312 x5218 527 60,300 Andes Copper Minim
53
5212 53% 5212 533* 5278 54
5514 Feb 112 1 Nov
,
29 Slay 28 4912Mar 4
8 8,100 Archer, Dan'12, Mitild _No no
31
3012 31% 2914 305
31
31
30
30
8
297 3014 30
Ws Jan 9712 June
& Co (Del) pref ___100 8614June 14 95 Jan 30
600 Armour
8614 8614 *8612 88
87
8614 8614 8612 8612 *86
87
*86
1114 Jan 2312 Sept
8May 31
18., Jan 2
8 1214 124 30,300 Armour of Illinois class A...25 105
1214 125
4
8 1214 1312 1214 123
1212 1313 1314 137
8
65 Jan
1312 May
552May 29 1014 Jan
.25
8
8 67 28,600 Clam B
65
8
4 67
4 718
63
63
612 7
7
714
6% 7
718 Jan 0113 JIVIF
.100 7114June 15 86 Jan 24'
1,600 Preferred
74
74
74
73
73
731 2 74
7412 *7312 74
*7212 73
SI% Apt
1111451ay 23 40% Jan 2, 3614 July
12 1,800 Arnold Constable Corn.2/ par
4 20,14 20
2112 203 203
2114 2118 2112 21
4
8 21
4
*213 217
2814 Dee 444 Asa.
3r. par '24 June 21
30 Feb 6
400 Artioom Corn
26
.24
26
*24
26
2612 2414 2434 •24
2612 024
*24
411111C 18
8May 31 543
4,200 Associated Apparel Ind No par 495
55
55
56
4 5512 5718 55
553
55
55
2 55
56,
*56
4
No par 43 May 22 703 Jan 10, 4014 June 7512 Dec
j
7 49% 11,900 Assoc Dry Goods
,
4
8 483 4912 4812 4018 47
4914 503
3712 Feb 533 Sew
8 493 51
49% 497
2
25 4012May 31 4714 Aor 5
400 Associated 011
45
4618 .44
44
.44
4
45
443* 4412 4412 *4412 45
.44
3718 Feb 5972 May
4Ju1Ie 23
673
4
603 6112 4,100 All 0 dr W 1138 LIne__No par 3218 Feb 16 61 12Juno 26
6212 6114 62
3
3
62 4 63 4 6218 6414 6318 6314 *62
Feb 6514 Go,
38
4
100 45 4 Feb II
Preferred
500
5612 5612 5612 5514 5514
.55
57
.56
56
56
*5618 57
30 Nov 6613 De(
25 5312 Jan 29 777 July8
6814 72 382,500 Atlantic Refining
8 70
8 7412 757
8 7512 765
755
4
743 77% 7612 777
Dec
Jar 114
63
No par 90 Apr 15 115 Jan 2
105 10712 4,200 Atlas Powder
s
1037 10414 1047 107
8
*101 10312 1043 1057 102 103
100 Mar 13' 10612 Jan 14 102 July 11011 Mar
100
50 Preferred
8
10112 10112 *10112 106
8
1027 1027 *10212 106
*101 106 •101 102
17% June
814 Jam
1018 Feb 25 16', July 12
No par
8
155 1618 2,100 Atla8 Tack
15
15
15
15
15
15
1518 1514
15
15
No par 221 May 16 38.112July 5
8,200 Auburn Autornobile
36514 370
360 380
35214 365
365 379
36012 368
370 375

• did aid asked prices no sales 00 tuu der,




r itr-cLei lend.

v

New York Stock Record-Continued--Page 3

247

NW sales dada I Me Week of stooks au recorded here. see third palls oreoadiait.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Monday,
Saturday,
July 6. I July 8.

Tuesday,
July 9.

I Saks
for
Wednesday, i Thursday, , Friday, I the
July 10.
July 11. ' July 12.
Week.

STOCK
NEW YORK STOCK
EXCHANGE

PER SHARE
Range Since Jan. 1.
On basis of 100
-share lots
Lowest

$ per share 1$ Per share $ per share $ per share l$ per share $ per share I Shares Indus. & Mlecel.(Con.) Pox
per ewe I
64 614
614 614
618 618
6
64.
512May 28
6
612 61g 2,100 Austin, Nichols & Co_NO Dar
6 18
*34
39 I .3412 38
*34
37
*3412 37 I .3412 37
.3412 37 1
I Preferred non-voting----100 32 Mar 14
*534 57 I *5312 57
*5312 57
.5312 57
•534 57 .534 57 I
Austrian Credit Anstalt
54 May 14
31
31 1 30 4 307
g 307 317
31
3
2
314 3014 31
30
No par 2212 Feb 15
315* 6,700 Autosales Corp
41
*39
394 3912 .3912 4012 .3912 4012 *40
41
40
200, Preferred
40
50 361, mar 4
*43
.4214 44
*4214 43
45
*4214 44
43
43
44
300 Autostr Sat Razor "A44
.No par 4214June 10
*248 252 *240 248 *240 248 .240 248 1*240 248 .240 248
Baldwin Locomotive Wks_100 219 May 91
120 121 i*11612 12114 .11612 12112 .11612'120
120 121
120 120
120
Preferred
10.8 11412June 7
, 108 108 *10712 109
109 109 *108 109
108 109
108 108
140 Bamberger IL) & Co Pref-100 104 June 13
' 27 8 28
7
27
293
4 297 30
30
3012 303 31
4
3012 303
25 July 2
4 2,510 Barker Brothers
91 - 921
__
92
92
--------2501 Preferred.... _. . ) 85 2Juiy 2
93
3
.....
.
*
9
11
*73 11
4
11
*8
.812 11
*85 11
8
*812 11
'Barnett Leather
No par
7 June 13
408
4112 4212 24114 4152 4012 4112 40
40
4112 40
40% 38,200;Barnsdall Corp class A
25 3818 Feb Is
*96 100 1 96
96
100 •
*96
96 100 1 96
96
96
96
No par 87 June 1
800,Bayuk Cigars. Inc
9812 9841 9812 9812 .99 100
99 100 I 9812 9812 984 993
1701 First preferred
4
100 9812July 3
28
28 1 2712 283
2 2712 28
273 28 1 2712 28
4
2712 274 9,200 Beacon Oil
27
0
No 9 0 20 Feb 7
8412 844 84
84
843 8434 83
4
8814 85
87
*84
85
73 May 28
6,
9001 Beech Nut Packing
.1112 113
4, 11
11
11 ; 11
113 113
4
4 11
1114 11
11 July 8
1,100,Belding EIereway Co No par
11
823 823 .8212 844 8212 8212 8214 8258 *8214 8258 8212 83
4
4'
800 Belgian Nat RYs Part Dral---- 81 Jan 29
9112 93 I 918 94
914 92341 905 92321 8814 907
8
2' 8912 913 104,000 Bend's Aviation
4
No par 78 May 31
9212 9212 92 9212 91
917
9012 8914 9014: 895* 9012 2,700 Best & CO
21 90
1113* 11214 11112 1133 1123 1163 11512 11752 11512 1173 11712 120 435.700 Bethlehem Steel Corp_ N _r&T 4f:Nian 11
4
4
4
__o
Ja r
7
117% 11812 1177 11912 119 119
118 118 41 1177 118 I 1187 1187
s
3
2
2
2 2,400 Beth Steel Corp Di (7%)-1001 1163
8MaY 31
•49
50
50
*5014 51 1 504 504 *49
48
49
•47
50 1
700 Bloomingdale Bros.
-No par' 424 Jan 21
•105 110 .105 110 *105 110
105 105
104 105 ' 104 105
100 Preferred
100 104 June 3
.95 102 I *95 102
.95 102
*95 102
96
96 1 .95 102
10 Blumenthal & Co ore/.
100 116 July 11
12812 1267 12712 130 . 12812 1327 12914 13012 12714 1293 1264 12914 7,800 Bohn Aluminum & Br .No par 11014May 28
2
2
4
.
83
85 .82
8412 844 84
85
84
*8414 84% 84
84 1
300 Bon And class A
:
No par 781 Mar 25
*74 8
74 7
52
7 4 74
3
4 758; 2,800 Booth Fisheries
614 7 11
7
7
7 14 .83
8 Mar 26
No par
•48
51
5012 5012 *48
52 .48
5012 •48
48
200 let preferred
50
48 1,
109 45 Apr 10
7
934 94
94
963
4 963 99
4
974 10012 9714 994 97
994 186,600 Borden Co
25 a312May 28
12012 121
11912 12112 11814 12014 118 11912 11614 119
11612 119 41 14,400 Borg-Warner Corp
3
10 107 June 11
97
97
.83 10
4
83
4 83
4 .914 10
*812 10
*9
300 Botany Cone Mills clam 4,.501
97 1
4June 14
83
21 36
3512 3858 37
393
3712 3514 3612 3558 357
2 3512 363 101,300 Briggs Manufacturing_No par! 30 May 31
312 3lI 533
2 312
34 34
3% 31
358 358
312
312
600 British Empire Steel
312July 11
100
672 *612 7
.
6
.612 7
67
2 .612
612 612 .64 7
200 2d preferred
483 49
4
4
4958 5012 503 528 514 524 50
5158 5012 5158 17,800 Brockway Mot Tr____No 10r 4r14 rty 11
2ga n
pa
0
*10514 110 *106 110 *10514 125
110 110 *10514 125 *10514 146
100
_100 106 Apr 30
Preferred 7%
20212 203
20052 204 1 2003 203
203 21312 2113 225
4
4
2213 22612 46,500 Bklyn Union Gas
4
No par 170 Apr 9
*4312 44
435* 4383 .435* 44
4412 4412 444 447
2 45
4612 1,500 Brown Shoe Inc
par
40% 405* 40% 40% 40
40
3912 40
395* 40
394 4012, 3,100 Brune-Balke-Collander_To
8
y
r
1 '44: 27
8
7
3218 333
4 33 4 3518 3412 3518 335 33
3
8
3312 335* 3218 333
8' 9.000 Bucyrus-Erie Co
10 2518May 28
4412 45 4 4512 4634 457 46
4414 4518 444 4412 4312 4412' 5,300, Preferred
3
2
3838May 23
10
11134 11134 *11112 114 ,•1113 114 .1113 114 *1123 114
4
4
4
1113 1113
4
501 Preferred (7)
4
100 11112July 3
.
48
494 4812 51141 5012 517
5014 513
4 504 513
4 51
513
4 7,000 Bullard Co
No par 46 June 3
'06
994 2614 97721 98 104
105 105 .103 105 1 105 106%; 1,400 Burns Bros new clAcomo par 96'4 July 8
r
N
.26
294 .24
2912 .2712 2912 277 288 29
337 1
29321 •29
200 New class B com...-No par 2252June 4
97
97
9712 974 .97
71 .97
9712 9718 9712 .9712 98
50 Preferred
100 9514June 27
31612 3163 316 321
3
4
320 4 3243
316 3185 315 318
8
4.200 Burroughs Add Mach_No par 234 Jan 16
61
62
*62
62
64
62
5812 613 .56
4
60
58
58
4July 1
900,Bush Terminal.
No No 543
10314 1044 10312 104
10312 104
104 104
1033 10412 1053 1053
4
4
4
3601 Debenture
100 10214June 29
114 114 *114 11412 115 115
114 1144 11412 1154 .11412 115
160 Bush Term Bldits Met--10 110 Mar 22
0
.612 7
2
718 83
8
85*
88 97
8 4 914
3
614May 28
83
4 9
10,600 Butte & Superior Mining. 10
*43
4 47
434 47
43
4 5
42 5
5
5
5
5
5
412May 28
2,600 Butte Copper & Zinc
5
*30
304 3212 32
31
324 3112 3112 303 304 32
4
3212 2,000 Butterick Co_
100 28 June 6
4
14112 1423 142 14334 14014 1427 140 1404 139 14014 140 1433
2
4May 28
4 4,100 Byers & Co (A M)..__No par 1223
*11014 113 .11014 113 .11014 112 *11012 113 *11014 113 .11014 113
100 105 Apr 3
Preferred
.128 130 *128 13012 128 128
128 1353 134 135
2
133 135
4,200 By-Products Coke__ __NO par 1044 Mar 26
75 2 755
5
2 755 78
2
7758 794 774 7812 773 7812 7712 7812 11.8001Californla Packing--No Par 7212 Mar 26
*27
30
*27
30
27
27
•24
29 .24
29
•24
29
'California Petroleum
25 25 June 1
11
2
*17
2
17
5
172
17
17
17
17
8
17
s
18
4
13
2.500,Callaban Zino-Lead
4July 1
10
130 13114 12941315* 12958 13012 12952 1303 128 130
4
1263 1283
2
4 7,200'Calumet & Arizona Mining_20 12412May 2
423 43
8
4238 434 423 434 4212 4314 42
4
4212 417 42% 10,900 Calumet & Heels
2
25 3652M AY 2
8818 89
8812 893
4 897 93
7 76,000 Canada Dry Ginger Ale NO Par
923 948
4
925* 938 933 97
4
711 Jan
364 37
3612 373
4 37
37
37
37
3612 3612 *36
36 June 21
36% 1,900 Cannon Mills
No pa
332 360
358 37912 362 375
361 376
368 384
37312 37812 6,100 Case Thresh Machine ctis100 308 June 20
'
•120 125
120 120 .113 125
120 120 .120 125
121 121
400; Preferred Ws
100 120 July 3
.2212 2312 2214 2212 *22
23 .22
23 .22
2214 July 8
23 .22
23
200 Cavanagh-Dobbs IncInc_ No pa
*9114 947 *9112 947 .914 947 *9112 9472 •9112 9472 *9112 948
2
.
I Preferred
100 93 June 4
59
59
597 60
8
*60
61
5912 604 .59
5914 5812 583
52 May 29
4 2.100,Celotex Corp
No
.86
8812 *86
8612 8612 8612 .85
86
86
86
.8512 86
2001 Preferred
8514June 24
*3112 3412 34
34
3312 3412 3312 34 • 3314 3412 324 323
4 1,700 Central Agulrre Asso-No 9
1'
10:0 30 June 10
463 473
4
4652 4758 46% 478
4652 4812 4714 484 4712 48
31,100 Central Alloy Steel__.No par 4012 Mar 26
.111 11112 111 111
10912 10912 *10912 110 4 *10912 11112 *10912 11012
3
1301 Preferred
3
100 105 4 Apr 2
.1112 133 *1112 1312 *1112 1412 .1112 13
4
, 200 Century Ribbon Mills-No Dar
11 July 11
11
114 *1114 13
*6914 70 .6914 70
.6914 7012 *6914 70
*694 70
•6914 70
1 Preferred
100 70 Apr 16
994 994 9814 9812 9812 995* 9812 99 4 2974 984 963 9712 6.300,Cerro de Pasco Copper-No Par 8852May 28
3
4
2412 245
8 2414 243
2472 23
4 24
2558 25
12,200,Certain-Teed Produas_No par 164 Apr 10
2612 27
27
*70
7312 *70
7312 *70
7012 7012 7012 070
75
*7014 744
100; 7% preferred
100 4712 Apr 12
52
52
517 52
52
2
524 5112 52
51
5112 52
5312 2,700 City Ice &'Fuel
10
0 49 June 24
No 9a
.
100 100 .100 101 15100 101 .100 101
9912 100
100 100
60' Preferred
99 June 26
_ ......
No par 5634 Mar 28
"io" 164
WI; "iii" 161; 80 IO:se795 82s -iiig - - 31,100[Cart° Corp Corp
85
Chesapeake
:Mar 26
No par 781
343* 364 3614 373
8 37
393
4 3812 39% 38
4
8
387e 373 383 22,600,ChIcago Pneumat Tool No pa
284 Mu 26
52
5214 5212 5212 528 523
4 524 528 5212 5212 5212 524 2,1001 Preferred
No par 4818 Mar 27
*29
*2912 30
293 2934 29
4
30
293 *2912 3012 *2912 3012
4
100 Chicago Yellow Cab_No par 2812June 19
*3712 38 .3712 3714 37% 377
372 373
4 37
3712 3,200 Chickasha Cotton Oil
3712 37
1
87 July 11
7112 7214 721e 727
703 717
4
7012 713
4 695* 7118 695* 71
16,000 Childs Co
No par 44% Mar 26
100
*7252 100
.7252 100
.725*
.7252 100
•7252 100 .725* 100
'Mile Copper
714 Jan 8
2
7712 787
2 778 797
2 7412 7812 7158 75
727 7414 71
744 242,200 Chrysler Corp
No Par 66 May 31
.48
54
48
48
.48
493
4 48
48
.48
49 4 48
3
48
230,Clty Stores clue A___No par 48 July 8
1912 1912 1818 198 194 1912 1912 1912 1914 195
8 1918 20
6,900,N w
No pa
1814July 8
59
59
58
581
52
57
56
573
4 54
554 54
55
5,700 Oluett Peabody & Co No par 52 July 9
.106 107 *106 107
104 106 __
1034
_
107
10312 105
1301 Preferred
100 10312July 12
14212 14312 1414 14312 143 148
14612 14812' 14614 14712 145 147
21,200 Coca Cola Co
NO pa 12 %June 1
0
4612 4612 .4612 463
4 463 467
4
2 463 463
4
4 47
.4712 48
47
500 Class A
No ye* 4612July 3
558 5614 5512 5714 5512 5612 54
55
52
5412 02
5212 13,300.Collins & Atkman •
NO Far 48 May 29
.
93
95 4 .93
3
953 .93
4
9512 593
9512 .93
95
.93
9512
1 Preferred non-voting...100 93 Jan 3
6412 6512 64
653
4 6412 67 I 64
654 6312 64
633 653
4
4 9,800 Colorado Fuel & Iron
100 56 May 27
19612 199
195 1971 i 195 207
200 205
198 19818 200 201
12,800 Columbian Carbon v t oNo par 12114 Mar 26
8252 8412 83
7
8212 83
84721 8312 86
846 893
4 893 913 223,600 Colum Gas & Elee____Ne par 5312 Mar 26
8
8
10612 10612 10612 106121 10612 10612 1063 10712 1O67 107
*10612 107
4
s
1,300, Preferred
2
100 1037 Mar 21
6812 69% 6918 7312 7012 7312 70
713
4 6558 703
8' 67
687 370,000,Columbla Gratihophone
2
5514June 24
5612 507
5012 5112 49
5012 4852 498 47
483
81 47
48
48,100 Commercial Oredlt_-_Ne par 43 Mar 26
*2512 2614 *2514 2614 2514 254 2514 2514 2514 26
*2614 2612
1531 Preferred
25 24 May 27
*2612 27
.2612 27
2612 2612 2612 261. 2612 2612 .2612 2672
249 Preferred B
25 25 Jan 21
99 100
10012 10012 100 100
99
99
98
985*; 98
98
530, lit preferred (634%)--100 9518 Apr 1
2
4
16712 1693 16412 1693 168 1703 166 169
4
163 1671/ 166 168
11,900 Comm Invest Trust---No Par 13112 Jan
4
4
4
4
3104 1048 *104 1043 .1013 1043 *10134 1043 *101% 1043 *1013 1043
4
4
4
7% preferred
4
100 1014 Mar 27
95 .92
95
*9212 9312 •92
*92
95
*92
95 1 *92
95
Preferred (61i)
100 92 May 31
4712 504 50
55
45
505* 50
53
5012 513
8 5318 537
6,5001 Warrants
100 274 Jan
435 435
437 439
43212 4323 430 434
435 435
4
440 45812 9,200 Commercial Solvents_No par 22514 Feb 1
220 220
22014 22014 2204 225 *22012 225 5220 220
220 220
800 Commonwealth Power_No
10714 Jan
76
75
75
74 2 745
5
7712 1575
*75
743 748 744 7452 24,600 Conde Nast Publica___No Dar 591
8
8June
Dar
4
2214 224 24% 233 2412 233* 2414 23
22
237
8 23
2412 47,500,Congoleum-Nairn Ino_No par
1912May 2
74
74
.70
74
*7212 7412 74
73
7114 72
70
70
800,Congrese Cigar
.
No par 67 June 17
*22
2
4
*3
*55
2
3
4
52
3
8
*3
8
3
4
`8
5
3
4
100,Conley Tin Foll stpd-No Par
12,1une 2
767 75% 76
8
76
76
75% 76
76
*7514 753
4 76
76
1.300 Consolidated Clgar
No Par 754July
13512 5812 88
236
88
874 8718 86
*8518 88 .854 88
1001 Prior pref
100 84 June
2612 2511 26
3
*2514 2512 2518 25 4 25% 2612 26
2512 26
4,200'Consol Film
1253 12912 128 12934 12972 13412 13412 1373 13914 144 472,800 Consolidated Ind pref-No Par 25 Mar 26
4
12512 127
4
Gas(NY) NO par 9512 Mar 26
9712 98
9712 974 977 98
98
9712 98
974 983
98
4 5
No par 9612June 28
.3001 Preferred
2% 3
2% 23
3
3
4
2% 3
2% 3
3
3
5.200,Consolldated Textile-NO Par
212June 3
14% 143
•1412 15
145* 15
4 1414 1414 151412 15
15
15
1.800 Container Corp A vot No pox
12 May 24
612 612
7
7
8
612 7
65* 65
*Ole
683 7
2.100i Class B voting
No par
6 Apr 20
8612 8812 86
87
90
89
895* 8653 8812 854 873* 23.100 Continental Baking ol ANo par 4714
82
Jan 8
1434 14
14
1514
14
1512 137 1458 1352 1412 151,4001 Class B
1414
13
818 Jan 8
No par
97 100
98
97
9914 973 983
97
4
4 984 9812 6,700 Preferred
96
97
100 8812 Jan 2
7612 7812 753 78% 77
4
7912 7612 7918 793 82 1127,300,Continental Can Ino_No par 60
2
787
78
Jan 19
2 894 9083 894 394 90
9112 8914 907
89
89% 89
91 I 15,800 Continental Ins
10 79 Mar 26
15
154
164 15
1512 15
155* 148 1514 32,200 Continental Motore___No par 1418June 27
1514 1512 15
I

I

• Bid and asked prices: 110 sales On tills day. g Ex-cliv. and ex-rights. 2 EZ-61121.16113




Higher,

PER SHAsta
Range for Peerless
Year 19211
Lowest

per share
$ per share
10 Jan 11
432 Jan
4212 Jan 14
25 July
65 Jan 8
58
Oct
36 2 Apr 8
3
64 Jan
25 Aug
431k Jan 23
50 Jan '1
43
Oct
27112 Mar 22 235 June
Oct
125 Apr 3 118
11012 Feb 1 10714 Nov
4
267 Aug
8
333 Jan 23
97 Jan 28
91% Dee
231t Aug
294 Ian 15
4912May 10
20 June
113% Jan 25
98 June
10834 Jan 29 10312 Der
2912June 18
1214 Mar
101 Jan 12
7034 July
17 4 Apr 18
3
12 Da
82% Sept
844 Jan 3
95 July 5 -- -9412July 5
3
53 4 Jan
120 July 12
8
517 June
123 Jan 11 11614 June
6178 Apr 5
33 8 July
3
III Jan 16 10912 Jan
118 Jan 2
87 June
4May 4
1363
8912 Jan 12
851* Jan
111 Jan 2
4
54 Jan
6334 Jan 18
4114 Mar
10012July 10
1433
2May 1
IS': Feb 11
834 Aug
6318 Jan 3
314 Feb
6% Jan 28
118 Jan
1312 Jan 28
24 Jan
73% Jan 2
4512 June
145 Jan 2 110 June
22612July 12 139 June
47 Jan 2
44 Dec
2712 Feb
5514 Jan 18
423 Jan 5
4
244 Feb
3338 Feb
Feb 5
50
117 Apr 25 11014 Mar
5312May 10
9313 Feb
127 Jan 11
39 Jan 14
157 Mar
8
10514 Jan 7
97 4 Feb
1
4May 21 139
3293
Jan
8918 Feb 2
50 June
11012 Mar 2 104% Aug
11812 Feb 19 III Aug
12% Jan 4
83 Aug
4
vh Jan 3
44 Jan
274 Der
41 Jan 2
1927 Jan 2
4
901s Jan
121 14 Jan 8 10852 Apr
138 May 7
65 Mar
8152 Feb 27
6812 JUDO
30 Apr 3
254 Mar
4 Jan 22
Do Ma
135 May 6 ---- -.617 Mar 1
8
Ms Jan
977
8June 12
547 Jan
8
4812 Jan 3
43 Dec
384 July 11
121 July 1
421g Feb 28
---10512 Mar 8 ---793 Feb 4
2
9312 Feb 7
3814 fl
483 Jan 30
4
5212 Feb 1
2818 Mar
11212 Jan 28 107
Jan
204 Jan 2
11 Aug
82 Jan 17
77 Aug
120 Mar 1
584 Jan
28% Jan 2
2312 Dec
8112 Jan 11
75 Nov
624 Jan 30
10514 Jan 24
9214 Jan 31
i61- Oct
3
112 July 2
62% July
39t4 July
111 Aug
5614 Jan 11
36 Jan 7
2978 Aug
50 Jan 2
45 Dec
7478June 29
37 Apr
12712 Mar 21
373 Mar
4
135 Jan 2
54% Jan
52 Jan 2
514 Jan
27 Feb 4
72% Jan 3
60 8 Dec
3
119 Jan 3 1114 Dec
148's July 10
50 Feb 4
4412 Dec
7214 Mar 14
10312 Feb 0
90 Nov
784 Mar 8
5212 June
207 July 9
79 June
9132July 12
894 Mar
108 May 24 108 June
Dec
4
61
883 Jan V
21
Feb
62% Jan 2
2632.1une 18
23 Feb
28 June 14
23 Feb
105 4 Jan 24
3
85 June
195 Feb 4
55 4 Ma
3
Jan
109 Feb 5
99
99 Jan 28
92% Jun
618 Aug
62% Feb 4
45812July 12 1377 Jun
8
246 June 15
6214 Jan
93 Jan 19
Jan
48
35% Jan 28
22 Jun
92% Feb
67 Fe
113 Feb 7
14 Jan
9614 Jan 2
7912 Jan
96 Jan 7
94% Oct
23 J1.117
30 4 Apr 23
3
144 July 12 y74
Au
1003 Mar 25
2
9714 Aug
63 Jan 15
2
214 Aug
2312 Jan 9
20 Nov
114 Jan 2
9% Oct
90 July 9
Mx Apr
1514July 9
3% Apr
100 June 6
73 Apr
82 July 12
53 we
9418 Jan 14
75 Feb
8
10 Ma
283 Jan 21

$ per Shaft
94 May
39
Jan
75 May
3434 Nov
41 Nor
5212 May
285 Mar
124% Apr
11178 Jan
3514 Dee
1014 June
524 Feb
53 Nov
1404 May
110 8 Mar
3
244 Dee
10114 Dee
22
Jan
9212 May
•- - 102
Oet
88% Dee
125 Am
60 Sept
111% Jul,
122 Dee

-be;
1218 Nov
7318 Nov
23 - .18u;
63 8 Oet
3
918 May
12 Feb
7512 Nov
150 Nov
2033 Nov
4
554 Apr
62% Sept
483 May
4
54% May
117 Apr

fir Oct
4338 June
11034 June
249 Dee
88 Dec
115 Map
11912 June
161 May
4
1214 Nov
674 may
206% Dee
118 Dee
122 Dee
82% Sept
86 Sept
5 8 Apr
3
471 Nov
861s May
50 sops

"flee
48% Dee
111% May
24
Oet
92 May
119 Nov
64% Apr
100 May
-- -

ill -De;
811,8 Jan
17318 Dee
43 Jan
564 Oct
64 Dee
7474 Nov
14012 Oct
4
541 June
1094 -Apr
124 4 Mar
3

111%

Jan
109
Ian
844 Jan
134% Dee
140, Dec
110. Jan
8
843 Nov
8
71 Nov
27 Ma
38 Dec
107 Nov
1407 Nov
2
109 May
9812 Aug
307 Dec
z

25014 Noy
11012 Dec
84
Oct
3111 Apr
8714 Dee
3 4 May
3
100 Dee
102% AU
294 Seat
1704 Ma7
lOri Mar
612 Des
Apt
36
1914 Apr
5312 Jan
9% Dee
9612 Jan
128% Sept
947 Ma7
4
2012 Nov

New York Stock Record -Continued--Page 4

248

Fee sale* during the week of stocks nor recorded here, see fourth page preceding.
IGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
July 6.

d

Monday,
July 8.

Tuesday, Wednesday, , Thursday,
July 9. 1 July 10. I July 11.

Friday,
July 12.

Sales
for
the
Week.

STOCKS
NEW YORK STOCK
EXCHANGE

PER SHARE
Range Sines fan I.
Ors Outs of 100
-share Sots
Lowest

Iffolsesi

PRR SR 488
Range for Prettose
Year 1928
Lowest

Iltglwei

per satire
Per share
per share
1 Per share $ Per share $ per share I $ per share , 8 ver share $ per share Shares Indus. & Alison!. (Con.) Par $ per share
/ Jan 94 Nov
1
4
64
10112 10518 104 10638 103 10458' 10214 10453' 10213 10413 10214 10413 96,200 Corn Products Refining-_25 82 Mar 26 10638July 8
100 1395 July 6 14484 Jan 19 1384 Jan 146% Apr
Preferred
40
4
4
8
3
4
4
4
1395 13958 139 4 1393 *1393 14112 *1393 1403 *1393 1403 1393 1393
4
4
4
/
1
4
62 Dec 89 Nov
/
1
4
No par 51 Mar 26 8214 Jan 28
8
633 667 151,900 Coty In°
8
65181 6412 67
5
657 6712 6512 6712 6414 65 8 64
8
8
124 Sept 27 Nov
8
.
100 223 Jan 10 573 Apr 17
1,000,Crex Carpet.
38
*30
33
3
31
3018 3018 3018 35 4. *30
3018 3018 *30
Radio Corp___ _No par 8512May 31 125 Feb 25
903
4 5,200 Crosley
89
9213 91
92
9012 917
g 91
9114 8914 90
91
3.July 5
No par 4214June 26 607
6,700 Crown Cork & Seal
4
8 553 57
5813 5612 575
8 5918 6012 57
59
57
597 603
g
4July 11 1014 Jan 18
961k Jan
8
8
943 9514 •9514 98
4
*9514 997 *9514 997 *9514 997 *9514 97
4
100 Crown Will Pap let p1_NO Par 943
4
2314 Dec 263 Nov
4
No par 1812July 9 253 Jan 9
20
400 Crown Zellerbach
187 1914 *19
3
*1812 19
1812 1812 *1812 20
*1812 19
8014 July 93 Feb
4
4
8
4
10318 1047 10214 1047 10314 105 4 1023 1043 1033 1053 12,900 Crucible Steel of America.100 85 Mar 26 1065,July3
8
3
103 104
53
8
Dec 121 May
4
100 109 Jan 8 1162 Feu 28 111
Preferred
100
11214 11214
3
*11078 113 *112 113 *1107 113 *1107 113 *1117 113
3
8
2
20
Oct 287 May
, 1112May 31 2412 Jan 3
No pa
1812 11,900 Cubs Co
8
1614 183
4 18
183
4 1712 1814 18
14
/ 157
1
4
8 1512 165
712 May
4% July
512 Jan 3
17
8June 7
5,800 Cuba Cane Sugar
NO Par
33 4
5
3
3
3 12
3
12 3 4 . 313 4
3
3 14
3
3
/ Jan
1
4
13% Oct 32
8
57
100
2June 11 187 Jan 3
1112 9,300 Preferred
11
1112 1112 1178
4 11
113
912 1214 11
812 9
15 Dec 244 Ma,
/
1
4
_10 11 Apr 24 17 Jan 3
153 11,200 Cuban-American Sugar
3
8 15
4 143 1614 147 15
4
8
15.38 153
4 14
143
13 8 133
5
Feb
938 Dec 108
4
100 6018June 14 95 Jan 3
69
870 Preferred
4 69
g
8 683 683
4
64
65
6713 687
8 687 687
6314 64
12
Jan
6 Nov
63 Jan 2
4
2 June 21
414 414 7,300 Cuban Dom'can Sug-NO Par
33
4 4
3
3 12
313 413
8
27
3 314
238 25
784
ao 4918May 27 6778 Jan 15 54 Jan 1923 Aug
54
7,100 Cudahy Packing
*3413 3434 5412 5412 531s 5414 53
54
5418 543
4 54
4 Ma,
53 Feb
/
1
4
Curtiss Aer & Mot Co_No Par 13518 Mar 26 17312 Feb 5
3
3
157 160 1 15712 1607 16014 1617 11,100
4
15814 15814 15814 1593 15818 159
_600 Curtis Publishing Co___No par 117 Mar 28 129 Mar 16
120 12014
12014 123 I*120 121
122 122 *120 123
*121 123
No par 11312 Mar 23 12134May 25
500 Preferred
4
4
8
8
8
11512 *1145 11478 *11413 11512 11473 1147 1147 1147 1143 1143
8
11513
- 6 Oct
3
4
Cushman's Bone
No par 20714 Apr 17 22514 Jan 15 1448 Jan 2 *230 280 *228 279 *245 280 *255 279 i•263 278 *265 275 1'
Jan 141 Sept
100 120 June 19 132 Mar 22 114
30 Preferred (7)
120 120 *120 125 *120 125 *120 12413'120 12413 *120 12412
52 June 6512 Nov
10 5812 Mar 26 96 July 10
81 8,600 Cutler-Hammer Mfg
91 1 9013 937
7714 73
7858 7913 79
90
96 I 87
79
49 July 63 Oct
No vas 63 Jan 3 9714July 11
94
94
97141 9612 9612 10,300 Cuyamel Fruit
9234 93
93
923 93
4
95
*93
/
1
4
/
1
344 Feb 68 Nov
gMay 31 691s Jan 31
16,700 Davison Cbemical---No Par 427
5412, 5214 54
55 1 52
7
8 54
5512 5518 563 5514 565
54
Oct 494 AM
36
8
52 33'8 July 9 467 Jan 24
2,500 Debenham Securities
8 34
34181 3414 3414
3318 3414 3418 343
8
3414 3414 *343 36
100 116 Feb 26 128 Jan 4 1164 Feb 126% May
750 Deere & Co prof
11713 1203 120 12014 *12013 121
4
11714 118
120 120 *118 120
100 224 Jan 2 300 July 12 1664 Jan 22414 Dell
5,400 Detroit Edison
4
*28412 29912 *28438 290 28413 28713 *2843 28712 288 290 1 290 300
Apr
Jan 61
40
guy 5012 50
4 4814 4814 *4712 48 ! 4714 4714 2,900 Devoe & Reynolds A-No par 4312June 13 64% Feb 5
50 4 4812 493
3
Jan 120 May
100 112 Jan 7 1154 Jan 15 108
250 let preferred
__
115 11512 *115-.. 115 115 *115
I
11314 11314 115 115
/ Jan 172 Nov
1
4
100 130 Apr 2 1644 Jan 11 134
100 Diamond Match
137 137 I 135 117
138 135
*141 142 *141 142 *141 142
8 June 1311 Jan
8 4 Mar 28 10 4 Apr 28
3
No par
3
5,000 Dome Mines. Ltd
9 3 10
7
7
7
8
9 8 9 8,
9 8 85
5
9
53 93
4
4
5
9
53 9 8 *93 10
No par 40 June 24 5414 July 1
5,100 Dominion Stores
4714 473
41 4714 4818' 4712 48
4
47
4914 4712 473 *4712 48
*0 Mar 120's No,
No par 105 May 27 12612 Feb 4
7
8
4
3
4
4
11118 1113 111 1113 111 11312 1123 1147 11113 1137 112 113 3 24,900 Drug Inc
4
5
554 Jan 993 Nov
51
5312 5214 53 8 5212 5212 5112 5112 6,000 Dunhill International_No Par 473 July 8 92 Jan 2
3
4
8 473 50
4814 495
99
/ Oct 1164 Mar
1
4
8Mar 5
400 DUQUOBDO Light let Dref_100 4912 Jan 24 I007
*9825 99
8 9812 9812
*9812 983
8
*9813 99
4 983 985
*983 99
8
34 Ma,
3 wise
5 June 27 1112Mar 4
B. 50
,
_
700 Durham Hosiers Mille
5
5
5
5 I
*5
6
*5
6
6
*
6
*5
8
No par 168 May 27 2077 July 11 163 Feb 19414 Jule
8
20313 2077 202 20613 41,500'Eastman Kodak Co
8
4
191 2053 201 20112 1977 20314 19713 205
Apt
100 12512July 3 128 Mar 9 12312 Aug 134
200 Preferred
12513 12512
126 126 *12513 127 *12513 127 *12512 127
*12512 127
Jan 684 Nov
26
4
63
657
3 6353 6512 4,700 Eaton Axle & Spring___No par 56 May 31 763 Feb 1
63 6314 64
6513 6514 67
63
63
3
20 155 4 Jan 22 202 July 5
39,600 El du Pont de INem
184 192
189 191
2013 194 198
8
191 195
19612
198 201
100 115 July 12 119 Apr 5 114 July 121'e May
1,100 6% non-vot deb
116 117
1173 11712 511514 11514 11512 11512 115 115
8
4
*1153 116
3314 Aug 43 Nov
2
2812May 28 393 Jan 10
No par
800 Eitingon Schlld
*2914 2912 *2914 29121 2911 29121 2918 2918 29 , 2913 2818 2813
8
8
100 9112July 9 113 Jan 19 1013 Aug 1217 Nov
200 Preferred 6Si%
*9112 96
*9112 96
9113 9113 *9112 96
*9112 93
*9112 94
60 June 13612 Dec
4
No par 1263 Mar 26 174 July 12
74,300 Electric Autollte
174
4
2
8
1663 16612 165 16612 16412 169581 1653 1687 16613 1693 170
2
Preferred
100 108 July 3 115 Apr 2 1084 Sept 11211 Dee
*109 111 *109 111 *109 111 *109 111 *109 111 *109 111
17 June
/
1
4
8 Aug
/
1
4
1112June 12 183 Mar 19
2
No par
3,300 Electric Boat
12 8 13
7
1312 1312 13
133
8 1214 13
•1212 123
4 1212 13
/
1
4
284 Jan 49 Dec
/
1
8012 z78112 803 86.800 Electric Pow & Lt__._No par 4312 Jan 8 8114June 28
8
3
8 76
4
8 763 781 1 7514 7718 75 4 783
7718 777
No pa, 103 June 25 10914 Feb 13 105 Dec 1104 Mar
8
10614 106141 10614 10613 106 1063 106 10812 2,000 Preferred
tows 104 106
losi2
/
1
4
12212 Jan 4 14012June 28 12014 Nov 129 Apr
Certificates 60% paid
*137
*13713 -----1371* - - - *137 -_ *136
_
*138
69 Feb 914 Dee
s
s
883
8 8618 873
3 853 8812 873 8914 23,000 Elec Storage Battery...No par 77 Mar 26 9278 Feb 4
8 86
82 8 - 4 841s 857
7 8439
Jan
6
une
64 Jan 9
31aJune 15
100 Elk Horn Coal Corp-No par
8
8 45
4 *33
8 43
*33
43
4 43
4
*313 414 *33
8 43
3
4 *3 4 414
5 May 31 2212 Feb 7
1552 Dec
514 Feb
500 Emerson-Brant clam A_No par
4 *814 9
8 812 *814 812
818 814 "77
*3
7 4 913 *813 93
Apr
743 Dec 85
4
3
2,700 Endicott-Johnson Corp___50 8612June 26 83 8 Jan 4
7012 7014 708 693 70
4
7018 7013 70
70
69
69
69
/
1
4
100 121 Feb 7 12414 Fen 28 1214 Jan 127 Dec
Preferred
4
*110 1243 *110 11813 *110 11018 *110 11018 '110 122 •11018 122
33 Feb 51 Nov
8 54,
4 6012 627 - - - 566 Engineers Public Serv_ _No par 47 Mar 25 6278July 12
3
6118 585 5978 585 613
8
5313 553
4 5818 607
3 59
904 Dee 1024 Oct
No par 90 Jan 12 10412 Jan 31
98
9812 98
98
9812 1,400 Preferred_
98
98
g 98
977 977
8
97
*96
/
1
4
29
/ Oct 33 July
1
4
39
5,400 Equitable Office Bldg_No par 3114 Jan 4 41 May I
39
39
39
39
39
39
4 3914 3913 39
*3913 393
43 Dec 79 Jan
54 Fel, 28
5118 2,400 Eureka Vacuum Clean_No par 4412 Feb
3
52
52
513 513
8
4 513 5153 51
53
5114 5114 51
4
5 55 Mar 26 733 Mar 15
6013 6012 60 4 1,500 Evans Auto Loading
3
61
6238 60
62
6,13 613 *80
4
4
*6112 64
144
1
194 July - / Oct
160 Exchange Buffet Corp-No Par 2214 Jan 15 27 July 9
27
27
27
27
263 27
8
263 27
4
26
2612 2612 26
54
324 Jan
3
Apr
No par 40 2May 28 5184 Jan 21
1,200 Fairbanks Morse
*43
44
44
*44
45
43
4 4 43 43
45
3
45 4 45 4 *44
3
Jan 1143 May
4
104
5
4May 10 1107 Jan
100 1083
80 Preferred
107 107 *107 108 *107 108 *107 108 -107 107
*107 108
8
8 1,800 Fashion Park Assoc_ __ _No par 64I8May 9 725 Mar 21
66
66 3
8 657 657
s
•6518 6518 *6512 66
6512 66
66
68
100 9612May 23 10118 Mar 21
12
100 .Preferred
9612 9612 49512 9618 *9512 9612 *9512 9612 *9512 9612
*9612 97
42 Jan 71 Dee
15 6812 Jan 31 109 June 19
9818
8001Federal Light & Tree
98
*981s 101
10034 10034 9812 101
*98 101
*98 101
.1une 11! 104 Feb 6
98
Jan 109 Apr
No par 9712
410 Preferred
*9812 100
99
9814 100
99
*98
99
*98 . 99
99
98
*
Apr 230 _Des
100 Federal Mining & filmeirk_100 215 May 22 310 Feb 4 120
250 250
4
240 250 *240 250 .24o 250 *240 250
*240 250
9114 Jan 1021eSept
100 9814 Mar 27 102 July 5
Preferred
500
*100 102 .10114 10114 *100 10114 10114 10114 10114 10114 *9912 10118
164 Aug 26% Map
/
1
8
4June 20 223 Feb 6
1514 15% 1,700 Federal Motor Truck-No par 133
16
16
1578 16
53 16 • 1512 16
1512 1612 15
7614 June l0711 Dee
_10 9014 Mar 26 112 May 16
5,500 Fidel Phen Flre Ins N Y
106 10813 106 108
106 106
105 106
105 109
10612 107
111 Jan
/
4
154 May
4
8June 19 133 Mar 2
93
No par
30 Fifth Ave Bus
1014 104 *93 1012 *9% 1012
8
*1014 1015 *1014 1013 1014 1014
No par 66 May 29 954 Feb 25
400 Filene's Sons
80
*75
82
80
80
*75
*75
80
79
*78
82 4 78
3
8June 18 107 Jan 23
100 983
270i Preferred
1007 1007
8
s
100 100
8
9912, 995 100 1007 *9912 100
,
8
*99 101
53
/
1
38
Apr 764 Des
a
713 16,300,First National Stores_No par 62 Apr 18 747 Mar 16
4
68s 685
8 68
6912 69
7014 6934 6,98 6818 70
70
174 Jan
/
1
8 8 Aug
1
8June 14 2012 Jan 23
75
No par
814 918
9
914
8s 913
914 23,4001FIsk Rubber
EN
9
88
7
853 8 3
7
5
65 June 893 Oct
3
No par 654 Apr 30 917 July12
8
8
8 9014 917 146,400 Fleischmann Co
4
8 883 9018 885 901
8914 9012 8814 897
4
893 91
4914 Nov 561 Nov
No Par 0 June 28 54 Jan
1,1001Florsheim Shoe al A
50
*48
50
50
51
501a *48
50
51
48
48
*47
Deo
984 Oct '00
100 Illgs,Alar 18 1024 Jan 18
200 Preferred 6%
8
*97 10218 *98 10218 10018 10018 *95 10218 *997 10218 •95 10118
564 Dec 694 Dec
/
1
8July 10
NO par ISJA‘May 28 755
20,300,Follansbee Bros
8 7112 74
7314 7318 75% 7214 743
69
703
3 70
*
6813 69
361 Oct 5712 Dec
/
4
No par 44 May 27 6938 Apr 30
5612 5614 573
4 6,400 Foundation Co
5514 56
5112 523
4 53
8014
50
51
*
50
/
1
72 June 1194 Best
4May 28 101 Jan is
No par 803
8
87
8912 873 883
4 8853 9258 23,800;Fox Fllm class A
3 8618 8714 8612 87
863 887
3
43 Oct 10914 Jan
455 457
8
4512 46
8 5,600,Freeport Texas Co____No par 37114June 1 5478 Jan 25
53 46
8
4 45
4 455 463
4614 4614 4618 463
100;Fuller Co prior pref____No par 99 Mar 26 1.0712May 7 102 Mar 1094 Apr
*1043 105 *102 104 *102 104
4
4
102 102 *102 104 *1043 105
15 Mar 2812 Jan
2
2 3,700;Gabriel Snubber A____No Par 20 Mar 25 337 Feb 5
2312 233
24
24
223 233
4
4 2218 23
2418 2312 24
24
IN Dee
714 June
5 1012 Mar 25 25 Jan 31
8
1414 1412 1418 1414 133 1414 4,000'Gardner Motor
1414 15
1514
1414 1414 15
Dee
607 Feb 101
4
4
953
s 9418 953 57,700 Gen Amer Tank Car...No par 81 May 28 102 Jan 9
964 94
943
8 9318 9513 95
93
9212 94
/
1
68 June 944 Apr
8June 11
100 61 Mar 26 873
834 847
8 8412 8614 8512 8612 21,900 General Asphalt
7
8412 8$12 8312 8514 82 8 84
2,000 Preferred
100 10412 Mar 28 131 June 11 1104 June 1414 Apr
130 130
3
4
4
4
0125 1293 *125 1293 •125 1293 127 12712 129 4 130
4June 8
No par 5513May 23 693
61 '6114 1,800 General Bronze
4
6214 6212 6214 6212 613 62
623 64
4
64
*63
If - Feb WI; KO;
No par 374 Jan 9 81 Feb 718
47
4718 3,900 General Cable
48
47
46
4614 4538 47
47
45
14 4514 *46
Feb 883 Nov
4
56
2,600 Clam, A
No par 81 Jar 8 1204 Feb 28
9515 96
96
3
8 9478 95 4 96
95 8 965
7
96
9612
97
*95
Oes 107
Oct
100 104 Apr 13 10713 Jan 21 102
100 Preferred
_
*10412 -- •10412 -106 106 *104
01105 8 106 *105% 106
5
691s Nov
76 Feb
/
1
4
No par 63 Jan 8 74 Feb 25
8 7014 7012 2,000 General Cigar Inc
707 707
8
2 7012 707
7
7012 707
8 70 8 71
71
3
70 4
No par 219 Mar 26 360 July 5 124 Feb 2211s Dee
33812 347
34114 3463 34612 35114 122,800 General Electric
4
347 35712 34212 349
3498 353
11 Sept 12 June
/
1
4
10 11 Jan 3 11 Feb 4
4,000 Special
11
1114 11
1118 1118 11
1118
1113 1113 1114 1114 11
90 Apr 3
354 Jan 74 Nov
1,800 General Gas & Elms A __No par 70 Jan
80
80
80
8
3
3
3
3
80 3 80 3 80s 80 s 797 8012 797 80 4 80
3
37
Jan 80 Nov
Clam B
No par 76 Jan 3 112 Apr 25
*9614 100
*9614 100
9618 100
*9614 100 .
*9614 100
*9614 100
Oct 144
Apr
No par 11212July 8 135 Feb 14 121
290 Prof A (8)
4
4
1133 1133 1133 1133 11312 114
4
4
112 2
11212 114 • 1 114
*11334 114
300 Preferred A (7%)..... _No par 10212July 2 11612 Jan 21 10812 Jan 11812 Dec
103 103
103 104
104
12 104 10512 104
104 108 *103 103
Oct 1144 Mal
/
1
Pref B (7)
No par 99 June 20 116 Feb 15 105
79 Dec 1144 No*
8June 1 891e Jan 18
No par 673
72 - 372 4 7,600 General Milli
72's 73
Ws; 7184 "fit; -724
fa" 73
100 91 July 12 100 Jan
9812 Dee 1004 Dee
400 Preferred
91
91
93
*91
93
* 5 96
951
3
3
*95 8 9512 95 8 95 8 *91
3
8May 31 914 Mar 21
/
1
10 683
78 Dec 904 Nov
/
1
4
697 717 565,800 General Motors Corp
8
73
8
3
7613 717 7414 71
7612 73
76 8 75
7
76
100 12212May 28 1264 Jan 2 1234 Jan 1274 Apr
3,600 7% preferred
8
8
3
*124 12412 z12212 123 8 12314 1233 12314 12314 1225 12312 12212 123
o
49 Aug 687 Jan
1,000 Gen Outdoor Adv A-No par 44 July 11 52 Jan 2
4438 47
46
44
47
47
47
*46
*46
47
*46
47
294 Aug 524 Jan
12,400 Trust certificatee----NO Par 2712July 12 41 Mar 12
3313 3212 34% 2712 32
1
3312 34 8 33
34
33
33
33
/
4July 2
No par 934 Mar 26 1211
844 June 1234 Jn
4
8
118 12112 118 1,193 11712 1183 24,500 Gen Ry Signal
3
115 1183 115 4 120
2
115 4 117
3
454 June 82 Jun
No Par 68 Apr 10 864 Feb 20
4
8
8 823 8418 45,400 General Refractories
4 813 827
813
7912 80
77% 78
77
7712 77
974 June 1284 0o4
4
45,600 Gillette Safety Rasor--NO Par 101 June 11 1263 Jan 25
/1
1
11213 11313 114 1161s 11414 115 8 11212 11512 11112 1137 11312 115
344 Mar
No par 31 June 20 484 Jan 28
We June
1,800 Gimbel Bros
37
m2 3312 38
383
4 371s 3818 3612 361s *36
*38
40
Preferred
100 81 June 10 90 Jan 3
87 Mar 101 JUL.
84
*833 8412 *82
4
*834 84
84
*
81
84
*81
85
*81
/
1
4
No par 86 Jan 2 6338July 6
20
/ Jan 87 Dee
1
4
584 6012 29,600 Glidden Co
60
59
61
4
6212 593
3
6212 63 2 6258 6314 61
100 10118June 7 1061s Apr 22
95 Jar 106 Beni
50 Prior preferred
105 105 •10412 105
*10312 104
104 10478 *10412 105 *10412 105
No par 44 Jan 26 60 Feb 5
424 Dec 624 Nov
46
46% 5,700 Gebel (Adolf)
4
4612 4814 453 47
4718 47
48
47
4618 47
Jan 14314 Dee
71
70
713 231,400 Gold Dust Corn v t e_No par 5318May 27 82 Jan 19
4
3
3 8518 68 4 6814 70
6712 6512 667
663
4 66
65
6815 June 10914 Dec
4
8212 48,300 Goodrich Co (B F)____No par 73 May 27 1053 Jan 2
2
3
3
3
82
84 s 8414 86 4 83 4 85 4 8218 8414 807 8312 81
3
100 111 June 14 11518 Feb 25 10912 Feb 116% May
300 Preferred
11112 113 *11112 113
*11112 113
11213 11218 *1113s 11218 11138 11138
454 June 140 Dec
3
8
4
125 12814 1233 1253 12212 1247 48,500 Goodyear T & Rub--No par 112 Feb 21 15412 Mar 13
4
1283 1323 1273 131
4
8
12714 130
,
0212 Mar 105 1.to
/
1
700 let preferred ___ • _ __No par 101 May 28 1044 Feb 28
10112 102
10112 102
4
4
8
10112 10112 1015 10158 1013 1013 *10112 102
8June 25 60 Apr 11
70 Dec 93 Apr
2,500 Gotham Silk Roe new--NO Par 407
4612 47
4612 477
8
4813 *45
4712 4714 48
4712 48 3 48
3
100 93 May 27 10114 Jan 5 100 Dec 180 API
Preferred new
_ _ 100 *-- 100
• _ _ 95 *103 105 •___ 100 *____ 100
Preferred ex-wamnta___100 92 June 8 100 Jan 12
96 Dec 112 May
*_-- 96
96 8 __ 9612 *____ 98 •_ _._ 96 *____
/
1
4
6 Dec 12 Feb
/
1
4
7 Feb 18 14 May 6
No par
600 Gould Coupler A
1213 1218 1214 1112 12
,*1115 1212 •1112 1213 *1112 1238 •12
16 Feb 6114 Sept
/
1
4
2912 3013 29,400 Graham-Palge Motors_No par 25 May 28 54 Jan 2
4
307
8 293 30
8
8 305 313
3113 323
4 30
4 3112 327
2612 June 56 Sept
No par 20 June 3 494 Jan 11
100 Certificates
*2314 26
26
26
*26
27
*26
27
*26
27
29
*26
3918 Feb 93 Dec
3
14,400 Granby Cons M Elm & Pr_100 621gMay 28 1027 Mar 20
58114 84
843 85 2 8418 85
4
3
7
8
4
813 8212 827 8312 83 3 85
/
1
6514 June 944 Oct
4
100 773 Jan 30 964 Mar 18
1,100 Grand Stores
z82
82
8
80
82
817 82
81
4
4 81
*813 8412 813 813
4
/
4
4
283 July 411 Oct
Union Co
No par 2018 Mar 26 327 Jan 2
8
7,000 Grand
25
26
25
25
53 2412 2538 2413 25
2 2512 26
247 247
8
8
464 Aug 623 Oct
No par 41 Mar 26 54/4 Jan 4
1,900 Preferred
3
45 8 447 441a 4512 46
457 45 8 45
8
7
7
04412 4512 44% 46
_
No par 43 4June 17 56 July 12
3
43,300 Granite City Steel
4 5412 56
4
3
g 473 507
4
8 5214 553
4 45 4 477
4414 443 453
44

• Bid and asked prices: no 1111103 on this day. z Ex-dividend:




New York Stock Record -Continued-Page 5

249

For sales during the week of stocks nor recorded here, see fifth page preceding.
HIGH AND 1,01V SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
July 6.

Monday,
Juty 8.

Tuesday,
July 9.

Wednesday,
July 10.

Thursday,
July 11.

Friday,
July 12.

Sales
for
the
Week.

sTOCKS
NEW YORK STOCK
EXCHANGE

Lowest

. $ per share $ per share $ per share $ per share $ ver share $ per share Shares Indus. & Miami.(CM) Par
123 8 12512 12512 131
7
130 132
128 128
No par
129 129
8 9.100 Grant (W T)
12712 1297
3138 3014 3078 3018 304 3018 31
29% 2912 2914 313
8 30
50,100 Gt Nor Iron Ore Prop No par
3514 353
37
3
36
4 35 4 36% 3
367
No par
8 35 4 363
3
8 35% 3618 12,300 Great Western Sugar
115 115
11412 11412 11412 11412 11512 11512 *11412 116
100
300 Preferred
116 1164
17618 1773 17412 178
4
17812 181
17612 180
177% 1784 174% 1783 17,900 Greene Cananea Copper. _100
4
338 3 8
3
3
3
38 34
3
4
3
4
33
4 37
4
4
3,100 Guantanamo Sugar_ __ _No par
3
*46
50
46
48
52
*48
4612 50
*48
52
100 Preferred_
50
100
50
6412 6614 663 673
8
8 6738 6914 6718 697
8 6
100
4
64 673
4 673 6814 18,300 Gulf States Steel
10612 10612 *102 105 *102 105 *102 105 *10212 105
40 Preferred_
102 10212
100
* 3 27% *25 4 28
25 4
3
*25 4 28
3
*253 28
4
28
70 Hackensack Water
*27
26
28
2812
•
2712 28
*2712 28 2 2712 2712 2712 271
,
26
2812 283
170
4 274 283
Preferred
4
•
27
2712 *27
27
27
*27 271 •
2712
27
25
2712 *27
20 Preferred A
2712
4
3418 3514 343 35
3412 3638 3512 37
353 364 35l 38
4
No par
38 48,000 Hahn Dept Stores
97
9714 97
973
4 977 9778 *9712 977
8 97
8
3,100 Preferred
8 964 99
100
*10112 103 *10112 103
10278 103 *10112 102 *1014 102
10112 10112
110 Hamilton Watch pref
100
97
97
9612 9612 9518 9612 9618 9618 96
96
96
340 Hanna 1st pref class A____100
96
egg
5912 *
58
593
8 593 60
593 *59
4
60 60 4 60
4
1.840 Harbison-Walk Retrao_No par
3
60
24% 2412 2418 24% 24114 2412 24
24 8 2333 2333 23 4 24
3
3,600 Hartman Corp class B_No par
3
6412 6412 6412 64 2 *6312 6712 *64
67
*64
66
,
20
200 Hawaiian Pineapple
*64
66
39
3912 39% 42
3978 4112 39
4118 42
40
No par
3878 3934 19,400 Hayes Body Corp
102 102
102 10218 10412 105 *103 110 •10312 112
,,...25
800 Heime(0 W)
1023 1023
4
4
92
92
9212 93
9212 94
92
9312 93
93
92
-No par
947
8 6,000 Hershey Chocolate..
97% 977
3 96
8 96
9614 9614 967
96
No par
4,800 Preferred
947 9512 9512 98
*106 10818 106 106 •106 10618 *106 10618 •106 10618 106 106
100
300 Prior preferred
2534 27
2618 2818 2712 28
2712 30
30
3112 27
297 11,000 Hoe (14) & Co
8
No par
37
37
37
373
8 37
3714 3618 363
364 40
40
No par
427
8 3,500 Holland Furnace
231
*1612 167
1712 1712 18
8 163 171
4
20
2078 20
201
8 9,200 Hollander & Son(A)
-No Par
*71
73
723 723
4
723 7284 73 73
4
*72
73
*72
100
500 Homestake Mining
73
4618 4714 4614 48
47
483
8 454 471
47
48
4512 473 16,200 Houdallie-Hershey cl B No par
•
65
66
6612 6518 651 *65
*6514 68
*
65
66
*65
200 Househ Prod Inc
No par
66
827 83
8
8134 80
80
80
12 8014 821
78
803
8 7618 793
4 4,100 Houston Oil of Tex tem els 100
7014 70% 714 72% 71
727
7012 721
70
7114 68
No par
7014 22,400 HoweSound
89% 90 4 89
901
8818 901
,
8718 891
874 883
8 865 893 100,400 Hudson Motor Car-- No par
8
4714 4712 46% 477
4534 47'2 4512 4638 4412 454 44
4514 18,700 Hupp Motor Car CorP- ---10
3414 34% 343 347
8
345 348 345 347
3412 343
4 3414 3413 14,800 Independent Oil& Gas_No par
2138 21% *20
22
*20
2038 *20
21
*20
2012 20
No par
100 Indian Motocycle
2012
4414 45
4312 451
43 8 44 8 4238 43
3
7
42% 43% 42% 433 25,700 Indian Refining
10
42% 4238 4214 457
413 427
4
4112 421
41
4133 413 42
8
10
11,400 Certificates
*
90
99
90
893 893 *8512 897 *8512 89
4
90
No pa
800 Industrial Rayon
863 88's
4
*140 145 11142 150
142 142
147 147
14912 14912 1494 149's
600 Ingersoll Rand
No par
913 913
4
93
93
4 91
94
93 8 9512 92
7
95 8 9412 95'2 14,800 Inland Steel
3
No par
4514 46
454 46
45% 467
8 4518 463
8 444 454 433 45
8,600 Inspiration Cons Copper_20
4
*9
912
934 1014 103 1035
9 4 104 1038 1114
3
918 9121 5,200 Interoont'l Rubber-___No par
9
9
9
9
918 918
913 918
91
91
9% 913
No par
1,100 Internat Agricul
*____ 62 •____ 63
63
6212 6212 60
60 •56
200 Prior preferred
100
60 1
220 225
227 2383 234 2393 232 232
4
4
22712 234 *234 240
par
5,400 Int Business Machines
P
82 82
7914 8112 773 81
4
81
82
803 81
4
81
82
8084
4,900 International Cement_No par
6512 6612 6412 66
6313 6633 6514 6714 674 704 674 697 136,000 inter Comb Eng Corp--No Oar
*10212 1027 103 103
8
10218 10338 103 104
1044 1053 1043 10512 2,700 Preferred
4
100
4
11018 113% .113% 1163 114 11514 110 4 11412 113 11538 114 1157 37,300 International Harvester No par
4
3
8
*135 .140 *135 140 *138 140
139 139
139 139
100
139 139 1 1,200, Preferred
84
8312 84
85% 85
87
8718 883
4 87
897
29,200 International Match pref.....35
893 94
5% 54
5
518
514 514
518
514
100
54 512 *514 54 8,700 lot Mercantile Marine
44% 4614 4512 4612 4533 47
4614 477
4578 4714 467 4818 24,300 Preferred
8
100
4
50% 513
4 5112 5238 508 518
5078 4878 4978 5018 51 1 73,800 lot Nickel of Canada_No par
4 50
*
50
70
*SO
70
*50
70
*50
70 •
50
70
*50
70
, International Paper___No par
4
86
90
*
82
84
*
82
88
*85
90 •84
90
4001 Preferred (7%)
8712 874
100
30
303
8 30
3012 2912 293
4 283 308 294 2912 294 32 1 16,100 Inter Pap & Pow el A....No par
4
1814 1814 *17
18
17
17
1712 1814 18
18
1712 19
No par
10.700i Clam B
13
1314 13
13
1214 123
4 1212 1338 1212 12
% 123 15
No par
4
27,3001 Claw C
*8312 85
83 4 84
3
83 8 83 8 83 4 84
3
3
3
84
84
84
8412 3,4001 Preferred
100
49
49
50
5015 52
50
50
51
52
54
54
54 12 2,800 Int Printing Ink Corp__No par
*9512 97
1 *9714 9712 9714 9714 9512 95 4 9712 9712 9712 974
3
300 Preferred
100
*73
76 .
71
76
*7114 74
*7114 75
7112 73% •7112 75 1
140 International Salt
100
, .137 139
135 135
13412 13412 13614 138 *134 139 0
3134 139 1
600 International Silver
100
el0914 110
10914 10914 *10914 110 •10914 110
110 110 *109 110 I
40 Preferred
100
1044 11014 1065 1101 108% 109% 10634 109
8
104 10735 10618 11012 405,100 Internat Telep & Teleg
100
6934 693
697 697
8
69
70
6918 68
68
6514 6712 3,000 Interstate Dept Stores_No par
68
*35
361
3512 3638 3512 35 4 3514 36
3678 2.200 Intertype Corp
*354 357
8 36
3
No par
*52
523
8 52
52
52
514 514 5112 5214 1,000 Island Creek Coal
514 513
4 82
1
*81
82
817 817 *80
8
81 •
80
82
*80
8212 .80
No par
8212
100 Joke] Tea, Ine
185 1871 18314 187
182 18814 1883 193 4 18818 19233 189 193
8
62,400 Johne-Manville
No par
3
*12012 122 *12012 122
12112 12112 1201/ 12912 12012 12012 .12012 121
70 Preferred
100
119 4 120
3
1193 120
4
120 120
119 4 119 4 120 12012 *12012 122
3
3
100 Jones & Laugh Steel pref_100
*7
714
7
7
7
7%
714 71
7 I
7
7
7
1,900 Jordan Motor Car
No par
*10814 10914 108 1081 108 108 •108 1084 *108 1083 108 108
4
. 190 Kan City P&L let pf B_No par
1326
2712 26
28 '25 8 27
3
225% 25% 2534 2534 263 263
4
4
500 Kaufmann Dept Stores_ $12.50
55% 5612 547 56
8
55 4 66 4 55% 587
3
,
5412 547
54
54
5,400 Kayser (J) Co v t 0._. N0 par
*37
3912 *3614 38
*38
40
39% 40
*334 40
*3312 40
200 Keith-Albee-Orpheum_No par
4
115 11818 115 115
119 120
12018 122
118 12212 *116 120
1,600 Preferred 7%
100
1512 15% 153 16
8
1534 16
15% 157
8 1538 158 154 155 14,500 Kelly-Springfield Tire__No par
-.37012 7112 •-__. 70
7012 *--- - 697
70
8 697 70 •-___ 70
50 8% preferred
100
47% 483
8 4612 471
4612 47% 44
4612 46
467
8 46
47
14,000 Kelsey HayesWheelnewNo par
1638 16% 16% 163
1612 163
4 1614 1612 16
163
8 153 16
10,600 Keivinator Corp
No par
92
*9112 921 *9112 92
92
*9112 92
•9112 92
*9112 92
10 Kendall Co pref
No par
91% 923
8 9118 92% 90% 92% 90 8 923
6 8818 90 4 8714 893 240.000 KennecottCooPer
,
3
No par
51
5114 51% 51% 5118 51% 60% 51% 51
51
5012 51
2,200 Kimberley-Clark
No par
413 42
4
41% 43
4212 43
413 43
4
417 42% 4112 42% 5,700,Kinney Co
8
No par
••100 102 *100 102
100 100 *10014 102
100 10014 983 9918
4
170 Preferred
100
37
3812 37% 39% 374 gs)18 3412 38% 3444 3644 3538 37
53,800 Holster Radio Corp----No par
48
48
4814 49% 48% 4912 4912 51% 497 5114 50
5114 19,900 Kraft Cheese
No yen'
*953 96
4
9512 9512 95
95 4 95 4 *9511 96
3
3
95
*95
96
300 Preferred
100
49
4912 48
49
4834 494 48% 49
49
50
49
5014 8,200 Kresge (S S) Co
10
.*11214 114 *11214 114 *1124 114 •11238 114 •112% 114 *11235 114
Preferred
100
*1414 15
1418 15
15
15
1378 1434 •137 144 1414 15
8
5,000 Kresge Dept Stores--No per
*6812 70
*6812 70
6812 6812 6812 6812 •
69
72
72
72
190 Preferred100
.'9114 96
3
*9114 96
9112 0112 *9114 96
*9114 96
91% 9114
110 Kress Co
No par
3512 35% 3514 35 4 3512 36
3
35 4 373
3
4 37% 3814 3735 38% 172,700 Kreuger & Toll
85
857
8
8 857 88
877 8912 88% 9012 8733 908 89
8
9012 54.400 Kroger Grocery & Bkg-No Par
,-*3312 3512 33% 33 3 334 33 4 33 4 33 8 33
7
3
3
7
3312 3212 3533 4,000 Logo 011 & Transport__No per
.
8
_14614 1483 14812 1513 149 1507 1484 152% 1513 1537 15012 15335 115,500 Lambert Co
8
8
8
No par
14% 143
4 1438 15% 15
1478 1512 143 154 1412 1518 6,100 Lee Rubber & TIro...
15 4
3
4
No Par
51 ' 5112 51
51
51
51
5033 51% r493 5012 2,300 Lehigh Portland Cement__ 50
504 5
012 •
8
-10812 10812 108 10814 *10712 109 •10712 109 *108 109
109 10912
210 Preferred 7%
100
21% 2118 213
21
4 2112 22 4 2118 2114 21
3
2118 21
2114 6,500 Lehigh Valley Coal_ __ _No par
40 40
374 374 *3812 40
*3912 40
394 3912 *38
40
500 Preferred
50
5212 52
50
80
50
5212 52
5218 514 52
514 514 7,300 Lehn & Fink
No par
89% 893
4 8918 9012 88% 883
4 87, 87
88
90
90
91
1,700 Liggett at Myers Tobaocio---25
893
89 4 89% *89
4 8814 89
,
88
88% 877 8912 8818 914 9,600 Series B
2
25
• __ 135  ____ 1323 s__ 13234 130 130
4
132 132
400 Preferred
54
54
56% 55
53
553
4 54
k 528 53% 8,500 Lima Locom Works___No 100
54% 5212 547
par
51 51
51
53
51
*51
524 5212 53
53
*51
53
1.000 Link Belt Co
No par
3
94
983
4 9434 98% 94 8 97
95
97% 964 10112 98 10178 57,800
No Par
5978 5812 5938 56% 5818 573 59% 16,400 Llquid Carbonic
60% 59
58
59% 59
8
Loew's Incorporated-NO Par
912 1018
1038 11
1012 1118
10
1078 10
10%
9% 1018 352,600 Loft Incorporated
No Par
*25
25
25
2514 •
25
2514 •25
2514 •
25
2514 25
25
200 Long Bell Lumber A---NO Par
4 67
6912 684 70% 694 7114 24,900 Looee-Wilee
683
4 67
6814 7014 6712 693
Biscuit
25
*116 118 *116 118 *116 118 •116 118 •116 118 •116 118
1st preferred
100
247 25% 24% 25% 24% 2518 2412 25
8
2412 25
2412 25
12,400 Lorillard
26
91
*
90
91
91
*90
*90
090
91
•90
91
•90
91
Preferred
100
1212 12%
123 1212 12% 1238 1214 1212 7,200 Louisiana 011
8
12% 12% 1212 12%
No par
92
*92
93
92
92
92 •
92
92
93
•92
92
93
340 Preferred
100
45
48
463
8 4518 4612 46% 47% 32,400 Louisville G & El A....
4414 4414 4414 4512 44
-No par
8
8
1014 10814 1024 108% 10412 1067 104 1057 10414 1063 10412 105% 76,600 Ludlum Steel
4
No per
*113 11712 1174 11712 •113 117
*11312 11712 *11212 11712
100 Preferred
-No par
•387 4012 39
8
40
39
40
3814 39
3918 40
2,000 MacAndrews & Forbee_No par
3 4 4°
7117'1
2
*1074 -- *110: -- - •1074 --- *10714 ---- •10714-0
_
1074 -Preferred
100
997
8 9812 1007
8 9812 99
3
98
983 9912 99 4 100% 99
4
99% 11:566 Mack Trucks,Inc
No par
198 20114 199 200% 201 20214 19,800 Macy Co
198 202
200 204
200 200
No par
1812 19
19
19
1812 187
2 1814 184 2,600 Madison So Garden_ _ _No par
184 1812 1812 19
69
6812 69% 68
6812 69
68
684 5,500 Magma Copper
-68% 6912 6812 69
No par

•Bid and asked prices: no sales on this day.




E2-U1v. 7...% in stock

s Ex-dlvtdend. S ShIllIng,.

PER SHARE
Range Since Jan. 1.
-share lots
On basis of 100

$ per Mare
11412 Apr 12
2514May 28
323 Mar 26
4
11212June 18
13618May 28
212May 28
46 July 1
5514June 12
10112June 3
25 Jan 7
27 Feb 18
28 Jan 31
33 4June 10
3
9512MaY 31
1001 Feb 15
91 Jan 14
54 Jan 3
207
8May 31
60 Feb 19
4June 20
373
100 May 28
64 Feb 16
80 Feb 16
104 Jan 4
16 June 4
8May 2
347
1312May 2
7214 Feb 21
3712June 1
62 June
7012May 3
5618May 2
7518May 3
3912May 31
30 Jan 31
4May 4
173
29 Jan 8
28 Jan 7
74 May 31
120 Jan 3
7812 Jan 2
3818May 28
818May 31
812June 1
60 July 11
1493, Jan 24
774July 9
5412May 31
99 June 3
92 May 31
139 July 10
65% Mar 26
4 June 17
3612 Feb 1
404 Mar 26
5712 Jan 11
85
14May 2
25 May 20
14 4May 2
3
10% Jan 10
80 Apr I
437
8May 2
95 June
5512 Jan
118 June 14
108 May 16
78 May 27
6514 July12
29 Jan 2
4934May 16
817
8July 8
15212May 31
119 Jan 21
117 June 14
6 Mar 26
106 Feb 16
243
4May 22
54 July 12
25 Apr II
9412 Apr 11
II Mal 26
69%July 11
4014May 27
12 Mar 26
8912 Apr 20
77%May 27
4514May 25
2712May 20
93% Jan 2
2518May 27
3234 Mar 26
98 Apr 20
4418May 28
109 Jan 5
123
4May 29
6812July 2
9114July 5
3312May 27
7512May 27
26 May 31
1274 Jan 22
10 May 28
49%July 12
106% Jan 3
19 Feb 19
3412Mar 27
50 July 6
8112 Mar 26
8118 Mar 26
130 July 11
4234May 28
8June 1
497
71% Mar 36
4812May 2
74 Jan 1
25 June 23
56 May 2
115 4June 2
3
20 Mar 25
8412may
124July 1
89 Feb 8
354M137 3
664 Mar 26
983 Mar 2
8
37 Apr 26
104 Jan 8
91 Mar 28
148 Mar 26
1714June 12
60 May 28

y E34'1gbta.

Highest
a per Mare
1443 Feb 6
8
394 Feb 1
44 Jan 25
11912 Feb 1
19735 Mar 20
512 Jan 3
90 Jan 2
79 Mar 5
109 eel) 14
29 Fel, 28
31 Mar 8
29 Jan 14
563 Jan 10
4
115 Jan 31
105% Jan 8
4,93 Jan 23
4
6034 Mar 22
394 Jan 2
6612 Apr 16
8May 17
683
isle Jan 29
96 July 1
997 July 1
10618 Apr 17
3112July 11
51 Mar 9
22 Jan 2
767
8May 13
4May 20
523
794 Jan 7
109 Apr 2
8212 Mar 21
9312 Mar 15
82 Jan 28
393
8May 7
3212 Jan 2
52% Apr 10
483 Apr 10
4
135 Jan 18
1534 Apr 24
967 Mar 20
8
6612 Mar 1
14% Jan 11
17 2 Jan 28
7
8812 Jan 26
23934July 9
1023 Feb 4
4
10318 Feb 15
121 Feb 16
4May 3
1193
145 Jan 18
1024 Jan 4
714 Fei. 15
5114 Apr 23
723 Jan 23
4
83 Apr 9
944 Jail 8
3538 Mar 19
2412 Mar 8
1714 Apr 4
93 Jan 28
63 Jan 23
106 Mar 4
90 4 Feb 4
3
150 Mar 6
119 Jan 17
11012July 12
9311 Jan 2
3812May 3
69 Mar 6
16214 Feb 5
24234 Feb 2
123 May 15
12214 Mar 11
1611 Jan 2
1123 Jan 22
4
3718 Feb 6
58'2 July 2
46 Jan 4
138 Jan 5
237 Jan 2
8
94% Jan 9
59 4MaY 13
3
1914 Feb 6
96 Feb 15
104% Mar 18
52 July 3
43 July 8
109% Mar 6
78% Jan 3
513
8July 10
99% Jan 2
5712Mar 4
116 June 7
23 Jan 2
73 Apr 26
12
114 Jan
464 Mar 6
1224 Jan 3
3838June 17
15714 Mu 19
25 Jan 14
65 Feb 6
4
110 4May 9
28% Apr 9
43 June 13
684 Feb 4
1054 Jan 28
10312 Jan 29
137% Mar I
563
8July 8
61 Feb 14
113% Jan 3
8412 Feb 27
1112 Apr 1
11212 Jan 5
74% Jan 5
12112 Apr 2
3112May 17
97
12May 17
18 Jan 9
1004 Feb 21
4834June 24
1087
8July 8
118 June 1
46 Jan 4
107 4 Apr 19
3
1143 Feb 5
4
217 June 29
24 Feb 28
8212 Max 21

PER SHARE
Rowefor Marlon&
Year 1928
• Lowest

HOW*

tHir share $ per share'
1118* Dec 125 Sept
12
194 June 3334 Oes
31
Jan 3812 Dee
11212 Feb 120 Jan
1
893 June 177 4 Dee
s
93 Jan
444 Dee
90 July 107
Jan
Jan 73 2 Bept
7
51
193 s Nov 110 Am
8
Jar
23 Jan
30
23 Jan 30 Der
254 Jan 29 Jose
99 Aug 104
59 May 97
54 Dec 5712
16% Aug 37%
61 Dec 68

AM
Nov
Oct
Dee
Nov

0
e
105 Dec 126- - - i
30 4 Jan 724 Dee
3
704 Feb 89 Nov
Apr
10014 Aug 105
1514 Sep
30% Jan
4
401 Dec 493 Oct
8
18 Dec 36% Apr
Jan 80 Nov
67
Feb 84
Oc,
Dec 167
Apr
Feb 73 4 Nov
3
Jan 997 Mar
8
Jan 84 Nov
Feb 388g Nov
Apr
Oct 70
Feb 393 July
8
Jan 3714 July
Oct
Dec 146
Feb 127 Nov
Mar 80 Dee
Feb 48% Nov
4
818 July 2111 Jan
13 Feb 207 May
8
48% Mar 85 Dee
Jan 1663 Nov
8
114
8
Jan 947 Dec
68
4514 Feb 80 Dec
103 Mar 110 Sent
:
80 Dec 977 Dee
13614 M r 147 May
8
85 Dec 1317 May
35 Mar
738 May
3418 June 4433 Jan
73 8 Feb 26912 Dec
3
50 Oct 8635 May
89 Dec 108 Jan
22 Dec 84% Nov
1472 Dec 19 Nov
10% Nov 1334 Dec
88 Dec 91 Dee
4734 Oct80 Dee
100 Dec 100 Dee
491k Mar 6834 Jan
126 June 196 Jan
Jan
11214 Dec 131

6414
79
40 8
3
75
29
2134
20
9
812
118
90
46
18

6113 Nov
23 4 Sept
3
47
Oct
77% Mar
9614 June
11812 Oct
119 Dec
84 Aug
108 Aug
2912 Dec
621 Jan
8
1512 May
75 2 May
,
1914 Dec
5514 Feb

90 Dee
3814 Jan
61 MI17
179 Nov
202 Dee
122 APT
12414 May
1912 Oct
114 Apr
34
Oct
92 Nov
514 Nov
160 Nov
25% Nov
95 Nov

7 4 Ally
4

8
227 Apr

871 Mar
8
8114 Aug
32 Dec
9914 Dec
065 Feb
1104 June
134 Jan
51% Feb
87 Feb
323 Dec
8
7314 Mar
273 Feb
8
7913 Jan
174 Jan
42% June
10614 Dec

100 Apr
95 2 Nov
7
42 Nov
10114 Dee
91% Nov
118
Apr
2714 Feb
75 Aug
1243 Nt•
4
4034 0e,
18214 Nov
394 Apr
136% Nov
261 Oct
4
58% Nov
110% May

83% Jun 12212 Jan
801 Jun 12312 Jan
4
134 Aug 147
Apr
88 July 657 May
2
- 1- Feb
142
iii;
491g June 77 May
84 Feb
19% Aug
211
Jan 354 Feb
4414 June 88% Sep.
11712 Aug 125 May
23% June 467 Apr
8
8612 Dec 114 Mar
93 Feb
8
19% Apr
78 July 96
Apr
28 Feb 41 may
44
106
83
8134
1814
4334

Aug

57* Apt
Oct 110 Nov
Apr 110 Nov
Aug 382 Aug
Dec 34 May
Feb 76 Nov

250

New York Stock Record-Continued--Page 6
For sales during the week of stocks not recorded here. see sixth page precedino.

HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
July 6.

Monday,
July 8.

Tuesday,
July 9.

Wednesday,
July 10.

Thursday,
July 11.

Friday,
July 12.

Sales
for
the
Week.

STOCKS
NEW YORK STOCK
EXCHANGE

PER MARE
Range Since Jan. 1.
-share 10,1
On basis of 100
&noes!.

11408*81

PER SHARE
Range for Previous
Year 1928
Lowest

Highest

$ per share $ Per share $ per share $ per share $ Per share $ per share Shares Indus. & allscel. (Con.) Par
Per share $ per share $ per share $ per share
2514 257
8 26
25
263
4 2514 251
24
251 2514 2434 25
3814 Nov
3,000 MaIllson (II RI & Co__No par 24 July 12 393 Jan 15
8
16
Jan
8 97
*9618 1037 *9612 1037 89618 1037 *9618 1037
8
8
8
30 Preferred
97,
1
100 95:8 Mar 25 13512 Jan 18
8 964 9618
8714 Jan 110
Oct
18)j 1812 1812 820
*15
247
8 2434 26
257 257 *24
8
8
25
3,630, Manatl Sugar
100 1212June z2 26 Jan 14
21 Nov
41
Jan
35
35
35
3714 40
*32
Preferred .
40
*37
600
4012 4012 404 404
100 31 June 24 5014 Jan 10
40 Nov
Jan
88
82412 27
2412 2412 247 247
8244 27
8
8 2412 25
•25
27
800 Mandel Bros
No par 24 June 29 383 Mar 9
8
4012 Jan
32 June
2814 30 4 297 314 30
8
,
4 5,300 Manh Elec Supply. _ _ No par 244July 2 373 Jan 11
2812 30
303
8 2834 29
2812 293
4
8
2812 Sept 663 June
8
2812 29
2314 29
29
2912 2912 29,4 2938 2912 283 '293
4
4 4,700, Manhattan Shirt
25 255
8May 29 355 Jan 4
8
313 Feb
4
43 May
*14
1412 81312 1412 1312 1312 *13
14
200, NItiniest bo Oil End_ __ _No par
1312 133 134
813
12 Feb 18
3
1812 Apr 18
2512 Apr
1212 Feb
8
3414 3518 *3518 353
2,500; Mariand Oil
No par 3318hlay 31
4954 Nov
33 Feb
4718 Jan 3
80
79 '78
879
79 '78
79
79
500,Marlin-Rockwell
76
77
78
No par 6918 Mar 26 897
78
8May 20
454 Mar 83 Nov
89
897
8 87
8312 857
887
8 813 8314 8014 8212 6,700,Mormon Motor Car_ No par 663 Feb 18 104 May 10
8 8512 88
4
4
77
Dec 86 Dee
8
8
8
*8
818
900 Martin-Parry Corp
8
8 18 818
No par
83
, 84
Penne 10 18 Jan 2
124 Star 2552 June
8 4 8,
,
4
3
543 557
8
8 55 8 564 557 563 '5618 577
623 41,500' Mathlearnt Alkali Works.Vo par 4214May 28 218 Feb 27 1174 June 190
8
8
4
4 60
8 5812 593
Dee
*122 124 •122 124 *122 124 *122 12512 *122 12512 •122 12512
Preferred
100 120 Jan 28 125 Jan 2 115
Jan 130
Apr
8214 8514 82, 8612 83
867
8 837 86
8
2
85
863
25 7312May 31 10812 Jan 10
4 854 874 62,600 May DeptStores
75 July 11312 Nov
203 21
4
2034 21
203 21
4
21
24
2318 243
8 2312 237 16,500i Maytag Co
4
No par
19 May 31 25 Apr 4
1712 Aug
3012 Nov
39
4
39
4 39 3912 40
39
39
383 383
4018 4.000; Preferred
40 4 40
No par 333
,
404 Aug 52 May
4June 27 4514 Jan 3
*82
82
84
84
*83
*82
84
84
100, Prior preferred
86
*83
84
86
No par 80 Apr 26 9018 Jan 10
8012 Dec 101 May
*95 100 I *96
98
*9618 98
I McCall Corp
*9614 93
•9618 98
*9618 98
No par 7114 Feb 16 1013
Feb 80 Dee
56
4June 7
*10112 103 810112 103 *10112 103 *10112 103 .10112 103 *10112 103
• 1McCrory Stores class A No par 9712June 11 1133 Feb 5
4
77 Feb 1094 Nov
4
10012 10012 993 100
993 993
.1
600; Class B
4
No par 9718June 18 11512 Feb 6
4 9912 10012 *98 1003 *98 10034
4
8012 Mar 1195 Nov
107 107
107 107 *10614 112
*107 112 *107 112 *107 112
3001 Preferred
IOU 107 June 11 120 Feb 7 109 Feb 11812 Nov
*4212 43
4212 4212 4212 4212 *42
43
*42
43
43
45
400 McGraw-hill Pub113a's No par 4034 July 1
48 Feb 14
4
153 153
4
4
4 153 153
153 153
4
4 1512 153
4
*15 4 1614
3
1512 1512 1,9001 McIntyre Porcupine Stints..5 1512July 11
1914 Sept 281t Mar
234 Jan 5
8 7118 72
7112 7118 737
8 70
71
7018 705
71
72
734 12,400, McKeesport Tin Plate_No par 6212 Mar 26 82 Jan 31
4
6212 June 781 Nov
52
4
54
5212 523
523 5312 523 53
4
5212 52 52 12 7,600 McKesson & Robbltis__No par 49 Jan 7 59 Mar 4
4 52
503 Dee
4
4512 Nov
6012 5918 604 5914 60
6018 60
60 60
60
593 60
4
2,5001 Preferred
60 55 Mar 26 62 Feb 4
64 Nov 6352 Nov
*59
61
6158 6214 64
61
61
61
*59
61
65
66
2,300 Melville Shoe
No par 5612 Mar 26 72 Jan 3
8
70 Sent
607 Nov
8
2818 2912 2714 2818 27
2814 2918 285 30
12,400,Mengel Co (The)
2812 274 28
No par 20 Mar 26 347 Jan 4
2
25 4 JI111 41 Sept
,
2514 825
25
82412 2514 *25
*2412 2512 82412 2514
253
8 25
200 Metro-Goldwyn Pictures pf _27 24 Jan 10 27 Feb 25
2411 Dec 2712 May
4712 49
4814 495s 4818 493
4918 50
487 50
8
4 4512 49
35,9013IM extcan Seaboard Oil_ _No par 3614May 31 693 Jan 3
458 Jan
73 Dee
8
43 8 4412 4414 454 43
5
44
434 4418
433
8
44
423 44
4
29.600 Miami Copper
_a 304 Jan 8 5412 Mar 20
33 Dee
173 Jan
4
11512 1193 118 1204 116 119
8
1123 114
4
11612 1183 11912 122
4
38,500 Michigan Steel
No par 85 June 3 122 July 12
33 8 33 8 3312 337
5
4 3312 333
5
8 3312 333
4 3314 333
4 3318 3312 11,900 MId-Cont Petrol ....No par 3012 Feb 16 397 Jan 3
444 Nov
8
2514 Feb
34 4
3
35
8 37
34 34
34 4
3
8
3 8 35
5
34 358
8 5,600:Middle States 011 Corp
10
232 Jan
74 may
54 Jan 3
312June 20
23
4 27
8
27
8 27
8
23
25
8 23
25
8 23
4
4 23
4
212 23
4 2,6001 Certtflcates
4
214Jurie 4
10
112 Jan
54 May
34 Jan 3
2443 257
4
2563 2673 269 279
8245 248
4
2773 294
4
4
290 298
14,000 Midland Steel Prod pref...100 225 Feb 15 298 July 12 193 June 295 Nov
177 174 *174 177
8
81774 18
8 17 2 173
4
4 173 173
4
4 1,900 Miller Rubber
4 173 173
,
1712July 10 287 Mar 20
1812 Aug 27
2
No par
Jan
•66
67
*6614 6712 66
6712 663 68
4
663 70
4
69
71
6,700,Mohawk Carpet Mills_No oar 6012May 27 8014 Mar 1
757 Deo
2
3918 Aug
11312 11412 114 11812 117 123
8
12218 1245 12112 124
12314 12612 310,100 Mont Ward&CoII1CorPNo Par 99 May 31 1567 Jan 2 11514 Dec 1564 Dee
2
418
414 412
418 414, *44 414
4
4 14 *4‘
4
414 2,300 Moon Motors
4 May 29
518 Feb
1112 MAY
No par
8 Jan 8
79
78
793
8 783 80 4 78
*78
794 *7714 7812 78
8
783
4 5,500 Morrell (J) & Co
3
4July 9
No Par 7218June 22 803
14 314
314
3
3 18
3' 3
314
318 • 7,0001 Mother Lode Coalition_No par
3
418 May
3
314
3
3 Feb 8
23 AtIR
8
612 Mar 4
5114 51
5434 5414 56
53 5318 513 5212 50
56
593 35,200 Motion Picture
4
4
1472 Deo
1214 Jan 8 604June 21
5 Mar
No par
2034 2114 2112 2112 20
20
1918 204 •18
19 4 20
3
20
1,600 Moto Meter A
13 Mar
243 Sept
4
No par
1434May 31
254 Jan 3
4
130 1353 132 13512 133 133
13454 1343 132 135 4 129 130
4
3,500 Motor Products Corp A'o par 9612June 4 2;16 Mar I
3
94 July 2184 Oat
4458 4514 4412 443
8 444 4478
4514 4512 4512 457
8 5.000 Motor Wheel
4 4412 447
No par 39 Mar 26 483
8May 18
2512 Jan
5114 Oct
8
4812 4878 515 *50
•474
51
50
50
493 497
4
8 2,700iMultins Mfg Co
84812 50
No par 4214June 14 8174 Jan 4
6914 June 9514 Oct
86
8
87
88
88
*87
86
88 .87
886
88
88
20 Preferred
88
86 June 12 10214 Jan 11
Dec 1044 Not
98
58
584 59
58
58
5712 575
577 577
8
8 58
8
No pa
8 575 5814 2,000 Munaltutwear Inc
o par 5014 Apr 6 6134May 4
464 Mar 624 May
9112 924 9118 92 4 913 9214
8 92
93
8
9112 923
,
16,700 Murray Body
No par 62 Mar 26 1007
91 12 92
2118 Feb 1244 On
8june 17
8 875 897
8
8
par 81 18.1une 11 1184 Jan 25
893 9038 893 903
8
8 8718 885
8 8618 87
8514 863 29,900 Nash Motors Co
4
8014 Feb 112 Nov
8 363 377
4
353 377
8
4
3574 36
8 365 373
8
8 3614 3714 3612 367 14.200 National Acme stamped. __ll
N
.._h0 2818 Jan 7 3912 Feb '28
324 Dee
7 4 Jan
,
407
8 39
8 3812 4138 39
4058 38
39
393
No par 35 July 2 4814May 24
30.900 Nat Alr Transport
40
3814 40
4814 4912 464 483
4678 48
8 45
No 10o 4258July 12 71 Mar 1
par
4512 425 447 15,900 Nat liellas Haas
4 454 473
8
8
111 *109 110 *109 111 *109 111
•108 111 8109
Preferred
1023
300
109 109
4June 15 118 Jan 3
9014 Jan 11812 Dee
8
8
20712 2117 206 209 4 206 20912 207 2147 212 2163 2105 215
8
54,500 National Biscuit
3
35 16612May 28 21633 July 11 1694 July 1954 Nov
4
4.14112 14134 *14112 1413 14112 14112 •14112 1413 •14112 1415 •141 12 1413
4
4
4
400 Preferred
100 14112May 17 144 Jan 26 13712 Feb 150
4
Apr
12012 1263 12612 13112 12812 13218 12712 1314 1263 1305 174,600 Nat Cash Register A w I No par 96 Jan 8 1484 Mar 20
8
120 122
4
8
474 Jan 1045 Dee
4
835 85
8
773 7814 78
4
833 85 206,300 Nat Dairy Prod
4
797
8 7812 8114 8112 84
No par 6218May 22 85 July 11
2812 281
285 2914 2914 29,
8
283
4 2812 283
2,300 Nat Department Stores No par 2814 Jan 4 374 Mar 5
283
4
4
4
4 2912 30
217 Jan
1
324 Oot
95
95
95
95
95 95
9418 95
*9412 95
•9418 96
3110 let preferred
100 9214 Feb 4 96 June 8
91
Jan 102 May
8
473 493
8
8
4 477 48
4818 49
4812 487
484 493
8 5,000 Nat Distill Prod etfs___No par 33 ?Oar 26 58 June 17
4 475 49
294 June 5812 Jan
14 107 107
10618 10612 10612 107
107 10818 108 108,
106 106
2 7,500 Preferred temp ctfs__No par 6712 Feb 7 10812July 12
5114 June 714 Jan
453 4612 4612 4812 4518 4512 46, 4614 48
4
4
434 45
544 5,000 Nat Enam & Stamping__100 43 May 29 6214 Jan 9
2314 Mar 574 Nov
151 151 •150 153
400 National Lead
100 132 Jan 2 173 Mar 20 115 July 136
*150 15212 *151 15212 151 151 •151 153
Jan
139 139
139 139 139 139 *139 140
160
100 13814June 12 14112 Feb 1 139
Preferred A
4
•13814 1393 139 139
Jan 1474 May
118 118 *118 119
118 118 8118 119
120 Preferred B
100 118 Jan 2 12354 Apr 24 11212 Mar 122 July
118 118 *118 119
4
8 5714 5812 5714 5878 574 (1212 613 64 201,900 National Pr & Lt
No par 4214 Mar 26 64 July 12
s
585
2174 Jan
8 573 587
575
8
465 Dee
2
738 2,400 National Radiator
7
612May 28
7
7
No par
17 Jan 10
714
7,
4
14 July 404 Jan
*64 7
64 7
64 714
1414 July 8 41 Jan 29
154 1518 17
15
15
1712 1712
1414 15
800 Preferred
No par
18
15
15
36 Dec 9812 Jan
120
120 122 2 122 122
126
11134 Mar 26 144 Jan 2
127 1293
120
4 3,100 National Supply
122
50
,
120 120
8414 June 146 Dee
112 112
111 114
112 112 •110 114
600 National Surety
50 101 June 14 155 Feb 1 13854 Dec 150 Nov
1123 11312 *112 114
4
8
7712 7212 7414 7314 754 7312 754 7318 74
73
13,000 National Tea Co
No par 64 May 31 913 Mar 1 0160
78
Jan 390 De.
72
4
8
4652 474 4612 4714 453 4678 4518 4618 37,100 Nevada ConsolCoPPer.N0 Par 394 Jan 16 627 Mar 21
4
474 463 48
47
424 Dee
1734 Jan
66
6714 66
50 43 Mar 28 76 July 1
6912 7012 68
67
69 2 66
,
6712 3,000 Newport Co class A
.6912 72
108 11114 108 109
No par 93 May 29 1113
10812 110, 20,100 Newton Steel
4May 20
9812 9812 99 10212 10112 107
2
45
44
44
z4312 4412 44
447
8 433 45
4
4,500 N Y Air Brake
No par 414 Mar 25 494 Mar 4
*4414 4512 44
397 Oct 5012 NO;
2
51
*49
51
847
50
1,700 New York Dock
100 40 May 28 583 Feb 2
50
8
•46
5014 50
47 Aug 6414 Jan
50
50,
4 48
91
91
92
*83
.83
883
90
90
Preferred
91
*83
•83
100 84 May 23 90 Apr 10
*85
85 Sept 95
97
9712 98
98
9812 9812 9812 99
97
98
3701 N Y Steam pref (6)_ ___No par 96 June 17 103 Jan 10
98
*97
984 Oct 10512 May
j
11014 110, •11012 111 81103 111
3201 let preferred (7)
4
4
11014 11014
No par 11014June 17 1147 Feb 19 102
2
11014 11014 811014 112
Jan 115
Apr
4
8
8
8
72,000,North American Co
8
No par 905 Jan 7 154 July 12
4
1444 1457 1443 1453 1413 14414 14258 1447 144 14712 148 154
5852 Jan 97 Nov
8 525 523
4
8
50 45114June 18 5414 Jan 9
4 523 523
523 533
4
4 523 527
8 5212
4
4 1.200, Preferred
52 8 527
7
51 Sept
May
101 .0214 1003 1003 •101 102 '101 103 10118 10214 1,0001No Amer Edison pref__No par 997 'Afar 27 1033 Jan 16
4
4
*101 103
8
4
994 Oct 1051 M b
55 Fe
7
8
534 53 2 5414 54 4 543 547
8 543 5431 3,300 North German Lloyd
4818May 28 6414 Jan 12
,
8
4
,
534 5312 523 531 4
634 June 6912 Nov
*45
49
*45
49
49
*46
Northwestern Telegraph___50 4312June 14 50 Star 16
49
*46
*45
49
49
*45
48
Oct 55 May
t
7,2
•212 2 4
23
4 23
25
8 24
25
8 2*
24 34
4
212July 12
212 23
4 1,800 Norwalk Tire & Rubber____10
212 Mar
3
614 Feb 4
•53
4 7
85 4 7
1Nunnally Co (The)___No par
512May 16
*53
4 7
*53
4 7
4 7 , 55347
8 Feb 8
63 Dee 13 May
4
•53
3
19
•1812 19
900,011 Well Supply
8 1931 20 I 1818 1818 194 1918 19
25 173
4June 18 32 Jan 3
195 195
8
2014 June 41
Jan
4
4
993
4 993 993 *99 100
•99 100
801 Preferred
9712 9712
100 92 May 31 10612 Jan 16
899
•93 100
97 June 11012 Jan
8
41
423
437
4 405 427 18,300 Oliver Farm Equip__ __No par 3418May 31 6412 Apr 25
8 403 43
8
407 444 42
8
8
3618 39
56
5612 5512 56
16,300, Cony participating_ No par 491sMay 31 603 Apr 25
8
563 573
4
4 56
5514
543 58
4
55
51
95
No par 90 June 15 9912May 2
95
94
8
8 3,100 Preferred A
9412 95
94
953 953
8
927 934 943 95
8
8
*73
4 8
8
814 4,300 Omnibus Corp.....
,
73
4 8
No Par
7 2 Feb 21 107 Feb 28
813 8,
8
814 8 4
8
,
74 Dee
151- May
4
•
85
I Preferred A
100 80 Marta 90 Feb 28
85 •
85
8312 Dee 995 June
•,___ 87 •____ 87 8_ _ 85 •
2
7218
70
8
500lOppentieltn Collins & CoNo par 70 July 10 845 Apr 13
714 7112 72
70
*7212 74
74
8723 73
4
*70
67114 Aug 8812 Jan
170:Orpheum Circuit. Inc pref.100 69 Apr 12 9554 Jan 2
85
85
*80
8412 85
85
83 83
83
85
83
882
75 May 104
60010tp Eervator
ao 276 Jan 7 405 July 2 14712 Feb 28512 Nov
lerefle red
390 394
390 390 8382 389
390 390
391 391 8389 390
Dee
100 1213
4June 28 126 Jan 24 11914 Jan 12654 July
4
4
4
4
4
•12184 126 9213 126 81213 124 *1213 126 81213 126 •1213 126
No par 37 May 29 484 Mar 15
4
8 463 474 463 47 2 4712 4814 97,100 Otis Steel
4
8
,
4 465 475
4518 45 8 4512 473
3
1012 Jan 404 NOT
2001 Prior preferred.
100 9014July 12 108 Feb 20
*9614 10014 *9614 100 '9614 100
*9614 100
10018 10018 100 100
824 Jan 103 Nov
79
7812 7812 1,200 Owens Illinois Glass Co ____25 78 May 28 84 May 18
79
784 783
4 784 79
79
79
79
79
25 5352 Jan 2 734July 1
69
697 24,300 Pacific Oaa & Elec
673 69
4
68
8
6814 6614 6914 6612 6712 66
68
434 Feb 664 Nov
1pooar 70 Jan 7 9714July 2
15,900 Pacific Ltg Corp
9312 957
8 9412 96
4 9318 95
9412 95 8 9318 9512 935 943
8
3
69 Dec 8554 June
500 Pacific Mu,,
100 2712June 3 37 Apr 17
3012 3012
30
30
*28
29
29
*2812 29
*284 2912 828
25
Oct 3512 Nov
I Mar 6
No par
13,000 Pacific 011
1
1
1
1
1
1
1
1 12 Jan 10
1
•1
118
1 Sept
24 Apr
5101Pacific Telep & Teleg
169 Jan 3 200 Mar 14 145 June 169 Dec
19012 196
191 191
190 190
190 190 •18914 191 81854 190
100 1163 Jan 3 130 May 18 114
4
100, Preferred
•1253 130 •1253 130
4
4
4
4
4
1253 1253 *1253 130 *1253 130 •12534 130
3
Oct 12513 May
10 11612 Mar 26 1535
60,000 Packard Motor Car
133 13518 13314 13612 213014 135
8
1374 1383 1365 13818 135 137
4
4May 15
5614 Feb 163 Dee
60 4014 Feb 18 63 May 4
3,400 Pan-Amer Petr & Trans
57
54
54 12 54
54
854
5412 543
55
4 54
5412 55
384 Feb
554 Nov
60 4014 Feb 10 86545tay 6
5614 5814 564 6114 136,2001 Class 13
5714 5814 564 58
5614 573
4 5618 57
3754 Feb
Ws Nov
200 Pan-Am West Petrol B.No par
133
43080 27 1712 Jan 3
14
14
14
14
14
14
144 14
14
1418 1418
814
1512 July
285 Apr
2
012 *914
01.
2 8914
914 Feb 16
912 1,100 Panhandle Prod & ref...No par
1514 Jan 3
94
93
4
93
4 93
4' 912 9 8 •914
3
1112 Feb 2114 May
Preferred
100
100 4714 Feb 25 76 Jan 16
*55
60
60
60
55
60 .50
55
.50
60
•50
•55
70
Feb 10614 May
5512 Jan 2 713
8
6414 6514 6314 65
4
641. 65 4 644 6518 645 664 81,700 Paramount Faro LaskY-NO Par
3
643 65
4May 13
4714 Oct 564 Dec
No par 47 June 3 874 Jan 14
1,400 Park A TlIford
61
58
57
55312 55
5312 5312 55
57 4 *55
,
85312 55
34 Mar 98 Nov
712
714
1
7 May 16 134 Feb 28
714
714 714
712 8,200 Park Utah C M
74 74
712 73
4
74 73
4
9 Aug
1412 Jan
712 Mar 26 147 Jan 9
No par
18,400 Patna Exchange'
8 9
9
914
9
9 18
85
83
4 914
8
,
98 9 2
,
,
87
8 94
2
Fob
15 Nov
No par
131/Mar 26 30 Jan 9
3,200 Class A
•1912 2012 1934 20
19
26
20
183 19
1914 1938 •19
4
84 Feb
34 Aug
3812 38
374 377
8 8,600 Pattno Mines a, Euterpr____20 344 Jan 7 473 Mar 4
3814 37
371
3712 38
373 3814 38
4
4
337 Jan
.
42
Are
1558 16
50 1112June 26 2214 Jan 11
143 15 4
16
14
1418 123 137
4 5,500 Peerless Motor Car
15
4
117 123
8
4
8
3
1418 Sept 254 Mat
No par 38 Jan 2 603
11,000 Penick & Ford
8
4 583 604 5914 6014 583 59 2 58
4
59
8
5712 583
,
4 587 603
4July 8
2238 Jan 414 Oot
Preferred
*103 109 *108 109 *108 109 •108 109 8108 109
100 100 Apr 2 110 Jan 9 103
*108 109
Oct 115 Mar
512May 27
300 Penn Coal & Coke
50
8
8
12 Jan 20
*712 84 *712 84 8712 83
s *74 8
75
8 8
8 Aug
1412 Jan
113
1212 123 123
4July 1 27 Jan
1214 1212 12
8
4 1212 123
4 3,700 Penn-DixieCement____No par
4 1212 1212 1212 123
104 July 31 May
100 55 June 28 94 Jan 22
55
55
*54
55
300 Preferred
55
55
55
55
*54
60
55
*54
75 Sept 9652 Apr
100 208 Jan 11 335 July 10 15154 Jan 217 Nov
329 335
7,200 People's0 L & C (Chle)
4
330 330 .315 330
2995 3093 310 31012 309 330
8
No par 3112July 12 4512 Jan 3
32
32
32
3112 32
531
314 3174 32
3112 3118 3118 2,100 Pet Milk
414 Dee 4614 Dee
25 5612May 28 797
8
8 637 66
644 663
12,300 Phelps-Dodge Corp
4
8hIay 10
644 6412 6312 647
4 64
643 •833 64
4
188 200 •195 200
50 15712 Apr 17 205 July 12 145 Mar 17454 May
200 205
3,000 Philadelphia Co (Pitteb)
200 204
•180 185 *187 190
60 4812 Jan 15 61 May 20
49
.49
50
10 5% preferred
*49
849
4914 849 49 14 49
50
*49
50
4512 Mar 49 Aug
4 5213 52, *5112 52 2 52 52
50 505
4
8June 24 54 Mar 18
400 6% preferred
*52
5212
2
,
•5112 53, *5112 52,
513 Oct 67 Shim
4
• Bld and asked far prices: no Sales on this day. a Ex-dlvIdend. I Ex-rights.




251

New York Stock Record-Continued --Page 7

For sales during th. week of stock, not recorded there, see seventh paste preceding.
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday,
July 6.

Monday,
July 8.

Tuesday,
July 9.

Wednesday, 1Thursday,
July 11.
July 10.

Friday,
July 12.

Sales
for
the
Week.

STOCKS
NEW YORK STOCK
EXCHANGE

PER SHARE
Range Since Jan. 1
-share Lola
On basis of 100
Hioheat
Lowest

PER SNARE
Range for Previous
Year 1928
Lowest

Highest

per Ilan'
per share
!Niece11. (Con.) Par 8 Per share $ Per shore
$ per share 8 Per share $ per share $ per shareiS per share 8 per share Shares Indus. &
3
273 June 39% Jan
8May 28 34 Jan 8
I73
8
243 100,300 Flint,& Read C ezl__No par
243* 2212 2318 23
241, 2418 2512 23
1812 1914 21
:
15 Mar 251 May
5,400 Philip Morris & Co.. Ltd_.10 1311 Apr 30 2314 Feb 26
1412 15
15
1414 145* 1412 15 '
14
143
14
14
14
Apr 54 Aug
38
100 Phillips Jones Corp__ __No par 41 Mar 28 73 May 17
*4812 52
50
50
*4812 52
*4812 50
*4812 52
*4812 53
Apr 99 Ma)
85
100 8814 Jan 17 96 May I
Phillips Jones pref
•9012 93
*9012 93
93
*9012 93
*9012
*9012 93
*9012 93
3514 Feb 53% Nov
10.500 Phillips Petroleum____No par 3658July 1 47 Jan 3
4
8
3714 367 3718 363 37
37
8 378 383* 3718 38
3712 383
Oct 38 May
21
8
5 2314 July 9 375 Jan 22
100 Phoenix FloelerY
24
24
*23
24
*23
2314 2314 *23
*2312 24
*2312 24
Dec 10314 Feb
94
100 9314May 22 100 Jan 6
Preferred
.9414 98
*9414 9914 *9414 98
*9414 100
*9414 100
*9414 100
1813 Oct go% Dee
ANo-par 2712 Mar 25 377 Jan ii
15,300 Plerce-Arrow Class
3414 35
3412 347
34
3158 35
33
33
34
32
33
ag% Get 74% Dee
100 72% Jan 2 8712June 7
Preferred
1,100
87
8
867 *86
86
86
86
85
85
87
*85
87
.86
33 Mar IS
54 A Vf
% Mar
2 June 11
25
218 3,900 Pierce 011 Corporatlon
2
2
2 1g , 2
2
2
2
2
2
2
2
Oct
50
1614 Feb
Jan 8 511f Mar IS
100 30
600 Preferred
40
3914 3914
*39
393
39
40
40
40
*39
40
*39
652 Apr
57 Jan 15
312 Feb
413July 3
No par
418 414 5,200 Pierce Petrol'm
418
418
43*
414
414
418
4% 414
413 418
8
587 Dec
4
323 Feb
_No par 3918May 27 63% Jan 15
47
464 6,800 Pillsbury Flour Mills
46
4612 4612 46
47
4814 4714 484 4612 47
5012 Mar 26 66 July I
9,400 Pirelli Co of Italy
4
6114 6212 613 6212 6118 63
6212 627
8 6212 0212 6138 62
8
36% June 787 Dee
4 83% Jan 9
6612 60'2 5,200 Pittsburgh Coal of Pa__ 100 6413.1une
67
67
68
8514 653* 683* 66
6518 6518 65
81 May 10078 Dee
100 8312.1uns 5 100 Jan 5
*8512 90Preferred
*8512 90
*8512 90
*8.512 90
*8512 90
90
*87
Feb 38 Dec
26
_100 20 June 10 348 Jan 9
_
2613 2.100 PIUS Terminal Coal.. _
4 2612
255 253
243* 2412 243* 253* 2618 2612 2614 27
63% Oct 82 Mar
..... _100 521 2June 10 7814 Jan 9
Preferred_ .
50
55
55
59
*55
59
*54
59
*55
55
55
58
*52
No par 26 June 24 32 July 12
4,300 Poor & Co class 13
2813 294 297 32
8
28
28
27
28
3 27
28
273* 273
4
853 Dee
4
533 July
34
,
400 Pon, Itican-Am Tob cl A.100 7612July 2 95 Mar 15
80 ' •77
7712 7712
78
7812 78
*78
80
•77
78
*78
51% Dee
2314 Aug
No par 30 July 2 5034 Jan 2
31 I 1,000 Class B
32
*3012 3213 31
313 32
3212 3213 3212 3213 32
8
27 105 Jan 31 1005 Aug 106 Sept
1,000 Postal Tel & Cable pref _100 101 18May
4
1023 102%
4
4
4
8
8
1027 1027 *1023 10314 1023 10314. 102% 10318 *1023 103
8
613 July 136% May
4May 3
4
No par 623 Mar 26 813
8 77i4 7838 154,600 P08111111 Co. Inc
4
4 77% 7912 7712 7812 763 777
8
763* 788 783 793
5912 Der 64% Dee
8
5418July 12 655 Jan 2
54% 54141 9,100 Prairie Oil& Gas
5414 543
4
543 555* 5414 55
5518 5518 5512 56
21
8May
,
25 53 8 Jan 14 617
4 6018 6118 12,800 Prairie Pipe & Line
5912 603
60
59% 60 I 5912 60
60
4
593 60
18 June 3312 Oct
8
15 May 27 253 Mar 22
No par
1978 1812 1913 18% 19 I 27,500 Pressed Steel Car
17
1913 203* 19
163* 17
203*
93% Oct
70 Aug
100 73 May 29 81 Mar 27
Preferred
7612 1.800
76 I *75
4 7612 7617 76
75
*73
738 7614 7512 773
Feb 29% Nov
16
17 July 12 25% Jan 3
18 1 1,000 Producers & RefinersCorP_50
17
18
18
1812 *18
*18
18
*18
19
18
19
494 June
Feb
41
4
50 3814 Feb 20 483 Mar 21
70 Preferred
4018 40%, *4018 41
4113 403* 405
8 4012 401
*40
42
42
Feb
91
52 Nov
4
180 Pro-Pity-lac-tic Brush_ _No par 50 June 21 823 Jan 14
51
50
51
50
5014 504' *5014 51
50
*5014 51
50
8312 Dee
4112
211.600 Pub Ser Corp of N J__No par 75 Mar 26 116,2July 12 103% Jan 116 May
107 10812 10614 11012 1061211014 10914 11212 11012 11313 11212 11612
Jan
100 10312June 8 10818 Feb 5
4 1,600 6% preferred
*1058 106
1057 1057 10534 10534 105 10512 10512 106 1 1063* 1063
8
8
Oct 129% Mar
8
100 11738June 25 1247 Jan 3 117
500 7% preferred
120 12012
119 119
119 110 *119 120
*119 12012 119 119
Jau 1511 may
145 Apr 17 15012 Mar 16 134
*146 150 *146 150 *146 150 *148 150 *148 1491 *148 150100
Jan 28 10612 Dec 11013 Apr
pref _100 1053* Apr 3 109%
8 8e •
: rre er red
3
8
10612 10612 *1063* 10612 10612 107 *1063 10712 10713 107% 1063 1083* 1.100 F111 4 p s fElee& Gas
8
777 Oct 94 May
8
No par 78 May 27 917 Jan 3
88% 8718 88% 8812 873* 8618 874, 30,700 Pullman. Inc
8
4
863 87% 873 891s 87
8
8
175 Dec 347 Jan
8May 29 2114 Jan 14
50 143
1712 1712 *1712 173* •1712 18 i 1,200 Punta Alegre Sugar
17
8
1714
8 173 173*
*16
177
Feb 3114 Nov
19
4May 9
25 2314 Feb 16 303
4 2612 27 1 16,100 Pure 011 (Tile)
8 2614 263
2718 263* 2714 264 27% 263* 267
27
100 III June 12 116 ren 25 108 Ma 119 June
70 8% preferred
4
113 11312 11214 1133
11214 11214 11212 11212 112 112 *112 113
76 June 139% Oct
10938May 28 14512July 12
130 132
133 14412 14112 14512 70.300 Purity Bakeries
13118 1337 133 1343 13212 134
8
Feb Is 114 May 3
s
8 7718 82
845
7618 78% 7818 813 659,400 Radio Corp of Amer.„No par 6814 July 5 57 Jan 3
8 82
867
g
863 8812 84
54% Jan 80 may
50 52
100 Preferred
54
543 *5214 53 , •53
5312 5312 5312 *5214 543* *53
.52
3414 Dec 5113 Nov
19 Mar 26 46% Jan 4
40 I 3818 4018 3812 397
8' 3812 393 300,600 Radio Keith-Orp el A__No par 57 Jan 7 843 Mar 4
3612 3812 38
3718 38
24% Jan 60% Dee
8
10
817s 8134 84
8 8112 41,800 Real Silk Hosiery
8 7818 8238 79
837
81
81
8118 795
8012 July 97% Dee
100 95 May 27 10212 Feb 8
140 Preferred
99 1
9912 98
*98
99
*98
*98
98
98
98
96
98
15 Dee
,Feb 1
512 Feb
161
8 May 28
10 Par
1112 11581 1,300 Reis (Robt) & Co
4
111 1218
4
1218 1218 113* 12
8
115 113
•1134 1214
6114 Feb 8912 Dee
100 60 May 29 10812 Feb 6
. First preferred
*70 • 7312 *70
72
7313'
*70
75
*70
75
•70
4 70
743 .
2312 Jan 3611 May
28 Mar 26 44 * July 12
No par
40
42
4 3814 40
4414 4312 447 223,900 Remington Rana
3818 393
42
8
375 39
8714 Dec 98 June
100 9014 Jan 4 96 Feb 4
400 First preferred
9412 95
95
95
*9312 95
.9412 95
*9412 95 I
.93% 95
Jan
8818 Oct 100
100 93 Mar 20 101 Apr 15
500 Second preferred
*9914 100
8
997 100
•99 100
*9914 100
100 100
*9914 100
354 Oct
2212 Jan
31% Jan 3
10 2114 July 12
211 2212 22,500 Reo MotorCar
8 23
2312 223 233g 2212 23
4
2312 23% 231g 237
8May 3
No Par 4234Nlay 28 547
Republic Brass
4413 4412 1,300
45
45
4518 4518 45
45
45
45
453, 45
100 105 May 3 107 June 5
Preferred
•I03 107 *103 107 *103 107 *103 107 *103 107 *103 107
_
8May 29 111 May 6
No par 935
Class A
*9312 100
*9312 100
*9312 100
*9312 100
*9312 100
*9312 100
4918 June 94% Nov
Iron & Steel... _10(1 79% Feb 8 112 July 12
1073 10938 10714 10912 10S% 112 102,000 Republic
4
4
103% 10518 103 1063 1053* 108
27 102 June 112 Feb
8
100 1087 Jan 7 11512 Feb
100, Preferred
112 112 *112 115 *112 115 *112 115
4
•1103 114 *110 112
14% June
814 Feb
8 June 8 1214 Jan 16
No par
73
73* 3,900 Reynolds Spring
73*
712
712 712
712 75*
713
712 712
714
11
8 5518 5712 17,400 Reynolds GIJ1 Top class B_10 53 Mar 26 66 Jan 2
8
557 567
58% 5714 5812 .567 573* 56's 57
68
g
Oct 61 Dee
50
300 Rhine Westphalia Elec Pow _ . 53 Feb 26 64 Jan
4 5814 5814
4 583 583
.5914 6014 *5812 593
4 5812 5812 *5812 583
4
23% Feb 58 Nov
* Jan 3
4012 4112 403* 4113 9,800 Richfield 011 of California__25 39% Feb 16 495
4114 42% 4218 4218 413 4238 4112 42
4
Na par 2514June 11 4212Mar 28
2914 28
4
283 11,100 Rio Grande 011
2912 28
29
3014 30% 2912 3012 2914 30
No par 59 May 28 70 June 29
900 Ritter Dental Mfg
69
.68
69
•68
69
67
69
69
69
69
*68
69
3,000 Resale Insurance Co new.. _10 63 May 23 96 May 9
7012 71
727g 7012 71
8 7152 7212 71
71% 71% 715s 737
40 Dec 493* Dee
27 May 31 4314 Jan 2
4
3512 361s 353* 3614 3614 363 34.800 Royal Baiting Powder-No Fa* 95 June 12 11258July 10 10412 Dec 10412 Dec
8
8 355 3612 3514 36
8
355 363
100
0001 Preferred
8'1125* 115 *1125 11314
8
•11112 112
11112 11112 112 11212 11212 1125
Oct
44% Jan 64
8
497 Feb 19 553 Jan 6
4 3,400'Royal Dutch Co(N Y share,)
8
533 *5312 533
53
8 531g 533
5
*5318 5334 5312 53 8 5318 545
37 Mar 7113 Dee
10 62 Jan 7 94 Jan 21
15,400St. Joseph Lead
4 6512 66
663
66
68
67
4
6714 6814 663 681
8714 871
No pat 15414May 28 19514 Jan 4 171 Dec 2014 Dec
4
169 1703 19,300`Elafeway Stores
172
167%
8
4
8
18738 167% 16714 1695 1673 1705 167 170
95 Dec 97 Dee
100 93 Apr 4 97 Jan 16
80 Preferred (6)
95
943
94
4 95
94
94
95
*93
95
*93
95
*93
100 102 Feb 16 108 Jan 18 10612 Dec 1064 Dec
40 Preferred (7)
4
10412 1041 10434 1043 •104 1043 105 105
•10312 10413 104 101
Dec
364 Dec 51
3814 Mar 26 511, Jan 24
1,700 Savage Arms Corp_ _ No par
395*
39
40
401
39
*39
40
39
3914 3914 391 *39
4
,
163,July 3 411 Jan 8, 353 Dec 6712 Apr
1784
2212 2412 2312 244 234 254 72,300 Schulte Retail Storee__No par
221
17
17
1712 1818
Apr
_.100 9012June 18 11812 Jan 2 115 Dec 129
60 Preferred
4
9412 9534 9534 953 •95% 97
8
8
915 915 *9212 93
94
*92
17% June
10 Feb
1312July 9 2214 Apr 12
No par
1,700 Seakrave Corp
8
137 137 •13% 1414
14
8
14
1312 141
8
1414 145
•1414 143
4
Jan 197% Nov
82%
139% Mar 26 181 Jan 2
8
4
8
4
166 16714 16712 1727g 1693 1731 17112 1747 17112 1733 1724 1747 63,100 Sears. Roebuck & Co No par
712 Oct
Jan
2
4 May 28 1012Mar 20
No Par
512 512
512 5.500 Seneca Copper
514
512
514
4
5 53
53
512
514
514 514
8012 Feb 14014 Oct
No Par 12312 Jan 8 180 July 9
4
17412 1783 175 17612 176 1774 15,400 Shattuck (F (1)
16914 17113. 17112 17312 176 180
41 June 4 533
4July I
No pa
8 5.900 Sharon Steel Hoop
487
48
8 4712 48
8
483* 4934 485 4914 475g 493
4812 49
2314 Feb 39% Nov
2534 Feb 18 315 Apr 2
No par
17,800 Shell Union 011
2 2612 27
2612 267
2612 27
2612 27
4
2612 26% 263 27
54% June 8514 Nov
3634 July 8 7412 Jan 24
6,800 Shubert Theatre CorD_No pat
4
463 463
45 4 4512 46
3
3634 3812 3812 427
g 45
42
40
552 June 1014 Nov
d
76 Mar 26 11813July 8
No par
11258 11538 11212 1147g 11414 1163 100,500 SImmorur Co
114 1173 114 11812 115 117
4
2714 Nov
1818 Feb
1818 Mar 26 3714June 5
10
4
8 3212 343g 331g 353 75.800 Simms Petrolem
s 3312 343* 3314 313
4
3212 323 343
32
46% Nov
17% Feb
3518June 26, 45 Jan 2
8
4
3634 3714 363 3714 3614 3718 357 3612 3512 3612 3513 3614 86,500 Sinclair Cons 011 Corp_No pa
Oct
4May 11 111 Jan 29 10212 Jan 110
100 1073
Preferred
10912
200
8
8
•109 10918 109 109 *109 1093 •109 10912 10918 10918 •1093
42% Nov
25 Feb
8
25 327 Mar 7 4612May 6
8 4112 4214 4114 4178 4012 4114 405* 413, 5,200 Skelly 01100
42% 42% 415* 433
5814June 28 125 Jan 19 102 June 134 Feb
700 Sloss-Sheffield Steel & Iron 10
63
63
6214 6214 *61
63
*6112 63
5914 5914 5814 5912
85 June 20 112 Jan 18 10412 Oct 123 Mlif
10
Preferred
100
•85
93
94
85
93
94 .
*85
*85
94
*84
86
86
Apt
11 Dec 20
1614 Feb 5
1014 Mar 26
No pa
9.000 Snider Packing
1212 13
1212 1312. 1254 13
g
1112 1318 13
147
•1118 11%
Jan
60
31 Nov
33 Jan 3 6412July 9
No pa
33,700 Preferred
57
64
55
62
55
4 6112 6412 62
603
5412 5412 54
3212 Feb 491, May
34 Mar 26 45 May 13
No pa
4
8 373 3814 3712 37% 9,200 So Porto Rico dug
383
*37% 3712 37% 3814 385g 387g 38
43% Jan 66% Nov
53% Jan 4 6812 Jan 31
2
8
8 6314 65
8 6512 663 23,400 Southern Calif Edleon
633g 643
6414 655
6318 65
8314 64
2412 Jan 6053 May
3512 Feb 16 5018June 14
Southern Dairies Cl A__No pa
50
46 .
38
49 .38
38
50 .38
49 .
*38
49
•38
Apr
Jan 30
9
No pa
10 June 29 15% Jan 12
500. Class B
10
10
10
10
10
*8
10
10
*10
1014 1014
1014
No par 3014 Apr 30 6312May 6
500 Spalding 13ros
8
5614 567
57
57
57
*55
57
5712 *5612 5712 57
•56
Jan 120 -eV;
11212MaY 28 117 Feb 6 109
30 dpaldIng Bros let Prof
100
11212 11212 *11212 113
11212 11212 .11212 113 •11212 113
•11212 113
28 July 57% Dee
4078 407g 4138 4014 4014 40% 40 4 5,100 Spang Chalrant&Co IncATO Par 34 Ma)28 5214 Jan 3
3
4014 40% 40
4012 41
Oct 100 Aug
97
100 89 Mar 19 97 Jan 17
1101 Preferred
95
93
•93
95 .
*93
*93
95
93
95
93
95
*93
8July 2
67, 66
6614 6634 14,0001 Sparks WIthington_ _ _ No par 59%June 21 687
07
6612 6612 6812 6612 6734 66
66
20 - Feb
104 Nov
4
Kt, .8
4.8
Au par
6 May 20 143 Feb 4
50 Spear & Co
812
8
8
81
•8
812
•8
9
*8
78•4 Nov 92% Feb
100 73 May 20 8012 Jan 2
g
i Preferred
*737 75 .737 75
8
8
*737 75
8
*735 75 .73% 75
*7312 75
3914 39
393
4,000 Spencer Kellogg & Sons No par 351? Apr 22 43 Feb 14
40
39
36
4 39
3712 39
3953 39% 39
51% De;
2311 Jan
4Mer 1
8 56
*5712 577
No par 45 Jan 7 663
55% 2.100 Spicer Mfg Co
5612 5418 553
55
5612 5414 5414 *543
8
No par 4614June 25 557 Mar 1
1,100 Preferred A
48
47% 47% 4714 47% 47% 47% 474 474 48
*4813 49
8513 Sept 91 Nov
8
87
85
4 7,400'Splegel-May-Stern Co_No Par 7714 Jan 15 1177 Feb 6
8712 •84
8512 863
861
8412 86% 85
8312 85
*
Oct 4014 Nov
24
1612July 5 43% Jan 11
17
1712 1612 171, 1612 161
17% 17%
1712 1712 1,51)0 Stand Comm Tobacco.No Par
17% 17%
57% Jan 84% Dee
12118 125% 12418 12712 124 128% 1274 134 2 282,800 Standard Gas & El Co_No Dar 803 Mar 26 1345,July 12
4
3
4
118 1183 11812 122
64% Dec 714 May
3May 31 67 Feb 4
8 64
64
iso 625
0412 64
6412 64% 1,900 Preferred
6313 6314 63% 63% 643
6312
Jan 142% Dee
100 104 Mar 26 16314 Jan 18 100
Standard Milling
•100 132 •100 127 *100 127 •100 11614 •111 124 *115 125
97 Nov 115 Dee
4
40 Preferred
1013 101% •105 109 •105 109
100 100 *101 106
100 08 June 17 133 Jan 12
*100 105
53 Feb 80 Nov
gMay 6
4
73% 723 74
72% 7314 72% 7318 72
36,400 Standard 011 of Cal____No par 64 Feb 18 817
73
4 7314
7318 733
8784 Feb 59% Nov
2May 11
3
57% 56% 57% 56% 573 65,400 Standard 011 of New Jersey _25 48 Feb 16 623
4 57% 5814 57% 5814 57
573
57
28% Feb 45% Dee
3912 387 391 s 38% 3914
4
383 39
g
42,200 Standard 011of New York __25 38 Mar 7 45% Jan 2
39% 39% 391g 397g 39
7
7 8 Feb
5
214 Jan
412
412
9% Jan 21
4% 43
5
412 43
2,000 Stand Plate Glasa Co__No par
413 Jan 2
478 5
4
4
5
5
Feb
40
Jan
10
1512 16
17
17
1612 17
17
100 Preferred100 151861ay 28 31 Jan 18
17
18
*16
18
*17
84 June 53% Dec
_ _
•49
•40
56
500 Stand San Mfg Co____No pa
•55
54
54
41 Jan 26 56 May 3
40
55 .
.40
733
7412 20.500IStewart-Warn SP Corp
74
May 10
- 72% - ; 73
74
7518 72.8 -7412 75 2
10 65 Apr 10 77
3
7412 75
Jan 99 Dee
44
600 Stromberg Carburetor_No pa 352114 Jan 11 116 May 20
Jan 8713 Oct
57
8 -751;
7318May
pa
98 Jan
W1785* -75i2 /61; 76
-i8T2 Wiz -76- 125 2 "iU2 123 *123 125 •135 IG7- •125 4 -717 18,500IStudeb'r Corp (The...No 100 123 May 31 126 June 26 12113 Feb 127 June
25
123
30 Preferred
13
•123 124 *123
614 Mar
218
3 Feb
•2
2%
2
2
218 1.2001Submarine Boat
413 Mar 14
218 24
2 June 21
No pa
212 *218 212
*218
77 Nov
8.700 Sun 011
75
72
74
72
3113 Jan
72
72
•72
No pa
67 Mar 26 763* July 8
7312 74% 7412 76% 74
API
Jan 110
150, Preferred
102 102
101 102
101 101
101 103
100 100 Jan 3 10513 Jan 8 100
101 101
100 100
1414 Nov
75, 8
212 Feb
32,700,Superior 011
8
12 Jan 3
No pa
7 Feb 16
7% 8
7% 8
4 818
73
4 8
73
Jan 56% Nov
4814 49
18
8
505 51% 49
511g 46
49
10,000,Superior Steel
100 34 May 31 73% Apr 9
52
51
5038 51
11•3 Feb 23% Sept
1,800 Sweet, Co of America
14
14
14
*1312 14
14
14
51) 131/May 23 2214 Apr II
14
0
14
14
•1312 14
7 May
73
7l
4 Aug
1,800'SymIngton
No pa
412 Mar 12
9 May 2
8
8
7%
4 8
73
712
773
4 *7
73
*7
8
10 Au, 193 Apr
9,1001 Clare A
1713 18
1214 Mar 11
8May 2
195
17% 18%
No DO
1814 185
18
8 18
4
1753 173
8
1714 177
22% May
164 Jan
300 Telautograoh Clorp
19
No pa
•1812 19
8
4 19
18 June 17 2512Mar 2s
18% 183
*185 19
19
19
4.1p
193
4
19% Dee
1013 Jan
1812 42,800 Tenn Copp & Chem No par
16 Apr 9 20% Apr 29
183 1912 177 1914
1818
18
8
8
1878
17% 1914
8
183
18
74% Nov
Feb
50
25 574 Feb 21 6812 Apr 20
8258 63% 626 63
61% 63% 615* 625* 33.000 Texas Corporation
8
6218 62% 6212 63
6212 June 82% Nov
69N8June 29 8514 Apr 18
8
8 7218 7314 716 7212 70% 7214 70% 71% 38.600 Texas Gulf Sulphur___No pa
747
74% 73
74
26% Nov
Mar
1213
1
6,500 Texas Pacific Coal & Oil_
171
8
10 1614 Jan 25 237 Mar 21
1718
1718 1714
1714
17
17
174 17%
8
173 17%
20 June 30% Apr
13% Mar 28 2412 Jan 17
8
1
1618 1612 1612 1718 1612 167 10,200 Texaa Pao Land Trust
8
8 1614 165
1833 16% 18% 165
I
• Bld and sated prices; no gales on this day




s Ex-dividend

y El-rights

252

New York Stock Record-Concluded-Page 8

For soles during the week of stooks not recorded here. see eighth page preceding.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
July 6.

Monday,
July 8.

Tuesday,
July 9.

Wednesday,
July 10.

Thursday,
July 11.

Friday,
July 12.

Sales
for
the
Week.

STOCKS
NEW YORK STOCK
EXCHANGE

PER SHARE
Range Since Jan. 1.
On basis of 100
-share lots

PER SHARE
Range for Precious
Year 1928

Lowest
Highest
Lowest
MOW
$ per share
Per share $ per share $ per share $ Per share $ per share Shares Indus. & Miscel. (Con.) Par 3 per
Mare $ per share $ per share
per slate
2334 24
2412 25
2458 2512 26
28
2714 3012 29% 3112 39,200 Thatcher Mfg
No par
1635% MarIAar 19 4112J
4 3 .8 Januly 152
,
22
Jan 3918 May
*4218 44% 4218 4214 *4314 45
44
45
4434 443
45
4 45
1,400 Preferred
No par
45
Oct 53% June
*37
3812 3612 3612 *37
38
375 38
8
38
38800 The Fair
38
37
No par 3414 mar 26 51% Jan 15
Jan 521,
84
*107 109 *107 109
107 107
107 107 907 108 *107 108
20 Preferred 7%
100 10412 Feb 26 110 Jan 2 104% Jan 1144 Oot
/
1
46
46
*443 4612 46
4
4612 47
4812 *4814 4812 48
487
2 1,300 Thompson (J R) Co
25 44 May 1 62 Jan 12
561 June 71% June
4
195 193
8
1912 197
4
2 193 203
4
8 1958 20
1912 20
193 20
4
24,300 Tidewater Assoc Oil...No par
17% Feb 8 2312June 7
1444 Feb 25 Sept
87% 871s 87
87
87 87
8712 8712 *875 88
8
8712 8712 1,200 Preferred
100 84 June 18 90 Jan 2
817 Mar 9134 Dee
8
3418 34% 33 s 33 8 3414 343 33314 3414 3352 33I2 *34
3
3
8
1,000 Tide Water 011
35
100 27% Feb 1 40 June 7
195 Mar 4118 Deo
8
*90
94
*90
94
91
92
913 92
4
/ *92
1
4
93
9214 *92
400 Preferred
100 90% Feb 25 975 Jan 17
86% July 10018 Dee
2414 24% 243* 25
2414 2412 23% 2414 234 243* 24
5,700 Timken Detroit Axle
243*
10 225
sJune 13 31 May 3
1053 1077 1043* 10712 105 1073 10478 1075 10414 106
4
8
8
4
41,600 Timken Roller Bearing_No par 731 Feb 18 150 Jau 3 1125,
1034 106
Nov
14% 15
1412 15
iCfai
14
4
1518 143 1514 143 15
37,900 Tobacco Products Corp
1412 15
4
20 14 July 3 2218 Mar 18
175 18
1 1734 1713 1814
8
17
173 18
4
173 18
4
175 18
8
24,900 Class A
20 1712July 3 225* Mar 18
13
13
*1412 1478 *1112 14
*1112 14
*1112 14
115 115
* 7,000. Dividend Certificates A
8
115
8July 12 18 Feb 13 -IP' Aug 2584 Jan
*1112 15% *1112 16
*1112 16
1134 1134 *1112 16
113* 115
200, Dividend certificates B
*
1158July 12 20 Mar 28
24 June
Aug
19
*13
16% •13
17
*1212 17
*1212 167
8 13
*1218 13
13
100! Dividend certificates 0
13 July 3 1918 Jan 15
19 Dec 23 Aug
1114 113s 1114 1112 1138 1134 1138 123
8 12
1212 121* 1212 75,700 Tranacet'l 011 tem ctf_Aro par
9 Feb 28 14%May 8
6% June 14% Nov
e45
50
*45
50
*45
*45
51
51 I *45
*45
51
51
iTransue & Williams St'l No par 41 Feb 28 53 Apr
4414 Dec 59% Feb
/
1
4
52 4 60% 59% 605* 5912 60
3
5812 5914 573 5812 5914 6112 15 300 Trim Products Corp......No par 3811 Feb 18 63 July 18
4
4
82% June 447 Sept
3
2
*2112 22
2112 2112 *2134 22
21
211s 21
21
1,800 Truax Truer Coal
21
21
No par 195
8June 4 313* Jan 23
*52
55
52
52
52
52
*51
52
*51
52
51
51
400 Truscon Steel
10 44 4 Mar 26, 608 Jan 3
3
5514 Nov
158 16212 160 4 16514 161 16478 15434 160
3
153 15612 155 160 47,100 Under Elliott Fisher Co No par 91 Jan 71 1654July
s
8
68 June 987 Dec
*126
*126
125 125
125 125
125 125 *125 126
330: Preferred
100 125 Jan 5 125 Jan 5 119 Mar 126 Apr
*34
35
353 3612 *35
4
36
3412 35
3514 3614 36
3612 2,000'Union Bag & Paper Corp-100 24 June 11 43 Jan 14
Dec 493 Feb
30
4
11812 12214 12218 128
123 1247 11934 124
8
1223 127
4
125 12712 165,5001UnionCarbl&Carb
No par 7514fvfay 22, 128 July 8
4712 47% 48
4812 477 48
8
473* 478 4714 473
4 47% 478 5,100 Union 011 California
26 46 Feb 201 54% Apr 18 -aid Feb 58
*146 150 •147 14812 •148 149
148 148
152 152
148 152
500'Unlon Tank Car
100 1217 Jan 15' 152 July
8
Oct 1281s May
130 1313 12812 13312 128 131
4
12534 129
126 1293 12812 133% 41,800 United Aircraft & Tran No par 7838 Apr 115 162 May 5 110
4
1
8612 8612 883 883
4
4 8712 89
8512 8612 *8512 87
883* 883
4 1,600 Preferred
50 6818 April.10912h1ay 1
483 5014 483 50
4
4
4918 498 4914 5114 50
5012 523 21,800 United BIB011it
51
8
No par 41 May 31
53% Jan 14
Oct
3418 Apr 57
*125 __- *119 135
125 125 *12512 ____ *12512 ____ *12512 ____
100 Preferred
100 11412Ju0e 11 126 Jan 24 11214 Mar 185
Oct
1518 1512 1518 16
1538 17
1
16
17
1614 163
4 153* 1612 23,400 United Cigar Stores
10 135
8July 3 27 Jan 11
2278 Aug $44 Fob
/
1
4
*80
8612 85 85
847 84% 85 85
2
85
85
85
85
500 Preferred
100 847 July 9 164 Jan 2 103 8 Dec 11418 Apr
g
7
65
66
6514 67% 66
6712 6912 68
68
713
4 6614 6814 661,800 United Corp
No par 583
4May 27 7512May 11
- -- _
4718 4714 4718 4712 4714 4812 4712 49
471 48
473* 483
21,500 Preferred
No par 45 May 13 49 July 10
4214 4214 40
-_
4112 40 4 417
3
403
8 40
4 39
40
3914 393
4 4,000 United Electric Coal
-No par 30 June 3 81% Feb 6
15e4;
58% Oct WC,1154 11512 115 116
116 12012 11913 12012 117 119
118 119
8,500 United Fruit
No par 1095
sJune 12 155118 Jan 31 131% June 148 Nov
*14
1412 *14
1412 *14
1412 *14
1412 *14
14
142 14
200 United Paperboard
100 14 June 18 2113e Jan 22
7
1618 Dee 27 8 Apr
74% 74% 7412 7512 7412 7712 7712 79% 78
803 82% 12,400 Universal Leaf Tobacco No par 7012-lune 18 85 8May
79
8
60 s June 875 Nov
7
8
3
10
*8314 83 4 *8314 84
3
83 83
83
83
83
83
821s 8218
160 Universal Pl3tures 1s1 pfd_100 82's July 12
91% Nov 100 Feb
*11
1114
1114 123
4
1218 1318
1218 125
2 1214 1214 1218 1214 4,806 Universal Floe & Rad__No par 105gMay 29 93 Jan 2
22% Jan 2
s
15 8 June 1157 Oct
5
*75
80
85
88
*85
*80
89
86
90
86
80 Preferred.
100 83%July 1 1008 Jan 9
873 Sept 1063 Dee
4
s
.
33
35
3412 35
33
3412 3312 34
3212 3314 3112 3214 12,500 fl IS Cult 'ion Pipe & Fdy-20 27 May 31 557s Mar
88 Dec 58 Nee
18
1714 1714 *1714 173
4 173 173
8
1714 1714 17% 173 •1712 173
8
let preferred__ _......No par
500
4
1678June 8 19 Jan 11
194 Nov
18 Nov
*193 29 4 *193 203 *193 203 *193 203
4
3
4
4
4
4
4
4 193 193 *193 203
4
4
4
4
100 Second pr ferred. _ __Na par 185 Apr 19 20 June 18
8
1914 Dee
18% Nov
1514 1558
1538 16 l •15
1512 1438 1478 145 1518 *1412 143
4 4,900 11 8 Doetrll Corp ----No par 1258 Mar 26 1818 Apr 19
8
1318 June 20% Jan
*83
8414' 8312 831
8' 84
84 1 *8312 84 • 83
84
83
83
900 Pref0rred
100 7114 Mar 12 84 Apr 20
78
/ Jan
1
4
Oct 90
*612 634 .612 634
612 613 *5,
8 614 •618 614 *618 614
300 U S Express
100
2 Jan 22 10
Jan
6
27 Nov
8
*3612 38 I *37
38
*37
38 1 *3612 37:2 3612 365
8 3618 3652
400 U 8 Roil Maw Corp_Ns par 30 May 28 497 Apr 8
k Jan
41
Dec 684 Jan
1843 1857 185% 186 I 1844 187
4
81
186 1931 11 189 192
18814 19112 52,300 U 8 Imiustrtal Alcohol..._100 128 Jan 16 19314Ju1y 2
10 10218 June 188
Oct
2312 24141 2314 233
8 2212 23 g, 2238 2212' 2218 223
3
8 2214 223
4 3,800 U 8 1 eatber.
No par 1934May 27 3518 Jan 14
43912 4112. *4014 4178 40
22
Jan 61 May
40141 393 3978: 3912 393
4
3912 1,100 Class A
45 39
No par 38 May 28 617 Jan 14
Apr
Jan
72
94
52
94 1 94
94
94
94
94
. .
100 91 May 14 107 Feb
3
8918 91% 90
% 311 8914 913* 8912 9112f 88
/
4
9014 885 89% 9,800 US Realty & linpt__No par 81 Jan 8 11918 Feb 1 100 4 Dec 10912 May
s
61% Feb 93% May
6
52
533* 5312 55
53
4 523* 5458, 5112 533
543
518 52
33,300 United States Rubber
100 42 Jan 8 65 Mar 18
27 June 8314 Jan
80
80% 7978 8112 8012 807
2 793 8014' 787 79
8
8
7814 7812 3,400
let preferred
100 73 May 28 92 Jan
/
1
4
65 July 109% Jan
57 4 5814 573 58
3
5714 5812, 57
577
5518 57
5512 5614 5,700 U 8 Smelting. Ref & Min.....60 48 May 27 72 8 Mar 16
7
8918 Feb 7118 Nov
20
*502g .55% 5412 5412 .53
54 j *50
51 1 *52
54
54
5412
An 513
620. '
Preferred
4June 13 58 Jan 3
Jan 68 Doe
51
19514 197
19658 201% 19778 20134' 19712 20014 1973 19912 19914 20314 707,100 United
s
States Steel Corr... 100 163 May 27 20314July 12
14018 14018 140 1403* 140 140 81 140 140 1 13934 140
3
1391 1391 3,500 Preferred
/
4
/
4
UM 1393
4July 2 1444 Mar 1 1.1385 Jan 1671 AP
/
1
8
8312 83 4 *86
4
3
90
8512 9112 9112 93 1 907 92% 913 9112 6.500 USTo
8
febac4o
No par 83 June 21 109 4 Jan 80
3
86 June 120 Oot
•13914 141 *13914 141 *13914 141 *13914 141 *13914 141 *1394 141
Preferred
100 136 Mar 6 143 May 3 12718 Jan 139 June
*310 330 *300 320 *300 340 *310 330 *310 330 *310 330
Utsh Copps,.
_ 10 264 Jan 2 353 Mar 19 139
Jan 278 Dee
4412 45
441 4512 44
443
4 44
45'5 44
45 , 4412 46
40,200 Utilities Pow & Lt A.
-NO Par 35 Mar 26 498 Jan AO
2508 Feb 464 Mar
95
97
9 4 10
3
912 67
3
612 93
4
913 9%
914 5,300 Vhdsco Sales
9
No oar
M
131s Jan21
*70
71
*70
74
*70
*70
71
72 1 693 693 *70
4
73 1
100 Preferred
100 6
89 A pr 23 82 Jan 16
Y 2
r
8812 8912 8812 89% 8814 91
89
9034 89
9014 904 9258' 20,800 Vanadium Corn
NO par 68 May 31 1161, Feb 8
60
Jan ill's Nov
*3712 3812 38
38
*39
40
•39
40 •39
40
40 40 I
300 Van Raalte.
No WV 27 Mar 12 40 July 12
74 Jan 407 Oct
s
82 82
*82
83
82
82
82
82 I *82
83 1 82
82
140 1s1 preferred
100 60 Jan 2 63 Apr 24
437 Jan 78 Nov
4
901* 91
9112 97
95
97
/ 9612 99
1
4
9778 9912 96
9812 14,300 Vick Chemical
No par 82 Jan 4 109 May 16
68
Jan 83 Dee
•1157* 11618 2114 114
11414 11414 *11414 115 *11414 -_- •114l4 ----1
Vic Talk Mach 7% Pr Pref.100 110 Mar 1 11578July 5 1011s Jan 1124 Dee
200
1112 1112 111 117s
11% 117
8 1138 12 I 1114 1138
1114 Ills 5,000 Virg-Caro Chem
No Par
93
4May 29 245* Jan 28
12 June 204 Nov
4114 4114 *4112 42
4112 42
4112 41% 4118 41181 413 4134 2,400 6% preferred
4
100 3614May 29 6518 Jan 26
444 Jan 6414 NOV
*85
89
8912 8914 8914 89
*88
8912 *8913 89% 893 90
4
'700 7% preferred
100 8612May 29 971 Feb 4
/
4
8818 Jan 99% Nov
*1073
___ 108 108 •10734- •10734 109
10714 1073 *1073 ____
4
4
120 Virg Elea & Pow pf(7)-.100 105 4June 8 10918 Apr 27 106% Dec 1114 Apr
3
*43 45
45
*43
43 -43
43 43
*43
45 I .43
45
20 Virg Iran Coal & Coke pf-.100 43 July 9 48 Jan 29
47
Oct 624 Jan
8512 854 85
86
88
90
89 100 . 97
4 99 100
993
2,400 Vulcan Detinning
100 50 Jan 16 100 July 10
2213 June 74 Nov
*105 107 *105 107
*98 104 *101 106 *102 107 *102 107
Preferred
100 91 Jan 4 110 Apr 25
74 June 99 Sent
*82
86
*84
85
*88
96
96
96 I 96
98
*9612 98
100 Cl,,. A
1918 June 484 Nov
3218 32% 3212 32 8 3214 3312 33
7
52 3412 337 3412 3314 3414 59,000 Waldorf System.. __._.No 100 40 Jan 2 98 July 11
8
par 2218 Mar 26 3412 July 10
*99 100
19
/ Jan 2814 Dee
1
4
*99 101
*991 101
101 101 I 102 102
*98 103
200 Walgreen Co pref
100 1003 Jan 11 106 Jan 24 105 Dec 10612 Sept
4
43 43
41% 425
8 3934 4112 39
7 417 14,500 Walwortb Co
40% 391 40
39
_Ns par 2314 Jan 8 4614June 28
1418 Aug 2678 Sept
59% 60
58
54
60 60 3
8 597 60 1 60
62
60
6212
880 Ward Baking Class A__No par 43 Apr 13 843 Jan 17
4
1014 1012 10 4 11
70 Dec 123 Feb
11
3
1212 12
1212 1214 123
8 12
137 21.900 Claes B
*
No par
814 Mar 28 2114 Jan 16
*76
15% Dec 29% Jan
78
*75
77
78
8214 813 813* *80
4
81
8012 82
2,100 Preferred (100)
No par 71 Mar 25 87% Jan 15
5912 ,55is 5915 58% 61 1 60
583 5912 58
77 Dec 974 Jan
6212 61
6218 153,000 Warner Bros Pictures new_ _
543
4May 31 13212July 11
15071 Aug 13914 Sent
5114 517 *5014 52
8
503* 503* 52
5212 5214 5418 6214 5214
1,500
Preferred
A:p
N p : 44 Apr
es% Jan 22
513 Dec 5714 Dec
4
4
323 3312 3314 3412 3212 3312 3314 3358 3214 3212 3112
32% 8,400 Warner Quinlan
2812May 27 427, Jan 2
26 Feb 444 Oes
168 170
1693* 16934 166 166
16514 1663 16612 1703
8
0166 166
4 5,300 Warren Bros
No par 139 Apr 16 172343une 26 140 June 1921 Apr
50
*45
50
47
*45
47
*45
47
*45
47
First preferred
60 48 Apr 24 63 Mar 27
jiSi2 19
494 Nov 61
1812 1812 1814 1912 193* 21
Apy
1912 20
1918 1918 5,500 Warren Fdry & Plos___No par
151 Mar 28 3414 Jan 3
/
4
13 June 1583 Oat
*89
9112 91
8
917
2 9211 9214 .91
92% *80 100
923 923
4
4
800 Wester Elseniohr
25 72% Apr 22 1133* Feb 6 --3218 3214 3312 33 4 34
3
35
3414 3 8 3314 333
47
8 33
3314 4,700 Weelsoo 011k Snowdrift No par 3218July 6 48 Mar 7
87 Nov
61
.63 4 623 66
3
4
Dee
6314 63 8 63 4 637k *62
7
3
627
8 6118 62
2,000 Preferred
No par 595*
8
207 4 210 4 21112 21518 211 215 8 21014 214
3
3
4
7
209 2127 2123 22112 98,200 Western Union Telegram_ 100 1793 July 3 7218 Mar 9 1053 Dec 1083 Nor
*
4
4 Jan 2 22112July 12 18911 July 201
4718 4734 4755 4712 4718 475
Oct
47% 4912 49
5114 5012 5112 39,100 11
75rogege Air Brake .No Dar 4314May 31 54% Mar 2
1973 200
424 June 674 Jan
4
19712 20212 19514 199
194 198
193 19712 19818 1994 70,000 Westinghouse Flee & Mfg_50 137%
/
1
Jan 15 204 July 5
19212 195
881s Jan 144 Nov
19012 193 *187 .194 *191 . 194
186 188
193 193
.240 ist preferred
50 132 Jan 2 195 July
4014 4058 4014 4014 40 40
963 Jan 189 Nov
4
4012 4012 40
40% *39
40
1,600 Weston Elea Instruml-Ne per 22 Jan 28 4814May 6
1
*34
3512 34
1218 Jan 2812 June
34
*33
*33
35
3512 *33
35
*33
35
100 Class A
No par 33% Jan 7 S312 Apr 23
*103. 105
8014 Jan 404 May
103 103 *103 105
10412 1043 1043 105 •105
4
4
____
. 140 West Penn Else al A___ ate par
1114 j b 17 103 June 112
5 0 il', 1
a
e
107 107
10614 1067 107 10812 10878 1093 10712 10914 10814 1083
Apr
8
3
4
360 Preferred
100 1° 121%ilr 2
02 1Ma 18
3
7
10712 Oct 1151 Apr
. 9714 9714 _971 983* 9712 9712 9718 9712 97
4
983
4 96
97
290 Preferred (6)
100 9412May 27 102 Jan 17
114 114
9815 July 10418 Ape
114 115
113% 11478 114 114
114 115
116 116
290 West Penn Power prof
100 113 Jan 8 117 Mar 18 113% Oct 118
10612 10612 *10612 109 *10612 109 *106 109 *107 108
107 1073
4
50 6% Preferred
100 105 43uly 5 1101* Jan 16 103 June 118 Jul.
3
*49
50
50
50
Jan
4912 4912 483* 50
ypp Weer Dairy Prod ol A...No par 485
*48
*4812 54
54
8July 10
3
4
*25
2512 25 2512 26. 2812 27
5218 Dec 78
Apt
274 26% 2718 27
2712 5,900.ass .... ... .....No par 2212June 11 59,Feb 5
347 Feb 5
67% 69% 68 ,697
203 Jan 49
8
8 6614 6812 6614 70
Apt
68
69% 68
694 7,400 Westvaco Chlorine ProdNe Par 403
4June 1 9418May 11
3312 335* 3312 333
4 3314 3312 34
341
3412 34
34
3412 4,500 white Eagle01 & Refs . N. par 3
014 Jan 80 88 Feb 25
44
4412 43
4414 44
-- ;
2 1
0
44
43
43
4212 43
42% 43
3,900 White Motor
No par 38 May 29 53% Mar
*4412 47
*4412 45
8014 Feb 434 June
2
45
*45
47
47
47
*45
*45
47
300 White Rock Min Sp etf
60 43 Jan 2 $4 Apr 19
•
3418 Jan 194 NOV
21
21% 2158 215
8 21
21
2014 2014 194 2014 19% 20 4 2,5001 White Sewing Machtns_No par 12
/
1
3
May 27 48 Jan 2
*42
45
49
45
831g June 624 Dee
*4412 4512 45
*43
45
45
4314 43141
300 Preferred
Nitro 4114June 3 571
*19
2018 183 1914 19
4
4
614 Aug 68 Dee
4
19
1818 195
8 1814 1914 19
19
3,100 Wilcox 011 & GM
No per 2818 July 10 29% Jan 16
*4312 44
*4514 458 45
Feb 6
,
1714 Dec 2218 Nor
4514 4512 4518 46
46
475 483
4 1.100 Wilcox-Rich class A.__ _No par 37 Mar 26
44% 4312 4312 42
6114May 3
44
8 4312 467
427
423
8 453 481 17,000 Class B
4 42
4
No par 34 Mar 26 62 May 3
27% 283
s 27
28
253* 273* 26
267
8 26
263
4 2614 267 166,800 Willye-Overland (The)
8
6 20 June 12 35 Jan 3
98% 983
4 9612 9712 *96
9512 9712 *9512 98 I
1/4 Jan 83 Dee
98
*9512 97 •
6001 Preferred
100 92 June 25 103 Jan 8
*71
4 77
s
8
8
8 8
92 4 Jan 1044 Dee
4
814 814 *8
8
814
1,4001Wilson &Co Ine
8
NOM
.1.1612 19
7 May 21
19 4 198 1712 18
3
18% Jan 23
11
Oct 16 Yob
183 183 *1812 19
4
4
18
1812 1,800, Class A
No par 18 May 22 27 Jan 21
62
63
62
6312 *62
22
Jan 86 May
643* *6212 6452 •82% 645
8 6118 611s
500 Preferred
100 57 May 22 79 Jan 23
9014 92
9118 92
90
6314 Oct 774 Feb
4
914 8814 90
8812 894 90
917 48,000 Woolworth (F W)Co
8
10 85 May 27 9412May 4 17518 Feb 225 4 Nov
6412 64% 63
63% 6214 63
3
6412 64
63
64
63
8414 4,600 Worthington P & M
100 43 Mar 25 663
87 .81
*84
87
4June 28
*8312 87
28
Jan 55 Nov
*84
87
85
85
*85
86
10 Preferred A
100 774 Apr 12 924 Jan 28
*73
78
*75
75
75 75
4614 Jan 93 Nov
75
75
77
78
78
78
1,600 Preferred B
12912 130% 130 13112 128 130
Jae 80 Nov
41
127 129 4 1283 1323 131 133% 22,800 Wright Aeronautical___Ne 100 66 AIN 6 82 Jan 11
1
4
4
par 109 May 31 29t) Feb 5
76
76
75
76
Feb 289 Nov
69
75
78
76
78
7718 793
* 7818 7912 12,800 Wrigley(Wm Jr)
NO Par 70 Mar 26 80 8 Jan 80
75
7
751s 75 7512 7512 76
68 lily 84 Aug
8112 81
76
82
81
813
4 6,800 Yale & Towne
25 614 Feb 11 82 July 11
4112 42% 411 428
6118 1313v 84% Ape
* 403* . 4178 395 4138 395* 405* 384 4018 47,100 Yellow Truck & Coach
8
el B _10 3 4May 28 511 Apr 24
43
*94
*85 100
9812 *85 100
37% Feb 574 Nov
4
85 100
*
*851 100
/
4
*85 100
Preferred
100 80. Mar 8 9612May10
6914 69 4 687 693
,
3
83 Nov 96
* 6818 6918 68% 6913 6912 693
APR
4 7018 713 14,400 Young Soling. Wire--No far 5214
8
13
8
14218 1443* 148 151
CA Dec 56% Nov
14912 15074 150% 152
15012 1533 154 15814 16,000 Youngstown Sheet & T.Ns par 105 Mar 26 713 July12
4
Feb 19 16814July 12
834 June 1164 Deo

iii"

53% Dee

WO;

iio"

• Bid and raked priced; no sales on this day




s Ex-dividend

y Ex-rights

New York Stock Exchange—Bond Record, Friday, Weekly and Yearly

253

interest"—mrcep for income and 4.faulte4
Ja*. 1 1909 the Bschange wilted of quoting bonds was changed and prices are now ”and
BONDS
N. Y. STOCK EXCHANGE
Week Ended July 12.

Price
Friday
July 12.

Week's
Range or
Last Sale.

10
enIQ

Range
Since
Jan 1.

Price
it.'
BONDS
Friday
N. Y. STOCK EXCHANGE. , E
1 a.,. July 12.
Week Ended July 12.

Week's
Range or
Last Sale.

Range
Since
Jan. 1.

