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SATURDAY,JULY 20 1929.
VOL. 129.
financial (Chronide
PUBLISHED WEEKLY
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CHICAGO Orrics—In charge of Fred. H. Gray, Western Representative,
208 South La Salle Street, Telephone State 0613.
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WILLIAM B. DANA COMPANY, Publishers,
Front, Pine and Depeyster Streets, New York
Published every Saturday morning by WILLIAM B. DANA COMPANY.
President and Editor, Jacob Seibert; Business Manager, William D. Riggs;
Treas., William Dana Seibert; Seo., Herbert D.Seibert. Addresses of all. Office of Co
The Financial Situation.
The speculative furore which has so long been in
evidence found further pronounced expression the
present week on both the Stock Exchange and
a number of the commodity exchanges. Grain prices
have been mounting in very sensational fashion, day
after day; the stock market has continued its upward course with the railroad share list the special
feature, some of the railroad stocks having been
whirled upward in the same sensational way as has
so long been the case with the industrial shares and
the public utilities. Even the cotton market
has shown revival of activity within the last
few days, with an advance since Monday of over a
cent a pound, middling upland spot cotton on the
New York Cotton Exchange yesterday being quoted
at 19.20c., as against 18c. on Monday.
Last, but not least, speculation in real estate in
this city is proceeding on an astounding scale, and
values are rising in a perfectly amazing manner.
Here in the financial district property has been
changing hands at an advance of 50% or more during
the last three months. In the case of some of the
smaller parcels, prices have doubled, and even
trebled within the last twelve or eighteen months.
Real estate firms have been engaged in assembling
parcels in large blocks with the view to erecting huge
office buildings, thirty, forty, fifty or more stories
in height. And these real estate houses have been
bidding against one another with the result that
owners of parcels that might be needed to complete
a given area have found it possible to name their own
price and fix their own terms. And no sooner would
a deal with one broker be closed than another broker
would come along prepared to pay an even higher
figure. Big office buildings almost without number
are springing up on every side, and more are in
contemplation.
Such of these new structures as have thus far
been completed have been quickly rented and filled
NO. 3343.
up, but that has been largely because many other
buildings have been in process of demolition, forcing
the occupants to seek accommodation elsewhere.
Obviously, however, this cannot be counted upon to
continue indefinitely, and the question which is now
agitating the minds of real estate dealers is whether
there will not be an excess of office space when all
the big buildings on which construction work is
now being prosecuted, and the many others on which
construction is to be presently begun, are completed.
It is this situation which has led Loring M.Hewen,
President of the Loring M. Hewen Company, to
sound a note of warning against promiscuous office
building, if a serious falling off in the rental value
of office space during 1930 and 1931 is to be avoided.
The statement referred to appeared in the New York
"Herald Tribune" on Sunday last, and we reproduce it on a subsequent page. Mr. Hewen contends
that there are 2,250,000 square feet of unrented office
space in existence in the two principal office building centers of Manhattan, of which approximately
1,500,000 square feet are available in the district
between 34th and 59th Streets, and 750,000 unoccupied in the district south of Canal Street, and that
an additional 6,000,000 square feet is to be thrown
on the market during the next year and a half, when
the new buildings now under construction in these
areas are completed.
The warning is timely and should be heeded. As
it happens, we have in the Florida bank failures
which have occupied such a conspicuous place in
the news columns of the daily papers this week a
capital illustration of what happens when a boom
in real estate values and in new building work is
carried to extremes. The Florida boom collapsed
several years ago, but some of the after effects are
still being felt. Care should be taken to avoid a
repetition of anything of the kind in this city, and
the time for the exercise of the proper restraint is
now, before the movement has reached dangerous
extremes.
The advance in grain prices seems to have a solid
basis in the unfavorable outlook for the growing
wheat crop in Western Canada and for the Spring
wheat crop in the American Northwest. Because of
the hot and dry weather which is being experienced
over both of these areas, this year's crop in both
instances is certain to fall much below the crop yield
of the previous year. But even here there is grave
danger that the speculation may be carried too far,
making a subsequent collapse inevitable. In the
meantime there is a compensating advantage to the
farmers in this country which should not be overlooked. The Winter wheat crop in this country has
matured and is now being harvested; and though
the crop will not be quite as large as the estimates
326
FINANCIAL CHRONICLE
[VoL. 129.
current a month ago, the crop will nevertheless not the agricultural wealth of the country. And this
fall far short of 600,000,000 bushels (having been may well be believed, inasmuch as besides the rise
estimated last week at 582,492,000 bushels by the of 40c. a bushel in wheat, corn is up all the way from
Department of Agriculture), and on that crop farm- 22 to 34c. a bushel, oats 10c. or more, and rye from
ers will get the benefit of the great appreciation in 32 to 35c.
the market price of wheat which has occurred during
the last six or seven yeeks—amounting to between
The most important feature in this week's returns
40 and 50c. a bushel. In the case of the Spring of the Federal Reserve Banks is that they show a
wheat crop of the Northwest, the situation is dif- further expansion during the week in the total of
ferent. There the reduction in the size of the crop, brokers' loans of $58,000,000, thereby establishing
as compared with the very heavy yield of the pre- a new high record in all time, even surpassing the
vious two seasons, will count as an offset. But at total reached on March 20, when the amount was
least the rise in price should more than counter- $5,793,000,000. The present week's total is $5,813,balance the loss from a diminished yield. Besides, 000,000. On July 18 last year, when the total was
the farmers in that part of the country will also already unduly swollen, the amount was only $4,derive important benefits from the concurrent ad- 194,000,000. As for the changes under the different
vance that has taken place in the market value of headings the loans made by the reporting member
other grains, the rise not having been confined to banks in New York City on their own account fell
wheat but having extended to all the other grains during the week from $1,201,000,009 to $1,136,as well.
000,000, but the loans made by the reporting banks
The rise in grain prices the last six or seven weeks for account of out-of-town banks increased from
is one of the most remarkable that has ever occurred $1,624,000,000 to $1,676,000,000, and the loans for
within so short a period in the entire history of the account of others passed the $3,000,000,000 mark,
grain markets, and the transformation which this rising from $2,930,000,000 to $3,002,000,000.
rise has worked in the outlook and prospects of the
It is proper to say, however, that the further exagricultural communities of the West is no less note- pansion in brokers' loans to a record never previworthy and remarkable. We gave some figures two ously reached was not attended by any further
weeks ago in this column to show the extent of the increase in member bank borrowing at the Reserve
rise up to that time, and the record is worth giving institutions. Instead, the discount holdings of the
again now that the upward movement has been car- twelve Reserve Banks have fallen from $1,153,041,000
ried still further. On May 27 last the May option to $1,083,700,000. This diminution, though, has in
for wheat in Chicago, as has been many times related part been offset by an increase in the holdings of
here,sold below a dollar a bushel, being the first time acceptances purchased in the open market, and also
in nearly 14 years that this May option touched so by an increase in the holdings of United States Govlow a figure. Nor did the decline stop at that figure. ernment securities, this being a change from previous
On May 31 the price tumbled to 93%c., a subsequent practice, when holdings of both acceptances and of
upward reaction leaving the close on that day at Government securities were being steadily reduced.
94%c. The July wheat option at Chicago passed The acceptance holdings increased during the week
through a similar course, having declined from from $65,976,000 to $67,638,000, and the holdings of
1.19%c. May 1 to 96c. May 31. In June,on the other Government securities from $136,144,000 to $153,hand, the course of grain values was completely 115,000. Altogether the result is that total bill and
reversed. Prices now advanced as rapidly as they security holdings stand at $1,314,708,000 July 17
had previously declined. And during the current against $1,365,826,000 a week ago. Federal Reserve
month of July the rise has continued day by day notes have been reduced during the week from
almost uninterruptedly; and the present week $1,833,004,000 to $1,801,225,000. Gold holdings
especially the market has advanced in gigantic have risen from $2,901,817,000 to $2,929,576,000.
strides. As a result, the July option at Chicago on
At the Federal Reserve Bank of New York by
Thursday touched a high of $1.46%. It will be noted itself, there was only a slight reduction in member
that as compared with the 96c.,thelow for July option bank borrowing, the total of the discount holdings
touched on May 31, this was an advance of a full 50c. having fallen only from $439,320,000 to *422,926,000.
a bushel—all in the period of forty-eight days. The And even this small contraction was offset, and more
decline to $1.37Y which occurred yesterday was than offset, by increased purchases of acceptances
4
only a natural reaction. Corn and oats prices have and of Government securities. The acceptance holdenjoyed almost equally noteworthy recovery, even if ings of the New York Reserve Bank increased during
somewhat smaller in extent.
the week from $15,032,000 to $19,000,000, and the
As is known,in the interval since the May collapse, holdings of United States securities from $15,577,000
the Farm Relief bill, or Agricultural Marketing Act, to $33,182,000. As a consequence, there is more
as it is called, has become a law, but the appreciation Reserve credit outstanding at New York than a week
in values has not followed as a result of this, nor ago, the total of the bill and security holdings being
had any relation thereto. The rise has been due $477,713,000 against $472,744,000. Moreover, it
entirely to the change in the outlook for the crop in appears from the statement of the reporting member
Western Canada and in the American Northwest, as banks in New York district that these member
already indicated. In the meantime no little satisfac- banks reduced their reserves on deposit with the New
tion is to be derived from the great improvement York Federal Reserve Bank from *740,000,000 to
that has been wrought in the prospects of the agri- $727,000,000.
cultural classes as a result of the higher market
The twelve Reserve Banks still further increased
value of their products. Dispatches from Chicago their purchases of acceptances for their foreign corin the daily papers have stated that, according to respondents, reporting their holdings this week at
Board of Trade estimates, the general advance in $442,526,000 against $440,592,000 last week. On
grain prices has added more than $1,000,000,000 to May 1 these holdings of acceptances for foreign cor-
JULY 20 1929.]
FINANCIAL CHRONICLE
respondents were only $349,257,000. As already
noted, the Reserve institutions also this week increased their own holdings of acceptances. But the
increase was slight, and at $67,638,000 the comparison is with $170,421,000 on May 1 last.
327
twelve months of the preceding fiscal year exports
were valued at $4,877,071,000 and imports at $4,147,500,000, an excess of exports of $729,571,000. Gold
exports last month were $550,000 and imports $30,762,000. Last year at this time conditions in repect to the foreign movement of gold from the
United States were just reversed. For the current
fiscal year, ending with June, gold exports have been
$112,291,000 and gold imports $267,428,000, an excess
of imports of $155,137,000. For the preceding fiscal
year ending with June 1928, gold exports amounted
to $627,102,000 and imports to $129,140,000, the excess of exports being $497,962,000. Silver exports
last month were $5,441,000 and imports $5,022,000.
Some unusual changes appear in the report of the
foreign trade of the United States for the month of
June. Merchandise exports are a little higher in
value than they were in May; also, slightly above the
figures for the corresponding months of last year,
and this notwithstanding an exceptionally small
movement abroad for the month of raw cotton. Imports on the other hand are somewhat reduced in
value in comparison with the high figures of the
In the stock market the week has been one of
two preceding months, although they continue to
Fur- great strength and of rising prices. In the early
show a considerable increase over June 1928.
thermore, there is for June the customary trade part of the week the feature was the sudden great
balance on the export side, whereas in May imports revival of activity in the railroad list. On Saturday
exceeded exports, an exceptional condition not pre- last leading railroad shares were whirled up in much
viously experienced since the early months of 1926. the same sensational way in which it has long been
Merchandise exports last month were valued at the fashion to boost the high priced industrials and
$397,000,000 and imports at $352,000,000, the excess public utilities. Previously it was the custom for
•of exports thus amounting to $45,000,000. The May the railroad stocks, even when they showed great
,exports were valued at $384,993,000 and the imports strength, to advance in a very moderate way. But
at $400,149,000, giving an excess of imports of $15,- on Saturday last the rise was by leaps and bounds.
156,000. In June 1928, merchandise exports were New York Central showed a net gain for the day, as
34
4388,661,000 and imports only $317,249,000, the latter compared with the close on Friday, of 12/; Union
/
for imports of any month since Pacific also gained 1234; Atchison 8; Chesapeake &
the lowest in value
/
/
February 1927. For June of last year exports ac- Ohio 81 2; Delaware & Hudson 718; Canadian Pa8;
4
/
exceeded imports by $71,412,000. Mer- cific 63 ; St. Louis-San Francisco 4y St. Louis
cordingly
chandise exports last month were $8,339,000 higher Southwestern 41/4; Missouri-Kansas-Texas 4%;
/
in value than in June 1928, while in May there was Great Northern 418; Rock Island 4; Baltimore &
a decrease this year compared with that month of Ohio 4, and so on all through the list, advances even
the preceding year, amounting to $37,564,000. Mer- where moderate being two to four points. This
chandise imports, however,for both months this year, sudden spurt in the railroad list was all the more
in
were in excess of the value shown for the correspond- noteworthy, as there was more or less weakness
June amounting the rest of the market, the copper stocks being
ing months of 1928, the increase in
to $34,751,000, while for May the gain this year was especially under selling pressure.
On Monday the performances in the railroad
no less than $46,168,000.
the exports, there was in both May stocks were repeated, several of them opening sevIn the matter of
and June a very heavy reduction in the movement eral points higher than the close on Saturday, and
abroad of raw cotton, this product exceeding as it large further advances were established all through
-does in value all other products in our export trade. the railroad list. The rest of the market was again
Reference has previously been made to the reduced under selling pressure, there being evidently exvolume of cotton exports in May. The decline in tensive sales to realize profits. An unfavorable fea• cotton exports in June was nearly as great, ship- ture, as far as stock speculation was concerned, was
ments of 308,947 bales for that month this year show- a rise in the call loan rate on the Stock Exchange
ing a loss of 32.6% compared with June 1928. The to 12% after renewals had been effected at 9%. On
-value of cotton exports last month of $30,891,799 was Tuesday the tension in the money market was again
an adverse feature, the call loan rate on the Stock
42.1% smaller than for June 1928.
such a decline for cotton alone it follows that Exchange ruling throughout the day at 12%. Stocks,
With
-exports in June this year of merchandise other than however, showed considerable firmness with the
cotton, show a much larger increase over the figures course of prices somewhat irregular, though with
dor the corresponding month of last year, than is in- sharp uprushes in special stocks. As the week pro,dicated by the $8.339,000 increase in the general gressed railroad stocks again fell in the background,
total of merchandise exports above. There are, how- and the industrial shares and the public utilities
-ever, at this time signs of some recession in the ex- came to the front, moving upward with great
ceedingly heavy exports of automobiles, which have rapidity. The money situation now began to ease,
.characterized our export trade for many months the call loan rate on the Stock Exchange declining
past. The detailed figures for June are not available on Wednesday from 12% to 8%, and ranging on
;at this time. The Department of Commerce at Wash- Thursday and Friday from 8%, the renewal figure,
ington reports that for May, exports of motor cars down to 7%. Profit taking was evidently on an
-were valued at $45,265,000, a decline of $21,000,000 extensive scale, but the market manifested growing
from the preceding month and $3,757,000 less than strength, nevertheless, and under the leadership of
United States Steel and a number of leaders in the
in May 1928.
June ends the fiscal year, and the total value of utility field scored many new advances of large size.
On Friday renewed bullish demonstrations oc-merchandise exports for the past twelve months is
15,377,510,000 and of imports $4,290,457,000, an ex- curred all through the list, the rails once more fall.cess value of texports of $1,087,053,000. For the ing into line and distinguishing themselves by fur-
328
FINANCIAL CHRONICLE
[VOL. 129.
ther upward spurts, though the whole market moved The list of stocks which this week have established
upward in sensational fashion. The statement of new high records for the year is a long one, includbrokers' loans issued after the close of business on ing among others the following, the railroads
Thursday recorded a further expansion in the total especially being prominent in that respect:
of these loans of $58,000,000 for the week, to a new
STOCKS MAKING NEW HIGH FOR YEAR.
high record in all time, but this had no effect in
Railroads—
Indus. and Miss.(Conlinued)—
checking the speculation. Indeed, there appeared to Atchison Topeka & Santa Fe
Canada Dry Ginger Ale
1110
Atlantic Coast Line
Case Threshing Machine certificates
be gratification over the fact that the expansion Baltimore & Ohio
Commercial Solvents
was not of greater magnitude. The dealings from Bangor & Aroostook
Consolidated Gas
Chesapeake dr Ohio
Continental Can
day to day have continued large, though not of ex- Chicago Milwaukee St. Paul & Pac. Continental Insurance
Chicago
Corn Products Refining
ceptional magnitude as far as the New York Stock Chicago & North Western
Rock Island & Pacific
Crown Cork & Seal
Exchange is concerned. At the half day session last Colorado dr Southern
Cutler-Hammer Mfg.
Delaware & Hudson
Cuyamel Fruit
Saturday the sales on the Stock Exchange aggre- Delaware Lackawanna & Western Detroit Edison
Engineers Public Service
gated 2,202,800 shares; on Monday the sales were Erie
Great Northern preferred
First National Stores
4,286,020 shares; on Tuesday 4.501,920 shares; on Hocking Valley
Fleischmann Co.
Southern
General
Wednesday 4,357,620 shares; on Thursday 3,727,710 Kansas CitySt.Paul & Sault Ste M. Glidden Asphalt
Minneapolis
Co.
shares; on Friday 4,201,000 shares. On the Curb Missouri-Kansas-Texas
Harbison-Walker Refractories
Missouri Pacific
Hershey Chocolate
Exchange last Saturday the sales aggregated Nashville Chattanooga & St Louis Hollander & Son
New York Central
Ingersoll-Rand
1,832,200 shares, establishing a new high record for New York Chicago & St. Louis
International Business Machines
a Saturday half-day trading; on Monday the sales New York New Haven & Hartford International Harvester
Norfolk & Western
International Teleph. & Teleg.
on the Curb were 2,764,100 shares; on Tuesday Northern Pacific
Intertype
Pennsylvania
Kimberley-Clark
2,247,100 shares; on Wednesday 2,453,100 shares; Peoria & Eastern
Kinney Co.
on Thursday 2,162,800 shares, and on Friday Pere Marquette
Kraft Cheese
Reading
Lima Locomotive Works
2,469,800 shares.
St. Louis-San Francisco
Louisville Gas dr Electric A
Southern
Midland Steel Products Pref.•
As compared with Friday of last week, prices, Southern Pacific
Railway
National Acme Stamped
while irregularly changed, are quite generally higher Union Pacific
National Power & Light
Industrial and Miscellaneous—
Newton Steel
with many large advances in special stocks. West- Air Reduction
North American Co. .
Otis Steel
inghouse Elec. & Mfg. closed yesterday at 196% Allegheny Corp.
Allis-Chalmers
Poor & Co. class B
against 197 on Friday of last week; United Aircraft American Bank Note
Public Service Corp. of N.J.
American Ice
Purity Bakeries
/
& Transport at 13614 against 129; American Can American International
Remington Rand
at 166 against 168; United States Industrial Alco- American Locomotive
Republic Iron & Steel
American Machine & Foundry
Shattuck (F. G.)
hol at 186 against 18814; Commercial Solvents at American Power dr Light
/
Simmons Co.
Amer. Radiator
489 against 458 ; Corn Products at 104 against Amer. Telephonede Stand. Sanitary Simms Petroleum
/
1
2
& Telegraph
Southern California Edison
103; Shattuck & Co. at 177 against 177; Columbia American Writing Paper certificates Standard Gas & Electric
Atlas Tack
Thatcher Mfg.
Graphophone at 66/ against 67%; Brooklyn Union Auburn Automobile
78
. S. Steel
Beacon
Van Raalte
Gas at 215% against 224; North American at 158 Bendix Oil
Aviation
Vulcan Detinning
against 153; American Water Works & Elec. at Brown Shoe
Warner Bros. Pictures
Bullard Co.
Warren Bros.
13512 against 135; Electric Power & Light at 781 2 By-Products Coke (Old)
/
/
Western Union Telegram
Yale & Towne
against 7914;Federal Light & Traction at 94 against California Packing
/
98; Pacific Gas & Elec. at 71% against 69; Standard
The copper stocks were heavily sold early in the
Gas & Elec. at 138 against 134; Consolidated Gas week, but have since partly recovered. Anaconda
/
1
2
of New York at 146 against 14318; Columbia Gas Copper closed yesterday at 113% against 11738 on
/
1
2
/
/
& Elec. at ex div. 8818 against 96%; Public Service Friday of last week; Greene Cananea closed at 170
/
of N. J. at 124 against 11614; International Har- against 174%; Calumet & Hecla at 40% against 42;
/
vester at 121 against 115; Sears Roebuck & Co. at Andes Copper at 51 against5214;Inspiration Copper
/
167% against 173%; Montgomery Ward & Co. at at 43% against 43%; Calumet & Arizona at 127
145% with rights against 145; Woolworth at 90
/ against 1271 2; Granby Consol. Copper at 77 against
1
2
/
against 91/; Safeway Stores at 17014 against 814 American Smelting & Ref. at 108 against
12
/
1
;
/
169%; Western Union Telegraph at 2201 2 against 107/ ; U. S. Smelting & Ref. at 55 against 5512
78
/
/.
2211 2; American Tel. & Tel. at 247% against 246%;
/
The oil stocks have been irregular. Simms PetroInt. Tel. & Tel. at 111 against 110.
leum closed yesterday at 37 against 35% on Friday
Allied Chem.& Dye closed yesterday at 335 against of last week; Skelly Oil at 42 against 40%; Atlantic
3401 2 on Friday of last week; Davison Chemical at Refining at 6778 against 69; Pan American B at 63
/
/
54/ against 53; E. I. du Pont de Nemours at 187
12
78
/ against 59/;Phillips Petroleum at 3612 against 37;
1
4
/
against 188%; Radio Corporation at 8218 against Texas Corporation at 61/ against 62%; Richfield
/
78
791%; General Electric at 34838 against
/
%;
347½; Na- Oil at ex div. 40% against 411 Standard Oil of
tional Cash Register at 126% against 127; Wright N. J. at 57% against 5718; Standard Oil of N. Y.
/
Aeronautical at 134% agarnst 1314 International at 40 against 38%,and Pure Oil at 2618 against 26%.
;
/
1
/
Nickel at 49 against 501 2; A. M.Byers at 138 against
/
The steel stocks, under the leadership of U. S.
14218; Timken Roller Bearing at 102% against Steel, have large gains to their credit, and many have
/
105%; Warner Bros. Pictures at 60% against 6118; established new high records for the year, including
/
Motion Picture Capital at 53 against 57½; Mack U. S. Steel. The latter closed yesterday at 208
/
1
4
/
1
4
Trucks at 98 against 98; Yellow Truck & Coach against 203 on Friday of last week; Bethlehem Steel
18
at 37/ against 39; National Dairy Products at 81
/ at ex div. 119% against 119; Republic Iron & Steel
1
4
against 84; Johns-Manville at 198 against 191; Na- at 11318 against 110%; Ludlum Steel at 1011 2
/
/
tional Bellas Hess at 47/ against 43/; Associated against 1041 2; Youngstown Sheet & Tube at 155
12
/
12
/
Dry Goods at 5018 against 48%; Commonwealth against 154. The motors are generally lower. GenPower at 226 against 220; Lambert Company at eral Motors closed yesterday at 69% against 7118
/
1
4
/
/
1
4
/
1481 2 against 151 ; Texas Gulf Sulphur at 72% on Friday of last week; Nash Motors at ex div. 8478
/
against 71%; Kolster Radio at 35 against 3612 against 86%; Chrysler at 69% against 71; Packard
/
1
4
/
.
JULY 20 1929.]
FINANCIAL CHRONICLE
/
Motors at 13038 against 132; Hudson Motor Car at
/,
86% against 8718 and Hupp Motors at 41% against
45. The rubber stocks also are lower. Goodyear
Rubber & Tire closed yesterday at 120% against
123% on Friday of last week; B.F. Goodrich at 76%
against 81, and United States Rubber at 50 against
513 and the preferred at 75 against 78%.
4,
Railroad stocks have, as already stated, enjoyed
spectacular rises, the most of them having also made
new high records for the year. New York Central
closed yesterday at 240 against 219% on Friday of
last week; Pennsylvania RR. at 97% against 90;
Erie RR. at 83% against 78%; Del. & Hudson at
222% against 210%; Baltimore & Ohio at 133
against 127; New Haven at 115% against 110; Union
/
Pacific at 27478 against 252%; Canadian Pacific
at 245 against 241%; Atchison at 25778 against
/
245%; Southern Pacific at 148 against 138%; Missouri Pacific at 99% against 96; Kansas City Southern at 107 against 97%; St. Louis Southwestern at
11078 against 94%; St. Louis-San Francisco at 131%
/
against 12678; Missouri-Kansas-Texas at 64%
/
against 58; Rock Island at 140% against 136; Great
Northern at 125% against 117; Northern Pacific at
115% against 112%, and Colorado Southern at 130
against 116.
European securities markets were quiet and irregular this week, with share prices working toward
lower levels on the important exchanges. Much uncertainty was occasioned by the darkening political
horizon in the Far East and by the halting steps
taken by European governments to set the new
Young Plan in operation. Additional dubiety was
caused by the possibility of a crisis in the French
government over the question of ratification of the
debt accords. Nor did the international monetary
strain show many signs of clearing up, fears of further gold withdrawals persisting at London despite
the improvement in sterling exchange.
Some sharp movement took place on the London
Stock Exchange at the opening, Monday. AngloAmerican issues moved upward in consequence of the
bullish demonstration in Wall Street late last week.
Interest in this development was eclipsed for a time,
however, by a drop of more than 7 points in RoyalMail common shares which puzzled the market. British industrial stocks showed little change, while the
gilt-edged list was slightly easier. Tuesday's market
at London was again very irregular. Gilt-edged
stocks were steadier, and Royal Mail shares improved
markedly following a reassuring statement by Lord
Kylsant. The industrial market was featured by a
drop in cement shares. Chinese bonds were marked
down because of the Russian ultimatum to Nanking.
Quiet conditions prevailed Wednesday at London,
with prices in most groups dull in the absence of support. Royal mail shares constituted a bright spot,
the issue rallying further. Gilt-edged stocks were
depressed, however, on reports of gold withdrawals
from the Bank of England. The tone remained dull
Thursday also, with gilt-edged securities still weak
in anticipation of further gold losses. Domestic
issues showed little change, but more movement was
noted in the foreign section, where Chinese bonds
were heavy owing to the severing of official relations
with Russia. Yesterday the London market was
quiet but measurably lower, gilt-edged securities declining again on gold withdrawals for French
account. British industrial and foreign issues also
were easier, giving the entire market a weak tone.
329
Trading on the Paris Bourse was begun this week
on Tuesday, after a three-day close occasioned by
national holidays. Many traders prolonged their absence because of excessive heat in Paris, and the
market therefore was exceptionally dull. The price
trend was hesitant at the start, but improvement set
in later and some small gains were made. Further
slow improvement took place Wednesday at Paris,
although business remained on a very small scale.
Rumors that Premier Poincare was seriously ill
alarmed the market for a time, but when these reports were proved unfounded stocks made progress
in general. After a firm opening Thursday,the Paris
Bourse developed a weak spell and the whole market
dropped off. This was attributed in part to profittaking and in part to continued uncertainty over the
political situation. Bank stocks, electrical shares
and motors were particularly affected. The Paris
market was steady yesterday, with trading of small
proportions.
The Berlin Boerse opened the week with a firm
tendency, with mining stocks again reflecting accumulation. The improvement quickly spread to
the electrical list, most of which were sought at slight
advances. The tendency was reversed Tuesday, however, the entire market dropping off to a moderate
extent. The pending mid-year report of S. Parker
Gilbert, the Reparations Agent, had an unsettling
effect, as it was rumored that this contains a severe
criticism of the German Finance Ministry. An
uneven trend developed Wednesday at Berlin, some
sharp increases taking place as well as equally drastic losses. Electrical issues and steels were prominent in the advance, with purchases particularly
heavy in A. E. G. shares. Artificial silks, on the
other hand, were decidedly weak, Glared Textiles
dropping 12 points and Bemberg 9. Thursday's
opening at Berlin was weak and the market remained
depressed all day. Mining and electrical shares
resisted the decline better than other stocks, but
they also showed losses, with the result that the
general level of the market at the close was several
points below the opening. A steadier tone developed
at Berlin yesterday.
Relations between Soviet Russia and the Nanking
Nationalist Government of China assumed a grave
aspect this week as a result of the Chinese seizure
on July 11 of the Russian owned Chinese Eastern
Railway through Manchuria. Great excitement has
reigned throughout Russia and the Far East in consequence of this precipitous and radical action, which
the Chinese explain as a measure of retaliation
against -Soviet propaganda. A number of the Russian officials connected with the rail line were
arrested by Chinese authorities. Although the situation thus created contains more than a possibility
of a clash at arms between China and the Soviet,
informed circles in Washington and other capitals
were not inclined to think a prolonged war between
the nations likely. Both the Moscow and the Nanking authorities are anxious to avoid war, it is said,
since neither government is in a financial position to
defray the costs. Tokio officials, who are in closest
touch with the situation in Manchuria, are especially
skeptical of any military developments.
Seizure of the Chinese Eastern and its telephone
and telegraph lines by the Chinese is regarded in
diplomatic circles as the culmination of the longcontinued Chinese policy of encroachment on
Russian interests. Anxiety was expressed in more
330
FINANCIAL CHRONICLE
FOL.129.
,than one capital regarding the possibility of similar, sion of Communist propaganda and the maintenance
Chinese action against the interests of other nations, of order in Manchuria."
This note, considered highly unsatisfactory by
if this coup should prove successful. The Chinese
Eastern, running through Chinese territory for a Moscow, prompted that Government Wednesday to
thousand miles, has been the cause of serious strain break off all diplomatic relations with China. The
between China and Russia on a previous occasion. Soviet sent a reply to the Nanking Government say'The line was built in 1897 under authorization of the ing that all means of reaching an amicable settleImperial Russian Government. After the vast ment had been exhausted. In this communication
•changes effected by the World War and the Russian the entire responsibility for all consequences was
Revolution, it was managed for a time by an inter- placed upon the Chinese Government and the anallied board headed by an American railway en- nouncement was made that all Soviet diplomatic
gineer. The present phase was begun May 31 1924, and consular officials and all government comwhen an agreement was signed between the Soviet mercial representatives would be recalled at once
and the Chinese regime at Peking, which provided from China.The note declared further that all Soviet
for the temporary management of the railway. The officials would be recalled from the Chinese Eastern
„Soviet Government agreed to permit China event- Railway, that all rail communication between Soviet
ually to buy back the railway with all its properties territory and China would be suspended and that
with Chinese capital, and the two governments the diplomatic and consular representatives of the
• agreed that the future of the line should be deter- Nanking Government would be ordered immediately
mined solely by themselves to the exclusion of any to leave Soviet territory. Moscow, however, specifithird party. A board of directors was set up, com- cally reserved all the rights arising from the Pekingposed of five Chinese and five Russian appointees. Mukden agreement of 1924. Countering the charges
It was Arevided that the manager of the railway that Russia has been persecuting Chinese citizens in
„should be a Russian, with one Russian and one Soviet territory, the note said that this was a hypocritical endeavor by China to justify its own outrages
Chinese assistant.
Soviet officials, after verification of the reports in the arrest of Russian citizens. The note charged
-of the Chinese action, placed an ultimatum in the that the Nanking Government was well aware that
hands of the Chinese Charge d'Affaires in Moscow Russia has had recourse to repressive measures only
last Sunday. Although politely phrased, this com- in the case of insignificant groups of spies, opium
munication declared emphatically that the Soviet traders, white-slavers, smugglers and other criminal
Union would be compelled to resort to "other means Chinese. This action by Russia was followed Thurs•of defense of the Soviet's legal rights" unless the day by a Berlin announcement that the German GovChinese agreed within three days to its peaceful ernment has agreed to take charge of Chinese interpolicy. It added that notwithstanding "violent and ests in Russia and of Russian interests in China.
provocative actions" of the Chinese authorities, it
These political developments were accompanied
once more expressed its willingness to enter negotia- throughout the week by many rumors of military
tions with China regarding all questions connected movements, Most of them apparently exaggerated.
with the Chinese Eastern Railway. The note stated, Communications with Manchurian points were subhowever, that such negotiations would be possible ject to increasing delay, and reports of movements
only in the event of immediate release of arrested emanated mainly from unofficial sources in Peking,
citizens of the Soviet Republics and cancellation of Riga, Tokio and Moscow. Peking dispatches stated
-all illegal orders by Chinese authorities. The note that Russian forces are being massed at points on
suggested that the Mukden (Manchurian) Govern- the Siberian-Manchurian border, with concentrament, and the Nationalist Government at Nanking tions especially large at Manchouli and Pogranichiweigh the serious consequences which rejec- naya. It was indicated in these reports also that
tion of these proposals would have and de- there are about 150,000 Russians who are Soviet
clared that Moscow would wait three days for an sympathizers at present in China, most of them in
Manchuria. Tokio dispatches indicated that martial
answer.
law has been proclaimed in Harbin, Manchuria,
The Nationalist Government of China replied to
this ultimatum on Tuesday at midnight, just within which is the important junction point where connecthe three-day limit set by the Soviet. Two demands tion is made by the Chinese Eastern with the Japanwere made in the reply, although it was emphasized ese owned South Manchurian Railway. Civilians
that they were not counter-demands to those of the were declared to be in flight from the border towns.
Russian note. The first was that the Soviet should Moscow dispatches reported the Russian population
release all Chinese imprisoned in Russia, while the in rising anger against the Chinese, and particularly
second was that the Soviet should adequately pro- against the White Russians who are said to be
tect Chinese nationals in Russia from aggression and anxious for untoward developments. A White Guard
repression. Moscow was informed that a Chinese force of 15,000 is in process of formation in China,
plenipotentiary was leaving Nanking for that capital under the lead of Ataman Semenov, it is said. Riga
to discuss all pending matters bptween the Govern- reports said that General Budenny, leader of the
ments. The plea was made that the action of the Soviet forces, had been recalled from a vacation to
Chinese Government in dismissing officials of the active command.
There was much speculation during the week rerailway and taking over various concessions was justified because Soviet railroad officials had not car- garding the possible effect on the developments of
ried out faithfully the terms of the 1924 agreement the League of Nations and the newly signed Kellogg
providing for joint operation. "The Nationalist Treaty renouncing war as an instrument of national
Government," the note said in conclusion, "will al- policy. Growing uneasiness was caused in Geneva
ways welcome Soviet subjects and merchants in by the Sino-Russian imbroglio, but the League offiChina, but the recent arrest of Russians in Man. cials are helpless until some member State considers
.churia is only just, being necessary for the supres- the threat sufficiently grave to warrant calling it to
JULY 20 19291
FINANCIAL CHRONICLE
the attention of the League. Only then can the
League machinery for preserving peace be set in mo
tion. Even in this event, however, the League will
, not necessarily be able to exert much influence, it is
said, since Russia is not a member State. The Kellogg Pact, on the other hand, has been cigned by both
countries, but the question appears to be, according
to London reports, how to set it in motion. The
Japanese Government, meanwhile, is maintaining an
attitude of watchful waiting on the developments, according to a Tokio dispatch to the Associated Press.