High
HIM NO. Low
Ask Low
tBid
2 109 111
4
1093
4
4
1951 A 01 1093 Sale 1093
17 108 111
4
1093
4
4
1952 A 0 1093 Sale 1093
12 107% Ill
100
8
1946 F A 108 10912 1077
14 10712 11012
109
4
1946 F A 108 10912 1073
8
: 45 102 1047
1031
1942 3 J 10312 Sale 10318
27
4
100
983 101%
4
A 993 Sale 993
1955,F
8734 82
8612 90
4
Apr. 15 1962 A 0 873 Sale 8714
Est!g 4
98122 100110
99
96
96% 25
8 Sale 9612
105 111"22 Deutsche Bk Am part ctf 69_1932 M S 967 Sale 95
2
9212 99
95
95
101%210613-4 Dominican Rep Cast Ad 534E2'42 M S
9012 9812
3
92
96
95
1940 A 0 91
1st ser 5148 of 1928
981422103,10
9312 11
9012 973
4
8
1940 A 0 925 94% 9212
2d series sink fund 5)4s
955 42 98,142
1
98 101%
98
98 10012 98
95.0 98,10 Dresden (City) external Is...,19451M N 10212 Sale 10212
1022
4 31 101% 103%
6s.„194712 J
Dutch East Indies extl
6 101% 104
10212
1962M S 10212 Sale 10234
40-year external 65
State and City Securities.
3 10034 103%
10212
Sale 10218
30
-year external 51,0_1953 M S 10218 10312 102
2 101 10312
102
195351 N 102
30-year external 534e
87
8812
87 July'29
NY C 3)4% Corp st_ _Nov 1954 MN
9 108 111
109
2
4
on 7
.,,, alvador (Repub) 8s __ _ _ 1948 J J 10812 Sale 108,
8812 8812 },EltSoua
8812 Jan'29
Nlay 1954 MN
1
334% Corporate at
8212
81% 86%
8212
84
1987 J J 82
(Rep
4
995 Nlar'28
1936 MN
43 registered
92
8 72
9738
927
9214
Finland (Republic) extl 8s_ _1945 M 5 9212 Sale
9912 JUne'28
1956 MN
48 registered
24
9712 101
1950 M S 9912 Sale 9912 100
99
External sink fund 7s
95
MN
99
9512 June'29
1957
4% corporate stock
9912
9612 40
94
96 Sale 95
19511 M
External 8 1 614,2
10314 104
10314 June'29
1957 MN
43.4% corporate stock
92
8812 14
85
1958 F A 8712 Sale 8712
Extl sink fund 5)48
4
1023 104
104 Mar'29
1957 MN
5
484% corporate stock
5 97
94% 99%
96
96
Loan 6)48 A..1954 A 0 95
9712 9712 Finnish Mun
1958 MN
9712 Jan'29
4% corporate stock
95% 32
9418 9814
1954 A 0 9418 Sale 9418
External 83.4s series B
9534 98
1959 MN
4
953 June'29
4% corporate stock
11414 123 109% 115
1
Sale
1900 M
98 10018 French Republic ext 714e_ _ _1941 J D 114 Sale 113 2
98 June'29
4345 corporate stock
431 10512 110
110
109
8
1941)2 D 1097
99
External 712 01 1924
1964 MS
99
99 Mar'29
43.4s corporate stock
4 75 104% 108
1063
1949 A 0 10612 Sale 106
101 10114 German Republic ext'l 78
1960 AO
101 May'29
454s corporate stock
2
98 10212
1954 53 N 9912 Sale 9913 100
1972 AO
9814 10118 Gras (Municipality) 88
101 June'29
43.4s corporate stock
102% 205 102 104%
A 102 Sale 102
19_s e k con y 544f)
031 11rit ar Irel(UKo 15145 _1937 F
1971 JD -___ 105 10812 June'28
434s corporate stock
6
9914
9014
99 11812
1929 F A 9914 100
1963 M
3
1013 104
4
stock
1023 June'29
43.4s corporate
4
c82% 877
s
4
c4% fund loan op 1960 _ _1990 M N c823 84 823 June'29
8
1965 Jo
1035 103%
8
110 1035 Apr'29
434e corporate stock
2 c96 100
98
8
c5% War Loan £ opt 1929_1947 J D c967 98%
10312 10418
109i4 105 10418 Feb'29
434s corporate stock _July 1967 J
10512
3 104 10712
111
1960
9912 10114 Greater Prague (City) 7)48_1952 1 N 10612 Sale 9612 10612 38
10114 Nfay'29
New York State Canal 4s..._
9712
95% 99
Mar 1958 MS
9912 10114 Greek Governments I sec 78_1964 M N 9612 Sale 84
4
10114
10114
9s Canal
35
87%
82
85
85
1968 F A 84
Sinking fund sec 65
19
4
• 983
97 101
1952 A 0 97 Sale 97
f 68
Haiti (Republic)
Foreign Govt. &Municipals.
3
5
9714
94
94
93
9312 95
1946 A 0
Hamburg (State) 693
103
g
1007 104%
4
4
1 1003 1023 103
1947 F A 78
2
83
80
Agric Mtge Bank sits
2
80
79% 90, Heidelberg (Germany)ext 7 4t350 2 3 95 Sale 94%
9512 11
91% 100
2
Hungarian Munic Loan 7)0 1945
90
80
15
Sinking fund Gs A _ _Apr 15 1948 A 0
79%
80
45
90
8518 94
841/ 8912
External Cf 7s_ __Sept 1 19462 J 90 Sale 8912 June'29 _ _ _ _
8
Akershus (Dept) esti 5s_ _ I963 51 N -875 Sale 86%
877,3 21
9212 98%
9414 9312
4
963 Hungarian Land NI lost 7348 '61 M N 93
91
7
92
9112
9212
A titioqula (Dept) col 78 A....1945 J J 91
" 9212 9412
93
9212 9312 9210
1961 MN
S f 7"s srB
1945 J J 9114 Sale 90%
IRPS 94%
24
92
9912 10112
26
10012 101
C_1945 J J 90 Sale 90
Hungary (Kingd of) s t 7)48_1944 F A 10012 Sale
2
90
95%
92
External sf7s series
,
97 4
95
9634 42
Sale 9612
J 9012 Sale 9012
1945
8
9012 9512 Irish Free State extls f 58_1960 Put N 96%
91
External f 7e ser D
3
4
9614 297, 9412 973
1957 A 0 89
Italy (Kingdom of) ext'l 76_ _1951 J D 9534 Sale 95
95
91
88
89 June'29
External s f 7s 1st ser
3
9314 9612
9512
4
Consortium 78 A1937 M 8 9412 95, 94
0 8712 88
Italian Cred
1957 A
8612 96
88 June'29
Esti sec e f 7s 20 ser
9112 9512
4 28
943
94 Sale 9434
1947 M S
Extl sec s 1 7s ser B
1957 A 0 5612 Sale 8612
5
8612 93
8914
Ext1 sec a f 7s 3d ser
83
9018 9512
94
4
%
Italian Public Utility ext 78_1952 .1 J 933 Sale 93
1958 J 1) 9012 Sale 90
93
90
Antwerp(City)extl 55
9114 21
94
9318 35' 90
4
1931 J J 923 Sale 923
Argentine Govt Pub Wks 68_1960 A 0 9914 Sale 99
,
98 4 100% Japanese Govt E loan 4s
9912 24
993 102%
4
10014 113
100
1954 F A 100 Sale
30-year s I 6148
Argentine Nation (Govt of)—
:
6
95 1001
99
99
1947 F A 99 100
2 D 9918 Sale 99
8 1 7s
Ink fund 6s of June 1925-1959
98 10118 Leipzig (Germany)
99% 63
9713 96%
7
92% 91%
9714
0
4
9818 1003 Lower Austria (Prov) 7343- 195 2 0 967
Esti t 6s of Oct 1926 _ _ _1959 A 0 9914 Sale 99
991z 43
34
98% 101
-year 65_1934 M N 99 Sale 9912 100
Lyons (City of) 15
1957 M
Sink fund 68 series A
981x 101
100 Sale 9914
76
100
53
98% 101
9912 100
4
External 6s series B_ _Deo 1958 J
9812 1003 Manielles (City of) 16-yr 68_1934 M N 1001 Sale
9918 Sale 99
4 77
993
4
893
8 11
827
80
8
4
Esti 8 f 68 of May 1926 _1960 M N 993 Sale 9918
9814 1003 Medellin (Colombia) 6)4a1954 2 D 80 2 817 82
4
9912 30
1
17
1612 25
17
22
19
Irrigat Asstng 4)48.1943
M
98 10034 Mexican
External e f Os (State Ity) _1960
4
8
993 121
995 Sale 99
4
493 Jan'28
4
247
- 19
2
Extl 6s Sanitary Works_ _ _1961 F A 9914 Sale 99
Mexico(US) esti 58 of 1899 £'45
98 101
9912 69
35
25
4
283 June'29 28
Assenting 58 of 1899
98 100 4
02
Est Os pub wk8(May '27)_1961 M N 100 Sale 99
3
100
34
26
26 June'29
Assenting 58 large
8
943 9714
Public Works ext! 5)4s.....1962 F A 9514 Sale 943
8
95% 29
22%
1
18
18
16
21
18
Assenting 4s of 1904
8918 9214
4
1945 M S 91 Sale 90%
Argentine Treasury Is £
9112
2314
9
1918
17
_ _ _ _ 18
Assenting 42101 1910 large _ _ _
91 18 97
Australia 30-yr 58__July 15 1955
9514 135
95 Sale 943
4
4
I
153 22%
17%
17%
9514 81
Assenting 45 01 1910 small_ _ _
91% 4612
External 5801 1927_ _Sept 1957 M S 9514 Sale 9418
3712
25
2718
1
_Trees Os of'13 assent(large)'332 -.1 -2 i42 Sale 2718
176
8412 88%
Esti g 410 of 1928
1956 M N 87 Sale 863
8714
4
35%
_
25
25 June'29
Small
1943 J D 10214 Sale 102 4
Austrian (Govt) s I 78
103% 16 101% 10412
,
871s 9138
9134 245
Milan (City. Italy) ext'l 83421'52 A 0 91% Sale 8914
9014 9612 Minas Geraes (State) Brazil—
F A 93
22
Bavaria (Free State) 6 As_1945
9512
9512 95
88% 9512
8 11
897
4
1958 M S 89 Sale 883
Esti 8 I 61412
Belgium 25-yr ext a 1 7)41111- 1945 2 D 1143 Sale 1145
8 11513 86 11212 115%
4
9 100 103%
10012
1952 J D 10019 Sale 10014
Montevideo (City on 75_
1941F A 10812 Sale 10512
20-yr 8 f 8e
4 21 10512 110
1083
33 103 108
106
.1972 M 8 106 Sale 10514
Os Ulm prices)
Netherlands
25-year external O)48_ _ _1949 M $ 105 Sale 1043
4 10518 28 10218 107
8
998 10038
99% Apr'29
1954 A 0
-year external 6s
9734 10078
30
1955 2
10012 77
10012 Sale 100
External s 1 Os
9012 95
9134 40
4
New So Wales (State) ext 581957 F A 9112 Sale 903
80 10634 109
19552 0 107% Sale 10712 108
External 30-year
3
37
9014 94 4
92
Apr 1958 A 0 92 Sale 9014
External s f 53
120 10418 10612
1956 NI N 10614 Sale 10512
106
Stabilization loan 713
56 100 1031e
102
1945 M N 11014 110 11014
11012 12 109 11212 Norway 20-year extl Os. ,...1943 F A 10112 Sale 101%
Bergen (Norway) ki I 8s
67 100 1031s
102
1944 F A 10112 Sale 101
20-year external 65
97 101
A 0 100 Sale 100
18
10012
15
-year sinking fund 68_1949
10112 48 100 103%
8
1952 A 0 1007 Sale 10018
0
3 -year ex 5 nal
44,-year a tter4e 6a
93% 99
54
97
Berlin (Germany)a f OWL_ _1950 A 0 9512 Sale 9512
4
8
9R7 1013
993
4 47
1965 J D 991 Sale 9914
4
85% 92
34
89
External sink fund 0s _ _1958 J 1) 8712 Sale 8712
2
25
93% 973
95
9414 Sale 94
External s f 522_ _ __Mar 15 1963
2 100 104
104
8
Bogota (City) ext'l s f 8s_ _ _ _1945 A 0 1027 104 103
8814 95
9212 46
Municipal Bank outlet622_1967 J D 9218 Sale 9218
158 100 104
101
Bolivia (Republic of) extl 88.1947 M N 10014 Sale 10014
2
8218 90 2
,
86
2
95
31
Nuremberg (City) esti 6,2_1952 F A 86, 8812 86
1958 J J 863 Sale 8512
85
4
External sec 78
3
86 4
9914 102%
,
101 2 23
Oslo (City) 30-year s f 6s_ 1955 M N 10012 Sale 9914
1969 51
8412 92
857
8 23
861e Sale 85
External 8178
1
95 10114
1946 F A 9634 98
8
8
963
963
Sinking fund 5458
48
9814 101
100
1
Bordeaux (Clty of) 15-yr 68_1934 M" 100 Sale 9912
99% 10212
1953 1 D 9814 100 100 June'29
Panama (Rep) extl 5548
_1941 J D 1053 Sale 1053
105 109
8
4
10612 81
Brasil(US of) external 8s_ _
10114 10112
10112 Jan'29
1961 J D
Esti sees f 645
117
9014 9612
92
Externals t 6345 of 1926..1957 A Oi 9114 Sale 91
4
913 9414
8
9314 25
4
Esti sf58 ser A_ May 15 1963 M N 925 Sale 913
9012 96%
1957 A 01 9112 Sale 91
9112 103
Esti t 6,)45 of 1927
3
95
90
9212
Pernambuco (State of) ext 72. '47 M 8 9212 Sale 9212
94 102
7e (Central Railway) _ _ 1052 2 0, 9812 Sale 97%
98% 47
.
3 10134 1075 Peru (Itelmbile 01
8
105
)
710(coffee occur) £ (flat)_ 1952 A 0 9812 100 10414
107 10712
10714 Jan'29
Extli f sec 7 Y48 (of 1926)_1956 M S
99% 10212
34
_ _1935
10112
10012 Sale 10018
Bremen (State of) esti 78_
94
99 103
101
4
1959 M S 993 Sale 9934
Esti 1 sec 7s
85% 9312
1967 135
9112
91 Sale 91
Brisbane (City) a f Is
85
9014
8578 28
1960 2 D 85 Sale 85
Nat Loan ext.! a f Os
.1958
86
93
7
Sinking fund gold 54 .
8912
8912 9012 89
84% 90%
8578 104
1961 A 0 844 Sale 84%
D 7814 Sale 78%
Slats
7614 8312
8 50
785
Budapest (City) esti 8 t 642 _1962 2
8312
79
6
74
8
26
99 102, Poland (Rep of) gold 88___ _1940 A 0 78 Sale 78
_ _1955
102
102 Sale 101
Buenos Aires(City)6
88%
140
81
86
Stabilization loan at 78_ _ _1947 A 0 86 Sale 8514
94 SOO
1960 A
9.xti f Os ser C-2
97
98% 96 June'29
99
46
93
98
1950 J J 9713 Sale 97
Esti mink fund g 8s
94% 10018
2
1960 AO 97
4
973
Esti e f (is aer C-3
4
973 9612
2 10114 10612
196I J D 104 105 10312 10312
Porto Alegre (City of) 8a
9114 94
9312 79
Buenos Aires (Prov) extl 86_1901 ir 8 9212 Sale 0212
97 102%
99% 10
99 Sale 97
_1966 J
fd
EMI guar sink
90
12
80
83
Bulgaria (Kingdom)s f 78_._1967 .
3
83 Sale 83
28 10614 113
109
734s..68
85% 9714 Queensland (State) eat]s f78 1941 A 0 107 Sale 106%
21
utAI,Tnill ef 714e_Nov 15.
89
8812 Sale 88%
8
102
13 100 1047
1947 F A 10114 Sale 10114
9512
25-year external 6s
4
93% 101
Caldas Dept of(Colombla)7(88'46 3 2 953 96
96
4
10512 20 105 106
1931 A 0 100 Sale 0918
8
26
9812 1015 Rio Grande do Sul esti s f 813.1948 A 0 10514 Sale 105
Canada (Dominion of) 5s
100
8512 92
87% 62
19682 D 8514 Sale 8512
Esti f 6s
1929 F A 99 4 Sale 993
9918 101
10-year 51412
3
99% 15
4
99%
95
96% 29
19336 Psi N 9614 Sale 95
1952
Extl s f 79 of 1926
4
993 105%
4 10114 108
68
N 10118 Sale 1003
1
9014 91%
9114
_ _ 9114
1967 J D
10422
1938 F A 9614 9612 9614
Exti s fie muffle loan
9618 995
8
96% 17
8
1057
106 10612
1954
2 10312 10712 Rio de Janeiro 25-Yr s I 88...1948 A 0 105 106 105
10312 104 10312 10312
Carlsbad (City) ii 88
95%
92 12 70
91
1953 F A 92 Sale 92
Esti s 1 8)4s
10
Cauca Val (Dept) Colons 7345'53 AO 99 Sale 97,
97 102
99
3
9114 148
8718 91%
1952 A 0 907 Sale 90
Rome (City) extl 6448
Central Agric Bank (Germany)
97
10312 10 101% 10412
esti 8s...1964111 N 103 10312 10238
s f 78 Sept 15 1950 MS 06
9212 09
1
Farm Loan
Rotterdam (City)
96
96
86
9112
8614 June'29
_ 85
1953 1
Farm loans 1 6s_July 15 1960 J 2 843 Sale 843
62
7812 88% Saarbruecken (City) 88
4
85
4
7 107% 115
4
J88
67
Sao Paulo(City)5 f 8s_ _Mar 1952 M N 10812 109 10812 1083
79
Farm Loan s f Ile_Oct 15 1960 A 0 8314 Sale 83,
84
4
At) 87 Sale 87
5
92% 9812
98
1957 M N 9314 Sale 93
923
Esti a f 63.4s 01 1927
Farm loan 65 ser A_ Apr 15'38
85
8
88% 45
10514
8 103 108
San Paulo (State) extl si8a.193O 1 J 105 106 2 105
,
Chile (Republic of)
104
26 10114 10711
5 100 103
-year external s I 75._ _1942 MN 101 10113 101
External sec s f Re__ __ .1950 J J 103% 104 103%
20
4
1013
57
8
967 102
100
9112 94
92 Sale 9112
External sinking fund 6s...1960 A 0.
External s f 78 Water 1.34_1958 M $ 100 Sale 99
9218 148
1961 F A 923 Sale 923
17
8512 93%
8814
1968 2 1 8814 Sale 8718
Exti S f
127
rcta
4
External f 6e.
8
93
9112 9414
98
1961 J J 93 Sale 9112
95
96
9714 34
97
Santa Fe (Prov Arg Rep) 741 1942 M S 96
91% 94
9212 115
Ry ref esti f 6,2
1961 "19 9214 Sale 9134
96
95 100%
1
8
1
Saxon State Mtg Inst 7e.. .19451 0 947 Sale 96
9112 94
Esti sinking fund 65
9314 86
9012
1962 M S 9212 Sale 9112
8712 95
2
9312 9012
9118 94
9212 30
Fell sinking fund On
6 Ka-- _ ... -Dee 194332 0 90
Sfg
4
10812 47 10218 10812
-1 9612 Sale 9612
3
9514 91134 Seine. Dept of(France) ext175 '42 .1 J 107 Sale 1063
9814 24
Chile Mtge 'Ili 614,,June 30 1957
96
90
8
88
967 10078 Serbs. Create 212 Slovenes Rs '62 M N 8912 Sale 8914
29
IJ 98 Sale 967
4 80
983
8 6348 of 1926 _ _June 30 11361
s
45
7512 8112
77
Esti sec 7s eer
Apr 30 1961 A .0 92 Sale 9112
1962 MI N 7614 Sale 76
89
92
93
94
Guar s f fls
80
76
78
3518
10
3
34
441a Silesia (Prov of) ext 75
1958 .1 D 78 Sale 78
36
Chinese (Ilukuang Ry)58_ _ _1951 Psi
3518 38
8478
5
7
75
8
9814 Inix 611enlan Landowners wean 68.1947 F A 4 8 Sale 7518
77
767
9912 Sale 983
Christiania (Oslo) 30-yr 9 1 fle '54
,
99 2
14
97% 99%
,
8
91
99% 19
8
cologne(39ty)Germany 61281950 WI 6 927 Sale 927
975,2 Solesons (City of) extl 66_1936 M N 9918 Sale 99
93
4 45
853
1961 J J 853 Sale 8314
89% 94
91
16
82
8
1946 F A 9014 Sale 9014
Styria (Prov) extl 78
4
913
Colombia (Itetalblic)68
8158 91
10 1011 10414
i
10214
-year 62
1939 .1 13 10212 Sale 102
Sweden 20
8 55
857
External 81(is of 1928___ _1901 A 0 85% sale 8312
83
4
8812
16 1002 10514
4
79
External loan 6 tie_ . _ 1954 MN 10314 Sale 10212
10314
8012
8012
Colombia Mtg Bank of 6348.1947 AO 80
9314 Swiss Conted'n 20-yr s t Rs 1940 J J 108 Sale 1073
11
85
8
4
Sale
87%
4 50 1075 11034
1083
Sinking fund 7s of 1928_1946 Psi N 85 sale 85
10314 55 10015 10514
7
86
9514 Switzerland GOvt ext 5148._ 1949 A () 1023 Sale 102
4
86
90
Sinking fund 78 of 1927..1947 F A 86
4
783
97
74
1952,
53
Tokyo City 68 loan of 1912_19521M S 75 Sale 74
6
94
95
9414 Sale 94
7512
Copenhagen (City)58
9012
85
544e guar
1953M N 863 87
Esti
6
1961 A 0 863 Sale 85%
4
8514 8918
4
87
86% 85
86%
25-yr g 4 Sig
19571F A 100 Sale 9512
8512 92
Tolima (Dent of) extl 78 . 1947,M N
9312 98
1
9
_ 89
8512
96
8512
Cordoba (city) esti s 1 7a
9112
8
905 9614
2
94
9712 TrondhJem (City) 1st 5 48 1957,M N -91
_
,
93 2 9112
External a f 7e Nov 16 19371M N 9414 9534 94 June'29
J
9414 9812
9518 101
14
Upper Austria (Prov) 78.. 19453 0 9512 98
101
97 June'29
4
Cordoba (Prov) Argentina 7819422 1.4 100 1003 100
4
11 •85% 893
External s f 6)48. —June 15 195712 D 89
3
.
0212 90
89
4
4
943
94 Sale 93
895 89
Costa Rica (Repub)ext1 75_19511M
1944S 99 10210 993
13 10412 109%
99 10212 Uruguay (Republic) extl 3i8 1946IF A 106 108 1053
107
4
8
8 23
995
Cuba (Remit)) be of 1904
9612 100 A
,
. 19611 £4 N 9712 Sale 965
External s f 614
4
973 10234
2
97% 63
100
100
8
External te of 1914 fier A _19494 A
8718 94
9
92
9312 9912 Venetian Prov Mtg Bank 78 1952 A 0 92 Sale 9114
20
96
External loan 43.4s ser C..1949.F A 94% Sale 947
8458 9012
Vienna (City of) esti ci 6,2 1952 M N 8714 Sale 86%
4
973 107
8712 51
103
13
4
, J 103 Sale 11003
Sinking fund 54/2...21111 IS 1953,
8514
71 78
,
Warsaw. (City) external 7e _1959 F A 81
82
8
82
817
Cundlnamarca (Dept) Columbia.'
4
471 913 96%
Mei Jn 92 sale 913
93
80
4
8914 Yokohama (City) Alai RR
6
1959 M N 8012 81 I 81
8112
Exti s f 6 Sig
On the basis of 15 to the I sterling

High No.
Ask Low
Bid
ment.
U. S. G
First Liberty Loan
Jo 97,542 Sale 963342 971522 447
384% of 1032-1947
99 June'29 ____
JD
Cony 4% of 1932-47
JD 591553 Sale 99.42 99 .42 321
,
Cony 41,4% of 1932-47
ID
993.42Mar'29
2d cony 43.4% of 1932-47
Fourth Liberty Loan
856
A 0 992522 Sale 991.42100
41,4% of 1933-1938
1947-1952 A 0 1081122 Sale 108%2 1083322 220
Treasury 434s
414
1944-1954 J D 1041342 Sale 1041142 105
Treasury 4s
108
1946-1956 M S 1013442102122 1011322102
Treasury 334s
971322 98.22 105
1943-1947 J 1) 98442 Sale
Treasury 31-4s
Treasury 3548 June 15 1940-1943 J D 973242 Sale 975n 971142 31




High
Czechoslovakia(Rep of) Ss
Sinking fund Rs ser B
995142
96
96
993.44 Danish Cons Municlp 89 A
Series B s f 88
98.42 100524
E u g 20-4
.
.0 Den rnark 54year esti 6s
995.4i 991

Low

254
BONDS
N. Y STOCK EXCHANGE.
Week Ended July 12.

New York Bond Record-Continued-Page 2
Price
Friday
July 12.
Rid

Week's
Range or
Last Sale.

Ask Low

1.4

Range
Since
Jan. 1.

BONDS
N. Y. STOCK EXCHANGE
Week Ended July 12,

t3
vt

Price
Friday
Jai/ 12,

High No. Low

Week'.
Range a•
Last Note

lob

Range
Since
Jan. 1.

High Chic Mllw & St P (Concluded)-•
810
Fugal No. Low
Ask Law
High
041) 414e series C.
-Mai 1989 J
9014 Sale 9014
91141 69
9084 95 4
8
Registered _
100 May'28
Gen 4 Hsseries it.......May 1989 J J 91
92 91%
91181. 5 .
1174 91iDeb 46 (June'25 coup on)..1925 3D
817 Feb'28'___
Chic Mliw St P & Pao 6e. _1975 FA 90 Sale 90%
14
91
181
94
B9
Cony adl be
Jan 1 2000 AO 74 Sale 733
4
75
421
8914 80
Chic & N'west gen g 3tie_ _1987 MN 73% Sale 73
73
5
8012
72
Registered
Q F
_ 7712 Oct'28
General es •
1987 MN 8512 Sale 85
86 I 10 -;+8
913±
Registered
Q F
84
Apr'29
84
84
Stpd 48 non-p Fed In tax '87 M N 8413 - 88
86 May'29
efl
9014
Gen 43js stud Fed Inc tax 1987 MN 9712 9912 99 June'29
99
99
Gen 56 610,1 Fed Inc tax._(987 MN 105 Sale 104
105 I
8 103 4 1093
3
4
Registered
MN
101
Apr'29____ 101 101
Sinking fund 6a
1879-1929 * 0 993 ---- 993
4
4, 4
4
993
99 10014
Registered
*0
10014 Oct'28
Sinking fund 56
1879-1929 A0 99%
_
993* June'29
18814 l0O1
Registered
AO
99 Mar'29
_
99
99
Sinking fund deb 56
1933 MN 9512 9912 99
99
3
99 10134
Registered
MN
100 June'29 _ _ _ _
10012 100
34
10
-year secured g 76
8
1930 3D 56 102 10114
10112 23 10014 103
15
-year secured g 6 He__ 1936 MS 1063* 107 10718
10718
5 1063 11114
4
let ref g 56
May 2037• D 10118 1023 1007
4
1011/ 22 1001a 105
82
let & ref 434s
May 2037• D 93 Sale 92
93
8
9012 973
4
Chic It 1 & P Railway gen 4e 19148 31 86 Sale 85
86
16
89
85
__
.• 1
8814 Dee'28
Registered
Refunding gold 4s
1934 * 0 93% Sale 927
933 185 -52ja 95
4
Registered
*0
92% Jan'29
_
92% 923
4
Secured 434.aeries A
1952 MS 8914 Sale 8914
9012 86
86
951s
Ch St I.& NO Mem Div 4e 1951 J
80
83
tol% 88
Gold 56
June 16 1951• 13 102 1033 10312 June'29':::: 102 105
Registered
J O
107 Apr'28
Halt & Ohio let g es___July 1948 A 0 9013 Sale 895
904 71
89% 9314
Gold 334e
Jinn 16 1951 30 81
____ 81
81
2
81. 81
Registered
July 1948 Q 3
87 June'29
92
87
Reentered
• D
_ 78 Apr'29
7a
80
20
-year cony 4141
1933M S 977 Sale 97
977 217
954 99
Cb St L & P 1st comae 5.....1932 * 0 9812 - -12 100 Apr'29
99
Nil 101
Registered
M S
98 June'28
*0
101:8
Refund & gen 56 aeries A__1995 J D
Bale 100 101 79 'WC 10215 Chic St P M &0CAMS 118 -.1930.90 -9954 1- . lows June'28
10018
101
Registered
9914 994 Cons 66 reduced to 314a.. 1930 3D 9534 60 953 May'29
J D
99% June'29
___
4
let gold 56 .
953 97
July 1948 A 0 117114 10212 102
10212 25 1014 10412
Debenture 58
97:8 1930 M
9814 97 June'29
96 101
Ref & gen Os series C
1995 .1 D 10812 Sale 108
1084 56 10714 110
Stamped
M
_ 973
4
975
25
973±
97
12 9914
PLEA W Va Sire ref 48_1941 M N
9014 Sale 9014
8
90
9014
94
Chia T HA So East let 5e _1960 Jo 9612 - - - 95%
9
6
96
46
91 10012
9outhw Div let 56
1950 J 1 10012 Sale 995
8 10012 45
993, 1031,
Ino PI 58
Dec 1 1960 MS 873* Sale 86
873
8 36
924
85
Tol& Chi Div lat ref 4s A 1959 J 1 773 8014 80
4
81
10
7812 85
14 Ohio Un Sten let gu 414e A.1983 J
955 9614 96
98
23
9612 10014
Hai & gen 50 eerie/ D___ _2000 M S 10014 Sale 997
8 10012 41
99 103
lst fte eerie' B
1023 Sale 10112 10314
1963 J
5 101 10412
Bangor & Aroostook let 56_1943 J J 99 101
99
1
99
99 105
Guaranteed g Se
10112 Bale 10014
1944 J
101
20 100 10212
, on ref is,
1951 J 1 79
80
8
7812
7914
78
asu let guar 4114s series C
112 Sale 112
1963 J
113
9 112 1184
Battle Crk & Stur 1st gu 3...1989 J 0
6813 Feb'28
Chic & West Ind gent% Dee 1932 .4 R. 10012 ____ 10114 Feb'29
1014 10114
Beech Creek let gu g es
1938 .1 J
941k 96
--_- 96 June'29 _
Conaol 50
-year 4e
8412 Sale 84
1952 J
85
84
8.312 8914
Registered
J J
95 Aug'28
lit ref 5349 series A
1962 MS 1013± Sale 1013±
10212 73 10014 105
2d guar g 58
19363 1 9312 ____ 97 June'28
Choc Okla & Gulf cone 56_1952 bIN 9618 100 I 99% June'29
9912 10113
Beech Crk Ext Ist g 3ifs---19 A 0
51
80 Mar'29
80
CIn if & D 2d gold 434e
80
1937 3 .1 91
9712 93 'Mar'29
94118
93
Belvidere Del cone gu 314441943 .1 -I
C I St L & C let g 46. Aug 2 1936 Q F 96% ____ 94
95
4
Blg Mandy let 46 guar
94
96%
19443 D 8312
..1 85 June'29
85
931s
Registered
Aug 2 1936 Q F
97
Oct'28 _
Bolivia Ry lit he
1927 1 .1
Cin Leb & Nor let con gu 4e 1942 MN 9014 ____ 95 May'29
81
Boston & Malne let 56 A C 1967 M S 9434 Sale 941
953.
95
97
9112 99
Boston & N Y Air Line 1st 4s 1955 F A
7818
1
7813
8112 Clearfield M Mah 1st eu 56_1943
76
9812
100 July'28
_
Bruns & Welt let gu It 4a. 19383 3 9514 98
92 June'29
92
951t Cleve Cln Ch & St L gen es. _ 1993
4
D 84% 853 84%
843±
2
Buff Koch & Pitts gong be_ _1937 M S 9913 ____ 99
841 If
:
5
9912
99 10013
9814 Sale 9818
20
-year deb 4tie
1931 J
98% 12
t •onsol 4 Hs
97
991s
1967 M N 87
87
88
88
24
8513 928
7
General 643 series Ft
19933 D 102
10312 10312
1 1034 112
Burl C R& Nor lat & coil 58 1934 A 0
993 June'29
4
Ref & !mot Os series A
19293
:4
99 102
993± June'29
2912 101%
1941 3 J
Ref & Impt 136 ser C
103% 10418 June'29
°Vs 1054
Canada Sou cone gu 56 A_.1962 A 0 10114 Sale 10114
10114
1 10113 106%
101 Bale 98%
Ref &Impt 5s ser D ... _1983 I
10012 40
Canadian Nat 4 Ha_Sept 15 1954 M S 9313 94
98 10312
9312
93:8
4
7
9212 963
Cairo Div 1st gold 4s
1939 3 J 91% 94% 91 June'29
934
-year gold 4 Se_ _Feb 15 1930 F A 99
91
6
1)918 9918
9914 49
9784 993
4
ClnW&Mfllvletg4a..11$9lJ 1 ---- 82% 82 June'29
80
92
-year gold 430
30
19673
9312 Sale 93
93 12 29
92
98
St Div 1st col) tr g g 46. _ 1990 MN 83% 85% 86 June'29
Gold 451s
85
8812
19683 D 91% Sale 91:8
9312 71
__ 93% 92% Mar'29
9112 95
,v , al 1)v st 4a . 1940 M s
8p &v o Dv t ag 4s
C
Ii
9214 9214
Canadian North deb s f 78....1940 J D 1097 1107 11018
8
8
112
35 10818 118
90
19403
Oct'28
26-year 81 deb 6 tie _
1946 J
11312 Sale 11314
114
44 11212 116%
93 Bale 93
Ref & Impt 454o ser E__ _ 1977 J
93
57
9113 98
Registered
Apr'29
12
112 113
CCC&Igenconsgee
19343 3 100% 104 100% 100:4
4 1008 1004
3
10-yr gold 430 ___Feb 15 1935 F A
953 96% 9638
4
963
8
2
9514 99
Clev Lor & W eon 1st g 56_ _1933 A 0 ---- 9912 97% June'29
9712 10112
Canadian Pac Ry 4% deb stock.. J 3 8112 Sale 81
8le 120
1403 86
8
9418
Oct'28
100
Cleve & Mahon val g 56_1938 3 J
col tr 434e
1946 M S 957 Sale 9514
8
96
30
95% 99
9614 Apr'29
CI & Mar let KU g 4 SO....1935 M N 9412 _ _
96
Carbondale & Shaw let g 4s_1932 M S
96'g
9818 Mar'28
3
99 100 4 Mar'28
Cleve & P gen gu 4148 ser B_1942 A 0 95
19493 J 65
Caro Cent 1st cons g 4a
75
7978 May'29 _
79l 80's
97 May'29
Series B 3He
1942 A 0
97
97
Caro Clinch &0 1st 30-yr 5e_ 19383 D 99 100
00
10014 19
98 102
Series A 434s
19423 J 95 100 9; May'29
98
,
4
lilA con g Os ser A_Deo 15'52 J D 107% Sale 07
107%
5 106 109
8518 May'29
Series! C 341._.
1948 M N
854 8518
Cart & Ad Ist gu g is
19813 0
90
873 May'29
4
87% 87 4
3
893 Jan'29
4
Settee D 3340
1950 F A 844 90
Cent Branch U P 1st g 48_1948 J
894 893
4
85 Mar'29
9612
1:413 85
95 9511 9612
Cleve Bluff Line let gu 4541_1981 A 0
98
99 4
3
Central of Ga lot ga_Nov 1945 F A loii2 80- 10112 May'29
101% 10213 Cleve Union Term let 514s_1972 A 0 106 Bale 10578
106
19 1054 109
1946 M N 99 103'4 99
Conaol gold 5e
99
5
98 103
Oct'28
Registered
107
A0
Registered
M N
Jan'29
100
100 WO
lets f Baser B
s
4 103
1973 A 0 102 1027- 1023
22 10114 lO5e
Re:& gen 6 tee series B___1959 A 0 103 Sale 103
103
2
99% 105%
lets f guar 4tes ser C
96 May'29
1977 A 0 9512 98
1959 A 0 953 Sale 9512
Ref & gen 61; series C
96 101
4
97
174
9513 10112
Chatt Div pur money g 44_1951 J D
87 Mar'29
87
87
Coal River Ry lit gu es
8413 June'29
1945 J D 84%
__
Mao & Nor Div 1st g 543.-1946 J J --- 101 101
8412 904
Jan'29
101 101
Colo & South ref & wit 4 Hs_1935 Si N 95% 9612 9513
973
4
5
Midoa&AtidlvpurmSIl947i J
9412 97%
95 May'29
95
95
Col & H V lat ext g 44
85% Apr'29
1948 A 0
Mobile Div lit g 51
1948 3 J
884 91
101 100 Apr'29
99% 100% Col & Tot 1st ext 46
9112 Mar'29
1955 F A,
Cent New Eng latgu4i
l961J J 76
9113 914
77
771
76
6
84
76
Conn & Passum Rly lit 411_1943 A 0
88 Apr'29
Central Ohlo reorg 1st 4148._1930 M S 9712
88
90
9712 Apr'29 _
97
9914 Consol Ry deb 4s
941k June'29
9412
1930 F A
9412 9412
Cent RR & Bkg of Ga coil 561937 M N 93 18
99 June'29
95
9914
Non-cony 46
19843 J 69 Sale 68
69
6
Central of N J gen gold 5e
1987 J 3 1063 107 107
673 75
4
4
107
1 105 1111i
Non-oonv deb 4a..__J&J 19553 J 65
70 68
68
2
Registered
72
1987Q J 104 Sale 104
67
107
3 103% 109%
Non-cony deb 444......A&O 1955 A 0
76 Nov'28
General ea
1987 J
_
89 Feb'29
89
89
Non-cony debenture ee_ _1966 3 J 65
73
Jan'29
70
Cent Pao let ref gu g 46
1949 F A 90 Bale 8911
78
75
90
24
89
93
Cuba Nor Ry let 514s
79% 79
1942 3 D 79
81
38
Registered
F A
79
93
14
88 Sept'28
Cuba RR let 60
-year be if- _1952 J J 8712 Sale 8712
8712
2
Mtge guar gold 31./s_Aug1929 J D 9918
8514 96
99 June'29
99
.
lit ref 73.4. series A ._
1936 J D 100 102 9912101 I 11
Through Short L lat gu 44_1954 A 0 8612 -- -7-t 88 June'29
994 106
87 r
88
91%
let lien & ref 6e ear Ft _ _1938 J 0 9112 92
91 June'29'___ _ I
Guaranteed g Se
1980 F A 10012 Sale 100
904 98
10012 80
9918 103
Day & Mich lit cons 4 tes_1931 JJ
_ 9912 97 June'291 __ _
Charleston & Savn'h lit 74 1936 J .1 11114 ___ 11114 Mar'29
97
9812
11114 11818 Del & Hudson Ist& rig 441._ _1943 MN 91% 92
9112
92
29
9412
Claes di onto ',icon g 5e___-1939 M N 1017 Sale 101% 102
89
8
4 101% 104%
30
-year cony 644
1935 AG
102 July'29
Regietered
97 10412
1939 M N
- 10214 Dee'28
15
1937 MN 10112 Sale 10112 10218
-year 53414
8 100 103
General gold 434.
1992 M 8 9514 Sale 95%
96
93
944 1004
10
-year secured 7s
1930 3D 10014 Sale 10014
10214 12 1001s 10314
M 8
Registered
98 Mar'29
924 98
D RR & Ridge 1st fru g 48_1938 P a
9614 Aug'28
20
-year cony 4SO
1930 F A
9913 Sale 9918
9912 89
9812 994 Den & EQ let cons g es
893 B -- 8914
8 13 -141W
88
1938 J
90
82 -11/1 - 923±
Ref & impt 4 Hs
1993 A 0 94 Sale 9318
94
118
90% 95%
Consol gold 434s
Bale 9014
1936 .1
90 4 23
3
8811 9413
Registered
F A
--__ 9214 Mar'29
9218 9218 Den & RO West gen 5e_Aug 1956 MN 9411 Sale 934
95
127
Crate Valley let 61__May 1'40 J J _
90 4 98
1
19314 Jua e: 9
0 2 m ny 2
5
9934 10314
Ref & !met 66 ser B Apr 1978
N
87
884 14
Potts Creek Branch 1st 48_1946 J J
1
884 93 4
8812 8813 Dee M & Ft D let gu tte
1935 3 3 92857° Sale39 3014 Apr'29
91e
R4t A Div 1st con g 42
25
40
1989 J J
8518
85
a 88 MN Temporary Ws of deposit
2714 Sale 2714
2714
2
2d 00IU1Olgold 46
19893 J 844 95 - 8114 June'29
25
38
Dee Plainest Val let gen 4149_1947 MS
81
86
923± Feb'29 _
Warm Spann V lst g bs_ _1941 M El
924 924
100 Mar'29
100 100
Det & Mae let lien g es
1995 3D
89
78'1 75
Apr'29
Chesap Corp cony 64 MAY 15 194.
N 997 Sale 99
78
784
8
1003 157
8
96 1004
Gold es
D 70
1995
9, 75 May'29
73
3
Chic & Alton RR ref g 36....111
A 0 67 Sale 64
75
75
67
20
84
70 s Detroit River Tunnel 4tie_ _1961 MN 9513
7
98 July'29 _Ctf dep stpd Apr 1929 int _t
95 1004
.
66 Sale 64
67
9 64 69 Dul Mambo & Nor gen 541_1941 33 100%
00 4 July'29
3
eatiwat, first lien a 3411.....-1950:ii 6612 87 66
100, 1034
3
..-6612 22
71
Dul & Iron Range lit be_ __ _1937 * 0 9612 977 983
66
4
99
1
Certificates of depoelt......
984 1011
/
4
_ 68
66
657
8
65% 71
Dui Sou Shore & Atl g 61_
1937 ii 69
77
754
78
5
8113
Chic Burl & Q-III Div 330_1949 ;171 8218 Sale 8218
74
5
8218
86
East Ry Minn Nor Div let 4e '48 * 0 884 9414 9312 Feb'29
82
Registered
J 1
981 94
/
4
Apr'29
84
84
East T Va & Ga Div g be_ _1930 33 99% 100
84
00% July'29
Illinois Division 46
1949 .1 .1 89
97 10013
9018 8912
91
11
94
89
Cons let gold be
1956 MN 10114 Sale 0414
10414
1 1034 105 4
General 46
1
1958 M B 893 897 8920
8
8
16
89 8 9312 Elgin Joliet & East let g be_ _1941 MN 9914 10514 99 July'29
90
3
Reentered
M 8
974 105
918 Sept'28
EiPaeo&IIW 1st 6s
_
1985 * 0 9812
00 May'29
1st& ref 4HaserB
1977 F A 95 Sale 94
100 10514
9514 57
94
9913
1st & ref be series A
1971 F A 10212 104 10214
1021
4 10 10118 106
Erie 1st conaol gold 7s ;tit_ _1930 MS 1014 Sale 1013±
102
27
Chicago & East III 1st 6s
1934 A 0 10114 1037 105 June'29
8
101'. 106
let cone g 4e prior
1996
3 8212 Sale 813
4
8212 29
C & E 111 Ry (new co) con 54_1951 MN
74:4 Sale 743
4
78
38
Registered
743 8518
4
1998
J
794 Mar'29
alto & Erie let gold Si
1982 Si N 101 1037 104 June'29
8
consol gen lien g es-- _1996 33 76
99% 106
let
7512
77
44 100 2 1851711i
8444 04
2
7
8
8
Chicago Great Weet lit 4a_1969 M S 65 Sale 6412
0
653
4 78
8413 69%
Registered
1996 33
7112 734
Chic Ind & Loulav-Rel66_1947 J 1 1093
__- 095
8 10920
1 1001 113%
Penn coil trust gold 4e....l951 FA 10111 l031 7112 Ma 2 -56
.
0 1 2 di
4
8
17 1 102
0 1 8411
0
19473 J 95 4Refunding gold 56
10412 10018 June'29
100 108
50
-year cony es serlee A...1953 * 0 801/ 82
814
7
8011
Refunding 48 Serial C
1947 J J 92
87 June'29
8238 92
Series 13
1953 * 0 814 Sale 8012
814
3
It411 8412
lat & gen 66 ter A
1968 M N
9514
97
12
95 10314
Gen cony 46 eerie@ D
1953 AO 82 _
7944 82
1s1 & gen 66 ser B___May 1966J J 105 1057 105
8
10512 10 103 110
RefAImPt58
1987 MN 934 Sal - 8 14
-e 93
2
82
94
4 227
18
914 97
Chic Ind & Sou 150-year 44_1958 J J 8418 9012 8812 May'29
Erie & Jersey let f 841_ _1955
3 10714 11012 111
87% 9 011
4
111
4 105 1114
1969 J D 91Is di_ 94 Mar'29
Chic L Ei & East Ist 4 Ha
Geneesee River let if be. _1957 J J 1074 109 107 July'29
94 94
1064 112
Cb M & St P gen g es A-May 1989 J .1 82 8213
8212
1
80
88 4 Erie & PIM gu g 334e err B.1940 J i 884 -102
3
Jan'29
Registered
Q J
80 Apr'29 _
80
80
Series C 3.34.
1940
884
884 Jan'29
Ceu g 3t4s ser B___May 1986 J 2 70% 72
71
71
1
71
75
Est RR gills 1 74
1954 MN 1023 Bale 1023
4 _4 11934i10112 105
Railroad
Ala Gt Sou let cone A be___ _1943 J o
lot cons 46 soy II
1943 J O
Mb & Sump let guar 3Ha
1946 * 0
Alieg & West lot g gu 4e
1998 AO
Alice Val gen guar g 4.
1942 M
Ann Arbor let g es_ _ _July 1995 Q J
Atch Top & S Fe
-Gong 414-1995 AO
Registered
AO
Adjustment gold 4s_ _July 1995 Nov
Stamped
July 1995 MN
Registered
MN
;Joni, gold 46 of 1909
1955 ID
Cony 46 of 1905
1955 J D
Cony g 4e Woe of 1910.......1960 in
Cony deb 44e
1948
Rocky Mtn Div let 41
1965 J
rrane-Con Short L let 46_1958 J J
:441-Aria let & ref 4tee A_1982 M
All Knoxy & Nor let g 5e
1946 J D
Atl & Chart A L 1st 414s A 1944
J
let 30-yearls series B___ _1944 J
Atlantic City let cons 41 - -1951 .1
1AU Coast Line let cone es July'62 MB
Registered
MS
General unified 434e
1984 J D
L & N coil gold es_ _Oct 1952 MN
AtI& Day 1st g 4s
1948 J J
2d 4i
1948 33
Atl & Yad 1st guar 4s
1949 * 0
Austin & N W 1st gu g bs_ _ _1941 J J




10014
__
82
84
9214
73
90%

10014 June'29
93 June'29
81 June'29
9212 Mar'29
9312
93%
7
Sale 7214
73
Sale 9018
918 105
8814 June'29
85
is
8812 865s
90
85
7
8812 8812
8812
85 May'29
13
8612 ____ 8712
88
85:8
8518
9
8620
85
90 85 June'29
14313 Sale 135
144 iiLi
89
90
89 June'29
87 Sale 87
8712 20
96
4
9612 96
9914 ____ 103
Apr'29
93 ____ 95 June'29
101:8 __ 1015 June'29
8
84
87
85 May'29
893 Sale 89%
4
897
e 30
9014 Jan'29
9318 Sale 9318
94
15
8712 Sale 87%
87% 12
6718 7012 67
2
6718
617 62 Apr'29
8
8312 84
83 June'29
96 May'29
101
93
83
86

100 10313
93
94
81
8613
90
9212
91
95
71
78
90% 94
92
90
2
85
94
R4'.
83% 90
803 85
4
86
90
85
91
81% 90
10812 144
89
92
853 93
8
9511 100
103 10314
93
901s
101 104
84
85
8814 93
9014 9014
gr 994
a
88
91
85
75
62
6712
81
8312
96 10314

Bizi;,-

255

New York Bond Record-continued--Page 3
BONDS
N. Y. STOCK EXCFI A NOE
Week Ended July 12.

Price
Friday
July 12.

Week's
Range or
Last Sale

I;•

Rant'
Stnte
Jan. 1.

BONDS
N. Y. STOCK EXCHANGE.
Week Ended July 12.

Price
L.
yai 72

Week's
Range or
Last Sale.

4

Range
Since
Jan, I.

MOS
1105 No, Low
Bid
Ask Low
High
Low
Moe No Low
98
§$
Louisville & Nashy (Concluzlect)98
Apr'29
10112 1057
4
1013
4
s
1013 104 1013
4
2 3
let & ref 59 series B
935 ,•9914
8
9512 June'20
99
0
95
8
9112 1,./4
tot & ref 4 %41 series C....2003 A 0 9012 957 96 June'29
92 June'29
995 101
4
100 June'29
1930 .1 J 10014
8%80
667
667
8
6918 75
N 0 & M let gold 6e
100 10014
100 Apr'29
2512 8-84)
1930.1 J 9934
3212
3312 23
2d gold 65
9018 9114
9018 Mar'29
94
04
94 Nov'29
Paducah & Mem Div 49_1946 F A
61
6712
10411 105 106 June'29
10412 10714
St Louis Div 211 gold 39_198(1M S 6012 63 63 June'29
4
9358 935
8
8
935
8
97 4 935
,
100 Sale 100
8
2 100 1037
1001
Mob & Montg let g 43.4i._1945 M S 94
1
84
8911
85
85
85
89
9612 100
99
9914 9914
South Ry joint Monon 49_1952 J
99 4 13
,
11
92
90 89
89
89
9612 100
Cin Div 4s...1955 M N 89
11
99
Atl Knox,&
9914
9914
9718 June'29
97
9912
98
92 100
9914 Sale 9712
Louley Cin& I,ex Div g 434s'31 MN 97
9712 10
100 100
91 100 100 May'29
89
86 Sale 86
85
5
Mahon Coal RR let 58
86
74 June'29
737 75
s
75
991, Maiat apR,
1 9 9 7 .1
941M
5
9914 100
941g
98 June'29
ll ile t 4 (South Linea)49_1939,4 N 74
77
69
69 May'29
663 69
4
_
735 ,74 May'29
8
7312 7818
987 1001
, ,
99. June'29
ai
a
933 07
8
933 June'29
8
Manitoba 9 W Coloniza'n be 1934 .1 D 9912
110 gale 10812 110
18 10814 113
8812 8812
8
5 103 106
104
10312 Sale 10318
Man GB&NW let 3%s_ _1941 J J 853 8612 8612 May'29
9912 100
97
97
9418 ____ 97
Mich Cent Del & Bay CRY 68-'31 M S ____ 100 100 June'29
Apr'29
1003 Apr'28
4
QM
Registered
9214 93
9214 Apr'29
3 .1
4
1940 .1 .7 913
Great Nor genie series A ___1936 J
14 268 108 1125,
109 Sale 10814
Mich Alr Line 4s
109
J
9218 July'28
109 109
109 Apr'29
Registered
Registered
1E3;
80 8018
1952 M N
8018
let & ref 431 Beerier A ___1961 J J 93
98
3
9314 93
92
93
1st gold 33.4e
9312 963
8
1040 A 0 8912 93 94 Mar'29
General 53414 series B___.1952 J J 10638 Sale 10512
10612 30 10412 10934 Mid of N J let eat be
8818 96
91
9512 91
General bs series C
4
4
8
1973 J J 1021/ 103 1017
10214 18 1001g 1043 Mil & Nor let est 4%0(1880) 1934 .1 D 91
9312 94 May'29
95
9714
94
1934 .1 D
General 4342. series D._._1976
92
94
9414 94
943
8 21
Cons ext 434a (1884)
"
92
88
General 4%s series E
92
973 Mil Spar & N W let gu 49_ _1947 M 13 ---- 9012 8818 June'29
8
933
1977
4
" 4 9414 94,
945
8 23
Feb 81
90 Apr'28
Green Bay & West deb ctfs A__
83
86
Oct'28
Milw & State Line 1st 3As 1941 .1 .1
Feb 2612 Sale 25
43 15 6
5
-147
47
Debentures ctfe B
22 - 8 Minn dr St Louie let cons 58_1934 NI N 4514 47
2152612 45
46
5314
Greenbrier Ry 1st gu 4s___ _1940 M N
4
9114 9114
__ 9114 Mar'29
Temp ctfe of deposit _ 1934 MN 4418 493 46 June'29 _
20
1918 35
22
Gulf Mob & Nor let 534a_ _1950 A
22
8
1949 M S 213 22
1005 102 100 June'29
8
let & refunding gold 49
97 106
9134- 1050 A 0 ___ 99
1558 22
6
18
ist M fe serles C
96
99
5
96
96
Ref & ext 50-yr be set A._1962 Q F 18 Sale 18
16
Gulf & 8 1 1st ref dr ter g 58_51952 J J 1015 Sale 1015
1912
____ 1912 19 June'29
Certificates of deposit ______
8
3 101 108
8
1015
8
8914
4
87
Hocking Val 1st cone g 4349_1999
63
87 Sale 86
99
94
24
903 9514 945
4
"
8
943
4
Registered
1938
m P "
1999
10212 Mar'28
cotSta c°""intgu.38 J .1 9012 9312 9112 9412 11 90 99 2
s
"
_
94
991
Housatonic Sty cone g 58
947
8
947 963 9414
1938 J
g
4
let cone be gu aa to int
9638 9818
1937 M N 97 Sale 963
8
97 _
& T C let g 5a int guar_ 1937 J J 100
6
1931 M S 100 Sale 100
9714 101
100
,
102 1021
____102 June'29
-year coll trust 6%5
10
Waco & N W div let Os
9712 102
__-- 973 9712 June'29
8
1930 M N
10014 102
1_ 10014 Mar'29
2
f ie erles A
Alsi
Houston Belt & Term let 59_1937 J J -aT2
43
88
9812
90
1949 j 8.1
9 6M
88
215-Myearer
983 June'29
4
983 100
4
__
Houston E& W Tex lstgSe.1933M N 95
9312 9312
9314 Jan'29
9812 99
__ 99 Mar'29
let Chicago Terms f 4a...1941 NI N 8412 _
let guar be red
1949 J .1 96
95
9918
9614 95 June'29 _ _ _
1933 1 N 9734 - 9714 10218 M10810111Pni Central 1st 5a
^
9812 9812 Feb'29
bud & Manhat let Se eer A_1957 f ,_. 8812 Sale 873
8414
3
8112 86
Mo Kan & Tex 1st gold 49..1990 J D 8312 8512 83
873 98
8
A
8
8912 76
27
101
9614 102
4
Aditletmentincome be Feb 19571A
77 Sale 77
4
64
7212 843 Mo-K-T RR pr lien baser A _1962 1 J 993 Sale 9914
78
81
881
,
8312 20
8
1962.1 .1 825 Sale 82 2
,
40
-year 49 aeries B
9412
4
913
4
Minas Central let gold 4e___1951 JJ 90
89
4
1978 J
9014 913 913
4
8912 961,
92
90
Prior lien 4349 set D
90
1
J J 8018 8312 95 May'28
106
36 10112 10712
Registered
Cum adjust be aer A _Jan 1967 A 0 10418 Sale 10418
9518 101118
lit gold 334s
9712 60
4
4
79
8018 Sale 80
Mo Pac 1st dr ref ba ger A _ _1965 F A 963 Sale 963
JJ
144
77
73
70
723 Sale 7212
4
Registered
84 Nov 2
General 4e
8918
3
9918
104
95
97
1977 M
Extended let gold 334e.1951 AO
96 Sale 9512
8318 8313
8318 Apr'29
let & ref be series F
77
let gold 35 sterling
•S
9414 100
97
1978 M N 9614 Sale 96
1951
let & ref g 541 ser
7118 7414
7118 June'29 -11814 406 10012 11814
Collateral trust gold 4s
11714 Sale 116
8618 93 4
1952 AO 8618 893 8618
Cony gold 5%5
8
8818
2
3
MN
,
MN
8912 917
49
98
Registered
Mo Pac ad next at 4% July 193 MN 8912 9014 9014 June'29 _ _
_ 87
Oct'28
let refunding 45
99 100
1955 MN -88 19
Mob tali prtor lien g be_ 1945 J .1 99 101 100 Apr'29 _ _
s Bir
-12 8812
8914 34 -8812
9912 99 Feb'29
99 100
Purchased lines 33.49
-1
1952 J J 7712 80 80 May'29
83 4
3
80
J J
98
85
1945 J J 85
Registered
85 June'29
90
87 Noy'28
let NI gold 48
_
89
Collateral trust gold 49.....1953 MN 8412 87
85
1945 J
85 May'29
Small
8512
1
8512
MN
935
8
91
_
Registered
91 June'29
gen gold 4a_ _1938 M S 8112 94
9014 NIay'28
86 6i Mobile le Ohio Div let g 50_1947 F A 100,8 -- 100 May'29 _ _ 99 100
Refunding be
Montgomery
9
1956 MN 1003 103 10014
4
1003
4
7 i64f, 1- 118
9712
16-year secured 634a
90
2
1977 M S 923 937 023
923
4
8
3
4
_1936 J J 10714 Sale 10614
Ref & Mot 434i
108
19 10614 11138
40
-year 4!.(eAug1 1966 F A 9814 Sale 97
831 87
8
4
4
g__95 10012 Mob & Mar 1st gu gold 49_1991 MS 833 8614 833 June'29 _ _ _ _
9812 50
Cairo Bridge gold 4a
106 106
Apr'29 _ _ _ _
1937 J .11 102 1047 106
8
90
1950 J D 8514 90
Mont C 1st go 69
86
90 Mar'29
4
Litchfield Div let gold 39_1961 .1 .1 7218 75
_ 1001 101
1937 J J 95 100 1003 Apr'29
4
713 7614
4
let guar gold be
4
743 June'29
Louisa Div & Term g 3148
J J 79
7112 8012
76
76
5
845 Morris & Essex let gu 3448.-2000 J D 7512 76
8
79
79
2
8212 79
1953
Omaha Div let gold 3s.. _1961 FA 7218 7478 7412 Mar'29 -- -74
7412
8
8914 997
St Louts Div & Term fir 38.2 J 7412 8212 763 Oct'28 -- -Nash Chatt & St L 45 set A_1978 F A 87
8
1951
88
894271 29
98 1
'
[
Gold 314e
9812 102
Y:29
1937F A
78
10
.78
N Fla & S 1st gu g be
1951 J
8
7712 813 78
J J
18 July'28
Registered
Ry of Mex pr lien 43.49_1967 J
___
Nat
783 Oct'28 4
.1 80.... 88 Dee'28 _ - _ _
_
.1 .1
Springfield Div lstJ 3%9_1951
183 July'28
4
July 1914 coupon on
9
1358
4
2
Western Lines let g 4s____1961 FA 83
113
Hit -1 -12 1114
-1
Assent cash war rct No 4 on
9 10
8858 - - - 2
9012 Apr'29
91
FA
1977 A 0
Registered
-year e f 4s
8712 Aug'28 Guar 70
92 Apr'28
III Cent and Chic St L & NO
12 - ,
11
;
12 June'29 - - _ _
Assent cash war rct No 6 on
-Joint let ref be series A_ __ 1963 J o 1007 10114 1003
3512 July'27
_
4
10114 94 100 10514 Nat RR Men pr lien 41.Ia Oct'26 .1 J
8
let dr ref 414e series C._,.1963 J o 943 Sale 94
22'2
l6
18T8 193 19 June'29 4
94
Assent cash war rct No 4on
9712
943
8 59
8
1951 A 0
22 Apr'28
let consol 48
Ind Bloom & West let ext 4e 1940 AO 85
,
Assent cash war rct No 4 on _91 Nov'28
8 4 914 8 4 July'29 ____ -712 Ili
,
Ind III & Iowa 1st g 4e
82
-871 9214 Naugatuck RR let g 4e _ _ _1954 MN _9s _
4
95 June'29 _ _ _ _ 82 82
1950 J
89 June'29
91
88
997
8
Ind & Loulsville let gu 4s
8412 8814 New England RR Cons 59_1945 J J
95
95
2
0858
85 June'29
87
1956 .1 .1 _
Ind Union Ry gen be ger A._1965 J J 9812 loo
8638
1945 J
82
83
9
98.2 103
Consol guar 4e
80
85
82
9812
9812 10
88
Oen & ref be series 13
88
101 103
N J June RR guar 1st 4s___ _1986 F A 79
8412 88 Mar'29 _
1966 J J 101 103 101 June'29
Int & Grt Nor let (Is ger A _ 1952 .1
.1 1033 Sale 10212
9112 971,
9112 June'29
1033
4 18 10014 10612 NO&NE let ref &Imp 4%9.4'62 .1 .1 9112 93
4
1953 .1 .1 87 Sale 8618
, 91
2
124
Adjustment 65 aer A July 1952
85
3
87
85
96
New Orleans Term let 48
90
89 Sale 89
90 100
Stamped
977 943 July'29 -8
8
N 0 Texas & Mex n-c Inc 58_1935 A 0 93
7712 Feb'28
let Si series B
1954 A 0 9512 Sale 953
911, -68
2
9018 10012
-58 let be seriee B
957
8 10
1956 JJ 93
s
93
9378 93
let g 59 series C
1956 F A 99 10014 9812
91
4
98 101
9512
let 55 series C
04
95
1956 JJ 94
95
9812
1
N 78 Sale 78
Int Rye Cent Amer let 59
8812 96
44
1966 F A 88
82
72
1972
92
5
let 4 kitt series D
80
9112 92
let coll tr 6% notee.__1941 MN 923 Sale 923
1954 A 0 10112 Sale 101
12 10018 10512
90
9614
let 51.Ie series A
4
9414 39
4
F t 9518 Sale 9518
lit lien & ref 0%a
93
941g 9534
1947 3 i
985 N & C Bdge gen guar 4%9 1946 J I 93
8
9714 22
9312 95 June'29
Iowa Central let gold be
942
4
8
97
NYB&MBletcong 5e..1935 A 0 943 100
95
3712 51
3912
1938
3912
385 40
8
4
95 June'29
3
Certificates of deposit
38
10512 20 10214 108
373 5112 N Y Cent RR cony deb 69_1935 M N 10512 Sale 105
4
38
35
38
Refunding gold 4e
M N
1951 MS 1118 Sale 11
108 106
Jan'29
Registered
1012 20
1118 12
. 106
James Frank dr Clear let 48_1969 J D 843 8814 841
1998 F A -J3712 Sale 853
8334 92
8
841e 897
a
85
Consol 48 aeries A
8
8712 71
8
4
Kan A & R let gu g be_ __ _1938 J J
9412 10012
955
8 28
Ref & Mot 4%9 series A_2013 A 0 943 Sale 9412
0914 10014
10014 Apr'29
4
Kan & M I at gu g 4e
1990 AO 8212
4
8111 8412
82 June'29
10412 90 1013 10712
Ref & impt 5eseries C___ _2013 A 0 10312 Sale 103
A 0
Registered
106 Mar'28
K C Ft 8 & M Ry ref g 45_1936 A 0 9118 Sale 9118
89
9312
0112 51
K C & M RA Is 1st gu 59_1929 A 13
8214
76
98
9912 N Y Cent & Ilud Rly M 8%9 1997 J
7618 77313 76
7712 58
_ 99 June'29
Kan City Sou let gold 3e...1950 A 0 99-- - 725
199711 J
7412 7812
76
70
7358 23
76 July'29
Registered
8
7212 73
Ref & tmpt 68
9434 99%
1934 M N 9514 gale 933
Apr 1960 J J 97 Sale 96
Debenture gold 48
933 975
4
4
9712 15
4
9514 45
Kansas City Term let 4a.._ 1060 J J 877 Sale 8612
95
M N
95
Jan'29
85
9012
Registered
877
8 30
8
- 95
Kentucky Central gold 48_ _1987
1942 .1
951a
90
907g
86
-86T8 -6i 9018 May'29
-year debenture 49
_ 86
30
2
86 18
86
Kentucky & Ind Term 6%5_1961 J J _
3
05
7414 8134
96
755 76
8
Lake Shore coil gold 348-1998 F A
Jan'29
753
8
753
8
- - -7 95
8 8
6
Stamped
1961 J J 874 9014 87 June'29
1998 F A
86
735 75
8
90
7712 75 June'29
73
Registered
Plain
1961 - J
3
19 9 F A 7312 75
8
8
74
79 4
3
907, 05
743
4
743
4 10
91 May'29
Mich Cent coil gold 3%9_1 99 F A
Lake Erie dr West let g 58_ _ _ 1937 J J la- Sale 9912 100
78
98 101
73
Registered
715 7512 73 June'29
8
3
211 gold 58
1941 . ..! 0612 10312 963
J
9112 96
19
32
6
9634 100
4
9314
941 2
N Y Chlc & St L let g 4e_ _ _1937 A 0 9314 94
2
963
4
Lake Sh & Mich So g 3%IL _1997 i p 7618 80
901,
753 9112
4
78
901g June'29
78
Registered
4
"'11
Registered
1097 J 1)
9614 9858
1931 M N 9814 Sale 98
4
9814
25-year
414
753 7812
8
7812 May'29
25-year gold 4e
1031 M N 985 Sale 97%
1007
8 27 100 10212
BC
963 9912
8
985
8 89
8
series A
debntur2
1003 Sale 10012
4
M N
Registered
1931 A O
9914 Apr'28
10412 57 104 10714
Refunding 53.4e series A._1974 MN 10414 Sale 104
Leh Val Harbor Term gu 58.1954 F A
114 10318 10318 8 10110 lOS', Refunding 5l4e series B 1975 J S 10514 Sale 104
8
6 1037 107
9 , m .1
10514
Leh Val NV let gu g 4%9_ _1940 J J 9512 99
99 June'29
951: 9934 Ref 414s seriesC
91
954
9312 10
9212 9312 0312
Lelegli Val (Pa) eons a 4a__ _2003 M N 847 Sale 84
85
19
8
8334 8814 N Y Connect let gu 41-l9 A _1953 F A
11
923, 9712
6
M N
Registered .
86
86 Jun2'29
86
991, 10212
5
let guar Si aeries B
9
0
93'2
9 314 103'2 103'2 100
62 9
2
0
General eons 4 tie
2003 M N -55'2 -915- 965
9212 10(1
4
90 A o
47
1
963
4
N k & Erie 1st ext gold 49_ 193 M N
90
2
8
89
_ 89
89
M N
Registered
99 Noy'28
1933 ha 8 _8918-- - 9812 Mar'28
3d ext gold 4
_ _ _ 100
4111 ext gold 5e
4
-65" 1169734 993 100
Apr'29
NI N 101 1017 104
Lehi Valley RR gen 58 series 2003
8
104
3 1013 10714 N Y & Greenw L go g 5e_ _ _1946 1111 N 95 Sale 95
8
98
95
91
3
Leh V Term Ity 1st gu g 5s_194 AO 100 10212 10018 June'29 _ _ _
997 10312 NY & Harlem gold 3%s..2090 MN 6712 ____ 83 Mar'29
8
83
83
AO
Registered
1053 Feb'28
8
RegIstered
M N
8518 Apr'28
MS ____ 88
1..eb & N V 1st guar gold 49_ .1945
90
Oct'28 _ _
N Y Lack & W let & ref go 5913 ,A N 100
193 MN
1____ 10018 Feb'29
100's 1668
Lex & Emit 1st 60-yr 5e gu_ _1065 AO 100 Sale 9818
8 0 7
88
100
4 -981 1- - - -•
let & ref gu 4 %e con
96 1001a
Apr'29
973 ____ 96
8
Little Miami gen 48 series A 1962 MN
_
8612 Dec'28
___ 86
NY LE&W let 79 ext._..1930 F A
1932 MS
_ 104
Feb'28
Long Dock coneol g Os
1935 AO 10112 107 10212 May'29 _
10212 10412 N Y & Jersey let 5a
0712 9814 96 July'29
"a- 16012
10018- -Long leld 1st con gold 6e July1931 Q J 973 98
973 10114 NY&NE Boat Term 4a_ _ _1939 A 0
4
98 May'29
_
4
90 Mar'28
97 100
let ening)! gold 4e _ ...July 1931 Q J
100 Feb'29 _ _ _ _
NYNH&Hn-cdeb49
1947M
7412 81
78
81
79
6
79
General gold 4s
1038 J o 89
8912 94
8912
1
9212 8912
Non-cony debenture 3%9_1947 M El 7114 757 73 June'29
73
773
4
8
193 .11)
Gold 48
9912 Dee'28
Non-cony debenture 3%9_1964 A 0 6918 7012 7018 June'29
6914 75
1949 M 8 84 - -1- 85
Unified gold 4e
85
8618 12
No's-cony debenture 49_ _ _ 1955 J J 7912 80
904
f37 2
8458
74
78 June'29
13 953 96
1934
100
Debenture gold 58
95
95 June'29
_
Non-conv debenture 48
2
1956 141 N 7712 7814 7758
19,8 3 3
841.
76
7914 22
1937 M N 933 Sale 9318
-year p m deb 59
9318 993
8
933
4
5
4
30
Cony debenture 3149
6834 75
6914 71
9
71
7114
857 9114
8
Cony debenture 65
3
Ouar ref gold 4s
8618
8618
8412 86
1949
1948 .1 .1 12712 Sale 127
65 116 129
128
9812 100
95
Nor Si, It let con VI 50.0e4'32 ..`.1
Registered
9912 9812 May'29 _
115 119
118 June'29
8412 90
Collateral trust 68
1940 j 0 104 gale 10312
88 June'29
_
A .1
4
Lou & Jeff ridge Co gd g 49 1946,.... :7! 853 89
10418 49 102 10512
9912 10212
Debenture 45
1957 M N 72
9912
Louisville & Naetiville 59___1937 `"
9912
8
10118
4
703 79
6
7512 73
74
9112 95 4
let & ref 43.89 ser 01 1927.1967 J D 8812 Sale 87
3
9212 19
1940
92 Sale 9112
Unified gold 4e
8412 9212
8912 27
J J
Harlem R & Pt(Thee lit 46 1954 M N 8912 Sale 8614
9314 9314
9314 May'29
_
Registered.
8614 00 2
,
87
981 1003
,
4
3
6
collateral trust gold be.. 1031 M
9912 Sale 0912 100 4
4
10118 23 1001, 103
4
_
-year sec 79_ __May 15 1930 M. 14 , 1003 Sale 1003
10
10012 10734
104
2
I
lit refund 534a series A._2003 R " 10312 104 102

Fla Cent & Pen 1st ext g 56.._1930 J J
let consol gold be
1943 J J
Florida East Coast let 43.45_1959 ID
1st & ref 69 series A
1974 MS
N
Fonda Johns & Gloy let 4 34i 1952
Fort St U D Co 1st g 4%8-1941 J J
Ft W& Den C let e 53.25.. _1961 J o
Frem Elk & Nlo Val let 68._1933 AO
GH&SAM&P let 5a
1931 MN
2d extene 58 guar
1931 J J
Galy Houe & bend let 5e_ I933 AO
Ga & Ala Ry let cone Si Oct 1945 J J
Ga aro & Nor let gu g 51. 1929 J J
Georgia Midland let 38
1946 AU
Gr R& Text let go g 43.45.1941 J J
Grand Trunk of Can deb 69_1940 AO
15-,ear a f (is
1936 MS
Grays Point Term lit 5e_ _ _1947 J o

Due Feb. 1.




Rid
Ask
_
_ 98
9112 967
8
91 • 96
667 Sale
8
33 Sale

256
N

New York Bond Record-Continued-Page 4

BONDS
Y STOCK EXCHANGE.
Week Ended July 12.

Pries
Fridge
July 12.

N TO & W ref let g 4a_June 1992 MS
Reg 55.000 only_June 1992
General 48
1955
N Y Providence & Boston 45 1942 AO
Registered
A
N Y dr Putnam 1st eon gu
481933 A 0
N Y (luau & West 1st re/ 519_1937 J J
2d gold 4i15
1937 PA
General gold be
1940 FA
Terminal Ist gold be
1943 MN
N Y W-chee & B lst ser I 4)1s '46
J
Nord Ry ext'l 8 f 8 1.45
1950 A 0
Norfolk South 1st & ref A 543_1961 FA
Ncrfolk & South let gold 548_1941 111 N

YD

Weat's
Range or
Last gals.

14
en rk.

Bang.
Olga
Jan. 1.

.428 LOW
H
No Low
High
654 6418
65% 13
64
74 4
8
70 Apr'28
-597
3
s
59%
58
8612 _ _ 9013 June'29
893 Jan'28
4
8018
8513 June'29
801g 82
9
80
813
8
74% 8612
____ 793 843 Nov'28
4
4
1 -ig; 82
70'274
71
71
____ 97
9918 1011g
9912 Feb'29
83 Sale 8214
26
83
79 8 85
5
10012 Bale 10012 101
32 100. 105
734 75
7
7414
75
7414 903
4
974 102
9912 993 99 July'29
4

Bid
65

Norfolk & West gen gold 69_1931 M N
Improvement & ext 68.. _ _1934 F A
New River 1st gold 6s. _ _ _1932 AO
N & W Ry 1st cons g 48_ _1998 AO
Registered
1998 AO
Div I 1st lien & gen g 4e 1944
J
10-yr cony 68
1929 MS
Pocah C & C joint 48_ _ _ _1941 J o
North Cent gen & ref be A _ _1974 M S
Gen & ref 4j.4s ser A stpd-1975 M
North Ohio 1st guar g be
1945 A 0
North Pacific prior lien 4a_ .1997 Q 3
Registered
1997 Q
Gen lien ry & Id g 3s_Jan 2047 Q F
Registered
Jan 2047 Q F
Ref & impt 431s series A2047 J
Ref & Ini et es series B_2047 J J
Ref dr Impt 58 series C._ _ _2047 J
Ref & impt 56 series 13_ ___2047 3 1
Nor Pee Term Co let g 68_1933 J J
Nor By of Calif guar g 58,.,,,,1938 A 0

10118 10214 101 June'29
103
105 Mar'29
101
10112 June'29
917 Sale 90
8
91% 22
_
87 June'29
91
90
91
90
8
234 June'29
9114 114 9114 9134 2
1077 Jan'29
96 - 4 97 Apr'29
661
-92% 96 Feb'29
ia. Sale 8514
18
8612 107
8414 July'29
634
65
40
634 65
58
623 62 Mar'29
4
95
97
4
96
9614
110 Sale 10912 1103 177
4
_
103 1014 102
16
laig 102 1014 1015
4
8
1093
4
4
- 1093 Feb'29
161
- -1 99 Mar'29

North Wisconsin let Os_
19303 J
Og & L Cham 1st gu g 418_1945 J J
Ohio Connecting Ry 1st 4e....1943 M S
Ohio River RR 1st g be---1936 J D
General gold Se
1937 A 0
Oregon BRA Nay con g 48_1946 J D
Ore Short Line 1st cons g 50.1946 J 1
Guar stpd cons be
1946 3 J
Guar refunding 45
1929 3 0
Oregon-Wash 1st & ref 48_196) J J
Pacific Coast Co let g 513-.1945 J D
Pac RR of Mo 1st ext 4s-1935 F A
26 extended gold 56
1935 3
Padt eah & Ills 1st s f 4118_1955 3 3
Parls-Lyons-Med RR extl 681953' F A
Sinking fund external 78_1965 M S
Paris-Orleans RR 5 I 78_ _ _1954 M S
Ext sinking fund 53.4s__.. 1968 M B
Paulista Ry 1st & ref e f 79_ _1942 M 8

9912
_ 100 Sept'28
774 Sale 7712
79
6
_ 955 Nov'28
8
9913 ---- 98
1
98
____
9914 May'29
_ _ 89
9014 June'29 _ _
i0018 10214 10112 June'29
_
102 10218 102
10213'
7
9914 99% 994
99121 72
85% Sale 8512
867
* 15
_
71
70 July'29 _ _ _ _
flois_ 90
92
8
97 We 97
97
1
954
_
914 June'29
993 Sale 993
4
37
2 100
8
103 1033 1023
4 1033
8 51
1033 Jan'28 _ _
8
951 95
4
95
95% 34
loo 1031 10212 103
2

-089914
893
4
10112
102
97%
8412
70
8914
984
9113
9712
10112

Pennsylvania RR eons g 45_1943 M N
Congo! gold 46
1945 M h
48 Merl stud dollar_ May 1 19 8 M N
4
Cowen sink fund 4i18
1960 F A
General 434s series A
_ _1965 J D
General be sorted B
1968 J
10
-year secured 7s
1930 A 0
15-year secured 634s
1936 F A
Registered
F A
40
-year secured gold 58_ _1964 M N
Pa Co gu 3(4s coil tr A reg__1937 MS
Guar 33s eoli trust ser 13_1941 F A
Guar 334s trust Ws C____1942 J D
Guar 33.4s trust ctfs D_..__1944 J D
Guar 15 -year gold 45_1931 A 0
-25
Guar 45 ear E trust ctfs_ 1952 M N
Secured gold 44e
1963 hi N
Pa Ohio & Det 1st & ref 410 A'77 A 0
Peoria & Eastern let eons 46.1940 A 0
Income 4s
April 1990 Apr
Peoria & Pekin Ut. let 534s- 1974 F A
Pere Marquette lat ear A 158 1956 3
1st 4s series B
1956 3

92
9214
92
993
4
9458
10418
10114
1075
8

9318
89%
90
9778
9312
10214
144038
10634

___
Sale
Bale
Sale
Sale
Sale
Sale
Sale

io2i8 Fifa;
8358
8114
9812
86
9614
9412
814
38
101
101
8612

_
- 871

16
Sale
95
837
40
Sale
Sale
887

94 May'29
924
9214
7
92
92
1
993
4
993
4
2
95
934
176
10314
1041s 32
10118 1014 57
10814 60
107
112 Apr'28
10114
1023
4 62
90 July'29
8611 June'29
835 May'29
8
87 May'29
9711 July'29
86 July'29
96
96 3
4 86
933
4
1
933
4
8312 July'29
38 July'29
101
101
101
102
10
8614 July'29

Plana Bait & Wash 1st g 48.. 1943 M N 91
_ 91
91
General be sorted 11
1974 F A 100 1gg 10714 May'29
Phillippine By 1st 30-yr a I 48 '37
34
36
34
3414
Pine Creek registered let 60_1932 3 D
101 101
101
Pitts dr W Va 1st0
9212 92
0
,
19583 D 92
92
P C C& St L gu 4149A__1940 A 0 973 -- 97%
4
97%
Series B 4 Ka guar
1942 A 0 973
4
97%
97%
Series C 411a guar
1942 MN 973 - - 9712 Apr'29
4
1945 M N 9614 -- 9614 3une'29
Series D 48 guar
Series E 3)4s guar gold_ _ _1949 F A
93 June'29
Series F 48 guar gold
19533 0 9614 -- 9614 May'29
Series G 45 guar
1957 M N 9
614 ---- 9614
964
Series II con guar 48
1960 F A 9614 --9812 May'29
4
Series I eons guar 43.4.,,1963 F A 963 ____ 963 June'29
4
_ _ 97 June'29
Series J cons guar 44s-1964 M N 963
44
General M be series A ___ _1970 J D 1023 104 10314
10314
_ 102 June'29
J D
Registered
Gen mtge guar Be ser B1975 A 0 103 gife 103
103
A 0
11312 Jan'28
eglatered
Pitts Melt & Y 151 gu 6a___1932
10114 Apr'29
Hai
_ 103% July'28
26 guar 65
1934
Pitts 8h & L E 1st g be
99% June'29
1940 w 0
let consol gold 5e
1943 3
10014 Aug'28
Pitts Va & Char 181 48
1943 MN
991s Sept'28
Pitts Y & Ash 1st 48 ser A _. 1948 313 9114 11614 9112 Apr'29
10314 10312 May'29
let gen be series B
1962 FA
let gen bs eerie(' C
1974 3D
Providence &cur deb 49_ __.1957 MN
77
lig
71 Jui;e
Providence Term 1st Is,,__ _1966 MS 77
84 May'29
Reading Co Jersey Cen coil 4851 AO 9018 gale 90
9018
9112 943 July'28
Registered
10 _
4
Gen .4 ref 4)4s series A 1997 JJ 9514 Sale 944
9512
Rich & Mock let g 48
79
1948 MN
7818 May'28
RIchm Term By 1st, gu 58_1952
Feb'29
.1 98
101
Rio Grande June let gu 58_1939
91s
D 93 - 1 923$ June'29
Rio Grande Sou let gold 49.1940
6 May'28
Guar 4e (Jan 1922 coupon)'4033
712 Apr'28
Rio Grande West let gold 48_1939
88
3871 87
87
let con & coil trust 4a A 1949 AO 81 Sale 80 4
81
3
RI Ark & Louie let 414e_ _1934 MS 954 96
95%
95
Rut-Panada 1st ffU g 48_
83
1949
70
81
81
Rutland let con g 434a
1941
81
88
8018
81

3

3
4
2

10

16612

St Joe & Grand 1411 let 45_1947 J
St Lawr & Adir 1st g 58.-1996 J
2d gold Si
1998 A
19313
St L & Cairo guar g 443
St L IT Mt & 8 gen eon g 55_1931 A
1931 A
Stamped guar Si
Unified & ref gold 45
1929 3
%Iv &
Div let g 4a__1933 M
L M Bridge Ter fru g 55_ _1930 A
St L-San Fran pr Hen 444 A__1960 M
Coa M 4 tie
(NANA
1979 M
Prior lien 511 series B
19503

84
0
0
0
N
0
13
A
J

0318 04

100 10314
105 105
99 104
%
92%
89
87
894
94
89
1324 234
9114 962
8
10778 1074
95 8 99
7
Ile
9614
84 4 90
3
833 89
4
6018 674
82
634
9412 987
s
109 1131,
10012 105
101 104%
10% Ines.
99
99
--478 83
/
-.11
9
9
100
924
106%
106
99 x
,
891x
80
944
99
98
101
1047
s

lia1;

93
1011: 104

BONDS
Y STOCK EXCHANGE
Week Ended July 12.

r
'
!
g

Piled
Fridas
July 12,

Weeir.
Range of
Lost Sale

Range
Since
Jan 1

Aid
Ask tow
Hies
filos No. Low
St Louie & San Fr RI gen 68_1931 J J 101 102 101 July'29
99 102
General gold 58
1931• J 97% 9912 9811
9
9912
96% 1004
St L Peor & N W let gu 58_1948 J J 99 1023 10012 May'29
1004 1034
4
St Louis Sou 1st iru ff 48
1931 MS 934
964 June'29
954 9718
St L SW let g 45 bond ctfe._1989 MN -___ - -7- 83
5
8114 89
82 8
83
12
26 g 45 Inc bond ctfe Nov 1989 33 75
7912 7718 June'29
7718 82
Consol gold 45
1932 3D 95% Sale 95
934 9612
9512 40
1st terminal & unifying 56.1952
944 101%
' 94% 9514 94%
3
6
9514
St Paul dr K C Sh L let 4iis_1941 P A 9214 934 9214
2
93
8911 9514
4
St Paul & Duluth 1st be_ _1931 P A 98
2
9912 994
98
9912
9912
let consol gold 4s
1968 3D
8818 Mar'29 _
8014 8818
St Paul E Gr Trunk let 4;0_1947 33
974 Jan'28 _
St Paul Minn & Man eon 48_1933 3'
9418 Ill;
951 94% May'29
let eonsol g fla
5 10134 10418
10314 10318
1933
10314
Registered
33 9612 97 103
Jan'29
103 103
ea reduced to gold 4its_ _1933 Ji 97 Bale 963
9618 994
4
9712 55
Registered
33
_
95 Dee'28
Mont ext 1st gold 4s
_ _ 93% 95
1937 3D
Jan'29
91- -9gPacific ext guar 4s (sterling)'40 J
____ 86
86 July' 9
86
89 4
3
2
St Paul Un Dep let & ref 58_1972 .1 3 102 Sale 102
5 101 10514
1024
A & Ar Pass let gu g 4s_ 1943 J
23
90
90 Sale 885
8
86 8 91
7
Banta Fe Pros & Phen let 58.1942 MS
_ 102 102 Apr'29 _
102 102
Say Fla & West Ist g 6a_ _1934 AO ioi sale 104
1 1024 106
104
1st gold be
1934 AO
984 Apr'29
984 1004
Scioto V dr N E 1st gug 48
1989 MN 90 11
- 90 June'29
8812 90
12
Seaboard Air Line 1st g 48_1950 A0 64
71
74
70
70
64
Gold 4s stamped
1
1950 AO 6412 70 65
65
83% 7514
Adjustment be
(Oct 1949 FA 44 Sale 43
44% 333
35 8 51
5
Certificates of deposit
44 Sale 4314
4418 28
4112 4418
Refunding 45
1959 AO 53 Sale 524
17
53
6012
52
1st & eons es eerier) A
1945 MS 683 Sale 683
4
4
7012 142
683 80
4
Registered
MS
75 Mar'29
75
75
All A Birm 30-yr 1st g 46_61933 MS 85
8512 85 July'29
89
81
Seaboard All Fla lat gu Os A_ 1935 P A 62% Sale 61
623
s 44
61
7114
Series It
P A 58
1935
634 7012
63% 837 July'29
Seaboard & Roan let 5sextd 1931 3,
974 98 Dee'28
El& N Ala consgug 58
1938 P A
10018 May'29 _GOD cone guar 50-yr 5e_ _1963 A0 'RIF 116 107 Mar'29
107

lush

So Pac colt 4s (Cent Pao col) k'49 J D 894 Sale 8984
894
7
Registered
31)
8
- 877 June'29 lat 4i1s(Oregon Lines) A.1977 MS 93 - 12 933$
a
91
938
20
-year cony be
1934 ID 100 Sale 100
1
100
Gold 411a
1966 MS 9112 Sale • 9138
9212 113
Gold 4
WI
May 1 1969 MN 95 Sale 943$
9514 1549
San Fran Term let 4a_-_1950 A0 864 87 87
3
87 14
Registered
AO
--.. 83 May'29
So Pee of Cal hat con gu g be. 1937 MN 100i8 102 101 July'29
- So Pao Coast let gu g 4a...._1937 J
0514 9514 Apr'29
So Pao RR let ref te
1955 J J 8812 Sale, 8712
891s 67
Registered
'
3
3
-1 90 4 Mar'29
Southern By Ist cone g be_ __1994 Ji jai gale los
1056e 39
Registered
3, - 105 Mar'29
Devel & gen 4s series A_._1956 AO
Sale 844
86
77
Registered
A0
--- 874 Sept'28
Develop & gen 68
1956 AO
Sale 111114
11214 19
Develop dr gen 6}18
1958 AO 118 Sale 11758 1194 36
Mem Div 1st g 5e
19941 J
102 104 103 June'29
1951 J J
St Louls Div 1st g 48
85% 86
86
3
Earn Tenn remit lien g 58-193 M S 2834._..I 9912 June'29
8
Mob & Ohio coil tr 4a___ _1938 MS 86
9012
2
9012

95
94
93 4
3
10112
1001g
1081 Spokane Intermit let g to__ _1955• J - 7014 70 July'29
:
,,
1037 Staten Island By ist 4 As.__1943 3D
88 Nov'28
111
Sunbury & Lewiston 1st 4s 1936 3,
95 Apr'28
99 Mar'29
Superior Short Line 1st ba. _41930 MS -gg105
8
Term Assn of St L 1st g4its_ 1939 A0 965 ____ 95 June'29
893 90
4
1944 P A 10014 1004 101
let cons gold be
101
1
8411 8711
8
1953 ii 863 884 863
Gen refund a f g 48
8712
4
e
83% 89
Texarkana & Ft S lit 6i4s A 1950 P A 10114 Sale 1003
4 10114 14
84
85
98 Mar'29 _
Tex & N 0com gold be
1943
J
9612 991x Texas & Pee let gold 58
2001 J o 104 10514 104 July'29 _
85% 92
___ 95 May'29
26 Inc5s(Mar'28cp on)Dee 2000 Mar
_
9718 9912 967
951s 9918
1977 AO 968
Gen & re/ 58 aeries B
97
-7
92
9714
4
1979 AO 963 Sale 964
9712 104
Gen & ref ba series C
814 87
1931'3 994 101
9912 1018* 33
La Div 13 L let g be
36
45
Tex Pac-110 Pac Ter 5118_ _1964 MS 10034 ____ 102
10214
8
ICO 103
___ 9912 Mar'29
Tol & Ohio Cent 1st gu Se._ 1931 3,
_
100 1047
5
_ 10014 103 Apr'29
1935 A0 _9712Western Div let g Se
Rfl
917
4
General gold Si
974 99 May'29
1935 J o
15 Nov'28
Toledo Peoria & West lit 48_1917 3,
90
95
Tol St LA W 50-yr g 4s
1950 A0 12- 88
88 - 8
897
88 I -3
107 108
ToIWV&Ogu434sA1931 J J 9414
98 Apr'29 -32
89
let guar 43.4s series B__ _1933 33 95 --- 95% Apr'29 _ -101 103
1st guar 4s serlea C
1942 MS 90,.., 975 Mar'29
_
92
96
Toronto Ham & Buff 1st g4* 1946 3D 86
8
9 87 July'29 ____
95% 993
4
9614 10012 Ulster & Del let eons g 58_ _ 1923 J D 75
82
,
79
79 ' 3
9712 993
4
Certificates of deposit......
67
674 10
0413 0612
4484 493 60 May'29
let refunding g 48
1952 1:
4
93
93
Union Pac let RR & id grt481947 3 J 9314 Sale 9318
,
9418 30
94% 9614
Registered
_
90 July'29 _
95
9612
1st Hen & ref 45
June 2008 MS 87 Sale 86
87
24
95
9612
Gold 434s
19673 .1 0618 961 9618
9612 52
96% 100
let lien & ref 58
10612 Sale 1064 107
„Tune 20(18 M
13
9678 9914
40
-year gold 4a
D 85 Sale 845*
1988
8512 46
10314 Mos U NJ RR & Canaan 4a
1944 M 8 91
93
91
91
2
102 102
Utah & Nor let ext 45
19333 J
96 Nov'28 _ _
10212 1081: Vandalia eons g 45 series A..1955 F A 904 _ _
9212 Apr'29
Cone e f 49 aeries B
1957 M N 903
4
92 May'29
Vera Crux & P assent 4Sit. _1934 _
10 - 1g
14 June'29 __
10114 10114 VtrgInia Mid 511 series 1
7_1931 M S 97% 99 10018 Mar'29
General 50
1938 M N 9812 99
_
99 June'29
997
4
Vs & Southw'n let gu 55
2003 J J 95
98
9778 July'29 -1st cons 50
-year 58
1958 A 0
893 894
8
891t
2
Virginian By let 58 series A.1982 M N
Bale 10118 1023
4 43
4
-611 Ills Wabash RR let gold 641
1939 hi N 10011 102 10018
102
38
10313 10313
2d gold be
1939 F A 95
97 100 July'29
Ref & gen e f fitisser A _ _1976 M
103 Sale 1023
4 103
76
Debenture El 68registered_1939 J J
8818 May'27 _
let lien 50-yr g term 441_ _ _1954 J J -igis 89
8878 Nov'27
Dot & Chic ext let g 68..... 1941 J J 100
100 July'29
Dee Moines Div let g 48_1939 J J _
163 88 Jan'29
Omaha Div let g 3its
1941 A 0
80
80
80
1
Tol & Chia Div g 4s
1941 M
---_ 90
904 Mar'29
0114 102
Wabash Ry ref & gen tis B.-1978 A 0 95 Sale 95
95% 36
8
Ref & gen 4its series C-__1978 F A 871/ 88
91% 923
8714
873
4 16

.
iiii

.

16013

11

8
4
7
3
15

87
84 June'29
8
1047 Feb'29
-- 100
100
3
_ _ _ 105
965
963
4
1
988 Sale 983$
99
40
083$ 9854 1013 Dee'28
4
993 July'29
4
9312
934 27
97
983 963 July'29 _-_4
4
844 Sale 844
85
117
8714 Sale 867
8
873 287
4
9912 Sale 99
994 66

4 Due May. e Due June. 8 Due August.




N

8114
78
og
81
804

9214
87
eels
81
904

83
8814
1047k 10 7
48
100 100
9513 071s
97 101

16
0

184
8
512* 94
%
904 100
834 012
113 4 1114,
3
.
974 1011

Warren let ref gu g 8315_2000 P A
8014 83 Nov'28
Wash Cent let gold 42
1948 Q
878834%4
Wash Term let gu 8315
1945 P A 8t3
lit 40
-year guar 4e
1946 P A
88
88
W Min W & N W ist gu 541_1930 P A 97
99
97 Feb'29
West Maryland let g
t o 77% Sale 7711
79
1st&refS4esenIeeA1977 J , 953 9614 957
4
9611
Weet N Y & Pa 1st g 5s
1937 J J 99 10014 100 July'29
Gen gold 48
1943 AO 88
87
874 June'29
Western Pee let ser A be_ _ _ 1046 M
983$ Sale 977
983
4
West Shore 1st 48 guar__ _2361 J
85% Sale 8418
8584
Registered
2361
'3 834 Sale 83
83 12
Wheeling .1 Lake ErieExt'n & impt gold be
1931 F A ____ 994 100 Sept'28
Refunding 41.4s series A .1966 M 8 81
8538 May'29
Refunding 5e series B._ _1966 M S - _ _ _ 100 102 Feb'29
RR let coneol 46_
1949 M S 844 ____ 83 June'29
Nes & East 1st 111 g 5e
19423 D 6213 64
6584 July'29
NIB& lIP 1st gold 15e
1938 3 0
Apr'29
99

8414

May'

8014 914
7
85 87 4
14
9312 9914
9714 10111
8814 9712
3
89 4 96
87
91
83
83
109 103
954 9512
52
874 92
90% 984
3
10414 110
105 101
8318 99

iocif, 14'
117 123
103 1064
89
86
9614 100
9018 93
/
1
4
8714 8111
9999
95
98
9814 103
90
85
10018 18412
98
98
104 109 8
3
95 95
96 10214
96
99%
94714 1013
8
1C018 10814
964 10112
994 103
95 10018
87
95
9513
97%
8414

91
98
95 8
5
9912
884

60
56
83
9114
90
85
92
10614
83
14
91

85
85
6212
95
92
904
9912
10914
8914
98

1
-i121$94 4
92
9411
4
12
1713
1004 1004
/
1
9614 100 4
5
97 4 100
7
887 95
4
/
1
4

1001. 104%

100% 10314
,
97 1011
100 10414

66

88
78
9013
94%
51414

83
1
_
77
15
40
9
5
__ _
_
_
_

1664

0
1 1
88
4
9911
90':
10012
90%
8414

sa

7978
97
771
4
92 8
7
985
4
88
95
8318
81%

91
97
88
100
1011s
914
100
8812
853
8

8584
102
3
3
85 8
99

9014
102
894
74
100 8
5

257

New York Bond Record-Continued-Page 5
BONDS
N. Y. STOCK EXCHANGE
Week Ended July 12,

h

Pried
Friday
July 12.

Week's
Range or
Last Said

_
aitZ

Range
Since
Jots. 1.

Pried
Friday
July 12,

BONDS
N. Y. STOCK EXCHANGE
Week Ended July 12.

Weeke.
Range or
Lase Bale.

1g

Range
Since
Jon.1.

High No, Low
High
Bid
Ask Low
Mit
4 ik l.oin
High No Low
High
55
9778
6212 23
Winston-Salem 23 B let 4e.1960 J J 85
88 85
85
7 85 854 Cuban Dom Sue let 714a_ _1944 MN 62% Sale 60
8
10012
99 103
'Win Cent 50-yr let gen 48_1949 J J 7812 Sale 7712
Cumb T & T let & gen 53-1937 is 10012 Sale 100
78% 23
7612 8414
AO 9778 98 99%
1
9712 102
99%
Sup & Dul div & term let 4e'36 M N 8712 8912 89
89
1
8418 9112 Cuyamel Fruit let at 68 A _ __1940
76 Dec'27
Denver Cons Tramw let 58_ _1933 AO
Wor & Con East 1st 4 Hs__ __I943 .1 I --------9 38 Dec'28
4 ----- 01
9654 '98%
INDUSTRIALS
Den Gas&E L let & ref erg 58'51 MN 9812 9913 98
.
9718
98% 10 98 101
Abraham & Straus deb 5348_1943
1951 MN 9858 _ _
Stamped as to Pa tax
A 0 109 Sale 10814 112
63 73
With warranta
68 63 May'29
Dery Corp(D 0) 1st e f 7s_1942 MS 58
24 10212 120
55
70
Adriatic Elec Co extl 78-1952 A (/ 98 Sale 9612
54% 55 July'29
98
12
98
Second stamped
94
9
9872 102
AdamsExpresscolltrg4n___1948M 8 8634 Sale 85
8
87
16
834 88% Detroit Edison let coll tr 58_1933 33 1005 ---- 10012 100%
Max Rubber let 15-yr a f 88_1936 J D 8618 Sale 8818
10118 Sale 10112 10112 22 100 10414
let & ref 5e series A_July 1940
8812
3 8818 10714
3% 12
4 10118 145 1004 1044
Alaska Gold M deb 68 A____1925
1949 AO 10034 Sale 1003
3111 4
Can & ref ful series A
312 June'29
1926 M S
Cony deb 6e series B
1067
3
8
8 25 10512 10812
3 Apr'29
lat & ref 6a series B-JulY 1940 MS 106 10738 106
21 10014 1044
Albany Pefor Wrap Pao 60_1948 A 0 9112 94 9111
101
1955 S D 101 Sale 101
9112
9112 98%
Gen & ref 5s aer B
7
2 10012 1054
Allegheny Corp cull tr 58_ _ _ _1944 F A 10514 Sale 10214
1962 P A 10114 103 10112 10112
10514 1230
98 11012
Series C
5
9412 98
COil&conv5
1949 J D 10512 Sale 10134 10514 1611
9612
Det United let cone g 4348..1932 J J 9612 9712 9612
972 10514
4
N 10012 Sale 10014 101
210 97 10578
Allis-Chalmers Mfg deb 58-1937 M N 9812 Sale 9838
1940
Dodge Bros deb 68
9914 47
98 101
7 84% 88
85
85 844
Alpine-Montan Steel let 7 l955 M
9512 96 95
96
15
90% 9614 Dold (Jacob)Pack let 6s__.1942 MN 83
90
90
Am Aerie Chem 1st ref a t 734a'41 F A 105 10514 105
99 90 June'29
10512 13 103% 10612 Dominion Iron & Steel 5s_ 1939 M S 90
6 98% 102
Amer Beet Sue cony deb 68_1935 F A 85 Sale 85
102
1942 J J 10112 102 102
Donner Steel let ref 75
85
5
80 90
25 10134 1051a
American Chain deb 81 6e
1933 A 0 94% Sale 9434
Duke-Price Pow 181 fls ser A '66 MN 104 Sale 10314 104
9612
4 9312 99
Am Cot Oil debenture 5e
9612 100 s
1931 M N 9818 99 9418 July'29
7
973 117
4
98
994 Duquesne Light 1st 445 A _ _1967 AO 9734 Sale 9634
97
1942 A 0 9412 944 9418
78
Am Cynamid deb 58
8512 20
/
1
95
19
93% 9612 East Cuba Bug 15-yr a 1 g 743 3 M S 84 Sale 84
'7
5
19535 D 91 Sale 91.
Amer Ice a f deb 58
9.312 97
93%
91
1
8714 931, Ed El Ill Bkn 1st con g 4s_ 1939 J J 9412 9412 93%
Amer 20 Chem cony 534e..1949 MN 109 Sale 105
10512 110%
1995 J J 10412 108% 1053* June'29
764
9518 11012 Ed Eleo Illqat cons g 5a
109
Amer Internet Corp cony 5Hs 49 .1 J 11012 Sale 108
Edith Rockefeller McCormick
111
779 101 111
9934 10218
10218 11
Am Mach & Fdy a 168
1939 A 0 1034 Sale 10334 /0334 10 103%
101 Sale 101
Trust coil tr 6% notes_ __ _1934 J
1002
.
American Natural Gm Corp9112 13 8712 96
Elm Pow Corp(GermanY)6 Ha'50 1.31 8 91 Sale 9014
9213
Deb 5He (with pun% warr)'42 A 0 78
90
9518
5
7814 78
9214 Sale 921
78
34
Elk Horn Coal 1st & ref 6 Hs.1931
75% 963
2
74
2
Ain Sm & It let 30-yr 5s ear A '47 A 0 100 Sale 100
8118
74
Deb 7% notes(with wareta)'31 J D 7312 751 98. - w
10112 52
9814 102
1
Amer Sugar Ref 15-yr 68
1
1937 J J 1021 Sale 10212 10314 46 10112 104% Eqult Gas Light let con 55_ _1932 M 8
98 10018
991
Am Telep & Teleg coil tr 48._1929 J J ----- ----993 June'29 _ _
4
9214 965
___ 9512
951
1
4
99 100 Federal Light & Tr 1st 58_1942 m
941 95 95
1
Convertible 48
1,936 M 13 9618 ____ 96
92% 9734
9512lat lien el f 512 stamped._ _1942 M
95
96
4
917 97
8
12
20
-year cony 434a
1933M 8 1004 Sale 9934 10018
19 101 . 104
4
100 100 199
,
0
9
1942 m
014 03 0112 192
96 101
let lien (is stamped
2
80
-year coil tr 5a
19465 0 1023 Sale 10134 10234 90 101 1047
9658 101
19543 0
30
2
-year deb 63 ser B
J D ---------101 Feb'29 -- 101 101
Registered
8
921% 105
10012 Sale 10012 101
1939 5
Federated Metals s f 7a
35-yr at deb 5a
1960 .1 J 102% Sale 102
135
3 130 171
1946 J 5 134 139 135
103
187 10114 1053a Flat deb 7e (with warr)
' 20
-year a f 530
1943 M N 10514 Sale 105
924 103
94 Sale 93
Without stock purch warrants_
10528 120 104% 1075
4
Cony deb 43.4e
193933 1694 Sale 14513 1691215413 12014 16912 Fisk Rubber 1st et 238
103 11478
104 Sale 103
10:1 '
1941
Am Type Found deb (is
1940 A 0 10312 Sale 10312
28 101% 10612
10334 Sue 1034 104
10312
1 102 10514 Frameric Ind & Deb 20-yr 7348'42 J
Am Wat Wks & El col tale-1934 A 0 9728 Sale 9634
8
9712 109
98
32
90
99% Francisco Sugar lat f 7Hs_ -1942 M N 9934 100 9912' 9984
Deb g 13a ser A
1975 M N 103 104 103
6 100% 102%
8
104
10 101 10534 French Nat Mail SS Lines 7a 1949 J D 10112 1017 10112 10214
Am Writ Pap let g 60
1947 J J 82 Sale 82
14
95
861
86
8614 863 86
8312 18
77
85 Gannett Co deb 6s
12
Anaconda Cop Min let 63.._1953 F A 1043 Sale 10458, 1047 230 103% 1053 Gas& El of Berg Co cons g 581945 9 D 100 Sale 100
2 100 106
100
4
1949 5 A
8
4
'
1939 A 0 10412 Sale 10334 10512 26 103 1094
----------------103 Apr'29
Gen Asphalt cony 6a
102 103
15
-year cony deb 78
1938 F A 18118 Sale 17812 183141 53 160 268 Gen Gable 1mt at 5I A_._.1947 J
9838 28
9814 Sale 98
965 100
4
-IS
945
Reglatered
944 96
4
200 Jan'29 -_ _ 1913 200 Gen Electric deb g 3H8
9428
1542 F A 9413 96
J 10214 Sale 10214 10212 12 100 1044
Anglo-Chllean a(dab 78____1945 M N 96 Sale 9312
9312 100 Gen Elec(Germany) 7s Jan 15'45
9651
Antilla(Comp Anus)734a___1939 J J 5814 60 58
1 1114 1254
122
5913!37
Elf deb6Hs with Warr_ _ _1940 J D 12112 12112 122
58
79 2
7
Ark & Mem Bridge & Ter 55.1964 M 8 96
9612 94 June'29
915 994
4
97 96 July'29 -- -94 103 2
Without warras attach'd '40 J D 95
20_mrerdeb
,
Armour Re Co let 4)4a
1939 J D 89 Sale 89
88
9412
2
1948 M N 9112 Sale 91
8912 29
873 92%
8
Armour & Cool Del 5348_ _1943 J J 89 Sale 88
6
1937 F A 101 Sale 10034 101'l 207 100 1034
9212 Gen Mot Accept deb 68
89
35 88
Associated 0116% gold notes 1935 M S 101 Sale 101
A 10014 101 10014 1004 18
F
99% 102
10112 71 100 1034 Gen) Petrol let f
Atlanta Gas L let 5a
1947 J D 10134 ___ 106 Nov'28
100
40 100 100
Gen'l Steel Cast 534e with war '49
51245
J 100 Sale /00
Atlantic Fruit 7e ctfa dap_ 1934 3 D 125 ____ 1258 May'29
95 1007
a
96 12
4
8
Good Hope Steel & I sec 78..1945 A 0 96
97e 96
$
Stamped ctfs of delimit
J D
4
10624 Sale 10634 10712 40 1064 1081
__ 74 July'29
123* Yisi Goodrich(B F)Co lst814a 1947 J
Atl Gulf& W ISIS L col tr 58_1959 5 J -ig1- gale- 7212
91
95
92 270
2
7312 26
67
Goodyear Tire & Rub let M.1957 M N 92 Sale 9112
77
Atlantic Bete deb M
D 94
1937 J J 10012 Sale 100
93 100
96
94 .Tuly'29 -.....,
13 100 102% Gotham Silk Raillery deb 68_1936 J
Baldw Loco Works let 58_1940 M N 10612 10712 10712 10114
7624
8 68% 81
1 106 10712 Gould Coupler 1st a f 68
1940 F A 76 Sale 76
10712
Baraeua (Comp Ac) 734e-1937 J J 85
9814 21
96
9912
Glt Cons El Power(Japan)78.1944 F A 9814 Sale 9712
86
83% 89
Bataylan Pete gee deb 430_1942 1 J 9214 Sale 9112 July'29 34
9012 9512
9314 20
9112 93 93
let & gene f 63421
8912 9312
1950
9112
923
4
Beldsne-Hemingway 68
1936 .1 J 9018 Sale 9018
1044 107
8834 94% Great Falb/ Power lets f 58_1940 MN
'iki_ 10612 Apr'29
7
9018
Bell Telep of Pa as ales 13_1948 1 J 103 Sale 10212
9714 98 14 96 99
10312 47 102 10512 Gulf States Steel deb 5)4e..1942 J D -oirs
let & ref 58 series C.
1960 A 0 10414 Sale 10414 105
8212 874
8712 84 July'29
27 104 10814 Hackensack Water let 4a_ 1952 J J 84
Berlin City Elec Co deb 6 Ha 1951 J 0 9118 Sale 91
89 95 Hartford St Ry let 45
1930 M S 964 98 9618 Nov'28
27
92
Berlin Elie) El & Undg 6348_1956 A 0 903 Sale 8858
80 87
4
90 4 40 88% 94 Havana Elec consol g 5s. __ _1952 F A 8314 ____ 82 June'29 3
Beth Steel let & ref 5s guar A '42 MN 101 Sale 99
59 7012
Deb OM series of 1926_1951 M S 6714 Sale 67
6714 12
20 97% 104
101
30-yr p in & imp a ;521. _ _1936 J J 9812 Sale 9818 100
57
83 92
92
9712 103 Hoe(R)& Co 1st 634sser A-1934 A 0 92 Sale 8618
19
7
Cone 30
-year fis series A-1948 F A 10412 Sale 10314 10412 87 10212 1053 Holland-Amer Line 613(fied).1947 MN 101 10214 101 July'29 -- -- 100 103%
4
Cone 30
-year 5 Hs ser B
85
75
71
1953 F A 10234 Sale 102
103
31 100 4 1044 Hudson Coal let a f 58 ser A.1962J.D. 71 Sale 71
3
Bing & Bing deb 6)4a
23 99 105
5
Hudson Co Gas 1st g 58
1950 M S 95
101
74
1940 Al 24 992 102% 100
4
9512 9434
94 1.00
9512 12
Botany Cons MI118630
1934 A 0 63 Sale 63
63
22
60% 7414 Humble Oil & Refinlng 530-1932 3 J. 10014 Sale 10014 100% 57 100 102%
flown an-Slit Hotels 7s
9912 10112
Deb gold 5s
1934 M S 9612 9714 97
10014 66
9618 100
1937 A 0 10014 Sale 100
2
974
B'wey & 7th Ay 1st cone 5s__1943 J 0 65
7
s 38 10114 104 8
77% Illinois Bell Telephone 5a.„19513 J D 10238 Sale 10214 1027
70 6734
7 66
70
Brooklyn City RR let 5s _ __ _1941 J 1 8514 91
9734 10 93% 100
Illtuols Steel deb 430
1940 A 0 97 Sale 97
83
9212
85
5
8514
Bkly n Edison Inc gen 58 A___1949 J J 10318 1037e 103
1946 A 0 ____ 10312 100 May'29 -- 103 10312
1032
4 37 102 10512 Useder'Steel Corp a f 7s
1948 F . 82
4
General 68 series B
19303 .1 10014 Sale 9954 10028 36
924
35 81
Mtge lls
84
84 8212
9934 103
Aklyn-Man R T sec 65
92
1968 J J 9454 Sale 9214
943 129
4
.M N 8712 Sale 87%
_.,
9114 983 Indiana Limestone let a 1 lia.1941
8814
6 87
4
Bklyn tau Co & Sub con gtd 58'41 MN 70
1936M ,. 10118 102 10118 July'29
9712 102
11
`
71
70
63
70
17
7812 Ind Nat Gas & 0115e
let 58 stamped
1941 J 5 70 Sale 83 Jan'29
en
Indiana Steel let 5s
41 111118 106
Ra
1962 M N 103 Sale 10114 104
.
..,
Brooklyn It Tr lat cony g 48_2002 J J 85
9212 9212 Inland Steel let 434a
89 93
/
1
4
19781A 0 907 Sale 9012
92 June'29
908 35
3-yr 7% secured notee_.1921 J J 105____ 10614 Nov'28
Inspiration Con Copper 6348 19311M 8 10118 10114 10118 10118 10 100% 10212
Bklyn On El late 4-58
19% 1912
1950 F A 8512 Sale 85
1912 May'29
834 9211 Interboro Metrop 434a _ .. __ _1956 A 0. 1912 20
8613 14
Stamped guar 4-5a
1950 F A 855 8612 8414
8
6618 61
6112 7912
87
93 Interboro Rap Tmn 1st Se.1966 i J 6112 Sale 6112
8
83
Bklyn Un Gas let muse 56_1945 M N 10213 10812 10212 10314 16 102% 10614
J J 652 Sale 6112
Stamped
53 0112 7912
661
let lien & ref Marla A
1947 M N 114% 11634 116 June'29
11412 118
78
7612
Registered
Cs- -- ___ ___ 76 Mar'29 _
Cony deb 5348
1936 5 J 400
.402
10-year
59 , 5014 84
402
1932 A 0 -504 Sale- 50 4 . 52
/
1
1 854 402
Buff & Busq Iron lat81 521-1932 J D 9212 _ _ __ . • 9212 June'29
10-year cony 7% notes_1932 M S 9212 9312 92
9212 my,
9934
91
Bush Terminal let 48
1952 A 0. 8538 Sale
lot Aerie Corp let 20-yr 58._1932M N 9212 95 92 July'29 _2
__
9
8658
92
1
85
88
9012 95
Co8801 68
1955 J J 93 Sale , 93
93
Stamped extended to 1942____ IM N 77
91
76% 8112
8112 7634 july'2 ___ _
99 4
3
Bush Term Bides Se gu tax-ex '60 A 0 9812 Sale I 9812
974 104% Int Cement cony deb 58-1948, N 103 Sale 9914 103
253
9813
131
994 11812
By-Prok Coke let 534s A_.1945 MN 100 Sale 101)
1947M PI 943 Sale 94214
7 100 102 Internet Match deb 5a
4
10014
93 4 99
3
9512 89
Cal G & E Corp unit & reffe_ 1937 MN 093 101 100
2
9212 102
101
2
994 103 Inter Mercan Marine s f 68 1941 A 0 100% Sale 100
101
42
Cal Petroleum cony dabs f 58 1939 F A 96 Sale 96
96
Internet Paper 58 aer A &B _1947 J J 87
13
9534 102
8618 96%
88 864
87
15
Cony deb 8 I 534s
1938 M N 100 102
9918 100
Ref a 1 68 ser A
20
9814 10314
348
88
97
94
1955 M 8 9314 Sale 91
Camaguey Bug lets( g 78_1942 A 0 81 Sale 81
8112
3 75
71
921
89% 9512
9712 Int Telep & Teleg deb g 4Ha 1952 J J 9212 Sale 9134
Canada SS L let & gen 6e__1941 A 0 97
/ 9814 9734
1
4
Cony deb 434e
1
97 10118
973
4
16534 Sale 15714 166 3265 10918 166
Cent Dist Tel 1st 30-yr 5a__ _1943 J D 10114 Sale 10114 10112
M j
2 101% 10414 Kansas City Pow & IA 5s J952 j S 102 Sale 10114 102
16 101 10524
Se_
Cent Foundry let at 6s May 1931 F A 95
9728 978 Apr'29
lst gold 434e series B
98
9812
98 10012
98 Mar'29
__ 101
Central Steel 1st g s ftla
1941 MN 12214 12312 12212 1221
14 132 12412 Kansas Gas & Electric 68_ _ _ 1952 .' 8 155 Bale 1038
105
957 hi j
17 102 106
m
Certain-teed Prod ...As A_ _ _1948 M 8 7712 Sale 75
771
e9012 Sale 9012
14
68
83 K ith (13 1)Corp let 65
,
2
90 97
9012
1946
Cespedos Sugar Co let a 17 Ha'39 M 8 90
911
9334 9112
1
90 '100
Kendall Co 514e with warr 1948 M 8 91 Sale 91
19
9034 96%
92
Chic City & Conn Rye as Jan 1927 A 0 83
8328 72% Apr'29
65
7214 Keystone 'Peep Co let 58_1935 3 J 95 Sale 90
5 85 95
95
1937 J „I 100 __ __ 100
Ch 0 LA Coke lat gu a 58
CountyKigs
100
2 100 103
e m„ d; P 5s _ 1937 A 0 101
Te : .
1 1012 1044
,
C
.
.. _ _ 101 June'29
1927 F A 84 Sale 83
8414 33
Chicago Rya lat aa
t O 128 130 12812 June'29
r A
7712 8412
8urclias
1384 130
19475 J 95 Sale 944
Chile Copper Co deb M
95
98
934 964 Kings County Kiev 1st e 4a.:_11999497
July'29 --..i
80
85
80
85
1968 A 0 87 Sale 86
CM 0 di E let M 48 A
87
70 85 8914
Stamped guar 4a
79
82
80 8012 IL
Clearfield Bit Coal let 413.......1940 J J 70
75 90 Dec'28
Kings County Lighting 5s_ 11995449 J
.
10178 102 June'29 _ _- 102 10514
F
1938 F A 9712 Sale 9712
Colon Oil cony deb 68
34 -OA as;
First & ref 6 Hs
983
8
1954 J .1 -____ 114 114 July'29 ____ 114 11614
19433 J 97
Colo F & 1 Co canal lia
98 97 July'29
97
9912 Kinney(GM & Co7H% notee'36 J 0 105 Sale 105
1 103% 10712
105
.l934 F A 93 94 94
Col Indm let & coil 58 gu.
94
4
924 9874 Kresge Found'n coil tr 13s.-1936 5 0 100 Sale 100
1014 22 100 104
4
99
Columbia0& E deb 5aMay_1952 MN 00 sale 978
56
9714 10012 Kreuger & Toll Se with war_1959 M 8 98 Sale 96
96
99
Apr 15 1952 A 0 977 Bale 977e
Debenture 5s
99
40 97% 99
Laokwanna Steel 151 55 A _1950 TA 8 9712 9818 9713
96 10218
9714 9565
98 4
Columbus Gas 1st gold 58.-1932 J 5 90
98 95 June'29
95
9914 Lami Gas of St L ref&ext M.1934 A 0 98 Sale 98
9738 10178
Columbus Ry P& L let 434s 19573 3 92% 93 9212
Col & ref 5348 serlee C_ _ _1953 F A 10214 Sale 10214 1011
2
904 934
9212
2
35: 11 10012 10512
Commercial Cable let a 48..2397 Q J 8714 __ 8712 Feb'29
8712 8712 Lautaro Nitrate Co cony 65_1954
Commercial Credit a f 6s___ _1934 M N 88 Sale 98
9914
98
4
94
With warrants
J
99
9914
9918 886
994 Sale 99
19353 1 91 Sale 9014
91
Col tr a f 614% notes
25 87
97
Lehigh C & Nay it 414 A-1954 J J 9412 959 1 2.111142
9
9
9872 971
9312 99%
Comm'l Invest Tr deb 6s_ _ _ _1948 M 8 92 Sale 9114
92
22 91
984 Lehigh Valley Coal let g 5s __1933 J J 98
97% 101
904 10514
1949 F A 97 Sale 953
Cony deb 514e
4
let 40-Yr gu int red to 4%.1938 J J
9814 139
_ 97
Oct'28
Computing-Tab-Rae a 1 68_1941 J 5 104 105 10412 105
ist & ref a t 58
10 10434106
1934 F A 101----_ 101 June'29
-i01 101
let & ref a(Si
4
Conn Ry & L let & ref g 430 19515 J 943 9814 95 July'29
95
99
1944 F A -___ lig 88 May'29 ___ 80
93
/
1
4
1951 1 I 947 9714 947k
Stamped guar 434a
let & ref a(58
2
9214 99
947
8
-___ 79% 88 May'29 _-__
88
93%
8512 141
let & ref is f 58
Consol Agricul Loan 81-4e ..l9585 0 85 Sale 8414
3112 87%
IVS.1;it _
87 88 May'29 _
88 88
Hydro-Eleo Works
let & rate f 5a
A 0 _21T! _____ 88 Mar'29 __ _ _
F A
Consolidated
is8
90%
1
4
/ Lax Ave & P F le2gu g 58_1993 M S
1
4
93
891 97
of Upper Wuertemberg 78_1956 J J 9258 93 93
.„. 374 May'28
0712 29
55% 73 4 Liggett& Myers Tobacco 78.19
3
Cons C al ofMd 181 & ref M.1950 3 0 67 Sale 67
19
74
44
11512 Sale- 115
117
26 -115 lift;
58
125 104 10524
Consol Gas(N Y)deb 5Hs_ _1945 F A 105 Sale 10412 105
1951 F A 9813 99 98
98 103
9812 21
9918 101% Loew's Inc deb Re with wan._ 1941 A 0 10654 Sale 1065
1
Consumers Gas of Chic gu lis 1936 J 0 9928 100 993
4
995
4
4 107% 21 103 123%
Without stock pur warrants.. A 0 96
Consumers Power let &L.-1952 M N 10112 Sale 10114 102
13 101 104
9518 10012
9712 10
19465 D 89
901 90
91 , 7 89 100% Lombard Elea let 7s with war'53 J D 99
Container Corp let 66
/
1
4
97 4 999512
995
4
2
99
3 65 102
Without warrants
91%
973
66
70
18
.1 D 96% Sale 96
15-yr deb 58 with warr__ _ _1943 J D 70 Sale 66
90
99 10012 Lorillard (P) Co 78
100 Apr'29
1944 A
Copenhagen Telep ext 613._ - _ 1950
/
4
108 111 10718 10834 31. 111211 11312
96
15
M
Cm prod Rafe let 25-yr 8158'34 M N 10018 __ 10018 10018
7812 91%
1951 r
2 9812 103
80
80% 801
8014 11
Deb 5148
95 100
1937 3 5 854 Sale 8512
9812 15
Crown Cork & Seal it 68___ _1947 J 0 97 Sale 97
84
89%
8612 28
99% 104
24
9834 1031 Louisville Gas & El(Ky)68_1952 MN 10012 Sale 1003* 1007
4
Crown-Willamette Pap 68_1951 5 J 9912 Sale 99% 1008
8 16
7L....1930 5 5 6418 6614 62
65
64
59
791y Louisville Ry let cons fe-- _1930 J 5
90
95
92 June'29
Cuba Cane Sugar cony
owef Austrian Hydro El Pow
65
40
59
80
COnv deben stamped 8%_ 1980 5 i 6412 Sale 6212
9912 103%
1st a f 13348
F A 83 Sale 83
4 10012 33
877
81
4
83
Cuban Am Sugar let coil 88_1931 M 13 100 Sale 992




g2

1 8613

1 ___

2

258
BONDS
N. Y. STOCK EXCHANGE
Week Ended July 12.

New York Bond Record-Concluded-Page 6
3.
4a.

Price
?Mae
July 12.

Week's
Range or
Last Bale.

Range
Since
Jan. 1.

BONDS
N. Y. STOCK EXCHANUE ••••2.
fi1 /
de:1
Week Ended July 12.
July

Week',
Range or
Last Bale,

High
High No Low
Bta
Ask Low
Fligit No
Low
4
McCrory Stores Corp deb 5115'41 J D 977 Sale 97
92
8
977
8
Bid
99 8 Reinelbe Union 75 with war_1946 J )
3
26
105 Sale 1043
e
106
!damn!Sugar liti f 711e_ __1942 * 0 94 Sale 934
90 10012
/
1
9512 53
Without stk burgh war._.1946 J J 96 Sale 9512
96
29
Manhat Ry(NY)cons g 40_1990 A0 5714 Sale 57
56
88
5712 10
Rhine
-Main-Danube 78 A _ _ _ 1950 M S 10014 10012 10018
10112 71
204e
60 May'29
14
583 60% Rhine-Westphalia Elec Pow 7s'50 MN 10012 10218 00% 102
4
2013 ID
Manila Elec Ry & Lt s f 50 1953 MS 93% 100
6
95 10412
95%
M A 99
95
Direct mtge (ia
29
89
1925 F N 82
90
le 8912
Marlon Steam Shoves f 68..1947 AO 89
89
9912
Cons m 6.0 of '23 with war 1953
83
92l Sale 92%
89% 90 July'29
9'3
Mfrs Tr Co ctfe of panic In
Without warrants
8512 89 93 July'29
A I Kamm & Son 1st 60_ _1943 ID
100 105
1007 100 July'29
8
9112 11
R11115 Steel Ist s f 73
1955 FA 91 Sale 91
Market St fly 78 ser A April 1940 Q J 88 Sale 89
36
91
S 1063 107% 063
80
973 Rochester Gas & El Is ger 13_1946
8
4
4 10814 16
Meridlonal El let 75
93
97% 10
9814
Gen mtge 534s series C
1957 AO 9712 Sale 9712
104
18
1948 MS 1045 10538 04
8
Metr Ed 1st & ref 5a ser C__ _1953 II 1003 101 1013
8
1003
8 10
4
9934 103
Den mtge 434s aeries D
1977 MS _994 997 Apr'29
3
Men West Side El(Chic) 40.1938 FA 72
72
7412 75 July'29
8014 Roch & PItta C&I pm 54_1946 MN
90 Dec'28 _MIag Mill Mach 75 with war.1956 ID
921 98% St Jos Ry Lt & Pr lat 5a. _- _1937 MN 94%
93 9312 June'29
:
94%
945k
ID -84
2
84
Without warrants
2
8412
8512
9412 St Joseph Stk Yds let 434e._ 1930 J J
_
99 Feb'29
112
Midvale Steel&0cony sI 5a_ 1938 Ma 99 Sale 985
97 1004 St L Rock Mt& P Ss aunt/81_1955 J J
s 100
6
65
65
Sale05 07
kallw El Ry & Lt ref & ext 4118'31 J J 9818 Sale 9818
20
99
97
13 99% St Paul City Cable cone 5e_ _1937 J J
92 June'29
94
Gene-.8 & ref So series A_1951 ID 1005 103 1003
98 103
8
8 100% 12
San Antonio Pub Serv let 60_1952 J J
4
04
10412
let & ref Se series B
974 1015s Saxon Pub Wks(Germany) 70'45 FA i9 i Sale 9612
1
1961 ID 99 Sale 983
/
1
4
2
9914 67
98
12
15612 97
4
Montana Power 1st 58 A _ _ _ _1943. J 102 Sale 100 4 102
19
98 104
3
Gen ref guar 611e
1
9212 13
92
9114
1951 MN 90
1gg J
Deb Os series A
8
98% 57
9812 Sale 983
97 101
Schulco Co guar 611e
5
82
1946 J J 8112 8312 82
- 2
D
Montecatini Min & agrio
Guar a 6342 series B
4
82
1946 A0 82 Sale 811k
21 107 127
Deb 75 with warrants
112
11012 111 111
Sharon Steel Hoop s f 530_1948 MN
1937
96% 12
01112
I I 9712 9912 973
4
Without warrants
93 9914 Shell Plpe Line If deb 5s...1952 MN 99138 Sale 9314
9914 16
94
86
93 2 a
3
Montreal Tram lat & ref 5s._1941 I I 9512 96
9512
9512
94 I 99 3 Shell Union 011 s f deb 5s...1947 MN 95 Sale 943
8
9512 139
4
Gen & ref a f 58 aeries A_ _1956 A 0 ____ 94% 95 June'29
937S 9524 Shlnyeteu El Pow lit 6Hs- _1952 J O 8_ 9_ Sal
89
90
8
7
0
1955 A 0 9312 -- 9514 May'29
Series B
9514 9814 Shubert Theatre 62_June 16 1942 ID
76
4
75
Morrie & Co isle f 4318_1939 J J 8312 Sale 81%
8312 12
817 8812 Siemens & Halske f 711
8
1023
4
9
1935 J J i0234 Sale 100
0 773 81
Mortgage-Bond Co 4s ser 2._1966 A
4
8112 Jan'29
Debate:44a
8112 8112
1951 MS 10512 Sale 10.312 106
68
10 -year 58 series 3
-25
9512 95% 9512
9512 13
95
/ 9712
1
4
1932 J
1 6I4s allot cite 50% pd__'51 M
103 Apr'29 - _ _
Murray Body 1st 634s
19343
9914 Sale 98%
9914 82
9814 102 Sierra & San Fran Power 54_1949 FA 975 Sale 97%
98
62
Mutual Fuel Gas 1st gu g 56_1947 MN 100 103 101
3 101 104
101
Silesia Elec Corp s f 8Hs_ _ _1946 FA 8518 92
8518 July'29 _
Mut Un Tel gtd /eat at 5% 1941 MN
t
1
4
98 Feb'29
Silesian-Am Rap coil tr 75_ _1941 FA 9618 Sale 95%
98
98
97 I 25
Kamm (A I) & Son-See Mfrs Tr
N 99 100 994 June'29 Simms Petrol 6% notes
1929
Kaman Elect guar gold 48_1951 .31 52 Sale 5()
5212 14
60
64
Sinclair Cons 011 I5
1017 243
8
-year 76..1937 M
1015 Sale 1003*
8
Nat Acme lat f60
7 101 102%
____ 101
10114
let lien coil Os series L.__ _ _1930 MS 99 Sale 99
1942• D 101
9912 30
Nat Dairy Prod deb 046_1948 FA 9612 Sale 9612
97. 178
9312 97 8
1st lien 611s aeries D
7
1938 ID 994 Sale 99
100 ; 59
Nat Radiator deb 6115
5312 25
40
8214 Sinealir Crude 011511a ser A.1938 II 95 8 Sale 94
1947 P A 507 Sale 4612
/
1
4
95
/ 112
1
4
3
Nat Starch 20
2
9912 Sinclair Pipe Unes f 15a
-year deb be....1930 J J 99
997 9912
8
9912
98
1942 A0 935 Sale 93
/
1
4
94
38
8
National Tube 1st a f 55...
9
102
99 10442 Skelly 011 deb 5Hs
.1952 M N 102 Sale 99
1939 MS 9214 Sale 9214
92%
5
Newark Consol Gas cons 55.1948J D 10114 ____ 10114 June'29
10012 10312 Smith (A 0)Corp let 630_1933 MN 10114 Sale 10114
102
10
New England Tel & Tel 50 A 19521 D 103 Sale 10214
South Porto Rico Sugar 70..1941 J O 10514 106 10514 July'29 ____
10314 26 10178 107
let g 4 Ha aeries B
11
98
97 10014 South Bell Tel & Tel let 01 50 1941• J 101 Sale
1961 MN 974 98
9712
New Orl Pub Serv lat 58 A_ _1962 A 0 9012 Sale 9012
89% 953 Southern Colo Power t3a A..1947 J J 102 Sale 1014
4
9212 17
8
103
First & ref 50 series B1966 J D 8913 Sale 8912
8912 9612 liEweat Bell Tel lit & ref 54..1954 FA 1023 Sale 1013
90 4 48
3
50
4 103
4
Y Dock 50
-year 1st g 48._1961*F A 82
80
83 80 July'29
87% Spring Val Water lat g 50_ _1943 MN
2
97
97
97
1936 A 0 8012 Sale 8012
Serial5% notes
82
13
Standard Milling let 5a
80
90
1930 MN 9812 98
3
9812
/ 9814
1
4
N Y Edleon lat & ref Ha A_19414 0 11112 Sale 11114
1115
8 17 11114 1153
1st & ref 53.4s
4
1945 MS
2
99 4
3
99%
1st lien & ref Se series LI_ I944'A 0 102 1023 102
12 101 105
103
4
Stand 011 of NJ deb 58 Dec 15'46 P A 19991 sa1e4 10012 101
135
ki
055 s.1 a2
91 199
: a1
N Y Gas El Lt H & Pr g 60_1948 J
6 10313 10712 Stand 011 of N Y deb 430 1951 3D
4
10418 Bale 10418
1043
9412
9514 141
94
Stevens Hotel 1st6s series A-1945 31
9188 12
91
Purchase money gold 48._1949,F A 9112 9212 9112
9612
9512
8
1
/
4
971
/
4
NYLE&WDock&Imp561943,J J 971 99
9714
971g 9818 Sugar Estates (Oriente) 78_1942 MS 77
80
78 itor2o
N & Q El L & P let g 50_1930,F A 99 100
9888 June'29
98 1001s Syracuse Lighting 1st g 5a_ __1951 ID ____ 104 10412 June'29
N Y Rye 1st R E ret 4a_ _1942'
Jan'29
4714 ____ 56
Tenn Coal Iron & RR geu 50_1951 J J
56
56
1006238 102 June'29
Certificates of deposit
4714 ____ 564 Mar'29
Tenn Cop & Chem deb 13a A 1941 AO 109485784
56
68
1063
4 1063
4
97
CI
80
-year adj Inc 50_ _ __Jan 1942 _
1
212 May'29
12 2
/
1
4
1944 MS 10412 Sale 102% 105
2
Cony deb 68 ser 13
56
ID 10438 105 1033
Certificates of deposit
1
9
3
Jan'29
2
8
4 10412 40
Tennessee Elec Pow 1st 68-1947
N Y Rye Corp Inc 60_ __Jan 1965 Apr
10
9 4 10
3
2412 Third Ave 1st ref 4s
1012 58
10
1960• J 56 Sale 56
57
30
Prior Men( aeries A
/
1
4
____ 79
76 July'29
1965
75 .87
Ad)Inc fts tax-ea N Y Jan 1960 AO 39 Sale 39
39
2
N Y & Richm Gas let 68 A 1951 MN 103 10412 10312 104
31 10112 106
2
92% Sale 92
Third Ave Ry 1st g 5t3
1937 J
92%
N Y State Rya let eons 4)42_1962 MN 33 Sale 32
3612 63
32
54
2
96% 9612 9614
Toll° Elec Pow lot 70
1955 M
96%
let cons 6 He series B
4534
J J 100 10012 100
1962 MN 4114 Sale 4114
1
100
4114 70
6% gold notes__ __July 15 1929 J
N Y Steam 1st 25-yr 6e ger A 1947 MN 103 Sale 103
J 9614 Bale 9614
10512
5 103 107
/
1
4
1932
6% gold notev
9612 42
N Y Telep 1st & gen f 4%8_1939 MN 9788 Sale 971
9812 38
974 101
/
1
Tokyo Elec Light Co, Ltd
30
-year deben s I (is_ _Feb 1949 FA 11014 Sale 1097
J D 8912 Sale 8914
8
11014 53 10944 11142
9 1 992
,9
1953
8912 SO
1st 6s dollar series
20
-year refunding gold 66.1941 AO 10512 Sale 105
10512 126 10444 10812 Toledo Tr LA P 634% notes 1930 J
99
99 12 16
N Y Trap Rock 1st 65
1946 3D 9612 Sale 9614
98% Sale 973
9812 101
4
96 4 15
3
54
99
Transcont 0110 Ha with war 1938 J
II 10114 Sale 100
Niagara Falls Power let 58.
.1932
98 July'29
_
10114 57 100 103
Trenton 0 & El lit g 50. -.1949 MS 98 102
Ref & gen 6a
Jan 1932 A0 98 100 101
101
2 10014 10318 Truax-Tmer Coal COOS 6315_1943 MN 91 Sale 91
23
fIlag Lock &O Pr lit 56 A _1955 * 0 101 10112 101
MN 1013 Sale
10114 18
4
1013
4 30
1940
99% 10418 Trumbull Steel let e 1 /
(
1
4
Norddeutsche Lloyd (Bremen)
Twenty-third St fly ref 56_1962 J J _67 57 June'29
20
-years I 68
1947 MN 904 Sale 9012
911 87
/
4
156
90
92,2 97
94
983
s
Tyrol Hydro-Elec Pow 7348_1955 MN 91 2 98
Nor Amer Cem deb 6He A 1940 MS 70% 72 6912
72
109
92
34
90
68
80
1952 FA
Guaraec f 78
No Am Edison deb 55 aer A._1957 MS 997 100
8
993
4
100
18
S i
99 102
983
8 11
Ujigawa El Pow of 78
1945 MS 9712 I ale 9712
Deb 5Ha ser B_ _ _Aug 15 1963 FA 1003 Sale 10014
MS
4
101
91
9938 July'29
99 10178 Union Elec Lt & Pr(Mo)55-1932
Nor Ohio Tree & Light 6e
1947 MS 100 Sale 99
10018 21
99 10314
4
9 % 9718
8
98%
1933 MN 9934 99 2 983
Ref & est 130
Nor States Pow 25-yr 54 A 1941 * 0 99 Sale 99
100
38
1007
8
4
7
4
98% 101% Un E L&P(III) lstg534sserk.'64 II 1003 101 1003
let & ref 5-yr (is series B_ _1941 * 0 1052 1057 10552 1057
s
8 22 104 10612 Union Elev Ry (Chic) 50.- 1945 AO ____ 8312 81 June'29
North WT let fd g 4He gtd _1934 J J
9734 96 June'29
96 105 4 Un1on 011 1st lien sf55
10014 June'29
3
1931 .2 .1
Norweg Hydro-El Nit 51.0_1957 MN 89% Sale 8918
P A 10611 Sale 10612
897
24
9212
88
10612
30-yr 6a sods A. ..May 1942
Ohio Public Service 711e A 1948 AO 11014 Sale 11014
11014
7 11018 11312
9712 96%
9712 15
let lien sf58 series C_Feb 1935 £ 0 97
let & ref 7s series B
1947 FA 111 112 111
111
1 10972 11512 United Biscuit of Am deb 60_1942 MN 98 Sale 98
98
Ohio River Edison let 80
1948I, 106 Sale 105
1063
4 10 102 10712 Untted Drug 25-yr 5s
95
45
94 Sale 93
1953 M
Old Ben Coal lit 6a
1944 FA 8512 Sale 8512
864
9
8512 91
10
81
United Rye St L let g 4i....1934 J
80
80
80
Ontario Power N F lit 80_1943 FA 10188 ____ 10114
10114 10
99 102
United t3S Co 15-yr 6s
1937 MN 9614 Sale 9618
9614 27
MN 991 10212 100
Ontario Transmission let 56_1945
101
10
97 103
Un Steel Works Corp 634s A 1951 ID 85% Sale 85%
87
39
Oriental Devel guar 80
1953 MS 93 Sale 9312
9454 14
ID
92 '977
8
With stock put warrants
87 July'29
Exti deb 5345 lot ctfa
1958 MN 8514 Sale 8588
864 90
8688 21
Series C without warrants._ I0 85
4
8512
86
Oslo Gas & El Wks can 58_1963 M
8914 Sale 8812
8914
6
85
9314
With stock pur warrants._ ID
843 June'29
4
Otis Steel 1st M 60 ser A-__ _1941 MS 10112 Sale 10012 102
50 100 10312 United Steel Wks of Burbach
II 100 Sale 100
Pacific Gas & El gin as ref 561942
10012 48
99 10212
Esch-Dudelange if 7e...1961 . 0 10312 104 04
11
104
12 .
7
Pao Pow & Lt let & ref 20-yr 56'30 P A 99 Sale 99
99
10
9712 10012 LI 8 Rubber let & ref Sager A 1947 .
..
2
:
90
so
891 Sale 89
Pacific Tel & Tel lit as
1937 J J 10114 Sale 10012 10114 14
.1930A 101 Sale 00 4 101
9934 10314
10-yr 731% secured notes
43
3
MN 10212 Sale 10212 1027
Ref mtge lis series A
1952
21 10114 105% Li 8 Steel Corp(Coupon Apr 1903_ L 10918 Sale 09
1963".,
1
10914 236
Pan-Amer P & T cony 5 f 68_1934 MN 108 Sale 10712 108
36 1024 109%
et 10-60-yr 501Regia_ _Apr
07% June'29
let lien cony 10-yr 78
10412
5 102% 105
1930 FA 10412 10472 10412
Universal Pipe & Rad deb 6a 19381 0
85 8412 June'29
Pan-Am Pet Co(of Cal)conv 60'40 ID 95 Sale 94
95
21
92
9814 Unterelbe Pr & Lt 13s
1953 AO
87
5
8712 8612
997
Paramount-B'way let 514s 1951 .1 J 98% Sale 98%
38
97% 103
Utah Lt& Trac 1st & ref 50._1944 A0 913 92% 9112
4
923
8 44
9812 42
985 Sale 9712
Paramount-Fam's-Lasky 68_1947 J
4
963 10011 Utah Power & Lt let 5s
8
1944 FA 9814 99% 974
42
100
82
Perk-Lea 1st leasehold 6 As-1953 J J 86
93
85
7
82
9511 Utica Elec L & P lets 1 g 55_1950 II 103
_ _ _ 028s June'29
9912 June'29
Pat & Passaic0& El cons 58 1949 MB 9912 103
9912 105
Utica Gas& Elec ref & eat Si 1957 J
10512 Sale 054 1051 14
/
4
14
Pathe Each deb 7s with warr 1937 MN 72 Sale 7012
72
7018 84
Utilities Power & Light 5)0_1947 ID 91 Sale 9012
0114 25
14
Penn-Dixie Cement Os A.
86
...1941 M S 84 Sale 84
84
974 Vertientea Sugar let ref 70-1942 J O 81
8113
8112 81
7
11012 11112 110 July'29
Peep Gam & C 181 cons g 88_1943 * 0
110 113
Victor Fuel 1st f 5s
30
34
30
1953Ii .
30
102
21 101 1052 Va Iron Coal & Coke Iota 5e 1949 MS
1947 MS 102 Sale 10114
Refunding gold fe
4
73 69
69
2
JO 98 Sale 9712
II 9814 9912 9912
98
162
Philadelphia Co sec 5e sir A.1967
96 100
Va ity & Pow 1st & ref 5a „ _1934
99% 23
Pbila Elec Co 1st 4348
81
1967 MN 9614 Sale 9614
97
9528 10012 Walworth deb 614e (with war)'35 AO 99 Sale 97%
9912 10
Pbila & Reading CA I ref 5a_1973 ,2
21
89
8512 Sale 83
81
94
Without warrants
8518 8714 85
85
MS 9812 Sale 9413 10112 1530
Cony deb 65 w I
1949
9114 101
1st sink fund 6s series A _1945
8812 89 8812
89
16
Phillips Petrol deb 531
89 4 54
3
1939 ID 8914 Sale 884
88
94
Warner Sugar Reno 1st 7s. _1941 J
10534 Sale 053
4
10712 44
Pierce-Arrow Mot Car deb 851943 MS 10988 110 1083
8
1093
8 21 106 109
Warner Sugar Corp 1st Th.._ 1939• J 63 Sale 63
68
51
Pierce 011 deb 51 85_ _Dec 15 1931 JO 105 4 10614 10512 1054
7 10514 107
3
Warner-Quinlan deb Di
1939 M
95 Sale 9412
964 16
Pillsbury Fl Mille 20-yr 65..1943 A 0 105 Sale 105
15 102 106
105
1939 a I 9912 10012 9912
Wash Water Power of 5o
9912
3
D 100 1033 01 July'29
Pirelli Co(Italy)cony 75.....1952 M N 1413 148 153 July'29
_ 119 15411 Westchee Leg g 5setmpd gtd 1950
4
4
_
Pocah Con Collieries 1st if 5/1957 1 J 9412 Sale 9412
9412
7
West Penn Power ear A 50-1946 MS 101 10114 0012 101
94
/ 96
1
4
17
M
Port Arthur Can & Dk 60 A.1953 F A 100:4 1014 102
102
2 WO 1064
/
1
1st 55 series E
4
1963
1014 10372 01% July'29
/
1
let M
N 10014 10114 104 June'29
A
series B
10112 10542
1947
953
let 534s series F
1953 £ 0 103 Sale 03
10414 26
Portland Elec Pow let 6a B
99 100 10012 1007
/
1
4
98 10314
/
1
4
let sec le series0
1956 J o 10212 Sale 01
8
3
10212 12
Portland Gen Elec let 5a
1935 -I
99 1003 99
98 102
8
West Va C &C 1st 62
1950 II 2012 25
99
1
20
2114 24
Portland Ry 1st & ref 50_ _ _1030 MN 95 4 9614 96% July'29
Western Electric deb Se
3
1944 * 0 10112 Sale 005
95% 99
8 10234 44
Portland Ry L & P 1st ref 58_1942 F A 971 100
II 100 Sale 00
9718 21
97
/
4
96
9914 Western Union coil In cur 54_1938
1004 13
lit lien & ref 60 series B _ _1947 M N 994 Sale 9912
9912 16
/
1
4
1950 MN 95
Fund & real eat g 4 1.4s
9612 102
9512 9512
9512
9
lit lien & ref 714s series A.1946 11 N 106 10612 106
5 106 10712
10634
15-year (1)46
1936 FA 10712 Sale 0712 1082
4 19
Porto Rican Am Tob cony( 19421 .1 9812 Sale 98
/
1
4
99
28
1951 ID 101% Sale 014 10214 28
25-year gold 50
98 107
Postal Teleg & Cable coil 58_1953 J J 94 Sale 92 4
114
Westphalia Un El Pow 66_1953 II 8212 8312 82%
94
3
95
89
8312 12
Pressed Steel Car cony g 58..1933 1 J 90 Sale 8834
Wheeling Steel Corp lat 634e 1948 J 1 100% Sale 00
93
39
8812 99
10112 58
Prod & Ref sf8s (with war).1931 1 D 110 ____ 111 Mar'29
111 Ill
let & ref 43.4s series B.__ .1953 * 0 863 Sale 86
4
863
4 36
Without warrants attached. _
D
10912 May'29
_ 109 11212 White Eagle Oil & Ref deb 5340'37
Pub Fiery Corp N J deb 443_1948 F A 252 Sale 245
252
15 172 253
With stock purch warrants__ MS 99 4 Sale 9814
,
993 112
4
PubServEi&Qaalst&eefSs'65J D 102 Sale 10112 10214 16 101 10512 White Sew Mach 60(with war)'35 J J
98 July'29 _
let & ref 494e
19671 D 96 0 963 9614
Without warrants
3
96
4
99
/
1
4
8312 July'29
964
7
Punta Alegre Sugar deb 7e.
.1937
77
9
7634 Sale 7688
194(1 11.i
Parfait e f deb 138
88 Sale 88
75
a
88
2
Pure 011 f 5)4% MASS
1837F A 9712 Sale 9714
98
93
42 Sale 42
904 10014 Wickwire 'Open Eit'l 1st is,- 1935
3
44
28
Purity Bakeries 51 deb 5s.._1948 J J 91
92
92
94% 19
CII dep Chat* Nut Bank
40
893 95
_ _ 4212
4
4312 25
Remington Arms (10
1937 M N 96 Sale 9534
H 43 Sale 4212
Wickwire Sp St'l Co 72.Jan 1935
9612
8
95 101
44
52
Rem Rand deb 534e with war '47 M N 963 Sale 927
4
3
96 4 231
431g
3
42 Sale 42
CU dep Chase Nat Bank
9114 963
19
4
Republic Brass fis
July 1948 M 8 10314 Sale 10314
7
4
4
10314 11 102 103 2 Willy.
-Overland 51 614s.._ _1933 1 -S 10012 Sale 0014
101
17
Repub I AS 10-30-yr re 21_1940 A 0 10014 Sale lOOIg
100%
7 10012 1031 Wilson & CO lst 26-yr if 68..1941 * 0 991 Sale 9912
2
4
10014 40
Ref & gen 5344 aeries A _ __1953 J J 10012 10214 101% 102
/ 18, 9912 104
1
4
Winchester Repeat Arms 734*'41 A0 106% - - - 0612
10634
5
Youngstown Ethes4& Tube 56 1978 II 100 Sale 9912
10014 128




io

101

8654

8412

Nig

Range
Since
Jan,1.
Low
High
,
99 106
92
98
9712 103
100 102
93
/
1
4
87
90
93
/
1
4
854 8912
/
1
96
91
105 110
10312 107
95% 10018
94 18 -14
99
99
64
77
92
94
10112 10712
93 10012
/
1
4
87
/ 94
1
4
/
1
4
8112 101
80 101
941/4 974
9212 97
94
987
2
83
/ 94
1
4
91
/
1
4
75
9912 105
1001 108
/
4
101 106
96 101
83
/ 89
1
4
95
/ 99
1
4
99 100
100 10312
/
1
4
98 100
/
1
98 1014
/
1
4
9312 974
4
95
93
92
951a
997 10252
8
102 107
997 10414
8
100 10412
101 10514
97 100
98 102
95% 105
10014 103 2
3
94
98
95 100
08
65
1034 107
/
1
1011 103
/
4
12
102 115
100 107
10212 107
50
66
38
64
/
1
4
90
97
14
96
99/
11
4
98 100
/
1
4
12
964 951
/
1
,

88

91It

9512 10032
96 1044
/
1
98 100
/
1
4
90 10312
101 103
/
1
4
57 62
9512 9912
88
9212
95 100
991a 101
97% 1013
2
100% 104
81
871
:
98 10152
104% 10912
94 10152
957 10012
0
92% 971
4
80
8412
90 100
9012
84
92
84
9014
83
84% 89%
1024 108
88
92%
1
100 1023
107 10912
106% 108
8412 90
8612 91
89
9612
954 101
/
1
1021 104 4
/
1
4
4
103 107
90
98
66
973
2
30
40
82
69
97 101
/
1
4
8712 103
85
8712
88
93
10544 10712
63
85 4
3
94 1 9914
9912 102
/
1
4
101 1053
4
10012 104
10034 105
101 1054
/
1
100 10418
20
3314
100% 103%
100 1043
4
96
9914
107 111
Mt lows
79
90
98 102
84
/ 87
1
4
/
1
4
9814 105 2
1
98 130
80
9912
8712 10012
4014 61
39% 434
40
60 4
4
4018 4318
100 102%
9912 10312
10611 108
9913 101

259

FINANCIAL CHRONICLE

JULY 13 1929.1

Outside Stock Exchanges

Mining
Arcadian Cone Min Co__25
5
Arizona Conimerclal
10
Bingham Niincs

3%




70c
3
57

75c
33i
57

450
1,310
20

55e Slay
2% May
5034 Jan

2
Feb
541 Jan
62% Slay

• No par value

5834
62

High.

823.4
82
95
85

5,000
9,000

June
July
July
June

Jan
90
Jan
89
95
July
9831 July

53
55

833-4 82,000
11,000
85
5,000
95
9834 18,000

May
May

64
80

2,000 91
92
3,000 8234
88
71,000 100
101
1,000 9754
973-4
6,000 80
85
10,000 99
99
9834 4,000 96
9931 2,000 9834
9944 6,000 93
1,000 803-4
8054
10034 3,000 100
6.000 98
100

July
June
Apr
July
July
July
May
July
May
July
Mar
June

10634
96
1003.4
99
98
99
9914
10634
10134
8034
10334
10034

Jan
Feb
Jan
Jan
Apr
Jan
Jan
July
Jan
Jan
Feb
July
Mar
Feb

z Ex-dividend.

-Record of transactions at
Chicago Stock Exchange.
Chicago Stock Exchange, July 6 to July 12, both inclusive
compiled from official sales lists:

3034

1134
-

11%

2134 213-4
3534 449-4
5434 569-4
5834 5814
2634 2734
53
5734
3523-4 382
3114 33
4234 4214
53
56
203:
19
95
84
8894 9334
2934
28
117 12134
1023-4 10231
37
4134
257-4 2634
1244 13
434 534
2334 2634
2134 24
54
5614
28
2814
48
4834
29
29
28
3234

40
Campb Wyant & Can Fdy • 44
.
1934
Canal Constr Co cony pt., 20%
Castle & Co(AM) eom _ _ 10 7134 70
CeCo Mfg Co Inc corn __• 55% 4734
Central III Pub Seri pref_•
9534
91
CentIndPowCoctisofdp 100
Cent Pub Ser (Del)
• 4534 4534
Class"A"
90
•
Central SW Util Pre!
•
101
Prior lien. prof
90
Common
• 114
Chain Belt Co com
• 53
4734
Chain Stores pfd
193-4
1834
Cherry Burrell Corp corn * 4834 48
244
Chic City & C Ry par sh _ •
Preferred
• 2344 2334
Chicago Coro corn
• 3911
2734
Convertible preferred _ ..• 4834 4511
•
Units
7211
Chicago Elec Mfg A
* 10
10
ChicNSAMIlw pfd.____100
62
Chicago Railways
Part certifs series 2.100
434
City Radio Stores corn.....• 31
28
015b Alum Utao Co ___•
834
734
ColernanLamp&Stovecom *
57
Commonwealth Edison_ 100 335
295
Commonw CBI Corp B._• 4934 46

453.4
203.4
7234
57
96
91
46
963-4
10134
1193.4
54
2034
4834
234
23%
40
493-4
73%
10
62 34
43.4
31
934
5734
335
4934

00000

Low.
39
8354
3634
1534
3414
234
1234
2934
46
4914
36
3854
21
2334
993.4
9

000

4534 4634
123 125
36% 38
1514 1534
53
5714
234 3
1631 17
42 34 44
49% 50
73
7474
40
41
40
40
24
25
307-4
1017-4 103
10
153-4

000000

• 46
Abbott Laboratories corn.
kerne Steel Co _ _ . _29 12434
Adams (J 13) Mfg com„-• 38
Adams Royalty Co corn --• 1544
Altamorth Mfg Corp oom10 533.4
Rights
29-4
All-Amer Mohawk "A" _6
Allied N1otor Ind Inc com_• 43
• 50
Preferred
Allied Products "A"__ _• 73%
Altorfer Bros Co cony pfd • 4014
•
Amer Colony pc corn._
Amer Commw Pow "A" •
• 307-4
Class B
Amer Pub Serv pref...100
Amer Radio & Tel St Corp• 13
American Service Co.00Ir• 113-4
Amer Yvette Co Inc
•
Common
• 4234
art Metal Who Inc Corn.
55
Af3/30C Appar Ind Inc com_•
Assoc Investment Co......_' 5834
Assoc Tel Util Co corn ___• 2734
.
Was Stores Corp cora_ _• 57
Auburn Auto Co coin__ ._• 373
AutomatleWashCoconpf._. 323-4
Backstay Welt Co conx___• 4234
• 54
ilastlan-Blessing Co corn.
Baxter Laundries Bic A..• 2034
Beatrice Creamery com_50 9,5
903.1
Bendlx Aviation
Binks Mfg Co el A cony pf• 29%
dont-Warner Corp corn 10 11934
100
7% Preferred
Boris Vivitone Corp pref • 4034
brach & Sone(E J) corn _ _• 26
Bright Star Elan "A"____• 13
•
5
Clam B
20
Brown Fence & Wire el A.
• 23
"II • ___
Class
• 56
Bruce Co EL common...
Bulova Watch Co corn _ _• 28
•
5334 preferred
10
Bunte Bros corn
20 3134
Butler Brothers

Range Since Jan. 1.

11

000

Stocks-

Sales
Friday
Last Week's Range for
Week.
of Prices
Sale
Par Price. Low. High. Shares.

16
b ;ttZttlo,OWW. 4. .Iom'oo'cow io'co-4 t,O;itlt044.w...w
Otooc,,c.080OcoggOOOto0

Miscellaneous
17
Apr 23% May
18
1834 2,700 17
Air Investors Inc
Jan
15
700 1234 June 20
15%
American Brick Co
June
2,888 71
Jan 109
Am Founders Corp corn stk 10734 106% 108
29' 70
Jan
70
Apr 75
70
70
Amer.& Gen See Corp____
12% July
234 Jan
7% 12% 26,207
11
Amer Pneumatic Service 25
29% July
July
24% 29% 3,625 15
25
Preferred .
230 45
5034
Mar 50% July
100 5034 50
First preferred
July
6,135 193
Jan 245
10U 24234 227% 245
Amer Tel & Tel
Jan
15
July 24
• 15
560 15
1534
Amoskeag Mfg Co
98 101
255 95
Jan 106% Apr
Bigelow-Hartf Carpet _ _ _ _• 101
May
103 103
50 10034 Jan 107
100
Preferred
Jan
91
92%
35 91
July 94
.Brown & Co
2,015 5534 June 88% Jan
69
Columbia GraPien .
7341
July
9
834 9
212
6
June
Rights
Mar
95
98
115 94
May 120
Continental Securities Corp 95
May 47% Jan
Credit Alliance Corn el A.. 3734 36% 3734 2,163 34
Apr 1734 July
17
16
Crown Cork & Intl Corp
17% 4,775 16
May
8
4
Feb
10
1,400
734
6% 8
East Boston Land
1,056 99
Jan 119% July
Eastern SS Lines Ine
20 11834 115% 119%
Jan
Apr 48
46
47%
210 45
Preferred
•
1
Mar 102% Mar
100 100
994 100
160 97
let preferred
Jan 24% June
1,143 12
Eastern Utility Inv Corp.... 24
2234 24
830 2234 Jan 27% June
itoonomy Grocery titores..•
2634 27
Jan
Jan 351
768 280
Edison Elea Blum
100 32534 325 336
July
Mar 63
1,759 28
Bloc Shareholdings Corp.... 59
4611 63
July
Mar 142
3,280 100
Preferred
14034 115 142
5,093 35 June 4934 Jan
amp' Group Assoc
3734
3534 383-1
July
July 43
12 43
Equity Investors Inc
43
43
Jan
Galv Hous Else------100
20
75 16% May 27
20
July 61% Jan
49
65 47
Preferred
100
47
July
19% May
9
100
General Alloys Co
9
9
9
Jan
110 17% Apr 20
GerCred&InvC25%Ist pi.
1734 18
Apr 33% Jan
650 20
• 2634 25
26%
Ulichrist Co
1,038 10034 Jun 12614 Jan
Gillette Safety Rasor Co.• 1133-4 11234 116
4234 Apr
Ja
25 39
40
40
Greif Bros Coop'ge class A.
825 2934 May 35% Feb
Hathaways Bakeries clasal3
2934 30
Feb
Ja
126
10 110
120 120
120
Preferred
May 26% Mar
1,668 18
1934 24
• 24
flood Rubber
Apr 524 Jan
190 37
39
3934
39
Hygrade Lanso Co
3311 Jan
135 2434 Jul
10
2534 26
Insurance Sec Inc
23% May
825 20 Jun
22
lruiuranahares Corp c I A _ _ _
2134 223:
215 4434 Jun 102% Feb
.......
6634
64
International Com
July
677 43
May
52
48
52
Int Hydro El Syst Cl A_...
92
60 90% Apr 93% Feb
92
Bidder Peab aecep A pf 100 92
55 10% Apr 13% Jan
13
1234 13
Libby McNeill & Libby _10
July
13
Jan
43 10
25
1034 1034
Loew's Theatres
1034
Apr
747 125 June 167
130 139
Massachusetts Gas Co_100 139
July
4,087 13 June 25
Rights
25
19
25
Mar 84% May
166 76
Preferred
100 8134 8134 8134
11
June 18 June
Mare Utilities Ass. corn.
15
1534 17,736
1534
176 wog Feb 112% Mar
Mergenthaler Llnotype.100 10434 104 34 10534
5% Jan
National Leather
116
10
3
234 June
2.11
354
July
May
4
7
6,110
Nati Service Co
7
7
0
Nelson Corp (H) tr ctfs_..5
17 22% Apr 30% May
27
27
New Eng Equity Corp____
534 34% Feb 44% Apr
4134
393-4 4034
Apr
Jan 100
Preferred
100 95
95
9834
75 92
New Eng Equity Corp
Rights
45c
45c 50c
1,344 45c July 75c June
New Engl Pub Service.. •
July 9834 Jan
90
92
20 89
New Engl Pub Serv or pfd• 100
100 101
80 s9834 May 104% Jan
New Eng Tel & Tel_ _ _ _10b 15134 14514 15134
Feb
Apr 156
707 140
North Amer Aviation Ins_ . 1634
1634 17
120 1434 June
193.4 May
Nor Texas Electrie____100
Jan
234 4
23-4 July
10
40
234
Paoinc Mills
100 3034 2834 3034
JUne 3754 Apr
854 28
Plant (Thos G) 1st pf 100
15
June 25
Jan
15
25 15
Apr 1834 Mar
Reece But Hole MachCol0
17
150 17
1734
Reece Folding Mach_ _10
2
2
13.4 Apr
2
July
225
Reliance ManagernentCorp 3734
33
Mar 37% July
1,355 28
3734
Ross Stores (The) Inc____
6% 63-4
880 - 634 July
2934 Jan
Shawmut A es'n Con stk. . 23
2134 24
2,626 2
mar
034 June 26
Southern Ice Co pref___100
81
81
July 83
Mar
5 81
Sterling Sec Corp com____
27 A 2734
45 2734 July
37
Jan
1293-4 13834
Stone & Webster Inc
June 13834 July
1,876 108
When Ins (Outside Sec)._
130 133
July 133
405 130
July
1011 130
127 130
Swift & Co
416 124
July 13954 Jan
• 7534 74
Torrington Co
76
445 7014 Apr 84
Jan
934 11
Tower Mfg
1034
4,605
8
Jan
174 Feb
3334 3334
Trl-Continental Corp
75 2934 May
3534 Apr
104
Preferred
104 104
Apr 106
65 104
Feb
5 6431 59
65
Union Twist Drill
7,812 25
Mar 65
July
unites Shoe Mach Cors_25 66
6534 684 2,351 6034 June 87
Jan
25 31
Preferred
31
120 3
3134
034 June 3154 Jan
41
4144
75 39
U AMU In• 33 Pfd allot et(
Jan 4134 Apr
893.4 8934
10 8834 Apr 95
U 8 & For Sec Corp lot pf_
Jan
41
41
Apr
US & 1st Ser Corp pref.__
4134 1,970 4034 June 44
Utility Equities Corp
109
107 10934 2,075 100
Preferred
Jan 1114 Mar
334
334 334
65
Apr
Venezuela Holding Corp._ _
2
9% Jan
Venezuelan Ni a Oil Corp 10 6934 67
2,370 66
7134
Feb
7714 Jae
3134 3434
•
100 2234 Mar 3434 July
Waldorf System Inc
47
47
48
165 47
Waltham Watch class B.
July 70
Jan
50 17051 166
250 139
17034
Apr 170% July
Warren Bros
50
50
50
30 50
Mar
Apr 53
2d preferred
2
300
154 June 17% Jan
Whitenights. Inc
234

Bonds8334
Amoskeag Mfg 6s_1948
82
Chic Jet & U S I( 5s__1940 84
95
Canadian Intl Pap 6s_1949
96
Ernesto Bredo Co 7s__1954 98
East Mass Street BR
58
1946
4) series A
-as
61
1948
Sneer B
Fox New Eng Theatres
92
1943
614s
86
1936
Hood Rubber 7s
Int Hydro-Elec Byrn 6s1944 100% 100
9734
K C & SIB Inc 5s_ __ _1934
8334
Karstadt i Real Inc 6s 1943
99
Koppers Gas 514s_ _1950
98
Niass Gas Co 334s ___1931 98
New Engl Tel & Tel 59 1932 9944 9944
99
Reliance Mgt Corp 56_1954 99
803-6
So West Gas Co 6%s_ _1937
1944 10034 10034
Swift & Co 5e
9931
Western Tel &Tel 5s 1932 100

000000=00000000

10534 June
Feb
94
May
114
Feb
132
Jan
110
8134 Jan
Jan
129
Jan
111
Feb
157
107
Feb
Jan
199
10734 Mar
Feb
103
Feb
27
Jan
72
Jan
70
5634 Jan
Feb
SO
Jan
84
11334 June
Feb
115
Feb
134
13934 Feb
91% July

00C.n00

Apr
Apr
Apr
Apr
May
Apr
May
Apr
May
Apr
June
June
Apr
July
May
June
May
Jan
July
Mar
Jan
Apr
Apr
Mar

0

87
68
105
94
10434
71
112
100
140
102
168
99
101
1634
5754
62
42
62
77
8234
106
120
138 120
1,973 7234

246
669
135
187
85
169
256
240
10
5
44
56
15
670
400
35
2,040
400
10
1,065
40

tiow7x.
..coltt;41
cr,scpocowgoCCt.otCtocoo0w00.0080.0

Jan
255 172% June 182
696 74% July 88% Jan
May
84 102% June 116
jar.
120 99% July 108

000

100 101
6934 6954 70
106 107%
106
98
96
106% 10634 106%
75
74
75
112 115
112
10134 101% 103
144 144
10354 103%
170 172
100 103
102
101
101
17
18
18
66
66
6631
66
66
50
48% 5014
71
70
70
78
78
110% 109% 11134
108
108 .108
12534 125% 125%
124 125
125
90% 88% 9131

High.

..lowb

17434 173% 175
7534 74% 76
100 107
106
0934 101
100

Low.

Low.

May 603-4 Mar
130 37
Jan
June 38
10 20
May
795 20
3234 Mar
5
Mar
234 July
620
4
Apr
1
Jan
160
15
134 May
334 Jan
Mar
May 68
25 50
Jan 1053-4 Jan
55 105
Mar
May 35
275 20
33.1 Jnne
400
734 Mar
1
July
33-4 Mar
434
234 Mar
May
1
100
2', Jan
150
19-4 Jan
Mar
1
1,240 .500 Apr
Jan 6034 May
487 41
450 170 July 65c Mar
Jan 67
Apr
65 58
334 Mar
231 June
45
54 Jan
7,146
834 Mar
1934 Jan
734 June
1,105
Mar
Feb 22
120 11
May 50
Feb
2.356 32
Mar
May 46
165 31
1,008 200 May 55c Mar
100 25c May 52c Mar
634 Mar
3glz June
2,699
1,550 900 May
23-4 Mar

00

RailroadBoston & Albans _- 100
100
Boston Elevated
100
let preferred
100
20 preferred
Boston & Maine
_100
Corn. unstamped
Ser A let peel unetpd_100
Ser B lot pf unstpd 100
Ser C 1st pf unstpd 100
Prior preferred stpd_ _100
tier A let pfd
- - 1110
100
SerI3 let pf stpd._
100
Ser C 1st pfd stpd
100
Scr 13 1st pfd stpd
Negot receipts 85% paid
Boston & Providence 100
Chic Jet fly & USY pf A100
100
Conn & Pass prof
100
East Mass St fly Co
100
100
Preferred B
100
Adjustment
100
Maine Central
100
Preferred
,
NYNH& Harm . ifs
Nor New Hampshire_ _100
Norwich & Worc pref__100
100
Old Colony
50
Pennsylvania RR

Range Since Jan. 1.

42%
42
25 42
-alumet & Recut
21
21
25
Miff Mining Co
223.4 2274
.25 223.4
,opper Range Co._
234
234
23-1
,
,ast Butte Cooper Min_10
1%.
134
134
Franklin Mining Co__ _ _25
13.4
134
Hancock Consolldated__25
513.4 52
5134
1
Wand Creek Coat
105 105
1 105
Preferred
2134 22
25 22
isle Royal Copper
434 434
{ weenaw Copper _._ .. 25
134
1
25
La Salle Copper Co
134
134
25
Lake Copper Corp
134
134
5
Mason Valley
60c 75c
Mayflower & Old Colony 25 75e
5444 551-4
25 55
Mohawk
17c
17c
New Dominion Conner.
65
65
New River Co pref__ _100
234 23.4
8
Yipissing Mines
634
6%
734
15
North Butte_
10
103.4
Uri Dominion Co
25 10
• 1334 1334 1334
P C Pocahontas Co
3634
3534 35
a
4ulues _ _ . . _____
3634 37
St Mary's Mineral Land 25
20c 25c
10
Shannon
30c 30e
Superior & Boston Copp_10
4
33-4
5
43-4
Utah Apes Mining
134
134
13-1
()tab Metal & Tunnel_ _ _ _1

Range Since Jan. 1.

O08.0.

Stocks-

Friday
Sales
Last Week's Range for
Week.
Sale
of Prices.
Par. Price. Low. High. Shares.

Bonds (Concluded)

..-..
Last Week's Range Sales
for
of Prices.
Sale
Price. Low. High.

t
tWto.tO*. Rg.g.cpc.ocnogtocoo
w ;...vt- ttatoct.flotto
e
g
,
,
cA,1 , gg ,
nnnoc.0
0000

-Record of transactions at
Boston Stock Exchange.
the Boston Stock Exchange, July 6 to July 12, both inclusive, compiled from offi ial sales lists:

High.

Mar 52
Feb 130
June 4334
June 25
Mar 58
3
July
Mar 39
Mar 5734
May 55
81
Jan
June 53
Jan 4934
31
May
34
May
Jan 103
Jun. 3744
May
16

20
Apr
31
June
4534 Mar
49 June
June
26
30
June
131% Jan
27
July
41
Mar
Mar
35
15
Apr
Mar
78
753.4 May
27
May
9434 Mar
101
June
Mar
29
2114 May
June
11
434 July
22
J,mne
2034 July
Apr
41
28 June
473-4 July
Jan
27
2534 June
33
19
66
4334
94
90
35
94
100
7034
453.4
1834
48
144
18
18
44
65
10
54

May
Feb
Mar
Mar
Mar
Mar

May
June
Feb
Jan
Jell"
July
Jan
Feb
May
May
Jan
Feb
Mar
Feb
Mai
Mar
Fat

24
APT
5734 Feb
58% Junt
60
Feb
Jar
33
7434 Fet
390
July
40
May
5214 Jar
56
July
26
Jar
Jet
98
98
MM
3714 Jai
Jar
152
10334 Fel
4134 July
2934 Jar
26
Jas
18
Ma:
3611 Jai
37
Jai
56
Mai
32
MA
55 Jun
3434 Ma
45
Jill
47
la
2134 Ja
7954 la
8634 Fe
98
Ja
9534 Ja

Jul
Jan 46
Jan 9834 Jo
Jan 10314 Al
Mar 11944 Jul
June 5914 Ja
July 20% Jul
May 5854 Ja
Jan
3% Ms
Me
Jan
31
Jul
Feb 40
July 4911 Jul
Mar 75s Fr
Ja
June 15
Ja
Jan 65

7
214 Jan
May 31
24
654 May 3431
May 80
55
Jan 335
309
I 35
Jan 49%
I
I

Ma
FJ

Fe

Fe
Jul
Jul

FINANCIAL CHRONICLE

44%
33%

A

DeckerC&Co"A"com_ _100
Dexter Co (The)
•
iti Houeetick. Util Corp.10
corn__Pier Research Lab Inc__.•
Empire r &
6% preferred
Emp Pub Service A
Fabrics Finish Corp coca.*
Federated Pub $2 pfd
•
Fits Simmons& Connel DE
•
& Dredge Co corn
,•nte tiln•S) A M Co
5
Gardner Denver Co corn.'
Gen spring Sumner A __•
Certificates of deposit
tam._
-•
Certificates of deposit-Gen Water Wks& El A _
$7 preferred
Oeriaco Baralow corn ....•
Preferred
•
Gleaner Corn Ran Corp
Common
Goldblata Bros Inc oom_ •
Mame lakes Aircraft A. •
Great Lakes D& D_ _ _ _100
Greif Bros Co-op"A"com •
irtabby-Grunow Cp
Common
•
GroundOrippElhoescom
Hall Printing Co Corn_ i0
Hart-Carter Co cony if •
HartSchaff&Marx
100
IllbSpencerBart&Cocom 25
Hormel & Co(Geo)cm A •
Houdallle-Hershey Corp A•
Class li
Hussmann Ligonier corn.,'
xt
Lb rot. 11111•1 •
Indep Pneu Tool v t c___*
,nsull UM Invest Inc--•
25% prior pref
•
Wrthout warrants
Internet Pwr C.. Ltd cora •
In.,, Flr•It.til, Miff CO SO•
,

JeffersonElectricCo com...•
irtiamasoo Stove sem_•
Hats Drug Co corn
It,
eielsugg mWIlebbli corn
Ken Bad Tube&l.p A corn*
50
Hy Util Jr cum prof
•
yawns & WI corn
LaSalleExUnivendty corn 10
cane i gut row v •e
•
Cum preferred
torah & Co
Common
•
Cumulative preferred _.
•
Libby McNeill & Libby_10
Lincoln Printing corn.....,'
50
7% Preferred
LlndsayLightCo corn __10
Lindsay Munn Pub Co
•
82 cony prof
•
Lion Oil Ref Co own.
•
London Packing Co
Lynch Glees Mach Co- •
McCord Radiator Mfg A_•
•
McQuay-Norris Mfg
Mapes Cons Mfg Co coin •
MarkBrosThealncconvpL•
MatServiceCorp corn
10
Mcgd.w Site 1 0 corn... •
Mer & Mfrs See
36
Purr preferred....-..
Mid Cent Lawnd Ino A--•
Middle West OtIlltles___ •
100
Preferred
•
56 cum preferred
100
Prior lien pref
Midland Steel Prod corn -•
Miller & Ifart Incconvpf.•
M Lamar( honey welt Reg •
Minneap-Moline Pr Imp'
Preferred
•
MO-Ran Pipe Line tem..*
•
odine Mfg corn
M(hawk Rubber
•
Common
MonIghan Mfg Corp"A" •
(+What:3C Chem xl• orbs__•
•
Monroe Chem prof
•
Common
Monlan Lltm graph com.
•
•
Morrell & Co Leo
Muncie Gear alas"A"..-•
Common
Muskegon Mos Specialties
Convertible class A__ •
Narnman Springfilled corn.
National Battery Co pref..'
Nat Klee Power A van •
National Leather cm_ _10
Nat Secur inv Ct•
Common
6% °limn! pref
100
•
N.,Standard corn
Nat Term Corp part pfd'
Nobblitt-Sparkslud own _•
North American Car corn.'
North Amer G & El ol A_•
N & S Am Corp A corn_ •
Northwest Util100
7% preferred
•
Ontario Mfg Co oom
Poe Pub Ser Codll'"A oom•
"
Pacific West Oil Corp._ •
earker Pelt (Trier ci,comill
ParmeleeTransp'neo corn'
Penn Gas & Elec "A"com•
Peoples Lt & Pr Co A corn'
Perfect Circle (The) Co--•
Pines Winterfront
Common new
Polymet Mfg Corp com--•
•
Poor & Co Maas B oom--Potter Co(The)corn....,. •
•
Process Corp COM




17
20%
564
734
32
154

3031
76
47
46
46
16
25

35
28
45
11%
334
38
46
115
22%
34%
8%
17
20%
56%
7%

90
29%
15%
26

90
32%
16%
26

2831
75%
47
46
45%
45%
Mt
95%
16
24

High.

100 35
2,350 24
4,800 40
6,350
7
24
1,350
50 38
1,000 45
50 112
100 22
1,700 2814
734
50
550 16
2,850 16
6,600 30
7
1,300

Mar 85
July 38
July 55
Mar 134
634
May
July 44
June 484
Apr 119
MAY 234
Juno 37
Mar 174
May 27
June 22%
Jan 57
Mar 2231

Mar
Feb
Feb
Jan
Jan
June
Mar
Jan
May
Jan
Jar
Jan
Mar
June
Jar

100
8,350
1,800
50

July
May
June
Jan

9654
32%
34%
29

July
June
Jan
May

Apr 83%
57
21
May 82%
64
May 77
37)4 June 7334
June 48
41
3734 June 7331
38% June 48
26% June 27%
90 . Apr 100
15,4 June 26
Mar 30
24

Feb
July
July
May
June
May
June
June
Jan
Feb
Feb

32% 24,900
7634 1,050
250
4734
150
46%
800
47
46% 1,100
750
27%
250
9
6
350
1635
450
25

109 119%
32% 31% 32%
22% 2234 23%
248
220 250
40% 403( 4034

Low.

90
24
11
25

2,850 90
1,500 28
5,750 1534
335 190
100 3931

Mar 125
Jan
Jan
Mar 36
Jan
Mar 32
Feb
Apr 275
Feb 42% Mar

Apr 198% July
193% 147% 198% 126,550 119
41% 40
14,450 3531 Feb 42% Mar
42
32
25
162
53
4534
45%
27%
30
55
62
240
88
30
53
105
34%
16%
244

14
23

30
3231 2,850 23
650 24
26
25
1,100 160
160 162
52
50 52
52
900 3334
52
54
1,100 34
4531 48
47% 6,200 3031
45
450 26%
2611 2734
500 30
31
30
100 54
57
55
5531 64% 156,500 30
20 125
240 240
650 8431
85% 88
50 28
28% 2634
3.750 2434
28% 31
2,300 40
4831 54
98 107% 14,200 95
34
3531 4,050 28%
1531 18
18,750 103,
23% 25% 5,050 19
50 5034
51% 51%
750 40
42% 45
200
3
3% 3%
13
1434 1.250 12
1,050 18
19
23

Mar 3531
Mar 3431
July 190
58
July
Jan 57%
Mar 5934
Mar 59
June 28
41
July
Jan 58
64%
Jan
Jan 250
June 88
June 31
Jan 3431
May 59
Mar 131
June 3534
Mar
June 42
Feb 52%
Mar 5s
May
531
May 29%
July 32

Jan

Jan
Feb
Jan
Feu
Feb
Feb
June
Jan
May
July
Feb
July
Jan
Feb
Mar
Jan
July
Jan
1.1

Mar
Jan
Jan
Jan
Jan

4131
12)4
2234
4331

17%
40%
12%
21%
43%
431

18
4131
12%
22%
43%
534

550
450
3,650
2,600
850
600

16 June ' 25%
40
Apr 46
10% May 154
20 June 26%
42
Jan 454
6
334 Jan

Mar
Jan
Jan
Feb
Jan
Apr

30
34
4934

30
33
48%
23

30
34%
49%
24

300
3,550
450
400

30
23
4031
20

June
Mar
Apr
Mar

30
3831
60
30

June
May
Feb
Jas

3931

3934
66
3931
21
28%
9%

39%
71
41
21
29%
1031

250
300
550
100
400
3,300

38
52%
37
18
2834
931

Mar
June
Mar
Aor
July
June

4454
76
42
3334
42%
294

Jan
May
Jan
Jan
Jan
Feb

22% 25
2,100 20
26
27%
700 25
219 273
34,100 157%
11734 126
2,750 116
101 105
2,500 98
123% 12534
200 119
100 105
625 90
4434 46
500 43
46
93
600 554
9634
4,100 36
39% 3931 43
150 574
101 102
1.550 224
2934 28% 30
70% 3,500 48
894 87

June
Apr
May
June
Jan
June
June
July
Jan
June
June
Jan
Mar

32
3554
273
126
105
127
108
52
9854
45
103
424
/2

Jan
Feb
July
July
July
Jan
Jan
Jan
June
May
May
May
May

40
931
25
274
273
126
105
12534

4931
26%
158
37
17% 17%
2234 20
78
194 18%
10
10

158

28%
59%
43
4031

25
59
43
32%
3

35
32
10734 102
4511
16% 15%
50% 46
49% 4931
19% 19
36

51
2655
162
39
17.36
22%
80%
21
1115

4,900
29
1,150
60
650
44
41% 36,050
336 1,850
35
10735
4734
17
50%
50
1934
36

97% 9734
38
27
4734
2431
21%
50
62
70
71
32
2034

650 44
500 25
1,350 104
300 3534
250 15%
1.S00 20
1,000 584
950 18
1,050 10

7,100
5,300
1,800
1,900
9,900
1,550
400
400
so

June 66
June 35
Jan 163
July 61
July 2654
June 661.
Apr 80%
Mar II
July 30
8654
764
60
41%
551

Jan

Jan
July
Jan
Jan
Jan

July
Jan
Jan
Jan
Feb
Jan
July
Jan

23
59
40
27
8

May
July
May
Mar
Mar

25
97
39
1454
324
40
18%
36

July
Feb 35
June 10734 July
Feb
Mar bIt
May 17% Feb
Mar 51 31 July
Jan
Mar 70
Pal
ey
June 26 1%,ul,
May 36%

93

Feb 102% Jan

37%
21331
16
46
24%
20%
4834
59

38
28
10
4734
24%
22
50
6231

300
3,300
150
500
800
1.800
2.150
1,850

30
214
18
44
2454
20
4654
46

Mar
Feb
July
Apr
June
June
May
Apr

42
28
2336
57
244
24%
58
633(

May
July
Mar
Jan
June
Feb
Feb
June

6934
67
2734
31%
18

72
714
3234
3331
21

4,450
2,350
7,700
500
1,250

58
50
2254
27
14

June
June
Mar
Mar
June

75
71%
34
44%
33

Apr
July
Mar
May
Jan

Friday
Sales
Last Week's Range for
Sale
Week.
of Prices
Stocks (Concluded) Par Price. Low. High. Shares.
Pub Sere of Nor III oom100
•
Common
100
8% Preferred
Q
-R-S-De Vry Corp (The)
New
Quaker Oats Co cam__ •
Preferred
100
Rath Packing Co com__10
a(aytheou nig Co
•
Reliance Mfg

-10

Richards(Elmer)Copref _ •
Coom.llenrS 1001 0011l

•

Ruud Mfg Co corn
•
dyers.. A, son Inc 00E0_ •
Rally Frocks, Inc, oom •
Saunders class A corn_ •
Sheffield Steel corn
•
Signode Steel Strap Co
Purchase warrants
3onatron Tube Co corn.. •
So Colo Pr Elec A com__25
S W Gas & El Co 7% p1100
Southwest Lt&Pow pf._ •
Staadard Dredge cony pt.
•
Common
•
StandardPubServiee"A" •
embalm Radio Co
•
Sterling Motor, pref. _80
StorklIne Fur cony pfd 25
itudebaker Mall Or com.5
Class A.
taper Maid rum corn . •
SutherlandPaperCo corn 10
lwift & Co.
100
Swift
15
Thompson(J.R.)com ___25
TIrne-O-St Controls "A" •
12th St Store (The)pf"A"
unit Corp ot Ann prat
•
United Dry Dka,Inc corn,'
United Gas Co
•
United Power, Gas StWater
com•
Corp common
Un Repro Corn part 1)1 A •
_.2ii
" OrPsum.a
25% oak]
U Linea Inc pre:
•
V 8 Radio & Telev coin •
Utah Radio Products ocan•
Ut & Ind Corp. corn
•
Cony. pref
_
•
Utilities Pow&LtcorpcIA
Viking Pump Co cOm
•
•
Preferred
Wahl Co corn _
Warchel Corporation_ _ -•
Preferred.... .
___•
Ward(Montg'y)&CocIA.. *
Waukesha Motor Co com •
Wayne Pump Co con:I....
0
Convertible preferred..'
Wieboldt Stores Inc
•
Wextark Red fits Inc.corn*
West Con Utll Inc A__
West Pow Lt&Tel 1st DIA.
White Star Ftefg Co corn •
-Made 04)111.
salaams 011.0
Winton Engine con pref. _•
•
Common
WolverinePortlandCem _10
Woodruff&EdwardsInc-Participation "A"
Wrigley(WmJr)Co corn __*
rates-Amer Mach pan Pi•
fellow Cab Co Inc(ChM)•
.anitb Radio Corp corn •

305

295
293
135

305
320
135

4134 39
339% 325
106
106
33
32
6554
344 24
22
48
48
41
4031
4131 3834
30
2831
50
7534 7534
37

32
3031
26%
32
1631
6031
130
36
4831
33%
3334
2334
40%
22%
69
1714
29
16
31%
32%
28
1631
30
19%
2234
30
17
35%
41
48
25
30
8834
22
73

41%
341
106
33
24%
2331
4835
41
4134
30
50
8331

Range Since Jan. 1.
Low.

180 305
656 205
50 117%
2,300 32
437 294
80 106
2,550 32
550 63
1,150 20
300 21
450 45
450 40%
1,900 37
5,550 27
450 48
1,300 58%

High.

Jan 305
Jan 320
Jan 135

July
July
July

May 464 Apr
June 369
Feb
June 120
Jan
June 334 June
Mar 8114 Apr
Mar 3014 Jan
June (2831 Jan.
Jan
67
Feb
July 4454 Mar
July 46
Feb
June 314 May
July 73
Jan
Apr 90
Jan

1% 131
so 1% June 4;4
31
37% 26,510 274 Mar 4
411
27
150 224 June 28
2731
250 964 Apr 101
99 100
270 8734 Jan 95
90
95
30
Mar 41
3234 3,000 28
26% 3231 11,400 28
Mar 394
200 20 June 33%
,
20
20
17,250 1631 June 49
31
25
Mar 36
150 30
31
32
July 30
150 22
23
24
550 134 Jan 22
16% 1631
700 2254 July 30
2231 24
5731 6231 6,150 50
Mar 74
100 14
May 21
17
17
1,500 124% June 140
126% 130
4
35% 36% 5,100 30, May 8754
45
49
4,250 4431 May 82
30
Mar 394
3434 4,750 26
2134 21%
so 214 May 26
33
5,450 23
Mar 374
34
18
19
300 16 June 23
23
550 22 June 394
2431

Jaw
Feb
June
Jan
Apr
Feb
Mar
Feb
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan

38% 40% 2,860 38 June 40% July
1,450 20 May 424 Jan
21% 23
5,450 454 Apr 754 June
69
70
.59
Mar 66
60% 2,350 42
June
900 1714 Apr 1854 Apr
17% 17%
28
3,950 224 June 141
33
Feb
16
17% 1,500 144 July 56
Jan
25% 35
80,850 204 Feb 31
Feb
30
Feb 32% Julr
32% 13,050 25
2734 2835 1,850 2734 July 28% JulyMay 17 May
15% 1634
500 15
29% 30
250 22% June 82 May
1934 19%
300 174 May 27
Jan
22
23%
500 164. Apr 26
Jan
29
30
800 28
May $6
Jan
130% 13034
200 1304 July 134 • Apr
180 180
Mar
165 161
June 210
17
200 17
July 35
18
Apr
35
37
300 35
Mar 96
Jan
41
43
650 39 June 57
Jan
43
4,750 37 June 654 Jan
48
24
750 2314 Mar 25
25
July
250 30
30
31
July 354 Jan
65% 69
5,700 43
Mar 69
July
2,250 20
2134 23
Jan 294 Jao
900 57
74
77
Mar 94
Jan
950 7034 May 78
71% 7434
May
50
6
6
6
Jan
8
Feb

46

21%
77
26
28%
414

22
150
1,400
79
27% 1,500
2931
750
49
41,450

21
724
214
284
284

June
Mar
Mar
June
May

2834
80%
324
35
6214

Jan
May
Apr
Jan
Feb

863-4
833-4
85
8934

79
2634

863-4
833-4
85
6934

1,000
2,000
2,000
2,000

8111
78'
773.4
60

Feb
Feb
Mar
Feb

8831
88%
85
784

May
Mar
July
May

Hondo-

ChicagoCityRye 5a..,1927
_1927
wag° itys •eu
1st m ctfs of dep 5s.I927
1927
58 series A
Com'wealth Edison
lst mtge 6s
1943
El Paso 6%s
1943
10-yr 631s deter _ _ .1938
Fed Pub Ben( Co 13s_ .1947
'No par value.

10934
108
109
95

10931 1,000 10934 July 110% Jan
108
5,000 983-4 Jan 108
July
109
5,000 99
May 109
July
96
10,000 95
July 96
July

Cincinnati Stock Exchange.
-Record of transactions
at Cincinnati Stock Exchange, July 6 to July 12, both
inclusive, compiled from official sales lists:
•
•
Stocks-

Friday
Sales
Last Week's Range for
Week.
Sale
of Prices
Par Price. Low. High. Shares.

• 18% 1831 1934
Ahrens-Fox A
4431 44
Alum Ind
47
Am Laundry Mach com.25 8131 81
82
25 13434 120 1343-4
Amer Rolling Mill corn.
54
54
Amer Seeding Mach p1.100
Amer Thermos Bottle A.* 21
1954 21
Preferred
50
4934 4935
Amrad
7934
7874 80
23
•
Ann Products
2331
Baldwin corn
100 15
15
16
100
New preferred
90
90
•
Buckeye Incubator
13
13
Cary (Philip) Prof
100
100
Central Trust
Champ Coated Paper
.100
Special preferred
•
Churngold Corp
Cin Ads' Products
CM Ball Crank pref
Cin Car Co pref
•
CM Car B
CNO&TPpref
100
Cin Gas & Elec pref. __ _100
Cin Gas Transportation100
100
CM Land Shares
C N & C Lt dr Trac com100
100
Preferred
50
CM Street Ry
50
CM & Sub Tel
.100
CM Postal Term pref.
•
City Ice & Fuel
*
Coca Cola A
.
Cooper Corp (new)._ _100
100
New preferred
Crystal Tissue
•
Dan Cohen
100
Dow Drug corn
Eagle-Picher Lead com_20
•
Early & Daniel corn
100
Preferred
Fifth-Third-13n Trust...100
100
First National

280

125
280

125
280

Low.

50•
2,506
2,080
295
2
583
15
1,305
240
511
99
28

18
32
81
90
1934
15
46
37%
20
15
80%
10

13 120
17 280

105 1057
25
25
55
35
38
795
32
32%
282
8
811
171
2% 3
30
110 110
24
400
9774 9834
152 15534
46
115 118
147
126 138
492
85
85%
262
4731 49
497
11831 11931
180
78
78
9
52
5334
71
101
3234 31
3234
6
4534 4534 4534
50
55
39
23
23
233-4
595
3111 3234
327
111
2231
22
1,665
1754 1734 1834
70
6654 70
30
107
104 107
42
350 350
11
431 431
5
25
3531
3234
831
23.1
110
9731
15534
115
13754
85%
47%
119

Range Since Jan. 1.

105
20
29
32
6
234
110
9534
125
115
93
78
4434
118
78
49%
30
40
50
23
26
2034
163-1
6634
104
327
428

Feb
Apr
Mar
May
Jan
May
May
Apr
Mar
July
June
Jan
Feb
Jan
June
Mar
June
June
June
June
July
Apr
May
July
Apr
Jan
MAY

May
July
June
Apr
May
June
Jan
Apr
May
June
July
Feb
Mar
June

High,

..... %,
.........t'm
g; KgM8,7g4DCar

..VIt I hOop II.,

26%
44%
10%
3%

35
2534
43
831
3
38
44%
115
2234
33
8%
1634
19
5431
734

Mt.Jan. I.

..ZZ,
=1...4..t. 01....4'4'.., ,
q1,
.»

Cons Eery Co(The) otf den
Construction Material...
•
Preferred
•
Crammer@ Co common. 5
Warrants
Continental St Corpcom ..*
Crane Cu. common__ _25
Preferred
100
Curtis Lighting Inc corn •
Curtis Mfg Co corn
5

Range

[VOL. 129.

1tt4MVSISVWC414q4,
716"PsgO
*411g

Friday
Sales
Latt Week's Range for
Sale
of Prices.
Week.
Stocks (Continued) Par Price. Low. High. Shares.

_...-- .. ...
"iFe
.4.' ..4Fn - ....i.
.
:00.-4. '''''
5 ''"
iggni""

260

JULY 13 1929.]

FINANCIAL CHRONICLE

Friday
StUes
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.

Low.
12934
2634
22
72
82
21
10134
47
11334
55
45
9635
33
25
3635
24
15
84
9834
101
44
28

May
Mar
June
June
Feb
June
July
June
July
June
June
June
July
Mar
Jan
July
Jan
July
July
July
July
June

4734 4734
1834
1934
67
67
20
19
2834 25
6
5
188
186
2734 2735
26
2534
11234 11234
105
105
2334 2334
2374
401
39434
175
10734
10034 100
6834 6534
10434 104
10034
191
40
2434 2334
11334

4734
1934
67
20
2834
6
190
28
2634
113
105
2334
2334
406
175
110
101
6834
106
10035
101
40
2534
11334

364
1,911
15
103
1,231
150
77
190
252
104
7
434
326
1,700
5
45
121
406
199
40
1
120
1,643
5

33
1634
65
19
25
5
150
2634
25
11134
100
21
20
279
160

Jan
Jan
May
July
May
July
Jan
May
June
Apr
June
Slay
May
Jan
July
Feb
Apr
Feb
June
Jan
May
July
July
Jon•

004.10..00c>=00m..110NOW!.
Mmt-.04M.0MN.OMN0,...0,..0cm.
..
tt.... ...
.
.

2934
4834
60
54
2635
38
2134
90
44

unq

99
58
9715
8534
99
40
2335
11314

* No par value.

.v.......3.3.54dlilaTRIIIIJE =.773.70 EZocl,10.3==......dddddRoc
.0

43
556
217
15
I
1,529
59
163
41
20
101
264
10
15
170
25
260
25
13
22
34
40

..'.X

138
73
22
80
90
2934
102
50
114%
60
54
99
33
2634
3934
24
2174
90
99
101
44
3334

>.1

13534
71
22
80
90
29
102
4814
11334
60
50
9734
33
2635
38
24
21
89
99
101
44
33

136
72
22

Stocks (concluded)

High.
WOWt-1-.00.e0cOOMM.00NNMW0t,
.WM
0/C-NC,COMOO.t-e00.4.MVNN.00eSM
.
.
. ...
.

100
Flelschmann pref
*
Formica Insulation
Fyrfyter A
Globe-Wernicke corn_ 100
100
Preferred
•
Goldsmith
Goodyear Tire 1st pref..100
*
Gruen Watch corn
100
Preferred
Hobart Mfg
•
*
lot Print Ink
Preferred
100
•
Jaeger Machine
Julian Kokenge
Kahn participating
40
Kelley Koett pref
Kodel Elec & Mfg A
•
Kroger corn
10
..
Lazarus preferred
Little Miami guar
50
50
Special
•
Lunkenheimer
`
100
Manischewitz corn
*
McLaren Cons A
Mead Pulp
*
•
Meteor Motor
Moors Coney A
Moors Coney B
100
Nash (A)
Nat Recording Pump_ _ _ _•
*
Newman Mfg
Ohio Bell Tel pref
100
Oglesby Paper pref _ _ _100
.
Paragon Refining B
Voting trust ctfs
Procter & Gamble com_ _20
100
8% Preferred
100
5% Preferred
Pure 0116%
_,_100
Rapid Electrotype ' •
pref__100
U 13 Playing Card
US Print & Litho com_100
100
Preferred
U S Shoe pref
100
•
Waco
100
Wurlitzer 7% pref

Range Since Jan. 1.

1134
3934
48
3434
292
111
40
300
105
54
96
43
500
50
105
2534
15
10834
190
4514
40
6035

Feb
Jan
Mar
Apr
Apr
Jan
Apr
Mar
Jan
Jan
Jan
Jan
Jan
Mar
Jan
Feb
Jan
Jan
May
Jan
May
Mar

50 29
892 43
90 350
145 3834
24 40
145 27
173 58
255 4315
2,090 3234
25 27
500 33
1,525 3214
105 14
43 45
529 20
50 22
47 95
192 11135
622 8014
35 103
124 66
270 34
5 2434
1,382 2134
110 4234
nut 91

Jan
Feb
Mar
July
June
Jan
June
July
Mar
Feb
Apr
May
Apr
Jan
July
Feb
June
Mar
Apr
July
June
July
June
May
Feb
Tor.

40
6034
430
4334
52
42
85
6534
40
133
38
41
18
55
2915
3034
993.4
11534
92
107
7535
42
3334
30
4415
05

July
July
May
Jan
Jan
Apr
Mar
Jan
May
June
Jan
Mar
Feb
May
Jan
Apr
Jan
Jan
Jan
Mar
Jan
Mar
Jan
Mar
Mar
,Too

60
410
33
60
38
3235
3534
23
11234
8274
34
2334
44
921e




2334 2434
4334 44
283A 24

Unlisted
Lone Star Gas w I
Mayflower Drug Stores_ _ _ ______
Penna Industries Units_ __
West Pub Serv v t c
Rights
Columbia Gas & Else__ _
Lone Star Gas

3315
9%
9734
3334
534
6%

3435 6,771
1034 1,625
40
9735
35
12,438
534
7

537
2,328

3235
934
9734
2434

June
May
July
Apr

High.

",

Jan
July
June
June
Feb
May
Feb
Feb
June
Apr
June
Jan
Jan
May
Apr
June
Apr
July
Feb
Apr
Jan
July

Feb
July
Jan
Jan
Jan
July
July
Jan
June
June
June
June
May
May
Mar
July
Mar
Jan
May
June
June
Jan
Feb
Feb
Apr
July
Jan
Jan
June
Jan
Jan
May
June
June
Ma
Jan
July
AP
Jan
July
Jan
May
July
July
May
Jun
May
AP
June
Feb
Jan
Jan
Feb
May
Jun
Apr

12ti

5
3134
3534
2934
220
10734
29
250
10235
4535
89
40
376
4134
10274
15
12
106
145
3234
29
48

Lots.

7434 7434
50 60
85
85
25 82
9
1234 24,317
334
7%
834 834 6,194
71
7435 2,095 8134
175 175
73 175
41
4334 3,240 38
1135 113.4
100
8
18
21
11,410 16
2135 2235
40 2035
393 1534
1534 16
305 305
4 302
8534 8514
50 7534
4% 5
320
4
26
26
525 1934
25
25
20 2434
9
9
100
6
16
17
320
73.4
305 1534
1534 16
1934 1934
100 1835
39
40
100 38
5934 6134
1,950 52
1%
1%
50
1
3
3
100
134
10 1203.4
12034 12034
99 100
1,305 99
32
32
210 2534
8335 8534
85 67
2634 2634 1,112 2634
20
2
75 1034
034
3534 3734
160 2834
4
4
20
4
167 167
401160
30
100 2934
30
30c. 30c • 500 30c.
334
334
900
2
23
23
25 23
334
334
95
3
6734 6935 1,676 64
127
2
834 6,369 126
4534 47
70 33
2315 24
1,350 2235
29
30
241 29
2134 22
140 2134
334 334
100
3
Sc,
6c
4,000
4c.
2734 29
340 24
80
81
80 72
2234 223-4
10 22
2634 2634
50 20
45
45
350 38
II% 12
145 1035
80
76
200 60
47
4734
300 4434
9235 93
80 91
270 7134
7334 75

ON.ta

405
100
467
749
40
124
150
26
36
100
45
55
60
110
121
50
100
10
103
384
300
205

•
Allegheny Steel corn
Amer Wind 01 Co pref _100
Arkansas Gas Corp com _..• 1234
10
834
Preferred
7434
Armstrong Cork Co
50
Bank of Pittsburgh
25
Blaw-Knox Co
25 1134
Colorizing pref
Carnegie Metals Co _ _ 10 2034
Cent Ohio Steel Prod com • 2134
* 1534
Clark (D L) Co corn
100
Colonial Trust Co
Columbia Gas & Elec corn*
Consolidated Ice corn_ _50
50
Preferred
Crandall McKenzie & H.- ___ _
10
9
Devonion Oil
*
Dixie Gas & ULU com_
16
Donohoes class A
______
Hachmeister Lind com
Preferred
Harbison-Walker Ref corn..
50
Bider) Brewing corn
Preferred
3
Jones & Laughlin St pf_100
Koppers Gas & Coke pf_- 9934
Libby Dairy Prod corn.._. 32
25
Lone Star Gas
National Erie A
2634
Nat Fireproofing com_ _50
50
Preferred
Penn Federal Corp com_ •
Peoples Saving Cc Trust 100
Petroleum Exploration_25
1
Phoenix Oil Co pref
Pittsburgh Brew com_ _50
Pitts Invest Secur corn_ •
Pittsburgh Oil & Gas_ _ _ _5
334
Pittsburgh Plate Glass_ 100 6935
Pitts Screw & Bolt CorP-* 27
Pitts Steel Foundry corn.*
Plymouth 011 Co
5 24
Pruett Schaffer Chem pf_
KeYmers Inc
Salt Creek Consol 0(1_10
Ban Toy Mining
1
Stand Steel Propeller.., ._
29
Stand Steel Springs
80
Surbuban Elec Dev
* 2234
Union Steel Casting com_•
Un Engine & Fdy com_ •
25 12
United States Glass
Vanadium Alloy Steel
Westinghouse Air Brake_ *
West Penn Rys pref._ _100
Witherow Steel pref._ _100 75

Range Since Jan. 1.

xm

6
313.4
39
33
275
10835
35
275
103
46
96
41
396
4134
10334
18
12
106
170
3334
3134
50

• Friday
Sales
Last Week's Range for
Sale
of Prices
Week.
Par Price. Low. High. Shares.

NNODNO.M.WOOV.

Falls Rubber corn
•
,515
3134
Faultless Rubber corn_
*
38
Fed Knitting Mills corn_* 39
31
Ferry Cap & Screw
3234
270
Firestone Tire & R comb0
7% preferred
100 10834 108
3434
Geometric Stamp
General Tire & Rub com _25
270
Glidden prior pref
103
100
Godman Shoe corn
46
•
96
Gt Lakes Towing corn_ -100
41
Greif Bros Cooperage corn •
Guardian Trust
395
100
4134
Ilalle Brothers
10
10374
Preferred
100
Harbauer common
• 18
18
12
Harris-Seyb-Potter corn_ •
106
100
Higbee 1st pref
169
Interlake Steamship corn.* 170
* 33
33
Jaeger Machine corn
10 31
31
Kaynee common
48
Kelley Isl Lime - Tr cbm.•

40
40
5834 6034
410 410
asg 3934
41
41
3215 34
60
6234
50
51
3634 38
13234 13234
3534 3634
3235 3534
18
18
48
50
20
2334
28
28
96
96
112 11234
8135 8234
103 10314
70
70
34
3535

Pittsburgh Stock Exchange.
-Record- of transactions
at Pittsburgh Stock Exchange, July 6 to July 12, both
inclusive, compiled from official sales lists:

xoc

Jan
Jan
Feb
Jan
Feb
May
Mar
Apr
July
Apr
Jan
Mar
Feb
Mar
June
Mar
July
May
May
Feb
June
Feb
May
Jan
Mar
Mar
Mar
Apr
July
May
July
Mar

Lake Erie Bolt de Nut corn •
25
Lamson & Sessions
Midland Indorsed
100
McKee Arth G & Co corn •
*
Met Paving Brick corn
Miller WholesaleDrugcom*
Miller Rubber pfd _ _ _100
Mohawk Rubber corn ___•
•
Myers Pump corn
National Carbon pfd._ _100
National Refining com _ _25
•
National Tilecom
50
National Tool corn
100
Preferred
•
Nestle-LeMur corn
*
1900 Washer corn
NorthOhloP&L6%pfd _100
100
OhloBellTelero pfd
*
Ohio Brass "B"
100
Ohio Brass pfd
011ioSeamlessTubecom. *
Packard Electric corn _ ___*
*
Packer Corp corn.
Paragon Refining corn __.*
*
Preferred
•

* No par value.

t.N..1.0/COM

27
1434
34
40
9274
40
107
3734
734
234
36
66
20
113
105
64
1474
35
110
35
9815
11214
111
334
470
25
1934
235
355
10734
72
69

July
Jan
Jan
Jan
Jan
Jan
May
May
Jan
May
June
June
Jan
Jan
Apr
May
Jan
Apr
May
Apr
June
May
June
Mar
Mar
Mar
Jan
May

97 June 10034 Feb
2834 May 2834 May
93
Anr 96
Jan

01

May
Apr
July
Mar
June
Feb
July
June
Jan
Jan
June
July
Feb
Mar
Mar
June
Jan
Feb
Feb
July
June
Mar
Apr
May
Jan
June
June
Apr
Jan
June
Apr
Jan

137
16
25
65
10734
35
2115
105
108
8%
79
-52
634
75
3235
30
60
3
424
15
2734
50
9434
104
36
105
29
104

C-Mt-

14
8
2734
35
82
2634
89
343.4
3
1
2334
6334
934
10834
103
49
5
1274
70
2534
97
11034
100
23.4
398
20
13
1
200
10435
6974
57

June
Mar
June
July
July
June
Feb
Apr
June
June
May
May
May
Feb
Feb
July
July
July
Jan
Mar
June
Jan
Apr
June
June
Jan
Apr
Jan

,
040,
4
,MN1101

110
640
120
510
21
1,036
303
20
455
930
100
Ill
450
70
10
724
998
370
21
225
556
113
406
349
54
386
218
100
70
46
20
591

98
98
$3,000
283.4 2834
3,000
95
96
74,500

1123.4
10
21
36
104
25
20
82
10434
674
70
42
3
7234
30
21
45
1
307
634
2634
24
62
102
3235
102
25
101'

High.
3834 Mar
19
Mar
5934 Apr

NN.N.44VO

1534
1174
28
373.4
91
3234
90
37
734
2
24
6334
15
110
1033.4
53
14
28
100
2634
9734
11134
100%
274
443
203.4
14
2
355
106
72
64

96

Law.
33 June
1534 July
4774 Mar

003.24.22ggit2.1.1p.°42. ,MiM5222.125apg0551;55itVgvatr,11)
2

High.

Aetna Rubber common__* 1414
1434
Allen Industries common_*
1174
Preferred
•
28
American Multigraph corn*
37
Amer Ship Bldg cam_ _100
91
Apex Elec
31
30
Preferred
100
89
Bessem Lines & Cem corn _*
37
Bond Stores A
20
735
B
*
2
Brown Fence & Wire
24
Staley Bldg pref
100
6334
Byers Machine A
*
14
Central Alloy Steel pref.100
110
Chase Brass pre
100
10334
City Ice & Fuel
* 53
5734
Clark (Fred G) corn_ _ _ _10 14
1334
Cleve Autom Mach com_50 28
25
100
Preferred
100
Cleve Sidra Sup & 13r com.• 2634 2535
9735
Cleve-Cliffs Iron com_
•
11134
Cleve Elec III 6% pref _ _100
Cleveland Ry corn
100 10034 100
234
Cleve Securities p I pref_10
440
100 443
Cleveland Trust
20
Cleve Union Stockyds corn• 20
13
Cleve Worsted M com_100 13
2
Clevel Sand Brew
100
350
Dow Chemical common_ •
100 10515 10535
Preferred
72
Edwards (Wm) pref_ _ _100 72
6235
Electric Contr & Mfg com.*

98

540
200
1,425
101
1,568
775
33
495
55
342
128
515
155
310
40
25
.350
10
25
105
160
60
97
42
270
639
65
45
20
50
60
168

oxx

Range Since Jan. I.
Low,

Bonds
1931
Cleveland Ry 58
CleveSWRy&LtG&C5s '54
Steel Ar Tube deb 6s_ _1913

3335 34
1534 153.4
531
% 55
26
27
134 137
14
15
2134 2234
36
39
104 104
28
3034
20
2134
93
95
10534 106
634 63.4
7434
73
45
45
334
8
73
73
30
30
21
25
45
48
1
I
390 390
11
11
263.6 263.6
4314 46
91
90
102 102
3234 3234
104 104
25
25
102 10235

Range Since Jan. 1.

OM. c.004..NNNN.
M.

Stocks-

Friday
Sales
Last Week's Range for
Sale
of Prices.
IVeek.
Par Price, Low. High. Shares.

Patterson Sarg
• 3334
Peerless Motor corn._ 50
Reliance Mfg corn
* 54
Republic Stamp
*
Richman Bros corn
• 135
Robbins & Myerspfd _ _ _25 15
Scher-Hirst class A
*
Selberling Rubber corn. * 36
100 104
Preferred
Selby Shoe corn
•
Sheriff St Mkt corn _ _100 2034
.
Sherwin-Williams corn _ _25 95
Preferred
100 10535
StandTextileProdeorn _ _100
634
A preferred
...._100
100
B preferred
•
Stearns Motor corn
*
Steel & Tube B
*
Stouffer "A"
• 25
Sun Glow
Union Metal Mfg corn _ _ ..* 45
Union Mtge 1st Pfd100
100
Union Trust
Van Dorn Iron Wks com_•
* 2634
Vichek Tool
* 45
Weinberger Drug
Wellman Seav-Moralaf-100
Western Res Ind Co_ _100
•
Wheeler Prod
White Motor See pfd._100
Wood Chem Prod corn_ *
Youngstown S & T pf._100

Stocks-

Cleveland Stock Exchange.
-Record of transactions at
Cleveland Stock Exchange, July 6 to July 12, both inclusive, compiled from official sales lists:

261

Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.

414 May
535 July

• No Par Value. I new stock.

-Record of transactions
St. Louis, Stock Exchange.
at St. Louis Stock Exchange, July 6 to July 12, both
inclusive, compiled from official sales lists:
Friday
Sales
Last Week's Range for
Week.
Sale
of Prices.
Stocks
-Par Price. Low. High. Shares.

Range Since Jan. 1.
Low.

High.

Bank Stocks
Boatmen's Nat Bank .100
First Nat Bank
100
Mercantile Commerce _100 294

225
438
291

225
438
300

30 190
Feb 230
57 34235 Jan 443
120 285 June 310

May
June
May

Trust Co. Stocks
Franklin-Amer Trust__100
Mississippi Valley Tr_ _100
St Louis Union Trust. 100

255
304
530

255
312
530

8 215
109 302
14 500

Jan 255
July 312
Jan 543

July
July
June

60
37
4

Mar
Apr
July

Miscellaneous Stocks
American Credit Ind_ _25
AS Aloe Co,corn
20
Amer Inv B

5735 57%
3534 3534
4
4

1
100
50

50
May
3435 Apr
3 Juile

262

FINANCIAL CHRONICLE

Friday
Sales
Last Week's Rana
for
of Prices
Week.
Sale
Stocks (Concluded) Par Prig.. Low. High. Shares.

834
1856
57
1251
200

651
1851
62
1215
200

12
24
1,032
40
10

7
18
3755
39
14,

Mar
June
July
Apr
July

12
July
40
May
4036 Jan
4634 June
2055 Jan

9
654 July
16
Jan 20
Jan 62
37
1751
105.5 Jan
Mar 20054
190

Feb
June
July
May
Apr

Feb
Feb
Jan
Feb
July
Feb
June

60
32
107
100
4834
78

6051
33
107
100
4
834
80

475
105
20
50
75
1,193

45
23
70
9955
4855
4734

Ma, 62
Mar 33
Jan 108
Apr 10051
57
July
Jan 80

June
July
July
June
Mar
July

foloney Electric A
• 6034 60
to Portland Cement___25 41
4055
rat Bearing Metal coin_ * 110
106
160
Preferred
100
• 33
rat Candy common
293.4
Second preferred__ _100
96
5
richolas BeazleY
20

6134
42
119
101
33
9754
2955

1,574
640
150
335
3,106
26
555

5234
4055
77
99
1815
96
19

May 63
July 5534
Apr 119
May 10134
Jan 3455
July 99
July 2234

API'
Jan
July
Apr
June
Mar
Mar

55 2634 June 3355
50 21
June 25
705 1834 July 2451
1956
300 1534 July
July 80
25 75
200 75
July 75
July 4235
775 30
Apr 3854
635 30
378 11634 June 121
348 3215 Apr 4455
306 1634 July 24
10 74
June 81
20 24
Jan 26
1,240 493-4 July 5255
2,672 37
May 50

Jan
Jan
Jan
Feb
Jan
July
Jan
July
Mar
Jan
Jan
Jan
July
May
Feb

:ey Boiler Equip
• 60
:napp Monarch common_*
Oci-Chr Clay Prod com100 107
aclede Gas Light pref_100 100
20
aciede Steel Co
andLs Machine corn_ _25

•
'edigo-Weber Shoe
28
28
'Ickrel Walnut
*
2255 2234
iice-Stix Dry Goods corn _•
19
1951
cruggs-V-B D G com25
1534 1534
75
100
First preferred
75
Second preferred__ _100
75
75
• 3034
oullin Steel pref
30
31
ecurities Inv corn
* 3855 34
3834
'western Bell Tel pref_100 11734 11734 118
tix Baer & Fuller corn _ .. _• 3434 8455 3555
t Louis Pub Ser com
1635 18
• 1055
•
Preferred A
75
75
26
26
t Louis Scr & Bolt corn 2S
• 50
teinberg Drug pref
4955 50
Tagner Electric com ___ _15 4514 4434 4714
Street Railway Bonds
1934
'nited Rys 45
Miscellaneous Bondsleioney Electric 5555_1943
qt,...1 a.
1031

80
94

8055 57.000

93
94
0.31/. 0444

16,500
1 AM

80

July

85

Jan

92 June 9555 Feb
0414 Jniv 101
vah

• No par value.

Philadelphia Stock Exchange.
-Record of transactions
at Philadelphia Stock Exchange, July 6 to July 12, both
inclusive, compiled from official sales lists:

Stocks-

Friday
Sales
Last Week's Range for
Sale
of Prices
Week.
Par Price. Low, High. Shares.

Range Singe Jan. 1.
LOW.

High.

•
5%
554 651
Almar Stores
4,665
5
• 70
American Stores
70
7255 2,300 6534
Bankers Securities pref_ _50 5034 50
5134 3,200 50
714 114
Bell Tel Coot Pa pref__100 11434 11434 114%
9
200
Bornot Inc
851
9%
• 2134 2034 2234 31,955 14
Budd (E G) Mfg Co
91
90
9134
Preferred
696 sox
3,500 34
Budd Wheel Co
6934 81

Apr
8154
May 97
July 6334
June 118
Jan
10
June 6634
Jan 94
Jan 108%

50 3934
Cambria Iron
Camden Fire Insurance___ ......
Central Airport
834
Central Properties corn
C,onsol Trac of N J. _100

June
June
June
Mar
July

3955
32%
9%
834
47

Elec Storage Battery-100 89
83
10
46
Fire Association
Horn&Hardart(Phil) corn • 205
205
Horn&Hardart(N Y)corn •
52
100
10034
Preferred
Insurance Coot N A_ __ 10
7831
Lake Superior Corp..._..100 19
1534
Lehigh Coal & Nav
50 15634 155
1955
10
Lit Brothers
Ilanufac Cas Ins
North East Power Co_

5935
•

40
3455
10
834
47

330
3,100
300
900
34

3934
31
955
734
47

679 7974
89
4654
1,500 4534
40 197
210
900 5134
5234
35 10051
101
500 77
7955
2131 25,100 14
700 146
157
1935
200 19

59% 611
69
66

1,000
1,100

59
40

Jan
Jan
Jan
May
Feb
Mar
June
Mar

4155 Jan
4234 Jan
13
May
11
Mar
Jan
61

June 9234
June 5254
June 233
May 6234
May 108
June 91
May 42
Mar 16955
June 26

June
Mar
Feb
Jan
Feb
Jan
Jan
May
Jan

Feb
Mar

Jan
June

71
75

70 7654
Pa Cent L & P cum pre/ *
7635 78
2335 43,500 1534
Pennroad Corp
22
1.800 130
Pennsylvania Insurance.... 13934 13955 14134
Pennsylvania RR
8951 9134 21,800 73
50
Pennsylvania Salt Mfg__50
2,415 89
9336 100
Pulls Dairy Prod pref
8855
330 85
8834 85
290 8134
Phila Elec of Pa
25
12255 128
Soils Elec Pow pref____25 3235 3251 33
3,800 3254
300 4055
4215
Pulls Inquirer
42
42
Preferred w 1
1,400 50
50
50
50
Phil& Rap Tran
2,790 50
50 53% 5034 54
7% preferred
50 4955 4955 4955 2,400 4955
?bile & Read Coal & I Co •
100 2051
23
23
Flinn Traction
50
300 4955
51
51
C,ertificares
200 45
5054 51
Mina & West fly
50
5
100
551 551

June 81
May 26
Feb 175
Mar 91%
June 100
July 9334
Apr 128
July 3474
May 50
June 53
Mar 54
June 5151
May 3055
June 5515
June 52
955
June

Feb
Apr
Mar
July
July
Jan
July
Mar
Apr
May
Feb
Mar
Mar
Jan
Feb
Jan

Reading Traction Co
It E Land Title new
Reliance Insurance
10
Shreve El Dorado Pipe L25
Scott Paper Co
•
6% preferred B
Sentry Safety Control__

18
6351
1934
2455
48
975.5
1154

Mar 21
June 8451
July 26
July 3834
Jan 70
July 101
Feb 39

Apr
Jan
Jan
Jan
Mar
May
May

Tacony-Palralra 13ridge_ 5
46
5151
257 36
Tono-Belmont Devel_ __ _1
%
35
56
55
200
1 3 1-6
Tonopah Nth:Ong
3
3
355
2.800
50 35
35
3555
1,300 3155
Union Traction
33
33
34
Certificates
300 33
6555 71
9,730 39:5
United Corp temp cUs
4735 4855 4,925 42
Temp ctfs preference__ _
50 276
243 278
19,200 157
United Gas Improv
5454 4734 5415 104,200 37
Common new
1.700 87
9334 9334 94
Preferred new

Jan 5134
July
151
4
May
May 3834
July 3534
Mar 7555
Mar 4834
Mar 278
May 5455
Slav 95

July
Jan
Jan
Apr
Apr
May
July
July
July
May




69
2514

18
67
1954
2551
5755
9755
2055

18
69
1915
2534
86
9755
2156

8
700
600
1,575
415
10
1,700

Bonds
Am Tel& Tel cony 4365 '39
15614
Consol Trac N J 1st 55 '32
76
Elec 6r Peoples tr ctfs 4545
5351
Certificates of deposit__ _
5155
Inter-State Rys coll tr 4543
4334
Lake Sup Corp 5s stpd_ __ _
65
Peoples Pass tr ctfs 4s 1943
5855
Phila Elec (Pa) 1st 55_1966 103
102
Phila Elec Pow Co 554s '72 10451 104
'Strawbridge & Cloth 5s '48
98
York Railways 1st 5s_1937
94

15654
76
5334
5134
45
65
583.4
10334
10434
98%
94

N

350 1355 June 24
215 22
Apr 3551
July 2251
50 15
40
25.5 July
455
Apr 7434
1,799 63
60 10455 June 110
350 54
Feb 6756

5
555
Vire 355

334

r:cAn

15
2734
16
251
7434
10634
66

lamilton-Brown Shoe_ _25
1451
Iussmann Refr corn
•
27
Iuttig S & D corn
15
rydraulic Press Br com100
234
nternational Shoe corn_ _ • 7451
7351
100 10655 10634
Preferred
ohnson-S & S Shoe
• 6534 65

15 30
10 107
30 72
35 99
110 2734
30 37
100 50c

Rights
United Corporation
United Gas Improver's'ts

54
4955
15
1915
46
38

000000000
00.000.0s§
00

Jan
Apr
June
Jan
June
July
July

3155
108
81
99
31
3934
80c

45

50
4951
15
1934
45
35

000 .
. 000
0

Mar 36
Apr 110
Mar 8134
July 106
June 3334
3915
July
Mar 90c

3155
108
81
99
3035 3014
37
80c

United Lt & Pr A com_ •
US Dairy Prod class A. •
Common class B
*
Victory Insurance Co__ _10
West Jer & Seashore RR 50
Westmoreland Coal
50

LAW.
3134
48
1215
1855
42
35

008
Cl .3
t•C‘i

634
1834
60

20
39
50
1,670
64

Range Since Jan. 1.

0m.8
0
Cl

ilder Mfg com
1st preferred
100
A
100
imerson Electric pfd_100
lly & Walk Dry Gds com25
'ulton Iron Works, pfd100
lraniteBi-Metallic
10

4534
15

12
20
3734
4534
15

00

ihic Ry equip corn
25
Preferred
25
ioca-Cola Bottling, sec _ _1
:onsol Lead & Zinc A_
iorno Mills Coii

20

12
20
3755
4434
15

High.

Low.

Cl

lacy St'b'g & Cohen com_*
lentley Chain Stores, corn*
loyd-Welsh Shoe
•
100
irown Shoe corn
1urkart Mfg, pref
•

Range Since Jan. 1.

[VOL. 129.

Frum,/
amass
Dan Week's Range for
Sale
of Prices
Week.
Stocks (Concluded) Par. Price. Low. Hioh. Shares.

June
Jan
Apr
July
June
Mar

3% June
155 May
15651
76
50
51
4334
46
53
101
102%
98
93

July
July
Apr
Mar
July
June
Jan
June
Mar
June
June

High.
54
5355
1555
2534
5234
45

July
Mar
May

Jan

Jan
May

555 July
335 July
15651
8454
54%
5155
50
65
5935
105%
106
10055
99

July
Jan
Jan
Mar
Jan
Jan
May
Jan
Jan
Feb
Jan

• No par value.

Baltimore Stock Exchange.
-Record of transactions at
Baltimore Stock Exchange, July 6 to July 12, both inclusive, compiled from official sales lists:

Stocks-

Friday
Sales
Last 1Week's Range for
Sale
of Prices
Week.
Par Price. Low. High. Shares.

Arundel Corporation
42
All Coast Line (Conn)__50
Baltimore Brick pref
Baltimore Com'l Bank..100 161
Baltimore Trust Co
50 199
Baltimore Tube
100
Berliner-Joyce Aircraft.....* 25
• 54
Black & Decker corn
Preferred
25

41
19955
75
161
199
15
25
4955
27

42
19955
75
161
200
15
2531
5434
27%

Central Fire Insurance_ _10
36
40
Century Trust
50
185 187
Chet'& Po Tel of Halt p1100
115% 11655
Commercial Credit
4855 50
Preferred
25 28
25% 28
Preferred B
25 2655
26
27
655% 1st preferred_ _100
98
9955
Ex-warrants
92
93
9355
Corn Credit of N 0 pref_ _ „
2455 2455
Consol G, E L & Power_ •
132 139
Voting trusts
13355 137
6% prof ser D
100 11055 110% 11034
534% pref wiser E 100
10855 108%
100 101
10055 101%
5% Pref ser A
Consolidation Coal
1355 1551
_100
250 252
Continental Trust
Helton Tire dr Rubber_ __ -•
•
Eastern Rolling Mill
Scrip
25
Equitable Trust Co
50
Fidelity & Deposit
Fidelity dr Guar Fire Corp_
Finance Coot America A..•
•
Series B
Finance Service corn A__10
First Nat Bank w I
Houston 011 pref v t c__100

5
34%

551
456
34
3455
3454
34
140 143

295
6054
1255
1255
18
5555 55
83

61
1255
1255

305
6155
1255
1235
,
18
56
83

1855 18%
18%
Mfrs Finance corn V
1551 16
25 16
2d preferred
14051 142
Maryland Casualty Co....25 142
3655
• 33
33
Maryland Mtge corn
52
52
Maryland & Pa RR..._100 52
4555
Nferch & Miners Transi) • 4535 45
25
2555
Monon W Penn PS pref_25 25
11% 11%
10
Morris Plan Bank
13% 14
Mt Vernon-W Mills v t 100 13%
Preferred
77
80
100
Nat Marine Bank
Nat Sash Weight pref
New Amsterdam Cas Co 10

5054
53

10
Park Bank
Penna Water & Power_ _ _• 105
Real Estate Trustee. _100
Southern Bank Sec Corp__
Preferred
Stand Gas Eq 04w war..100
Un Porto Rican Sug corn..•
10
Union Trust Co
United Rys & Electric _ _50
11 S Fidelity & Guar new...
Wash Balt & Annap_ ...50
Preferred
50
\Vest Md Dairy Inc corn ...5
•
Preferred
Prior preferred
50

71
71
48% 5054
52
54

Range Since Jan. 1.
Low.

High.

Apr 4334
Jan 200
June 75
Jan 161
Jan 200
July 21
June 26
Jan 5451
Feb 28

Jan
June
July
Jan

40
• 210
11755
62
2635
2715
104%
OA
25%
150
140
11155
110
103
2234
300

Jan
Jan
Feb
Jan
June
June
Jan
July
Jan
June
July
Feb
May
Jan
Jan
Jan

1,850
1
Jan
555
1,816 2751 Mar 35
Jan 3431
7-20 28
50 124% Feb 146

May
June
Feb
May

599 3855
242 179
2 73
19 15055
174 165
2 15
477 24
2,000 31%
103 27
65
35
43
123
420
311
20
25
100
341
29
14
10
604
265
20

32
178
11354
4031
24
2554
94
8551
24
88
13355
100
104%
100
12
200

May
June
Jan
Feb
May
May
July
May
Feb
Mar
JnIY
Mar
May
June
June
Jan

Jan
Feb
May
July

may

168 286% July 314
Apr
221 56% Apr 87
Jan
275 11
Jan 13% Apr
80 1015 Jan
1354 Apr
May 75
170 17
Mar
871 52
June 8055 Jan
8 80
May 92% Jan
12 18
113 15
160 127
135 31
20 25
18 43
310 25
50 1034
211
13
18 7355

June 36
Feb
May
195‘ Jan
May 18315 Jan
Jan 46% Mar
May 6551 July
June 4755 Jan
Slay 27
Feb
June 14
Jan
Jan 18% Apr
June 82
Jan

30
505
548

June
June
July

67
48
52

80
Jan
5255 May
93
Jan

2955
101
121
54
92
30

2955
104
121
54
9251
30

5 2855
401 8155
5 120
315 40
120 92
50 30

4854
76
9
70%
15
18
113
88
53% 5355

4734
7951
951
7135
21
20
113
89
5334

220 39
130 76
340
851
1,198 65
1,189
8
270 11
50 100
85 86
150 52

Jan 52
July 7954
May 1551
May 91%
'Jan 21
Jan 20
Apr 130
June 96
June 54

May
July
Jan
Jan
July
July
Feb
Jan
Feb

95%
184
97
92%
75
86
9635

9554
188
97
92%
75
86
96%

$300 94
9,000 120
1,000 96%
1,000 90
1,000 75
5,000 86
5,000 9655

June 9955
Mar 191
June 98%
Jan 9355
July 7536
July 9355
Apr 9836

Jan
May
Jan
Apr
July
Jan
June

July
June

9834 Feb
99% Apr

Apr

8851 June

4755
78
934
7155

May 3255 Feb
May 10455 June
Feb 123
Feb
June 57
Apr
July 9755 May
June 48
Mar

Bonds
Baltimore City Bonds
1951
4s paving loan
Black & Decker 6358__1937
Cons GEL&P434s.1935
Elkhorn Coal Corp 655/3'31
7% w w
Fair & Clarks Trac 55_1938
Fairmont Coal lit 55..1931
Go Sou & Florida 5e_ _1945
Houston 011534% notes'38
Maryland Electric Ry1st & ref 614* ser A _1957
United fly & E 1st 45_1949
Income 48
1949
Funding 55
1936
6% notes
1930
1949
ist 6s
Wash Balt & Annap 581941

86

97

96
97

96
97)5

2,000
5.000

96
95

87

87

87

1,000

80

58
33%
51
97
72
77

5855 13,000
34
8,000
52% 5,700
97
1,000
72
10,000
82
50,000

58
32
50
90
72
70

5155
72

Feb
July .85
Jan
May 43
Apr 83
Jan
June
Jan 97
June 83)5 Jan
June 83'5 Jan

• No par value.

Los Angeles Stock Exchange.
-For this week's record of
transactions on the Los Angeles Exchange see page 234.
San Francisco Stock Exchange.
-For this week's record
of transactiens on the San Francisco Exchange see page 234.

JULY 13 1929.]

FINANCIAL CHRONICLE

263

New York Curb Market Weekly and Yearly Record
In the following extensive list we furnish a complete record of the transactions on the New York Curb Market for the
week beginning on Saturday last (July 6) and ending the present Friday (July 12). It is compiled entirely from the daily
reports of the Curb Market itself and is intended to include every security, whether stock or bonds, in which any dealings
occurred during the week covered.
Friday
Sales
Last Week's Range for
Sale
of Prices
Week.
Par. Price. Low. High. Shares.

Week Ended July 12.
Stocks-

Indus. & Miscellaneous.
Acetol Products corn A.•
Acoustic Products corn ___•
Aeronautical Industries __•
Warrants
Aero Supply & Mfg ci A •
Class B
Aero Underwriters
•
Agfa Ansco Corp corn.- _•
Preferred
100
Ainsworth Mfg Co
•
Ala Grt Sou ord
50
5(1
Preference
Alexander Industries
•
Allied Aviation Industries'
With stk pur war.
•
Allied Pack corn
•
Allison Drug Ste class B_..•
Alpha Portl Cement corn_•
'Aluminum Co common_ •
Preferred
100
Aluminum Ltd
•
Aluminum Goods Mfg __ •
Aluminum Industries
•
American Arch Co
100
Amer Beverage Corp_ - •
American Book
100
Amer Brit & Coot Corp__'
Am Brown Boveri Else Corp
Founders shares
•
Amer Chain tom
•
American Cigar Co com.100
Amer Colortype corn
•
Amer Cyanamid coin el B 20
Preferred
100
Amer Dept Stores CorP-•
let preferred
100
Amer Laund Mach corn_ .•
American Investors el B._ _
Warrants
American alfg corn_ _100
Amer Meter
•
Amer Milling Co new _25
Amer Melds Corp
50
Amer Pneurnat Ser corn _25
Amer Solv dc Chem v t c....•
Cony partic pref
*
American Thread pref
*
Am Wind GI Mach com.100
Amsterdam Trading Co
American shares
Anchor Post Fence corn_.'
Anglo-Chile Nitrate Corp.'
Anglo Norwegian Holding *
Apex Electrical Mfg
•
Arcturus Radio Tubs.__'
Armstrong Cork corn___•
Art Metal Wks coin
•
Associated Dye & Print_ •
Assoc Elea Industries
Amer dep ruts
Associated Laundries A_ •
Associated Rayon com_ •
0‘, preferred
100
Atlantic Coast Fisheries_ •
Atlantic Fruit & Sugar_ __•
Atlas Portland Cement._
Automatic Regis Mach---•
Cony prior panto
•
Aviation Corp of the Amer.
Aviation (The) Corp com_•
A vlitt loll Credit Corp._
•
Aviation Secur Corp
Axton-Fisher Tob cum A 10

5%
17%
454
17%
35%
3574
53%
151
14%
1334
714
131

13% 13%

31

19%
22%
120
39%
53
68
125
120
13%
1334
85
82
81
2234 21%
10% 10%

120

4031
7431

1074
19%
62%

9
20
67%
15%
36

13

June
June
May
Mar
Jan
Jan
Apr
June
June
June
Jan
July
July

June
Jan
Mar
Feb
July
June
July
Feb
July
Jan
Jan
July
Feb

20
400
811 Jan 23
24
500 1631 Mar 3434
124
125 11954 June 14454
40
400 37
Jan 4934
68% 161.100 3934 May 80
125
225 98
Jan 125
14% 1,800 1254 June 29
85
200 85
June 114
82
125 77
Mar 9634
22% 4,500 2154 July 2254
1,600 1034 July
10%
1054

June
Mar
Mar
Feb
Jan
July
Mar
Mar
Jan
July
July

'as

31
1
4254
146
10334
1 0654
28
3531
35
1334
125
1434

46
114%
69
60
12%
29
35%
49
51%
331 3%
20
20

50 3734 Jan 50
May
25 11434 Apr a124
Jan
600 57
May 69
July
800 r5934 June 6034 May
231 Mar 1234! July
6,700
3,300 2514 July 4034 Mar
2,500 42 June 5531 Jan
Feb
3
1,500
334 Jan
25 20
July 20
July

30%
41
3434
434
31
4031
70%
39%
14

200
4,000
1,900
1,500
300
3,200
1,42
40
600

30
2914
83
431
31
2254
61
32
1134

1)31 22,90
70
1035
20
30
1,600
64%
60
500
15
I31
,
2,200
30
4834 4834
200
9
0
20
1,700
20%
7,300
66
69
15% 16
23,10
60
mu 17
40
1,00
4234
3534 36
300

931
10
19
6134
4954
76o
4534
8
1954
3254
1 554
1631
40
32

10%
10
19%
61%
52

30%
46
3536
434
32
41%
7434
43
14%

_100 123% 123 12331
7,600 1 1734
Babcock&WlicoxCo.&Co
Baumann (Ludwig) -- Cony 7% hot pref_ _100 9234 92% 93
100 9234
Beatrice Creamery
50 92
85
92
200 85
Reliance Aircraft v t o___• 16
15% 1835 3,400 15
Bickford's Inc corn
24
26%
26% 2,700 24
$2.50 cum cony pref • 34% 3331 3434
700 3331
Blauners common
•
4931 51% 2,100 45
maw-Knox Co
•
40
1,400 38
4234
Bliss(E W)Co common.' 43% 43% 47% 3,900 39
Blumenthal (S)&Co corn.* 87% 8531 89
500 80
Bridgeport Mach corn.. •
3% 351
131
100
Brill Corp class A
• 2331 20
2334
1,600 1831
Class B
•
200
831 8%
7
Preferred
100
85
85
200 85
Bribe Mfg corn
•
1934 19%
100 18
Brit Amer Tub ord hoer.Cl
3031 30%
400 2934
British CelaneeeAmer deposit receipts-,
6% 631
651
300
434
Bruck Silk Mills Ltd____• 34% 33
34% 2,200 33
Budd (Edward) Mfg new
2114 20% 22% 8,400 16
110(1(1 Wheel common__ *
74% 8451
500 70
Bulova Watch corn
• 2936 28% 2934
600 2534
$3.50 cony pref
4731 47%
100 47
Burma Corp Amer dep rots
4%
416
434 10,700
354
Burroughs Add Mach new
63% 63% 6531 8,100 5934
Butler 13roa
20 32
2835 32%
2,900 2534
•
Bunn Clark Inc corn
7% 731
200
634
By-Products Coke new __• 34% 3231 3431 3,20
30
Camden Fire Insurance. 100 32
32
32
10
32
Cable Radio Tube v
1535
1431 15% 6,40
1234
Campbell Wyant & Cannon
45
Foundry
3934 45
1,60
3414
Canadian Indus Alcohol_ _• 23
23
23
10
23
Capital Adminls class A...• 56% 47
5611 6,30
3734
Preferred A
Si) 37;4 3731 38
1,100 3554
Carman & Co class A__ •
28% 2835
100 2834
Carnation Mil Prod corn 2$
43
44
1,100 3331
215 220
Casein Co of Amer ___100
80 180
• 86% 83% 8635 11,900 69
Caterpillar Tractor
Celanese Corp of Am porn •
33
1,80
35
31
100 92
92 10311
First preferred
700 92
New preferred
100
95
99
20
6934
Centrifugal Pipe Corf)---•
8% 3,000
8
7
Chain Store Stooks Ino_.• 33
31% 33% 3,400 30
Charts Corp
30
30
100 28
Checker Cab Mfg corn_ • 72% 6854 86
76.600 4654
loo
105% 10634
Childs Co pref
100 9731
Cities Service common-.-- 3931 36% 3934 202,300 2731
Roo 94
94%
94
Preferred
1,400 94
10
9
9
Preferred 11
900
834
27% 2936
City Machine &Tool corn.'
700 2431
2836 28%
200 25
City Radio Stores corn_..* 2834




May 23
Jan
June
Jan
19
July
1834 June
June
5
July
Mar 5454 June
1834 June
May
May 4834 Feb
Apr 4334 Jan
Jan 9031 May
Apr u5854 July
Slay 161
Feb
May 167
Feb
Mar 23
Mar
1434
2
11
5454
40035
10854
190
47
47
4734
1534
125
2234

46
114%
65
5931

4531
35

800
3,600
1,700
1.600
1,900
900
800
800
300
1.600
50
25
800

High.

Low.

13%
13
6
200
3% 5% 63,400
214
16% 17% 3,800 1634
3% 4% 2,100
331
52
52
100 3834
1734 1834 2,400 13
3535 36%
400 35
35% 37
1,700 32
83%
200 7334
82
5354 u5834 4,600 39
15031 15534
500 144
151 158
110 144
14
1,800 13
1431

1% 135
44
45%
340 40034
104
104 106
179% 17554 190
29
29
33
46
47
37% 36% 38%
15
15
125
125 125
15
15
1554

11
34
51

Range Since Jan. 1.

Mar
Mar
June
July
Mar
Jan
June
June

3334
46
4531
45-4
39
5534
75
5631
2734

May
July
Jan
May
June
May
Apr
Feb
Feb

Apr
Mar
May
July
May
Apr
May
Jan
Mar
Jan
July
June
July
Apr

1554
1434
3534
8734
9054
2
5454
1534
2954
8934
23
2331
4954
4334

May
Feb
Jan
Jan
Fen
Jan
Jan
Jan
Jan
Mar
May
Feb
June
Feb

Jai)

Apr 137

Jan

Feb 100
July 92
Jan 24
July 2071
July 3436
June 6035
Apr 4531
Apr 5634
Feb 9754
Jan
534
May 2634
May
1254
July 90
May
273.4
Apr 3234

Slay
July
May
July
July
Feb
Feb
Jan
May
May
Apr
Mar
Jan
Mar
Feb

Jan
June
June
June
July
July
Feb
May
June
Feb
June
July
June

1034
3454
2234
8434
3234
50
531
67
4434
1734
3435
32
1951

June
July
July
June
Mar
Jan
Jan
Slay
May
Jan
July
July
May

June
July
June
May
July,
May
Jan
Mar
June
July
May
June
June
June
Jan
Mar
Slay
July
Jan
Apr
May

4634
4334
5631
3831
3134
4834
267
88
5754
122
100
13
6014
92
94
109
3934
9954
934
3434
31

Tau
Mar
July
June
Feb
June
Jan
May
Feb
Apr
Feb
Jan
Jen
Jan
Mar
Jae
July
May
Jan
Jan
Feb

Friday
Sales
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Continued) Par. Price. Low. High. Shares.
*
Cleve-Cliffs Iron pref
9734 9731
Cleveland Tractor corn....'
2834 3031
•
Club Alum Utensil
9%
8
•
Cockshutt Plow corn
3831 39
Cohn-Hall-Marx
• 4834 48
5034
Cohn & Rosenberg cora_ •
40
40
Colgate Palmolive Peet_ _• 6754 6731 6931
Colombian Syndicate
31
1
Columbia Graph sub rts.-_
72
6634 65
Columbia Pict corn
33
• 3254 31
Columbus Auto Parts pref•
2631 2631
Consolidated Aircraft_
• 35% 35
35!4
Consol Automatic
Merchandising v t 03 •
336 434
354
83.50 pref
• 14
12
19%
Consol Dairy Products__' 44
3734 4434
Congo' Film Indus com• 2234 2116 23
Consol Gas Utll cl A
30
• 30
30
Consul Instrument com • 2234 22
24%
Consul Laundries
• 16
15% 1631
Cons Ret Stores Inc com• 2654 2634 27%
Consol Theatres Ltd v t c-*
18% 2031
18%
Consolidation Coal com.100
1334 14
ContinentaiDlamondribre
• 41
3634 44
Coon (NV B) Co common_*
2536 2531
Cooper-Bessom'rCorpcom*
39;4 39%
$3 cum pref with warr _•
4835 49
Copeland Products Inc
14
14
Class A with warr
• 14
Corroon & Reynolds corn.° 31
31
31
Preferred A
• 100
100 100
Courtalds Ltd Am day
51
Rats for ord atk reg
1731 1731
337 34636
Crock Wheel El Mfg corn 100
Crosse & Blackwell
•
Prof with warrants_
5034 5034
48
Crowley Milner & Co corn •
48
Cuneo Press common_ 10 39
39
39
3431 35
Curtiss Aeropl Exp Corp..' 35
11%
Curtiss Airports v t c
11
• 11%
Curtiss Flying serv Inc..' 22% 21% 23%
Curtiss-Reid Aircraft
pfd with stk much war 30
3031 32
Curtiss-Wright Corp corn • 2814 27% 2834
Convertible class A
3831 3635 39;4
Warrants
12
12%
.10
Davega Inc
•
3031 3135
Davenport Hosiery
22% 2731
27
Davis Drug Stores allot errs
16
15
Dayton Airplane Engine_*
14
14
Deere & Co common _100 57934 558 585
De Forest Radio vi c____• 14% 13% 15%
De Havilland Aircraft Co
Am dep rts new f pd reg.
835
831 851
8% 9
Am dep rcts old ord reg51
836
Detroit Aircraft Corp w I_• 15
15
1534
Dixon (Jos) Crucible...100 166
166 166
Doehler Die-Casting
• 31% 31
31.14
Donner Steel common_
•
29
30
Douglas Aircraft Inc
34
3631
Draper Corp
100 7431 7231 74%
Dubliler Condenser Corp_•
631
6
6%
Durant Motors Inc
• 11%
11
12%
Durham Duplex Razor
Prior pref with war
* 39
39
39
Dus Co Inc class A v t c •
1
1
131
Class A
•
1% I%
Eastern SS Lines com_ _5
114% 11434
Edison Bros Stores corn__• 20
20
20
Educational Pictures
8% curn pf with war_100
40
4031
Elaier Electric corn
• 26% 2531 2731
Elec Shareholdings corn _• 59
4634 64
Cony pref with warr____ 145
115% 150
Elec Shovel Coal pref
•
47
47
Fabrics Finishing com___• 1514
15% 1631
Fageol Motors corn
io 436 4% 4%
Fairchild Aviation claw A •
18
1034
Fajardo Sugar
100
88
93
Fandango Corp corn
•
231
234 3
Fansteel Products Inc__ •
1234 12%
Fedders Mfg Inc class A__• 30
30
31
Federated Metals tr ett__• 34
34
35
Ferro Enameling Co el A.
61
61
61
Fiat. Amer dep receipts__
28
27% 23%
Film Inspection Mach...'
2
2%
Financial lnveseg of NY 10 28% 28
30
Fire Assn of Phila
10
4534 46
Fireman's Fund Insur_100
106 108%
Irlrestone Tire at R oom_10 262
262 271
Fleisehamini Royal-See S tandar d Brands Inc
Fokker Air Corp of Amer.• 47
4434 48%
Foil's-Fischer Inc corn _ • 29
2535 29
Foote Bros Gear & Slachl•
3035 30.31
Ford Motor Co Ltd
Amer dep rota ord reg_51
15
17
17
Ford Motor of Can cl A _ _• 46
45% 49
Class B
• 6734 6734 72%
l'orhan Co class A
• 23
23
23
Foremost Dairy Prod corn.'
1134 12
Cony preference
•
2036 2035
Foremost Fabrics Corp_' 25
24% 27
Foundation Co
Foreign shares class A__• 13
11
13%
Fox Theatres class A 00M.• 2531 2231 27
Franklin (II H) Mfg cora •
39% 42%
Preferred
100
90
9031
Freed-Elsernan Radio_
•
2% 234
French Line
-Am shs for
Corn B stock 600 francs 46
46
4631
Fresnman (Chas) Co
•
931
8
9.74
Gamewell Co corn
•
8034 84%
Garlock Packing corn___• 3334 31
33%
Garrard (S A) Co w I
27
26% 27%
General Alloys Co
• 10%
1034 10%
Gen Amer Investors new..' 2934
2735 2931
General Baking oom
•
731
731 8%
Preferred
• 7334
7131 7334
Gen Elec Co of (It Britain
American deposit rots... 1331
12% 13%
General Fireproofing corn.' 42
40
42
Gen Indust Alcohol v cc.'
3334 34
Gen Laund Mach corn_ _
21% 20
2131
Gen Printing Ink corn.,.. __• 47
47
51
Gaul Realty & URI eom_• 25
2334 25%
Pf with corn purch war 100 9334 9331 96%
Gleaner Combine'Lary _• 114
111 12335
Glen Alden Coal
• 122
122 12474
Globe Underwrit F.xch
• 25
25
2534

100
1,100
400
500
1,700
300
1,200
2,300
5,900
5,200
200
5,200
19,900
2,400
9,500
4,600
900
1,20
5.800
700
40
275
10,100
100
100
300
200
100
400

Range Mace Jan. 1.
Low.

1148.

9734 July
27
July
734 May
3831 July
3634 Feb
90 June
63
May
% June
55 June
28
May
25 Slay
25% Mar

97%
32
33%
39
5031
4031
8031
2
72
38%
35
4431

July
June
Feb
July
July
June
Jan
Jan
July
May
Mar
May

July
July
June
Jan
June
July
July
May
June
July
Apr
June
Jun
Jun

17%
45
50%
27
3034
35
21
3931
2331
22
44
433g
,
49%
5234

Jan
Jan
Feb
Apr
June
Mar
Mar
Feb
Slay
Jan
July
Jan
June
Apr

334
12
31%
18
2931
1934
15%
25
18%
1334
25%
25
37%
48

1134 Jun
21% Feb
30
Jun
31
June
Apr 102
97
Apr

300 1834 June 2534 Jan
150 12735 Jan 34635 July
100
300
100
500
47.100
15,100

4831
46%
37
2634
1031
1931

700 2731
99,500 27%
17,100 35%
12,200
934
300 2834
1831
1,20
15
40
14
10
3.225 511
20,500 1131

June
July
June
Jan
May
Mar

56
62%
4731
5234
1331
29%

Apr 35
July 30%
June 39)4
June 13
Apr 3654
Jan 3131
July 5734
19
July
May 642
Slay 26%

83( July
1,500
1054
836 July 10%
700
1531
29,100 15 Jun
30 160% Jan 173
Mar 42
600 27
Jan 32
500 21
1,700 24% Mar 4535
Jan 78
850 65
4
June 1134
1,100
9 Slay
6,300
1931

Feb
Jan
Jan
Feb
May
Apr
Mar
June
June
July
Jan
Feb
Mar
June'
Feb
Jan
May
May
Jun*
Mar
Jan
Feb
Mae
June
Jan
Jan

July 5334 Mar
100 39
July
1
700
435 Jan
1
June
Jan
100
7
20 102% Jan 114% July
20 Stay 23
May
1,20
12' 40
18,500 2134
33,200 4634
14,400 115
100 4531
1,100 10
4
800
1,300 18
70 79
8,900
234
100 10%
700 28
27
30
10
56
17,300 26
131
30
26%
5,30
4535
50
200 101
375 22034
6,400
5,900
100

July
June
July
July
June
June
May
July
Apr
June
Mar
June
June
June
Slay
Jan
June
July
Mar
Fe

18% Jan
2531 July
21 (June

89734
29%
64
150
61
2534
631
3434
124%
10
21%
50
39
7331
2914
514
30
53
155
309

Jan
June
July
July
Jan
Jan
Jan
Feb
Jan
Mar
Jan
Jan
Mar
Apr
Slay
Slay
July
Mar
Feb
Apr

6734 May
3831 Jan
3034 July

35.900
10,600
250
100
300
300
3,900

1434
43%
5634
23
11%
2031
2431

2,100
35,500
500
50
200

11
July
21% May
aog Mar
8535 Feb
1% Feb

1934 Mar
3514 Jan
4631 June
91% Feb
431 Jan

400
18,700
1,60
16.100
1,100
200
6,000
27,800
8,200

42%
6%
68%
23
26%
1034
25%
6%
6734

59
1231
8434
33%
2731
21%
29%
10%
7931

July 20%
June 6931
Apr 172
June 3374
July
15%
June 23
July
3031

Jan
Mar
Mar
Apr
July
July
Jun
May
Slay

Jan
Apr
Apr
Feb
Apr
Apr
May

Jan
Jan
July
July
July
Jan
July
Jan
Jan

39,900 1134 Jan
2036 Feb
1,200 3034 'Jr(
42
July
300 3234 Jun
34% May
1,600 20
July 2734 Jan
700 4531 June 51
July
13,900 1735 Apr 2631 July
5,100 88
Ma
10031 Feb
1,700 95
124% Jan
Fe
1,100 11834 Jun 139
Jan
9.000 24% June 2734 June

264

FINANCIAL CHRONICLE

Friday
Sales
Last Week's Range for
Sale
Week.
of Prices.
Stocks (Cont(nued) Par Price. Low. High. Shares.

Range Since Jan. 1.
Low.

High.

Godchaux Sugars Inc__ •
July 28
July
50 28
28
28
Goldberg (S M)Stares-37 pref stk pur warr.._• 80
Jan
300 80 June 88
80
80
Goldman-Sachs Trading--• 105% 105% 107% 30,600 93
Feb 121m Mat
Gold Seal Elm Co new...' 20% 19% 22% 13,500 17
May 27% May
Gorham Inc corn A
• 38% 35
33% 2,400 3134 June 38% July
$3 cum pref with wart_ •
50
800 50 may 61 June
50%
Gorham Mfg common.....' 61
Apr
July 82
300 60
6231
61
Gotham Knitbae Mach_ •
714 J11110 19% Feb
8% 9% 1,900
Gramophone Co Ltd
New
July
40% 39% 4034 1,500 39% July 41
Grand Rapids Varnish....' 19% 17% 1931 1,400 17% July 22 June
GS AU & Pao Tea 1st p1100
Jan 117% Feb
70 115
116 117%
Non vol corn stock...
400
650 332 May 494 May
382 429%
Greenfield Tap & Die corn•
Jan 19% Feb
600 12
15% 16
Greif (L) & 13ro pf el X 100 95
Jan
50 9333 Feb 97
95
95
Grigsby-Grunow Co corn.' 196
Apr 198 July
8,300 120
149 196
Ground Gripper Shoe corn' 40
Jan 4314 Mar
41% 1,200 27
39
$3 Preferred
Jan 42% Mar
• 39% 39
1,700 32
40
Guardian Fire Assurance 10 69% 64% 70% 8,800 57
Apr 70% May
Guardian Invest
9
July
July
8
500
8
9
Hall(C M) Lamp Co_
•
100 20% Mar 26% Jan
23% 23%
Hall(W F) Printing____10 30% 3034 31
1,500 26
Jan
Apr 85
Handley-Page Ltd
Am dep rats partic'met
4% June
400
531 June
5% 551
Happiness Candy St el A •
2 June
5% Jan
200
2% 2%
Hartman Tobacco com__10
Jan
Jan 22
200 20
20
20
Haygart Corp
• 63% 62
Jan 82% Mar
64% 10,000 46
Haseltine Corp
• 55
Apr 7034 May
55
633.4 4,200 41
Helena RuIrstein me cora• 1731 17% 1831 1,100 17% June 2633 Jan
Hercules Powder com_ •
Feb
100 9631 Jan 130
12934 129%
Hires(Chas E)corn A_ •
900 23% Jan 25% Feb
2434 25
Holt (Henry) & Co el A..* 23
Apr 24% Jan
200 23
23
23
Hood Rubber
• 21% 20
1,000 18 June 27% Jan
22
Hormel(Geo A)& Co corn*
100 3334 Jan 57
53% 53%
Feb
Horn & Hardart corn
• 54
52
600 51% July 613( Feb
54
Preferred
50
Jan
300 9934 July 105
99)4 100
Huyler's of Del corn
• 23
July 82
400 23
23
23
Jan
Higrade Food Prod oom • 40
49% Jan
34% 41% 14,500 3434 July
Imperial Chem Industries
Am dep rcts ord shs reg El
8% 8%
300
83( May 11% Feb
Imperial Tob of Canada.
.5
9% June 11% Feb
10% 10)1
100
Imp Tob of G B & Ire
200 22% June 33% Jan
23% 23%
Indus Finance corn v 0_10
28% 29% 1.000 27 June 58% Jan
lnallr Co of North Amer_10 7934 78% 79% 1,500 7634 May 90% Jan
Insurance Securities_ _ _ _10 26% 25% 26% 2,700 25 June 333( Jan
Imam shares of Del coin A • 2231 82131 22)1 15.700 20 May 2633 July
lot Mere Marine new. •
26
27% 3,000 2531 June 28% June
Internat Perfume com___* 15
600 14% June 24% Jan
15
15
Internal Products corn-•
7% July
700
143( Jan
9%
934
9
$6 preferred
100 78
100 78
July 8331 Feb
78
78
Inter Projector corn
• 29
26
29% 40,600 19% Apr 3033 June
Internet Safety Razor B..• 31% 27% 32
1,800 25
Feb 46
Jan
International Shoe eorn • 74
7331 74% 3,500 60
Feb 743( July
Interstate Hosiery Mills- •
2034 23%
800 20% July 323( Mar
Investors Equity com----• 62
8,500 45
Mar 62
62
July
54
Irving Air acute corn _--• 33
6,000 21
May 41% May
29
33
Jaeger Machine
3231 32%
Jan
25 3231 July 45
Jefferson Electric
100 42 May 59% Mar
49
49
Johnson Motor
900 45 June 60
Mar
4631 4931
Jonas & Naumberg com •
400
7 June 20
Mar
7% 8
ftarstadt(Rudolph) Am slis
400 18 June 2433 Mar
18
18
Kermath Mfg common...* 15% 14% 16% 5,500 12% May 17% May
Keystone Aircraft Coro--• 45% 4231 45% 9,800 31% Mar 50
Jan
Klein (11) Jr Co part pf_ _20 18
200 18 June 24% Feb
18
18)5
Kleinert (J B) Rub corn •
100 40% May 41% May
40% 40%
Robacker Stores corn_ •
300 41
5434 59
Jan 71% Mar
Kohiter-Brandes. LtdEl
Amer share.
4 May 1234 Mar
6% 8,100
5% 5%
Lackawanna Seouritlee--• 39)4 39% 39% 1,300 37 May 45% Jan
Lake Superior Corp..-100 19)4 18% 20% 2,100 13 May 41% Jan
Lakey Foundry & Mach...'
1,400 20% May 853( Jan
24
25
Landray Bros class A- *
Feb
300 16% June 29
19
18
•
Land Co of Fla
Jan
200
534 May 13
53.1 534
Lane Bryant Inc cont. •
100 68 June 81% I.Ian
69% 6934
Lazarus(F & R)& Co corn* 39
Mar
1,500 32% June 49
34
39
Jan
•
Lefcourt Realty
24
200 23% July 39
24%
Preferred
July 39
100 35
•
35
Jan
35
Lehigh Coal dc Nay
Apr 172
50 155
154 156
Jan
600 149
• 6331 62% 64
Lerner Stores Corp corn._.
Feb 65% June
500 44
Ley (Fred T)& Co Inc_ __* 62% 5534 62% 5,000 55% June 64% Mar
Libby. McNeil & Libby.10
15
Jan
12% 12% 1,100 11% May
Libby-Owens Glass new._* 46% 46% 4834 2,100 46% July 4834 July
Libby OwensSheet Glass 25 185
185 1903£ 1,400 148 June 220% Fet,
Liberty Dairy Prod corn *
July
July 30
100 30
30
30
Llly-Tulip Cup Corp
5,700 18% Apr 24% June
• 23% 22% 24
10 19% 19% 1934
Lit Brothers Corp
200 19
Apr 2631 Jan
Mar
Loews Inc stk pur warts. -----434 July 14
400
5
7%
London Tin Syndicate Am
_£1
100 14% Apr 22% Mar
dep recta ord reg
16
16%
Louisiana Land &Excitor _•
July 14% Feb
8
8%
8
8% 6,600
MacMarr Stores
Apr 43% May
40
39
4034 3,500 35
• 34% 34% 3534
Mangel Stores cow
800 33% Apr 38% May
Mar
* 100
634% pref with warr
200 100 June 103
100 100
Manning Bowman& Co A• 1734 1734 183(
400 1734 Jan 20% Jan
•
Class B
July 133) Jan
300 11
11%
11
Jan
Mapes Consol Mfg
700 37 June 42
41% 40
41%
Marion Steam Shovel corn• 2734 25
27% 1,400 23% Apr 56% Jan
Jan
Maryland Casualty Co_ _25 142
75 130 May 175
140 142
Mar
Mavis Bottling Co of Am..'
3% July 11
634
3% 1331 26,800
Mayflower Associates Ino • 73)£ 73% 75% 2,000 60 June 7634 July
Apr 3134 Jan
McCord Rad & Mfg cl B...
400 22
25% 2631
Jan
McLellan Stores class A..' 52
800 42 June 59
51
53
July 59% Apr
Mead Johnson & Co corn.' 51% 49
800 49
52%
July
Merritt Chapman & Scott• 34
8,900 2434 Apr 35
32% 35
634% pf A with warr_100
700 92% June 100% Feb
94% 97
Jan
1% June
Mesabi Iron
3
•
134 1,400
Metal & Mining Shs Inc..* 19% 19
19% 6,800 19 June 22% June
Metal & Thermit Corp.-.'
Jan 17534 Feb
75 150
168 170
Feb
Metropol-Chain Storm_
Mar 89
200 70
72
7231
72
Midland Royalty $2 pfd..' 31% 29
31% 9,600 28 June 3134 July
Midland Steel Products_ ..• 11234 99% 11931 2,100 90
May 119% July
Milgrim (H)& Bros corn.*
Alm 20% Feb
600 15
16% 17%
Miller(I)& Sons corn____• 52% 48% 52% 1,400 89
Jan 53% May
Minnespolls-Honeywell
Regulator common....' 94
1,900 55% Jan 97% June
9331 97
Mirror (The) 7% pref. 100
Jan
150 9133 June 95
91% 9135
Mock.Judson Voehringer•
Jan 4134 Apr
100 28
3331 33%
Montecatini M & Am
Warrants
2% May
500
6% Feb
3
3
Moore Drop Forge el A...' 65% 65% 66%
Jan
Mar 75
500 59
Moto Meter Gauge dc Eq.' 27% 274 29% 5,200 25% June 3531 Apr
Murphy (G C) Co corn...' 95% 95% 95)1
100 7734 ,Jan 106% Mar
Nachmann-Spgfield Corp.*
Apr 7631 Feb
200 58
60
60
• 7034 65% 72% 22,200 62
Nat Aviation Corp
Jan ss May
Nat Baking Co common..'
Jan
5
Mar
700
5)4 5%
Nat I3ancservice Corp •
400 5934 July 75% Jan
59% 60
•
Nat Candy common
3034 32
400 24% June 34% July
Nat Container Corp corn.* 27% 2734 28% 1,400 24% June 28% July
$2 cony pref
•
May
28
28% 1,400 2734 May 29
Nat Family Storescom_• 31% 30
July 46% Feb
5,000 30
35
Preferred with war.. 25
36
200 32% Jan 49% Mar
36
Nat Food Products
•
Jae
Class A with warr
28
28
100 28 June 37
•
Claes B
Jan
8
8)1 1,100
8
July 12
• 72
Nat Investors corn
July
35
1,600 11% July 73
73
Allotment ctfs
143 14431
300 110
Apr 144% July
Warrants
61% 61%
100 61% July 6133 July
Nat Leather stamped_ 10
Jan
2% 2)1
500
2 June
5
2334 24
Nat Mfrs & Stores
900 21% May 40% JAI]
• 24
900 2931 May 4134 Jan
Nat Rubber Machinery...' 3334 33% 34%
26
• 26
Mar 5.514 Mar
100 25
2631
Nat Screen Service




'May
Sates
Last Week's Range for
Sale
Week.
of Prices
Stocks (Continued) Par. Price. Low. High. Shares.

[Vol,. 129.
Range Since Jan. 1.
Low.

High.

• 42% 4034 43% 1,100 39% Apr 5531 Jan
Nat Sugar Refg
Nat Theatre Supply com_• 24% 19% 25% 24,500
Mar 25% July
7
Nat Toll Bridge corn A....'
7
July 20. Mar
400
7
7
734
Nat Trade Journal Inc__ •
19%
19
600 1534 June 34% Jan
Nauheim Pharmacies corn *
Jan
July 12
2
2
300
4
3
Preferred
•
May 3231 Mar
11
100 10
11
NMI Corp Common
23
2234 23% 1,400 203£ Mar 29% Jan
First preferred
Feb
Jan 76
200 70
74
73
Neisner Bros common__100 153
Feb
200 140 June 164
152% 153
Preferred
100 203
Jan 210
700 187
201 204
Feb
Nelson(Herman)Corp-5 2734 27% 2
1,500 23
Apr 31 May
Nestle Le Mn? Co class A..• 23
400 19% Jan 27)4 May
20
23
Newben7(J J) Co
• 75
July 8034 May
500 75
75
75
New Me:& Aris Land__ 1
600
9% Mar
6%
5% May
5% 6%
New Orl 1St Nor RR __100
Feb
700 14 May 32
25
22
NY Auction common A..• 22% 1634 22% 6,400 16% June 243( Feb
N Y Hamburg Corp_
50
200 38% May 52% Mar
39% 40
N Y Investors
38% 3,900 36% Apr 41133 Feb
37% 37
Niagara Share Corp
* 68% 61% 68% 13,800 26
Jan 68% June
Nike-Beml-Pond com____ 57% 57% 59% 1,400 3144 mar 78
Apr
Noma Electric Corp corn.' 23% 22% 23% 2,900 17
Mar 2734 May
North American Aviation.' 16% 16% 16% 24,400 14
Jan
Mar 24
North American Cement.*
July 13
Jan
300
8
8
9%
8
Northam Warren Corn Pl.
July 4634 May
100 31
3931 3931
•
Northwest Engineering •
100 25 June 48% Feb
33
33
Novadel-Agene common.*
lab 31% Feb
200 28
23%
23
Ohio Brass class 13
Jan
25 8034 Apr 92
82
82
Oil Stocks Ltd
Class A without warr..• 13% 1334 13% 1,000 13 June 19% JAB
Orange Crush Co
• 24
1,100 23 May 29% Ayr
23% 24
Outbd Motors Corp corn B•
Apr
Apr 16
12% 1,000 11
11
• 18% 183( 18%
Conv prat' in A
700 18 June 21% May
May
Overseas Securities
•
200 50 June 59
53
5334
Pacific Coast Biscuit pref.* 4634 46
May
Jan 49
500 42
4633
Packard Electric Co
• 34% 34)4 34%
May
200 34% July 39
Packard Motor new
60,800 25% June 29% May
26% 26% 28
Paramount Cab Mfti corn.' 19% 19
22% .1,600 1531 June 43% Jan
Parke Davis & Co
• 46
45% 46)4 2,800 44% May 5844 Feb
Parmelee Transport cont.*
200 2434 Apr 25% API
2434 24%
Apr
Pender (D) Grocery el A.•
50 51% July 65
52
52
Class 13
July 62)1 May
50 49
•
49
49
July
Penney (J C) Co corn
1,700 105 May 123
122
120 123
Class A preferred-._100 9734 07
July 102% Fen
620 96
98
Apr
Pennroad Corp corn v t 0..* 2244 22% 23% 209,700 16
May 25
Jan
Peoples Drug Store Intl--• 85% 80% 85% 1,300 7434 Feb 94
Pepperell Mfg
30 96 June 113% Feb
100
96
97
Apr 64 June
Perfect Circle Co com.--• 61% 5931 61% 1,100 45
July 100
May
100 75
Perfection Stove
25
75
75
Perryman Elm) Co
• 19
1734 1933 2,400 16 June 29% May
Philippe(Louls)Ine Acorn' 27% 2733 2734
600 24% Apr 32 May
Common cities B
• 2644 26
2745 2,400 2334 Apr 81% May
4% June
Phil Morris Con Inc corn.'
1)( May
144
1% 1% 1,900
Class A
25
833 Jan 10 June
600
9
9
Pick (Albert). Barth & Co
Pref elms A (Plinio 10).• 15% 15% 15% 2,200 15
Jan
Mar 19
1,600 2533 June 8831 Jan
•
Pierce Governor Co
27% 30
Pilot Radio & Tube ci A..* 20% 18% 20% 34,500 1733 May 20% July
Pitney Bowes Postage
• 28
Meter Co
31% 34,500 13% Mar 31% July
28
Pitts & L Erie RR com--50
100 13534 Mar 156% Feb
146 146
Pitts Plate Glass corn-25 69
1,700 64
69
68
Jan 76% Jan
Pitts Screw & Bolt
• 26% 2644 8 %
800 23
8
3
76
2
Mar 3134 Apr
Powdrell & Alexander____* 83%
8,100 67
July 83% July
Pratt & Lambert Co
300 6333 Jan 85
• 71
71
71%
Feb
Procter & Gamble com-.10 404
1,600 281
Jan 410
398 410
July
Propper Silk Hader, Inc.*
100 2733 July 43
1002734 2714
Jan
Prudence Co 7% pref--100
75 9934 Apr 104% Apr
10051
Prudential Investors corn.' 29
26% 29% 33,800 2331 June 29)1 July
200
Pvrene Manufaosuring__In
8% 8%
7
Apr
93( Jan
Quaker Oats common_ •
20 309 June 340 July
330 340
20 106
Preferred
100
106 106
July 120
Jan
Rainbow LuminouaProa A• 34% 34% 37
9,700 2334 May 65
Jan
Common class B
July 17% July
16% 16
17% 18,300 16
Raybestos Co common.._25 913£ 91
2,000 6934 Jan 92% May
92
Certificates of deposit.... 90
1,100 83% June 9131 July
Reeves (Daniel) Inc corn.' 37
1,100 3534 July 45% Jan
Reliance Brom &
corn* 2234 9231 98
900 223( Apr 24% May
2
389
32
21
1
Reliance Management....' 37
3434 3834 11,800 30 June 38% July
Ftepetti Inc
Jan
6
234 2% 2,100 65e
Apr
5
Republic Mot Truck v t c..•
100
134 Jan
234 231
6)4 Feb
Reynolds Metals common• 43% 3734 4434 4,700 b.% Jan 52% Feb
Preferred
4,400 63
Jan 79
• 73% 66% 74
Mar
Rice-Stix D Gds corn.....'
200 18% July 24% Jan
Is% 19
Rich's Inc common
•
200 30
July 34 May
3034
30
Rolls-Royce of Am prat 100
46
50 43% July 7334 Mar
46
Rolls Roys Ltd
Amer den rein reg stock_
300
933 Mar 1533 Feb
11
11
Roosevelt Field Inc
• 10% 1044 12
3,700
931 July 18
Mar
Royal Typewriter new- ------ 8134 81%
400 81% July 83% July
Ruberold Co
100
75% 75%
200 72% June 108% Jan
Russeks Fifth Ave Inc...' 34
34
100 34
34
May 35% May
Ryerson (Jos T) & Son...'
400 37% July 3834 July
3744 37%
eafe-T-Stat Co common..'
Feb 87% Mar
300 17
26% 27
Certificates of deposit.... 2631 2631 2731 2,200 25 June 35
AM
SafetyCar Iltg & Ltg--100 213
700 157
207 213
Jan 229% Jan
Safeway Stores 2d ser wart. 500
250 421 June 626
497 500
Jan
• 183% 175% 1854 0,600 119
St Regis Paper Co
Apr 19831 June
Schiff Co common
• 53
52% 53
400 5134 July 79
Jan
Schletter & Zander pref * 39
39
100 39
39
July 46 May
Schulte Real Estate Co...' 18% 16
1931 4,300 16
July 39% Jan
Schulte-United Sc to $1 St• 1134 11
11% 1,400 10% June 28
Jan
Second Owl Amer Inv Co.
Common
• 29% 2731 29% 1,800 23% Apr 8534 Jan
6% pref with warrants_ 108% 108% 109%
700 10433 Apr 125
Jan
Segal Look & Hardware...'
9
2,200
83-4 9
8% July 14 May
Selberling Rubber corn __ _•
200 3833 July 65% Jan
38% 38%
Selected industries com__• 22
21% 23% 18,200 1834 Jan 8134 Feb
Allot efts 1st Paid
9434 9334 9434 4,300 90 June 106
Jan
Prior preferred
6434 63
700 62 Jun
64%
64% July
Selfridge Provincial Stores
Ltd, ordinary
£1
3%
3% 3% 3,000
334 Jan
31Fie Feb
Sentry Safety Control....' 20
1931 21% 15,800
9
Mar 28% May
Serve'Inc(new co) t 0--• 18% 16% 18% 33,000 1434 Jan 21% May
Preferred v t c
100
70
400 61
Mar 83 May
7035
Sheaffer(W A)Pen
• 52
5134 52%
700 48
Apr 63% Jan
Sherwin-Wms Co com...25 93% 93
125 81
9334
Mar, 105% May
Sikorsky Aviation corn...* 49% 48% 50% 8,800 20% Jan 6314 Mar
Silica Gel Corp corn v Ce..
• 3841 36% 38%. 6,200 2333 Jan 4831 Mar
Singer Manufacturing-100 535
530 540
110 530
Jan
July 631
Singer Mfg Ltd
£1
5%
300
5% 5%
9% Jan
533 June
Skinner Organ common_ •
48
100 40
48
Jan 4933 June
Smith (A 0) Coro coin_ •
211% 221
150 183
July
Feb 221
&matron Tube common..' 38% 32% 36% 2,100 283( Mar 43% Feb
South Coast Co common •
21
21
300 20
Feb
Mar 28
Southern Asbestos
• 38)1 35)4 3935 4,200 30% Apr 49% Feb
Southern COED w I
17
16% 17
July
13,600 16% July 17
South'n Ice & Utl I com B..•
7% 9%
400
734 June 27% Feb
Sou Groc Storm cony cIA.
3531 3531
200 3033 Mar 37% Feb
Southern Stores class A_ •
4)4 5
Jan
200
433 July 12
Soutwest Dairy Prod....* 12% 12% 1231
500 12 May 21
Jan
Southwest Stores corn __ __• 13
13
15% 1,000 13
July 2831 Jan
4tian & Gen Corp Ltd.
4)1
Jan
3% 434 10,800
7
3 May
Spiegel May Stern pref-100
79% 82
600 79% July 9831 Feb
• 44
Square D Co coin B
4234 44
400 4234 July 4834 June
Stahl-Meyer Inc corn __ _• 40% 4034 4034
500 39
Feb 53% Jan
Standard Brands Inc (formerly Flelschm-Royal)..' 37% 3631 3734 309,500 3231 June 3734 July
4tandard Investing crom • 39
36
Feb
41% 4,000 3154 July 43
Standard Motor Constr.100
3%
2,300
63£ MAY
3% 4
234 Mar
•
Stand Pub Corp cl A
4
Apr
3( July
100
34
44
Standard Screw
100
169 174%
225 159% June 17433 JULY
40
A4wo
,
A4sr
Stant, Steel Pmriellor ewe* 20 4 9.7L1 30
9 onn 24

JULY 13 1929.1

Stand Steel Spring com--• 8234
Starrett Corp corn
• 3034
Stein Cosmetics corn
• 21
Stein(A) dc Co corn
Stern Bros class A
Stinnes(Hugo) Corp
1134
Stone dr Webster Inc
* 135%
Strauss (Nathan) Inc corn.*
Strauss-Roth Stores com-• 2414
8troen berg-Carl Tel Mfg'
• 40
Stroock (S) & Co
Ruts Motor Car
• 1354
Superheater Co
• 194
Swift & Co
100
Swift International
15 x34
Syrac Wash Mach B corn.' 2234
Taggart Corp common...* 5134
Thermoid Co corn
• 3635
7% cum cony pref._ _100 10934
Third Nat Investors com_• 52
Thompson Prod Inc cl
52
Thompson Starrett pref.-- 5035
Tishman Realty & Constr•
Tobacco dr Allied Stocks._* 44
Tobacco Products Exports.
Todd Shipyards Corp- •
Transamerica Corp
13634
Transcont Air Transp_....* 2834
Voting trust ctfs
Trans-Lux Pict Screen
Class A common
• 1154
Travel Air Co
• 47
TM-Continental Corp corn• 3435
6% cum prel with war100 104
Triplex Safety Glass
-Am rota for ord sh reg--- 20
Tubise Artificial Silk al B.• 39035
Tungsol Lamp Works new
4635
$3 cum cony pref
* 4934
Union Amer Investment-' 58
Union Tobacco corn
•
734
United Carbon pref. _100
United Chemicals $3 pre* 3735
United Dry Docks com --• 1735
United Milk Prod com---• 1034
On Piece Dye Wks
• 36
United Profit Shar corn_ •
United Retail ChemistsClassA v tc
•
Class Byte
United Shoe Mach corn-25 67
United Stores Corp corn.* 23
Non-cum cony class A __* 4535
$6 cum cony pref
• 81
US Dairy Prod class A_ •
U S Finishing com
100 154
0 13 Foil class B
• 6135
S Freight
• 9335
8 GYPSUM common-20 70
U S Lines corn
• 1754
U Radiator com
•
Common v t c
•
U 8 Rubber Reclaiming. •
Universal Aviation
• 13
Ctts of deposit
14%
Universal Insurance_ __25
Utility Equities Corp.___' 2634
Utility dr Ind Corp corn.-- 2634
Preferred
3034
Vanadium Alloy Steel. *
Van Camp Pack com
• 2234
7% preferred
25
Vick Financial Corp_ ___10 1534
Vogt Mfg Corp
• 3235
Wait & Bond class A
• 2254
Class 11
14
Walgreen Co oommon--_-• 9084
Warrants
6434
Walker(Hiram)Gooderbam
& Worts new
2134
Watson (John Warren)Co•
431
Wayne Pump common _ _.• 1834
Weiboldt Stores common.*
Western Air Express---.10 6854
Western Auto Supply comA 7134
West'n Tablet & Stat'nerY•
Whiter:lights Inc own. •
Widlar Food Prod com_ •
Williams(R C) Co Ina_ •
WU-Low Cafeterias corn
'15
Preferred
Winter (Ben)) Inc oom___• 1214
Worth Inc class A
•
Zenith Radio
4735
Zonite Products Corp oom• 3234

82
85
2934 31%
21
22
2634 27
46
46
11
1135
130 13535
22% 23%
18% 25
3031 31
39% 40
13% 1834
180 195
128 129%
z34
36
22% 2435
50% 5235
31
36%
95% 109%
50
52
57
52
5031 51
5935 60%
44
45%
234 2%
57
60
13634 137%
28% 32%
27
31%

600
7.300
9,300
300
10
400
13,200
300
6,000
200
400
3,700
450
600
4,900
2,000
1,300
26,300
3,900
900
2,500
1,100
1,400
400
1.600
800
13,800
36,000
5,000

Range Since Jan. 1.




9014
75
4435

High.

Low.
Feb
78
28
Ayr
1514 Mar
26 June
42
Mar
914 Jan
130
July
22% July
18% July
29
Jan
39% July
12 June
158 June
123% July
2414 Mar
16% Mar
43% Apr
95
Feb
90
Feb
50 May
Jan
46
BO
May
49% Jan
44
July
2 May
56 June
125
Feb
21% May
30
July

July
85
32 July
22)4 May
3834 Feb
47% Feb
1634 Feb
135% July
34% May
25
July
35% May
6135 Feb
35% May
195
July
13935 Jan
37;5 Jan
z26 June
594 Feb
36% July
109% July
52 July
695( Jan
58% Jan
70 May
5514 Jan
3% Jan
7634 , Jan
143% May
32% July
3135 July

11
1135 2,300
5%
47
48
1.100 45%
32% 35
35,600 30
104 104% 3,700 104

Jan 24
Apr 61
Jan 3535
Apr 107%

Mar
Jan
June
Jan

18% 20
700 18
351 410
2,300 305
45% 46%
900 4535
49% 49%
300 42%
59
5935 1,500 51%
7% 15,100
6
535
100 100
400 92
3735 383" 1,400 8434
17% 1834 2,400 1535
10%
9
500
9
36
3734 1,500 8534
6)5 6%
400
5

July 13%
Jun 595
July -4934
Jun
50
May 7214
July 20
Jan 102%
June 6115
May 20%
July 21
June 53
May 11

Feb
Jan
July
June
Feb
Jan
Mar
Feb
Apr
Jan
Mar
Mar

3
3
100
134 14
100
6634 6734
500
2034 23
4,600
4534 4734 2,700
8034 8134 1,800
49
200
4934
142 156
16,000
5934 6134 4,200
90
9335 6,900
6954 7034 2,000
1734 1734
800
54
300
55
54
54
100
20
200
21
13
1434 1,400
300
1454 143.4
400
7534 78
25
2714 1.900
25
2654 25,200
29% 3034 4,711
500
7834 8034
22% 2435
900
800
23
2434
1554 1734 17,700
3235 3331 1,400
300
2254 23
15. 1,200
14
89% 91 ' 6,500
100
6433 ' 6435

July
3
3
June
June 8535
July 28%
July 54%
July 91%
Jan 5311
Jan 156
May 74%
May 109%
Mar 75%
Apr 18%
Jan 62%
Apr 5634
Jan 31
July 27%
July 22
Jan 79
May 27%
June 27
June 31
June 8335
3835
Jun
May 38
June 18
Jan 35
July 2615
July 26%
Mar 91%
Ma
65

July
Apr
Feb
June
Juno
June
Mar
July
Feb
Feb
May
Apr
Jan
Mar
Mar
Mar
May
Feb
June
July
June
June
Feb
Feb
June
Feb
Apr
Jan
May
Jan

1935
4
18%
4235
67%
7014
34
214
24%
2615
15
47%
1235
815
42%
32%

3
1
64
2034
4535
8034
4834
90
8454
81
MS
1734
4314
47
16
13
1484
7034
24
2334
27
72
22
2184
1034
28
20
14
7131
51

22% 50,500 1635 May
4
July
4% 2,000
Apr
700
19
100 - 39 Jun
42%
68% 1,000 56% Apr
71% 1,100 50% Apr
300 30 Jun
35
2 June
600
254
25
300 21% May
200 26% June
27%
500 14% July
15
400 44 June
4735
700 1154 Mar
13%
100 5% Mar
834
4831 7,800 27% May
3531 5,400 81% Jan

Rights
Ainsworth Mfg
235
235 235 1,000
234
Associated 0 & E tieb rte..
834
534
634 934 21,700
Rights
25.16
154 2 5-16 249,700
135
Elec Bond & Share
71(
554 8% 695,200
5%
Fiat
8%
834 831 5,300
734
General American Invest
1,700
12% 13
9
Gramophone Am dep rcts__ 31
31
3334 11,900 31
Loews Inc deb rights
2431 2434 244
300 19
Lone Star Gas
735
635 7%
900
6
Massachusetts Gas
1835 1935
200 1415
Mining Corp
18% 1834 1,800 18%
Montgomery Ward & Co
16
18% 142,000 13%
Murray Corp
--1834 1834 1834 9,700 1835
Penney (J C)& Co
224 230
340 193
Standard Gas & Electric
4% 4% 270.700
414
435
Transcontinental Oil
'134 1 5-16 17-16 86,200
%
United Corp
4% 5% 55,600
3%
United Gas Impt
3716 25-16 3% 516,200
1%
Vniversal Pictures
1
1
200
Si
Western Air F.xprees
5%
5% 654 2,900
454
Zonite Products
114
1% 2% 24,900
1%
Public Utilities
Allied Pow & Lt corn
44 lot preferred
$3 preference
Amer Cities Pow & U Corp
Class A
60
Class B
•
Am Cout'w'Ith P cam A •
•
Common B
Warrants
Amer & Foreign Pow warr_
Amer Gas & hoe com____.
•
Preferred
Amer,Lt &Tree corn...100
Amer Nat Gas corn•te •
Amer States Pub Serv el A
Amer Superpower Corn
Corn. B new
First preferred
Convertible preferred
Arizona Power Corn_ _100
Arkansas Pow & Lt pref 100
Assoc Gas & Elea class A'

265

FINANCIAL CHRONICLE

Friday
Sales
Last Week's Range for
of Prices.
Sale
Week.
Stocks (Concluckd) Fur Price Low. High. Shares.

83
9031 66.400
7435 75% 1,000
42% 44% 1,300

23 May
1435 Jan
Jan
32
53% Jan
7831 May
73% June
35 July
18
Jan
29
Feb
41% Feb
Mar
30
Mar
58
1634 Jan
II% Jan
61% Feb
44% Jar

July
2%
June 13%
235
June
July
835
Apr 17%
June 13%
July 34%
May 4935
June
735
June 19%
July 1834
June 18%
June 18%
May 235
July
44
June
Du
June
5%
May
335
June
235
May
8%
July
214

July
Apr
June
July
Jan
July
July
Feb
July
July
July
July
June

may

July
July
July
July
May
May
July

44% Apr
74 May
42 June

90% July
79
Apr
45 May

6735 6435 6735 6..500 8634 Mar
4631 45% 48% 21,600 231( Mar
24% 24% 25
5,500 22
Jan
3135 2914 3135 4,600 22 May
6% 815 1,100
73.4
53.4 June
90
97
97% 20.700 52% Jan
222
205 22414 13,800 128
Jan
400 99 June
10134 101% 103
274 288
286
2,350 205
Mar
1035 1035
400
8% June
2515 2534 2631
200 25% July

71% June
50 June
31
Mar
37% Ja.,
114 Mar
1184 Pert
22431 July
1094 Jac
291
June
1834 Jan
2754 June

6454
9714

5434

504 65 503,800
90
983.4 1,300
9035 9015
300
49
5535 3,400
98 1100
50
52
5534 98.900

26
90
89%
23%
98
4911

May 65
July
July 100% Feb
Apr 94
Jan
Jan 58 June
July 107
Apr
Jan 11134 Mar

Friday
Sates
Last Week's Range for
Week.
Public Utilities(Concl.) Sale
of Prices.
Par. Price. Low. High. Shares.
Brazilian Tr Lt dr Pow ord• 58
•
Brideport Gas Light
7%
100
Brooklyn City RR
Certificates of deposit...
miff Niag & East Pr com_• 10434
• 105
Class A
25 24%
Preferred
Carolina Pow & Lt pref.100
Cent Atl States Serv v t(3..• 1014
Central Pub Serv cl A
_' 46
...100
Cent & S'west Util.
•
Prior lien stock
Central States Elec
163%
57%
New
6% prof with warr. -100
6% prof without wart_ 86%
Convertible preferred... 278
13535
Conypref new w
70
Warrants
Cities Ser P& L $6 prof--•
Cleve El ilium coin
• 8535
Columbus Elec de Pow- _-• 117.31
Com'w'Ith Edison Co__I00 310
Com'seith Pow Corn D1.100 10235
Commwealth & Sou Corp. 25%
9%
Warrants.
Com'w'Ith Util corn cl B__. 49%
Connecticut Elec Service •
Cons(3 E L&T Balt corn • 137%
Preferred Class A_ _100
100 199%
Duke Power Co
East States Pow Boom..,.' 6035
Elec Bond & Sh Co corn._• 139
• 104%
Preferred
258
Elec tovestors
9934
Preferred
Elec Pow & Lt 2nd pt A..' 98%
54
Option warrants
Empire Gas & F 7% Pf _100
Empire Pow Corn Part erb• as
Engineers Pub Serv war
34%
Federal Water Bert; el A-6 49%
Fla Pow & Lt $7 cum fleet •
Galveston-Houston Elec100
100
Preferred
Gear in Power $6 pref._ •
Internet Superpower
80%
ILternat Util class A
• 47
19%
Class B
warrants
714
Italian Super Power
1854
1054
Warrants
Long Island Light com_
89%
7% preferred
100 108
Marconi Internet Marine
Cowmen Am dep rats.. 29%
Marconi WIrel T of Can __I
951
Marconi Wireless Tel Loud.
19%
Clan B
Class Et ctts of dep
1951
Memphis Na;Gas
• 1435
Moldie West UM corn '
270%
Prior lien
124
7% preferred
123
$6 Preferred
• 104
Mohawk & Bud Pow nom. 9114
1st preferred
•
2d preferred
Warr,*ts
70%
Municipal Service..... • 21%
Nat Flee Pow class A
40%
N.. Power & Lt peel
• 105%
Nat Pub Sent corn class A• 24%
Common class 13
•
Nev-Calif Electric com.100
New Engl Pow Assn com •
100 95
6% preferred
New Engl Pub Ser $7 pref..
New Engl Tel &
N Y Telep 615% oref__100 112
Meg Hudson Pr corn w1.10 2114
Class A opt warr w
_
8%
Class B opt warr w l..._ 6714
Nor Amer GUI See oorn_.• 19
1st preferred
•
Northeast Power corn.....' 70
Nor States P Corp com _100 22151
Preferred
100
Pacific Gas & El 1st prof.25 2631
Penn-Ohio Ed corn
• 96
7% prior preferred__101
$6 Preferred
•
Option warrants
Pa Gas & Electric class A' 21%
Penn Pr ac Lt $6 pref_
•
Fenn Water & Power__ __• 10335
Peoples Light & Pow el A._ 4954
Power Corp of Can corn_ •
Power Securities corn....'
Providence Gas new
Puget hid P&L 6% prof _100 9914
Railway & Light Seoul.
9214
Rhode Island Pub Serv pf.*
Kochester Central Power__ 4834
Rockland Light & Power-Shawinigan Writ & Pow...
Sierra Pacific Mee com..100
ioutheaat Pow & Lt oom.•
Warr'ts to pur corn stk.
Participating prof
•
$7 preferred
Sou Calif Edison pref A_25 28%
Preferred B
25
64% preferred C.
Sou Cities tail class A_ _ -• 41%
Sou Colo Power el A.._.25
Sou'west Bell Tel pref__100
Sou'west Gas 001
15%
So'west Pr & Lt 7% pf_100 107%
Standard Pow & Lt
25 102%
Preferred
•
.1w1416-Arner Klee met
Tampa Electric Co
• 72%
Tenn Flee Pow 7% Pref.100
Union Nat Gas of Can...* 4414
United Elea Serv warrants_
2%
American shares
17
(Inked Gas corn
2234
United Glatt Improveml_ISO 278
United Lt & Pow corn A...' 5414
Common class B
60%
6% corn 1st pref
115%
Preferred A
•
United Pub Serv Co corn -•
UM Pow & Lt corn
• 2714
Class Et v t C new
39%
Western Power Prof. --100
i00
*
Former Standard Oil
Subsidiaries. Par
Milo-Amer 011(vot oh).El
Noo-yotIns sham*.
£1

15%

1,700
59
56
100
6034 6034
7% 834 4,900
100
734 754
100 104
13,403
13,800
9954 105
2454 2434
400
25
108 108
1,300
1014 13
45% 46
3,800
100
116 116
150
10334 10334
146 16334 6,700
4834 5754 91,200
300
151 151
8435 8654 1,300
249 278
4,100
124 13534 5,100
2,100
70
65
100
9114 9114
78
8394 2,800
12,700
114 122
220
290 310
100 1023.4 2,100
2614 566,200
25
914 1014 221.500
4554 4914 12,900
600
131 133
13374 1407-4 19,900
500
9854
98
600
19414 19954
700
6034 62
12314 14274 231,600
10354 10434 2,400
48,900
20534 258
9834 997-4 1,500
300
9834 1003'
5034 5574 4,300
100
9334 9354
54
5814 10,300
4,200
3234 35
3,300
4636 50
100
100 100
100
19% 19%
100
46% 46%
100
97% 9714
8034 8154 1,500
600
47 '48%
183.4 2034 6,000
714 1,100
6
1834 1974 9,100
500
1014 1034
107 10
8
1 894 9,600
-WO
2734 2914 387,500
734 954 187,000

Range Sines Jan. 1.
Low.

Hiyh.

Max
4854 May 70
6054 July 613 July
784 June 1135 Jan
734 June 1034 Mar
6154 usr 112 June
49% Apr 10934 June
2454 June 3634 Jan
Apr
Feb 111
105
934 June 1954 Apr
85
Jan 46 May
80
July
Mar 116
98 May 10335 July
7314 Mar 163% July
3834 June 5234 July
10384 Jae n15534 Jams
8014 May 87)4 Feb
July
Jan 278
97
119 June 13514 July
1974 Jar 75 Jul.
9154 July 9654 Jail
60 May 8534 Jul.)
,
Mar 12554 July
56
July
Jan 310
215
9734 July 10434 June
2254 June 29 Juno
814 June 1214 July
4554 July 4934 July
130 June 136 June
SS% Apr 160 June
July 10234 Jan
98
Jan
Jan 210
155
4254 Feb 7254 Jun.
Mar 14274 July
73
10154 June 10911 Jan
July
77% Jan 258
Feb
9634 June 101
Mar
9834 July 103
2814 Jan 5734 June
9234 June 9834 Jab
Mar 62 May
39
Jan
Mar 36
23
4654 June 6334 Pet
Mar
Jan 102
100
17
July 1914 July
4634 !July 4634 July
9534 June 1063.4 Feb
8034 July 8154 July
July
4134 May 51
1484 Mar 2234 Feh
Jan
484 Jan 11
1114 Jan 2334 June
Jan
18
114 Jan
4834 Apr 89% July
107 June 115
Mar
1934 Mar
784 Feb

ar
2 34 July
19
0

1754 1954 4,200 1754 July 2234 Jan
July
4,000 18 June 20
19
20
14
1454 1,500 1234 Mar 20 May
21954 27054 18,600 15834 May 27034 July
100 119% June 124% June
124 124
Jan
200 115 June 123
120 123
Apr 10454 Feb
750 97
100 104
Mar 102 June
91% 10,500 38
8614
200 104 June 11034 Jan
04
10
04 105%
5
Jan
200 102 June 110
July
6,400 22% Mar 72
71
67
1,800 2054 July $314 Mar
2014 22
May 4134 July
3434 4154 2,600 SO
250 10514 July 110 June
10534 10514
Feb
2314 2434 2,000 223.4 Mar 26
800 29 June 33 July
33
33
Jan
58
300 48 June 60
597-4
Mar 9134 May
20 84
85
85
Feb
93% 95
30 92 Jun 100
July
July 88
25 88
350 144 June 152
Mar
14534 1488811
8
8
Jan
June 114
11134 112%
300 111
2334 25 429,400 22 June 2531 June
934 July
7 June
814 934 73,900
65
6754 4,600 60 June 7034 July
May
1774 1934 4,200 13% Jan 26
100 9414 Mar 9711 May
9591 9534
Mar 7554 June
6511 703.4 54,500 40
20,100 13614 Jan 223
July
20434 223
10834 1083.4
100 107% May 10934 Feb
500 2534 June 2814 Jan
2551 2634
Mar 10634 June
1.400 53
947-4 96
July
Feb 109
770 102
10454 109
933,4 9434
Mar
Feb 97
190 89
Mar 81
69
June
69
100 80
2134 2154
'
200 20 June 2434 Jan
101 101
Feb
22 100 June 103
May 11314 June
101 1064 2,700 81
4814 4954 5,400 45
Apr 5854 Feb
100 9754 Jan 122)4 Feb
110 110
Mar
100 15% June 27
23
23
100 2834 July 29 May
2834 2834
Jan 1300184
330 98
9914 10034
600 90% ?July 9214 July
90% 9234
100 2734 May
June
28% 28%
un
Apr 49
4134 4834 16,900 31
400 2611 June 3474 June
32
30
300 7735 June 89
Feb
85
8654
200 MM Apr 65 June
58
58
11114 125
1,400 7114 Jan 138 Juan
400 2754 Jan 8734 June
72
68
500 833.4 June 100 May
843.4 85
July 10934 May
500 104
104 101
400 2334 Mar 30
Jan
2814 2834
800 21.3.4 Mar 2614 Jan
2534 2554
1,400 2334 Apr 2614 Jen
24
24
Mar
400 39 June 48
3931 4134
2614 2734 1.500 2234 May 2854 June
400 114 May 12394 Mar
11634 117
1235 1554 10,100 1234 July 1531 July
70 102 June 11134 Jan
105 10734
15,100 494 Jan 108
82 106
Jul)
,
50 9934 June 10534 Feb
100 100
500 9534 May 99
July
9874 99
70
7334 1,000 60 May 7954 Jan
50 10134 July 10935 Feb
101% 10114
July
Mar 45
4435 4431 1,600 34
44 Feb
134 June
1631 " 2,88
2
17
70?) 164 June 2331 Mar
2255 2434 10,800 2134 June 39
Jan
55,500 155
24054 278
July
Mar 278
4754 5614 299,600 3014 Mar 5614 July
Jan 7034 July
200 32
6014 so%
107 10734 18,200 9934 June 11734 July
10
20 100
1 2
1
300 953i Mar 10634 May
Feb
100 17 May 21
12,100 2134 May 2834 June
2734 28
3434 397-4 4,500 27 June 40 June
July 10854 Feb
103 1063,1
100 103

1454 1554
14
14

700
400

1434 May
13 Jima

1854 Feb
17
Feb

Friday
Sales
Last Wea's Range for
Other Oil Stocks
in Prices.
Sale
Week.
(Concluded)
Par. Price. Low. High Shares.

Range Since Jan. 1.
Low.

High.

Borne, Scrymser & Co_100 35
4655 Feb
July
35
36
100 35
Bucreys Pipe Line
741-i Jan
60 6955 6951 6955
400 6551 July
25 ISO
Chesebrough Mfg
2,400 14055 Jan 19351 July
170 193%
Mar
29
Continental 011 v te(ME)10 2031 2131 2134 14,200 17% Jan
Humble Oil& RefInIng 25 125% 12131
Illinois Pipe Line
100
308
Imperial 011(canadal____• 2955 28
Indiana Pipe Line
104
60
New
2634

126% 29,300 89%
150 285
309
3054 41,100 26%
104
100 81%
200 26%
27

Feb 12651 July
Jan 34051 May
3051 Apr
May
July
Feb 104
27
July
July
2514
15%
63
7551

Jan
July
Jan
June

Penn Mex Fuel
27% 40
5,900 23% June 4416
25 33
Solar Refining
200 3731 July 50
3731 39%
25
South Penn 011
25 53
5331 2,800 40% Feb 8014
53
2216
Feb
Southern Pipe Line
400 13
2051 21
10
Southwest Pa Pipe Line 100 6531 6511
50 62% Apr 70
63
May
Standard 011 (Indiana) _.25 5631
24,200 54
5531 58
Jan 22%
Standard 011 (Kansas) 25 20%
600 18
2011 21%
4511
Standard 011 (Ky)
10 3736 3711 38% 4,700 353-4 May
4711
S‘andard 011(Nab)
300 45% Feb 50%
47
25 47
Siandard 011(0) nom_ _25
119 121
550 11054 Feb 129
May 12455
Preferred
11716 11716
10 115
100
18
Swan-Finch Oil
May
15
25
300 14
15%
119% 116 11951 3,600 105% Jan 133%
Vacuum 011 new

Feb
Feb
Apr
Apr
Jan
Mar
Jan
Jan
May
May
Mar
Jan
Mar

National Transit _ _ __12.50 23
New York Transit new.
-----Northern Pipe Line. __100
Ohio 011
25

23
1411
5831
7134

2336
15%
58%
72%

1,200
600
50
1,700

2155 Mar
10
July
52 June
64% Jan

65%

Other 011 Stocks
Amer Contr 011 Fields_ _ _1
Amer Maracaibo Co
5
10
Argo 011 Corp
Arkans Nat Gas Corp corn•
Preferred
10
Class A
Atlantic Lobos 011 com___•
Preferred
Carib Syndicate new corn
Colon 011
•
Consol Royality Oil
Cosden 011 Co
Creole Syndicate
•
Crown Cent Petrol Corp.-•

'16
4
231
12%
8%
1256
151
4
634

8934
836
1%

34

35 11,800
4
2,700
2%
300
12% 165.000
831 851
SOO
12% 114,300
9
300
131 1%
100
251

355
134
351
7%
6%
114
136

May
May
Feb
Jan
Mar
May
June
May

720
854
4%
1256
9
12%
254
4%

Jan
Jan
Apr
July
Mar
July
Jan
Apr

4
455 4,700
755 751
300
600
6%
89% 14,300
81
8
8% 11,300
1,900
155
131

2%
6
614
45
8
111

Feb
May
July
June
May
Feb

4%
15
1154
8951
11%
254

May
Jan
Feb
July
Jan
Apr

Tie
336
,
2

26
Jan
Darby Petroleum Corp_ •
1451 16%
May
4,100 14
11
June
Jan
Derby Oil& Ref com____•
2
951
951 1055 9,700
Gulf Oil Corp of Penns_ _25 19555 175% 202% 55,300 142% Jan 202% July
Homaokla 011
Houston Gulf Gas
•
Intercontinental Petrol_ _10
Internat Petroleum New.
Kirby Petroleum
•

1454
1%
25
151

200
351
1451 15%
800
8,000
151
2454 2655 15,000
1% 1,100

336
1411
131
2216
156

June
June
July
June
May

714
22
2%
29
3%

Jan
Jan
May
Apr
Jan

Leonard 011 DeveloPm3_25
Lion Oil Refg
•
Lone Star Gas Corp _ _25
New when issued

4%
35
85
34%

351 431 24,500
33
35
500
81
85
500
1,300
33% 35

2% June
2351 Mar
Jan
67
3211 June

836
38%
87
35%

Mar
Slay
Juno
June

Magdalena Syndicate_ _1
'garland Oil of Mexico_ _I
Mexico Ohio Oil Co
•
Mo Kansas Pipe Line
Mountain & Gulf 011
1
Mountain Prod Corp.
..10

2834
'55
1255

'14
34
2
2
2% 2%
28% 30%
%
%
12
15

1,500
100
100
3,000
200
5,000

116
231
1534
%
12

May
Feb
July
Jan
June
July

11-i
254
6%
42
151
2231

Jan
Mar
Mar
May
Jan
Feb

•
Nat Fuel Gas new
New Bradford Olt
5
N Y Petrol Royalty
Nor Cent Texas Oil Co...

3455
355
16%
1155

3255 35%
356
354
1654 18%
11
1136

2.600
1,500
400
1,800

2411 A ,rr
336 July
Feb
16
851 Jan

35% July
Jan
5
24% Mar
11% May

16
151
536
2216
2656
22
43-1
23%
23
3%
15

May
July
June
June
June
July
June
June
Mar
May
July

24
334
1016
25%
3455
30
814
25%
29
5%
25%

1%
1751
2416
12%
80
66
3%
1831
66%
451
111

July
214 June
Mar
July 24
July 25% July
Jan
July
23
Mar 14236 July
Feb 71% July
May
614 Jan
18% Apr
July
July 68% July
June
911 Mar
Slay
536 Jan

Pacific Western 011
•
Panden 01 iCorp
•
Panetpec Oil of Venezuela •
635
Paragon Ref Byte
•
2751
Petroleum (Amer)
23%
Plymouth 011
Reiter Foster 011 Corp._ _•
Richfield Olt pref
25
Root Refining Co {wet _ _ -----10
Salt Creek Consol 011
Bait Creek Producera
10 16

•

18
1%
6
2356
2751
22%

16% 2,100
131
5,000
651 2,500
24
200
29
34,600
24% 2,000
7% 7,200
24% 24%
100
2531 2554
900
100
33-4 3%
15
5,500
19

5
Savoy Oil Corp
114
Southland Royalty Co-__ ------ 1731
Superior Oil Corp new_ _ _• 24
24
14
12%
Tenon Oil& Land new w 1
Transcont[011 7% pref_100
137
•
Venezuelan alex 011
7131
351
Venezuela Petroleum _ ..._6
334
18%
V 0C Holding Co Ltd __LI
6734 66%
White Star Refining
4%
Woodley Petroleum
431
1%
"Y" 01. & Gas Co
25

111
18
25%
16
142%
7156
4
1816
68%
4%
1%

500
1,700
3,300
1,900
400
300
5,100
200
3,700
500
100

Mar
Mar
Jan
Slay
Feb
Jan
k ..it
Apr
AIM
Jan
Jan

Mining Stocks
Arizona Globe Copper___1
Bunker
& Sullivan_ _10
Carnegie Metals
10
Comstock Tun & Dege_10c
Consul. Cooper MInpa....)
Comet Lead 3, Zinc
Consol New & Utah
3
Cresson Consul GM & M.1
Dolores Esperanza
2
Eagle Picher Lead
20
Engineer Gold Min Ltd__5
Evans Wallower Lead corn•
Falcon Lead Mimi
1
First National Copper_ _ _
Gold Coln Mines
Golden Centro Mines_ __ _5
Goldfield Conso: alines_.1
25e
Heels Milling
HollingerConsGold Mines 5
Bud Ray Mb n & Smelt...'
10
Iron Cap Copper
5
Kerr Lake
Kirkland Lake GM Ltd_ _1

% June 47e
13,200
300 12556 Feb 165
137
1,700 15% June 21%
2011
216
1,1 4,800 60c Mar
g% May
18
6,200
1214
15
100 1234 July
1251
ill 1,000
Jan 210
Sc
114
51 July
31 Ills 2,700
155
Jan
400 75c
34
ills
200 17% July 23
17% 17%
4%
1% May
500
211
1614 18% 4,100 1434 Mar 2654

51
138
1834
20
1%
1%
1156
1111
1254
III
51

X

a

17%
11
31
5
•il
17%
511
17
4,55

X
56
11„,
451
55
1731
5%
1856
411
11e
ills

1,6
11
11
5
'is
17%
5%
1731
454
726
Ill,

6,900
900
6,100
4,200
6,200
1,000
500
7,200
000
100
700

10e
%
21c
4%
160
16
551
1815
3%
54
75c

Jan
June
Jan
June
Jan
Jan
July
May
Jan
July
Mar

Jan
Mar
June
Jan
Mar
Juno
Jan
Jan
Mar
Jan
Jan
Feti

Jan
540
31 June
236 Apr
Jan
12
8 1
2
9%
23
956
1%
2.
1.5

NIar
M ar
Jan
Feb
Mat
Jan
Jan

6
Mason Valley Minas
2,900
1% 1%
211 Jan
1% Jan
ftr
5
Mining Corp of Can
6 4
355 June 8756 a an
4
436
1,200
Mohawk Mining
Apr 8136 May
400 50
5411 55
79% 7811 80
New Jersey Zinc new
2,900 75% Mar
Nowmont Mining Corp_10 21155 21156 21731 10,600 187% Feb 233% Mar
235
500
314 JJa
4 un:
235 July
New Quincy Mining
2% 211
Nipissing Mines
5
800
2% 231
254 May
• 5931
Noranda alines. Ltd
6151 10,700 45% Mar 6814 Jan
1
1% May
8,000
151 2
Ohio Copper
4% Jan
155
Premier Gold Mining__
800
1% 1%
154 June
ii 5,000
1
2" jar
1 le
Jan 32C aPn
Red Warrior Mining
51
4555
4551 47
2.100 8851 Jan 52 Jime
Roan Antelope C Min Ltd_
17
17%
Feb
Shattuck Dena MinIng • 17
2,800 1551 May 28
25
231
3% Feb
600
256 May
Sou Amer Gold & Plat_ _1
1
700
Juno
854 8%
10% Mar
8
854
Tack Ilugnee
3
I
3
200
48is Jan
234 Apr
Tonopah 'Mining




[VOL. 129.

FINANCIAL CHRONICLE

266

58%

,11

Mining Stocks-

Friday
Sales
Range Since Jan. 1.
Last Week's Range for
Week.
of Prices.
Sale
Par. Price.
Low. HO h. Shar es. Low.
High.

United Eastern Min
United Verde Extension 50e
United Zinc Smelting__
Unity Gold Mines
1
Utah Apex
5
Utah Metal & Tunnel_ _1
Walker NI Ming
Wenden Copper Mining
Yukon Gold Co

1711
55
111
4

1
1
5

411

% 12,300
7,900
17
1754
1,000
)4
%
111 1% 4,200
900
331 4
156 3.100
1%
431
136
34

451
1%
%

51
1534
51
56
331
95e

June
Fri.
May
June
June
Jan

236 Jan
111 Jan
'is May

1,600
1,600
1,700

Pio
26
211
256
655
23-4

Feb
Mar
Jan
Apr
Mar
Mar

416 Mar
214 Jan
n111 Jail

BondsAbbotts Dairies 6s...1942
100 100
Abitibi P & P 53 A____1953 83
83
84%
Alabama Power 4368__1987 9251 92% 9234
lot & ref 55
9956
99
1956
Allied Pk 1st col tr 85.1939 5211 4736 5216
Certificates of deposit.
4756 50
Debenture 65
4736 52
1939
Certificates of deposit
50
53
Aluminum Co s!deb 5e '52 10016 10036 101%
Aluminum Ltd 59........1948 98
95% 9651
Amer Aggregates Os_ _1913 98
98
98%
Amer Conflth Pr Os '49_ _ _ 10411 10351 105%
Amer CI & El deb 554_ _2028 94% 945.1 9511
American Power & Light
68, without warr___2016 104% 104 105
Amer Roll Mil deb 58_1948 9611 95% 9651
Amer Seating 65
1936 87
86% 87
Amer Solv & Chem 60_1936
With warrants
107% 108
Without warrants
9151 9151

1,000 9831
66,000 8234
47,000 90
7,000 98
13,000 45
12,000 45
6,000 4614
25,000 4556
46,000 100
25,000
17,000
107,000
105,000

Canada Cement 5550_1947 98
98
10556
Canadian Nat Rye 78_1935
Capital Admin 58 A__1953 10511 103
97%
Carolina Pr & Lt 55_1956 98
Cent States Elea 55_1948 87
8431
9116
Cent States P & Lt 5345'53 92
Chic Pneura Tool 5548 '42 99
99
Chic Rye 5e ctf dep__1927 82% 82
Childs Co deb 5s
1943 8336 8351
Cigar Stores Realty
9231
1049
516s series A
94
Cincinnati St Sty 5345_1952
Cities Service 58
1066
Cities Service Gas 51651942
Cities Serv Gas Pipe L 6s'43
Cates Serv PA L 5169_1952
Columbia River Long ridge
lot 6118
1953
Coriander Larabee 6s '41
Commerz und Private
Bank 516s
1937
Cousol GEL&P Balt1952
51'34 series E
(is series F
1965
1969
4118
Conso Publishers 63451936
Coasol Textile 88
1941
Cont'IG & El 58
1958
Continental 0115116._1937
Cuba Co 6% note,s_ _ _ _1929
Cuban Telephone 71181941
Cudahy Pack deb 55411937
59
1946

85%
8754
91
93
91

so
99
7934
87%
9754
9616

Deny & Salt L Sty 60_1960
Detroit City Gas 5813_1950
65 aeries A
1947 105
Detroit hut Beige 6165_1952 87
25year, f deb 7s_ _ 1952 79
s
Dixie Gulf Gas 6548_1937
73
With warrants

85%
86%
91
92%

8755
9951
6615
8955
95
91
87%

9834
9834
10834
105%
98%
87
92
99
8231
85
9251
94

8734
93
93
69
9851
9934
9411
8555
97
84

Feb
Mar
May
June
Jan
Jan
Jan
Stay
June
July

9951
1198
OR
94
131
148
12054
88
9755
10314

Jan
Jan
Jan
Jan
Mar
Feb
Feb
Feb
June
Jan

20,000 102
42,000 106
19,000 98
80,000 989-4
35,000 00
2,000 9955
6,000 98 34
4,000 100

Apr
Mar
Mar
June
July
June
Apr
June

1104
118%
10234
10216
94
103
1)13
101

Jan
June
Jan
Feb
Apr
Jan
Jan
Jan

979-4

Jan

9934 July

7,000 9736
14,000 105
59,000 98
117,000 97
48,000 82
13,000 8916
3,000 9834
7,000 774
10,000 8351

Apr
June
June
June
May
June
June
Mar
July

10131 Jan
1 111
Jan
105% July
1023% Jan
9014 Jan
961.4 Jan
11)114 Jan
8431 June
90
Jan

5,000

2,000
1,000

2,000
5,000

85% 86% 49,000

9216 June 9934 Jan
May 103
94
Feb
8531
864
01
90

83

July
June
July
July

904 Jan
921-4 Jan
9814 Jan
9714 Jan

903-1 June 100
7936 July 90
84

Slay

88

Jan
Jan
Jan

105%
10231
9956
99
7931
8731
93
9736
109
9631
99

Feb 10816
2,000 105
10556
1,000 1025/ June 10856
10251
May 10054
99% 5,000 99
9,000 0815 Jan 101
100
July 98
6,000 79
80
Mar 9114
88% 36,000 85
7,000 93
Feb 981-4
91
Mar 9751
9711 8,000 96
109
6.000 10531 July 111
98% 8,000 9534 May 994
6,000 0616 June 101
100

70
9831
104
87
79

11,000 70 :Bine 9154 Jan
70
9836 13,000 9756 Slay 10036 Jan
,
6,000 10351 June 10054 Jan
105
9051 12,000 84
Jan
Apr 96
Mar 8934 Feb
8055 14,000 70

78

80

14,000

92
28,000
108
59,000
107
5,000
8711 50,000
87
86
98

15,000
5,000
2,000

8716 8756
1,000
5,000
85
85
99% 10051 79,000
8511
8931
94
91
87%
94

8616
90
05
92
8951
97

10,000
33,000
36,000
13,000
50,000
12,000

7151 June

£24 83% 31,000
9655 13,000
96
88
89
14,000

Mar
Mar
Apr
May
Jan
Jan
Jan
Feb
Jan
Jan
Jan

8854

Jan

89
98
911
86

May 97
Apr 108
Jan nI12
Juno 914

Feb
July
July
Apr

86
86
95

Apr 984 Jan
May 92
Jan
Juno 100
Mar

May 1013,1 Feb
86
8316 June 9534 Jan
99
June 10116 July
85
8951
9255
8954
8714
875-6

10951 115
Garlock Packing deb (is '39 113
87,000 9734
Gatineau Power 58_ _ _1056 93% 92
9351 24,000 92
9755 97% 99% 22,000 0631
1941
On
Gelsenkirchen Min 65_1934 90
9056 14,000 8734
89
1952
Gen Amer Invest 5s
8355 8256 84
Without warrants
17,000 8211
Gen Indus Alcohol 6168 '44 103
103 105% 87,000 100
88
9036 21,000 88
Gen Laund Mach 6%5 1937 88
General Rayon as A._1918 80
81
80
0 78
10,00
General Vending Corn
60
29,000 53
88 with warr Aug 15 1937 5931 53
61
Georgia & Fla RR 60_ _1916
4,000 50
61
69,000 95
Georgia Power ref 58._1967 9634 96% 97
105% 10731 20,000 103
Grand Trunk RY 6%6_1936 106
1937 9951 9831 99% 19,000 9854
Gulf 011 of Pa 5s
Sinking fund deb 68_1947
14,000 9911
9951 100
9331 94
94
93,000 9311
Gulf States Utl
Hamburg El & Ind 534538
Ilanover Cred Inst 65_1931
1910
616s

May 9851 Apr
June 115% Jan
May 10611 July
Feb 9756 Jan

June 122
Jan
2,000 101
2,000 9134 June 9731 Mar

8651 32,000
88
30,000
94% 8,000
25,000
94

9156 9134
80
80

8951
Electric Pow (Ger) 8168'53 91
106
El Paso Nat Gas 63-45 A '13 107
107
Deb 656s. __Dec 1 1938
Empire 01, & Refg 5548 42 8654 86%
Ercole Mare! Flee Mfg
84
8558 with warrants_1953 84
EuropMtg&Inv7sserC 1967
86
98
1950
7550
Fabrics Finishing 68..1939
Federal Sugar Gs
1933
Federal Water fiery 556s_.
Finland Residential Mtge
.1961
Bank 88
Firestone Cot Mills 58_1948
Firsatono T&R Cal 58_1042
Fisk Rubber 5%e_ _1931
Florida Power & Lt 56_1954
Folt%-lisher 8118_ ._1939

105%
118
9916
99%
9116
100%
101
101

May
Jan
Jan
Jan
Feb
Feb
Feb
Mar
Jan

63,000 103 June 10634 Jan
Mar 9751 May
50,000 94
5,000 86% July 9734 Jan

Appalachian El Pr 55_1956 96% 96
96% 85,000
Arkansas Pr & Lt. 58..1956 94
94% 21,000
94
Arnold Print Wks lot 68 '41 93
93
93
3,000
AB80 Dye & Press 88..1938
77
7731 8.00(1
Associated C & N 5168 1977 110
103% 110
95,000
Con deb 4165 wl war 1948 129% 12151 13016 122,000
Without warrant&
109% 10751 109% 27,000
Assoo'd Sim Hard 816s 33 86% 8654 8616 4,000
Assoc Telep Utll 5348_1944 97
19,000
97
97
Atlas Plywood 5145..1943
1,000
85
85
Bates Valve Bag Os._ _1942
With stock purch warr__ 105% 10416
Beacon 0116s, with warr'36 118
116
Bel Tel of Canada 58.1951" 99% 99
lot 50 series B
1957 9931 99%
Berlin City Elm 610-1959
9011
Boston Cons Gas deb 5.s '47
100
lioston & Maine RR 68 '33 10055 10056
Buffalo Gen Elec 5s_ _ _1956
101
Burmeister & Wain of Copenhagen 15-yr 6.0._1940 9811 9811

9551
98
97
9334

Jan 1009-4
May 8736
May 9544
June 103
Jan 57
June 5531
Mar v57
Jan 54
Feb 10236

82
93
88

Mar
July
Mar
Jan
Slay
June

91 3.4 Jan
Jan
94
95
Jan
Jan
90
9234 Feb
9991 Apr

Apr 10836 July
July
9755 Feb
June 10051 Jan
June 9111 Jan
June 663,4 Feb
May
June 106
July 10216 Jan
Jan
Apr 95
8754 Feb
July
May
7051 Jail
May 9856 Jan
Jan
May 108
Mar 1013-4 Jan
Jan
May 102
9911 Jan
July
Mar
Slay
July

Jan
88
9616 Feb
0551 Mar

Bonds (Coratnued)-

267

FINANCIAL CHRONICLE

JULY 13 19291
Friday
Last Week's Range Sales
for
of Prices.
Sale
Price. Low. High. Week.

Hansen Mining 6s____1949
With warrants
1936
Hood Rubber 75
1936
10-yr cony 540
Houston Gulf Gas 634e '43
1943
68
Hung-Italian Bank 7515'63

92%
89
76
7731

924
87
7555
77%
7735
87

93
89
784
784
7735
87

Range Since Jan. 1.
Bonds (Concluded)

High.

Low.

9335
97
8431
924
9235
9831

Mat
Jan
Jan
Jan
Jan
Jan

Stinnes (Hugo) Cory
7s Oct 1 '36 without warr
70 1946 without warents
Strauss (Nathan) 6s__1938
Stutz Motor (Am) 755s '37
Sun Maid Raisin 645_1942
1939
Sun 0116411
Swift & Co 5 Oct 15 1932

9635
3,000 9155 July
Apr 101
7,000 97
81,000 1024 Feb 120
75,000 9551 May 100
29,000 914 Mar 9634
88,000 83 May 92

Jan
Feb
May
May
July
Jan

1948 764
Texas Cities Gas 5s
Texas Power & Lt 5e 1956
Thermold Co (10 w w 1934 10251
Trans Lux Dayl Pict Screen
651s without warr 1932

29,000
7,000
24,000
10,000
13,000
5,000

9151 9151
Power,kLt 54Slay1957
9736 99
1954
5558 series B
Instep 011& Gas deb 601939 10855 10731 110
98
97
Ind'polisP & I. 58 ser A '57 98
9631
lot Pow Secur 78 set E 1957 96% 96
Internat Securities 59_1947 854 8551 8655
Interstate Nat Gas 68_1936
126 126
126
With warrants
9051
89
Interstate Power 5s___1957

853.1
8234
88
75
76
87

May
May
May
July
July
June

July
July 126
19,000 126
23,000 884 July 984 Jan
Jan
Jan
Jan
Jan
Jan

1936
Kelvinator Co 68
Without warrants
Koppers0& C deb 59 1947

8931
95
78
90
8651

May 97
Apr 107
Jan 83
June 9434
Feb 9154

86

July

91

May

7631 7855 297,000

75

Mar

82

Jan

6.000
76
75
9551 96% 95,000

Interstate Pow deb 65_1952 91
Invest Cool Am be A_1947 10231
78
Without warrants
Iowa-Neb L & P Is.__1957 904
-Elea 78_1952 91
Hydro
Isareo
Issotta Fraschini 7s_ __1942
Without warrants
Italian Superpower 68_1963
784
Without warrants

Jan
6736 June 79
9551 June 1004 Apr

9055
0631
78
904
89

9,000
62,000
17,000
23,000
22,000

91
102%
7834
9151
91

86

1,000

86

Jan
102% 10334 149,00 10251 Mar 106
Lehigh Pow Scour 6s__2026 103
Leonard 'Getz Inc 74s '46
Jan
May 102
9974 99% 42,000 99
Without warrants
Jan
904 June 94
Libby. NIcN & Libby fei '42 9051 9055 9131 21,00
Mar 9954 Jan
98
46,00
97
96
96
Lone Star Gas Corp 58 1942
Feb
Long Island 1,fg Os.__1945 10231 1024 10234 6,000 10235 June 106
90 June 9654 Jan
9254 21,00
91
Louisiana Pow & Lt be 1957 92
9855 99
Manitoba Power 534s_1951
Mansfield Mining & Smelts
101 101
1941
78 with warr
Mass Gas Coe 555s_ 1946 10235 101% 10331
McCord Rad & Mfg Cs 1943 934 934 9451
96
96
Matron Edison 4555-1968
9655 064
Milwaukee Gas Lt 434s '67
8931 90
Minn Pow & Lt 4555_ _1978 90
9855 9931
Montreal L II & Pool 5s'51 99
9951 10031
Morris & Co 7358- --- 193 100
0
Munson S S Lines 635s '37
1164 110 11655
With warrants

15,000

9034
96%

9751
9055
974
9655

130,000

97

23,000 97
26,000 9851
9,000 9955
21,000 102
16,000 7851
3,000 120
10,000 7631
6,000 0876
34,000 8734
11,000 884
1,000 9955

29,000
98
9031 34,000
7,000
98
964 5,000

May

11635 July

Mar
Apr
May
Mar
June
May
July
June
Apr
June
July

10054
103
10031
10535
8334
163
984
1084
9751
0751
101

9751
894
96
9655

Jan
June
May
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Feb

Jan
June 101
June 9334 Jan
June 1004 Feb
July 10231 Feb

9331 July
91
Apr
May
93

95
95
99 100
1024 10251 103
100
97 100
9435 9454 95
71
71
96
96
95
7454 7531

St Louis Coke & (las (is '47 8455 8431 8451
93
92
San Ant Public Ser v 5811158
1955 101
100 101
Sands Falls Is
&Malta Real Estate 881935
8151 8035 81%
Without warrauta
Scripps(E NV) 5158_1943 944 9431 944
7.5% 7531
Bervel Inc (new co) 5e_1948
924
Shawinigan W & P 4 Stai 67 9255 92
954 954
Shawslicen Stills 7s. .1931
88
88
Sheridan Wyom Coal Os '47

9834
96 Si
9835

Jan
Feb
Jan

Jan
9835 Apr 102
97 4 Mar
July
00
Slay 1024 Jan
99
9951 June 10335 Apr

35,000 854 June
90
90
89
10551 10531 10511 3,000 10435 May
104
104 10451 30,000 1024 Mar
May
98
9931 3,000 97

Queensboro 0 & E 535s '52
9935 9935
Reliance Bronze & Steel
Corp 15-yr deb 60..1944 9931 9931 9951
Reliance Islanage't 55.1954
10055 09 10134
With Warrants
Remington Arms 5550_1930
9731 9
855
Richfield 01154% notee'31 10031 100% 101
1944 10036 9931 101
60
87
8731
Rochester Cent Pow be '53 87
1953
8231 834
Ruhr Oas 8540
Ryerson (Jos T)& Sons Inc
02
15-yr s f deb 58.. .1947
92

Feb
100
106 51 Jan
10535 Jan
1034 Feb

98% Jan
19,000 95
July
13,000 99
May 10034 May
Jan
3,00 10034 am 103
12,000 96
June 100
May
Mar
8,000 94
July 98
Jan
Apr 76
5,000 69
19.000 9351 May 9855 Feb
7535 July
5,000 7455 July
10.000

9935 July 105

21,000

994 May

41,000
5,000
4,000
224,000
155,000
17,000
2,000
22,000
7,000
8,000
6.000
22,000
• 1,000
18.000
1,000
1,000

Feb

10051 May

92
07
084
99
83
79%

Jane 10154 July
Slay 09
Jan
Mar 10235 Jan
May 101
July
Mar 894 Jae
May 94
Jan

92

July

92
8251
10351
95
58
58
9931 9935
9931 9955

93
83

9755

Ulen Co 6555__Nov 1 1936
United El Serv (Unes)713"56
With warrants
Without warrants
United Industrial 651e 1941
United Lt & Rys 5518_1952
1952
6s series A
.1931
Un Oil Producers Ss.
United Rys (Hav) 7568 '35

93

98

9931
90

Van C8111j3 Packing 6s.1948
Virginia Elec Pow 5s...1955
1933
Webster Mills 655s
4
Western Power 55 0_1957 161
West Texas Util 5s_ _ _1957 91
Westvaco Chlorine 534037 100
Wisconsin Cent Rye 581930

High.

Low.

19,000 81
93
8555 22,000 83
9.000 103
105
6,000 95
95
1,000 48
58
8,000 994
100
99% 75,000 98%

June
July
June
July
May
June
Mar

Feb
Feb
Jan
Jan
Jan
Jan
Mar

94%
91
1404
1164
7931
102
10031

Mar
June 89
Mar 994 Jan
June 105% Mar

2,000
7635 763-4
9651 96% 21,000
97 10351 103,000

76
96
95

9955 100

8,000

90

Jan 100

Stay

97.4 974

4,000

97

Apr 100

Feb

2,000 108
14,000 88
4,000 84
13,000 8651
18,000 98
20,000 070
2,000 108

II() 110
90,35 91
8936 8935 89%
8934
88
9951 934 9951
75% 7251 7531
108 108

United Steel Wks 65-101947
With warrants
U S Radiator 55 set A.1038
US Rubber
Serial (151.7 notes 1930
*
Serial 651% notes 1931
Serial 64% notes 1932
Serial 655% notes_ _1933
Serial 84% notes_ _1934
notes 1935
Serial 84
Serial 8554, notes 1936
Serial 634% notes 1939
Serial 651% notes...1940
Utilities Pr az Lt 65__ _1955

Range Since Jan. 1

187,000
2,000

91
91

93
91

984
0731
984
98
9734
96
9554
98
9934
8954

984 3.000
4,000
98
1.000
9831
1,000
98
984 11,000
5,000
98
14,000
'
5,000
1,000
9931
90% 176,000

84
974
9031
148
91
9955
98%

Feb
June 130
Apr 9234 Jan
Apr 91% Jan
Mar 94% Jan
June 10131 Jan
Jan
Apr 79
Jan
May 110

8254 May
8954 July

July
93
9355 Jan

Jan
July
July
Jan
Jul
Jun
July
Jan
Jan
June

10051 Jan
10031 Jan
10031 - Jan
10031 Jan
Jan
100
10071 Jan
10075 Jan
10074 Jan
Feb
102
9834 Feb

9851
97%
954
9655
1/635
9534
9535
96
97
89

Stay 8755 Feb
1.000 81
84
9734 20,000 964 June 100% Jan
964 Jan
11,000 874 AP
92
July
165
165 238,000 109% Jo
July 9651 Jan
91
2,000
91
Jan
23.000 9951 July 104
100
9851 13,000 9631 Jan 98% .188

Foreign Government
and Municipalitlet
A irsicul Mtge Bk Rep ofCm
20-yr 7s____Jan 15 1947

9111

0151 96

17,000

89

Bank of Prussia Landowners
15,000 944
9634 97
_ _1930 97
Ass'n 6%
1,000 9251
95
95
notesBaden (Germany) 7s _1951 95
10355 10451 8,000 100
Buenoe Aires(Prov) 7518'47
1952 10155 1014 10131 26,000 9955
75
Cauca Valley (Dept) Colombia esti s f
1048
Cent Bk of German State&
Prov Banks 65 B ___1951
1952
6s series A

8631 3831 13,00

85

June

99

Jan

May 98
Mar
Jan
Mar 98
Apr 1044 June
June
Mar 102
May

9614

Jan

30,000
7,000

May
79
8255 May

874 Feb
8735 Mar

Danish Cons Mimic 64855 • 9834
5s new
1953
Danzig P & Waterway BO
1952
Extl a f 6550

97% 9835 6,000
904 9354 19,000

9851 Jun
90% July

4 Jan
101 1
9635 Jan

82

1,000

Jan

8834 Aar

Frankford (City)6540_1953
German Cons Mimic 7e '47
1997
Os

0051 92
9451 90
86
82

10,000
17,000
71,000

8836 May
934 May
July
82

964 Jan
9814 June
Jan
89

9954 100

16,000

974 May

8255

9331
82

Indus Mtge Bk of Finland
lst mtge col f 7s_ _1944
Medellin (Columbia)7s1951
Mendosa (Prov) Argentina
1951
7310
Montevideo (City) Os 1959
Meg 13k of Bogota 78.1947
1947
is new
Mtge Bank of Chile 65 1931
1962
65
Mtge Bk of Jugotrav 715 '57
1972
Netherlands es
Parana (State of) Bras 71355
Prussia (Free State)6%s'51
Ernes(of '27) Oct 1552
Rio de Janeiro 634s...1959
Rumanian Mono Inst 7559
Russian Governments
.1919
4s ctfs.
1921
1348
1921
5550 certits
1935
Saarbrucken is
Santa Fe (City) Argentine
Republic est 75___ _1945
1949
Santiago (Chile) 7s
Switzerland Govt 54s 1929

83
82
8251 83

82

94

9531

3,000

9774
92
774

9331
95
8931
87
964
92
7755

9455
96
90
87
9734
92
7735

3,000
22.000
4,000
1,000
21.000
16,000
10.000

9234
87

10431
8755
92
8634

95

81

102

Jan

9735 Feb

92

Jun

93
934
87
87
96
92
75

Apr
99
AP
n964 May
Ala
Feb
Apr 94
Jan
Apr 94
June 984 Feb
July
July 92
Mar 82% Jan

1044 5,000 102.55 Mar 10751 Feb
June 0331 Jan
1,000 84
8756
Den
May 97
934 9,000 89
8731 85,000 83% May 9014 Jan

1,000
914 91%
8355 84% 10,000
1331
13
1355

9135 July
824 June

9131 July
89% Feb

1435 118,000
134 21,000
28,000
15

124 Jan
1251 Feb
124 Feb

19
1931
19

13
13
13

9955 9935
9231
99
9931

3,000

9251 9351
9855 99
9931 100

3.000
7,00
10,00

99

Mar 101

014 June 96
Apr 100
96
9951 Mar 100%

ADr
Apr
Apr
Feb
Jan
Jan
Jan

824 May 92
91% Apr 97
98
Mar 10251

Jan
pee
Jan

• No par value. I Correction. rn Listed on the Stock Exchange tele weet. where
additional transactions will he found. n Sold under the rule. o Sold tor cash
r
s Option sales. I Ex-rights and bonus. e When issued. z Ex-dividend
rights. z Ex-stock dividend
"Under the rule" sales were made as follows:
a Amer. Nieter Co.. Jan. 15 at 128: c Danish Con. Mimic. 54e, 1955. Jan. 1 a
at 105: p Educational Pictures Pref.. Feb. Oat 100. II United Milk Products. Mar.

80
924
704
004
94
88

Mar
Apr
Jan
Apr
Jan
Jan

"Cash" sales were made as follows:
Arkansas Power & Light 1st & ref. 5.3, Jan. 22 at 99
"Option" sales were made as follows! u Schutter-Jonnson Candy. class A Mar

2,000 99%
9931 9971
Sloss-Sheftleld S & I Os '29
8931 97 229,000 874
Snider Pack 6% notee.1932
4,000 9455
96% 9751
Solvay-Ain Invest 5s_.1912
Southeast P & L 6s....2025
1024 101% 10236 236,600 100
Without warrants
Sou Calif Edison 5s___1951 99% 9955 994 07,000 69
1952 10051 9931 1004 18,000 99
Refunding Fe
12,000 99%
1944
100% 102
Gen & ref 5s
92
924 8,000 92
1937
Sou Calif Gas 511
3,000 92
96
96
1957
so
9931 994 3,000 96
Southern Dairies 65_ _11)30
-So'wst Dairies 6355
8,000 00
92
90
1938
With warrants
1
.1957
9351 93% 17,000 ( 134
Sweet & E 58 A
Sweet Pow & Lt 63_2022 1034 1033.4 10334 17,000 994
Mfg 68_1942 9851 9834 98% 14.000 974
Staley (A E)
9731 35.000 944
Stand Pow & Lt fls _ _1957 974 97




Jan

101

Feb
May 94
24,000 88
Mar 93% Jan
106,000 90
34,000 10451 Jan 10834 Feb
Jan
Apr 92
2,000 87
13,000 9735 May 1014 Jan
Feb
24.900 10034 May 104
Feb
5.000 98 June 103

9355 9331 9551 52,000
Pile Gas & El let 445_195S
92
1948
Pacific Invest 55
924 4,000
Pacific Western 0118340'43 95% 95
95% 268.000
Penn-Ohio Edison Os 1950
101% 100% 101% 14,000
Without warrants
5345 when issued__ _1950 924 90
9251 36,000
Penn Pow & Lt 5s_ _1953 9934 9955 1004 20,000
1952
fis series 11
9951 10055 13,000
Peoples Lt & Pr 5s _ _ 1979
Whila Electric 534s____1953
Phila Elea Pow 5510..1972
Pines Rapin Trans Os.i962
Pulls Suburban Counties
Gas & El Ist&ref 445'57
Pittsburgh Coal 6s. _1949
Pittsburgh Steel 65._ _1948
1939
Poor az Co as
Potomac Edison Sc _ .1956
Potrero Sugar 7e_Nov 1547
Procter & Gamble 4855 '47
Punta Alegre Sugar 68_1930

984 June

Mar 10331 June
2,000 96
123,000 10131 July 1044 Apr
7,000 9255 June 994 Jan
Jan
5,000 9334 Mar 99
2.000 9551 July 10051 Feb
14,000 8755 June 9234 Jan
11,000 9654 Apr 1014 Jan
Jan
21,000 9935 Mar 101

9755 9854
Narragansett Elea ba A '57 98
10251 103
Nat Distillers Prod 635s '35
994 9955
Nat Food Prod 6s____1944
Nat Power as Lt 68 A.2026 1034 103% 1044
81
80
Nat Public Service bs_1978 80
130 130
Nat Rubber Mach 6s_1943
76% 7835
Nat Trade Journal 68_1938
9934 102
NeLsner Realty deb 6s 1948
9055 9131
New EngGdzElAssn5s 1948 91
9131
89
1947
as
9955 9935
1956
N J Pow & Ltg Is
NY & Foreign Invest
89
91
5518 A with warr___1948
NYP&L Corp Ist 4556'87 9134 90% 914
105 10551
Niagara Falls Pow 68.1950 105
88
88
Nippon Elec POW 6'se 1953
North Intl Pub Sell be 1960 0855 9851 99
,
Nor States Pow 655 %l933 102% 10131 1024
98
North Texas Utilities 7835
98
Ohio Power 58 ser B__1952
1056
4515 series D
Ohio River Edison 58_1951
Oegood Co es with warr '38

Friday
Last Week's Range Sales
for
of Prices.
Sale
Price. Low. High. Week.

July
Jan
July
May
May
July

96

9631
95'5
8534
044
984
93

Jan

June 100
Jan
May 1074 Jar,
Apr 9831 Feb
Mar 1054 Jai
Mar 102% let
June 102
Apr
June 10251 Mar
Max
Mar 95
Mar 9855 Slay
Mar 9955 July
July 101
Apr 9714
May 107%
Jan 99
May 00,‘

Jan
Jar
Jac
Fe)
Jan

21, pref. at 81. r Allied Pack. 65. 1939. April 2 at 59. v Mayflower Associates.
May 29. 200 at 65. z 11:Wasters Equity 5s, 1947. 67.000 at 95.

1110 at 11

CURRENT NOTICE.
-The increase in the interest of the investing public in common stocks
which has characterized American financial hLstory during the past few
years, has brought forth an unprecedented number of issues of bowls and
preferred stocks having either a conversion privilege into Common shares
or some other form of privilege, such as rights to subscribe to common
stock evidenced by warrants. Brown Brothers & Co. have just issued a
-page booklet treating this subject and listing 298 separate bond and
56
preferred stock issues having a special attractivens in addition to pure
investment value.

FINANCIAL CHRONICLE

[VoL. 129.