Foreign Office spokesmen were quoted as saying the
time is not yet ripe for Japanese intervention. It
was conceded in Tokio, Thurcday, that open warfare
may develop, but the tendency was still to think that
hostilities would be averted.
That the great powers are not disposed to sit idly
by and watch the Sino-Russian imbroglio develop
into a devastating military conflict was indicated in
Washington yesterday, where Secretary of State
Stimson took steps to call to the attention of both
the Soviet and the Chinese Governments the fact
that they are signatories of the Kellogg Treaty for
the renunciation of war as a political instrument.
The reminder to the Soviet Government, it was suggested in an Associated Press report from the capital, was probably forwarded through the good offices
of the French Ambassador, M. Paul Claudel. The
Chinese Minister in Washington received a eimilar
suggestion, it was said. Mr. Stimson was reported
at the same time as feeling that the entire matter
can be settled without resort to hostilities. Foreign
Minister Aristide Briand, of France, took similar
action in Paris yesterday. He called on the Ruscian
and Chinese Ambassadors in the French capital
and urged them to exhaust every means for arriving
at a pacific settlement of the dispute. Unconfirmed
reports from Manchuria, meanwhile, stated that
Soviet contingents had moved against border points
in China. Not much reliance was placed in these
dispatches, since one of the points "captured" by
the Russians is in Russian territory. Soviet officials
in Moscow issued an official statement to the effect
that they have no intention of invading China, but
are massing troops at the frontier purely to protect
the border against possible invasion by White Rut:sian forces in China. "Unless China attacks, we do
not intend military action," the statement declared.
Chinese authorities in Shanghai were reported as
declaring laconically that the next move is up to
Soviet Russia. The Nanking Government, it was
said, will resist any mediation or interference by
other foreign governments.
Discussion was again revived in Europe over the
last week-end of the plan espoused by M. Aristide
Briand, Foreign Minister of France,for the economic
unification of all European States. A number of
"trial ballons" were sent out in the earlier months
of this year in order to test the reaction to the project, but no formal announcement has yet been made.
It now appears from dispatches to the New York
Times from Paris, London and Geneva, that M. Briand intends to push his plan vigorously in the near
future. He informed a small group of French newspaper men in Paris last week that he would probably
lay his ideas before the Assembly of the League of
Nations in September,remarking that he had already
been assured of sufficient cooperation to make the
plan a success. It would appear that his intention
331
is not in any way to arrange a union against any one,
but rather to develop the industry and commerce of
Europe through mutual advantages. Hovering in
the background of the French statesman's thoughts
is said to be also an ultimate political federation of
Europe. It is declared that M.Briand intends to make
his speech before the League in Seplfmber, if the
political situation is favorable, and see what effect
is produced. If his pronouncement meets with approval he will, it is believed, propose a Pan-European conference to be held late this year for general
conversations on the matter.
Considerable interest was aroused in League
circles in Geneva by the Paris reports of M. Briand's
plans. Extensive preliminary soundings were said
already to have taken place on the plan, as a result
of which responsible statesmen of nine countries are
reported to have expretsed themselves favorably.
The countries are Germany, Italy, Poland, Czechoslovakia, Yugoslavia, Rumania, Greece, Belgium and
Austria. The only chancellery approached which
has been cool toward the idea is said to have been
the British, which was consulted while the Conservative Government was still in power. The attitude of the Labor Government is thus unknown. It
appears, according to the Geneva reports, that the
Washington Government has been officially informed of the plan through the French Ambassador
M. Claudel, for the purpose not only of quieting any
American apprehenrions that might be aroused by
a premature disclosure, but also in order to sound
out the State Department when the time was ripe for
taking the proposed steps. In a discussion of this
plan for welding Europe into an economic entity, Edwin L. James, London correspondent of the "Times,"
remarks that "there is much distance to be traveled
before this is attained." European nations, he adds,
differ so much on all issues that they will undoubtedly differ on this one also. The point is made,
however, that the more cause of complaint the
American tariffs give to European exporters, the
more vivid will be the colors in which may be painted
the need for doing something about it.
The long contest in the French Parliament on the
mode of ratification of the debt accords with Great
Britain and the United States was carried into its
final stage on Tueciday, when debate was resumed
after a three-day suspension occasioned by the national holidays. Premier Poincare went before the
Chamber on July 11 with his request for parallel
ratification of the Young Plan and the ChurchillCaillaux and Mellon-Beranger accords. Although
the powerful Chamber'Commissions on Finance and
Foreign Affairs had both voted for ratification of
the debt accords with reservations making the payments contingent on German payments under the
new Young Plan, Premier Poincare opposed this
vigorously and staked the life of his Government on
unreserved ratification. Beginning Tuesday, parliamentary debate on the question was continued each
day until midnight in an attempt to secure action
before Aug. 1, when the $407,000,000 payment for
war stocks to the United States is due.
Premier Poincare terminated Tuesday morning
his three-day explanatory speech on the need for
prompt and unreserved ratification, urging the
Chamber at the close to "ratify the accords which
all other countries have already ratified." If the
Chamber insisted on reservations, he declared, these
•
332
FINANCIAL CHRONICLE
must be put in a separate resolution and not made
a part of the instrument of ratification. The debate
then proceeded along partisan lines until Aristide
Briand, the Foreign Minister, was called to the
tribune. In a terse speech dealing with the international aspects of the debt question, M. Briand remarked thdt Britain and the United States had refused the French request for guarantees. "Yet thirteen other countries to whom that same request was
refused have signed their debt agreements," he continued. "Is the United States going to grant this
clause to us alone because we are the last to sign?
You are dealing with political men in the United
States whose actions are circumscribed. It is utterly unjust that criticism of what the government
is constrained to do should be addresced against the
whole people. Dig back into your memories. Have
you forgotten that it was at the moment of Verdun
that America joined us in the war? If ever again
such tragic circumstances should come, how will it
be if to our appeal comes the answer: 'No, we are
not going to expoLe ourselves again to ingratitude?'
Even in this discussion of debts it must be made clear
that our gratitude remains unimpaired." A vote was
taken, however, on the insistence of Louis Dubois,
the most fiery of the antagonists of ratification, who
demanded the adjournment of the debate until there
should be a general settlement of debts and reparations. This motion was rejected by 304 votes to 239,
the Government thus attaining a clean victory in
the first test of the question.
An even more conclusive victory was won by the
Government Wednesday, when a Socialist motion
'instructing the Government to put peace before reparations was defeated by 350 votes to 239, many of
the Deputies who had previously abstained voting
for the Government in this trial of strength. The
victory was won de- pite the absence of Premier Poincare, who was not able to attend the debate owing
to a slight indisposition occasioned by overwork and
strain. Bitter attacks were, however, again made
on the Cabinet Thursday, one of the youngest Deputies, Gaston Bergerie, reviewing the developments
of the last five years from an expert's point of view
with deadly effect. M. Bergerie was formerly assistant Secretary of the Reparations Comniission.
The Center Parties, recognized as the key to the
situation, gave indications during the day that they
would support the Premier in his demand for unconditional ratification, and it was accordingly
taken for granted that ratification without reservations will be effected. The signature of President
Doumergue on the instrument of ratification is now
virtually assured before the end of the month, according to an Associated Press report of Thursday
from Paris.
Active steps toward the realization of some of its
plans were begun this week by the new Labor Government of Great Britain, with results that for a time
seemed to threaten the stability of the new regime.
The more important of the plans announced this
week relate directly to the persistent problem of unemployment. A proposal by the Labor Government
in the House of Commons to spend about 0,000,000
a year to help the colonies and mandated territories
develop their natural resources was accepted readily
enough not only by the Labor members, but by the
Conservative opposition as well. The project was introduced by J. H. Thomas, Lord Privy Seal, as part
{voL. 129.
of the general plan to solve the problem of unemployment. It would, Mr. Thomas explained, lay the
foundation for a constructive development of the
colonies, which would not only benefit the lands in
which the money would be spent, but react favorably
on the unemployment situation in England by
greatly increaLing the demand for exports of all
sorts from the mother country to the colonies.
Mr. Thomas, as the Labor Minister charged with
solving the unemployment problem, followed this
mild beginning Tuesday by introducing an elaborate
and far more expensive scheme for extending aid to
industries at home with the same aim in view. A
lively tilt resulted between the Laborites and the
Conservatives when the latter, far from repeating
their easy acquiescence in the Labor plan, raised
strenuous objections and very nearly defeated the
Labor Government. The scheme put forward by Mr.
Thomas provided, first, a Government guarantee not
exceeding $125,000,000 of the principal and interest
on loans raised by public utility companies; second,
Government grants for fifteen years of the whole or
part of the interest on loans so raised; and third, unlimited Government grants toward the cost of
schemes for the relief of unemployment promoted by
local authorities or statutory bodies not trading for
profit.
Both the Conservative opposition and the Liberals,
who hold the balance of power in the new House,
promptly criticized the project. More information
on the costs of the Laborite plans was urgently called
for by Lloyd George, the Liberal leader. "If the
Government intends to finance public utility companies to provide work without the sanction of Parliament,and without any limit imposed by Parliament,
I will oppose you," he declared. "You might have
some proposals so gigantic that they might stagger
Parliament." It was thus made clear, according to
a London report to the New York Times, that the
first crisis in the life of the new Parliament had
arrived. Winston Churchill, from the Conservative
benches, put forward a motion "to report progress,"
or otherwise adjourn the debate and force a decision
in which Government defeat appeared certain. Mr.
Thomas explained, however, that Parliament, after
a short session, will not meet again until late in November, making it necessary for the Chancellor of the
Exchequer to grant financial help to the various
companies merely on Cabinet authorization. The
Liberals refused to support the motion made by Mr.
Churchill, and it was thereupon withdrawn by the
former Conservative Chancellor of the Exchequer.
As a result, dispatches said, the Labor Government
received what amounts to a "blank check" to finance
its unemployment schemes.
The means whereby the Labor Government intends
to resume relations with the Soviet regime in Russia
also came up for discussion in the House of Commons this week. A Conservative member put a question to the Labor Government Monday which brought
the following reply from Foreign Minister Arthur
Henderson: "The Soviet Government has not approached his Majesty's Government through any
channel, but this Government has sent through the
Norwegian Government an invitation for a responsible representative of the Soviet Government to
visit London to discuss the most expeditious procedure for reaching a settlement of outstanding
questions." Sir Austen Chamberlain, the former
Conservative Foreign Secretary, then asked if op-
JULY 20 1929.1
FINANCIAL CHRONICLE
portunity would be provided for the House of Commons to discuss the matter before resuming relations
with Russia. Prime Minister MacDonald replied
that in 1927 the Baldwin Government had taken its
decision before allowing the House to discuss the
matter, although it did not put the decision into
effect until after such discussion, and he assured the
House that the present Government would follow
the same procedure.
333
of political strife and to find economic methods of
arriving at a solution. The hope was added that the
plan "may receive prompt and favorable consideration and that, as a result, a final and complete settlement of the problems may be reached." The
second important resolution adopted by the International Chamber was one sponsored by the American delegation, giving unqualified indorsement to
private enterprise as opposed to public ownership.
This indicated the unanimous Conviction of the
Publication of the accord arrived at between Ger- Chamber that private initiative and private operamany and Belgium on the claim of the latter country tion of enterprises constitute the most effective infor worthless German marks left after the German strument to insure the progress of industry and to
occupation marked a further step, last Saturday, in increase the general prosperity. In a special comsettlement of the problem left by the war. Agree- ment added to the resolution, the American delegament on the matter was necessitated at this time by tion set forth that the present prosperity of the
the decision of the Reparations Experts in Paris, -United States was bound up with all that i6 conrecently, to make the operation of the Young Plan tained in the theory of private and unhampered
dependent on a previous adjustment of the Belgian enterprise.
claim. All details having been settled, the accord
An address in support of the resolution on the
was signed last Saturday by Camille Gutt for Bel- Young Plan was made by Lord Melchett of England.
gium and Dr. Erwin Ritter for Germany. Ratifica- This speech by the renowned British industrialist
tion is required both by the Belgian Parliament and was considered in some ways the most significant
the German Reichstag, but no difficulty is looked delivered before the Congress, as his views were genfor in that regard. The agreement provides that erally accepted as those of British industry as a
Germany will repay Belgium in thirty-seven annu- whole. The Young Plan was described by Lord
ities, as follows: Sept.1 1929 to Mar.31 1930, 16,200,- Melchett as a further step in world progress toward
000 reichmarks; during the next three years annu- reason, and a further step toward the conversion of
ities of 21,500,000 marks; during the next eight years the reparations debts from political into economic
annuities of 26,000,000 marks; during the next eight obligations. "That Conversion is fitill a conversion
years annuities of 20,100,000 marks, and thereafter on paper," he added. "It is yet to be seen if it will
seventeen annuities of 9,300,000 marks. These an- be a conversion to a commercial obligation in
nuities follow the same sequence as those of the reality. The reason for saying that it is only
Young Plan. They represent a present capital value a conversion on paper is that the payment for
of 320,000,000 marks, which is considerably below reparations must be finally expressed in goods
the Belgian's minimum claim during the reparations and services. There is not a sufficient annual
parley, when they asked thirty-seven annuities of production of gold for the purpose of meeting these
25,000,000 marks. The German engagement to pay obligations. Reparations, as I pointed out, thereis unconditional, however, no moratorium being pro- fore can only be settled by the transfer of goods and
vided for on the transfer of payments, as under the services. It is important to think of reparations in
Young scheme. The negotiators, moreover, also terms of goods and services and not in terms of
signed a tentative agreement on the question of resti- 'money. .There is a diametric opposition between the
tution for German property in Belgium which was demand for payment of reparations made in goods
under sequestration, the amount involved being ap- and services and the demand for exclusion of manuproximately 400,000,000 Belgian francs. The settle- factured goods."
• ment is believed to assure Belgian approval of the
Lord Melchett continued with the assertion that
new Young Plan for reparations payments.
perhaps the most welcome proposal in the Young
Plan is the sweeping away of the existing foreign
Several important resolutions were adopted and organizations in Germany, created under the Dawes
some notable speeches made in the final sessions at Plan, and the substitution in their place of the Bank
Amsterdam late last week of the fifth biennial con- for International Settlements, a commercial organigress of the International Chamber of Commerce. zation and not a political one. "If the Bank for SetTwelve hundred delegates, including approximately tlements is efficiently established," he remarked,
100 from the United States, assembled for this meet- "and if it successfully develops the functions in the
ing on July 8 to consider outstanding problems of realm which the experts have sketched out, then it
trade and finance. The earlier sessions were devoted may be a great power for good. It will be impossible,
mainly to technical problems and to the drawing up however, to make a success of either the scheme
of
of resolutions for adoption at the plenary sessions reparations payments, or still more, the Bank for
on July.12 and 13. Two of the more significant reso- International Settlements, unless the financial
lutions thus prepared were presented on the 12th, power of the United States frankly, fully and wholeand both were adopted without a dissenting voice. heartedly comes to its assistance. Isolation is no
The first dealt with the new Young Plan for the longer possible to any industrial country. Nobody
definite settlement of the problem of German repara- is more actively interested, or can be more actively
tions. It began by stating that the Chamber fully interested, in the welfare of the debtor than is the
approves the step taken in entrusting to recognized creditor. The prosperity of the one is the prosperity
economic experts the greatest economic problem of of the other, and when the debts are all expressed in
the mo.ment. The resolution adds that the Chamber, gold, preservation of the standard from which gold
considering the Young Plan as a whole, has viewed derives its validity is of the utmost importance. The
with great satisfaction the intention of the experts world has not lacked warnings of the problems which
to remove the reparations problem from the arena may arise from the scarcity of gold. It may be that
334
the International Bank will, in due course, provide
an attempt to solve this monetary prnblem, but in
the meantime a hope may be expressed that the
process of co-operation between the central banks
of issue will make more rapid progress, with a view
:
to lessening the difficulties which tend to concen
trate with particular weight upon the great free
gold market in London."
The closing session of the Congress last Saturday
was featured by numerous addresses on the tariff
question, many of which contained implied criticisms of the United States tariff policy. Speeches
on this subject by the more prominent delegates were
notable, however, for their restraint. Nor was any
attempt made to present resolutions relating to tariff
questions. Senator Etienne Clementel, former
French Finance Minister and founder of the International Chamber of Commerce, led the discussion
by making a strong appeal for a calm, sane attitude
by European business men in regard to American
tariff proposals. "We Europeans have the utmost
confidence in the intelligence and the spirit of fairness and justice of our American friends," he said.
"And now that they know our point of view, we are
sure this will have great weight when they return
home. It would be a great mistake to gather unripe
fruit by rushing into ill-advised action at this time.
After all, this question must be worked out by each
.
Government, and to solidify Europe's position by
some form of united action now would be most illtimed." The French industrial chief pointed out,
however, that the tariff problem was very much like
a snowball rolling down hill, gaining size and weight
every instant. A world crisis is certain to be provoked, he warned, unless the landslide of high protective tariffs is opposed. The seriousness of the
tariff question was also stressed in addresses by Sir
Arthur Balfour, Chairman of the British delegates
to the Chamber; Henri de Peyerimhoff de Contenelle, one of the leaders of the French delegation;
Gustave Gerand of Belgium; M. Trendelenburg,
President of the Economic Committee of the League
of Nations, and Herr von Mendelssohn of Germany.
There have been no changes this week in the rediscount rates of any of the central banks of Europe.
Rates continue at 7% in Germany; at 7% in Italy;
at 53/2% in Great Britain, Holland, Norway and
Spain; 5% in Denmark; 432% in Sweden; 4% in
in France and Switzerland.
Belgium, and 3
London open market discounts for short bills are
53@5 5-16%, the same as on Friday of last week,
and 5 7-16% for long bills against 5 5-16@5%% the
previous Friday. Money on call in London yester/
day was 41 8%. At Paris open market discounts
remain at 332%, and in Switzerland at 3%%.
The Bank of England statement for the week ended
July 17 shows a decrease of £1,515,000 in circulation
and of £46,610 in gold. Reserves therefore increased
£1,468,000. Public deposits expanded £2,335,000
while other deposits contracted £3,994,908. Of the
latter those for the account of bankers showed a loss
of £2,548,446 and those for other accounts £1,346,462.
The reserve ratio is now 43.86% against 41.93% last
week and 48.47% the corresponding week last year.
Gold holdings now aggregate £155,665,097 as compared with £155,711,707 last week and £175,943,909
a year ago. Loans on Government securities and
those on other securities decreased £580,000 and
[VoL. 129.
FINANCIAL CHRONICLE
0,446,066 respectively. The latter is subdivided
into discounts and advances which showed a loss of
£2,614,040 and securities which increased £167,974.
The discount rate remains 53%. Below we give the
comparative figures of the different items for five
years.
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1925.
1926.
1927.
1929.
1928.
July 21.
July 22.
July 20.
July 17.
July 18.
Circulation
a367,324,000
Public deposits
11,565,000
deposits
Other
98,632.924
Bankers' accounts 62,811.677
Other accounts_
35,821,247
Governral securities 42,711.855
Other securities
37,203,356
Disct. 4g, advances 13,568,391
Securities
23,634,965
Reserve notes & coin 48,340,000
Coin and bullion_ _155,665,097
Proportion of reserve
to liabilities
43.86%
Bank rate
554%
135,892,000 137,361,340 141,347,125 143,391.635
16,388,000 12,629,455 7.611,660 15,574,113
106,992,000 101,979,119 114,971,979 110,890,934
31,389,000 49,866,982 40,540,328 34.960,069
50,240,000 48,610,271 69,942,348 69,761,557
59,803,000 34,197,362 30,136,720 39.592,625
175,943.909 151.808,702 151,733,845 163,234,260
48.47%
454%
29.84%
4)4%
24.59%
5%
3154%
5%
a On Nov. 29 1928 the fiduciary currency was amalgamated with Bank of England
note issues, adding at that time £234,199,000 to the amount of Bank of England
notes outstanding.
The Bank of France statement for the week ending
July 13 1929 shows an increase of 10,582,205 francs
in gold holdings. Credit balances abroad and bills
bought abroad expanded 14,000,000 francs and
27,000,000 francs respectively while French commercial bills discounted decreased 221,000,000 francs.
Note circulation contracted 287,000,000, the total
of that item now being 64,553,466,170 francs against.
64,840,466,170 last week and 64,921,466,170 francs
the week before. Advances against securities dropped
69,000,000 francs and creditor current accounts
decreased 133,000,000 francs. Below we compare
the figures for the past three weeks:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Status as of
Changes
July 13 1929. July 6 1929. June 29 1929
for Week.
Francs.
Francs.
Francs.
Francs.
Gold holdings_ _ _ _Inc. 10,582,205 36,660,637,935 36,650,055.730 36,624,700,705
Credit bab3. abed_Inc. 14,000,000 7,318,514,300 7,304,514,300 7,299,514,300
French commercial
bills discounted_Dec. 221,000,000 7,458,550,305 7,679,550,305 8,122,550,305
Bills bought abr'd _Inc. 27,000,000 18,469,740,088 18,442,740,088 18,432,740,088
Adv.sot.secure_ _Dec. 69,000,000 2.455.823,410 2,524,823,410 2,321,823.410
Note circulation_ _Dec.287,000,000 64,553,466,170 64,840,466,170 64,921,466,170
Cred. curr. accts—Dec.133,000,000 17,863,696,841 17,996,696,841 18,115,696,841
In its statement for the second week of July, the
Bank of Germany reports a decrease in note circulation of 262,552,000 marks, reducing that item to
4,347,461,000 marks, which compares with 4,224,979,000 marks last year and 3,518,322,000 marks in
1927. Other daily maturing obligations increased
11,094,000 marks and other liabilities 243,000 marks.
On the asset side reserve in foreign currency decreased
17,026,000, bills of exchange and checks 383,890,000
and other assets 6,359,000 marks, while gold and bullion showed an increase of 41,781,000 marks and silver
and other coin 14,094,000 marks. Notes on other
German banks and advances expanded 6,615,000
marks and 93,568,000 marks, respectively. Deposits
abroad and investments remained unchanged. Below we show the various items for the past three
years:
REICHSBANK'S COMPARATIVE STATEMENT.
Changes
for Week. July 15 1929. July 14 1928. July 15 1927.
Assets—
Retchsmarks. Retchsmarks, Retchsmarks. Retchsmarks.
Inc. 41.781,000 2,036,240,000 2,127,251,000 1,801.533.000
Gold and bullion
57,876,000
85,626,000
80,095,000
Of which depos.abed_ Unchanged
96,237,000
Reeve in for'n cum - _Dec. 17,026,000 351,902.000 200,098,000
2,236.597.000
Bills of exch.& checks Dec. 383,890,000 2,414,678,000 2,242,057,000
96,020,000
94,854,000
other coin_ _Inc. 14,096,000 130,987,000
silver and
21,267,000
20,401,000
19,120,000
Notes on oth.Ger.bks_Inc. 6,615,000
43,920,000 116,470,000
Inc. 93,568,000 173,420,000
Advances
93,016,000
93,996,000
Unchanged
92,878.000
Investments
597,957,000 529,999,000
Dec. 6,359,000 516,776,000
Other assets
Liabilities—
Notes in circulation. Dec. 262,552.000 4,347,461,000 4,224,979,000 3,519,322,000
Oth.dally matur.oblig.Ino. 11,094,000 614,939,000 618,655,000 746,412,000
Inc.
243,000 331,205,000 227.200,000 380.224,000
Other liabilities
.1 ULY 20 1929.1
335
FINANCIAL CHRONICLE
—90 Days—
—60 Days—
—30 Days—
Bid. Asked
Bid. Asked.
Bid. Asked.
Money rates in the New York market again moved
54
53( 5%
53‘
5%
5%
erratically this week, indicating the persistence of a Prime eligible bills DELIVERY WITHIN THIRTY DAYS.
FOR
5% bid'
thin market which is easily affected by relatively Eligible member banks
5% ME
Mondayat9%,but Eligible non-member banks
small changes. Callloans renewed
the rate for new loans moved sharply upward to 12%
There have been no changes this week in the redison substantial inquiry and light offerings. The
count rates of the Federal Reserve Banks. The
available supply of funds was reduced also by withfollowing is the schedule of rates now in effect for
drawals by the banks of about $50,000,000. The
the various classes of paper at the different Reserve
12% rate on demand loans was maintained all of
banks:
Tuesday, and also on renewals Wednesday morning,
DISCOUNT RATES OF FEDERAL RESERVE BANKS ON ALL CLASSES
but a profusion of funds was attracted by this figure,
AND MATURITIES OF ELIGIBLE PAPER.
and the offerings made caused a decline in the rate
Rate in
IPreaio..
Dan
Effect on
rederat ROMS Bank.
Wednesday afternoon to 8% on the Stock Exchange,
Established. I Rail.
July 18
while in the unofficial "outside" market trades Boston
July 19 1928
I§
July 11 1928
New York
4%
July 26 1923
were made at 7%. Further relaxation occurred Philadelphia
484
Aug. 1 1928
4%
July 13 1928
Thursday, when the call rate declined from a re- Cleveland
Richmond
484
July 14 1928
Atlanta
4%
July 11 1928
newal figure of 8% to a level of 7% on new loans. Chicago
4%
July 19 1928
484
May 14 1929
Yesterday's market was a repetition of that on St. Louis
Minneapolis
434
May 6 1929
434
Mar. 2 1929
the rate renewing at 8% and declining Kansas City
Thursday,
Dallas
484
May 20 1929
Francisco
later to 7%. Time loans were again firmer this San
week. Brokers loans against stock and bond colSterling exchange, whileTshowing strength the
lateral as reported by the Federal Reserve Bank of
early part of the week, has been fractionally lower
New York for the week ended Wednesday night
again the last two days. The range this week has
showed a further increase in the sum of $58,000,000,
%
been from 4.84 15-32 to 4.843 for bankers' sight,
carrying the total to a high record in all time. This
compared with 4.84% to 4.85 last week. The range
clear reflection of the further increase in stock specufor cable transfers has been from 4.84 31-32 to
lation caused more than a little perturbation in in4.85 7-32, compared with 4.84% to 4.85 13-32 the
formed ircles. Gold movements through the port
market is inclined to regard
of New York for the same weekly period consisted previous week. The
by sterling early last week
of imports of $14,188,000 and exports of $79,000. the high spots touched
trading and the current levels
The Reserve Bank reported the earmarking for foreign as due to specialized
are looked upon as more nearly normal for the
account of $4,997,000 in gold.
market at this time. While there is no way of
certainty, the higher quotation touched
Dealing in detail with the call loan rates on the knowing for a
ago and the better average quoStock Exchange from day to day, the renewal rate on Monday a week
cable transfer rates are
on Monday was 9%, but from this figure. there tations early this week for
some measure to Governor
was a steady increase to 12% in the rate for new regarded as due in
arrangements with American
loans. On Tuesday all loans were at 12%, including Norman's probable
authorities for the support of sterling. If
renewals. On Wednesday, after renewals had again banking
purpose must have been to obviate
been arranged at 12%, there was a decline by suc- so, the primary
to some extent further large gold shipments at this
cessive steps to 8% in the rate for new loans. On
London to New York. Bankers admit,
Thursday and Friday the renewal rate each day time from
however, that it remains to be determined whether
was 8%, but with a decline each day to 7% in the
rates are based on a
rate for new loans. Time loans were extremely quiet. the present fractionally better
and tourist deand rates further stiffened, with the ruling quota- solid foundation. Seasonal factors
to sterling,
tion each day at 7%@8% for loans of all dates. mand for exchange are still favorable
before the trend
only six weeks
Commercial paper was fairly active on Monday, but it is at most
of exchange turns permanently against London until
but the market soon lapsed into dullness again.
At present the money
Rates for names of choice character maturing in four toward the close of January.
is again unfavorable to the
to six months continue at 6%, while names less well market in New York
especially to sterling, and the
known are 63@6%, with New- England mill foreign exchanges and
New York security market is also
action of the
paper quoted at 63%.
unfavorable. During the week the Paris-London
the Berlin-London rates have been so against
The demand for prime bank • acceptances con- and
as to cause a flow of gold to both Berlin
tinued strong on Monday and Tuesday, with the sterling
Paris.
supply at a minimum. But towards the end of the and
In foreign exchange circles there is much speculaweek conditions were just the reverse, with the detion as to the outcome should France ratify the
mand lighter and the offerings much heavier. Rates
nger agreement or not. Some bankers
have continued unchanged. The posted rates of Mellon-Bere
are inclined to believe that should the agreement be
the American Acceptance Council remain at 53%
ratified France would convert a large part of its
A
bid and 51 % asked for bills running 30 days, and
present dollar exchange holdings into sterling, which
also for 60 and 90 days, and at 5%% bid and 53/8%
should materially strengthen the sterling rate. In
asked for 120, 150 and 180 days. The Acceptance
that event it is believed that even the weakness in
Council no longer gives the rates for call Ions sesterling usual during the autumn season might poscured by acceptances, the rates varying widely. sibly be avoided. Even if the treaty should not be
Open market rates for acceptances have also remained ratified, it is believed by some bankers that England's
unchanged as below:
autumn financing will at least be helped through the
SPOT DELIVERY.
—120 Dap— use of American credits. London dispatches indicate
—160 Days—
—180 Days—
Bid. Asked.
Bid. Asked.
Bid. Asked.
especially per5% that the discount market there is not
5% 5%
5% 5%
Prime eligible bibs
336
, FINANCIAL CHRONICLE
[Von. 129.
turbed by the shipment to Paris of £1,500,000 gold Thursday having been lost on Friday), but is slightly
bought from the Bank of England during the week. firmer than in several weeks, due to an improvement
The opinion exists that the sterling-franc rate will in wheat prices. In tabular form, the gold moverespond readily to metal shipments and that the ment at the Port of New York for the week ending
present flow is not likely to continue for any length on July 17, as reported by the Federal Reserve
of time. The same sentiment is expressed in regard Bank of New York, was as follows:
to the £1,000,000 or more, mostly taken in the open GOLD MOVEMENT AT PORT OF NEW YORK—JULY 10 TO
JULY 17, INCLUSIVE.
market for shipment to Berlin. According to LonImports.
Exports.
don bankers the autumn outlook is brighter. The $9,274,000 from Argentina
889,000 to Mexico
4,872,000 from England
10,000 to Trinidad
Bank of England's statement for the week ended
42,000 chiefly from Latin
with the close of business on Wednesday shows few
America
important changes in the position of the bank. The $14,188,000 Total
$79,000 Total
net loss of gold during the period amounted to only
Net Change in Gold Earmarked for Foreign Account.
$4,097,000
about £46,000 despite the shipments to Paris and Increase
Referring to day-to-day rates, sterling exchange
Berlin. The ratio of banking reserves to liabilities
is up about 2% to 43.86%, due principally to an on Saturday last was steady in a quiet market.
increase of £1,468,000 in reserves to £48,340,000, Bankers' sight was 4.84 15-32@4.84 11-16; cable
and a decrease in deposits of £1,559,908 to £110,197,- transfers 4.84 31-32@4.85 1-16. On Monday the
924. With regard to the bullion holdings of the market cont:ued steady. The range was 4.84@
,
bank, however, it may be pointed out that the flow 4.84 11-16 for bankers' sight and 4.85@4.85JA for
of metal to France and Germany is still under way, cable transfers. On Tuesday the market was inanother £2,000,000 having been taken from the Bank clined to firmness. Bankers' sight was 4.84@
since the issue of the report as of July 17. On the 4.84% cable transfers 4.85@4.85 3-16. On Wednes3;
other hand, as just stated, it is regarded as likely day the market was still firmer. The range was
in London that the franc and mark rates will respond 4.84 9-16@4.84% for bankers' sight and 4.85@
quickly to the recent shipments and that the gold 4.85 7-32 for cable transfers. On Thursday the
lost will thus be kept at a minimum.
market was weaker. The range was 4.84 17-32(4)
On Monday the Bank of England received £700,000 4.84% for bankers' sight, and 4.85@4.85 3-16 for
in sovereigns from abroad and exported £2,000 in cable transfers. On Friday the range was 4.8432@
sovereigns. On Tuesday the Bank bought £322,118 4.84 11-16 for bankers' sight and 4.85@4.85 1-32
in gold bars of the available open market supply for cable transfers. Closing quotations on Friday
and sold £132,023 in gold bars and exported £10,000 were 4.84 9-16 for demand and 4.85 for cable transin sovereigns. Approximately £925,000 gold was fers. Commercial sight bills finished at 4.84 7-16;
offered in the open market on Tuesday, including 60
-day bills at 4.793 ; 90
-day bills at 4.77%; docu4
£424,353 from South Africa and £500,000 offered on ments for payment (60 days) at 4.793 ; seven-day
4
account of an unkown seller. According to London grain bills at 4.83%. Cotton and grain for payment
dispatches, it was thought possible that this latter closed at 4.84 7-16.
=expected supply may have been returned to the
market by the "unknown buyer" of several weeks
The Continental exchanges have been steady,
ago, who London believed to be the National Bank with French francs and German marks ruling on
of Belgium. The major portion of the £600,000 is average slightly firmer than a week ago. It will
known to have gone to Germany, with some allow- be recalled that during the past few weeks the
ances being made for the demands of the trade and Federal Reserve Bank of New York has successively
India. Of the £700,000 in sovereigns bought by the reported net increases in gold earmarked for foreign
Bank of England on Monday, £200,000 is believed account. While there is no official information
to be either from Mexico or Buenos Aires, probably available as to what central bank this gold is earfrom Buenos Aires. Next week £768,079 South marked for, bankers generally accept it as fact that
African gold is due in the open market and it is it is for the account of the Bank of-France, and if so
expected that there will be none available the fol- some part of it at least may find its way into the
lowing week. London bankers are hopeful that the Reichsbank, probably indirectly through equivalent
Bank of England may be able to secure the major amounts being Ordered by the Bank of France to be
part of the forthcoming supply. On Wednesday shipped to Germany from European sources, probthe Bank sold £785,456 in gold bars. On Thursday ably from London, where the Bank of France has
the Bank sold £667,200 in gold bars and bought heavy claims upon gold. Then the New York ear£1,830 in gold bars. On Friday the Bank sold markings might be sold to Germany. As noted
£1,380,764 gold bars, of which a cablegram to the above in the discussion of sterling exchange, there
"Wall Street Journal" says £1,000,000 was taken were heavy shipments of gold last week from Lonfor shipment to France and the remainder for don to Paris and Berlin, some of. the gold having
shipment to Germany.
been obtained directly from the Bank of England
At the Port of New York the gold movement and more of it from the open -market. This week
for the week July 11—July 17 inclusive, as reported the Bank of France shows an increase in its gold
by the Federal Reserve Bank of New York, con- holdings of 10,582,205 francs. The Bank of France
sisted of imports of $14,188,000, of which $9,274,000 gold holdings are at nearly the highest levels in the
came from Argentina„872,000 from England, and history of the bank. Its ratio of gold reserves
$42,000 from Latin America. Exports totaled 879,- moved up during the week to 44.48%, against 44.24%
000, of which $69,000 were shipped to Mexico and on July 5. The legal minimum is 35%. French
$10,000 to Trinidad. The Reserve Bank reported exchange has been fairly active during the week and
a net increase in gold earmarked for foreign account is enjoying the impetus of seasonal advantage.
of $4,997,000. Canadian exchange continued at a This offsets in some measure a considerable flow of
discount throughout the week (some recovery on French funds to Berlin and London, where money
JULY 20 1929.]
FINANCIAL CHRONICLE
337
rates are more attractive. Foreign exchange traders cable transfers, in comparison with 23.81 and 23.82
4
are basing operations upon the belief that Premier a week earlier. • Italian lire closed at 5.227 for
%
Poincare of France will be able to secure ratification bankers' sight bills and at 5.231 for cable transfers,
4
of the Mellon-Beranger agreement in order to avoid as against 5.233 and 5.23 on Friday of last week.
payment of the $400,000,000 war-supplies debt Austrian schillings closed at 14.10 on Friday of this
due on Aug. 1. Should this prove to be the case it is week, against 14.10 on Friday of last week. Exchange
believed that there will be a transfer to ste,iing of a on Czechoslovakia finished at 2.96/, against 2.96
part of the large dollar balances which France has on Bucharest at 0.5932, against 0.593/2; on Poland at
11.23, against 11.23, and on Finland at 2.52, against
accumulated in New York.
German marks have been steady, in moderate 2.52. Greek exchange closed at 1.293 for checks
demand, and inclined toward firmess. The Reichs- and at 1.29M for cable transfers, against 1.29% and
bank statement shows an increase in gold holdings 1.293/2.
of 41,781,000 marks as of the close of business July
The exchange on the countries neutral during the
15. The total gold holdings are now 2,036,240,000
marks, which compares with 2,127,251,000 marks war have been moderately active and steady, ala year ago. I he Reichsbank's foreign exchange though they have not reflected in any way the fracreserve now stands at 351,902,000 marks, corn: tionally better tone of sterling, francs and marks.
pared with 200,098,000 marks a year ago. Business The Scandinavian exchanges have been in some deseems to be improving in very satisfactory manner mand with an especially large request for exchange
throughout Germany. Recent production figures for tourist accommodation. Holland guilders have
in several industries have been largest on record. been ruling lower, owing largely to firmer money rates
This is noticeably the case in iron and steel output. in Berlin and London as well as on this side, with a
German grain crops'promise a good year. General consequent transfer of funds from Ams4erdam to
business is finding it somewhat easier to arrange markets where money yields are better than in the
credits, although the high money rates and busi- Netherlands. The Amsterdam money market; howness activity on this side prevent a large flow of ever, is fractionally firmer than it has been in some
American credit. French, Swiss and Dutch bankers time. This is largely due to the traneer of Dutch
and even the London market are helping out the funds to other centers.
Bankers' sight on Amsterdam finished on Friday
German credit situation, so that there is talk in
4
many quarters of a probable reduction in the Reichs- at 40.103 , against 40.133/2 on Friday of last week;
4
cable transfers at 40.123 , against 40.153/2 and combank's rate of rediscount.
mercial sight bills at 40.07, against 40.10. Swiss
Italian lire have been moderately active and fractionally firmer than last week. Tourist transfers francs closed at 19.223j for bankers' sight bills and
have much to do with improvement in the lire. at 19.233 for cable transfers, in comparison with
Money in the Italian market has become slightly 19.223 and 19.233-i a week earlier. Copenhagen
2
scarcer owing to constant reduction in the Bank of checks finished at 26.623/ and cable transfers at
2
Italy's note circulation. According to a recent 26.64, against 26.623/ and 26.64. Checks on Sweden
Rome dispatch to the New York "Times" symptoms closed at 26.79 and cable transfers at 26.803/2, against
A
of industrial progress seem to be provided by a 26.79 and 26.801 , while checks on Norway finished
branch of statistics closely watched in Italy, viz., at 26.633/ and cable transfers at 26.65, against 26.64
the consumption of electrical energy, which reached and 26.653/2. Spanish pesetas closed at 14.55 for
178,000,000 kilowatt hours in June, an unpre- checks and at 14.56 for cable transfers, which comcedented consumption. Production of steel like- pares with 14.50 and 14.51 a week earlier.
wise increased to the highest point of any month
The South American exchanges have been steady
in the past few years, and unemployment has shown
a marked decrease. The half-year's results give and quiet. The Argentine peso is firmer, aided by
.evident indications of industrial and financial im- the steady outflow of gold from Buenos Aires to
provement, with closer approach to normal con- both London and New York for the purpose of
ditions than for many years. Italy's foreign trade equalizing exchange. As noted above, the Federal
situation, however, is not so favorable to lire. The Reserve Bank of New York reports the receipt this
report for the first five months of 1929 shows im- week of $9,274,000 from Argentina. It is known
ports of 9,511 million lire against 7,924 million lire that a few more million dollars have been engaged
in the same period of 1928, and exports of 5,626 and are due on early forthcoming steamers. This
million lire against 5,880 milllion lire. Surplus of gold from Argentina follows an import last' week of
imports over exports for the period therefore in- $5,506,000. The reccent weakness in Argentine
creased from 2,044,000,000 lire to 3,855,000,000 lire. exchange has been due largely to the high money
It is pointed out, however, that the poor showing rates in New York, but has resulted also from disfor the five months period is due entirely to the first trust of local business conditions and from an unfew months of the year and that a distinct improve- favorable trade balance, which is of course responsible
for the gold shipments. The gold shipments to the
ment has been visible in May, June and July.
The London check rate on Paris closed at 123.84 United States have revived discussion in Buenos
on Friday of this week, against 123.89 on Friday of Aires of former projects to change the currency laws
last week. In New York sight bills on the French and establish a central discount bank, which would
centre finished at 3.91 7-16, against 3.913- on Friday issue paper currency independently of gold movea week ago; cable transfers at 3.91 11-16, against ments and remove local business from any economic
3.913/2, and commercial sight bills at 3.913/s, against influence now exercised by the heavy international
3.91. Antwerp belgas finished at 13.893 for checks trade with the United States. Argentine law reand at 13.90 for cable transfers, against 13.89 ar d quires the withdrawal of paper money from circula13.89% on Friday of last week. Final quotations for tion in proportion to the gold withdrawn from the
2
Berlin marks were 23.823/ for checks and 23.83 for Conversion Office. Sponsors for the proposed cur--
338
FINANCIAL CHRONICLE
rency reform would retain a gold reserve adequate
to settle international trade balances, but would
abolish the present rigid relationship between the
gold reserve and the currency in circulation. Argentina has a gold reserve of 78.5% of the paper
circulation and many leading financiers in Buenos
Aires believe that this could be reduced without
endangering the value of the currency. Argentine
paper pesos closed on Friday at 41.99 for checks,
as compared with 41.97 on Friday of last week, and
at 42.05 for cable transfers, against 42.02. Brazilian milreis finished at 11.87 for checks and at
11.90 for cable transfers, against 11.87 and 11.90.
Chilean exchange closed at 12.10 for checks and at
12.15 for cable transfers, against 12.10 and 12.15,
and Peru at 3.98 for checks and at 3.99 for cable
transfers, against 3.98 and 3.99.
[void. 129.
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 NET YORK FEDERAL RESERVE BANK
AT CLEARING HOUSE.
Saturday,
July 13.
Monday,
July 15.
Tuesday, Wednesd'y, Thursday, Friday,
July 16.
July 17.
July 18.
July 19.
Aggregate
for Week.
170.000,000 123,000.001 180.000,000 170,000,000 180.000,000 117,000,000 Cr. 970.000.00
-The foregoing heavy credits reflect the huge mass of checks which come
Note.
to the New York Reserve Bank from all parts of the country in the operation of
the Federal Reserve System's par collection[scheme. These large credit balances.
however, reflect only a part of the Reserve Bank's operations with the Clearing
House Institutions, as only the Items payable in New York City are repres pted In
the daily 1alances. The large volume of checks on institutions located ml side of
New York are not aernunted 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 Far Eastern exchanges have been firmer
owing to the rise in silver occasioned by the break in
relations between Russia and China. Japanese yen
have advanced above the higher rates quoted last
The following table indicates the amou t of bulWeek. Improvement in the yen is the result of the lion in the principal European banks:
financial rehabilitation policy of the new Japanese
Jail 18 1929.
July 19 1928.
Government. Yen are now at a level not touched Banks of Gold.
Silver,
Total.
Total.
Gold.
t Silver.
since late November. The previous high for 1929 was
£
£
I
£
£
England __ 155,665.097
155,665,097 175,943,909
175,943,909
around 46.00 on Jan. 4. Shortly thereafter the cur- France a._ 295,650,306 d
95,650,306 235,225,924
235,225,924
d
Germany
97,807,250
c994,600 98,801.850102,081,250
c994,600 103,075,850
rency began to decline, which carried it to some 6M Spain _ _ b 02,459,000 28,724, 131,183,000 104,316,000 28,236,000 132,552,000
55,440,000
55,440,000 62,831,000,
000
.
cents below par. The program of the new Govern- Italy
Nethlands 37,044,000 1,714,000 38.758,000 36,249,000; 1,940,000 38,189,000
Nat. Bets_ 28,561,000, 1,270,000 29,831,000 22,800,0001 1,248,000 24,048,000
ment, which has in view the adoption of,full gold Switzland 19.845,000, 1,561,000 21,406,000 17,876,0001 2,378,000 29,254,000
Sweden _ _ _ 12,982,000,
12,982,000 12,803,000;
12,803,000
standard in the course of the next few months, has Denmark _ 9,588,0001 419,000 10,007,000 10.103,0001 615,000 10,718,000
Norway _ 8,154,000
8.154.000 8,168,000,
8,168,000
inspired confidence in Japanese and foreign circles. Total
week823,195,653 34,682,600 857,878,253 778,397,083 35,411,600813.808,683
Prey. week 819,079,752 34.866.600 853.946.352 773,921,332 35,597,600809,518.932
Closing quotations for yen checks were 45 13-16@
gold holdings of the Bank of
reported in the
463, against 45/@45 13-16 on Friday of last week. ofa These are theGold holdings of the Bank of France as are exclusive of new form
statement. b
Germany
gold held
abroad, the amount of which the present year is £4,004,750. c As of Oct. 7 1924.
Hong Kong closed at 48%@48 15-16, against 48 1-16 d Silver is now reported at only a trifling sum.
@48 7-16; Shanghai at 593.I, against 57@577 ;
4
Manila at 50, against 50; Singapore at 56/@561 1, The Russo-Chinese Break and the Political
/
Situation in the Far East.
against 563/set56W Bombay at 36, against 361 ,
1
.;
4
The announcement on Thursday of a break in the
and Calcutta at 36
against 361 .
/
relations between Russia and
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE quasi-diplomatic
BANKS TO TREASURY UNDER TARIFF ACTS .OF 1922
China, and the subsequent massing of troops by the
JULY 13 1929 TO JULY 19 1929, INCLUSIVE.
tVio powers along the Manchurian border, brings to a
Noon Buying Rate for Cable Transfers to New York
Country and Monetary
Value in United States Money.
cris is a situation which for a number of days has obUnit.
July 13. July 15. July 16. July 17. July 18. July 19.
viously been becoming increasingly serious. Ever
EUROPES
$
$
$
$
$
since the seizure, by the Chinese authorities, on July
Austria, schilling____ .140460 .140472 .140494 .140481 .140496
.140547
Belgium, belga
138903 .138901 .138910 .138913 .138923 .138930
11, of the Chinese Eastern Railway and the lines of
Bulgaria. ley
007236 I .007220 .007220 .007220 .007229
Czechoslovakia, krone .029593 I .029597 .029597 .029604 .029593 .007215
.029595
the Central Telegraph and Eastern Telegraph and
Denmark, krone
266340 .266343 .266361 .266356 .266375 .266360
England, pound sterTelephone systems, and the replacement of Russian
4.849687 4.849715
ling
850014 4.850980 4.850539 4.849900
Finland, markka
.025141 I .025141 .025142 .025147 .025149 .025148
France, franc
railway officials by Chinese,it has been evident that
.039143 I .039146 .039147 .039160 .039164 .039163
Germany, relchsmark .238173 .238179 .238235 .238250 .238291
.238285
Greece, drachma
.012922 .012924 .012926 .012923 .012925 .012922
a controversy war, developing which might at any
Holland, guilder
401535 I .401525 .401516 .401488 .401328 .401228
Hungary. pengo
174310 I .174323 .174320 .174306 .174310 .174320
time assume dangerous proportions. Strictly speakItaly. lira
.052294 I .052286 .052297 .052304 .052304 .052299
Norway, krone
.266434 I .266414 .266450 .266439 .266453 .266431
ing, the political relations between the two GovernPoland, zloty
.111900 I .111805 .111820 .111840 .111893 .111840
Portugal. escudo
.044910 .044850 .044830 .044830 .044830 .044820
ments have been,for about two years, of only a qualiRumania, leu
005936 .005940 .005941 .005935 .005946 .005940
Spain. peseta
145001 .144944 .144946 .145175 .145508 .145450
fied diplomatic character. Following the raid on
Sweden,krona
, 268005 .267990 .268020 .268048 .268043 .268026
Switzerland, franc
.192298 .192305 .192302 .192312 .192317 .192315
the Rut sian Embassy at Peking, in 1927, and the
Yugoslavia, dinar
.017560 .017555 .017558 .017562 .017582 .017560
ASIAseizure of documents which the Chinese authorities
ChinaChefoo tael
.597500 .604166 .603333 .602500 .607500 .611250
declared to be evidence of a Communist plot directed
Hankow tael
.593437 .595625 .595312 .594062 .598593 .602343
Shanghai, tael
.577232 .580178 .579642 .578392 .583500 .587500
against China, each Government recalled its AmbasTientsin tael
.612083 .615416 .615000 .613333 .618958 .622291
Hong Kong dollar
.480178 .481250 .480714 .480892 .483142 .485178
ador to the other, a Chinese charge d'affaires being
Mexican dollar
.413750 .415416 .416250 .416041 .419583 .422500
Tientsin or Peiyang
left at Moscow while Russia was represented in
.417083 .418333 .418333 .418541 .421666 .425416
dollar
Yuan dollar
.413750 .415000 .415000 .415208 .418333 .422083
.359671 .359742 .359728 .359728 .359728 .359700
China only by consuls. Consuls are not regarded, in
India, rupee
.453928 .455125 .457132 .460743 .458125 .458696
Japan, yen
Singapore(S. 8.) dollar .558750 .558750 .558750 .558750 .558750 .558750
general, as diplomatic officials, but as commercial
I
NORTH AMER.' .994845 .994656 .994580 .995133 .996593 .996522
Canada, dollar
agents, and the Nanking or Nationalist Government
999112 .999050 .999092 .999050 .999175 .999018
Cuba, Peso
480333 .479750 .480225 .480475 .480525 .480625
Mexico. peso
apparently had this diplomatic usage in mind when,
Newfoundland. dollar .992201 .992170 .991806 .992528 .994360 .993817
SOUTH AMER.on May 27 last, it raided the Russian consulate-genArgentina, peso (gold) .953515 .953351 .953317 .955075 .952740 .053054
.118590 .118572 .118572 .118609 .118563 .118590
Brazil. milreis
eral at Harbin and again discovered what it affirmed
.120392 .120559 .120362 .120313 .120300 .120295
Chile. Peso
966727 .966102 .972869 .982098 .983325 .983813
UrIttruaT, peso
was evidence of a continuance of Communist propaganda. In view of what has since taken place, the
Owing to a marked disinclination on the part of Harbin raid appears to have been preliminary to the
two or three leading institutions among the New seizure of the railway on July 11.
- --ORROAA
------ •
.
os1.19nn
GAWNIA
naaonn
naaonn
n.c mn
,
•
JULY 20 1929.1
FINANCIAL CHRONICLE
.339
The Chinese Eastern Railway, all of whose lines lie defense in a war with Russia, if war should unhapwholly within Manchuria, has long been a subject of pily break out, would be appreciably weakened by
controversy between China and Russia. In 1896, as any unjustifiable action which occasioned hostilities.
part of a secret agreement in which Russia and China The League of Nations, which hats prided itself upon
formed an alliance against Japan, Russia was its influence as an agency for peace, has an opporgranted the right to extend the Trans-Siberian Rail- tunity to see what it can do even though Russia is
way across Manchuria to Vladivostok on the Pacific. not, as China is, a member of the League. Russia
The company which was formed was given exclusive and China, ais it happens, are signatories of the
rights of administration and management, and the Briand-Kellogg anti-war pact, and it was stated on
construction of the 919 miles of railway began the Friday that Secretary of State Stimson had undernext year. As Vladivostok is not an ice-free port, taken to call their attention to the obligations of the
Russia, in 1898, obtained from China a lease of Port pact.
The political aspects of the case are more compliArthur and Dairen for twenty-five years, with authority for the Chinese Eastern Railway to construct cated and of course more dangerous, and the statea branch line of 624 miles connecting thore ports ments and notes issued by the respective parties have
with Harbin. The branch line was completed, and tended to confuse rather than to clarify them. Dr.
Port Arthur developed as a Russian naval station, C. T. Wang,Chinese Foreign Minister, was quoted as
just before the outbreak of the Russo-Japanese war. saying on July.12 that "positively, we are not unAs a result of the war, Russia ceded to Japan most friendly to Russia," but that "we are thoroughly deof its territorial rights in South Manchuria, includ- termined not to tolerate Soviet propaganda in whating the section of the railway from Changchun to ever form it may appear." If the Russian Govern- .
Port Arthur, retaining, however, the main line of ment or its agents in Manchuria have been guilty of
propaganda inimical to the integrity of the Chinese
railway across Manchuria.
Following the outbreak of the Russian revolution, Government, the offense is a grave breach of interin 1917, Chinese troops took possession of parts of national comity as well as a violation of certain prothe Chinese Eastern Railway, but foreign Powers visions of the agreement of 1924, but the reizure of
intervened, and for a time the line was virtually con- the Chinese Eastern Railway would hardly seem to
trolled by British, French, American, Japanese and have any effect except to shift propaganda activities
Chinese troops acting jointly to insure regular from one theatre to another. A Russian note which
service. In 1920 Russia, as a movement of friendship was handed to the Chinese charge d'affaires at Mosfor China, relinquished its claim to the railway, but cow on Sunday asked for the immediate calling of
the railway was returned to Russia in 1924, with the a conference to deal with all questions affecting the
reservation to China of sovereign political rights in railway, the immediate cancellation of all "arbitrary
the railway zone, including military administration orders" regarding the railway, the immediate reand police. Five Russian and five Chinese directors lease of all Russian citizens who had been arrested,
formed the administrative body of the railway, but and the cessation of "persecution of Soviet citizens
the proviso that the manager and one of the two as- and Soviet institutions." A reply was requested
sistant managers should be Russian gave Russia the within three days. The reply of the Chinese Governvirtual control of the property. Criticism of Russia ment, delivered at midnight on Tuesday, is reported
for alleged improper extension of authority, and op- to have urged that the dismissal of the railway offiposition to foreign administration of a railway in cials and the taking over of various concessions was
Chinese territory, developed rapidly after the estab- justified "because Soviet railway officials had not
lishment of the Nationalist Government, the over- carried out faithfully the terms of the 1924 agreethrow of the Peking Government, and the removal of ment providing for joint operation," and that the
the capital to Nanking, and attempts were made to recent arrest of Russians in Manchuria was "necessecure from Russia a modification of the 1924 agree- sary for the suppression of Communist propaganda
ment. The seizure of the railway and the removal and the maintenance of order" in that province. The
of its Russian officials, on July 11, is the latest step note asked for the release of all Chinese imprisoned
in a program which evidently aims at.the entire ex- in Rursia, an earlier estimate placing the number at
one thousand, and adequate protection for Chinese
pulsion of Russia from railway control in China.
The merits of the controversy, accordingly, are in subjects in Russia. The reply was deemed unsatispart legal and in part political. As far as the legal factory, and the break in relations already referred
merits of the case are concerned, the primary issue to followed.
appears to be that of the rights of the Russian GovBack of the allegations of these statements and
ernment under the agreement of 1924, and the in- notes, as also of the seizure of the railway, is the
terpretation which it has placed upon the agreement avowed determination of the Nationalist Governin the practical administration of the railway. As- ment to put an end to the special privileges, terrisuming, as presumably we may, that the agreement torial and other, which foreigners have long enjoyed
was regularly entered into by proper authority, it in China. The United States has more than once
is hardly competent for the Nationalist Government, expressed its friendly interest in relieving China
on the plea of opposition to foreigners or undue exer- from foreign domination, and a considerable measure
cise of authority on the part of Russia or its railway of British sympathy has run in the same direction.
officials, to confiscate the property rights which It is not to be expected, however, that rights which
Russia may have in the railway. At this distance have long been exercised, embodied in treaties or
the care seems clearly to be one for arbitration, or agreements whose legal force is not open to question,
the exercise of good offices on the part of other inter- can be abrogated by force without vigorous protest
ested Governments. The Chinese Nationalist Gov- or even resistance on the part of the foreign Powers
ernment will only prejudice its case, whatever the affected. Remarkable as have been the achievements
merits of its contention may be, by arbitrary ap- of the Nationalist Government,it is not yet clear that
propriation of the property in dispute, and its moral that Government is firmly seated in the saddle. Re
340
FINANCIAL CHRONICLE
[VOL. 129.
cent military events in North China, indeed, have "Times" recorded the start on July 7th of the new
indicated the existence of a considerable body of op- rail-air service from coast to coast. Telegrams were
position which can only with difficulty be held in sent to General W. W. Atterbury by Mayor Walker,
check by military force. Until the central Govern- Governor Roosevelt, F. Trubee Davison, Assistant
ment of China has become demonstrably stable, the Secretary of War for Aeronautics, and others. Govrest of the world will be likely to see, in such inci- ernor Roosevelt's message raid: "My congratuladents as the seizure of the Chinese Eastern Railway, tions on the opening of regular passenger service by
disturbing evidence of a lack of central control, and train and air to the coast. This is another milestone
a disposition to accomplish by spectacular means in the history of American transportation."
what cannot be done quickly enough through the
The "Times'" account of the exercises at the staslower processes of diplomacy.
tion said: "All the speakers dwelt upon the sigA recent incident at Amsterdam sheds light upon nificance of this new form of transportation and
some of the problems which the new China has still contrasted it with the passenger traffic of earlier
to solve. Speaking at the meeting of the Interna- days." And it is of great interest to us that Dr.
tional Chamber of Commerce in reply to "certain John H. Finley, one of the speakers, in his remarks
Chinese individuals" who "seem to think that, with "recalled the days of the covered wagon, telling of
the civil war ended and the new Government estab- his view of the first train 'as it came creeping slowly
lished, China will have no difficulty in obtaining acrocs the prairies on a newly-laid track.'" For it
from the American market such loans as she desires," is within the scope of a single lifetime that we have
Thomas W. Lamont courteously but frankly denied passed from the romance of "the covered wagon".
that stich could be the care. "I am bound to say," to the reality of this rail-air transport route across
he said, "that at the present moment all who are mountain and valley to the waters of the vast
China's friends must realize that China's interna- Pacific. Within that short "span" of time, what
tional credits are at a low ebb, and that until careful hardships by pioneers have been endured, what fermeasures for re-establishment have been undertaken tile lands have been made into farms, what splendid
by the Chinese Government no loans on any scale cities have been builded, what sacred and reriom:
can be made in the markets of New York, and, I toil by earnest men and women has been expended
venture to add, of Europe. A great part of China's to shape and mould the priceless heritage we call
foreign indebtedness is in default. Much of the "Our Country"!
specific security set aside for such foreign indebtedThe very next day came announcement that
ness and for the service of such loans has been se- another new air-rail service by which passengers are
questered. Until these conditions are removed there carried from coast to coast in 46 hours had been
can be no question of further credits on a material inaugurated on July 8 between New York and Los
scale for any purpose." "We appreciate," he added, Angeles by the New York Central RR.In conjunction
"the stupendous difficulties China has faced and is with the Atchison, Topeka & Santa Fe, Chicago &
facing in changing a Monarchy in existence for thous- Alton railroads and the Western Air Express. The
ands of years into a republic along Western lines. new rervice, it was stated, would be in addition to
After seventeen years of unsettled government fol- the first trans-continental air-rail service between
lowing the Manchu dynasty, a stable government New York and Los Angeles, which was started June
seems at last to have been established. We want to 14 by the New York Central, the Universal Air Exsee the new regime in China, which has been de- press and the Santa Fe railroad, and which has been
scribed as idealistic, turn out to be as realistic as it operating daily since that time, and which is being
is idealistic."
continued.
It is camel tly to be hoped that the practical realThus things move with amazing swiftness. We
ism for which Mr. Lamont pleaded in the financial shall not, for the moment, cloud the transcendence
field may avail also in the political field to dissipate of these events by questioning their worth in ecothe war clouds which at the moment hang ominously nomic'development or dash the hopes or dampen the
over China and Russia. Russia cannot afford to go enthusiasm of those who sponsor it as an aid to our
to war in behalf of a claim, however indirect, to progress and prosperity. It is enough that it is
propagandize communism in China, and China can- accomplished, and lifts the mind to wonder-prospects
not afford to go to war merely to rid itself of Russian for the future. And, as we are compelled to do, we
rights, whatever they are, in the Chinese Eastern look backward as well as forward; and the years
Railway. Political rivalries in the Far East are too that have passed unfold a story of heroism and
keen to risk the ter t of a war, and neither China nor grandeur that are the pride and inspiration of us
Russia is financially able to stand a prolonged con- all. Enjoying the cumulative effects of invention
test at arms. The interest of both countries, as well and industry, we shall not forget the slow toil of a
as of the rest of the world, requires that peace should century of effort by those who laid the foundations
of our masterful civilization. For, while by years
be maintained.
the time is short,it is long by accomplishment. ConThe Significance of Flying from Coast to Coast. trasts with crude beginnings are apt to exalt
the
"Colonel Charles A. Lindbergh pressed a button present; but in the character of those who settled
in Los Angeles last night and turned on a light at on the prairies and who pressed on.to the coast on
7:05 P. M. in the train shed of the Pennsylvania the other side, is found the sterling worth and love
Station here. A conductor shouted 'All Aboard,' of adventure that make possible the spectacular
and the Airway Limited of the Pennsylvania System progress of to-day.
True, men are now carrying the aeroplane to the
moved away from the platform bearing a score of
passengers on the first regular scheduled West- frozen wastes of the South Pole for discovery and
bound trip of the Transcontinental Air Transport, study, but those who move acrers the continent by
Inc., the forty-eight-hour air-rail rervice between rail and plane in this new transport service cover a
New York and Los Angeles." Thus the New York region where unknown and unremembered millions
JULY 20 1929.1
FINANCIAL CHRONICLE
toiled through simple lives to lowly ends. And
though we seem to annihilate time and space by our
marvellous inventions, we inherit, if we are true to
our opportunities, their sturdy virtues and consecrated spirit.
We are often called upon to define "progress." It
is a-difficult tat k. We are told that in our inventions of machines and articles of life and commerce,
it is the uses to which we put them that justifies
their creation. Obviously this is true. Yet the uses
come after the inventions and often develop in ways
we do not anticipate. Each machine impels the
formation of another. As said before, we of to-day
inherit the cumulative forces of a civilization that
we shall preserve and advance according as we test
them in the development of our social, business and
governmental life. It is no longer important that
WO do great things, but why we do them. Life is
not a mad race for superiority or supremacy. It is
d dedication to service.
Just to fly, as the eagle flies, is nothing to make
men proud. But to carry sickbed supplies to one
stricken in a lone wildernet s in the shortest possible
time, that is worthy and heroic. To perform a feat
no one has -ever accomplished before unless it leads
to human welfare is a trivial thing in the march of
civilization. To send the jazz-music of a dance hall
orchestra around the world by radio is a feat the
world has never known before; but to send a danger.
call to ships at sea that human lives be saved is a
service that mankind will praise and remember to
the end of time.
No more, then, can we define civilization than
progress. If the one is a road, the other must be a
goal. But the road is unending and the goal unknown. We are forever proceeding and never arriving. The new things in life must be judged by their
need, by their service, and by their fitness to the
present. To make haste slowly is sometimes wise.
To gain the whole world and lose the soul was long
ago condemned. Rapid trans- it is but a single element in the complex whole of the civilization we
enjoy. It is not inconsequential, nor is it of supreme
importance. Heralding as of great significance the
rapid crossing of a continent by air and rail, will no
doubt benefit commerce and add to the sum of complete living. But what will it bring of rest, of culture, of contemplation? No signer of the Declaration dreamed of such an agency of progress. Yet
they demanded the rights of man to "life, liberty,
and the pursuit of happiness" and founded a Government which we still revere for protection to individualism and the individual. They, and the
pioneers who, following, tamed the forests and
planted the valleys, loved and fostered the great
advance. Millions to-day possess their virtues, and
envision a new world-environment. But have these
men and women the contemplative spirit, the prophetic foresight, the constructive genius, that saw
in all progress the individual who finds in contentment, charity and fellowship the goal of all government and the crown of all civilization?
In estimating the significance of events we must
relate them to a definite conception of the best in
human character. Transport is merely a physical
means of interchange of the goods and gear of the
common life. But if that life is predominantly
material it will not rightly sustain a more perfect
government and a more stable society. In the
magical changes of the day what of the man? Is he
341
more contented, does he grow in unselfishness, does
he think more profoundly on the inner meaning of
life, does he put invention, wealth, progress, under
his feet, that- he may love his neighbor as himself?
Why these constant investigations of crime, of customs, of the criteria of politics, religion, law, industry and "human nature," unless we are, as a
people, becoming the victims of our own progress?
Our civilization is not that of yesterday or tomorrow. But our supreme charge is the preservation of a government highly conceived and the characteristics of a generation richly endowed with an
idealism of plain living and high thinking. Our
mission in the advance is in example; not in spectacular leadership in extraneous appointments of
life. What is it, specifically, that these forty-eighthour and forty-six-hour flying machines will do for
us? All hail to the men with enterprise and farseeing vision who place these instruments of advance
and progress at the command of man, but let not
man fail to see the spiritual duty and obligation
which all this imposes.
We realize these reflections are of little avail.
Progress and civilization have so many components
that it is impossible to measure the true value of
single elements. We cannot do without the advance in the physical, the material. But can we do
without a corresponding advance in the spiritual?
And yet by means of these vast creations in the
material we attain wealth and power, which, more
and more, we are consecrating to the spirit of human
helpfulness. Our chief fault seems to be that we
lose sight of the individual in the mass. We are
over-confident that we can realize our ideals be
they what they may. We laud our representative
republican form of government and see it clipping
into bureaucracy without any united or adequate
protest. But man cannot escape his duty. Men
cannot live upon machines, must deteriorate without work, and can only serve their "Lord and Master" by imitating his self-abnegation and solicitude
for others. True fellowship is not builded on dollars
and cents!
Sugar.
"We are confronted with a farm relief problem.
The country is producing a surplus of certain crops.
Production of beet, cane and corn cugar, already an
important farm activity embracing millions of acres
in a score of States, can be greatly expanded. More
than any other, the sugar crop could contribute
toward a more diversified agriculture in the United
States." We quote this testimony before the Senate
Committee to show the lengths to which arguments
may go in the interest of retaining the higher schedule on sugar placed in the House bill. In effect it
says if you would help the wheat and corn farmers
in the Midwest (recently troubled with a surplus,
but already assured of an outlet for it because of the
prospect of a reduced yield the present season in
Western Canada and the American Northwest), put
a high tariff on sugar imported from Cuba and the
Philippines in the interest of the sugar beet growers
in Utah, Colorado, and a few other States. We
would like to know in what way? Corn and wheat
will still be grown in the "bread basket of the world"
as before, for the soil is adapted to these crops.
Can it be supposed for a moment that these farmers,
because of a higher tariff on sugar, will abandon
time-honored corn and wheat and turn to growing
342
FINANCIAL CHRONICLE
beets? Or, will they leave their farms and migrate
to Utah and Colorado and grow beets because that
infant industry now needs protection, as asserted,
to live? How will this added tariff tax diversify
farming and increase beet growing to a degree that
will relieve the wheat surplus, which now seems
destined to disappear in the normal way as the result
of Nature's own dispensation?
It is practically impossible to secure a "limited"
tariff revision. The sparrow that gets the big crumb
is not allowed to enjoy it in peace. His friends have
no hesitation in pecking away a portion, if they can.
Smaller crumbs are not ignored, but the attraction
is in eize. Sugar already bears a tariff, but it is
proposed to increase the rate. When whisky disappeared (?) we were told to turn to sugar for a
stimulant. And it is averred that sales of candy
were greatly extended. Lecturers sometimes warn
against the tendency of sugar in the stomach to produce alcohol. Weary soldiers, we are cometimes
told, after a long march, are given a few cubes of
crystallized sugar. Perhaps the daily eating of
sweets should be discouraged, and a prohibitive
price is a good thing for the public health. Why not
-offer this in behalf of an embargo on Philippine
sugar and a higher rate on Cuban? No,indeed. We
are out to help the farmer, and the handful of beet
growers are farmers! Strange fact, is it not, that
that antiquated tax known as a tariff (does it derive
from Tariffa the former home of robber barons?)
has become the universal solvent for all our troubles?
Well, the Senate Finance Sub-Committees are working overtime on the new schedules, and sugar is a
bone of contention. One modest witness testifies
that the proposed increase in rate, applied to all
sugar consumption, will only add on the imported
portion $280,000,000. The Hershey Chocolate Company indicates that having established a five cents
almond bar (it has a refinery and extensive interests
in Cuba) if the higher rate is imposed, it will have
to lessen the size of the bar. And now a "sliding
scale," of sugar duties, whatever that may turn out
to be, is being proposed to harmonize the interests of
producer and consumer.