Quotations of Sundry Securities

All bond prices ar• "and in

except where marked 't"'

Invo•tmont [rust Stocks
and Bonds
Par
Cent Nat Corp A
Bid Ask
Class 13
6112 65
Colonial Investor Shares
33
37
Continental Securities Corp.
3132 321s
Preferred tt
96 101
Corporate Trust Shares___
75
80
92
Credit Alliance A
103 111e
8
95
92
Crum & Forster Insurata
38
37
10512 10712
shares corn
10512 09
Preferred
03
101
94
96
Deposited Bank Shares____
99 102
Diversified Trustee she____. 29 2
.1*39
40
Shame B
26
26%
*1412 1512
Eastern Bankers Corp COM. 25
69
*67
Units
145 151
93
*00
Equit investors units
4
333 363
4
100 102
Class B
21
18
9812
Federated Capital Corp..__
7012 74
94
96
5712 61
New units
*10612 10712
First Holding & Trad
13
11
*97
99
First Investment, A pref__
45
35
210 220
Fixed Truet Shares class A_
2412 25
10712 110
Class B
213 2212
4
1
3
Founders Holding
97
94
15
10
Corn class A
04
97
105 107
Foundation Sec corn
912 1112
98 100
General Trustee common... 23
28
*26
2612
New units
75
70
*99 101
6% bonds
90
95
88
*86
German Cred & Inv25%pd _
15
18
100 101
Greenway Corp corn
2613 2812
*55
65
Preferred (w w)
6312 6512
Aeronautical Securities
107 110
Guardian Investment
32
31, 5
Aeromarine-Klernm
102 105
5
Preferred
32
Aeronautical Industries_
99
97
1912 211.
Guardian Investors
20
15
Air Investors corn
90 93
1712 181.
6%
90 100
Preferred
37
102 10312
35
$3(inns
50
42
Warrants
10814 111
11
9
Harvard Mandril
Airetocks Inc
62
103 104
60
Incorporated Equities
6112
Alexander Indus corn
1414
14
1
Incorporated Investors
7412
Shut Term Securities
8% participating pref._ *86
92
Ineuranshares ser A
4
2014 273
Amer Aeronautical
24
20
Series 111928
213 2314
4
Alila Chal Mfg, be May '37_
40
983 9914 American Airports Corp___t 30
4
Series C
263 25ai
4
Alum Cool Amer,5s May'52 10034 10114 Amer Eagle Aircraft
5
13
Series F
3034 3214
Amer Rad,deb 434s, afay'47
943 9512 Aviation Sec Coot NE
19
4
20
Series 11
2434 2614
Am Roll Mill deb 58, Jan '48
9512 9614 Bach Aircraft
112 2
Inter Germanic Tr new
220 223
Ana'na Cop Min let cone fle
BellancaAircraft Corp. new
17
173
4
Int See Corp of Am corn A_
62
59
Feb. 1963 1043 10478 Berliner-Joyce Aircraft A_ __
4
24
26
Common B
34
31
netavian Pete 4448_ _ _ _1942
92 Central Airport
91
11
9
Allot Ws
146 153
Bell Tel of Can 5a A _Mar'55
27
9914 9912 Cessna Aircraft new corn.. 25
@tj% preferred
93 98
Bethlehem Steel
Claude Neon Lights
3612 3712
8914 9314
13% Preferred
Sec 5% notee_June 15 '30
90 9912 Consolidated Aircraft
35
3512
reveal Co of An, COM
52
48
See 5% notee_June 15 '31
9812 99 Consolidated Instrurnent_t 2218 2212
7% preferred
95 100
Sec 5% notes_June 15 '32
5
983 993 Crescent Aircraft
4
7
4
Invest Fund of N J
73
4 8
Lloral Invest Tr
2212 23
Curtis Flying Service
Investment Trust of N Y-_
8
1332 143
5% notes
May 1930
97
99 Curtiss-Robertson Airplane
In vest Trust Assoclatee____
51
47
Cud Pkg. deb 534e_Oct 1937
96
Units
0612
128 133
Standard Oil Stooks
Joint Investors clam A
72
66
(tenant SS Line 4348 Dec'29
99 993 Curtiss Assets
17
4
20
angle-Amer Oil cot stook_ 51 *15
1518
Convertible preferred____ 128
Ed El ill Bost
Curtiss Reid prof
2912 31
Non-voting stock
14
El *13
Keystone Inv Corp class A. 1912 2312
43.4% notes____Nov 1930
983 9912 Dayton Airpi Engine....
4
14 Atlantis Rehr rom new_25 *69
(t)
6918
Class B
5
Empire Gm & Fuel 58
Fairchild
1714
Borne Scrymeer Co
35
*31
25
Massachueette Investors
5512 5512
June 1930
08
Fokker Aircraft
99
441 45
Buckeye Pipe Line Co_
691, Mohawk Invest Corp
50 *68
15512 15812
Sisk Rub 5348---Jan 1931
91
92
Preferred
221 2412 Cbeeebrough Mfg (3one_ _26 *175 190
Mutual Investment
1412 153
Gent Mot Accept.
4
Haskell te Mfg
28
32
Continental Oil•to
10 *2012 21
New England Invest Trust.
5% serial notee_ _Mar '30
993 9978 Lockheed-Vega
s
141 1612 Cumberland Pipe Line_ _100 68
70
NY & London nignt units_
3% serial notes_alar '31
9712 9812 Madclux Air Lines corn.....
121 14
Eureka Pipe Line Co.... __100 58
62
North Am Util Sec
19
17
5% serial notes_ _Mar '32
97
9734 Mahoney-Ryan Aircraft___.
22
25
Galena Signal Oil com___100
7
5
Preferred
98
95
3% serial notes__231 ar '33
95
9612 Mohawk Aircraft
8
13
Preferred old
85
100 78
North Amer Tr Shares
103 1118
8
5% aerial notee_Mar '34
95 9612 Mono Aircraft
8
11
Preferred new
90
100 80
011 Shares unite
6% serial notes_Mar '35
9612
95
Preferred
30
35
Humble Oil&
*125 126
Old Colony Invest Tr corn...
22
20
5% serial notes_ _Mar '36
9512 Moth Aircraft Corp units -. 241 2612 Illinois Pipe RefInIng _ _25
94
Line
100 307 315
4(.4% bon&
85
(inn 011 Corp of Pa deb 55
Common_ _
10
12
Imperial 011
294 30
PaelfIc Investing Corp com_
36
32
Dec 1937
983 99
4
National Air Transport___. 411, 42
Indiana Pine Line Co.., 60 10314 10412
Preferred
85
80
Deb 55
Feb 1947
993 110
4
National Aviation
691 70
New stock
27
28
Power & Lt Secs trust
90
87
Koppers Gas & Coke deb 56
North Amer Aviation
31614 51612 International Petroleum ___t *25
2532 Second Financial Invest__
2714 2912
95 953 Pollak alfg
June 1947
4
8
10
National Transit Co._12.541 *223 23
s
2nd Found Sh Corp units _- 110 114
Mu Pet 4448_Feb 15'30-35
95 100 Sky Specialties
49
51
New York Taman Co_..100 1514 16
Second Internal See Corp.. 50
54
Mar 011 5s. notee June 1530
9712 9812 Steamer) Aircraft com _
• 138 148
Northern Pipe Line C0 100 53
59
Corn It
25
22
Serial 5% notes June 1531
9412 9512
New stock
'271 30
Ohio Oil
__25 •7114 72
6% preferred
46
43
Seria15% notes June 1532
9312 9412 Stinson Aircraft corn
18
20
Penn Mei Fuel CO
21 *3714 38
Second Nat Investors
112 11214
Masa Gas Cos,5348Jan 1946 1017 10212 Swallow Airplane
s
7
10
Prairie Oil & Gas
25 *5412 5414 Snewinut Bk Inc Trust__
42
38
Pacific Mills 534e___Feb '31
9714 9814 Travel Air Mfg New
47
48 • Prairie Pipe Line
6072
25 *60
434e
87
1942 85
Peoples Gas L & Coke 45411
U S Air Transport
13
Solar Refining
25 *38
5e 1952
3 4
92
93
89
9712 9912 United Aircraft
Dec 1929 & 1930
130 131
Southern Pipe Line Co_ _ail *20
2112
fls
1952 240
erect & Gamb.4 Me JulY '47
05
98
Preferred
9212 9312 Routh Penn 011
25 *5213 53
Southern Bond ar Share
Sines She Sti & Zr 65 Aug 29
993 100
4
Universal Aviation
12
15
S'west Pa Pipe Lines
50 *03 68
33
Corn & allotment ctfe
28
Swift & Co 6% notes
Warner Aircraft Engine-- 34
36
Standard 011 (California) t *7214 73
$3 prof allotment etfe____
50 •
47
Oct 15 14132
9912 9972 Western Air Express, new. 6712 6812 Standard 011 (Indianal_
__ 25 *56
5
612 Standard Collateral Trust _ _
1712 19
On N J RR & Can 450ept29
9914 100
standard Oil (Kanteis)__.25 •201s 2114 Stannard Investing
40
W1110 Cent 58
Corp
- 38
9812 983
Jan '30
4
Water Bongs.
Standard 011 (Kentucky)_10 *3712 38
53.4% preferred w w
97 100
Arlie° Wet 1st 58'5e A.A&O 03
9412 Standard Oil (Neb)_ _ -25 547 4814
5% bonds w w
123
Tobacco Stocks Par
Blrm WW let 5348A'54.A&O 100 101
Standard 011 of New Jer__25 •57
5712 State Bankers Financial
American Cigar com____100 130 140
1st M 50 11)54 ecr B__J&D 05
Standard 01101 New 1004 25 *383 39
4
Trustee Stand Oil She
- 3- 1312
11 4
Preferred
100 112 11212 City W(Ctult05345b4AJ&D 97
99
Standard 011 (Ohio)
25 *119 121
United Founders Corp corn_
5712 5012
British-Amer Tama era_
*30
32
let M 6e 1964
J&D 90
95
Preferred
100 117 11734 U S Shares class A
1434
nearer
32
Al .30
City of New Castle Water
Swan & Finch
2a •15
16
Class A 1
1372 153
e
Imp:Hal Top of0 B & Irei'd *22
25
be Dec 2 1941
J tO 1 03
Union Tank Car Co
25 •147 15214
Class C 1
3612
lot Cigar Machinery new100 110 120 Clinton WW 1st 5re39..F&A
92
Vacuum 011
25 *119 1193
4
Clue (3 2
3772
Johnson Tin Foil & Met.100
55
65 Com'w'th Wat let 5 MaA'47 98 166
Clase C 3
283
4
Stand Comm'l class B
IS
20 Connelley W 5sOct2'39A&O
93
Investment Trust Stocks
Clam D
1832
Union Clear
4
5 E Sr L & lot Wat be '62.J&J 90
92
and Bonds
U 8 & Brit Internal el H.
*7
Union Tobacco Co corn _
- 15
8
let M Be 1942
.1&.1 07 100
A irstocks Inc
60 (12
Class A
3112 3512
Class A
55
Huntington lst to '6&M&8 100 102
amen interest Inveetors_l 104 109
Preferred
4114 4414
Young (.1 8) Co corn ___100 104 112
Cs
1954 92
Amer Brit & Cont corn_____
14
16
U S Elec IA Powr
48
46
Preferred
Mid States WW 08'36 MAN
100 104
6% preferred
84
86
U 8 & Foreign See corn__
62
60
MonmCon W 1st bre5BAJ&D 91
Amer CS Pow & L units.--.
93
Preferred 84
8812
Indus. 11. Miscall
Mourn Val Wt 534s '50-J&J 95
Class 13
97
Sugar Stack,
American Hardware
68
Muncie WW Se Oct2'39 A01 94
25 *66
Amer Common Stirs Corp....
9
12
Caracas Sugar
2
50
Babcock & Wilcox
lop 123 125 StJeseph Water 5s194IA&O 92
Ain & For Sh Corp units_
85 88
Fajardo Sugar_
92
.100 88
allse(E )Co
*44
46 Shenango ValWat 55a5BA&O 90
03
Common
40
42
Godchaux Sugars, Inc
no 27
Preferred
au *58
So P1tte Wat let 54 UM n: 91
534% cony debs
1938 97
98
Preferred
85
100 80
choos Company pref___100 105 108
9112
let M 5s 1955
FAA
Amer Foundees Corp corn _ *10712 10912 Haytian Corp
ea
Amer
10
Hercules Powder
*125 130 Ter H
W Bs '49 A__J&D 100 103
Cony preferred
10814 11114 Holly Sugar Core com.....t *34
38
Preferred
101.i 11712 120
let M 5s 1956 eer B__F&D 02
634 ()referred
451. 4812
Preferred
85
100 80
!helve Dodge Corp
633 64
4
Wichita Wat let lie'49_M&S 100 103
7% preferred
53
50
National Sugar Ref
43
100 42
Steger Manufacturing...100 525 545
let M 5e 1956 eer 13__F&A
92
140ths
75c 80c New Niquero Sugar
23
*eai 6
101) 15
Singer Mfg Ltd:_..__ .___
Amer & Genl Bea. unite....., 71
74
Savannah Sugar corn
*114 118
Chain Store Stocks
ClassA
30
34
Preferred
IOU 107 112
Railroad Equipments
Berland Stores unite now. •100 100
Class B
1312 151. Sugar Estates Orients pf_100
,
.
22
18
Atlantic Coast Line es__
5.60 5.30 tieback (IT CI Inc corn __ - 1
75
tuner Internet 130e16 dr Oh_
70
_
trartlentes Sugar 1Si_1011 40
45
Eauipment6 Me
5.40 5.10
7% 1st preferred
Amer By Tr Shares
100 OS 105
18
183
4 Rubber Stocks (CletilatU)
Baltimore & Ohio 68
5.60 5.30 Butler (James) corn
Amer & Scottish Invest -- 26
9
20
Aetna Rubber commou___
•14
16
Equipment 434s &
5.20 5.00
_
Preferred
Astor Financial class A
45
100
45
5()
Fails Rubber coin
5
Buff (Coch .1 Pitts equip Be.
5.50 5.20 Diamond Shoe, corn
40
Class B _
44
10
14
Preferred
15
et •10
Canadian Pacific AM* & 51.
5.30 5.10
Preferred
Atlantic & Gag cons
100 104
3612
Faultless Rubber
32
1 *31
of N J 60
Central RR
5.50 5.20 Edison Bern Stores com____
Preferred
20
2012
44 49
Firestone Tire & Rub ecun.10 *270
Chesapeake & Ohio 68
5.50 5.20
Preferred
*Al & Pac Intl Corp unite ._
94
98
75
78
43% Preferred
100 10634 116Equipment5%5
5.35 5.10 Effron Stores Corp w 1
Bankers Financial Trust__
11
10
32
7% Preferred........100 10812
!equipment 58
5.20 5.00 Epicure Food Stores
Bankers Investml Am corn. 343 17
4
General Tire & Rub com..2t 260 275
Chicago & North Well Be_
5.50 5.20 Fan Farmer Candy rah pref / *30
Bankers Sec Trot Am corn .
33
Preferred
9912
100
Equipment 6348
5.40 5.1() Fed Bak Shoes,com
•612 8
BankInstocks Holding Corp.. 20
23
Goody'r T & R of Can pf.100 r355 360
5.15 5.00
Ctio R I & Pao 4140 & al__
Pre!7% with warr_ __100 90 100
Bankshares Corp of U S cl A
7
9
India Tire & Rubber
*4812 49
Equipment Be
5.50 5.20 Penman & Curme Shoe
Bankstocks Corp of Md el A
_ Mason Tire & Rubber oom_1
15
Colorado & Soutbern 61
5.60 5.20
Stores A 7% pref.__ _100 5() 65
Class B
912
0
Pieferrel
100
Delaware & Hudson fle
5.50 5.20 Fishman
131) Stores corn. 20
Preferred
25
41
47
Miller Rubber preferred_100 60
62
5.40 5.10
Brie 63411B 511
Preferred
101 105
Basle Industry Shares
10
103 Mohawk Rubber
(
49
48
101
Equipment 61
5.60 5.20 Gt Ati & PAC Tea vet corn _1 *405 420
British Type Investore
223 233
4
(
Preferred
7814 80
101
5.50 5.20
Great Northern 60
Preferred
100 115 118
Selberling Tire & Rubber__
3812
*35
Eanipment Se
5 35 5 10
Preferred _
_ _ _Ifle 104
•Persleare. t No Par value. b Basis. d Purchaser also pays accrued dividend k Last sale. n Nominal. z Ex-dividend. Ex-r gluts. r
Canadian quotation. s Sale price.
Public Utllttttt

Par
American Gas & Eleatric_t
6% preferred
Amer Light & Tree com_100
Preferred
100
Amer PublIc Litil corn_ -.100
7% prior preferred__ __100
Partic preferred
100
Appalachian El Pr pf__100
Associated Gas & Elea
36 preferred
Com'reith Pr Corp pref..100
East. Gill. Ass°. corn
Cony. stock_
General Pub Sore nom _ ___t
Gent Public (nil $7 pret _t
Mis icaIppi Riv Pow prat.100
First ratge 58 1931___J&J
Deb 5s 1947
MAN
National Pow & Light Pref_t
MI preferred
North -Irate, Pow com_100
7% Preferred
100
Nor Texas Klee Co com_100
Preferred
100
Ohio Pub Sere. 7% prat 100
6% prof
Pacific Gas & El let Ore? __25
Puget Sound Pow& LS SO Pt
35 preferred
let ref 634a 19fli__J&D
South Cal Wilson 8% Df __2b
Stand 0& E 7% Dr p1.100
Tenn Elea Power let pref 7%
s% preferred
100
Toledo Edison 5% prat
6% preferred
7% pref
100
Western Pow Corp pref _100




A sk
Beth
.215 218
*95 112
285 289
105 11212

Railroad Equipments
Bra
Hocking Valley 511
5.20
Equipment Be
5.50
Illinois Central 4345 & 61-5.15
Equipment 68
5.50
Equipment 78 & 6 SO-5.30
Kanawha & Michigan Bo. 5.50
KansasCity Southern 53.4s. 5.25
Loulseille & Nashville ele_
5.50
Equipment6340
5.25
Michigan Central 55 & Oa-. 5.75
Minn St PA 141 El M 4446 & Si 5.75
Equipment 6348 &
5.75
Mowed Pacific 68 & 6345
5.60
Mobile& Ohio be
5.25
New York Central 43.40 A 61 5.25
Equipment Be
5.75
Equipment75
5.50
Norfolk & Western 43.4e___
5.15
Northern Pachle 75
5.40
Pacific Fruit Exuresa 7S-5.40
Penteulvania 13R eo 50
5.15
Pittab & Lake Erie 630-5.25
Reading (30 6%a Ale
5.15
St Louis & San Francisco 50. 5.20
Seaboard Air Line 544s & Sr 6.00
Southern Pacific Co 345
5.15
Equipment 78
5.40
Southern By 634e &
5.20
Equipment fls
5.50
Toledo & Ohio Central 51-5.50
Union Pacific 73
5.30

Ask
5.00
5.20
5.00
5.20
5.10
5.20
5.00
5.20
5.10
5.10
5.25
5.25
5.20
5.00
5.00
5.50
5.30
5.00
5.10
5.15
4.95
5.00
4.95
5.00
5.50
5.00
5.10
5.00
5.20
5.20
5.10

Chain Store Stocks Par. Bret
Howorth-Snyder Co. A
12
15
Knox Hat, new w I
*1139 143
Kobacker Stores corn
*54
61
Cum mei 7%
100 98 102
Lane Bryant Inc 7% pref _
115 121
Leonard Fitzpatrick &
Muller Stores corn
*22 28
Preferred 8% _100 115 117
Lerner Stores 634% pref.
Without warrants
102 100
Lord & Taylor
100 350 370
First preferred 6%_ _ _ .10C 98 104
Second prof.8%
IOL 109 113
MacMarr Stores pref
111 115
McLellan Stores6% pref 100 92
96
Melville Shoe Corp
let pref 6% with warr_100 100 104
Mercantile Stores
Preferred
101 103
Metropolitan Chain Stores
New preferred_ _ _
100 113 116
Miller (I) & Sons corn__ t •50
53
Preferred 634
100 93 100
Mock Judson & Voekinger pf. 101 105
Murphy (G C) Co corn_ _t *93
98
8% cum pref
100 104 109
Nat Family Stores Inc ware
3
Nat Shirt Shops. corn
•13
15
Preferred 8%
100 75 83
Nedick's Inc corn
*18
22
Neisner Brea Inc corn
*152 153
Preferred 7%
100 199 203
Newberry (J 3) Co corn
*174
77
Preferred 7%
100 101 105
NY Merchandise corn_
t *35
37
First pref 7%
100 100 104
Penney (J C) Co
100 120 124
Peoples Drug Stores corn __1
634% cum pref
100 112 115
Piggly-Wiggly Corp
*38
45
Preferred 11%
100 103
Reeves (Daniel) preferred _
91
95
Roger. Peet Co coil,
_100 135 145
941. 9512
Safeway Stares pref
Saunders(Clarence), coca B_
30
371.
Schiff Co corn
521.
*51
('urn cony pref 7% ___ 100 100 106
Shaffer Store corn w
221.
22
silver (Isaac) & Bros com_t *70
73
7% corn cone mei -100 109 113
Southern Stores6 unite
72
U 13 Stores corn clam A.._...t
*2
4
*1
Corn claim B
3
let preferred 7% .
1011 47
Young(EdwinH)Drugunits _ 100 102

;
konstuunt antsaikaatt 31nteliiffente.
Latest Gross Earnings by Weeks.
-In the table which
follows we sum up separately the earnings for the first week
of July. The table covers five roads and shows 2.68% increase over the same week last year.
First Week of July.

1929.

Canadian National
Canadian Pacific
Minneapolis & St Louis
St Louis Southwestern
Western Maryland

Increase. Decrease.

1928.

$4.920,138 $4,798,858
4,051,000 3,971,000
241,587
225,604
487.300
474,000
305,297
274,528
$10,005,322 $9,743,990

Total (5 roads)
Net Increase (2.68%)

$121,282
80,000
15.983
13,300
30,771
$261,336
261.336

National Rys. of Mexico.
-Month of March- -Jan.1 to March 311928.
1929.
1928.
1929.
Pesos
Pesos
Pesos
Pesos
6,739,748 10,418.085 24,810.343 29,004.433
Gross earnings
7,002,075 8,640.590 22.176,883 25.200,503
Operating expenses
262,326 1,777,495 2,633.459 3.803.929
Net earnings
86.88
89.39
82.94
103.89
Percentage expenses to earns..
11,818
8,710
11,818
8,710
Kilometers

Electric Railway and Other Public Utility Earnings.
-Below we give the returns of ELECTRIC railway and
other public utility companies making monthly returns which
have reported this week:

In the following table we show the weekly earnings for
a number of weeks past:
Current
Year.

Week.

Previous
Year,

$

a

13,838,516
14,087.158
14.485.650
19,580.198
14,258,006
13,704.380
13,934.100
20,100,833
14,083,977
14,025,691
13,987,172
19,926,465
16,362,466
14,179.746
15,414,954
20,931,896
10.005.322

let week Mar.(11 roads)
2d week Mar.(11 roads)
3d week Mar.(11 roads)
4th week Mar. 9 roads)
(
let week Apr.( 9 roads)
26 week Apr.( 8 roads)
3d week Apr.( 7 roads)
4th week Apr.( 8 roads)
1st week May ( 8 roads)
2d week May ( 8.roads)
3d week May( 8 roads)
4th week May( 8 roads)
1st week June ( 8 roads)
26 week June ( 8 roads)
3d week June ( 8 roads)
4th week,June( 7 roads)
1st week July ( 5 roads)

13,385,303
13,715.106
13,818,627
20.378,281
13.394,590
12,849,259
12,745,841
16.956.008
13,198,800
13,800,007
14,015.235
20,132,939
16,187.145
13,885.018
13,974,488
18,619,998
9.743.990

Increase or
Decrease.

'
269

Per
Cent.

$

3.38
+453.213
+372,052
2.70
4.82
+667,023
-798,083
3.93
+863,416
6.45
+855,121
6.65
+1,178.259
9.33
+3.144.625 18.51
6.71
+885.177
+225.684
1.64
-28,063
0.20
-206.474 . 1.03
+175,321
1.07
2.70
+374,728
+440.466 10.30
+2,311,898 12.41
2.00
.4201.MR

Baton

Rouge Electric Co.

-Month of May- 12 Mos. End. May 31.
1928.
1929.
1928.
1929.
$
$
$
3
82.470 1,175.498 1.045,976
93,774
Gross earnings
491.262
539,402
40,976
47.902
Operation
71,739
65,427
6,422
5,946
Maintenance
114,313
112.685
9,765
9.948
Taxes
368,661 .
457.982
25.305
29,976
Net operating revenue10,552
Income from other sources
368,661
468,535
Balance
72.527
90.326
Interest and amortization
378,209

Balance

296.133

Blackstone Valley Gas & Electric Co.

(and Subsidiary Companies)
12 Mos. End. May 31
-Month of May
1928.
1929.
1928.
1929.
8
$
$
$
We also give the following comparisons of the monthly Gross earnings
4M.737 6,346.868 6.000.325
531,128
259,922 3,053,086 3,112,744
258,217
Operation
totals of railroad earnings, both gross and net (the net before Maintenance
259.309
270.223
27,674
30,874
379.190
391,123
31,411
35.843
the deduction of taxes), both being very comprehensive. Taxes
165.729 2,632,436 2,249,081
They include all the Class 1 roads in the country.
Net operating revenue__-- 206,192
40.993
1,830
. Income from other sources
Gross Earning,.
2,634.266 2,290,074
Length of Road.
Net income
105.500
Month.
105.500
Deductions
Inc.(+) or
Dec.(-).
1928.
2,528,766 2,184.574
1927.
1927.
1928.
Balance
541.496
572.571
Interest and amortization
$
Mites.
$
Miles.
January
1,956,195 1,643.077
456,520,897 486.722,846 -30,161,749 239.476 238.608
Balance
February
March
April
May
June
July
August
September
October
November
December
January
February
March
April
May

455,681.258
504.233,099
473.428,231
509.746,395
501,576,771
512.145.231
556.908.120
554,440,941
616.710,737
530,909,223
484.848,952
1929.
486.201.495
474,780,516
516,134.027
513,076,026
536,723,030

468.532,117
530,643,758
497.865,380
518,569,718
518,448,211
508,811,786
556,743,013
564.421.630
579,954.887
503,940,776
458,660,736
1928.
457,347.810
456.487,931
505,249,550
474,784,902
510,543,213

-12.850,859
-26,410,659
-24.437,149
-8,823,323

-14,871.440
+3.333.445
+165.107
-9.980.689
+36,755.850
+29.968,447
+26,188.216
+28,853.685
+18.292.585
+10,884,477
+38.291,124
+26,120,817

1928.

January
February
March
April
May

1927.

93,990,640
108,120.729
131.840,275
110.907,453
128,780.393
127,284,367
137,412.487
173,922,684
180,359,111
216.522.015
157.140,516
133,743,748
1929.
117,730.186
128,368.848
139.639.088
138.821,660
146,798,792

December

238,731
238,729
238.904
239.079
239.066
238.908
239.205
239.205
239,602
239,982
236,094
1928
240,417
242,668
240,427
240,816
240,798

Inc•(+)or Dec.(-1.
Per Cent.
Amount.

Net Earnings.
Month,

January
February
March _____
April
May
June
July
August
September
October
November

239.584
239.649
239.852
240.120
240.302
240.433
240,724
240.693
240,661
241,138
237.234
1929.
240.833
242.884
241.185
240,956
241,280

99.549.438
107.579,051
135.874.542
113,818,315
126.940.076
129,111.754
125,700.631
164.087,125
178.647.780
181,084.281
127.243,825
87,551,700
1928.
04.151.973
108,987.455
132,122,686
110,884.575
129,017.791

Refrigeration

Water service

Total
Oper.expenses-Operating
Maintenance
__

190,190
111,633
7.819

197,294 2,167.999 2,185.488
119,012 1,310,433 1,371,332
148,312
116.367
11,535

Total
Operating income
Other income

119,452
70,737
16,656

130,547 1,426.801 1.519,644
665.843
741.198
66.747
87,003
144,183
11.2,7

87,394

Balance

+19.56
+23.49
+52.74

Operation
Maintenance
Taxes

+23.578.213
+17,381,393
+7,516.400
+25,937,085
+17,754,001

+25.04
+15.95
+548
+23.39
+12.09

Net operating revenue-Interest charges

+5.99
+0.96

-Month of March
-Jan.1 to March 3'1929.
1928.
1929.
1928.
Pesos
Pesos
Pesos
Pesos
1,098,694 1.278,556 3,395,722 3,432,087
1,004,291 1.118,171 3,045.421 3,207,361
94,402
91.41
1,644

Gross sales-Ice
Ice cream
Cold storage

-5.58
+0.50
-2.96
-2.56
+0.66
-1.41
+9.32

Interoceanic Ry. of Mexico.

Net earnings
Percentage expenses to earns
Kilometers

160,385
87.46
1,646

350.300
89.68
1,644

4,042,633 3,824.260 18,899.538 17,127.983
Railway open revenues
Railway operating expenses... 3,042.681 2.805.561 13.089.161 12.409,575
.
909,951 1,018,699 5,810,377 4,718.408
Not rev, from rail. opera..

Surplus




885,381

752.847

-Month of May- 12 Mos. End. May 31.
1928.
1929.
1928.
1929.
$
8
8
$
660.036
679.738
50,409
54,434
394,847
399,621
33,365
30,652
96.581
87,538
6,974
6.935
31,416
32,422
2.106
2,741

Gross eainings

7,962

160.155
68,856

137.191
614.419

91,298

14,101

Balance

68.772

Central Arizona Light & Power Co.
(American Power 8: Light Co. Subsidiary)
-Month of May- 12 Mos. End. May 31.
1928.
1929.
1928.
1929.
186,801 2,138.872 2.029,262
112.118 1.515,669 1,225,255

Gross earns, from operation_
Operating expenses A: taxes-

222.336
128,997

Net earns, from operation_
Other income

93,339
4,980

74,686 1,023,203
46,629
2,662

804,007
42.324

Total income
Interest on bonds
Other int. and deductions...

98,319
12,863
442

77,348 1,069,832
155,357
12.977
13,047
381

846.331 .
156,673
4,845

Balance
Dividends on preferred stock

85,014

63,990

901,428
62,585

684,813
49,346

838,843

Balance

224,725
93.45
1,646

- -Jan. 1 to May 31-Month of May
1928.
1929.
1928.
1929.

77,964

Cape Breton Electric Co., Ltd.

635,467

Columbus Electric & Power Co.

Pere Marquette Railway Co.

Net railway oper.Inc
Other income, net
Bal. before deduct,of int_ _
Total interest accruals

(And Subsidiary Companies)
-Month of May- 12 Mos. End. May 31.
1928.
1929.
1928.
1929.
8
8
$
$
110,990 1,135,451 1,266.396
108.433
502.304
501,241
52,488
45,203
321.749
423,105
24,217
26.437
88,646
101,350
8,842
9,315
6.391
6.850
755
801

$
-5,558.796
+541,678
-4,034.267
-2,910.862
+840.317
-1,827.387
+11,711,858
+9,835.559
+1.171,331
+35,437,734
+29,896.691
+48,192.048

Other Monthly Steam Railroad Reports.
-In the following we show the monthly reports of STEAM railroad
companis received this week as issued by the conwanies
themselves, where they embrace more facts than are re-S. C. Commission, such as
spired in the reports to the I.
fixed charges, &c., or where they differ in some other respect
from the reports to the Commission:

Gross °timings
Operating expenses

California Consumers Co.

Gross earnings

(And Subsidiary Companies)
-Month of May- 12 Mos. End. Mau 31
1928.
1929.
1928.
1929.
i
$
8
1
345,887 4,354.438 4,369,758
37 .936

Operation
Maintenance
Taxes

533,622
52,064

683,153 3,906,126 3.271.148
196.286
19,522
381,375

Net operating revenue__
Income from other sources

585.686
212.451

702.675 4.287.502 3,467,434
216,985 1,079,366 1,085.378

Interest and amortization

373.235

435,690 3,203.136 2.382.055

Balance
Balance

108,956
21.517
39,429
202,032

108,818 1,280,185 1,360,070
243.293
246,695
21,227
391.757
435,096
36.888
178,952 2.392,461 2,374,638
6.457
11,752
2,404,214 2,381.095
887.474
880.816
1,523,397 1,493,620

270

FINANCIAL CHRONICLE
Coast Counties Gas & Electric Co.

[VOL. 129.

Fall River Gas Works Co.

-Month of May
12 Mos. End. May 31.
of
12 Mos. End. May 31
1929.
1928.
1929.
1928.
19
1
rth 1281928.
$
$
$
$
$ *
$
Gr6iss sales-Electric
as
129,043
118,385 1,230,320 1,182,340 Gross earnings
85,549
81,330 1,014,485 1,047,031
60,514
53,993
733,222
651,768 Operation
47,955
48,879
543,920
558,724
Maintenance
5,542
7.591
Total
65,667
80,073
189.557
172,378 1,963,543 1,834,108 Taxes
13,429
10,758
173,273
Oper.expenses
160,964
-Operating
111,521
98,366 1,192,335 1,098,866
Maintenance
6,471
6,322
78,795
87,646
Net operating revenue..--18,622
14,101
231,623
247.269
Interest charges
Total
22.227
17,485
117,993
104,688 1,271,130 1,186,513
Operating income
71.564
67.690
692,412
647,595
Balance
209,395
Other income
229,784
5,336
5.218
46,900
45.782
Balance
76.900
72,908
739.312
Federal Light
693,377
Traction

&

Co.

'-Month of
1929.
$
-Month ofMay- 12 Mos. End. May 31 Gross earnings
667,668
1929.
1928.
1929.
1928.
Oper., admin. exp. & taxes
414,176
$
$
Gross revenues (all sources)_
121,757
95,178 1,960,911 1.440,844
Total income
253,492
Operating expenses, mainteInterest and discount
96,807
nance and local taxes
69,902
64,678 1.047.559
856.163
Net income
156,685
Net earnings
51,354
30,500
913,351
584,681 Prt(erred stock dividends:
Interest on funded debt
22,683
23,750
274,766
234.458
Central Ark, Public Service Corp
Miscell. bit, and deductions_
3,709
752
44.854
43,452
New Mexico Power Co
Springfield Gas & Electric Co
26,393
24,502
319,621
277,910
Bal. available for reserves
Balance after charges
Federal taxes and divs.._
25,461
5,998
593,730
306,770
Preferred stock dividends___
9,597
9,292
115,508
111,586

Dixie Gas & Utilities Co.

May- 12 Mos. End. May 31.
1928.
1929.
1928.
$
$
607,575 8,230,043 7,331,098
4
379.462 4,856,585 4,517,938
228,113 3,373,458 2,813.160
87,137 1.138,091 L004.409
140,976 2,235,367 1,808,751
104.830
531
69,268

104,768
66,151

2,060,738 1,637.832

Galveston Electric Co.

Eastern Texas Electric Co.(Delaware)

-Month of May
-- 12 Mos. End. May 31
(And Subsidiary Companies)
1929.
1928.
1929.
1928.
$
$
$
-Month ofMay- 12 Mos. End. May 31 Gross earnings
112,546
104,866 1,342.165 1,353,143
1929.
1928.
1929.
1928.
Operation
52,292
54,334
648,228
667,277
$
$
Maintenance
3
•
Gross earnings
17,207
145,000
10,979
123,800
818,979
633,769 8.47,390 7,422,557 Taxes
Operation
6.334
6,692
69,056
79.087
359,552
294,930 4,037,323 3,735,273
Maintenance
48,456
34,590
477,042
424,767
Net operating revenue_ __
Taxes
36,711
32,860
479,880
482,979
53,443
47,427
589,054
521,524 Interest and amortization (public)
116,444
110.976
Net operating revenue_ -- - 357,527
256,820 3,673,970 2,740,991
Balance
Income from other sources
368,904
366,535
105,325
25.805 Interest and amortization (G.
-H. E. Co.)
166,063
156,537
Balance
3.779,295 2,766,797
Balance
Deductions
202,840
209,997
1,266,410 1.067,792
Balance
2.512,885 1,699.005
Galveston-Houston Electric Co.
Interest and amortization
549,766
478,298
(And Subsidiary Companies)
Balance
1,963,118 1,220,707
-Month of May- 12 Mos. End. May 31
1929.
1928.
1928.
1929.
$
$
Eastern Utilities Associates
$
3
Gross earnings
441,716
435,518 5,262.637 5,190,466
(And Subsidiary Companies)
Operation
202.180
206,895 2,435,398 2,445.461
Maintenance
-Month ofMay- 12 Mos. End, May 31
65,068
62,185
715,900
666.903
Taxes
1929.
34.725
34,930
1928.
391,649
1929.
398,644
1928.
$
$
$
$
Net operating revenue__ -- 139.742
Gross earnings
737,005
671,885 8,909,290 8,390.362
131,506 1,719,689 1.679,456
Operation
360.027
354,321 4,273,746 4,290.833 Income from other sources
1,004
Maintenance
45,298
39,271
409,058
390,689
Balance
Taxes
67,941
59,441
1.719,689 1.680.461
746.719
684,579 Interest and amortization
875,977
872,102
Net operating revenue_ _ - _ 263,738
218,850 3,479,766 3,024,260
Balance
Income from other sources-57,628
57,099
843.711
3,772
808,358
51.006
Balance
206.110
161,751 3,483.539 3,075.267
Galveston-Houston Electric Railway Co.
Interest and amortization
691,117
646,960
-Month of May- 12 Mos. End. May 31
Balance
1929.
1928.
1929.
2,792,421 2,428,306
1928.
Dividends on preferred stock of subsidiaries
$
$
$
127,152
127,152 Gross earnings
i
49,181
54,585
617.174
684.590
Operation
Balance
20,956
22,334
262.119
290,561
Amt. applicable to corn. stk, of subs, in hands of 2,665,269 2,301,154 Maintenance
8,315
9,917
85,053
108,568
public (as of May 31 1929)
2,565
2.584
31,665
128,620
108,406 Taxes
30,415
Net operating revenue---Bal. applicable to reserves It East. 17tll. Associates 2,536,649 2,192,747
17,343
19,749
238,336
255,044
Interest and amortization (public)
125,535
127.060
El Paso Electric Co.(Delaware).
Balance
112,801
127,984
(And Subsidiary Companies)
Interest and amortization (G.
-H. E. Co.)
145,309
140,756
-Month ofMay- 12 Mos. End. May 31
Balance
1929.
1928.
32,508,
1929.
1928.
12,771
$
$
$
Gross earnings
287,660
257,034 3,321.142 3,071,084
Georgia Power Co.
Iftention
127,111
118,413 1,476.377 1,422,025
Maintenance
Month of 12 Mos.End.
16.895
17924
198,292
182,651
Taxes
May 1920. May 31 '29.
25,160
23,185
274,992
08.864
Gross earnings from operations
Net operating revenue__ -- 118,492
1,916,121 24,002,324
97,510 1,371,479 1,209,541 Oper, expenses, incl, taxes and maintenance
Income from other sources
1,012,693 11,392,653
8,623
Net earnings from operations
Balance
973,428 12.609,671
1.371,479 1,218,164 OtInv income
Interest and amortization
116,637 1,268,657
221,330
202,155
Total income
Balance
'1,090,065 13,878,328
1,150,149 1,016,009 Interest on funded debt
4,855,493
Balance
Florida Power & Light Co.
0,022,832
Other deductions
(American Power & Light Co. Subsidiary)
414,075
-Month of May- 12 Mos. End. May 31.
Balance
8,608.757
1929.
Dividends on $5 and $6 cumul, preferred stock
19 8.
.
1928.
2,349,660
$
$
$
Gross earnings, from oper___ 919,576 $
886,557 11,239,168 11,914,518
Balancr
itfor reserves, retirements and dividends
Oper. exp., incl. taxes
6,259,097
490,087
503,194 6,021,320 6.459,919
Net earnings from oper__
Other income

429.489
105,230

383,413 5,217,848 5,454,599
197,095 1,262,425 2,542,325

Total income
Int. on mortgage bonds
Int. on debentures (all owned
by Am.Pr.& Lt. Co.)__-..
Other int, and deductionsBalance
Dividends on preferred stock
Balance

534,719
216,667

580.508 6,480.273 7,996,924
216,667 2,600,000 2,308,333

110.000
5.189

110.000 1,320,000 1,320,000
12.639
114,920
350,815

Gross earnings
Operation
Maintenance
Taxes

202,863

241,202 2,445,353 4,017,776
1,131,010
967,225

Net operating revenue____
Income from other sources

1,314,343 3.050,551

Fort Worth Power & Light Co.
(Southwestern Power & Light Co.
'Subsidiary)
-Month of May- 12 Mos. End. May
1929.
1928.
1929.
$
$
$
Gross earn, from operation__ 277,421
246,611 3,362,062
Operating expenses and taxes 146,777
129,627 1,733,251
Net earn, from operation_ 130.644
116,984 1,628,811
Other income
4.057
2,721
37.838
Total income
134,701
119.705 1,666,649
Interest on bonds
14,542
14.542
174,500
Other int, and deductions_
2,600
2,514
31,315
Balance
Dividends on preferred stock
Balance




117.559

Haverhill Gas Light Co.
utofm---- 12 Mos. End. May 31

---ar
$

1928.

10,584

8,680

Balance
Interest charges
Balance

31.
1928.
$
3,095,116
1,675,768
1,419.348
23,470

151,661
3,550

136.370
136,370
4,639
131.731

Houston Electric Co.
-Month of May
- Mos. End. May 31
12
1929.
1928.
1928.
1929.
Gross earnings
Operation
Maintenance
Taxes

287.354
134,795
38.441
25.530

1.442,818
174,500
Net operating revenues_ 88,588
31,044 Interest and amortization (public)

102,649 1,460,834 1,237,274
Balance
160.832
160,832 Interest and amortization(G.H.E. Co.)
1,300,002 1,076,442

1928.
$
706,303
469,499
34,969
65,463

144,890

51,201
35,174
1,858
5,488

1929.
$
706,021
456,409
27,580
70,368

155,212
10,321

55.359
38,236
2,267
6,271

Balance

282.228 3.383,455 3.225,893
135.255 1,812,240 1,562,808
40,154
425,579
474,399
286,568
287.781
25,445
81,372 1,009,033
346,192

950,935
354,295

662,841
62,205

596.640
40.739

600.635

555,901

JULY 13 1929.1

FINANCIAL CHRONICLE

Illinois Bell Telephone Co.

Pacific Public Service Co.

-Month of May- 5 Mos. End. May 31
1929.
1928.
1929.
1928.
Gross earnings
Operating income

7,744,479 6,811,645 37,327,955 32,908,926
1,679,118 1,398,893 8,001,460 6,491,495

Jacksonville Traction Co.
-Month of Mau- 12 Mos. End. May 31
1929.
1928.
1929.
1928.
$
$
98,918
104.433 1,177,796 1,268.975
48,469
52.740
648,322
597,323
14,697
13,309
168,220
163.239
14,608
15.576
190,985
222,270
9,215
9.286
106,664
197,796

cross earnings
Operation
Maintenance
Retirement accruals
Taxes

271

Operating revenue
City of South Jacksonville
portion of oper.revenue.--

11,927

13.520

119,583

122,364

577

656

6,338

7.291

Net operating revenue
Interest and amortization

11,349

12,863

113,245
160.928

115.072
165,814

47,682

(And Subsidiary Companies)
-Month of May- 12 Mos. End. May 31.
1929.
1928.
1929.
1928.
Gross sales-Electric
Gas
Water
Ice
Ice cream
Cold storage
Refrigerating
Water service

129,043
60,514
102,304
108,433
45,203
26,437
9,315
801

118,385 1,230,320 1.182,340
53,993
733,222
651,768
103,383 1.145,542 1.158,489
110,990 1,135,451 1,266,396
52,488
501,241
502,31:14
24,217
423,105
321.749
101,350
8,842
88,646
6,391
755
6,850

Total
Operating expenses
Maintenance

482,052
285,965
27,007

473,056 5,277,084 5,178,086
274,303 3,168,903 3.083,575
311.405
321,683
27,328

Total
Operating income
Other income

312,972
169,079
25,282

301,632 3,480,308 3,405,259
171,423 1.796,776 1,772,827
16,460
215,583
133,948

194,361

187.884 2.012,359 1,906,776

50.741

Balance

Balance

Pacific Telephone & Telegraph System.
-Month of May- 5 Mos. End. May 31.
1928.
1929.
1929.
1928.
$
8
$
$
8.522,930 7,536,553 41.217,555 36,910,187
1,402,404 1,209,249 6,455,093 5,599,572
449,904
256,749 1,692,593
837.072

Kansas Gas & Electric Co.
(American Power 8: Light Co. Subsidiary)
--Month of May- 12 Mos. End. May 31.
1929.
1928.
1928.
1929.
$
$
$
$
Gross earns. from operation_
m
459,509
424,663 5,521,463 5,190,851
Oper. expenses and taxes__ -246,892
246,548 2,965,051 2,968,458
Net earnings from oper__ _
Other income

212,617
23,383

178,115 2.556,412 2,222,393
31.940
379,922
345,687

Total income
Interest on bond
Other int, and deductions_ _ _

236,000
85,000
6,193

210,055 2,936,334 2,568,080
85,000 1,020,000 1,020,000
18,861
66,788
188,971

Balance
Dividends on preferred stock

144,807

106,194

1,385,034

894,963

The Key West Electric Co.
-Month of May- 12 Mos. Ended May 31
1929.
1928.
1929.
1928.
$
$
$
$
18,039
20,381
241,986
253,484
8,616
9.503
107,487
116,937
1.512
2,388
25.173
20,961
1,580
1.265
17,506
12,565

Net operating revenue_
Interest and amortization

6,330

(The) Philippine Railway Co.
-Month of June- 12 Mos. End. June 30
1928.
1929.
1928.
1929.
S
$
$
$
Gross operating revenue..--49,050
45,719
738,143
665.033
Operating income
149,094
9.700
3.558
218.811

Ponce Electric Co.

1,849,546 1,359,109
464.512
464,146

Balance

Gress earnings
Operation
Maintenance
Taxes

Operating revenue
Net after interest
Balance after dividends

96,030
28.842

Balance

69.197

Gross earnings
Operation
Maintenance
Taxes
Net operating revenue
Interest charges

Mississippi Power Co.
Month of 12 Mos.End
May 1929. May 31 '29.
Gross earnings from operations
Operating expenses, incl. taxes and maintenance

279,443
176,930

3,357,162
1,982,458

Net earnings from operations
Other income
•

102,513
12,632
115,145

1,077,676
480,535

Gross earnings
‘i eration
f1p
i,
aintenance
Taxes

73,359

1,000,548
448.155

957,587
455.511
502,076

Sierra Pacific Electric Co.
(And Subsidiary Companies)
-Month of May- 12 Mos. End. May 31
1928.
1928.
1929.
1929.
$
$
$
$
110,759 1,428,142 1,293,657
113,150
412.987
524,207
32,360
35.538
77,369
97.681
6,836
6,998
174.353
164,632
14,588
13,122

Gross earnings
Operation
Maintenance
Taxes

Net operating revenue
Interest and amortization

(The) Montana Power Co.

76,311

Balance

355,809

Balance for reserves, retirements and dividends

641.620
60,813

56.812

574.576

Tampa Electric Co.
(And Subsidiary Companies)
-Month of May- 12 Mos. End. May 31
1929.
1928.
1929.
1928.
$
$
$
$
Gross earnings
381,155
409,098 4,608,478 4,710.102
Operation
163,655 1,934,345 1,984.970
166.207
344,082
340,270
Maintenance
31,553
25,691
528,082
544,002
Retirement accruals
41,960
43,293
317.640
327,362
27,383
28,988
Taxes
Net operating revenue__ _ _
Income from other sources

118,308

143,212 1,468,406

1,529,416
17.977

1,468,406 1,547.393
58,849
52.708

Balance
Interest and amortization

(The) Ohio Power Co.

628,946
54.370

580.807

57,652

Balance

(And Subsidiaries.)
-Month of April- 12 Mos. End. April 30
1929.
1928.
1929.
1928.
$
$
$
$
Gross earnings from operation 912,875
822.903 10,778,206 9,426,915
Oper. expenses and taxes _ __ _
284,258
279,361 3,579,067 3.422,367
Not earnings from oper_
628,617
543.542 7,199,139 6,004.548
Other income
57,577
5,202
228,874
182,202
Total Income
686,194
548,744 7,428,013 6,186,750
Interest on bonds
179,913
193.839 2,286,230 2.269.668
Other interest and deductions
23,841
12,115
174,252
145,664
Balance 482,440
342,790 4,967,531 3,771,418

114724

552,392

Net operating revenue
Interest and amortization

597,141
241,332

' Balance
Dividends on cumulative preferred stock

116,382
1,658

-Month of May- 12 Mos. End. May 31
1928.
1929.
1928.
1929.
$
$
$
$
172.255
177,466 2,216,375 2,237,206
883,211
935.663
70.128
74,936
145,054
154.599
12,012
11.827
189,355
14,206
187,560
16,938

1,507,677
430,001

Balance
Other deductions

10.182

Savannah Electric & Power Co.

1,374,704
132,973

Total income
Interest on funded debt

139,890
4,532
135,358

12,317

Balance

98,807
29.609

67,188

7,223

-Month of May- 12 Mos. End. May 31
1929.
1928.
1929.
1928.
S
$
$
$
349,413
28,940
26,021
333,371
12,275
11,885
147.385
174.444
22,059
24.012
1,685
1,233
34,573
2,661
2,719
24,035

(American Gas & Electric Co. Subsidiary).
-Month of May- 12 Mos. Ended May 31.
1929.
1928.
1929.
1928.
$
$
S
$
Gross earnings from oper_ __ - 1,394,361 1,235,193 16,273.320 15,145.133
Oper. expenses & taxes
912,535
811.642 10,130.388 9,812,298
Net earnings from oper..... 481,826
423,551 6,142,932 5.332.835
Other income
214.362
191,949 2.428,775 2,279.921
Total income
696,188
615,500 8,571.707 7,612.756
Interest on bonds
224,983
187,854 2,556,032 2,534.964
Other int. and deductions....
73,330
60.362
489,386
524,264
Balance
397.875
367.284 5,526.289 4,553,528
on pref. stock
Divs.
995.373
859,878
Balance
4,530,916 3.693,650

_

381,933
7,285

323.311 4,715,270 3,999.243
173.329
3,426
523.586

Total income
Interest on bonds
Other int. and deductions...

389,218
48,864
18,338

326,737 5,238.856 4,172,572
589,025
594,208
49.410
97.383
4,863
107,964

Pacific Power & Light Co.

Balance
Dividends on preferred stock

322.016

272,464 4.541.867 3,480.981
237.681
312,221

(American Power & Light Co. Subsidiary)
-Month of May- 12 Mos. End. May 31
1929.
1928.
1929.
118.
$
1;
$
389,655
371,213 4,785,810 3.994.154
Gross earns, from operation_
208,247
204,201 2.515.707 2,263.937
Operating exp. and taxes_ ___
181,408
167,012 2,270,103 1,730,217
Net earns.from operation_
3.888
726
Other income
62.008
10,775
Total income
Interest on bonds
Other int, and deductions__ _
Balance
Divs. on preferred stock
Balance




185,296
37,996
66,217

167,738
37.996
61,436

2,332.111
458.244
785,451

68,306

1,088,416
406,350

841,104
406.193

682,066

434.911

(The) Washington Water Power Co.
(And Subsidiaries).
-12 Mos.Ended Apr.30
-Month of April
1928.
1929.
1928.
1929.
$
$
611.308 8,508.384 7,525,497
Gross earnings from oper____ 694,742
312,809
287.997 3,793.114 3,526,254
Oper. expenses and taxes__ _
Net earnings from oper
Other income

Balance

4.229,646 3,243,300

Western Union Telegraph Co.
-Month of May- 5 Mos. End. May 31.
1928.
1929.
1928.
1929.
Gross revenues
Operating income

1.740.992
455,950
443.938

81,083

1,415,698 1,488 543

Balance

12,493,000 11.739.000 59.229.000 .54,178.000
1,323,000 1,640.000 6.331.0:0 5,983,000
-Month of May- -12 Months Ended May 31
Net Oper. Surplus
Net Oper.
Revenue. Aft. Chgs.
Gross.
Gross.
Revenue.
$

Baton Rouge Elec Co
1929
1928

93,774
82,470

29,976 1,175,499
25,305 1,045,976

457,982
386.661

378,209
296.134

272

FINANCIAL CHRONICLE
Month of May
Gross.
8

NaOPer.
Revenue.
$

12 Months End. May 31Na Over. Surplus
Revenue. Aft. Chgs.

Gross.
8

[VoL. 129.

have been published during the preceding month will be given
on the first Saturday of each month. •This index will not
include reports in the issue of the "Chronicle" in which it is
published. The latest index will be found in the issue of
July 6. The next will appear in that of Aug. 3.

Cape Breton Elec Co. Ltd
1929
54,434
91,299
14.105
160.155
679,738
1928
50,409
137,191
68,772
7.963
660,037
Columbus El & Power Co & Sub Cos
1929
371,936
202,033 4,354.438 2,392,462 1,523,398
1928
345,887
178,952 4,369,759 2,374,639 1,493,621
Michigan Central Railroad Co.
Eastern Utilities Associates & Sub Cos
(83rd Annual Report-Year Ended Dec. 31 1928.)
1929
737,005
258,806 8,909,290 3,474,835 2,787,490
1928
671,886
218,851 8,390.363 3,024,260 2,428,306
The text of the report is cited fully under "Reports and
El Paso El Co(Del)& Sub Cos
1929
287.660
118,493 3,321,142 1,371,480 1,150,149 Documents" on following pages, together with the tabular
1928
257,035
97,511 3,073,084 1,209,542 1,016,009 summary of financial operations affecting income for the
Fall River Gas Works Co-years 1928 and 1927.
1929
18,622 1,014,485
85,550
209,396
231,623
1928
81,331
14,101 1,047,032
247,270
229,784
OPERATING STATISTICS FOR CALENDAR YEARS.
Galv-Houston Elec Co & Sub Cos
Operations1928.
1925.
1926.
1929
1927.
441,717
843,711
139,743 5,262,637 1,719,689
Passengers carried
3,772,123
3.520,539
4,490,820
4.275.514
1928
435,518
131,506 5,190,466 1,679,457
808,359 Pass.carried 1
mile
561.411.043 577.000,285 622,181,373 600,450,788
Haverhill Gas Light Co- •
Rev. per pass. per mlle
3.462 cts. 3.471 cts.
3.526 cts. 3.501 eta.
1929
55.360
144,891 Revenue tons moved-- 32.100,897 31.415.851 33.181.573 31,053,633
10,585
151,662
706,021
1928
131,731 Rev, tons car. 1 mile- 4.522,458,570 4282486049 4527067,573 4303677,297
136,370
51,202
706,303
8.680
Jacksonville Traction Co
Rev. per ton per mile_ _
1.417 cm. 1.409 cts.
1.437 cts.
1.425 cts.
1929
98,919
11,350 1,177,796
113,245 -47,682 Tons rev. ft. per tr. mile
656
628
637
630
1928
104,433
12,864 1,268,975
115,073 -50,741
SUMMARY OF OPERATIONS CALENDAR YEARS.
Puget Sound Pr & Lt Co dt Sub Cos
1929
1,299.108
1928.
1925.
558.869 15,618,159 6,478,613 4,028.932
1926.
1927.
1928
1,186,625
1 871,32
506,674 14,931,451 6,549,882 3,824,189 Mlles operated
1,855.98
1,858.42
1.858.42
Railway operating rev--$93,217.493 $89,750.602 $95.524,343 $91,864,377
Savannah El & Power Co
1929
172,255
73,360 2.216,375 1,000,548
552,392 Railway operating exp.- 62,643,935 62,244,288 64.957,364 61,893,039
1928
177,467
502.076
76,312 2,237,206
957,588
Net rev,from ry. oper$30,573.558 $27,506,314 $30,566,980 $29,971,338
Sierra Pacific Elec Co & Sub Cos
-Percentage of exp. to rev
(67.37)
(68.00)
(69.35)
(67.20)
1929
113,150
57,653 1,428,142
641,621
580,808 Railway tax accruals -__ $6,327,937 $6,247,714 $5,979,585 $5.864,590
1928
110,760
574,576 Uncollectible ry. revs_ _ _
56.813 1,293,658
628,947
26.187
24.748
25.669
25,064
Tampa Elea Co dc Sub Cos
1929
381,155
118,308 4,608,478 1,468.407 1,415,699
Railway oper.income324,220.557 $21,232,930 $24,662.647 $24,080,561
1928
143,212 4,710,102 1,519,416 1,488,544 Equip, rents,net credit _Dr.$513.355
409,098
$227,070
$294.779 Dr.$424.049
Jt. facility rents, net deb
Va Elec & Pow Co & Sub Coe-551,234
543,650
573,468
538,883
1929
1,412,322
619,566 16,636,010 7,358,664 5,462,044
Net ry. oper. income_S23.155.967 $20,988,826 823,565330 $23,763,982
1928
1.315.815
566,699 15,748,126 6,522,986 4,780,815
Miscellaneous revenues-Cr. 403,831 Cr. 395,388 Cr. 366,055 Cr. 385.184
Northern Texas Elec Co & Sub Cos
341.519
324,821
321.030
342,445
1929
383,400 Miscell. exps.& taxes.-224,170
61,813 2,794,176
834,167
1928
543,962
78,037 2,828.764
938,875
238,868
Total oper.income- --$23,217,354 $21.063,183 $23,606,364 $23,807,647
-Month of April- -12Months Ended April 30
Non-Operating Income
Northern Texas Elec Co & Sub Cos
Inc. from lease of road__
278
10
236
10
1929
400.860 Miscell. rent income850,391
229,298
67,540 2,808,874
--327,663
191,038
178,443
230.775
1928
540,721 Misc. non-op. phys. prop
78,541 2,811,712
929,567
238,679
73,525
81.544
70.151
81,758
-Deficit.
Dividend income
811.029
553,861
571,148
582.958
Income from funded sec.
New York City Street Railways.
and accounts
323,999
118,830
749,776
451,037
Corp, Income from unfunded
Net
Gross
Find.
'Net
Companies.
Income.
Revenue.
Charges.
Revenue.
sec, and accounts.._ _
480,742
319,349
500,941
431,688
$
Miscellaneous income:15,126
7,827
39,115
8,069
Brooklyn City
Mar '29 1,000.810
126,359
39,577
165,937
'28 1,010,141
110,432
151,892
41,460
income
Gross
$25,249,719 823,024,256 $25,328,516 $25,292,987
3 moo ended Mar 31 '29 2,829,450
376,590
86.947
305,116
Deductions
'28 2,917.595
264,481
390,053
125,570
Rent for leased roads--- $2,736,593 $2,735,315 $2,735,883 $2,735.142
Brooklyn Heights (rec) Mar '29
---50.064 Miscellaneous rents_ --1,559
7,944
58,009
4.158
4,898
2,998
10,075
'28
1,559
--50,263 Miscell. tax accruals58.009
7,746
64,361
70,474
21,529
17,456
3 moo ended Mar 31 '29
--92,030 Interest on funded debt- 2,890.543
4.667
122.607
17,408
3,158.934
3,417,168
3,532,743
'28
23,010
4,678
174,027 --151.017 Int. on unfunded debt-14,195
22,977
9,689
19,911
Brooklyn & Queens
Mar '29
262,534
49,482
--10,123 Amort.of disc.on f'd dt59,585
141.549
154.408
161,988
169,245
'28
249,152
29,164
--29.903 Maint. ofinvest. organ'n
59.067
1,883
1,306
1,980
1,796
3 moo ended Afar 31 '29
739,348
116.221
-2,515 Miscell. income charges7.014
119,627
9,383
6,305
7,500
'28
721.388
78,789
177,034 - 98,244
Net income
$19,389,420 $16,866,558 $18,963,899 $18,806.194
Coney Island & Bklyn Mar '29
216,945
30,030
39,067
9,037
7494,560
6,557 740
'28
5.152,510
228,406
10,619 Dividends declared - -- - 7,494,560
30,367
40,986
(3t%)
Rate, per cent
3 moo ended Afar 31 '29
(40%)
(40%)
610,229
99,431
(27%%)
44,382
63,793
'28
663,406
114,901
-23,730
91,170
Sur.carried to P.& L411,894,860 $9,371,998 $12,406,159 813,653,684
Coney lel & Gravesend Mar '29
9,434
-259
--14,000
13,741
stock
28
8,451
13,719
-582
--14,301 Shares of capital 8100)
outstanding (par
187,364
187.364
187,364
187,364
3 moo ended Mar 31 '29
25,276
-3,668
27,831
-30,810' Earns. per sh. on cap.
stk
$101.21
$95.54
$103.49
'28
24,307
-4,132
--45,308
3100.37.
41,176
Eighth & Ninth
Mar '29
85.064
-3,394
8,419
--11,813
GENERAL BALANCE SHEET DEC. 31.
Avenues (rec)
'28
105,099
---6.122
8,540
2,418
3 moo ended Mar 31 '29
234,555
1928.
1927.
1928.
1927.
15.199
1,371
--13,828
'28
Assets
297,764
$
-415
--26.695
26,280
Road & equip't-176,008,753 175,250,977 Capital stock -- 18,736,400 18,730,400
Interboro Rapid Transit Mar '29 4,580,362 2,238,336
1,140.996
1,097,339
(Subway Division)
Equip. oblig'ns- 23,683,653 26.747,318
'28 4,385,085
1,838,073
735,015 Impt. on leased
1,103.058
3,523,811
3,346,812 Mortgage bonds 40,778,000 40,778,000
property
3 moo ended Mar 31 '29 13,171,044 6.245,812 3,294.509 2,978.317
Deposits In lieu
Non neg. debt to
'28 12,759,813 5,919,602 3,309,677 2,609.925
of mtge. prop
3,794
3,794
affiliated cos
22,579
Elevated Division
Afar '29 1,653,680
473,105
1,362 Misc. phys. prop 3,706,209 4,109,467 Traffic, &c., bal 4,646,101
471.743
3,601,140
'28 1,628,412
326.175
698,246 -372,071 Inv.in attn. cos.:
Aecte. & wages- 3,910,622 4,272,471
3 moo ended Mar 31 '29 4.637.169
1,069,574
1,400,054 --308.580
Stocks
9,838.038 9,058,036 Af!seen. accts.
'28 4,680,198
906,856 2,093,737 --1,186.881
Bonds
568,773
568,773
payable
281,874
542,362
Manhattan & Queens
Mar '29
41,503
7.731
---2,300
10,031
Notes
778,624 Int., dive., dm
(rec)
'28
39,822
5.498
--4,242
9.742
Advances_
5,700,075
5,032,372
140,442
132.732
matured
3 mos ended Mar 31 '29
114,995
--18,172 Other investmls 6,997,429 6,994,660 Divs. declared._ 3,747,280
11.462
29,635
3,747.280
'28
-20,074 Cash
113.707
9,092
29,166
22,283,885 8,248,20 Interest & rents
Manhattan Bridge
Mar '29
accrued
944,171
912,091
19,204
475 Demand loans
456
935
1,000.000
and dep
500.000 Other current lia(3c. Line)
'28
710
296
18.879
414
16,982
19,187
3 moo ended Mar 31 '29
bilities
311,116
-669
-2.037 Special deposits_
287,010
53,737
1,368
3,000,693 Other deferred
'28
53.713
570
--670 Loans & bills rec
1,240
&c., bal
809.362
789,751
liabilities
202,544
144,800
Nassau Electric
Mar '29
--62,487 Traffic, conduc. 1,931,313
523,196
101,633
39,146
1.379,437 Tax liability,,,6,443,448 6,592.691
'28
--44,696 Agts. &
508,418
55,117
99,813
33,764
107,430
3 moo ended Mar 31 '29 1,062,707
200,729
--64,176 Malls & supp_ - 6,254,904 6,169,092 Insur., &c., res.
264,905
Misc.
1,875,869 Accrued deprec. 31,865,870 28,520,487
'28 1,470,270
302,333 --152.543 Int. &accts. rec. 1,915,113
149,790
dive. rec,
292,556
293,748 0th. unadjusted
New York & Harlem
46.552 0th. curr. assets
Mar '29
92,138
60,724
107,276
39,856
45,179
7,402,152
7,827,479
credits
44,132 Prepaid rents &
96,743
57.423
101.558
'28
Add'ns to prop.
3 moo ended Afar 31 '29
83,783
246,543
143,333
227.116
Insurance..--3.256
3,456
through Inc. &
119,589 Other def. assets
'28
276,791
179,147
278.736
193.868
177.632
6,696,700 6,811,654
surplus
New York & Queens
Mar '29
----9.093 Disc,on fund.dl 1,050,441
23,138
14.044
78,630
1,191,990 Profit and loss.- 93,731.697 82,166,230
--9,033 0th.enact). deb 2,137,113 2,392,206
'28
14,749
70,262
23,783
3 moo ended Mar 31 '29
--30,045
69,424
39,378
223,624
--28.I27
244,275,533 231,229,965
70,893
Total
'28
42,766
206.861
Total
244,275,533 231,229,965
New York Railways
Mar '29
177.132 ---104,682 -V. 128, p. 3998.
72,450
531,869
--102.362
176,624
'28
74,261
550,121
3 moo ended Mar 31 '29 3,953,131
135.391
1,052,770
027,379
Great Northern Railway Company.
533.620 --339,398
194.222
'28 1,576,091
New York Rap Transit Mar '29 3,158,741
(Oa Annual Report
693,764
601,896
1,295,660
---Year Ended Dec.
'28 3,013,115
445.579
523.422
969,001
Chairman Louis
3 moo ended Mar 31 '29 8.893,499
reports in substance:
1,409,739
1;750,749
3,160,490
1,245,649
'28 8,736,883 2,806,387
1,560.738
Capital Stock.
-There has been no change during the year in the authorSouth BrooklynMar '29
---12,341 ized capital stock, which remained at $250,000,000, and of which there
4,439
16,780
81,057
'28
11,241 had boon issued to Dee. 31 1928 $249,740,550. Of this latter arammt
18.108
29.349
88,385
3 moo ended Mar 31 '29
--28.858 there was held in the treasury 8735,900, the amount actually outstanding
50,958
21,100
241,206
'28
14,695 in the hands of the public being $249,004,650, an increase of $37.400 during
62,150
67,115
249,666
Steinway Railways
Mar '29
5,539 the year. This increase represents $59,900 fully paid and issued stock
74,034
5,744
11.283
'28
--1.460 subscribed for at par by residents of the territory served by the extension
3,068
70,983
4.528
3 moo ended Mar 31 '29
--1.163 west of Scobey. Mont., and tho return to the treasury of 822.500 formerly
209,830
16,369
15,206
'28
--6,629 held by the Great Northern Employees' Investment Co., Ltd.
206,489
6,699
13,328
Funded Debt.
-There was a decrease of $1,546,300 in the funded debt.
Third Avenue
Mar '29 1,347,228
--6.737
232,416
225.679
'28 1,316,058
--9.634 made up as follows:
230,751
221,118
3 mos ended Mar 31 '29 3,779,819
543,934
704,604 --160,670 The St. P. M. & M. Ry. Co. consol. mtge. bonds redeemed
'28 3,833.874
--81,421
through the operation of the sinking fund
603.857
685,278
$1,000
•Includes other revenue. -Deficit.
Notes maturing and paid during 1928 under the various equip
mem trust agreements
1,545,300

W. I'm

FINANCIAL REPORTS
Financial Reports.
-An index to annual reports of steam
railroads, public utility and miscellaneous companies which




311928.)

Decrease
81,546.300
Unified Operation.
-Applications for approval of the plan for1ihe uni4
6.30
fication of Great Northern Ry.,Northern Pacific Ry.and Spokane Portland
& Seattle Ry. a.e still pending before the I.
-S. C. Commission. All briefs
have been filed and the argument was concluded on Oct. 6 1928. The case
Ii now in the hands of the Commission for its decision.

JULY 13 1929.]

-The properties of the following subSubsidiary Companies Absorbed.
sidiary companies have been acquired by purchase, as of Dec. 31 1928:
Great Northern Terminal Ry.,freight terminals located in St. Paul, Minn.
Minneapolis Belt Line Co., freight yards and engine terminal facilities
at Fridley and yard tracks in Minneapolis, Minn.
Minneapolis Western Ry., tracks serving various industries and mills
In Minneapolis, Minn.
Duluth Terminal By.. between,St. Louis River at Duluth and Union
Station at Duluth,including yard tracks on Rice's Point. St. Louis County.
Minn.
Watertown & Sioux Falls By., between Watertown and Sioux Falls,
So. Dak.
Montana Eastern By., Snowden, Mont., to Richey, Mont., and Fairview, Mont., to Watford City, No. Dak.
Great Falls & Teton County Ry.,between Bynum and Pendroy, Mont.
These subsidiary companies are now,and for some years past have been.
operated as part of the railway system. All of the capital stock of each
of the companies is owned by the Great Northern By. Through this transaction economies will be effected by the elimination of inter-company
entries, separate sets of books, various reports to governmental authorities,
payment of license and other fees and corporate meetings and further cor-S. C. Commission for authority
porate records. The application to the I.
to acquire these properties was approved Feb. 16 1929.
C. Commission has ordered the company to pre-The I.
Valuation.
-S.
pare data for bringing the valuation of its properties, which has been made
as of June 30 1915 down to Dec.31 1927. Lists are to be submitted showing
all materials and structures added to the property since the date of the
al inventory, and also all materials and structures which have been
d,
' to the end that the inventory may show the physical property as
of the later date. The Commission is also collecting price data showing
construction costs as of the later date. The extent to which such construction costs will be .used in determining the new valuation has not been
announced.
-An application has been filed with the
Extension of Line into California,
-S. C. Commission for authority to build an extension from Klamath
I.
Falls Ore., to a point near Lookout, Calif., a distance of approximately*
88 miles. Simultaneously with the filing of this application by the Great
Northern an application was filed by the Western Pacific for authority to
build a line from Paxton to a point near Lookout, approximately 115 miles.
The construction of those two pieces of track, which will make physical
connection between the Great Northern and the Western Pacific, will establish a new railway between the northwestern and southwestern parts
of the United States and provide an advantageous route for handling the
growing traffic between those regions, and will also give both the Great
Northern and the Western Pacific access to the pine lumber producing
territory and agricultural valleys between Klamath Falls and Westwood.
This territory, which is roughly 200 miles long by 100 miles wide. Is now
without railway facilities, connecting it directly with San Francisco and
southern California or with the Northwest. It is said to be the largest
productive area in the United States without railway transportation.

fiale

273

FINANCIAL CHRONICLE

STATISTICS FOR CALENDAR YEARS.
1925.
1926.
1928.
1927.
8,188.21
8,242.09
8,164.14
8.276.64
Avge. miles of road oper_
3,081.457
3,642,749
3,108,427
2,512.026
Number passengers car'd_
368,238,758 400,566,250 409,510.459 441,498,635
carried-1 mile
Pass.
3.161 eta.
3.185 cts.
3.175 cts.
3.124 cts.
Rev, per pass, per mile_
33,494,620
35,117,929
33,843,008
35,593,173
Revenue tons carried_
10,127,253,509 8,958,349.961 8.902,970.446 8,517.913,981
Tons carried 1 mile
1.058 eta.
1.048 cts.
1.054 eta.
1.027 eta.
Rev, per ton per mile-Net rev, from ry. oper.
$1.792
$1.882
61.972
52.006
per train mile
INCOME ACCOUNT FOR CALENDAR YEARS.
1925.
1926.
1927.
1928.
$103,980,331 $94,405,030 $93,346,740 690,098.763
Freight revenue
13,955.742
13.041,085
12,716,616
11,505,351
Passenger revenue
5,029,651
5,034.497
5,008,601
5,408,346
Mall and express
1,879,541
1,838,775
1,905,243
1,859,205
Other transportation_
3,724,766
3,862,635
3,619,762
3.877,193
Incidental
236,497
260,177
248,753
106,665
Joint facility (net)
Total oper. revenue.- $126,737.091 $117,904,005 5117,383,909 8114,924.960
14,297,715
14,140.177
14,812,274
18.319.757
Maintenance of way
17,200,491
20,094,411
17,856.698
18,991,651
Maintenance ofequipml
2,354.083
2.639,978
2,645,367
2,897,158
Traffic
38,406,298
37,294.132
37,446,431
39.374,519
Transportation
1.449,468
1,481,558
1,456,022
1,588,363
Miscellaneous
2,662,601
2,621.005
2,676,389
2,807,921
General
543,368
748,084
775,315
744,254
Tramp.for Inv.--Cr
Total oper.expenses.-- $83,235,116
Net rev, from ry. oper -- 43,501,975
Railway tax accruals-- 10,297,997
13,916
Uncollec. ry. revenues___

$78,355,579
39.548,425
9,046.049
Cr.227

575,285,464. 875,827.288
39,097.672
42,098.445
9,801,946
9,699.807
7.844
15,339

Railway oper.income.- $33,190,062
1,517,996
Equip. rents (net deb.)_377,996
Joint tacit. rents(net deb.)

$30,502,604
994,896
305,168

$32,383,299
808,498
294.372

$29,287,882
726,135
285,564

Net ry. oper. income.- $31,294,069

529,202,540

$31.280,429

$28.276,183

$1,497
658,961
163,913
9,771,836
872,726

51,581
630,518
69,318
9,663,283
1,311,274

$1,728
502,631
101,096
9.472,727
2,316,394

84,582
590,914
69.917
9.310,875
807,706

1,373,170
190.017

906,001
256,297

568,641
212,454

438,911
205,343

Non-Operating Income
Income from lease of road
Miscell. rent Income
Misc. non-op. phys. prop.
Dividend income
Inc. from funded securs
Income from unfunded securities and accounts...
Miscellaneous income

$44,326,192 842,040,813 $44,456,100 $39,704,431
SUMMARY OF OPERATIONS FOR 6 MOS. ENDED JUNE 30 1929.
Gross income
Statistics for the first six months of 1929, 1928 and five-year average,
Deductionsfrom Gross Income
1924-1928, are given below:
$35,638
$31.287
568,087
separately oper. property
1924-28.
1929.
1928.
$119,727
118,288
116,549
105,067
Rent for lesard roads.__
-Year
(June
Five
8,904
9,035
10,775
8,957
rents
Miscellaneous
Average.
Estimated.)
75,820
91,027
105,723
103,921
Revenue from freight transportation_ ___ $44,500.000 839,740,061 836,704.717 Miscell. tax accruals
17,591,927
17,931,341
18,349.499
18,397.673
Int. on funded debt
Revenue from passenger transportation_
5,944,808
5,366,726
5,100,000
155,490
16,630
101,094
138,349
Bev. fr. mail, express & other sources__
4.844,020 Int. on unfunded debt
4,860,696
6,700,000
Amortization of discount
236.803
247.378
257,347
258.382
on funded debt
Total railway operating revenues._ __ 856.300,000 549.967.483 $47,493.545
80.364
63,505
82,614
77,525
Railway operating expenses
36.697.923 Miscell. Income charges38,234.058
41,200,000
525,943,258 821,435.396
$25,168,230 522,985,923
Net income
Net revenue from railway operations..- $15.100,000 $11,733,425 $10,795,622
Railway tax accruals
4,169,205
4,476,206 Inc. applied to sinking &
4,250,000
$6,291
$5,512
515,243
$15,451
other reserve funds__
Equipment and Joint facility rents
Cr.294,412
Dr.121.999
12,369.145
Dr.150,000
12,445,855
12,447,355
12,449,205
Div. approp, of income
• Net railway operating income
$8,613,828
$7,442,221
$10,700,000
x Other income
5.818.274
6,117,081
6.000,000
Income balance trans$9.059,960
ferred to prof. & loss_ $12,703,573 $10,523,324 $13,491,891
Total income
$16,700,000 $13,559,302 512.432,102 Shares of capital stock
2,489.165
2,489,349
Y Interest and other deductions
9,234,150
2,489,672
9,534,480
2,490,047
9,400,000
outatand'g (par 6100)
$8.61
510.42
$9.63
$10.10
Earns per sh. on cap.stkBalance available for dividends
$3,197,952
$4,024,822
87,300.000
Net railway oper. Income for 12 months
$31,294,069 528,850,902
GENERAL BALANCE SIIEET DEC. 31.
S Includes $4,150.895 dividend from C. B. & Q. stock. y Includes 53,705,065
10271
1928.
Interest on bonds issued for purchase of C. B. & Q. stock.
19274
1928,
Ltahiliffea$
$
AssetsFreight Traf
fic.-A synopsis of the tons of freight moved and revenues
Capital stock_249.004.650 248.967.950
received for the years 1928 and 1927 is given below:
Inv, in road and
Premium on capiequipment:
81.268
81,268
421,530,066 389,829,612 tal stock
Road
1928.
Equipment.. 102,516,019 104,661,701 Grants in aid of
Inc. (-I-) or Dec. (-)•
1927.
335.152
343.716
construction Impts. on leased
132,408 Fd.debt unmat_340,082.615 341,628,915
Tons.
Gross Rev, I Tons. Gross Rev. Tons.
147,874
ry. property_ -Gross Rev.
922 Non-nego. debt
44
Sinking funds1,762,856 1,533.854
Commodity.
to Rini. cos
lieu of
Depos. In
$ I
prod.of agric. 6,794,458 34,320,193 6,101,472 28,610,074 +692,986 +5,710.119
53,829 Loans&blllspay. 6,500,000 6,500,000
56,455
mtge.Prop.sold.
Animals& pro. 553,824 4,335,803 557,299 4,316,897
-3,475 +18 90
Misc. phys. prop. 3.488,163 3.295,772 Traf.& car.serv.
. 0
830.305
Prod, of mines 19,812,988 19,128,73119,375,241 18;855.937 +437.747 +272,794 by.in affli. cos.:
Ws. payable.- 1,017,099
Prod,of forests 3,968,926 14,463,202 3.684.302 14,366,922 +284.624
171,563,683 185,176,820 Audited accts. &
Stocks
+96.280
Mfrs. & misc.. 4.462,977 31.732,402 4,124,694 /8,255,200 +338,283 +3,477,202
26.787,600 26,787,600 wages payable_ 6,246,407 6,053,887
Bonds
2,432,406 3,820,908 AILse. accts. Pay. 1,029,968 1,183,771
Notes
mater, unpd 8,501,181 8,512.955
Total
29,458,603 24,805,865
Advances
35,593,1731103.980,33133,843.008194,405,030 +1,750.165,+ 9,575,301
9,816
9.525
Divs, mat. unpd
Other investm'ts:
The increase in revenue from agricultural products is due principally to
1,069,613 1,069,434 Fund, debt maStocks
285,500
284,500
larger grain and apple crops. During 1928 the company handled 163,000.2,197.611 2,195,611 tured unpaid
Bonds
000 bushels of grain, or an increase over 1927 of 24,000,000 bushels. The
53.000 Unmatured hat.
146,700
Notes
-379.348
354,656
movement of apples in 1928 amounted to 21.753 cars, as compared with
1,375,932 1,995,897 accrued
Miscellaneous
16,277 cars handled in 1927. There was an increase in the movement of Cash
23,106,682 23,064.264 Other current
150.613
122,249
iron ore over 1927 of 541.587 long tons; the Great Northern iron ore traffic Demand notes &
liabilities
In 1928 totaled 13,530,795 long tons. There were substantial increases in
35,000 Other deferred
35,000
deposits
15,256,091 14,301,893
the movement of crude petroleum, petroleum products, agricultural imple- Time drafts and
liabilities
ments, automobiles and auto trucks.
6,045,000 6,515,000 Tax liability- - 9,154,041 7,465,340
deposits
454,712 Ins.& eas. reeve 2,238,250 2,223,665
400,645
Passenger Traffic.
-There was a decrease of 9.53% In the total passenger Special deposits_
revenue compared with 1927. During the past five years this source of Loans& billsrec.
58,889 4,458,642 Accrued depree.:
3,316,508 2.664,841
Road
revenue has gradually declined. The cause is the incre.cing use of auto- Traff.& car serv.
1,282,755 Equipment.- 32,477,667 29.580.086
mobiles.
balances rec_ 1,399,671
511scell. phys.
The Great Northern on June 10 1929 inaugurated 63
-hour service between Net bal. rec. fr.
44,154
52,156
property
Chicago and the Pacific Coast west
-bound, and 61-hour 15
-minute service
agents & cond. 1,224,880 2,639,638
-bound, which is the same time as the fast trains operating between MIsc. accts. rec. 11,610,948 11,549.318 Other unadJust.
east
8,530,630 8,618.974
Chicago and California coast points have made for several years. Dis- Mat'l & supplies 10.814.296 10,404,003 credits
86,470 Add'ns to Prola•
tance, grade and curvature are all very favorable on the Groat Northern Int. & diva. rec49,491
62.580 through Inc. &
and the now schedule can be made with absolute comfort and with the same 0th. curr. assets
50,105
34,772,912 34,713,272
178,203 surplus
on-time dependability as the Oriental Limited which will continue as a Work,fund adv.
134,471
68-hour train. It will not be necessary to provide additional train mileage Other def. assets 15,124,706 14,082,491 Fund, debt retired through
as two through trains have been operating for many years: but the fast train Rents and insur.
inc. & surplus- 1,555,300 1,554.321
will be distinctively equipped with de luxe Pullman cars as a companion
premiums paid
4,751
3,771
train to the Oriental Limited, which will take the place of the slower Glacier
46,136 Sink, fund res
70,499
in advance_ _ _ _
13,166
that has been operating the standard Pullman equipment Disct. on funded
Misc, fund res:._
Park Limited
regularly in use on most trains. The new train will be called The Empire
5,628.701 5,859,738 Appr. aurp. not
debt
Builder in honor of James J. Hill, and will save a business day at coast 0th. unadJ. deb 10,342,809 11,142,508 spec. invested_ 2,274,003 2,230.520
Profit and loss_123,880.367 115,886,889
points or at eastern terminals. It will also traverse the most scenic region
In the northwestern United Stated in daylight. Completion of the Cascade
848,865,564 835,740,839
possible these and other improvements in passenger service.
Total
Tunnel made
Total
848,865,564 835,740,839
-The company, a Great Northern subidi- -V. 128, p. 4150.
Northland Transportation Co.
ary which operates bus lines principally inMinnesota, increased its road
mileage from 2.733 to 3.333 miles. During the year 1928 there were
Pittsburgh 8z Lake Erie Railroad Co.
handled 3,157,121 passengers, or an increase of 560.429 over the year 1927.
This service, supplementing the railway trains as it does, has been very
(50th Annual Report-Year Ended Dec. 31 1928.)
successful both from the standpoint of the public and the railway company
-The increase in wages, settled by direct agreement or
Wage Increases.
President Patrick E. Crowley reports in substance:
awarded by arbitration boards. in 1927, 1928 and 1929 amount to approxiely $2,100,000 per year, or over 4%. Wages are now at the highest
mat
The Year's Business.
-During the year the company moved 37,430,874
railway history, being above the war-time peak in average per hour tons of revenue freight, a decrease of 545.969 tons compared with 1927.
point in
The principal decreases in tonnage were in bituminous coal, coke, iron ore
and average per employee per year.
-The ex- and limestone. These decreases were partly offset by increases In ether
Changes of Line and Electrification in the Cascade Mountains.
tensive improvements in the Cascade Mountains have been successfully products of mines and manufactured iron and steel products. The general
The longest tunnel (7.79 miles) in the Western Hemisphere depression in the iron and steel Industry, which occurred during the latter
completed.
tonnage
was placed in service on Jan. 12 1929. This, together with the line changes half of 1927. continued during the first half of 1928 and resulted in business
that were not entirely offset by the improved
on the east and westslopes of the Cascades, constitutes an entirely new and losses in raw materials latter part of the year.
conditions during the
range.
Very adVantagoous crossing of that




274

FINANCIAL CHRONICLE

The company carried 4,846,919 passengers, a decrease of 481.070. Inter
line passengers decreased 42,849, local 233,507, and commutation 204,714.
The decrease in ,%1I classes of travel was due, in part, to lighter operation of
mills along the line of this company during the early part of the year, and.
to a large extent, to the effect upon passenger business, both local and
interline, of increased use of privately owned automobiles and the operation
of bus lines.
Railway Tax Accruals.
-Railway tax accruals were $2,038,877.06, an
Increase of $33,922.
Capital stock tax in Pennsylvania increased due to the issue of additional
stock in the latter part of 1927 and a credit adjustment in that year. Additional land was purchased in Pennsylvania and there were increased rates
In property taxes In both Pennsylvania and Ohio.
loederal income tax decreased as a result in the reduction in rate and adjustments applicable to prior years.
Property Investment Account.
-Changes in the property investment
account for the year were as follows:
Road, increase
$465,243
Equipment, decrease
937,171
Miscellaneous physical property, decrease
339

[VOL. 129.

Fonda, Johnstown & Gloversville RR.
(58th Annual Report-Year Ended Dec. 311928.)
President J. Ledlie Hoes, reports in substance:

General Statement.
-Gross revenues for the year were $1,936,156. a
decrease of$114,772,as compared with the previous year. Freight revenues
amounted to $419,124, a decrease of $30,493. Passenger reveoues on the
Electric division amounted to $531,715, a decrease of $76,934, or 14.47%,
and passenger revenues on the Steam division decreased 83,999. Other
transportation and incidental revenues showed a decrease of $3,346. Operating expenses, including depreciation charges of $36,042, amounted to
$749,352, a decrease of $33,452.
Economies have been in effect the entire year in all departments in order
to still further reduce operating expenses to offset the falling off in freight
revenue and in passenger revenue, due to privately owned automobiles.
Passenger traffic continues the decline which has been characteristic of
railroad business, having decreased 27%% in 5 years. Your officers have
considered the advisability of bus and truck operation by the company in
its territory to increase its revenues and have had surveys made of the cost
of such operations. Studies have been made for the co-ordination of rail
Net decrease
$472,267 and bus service by the company in the cities of Amsterdam. Gloversville
Valuation.
-No decision has yet been made by the I. S. C. Commission and Johnstown,and applications for franchises have been submitted recently
as to the company's protest in respect to the tentative valuation of its prop- to the Common Councils of Amsterdam and Gloversville.
The company's payroll amounted to $494,872, or 47.8% of gross revenue.
erties.
a decrease of $28,759. This
Increased Rates for Transportation of Mail.
-In May 1925, the carriers acceptance of the company's reduction in payrolls was due in part to tie
employees of a reduction in wages for 6 months.
Petitioned the I.
-S. C. Commission for an increase in mall transportation
rates. With the co-operation of the Post Office Department and the Com- May to Oct., incl., and a reduction in salaries of general officers. Taxes
were $75,964, a decrease of $1,049. Non-operating income was $91,425.
mission, the railroads arranged to make a complete analysis of passenger an increase
of $4,419, and miscellaneous operating income (Sacandaga)
train service for a test period of 35 days, namely. Sept. 16 to Oct. 20,
increase of $1,135. Income available for interest charges
1925. The data so developed were used by both the Post Office Depart- showed anto
amounted
$253,891, and after deductions of said charges of $324.131.
ment and the railroads in presenting their case to the Commission at hearincome showed a deficit of $70,240. This is the first year in its
ings in July 1927. As a result, the Commission issued an order increasing the net that
history
rates for the transportation of mails approximately 15% effective Aug. 1 above deficitthe company has not earned its interest requirements. The
would have been $28,284, if deductions of $41,956 had not
1928, and granted a flat increase of 15% retroactive to the date from which been
the carriers respectively filed their petitions. The estimated effect of this *countpreviously made for depreciation charges and "amortization of disorder will be to increase the annual mail pay from Aug. 1 1928, of this refundon funded debt." The deficit for the year was partially offset by a
of
company by approximately $10,000, while the retroactive increase is esti- interest. Internal Revenue taxes for prior years amounting to $36,638, and
mated at $26,000. The Government questioned the power of the CommisFinancial.
sion with respect to the retroactive feature of its order, as a result of which
-During the year there were charged to investment, road and
a test case was instituted in the United States Court of Claims, which on equipment expenditures for additions and betterments as follows. Road
April 2 1928, rendered its decision upholding the Commission's power. paving and street improvements, cities of Amsterdam, Gloversville and
The Pittsburgh, McKeesport ae Youghiogheny RR.
-snow-sweeper.
-The company advanced Johnstown, $6,172;other improvements,$777. Equipment
completion, 82.349; or a total for road and equipment of $9,298. This
to The Pittsburgh, McKeesport & Youghiogheny RR. for additions and
betterments and equipment the sum of $58,154. an equal amount for the account was credited $9,460 for equipment retired and also $70,686 for
same purposes having been advanced by The New York Central RR. The original cost of 2.08 miles of track abandoned in city of Amsterdam.
No securities have been issued since 1911 other than $550,000 435%
total of advances by this company to The Pittsburgh, McKeesport &
bonds in year 1922 to retire an equal amount of 6% bonds maturing ba
Youghiogheny RR. to Dec. 31 1928, was $16.366,848.
Oct. and Nov. of that year. All additions to toroperty and equipment since
1911, amounting to $918,450, have been paid from surplus earnings and
Operating Statistics for Calendar Years.
bank loans.
1928.
1927.
1926.
1925.
During the year land
Miles operated
231
231
231 at a cost of $21,347. to was purchased in the Village of Fort Johnson, N.Y.
231
be
Tons (revenue) freight
37,430,874 37,976,843 41,260,196 37,550,530 of way in said village, and used in part by the company, for a private right
in addition, to provide for the completion of the
Company's freight
777,468
842,383
1,064,083
968,051
Revenue tons one mile-2434,829,609 2479478,894 2517015,834 2252818,452 double tracking on the Gloversville-Schenectady line; agreement having
been
Company freight 1 mile- 32.440,774 34.775,578 38,474,019 44,477,705 for made with the State Highway Department and village of Fort Johnson
the removal
Bituminous coal
x15,537,408 15,651,355 14,562,689 12,697,379 ture will insure of company's tracks from the village streets. This expendithe company a
Coke
x1,159,926
1,423,300
3,129,344 being particularly heavy at thatmore safe operation, the vehicular traffic
3,251,913
point. On Aug. 1 1928 the mail revenue
Iron ore
x4,388,296
4,625,667
5,374,319 4,693,351 of the company was increased 80%,
common with other short-line railStone, sand, &c
x4,070,692
3,821,015 4,411,988
4,517,096 roads, through a decision of the I. inC. Commission.
-S.
This increase will
Passengers carried
4,846,919
5,327,989
5,518,279
5,516,463
Passengers one mlle
106,892,275 117,902,681 123,784,134 123,474,217 amount to approximately $4.300 per year. The increase is retroactive to
July, 1925, and the revenue to company for back pay, after deduction of
Earns, per ton per mile
1.15 cts.
1.13 cts.
1.20 cts.
1.24 cts. attorneys' fees, should amount to about $8,300. During
Ton load (all)
1,713
1,730
1,538
1,507 was paid for settlement of claims for loss of property by fire the year $14,500
on April 20 1926,
Gross earnings per mile.. $135,802
$137,440
$147.784
$138,368
x New classification effective for 1928 makes comparison with 1927 im- in the village of Fonda, damage claimed to have been caused by one of the
company's locomotives. Dividends on preferred stock which have been
practicable.
continuous since its issue in 1909, have been deferred for the present because
OPERATING RESULTS FOR CALENDAR YEARS.
of unsatisfactory operating results.
Earnings1928.
1927.
1926.
1925.
Line Abandoned.
-Under date
Freight
$27,938.315 $28,006,065 $30,087,882 $27,881,373 New York P. S. Commission, of June 13 1928, with the approval of the
2.08 miles of track on the
Passenger
2,408,667
2,754,191
2,948,730
2,999,293 lines,from Leslie and East Main Sns. to Rockton Junction Amsterdam City
were abandoned,
Mall, express, &c
750,855
738,317
829,218
881,535 the earnings of this portion of line not being sufficient to bear the cost of an
Incidental, &c
308,979
287,246
340,148
264,488 extensive paving program ordered by the city.
• Total oper. revenue_$31,406,816 $31,785,820 $34,205,976 $32,026,689
Federal Valuation.
-S. C. Commission advised this company
-The I.
under date of March 26 1928, of its intention to make a valuation of comExpensespany's property. The work has steadily progressed throughout the year
Maint. of way & struc
$4,235,851 $4,576,894 $4,793,837 $4,516,480 and
it is expected that the Commission's tentative valuation will be subMaint. of equipment
9,903.424
9,936,360 10,667.714
9.578,356 mitted at an early date.
Traffic expenses
336.180
'311,957
282,975
278,285
New York Central Unification.
Transportation expenses 10,137,409 10,442,720 10,745,070 10,166,074
-In the latter part of July, 1926, the New
York Central RR.
General & misc. expenses
-S. C. Commission for authority to
990,125
1,052,382
1,056,445
916.187 acquire control of applied to the I.
the railroad systems of the Cleveland, Cincinnati,
Total expenses
$25,602,990 $26,320,312 $27,546,039 $25,455,383 Chicago & St. Louis Rwy, the Michigan Central RR., and Chicago,
Per cent exp. to earns(81.52)
(82.81)
(80.53)
(79.48) Kalamazoo & Saginaw Rwy.,under leases for the term of 99 years. In view
Net railway revenue
5,803,826
5,465,507
6,659,937
6,571,306 of the fact that this company's lines connect only with the lines of the New
York
Railway tax accruals....- 2,038.877
2,004,955
2,152.571
2,178,545 tion Central RR. and that, therefore, any plan for the ultimate consolidaof the
Uncollectible ry. rev
1,905
404
3.371
3,017 systems, railway properties of the United States into a limited number of
as provided in the Transportation Act of 1920, must contemplate
Railway oper.income_ $3,763,044 $3,460,148 $4,503,996 $4,389,744 the consolidation of this company's lines with those of the New York Central
RR., it
Equip, rents, net credit
4,061,015
4.620,608
4,812,384
4,588,330 ceeding was deemed advisaOle for this company to intervene in the proand
Joint fac.rents, net debit
53,230
-S. C. Commission for
75.462
169,576
86,284 such action to present the pertinent facts to the I.
as It should deem proper under the circumstances, which was
Net railway oper. inc. $7,770,828 $8,005,294 $9,146,804 88,891.789 accordingly done. A number of other connecting short lines also intervened
for the same purpose.
Other Income
A hearing upon the application was held in Jan.,1927, and after the filing
Inc. from lease of road
390
565
of briefs a
Misc, rent income
50,845
43,895
31.157
36.605 Examiners proposed report was submitted to the Commission by one of the
Dividend income
512,397
443,367
418,737
271,907 tion was in charge of the hearing, in which the dismissal of the applicarecommended, because of its failure to provide for the inclusion of
Inc. from funded securs_
314,691
534,701
509,975
469,692 the connecting
short lines. Thereafter the case was reopened upon motion
Inc.fr. unfd.sec.& accts. 235,767
131,513
456,974
424,196 of the
New York Central to permit it to introduce evidence regarding conMiscellaneous income_ _ 6,566
5,000
4,875
3,708 necting
short lines, which it had not done at the original hearing, where it
Total other income
$1,120,267 $1,158,867 $1,422,285 $1,206,108 relied solely upon its objection to the evidence of intervening short lines on
Gross income
8,891,097
9,164,162 10,569,089 10,097,898 the ground that it was not relevant to the matter before the Commission.
A second hearing was thereupon held in Jan., 1928, at which the informaDeductions
Rents for leased roads..,
622,943
739,225
786,227
794,816 tion originally supplied by this company was brought down to date and the
New York
Intereston funded debt..
171,127
433,073 • 475,698
509,787 company Central also introduced evidence concerning the properties of this
and of the other connecting short lines. Briefs were again filed
Int. on unfunded debt,,..
289.272
300,106
220,594
244,078
Inc. transf. to other cos..
1,045,975
1,231,473
625,552
1,146,736 and oral argument heard by the Commission, which, under date of Jan. 14
1929, made
Othermisc. charges.......
30.311
33.974
36,455
32,878 by the New its report which was to the effect that the authority requested
York Central should be granted, on condition, however, that
Total deductions
$1,719,206 $2,552.353 $2,730,447 $2,728,296 before the proposed leases became effective the New York Central should
Net income
7.171.890 6.611,809
7,838,642 7.369.603 offer to acquire the steam railroads of the Fonda and the properties of certain
Dividends
(10%)4,318,210 3,958,255(20)7197,120(10)3598,560 other intervening short lines, for considerations equal to the commercial
value of the same as determined by agreement between the parties or by
Surplus for year
$2,853,680 $2,653,553
$641,522 $3,771,043 arbitration.
Preliminary negotiations on the bats of the Commission's report were
Shares of capital stock
outstanding (par $50)863,654
863,654
719,712
719,712 undertaken with the New York Central, but it was found that no satisfactory basis could be arrived at for separating the electric railroads from the
Earn. per sh. on cap.stk.
$8.31
$10.89
$10.24 steam railroads of
$7.66
this company. As the question of the practicability and
GENERAL BALANCE SHEET DEC.31.
propriety of such separation never had actually been in issue in the hearings
1928.
1927.
1928.
1927.
before the Commission, application was thereupon made for the reopening
ditdt-$
Liabilities$
$
3
of the proceedings so that this question could be properly presented and
Road & equiP---73,325.716 73,797,644 Capital stock
43,182,720 43,182,720 argued, with the end in view of amending
the
Inv. in affil. cos.:
Prem.on stk.sold285
285 New York Central so as to require it to make ancondition imposed on the
offer to acquire all of the
Stocks
7,251,178 7,251,328 Funded debt
2,922,993 7,276,850 railroads, both steam and
Notes
599.773
603,158 Acc'ts & Wages_ 2,028,567 2,054,535 however, refused to reopen electric, of this company. The Commission,
the proceedings,
Advances
23,087,687 22,977,088 Loans & bills pay61,734
61,740 some other way, this probably terminates the and, unless it grants relief in
company
matter so
Bonds
2,500.000 2,500,000 Traffic bats. pay... 624,088
493,132
concerned. But compare New York Central in V. far as this
129, p. 126.
2,456 2.088,931 Divs. declared-- 2,159,122 2,158,975 is Sarandaqa Reservoir.
Other investmls....
-The Appellate Division, Third Department,
31,258
misc, pills. prop
34,597 Taxes accrued---- 2,405,576 2,492,441 unanimously affirmed the
Judgment of Condemnation and the Final Order
10,393,590 7,641,600 Int. matured
Cash
225
86,000 and Judgment confirming the award of
Traffic bal. rec___ 590,409
388,424 Miscellaneous _...... 677,827
472,435 $1,442,130, on which the Court allowed Commissioners. This award was
5% additional allowance and the
accounts__ 1,332,920 1,299,583 Def. credit items
Misc.
33,473
53,515 costs and interest for
Accr. int., divs.04c 324,218
431,457 Deprec. (equip.)...11,405,572 10,494,836 The railroad company 30 days amounting in all to the sum of $1,522,902.
and the New York Trust Co. after the decision of the
0th. cur. assets_ _ _ Cr.92,431
17,734 P. McK. & Y.RR.
Appellate Division, Third Department, appealed therefrom to the Court of
48,261
Deferred assets__
23,837
Accr.depr.equip. 9.290,994 8,508,513 Appeals and the Court of Appeals
affirmed the Appellate Division with
lJnadjust. debits__ 1,012.919 1,003,359 Insur. & casly res.
23,840
certain modifications. This Court allowed interest from May 14 1920. to
1,155 Unadjust. acets... 928,971 1,147,862 Aug. 30 1927, on the
4,975
Special deposits-award which amounted to $112,005.43. and it also
100,024 Add'ns through inAgts. & conduc__ _ 218,511
provided that the railroad company
'Kiwi & supplies__ 2,681,735 3,299,515
come & surplus_ 2,880,782 2,909,721 tender or payment of the award in should have at least one year from the
which
Profit and loss..._44,667,584 42,085,878 those portions of the railroad taken in the it may relocate and reconstruct
Condemnation proceedings. The
total award, extra allowance, costs and interest now amount to thesum of
123,294,160 123459,438
Total
Total
123,294,180 123459,438 $1,627,696.55. The entire matter was settled June 27 1929 bycash pay-v. 128, p. 3349.
ment of $1,727,696.55




FINANCIAL CHRONICLE

JULY 13 1929.1

RESULTS FOR CALENDAR YEARS.
1926.
1927.
1928.
Operating Revenue$472,804
$419,123
$449.617
Freight revenue
29,851
19,959
23,958
Passenger, steam divis
642.142
608,648
531,715
Passenger, elec. divis--72,236
68,704
65,359
Mail, express, &c

1925.
$453,288
36.978
689.449
66,129

Total oper. revenue-- $1,036,156 $1,150,928 $1,217,034 $1,245.843
Operating expenses$165,077
$159,151
$182,074
Matnt. of way & struc-$139,848
149,363
127,815
136.165
Maint. of equipment-124,881
7.936
9,837
7,344
7,931
expenses
Traffic
68.948
66,784
65,842
66,740
Power
351.051
342.781
351,809
350,364
Transportation
78,782
65,220
69,945
73,483
General expenses
$749.352
286,804
75.964

$782,804
368,124
77.012

$815,859
401,175
73,627

$821,157
424,687
86,200

Railway oper.income. $210,840
Miscellaneousincome-10,281
91,425
Non-operating income.._

$291,112
9,146
87,006

$327,547
16,653
72.121

$338,487
20,414
65,121

$212.546
382,786
30.000

$387,264
385,902
30,000

$416,323
384,911
30.003

$424,021
381,068
30.000

$1,411

$12,954

$0.06

$0.52

• Total open expenses.Net rev,from ry. oper-Railway tax accruals-

Gross income
Deductions
Divs, on pref. stock-

Bal. to profit & loss. def$100.240 def$28.639
Earns, per sh. on 25,000
Nil
Nil
(par $100)
abs. corn.stk.

GENERAL BALANCE SHEET DEC. 31.
1927.
1928.
1927.
1928.
MabititiesAssets
Common stock.- 2,500,000 2.500.000
Invest. In rd, and
10,200,311 10,271,160 Preferred stock__ 500,000
500,000
equipment
Funded debt
7,000,000 7,000,000
Inlets. on leased
23,270 Loans dr bills pay- 235,000
24,379
248,000
railway prop_ _ _
442,625 Accts. payable
203,584
242,866
Miscel. phYs. Prop. 442,942
244,167 Accr. liabilities- _
73,086
72,800
Invest. in affil. co_ 265,415
8,600 Unadi. credits
8,600
Dr.1,779 Dr.9,546
Other investments
41,490 Ace. deprec
22,976
750,746
777,526
Cash
399,201
17,740
18,740 Surplus
218,194
Loans dr bills roe64,064
38,837
Accts.receivable
121,574
Materials dr supp. 110,672
29,990
30,275
Deferred assets.146,859
Disc,on fund.debt 140,946
252,528 Total(each side)
.11,574,609 11,665,070
271,964
Unadj. debits-V.129, p. 125.

275

the property at public auction July 29. was made July 10 by receiver John
W. Redmond. Present plans. Judge Redmond, said, call for the creation
of an operating company to be known by the name of Central Vermont
Railway, Inc.
It is not expected, the statement further said, that there will be any
bidders at the auction except the principal creditor, the Canadian National
Railway. The required legislation has been passed to enable the Canadian
National to own the stocks and bonds of the new company, and if the
Central Vermont Railway property is purchased on July 29 in behalf of the
Canadian National that 'company will occupy substantially the same
relation to the new company that it has for years occupied in. respect to
the old Central Vermont Railway, that is. the new company will be a
subsidiary of the Canadian National Railway.
It will take some months after the sale on July 29, Judge Redmond
continued, to close the receivership, which has been in effect since Dec. 12
1927. and to turn the property over to the new company.
"The receivers have substantially completed their principal task of
rehabilitating the property of the Central %Torment Railway Co.," Judge
Redmond said. "That railroad is to-day a better railroad than it was before
the flood; has better equipment of every kind including the very best
passenger and freight locomotives that can be made. It is now rendering
freight and passenger service to the satisfaction of all of its patrons. During
the work of rehabilitation the Canadian National Railway has aided the
receivers in every conceivable way, but especially by expert advice and
co-operation to the end that the receivers might be able in the most economic
and efficient way to restore the devastated property.
"The flood of Nov. 1927," Judge Redmond said, "left the Central Vermont Railway a twisted and prostrate wreck. 253 miles of its track were
very seriously damaged; 54 bridges were carried away or destroyed: the
material required to restore the damaged roadbed was 1.296,000 cu. yds.
"At the time of the flood the Central Vermont Railway owed about
$14,000,000 expressed in bonds of that amount outstanding secured by a
mortgage on all of its property. It owed the Canadian National Railway
Co. about 220,000,000 of unsecured indebtedness, and owed other unsecured indebtedness to a large amount. The Canadian National Railway
also owned about two-thirds of the outstanding capital stock of the Central
Vermont Railway Co."
The total estimated damage to the property of the company as a result
of the flood was more than $2,668,000, while Judge Redmond estimates
that the economic loss for November and December of 1927 was more
than $250,000 resulting from the attempt of the damaged property to
supply absolute needs of the people of Vermont. The Central Vermont
Railway, Judge Redmond says, "being thus unable to meet its obligations
or to provide funds necessary to rehabilitate the property, was petitioned
into receivership by the Canadian National Railway, its principal stock-V. 128. p. 4150.
holder and its largest creditor."

GENERAL INVESTMENT NEWS
STEAM RAILROADS.

Chesapeake & Ohio Ry.-Final Valuation.

The I.
-S. C. Commission has placed a final valuation on the owned and
used properties of the Chesapeake & Ohio Ry. and its affiliated lines at
$187,936,000, as of June 30 1916. The properties used but not owned
by the Chesapeake & Ohio By. were valued at $7,764,335.
The Commission also placed a separate valuation on the owned and
used property of the Chesapeake & Ohio By. of Indiana at $9,314,000, as
of the same date.

Separate Hearing on Mergers Asked.
-S. C. Commission an answer objecting
The company has filed with the I.
to the petition, filed by the Wabash By., asking the Commission to confor hearing the various unification proposals now pending involving
solidate
railroads in eastern territory.
The 0. & 0, says that its application, in which it asks authority to
acquire about one-fourth of the mileage in eastern territory, including
the Erie, Nickel Plate, Pere Marquette, Virginian, Lackawanna, Wheeling
& Lake Erie and others "involves a special proposal which seems to require
that it should be heard and determined as and of itself, and that it is
not necessary or desirable or proper to consolidate the same with a reopened
proceeding in Consolidation of Railroads, Docket No. 12964, which, after
extended hearings and full argument, orally and in briefs, was submitted
Feb. 9 1924, and to bring in issues foreign thereto."
The answer also says that the petition of the Wabash "contains no
information showing either that the public interest would be served, or
that the Commission would be aided in determining the issues before
it in the above proceedings by such consolidation with, and any further
assignment thereof, for hearing in Consolidation of Railroads, Docket
No. 12964, now proposed and sought by Wabash Ry., in said petition,
but on the contrary would delay and impede orderly disposition by the
-V. 129, p. 125.
Commission of the above proceedings."

Surplus Freight Cars.
-Class 1 railroads on June 23 had 239,233 surplus
freight cars in good repair and immediately available for service, the car
service division of the American Railway Assn. announced. This was a
decrease of 9,968 cars compared with June 15, at which time there were
249,201 cars. Surpluss coal cars on June 23 totaled 71,725 a decrease of
3,067 cars within approximately a week while surplus box cars totaled
122,098 a decrease of 4,483 for the same period. Reports also showed
25,500 surplus stock cars,a decrease of 1,432 cars under the number reported
on June 15, while surplus refrigerator cars totaled 13.628, a decrease of
921 for the same period.
Freight Cars in Need of Repair.-Class 1 railroads on June 15 had 139,666
freight cars in need of repair, or 6.2% of the number on line, according to
reports filed by the carriers with the car service division of the American
Railway Association. This was a reduction of 4,968 cars under the number
reported on June 1, at which time there were 144.634, or 6.5%. Freight
care in need of heavy repairs on June 15 totalcd 102,739, or 4.6%, an increase of 1,680 compared with June 1. while freight cars in need of light
repairs totaled 36,927. or 1.6%,a reduction of 6,648 compared with June 1.
Locomotives in Need of Repair. -Class 1 railroads of this country on June
-Final Value.
Chesapeake & Ohio Ry. of Indiana.
15, had 7.965 locomotives in need of repair, or 13 8% of the number on
-V. 120, p. 2811.
See Chesapeake & Ohio By. above.
line, according to reports filed by the carriers with the car service division
-Foreclosure Ordered.
of the American Railway Association. This was an increase of 162 comChicago & Alton RR.
pared with the number in need of repair on June 1, at which time there
Federal Judge George A. Carpenter has issued a decree of foreclosure
were 7,803, or 13.6%. Locomotives in need of classified repairs on June and ordered the sale of the road, which has been in receivership for 7 years.
15. totaled 4,457, or 7.7%, an increase of 216 compared with June 1, Herbert A. Lundahl, who has been hearing receivership proceedings as
while 3.508, or 6.1% were in need of running repairs, a decrease of 54 com- Master of Chancery, has been appointed Special Master to conduct the
pared with June 1. Class 1 railroads on June 15 had 5.592 serviceable lo- sale. No date was set for the sale. It is expected to be held up by an appeal
comotives in storage compared with 5.690 on June 1.
to the U. S. Circuit Court of Appeals.
The court specified that sale should be held at Wilmington, Ill.. It is
Matters Covered in "Chronicle" of July 6.-(a) Wabash By. asks fifth
Eastern trunk line; seeks authority to combine nine roads with New York- expected that reorganization plans will be submitted to the court in the
-V. 129. p. 125.
Chicago termini, P. 21-25. (6) I.
-S. C. Commission orders revision of near future.
railroad freight rates on iron and steel in official classification territory,
-Proposed Extension of Lease.
Colorado RR.
p. 69. (c) Western engineers take vote for strike, p. 70. (d) Railroad
-V. 128. p. 4317.
See Coloiado & Southern By. below.
purchases in 1928 were $1,271.341,000, P. 70. (e) President Aishton of
American Railway Association expects capital expenditures of railroads this
Colorado 8c Southern Ry.-Sub. Co. Lease.
year to exceed those of last year, p. 70.
The stockholders will vote Aug. 12 on approving and ratifying, subject
-S. C. Commission, a proposed written agreement
Alberta & Great Waterways Ry.-Merger.to the approval of the I.
reinstating and renewing, until terminated by either party upon 6 months'
See Northern Alberta Rye. below.
-V. 111. P. 587.
notice in writing, an agreement of lease dated Nov. 4 1908, the term of
which has expired by limitation, wherein and whereby the Cillorado RR
Augusta & Savannah RR.
-Extra Dividend.
The directors recently declared an extra dividend of ;s‘ of 1% in addition (a subsidiary incorporated to construct certain extensions, in Colorado and
'Wyoming, of the system of railroads operated by this compan; and all of
the usual semi-annual dividend of 2 %, both payable July 5 to holders
of record June 15. An extra payment of M of 1% was also made in Jan. whose capital stock is owned by this company) leased to this company all
the railroads then owned by the Colorado RR or which might thereafter
last.
-V. 106. p. 1342.
be Constructed or acquired by the Colorado RR.(except about 46.49 miles
of railroad subsequently constructed by the Colorado RR., extending from
Baltimore & Ohio RR.
-Hearing.Southern Junction to Walsenburg Junction, Colo., which is operated by
.The I. C. Commission has assigned for -hearing on July 24 the appli- this company under a written lease dated May 14 1910). The purpose of
-S.
cation of the B. & 0. to acquire control of the Buffalo Rochester & Pittsthe stockholders is merely to
burgh RR, by purchase of its majority stock. The hearing will be held the proposed agreement now submitted to of the Commission, the aboveat WEishington before C. V. Burnside, Assistant Director of the Bureau reinstate and renew, subject to the approval
mentioned written lease, subject to termination as aforesaid, so that there
of Finance.
-V 129, p. 125.
may be written lease in effect, under which this company shall continue to
operate under lease all the lines of railroad (with the above exception)
Boston & Maine RR.
-Denies Merger Plans.
The following statement was made by the Boston ,SE Maine RR. on constructed in its interest by said the Colorado RR., including an extension
July 3; "Boston & Maine RR. has taken no step looking to absorption of about 4.7 miles in Two.9 North of Range 69 West and Twp. 10 North
of the Bangor & Aroostook or the Maine Central railroads, and the Boston of Range 70 West of the Si:th Principal Meridian in Larimer County, Colo.,
to certain lime rock quarries.
.& Maine is accumulating no stock of any other line."
-V. 128, p. 3997.
The stockholders will also vote on approving and ratifying, subject to
the approval of the Commission,a proposed agreement renewing and extendBoston, Revere Beach & Lynn RR.-Addl Stock.
ing the term of a certain written agreement dated May 14 1910, wherein
The company has applied to the Massachusetts Department of Public
Utilities for approval of an issue of 4,080 shares of additional stock at $100 and whereby the Colorado RR.leased to this company the railroad owned
between Southern
Colorado
a share. No date has been set for the hearing. The proceeds are to be used by the a distanceRRabout 46.49 miles, Junction and Walsenbiwg Junction,
which lease will by its terms expire
for funding floating debt incurred in connection with recent electrification of Colo., 1930 and of
May 13
which it isslesired to renew for a further term of 20 years
road and the snaking of permanent improvements incidental thereto.
the
- from date of expiration with further right of renewal for periods of 20 years
V. 127, p. 2680.
as provided in said existing lease, unless sooner terminated by the parties
-V. 129, p. 125.
Buffalo, Rochester & Pittsburgh Railway.
-Bonds.
- as provided therein.
-S. O. Commission June 29 authorized the company to procure
The I.
Columbus& Greenville Railway.
-Equip. Trust Notes
authentication and delivery of $756,000 consolidated-mortgage bonds
the
The I.
-S.
the copmany
par
to reimburse its treasury, in part, for expenditures made for capital pur- $450,000 ofC. Commission June 29 authorizedin connection to issue atproequipment-trust notes, series A,
with the
-V. 128, P. 4150.
poses.
curement of 300 box cars.
-V. 127. p. 1803.

Canadian National Rys.-Joint Ownership.
-

-V. 128, p. 4316.
See Northern Alberta Rys. below.

Canadian Pacific Ry.-Joint Ownership.
-

-V. 128, p. 4316.
See Northern Alberta Rys. below.

Central Canada Ry.-Merged.-

-V. 123, p. 2514.
See Northern Alberta Rye, below.

Central Vermont Ry.-To Reorganize Road.
Announcement of plans for the formation of a new Vermont company
to take over the property of the Central Vermont Ry., after the sale of




Delaware & Northern RR.
-Reorganization.
Objections of the City of New York to the purchase by Samuel R.
Rosoff of the property of the Delaware & Northern RR. in Delaware
County, N. Y. were overruled July 9 by a decision of the Public Service
Commission, which granted Mr. Rosoff authority to organize the Delaware
& Northern By. and issue 50,000 shares of common stock without par
value.
The City of New York first raised the question of jurisdiction and combatted the purchase by Mr. Rosoff on the grounds that the City of New
York was extending its water supply in that locality and would require
about 14 miles of the company's right-of-way for reservoirs and other
works in connection with the water system.

276

FINANCIAL CHRONICLE

The railroad had been in the hands of receivers from Dec. 21 1921 to
Dec. 15 1928, when it was purchased by Mr. Rosoff for $70,000 following
a decree of the Federal Court for the Northern District. The property
consists of a standard gauge line 37.52 miles long, running from East Branch.
Delaware County, through Corbett, Downsville, Pepacton, Shavertown,
Union Grove, Arena and Margarettville to Arkille. There are 5% miles
of tilde track.
The 50.000 shares of common stock are to be sold to the incorporators
of the Delaware & Northern at not less than $2.20 a share. The sale
is expected to realize $110,000. The money will be used to reimburse
Mr. Resort for his initial investment of $70,000 and provide a working
capital of 340,000.-V. 128. p. 244.

Duluth & Iron Range dR.-Unification Plan.
-

See Duluth Missabe & Northern Ry. below.
-V. 128. p.3179.

Duluth Missabe & Northern Ry.-Plans to Lease Duluth
& Iron Range.
-

[VOL. 129.

New York Central RR.
-46
-Hour Coast-to-Coast Air-rail
Service Announced.
A new air-rail service by which pssengers will be carried from Coast to
Coast in 46 hours, the fastest time yet made available in regularly scheduled
service to travelers, was inaugurated on July 8 between New York and Los
Angeles by the New York Central RR. in conjunction with
Atchison.
Topeka and Santa Fe, Chicago and Alton railroads and thethe
Western Air
Express. The new service is in addition to the first trans-continental airrail service between New York and Los Angeles, which was started June 14
by the New York Central, the Universal Air Express and the Santa Fe
railroad, and which has been operating daily since that time, and which
will be continued.
By the new service passengers will make only one change from train to
plane. This change will be made at Kansas City, to which passengers
will Proceed by railroad, going via New York Central to Chicago and
thence to Kansas City by either of the two railroads mentioned above.
At Ransas City, they will be transported by motor from the railroad station
to the airport, a 20
-minute ride. There they will board 12
-passenger.
super-tad-motored Fokker airplanes, similar to those used in the present
transcontinental air-rail service of the New York Central. From Kansas
City the trip of 12
-hours to Los Angeles will be made by air over a route
already in service and that was carefully surveyed by Department of
Commerce experts before being selected as the best available. Stops for
refueling will be made at Amarillo, Tex., Albuquerque, N. Mex. and
Holbrook or Kingman, Ariz.

An application for authority for a unification of the Operation of the Duluth. Msabe & Northern Railway and the Duluth & iron Range RR..
controlled by the Unite States Steel Corp., has been filed with the 1.-S. C.
Commission.
The Duluth, Missabe & Northern asks authority to lease and operate
the property of the D. & I. R. under the terms of an indenture of lease
authorized by the stockholders on July 1.
The D. & 1. R. operates 262 miles of line from Two Harbors to Mesaba,
Minn., while the D.. M. & N. operates a line from Duluth to Mountain
Iron. Minn., with branches. The lease provides for a term of 15 years and
To Abandon Existing Steam Generating Stations.
-See New
an annual rental of $1,200.000 plus an annual amount representing deprecia- York
Steam Corp. under "Public Utilities" below.
-V.
tion and 6% on the cost of additions and betterments.
Applicatn states that the leasing and operation of the line of the D. & I. 129, p. 126.
R. by the D. M. & N. will be in the public interest for the reason that
economy and efficiency of operation will result.
New York Ontario & Western Ry.-Equipment Trusts.
The entire capital stock of the D. M. & N. except directors qualifying
The company
shares is owned by the United States Steel Corp. and the stock of the D. & Issue 8660.000 has applied to the L-S. C. Commission for authority to
5%
1. It. by the Minnesota Iron Co., whose stock is owned by the Steel Corp. serially.up to July equipment trust certificates dated July 15 and maturing
15 1939. The sale of the certificates will partially finance
-V. 128. p. 4317.
the purchase of 10 locomotives costing about $881.000.-V. 128. p. 4151

Edmonton Dunvegan & Brit. Columbia Ry.-Merged.

See Northern Alberta Rya. bekw.-V. 127. p. 3394.

Northern Alberta Railways.
-Acquires Roads.
-

The Province of Alberta, according to a Calgary dispatch of July 2,
formally concluded Its many years of activities in the railway business when
Harrisville Southern RR.
-Sale.
all Government owned roads within the Province were taken over by their
The properties will be offered at public sale July 27 In Harrisville, W.Va., new joint owners, the
by order of receiver. J. H. McGinnis. The company has been put out The sale and transfer Canadian Pacific and Canadian National Railways.
of the Edmonton. Dunvedan & British Columbia
of business by development of motor traffic, it is said.
By., the Central Canada Ry., the Alberta & Great waterways Ry. and
the Pembina Valley Ry. were completed in the office of Premier J. E.
Indiana Harbor Belt RR.
Brownlee when the final documents were signed, shares of stock delivered
-Annual Report.
and first money payments made. Under the new ownership the roads
Years End. Dec. 311o2o.
1927.
1926.
1925.
will he merged under one system and known as the Northern Alberta Sys.
Miles operated
130.24
Lot 46
1.o.44
Rwy. oper. revenues ...._$12,72t,e is 311.435,824 $11,3..so $11,210,7574 The first partial payment received by the Province amounted to $5,796,314.
116 7
Rwy oper. expenses
The followine are the officers .• President, E. W. Beatty: V'
7J,07,434
ce-President,
8.021,646 8,147,80
7,601.'137
Sir Henry Thornton: Gene-al Manager, John Callaghan: Auditor, F. J.
Net rev.from ry.oper_ $4,815.340 32,914,179 $3,216,036 $3.605,87 Kavanaeh. and Secretary, Henry Philaps.
Railway tax accruals_
Vice-President D. C. Coleman of the Canadian Pacific By. and General
758,235
552,846
50,178
488,600
Uncollectible rwy. rev.. _
8,088
2.028
5,656
8,057 Manager W. A. Kinesland of the Canadian National Eva. will under the
direction of the hoard. have supervision of the operations of the Northern
Rwy. oper. income
$1,049,016 32,359,305 32.660,221 33,103,181 Alberta Ry., which will be in the immediate charge of Mr. Callaghan as
Equip. rents (net debit)
386,144
289.816
510,118
9o0,319 General Manager.
it. facil. rents (net debit)
301.727,
319,844
27.1.277
287,343
Oklahoma Union Railway.
-Receivership.
Net ry. oper. income- 33,361,144 $1.749,645 31.876.826 $1,871,489
Federal Judge Franklin E. Kennamer at Tulsa, Okla., July 1 appointed
Non-operating income- 96.162
81,583
74,424
73.267 Joseph A. Frates Sr. and Felix A. Bodovitz receivers for the company and
its bus lines, the Union Transportation Co. The petition for the appointGross income
$3,456,306 31.831,228 81,051.249 31,944,756 ment of a receiver was filed by the Mississippi Valley Trust Co., which set
Deductions
out total indebtedgess at 31.406,225.-V. 118. p. 2305.
Rent for leased roads-- _
29,625
28,533
27.490
27.842
Miscellaneous rents
26.o00%41,522
23.206
23.029
Seaboard Air Line Ry.-Has Sufficient Proxies to
Miscall. tax accruals
2,,72
478
54
Int. on funded debt_ _
453.420
471,288
444,327
445.883 Declare Plan Operative.
Int. on unfunded uebt._
At the meeting of the stockholders July 10 there were present proxies
173
888
652
738
Amortization of discount
representing more than enough stock to carry through the proposed plan
on funded debt
14,128
14.715
5,574
6.30 relating to the company's 5% adjustment mortgage gold bonds, thug inMiscall. income charges_
2.027
641
988
964 dicating that the plan has the approval of the stockholders. As the time
for the deposit of adjustment bonds under the plan and agreement does not
Surplus for year
$2,927,269 31.356.213 31,449.012 31,439,855 expire until July 15. the meeting was adjourned to July 17.
Divs. declared (10%)
760.000

Date for Deposit of Adjustment Bonds Exp'res July 15.

Balance, surplus
-V. 128. p. 3347.

32.167.269 31.356.213 81.419,012 $1,439,855

International Rye. of Central America-Rate Increase.

An arrangement has been effected between the company and the Government of buatemala permitting an upward adjustment of the passenger
tariff rates. The rates on the facific side of e,uaternala fixed by an agreement of many years ago were on the basis of 2 cents per mile first class
and 1 cent per mile second class. This has been adjusted so that the
rates will be in the future 3 cents per mile first class. and 1 Si cents per
mile second class and this rate has been made to apply to all the lines in
Guatemala
At the same time the rates on gasoline and on tractors and automobiles
have been somewhat reduced so as to offset at least in part the increase In
the passenger rates and it is expected that this decrease in rates on gasoline and tractors will foster their use in the Important agricultural developments in (luatemala.-V. 129, p. 125.

Lime Roc.e RR.
-To Defer Maturity of Bonds.
The company has applied to the 1.-8. C. ommission for authority to
(
extend the. maturity of its let mtge. bonds, maturing July 1 in the amount
of 3400.000. to Neb. 1 1940, and to increase the rate of interest from 4
to 5%.-V. 82. p. 1380.
Louisville & Nashville RR.
-Abandonment of Branch.
The 1.-S. C. Commission June 28 Issued a certificate authorizing the
company to abandon its so-called Kennedy Crook branch which extends
from Arlo In a westerly direction to Docray, a distance of approximately
two miles. all in Tuscaloos County. Ala.
-V. 128, p. 3182.

Mayo & Cook's Hammock RR.
-Construction of Line.
The r. S. C. Commission on Juno 26 Issued a certificate authorizing the
company to construct a line of railroad extending from Mayo southwesterly
to Cooks Hammock. approximately 13 miles. all in Lafayette County, Fla.

Missouri Paciiic RR.
-To .Build Double-Track Link.
-

Construction of 10.39 miles of double track between Eureka and Lake
Hill, Mo.. at a Mal of about 31,350.000. has been authorized by Pres L.
W. Baldwin. The; srriech of double track is one of several being built
under a 815.000.000 program e hich, It is said, will form two main line
tracks all ch.. way from St. Louis to Harms City over the Missouri Pacific.
Work on this stretch of double track is to be started at once. The
program was b .gun four years ago by th Missouri Pacific and will require
the construction of about 129 miles of main line track. Al the end of
1927 there had been completed 100.22 miles of this work and during 1928
the program lecluded the elimination of two tunnels between Gray Summit
and Boles and the construction of 5.3 miles of track between Allenton aftel
Pacific. Work on the tunnels and new track for 1928 is still under way,
but the 1927 program has been placed in service.
-V. 129. p. 126.

Monongahela Railway.
-To Issue Bonds.
-

The company has applied to the I.-S. C. Commission for authority to
Issue 3.4.000.000 common stock (par $50) and $40000000 first consolidated
mortgage of 4 ye % bonds. The financing, it is stated, will cover the refunding and retirement of 35,000.000 4%% of first ref. mtge. bonds, the
payment of $2.161,781 of advances to Chartres. Southern Ry, and the
reimbursement of the company's treasury for expenditures on account of
additions and betterments totaling $7,151,740. The bonds will be sold at
the best possible price -V.127, p. 2681.

Nashville, Chattanooga & St. Louis Ry.-Capital Increased-60% Stock Dividend Approved.
-

The stockholders approved the proposal to increase the authorized
capital stock from 316,000.000 to $25.600.000, par $100,and the distribution
of a 60% stock dividend, subject to the approval of the L-S. C. Commission. See V. 128. p. 3182,3343.




The committee representing adjustment bondholder( has issued a statement pointing out that the time for depositing adjustment bonds under the
recapitalization plan will expire July 15. "Adjustment bowie are being
deposited under the plan in increasing volume, the statement adds. "but
the committee again stresses the fact that the advantartea of the plan cannot be fully realized without the resent thereto of the holders of sub-standaily all of the adjustment bonds."

Situation Dangerous Unless Bonds Are Deposited.
-The
Seaboard Air Line situation is fraught with the gravest danger
to its security owners without the co-operation of holders of
the adjustment bonds and stocks in the proposed readjustment plan of the road's financial structure, in the opinion of
F.J. Lisman, head of F.J. Lisman & Co., who said that with
this co-operation he believed that the growth of Florida,
coupled with the continued efficiency of Seaboard management, should enable the company to overcome its difficulties and re-establish its credit as was done in the case of the
New England roads, notably the New Haven. Mr. Lisman
continues:
Wall Street at large and many investors are greatly interested in the question of whether the Seaboard Air Line System can pull through the present
crisis of its financial affairs without receivership. The reaction from the
Florida boom arrived practically simultaneously with the completion of a
large expansion program in Florida which involved the ereatien of about
333,000,000 of additional bonds, with interest climatal of ovor $2.000.000•
When the Florida boom collapsed, everyone felt the futere ef the Seaboard
depended on the rapidity of the comeback of Florida. Florida is undoubtedly coming bark now. slowly, but steadily.
During the first five months of 1929, the Florida East Coast RE.
-the
only railroad whose mileage Is entirely located in that state
-shows a decrease in gross (ermines of about 3463,000, about 2.50%. The decrease is
due entirely to a very peer statement for May,the first four months having
shown substantial increases. The Atlantic Coast Line. for a similar period,
shows increase of nearly 9%. The Seaboard Air Line, for the fest five
months,showed an increase In gross of nearly 6%. This smaller increase is
largely due to the great increase in citrus fruit traffic which originator in
territory not reached by the Seaboard. It Is rather interesting to note that
the Florida East Coast and the Atlantic Coast Line passenger earnings show
about 2.40% Increase, while those of the Seaboard Air Line. which Is boldly
facing the situation by reducing its passenger train mileage show about a
7.6% decrease. All the companies show substantial increases In net earnings.
cr
The Florida East Coast Line's cost of conducting transportation Is now
less than 25% while it was about 373. % when the company was deftly twice
the present volume of business, 4 years ago. The Atlantic Coast Line's cost
of conducting transportation has been reduced by about 3%, the same
as that of the Seaboard Air Line.
For the last few years, the Seaboard has had a comparatively small surplus
above all charges other than interest on income bonds. This surplus, for
1927. was 31.281.000 and for 1928, $1,180.000. The first five months of
1929 show an increase in surplus of $251,000. If the earnings were to continue at this rate, the surplus above charges for 1929 would be about
31,800.000. however, the increase in gross earnings has been growing
steadily since the first of the year and for the year 1929 as a whole, the company should show steadily increasing growth in revenue.
In the meanwhile, while reducing the cost of conducting transportation
and general expenses, it is greatly increasing its expenditures for maintenance
of road and equipment, these running at the rate of $180,000 per month
or 13% ahead of last year. During the years of the Florida boom the Seaboard expended about as much for maintenance per unit of equipment and
per mile of track as the Atlantic Coast Line. For the last couple of years It
has been dropping behind. However,on the whole, the property is reported
to be in good condition.

Jomr 13 1929.]

FINANCIAL CHRONICLE

The company's balance sheet as of December:31 1928 does not show a bad
current liabilities
condition. Total current assets were 314,700,000 agahist.
of $12,800,000. A detailed analysis of the company's reports shows very
careful operation and reflects much credit on its officials. Seaboard Air
Line securities are today selling at practically receivership prices. The
Seaboard All Florida 6% bonds maturing in 6 years are offered at 61, yielding about 10% flat and about 14 Vi % taking early maturity into consideration. Wall Street has frequently seen such price levels and subsequent
avoidance of a catastrophe which has been discounted. New York, New
Haven & Hartford 7% bonds which matured on June 1 1922, were purchaseable within 6 months of their maturity at about 40% discount; the
bonds subsequently were paid. A New Haven receivership was avoided
by the cooperation of the company's friends and creditors, and the stock
which at one time sold below 10, is now selling at a premium. As far as the
bonds are concerned, history may repeat itself in the case of the Seaboard
Air Line, if the pending readjustment plan becomes effective.
There does not seem to be much doubt but what the Seaboard can cut
transportation and general expenses by 3% and possibly 4%; a cut of 3%
in these expenses would mean $1,800,000 a year additional net income. It
seems quite conservative—even after allowing for further falling off of revenue from passengers—to expect an annual increase in Seaboard gross earnings of 32,000,000 more or less. During 1928 Seaboard gross was actually
less than in any year since 1924 when It operated but 3.575 miles of line
against 4,500 at present.
Tbe Seaboard, like every other transportation company in a growing
district, needs additional capital for a great variety of improvements. A few
sidings or more double track here and there, additional buildings, tools,
Special equipment, yards, terminals, etc., etc. This additional capital,
irrespective of extensions, should be at least $3,000,000 a year. In each
year there is Induced in operating expenses approximately $2,000,000 for
depreciation of equipment. This is a proper charge to operating expenses
but gives the company a corresponding amount in cash which can be used
tow ard maturing car trust pay ments s hid]amount to $2,600,000 per annum.
The penning adjustment plan of the Seaboard Air Line finances provides
for the sale ot a sufficient amount of proposed no par value common stock to
take care of the $7,500.000 note Issue which matures within 2 years. 'NV ith
this out of the way, the company would be able to take care of all its fixed
charges out of its earnings and have enough left over to provide $3,000,000
a year, more or less, for improvements which it would have a perfect right
to capitalbe but against which it cannot afford to sell securities at the prevailing market Isiels.
There is a widespread opinion that the pending plan does not provide
sufficient cash because it only furnishes sufficient to take care ol the maturing note issue. Of course the raising of an additional $5.000,000 would be
very much better, especially in view of the fact that in 1931, $2.500.000 of
the Seaboard & Roanoke extended 65 must be paid off. This is a very choice
security but under the terms of the Seaboard 1st & consol. mtge., underlying
bonds may not be extended for more than five years.
To sum up, the growth of the adjacent country, coupled with the continued efficiency of the management, together with the co-operation of
holders .of adjustment bonne and stocks. should enable the seaboard to
overcome its alflicuities and to reestablish its credit the same as was done
in the case of the New England roads. Vv itliout this co-operation the situation is fraught with the gravest danger to security holders."—V. 128.
p. 4318.

277

American Commonwealths Power Corp.(tic Controlled
Cos).—Earnings.12 Months End. Dec. 31—
Operating revenues
Profit on sale of investments
Other non-operating revenues

1928.
1927.
$17,131,763 $7,815,151
121,811
117,349
618.140
199.335

Total gross revenues
Operating expenses
Maintenance
Taxes (other than Federal)
Miscellaneous expenses

$17,871.714 $8,131,835
8,772,343 4.199,651
997,033
400,883
1,000,522
350.144
44.987
19.279

$7,056.828 $3,161,877
Net earnings •
3,328,570
1,318,551
Int. charges—funded debt—subsidiary cos
1,306,137
Dividends—pref. stks.—subsidiary cos
427.061
Int. charges—funded debt—Am. Commonwealths
515.000
248,993
Power Corp
$1,907,121 $1,167,272
Balance available for div. & tea
Ann. div. charges--lot pref. stk.—American Corn4
monweaiths Power Corp
534.996
175,000
Ann.div.charges-2nd pref.stk.—American Com95.977
monwealths Power Corp
95,977

$8896,295
Balance avail,for res. Federal taxes & surplus._ $1,276,148
Consolidated Balance Sheet Dec. 31 1928.
LiabUtiles—
Assets—
$108.517,581 Am. Commonwealths Power
Plant & investment
Corp. pref. stock
1,036.760
Cash
1st pref. no par series A,
64,016
Notes & judgmls receivable.
25,000 sh
2.117.072
$2,500,000
Accts. reedy.(oper. cos.)
1,664,155 1st pref. no par $6.50 div.
Inventories (oper. cos.)
5,538,400
series;55.384 shs
25.345
Unmeasured services
18,901 2nd pref. no par, series A
Interest. div.. &e.reeelv
1.371,100
13,711 sbs
Other assets
4,482.518
105.066 Subs. cos., full paid
20,566,811
Prepaid rent.incur., Sre
49,547 Am. Commonwealths Power
Work in progress
Corp. corn. stock
3,333,729
7.173,445
Unamort. debt disc. & exp—
Union Gas Utilities, Inc..
Unamort. pureh. & sales
cow.stock
262,317
80
contracts
Union Gas Corp. corn. stk
2,400
Due from Associated & still.
Funded Debt—
175.479
CO8
308.365 Am. Corn. Power Corp.—
Items in suspense
4,000.000
Series A,6% gold deb-90,260
Reacquired securities
4,700.000
594% series
Subsidiary companies
59,391.350
Notes payable (slices.)
2,184.608
931,678
Accts. Par.(oper. cos.)
Ice coupons outstanding_ _
16,218Miscellaneous
23.518
Accrued liabilities
1,722,413
834.312
Deferred liabilities
8,132.013
Retirement & replae. res._ _
118.324
Uncollectible accts.
Wheeling & Lake Erie Ry.•--:-Makes Settlement.—
Contribution for extensions _
37,100
Thu New 1, ork "Times" July 9 had the following:
54.591
Reserve for contingencies_ _ _
The company has made a settlement out of court in an action brought
53.953
Inventory adjustments, &e
against it by it. J. Marony in connection with the practical, although not
2.898,797
Surplus
technical, corner in 'Wheeling stock early in 1927.
he settlement was made
as the case was about to go to trial. Although the terms were not anTotal
$122,251,111
$122,251,111
Total
nounced. it was learned that it involved a substantial cash payment by the
Wheeling to Mr. Marony. h e sought to recover $22,000 from the railway. —V.128. p. 4319.
The settlement followed a ruling by Federal Judge William Bondy
adverse to the Vs heeling. Judge Bondy held that the railroad could not
American Water Works & Electric Co., Inc.—Listing.—
plead Inter-State Commerce Commission rulings to show It was not comThe New York Stock Exchange has authorized the listing of 146,796
pelled to convert its preferred stock into common immediately at the time shares common stock (no par value) on official notice of issuance as a stock
when competitive buying of the stock produced a situation which, while dividend, making the total amount applied for 1,633,693 shares.
never designated technically as a corner by the Stock Exchange authorititts,
Consolidated Income Account Year Ended April 30.
nevertheless had most of the aspects of a corner. Wheeling stock soared
1928.
1929.
to great heights at the time.
Gross earnings
In his complaint Mr. /Barony alleged that on or about Feb. 7 1927 he Operating exp., maint. & taxes (incl. Fed. taxes) $51,794,332 $49.356.403
26,200,300 26,093.423
was the holder and owner of 500 shares of W heeling preferred, and that he Interest and amort. of discount of
8.022.048 8.413.185
then offered the stock at the transfer agency of the railroad and unsuccess- Preferred dividends of subsidiariessubsidiaries_ 5,148.890 4.878.949
fully demanded delivery of common stock in return. Meanwhile, he had Minority interests
30.460
44,991
sold common stock at the high prices then prevailing against his holdings of Interest and amortization of discount of American
preferred.
Water Works & Electric Co., Inc
1,307,215
1.256.730
railroad cited an amendment to the Inter-State Commerce Reserved for renewals,retirements and depletion
In reply, the
4,279,612
3.866.354
Act of 1920, which made it unlawful for any carrier to issue capital stock
without the consent of the Commission, and asserted that after pr ferred
Net income
$6,805,807 $4,802,770
holders began to seek conversion of their holdings into common in February
Net income for the year ended April 30 1929, as above, is equivalent,
1927 it imniediate.y applied to the Commission for permission to make the after deducting accrued first preferred dividends, to $3.82 a share on the
exchange. The Commission later gave this authority, but too late for the 1.467.950 shares of common stock outstanding at such date, and for the
purposes of those who sought to profit by the advance in price of Wheeling. year ended April 30 1928. is equivalent after similar charges to $2,63 per
In granting a motion by counsel for Mr. Marouy to strike out this defense, share on the 1,395.436 shares of Common Stock then outstanding.
Judge Bondy said:
Income Account for Years Ended April 30
"The statsment by the defendant In its certificate of incorporation and
(NM inclucling,Subsidiary companies.)
stock certificate, that any holder of preferred stock may convert such stock
1929.
1928.
Into common stock imposed the obligation on the defendant to use reason$2,564.943 $1.505,599
able diligence to do everything necessary to keep itself in readiness lawfully Divs. on'stocks of sub, water cos
2,869.671
1,663,804
to comply with its promise to convert its preferred stock on presentation Divs. on stocks of West Penn Electric Co
912.558
685,100
and surrender, and therefore Impose the !:
.
fltilstation on it to obtain, with Int on bonds, notes & ad. to sub. co
Other income
729.867.
844.436
diligence, the approval of the commission.
In striking out another defense motion, Judge Bondy held that the
Gross earnings
$7,077.039 $44,698,939
pia latiff need not be a stockholder m record to bring action.—V. 128.
Expenses & taxes
741.369
805.299
p. 4319.
Interest on coll. trust 5% bonds
628.775
628.692
Interest on on gold debentures
630.000
523,333
107.666
Other interest & amortization
168.205

PUBLIC UTILITIES.
Allied Power & Light Corp.—Outgrows Quarters.—

The corporation has outgrown its quarters and in order to provide for its
expanding business, its engineering subsidiary, Stevens & Wood, Inc.. has
leased two floors at 60 John St., N. Y. City. A portion of the company's
engineering department will be located in the new quarters and it is expected
that some of the space vacated at 20 Pine St. will be occupied by the Southeastern Power & Light Co., more than 90% of whose common stock recently
was acquired by the Commonwealth & Southern Corp., whose office also
Is at'20 rine St., N.
128, p. 1i301.

Net income
Dividends on 1st preferred stock
Dividends on common stock, paid in cash

$4.905.299 $2,637.339
1,200.000
1,136.854
1.413,532
1.143.376

Balance to surplus
$2.291.767
$357,108
Comparative Balance Sheet (not including Subsidiary companies).
Assets-Apr. 30'29. Dec. 31 '28.1 Liabilities-- Apr. 30'29. Dec. 31 '28.
Coll. tr. 5% bds. 12,57.5.500 12.575,300
$
$
1 6% gold debs__ 8,000.000 8,000.000
Stocks, bonds &
other invest_100.690.475 100,714,599 5% gold debs— 3.000.000 3.000.000
Attleboro Steam & Electric Co.—Offer for Stock.—
Cash
964,282
854,555 Loans payable— 2.537.403 2,250,000
Accts. payable29,219
35,215
The voting trustees. Thomas C. Fales. Vincent Goldthwaite and Nelson Notes & accounts
tee.—due from
Mat. int. pay-787,513
289,758
Fates, have sent the following circular letter to holders of voting trust
C.
subs
10,427,267 9,946.906 Accr. hit., taxes
certificates or stock •
& trustees fees
123,745
At the request of representatives of the North American Gas & Electric Notes & accounts
327.586
rec.— miscell.
20,502
101,386 Accr. div. on $6
Co. we are causing to be mailed to you a letter from that company containseries 1st pref.
ing n offer for stock of the Attleboro Steam & Electric Co. at $130 per share. Acer. Int. & diva.
rec
382,658
85,819 stock
100.000
We do not feel that we should give advice, as between the two offers now
4,468
4,702 86 series 1st
before you particularly In view of the fact stated in our letter transmitting Materls & seep.
pref. stock,. 20.000.000 20,000.000
1.794,583
the offer of New England Power Association that we are to have an em- Deferred charges 1,790.656
Common stock _x14,679,503 14,321,632
ployMent contract with that Association if it becomes the purchaser and
hence have a personal interest in the situation. We deem it to be our duty,
Earned surplus. 4,060.689 4,316,323
however, to call attention to certain facts.
Capital surplus_ 48.386.737 48,386,737
The offer of North American Gas & Electric Co. was communicated to
Total
114,280,309 113.502,551
Total
114,280.309 113,502,551
us after we had sent out the offer of the New England Power Association
x Represented by 1,467.950 no par shares.—V. 129, p. 126.
and after more than 40% of the holders of certificates or shares had expressed their intention to accept it.
As a matter of fact holders of much more than 40% have already acAssociated Telephone Utilities Co.—Expansion.—
cepted the offer of New England Power Association, and therefore the conAs a further step in its expansion program the company has acquired the
dition of the offer of North American Gas & Electric Co. requiring the Standard Telephone Co. and its three subsidiaries. the Standard Telephone
of the outstanding stock thereunder cannot be complied Co. of Ill.. the Standard Telephone
deposit of 601
Co. of Texas,
Interstate
with. There is every prospect that the 60% required by the offer of the Utilities Co. operating in important areas of Illinois,and the Oklahoma,
Idaho,
New England Power Association will soon be deposited thereunder.
Texas and Washington.
It seems impossible to escape the conclusion that a shareholder accepting
The acquired companies serve approximately 45,000 stations to an
the otter of North American Gas & Electric Co. and thereby tying up his aggregate population of about 600.000. Its gross earnings for the year
shares until Sept. 5 might well be left high and dry with no obligation on the ended Dec. 31 1928 were $1.440.000.
part of North American Gas & Electric Co. to purchase his shares and the
The properties of the Standard group in the main are situated close to
opportunity lost to sell them to New England Power Association.
those operated by the Associated group and can readily be assimilated in
The difference between the money value of the two offers is small. The the system.—V. 128. p. 3681.
acceptance of $130 per share in cash would involve Federal income taxation
Berkshire Street Ry.—New President.—
upon the rain. The acceptance of New England Power Association shares,
Edward G. Buckland, chairman of the board of New York, New Haven &
if a majordy of the Attleboro shares are sold to the Association, involves no
Federal income ties unless and until the New England Power Association Hartford RR., has been elected chairman of the Berkshire Street Ry
Clinton Q. Richmond succeeds Mr. Buckland as president.—V. 128,P. 2087
shares are sold.—V. 122,p. 1024.




278

FINANCIAL CHRONICLE

Berlin City Electric Co., Inc. (Berliner Staedtische
Elektrizitaetswerke Akt.-Ges.)-Listing.--

[VOL. 129.

that. the Marconi company has, until
for
and inventions of the General Electric 1945. the rightsand all radio patents
Co. of America
the Radio Corp.
of America, for the entire British Empire, and licenses for other parts
of
The New York Stock Exchange has authorized the listin of 315,000,000 the world, excepting the United States and
Canada.
30
-year 6A % sinking fund debentures, dated Feb. 1 1929, due Feb. 1 1959.
From this outline of the sources of revenue of Cables & Wireless, Ltd.,
it will be appreciated that an exact calculation of earnings
Income Accountfor Calendar Years.
is impossible
at this time. It is felt that the consolidation should result in large operating
1928.
1927.
1926.
1925.
Total revenues
$31.116,207 $29,422,539 $23,585,826 $21,233,956 economies, and the development of beam wireless in areas outside of the
present sphere of the Cables companies' operations should further increase
Total expenses
30,753,586 29,058,497 23,223.873 20,785,235 the combined
revenues. Under the merger plan it has been recommended
that 50% of earnings
Net profit
1362,621
1364,042
$361.953
8448,721 on the preferred and above an amount approximately equaling dividends
class A ordinary shares should be retained for the
Surplus brought forward
103.718
91,722
96,675
betterment of service.
Management.
-The
Total surplus
$466.339
$460,717
$453,675
$448.721 of men distinguished board of directors of the new company is comprised
in British business affairs. The President is the
Balance Sheet Dec. 31.
Rt. Hon. Lord Inverforth,P.0.,Pres. of the Marconi Company;
Governor
and Nan. Dir. J. C. Denison-Pender, Vice-Chairman of the Eastern Exten1928.
1927.
1928.
1927..
Assets
sion, Australasia & China Telegraph Co., Ltd., Vice-Chairman and
Liabilities
Joint
Cash
$79,387
356,502 Capital stock
3,570,000 3,570,000 Man. Dir. of the Eastern Telegraph Co., Ltd.,and Director of the Western
Materials
2,352,283 2,227.598 Legal res. fd.(sun) 357.
357,000 Telegraph Co., Ltd.; Deputy-GovernorMan. Dir.
000
and
Secur. & particle.
607,183
604,204 7% franc In. 1925_ 5,739,773 5,739,773 Kellaway,P. C., formerly British Postmaster General,the Rt. Hon. F. G.
and Deputy ChairAccounts rec. Inc
6.S4%Am.In. 1926 1,999.200 2,998,800 man and Man. Dir. of the Marconi Company: Deputy-Governor Rt. Hon.
I
anticip. pmnts. 6,320,362 4,028,489
the Earl of Mfdleton. K. P., a Director of Western
% Am. loan II
Co., Ltd.
Liab.of the City of
19,992,000 19,992,000 The combine will have 18 other directors, including Telegraph Guglielmo
1928
Sanatore
Berlin und. cap
Marconi. and Sir Basil Phillott Blackett.
8% goldMark cred. 5,997,800
account
50,312,879 41,238,865 Res,for spec. oper.
Antic, pay. on ins
Canadian Hydro-Electric Corp.
113,939
60,782
107.788 improve
142,356
-Earnings.
Inter. (sink.) Id
Res.for alterations 285,600
285,800
Earnings
for franc loan._
023,334
377.272 Res.for doubt.ace. 119,000
119,000 Gross revenue incl. otherfor 4 Months Ended April 30 1929.
income
$2.088,331
Accts. payable
15,692,689 10,357,956 Operating expenses
171,107
Pension Id. for sal.
Maintenance
38,317
empl.&workmen 714,000
595.000 Administration & general expenses
121,141
Res.for wks. main. 4,510,985 4.020.314
Res.for dlf.in price
Net rev., before interest, deprec. and diva
on the Am,loan
$1,757,766
Interest
of 1929
904.400
1,301,416
Amortization
Net profits
466,339
460,719 Depreciation of disc, on funded debt
84,255
139,523
Total
60,409,368 48,638,518
Total
60,409,368 48,638,518
Net revenue
-Y. 128, p. 1051.
$232,572
Surplus January 1 1928-1929
6,842.733
Brooklyn & Queens Trans't Corp.
-Transfer Agent.
Total surplus
The Chase National Bank has been appointed transfer agent for an auth$7,075,306
orized issue of 283,250 shares no par value preferred stock, and 800,000 Div. on 1st pref. stock
250.000
shares no par value common stock.
-V.129, p. 127.
Surplus, April 30 1929
$6,825,305
Consolidated Balance Sheet April 30 1929.
Cables & Wireless, Ltd.
-Details of Merger.
Assets
The following information is taken from a circular prepared by Colvin
LiabilUtesProperties, power develop.,
& Co.. New York. who recommended the class B ordinary shares.
Funded debt
$71,825,533
rights, Jrc
Merger.
-The assent of the shareholders of the British cable and wireless
9116,933,579 Accts. pay.& accrued exp.__ $343,309
companies having been assured, England's world-wide communications Cash in escrow for complet.
Customers deposits
10,443
of develop
eystems have been united under the control of Cables & Wireless. Ltd.
939.147 Accrued interest
1,394,812
The union of submarine cables and international wireless communications, Securities & investments
87,205 Accrued dividends
125,000
so much desired by the Radio Corp. and other American interests in this Cash
98,952 Accr. pay,construe, to be met
field. Is prevented in the United States by the White Act; but in England Accounts receivable
544,248
from cash in escrow on adv.
this union has been achieved through the formation of the world's largest Inventories
194,452 from Inter. Paper Co
92,541
Cash on dep. with Proviniclal
international communications system.
Due to affil. cos. for construe.
government
Major-General J. G. liarbord. President of the Radio Corp. of America.
50,000 & prop. purch. adv
1,905,785
In discussing the merger, has stated that "its advantages in economy of Cash on deposit with trustee 137,793 Res,for deprec.& coating
643,162
management, in possession of alternate routes, its combined facilities wide- Prep. & def. exp. septic. to
Min. int. in St. John River
future operation
spread over all parts of the world, its unification of interest in dealing with
156,089
Power Co.6% pref.stock _
199,600
foreign cables and radio, its convenience for British diplomacy, national Pref. stock of co. held by sub.
6% cum. lst pref.stock
12,500,000
for customers subscrip.(net)
defense, avoidance of duplication of facilities, make it the outstanding
98,067 6% non-cum.2nd pref.stock_ 25,000,000
Disc. on bonds & other see.
event of our times in the field of international communications."
Common stock
5,000.000
Issued. organiz.exp.,Sce_
The magnitude of the enterprise is best indicated by the extent of terri6,645,957 Surplus
6.825.305
tory served. The cables which are included in the merger aggregate apTotal
proximately 167,000 nautical miles, or more than 51% of the world's total
$125,865,489 Total
9125,865.489
cable mileage. This cable system, with London as its center, reaches every -V. 128. p. 4152.
Important British possession as well as serving most of South America.
Africa and Asia. The beam wireless system controlled by the merger
Central States Electric Corp.
-Stock Sold.
-The corcompany,although in operation less than three years, now reaches Canada, poration
announces the sale to a group headed by Dillon,
the United States, South America, Africa, Australia, India, China, Japan
Read & Co. and including Stone & Webster and Blodget,
and most of Continental Europe.
Origin of Cables & Wireless, Lid.
-That the consolidation of these world- Inc., E. H. Rollins & Sons, Dominick
& Dominick and
wide systems has been made possible is duo not only to the co-operation
of the commercial interests involved, but also to the initiative and support Shields 8o Co. Inc., of an additional $1,550,000 cony. pref.
of the British Government, which, through operation of beam wireless and stock optional series of 1929.
This entire additional amount
certain cable systems, has been an active participant in the international
communications field. Realizing that the rapid development of wireless has been sold.
communication as a separate system would eventually mean destructive
Correction as to Earnings, &c.
competition between cables and wireless, the British Government early in
--1928 called a conference at which the Home Government, the Dominion The income account for the 12 months ended March 311029 and 1928
and
Governments and the major communications companies were represented. the balance sheet as of April 30 1929 appearing uncles the
name of Central
As a result of this conference it was decided to form a holding company, States Power & Light Corp. in our issue of July
6 should have appeared
Cables & Wireless,
to acquire control by exchange of shares of Eastern under the name of Central States Electric Corp.
-V. 128, p. 4152. 4000.
Extension, Australasia Sc China Telegraph Co., Ltd., Eastern Telegraph
Ltd.,
Co., Ltd., Western Telegraph Co., Ltd., and Marconi's Wireless TeleCentral States Power & Light.Corp.
-Correction.
graph Cs., Ltd. These companies are in turn to acquire the entire share
The income account for the 12 month,' ended March 31 1929 and 1928
capital of Imperial & International Communications, Ltd., whch is to and the balance sheet as of April 30 1929 appearing
under this company
own and operate the combined communications facilities of the cable and in our 19.9110 of July 6 should have appeared
under the name of Central
wireless companies and the former government cables, and to lease the States Electric Corp.
-V. 129. p. 127.
beam wireless services previously operated by the British Post Office. The
relationship of the constituent companies Is shown below:
Chicago City Ry.-Interest on Bonds.
Cables & Wireless, Ltd. will own the ordinary shares of the Cable ComThe Chicago City Ry. and Calumet & South Chicago Ry. have deposited
panies and the preferred and ordinary shares of the Marconi Company. with the First Trust & Savings Bank, trustee,
funds for the payment on
The Cable companies will own their present non-traffic investments and Aug. 1 1929, of interest for the preceding
part of the shares of Imperial & International Communications, Ltd. mtge. 5% bond issues of both companies. six months period on the 1st
The Marconi Company will own its present non-traffic interests, royalties,
As no coupons representing such interest are
to
&c., and the remainder of the shares of Imperial & International Com- will be necessary that such bonds be presented attachedof the bonds it
to one
the following:
munications, Ltd.
First Union Trust & Savings Bank,33 So. Clark St., Chicago, Ill.; Bankers
The outstanding capital of Cables & Wireless, Ltd., and the amounts to Trust Co., 16 Wall St., New York, N. Y.; Mercantile
Trust
be allocated to the ordinary shareholders of the Cable companies, and the Co.. 200 E. Redwood St., Baltimore, Md., for endorsement & Deposit
thereon for
preference and ordinary shareholders of the Marconi Company, in ac- such interest payment.
cordance with the merger terms aro as follows:
Certificates of deposit representing bonds deposited
committees should not be presented. Interest on suchwith the protective
Outstanding
-Allocatedbonds will be paid
Capitat
To Cable Cos To Mar.Co. to the committees and the checks will be sent by them or their agent to
.
51 0 cumul.pref.(fl shares)
£23,493,000 £19.996,000 E3,497.000 tegistered holders of certificates of deposit without the surrender of the
-V.128, p. 2087.
non-cumul."A"ord'y (El shs.) 21,199.000 13,198,000
7
8,001,000 certificates.
Clas:"B" ordinary (El shares)
9,003,000
3,151.000 5.852,000
Chicago Surface Lines.
-Summary.
Wm. Hughes Clarke, Chicago, has issued a bulletin
Total
E53,695,000 E36,345,000 .E17,350.000
Railways, Chicago City Ry.. Southern St. By. and covering Chicago
Under the merger plan, some £5.500.000 ($26,730,000) of funded debt Chicago Ry.
Calumet & South
and preferred stock of the cable companies, bearing not higher than 4% perty assets, The bulletin furnishes the essential figures of cash and propassenger traffic and car mileage, earnings
coupon rates, will remain undisturbed, while a further charge of £250,000 ratios of
net to first mortgage Iterests.-V. 128, p. 2459. and expenses, and
($1.215,000)per annum will be paid the government as rental for the beam
Wireless services.
Cities Service Power & Light Co.
Income from Operations.
-The income of Cables & Wireless, Ltd. will
-Debentures Offered.
be derived from the operationsofImperial & International Communications, Harris Forbes & Co., The National
City Co., Guaranty Co.
Ltd. and from the non-traffic interests which will be retained by the cable
of New York and Halsey, Stuart & Co. Inc. are offering at
and :.vireless companies. Revenue from the operating company will be the
major factor. The three cable companies in the combine are old-estab- 93 and int. to yield 63/8%
$20,000,000
% gold debs.
lished enterprises. Over a long period these companies have paid sub- due
1949.
stantial dividends and built up great reserves. The operating profits of
Dated June 11929; due June 1 1949. Int. payable J.
these cable systems will now accrue to the operating company, as will also
& D. at agency of
the profits from the cables formerly operated by the British Government. company in New York City, or at option of the holder at office of Harris,
The latter include the two imperial trans-Atlantic Cables, the trans
- Forbes Sc Co. In Now York, or at the office of Harris Forbes Trust Co. in
Pacific cable of the Pacific Cable Board and the West Indian Cable System. Boston, or at the office of Harris Trust & Savings Bank, in Chicago.
Red.
Despite the development of wireless, it is believed that cables will long In whole or in part on any int. date on 30 days' notice at
105
to and
continue to be an important factor in world communications because of Juno 1 1933, with a reduction in the redemption price of upduring incl.
their reliability and secrecy. From these systems the merger company successive 4
-year period thereafter up to and incl. Juno 1%1945; ateach
1
101
thereafter up to and incl. June 11947, and at 100
will acquire substantial developed earning power.
From beam wireless, Cables & Wireless, Ltd. will probably derive less Plus accrued int. in each case. Denom 91,000 thereafter until maturity:
present income, but in this field undoubtedly lie great future possibilities. & Trust Co.. Trustee. Company will agree to c* Central Hanover Bank
The international beam wireless system, which is to become part of the for any Federal income tax not Iii excess of 2%pay Int. without deduction
per annum, and to refund
combine, uses equpiment developed and manufactured by Marconi's Penn 4 mills tax, Maryland 45.4 mills tax. Conn. 4 mills tax, Calif. 5 mills
tax, and Mass. Income tax not exceeding 6% per annum.
Wireless Telegraph Co., Ltd.
Purchase Fund.
Income from Non-Ttaffic Interests.
-Company will agree in the indenture to make available
-It is believed that the other factor
In Cables & Wireless, Ltd., revenues, income from the non-traffic interests semi-annually beginning Dec. 1 1930 funds sufficient to retire 1%
those
retained by the cable and wireless companies, although subsidiary to debentures at the time outstanding if obtainable during specified of
periods
income from operations, will be substantial. To this revenue the cable by purchase at or below 100 and accrued interest.
companies will contribute the Income from their invested surplus, acData from Letter of Henry L. Doherty, Pros, of the Company.
cumulated over a long period of years and now totaling approximately
Company.
-Company,a subsidiary of Cities Service Co.. controls through
£10,000,000 (948,600.000). The Marconi company will contribute its stock owl-in:ship companies
rendering electric light and power, gas and-or
income from subsidiaries, from important patent royalties and from the transportation service
in 17 states, serving territories having a population
manufacture of wireless equipment. In this connection it should be noted estimated to be in
excess of 2,200,000. Its operating subsidiaries render




JULY 13 19291

FINANCIAL CHRONICLE

public utility service to over 425.000 customers in more than 600 communities, including such important cities as Toledo, Lorain, Mansfield, Warren
and Sandusky, O.; Denver and Boulder, Colo.; St. Joseph and Joplin, Mo.;
Knoxville, Tenn.; and Durham, N. C.
Business.
-The size and character of the properties now controlled are
indicated by the following table:
Gross
Electric
Gas
Calendar Years- Earnings. K.W.II. Sales. Customers. Customers.
1922
$33,398,192
849,311,220
245.891
92,039
1923
36,791,174 1,027,011,246
285,643
96,460
1924
37,314,593 1.031,071,163
314,871
101,357
1925
40,850,784 1,195.157,8.33
338,933
106,337
1926
43.187,243 1,292.963.819
360,106
114,885
1927
44.727.'136„
117.372
1928
47,051.988 1,421,690,000
400,966
120.577
Purpose.
-Over $15,000,000 of the proceeds from the sale of these debentures will be used to provide funds, or to reimburse the company, for the
acquisition or retirement of funded debt or prefened stocks of subsidiaries
outstanding on Dec. 31 1928, and to retire short-term indebtedness of the
company.
Consolidated Capitalization (Company and Subsidiaries) Giving Effect to this
•
Financing.
Common stock ($100 par)
650,000 abs.
7 Dividend cumulative preferred stock (no par)
60,000 shs.
6 Dividend cumulative preferred stock (no par)
75,000 shs.
Dividend cumulative preferred stock (no par)
50,000 abs.
534% Gold debentures due 1952
845,000,000
5 % Gold debentures due 1949 (this issue)
20,000.000
jtuned debt and preferred stocks
•$141,801,040
Minority common stocks (par or stated value)
*Stated at par or, if without par value, at involuntary liquidation value.
Earnings.
-The consolidated earnings of company and subsidiaa ies for
the 12 months ended Dec. 31 1928, irrespective of the dates of aequisition,
are as follows:
Gross earnings, including other income
Operating expenses, maintenance, taxes (except Federal in- $47,624,763
come taxes), amounts applicable to minority common stocks
and miscellaneous charges
Consolidated net earnings before renewal and replacement re- 25,642,250
serves, amortization and dividends
a
Annual interest and dividends on funded debt and preferred $21,982.513
stocks ofsubs,to be outstand, on completion ofthis financing
Annual interest requirements on $65,000,000-534% gold de- 8.097.829
bentures (including this issue)
3,575,000
a Reserved for renewals and replacements $2,984,819.
The consolidated net earnings of the company and subsidiaries were over
1.8 times the combined total of the annual interest on the $65.000,000 of
debentures and the annual Interest and dividends on funded debt and
ferred stocks of subsidiaries, to be outstanding upon completion of prethis
financing; and, after reserves for renewals and replacements as above, this
ratio was over 1.6. The balance of such consolidated net earnings, after
deducting such interest and dividend chaiges of subsidiaries but before
reserves for renewals and replacements was 3.8 times the annual interest
on $65,000.000 of 534% debentures.
Over 93% of the consolidated gross operating revenue of the subsidiaries
for the 12 months ended Dec. 31 1928, was derived from electric and gas
service.
Ownership -Cities Service Co. owns directly, or through a wholly owned
subsidiary, all of the common stock (except directors qualifying shares)
-V. 127. p. 952.