It would be wearisome to go into details. The
whole thing is a misfit. For instance, it is proposed
to give the farmer a higher price for hides by putting
a duty on them; and then proposed to advance the
rate on shoes. No power can reconcile these contradictions. But periodically, either in the interest of
the laborer; or the manufacturer, to save him from
the cheap labor or cheap material of foreign countries; or, as now in process, the farmer, to equalize
his returns with those of other divisions of production; this universal panacea is thrust upon the normal business of the country by sheer politics. Is it
an important means of revenue? Compare the five
or six hundred millions to the two billions and upward of income taxes in the fiscal statements. Yet
we cannot withdraw from this historic harmonizer
and omnipotent benevolence. The lollipop of every
child, the -bonbons and chocolates of every home, the
cakes and condiments of every table, are to cost
more—to save the perishing beet farmers of the high
plateaus of the Western country. One testifies before the Committee that the tariff increase need not
necessarily apply to all sugar consumed. True—but
the inescapable fact is that it des apply, for it is
straightway applied—and the consumer pays the bill.
But let us not fall into an argumentative attitude.
[VOL. 129.
The Ltory is so old it is moth-eaten. We are trying
to stand away from the controversy and look .at it
for what it is. Can statesmanship never devise a
method by which a free government can be run without this indirect subsidy to industries? Is government bound to this merry-go-round? Is it forever
to wear this Joseph's coat of many colors? Mind
you—both political parties pledged to the Glorification of the American Farmer—and there appears no
way c ave through the "Tariff"! We have heard no
complaints from Vermont where the maple sugar
grows. Why is this source of supply forgotten? Is
the mere quality of maple sugar to be its only salvation from the Imports of cane sugar from Cuba?
This is contrary to the claims of "high protection"!
Of all products the tariff should not raise the
price of sugar. Why the tariff is a cop, a lump of
sugar, fed after the elections each year to those who
have "seen their duty and done it," then and there,
"held her nozzle agin' the shore" till every "galoot"
is saved. Why charge for the bounty bestowed?
Why warm the cockles of the farmers' hearts, including beet growers, using Mexican and Italian
labor, and skimp on the size of the chocolate bars
and the ice cream cones? If the children could only
vote—but these poor victims of the beet growers
cannot, theirs only to suffer in their Christmas
sweets! Blessed be the man who can propose a law
that is consistent and at the same time charitable
to all. Protection of infant industries—where are
they in these days of multiple and multitudinous
credits? Protection against the pauper labor of
Europe. Much of this labor is in the graves of the
World War. Protection against the dumping of
cheap goods—goods of worth, under a restored ocean
transport will _sell in many countries unless barred
out by tariffs.
A rate established by the difference in cost of production at home and abroad—but upon what basis
to be established—war-made and union-made wages
at home or the wages of need, of live and let live,
abroad? Are we philanthropists in theory and protectionists in fact? Struggling colonies emerging
into statehood against the old, old States of Europe
adopting this method as the years pressed down upon
them—and the "richest nation of the world," the
"creditor nation," imposing embargoes to prevent
the only rational means of payment! Two great
political parties,. neither of which has the wit to
invent a systematic and systemic form of taxation,
nor the courage to propose one!
How quick the direct bounty of a "debenture" on
exports was struck out of the bill for Farm Relief!
And wisely—for a bounty or subsidy to one industry
is at the expense of all other industries. But a tariff
tax that is a deception, that is laid for protection
and not revenue, that is unequally laid, and that can
never be rightly adjusted—this is sacred! And
other nations of the world are in the same dire stress.
If it is a Gordian knot, why not cut it? Shall a
disputed theory always rule in the United States?
Shall we continue to pretend that this is a form of
taxation we cannot annul? Is "protection" for any
cause the province of a Government that guarantees
freedom to effort and enterprise?
We boast of labor-saving machinery, of mass production and high wages, of progress and prosperity.
Must we cling to a law that is its own denouncer,
its own denial? Why should the sugar schedule
occasion so much debate? Has not sugar the same
JULY 20 1929.1
FINANCIAL CHRONICLE
right to protection that other manufactured products have? Most of the reasons offered are mere
sham. If protection is not a game of shuttlecock,
then let 116 protect everything, whether threatened
from abroad or threatened at home. But political
parties that can think of but one law for all theories
and things, a political party which is forever chewing its cud, save when it temporarily swallows it
between elections—and another party no better in
the genius of discovery—must the people forever submit the business of the country to it and its masquerading tariff?
The American Constitution as a Rock
of Gibraltar.
successive declarations recently made in an
Three
able address in the National Congregational Council, and subsequently unquestioned,should have been
heard by the able Oxford scholar before the writing
of his book on "The Usages of the American Constitution." * This was not possible; but as confusions, they would have prepared him, at least in
part, for the confusion he encountered in his prolonged investigations in Washington.
These were the declarations: "Throughout the
Western World the authority of public order by selfgovernment and due process of law is more in question now than at any other.hour in modern times."
"There is less democracy in Europe than there was
50 years ago, and less trust in democracy than for
a century." And "The United States now holds the
hope for constitutional government and due process
of law under democratic form for the world."
From an independent standpoint our author finds
that while in America, more than anywhere else,
what you see to-day is not unlikely to have disappeared to-morrow. Yet one thing seems to be beyond
the reach of change, namely,"That the conviction of
every American that the system of government devised by the Fathers of the Republic is guaranteed
to him and his heirs forever," and that "the National
Constitution stand like a Rock of .Gibraltar in a
changing world." He is impressed with the fact
that, during the 36 years since Bryce wrote his
"American Commonwealth," little attention has
been given to the part played by usage to the actual
working of the Constitution. American authority
defines a constitution as a body of rules and usages
in accordance with which the powers of sovereignty
habitually exist. This applies equally to the English constitution, which_ is "unwritten." The same
method of interpretation prevails there, and is
equally confirmed by usage. The question is simply:
"Does a particular law or usage find a place within
the body of rules and maxims in accordance with
which the powers of sovereignty are habitually
exercised? If it does, it is part of the constitution."
Despite its preliminary authoritative clauses making any conflicting act of Congress null and void,
and giving the Supreme Court only an interpretative
power, our author confirms Prof. Charles A. Beard's
statement that "the American Constitution has all
the ingredients of the English one:" In fact, the
instrument of 1787 ceased to be the whole of the
Constitution as soon as the first act dealing with
Constitutional matters was passed by Congress.
The document was held in such honor and the name
given it was so exclusive that the significance of
•"The Usages of the American Constitution," H. W. Horwill; Oxford
University Press.
343
Congressional enactments and extra-legal usage
escaped notice if they helped to regulate the powers
of sovereignty. It has been modified by 19 amendments, and Congress has filled up gaps, as by the Act
of 1887concerning the counting of Presidential votes,
and various rules have come into force on the basis
of common law or from custom, tradition, and accepted maxims.
The name has not sufficed to guard against the interbolation of irrelevant elements. In the eye of the
law the meaning of the term must be limited, for
it is "written"; but in discussing the government of
the United States we must remember that the term
is used in a sense quite different from that used in
other countries. In our courts the specialized application of the term must prevail; but in political
science and in comparisons it is confusing.
The real distinction of the Constitution of the
United States is that it is the basis of the whole
structure of Acts of Congress and of judicial decisions. It is "The Fundamental Law of the Constitution." This enables a division between the
Law, and the conventions of the Constitution. The
former embraces the original draft—the Statute
Law and the Common Law—on the one hand; and
the Conventions of the Constitution, on the other.
The latter are the special subject of the book before us. They extend through successive chapters
dealing with the election of the President, his terms
of office, his duties and restrictions, his Cabinet,
the Power of Appointment and Removal, the Powers
of Congress, the Integrity of the Supreme Court,
changes in Constitutional usage, and "The Safeguards." There have been many developments and
changes of practice. We can only indicate the trend
as shown in a few illustrations.
The original intent, for example, was that the
Presidency was to be guarded against the dangers
of a direct election, and this though there were at
the time only 150,000 qualified voters. Each State
was to appoint a certain small group of electors,
who, meeting at home, on a certain day, should vote
and send their ballots to the seat of government to
be counted. The person having the greatest number
of votes should be President, and the next on the
list, Vice-President. The electors soon lost all freedom of choice. The last independent vote of an
elector was cast in 1820 by an elector from New
Hampshire, who stood out against Madison's reelection, and voted for John Quincy Adams.
As early as 1800 party organization began to intervene in its own interest. The caucus was introduced into the House of Representatives and continued active until 1824; Madison having to accept
the policies dictated by its leaders as a condition of
re-election. Nomination by National party conventions was introduced in 1832, and has prevailed
ever since. It practically nullifies the fundamental
law. The people in the November election can pronounce between the candidates nominated by the
conventions. Only when a candidate put by his
party before a convention is seen to have no chance,
can the delegates be free in their voting. The election of the President must be by the choice of the
people, and is so insisted upon no matter what the
minority opinion may be. The National convention
has become in fact an Electoral College,
and requires
a good candidate rather than a
good President.
Though the people "nine times in ten" would choose
the latter. The result, however, has strengthened
FINANCIAL CHRONICLE
[VOL 129.
the power of the President, and also that of the is toward popular control. Change is difficult, but
possible. Rectification or amendment may be made
House of Representatives.
Under the Constitution the Vice-President, on the by a single divii ion in Congress on the basis of a
death of the President is to-day recognized at once new interpretation, supported by the Supreme
as his successor. This is very clearly not in accord- Court. It depends on this last, and may change at
ance with the provision of the Constitution that in any time. "Administrative action" and, with forcertain circumstances the powen3 and duties of the eign countries, "gentlemen's agreements" have at
Presidency should devolve upon him and he should times all needful authority and suffice by securing
"act as President." He has no immediate office on popular support. Instances under late Presidents
his election. He is assigned to temporary duty in have not been so exceptional as to challenge questhe Senate as its President, and when he is called tion, and the Supreme Court holds to its specific duty
away for other duties, a President pro tempore is to deal with such breaches of law as are brought
elected by the Senate, and fills the position, includ- before it for trial. If a statute is passed to which
ing, if occaLion demands, counting electoral votes. nobody objects, the question of its constitutionality
It has created no vacancy in the Vice-Presidency. never reaches the court.
The truth is that with us, as in England with no
The Vice-President is simply performing other
Constitution, many a defect that experience has
duties elsewhere.
This is not regarded to-day. The change came revealed in the Fundamental Law has been corrected
about on the death of President Harrison, April 4 by the creation and crysthlization of usage.
.Ao Professor Beard has said, "The most com1841. Two days later Vice-President Tyler, responding to an invitation to him, addressed as Vice-Presi- plete revolution in our political system has been
dent by the Cabinet, appeared before them and took brought about net by amendments or by statutes,
the position that to be recognized as President he but by the customs of political parties operating the
needed to take no other oath than that which he machinery of government."
In a word, the perpetuity of America depends not
had taken au Vice-President. But on the suggestion
upon our written law but upon the purpose of a free
that doubts might arise he consented to take oath
again. This was then administered, the judge cer- people to do what is for the common good.
tifying that "although John Tyler deemed himself
as Vice-President now qualified to perform the The First Lesson—The City Trust Investigation.
[Editorial in New York "Journal of Commerce," July 12
duties and exercise the powers and offices of Presi1929.1
The lesson drawn by the Moreland Bank Commissioner,
dent without another oath, he now swore to execute
Mr.
the office of President, etc." This precedent has the Moses, from his exhaustive and fearless exposition of
City Trust scandal injects a touch of humor into an
been followed ever since; by Fillmore in 1850, John- otherwise depressing recital
of fraud, dishonesty and prostison in 1865, Arthur in 1881, Roosevelt in 1910, and tution of public office to pursuit of private gain. To preCoolidge in 1923; and io as firmly established as vent a repetition of the kind of fraudulent practices that
could never have occurred if the State Banking Department
anything outside the Fundamental Law can be.
Unhappily, provision for the absence or inability had performed its duties adequately, Mr. Moses, with unintentional irony. urges revision
of the President remains unmet, and consequences private banks, whether large or of the laws to bring all
small, weak or powerful,
followed in the case of President Wilson's too dis- under State control.
Before proceeding to discuss the merits of this proposal,
tressing to be reviewed. Both in months of absence
and subsequent prolonged illness, he felt compelled the public ought to be reminded first of the fact that the
to perform functions which were too much for any City Trust was subject to examination and supervision by
the State Banking Department. In the second place, it is
man.
well to remember that State supervision made
Our author'o comment is: "So the history not for a dishonest management, acting in collusionit possible
with the
only of the United States, but of the civilized world, banking superintendent, to operate on a larger scale and to
has been profoundly affected by a Constitutional escape detection for a longer period probably than would
usage, originating three quarters of a century ago, otherwise have been possible.
Mr. Moses in his indictment of the former superintendent
in the self-assertion of one of the most bizarre figures
says: "The evidence shows that Frank H. Warder is a
that ever appeared on the stage of American poli- faithless public official
who accepted gifts and gratuities,
tics—a prosperous country lawyer who, after a brief including money and securities; that he knew of the disand turbulent period in a high office for which he honest management and bad conditions in the Ferrari banks
was conspicuously unfit, subsided into obscurity and and deliberately prevented exposure and proper official
died twenty years later a member of the Legislature action; that he authorized the expansion of these enterprises and placed the seal of the State's approval on Ferof the Confederacy in active rebellion against
the rari's methods." The first lesson then to he learned from
nation of which he had once "accidentally" become this unfortunate affair is that State supervision
in the case
Chief Magistrate.
of the City Trust Company added to the power of a private
There have been two long periods severally of 61 Individual to expand the scope of his illegitimate activities.
and 43 years without change of the Fundamental The very confidence which the people of New York State
Law; but there are many other usages and inter- had come to feel in their Banking Department Which they
had been told year in and year out was
pretations that may be found in the chapters we high degree of efficiency and devotion characterized by a
to duty served to
have indicated in the book before us. Fundamen- make the betrayal of their confidence the more costly.
Before the State attempts, therefore, to add to the duties
tally the Constitution is conservatively interpreted
as to changes, and especially as 'regards rights of now imposed by la* upon its Banking Department it should
property. In this recpect it is more stable than take every precaution against a possibility that in the
future the Department may
others elsewhere. Every statute is expected to con- of men whose qualificationsbe asked to employ the services
for office are chiefly political
form to the Fundamental Law. The necessity of and personal. It is also necessary to guard against the
mutual concessions between different departments danger that the Department can or will be intimidated or
of the Government, the President and the Senate, favorably prejudiced toward certain institutions by the
for example, is recognized. All are in n sense part- presence on their directorates or among their officers of
men holding high political
ners, and deadlock must be avoided. The tendency political connections. The office or enjoying influential
weakness of the organization in
JULY 20 1929.]
FINANCIAL CHRONICLE
this respect is emphasized throughout the Moses report.
The Banking Department should also be sure that no Director, whatever his position, shall be permitted to regard
his position as "largely honorary and decorative." Moreover, the personnel should be so above suspicion of sensitiveness to external influence that no bank would find it
worth while to employ as counsel to conduct negotiations
with the Department a man whom Mr. Moses describes as
"a Ferrari catspaw used for his experience in the Banking
Department and because his name was valuable."
The fact that an able and trained bank examiner has been
placed in control of the position that Mr. Warder has
relinquished and that his subordinates are reported to be
co-operating faithfully and Intelligently in the work of
rehabilitation is good news, but it is not enough. After
the storm a period of calm is usually enjoyed. The commission that Governor Roosevelt plans to appoint, therefore, to consider the Moses recommendations would do well
to'address itself first of all to methods of selection of the
personnel and reorganization of the Department to increase
efficiency. Mr. Moses urges higher salaries for underpaid
examiners—an excellent suggestion. One of the greatest
obstacles in the way of conscientious execution of public
duties that require trained ability' combined with considerable responsibility is the fact that qualified men can obtain
better remuneration in private employment. This is particularly true of the sort of work done by bank examiners.
Then, too, underpaid officials are unfortunately more likely
to succumb to the venal proposals of private interests.
Higher salaries will never make honest men or convert
dishonest men into models of probity, but they do make it
easier to attract and hold capable and conscientious individuals in the public service. The suggested changes in the
laws, therefore, concerning salaries and prohibitions against
holding and speculating in stocks, by members of the Banking Department, are good as far as they go. No legal
restrictions, however, will avail to prevent a repetition of
the City Trust type of scandal unless the people insist that
the responsible authorities of the State exercise constant
vigilance to see that the Banking Department is kept clean
of those political influences that can wreck the best laid
plans of the legislative reformer. Unless Governor Roosevelt's commiss on succeeds in devising safeguards that give
assurance oil this score, t he proposal to extend the jurisdiction of the Banking Department will not awaken any particular enthusiasm among the informed.
345
ground that it might tend to degrade and incriminate me."
Watches and stickpins seemed to be the only personal property the Constitution and their consciences would permit
these banker brothers to admit they owned. It remained
for the wife of James Rae Clarke, the senior partner, to disclose that her husband has spent $79,500, most of it in the
last year and a half, and $20,000 of it last month, on houses
held in her name or that of her daughter. Experts who have
examined the books say the bank has been insolvent for
the past five years. Yet it accepted deposits of $70,000 the
day before the failure.
Does any sane man think the Bill of Rights, or any part
of it, was put in Constitutions, Federal or State, to make
it easier for conscienceless bankers to cheat poor depositors
or to enable such bankers to make sounding protestations
of good faith in the same breath with refusal to answer the
simplest questions about their assets Honesty and good
faith need no such rule-of-thumb protection. And why
should justice protect anything but honesty and good faith_
Why should a prating lawyer with his hackneyed, halfunderstood formula about "constitutional rights" be able
to aid and abet a client determined to conceal the truth?
Wigmore, the great authority on evidence, warns that we
"must not worship blindly as a fetish" this privilege against
self-incrimination.
"Neither the history of the privilege, nor its firm constitutional anchorage, need deter us from iscussing at this day its policy. As a bequest
of the 1600's it is but a relic of controversies and convul ions whch have
long ceased. Its origi was local; in the ot' er legal systems f the wcrld
It has had no place. It must therefore justify itself in the juridical forum
of nations. Nor does its constitutional sanction, embodied in a clause
of half a dozen words, relieve us from the necessity of copsidering its
policy; for the attitude here taken may lead either by favoring implications to a wide extension of its scope,or by disfavoring interpretations to
its close restriction."
Let us not get the idea that the privilege is sacred or that
no jurist in the past has ever challenged it. In 1910 the
Committee on Trial Procedure of the Wisconsin Branch of
the American Institute of Criminal Law and Criminology
reported:
'A majority of our committee believe that tl e provision in Sec. 8,
Article I., of our Constitution (Wisconsin), tha 'No person hall be com,
pelled in at:) criminal case to be a witness against himself,' has outlived
its usefulness and should be abolishe , and that t ereby one hiding-place
of crime would be destroyed. . . . The constitutional provision does not
so much stand in the way of detection and punishment of crime of the
lou er orders (for the lower criminals no doubt would cunningly add perjury to thei otter crimes), as it prevents the obtaining of evidence to
convict those guilty of offenses such as bribery, grafting. rebating, violation of laws against combinations and similar offenses that threaten even
more than the grosser crimes the foundations of good government and
good order; nor so much even as it interferes at times with the obtaining of
evidence in civil cases necessary to the redress of civil wrongs which may also
involve some of the participants in liability to criminal prosecution."
The italics are ours. Notice that this was precisely the
"I Refuse to Answer, on the Ground That It
situation in the Clarke case last Friday. The bankers'
Might Tend to Degrade and Incriminate
counsel invoked the Constitution to save his clients from
Me."
answering certain questions of the receiver's counsel because
Editorial in "The Evening World" of New York City, July 15 1929.
he thought such answers could be used against the witnesses
Constitution or no Constitution, isn't it about time for in the criminal proceedings. Referee Lyttle disagreed with
common sense to recognize that in ninety-nine cases out of
a hundred the above refusal is itself the most cowardly,
degrading and incriminating answer a man can make?
Constitution or no Constitution, isn't it about time to
admit thaf the ancient Bill of Rights prohibition against
compelling the accused to be a witness against himself has
been turned into a Mumbo Jumbo which, so far from aiding
Justice to get at the truth, actually and deliberately frustrates the search for truth?
We earnestly urge these questions upon President Hoover's
new Law Enforcement Commission appointed to study
judiciary needs and to suggest reforms to strengthen procedure, which now, as the President says, "unduly favors
the criminal." And as a striking current instance—among
thousands that can be assembled—we ask Chairman Wickersham and his commission to take a close look at the attitude
of the brothers Clarke of this city—whose bank smash has
ruined scores of humble depositors—when counsel for the
receiver tried, last week, to get them to tell something about
the vanished assets:
James Rae larke, senior member of the firm: "We four boys here are
willing to give our lives to this. We are ready and anxious to give every
assistance, and a,e have told the receivers that we will help them in everything. We are going into this and will get behind it 100 per cent in the
effort to realize e‘erything possible for the creditors."
Counsel Tozer: "Well, then, we understand your wife and you have
very valuable personal property. Are you going to turn that over for
the benefit of the creditors?"
Banker Clarke: "I refuse to answer on the ground that it might tend
to degrade and incriminate me."
Similar questions put to this and the brother partners,
as to what property stood in their wives' names and how
long such property had been thus owned, elicited only the
same brave and helpful reply: "I refuse to answer on the
this view. Nevertheless, bankers' counsel insisted that if
all questions were answered the evidence might be of "invaluable aid" to the prosecutor of the criminal action. So
justice had to get alonewithout the answers lest the truth
might appear(!)
As far back as 1827, stout, straight-thinking old Jeremy
Bentham, the British philosopher and reformer, paid his
respects to the privilege against self-incrimination. In his
Rationale of Judicial Evidence, he wrote:
"Hard it is upon a man,it must be c nfess.d, to be obliged to do anythi g that he does not like. That e should not much like to do what la
meant by his criminating himself is natural enough; for uhat it leads to
is his being punished. What is no less hard upon him is that he should
be punished: but did it ever occur to a man to propose a general abolition
of all punishment, with this hardship for a reason for it? Whatever
hardship there is in a man's being punished, that, and no more, is there
in his thus being made to criminate himself. . . .
"Nor yet is all this plea of tenderness—this double- istilled and triplerefined sentimentality—anything better than a pretense. From his own
mouth you will not receive the evidence of the culprit against him; but
In his own hand, or from the mout of another, you receive it without
scruple; so that at bottom, all this sentimentality resolves itself into
neither more nor less than a predilection—a confirmed and most extensive predilection, for bad evidence."
"I refuse to answer on the ground that it might tend to
degrade and incriminate me." The phrase has become so
common in courtrooms all over these United States that the
public now greets it with a snigger of cynical recognition
and misplaced amusement. People quote it as a joke i n
everyday conversation. Lawyers use it as a stereotyped
"first aid" for every client who has something to conceal.
It delays justice. Sometimes it utterly defeats justice.
For one innocent man it helps, it shields a thousand guilty.
Often, as in the case of these Clarke brothers, it amounts to
sheer insolence and defiance flung in the faces of the despair-
316
FINANCIAL CHRONICLE
ing victims of fraud. Yet the Constitution is solemnly invoked to bless and father it.
Here is something to which the new Federal Law Enforcement Commission, Bar Associations, State Crime Commissions and every other competent and expert body considering reforms of our judicial procedure, should give earnest
attention. We have inherited what we thought was a safeguard—what in older times and conditions may have been
a safeguard. To-day it is turning into a veritable sanctuary
for wrongdoers, and a dangerously perverted, overworked
device for lawyers who defend them. Surely, we can redefine and restrict the privilege against self-incrimination
so that it will not go on building higher and higher barriers
between justice and the truth. That is neither the spirit
nor the purpose of the Bill of Rights.
New
Oversupplying New York City with Office Space
—Managing Agent Fears Break in Rent Will
Result.
[VOL. 129.
square feet. Unquestionably, the trend is toward the larger and better
designed buildings in all sections of the city, most of which are now
reported between 95 and 100% rented.
"It also is true that there are probably enough wealthy firms to absorb
all the present available space and the new space which soon will be ready
for occupancy in the best and most centrally located office buildings.
The difficulty will be in finding tenants who will accept less desirable
locations and less attractive buildings. Great caution should be exercised,
therefore, in selecting sites for and In the designing and planning of new
office buildings during the next few years at least, particularly in the midtown section of the city."
Another interesting comparison gleaned from Mr. Hewen's survey
points out that some of the finest space in the financial district is held as
high as $9 a square foot for entire floors. The finest structures in midManhattan, such as the Lincoln and Chrysler buildings, he points out,
are asking as a maximum only about $6.50 a square foot for comparable
space. Mr. Hewen also stated that the minimum rental for space in the
new downtown office buildings of the first class is about $3.50 as against
$2.50 in uptown structures.
Evidently discussing the above, the New York "Times,"
in an editorial article in its issue of July 18, had the following to say:
OFFICE SPACE.
A recent warning by a realty expert against excessive office building
construction in New York, particularly In the midtown zone, cites
figures which in themselves seem to convey no serious menace. Vacant
With 2,250,000 square feet of unrented office space in office space south of Canal St. is estimated at 750,000 square feet and
belt
Despite
existence in the two principal office building centers of in the midtownin tl'eat 1,500,000. of Grandthis surplus, a dozen giants
owntown and
neighborhood
Central Station promise to
Manhattan, of which approximately 1,500,000 square feet pour another 6,000,000 square feet on the market within a year.
These figures have meaning only in relation to the total existing
are available in the district between 34th and 59th Sts. and amount of floor space for business purposes. Below Canal St. this is
750,000 unoccupied in the district south of Canal St. and placed at 25,000,000 square feet and in midtown at 20,000,000. Thus
the present vacancies are about 5% of the total available space for the
with an additional 6,000,000 square feet or more soon to be city as a whole and 7%% for the midtown section. It can hardly be called
an alarming state o- affairs. Only if the 6,000,000 new feet of office area
f
thrown on the market during the next year and a half, when I be assumed to go to swell the
vacancies will a serious condition arise.
the new buildings now under construction in these areas The idle space for the city as a whole would then be something like 17%
the midtown belt more than 20%.
are completed, Loring M. Hewen, President of Loring M. I and forthe new construction remain unabsorbed. Not for very long. A
Will
Hewen Co., Inc., sounds a warning against promiscuous single year's slow-up in building should be enough to make demand
overtake supply. Adding 6,000,000
office building construction, especially in the mid-town is a 12% increase. The question is feet to 50,000,000 feet in two years
whether New York City's business
grows at the rate of 6% a year. It has probably done better than that
section of the city, if we would avert a serious falling off in
in the past. The business done in New York is more than New York's
the rental value of office space during 1930 and 1931. So business. It is in large measure the business of the nation; and the ever
taller business
the ever more
said the New York "Herald-Tribune" on Sunday, July 14, an index of alltowers and There is also sumptuous business suites are
America.
the rising standard of business
living. Americans have gone in for beauty in offices and salesrooms as
and then quoted Mr. Hewen as follows:
In homes. The interior decorator prescribes more elbow room as well as
"The demand for and absorption of office space in the financial district more
elegance. When a New York business man moves from an antibelow Fulton St., where practically no good space is obtainable to-day,', quated office building into a nice new Babylonian ziggurat he is apt to
Mr. Hewen observes, "has substantiated the judgment of builders and move out of 800 square feet into 1,500 square feet.
owners as to the unquestioned need for the mammoth office building
structures now being built there.
BOOK NOTICE.
"Under construction south of Canal St. six gigantic new office buildings
will be ready for occupancy in 1930 and at least three more in 1931. AVIATION: ITS COMMERCIAL AND FINANCIAL ASPECTS. By
Among these are the Bank of Manhattan Building, 63 stories high, at 40
Richard Rea Bennett. 137 pages, 4 illustrations.
Wall St., which will probably contain close to 1,000,000 square feet;
"The purpose of this book," says Mr. Bennett in his
Irving Trust building, at 1 Wall St., 500,000 square feet; 120 Wall St.
preface, "is to outline and explain the financial and combuilding, 500,000 square feet; Farmers Loan & Trust building, at 22
William St., 265,000 square feet; 270 Broadway, 250,000 square feet; mercial problems of aviation which daily confront the layInternational Telegraph & Telephone building, at 65 Broad St., 235,000 man, the banker, the investor, the economist, the educator,
square feet; 1 Cedar St., 160,000 square feet; New Amsterdam Casualty the lawyer, the engineer, the scientist, the college student,
building, at 56 John St., 120,000 square feet, and Goldman Sachs build- the business, advertising and insurance man and the transing, at 34 Pine St., with 120,000 square feet of available office space.
portation and public utility engineer." In concise, readable
fashion Mr. Bennett offers a survey of the present status of
More Buildings Coming.
"Tall and important structures are rumored planned by the Radio American aviation and indicates the lines along which its
Corp. on the site of its present Broad St. building and by the General growth will proceed.
Realty & Utilities Corp. for Broad and Stone Sts., and plans are under
Mr.Bennett shows ho* the present policies of the Governpreparation by the Coffee Exchange for itn improvement to its plot ment together with the popular interest in aviation have
at 113 Pearl St. These structures, when completed, will contribute achieved a remarkably rapid development in aeronautics
many hundreds of thousands of square feet of offices.
within a few years. "It must bo borne in mind constantly," he
"In addition to the foregoing buildings downtown, the State office
states, "that the airplane of to-day merely is tho adaptation
building now under construction in the new Civic Center opposite the
of a war instrument to commercial purposes. The comCourt Square building, which is expected to be ready in 1930, will contain
almost 500,000 square feet. A great number of the State offices and mercial development of aviation has just begun,and the truly
bureaus now housed in private buildings will be moved to the new State commercial airplane is still in the process of development."
The degree to which aviation has developed in this country
building, adding many thousands of square feet which they now occupy
is evidenced by the fact that to-day there are thirty-four
to the office space becoming available in Manhattan.
"Downtown below Canal St., there is in round figures 25,000,000 operators of air transport aircraft whose planes are flying
square feet of office space in existence. Less than 1,000,000 square feet a daily average of 54,000 miles
over sixty-seven airways,
is vacant, practically all of which is situated in older types of structures making far in excess of one
hundred station stops en route.
north of Fulton St.
The author delves into some statistics and shows that over
"While there has been and is a good demand for business locations in
ten million miles were traveled during 1928, with 52,934
the mid-town section of Manhattan, there is a considerable amount of
vacant space. In the district between 34th and 59th Sts., there Is 20,- passengers being carried.
Throughout Mr. Bennett finds a close parallel between
000,000 square feet of office space existing, with approximately 1,250,000
the history of the development of the railroads with the desquare feet now idle.
"The outstanding office structures rising in this area In which space is velopment of aviation. On the twenty-fifth anniversary
now being offered for the coming season are the Lincoln building with of flight, 15,128 miles of airways were in operation,
compared
930,000 square feet; Chrysler building, 840,000 square feet; Daily News with 9,021 miles of railroads on the
twenty-fifth anniversary
building at 216 East 42d St., 325,000 square feet; Lefcourt-Colonial
building at 41st St. and Madison Ave., 250,000 square feet; Columbia of that form of transpo:tation. To-day more than a billion
Broadcasting building at 485 Madison Ave., 225,000 square feet; Fuller dollars of investment money has been poured into the
building at Madison Ave. and 57th St., 200,000 square feet; 370 Lexing- industry in America alone. And,
just as in the development
ton Ave. building, 200,000 square feet; 400 Madison Ave., 125.000 square
feet, and 509 Madison Ave. with 120,000 square feet of available office of railroads there came a period of easy financing when the
lines were expanded too rapidly, Mr. Bennett warns that
space.
6,250,000 Square Feet by 1931.
there is a very definite present danger that catastrophe may
"The grand total of new office7space to be available during-the years await those who are to-day placing their money in aviation
1930 and 1931, both downtown and uptown, Is in excess of_13,250,000 projects without sufficient study of
the prospects for success.
JULY 20 1929.]
FINANCIAL CHRONICLE
341
The New Capital Flotations During the Month of June and for the Half
Year ending with June
After the magnitude of the new financing done in this such exceptional size; and as the month was so distinctive
not be amiss to refer again here
country during the month of May, when all monthly records in that particular it will
principal large issues during May. The most
behind, the to some of the
in the bringing out of new issues were left far
prominent of these for size were the offering of $101,660,500
total now disclosed by our analysis for the month of June of new common stock by the United States Steel Corporation
wears a rather diminutive look. And yet the amount is not to its shareholders at $140 per share, involving $142,324,700; '
itself small; indeed, only a short while back it would have the offering of $108,250,550 Anaconda Copper Mining stock
been regarded as being of quite considerable size. The at $55 per share of $50, and representing therefore $119,American Tel. & TeL cony. debentures;
total for the month falls a little short of $800,000,000, which 075,605; $219,000,000
United Light & Power 1st pref. stock; 501,270
over $9,500,000,000 a year, and therefore $50,000,000 of
is at the rate of
shares of International TeL & Tel. stock offered at $50 per
cannot be looked upon as being of insignificant proportions, share and involving $25,063,500; 5,800,000 shares of Pennbut quite the contrary. But in comparison with the extraor- road Corp. common stock offered to Pennsylvania RR. sharedinarily'heavy flotations in May, when the total was nearly holders at $15 per share and involving $87,000,000; 600,000
twice that now disclosed for June, the figures for the shares of Bethlehem Steel Corporation common offered at
latter month do show a slackening of the pace, but a slack- $35 per share and involving $51,000,000; 2,500,000 shares
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1
Corp. offered at $122 per share and
ening which cannot be regarded as possessing any great Curtiss Airports
involving $31,250,000; $25,000,000 Allegheny Corp. collateral
consequence, and, least of all, as indicative of any change
/
1
%
trust cony. 5s issued at par and $25,000,000 of 52 cumuin the general trend. Special causes operated to swell the lative pref. stock offered at par; $25,000,000 Richfield 011
May aggregate to very unusual figures—figures which it Company of California Gs; $41,107,700 Baltimore &. Ohio
was recognized at the time were not likely to be repeated common stock offered at par to shareholders. etc., etc. As it
In the early future except in the case of a similar conjunc- happens, too, the amount of municipal bonds awarded,
comprised some very large issues
tion of heavy individual new issues (huge offerings of new previously quite small,
and reached an aggregate of unusual dimensions, namely
stock for one thing by quite a number of corporations) for
$182,738,478, the City of New York, for one thing, having
which the month was noteworthy and which are not apt disposed of $52,000,000 of 51 % corporate stock.
4
to be duplicated except on very rare occasions.
- In June, also, there were a few large issues, just a few,
Our compilations, as always, include the stock, bond and all of which are detailed further below, but none of such
note issues by corporations, by holding and investment com- foremost size as the leading ones among those for the month
panies of one kind or another, and by States and munici- of May. In another particular also sharp distinction must
June and
palities, foreign and domestic, and also farm loan emissions. be made between the figures for the month of
those for the month of May. In the last-mentioned month
The grand total of the offering of securities under these
a very considerable portion of the new issues brought out
various heads during June reached in exact figures $789,- was for refunding purposes—that is, to take up issues of
707,377. On the other hand, during May the total of the one kind or another already outstanding and hence not
new financing aggregated no less than $1,511,714,703, accord- representing strictly new capital demands but, instead, new
ing to our revised figures for that month, the revisions issues put out to replace existing issues. In May no less
consisting entirely, as nearly always, of slight additions to than $392,468,733 was for refunding. In June, on the
other hand, the refunding portion of the new financing
the amounts of awards made by the smaller municipalities
totaled no more than $16,676,217, this being the smallest
In coming to hand. In April the
whose returns are slow
amount of refunding shown in any month for a long time
total of the financing under the various subdivisions did past. Still, even after taking out the refunding portion the
not differ greatly from that for the month of June, being a amount representing strictly new capital for June falls
little larger and footing up $816,329,711. In March the far below that for the month of May, the new capital for
total was $1,047,473,452; in February $1,019,431,752, and in June standing at $773,031,160 against $1,117,624,877 for May.
When comparison is made, however, with the month of
January $1,065,575,103. In December the offerings aggreJune last year the showing is different. The grand total
gated $1,178,659,551, or far in excess of any previous
of the new capital flotations in June the present year, as
monthly total up to that time. In November 1928 the offer- already stated, was $789,707,377, only $16,676,217 of which
ings were $961,566,999. In October, before full recovery had went for refunding, leaving $773,031,160 for new capitaL
occurred from the mid-Summer slump which was such a In June, 1928, on the other hand, the grand aggregate of
conspicuous feature of the 1928 financing, the new emissions new financing under the different heads was $1,037,390,061,
were $797,508,691. As against these amounts, the aggre- of which, however, $234,980,713 was for refunding, leaving
for new capital. The comparison on new capigate of the new issues brought out during September last $802,409,348
tal stands therefore at $773,031,160 for June 1929 against
was only $543,095,069, and that for August no more than
$802,409,348 for June 1928. It should perhaps also be
$267,001,422, this last standing as the smallest amount of added that one issue of exceptional size played an important
new financing done in any month of any year since July part in June last year in swelling both the new capital
1923. The drop reflected the very pronounced slowing down portion and also the grand total of the new flotations for
which occurred during the Summer of last year in the that month, carrying the latter above a billion dollars.
bringing out of new stock and bond issues because of the We refer to the offering of $185,000,000 row stock at par to
money tension, which was then in its early stages, and its shareholders by the American Telephone & Telegraph
the readjustment of security values that this made neces- Company and which was included in the new issues for that
sary. In July, also, of last year, the money situation, along month. We remarked at the time that except
for this exwith the congested condition of the bond market, operated ceptionally large offering, which to that extent
swelled the
to hold down the appeals to the money and investment mar- month's total, June (of that year) must have taken place
kets and as a consequence the aggregate of the new capital as one distinguished for light financing
rather than one
Issues brought out in that month reached no more than ranking as among the heaviest .of the
half-year. With
$446,542,439.
that item taken out the total would have been nearly as
It has already been indicated that the magnitude of the small as that for June the present year.
May total, which never previously had even been closely
As for the rest, the comparison with last year discloses
approached in any month, was in great measure due to the the same features and
characteristics as did the comparison
numerous large issues which came upon the market during in the months preceding. In the
first place foreign Govmoving us to say, in reviewing the results for ernment issues are almost
that month,
entirely absent in the month's
that month, that in that respect it seemed safe to say the financing. As a matter of fact, the $6,000,000 State of Rio
month had never had a parallel. In our article for that de Janeiro 30
-year external 62 offered at 912 to yield
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1
%
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month we enumerated at length all the more important 7.20% was the only foreign Government issue brought
out
which had served to swell the month's aggregate to during the month in this country,
Issues
money market conditions,
348
FINANCIAL CHRONICLE
[Vot. 1.29.
with the high interest rates prevailing here militating shares Canadian Mining Securities
Corp., Ltd., common
against the bringing out of foreign issues in the United stock, offered at $11 per share,
involving $1,925,000. Other
States except at prohibitive rates. In June last year foreign offerings comprised:
$32,000,000 The Latour()
$48,550,000 of foreign Government bonds were marketed in Nitrate Co., Ltd., 1st mtge.
cony. Os 1954, offered at 99, to
this country. Municipal financing aggregated larger this yield 6.05%; $20.000,000
Mortgage Bank of Chile guaranteed
year at $149,243,535 as against $129,806,486 in June 1928, 6s 1962, issued at 92, to yield
6.60%; $11,450,000 Toho Elecbut that is misleading as to the general trend of municipal tric Pr. Co., Ltd., 3
-year 6% notes, July 1 1932, priced at
financing which has been measurably hindered by the 96%, to yield 7.40%, and
15,000 shares Intercontinents
stringency in the money market. Several separate issues Power Co. $7 cum. pref. stock, offered
at $99 per share.
of large amount eame in to raise the total for the month
Foreign Government financing in this country during
the present year, the list including $21,000,000 State of June, as already stated, was confined
to an offering of
Tennessee bonds, $13,000,000 State of Illinois, $10,000,000 $6,000,000 State of Rio de Janeiro
(Brazil) external secured
State of New Jersey, and $10,000,000 bonds of the City of 6%s 1959, at 91%, to yield 7.20%.
This was the first foreign
Philadelphia. The smaller municipalities had the same Government loan floated here
since March. Announcement
difficulty in floating new bond issues as in previous months was also made during June
that Dillon, Read & Co., Harris,
on account of the tension in the money market. It is also Forbes & Co., and Chase Securities
Corp. had arranged a
to be remembered that even in June last year the money one-year credit of $50,000,000
in favor of the German Govmarket, which was then beginning its upward surge, oper- ernment. The rate was not
divulged. Messrs. Dillon,
ated as an influence adverse to municipal borrowing, keep- Read & Co. are also reported
to have extended a credit of
_
Ing it quite light.
$3,000,000 to the Ruhr Chemical Corp. of Germany. By
As to the corporate financing, domestic and foreign, this reason of their nature, we do not include these items in our
foots up $630,101,842 for June the present year against totals of new financing of a permanent character for the
$830,433,575 in June 1928. The $185,000,000 of new stock month.
offered a year ago by the American Tel. & TeL accounts for
There were no farm loan securities offered during June.
nearly the whole of the difference. The feature in the
Among the domestic corporate issues—during June the
domestic financing by corporations is again the prepon- largest individual offering was 575,000 shares of Stone &
derance of the new stock issues over the bond issues. The Webster, Inc. (Del.), capital stock, priced at $100 per share,
new bond issues are fast beginning to fade out of the picture comprising public offering of 400,000 shares and private subIn the case of domestic corporations. Only $103,669.800 of scription to 175,000 shares, in each case at $100 per share.
long-term and short-term bond and note obligations were Other large industrial and miscellaneous issues were:
$40,brought out in June the present year while the new stock 000,000 Shell Union Oil Corp. 5%% cum. cony. pref., offered
Issues (common and preferred) aggregated $353,892,042. at $98 per share; $20,000,000 General Steel Castings Corp.
The stock issues last year in June were even larger, reaching 1st mtge. 5%s "A" 1949, priced at par; 250,000 shares Insull
then $408,010,875, but that was simply because of the inclu- Utility Investments, Inc., common stock (no par), offered
sion in the total of $185,000,000 of American Tel. & Tel. at the market (approx. $45% per share); $11,000,000
Edith
stock offered to stockholders at par. The new bond issues Rockefeller McCormick Trust coll. trust Os July
1 1934,
by domestic corporations then were $190,072,700, which com- offered at 99%, to yield 6.05%; 250,000 shares Equity
Inpares with the $103,669,800 for the month the present year. vestors, Inc., common stock, offered at $42% per
share,
Carrying the analysis of the corporate offerings during involving $10,625,000, and 687,568 shares (Edw. G.) Budd
June a step further, it is found that industrial and miscel- Mfg. Co. common stock (no par), offered at $10 per share,
laneous corporations still account for the bulk of the corpo- Involving $6,875,680.
Public utility financing of importance during June comrate issues. Their total reached $409,199,899, which, however, is less than half the volume of $865,667,106 attained prised 250,000 shares General Gas & Electric Corp. $6 cum.
by them in May. Public utility financing aggregated only cony. pref. stock, offered at $95 per share, involving $23,;129,551,943 in June as against $342,918,500 for May. Rail- 750,000; 843,284 shares Columbia Gas & Electric Corp.
road offerings aggregated $91,350,000 during June as com- common stock (no par) offered at $24 per share, involving
$20,238,816; $16,666,667 Mass. Gas Co.'s common stock,
pared with $105,307,700 in May.
Total corporate offerings, foreign and domestic, during offered at par ($100); $10,000,000 Central States Electric
Corp. cony. pref. stock, optional series 1929, offered at $100
June were, as previously stated, $630,101,842, and of
this
per share; $8,000,000 Southern Public Utilities Co. 1st &
amount stock issues, foreign and domestic, accounted
for
ref. mtge. 5s 1943, priced at 1001 to yield 4.95%, and
no less than $357,982,042, long-term bonds and notes
/
4
,
aggre$6,800,000 Central Power & Light Co. 1st mtge. 5s 1956,
gated $237,937,000, while short-term offerings
were only
issued at 91, to yield 5.65%.
;34,182,800. The refunding portion amounted to only
$16,There were no domestic railroad issues of importance
222,217, or less than 3% of the total. In May the amount
during June. The Canadian ones have already been menfor refunding was no less than $390,847,640, or nearly
30% tioned.
of the total. This established May as the largest
month
Eleven separate offerings were made of securities not
,on record in respect to amount raised for refunding. In
April the refunding portion was 134,171,779, or over 18% of representing new financing on the part of the company
the total. In March the amount was only $58,327,000, or not whose securities were offered. These offerings aggregated
quite 6 % of the total. In February the amount was $8,454,086, and, as mentioned by us in previous reports, we
/
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4
$122,393,350, or over 13% of the total, while in January the do not include them in our totals of new financing. They
refunding portion reached $142,547,192, or nearly 15% of are shown, however, in tabular form following the details
the total. In June 1928 $217,025,800, or about 26% of the of new capital flotations during the month. See page 356.•
total, was used for refunding purposes. No large refunding
THE RESULTS FOR THE HALF YEAR.
Issues were sold during June 1929.
For the half year the new security issues, foreign and
The total of $18,221,217 raised for refunding in June domestic, placed in the
United States are again of unparal0929) comprised $400,000 new long-term to refund existing led magnitude, far surpassing
any previous total for the
long-term, $800,000 new short-term to refund existing long- half year. We made this
observation in our comments on
term, $10,432,717 new short-term to refund existing short- the figures of previous
half years and the remark is again
term, $1,400,000 new stock to replace existing short-term, true for the present half
year. In other words, these totals
and $3,189,500 new stock to replace existing stock.
of new financing for the half year keep steadily expanding
Foreign corporate issues sold in our markets during June year by year. For the six
months ending June 30 1929 the
aggregated *172,540,000 as against only $24,273,347 in May. grand total of the new
flotations actually exceeds 6% billion
A few offerings of unusual size account for the magnitude of dollars, being in exact
figures $6,250,905,982. This, it will
the total. The offerings during June were as follows: $60,- be seen, Is at the rate of
over $12,500,000,000 a year. In
000,000 Canadian Nationality.Co.40-year guaranteed 5s 1969, the f rst half of 1928 the
grand total of the new offerings
offerOd at 99%, to yield 5.03%; $30,000,000 Canadian Pacific was $5,743,638,847, showing
a further addition the present
Ry. equip. trust 5s 1944, offered at 99%, to yield 5.05%; year of over $507,000,000. In
the first half of 1927 the total
;5,000,000 Foreign Power Securities Corp., Ltd., 1st coll. was $5,342,323,457, and in
the first half of 1926 it was only
trust cony. 6s 1949, issued at par; $10,000,000 Simpsons, slightly above four billion
dollars, being $4,052,532,032.
Ltd., 1st mtge. coll. trust 6s A 1949, sold at par; 40,000 Going back to 1923, the half year's
aggregate then is found
shares National Distillers, Ltd. (Canada), common stock, not to have quite reached even
three billion dollars, the
per share, involving $680,000, and 175,000 ; exact total for that half year
offered at $17
having been $2,969,887,430.
JULY 20 1929.1
FINANCIAL CHRONICLE
349
The further addition during 1929 is the more noteworthy In pre-em:nent degree the characteristics and features for
inasmuch as the aggregate of the new financing done to which the current period of financing has become far famed,
retire or take up outstanding issues—that is, the portion namely a falling off in the bond issues and a tremendous
used for refunding—was much smaller the present year increase in the new stock issues. New bond issues have been
than in either of the two previous years,leaving thefinancing coming upon the market in diminishing amounts for the
for strictly new capital issues correspondingly larger. Of twofold reason that the demand for bonds has dwindled
the new issues brought out in the first six months of 1929 and that corporate managers have wished to avoid raising
only $880,173,704 were to take up old issues. On the other rates of interest to the extent necessary to ensure a certala
hand, of the new issues put out in the first six months of market for the same, while on the other hand stock issues
128 no less than $1,597,114,312 were to take up outstanding have been resorted to in ever growing amounts because of
issues. It is true that in 1928 the refunding portion was the public craze for such issues owing to the supposed
unusually large, but even in 1927 the amount for the six valuable equities attaching to the same. Our compilations
months was $1,187,895,460. Prior to 1927, however, the show that the bond and note issues have fallen from $2,246,amounts were much smaller, the refunding portion in 1926 292,000 in the first half of 1928 to $1,673,588,300 in the first
having been $470,126,592, in 1925 *513,347,132, and in 1924 half of 1929, but that the preferred stock issues have in$358,117,508. Eliminating the refunding portion the aggre- creased from $740,732,536 in the first half of 1928 to
gate for strictly new capital for the first six months of 1929 *887,097,906 in the first half of 1929, while the new issues
is found to have been $5,370,732,278, as against $4,146,524,535 of common stock have run up from only *758,872,116 in
for the first six months of 1928, showing, on this basis, a the first six months of 1928 to $2,440,337,070 in the first six
could illustrate more strikingly
further increase the present year of roughly $1,220,000,000 months of 1928. Nothing,
(in exact figures $1,223,207,743), which is a certainly very than this the changed methods of financing that have come
remarkable result The corresponding total for strictly new into vogue. It should be added that even many of the bond
capital in 1927 was $4,154,427,997; in 1926 it was $3,582,- issues that have been brought out during 1929 contain con405,440; in 1925 $3,188,449,605; in 1924 $2,843,504,056, and vertible features, that is, the right to convert into stock on
in 1923 $2,477,529,367.
certain terms and within certain time limits, in order to
Still more remarkable does the large increase for 1929 make them additionally attractive and to meet the popular
appear when it is noted that foreign Government issues demand for participation in the supposed growing value
dwindled almost into insignificance, these foreign Govern- attaching to the equities contained in stock issues. Among
ment issues for the six months of 1929 having footed up the conspicuous instances of this kind may be mentioned
only $41,750,000 against $501,474,000 in the first six months the following:
of 1928. The tension in the money market during 1929 has
ISSUES FLOATED IN 1929 WITH CONVERTIBLE FEATURES OR
been such that foreign funds have been attracted to this
CARRYING SUBSCRIPTION RIGHTS OR WARRANTS.
country rather than money of this country finding employ- $35,000,000 Allegheny Corporation coll, trust cony. 5s, 1944. floated in
January, each $1,000 bond being convertible to Feb. 1 1944
ment or investiiient abroad. The further addition to the
into seven shares of 5 % preferred stock (without warrants)
and 10 shares of common stock.
grand total of new issues during 1929 under the various
American International Corp. cony. deb. 5s.
heads also occurred in face of a falling off of over a hundred 25,000,000 fered in January, convertible to Dec. 31 1934 into 1949, ofcommon
stock at prices ranging from $80 to $100 per share.
million dollars in the new financing done by the States
abs. Chicago Corporation $3 cum. cony. preference stock,
750.000
and municipalities in this country. Notwithstanding the
brought out in February, convertible at any time into common
stock, share for share.
increase in the new financing by States and municipalities
Light Corp. deb. 5s, 1959. offered in
Utilities
noted above for the month of June, the aggregate of the $36.000,000 February,Power &warrants entitling holder of each $1,000
carrying
debenture to purchase to Feb 1 1934 7 shares class A stock,
new municipal issues brought out during the six months
334 shares class B stock and 334 shares common stock for the
total sum of $577.50.
of 1929 is found to have been only $663,666,259 as against
Commercial Investment Trust Corp. cony. deb. 514s, 1949'
778,419,445 in the first six months of 1928. Money market 35.000.000 offered in February,. convertible to Feb. 1 1935 into common
stock at prices ranging from $200 to $240 per share.
tension was very severe in its effects on municipal borrowCo.deb.
ing. The largest cities and the different States succeeded 50,000,000 Cities Service holder of58. 1969,sold during March, with warrants entitling
each $1,000 bond to purchase 40 shs.
in floating new bond issues by paying greatly increased
of common stock to March 1 1932 at prices ranging from $30.4
to $3734 per share.
rates of interest, but many of the smaller municipalities
30.800.000 Philadelphia & Reading Coal & Iron Co. cony. deb. Si,
1949, issued during March. each $LOW bond being convertible
found it virtually impossible to place new issues even at
from March 1 1930 to March 1 1939 into 40 shares common
higher rates, while some municipalities positively refused
stock of the Philadelphia & Reading Coal & lion Corp., the
parent company.
to accept the high interest rates that they would have been
n Utilities Investing Corp. deb. 5s, 1954. offered in
35.000,000 E
obliged to pay to obtain the accommodation needed.
March,each $1,000 bond carrying warrant to purchase 20 shs.
class A common stock at $15 per share from Jan. 1 1930 to
In the final analysis the further large addition during
Dec. 311934.
1929 is found to have been entirely in the new corporate 30.000,000 International Hydro Electric System cony. deb. 68. 1944.
sold in March, each $1,000 debenture being convertible from
issues. It has long 'been the case that the preponderating
- April 1 1930 to April 1 1939 into 19 shares class A stock.
proportion of the whole of the new flotations is contributed 65,166.000 Southern Pacific Co.430,1969,originated during April,each
$LOW bond carrying warrant to purchase to May 1 1934
by corporations, domestic and foreign, and during 1929
3 shares of common stock at $145 per share.
this was more overwhelmingly so than in previous years. 46,392,000 Missouri Pacific RR. Co. cony. 534s, 1949, offered in April,
convertible on or after May 1 1931 into 10 shares of common
The total of the new corporate issues for the first six months
stock for each $1,000 bond.
of 1929 is found to have been *5,506,882,723 as against only 30,000,000 American I. G. Chemical Corp. cony. deb. 514s. 1949.
issued in April, convertible to Dec. 1 1938 into common A
$4,392,120,402 the first half of 1928. But here again the
shares on bases ranging from 17 shares to 10 shares of stock
for each $1,000 debenture.
foreign corporate issues must be separated from the domestic corporate issues. The money market operated against 219,000,000 American Tel. & Tel. Co. cony. deb. 434s, 1939, offered in
May, convertible into stock from Jan. 1 1930 to Dec. 1 1937
the floating of foreign corporate issues in the same way that
at prices ranging from $180 to $200 per share.
500,000 abs. United Light & Power Co.$6 cony.cum. lit pref stock,
it did against foreign Government issues, rendering them
brought out in May,each share being convertible to July 1 1934
possible only in highly exceptional cases, otherwise only
into 2 shares of class A common stock.
on the payment of rates of interest so high as to be almost $32,000,000 Lautaro Nitrate Co., Ltd. 1st mtge cony. 6s. 1954, issued
during June, each $1,000 bond being convertible to July 1
prohibitory. As a matter of fact, owing to money market
1939 into 10 shares 7% pref. (dollar) shares of the company
and 4 shares common stock of the Lautaro Nitrate Corp .the
conditions, banking interests, as a rule, deemed it inadparent concern: each $1,000 bond also carries warrant to receive without cost on Jan. 1 1930 10 shares of common stock
visable to make appeals at all to the money and investment
of the Lautaro Nitrate Corp.
•markets of the United States on behalf of foreign issues of 40,000,000 Shell Union Oil Corp. 534% cum. cony. pref. stock, sold
during June. convertible into common stock at $30 per share
any kind. In these circumstances it is not surprising to
up to July 1 1932 and at $35 per share thereafter to July 1 1935
.
find that the total of the Canadian and other foreign corpo250,000 shs. General Gas & Electric Corp.$6 cum. cony. pref.stock;
Issued in June. convertible from May 1 1930 to May 1 1935
rate issues brought out in the first six months of 1929 was
into 1 1-5 shares of common stock class A.
substantially smaller than in the six months of the previous
THE PART PLAYED BY INVESTMENT TRUSTS AND HOLDING
year, being $505,859,447 for 1929 against $646,223,750 for
COMPANIES.
1928.
Investment Trusts and holding companies have latterly
' Proceeding a step further now, and eliminating the foreign
.corporate issues from the grand total of the corporate issues, 'become very prominent in emitting new securities and
foreign and domestic, we get a really impressive result for contributed in no unimportant extent to swell the total of
the domestic corporate issues, these having reached no less the new issues during 1929. Obviously these differ sharply
than $5,001.023,276 in the first half of 1929 against only from new financing of other descriptions. Accordingly, we
$3,745,896,652 in the first half of 1928. Examination of have made computations to indicate their contributions to
the details of these hugely enlarged corporate issues reveals the grand totals of the new capital flotations for June and
350
FINANCIAL CHRONICLE
[Vol,. 129.
for the six months of the calendar year ending with June. with $52,000,000. Germany ranked fourth with $29,600,000.
In our detailed analysis of the corporate financing given at Taking into consideration both Government loans and corlength each month in tabular form these security offerings porate issues, Canada raised $254,275,900 in our market
by investment trusts and holdings companies are grouped during this period, leading all countries. Chile ranked
under the designation "Miscellaneous." For the month of second with $62,000,000, while Sweden was third with $52,June, out of a grand total of $630,101,842 of corporate 010,000, and Germany fourth with $33,600.000.
financing, $217,511,494 consisted of corporations thus classed
In the following we furnish full details of the foreign
as miscellaneous, and we now find that $85,853,724 of the Government and foreign corporate issues brought out in the
$217,511,494 comprised financing done by investment trusts United States during the six months ended June 30:
and holding and trading companies. In like manner, out of CANADIAN GOVERNMENT, PROVINCIAL AND MUNICIPAL
ISSUES
a total of $5,506,882,723 of new corporate issues brought out
PLACED IN UNITED STATES IN HALF YEAR ENDED JUNE 30 1929.
Januaryduring the six months of the present year ending with June,
Price.
Yield
$3,750,000 British Columbia (Prov. of) 410, 1969 refunding- -$1,554,739,195 consisted of corporations classified as "misFebruary$1,500,000 Quebec. Que., 5s, 1959
100.10
4.99%
cellaneous," and out of this latter in turn $888,889,062 com250,000 Greater Winnipeg Water Dist., Man.,5a, 1959 ref _ _ _ ...March
prised issues brought out by investment trusts and holding
$250,000 York Township, Ont., 5s, 1929-1946
April
companies. In the following we show the figures for each
$4.000,000 British Columbia (Prov. of) 56, 1954 refunding
98.65
5.09%
of the six months separately and also indicate what portion
May
$20,000,000 Ontario (Prov. of) Is, 1959
99.15
5.06%
of the financing by these investment trusts and holding
3,000,000 Toronto, Canada, Is, 1949-1959
5.21%
97.777
June
companies was in the shape of bonds and notes and what 81,762,000 Quebec, Que., 5s, 1959
5.10%
08.43
1,100,000 Montreal Metropolitan Commission. Que., Is. 1966_ _ 98.45
portion consisted of stock issues.
5.09%
1,000,000 Manitoba
(Prov. of) Is. 1954
FINANCING BY INVESTMENT TRUSTS AND HOLDING COMPANIES
DURING FIRST SIX MONTHS OF 1929.
Long-Term
Short
-Term
Grand
1929.
Bonds ct Notes.Bonds & Notes.
Stocks.
Total.
January
$9,000,000
8256,645,500 $265,645,500
February
21,500,000
175,814,050
197,314,050
March
47,000,000
102,963.088
149,963,088
April
1,500.000
98,256,500
99,756,500
May
90,358,200
90.356,200
June
9,000,000
76,853,724
85,853,724
Total
$88.000.00
:8800.889.062 5888,889,062
* Includes 826,000,000 Canadian. zlncludes $1,925,000 Canadian.
THE FOREIGN ISSUES PLACED IN THE UNITED STATES.
The foreign government issues (including Canadian)
placed in the United States in 1929, for reasons already
stated, were very light, aggregating only $78,362,000 for the
half year. This compares with $530,314,000 for the first six
months of 1928; with $477,757,800 for the six months of
1927; $302,764,000 in the first half of 1926, $312,311,000 in
the first half of 1925, and $353,407,562 in the first half of
1924. The refunding portion was no more than $8,000,000
against $100,538,413 in the first half of 1928; $58,469,000 in
the first half of 1927, $60,873,000 in the first half of 1926,
and $92,522,000 in the first half of 1925. The foreign corporate offerings, bowever, continued quite large, reaching
$505,859,447 against $646,223,750 In the six months of 1928;
only $315,168,625 in the six months of 1927, $313,694,040 in
the first half of 1926, $254,695,000 in the first half of 1925.
and but $31,330,000 in the first half of 1924. The aggregate
borrowings, therefore, in the United States on behalf of
foreign nations, government and corporate, in the first six
months of 1929 reached only $584,221,447 against $1,176,537,750 in the first six months of 1928. In the first half of
1927 the foreign flotations aggregated $792,926,425, and this
compares with 8616,458,040 in 1926, $567,006,000 in 1925,
$384,737,562 in 1924, and $193,646,279 in 1923. The following carries the yearly comparisons back to 1919:
GRAND SUMMARY OF FOREIGN ISSUES PLACED IN UNITED - TATES.
S
(Including Canada, Its Provinces and Municipalities.)
Half Year to June 30 1929New Capital.
Refunding.
Total.
Canada, Ito Provinces & munlclpalltles
828,612,000
$3,000,000 $36,612,000
Other foreign government
41,750,000
41,750,000
Total foreign government
$70,362,000
88.000.000 $78,362,000
Canadian corporate issues
217,663,900
217,663,900
Other foreign corporate issues
275,762,830
12,432,717 288,195,547
Grand total
First half of 1928
1927
1926
1925
1924
1923
1922
1921
1920
1919
$563.788.730
$20,432,717 $584,221,447
8935,088,837 8241,448,91381,176,537,750
701,947,425
90,979.000
792,926.425
524,707,740
91,750,300 616,458,040
456,734,000567,006,000
230,087,562
154,650,000 384.737,562
172,704,600
20,941,679
193,646,279
507,576,650
119,500,000 627,076,650
213,224.000
50,000,000 263,224,000
214,860,000
8,498,000
223,358,000
69,535,300
34,979,000
104.514,300
99.21
5.05%
$36,612,000 Grand total (comprising 828,612,000 new capital and
88,000,000 refunding).
OTHER FOREIGN GOVERNMENT SECURITIES SOLD IN THE UNITED
STATES DURING FIRST HALF OF 1929
-GOVERNMENT AND
MUNICIPAL.
To Yieki
JanuaryPrice. About.
$1,750,000 Dept. of Antioquia (Colombia) 7s "D" 1945
93
7.75%
10.000,000 Rep. of Cuba 511% Pub. Wks. Ctrs. 1932-33
100
5.50%
4,000,000 Prov. of Hanover (Germany) Harz Wat. Wks. 611s
1949
9411
7.00%
February
810.000.000 Kingdom of Roumania Monopolies Inst. Gtd. Is, 1959 88
8.07%
March
$10,000.000 Republic of Chile, 138, 1962
6.48%
9314
June
S6,000,000 State of Rio de Janeiro (Brazil) 610, 1959
7.20%
9111
841,7(0,000 Grand total (all representing new capital; none for refunding).
CANADIAN CORPORATE ISSUES.
JanuaryPrice,
84,000,000 Dominion Tar de Chem. Co., Ltd.,deb.6s "A," 1949_100
6.00%
4,500.000 Dominion Tar & Chem. Co., Ltd.,611% cum. pref_.100a
6.50%
2,500,000 Montreal Tramways Co.. gen. & ref. 411s "C," 1955_ 9011
5.15%
1.400,000 Standard Fuel Co., Ltd.,611% cum. prof
1011b
6.50%
1,600,000 United Securities Ltd.. coll. trust 51111"B" 1952
10011
5.46%
3,000,000 Western Grain Co., Ltd., 1st 613,"A," 1949
1011
6.00%
February
$15,000,000 Consol. Invest. Corp. of Canada, 1st coll. tr. 434s,
"A," 1959
100
4.50%
1,000,000 Medical & Dental Bldg. (Vancouver, B. C.) 1st (is.
1944
99
6.10%
1,500,000 Calgary Power Co., Ltd.,6% cum. pref
98
6.12%
March
$15,000,000 Bell Telephone Co. of Canada 1st 5s, "B," 1957---100
5.00%
6,000,000 Gt. Britain & Canada Invest. Corp. cony. deb. 411s,
1959
100
4.50%
2,000,000 International Power Co.. Ltd., deb. 6s. 1957
97
6.20%
10,000,000 Pow.Corp. of Can.,Ltd.,conv. deb.411e,"B." 1959_ _100
4.50%
6,000,000 Shawinigan Water & Pow. Co., 1st & coll. trust 411s,
"11," 1968
93
4.90%
3,000,000 Simpson's, Ltd., 6% cum. Prof. stock
100
6.00%
April
$15,558,900 Shawinigan Wat.& Pow. Co., cap. stk.(311,178 shs.) 50
May
$18,000,000 Canadian Nat. Rys.,equip. trust Is,"K," 1930-44
5.75-5.10%
June
$1,925,000 Can. Min. Sec. Corp., Ltd., corn,stk.(175,000 sin.). 11
60,000,000 Canadian Nat. Rye.. 40-yr. gtd. 5s, 1969
9934
5.03%
30,000,000 Canadian Pacific Ry. equip. trust 35. 1944
9911
5.05%
5,000,000 Foreign Pow. Secur. Corp., Ltd., 1st coll, trust cony.,
68, "A," 1949
0.00
100
680,000 National Distillers, Ltd., corn. stk. (40,000 shs.)
17
10,000,000 Simpson's, Ltd., let & coll. trust, 6s, "A." 1949.-100
5217,663,900 Grand total (all representing new capital; none for
refunding).
a Bonus of 5 shares of common with every 10 shares of preferred.
O Bonus of 11 share of common with each share of preferred.
OTHER FOREIGN CORPORATE ISSUES.
JanuaryPrice.
83.000,000 Pirelli Co. of Italy, Amer. shares (50,000 shs.)
60
4,000,000 Prussian Electric Co.(Germany) deb. Os, 1954
91
February
$15,000,000 Berlin City Elect. Co., Inc.(Germany) deb. 634s 1959 9311
5.000,000 Ernesto Breda Co.(Italy) 1st 7s, 1954
964
7,000,000 Copenhagen Telephone Co.(Denmark) 58, 1954_. 9434
10,000,000 Harpen Mining Corp.(Germany) mtge. 6s, 1949
90
600,000 Unterelbe Pow. & Lt. Co. (Germany)2-yr. fls Feb. 1
1931
09
March
100,827,200 Amer. & For. Pow. Co.. Inc., 2d Prof. stk. "A," $7
cum, dividends with warranta
100
50,000,000 ICreuger & Toll Co. secured deb. 58, 1959
2,010,000 Kreuger & Toll Co., pestle. deb.(62,500 Amer. Ctfa ) 98
17,200,000 Phelps-Dodge Corp. cap. stk.(200.000 shs. purchased 32.16
In London)
2,350,000 United Elect. Service Co. of Italy, Amer. ohs. 86
(100,000 shs.)
2311
May
$940,000 Fidelcomico Panama-Americana (Panama
-Amer.
Tr. Co.)40,000 shs
2,500,000 Intercontlnents Pow. Co., cl. "A," com. stock 2311
(100.000 shs.)
2,833,347 Pinchin. Johnson & Co., Ltd. (England) Amer. she. 25
(66,667 shs.)
423.4
June
31.485.000 Intercontinents Pow.Co.87 cum,Prof.stock
32,000,000 The Lautaro Nitrate Co.. Ltd. (Chile) 1st cony. 6s, 09
1954
09
20,000.000 Mortgage Bk.of Chile,gtd.68, 1962
11,450,000 Toho Elect. Pow. Co., Ltd., 3-yr. 68. July 1 1932-- 92
NU
8288,195,547 Grand total (of which $275.762,830 new capital and
812.432.717 for refunding).
To Yield
About.
ii:ii
7.02%
7.33%
5.38%
6.93%
6.50%
7.00%
5.12%
----
It is always interesting to analyze the foreign issues,
and therefore we bring them together below. In the case
of foreign Government loans it will be observed that South
American issues accounted for $17,750,000, Europe for
$14,000,000, and Cuba for $10,000,000. The South American
_ __ _
loans comprised $10,000,000 for the Chilean Government,
$6,000,000 for the State of Rio de Janeiro, Brazil, and
7.07%
$1,750,000 for Department of Antioquia, Colombia, while the
6.05%
6.60%
European Government loans consisted of $10,000.000 for
7.40%
Rumania and $4,000,000 for Province of Hanover, Germany.
Canadian Government, provincial and municipal issues, sold
FARM LOAN ISSUES.
here in the first six months totaled $36,612,000.
In respect to foreign corporate issues, Canada heads the
There were no offerings of Farm Loan securities during
list with $217,663,900, comprising 23 separate offerings. the first half of 1929, whereas in the same period of last
Sweden ranked next with $52,010,000, while Chile was third year $37,100,000 came on the market. In the first six
JULY 20 1929.]
FINANCIAL CHRONICLE
months of 1927 Farm Loan offerings totaled no less than
$142,550,000.
LARGE DOMESTIC CORPORATE ISSUES DURING THE HALF YEAR.
351
sition of funded debt of company and funded debt or preferred stocks of subsidiaries; $53,815,760 out of $65,166,000
Southern Pacific Co.40-year 4%s 1969, offered in April; $30,551,000 out of $46,392,000 Missouri Pacific RR. Co. cony.
sale
deb. 5%s "A" 1949, offered in April; $142,324,700 from
of United States Steel Corp. common stock in May; $103,803,000 out of $119,075,605 by Anaconda Copper Co. through
sale of capital stock in May, and $75,000,000 out of the
$219,000,000 American Tel. & Tel. Co. cony. deb. 4%s 1939,
also offered in May. As already stated, there were no
important refunding issues in June.