15

Community Water Service Co.
-New

President.
It. Emerson Swart, a vice-president of P. W. Chapman & Co., Inc., has
been elected president succeeding P. W.Chapman, who becomes chairman.
The Community Water system has total assets of $80.000,000 and its
annual gross earnings are running in excess of $7,000,000, it is announced.
Its subsidiary companies, serving a total population of approximately
,1 100,000. supply water to virtually all Westchester County. to
N. J. Williamsport, Pa., Peoria, Ill., San Jose. Cal., and scoresCamden,
of other
communities in various sections of the United States -V. 127, p. 1674.
Connecticut Coke Co.
-New Control.
-

See Koppers Gas & Coke Co.under "Industrials" below.
-V.127,P.

1946.

Consolidated Gas, Electric Light & Power Co. of
Baltimore.
-Directors Approve Voting Trust.
-Chairman
J. E. Aldred, June 25, in a letter to the stockholders, says
in substance:

279

Capitalization Outstanding (giving effect to presentfinancings).
1st lien gold bonds,6% series of 1927, (incl. this issue)
$9,000,000
3
-year convertible 6% gold notes, due July 1 1932
4,000.000
634% cumulative preferred stock ($100 Par)
2,500.000
Common stock (no par)
100.000 shs.
Additional bonds may be issued in series under restrictions of the Trust
Indenture.
-Consolidated earnings of the company and subsidiary comEarnings.
panies. based upon the reports of certified public accountants, after giving
effect to present financings and the acquisition of the new subsidiaries, for
the 12 months ended April 30 1929, and, as to certain subsidiaries, for the
12 months ended March 31 1929 (excluding non-recurring charges of
$168,684 and interest and dividend charges on funded debt, preferred
and common stocks for the acquisition and (or) retirement of which funds
deemed ample will be deposited) were as follows:
Gross earnings.$3,030,253
Operating expenses, incl. Maint., and charges o subsidiary
securities but before depreciation and Federal income taxes 1,759,310
Balance
$1.270,943
Annual interest requirement on $9,000,000 first lien gold bonds,
6%, Series of 1927, which includes this additional Issue
3540.000
$1,270,943 is in excess of 2.35 times the annual
The above balance of
interest requirement of $540,000 on the company's $9.000,000 first lien
gold bonds, 6% Series of 1927, presently to be outstanding.
Purpose.
-This additional issue of bonds will be used in connection with
the acquisition by the company of additional subsidiaries serving approximately 27,700 customers. in 62 communities having a combined estimated
population in excess of 300,000, located in 9 states.
Security.
-Secured by deposit and pledge with the trustee of all outstanding bonds and stocks of the operating subsidiaries including the
subsidiaries to be acquired, excepting directors' qualifying shares and
subsidiary bonds, preferred stocks and certain minority common stock
interests for the acquisition of which either cash will be deposited or provision is made in the trust indenture for the issue of additional bonds
thereunder. The indenture provides that additional securities of any
subsidiary, whose stock is pledged, shall forthwith be deposited with the
Trustee, excepting as to purchase money obligations and current indebtedness.
-V. 127. P. 3395.

Hamilton Gas Co.
-Stock Offered.
-Harper & Turner,
Philadelphia are offering common stock (no par value),
price on application.
Transfer agent and registrar. Century Trust Co., Baltimore. Md.
Company was organized in 1927 in Delaware to engage in the production,
transportation and sale of natural gas. Company acquired the properties
controlled by the Hamilton Oil & Gas Co., the Thompson Gas Co., and
the Eastern Carbon Black Co. During 1928 and the early part of 1929. it
likewise acquired the properties of the Aetna Oil & Gas Co., Grant Gas
Co., Gas Producing Co., and Perdue Brothers. Company also has under
consideration the acquisition of additional valuable gas acreages. Company
owns or controls extensive natural gas fields in Clay, Nicholas, Kanawha,
Putnam, Cabell, Lincoln and Wayne Counties, West Virginia; Floyd and
Knott Counties. Kentucky and Lawrence County, Ohio. totaling more
than 81.800 acres. Company has 206 producing gas wells and 6 producing
oil wells. The approximate daily deliveries from the above wells is 14,700,The drilling program approved for the year 1929 calls for'
000 cubic feet.
the completion of 25 wells and the deepening of 11 wells to lower gas proproducing horizons. The gas reserves in the producing fields have been
conservatively estimated to exceed one hundred billion cubic feet.
-Company has valuable contracts for the sale of its total
Contracts.
output with the Hope Natural Gas Co., a subsidiary of the Standard Oil
Co., of New Jersey; the Inland Gas Co.; the Columbia Gas & Electric Co.;
the South Penn Oil Co. and others. All of these contracts extend through
the life of the producing fields. The price which the company receives
for the sale of gas, under the majority of its contracts, is fixed on a graduated
upward scale, which should result in an increase in earnings aside from that
resulting from the increasing quantities of gas sold.
Capitalization Outstanding.
a 1st mtge 634% sinking fund bonds due Dec. 1 1937
$2,458,000
a5
-Year 634% sinking fund debentures due Dec. 1 1932
938.500
b Common stock (no par value)
859.727 abs.
a Under the terms of an offer made by the Company under date of June
10 1929, holders of the first mortgage bonds and debentures were given the
right to have their holdings of said bonds and (or) debentures made convertible into common stock at various graduated rates of conversion.
Does not include 33,741.5 shares held in treasury in reserve for exercise
of stock purchase warrants attached to the First Mortgage Bonds and.
Debentures
-Consolidated earnings for the year ended Dec. 31 1928. an&
Earnings.
for first three months of 1929 are as follows:
3 Mos. End. 12 Mos.End.
Mar. 31 '29 Dec. 31 '28.
Total income (including other income)
$196,835
$708.118
Operating Expenses
54,495
207.452

The company has attained its present position in efficient service, unusual
public good-will and outstanding financial strength under continuous guidance of its present management for almost 20 years. The fruits of its policies
are enjoyed by its customers and by its 15,000 stockholders in the United
States and foreign countries. Its stockholders have never failed to support
Its management but are too numerous to organize or act promptly even in
the matters from time to time referred to them for corporate action.
Operating profit
$500,666
For some time many stockholders have felt that the interests of each Interest on bonds and debentures and notes payable $142,340
62,037
228,306
Individual stockholder, as well as the interests of the company and the public, would be promoted by concerted action to insure continuance of the
Net operating income
$80,303
$272,360
present management and policies and to avoid risk of change through man- Rentals on reserve acreage
16,329
64.051
ipulation of any comparatively small minority interest to the injury of
unorganized inactive majority stockholders.
Net income before depreciation or depletion and
For this purpose a voting'trust of stock of the company has been formed
Federal taxes
$63,974
$208,309
under a voting trust agreement dated Juno 25 1929, with J. E. Aldred,
Pro Forma Consolidated Balance Sheet as at June 11929.
Charles E. F. Clarke, Charles M. Cohn, Henry J. Fuller and Herbert A.
AssetsI Liabilities
Wagner as voting trustees. The voting trust agreement has the approval of
$883,100 I Accounts Payable
the board of directors and the holders of a substantial amount of stock have Cash on hand
$66,571
already become parties to the voting trust by depositing their stock under Accounts receivable
33,339 Depletion reserve
104,796
Income receivable
It. This is considered the most effective way to unite the stockholders
67,252 Depreciation reserve
16,537
to Accrued Interest receivable_ _ _
further improve their investment by maintaining the present management
969 Bonds
2.458.000
. and policies.
Inventory
69,844 Debentures
938,500
Each stockholder may become a party to this voting trust by forwarding, Investments
25,000 Capital stock (859,727 81180_ 4,247.718
for transfer to the voting trustees, their stock certificates, endorsed in
Slaking fund trustee
120
to the Continental Trust Company, Baltimore, Md., or the Newblank, Fixed assets
6,329,033
York Deferred charges
423,465 Total (each side)
Trust Co., New York City, the agents of the voting trustees.
$7,832,122
-The above balance sheet is after giving effect to purchase of
Note.
Tenders-.
Perdue Brothers, Gas Producing Co., and Grant Gas Co., properties at
The Bankers Trust Co.. trustee, 16 Wall St., N. Y. City, will until
receive bids for the sale to it of 1st ref. mtge. s. f. gold bonds, Aug. 1, cost, repayment of all unfunded debt except current accounts payable, conseries F and series G,at prices not exceeding the following: series E series E, version of notes payable and accrued interest due directors and stockholders
at
and int., and series F and series G at 105 and int.-V. 128, p. 4320. 10734 into common stock at rate of $6 per share, conversion of 15.000 shares of
preferred stock into common stock at rate of $6 per share and the sale of
250,000 shares of common stock at $6.-V. 128, p. 4002.
Eastern Gas & Coke Associates (Mass.).
-Organized.
See Hoppers Gas & Coke Co. under "Industrials" below.
Interborough Rapid Transit Co.
-Manhattan Ry.

Fall River Electric Light Co.
-New Directors.
-

Stockholder Brings Action for Back Dividends.
-

A suit to force the company to pay back dividends on the stock of ManThe following new directors have been elected: Frank D. Comerford,
hattan Ry. has been brought in New York State Supreme Court by Nathan
Samuel C. Moore, William C. Bell and Cyrus Y. Ferris,
C. S. Herrmann has been elected treasurer; W.C. Bell as first vice-presi- L. Amster.
Mr. Amster, who is Chairman of the stockholders' protective committee
dent; Richard S. l'attee clerk and Andrew P. Nichols and Harry Hanson
of Manhattan Ry., seeks $131,250, which he claims is due as dividends on
assistant treasurers.
-V. 128, p. 2628.
his 15,000 shares from Jan.1 1928 to July 11929. If his suit is successful.
Federal Public Service Corp.
-Bonds Offered.
-H. M. the Interborough would be compelled to pay all other shareholders, a
of
Byllesby & Co., Inc., E. H. Rollins & Sons, and Bartlett total hisapproximately $4,869,287. Moses & Sieber, attorneys, Mr.
In
action, filed by Davidson,
Amster
Gordon, Inc., are offering an additional issue of $4,250,000 asserts the earnings of the Interborough applicable to the payment of a
&
were more than
lien gold bonds 6% series of 1927 at 95 and in, to yield 5% dividend for the period in question, the dividends. sufficient and
1st
that the defendant has unlawfully withheld
-V.128. p. 4154.
6.46%. Bonds are dated Dec. 1 1927 and are due Dec. 1 '47.
International Telephone & Telegraph Corp.
Company.-Incorp. in Delaware. Through present subsidiary companies
-Subs.
and those about to be acquired there is furnished electricity for power and Progress.
Light gas for commercial,domestic and industrial purposes, water, telephone.
Progress in European telephone modernization is reflected in cables
steam heating, ice or cold storage service in important and prosperous made public on July 8 by the corporation. The cables report activity of
sections of the country. A total of 166 communities, located in 13 states, associated companies in foreign
fields.
having a combined estimated total population in excess of 550,500, is
A contract has been secured by the Compagnie des Telephones Thomsonserved. Among the important communities served are the cities of Vicks- Houston Paris affiliate. whereby
the
burg, Peoria, Savanna, Galena, Augusta, Lockport, Independence, Lexing- agrees to place orders to the extent of French Telephone Administration
ton, Oakmont, Verona. La Fargo, West Liberty, Salyersville, Fort Gay, 3 years for a new type of central office40,000,000 francs during the next
equipment. This modern equipHamlin, Burlington, Lake Geneva, Elkhorn, Delavan, Petoskey, Bay View, ment is to be installed in cities
Yankton, Bluefield, Charles Town, harpers Ferry, Kenova, Ashland and company of the International other than Paris, where another associated
surrounding communities, and a group Of 50 communities in Minnesota supplying the French capitol System. Le Materiel Telephonique, is already
with rotary automatic telephone equipment.
within a radius of 200 miles of Minneapolis and St. Paul. The companies Installed by LeMateriel Telephonique, another large automatic rotary
serve a total of 55,009 customers.
telephone exchange was opened in Paris July 6. serving 10.000 lines.




Alexandria, Egypt, is improving its telephone system, municipal authorities having placed an order for rotary central office telephone apparatus
for 20,000 lines with Standard Telephones & Cables, an associated company in London. The same member of the International System is already
furnishing similar automatic equipment to modernize telephone service in
Cairo. The Egyptian State Rys. have also recently placed an order with the
same company for a long distance telephone switchboard.
Standard Telephones & Cables is also receiving a number of orders
indicating further extension of long distance telephone service on the Continent. It has contracted to furnish loading coils for a long distance telephone cable between Bologna and Ancona in Italy; loading coils and repesters for the line linking Warsaw, Lowice and Lodz in Poland; and loading
coils for a cable connecting Copenhagen and Nykopingf, ordered by the
Danish Telephone Administration. An allied cable manufacturing company
in Denmark is filling the order for 124 kilometers of cable for the latter
contract.
In Spain last week the ancient city of Granada inaugurated an automatic telephone system with official ceremony. It is part of the national
service operated by the Compania Telefonica Nacional de Espana. an
associated company.
Standard Villamossagi Resveny Tarsasag, an associate company of
International Standard Electric Corp., near Budapest, has developed a
new multiplex telegraph exchange for the Hungarian Post Administration
that has proved so satisfactory that a further order for 25 operator positions
has been received. The Hungarian State Ry. has also placed with the same
company an order for a 100-line extension of their automatic telephone
system.
Creed & Co. another I. T. T.associate, is filling an order for telegraph
Printers received from the London. Midland, and Scottish Ry.-V. 128.
P. 4321.

International Hydro-Electric.System.
-Listing.
The New York Stock Exchange has authorized the listing of 229,622
shares of Class A stock which are issued and outstanding in the hands of
the public with authority to add 245,378 shares of Class A stock which
are issued and outstanding or have been paid for and are issuable to or on
the order of International Paper & Power Co.,on official notice that any such
shares have been distributed to the public; and with authority to add
570,000 shares of its Class A stock on official notice of issuance upon conversion of convertible 6% gold debentures making the total amount
applied for 1,045,000 shares of class A stock.
Earnings for Month of April 1929.
$1,435,435
Total revenue
224.632
Depreciation
755.708
Interest on funded debt
42,193
Amortization of disc, funded debt
86,144
Reserve for income taxes
153,623
Minority int. in earnings of New England Power Assn. & subs.
$173,135
62.500
39,583

Net revenue avail, for div
Divs. on Can. Hydro-Elec. Corp. Ltd. 1st pfd
Divs. on Int'l Hydro-Elec. System class A

571,051
6,000,000

Surplus
-Increased
Paid in surplus

$6,071,051
Surplus
-April 30, 1929
Consolidated Balance Sheet April 30 1929.
LiatilltiesConvertible 6% gold debs_ - 930,000,000
Properties (lad. cash in escrow for const. purposes) _5316,885,222 Funded indebt. of subs__ _ _ 161,583,834
3,950,000
Securities & Investments__ 24,139,914Bank loans & notes pay____
9,899,599
17,450,347 Accounts pay. dc accruals__
Cash
Accounts & notes receivable 4,178,733 Res.for ins.,conting.& taxes 4,447,993
21,851,577
2,488,051 rtes. for depreciation
Inventories
610,831 Pref. & other stocks of subs. 89,539.290
Sinking funds
2,123,545 Minority corn, stocks, incl.
Prepaid & def. oper. exp
11,657,179
Burp. aeon°. thereto
Discount on bonds & other
19.475,000
12,607,881 Class A stock
securities
20,000.000
Class B stock
2,000,000
Common stock
6,000,000
Capital surplus
71,051
Total (each side)
$380,475,524 Earned surplus
-V. 128, p. 4321.

Interstate Utilities Co., Idaho.
-Sale.
---

See Associated Telephone Utilities Co. above.
-V. 121, p. 199.

Lehigh Telephone Co.
-Tenders.
The Markle Banking & Trust Co., trustee, 8 West Broad St., Hazleton,
Pa.. will until Sept. 1 receive bids for the sale to it of 1st and ref. mtge. bonds
dated July 1 1924,to an amount sufficient to exhaust $37,500 at a price not
exceeding 105 and int.-V. 127. p. 546.

Long Island Lighting Co.
-Preferred Stock Offered.
An additional issue of $4,000,000 6% cumulative preferred
stock is being offered at par ($100) and dividend by W. C.
Langley & Co.

Cables and Wireless, Ltd., give notice that sub-clause 7 of clause 6 of the
deposit agreement referred to in the merger plan. dated May 14 1929.
(which sub-clause in effect says that certain holders of shares in Marconi's
Wireless Telegraph Co. Ltd., which are entered in the foreign register of
that company will be Preferentially entitled to have the share allotted to
them in exchange by Cables and Wireless, Ltd., entered in the foreign
register of the latter company) will not extend or apply to applications
made after July 15 1929, to Cables and Wireless, Ltd. for permission to
accept the offer of exchange contained in the said plan.
-V.129, p. 125.

Massachusetts Gas Cos.
-New Control.
See Koppers Gas & Coke Co.,under "Industrials" below.
-V.129, p. 129.

Midland Utilities Co.
-Gas & Electric Sales, etc.
Reports for the first 5 months of this year show a general and consistent
growth in gas and electric sales by subsidiaries of this company.
Total gas sales by the Northern Indiana Public Service Co.for this period
amounted to 2,829,111,570 cu. ft., an increase of 19.24% over the corresponding months last year. Total sales of electrical energy by the same
company were 115,566,548 k.w.h., or 13% greater than in the same months
of 1928. Sales of electrical energy by the Indiana Service Corp. during this 5
months' period aggregated 52,225,300 k.w.h., an increase of 32.69%.
Revenue passengers carried by the Chicago South Shore & South Band
RR. during the 5 months' period totaled 1,270,896, an increase of 11.82%
over the corresponding months last year. In the same period, 1,208,1M
tons of freight were handled.
Five new gas pipe line interconnections, aggregating 105 miles in length.
are now under construction by the Northern Indiana Public Service Ce.
The new projects, when completed, will increase the total mileage of gas
transmission lines owned by the company to approximately 315 miles,
making the system one of the most extensive of its kind in the country.
One of the new lines is being built from East Chicago to Tremont where it
will connect with the Velparalso-Michigan City line completed last year,
another from Michigan City to South Bend, and a third from LaPaz which
Is located on the South Bend-Nappannee line through Plymouth to Rochester. The other two lines will run from Gary to Crown Point and from
Hobart to East Gary. The first three extensions will interconnect communities already served with gas. They are being laid to provide capacity to
meet the future industrial and residential gas denamds of these communities.
In addition, they will supply gas for the first time to several intermediate
communities. The other extensions will carry gas from the company's
East Chicago distribution center to Crown Point and East Gary, whick
heretofore have not had gas service.
Eight additional steel passenger cars, consisting of 5 motor units and 3
trailers, were placed in service during May by the Chicago South Shore &
South Bend RR. Two new parlor-observation cars are now being built
and will be ready for service early in July. The delivery of the now equipment will bring the total of new steel cars purchased this year to 20, 10
motor cars having been placed on the line last January.
-V. 128, p. 4154.

Mid-Continent Telephone Co.
-Changes Name.

The company has filed a certificate at Dover. Del., changing its name
to Midwest Stales Utilities Co -V. 126, p. 3297.

Midwest States Utilities Co.
-New Name.

See Mid-Continent Telephone Co., above.

New England Power Association.
-Earnings.
Earnings for 12 Months Ended April 30 1929.
Gross operating revenue
Other income

$30,728,322
1,922,862

Total income
Operating expenses
Maintenance
Taxes
Int. charges & amort. of discounts
Minority int. in earn
Preferred & class A div. of subsidiaries
Depreciation

$32.651,184
11,546.459
2,989,806
2,938,385
4,794,591
381,961
1,539,559
2,293.074

Net consolidated earnings
Preferred diva, of New England Power Ass'n

$6,490,986 $8,084,481
3.782.509

Net income
Interest charges & other deductions

$4,301,972
Bal. bef. res. & div. on L. I. Lighting Co. pref. stock
Ann.div.require. on L.I. Lighting Co. pref.stk.(Incl. this issue) 1,462,202
The balance, as shown above, amounts to over 2.9 times the annual
dividend requirements on all Long Island Lighting Co. preferred stock
outstanding and including this issue and, after deducting retirement reserve (depreciation), the balance of $3,884,650 amounts to over 2.6 times
such dividend requirements.
Capitalization Outstanding With Public.
$10,256,000
t refunding mortgage gold bonds
4,756,700
First mtge.5% sinking fund gold bonds, due Mar. 1 1936
3,867.000
6 secured gold bonds due July 1 1945
1,500,000
a5% gold debentures, series A, due Apr. 1 1952
*23.141,300
Cumulative preferred stock (including this issue)
3,000.000 shs.
Common stock (no par value)
* 615,768,900 6% and $7,372,400 7% preferred stock.
-V. 128. P. 1054.

Lower Austrian Hydro-Electric Power Co.("Newag").
-Earnings.-Period End. Apri130- 1929-Mon/h-1928.
Receipts from power__
$65,452
$76,355
Miscellaneous receipts__
641
12.677
$89.032
42,249

$66,093
36,728

1929-4 Mos.-1928.
$315,068
$351,891
5,428
27.719
$379,610
268,177

$320.496
204,420

$116,078
Net earnings
$111.433
$29,364
46.783
$
-All figures are converted at par of exchange, 14.07c. to the
Note.
schilling.-V. 127. p. 1103.
-Time for
Marconi's Wireless Telegraph Co., Ltd.
Deposits under Plan Expires July 15.
-

Guaranty Trust Co. of New York as agent of Marconi's Wireless Telegraph Co., Ltd., has received the following announcement:




$8.167,347
2,285.512

Net earn. applic. to corn. shs. of New England Power Ass'n__ $3,881,835
Earns, per stir, on 841,496 average shs. outstanding
$4.61
Consolidated Balance Sheet Apri130 1929.
Liabilities
Assets-916,284,851 Notes payable
93.950,000
Cash
1,000,000Accts. pay.dr accruals
4,669,021
U. S. treasury certificates__
3,292,074 Pref. div. of subs. accrued
Accts. & notes receivable__
654,258
but not declared
Material & supplies
2,293,599
Prepaid taxes & other exp__
354,857 New England Power Assoc.
28,000,000
20-yr.5% gold debs
Accts. rec, from employees
Bonds assumed by New Engunder stock subscription
54,100
674,797 land PowerAssoc
& saving Plan
Stocks held for employ. sub.
376,200 Funded debt of subsidiary co_ 64,704,200
21,250,239
Res.for depreciation
Restricted dep. & cash In
809,612
sinking funds
473,038 Iles. for casualty
170,569
Accts. & notes rec, not curOther operating reserves
3,342,952
rently due
209,174 Suspense credits
Securities owned
19,338,681 Employees,stock subscrip___ 1,169,300
Capital assets
197.181,215 Min. int, in com, stock gt
4,426,324
Burp. of subs
Invest. in Conn. Valley Co. 4,348,827
22,008,890
Pref.& CIA stks of subs.
Construe, work orders in
54,830,800
progress
5,759,788 Preferred stock
Common stock
44,055,730
Unamort, bond disc. & other
5,940,330 Surplus paid in
1,500,000
unadj. debits
4,931,643
Surplus earned

Issuance.
-Authorized by the New York P. S. Commission.
Data from Letter of E. L. Phillips, President of the Company.
Business.
-Company supplies, either directly or indirectly, substantially
the entire electric light and power and gas service on Long Island up to
the New York City line, and in addition, the Rockaway District of ths
Borough of Queens. The company, through its subsidiary Kings County
Lighting Co. furnishes gas to a large and rapidly growing section in the
Borough of Brooklyn. The combined population in the territory served
is in excess of 900,000.
Purpose.
-Proceeds will be used by the company to reimburse it for
expenditures made for additions, extensions and improvements to the
properties of the company and for other Corporate purposes.
Consolidated Earnings 12 Months Ended May 31.
1929.
1928.
Total
$15,762,094 $17,827,465 -V. 128,
Gross income
9,742,984
9,271,108
Oper. exp., maintenance St taxes

Total receipts
Expenditures

['Pm 129.

FINANCIAL CHRONICLE

280

$257,527,436

Total

9257,527,43r

p. 4154.
New York Steam Corp.
-Large Contract.
-

The corporation has completed arrangements to supply the entire steam
requirements, amounting to more than 1,500,000,000 pounds of steam
annually, to the Grand Central group of buildings covering 20 city blocks
from 42nd St., to 50th St., and from Madison to Lexington Ayes., according to an announcement. With the addition of the Grand Central group,
the corporation will supply practically every important building in the
midtown section, including the Lincoln Tower, Chanin Tower, Chrysler
Tower, the Lefcourt buildings, Fred F. French building, Salmon Tower,
General Motors Building, the Tudor City group, New York Athletic Club,
the Savoy-Plaza, Sherry-Netherland, Ambassador, St. Regis, Lincoln and
many other hotels. The corporation also serves many of the largest
buildings in the downtown financial district. For more than a quarter of a
century, such buildings as The National City Bank Building, the Central
Union Trust Building, First National Bank Building, the National Park
Bank and the United States Assay Office have been supplied by the corporation.
The buildings included in the Grand Central group either are owned by
the New York Central RR, or have been erected by others on property
leased from the railroad company for a long term of years. 1. or some
years the major steam requirements of the buildings have been supplied
from two large steam generating stations owned and operated by the railroad company and located at Park Ave. and 50th St. and at Lexington
Ave. and 43rd St. Steam has been distributed through a system of pipe
lines occupying land privately owned by the railroad company. The
railroad company has been maintaining a break-down service contract
with the New York Steam Corp. to insure continuity of service.
After a thorough study of the reliability of the steam corporation's
service and an analysis of costs, the railroad company has decided to
abandon its two stations and, together with the New York New Haven k
Hartford RR., has entered into a contract with the New York Steam Cora
The buildings in the Grand Central group have a volume totaling about
300.000.000 cubic feet and include the Grand Central Terminal, the New
York Central Building now nearing completion, the Graybar Building,
Grand Central Palace, Yale Club. the Biltmore, Commodore, Roosevelt,
Chatham, Barclay, Monterey and other hotels; the Post= Building.
Adams Express Building, Vanderbilt Avenue Building, the Park Lane
and other apartments and buildings on Park, Madison and Lexington

JULY 13 1929.1

FINANCIAL CHRONICLE

Avenues. The new Waldorf-Astoria Hotel, to be erected on the block
bounded by Park and Lexington Ayes. and 49th and 50th Sts., also will be
-supplied with'steam by the New York Steam Corp.
In addition to a large steam generating station serving the downtown
financial district of Manhattan, the corporation owns and operates three
stations located on the waterfront for the supply of steam in the midtown
district. The feeder mains and distribution system of the corporation
now surround the Grand Central Terminal and the area to the north, but
additional mains are being installed this summer connecting its power
stations with this center in order to assure an adequate supply and continuity of service. The new feeder mains are 24 inches in diameter, the
largest sized pipes in use carrying steam under pressure.
For some years, the corporation has had a contract to purchase substantial quantities of steam from the waterside stations of the New York
Edison Co., under an arrangement mutually advantageous because of the
dissimilarity of the daily load factors and the seasonal load factors, the
peak requirements for steam service coming during the morning hours.
whereas the maximum demand on the electric company occurs normally
in the late afternoon. Likewise, the maximum send-out of a steam distributing utility occurs on the coldest day of the year, which normally is In
January, whereas the peak requirements of an electric company are usually
in December coincident with the shortest day in the year.
The railroad company's decision to utilize New York Steam Corp.
service and to abandon its existing steam generating stations, aside from
its economic and commercial significance, represents an important contribution to civic improvement in further eliminating smoke, dirt and
noise, and relieving, to some extent, traffie congestion in this great city
center.
The distribution of steam service by the corporation with its present
rapidly expanding business will have the effect during the coming 12 months
of relieving the congestion of the city streets of the delivery of over 875,000
tons of coal and the removal of over 175.000 tons of ash refuse, a total of
over 1.000,000 tons, which is equivalent to 700 five-ton truck loads every
-V. 128, p. 1922.
day for 300 days of the year.

-Merger Beyond RegulaNiagara-Hudson Power Corp.
Attorney General Hamilton Ward in his report to Governer Roosevelt
concerning the merger of three up-State power companies under the name
of the Niagara Hudson Power Corp., according to an Albany dispatch
July 8. will find that the latter is a holding company over which the Public
Service Commission has no jurisdiction. He is expected to recommend
that the 1930 Legislature take steps to place such companies under the
Public Service Commission and to give it the same authority that it has
-V. 128. p. 4321.
over other concerns.

-Makes Offer for
North American Gas & Electric Co.
-See that company
Attleboro Steam & Electric Co. Stock.
above.
-V. 128, p. 2629.
Northern Indiana Public Service Co.-Addl Bonds.
The company has applied to the Indiana P. S. Commission for authority
to issue and sell $15,000,000 of 40-year 1st & ref. mtge. gold bonds and to
pledge $7,500,000 Northern Indiana Gas & Electric 1st & ref. es as additional collateral for the loan. The petition states that interest on the loan
will not exceed 5% and that the issue will be sold for not less than 91. The
proceeds will be used to reimburse the treasury for capital expenditures
already made and to finance future additions and extensions to the com-V. 128, v. 2805.
pany's facilities.

Northwest Power Co.-Sale.Ha'ford Erickson, Vice-President in charge of operation of the Byllesby
Engineering & Management Corp..announces the purchase of the properties
of the Northwest Power Co. at Thermopolis and Buffalo, Wyo., and the
'conclusion of negotiations whereby the properties of the Lander(Wyo.)Electric Light & Power Co. also are acquired. The new acquisitions consist of
the electric distribution system in Thermopolis, the natural gas field, pipe
line and gas distribution system in Thermopolis, the hydro-electric and
steam plants and electric distribution system in Buffalo, and the electric
plant and distribution system in Lander, as well as the store and office building of the Lander corporation, together with the stock of electrical merchandise.
A new and lower schedule of rates for the Lander territory to become
effective immediately has been filed with the Wyoming P. S. Commission.
The new rates will be from 22 to 30% lower for various classes of service
than those now in force.
Among the extensions contemplated in the Lander district are the supplying of power service to farms in the outlying territory and extending a high
voltage line from the Sinks Canon supply plant to the Louie Lake and
Atlantic City mining districts. Electrification of the coal mines at Hudson
Is another proposed outlet for absorbing surplus power of the company as
seen as its high voltage line from the government reclamation project at
Pilot can be hooked up with the Sinks Canon loop.
-V.128, p.4322.

Ohio Fuel Gas Co.
-Merger.
--

The company has taken over the property of the Logan Gas Co.,and after
June 1 the name of the latter company ceased to be a part of the operation
of the Columbus group of the Columbia Gas & Electric Corp.
The Logan Gas Co. supplied natural gas directly to not less than 100,000
customers. in 78 cities and villages in Ohio. and by wholesale through other
distributing companies to approximately 88,000 customers.
-V.127, p. 261.

Ohio Kentucky Gas Co.
-Co-trustee.
-

The Seaboard Bank of The City of New York has been appointed co
trustee under indenture dated as of Feb. 1 1929 securing an issue of general
mortgage 7% gold bonds due Feb. 1 1939. See offering in V. 128, p. 4155.

. Ontario Power Co. of Niagara Falls.
-Tenders.
-The Toronto

General Trusts Corp., mortgage trustee, 253 Bay St.,
Toronto, Canada, will until July 15 receive bids for the sale to it of 5%
1st mtge. gold bonds to an amount sufficient to exhaust $125,052 at a
price not exceeding 110 and interest.
-V. 127, /o• 107.

Penn-Ohio Edison Co.
-Definitive Debentures.
-

The company announces that its definitive 53i%
due Feb. 1 1959 are now ready for exchange for thegold debenture,series B,
outstanding
temporary bonds at the Central Hanover Bank & Trust Co. 70 $8,000,000
Broadway,
N. Y. City. (For offering, see V. 128. p. 557.)-V. 128. p.'4322.

Southwest Gas Utilities Corp.
(& Subs.).
-Earnings.
-

Consolidated Statement of Earnings
-Year Ended Dec. 311928.
Gas sales
$2,063,774
Gas purchased
573,139
Merchandise and jobbing net

$1,490.635
25,656

Gross operating profit
Operating and administrative expenses

$1,516,291
470,007

Net operating profit
Other income
Gross income
Interest
Bad debts
Miscellaneous deductions
Net income
Interest on funded debt
Premium on bonds redeemed
Bond discount and expense
Depreciation and depletion
Abandoned property and dry holes
Minority interests in earnings of subsidiary companies

51,046,284
36,128
$1,082,412
10,636
16.953
8,495
51.046,326
448,147
20,333
14,067
213,901
47,805
61.375

Net available for pref. and common stocks before Federal tax- _ $240,699
-V. 128. p. 4156.

Standard Gas & Electric Co.
-Rights.
The common stockholders of record July 22 will be given the right t
subscribe to additional common stock at $85 a share in the ratio of one new
-V. 128, P. 4322.
share for each 10 shares held.




281

Standard Telephone Co. (Del.).
-Sale.
See Associated Telephone Utilities Co. above.
-V. 128, p. 113.

-Sale.
Standard Telephone Co. of III.
See Associated Telephone Utilities Co. above.
-V.125, p. 1054.

Standard Telephone Co. of Texas.
-Sale.
-V. 125. p. 2938.
See Associated Telephone Utllities Co. above.

-Correction.
Swiss-American Electric Co.
The income account statement published in last weeks's "Chronicle,"
page 129, covers the 12 months ended April 30 1929.-V. 129. p. 129.

Tampa (Fla.) Electric Co.
-Regular Stock Dividend.
The directors have declared a semi-annual dividend of 1-50 of a share of
common stock in addition to the regular quarterly cash dividend of 50 cents
a share on the common stock, both payable Aug. 15 to holders of record
July 25. A stock distribution of like amount was made semi-amaually
from Aug. 15 1927 to Feb. 15 1929, incl. The company on Feb. 15 1927
paid a quarterly stock dividend of 1-100 of a common share on the common
stock (see V. 124. p. 508).-V. 128. p. 1397.

Texas Traction Co.
-Tenders.
The Old Colony Trust Co., trustee, 17 Court St., Boston. Mass., will,
until July 19, receive bids for the sale to it of 1st mtge. 5% s. f. gold bonds,
due Jan 1 1937,to an amount sufficient to exhaust $85,079.-V. 127,P.261.

United Corp. (Del.).
-Stock Increased-Listing.-]
The stockholders on July 10 increased the authorized common stock
from 10,000,000 shares of no par value to 24,000,000 shares of no par value
and the preference stock from 2.000,000 shares to 5,000.000 shares.
The Committee on Securities of the New York Stock Exchange has ruled
that the common stock shall be quoted ex rights on July 12.
The New York Stock Exchange has authorized the listing (a) of 23.032
additional shares of $3 cumulative preference stock (no par), and 191,059
additional shares of common stock (no par); such shares of $3 cumulative
preference stock and of common stock to be used for exchange for certain
additional shares of common stock of The United Gas Improvement Co.,
common stock of Mohawk Hudson Power Corp., and common stock of
Commonwealth & Southern Corp. (b) of 1,153.253 additional shares of
common stock to be offered to stockholders of record July 10 for subscription at $37.50 per share, making the total amount applied for 51,779,367
shares of $3 cumulative preference stock, and 11,010,222 shares of common
stock.
Authority for Issue.
-At a specia. meeting of the directors June 5 it was
voted, subject to the approval of stockholders of a proposal to authorize
by appropriate charter amendment a total of 1,000,000 shares of first
preferred stock, 5,000,000 shares of preference stock, and 24,000,000 shares
of common stock, to offer to the stockholders of the common stock of record
July 10 the privilege of subscribing pro rata for cash to additional common
stock without nominal or par value at the price of $37.50 per share. Holders
of common stock of record on said date will be entitled, subject to approval
as aforesaid,,to subscribe in the proportion of one share for each 5 shares
then held. It is estimated by the corporation that rights under option
warrants for the purchase of not in excess of 100,000 shares (option warrants
for the purchase at any time without limit of 3,994,404 shares of common
stock at the.price of $27.50 per share were outstanding June 29 1929) may
be exercised on or prior to July 10 1929. On this basis, common stock to an
amount not greater than 1,153.253 shares will be required to be issued in
accordance with the rights to be issued to holders of record at the close of
business July 10 1929. The right to subscribe will expire Aug. 15,and such
stock not subscribed for has not been underwritten. Payment is to be
made at the office of J. P. Morgan & Co., 23 Wall St., New York, N. Y.
The additional shares of $3 cumulative preference stock will be carried in
the balance sheet at their liquidating value of $50 per share. The additional
shares of common stock will be carried at $5 per share, and the difference
between this amount and the amount received by the corporation will be
carried as paid-in-surplus.
At special meetings of the directors held May 23 1929, June 5 1929, and
July 1 1929, the corporation was authorized to issue from time to time
23,032 shares of its $3 cumulative preference stack, and 191,059 shares of
its common stock, as follows:
23,032 shares of $3 cumulative preference stock and 41,458 shares of its
common stock in exchange for 15455 shares of capital stock of The United
Gas Improvement Co., and $259,125 cash; and 49,680 shares of its common
stock in exchange for 41,400 shares of common stock of Mohawk Hudson
Power Corp. and $310,500 cash; and 99.921 shares of its common stock in
exchange for 225,000 shares of common stock of Commonwealth & Southern
Corp and $624,525 cash. Contracts for the above exchanges have bees
made.
-There were outstanding on June 29 option warrants
Option Warrants.
entitling the holders to purchase at any time without limit 3.994,404 shares
of common stock at $27.50 per share. Additional option warrants may be
issued by authority of the directors.
Profit and Loss Statement Close of Business, June 29 1929.
C •
Dividends received
$2,552,228
Interest received
65,033
Profit on securities sold
963.762
Underwriting commission
130.900
$3.711,924
Debits
Interest paid
Current expenses
Reserve for Federal income taxes
Balance

$18,046
125,226
135.000
$3,433,651

Divs. paid Apr. 1 1929 & July 1 1929 on $3 cumul. pref. stock.- 62,072,002
Estimated Earnings and Dividend Requirements.
Estimated annual dividends receivable on the basis of current
dividends on stocks held on June 29 1929
6,631,551
Annual div. on 53 cumul. pref.stk. issued and outst. June 29'29 5,269,005
Balance

$1,362,546

Pro Forma Balance Sheet June 29 1929.
Assets
Mohawk Hudson Power Corp. com. stock
392.357 shs. $17,213,879
Mohawk Hudson Power Corp. 2nd pref. stock-- 62,370 shs.
6,673,590
Mohawk Hudson Power Corp. option warrants
entitling holders to purchase the following
number of shs. of corn, stock at $50 per sh_ _124,740 shs.
2,494.809
959,921 shs. 76,061,755
Public Service Corp. of N. J. corn, stock
United Gas Impt. Co. capital stock
754,881 she. 128,511,285
Allied Power & Light Corp. corn. stock
340,000 shs.
13,770.000
Columbia Gas & Electric Corp. com. stock
171,100 SIM/•
9.624.572
Commonwealth & Southern Corp. corn. stock_ _925.000 shs.
Commonwealth & South. Corp. option warrants
entitling holders to ;purchase the following No,
21,820,000
of shs. of corn, stock at $30 per share
580.000 shs.
Miscellaneous investments
11,749,127
Cash on hand
26,857,034
Total
$314,776,042
Liabilities
$3 cumulative preference stock
1,779,367 atm. $88,968,350
Common stock
7,010,575 shs. 35.052,675
Option warrants entitling holders to purchase
at any time without limit 3.994.404 shs. of
com, stock at $27.50 per share
3,994,404 shs.
Paid in surplus
$189,608,010
Less organization expenses
349,841
189,258.169
Reserve for taxes
135,000
Profit and loss, Jan. 8 to June 29 1929
1.361,649
Total
$314,776.042
On June 29 1929, the corporation was contingently liable in the sum of
$7,500,000 for the purchase of certain shares and warrants of Niagara
Hudson Power Corp.
Valuation of Securities.
-The basis of valuation of the securities held at
the close of busbaess June 29 1929, as set forth in the foregoing balance

282

FINANCIAL CHRONICLE

sheet is the original cost where securities were acquired for cash or the original agreed value at which securities were acquired in exchange for shares,
or for shares and option warrants of The United Corp.
Miscellaneous assets shown in the balance sheet at a cost of 111,749,127
have an indicated market value at the closing bid prices of June 29 of
$15,136,013.
The total cost of all securities held by the corporation or contracted for
at the close of business June 29 1929 is $287,919,008. The market value
of the said securities computed at the closing bid prices on June 29 amounted
to 1434,748,370, showing an excess of indicated market value over and
above cost of $146,829,362.-V. 128, p. 4156, 3826.

-Initial Div.
United Power, Gas & Water Corp.
The directors have declared an initial quarterly dividend of 75c. a share
on the $3 cumul. pref. stock, no par value, payable Aug. 1 to holders of
record July 15. (For offering, see V. 128, P. 2994.)-V. 128, P• 3188.

-Buses Replace Trolley.
Utah Light & Traction Co.

The company has been given permission by the Salt Lake City and Utah
state authorities to remove its tracks from the Ninth East street line in Salt
Lake City, pave the old right of way,and replace the trolley cars with trolley
buses. Fifteen of the new type buses have been ordered, all to be equipped
with motors, controls and electric braking by the General Electric (,o.
V. 127, p. 2091.

INDUSTRIAL AND MISCELLANEOUS.
Matters Covered in "Chronicle" of July 6.-(a) Reported winding up of
affairs of call loan concern formed under name of "First Call Money Co.
of America"; dissolves before lending any money, p. 57. (b) U. S. Senate
inquiry into Salt Creek oil lease case collapses, p. 68.

-Acquires Assets of
Absopure Refrigeration Corp.
Absopure Frigerator Co. of Detroit and Vogt Refrigerator Co.
of Louisville.
Announcement is made of the formation of Absopure Refrigeration
Corp., which has acquired all the assets of two companies engaged in the
manufacture of electric refrigeration units and mechanism, the Absopure
Frigerator Co. of Detroit and the Vogt Refrigerator Co. of Louisville.
Both these companies were formerly operated as divisions of the General
Necessities Corp., of which David A. Brown is President. Mr. Brown
is also President of Absopure Refrigeration Corp.
The corporation operates two plants, one in Detroit, Mich., where a
complete line of electric refrigeration machines and all accessories are
manufactured, and one in Louisville, KY., producing metal refrigerators,
water coolers, and all metal parts. Both properties are modern in every
respect, and equipped with machinery for large production with room for
expansion.
Electric refrigeration units manufactured by the corporation range in
size from a 1-6 h.p. unit for small homes or apartments to a 3 h.p. for
very large commercial installations, and number 14 sizes in all, each having
in all parts
a distinct field of its own in supplying refrigeration. Dealers corporation
of the United States and Canada distribute the products of tjte
and a considerable export business has been developed. While it is not
the policy of the corporation to operate its own sales branches, conditions
in some of the large cities have made this form of operation necessary and
retail branches are now operated in Detroit, Chicago, and St. Louis.
Capitalization of the corporation consists of 1,100,000 shares of common
stock (no par) authorized, of which 900,000 shares are to be presently
outstanding, and 200,000 shares of preferred stock authorized. There is
no funded debt.
Financing to provide additional working capital for further expansion
of the corporation's production and distribution program, will take the
form of an issue of 400,000 shares of no par common stock to be presently
offered by American Securities Corp.

-New President.
Acoustic Products Co.

Eugene P. Herrman has been elected president,succeeding P. L. Deutsch,
resigned. Mr. Herrman was recently elected a director and member of the
-V. 128, p. 2271.
executive committee.

-Earnings.
Ainsworth Manufacturing Corp.

Combined net profits of the company and Joseph N. Smith Co. for 4
months ended April 30 were $498,941 after all charges and taxes, equivalent
to $3.16 a share on 157,500 shares outstanding which includes stock to be
-V. 129,
issued in connection with acquisition of Joseph N. Smith Co.
p. 130.

-Earnings.
Alaska Juneau Gold Mining Co.
Period End. June 30Gross profits
Profit after int., &c. and
Ebner Mine develop.
chgs.but before deprec.
-V. 128, p. 3827.

-Month-1928.
1929
1929-6 Mos.-1928.
$269,500 $1,646,000 11,735,000
$276,500
101,500

76,500

610,550

492,350

--Acquisition.
Aluminum Co. of America.

The company has purchased the Modern Foundry & Pattern Works of
Oakland, Calif., established in 1925. with a capitalization of 24,000 common shares of $100 par. It manufactures aluminum castings and dis-V. 128. p. 3514.
tributes in 11 western states.

-Acquires Plant.
American Brass Co.

According to a Waterbury (Conn.) dispatch, this company has acquired
the plant of the Randolph Ciowes Co. founded in 1851, manufacturer of
brass and copper tubing copper boilers and kettles. The Randolph Clowes
Co. is capitalized at 1500,000.-V. 125. p. 249.

-Sales.
American Department Stores Corp.
-June-1028.
1929
1950,851
$1,154,810
-V. 128, p. 4006.

Increase.
Increase. I 1929-6Mos.-1928.
$203,959 117,940,018 15.936,522 12,003,496

--Listing.
American European Securities Co.

The New York Stock Exchange has authorized the listing of 325,000
issued
shares of common stock (no par value), as follows: 285.000 shareson the
and outstanding and 40,000 shares on official notice of issuance
exercise of option warrants to the stockholders.
Account for the Fire Months Ending May 31 1929
$283,796
Gross income: Cash dividends received
38,393
Bond interest received and accrued
5,116
Miscellaneous interest
884,891
Profit from securities sold
Total gross income
Interest on funded debt
Interest on notes and accounts payable
General expense
Taxes paid and accrued

$1,212,195
83,333
2,502
17,346
99,014

Net income for the period
Surplus balance at Dec. 31 1928

$1.009,999
1,214,394

[VOL. 129.

Comparative Balance Sheet.
May 31'29, Dec. 31'28.
May 3129. Dee. 31'28.
AssetsLiabilities$
$
Cash
13,073
10,046 Preferred stock__y5,000,000 3,000,000
Invest. securities:
Common stock _x4,277,910 4,277,910
Stocks
15,579,430 13,813,662 Option warrants..
z1,200
z1,200
Bonds
761,851
634,166 Funded debt
4,000,000 4,000,000
Int. on fund. debt_
Syndicate partici50,000
16,667
pations
7,200 Accts. payable__ _ 410,764 1,389,359
7,200
Furniture & fist's_
676
676 Accrued dividends
30,000
Accrued bond int.
16,907
General reserve.._ 600,000
360,000
Accrued taxes__- 230,204
176,220
Total (each side)16,379,139 14,465,751 Surplus
1,809,060 1,214,394
x Represented by 130.000 shares of no par value. y Represented by
50,000 shares of no par $6 cumulative stock. z There are issued and outstanding option warrants entitling the holders to purchase at any time.
without limit, 20.000 shares of common stock at a price of $25 per share.
Schedule of Investment Securities Owned as of May 31 1929.
a Public Utility Stocks
Shares.
Abitibi Power & Paper Co., Ltd
6% cum. pref.
1,000
Allied Power & Light Corp
Common
American & Foreign Power Co.,Inc
$7 preferred
2
4,60
do
preferred
984
do$6
do
do
s.
1,000
$7 d pref., ser. A
American Gas & Electric Co
Common
' 7,890
American Power & Light Co
Common
• 15,000
do
do
$5 pref.. ser. A (unstpd.)
2.600
American Superpower CorpClass A common
1,000
American Telep. & Teleg. Co
Capital
2.333
do
do
Subscription rights 2,333
Appalachian Electric Power Co
2,200
$7 cum. preferred
Cities Service Power & Light Co
$6 cum. preferred
5.000
Columbia Gas & Electric Co
Common
6.250
Commonwealth Power Corp
Common
8,250
Commonwealth Edison Co
Capital
2,000
Consolidated Gas Co. of New York
6005
20,00
Comrnon
Consol. Gas. El. Lt. & Pr. Co. of Balt_ _ Common
Continental Gas & Electric Corp
Prior preference
1.750
Edison Electric Ilium. Co. of Etoston _ Capital
500
Electric Bond & Share CorpCommon
12,000
Electric Power & Light Corp
Common
10,000
do
do
3.000
2d pref., series A
do
do
Option warrants
4,000
Engineers Public Service Co
0 tion warrants
2,000
Florida Power & Light Co
$ cum. preferred
Gulf States Utilities Co
15.50 div. preferred
do
do
08
,5 00
1,5 0
$6 div. preferred
0
e
Int rcontinents Power Co
$7 cum. pref(lst ser.with war)1,000
International Telep. & Teleg. Corp__ Capital
3,800
d
d
Subscription rights
5800
3,00
Italian Superpower Corp
Class A common
do
do
Option warrants
1,000
National Power & Light Co
Common
20,000
do
do
$8 preferred
North American Co
2
1 1709
2 T5
7:,8 0
Northern States Power Co
Class A common
Public Service Corp. of New Jersey..
Common
Public Service Co. of Northern Illinois _Common
1,000
Seaboard Public Service Co.,
$6 preferred
Power
Southeastern Pow & Light Co
Common
5
5,02
do
(o
Partic. preferred
1,500
Swiss American Electric Co
1,000
$6 cum.pref.(with warr.)
United Gas Improvement Co
Capital
United Light & Power Co
Class A common
5
5
,82
1st preferred, series A
do
do
500
Capital
Western Union Telegraph Co
1,500
b Industrial and Miscellaneous Stocks
Common
Aluminum Co. of America
Capital
Aluminum, Ltd
0
0
20
1,0
Common
Amerada Corp
1,000
American Solvents & Chemical Corp_ Common
2,000
Capital
Anaconda Copper Mining Co
1,000
Subscription rights
do
do
1,000
Common
Atlantic Coast Fisheries Co
2,000
6% cum. preferred
C nsolldated Rita. of Cuba
1,000
Class A
7,600
Ford Motor Co. of Canada, Ltd
Class B
do
do
Subscription rights
do
do
Common
134
. 0
2 4480
Fraser Co., Ltd
Common
6,000
General Electric Co
Common
1,000
Great Western Sugar Co
Capital
4,000
Gulf Oil Corp. of Pa
Capital
50,532
Louisiana Land & Exploration Co
Series A preferred
1,000
-Texas RR
-Kansas
Missouri
5% cony. preferred
1,000
Missouri Pacific RR
Common
2,040
National Dairy Products Co
Common
575
Otis Elevator Co
5,000
Common
Radio Corp. of America
B preferred
1260:,020005000
do
do
B common
R. J. Reynolds Tobacco Co
Common
Southern Ry
Capital
Texas Corp
Common v. t. C.
21...008700240
United Electric Coal Co,,
Common
United Shoe Machinery Corp
Capital
White Eagle Oil & Refining Co
c Investment BondsCentral Mexico Light & Power Co., 1st Mtge.6%,1940
174,000
Commercial Investment Trust 53i% Cony. debs., 1949
100,000
Italian Superpower Corp.,6% debs.. A,1963
300,000
Louisiana Land & Exploration Co., 1st Mtge.77,1930
25,000
Pacific Western Oil Corp.,6ti% debs., due 1943 (with warrants) 100,000
I'ecos Valley Power & Light Co.,7% debs., due 1942 (with bonus
of 1.000 shares common stock)
United Light & Railways, 5Si% Debs., due 1952
112,000000
White Eagle 011 & Refining Co., 10
-year 5%% debs., due 1937
(with warrants)
25,000
a Total book value, $10,581,501, market value, 118,174,115. b Total
book value. $4,997,929, market value•$6,687,394. c Total book value.
1761,851, market value, 1712,620.-V. 128, p. 2081.

American Founders Corp.
-Dividends:

The directors have declared dividends for the quarter ended July 31
on the following stocks:7% 1st preferred, series A,87 tic.;7% 1st preferred.
series D, 87fie.; 6% 1st preferred, series D, 75c.; 6% 2d preferred, 37tic.;
common shares, 12tic., and 1-140 common share, all payable Aug. 1 to
holders of record July 15. Like amounts were paid on the respective
stocks on Feb. 1 and May 1 last.
--V. 128. p. 4006.
American Foundry & Mfg. Co.
-Sale.

$2,224,393
Total
95,333
Preferred stock dividends paid
Amount transferred to capital stock preferred account representing differehce between proceeds from the sale of the 20,000
shares of preferred stock issued Jan 15 1929, and its liquidat80,000
ing value at $100 per share
Transferred to reserve account: in accordance with the charter,
amount equal to two years dividends on the additional
an
240,000
20,000 shares of preferred stock issued Jan. 15 1929

Bondholders. the Central Trust Co. and the estate of the late John C.
Motter were awarded the proceeds from the receivership sale of the plant
and equipment of the company, this city, in an opinion handed down by
the judges of the Circuit Court at Frederick, Md., July 2. The case, which
has been in progress some time, was contested by the receivership creditors
who also claimed the proceeds of the sale.
The opinion, concurred in by Chief Judge Hammond Urner and Associate Judges John S. Newman and Robert B. Peter, referred to the
decision of the Maryland Court of Appeals to the effect that holders of
receivership certificates have priority over the claims of creditors for raw
materials and supplies, and then states that, in view of that decision, the
bondholders cannot be subservient to certificate holders if the bondholders
have a stronger lien than certificate holders.
The company was placed in receivership Dec. 15 1925, on a bill filed
by Charles A. Opel, Jr.; on behalf of himself and other creditors, William
A. Riddell was appointed receiver and operated the plant until Aug., 1926,
when it was closed.

$1,809,060
Earned surplus at end of period (per balance sheet)
Earnings per share of cont. stock for the 5 months ended May
shares outstanding at the
31 1929 (on the basis of 130,000
$7.03
end of the period and after preferred dividends)
Market appreciation for the 5 months ended May 31 1929, on
2,204.476
securities held on that date

American Home Security Corp.
-Bonds Offered.
Smith, Hull &
Inc., Minneapolis are offering $600,000
1st
6% guaranteedCo.,mtge. collateral trust gold bonds at par
and int.




JULY 13 19291

FINANCIAL CHRONICLE

283

of such division being that shareholders shall receive for each £1 share
presently held 6% cumul. pref. stock to the value of 10s. and one ordinary
share of 10s. nominal value.
-That the directors be authorized to increase the capital from £4,000-,
2.
000 to £5,000.000 and that they be empowered to issue such further capital at such time or times, and upon such terms and conditions as they
think fit.
In connection with the above scheme for the re-arrangement of the
capital stock, H. S. Johnson-Hall, London Manager and Secretary,says in
substance:
"In the opinion of the directors several important advantages will accrue
the
to the corporation from the proposed re-arrangement of its capital. In disfirst place the provision of two classes of security, each with its own
tinctive features, will widen the circle of investors to which the corporation
will appeal. This will extend both the market in the corporation's securities
and the field from which any further funds that might be required could
be drawn.
"Again, while as explained on more than one occasion the nature of the
corporation's business makes the declaration of interim dividends on the
ordinary shares inadvisable, the position now attained by the corporation
-yearly distributions
is such as in the opinion of the directors to warrant half
on a portion of the capital and to this end dividends on the preferred stock
intervals (J. & D.).
will be declared at six monthly
"Finally, the effect of fixing the rate of distribution payable on part of
the capital will be to increase the dividend possibilities of the remainder
namely, the ordinary shares.
"Should the scheme be adopted it is the intention of the board to sub-Earnings.
American International Corp.
stitute for the dividend equalization reserve a preferred dividend reserve.
This will be formed by transferring from the dividend Equalization rePeriod End. June 30- 1929-3 Mos.-1928.
1929-6 Mos.-1928.
dividend reserve such a sum as is equivalent to
$108,297
$73,768
Interest revenue
$117,709 serve to the preferred pay the preferred dividend for a period of two years.
$239,184
to
511,961
Divs. on stock owned_ _ ..
374,643
594,190 the amount requiredof the board to maintain the preferred dividend reserve
842,347
It will be the policy
981.250
288,156
Profit on sale ofsecurities
804,296
2,137,066
together
at this figure. The balance of the dividend equalization reserve
Profit on syndicate and
from the issue of the reserve shares will
9,370
10,977
credit participations_ _
14,021 with the share premium resulting
30,723
the other reserves.
6,341
2,356
Miscellaneous
10.527
4,131 be transferred to
the
fact
"From the foregoing it will be noted that apart from thetimesthatsum
the
have been many
$1,617,218
Total income
$749,901 $3,259,848 $1,534,346 profits of the corporation in recent years
dividend charge there will exist a reserve
88,957
Expenses
69,513
190,831
194,992 required to meet the preferred
dividend requirements. In addition, the total
228
Interest
40,300
37,043
64,433 equal to two years' preferredwill exceed the nominal value of the preferred
8,030
Taxes
7.899
77.576
15,569 reserves of the corporation stock will thus enjoy exceptional security both
stock issue. The preferred
343,750
Interest on debs
572,917
stockholders
as to principal and dividend. The interests of the preferred
grant any privileges
Operating income_
$1,176,253
$632,188 $2,381,479 $1,259,352 being so well protected it is not deemed necessary totherefore the scheme
in regard to the administration of the corporation and circumstances as the
Eihs. corn, out. (no par)_
999.600
490,000
490.000
999.600
will, save in such
Earn. per share on com_
$1.17
$1.29
$2.38
$2.57 privides that the control of affairs or altering its regulations so as directly
sale of the corporation's undertaking
,V. 128, p. 4006.
interfere with the rights and priveleges of the preferred stockholders,
to
will be entitled to
American Maize-Products Co.
-Common Stock Split-Up. be exclusively vested in the ordinary shareholders who registered holders.
the
A special meeting of the stockholders has been called for July 30 to act one vote for for each ordinary share of which they areby £1,000,000 and to
the authorized capital
The proposal to increase
-for-1 split-up of the common shares. Present common
upon a proposed 10
discretion
stock outstanding is 30,000 shares of $100 par value, which under the leave all the decisions relative to such increase in the absolute authority
of the
proposed plan would be increased to 300,000 shares of no par value stock. of the board calls for no comment. It is merely an extension ceased to be
authority naturally
The Royal Baking Powder Co. was formerly a controlling factor in the previously granted to the board which
American Maize-Products Co. but sold its holdings to the Royal company's effective with the recent decision to issue the reserve shares."
stockholders in Oct. 1928 (see V. 127, P. 2245).
In his letter to stockholders, President C. D. Edinburg of the American
Declaration of Dividends.
Maize-Products Co., states that if the proposed change is authorized it is
Dividends have been declared payable to all shareholders of record
believed that the company will be able to pay dividends on the common June 30 by the following companies:
Coupon -Rate of Dividend
stock declared during the current calender year equivalent to at least $2
Div.
Name oj CompanyPer Cent. Per Sh.
per share on the common stock.
No.
No.
4s. 9d.
23,i%
34
The balance sheet shows current assets as of May 31 last of $4,501,881 and Brakpan Mines, Ltd
34
3s. 6d.
17h%
current liabilities of $402.159. This compares with current assets of $2,- Springs Mines, Ltd
20
20
Is. Od.
944,120 and current liabilities of $244,751 last year. Total assets were West Springs, Ltd
5 %
8
9d.
$8,318,503 compared with $6,889.921 last year.
15 TO
54
Rand Selection Corp. Ltd _ _
3d.
5 %
1 It is stated that the company's average net earnings per year for the last New Era Consolidated,Ltd_ _
23
years after taxes and preferred dividends were $9.50 a share. Net earnings
were closed in each case from July 1 to July 6 1929,
The transfer registers
for the 5 months ending May 31 after depreciation and Federal taxes were both days incl.
$645,311. Estimated not earnings for the six months ending with June
Holders of share warrants to bearer will receive payment of dividends
after preferred dividends were $760.311, equivalent to $23.59 per share on at the London office on presentation of the respective coupons on or after
30,000 shares of common stock.
Aug. 7 1929. In the case of Brakpan Mines, Ltd., coupons may also be
presented at the Credit MobIlier Francais, 30 & 32, Rue Taitbout, Paris.
American Stores Co.
-Sales Gain.
and in the case of Rand Selection Corp., Ltd.,at the office of the Guaranty
Period End. June 29-- 1929-4 Wks.
Trust Co., of New Yotk, 27, Avenue des Arts, Brussels, Belgium. Share
-1928,
-1928.
1929-26 Wks.
obtain payment of
are resident
Sales
$10,755,563 $10,329,082 $70,726,749 $68,179,527 warrant holders who office of the in South Africa may
company in Johannesburg.
coupons at the head
-V. 128, p. 4006.
case of shares of Brakpan Mines, Ltd., with distinctive Nos. 1 to
In the
Amsterdam Trading Co. (Handelsvereenigin "Am- 688, 514 incl., dividend warrants posted to persons resident in France, and
in
coupons paid by the London office to or for account of persons resident be
sterdam" Holland).
-Dividends.
coupons paid by the Credit Mobilier Francais. Paris, will
France
The directors have declared a dividend of 75 cents per share on the subject anda deduction on account of French transfer duty and French
to
"American shares," payable July 22 to holders of record July 16. A like income tax.
-V. 128, p. 4158.
amount was paid on Jan. 21 last and on Jan. 20 and July 20 1928.-V.
128, p. 252.
-Earnings.
Arizona Commercial Mining Co.
The company reports for five months ended May 31 1929, profit of
Anglo American Corp. of So. Africa, Ltd.
- $115,521 after expenses, but before depreciation and depletion. Net
-Rights.
H. S. Johnson-Hall, London Manager and Secretary, June current assets on May 31 1929 amounted to $748,305.-V. 128, p. 1732.

The mortgages securing these bonds are guaranteed as to principal and
interest by The Metropolitan Casualty Insurance Co. of New York.
Principal and int. payable at the National Bank of the Republic of Chicago,
trustee, or at the Bank of America, New York, N. Y. Red. on any int.
date prior to maturity at 101. Interest payable without deduction for any
Federal income tax up to 2% per annum which the company or the trustees
may be permitted to pay thereon or retain therefrom. Company agrees
to refund upon timely application State personal taxes and State income
% of the principal per annum. Denom. $500 and
taxes not in excess of
$1 000c5.
These bonds have threefold security: (1) They are the direct obligation
of the corporation;(2) They are specifically secured by the deposit with the
trustee of widely diversified first mortgages upon improved real estate;
and (3) The payment of the principal and interest of the first mortgages so
deposited is guaranteed by the Metropolitan Casualty Insurance Co. of
New York.
While the trust indenture permits substitution of other first mortgages.
approved by the Surety company guaranteeing such mortgages, collateral
must at all times equal at least the face value of all outstanding bonds.
In lieu of first mortgages, the corporation may pledge with the trustee
obligations of the United States Government and (or) cash.
The corporation, which has assets in excess of $1,900,000, loans its own
funds on carefully selected first mortgages secured by real estate. It confines its loans entirely to improved residential property of moderate value,
owned in fee, in the Chicago area. These mortgages it holds for its own
-V.128, p. 3189.
permanent investment.

26, in connection with the offer of reserve shares to shareholders, says in substance:

It has been the aim of the board since the inception of the corporation to
maintain such cash resources as would enable it to take full advantage of any
opportunities that presented themselves for profitable business. That this
has been a wise, policy is shown by the growing scale of the corporation's
operations, and the widening circle of its activities. The valuable interests
secured in Northern Rhodesia and in Cape Coast Exploration Ltd.. are
Instances in point. Had adequate resources not been available the corporation could not have grasped the exceptional opportunities afforded by
developments in that great new base metal field and by discovery of diamonds in Namaqualand.
It follows, however,that the acquisition of these assets and ofother investments made by the corporation has absorbed a substantial portion of its
cash resources, and the directors have arrived at the conclusion that it is in
the interest of the corporation, if it is to maintain that measure of activity
which has proved so profitable in the past, that the funds at its disposal
should be increased.
The present issued capital of the corporation is £3,718,453 divided into
3,718,453 shares of £1 each. Under the Articles of Association the directors
are empowered to increase at their discretion the capital to a maximum of
£4,000,000. In order to provide further funds necessary the directors have
decided to issue the 281,547shares still in reserve on the following conditions:
(a) The shares will be offered to shareholders at £2 per share on the
basis of one new share for each 14 shares registered at the close of business
on July 11 1929, fractions being disregarded. All shares accepted in pursuance of such offer will be allotted in full.
(b) The shares required under the preceding paragraph will not absorb
the whole issue. The number of surplus shares, 1. e., the difference between
281,547 shares to be issued and the shares accepted under (a) is likely
to be small. With the principal object of enabling shareholders to round
off their holdings It has been decided to offer these surplus shares also to
shareholders. Shareholders will therefore be entitled to apply at £2 Per
share for so many of the surplus shares as they may desire. The allotment
of these shares will be affected at the entire discretion of the directors who
will aim at giving effect, so far as it is possible to do so, to the intention for
which the surplus shares are being offered to shareholders. For these reasons
it will be appreciated that it will be useless for any shareholder to apply
for a large number of the surplus shares.
The offer will expire at the close of business on August 9 1929,after which
date no further acceptances or applications will be considered.
Holders of share warrants to bearer desirous of applying for their pro rata
of reserve sham under (a) above or any surplus shares under (b), must deposit at the London office of the corporation not later than July 15 1929,
either their share warrants or a statement of their holding duly certified as
correct by a recognized bank in the United Kingdom (giving the distinctive
number of the share warrants, in addition to the distinctive numbers of
the shares themselves) together with their full names and addresses.
The whole issue has been underwritten for a cash commission of 3q %.
For the purpose of giving effect to this offer the corporation will close
Its share registers from July 12 to July 15. both days inclusive.

Re-arrangement of Capital Proposed. proposed
certain

changes, sumThe shareholders will vote Aug. 20 on
marized as follows:
present share capital (4,000,000 shares, par El each) be
-That the
I.
dividing it into 4,000,000 shares (par 10s. each) of cumul.
re-organized by4,000.000 shares (par 105. each) of ordinary shares, the basis
pref. stock and




-Common Stock
Associated Apparel Industries, Inc.
Placed on a Quarterly Dividend Basis-Listing.

The directors have declared a quarterly dividend of $1 per share on the
common stock, no par value, payable Oct. 1 to holders of record Sept. 20.
paid monthly dividends of 33 1-3c. per share.
The company
The New York Stock Exchange has authorized the listing of 7,500
additional shares of common stock (no par value) on official notice of
Issuance to purchasers for cash, and 22,500 additional shares of common
stock on official notice of issuance pursuant to option agreement, making
the total amount applied for 230,000 shares.
Directors on May 29 authorized the issuance of 7,500 shares of common
stock to bankers at $50 per share, proceeds to be used for general corporate
purposes. It is the intention of the company to capitalize the 7.500 shares
at $50 per share. Directors on May 29. also authorized the issuance of
22,500 additional shares common stock, which have been offered to the
bankers purchasing the above mentioned 7,500 shares, on an option to
purchase said common stock at not less than $50 a share, said option not
to exceed a period of five months from June 1.
It is the intention of the company to capitalize the 22,500 shares at the
prices per share received from bankers and to use the proceeds for general
corporate purposes -V. 128, p. 4159.

-Organized.
Associated Life Companies, Inc.

Organization of a $20,000,000 holding company to acquire controlling
interests in several of the loading Southern life insurance companies, is
announced by Caldwell & Co., investment bankers, who will finance the
plan to bring the separate companies into one co-operative group.
The holding company, to be known as Associated Life Companies. Inc.,
will begin with a paid-in capital of approximately $6,000,000 and with
substantial stock interests in the Inter-Southern Life Insurance Co. of
Louisville. Ky., and the Southeastern Life Insurance Co. of Greenville,
S. C. Other Southern life insurance companies, according to the plan of
organization, will be included in the group from time to time as its operations are developed.
Each company in the group will retain its identity in every respect, with
the same officers and directors and the same scope of operations as before.
Through close co-operation, the separate companies will be able to effect
large economies in various departments of their business and to give greater
protection and broader service to policy holders. The entire resources
of the holding company will in effect be back of each company.
Associated Life Companies, Inc. has been organized in Delaware and
will maintain offices in Nashville. Louisville, and New York. Capital
stock will consist of 1,000,000 shares of no par common. The board of
directors will include a number of prominent Southern insurance and
business men, including Rogers Caldwell, President of Caldwell & Co.;
C. G. Arnett, Pres. of the Inter-Southern Life Insurance Co.; C.0. Milford,
Pres. of the Southeastern Life Insurance Co.; and Henry Almstedt of
Almstedt Bros.. investment bankers, Louisville, Ky.

Atlantic & Pacific International Corp.
-Stocks Offered.-Boenning & Co., Philadelphia, together with several
other houses are offering 100,000 units at a price of $78 per
unit, each unit comprising one share 6% cumulative preferred stock (par $50) and one share class A common stock
(no par). The bankers are also offering the 6% cumulative

284

FINANCIAL CHRONICLE

preferred stock, carrying stock purchase warrants at a price
of $48.50 per share, and are offering the class "A" common
at a price of $38.75 per share.
Earnings for 9M Months Ending Mar. 311929.
Int.. env., realized invest. profits & other income
Expenses & taxes
Minority int. (subsidiary company)

$229,992
57,284
933

Net income.
Dividends paid on preferred shares

$171,775
25,464

Balance

$146,311
Consolidated Balance Sheet Mar. 31 1929.
Assets
LialAlUtesInvestment securities
$4,416,410 Preferred stock
$3,953,100
Cash account
827,191 Common class A stock
763,008
a
Int.& dive. receivable
59,865 Common class B stock
25,590
b
Securities sold, not delivered
7,162 Minority int, in subs. Co___
18,015
Employees' subscription fund
2,469 Securities bought, not ree d__
10,895
Sundry accounts receivable
25,365 Commissions payable
21,789
Docu'tary .4 trans. stamps
1,081 Sundry accounts payable
14,696
Furniture & fixtures
12,370 Provision for taxes
15,946
Deferred charges
4,301 Capital surplus
386,864
Preferred share div. reserve 5,664
Uadistributed profits
140,647
Total
$5,356,216
Total
$5,356,216
a Represented by 76,301 no par shares. b Represented by 19,970 no par
shares.
-V. 128, p. 4007.

[VOL. 129.

have secured a substantial interest in the company. Through controlling
the Hill Manufacturing Co. and the Androscoggin Mills, the Instill interests
now control the Union Water Power Co., with valuable water power rights
at Lewiston, Me. Other Union Water Power shares are owned by the Bates
Manufacturing Co., Continental Mills and Lewiston Bleachery, and it is
felt that control of these other shares may be sought.
The directors in a circular letter, to the stockholders, reads in part as
follows: "You are doubtless aware of the prevailing activity to acquire
control of New England public utilities by the purchase of stocks of such
companies in the open market and that this has extended to the purchase of
the stock of industrial companies having water power rights deemed to be
valuable in connection with public utilities. Should effort be made to acquire control of the stock of your company it is felt that many individual
stockholders might dispose of their holdings at a lower price than could be
obtained by concerted action.
"Your stock has a book value as of Dec.31 1928, based on net quick assets
assets alone, of in excess of $140 a share. In addition to this, its ownership
of certain miscellaneous stocks including more than one-quarter interest in
the Union Water Power Co. and 100 shares of the Franklin Co. (carried on
the books at $9.150 and $8,531.80 respectively) and its real estate and machinery at Lewiston (which is carried at less than one-half its replacement
value) give the stock a total book value even on this basis of 3308+ per
share as of that date.
"The directors, therefore, believe that your interests will be best protected
by the deposit of your stock under a stock trust agreement, a copy of which
will be sent you in a few days."
Under the proposed terms, the agreement would run until July 1 1934.
with provisions for extension to July 1 1939. The directors have already
deposited their own stock..
-V. 128. p. 889.

(Ludwig) Baumann 8c Coe-Permanent Ctfs. Ready.
The Guaranty Trust Co. as transfer agent for stock of Ludwig, Baumann
&
s now prepared to issue permanent certificates covering common
Autocar Co., Ardmore, Pa.
and
Co.,ferred stock against temporary certificates now outstanding. (For
-Merger Negotiations.
offering, see V. 126. P. 2968.
See Brockway Motor Truck Corp. below.
-11. 128, p. 1230.
Net Deliveries for Month and 12 Months Ended June 30.
Autosales Corp.
1929
-Month--1928.
-Installations.
Increase. I 1929-12 Mos.-1928.
Increase.
According to President G P. Grant, the corporation has installed more $727,789
849,4201811.238.347 $9,767,029 $1,471,318
$678,369
than 8,000 five-and-ten-cent vending machines over 40 principal railroad - 128. P. 4008. 3191.
V.
systems since March 15. These installations represent the first phase of a
campaign to operate the new-type vending machines in 20.000 waiting rooms
Berland Shoe Stores, Inc.
-Sales.
and platforms of the 165 railroads with which the corporation already has
1929
-June
-1928
Increased 1929-6 Mos.-1928
Increase.
contracts to operate its other type of vending units.
$422.379
$233,232
$189,147131,755,671 $1,189,766
3565.905
The company, which now has more than 200,000 vending machines In- - 128, p. 4008.
V.
stalled throughout the country, has operated its selling units throughout
leading railroad systems since 1887. Besides confectionery, the principal
Bickford's Inc.
-Securities Admitted to Trading.
railroad sales are handkerchiefs, wash kits and other sanitary articles.
The common and preferred stocks were admitted to trading July 10 on
V. 128, p. 1732.
the New York Curb Market. The initial sale for the common was at 24
and for the preferred at
These securities were offered recently in the
Aviation Securities Corp.
form of units by George H. Burr & Co. Each unit, which was priced at
-Earnings.
33*
-$56. consisted of one share of preference and one share of common stock.
Earnings for Period from Nov. 26 1928 to Apr. 30 1929.
-See V. 128, p. 3829.
Dividends received
$1.750
Interest earned
2,057
Binks Mfg. Co -Earnings.Total income
Earnings for 4 Months Ended May 311929.
$3,807
Expenses
11,825 Net sales
$449,507
Interest
5.363 Net profit from operations
120.622
Net profits after Federal taxes
102,541
Net loss
V.
$13,381 - 128. p. 4008.
Profit on sale of stocks
174,146
Blauner's, Philadelphia.
Federal taxes
-6% Stock Dividend, &c.
19,082
The directors have declared a 6% stock dividend on the common stock,
.
payable in C.0111111011 stock in quarterly instalments of 13 % each, the first
Net income
3141,683 of these to be made
Earns per share on 149,000 shares capital stock (no Par)
Aug. 15 to holders of record Aug. 1.
$0.95
The directors also declared the regular quarterly cash dividend on the
Balance Sheet April 30 1929.
common stock of 30 cents a share and the regular quarterly dividend of
AssetsLiabilities
75 cents a share on the $3 cum. pref. stock, both payable Aug. 15 to holders
Invest. in National Air
Capital stock
$2,235,000 of record Aug. 1.
Transport
$1,750,000 Accruals
11.477
Other investments
4 Mos. Ended May 311,565,756 Bank loans
1928.
58,000
1929.
Cash
39,935 Reserve for taxes
$33,508,117 $2,668,587
19,082 Net sales
Advances
93,750 Paid in surplus
250.315
995,000 Net profit after deprec. & taxes
230,357
Furniture and fixtures -1,289 Profit and loss surplus
141,683 -V. 128, p. 3687.
•
Organization expense ___
9.512
Total
(H. C.) Bohack Co.,
$3,460,242
-Earnings.
Total
$3,460,242
5 Mos. Ended June 29.1929.
1928.
-V. 127, p. 3401.
Net income after all charges incl. deprec
$329,388
$131,664
com.stk. outstand
102,762
74,000
Axelson Aircraft Engine Co.
-Stock Offered.
-Dean Earns. per share
$2.31
$.55
Witter & Co. and California Co. are offering 45,000 shares
Net income for June was $65,471 compared with $22,841 in June 1928.
common stock (withour par value) at $15 per share.
Period End, June 29- 1929-4 Weeks
-1928. 1929-21 Weeks
-1928.
Sales
$2.132,993 $1,891,065 $11,277,416 89,886,831
Transfer agent:Security-First National Trust & Savings Bank.
Registrar: - 128. p. 4159.
V.
Farmers & Merchants National Bank of Los Angeles.
CapitalizationAuthorized.
Issued.
Borden Co.
-Further Expansion Announced.
Common stock(no par value)
95,000 shs.
The company announces the signing of contracts whereby
Axelson Machine Co. and the underwriters hold150,000 abs.the
options for
purchase the stock or the assets and business of a number of important it acquires
of 20,000 shares of treasury stock.
companies
engaged in the milk or a related business.
Data from Letter Dated June 18 1929 of J. C. Axelson, Pres.
In this announcement, President Arthur W. Milburn states that gross
of Co.
Company.
-Organized in May 1929 in Delaware. Of the capital stock, sales for 1929 will be greatly increased over the year 1928 which showed
50,000 shares will be transferred to the Axelson Machine Co. in exchange $180,000,000. This carries with it a proportionate increase in net income.
the announcement states and earnings per share on the 'total stock estifor land, buildings, machinery, equipment, planes, engines, designs,
contracts, engineering data, blueprints, tracings, metallurgical data, patents, mated to be outstanding at the close of 1929 should show an increase
all rights for the manufacture and sale of Axelson airplane engines, and over that of more recent years, bettering the average of the peat five years.
The additional companies now contracted for operate in 13 States and in
other assets representing actual expenditure,in excess of $300,000.
The Axelson Machine Co. former manufacturers of Axelson airplane Canada. They are engaged in the manufacture and sale of ice cream.
engines, has for 37 years been engaged in the business of manufacturing cheese, dried milk, butter and milk sugar and the distribution of milk.
metal products,such as heavy-duty precision engine lathes, gauges,finished cream and eggs. In announcing that contracts had been entered into for
oil well pumps and other products requiring a thorough knowledge of the the purchase of these companies Mr. Milburn stated:
All companies acquired or to be acquired in 1929 are in the interest
most advanced methods of metal analyses, heat
-treatment, precision
measurements and testing. The facilities and experience thus acquired of an improvement of existing business; the entrance into important new
are vitally important factors in the development and manufacture of a territory having marked potentialities; or a further product diversification,
all within the dairy industry. In addition, these acquisitions have
successful airplane engine.
brought
The Axelson airplane engine is an accepted Government-certified engine, or will bring much added strength to the Borden organization because of
carrying Department of Commerce. Bureau of Aeronautics approved type the fact that men of character and ability, who have successfully developed
their individual businesses, are to continue with them as part
Certificate No. 16. It is capable of developing 150 h.p. at 1.800 revolutions
of this orper minute at sea level. Conforming with well established, engineering ganization.
The various companies that operated as Borden
principles, it is of the seven-cylinder, radial, air-cooled type.
a marked improvement in 1929, their 1928 resultsunits in 1928 are showing
having in turn exceeded
Purpose.
-Proceeds from this issue will be used for the construction and
operation of the new plant to provide increased production facilities and those of the previous year, at which time they were not operating as Borden
units. Companies beginning their operations
for working capital.
fully measuring up to the expectations of the as Borden units in 1929 are
Estimated Earnings.
management at the time o
-After a survey of the demand for Axelson airplane
engines and based on orders already on hand the management is thoroughly acquisition. What might be termed the old business of the company is
likewise satisfactory.
satisfied that the earnings for common stock will be substantial.
With all of the foregoing in mind, there seems at this
Management.
time to be jus-Officers and directors include: J. C. Axelson, C. F. tification for saying that
barring unforeseen developments, the year 1929
Axelson, D. F. Axelson, E. E. Kerfoot, A. G. Haglund, R. M.
Clyde Ellwood, F. A. Worthey, Guy Wittre, W. G. Kollock, and Pease, will show a large increase in sales, with a proportionate increase in net inFrank come derived therefrom, and that earnings
Mergenthaler.
per share
mated to be outstanding at the close of 1929 should, on total stock estiListing.
-Application will be made in due course to list these shares on the of its issuance, show
the date
an increase over that of more irrespective ofresulting
Los Angeles Curb Exchange.
recent years,
in a bettering of the five year average.
The companies being acquired by the Borden Co.
with their subsidiaries.
Baltimore Parcel Post Station (Postal Service Bldg. number 52. They are as follows:
Hendier Creamery Co. Inc. and subsidiarim Baltimore; The Cassein Co. of America
Corp.)
-Listing.
in the United States, Canada and Europe; S. and subsidiaries, operating
The Baltimore Stock Exchange has authorized the listing of
Caulfield & StIonS, Ltd. and
leasehold mortgage (closed) 5 % sinking fund gold bonds. See$650,000 Caulfield's Dairy, Ltd. of Toronto; Borgens Dairy Co., Irving Park Dairy
offering Co., Logan Square Dairy Co., Des Plaines
in V. 128, p. 1909.
Dairy Co., Arlington Heights
Dairy Co.. Reacher Dairy Co., Central Dairy
Products Corp. and subThe Avail'
Bankers Bond & Mortgage Guaranty Co. of America. sidiaries, Chicago;in Troy. Dairy Co., Akron, Ohio; Trojan Ice Cream
Corp., operating
Glens Falls, Saratoga Springs and Hudson.
N. Y.: Hosier Ice Cream Co. Inc., Albany; Plainfield
-Initial Divdidend.Milk & Cream CO.,
Plainfield. N.J.; Mutual Dairy Association, LOX Angeles: Peerless Creamery
The directors have declared an initial quarterly dividend of 25c.
Co., Los
on the outstanding 374,753 shares of capital stock, payable Aug. to a share Oakland.Angeles; Standard Creameries Inc. and subsidiaries, operating in
holders
1
Sacramento, Fresno, Stockton, Santa Barbara, Taft, Hayward
of record July 20.
Charles F. Noyes has been elected a director to fill a vacancy on the and Turlock. Calif.; Maricopa Creamery Co., Phoenix, Ariz.; GallowayWest Co., Fond-du-Lac, Wis.; Central
board.
-V. 128. p. 4159.
Distributors, Inc.
New York and Boston; The Amos Bird Co., Shanghai, and subsidiaries.
China; The Fox
River Butter Co. Inc., New York; Hanford
Bates Mfg. Co.
-To Form Stock Trust Agreement.
Produce Co., Sioux City, Iowa;
Norfolk Poultry Co., Norfolk, Neb.; Mistletoe Creameries Inc.
The directors are soliciting the deposit of stock of this company under
and suba sidiaries. Forth Worth. Tex.; Kirschbraun & Sons Inc., Omaha, Neb.;
trust agreement, the purpose of which Is to secure not less
Willow Springs
share for all stockholders if other interests acquire control. than $200 per Inc., Newark, Creamery Co.. Springfield, Mo.; M. Augenbllck & Bro.
N. J.: The Red Wing Corporation Co., Dayton, Ohio;
It is understood that the New England Public Service Co.(Insull)interests Castanea
are seeking to buy Bates Manufacturing Co. shares, and that they already Ohio,and Dairy Co.. Trenton, N. J.; The Monroe Cheese Co., Van Wert.
Hasselbeck Cheese Co., Buffalo, N. J.
-V.128. p. 4325.




JULY 13 1929.]

FINANCIAL CHRONICLE

285

days' notice at any time after July 1 1931. at $27.50 per share and diva.
-Acquisition.
Borden's Farm Products Co., Inc.
Of the unissued common shares 20.000 are being reserved for future corThe Plainfield (N. .1.) Milk & Cream Co. has been purchased by the porate purposes, and stock purchase options, exercisable at $10 a share at
above corporation, it was announced on July 6. The deal includes the any time prior to May 1 1934 will be outstanding on 50,000 shares.
business of the creameries at Whitehouse and Hampton and all equipment.
Authorized. To Be Issued
CapitalizationThe consideration is said to exceed $500,000.
80,000 shs. 40,000 shs.
6% cum.cony. pref.stock ($25 par)
A new company has been formed to be known as the Plainfield Milk & No par value common stock
160,000 shs. 50,000 shs.
Cream Co., Inc., to handle the Borden interests in Plainfield, with Howard
Transfer agents, The Royal Trust Co., Montreal. Registrar, Montreal
-V. 123. p. 2659.
Marchant as President and Manager.
Trust Co.. Montreal. Depositary, The Royal Bank of Canada. Auditors,
Peat, Marwick. Mitchell & Co.
-Earnings.
Borg-Warner Corp.(& Subs.).
-Corporation has been incorp. under the laws of
Business and Purpose.
Earnings for 5 Months Ending May 311929.
the Dominion of Canada to carry on the business of an investment trust of
Net oper. profit after deduct,offactory adminis.& selling exp.__ $4,770,090 the type developed in Great Britain.
292,606
sell and
Other earnings-Interest,discounts,rentals, &c
Subject to certain restrictions, corporation may acquire, hold,railroad,
investment securities including public utility,
underwrite
$5,062,696 Industrial. sound
Total earnings
municipal, government and miscellaneous securities both
546,079 domestic and foreign. Its principal sources of revenue will be interest and
Depreciation-Plant & equipment
62.089
Interest-financing charges
from security holdings and capital profits resulting from
542.975 dividends received of securities purchased at lower prices.
Federal income tax
the opportune sale
-Morris Investment Management, Ltd.. has agreed to
Management.
$3.911,552
NetIncome for period
the ordinary
$5.12 act as fiscal manager for the corporation, and to assume of 1% of the
Earns, per share on common stock after pref. diva
expenses incidental thereto in return for a semi-annual fee of M
Consolidated Balance Sheet May 311929.
the corporation. This service will be subject to the
average total resources of
MaMiffiesAssets
control and supervision of the board of directors of Canadamerica Invest$3,146,232 Accts.& notes pay.& accrued
Cash
ment Corp., Ltd., and will be further subject to cancellation by vote of
83,721,825 two-thirds of the outstanding common shares.
expenses
Call loans & marketable sec.. 3,012,978
Customers accts & notes rec. 5,155,864 Provision for Federal inc. tax 1,244,263
No directors' fees will be paid in any year in which the gross income of
563,232 Bonds outstanding (oblig. of
Other accts. & notes receiv._
the corporation does not exceed an amount equivalent to 8% on the average
1,949,000 paid-in capital.
subs, recently acquired)
Material supplies & products
3,500,000
6,214,452 Preferred stock
finished & in process
Directors will include P. P. Barrett, Leslie H. Boyd, K. C. Lewis Brims7,440,679 combo, C.A., Montreal, L. W. Hicks, Winnipeg, D. M. Johnson, B.G.L.
198,923 Common stock
Prepaid expenses
.
18,087,173 (Oxon), Royden M. Morris, B.Com. B. 11.. Sandwell, F.R.8.0
Investments-miscellaneous. 2,542,145 Surplus
13,267
14,658,364 Minority interest in subsid
-F. H. Bole, Winnipeg, Harry B. Dawson, Victoria,
Advisory Board.
Property, plant & equip
464,018
Patents, less amortization_ _ _
B. C. Eberhard Faber. New York, Ben Franklin Meyer, Chicago.
-The directors and their associates have purchased a
&gift Investment.
835,956,208 substantial block of the no par value common stock at $8 per share in cash
Total
835,956,208
Total
for their own account. No stock has been sold except for cash.
x After depreciation of $5,887.742.-V. 128, p. 4325.
-At least 10% of the net earnings availReserve for Preferred Dividends.
-Passes Profit Sharing Div. able for the payment of dividends on common stock shall be set aside
Bourne Mills, Fall River.
proThe directors have voted to pass the semi-annual profit-sharing distribu- annually as a reserve for the payment of preferred dividends. This four
tion. This is only the second time in the company's history that this dis- vision shall apply until such time as the reserve shall be equivalent to at
tribution has been omitted. The dividend on the stock was passed last full years dividend requirements on the preferred stock outstanding
that time.
-V. 127, p. 2687.
autumn.
-Application will be made in due course to list the preferred and
Listing.
common shares of this corporation on the Montreal Stock Exchange.
--Listing.
Corp.
Briggs & Stratton
The New York Stock Exchange has authorized the listing of 300,000
-Control.
Casein Co. of America.
shares of capital stock (no par value) with authority to add to the list
-V. 128, p. 3517.
temporary certificates for 60,000 additional shares upon official notice
See Borden Co. above.
of issuance thereof upon the exercise of irrevocable and assignable options
-Bonds Offered.
granted by the corporation to S. F. Briggs and 0. L. Coughlin.
Canadian International Paper Co.
By agreement dated May 20 1929, the corporation granted to each of
New York, Harris,
Messrs. Briggs and Coughlin irrevocable assignable options to purchase at Chase Securities Corp. Bankers Co. of
any time and from time to time on or before Dec. 31 1934, all or any part Forbes & Co., Lee, Iiigginson & Co., Bancamenca-Blair
of 30,000 shares in the aggregate of the capital stock (or a total to both of
& Co., Inc., Old Colony Corp., Otis
them of such options for 60,000 shares of such capital stock) at the price Corp., Halsey, Stuart
of $34.50 per share, subject to the terms and conditions specified in said & Co., and The First National Corp. of Boston are offering
agreement (including provision for protection against dilution of the stock at 95 and interest to yield 6.45%, $25,000,000 1st mtge.
purchase privilege) and agreed to issue warrants in bearer form to represent
gold bonds, 6% series, due 1949. In advance of this offer-V. 129. P. 132.
such options.

--Listing.
Bristol-Myers Co.

The New York Stock Exchange has authorized the listing of 202.410
shares common stock (no par value) with authority to add 38,590 additional shares upon official notice of issuance thereof upon the exercise
of assignable options, maldng a total of 241,000 shares applied for.
Tbe company granted assignable options for three years. ended May 21
1931, for an aggregate of 41,000 shares of its common stock. $50 per share,
to interests identified with the company, including bankers, the directors
and management, of which options for 2,410 shares has been exercised.
Balance Sheet as at December 311928.
[Adjusted to give effect to the consolidation of the accounts of BristolMyers Co. and its wholly owned subsidiary, the Frederick F. Ingram Co.
in accordance with the contemplated action of the board of directors.]
Liabilities
Assets
$109,449
Cash
$944,448 Accounts payable
542.732 Reserve for Fed. & State
Marketable securities_ _ _ _
221,731
taxes
Accrued Interest
7,585
a1,011,050
Accts. & notes receivable- 326,009 Capital stock
935,448
824.698 Earned surplus
Inventories
141,894 Paid in & other surplus_ _ _ 1,701,101
Deferred charges
1,000
Investment in subsid. co_ Fixed assets
' 1,190,412
Good-will and trade marks
1

ing $10,000,000 of the issue has been taken for investment
by interests which are large stockholders of International
Paper & Power Co.

Dated July 1 1929: due July 1 1949. Int. payable J. & J. 1, in New
York and Boston in United States-gold coin and in Montreal and Toronto
In Canadian gold coin. Red. in whole or in part on first day of any month
dtreacisunnt
July 193 thereafter at
notice at
upon at Iota ?
less
and thereafter
trnjt1 nom. c* $1,000, $5,080 and $10,000 and authorized
eeeding Year.
multiples. The Royal Trust Co., Montreal, trustee.
-Company agrees to pay interest without deduction for
Tax Provisions.
any United States income tax not in excess of 2%, which It may lawfully
source. Penn. and Conn. personal property taxes up to 4 mills
pay at the
and Mass, income tax up to 6% refundable on timely and appropriate
request.
Data from Letter of President A. R. Graustein, July 10 1929.
-Organized in Quebec in 1916. Is one of the largest producers
Company.
In the world both of newspaper and of bleached sulphite pulp. Its output
of newsprint is sold for the most part under long term contracts throughout the United States and substantial amounts are also exported to Europe
and to Central and South America. The bleached sulphite produced is
of exceptionally high quality and the major portion is sold for use as raw
in the manufacture of rayon.
Total
Total
$3,978,779 material
$3,978,779
-Company's properties include the Three Rivers and GatiProperties.
a Represented by 202,210 shares issued and outstanding at a stated value neau newsprint mills, the Kipawa bleached sulphite mill (all located in
of $5 per share. There were also outstanding assignable options good until the Province of Quebec) and the bleached sulphite mill at Havrkesbury•
May 21 1931, at $50 per share for a total of 38,790 shares of authorized Ont. All the properties are well located as to convenient transportation
-V. 128, p. 3355.
but unissued common stock.
facilities, power supply and low cost pulpwood. Company's extensive
pulpwood timber limits in Quebec are believed adeholdings
Brockway Motor Truck Corp.
- quate to of Crown low cost for the requirements of the present mills in
-Merger Negotiations.
provide at
Asked concerning reports that the merger of this corporation and the perpetuity. The total area of these timber limits is more than 11.247,000
Autocar Co. would involve the splitting of the Autocar stock three-for-one acres, or greater than the combined area of Mass., Conn., It. I. and Long
and exchanging share for share for Brockway, Martin A. O'Mara, Presi- Island.
dent of the Brockway corporation, said: "Negotiations between Brockway • The 4 mills of the company have a daily capacity of over 1,300 tons of
and Autocar are still pending but no definite plan for bringing the two newsprint and 420 tons of bleached sulphite pulp (now being enlarged to
companies together has yet been agreed upon. There have been numerous 470 tons to meet the increasing demand from manufacturers of rayon) and
pia* suggested involving an exchange of stock but nothing definite has are among the largest and lowest cost producers in existence.
-V, 128, p. 4.325.
been decided."
The Three Rivers newsprint mill, completed in 1926, has a daily capacity
of over 700 tons, making it the largest single paper mill in the world. It is
Bulova Watch Co., Inc.
-Record Sales.
located at the confluence of the St. Maurice and St. Lawrence Rivers about
According to preliminary estimates,sales for the first halfof 1929 willshow 80 miles from Montreal and is accessible to large ocean going steamships
approximately a 40% increase. Operations during the first half of the which dock at the mill's own wharf,over a quarter mile in length. The timber
year were conducted at plant capacity, and the company recently was supply available for this mill consists of 2.618,000 acres, principally Crown
forced to increase to the extent of more than one-third the capacity of the limits. In addition to its advantageous location as regards wood supply,
Province (It. I.) plant.
the docking facilities at the mill provide an economical shipping point for
Three plants are employed one at Bienne, Switzerland, which is owned the substantial quantity of newsprint which the company exports to
outright, one at Providence, It. I. and one in New York City, both held Europe and other foreign countries.
under lease. To take care of its Canadian business the company recently
The Gatineau newsprint mill, completed in Aug. 1927. is located on the
-V. 128,1' Ottawa River about five miles below the City of Ottawa. This mill was
organized a Canadian subsidiary with headquarters at Toronto.
p. 2813.
designed for a maximum daily capacity of 660 tons and is now averaging
newsprint a day. The paper machines in the mill will
Bunte Bros., Chicago.
-50c. Common Dividend-Sales.
- over 600atons ofof newsprint 256 inches wide and are among the widest
produce sheet
The directors have declared a dividend of 50 cents per share on the paper machines now in use. The pulpwood requirements of the mill are
common stock and the regular quarterly dividend of $1.75 per share on the supplied entirely from limits on the Gatineau River where an area of
pref. stock, both payable Aug. 1 to holders of record July 25. A dividend 4,573,000 acres of Crown limits is held by the company. Since this wood
of $1 per share was paid on the common stock on Feb. 1 last.
can be floated direct to the mill, the pulpwood costs are unusually low.
Business in the first six months of 1929 increased about $500,000 over th
The Kipawa bleached sulphite pulp mill at Temiskaming, Que.,completed
corresponding period last year. The management expects the last half o
in 1920. enlarged in 1925 and now being further enlarged, produces almost
1929 to show a substantial gain over the last six months of 1928.-V. 128 one-half of the entire world's supply of bleached sulphite pulp used in the
p. 1734.
manufacture of rayon. The present capacity of this mill is fully sold for this
year and the additional capacity being installed Is to meet the increasing
-Output.
Calumet & Arizona Mining Co.
u
h:irdlA
demand. The mill is so arranged that the process of manufacture is c
1928
1927
1929
1926
Output (lbs.)almost entirely by gravity thus eliminating to a large degree the power
10,519,040 11,477,020 9.268,400 10,802,120 which would be
January
contain'n
required for conveying and handling. The pulpwood supply
11,105,040 10,616.480 7,746.920 9,562,400
February
g
mill consists
11,776,600 10,671,620 12,303,000 11,301.560 for thisaa ou den f of an area of 3.367,000 acres of Crown limits This fact
March
pulpwood.
12,082,700 10,652,740 8,740,694 11,144,300 litlas to large degree e fineststraigh for the high quality of the product
April
nsible o
e
13,463,000 11.299.360 10,396.080 12.354.190 and the amountnresponsible material for rayon.
May
resulting demand for it as a raw
.972.740
9,939.380 11,294,640
June
The ilawkosbury bleached sulphite mill at Hawkesbury. Ont., on the
'
Note: Production includes that:of New Cornelia Copper Co. prior to con- Ottawa River with a daily capacity of 140 tons produces a uniformly high
-V. 128, D. 4326.
solidation.
Fade bleached sulphite pulp used principally by the manufacturers of the
better quality of
papers
papers.
- this mill is drawn book an areaand fine writing of CrownThe pulpwood for
-Stocks Offered.
Canadamerica Investment Corp.
of 688,000 acres
from
limits from which
Morris Investment Management, Ltd., Barrett & Wood, the wood is floated direct to the mill.
The company
of lumber mills and
Ltd., Montreal, and L. W. Hicks & Co., Winnipeg, are through a whollyalso owns and operates a number limits of a substantial
owned subsidiary controls timber
offering 40,000 shares cumulative convertible preferred stock area in Western Ontario.
shares no par value common stock in units of one ofSecurity.-Secured by a direct first mortgage (and hypothec, in the case
and 40,000
the Quebec properties) on the Three Rivers and Gatineau newsprint
mills and Kipawa sulphite pulp mill and (subject, with respect to portions
share of each at $33 per unit.
stock entitled to cumulative dividends of $1.50 per share per thereof, to $1,277,300 divisional liens) on the Hawkesbury sulphite pulp
Preferred
-M.cum.from Sept. 15 1929. Convertible into common mill, several saw mills, and on all the company's timber lands and Crown
annum payable Q.
stock at any time after July 1 1931 on a share for share basis. Red. on 80 timber limits in Quebec.




286

FINANCIAL CHRONICLE

Earnings.
-The earnings Of the company for the last three calendar years
are shown below:
1926.
1927.
1928.
Gross sales
$24,280,223 $29,836,625 $34,802,562
Net before int. & deprec
6,701,859 7,241,589 6,040,395
Depreciation
1,258,000
1,544,001
1626,700
Balance after depreciation
5,443,859 5,697,588 4,413,695
The above net earnings before depreciation averaged over $6,600,000 or
4.2 times the annual interest requirements on the company's entire mortage
debt including this issue, and after depreciation such earnings averaged
over $5,100,000 or over 3.2 times such annual interest requirements.
Earnings for 1929 are expected to be but little less than those for 1928,
increased operating efficiency offsetting in large part the decreased newsprint prices now prevailing. Further improvement in operating efficiency
is expected to increase earnings in subsequent years.
Purpose.
-Proceeds of this issue will be used to repay a portion of the
advances made to the company by International Paper Co. which has supplied substantially all of the funds expended by the company for the acquisition and development of the properties.
Sinking Fund.
-The trust deed will provide for a minimum semi-annual
sinking fund (payable in cash or bonds and commencing Jan. 1
1931)
sufficient to retire at least 2% each year of the greatest aggregate principal
amount of bonds outstanding at any time prior to the payment date. In
years when the company's net earnings before depreciation exceed a sum
equivalent to 8% of the book value of its fixed assets plus net working capital
(all as provided in the trust deed) these minimum sinking fund payments
will be increased by an amount equal to 25% of such excess.
General Balance Sheet April 30 1929 (After Present Financing).
Assets
LiabilUies & Genital
Total fixed assets
$72,005,088 Divisional mtge. due 1942._ $1,194,300
Cash
296,929 Purch. money mtge.°Mfg_ _
113,000
Accounts receivable
890,247 1st mtge. 68 (this issue)
25,000,000
Inventories
17,033,007
gold debs., due 1944 (preDue from sub. companies._ _ _ 1,391,958 0%
sently to be Issued)
15,000,000
Prepaid ins., taxes,&c
1.865.276 Unsecured non-int. notes_
90,000
Disc, on bonds & debs
4.000,000 Current liabilities
4,161,543
Reserves
4,147,650
Capital stock
10,000,000
Surplus
37,776,015
Total
897.482.508
Total
$97,482,508
* Includes contingent item of discount
-V. 128, p. 1911.

Caterpillar Tractor Co.
-Receives Larger Order.-

Vice-Pres. Parker Holt announces the shipment of
to the Amtorg Trading Co. in Russia to be used in the 1,300 No. 60 tractors
agricultural activities
of the Soviet government.
-V. 128, p. 2997.

(A. M.) Castle & Co.
-Earnings.
Period End. June 30- 1929-3 Mos.-1928. 1929-6 Mos.-1928.
Net profit after deprec..
Federal taxes,Scc _ _
8235,991
$190.534
$429,621
$325,754
Earns. per sh. on 120.000
she.com.stk.(par $10)
$1.96
$1.59
$2.71
$3.58
-V.129. p. 132.

Caulfield's Dairy, Ltd.
-Control.
-

See Borden Co. above.
-V. 128, p. 3356.

Celite Co.
-Bonds Called.
-

All of the outstanding 1st mtge. 6% serial gold bonds,
been called for payment Sept. 1 next at par and in,together series A. have
of 4i of 1% for each unexpired year or fraction of a yearwith a premium
to the date of
maturity, or to an amount not exceeding 103 and int.
Payment will be
made at the Security-First National Bank, trustee, Los
Angeles, Calif.
-V. 127. P. 3095
.

Central Dairy Products Corp.
-Control.
-

See Borden Co. above.
-V. 125, p 2941.

Central Distributors, Inc., N. Y. City.
-Control.
-

See Borden Co.above.
-V.127. p. 1680.

Chain Store Products Corp.
-Organize

This corporation, organized to supply merchandised.
for
have as its nucleus the Hump Hairpin Manufacturing Co.,chain stores, will
on July 7. The new corporation will have outstanding it was announced
60,000 shares of
preferred stock, which have already been listed
Exchange. and 262,000 shares of common stock. on the Chicago Stock
According to President Sol H. Goldberg the corporation
plans to acquire
from time to time manufacturing companies engaged
in the production of
popular-priced products distributed through chain stores.
The Hump Hairpin company sells to a number of
the leading chains,
including Woolworth, Kresge, McCrory, Kress,
Butler Bras., anti SchulteUnited.
Checker Cab Manufacturing Corp.

-Estimated Sales.
President Morris Markin.in a letter to the stockholders
In the past six months, business has expanded rapidly says:
and
being extended to all parts of the country. The estimate sales are now
made at the
beginning of the year for production of
by a substantial margin, and I expectcabs during 1929 will be exceeded
that the estimate for
year will have been sold and delivered by the end of September. the entire
Figures for the first six months'operation will not be
weeks. However, earnings, after all charges and taxescomplete for several
should be in excess
of$2.700.000.-V. 128,P.4009.
Chicago Daily News, Inc.
-Tenders.
-

Halsey, Stuart & Co., nc.. sinking fund agents, 201 S. La
Chicago,
will until fuly 19 receive bids for the sale to them Salle St.,
-year
69' s. f. gold debentures, due Jan 11936. to an amount sufficient of 10
to exhaust
$128.214 at a price not exceeding 1035 and int.-V. 127, p.
265.

Childs Co., New York.
-June

Period End. June 30- 1929-1 Mo.-1928,
1929-6 Mos.-1928.
Sales
$2.175,354 $2,040,751 $13.319,555 $13,164,425
Note -There were 114 units in operation in June 1929, as compared with
116 in June 1928.-V. 128, p. 3831.

City Ice & Fuel Co.
-Earnings.
Period End. May 31- 1929
-Month-1928.
1929-5 Mos.-1928.
Net profit after all chgs.,
except deprec. & taxes $759.479
$590,634 $1,802,953 $1,308,761
-V.128, p.4009.

Cluett, Peabody 8c Co., Inc.
-Changes in Personnel.
E. Harold Cluett,

[Vol.. 129.

Registrars-Chase National Bank, New York, and Baltimore Trust Co.,
Baltimore.
Convertible -Convertible share for share at any time into common stock
upon payment of $5 per share. Provisions will be made for the protection
of the conversion privilege in the event of the issue of additional
common stock either as stock dividends in excess of6% per annum shares of
or under
certain conditions at a price less than the conversion rate. If the $3 Class A
convertible stock, Series A,is called for redemption, the conversion privilege
may be exercised as above at any time up to and including the date set
for redemption.
Data from Letter of A. E. Duncan, Chairman of the Board.
Company and Business.
-Organized in Delaware in June 1912, is a pioneer
in the highly specialized form of commercial banking which facilitates the
distribution of various articles of merchandise sold on credit, through the
purchase of receivables created thereby. Its business is very widely diversified both as to the receivables purchased and as to the articles which are
financed largely on the installment payment plan, such as automobiles,
time and labor saving machinery, refrigerators, etc., and also as to the
many thousands of individual purchasers, most of whom owe
amounts. In addition to its headquarters in Baltimore, theonly moderate
company and
its subsidiaries maintain offices in 173 cities in the United States and Canada
with representatives in 271 other localities here and abroad. Through
Kernsley, Milbourn & Co., Ltd., a large export and foreign finance business
is conducted.
The company owns all of the common shares of Commercial Credit Corp.,
New York and. Montreal; Commercial Credit Trust, Chicago; Commercial
Credit Co., Inc., New Orleans; and 96.19% of the capital stock of Kemsley,
Millbourn & Co., Ltd.(export), New York. It also owns 10% of the
stock of, and operates on a fee basis, the Aviation Credit Corp., Newcapital
York,
an affiliation of the Curtiss-Wright and other aviation interests.
The company enjoys exclusive contracts with Many leading manufacturers through which it assists them in the distribution of their products
extending credit to their distributors and dealers. Among the productsby
so
financed are Chrysler, Dodge Bros., De Soto, Willys-Knight, Whippet.
Stearns-Knight, Peerless, and other motor vehicles; Crosley. Edison. and
PADA radios; Certain-teed Products; Oil-O-Matic, May and other burners:
Copeland and Seegar refrigerators; Cris-Craft and other speed boats; Diesel
engines, washing machines, store equipment, machinery, etc. Company
also does a large business with dealers in other lines.
Capitalization.Authorized. Outstanding.
Subsidiaries' preferred stocks, 8% (Par $25)
$3,000,000 $3.000.000
Minority interest in subs, common stock
14,046 shs.-no par)
159,317
6% 1st pref. stock (par $100)
12.000.000
8.000,000
7 prof. stock (par $25)
4.000,000
4.000.000
8% Class "B" pref. stock (par $25)
4,000,000
4.000,000
Class A cony. stock (par $50) cum. preference
-$3
Series A (this issue)
50,000,000 15,000,000
Common stock (no par)
shs. *3,000.000
* Including 34,232 shares reserved for the exercise of outstanding1,037,052
warrants
originally attached to the 6.ti % first preferred stock.
In addition, there will be outstanding collateral trust notes of $4.167,000.
6% due 1934: $4,339,500
% due
$1,932,700 short term; also
$8,_612,247 secured, and $77,985,500 1935; and short term notes.
unsecured
Purpose.
-Proceeds will be used in the first instance to retire a like
amount of short term bank loans, thereby effecting a saving of interest
thereon, and will later provide additional working capital and credit facilities
for expanding business of the Company.
Listing.
-Company has agreed to apply for the listing of this stock on
the New York Stock Exchange.
Earnings.
-A consolidated analysis, including
operating income
Jan 1 1925, to Dec. 31 1928, as certified by F. net LaFrentz & Co., from
W.
York, and with the company's figures for the 6 months ended June 30 New
(June estimated), including Kemsley, Millbourn & Co., Ltd., only for 1929
1929.
after Federal taxes are as follows:
Net Applic.
% Net "tic.
Gross
Net Inc.
All
to Aver. Corn, Stk.
per Ann.
Cal. Receivables after Int. Preferred
Pc, Sh. on Aver.
Year Purchased. and Taxes. Dividends. Amount. per Ann. Inc. Cap.
1925 $262,838,156 $3,202,668 $801,964 $2,400.704 $5.00
16.84%
1926 254,074,662 1.342.783 1,318.823
23,960
.04
4.51
1927 204.518,461 2.067,888 1,355,830
712,058
1.05
7.04
1928 205,883,745 4.132,391 1.359.590 2,772,801
4.01 • 13.62
•1929236782567 2,935,694
679.967 2.255,727
4.64
14.33
* 6 mos. ended June 30 (company figures) June estimated.
Consolidated Balance Sheet May 31 1929 (after this financing).
Assets
Liabilities
Cash & due from banks_ ___ $22,267,169 Collateral trust notes
28,506,500
Open accts., notes, accept.&
Unsec. short term gold notes 77,985,500
instal. lien obligations ___ 45,562,240 Coll. trust & secured notes 10,544,948
Motor lien retail time sales
Conting, liability on foreign
notes
98,172,257
drafts sold
22,333,940
Customer's liability on forSundry accts. payable
1,510,470
eign drafts
22,333,940 Accr. Fed. & other taxes_
555,534
Sundry accts. & notes rec._
1,013,722 Res. for Fed. tax
307,259
Repossessed cars
122,445 Res, for div. pref. & corn...
572.351
Sundry marketable stocks &
Conting. res
3,028,568
bonds
1,137,116 Dealers partici!). loss rm. __
3,237,982
Coml. cred. mgmt. company
340,646 Res. for possible losses
2,109,937
Aviation Credit Corp
500,000 Deferred int. & charges_ ___
5,370,401
Foreign agencies
146,780 Preferred stocks of subs._ _
3,000,000
Sinking fd, coll, trust notes
385,877 Min. int. in corn. stk. & sur.
Deferred charges
1,215,207
of Kemsley, Millb. & Co.
169,994
Furniture & fixtures
5 Preferred stocks
16,000,000
Class A cony. stock
15,000,000
Common stock & surplus
22,964,018
Total
5193,197,402
Total
$193,197,401
-V. 129. p. 133.

Consolidated Automatic Merchandising Corp.Tho corporation reports the installation of 431 machines during Juno for
a record month. Orders received for future delivery numbered 386 machines,
Including 308 units, 72 talking devices and 6 change makers. Loft, Inc..
candy manufacturers of Long Island City, N. Y., has
placed
for 50 units and 10 talking devices. Other orders of just mouth an order
the
included
Dreamland Circus. Coney Island, N. Y., for 50 units; Leighton Industries,
Los Angeles, Calif., 25 units and 25 talking devices; and Putnam Candy
Co., Cincinati, Ohio, for 25 units and 5 talking devices. Large installations
were made in June at Playland, Rye, N. Y., Pleasure Beach, Bridgeport.
Conn., and A. E. Fanroth, Coney Island, N. Y.
-V. 129, ro. 133.

Consolidated Factors Corp.
-New Name.
-

See Pelz-Greenstein Co., Inc., below.

former Vice-President and Treasurer, has been
Consolidated Film Industries, Inc.
-Earnings.
Chairman of the board. This office was abolished last February. elected
but was
Period End. June 30- 1929-3 Mos.-1928. 1929-6
recreated at the recent special meeting of the directors.
5105.-1928.
Net profit for deprec.,
F. G. Peabody. of Chicago, has been elected Vice-Pr
esident,
Fed. taxes, etc
C. R. Palmer, who was elected President of the company succeeding
$581,713
$350,032 $1,158,566
$701,376
its sub
sidiaries. R. Oakley Kennedy, a director, has been designatedand1st Vice- Earns, per sh. on comas
bined 300,000 no par
President, and W. C. Morgan, of New York, and if. P. Statzell,
of Philapref. abs. & 400,000 no
delphia, have been elected Vice-Presidents. E. C. Pfeffer, manager of the
par corn.she
Chicago salesrooms, was chosen a director of the company
$0.83
$0.50
$1.65
$1.00
to fill a vacancy. -V. 128, p. 4162.
V. 128. p. 879.

Commercial Credit Co.
-Stock Offered.
-Kidder, Peabody & Co., The Harris Forbes Corp., Hayden, Stone &
Hallgarten & Co., Robert Garrett & Sons, Spencer
Co.,
Trask & Co. and Dominick & Dominick are offering $15,000,000 $3 class "A" convertible stock, series "A" at par
($50) yielding 6%.
The $3 Class A convertible stock, Series A ($50 par) is preferred over the
common stock, both as to assets and dividends; Is entitled to cumulative
dividends from date of issue, when declared, at the rate of $3 per share per
annum, payable Q.
-M.: and is redeemable, all or part by lot on any div.
date on 30 days' notice, at $52.50 per share prior to Jan 1 1931, and at $55
per share thereafter, plus div. in all cases.
Transfer Agents-Central Hanover Bank & Trust Co., New York, and
Safe Deposit & Trust Co. of Baltimore.




Consolidated Laundries Corp.-Earning8.-

24 Weeks Ended June 15Gross gales
Cost of sales
Depreciation

1929.
1928.
$4,154.238 $4,147,110
3.430,723
3,515,629
276,554
254,302

Operating income
Other income

$446,961
36.614

$377.179
19,240

Total income
Interest charges
Estimated Federal income tax

$483,575
117,428
41.016

$396,419
120,229

Net income
Shares common stock outstanding (no par)
Earnings per share
-V. 128, p. 1736.

$325,131
398,726
$0.75

$276.190
396,903
$0.63

JULY 13 1929.]

FINANCIAL CHRONICLE

Consolidated Lead & Zinc Co.
-Earnings.
PeriodZinc sales
Lead sales

3 Mos. End.
Years End Dec. 31
Apr.2'29.
1928.
1927.
1926.
$320,694 $1,068,220 $1.268,129 $1,583,753
67,283
241,879
436,585
692.428

Total sales
Royalty

$387,977 $1,310,099 $1,704,715 $2,276,181
55,166
180,791
234,156
277.056

Net sales
Royalty income

$332,811 $1,129,308 $1,470,559 $1,999,125
22,965
55.401
142,152
112,489

Total income
Mining expenses
Milling expenses
General expenses
Inventory increase-Cr-

$355,776 $1,184,708 $1.583,048 $2,141.277
163,365
583.223
799,224
1,089,225
55,893
200,855
268,346
323,038
33,115
103,888
111,412
151,053
172
10,025
192
1,045

Operating profit
Dividend received
Sale of property

$103.575

$306,767
10,000

$579,006

47,649
$103,575

Leases abandoned
Interest (net)
Miscellaneous

$404,257

$316.767

6,784

10,786
3,599

Net profit before prov.
for deprec., depict. &
Fed,income taxes_-$96,791
Balance Sheet.
Assets
Capital assets
y$2,553,382
Cash
224,318
Liberty bonds depos. with
Okla. Indus. Commission_
10,000
Ore inventory
11,431
Warehouse inventory
15,598
Stock subscriptions
1,035
Accounts receivable
1,043
Service deposits
2,141
Unexpired insurance
8,659

62,601

$451,906
4.266
6.111
4,733

$641,607
45,427
7,457
6,286

287

In addition to its well known Paris store and three branches in France,
the French company maintains branches or selling agencies in the Argentine,
Australia, Belgium, Brazil, Canada, China, Cuba, Germany, Hungary,
Italy, Japan, South Africa, Spain, Turkey and other countries throughout
the world.
Coty (England) Ltd., was established in 1923 to handle all the business
done in the British Isles. Because of the increase in import duties, Coty,
Societate Anonima Romans was founded in 1927 to serve the Roumanian
and nearby markets. It has a complete factory for all kinds of perfumery.as
Cultures Florales Mediterraneenne has large areas in the South of France
and in Italy planted with Jasmine flowers and orange trees. These will all
be bearing in the near future and should furnish, at low cost, the essences
used in the business.
Societe Francaise des Parfums Rallet was formed in 1919 to manufacture
perfumes under the name of Ballet and for various other perfumers the
world over. Its factories are located at Cannes and Suresnes.
The American company, Coty, Inc., was formed in 1922 with a capitalization authorized and issued of 309,300 shares. In 1925 a public offering
of 50,000 shares at $37 was made by Lehman Brothers and Heidelbach.
Ickellieimer & Co. Since that time the capitalization has been increased
by a 6% stock dividend in March 1928, by a stock split on a four-to-one
basis in Nov. 1928, and by two stock dividends of l3% each in March
and May 1929.-V. 128, p. 3193.

-New Financial Organization
Credit Alliance Corp.
Formed.
-V. 129, p. 133.
See Exhibitors Reliance Corp. below.

$302.382
$436,797
April 2 1929.
Liabilities
Capital stock equity
Accounts payable
Accrued payroll
Accrued taxes
Royalty payable
Federal income tax

Total
$2,827,610
Total
x Represented by 250.000 no par .shares.
depletion of $1,404,216.-V. 128, p. 1404.

-Deposits.
Curtiss Aeroplane Export Corp.
$582,437

See Curtiss-Wright Corp. below-V. 128. P. 1987.

-Deposits.
Curtiss Aeroplane & Motor Co., Inc.

x$2,777,199
39,509
2,645
634
1,599
6,023

-V. 128, p. 4328.
See Curtiss-Wright Corp. below.

-Deposits.
Curtiss Airports Corp.
-V. 128, p. 4328.
See Curtiss-Wright Corp. below.

Curtiss-Caproni Corp.
-Deposits.
-

-V. 128, p. 4328.
See Curtiss-Wright Corp. below.

-Deposits.
Curtiss Flying Service, Inc.

-V. 128. p. 4328.
See Curtiss-Wright Corp. below.
$2,827,610
y After depreciation and

-Deposits.
Curtiss-Robertson Airplane Mfg. Co.
-V. 128, P. 4328.
See Curtiss-Wright Corp. below.

-Fraud in Air Stocks
Curtiss-Wright Aeronautical Co.
Consolidated Mining & Smelting Co. of Canada, Laid to 3 Brokers-Accused of Misleading Public With Shares
Ltd.
-Buys Road.
of a Curtiss-Wright Company.

The company has purchased the Canadian Northeastern Ry. from the
The stock fraud bureau of the Attorney General's office revealed July 8
Vancouver Holdings, Ltd. The deal, which has been pending for some says the New York "Times," that three brokers anticipated the $70,000,000
weeks, was finally concluded, when the new oivners held a meeting last merger of the Curtiss and Wright aviation enterprises six months before it
week and elected the following directors: James J. Warren,Boland C.Crowe, came into existence on June 26 and spent the intervening time collecting $30
Selwyn G. Blaylock, Thomas W. Bingay and William Munro Archibald. a share for stock in a Curtiss-Wright Aeronautical Co., which turned out
About two years ago Vancouver Holdings, Ltd., of which H. H.Stevens, to have nothing to do with the merger. An order restraining them temmember in the Federal House for Vancouver Centre, is president, purchased porarily from doing any more of this business was issued under the Martin
the title of Sir Donald Mann, in the Canadian Northeastern Ry. These act by Supreme Court Justice John S. Johnson in Brooklyn, upon the
interests consisted of all the outstanding bonds of the railway, about $500,- affidavit of Francis J. Quillinan, Deputy Assistant Attorney General,
000 worth, and all the stock issued, with the exception of a few shares naming the brokers as H. D. Strahman, William Walsh and Cyrus Brin.
held by individuals.
-V. 128, p. 4162.
According to the affidavit, the Curtiss-Wright Aeronautical Co., in which
assets except its name,
Continental Insurance Co.
-To Acquire Joint Ownership these brokers sold stock has little or no apparent1928, because one of the
under which it was allowed to incorporate late in
of Two More Companies.- •
organizers was a mechanic named Curtiss Wright.
An investigation showed that the stock was optioned by the Curtiss- •
See Fidelity-Phenix Fire Insurance Co. below.
-V. 128, P. 4162.
Wright Aeronautical Co. to Brin at 66 cents a share and he in turn reopContinental Oil Co.(Del.)
'
-Stock Subscription Warrants. tioned it to Strahman at $1.25 a share and that it was sold for $25.50 to
Pursuant to Article Third, Section 3 of the trust agreement dated
$30 to the public.
1921, between Marland Oil Co. and Guaranty Trust Co. of New April 1
York,
trustee, and pursuant to the provisions of the stock subscription warrants
-Committee Calls for Deposit of
Curtiss-Wright Corp.
attached to the 10
-year 8% sinking fund participating gold bonds issued
under said trust agreement, the Continental Oil Co. (formerly Marland Stock of Eleven Aeroplane Companies in Connection with
Oil Co.) has given notice to the holders of stock subscription warrants that Curtiss-Wright Corp. Consolidation-Deposits Asked for Prior
such holders will have the right until the close of business on Aug. 31 1929,
to subscribe for and purchase at $30 per share the number of shares of to Aug. 15 1929.common stock of the new Continental Oil Co.. which such holders may =onnection with the proposed consolidation of 11 prominent aeroplane
subscribe for and purchase in accordance with the terms of their warrant manufacturing, flying and servicing organizations into the Curtiss-Wright
or warrants. The corporate name of Marland Oil Co. having been changed Corp., which, it is stated, will be the largest organization of its kind in the
to Continental Oil Co., the right, expressed in said subscription warrants, world, the committee representing the larger stockholders of these various
to subscribe for and purchase shares of common stock of Marland Oil Co. organizations, issued a call July 12 requesting that the stocks of the various
Is now a right to subscribe for and purchase the same number of shares of companies to be included in the merger be deposited with the various
common stock of Continental Oil Co.
depositaries on or before Aug. 15 1929.
After Aug. 31 1929, and until April 1 1931, holders of such subscription
With the publication of the deposit agreement it was further announced
warrants will have the right to subscribe for and purchase at $40 per share. that Hayden, Stone & Co. Bancamerica-Blair Corp., James C. Willson &
the number of shares of common stock of Continental Oil Co. which such Co., Dominick & Dominick, G. M.
-P. Murphy & Co., Hemphill, Noyes
holders may subscribe for and purchase in accordance with the terms of & Co., and Jackson & Curtis, and other holders of large stock interests in
their warrant or warrants.
-V. 129, p. 133.
the various companies have already indicatedtheir approval of the plan
and the stock, which they either own or control, will be deposited for
Continental Oil Co.(Me.).
-Exchange of Shares.
exchange for the shares of the new Curtiss-Wright Corp.
The stockholders have been requested to forward certificates of either
The 11 companies to be included in the consolidation are:
capital stock of the voting trust immediately to the New York Trust Co., Curtiss-Robertson Airplane Mfg. Co.
Wright Areonautical Corp.
N. Y.City,for exchange for the new stock of the Continental Oil Co.(Del.). Curtiss Flying Service, Inc.
Keystone Aircraft Corp.
The Maine company had 3,822.093 shares outstanding and has received Curtiss Aeroplane
Export Corp.
Moth Aircraft Corp
2,317,266.35 shares a the Continental Oil Co. (Del.) for transferring its Curtiss Airports Corp.
N.Y.& Suburban Air Lines,Inc.
assets to that company. Each stockholder of the Maine Company will
New York Air Terminals, Inc.
therefore receive for each share held 2,317,266 / 3,822,093 of a share of stock Curtiss-Caproni Corp.
The Bankers Trust Co. of New York has been designated as depositary
of the Delaware company. No fractional shares will be Issued but will be
settled at the rate of $35 per share, which is slightly above the closing price to represent the committee which has been organized for the purpose of
carrying out the proposed consolidation. The sub-depositaries are the
of Continental Oil Co. (Del.) stock on July 1 1929.-V. 128, p. 4327.
St. Louis Union Trust Co., Girard Trust Co. in Philadelphia, Bank of
either Los Angeles or
Coty, Inc.
-Closer Affiliation with Foreign Coty Com- Italy National Trust & Savings Association in Trust Co. of Buffalo, San
Francisco, Louisville Trust Co. the Marine
the
panies Sought.
Peoples Trust & Savings Bank of Chicago, the First National Bank of
'
Plans for a closer affiliation between this company, and the various Coty Boston, Canal Bank & Trust Co. of New Orleans and Guardian Trust Co.
companies in Europe have been announced. Details of the transaction of Detroit.
The personnel of the committee which has been appointed to effect this
have been consummated abroad by B. E. Levy, Chairman of the Board of
the American company, who for several years has been an executive officer huge combination of prominent airplane manufacturing and servicing
of the several European companies. It is understood that Coty, Inc. will companies, all of whom have been long identified with the development
and financing of aviation, is as follows: Richard F. Hoyt, Chairman,
obtain substantial stock interests in all the foreign Coty companies,
creating the largest international perfumery and cosmetic business inthus J. Cheever Cowdin, Charles Hayden, C. M. Keys, Charles L. Lawrance.
the Grayson M.
-P. Murphy, Stuart R. Reed, B. A. Tompkins and J. C.
world.
The stockholders of Coty, Inc. (American company) will be asked to Willson. Cuthell, Hotchkiss & Mills are Counsel for the Committee of
approve these plans at a meeting shortly to be called. It is expected that which B. W. Jones, Vice-Pres. of Bankers Trust Co. is Secretary and E. E.
part of the financing will be arranged through an offer to
American Coty Beach is Assistant Secretary.
Curtiss-Wright Corp. is to be organized in Delaware. It shall have an
stockholders of the opportunity to subscribe for additional shares of Coty,
authorized capital stock consisting of 12,000,000 shares of no par value, of
Inc. on favorable terms.
The companies in which Coty, Inc. is obtaining an important interest are which 2,000,000 shares will be class A stock entitled to a non-cumulative
Coty, Societe AnonYme (French company); Coty (England) Ltd.: Coty, preferential payment of not to exceed $2 per share annually, and 10,000,000
Societate Anonima Romana (Roumanian company); Societe Francaise shares will be common stock.
The class A stock and the common stock shall have equal voting rights.
des I'arfums Bailey, and Cultures Florales Mediterraneenne Societe
Anonyme. "This association of interests should bring about a much closer one vote for each share.
Class A stock shall be callable at any time by the corporation, at $40
managerial co-ordination," Mr. Levy said. "By the introduction of American merchandising methods, where these are desirable, important economies per share. Class A stock may be exchanged flat at any time,share for share.
be derived, and an increased volume of business be developed, to for common stock and in case of liquidation or a distribution of assets, the
should
holder of each share of the class A stock and the holder of each share of the
the benefit of the individual units and the associated group.
"In order to maintain local interest in the original French company common stock shall share equally.
The plan calls for an exchange of stock of the above named companies for
it is planned that as soon as possible an important block of shares of Coty,
S. A.(the French operating company) will be offered for sale to the French stock of Curtiss-Wright Corp. upon the following basis:
and will be listed on the aria Bourse. This course may be followed
public
No. Shares New Holding Company
Stock for Each Share Old Co. Stk.
in other cases as different units grow in sufficient importance to be interesting for public ownership.
A Stock.
Common Stock.
plan to make possible customer ownership in foreign Curtiss Aeroplane & Motor Co.. Inc
"In addition to this
1 share
4 M shares
units, it may be stated that a large amount of stock of Coty, Inc. is at Curtiss Airports Corp
5-12 share
owned by foreign interests. Important executives of the various Curtiss Flying Service, Inc
resent
5-6 share
1 3-10 abs
inks will retain substantial holdings in Coty, Inc. and the several foreign Curtiss Aeroplane Export Corp
companies, thereby insuring their interest not only in their individual unite. Curtiss-Caproni Corp
5-12 shs.
business.
Curtiss-Robertson Airplane Mfg. Co._a
2 shares
but in the world-wide continue asPresident."
Wright Aeronautical Corp._b
"Francois Coty will
334" shares
,
1 share
Keystone Aircraft Corp
Societe Anonyme (the French company,founded in
I share
."4 share
beCoty,
the largest perfumery business in Europe. It is practically1904, is said to Moth Aircraft Corp..unit_c
1 share
self-sufficient,
2-5 share
manufacturing in its seven factories near or in Paris not only perfumes and New York & Suburban Air Lines, Inc
dara but else glass bottles, metal containers, cardboard and leather New York Air Terminals, Inc
1 share
g:....1"es as
as the gold leaf for decorating them. One of the glass factories
a The right of exchange under the plan belongs only to holders of common
occupies over two acres of ground. A complete printing plant turns out stock of Curtiss-Robertson Airplane Mfg. Co. b If the plan is declared
effective, the holders of stock of Wright Aeronautical Corp. who:become
labels.

f




288

FINANCIAL CHRONICLE

[VOL. 129.

parties to the plan, or their successors and assigns, will then be entitled upon per share, $625,000 was contributed to surplus and additional powers
exchanging their certificates of deposit for stock of Curtiss-Wright Corp. granted so that the company now underwrites burglary, plate glass, autoto an option warrant entitling each such stockh,older, for a period of 3 years mobile and other liability, property damage, collision, and executes all
from the date when the plan is declared effective, to purchase one share of forms of fidelity and surety bonds.
the common stock of Curtiss-Wright Corp. at $30 a share for every 2 shares
The growth of the company is shown by the following figures:
of stock of Wright Aeronautical Corp. formerly held by such stockholder.
Admitted
Net Premiums
Capital
c The unit referred to consists of one share of class A stock and a half share
Reserves.
Assets.
Dec. 31Written.
& Surplus.
of class B stock of the Moth Aircraft Corp.. and the offer relates to the unit
$386,902
$2,772
$380.812
as such and no rights are granted to holders of class A or class B stock, as 1924
553,670
1925
89,784
$481,619
452,358
such.
-V. 129, p. 134.
893,265
1926
403,549
851,732
450,565
1,993,896
1927
1,070,089
1,667,607
905,726
Davega, Inc. New York.
-Sales.4,418,623
1928
1,894.670
3,302746
2463 601
1929
Increase.
-June
Increased 1929-6 Mos.-1928.
-1928.
Earnings.
earnings
Dec. 31 1928 amounted
$498,252
$885,523 $240,914. -The earnings,for the year endedinclude the appreciation to
$324,203
$174,049 1$2,434,332 $1.548.809
in
These
however, do not
-V.128, o. 4010.
the market value of securities amounting to $312,887 over and above the
book value as of Dec. 31 1928. The combined gain from underwriting
Detroit Aircraft Corp.
-Acquires Control of Lockheed and investments, together with this appreciation in the market value of
Aircraft Co.
-See latter company below.
-V.128, p. 4162.
Investments, was $553,801.
The aforementioned was earned after deducting approximately $150,000
Devoe & Raynolds, Inc.
-Merger Denied.
as compensation for special services paid under a management contract
President E. S. Phillips states that the company is not considering a which was cancelled as of Nov. 30 1928, so that after that date such compossible merger with the Sherwin-Williams Co., as reported in some papers. pensation was eliminated and the earnings of the company correspondingly'
Mr. Phillips issued the following statement: "The recent newspaper increased.
articles announcing the election of W. R. Burwell,President of Continental
Taking the above items into account, the company showed an earning
Shares, Inc., an investment trust sponsored by Otis & Co., to the board of power at the rate of $7.04 per annum on the total 100,000 shares outstanddirectors of Devoe & Reynolds, Inc., have also indicated that this action ing at the end of 1928, or $9.08 per share on the average number (77,500)
was just a step in the consolidation of the Sherwin-Williams Co., and the of shares outstanding during the year.
Devoe & Reynolds Co.
Dividends.
-Company is now paying dividends at the rate of $2 annually
"In fairness to all concerned I wish to emphatically state that the Devoe per share of capital stock.
"1'4
Operations.
-The following table shows the operations of the company
& Raynelds Co. is not considering a possible merger with the SherwinWilliams Co. and that Mr. Burwell was merely elected a director together for the first five months of 1929:
with four other men to represent the class "A" non voting common stock
April.
May.
March.
January. February.
of our company, which was recently given the right to elect one-third of Auto Liability
$76,704 $127,441
$77,886
pe board of directors. The control of the company vested in the class Liability other than $34,675 $ 38,448
"B" common stockholders, and the large majority of this stock is in the
25,564
auto
23,840
32,754
22,583
28,809
hands of the present management."
9,922
Fidelity
10.386
845
5,412
1,361
1926.
6 Mos. Ending May 311929.
Surety
1928
1927.
59,173
30,490
46,055
40,638
31,735
Net sales
$7,458,254 $6,885,561 $6,409,851 $5,533,507 Plate glass
7,087
8,011
1,996
2,670
5.698
4.854,805 Burglary and theft
5,781,244
Cost & expenses
6,861,545 6,203,457
8,956
7,838
3.182
3,037
2.497
Auto property damage 12,256
27,943
40,296
26.106
15.139
$678,702 Auto collision
Oper. profit
$596,709
$628,607
$682,104
4,722
2.377
1,371
1.243
1,907
56,016 Property damage and
Other income
118,599
53,858
47,567
collision other than
$734,718
Total income
$682,465
auto
$729,671
$715,308
1,025
249
520
111,162 Compulsory auto writ140.660
Disct., misc. adj. &c_ -123.114
196,092
197,851
184,119
199,428
198,303
ings
209,888
$623,556
Net prof. bef. Fed.tax $519,216
$541,805
$606,557
65.520
1st pref. dive
x63,374
62,261
59,017
$327,461 $329,651 $373,777 $401,421 $468,149
32,742 Same month 1928- -- 330,005 280,610
32,742
2nd. pref. diva
32.742
32.742
262,021
266,627
272,487
162,000
Com.dividends
-162,000
216,000
225,000
At the present time the premium writings are approximately $500,000 per
month, or at the rate of $6,000,000 annually. It is estimated that the net
$363,294 business written in 1929 will be at least 35,000,000 as compared with
$283,689
Surplus
$295,554
$202,457
Balance Sheet May 31.
$3,300,000 in 1928. Company is now operating in 24 States as compared
with 3 States in 1928.-V. 128, P• 4163.
1928.
1929.
Liabilities1928.
Assets1929.
Class Acorn. stkx$3,911,666 $3,911,666
Plant, equip., tke
Ex-Cell-0 Aircraft & Tool Corp.
-Stock Sold.
less deprec- ---$4,733,880 84,399,760 Class B corn. stk.y1,333,333 1,333.333
Investments ___ 117,080
97,441 1st pref. stock _ _ _ 1,646,200 1,716,100 Baker, Simonds & Co., Inc., have sold 40,000 shares
935,500
401,671 2d pref. stock _ _ 935,500
Cash
277,679
627,418 common stock (no par value) at $23.50 per share.
290,107 Accts. payable- - 562,628
Notes receivable_ 308,298
Transfer Agents. Detroit & Security Trust Co., Detroit, and Guaranty
Accts.receivable_ 4,232,514 3,945,836 Notes payable- 3,425,000 2,575,000
521,978 Trust Co., New York. Registrars, Fidelity Trust Co. and Detroit, Sea4,804,433 4,402,993 Accr. taxes dc exp. 657,610
Inventories
Deferred charges_ 1,174,105
913,966 Surplus
3,176,052 2,830,779 board Bank of the City of New York, New York.
Capitalization•
Authorized.
Outstanding.
Total
515,647,989 $14,451,774
Total
$15,847,989 $14,451,774 Common stock (no par)
*300,000 she.
200,000 abs.
* Of the 100,000 shares remaining unissued, 15,000 shares are under
x Represented by 110,000 shares of no par value. y Represented by
option to the management at $23.50 for three years from the date of this
40,000 shares of no par value.
-V.128, p. 4162.
offering, and 25,000 shares are reserved for management bonus, to be paid
•
to the management over the period of the management contract which is
Dome Mines, Ltd.
-Value of Production.
Month ofJune 1929. May 1929. April 1929. Mar. 1929. for five years. the amounts to be paid are in direct ratio to the earnings,
Output (value of)
$353,354
$361,767 thereby insuring against thinning out of the stockholders' equity.
$383,361
$409,512
Data from Letter of N. A. Woodworth, President of the Corporation.
-V. 128, p. 4328.
History c% Business -Corporation was incorporated
July
, Douglas Aircraft Co., Inc.
-No Merger Recommended.
- 1919, as the Ex-Cell-0 Tool 8c Manufacturing Co., butin Michigan inlarge
because of the
President Donald Douglas following the meeting of the board stated that increase in the aircraft parts business in the last few years to a point where
a resolution had been passed to the effect that the board did not care to over 60% of the total sales of the company are to the aviation industry,
recommend to the stockholders any consolidation at present.
the name was changed to the present one. There has been a total of
The board of directors was increased to 17 with the election of Richard D. $400000 of capital ]paid in during the period from 1919 to June 13 1929.
Millar, resident manager of Bancamerica-Blair Corp. J. H. Kindelberger, notincluding the funds to be received from this financing. With the
chief engineer of Douglas. was elected vice-president in charge of engi- exception of the above amounts, the company has grown to its present size
neering.
solely through the reinvestment of earnings.
The California State Corporation Department has permitted the comApproximately 60% of the company's output is for the aviation industry,
pany to issue 20,000 new no par capital shares, which will bring the total the list of users of Ex-Cell-0 Aircraft & Tool Corp. parts includes practically
outstanding stock to 345,000 shares out of 1,000.000 shares authorized. This every airplane motor manufacturer in the country. It is because of the
stock will be used for the most part to issue to employees under a time- rapid growth of the aircraft parts business, that an expansion in manupayment plan announced by President Douglas in his annual letter to facturing facilities Is planned.
stockholders. Employees are being offered this stock to interest them in
The manufacture of Diesel engine parts is as yet a comparatively small
the future prosperity of the company. The company now has 1,132 em- part of the total volume of business, however,the company numbers among
-V. 128, p. 1738.
ployees at the new plant.
Its customers, practically every important manufacturer of Diesel engines.
With the increasing use of the Diesel engine in the marine and aviation
(E. L.) du Pont de Nemours & Co.
-Listing.
industries, the manufacture of Diesel engine parts promises to become a
The New York Stock Exchange has authorized the listing of 10,713 major part of the business of Ex-Ce11-0 Aircraft & Tool Corporation. Over
additional shares of voting common stock (par $20) on official notice of 1,000 manufacturers in more than 40 different industries, in which high
Issuance and payment in full making the total amount applied far 10,322,481 precision work is required, use Ex-Cell-0 tools and parts.
Products.
-Company manufactures over 50 different parts for airplane
shares of common stock.
The issue of stock was authorized by the finance committee at their motors and planes. For the Diesel engine the principal parts manufactured
at their meeting on June 17, for the purpose of acquiring the minority are those in the fuel injection system. In addition, tools and machine
interests (22.500 shares, giving 100% ownership) in Lazote. Inc., which parts of all descriptions are sold to manufacturers requiring high speed
company heretofore has been controlled by E. I. duPont de Nemours & operation and precision. It is expected with the facilities to be provided
by this financing, that the company will manufacture several additional
Co.
-V.128, p. 4328.
parts for both airplane and Diesel motors.
-Plant located in Detroit, is of the latest design and fireproof
-Earnings.
Properties.
Eaton Axle & Spring Co.
construction, having approximately 49,000 square feet of floor space.
1929-6 Mos.-1928.
Period End. June 30- 1929-3 Mos.-1928.
Plans are already under way for the expansion of the plant to take care of
Prof. aft. deprec.& chgs.
$770.955 the rapidly increasing airplane parts business.
$455,634 $1,203,274
$670,249
but before Fed. taxes_
-Sales and profits of the company have shown a rapid
Sales dz. Earnings.
Sim. cap. stk. outstdg.
250,000 and consistent growth in the past few years, due in a large degree, to the
300,000
250.000
(no par)
300,000
$3.08 rapid expansion of the aviation industry. For the first five months of this
$4.00
$1.82
$2.22Earns per share
year. sales increased 273% over same five months in 1928.
-V. 128, p. 2470.
The net income of the company for the years ended Dec. 311928, 1927
-Extends its Chain.
and 1928, and for the five months ended June 1 1929, after all charges
Edison Brothers Stores, Inc.
President Harry Edison announces that leases have been closed and including management compensation, depreciation of plant and equipplans consummated for the opening of 11 new stores within the near future, ment, and Federal income tax at the present rate was as follows: 1926
which will give the system a total of 32 units in operation throughout the $20,479; 1927, $58,022; 1928, $154,679, and for five months ended June 1
country. The new stores will be located in Dallas, Beaumont, San Antonio, 1929, $208.859.
From preliminary figures for June operations, net earnings after all
Tulsa, Shreveport, Little Rock, Birmingham, Knoxville, Fort Worth and
charges and provision for Federal income tax for the first half of the year
two in Loulsvllie.-V. 129, p. 134.
- will be in excess of $265,000. signified their intention of placing this stock
Electric Shareholdings Corp.
-Initial Corn. Div., &c.
Dividends.
-Directors have
The directors have declared an initial quarterly dividend of 25 cents Pe on an annual dividend basis of $1 20. payable quarterly, (J. & 0.). The
.share in cash and 2% in stock on the common shares and the regular quar first quarterly dividend to be paid Oct. 1 to stockholders of record Sept.
terly dividend of 1-20th of a share of common stock (or $1.50 per sharein 15 1929.
-See also
cash) on the pref. all payable Sept. 1 to holders of record Aug. 5.
Purpose.
-To provide funds for the purchase of additional land, buildV 128, p. 3000
ings and equipment, which will enable the company to meet the increasing
demand for their products and provide facilities for the manufacture of new
Equitable Casualty & Surety Co.
-Stock Offered.
- products.
-Application wilrbe made to list this stock on the Detroit Stock
Mansfield & Co., New York, are offering at $60 per share
Listing.
25,000 shares of capital stock. This does not represent Exchange. Balance Sheet as at June 1 1929 (After Present Financing).
new financing on the part of the company.
Assets
LiabilttlesTransfer agent, Chase National Bank of City of New York. Registrar, Cash
$107,776
$343,708 Accts. pay. & accr. exp
Central Union Trust Co. of New York. Custodian of Securities, Chase Accts. rec., less reserve
28,500
173,543 Prov. for Federal tax 1929 __
National Bank of City of New York.
Raw materials, supplies, &e _
39,681
181,722 Land contracts payable
Capitalization
Authorized
Outstanding. Prep,exp., prop., plant,& eq.
18,248 Corn.stk.(200,000 ells. no par) 1,200,000
Capital stock ($10 par)
100,000 shit. 100.000 shs. Prop., plant & equity
426,580
1,085,263 Surplus
Goodwill & patents
1
Data from Letter of John-L. Mee, President of the Company.
-Company was incorporated under the name of Equitable
History.
Total
$1,802,544
$1,802,544
Total
Surety Co., Oct. 24 1924. under the insurance laws of the State of New York,
with a capital of $250,000 (par $100), surplus of $130,000, and was author- -V 129, 13• 135.
ized to transact fidelity and surety business. In 1926, the capital was
Exhibitors Reliance Corp.
-Organized.
-further increased to 3550,000, the name of the company changed to EquitaThe Electrical Research Products, Inc., a wholly owned subsidiary of
ble Casualty & Surety Co. and its powers increased so as to enable it to
liability and property damage insurance. In 1928, the the Western Electric Co., and the Credit Alliance Corp., announce jointly
write all forms of
capital was further increased to $1,000,000, the par value reduced to $10 the formation of the Exhibitors Reliance Corp., a financial organization




•

JULY 13 1929.1

FINANCIAL CHRONICLE

designed to meet the special needs of the motion 'Picture exhibitor desirous
of availing himself of the sound systems and allied equipment developed
by.Western Electric engineers.
pi, The Electrical Research Products, Inc., is responsible for leasing and
.
servicing of the Western Electric Sound Systems, basis of the present
Vitaphone and Movietone installations. The Credit Alliance Corp. is a
financial organization with assets of more than $40,000,000 and extensive
banking relations both domestic and foreign, which has specialized in the
financing of income producing equipment exclusively in many fields.
.The Exhibitors Reliance Corp. thus combines the technical and financial experience of its two parent companies and also having in its management men trained in the motion picture industry aims, according to its
officers, to provide a unique organization for constructive assistance to
the smallest as well as the largest theatres, permitting the former to acquire
quality sound equipment with financial aid from current income and reduction of burden of Initial capital required.
Among the directors of .Exhibitors Reliance Corp., are J. E. Oterson,
President of Electrical Research Products, Inc., Clarence Y. Palltz, President of Credit Alliance Corp.. and C. W. Bunn, General Sales Manager of
the Electrical Research Corp., and other executives of both of the parent
companies. In its management as Vice-President is A. G. Whyte.

Fairchild Aviation Corp.
-Organizes Canadian Co.
-

A group of Canadian business men, in co-operation with the Fairchild
Aviation Corp. of New York. has just completed the organization of Fairchild Aircraft, Ltd.. a company formed with an authorized capital of
$2,000,000 of 6% preference stock and 43,000 sham of common stock of no
par value, to manufacture airplanes in Montreal. Fairchild Aircraft, Ltd.,
already has acquired 265 acres of land at Longeull, near Montreal,and work
has been started there on the construction of a modern airport for both land
and seaplanes. The airport is bounded on one side by the St. Lawrence
River, making it possible for the land planes and seaplane bases to be placed
side by side. A factory for the manufacture of both land and seaplanes and
hangars for the company's own use and for rent by private plane owners are
to be built.
The board of directors of the Canadian company consists of Sherman M.
Fairchild (President), Julian C. Smith (Vice-President), G. H. Duggan,
J. H. Gundy, Robert Law, Beaudry Leman, Senator .W L. McDougald.
George II. Nontgomery, Howard Murray, C. E. Neill, Hon. J. L. Perron.
Ellwood Wilson and F. K. Morrow.
Fairchild Aircraft, Ltd., is an outgrowth of the Fairchild Aerial Surveys
(of Canada), Ltd., the name of which later was changed to Fairchild Aviation, Ltd.
-V. 128. p. 4163.

Federal Bake Shops, Inc.
-Sales.
-

1929
-June
-1928,
8339,124
8322,426
-v. 128. P. 3835
.

Increased 1929-6 Mos.-1928.
216.698122,196.078 $1,972,011

Increase.
$224,067

Federal Mining & Smelting Co.
-Dec. Capital, etc.
-

The stockholders on May 11 voted to retire 15,154 shares
stock held by the company and to draw by lot for retirement of Preferred
on June 15,
of 14.846 shares of preferred stock. Through this measure the outstanding
preferred has been reduced to 50,000 shares, par 2100 each.
The company had cash on hand around the middle of April of $1,817.000,
of which 31.700,000 was being loaned on call. In addition it had Liberty
Bonds of 2610,000, making a total of $2,427,000. This amount left suffident working capital even after retirement of $1.500,000 .preferred on June
15, for ample protection in the event of any accidents, strikes, or fires which
may affect operations.
-V. 128. p. 4163.

Federal Telephone Mfg. Corp.
-Receivership.

As the result of a friendly conservation suit started in Judge John R. Hazel at Buffalo July 3 appointed LesterDistrict Court,
Samuel B. Botsford equity receivers, business and assets. E. Noble and
The
Telephone concern manufactures radio sets and the complainantFederal
in the
action is the Acme Apparatus Corp. of Cambridge, Mass., manufacturers
of power units for radio sets, the claim of which against the defendant company amounts to $26,917.
MiThe Federal corporation which was incorporated in
sets which have been widely sold by the Federal Radio1924, makes radio
Corp., of
which latter company is not involved in the present receivership. Buffalo,
The complaint in the receivership alleges that although the Federal
Corporation is solvent with assets considerably exceeding its liabilities.
it is at present unable to meet its current obligations in the ordinary course
of business and states that this action is brought in behalf of all the creditors
of the defendant company for the purpose of conserving its assets and good
will and in order to enable the continuation of its business.
The assets of the defendant company are stated to consist of inventory
of parts and manufactured radio sets valued at $500,000: machinery, tools,
equipment and fixtures worth 3400.000. and accounts and notes receivable
amounting to $200,000, with a valuable lease and other miscellaneous
assets. The current liabilities of the company are said to amount to
$550,000, some of which are secured by the hypothecation of accounts
receivable and inventory. The company has on hand orders for over
$200,000 worth of radio sets for July and August delivery.

Fidelity & Casualty Co. of N. Y.
-Deposits.
-

See Fidelity-Phonix Fire Insurance Co. below.
-V. 115, Iz• 2355.

Fidelity-Phenix Fire Insurance Co. of N. Y.
-To
Acquire Joint Ownership of Two More Companies.
-

289

Financial Research Association. Inc. -Organized As
Holding and Management Corporation-Will Set Up Individual
Investment Trusts in Financial Centers of U. S., Canada,
Europe. Introduction for the first time of the chain store principle into that
phase of finance which has to do with investment trusts is revealed in the
announcement of the formation of the Financial Research Association.
Inc. a Delaware corporation to organize and acquire the control of and
furnish the management for a group of international investment trusts of
the general management type.
The administrative offices of the various units comprising this group of
investment trusts will be located in the various financial centers of the
United States, namely: New York City, Philadelphia, Chicago. Los Angeles
and Boston. &c. while offices will also be set up in Europe and Canada.
Each of the individual investment trusts to be organized by Financial
Research Association, Inc., will be identical with each other in capital
structure, dividend policy, reserve policy, &c., and will be operated in
accordance with standard practice adopted by the successful British and
Scottish investment trusts and applied by successful American investment
trusts to meet the conditions prevailing in this country. Each unit will
have the same investment policy. Funds obtained from the sale of capital
shares will be invested and reinvested in sound marketable securities of all
classes. The investment portfolio of each investment trust will be continually supervised by Financial Research Association, Inc., with all purchases and sales for the account of each trust made by the parent organization subject to the approval of the directors of the trust unit.
All securities purchased for each trust unit will be delivered directly to
and held by a bank or trust company appointed as its custodian, and
withdrawals will only be made against cash or substitution of other securities approved by the investment counsel of the respective trust unit. The
certificate of incorporation of each trust will provide that purchases and
sales of securities be made for cash, margin transactions of any nature
being prohibited. Each unit of the corporation of trusts will have an
authorized capitalization of 1,000,000 shares of common stock, no par
value, consisting of 500,000 shares of class A stock and 500,000 shares of
class B stock.
The concentration of the actual buying and selling, and the gathering of
data by Financial Research Association, Inc., is a measure of economy,
according to John H. Allen. President and director of American Foreign
Banking Corp. and formerly Vice-President of the National City Bank of
New York. whereby each trust unit will secure the full benefit of a skilled
and experienced staff and a complete service which will be much more
efficient and far less costly than it could provide for itself. For this service, supervision of portfolio, execution of orders, information, &c.,each
trust unit will pay to Financial Research Association, Inc., a fee of 5%
of its annual net earnings while the parent organization will enter into
formal sales contracts with each unit for distribution of its senior capital
Shares.
The officers and directors of Financial Research Association, Inc., are
as follows: John H. Allen, President, Pres.& Dir., American Foreign Banking Corp.; Charles S. Andrews Jr Pres. Bronxville Trust Co., Bronzyille:
Bert L. Atwater, Vice-Pres. and Dir., William Wrigley Jr. Co.; Herbert S.
Bradt, Vice-Pres. & Dir. Capital City Surety Co.; Fannin W. Charske,
Vice-Chairman. Finance Committee, Union Pacific RR.; Vern Dushayne,
Vice-Pres. formerly Comptroller, Standard International Securities Corp.:
Frank Irving Fletcher, advertising, 331 Madison Ave. N. Y.; Robert W.
Green, Green, Ellis & Anderson, members N. Y. Stock Exchange; Henry
H. Hanson, Vice-Pres. & Dir. International Rye, of Cent. America:
'
William C. Orton, Orton, Kent & Co., members N. Y. Stock Exchange;
Carl M. Owen, member Hornblower, Miller & Garrison, attorneys; harry
H. Raymond, Chairman board of directors, Atlantic Gulf & West Indies
Steamship Lines; Edward G. Smith, Treasurer., Union Pacific
Frederick A. Smith, Pres. & Dir., Miller Franklin & Co. Inc., engineers and
'
public accountants; William H. Steiner, formerly Asst. Dir. division of
analysis and research, Federal Reserve Board, and Merck L. Tooker.
of Tooker & Co., members New York Stock Exchange.
See also Investors Union, Inc., below.

(M. H.) Fishman & Co., Inc. (5c. to $1 Stores).-Sales.
1929
-June-1928.
Increase., 1929-6 Mos.-1928.
$179,677
2249,692
266,549 ' 2113,12812652,391
-V. 128. P.4164.

Increase.
2402,699

Fleischmann Co.
-Sells Plant in Ohio.
The company has sold to the Recovery Realty Co. a large plant west of
Warren, in Trumbull County, Ohio, originally erected for the manufacture
of yeast. It was acquired by the Fleischznann interests from the builders,
the Ward Baking Co. of New York, and has been idle for some time. L. A.
Beeghley, President of the Standard Slag Co. and the Bessemer.Limestone
& Cement Co., is head of the Recovery Realty Co.
-V. 128. p. 4329.

Foote Bros. Gear & Machine Co., Chicago.
-Sales.
-

President W. C. Davis announces that sales for the first 6 months of
1929 totaled $2,934,000 as compared with $1.266,000 in the same period
in 1928. June sales were approximately $600,000 against less than $300,000
a year ago.
-V. 128. D. 1237.

French Line (La Compagnie Generale Transatlan-

Acceptance of the stocks of the Fidelity & Casualty Co. of New York tique).-Dividend on American Shares.
and the Niagara Fire Insurance Co., already deposited under an option
The Equitable Trust Co. of New York, as depositary, has received a
agreement recently arranged by the directors of the Continental Insurance dividend of 53.30 francs per share on the common stock B so held by it of
Co. and the Fidelity-Phenix Fire Insurance Co. was announced on July 10 the par value of 600 francs each. The equivalent thereof, distributable to
by Ernest Sturm, chairman of the boards of the latter two companies. holders of "American shares" under the terms of the agreement, is $2.07
Although more than 75% of the stocks of the two companies has already on each "American share." This dividend will be distributed by the
been deposited, according to Mr. Sturm, the time for deposit with the Equitable Trust Co. of New York on July 24 1929, to the registered holdHanover Bank & Trust Co. has been extended to July 31 for the benefit of ers of "American shares" of record July 17 1929. On March 15 last. a
those stockholders who have not yet taken advantage of the option offer.
dividend of 12 3-10 francs per share, equivalent to 47.4 cents per "AmeriThe acquisition of the Niagara company carries with it the ownership can share," was paid on the common stock B.
-V. 128. p. 4012.
of the Maryland Fire Insurance Co. which brings the total of the companies
jointly owned by Continental and Fidelity-Phenix companies to six. These
(George M.) Forman & Co.
-Stock Offered.
-The comIn addition to the Niagara, Fidelity & Casualty and Maryland, are the pany is offering
at $25 per share, 240,000 shares common
American Eagle, the Firtst American and the Fire Companies Building
(no par value).
Corp.
stock
-V. 128. p. 4329.
Buiness.-The business was founded in 1885 by George M. Forman.
Finance Co. of America at Baltimore.
-Earnings.
The business was conducted as a partnership until 1923, at which time it
6 Mos. Ended June 30was incorp. in Delaware. Operated under conservative policies, the busiTotal purchases
$10,430,830 $8,478. 73 ness has enjoyed a consistent and sound growth. Each year the number of
.
5
Total collections
10,201,968
8,396,258 customers served has materially increased, resulting in a rapidly rising
Gross income, less chargeouts
251,817
204.038 volume of securities distributed through eleven offices in the United States.
Operating expenses
76,453
75,143 Company is also favored with long established European connections.
Interest
86.169
62,719
The directors plan a continuing program of broadening the company's
Federal income taxes
9,848
7.499 business both in the United States and in Europe, following the same
Net income available for dive
established policies responsible for its sound development to present pro$79,347
$58,676
Preferred dividends
7,437
7.700 portions.
Common dividends
32,500
Capitalization30.000
Authorized. Outstanding.
Added to surplus
$10.000.000
239,409
$20,976 Preferred stock ($100 par)
Surplus Jan. let
Common stock (no par)
600,000 shs. 520,000 abs.
478,944
428.044
Surplus Juno 30 1929
* When the present outstanding preferred stock shall have been retired
2518.353
$449,020
Furniture & fixtures charged off
10,621
2 from the proceeds of present financing, it is the purpose of the management
that proper corporate proceedings be taken
of
Surplus
$507 732
$446.868 incorporation of the company so as to remove to amend the certificate of
the present authorization
Interest charges earned-times
.01
2.05 preferred stock.
Preferred dividends earned-times
10.66
7.62
Upon completion of this financing, the management will
Common dividends earned-times
2.21
1.70 the 520,000 common shares outstanding and will have own 280,000 of
option on
Earnings for common at annual rate of
21.44
$1.92 additional 40,000 shares of the unissued stock for a period an 5 years at an
of
$25
Balance Sheet June 30.
per share, assuring continuity of control at such time as the entire 600.000
authorized shares shall be outstanding.
Accts. & notes rec.S3,637,318 $2,842;461 Coll, trust notes_ .22,559,600 22,306;500
Earnings.
-Earnings have increased consistently since the inception of
613,528
534,029 Coll. tr. notes 1934 600,000
Cash
the business. Net profit after Federal income tax for the years ended Dec.
142,269
Stocks & bonds_ _
31 1928 have been as follows:
167.353 Accrued interest.9,760
55,579
Inv. In MM. cos_ Dividends payable
21,219
18,850
1925.
1926.
1928.
1927.
10,717 Sundry accts. pay.
26,978
Sundry accts. rec.
17.204
9,250 Net profit
2378,384
$545,047
2960.633
2599,237
13.468 Res. for Fed. Inc.
Furn. & fixtures_
1
Net earnings for the first quarter of 1929 have exceeded the net earnings
68,906
Prepaid int. & disc.
36,569
taxes
18,225
14,389 of the corresponding period of 1928 by a
substantial amount.
Res. for unearned
Dividends.
-Since date of incorporation Sept. 1 1923 to March 31 1929
disc., &c
96,849
88,738 the company has earned in excess of 15% per annum
on the average capital
Res. for accr. exp.,
2,000
employed. Upon retirement
is the
7% preferred stook 212,500
220,000 intention of the directors toof the outstanding preferred stock, itannual
place these common shares on an
Common stocks-. 500,000
500,000 dividend basis of $1.50 per share, payable
semi-annually.
Tot. (each alde)64,544,479 23.604,596 Surplus & profits- 507,732
446,868
Purpose.
-To provide funds for retirement of the outstanding preferred
. 128, p. 3195.
stock.




290

FINANCIAL CHRONICLE

Balance Sheet March 31 1929 (After Giving Effea to the Proposed New
Capitalization).
AssetsLiabilities
Cash on hand and in banks__ $725,901 Bonds and mortgages pur$571,244
General market securities_ _
. 9,820,281
chased, not yet due
Bonds and mortgages
917,655 Principal, int., and taxes, paid
187,677
Customers' notes
1,061,545 in by mortgagors
Other notes
23,886 Coupons not yet presented for
56,850
Installment customers'accts.,
payment
and sundry accounts rec
1,243,570 Funds held for reinvestment
Other accounts receivable,
and sundry accts. payable_ 1,593,947
3,523,253
secured by real estate
1,166,304 Notes payable
144,470
Accrued interest
25,486 Reserves for income tax, &c..
5,772,900
Equities in real estate
289,192 Common stock (no par)
3,800,246
Life insurance
91,163 Surplus
Investments
182,404
Furn. and equip.
80,822
$15,650,588
22,376
Total (each side)
Deferred charges

Frink ,Corporation.
-Earnings.
The corporation reports for the year ended Dec. 31 1928 net income
available for bond interest (including $99.074 non-recurring items) but
before depreciation and taxes, of $472,905, equivalent to 6.4 times interest
requirements on the $1,130,000 6%% debenture bonds outstanding.
Company for the 3 months ended March 31 1929 reports earnings before
depreciation, bond interest, bond discount and Federal income taxes, of
$82.359.-V. 127, p. 1813.

(The) Fyr-Fyter Co.
-Balance Sheet Dec. 31 1928.Liabilities
Assets
$18,645 Vouchers payable
Cash
16,390 Commission payable
Certificate of deposit
117,612 Miscellaneous
Accounts receivable
Special accts. receivable
1,873 Accrued accounts
3,715 Capital stock
Notes receivable
Salesmen advances
65 Surplus
Inventories
158,748
Land, build., plant & office
278,786
equip
16,896
Patents
1
Good will
1,661
prepaid eXP

$18,358
29,641
2,235
19,723
x443,500
100,936

$614,392
Total
$614,392
Total
x Represented by 20,000 no par preferred shares and 40,000 no par
common shares. Our usual income account was published in V. 129, p. 136.

Gamewell Company.
-Listing.
-

The New York Stock Exchange has authorized the listing of 118,928
shares of common stock (no par value).
Combined Statement of Operations for Year Ended Dec. 31 1928 (Co. & Subs.)
$971,051
Net earningsfrom operations before deprec.& Federal taxes.. _ _ _
26.458
Other income(net)
Total income
Depreciation
Federal taxes

$997,509
102.286
107.427

Net Income for year
Surplus as adjusted at Jan. 1 1928

$787,796
1,118,278

$1,906,074
Total surplus
26,736
Preferred dividends
411,663
Common dividends
55,799
Premium on preferred stock returned
76,962
Patent & development expense
Amortization of patents
24,784
Payments in connection with acquisition of Holtzer-Cabot
218,636
Electric Co

[VOL. 129.

General Public Service Corp.-Earning8.1929.
12 Months Ended June 30$1,076,987
Dividends on stocks
71,521
Interest on bonds,notes and cash
Prof. on sale ofsec. after deduct all Fed.taxes- -- - 1,352.928

1928.
$417,247
115.031
589,102

Total income
Expenses
Taxes (other than Federal taxes)
Interest and amortization charges

$2,501,437 $1,121,379
100.062
64,237
3,048
2,807
279.171
101,963

Balance
$6 preferred stock dividends
$5.50 preferred stock dividends
$7 convertible preferred stock dividends
Common dividends

$2.119,158
$147,774
1,485
94,034
a583,183

8952,372
$147,744
606
218,000

$1,292,682
$586,022
Balance
The market values, at the end of the respective
periods, of unsold stk, diva, received during the
periods, but not included in above inc. were as
194,803
402,605
follows
$1.45
$3.06
Earns per share on common
a In 58,318 shares of stock.
Stock dividends as and when received are not treated as income. Profits
or losses resulting from the sales of any stocks (whether acquired originally
by purchase or as stock dividends) are computed in accordance with U. S.
Treasury regulations.
Balance Sheet June 30.
1929.
1928.
•
1929.
1928.
$
$
LiabilitiesAssets$
$
Investments: Stks.17,820,141 16,305,326 Preferred stock -x2,303,306 5,133,086
Bonds & notes_ _ 400,815
302,565 Common stock-- -y8,482,853 5,087,366
11,420
Corn,stock scrip- _
Cash (incl. money
567,236
291,769 Cony. debentures- 4,973,000 4,973,000
on call)
7,419
8,079
16,551 Accts. payable_ - _
Int.& accts. receiv.
18,795
97.913
153,543
Panic. in loan _
100,000 Tax liability
90,852
37,315
Dividends declared
1,899
Special deposits- 100,000
Commit, for loan.
Unamort.debt disc.
dx expense
326,873
340,782 Reserve for unacq.
Pub. Serv. Inv.
Red. fund for pub.
2,116
2,819
Co.stock
lic Say. Invest.
4,024
561
2,116
2,619 Miscellaneous_ .....
Co. stock
3
Miscellaneous.. _ -4,509 Res. dr surplus _ _ _ _ 3,162,223 1,871,326
19,137.879 17.364.123
19.137,879 17,364,123
Total
Total
x Represented by 24,629 shares (1928, 24,624 shares) $6 div. pref.;
270 shares (1928, 270 shares) $5.50 div. pref., and (1928. 30.597 shares)
dlv. cony. pref. stock of no par vs ue. y Represented by 612,730 shares
(1928, 402,889 shares) common stock of no par value.
Note.
-After deduction of $100 per share for each class of pref. stock, and
the face value of outstanding debs., the book value per sh. of cont, stock at
the end of the respective periods was: June 30 1929, $18.17; JuneI30 1928.
$15.47. Based on market values at end of the respective periodsland the
same provision for pref. stocks and debs., the value per sh. of corn, stock
was: June 30 1929, $50.06; June 30 1928, $22.44. Common shares outstanding at dates indicated: June 30 1929. 612,730; June 30 1928. 402.889.V. 128. P. 4330.

General Spring Bumper Corp.-Depositors of Stock.p. 136.
General Theatres Equipment, Inc.
-Merger Terms.-

See Houdaille-Hershey Corp. below-V. 129.

Pynchon & Co., as manager of the stock syndicate, announces that it will
purchase at call prices preferred stock of International Projector Corp.
and the 6%% notes and the preferred stock of National Theatre Supply Co.
in exchange for General Theatres Equipment, Inc., common stock, voting
trust certificates, when issued, at the rate of $30 a share. This offer Is
good until Aug. 1, beyond which date there will be no extension. Securities
should be deposited with the Chase National Bank under this plan. The
Surplus as at Dec.31 1928
$1,091,491 call price of International Projector Corp. preferred stock is 115;for National
Theatre Supply Co. preferred stock, 107% •
Consolidated Balance Sheet as of D& 31 1928.
The corporation announces that it will exchange one share of common
[After giving effect to issuance of 36.000 shares of common stock in con- stock voting trust certificate for each share of International Projector Corp.
nection with acquisition of Holtzer-Cabot Electric Co. and Harrington- common stock and three-quarters of one share for each share of National
Seaberg Corp.]
Theatre Supply Co. common stock.
LlabiliUesAssets
The corporation also announces that it will pay cash for all preferred
$28,500 stock of International Projector Corp. and for the notes and preferred
Cash, U.S.Treasury ctfes, &c $708,084 Notes payable
Notes & accts. rec..less res _ 1,049,483 Accts. payable & seer.exp. _ _
292,906 stock of the National Theatre Supply Co. In each instance the call price
1,779,181 Dividends payable_ _ _
Inventories
_ 24,000 Is being allowed.
53,599 Res. for Federal tax
Sundry accts. receivable
121,197
The offer is good until Aug. 23.
82,287 Purchase money obligations _
prepaid expenses
22,451
The consolidation of leading'manufacturers and distributors of moving
40,320 Capital stock (118,928 shs.) _ 4,150,687 picture equipment and theatre supplies into General Theatres Equipment.
Life insurance policies
41,057 Paid-in surplus
Investments
66,551 Inc., was announced July 11. A block of stock of the new company, which
1,362,637 Earned surplus
Capital assets
410,356 will be exchanged for securities of the organizations in the merger, has
1
Patents & franchises
been underwritten by the Chase Securities Corp.,Pynchon & Co., Halsey.
Stuart & Co., Inc., West & Co. and W. S. Hammonds & Co.
$5.116,648
Total
Total
$5,116,649
The new company plans to market new cinema devices, among them
•
-V. 128. p. 1915.
one which will project pictures occupying the entire stage and giving the
the companies entering
of a third dimension.
-Gardner-Detroit, Inc.! Adds illusion International Projector Among which makes 75% of thethe merger
Gardner Motor Co., Inc.
projectors
are the
Corp..
used throughout the world; the National Theatre Supply Co., a leading
Five Branches.
distributer
and
in
Since the recent formation of Gardner-Detroit, Inc., as distributors of deur, Inc.;of theatre equipment Co. suppliesE. the United States; Granthe Strong Electric
the J.
McAuley Manufacturing
Gardner cars in the State of Michigan, Detroit and Metropolitan Area,
the
'
there has been a growing demand for the company's cars there, according Co., all & Connolly, Inc., and Inc.Ashcraft Lamp Co. of coon stock
mm
ea
owns the ma ority
Rengers, General Sales Manager. "In fact," said Mr. Rengers, In deneral Theatres Equipment,
to F. H.
International
National Theatre Supply, and on accept"the demand for this St. Louis automobile has been such that Messrs. ance of exchangeProjector andwill own all this common. Common stock
offers made
Gallagher and Sweitzer. President and Vice-President respectively of of the new company will be offered to holders of preferred stock in the
Gardner-Detroit, Inc., announced last week that their company had corn- merging companies, and to holders of gold notes of National Theatre Supply.
plated plans for the immediate opening of five branches in Detroit, where The new company will also acquire all outstanding stock of the Theatre
Gardner cars will be sold and serviced.
Equipment Acceptance Corp. and 50% of the capital stock of Grandeur.
"Plans are also under way for the establishment of a number of branches Inc., which will acquire directly and indirectly all the business and assets
throughout Michigan which will eventually give Gardner the best represen- of the Mitchell Camera Co.
-V. 129, p. 136.
tation it has ever had in that state."
Mitchell Camera makes professional cameras both for silent and audible
-R. G. pictures. The McAuley, Frail & Connolly, Strong, and Ashcraft organi-Stock Offered.
General Aviation Corp., Ltd.
zations make practically all the projection lamps used in theatres.
Co., San Francisco, recently offered 50,000 shares

Frey &
capital stock. A circular shows:

(The S. A.) Gerrard Co.
-Stock Sold.
-W. A. Harri-

Transfer Agent, Bank of America of California, Los Angeles. Registrar, man & Co. Inc., and Chas. D. Barney & Co. have sold
California Trust Co., Los Angeles. Capitalization, authorized, 500,000 62,500 shares common stock (no par value) at $26 per share.
shares.
-Corporation was incorp. in California Apr. 19 1929, to operate This stock is being acquired from individuals and no new
Business.
as a holding company for well established concerns engaged in all phases financing by the company is involved.
of the aviation industry. It also will buy, trade and deal in securities of
Transfer agents: Central Hanover Bank & Trust Co., New York and
successful aviation companies as well as financing meritorious air enter
prises. Its principal purpose is to acquire control of established companies First National Bank of Cincinnati; Registrars: American Trust Co.. New
engaged in all branches of the industry which will give it a wide field of York and Central Trust Co., Cincinnati. Dividends exempt from the
diversification through operating units. Company now is negotiating for present normal Federal income tax. Tax free in Ohio.
Dividends.
-Quarterly dividends, each of 37%c per share, payable
purchase of a large airport site in the Los Angeles metropolitan area.
Purpose.
-Present financing has been affected to provide initial working Sept. 1 and Dec. 11929, has been declared. This is at the annual rate of
capital to acquire control of established air enterprises as indicated above. $1.50 per share.
CapitalizationAuthorized.
Outstanding.
Officers cf.: Directors.
-F. B. Calkins. Clarence A. Barker, Paul L. CorriCommon stock (without par value)
500,000 shs.
300,000 shs.
gan, R. A. Broomfield, Edward C. Webb and Harry N. Laine.
Data from Letter of S. A. G
-Application will be made to list stock on the Los Angeles and
Listing.
d, Pres. of the Company.
San Francisco Curb Exchanges.
Business.
-Company, incorp. In 1920 as successor to a business founded
In 1884, is engaged in
and
General Box Corp.
-Plans to Retire Pref. Divs.-To fruits and vegetables. the large scale productionof themarketing of fresh
tonnage it handles
Increase Common Stock and Create Issue of $1,500,000 Debs.- In the fertile, irrigated Company originates most
sections of Arizona, California. Colorado and New
A special stockholders' meeting has been called for July 17 to approve a Mexico from lands many of which produce two crops annually. Such
proposal of the directors that the common stock be increased from 125,000 tonnage is principally obtained either by direct farming on owned or leased
shares to 250,000 shares for the purpose of distributing the new stock to lands or by handling, on commission, produce raised under contract by
preferred stockholders in lieu of the $33.75 accumulated dividends on that growers. The extensive scope of the Gerrard business, which Is carried on
'mum The common stock will be valued at $10 a share for the purpose of throughout the year, makes possible exceptionally low operating costs.
A substantial part of the company's business is in cantaloupes and lettuce
this distribution,and fractional amounts will be paid in cash. It is proposed
of which commodities Gerrard is the country's.largest shipper. Vegetables
to distribute the stock Aug. 1 to preferred holders of record July 19.
-year such as cauliflower, carrots and peas, and tree fruits, grapes, etc. are also
stockholders will also vote on the creation of $1,500,000 6% 10
The
convertible gold debentures, the proceeds of which will be used to pay off handled. For the year ended Nov. 30 1928 shipments amounted to 14,215
the entire bank indebtedness of the company and for the construction of car-lots and represented a value, including freight, of approximately
$13,250,000. Margeting is effected throughout the country with the
additional facilities in New York City.
The directors have declared a regular quarterly cash dividend of $1.75 a bulk of the tonnage going to the northeastern states. With its eastern
preferred stock, par $100, payable Sept. 1 to holders of record office in Cincinnati and affiliated companies located in Chicago,Philadelphia
share on the
Aug. 15. This is the first time that the regular dividend has been declared and Detroit, the company Is in a good position to serve the important
markets.
-V. 128. p. 1739.
on this issue.




FINANCIAL CHRONICLE

JULY 13 1929.1

291

Capitalization
-Netincome of the company,after all charges, adjusted to give
Earnings.
250,000
effect to the elimination of executive bonuses now discontinued (averaging Series I preferred beneficial ownership certificates
500.000
$111,283 per annum) and to Federal income taxes at the present rate Common beneficial ownership certificates
The trustees, under whose supervision all financial operations will be
(12%), as certified by Haskins & Sells, has been as follows:
handled, follow*
a1925.
1928.
1926.
Years End. Nov. 301927.
Co.),
Edmund S. Wolfe, Prez., Frederic E. Kingston
$871.868
$147,229
$304,312
$314.703 Frederick C. Burroughs, Vice-Pres.; Harold E. (of F. E. Kingston &KingNet (as above)
Kingston (of F. E.
a 11 months ended Nov. 30.
ston & Co.), William E. Burnham, and Chauncey P. Goss Jr.
the company has been to prepare only annual earnings
The custom of
statements; it Is the opinion of the company's management, however, that
-Control.
Hendler Creamery Co., Inc.
earnings for the first six months of the current year have substantially
-V. 128, p. 3694.
See Borden Co. above.
exceeded the full year's dividend (based on the present rate) on all the
common stock outstanding.
(Edward) Hines Associated Lumber Interests.
-DebenBalance Sheet Nov. 30 1928 (giving effect to recapitalization).
tures Sold.
-Detroit & Security Trust Co.; Baker, Fentress &
..
Assets
LiabilitiesMinneapolis Co.; First Na$43,623 Accounts payable
Cash
$390,322 Co.; First Saint Paul Co.; First
118,021 Federal income tax
Accounts receivable
93,054 tional Co. of Detroit, and First National Duluth Co. have
55,175 Due to officers de employees_
Claims rec. from railroads_
235,528
at par and interest, $3,000,000 6% gold debentures,
320,425 Common stock
Inventories
1,000,000 sold
Adv. to growers and farming
Surplus
624,358 series A. These debentures are the specific obligations of
1,051,579
and packing costs
the Edward Hines Western Pine Co., jointly and severally
26,755
Investments
guaranteed by the Edward Hines Lumber Co.,Edward Hines
716,719
Farming lands, equip., Sec
10,964
Prepaid Ins., etc
Hardwood & Hemlock Co. Edward Hines Yellow Pine
1
Good-will
Total

82,343.262

Total

82,343,262

-Earnings.
Gillett Safety Razor Co.

Trustees, Edward Hines Yellow Pine Co., and Trustees of
Lumber Investment Association,comprising the group known
as the Edward Hines Associated Lumber Interests, all of
which are parties to the securing indenture.

Period End. June 30-- 1929-3 Mos.-1928.
1929-6 Mos.-1928.
Net income after chgs.,
Dated July 1 1929; due serially July 1 1931-1939. Interest payable
$3,876,300 $3,135,869 $8,407,518 $7,570,332 (J. & J'.) at Detroit & Security Trust Co., Detroit, trustee, or First Union
deprec.& taxes
Shs. com. stk. outstdg.
Trust & Savings Bank, Chicago. Denom. $1,000. $500 and $100. Red.
(no par)
2,100,000
2,000,000 2,100,000 2,000,000 on any int. date upon two weeks' notice at 101. Interest payable without
$1.84
Earns per share
$1.57
$4.00
$3.78 deduction for normal Federal income tax not in excess of 2%.
-V.128, p. 4165.
Data from Letter of Edward Hines,President of All the Affiliated Co.
-The Edward Hines Western Pine Co., located
Business & Ownership.
Glidden Co., Cleveland.
-Expansion.
-Acquisition of another large Eastern food products concern producing at Burns, Ore., is one of the units of the Edward Hines Associated Lumber
goods under a national label has been authorized by the directors and Interests, which interests are engaged in tne manufacture and sale of
the deal will be completed July 15, it was announced on July 9 by Pres. lumber, and are the largest wholesalers of this commodity in the United
States. They are the owners of several very valuable tracts of timber
Adrian D. Joyce.
Mr. Joyce added that preliminary figures indicate that business in June, on which there is standing appro:dmately 1.500,000,000feet of merchantable
both from sales and profits standpoints was the best for the month in the timber and in addition control 1,000,000,000 feet of government timber.
-Two series of debentures have been authorized, series A of
Authorized.
company's history.
Kenneth D. Steers, of Paine, Webber & Co., New York, has been elected $33,000,000 to be presently outstanding,and series B of $1,000,000 which
to the Glidden board to fill the vacancy caused by the death of P. L. F. may at the request of the company, and subject to the approval of the
Elting. 0. W. Grandin, of Cleveland, succeeds H. R. Hamilton as a di- trustee, be issued not later than Jan. 1 1931.
-These debentures are the direct obligation of the maker, and
Security.
rector.
--V. 128. p. 4331.
constitute the only funded debt of the Associated Interests, who have
covenanted that they will not (1) create any mortgage or other lien upon
Goodyear Tire & Rubber Co. of Canada, Ltd.
-Sales.
President C. P. Carlisle announces that sales in all divisions and in all their properties; or (2) create any indebtedness having a priority over these
territories show satisfactory increases over the same period for any previous debentures; or (3) create any indebtedness having rank equal to these
year. Profits are quite satisfactory, the company has borrowed no money debentures. This shall not prevent the Associated Interests from disduring the year and has a considerable amount on call. Mr. Carlisle also counting their customers' paper or contracts in the ordinary and usual
states that the capacity of the new Toronto plant has been materially course of business, or of acquiring additional properties subject to existing
. increased and the company has under construction in Saskatoon an office mortgages, or of issuing their own purchase money mortgages in part payment for same. Further provision Is made that the affiliated companies
and warehouse building.
The company will able) expand the Bowanville plant. The construction shall maintain net quick assets at least equal to the amount of principal
here will be steel and brick and the additions to be made should be ready of the debentures outstanding, and that at all times the net tangible assets
of the Associated Interests shall be at least three times the amount of the
for operation early in 1930.-V. 127. p. 2692, 1396.
debentures outstanding. The combined net worth of the Edward Hines
Associated Lumber Interests, as shown by the consolidated balance sheet
Gotham Loan Co.
-Stock Increased-Rights, &c.
as of Dec. 31 1928, is over $26,000,000. Net current assets wore over
The stockholders on July 10 approved the recommendation of the board $6, 9, OO
00 0 s
of directors that the authorized capital stock be increased from 5,000
Earning -As reported by Peat, Marwick, Mitchell & Co. the combined
shares, par $100 each, to 50,000 shares, par $20 each. Stockholders will net earnings for the year 1928 from all sources. including proceeds from
be given the right to purchase 25,000 shares of stock pro rated to their operation, sale of stumpage, cut over land, and other property, after derespective holdings at $26 per share.
-V. 128, p. 136.
pletion and depreciation charges but before interest charges and Federal
income tax amounted to $1,495.304. For the five-year period 1924-1928.
Gotham Silk Hosiery Co., Inc.
Incl., such net earnings averaged $1,315,464 per annum. or 7.3 times the
-Full Production.
All factories of the corporation including both the Onyx and Gotham maximum annual interest charm; on this issue of debentures. Since
Gold Stripe divisions are now at capacity production. A survey, based organization 37 years the Associated Interests have distributed to their
on reports of 37 leading stores in America's largest cities, shows that in stockholders $3,463,536 in divdends.
33 out of 37, gains ranging from 3.2% to 122.7% in Gotham sales were
-Bonds listed on Chicago Stock Exchange.
Listed.
-V. 119. p. 2653.
registered in May, with the average gain approximtaely 35%.-V. 129,
p. 136.
Hirons Securities Corp.
-Earnings.
-

Great Falls Mfg. Co.
-Liquidation Distribution.
The stockholders will receive about $1 a share at the final winding up of
the liquidation when they surrender their stock. Treasurer Howard S. 0.
Nichols of Boston announced at the recent meeting. The stock of the company once sold as high as $154 a share in the market.
When the sale of the plant to the Dwight Manufacturing Co. took place
last March hope was held out that the stockholders might realize $5 a
share on their stock but doubt was expressed by some at the time. Injunction proceedings instituted by a stockholder delayed transfer of the
property to the Dwight company and occasioned some expense so that now
it appears that the surplus left after all details of dissolution are completed
will be not more than $25,000. or $1 a share on the outstanding stock.
V. 128, p. 1740.

Earnings for Year Ended Dec. 31 1928.
Net profit from sale of securities, $127,126; dividends received,
$17,011; Interest received or earned, $649; grass income
$144,786
Interest paid, $17,443: salaries, insurance, and office expenses,
$8,875: taxes, $15,150
41,469
Net earned income
Other income

$103,317
'95
Total net income
$103,412
Dividends paid
22,394
•
Transferred to surplus
$81,018
Balance Sheet December 311928.
Ground Gripper Shoe Co.
-Exchange Offer Made to
Assets
LiabdfliesPreferred Stockholders
-New Issue of Debentures Proposed.
- Cash
$8,169 Preferred stock
$100,800
782,748 Common stock
Holders of preferred stock have been extended the privilege of converting Securities owned at cost
157,370
their holdings into common stock on a share-for-share basis.
Collateral loans
402,980
President Charles B. Field states that this action is taken "to give holders
Accounts payable
220
Reserve for div. on pref. stock
of the preferred stock an opportunity to share in the expanding business."
1,764
The company is also asking the stockholders to approve the creation of
Reserve for Fed. Income tax_
11,789
an issue of 85,000,000 debentures, of which $2,500,000 are to be issued
Paid-in surplus
20,353
Total (each side)
$790,916 Earned surplus
immediately in connection with the recent acquisition of new properties.
95,640
-V. 129, p. 136.
-V. 129, p. 137.

Guardian Public Utilities Investment Trust.
-Securities Offered.
-F. E. Kingston & Co. of Hartford, Conn., are
offering 250,000 series I pref. non-cumulative beneficial
ownership certificates (with warrants), priced at the market.

(A.) Hollander & Sons, Inc.
-Earnings.
6 Months End. June 30-Gross income
Deductions
Interest
Depreciation
Federal taxes
Subsidiary preferred dividends

1929.
$537,073
48,161
42,417
44,994
48,180
17,500

1928.
$505,790
134,809
34,382
69,500
32,052
17,500

1927.
$882,193
231,633
44,014
52,000
74,863
17,500

Preferred both as to assets and dividends over common: fully paid and
non-assessable. Dividends payable Q.
-J. Dividends free from the normal
Federal income tax. Transfer agent, Guardian Investment Trust, Hartford. Registrar and Depositary, Hartford-Conn. Trust Co., Hartford.
Series I preferred beneficial ownership certificates are
Net income
$335,821
$217,547
$462,183
common in being entitled to a dividend of $1 per annumpreferred to the Earns, per sh. on 200,000 shs. cap.
non-cumulative
and also to be first paid in full to the amount of $30 for each certificate
stk.(no Par)
$1.68
$1.09
$2.31
out of the assets of the trust property in case of distribution of assets or -V. 128, p. 1065.
dissolution of the trust. Series I preferred beneficial ownership certificates
are subject to redemption at $35 for each certificate on any dividend payHoudaille-Hershey Corp.
-Record Volume of Sales.
ment date upon 30 days' notice.
President Claire L. Barnes announces that the volume of sales of the
Option Warrants.
-The Series I preferred beneficial ownership certificates
carry non-detachable warrants entitling the holder to purchase an equal corporation for the first six months of 1929 Is unprecedented in that it
number of common beneficial ownership certificates of The Guardian very greatly exceeds in amount the combined sales of the companies now
a part of the corporation for any similar period. The sales were over 45%
Public Utilities Investment Trust on the following terms:
greater than for the first six months of 1928. All large contracts held by
At $10 for each corn. certificate up to and incl. Dec. 311930.
the corporation at the beginning ofthis year have been retained and renewed,
At $15 for each corn, certificate from Jan. 1 1931 to Dec.31 '31, both incl. and important increases
in volume have
At $20 for each com,certificate from Jan. 1 1932 to Dec.31 '32, both incl. largest producers which, together with been obtained from several of the
new business recently secured of
At $25 for each com,certificate from Jan. 1 1933 to Dec.31 '33, both incl. large proportions from
leading automobile companies, should assure s
-The fundamental purpose in the creation of this Trust is
Purpose.
enable the investor to participate in accruals from the compounding to continuation of the record breaking volume. The Houdaille shock absorber
of
principal and interest in the securities of public utilities and associated division at its Buffalo plant where manufacturing facilities have been largely
interests. The purchase of securities other than those of public utility Increased during the past six months is operating at capacity night and day.
associated interests may be made only with the unanimous approval
and
87% of General Spring Bumper Corp. Stock Deposited.
of the trustees.
Certificates of class A and B of this corporation are now available for
-The Trust operates under the laws of the State of Connecticut
Business.
with its own trust agreement. It Is a trust, not a corpo- exchange for certificates of deposit of general Spring Bumper Corp. Issued
and in accordance
ration or an association, and undertakes the investment and reinvestment under the plan and agreement to combine the two concerns, it was announced on July 12. The necessary Houdaille-Hershey Corp.. stock to
of its funds in the securities and obligations of public utilities and asso- carry the plan into effect has been authorized for
listing on the New York.
ciated interests. The portfolio of the Trust will include an interest in the Detroit and Chicago Stock Exchanges.
foremost public utilities of the United States and also those of foreign counA communication mailed to stockholders of General Spring Bumper
international in scope.
tries; it will be
Corp., states that more
-The income of the Trust will be derived from diva. tion has been deposited than 87% of the outstanding stock of the corporalaSources of Income.
under the plan and agreement; it was also announced
and int. received from the companies whose securities and obligations are that no transfers of certificates of deposit could be registered
after July 23.
held in the portfolio and also through investment turnover and the rein- after which date the books of the committee acting
under the plan would
vestment of surplus and undivided profits.
be permanently closed.




292

FINANCIAL CHRONICLE

Although no further General Spring stock will be accepted for deposit
under the plan, the board of directors of the Houdaille-Hershey Corp. has
authorized until further notice that Houdaille-Hershey stock will be issued
upon the same basis directly to holders of undeposited Bumper stock upon
surrender of Bumper certificates
-V. 129. p. 137.

Humberstone (Ont.)Shoe Co., Ltd.
-Extra Dividend.
-

The directors declared an extra dividend of 50c. per share and the
regular quarterly of 50c. per share on the common stock, both payable
Aug. 1 to holders of record July 15.-V. 127, p. 3550.

Inland Investors, Inc.
-Earnings.
During the year 1928. the outstanding common stock was increased
from 40.000 to 100,000 shares, being the total number authorized. The
average number of shares outstanding during the year was 61,143, upon
which the net earnings amounted to $4.86 per share, or 9.72% upon the
average invested capital. The unrealized appreciation per share at the end
of the year on this number of shares amounted to $7.37. Net earnings and
unrealized appreciation amounting to $12.23 per share on the average number of shares outstanding was equivalent to over 24% on the average invested capital.
-V. 125, p. 1981.

International Germanic Trust Co.
-To Split-up Shares
-Proposed Merger.
-

[VOL. 129.

The New York Stock Exchange has authorized the listing of certificates
of deposit for 238,046 shares of common stock on official notice of Issuance
in exchange for outstanding common stock certificates.
Sales of Interstate Department Stores for Month and First Six Months.
1929
-June-1928.
Increase.] 1929-6 Mos-1928.
Increase
$2,355,723 $1,834,474
$521,249 1$11,490,939 $8,846,557 $2,644,382
Note.
-The above figures include sales of stores from dates of acquisition
only.
The same number of stores in operation during the month of June and
the six month's period showed a respective increase of 13.90% and 12.95%
over those months in 1928.-V. 128. p. 4166.

Intertype Corp.
-Earnings.
Period End, June 30- x1929-3 Mos.-1928.
x1929-6 Mos.-1928.
Gross profit
$529,754
$414.339 $1,009,892
$838,336
Head and branch office
selling corporation_..
221.161
207,912
421,324
422,884
Depreciation
47,827
90,592
93,931
44,315
Reserve for taxes
84,500
53,500
46,500
24,500
Net to surplus
$268,021
$217,778
$134,099
$4413,476
Shs. corn. outst.(no par)
201,405
199,771
201,405
199,771
Earns. per sh. on com
$0.97
$0.56
$1.82
$1.11
x Subject to adjustment at end of fiscal year.
-V. 128, p. 4014.

A special meeting of the stockholders will be held on July 22 for the pur
Investment Managers Co.
-Report.
pose of voting upon the proposal to reduce the capital of this companyfrom
On June 30 1929 the assets under management exceeded $26,000,000
$4,000,000 to $3,200,000; to increase the number of shares of stock from
investment trust fund A having gross assets of $19,905,033, and investment
40,000 to 160,000; and to reduce the par value of the shares from $100 per
trust fund B having gross assets of $6,145,264.
share to $20 per share.
-For the six months ended June 30 1929, the
Investment Trust Fund A.
The stockholders will also vote upon the ratifications and confirmation
of a written agreement agreed upon by a majority of the board of directors net income ofinvestment trust fund A was $1,850,829. representing earnings
of this company and of the Mutual Trust Co., providing for the merger at a rate of 23% per annum on the average face value of certificates outof the latter Trust company into the International Germanic Trust Co., standing during the first half of 1929. While the greater part of this
from profits from sale of securities (a portion of which
pursuant to the Banking Law of the State of New York.
-V. 128, p. 4332. amount was derivedshare value at
was included in the
Dec. 31 1928, as unrealized profits), the
income from interest and dividends alone was $583,298, or 43% in excess
International Harvester Co.
-New President.
the requirements for distributions.
Herbert F. Perkins, let Vico-President, has been elected President to ofAfter setting aside the reserve for contingencies, the value of 100 shares
succeed Alexander Legge, who resigned to accept the chairmanship of as at June 30 1929, was $1,413.79.
the Federal Farm Board.
-V. 128, P. 2081.
The increase in share values before reserves, for the first six months of
1929, was at the annual rate of 11.6%. Including 5% distributions, the
International Mercantile Marine Co.
-Listing.
net gain was at the annual rate of 16.6%.
The New York Stock Exchange has authorized the listing of 720,000
Investment Trust Fund B (Accumulative).
-For the nine months ended
shares capital stock (no par) on official notice of issuance in exchange for June 30 1929, the net income of investment trust fund B was $791,855,
present outstanding certificates for preferred and common stock of the par representing earnings at the rate of 17% per annum on the average face
value of $100.
value of certificates outstanding during the period. Of this amount
The 720,000 shares of common stock are issued or to be issued pursuant $577,211 was derived from profits from sale of securities (a portion of
to an amendment of the certificate of incorporation authorized by the which was included in the share value at Sept.301928.as unrealized profits).
directors May 2, and approved by the stockholders June 24, Pursuant to
After setting aside the reserve for contingencies, the value of 100 shares,
the amendment, each preferred stockholder, upon surrender of his shares as at Juno 30 1929 was $1,418.90.
of stock together with any and all rights and claims to accrued dividends
The increase in share value before reserves, for the nine months ended
thereon, will be entitled to receive $20 per share in cash and one share of the June 301929, was at the annual rate of 21.9%- 128, P. 2820.
V.
new now par stock for each share of preferred stock surrendered; and each
holder of the present common stock will upon surrender of his shares,
Investors Union, Inc.
-Organized as First of Chain of
receive in lieu thereof one-fifth of a share of the new no par stock for each
Investment Trusts by Financial Research Association, Inc.
present common share surrendered.
-V. 129, p. 137.
The first unit of the group of investment trusts to be organized in various
International Paper & Power Co.
-Expansion Program cities in America by the newly formed Financial Research Association, Inc.
(see above) has been formed in Maryland, with offices in New York city
Nearing Completion.
a d incorporated as Investors Union, Inc. This investment trust will,
n
The extensive expansion program commenced by this company and it is stated, be operated in accordance with standard practice adopted by
subsidiaries in 1925 is now practically completed, it is announced. Except the successful British
for paper mills at Dalhousie, New Brunswick, and Mobile. Ala., now nearing Investment trusts to investment trusts and applied by successful American
meet the conditions prevailing in this country. Its
completion, and the proposed New Brunswick and northern Maine mill portfolio will be continually supervised by the parent organization, Financial
development, only minor projects remain. The announcement adds:
Research Association, Inc., and all of its purchases and sales will also be
In the four years which have elapsed, control of New England Power made by
Association has been acquired; 20 hydro-electric plants have been built or ate. In the parent organization subject to the approval of its own directorof its orders,
purchased; four kraft pulp and paper mills in southern states have been economicreturn for the supervision of its portfolio, execution Inc. will pay
and statistical information,
Investors Union,
erected or purchased and another will soon be in operation; a newsprint to Financial Research Association, Inc.&c., of5% ofits annual net earnings.
afee
paper mill has been built in Quebec, another in the same province has been
This first unit will have an authorized capitalization of 1,000,000
enlarged, a third has been acquired in Newfoundland, and a fourth is of common stock, no par value, consisting of equal shares of Class shares
A and
nearing completion in the Province of New Brunswick.
class B stock.
Union, Inc., will begin business with assets of
The general policy of the company through this period has been one of $5,000,000, the Investors from the underwriting by Financial Research
proceeds
developing income-producing power properties and reorganizing paper Association, Inc. of all of its class B shares.
producing properties for increased efficiency and economy of production,
adding new units where necessary and creating a well diversified line of
Italo Petroleum Corp. of America.
-7'o Suspend
products.
-New President.
• The company emerges from this program as a factor of the first rank in Dividends Temporarily-June Earnings
At a meeting of the board, held last week, it was decided in view of
several well diversified fields; it is one of the largest owners of hydroelectric properties; it is the world's leader in newsprint manufacture, as remaining obligations for property purchase to suspend dividends temwell as in the manufacture of kraft paper; it supplies about half the world's porarily.
Operating profit before depreciation, depletion and other income
requirements of bleached suplhite pulp as a raw material for rayon; and in
addition is a substantial factor in many other grades of pulp, paper and charges for June amounted to in excess of $270,000. Operating profits,
after the customary charges, averaged $211,000 per month for March,
-V. 128, P. 4166.
paper products.
International Projector Corp., N. Y.
-Consolidation.
- April and May.
President William Lacey, being unable to devote full time to company
'See General Theatres Equipment. Inc.. above.
-V. 129, p. 137.
affairs, has resigned. John B. Demaria, Vice-President, was elected
President, Mr.Lacey will remain on the board of directors.
-V.128, p 1240
International Safety Razor Corp.
-Earnings.
3 Mos.End. 3 Mos.End. 6 Mos.End.
Jewel Tea Co., nc.-Sales.-Period
June 30'29. Mar. 31'29. June 80'29.
Period Ended June 15-1929.-4 Wks.
-1928. 1929.-24 Wks.
-1928.
Gross profit
$147,348
$197.347
$344.695 Sales
$1,249.698 $1,239,106 $7,618,129 $7,156,787
Reserve for depreciation
3,491
6.964 -V. 128, p. 4167.
3,473
Reserve for Federal taxes
40,527
17,262
23,265
Net profit
-V. 129, p. 137.

$126,594

$170.609

8297,203

Joint Investors, Inc.
-Earnings.
-

Total earnings of the company for the six month period ended June 30
were $421,942, according to the semi-annual report of the company to its
International Shoe Co.
-Comparative Balance Sheet.
stockholders. This amount represents earnings of 41.28% on the average
paid-1n capital,surplus and undivided profits of $1,022,092 for the period.
May 31 '39Aprit 3028.
1928.
1929.
Of the company's total earnings, $206,905 was derived from net income,
Assetsg
$
Ltati!ittes$
L'nd, bi'gs, equip.
6% pref. stock__.-10.000,000 10,000,000 while unrealized profits in the security portfolio increased $215,957 during
the six months. The total earnings indicated are equivalent to $41.27 per
&c
27,655,044 25,759,053 Common stock &
Cash
5,786,498 2,750,872 surplus
x89,946,405 82,494,477 share of convertible preferred stock outstanding on June 30. Total earnAects. & notes rec_21,982,145 18,613,987 Accounts payable_ 2,485,323 3,090,528 ings on the class A stock outstanding were $38.71 per share, equal to $8.24
206,933 if the conversion privilege of all the outstanding preferred on June 30 had
Inventories
29,688,425 38,532,617 Off. & empl. dep03 253,627
Empl.stk. sects _ _ 2,598,852 2,946,856 Tax reserve
2,050,000 3,010,000 been exercised that day.
The cost of securities owned by the company on June 30 was $1,059,789.
Loans
257.376
17,000,000 10,100,000 Insur. reserve__.._ 340,583
Prepaid expenses _ 214,547
50,000
50,000 The market value of the portfolio on that date is given as $2,057,376. The
182,445 Pref. divs. res --investments of the company are confined to the railroad, industrial, public
Investment
200,427
223,484
utility and financial fields. Nearly one-half of the company's funds are
Total(ea.side) 105,125,938 99,109,314 Invested
in industrial common stocks, one-fourth in public utility securities
x Represented by 3.760.000 shares no par stock.
and the remainder in railroads and financial companies.
-V.128, p. 3193.
Our usual comparative income account was published in V. 129, p. 137

International Vitamin Corp.
-Organized.
-The formation of this corporation was announced July 2 by Julian M.
Gerard, who resigned recently as President of the International Germanic
Trusi Co. to devote his time to the new corporation.
WWI Mr. Gerard on the board will be Esmond P. O'Brien, Vice-President
of Postal Telegraph Co.; Wilson Hatch Tucker, Director of Lord & Taylor;
George W. Carpenter, of Jesup & Lamont; Col. C. H. Huston, Chairman
of Transcontinental Oil Co.; A. J. Kohler, President "Daily Mirror,"
Chares D. Newton, former Attorney-General, New York; and Dr. Simon
Lubarsky, President of Regal Drug Co.
The corporation will be capitalized at 200,000 shares of no par value.
There will be no bonds or preferred stock. An underwriting of part of the
stock is expected to be announced soon.
The corporation owns basic patents in the United States and foreign
countries of a process for extraction of vitamins A, D and E, according to
Mr. Gerard. This discovery represents in scientific food and medicinal
industry a revolutionary situation, he declared.

Interstate Department Stores, Inc.
-Merger Off.
Referring to the preposed acquisition by the National Hellas Hess Co.,
Inc., of common stock of the Intestate Department Stores, Inc., the
managements of both companies announce that certain difficulties of an
organizational nature have arisen as a result of which they now deem it
Impracticable to consummate the plan.
Officers of Interstate and the board of directors of National Belles Hess
Co., Inc., recently approved a plan for the union ofthe interests of Interstate
and National, which contemplated the acquisition by National of common
stock of Interstate on a basis which will provide the common stockholders
of Interstate with I shares of common stock of National with respect to
each share of common stock of Interstate. National was not obligated
to proceed with the plan unless at least 80% of the common stock of interstate was deposited.




Keystone Aircraft Corp.
-Deposits.
See Curtiss-Wright Corp.
-V. 128, p. 4332.

(G. R.) Kinney Co. Inc.-Record June Sales.-

1929
-June.
-1928.
'
Increase.] 1929-6 Mos.-1928. Increase.
$2,037,131
$1,901,245
$135,8861$9,561,056 $8,633.771 $927,284
President E. H. Krom authorizes the following.
"Sales for the first six months of the current year established a new higA
record in volume amounting to $9,561,056. The Inca ease amounted to
$927,285 or 10.74%.
"Sales for the month of June also established a new high record for this
month showing an increase of 8135,887 over last year or 7.15%.
"While it Is impossible to estimate profits for the first six months until
the Juno 30 Inventory has been completed, I feel that with the increase in
sales which our stores have shown, the profits for the company will be
satisfactory. We are especially satisfied with the steady increase in volume
which is being shown by the stores which have been established more than
one yeal. A considerable part of the increase in sales for the company
for the first Six months of this year has been represented by increases in
these lonzer established stores.-V. 12R, p. 4014.

Koppers Gas & Coke Co.
-Bonds Offered.
-The Union
Trust Co.of Pittsburgh; Guaranty Co. of New York;Bankers
Co. of New York; Mellon Nat. Bank, Pittsburgh; Lee, Higginson & Co.; Bonbright & Co., Inc.; Otis & Co. and Halsey,
Stuart & Co., Inc., are offering at 99 and int., to yield 5.58%,
$25,000,000 sinking fund 53'% debenture gold bonds.
Dated July 1 1929: due July 1 1950. Denom. $1,000c5 Principal
.
payable at the office of The Union Trust Co. of Pittsburgh, trustee. Interest payable (J. & J.) at the office of Union Trust Co., of Pittsburgh or at.

JULY 13 1929.]

FINANCIAL CHRONICLE

Bankers Trust Co., New York, without deduction of normal Federal
Income Tax up to 2%. Red. all or part, on any hat. date upon four weeks'
notice. at 103M and hit.
Sinking Fund.
-Of $1,000,000 per annum commencing Nov. 1 1930,
to be used toward the purchase on each Dec. 1, thereafter, upon tenders
made during each Nov., of bonds at not exceeding 1033 and int. To the
extent that this fund is not exhausted by tenders, bonds shall be called by
lot for redemption on Jan. next following the date of each sinking fund
payment. Free of Penn. four mill tax under present laws.
Data from Letter of W. F. Rust, President of the Company.
Company.
-Incorporated in Delaware. Is a holding company engaged
through its wholly owned operating subsidiaries Seaboard By-Product
Coke Co., Jersey City, N. .1., and Minnesota By-Product Coke Co., St.
Paul, Minn., in the manufacture of by-product gas and coke. A half
interest is also owned in Montreal Coke & Manufacturing Co., Montreal,
Can., and in Hamilton Coke & Iron Co., Hamilton, 0. The by-product
coke coke plants sell their output of gas under favorable contracts to
public utility companies. The production of coke is sold in part to utilities
for the manufacture of gas, in part to industries for metallurgical uses and
in part to domestic consumers as a high grade smokeless furnace fuel.
The iron produced by Hamilton Coke & Iron Co.,is sold for the most part
under long term contract to The American Rolling Mill Co.
American Tar Products Co.,a recently acquired wholly owned subsidiary,
is engaged in the distillation ofcoal tar and the production and sale of resultant by-products, consisting largely of road surfacing and roofing materials.
creosote oils, etc.
-The properties of all subsidiaries are carried on the
books of the company at their original cost less accumulated depreciation
and other reserves, with no allowance for good will oi going-concern value.
Koppers Gas & Coke Co., has made from time to time substantial investments in successful public utility companies and in industrial concerns
closely allied with the by-product coking industry. Upon completion of
this financing,the company will acquire as a further investment $21,000,000
67
0_cumulative preferred stock and a mine.ity interest in the common stock
of Eastern Gas & Coke Associates, a Massachusetts voluntary association.
This Association is being organized to own all of the stocks of The Connecticut Coke Co., New Haven, Conn.; Philadelphia Coke Co., Philadelphia Coke Co., Philadelphia, Pa.: and a majority of the common stock
of Massachusetts Gas Companies, Boston, Mass. These companies own
and operate modern by-product coke plants, selling their output of gas
under contract or on favorable terms to_public utility companies. Their
co-ordination through Eastern Gas & Coke Associates should result in
important operating economies.
Purpose o Issue.
-Proceeds from the sale of these bonds will be used
to acquire 21,000.000 6% cumulative preferred stock of Eastern Gas &
Coke Associates, to purchase additional securities and for other corporate
purposes.
Provisions of Issue.
-Bonds are to be the direct obligation of company
and will be issued under a trust indenture which will provide, among
other things, substantially that as long as any of the bonds are outstanding
and unpaid, the company will not mortgage or pledge any of the shares of
stock or other property now or hereafter owned by it and that it will not
permit any mortgage to be created or pledge to be made by any of its subsubsidiary companies, except refunding of not to exceed the principal
amount of bonds and debentures now outstanding on subsidiary companies,
unless it becomes the purchaser of the obligations secured by the mortgage
or pledge and retains same in its treasury, or uses the proceeds of the sale
thereof in retiring funded indebtedness of the company, and that if the
company makes any sale of any securities or property now or hereafter
owned by it, or if Eastern Gas & Coke Associates cumulative preferred
stock owned by it is redeemed in whole or in part, the proceeds thereof
shall promptly be paid to the trustee and used only for the purpose of (a)
buying other securities or property at their reasonable value, or (b) retiring
funded indebtedness of the company. This provision shall not apply to any
purchase money mortgage or liens on hereafter acquired property.
Financial.
-Pro forma consolidated balance sheet of the company as of
April 30, 1929, giving effect to this financing, audited and certified to by
Arthur Young & Co., shows current assets of $13,770,974; while current
liabilities amount to $2,822,217.
Investments are carried on the balance sheet at $93,039,176
cost. The value of securities owned is more than 825.090,000representing
in excess of
cost. Including listed securities at market prices the value of the investments alone is substantially over twice the total funded indebtedness of
the company including this issue.
Earnings.
-The consolidated earnings of Koppen; Gas & Coke Co. and
subsidiaries, including American 'Far Products recently acquired, but
excluding non-recurring profits realized from the sale of assets, also audited
and certified to by Arthur Young & Co.,for the 5 years ended Dec.31 1928,
have been as follows:
Net Earns.
Net Opera. Deprec. &
Avail. for
Profit &
Depletion.
Int. &
Year Ended Dec. 31.--1
0th.Income.
Fed. Taxes.
1924
$6,162,944 $1,218,320 $4.944,623
1925
7.458,782
1,192.503 6,266,278
1926
8,522,983
7,321,211
1,201,771
1927
9,405,775
1.263,695 8,142,080
1928
6,683,316
752,342
5.930,974
Average net earnings past five years
$6,521,033
Average net earnings as shown above for the past five years amount to
2.53 times the interest requirements of the total funded indebtedness of the
Company and its subsidiaries now outstanding in the hands of the public,
including this issue.
During the year 1928, certain productive assets were sold and new properties were acquired, the normal earnings of which will not be developed
until 1929 and thereafter. Giving effect to this anticipated income and
to that arising from the application of the proceeds of this issue, it is conservatively estimated that net earnings as stated above for the current
year will be more than 3 times interest charges.
Listing.
-Bonds listed on the Boston Stock Exchange.
-V. 128, p. 3523.
Increase.] 1929-6 Mos.-1928.
6118,601 1828,772,649 $27,247,312

Total
-V.129, p. 138.

$22,343,170

Total

$22,343,170

Liberty Baking Corp.
-Earnings.
-24 Weeks End. June15-1929.
Net profit after deprec.,int. chgs. & Federal taxes
$224,408
-V. 123, p. 3193.

1928.
$174,818

Liberty Bell Insurance Co., Phila.-Initial Div.
The directors have declared an initial semi-annual dividend of 50c. per
share payable Aug. 1,to holders of record July 20. See also V. 127, p. 116.

(The) Lindner Co.
-Stock Offered.-BOrt011 & Borton
and The Tillotson & Wolcott Co. are offering 20,000 Class A
shares (no par value) (with Class B common share purchase
warrants) at $40 per share.
Dividends are exempt from the present normal Federal income tax and
the shares are free from personal property tax in Ohio. Application will
be made to list this stock on the Cleveland and Cincinnati Stock Exchanges.
Holders of class A shares entitled to receive cumulative cash dividends at
annual rate of $2.60 per share, payable Q.
-J., in preference to the shares of
class B stock. The initial dividend is payable Oct. 31 1929. Class A
shares callable all or part upon 30 days' notice at $43 per share, plus diva.
In event of voluntary liquidation class A shares shall receive $43 per share
before any payment shall be made to holders of class B stock, but if dissolution be involuntary, holders of class A shares shall be entitled to receive
$40 per share plus diva. in either event. Transfer agent and registrar,
Cleveland Trust Co.
-Class A shares will carry warrants entitling the holder thereof
Warrants.
to purchase class B shares in the ratio of 34 share of class B for each share
of class A held, at $30 per share after July 31 1929 and up to July 31 1931.
These warrants will be detachable after Aug. 31 1929.
Capitalization
Authorized. Outstanding.
Class A shares (no par)
40.000 As. 20,000 shs.
Class B common (no par)
*100,000 shs. 40,060 vbs.
* Reserved for purchase warrants, 10,000 shares: for sale to employees.
3,000 shares; for outstanding purchase option. 2,000 shares.
Data from Letter of Morris A. Black, President of Company.
History.
-Company.
-located on Euclid Ave. at East 14th St., Cleveland,
Ohio, is the largest of the women's specialty stores of this type between
New York and Chicago. Company was incorp. in 1908 in Ohio and began
business in that year. Company specializes in women's wearing apparel
of the better grade and also conducts a small department for men.
The business and assets of the Blackmore Co. of Toledo. Ohio. and the
Blackmore-Danzig Co., Inc., of Elmira, N. Y., will be united with that of
The Lindner Co. through acquisition of stock. These stores, which are of
the same type as the Lindner store, have been operating as separate units,
although managed through stock ownership by interests which controlled
the Lindner Co.
Sinking Fund.
-An annual sinking fund beginning April 30 1930 of 20%
of the net earnings for the previous year after class A dividend to a maximum
of $40,000 is provided to retire the class A stock by purchase in the open
market or by call.
Purpose.
-Proceeds will be used to retire the present outstanding preferred
stock, to construct a new building at Elmira, N. Y., and to furnish additional capital.
A portion of the B shares will be used to acquire complete share ownership
of the Blackmore Co. of Toledo. Ohio, and the Blackmore-Danzig 0o. of
Elmira, N. Y.
-Combined net earnings, after all charges, including Federal
Earnings.
Taxes, of Lindner Co.. Blackrnore Co. and the Blacicmore-Danzig Co.,
have averaged $164.311 per year for the four years ended Jan. 31 1929.
These earnings are equivalent to over three times the dividend requirement on the total class A stock to be presently outstanding.
Net profits of the company for the first three months of the present fiscal
year have shown an increase of 60% over the similar period in 1928.
Combined net earnings for the four years ended Jan. 31 1929, after deducting dividend requirement for class A shares to be presently outstanding,
have averaged $112,311, equivalent to $2.80 per share on 40,000 class B
shares to be presently outstanding.

Lindsay Light Co.
-Earnings.
6 Months Ended June 29Net income after charges and taxes
Earns, per sh. on 60,000 abs. com. stock (par $10)
-V.128, p. 3006.

1929.
$38,444

$0.46

1928.
821.547

so.15

Line Material Co.
-Stock Offered.
-The Milwaukee Co.
recently offered 45,000 shares capital stock at $19 per share.
Continental Illinois Bank & Trust Co., Chicago, transfer agent. Harris
Trust & Savings Bank, Chicago, registrar.
Notes Of
our issue of June 8 mention was made of the offering
of $1,000.000 6% serial gotel notes at par and interest by the Milwaukee Co.
The syndicate offering the notes was composed as follows: The Milwaukee
Co., Marshall & Ilsley Bank and Morris F. Fox, Milwaukee' Detroit &
Security Trust Co., Detroit; First St. Paul Co., St. Paul: Wells-Dicker
Co. and the Minnesota Co., Minneapolis. See also V. 128. p. 3841.

Lockheed Aircraft Co.
-Time Extended.
-

(S. H.) Kress & Co.-Sales.1829-Junc-1928.
$1,884,522 $4,765,921
- - V. 128, p. 3840.

293

Balance Sheet July 1 1929.
Assets
Liabilities
New York mortgages
$16,204,310 Capital
$12,000,000
Accrued int. receivable
1,235,168 Senates
9,000.000
Company's coMce buildings,Sic 2,677,909 Undivided profits
268.506
U.S.treasury notes
147.000 Mixes,sold-not delivered__
353,650
Cash
2,078.783 Reserve for taxes,&c
721,015

Increase.
81.525.337

Kroger Grocery & Baking Co.-Acq. Several Chains.
-

Official announcement was made by the company of the acquisition Of
chains which add 88 stores to the Kroger system. Those acquisitions
include 40 stores of The Thrift Stores, with headquarters and a warehouse
The Thrift Stores, with a yearly sales volume of approxat Herrin. III.
imately $3,000,009. operates 40 grocery and meat markets in Ilerrin,
Marion, Harrisburg, Carmi. West Frankfort, Carbondale, McLeansboro,
Benton, Mt. Vernon, Murphysboro and Eldorado. Ill.
In addition to the Thrift chain, the Kroger company has acquired 17
stores of Plggly-Wiggly Lewis Co., located in and around Oklahoma City,
Okla.; 18 stores of Franklin Piggly-Wiggly at Tulsa. Okla.: 12 stores of
Piggly-Wiggly Erwl. n Co. located in and around Memphis, Tenn., and one
Piggly-Wiggly store in Perry, Okla.
In keeping with the Kroger policy, the personnel of the various acquired
units will be retained in so far as is possible.
Thirty-six stores of the above acquisitions were taken over for cash.
Period End. June 29- 1929-4 Wks.
-1928.
1929-26 Wks.
-1928.
621,859,613 $16,205,807 8140,632,675 $95.262,228
Sales
Stores in operation June 29 1929, 5,386. as compared with 4,202 a year
.-V. 128,P. 4015.
an increase of 1,184, or 28.17%
ago,

The Detroit Aircraft Corp. has acquired a controlling interest in the above
company, it is announced. At the time of the formation of the Detroit
corporation a part interest in Lockheed was acquired and the opportunity
to deposit their holdings was extended to all stockholders.
Sufficient stock has now been deposited to give the Detroit corporation
control of the Lockheed company and the remaining Lockheed stockholders
have been given until July 20 to signify their intention of depositing their
stock. The basis of exchange is 1 1-3 shares of Detroit stock for each share
of

Lockheed.
-V. 128, p. 139.
Loft, Inc.
-Listing.
-

The IN eiv York Stock .14xchange has authorized the listing of 650,009
additional shares (no par) common stock pursuant to subscription by stockholders and 200,000 additional shares, common stock pursuant to subscription by underwriters., making the total amount applied for 1,500.000
shares of common stock. The 650,000 shares have neon offered stockholders of record June 14 1929 at $9.50 per share at the rate
for each share then held. Rights expire July 5. The 200,000of one share
been underwritten at the same price as the offer to stockholdersshares have
less a small
bankers' commission.
-V. 128. p. 4169.

London Tin Syndicate.
-Subs. Begin Production.

Two Malayan subsidiaries of London Tin Syndicate, with
an estimated
annual output of 2,320 tons of tin oxide, are be_inning
month, according to advices received from London. The production this
combined output
of the two companies at present prices of tin should
be worth more than
$1,900,000 annually, it Is stated.
Lane Bryant, Inc., New York.
-Sales.
The more important company, ICampong Lanjut Tin
Dredging, Ltd., is
Increased 1929-6 Mos.-1928- Increase. capitalized at £230,000, with
1929-June-1928.
71,000,000
$1,076,363
8460.612188,274.002 $6,077.259 62,196,803 area and proved ore reserves of 21.100 cubic yards of proved dredgable
El 536,975
tons. A
_V. 128, P. 4015.
construction will go into operation in November. second dredge now under
The life of present properties is 16 years with an estimated annual output of 1,320 tons.
-June Sales.
Rawang Concessions, Ltd., the second company to go
Lerner Stores Corp.
into operation this
Increased 1929-6 Mos.-1928.
Increase. month, is capitalized at £200,000. Its proved dredgable
1929-June-1928.
$564,560187,894,256 85.071,832 $2,822,424 cubic yards. containing proved reserves of 13.100 tons area is 22'Willem
$1,713,851 $1.149,291
of ore,. Annual
production is estimated at 1,000 tons, giving the
-V. 128. p. 4015.
present property a life of
13 years. The dredge is entirely electrically
operated.
Serendah Tin. Ltd. a third subsidiary, is scheduled
Mortgage Co.
-Earnings.
Lawyers
to begin production
in November. and ICiamat Tin Dredging,
Ltd is to begin in J'anuary of
1928.
1927.
1926.
next year.
6 Mos. End. June 30- 1929.
$2,116.209 $2,388,455 82.053,467 81.844.175
Oroas earnings
While these properties will increase the
total output 'of London Tin
811.988
908.711
788.905
Expenses
725.290 Syndicate companies, the total for the
Federated Malay Straits is not expected to become proportionately larger, since
dredges tend to replace less
$1,304,221 $1,479,744 81.264.562 $1,118,885 efficient mining methods, as shown by the
Net profits
decrease of 13,747 in the labor




force employed in the Malayan mines last year. Most of these were Chinese
hand miners who were unable to make a living under existing conditions.
Further decreases are reported during the first half of 1929.-V. 128, p.3006.

-June Sales.
McCrory Stores Corp.
-June
---1928.
1929
53,334,490 53.099.133
-V. 129. P. 139.

Increase.
Increased 1929-6 Mos.-1928.
$235,357 $19,025,547 $17,548,622 51.476,925

I

McKesson & Robbins, Inc. (Md.).-Vice-Presidents.-

B. H. Badanes, former Secretary of the Louis K. Liggett Co., and I.
Bander, in charge of Liggett activities on the Pacific Coast, have been
-V. 128, p. 3696.
chosen Vice-Presidents.

-June Sales.
McLellan Stores Co.
-1928.
-June
1929
$1,782,596 51,283.463
-V. 128, p. 3842.

[VOL. 129.

FINANCIAL CHRONICLE

294

Increase. 1929-6 Mos.-1928.
$499,1331$9,003,147 56,296,147

Increase.
52,707,000

-Net Sales.
Mangel Stores Corp.
1929
-1928.
-June
$805,725
$939,399
-V. 128, P. 3842.

Increase.' 1929-6Mos.-1928.
5133,6741E5,211,380 $3,765,278

Increase.
$1,446,102

Martin-Parry Corp.
-Earnings.
1929-9 Mos.-1928.
Period End. May 31- 1929-3 Mos.-1928.
$954.165 $2,766,691 $2,095,270
51,092,442
Net sales
2,326,717
2,838.814
966,810
Cost of goods sold
1,077,329
Operating profit
Other income

$15,113 loss$12,645 loss$72,123 loss$231,447
152,751
19,183
55,783
8,649

Total income
Interest & other chgs._ _

$23,762
14,871

$43,138 loss$52,940 loss$78,696
136,401
29,035
16,433

58.891

526,705 loss$81,975 loss$215,097
452,571
452,571

Consol. net profit
Profit sale Oaks Co

-Earnings:
Madison Square Garden Corp.

$479,276 1088581,975 loss$237,474
Total profit
$8,891
284,588
284,588
Bal. refrig. exp. write-off
1928.
1929.
$4,602,285 $7,593,775
$194.688 loss$81,975 loss$47,114
Total net profit
$8,891
6.074,522
3,725,500
125,091 -V.128, p. 2821.
90,000
236,939
224,937
-Dividends Payable.
Massachusetts Investors Trust.
161.700
69,500
The trustees have declared a cash dividend of 52 cents per share, pay$995,523 able July 20 to holders of record July 8. A dividend of 1-100th of a share
$492,347
Net profit
1,166,826 in stock for each share held was also authorized. Three months ago a
1.430,107
Surplus at beginning of period
dividend of 45 cents a share was paid and a year ago 46 cents a share.
h,
-V.127,p.2968.
52.162,348 The assets ofthe trust are now over $15,000,000.it is stated.
$1,922,455
y Total surplus
326,168
306,116
Adjustments, net
Melville Shoe Corp., N. Y.
-Sales.
406,073
568,511
Dividends paid
Increase.
-1928.
-June
Increase. I 1929-6 Mos.-1928.
1929
.
hi INN
5356.8721512,612,273 510,359,150 $2,253,123
$1,047,828 $1,430 107 52.515.238 52.158,366
• Sluplus. May 31
$.06 -V. 128, p. 3842.
$1.51
Earnings per stir, on 324,860 shs. corn.stk.(no par)
-New Dir.Consolidtted Balance Sheet May 31.
Merchants & Manufacturers Secur. Co.
1928.
1929.
J. netcher Farrell has been elected to the board of directors, succeeding
LiabilitiesAssets-----.
$50,497 Claude C. Hopkins, resigned. Mr. Farrell also has been appointed chairman
$92,012
$262,333 Accts. payable $431,866
Cash
57,651 of the executive and finance committees
70,851
Mr. Farrell is vice-president and
12,000 Accrued exp. _ __
8,000
Notes receivable
229.791 treasurer of the Sinclair Consolidated Oil Corp. and a director of the Con124,619
101,871 Fed.& state tax.
101,447
Accts.receivable
tinental Illinois Bank & Trust Co.
-V. 128, p. 3843.
2,776 7% called mtge.
5,136
Inventories
bds. & deb.
684,327
359,599
Marketable sec.
prem. at ace.
200,000
-To LiquiMerchants & Traders Bankshares Corp.
200,000
Funds in escrow
50,506
2,905
lot
51,911
5,381
Special dePosits12,818 date.16.301
Deferred inc._ _ _
Invest. In & adv.
See un ler "Current Events" in last week's "Chronicle," p. 57. Com31,505
32,977
101,831 Res. for conting.
103,886
k to still. cos.__
pare also V. 128, p. 3696, 3200.
1st mtge. on
Land, buildings
Mad.Sq. Gard. 1,800,000 1,800.000
5,212,423
y5,242,368
& equip.
Metal & Mining Shares, Inc.
-Earnings.
431,500 1st mtge. on
170,606
Deferred charges
17,500
60,000
3 Mos.End.7 Mos. End.
adiac. prop...
Period.Mar. 31'29. Dec.31 '28.
.
Capital stock_ _ x3,380,596 3,380,596
1,430,107 Profit on sale of securities
1,047,828
$51,785
$123,093
Surplus
6,484
24,921
Dividends on stocks owned
$6,628,089 $7,060,972 Interest earned-call loans & bank deposits
4.694
12,805
Total
$6,628,089 $7,060,972
Total
Represented by 324,860 no par shares. y After depreciation of$724,852.
$62,962
Gross income
$160,820
-V. 128. p. 2474.
9,138
Service fees-mineral research corp
7.801
5.716
Office Salaries
8,269
--Acquisition.
MacMarr Stores, Inc.
2,510
1,624
Mercantile Co., operating Stationery, printing & office supplies
The corporation has acquired the Bay Cities
1,600
Transfer agent's registrar's & depository's fees
2,991
54 grocery, meat and vegetable stores In Los Angeles and vicinity. Sales of Miscellaneous administrative expenses
1,500
2,153
company for 1928 totaled $2.850,000. This acquisition
the Bay Cities
4,203
brings MacMarr chain to about 1,100 stores with an annual sales volume Other expenses owned to market value
501
Adjust, of stocks
of about 558,000,000.-V. 129, P. 139.
4,400
Federal income tax (est.)
10,500

Years Ended May 31Income
Operating. general & administ. expenses
Interest on Jonds & mortgages
Depreciation, amortization, &c
Provision for Federal income taxes

-Royal
-Bonds Offered.
Maple Leaf Milling Co., Ltd.
Securities Corp. Ltd., are offering $5,000,000 53% 1st
-year sinking fund gold bonds at 97A and
(closed) mtge. 20
interest to yield over 5.70%.

Net income for period
$p11o1
Amount of subscrip. in excess of declared value of ca123
cover.d thereby

$37,5"
1,020.300

Total surplus
$1,057,897
Dated June 1 1929; due June 1 1949. Principal and int. (J. & D.) Preferred dividends
10,208
payable in Canadian gold coin or its equivalent at any branch of the Common dividends
7,018
Imperial Bank of Canada in Canada (except Yukon Territory) and also
John; or at
-Dec. 31 1928
-balance
.
Surplus
$1,040,671
at the Bank of Montreal, .Halifax, Charlottetown and St.
the holder's option in U. S. gold coin or its equivalent at the agency of the
Balance Sheet, March 31 1929
Dominion Bank. New York, or In sterling at the Dominion Bank, London.
LIaSUUIes.
Assets
England,at the fixed rate of $4.86 2-3 to £1. Denom. $1,000 and $500 c*
$12,012
$253,046 Current liabilities
or part, at any time on 60 days' notice at following premiums, Cash
Red.. all
3,523,150
1,603,435 Preferred stock
up Call loans
4% up to and incl. June 1 1934; 3% up to and Incl. June 1 1939; 2%
3,159,113 Common stock
x1,785,470
to and incl. June 1 1944: 1% up to and incl. June 1 1948, and thereafter Investments
93,279
356,085 Surplus
without premium in each case with accrued int. Trustee, Royal Trust Co. Accounts receivable
42,233
Organization expense
Issue.
Authorized.
Capitalization$5,000,000
$5,000,000
514% 1st (closed) mtge. bonds
$5,413,912
Total
$5,413,912
Total
2,930,000
3,500,000
7% cum. redemable preference shares _
-V. 127. P. 2969.
x Represented by 107,234 no par shares
25.000 shs.
25.000 shs.
*Class "B" preference shares,(no par)._
100,000 shs.
.
100,000 shs.
Common shares, (no par)
-Sales.
Metropolitan Chain Stores, Inc.
With cumulative dividend of $6 per annum.
-fl Mos.-192S. Increase.
1929.
1929.-June-1928. Increase.'
Letter of James Stewart, President of the Company.
Data from
S438,556156,787,275 55,273,544 81.513,731
$1,028,016
51.460,572
Company.-Incorp. in 1910 under the laws of the Province of Ontario,
President E. W. Livingston stated that these sales indicate that the early
and has with its predecessors been in successful operation for more than estimates of $20,000,000 sales for the year 1929, an increase of 48% over
and distribution
25 years. It has complete facilities for the manufacture milling company the $13,512,704 sales made by the company in 1928, would be realized.
of flour and feed,and has the largest capacity of any flour
Ile further stated that during the first 6 months of the year the company
in Canada. It also controls four Canadian bread companies, including added 11 new units to its chain, making a total of 120 now in operation
Canada Bread Co., Ltd., and Canadian Bakeries, Ltd.. two of the principal and it is expected, with the present expansion program under way, that the
the Dominion. The controlled businesses provide - .a28,w.3843 close to 150 stores in operation by the end of the year.
v
com p ln y piII have
baking organizations in
an increasing domestic outlet for a substantial part of the Company s flour
production. Flour mills owned by the company and by its wholly owned
subsidiaries, Campbell Flour
by the company and by its wholly owned
-Extra Div.,&c.
Minneapolis-Honeywell Regulator Co.
Mills Co., Ltd., and Holley Shaw Milling Co.. Ltd., are located at Port
The directors have declared an extra dividend of 50 cents per share in
and
Colburne. Kenora, West Toronto, Thorold, Welland. Peterborough mills addition to the regular semi-annual dividend of 91.25 per share on the
Pickering, Ont. Brandon, Man., and Medicine Hat, Alta. These
common stock, both payable Aug. 15 to holders of record Aug. 3. This
have a combined capacity for the manufacture of flour of 23.400 barrels is the second extra dividend paid in 1929, an extra of 50 cents per share
daily. Company also owns and operates at Montreal. Que., and Toronto, having also been paid Feb. 15.
Ont.,feed mills with a combined daily output ofsome 500 tons, and °petates
The company reports for the three months ended June 30 net sales
55 country elevators advantageously situated in the Provinces of Manitoba. of 51.261.273 as compared with $749,884 for the corresponding period of
Saskatchewan and Alberta, through which grain is forwarded from the 1928, an increase of 68%. For the six months ended June 30 net sales
Provinces. In connection with the storage and forwarding of amounted to $2,042,831 as compared with $1,349,808, an increase of 51%.
Western
flour, warehouses are owned at Hamilton, Winnipeg, Montreal. Ottawa, Sales for both the first and second quarters of 1929 were the largest for any
Kamloops, B. C. and Saint John, N.B. and the company also owns, similar periods in the history of the company or its predecessors combined.
tons.
through a subsidiary, a modern lake freighter with a capacity of 2,400 the V. 128, p. 901.
-Based upon the annual net earnings of Company for
Earnings.
ended March 31 1929,.after depreciation and all taxes, average
three years
-Moline Power Implement Co.
Minneapolis
-Initial
annual earnings wer 1716,670. Net earnings on the same basis for the
year ended March 31 1929, were 51,135,394, or more than four times the Preferred Dividend.
on bonds of this issue.
The directors have declared an initial quarterly dividend of $1.6234 Per
annual interest requirement of $275,000
Earnings prior to 1929 did not fully reflect substantial operating economies share on the $6.50 cum. cony. pref. stock, no par value, payable Aug. 15.
which have since been effected. From the proceeds of this financing the (See offering in V. 128, P. 3365.)
in its business
J. L. Record has been elected Chairman of the board.
company will have the benefit of the added earning power
-V. 128, e. 4016.
of funds in excess of $2,800,000.
-The trust deed will provide for an annual cumulative
Sinking Fund.
Modine Mfg. Co., Racine, Wis.-Expansion.sinking fund equal to 2% of all bonds issued, plus interest on bonds reTo provide additional working space for its automotive radiator departdeemed, commencing June 1 1930.
ment, the company is constructing a 4
-story addition to its present plant
•
Consolidated Balance Sheet March 311929.
In Racine, Win. The new building will represent an expenditure of ap(After giving effect to issue of $5.000,000 bonds redemption of $1,725.000 proximately 51004100 when equipped. It is expected that it will be ready
% bonds, and revaluation of real estate, buildings, plant, etc., and the for occupancy by fall when operations in that department will begin their
-V. 129, P. 139.
seasonal increase.
conversion of common stock presently outstanding.]
Liabilities
Assets$3,314,787
$125,755 Bankers' advances
Montgomery Ward & Co., Chicago.
-Sales.
Cash and bank balances
1,964,862
2,556,086 Accounts payable
1926.
Accounts receivable
1929.
1927.
1928.
5,000,000 Month of June
6,679,222 5 % 1st mtge bonds
Inventories
$21.953.639 $19,179,246 $16,697,933 516,611,553
2,047,664 6% 1st mtge bonds (1IedleY
First 6 months
Investments
122,807,540 96.567,915 92,236,614 95,216,715
126,100
Shaw Milling Co., Ltd.)....
Real Est., bldgs., plant and
Stock Exchange Ruling.
321,387
8,533,335 Reserves
equip
The Committee on Securities of the New York Stock Exchange rules
a 2,930,000
346,363 7% cum. red. pref. shs
Deferred charges
500,000 that the common stock shall not be quoted ex-rights until July 30.-V.
350,000 Class"B"pref..(shs.)
Bond discount deferred
0
b 2,000.000 128, p. 4170;
929,401 Common shares
Goodwill & trade marks
5,410,690
Surplus
Morioon Eleotrical Supply Co., Inc.
-Sales.
$21,567,826
Total
Increase.
$21,567.826
-June
1929
Increased 1929-6 Mos.-1928.
-1928.
Total
$294,686
$508.906
.066
594,30
$133
538,766 15803,592
a Represented by 25,000 no par shs. b Represented by 100,000 no par -Ng
128
138441
shs.-V. 129. p. 139.




The first of the New Standard 1)27 mail planes to be used for commercial
purposes left the finishing line at the Paterson, N. J. plant recently. This
model is powered with a Wright J5A engine, having per load capacity of
810 pounds.

-Deposits.
Moth Aircraft Corp.

-V.129, p. 139.
See Curtiss-Wright Corp.

-Sales.
(G. C.) Murphy Co.
--1928.
-June
1929
88141.403
31,228.778
-V. 128, p. 3844.

Increase. I 1929-6 Mos.-1928.
8347,375186,456,328 84,766,148

Increase.
81.690,180

-Earnings.
Nash Motors Co.
1929-6 Mos.-1928.
Period Ended May 31.- 1929-3 Mos.-1928.
Net income after deprec.
Fed.inc. taxes, etc..-- $6,623,329 $2.768,473 $10,742,199 $5,372,851
Earns, per shr. on 2,730,000 shs. corn. stk. (no
$1.96
$1.01
$3.93
$2.42
Par)
In commenting on the report C. W.Nash,President.says:"The management feels that the earnings for the first half of the year are very satisfactory.
The management is also very optimistic with reference to the position its
products occupy to-day in the mind of the public. Sales continue to be
very satisfactory, and with the present general satisfactory business conditions existing throughout the country, the company has every reason to
-V. 128. p. 2644.
believe that they will have a very satisfactory year."

-Net Cash Receipts.
National BeIlas Hess Co., Inc.

Increase.
Increase. I 1929-6 Mos.-1928.x
-1928.:
-June
1929
2582,6571222,860,440 $20,268.736 $2,591,704
$3.907,859 23,325,202
Does not include certain relatively small units subsequently acquired.

Merger Negotiations With Interstate Department Stores,
-V. 129, p. 140.
Inc. Off.
-See latter company above.
-June Sales.
National Shirt Shops, Inc.
---1928.
-June
1929.
$340,286
2399,553
-V. 128, p. 4016.

295

FINANCIAL CHRONICLE

JULY 13 1929.1

1929.-6 Mos.-1928. Increase.
Increase. I
259.267181,829,225 81.560.599 1268.626

-Sales Increase.
National Family Stores, Inc.
Sales for Month and 5 Months Ended June 30.
Increase.
Incre-ses.1
1929-5 Mos.-1928.
-Month-198.
1929
$1,879,990
$560,459
2368.517122,440,449
$101,456
$469,973
-.V. 128, rt. 4016.

-Earnings.
National Standard Co.
1928.
1929.
8 Mos. Ended May 318321,292
$489,546
Net profit after charges & Federal taxes
$2.14
$3.26
Earns, per shr. on 150,000 shs. corn. stk. (no par)
Net income for May 1929 was $79,334 after all charges I ncluding taxes.
-V. 128. p. 3841.

-Deposits.
New York Air Terminals, Inc.
See Curtiss-Wright Corp.

-New Director.
New York Fire Insurance Co.

W. H. Combs, vice-president of the Bankameric Blair Corp., has been
-V.128, p. 4171.
elected a director.

-Extra Div.
N. Y. 8c Honduras Rosario Mining Co.

The directors have declared the regular quarterly dividend of 234% and
to holders
an extra dividend of 214% on the capital stock, payable July 27 in each of
of record July 17. An extra dividend of like amount was paid p. 2477.
the previous 18 quarters and also on Dec. 24 1928.-V. 128.

-Deposits.
N. Y. 8c Suburban Air Lines, Inc.

See Curtiss-Wright Corp.

-Stock Deposits.
Niagara Fire Insurance Co.

-V.126, p. 3769.
See Fidelity-Phenix Fire Insurance Co., above.

-Earnings.
North Shore Coke & Chemical Co.
Earnings for Year Ended May 31 1929.
Gross earnings from all sources
Operating expenses, maintenance and taxes
Depreciation
Interest on funded debt
Amortization bond discount and expense
Other miscellaneous interest deductions

21.378.798
935,001
79,995
120,000
10.020
1,050
.

Net income available for Federal income tax and dividends__ - $232,731
Net earnings, after depreciation, were equivalent to over 3.03 times
bond interest charges of $120,000.
Balance Sheet May 31 1929.
biauUttiesAssets$200,000
$3,991,378 Common stock
Property and plant
1,500,000
144,424 7% preferred stock
Cull
2,000,000
100,000 Funded debt
Certificate of deposit
72,587
94.092 Accounts payable
Accounts receivable
42,036
253,173 Accrued interest and taxes__
Materials and supplies
79,995
Prepaid and deferred charges. 185,762 Reserve for depreciation
1,203 Capital and donated surplus-- 736.707
Sinking fund-Cash
138,706
Earned surplus
Total

54.770.032

84,770,032

Total

-Quarterly Report.Oil Shares Inc.

-May Recapitalize.
F. de C. Sullivan, President says:
National Steel Car Lines Co.
The average capital invested for the three months ended June 30 1929.
Recapitalization is expected to be the chief topic for discussion at a special
preceding quarter.
the board of directors called for July 22. The company, under was $11,426,625, compared with 210,438,423 for the30
meeting of
1929, was $201,108,
The net income for the three moliths ended June
management control of Freeman & Co.,equipment trust and transportation
hankers, was organized to act as vendor of railroad equipment and shortly equivalent to an annual rate of 7.06%.
After providing for quarterly di% Wends accrued to July 15 1929, on the
will make its report to stockholders showing that up to June 30, last, the
National Company has handled leases covering 17.483 cars with a total outstanding preferred stock amounting te 1135,759, there remained a net
valuation of more than 826,000,000. Leases include Issues to Sinclair balance available for the common stock of $65,359, equivalent to 38 cents
Consolidated Oil Corp , Trans continental Oil Co.. Indian Refining Co., per share on the average of 173,582 common shares outstanding during the
three months.
Chestnut & Smith Corp. and others.
For the six months ended June 30 1929,the total net income was $617.690.
At the regular meeting held yesterday for election of officers, Ernest L.
Nye. who was re-elected President, pointed out that the outlook for all equivalent to 11.40% per annum on the aveinge capital of 210,930,281
freight car business is considerably improved and that the company had invested for the period.
During the above period, two preferred dividends aggregating 8254,538
Just concluded the lease of 188 cars to the Mexican Petroleum Co. under a
were paid or accrued, leaving a net balance available for the COnlition stock
series "L" issue of cei tificates to be dated July 15 1929.
L. S. Free- of $363.153. equivalent to 24.41 per share per annum on the average of
In addition to Mr. Nye, the following officers were re-elected:
man and R. Kirk Haskell, Vice-Presidents: R. J. Burton, Treasurer. and 166,083 common shares outstanding for the period. There were also paid
F. L. Cole, Secretary. In addition to these, the directorate includes William two dividends of3744 cents each on the common stock.aggregating S127,322
leaving a net earned surplus as of June 30 1929. of 2397,676.
S. Haskell, general counsel.
-V. 126. p. 3462.
Percentage of Corporation's Funds Invested in Various Classes at June 30 1929
$958.962
National Tea Corp., Chicago.-Sale8.-Cash in banks and on hand
Class"A"
Increase.
400,000
Call loans
Increased 1929-6 Mos.-1928.
1929-June-1928.
5,573,386
Investment Standard Oil group
$7,540.865 27,502,720
238,1451245.015.243 242,284,378 22,710.865
-V. 128. p. 4016.
$6,932.347
Total invested
2.846.925
-Investments,independent group
Class'B"
-Consolidation.
National Theatre Supply Co.
-Invests., other cos. related to the oil &
Class "C"
3210.
-V. 125. P.
See General Theatres Equipment. Inc. above.
2,734,349
21.85%
gas Industry

3:113a

-Sales Increases.
Nedick's, Inc.

Period End. June 30Sales
-V. 128, p. 2476.

1929-8 Mos.-1928.
1929-Mo.-1928.
$326,668 21,854.794 $1,445,537
$453,075

-Conversion Plan.
Neisner Bros., Inc.

President A. H. Neisner announced on July 10 the new conversion terms
as a result of the recent declaration of a 60% stock dividend on the common
shares, payable Aug. 5 next.
Effective Aug.5 for each share of7% cumu.cony. prof. stock surrendered
by Feb. 1 1931,the holder will be entitled to receive 2.133 shares of common
stock; between Feb. 11931. and Feb. 1 1938, 1.16 shares.
For Neisner Brothers Realty, Inc. 6% sinking fund gold debentures:
*
If conversion be made on or before March 1 1931, $125 per share: if conversion be after March I 1931,and on or before March 1 1932.8156.25 per share;
If conversion be after March 11931 and on or before March 11933. $187.50
-V. 129.
per share; if conversion be after March 11933. $218.75 per share
p. 140.

100.00%
$12,513.621
Earnings for Respective Periods.
-3Months Ended- 6 Moe.End.
June 30'29. Mar.31 '29. June 30'29.
Period$844.746
2572,334
Interest, dividends & realized profits.. $272,412
26,259
Administrative & general expenses_ _ _
18,054.
Service, trustee trans. agent,registrar
29,044
28.699
57,743
& other fees
1,000
59,000
60.000
Res. against contingent service fees. 50,000
15,000
65.000
Reserve for Federal taxes
Total

Net income for period
Preferred dividends
Common dividends

$201,108
135,750
67.879

2416,581
118,786
59,443

$617,689
254.536
127.322

$235.831
def.$2,521
$238.352
Balance
158.500
166,083
Aver, number shs. com.stk. outatilg.
173,582
24.41
$1.88
Earns per share
$0.38
(J. J.) Newberry Co.
-June Sales.
Comparative Balance Sheet.
1929.
1929.-6 Mos.-1928. Increase.
-June-1928. Increase. ]
A see!''--June 03'29. Mar. 31 '29. Liabiltetes- June 39'29. Mar. 31 '29
$2,224.161
$602,548 410.711.757 $7,444.611 83,267.136
81,621,613
273,519
$396,221 Accounts payable $18,572
$958.962
Cash
-V. 128, p. 3844.
118,875
135,750
400,000 2,700,000 Pref. div. pay..Call h.ans
88,013
90,026
-53,191 Res. for Fed.tax
New England Equity Corp.
-Rights.
121,345
Accounts reedy.
The common stockholders of record July 1 have been given the right to Invests, at cost_ 11,154,659 8,046,099 Res. asst. cont.
82,686
81.686
2,202 service fees...._
on or before August 1 for additional common stock (no par value) Furn. & fixtures
2.367
subscribe
6% pref. stock__ 0,050,000 7,925.000
at $38 per share on the basis of one new share for each four shares held.
Common stock_ x1,810.000 1,585,000
V. 128, p. 2644.
928,423
Paid-in surplus.. 1,052,623
400,197
397.676
Newport News Shipbuilding & Dry Dock Co.
-Decision.
Earned surplusopinion has been handed down by the United States Circuit Court at
An
$12,637,333 $11,197,713
Total
Total
812,337,333 811,197,713
Asheville, N. C., in the case of the company appellant, and cross appellee,
vs. the United States of America, appellee and cross appellant. The opinion
x Represented by 181.000 no par shares. V. 128, p.2146.
held that the shipyard was liable on the ground of negligence for damage
occasioned by the fire to the steamship America, March 10 1926, but that
-Earnings.
Oilstocks, Limited.
the company, by virtue of its contract with the government, is relieved of
Earnings for 6 Months Ending June 30 1929.
Elliott
paying $2,000,000 damages sustained by the government.
9472.712
Northcott wrote the opinion, to which Judge Parket (John J. of Charlotte) Profitsfrom trading in securities
117.943
dissented, holding that the company should be liable for $2.000,000 dam- Dividends received & accrued
38,264
76. .y.
Syndicate participation profits
". - 127, p. 272.
2.964
Interest received

-$1.50 Back Dividend.
New River Co.

The directors on July 2, declared a dividend of $1.50 per share (due
Feb. 11922) payable Aug. 11929, to holders of preferred stock of record
July 20 1929.-V. 128, p. 2477.

Total income
Interest on funds borrowed
General expense

$631.883
224,550
16,705

Net earnings before taxes
2590,628
-Rights.
New Standard Aircraft Corp. Paterson, N. J.
412.532
-Dee.31 1928
Holders of stock in the corporation will receive valuable stock warrants Surplus
an announcement by the directors. The warrants
on July 15, according to stockholders to purchase one additional share at
Total surplus
11.003.150
will entitle the present
Cash dividends
$85,821
$15 for each four shares now held.
Stock dividend
624,081
The corporation, according to President Charles Auger, Jr.. is now getting
production of the New Standard training plane, powered with American
into
Surplus-June 30 1929
2293.255
Cirrus Engines, in addition to the larger passenger and mail carrying Earns, per sh.
on 367,760 average shs. outstanding
$1.61
models. Tentative orders for more than 50 of the small planes were offered -V. 128. p. 3845.
within 10 days after the first ship was flown several weeks ago.
the company
Formal acceptance of the orders was postponed until manufacturing coats
Oriental Navigation Co.
-To Retire Debentures.
until
delivery dates could be guaranteed.
could be determined, andsmall definiteis now going through the factory.
The company has issued a notice to holders of 6% 20
-year cony, debenThe first unit of the being planes
enlarged so the building of the small ships tures, dated May 11923. and secured by indenture of trust dated Nov. 1
present faciliti s are
and
of the large Whirlwind engined planes.
1927, of its intention to redeem on Nov. 1 1929.at 105 and int.
will not interfere with productionstill about a month ahead of productionacco, ing debentures, aggregating $745.300. Payment will be made all outstandat the office
ders on the larger ships are who report
additional markets opening of the Empire Trust Co., trustee, 120 Broadway, N. Y. Oity.-V. 125.
to company officials,
riling
p 256.
up in the South and far West




296

FINANCIAL CHRONICLE

Ontario Mfg. Co.-Earnings.
Earnings for Year Ended Dec. 31 1928.
Net sales
Cost of goads sold and commercial expense
Provision for Federal income tax

$1,661,929
1,387,446
33,000

Net profit for year 1928
Common stock and surplus Dec. 31 1927
Capital transferred through conversion of preferred stock
Adjustments increasing surplus

$241,283
407.989
43,500
3,910

Total surplus
Cash dividends paid

$696,682
108,854

Common stock and surplus Dec.31 1928
$587,828
Earns, per share on 51,305 no par shares common stock
$3.92
Balance Shia Dec. 31 1928.
AssetsLiabilities
Cash
$53,481
$35,572 Accounts payable
Accounts receivable
50,974
197.550 Accruals, incl. Fed.income tax
Inventories
556.500
484,109 Preferred stock
Gash surrender value-life ins_
x318,500
8,650 Common stock
Land, bldgs., mach'y & equip_ 499.765 Earned surplus
269,328
Deposit on compensation basun
2,356
Prepaid insurance premiums-7.777
Unamortlx. portion of reorgan.
i
$1,248,782
13,003
Total (each side)
expense
z Represented by 51,305 no par shares.
-V.128, p.4017.

-To Liquidate.
Osborn Mills, Inc., Fall River.
The stockholders on July 8 authorized the B. M. C. Durfee Trust Co. to
sell the land, buildings and machinery of the corporation. The tiust company is trustee under a mortgage given to secure bonds issued two years ago.
No action was taken on the dissolution of the corporation.
-V.127, p. 3716.

Otis Elevator Co.
-Listing.
-

[VOL. 129.

collieries and for which heretofore there has been little commercial use.
according to an analysis just made of the company by Hirsch, Lilienthal
& Co. The company plans the erection of a $6,000,000 generating plant at
Herndon, near Sundry, Pa., with a dam across the Susquehanna River
at this point.
-V. 128, p. 3367.

Pierce-Arrow Motor Car Co.-Sales.
-

The company reports for June sales of 1,472 cars compared with 634 a
year ago, an increase of 132%. This brings sales for the first 6 months
of 1929 up to 6,025 passenger cars alone compared with 2,729 in the first
six months of 1928, and 5,491 in the entire year 1928. In addition to
selling more cars in six months than were sold in the 12 months of 1928
the company had on hand on July 1 unfilled orders for 1,329 cars.
-V.128.
p. 4335.

Pittsburgh Screw & Bolt Corp.
-Listing.
-

The Pittsburgh Stock Exchange has authorized the listing of 1,500,000
shares (no par) common stock.
Statement of Earnings for the Five Months Ended May 31 1929.
Gross profit on sales
$2,194,212
Administrative and selling expense
470,564
Operating profit
Other income,

$1,723,647
128,659

Total income
Other deductions
Depreciation
Interest
Federal income tax at 12%

$1,852,306
2.683
189,857
97,997
187,432

Net profit for the period available for dividends
31,374,337
Balance Sheet as of may 31 1929
Assets
Liabilities
Cash
$3,225,400 accounts payable
$598,953
Accounts and notes receivable_ 1,386,087 Res. for Fed & general taxes
399,259
Inventories
2,727,925 Reserve for losses in inventory
Investment in marketable secs. 2.571,835
and contingencies
125,399
Unpaid subscrip. to cap. stock
11,856 Funded debt
3,993,000
Fixed assets
9,074,688 Cap.stk.(1,500,000 shs.no par) 1,500,000
Patents
37,618 Paid in surplus
9,817,891
Deferred charges
122,040 Earned surplus
2.722,947

The New York Stock Exchange has authorized the listing of $150.000
additional common stock (par 3501 on official notice of issuance of such
shares for acquisition of Graham & Norton Co., and the disposition of
three shares for cash making the total amount applied for $25,000,000.
Comparative Balance Sheet
Mar.31'29. Dec.31'28.
Mar.31'29. Dec.31'28.
Total
$19,157,449
Total
AssetsLiabilities8
$
819,157,449
$
$
Capital assets__ _a17,161,510 17,113,522 Preferred stock ___ 6,500,000 6,500,000 -V. 129, p. 141.
Invest, in subs ___ 7,363,296 7,275,012 Common stock _24,849,800 21,609,200
Plaza Office Building (Plaza Investment Co.), JackGovernment secur. 4,500,000 4,500,000 Accounts payable_ 1,031,833 1,873,303
Inventories
son, Miss.
8,717,420 8,183,725 Accrued Fed., dm.,
-Bonds Offered.
-The Canal Bank & Trust Co.
1,285,183 1,191,250 Standard
Notes receivable
400,805
391,060
taxes
Bond & Mortgage Co., New Orleans, La.; First
2.395,990 2,520,256
Accts. rec., less res. 7,934,637 8,561.663 Sundry credits
745.620 National Bank and Mississippi Bond & Trust Co., Jackson,
Cash
4,173,774 4,185,680 Dividends payable 842,085
Good-will, &c
1
1 Other reserves_ _ _ _ 4,214,150 3,826,500 Miss., are offering $375,000 1st
mtge. 6% serial gold bonds
9,454,682 12,137,361
322,281
192,826 Surplus
Deferred charges

at 160 and interest.

Total
50,573,723 50,403,491
50,573,723 50,403.491
Total
-V. 128. P. 4171a After deducting reserves for depreciation.

-Decree Issued.
Pan-American-Grace Airways, Inc.
The Chilean Government has issued a decree authorizing the corporation
line to carry mail, passengers and cargo over Chilean territory from the
-V. 128, p. 4335.
United States and intermediate points.

Pantex Pressing Machine, Inc.
-Rights-Dividends.
The stockholders on July 9 approved the issuance of 12,000 additional
shares of no par value common stock to finance expansion. Of the new
stock 7,105 shares will be offered to present stockholders at $60 per share,
one new for three old. The rest of the stock will remain in the treasury.
It was also voted to put the common stock on a dividend basis, consisting of $2 in cash annually (payable 50c. a share quarterly) and 4% in
-V. 128. p.3367.
-annually).
stock (payable 1-50th of a share semi

Parmelee Transportation Co.-Expansion.Pres. E. S. Miller states that negotiations have been concluded whereby
the Yellow Cab Co. of Pittsburgh will become affiliated with the Parmelee
company.
-V. 128, p. 3846.

Paterson Publishing Co.
-Trustee, Transfer Agent.
The Chemical Bank & Trust Co. has been appointed trustee for $200,000
of 6%% gold notes, and transfer agent for 3,000 shares of capital stock.

Peerless Motor Car Corp.
-Officers
-Shipments
.-

Dated July 1 1929: due serially 1931-41 incl. Denom. $1,000 and $500
Principal and int. (J. & J.) payable at the Canal Bank & Trust Co.. New
Orleans, La., without deduction for normal Federal income tax not exceeding 2%. Callable on any int. date after 30 days' notice at 101 and
hit. to July 1 1939, and thereafter at 1003i and int, to final maturity.
These bonds are the direct obligation of the Plaza Investment Co.,
incorp. in Delaware, and are secured, by a first closed mortgage on a
lot of ground in Jackson. Miss., fronting 130 feet on Congress St. by 80 feet
depth on Amite St. in the principal business district of the city. A modern
12 story and basement, fireproof office building, with steel frame and brick
with stone-trimmed exterior is being erected on this site containing about
1,210,000 cubic feet and about 60,000 square feet of rentable office space
above the ground floor. The ground floor will contain eight retail stores.
Company has estimated the annual income from this property as follows: Ground floor stores, $16,991; rentals from office space, $115,611:
total, $132,602: leas 10% allowance for vacancies, $13,260: operating expenses, $47,412; net income available for interest and principal on first
mortgage bonds, $71,930.

Pond Creek Pocahontas Co.
-Production.
Period End. June 30- 1929.-3 Mos.-1928.
1929.-6 Mos.-1925.
Coal output (tons)
219,160
195,769
419,611
370,797
During June, 1929, the company mined 72.768 tens of coal as compared
with 75,581 tons In June, 1928.-V. 128, p. 2285.

Poor & Co.
-Listed.
The New York Stock Exchange has listed 329.000 shares Class B stock
(no par value).
-V. 129, p. 141.

James A. Bohannon has been elected president succeeding Leon R.
Power 8c Light Securities Trust.
-Cash & Stock Divs.German. Don P. Smith, of Detroit has been elected vice-president and
The trustees have declared a dividend of 50c. in cash and 1%% in stock
assistant general manager.
Shipments for the first half of 1929 were 6,549 cars, against 5,387 cars in on the shares of beneficial interest, payable Aug. 1 1929 to holders of
record July 16 1929.-V. 129. p. 141.
the same period of 1928.-V. 128, p. 3203.

Pelz-Greenstein Co., Inc.
-To Increase Common Stock.
Changes Name.
The stockholders on July 1, voted to change the name to Consolidated
Factors Corp., President Oscar Greenstein announced. It was voted also to
increase the number of directors from 3 to 20, to increase the authorized
common stock from 135,000 to 202.500 shares and to distribute 1% shares
of new common for each share of present common stock, all changes becoming effective Sept. 3.-V. 128, p. 4172.

-June Sales.
(David) Pender Grocery Co.
Increase.
1929-6 Mos.-1928. increase.
1929-June-1928.
$1,315,710
835,371 1$7,639,895 $7,066,380 $573,515
$1,351.081
At June 30 1929, the company operated 401 grocery stores, 40 of which
-V. 128. p. 4017.
carried meat departments.

-Gross Sales.
(J. C.) Penney Co., Inc.

Prairie Cities Oil Co., Ltd.
-Initial Dividend.
The directors have declared an initial quarterly dividend of 25 cents
per share on the $1 cum. class A stock, no par value, payable Aug. 1 to
holders of record July 15. See offering in V. 128. p. 3203.

Public Industrials Corp.
-Earnings.
Earnings for Year Ended Dec. 31 1928.
Gross income
Operating expenses (net)
Operating income
Other income
Total income
Interest paid
Depreciation

$107,223
26,891
380,330
100,000
$180,330
13.018
1.546

Net income
8165,766
Increase. Dividends paid
Increased 1929-6 Mos.-1929.
-1928.
-June
1929
42.265
$17,121,067 $14,129,435 $2.991,632 1E83,124,806 $71,753,868 $11,370.938
the W. J. Lindsay Co., and the
Balance, surplus
-The sales of the J. B. Byars Co.,
Note.
3123.501
J. N. McCracken Co., chain stores purchased by the J. U. Penney Co. -V. 127, P. 3717.
early this year, are included for the first time in the total sales report, both
Public Investing Co.
-Initial Dividend.
for the monthly and 6 months periods.
The directors have declared an initial quarterly dividend of 25c. per
Commenting on the favorable sales report, President Earl O. Sams.
says: "The June increase indicates a satisfactory business condition existing share. payable Sept. 16 to holders of record July 15. See also V. 128,
throughout the country. It is anticipated with the sales reports received IL 1749.
for the last 6 months of the year that we will reach the quota of $215,000,000
Radio-Keith-Orpheum Corp.
let for 1929."-V. 128. p. 4335.
-Three-Way Bookings.
Three-way bookings for entertainment stars
-on the Keith-Albee-Sales.
Peoples Drug Stores, Inc.
Orpheum vaudeville stage, before the National Broadcasting Co. "mikes"
Increase. and for Victor phonograph records-has been perfected by the RadioIncrease. l 1929-6 Mos.-1928.
1929
-June--1928.
1,929,543 Keith-Orpheum Corp. and is expected to cut overhead expenses to the
3339,806137,125,297 $5,195,754
$924,724
11a64.530
bone,in addition to fuenishing superior amusement to the )Public,according
-V.128. p. 4017.
to a review of this company's position prepared by Rhodes & Co. "The
-Common Stock Removed from prestige of a theatrical organization." it says. "is dependent to a large
Pettibone Mulliken Co.
extent on its artistic talent. In this respect, the company has a uniq
New York Stock Exchange on Request of Directors.
position, in that the community of interests
Corporation
In our issue of June 15 we stated that the common stock of Pettibone of America furnishes Keith-Albee-Orpheum with the Radio
contact with artists of its
Mulliken Co. (N. Y.) had been stricken from the list of the New York subsidiary, the National Broadcasting Company,
and Victor Recording
Stock Exchange. Referring to the foregoing,H.R.Prest, Secretary, writes: Artists. As the company can offer stars contracts for three entertainment
'It is true that the common stock has been removed from listing on the media at once, it is in a position to pay higher
salaries and to command the
New York Exchange but it was done entirely on our own initiative, for pick of the artistic world."
--V. 128, D. 3203.
the reason that the preferred stocks had been called for redemption on
Feb. 1 1929 and only a very few shares of the common stock remained
Railroad & General Securities Corp.
-Stock Offering.
outstanding,since the company was reorganized as a Delaware corporation.
Therefore. on May 29 1929, the directors met and passed a resolution An issue of 7,500 shares common stock (no par value) was
requesting the withdrawal of the common stock from listing and a certified recently offered by The Huffman Co., Dayton, 0. at $20
-V.
copy of resolution was forwarded to the New York Stock Exchange."
per share.
128, p. 4017.
Transfer Agent, Railroad & General Securities Corp., Dayton; Registrar,
Philadelphia & Reading Coal & Iron Co.
-To Enter Third National Bank & Trust Co. Dayton.
Capitalization.
-Authorized 50,0130 shares, issued 15,000 shares.
Electric Field.
Business.
-Corporation was incorporated April 8 1929 in Delaware for
election to the directorate of partners of J. P. Morgan & Co. and the purpose of investing and re-investing its funds in securitlies.
The
Management.
-The management will be in the hands of an executive
Drexel & Co. points the way to active entry of this company into the
electrical generating field through the utilization of the small particles of committee, the members of which are directors and officers of the Huffman
_anthracite which are a by-product of the daily operation of the company's Col




FINANCIAL CHRONICLE

JULY 13 19291,

297

-Listing.
Scott Paper Co.
pi This committee is authorized to buy and sell such securities as they may
deem advisable, and in general to determine the extent of diversification of
The New York Stock Exchange has authorized the listing of 153,000
-V. 128, p. 3849
the corporation's assets. The management will render audited financial shares of common stock (no par value) to shareholders.
statements annually.
-Initial Quarterly Dividend, &c.
Seaboard Surety Co.
-H. L. Jeffery, Jr., President: Frank T. Huffman, Jr., ViceOfficers.
President: 0. G. Somdahl, Sec.; E. Wilson, Treas.
An initial quarterly dividend of lm,% has been declared by the directors.
Jr., Frank T. Hufftnan, Jr., 0. G. Somdahl, placing the shares on an annual basis of 5%. The disbursement, to be
-H. L. Jeffery,
Directors.
E. Wilson, Samuel L. Finn. Address of company, 1212 Third National distributed out of surplus earnings for the quarter ended June 30, will be
Building, Dayton, 0.
Payable Aug. 15 to holders of record July 31 1929.
in the second quarter of this year to 8105.959 from $40.Net
- 976 inincome rosemonths, it is announced. Net premiums in the second
-Adds Branch.
Rainbow Luminous Products, Inc.
the first 3
George L. Johnson on July 10 announced the acquisition by quarter totaled $111.871, while net premium income amounted to $33640
Chairman
the company of the electric and commercial sign division of the Central and investment income totaled $25,201. Profits on the sale of securities
Outdoor Advertising Co. This new unit operates in Cleveland and sur- amounted to $47,117, compared with 816,046 in the first 3 months of the
rounding territory. It is the eleventh branch operated by the Rainbow year. No account is taken in the income statement of the appreciation of
cempany.-V. 128, p. 4018.
securities held. The market value of these securities June 30 was $81,647
in excess of cost or book value. No losses have been reported, this fact
-Output (in Ounces).
Rand (Gold) Mines, Ltd.
being attributed by the management to the policy of accepting only pre1926.
1928.
1927.
1929
Month offerred risks.
796,270
839.000
843,857
876,452
January
Financial Statement as of June 30 1929.
753,924
779,339
816,133
815,284
February
Liabilities
Assets
834,340
860,511
877.380
866.529
March
$1,000,000
$89,035 Capital stock
803.303 Cash
825,097
824,014
872,123
April
175,149
Premium reserve
849,214 Invest. stocks & bonds (mar859,479
866.186
897,598
May
29.508
2,111,028 Commission reserve
ket value)
852,145
826,363
855,154
856,029
June
3,930
101,753 Unreported loss reserve
Outstanding premiums
-V.128. p. 4173.
1,000
21,776 Accounts payable reserve
interest
5,000
Tax reserve
-Extra& Special Dividends. Accrued
Raymond Concrete Pile Co.
19,252
Voluntary contingent reeer. _
The directors have declared the regular quarterly dividend of 50c per
1,089,753
$2,323,592 Surplus
Total(each side)
shale, an extra dividend of 25c per share and a special dividend of 25c per
share on the common stock, no par value, and also the regular quarterly -V.126. P. 1521.
of 75c. per share on the pref. stock, no par value, all payable
dividend
Net income in the second quarter amounted to 3105.959 as compared
Aug. 1, to holders of record July 20. Like amounts were paid on May 1 last. with $40.976 in the first three months_
while in February an extra distribution of 25c. per share was made on the
Net premiums In the second quarter totaled $111.871, while net premium
-V. 128. IL
addition to the regular quarterly payment.
common stock in
income amounted to $33,640 and investment income totaled $25,201.
2648.
Profits on the sale of securities amounted to $47.117, compared with
-Gross Sales.
(Robert) Reis & Co.
916.046 in the first three months of the year.
No account is taken in the income statement of the appreciation of
1929-6 Mos.-1928.
Period End. June 30- 1929-3 Mos.-1928.
these securities June 30 was $81,647
$2.255.653 22,072,210 $3,984.464 $3,915.004 securities held. The market value of announced.
'Gross sales
-V.126, p. 1521.
In excess of cost or book value, it was
-v 128, p. 2648, 2286.
Reliance Management Corp.
-Debentures Ready-Earnings, &c.

-Dividend.
Shell Transport & Trading Co., Ltd.

The Equitable Trust Co. of New York, as depositary of certain ordinary
Definitive 5% gold debentures, series A, (with allotment and stock shares of the above company, under an agreement dated Aug. 28 1919, has
purchase warrants) will be exchangeable for outstanding interim receipts received a dividend of 3s, per ordinary share, par El sterling each. The
at the Central Hanover Bank & Trust Co., 70 Broadway, N. Y. City. equivalent thereof distributable to holders of "American shares" under the
terms of the agreement is 81.447 on each "American share." This dividend
(See offering in V. 128, P. 904.)
will be distributed by the trust company on July 23 1929. to the registered
Summary of Income for the 3 Months Ended April 30 1929.
shares" of recerd July 16 1929. A distribution of 2s.
$148,691 holders of "American
Interest and dividends
per ordinary share, equivalent to 80.964 per "American share," was made
Profit on sales of securities (net)
31,339 on Jan. 22 last.
-V. 128, p. 4315.
Gross earnings
$180,031
-To Approve Stock.
Shell Union Oil Corp.
Interest on debentures
62.499
The stockholders on July 8 approved an authorized issue of $40.000,000
Provision for Federal income tax
10.500
stock. (See offering in V. 128, p. 4336.)
% cumul. cony. pref.
Miscellaneous general expenses
4.119
Net income-earned surplus, April 30 1929
$102,911
Consolidated Balance Sheet April 30 1929.
Assets
Liabitdies
Investments (at cost):
85,000,000
5% debentures
Domestic corporations-- $2,413,345 Accts. payable & accrued exp.
Foreign corporations
2,284,813 (incl. Federal tax)
28,443
•Cash & call loans
5,545,851 Accrued int. on debentures...
62,500
Due from foreign banks
2,510 Cap. stock (220,000 abs.) and
Accrued interest receivable_ _
5,055.000
335 Paid-in surplus
102,911
Earned stirplus

To Enter Retail Market in New York City.

As the latest step in its program of expansion the corporation will enter
the retail market in New York City with a chain of service stations for the
distribution of a complete line of lubricants and gasolines, it was announced
on July 6. The corporation has been rapidly expanding its sphere of activities until It now has marketing facilities in every State except Texas. While
the company has been active in New York State for tme time, it has not
hitherto invaded the metropolitan area.
According to the announcement the corporation plans to open hsortly
a group of service stations, located at strategic points throughout the city
and to extend this market as rapidly as possible to include the important
towns in near-by New Jersey. In establishing itself in this area, the Shell
Total
510.246.854 group will come into keener competition with the Standard 011 Co. of New
$10,246,854
Total
The company states the aggregate market value of investments as of York than before, and will tap a market which claims 30% of all the autoApril 30 1929 was 54.508.020.-V. 128, p. 904.
mobiles registered in the country.
Activities of the Shell interests In Now York will be directed by Shell
Richfield Oil Co. of Calif.
-New Vice-President.
Eastern Petroleum Products, Inc., a subsidiary formed to develop the last
-V.128
Bradford M. Melvin of San Francisco, has been elected a vice-president, remaining territory in America not already under Shell influence.
p. 4336.
secretary and general counsel.
-V. 128, p. 4336.

Rio & Buenos Aires Line, Inc.
-Transfer Agent.
The Chatham Phenix National Bank & Trust Co. has been appointed
transfer agent of 750,000 shares of common stock, no par value.

-Extra Common Dividend.
Royal Typewriter Co., Inc.

The directors have declared an extra dividend of 25 cents per share and
a regular semi-annual dividend of $1.25 per share on the new common
stock, both payable July 17 to holders of record July 10. Prior to the
-for-1 basis, the company paid an extra of $1.50 per
,recent split-up on a 2
share and a regular quarterly dividend of $1 per share on Jan. 17 1929
and on July 17 1928. In Jan. 1928 and July 1927, an extra distribution
-V. 129. p. 141.
of $1 per share was made.

-Listing.
Ruud Manufacturing Co.
The Pittsburgh Stock Exchange has authorized the listing of 123.300
shares of common stock (no par value). Company was incorporated on
June 28 1897, and is engaged in the manufacture of water heaters.
Authorized.
Outstanding.
Capitalization400,000 shs.
123,300 abs.
43ommon stock (no par)
Income Account Years Ended December 31.
1926.
1925.
1927.
1928.
Manufacturing profit__ $2,325,246 $2.369,941 82,842,363 $2,779,603
1,936,090
1,870,646
1,699.539
1,467,762
Selling expenses
348.177
329.644
311,996
303.116
-General & admin. asps
Operating profit
Other income

$554,369
11,823

$358,406
Dr.18,456

$558.096
40.317

$579.313
2,395

-Notes Called.
Silver Brook Anthracite Co.
All of the outstanding $600,000 6% collateral trust serial gold notes have
been called for redemption Aug. 1 at the following prices: Series E.due Feb.
1 1930, at 10014 and hat.: series F. due Feb. 1 1931. at 101 and int.: series
13, due Feb. 11932. at 101)4 and int.: series H,due Feb. 1 1933 at 102 and
int.:series I,due Feb. 11934.at 102% and int. series J, due Feb. 11935.at
103 and int. Payment will be made at the Irving Trust Co..60 Broadway,
N. Y. City.
-V. 128. p. 1572.

Simmons Co.
-June Sales.
Increase.
I 1929-6 Mos.-1928.
-1928. Increase.
-June
1929
$4.075,915 53.090,114
8985,8011523,011,035 317,008.629 86,002.406
-V. 128, p. 4020.

Skinner Organ Co.
-Capital Increased-Stock Dividend.
The stockholders on July 11 increased the capital stock from 55.000
to 60.500 shares, no par value. A stock dividend of 10% or 5,500 shares,
will be paid to stockholders of record July 15.-V. 129, p. 141.

Snider Packing Corp.
-Registrar.
The Equitable Trust Co. of New York has been appointed registrar for
-V. 128. p. 3340.
the stock of the above corporation.

-Liquidating Div. of $10 per
Southern Pipe Line Co.
-President Forrest M.
Share to Be Paid About December 31.
Towl, July 5, in a letter to the stockholders, says:

The sale of the part of the pipe lines of this company referred to in my
letter of April 12, was approved by the Pennsylvania P. S. Commission
and by over 71% of the stock. (See V. 128, p. 2650).
• On July 1 that property was deeded to the Manufacturers Light & Heat
Co. The Southern Pipe Line Co.received $100,000 in cash and a six months
Net profit forwarded
note at 5% for the remaining $855,056.
$498.211
$297.129
surplus
$513.456
2509.078
to
The officers of the company expect to be in position to send to the stock
Pro Forma Balance Sheet Dec. 31 1928 [Ruud Manufacturing Co. and Ruud- holders the $10 per share on or about Dec. 31 of this year.
-V.128. p. 3014
Humphrey Water Healer Co. of Texas).

Net profit
Fed.Income taxes paid or
provided

$566,192

$339.950

$598,413

$581,709

67.981

42,821

84,957

72.630

LtablittiesAssets9308,555 Accounte payable
$83,410
Cash
864,508 Accrued liabilities
Marketable secur.& accr. int.
71,580
96.666 Reserve for Federal taxes and
Notes & accept. reoelv
720,819
contingencies
20.318
Accounts receivable
1,194,589 Capital stock and surplus-- z3.708,660
Inventory
136,724
Ruud Mfg. Co., Ltd.. London
171,689
Other assets
318,960
Permanent assets
1
Patents
Total (each side)
73,457
83.883.966
Deferred charges
-V. 128,
Represented by 123.300 shares no par value common stock.
x

p.3530.
-Registrar.
St. Louis Aviation Corp.

The Bankers Trust Co. has been appointed registrar in New York for the
common stock. See offering In V. 128, p. 4336.

-Safeway Stores, Inc.-Sales.
Increase.
Increase.' 1929-6 Mos.-1928.
-June--1928.
1929
318,097.822 $9,192,248 28.905.5741294.022,452 347.598,794 846,423,658
-V. 128. p. 4019.

Sally Frocks, Inc. June Sale8.1929-June-1928.
$251,190
$324,783
-V.128, p. 4019. 3204.

1929-6 Mos.-1928.
Increase.
873.593181,707.969 81,139,187

-June Sales.Schiff Co.
1929--June-1928.
$439,051
1748,160
-V,128. p. 4019.

Increase.' 1929-6 Mos.-1928.
8309309183.770.666 $2,272,213




Standard Creameries, Inc.,San Francisco.
-Control.

See Borden Co. above.
-V.125. p.2541.

Standard Oil Co.(New Jersey).
-New Plant.
Respecting the new hydrogenation plan for treating gasoline, the company states in its official organ, "The Lamp," that a 5,000-barrel-per-day
plant will be in operation in the Bayway refinery by the end of thb year.
After this plant has been operated for a length of time sufficient to demonstrate the correctness of design as to its material features, and give the data
necessary for the accurate determination of the cost of operation, the use
of the process will be made generally available to the petroleum industry
of the United States. The volume yield of gas oil or gasoline by hydrogenation is practically 100%; that is, 100 barrels of gas oil or gasoline can
be produced from 100 barrels of fuel oil or refinery residues.
The company's Third Employees' Stock Acquisition Plan had grown to
the end of April. 1929, to $2,224.052, this amount representing the net
cost to the 24,819 employees remaining on the trustees' list. This compares
with $1,730,000 for 19,739 subscribers In the second plan for the same period
and $1,571,000 for 12.048 employees in the first. Over 60% of those
eligible subscribed this year, 56% being the percentage in 1926 and 52%
in 1921
See also Standard Oil Co. of Pennsylvania below.
-V.128, p. 3369,3338.

Standard Oil Co.(Pennsylvania).
-Stock Increased, &c.

This
Increase. creased company, a subsidiary of Standard Oil Co. (New Jersey), has inIts authorized capital from 81 000,000 to $10,000,000 and it is
8568,782 reported to have acquired the gasoline oil station chains in Pennsylvania
of the Supreme Oil Co.. Harrisburg, Spartan Oil Co.. Philadelphia and
Quality Oil & Gasoline Co., Pittsburgh.
Sterling Securities Corp.
-Earnings.Increase.
The corporation reports net earnings after deducting all charges and
$1,498.453
dividends on the preferred shares for the first 6 months ended June 30 1929.

298

FINANCIAL CHRONICLE

of 3953,728, equal to $1.33 for the 6 months on the class A shares outstanding. The earned surplus of the corporation as of June 30 1929 was 31.354,250. an increase of 2953,728 since Dec. 31 1928.
Total income for the first half of this year totals $1.477,171, an increase
of 2533,988 since Dec. 31 1928, when the total income stood at $943.184.
Expenses and dividends accrued show a total of $523,443 for the period.
The corporation, incorporated in April, 1928. and which was organized
by Insuranshares Corp. started business with resources of $8,000,000 while
the 6 months report reveals it now has assets of 218,906,974, an increase
of $2,254,794 over the period ended Dec. 311928. Interest and dividends
are reported at $427,225 as against $539.637 on Dec. 311928, or decrease
of $112,412. Profit on sales show an increase of $646,400 for thea months
6
period, the total on June 30 1928 being $1,049,946 as compared with $403,546 for the period ended Dec. 31 1928.
The portfolio shows a total cost value of $12.943,967 and a market value
on June 30 1929 of 316,874.250. or an increase of $3,930,283. This gives
Sterling unrealized earnings for the 6 months period equivalent to 22 73 per
share.
-V.128, p. 4337.

Studebaker Corp. of America.
-Sales Higher.
-

[VOL. 129.

Tin Producers Association.
-Association Reported Representing Half of World's Output Formed in London.
-

Dispatches from London state that the organization of a Tin Producers
Association, through which 167 British tin producing companies, controlling
nearly half the world's output of tin ore, will unite to stabilize the
has been effected in London. The participating companies are industry
reported
to have a combined annual production of approximately
100,000 tons of
tin ore, constituting a large proportion of the British Empire's
tin business.
A provisional council of 21 members was elected to direct the
activities of
the new association.

Tobacco Products Corp.
-Registrar.
-

The Chase National Bank has been appointed registrar for
certificates
of deposit for 2,169,262 shares of class A stock, par $20,and 2,924,552
shares
of common stock, par 320.-V. 128. p. 4023.

Tower Manufacturing Corp.,Boston.-New Director.
-

James B. Biough has been elected a director.
-V. 128, p. 3533.

Sales of 31,168 cars in the second quarter, compared with 30,028 in the
Traveler Shoe Stores, Inc.
-June Sales.first quarter, were announced to-day by Vice-President Paul G. Hoffman.
1929-June
,
-1928.
Increased 1929-6 Mos.-1928.
Increase.
Pierce-Arrow sales for June were 1,472 cars compared with 634 a year 3545.246
3481.905
363,339132.418.658 32,154.734
$263,924
ago, an increase of 132%. This brings Pierce-Arrow sales for the half year -V. 128, P. 4023, 2107.
up to 6,025 passenger cars alone, compared with 2,729 in the first six
months of last year, and 5,491 in the entire year 1928. In addition to
Underwood Elliott Fisher Co.
-Earnings.
selling more cars in six months than were sold in the 12 months of 1928.
(Including Elliott
-Fisher Co. and Subsidiaries.)
Pierce-Arrow had on hand July 1 unfilled orders for 1.'329 cars.
Period Ended1929-3 Mos.-1928.
1929-6 Mos.-1928.
Studebaker President and Commander sales were 40,664 cars for the Net after exp. & charges $1,666,840
$939,967 $3,973,242 $2,487,918
first six months of 1929 as compared with 28,565 cars during the corre- Other net income
139,206
95,445
229,703
192,880
sponding period of 1928, or an increase of 42%,although the total of 61,196
Studebaker cars for the first six months a 1929 is less than the correTotal income
$1,806,046 31,035,412 $44,202,945 $2,680,798
sponding figure of 75,284 cars for 1928. The decline in sales volume has Depreciation
126.112
187,859
304,078
339.299
been primarily in the Erskine which has been sold on an extremely small Federal tax reserve
229,365
64,135
524,683
266,830
margin of profit to the corporation, and in the Dictator. Six cylinder and
eight cylinder lines of new Dictators are being introduced and promise a
Net income
31,450.569
2783,418 33,374.184 $2,074.669
large increase in Studebaker unit volume, the announcement says.
-V. 129. tills. corn. out. (no par).
696.835
645.200
696,835
445,200
P. 143.
Earnings per share
$1.94
$1.07
24.57
$2.92
- 129, p. 144.
V.
Stutz Motor Car Co. of America, Inc.
-Lower Prices.
The company introduces an entirely new standard of values in the fine
Union Oil Co. of California.
-Earnings.
ear field with the announcement on July 1 that the base price on the new
Period End. June 201929-6 Mos.-1928.
series Stutz would be $2,775, f. o. b. Indianapolis, and $1.995 on the com- Profits after Fed, taxes 1929-3 Mos.-1929.
panion Blackhawk car. The reductions run as high as $700 on Stutz and
interest, &c
$8,150,000 $5,850,000 $14,200,000 $10,650,000
$400 on Blackhawk, although the cars have been still further refined and Deprec., depict., &c.3.750.000
2,550,000
7,200,000 4.850,000
improved.
Net income
"The new prices have been made possible by the remarkable increase in
$4,400,000 $3.300.000 27.000,000 35.800,000
Stutz sales this year, including a phenomenal gain of 72% for thesecond Shares$a5) stk. outstdg.
c2p
.
quarter over the corresponding period of last year," said Col. E. S. Gorrell
4,060,000
3,791,924
4,060,000
3,791,924
President of the Stutz company, in making the announcement.
$1.08
-V. 129. Earns. per sh. on cap.stk.
$0.87
$1.73
$1.52
- 128. p. 3851.
V.
P. 143.

Superior Oil Corp.
-Recapitalization Proposed.
-

The directors have approved a plan for recapitalization which will be
submitted to the stockholders at a meeting to be called for July 31. The
authorized capital stock will be reduced to 2.400.000 shares of no par value
from 2,500,000 shares (of which 2,330,938 shares are outstanding) and one
share of new stock will be exchanged for every three shares at present
outstanding.
E. R. Perry. Chairman of the Board, stated: "The recapitalization plan
will allow a more flexible corporate structure for carrying out the program
of expansion undertaken late In 1928.
"During the past 12 months the corporation has pursued a policy of
erpansion, with favorable results as shown in the operations for the first
6 months of 1929. It is the policy of the directors to continue this program
aggreedvely.
"In order to facilitate this development the board has deemed it expedient
to change the capital structure, which will involve an amendment to the
diarter, changing the present 2,500,000 shares of no par value to 2,400,000
shares of no par value and the exchange of one share of new stock for three
shares of the present stock. Upon completion of this exchange there will
be 776,979 shares of new stock outstanding, leaving 1,623,021 shares unissued in the treasury.
"Production for the first 6 months of 1929 was 1,287,560 barrels, compared with 493.414 barrels in the corresponding 6 months of 1928. The
corporation Is drilling at the preterit time more than 20 wells in Oklahoma
and Texas. Two wells were completed as producers within the past few days.
"The policy of the corporation for several years as regards depreciation,
depletion, &c. has been liberal. In the second quarter of 1929 deductions
on account of depreciation, depletion, expired leases, &c., amounted to
'
3693,590 and in the first quarter to $541.475 a total of $1.235,000 for the
first 8 months of this year as compared with $704,863 in the corresponding
6 months of 1928."
Periodnded Juns 3 0. 1929-3 Mos.-1928. 1929-6 Mos.-1928.
Gross earnings
$1.268,097
$377.543 $2,317.947
$661,654
Bcpenses. interest, &c..633,632
290,602
1,287,832
533,763
Depreciation
254,771
189,899
389,711
385,396
Depletion
256.959
123,673
505,144
243.540
' Net profit
3122,7351004226,631
$135,260loss$501.045
Comparative Balance Sheet.
Assets-June 30'29. Dec. 31 '28. Liabilities- June 30'29. Dee. 31 '28.
Plants.leaseholds.
Capital stock._d$16,968,115 $9,673,715
pipe Linea &c._$17,552,579 $4,673,522 Bonds
173,600
Invest still. co's_
104,541
45,100 Accounts payable
455,812
121,961
Cash
262,984
106,906 Notes payable_
875,500 1,315.000
Oil ds gasoline_ _ _
47,948
Accrued accounts
120,004
70,144
Supplies
370,031 c509,569 Deferred Habil_
750,000
Accts. dr aotes rec
918,086
191.876 Surplus
127,916df4,218,697
Sinking fund_
39,434
Pay. under contr_
d1,550,000
Deferred charges_
39,178
19,316
Total
$19,295,347 17,135,723
Total
$19,295,347 $1,135,723
a After depreciation and depletion. b Represented by 2.330.938 no-Par
shares. c Includes oil and gasoline. d Partial payments made under contract to acquire stock of Moody Corp.
-V. 128, p. 3532.

Swan-Finch Oil Corp.
-Rights.
-

The common stockholders of record June 25 are given the right to
subscribe on or before Aug. 10 for 11,486 shares of 7% pref. stock at par
125 per share) in the ratio of one share of preferred for every three shares of
common held. Each share of pref. stock carries with it a warrant entitling
the bolder to subscribe to one share of common stock at 325 per share on or
before Aug. 11932.
The larger portion of the proceeds from the new preferred issue will be
used to reimburse the company's treasury for capital expenditures,improvements, etc.
-V 127. D. 2552.

Sylvania Insurance Co. Phila.-Initial Dividend.-

The directors have declared an initial quarterly dividend of
able Aug 1 to holders of record July 20.-V. 128, P. 4022.

%, pay-

(E.. E.) Taylor Co.
-Final Liquidation Dividend.
-

The directors have voted to distribute 70c. a share cash on account of
principal to the first preferred stockholders of record July 12. This is the
final payment in liquidation of the first preferred stock.
With this 70c. payment,the first preferred stockholders will have received
95.7%, $75.70 of which has been paid in cash and $20 par value in the
7% cum. preferred stock of the E. E. Taylor Corp.
-V. 126, p. 3467.

Union Tobacco Co.
-Deposit of Stock.
-

It is announced that 80% of this company's stock and
of the outstanding United Cigar Stores Co. shares have a large amount
been deposited
with the Guaranty Trust Co. in exchange for shares of the United
Corp. The offer will remain open until July 15, when the plan Stores
may be
declared operative.
-V. 128, p. 4023.
United Aircraft & Transport Corp.
-Earnings.
-

The company reports for the 5 months ended May 31 net profits of $3,327,414, equal to $1.94 a share on the common stock. Unfilled orders
on
June 1 amounted to $10,000,000. During June a total of almost
$6,000,000
additional business has been received.
-V. 128, p. 4338.

United Business Publishers, Inc.
-Publications Merge.

The Boot and Shoe Recorder of New York, a weekly publication in
shoe and leather trade and a unit of the above corporation, has acquired the
the
Hosiery Retailer, a monthly trade paper in the hosiery field, hitherto
published by the Shoe Retailer of Boston. This acquisition follows that
of
the shoe Retailer. The Shoe Retailer will be merged with the Boot and
Shoe
Recorder, the combined publication appearing on Aug. 3 as the Boat and
Shoe Recorder.
-V. 128. p. 4024.

United Carbon Co.
-Increased Production Facilities.
-

The company announces the completion of a new carbon black
at Rock Creek, Texas, and that construction has been started on two plant
more
plants to be finished in September. This will bring total capacity to about
110,000,000 pounds per annum compared with an actual 'production of'
60,525,530 pounds in 1928 and an estimated output of 97,000,000 pounds
for 1929.
Construction has also commenced on a large natural gasoline plant in the
Richland Parish Field in Louisiana to extract the gasoline from the gas to be
furnished from that field to the various pipe line systems to St. Loule,
Birmingham and elsewhere. This plant is expected to treat 30,000.000
cubic feet of gas daily.
While no estimates of the second quarter's earnings is yet available, the
quarter's record is believed to have continued the good showing of the first
quarter, the announcement adds.
-V. 128, p. 4338.

United Cigar Stores Co. of America (& Subs.).Rzgistrar, Sales, etc.
-

The Chase National Bank has been appointed registrar of 195,248
share
of preferred stock. Dar $100 and 1,393,052 shares of corm9280.n stock, Dar
$10.
Month of JuneIncrease.
Sales
$8,819:627 $8, 97,445
1929 4
2322.182
- 128, P. 4175.
V.

United Crescent Dry Cleaning Corp.
-Earnings.

-The company reports for the year ended Dec. 31
able for interest, depreciation and Federal taxes of 1928, net profits avail2119,930.
For the 3 months ended March 31 1929 the company reports
of $15.478 before bond interest, bond discount and expense, net earnings
depreciation,
and Federal income taxes against $5,207
for the comparative period of
1928.-V. 126. p. 2002.
United States & Foreign Securities

-Listing.
The New York Stock Exchange has authorized Corp.
the
shares of 1st pref. stock (no par value) and 1,000,000 listing of 249.950
shares of common
stock (no par value) with authority to add to the list
50 shares of such 1st
pref. stock upon official notice of issuance on
payment of the final installment of the allotment price of the let pref. stock
the corporation relating to that number of such allotment certificates of
ment ofsuch allotment price having been called for shares, the final installpayment on Nov. 11927.
Corporation was organized in Maryland
9
formed with broad powers, being authorizedOct.its 1924. Corporation waa
by
charter (which does not
restrict the powers of the corporation in the purchase
of securities) to purchase, hold and generally deal with investment
Invest and reinvest its funds (in which business securities, and otherwise
the corporation has bees
solely engaged since its organization), as well as to
engage in commercial,
mercantile, manufacturing and industrial enterprises.
The corporaion is managed independently by
its
tors and it has no management or other contracts own officers and direcrelating to the conduct
of its business.
-V. 128, p. 877.
United States Realty & Improvemen

t Co.
-Contracts.
The directors on July 11 approved contracts
A. Puller Co. amounting to 219,700,000 -V. entered into by the George
128, p. 4025.
United States Steel Corp.

Thermoid Company.
-Dividend No. 2.
-

-Bonds Called.
All of the outstanding 50
-year
series E, have been called for 6% gold bonds, series A, series C and
redemption Sept. 1 at 115 and interest.
Payment will be made at the United States
Trust Co., trustee, 45 Wall.
Street, New York City.

Thompson Products, Inc.
-Earnings.
-

Unfilled Orders.
-See under "Indications of Business
Activity" on a preceding page.
-V. 129, p. 145.
United Wall Paper Factories, Inc.
-Transfer Agent.
-

The directors have declared a second quarterly dividend of 13j% on
the outstanding 7% cumul. cony. pref. stock, payable Aug. 1 to holders of
record July 19. An initial quarterly distribution of like amount was paid
on this issue on May 1 last.
-V.128. p. 4174
5 Months Ended May31-1929.
Net profit after cllanges and Federal taxes
$646.621
Shares conbined class A and B stock outstanding
(no par)
262,660
Barns. Per share32.41
-v. 128. P. 4338.




1928.
2417,028
248,960 ,
$1.61

The Chase National Bank has been appointed transfer agent for
ized issue of 286,490 shares of no par value common stock.-V. an author126, rt• 1389.

UniversalLeaf Tobacco Co.
-35% Stock Dividend.
-The
directors have declared a 35% stock dividend on the corn-

JULY 13 1929.]

FINANCIAL CHRONICLE

stock, payable Aug. 13, in addition to the regular quarterly
cash dividend of 75c. per share, payable Aug. 1.-V. 127,
p. 1542.
-Proposed Increased Div. Rate.
Vick Chemical Co.
-

The directors have declared the regular quarterly dividend of $1 a share
on the old stock, payable Aug. 1 to holders of record July 17. Recently
the stockholders voted to split the stock 2
-for-1 but inasmuch as the new
stock will not be distributed until July 29, the cash dividend just declared
will not be payable on the split up stock.
In announcing the dividend Vice-President K. E. Prickett made the following statement:"The directors have committed themselves to an increased
dividend, rate of which will be announced at the annual meeting to be held
in August when the results of O fiscal year will be known and plans are
made for the ensuing fiscal year."
-V. 128, p. 4339.

Waldorf System, Inc.
-Sales.
-1929
-June
-1928.
$1_271,657 $1,179,655
-V. 129, p. 145.

Increased 1929-6 Mos.-1928.
$92,002 $7,884,695 $7,250,557

Increase.
$634,138

Walgreen Co.
-June Sales.
1929.
-June
-1928. Increase. I
1929.-6 Mos.-1928. Increase.
$3,884,770 $2,579,071 $1,305,699 621,006,242 $14,232,646 $6.767,596
-V. 128, p. 4176.

Warren Bros. Co.
-Contract.
-

299

J. Kibben Ingalls will be President of the Western Refrigerator Line,
Mr. Ingalls also is President of the North Western Refrigerator Line Co.
which is operating several thousand refrigerator cars in the service of the
Chicago & North Western Railway.
The Green Bay & Western is regarded as the outstanding short line connecting the Northwest with the Michigan Peninsula and Detroit and other
large centers. Its traffic has been steadily increasing and for the past
several years this road has handled in excew of 1,000,000 revenue freight
tons per annum. The financial position of the Green Ray & Western
System is unique in that this road has no direct mottgage debt. Dividends
have been regularly paid on its common stock from 1904 to date.
The organization of the Western Refrigerator Line is following out a
policy which is pursued by most of the larger railroad trunk lines of the
country through privately-owned refrigerator companies such as The
Pacific Fruit Express; the Fruit Growers Express: Western Fruit Express;
Merchants Dispatch Transportation: North Western Refrigerator Line
and others. These refrigerator lines, while privately owned, enjoy close
working arrangements with the roads with which they are affiliated, and
the use of such equipment is of great service to shippers in the speeding up
of deliveries of perishable freight.
The tremendous increase in the dairy business of the Northwest has
made organization of the Western Refrigerator Line an imperative need.
The company will expand its line and increase with its needs, and will
handle its iepairs at shop at Baraboo, Wis.
Freeman & Co., have taken an active participation in the growth of the
equipment needs necessary to care for the perishable freight movement
and as in the case of the North Western Refrigerator Line will have a stock
Interest in the new company. E. Kirk Haskell, a member of the firm of
Freeman & Co., has been elected a member of the board of directors of the
Western Refrigerator Line.

The company has been advised that the State of Arkansas has awarded a
contract to a local contractor for paving approximately 15 miles of State
Highway with Warrenite-Bitulithic pavement. The new pavement will be
-Stock Placed on a
Western Tablet & Stationery Corp.
laid over a reconstructed gravel highway and will make a total of approximately 67 miles of Warrenite-Bithulithic on the main highway between $2 Annual Dividend Basis.
Memphis and St. Louis.
The directors have declared a quarterly dividend of 50c. per share on the
for
The company announce that they he
ey have closed t co
a contract, valued at common stock, no par value, payable Aug. 1 to holders of record July 21.
, valu
mroalltAly $5 „ laying W
p
ni Bitull laic in Guatemala.
-V. An initial dividend of $1 per share was paid on this issue on Jan. 10 last.
-V. 128, p. 3852.

Washington Oil Co.
-Pays 50% Stock Dividend.
-

-New President.
Westinghouse Electric & Mfg. Co.

The company on June 15 last paid a 50% stock dividend on the outFrank A. Merrick has been elected President. succeeding E. M. Herr.
standing $396,225 common stock, par $25, and on June 20 a quarterly resigned. Mr Herr has been elected Vice-Chairman of the board.
-V.128.
cash dividend of $1 per share, both to holders of record June 10. A quarp• 3702.
terly cash dividend of $1 per share was also paid on March 20 last.
V. 128. p. 3535.
-Station Sales.
White Eagle Oil & Refining Co.
1928.
1929.
6 Months Ended June 30-Wedgwood Investing Corp.
-Earnings.
41,166,600 41,282,001
The corporation, in its first income statement as of May 31 1929,from Station sales (gallons)
date of organization in November 1928, reports net income of $368,777, -V. 128. p. 3535, 721.
with net profits of $282,657 after preferred stock dividends which is equal
-June Bus Shipments.
White Motor Co.
to $1.71 per share on the 165,000 shares of common stock outstanding.
The company reports June shipments of 109 buses, the record so far this
Including appreciation of securities remaining in portfolio, the company
reports that earnings would be equivalent to $4.75 per share on the out- year. Among the larger deliveries were 14 model 54 buses to United
,
standing common stock. Total assets as of May 31 1929 were $4,793,488, Electric Railway Co. of Providence: 12 to Rochester Railway Co-ordinated
-V.128. p.3371.
while investments at cost totalled $4,043,977. The market value of Bus Lines,and 8 to Decamp Bus Line,of Livingston, N.J.
securities owned on this date was more than $500,000 greater than book
-Earnings.
Wilcox-Rich Corp.
value.
The company reports for the four months ended April 30 1929 net income
The quarterly dividend on the 6% cumulative preferred stock has been
declared payable on Aug. 1 1929 to stockholders of record July 15 1929. of $659.032 after depreciation, Federal taxes, &c., equivalent to $2.47 a
-V. 128. IL 3702.
share on the 210,000 class B shares outstanding.
-v. 128, p. 268.

Weinberger Drug Stores, Inc.
-Rights
-Earnings.
-

The directors have authorized the issuance of 5,000 additional shares of
common stock, to be offered at $35 per share at the rate of one new share
for 5 old shares. The offering will be made to stockholders of record Aug.
15 and will be payable on or before Sept. 15. The new capital will be used
in the company's expansion program, which contemplates opening 6
additional stores before the end of the year, and to provide added funds for
the rapidly growing wholesale department.
Net earnings for the 6 months ended June 30 amounted to $82,368, which
after allowance for bonuses to managers and reserve for Federal income tax
Is equivalent to $2.56 per share on the outstanding common stock.
-V.
129, p. 145.

Weirton Steel Co.
-Buys Mine.
-

In line with its policy of provialng adequate sources of raw materials the
company has acquired the Isabella mine of the Hecht Coal & Coke Co., one
of the Hillman interests. Payment for this property, it is said, is to be made
partly in stock of the Weirton Steel Co.and partly in cash.-V. 128, p. 3352.

Wesson Oil & Snowdrift Co., Inc.
-Earnings.
9 Months Ended May 31Profit from operations
Provision for depreciation
Provision for Federal income taxes

1928.
1929.
$2.240,152 $3,023,946
777,407
723,398
291,000
181,200

Net profit
7% Preferred dividends
Convertible preferred dividends
Common dividends

$1,335.554 $1,955,539
x505,750
763,346
x400,000
900,000
x900,000

Surplus
def.$470.196
$292,193
Shares corn. stk. outstand. (no Par)
600.000
300,000
Earnings per share
$1.56
$3.97
a Approximate-inserted by editor.
Balance Sheet May 31
1929.
1928.
1929.
1928.
AssetsLtatrUtttesReal est.. Plant en
Bank loans
6,500,000
&e., less deprec _11,256,558 11,526,645 Res. for sum. rep_ 623,941
660,031
Inv.& adv. to Mill.
Min. int. in sub. co
71,940
companies
183,549
270,732 Accounts payable_ 1,721,585 1,271,584
Cash
'4,265,466 4,164,513 Prof. dive. pay.._ 400,000
252,875
Inventories
22,153,472 18,010,730 Res. for Fed. tax__ 270,660
299,745
Accts. & bills rec. 4,485,336 3,554,835 Res.for ins.&contg 1,757,265 1,475,078
Miseell. investmls
18,343
18,869 Cap. & surplus :37,865,390 27,455,121
Insur. fund Invest_ 287,192
297,580
Prepaid expenses _
60,865
70,530
Total(each side)42,710.781 37,914,434
a Represented by 400,000 shares $4 convertible preferred stock and 600.000 shares no par common stock.
-V. 128, p. 3016.

Western Air Express Co.
-Volume of Business.
-

For the first six months of 1929 the corporation carried 13,102.715
pieces of air mail, as compared with 4.456,360 pieces during the corresponding period last year, an increase of 8,648,355 pieces.
During the period 7,880 passengers were transported, against 6,794
for the entire year 1928. In June the corporation carried 2235 passengers
on all divisions, of which 371 used the service inaugurated June 1 between
Los Angeles and San Francisco.
-V. 128, p. 4177.

Western Auto Supply Co.
-June Sales.
-

-1924.
-June
1929.
$1,117,211
$1,467,000
---V. 128. p. 3852.

Increase. I
1929.-6 Mos.-1928. Increase.
$349,7891$6,619,154 $4.996,075 $1,623.079

Western Dairy Products Co.
-Ice Cream Sales.
-

The company reports an Increase of 29% in ice cream sales for the month
of June as compared with the same month last year. Wholesale milk sales
Increased 27% and retail milk sales 4% over June of last year. The sales
are those of the company and its controlled companies, including the newly
acquired properties of Western Dairy Farms.
-V. 128. P. 4177.

-An additional issue
-Stock Offered.
Wilson-Jones Co.
of no par value capital stock is being offered by Jackson &
Curtis of New York and Boston, Pickhardt & Ellis of
Boston,and Stern Bros.& Co. of Kansas City, Mo.
The company is the largest organization in the world manufacturing a
complete line of loose-leaf products, including ledgers, visible indexes and
other bookkeeping, accounting and record-keeping equipment The
company recently acquired the assets and business of the Irving-Pitt Manufacturing Co. Manufacturing plants of the company are located in Chicago. Kansas City and New York City.'
Net sales of the company, including the net assets of Irving-Pitt Manufacturing Co., were on the basis of the first seven months of the current
fiscal year at the rate of over $6,000,000 per annum. The net profits of
the company, including net profits of Irving-Pitt Mfg. Co., for the 12
months ended Aug. 311927. were 6603,628: for the 12 months ended Aug.
31 1928 were $656,913, and for the seven months ended Mar. 31 1929 were
$535,452. These earnings on the basis of 136,400 shares of stock to be presently outstanding are equivalent to $4.80 per share for the 12 months ended
Aug. 31 1928, and it is estimated that earnings upon a similar basis should
equal approximately $6.50 per share for the 12 months ending Aug.31 1920.
Dividends are now being paid on the capital stock at the rate of $3 Per
annum, and it is contemplated that this rate will be maintained upon the
entire 136,400 shares of capital stock presently to be outstanding. The
company has no bonds or preferred stock. Compare also V. 128, p.4026.

Willys-Overland Co.
-John N. Willys Sells Large Block
of Holdings.
Secretary A. B. Qualy in an announcement says:
A syndicate including George M. Jones, President of the Ohio Savings
Bank & Trust Co.; Marshall Field and Charles Glore of Field. Glore & Os.
of Chicago: C.0. Miniger, President of the Electric Auto-Lite CO. and officers of the Willys-Overland Co.. have purchased from John N. Willy' a
very substantial portion of his personal holdings of Willys-Overland common stock.
Most of the members of the syndicate, the announcement states, have
been closely associated with Mr. Willys for a number of years and Were
already large holders of the company's securities.
The sale of stock, according to the statement, does not mean that Mr.
Willys will withdraw from the company, but no announcement of his plass
will be forthcoming for a few days. -V. 128. p. 3210.

(F. W.) Woolworth Co.
-New Common Stock Placed on a
$2.40 Annual Dividend Basis.
-The directors have deolared
a quarterly dividend of 60c. per share on the new common
stock, par $10, payable Sept. 3 to holders of record Aug. 10.
This places the issue on a $2.40 annual basis and is equivalent
to the $6 basis which was being paid on the old common stock
of $25 par value, which was split up on a 2M for 1 basis.
Compare V. 128, p. 269.-V. 129, p. 145.
Wright Aeronautical Corp.
-Deposits.
See Curtiss-Wright Corp.
-V. 128. p. 4339.

Yates-American Machine Co.
-Earnings.Period Ended May 31 1929Net income after deprec. int. & Fed. taxes
Earns, per share on 135,000 shs. pref. stock
-V. 128, p. 3536.

Month.
$58 948
$6.43

11 Months
$47_,1 083
13.49

(L. A.) Young Spring & Wire Corp.
-Earnings.
6 Months Ended June30-1928.
Net income after Federal taxes
.
51,1929
'1 518.000 $1.063,898
Shares com. stk. outstanding
260,832
330,000
Earns. per share
$4.011
$4.60
x June figures estimated.
-V. 129. p. 145.

Youngstown Sheet & Tube Co.
-20% Stock Dividend.
Western Electric Co., Inc.
-Subsidiary and Credit Alli- The directors on July 12 voted to distribute a 20% stook
Corp. Jointly Form New Financial Organization.
ance
dividend, payable Oct. 1. A special stockholders' meeting
-V.128. p. 4026.
See Exhibitors Reliance Corp. above.
will be held shortly to approve the aotion.-V. 128, p. 3210.
Refrigerator Line Co.
Western
-Organized.
Zonite Products Corp.
-Rights-Stock Increased.
Announcement is made by Freeman & Co. of the

formation under the
Delaware laws of the above Company, devoted to the handling of fast
freight service covering the movements of perishable freight. This company is building for its own account in the shops of the American Car &
roundry Co., in Chicago. 500 standard-type refrigerator cars at a cost of
-year operation
over $1,500,000. These cars are under contract for a 10
with the Green1Bay & Western RR. System, having a preferential agreement with that road for movement of all refrigerator traffic.




The stockholders of record July 1 have been given the rights() subscribe
on or before July 15 for 176.000 additional shares of stock (011 par value)
at $30 per share on the basis of one share for each share owned. An additional
24,000 shares will be taken by the underwriters. Subscriptions are payable
at the office of the United States Corp. Co., 150 Broadway. N. Y. City.
The stockholders on July 11 approved the recommendation of the board of
directors that the authorized number of shares be increased from 200.000
shares, no par value, to 500,000 shares, no par value.

300

FINANCIAL CHRONICLE

[Vol,. 129.

The corporation has entered into a contract for the purchase of all of the
—C. Norman Stabler, for the last three years a member of the financia
capital stock of the A. C. Barnes Co., a Pennsylvania corporation, sole editorial staff of The New York Herald-Tribune, has been promoted to be
manufacturers of the trade-marked moducts known as "Argyrol" and Financial Editor of the
same paper. Mr. Stabler, prior to joining the
"Ovoferrin," for cash. To provide the cash necessary for the purchase of
said stock and for other corporate purposes, the directors have authorized staff of The Herald-Tribune in 1926, was with the New York Journal of
the sale of 200,000 shares of stock. These shares have been underwritten. Commerce and prior to that with the Associated Press in New York and the
The business conducted by the A. C. Barnes Co. has been operated suc- Philadelphia Evening Bulletin, respectively.
cessfully for the past 26 years. Its earnings for the past 5 years have been
sufficient to return about 9% on the amount of the purchase price which
—David B. Lemon, Jr., Edward G. Ewing and Walter B. Scribner,
the company has agreed to pay for the stock of the Barnes company.
formerly of Wm. West & Co., and Wilson J. MacLaughlin have formed
It is the purpose of the directors, when the purchase above outlined has
a co-partnership under the name of Ewing & Co. to conduct a general
been completed, to increase the dividend on the shares then outstandina
investment business. Temporary offices will be located at 50 Broadway,
from $1 per year to $1.50 per year.—V. 129, p. 145.
N. Y., until about Aug. 1, when their permanent offices at 26 Broadway
will be occupied.
CURRENT NOTICES.
—Batter, Pogue, Pond & Vivian, 20 Pine St., N. Y., announce that
W. E. Detlor, Alvin R. Whiting, D. D. Rhodes, and Laurence Elbert
A summary of the "Young Plan" for the settlement of German repara- have become
associated with the firm in its sales department, and that
tions has been issued by the Institute of International Finance for the in- Rutledge B. Barry
has joined the organization as a special insitutional
formation of American investment bankers. Previous reports of the Insti- salesman.
tute, which is a fact-finding organization conducted by New YorkUnivers ty
—Mortgage & Securities Co., New Orleans, have recently increased their
in co-operation with the Investment Bankers Association of America, have
dealt almost entirely with credit studies of foreign countries that have capital stock $1,000,000, making them the largest first mortgage bond
house in the South. Since the organization of the company in 1905 they
floated loans in the American market. The Institute announces that its
summary is "based upon cabled information believed to be correct but it have marketed, it is stated, $125,000,000 of securities.
is subject to errors in transmission." The Institute's summary sets forth
—Graham, Parsons St Co., Philadelphia and New York, announce that
the Young Plan's principal provisions, and describes the purpose and Henry P. Vaux,for many years a general partner becomes a limited partner
method of operating the proposed Bank for International Settlements. A and that George T. Purves, Louis H. Bleier and Walter E. Raft Jr. have
table showing the annuities for 58 years is appended. As to bonds of the been admitted as general partners.
German Government, to capitalize the unconditional part of the annuities,
—Mackay & Co., Members New York Stock Exchange,14 Wall St., New
the bulletin points out that they may be issued in several markets. "However," the summary adds, "any creditor Government in connection with York, have issued a booklet entitled "Investment Control" giving details of
Bank their service in supervising complete investment programs for individuals,
operations for the conversion of the national debt may request the
for International Settlements to demand of the German Government that banks and corporations.
the latter issue bonds representing all or part of the creditor Government's
—The Brooklyn Commerce Company, 215 Montague Street, Brooklyn,
quota of the mobilizable (unconditional) portion of the annuity to be Issued has just issued Volume I, No. 1 of "Balist" (Brooklyn and Long Island
in the market of this particular country. In the case of bonds issued in Securities Topics) which will be devoted to financial news of Brooklyn and
several markets, the minimum price of issue is to be fixed by the Bank for Brooklyn securities.
International Settlements. Bonds issued,on the other hand,for the purpose
—Love, Bryan & Co.. St. Louis, Mo., announce that Horatio Potter.
of converting part of the internal indebtedness into German bonds may be
since 1923 Mine Superintendent for the Caracoles Tin Co. of Bolivia, S. A.,
offered by the respective Governments on whatever condition they can
is now associated with this organization as Manager of the Engineering
obtain. Such bonds shall be quoted only in the place of issue." The
Department.
"Young Plan," the Institute indicates, purposes in the proposed Interna—Prince & Whitely, 25 Broad St., New York, are distributing an analysis
tional Bank an institution that will lessen the disturbances in the payment
of the annuities, and also become an important factor in international of the L. A. Young Spring & Wire Corp. The Philadelphia Office of this
firm has also prepared an analysis of Guaranty Trust Co. of New York.
finance. Continuing, the summary says:
"The experts of the Young Committee felt that in order to handle the
—Announcement is made of the formation of Fairman,Johns & Co.
,which
routine of receiving and distributing reparations payments in a business like
manner, some institution of a permanent and continuous character should has opened for business at 208 So. LaSalle St., Chicago. The new firm will
handle the business heretofore conducted ly Fred W. Fairman & Co.
be established, which, while acting as a trustee for the creditor nations,
could at the same time be of material assistance to Germany, the debtor
—Irving L. Jones, Jr., formerly with Wales Williamson & Co. and
nation, more especially during periods when the regular payments of repara- Beaten Brothers, has become associated with John McGuire Inc., 120
tions annuls es might be rendered difficult by temporarily depressed eco- Broadway, N. Y., as Manager of their Trading Department.
nomic conditions. The disastrous postwar depreciation of many of the
—Sutro.Bros. & Co., members of the New York Stock Exchange, anEuropean currencies, the enormous expenses incident to postwar reconstrucnounce the opening of a ChiL ago offbe at 135 So. LaSalle Street, under the
tion, and the many complicated and delicate problems inherent in the
management of Ingo A. Each, resident partner.
restoration of financial equilibrium, have thrown a heavy burden of responsibility upon the central banks of the principal financial powers and
—Mlllett, Roe & Co., members of the New York Stock Exchange,
have created a necessity for central bank co-operation unknown in prewar 120 Broadway, N. Y., announce that Amos L. Horst has become associated
days. It was believed highly desirable not only to continue the relation- with the firm in its investment department.
ship that had grown up between the central banks, but further to foster
—Vaughan C. Spaulding of Chicago and John Tucker, New York, have
it by the formation of an international clearing house under the direction
been admitted to general partnership in the firm of Farnum, Winter dr Co.,
of the governors of the central banks, and to combine therewith a mechanMembers New York Stock Exchange.
ism to handle the receipt and distribution of reparations payments, which
—George Henrik Lehmann has established the firm of G. H. Lehmann
undoubtedly constitute to-day the most urgent problem of international
& Co., Inc., with offices at 39 Broadway, N. Y.,to engage in the underwritfinance."
This summary is the 26th report by the Institute, and was prepared ing and distributing of securities.
by Dr. John T. Madden and Dr. Marcus Nadler,,Director and Assistant
—A. E. Ames & Co., Ltd., announce that Wm. S. Ridley, Jr., formerly
Director of the Institute, and W. S. Sholyen, Assistant Vice-President with the Atlantic Merrill Oldham Corporation, is now associated with
of the First National Corporation of Boston.
them in their bond department.
—The Bank of America N. A. has been appointed registrar of Financial
Research Association, Inc., covering 1,000.000 shares of common stock.
—A. E. Aub & Company, Cincinnati, announced that they will move
their offices on July 20th from 101 Union Trust Building, where they have
occupied space since 1916 on the Banking Floor across the hall from the
Fifth Third Union Trust Company. Their new offices will occupy space
on the balcony floor of the Dixie Terminal Building, which is approximately
twice the area that they now use. The business was founded in August,
1911 by A. Edgar Aub, who formally had charge of the bond department
of the old banking firm of S. Kuhn & Sons and later was connected with
the bond department of the Fifth Third National Bank when S. Kuhn &
Sons,consolidated their bank with the latter institution. In January, 1929,
Troy Kaichen was admitted to general partnership and has charge of sales.
The company has recently opened a statistical and unlisted securities trading
department, specializing in bank stocks which has been put under charge
of Edward Frankewich, who for the past four years has been associated
with Messrs. W. E. Hutton & Co.
—G. W. Worden, formerly Vice-President in charge of the fiscal department of the Bendix Service Corporation, has joined E. R. Diggs & Co.,
Inc., 46 Ceadr St., New York, will be actively associated with special financing work now being undertaken by this house. Prior to his affiliation
with the Bendbc Service Corporation, Mr. Worden was a partner in the
investment banking house of Barker, Worden & Co. in Chicago, which he
organized. Before this, he was two years with Paine, Webber & Co. in
Chicago.
—Clinton T. Miller, Vice-President and General Manager of the Industrial Finance Corporation, who sailed aboard the Carmania for a month's
visit abroad, will make a survey of European market conditions as they
relate to the industrial finance business in this country, he announced before
his departure. Mr. Miller, formerly an officer of the Guaranty Trust Co.
of New York, will visit the principal industrial and financial centers during
his study of production and credit operations in England and on the Continent.
Merrill, Lynch & Co., members of the New York Stock Exchange, 120
Broadway, N. Y., have issued a circular on Commonwealth Utilities Corp.
class B common stock, together with a comparison of Public Utility common
stock prices. The tabulation shows that Commonwealth Utilities Corp.,
class B common stock is selling at 14.3 times earnings, as compared with an
average of 34.02 for 17 other public utility companies.
—E. W.•Clucas & Co., members of the New York Stock Exchange,
Chicago Board of Trade and associate members of the New York Curb
Exchange, announce the opening of a Chicago office at 208 South LaSalle
St., under the management of James E. Cairns who will be resident partner
of the firm. In addition to the New York and Chicago offices the firm
manitains branches in Philadelphia and Jersey City.




—Bauer, Pogue, Pond & Vivian, members of the New York Stock Exchange. 20 Pine St., New York, have prepared an analysis of the Pennsylvania RR. Co. capital stock.
—Montgomery,Scott & Co., members New York and Philadelphia Stock
Exchanges, announce that W. S. Maddox has been admitted as a special
partner in their firm.
—The co-partnership of Murphy,Day & Co. has been dissolved,the business of the firm being carried on under the name of F. W.Murphy and Company, 32 Broadway, N. Y.
—Millett, Roe & Co„ New York, have issued an analysts of Exchange
Buffet Corporation, one of the pioneers in originating chains of restaurants
and cigar stands.
—The current issue of "Securities," issued by Baker, Simonds & Co.,
Inc., 37 Wall St., New York, contains a review of the rapid growth of the
aviation parts and accessories industry.
—E. B. Merritt & Co., Inc., Bridgeport, Conn., have opened a New
York office at 72 Wall St., under the management of F. E. Phillips, VicePresident.
—Frazier Jelke & Co., 25 Pine St., N. Y., have published their July
Investment Survey which deals with The Bank for International Settlements.
—James Talcott, Inc., has been appointed factor for the Greenleaf
Textile Corporation of 225 Fourth Avenue, New York, converters of cotton
goods.
—Potter & Co., members of the New York Stock Exchange,5 Nassau St.,
New York, have issued a special circular on the Atlantic Coast Line RR.
—Zwetsch, Heinzelmann & Co., Inc., New York,have prepared an analysis ofthe Hightstown Rug Co.with particular referenceto thecommon stock.
—The Empire Trust Co. has been appointed registrar for the preferred
and common stock of Diversified Equities Management. Inc.
—J. E. Mulhall has become associated with Hanway & Chapin, 120
Broadway, New York., as sales manager.
—J. A. Sisto & Co., 68 Wall St., N. Y., have prepared a special letter
on Checker Cab Manufacturing Corporation.
—Hornblower & Weeks, 42 Broadway, New York, have issued a special
circular reviewing the outlook for the railroads.
—Abbott, Geis & Co., Inc., 150 Broadway, Now York, are distributing a
circular on Brooklyn National Bank.
—A. D. Watts & Co., 49 Wall St., N. Y., have prepared a booklet on
Power Corporation of Canada.
—Titus & Co., 149 Broadway, N. Y., have issued a circular on the
Reliance Management Corp.

JULY 13 1929.1

301

FINANCIAL CHRONICLE

gel:forts ana pozuntents.
PUOLIIIINE0 AS

fl

THE MICHIGAN CENTRAL RAILROAD COMPANY
REPORT OF THE BOARD OF DIRECTORS TO THE STOCKHOLDERS FOR THE YEAR ENDED DEC.31 1928.
Mail revenue was $1,115,531.12, or $66,946.26 more than
for 1927, the result of an increase in rates of approximately
15% effective August 1 1928, under order of the Inter-State
Commerce Commission.
Express revenue was $4,039,628.41, a dcrease of $76,351.79,
a smaller volume of business having been handled.
ROAD OPERATED.
Other transportation, incidental and joint facility revenue
The mileage covered by this report, details of which will was $4,171,623.23, an increase of $143,362.67.
be found on another page, was the same as for the previous
OPERATING EXPENSES.
years as follows:
The following table shows the operating expenses by
Miles.
Main line and branches owned
1,184.36 groups:

To the Stockholders of
The Michigan Central Railroad Company:
The Board of Directors herewith submits its report for
the year ended December 31 1928, with statements showing
the income account for the year and the financial condition
of the company.

Line jointly owned
Leased lines
Lines operated under trackage rights

.70
576.43
96.93

Total road operated

1.858.42
THE YEAR'S BUSINESS.

During 1928 the company moved 32,100,897 tons of revenue freight, an increase as compared with 1927 of 685,1)46
tons, largely the result of greater activity in the automobile
industry.
Revenue passengers carried were 3,520,539, a decrease of
251,584, of which 36,597 were in interline, 180,020 in local,
and 34,967 in commutation passengers. The falling off in
the number of passengers is, in the main, incident to the
competition of the motor bus and private automobile.
INCOME ACCOUNT FOR THE YEAR.
Year Ended
Year Ended
Dec. 31 1928 Dec. 31 1927
1,858.42Miles 1.858.42Miles
Operated.
Operated.
Operating Income—
Railway operations:
Railway operating revenues _ 93.217,493.20 89,750.601.95
Railway operating expenses-62,643,935.11 62,244,288.16
Net rev,from rail. opers_ -30,573,558.09 27,506,313.79

Increase(+)or
Decrease (—).
+3,466.891.25
+399,646.95

+3.067.244.30
Percentage ofexpenses to revenues (67.20)
(69.35)
Railway tax accruals
6,327,936.69 6,247,714.64 --U522.05
Uncollectible railway revenues25,064.20
25,668.93
—604.73
Railway operating income--24.220,557.20 21,232.930.22 +2,987.626.98
Equipment rents, net debit- 513,355.81 *294,778 82 +808,134.63
Joint facility rents, net debit 551,234 13
+12.350.89
538.883.24
Net rail, oper.income- —23 155,967.26 20,988,825.80 +2,167,141.46
;
Miscellaneous operations:
Revenues
Expenses and taxes

403,831.95
342,445.30

Miscell oper. income_ _ _ -

395.388.09
321,030.59

+8,443.86
+21.414.71

61,386.65

74,357.50

—12,970.85

Total operating income_ _ _23,217,353 91 21,063.183.30 +2.154.170.61
Non -Operating Income—
Income from lease of road
278.04
236.51
+41.53
Miscellaneous rent income- - -- 327,663.24
230,775.18
+96,888.06
Miscall. non-oper. phys. prop_
73,525.62
70,151.22
+3,374.40
Dividend income
811,029.99
582,958.00 +228,071.99
Income from funded securities_ 323,999.33
749,775.96 —425,776.63
Inc.fr. unfund.sec.& accts.-- 480,742.61
319,349.11
+161,393.50
Miscellaneous income
15,125.89
7,826.78
+7,299.11
Total non-operating income_ 2,032,364.72 1,961,072.76
+71.291.96
Gross income

25,249,718.63 23,024,256.06 +2,225,462.57

Deducts.from GrossIncome—
Rent for leased roads
2,736,593.38 2,735,315.46
Miscellaneous rents
4,158.76
4,89833
Miscellaneous tax accruals_
64,361.92
70,474.24
Interest on funded debt
2,890,543.66 3,158,934.65
Interest on unfunded debt- - 14,194.71
22,977.43
Amort. of disc, on funded debt 141,549.60
154,408.44
Maint.ofinvestment organiz
1,883.19
1,306.45
Miscellaneous income charges7,013.54
9,383.08

+1,277.92
—739.57
—6,112.32
—268,390.99
—8,782.72
—12,858.84
+576.74
—2,369.54

Increase.
Decrease.
Amount.
Group—
$351.456.98
Maint. of way & structures.... $9,993,461.94
Maintenance of eqtdpment— - 18,429.411.96 $1,710,523.95
88,512.24
1,599,588.67
Traffic
110,867.58
29,414.897.69
Transportation
1,275,415.59
107,566.60
Miscellaneous
1,024,797.44
2,001,532.67
General
19,833.84
70,373.41
Transport.for Invest.—credit.
Total

$62,643,935.11

$399,646.95

The decrease in expense for maintenance of way and
structures is largely due to a reduction of approximately
110,000 in the number of ties used for renewals, as a result
of the application in prior years of treated ties of longer life,
and a decrease of 130,000 yards in ballast applied.
The increase in expense for maintenance of equipment is
largely the result of an increase in the number of locomotives receiving heavy repairs and in the number of freight
cars requiring general reconditioning. There were also
increased charges for retirements of both of these classes
of equipment.
The decrease in transportation expenses is, in the main,
incident to economies effected and to improved operating
practices.
The increase in expense for miscellaneous operations is
chiefly to the extension of dining car service.
The principal decrease in general expenses is found in
charges for pensions. Commencing with 1925 the company
has each year charged to expenses and set up in a reserve
an amount to provide for estimated total payments upon
pensions granted in that year. Pursuant to recently issued
instructions of the Inter-State Commerce Commission, however, this practice has been discontinued and the pension
expenses for the year 1928 include only the actual payments for pensions applicable to that year and prior to
1925, no charges for a reserve having been made. This
has prodced a decrease of $951,541 in pension charges as
compared with 1927.
RAILWAY TAX ACCRUALS.

Railway tax accruals were $6,327,936.69, an increase of
$80,222.05. Michigan ad valorem taxes increased and larger
income from operations in Canada is reflected in an increase
In Canadian taxes. United States income tax decreased
because of reduction in rate from 13%% to 12%.
EQUIPMENT RENTS.

The net debit to equipment rents was $513,355.81 as compared with a net credit of $294,778.82 in 1927, largely the
result of an increased nomber of foreign freight cars on
the company's lines in 1928 due to the increase in business.
MISCELLANEOUS OPERATIONS.

This account, which includes only the operation of the
Tot,deducts,from gross inc. 5,860,298.76 6,157,698.08 —297,399.32 company's livestock yards at Detroit, showed a gross income
Net income
19,389,419.87 16,866,557.98 +2,522,861.89 of $403,831.95 for 1928, an increase of $8,443.86 over the
previous year, expenses and taxes $342,445.30, an increase
Disposition of Net Income—
of $21,414.71, and a net income of $61,386.65, a decrease of
Dive. declared 40% each year. 7,494,560.00 7,494,560.00
$12,970.85.
for the yr. carried to
Burp.
profit and loss

11,894,859.87 9,371.997.98 +2.522,861.89

• Credit.

PROFIT AND LOSS ACCOUNT.
Bal.to credit of profit and loss, Dec.31 1927
$82,166,229.90
Additions—
Surplus for the year 1928
$11,894,859.87
property sold
Profit on
22,026.29
Unreftmdable overcharges
24,226.61 11,941,112.77
Deductions—
Deprec. prior to July 1 1907, on equipment
retired during year
Loss on property retired
Miscell.items and adjustments(net)

$94,107,342.67
$148,936.04
153,261.03
73,448 61

Balance to credit of profit and loss. Dec.31 1928

375,645.68
$93.731,696.99

OPERATING REVENUES.

The total operating revenues were $93,217,493.20, an
increase of $3,466,891.25.
Freight revenue was $64,098,143.67, an increase of
$3,743,053.65.
Passenger revenue was $19,792,566.77, a decrease of
$410,119.54.




NON-OPERATING INCOME.

Non-operating income was $2,032,364.72, an increase of
$71,291.96.
Miscellaneous rents increased $96,888.06, largely the
result of increased rentals and the crediting to this account
in 1928 of taxes collected from tenants.
Dividend income increased $228,071.99, of which $288,000
was due to a 10% dividend upon the company's holding of
stock of the Indiana Harbor Belt Railroad Company.
Income from funded securities decreased $425,776.63, the
result of the sale late in the year 1927 of United States
Government securities.
Income from unfunded securities and accounts increased
$161,393.50, attributable to an increase in interest on treasury funds.
DEDUCTIONS FROM GROSS INCOME

Deductions from gross income were $5,860,298.76, a decrease of $297,399.32, the greater part of which is the result
of a reduction in the amount of equipment trust certificates
outstanding.

[VOL. 129.

FINANCIAL CHRONICLE

302

NET INCOME BEFORE DIVIDENDS.

WAGES.

The net income of the company was $19,389,419.87, an
increase of $2,522,861.89.

Requests of telegraphers for increases in wages and
changes in working conditions were submitted to arbitration during the year and under the awards the company
will be subjected to an additional annual expense of approximately $58,000.

DIVIDENDS.

Dividends declared and charged against the income of the
year were as follows:
Date Declared.
June 13 1928
Dec. 12 1928

Date Payable.
July 28 1928
Jan. 29 1929

Amount.
Rate Per cent.
$3,747,280.00
20
3.747,280.00
20
$7.494,560.00

40

Total for the year
SURPLUS.