Domestic corporate offerings of exceptional size during
the half year, in addition to those for June, already mentioned, were as follows:
-3,250,000 sharesPetroleum Corp.of America capJanuary.
ital stock, offered at $34 per share, involving $110,500,000;
$35,000,000 Allegheny Corp. coll, trust cony. 5s 1944, priced at
par; 257,162 shares Middle West Utilities Co. common stock,
offered at $130 per share, involving $33,431,060; $32,000,000
ISSUES NOT REPRESENTING NEW FINANCING.
Railway Express Agency, Inc., serial 5s "A" 19-48, all
During the first half of 1929 offerings of securities not
maturities priced at par, excepting those prior to September representing new financing by the companies themselves
1 1931, which were not publicly offered; 296,252 shares amounted to $160,976,970 as compared with $176,221,230 in
Westinghouse Electric & Mfg. Co. common stock (par $50), the first six months of 1928. These figures, as already
offered at $105 per share, involving $31,106,460;,1,000,000 stated, are not included in our totals of new financing. A
shares Tr -Continental Corp. common stock, offered at $27 six months' comparison for the two years follows:
1928.
1929.
per share, involving $27,000,000; $25,000,000 6% cum. pref.
560.534,961 $ 24,910,000
stock of the same company, offered at $104 per share; January
13,885,000
19,118,479
February
21,289.200
29,142.117
$25,000,000 American International Corp. cony deb. 5%s March
28,783,680
4,488,592
43,666,500
39,238,735
1049, priced at 105, yielding 5.10%, and $25,000,000 Associ- April
May
43.686.850
8.454,086
ated Gas & Electric Co. cony. deb. 4%s 1949, issued at 95, June
5160.976,970 8176,221,230
Total
yielding 4.90%.
FINAL SUMMARY.
Februarv.-750,000 units of Chicago Corp., comprising
one share of $3 cony. pref. and one share of common stock,
The following is a complete summary of the new financing
priced at $66 per unit, involving $49,500,000; $36,000,000 -corporate, State and city, foreign government, as well as
Utilities Pr. & Lt. Corp. deb. 5s 1959, offered at 98, to farm loan issues
-for June and for the six months ended
yield 5.13%; $35,000,000 Commercial Investment Trust with June. It should be noted that in the case of the corpoCorp. cony. deb. 5%s 1949, offered at 105, to yield 5.10%; rate offerings we subdivide the figures so as to show the
490,037 shares Cities Service Co. common stock, offered at long-term and the short-term issues separately, and we also
$65 per share, involving $31,852,405; 300,000 shares General separate common stock from preferred stock, and likewise
Realty & Utilities Corp. $6 pref. stock, offered at $100 per show by themselves the Canadian corporate issues, as well
share, involving $30,000,000; 400,000 shares Wesson Oil & as the other foreign corporate flotations:
Snowdrift Co., Inc., cony. pref. stock, priced at $72% per
, FARM LOAN
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT
share, involving $29,000,000; 323,000 shares Goodyear Tire &
AND MUNICIPAL FINANCING.
Rubber Co. common stock, offered at $80 per share, involvTotal.
New Capital, Refunding.
1929.
ing $25,840,000; $25,000,000 Allegheny Corp. 5%,% cum. pref.
$
$
$
MONTH OF JUNEstock, offered at par ($100), and $25,000,000 Central Public
CorporateDomestic
Service Corp. cony. deb. 5%s 1949, sold at 96%, to yield
80,937,000
400.000
80,537.000
Long term bonds and notes
22,732,800
800,000
21,932,800
5.80%.
Short term
749,500 115,123,920
114,374,420
Preferred stocks
3,840.000 238,768,122
-$50,000,000 Cities Service Co. deb. 5s 1969, offered
234,928,122
March.
Common stocks
Canadian
105.000.000
at 97%, to yield 5.15%; 2,000,000 shares The Aviation Corp.
105,000.000
Long term bonds and notes
Short term
(Del.) common stock, offered at $20 per share, involving
Preferred stocks
2.605,000
2,605,000
$40,000,000; $40,000,000 Illinois Bell Telephone Co. capital
Common stocks
Other foreign
52,000.000
52,000,000
stock, offered at par ($100); $35,000,000 Eastern Utilities
Long term bonds and notes
11.450,000
10,432.717
1,017,283
Short term
1,485,000
Investing Corp. deb. 5s 1954, sold at 98, to yield 5.18%;
1,485,000
Preferred stocks
Common stocks
$30,800,000 Philadelphia & Reading Coal & Iron Co. cony.
16,222,217 630,101,842
613,879,625
deb. 6s 1949, issued at par; $30,000,000 International HydroTotal corporate
6,000,000
6,000,000
Foreign Government
Electric System cony. deb. Os 1944, priced at par; 250,000 Farm Loan Issues
shares Electric Bond & Share Co. $6 cum. pref. stock, War Finance Corporation
454,000 149,243,535
148,789,535
Municipal
3.862,000
3,862,000
Canadian
offered at $106 per share, and 250,000 shares Electric Share500.000
'
500,000
U.S.Possessions
holdings Corp. $6 cum. cony. pref. stock, priced at $100
16,676,217 789,707,377
773,031,160
Grand total
per share.
6 MONTHS ENDED JUNE 30.
Aprii.-$65,166,000 Southern Pacific Co. 40-year 4%s 1969,
Corporate
Domestic
offered at 94, to yield 4.85%; $46,392,000 Missouri Pacific
1,163,483,840 374,605,260 1,538.089,100
Long term bonds and notes
21,897,500 135,499,200
113,601,700
,
RR. Co. cony. 51 4s 1949, issued at 97%, to yield 5.71%;
Short term
93,251,540 887,097,906
793,846,366
• Preferred stocks
2078.014.909 362,322,161 2,440,337.070
$30,000,000 Chesapeake & Ohio Ry. Co. common stock,
Common stocks
Canadian
offered at par ($100); $30,000,000 American I. G. Chemical
189.100.000
189,100.000
Long term bonds and notes
Short term
Corp. cony. deb. 5%s 1949, offered at 95, to yield 5.93%,
10,400,000
10,400,000
Preferred stocks
18,163,900
18,163.900
and 666,667 shares Atlantic Refining Co. common stock (par
Common stocks
Other foreign
2,000.000 145,010,000
$25), offered at $40 per share, involving $26,666,667.
143,010,000
Long term bonds and notes
12,050,000
10,432.717
1,617,283
Short term
May.
-$219,000,000 American Tel. & Tel. Co. cony. deb.
102,312.200
102,312,200
Preferred stocks
28,823,347
28,823,347
Common stocks
4%s 1939, offered to company's stockholders at par; $101,4,642,373.545 864,509.178 5,506,882,723
660,500 United States Steel Corp. common stock (par $100)
Total corporate
41,750,000
41,750,000
Foreign Government
offered at$140 per share, involving $142,324,700;$108,240,550 Farm Loan issues
Anaconda Copper Mining Co. capital stock (par $50), offered War Finance Corporation
7,664,526 663,66,259
656,001,733
Municipal
36,612,000
28,612,000
8,000,000
Canadian
at $55 per share, involving $119,075,605; 5,800,000 shares of
1,995.000
1,995,000
U.S.Possessions
Pennroad Corp. common stock, offered at $15 per share,
5.370,732,278 880,173,704 6,250,905,982
total
Grand
Involving $87,000,000; 600,000 shares Bethlehem Steel Corp.
In the elaborate and comprehensive tables on the succeedcommon stock, offered at $85 per share, involving $51,the
000,000; 500,000 shares The United Light & Pr. Co. $6 cum. ing pages we compare the foregoing figures for 1929 with
$100 per share, involving corresponding figures for the four years preceding, thus
conv. 1st pref. stock, issued at
$50,000,000, and $41,107,700 Baltimore & Ohio RR. Co. com- affording a five-year comparison. We also furnish a detailed analysis for the five years of the corporate offerings,
mon stock, offered at par ($100).
showing separately the amounts for all the different classes
THE CHIEF REFUNDING ISSUES.
of corporations.
Following the full-page tables we give complete details
The most conspicuous issues brought out during the first
six months which were used wholly or partly for refunding of the new capital flotations during June, including every
comprised the following: 296,252 shares of Westinghouse Issue of any kind brought out in that month. Full details
Electric & Mfg. Co. common stock (par $50), offered in as to the separate issues for each of the preceding months
January at $105 per share, involving $31,106,460, entirely of the half year can be found in the monthly articles for
second
for refunding $50,000,000 Cities Service Co. deb. 5s 1969, those months, these articles appearing usually on the
in March, to be used entirely for retirement or acqui- or the third Saturday of the month.
offered
SUMMARY OF CORPORATE, FOREIGN
GOVERNMENT, FARM LOAN AND MUNICIP
AL FINANCING FOR THE MONTH OF
JUNE FOR
1928.
1927.
Total.
1996.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
$
3
80.937,000 146.114,900
37,125,800 183,240,700 334,053,100
90,935.900 424.989.000 233,877,100
22,732,800
6,582,000
85.843.400
250,000
6,832,000
36,997.500
1,195.000
115.123,920
38,192,500
69,760,530
17,609,000
62,550.700 132.311,230
2,000.000
51,350,550
3,174,000
238.768,122 232,600,345
51,524,550
30,563,750
43,099.300 275,699,645
59,564.217
41.437,800 101.002,017
22,672.400
105,000.000
30,150,000
50.000,000 '80,150.000
45,000,000
20,000.000
65,000.000
13,400,000
2,100,000
MONTH OF JUNE.
1929.
Corporate—
New Capital. Refunding.
Domestic—
$
Long-term bonds and notes_
80,537,000
400,000
Short term
21,932.800
800,000
Preferred stocks
114,374,420
749,500
Common stocks
234.928.122
3,840,000
Canadian—
Long-term bonds and notes_ 105.000,000
Short term
Preferred stocks
Common stocks
2.605.000
Other Foreign—
Long-term bonds and notes_
52.000.000
Short term
1,017,283
10.432.717
Preferred stocks
1.485,000
Common stocks
Total corporate
613.879.625
16,222,217
Foreign Government
6,000.000
Farm Loan issues
War Finance Corporation
Municipal
148,789,535
454.000
Canadian
3.862,000
United States Possessions-- _
500,000
Grand t-tal
773.031,160
16.676,217
FIVE YEARS.
1925.
Total.
New Capital. Refunding.
$
321,720,500 189,396,900
47,548,100
19.609,000
9,950.000
2.400,000
30,563.750
37,900,000
1.800,000
22.672,400
50.482,225
15.989,395
15,500,000
2,605,000
52,000.000
11,450.000
1.485,000
122.600.000
4.000,000
630.101,842
6.000.000
1,600.000
613.407,775
39.605.087
27,100.000
217,025,800
8,944,913
120.796,486
9.010.000
149,243.535
3.862.000
500.000
789.707.377
1.500.000
802,409,348
24,000,000
146.600,000
4,000,000
10.990,000
1.600,000
830.433,575
48,550.000
27,100,000
12,510.000
23,500,000
340,000
538,295,367
54.400,000
1,750.000
169,252.700
-
340.000
707.548.067
54,400.000
1,750,000
540,700
379,038.950
27.600,000
30.000,000
129.806,486
155.002,019
3,860.300
158.862,319
1.500.000
234,980,713 1,037,390.061
3,435,000
752,882,386
173,113,000
3,435.000
925,995,386
135.309,789
10,292.000
1,000,000
583,240,739
58,376,000
58.376,000
3.419,300
93,362.700
46,000.6156
5,422,000
6,000,000
23,800,000
3.960,000
472,401,650
27,600,000
70.000,000
311,531.125
100.188,000
2,200,000
67,737.495
40.000,000
379,268,620
140.188,000
2.200.000
138,044.772
11,850.000
1,609,000
282,000
139.653,772
12,132.000
563,813.897
109,628,495
673,442,392
140,731,789
16.292,000
1,000,000
728.025,439
144.784,700
CHARACTER AND GROUPING OF NEW CORPORA
TE ISSUES IN THE UNITED STATES FOR
THE MONTH OF JUNE FOR FIVE YEARS.
1929.
- 1928.
MONTH OF JUNE.
1927.
New Capital. Refunding.
1926.
Total.
New Capital. Refunding.
otat.
New Capital. Refunding.
Long Term Bonds and Notes—
New Capital. Refunding.
S
$
Total.
$
Railroads
91.350.000
91,350.000
Public utilities
77,610,200
24.287,000
58,626,800 136,237,000
24.287.000 105,938,000
36.476,000
2.400.000
30.975,000 136,913,000
38,876,000
Iron, steel, coal, copper, &c
104.750.400
52,000.000
22,346.100 127,096,500
52.000,000
122,085.100
800.000
69.970,400 192,055,500
987,000
Equipment manufacturers
1.787.000
43.720,000
4.780,000
48,500,000
30.500,000
10,200,000
40,700,000
Motors and accessories
600,060
Other industrial & manufacturing_.
600,000
6,025.000
6,025.000
57,560,000
56.200.000 113,760,000
011
57.485.000
300.000
12,115.000
69,600,000
300,000
21.785,000
17,000,000
2,815.000
24,600,000
Land, buildings, &c
17,000,000
19,625,000
400.000
20.025.000
51,410,700
800.000
14,953.000
Rubber
800,000
66,363.700
52,370.500
16,185,000
68,555,500
81,685.000
1,300.000
82,985,000
Shipping
250,000
Miscellaneous
250,000
43.950.000
43.950,000
66,156,200
8.010,800
74,167,000
54,107.000
Total
9,393.000
63.500,000
237.537,000
13.472,000
1.258.000
400.000 237.937.000 298,864,900 111.125.800 409.090.70
14,730.000
Short Term Bonds and Notes—
0 390,043,100 123.445,900 513,489,000
307.653.100
87,943.400 395,596,500
Railroads
Public utilities
2.367,283
11,232,717
13.600,000
1,500,000
7.397.000
Iron, steel, coal, copper, &c
1.500,000
250,000
7.647.00(
3.430,000
1,195.000
4.625,000
7.200.000
Equipment manufacturers
7,200,000
Motors and accessories
Other industrial and manufacturini.
1,400.000
3,650,000
1.400.000
3,650,000
120.000
Oil
120,001
4.050.000
2,000,000
6,050,000
Land. buildings, &c
30,000,000
16,932.800
30,000,000
16,932,800
2,115.000
Rubber
.115.000
1.842,500
1.842,500
4,559.000
Shipping
4.559.000
Miscellaneous
950,000
950,001
325.000
Total
323.000
22,950.083
300.000
11,232,717
34,182,800
300.000
10,582J/00
250.000
Stocks—
10.832.000
30,997.500
1.195,000
38.192,500
17,609.000
2.000,000
19,609,000
Railroads
42,156,300
Public utilities
42.158,300
32,985,687
90.915.443
35.000,000
67,985.687
749.500
91,664.943 195.429.125
38.647,500 231,076,625
Iron, steel, coal. copper, &c
22,034,750
565,000
1.250.000
23,284.750
13.200.700
565.000
3,419,300
15.000,000
16,620,000
Equipment manufacturers
15,000,000
4.420.000
4,420,000
Motors and accessories
8.125.680
8.125,680
4.062,500
Other industrial and manufacturing
4.062,501.
2,018,190
32.499.175
2.018,790
2.340,000
34,839.175
468.750
51.143,485
4,463,200
468,750
Oil
55.626.681
30,987,000
45,340.750
2,840.800
33,827.600
45.340.750
4.325,000
4.240.540
4,325.000
Land. buildings, &c
4,240,54(
3,885.000
1.250,0(10
3.8.85,000
5.592.500
1,250.000
Rubber
5,592.501
4.321,750
4,321.750
7.200,000
7,200,000
Shipping
Miscellaneous
4
172,061,494
1,500.000 173.561.494
43,492,725
5.361.000
48.853.721
14.486.790
Total
5.521.000
20.007.790
27.332.400
353,392.542
4,589,500 357.982.042 303,960.875 105.630,000
27.332.400
Total—
409.610,871
111.254,767
44,611.800 155.866.567
53,776,850
3.419,300
57,196,150
Railroads
91.350.000
91.350,000
42.156,300
Public utilities
42.158,30(
110,595,8.87
117.569.726
93,626.800 204,222.687
11.982.217 129.5.51.943 308.764.125
37.976.000
2,400,000
69,872.500 378,636.62.
40,376,000
Iron, steel, coal, copper, &c
130.215.150
52.565,000
24,791,100 155.006.250 142,435,800
52.565,000
73.389,700 215.875,500
800,000
16,781.00.
15,987,006
Equipment manufacturers
48,140,000
4,780.000
52.920,000
30.500.000
10,200,000
40,700,000
Motors and accessories
8,125.680
600,000
8,125.680
4.062.500
600.000
4.062..50.
Other industrial and manufacturing
3.418,790
42,174,175
3,418,790
2.340,000 .44.514,175
468,750
108,823.48:
60.683.200 169.506.68
468,750
Oil
88,472.000
45.640,750
14,955,800 103.427,800
30,160.000
45,640.750
4.815,000
21.240.540
34.975,000
Land, buildings. &c
21.240,541
30.000.000
40.442.800
30.000,000
400.000
2.050.000
40,842,800
59.118,200
2,050,000
14,933.000
Rubber
74,071.20:
58,534,7a0
16,185,000
74,719,750
93,444,000
1.300.000
94.744.000
Shipping
250,000
250,000
Miscellaneous
216.011.4941
1.500,000 217,511.494
110,598.92:
-1
13,371.80f. 123,970.721
68.918.790
14.914.000
Total corporate securities
83.832.790
41.104.400
613.879.6251 16.222,217 630.101.842 613.407.77F
1.258,000
42,362.400
217.025.800 830.433.571. 538.295.367 169.252.700 707.548.06
7 379.038.950
93,362.700 472.401.650
Total.
$
236,947.000
12,350.000
39,700,000
66,471,620
New Capital.
19.619,000
44,820,400
2,350,000
23.800.000
'
1925.
Refunding.
16.908.000
26,024,600
250,000
Total.
3
36,527.000
70.845.00J
2.600,000
11.100.500
29,500
IfaacUido
106,059,000
2,136,000
108.195,000
2.475,000
26.775.000
213.198.900
2.266;666
-47.548,100
2,475.000
28.975,000
260,747,000
4.100,000
2.400,000
6,500,000
5.350,000
5,350,000
500,000
9.950.000
2.400,000
500.000
12.350,000
62,203,625
1.870,000
64,073,625
9.729.600
1,840,000
2,716,500
150,000 • 9.879.600
14,519,395
16,359,395
2.716,500
11.892,500
88,382.225
1.250.000
17,789,395
13.142.500
106,171,620
19.619.000
111,124,021.
2,350.000
16.908.000
30,294,600
250,000
36.527,000
141,418,625
2,600,000
20.830,100
1.840.000
114,125,500
179,500
14.519.395
2,136.000
21.009.600
16.359,395
116.261.500
2,475,000
39.167.501
311.531.121.
3.450,000
67.737.495
2,475.000
42.617.500
379.268.620
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED' STATES FOR THE SIX MONTHS ENDED JUNE 30 FOR FIVE YEARS.
,
lt 2D.
1:12b.
1227.
1928.
1229.
'Joint.
'loin!.
Act(' Capital. Relit,'a Ina.
A ew Capital. uef unutng.
fatal.
.
o:al.
New Capital. Ref?main('
,ce,t Capital. iteI ow.'no.
Total
SIX MONTHS ENDED JUNE 30 Neu. Capt,al. Re,.',luting.
$
$
$
$
$
3
$
$
$
$
$
$
Long Term Bonds and Notes$
36,055,000 209,336,000 218,413.500 103,194.000 321.607.500
173,281,000
2795*62,1'0 259.167,510 539,130,000
101,682,500 205.797.500 307.480.001
266.497.240 112.143,760 378,641,000
Railroads
634,804,330 203,828.170 8.38,632.500 501.576,900 116,117.600 617.994,500
570,606,600 382,685,000 960.292.500
516,803,500 530,439.300 1,017,332,60,
417.591,500 228,390.000 645.981.500
Public utilities
31.996.001
2.646.000
29,350.000
21,069,000 115,250.009
94,181,000
60.200,000
9,883.000
50,317,00()
83,507,700
61.744.300 145,252,00t
3.186,500 124,250.00C
121,063,500
Iron, steel, coal. copper, &c
6,900,000
---- --6,900,000
2,030,000
5,105,000
2,030.000
5,19.5,000
4,816,00(
4,816,000
1,150,001
1,150,000
Equipment manufacturers
76,500,001
350:000
76,150,000
56,000,000
56.000,000
50,000,000
50,000,000
5,800.00(
780,000
5.020.000
Motors and accessories
17,3:15,700 136,543,500
119.207,800
36,756,000 168.508.000
131,752,000
67,673.000 318,672,000
208.534,70(1 101.301,300 312,836.00(
250,999.000
575,000 140,528,001
139.953,000
Other industrial & manufacturing_
68.900,000
13,500,000
55,400,000
7,935,000
51.950,000
44,015,000
46,683,100 246,100,000
47,500,00(
199,716,600
26,011.000
21.489,000
34.300.000
15.416,000
18,884.000
On
14,608,000 332,925,700
10.142,000 320,585.500 318,227,700
28,271.000 318,117,000 310,443,500
289,846,000
68,950,000 396,930,703
327.980,700
3,680,000 228,148,60(
224,459,600
Land, buildings, &c
32,500,000
.
-- - --32,500,000
1,600.000
60,000,000
1,600,000
60,000.000
1,300.00(
1,300,000
1,000.000
1,000,000
Rubber
7,475.000
4,315,225
3,159.775
6,900,000
6,900,000
2,360,000
2,360,000
9,100,00(
6,000,000
3,100,000
Shipping
89.210,000
10,927.000
78.283,000
2,0:58.000 147,100.000
145.1:32,000
22,578.000 243,880,500
40.719,500 307.1N).000 221,302,500
356,470.500
7.205.000 309.100,000
301,895,000
Miscellaneous_
317,843,170 1.017,982,000 1.439,168.675 283,383,625 1.722,552,201
1,405,593.840 376,605,260 1,872,199.10C 1,627,694.600 1,038.742,000 2,666,437,500 L.920.305.190 883,941,810 2,604,247,000 1,600338,830
Total
Short Term Bonds and Notes—
24,900,000
400.000
24,500,000
12,500,001
6,000.000
6,500,000
17,000,000
30,500.00(
13,500,000
1.500.001
1.500,000
Railroads
72,400,000
18,070.000
54,330.000
10,825,000
44,585,000
33.760,000
51,025.000
20,895,000
44.572.00
30,130,000
4,110,009
40.422,000
52,700,00(
30,413.717
22.376.283
Public utilities
21,915,000
2,500,000
19,415.000
6,000,000
6.000.000
2,300.00(1
2.300,000
400,00
400.000
Iron, steel, coal, copper, &c
1,150,000
1,150,000
1,200.000
1,200,000
Equipment manufacturers
13,410,000
200,000
13,210,000
4,400.0110
1,'200.001
4,400,000
1,200.000
.500,001
500.000
Motors and accessories
14,318,750
14.318.7.50
4,500,000
47,200,000
13,600,000
42,700,000
4,450,000
9,150,000
2,488.100
6,51,2.000
4.10.3,000
13.150,00(
13.150,000
Other industrial and manufacturing
50,200,000
57,200,000
7,000,000
14,000,000
1,034,000
:10,200,000
12,966,000
30,200,000
10,694.200
17,200,00,
6,505,80))
Oil
17,770,000
17,770,000
10,386,500
21,513,500
10.386,500
1,666,000
19,847,500
12,6:17,501
12,687,500
54.589.201
54.589,200
Land, buildings,..kc
32,250,00))
32,250,00(1
Rubber
5,000.000
5,000,000
500,000
125,001
500,000
125.000
Shipping
6,725.000
6,725,000
14.614.107
14,644,195
18.235.000
22.475,00(
18.235,000
22.475,000
25.020,001
1,016.500
23.103.500
Miscellaneous
71.170,000 221,378,750
150.208,750
22,559,000 195,475,695
172:916,691
27,011,000 142,598,501
115,587,500
133.626,50(,
34.332
101.294,200
32,$30,217 147,549,20C
115,2183183
Total
Stocks—
83,081.887
35,000,000
0
48,081,887
34,097,610 130. 54,700 171.052,351
71,107.70(
71.107,700
Railroads
4,433,500 270.965,380
5.124,300 317,744,702 266,531.880
312.320,402
29,870,000 470,168,551
470,115,342 147.818,041 617.983,301 140.298.555
52,206,590 718.926,987
666,720.393
Public utilities
12,890.000
12,890.000
36.675,000
36,675.000
5,143,750
17.::00.001
.53.400,581
5,143,750
38,'200.581
263,020.200 401,814,581
138,794.385
Iron, steel, coal, copper, &.c
5.628,500
5.628,500
1,920.000
1,920,000
Equipment manufacturers
92.769,000
1.110,000
91.659,000
27,220,650
27.220,650
27.018,70027.018,790
1.250.000
9,278.400
8,028,400
64,788,854
5,511.852
5.5.177,002
Motors and accessories
75,459.685
67,681,685
7,778,000
6,201,575 109,752467
103,548,392
16.737,100 122,281.481
105,544,385
62.115,622 285,584,52I
223,468,801
84.832,220 581,108,800
Other industrial and manufacturing 196.676,580
37,013,198
22.504,910
14,508,288
2,800,000 104,587,140
101.787,140
11,062,500
11,062,500
22,596,181
22.500,180
41,751.930 245,470,937
203.718.994
Oil
120,000
20.726,500
20,600,500
23,933.700
23,933.700
21.546.750
100,000
41,570,03:,
21,446.750
1,31(1,000
43,221,033
408,500 105,485,831
105,077.330
Land, buildings, &c
750,000
750,000
1,464,537
2.701,671.
1,464,537
2,701,675
12,1)45,371
1,012,400
11,362,971
54.233,534
54.233,534
Rubber
2,250,000
---- -2,250,000
6,912.101'
6.2I2,5(g
23.178,001
23,178,000
Shipping
2,145;000
65.717.450
63.572,450
808,000 137.528,205
136.720.205
23.503,250 143.999,04:
120.495.705
24,452.2“: 360,033,07
335.620.$331:
1.220.619.191
7.842,400
1.212.776.795
Miscellaneous
38,091,410 578.541.213
540,449.803
15.236,875 764,535,401
749,298,526
3.031,560,722 455,573,701 3,487,134,427 1.1:4.891.302 .745TI507(1 ,,r1',,0,036,402 781.794,087 105,210,350 887,004,437
Total
Total—
42,05.5,000 221,836,000 242,913,500 103.594,000 346.507,500
179,781,000
140,280,110 361,751,20(1 .512,032.350 328.044,377 294,167,510 622,211,887
339,104,940 112,143.760 451.248.701
Railroads
1.481.486,055 980,884,732 220,077,470 1,200,062,202 822,438,780 138,921.100 961.359,880
1,105,688.176 311.010,307 1,417.698,482 1,027,180,1.42 682.407,341 1.701,818,190 1.041.03.5.151 440,450.100
Public utilities
5,146,000
66,801,000
61,655.000
21.009,000 157.925,000
130.856,000
67,643.710
9,883,000
57.760,750
78,1;44,301 201,052,581
122,108,281
259,857,886 266.206,700 526.064.586
Iron. steel, coal, copper, &c
8.050,000
8.050,000
7,058,500
7,658,100--_-- --6,395,000
6.736,000
6.395,000
6,736.000
1,150,001
1,150,000
Equipment manufacturers
1,460,000 169.269.000
167.804.000
96,630.650
200;000
96,430,650
81,418.70
_--- -__
81.418,700
16,278,400
2,030,00(
14.248.400
65,288,851
5,511.852
59.777,002
25,113.700 226.321.935
Motors and accessories
47.460,575 325,460.967 201,208,235
278,000,392
454,553,48T
88,860;100
365,693,385
436,107,400 168303,0.0- 605,012,521
85,407.220 735,186,81:Y86.204,910 163,113,198
Other industrial and manufacturing 649,779,589
76,908,218
11.760,000 170,537,140
158.768.110
46,683.400 287,662,500
87,296.180 240,979.100
36,703,200
50,500,r1,0
57.167.930 279,770.933
222,602.994
14.818.000 371,422,200
Oil
10,142,000 354,905,700 356,604,200
30.037.000 361.177,250 344,763,700
70,2,16,000 4181,138,233 331,140,250
383,892,233
4,097.100 388,223,631
384.126.130
3
- 3,250,000
-------Land, buildings, &,c
33,250,000
35,314,537
35,314,537
62.701,671
60.000,000
13.705.375
2,701,675
1,012,400
12,663,975
55,23:3,534
55.233,534
4,315,225
Rubber
10,409.775
14,725,000
7.400,000
---- --7,400,000
2,485,000
2,485.000
6,212.500
6,212,500
32.278,000
6,000.000
26,278,000
13,072,000 161.652.450
Shipping
148,580.450
2,866;000 299,362,400
400.114.545 296.496.400
46,081,250
65,151.740 779,718.072- 360,033,295
714,566,332
16,963.900 1.554,739.191
1.537.775,295
Miscellaneous
31417.086.777 1.016_163.160 3.S33.849.037 2.522.354.051 355.639.015 2,877,093,096 2.129,827,228 392,644,935 2.522,472,163
4.642.373.545 864,509.178 5,506.882,723 2,923.886.192 1.468.234.2104,302.120,402
Total corporate securities
Auar
NMI N
arlausiouno rIVIONVNIA
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN AND MUNICIPAL FINANCING FOR THE SIX MONTHS ENDED JUNE 30 FOR FIVE YEARS.
1925.
1926.
1927.
1928.
1929.
SIX MONTHS ENDED JUNE 30
I
Total.
New Capital. Refunding.
Total.
Total.
New Capital. ISfunding. I
Total.
New Capital. Refunding. I
New Capital. Refunding.
Total.
New Capital. Refunding. I
1
Corporate—
1
$
3
$
$
$
$
$
Domestic—
1,514,232,200
Long-term bonds and notes_ 1.163.483,840 374.605,260 1,538.089.100 1,196.833.100 923,832.400 2,120,665,500 1.654.002,190 851.431,810 2.505.434,000 1.363.364,830 290.993,170 1,654.358.000 1,240.898,675 273,333.525 186,878,750
68,670.000
118.208.750
22,551.000 190,225,695
167,666.695
27.011.000 132.508.500
105,587,500
34,332,300 125.626,500
91.204.200
21.897,500 135,499.200
Short term
113,601.700
5.489.500 331.171.885
6.100.000 337,436,392 325,682,385
36,559,250 449.001.075 331.336.392
93,251,540 887,097.906 510.939,236 220,793.300 740,732,5.16 412.419.825
793,846,366
Preferred stocks
27,401,910 235.494.328
5,109,575 382,278.969 208,092,418
377.169.394
68.651.100 431,639.737
Common stocks
2,078,014,909 362.322,161 2.440.337,070 619,500,406 139.365.710 758,872.116 362.988,637
Canadian—
60.920,000
10.050.000
50,870.000
81,500,000
27,458,000
54,042,000
20.000,000 135,963,000
115,963,000
68,792,000 152.272,000
83,480,000
189.100,000
Long-term bonds and notes_ 189.100.000
20.500,000
2.500.000
18,000.000
1,250,000
1,250.000
2.000.000
2.000.000
Short term
3.600.000
2,600.000
1,000,000
4,000,000
4.000.000
1,000,000
45,000,000
1.000,000
19,000.000
26,000.000
10.400.000
Preferred stocks
10,400.000
2,600,000
2,600.000
990.000
990,000
8.320,000
8,320,000
18,163,900
Common stocks
18.163,000
Other Foreign—
147,400.000
182.124.000 147.400,000
12,510,000 162.850.000 182.124,000
46.118.500 393,500 000 150,340,000
2.000,000 145,010,000 347.381,500
Long-term bonds and notes_ 143,010.000
14,000,000
14,000.000
4.000.000
4,000.000
8.000,000
8,000,000
10,000.000
10,000,000
12.050,000
10.432.717
1,617,283
Short term
2,750,000
2,750,000
10,000,000
10,000,000
9,850.000
9.850.000
102.312.200
102,312,200
Preferred stocks
2.925.000
2.925.000
29,830,040
3,419.300
26,410,740
5.355.625
5.355,625
27.281,750
27,281.750
28.823.347
Common stocks
28.823.347
392.614.935 2,522,472.163
Total corporate
4.642.373,545 864.509.178 5.506.882,723 2,923,886.192 1,468.234.210 4,392.120,402 2,817.686.777 1,016.163,160 3.833.849,937 2,522,354,051 355.639,045 2,877,993,096 2.129.827.228
68,000,000 252,631,000
14,873,000 202,972,000 184,631.000
188.099,000
29,500,000 410.278,800
41,750.000 400.935,587 100,538,413 501.474.000 380,778.800
Forel:7n Government
41.750.000
8,527,900 111,125,000
40.200,000 114,500.000 102.597,100
74.300.000
92.800,000 142,550,000
49.750,000
37,100.000
37,100,000
Farm Loan issues
War Finance Corporation
19.652,297 751,838.574
13,414.547 748,986,936 732,186,277
20,463.300 882.820.720 735,572.389
28,341,680 778.419,445 862.357,420
750.077,756
7,664.526 663.666,259
Municipal
656,001.1.33
59,680.000
24,522,000
35,158,000
99,792,000
46,000.000
53,792,000
67,479.000
28,969,000
38.510,000
28,810,000
28,840,000
36,612,000
8,000.000
Canadian
28.612,000
4,050.000
4,050,000
8,288.000
8,288,000
5,345,000
5,345.000
5.685,000
5.685,000
1,995,0001
United States Possessions
1,995.000
4.052,532,032 3.188,449.605 513,347.132 3,701,796,737
Grand total
5,370.732,278 880,173,704 6.250,905,982i 4,146,524,535 1,597,114,312 5,743,638,847 4,154,427.907 1,187,895.460 5,342,323,457 3,582.405.440 470,126.592
Co4
354
FINANCIAL CHRONICLE
[Vol.. 129.
DETAILS OF NEW CAPITAL FLOTATIONS DURING JUNE 1929.
LONG;TERM BONDS AND NOTES (ISSUES MATURING LATER THAN FIVE YEARS).
Amount
Purpose of Issue.
Price.
Railroads
60,000,000 Capital expenditures
993
30,000,000 New equipment
9934
1.350,000 New equipment
To Yield
h About
Company and Issue, and by Whom Offered.
5.03 Canadian National Ry. Co. 40-Yr. Gtd. 58, 1969. Offered by Dillon. Read dr Co.; Natl. City CO.:
Guaranty Co. of N. Y.; Bankers Co. of N. Y.: Bank of Montreal: Canadian Bank of Commerce:
Royal Bank of Canada; Dominion Securities Corp.; Wood, Gundy & Co., Inc. and A. E. Ames
& Co., Ltd.