After charges for dividends aggregating 40%, there remained a surplus, for the year, of $11,894,859.87 which was
carried to the credit of profit and loss. At the end of the
year the total corporate surplus was $100,428,397.45.
CAPITAL STOCK

The capital stock of the company remained unchanged
during the year, the total amount authorized and issued
being $18,738,000.
CHANGES IN FUNDED DEBT.
$67,525,318.00
The funded debt outstanding on Dec.31 1927,was
It has been reduced as follows:
By payments falling due during the year on the
company's liability for principal installments
under Equipment Trust.Agreements as follows:
MC RR Trust of 1915,Oct. 1 1928
$300,000.00
MC RR Trust of 1917, March 1 1928
600,000.00
M C RR Co proportion of N Y C RR Co Trust of
467,664.75
1920, Aprfl 15 1928
NY C Lines Trust of 1922,June 1 1928
373.000.00
NY C Lines4 , % Trust of 1922,Sept. 1 1928_
;
5
51,000.00
NYCLines Trust of 1923,June! 1928
632,000.00
NY C Lines Trust of 1924,June 1 1928
233,000.00
NT0Lines 4;i% Trust of 1924,Sept. 15 1928-- 173,000.00
NYC Lines4.;6% Trust of May 15 1925,May 15
,
234,000.00
1928
3,063,664.75
leaving thefunded debt on Dec.31 1928

$64.461,653.25

TERMINATION OF NEW YORK CENTRAL LINES EQUIPMENT
TRUST OF 1913.

New York Central Lines Equipment Trust of 1913 having
expired on January 1 1928, the title to the equipment was
transferred by the Trustee to the several railroad companies, parties to the trust, in proportion to the amount of
the cost thereof paid by each company, respectively. This
company's share of the equipment so transferred from trust
to railroad owned consisted of 88 locomotives, 82 passenger
cars, 736 auto box cars, and 4 caboose cars.
PROPERTY INVESTMENT ACCOUNTS.

Changes In the property investment accounts for the year,
as shown in detail elsewhere in this report, were as follows:
Road increased
Equipment decreased
Improvements on leased railway property increased
Miscellaneous physical property decreased
A net increase of

$2.275,619.85
1,517.844.34
176,999.56
403,257.28
$531,517.79

IMPROVEMENTS.

Important improvements completed or under way during
the year were as follows:
Grade separation: At Joseph Campau Avenue, Hamtramck, Michigan; at State Highway M-13, Grand Rapids,
Michigan; and at Southfield Road, Dearborn, Michigan,
work was comPleted. Permanent grade separation bridges
were constructed at Waterman Avenue, Detroit, to replace
trestles. Work progressed at West Fort Street, Detroit,
and at West Central Avenue, Toledo, Ohio. The Broadway
Overhead highway bridge just west of the station at Ann
Arbor was reconstructed and street and driveway approaches to the station improved.
Bridge over Deep River on Joliet Branch: Work was
started late in the year on a permanent concrete and steel
bridge to replace the long timber trestle over Deep River on
the Joliet Branch west of East Gary.
Work In Canada: The Otter Creek viaduct, a five span
steel girder double track bridge on high steel bents near
Cornell, Ontario, was strengthened by placing additional
girders and incasing steel of towers with concrete. Passing
tracks for the purpose of handling longer trains were constructed at Tilbury, West Lorne, Tilsonburg, La Sallette,
Waterford, Perry and Welland.
AUTOMATIC TRAIN CONTROL.

During the year, in addition to the installations of automatic train control between Detroit, Michigan, and Chicago,
Illinois, which have been previously reported to the stockholders, the track between Detroit and Toledo, Ohio, has
been so equipped and the control placed in operation.
PROPOSED LEASE OF THE COMPANY'S PROPERTIES TO THE
NEW YORK CENTRAL RAILROAD COMPANY.

The proceedings before the Inter-State Commerce Commission in which the New York Central Railroad Company
Is seeking the authority of the Commission for the leasing
of the lines of railroad and properties of this company,
referred to in the annual reports for 1926 and 1927, are
still pending. Additional evidence was introduced at hearings held January 9-16 1928.
VALUATION OF THE COMPANY'S PROPERTY BY THE
INTERSTATE COMMERCE COMMISSION.

INCREASED RATES FOR TRANSPORTATION OF MAIL.

In May 1925 the carriers petitioned the Inter-State commerce Commission for an increase in mail transportation
rates. With the co-operation of the Post Office Department
and the Commission, the railroads arranged to make a
complete analysis of passenger train service for a test
period of thirty-five days, namely September 16 to October
20 1925. The data so developed were used by both the
Post Office Department and the railroads in presenting
their 'case to the Commission at hearings in July 1927. As
a result, the Inter-State Commerce Commission issued an
order increasing rates for the transportatien of mails approximately 15%, effective August 1 1928, and granted a
flat increase of 15% retroactive to the date from which
the carriers respectively filed their petitions. The estimated effect of this order will be to increase the,annual
mail pay from August 1 1928 of this company by approximately $146,000, while the retroactive increase is estimated
at $462,000. The Government questioned the power of the
Inter-State Commerce Commission with respect to the retroactive feature of its order, as a result of which a test case
was instituted in the United States Courts of Claims, which
on April 2 1928 rendered its decision upholding the Commission's power. The Government appealed from this
decision to the United States Supreme Court, where the
case was pending at the end of the year.
RAILWAY EXPRESS AGENCY,INC.

In view of the expiration on February 28 1929 of the
term of the amended uniform express contracts under which
the American Railway Express Company has been conducting the express transportation business over most of the
railroads of the continental United States, the Uniform
Express Contract Committee of the Association of Railway
Executives submitted in July of this year for the consideration of the railroad companies represented in said Association a report and plan, under which the railroad companies
participating therein were, subject to the approval of the
required governmental authorities, to unite in conducting
through their own express agency the future operation of
the express business, either by means of a new corporation
the stock of which would be owned by the participating
railroad companies which should acquire the operating
properties and equipment of the American Railway Express
Company, or, through the acquisition of the entire capital
stock of the American Railway Express Company and the
modification of its corporate and financial structure to
such extent as would make the same consistent with the
proposed plan. Under the plan the value of the property
and equipment devoted to the express business was to be
represented by debentures either purchased by the participating railroad companies or sold to the public, and the
stock was to be limited in amount, allotted to the participating railroad companies on substantially the basis of the
express business done by each and representative mainly
of voting rights with the directors nominated by districts
so that all sections would be represented in the directorate.
Under the plan the contract to be made by such express
agency with the several participating railroad companies
was to be in substantially the form of the existing uniform
express contract except that practically the entire net in- come was to be distributed among the contracting railroad
companies on the basis of business done. The plan was to
become effective upon its approval by 75% of the railroad
companies entitled to participate therein, and upon such
approval President Storey of the Atchison, President Atterbury of the Pennsylvania, President Crowley of the New
York Central, and President Gray of the Union Pacific were
appointed agents of the participating railroad companies
for the purpose of negotiating and agreeing upon the terms
of the acquisition of the properties or of the stock of the
American Railway Express Company, of organizing the
new corporation and of taking the other necessary steps for
carrying the plan into effect.
The plan has already been approved by over 95% of the
railroad companies entitled to participate therein, the new
corporation has been organized and negotiations by the
agents looking to the acquisition of all the operating properties of the American Railway Express Company are being
progressed with a view, the necessary governmental authorizations having been obtained, of having said new corporation, Railway Express Agency, Inc., conduct the express
business over railroad lines after midnight on February 28
1929.
The Board wishes to express its appreciation of the loyal
and efficient service of the officers and employees of the
company during the year.
For the Board of Directors,
P. E. CROWLEY, Prvident.

No decision has yet been made by the Inter-State Commerce Commission as to the company's protest in respect to
For Comparative Balance Sheet, 4c., see Annual Reports In
'Investment News" Columns.
the tentative valuation of its properties.




JULY 13 1929.]

,FINANCIAL CHRONICLE

303

The Commercial Markets and the Crops
COTTON-SUGAR-COFFEE-GRAIN--PROVISIONS

0

--DRY GOODS-WOOL-ETC.
PETROLEUM-RUBBER-HIDES-METALS
shipment. Later the price became firm at 2 1-16c. and
it was estimated that 300,000 bags sold at 2 1-16c. for
July and early August. Some 17,000 bags for Porto Ricos
for early July arrival and 10,000 tons of Philippines July
shipment sold at 3.83c. delivered, equivalent to 2 1-16c.
Friday Night, July 12 1929.
c. & f. London reported that over the week end the
COFFEE on the spot was quiet with Santos 4s, 223 to Joint Foreign Sales Syndicate sold four cargoes of Cubas
4
223 04 Rio 7s, 16X to 16Mc.; Victoria 7-8s very scarce for July-August shipment to Europe at 9s. 43d. c.i.f.,
here, therebeing, it is understood, but one holder, who is equal to about 1.830. f.o.b. Cuba. Futures advanced
asking 163c., but Victoria afloat due within a few days was 3 to 6 points with sales estimated at 147,550 tons. Java's
4
said to be offering at 153 c. or Mc. higher than the price crop may be only 3,100,000 to 3,200,000 tons. It is bepaid on the 5th inst. at New Orleans. On the 8th inst. cost lieved to have helped the rise. Java is willing to act with
and freight offers from Brazil were unchanged to slightly Cuba and Europe in controlling the sugar crop. But
lower. On the 9th inst. cost and freight offerings included for on the 9th inst. there was a rather sharp revulsion and
prompt shipment Santos Bourbon 2-3s at 23.85c.; 3s at prices dropped 3 to 6 points, losing the rise of the previous
22% to 234c.;4-5s at 21% to 22.900.;4-5s at 203to 21.60c.• day. It was due to profit taking. Canadian interests with
5s at 193 to 21.80c.; 5-6s at 20 to 21.65c.; 6s at 18.60 to Cuban interests bought and at one time December and
4
194c.; 6-7s at 18e.• 7-8s at 15.15 to 17%c.; part Bourbon January were 2 points higher. The Java Syndicate is
or flat bean 5-6s at 193 c.; peaberry 4s at 22.100.; 4-5s at reported to have refused bids of 1234 guilders for white
' 4
'c.; 6s at 20c.• 6-7s at 19.40c.• rain-damaged 3-5s at sugars and has sold 1,600 tons at 123/2 guilders, an advance
,
203
19%c.; peaberry 6-7s at 17M to 18c.; Rio 7s at 15.35c.; of % guilder from the price accepted on Monday on 200,000
7-8s at 15.10c.; Victoria 7-8s were offered for August ship- tons of whites. The Sugar Defense Commission of Cuba
ment at 13.80e. and for Sept. at 13.70e.
puts the production of the Island from Jan. 1 to June 20
On the 11th inst. cost and freight offers from Santos were at 5,156,410 long tons, against 4,018,386 tons from Jan. 15
generally lower, some decidedly so. Rios were unchanged the date at which grinding started, to June 30 last year.
and there were no reported prompt shipment offerings from Exports to June 29 were 2,291,900 tons to the United
Victoria. For prompt shipment Santos Bourbon 38 were States, against 1,188,549 tons to June 30 1928. The local
here at 223'c.; 3-4s at 21.80 to 23c.; 3-5s at 209 to 21Me.; consumption from Jan. 1 to June 29 was 73,286 tons this
4-5s at 203 to 213'c.; 5s at 203, to 21c.; 5-6s at 1934 to year and 37,247 tons last year. To June 29 total sales to
20.80c.; 6s at 18.60 to 19c.; 6-7s at 183 04 7-8s at 15.15 to countries other than the United States amounted to 1,023,057
/
16c.; part Bourbon 3-5s at 21.100.; 4-5s at 1934c.; 5-6s at tons, against 799,676 tons to the end of June last year.
203,0.; peaberry 4-58 at 20.65c.; 6s at 193 c.; rain-damaged Cuban stocks on June 29 were 2,189,614 tons, against
4
3-4s at 20X0.• 4-5s at 1834 to 1934c.; 5-6s at 17 to lnic.; 2,144,231 tons on June 30 last year. Havana cabled
6-7s at 16c.; Is at 15.90c.; 7-8s at 15.50.• peaberry 5-6s at that Senator Tarafa has started a campaign in favor of a
17c.; Rio 7s at 1534 to 15.30c.; 7-8s at'
15c. Spot prices single selling agency. Cuban raw was 2 1-16c. Refiners
later were 2234 to 223 c. for Santos 4s, 1634 to 163/2c. for it turned out had bought on the 8th inst. at 2 to 2 1-16c.
%
Rio 7s and 1634c. for Victoria 7-8s. Futures on the 8th inst. Refined, 5.25c. and quiet.
advanced 7 to 18 points with sales of 47,500 bags altogether.
Sugar was firm in the belief that Europe and Cuba will
Brazilian support put greater snap into the market. Europe regulate exports for the next four years with strong intibought moderately. Futures ran counter to easier spot mations that Java will cooperate. This with previous inprices. Boston switched from Santos to Rio covering in dications of greater co-operation in the marketing and proJuly Rio. Hamburg & Havre were steady. On the 9th inst. duction of Cuban sugars brought about a distinctly better
prices for futures rose 7 to 15 points as Brazil and Europe tone and a substantial recovery from the lows of about a
bought moderately. Again futures ignored the dullness of month ago. On the 8th inst. some 18,0000 bags Cuban raw
spots.
sugar for second half July shipment sold to an operator at
Deliveries of all coffees in the United States during the 2 3-64e. c. &. f. Four refiners announced an advance in
crop year ended June 30 1929 were 10,637,566 bags, against refined to 5.250. effective at the opening on the 9th inst.
11,408,113 bags in the previous crop year and 10,517,858 and the other refiners were expected to follow suit. Some
in the 1926-27 crop year. Total receipts of Brazilian suggest caution. They say they realize the possibilities of
coffees at shipping ports in Brazil for the crop year just polities in such a market as sugar and admit that the price of
ended amounted to 13,595,000 bags, as against 16,405,271 three weeks ago appeared out of line with the supply situation
bags in the previous year. World's visible'stocks of coffee of the world, but there has on the other hand been a very
as of July 1, the beginning of the new crop year, were sharp advance without any definite confirmation of the
5,352,398 bags, against 5,320,694 bags on July 1 last year various bullish rumors. The market's trend, they suggest,
and 4,393,297 two years ago. Some say there is nothing may now be downward rather than upward unless there is
in the character of Brazilian weather conditions to arouse more definite confirmation as to the protective measures to
apprehension as to progress of the 1930-31 crops nor anything be taken in the future by Cuba. They are not definitely
bullish in the recent trend of cost and freight offers from bearish and do not expect the market to return to its former
Victoria and Rio. But there is still an absence of aggressive low level, but for the time being caution, they think, would
selling. The possibility of frost damage to the Brazilian seem preferable to undue enthusiasm.
crops will continue for two months. On the 10th inst.
Havana cabled that the National Commission for Defutures closed 1 to 4 points lower on Santos and 1 to 9 fense of Cuban sugar industry says production of sugar from
lower on Rio with combined sales of 33,750 bags. Support Jan. 1st to June 29th was 5,156,410 long tons against 4,018,was lacking. European and Brazilian interests were selling. 386 from Jan. 15th when grinding started last year to June
Futures on the 11th inst. advanced 5 to 20 points. Europe 30 1928. Exports to June 29th to the United States totalled
and Brazil bought and this took the edge off weaker Bra- 2,291,990 tons against 1,188,549 tons and 648,359 tons
zilian cables. There was no pressure to sell. July and respectively to June 30th last year. Local consumption
Rio shorts covered rather freely at one time, though in the from Jan. 1st to June 29th totalled 73,386 tons against 37,sum total of transactions 25,000 bags it was not a large 247 tons from Jan. 1st to June 30, last year. Total sales to
market. Santos trading was estimated at 18,000 bags. June 29th to countries outside of the United States were
The point is that though a small market it was firm. To-day 1,023,057 tons against 799,676 tons to June 30th in 1928.
futures closed 8 to 18 points lower on Rio with sales of 21,000 Stocks in Cuba on June 29th, 1929 were 2,189,614 tons
bags; and 8 to 23 lower on Santos with sales of 27,000 bags. against 2,144,231 on June 30th 1928. The total melt of,
Final prices show an advance for the week, however, of from Jan. 1 1929, 15 United States refiners up to and in3 to 16 points on Rio and 5 to 6 points higher on Santos cluding the week ending June 29 1929 was 2,570,000 long
except in December which is 8 points lower.
tons against 2,185,000 in the same time last year. DeRio coffee prices closed as follows:
liveries were 2,340,000 long tons against 2,070,000 long
i4.40@ nom March _ --13.64 .0 nom tons in the same period last year. Amsterdam cabled:
Spot unofficial_ _164 I Sept
i3.95© nom I May
15.154 nom I Dec
July
13.35@ nom "Java is more willing to co-operate with Cuba and Europe
coffee prices closed as follows:
Santos
an exporting countries in crop control. Java present crop
I Sept
20.60 - -- ?March_ _ _ -19.41
Spot unofficial
-say
i9,92@19.93 I may
21.61 ®21.70IDec
19.15 nom is less promising. Expect less than 3,200,000 tons
Jul
3,100,000 tons. Java Syndicate sold additional 240,000 tons
to-day closed 4 points lower to 3 points higher at unchanged prices of 12 guilders for white and 103/2 for
COCOA
with sales of 275 bales. July ended at 10.50c.; Sept. 10.68 brown. Meeting in Amsterdam Wednesday. Outlook
to 10.70e., and Dec. 10.68 to 10.70. Final prices are 1 to 6 hopeful."
points lower than a week ago.
Amsterdam cabled July 9th: The Java Syndicate has
-Cuban raws were firm at 2 1-16c. c. & P. reduced the estimate of 2,768,293 tons in May as the probSUGAR.
early, aid not at all freely offered even at that; duty free able outturn of its mills to 2,732,295 tons. Independent
was 3.83c. Some 30,000 tons were sold to refiners; 18,000 Java production is estimated at 270,000,000 tons, making a
bags before this sold at 2 3-64e. late July and early August total including the Syndicate output of 3,002,295 tons. The

COMMERCIAL EPITOME

The introductory remarks formerly appearing here will now be
found in an earlier part of this paper, immediately following the
editorial matter in a department headed "INDICATIONS OF
BUSINESS ACTIVITY."




304

FINANCIAL CHRONICLE

[VOL. 129.

Syndicate is reported to have refused bids of 123 guilders Coast tanks, futures 13 to 13%c. Soya bean tanks, coast
on whites of which it has sold 1,600 tons at 123 guilders, an 9e. Edible, Olive, 2.25 to 2.30c. Lard, prime 15c.;
advance of % guilder from the price accepted yesterday on strained winter, N. Y. 13c. Cod, Newfoundland extra
62c.
200,000 tons. The Dutch Syndicate was reported to have Turpentine 53 to 590. Rosin .60 to
Cottonseed
sold an additional 200,000 tons of white sugars and 40,000 oil sales to-day including switches 11,300 $9.70. Prices closed
bbls.
tons of browns at 10% guilders, the first price being figured as follows:
as equal to 2.27c. f.o.b. Java and the latter to 2.20c. f.o.b. Spot
9.60
Sept
9.75§ 9.76IDec
9.721 9.70
9.55§ 9.75 Oct
9.74 9.76 Jan
9.74@
Over the week-end the Pool is reported to have sold 4 cargoes July
Aug
9.50 9.75 Nov
9.55 9.70 Feb
9.75 9.0
of Cuba for July-Aug. shipment to Europe at 9s. 43'd.
PETROLEUM.
-The demand from jobbers continues to
United States Atlantic port receipts for the week were
60,764 tons against 37,176 in the previous week and 47,443 improve and prices are stronger. Generally 10c. is quoted
last year; meltings 46,678 tons against 62,317 in previous for U. S. Motor in tank cars at refineries. The leading
week and 47,650 last year; importers' stocks 395,642 tons refiner was asking 11c, at refineries and 12c. in tank cars
against 389,520 in previous week and 375,232 last year; delivered to nearby trade. Export buyers are more inrefiners' stocks 291,235 tons against 283,271 in previous terested. Fuel oils were steady. Bunker grade C was
week and 164,906 last year; total stocks 686,877 against in good demand, at $1.05 at refineries and $1.10 f.a.s.
New York Harbor. The contract movement was big.
672,791 in previous week and 540,138 last year.
4
On the 10th inst. a cargo of Cuba sold to Savannah at Kerosene was easier. Water white, 41-43, was 73 c. in
4
2 1-16c. c, & f., a parcel of Cuba to New Orleans at 2 3-650., tank cars at refineries and 83 0. in tank cars delivered to
both for July shipment; 6,000 tons Cuba ex-store sold at nearby trade. Gulf prices were unchanged. There was a
3.830. and 2,000 tons Philippine due about the 23d inst., fair export demand. Cased kerosene was a little more
at 3.80o. Refined was 5.250. Futures ended 1 to 5 points active. There was a better business in spindle oils. Pennsyllower. London on the 11th inst. cabled that sellers were vania oils were fairly active. Mineral spirits were in fair
not below 9s. 73%cl. with buyers who at first were holding demand and steady. There was a better demand for
back, owing to slow trade demand, bidding 9s. 43d., V. M.& P. naphtha.
Tables of prices
found
c.i.f. The firmness of London was supposed to be due to our department ofusually appearing here will be article on an earlier page in
"Business Indications," in an
entitled "Petroleum
the favorable reply from Java as to participation in the and Its Products."
international sugar conference. There were also sold on
RUBBER.
-On the 6th inst. prices advanced 40 to 80
the 11th inst. 1,100 tons of Philippines for Aug.
-Sept. points on
higher cables
shipment at 3.950. and 1,000 tons in the same position at with sales1-16 to gd.or 1,115 tons and a good demandhere
of 446 lots
against
3.96c., or about 2 3-16c. c. & f. for Cubas. Late London Friday. That was doing very well for a 488 lots on last
Saturday. In
cables on the 11th inst. said the Joint Foreign Sales Syndi- London
reckon
cate is holding Cubas at 10s., but buyers' ideas had not 000 tonssome those ofAmerica's yearly requirements at 500,and
at 300,000 tons.
the rest of
gone above 9s. 43d., based on the London terminal market. Considerable of the rise was lostthe worldrealizing. Trade
later
One of the chief causes for the firmness in London terminal interests bought Sept. and Dec. freely. inActual rubber was
prices was said to be heavy buying by Amsterdam. On in better demand and % to %c. higher. Trade in crude
the 11th inst. futures advanced 6 to 8 points with tran- rubber futures on the Rubber Exchange of New York in the
sactions estimated at 85,800 tons. Ambassador Ferrara, first 'six months of 1929 showed a gain of approximately
now in Havana, is credited with saying that a single selling 10% over the corresponding period in 1928, a
total
agency is necessary, but will have to be organized by the 334,852 tons being traded as compared with 305,087 of
tons
planters themselves, without governmental int rference; in the first half of 1928. London closed on
the 6th inst.
moreover, Cuba will never again resort to crop restriction with spot 113%d.; July-Sept. 11 5-16d.•
Oct.
-Dec., 113%d.;
unless all producing countries co-operate. To-day early Jan.
-March, 11%d. and April-June, 12%d. Singapore up;
l-June
offerings were small at 2 1-160. c. & f. for Cuban. Futures July, 10 7-16d.; Oct.-Deo., 11 1-14.;'
-March, 1i 3%d.
to-day ended one point lower to one point higher with On the 8th inst. big buying co-incident Jan.
sales of 50,300 tons. Final prices show an advance for the cables of g to 5-16d. in London and % with a jump in the
to Md. in Singapore
week of 4 to 6 points.
caused a rise here of 90 to 130 points on sales of 1,800 lots
Prices were as follows:
or 4,500 tons. Recently bullish statistics furnished the big
Spot unofficial_ _ _2 3-32 Dec
2.231 2.24 May
2.35@ 2.36 world spring board from which the price at home and
2.03@ nom Jan
July
2.25
abroad leaped. For instance the already moderate stocks
Sept
2.110 ---- March.--- 2.29
LARD on the snot was firmer; prime Western 12.35 to decreased last week 978 tons. That left it 30,004 tons.
12.4504 refined to Continent, 123%c.; South America, 133'c.; Liverpool's stook decreased 230 tons. It is now 4,628 tons.
Brazil, 14%c. On the spot later in the week prime Western Meanwhile the consumption is big. New York closed on the
was 12.55 to 12.650.; refined Continent, 123 c.; South Amer- 8th inst. with July, 22.40 to 22.560.; Sept. 23 to 23.10c.;
A
'
/
ica, 1330.; Brazil, 143%c. Futures advanced slightly on the Oct., 23.50o.; Dec., 24c.; Jan., 24 to 24.100.; March, 24.60c.;
inst. Hogs were steady to 10c. higher. Liverpool lard May, 25.200. Actual rubber in a way kept pace with futures.
6th
was unchanged to 3d.lower. Ribs at Chicago were generally The rise took buyers by surprise, however, and some held
%
25 points lower to 5 higher with July traded in at 13.25c. aloof. Ribbed smoked spot and July, 223 to 223%.; Julyand Sept. at 13.85c. Bellies were unchanged to 3 points Sept., 233% to 233%c.; spot-first latex crepe, 223% to 233'ge.;
higher. Hog receipts at Western points totaled 36,700, thin pale latex crepe, 233% to 233%c.; clean thin brown crepe,
against 35,400 a week before and 38,600 last year. Futures 20 to 203%c.; rolled brown crepe, 15 to 153%c.; No. 2 amber,
on the 8th inst. rose 5 to 13 points, the latter on July, with 203% to 203%c. London spot, 11 9-16d.; July-Sept., 11 11-16d;
-Dec., 11 15-16d.• Jan.
-March, 12 3-16d. Singapore,
grain up and hogs firm and prime Western firmer at 12.55 Oct.
to 12.65o. Hog receipts at the West were rather smaller July, 10 15-16d.; Oct.:Dec., 11 9-16d.
On the 11th inst. came an early advance of 20 points but
than expected. They were 143,400 against 139,300 a week
previously and 131,500 last year. Liverpool lard was un- realizing caused a reaction which left closing prices 10 to 20
changed to 3d. higher. Export clearances from New York points net lower; sales, 593 lots, or 1,482 tons. Spot prices
last week were 4,800,000 lbs. against 1,200,000 the week be- dropped Mc. Rubber invoiced from the Far East for shipfore. On the 11th inst. futures advanced ,2 to 5 points with ment to the United States in the week ended July 6 totaled
corn higher and hogs up 100. On the other hand, packers 8,476 long tons, the lowest figure seen since 7,575 tons were
and cash houses sold. Receipts of hogs at the West were invoiced in the week of Feb. 16. For the week ended June
86,700 while last week there was a holiday. On the same 29 rubber invoiced totaled 9,538 tons. Board of Trade
day last year the hog movement was 76,300. To-day futures statistics on exports from England again showed a very low
closed 12 to 17 points higher with hogs stronger and cash de- total for shipments to the United States. Exports to this
mand good. Commission houses bought. Final prices show country in June were 12,580 centals against 12,972 centals
in May and 131,928 centals in June 1928. Total exports
an advance for the week of 28 to 38 points.
cantata
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO. were 94,000in Juneagainst 112,960 cantata in May and 258,657 centals
1928. Imports totaled 201,227 centals
Mon. Tues.
Sat.
Fri.
Wed. Thurs.
July
11.87 12.00 12.07
12.25
12.02 12.05
against 227,477 in May and 190,770 in June 1928. On the
September
12.20
12.30 12.30 12.30-32 12.47
12.25
11th prices at New York closed with July 21.600.; Sept.,
October
12.45
12.40
12.32
12.60
12.42 12.47
PORK firm; Mess, $31.50; family, $36; fat back, $28.50 22.40 to 22.500.; Oct. 22.70 to 22.80c.; Dec. 23.300.;
'
to $31; Ribs, 13.750. Beef firm; Mess, $26; packer, $25 to Jan.,23.30c.; March,23.80c.; June, 24.400. Outside prices:
4
$27; extra India mess,$42 to $45; No. 1 canned corned beef, Spot smoked ribbed and July, 213% to 217 3.; July-Sept.,
-Dec., 223% to 233%c.; Jan.
-March,233% to
$3.10; No. 2 six pounds, South America, $16.75; pickled 22 to 223%c.; Oct.
tongues, $75 to $80. Cut meats steady; pickled hams here, 233%c. Spot first latex crepe, 233/i to 233%c.• thin pale
10 to 20 lbs., 233% to 233%c.; pickled bellies, 6 to 12 lbs., latex, 233% to 23%c.; clean thin brown crepe, 213 to 20go.;
spooky crepe,183% to 19e.;rolled brown crepe, 143% to 143%c.;
4
193j to 213 c. Bellies, clear, dry salted boxed, 18 to 20 lbs.,
%
/
165sc.; 14 to 16 lbs., 16%c. Butter, lower grades to high No. 2 amber, 193% to 19%c.; No. 3, 19% to 195 0.; No. 4,
scoring, 38 to 43c. Cheese, flats, 233% to 293%c.; daisies, 193% to 193%c. Paras, upriver fine spot, 22 to 223%e. Lon22 to 28c. Eggs, medium to extras 27 to 343%c.; closely don spot, 11 7-16d.; Aug., 11 9-16d. Singapore July,
103/8d.; Oct.
-Dee., 11 9-16d. One view was that conditions
selected, 35 to'363%c.
appear generally favorable. The technical position is called
OILS.
-Linseed was rather easier. The demand however strong. Speculative position is at a minimum; consumption
was a little better. There were reports that cruisers would continues very good; though perhaps somewhat below the
accept 100. for tank ears but this could not be confirmed. peak, which is not unexpected. Shipments
from the East
Carlots were quoted at 11.1c. Small lots were the most are gradually decreasing and arrivals
States
wanted. Contract withdrawals were up to expectations. show a corresponding drop. Stocks in the United United
of rubber
Jobbers were buying a little more freely. Cocoanut, Manila States are not excessive. Those in the United in the
Kingdom are
coast tanks 7c.; spot N. Y. tanks 73%c.; Corn, crude bbls., very moderate,especially in view of the growing demand from
tanks f. o. b. mill 758 to Mc.; Olive, Den. $1.35 to 1.40. the Continent. Rubber invoiced for shipment to the United
China wood, N. Y. drums carlots, spot 143% to 1504 Pacific States for the week ended July 6, according to the Depart-




JULY 13 1929.1

FINANCIAL CHRONICLE

305

States vary greatly, ranging from 1,340 lbs. for Pennsylvania
to 556 lbs. for South Carolina. Prices in 1928 in Louisiana
averaged 45e. and led all the States,followed by Connecticut,
37.2c.• Massachusetts, 34.1c.; Florida, 29.10.• West Virginia
and Missouri, 27e. each; Kentucky, 28.8e.; Indiana, 23.3e.;
Ohio, 21.4c. and Tennessee, 20.1e. The lowest average
price for any State was Minnesota, 12e.
COPPER was steady but quiet for both export and domestic account. Everybody seems to be awaiting the June
statistics. Prices were 18c. domestic and 18.30e. for export.
In London on the 10th inst. spot standard fell 10s. to
£71 13s. 9d.;futures off 6s. 3d. to £72 7s. 6d.; sales, 200 tons
of spot and 700 futures. Electrolytic unohanged at £84 for
spot and £84. 10s. for futures; standard copper unchanged at
the second London session; sales, 1,026 tons for the day.
Latterly trade has been dull at 18e. domestic, partly because
many preferred to await the statistics for June. In London
on July 11 spot standard unchanged at £71 13s. 9d.; futures
up is. 3d. to £72 8s.9d.; sales, 300 tons spot and 400 futures.
Electrolytic, £84 spot and £84 10s. futures. At the second
session spot unchanged;futures off is. 3d.; sales, 1,025 tons
for the day. Stocks of copper increased from May to the
end of June, but production was generally reduced throughout North and South America, according to the American
Bureau of Metal Statistics. Total stocks of refined and
blister copper at the end of June were 384,621 tons, an increase of 1,980 tons over May. Refined stooks increased
12,728 tons to 83,140 tons; blister stocks decreased 10,748
to 251,481 tons. Refined production in June was 156,447
tons, against 161,784 in May. In June 1928 the output was
131,024 tons. Shipments in June were 143,719 tons, against
148,866 in May. In June 1928 shipments were 138,503 tons.
Shipments for domestic account were 85,258 tons. Exports
decreased 6,662 tons to 48,461 tons. Total crude production by United States mines and other supply to United States
smelters in June was 82,841 tons, against 93,392 in May, a
decline of 10,551 tons. For the six months to June 30 crude
production was 535,893 tons,against 422,803 tons in the 1928
period.
TIN was in good demand and higher. On the 10th inst.
some 300 tons of Straits and 330 of standard futures sold.
Consumers were the best buyer. Dealers and speculators
%
4
also took a little. Spot Straits sold at 453 3.• Aug., 457 c.;
'
Sept., 46 Mc.; Oct., 46%c. and Nov., 46%e. Futures closed
55 to 70 points higher on the 10th inst. London prices at the
first session on the 10th inst. advanced £1; standard spot,
£205 10s.• futures, £208 15s.; sales 80 tons spot, and 520
Spot Straits, £209. Eastern c. i. f. London adfutures. '
vanced, £1 15s. to £212 on sales of 175 tons. At the second
London session standard advanced £1 10s.; sales 1,000 tons.
Latterly trade has been quiet, but prices have been firm.
4
Straits spot sold at 453 0., July at 46Mc., Aug. at 463e.,
%
/
Sept. at 461 20., Oct. at 465 e., Nov. at 46%e., Dec. at
4678e. and Jan. at 47e. At the Exchange July bn the 11th
/
inst. closed at 45.35c., Sept. at 45.70e. and Dec. at 46.40e.
In London on the 11th inst. spot advanced £2 12s. 6d. to
£208 2s. 6d.; futures up £2 5s. to £211; sales 120 tons spot
and 880 futures. Spot Straits up £2 12s. 6d.; Eastern e. i. f.
CHARTERS included: Grain, Montreal, July 29
-Aug. 15, to Hamburg. London advanced £2 to £214 on sales of 425 tons. At the
Bremen, 103c.; 23,000 qrs. Bremen barley from Montreal July 15-27,
were unchanged; sales for the
33,000 qrs. heavy, Montreal July 15-25 to Bristol Channel, one port second London session prices
10
2s.,two ports 2s. 3d.;35,000 qrs. Montreal to Antwerp or Rotterdam,18
day 1,880 tons. To-day futures closed strong with July
Aug. 1-15. Sugar: Cuba, August, to United Kingdom-Continent, 17s. 9d.: ending at 45.65 to 45.90c.; Sept. 46.05 to 46.10c.; Dec.
Cuba Aug. U. K.
-Continent, 175. 6d.; option, Santo Domingo, 16d. 9d.;
Cuba, August, to U. K.
-Continent. 18s.: Cuba to Marseilles July. 19s.; 46.55e. Final prices are 90 to 95 points higher than a week
-Continent, 19s. Lomber, Gulf, July, to Plate $17. ago. Sales to-day were 140 tons.
Cuba July to U. K.
,
.
Tankers: Dirty, Aug. 9-26, three trips Charleston, 37c.; north of Cape
'
'
Hatteras not east of New York, 42c.; Boston, 45c.; from U. S.
Vene- .LEAD was marked down to 6.75e. New York by the Amerzuela, Aruba, Curacao, with Tampico loading option, 5c. more:
Gulf.
prompt, Gulf, 40c.; Tampico, 45c., to north of Hatteras, option Boston 2c. ican Smelting Co. This is a decline of $5. Middle Western
dirty,
more; prompt Gulf, eight trips to TJ. K.
-Continent, 20s. 6d.; dirty, contin- producers cut the price to 6.60c. Buying was rather light.
uation 12 months, 6s. 3d.; Gulf, dirty, middle August, to north of ITatteras,
single trip. 40c. Time: Four months prompt, $3.25; 9 to 12 months, London on the 10th inst. fell 2s. 6d. to £22 18s. 9d.; futures
July loading, general, 4s. 6d.; July round trip east cosat of South America, off to £23. At the second London session prices fell Is. 3d.
$1.10: prompt West Indies round, $1.80.
Makers of dry lead oxides cut prices lie. Of late the demand
COAL has been in moderate demand. Sometimes per- has increased; Central West, 6.55 to 6.57 Mc. up to 6.60e.
haps not as much as that could be said. A lull in trade at New York quoted by large producers at 6.75e. In London
this time need surprise no one. Meanwhile industrial stocks prices fell 3s. 9d. to £22 15s. for spot and £22 16s. 3d. for
are down to a low level. Anthracite, N. Y. wholesale, in futures; sales, 250 tons spot and 700 futures.
long tons, f.o.b. mines: Grate, $8.10 to $8.20; stove, $8.90;
ZINC was quiet at unchanged prices. East St. Louis,
pea, $4.60 to $4.70; buckwheat domestic, $3.25; barley, 6.70 to 6.80c. Stocks are steadily increasing. Lead ore
$1.50; egg, $8.40; chestnut, $8.40; buckwheat, $2.50 to was $44, but many are looking for a decline in this direction
$2.75. Bituminous, N. Y. tidewater, Navy standard, before very long. In London on the 10th inst. spot fell
f.o.b. piers, $5.10 to $5.25; high volatile steam, $4.30 to 2s. 6d. to £25 15s.; futures unchanged at £25 17s. 6d.;
$4.40; high grade medium volatile, $4.50 to $4.65. Later sales, 500 tons spot and 650 futures. Of late trade has been
there was a larger movement of anthracite from the mines.
quiet and nominal at 6.70e. for East St. Louis with hints
TOBACCO.
-In many cases trade was quiet. Sumatra of sales at 6.67Me. or less after being quiet for many weeks.
had the most attention; that is tobacco suitable for a 5
-cent In London on the 11th inst. spot fell 5s to £25 10s.; futures
cigar. Such grades were in good demand. Offerings were off 2s. 6d. to £25 15s.• sales, 100 tons spot and 200 futures.
-Railroads are buying more freely, for bridges,
'
small and prices firm. Connecticut shade grown was in fair
STEEL.
demand; top leaf is nominally 21c.; No. 1 seconds, 1925 crop ferries and rails. Also purchases for pipe lines are noted,
quoted 65c.; seed fillers, 20c.; medium wrappers, 65c. oil tanks, &c. Some 40,000 to 50,000 tons of fabricated
Whether such prices are always paid or not is another steel are wanted partly for New York and Philadelphia.
matter. Amsterdam cabled July 5th to the U. S. Tobacco At Pittsburgh the mills are operating at 90%. A good deJournal: "Prices firm at Java sale yesterday. About 990 mand prevails for flat rolled and strip steel and a fair inquiry
bales bought for America." Oxford, N. C. wired: "Weather for structural steel. A moderate decrease in unfilled orders
conditions on the whole have been favorable to the crop. is, however, noticed. Basic material quotations and also
The past few hot days have been beneficial. The crop in this finished steel prices are said to be in the main steady. Sheets,
section is well up to the average. It is true the farmers in the nails and wire products are weak or irregular on worth while
Southern section complain Somewhat of having had too tonnage. Prices are lowered on such business, Galvanized
much rain and some of the crop shows a little yellow, es- sheets were still quoted at as low as $3.50 Pittsburgh and
pecially on light sandy lands." The Census Bureau at black sheets at $2.85 Pittsburgh. Sheet bars have been sold
Washington says that the estimated average yield per acre to some limited extent for the third quarter, but re-rolling
for the United States in 1928 was 718 pounds which com- billets and slabs are quiet. Sheet bars were $35. Billets
pares with 765 lbs. for 1927. The yeilds for the several and slabs were also quoted at $35, an advance of $1 over

tment of Commerce, totaled 8,476 tons, against 9,538 long
tons in the preceding week, or a decrease of 1,062 tons.
Arrivals of crude in June were 44,490 long tons, against
49,180 ixi May, and 25,092 in June last year. Importations
for six months 318,508 long tons; first six months in 1928,
212,497 long tons. Arrivals so far exceed those of a year
ago by 106,011 long tons for the first six months. The
consumption of crude in June was 43,227 long tons; in May,
49,233 long tons; in June last year of 37,676 long tons. The
record monthly consumption was in May 1929. Consumption
of crude for the half year is 269,307 long tons which first
six months of 1928 of 211,574 long tons. For the year
1928,441,340 long tons of rubber were consumed, the highest
yearly record promises to be exceeded this year by possibly
60,000 tons. To-clay prices closed 20 to 30 points lower with
sales of 784 lots or 1,970 tons. There were 24 notices issued,
making the total to date 753. London stocks are expected
to increase about 750 tons. This will still keep the total
below 31,000 tons. London closed with spot 11% to 11 5-16d;.
/
Aug., 11 5-16 to 1138cl.; Sept., 11 7-16d. to 11Md.; Oct.
/
-March, 11%d.; April-June,
Dec., 11 9-16 to 1158d.; Jan.
/
123/d. Singapore, July, 105sd.; Oct.
3
-Dec., 11 3-16d.;
-March, 11 7-16d.; No.3 Ambers spot,83 d.
4
Jan.
HIDES.
-On the 8th inst. prices closed unchanged to 25
points higher. August, 16.90c.; September, 17.35e.; May,
19.10 to 19.15e. Some 4,000 frigorifico steers, July, sold at
16 13-16e. Recently 54,000 Argentine frigorifico steers sold
at from 16% to 16 13-16c., 9,500 Uruguayan steers at
16 11-16e. and 4,500 frigorifico cows at 173 to 17 13-16c.
%
City packer hides were quiet but firm following recent
heavy trading in the Argentine. Country hides were slow
of sale. Common dry hides dull; Savanillas, 211 0.; Santa
4
Marta, 22e. New York City ealfskins 5-7s, 1.80 to 1.90;
9-12s, 2.35c.; Sisals, 450.; Iaxacas, 60 to 623e.;
7-9s, 2.350.;
Para, 3234e. On the 9th inst. prices ended 15 points lower
to 10 higher with sales of 640,000 lb. August, 16.75e.
nominal; November,18c.; December, 18.350. closing at
18.30 to 18.45e. Chicago's stock of light native cows is
said to be as large as 100,000. On the 11th inst. Chicago
and River Platte prices were higher. New York futures
were 10 to 50 points higher. In Chicago packer hide sales
included 2,000 June light native cows at 16Me., 6,000 light
native steers, June-July at 17e. and 13,000 heavy native
steers at 18c. an advance of Me. in the last. A car of Pennsylvania extreme 25.50 pounds sold at 143c. selected. At
the Exchange sales of 360,000 lbs., closing with August at
17.50 to 17.90c.; September, 17.90 to 18c.; October, 18.15
to 18.40e.; November, 18.35 to 18.55c. and December,
18.75 to 18.8543. One comment was that stocks in the
.
River Platte section have been reduced materially; approximately 65,000 hides having been moved at prices lc. below
those of the previous week. This is attributed to several
reasons, one of the most important being that prices are
now more in line with tanners' ideas and the demand from
this quarter is expected to show a marked gain shortly.
OCEAN FREIGHTS.
-Grain rates were steadier; also
sugar, coal and lumber. Later oil rates advanced. Later
there was a larger business in sugar and grain.




306

FINANCIAL CHRONICLE

[VOL. 129.

the second quarter price. Forging billets were firm at $40.
Receipts at
Sat.
Mon. Tues. Wed. Thurs. Fri.
Total.
Wire rods were still $42.
Galveston
1,265
910 1,304 5,539
97 9,492
377
PIG IRON.
219
-In New England trade is reported brisk, Texas City
219.
Houston
6.432
555
495
271
20 4,220 11,993
but here it remained dull. New England in 10 days reported New Orleans..
770 1,373
155 1.268
558
413 4,537
11
358
sales reached 16,000 tons at lower.prices due to keen com- Mobile
12
5
64
450
300
300
petition. Buffalo No. 2 plain and No. 2X is understood to Pensacola
Savannah
639
299
176
142
-L§§ 1,845
35
have been offered at $17.50, out in New York and New Charleston
44
18
12
109
Lake Charles_ _ _ _
86
50
Jersey was often quoted at $18. Alabama iron has not Wilmington
19
15
34
competed much it seems. It seels more readily to Phila- Norfolk
22
12
52
70
65
221
Baltimore
1,118 1,118
delphia and Boston favored by freight rates. Birmingham
iron is selling rather more freely it is said, at $14.50 a decline
Totals this wk_ 9,174 3,557 2,226 7.479 1.120 6.812 30,368
of 50c. Cleveland last week sold 35,000 tons.
The following table shows the week's total
Pig iron was quiet. To some it looks as though buying total since Aug. 1 1928 and stocks to-night, receipts, the
compared with
for the third quarter will be confined to small lots. It is last year:
not unusual to see buying slacken at this time for the semiannual inventory. The aggregate of moderate or small1928-29.
1927-28.
Stock.
Receipts to
sized buying orders in recent weeks, however, makes no bad
This Since Aug This Since Aug
July 12.
showing, it is said, compared with the normal trade in that
Week. 1 1928. Week. 1 1927.
1929.
1928.
period. Coke has been quiet; also ferro-alloys.
Galveston
9,492 2,787.661 6,470 2,247.220
99,202 140,525
-Late last week according to a government re- Texas City
WOOL.
219 180,452
534
99,333
3,784
7,686
Houston
port from Boston wool was slow. On a few grades there Corpus Christi_ _ _ 11.9932,858,759 4.331 2,536,803 211,044 244,891
_ - _ _ 258,123 2,269 178,613
has been some business of fairly 'good volume. The out- Port Arthur, &c. ---- 17,060
4,344
New Orleans ---- 4,537 1,576,081 9,237 1,538,926
94,191 179,854
standing active lines were Texas 12 months wools of which Gulfport
598
large blocks were sold. In graded wool lines 56s was the Mobile
450 289,476
264 293,867
13,519
3,192
300
12,684
13,250
strongest grade and sales were moderate in volume. Trade Pensacola
Jacksonville
186
51
674
613
was fair on 58-60s and 47-50s, but sales were inclined to be Savannah
1,845 379,565
23,652
728 661,077
21,908
small. The 64s and finer wools were slow. Prices were Brunswick
Charleston
109 172,821 1,551 271.240
14,195
16,921
about steady on the less active lines and slightly firmer on Lake Charles_ _ _ _
50
1,224
5,555
some of the more active grades. Boston on July 11th Wilmington
34 126,051
372 132,501
3,810
16,980
Norfolk
221
wired a government report as follows: "The finer grades N'port News, &c_ ____ 232.805 1,087 224,546 37,941 37,706
534
129
of domestic strictly combing wools are selling in larger New York
51.268
7,992 164,986
76,999
Boston
8,367
229
3,471
1,301
3,301
quantities and sales are more frequent. Both territory and Baltimore
1.118
62,704
337
72,591
997
1,327
fleece lines of these grades are more active. A fair volume Philadelphia
156
105 --I-4,351
4,474
of strictly combing fleece 64s and finer quality is selling
Totals
30 365 9 Mg 120 27A19 5.292.060 673.647 756.377
at 38 to 39c. in the grease, or 93 to 95c. scoured basis.
In order that comparison may be made with other years,
Graded territory strictly combing of this quality is also
selling at 93 to 95e. scoured basis. Territory 58-60s are we give below the totals at leading ports for six seasons:
fairly active at 92 to 95c. scoured basis." Philadelphia re- Receipts at- 1928-29. 1927-28.
1926-27. 1925-26. 1924-25. 1923-24.
ported less reducing of prices and better sales this week.
Galveston__
9,492
6,470
6,792
3,131
5,208
13,023
In London on July 9 the fourth series of Colonial wool Houston*___ 4,331
2,143
10,492
7,113
1,159
auctions in the current year opened. Available offerings New Orleans- 11.993
4,537
9.237
7,904
12,494
1,521
4.608
450
264
total 127,500 bales. According to present arrangements Mobile
1,264
262
1,528
305
Savannah....
1.845
728
9,205
4,723
1,743
5,096
the series will close July 25. Attendance large of foreign Brunswick
buyers; offerings, 9,500 bales. Compared to May sales Charleston..
109
1,551
7.392
837
2,446
551
Wilmington. _
34
372
894
282
3
10
prices were 5 to 7%% lower on both Australian merinos and Norfolk
221
1,087
381
2,959
555
6,470
New Zealand crossbreds, while slipe crossbreds were 5 to N'port N.,&c.
1.687
3,379
2,309
1,420
501
3,432
10% lower, as were Puntas greasy crossbreds. The re- All others...,__
luctance of holders to meet the decline resulted in numerous Tot, this week 30,368 27,419 34,623 36.882 22,774 35.877
withdrawals. New Zealand slipe sold at 123 to 223/3cl.
4
0.01(1.120 8.292.069 1213240789.533.451 9.132.034
Offerings of 98 bales of Cape wool were withdrawn. Details. Siam Ann 1_with the season of 1926, Houston figures include R.RRO 0(12
*Beginning
movement of

Sydney, 768 bales; greasy merinos, 153®22d. Victoria, 752 bales;
Houston as an interior town. The distinction
scoured greasy. 19Y4 ®23Yid. New Zealand. 2.553 bales; scoured merinos. cotton previously reported by been abandoned.
353. ®37d.• crossbreds, greasy, 13Yi ®16d. West Australia, 143 bales; between port and town has
scoured greasy, 13Yi ®29Yid. Puntas, 5,122 bales; scoured greasy. 10Yi
The exports for the week ending this evening reach a total
0.6d.; crossbreds, greasy, 12Yi ®17d.
of 50,697 bales, of which 3,446 were to Groat Britain, 3,421

In London on July 10th offerings, 8,462 bales, mostly
Australian merions. The Continent bought the most freely,
at opening prices. Speculators' lots of greasy merinos were
frequently withdrawn; also Cape wool at limits above the
market. Very.
much of the scoured merino and pieces were
withdrawn owing to poor demand. New Zealand crossbreds sold well, mostly to Yorkshire at opening prices. New
Zealand best greasy 58s, realized 19d.;
17d.; 50s,
16d.; 48-50s, 15%d.; 488, 15d.; 46s, 14d.;shabby 44s, 103/2d.;
50-56s,
4d. New Zealand slipe ranged 133/3 to 21d. Offerings
to 123
of 261 bales Cape wools were withdrawn. Details:
Sydney, 1,634 bales: scoured greasy merinos, 18025d. Queensland,
1.733 bales; scoured merinos, 30®37Yid.; greasy, 14 Yi ®19d. Victoria,
1.474 bales: scoured merinos, 25 ®31d.; greasy. 20Yi ®26 Yid. South Australia, 1,154 bales; scoured merinos. 24(5133d.: greasy. 16@20d. West
Australia, 657 bales: scoured greasy, 1302034d. New Zealand. 1,522
bales; crossbreds, scoured. 1734(8341d.; greasy, 1034 ® 19d.

In London on July 11th offerings were 9,348 bales. Crossbreds met with a good demand from British and Continental buyers at opening values. Merinos were frequently
withdrawn at limits, a quantity being sold to the Continent on the opening basis. New Zealand cross-bred best
58s, realized 21d.; 50-56s, 18d.; 50s, 17d.; 48-50s, 16d.;
48s, 153'd.; 46s, 14Yid. New Zealand slipe ranged 123.4 to
-bred lambs. The Cape offering of 127
23d., latter had
bales was withdrawn. Details:
Sydney. 1,666 bales; scoured merinos, 153i ®23d. Queensland, 968
bales; scoured merinos, 14®17d.; greasy, 32®4034d. Victoria, 1,102
bales; scoured merinos, 2 24 Yid.• grey. 33@38d. West Australia,
co
as
,
583 bales; scoured merinos, 16962034d.; greasy. 29@32d. Tasmania, 235
bales; scoured merinos, 2134 ®25d. New Zealand, 4,473 bales; crossbreds,
scoured, 12%4421d.; greasy, 2334 ®34

In Liverpool the East India wool auctions will begin on
Tuesday July 23 and continue on July 24, 26, 29 and 30.
Quantity, 28,500 bales.
SILK closed unchanged to 1 point lower on old and new
contracts with sales of 275 bales of old and 440 bales of
new. July ended at 4.800. to 4.83c.; September, 4.74 to
4.77c.; December, 4.74 to 4.75c.

COTTON
Friday Night, July 12 1929.
THE MOVEMENT OF THE CROP,as indicated by our
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
30,368 bales, against 10,769 bales last week and 13,090 bales
the previous week, making the total receipts since Aug. 1 1928
9,016,120 bales, against 8,292,069 bales for the same period
of 1927-28, showing an increase since Aug. 1 1928 of 724,051
bales.




to France, 9,838 to Germany, 6,925 to Italy, 13,751 to Russia, 11,257 to Japan and China and 2,059 to other destinations. In the corresponding week last year total exports
were 64,714 bales. For the season to date aggregate exports
have been 7,823,426 bales, against 7,390,757 bales in the
same period of the previous season. Below are the exports
for the week:
Exported to
-

Week Ended
Great
GerExports from
- Britain France. many.
July 12 1929.

Galveston
Houston
Lake Charles.
New Orleans _ _
Mobile
Pensacola
Savannah
Wilmington
Norfolk
New York
Los Angeles. _ _

2,395

1,663
1,178

2,490
5,496

51

580

-554
748
300
250

Japan&
Russia. China. Other.
4,327
3,025 13,751
300
-_
3:556

1,000

Total.

693 11,568
634 7,308

zo

5;666

100 18,061
150 6,198
300
250

3,550
1,200

1;itio
482
730

1.482
730

8,925 13,751 11,267

2,059 50,697

Total

3,446

3,421

Total 1028
Total 1927

9,081
5,092

3.845 7,750 11,173 20,000
195 10,164 8,200 17,500

9,838

2,300 10,765 64,714
2,672 4,684 48.487

From
Exported to
Aug. 1 1928 to
July Is Ms. urea!tierJapandk
Exportsfrom
Britain. 'France. many. Italy. Russia. China.' Other.

Total.

Galveston_ __ _ 392,5191317,959 589,537222,1091 32,447587,728399,5222,541,821
Houston
408.657i294,949 562,018 227,559 106,807481,925 176,2692,258,192
Texas City.-35,1501 12,068 41,833,
_ _ 10,335 11,281 112,083
Corpus Christi 46,40 41,941
90,833 21,624 4,1114 55,036 27,781 288,523
Port Arthur_ _
943 2,430
8,977
764
____
_ _ _ _ 3,948
17.
010
1,296
Lake Charles_
_ __
1,151 3,
6,077
330
_
New Orleans_ 409,733 98:234 226,813 141,014 147:661 172:564 110,991 1.308.34
0
Mobile
88,790 2,15.
79.727 5,318
_ _ _ _ 24,300 4,820 205,114
Pensacola __
4.770
____
8,075
005
_ _ __ 1,400
13,250
100
Savannah ___ _ 163,399
7. 117,347 3,262
_ _. 12,100 4,097 300,280
_
Gulfport
598
598
___ _
___ _
Charleston_ _ _
60,058
777 62,197 1,281 -___ 1.150 16,274 141,737
Wilmington.. _
38,800
--9,842 54,150 ----3,400 108,192
_
Norfolk
78,608 1,238 29,451 3,874
___
. 9:500 2.527 125,198
Newport News
127
129
2-- New York. _ _
25.332 3,708 30.593 14,115
99,720
_ _ __ 6.735 19:237
Boston
1,738_
------------4,460
7,648
1,450
Baltimore_
3:640
------------5,238
1,5
Philadelphia__
82
_ _ __
1---------200
283
....
Los Angeles.68.041 14.149 36.705 8
_ _ _ _ 95:891 1,078 222,141
San Diego. _ _
6.652 1.948
13,496
600
4.296_ _
__ _
__ _ _
San Franelse.
10,524
250
200
348 36,055
_ _ - 17.370
7,363
Seattle
18,248
18,248 ._ _ _
Total

1,840,222 795,524 1.906.007708,999 291,159 1494244787.271 7,823,428

Total 1927-28 1,418.935 888.9262,133,178681,620 370,198 1026303873.597 7.390.717
Total 1926-27 2.599 21941012A4A 2 917 2nci 771 171 470 ORR 1502537 12414150 10742081

--It has never been our practice to include in the
-Exports to Canada.
NOTE.
above table reports of cotton shipments to Canada,the reason being that virtually all
the cotton destined to the Dominion comes overland and it is impossible to get returns concerning the same from week to week, while reports from the customs districts
•on the Canadian border are always very slow in coming to hand. In view, however,
of the numerous inquiries we are receiving regarding the matter, we will say that for
the month of May the exports to the Dominion the present season have been 18,470
bales. In the corresponding month of the preceding season the exports were 17,726
bales. For the ten months ended May 31 1929 there were 245,589 bales exported.
as against 203,918 bales for the corresponding.ten months of 1927-28.

In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
On Shipboard Not Cleared for
July 12 at-

GerOther CoastGreat
Britain. France. many. Foreign wise.

Total.

Leaving
Stack.

73,202
Galveston
3,200 2,800 4,000 13.000 3,000 26,000
56 11,291
82,900
1,120
200 4,170 5.745
New Orleans
Savannah23,652
--------_ _
---190
14,005
190
-----____
--_Charleston--------1,725 -- 1,875
11,644
Mobile
150
Norfolk--280
280
37,661
500 15,000 375,947
500 7,500 11,500
Other Ikons' -- 1,000
,
Total 1929_. 5,470
9,577
Total 1928
Total 1927-- 11,712
•Estimated.

307

FINANCIAL CHRONICLE

JULY 13 1929.]

3,500 9,670 31.970
9,335 11,595 28,213
6,654 13,902 66,876

4,026 54.636 619,011
2,973 61,693 694,684
5,735 104,879 983,818

Speculation in cotton for future delivery advanced slightly
except on July, which had a trifling net decline. There is
a fear of weevil damage later. On the 6th inst. prices, at
one time 8 to 14 points lower on good weather and poor
cables, ended unchanged to 7 points lower. The weather
was considered in the main good, but rains occurred here
and there over the belt. The talk was of weevil danger.
The fear was that if the Government acreage estimate on
the 8th inst. should be bearish it would turn out to have
been discounted. Texas had rains of 3 to 5 inches on
/
1
2
the coast and in the South-Central section. Weevil reports
were persistent, but in the main it was considered good
growing weather. On the 8th inst. the Government estimated the acreage at 48,457,000 acres against 46,946,000 last
year, a increase over last year of 3.2%. Some estimates had
been as high as 4 to 52
/
1%. One reached 49,532,000. So
that the Government total fell about 1,100,000 acres short
of this. The effect was rather marked. Prices ran up 31
to 38 points from the low of the morning. The net advance
was 19 to 25 points. Before the estimate was received at
noon there was a decline of some 10 to 15 points on good
growing weather, favorable crop advices and lower Liverpool
cables than were due. The selling was rather heavy. The
Southwest, Liverpool and New. Orleans took part in it.
There was pressure on December and January. There came
a quick volte-face when the estimate was received. The
highest private estimate had been 49,532,000 acres. The
average was 48,667,000, so that it came close to the official
estimate. But the hopes of many had been pinned on
49,000,000 acres or something pretty close to it. The actual
figures therefore took a shore market by surprise. At the
same time the later weather news showed that the belt was
getting what looked like too much rain. The belt wants
dry, hot weather this month rather than warm and rainy,
which would undoubtedly favor the propagation of the pest.
The weevil population is already reported to be very large.
The trade, Wall Street and local operators bought freely.
The closing prices were at or about the highest of the day.
On the 10th inst. prices advanced early to a moderate
extent on further rains, higher cables than due, and more
or less buying by the trade, Wall Street, spot houses and
scattered shorts. Later on, however, the weekly report
was considered more favorable than had been expected.
And this with liquidation in July and other months carried
prices down some 20 to 28 points from the high level of
the morning, winding up at a net loss for the day of some
13 to 17 points. July led the decline. The point of the
weekly report was that the weather had been good for
the plant and on the other hand also good for the weevil.
There has been considerable covering of shorts, however.
The technical position was hardly as strong as it had been
and the later drift was downward under the pressure of
long cotton.
The weekly Government report said that the temperatures
were seasonable and rainfall was mostly light to moderate,
though with rather frequent showers in some sections, and
there was much cloudy weather in the Western area. In
the Atlatnic Coast States the condition remains spotted.
Weevil activity was unchecked, but weekly progress was
good. Nearly everywhere plants are fruiting well in the
South. In Alabama and Mississippi growth was generally
fair to good, but rainfall was rather frequent in many
places, favoring weevil actilvty ; some shedding was reported
from the South. In Tennessee plants are beginning to bloom
in generally excellent condition. Arkansas and Louisiana
made mostly excellent progress with squares forming to
northern' Arkansas and bloom to the central portion, and
the latter part of the week was favorable in the South for




holding the weevil in check. Texas weather, however,
favored weevil activity in the central and eastern portions.
The Textile Merchants' Association stated the sales of
standard cloths in June as 79.8% of production; shipments
88.1% of production; stocks increased 9.2%; unfilled orders
decreased 6.2%. For six months the sales were 93.5%
against 89% for the same time last year; shipments were
99.5% against 93.5% a year ago; stocks increased 2.4%
against 36.4% a year ago; unfilled orders decreased 23.5%
against 21.8% a year ago.
To-day prices advanced 8 to 16 points with more or less
rain in Texas and Georgia, reports that rains have been
doing harm in parts of the belt, and that the weevil is
abundant, and that the peak of the condition of the crop
is near at hand. Mostly the plant has improved, but the
weevil causes apprehension. Moreover, Liverpool was
higher than due. Dallas crop reports were to the effect
that while •scattered showers and heavy rains in various
parts of Teaxs may have added to the growth of cotton,
yet cloudy weather and further showers can only increase
the insect hazard, except in northwestern Texas, where
rains would be welcome. A Boston report said that the
rains recently had greatly favored the propagation of the
weevil; also that the heavy vegetation on the plant as a
result of the rains is shading the ground so that the sun
cannot kill the weevil larvae in the fallen squares. Moreover, grass and weeds are growing rapidly. It is pointed
out, too, that in 1921 and 1923 it was not until along about
the middle of August and September that the trade became
aware of the serious injury that the weevil was doing the
plant, whereupon prices advanced 7 to 9c. by the late
Autumn. To-day spot markets were higher. Exports were
moderate. The into-sight total was relatively large. The
forecast was for showers over most of the belt. Offerings
were not large. Spot houses wanted December and bought
it on quite a liberal scale. There was more or less calling
by the mills here and in Liverpool. Final prices show a
decline of 2 points on July for the week, while other months
are 1 to 19 points higher, the latter on March. Spot cotton
ended at 18.35c. for middling, showing no change for the
week.
The following averages of the differences between grades,
as figured from the June 00 quotations of the ten markets
designated by the Secretary of Agriculture, are the differences from middling established for deliveries in the New
York market on June 00.
Staple Premiums
80% of average of
MX markets quoting
for deliveries on
July 18 1929.
15-18

Inch.

1-tneh
longer.

.25

.25
.25
.24
.22
.22
.22
.22
.22
.21
.21

Middling Fair
White
.84 on
Strict Good Middling-- do
AS
Good Middling
do
.51
Strict Middling
do
.88
Middling
do
Basis
Strict Low Middling__ do
.73 off
Lew Middling
do
1 60
Good Middling
Extra White
.51 on
Strict Middling
do do
.38
Middling
do do
even
Strict Low Middling
do do
73 off
Low Middling
do do
1.60
Good Middling
Spotted
29 on
Strict Middling
do
.01 off
Middling
do
73
Strict Good Middling _Yellow Tinged
.04 off
Good Middling
do do
45
Strict Middling
do do
.92
Good Middling
Light Yellow Statned..1.08 off
Good Middling
Yellow Stained
1.42 off
Good Middling
Gray
.69 off
Strict Middling
do
1.08

.83
.83
.88
.92
.92
.86
.76

.79
.79
.78
.66
.66
.66
.66
.68
.84
.84

.26
.26
.26
.31
.31

.29

Differences between grades established
for delivery on contract July 18 1929.
Figured from the July 11 average quotations of the ten markets designated by
the Secretary of Agriculture.
Mid.
do
do
do
Mid.
do
do
do
de
do
do
do
do
do
do
do
do
do

do
do
do

The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Sat. Mon. Tues. Wed. Thurs. Fri.
18.35 18.60 18.70 18.55 18.20 18.35

-July 6 to July 12
Middling upland

NEW YORK QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York on
July 12 for each of the past 32 years have been as follows:
1927
99
2
18.35c. 1921
12.40c. 1913
12.30c. 1905
lidos.
1928

1926
1925
1924
1923
1922

22.20c.
17.75c.
17.85c.
24.10c.
30.95c.
27.85c.
22.50c.

1920
1919
1918
1917
1916
1915
1914

4
36.00c.
32.80c.
26.75c.
12.95c.
8.90c.
13.25c.

1912
1911
1910
1909
1908
1907
1906

12.50c.
14.25c.
15.45e.
13.10c.
11 20c.
13.05c.
10.90c.

1904
1903
1902
1901
1900
1899
1898

11.15e.
12.500.
9.31e.
8.56e.
10.25e.
8.19e.
8.19e

MARKET AND SALES AT NEW YORK.
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader, we also add columns
which show at a glance how the market for spot and futures
closed on same days.
Spot Market
Closed.

. Futures
Market
Closed.

Saturday-- Wet,unchanged _ Barely steady
Monday-- Wet,25 pts. adv._ _ Steady
Tuesday --- ulet. 10 pts. adv._ _ Steady
Wednesday.. Quiet, l5 pt.. decl _ _ Steady
Thursday -- Wet,35 pta. decl _- Steady
Friday
Quiet.15 pia.adv.-- Steady
TotalSince Aug. 1

SALES.
Spot. Contr'a Total.
1.000
3,200
100
100

1.000
3,200
100
100

4,400 4,400
179,5581654.500 34.058

308

FINANCIAL CHRONICLE

[VOL. 129.

FUTURES.
-The highest, lowest and closing prices at decrease of 1,204,793 bales over 1927, and a gain of
New York for the past week have been as follows:
114,761 bales over 1926.
AT THE INTERIOR TOWNS the movement
Saturday, Monday, Tuesday, Wednesday, Thursday,
-that is,
FrMay.
July 6.
July 8.
the receipts for the week and since Aug. 1, the shipments for
July 9.
July 10.
July 11.
July 12.
the week and the stocks to-night, and the same items for the
July
Range. 17.92-18.03 17.94-18.25 18.25-18.34 18.12-18.40 17.80-18.14 17.81 17.98 corresponding periods of the previous year, is set out in
Closing 18.00 ---- 18.26 ---- 18.34 ---- 18.17 ---- 17.82 ---- 17.91
detail below:
Aug.
Range..
Closing- 18.10 ---- 18.32 ---- 18.42 ---- 18.26 ---- 17.97 ---- 18.01
Sept.Ranas ---- ---- 18.08
Closing - 18.20 ---- 18.39 ---- 18.60 ---- 18.35 ---- 18.12 ---- 18.21
Range- 18.25,18.34 18.21-18.59 18.50-18.73 18.45-18.68 18.28-18.49 18.21 18.34
Closing 18.31 ---- 18.51 ---- 18.60 ---- 18.45 ---- 18.28 ---- 18.3: 18.34
Oct. (now)
Range- 18.19-18.36 18.13,18.50 18.47-18.72 18.45-18.71 18.23,18.46 18.2: 18.38
Closing 18.27-18.29 18.47-18.48 18.59 48.60 18.45-18.46 18.26-18.27 18.31 -18.33
,
Nov.
Range-Closing _ 18.39 ---- 18.59 ---- 18.72 ---- 18.57 ---- 18.39 ---- 18.4:
Nov. (new)
Range_ _
Closing 18.39 ---- 18.59 ---- 18.72 ---- 18.57 ---- 18.39 ---- 18.4:
Range__ 18.42-18.60 18.40-18.73 18.73-18.96 18.69-18.94 18.49-18.70 18.41 18.64
Closing. 18.52-18.64 18.71-18.72 18.85,18.86 18.69-18.70 18.62-18.54 18.51 18.69
Jan.Range.- 18.38,18.53 18.33,18.65 18.68,18.90 18.67-18.87 18.47-18.67 18.41 18.59
Closing 18.48-18.47 18.65 ---- 18.80 ---- 18.67-18.68 18.51-18.52 18.51
Feb.
Range...
18.82
Closing _ 18.52 ---- 18.72 ---- 18.89 ---- 18.70 ---- 18.60 ---- 18.61
Mar.
Range -_ 18.60-18.63 18.49-18.81 18.84-19.06 18.85 19.05 18.68-18.84 18.61 -18.78
,
Closing.. 18.59-18.60 18.80 ---- 18.98 ---- 18.85 ---- 18.70 ---- 18.71
Apr.
Range.. ---- 18.80-18.82 18.71
Closing_ 18.59 ---- 18.82 ---- 18.87 ---- 18.90 ---- 18.73 ---- 18.8:
Range... 18.53-18.66 18.61-18.85 18.86,19.12 18.95-19.10 18.75,18.91 18.71 18.88
Closing.. 18.60-18.61 18.84-18.86 19.01-19.07 18.95 ---- 18.77 ---- 18.81
June
Range.. ---- Closing.

Range of future prices at New York for week ending
July 12 1929 and since trading began on each option:
Option forJuly 1929- 17.80
Aug. 1929_
Sept. 1929.. 18.08
Oct. 1929._ 18.13
Nov. 1929..
Dec. 1929_ 18.40
Jan. 1930_ 18.33
Feb. 1930_ 18.82
Mar. 1930_ 18.49
Apr111930.- 18.71
May 1930._ 18.81

Range for Week.

Range Since Beginning of Option.

July 11 18.40 July 10 17.70 July
18.30 June 2
July 8 18.08 July 8 18.08 Nov.
July 8 18.73 July 9 18.13 July
18.35 July
July
18.96 July
18.40 June
July
18.90 July
18.33 July
July 1 18.82 July 1 18.82 July 1
July
19.08 July
18.49 July
July
18.82 July
18.71 July
19.12 July
July
18.51 July

1929 20.95 Mar. 9 1929
1929 20.53 Mar. 6 1929
1928 20.63 Mar. 8 1929
1929 20.72 Mar. 15 1929
1929 20.38 Mar. 13 1929
1929 20.70 Mar. 15 1929
1929 20.66 Mar. 15 1929
1929 18.82 July 10 1929
1929 20.25 Apr. 1 1929
1929 18.82 July 8 1929
1929 19.39 June 4 1929

THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks as
well as afloat are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday) we add the item of exports from the United States,
including in it the exports of Friday only.
July 12Stock at Liverpool
Stock at London
Stock at Manchester

Total Great Britain
Stock at Hamburg
Stock at Bremen.
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Ghent
Stock at Antwerp

1929.
bales- 777,000
86.000

1928.
1927.
742.000 1,234,000
71,000

137,000

1926.
857.000
85,000

863,000

813,000 1,371,000

942,000

274.000
161.000
8.000
42.000
35,000

405,000
194,000
12,000
106,000
44,000

135.000
136,000
1,000
80,000
18.000

598,000
228,000
12,000
110.000
37,000

Movement to July 12 1929.
11.1WIld.

ship- Stocks
meats. July
Week. Season. Week.
12.

Ala.,Birming'm
13 55,754
11
705
Eufaula_ _ __
12
15,701
205 1,633
Montgomery
100 58.347
300 6,021
Selma
15 57,704
977 1,788
Ark.,Blytheville
____
88,027
95 4,442
Forest City.1
249 1,959
28,721
Helena
57,055
241 2,608
Hope
1 57,664
2
337
Jonesboro__ ____
33,272
12
787
Little Rock..
110 119,334
115 4,569
Newport _ _
1 47,802
4
239
Pine Bluff_
____ 142,738
134 3,881
Walnut Ridge
1
39,119
332
7
Ga., Albany
____
3,712
____ 1,536
Athens
20 29,550
500 2,825
Atlanta
432 135,809 2,960 9,526
Augusta_ 271 250,031 2,878 37,111
Columbus
200 53.286
200 8,435
Macon
697 54,581
565 1,858
Rome
35,946 1,800 9,255
La. Shreveport
40 145,773 1,173 7,722
Miss.,Clark'dale
'
13 146,641
291 4,927
Columbus-.
____
31,305
____
243
Greenwood
24 190,865
540 10,212
Merldian
34
49,928
662
65
Natchez. _
1
34,867
...
1,535
Vicksburg_ _ _
__
24,945
18'
301
Yazoo City
___
39,343
28 1,561
Mo., St. Louis. 3:234 478,029 4,458 11,162
N.C.,Greensb'o
30 26,809
647 9,292
OklahomaI
15 towns....
60 772,897
210 4.601
5.C.,Greenville 5,545 236,470 8,154 26,742
Tenn.,Memphis 6,678 1,807,310 14,617 62,502
Texas, Abilene_
57 54,845
261
467
Austin
62 48,721
71
348
Brenham
6 35,592
35 2,502
Dallas
31 144,780
126 2,722
Paris
91,173
__
95
Robst,own_
____
14,921
98
San Antonio_
____
43,113
____ 1,932
Texarkana _ _
12 65,871
27
913
Waco
89 146,673
265 2,169
.....

reltAl

AA I.mono

Movement to July 13 1928.

Receipts.

17 700 C 00c 002

AO Ogo nen KKR

Receipts.
Week.

Season.

529
10
334
5
____
121
60
____
19
61
-_
uS
1
......
2
525
1,547
30
228
450
73
44
2
---11
-___
____
7
3,057
53

94,448
20,420
78,638
58,787
78,659
37,244
52,337
49,847
32,364
109,884
48,708
125,792
35,642
4,980
50,901
129.646
285.748
51,321
68,950
40,156
98,438
153,988
36,088
160,495
41,347
37,200
18,150
27,895
379,143
29,779

Ship- 1Stocks
?nerds. July
Week.
13.
1,134,
115
8671
35
229
2741
1,410
238
_-__
368
224
417
11
--

361

kin

Oil

669
1.577
1,069

1.008 15,958
3,730 32,757
____373
337 1,655
550 8,834
1,524 9,850
985 16,680
100
803
--__ 32,383
178
903
85 11,338
____ 1,773
317 5,059.
8,230 2,646.
540 9,072

527 745.'69 2,903
3.297 330,371 7,889
7,0851,495,210 10,136
810 68,738974
382
140 26,868
322
183 30,222
429 101,872
897
____1
23 75,522
____I
6 29,785
546
250 38,202
400
200 59,151
468
258 91,206
on ..,,, if

4,398
4,811
7,481
5,466
3,936
3,095
4,321
1,566
1,015
6,022
962
8,586

16,469
24,397
99,648
434
322
10,524
18,621
1,083
442
3,752
1,564
4,035

£2 102255 229

*Includes the combined totals of 15 towns in Oklahoma.

The above total shows that the interior stocks have
decreased during the week 24,168 bales and are to-night
133,777 bales less than at the same time last year. The
receipts at all the towns have been 2,687 bales less than
the same week last year.
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE AUG. 1.
-We give below a statement showing theoverland movement for the week and since Aug. 1, as made
up from telegraphic reports Friday night. The results for
the week and since Aug. 1 in the last two years are as follows:
-1928-29-July 12Shipped
Via St. Louis

Via Mounds, &c
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, &c
Total gross overland
Deduct Shipments
-

Overland to N. V., Boston. &c
Between interior towns
,Inland, Sze.,from South

Since
Week. Aug. 1.

-1927 28
Since
Week. Aug. 1.

k
k
k
k
k
k

-Hi
4,118
4.030

•
Ic

3.230
60
28
380
3,566
3,484

13,964

k

10,748

k

1,118
339
11,553

k
k
k

566
298
9,313

k
k
k

4,458
1,074

Total Continental stocks
520,000 761,000 985,000 370,000
Total European stocks
1,383,000 1,574.000 2.356,000 1,312,000
Total to be deducted
k
13.010
10,177
k
India cotton afloat for Europe
69,000
124,000 118,000 104,000
American cotton afloat for Europe 186,000 228.000 246,000 198,000
Leaving total net overland*
k
954
571
k
Egypt,Brazil.&c.,afloatforEurope 121,000 106,000 131,000 137,000
Stock in Alexandria. Egypt
260.000 245,000 341,000 221,000
* Including movement by rail to Canada.
Stock in Bombay, India
1,128,000 1,176,000 655,000 586,000 since Aug. 1 so as to allow proper adjustment atk We withhold the totals
and of crop year.
Stock in U. S. Farts
a673.647 a756,377a1.088,697 573,649
--I928-29
Stock in U. S. interior towns.-- a252,555 a386.332 0412,498 917.992
-1927 28
In Sight and Spinners'
U. S. exports to-day
Since
Since
1.200
Takings.
Week.
Aug. 1.
Week.
Aug. 1.
Total visible supply
30,368
4329,402 4,589.709 5.334,195 4,014.641 Receipts at ports to July 12
k
27.419
k
Of the above, totals of American and other descriptions are as follows: Net overland to July 12
954
k
k
571
South'n consumption to July 12-116,000
American
k
110,000
k
Liverpool stock
bales- 400.000 487,000 899,000 490,000
Total marketed
147,322
Manchester stock
73.000
137,990
k
51.000 120.000
54,000
Continental stock
*24,168
Ic
*21.394
439.000 698.000 931.000 298.000 Interior stocks in excess
of Southern
American afloat for Europe
186.000 228,000 246,000 198.000 Excess consumption mill takings
over
to July 1
____
U. S. port stocks
Ic
a673.647 a756,37704,088,697 573.649
U. S. interior stocks
a252.555 a386,332 a412,498 917.992
Came into sight during week
U. S. exports to-day
123,154
Ic
•
116,596
Ic
1,200
Total in sight July 12
---Total American
2,006,402 2,606,709 3.697,195 2,550.641 North.spinn's' takings to
July 12- 34,723
East Indian, Brazil,
Ic
Ic
13,974
Liverpool stock
377,000 255.000 335,000 367.000
* Decrease. k We withhold the totals since Aug. 1 so as to allow of
London stock
Manchester stock
12.000 proper adjustments at the end of the crop year.
17,000
20,000
32,000
Continental stock
72.000
54,000
63.000
81.000
QUOTATIONS FOR MIDDLING COTTON AT
Indian afloat for Europe
69,000
124,000 118,000 104.000
Egypt, Brazil. &c., afloat
121,000 106,000 131,000 137,000 OTHER MARKETS.
-Below are the closing quotations
Stock in Alexandria. Egypt
260.000 245,000 341.000 221.000 for middling cotton at Southern
and other principal cotton
Stock in Bombay. India
1.128.000 1.176.000 655,000 586,000
markets for each day of the week:
Total East India, &c
2.123,000 1.983.000 1,637,000 1.464.000
Total American
2,006,402 2.606.709 3,697.195 2,550.641
C osing Quotations for Middling Cotton on
Week Ended
Total visible supply
4,129,402 4,589,709 5,334,195 4,014,641
42411 as.
ousuruay. imurusay. z uesaay. irea'aay. i nurse y. eriaalb
Middling uplands. Liverpool._._ 10.21d. 12.14d.
9.92d
9.65d.
Middling uplands. New York
18.55c. Galveston
18.00c.
18.35c. 21.95c.
18.85
18.65
18.50
18.30
18.35
Egypt, good Sakel. Liverpool.::: 17.30d. 21.35d. 20.80d. 17.558. New Orleans_ -- 18.35
18.39
18.53
18.66
18.44
18.54
18.51
Peruvian, rough good, Liverpool.. 14.50d. 13.75d. 10.758. 16.00c1. Mobile
17.95
18.00
18.25
18.10
18.00
18.25
8.65d. Savannah
Broach, fine, Liverpool
8.80d.
8.50d. 10.30d.
18.12
18.32
18.49
18.16
18.35
18.23
9.20d. Norfolk
Tinnevelly, good, Liverpool
9.20(1.
9.65d. 11.25d.
18.38
18.56
18.75
18.75 - 18.63
18.75
Baltimore
18.60
18.50
18.75
18.90
18.80
18.75
a Houston stocks are now Included in the port stocks; in previous years Augusta
18.31
18.50
18.69
18.44
18.38
18.56
they formed part of the interior stocks.
Memphis
17.55
17.75
17.85
17.55
17.50
17.70
18.35
18.55
Continental imports for past week have been 74,000 bales. Houston
18.35
18.30
18.65
18.50
17.60
17.75
17.50
17.70
17.85
17.50
The above figures for 1929 show a decrease from last Little Rock
Dallas
17.85
18.05
17.85
18.15
17.90
18.05
17.90
week of 175,066 bales, a loss of 460,307 from 1928, a Fort Worth- - - - ---18.05
18.15
17.85
18.05




JULY 13 1929.]

309

FINANCIAL CHRONICLE

NEW ORLEANS CONTRACT MARKET.
-The closing has been made with aultivating and plants are in good condiquotations for leading contracts in the New Orleans cotton tion. Not much complaint from any cause.
market for the past week have been as follows:
Memphis, Tenn.
-Cotton plants are doing well, but rain
here would be beneficial.
Saturday, Monday. Tuesday, Wednesday, Thursday,
Friday,
July 6.

July 8.

July 9.

July 10.

July 11.

AGRICULTURAL DEPARTMENT'S REPORT ON
-The Agricultural Department at
COTTON ACREAGE.
Washington on July 8 issued its report on cotton acreage as
of July 1. This report estimates the area planted to cotton
the present year as 48,457,000 acres, which compares with
46,946,000 acres planted to cotton on July 1 1927, being an
increase in the area planted last year of 3.2%. The following is the complete official text of the report:
UNITED STATES DEPARTMENT OF' AGRICULTURE
Bureau of Agricultural Economics
Washington, D. C., July 8 1929, 11 A. M.(E. T.).
Cotton Report as of July 1 1929.
The Crop Reporting Board of the United States Department of Agriculture. from the reports and data furnished by crop correspondents, field
statisticians, co-operating State Boards (or Departments) of Agriculture
and Agricultural Colleges, makes the following estimate of cotton acreage
in cultivation July 1 1929.
U. S. acreage in cultivation compared with last year, 103.2%. U. B.
acres in cultivation. total, 48,457.000 acres.
ESTIMATE OF COTTON ACREAGE,BY STATES.
Area in Cultivation.
July 1 1928.
State.
Acres.
Virginia
North Carolina
South Carolina
Georgia
Florida
Missouri
Tennessee
Alabama
Mississippi
Louisiana
Texas
Oklahoma
Arkansas
New Mexico
Arizona_b
California
All other

81.000
1,892,000
2,485,000
3,883,000
101,000
355,000
1,145,000
3.643,000
4,154.000
2,052,000
18,330.000
4,420,000
3,834,000
123,000
202,000
223,000
23,000

July 1 1929.
P.C.of 1928,
110
101
97
101
110
95
98
104
106
108
102
106
106
107
112
143
104

Accts.
89.000
1,911,000
2,410.000
3,922,000
111.000
337.000
1,122.000
3,789.000
4.403,000
2,216,000
18,697,000
4,685,000
4,064.000
132,000
226,000
319,000
24,000

Ten-Year
Average
Abandonment
1919-1928.
P. C.
2.1
1.6
2.6
3.8
5.6
5.1
2.6
2.0
8.0
3.7
3.9
6.7
2.6
all.8
2.0
1.4
06.1

United States total
46,946.000
103.2
48,457,000
3.6
Lower Calif.(Old Mexico)
94
.c.
160.000
151.000
a Six-year average, 1923-1928. is Including Pima Egyptian long staple cotton,
estimated at 67,000 acres this year compared with 50,000 acres in cultivation July 1
1928. e Not Included in California figures, nor in United States total.
CROP REPORTING BOARD.
Approved:
W.F. Callander, Chairman
C. F. Marvin,
.1. A. Becker,
S. A. Jones,
Acting Secretary.
D. A. McCandliss, V. C. Childs.
•
H. H.Schutz,
Carl H.Robinson.

COMMENTS CONCERNING THE COTTON CROP
REPORT.
-The United States Department of Agriculture
at Washington, in issuing its cotton report on July 8, also
made the following comments:
The Crop Reporting Board of the United States Department of Agriculture estimates the acreage of cotton in cultivation on July 1 to be 48,457.000
acres,an increase of3.2% above the acreage on July 11928. when 46,946.000
acres were estimated to have been in cultivation. This year's acreage is
6-10 of 1% less than the record acreage of 48,730,000 acres planted in 1926.
The estimate relates to acreage standing on July 1, allowance having been
made for any acreage which was abandoned prior to that date and for any
acreage replanted and in cultivation on that date.
The increase in acreage has taken place mainly in the States from Alabama west, the eastern part of the Belt showing only slight changes from
last year.
The Aug. 1 production forecast will be based on the acreage in cultivation
on July 1, less the ten-year average abandonment in each State after July 1
The Board will collect no information on condition of the 1929 cotton crop
until Aug. 1.

Thermometer
high 88 low 77 mean 83
high 96 low 70 mean 83
high 94 low 74 mean 84
high 88 low 74 mean 81
high 94 low 72 mean 83
high 100 low 72 mean 86
high 90 low 62 mean 76
high 96 low 66 mean 81
high 98 low 68 mean 83
high 94 low 72 mean 83
high 90 low 70 mean 80
high 92 low 70 mean 81
high 96 low 68 mean 82
high 92 low 70 mean 81
high 90 low 68 mean 79
high 94 low 66 mean 80
high 90 low 65 mean 78
high 99 low 63 mean 81
high 91 low 68 mean 80
high 92 low 65 mean 79
high 98 low 68 mean 83
high 97 low 70 mean 84
high 94 low 69 mean 85
high 101 low 73 mean 87
high 97 low 70 mean 84
high 92 low 68 mean 80
high __ low __ mean 83
high 96 low 72 mean 84
high 101 low 69 mean 85
high 99 low 68 mean 84
high 97 low 69 mean 83
high 94 low 72 mean 8.1
high 93 low 89 mean 81
high 98 low 68 mean 83
high 97 low 70 mean 84
high 94 low 68 mean 81
high 95 low 69 mean 82
high 91 low 70 mean 80
high 96 low 65 mean 81
high 93 low 70 mean 82
high 98 low 69 mean 84
high 86 low 73 mean 80
high 94 low 67 mean 81
high 92 low 70 mean 80
high 92 low 69 mean 81
high 94 low 68 mean 81
high 95 low 71 mean 83
high 97 low 69 mean 83
high 93 low 71 mean 82

Rain. Rainfall.
2 days 0.19 in.
dry
2 days 0.48 in.
2 days 0.751n.
1 day 0.04 in.
dry
3 days 0.07 in.
1 day 0.46 in.
I day 0.08 in.
4 days 0.72 ml
1 day 0.50 in.
2 days 0.10 in.
3 days 1.14 in.
2 days 0.74 in.
2 days 0.28 in.
1 day 0.04 in.
1 day 1.69 in.
dry
1 day 0.141n.
1 day 1.84 in.
1 day 0.60 in.
1 day 0.20 in.
2 days 0.43 in.
2 days 0.46 in.
dry
2 days 0.23 in.
4 days 1.60 in.
3 days 0.45 in.
2 day 0.94 in.
1 day 0.37 in.
1 day 0.14 in.
4 days 1.54 in.
2 days 2.281n.
2 days 2.15 in.
dry
4 days 2.001n.
5 days 4.42 in.
2 days 0.90 in.
3 days 0.07 in.
3 days 1.87 in.
2 days 0.731n.
1 day 0.80 In.
2 days 1.21 in.
1 day 0.01 in.
2 days 0.11 in.
2 days 0.03 in.
1 day 0.111n.
1 day 0.96 in.
dry

July 12.

18.14July
18.10-18.11 18.18-18.25 18.2017.9018.95-18.97
August
September
October
18.16-18.17 18.33-18.34 18.4618.33-18.34 18.13-18.14 18.21-18.22
November
December 18.35-18.36 18.52-18.53 18.64-18.65 18.51-18.53 18.33-18.34 18.38-18.39
Jan..(1930) 18.3518.52 Bid 18.65-18.66 18.5518.3518.40 Bid
February _
March
18.48-18.49 18.67-18.68 18.82 Bid 18.7218.5718.64 Bid
April
May
18.51 Bid 18.71-18.73 18.86 Bid 18.77 Bid 18.62 Bid 18.69 Bid
Tone
Quiet
Steady
Spot
Quiet
Quiet
Steady
Steady
Steady
Steady
Options __ Steady
Steady
Steady
Steady

Galveston, Texas
Abilene
Brownsville
Corpus Christi
Dallas
Henrietta
Kerrville
Lampasas
Longview
Luling
Nacogdoches
Palestine
Paris
San Antonio
Taylor
Weatherford
Ardmore, Okla
Altus
Muskogee
Oklahoma City
Brinkley, Ark
Eldorado
Pittle Rock
Pine Bluff
Alexandria, La
Amite
New Orleans
Shreveport
Columbus
Greenwood
Vicksburg
Mobile, Ala
Decatur
Montgomery
Selma
Gainesville, Fla
Madison
Savannah, Ga
Athens
Augusta
Columbus
Charleston, S.0
Greenwood
Columbia
Conway
Charlotte, N. C
Newborn
Weldon
Memphis, Tenn

The following statement we have also received by telegraph, showing the height of rivers at the points named at
8 a. m. of the dates given:
Above zero of gauge..
Above zero of gauge_
Above zero of gauge_
Above zero of gauge..
Above zero of gauge..

New Orleans
Memphis
Nashville
Shreveport
Vicksburg

July 12 1929. July 13 1928.
Feet.
Feet.
16.0
12.4
20.1
35.8
14.4
9.8
13.8
10.7
49.3
33.7

-The folRECEIPTS FROM THE PLANTATIONS.
lowing table indicates the actual movement each week from
the plantations. The figures do not include overland receipts nor Southern consumption; they are simply a statement of the weekly movement from the plantations of that
part of the crop which finally reaches the market through
the outports.
Week
Ende

Receipts at Ports.
1929.

1928.

1927.

Apr.

59,884 80,232 140,928
12._ 48,659 73,019 131,290
19._ 57,351 72,882 102,307
26._ 56.917 92,378 86,136
May
51,241109,891 108,689
10._ 40.133110,912 89,089
17__ 27,000 84,323 73,651
24._ 31,129 59,759 87,486
31._ 30,429 54,183 68.264
June
24,368 37.809 56,037
14_ _ 17.318 38.902 51,460
21_ _ 18.466 26,447 45,396
28._ 13,090 30,851 36,843
July
10,769 36.994 38,801
12_ 30,368 27.419 34,623

Stocks at Interior Towns. !Receiptsfrom Plantations
1928.

1927.

18,274
16,515
25.027
25,358

51,8051
40.861
43,060
59,006

79,475
98,792
38,190
50,162

691,224
649,289
620,320
587.76
558,886

784,478
765
742,667
710,044
656,451
613.9171 2,319

64,089
68.977
55.354
27,199
25,309

68.471
47,278
41,028
13,893
25,730

523.0(0
493,693
463,240
437.961

575,0951
534,914
503,000
471.682

1927. I 1929.

1929.

1928.

711,349
679,205
646,881
615,322

835,361 922,7351
803,203 889,925
773,3811,541,773
737.026 824,696

564,846
512,890
481,152
446,703
418,598
523,208
352,656
324,575
303.805

2,083 17,213
9,535 11,279
Nil
13,482
5.512
6,57

Nil
Nil
Nil
Nil

6,759 16,263
276,723 407,726 449,1311 Nil
252,555 386,332 412,498 6,200 6,025 Nil

The above statement shows: (1) That the total receipts
from the plantations since Aug. 1 1928 are 8,979,399 bales;
GEORGIA COTTON REPORT.
-The State Department in 1927-28 were 8,284,291 bales,and in 1926-27 were 12,227,of Agriculture at Atlanta, Ga., issued on July 8 its report for 059 bales. (2) That,although the receipts at the Outports the
the State of Georgia as of July 1. The report is as follows:
past week were 30,368 bales, the actual movement from
Georgia cotton acreage in cultivation this year is estimated at 3.922.000
acres,according to the official estimate released to-day by the United States plantations was 6,200 bales, stocks at interior towns
Division of Crop and Livestock Estimates. This report, relating to acres having decreased 24,168 bales during the week. Last year
in cultivation on July 1, as indicated by crop correspondents well distrib ited receipts from the plantations for the week were 6,025.
over the State, shows an increase of 1% over acreage estimated in cultiva
tion July 11928.and 12% more than the estimate for 1927. Of the 3.883.000 bales and for 1927 they were nil bales. sores in cultivation last year, 3,728.000 were harvested-an abandonment
of 4% between July 1 and harvest tinie. The average abandonment for the
period 1919-1928 is 3.8%.
In spite of very unfavorable weather conditions prevailing over many
sections both before and for some time after the planting period, reported
stands for the State as a whole seem to be better than in either 1928 or in
1926. but not so good as In 1927.

WEATHER REPORTS BY TELEGRAPH.-Reports to
us by telegraph this evening denote that the week as a whole
has been favorable for cotton in most sections of the cotton
belt. Temperatures have been seasonal and raitfall has been
generally light and scattered. The progress of the cotton
crop has been quite generally good.
-Showers improved growth and plants are generally
Texas.
healthy. Fruiting is spotted, ranging from very good in
some sections to poor in others. The general condition of
the crop is fairly good. Picking and ginning have made
rapid progress in the extreme Southern parts.
-The weather has been good for growing.
Mobile, Ala.
There have been light showers in the interior. Good progress




WORLD'S SUPPLY AND TAKINGS OF COTTON.
Cotton Takings,
Week and Season.

1928-29.
Week.

Week.

Season.

k

4.736.801

k

k
k
k
k
k

116.596
47,000
10,000

k
k
k

12,000

k

4,478,822

k

4,922.397

k

4,129,402

k

4,589,709

k

Visible supply July 5
4,304.468
Visible supply Aug. 1
American In sight to July 12
123,154
Bombay receipts to July 11
32,000
Other India ship•ts to July 11..15,000
Alexandria receipts to July 10..
200
Other supply to July 10•
4,000
Total supply
Deduct
Visible supply July 12

1927-28.

Season.

Total takings to July 12 a
k
349,420
k
332.688
Ic
Of which American
262,226
k
280,688
k
Of which other
87,2001
k
52.000
* Embraces receipts in Europe from Brazil, Smyrna, West Indies. ac.
k We withhold the totals since Aug. 1 so as to allow proper adiustmeuth
at end of crop year.

310

INDIA COTTON MOVEMENT FROM ALL PORTS.
The receipts of India cotton at Bombay and the shipments
from all India ports for the week and for the season from
Aug. 1, as cabled,for three years, have been as follows:
1927-28.

1928
-29.
July 12.
Receipts es
Week.

Since
Aug. 1.

Week.

1928-27.

Since
Aug. 1.

Week.

Since
Aug. 1.

32,00013.248,000 47,00013,412,000 28,000 3.104.000

Bombay

For the Week.

Bombay1928-29-1927-28-1926-27-CotherIn
1928-29__
1927
-28-1926
-27--

Since August 1.

Conti- Amami'
Great
semi. China., Total. Britain.

Exports
front--

[vol.. 129.

FINANCIAL CHRONICLE

Conti Japan &
China. I Total.
nest.

10,000
10,
9.000 54:000 89,000
5,000 11,000 19

887,000
839,500
482,000

15
123,500 584.000
10,111 113,500 528,000
15,000 52,000 430,000

11,000
,
8
15.e I

Total all
21
1288
-29.. 4,
1927-28_ •10.000 15
20
1928-27._ 3,

85,000 791,000 1,895,0002,551.000
92,000 661,000 1,304,0002,057,000
22,000 375,000 1,552,0001,949,000

25,000 188,0001,355,000 1,895,0003.238,000
79,000 205,5001,187,000 1,304,00012,898,500
11,000 34,000 74,000 805,000 1,552,0002,431,000

54;666

WILMINGTON
-To Genoa-July 8-Maddalena Oder°. 3,550--LAKE CHARLES
-To Genoa-July 7-Monstella, 50
NEW YORK
-To Liverpool
-July 3-Albertic, 1,000
To Barcelona-July 9--Sorvard, 482
PENSACOLA-To Germany-July 9
-Hastings, 300
NORFOLK
-To Japan-July 12-Silverbell, 200
To China-July 12-Silverbell, 1.000

Bales.
3,550
1,000
482
300
200
1,000
50,697

COTTON FREIGHTS.
-Current rates for cotton from
New York, as furnished by Lambert & Burrowes, Inc., are
as follows, quotations being in cents per pound:
High
StandDensity. ard.
Liverpool .450.
.800.
Manchester .450. .800.
Antwerp
.450. . .
600
Havre
.310. .480.
Rotterdam .450. .800.
Genoa
.500. .850.

Oslo
Stockholm
Trieste
Fiume
Lisbon
Oporto
Barcelona
Japan

StandHigh
Density. ard.
.500. .850. Shanghai
.800. .75e. Bombay
.50c. .65c. Bremen
.50c. .65e. Hamburg
.450. .600. Piraeus
.60e. .750. Salonica
.300. .450. Venice
.63410. .78540.

High
StandDensity. ard.
.68;ie.
.800. .75c.
.450. .600.
.45e. .600.
.750. .900.
.750. .900.
.500. .85e.

LIVERPOOL.
-By cable from Liverpool we have the following statement of the week's sales,stocks, &c.,at that port:
June 21. June 28.
31,000
43.000
17,000
25.000
2,000
2,000
59,000
60.000
845.000 824,000
483,000 458,000
30,000
38,000
10,000
13,000
131,000 128,000
20,000
29.000

Sales of the week
Of which American
Sales for export
Forwarded
Total stocks
Of which American
Total imports
Of which American
Amount afloat
Of which America

July 5.
33,000
17.000
2,000
58,000
797,000
428,000
41.000
8,000
121,000
19,000

July 12.
28,000
15,000
1,000
58,000
777,000
400,000
27,000
5.000
119,000
19,000

According to the foregoing, Bombay appears to show a
decrease compared with last year in the week's receipts of
15,000 bales. Exports from all India ports record a decrease
of 54,000 bales during the week, and since Aug. 1 show
an increase of 541,509 bales.
The tone of the Liverpool market for spots and futures
ALEXANDRIA RECEIPTS AND SHIPMENTS.
-We
now receive weekly a cable of the movements of cotton at each day of the past week and the daily closing prices of
Alexandria, Egypt. The following are the receipts and spot cotton have been as follows:
shipments for the past week and for the corresponding week
Spot.
Saturday, Monday,
Tuesday. Wednesday, Thursday,
Friday.
of the previous two years:
1928-29.

1927-28.

1926-27.

Market,A fair
12:15 i
business
Quiet
Quiet
Quiet
P. M.
doing.

1,000
8.071,160

200
6,069,629

40,000
8.648,861

Sales

This Since
Week. Aug. 1.

This Since
Week. Aug. 1.

This Since
Week. Aug. 1.

4,000 181,762 7,000 161.943
7,000 180,917
---- 169,310
14.000490.166 15,500 414.835
7.000 185.702 1,500 115,240

3,750 231,944
__-- 189,947
8,750 408,729
500 148.386

Alexandria, Egypt,
July 10.

Mid.Upl'ds

Receipts (cantars)This week
Since Aug. 1
Export (bales)To Liverpool
To Manchester,&c
To Continent & IndiaTo America

32.000 1,08,487 24.000861.328 13.000979.000
Total exports
Note.
-A canter Is 99 lbs. Egyptian ba es weigh about 750 lbs.
This statement shows that the receipts for the week ending July 10 were
1.000 cantars and the foreign shipments 32,000 bales.

MANCHESTER MARKET.
-Our report received by
cable to-night from Manchester states that the market in
yarns is easy and in cloths quiet. Demand for both cloth
and yarn is poor. We give prices to-day below and leave
those for previous weeks of this and last year for comparison:
1929.
32 Cop
Twist.
April-

May
-

1928.

US Lbs. Min- Cotton
fags, Common Hideo
If FOWL
Uprds.

32s Cop
Twist.

1334 Lbs. Shirt- Cotton
ing*, Common
141.1.
to Finest.
UpFtls.

i.e.
d.
133101531 13 3
15%016% 13 2
15% 416% 13 2
15 016 13 0

s. d.
1013 8
013 4
©13 4
013 0

d.
10.73
10.89
10.69
10.23

6.
d. 8.6.
1531017 13 7
153(01731 14 0
15%0171f 14 0
16 @1715 14 1

14%015%
1441015%
14%015%
14%015%
14%015%

013
013
013
013
013

10.02
10.08
10.26
10.11
10.20

1834017,
4
1634 017%
16 017%
16 017%
16 017%

12.7
12 7
12 7
12 7
12 7

1
1
1
1
1

14
14
14
14
14

2
3
3
3
3

a.

I'd.
014 1
014 2
014 2
014 3

10.91
11.11
11.25
11.01

014 4
014 5
014 5
014 5
©14 5

11.60
10.08
11.71
11.46
11.47

10.15d.

10.134

5,000

5,000

10.304.

10.40d.
5,000

5,000

A fair
business
doing.
10.24d.
6,000

Quiet.
10.214.
8,000

Futures.1 Barely st'y Q't 1 pt Q't but sty St'y I pt. Bely st'y
Barely
Quiet,
Market
2 to 8 pts decl. tolpt 6 to 8 pls. decl.to list. 9 to 13 pts 8 to 7 pts.
opened
decline,
advance, advance, advance,
decline.
decline.
Market. { Barely st'y
Quiet
Steady, unSteady Q't unch'd
Quiet
4
7 to 9 pts. 7 to 9 pts. 14 to 19 pts to 2pts.decl 9 toll pts. hanged 50
P. M.
decline,
advance, advance, on near dr 1 decline. 4 pts. del.
to 2 pts.on
41st. mos.

Prices of futures at Liverpool for each day are given below:
Mon.

Sat.
July 6
to
July 12.

Tues.

Wee.

Thurs.

Fri,

12.1512.3012.15 4.0012.15 4.0012.15 4.0012.15 4.0012.15 4.00
p. m.p. m.p. m.p. m.p. m.p. m . .m. p. m. p. m.!p. m p. m.p. m.

d.
d.
9.73
July
9.71
August
9.68
September
October
9.65
__ __ 9.63
November
December --------9.66
January (1930 __ __ 9.66
February
9.68
March
9.70
April
-- 9.70
May
9.71
June
9.70
July
-- -- 9.69

d.
9.73
9.71
9.88
9.65
9.63
9.65
9.66
9.66
9.70
9.69
9.71
9.70
9.89

d.
9.80
9.78
9.76
9.73
9.71
9.74
9.74
9.75
9.79
9.78
9.80
9.79
9.78

d.
9.90
9.88
9.88
9.82
9.80
9.83
9.83
9.83
9.87
9.86
9.88
9.87
9.86

d.
d.
9.9 10.00
9.9 9.97
9.92 9.96
9.89 9.93
9.87 9.91
9.8. 9.93
9.89 9.93
9.89 9.93
9.9 9.96
9.92 9.95
9.9 9.97
9.93 9.98
9.92 9.95

d.
9.95
9.92
9.91
9.89
9.88
9.90
9.90
9.90
9.9
9.94
9.96
9.95
9.94

d.
9.84
9.81
9.80
9.78
9.78
9.78
9.78
9.78
9.82
9.82
9.84
9.83
9.82

d.
9.8.
9.83
9.82
9.78
9.78
9.80
9.80
9.81
9.85
9.85
9.88
9.85
9.84

d.
9.81
9.78
9.77
9.75
9.73
9.75
9.75
9.76
9.80
9.80
9.82
9.81
9.81

d.
9.82
9.79
9.78
9.77
9.75
9.77
9.78
9.79
9.83
9.83
9.85
9.84
9.84

BREADSTUFFS

Friday Night, July 12 1929.
Flour was firm with some expectation of higher prices,
10.27 16 017% 14 3 014 5
11.45
but the consumer attitude was not much, if at all, affected.
14%015H 13 7 013 1
10.33 16 017% 14 2 014 4
11.39
1431015 N, 12 7 013 1
He said he was awaiting the usual reaction. Export busi10.25 1614(017% 14 3 014 5
11.65
1454@l554 12 7 013 1
12.49
10.33 16% 041834 14 6 015 0
28, 14%01554 12 7 013 1
ness was reported with the United Kingdom or the Conti.July
12.8
10.28 17 018% 14 6 015 0
14%015% 12 8 013 0
nent evident done direct at mill points.
12.14
10.21 17 018% 14 6 015 0
1434(41534 12 8 013 0
Wheat declined slightly on realizing, but at times prices
-As shown on a previous page, the have risen sharply on bad crop news from the Southwest,
SHIPPING NEWS.
the United States the past week have
• exports of cotton from
reached 50,697 bales. The shipments in detail, as made Canada and the Southwest. The Government report cut
little figure in the trading. On the 6th inst. prices advanced
up from mail and telegraphic reports, are as follows:
Bales. 1% on dry weather in the Northwest and Canada, and much
-Barbarian, 74-July 7
GALVESTON-To Liverpool-July 3
267 higher cables, only to break later and end 14 to 1%c. lower
West Cohas,193
-West
-Barbarian, 516---July 7
To Manchester-July 3
2,128 on realizing. A bullish crop report was credited to the
Cobas, 1,612
-Brave Coeur, OIL973
To Havre
-July 3
-Niagara,62---July 7
Canadian pool. It caused a rise at Winnipeg. All months
.July 7
-Brave Coeur,
To Dunkirk--fuly 3
-Niagara, 434.
690
256
at Chicago touched new high levels for the movement. De-Nord FriesTo Bremen-July 2-Greishelm, 646___July 6
2,490 cember made a new peak for the season. The buying for a
land. 1,844
To Japan-July 3-Yelfuku Maru, 998 __July5-Steele
3,198 time was active. Then came heavy realizing. Prices broke
Voyager, 2.200
1,129
To China-July 3-Yeifuku Maru, 1,129
393 fully 3% to 4c. from the early highs. Liverpool was due %d.
To Ghent.
-July 7
-Brave Coeur. 393
300
To Rotterdam-July 7
-Brave Coeur,300
300 to 1%d. higher and closed with advances of 3%d. to 4%d.
MOBILE-To Genoa-June 29
-Liberty Bell, 300
5,000 The Canadian pool
To Japan-July 8-Erviken, 5,000
report stated the condition in the West150
To Barcelona-July 6--Cordonia,150
748 ern provinces, particularly Alberta,
To Bremen-July 3
-Hastings,748
as very bullish. At
250
SAVANNA H-To Bremen-July 5
-Liberty Glo,250
.
730 many points it was said that only immediate and general
-To Kobe
-July 3-Taketoye Maru,730
LOS ANGELES
-To Bremen-July 2
HOUSTON
-Nord Friesland, 3,400---July 8
5,496 rains could save what little was left of the crop. The
-West Moreland, 2,096
1,178
-July 5
-Niagara, 577; Brave Coeur, 601
To Havre
513 condition in Saskatchewan for July 4th was stated at 72.2%
-Brave Coeur,513
To Rotterdam-July 5
121
-July 5
-Brave Coeur, 121
To Ghent
indi-To Murmansk-July 5-Weissesee, 13,751
13,751 against 85% June 27th last. Scattered showers were
NEW ORLEANS
-Jul 10-Scantic 600
600 cated for the Canadian Northwest over the week-end, but
To Naples
-West Cheswald, 51
51
To London-July 6
-Ingram, 250
250 something more than showers were needed. Winnipeg wired
To Bremen-July 6
-Ingrain, 304
304
To Hamburg-July 6
-July 6
100 that even with perfect weather conditions from now os
-Cartage. 100
To Guayaquil
-July 10
580
-Niagara, 580
To Havre
2,425 Western Canada will not raise more than 325,000,000 bushels
To Genoa-July 10-Scantic,2,425
June




JULY 13 1929.1

FINANCIAL CHRONICLE

of wheat this year. Bullish crop advIces also came from
the American Northwest. Recent rains in Australia were
only partially beneficial. Very violent storms over Central
Europe on the 4th inst. damaged crops in Czecho-Slovakia,
•
Austria, Yugoslavia and Germany.
On the 8th inst. prices advanced 1 to 1%c. net at Chicago,
and 2 to 2%c. at Winnipeg after an early decline of 2c. due
to lower cables and reports of rains in the American and
Canadian Northwest. The Southwestern movement was
big. Export demand was slow. The Canadian Pacific
Railway report stated that in Manitoba good rains would
help the crop to a certain extent, but that in Saskatchewan
lack of moisture was causing a crop failure and that if
there is a continuation of heat and drought in Alberta heavy
damage must follow. The United States visible supply last
week increased 3,488,000 bushels, against 175,000 last year;
total 96,195,000 bushels against 39,097,000 a year ago. The
lower prices struck good buying orders. Chicago rallied
Sc. or more from the low, and Winnipeg 5 to 5%c. The
Southwest bought. In parts of North Dakota and South
Dakota it was asserted that only 6 to 7 bushels to the acre
would be raised. The Spring wheat reports were bad from
both sides of the border. On the 9th inst. realizing caused
a break of 2% to 2%c. in Chicago and about 2 to 3c. in
Winnipeg. Export demand, slow at first, quickened somewhat later. Some rain fell in the Northwest and the
Argentine. The Santa Fe Railway report covering Southwestern conditions was extremely bearish, and although it
was issued early iu the session did not bring about selling.
It indicated a record crop for the Texas Panhandle of
around 38,000,000 bushels and said that threshing returns
from Kansas and Oklahoma were above expectations. As
a general rule, yields in the former State were running 15
to 18 bushels to the acre and in some localities averaged
as high as 40 bushels to the acre, while in the latter State
the yields also were around 15 to 18 bushels to the acro.
The weather was fine throughout the greater part of the
.Southwest, although some rains occurred in sections of the
Central West. There were showers in both the American
Northwest and in Canada. The United States wheat was
on a cheaper basis to foreign consumers than the Canadian,
export demand, it was felt, should soon appear, but hedging
sales, it was argued, would call for constant support to
sustain prices.
On the 10th inst. prices ended % to 1%c. higher at Chicago
and % to 1%c. up at Winnipeg. The trade *as looking for
a bullish Government report, of about 594,000,000 to 600,000,000 on Winter wheat and 240,000,000 on Spring. The
private crop experts' average for July 1st was 610,000,000
bushels for Winter and 254,000,000 for Spring. Last year's
final Government report was 579,000,000 bushels of Winter
and 324,000,000 of Spring. Unfavorable reports were received from the Northwest. No rain fell on either side of
the 'border. Indications were for thundershowers in the
Northwest and only scattered showers in Saskatchewan and
Alberta. A private estimate put the crop of Alberta at
60,000,000 to 80,000,000 bushels against a July 1st estimate
of 100,000,000. The Government weekly weather report was
unfavorable. It mentioned crop damage in Ohio from floods
and premature ripening in that State which made it impossible to harvest the grain owing to the wet condition of the
fields. Hot weather caused deterioration in the Great
Plains States. The American and Canadian Northwest
needed moisture. Heavy storms occurred in parts of Kansas and there was some damage by hail. Montana reports
were rather bad. Export business was good, being estimated in the past few days at 2,500,000 bushels, mostly
hard Winter at the Gulf.
Washington wired that three more Shipping Board vessels have bee allocated to Gulf ports for the movement of
grain for export, making a total of six allocations out of 25
vessels which the Board holds in reserve to meet the export
demands. The ships are expected to be ready for loadings
at elevators in Galveston, Texas, early next week. The danger of too rapid movement of Gulf wheat for export and
sales abroad has been given serious study by President
Hoover, and he was represented as fearing the forcing of
too much grain on the market at this time might result in
breaking the price to the injury of the American farmer.
On the 11th inst. prices advanced nearly Sc. from the
early low on heavy rains in the Southwest, a wet harvest




311

there from rains and floods, particularly bad reports from
Kansas and unfavorable crop advices from Canada. Heavy
rains prevented harvesting of wheat in Kansas and Nebraska and in some parts of Kansas the rainfall was reported at as high as 7 inches. The forecast was for further
rain for all States. That would be bad for the Southwest,
but favorable for the Northwest. The Illinois report was
'bullish, as was also the Iowa report. Complaints of too
cool weather for growth were received from the Continent
of Europe. A good export demand prevailed for hard Winter wheat at the Gulf, with offerings reported as decidedly
small and even the higher cash premiums failing to bring
out larger offerings. They are said to be up 1%c. from the
low. Canada's crop was not estimated at over 325,000,000
bushels, against 511,000,000 last year. The speculation was
very active. The point was that Canada and the American
Northwest had had little rain.
The Government report on the 10th inst. put the Winter
wheat crop at 582,000,000 bushels, a decrease of 40,000,000
from the total of June 1st, largely in Kansas, Nebraska,
Oklahoma and Colorado. The condition was 75.9 July 1st
against 78.1 on June 1st and 75 on July 1st last year. The
crop of 582,000,000 bushels compares with 578,964,000 last
year, the high record of 627,433,000 in 1926, and the low in
recent years of 401,734,000 in 1925. The Spring wheat condition July 1st was 74.4% against 71.7 last year and 87.7
in 1927; crop 193,099,000 against 231,288,000 last year and
246,527,090 in 1927; durum condition 67.5% against 76.2 a
year ago; crop 58,278,000 against 92,770,000 a year ago.
The total wheat crop was estimated at 813,869,000 bushels
against 902,191,000 last year and 864,428,000 in 1924.
The Department of Agriculture estimated the Kansas production of Winter wheat as of July 1st at 138,393,000 bushels
against 177,361,000 last year. The crop in Nebraska was
put at 55,138,000 bushels against 66,697,000 last year;
Illinois 35,957,000 bushels against 18,915,000 last year;
Missouri 22,571,000 against 18,999,000 last year; Ohio 34,603,000 against 9,331,000 last year; Texas 31,576,000 against
22,176,000 last year.
To-day prices advanced 1%c. with Winnipeg up 2% to
4c. Minneapolis kept pace with Winnipeg. Cables were
33
higher. Dry weather continued in Argentine and Australia.
An estimate from Argentine made the decrease in acreage
there 10%, though others put the decrease at as high as 20%.
The Canadian pool report was very bullish. It shows a loss
in less than two weeks of 12 to 22 points. Murray's report
on North Dakota and Montana was very bad. Chicago did
not respond fully to the advance in Winnipeg because of
the effect in Chicago of hedging pressure and a slow cash
demand. Final prices show an advance for the week of
% to 1C.
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No.2red
148% 149% 147% 14834 149 146%
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
July
121% 122 120% 121% 122 123%
September
126% 127
124% 125% 12634 128%
December
132 133 130% 131% 132% 134%
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Frs.
July
141% 143% 141% 143 144% 147%
October
138 140% 137% 138% 140% 142%
December
135% 137 134% 135 . 136% 139.%

Indian corn declined in sympathy with wheat in spite of
a bullish Government report. Liquidation accompanied selling of wheat. The weather, too, has latterly been mostly
good. On the 6th inst. prices ended 1%c. lower in sympathy
with the drop in wheat after an early rise of % to lc.
Realizing told. The weather, too, was considered, on the
whole, better. On the 8th inst. prices ended % to %c. higher
under the support of a good rise in wheat, but something
was the matter. The price lagged. December's weakness
was the explanation. Early in the day it was 1%c. lower.
Other months were off 1 to 1%c., the latter on September.
But later came a rally from the low of 2 to 2%c. on the
bracing effect of a rise in wheat. Also the forecast was
for rains in the belt. The crop is backward. The crop
news was not favorable, even though recent weather had
been very good. Some buying was also due to the Argentine
report putting the crop at 232,000,000 bushels against 306,000,000 a year ago. Country offerings to arrive were very
moderate, but shipping demand was not at all urgent. The
United States visible supply increased last week 607,000
bushels against a decrease last year of 1,481,000 bushels.
The total is 13,355,000 bushels against 14,518,000 last year.
On the 9th inst. prices closed 114 to 2c. lower after an
early advince of % to %c., with country offerings to arrive
very moderate. On the other hand, the shipping demand
was nothing great. And with the price of No. 2 yellow only
about 11%c. under the price bf a year ago and other grain
showing a much greater loss some feel that the present
price level about discounts the bullish factors, not excepting
the lateness of the crop. On the 10th inst. prices advanced
% to lc., the latter on December. The Government was expected to issue a report of around 2,670,000 bushels. There
were some rains in parts of the Central West. Cables were
firm. The Argentine surplus for export was estimated at

312

[VOL. 129.

FINANCIAL CHRONICLE

75,000,000 to 102,000,000 bushels. The United. States GovClosing quotations were as follows:
ernment report -put the condition on July 1st at 77.6%
GRAIN
against 78.1 a year ago, and 69:9 in 1927; crop 2,662,000,000 Wheat. New YorkI Oats. New YorkNo 2 red , f.o.b _
No 2 white
.1.46%
5854
bushels against 2,835,678,000 last year.
No 2 hard winter.f.o.b....1.38%
No. 3 white
57%
Rye. New York
On the 11th inst. prices were irregular, ending % to lc. Men, New YorkNo 2 yellow
111%
No. 2 f.o.b
110
higher. The Government report was considered bullish.
No 3 yellow
108% Barley, New York
Making
80
Country offerings to arrive were very small. Rains were
FLOUR
forecast. Private crop advices were mixed. The belt needs
pat,high protein 47.25@SE7.75 Rye flour. patents__ - $6.70 fa $7.00
remarkably good weather to pull it out of its difficulties Spring oetente ----- 6.851 7.15 Semolina No.
etsreas
2. pound
4%
and produce a good crop. A sharp decrease in the Argentine Clears, first spring _
6 00
6.25 Oats goods
2.75(n 2.50
6.35
2.704 2.75
3,700,000 bushels against Soft winter straights- - _ 5.85 6.60 Corn flour exports left the total of corn only
Hard winter straights.6 15
Barley goods
shipments last week of 6,200,000 bushels. The port strike Hard winter patents-. 6.60 7.10 Coarse.
3.60
Hard winter clears_.....5.40
5.70
at Rosario was partly the cause of this. The Iowa crop Fancy Minn patents. 8 65@ 930 Fancy pearl Nos. 1.2. 6.500 7.00
8 and 4
.
8.75
9.55
report was called more favorable. To-day prices ended % City mills
For other tables usually given here, see page 233.
to %c. lower with the weather more favorable and cash
demand slow. There were reports of sales of corn from
The world's shipments of wheat and corn, as furnished by
4
Iowa. Final prices are 13 to 2%c. lower than a week ago. Broomhall to the New York Produce Exchange,for the week
CORN IN NEW YORK.
DAILY CLOSING PRICES OF
ending Friday, July 5, and since July 1 1929 and 1928,
Sat. Mon. Tues. Wed. Thurs. Fri.
110% 111% 111% 111% are shown in the following:
111% 112
No.2 yellow
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
93% 94% 94% 9454
94% 95
97% 98
9654 97
97% 97%
94
94% 92% 93% 93% 93%

July
September
December

Oats declined with other grain and on good weather.
On the 6th inst. prices closed 1 to 13c. lower on liquidation
after an early advance of % to %c. on September and December. The weather was considered in the main favorable.
4
On the 8th inst. prices ended lAc. lower to 1 .. higher.
Crop reports were both good and not so good, but one thing
stands out constantly as a striking factor, and that is that
oats are relatively low in price already. The United States
visible supply increased last week 71,000 bushels against
a decrease in the same week last year of 483,000 bushels.
The total was 7,501,000 bushels against 2,742,000 last year.
On the 9th inst. prices dropped % to lc., with better weather,
larger country offerings of new oats, though at a little above
the market and consumptive demand anything but urgent
even at the theoretically cheap prices.
On the 10th inst. prices ended unchanged to %c. higher.
The strength of other grain had its influence. Country
offerings increased. Most of the demand 'was from elevator
interests. Northwestern advices were unfavorable. The
crop was estimated by the Government at 1,247,000,000
bushels or 200,000,000 less than last year and 100,000,000
under the five-year average. Condition was 77.9%; acreage
40,222,000. On the 11th inst. prices advanced IA to %c.,
with a better demand for oats at prices that look cheap
compared with those for other feed grains. No important
offerings to arrive of new crop were reported. To-day
prices ended 36 to le. higher on the strength of wheat
and unfavorable weather conditions in the Northwest and
in Canada. Winnipeg was 1 to Mc. higher. In the lower
Northwest and through the Ohio Valley the weather was
favorable, however. Final prices, however, show a decline
for the week of % to 11 .c.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
59% 59
58
58
5854 58%
No.2 white
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat, Mon. Tues. Wed. Thurs. Fri.
44% 4414 45%
45% 45% 44
July
4654 4654 45% 46
4651 46%
September
49% 49% 48% 49% 49% 49%
December_.
CLOSING PRICES OF OATS FUTURES IN WINNIPEG.
DAILY
Sat. Mon. Tues. Wed. Thurs, Fri.
56% 57% 5834
56
56% 56
July
58% 59% 58% 58% 59% 60%
October
55% 5754 5534 5634 5734 5834
December

• Rye declined slightly 'with wheat, but the Government
was bullish and the net decline was fractional. On the 6th
Inst. prices ended Ye. lower to lc. higher, the latter on
July, prices in the main following those of wheat. On the
,
8th inst. prices were unchanged to 7c3c. net higher. The
United States visible supply decreased last week 893,000
bushels against 206,000 in the same week last year. Nothing
striking occurred. Rye, as usual, took its cue from wheat,
which was 1% to 2%c. higher in Chicago and Winnipeg.
On the 9th inst. prices declined 3% to 4c. on much better
weather and inferentially a brighter crop outlook, though It
Is still far from being entirely reassuring. Recent rains,
however, have encouraged hopes of a larger crop than at
one time seemed possible. On the 10th inst. prices ended
% to lc. higher, with trade light. The advance in wheat
had its effect. And rop news from the Northwest was bad.
The United States Government estimated the crop at 41,900,000 bushels; condition 76.2; acreage 4.5% less than last
year; total 3,284,000 acres. The crop of barley was put at
317,264,000 bushels against 357,000,000 last year and an
average of 209,000,00 for five years.
On the 11th inst. prices advanced % to Mc., partly in
sympathy with the rise in wheat. Early liquidation was
readily taken. Export business was still absent. To-day
prices ended at a rise of % to lye., with wheat higher.
But export demand was still slow. Final prices show a
decline for the week, however, of % to %c.
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
9654 9634 9254 9334 94% 9534
100% 100
97% 97
98% 100
105
10534 102% 102
103% 104%

July
September
'October




Corn.

Wheat.
Exports.

1929-30.
Week I
July 5.

Bushels.
North Amer_ 8,692,000
Black Sea--120,000
Azgenthm___ 5,288.000
Australia _
1.544,000
India
680.000j
0th. counte

Since
July 1.
Bushels.
8,692,
120,000
5,288,000
1,544,000

1928-29.
Since
July!.

1929-30.
Week
July 5.

Since
July 1.

1928-29.
Stria
July 1.

Bushels,
Bushels. I Bushels.
7,708,000
73,000
73,000
8,000
2,845,000 6,184
6,184,000
1,704,000
120,000
600,000 638,000
638.000

Bushels.
155,000
162,000
9,008,000

TotaL- 16.324,0001 16,324,000 12,985,0001 6.805,0001 6,895,000

9,767.000

680,000

442,000

AGRICULTURAL DEPARTMENTS REPORT ON
CEREALS, &C.
-The full report of the Department of
Agriculture showing the condition of the cereal crops on
July 1, as issued on the 10th inst., will be found in an earlier
part of this issue in the department entitled "Indications of
Business Activity."
GRAIN CROP PROSPECTS IN FOREIGN COUNTRIES.
-The U. S. Department of Agriculture at Washington in giving its report on June 10 of the grain crops in
the United States also made public a report on the prospects
of grain crops in foreign countries, which will be found complete in an earlier part of this issue in the department entitled
"Indications of Business Activity."
WEATHER BULLETIN FOR THE WEEK ENDED
JULY 9.
-The general summary of the weather bulletin,
issued by the Department of Agriculture, indicating the influence of the weather for the week ended July 9, follows:
Notwithstanding the abnormally warm weather in the East the latter
part of the week, the table shows that temperatures, for the period as a
whole, averaged near normal in all sections from the Mississippi Valley
eastward; throughout practically all of this area the weekly means ranged
from 1 deg. or 2 deg. above normal to 1 deg. or 2 deg. below. In parts of
the west Gulf area the period was cool
-3 deg. to 6 deg. below normal
and like conditions obtained In the northern Great Plains, but in central
trans-Mississippi States about normal warmth prevailed. High temperatures were the rule in the far Southwest and the more western States
where the week was mostly from 3 deg, to as much as 10 deg. wanner
than normal. Some high maximum temperatures occurred in the far West
and in many Rocky Mountain and Plains sections, the highest reaching
100 deg. in parts of South Dakota, with maxima of 112 deg. at Yuma.
Ariz., on three days of the week.
Chart II shows that precipitation was widespread east of the Rocky
Mountains, but unevenly distributed, geographically. Excessive falls were
reported from portions of Nebraska and Kansas and some adjoining sections, and the amounts were fairly heavy in much of the Ohio Valley, but
otherwise precipitation was mostly light to moderate. West of the Rocky
Mountains another practically rainless week was experienced.
While the first part of the week was cool in most places east of the Rocky
Mountains, temperatures were moderate to high thereafter and growing
croes made good advance generally, except where too dry in the Northwest.
Soil moisture continues sufficient for present needs of crops practically
everywhere from the Mississippi Valley eastward, while showers were
helpful in most of the Plains area. Growth was especially rapid inp-the
Southeast and in the Atlantic Coast States, with the prevailing high temperatures the latter part of the week.
The harvest of winter wheat has become general to the northern sections
of the belt and is in full swing in the more eastern States as far north as
Pennsylvania. In general, the weather was much less favorable for harvesting operations, however, than had previously prevailed. Rainfall was
frequent and in many places heavy, especially during the latter half of the
week, over a rather wide belt, extending from the central and northern
portions of Ohio westward over the northern half of Indiana, central Illinois.
extreme southern Iowa, and northern Missouri to southeastern Nebraska:
in this area harvest was rather seriously interrupted, with more or less
damage from overflowed bottom lands in some sections.
In the Northwest, largely in the spring wheat producing sections, dry
weather continued the first part of the week, but beneficial showers occurred the latter part. These were rather widespread, and, in many
localities, were sufficient to relieve droughty conditions, but decidedly more
rain is needed, as a rule, throughout this section. Dry weather continued
quite generally from the Rocky Mountains westward.
Small Grains.
-There was some damage by flooding to winter wheat In
parts of the central and eastern Ohio Valleyand in Ohio the crop is in a
critical condition, with much very ripe and 'fields too wet to permit harvesting; cutting was general in western districts, with threshing proceeding
in the lower valley area. Conditions were mostly fair in the trans-Mississippi States, with cutting beginning north to central Iowa and threshing
begun in southern Missouri. The excessive heat in the Great Plains.
which occurred during ripening, caused considerable deterioration, while
excessive rains in southeastern Nebraska also did much damage; harvest is
nearly done in eastern Kansas and about half completed in the west, while
cutting was general in Nebraska. Harvesting and threshing made fair
advance in Oklahoma and are about done in Texas, except in the northern
Panhandle. In the east cutting is in full swing north to Pennsylvania.
In the Pacific Northwest the weather favored ripening in Oregon, and
wheat did well in Washington.
Rains were more or less general over the Spring Wheat Belt, and were
of much benefit in many sections. Decidedly more moisture is needed,
however, in the latter districts for growth of late fields and filling of the
early crop. In central and western South Dakota rains were mostly
generous, but in the more droughty northeast, or the principal wheat area.
they were lighter4good rains in part of this droughty section will probably
cause some recovery, while showers were helpful in the more eastern sections of the Spring Wheat Belt. Oats have headed to the more northers
States, with harvest general in Kansas, as well as Kentucky; in northcentral districts much oats have headed on short straw. Other small grains
did well, except in the far Northwest.

JULY 13,19291

FINANCIAL CHRONICLE

Corn.—Moderate to rather high temperatures, with fairly well-distributed
rainfall, made another good corn-growing week practically everywhere.
Showers in the Northwest were very helpful, and in nearly all other sections east of the Rocky Mountains there Is sufficient soil moisture for this
crop, with weekly Progress ranging from fair to excellent. The soil is too
wet in some Ohio Valley sections and some trans-Mississippi districts,
especially in southeastern Nebraska and some adjoining localities, while
growth has been slow in the dry areas of the northern Plains. The corn
crop is still late and very uneven in many places, but present progress Is
mostly satisfactory.
Cotton.—Temperatures were seasonable and rainfall was mostly light to
moderate in the Cotton Belt, though with rather frequent showers in some
sections, and there was much cloudy weather in the western area. In the
Atlantic Coast States the condition of cotton remains spotted, and weevil
activity was unchecked, but weekly progress was good to excellent nearly
everywhere; plants are fruiting well in the south. In Alabama and Mississippi growth was generally fair to good. but rainfall was rather frequent in
many places, favoring weevil activity, and some shedding was reported
from the south. In Tennessee plants are beginning to bloom in generally
excellent Condition.
In both Arkansas and Louisiana cotton made mostly excellent progress,
with squares forming to northern Arkansas and bloom a to the central portion; the latter part of the week was favorable in the south for holding the
weevil in check. In Oklahoma the bulk of cotton is late, especially in the
east where there are complaints of weedy fields, and the weather was
favorable for weevil activity in central and eastern portions. Growth
during the week, however, was very good, with fields well cultivated in
the west; early plants are squaring and blooming. In Texas showers Improved growth and plants are generally healthy and well rooted, but the
cloudy, showery weather favored weevil and fruiting is spotted, ranging
from very good in some sections to poor in others. The general condition
of the crop in this State is fairly good, but still late, with some further
complaints of root rot in central and southern portions. Picking and
ginning made rapid progress in extreme southern parts.

The Weather Bureau furnishes the following resume of
the conditions in the different States:
Virginia.—Richinond: Sunshine and 'moisture generally sufficient.
Good progress and growth of crops, particularly corn. Truck and vegetables good. Some threshing done.
North Carolina.—Raleigh: Most favorable week of season for crops
and farm work. Progress of cotton good to excellent: condition spotted,
ranging from fair to good. Considerable improvement in tobacco, though
condition spotted and meetly only fair; good progress in curing in oast.
Corn, truck, and other crops doing well.
South Carohna.—Columbia: Corn, sweet potatoes, truck, gardens, and
pastures growing vigorously as weather almost ideal. Winter cereal
threshing continues slowly and stubble lands being turned to late corn
and forage, with good stands developing. • Progress of cotton very good
and old crop setting squares, bloom, and bolls rather freely, with active
poisoning; late crop still rather small.
Georgia.—Atlanta: Scattered showers and excellent temperature conditions made week very favorable. Condition and progress of cotton
very good; crop mostly clean and blooming rapidly in north and fruiting
well in central and south. but weevil unchecked. Growth of corn excellent, with upland crop mostly laid by and lowland under cultivation.
Florida.—Jacksonville: Progress and condition of cotton very good,
except on wet lowlands of west and north where weevil favored; picking
begun in central. Corn generally good and sweet potatoes and peanuts
doing well. Cane good progress. Citrus, including satsumss in west, in
good condition.
Alabama.—Montgomery: Progress and condition of corn, potatoes,
and pastures mostly good: truck and minor crops generally fair to good.
Progress and condition of cotton quite generally fair to good: weather
somewhat favorable for weevil activity in south and central; considerable
shedding of squares in coast region and a few reports of fruiting poorly.
Warm,dry weather needed quite generally.
Mississippi.—Vicksburg: Locally frequent showers made progress of
corn generally fair and growth of cotton good; conditions favored weevil;
some shedding in south. Progress of pastures mostly good.
Louisiana.—New Orleans: Weather generally favorable for growth of
all crops. Progress of cotton very good; crop fruiting and blooming profusely in many sections; generally well cultivated and considerable laid
toy: end of week excellent for combating weevil. Corn improved with
rain, but part of crop too far gone to save. Cane and rice making excellent
progress.
Texas.—Ilouston: Warm in extreme west: cool elsewhere; frequent
showers delayed field work, but improved pastures, late corn, truck, feed
crops, and rice and their condition mostly good. Small grain harvest
about completed, except in northern Panhandle. Rain improved growth
of cotton and plants generally healthy and well rooted; weather, however,
favorable for weevil activity and fruiting spotted, ranging from very good
In some sections to poor in others; general condition averaged fairly good,
although crop still late and some complaints of root rot in central and
south; picking and ginning made rapid progress in extreme south.
Oklahoma.—Oklahoma City: Fair prowess in harvesting and threshing
winter wheat and oats, though interrupted by rain; grain yield sPotted,
but averaging light. Progress of corn generally very good; fields clean
In west and fair cultivation in east: condition spotted, but averages faJr.
Progress of cotton very good;some weedy fields in east, but well cultivated
In west: early setting squares and bloom, but bulk of crop late; weather
favorable for weevil activity in central and east; condition spotted, ranging
from rather poor to lair in east and good to excellent in west.
Arkansas.—Little Rock: Weather favorable for all crops. Progress of
cotton excellent in all sections; squaring in north and blooming in south
and central; crop clean and well cultivated; condition very good. Progress
of corn very good in nearly all portions.
Tennessee.—Nashville: Weather decidedly beneficial for corn and progress and condition excellent. Cotton beginning to bloom generally,
except late-planted; condition excellent. Ii vesting winter wheat completed and a little threshing done; condition not a few fields very poor,
but generally condition very good.
Kentucky.—Loulsville: Temperatures moderate: precipitation moderate
to locally excessive. Wheat well dried and threshing proceeding in southwest under favorable conditions. Progress of corn excellent and also
tobacco; cultivation of both good, except some wet localities of north.
Oat harvest started in south; crop generally good.

THE DRY GOODS TRADE
New York, Friday Night, July 12 1929.
Developments in the textile markets during the past week
have been generally of a favorable nature, with the volume
of sales maintaining satisfactory proportion owing to continued hot weather. Tile industry is now shaping itself for
the Fall season and present indications appear to point toward
a substantial amount of business. For instance, the early
showing of the Fall silk lines have apparently met with
instantaneous success, for, despite the fact that they are
too early for the fashion authenticity of Paris, sales have
been very good with some re-orders reported. Interest
seems to center in the printed satins, although transparent
velvets and the woolen type prints are receiving their share
of tile orders. New stylings and weavings, it is believed,
will keep silks to the forefront of popular fancy and allow
no let-up in the volume of consumption. The situation in
the cotton goods division, however, is not quite as satisfactory. Although a good business is being transacted Just
now, stocks of the majority of cloths is still unwieldy and
factors are urging upon mills the advisability of either the
continuation or the extension of curtailed production schedules, especially during the Summer months, and until a




314

clearer idea can be had concerning the -pessibilities of the
cotton crop. • In the rug and.carpet•section conditions have
quieted down somewhat. following -the recent eminently
successful opening of the Fall lines. The taking of inventories
combined with vacations serve to give the trade a breathing
spell before the intensive efforts to be made by primary
and secondary.factors to put the floor coverings into retailers' hands. Woolen goods markets continue irregular.
While the women's wear fabrics are relatively dull, with
stock accumulating, men's year cloths are enjoying a good
distribution. Interest centers in the new light tropicals for
next Summer which are being shown by the mills. Many
HOW styles and ideas have been displayed, and the prospects
for the season are considered very bright.
DOMESTIC COTTON GOODS.—Sustained hot weather
during the early Summer has succeeded in stimulating a
good volume of business for certain cloths in the markets
for domestic cotton goods. However, prices are still much
too low, owing to the continued output of goods on a large
scale and the efforts for sales as soon as they come from
the looms. As a result, merchants are urging upon manufacturers the wisdom of continued regulation of production
during tile remainder of the Summer, and especially until
the future of the new cotton crop season is clarified. The
Government issued its first cotton acreage estimate this
week, and while the figures were somewhat less than the
trade had been expecting, they were still large enough to
insure a good yield in the event of favorable weather conditions. Furthermore, statistics published by the Association of Textile Merchants of New York clearly demonstrated
the wisdom of the plans now under way to inaugurate some
general scheme for the regulation of production. The report
indicated that while stocks were in a better position than a
year ago, sales for June were a fifth below production and
that there was a widening gap between unfilled orders and
stocks on hand. The statistics showed that sales during
June were 79.8 and shipments 88.1% of production, while
stocks on hand increased 9.2%, with unfilled orders at the
end of the month 6.2% below the total at the end of May.
Factors urge that if the trade is to start out with Fall
'business in a sound position, a careful restriction of output
In accordance with Summer demand must be practiced.
'This is especially needed just now as the industry is on the
verge of the new cotton year with a substantially large
acreage under cultivation. One of the most interesting items
of news developments of the 'week was the announcement
of a plan to stabilize the fine goods market in New England
States. The idea is based upon cost accounting, the elimination of unfair business practices, the supervision of credits
and,the distribution of statistics, and it is predicted that
it will force a substantial reduction of price cutting and put
the industry on a profitable basis within three months.
Tile National Manufacturers' Service, Inc., has been formed
to put this plan into effect and the results will be watched
with much interest. Print cloths 28
-inch 64x60's construction are quoted at 514c., and 27-inch. 64x60's at 4%c. Gray
/
goods 39-inch 68x72's construction are quoted- at 8c., and
39-inch 80x80's at 10c.
WOOLEN GOODS.—Interest in the woolen and worsted
markets has centered in the formal openings of the tropical
worsteds for the next season's lines which mills began to
display this week. Although the showings had been delayed, buyers who had previewed the lines were reported
to have placed a good volume of advance business. Prices
on the new lines were somewhat lower than last season's
levels, reflecting the fall in prices of yarn and raw wool
markets. Those mills which have shown their now offerings
displayed more styles than have ever been introduced before, and prospects favor an increased volume of business.
It is apparent that the consumer demand for the lighter
weight cloths for Summer wear is definitely on the increase
as retail outlets are now reported to be completing the
season with but a minimum of stocks. Naturally, this will
necessitate the 'active replenishment of goods for the next
season. Statistics issued by the Wool Institute during the
earlier part of the week were taken to demonstrate the
extent to which the Institute has convinced mills of the
necessity of co-ordinated regulation of production and billings. For the month of May, which the statistics covered,
it was shown that although production increased, the condition of stocks was improved. Concerning the strike of
30,000 cloakmakers which began ten days ago, it was reported that terms for a satisfactory settlement of the differences have made definite progress and a new agreement
is expected to be approved within a fw days.
FOREIGN DRY GOODS.—Although orders have failed
to approximate expectations, a fair volume of business has
been maintained in the local linen markets owing to the
continued hot weather. Interest still centers in goods of a
seasonable nature, but as yet first hands fail to report any
activity of a marked nature. Burlaps, on the other hand,
have been firmer, despite the indifference of local buyers.
Prices have registered further advances, reflecting the
strength of the Calcutta market. Light weights are quoted
at 6.15c., and heavies at 8.25c.

314

FINANCIAL CHRONICLE

fitate and Titg Altpartutent
NEWS ITEMS
-Additions to List of Legal. Investments.
Connecticut.
The following is a list of public utility bonds and railroad
equipment trust certificates that have been added to the
list of investments considered legal for savings banks by the
action of Bank Commissioner Lester E. Shippee. These
additions follow the enactment this year of legislation by the
General Assembly, which materially broadened the field for
investment. These additions, effective as of July 1, amend
the list issued on May 1 as it appeared in the "Chronicle"
of June 1 on pages 3714 and 3715.

For,. 129.

out the year. The document also contains a complete discussion of the methods of capital financing as utilized by
municipalities. The following financial statement heads the
report:
Funded Debt Dec. 311928.
Gross Funded Debt
Sinking fund bonds
$64,500,770
(Sinking fund accumulation, 829,783.267)

Installment bonds

110.702.308
8175,203,078

Deduct
(1) Revenue producing,and specially rated debts as follows:
Toronto Transportation System
839,706,548

Toronto Hydro-Electric System
25,454.115
Water works
20,479,028
Local improvements (ratepayers'share)
10,474,650
City-owned radial railways (under T. T. C.
operation)
2,482,019
Canadian National Exhibition Buildings
1,921,522
Royal Agricultural Winter Fair Buildings
1,126.000
632,000
Housing
Abattoir
374.000
Island Ferries-under T. T.C. operation_-169,000

PUBLIC UTILITY BONDS.
San Diego Consol. Gas& Elec. Co.
Blackstone Valley Gas & El. Co.
1st mtge. 58, 1939
1st & general 58, 1939
$102,818,882
1st & refunding Os, 1939
Bklyn. Union Gas Co.1st consol. Is. 1945
Less
-Funds on hand for red, of above debt... 13,881,514
1st & refunding 55, 1947
1st refunding 65, 1947
1st & refunding 6s, 1947
Bkiyn. Boro. G88 Co.gen.& ref. 58, 1967
$88.937,368
Standard Gas Light Co.(New York)
Buffalo General Elec. Co. 1st 58, 1939
1st mtge. Is, 1930
1st & refunding Is, 1939
Behind the public utility debts are realizable assets, in the form of prop
Utica Gas & Elec. Co.
General & refunding Is, 1956
erties, plants and equipment, in excess of the debts outstanding.
Equitable Gas & Elec. 1st Is, 1942
Central Hudson Gas & Elec. Co.
(2) Sinking fund:
Refunding & extension Is. 1957
1st & refunding 58, 1941
On general debt
$15,560,148
West Penn Power Co.
1st & refunding Is, 1957
On special debt
12,216,784
1st mtge. Series A Is. 1946
Elec. Lt.& Power Co.
Consol. Gas,
Excess earnings
2,006,335
1st mtge. Series E 58. 1963
Cons. Gas of Salto. 1st 58, 1939
•
$29.783.267
1st mtge. Series F 5345, 1953
Cons. Gas of Salto. gen. 430, 1954
(3) Funds on hand for red, of installment debt_. 1.664,730
1st mtge. Series 058, 1956
General mortgage 434s, 1935
120,385,365
Public Service Electric & Gas Co.
Citizens Gas Co. (Indianapolis)
United Elec. Co.of N.J. 1st 4s, 1849
1st & refunding Is, 1942
Net general debt
854,817.713
Pub. Ser. El. & Gas 1st & ref. 58, 1965
Fall River Elec. Light Co. 1st Is, 1945
The city has fixed assets in general lands and buildings in excess of this
Pub. Ser. El. & Gas 1st & ref. 430,'67
Indiana & Michigan Elec. Co. 1st Is. 1957
Peoples Gas Light & Coke Co.(Chicago) debt, in addition to the taxing power on an assessment of $968,000,000.
1st & refunding 55, 1955
Assessment, &c.
Chicago Gas Lt. & Coke 1st 55. 1937
Indiana General Service Co. 1st Is, 1948
Assessed value of ratable property (1929) for school purposes-8967.371.437
Consumers Gas Co. 1st 55, 1936
Potomac Elec.Power Co.consol.Is, 1936
Assessed value of ratable property (1929) for general purposes_ 896,977,126
Mutual Fuel Gas Co. 1st 55, 1047
General & refunding 68, 1953
131,866,136
Peoples Gas L.& Coke 1st cons. 68,'43 Exemptions not included in the foregoing
Providence Gas Co. 1st mtge. 5348, 1942
206,116.186
Capital assets
Rockland Light & Power Co.
28,580,930
Revenue from taxation, 1929, as per estimates
1st & refunding 4345, 1958
3,525.902
Revenue other than taxation for 1929, as per estimates
RAILROAD EQUIPMENT TRUST OBLIGATIONS.
685,628
Population. 1928
Great Northern Railway Co.
Alabama Great Southern RR.Co.
26.454 acres
Area of city
Equipment Trust
Equipment Trust
31.50 mills
Tax rate for 1929
Series B Is. serially, 1924 to 1938
Series G 58, serially, 1924 to 1938
Series C 4348, serially, 1925 to 1939
Atlantic Coast Line RR. Co.
Series D 4345, serially, 1929 to 1940
Equipment Trust
Louisville & Nashville RR. Co.
Series E 4348, serially, 1929 to 1941
Equipment Trust
Baltimore & Ohio-RR. Co.
Series E 4348, serially, 1923 to 1937
Equipment Trust
-The 832,340
ADAMS COUNTY (P.O. Decatur), Ind.
-BOND SALE.
Series F Is, serially, 1924 to 1938
Series of 1922 Is, serially, 1923 to 1937
-were awarded as stated
494% bonds offered on July 9-V. 128, P. 4355
Michigan Central Railroad Co.
Series of 1923 Is, serially, 1924 to 1938
below:
Equipment Trust
Series A Is. serially, 1924 to 1938
To the First National Bank, Decatur:
Series of 1915 Is, serially, 1916 to 1930
Series li 434s, serially, 1926 to 1940
Series of 1917 68, serially, 1918 to 1932 $10,660 road construction bonds sold at par, plus a premium of $4.79.
Series C 4345, serially, 1927 to 1941
equal to 100.04.
Mobile & Ohio Railroad Co.
to 1941
Series D 4348, serially, 1929
12,640 road construction bonds sold at par, Plus a premium of $6.79.
Equipment Trust
Series E 434s, serially, 1930 to 1942
equal to 100.05.
Series L Is. serially. 1928 to 1938
Central of Georgia Railway Co.
To the Bank of Berne of Berne:
Series M Is. serially, 1925 to 1930
Equipment Trust
$9.040 township road construction bonds sold at par, plus a premium of
Series N 4345, serially, 1925 to 1939
Series M 6345, serially, 1922 to 1936
$5.79, equal to 100.06.
Series 0 4345, serially, 1927 to 1941
Series N 5348, serially, 1923 to 1932
The bonds mature semi-annually on May and Nov. 15 from 1930 to
Series P 4345, serially, 1928 to 1937
Series 0 58, serially, 1924 to 1938
1939 inclusive.
Series Q 48, serially, 1928 to 1843
Series P 434s, serially, 1926 to 1940
Northern Pacific Railway Co.
Series Q 4345, serially, 1926 to 1940
-BOND OFFERING.
ALABAMA CITY, Etowah County, Ala.
Central Railroad Co. of New Jersey. Equipment Trust-.0"
Sealed bids well be received until July 16 by Lowe H. Herndon, City Clerk,
Series of 1920 75, serially, 1921 to 1930 for the purchase of an issue of8100.0006% semi-annualimprovement bonds.
Equipment Trust
Series of 1922 4348,serially, 1923 tb'32
Series H 68, serially, 1921 to 1930
(These bonds were approved on June 27 by a large majority.)
Series of 1925 4148, serially, 1926 to'40
Series K 55, serially, 1925 to 1934
Southern Pacific Co.
Chicago & North Western Ry.Co.
ALAMOSA AND SAGUACHE COUNTIES CONSOLIDATED
Equipment Trust
-PRE-ELECEquipment Trust
SCHOOL DISTRICT NO. 23 (P. o. Alamos.), Colo.
Series J 4348,serially, 1932 to 1942
Series R 4345, serially, 1928 to 1942
-A
TION SALE. $15,000 issue of 5% school building bonds has been purIllinois Central Railroad Co.
Series S 4345, serially, 1928 to 1942
chased by 13enwell & Co. of Denver, subject to an election to be held soon.
Equipment Trust
Series T 4345, serially, 1928 to 1942
Due $1,000 from 1930 to 1944 inclusive.
•
Series P 4348, serially, 1930 to 1944
Series U 4345, aerially, 1929 to 1943
-BOND OFFERING.
Chesapeake & Ohio Railway Co.
ALBION, Orleans County, N. Y.
-Eugene A.
Cleve. Cinc. Chic. & St. L. RR.
Equipment Trust
Mahoney, VMage Clerk, will receive sealed bids until 7.30 P. m• (standard
(
Equipment Trust
Series of 1929 4345, serially, 1930 to *44 time) on July 22, for the purchase of $50,000 coupon or registered sewer
Series of 1920 68, serially, 1921 to 1935
bonds. Bidder to name rate of interest which is to be in multiples of )i of

BOND PROPOSALS AND NEGOTIATIONS.

-The sale of
-Bridge Bond Sale Held Illegal.
Kentucky.
the $10,767,000 issue of bridge bonds on May 7 to Stifel,
Nicolaus & Co. of St. Louis, and C. W. McNear & Co. of
-has been cancelled followChicago,jointly-V.128, p.3225
ing the ruling'of Judge Ben G. Williams in the Franklin
Circuit Court in wnich he held that the contract was void
because it provided for the State to pay the cost of operation
and maintenance of the proposed bridges out of the general
road fund, and pledged the gross tolls for the payment of
principal and interest on the bonds. The case was taken to
the Court of Appeals and the higher court refused to dissolve
the injunction granted by Judge Williams. According to
newspaper reports the commission met at Frankfort on July
6 to prepare for a new sale of the bonds.
-On July 5 the
-Special Session Closes.
Oklahoma.
special session of the Legislature which convened on May
-adjourned sine die. The "Oklahoman"
16-V. 128, p. 3557
of July 6, reports that quite a number of important bills
were passed since the Legislature convened and lists them
as follows:
Important bills passed during the session included the runoff primary
bill, the departmental and institutional appropriations bills, highway legislation, including the increased gasoline tax, authority for the highway
commission to purchase toll bridges, increased bus tax and the general
highway bill.
For the betterment of the educational system a new textbook law was
passed, a $250.000 supplemental appropriation for weak schools was
made, the vocational boards will go under the board of education, teachers certificates are to be issued by the State board et education and a coordinating board will attempt to prevent duplication of work in the higher educational institutions of the State.
The Legislature voted to give the people the right to vote on constitutional amendments to put the State agricultural schools under a board of
regents separate from the State board of agriculture and to make constitutional provision for the board of regents of the University of Oklahoma.
The Governor will have a chance to sign the bill raising the salaries of
elective State officials. The Legislature failed to pass bills affecting a State
tax commission and the manner of Issuing executive clemency.

Toronto, Canada.
-Report of Commissioner of Finance
-The annual report of the Commissioner of Finance
Issued.
for the year 1928, as prepared under the direction of George
H. Ross, who acted in the capacity of Commissioner of
Finance and City Treasurer from July 5 1920 to Jan. 31 1929,
has recently been issued. The report gives in detail all of
the financial transactions and operations of the city through-




1% and is not to exceed 6%. The bonds are dated August 1, 1929. $1,000
denomination, due $5.000•on Aug. 10, from 1930 to 1939, incl. Principal
and semi-annual interest payable at the Orleans County Trust Co., Albion.
The bonds will be prepared under the supervision of the aforementioned
Trust Co., and are to be approved by Caldwell & Raymond, of New York.
A certified check for 3% of the bonds bid for, payable to the Village Treas.
urer, must accompany each proposal.
ALCORN COUNTY (P. 0. Corinth), Miss.
-BOND OFFERING.
A $200,000 issue ofroad bonds will be offered for sale at 1.30 p. m.on Aug.6,
by Amos Bradley, President of the Chancery Court.
-BOND OFFERING.
ALLEN PARK, WaynaeCounty, Mich.
-Lloyd
W. Quandt, Village Clerk, will receive sealed bids until 7:30 p. m. on
July 16, for the purchase of $294,500 6% special assessment general obligation improvement bonds. The bonds are to mature in equal annual installments in from 2 to 6 years from the date of their issue. Alternative bids at
a lower rate of interest will also be received and considered. Interest payable
semi-annually. A certified check for $250, payable to the above-mentioned
official, must accompany each proposal.
ARLINGTON, Middlesex County, Mass.
-TEMPORARY LOAN.
$100,000 temporary loan was awarded on July 8 to the First National Bank.
of Boston, on a discount basis of 5.275%. The loan is payable as follows:
$50.000 on Dec. 20 1929 and $50,000 on July 111930. Dated July 121929.
The following bids were also submitted:
Bidder

Discount Basis.

Bank of Commerce & Trust Co (plus 85)
5.35
Salomon Bros.& Hutzler (plus $2.50)
5.35
Faxon, Gade & Co
5.40
Menotomy Trust Co
5.45 0
ARLINGTON, Middlesex County, Mass.
-BOND OFFERING.A. Hardy, Town Treasurer, will receive sealed bids until 3 p. m.
Charles
(daylight saving time) on July 17 for the purchase of the following issues
of 415% coupon bonds aggregating $318,600:
$150,000 Original St. bonds. Due $15,000, July 1 1930 to 1939 incl.
100.000 Pierce School Addition bonds. Due $5,000, July 1 1930 to
1949 incl.
65,000 water mains bonds. Due on July 1 as follows: $7,000, 1930 to
1934 incl., and $6,000, 1935 to 1939 incl.
All of the above bonds are dated July 1 1929. Denom. $1.000. Prin.
and semi-annual int. (Jan. and July 1) payable at the First National Bank
of Boston in Boston. Legality is to be approved by Ropes, Gray, Boyden
& Perkins of Boston.
Financial Statement July 8 1929.
Net valuation for year 1928
$56,076,834.00
Debt limit
1,562,363.68
Total gross debt, including these issues
1,898,000.00
Deductions
Sinking funds

Water bonds
Sewer bonds
Park and playground bonds
Net debt
Borrowing capacity
Sinking funds for debts outside debt limit

$26,435.79
230,500.00
100,000.00
15,000.00

371,935.79
$1.526,064.21

$36,299.47

$72,696.65

JULY 13 1929.]

FINANCIAL CHRONICLE

315

-BOND SALE.
CANTON SCHOOL DISTRICT, Fulton County, III.
-The First Union Trust & Savings Bank, of Chicago, purchased a $60.000
issue of 4%% school bonds during June, paying par, plus a premium of
$660.00 for the issue, equal to 101.10, a basis of about 4.65%. The bonds
mature $6.000 annually on June 1, from 1940 to 1949, incl.
CARBON COUNTY SCHOOL DISTRICT NO. 18 (P. 0. Encamp-The $25,000 issue of 5)% school building
ment), Wyo.-BOND SALE.
-has
bonds unsuccessfully offered for sale on June 20-V. 128, p. 4356
silICA3 been purchased by two local investors. Dated July 1 1929. Due as
follows: $1,000. 1935 to 1949, and $2,000, 1950 to 1954 all inclusive.
CHARTER OAK, Crawford County, lowa.-MATURITY.-The
two Issues of 5% coupon bonds aggregating $10,000. awarded on June 24
to Charles Smith, of Dow City, at a price of 100.90-V. 128. p. 4356
are due as follows:
$6,000 improvement fund bonds. Due on Nov. 1. as follows: $500 in 1932.
1934. 1936, 1938 and 1939; 1941 to 1943 and 1945 to 1948.
4,000 grading fund bonds. Due on Nov. 1, as follows: $500. 1933. 1936.
1939, 1941, 1943. 1945. 1947 and 1948.
B8818 of about 4.90%.
-NOTE OFFERING.
CHARLOTTE, Mecklenburg County, N. C.
Sealed bids will be received until 4 p in. on July 24, by Edgar Read, City
of a $2,130;000 issue of bond anticipation notes.
Clerk, for the purchase
Dated on or about July 24 1929. Bids may be made for one or more of
the following maturities: (maturity to be determined by the City Council
upon receipt of bids) either. (1) Dec. 15 1929, with all interest payable in
(3)
advance, or (2) June 15 1930, with all interest payable in advance, orint.
$325,000 on June 15 1930. and $1,805,000 on June.15 1931, with all bid
Payable semi-annually, June 15 and Dec. 15. The int. rate is to be less
upon and must be the same for all of the notes. Award to be at not
than par, int. rate not exceeding 6%. Fully registerable notes, principal
place
and int. payable in gold. Bidders may specify the denominations,York,
of payment and the place of delivery. Masslich & Mitchell, of New to the
check, payable
will furnish the legal approval. A $42,600 certified
City Treasurer, must accompany the bid.
-The
-BOND SALE.
CHATTANOOGA, Hamilton County, Tenn.
$216.000 issue of 6% coupon improvement assessment bonds offered for
sale on July 9 (V. 129, p. 159) was awarded to the First National Bank of
Chattanooga for a premium of $12.960 equal to 106.02, a basis ofabout
5.24%. Dated July 1 1929. Due $10,800 from July 1 1930 to 1949 incl.
The following is a list of the bidders and their bids as it appeared in the
Chattanooga "News" of July 9:
$12,960
First National Bank, Chattanooga
373
Harris Trust & Savings Bank, Chicago (5%)
12,463
C. W. McNear & Co., Chicago
8,975
Little, Wooten & Co., Jackson, Tenn
5.653
American Trust & Savings Bank
10,864
Detroit Bank & Security Co. Detroit
10,260
Provident Savings Bank & 'I4ust Co., Cincinnati
Hamilton National Bank of Chattanooga and Caldwell & Co.,
4,865
Nashville
-The sale
-$40.725,000 NOTES SOLD.
CHICAGO, Cook County, Ill.
6% tax anticipation notes to a syndicate headed by Halsey,
of $40,725,000
Stuart & Co. of Chicago was reported in the July 10 issue of the New York
"Journal of Commerce." The proceeds of the sale, the newspaper says.
will enable the Board of Education to continue with its building program
and will provide ample funds for its current general expenditures. Of the
award $26,950,000 is to be expended in connection with the construction
work, $13,300,000 will be used for educational purposes and $475,000 will
be applied to the playground construction fund. The notes mature in
monthly installments from May 15 1930 to Oct. 15 1930. No statement
regarding the sale of the notes has been issued by the purchasers. Public
offering of the obligations is expected to be made next week.
During the present year over $100,000,000 has been borrowed by the
city through short-term financing. The initial sale was made in January.
At that time the Guaranty Trust Co. of New York bought $15,000,000
534% tax anticipation warrants maturing in about 1% years. The proceeds of this issue was to be used to pay the salaries a city employees and
for running expenses, George K. Schmidt, City Comptroller,said-V. 128.
New York
P• 764. On April 2 a syndicate headed by Lehman Bros. of during the
purchased $40,000.000 6% tax anticipation warrants payable
summer of 1930 at a price of par. The sale consisted of 820.000.000 cor-V. 128,
porate fund warrants and $20,000,000 educational fund warrants
Net debt
% notes
A short time later an additional issue of $10,000.000
18,(" was sold
$730,580 p. 2331. to the Lehman Bros. syndicate, also at par. The S50,000,000
Population. 1920 census
the syndicate managed
-Sealed bids warrants were then offered for public investment by
BREMEN, Haralson County, Ga.-BOND OFFERING.
will be received until July 25, by J. T. Wilson, City Clerk,for the purchase by Lehman Bros., consisting of 33 investment houses and banks, priced to
of a $20,000 issue of 5% semi-annual water works bonds. Dated July 2 yield 5.60%. Therefore the current sale, coupled with the previous awards
during
1929. Due from 1939 to 1948, incl.
we have just listed, brings the total short term borrowing by Ite city
financial
-BOND OFFER- the present year to $105.725,000. The reason ascribed for the
BRIARCLIFF MANOR, Westchester County, N. Y.
1929 taxes, inciING.
-Alfred H. Pearson, Village Clerk, will receive sealed bids until 4 difficulties of the city is the delay in the collection of the
p. m.(daylight saving time) on July 22,for the purchase of $11,000 coupon dental to the uncompleted revaluation of property for tax purposes.
or registered fire department bonds. Rate of interest is not to exceed 5%
President Caldwell of the Board of Education, commenting en the sale
and is to be stated in multiples of % or 1-10th of 1%, single rate to apply of the present issue, is quoted as saying:
to the entire offering. The bonds are dated June 1 1929. Denom. $1,000.
"This transaction brings much needed relief from the situation in which
Due $1,000 on June 1, from 1931 to 1941, inclusive. Principal and semi- the Board has found itself by reason of failure to receive our revenues at the
financing
annual interest payable in gold at Briarcliff Manor, or at the Fifth Ave
customary Period. The sale of the notes completes the Board's
branch of the Guaranty Trust Co., New York. A certified check for $500. for the year. Proceeds of the sale are expected to be available shortly and
payable to the Village, must accompany each proposal. Legality Is to be will enable us to pay off $5,000,000 in outstanding contractual obligations,
work 0121
approved by Clay, Dillon & Vandewater, of New York.
also to proceed with the completion of the fifteen school buildings,
financial stringency.
BRISTOL, Sullivan County, Tenn.
-BONDS VOTED.
-At a recent which has necessarily been delayed by reason of our
TgRMS.-Accorang to the Boston
election the voters approved the issuance of $350,000 in bonds for the
CITY COUNCIL OBJECTS TO
construction of a public library by a majority said to be nearly seven to one. "Transcript" of July 11 the City Council, by a vote of 27 to 17. refused to
$40,725,900 warrants on the ground
BRITTON, Oklahoma County, Okla.
-BOND OFFERING.
-Sealed consent to the sale ofthe current issue ofNew York office of Halsey, Stuart &
bids will be received until 8 p. in. on July 15 by D. A. Riley, Town Clerk, that the terms were impossible. At the
loan
for the purchase of four issues of bonds aggregating $58.500 as follows: Co. it was stated that the sale had not as yet been consummated. The
underwriting
$20,300 water works extension bonds: $13,700 water works extension; was negotiated between members of the School Board and the
$20,000 sewer extension and $5,500 fire equipment bonds. Int. rate Is to syndicate.
be named by the bidder. A certified check for 2% is required.
-BIDS RECHICAGO, South Park District, Cook County, 111.
-All of the bids received on July 9 for the purBRONXVILLE, Westchester County, N. Y.
-BOND OFFERING.
- TURNED UNOPENED.
-have bee*
-V. 129. p. 159
Jerry C. Leary, Village Clerk, will receive sealed bids until 7:45 p. m. chase of 81.500,0004% bonds offered for sale
(daylight saving time) on July 16, for the purchase of $36,000 coupon or returned unopened, reports the "Herald-Tribune" of July 10. as no action
registered street improvement bonds. Rate of interest is not to exceed could be taken owing to the illness of some of the District Commissioners.
5% and is to be in a multiple of 1-10th or % of 1%. The bonds are dated The issue is expected to be reoffered shortly. The bonds are dated July 1
July 1 1929. Denom. $1,000. Due $3,000 on July 1, from 1930 to 1941. 1929. Due $75,000, July 11930 to 1949, inclusive.
Incl. Principal and semi-annual interest payable in gold at the Gramatan
-A $300,000
-BOND SALE.
CLEARWATER, Pinellas County, Fla.
National Bank & Trust Co., Bronxville. A certified check for $720, issue of 6% refunding bonds has been purchased at a price of 95.50 by the
payable to the Village, must accompany each proposal. Legality is to be Peoples Bank of Clearwater.
approved by Clay. Dillon & Vandewater, of New York. These bonds were
-An issue of
CLINTON, Clinton County, lowa.-BOND SALE.
offered unsuccessfully on July 2.-V. 128, p. 4356.
$110,000 4%% park bonds has been purchased by Hill, Joiner & Co. of
BROOKHAVEN UNION FREE SCHOOL DISTRICT NO. 3 (P. 0. Chicago. Denom. $1,000. Dated June 1 1929. 'Due on Nov. 1 as folTerryville), Suffolk County, N. Y.
-BOND OFFERING.
-Joseph S. lows: $18,000, 1934; $5.000, 1935 and 1936; $6.000, 1937: $2,090, 1938:
Ressler, President of the Board of Education, will receive sealed bids $1,000, 1940; $7.000. 1941 and 1942; 38,000, 1943 to 1947: $9.000, 1948.
until 2 p. m.(daylight saving time) on July 16, for the purchase of $98,000 and $10,000 on May 1 1949. Prin. and int.(M.& N.) payable in Chicago
6% school bonds. Dated March 15 1929. Denom.$1.000. Due annually exchange at the office of the City Treasurer.
on March 15, 88 follows: $2,000. 1930 to 1939, inclusive; $3,000, 1940 to
-A $12.000 issue of
-BOND SALE.
COLUMBIA HEIGHTS, Minn.
1949, inclusive; $5,000, 1950 to 1958, inclusive, and $3,000, 1959. Prin.
awarded at par on June 29 to Mr.
and semi-annual int. payable at the First National Bank, Port Jefferson. 6% coupon refunding sewer bonds was
David Kirk, of St. Paul. Denom. 500. Dated July 11929. Due from
A certified check for 10% of the bonds bid for, payable to the Board of July 11931 to 1945. incl. Int, payable on Jan. & July 1.
Education, must accompany each proposal.
COLUMBIA TOWNSHIP (P. 0. Columbia), Richland County,
BROOKLYN TOWNSHIP (P. 0. Hop Bottom), Susquehanna S. C.
-BOND OFFERING.
-Sealed bids will be received until 11 a. m.
-The $12,000
-BOND SALE.
% coupon road bonds of- on July 18, by Walter C. Thomas, Clerk of the Board ot County ComCounty, Pa.
-were awarded to individual investors missioners, for the purchase of a $300,000 issue of auditorium bonds.
fered on May 31-V. 128. P. 3222
at par. The'bonds are dated Jan. 11929. Due $2,000 on Jan. 1 from 1930 Int. rate is not to exceed 6%. Denom. $1,000. Dated June 1 1929. Due
to 1935 inclusive.
on June 1, as follows: 88,000, 1934 to 1936: $10,000, 1937 to 1940; $15,000.
1941 to 1945; $20.000, 1946 to 1949; $25.000, 1950 and 128,000, 1951
BURTON TOWNSHIP FRACTIONAL SCHOOL DISTRICT NO. 9, and 1952. Prin. and
semi-annual int, payable in New York. Caldwell &
-BOND OFFERING.
-Fred J. Warren, Secretary
Genesee County, Mich.
16,000
Raymond of New York City will furnish the legal approval.
of the Board of Education, will receive sealed bids until 2 p. m. (Eastern certified check, payable to the above Board, must accompany theA
bid.
standard time) on July 17,for the purchase of $60,000 school bonds. Rate
In connection with the above offering we quote from the "State" of July 2
of Interest to be named in bid, said rate is not to exceed 6%. A certified
check for I% of the bonds bid for, payable to the Treasurer of the Board as follows:
"Columbia Township's $300,000 auditorium bonds will be resold. The
of Education, must accompany each proposal. Taxable valuation of
Issue sold to the South Carolina National Bank of Charleston, Greenville
district is $462.000; it has no bonded debt.
and Columbia in conjunction with the Bankers Trust Co. of New York,
-Julius May 21,did not receive the approving opinion of Storey Thorndyke Palmer
-BOND OFFERING.
CANASTOTA, Madison County, N. Y.
M.Heintz, Village Clerk, will receive sealed bids until 7:30 p.in. on July 22, & Dodge in a reasonable length of time, and the contract was canceled at a
for the purchase of $150.000 coupon or registered water bonds. Rate of meeting of the Board of Commissioners of Richland County at a meeting
interest in not to exceed 6% and is to be named in bid. The bonds are dated yesterday morning in the court house.
"County officers believe the fact that the township has no bonded indebtApril 15 1929. Denom. $2,000. Due 36.000 on December 1, from 1930 to
1954 inclusive. Prin. and semi-annual Int. payable at the office of the edness, with an estimate actual value of taxable property placed at $100.000,000, will favorably influence the bidders.
Village Clerk,

-TEMPORARY LOAN.
ATTLEBORO, Bristol County, Mass.
A $100,000 temporary loan dated July 10 1929 and payable on Nov. 29
1929 was awarded on July 9 to the First National Bank, of Boston, on a
discount basis of 5.38%. The following bids were also submitted:
Discount Basis.
Bidder5.41
Shawmut Corp
5.44
National Rockland Bank (plus $1.25)
5.45%
F. 8. Moseley & Co
5.485%
Old Colony Corp
5.49%
Salomon Bros. & Hutzler (plus $2)
ATOKA COUNTY SCHOOL DISTRICT NO. 8 (P. 0. Stringtown),
-The $17,000 issue of semi-annual school bonds
Okla.
-BOND SALE.
-was sold to the Security
offered for sale on May 27-V. 128, p. 3558
National Bank of Oklahoma City, as 6s, for a premium of $21, equal to
100.12.
BALDWIN, Saint Croix County, Wis.-ADDITIONAL DETAILS.
The $5,000 issue of paving bonds that was purchased at par by a local bank
-V.129. P. 159
-bears interest at 5% and is due $1,000 from Jan. 1 1931
to 1935, incl.
-BOND OFFERING.
BARRY COUNTY (P. 0. Hastings), Mich.
John Carlisle, Chairman of the Board of County Road Commissioners,
will receive sealed bids until 9 a. m. (Central Standard time) on July 15,
for the purchase of $17,523 6% road assessment district bonds. Dated
July 17 1929. Due on May 1 1930 and 1931. Interest payable on May
and Nov. 1.
-The
-BOND SALE.
BATTLE CREEK, Calhoun County, Mich.
-were awarded
$500.000 5% school bonds offered on July 8-V. 129, p. 159
to the Central National Bank, of Battle Creek, at par, plus a premium of
$8,913, equal to 101.782. a basis of about 4.74%. The bonds are dated
July 1 1929 and mature annually on July 1, as follows: $35,000, 1931 to
1943, incl., and $45,000, 1944.
BAY SPRINGS CONSOLIDATED SCHOOL DISTRICT (P. 0.
-Sealed bids
-BOND OFFERING.
Bay Springs), Jasper County, Miss.
will be received until Aug. 5, by H. H. Stringer, Secretary of the Board
of Trustees, for the purchase of a $20,000 issue of semi-annual school
bonds. Int. rate is not to exceed 6%. Due in 10 years.
BELLVIEW SCHOOL DISTRICT(P.O. Ashland), Jackson County,
-A $15,000 issue of 5%% school bonds has recently
-BOND SALE.
Ore.
been purchased at par by the Mortgage & Securities Co. of Portland.
-S. H.
BENTON COUNTY (P.O. Fowler), Ind.
-BOND OFFERING.
Freeman, County Treasurer, will receive sealed bids until 2 p. m.on July 27
for the purchase of $16,990 43 % Union Township road construction bonds.
Due $849.50, July 15 1930; $849.50, Jan. and July 15 1931 to 1939 incl.,
and $849.50, Jan. 15 1940.
-Sealed
BLOOMINGTON,Monroe County Ind.-BOND OFFERING.
bids will be received by E. Cooper, City Clerk, until 2 p. m. on July 25
for the purchase of $55,000 park improvement bonds. Rate of interest
44%,payable semi-annually on June and Dec. 1. The bonds are in $500
denomination and mature on July 1 1949. A certified check for $500 is
required.
-The $90,000
-BOND SALE.
BRAINTREE, Norfolk County, Mass.
% coupon school building bonds offered on July 5-V. 128, p. 4356
were awarded to E. H. Rollins & Sons, of Boston, at 100.37, a basis of
about 4.44%. The bonds are dated July 15 1929. Denom. $1,000.
Due $6,000 on July 15 from 1930 to 1944, inclusive. Principal and semiannual interest (Jan. and July 15), payable at the National Shawmut
Bank, Boston. Legality is to be approved by Storey, Thorndike, Palmer
& Dodge, of Boston. The bonds are stated to be a legal investment for
Massachusetts, New Hampshire, Vermont and Rhode Island Savings
Banks, and are being re-offered for public investment at prices yielding
5.50 to 4.20%, according to maturity.
Rate Bid.
100.15
Stone & Webster and Blodget, Inc
100.18
Curtis & Sanger
100.269
Day & Co
Financial Statement.
Assessed valuation, 1928
$22,437,175
Total bonded debt, including this issue
778,000
Water debt
40.000

R. L.




316

FINANCIAL CHRONICLE

[VOL. 129.