5.05 Canadian Pacific Ry. Equip. Tr. 55, 1944. Offered by Natl. City Co.; Guaranty Co. of N. Y.:
Bank of Montreal: Royal Bank of Canada and Wood, Gundy dr Co., Inc.
6.00-5.15 Western Fruit Express Co. Equip. Tr. 4345 "D". 1930-44. Offered by Bankers Co. of N. Y.;
Continental Illinois Co. and Evans, Stillman & Co.
91,350,000
Public Utilities
1,500,000 Additions & extensions
9934
6,800,000 Addns. dr impts., other corp. purp _
4,000,000 Retire fltg. debt, construction_
91
_
95
43,500,000 Retire unfunded debt, addns.,&c._
99
2,200,000 Acquire bonds, addns., exts., &c _
8,000,000 Capital expenditures
9734
10034
1,000,000 Acquisitions, construction, &c
9834
1,600,000 Acquisitions, new construction
1,500,000 Acquisitions, development, &c
1.187,000 Acquisitions, additions, &c
9734
99
9734
34,287,000
Iron, Steel, Coal, Copper, &c.
20,000.000 Acquisition of property, constr
100
32,000,000 New plant, wkg. capital
99
5.03 Central Maine Pr. Co. let & Gen. M. bs "D", 1955. Offered by Harris, Forbes & Co. and Coffin
& Burr, Inc
5.65 Central Pr. & Lt. Co. 1st M. 55, 1956. Offered by E. H. Rollins & Sons; Halsey. Stuart & Co.,
Inc.; A. B. Leach & Co., Inc.: Tucker, Anthony & Co.and H1111 Jot ler & Co., Inc.
5.40 El Paso Electric Co. 1st M. 55 "A". 1950. Offered by Stone & N,eoster and Blodget, Inc.: Chase
Securities Corp.: Bancamerica-B's r Corp. and brown Bros. & Co.
5.55 Federal Water Servile Corp. Cony. Deb. 534s, 1954. Offered by G. L. Ohrstrom de Co., Inc.:
Bonhright & Co.; Janney dr Co. Inc.; Graham, Parsons dc Co.; Coffin dc Burr, Inc. and Field,
Glore & Co.
6.35 Keystone Water Works & Electric Corp. Cony. Deb. 68 "B", 1939. Offered by H. M. Byllesby
& Co., Inc.; Emery. Peck dr Rockwood Co.: C. H. Huston & Co., Inc. and A. E. Peirce & Co.
4.95 Southern Public Utilities Co. 1st dr Ref. M. 58, 1943. Offered by Stone & Webster and Biodget.
Inc.; Drexel dr Co. and Estabrook & Co.
6.70 Southern Union Gas Co. let M. Coll. 6.45 "A", 1939. Offered by Stevenson & Co. and Bartlett
& Gordon, Inc.
6.25 Texas Louisiana Pr. Co. 1st M.6s "A", 1946. Offered by E. H.Rollins & Sons.
6.60 Wayne United Gas Co. 1st Corm 6345. 1944. Offered by P. W.Chapman & Co.. Inc.
6.20 Western Pr. Lt. & Tel Co. 1st Lien Coll. 65 "A", 1948. Offered by A. B. Leach dr Co., Inc. and
Porter, Fox & Co., Inc.
5.50 General Steel Castings Corp. 1st M.5148 "A", 1949. Offered by Drexel & Co.: Chase Securities
Corp.; W. A. Harriman & Co., Inc.; Hayden, Stone & Co. and White, Weld dr Co.
6.05 The Lautaro Nitrate Co., Ltd. 1st M. Cony. 68, 1954. Offered by Natl. City Co.; Bankers Co. of
N. Y.; Brown Bros. & Co.; Lehman Bros. and Continental Illinois Co.
52,000,000
Other Industrial & hug.
325,000 General corporate purposes
100
750,000 Addns., betterments, &c
100
150,000 General corporate purposes
100
225,000 Acquire predecessor co
400,000 Acquire predecessor co
75,000 Working capital
99
9634
100 .
2,000.000 Acquisitions
100
850,000 Acquire predecessor co
99
1,250,000 Acquisitions, retire mtge. debt
99;4
6.50 Birmingham Clay Products Co. 1st M. 630, 1930-39. Offered by American Traders Securities
Corp., Birmingham, Ala.
6.50 California Dairies, Inc. Deb. 6345, 1942. Offered by Spencer, Trask & Co.; Bond dr Goodwin &
Tucker, Inc.; American Investment Co.; Bond & Goodwin,Inc. and Smith & Strout, Inc., Los Ang„
7.00 Chattanooga Implement & mfg. co. 1st M. 75. 1939. Offered by Caldwell & Co., Nashville and
Rogers Caldwell & Co., Inc., N. Y.
6.63 Colonial Chair Co. 1st M.6345. 1939. Offered by Forgan, Gray de Co.
7.00 Edwards Dental Supply Co. Cony. Deb. BYO. 1939. Offered by Wm. Cavalier & Co.
7.00 The Layne Ohio Co. (Columbus) Coll. Tr. 78, 1930-36. Offered by Mortgage & Securities Co.,
New Orleans.
6.50 Oneida Community, Ltd. 6348, 1939. Offered by First Tr. & Deposit Co., Syracuse; Marine Tr,
Co., Buffalo; Utica Tr. dr Deposit Co. and Mohawk Valley Investing Corp.. Utica.
6.12 Wilson-Snyder mfg. Corp. Deb. 68, 1941. Offered by First Natl. Bk. and Peoples Savings & T.
Co., Pittsburgh.
6.55 Woodlawn Farms Dairy Co. 1st M.6348, 1944. Offered by Stroud & Co., Inc.; Eastman, Dillon
& Co. and Chandler & Co., Inc.
6.025,000
Oil300,000 Acq. constit. cos., wkg. cap'l
98
Land. Buildings, &c.
500.000 Retire debt of subsidiaries, &c_
235,000 Improvements to property
99;i
100
115,000 Finance lease of property
550,000 -Real estate mortgage
100
100
350,000 Refunding;other corp. purposes
110,000 Rearl estate mortgage
_
960,000 Finance constr. of buildings
250,000 Finance constr. of hotel
150,000 Real estate mortgage
110,000 New construction
100
100
100
100
100
100
500,000 Provide funds for loan purposes _ _ _
650,000 Real estate mortgage
100
875,000 Finance constr. of apartment
4,500,000 Acquisition of prop.: construction_
100
100
160,000 General corporate purposes
125,000 Real estate mortgage
975,000 Finance lease of property
480,000 General corporate purposes
275,000 Finance construction of bldg
1,650.000 Real estate mortgage
175,000 Finance construction of bldg
300,000 Refunding; construction, &c
100
100
95.29
9934
100
100
100
550,000 Acquisition of property
10C
200,000 Addition to college bldg
100
450,000 Finance constr. of hotel
1,200,000 Finance constr. of bldg
565,000 Finance sale of property
55,000 Real estate mortgage
100
100
100
900,000 Real estate mortgage
100
110,000 Real estate mortgage
100
6.78 Apex 011 Corp.(Nashville, Tenn.) Deb.6348"A" 1939. Offered by Caldwell & Co. and Commerce
Union Co.
6.60 The Baker Properties Inc. Cony. 6345 1939. Offered by The Morris T. Baker Co., Minneapolis.
6.00 Birmingham Golf Club let M.691931-37. Offered by Highland Park (Mich.) Tr. Co.; First Nat. Co.
of Detroit, and Union Tr. Co.. etroit.
6.00 Chain Properties Inc: 1st M.65 1929-38. Offered by Wolff-Schield & Co., St. Louis.
5.50 Citizens Trusco Bldg Inc. (Utica) 1st M. 5345, 1969. Offered by Mohawk Valley Investing
Corp., Utica, N. Y.
6.00 Country Shore Apt.(Chicago) 1st M.68 1941. Offered by Straus Brothers Invest. Co., Chicago.
6.50 872 Madison Ave. Bldg.(N.Y. City) 1st M. Lshld. 6348 May 1 1930 and 1943. Offered by Commonwealth Bond Corp., N. Y.
6.00 5000 Cornell Apts.(Chicago) 1st M.65 1931-41. Offered by Garard Tr. Co., Chicago.
6.00 The Forrest Hotel (Hattiesburg, Miss.) 1st M.65 1939-39. Offered by Waldheim-Platt & Co.,St. L.
6.50 The Georgian Hall Apt. Co. 1st M.6345 1930-39. Offered by Title Guarantee & Tr. Co., Cincinnati,
6.00 Hannibal-La Grange College (Hannibal, Mo.) let M. Os 1930-35. Offered by Love, Bryan &
Co., St. Louis.
6.00 Home Mortgage Co. (Durham, N. C.) Gtd. Bonds, Series "I" 1930-40. Offered by Herbert C.
Heller & Co., N. Y.
5.50 Hudson Garden Apts. (Bronx, N. Y.) 1st Gtd. 534% Prudence Ctfs. 1930-37. Offered by The
Prudence Co. Inc., N. Y.
6.00 Kenmore Manor Apts.(Chicago) 1st M.6s 1932-41. Offered by Gerard Trust Co., Chicago.
6.00 La Salle Wacker Bldg. Corp. (Chicago) 1st M. Os "A" 1954. Offered by Halsey, Stuart & Co.
Inc., and Harris Trust & Savings Bank.
6.00 Lord Lumber Co. 1st M. Real Est.681930-39. Offered by John R.Thompson Sec. Corp., Chicago.
5.50 Luther Hospital 1st M.53481931-39. Offered by Lane, Piper & Jaffrey, Inc.
6.50 Main.Rusk Properties 1st NI. Lshld. 65 1944. Offered by S. W.Straus & Co. Inc.
6.05 May Realty Co. of Md. 1st 51.68 1947. Offered by Mercantile Trust Co., Baltimore.
5.50-6.00 Medical-Dental Bldg.(Springfield, Mo.) 1st M.68 1931-40. Offered by Fourth Nat. Co., St. Louis.
7.00 Metropolitan Properties Corp.(Wash.,D. C.) Col. Tr. 751944. Offered by The F. It. Smith Co.
6.00 Moderne Manor Apts.(Chicago) 1st M.65 1931-37. Offered by Gerard Trust Co., Chicago.
5.50 Muskingum College (New Concord, 0.) 1st M. 534s 1930-39. Offered by Mercantile
-Commerce
Co., St. Louis.
6.25 1061 W. 35th St. (35th St. Bldg. Corp.) Chicago 1st M. 6545 1930-49. Offered by Greenebaum
Sons Securities Corp., Chicago.
5.50 Pioneer Educational Society (Spokane, Wash.) 1st M.530 1932-39. Offered by Old Nat. Bk. &
Union Trust Co.. Spokane, Wash.
6.25 Plaza Hotel (Corpus Christi, Tex.) 1st M. 68 1930-43. Offered by The Canal Bk. de Tr. Co.,
New Orleans.
6.25 Professional Bldg.(K. C., Mo.) 1st M. Bldg. de Lshld. 63,45 1932-41. Offered by Greenebaum Sons
Securities Corp., Chicago.
6.00 (Frank S.) Salter (Detroit) 1st M.Os 1939. Offered by Union Trust Co., Detroit.
6.00 South Side Odd Fellows Temple Association (St. L.) 1st M.138 1930-39. Offered by Real Estate
Mortgage Trust Co., St. Louis.
5.50 307-313 East 72d St.(N. Y. City) Gtd. 53.4% Prudence Ctfs. Apr. 1 1930
-Oct. 1 1934. Offered by
N. V. Title & Mortgage Co.
5.50 Martin S. Wright Electric Co.(San Antonio, Tex.) 1st R.E. 5348 1930-38. Offered by MercantileCommerce Co., St. Louis.
20,025,000
Miscellaneous
3,000,000 Provide funds for inv. purposes_ _ _
3,000,000 Liquidate bk.loan:expansion
5,000.000 Acquisition of investments
96
100
100
200,000 Acquire timber: fund curr. debt_ - _
20,000.000 Provide funds for loan purposes_ _
100
92
1,000,000 Acquisitions
1,750,000 Wkg.capital; fund curr. debt
10,000,000 Acquire constituent companies_
100
97
100
6.04 American & Scottish Invest. Co. Cony. Deb.5345"A" 1939. Offered by Geo. M.Forman dr Co.Ine.
7.00 Art Cinema Corp. 7% Dabs. Sold to Paramount
-Famous Lasky Corp.
6.00 Foreign Power Securities Corp. Ltd. let Coll. Tr. Cony. Os "A" 1949. Offered by A. Iselin & CO.
N. Y. and Nesbitt, Thomson & Co., Ltd.
6.00 Gloster Lumber Co.(Gloster, Miss.) 1st M.65, 1929-38. Offered by A. K.Tigrett & Co., Memphis.
6.60 Mortgage Bank of Chile Ltd. Gtd.65 1962. Offered by Kuhn, Loeb & Co., Guaranty Co. of N. Y.
and National City Co.
6.00 National Industrial Bankers Inc. Deb.68"A" 1959. Offered by Clarence Hodson dc Co.Inc. N.Y.
6.83 Ohio Finance Co. Deb.6348 1944. Offered by R. V. Mitchell & Co., McDonald, Callahan & Co.and
Whitaker & Co.
6.00 Simpsons, Ltd., 1st M.Coll. Tr.68"A" 1949. Offered by Wood, Gundy & Co., Inc.
43,950,000
SHORT TERM BONDS AND NOTES (ISSUES MATURING UP TO AND INCLUDING FIVE YEARS).
Amount.
Purpose of Issue.
Public Utilities
1,150,000 Refunding:addns. & extensions _ _ _
500,000 Acquisitions of properties_
500,000 General corporate purposes
11,450,000 Refunding: retire bk. debt, &c__ _
13,600,000
Price.
99
100
99
9634
To Yield
About.
Company and Issue, and by Whom Offered.
7.05 Michigan Fuel & Light Co. 1-Yr.6s June 1 1930. Offered by E.It. Rollins & Sons, N.Y.
7.00 Ohio-Kentucky Gas Co. 3-Yr. Cony. Secured 75 Feb. 1 1932. Offered by C. T. Williams & Co.
Inc.. Century Trust Co. and John P. Baer & Co., Baltimore.
7.05 Standard Public Service Co. 1-Yr. Cony.68 June 11930, Offered by G. V. Grace & Co.Inc. N.Y.,
and Laurence Regan & Co., Chicago.
7.40 Toho Electric Power Co. Ltd. 3-Yr. fls July 11932. Offered by Guaranty Co.of N.Y.: Lee. Higgtnson & Co. and Harris. Forbes & Co.
FINANCIAL CHRONICLE
JULY 20 1929.]
Amount.
Purpose of Issue.
Price.
To Yield
About.
102
100
100b
98
T;
5.54
7.00
6.00
8.00
Other Industrial & mfg.
150,000 Working capital: additions
300,000 Acq. Davenport Paper Box Co_ _
1,200,000 Working capital
2,000,000 Retire debt; acquisitions, &c
355
Company and Issue, and by Whom Offered.
Golden Bear Corp. Cony. Deb. 6s. June 11934. Offered by Byck & Lowenfels, New York.
(The Wm.) Koehl Co. 1st (c) M.7s, June 1 1932. Offered by Well, Roth & Irving Co.. Cincinnati.
Pierce, Butler & Pierce Mfg. Corp.6% Notes, Jan. 311930. Offered by corn pany to stockholders.
The Saxet Co.(Houston, Tex.) 1-Yr. 6s, June 1 1930. Offered by Peabody,'Jennings Az Co., Chic.
3,650,000
Land, Buildings,
700,000 Real estate mortgage
estate
100
58,000 Provide funds for loan purposes
100
100,000 Provide funds for loan purposes__ _
100
100
100
610,000 Real estate mortgages
1,000,000 Real estate mortgages
11,000,000 Retire bank loans; working capital_
99b
3,000,000 Real estate mortgage
100
100
400,000 Real estate mortgage
100
64,800 Provide funds for loan purposes:
5.50 Chatwick Gardens (Forest Hills, N.Y.) Guar. lot M.536% Partic. Ctfs."A" to "G," June 1 1934.
Offered by Suffolk Title & Guarantee Co., New York.
6.50 Equitable Finance Co. (Tupelo, Miss.) 1st Coll. Trust 636s, 1929-34. Offered by Mortgage &
Securities Co., New Orleans.
6.00 Federal Corp. 1st R. E. Coll. 6s "A-Y," June 1 1930-34. Offered by Union Bank & Federal Trust
Co., Richmond, Va.
5.50 Lawyers Mortgage Co.(N. Y.) Guar. 534% Ctfs., 1934. Offered by Lawyers Mortgage Co., N.Y.
5.75 Manufacturers Exchange Bldg. (Phila.) let Guar. 53s "A," May 15 1934. Offered by Philadelphia Co. for Guaranteeing Mortgages.
6.06 Edith Rockefeller McCormick Trust 5-Yr. Coll. Tr. 6s, July 1 1934. Offered by Guaranty Co. of
N. Y., and The Foreman Securities Co., Chicago.
Com6.00 Mortgage Investment Corp. Gtd. 1st Coll. Tr. 6s, Series 7, 1930-32. Offered by Bank of
merce & Trusts, Richmond, Va.
5.50 Printing Crafts Bldg.(N. Y.) Guar. 536% Prudence CUB., June 11934. Offered by The Prudence
Co., Inc., New York.
5-5.50 Seventeenth & Sansom Sts. (S. W. Corner. Phila.) 1st Guar. 5% Az 536% Ctfs., Jan. 21 1934.
Offered by Philadelphia Co. for Guaranteeing Mortgages.
16,932,800
STOCKS.
Par or No.
of Shares.
Purpose of Issue.
(a) Amount Price
To Yield
Involved. per Share. About.
Public Utilities
$
10,000,000 Acquisitions
5
10.000,000 100
1,000,000 General corporate purposes
1,000,000
*843,284she Construction; other corp. purposes 20,238,816
*250,000shs Acquisitions, &c
23,750,000
24
95
•110.000she Acquisitions; addit'ns & bettermls
2,942,500
600,000 Acquisitions; other corp. purposes.
600,000
97
1,500,000
6
1,485,000
*250,000811s Acquisitions; retire curr. debt
*15,000 shs. Acquisitions; capital expend
16,666,667 Acquisitions, construction. ALe...._ _
*40,000 shs. Acquisitions; other corp. purposes_
263‘
6.18
99
7.07
16,666,667 100
3,880,000 97
6.18
95
7.37
*12,500 shs. Retire pref. stk; gen. corp. purposes
1,187,500
*216,723she Construction; other corp. purposes
*40,000 shs. Capital expenditures
4,334,460 20
4,080,000 102
Cotnpany and Issue, and by Whom Offered.
Central States Electric Corp. Cony. Pref. Option Series 1929. Offered by Dillon.
Read & Co.; Stone & Webster and Blodg,et, Inc.; E. H. Rollins & Sons; Dominick
& Dominick, and Shields & Co., Inc.
Cities Service Co. 5% Non-Cum. Pref. Sold to Henry L. Doherty & Co.
Columbia Gas & Electric Corp. Common. Offered by company to stockholders.
General Gas & Electric Corp.$6 Cum.Cony. Fret. Offered by The Harris, Forbes Corp.:
Lee, Higginson & Co.; Kidder Peabody & Co.; Brown Bros. & Co.; E. H. Rollins
& Sons: Edw. B. Smith & Co., and Schoellkopf, Hutton & Pomeroy, Inc.
General Water Works & Electric Corp. Class A Common. Offered by E. H. MUDS
& Sons, and Stroud AL Co., Inc.
Greenwich Water & Gas Systems, Inc. 6% Cum. Pref. Offered by F. L. Putnam
& Co., Inc., Hartford.
Hamilton Gas Co. Common. Offered by company to stockholders and holders of
bonds and debentures.
Intercontinents Power Co. $7 Cum. Pref. 1st Series. Offered by Stroud & Co., Inc.,
and E. II. Rollins & Sons.
Massachusetts Gas Co's Common. Offered by company to stockholders.
New England Public Service Co. $6 Cony. Pref. Offered by Old Colony Corp.:
Tucker, Anthony & Co.; Bonbright & Co., Inc.; Edw. B. Smith & Co.; Spencer,
Trask & Co., and Utility Securities Co.
•
Southern Gas Co. $7 Cum. Div. Pref. A. Offered by G. E. Barrett & CO.. Inc., and
R. E. Wilsey & Co., Inc.
United Gas Co. Common. Offered by company to stockholders.
Washington Water Power Co. $6 Cum.Fret. Offered by Murphy, Fevre & Co.,Seattle
91,664,943
Iron, Steel, Coal, Copper, &c.
25,000 shs Development of property, &c
*17,500 shs. Acquisition of property
Copper Queen Mining Co. (Nevada) Capital Stock. Offered by Robert N. Miller
& Co., San Francisco.
West Michigan Steel Foundry Co. Cony. Pref. Offered by L. A. GeLstert & Co..
Grand Rapids.
162,500
402,500
23
565,000
Motors and Accessories
*25,000 shs. Working capital
*687.568shs Pay bank loans
1,250,000
6,875,680
Brockway Motor Truck Corp. Common. Placed privately.
(Edward G.) Budd mfg. Co. Common. Offered by company to stockholders; Underwritten.
50
10
8,125.680
Other Industrial and mfg.
•164,000she Acquisitions; expansion
*600,000shs Additional capital
*55,000 she General corporate purposes
*9,880 shs Retire preferred stock
*3,500 shs Working capital
*40,000 she Acquisitions; development
328,000
2,250,000
907,500
414,960
80,500
620,000
2
3;1
1656
42
23
15;5
*30.000 she General corporate purposes
*10,000 she General corporate purposes
*50,000 she Expansion of business
Aero Corp. of California Common. Offered by company to stockholders.
American Eagle Aircraft Corp. Capital stock. Offered by company to stockholders.
American Insulator Corp. Common. Offered by Harry H. Phillips Co.. Inc, N. Y.
American Wringer Co. Common. Offered by company to stockholders.
Biltmore mfg. Co. Common. Offered by Stanley Ashbrook & Co., Cincinnati.
Breese Aircraft Corp. Common. Offered by Madden, Tracy Co., N. Y.and Mortgage.
Bond & Acceptance Corp., Portland, Oregon.
Canada Dry Ginger Ale, Inc. Capital stock. Offered by company to employees.
88,600 50
Curtiss-Robertson Airplane mfg. Co. Common. Offered by company to stockholders.
1,200,000 40
De Forest Radio Co. Capital stock. Offered by company to stockholders; Underwritten.
7
1,148,000
Detroit Aircraft Corp. Capital stock. Offered by August Belmont & Co.. FL W.
4,500,000 15
Noble & Co. and Knight, Dysart & Gamble.
Diamond Match Co. Common. Offered by Co. to stockholders and affiliated interests.
1.332,000 148
(A. B.) Frank Co.(San Antonio, Tex.) 7% Cum. Pref. Offered by Central Trust Co.,
San Antonio and Link-Ford Co., Houston, Tex.
660,000 1 sh. pref. and
Si'. corn. for $110 (A. B.) Frank Co. (San Antonio, Tex.) Common. Offered by Central Trust CO.,
San Antonio and Link-Ford Co., Houston, Tex.
2,000,000 1 sh. pref. and 1 Grand Rapids Furniture Co. Cum. Pref. Offered by Keane & Co., Inc., Chicago.
sh. corn, for $40c1 Grand Rapids Furniture Co. Common. Offered by Keane & Co., Inc., Chicago.
International Neon Co., Inc. Common. Offered by Powell & Co., Inc., N. Y.
537,500 1236
6.50 Katz Drug Co. $634 Cum. Pref. Offered by H. M. Byllesby & Co., Hawes & Co. and
1,500,000 100
Mc Murray, Hill & Co., Inc.
Katz Drug Co. Common. Offered by H. M. Byllesby & Co., Hawes & Co., and
1,000,000 25
Mc Murray, 11111 & Co., Inc.
Kimball-Krogh Pump Co. Class A stock. Offered by Goldman,Jacobs & Co., San Fran.
591,250 2134
Knudsen Creamery Co. Class A $136 Cum. Common. Offered by Cahn. McCabe &
315,000 21
Co. and G. Brashears & Co., Los Angeles.
National Distillers. Ltd. (Canada) Common. Offered by Bennett, Converse :•fc
680,000 17
Schwab, Inc., N. Y.
6.50 Peerless Woolen Mills 636% Cony. lot Prof. Offered by Citizens A Southern Co. 1
500,000 50 (par)
Richman Bros. Co. Capital stock. Offered by company to employees.
2,500,000 50
Schickerling Radio Tube Corp. Capital stock. Offered by J. L. Mellon, Inc., N. k. I
1,100,000 11
Sierra Pacific Air Transit 7% Cum. Panic. Preferred. Offered by Atterbury-Buckley
gaol av
495,000 2 shs. pref. and 11
Co.. San Francisco
sh. coin. for $20 Sierra Pacific Air Transit Common stock. Offered by Atterbury-Buckley
Francisco.
1,400,000 35
Southern Dairies, Inc. Class A stock. Sold privately.
100.000 10
Texas Aero Corp. Common. Offered by Thomas Investment Co., Dallas, Tex.
1,200,000 30
United Aircraft & Transport Corp. Common. Offered by company to directors and
employees.
1,204,605 45
Western Air Express Corp. Capital stock. Offered by company to stockholders.
2,561,260 20
Western Dairy Products Co. Class B stock. Offered by company to stockholders;
Underwritten.
1,000,000 3 she. pref. and lf Whitaker Battery Supply Co. $2 Cum. Pref. Offered by H. M. Byllesby &Co.
sh. corn. for $1001 Whitaker Battery Supply Co. Common. Offered by H. Si. Byliesby & Co.
2,625,000 3234
Wilson- Jones Co. Capital stock. Offered by Co.to stockholders and affiliated interests.
011
375,000 Acquisitions
*137,775shs Retire debt working capital
154,250 Development, extensions, &c
34,839,175
337,500
1,377,750
925,500
436
10
30
*1,772 shs Working capital
*30,000 shs Retire pref. stock; other corp. purp.
•164,000shs Expansion of business
*300,000she Retire debt; wkg. capital, &c
900,000 Additional capital
600,000 General corporate purposes
60,000 General corporate purposes
*50,000
*50,000
*35,000
*15.000
shs Addns., retire curr. debt;wkg. cap
she Addns., retire curr. debt.;wkg. cap
shs Increase mtg. facilities; expansion_
shs Acquire predecessor co.; expansion
40,000 shs Acquire predecessor co.; expansion
*27,500 shs Working capital
*15,000 she Acquire predecessor co
40,000 she Provide for mfg. & storage of prods.
500,000 Enlarge plant; working capital_. _ _
*50,000 she Working capital
*100,000she Enlarge plant; 0th. corp. purposes
495,000 Acquire equipment, property, &c.
247,500 Acquired equipment, property, &c.
*40,000 she Retire 6% notes
510,000 shs New plant; working capital
*40,000 shs Additional capital stock
26,769 sits Provide additional facilities
•128,06351,e Acquisitions; working capital.....
2,700,000
4.500,000 Acquisitions, development. &c__ _
40,000,000
40,000,000 Acquisitions, additions, Arc
3
98
5766
45,340,750
Land, Buildings, &c
500,000 Provide funds for loan purposes_ __
*10,000 ells Provide funds for loan purposes...
1,000,000 Provide funds for inv. purposes_ __
*20,000 shs Provide funds for inv. purposes...
*24,000 she Additional capital
20,000 shs General corporate purposes
*2,850 she Finance construction of building
*2,850 she Finance construction of building..
500,000 Working capital
*5,000 ells Working capital
650,000 2 shs. pref. and 1
sh corn. for $65
sh. pref. and 1
sh. corn, for $60
600,000 25
600,000 30
Ammex Petroleum Corp. Capital stock. Offered by Chas. J. Swan & Co., N. Y.
Humphreys Corp. Common. Offered by company to stockholders.
Missouri Kansas Pipe Line Co. Common. Offered by company to stockholders;
underwritten.
National Venezuela Oil Corp. Common. Offered by Leven Bros., N.Y.
Shell Union Oil Corp. 536% Cum, Cony, Pref. Offered by Lee, Higginson & CO..
Guaranty Co. of N. Y., National City Co., Hayden, Stone & Co., Dominick &
Dominick and Clark. Dodge & Co.
Blake Mortgage Co. of Brooklyn 7% Cum. Pref. Offered by company.
Blake Mortgage Co. of Brooklyn Common. Offered by company.
Credit Fonder International, Inc. 7% Cum. lot Pref. Offered by company.
Credit Fonder International, Inc. Common. Offered by company.
Mortgage & Securities Co. (New On.) Class B Pref. Offered by Co. to stockholders.
Chas F. Noyes Co., Inc. Common. Offered by Company to employees.
Professional Bldg.(K. c., Mo.) $7 Cum, Pref. Offered by Studebaker Securities Co..
Kansas City, Mo.
i
285,000 1 sh, pref and I{
• .4
••• •-•
sh corn. for $100 Professional Bldg. (K. C., Mo.) Common. Offered by Studebaker Securitise_CO.,
Kansas City, Mo.
U. S. Kings County Bond & Mortgage Corp. 7% Cum,Pref. Offered by company.
550,000 1 sh. pref. and
sh. corn for $1101 U. S. Kings County Bond & Mortgage Corp. Common. Offered by company.
1,200,000
11
3.885,000
356
Par or No.
of Shares.
[Vor.. 129.
FINANCIAL CHRONICLE
•
a Amount Price
To Yield
Involved. per Share. About.
Purpose of Issue.
Miscellaneous
*40,000 ohs Provide for investments
Company and Issue, and by Whom Offered.
_%_
Absco Corp. Capital Stock. Offered to employees of kmerican Brake Shoe & Foundry
Co. and its subsidiaries.
American Commercial Co. Capital Stock. Offered by company to stockholders.
American Surety Co. of New York Capital Stock. Offered by company to stockholders and to stockholders of New York Casualty Co.
*133,320 sb Additional capital
Associated Laundries of America, Inc., Class A Pattie. Pref. Offered by Company
1,455,520 11
to stockholders.
100,000 Prov. funds for investment purp__
Bainryan Corp. Capital Stock. Offered by Bainbridge & Ryan, New York,
110,1100 11
400.000 Prov. funds for Investment PurP-6.00 Bankshares Corp. (Va.) 6% Cum. Pref. Offered by American Bank & Trust Co.,
400,000 50 (Par)
Richmond, Va.
*34,000 shs Expansion of business
1,904,000 1 sh pref. and 11 Bickford's, Inc., $234 Corn. Cony. Prof. Offered by Geo. H. Burr & Co.
*34,000 ohs Expansion of business
sh. corn. for $W Bickford's, Inc., Common Stock. Offered by Geo. H. Burr & Co.
*60.000 ohs Prov. funds for investment purp__
Brooklyn National Corp. Capital Stock. Offered by Brooklyn National Bank.
3,120,000 52
Canadian Mining Securities Corp., Ltd., Common. Offered by A. D. Watts dr
1,750,000 Prov. funds for investment Puri)- 1,925,000 11
Co., New York.
*10,000 she Prov. funds for investment purp_ _
Central Shares Corp. Class A Common. Offered by State Capital Corp.
350,000 35
1,350,000 Acquisitions,expansion
6.50 City Ice & Fuel Co.634% Pref. Offered by company to prefererd stockholders.
1,350,000 100
*53,370 ohs Acquisition;expansion
CIty Ice & Fuel Co. Common. Offered by company to common stockholders.
2.401.850 45
*35,000 ohs Prov. funds for investment Dorn-Claremont Investing Corp. Common. Offered by Furlaud & Co., Inc.
717,500 2034
Colonial Bond & Share Corp.6% Cum. Cony. 1st Prof. Offered by Colonial Investors
625,000 Prov. funds for Investment purp-Corp., Baltimore.
800,000 lobs. pref. & 1 sh.{
Colonial Bond & Share Corp. Class A Common. Offered by Colonial Investors
25,000 Prov. funds for investment DOM-corn. for $32
Corp.. Baltimore.
Colonial Bond & Share Corp. Class A Common. Offered by Colonial Investors
10,000 Prov. funds for investment purp-80,000
Corp. Baltimore.
Colonial'
10,000 Prov. funds for investment purp-Bond & Share Corp. Class B Common. Offered by Colonial Investors
100,000 10
Corp., Baltimore.
Commerce Investments, Inc., Investor's Stock. Offered by Bank of Commerce &
40.000 shs Prov. funds for investment purp__
1,050,000 2034
Trust Co., Cincinnati.
Credit Utility Banking Corp. Class B Common. Offered by company.
*30,000 shs Acq. of Credit Utility Co., Inc.
750.000 25
250.000 ohs Prov, funds for investment purl). _ 10,625,000 4234
Equity Investors. Inc.,. Common. Offered by Parker Corp., Boston.
175,000 Prov. funds for investment purl).
218,750 1 sh. pref. & 2 sh. Federal Fidelity Co., Inc. (Ky.) 7% Cum. Prof. Offered by company.
350.000 Prov. funds for investment pur P-corn. for $125 Federal Fidelity Co.. Inc. (Ky.) Common. Offered by company.
*5,000 ohs Working capital
_ First National Stores, Inc., Common. Offered by company to.employees.
175,000 35
Fiscal Bond & Share Corp. Class A Stook. Offered by Smith, Reed & Jones, Inc.,
*30,000 shs Prov, funds for investment num-. 1,800.000 60
and E. Paul Young & Co.. Inc., New York.
Franklin Surety Co. Capital Stock. Offered by company to stockholders.
233,330 Additional capital
653,324 28
General American Investors Co., Inc., Common. Offered by company to stock*400,000 sh Retire pref. stock; additional cap
6,000,000 15
holders: underwritten.
Grand Central Surety Co., Capital Stock. Offered by State Capital Corp., N. Y.
280,000 Additional capital
400.000 16
Hirons Securities Corp.(N. Y.) Common. offered by company to stockholders.
17.737 Additional capital
31,474 20
Home & Foreign Securities Corp. $.3 Cum. Prof. Offered by Arthur S. Kleeman
*75,000 ohs Prov. funds for investment
Co., New York.
4.500.000 1 sh. Prof. & 1 sb.
Home & Foreign Securities Corp. Common. Offered by Arthur S. Kleernan & Co..
*75,000 ohs Prov. funds for investment purbcorn. for $60
New York.
Hudson-Harlem Valley Corp. Class A Partic. Pref. Offered by Julian E. Gray &
500,000 Prov. funds for Investment purp_ _
Co.. Inc.
650,000 1 sh. pref. & 34 sh.
Hudson-Harlem Valley Corp. Common Stock. Offered by Julian E. Gray & Co., Inc.