"The change in the bonds and the release o•the bank from its contract
DOVER, Tusearawas County, Ohio.
-BOND OFFERING.
-0. L.
were made public through a resolution drafted by W. C. McLain. county Youngen, City Auditor, will receive sealed bids until 12 m. on July 31,
attorney, and approved by the County Commissioners."
for the purchase of the following issues of 54.'% bonds aggregating $12.400:
water line extension bonds. Due $300, April 1 and $500, Oct. 1
COLUMBUS, Franklin County, Ohio.
-Howard $9,800 1930; $500. April
-NOTE OFFERING.
and Oct. 1. from 1931 to 1939, incl.
S. Wilkins, City Clerk, will receive sealed bids until 7 p.
(Eastern stand2,600 Jail remodeling bond,. Due Oct. 1 as follows: $600, 1930, and
ard time) on July 15 for the purchase of $150.000 4H % promissory notes.
$500, 1931 to 1934, incl.
Dated Aug. 1 1929. Denom. $5,000. Principal (Feb. 11931) and interest
Both
(Feb. 1 and Aug. 1 1930 and Feb. 11931) payable at the office of the agency (April issues are dated July 1 1929. Principal and semi-annual interest
and Oct. 1) payable at the office of the City Treasurer. A certified
of the City of Columbus in New York. A certified check for 1% of the
check for 5% of the bonds bid for, payable to the City Treasurer, must
notes bid for, payable to the city, must accompany each proposal.
Said notes will be sold to the highest and best bidder for no less than accompany each proposal.
Anyone desiring to do so may present a bid or bids for said bonds based
par and accrued interest.
All bids must be made in the form of blanks, which will be furnished upon on a different rate of interest than that hereinbefore specified provided,
however, that when a fractional rate of interest is bid, such fraction shall
application to the Clerk of said city. Any one desiring to do so may present a bid or bids far these notes based upon their bearing a different rate be one-quarter of 1%, or multiples thereof, as provided in Section 2293-28
of interest than specified in the advertisement, provided, however, that of the Uniform Bond Act of Ohio.
where a fractional rate is bid such fraction shall be h of 1% or multiples
EASTON, Talbot County, Md.-BOND SALE.
i
--The 340,000 5%
thereof.
sanitary sewer construction bonds offered on July 2-V. 128, p. 4357Transcripts of proceedings will be furnished successful bidders and suf- were awarded to Stein Bros. & Boyce and the Mercantile Trust Co., both
ficient time allowed within ten days from the time of said award for the of Baltimore, jointly, at 100.51. a basis of about 5.10%. The bonds are
examination of such transcript by bidder's attorney, and bids may be made dated July 11929. Due $1.000 on July 1, from 1930 to 1969. incl.
subject to approval of same.
ECORSE (P.O. Detroit), Wayne County, Mich.
-BOND OFFERING.
COLUMBUS, Franklin County, Ohio.
-OTHER BM-The First -Isabel Morris, Village Clerk, will receive sealed bids until 8 p. m. on
Citizens Corp. of Columbus, bidding for 6s, offered par plus a premium of July 13 for the purchase of $124,830 special assessment paving bonds and
$136 on July 1 for the 3260.000 promissory notes sold to Otis & Co. of Cleve- $51,570 pavement intersection bonds, both issues aggregating $176.400.
and as 6s for a premium of $325, equal to 100.125, a basis of about 5.91% All of the bonds are to be dated Aug.11929. Bidder to namerate of interest,
(V. 129, p. 160).
which is not to exceed 6%. The bonds are to mature in annual install•
ments in from 1
of issue. Interest payable
CORAL GABLES, Dade County, Fla.
-BOND SALE.
-A $70,000 Feb. and Aug. 1. to 4 years front the date of the bonds bid for, payable on
A certified check for 1%
to
block of a $500,000 issue of revenue 'sends has recently been purchased
the Village Treasurer, must accompany each proposal. The special assessat a price of 98 by the Guardian Detroit Co. of Detroit.
ment paving bonds will be payable out of the special assessment fund for
CORNING, Steuben County, N. Y.
-Norman said street or out of the general funds of the Village of Ecorse. The pave-BOND OFFERING.
IT. Palmer, City Chamberlain, will receive sealed bids until 10 a.m. on ment Intersection bonds will be payable out of the proper sinking fund or
July 19, for the purchase of 920,000 5% public improvement bonds. Dated the general fund of the Village of Ecorse.
Aug. 11929. Denom. $1,000. Due $10,000 on Aug. 1 in 1931 and 1932.
EDINBURG, Hidalgo County, Tex.
-An
-BONDS REGISTERED.
Principal and semi-annual interest payable at the Irving Trust Co., New issue
of 3135.0006% serial refunding bonds was registered on July 1 by he
York,
State Comptroller.
COVINGTON TOWNSHIP SCHOOL DISTRICT (P. 0. Covington),
EGG HARBOR TOWNSHIP SCHOOL DISTRICT (P. 0. McKee
Tioga County, Pa.
-BOND SALE.
-A $6,000 issue of school bonds was
-James B. Brown,
-BOND OFFERING.
recently awarded to the National Bank, of Wellsboro. The bonds bear City), Atlantic County, N. J.
a coupon rate of 5% and Were sold at a price of par. Due $500, from District Clerk, will receive sealed bids until 8 p. in. (daylight saving time)
on July 23, for the purchase of $85,000 5% coupon school bonds. Dated
1935 to 1945, incl. Interest payable semi-annually.
June 11929. Denom. 31.000. Due $5,000 on July 1 from 1931 to 1947,
CRAWFORD-SCHOOL DISTRICT(P.O. Crawford),Dawes County, inclusive. Principal and semi-annual interest (J. & J. 1) payable at the
Neb.-BONDS NOT SOLD.
-The $125.000 Issue of school bonds offered First National Bank, Somers Point. No more bonds to be awarded than
on July 1-V. 128.p. 4190
-was not sold. Dated July 11929. Due from will produce a premium of $1,000 over the amount stated above. A certi1930 to 1958. incl.
fied check for 2% of the bonds bid for, payable to the Board of Education,
must accompany each proposal.
CUYAHOGA COUNTY (P. O. Cleveland), Ohio.
--BOND SALE.
The following coupon bonds aggregating $3,431,400 offered on
-BOND
ELIZABETH SCHOOL DISTRICT, Allegheny County, Pa.
July 6- SALE.
V. 128. p. 4190
-The $27,000 5% registered school bonds offered on July 9-V. 129,
-were awarded to a syndicate composed of the First National Bank, Halsey, Stuart & Co.. E. H. Rollins fit Sons, George B.
p. 160
-were awarded to Prescott, Lyon & Co. of Pittsburgh. at 103.20. a
Gibbons & Co.. and R. W. Pressprich & Co.. all of New York, also the First basis of about 4.69%. The bonds mature on July 15 as follows: 94.000,
National Co., of Detroit, as 5s at par, plus a premium of $9,093.21. 1934; 95,000, 1939: 37,000. 1944; 39.000. 1949, and 82,000, 1950. The
equal to 100.265, a basis of about 5.18%:
following bids were also submitted:
'
'
BidderRate Bid.
$598,700 road improvement bonds,county portion. Due Oct. 1, as follows
State Bank of Elizabeth
959,700. 1929: 959,000, 1930; and $60,000. 1931
1938, incl.
419,500 road Improvement bonds, assessment portion. to
102.13
Due Oct. 1. as A., B. Leach & Co.. Inc
101.826
follows: $46,500, 1929; $446,000, 1930 to 1932, incl.; and 947,000, Mellon National Bank, Pittsburgh
1933 to 1937, incl.
100.719
M. M. Freeman & Co
293,700 road improvement bonds, county portion. Due Oct. 1, as follows:
ELLERY UNION FREE SCHOOL DISTRICT NO. 4 (P. 0. Bemus
$29.700, 1929: 329.000. 1930 to 1935, incl.; and 930,000. 1936
Point), Chautauqua County, N. Y.
-J. F. Ward,
to 1938. incl.
-BOND OFFERING.
293,700 road improvement bonds, assessment bonds. Due Oct. 1, as District Clerk, will receive sealed bids until 7:30 p. m. (eatern standard
follows: 929,700, 1929; $29,000, 1930 to 1935, incl.; and $30,000. time) on July 11. for the purchase of $16,000 5% registered school bonds.
Dated June 1 1929. Denom. $1,000. Due on Dec. 1, as follows: $6,000.
1936-to 1938, incl.
241,700 road improvement bonds,county portion. Due Oct. 1, as follows: 1949 and 1950; and $4,000, 1951. Principal and semi-annual interest
payable at the Bank of Jamestown, of Jamestown. A certified check for
$24,700, 1929; $24.000, 1930 to 1937, incl.; and $25.000, 1938.
217,300 road improvement bonds, assessment portion. Due Oct. 1, as 2% of the bonds bid for is required. Legality is to be approved by Clay,
follows: $25,300, 1929; $24,000, 1930 to 1937, Incl.
Dillon & Vandewater. of New York.
206,700 road improvement bonds, assessment portion. Due Oct. 1, as
-Sealed bids
-BOND OFFERING.
EL PASO, El Paso County, Tex.
follows: $20.700, 1929; $20,000, 1930 to 1932. incl.; and $21.000.
will be received until 10 a. m. on Aug. 1, by G. R. Daniels, City Auditor,
1933 to 1938. Incl.
206,700 road improvement bonds,county portion. Due Oct. 1. as follows: for the purchase of sixteen issues of 5% coupon bonds aggregating $619,000,
as follows:
$20,700, 1929; 320,000. 1930 to 1932, incl.; 921,000. 1933 to divided public school bonds. Due from 1931 to 1959, incl.
$80,000
1938. incl.
175,500 roadimprovement bonds, assessment portion. Due Oct. 1, as 100,000 water Works bonds. Due from 1931 to 1959. incl.
50,000 fire station sites, buildings and improvement bonds. Due from
follows: $17,500, 1929; 317.000. 1930 to 1933, incl.; and 918,000,
1931 to 1959, incl.
1934 to 1938, incl.
50,000 park extension and improvement bonds. Due from 1931 to 1959,
175,500 road improvement bonds,county portion. Due Oct. 1, as follows:
incl.
$17,500. 1929; 317,000. 1930 to 1933, Incl.; and $18,000, 1934
37,000 College of Mines land bonds. Due from 1931 to 1959, incl.
to 1938, incl.
159,700 road improvement bonds, assessment portion. Due Oct. 1, as 200,000 funding bonds. Due from 1930 to 1959, incl.
20,000 city hall remodeling bonds. Due 91,000 from 1931 to 1950, incl.
follows: 917,700, 1929;$17,000, 1930 and 1931; and $18,000, 1932
17.000 airport bonds. Due $1,000 from 1931 to 1947, incl.
to 1937, incl.
.10,000 street drainage bonds. Due $1,000 from 1931 to 1940, incl.
164,700 road improvement bonds,county portion. Due Oct. 1, as follows:
$16.700, 1929; $16,000. 1930 to 1934, incl.; and $17.000, 1935 - 8.000 sewer extension and improvement bonds. Due 91,000 from 1931
to 1938. Ind.
to 1938, incl.
5,000 street and alley improvement and grading bonds. Due $1,000
I- 7,200 road improvement bonds,county portion. Due Oct. 1, as follows:
2
from 1931 to 1935, incl.
$13,200, 1929; $12,000. 1930 to 1932, incl.; and $13,000, 1933
7,000 street paving bonds. Due 91,000 from 1931 to 1937, incl.
to 1938. incl.
13,000 funding bonds. Due from 1930 to 1936, Incl.
68;600 road improvement bonds. assessment bonds. Due Oct. 1, as
12.000 funding bonds. Due from 1930 to 1938, incl.
follows:96.600, 1929;$6,000, 1930; and $7,000, 1931 to 1938, incl.
6,000 funding bonds. Due $1,000 from 1930 to 1935, incl.
41,100 road improvement bonds, assessment portion. Due Oct. 1, as
4.000 funding bonds. Due $1,000 from 1930 to 1933, incl.
follows: $5,100,-1929; and $4,000, 1930 to 1938, incl.
41,100 road improvement bonds,county portion. Due Oct. 1,as follows: at Denom. 91,000. Dated June 1 1929. Prin. and int. (J. & D.) payable
the U. S. Mortgage & Trust Co. in New York Oity, or at the office of
$5,100, 1929; and $4.000, 1930 to 1938, incl.
the City Treasurer. Thomson, Wood & Hoffman. of New York, will
All of the above bonds are dated July 11929. The county portion issues fhrnish
tue hid.the legal approval. A $10,000 certified check must accompany
aggregate $1,849,300; the assessment bonds total 31,582,100. Principal
and Interest (A. &O. 1) payable at the office of the County Treasurer.
The successful syndicate Is reoffering the bonds for public investment at
ERIE COUNTY (P. 0. Erie), Pa.
-BOND OFFERING.
-Harvey M.
prices to yield 475 to 5.75%, according to maturity. The following bids
County Comptroller, will receive sealed bids until 10 a. m.(Eastern
were also received:
standard time) on July 29, for the purchase of 3150,00044% coupon road
BidderPremium. Improvement bonds. Dated Aug. 11929. Denom. 31,000. Due $50,000
Guardian Trust Co. et al. (for 547 bonds)
$5.151.00 on Aug. 1 from 1937 to 1939, inclusive. Prin. and semi-annual int. payHayden, Miller & Co. et al. ($1,849,300 at 5% and 91,582.100
able in gold in Erie. A certified check for 1% of the bonds bid for, payable
at 5%)
721.00 to the above-mentioned official, must accompany each proposal.
Tillotson & Wolcott Co. et al.(5H % bonds)
22.612.93
ESCAMBIA COUNTY SPECIAL TAX SCHOOL DISTRICT (P. 0.
Financial Statement (as Officially Reported June 1 1929)
Pensacola), Fla.
-BOND OFFERING.
-Sealed bids will be received by
Estimated true value of all taxable property
34.000,000,000 William Tyler, Superintendent of the Board of Public Instruction, until
Assessed value of taxable property
2,916,604,060 July 28, for the purchase of a $30.000 issue of6% semi-annual school bonds.
Total bonded debt, including this issue
47,669,285
(A similar issue of bonds was offered without success on Juno 18Sinking fund
722,346 V. 128. p. 4357.)
ESTHERVILLE SCHOOL DISTRICT (P. 0. Estherville), Emmet
Net bonded debt
$46,946,940
-BOND SALE.
• Population, 1910 Census, 637,425; 1920 Census, 943,495; present esti- County, lows.
-The $160,000 issue of 4Y% semi-annual
school bonds offered for sale on July 8-V. 128, p. 4191-was jointly
mate, 1,300,000.
The above statement does not Include obligations of other municipal awarded to the Ballard-Hassett
and the Carleton D. Bch Co.. both
of Davenport, for a premium ofCo.. equal to 100.617, a basis of about
corporations which have taxing power against property within the county.
$980.
4.68%. Dated June 11929. Due from 1933 to 1949.
DANBURY SCHOOL DISTRICT (P. 0. Danbury), Woodbury
The other bidders and their bids (all for 4Hs) were as follows:
County, lowa.-BOND SALE.
-A 975,000 Issue of school bonds has been
dderBim.
purchased by the Carleton D. Bob Co. of Des Moines.
itt
9
Prems
Coo. M. Bechtel & Co
75
DELAWARE, COUNTY CONSOLIDATED SCHOOL DISTRICT
& Duncan
926
(P. 0. Jay), Okla.
-BOND SALE.
-A 36,000 Issue of coupon school White-Phillips Co
810
building bonds was awarded on July 1 to the County Treasurer. as 58, at
FAIRVIEW, Cuyahoga County, Ohlo.-BOND OFFERING.
par. Dated July 1 1929. Due from 1932 to 1940. Int, payable on Jan.
-J. W.
Smith, Village Clerk, will receive sealed bids until 12 m.(Eastern standard
and July 1.
time) on July 15, for the purchase of the following issues of 6% bonds.
DENVILLE TOWNSHIP (P. 0. Denville), Morris County, N. J.
- totaling $7.950:
BOND SALE.
-The $100.000 57., water bonds offered on June 19 (V. 128. e6,800 special assessment St. impt. bonds.
Due on Oct. 1. as follows:
p. 4190) were awarded to C. A. Preim & Co., New York. The bonds are
$3,000, 1930. and 33,800, 1931.
due on July 1 1933. The purchasers are re-offering them for public invest1.150 special assessment at. impt. bonds. Due $230 on Oct. 1,from 1930
ment priced to yield 5.375%. The offering notice says; "These bonds are
to 1934. inclusive.
legal investment for savings banks and trust funds in the State of New
Both issues are dated July 1
Jersey and are issued to temporarily finance the construction of water supply (April and Oct. 1) payable at 1929. Principal and semi-annual interest
the First National Bank. Rocky River.
facilities in the Township of Denville."
A certified check for 5% of the bonds bid for, payable to the Village Treasurer, must accompany each proposal.
DOVER. Tuscarawas County, Ohio.
-BOND OFFERING.
-0. L.
Youngen, City Auditor, will receive sealed bids until 12 m. on July 30.
FAYETTE COUNTY (P.
-BOND SALE.
for the purchase of $8,800 5H% storm sewer construction bonds. Dated The 3150,000 issue of coupon 0. West Union), Iowa.
primary road bonds offered for sale on June
July 11929. Denom. 9500, one bond for $300. Due,as follows: $300 on 13-C. 128. p. 3719
-was awarded to
Beh Co. of Des
April 1 and $500 on Oct. 11930; and 3500. April and Oct. 15 1931 to 1938 Moines. as 56. for a premium of $616, the Carleton D. a basis of about
equal to
inclusive. A certified check for 5% of the bon& bid for, payable to the 4.93%. Dated July 11929. Due $15,000 from 100.41,
May 1 1935 to 1944. inel•
City Treasurer, must accompany each proposal.
Optional after May 1 1935.




JULY 13 1929.]

FINANCIAL CHRONICLE

FERNDALE SCHOOL DISTRICT (P. 0. Detroit) Wayne County,
Mich.
-BOND SALE.
-The $300,000 57 school bonds offered on July 90
V. 129, P. 160
-were awarded to the 'Detroit & Security Trust Co. of
Detroit, at par, plus a premium of 16.00, equal to 100.002, a basis of
about 4.99%. The bonds are to mature serially in 20 years.
FLINT, Genesee County, Mich.
-BOND SALE.
-The $27,599.49
special assessment. series C, water main bonds offered on Feb. 25-V. 128.
p. 1264
-were awarded to the Sinking Fund,at par. Interest rate not given.
The bonds are dated Feb. 11929. Due on Feb. 15 as follows: 33,599.49.
1930. and $3,000, 1931 to 1938. incl.
FLINT SCHOOL DISTRICT, Genesee County, Mich.
-BOND
OFFERING-H. L. Mills, Business Manager, will receive sealed bids until
11:30 A. M.(Eastern Standard Time) on July 16, for the purchase of $265,000 4 % school construction bonds. series B of 1929. The bonds are dated
March 1 1929, are in $1.000 denom. and mature on March I. as follows:
$14,000, 1930 to 1934 incl.: and 113.000. 1935 to 1949 incl. Principal and
semi-annual interest (March and September 1) payable at the office of the
School District Treasurer. A certified check for /5,000. payable to the
School District, must accompany each proposal. Legality is to be approved
by Chapman & Cutler. of Chicago. Assessed valuation. $192,015,900;
bonded debt incl. this issue $9,895,000: 1928 school tax $16.18. Population,
official State census, May, 1927, 137,564.
FORDSON, Wayne County, Mich.
-BOND ELECTION.
-At an
election to be held on July 15, the voters will be asked to approve'the issuance of 11,750,000 for school construction purposes.
FOREST CITY, Winnebago County, Iowa.
-BOND SALE.
-The
$6.000 issue of coupon play ground and recreation center bonds offered for
sale on July 1-V. 128, p. 4358
-was awarded to the City Water Department, as 4%8, at par. Denom. $500. Dated July 1 1929. Due serially
In 10 years. Int. payable on Jan. and July 1.
FRANKLIN (P. 0. Johnstown), Cambria County, Pa.
-BOND
SALE.
-The 175,000 5% municipal building bonds offered on July 3-V.
128, p. 4358
-were awarded to E. H. Rollins & Sons, of Philadelphia. at
par, plus a premium of $7.50. equal to 100.01, a basis of about
The bonds are dated May 1 1929. Coupon $1.000 denomination. 4.99% •
Due on
May 1 as follows: $20,000. 1931: $10,000, 1932 to 1935, incl.. and $15,000,1936. The purchasers are reoffering the obligations priced to yield 4.40%.
Principal and semi-annual interest(May and Nov. 1) payable at the United
States Savings & Trust Co. Conemaugh.
Financial Statement.
Assessed valuation (1929)
113,427,450
Real valuation
26,854.900
Bonded debt (incl. this Issue)
$364.672
Sinking fund
101,942
Net debt
1262,730
Population, 4,000.
FRANKLIN, Merrimack County, N. H.
-BOND OFFERING.
William A. Dussault, City Treasurer, will receive sealed bids until p. m•
(standard time) on July 17 for the purchase of $40,000 4%, 2
7,, coupon
road impt. bonds. Dated July 1 1929. Denom. 11,000. Due $2,000
on July 1 1930 to 1949 incl. Prin. and semi-ann. in (J. & J.) payable
at the First National Bank of Boston, in Boston, or, at the holder's option,
at the office of the City Treasurer. The aforementioned bank will supervise the preparation of the bonds: their legality is to be approved by Ropes,
Gray, Boyden & Perkins of Boston, whose opinion will be furnished the
successful bidder.
Financial Statement June 1 1929.
Assessed valuation for year 1929
Bonded debt: Water bonds, $42,000; other bonds, $222,176--- -$7,486,276
264,176
FRANKLIN COUNTY (P. 0. Columbus), Ohio.
-BOND SALE.
The following issues of bonds aggregating $249.494 offered on
July 10-V.
128. p. 4357
-were awarded to Stranahan, Harris & Oatis, Inc., of Toledo,
as 5Xs, at par, plus a premium of $1,497 equal to 100.60, a basis of about
$66.650 road improvement bonds. Due as follows:$3,650, April and $4,000.
October 11930: $3,000, April and $4,000. October 1 1931
incl.: and $3,000, April and October 1 1936 to 1939, incl. to 1935,
50,722 road Improvement bonds. Due as follows:$2,722. April and
13.000,
October 11930; $2,000, April and $3,000, October I 1931 to 1939,
incl.
48,961 road improvement bonds. Due April and Oct. 1 1930 to
1939, incl.
26,933 road improvement bonds. Due as follows: $933, April and 11,000.
October 1 1930; $1,000. April and October 1 1931 and 1932;
11,000, April and $2,000, October 1, from 1933 to 1939, incl. and
25,200 road improvement bonds. Due as follows: 11.200.-April and $2,000.
October 11930; $1,000, AprIl and 12,000, October 1 1931
incl.; and $1,000, April and October 1 1935 to 1939. incl. to 1934,
12,600 road extension bonds. Due as folios: $100, April and
$1,000
October 1 1930: $500, April and 11.000, Oct. 1 1931 to 1935, incl.
and 1500, April and October 1 1936 to 1939, Incl.
9,810 road improvement bonds. Due on October 1, as follows:
1810,
1930; and 11,000, 1931 to 1939, incl.
8,618 road improvement bonds. Due October 1, as follows: 1618,
1930;
/500, 1931 and 1932; and $1,000, 1933 to 1939, incl.
All of the above bonds are dated August 11929.
The following bids were also Submitted. Tenders were for 5g%
bonds.
Bidder
Premium.
Braun, Bosworth & Co., Toledo
$803.00
Detroit & Security Trust Co., Detroit
1 073.00
Otis & Co., Cleveland
823.33
•
First-Citizens Corp., Columbus
798.40
FRANKLIN COUNTY (P. 0. Louisburg), N. C.
-NOTE OFFERING.
-Sealed bids will be received until noon on July 22, by C. L.
McGhee,
Chairman of the Board of County Commissioners, for the purchase of an
issue of 1130,000 6% tax anticipation notes.
Denom. /10,000. Dated
July 15 1929. Due on March 14 1930. Prin. and int. is
National Park Bank In New York. Authority: Chap. 81, payable at the
Public Laws of
No. Caro., Sees. 1927. A certified check
to the above Chairman, must accompany for 2% par of the notes, payable
the bid.
GLADSTONE, Clackamas County, Ore.
The 129,101.19 issue of Impt. bonds offered on -BONDS NOT SOLD.
July 9-V. 128. p. 4358
was not sold, as there were no bids received
BONDS REOFFERED.
-Sealed bids will again be
Fischer, City Recorder, for the purchase of the abovereceived by Paul C.
bonds,
on Aug. 6. Dated Jan. 15 1929. Denom. $500, one bond until 8 p. tn.
for $1()1.19.
The purchaser will be furnished with the approving opinion of
Teal,
Winfree, McCulloch & Shuler of Portland. A certified check
for 5%
of the bid is required.
GRANITE FALLS, Yellow Medicine County, Minn.
ING-Sealed bids will be received by L. M. Marcuson,-BOND OFFERCity Clerk, until
2 p. rn. on July 19, for the purchase of a 190,000 Issue of coupon
electric
light and water works bonds. Int. rate is not to exceed 5%. Denom.$1,000.
Dated Aug. 11929. Due on Aug. 1, as follows: $2,000. 1931: 13,000,
$4,000, 1933; 15,000. 1934: 16,000, 1935: $7,000. 1936: 88,000, 1932;
1937;
19.000. 1938 to 1942; $10,000110 1943.
0
GRANT COUNTY (P. 0. Silver City), N. M.
-BOND OFFERING.Sealed bids will be received by Hesse Mersfelder, County Clerk. until 10
a. m. on Aug. 12, for the purchase of a 1200,000 issue of court house and
jail bonds. Int rate is not to exceed 6%. Denom. $1.000. Dated July 1
1929. Due $25,000 from July 1 1932 to 1939. incl. Prin. and semi-annual
int. payable at the office of the County Treasurer or at the Hanover National Bank in Now York City. A certified check for 5%, payable to the
County Treasurer, is required.
GRANT COUNTY SCHOOL DISTRICT NO. 8 (P. 0. Silver City),
-The $10.000 Issue of coupon school bonds offered
-BOND SALE.
N. Max.
-was awarded to the State of New
for sale on June 29-V. 128, p. 3877
Mexico, as 6s, at par. Dated June 11929. Due 11,000 from June 1 1932
to 1941.
GRANT COUNTY CONSOLIDATED SCHOOL DISTRICT NO. 160
-BOND OFFERING.
(P.O. Ephrata), Wash.
-Sealed bids will be received
until 2 p. m. on July 13, by J. H. Hill, County Treasurer, for the purchase
$10.11110 Issue of semi-annual school bonds. Int. rate Is not to exceed
of a
6%. Due 11,000 from July 1 1931 to 1940. Incl. Optional after 5 years.
GREENBURGH (P. 0. Tarrytown) Westchester County N. Y.-Norman C. Templeton, Town Clerk, will receive
BOND OFFERING.
sealed bide until 3 D. in. (Daylight Saving time) on July 25.for the purchase
121,000 coupon or registered paving bonds. Rate of interest is not to
of




317

exceed 6% and is to be stated in multiples of 1-10th or X of 1%. The bonds
are dated July 15 1929. Denom. $1,000. Due on July 15, as follows:
$2,000, 1930 to 1938 incl. and 13,000. 1939. Principal and semi-annual
interest payable in gold at the Washington Irving Trust Co., Tarrytown.
.
A certified check for $1,000, payable to the Town. must accompany each
proposal. Legality is to be approved by Clay. Dillon & Vandewater, of
New York.
GRIFFIN, Spalding County, Ga.-BONDS VOTED.
-At a special
election held recently the voters approved the issuance of $100,000 in
bonds for a new school building by a count of 719 for to 43 against.
-BOND OFFERGROSSE POINTE FARMS, Wayne County, Mich.
ING.
-John R. Kerby, Village Clerk, will receive sealed bids until 8 p. m..
on July 15. for the purchase of $312,000 bonds. These bonds are part of
a $612,000 issue authorized at an election held on March 11 1929. The
bonds are to be dated June 15 1929. Bidder to name rate of interest
which is not to exceed 5%. Denom. 11.000. Due on June 15, as follows:
17.000, 1931 to 1940 inclusive; 112.000. 1941 to 1950 inclusive; $14,000.
1951 to 1958 inclusive, and 110.000. 1959. Principal and semi-annual
interest (June and Dec. 15) payable at the Detroit & Security Trust Co.,
Detroit. A certified check for 51.000 must accompany each proposal.
-BOND SALE.
-The 124,HAMTRAMCK, Wayne County, Mich.
-were awarded
681.81 public sewer bonds offered on July 2-V. 128, p.4358
to the Detroit & Security Trust Co., of Detroit, at par, plus a premium
of $7.60. Interest rate 531%. The issue is to mature serially in from 1
to 5 years. The Bancdetroit Corp. of Detroit, bid par and a premium of
$20 for 6% bonds.
-BOND OFFERING.
HANCOCK COUNTY (P. 0. Findlay), Ohio.
G. R. Morehart, County Auditor, will receive sealed bids until 12 m.
(eastern standard time) on July 22, for the purchase of 16,300 5)47 road
bonds. Dated May 1 1929. Due on Nov. 1, as follows: $700. 1930: and
$800, 1931 to 1937, incl. Prin. and int.(M. & N. 1) payable at the office
of the County Treasurer. A certified check for $250 must accompany
each proposal.
Bids for these bonds may be presented based upon their bearing a different
rate of interest than above specified, provided, however, that where a frac0
tional interest rate is bid such fraction shall be k of 17 or multiple thereof.
The proceedings for the above mentioned bonds have been approved
by Squire, Sanders & Dempsey, attorneys. Cleveland, Ohio, and their
opinion will be furnished without expense to the purchaser.
-BOND OFFERHARTFORD,Second North School District, Conn.
ING-Sealed bids will be received by the District Committee at the
the City Bank & Trust Co., Hartford, until 12 m.(standard time
office of
% coupon school bonds. The
on July 19,for the purchase of 1300,000
bonds are in denoms. of $1,000. registerable as to principal only. Due
110,000 on July 1,from 1931 to 1960,inclusive. Principal and semi-annual
interest (Jan. and July 1) payable at the City Bank & Trust Co., Hartford.
A certified check for 2% of the bonds bid for, payable to the District
Treasurer, must accompany each proposal. Legality is to be approved
by Storey, Thorndike, Palmer & Dodge, of Boston.
HEMPSTEAD COMMON SCHOOL DISTRICT NO. 3(P. 0. East
-BOND SALE.
Meadow R.F.D. No. 1), Nassau County, N. Y.
The $36,000 coupon or registered bonds offered on July 9-V. 129. p. 160
Seymour & Co. of New York. as 534s, at 100.36,
were awarded to Edmund
a basis of about 5.46%. The bonds are dated July 2 1929 and mature
annually on July 2 as follows $1,000, 1930 to 1941 Incl., and $2,000, 1942
to 1953 incl. Other bidders were:
Premium
Bidder$67.32
•
Roosevelt &Son
115.00
Prudden & Co
-BOND OFFERING-Sealed
HIBBING, St. Louis County, Minn.
IDA!' 2 p. m. on July 15 by Hubert F. Dear, Village
bids will be received
Recorder, for the purchase of a 12,737.000 issue of coupon funding bonds.
Int. rate is not to exceed 6%. Denom. 11,000. Dated July 15 1929.
Due on July 15 as follows: $150.000. 1932 and 1933; 1200.000, 1934:
1362,000, 1935; $375,000, 1936 to 1940 incl. Prin. and int. (J. & J. 15)
payable at the office of the Village Treasurer. Bidders are requested
to bid on a 5% int, rate as well as any other rate. No bids are to be for
less than par. No split rate bids will be considered. The village will
furnish the bonds. A copy of the proceedings may be obtained from
John T. Naughtin. attorney of Hibbing. A $50,000 certified cheek,
payable to Edw. B. Higgins, Village Treasurer, must accompany the bid.
Official Financial Statement.
Warrants outstanding as of Jan. 1 1929 with interest on
$2,737.000.00
same to July 15 1929
Warrants Issued since Jan. 1 1929 to July 1 1929 (which
includes sums paid on bonds and interest during such period
1,218,894.15
in the sum of 3286,250)
722,190.53
Cash on hand July 1 1929
of Hibbing as of
The outstanding bonded indebtedness of the Village
July 1 1929 is as follows:
Funding bonds of the Village of Hibbing, issued in the sum of
12.000,000, issued in 1922, bearing 6% interest, balance
$750.000
owing on same
Memorial Building bonds in the sum of 1400,000, issued in 1924,
. 250,000
bearing ,5% interest, balance owing on same
Water bonds issued by the former Village of Kitzville, now a
part of the Village of Hibbing, bearing 5% interest, balance
4,000
owing on same
Water bonds of the former Village of Kitzville. now a part of
the Village of Hibbing, bearing 4% interest, balance owing
800
on same
11 0.980:
4 0
Assessed valuation 1928: Real. 175.652.181: personal. 11.31 96
total. $77,003,177; 1927, real. 178.108,291: personal, $1,672,953; total.
$79,781,244. Census of the Village of Hibbing is as follows: Village of
Hibbing proper. 16.632: Village of Kitzville. which dissolved its incorporation Dec. 11 1923 and merged into the Village of Hibbing, 480; total.
17.112.
-FINANCIAL STATEHIGHLAND PARK,Middlesex County, N.J.
-In connection with the scheduled sale on July 15 of $32,000 5%
MENT.
water bonds, notice and description of which was given in V. 129, p. 161,
the following statistics have been prepared:
$8,967,150.00
Assessed valuation real property, 1929
77,450.00
Assessed valuation personal property, 1929
9,623.772.00
Net assessed valuation, taxable property, 1929
419,059.19
debt, including this issue
Bonded
Estimated present population, 8,500.
HILLSDALE COUNTY (P. 0. Hillsdale), Mich.
-BOND OFFERING.
-Lewis A. Rainey. Chairman of the Board of County Road Commissioners, will receive sealed bids until 1 p. m.(Central standard time) on July 12
for the purchase of $80,000 Road Assessment District No.22 bonds. Bidders to name interest rate, which is not to exceed 6%. The bonds are to
be dated July 1 1929. Due on May 1 as follows: $18,000. 1931 and 1932:
$20.000, 1933. and $24.000. 1934. A certified check for 2% of the bonds
bid for, payable to the order of the above-mentioned official, must accompany each proposal.
HOLLY GROVE, Monroe County, Ark.
-Two
-BOND OFFERING.
issues of 5%% Reml-annual bonds aggregatin%$64.400, will be offered for
sale at public auction, on July 22, at 8 p. m.. y Rue Abramson. Secretary
of the Board of Commissioners. The issues are divided as follows:
$43,400 Water Works Improvement District No. 1 bonds. Due from
Mar. 1 193() to 1949, incl.
21,000 Sewer Improvement District No. 1 bonds. Due from Mar. 1 1930
to 1949. inel.
.
Dated July 1 1929. The purchaser may name trustee and place of
Payment and may have the privilege of converting to 5%,at a price equivalent to the bids for 5)4% bonds. Rose, Hemingway, Cantrell & Loughborough, of Little Rock, will furnish the legal approval. A $2,000 certified
check on each issue, payable to the above named official, must accompany the bid.
HOWARD COUNTY (P. 0. Cresco), lowa.-BOND OFFERING.
Bids will be received by the County Treasurer, until July
chase of an issue of $145,000 annual primary road bonds. 19, for the purInt. rate is not
to exceed 57. Dated Aug. 1 1929. Due on May 1, as follows: $14.000,
1935 to 1943 and $19,000 in 1944. Optional after May 1 1935. Blank
bonds are to be furnished by the purchaser. Chapman & Cutler. of
Chicago
will furnish the legal approval.
HUNTINGTON (P. 0: Huntington), Suffolk County, N. Y.
BOND SALE.
-The $33,000 coupon or registered water bonds offered on

318

FINANCIAL CHRONICLE

July 5-V. 128, p. 4358
-were awarded to the Manufacturers & Traders
Peoples Trust Co., of Buffalo, as 54s, at 100.359, a basis of about 5.21%.
The bonds are dated July 1 1929. Due annually on July 1. as follows:
$2,000. 1934 to 1948 incl.; and $3,000, 1949. The following bids were also
submitted:
BidderRate Bid.
Int. Rate.
Farson, Son & Co
100.616
54 V
Edmund Seymour & Co
100.229
54;
9
Roosevelt tic Son
100.159
54
HUNTINGTON COUNTY (P. 0. Huntington), Ind.
-BOND SALE.
-The 828,000 5% bridge construction bonds offered on July 5-V. 128,
P. 4192
-were awarded to the Fletcher American Co. of Indianapolis,
at par, plus a premium of $373.00 equal to 101.33. The bonds are dated
July 1 1929. Due semi-annually in from 1 to 10 years. The Meyer-Kiser
Bank, of Indianapolis, offered par, plus a premium of $350.00.
JASPER COUNTY (P. 0. Newton), lowa.-BOND OFFERING.
Bids will be received until 2 p. m. on July 19, by H. H.Morrison, County
Treasurer, for the purchase of an issue of 8100,000 county road bonds.
Denom. $1,000. Dated Aug.1 1929. Due $10,000 from 1934 to 1943,incl.
Int. payable on May & Nov. 1. Both sealed and open bids will be received.
Purchaser to furnish blank bonds. Chapman & Cutler of Chicago will furnish the approving opinion to the purchaser. A certified check for 3%.
payable to the County Treasurer, is required.
JAY COUNTY (P. 0. Portland) Ind.
-BOND OFFERING.
-W. P.
Strobl, County Treasurer, will receive sealed bids until 10 a.m. on July 15,
for the purchase of $10,400 road improvement bonds. Rate of interest
44%. The bonds are dated July 15 1929. Denom. $520 Due as follows:
8520, July 15 1930; $520, Jan. and July 15 1931 to 1939 incl., and $520,
Jan. 15 1940. A certified check for 3% of the bonds bid for is required.
JONES COUNTY (P.O. Laurel), Miss.
-BOND SALE.
-The 8100,000
issue of 54% semi-annual highway bonds offered for sale on July 3V. 128, p. 4193
-was jointly awarded to the Commercial National Bank
& Trust Co. of Laurel, and the Whitney-Central Bank & Trust Co. of
New Orleans, for a premium of $925, equal to 100.925.
JONES COUNTY (P. 0. Trenton), N. C.
-BOND OFFERING.Sealed bids will be received by Geo. G. Noble, Clerk of the Board of County
Commissioners, until 2 p. m. on July 18 for the purchase of a $25,000 issue
of 53 % funding bonds. Dated June 1 1929. Due $5,000 from 1949 to
1953 incl. Prin. and in payable in gold at the Central Hanover Bank &
Trust Co. of N. Y. City. A certified check for 2% par of the bid is required.
JONESBORO, Washington County, Tenn.
-At
-BONDS VOTED.
a special election held on July 5 the voters sanctioned the issuance of $170,000 in bonds for a municipal water plant by a count of 210 "for" to 113
"against."
JUNCTION, Kimble County, Tex.
-Sealed bids
-BOND OFFERING.
will be received until 2.30 p. m. on July 16, by T. B. Phillips, Mayor, for
the purchase of a $45,000 issue of serial sewer bonds. City will furnish
the printed bonds. Chapman & Cutler of Chicago, will furnish the legal
approval. A certified check for $1,500 must accompany the bid.
KALAMAZOO TOWNSHIP SCHOOL DISTRICT NO. 2 (P. 0.
Kalamazoo R. F. D. No. 7), Mich.
-BOND OFFERING.
-Sealed bids will
be received by N. P. Poulsen, Secretary of the Board of Education. until
2:30 p. m.on July 13 for the purchase of$65,000 5% school bonds. Coupon
bonds in $1.000 denom.. payable on June 1 as follows: $4,000, 1930 to 1939,
incl.; and $5,000. 1940 to 1944, incl. Interest payable semi-annually.
A certified check for 2%, of the par value of the bonds bid for is required.
KANABEC COUNTY (P. 0. Mora), Minn.
-BOND OFFERING.
Sealed bids will be received until 2 p. m. on July 19, by G. G. Billstrom,
County Auditor, for the purchase of a 375.000 issue of semi-annual funding bonds. Interest rate is not to exceed 5%. Due on July 1 as follows:
$3,000. 1932 to 1942 and 86.000. 1943 to 1949, all inclusive. Junell,
Dorsey. Oakley & Driscoll, of Minneapolis, will furnish the legal approval.
KEARNY(P.O. Arlington), Hudson County, N. J.
-BOND SALE.
The two issues of coupon or registered bonds offered on July 10-V. 128.
-were awarded to the Bankers Company of New York, Harris,
p. 4359
Forbes & Co. and the National City Co., all of New York, as 5s, as follows:
$1.254.000 water bonds ($1,269,000 offered) sold at par, plus a premium of
$15,348.96 equal to 101.22, a basis of about 4.91%. The bonds
mature on June 15, as follows: $25,000, 1931 to 1936 incl.:
$35,000, 1937 to 1967 incl.; and 819,000, 1968.
545,000 Improvement bonds (8548,11•111 offered) sold at par, plus a premium of $3,564.34 equal to 100.65, a basis of about 4.93%.
The bends mature on June 15. as follows: $20,000, 1931 to 1945
inclusive; $25,000, 1946 to 1954 incl.; and $20,000, 1955.
Both issues are dated June 15 1929. The successful syndicate Is reoffering
the bonds for public investment at prices to yield 5.50 to 4.75%, according
to maturity. The following bids were also received:
BidderBonds Bid For. Price Bid.
Kearny National Bank
$1,255,000 $1,269,408.76
Lehman Bros.
546,000
548,332.25
Lehman Bros., Kountze Bros., Stone & Webster
and Blodget, Inc.. Kean, Taylor & Co.,II. L. 1,263,000 1,269,439.20
Allen & Co., all of New York, also J. S. Rippe]
546,000
548,809.60
& Co., Newark
Financial Statement June 1 1929.
(Compiled in accordance with New Jersey Statutes)
Bonded indebtedness:
Assessment bonds, serial
$344,000.00
Fire Department bonds, term
15,000.00
Water bonds, term
35,000.00
Water bonds, serial
607,000.00
School bonds, term
586,500.00
School bonds,serial
1,524.000.00
Town Hall bonds,term
97,000.00
Park bonds,term
25,000.00
Passaic Valley sewer bonds, term
208.000.00
Passaic Valley sewer bonds,serial
209,000.00
649,000.00
General improvement bonds, serial
664,000.00
Street and sewer bonds, serial

[VOL. 129.

fered for sale on July 8-V. 128, p. 4359
-was awarded to Geo. M. Bechtel
& Co. of Davenport, for a premium of $13.75, equal to 100.275, a basis
of about 4.97%. Dated June 1 1929. Due $500 from June 1 1938 to
1947, inclusive. The only other bid was a premium offer of $7 by the
White-Phillips Co., of Davenport.
KINGSFORD, Dickinson County, Mich.
-BOND OFFERING.
0. Walter Seiler, Village Clerk, will receive sealed bids until 6:30 p. m.
on July 16 for the purchase of the following 6% sewer bonds, aggregating
$25,000:
$15,000 peoples obligation bonds. Due 83,000 on Aug. 1 from 1930 to
1934 inclusive.
10,000 village obligation bonds. Due $2,000 on Aug. 1 from 1930 to
1934 inclusive.
Both issues are dated Aug. 1 1929. Denom. $1,000. Int. payable on
Feb. 1 and Aug. 1. A certified check for $1.000 is required. Legality
Is to be approved by Miller, Canfield. Paddock & Stone of Detroit; the
approving opinion and the printing of the bonds will be paid for by the
village. Assessed valuation of the village reported as $7,728,935; total
indebtedness, including present bonds, $499,750. Population estimated
at 6,000.
KLAMATH FALLS, Klamath County, Ore.
-BONDS NOT SOLD.
The $150,000 issue of not to exceed 5% semi-annual sewer bonds offered
on July 1-V. 128, D. 4193
-was not sold as there were no bids received.
Dated July 1 1929. Due from July 1 1939 to 1950.
LA FERIA WATER CONTROL AND IMPROVEMENT DISTRICT
NO. 3 (P. 0. La Feria), Cameron County, Tex.
-BOND OFFERING.Sealed bids will be received by Moore Matthews, Secretary of the Board
of Directors, until 10 a. m. on July 25,for the purchase of a 8500,000 issue
of 6% water bonds. Denom. $1,000. Dated March 1 1929. Due from
Marcia 1 1933 to 1959. Principal and interest (M. & S.) payable at the
New York Trust Co. in New York City. Chapman & Cutler of Chicago
will furnish the legal approval. These bonds are a part of an authorized
Issue of $1,600,000. The required bidding forms will be furnished. A
$5,000 certified check must accompany the bid.
LANE COUNTY SCHOOL DISTRICT NO.45(P.O. Cottage Grove),
-BONDS OFFERED.
Ore.
-Sealed bids were received until 8 p. m. on
July 11, by Worth Harvey, District Clerk, for the purchase of a 310,000
Issue of 6% school bonds. Denom. $500. Dated Aug. 1 1929. Due $500
from Aug. 1 1930 to 1949,incl. Optional after Aug. 1 1930. Prin. and semiannual int. payable at the office of the County Treasurer. Teal. Winfree,
McCulloch & 'Muter, of Portland, will furnish the legal approval.
LARCHMONT, Westchester County, N. Y.
-BOND OFFERING.Eugene D. Wakeman, Village Clerk, will receive sealed bids until 8:30
p. m. (daylight saving time) on July 15, for the purchase of the following
issues of coupon or registered bonds aggregating 81,084,000. Rate of
Interest is not to exceed 5% and is to be stated in a multiple of 1-10th or

A60,(astree; paving bonds. Denom. $1,000. Due $33,000, Aug. I.
of
1930 to 1949, incl.
150,000 street construction, County No. 67-2 bonds. Denom. 111,000
and $500. Due 87,500. Aug. 1 1931 to 1950, incl.
60,000 water bonds. Denom. $1,000. Due $2,000, Aug. 1 1934 to 1963,
incl.
58,000 street impt. State Highway No. 5371 bonds. Due on Aug. 1.
as follows: $3,000, 1931 to 1949, incl.• and $1,000, 1950.
45,000 sewer bonds. Denom. $1,500. Due $1•,500, Aug. 1 1934 to 1963,
incl.
30,000 park improvement bonds. Denom. $1,000. Due 81.000, Aug.
1 1934 to 1963, incl.
29,000 sewer bonds. Denom. $1,000. Due $1,000. Aug. 1 1934 to
1962, incl.
16,000 sewer bonds. Denom. $1,000. Due $1.000. Aug. 1 1934 to 1949,
incl.
6,000 street improvement bonds, Manor Lane Ext. Denom. $1,000.
Due 81.000, Aug. 1 1930 to 1935. Incl.
5,000 Flint Park improvement bonds. Denom. $500. Due $500, Aug.
1 1931 to 1940. incl.
All of the above bonds are to be dated Aug. 1 1929. Prin. and int.
(F. & A. 1) payable at the First National Bank. New York. No
bid for less than par and accrued interest will be considered. A single rate of
interest to apply to the entire offering. A certified check for $5,000, payable
to the order of the Village must accompany each proposal. Legality is to be
approved by Clay, Dillon & Vandewater, of New York. whose opinion will
be furnished the successful bidder without charge.
-BOND OFFERING.
LAUDERDALE COUNTY (P. 0. Ripley), Tenn.
-Sealed bids will be received by I. M.'Steele, Clerk of the County Court,
for the purchase of an issue of $133,000 semi-ann.
until noon on July 26
refunding bonds. Int, rate is not to exceed 6%. Due on Aug. 1 as
follows: 810.000. 1930 to 1942, and $3,000 in 1943. A certified check
for 5% is required.
LAWTELL SCHOOL DISTRICT NO. 2 (P. 0. Opelousas), St.
-Sealed bids will be received
-BOND OFFERING.
Landry Parish, La.
until 10a. m. on Aug. 15, by W. B. Prescott, Superintendent of the Parish
School Board, for the purchase of a $70,000 issue of school bonds. Int.
rate is not to exceed 6%. Denom. $1,000. Dated July 1 1929. Due as
follows: 52.000. 1930 to 1934: $3,000, 1935 to 1940: 84,000. 1941 to 1943
and 55.000. 1944 to 1949, all incl. Prin. and annual int. payable at the
office of the Parish Treasurer. Purchaser to pay legal expenses if same
are required by him. A certified check for 24% must accompany the bid.
LEA COUNTY SCHOOL DISTRICT (P. 0. Lovington), N. M.
BOND SALE.
-The two issues of bonds aggregating $7,750 offered for
sale on June 25-V. 128. p. 3720
-were awarded to the Cicero Smith Co.
of Brownfield. The issues are divided as follows:
$5,000 School District No. 19 bonds. Due $1,000 from June 1 1932 to
1936 inclusive.
2,750 School District No. 29 bonds. Due from June 1 1932 to 1937.
No other bids were submitted.
LEOMINSTER, Worcester County, Mass.
-BOND OFFERING.Charles D. Hamden, City Treasurer, will receive sealed bids until 11 a. m.
on July 16, for the purchase of $35.000 5% coupon macadam construction
bonds. Dated July 11929. Denom. 81.000. Due $7,000 on July 1, from
1930 to 1934, Incl. Prin. and semi-annual int. (J. & J. 1) payable at the
First
The bonds
engraved
Total bonds outstanding$4,963,500.00 underNational Bank of Boston, in Boston. genuinenessare to beaforementhe supervision of and certified as to
by the
Temporary indebtedness:
• ••
tioned bank; their legality will be approved by Ropes, Gray, Boyden &
Assessment bonds and notes
• • $2,330,676.53 Perkins, of Boston, whose opinion will be furnished the successful bidder.
5,071,903.11
Water bonds
Financial
636,592.00 Net valuation for year 1928 Statement, June 26 1929.
General improvements
822,631.122.00
554,905.92
$8,039,108.64 Debt limit debt including
Total temporary notes and bonds issued
,
-Total gross
this
1,321,200.00
Total indebtedness
$13,002,608.64 Exempted debt:Water bonds issue
$371,000.00
Deducting from the foregoing sinking funds, water debt and other deduc
School bonds
390,000.00
Lions permitted by the statutes of New Jersey, the net debt as of June 1 1929
Sewer bonds
833,000.00
72,000.00
is $2,877,880.80, inclusive of the bonds to be issued.
Taxable assessed valuations:
Net debt
$488,200.00
1927
-Land and buildings
$57,390,480.00 Borrowing capacity June 1
1929
$66,705.92
1928
-Land and buildings
59,291.501 00
1929
-Land and buildings
LEVELLAND INDEPENDENT scHoec DISTRICT (P. 0. Level.
62,288,637.00
land), Hockley County, Tex.
-BOND SALE.
-The $50,000 issue of
Average for three years
$59,656,870.00 54% semi-annual school bonds offered for sale on July 1-V. 128, P.
Percentage of net debt to average assessed valuations
-was awarded to the First National Bank. of Levelland, at par.
4.82% 4360
Taxable assessed valuations:
Dated July 1 1929. Due serially in 40 years.
I927
-Land,buildings and personal property
$76.542,530.00
LEWISVILLE
1928
-Land,buildings and personal property
81.149,951.00 County, Ark. SCHOOL DISTRICT (P. 0. Lewisville), Lafayette
-BOND SALE.
-A $23,000 issue of 6% coupon school
-Land,buildings and personal property
1929
82 984.737.00
Tax rate year 1929, $36.65 per $1.000 valuation. Population, Census building bonds was jointly purchased on July 6 by the First National
Bank. and the Peoples Bank & Loan Co. of Lewisville, at a price of 101.25
1920. 26.724; estimated. 1929, 40.000.
a basis of about 5.79%. Denom. $1.000. Dated July 1 1929. Due as
KEMPVILLE MAGISTERIAL ROAD DISTRICT (P. 0. Princess follows: $1,000. 1930 to 1936,
and 52,000, 1937 to 1944. all inclusive.
Anne), Princess Anne County, Va.-BOND OFFERINO.-Sealed bids Interest payable on Jan. and
July 1.
will be received until noon on July 22. by J. F. Woodhouse, Clerk of the
LIBERTY, Sullivan County, N. Y.
Board of Supervisors, for the purchase of a $293.000 issue of road bonds.
-BOND OFFERING.
-M. A.
Alternate bids are requested on bonds bearing 54,54 and 6% int. rate. Borden, Village Treasurer, will receive sealed bids until 8 p. m. on July 22
Coupon bonds' registerabie as to principal only. Denom. $1,000. Dated for the purchase of the following issues of 44% bonds, aggregating $20,000:
Aug. 1 1929. Due on Aug. 1 as follows: $8,000. 1934; 810.000. 1935 to 814,000 Carrier St. paving bonds. Denom. 81,000. Due $1,000 on
Aug. 1 from 1930 to 1943 inclusive.
1949; $15.000. 1950 to 1954 and 820.000. 1955 to 1957. all incl. Prin. and
6,000 Revonah Lake pump bonds. Denom. $500. Due $500 on
int.(A. & J. 1) payable in gold at the County Treasurer's office or at some
Aug. 1 from 1930 to 1941 inclusive.
bank or trust company in Norfolk. Legal approval of Caldwell & RayBoth issues are dated Aug. 1 1929. Int. payable semi-annually. A
mond, of New York, will be furnished. A $3,000 certified check, payable
certified check for 5% of the bonds bid for is required.
to the Chairman of the above board, must accompany the bid.
LIBERTY UNION FREE SCHOOL DISTRICT NO.1(P.O. Liberty),
KIRON SCHOOL DISTRICT (P. 0. Kiron), Crawford County,
lowa.-BOND SALE.
-The 85,000 issue of 5% coupon school bonds of- Sullivan County, N. Y.
Sherwood. District
-BOND OFFERING




JULY 13 1929.]

FINANCIAL CHRONICLE

319

New York. Legality to be approved by Ropes. Gray, Boyden & Perkins
of Boston. The following bids were also submitted:
Discount Basis.
Bidder5.76%
Salomon Bros.& Hutzler
5.82%
S. N. Bond & Co.(plus $12)
-C. E.
-NO BIDS.
MARION COUNTY (P. 0. Indianapolis), Ind.
that no bids were received on July 1
Robinson, County Treasurer, reports
for the following 434% bonds aggregating $175,800 offered for sale.
V. 128. p. 4193.
$96,300 J. W. Ringer et al. road 'rapt. bonds. Denom.$963. Due $44.815.
May and Nov. 15 1930 to 1939, incl.
75,0001. A. Swails et al, road impt. bonds. Denom. $750. Due $3,750
June and Dec. 1 1930 to 1939, incl.
4,500 H. W.Claffey et al, road impt. bonds. Denom. $225. Due $225.
July 15 1930; $225, Jan. and July 15 1931 to 1939 incl.; and $225.
Jan. 15 1940.
All of the above bonds are dated June 1 1929. Prin. and semi-annual
int. payable at the office of the County Treasurer.
-The
MARSHALL COUNTY (P. 0. Plymouth), Ind.-- OND SALE.
51,889.566% citch improvement bonds offered on June 28(V. 128, p.4044)
were awarded to Rudolph V. Shakes, of Plymouth, the only bidder, at a
price of par. The bonds are dated June 1 1929 and mature annually on
June 1 from 1930 to 1939 inclusive.
-BOND OFFERING.
MARYLAND, State of (P. 0. Annapolis).
John M. Dennis. State Treasurer, will receive sealed bids until 12 m. on
following 434% certificates of indebtedness
July 30, for the purchase of the
aggregating $653,000:
Aug. 15
'
$5 1,000 General Construction Loan of 1929." Dated $31,000, 1929.
1932;
Denom. $1,000. Due on Aug. 15, as follows:
532.000, 1933; $34,000. 1934; $35,000. 1935: 337,000, 1936;
539.000, 1937; $40,000. 1938; $42,000, 1939; $44,000. 1940;
1942; $50,000. 1943; and
548,000,
546,000, 1941;
,
153,000. 1944. Int, payable on Feb. and Aug, 15.
72,000 'Englewood Road Loan of 1929.' Dated July 15 1929. Due on
July 15, as follows: 34.000, 1932 to 1934 inclusive; $5,000, 1935
to 1938 incl.; $6.000, 1939 and 1940;and $7.600, 1941 to 1944 incl.
Int. payable on Jan. and July 15.
50.000 "Charlotte Hall School Loan of 1929." Dated Aug. 11929. Due
on Aug. 1, as follows: 53.000. 1932 to 1936 incl.; $4.000. 1937 to
*Award.
1941 incl.; and $5,000. 1942 to 1944 incl. Int. payable on Feb.
and Aug. 1.
LOS ANGELES COUNTY SCHOOL DISTRICTS (P. 0. Los Ange-BOND OFFERING.-Sealeg bids will be received until 2 p. m.
The above certificates of indebtedness will be of the denom. of $1.000
les), Calif.
on July 15, by L. E. Lampton, County Ckrk,for the purchase of two issues each, subject to registration as to principal, and all will be issued with
interest coupons attached. A certified check for 5% of the amount of cerof 5% school bonds aggregating 565,000. as follows:
$60,000 Palos Verdes School District bonds. Dated July 11929. Due tificates bid for, payable to the order of the above-mentioned official, must
accompany each proposal.
$2,000 fro n July 1 1930 to 1959, incl.
On the opening of said proposals,as many of said Certificates of Indebted$5,000 Newhall School District bonds. Dated Apr.' 1 1929. Due
31.000 from Apr. 1 1945 to 1949, incl.
ness and accrued interest thereon as have been bid for, not exceeding,
Denom. $1,000. Prin. and semi-annual int. payable at the County however, the amount for which proposals are invited, may be awarded by
Treasury. No interest rate lower than 5% will be considered. A certified the Governor, the Comptroller of the Treasury and the Treasurer, or a
check for 3%, payable to the Chairman of the Board of Supervisors, is majority of them, to the highest responsible bidder or bidders therefor for
required. The following statements are furnished with the offering notices: cash; and if two or more responsible bidders have made the same bid and
Palos Verdes School District has been acting as a school district under such bid is the highest and the Certificates so bid for by such highest responthe laws of the State of California continuously since July 11925.
sible bidders are in excess of the whole amount of Certificates as offered for
The assessed valuation of the taxable property in said school district sale, then such Certificates of Indebtedness may be awarded in a ratable
for the year 1928 is $6.156,325.00, and the amount of bonds previously proportion to such responsible bidders bidding the same price.
It is one of the terms of this offering that the bo ds when issued will be
Issued and now outstanding is $100,000.60.
Palos Verdes School District includes an area of approximately 24.15 the legal and valid binding obligations of the State. The opinion of the
square miles, and the estimated population of said school district is 600. Attorney-General of Maryland to his effect will be delivered to the success,
Newhall School District has been acting as a school district under the ful bidder. Bidders may, if they wish, make the legality and validity of
laws of the State of California continuously since July 1, .900.
the bonds one of the terms of the bid by making the bid "subject to legality'
without leaving this question
The assessed valuation of the taxable property in said school district for or using any equivalent form of expression, but
the year 1928 is $1,546,595.00, and the amount of bonds previously issued to the decision of the bidders or their counsel. All bids conditioned upon the
and now outstanding is $32,000.00.
approval of bidders or counsel, whether named or unnamed, will be treated
Newhall School District includes an area of approximately 30.2 square as conditional bids and rejected, unless the condition is waived by the bidder
miles, and the estimated population of said school district is 1600.
to the satisfaction of the Board before the opening of the bid.
-Of the
LOS ANGELES COUNTY SCHOOL DISTFICT(P.O. Los Angeles),
MAXBASS, Bottineau County, N. Dak.-BOND SALE.
Calif.
-BOND SALE.
-The two issues of 5% coupon bonds, aggregating $2.500 issue of annual electric light system bonds offered for sale on May
$485.000, offered for sale on July 1 (V. 128, p. 4193) were awarded as fol- 29-V. 128, p. 3387-a block of $1,500 has been awarded to Mr. Birk, of
lows:
Maxbass, as 6s, at par.
$450,000 Compton Union High School District bonds to a syndicate headed
-BOND OFFERMAYFIELD HEIGHTS, Cuyahoga County, Ohio.
by the Anglo-London-Paris Co. of San Francisco for a premium
-Ina L. Granger, Village Clerk, will receive sealed bids until 4 p. m.
ING.
of$11 Al1,equal to 102.535,a basis of about 5.76%. Due $15,000
July 29, for the purchase of $6,000 6% street
(Eastern Standard time) on
from July 1 1930 to 1959, incl.
bonds, property owners' portion. Dated Aug. 11929. Denom.
35.000 Artesia School District bonds to the Bank of Italy of San Fran- improvement$1,000 on July 1. from 1931 to 1936 incl. Principal and semiDue
cisco for a premium of $607. equal to 101.734. a basis of about $1,000. interest (Feb. and Aug. 1) payable at the Guardian Trust Co..
annual
4.86%. Due $1,000 from July 1 1930 to 1964, incl.
Cleveland. A certified check for 2% of the bonds bid for, payable to the
The bidders and their bids were as follows:
Village Treasurer, must accompany each proposal. Bidders may, however.
Artesia School District.
a different rate of interest, but such fractional rate of interest,
make a
BiddersPremiums Bid. shall bebid for1%. or multiples thereof. If bids are received based upon a
$368.00 different% of of interest than specified in this advertisement, the highest
Anglo-London-Paris Co
rate
Wm. R. Staata Co
227.00
be accepted.
Wm. Cavalier & Co
366.00 bid based upon the lowest rate of interest will
.R. H. Moulton
-TEMPORARY LOAN
376.00
MELROSE, Middlesex County, Mass.
Bank of Italy (successful bid)
607.00 A $250,000 temporary loan was awarded on July 10 to Salomon Bros. &
Compton Union High School District.
Hutzler, of Boston, on a discount basis of 5.29%, plus a premium of $3.00.
R. H. Moulton & Co
$6,372.00 The loan is dated July 11 1929 and is due as follows: $100,000 on Dec. 27
11,411.00 1929 and 5150,000 on Jan. 15 1930. Legality to be approved by Ropes.
Anglo-London-Paris Co. (successful bid)
Dean Witter & Co
7,129.00 Gray, Boyden & Perkins, of Boston. The following bids were also subWm. Cavalier & Co
8,340.00 mitted:
Discount Basis.
BidderLOS ANGELES HEIGHTS INDEPENDENT SCHOOL DISTRICT
5.29%
Boston
(P. 0. San Antonio), Boxer County, Tex.
-The Merchants National Bank, Co
-BONDS NOT SOLD.
5.325%
& Trust
$250.000 issue of 5% semi-annual school bonds offered on July 2-V. 128, Bank of Commerce Bank
5.33
National Shawmut
p. 4193
-was not sold as all the bids were rejected. Dated July 1 1929.
5.24 0
Faxon. Gade & Co
Due from Apr. 1 1937 to 1969, incl.
5.365%
Old Colony Corp
5.37
LOUISIANA, State of (P. 0. Baton Rouge).
-TEMPORARY LOAN. F.S. Moseley & Co (plus $3.00)
-The State Auditor has recently negotiated a temporary loan with fiscal National Rockland Bank (plus 91.25)
5.43%
agency banks on projects that were approved by the Legislature and the
-Syl-BOND OFFERING.
Wayne County, Mich.
MELVINDALE,
State Board of Liquidation. The loans include:
vester A. Mabie, Village Clerk, will receive sealed bids until 8 p. m. on
$225.000.00 for Louisiana State Board of Health.
17, for the purchase of the following bonds aggregating $22,600
July
128.935.65 for New Orleans Charity hospital equipment.
Rate of interest is not to exceed 6% and is to be named in bid.
100,000.00 for building a State Colony and Training School for Epileptics.
$21,000 Special Assessment Roll No. 107 bonds. Due on Aug. 1, as follows:
400,000.00 for Federal flood control board.
35,000. 1931 to 1933 incl.; and 36,000. 1934.
25,000.00 for State Supervisor of Public Accounts.
1,600 Special Assessment Roll No. 108 bonds. Due•3400, Aug. 1 1931
5,000.00 for the Louisiana Public Service Commission.
to 1934 incl.
5,000.00 for Orleans Parish Jury Commission.
Both issues are dated Aug. 11929. A certified check for $1,000 payable
4,500.00 for insuring State house against fire.
to the Village Treasurer must accompany each proposal.
-BONDS NOT TO BE ISSUED.
MERIDIAN, Lauderdale Co., Miss.
Mel NTOSH COUNTY(P.O. Ashley), N. Dak.-CERTIFICATES NOT
was
-The $20,000 issue of certificates of indebtedness offered on July 2- -The 3800,000 issue of highway paving bonds thatJuneapproved by a very
SOLD.
4 (V. 128, p. 4045)
narrow margin at the special bond election held en
-was not sold as there were no bids received.
V. 128. p. 4360
will not be issued, according to the Jackson "News"of July 2, which states
McLEAN, Gray County, Tex.
-BONDS REGISTERED.
-On July 2,a that the Board of Supervisors deemed it inadvisable to float the bonds due
$50,000 issue of 5%% serial water works improvement bonds was registerei to the very close vote.
by the State Comptroller.
-We are now
-BOND SALE.
MIAMI BEACH, Dade County, Fla.
MACOMB COUNTY (P. 0. Mt. Clemens), Mich.
-BOND SALE.
- informed that $148,000 of the $255.000 bitille of semi-annual public impt.
-have
lateral drain bonds offered on July 8-V. 129. p. 162
offered for sale on June 26-V. 128, p. 4360
The $8,000
-were bonds unsuccessfully
awarded to W. K. Terry & Co., Toledo, at a price of par. The bonds been purchased at a price of 97 b the First National Bank of Miami.
are dated June 11929. Due $1.000 on May 1 from 1932 to 1939 incl.
-The $48,000
SALE.
-BOND
MIAMI COUNTY (P. 0. Troy) Ohio.
-were
p.
MAHONING COUNTY (P. 0. Youngstown), Ohio.
-BOND OFFER- bridge construction bonds offered on July 10-V. 128. plus4360
a premium
par,
-F. B. Lancaster, Clerk of the Board of County Commissioners, will awarded to N. S. Ball & Co. of Cincinnati, as 534s. at The bonds are dated
ING.
5.18%.
receive sealed bids until 11 a. m.(Eastern Standard Time) on July 18, for of $269.90. equal to 100.36, a basis of about 35,000, 1931 to 1938 incl., and
the purchase of the following issues of bonds aggregating $104,196,60: Aug. 1 1929and mature on Feb. 1,as follows:
$35,670.03 5%% water works system limn. bonds. Dated Aug. 1. 1929. $4.000. 1939 and 1940.
An official tabulation of the bids received follows:
Due on Oct. 1. as follows:$2.670.83, 1930:$4.000. 1931 and 1932;
Int.Rale. Premium.
Bidder$3,000. 1933; $4,000. 1934; $.3.000. 1935; $4.000, 1936; $3,000,
$38.8.043
Assel, Goetz & Moerieln. Cincinnati
1937; and $4,000. 1938 and 1939.
534%
269.90
N. S. Hill & Co., Cincinnati
%
38,185.39 5%% sewer (mot. bonds. Dated Aug. 1, 1929, Due Oct. 1,
421:00
534%
as follows: $2,185.39, 1930; and $4.000, 1931 to 1939, incl. Weil, Roth & Irving, Cincinnati
14.40
5%% sewer bonds. Dated Aug. 1 1929. Due on Oct. 1, as Title Guarantee & Trust Co.. Cincinnati
A,339.28
144.00
Stranahan, Harris & Oath, Toledo
534
follows: 5239.28. 1930; and $900. 1931 to 1939 incl.
534f
218.00
14.000.0057 road bonds. Dated Sept. 11928. Due Oct. 1, as follows: Seasongood & Mayer, Cincinnati
150.00
w
.
5349
000,1930 and 1931; 52.000. 1932: 51.000. 1933; 52,000. 1934; Ryan, Sutherland & Co., Toledo
33.60
54%
51,000, 1935 and 1936; $2,100. 1937; $1.000. 1938: and $2.000, Provident Savings Bank & Trust Co., Cincinnati
534%106.00
Otis & Co., Cleveland
1939.
191.00
5%%
A.000.00 5% road bonds. Dated July 11928. Due $2.000, Oct. 1 1930 The Herrick Co., Cleveland
151.00
Braun, Bosworth & Co.. Toledo
5Si%
to 1933 incl.
105.60
First-Citizens Corp., Columbus
534%
interest on all of the above bonds payable on April and Oct. 1.
58.00
Bohmer, Reinhart & Co., Cincinnati
54%
-TEMPORARY LOAN.
MANCHESTER,Hillsborough County, N. H.
• Successful bidder.
-The Manchester Safe Deposit & Trust Co.. Manchester, purchased a
MICHIGAN, State of (P. 0. Lansing).
-BOND OFFERING.
July 8 on a discount basis of5.685%. The loan
$300.000 temporary loan on
Grover C. Dillman, State Highway Commissioner, will receive sealed bids
is dated July 8 1929. Payable on Dec. 18 1929. Payable in Boston or

Clerk, will receive sealed bids until 9 p. m. on July 22 for the purchase
of $150,000 43.% school bonds. Dated June 1 1929. Denom. $1.000.
Due $5,000 on June 1 from 1932 to 1961 inclusive. Interest payable
semi-annually. A certified check for 2% of the bonds bid for is required.
LITTLE MOUNTAIN SCHOOL DISTRICT NO. 30 (P. 0. Little
-Sealed
-BONDS OFFERED.
Mountain), Newberry County, S. C.
bids were received until noon on July 10 by J. B. Derrick, Chairman of the
Board of Trustees, for the purchase of a $6.000 issue of 6% annual school
bonds. Denom. $500. Due $1,500 in 1934. 1939. 1944 and 1949.
-BOND SALE.
LOCKPORT(P.O.Lockport), Niagara County,N.Y.
-The Manufacturers & Traders-Peoples Trust Co., Buffalo, recently purchased an issue of $26,328 4.90% road bonds. Due as follows: $2,000.
1936 to 1946, incl., and $2,328, 1947. The bonds were sold in May.
-The
LONG BEACH, Los Angeles County, Calif.
-BOND SALE.
$300.000 issue of harbor improvement bonds offered for sale on July 2V. 128, p. 4193
-was jointly awarded to the National City Co., of New
York, Bond & Godwin & Tucker, and Weeden & Co., both of Los Angeles,
as 55, at a price of 101.379, a basis of about 4.8i%. Dated June 1 1929.
Due on June 1, as follows: $40,500 in 1936; $67.500, 1937 to 1939 and
957.000, 1940.
(This report corrects that g:ven in V. 129, p. 162.)
The following is an official tabulation of the bids:
Amount. Premium, Int.Rate.
The Detroit Co. and American National
Co., San Francisco
$
300,000
$3,288
5%
National Bankitaly Co. Eldredge & Co.(by
'
Anglo London Paris so.), Anglo London
Paris Co
300,000
3,483
5%
William R. Stasis Co. Wm. Cavalier & Co.
and American Invest:ment Co
300,000
3,232
5%
Dean, Witter & Co., Seaboard National Co.
(by Dean, Witter & Co.), Heller, Bruce &
Co
300.000
3,179
5%
The National City Co. of California and
Weeden & Co.*
200,000
4,139
57
R. H. Moulton & Co. and Security-First' 108,500
89
National Co
f 191,500
1 %




320

FINANCIAL CHRONICLE

until 12:30 p. in. (central standard time) on July 16, for the purchase of
$74,000 Road Assessment District No.482 bonds. Bidder to name Interest
rate which is not to exceed 6%. Interest payable semi-annually on May
and Nov. 1. A certified check for 1% of the bonds bid for, payable to the
above-mentioned official, must accompany each proposal.
MIDDLESEX COUNTY(P.O. New Brunswick), N. J.
-BOND SALE.
-The four issues of coupon or registered bonds offered on July 5-V. 128,
-were awarded to the Chase Securities Corp. and Barr Bros. &
P. 4360
Co., both of New York, as 43(0, as follows:
5385.000 road impt. bonds, series 34. sold at par, plus a premium of
$75.00, equal to 100.01, a basis of about 4.74%. Due on July
1, as follows: 320.000, 1931 to 1944, incl.; and $21,000, 1945 to
1949, incl.
241.000 Vocational School bonds, series 5, (5250.000 offered) sold at par,
plus a premium of 39,057, equal to 100.02, a basis of about 4.74%.
Due on July 1, as follows: $8,000, 1931 to 1950, incl.; 810,000,
1951 to 1958, incl.; and 51,000. 1959.
53,000 bridge bonds, series 20, sold at par, plus a premium of $16.00,
equal to 100.03. a basis of about 4.74%. Due on July 1, as
follows: $2,000. 1931 to 1954, incl.; and $1,000, 1955 to 1959. incl.
34,000 County Record Bldg. Ext. bonds sold at par, plus a premium of
$9.00. equal to 100.02, a basis of about 4.74%. Due on July 1,
as follows: $2,000, 1931 to 1935, incl.; and 31,000, 1936 to 1959.
incl.
All of the above bonds are dated July 1 1929. The successful bidders
are offering the entire award: amounting to 3713.000, at prices to yield
5.25 to 4.45%, according to maturity. An official tabulation of the bids
submitted follows:
BidderAmount of Bands Bid for. Amount Bid.
South Amboy Trust Company
$385,000.00
$385.000
53,000.00
53,000
250,019.00
245,000
34,000.00
34,000
*New Brunswick Trust Company__

Middlesex Title Guarantee & Trust
Company

People's National Bank

Estabrook

Company

National Bank of New Jersey

Perth Amboy Trust Company

5717.000
385.000
53,000
241.000
34.000

3722,019.00
385,075.00
53,016.00
250,057.00
34.009.00

3713,000

5722,157.00

334.000
53,000
249,000
34,000

385,217.28
53.090.17
250.668.37
34,057.87

$720,000
385,000
52.000
250.000
33.000

3723,033.69
385.000.00
53,000.00
250,072.00
34,000.00

3720.000
'384,000
53.000
250,000
34.000

3722.072.00
385,378.56
53,190.27
250,897.50
34,122.06

3721.000
3/43,000
53.000
249,000
34.000

3723.588.39
385.000.00
53,212.00
250.434.10
34,136.00

$719,000
383.000
53,000
249,000
34.000

$722.782.10
385.390.00
53,318.00
250,875.00
34,204.00

8723,787.00
$719,000
* Acting for successful bilders.
MILL SCHOOL DISTRICT (P. 0. Ventura) Ventura County,
-BOND SALE.
Calif.
-The $15,000 issue of 5% school bonds offered for
sale on July 2-V. 128. p. 4361-was awarded to the First National Bank.
of Ventura, for a premium of $188.30. equal to 101.255. a basis of about
4.82%. Dated Aug. 1 1929. Due $1,000 from Aug. 1 1930 to 1944,incl.
MISSISSIPPI COUNTY RURAL SCHOOL DISTRICT NO. 1 (P. 0.
Whitton), Ark.
-ADDITIONAL DETAILS.
-The $40,000 issue of semiannual school bonds that was purchased by M. W. Elkins & Co., of Little
Rock
-V. 128, p. 4361-was awarded at par. The bonds bear 5% interest
and are due from 1939 to 1949. incl.
MOGADORE, Summit County, Ohio.
-BOND OFFERING.
-Kirk
Darrah, Village Clerk, will receive sealed bids until 1 p. in. (Eastern Standard Time) on July .6, for the purchase of the following issues of 5%%
bonds aggregating $118,000:
563.000 bonds issued for the purpose of paying for the cost of a water works
and a distribution system in the Village. Due as follows: 52.000.
Apr. and Oct. 1 1930; 33.000. Apr. and Oct. 1 1931 and 1932;
$2,000, Apr. and Oct. 1 1933: $3,000, Apr. and Oct. 1 1934 and
1935; $2,000 Apr. and Oct. 11936; $3.000. Apr. and Oct. 1 1937
and 1938; $2.000. Apr. and Oct. 1 1939; $3.000, Apr. and Oct. 1
1940: and 52,000. Apr. and 33,000. Oct. 1 1941.
55,000 special assessment water mains Installation bonds. Due as follows:
$2,000. Apr. and Oct. I 1930:32,000, Apr. and $3.000; Oct. 1 1931;
$3,000, April and Oct. 1. 1932 to 1938 incl.; $2,000, Apr. and Oct. 1
1939.
Both Issues are dated Apr. 1 1929. Prin. and Int. (A. & 0. 1) payable
at the Mogadore Savings Bank, Mogadore. A certified check for 5% of
the bonds bid for, payable to the order of the Village, must accompany
each proposal.
Bidders may present their bid or bids for the said bonds based upon their
bearing a different rate of interest than specified in this advertisement;
provided, however, that where a fractional interest rate is bid, said fraction
shall be one-quarter of one per cent(1%) or multiples thereof.
-BOND OFFERING.
MONROE COUNTY (P. 0. Key West), Fla.
Sealed bids will be received until 8 p. m. on Aug. 8 by RCM 0. Sawyer,
Clerk of the Board of County Commissioners,for the purchase of a $200,000
Issue of 6% refunding bonds. Denom. $1,000. Dated Apr. 11929. Due
on Apr. 1, as follows: 56,000, 1932 to 1953 and 568.000 in 1954. Prin. and
Int. (A. & o. 1) payable in gold at the National Bank of Commerce in
New York City. A certified check for 2% of the bonds bid for, is required.
MONROE, Ouachita Parish, La.
-BONDS OFFERED FOR IN
$600,000 Issue of 5% coupon school bonds awarded on July
2 to the Hibernia Securities Co. of New Orleans, at 100.83, a basis of about
4.92%-V. 129, p. 162
-is now being offered for public subscription by the
purchaser at par and interest, to yield 5% on all maturities. Dated July 1
1929. Due from July 1 1930 to 1969, Inc .
Financial Statement (As Officially Reported June 1 1929).
Actual value all taxable property, over
$40,000,000
Assessed valuatbn 1928
27,728,310
Total bonded debt, this issue included
2.923,000
Less: Water,light and power debt
1908.000
Net bonded debt
2,015,000
Population, 1928 Federal Census, 22,026.
MONROE COUNTY (P. 0. Key West), Fla.
-BOND OFFERING.
Sealed bids will be received by the Board of Public Instruction, until 8P• m•
on July 23, for the purchase of a $75,000 issue of 6% semi-annual school
refunding bonds. Denom. $1,000. Dated July 1 1929. Due $5.000 from
July 1 1940 to 1954, incl. Optional after 1939. A certified check for 2%
must accompany the bid.
(This supplements the report given in V. 129. P. 162.)
MONTCLAIR, Eases County, N. J.
-BOND SALE.
-A syndicate
composed of Lehman Bros.; E. H. Rollins & Sons: Stone & Webster and
Bio.t, Inc.; R. W. Pressprkh & Co.; Ames Emerich & Co., and Kean.
Taylor & Co., all of New York; also J. S. Rippe' & Co. of Newark; purchased an issue of $215,000 43% assessment bonds on July 9. The
price was par, plus a premium of $700. equal to 100.32. a basis of about
4.038%,_ The bonds are dated July 1 1929. Due on July 1 as follows:
521,00U, 1930 to 1934 incl.. and $22,000. 1935 to 1939 incl. These bonds
were Included in the award on June 17 of $3,327.000 bonds to the above-




[VOL. 129.

mentioned group. The sale of the assessment issue was not consummated
and the bonds were re
-offered and sold as stated above.
MONTGOMERY COUNTY (P. 0. Dayton), Ohio.
-BOND OFFERING.
-F. A. Kilmer, Clerk of the Board of County Commissioners, will
receive sealed bids until 10 a. in. (Eastern Standard Time) on July 25, for
the purchase of the following issues of bonds aggregating $332,000.
5269,000 bonds issued for the retirement of notes sold for street impt
purposes. Int. Rate 5)%. Dated Aug. 1 1929. Due on Aug. 1
as follows: $29.000, 1930; 825,000, 1931; $27,000, 1932 and 1933
$25,000, 1934; 326,000, 1935; $30,000. 1936; $16,000. 1937
515,000, 1938; and 329,000, 1939.
41,000 bonds issued for the retirement of notes sold for street Impt.
purposes. Int. Rate M%. Dated Aug. 151929. Due on Aug.
incias follows: $5,000. 1930 to 1932 incl.; and 54,000, 1933 to 1939,
l5 .
,
11,500 bonds issued for the retirement of notes sold for street impt.
Purposes. Int. Rate 6%. Dated Aug. 11929. Due on Aug. 1,
as follows: $4,000, 1930;and 52.000. 1931 to 1939,Incl.
10,500 bonds issued for the retirement of notes sold for street impt.
purposes. Int. Rate 6%. Dated Aug. 15 1929. Due Aug. 15,
as follows: 56,000, 1930; $3,000, 1931 to 1933, incl.; and $6,000,
1934.
Prin. and semi-annual hit, payable at the office of the County Treasurer.
Bids for a different rate of interest than that specified In this advertisement may be received, provided that said bids must be in fractions of onequarter of one per cent, or multiples thereof in accordance with the provisions of Sections 2293-28 of the General Code of Ohio.
Messrs. D. W. and A. S. Iddings, Attorney, Dayton, Ohio, and Peek,
Shaffer & Williams, Attorneys, Cincinnati, Ohio, have been employed to
assist in the preparation of legislation and the issue and sale of these bonds,
and will certify as to the legality thereof.
MONTICELLO, Sullivan County, N. Y.
-BOND OFFERING.
Charles G. Royce, Village Clerk, will receive sealed bids until 8 P• m• on
July 15, for the purchase of $21,000 registered paving bonds. Rate of int.
Is not to exceed 6% and is to be named in bid. The bonds are dated Aug. 1
1929. $1,000 denom. and mature on Aug. 1 as follows: $4,000. 1930 to
1933. incl., and $5,043o. 1934. Principal and semi-annual interest payable
at the National Union Bank, of Monticello. No certified check is required.
NATCHEZ, Adams County, Miss.
-BOND SALE.
-The 547.500 Issue
of 5%% refunding bonds offered for sale on July 9-V. 128, p. 4361-was
awarded to A. K. Tigrett & Co. of Memphis, for a premium of $203. equal
to 100.42, a basis of about 5.43%. Dated Sept. 15 1929. Due from Sept.
15 1930 to 1941. incl.
NAVARRO COUNTY CONSOLIDATED ROAD DISTRICT NO. 1
(P.0.Corsicana),Tex.
-BOND OFFERING.
-Sealed bids will be received
until July 22. by Clay Nash, County Judge,for the purchase of a $456.000
issue of 5% road bonds. Dated July 1 1927. Duo $76,000 from Apr. 1 1933
to 1938 incl. Prin. and int. (A. & 0.) payable at the Seaboard National
Bank In New York City. Legality approved by Chapman & Cutler of
Chicago. These bonds are a part of a 52,278.000 issue voted June 4 1927.
of which $380,000 have already been sold. The following statement accompanies the official offering notice:
Consolidated Road District No. 1 created 11th day of Apr. 1927.
Bonds issued under authority of Section 32, Article 3 of the Constitution
of Texas and laws pursuant thereto, particularly Chapter 16 of the General
Laws passed by the 39th Legislature, first called session 1926.
Bonds are printed and delivery will be made at once.
Total value of taxable property (estimated).
875,000,000.00
Assessed valuation for taxation year 1928
24,522,0.93.00
Total bonded indebtedness including this issue
2,690,000.00
Total bonded debt Is payable by special tax
Total amount of sinking fund on 1st day of June, 1929 ---- "W.0°
4:350.08
19
Total tax rate for payment of bonds, 90e.
Population, estimated,:30,000.
NEVVBERG, Yarnhill County, Ore.
-BOND SALE.
-A $12,000 issue
of city bonds has recently been purchased by Hugh B. McGuire & Co. of
Portland, as 6s, at a price of 100.62.
NEW MEXICO, State of (P. 0. Santa F.).
-BOND SALE POST-The sale of 83.100.000 issue of not to exceed 53i 7 highway
PONED.
0
bonds previously scheduled for Aug. 5-V. 129, p. 162
-has been postponed until Aug. 10.
NEW MILFORD, Bergen County, N. J.
-BOND SALE.
-The following 6% coupon or registered bonds aggregating $215,000 offered on July s
-were awarded to the Peoples Trust & Guaranty Co., of
V. 128, p. 4194
Hackensack, at 100.65, a basis of about. 5.89%:
5160.000 assessment bonds. Due July 1, as follows; $10,000, 1930; and
515.000, 1931 to 1040 incl.
55,000 public improvement bonds. Due July 1, as follows: 52,000, 1930
and 1931: and $3,000, 1932 to 1948, incl.
Both issues are dated July 11929.
NEW ORLEANS, Orleans Parish, La.
-CERTIFICATES SALE.
The two issues of 4%% certificates aggregating 52,149.600, offered for sale
on July 8-V. 128, p. 4361-were awarded to a syndicate composed of
Lehman Bros., E. H. Rollins & Sons, R. W. Pressprich & Co.,and Eldredge
& Co. all of New York, the Northern Trust Co. of Chicago, the Canal Bank
& Trust Co., Whitney-Central Trust & Savings Bank and the Hibernia
Securities Co. all of New Orleans, Caldwell & Co. of Nashville. the Interstate Trust & Ranking Co.,• Mortgage & Securities Co., American Bank &
Trust Co. and the New Orleans Securities Co. all of New Orleans, at a
price of 9K15,a basis of about 5.49%. The Issues are divided as follows:
$2.020,000 permanent paving bonds. Due $202.000 from Jan 1 1931 Va
1940. intl.
129,600 temporary surfacing certificates. Due $43,200 from Jan. 1
1931 to 1933, incl.
BONDS OFFERED FOR INVESTMENT.
-The above certificates are
now being offered for public subscription by the successful bidders at prices
to yield from 5.50 to 5%, according to maturity. The offering circular
reports that special assessments levied upon property especially benefitted
are pledged to payment of the certificates in the first instance, and in
addition the revenues of the city derived from taxation for general municipal purposes are applicable to their payment. Assessed valuation of the
city, as officially reported for 1928, amounts to $620.719,697. Its bonded
debt totals $48,367,500, including $12,383,060 paving certificates.
NEWPORT, Newport County, R. I.
-TEMPORARY LOAN.-111ake
Bros. & Co.Boston, purchased a 41100,000 temporary loan on July 9. on
a discount basis of 5.42%, plus a premium of $1.25. The loan Is dated July
11 1929. Payable on Sept. 20 1929 at the First National Bank, Boston.
Legality to be approved by Ropes, Gray, Boyden & Perkins, of Boston,
The following bids were also submitted:
BidderDiscour Basis.
z
ir
Arthur Perry & Co
Salomon Bros. & Hutzler (plus $1)
5.79
Faxon, Gade & Co
Old Colony Corp
5
62 o
S. N. Ilond & Co
Aquidneck National Bank
62%
5
4
NEW WILMINGTON,„ Lawrence County, Pa.
-BOND SALE.-R. K.Crawford,of New ilmington,recently purchased an issue of$12 000
4%% coupon sewage disposal plant bonds at par, plus a premium of $50,
equal to 100.41. The bonds are dated Aug. 1 1928. Denom. $1,000.
Interest payable in February and August. The bonds mature serially. No
optional maturity.
NIAGARA FALLS, Niagara County, N. Y.
-BOND OFFERING.
W. D. Robbins, City Manager, will receive sealed bids until 11 a. in.
(daylight saving time) on July 16, for the purchase of the following issues
of coupon bonds aggregating $283,000. Rate of Interest is not to exceed
43 % and is to be stated In a multiple of 1-20th of 1%,single rate to apply
to the entire offering.
$193,000 sewer bonds, series C. Due on Aug. 1 as follows: $30,000, 1065
to 1967, incl.• 533.000, 1968, and $35,000, 1969 and 19'70.
70,000 airport bonds, series A. Due $35,000 on Aug. 1 1969 and 1970.
'
20,000 bridge bonds, series L. Due $10,000 on Aug. 1 1959 and 1960.
All of the above bonds are dated Aug. 1 1929. Derwin. $1,000. Prin.
and semi-annual interest payable in gold at the Hanover National Bank,
New York. A certified check for $6,000, payable to the City Manager,
must accompany each proposal. Legality is to be approved by Clay,
Dillon & Vandewater, of New York,
NICHOLLS CONSOLIDATED SCHOOL DISTRICT (P.O. Douglas)
Coffee County, Ga.-BONDS VOTED.
-At a special election held recently

Ju4Y la 1929.]

FINANCIAL OHEONIOIiE

321

to the County, must accompany each proposal. Legality is to be approved
by Hawkins, Delafield & Longfellow, of New York.
Financial Statement July 3 1929.
Gross Debt
$8.168,000.00
Total bonded debt
1,875.000.00
Total floating debt
233.500.00
Total authorized debt
110.276.500.00
Deductions
$239.996.84
Sinking funds
130,942.05
Amount due from municipalities & State
NORRISTOWN, Montgomery County, Pa.
-BOND OFFERING.
debt
437,303.77
F. Lester Smith, Borough Clerk, will receive sealed bids until 12 m.(day- Funds applicable for payment of
808,242.66*
light saving time) on Aug. 5, for the purchase of $125,000
% coupon
Borough bonds. Dated July 1 1929. Denom. $1,000. Due on July 1.
19.468.257.34
Net debt
as follows: $40,000, 1939 and 1949; and 645,000. 1959. A certified check
The issuance of $975,000 Passaic County road and bridge bonds does
for 2% of the par value of the bonds bid for, payable to the Borough not affect the net debt. These bonds will increases the bonded debt and
Treasurer, must accompany each proposal. The bonds are issued subject decrease the floating debt by a corresponding amount.
to the favorable opinion of Townsend. Elliott & Munson, of Philadelphia.
Assessed Valuations
as to their validity.
1372.763.916
Real property incl. improvements (1929)
49,739.630
Personal property (1929)
NORTH ELBA (P. o. Lake Placid) Essex County, N. Y.
-BOND
334.267.913
OFFERING.
-Richard D Wells, Town Clerk, will receive sealed bids Real property (1927)
346,524,265
until 12 m.on July 17,for the purchase of $200,000 registered bonds. Rate Real property (1928)
372.763.916
of interest is not to exceed 6%. The bonds are dated July 1 1929. Denom. Real property (1929)
6351.185,365
$1,000. Due on July 1 as follows: $2,000, 1930 and 1931,and $7.000, 1932 Av'erage assessed valuation
2.69%
to 1959 incl. The offering notice says that bonds numbered from 1 to 95 Per cent of net debt
Population
incl may be redeemed at par and accrued interest on or after July 11932.
259,174
U. S. census, 192(1
NORTH GATES WATER DISTRICT (P. 0. Rochester), Monroe Estimated. 1929
315,000
County, N. Y.
-BOND SALE.
-The $45,000 coupon or registered water
Tax Rate
bonds offered on July 1-V. 128, p.4195
-were awarded to Sage, Wolcott & Fiscal year, 1929
.669649112 per hundred
Steele,of Rochester. as 5%s.at 100.237,a basis of about 5.72%. The bonds
are dated July 1 1929. Due on July 1. as follows: $2.000, 1930 to 1944 incl.:
-The Salem
-TEMPORARY LOAN.
PEABODY, Essex County, Mass.
and $3,000, 1945 to 1949 incl. The following bids were also submitted: Trust Co. Salem, purchased a $100,000 tepmorary loan on July 9 on a
BidderInt. Rate. Rate Bid. discount basis of 5.20%. The loan is dated July 9 1929 and is payable
GeorgeTt. Gibbons & Co.
6%
100.543 on Nov.5 1929. The following bids were also submitted:
Parson, Son & Co.
Disct. Basis.
. Budder0
1 0.376
BidderEdmund Seymour & Co.
5.38% Central National Bank
5.55%
100.699 Warren National Bank
5.41% Salomon Bros. & Hutzler
Shawmut Corp
NORTH HEMPSTEAD UNION FREE SCHOOL DISTRICT NO. 6
5.59%
5.47%
(Plus 62)
(P. 0. Manhasset), Nassau County, N. Y.
-NO BIDS.
-There were no F. S. Moseley & Co
bids received on July 9 for the $21S,_500 434. 4% or 5% coupon or regis-BOND SALE.
-A $10,000
PELAHATCHIE, Rankin County, Miss.
tered school bonds offered for sale--V. 128, p. 4361. The bonds are dated issue of6% coupon city hall and hail bonds was purchased at par on June 16
July 1 1929 and mature on July 1, as follows: $2,500, 1932: $3,000. 1933: by E. N. Ross of Pelahatchie. Denom. 6500. Due $1.500 from 1930 to
$10,000, 1934 to 1953 inclusive, and $13,000. 1954.
1934 and 12,500 in 1935. Dated July 1 1929. Int. payable on Feb. 1
NORTH PLATTE SCHOOL DISTRICT (P. 0. North Platte), Lin- and July 1.
coln County, Neb.-BONDS NOT SOLD.
-The 6480.000 issue of
-BOND OFFERING.-P. V. Keefe,
PHELPS, Ontario County, N. Y.
%
semi-annual school bonds offered on July 8(V. 129, p. 162) was not sold as village Clerk, will receive sealed bids until 8 p. m. on July 15. for the
all the bids were rejected. Dated July 1 1929. Due from July 1 1934 to purchase of 85,500 Fire Fighting Apparatus bonds. Rate of interest is
1959.
not to exceed 6% and is to be named by bidder. The bonds are dated
Due on Aug. 1, as
one bond
OAKLYN, N. J.
-BOND OFFERING.
-William C. Linck, Borough Aug. 1 1929. Danom. $1,000, incl.; and for 11.500.
$1,100, 1934. Prin. and semiClerk, will receive sealed bids until 8 p. m.(Daylight Saving Time) on July follows: $1,000, 1930 to 1933,
17.for the purchase of the following issues of 534,5% or 6% coupon or reg- annual int, payable in Phelps. A certified check for $100.00, payable to
J. F. Helmer, Village Treasurer, must accompany each proposal.
istered bonds aggregating $176,000:
$104,000 assessment bonds. Due on Aug. 1, as follows: $15,000, 1930 to
-BOND OFFERING.PITTSFIELD, Berkshire County, Mass.
1935 incl.. and 614,000, 1936.
plait, City Treasurer, will receive sealed bids until 11 a.m. on July 17.
F
72,000 improvement bonds. Due on Aug. 1. as follows: $4,000, 1930 to for the purchase of the following 434% coupon bonds aggregating $329,000:
1942 incl.: and $5.000. 1943 to 1946 incl.
High School bonds. Due $10,000 on July 15, from 1930 to 1949
Both issues are dated Aug. 1 4929. Denom. $1,000. Prin. and semi- $200,000 inclusive.
annual int. payable at the Oaklyn National Bank, Oaklyn. No more bonds
sewer and drainage bonds. Due $3,000 on July 15. from 1930
60,000
to be awarded than will produce a premium of $1.000 over the amount of
to 1949 inclusive.
each issue. A certified check for 2% of the bonds bid for, payable to the
35,000 water extension bonds. Due $7,000 on July 15 1930 to 1934 incl.
Borough, must accompany each proposal. Legality is to be approved by
34,000 pavin:g bonds. Due $7,000 on July 15 1930 to 1933 incl., and
Hawkins, Delafield & Longfellow, of New York.
$6,000 on July 15 1934.
All of the above bonds are dated July 15 1929 and are in denom.of $1,000
ONTARIO, Malheur County, Ore.s-BOND SALE.
-The $62.000
of semi-annual refunding bonds offered for sale on July 8-V. 128, p. issue each. Principal and semi-annual interest (Jan. and July 15) payable at
3880
may be
and 4195
-was awarded to the Ontario National Bank of Ontario, as 6s. the First National Bank of Boston, in Boston. Coupon bondsengraved
at par. Dated July 1 1929. Due on July 1 1949.
exchanged for fully registered certificates. The bonds are to be
under the supervision of and certified as to genuineness by the aforemenORANGEBURG COUNTY SCHOOL DISTRICT NO. 26 (P. 0. tioned bank: their legality will be approved by Ropes, Gray. Boyden &
Orangeburg), S. C.
-BOND OFFERING.
-Sealed bids will be
whose opinion will be furnished the purchaser.
until noon on July 16 by W.A. Livingston, Chairman of the Board received Perkins, of Boston,
of TrusFinancial Statement, July 2 1929.
tees, for the purchase of an issue of $175,000 5% coupon school bonds.
657,904,745.03
Denom. $1,000. Dated July 1 1929. The bonds are to be issued in serial Net valuation for year 1928
1 A28.742.67
limit
form to conform with the State laws and bidders are to state what maturities, Debt
2.359.400.00
within such limitations, they desire, and bids are to be based thereon. Total gross debt,including these issues
6667,000.00
-Water bonds
Exempted debt
Prin. and semi-ann. int._payable at some bank or depositary in New York
93.000.00
Sewer bonds
City. Reed, Hoyt & Washburn of New York will furnish the legal ap95,000.00
Paving bonds
proval. A certified check for 61,000 must accompany the bid. The fol112,000.00
School bonds
lowing statement accompanies the offering notice:
4,000.00
Playground bonds
"School District No. 26 embraces the City of Orangeburg and contiguous
$971.000.00
territory; the assessed value of property therein is over $3,000,000, and the
amount of outstanding school bonds is slightly over $100,000. The credit
$1.388.400.00
Net debt
of Orangeburg County, of Orangeburg City and of this school district is
$40,342.67
Borrowing capacity
excellent."
-The $30,000
-BOND SALE.
PLATTSBURG,Clinton County, N. Y.
OSCEOLA SPECIAL SCHOOL DISTRICT (P. 0. Osceola), Missis- coupon street impt.and machinery bonds offered on July 5-T.129, p. 163
sippi County, Ark.
-BOND OFFERING.
--A $22,000 issue of 6% semi- were awarded to Sherwood & Merrifield, Inc. of New York, as 534s, at a
annual school bonds will be offered for sale at public auction on July 26, Price of par. The bonds are dated Apr. 1 1929. Due $5.000. Apr. 1 1930
'
by C. E. Sullenger, Secretary of the Board of Directors. The purchaser
is to have the privilege of converting the bonds to a lower rate of interest. to 1935 incl.
The Merchants National Bank, of Plattsburg, bidding for 6% bonds.
OSSINING UNION FREE SCHOOL DISTRICT NO. 1 (P. 0. offered 100.153.
Ossining), Westchester County, N. Y.
-BONDS OFFERED FOR INPONCA CITY SCHOOL DISTRICT (P.O.Ponca City), Kay County,
VESTMENT.
-The 6340,000 5% school bonds awarded on July 2 to a
-The $27.000 issue of 5% school bonds that was
-BOND SALE.
syndicate headed by Lehman Bros. & Co. of New York, are being reoffered Okla.
-was sold to theCommerce
offered for sale on July 2-V. 128, P. 4362
for public investment at prices to yield 5.50 to 4.65%,according to maturity.
City at par. Due $6,000 in 1935 and 1941; 15,000
Successful group paid 100.79 for the issue, equal to a cost basis of about Trust Co. of Kansas
in 1942, 1943, and 1952.
4.90%-V. 129, P. 162. The offering circular says: "These bonds,
-A. A.
-BOND OFFERING.
issued for high school purposes, are direct general obligations of the entire
PONTIAC, Oakland County, Mich.
Town of Osaining, New York, Union Free School District No. 1. payable Maurer, City Clerk, will receive sealed bids until 10:30 a. m. (eastern
from unlimited ad valorem taxes levied against all the taxable property standard time) on July 16, for the purchase of the following issues of bonds
therein."
aggregating 6840,000:
Financial Statement (as Officially Reported).
$410,000 special assessment paving bonds. Dated Aug. 11929. Due $41.Assessed valuation (1929)
000. Aug. 1 1930 to 1939, incl.
$24,645,330
Total bonded debt, including this issue
210,000 sanitary sewer bonds. (Amount authorized $330,000). Dated
560,400
Population (1929) estimate. 15,000.
Aug. 1 1928. Due $7.000 Aug. 1 1929 to 1958, incl.
120,000 pavement bonds. (Amount authorized $270.000). Dated Aug. 1
Other bidders were:
1 1928. Due 18,000, Aug. 1 1929 to 1943, incl.
BidderInt. Role. Premium.
Ossining Trust Co
100,000 hospital bonds. Dated Aug. 1 1928. Due $4,000. Aug. 1 1929 to
5.107'
$846.60
1953, incl.
First National Bank & Trust Co., Ossining
476.00
5%10
All of the above bonds are in denom. of $1,000. Bidder to name rate of
OTTAWA HILLS, Lucas County, Ohio.
interest which is not to exceed 6%. Interest payable semi-annually on
-BOND SALE.
-The $27,889.036% drainage construction bonds offered on July 1-V.128. p.4362
- February and August 1. Prncipal and interest payable at the office of
were awarded to Stranahan, Harris & Oatis, Inc., Toledo, at par and the City Treasurer. Successful bidder to furnish printed bonds. The city
accrued interest, plus a premium of $77.84, equal to
100.27, a basis of will furnish the legal opinion of Chapman & Cutler of Chicago, as to the
about 5.90%. The bonds mature annually on Sept. 1 as follows: $4,869.03, validity of the 3 issues of general obligation bonds and the opinion of
1930; $6,000. 1931 to 1933, inclusive, and $5.000, 1934. The following Miller, Canfield. Paddock & Stone, of Detroit, as to the validity of the
bids were also submitted:
special assessment issue. A certified check for 3% of the amount of bonds
Bidder
Premium. bid for is required.
First-Citizens Corp., Columbus
$30
POTTAWATTOMIE COUNTY SCHOOL DISTRICT NO. 66 (P. 0.
R. L. Durfee & Co., Toledo
76
-The $50,000 issue of school bonds
-BOND SALE.
Commercial Savings Bank & Turst Co., Ohio
Par Tecumseh), Okla. July
-was awarded to C. Edgar
2-V. 128, p. 4362
offered for sale on
Daviess County, Ky.-BOND SALE.
OWENSBORO,
-The $1,200.090 Honnold of Oklahoma City as 6s at par. Due 610.000 from 1932 to 1936
Issue of 5% semi-annual sewer bonds offered for sale on July 5-V. 128, incl. The other bidders were the Meisel Bond Co. and Calvert & Canfield.
-was awarded at par to Caldwell & Co., of Nashville. Dated
p. 4195
POUGHKEEPSIE, Dutchess County, N. Y.
-BOND SALE.
-The
Dec. 1 1928. Due from Dec. 1 1931 to 1968.
2180,000 coupon or registered refunding bonds offered on July 8-V. 128,
PARMA UNION FREE SCHOOL DISTRICT NO. 4 (P. 0. Hilton), P. 4362
-were awarded to the First National Bank of Poughkeepsie. as
County, N. Y.
-NO BIDS.
-L. A. Paxson, Clerk of the Board 434s. at Par, plus a premium of $286.20, equal to 100.159, a basis of about
Monroe
of Education, reports that no bids were received on July 8 for the 6210,000 4.48%. The bonds are dated July 1 1929. Due on July 1 as follows:
coupon or registered school bonds offered for sale. Rate of interest was 65,000, 1930 and 1931: 615,000. 1932: $5,000, 1933 to 1935, incl.: 115.000.
not to exceed 5%-V. 128, P. 4362.
1936 to 1943. incl.: $5,000, 1944, and $15,000, 1945. The following is a
the other bids received:
PASSAIC COUNTY (P. 0. Paterson), N. J.
-BOND OFFERING.
- list of
Premium.
BidderInt. Rate.
M. Morrison, Clerk of the Board of Chosen FrNdiolders, will receive
John
$1,300.00
A. B. Leach & Co
sealed bids until 2 p. m. (daylight saving time on July 17, for the pur- Dewey, Bacon & Co
1.980.00
chase of $975,000 4% or 434% coupon o. registered road and bridge bonds. The Detroit Co1,006.20
143:1
Denom. 61.000. Due on July I, as follows: $50,000,
Dated July 11929.
Bros
1,098.00
1930 to 1943, incl.; and 655.000. 1944 to 1948, incl. No more bonds to be Lehman & Son
646.20
awarded than will produce a premium of $1,000 over the amount stated Roosevelt
above. Prin. and semi-annual int. (J. & J.) payable in gold at the First
POWELL COUNTY (P. 0. Deer Lodge), Mont.
-BOND SALE.
National Bank, Paterson. The United States Mtge. & Trust Co., New The 150.000 issue of 6% semi-ann. highway bonds offered for sale on
-was awarded to the First St. Paul Co. of St.
York. will supervise the preparation of the bonds and will certify as to the July 10-V. 128. p. 4195
genuineness of the signatures of the officials and the seal impressed thereon. Paul for a premium of $4,500. equal to 109, a basis of about 52.5%. Dated
A certified check for 2% of the par value of the bonds hid for. payable Jan. 11929. Due $10,000 from 1945 to 1949 incl.

the voters approved the issuance of $35,000 in bonds by a count of 298 to
70. We quote as follows from the Florida "Times-Union" of July 5:
"The Nicholls Consolidated School District is stated to be one of the largest in the county, embracing a territory extending from the West Green district south to the Ware County line, and from Seventeen Mile Creek to the
Bacon County line, and containing an area seven miles wide from north to
south and 15 miles long from east to west. Nicholls formerly had an independent school system and the county high school was located at that
point, but this system has been surrendered and the Nicholls territory has
been merged in the new consolidated district."




RR

RR

322

FINANCIAL CHRONICLE

RENHOFF SCHOOL DISTRICT (P. 0. Renhoff), N. Dak.-BOND
SALE.
-A $25,800 issue of 5% school bonds has been purchased at par by
the State University Land Board. Due in 1949.
-The six issues
RICHMOND, Henrico County, Va.-BOND SALE.
of 4%% coupon or registered bonds aggregating $2,550,000, offered for
sale on July 10-V. 128, p. 3881 and 4196
-were awarded to a syndicate
composed of the Chase Securities Corp., Barr Bros. St Co., A. B. Leach
& Co., the Guardian Detroit Co., all of New York, and the American
Bank & Trust Co. of Richmond, at a price of 99.71, a basis of about 4.52%.
The issues are divided as follows:
.111,000,000 street paving bonds. Due on July 1 1939.
500,000 general improvement bonds. Due on July 1 1963.
400,000 school bonds. Due on July 1 1963.
100,000 water works bonds Due on July 1 1963.
100,000 water works bonds. Due July I 1963.
400,000 sewer bonds. Due on July 1 1963.
150,000 gas works bonds. Due on July 1 1963.
According to newspaper reports, the second highest -bid was 98.82.
submitted by a group ocmprising Harris, Forbes & Co.; the National City
Co.: Emanuel & Co.; the American National Co.,and F. E. Notting & Co.
of Richmond. A bid of 98.55 was made by a syndicate composed of the
Guaranty Co., the Bankers Co., Eldredge & Co. Kountze Bros., William
R. Compton & Co., G. M.
-P. Murphy & Co., taker, Watts & Co. ed
Scott & Stringfellow.
ROANE COUNTY (P. 0. Kingston), Tenn.
-BOND OFFERING.
Bids will be received by T. F. Ingraham, County Judge, until July 22, for
the purchase of an issue of $125,000 semi-annual bridge bonds. Int. rate
is not to exceed 5%%,stated in multiples of % of 1%. Chapman & Cutler.
of Chicago, will furnish the legal approval. A certified check for 2% of
the bonds bid for, is required.
ROCKLAND (P. 0. Livingston Manor) Sullivan County, N. Y.
BOND SALE.
-Edmund Seymour & Co. of New York, were the successful
bidders on July 8 for an issue of $27,000 water bonds, paying 101.12 for
5%s, equal to a basis of about 5.61%. The bonds are dated July 1 1929.
Denom. $1,000. Due $1,500 on July 1, from 1932 to 1949 incl. Interest
payable semi-annually in June and December.
ROCKLAND FIRE DISTRICT (P. 0. Rockland) Sullivan County,
N. Y.
-BOND OFFERING.
-Sealed bids will be received by George
Beatty, Secretary of the Board of Fire Commissioners, until 8 p. m. on
July 18, for the purchase of $6,000 5% Fire Apparatus and Equipment
bonds. Dated Aug. 11929. Denom.$500. Due $500 on Aug. 1 from 1930
to 1941, incl. Interest payable semi-annually. A certified check for 5%
of the bonds bid for is required.
ROYAL OAK SCHOOL DISTRICT, Oakland County, Mich.
BOND SALE.
-A $170,000 isspe of 5% coupon school bonds was awarded
on June 27 to the First National Co., of Detroit, at a price of par. The
bonds are dated Aug. I 1929. Denom. $1.000. Due serially. Interest
payable on the first day of February and August.
-NOTE
RUTHERFORD COUNTY (P. 0. Rutherfordton) N. C.
SALE.
A $66,667 issue of 67 notes has recently been purchased by the Farmers
Bank & Trust Co. of Forest City. It is also reported that at the same time a
$33,333 issue of 6% notes was awarded to the Rutherford County Bank &
Trust Co. of Rutheitordton.
.SAGINAW COUNTY (P. 0. Saginaw), Mich.
-BOND OFFERING
Sealed bids will be received by the Board of County Road Commissioners
until 12:30 p. m. (Central standard time) on July 12 for the purchase of
$162,000 highway improvement bonds. Bidders to name rate of interest,
which is not to exceed 6%. The bonds are dated June 1 1929 and are to
mature in 5 years. Interest payable on May and Nov. 1. Denom. to
suit purchaser.

(VoL.129.

Official Financial Statement.
The outstanding bonded debt of the City and County as of July1.1929,
Was.

$35,000.000
Water, 1910
10.000,000
Retch Hetchy, 1925
Retch Hetchy,1928_.4,000,000
2,000,000
Exposition, 1912

sm moomoo
Other bonds

40.669,500

Total
591,669,500
The City has no floating indebtedness nor debt created in anticipation
of taxes. The a.sscssment roll for the last fiscal year was:
$1107,031,490
City and County non-operative property
State operative property
247,800,657
Total assessment
Property assessed at approximately 50% of its value.

,054,Q32,147

SATARTIA CONSOLIDATED SCHOOL DISTRICT (P. 0. Yazoo
-BOND SALE.
-The $50,000 issue of school
City), Yazoo County, Miss.
-was awarded
building bonds offered for sale on July 1-V. 128, p. 4048
to the Whitney-Central Trust & Savings Bank of New Orleans. Due as
follows: $1,000, 1930 to 1934; $2,000. 1935 to 1944, and $2,500, 1945
to 1954 all inclusive.
-The
-BOND SALE.
SHELBY COUNTY (P. 0. Shelbyville), Ind.
following issues of 434% bonds, aggregating $63.120. offered on June 25
(V. 128, p. 4196), were awarded as stated herewith:
To Elizabeth Schoeppel of Shelbyville:
$2,880 Van Buren Twp. bonds sold at par plus a premium of $7, equal to
Due $144 July 15 IMO, $144
100.24. a basis, of about 4.45
Jan. and July 15 1931 to 1939 InclusIve, and $144 Jan. 15 1940.
To the Fletcher Savings & Trust Co. of Indianapolis:
$33.600 William R. Gunning et al, road improvement bonds sold at par
and accrued interest. Due $1,680 July 15 1930, $1,680 Jan. and
July 15 1931 to 1939 inclusive, and $1,680 Jan. 15 1940.
26,640 Albert F. Wray et al. road improvement bonds sold at par and
accrued interest. Due $1,332 July 15 1930, $1,332 Jan. and July
15 1931 to 1939 inclusive, and $1,332 Jan. 15 1940.
All of the above bonds are dated June 15 1929. The County Treasurer
makes no mention as to the disposition of the $44,240 issue offered at the
same time. The Meyer-Kiser Bank, Indianapolis, bid a premium of $1
for the Van Buren Township issue. Bids for the other two issues were
as follows:
$33,600 Issue. $26,640 Issue.
•
Discount.
Discount.
Bidder$250.00
City Security Corp., Indianapolis
$300.00
370.00
295.00
J. F. Wild Investment Co.,Indianapolis_ _ _
SHILOH CONSOLIDATED SCHOOL DISTRICT (P. 0. Tupelo
Lee County, Miss.
-BOND SALE.
-The $10,000 issue of 6% semi-annual
-was
school building bonds offered for sale on July I-V. 128, P. 4196
awarded at par to the Citizens State Bank of Tupelo. Due in 20 years.
SHINER ROAD DISTRICT NO. 4 (P. 0. Hallettsville), Lavaca
-BOND SALE.
County, Tex.
-A $50,000 issue of road bonds has
recently been purchased by the First National Bank of Shiner, at a discount
of $1,000, equal to a price of 98.
-The $27,000
SOLVAY, Onondaga County, N. Y.
-BOND SALE.
-was
coupon or registered bond issue offered on July 9-V. 128, p. 4363
awarded to the First Trust & Deposit Co., of Syracuse, as 4.80s, at par,
plus a premium of $13.50, equal to 100.05, a basis of about 4.79%. The
bonds are dated July 1 1929. Due on July 1 as follows: $2,000, 1930 to
1932, incl., and $3,000. 1933 to 1939, incl. Only one bid was received.

--BOND OFFERING.
-John C.
SOMERVILLE, Butler County, Ohio.
ST. JOSEPH, Berrien County, Mich.
-BOND OFFERING.-James Baker, Village Clerk, will receive sealed bids until 12 m.on July 24. for the
R.Stone, City Clerk, will receive sealed bids until 7 p. m.on July 15 for the purchase of $7,452.93 5% special assessment•street impt. bonds. Dated
purchase of $16,500 sewer bonds. Bidder to name rate of interest, which is July 11929. Due $745.29, Oct. 1, from 1930 to 1939 incl. Prin. and int.
not to exceed 6%. The bonds mature on Oct. 15 as follows $1,500, 1929 (A. & 0. II payable at the office of the Village Treasurer. A certified check
to 1937, incl., and $3,000, 1938, with privilege reserved to call bonds at for 5% of the bonds bid for, payable to the Treasurer, must accompany each
par at any interest due date on or after Oct. 15 1935. Prin. and int. (April
and Oct. 15) payable at the office of the City Treasurer. A certified check proposal.
for $1,000 is required. City to furnish transcript and bidder to furnish
SPENCER TOWNSHIP SCHOOL DISTRICT (P. 0. Spencerville),
own legal opinion, bids to be subject to legal approval of bidder's attorney.
-The 827,0004 t % coupon school
-BOND SALE.
De Kalb County;Ind.
on May 4-V. 128, p. 2692-were
bonds
ST. MICHAELS, Talbot County, Md.-PROPOSAL TO SELL ELEC- buildingimprovementFletcheroffered & Trust Co., of Indianapolis. The
Savings
awarded at par to the
TRIC PLANT DEFEATED.
-A proposal to sell the municipal electric
follows: $1,125. July 2 1930: 51.125,
plant was voted on at an election held on July 19. A detailed account of the bonds are dated April 2 1929. Due as $1,125, Jan. 2 1942.
result of the election, as it appeared in the July 20 issue of the Baltimore Jan. and July 2 1931 to 1941 incl.; and
"Sun," is given herewith:
-The
-BOND SALE.
STARK COUNTY (P. 0. Canton), Ohio.
Although 195 votes were cast in favor of selling the St. Michaels electric $109,500 Edgefleld Sewer District No. 3 bonds, offered on July 8-V. 128.
plant and only 26 against the sale, the town will not be permitted to sell.
-were awarded to the Herrick Co. of Cleveland, as 511s at par
13• 4364
A special Act of the last legislature authorized the town to make the sale
100.43, a basis of about 5.15%. The
premium
provided, more than 50% of the registered vdters agreed. The total number plus a are dated of $472, equal to mature on Oct .1 as follows: :11,500,
July
of registered voters is 490, requiring 246 votes in favor of selling before it bonds$12,000, 1931 I 1929 and and $13,000, 1937 and 1928.
1930;
1936 incl.,
to
could be done legally. Only 224 votes were cast to-day and the proposal
was defeated before the counting started.
-Sealed bids
-BOND OFFERING.
STARKE, Bradford County, Fla.
will be received until 8 p. m. on July 23, by C. A. Futch, City Clerk, for
SALEM, Columbiana County, Ohio.
-BOND OFFERING.
-Helen R. the purchase of a $12,000 issue of 6% skeet impt. bonds. Denom. $1,000.
Woerther, City Auditor, will receive sealed bids until 12 m. on July 15, for Dated July 1 1929. Due in from 1 to 9 years. Prin. and int. (J. & J.)
the purchase of $44,453 5% special assessment street impt. bonds. Dated payable at the Hanover National Bank in New York City. A certified
Sept. 1 1929. Denom. $1,000, except Bond No. 1. which is for $1,453. check for 5% of the bid, payable to the City, is required.
Due oa Sept. 1, as follows: $4,453, 1930; $5,000, 1931 to 1934 incl.; and
34,000, 1935 to 1939 incl. Interest payable on Mar. and Sept. 1. A certiSTEVENS POINT, Portage County, Wis.-BONDS NOT SOLD.
fied check for 5% of the bonds bid for, payable to the City Treasurer, must The $50,000 issue of 4%% coupon storm sewer construction bonds offered
accompany each proposal.
on July 10-V. 128, p. 4364
-was not sold, as there were no bids received.
best bidder for not less than Dated July 1 1929. Due on July I as follows: $3,000, 1934 to 1943,
Said bonds will be sold to the highest and
par and accrued interest. Any one desiring to do se. may present a bid or and $4,000, 1944 to 1948, all inclusive.
bids for such bonds, based upon their bearing a different rate of interest
STILLWATER, Washington County., Minn.
-BOND SALE.
--The
than specified in this advertisement, provided however, that where a fractional interest sate is bid, such fraction shall be one-quarter of 1% or $33,000 issue of wharf and dock bonds offered for sale on July 5-V. 129,
p. 163
-was awarded to the First National Bank, of Stillwater, as 41:fs,
multiples thereof.
for a $10 premium, equal to 100.03. Dated Aug. 1 1929.
SAN ANTONIO INDEPENDENT SCHOOL DISTRICT (P. 0. San
-Sealed bids will
-BOND OFFERING.
STOCKTON, San Joaquin County, Calif.
Antonio), Bexar County, Tex.
-BOND SALE.
-The
be received by the Secretary of the Board of Education, until noon on $400,000 issue of dam construction bonds offered for sale on July 8-was awarded to the Bank ef America of California at par.
July 23,for the purchase of an issue of $1.700,000 semi-annual coupon school V. 129, p. 163
bonds. Int. rate is not to exceed 5%. These bonds are a part of a $3,700,STOUGHTON, Norfolk County, Mass.
-BOND SALE.
-A $100,000
000 Issue, maturing in from 1 to 40 years in approximately equal amounts,
and the bids are to be conditioned upon the approval of the issue by the issue of 43 % school bonds was awarded on July 9 to the Lee, Iligginson
voters on July 18. Chapman & Cutler. of Chicago, will furnish the legal Trust Co., Boston, at a price of 100.79. The bonds are dated July 15
1929 and mature annually from 1930 to 1944, inclusive. Interest payable
,
approval. A certified check for 1% of the bid is required.
semi-annually. The following bids were also submittted:
-BOND SALE.
-An issue of
BidderSAN BENITO, Cameron County, Tex.
Rate Bid.
2160,008 53. % refunding bonds has recently been purchased at par by J. E. Estabrook & Co
100.314
Stoughton Trust Co
Jarratt & Co., of San Antonio.
100.312
Eldredge & Co
100.14
-BOND OFFERING.
SAN FRANCISCO (City and County), Calif.
F. S. Moseley & Co
100.14
Sealed bids will be received by J. S. Dunmgan, Clerk of the Board of Super- Merchants National Bank of Boston
100.11
visors, until 3 p. m. on July 22, for the purchase of three issues of 41•5% E. H. Rollins & Sons
100.082
bonds aggregating $2,000,000, as follows:
.STRONG, Chase County, Kan.
-BOND SALE.
-The $11,898.94 5%
5750.000 boulevard bonds. Dated Nov. 11927. Due $219,000 from 1932
Internal improvement bonds offered for sale on June 25-V. 128, p. 4196
to 1934 and $93,000 in 1935.
750,000 hospital bonds. Dated Jan. 1 ‘929. Due $175.000 from 1934 to was awarded to the Guarantee Title & Trust Co. of Wichita, at a price of
97.50, a basis of about 5.45%. Dated July 1 1929. Due on July 1 as
1937 and X50.000 in 1938.
500,000 sewer bonds. Dated Jan, 1 1929. Due 8100.000 from 1934 to follows: $1,000, 1930 to 1935, $1,398.94 in 1936 and $1.500. 1937 to 1939,
1938 incl.
all inclusive.
Denom. $1,000. Prin. and int. (J. & J.) payable in gold at the office of
STRUTHERS, Mahoning County, Ohio.
-BOND SALE.
-The $44.the Treasurer of the City and County or at the fiscal agency in New York.
Thomson, Wood & Hoffman, of New York, will furnish the legal approval. 798.29 special assessment street improvement bonds offered on July 5Both principal and Interest of the bonds may be registered. Bids may be V. 129. p. 163-were awarded to the First-Citizens Corp. of Columbus.
made for the whole or any part of the bonds hereof, and when a less amount as 53s, at par, plus a rpemium of $241.91, equal to 100.53, a basis of
than the entire offering is hid on, the bidder k to state the year or years of about 5.37%. The bonds are dated July 15 1929. Due on Oct. 15 as
maturity thereof. A certified check for 5% of the bid, payable to the Cicrk follows: $5,000, 1930 to 1933 inclusive; 84,798.29, 1934, and $5.000. 1935
to 1938, inclusive. An official list of the bids received follows:
of the Board of Supervisors, is required.
erInt. Rate. Premium.
Sealed bids will also be received at the same time for the purchase of a
$241.91
5%7
$56.000 issue of 33 % coupon or registered library bonds. Wale of 1904. First Citizens Corp., Columbus
174.71
Denoms. $1,600 and $500. Due $14.000 from 1941 to 1944, incl. Prin. Provident Savings Bank & Trust Co
51.14
534%112.00
and int. Is payable In gold at the office of the Treasurer of the City and W. L. Slayton & Co
107.80
County or at the fiscal agency in New York City. A $10,000 certified N. S. Hill & Co
5
62.00
check, payable to the Clerk of the Board of Supervisors, is required. Article Otis & Co
49.17
12, Section 10A of the Charter provides that these bonds may be sold on the Stranahan, Harris & Oatis
57.00
basis not to exceed 44% to the purchaser. The Finance Committee shall Well, Roth & Irving Co.
Blanchett, Bowman & Wood
31.40
dictate the sale.




JULY 13 1929.1

"

FINANCIAL CHRONICLE

SUNSET SCHOOL DISTRICT (P. 0. Salinas), Monterey County,
-We are now informed by the
-BOND SALE CORRECTION.
Calif.
County Clerk that the $35,000 issue of 5% school bonds reported solci t,o
Los Angeles at 100.82, a basis of about 4.86%
R. H. Moulton & Co. of
-was actually purchased by Wm. Cavalier & Co. of
-V. 129. P. 163
Oakland at that price. The list of bidders and their bids is as follows:
Prem.
Prem.t BidderBidder$20.00
$287.00tAnglo London Paris Co
Wm. Cavlaier & Co.*
113.00
54.001National Bankitaly Co
Co
B. H. Moulton &
*Award.
-The following
SYRACUSE,Onondaga County,N.Y.-BOND SALE.
Issues of coupon or registered bonds. aggregating $3,890,000, offered on
July 9(V. 128,P 4364). were awarded to a syndicate composed of the Bancamerica-Blair Corp., Kissel, Kinnicutt & Co., Kean, Taylor & Co., Old
Colony Corp. and Arthur Sinclair, Wallace & Co., all of New York, at
100.024, an interest cost basis of about 4.592%:
$1.600,000 local improvement bonds sold as 43ti. Due $160,000 Aug. 1
1930 to 1939, inclusive.
1,560,000 general improvement bonds sold as 4's. Due $156,000 Aug. 1
1930 to 1939, inclusive.
360,000 street reimprovement bonds sold as 43s. Due $36,000 Aug. 1
1930 to 1939, inclusive.
320,000 sewer bonds sold as 4 3.s. Due $32,000 Aug. 1 1930 to 1939. incl
50.000 sidewalk bonds sold as 4s. Due $10,000 Aug. 1 1930 to 1934 incl.
All of the above bonds are dated Aug. 1 1929. The successful bidders are
reoffering them for public investment at prices to yield 5.25 to 4.30%,
according to maturity. A statement of the financial condition of the city
Was given in V. 128, p. 4364.
The following is an official tabulation of the bids received:
Issues,
-W.
LI. St. R. Sew, S
G.
Amount Bid.
BidderBancamerica-Blair Corp.;
Interest Rates.
Kissel, Kinnicutt & Co.:
4%
Kean,Taylor &Co.; Oldi$3.890.951.00 4j% 4%% 4%% 04%
Colony Corp.; Art. Sinclair; Wallace & Co_ _First Trust & Dep. Co.;
First Nat. Bank, N.Y.;
% 434%
White, Weld & Co.: Sal-. 3,890,778.00 4%% 4%% 434%
omon Bros. & Hutzler;
E. H. Rollins & Son;
The Detroit Co
,N Y.
Guaranty Co. . ;Equitable Tr. Co.; R. L. Day.(3,890,427.90 431% 451%
% 43j% 431%
& Co.; Barr Bros.& Co_ _
3,894,317.90 5% 434% 4%% 434%
City Bank Trust Co
4%
National City Co.: Bank% 4%%
ers Co.: Harris, Forbes 3,890,739.10 5% 4,4% 4%%
& Co.; Marine Tr. Co_ _
5%
Manufacturers & Traders;J 3,890,500.00 5%
5%
5%
5%
Peoples Trust Co

Denom. $500. Due $2,500 on Mar. and Sept. 1, from 1930 to 1943 incl.
Prin. and semi-annual int. payable in Troy. A certified check for .5% of
the bonds bid for, payable to the City Treasurer. must accompany each
proposal.
•
TROY TOWNSHIP FRACTIONAL SCHOOL DISTRICT NO. 10,
-G. J. Ferrand, Director
-BOND OFFERING.
Oakland County, Mich.
of the School Board, will receive sealed bids until 4 p. m.(Eastern standard
time) on July 16 for the purchase of $65,000 school bonds. Bidder to name
interest rate, which is not to exceed 534%. The bends are to mautre annually on April 1 as follows: 81.000, 1931 to 1935, incl.; 82,000, 1936 to
1947, incl., and 83,000, 1948 to 1959. incl. Principal and semi-annual
interest payable at a Detroit bank or trust company mutually agreeable.
A certified check for 31.000, payable to the Treasurer of the School Board.
must accompany each proposal.
Financial Statement.
$539,300
Assessed valuation
65,000
Bonded debt, this issue
Population. 475.

-BOND OFFERING.
-James
SWAMPSCOTT, Essex County, Mass.
W.Libby, Town Treasurer, will receive sealed bids until 7 p. m.(daylight
saving time) on July 19, for the purchase of the following issues of 434%
coupon bonds aggregating $353,700:
$109,000 school bonds. Due on Aug. 1, as follows: $6,000, 1930 to 1938
incl.; and $5,000, 1939 to 1949 incl.
94,200 sewer bonds. Due Aug. 1, as follows: 14,200, 1930; $4,000, 1931
to 1933 incl.; and $3,000, 1934 to 1959 incl.
27,000 street bonds. Due on Aug. 1, as follows: $6,000, 1930 and 1931
and $.5,000. 1932 to 1934 incl.
23,500 Stable and 'Vault bonds. Due on Aug. 1, as follows: 82,500. 1930;
$2,000, 1931 and 1932; and $1.000. 1933 to 1949 incl.
All of the above bonds are dated Aug. 1, 1929. Principal and semiannual interest (Feb. and Aug. 1) payable at the First National Bank of
Boston, in Boston. Legality is to 130 approved by Ropes, Gray. Boyden
A Peridns, of Boston.
Financial Statement December 31 1928.
Valuation for year 1928 less abatements
822,771.346.00
Debt limit
661.605.00
'Total bonded debt
585,630.00
Less-Water debt
$87,500.00
Sewer debt
162,550.00
General debt
51,000.00
301.050.00
Net debt
Borrowing capacity

323

$284,600.00
377,005.00

TACOMA, Pierce County, Wash.
-BONDS OFFERED FOR IN
$1,000,000 issue of 5% coupon electric light and power.series
B, bonds, awarded to a syndicate headed by Halsey, Stuart & Co. of Chicago, at 98.03, a basis of about 5.56% (V. 128. p.4364)Os now being offered
for public subscription by the successful bidders at par and interest for
all maturities. Dated July 11929. Due serially Jan. and July 1 1932 to
1936, incl. It is stated that these bonds have been legally submitted to
counsel, whose opinion will-be furnished upon request.
TAMA COUNTY (P.O. Toledo), lowa.-BOND SALE.
-The $193.000
Issue of county road bonds offered for sale on July 3-V. 128, p. 4364
was awarded to the Carleton D. Beh Co. of Dee Moines, as 451s, at a
.discount of $170, equal to 99.91, a basis of about 4.76%. Dated July 1
1929. Due from 1932 to 1944, inclusive. Other bidders and their bids
were as follows:
Bidder
Price Bid.
White-Phillips Co
$176 discount on 43is
Geo. M. Bechtel & Co
$2,415 premium on 56
TEXAS, State of (P. 0. Austin).
-BONDS REGISTERED.
-The following small issues of bonds were registered by the State Comptroller during the week ended July 6:
16.000 5 Goidthwaite Independent Sch. Dist. bonds. Due serially.
3.: I 5 o Edom County Line Independent Sch. Dist. bonds. Due in 20 yrs.
3, 1 5 % Parrots. County Consol. Sch. Dist. No.7 bonds. Due serially.
1.8006 0 Collingsworth County Consol. School District No. 36 bonds.
Due in 20 years.
2,500 5% Angelina County Consol. Sch. Dist. No. 16 bonds. Due serially.
2,500 5% Atascosa County Consol. Sch. Dist. No. 33. Due serially.
TILLMAN COUNTY CONSOLIDATED SCHOOL DISTRICT NO. 2
-BOND SALE.
(P. 0. Davidson), Okla.
-The $35,000 issue of semi-annual school bonds offered for sale on May 27 (V. 128. p. 3564), was awarded
to the Piersol Bond Co. of Oklahoma City as 6s for a premium of $150,
equal to 100.40, a basis of about 5.95%. Dated May 15 1929. Due on
July 1 as follows: $2,000. 1932 to 1947. and $3,000 in 1948.
TORONTO, Jefferson County, Ohio.
-BOND OFFERING.
-Harold
F. Smith, Village Clerk, will receive sealed bids until 12 m. on Aug. 6, for
the purchase of $43,061.89 67 street improvement bonds, assessment
t
portion. Dated May 1 1929. Due on Sept. 1 as follows: $5,061.89, 1930;
500, 1931; $5,000. 1932; $4,500. 1933; $5,000. 1934: 84.500. 1935;
,
5,000. 1936; $4.500, 1937 and $5,000, 1938. A certified check for 5% of
the bonds bid for, payable to the Village Treasurer, must accompany
each proposal.

-The
-BOND SALE.
TUCKAHOE, Westchester County, N. Y.
Manufacturers & Traders-Peoples Trust Co. of Buffalo, bidding 100.299
for 531s, was the successful tenderer on July 8,for an issue of$26,000
pavingbods.
Interest cost basis about 5.24%. The bonds are dated July 1
1929. Denom. $1.000. Due as follows; $2,000, 1930 to 1935, incl., and
81.000. 1936 to 1949. incl.
-Sealed bids Neil
-BOND OFFERING.
TURIN, Lewis County, N. Y.
be received by G. H. Seaver, Village Clerk, until 7:30 p. m. on July 15,for
purchase of $3,000 registered street impt. bonds. Bidders to name rate
the
of interest which is not to exceed 5%. The bonds are dated July 1 1929.
Denom. $300. Due $300 on July 1, from 1930 to 1939 incl. These bonds
were voted at an election held on June 25.
-BOND
UNION TOWNSHIP (P. 0. Union), Union County, N. J.
-A syndicate composed of the Bancamerica-Blair Corp., Kean,
SALE.
Taylor & Co.. H. L. Allen & Co.. B. J. Van Ingen & Co.. all of New York,
recently purchased a $900,000
also M. M. Freeman & Co. of Philadelphia,July
1 1929. Coupon bonds,
issue of 6% improvement bonds. Dated
$1,000 denom., with privilege of registration as to principal only or as to
and interest. Due annually on July 1 from 1932 to 1935.
both principal
incl. Principal and semi-annual interest (Jan. and July 1) payable in gold
Legality approved by Reed.
at the Seaboard National Bank, New York. the
offering notice says, are
Hoyt & Washburn. of New York. The bonds,
in New Jersey. and
and trust
a legal investment for savings banksat prices tofunds 5%.
yield
for public investment
being reoffered
Financial Statement (As Officially Reported).
$45,500,000.00
Actual valuation (estimated)
Assessed valuation 192918,200,800.00
2.438,698.03
*Total debt (including this issue)
Less: Sinking fund
2.409,103.96.
Net debt
Population (1920 Census), 3,962; 1929 est., 15,000.
the entire Township,
* This total debt is a direct general obligation of the taxable property
payable from unlimited ad valorem taxes on all
therein, but over 85% is self liquidating as 82.093,68.3.68 will be or has been
improvements made.
assessed against property especially benefited by the therefore, reduced a.s
The amount to be raised from general taxation is,
these assessments are paid.
The above statement does not include obligations of the Township of
Union School District outstanding to the amount of $1,179.000, which is
the only other municipal corporation, with the exception of the State and
County. having taxing power against property within the Township.
UNIVERSITY CITY, St: Louis County, Mo.-BOND OFFERIkerSealed bids will be received until 8 p. m. on July 17, by E. B. Colby, City
of a $400,000 issue of 431, 434 and 431% public
Clerk, for the purchase
impt. bonds. Dated July 15 1929. Due on Jan 15.as follows: 85.000. 1932
and 1934: 82.000, 1936; 83,000. 1937: $4,000. 1938; 83.090. 1939; $4.000,
1940; 82.000. 1941: $11,000. 1942; 835.000. 1944: 838.000, 1945; $41,000,
1946; $44,000, 1947; $53,000. 1948. and $150,000 in 1949. Prin. and semiannual int. payable at the St. Louis Union Trust Co. in St. Louis. These
bonds are a part of authorized issue of $750,000. Benjamin H. Charles,
of St. Louis. will furnish the legal approval. The City Clerk will furnish
the required bidding forms. A $10,000 certified check must accompany
the bid.
-The following coupon
-BOND SALE.
UTICA, Oneida County, N. Y.
July 8-V. 128.
or registered bonds, aggregating $812.463.77 offered onand F.stabrook &
p. 4364-were awarded to the Bancamerica-Blair Corp. of about 4.49%;
Co., both of New York,jointly, as 434s, at 100.091, a basis
$200.000 public improvement, school building and equipment bonds.
Dated July 1 1929. Due 810.000, July 1 1930 to 1949. incl.
206,000 deferred assessment bonds. Dated May 10 1929. Due on May
10, as follows: $31,000. 1930; and 835,000, 1931 to 1935, incl.
100,000 public improvement storm water sewer bonds. Dated July 1
1929. Due $5,000. July 1 1930 to 1949. incl.
70,000 public improvement, bridge removal bonds. Dated July 1 1929.
Due 83.500, July 1 1930 to 1949. incl.
60,000 public improvement, creeks and culverts bonds. Dated July 1
1929. Due 83.000, July 1 1930 to 1949, incl.
60,000 public improvement, intercepting sewer bonds. Dated July 1
1929. Due $3,000, July 1 1930 to 1949, incl.
40,000 public improvement bonds. Dated July 1 1929. DUB $4,000.
July 1 1930 to 1949. incl.
33.000 public improvement, fire station bonds. Dated July 1 1929.
Due on July 1,as follows: 81.000. 1930;and $2,000. 1931 101946.
incl.
28,463.77 delinquent tax bonds. Dated May 1 1929. Due on May 1,
as follows: $4,463.77. 1930; and 86,000, 1931 to 1934. incl.
15,000 public improvement voting machines bonds. Dated July 1
1929. Due $1,000, July 1 1930 to 1944. incl.
The successful bidders are reoffering the bonds for public investment at
prices to yield 5.50 to 4.25%, according to maturity.
-Salomon Bros. &
-NOTE SALE.
UTICA, Oneida County, N. Y.
Hutzler a New York recently purchased a $500,000 issue of tax notes
maturing on Oct. 10 1929.
-BOND SALE-.
VERMILION COUNTY (P. 0. Newport), Ind.
The $21.000 434% Joel Hollingsworth et al. Holt Township road construc-were awarded to A. P.
bonds offered on July 1-V. 128. p. 4197
tion
Flynn. of Logansport. at a price of par. The bonds are dated July 1 1929.
Due $1,050 July 15 1930; $1.050 Jan. and July 15 1931 to 1939. incl., and
$1,050 Jan. 15 1940.
VERNON COUNTY (P. 0. Viroqua), Wis.-BONDS NOT SOLD.
The $100,000 issue of 4A % coupon state trunk highway system, series D
bonds offered on July 2-V. 128. p. 4197-was not sold. The County
Clerk advises us that the bonds are laeing offered at par to local investors.
Dated May 1 1929. Due on May 1 1933.

-BOND SALE.
-The
VIGO COUNTY (P. 0. Terre Haute), Ind.
314,600 4%% Joseph All et al, Linton Township road construction bonds
-were awarded to the Terre Haute
offered on May 15-V. 128. p. 3230
TREMONT TOWNSHIP (P. 0. Tremont), Tarewell County, Ill.
- Savings Bank of Terre Haute, at a price of par. The bonds are dated
-The First National Bank of Tremont. purchased an issue May 151929. Denom. $730. Due $730, July 151930; $730. Jan. and July
BOND SALE.
.of $50,000 6% road graveling bonds during May. The bonds mature 15 1931 to 1939,incl., and $730, Jan. 151940. Interest payable on the 15th
of January and July.
$5,000 from 1930 to 1939, both incl., and were sold at par.
-BOND OFFERING.
TRENTON, Wayne County, Mich.
-Leonard
-BONDS REGISTERED.
-The
WACP, McLennan County, Tex.
Nelms, Village Clerk, will receive sealed bids until 8 p. m.(eastern standard 81.000,000 issue of 431% coupon water works improvement bonds sold on
time) on July 15 ,for the purchase of the following issues of bonds, aggregat- June 4-V. 128,P.3882
-was registered on July 313y the State Comptroller.
323,768.71:
ing
ty, Ind.WARREN SCHOOL TOWNSHIP, Huntington
820.619.42 storm and sanitary sewer bonds. Due on July 1 as follows:
$61942, 1931, and $4,000, 1932 to 1936, incl. Certified check BOND OFFERING.
--Clarence A. Huffman, School Trustee, will receive
Coun
for 81,900.
sealed bids until 10 a. m.on July 17,for the purchase of $25,506 5% school
3,149.29 curb and gutter bonds. Due on July 1 aa follows: $149.29, 1931, building repair bonds. Dated July 1 1929. Denom. $500. Due on July 1,
and 8600. 1932 to 1936, incl. Certified check for $200.
as follows: $1,500. 1930 to 1942 incl.; and $2,000, 1943 and 1944. Prin. and
Both issues are to bear interest at a rate not to exceed 6%. The certified int. (J. & J. 1) payable at the Bippus State Bank, Bippus. A certified
chock for 81,000, payable to the above-mentioned official, must accompany
checks are to be.made payable to the order of the Village.
each proposal.
-BOND OFFERING.
-George L. Dalton,
TROY,Miami County, Ohio.
WASHINGTON SUBURBAN SANITARY DISTRICT, MD.
-BOND
City Auditor, will receive sealed bids until 12 m. on July 20, for the pur5t4% coupon Electric plant bonds. Dated Mar. 11929. .SALE.
-The $300.000
% water bonds, series T bonds offered on July
chase of 870.000




324

FINANCIAL 6IIRONICLE
_ .

10-V. 128, p. 4365
-were awarded to the Guaranty Company of New
York and the Bankers Company of New York, jointly, at 95.33, a basis of
about 4.75%. The bonds are dated July 11929, due in 50 years, optional
In 30 years.
WAUWATOSA, Milwaukee County, Wig.
-BONDS NOT ."OLD.
The two issues of 4J. % bonds aggregating $400.000. offered on Jetty 2V. 128. p. 4365-Were not sold as all the bids were rejected. The best bid
Was ad offer of par by the First Wisconsin Co. of Milwaukee, with the city
paying the cost of legal approval and printing. The Issuesare divided as
olleivs:
300,000 echoed, 16th series bonds. Due $15,000 from March 15 1930 to
1949 inclutive.
100,000 sewer, 20th series bonds. Due $5,000 from March 15 1930 to
1949 inclusive.
• WAYLAND CONSOLIDATED SCHOOL DISTRICT (P.O. Wayland)
Henry County, lowa.-BoArD
-Sealed bids will be received
until July 25, by W. R. Eicher, Secretary of the Board of Education, for
the purchase of a $6,000 issue of school bonds.
WAYNE, Wayne County, Neb.-PRICE PAID.
-The $22,000 issue
of 5.1, % street improvement bonds that was purchased by Wachob, Bender
1
& Co. of Omaha, was awarded to them for a premium of $199, equal to
100.90, a basis of about 5.35%. Dated June 16 1929. Due $2,000 from
1930 to 1940, incl.

OFFERING.

WAYNESBORO, Augusta County, Va.-BOND OFFERING-Sealed
bids will be reCeived by I. G. Vass, City Manager, until July 15, for the
Purchase Of a 2225,000 issue of 5% semi-annual impt. bonds, Dated July
15 1929. Due in 30 years and optional after 10 years.
-BOND OFFERWEBSTER COUNTY (P. 0. Fort Dodge), Iowa.
ING.
-Sealed bids will be received until 2 p. m.on July 30, by the County
Treasurer,for the purchase of a $200,000 issue ofannual primary road bonds.
Int,rate is not to exceed 5%. Dated Aug. 1 1929. Due $20,000from May
1 1935 to 1944, incl. Optional after May 11935. Blank bonds are to be
furnished by the purchaser. Chapman & Cutler, of Chicago, will furnish
the legal approval.
(These bonds were originally scheduled lam sale on July 23-V. 128, P.
4365.)
WESTFIELD, Hampden County, Mass.
-TEMPORARY LOAN.
A $300,000 temporary loan was awarded on July 9 to the Shawmut Corporation of Boston on's discount basis of 5.38%. The loan is dated July 10 1929
and is payable as follows: $100,000 on Oct. 7 and 2200,000 on Nov. 8, both
payments in 1929.. The following bids were also submitted: Discount Basis.
Bidder55.444497g
First National Bank of Boston
Saloon Bros. & Hutzler (plus 27)
Salomon
5.537
Faxon, Gade & Co
5.53i
Old Colony Corporation
WETMORE SCHOOL DISTRICT(P.O. Wetmore), Nemaha County,
KM1.-BOND SALE.
-A $20.000 issue of 434% school bonds has recently
been purchased at par by the State School Fund Commission.
-BONDS REGISWHARTON COUNTY (P. 0. Wharton) Tex.
TERED.
-A 2218.000 issue of 5).4% serial road bonds was registered on
July 2 by the State Comptroller.
WHISMAN SCHOOL DISTRICT (P. 0. San Jose), Santa Clara
-BOND SALE.
County, Calif.
-The $14,000 Issue of 5% school bonds
offered for sale on July 1 (V. 128, p. 4197) was awarded to the Bank of
Italy of San Francisco for a $15 premium equal to 100.107, a basis of about
4.98%. Due 21,000 from 1930 to 1943 intl. No other bids were submitted.
-BOND OFFERING.
WHITLEY COUNTY(P.O. Columbia City), Ind.
-Eugene E. Glassley, County Treasurer, will receive sealed bids until
10 a. m. on July 22. for the purchase of the following issues of 4;4% bonds
aggregating 219,520:
411,040 road bonds. Due $552, July 15 1930; $552, Jan. and July 15 1931
to 1939 Incl.; and $552, Jan. 15 1940.
8,480 road bonds. Due $424, July 15 1930; $424, Jan. and July 15 1931
to 1939 incl.- and $424,Jan. 1,5 1940.
Both issues are dated June 15 1929.
WHITMAN COUNTY SCHOOL DISTRICT NO. 205 (P. 0. Colfax)
-Sealed bids will be received until 10 a.m.
-BOND OFFERING.
Wash.
On July 20, by Mabel Greer. County Treasurer, for the purchase of a
0.
$22,000 issue of semi-annual school bonds. Int, rate is not to exceed 87
WILLIAMS WINANS INSTITUTE CONSOLIDATED SCHOOL,
DISTRICT (P. 0. Centerville) Wilkinson and Amite Counties,
-ADDITIONAL INFORMATION.
Miss.
-The $40,000 issue of school
bonds that was purchased by the Whitney-Central Trust & Savings Bank,
of New Orleans, at a price of 101.137-V. 128, p. 1098
-is fully described
as follows: 514% bonds in denoms. of $1,000. Dated March 1 1929. Due
from March 1 1930 to 1954 incl. Prin. and int. (M. & S.) payable at the
office of the County Depository. Basis of about 5.14%. Legality to be
approved by Thomson, Wood & Hoffman, of New York City.
WILLOWICK, Lake County, Ohio.
-BOND SALE.
-The following
6% bends, aggregating $35,000, offered on July 5 (V. 128. p. 4365), were
awarded to the Guardian Trust Co.. Cleveland, the only bidder, at par plus
'a premium of $17, equal to 100.04, a basis of about 5.99%:
$19,600 street improvement bonds, property owners' portion. Due on
Oct. 1 as follows: $600, 1930, and $1,000, 1931 to 1949 inclusive.
15.400 sewerage construction bonds. Due on Oct. 1 as follows: 23,000,
1930 to 1933, incl., and $3,400, 1934.
Both Issues are dated July 1 1929.
WOODBRIDGE TOWNSHIP SCHOOL DISTRICT (P. 0. Wood-E. C. Ensign,
-BOND OFFERING.
bridge), Middlesex County, N. J.
District Clerk, will receive sealed bids until 7 v. m. (Eastern standard
July 22, for the purchase of 265,000 414, 5 or 54% coupon or
time) on
registered school bonds. Dated July 1 1929. Denom. $1,000. Due on
July 1 as follows: 42,000, 1931 to 1952 Ind.: and $3.000, 1952 to 1959 incl.
Prin. and semi-annual int. payable in gold at the First National Bank,
Woobridge. No more bonds to be awarded than will produce a premium
of $1,000 over the amount stated above. A certified check for 2% of the
bonds bid for is required.

FINANCIAL

WOODBURY TOWNSHIP SCHOOL DISTRICT, Bedford County,
Pa.
-BOND SALE.
-The Farmers State Bank, of Woodbury, was the
successful bidder on July 1 for an issue of $12,500 5% registered school
building bonds. Price paid was par and accrued interest. The bonds are
dated June 1 1929. Denom. $500. Due on June 1, from 1930 to 1914
inclusive. Interest payable on June and December I.
WORCESTER COUNTY (P. 0. Snow Hill) Md.-BOND SALE.
The $300.000 0.1% coupon public school bonds offered on July 9-V.
128, p. 4365
-were awarded to Stein Bros. & Boyce and the Mercantile
Trust dr Deposit Co., both of Baltimore, at 100.79, a basis of about 4.68%.
The bonds are dated July 1 1929 and mature annually on July 1, as follows:
45,000, 1932 and 1933: $8,000, 1934; 413,000, 1935 to 1939 incl.; $14,000,
'1940 and 1941; $15,000, 1942; 419,000, 1943 to 1948 incl., and $20,000.
1949 to 1951 inclusive.
YPSILANTI SCHOOL DISTRICT, Washtenaw County, Mich.
BOND SALE.
-The $347,000 41.1% school bonds offered on July 1-V.
128, p. 4365
-were awarded to the Detroit & Security Trust Co. and
Watling, Merchen & Hayes, both of Detroit, jointly. The bonds are dated
July 11929. Denom. $1.000. Due on Feb. 1, as follows: $1,000, 1932 and
1933: $2,000. 1934 and 1935; 24,000, 1936 and 1937; $5,000. 1938 and 1939;
217.000. 1940; 832.000, 1941; 233.000, 1942; 435,000. 1943; 236,000, 1944:
$38,000, 1945: $40,000. 1946 to 1948 incl., and $12,000, 1949. Prin. and
semi-annual interest (Feb. and Aug. 1) payable at the Detroit & Security
Trust Co., Detroit. Legality is to be approved by Miller, Canfield,Paddock
& Stone of Detroit. The bonds are stated to be a legal investment for
savings banks in Michigan and are being re-offered for public investment at
prices to yield 5.00 to 4.50% according to maturity.
Financial Statement.
Assessed valuation
$13.000.000.
Total bonded debt
592,000
Population, 1920 census •
7,413
Present estimate
11,500

CANADA. its Provinces and Municipalities.
BEGIN TOWNSHIP, Que.-BOND OFFERING.
-Sealed bids will
be received by T. L. Pearson, Sec.-Treas., until 9 a. m. on July 15, for the
purchase of $20,000 bonds, to bear a coupon rate of 57 and to mature
0
serially in 20 years. The issue Is dated Oct. 1 1928. Interest payable.
semi-annually.
DALHOUSIE, N. B.
-BOND OFFERING -F.B.Swinnard, Town Clerk
and Treasurer, will receive sealed bids until 4 p. m. on July 31 for the purchase of $160,000 51.6% sewer debentures. Denom. $1,000. Due in 40.
years. Interest payable send-annually.
DUNDAS, Ont.-BOND SALE.
-The $110,000 high school bonds and
the 225.000 public school bonds offered on July 3-V. 128, p. 4365
-were
awarded to Bell. Gouinlock & Co. of Toronto, at 96.27, a basis of about
5.31%. Both issues bear Interest 'the rate of 57 payable seml-annually,
at
0,
and are to mature In 20 years. Matthews di Co., Toronto, bid 96.41 for'
the $110,000 issue and $96.01 for the $25,000 block. The following bids,
for both issues combined, were also submitted:
BidderRate Bid.
Dyment, Anderson & Co., Toronto
98.00
McLeod, Young, Weir & Co., Toronto
C. 11 . Burgess & Co., Toronto
9585.
5..3
0
Wood, Gundy dr Co., Toronto
95.18
JOLIETTE, Que.-BOND OFFERING.
-Z. Michaud, Sec.-Treas. of
the Board of School Commissioners, will receive sealed bids until 7 p. m.
on July 18, for the purchase of an Llano of $100,000 5% bonds. Dated
July 1 1929. Due serially in 25 years. Payable at Jollette, Montreal and
Quebec.
OAK BAY DISTRICT, B. C.
-BOND OFFERING.
-Sealed bids
addressed to R. F. Mandy, Clerk-Treas., will be received until July 15.
for the purchase of 280.000 bonds, to bear an interest rate of5% and mature
serially in 30 years. Interest payable semi-annually.
SALABERRY DE VALLEYFIELD, Que.-BIDS REJECTED.
-L. J.
Boyer, City Clerk, reports that all bids were rejected on June 28 for the
-V. 128, p. 4198.
$70,000 Issue of 5% improvement bonds offered for sale
The bonds are to be re-offered in October. Dated May 1 1929. Due
annually on Nov. 1 from 1930 to 1980, Inclusive.
-A 463,502 local improvement
SMITH'S FALLS, Ont.-BOND SALE.
bond Issue was recently awarded to T.Farmer, of Perth,at a price of 96.58.
5.40%. The bonds bear a coupon rate of 5% and mature
a basis of about
In 20 installments. Notice of the proposed sale of these bonds was given
. 4198. A list of the other bids received follows:
Bidder
Rate Bid_
Rate Bid.
in-dder28. P
B/V 1
98.5310. H. Burgess & Co
95.28
R. A. Daly & Co
95.40!Wood, Goody & Co
95.22
Bell, Goninlock &
-J. Fulton, Sec.-Treas.,
-BOND OFFERING.
SWAN RIVER, Man.
will receive sealed bids until July 15. for the purchase of $5,000 local Linprovement bonds. Rate of Interest 6%. The bonds are to mature In 15
equal installments.
VICTORIA, B. C.
-BOND SALE.
-The Bank of Montreal of Montreal
As reported to have purchased a $100,000 issue of 5% dty bonds at a price
of 96.76, a basis of about 5.23%. The bonds are dated May 15 1929.
Payable in 25 years in Montreal. Toronto. Winnipeg, Edmontin Vancouver
and Victoria. These bonds were offered on May 8. At that time the two
bids submitted were rejected. The Bank of Montreal submitted the tender
pixtd. 3231).now been accepted and A. E. Ames & Co. offered 96.65 (V. 128,
WINDSOR, Ont.-BOND SALE.
-The following Issues of 5% coupon
bonds, aggicaating $1,050,644.34, offered on June 17 (V. 128, P. 4050)
are reported to have been sold to McLeod, Young, Wok & Co. of Toronto
at a price of 96.46, a basis of about 5.40%:
$685,442.00 Jockey Club purchase bonds, payable in annual installmenta
over a period of 30 years.
365,202.34 locatimprovetnent bonds, payable In annual installments over
a period of 10 years.

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