*5,000 ohs Prov. hinds for investment purp
corn. for $65
100,000 ohs Prov. funds for investment Purr.10 ohs. pref., 10 Hytag Financial Carp. Prof. Offered by company.
100,000 ohs Prov. funds for investment purl).. 3,850.000 she."A" dr 4 sbs. Hytag Financial Corp. Class A. Offered by company.
40,000 ohs Prov. funds for investment purp
corn, for $365 Hytag Financial Corp. Common. Offered by company.
Insult Utility Investments,Inc., Common. Offered by Utility Securities Co., Chicago.
*250.000 sh Acquire additional lievestments__ _ 11.375.000 4534 (mkt.)
Investors & Traders, Inc.. Common. Offered by Watson & White, New York.
75,000 ohs Prov. funds for Investment purp_ _
*
900,000 12
Knickerbocker National Corp. Class A Partic. Prof. Offered by Bankshares National
200,000 Prey. funds for investment purp
Corp.. New York.
250,000 1 sh. pref. & lob.
Knickerbocker National Corp. Common Stock. Offered by Bankshares National
•10,000 ohs Prov. funds for investment
corn, for $25
Corp., New York.
100,000 Acquisition; working capital
150,000 1 sh. pref. & lab. Laurencie Candy Shops, Inc., 7% Cum. Prof. Offered by A. L. Watzfelder, N. Y.
•10,000 ohs Acquisition: working capital
common for 515 Laurencle Candy Shops, Inc. Common. Offered by B. L. Watzfelder, New York.
*650,000 sh Expan,of business: other corp. Our. 6,175,000
Loft. Inc., Capital Stock. Offered by company to stockholders.
934
300,000 shs Prov. funds for investment purl). _
Manufacturers Investment Co. (Del.) Pref. Offered to stockholders of Manufacturers Casualty Insurance Co.
3,750.000 lob. pref. & 1 sh.1
150,000 ohs Prov. funds for investment Purii
common for 525! Manufacturers Investment,Co. (Del.) Common. Offered to stockholders of Manufacturers Casualty Insurance Co.
150,000 ohs Prov. funds for investmert purp
300.000
Manufacturers Investment Co.(Del.) Common. Sold to organizers of company.
234
100,000 Additional working capital
100,000 100
Municipal Securities Corp. of Chicago 7% Cum. let Prof. Offered by Hanchett
Bond Co., Chicago.
2,000,000 Provide additional resources
National Fire Insurance Co. of Hartford Capital Stock. Offered by company to
4.000,000 200
stockholders.
*35.043 shs Additional capital
2,158,580 60
•
(I. I.) Newberry Co. common. Offered by company to stockholders.
250,000 Additional capital
New Hampshire Fire Insurance Co. Capital Stock. Offered by company to affiliated
1,500,000 60
interests.
*1358088 eh Expansion
(1. C.) Penney Co., Inc., Common. Offered by company to stockholders.
9,512,216
7
*20,003 ohs Liquidate debt for acquiring sec__. 2,000,000 100
Public Utility Investment Corp. Allotment Ctrs. for Prof. Stock. Offered by Associated Gas & Electric Securities Co., Inc., New York.
500,000 Expansion; working capital
1,800,000 32
(The) Rath Packing Co. Common. Offered by Geo. H. Burr & Co. and Alfred L.
Baker & Co.
134,400 Working capital
} 180,480 7 ohs. pref. & 2 r Rockland Discount Corp. 7% Cum. Pref. Offered by W. E. Willard & Co., N. Y.
*1.536 ohs Working capital
shs, corn. for$2351 Rockland Discount Corp. Common. Offered by W. E. Willard & Co., New York.
*150,000 sh Prov. funds for inv. In aviation Ind 3,525,000 2334
St. Louis Aviation Corp. Capital Stock. Offered by Knight. Dysart & Gamble, St. L.
*500,000 sh Acquire utility securities
5,500.000 11
Seaboard Utilities Shares Corp. Common. Offered by Joel Stockard & Co., Detroit.
500,000 Prov. funds for investment Duro_ _
Second Founders Share Corp. 6% Cum. Pref. Offered by J. M. Erickson, Inc.,
.509,000 1 sh. pref. & I sh.1
Buffalo.
*10,000 ohs Prov. funds for investment Mull"A" at market! Second Founders Share Corp. Class A Stock. Offered by J. M. Erickson, Inc.
Buffalo.
300,000 Prov. funds for investment purp_.
300,000 102
Shares Corp. of Wall Street Common. Offered by Harris, Ayers & Co., New York.
50,000 Expansion of business
125,000 25
Standard Federal Fite Insurance Co. (Davenport, Iowa) Capital Stock. Offered
by A. W. Clutter & Co , Chicago. and Richardson & Co.. Davenport, Iowa.
*400,000shs Further extension of co.'s activities 40,000,000 100
Stone & Webster Inc.(Del.) Cap. Stk. Offered by Stone & Webster and Blodget, Inc.
*175,0008M Further extension of co.'s activities 17,500,000 100
Stone & Webster Inc.(Del.) Cap. Stk. Sold to interests connected with company.
2,500,00C Provide funds for invest. Purposes.
United Investment Assurance Trust 6% Pref. Offered by Founders Securities Trust,
Boston, N. Y.
3,875,000 2 ohs. pref. and 11
*50,000shs Provide funds for invest. purposes_
sh.coin. for$77Si United Investment Assurance Trust Corn. Offered by Founders Securities Trust,
Boston & New York.
1.920,000
48
100,000
4.500,000
100,000 Prov. funds for investment purp__
1,500.000 Additional capital
10(par)
75
- .60
1
I
I
*12.000shs Expansion; working capital
Vegetized Foods, Inc. (Del.) Cum. Cony. Prof. class "A." Offered by W. K. IIartman
& Co.. San Francisco.
300.000 1 sh. pref. and 11
sh. 13 for $25
I Vegetized Foods Inc.(Del.) Corn Stock. Offered by W.K. Hartman & Co., Ban Fran.
*12.000shs Expansion: working capital
4,000.000 Acquisition of securities, &c
1,250,000 Provide funds for invest. purposes.
*25,000shs Provide funds for invest. purposes-
4,000,000
1,250,000
1,000,000
Vick Financial Corp.(Del.) Common. Offered to stockhldrs. of Vick Chemical Co.
Wall Street Trading Corp.6% Cony. Pref. Offered by W. W.
Snyder & Co., N.Y.
Wall Street Trading Corp. Common. Offered by W. W.
Snyder & Co., N. Y.
10(par)
54
40
173.561,454
FOREIGN GOVERNMENT LOANS.
Amount.
Price.
Issue and Purpose.
6,000,000 State of Rio de Janeiro (Brazil) Ext. Secured
6340 1959 (retire external 5% sterling loan
of 1905, for sanitation, colonization and
public im movements
9134
To Yield
About.
Offered by.
7.20 E. H. Rollins & Sons, Bancamerica-Blair Corp., Blyth & Co., and J. G. White ar Co.. Inc
ISSUES NOT REPRESENTING NEW FINANCING.
To Yield
Par or No. a Amount Price
Invoiced. Per Share. About.
of Shares.
*3.000shs
•14,996shs
750,000
*7,500shs
*10,000shs
35,000shs
•
20.000shs
•
*57.500sbs
*44,0005lis
9,000shs
*40,000shs
*25.000shs
69,000 23
_
502.336 3334
_
806,250 1 sh. pref. and 11
sh. com.for $10734 J
260,000 26
1.400.000 40
300,000 15
1,150,000 20
704,000 16
405.000 45
2,270,000 5634
587,500 2334
Company and Issue, and by Whom Offered.
Biltmore mfg. Co. Common. Offered by Stanley Ashbrook & Co.. Cincinnati,
Bobbs-Merrill Co. Common. Offered by Meyer-Kiser Bank and Fletcher American Co., Indianapolis.
Caraveras.Cement Co.7% Cum.Pref. Offered by Dean, Witter & Co. and Wm.Cavalier dr Co.
Calaveras Cement Co. Common. Offered by Dean, Witter & Co. and Wm.Cavalier & Co.,
Cincinnati Advertising Products Co. Common. Offered by W.E. Hutton & Co.
Cohn & Rosenberger Inc. Common. Offered by Merrill Lynch & Co.
DetifOlt Aircraft Corp. Common. Offered by August Belmont dr Co., H. W. Noble & Co., and Knight, Dysart & Co.
Detroit Gasket & mtg. Co. Common. Offered by Wm. L. Davis, Detroit_
Detroit Gray Iron Foundry Co. Corn. Offered by E. W. Clucas & Co. and Wm.C. Roney & Co.
Foster Wheeler Corp. Corn. Offered by Bristol & Willett. N. Y.
S. W. Straus & Co. Inc. (Del.) Capital Stork. Offered by Colvin & Co.. N.Y.
The Waco Aircraft Co. Common. Offered by W.E. Hutton & Co.
8,454.056
•Shares Of no par value. a Preferred stocks of a stated par value are taken at par, while preferred stocks of no par value and all classes of common stooks are computed at their offering prices. b Offered in units of 1.4 of notes with warrant to purchase 1 share of common stock at $1 per share for every $4 of notes purchased.
c Common stock comprising part of this offering doeo not represent new financing.
Ly 20 1929.1
FINANCIAL CHRONICLE
The New Capital Issues in Great Britain.
The following statistics have been compiled by the
Midland Bank Limited of London. It is explained that these
compilations of issues of new capital, which are subject to
revision, exclude a I direct borrowings by the British Government for national purposes, shares issued to vendors, allotments arising from the capitalization of reserve funds and
undivided profits, issues for conversion or redemption of
securities previously held in the United Kingdom, shortdated bills sold in anticipation of long-term borrowings,
and loans by municipal and county authorities except in
cases where there is a specified limit to the total subscription.
They do not include issues of capital by private companies
except where particulars are publicly announced. In all
cases the figures are based upon the prices of issue.
357
Net Return on United States Railroads
During May.
Class I railroads in May had a netrailway operating Income
of $103,616,046, which, for that month, was at the annual
rate of return of 5.81% on their property investment, according to reports just filed by the carriers with the Bureau of
Railway Economics and made public to-day. In May 1928
their net railway operating income was $88,221,666,or 5.02%
on their property investment. Property investment is the
value of road and equipment as shown by the books of the
railways, including materials, supplies and cash. The net
railway operating income is what is left after the payment
of operating expenses, taxes and equipment rentals but before
interest and other fixed charges are paid. This compilation
as to earnings in May is based on reports from 182 Class I
railroads representing a total mileage of 241,297 miles. The
results are outlined as follows:
Gross operating revenues for the month of May amounted to $537,747,535
compared with $511,511,966 In May 1928, or an increase of 5.1%. Operating expenses in May totaled $390.977,050 compared with $382,369,709 in
the same month in 1928 or an increase of 2.3%.
Class I railroads in May paid 533,661,523 in taxes, an increase of $2,757,169 or 8.9% over the saute month in 1928. This brought the total tax bill
of the Class I railroads for the first 5 months in 1929 to $161,763.466. an
1919
increase of $10,735,583 or 7.1% above the corresponding period in 1928.
1920
1921
Twenty-one Class I railroads operated at a loss in May. of which 7 were
1922
in the Eastern, 2 in the Southern and 12 in the Western district.
Class I railroads for the first 5 months in 1929 had a net railway operating
1923
Income amounting to $457,362,036, which was at the annual rate of return
1924
of 5.60% on their property investment. During the corresponding period
1925
of the preceding year, their net railway operating income amounted to
1926
$376,209,981 or 4.68% on their property investment.
1927
Gross operating revenues, for the first 5 months in 1929. amounted to
1928
$2,531,371,754 compared with $2,408,273,320 during the corresponding
1929
period in 1928 or an increase of 5.1%. Operating expenses for the first
.
*Excluding British Government loans raised directly for national purposes.
-months' period of 1929 totaled 61,864,233,006 compared with $1,833.5
265,235 during the corresponding period the year before or an increase of
NEW CAPITAL ISSUES* IN. THE UNITED KINGDOM BY MONTHS. 1.7%.
1926.
Net railway operating income by districts for the first 5 months with the
1927.
1929.
1928.
E
percentages of return based on property investment on an annual basis
28,367,583
January
33,794,534
26,331,980
47,418,161 follows'
February
25,758.587
21,898,747
33,047.526 New England Region
27,871,778
$19,695.064 5.82
March
23,901,911
84,969,752 5.51
.34,714,108
41,695.433
33.781.109 Great Lakes Region
Central Eastern Region
109.320,633 6.17
13,417,682
April
18,606,444
22,267,849
34,767,420 Pocahontas
Region
34.105,704 9.07
10,887.531
May
34,516,005
39,275,330
21,131,112
29,222,434
June
19,965,221
Total Eastern District
41,372,316
25,397,926
$248,091,153 6.16%
Total Southern District
58.715.372 4.33%
131,635,728
Six months
159,693,910
202,615.865
195,543,254
Northwestern Region
536.245.425 5.29%
26,728,881
J ily
34,894,019
41,820,109
Central Western Region
78.754.267 5.92%
Southwestern Region
35.555.819 4.65%
1,479,507 .. 2,229,939
August
6,512,400
15,925,930
September
5,039,730
18,305,996
Total Western District
$150.555,511 5.42%
29,221,919
37,725,432
October
40,598,510
28,111.190
United States
48,769,073
November
27,969,767
$457,362,036 5.60%
20,163,249
26,361,933
December
24,696.516
Eastern District.
314,714,036
253,266,414
Year
362,519.163
Complete reports showed that the Class I railroads In the Eastern Dis
trict for the first 5 months in 1929 had a net railway operating income of
'Excluding British Government loans raised directly for national purposes.
$248.091,153, which was at the annual rate of return of 6.16% on their
GEOGRAPHICAL DISTRIBUTION OF NEW CAPITAL ISSUES.. IN THE property investment. For the same period in 1928, their net railway operating income was 6195,401,156 or 4.93% on their property investment. Gross
UNITED KINGDOM BY MONTHS.
operating revenues of the Class I railroads for the first 5 months in 1929
India and Other British
United
Foreign
totaled 51.273,370.732 which was an increase of 6.5% over the correspondKingdom.
Ceylon,
Countries.
Countries.
Total.
ing period the year before, while operating e cpenses totaled 6926,140,382,
1927—
E
C
E
f
an Increase of 2.3% over the same period in 1928.
January
10,317,000
11,876,000
4,139,000 26,332,000
Class I railroads in the Eastern District, for the month of May had a net
February_.__ 15,430,000
343,000
3,913,000
2,183,000 21,899,000 railway operating income of $59,759,148 compared with $52,018,729 in
March
13,000
27,738,000
1,248,000
5.715.000
34,714,000 May 1928.
13,123,000
100,000
6,095,000
22,268,000
2,950.000
April
Southern District.
May
23,915,000
120,000
8,786,000
1,695,000 34,516,000
Class I railroads in the Southern District for the first 5 months in 1929
June
12,373,000
2,112,000
5,480,000
19,965,000 had net railway operating
income of $58,715.372. which was at the annual
a
6 months 102,896,000
576.000
34,060,000 22,162,000 159.691,000 rate of return of 4.33% on their property investment. For the same period
In 1928, the net railway operating income amounted to $54.876,560. which
July
16,336,000
82,000
8,327,000
10,149,000
34,894,000 was at the annual rate of return of 4.12%. Gross operating revenues of
August
2,091,000
119,000
20,000
2,230,000 the Class I railroads in the Southern District for the first 5 months in 1929
September__ _ 3,182,000
30,000
996.000
832,000
5,010,000 amounted to $331,792,159, an increase of 1.2% over the same period the
October
14,7.51,000
174,000
9.550,000
13,247,000
37,725,000 year before, while operating expenses totaled $246,637.175, a decrease of
November_
23.169.000
315,000
17,708,000
7,547,000 48.769,000 6-10ths of 1% compared with the corresponding period of 1928.
December_
13,615,000
156,000
11,924,000
667,000 28,362.000
The net railway operating income of the Class I railroads in the Southern
Year
176,043,000
1,363,000 86,381,000 50,927,000 314.714.000 District in May amounted to $10,457,111, while in the same month in
1928 it was 610,733,673.
1928—
Western District.
January
14,178,000
6,882,000
6,153,000
6,581,000 33,794,000
Class I railroads in the Western District for the first 5 months in 1929
February_
22.627,000
3,205,000
2,010,000 27,872,000
18,052,000
March
40,000
13,999,000
9,005,000 41,696,000 had a net railway operating income of $150,555,511, which was at the
April
10,628,000
42,000
4,346,000
3,590,000
18,606,000 annual rate.of return of 5.42% on their property investment. For the
May
25,752.000
11,000
9,463,000
4,049,000
39,275,000 first 5 months in 1928, the railroads in that district had a net railway
June
25,405,000
666,000
11,669,000
3,632,000 41,372,000 operating income of $125,932,265, which was at the annual rate of return
of 4.59% on their property investment. Gross operating revenues of the
6 months_ _117,242,000
7,641,000 48,835,000 28,897,000 202,615,000 Class I railroads in the Western
District for the first 5 months this year
amounted to 5926,208,863, an increase of 4.7% compared with the same
24,115,000
July
25,000
13,416,000
4,264,000 41,820,000
period last year, while operating expenses totaled $691,455,449, an increase
August
5,529,000
302,000
682,000
6,513,000
of 1.8% compared with the first 5 months the year before.
September
7,575,000
3,774.000
6.957.000
18,306,000
For the month of May, the net railway operating income of the Class 1
29,715,000
October
33,000
4,464,000
6,387,000 40,599,000
railroads in the Western District amounted to $33,399,787. The net railway
49.000
Novemter_ _ 16,961,000
5,837.000 • 5,323,000 27,970,000
December_
17,998,000
1,934.000
4,764,000 24.696,000 operating income of the same roads in May 1928 totaled $25,469,264.
SUMMARY TABLE OF NEW CAPITAL ISSUES* IN THE
UNITED KINGDOM.
Month of
Sir Months to
Year to
June.
. June 30.
June 30.
.0
16,823.000
80,299.000
132,815,000
27,560,000
241,232.000
398,474,000
33,919,000
124,221,000
267,199,000
21,990,000
168,147,000
259.722.000
31,763,000
123,525,000
191,016,000
19,322,000
105,215,000
186,451,000
23,652,000
124,354,000
241.685.000
29,222,000
131,636,000
227,178,000
19,965,000
159,691,000
281.325,000
41,372,000
202,616,000
357,636.000
25,398,000
355,447,000
195,543.000
219,135,000
7,748,000
78,362,000
18,046,000
_ 26,181,000
24,774,000
28,756,000
12,298,000
14,010,000
9,280,000
219,000
118,000
27,000
119,000
15,730,000
2,621,000
1,081,000
2,219,000
7,373,000
4,206,008
4,362,000
4,243,000
7.707.000
3,674,000
1,433,000
7,063,000
47,418,000
33,018,000
33,781,000
34.767,000
21,131,000
25,398,000
6 months. 124,068,000
9,763,000
33,230,000
28,482,000
195,543,000
Year
1929—
January
March
April
May
June
57,274,000 362,519,000
*Excluding British Government loans raleed directly for national purposes.
Class I Railroads—United States.
Month of May—
1928.
1929.
Total operatiag revenues
$537,747,535 $511,511,966
Total operating expanses
382,369,709
390.977.050
Taxes
30,904.354
33.661,523
Nat railway operating income
88,221.666
103,616,046
Operating ratio—per cent
74.75
72.71
Rate of return on propagy investment
5.81%
5.02%
Fire Months Ended May 31—
Total operating revenues
$2.531,371,754 $2,408.273,320
Total oparating expenses
1,864.233,006 1.833.265.235
Taxes
151,027,883
161,763.466
Net railway operating incom376.209.981
457,362,036
Op.rating ratio—per cent
76.12
73.65
Rate of return on property investment
4.68%
5.60%
[VOL. 129.
FINANCIAL CHRONICLE
358
Monthly Range of Prices on the
New York and Other Stock Exchanges
THE NEW YORK STOCK EXCHANGE—STOCKS AND BONDS.
The tables which follow show the high and low prices, by months, for the twelve months ending June 30
1929 of every stock and every bond in which any dealings occurred on the New York Stock Exchange during
the first half of 1929. The first table, covering 11 pages, gives the record for the stocks, and the second
table covering 12 pages, the record for the bonds. The prices in all cases are based on actual sales.
1929.
1923.
STOCKS
June
May
April
March
January February
Low High Low High Low High Low High Low High row High
August September
July
October
November December
Low High Low High Low High Low High Low High Low High
Par S per share S per share $ per share S per share $ per share 8 Per share
$ per share $ per share i Per share $ per share $ Per share $ Per share
100 118 118 ----------------1141211412 ----- ---- ----120 120 122 122 ____ _-_ 1183
---8
81185 ---- ---- Alabama ar Vick5bura
---------217122171,220 220 ---- ____ ____ ____ Albany & Susquehanna_100 --------2105421512 --------21034211 2111221512 ---- ------100 _
100.
_100
71
71
Preferred
_
_
6912 704
_
4
1
/
69 6912
Hoo iiii4 i6E3- 59;21iisi m91429474 iiii" icii" HE/ 2241221011237
4
4
185 19012 iii Ili ii951219 - 1891219472 iiii2iii" ioi 2112- AtCh, Top & Santa Fe
6
-- 3;
191 .
.
100 10234 103 8 103 103 4.
99_ 10_3_,. .. 19324
112 27
.
34 2
%
23 102_ 103_5 . 21! 104_ .
10
8.
Preferred
=wow:um% lova 1035810458 love 10418 104 10412 103 106
214 28 Rights
....,, ---- ---- ---- ---- ---- ---- ---- 24 3
100 169 18312 180 19134 1754 115 - 18180 - 1773218434 184 191
16614 171 163 169 16014 17012 15718 165 16312173 16214 171 Atlantic Coast Line
_, _100 1187 12512 120 131 11818 133 12014 1263 11518 122 11612 12612
4
8
41095, 105 1133 11214 1184 1093 1143 110% 119 4 114121255 Baltimore & Ohio
4
1043
4
.4
3
100 78
3 80
MN 79 7912 79 801 77 797 78 7912 75 80
4
7812 81
78 80
78 80
4
1
/
77
78 793 77 79
Preferred
------------------------ -------- --------1231812334
Certifs full paid
---- ---- ---- ---- ---- ---- --- ---_ ____ ____ ---- ---_ _ ___ _
_ 178 2% 214 3
12
____ ____
Rights.
70 7738
50 6612 72 65 - 18 65 - - 6512 - 4 6412 72
18371
72
134
7
7612 if) 71412 i4 iii: aid -- - a - - Bangor & Aroostook
73
714
(jai - 3 ii - 100 1063 11012 108 110 10514 109 105 107 107 1105, 107 108
4
Preferred
4
110 111 110 112 110 1133 110121113 110 114 104 109
4
50 4112 4112 4012 4012 --------37 37
38 38-,. ,,..
2 42 Beech Creek
4
-- ---- --- 4012 4012 403 404 -------- 4
---* 7214 807 7212 817 6518 70 4 84
8
8
3
,
754 60 8 66% 623 ;
3 1 6;8
8
6 6212 6
60 -8
70 665 7558 65 7334 6412 72 655 7312 Bklyn-Manhattan tr ctfs
85 875
83 86
8
8
* 897 9212 88 4 9258 84 90
3
8712 90
Trust ctfs, preferred
4
89 90 89 92
8812 9012 8812 903 8812 90
90 92
100 91 1093 98 103
4
88 993 95 106
96 984 85 92
4
71 873 86 91 Boston & Maine
73 78
73 76
70 7512 693 71
4
80 80
77
9812 100 98 100 Buff, Rods & Pittsburgh ..100 9812 9812 ------------------------ 77
65, 68 67 793 75 76
4
75 101
100 98 101 100 103 _ _. ... _ 100 100 100 100 -- - .
4 Preferred
100 1003 98 100 4 98 98
4
3
9812 105 100 102 100 1003
1
6
53 - 4
56 62
6212 85 --------60 65
44 6412 55 60 Buffalo & Susquehanna_ 100 543 57
3214 3214 35 38
3612 3612 35 41
5112 52
100 5312 60
59 60
55 .684 55 58
55 56
Preferred
52 57
404 50 50 63
---- ---- --------38 41
8
100 23312 255 4 24014 2697 2251225812 23114 24178 218 24112 21 2 414
3
3
-228 229
___
__
8 i
41- 418 512
100 58 58
5
-1- . 4 514
55 65
51 W1 2 -5 11. - 1- -8514 55 67
59
4
4
593 60% 58% 583 Canadian Southern
4
8
- 34
---- ---- ---- ---- iiiis 1 - 593 61
4
..100 --------891, 923 91 923 84 893 82 85 834 8
4
4
412
4
89 913 Carolina, Clinch & Ohio.
8
885 89 90 90
---- ---- ---- ---- ---97 10112 98 9912 98 984 95 96
100 100 101 10014 101
-- 98 100 100 11)214 991210412 100 10112 Stamped
102 103 -100 325 325 328 360 3054 325 305 315 305 324 308 336
4
/
2
-0
310 315 300 3 - 310 316 305 318 318 3341 323 330 Central RR of NJ
3312
100 212122214 Ill 22712 210 227 213 2294 195 230 213122
3
4
4
4
41863 180 1883 182141923 17912189 4 187 20912 191 2183 Chesapeake & Ohio
1773
- - 100 2131221312 216 216 ---- ---- Preferred
---- ------- ---- ---- --- ---- ---- ---- --.. ---- ---21{7; ii ii
213; 23 2W8 - Rights
1533
157 12
4
1558 8
- 8
100 1118 147 1458 193 1312 1778 14
972 1172 934 1172 10% 1233 1053 1134 105 13 104 1438 Chmago 8c Alton
19
11
4
2058
3
100 1758 218 1918 25 4 16 238 1714 193 14
1418 1714 147 1858 16 18% 1614 1814 1612 2014 16 2112 Preferred
16
100 ----------------16
Preferred certificates_
__ 45_
_
28 16
4
3
34 - .- 28 28
37 37
43
_ Chic & Eastern Illinois_ _ _100 40 418 41
.___
4i4
a- 13 "40i2 43 "i5- -- "i6" a; 41
-14
50 5414 49 5712
54 59
100 60 63
5812 667 61 64
836
58 70 6014 -- 4 Preferred
594 63 58 6312 5812 6312 6014 62
100 --------------------------------248 248 260 260
265 267
100 106 106 --------105 105 104 104 108 108 108 108
- -12 Preferred
- 106f66 103'i105 ___ _ _ le)41.2114
____
---7
4
4
8
5
7 1412 223 1613 20% 123 183 1312 16
100 19 23 8 1918 23
4
2
- Western
1512 1253 141 128 2 - 15 25 Chic, Great
118
-7
11 14; 1212 - 3 13
3
8
7
100 4618 6358 5518 62 i 495 623 504 5712 4314 5258 38 45 4
4
8
4
238 2814 254 3114 2712 3618 3112 347 303 413 38 5058 Preferred
--------743 748 ____
,
74 4 744 ---- ---__
8
4
/
7412 7312 7312 741 7412 757 757 Chi, Indiana & Lousy, pfd_100 75 75
7412
8
8
4
343
3812 3118 - - 27 4 342 297 3358
8
_ ..* 34
3858 3514 397 31
3318 3738 32 3512 Chic, Milw, St Paul & Pao
848 3'518 39 3318 37
6
33 3 -24 342, 3
7 493 53
3
3
100 55 6112 5518 63 4 50 4 623 5112 5678 464 53
Preferred
8
8
4
8
8
8
44 483 4512 547 514 5612 4812 537 483 595 505 57
19912209 20218216
8
211 22112 212 222% 218 253 219182457 Canadian Pacific
1st pa,d
4
4
783 8312 80 863 8412 88% 82 874 86
138 14212 --------137 140 138 140 140
4
81363 130
1101211814 11518 126 12014 128 1243
4
4
107 109 107121083 107 1083 107141083 108
101 10212 101 102 100 102 100121015, 101
94 8418 9358 Chic & Northwestern
Preferred
14012 135 137
13958 123%135% Chic, Rock 151 & Pac
110 105 1104 7% preferred
10418 991210412 6% preferred
100
100
100
100
100
867 907 863 944
4
8
8
135 140 136 145
13012 1397 12712 1394
10614 10814 10512 1073
4
100 1013 10012 1027
3
8014 85 4 82 8838
8212 86
818 92
138 140 134 136 134 137 134 136
8
123 1357 12212 1267 115 128 122 1344
7
7
8
1054 1067 105 8 107 106 107 10514 10618
4
/
100 10118 100 1011 9914 10218 984 997
50 _
. . _ iiii - -14 -___
16
---- ---- ---Chic Sand & Cleve pref
-1
7;
3
77
7 7 ;
8 Cleveland & Pittsburgh__ _50 7814 7912 76 - 18 74 7614 73 8 -- -7 ---- ---- 7412 -- 3
7
,
7514 75 4 745 745 78 - 79 79 --------75 76
3
3
8
_ _ 435 435s
_ _ _ __
_ __ __
_ ___ _
50 45 45 _ _ _ _
Special
45 45
49 49 ------------------------44 46
7
8
- -100 112 120 111, 11812 110 122 1097 1 -- 101 112 10512 115
8 -1212
Colorado & Southern
117
107 112 105 10 114 123 107 111 109%114 109
7014 75
FO
76 763 75 77
7058 79
100 76
7614 79
1st preferred
73 78
77 771275 77
70 75
,
67 78 8 68 72
7012 7012 7212 721 64
4
/
68 711 68 7112
100 6912 71
4
/
70
2nd preferred
8
7912 715 73 78
72 7312 72 73
534 57
61 64
63 67
6212 66
4
/
75 80 7312 791 7318 7812 6812 75 Contin'i RR of Cuba, pref_100 6512 708 66 70
8
7
77;
73 -- -3 73 -.
72 76
4
1
/ 70 70
60 65
7812 8012 7512 80
100 78 81
79 83 Cuba RR, preferred
80 84
4
86 883 8614 89 86 87 80 87
4
100 190 20612 190 20714 182 2008 184 1903 185 198 189 20134
18514 195 1861419812 1751419312 Delaware & Hudson
3
183 195 186 200 4 19314207
1
/
& West__ _50 127 13318 12414 1334 1254 133 123 128 1204125 1204 125
4
41363 130 13514 1304137 12714 13112 127 13514 1254132 Delaware, Lackw
1313
8
100 5514
7,134
Gr & West,
4112 58 5412 5858 52 5834 51 57 56 6034 40 583 Deny & RioMackinac pf_.10040 60 5714 77 62 773s 64 7018 59 68 64 68%
50
5,5
55
41 Detroit &
40 40
40 45 ----------------40 45
61i
6
loo ---------------60 Ili --------60 - 6 96 40 60 60 60 --------Preferred
---- - - ---- -- - 60 60
34 3
318 28
,
8 314 44 3
8 312
100 3 8 3 5 3 2 47
,
7
8
37
4
/
312 132 3 4 34 412 312 4 31 454 3'± 64 Duluth S S & Atlanta
55, 6
712 5
6
512 414 43
100 514 6
4
4
43
5
Preferred
78
4
5
4 53
63
712 6
6
63
6
678 5
8
4
3
65 7312 6858 7712 7518 817
8
100 663 727 664 75 8 64 78
k
8
50% 55% 504 537 544 62 55 603 5512 7258 6014 7212 Erie
4
4
8
3
4
100 61 63 8 5912 643 67 644 5818 6212 573 613 603 68
preferred
1st
4
8
56 587 57 6212 5712 633
4
5158 5912 55 593 58 61
56 60
5812 6312
574 5834 56 58
100 58 6014 57 60
4
/
8
52 577 5212 5712 55 5712 5358 557 5418 591 5612 5934 2nd preferred
614 -___ 11__ 6114 6112 ----- 61% 61% ---6114 634 6114 65 --------Erie & Pittsburgh
---- - - 6212 63 ____ _
0%
8
50
100 106713142 112% 106% 312 102 115% 10214 1-1714 101 1087 10712 11 4
8
-712
9512 11 9518 1003 9814 102 8 99 1027 101)18 1143 10312111% Great Northern, Pre
4
8
84
Preferred certificates— —100 10514 1097 10412 11012 10012 112 102 105 100 10612 103 10
9712111% 103 10912
,
3
93 4 97 9414 973 9512100 4 97 100
4
8
4
1
/
* 275 3758 323 394 277 35
4
8
285 3212 254 3012 20 30
1
/
25 314 Iron Ore properties
8
20 22% 2012 2214 2118 2438 2312 333 2814 33
100
___ 8212 8212 ----- -90 --__ __- Green Bay & Western
-- 80 80 115 115 --------90•
..—
8
563 5012 59
43i2 44;
4014 - - -3
8
56
8 4
0
45 4912 323 - -10 51
56 Gulf. Mobile & Northern
4312 19 43 5012 46 5012 46 5212 4612 59 46 98 100
100 102 103 100 103
97
8
9012 90 2
9712 993 01
,
41034 Preferred
99 101 100 10412 1013
4101
1
/
99
99 101
100 103
3
7 8 73
4
1
/ 83
* 7
8
9
7
4 73 1112 88 10
1014
912 Havana Elec Ry
7 104 74 9
4
1
1
/ / 818 114 912 1112 8
104 13
55 60
58 60
100 56 60
7112 7238
697 73
70 73
8
Preferred
51 64
3
7218 7218 68 724 6812 7818 63 4 7012 64 69
100 410 450 412 439 375 445 412 41714 404 445 430 471
340 360 340 340 360 360 355 3734 360 473 408 453 Hocking Valley
100 52's 58% 50 564 42, 52
4
1
/ 403 4512 3412 4458 38 427
8
4
1
/
8
5512 593 568 6212 534 577 5312 584 504 544 Hudson & Manhattan
a
66 61
79 83
4
1
/ 744 7912 74 7512 74 76
100 82 84
70 734
8
834 834 86 874 81 865 84 844 817 824 Preferred
91
90
4
100 14014 143% 14012 152 134 1443 1354 13812 13212 13712 135 1433
4
Illinois Central
3142%
8
4143% 3941447 1371414212 13812143% 1375
1351214214 1383
3
13312 136 13614 144
136 14012 138 14114 138 14214 136 14112 140 142 138 13812 6% preferred series'A" 100 141 1424 139 1454 135 143 13634 140
8
78 SO
100 7912 795 7914 SO
72 74
8
733 80
4
3
73 4 75
Leased line stock
8
8
85 803 803 795 8114 79 791
4
8014 823 80 84 8012
1000 77% 7912 784 804 7714 794 77 78
1
/
75 774 754 7738
8 RR sec stock ctfs
7812 80
78 8014 793 807
76 77
78 78
75 81
4
1
/ 47 567 39
8
100 4858 57
2212 26
5512 28% 55
24 32
3
3718 50 4 4214 498 Interboro Rap Transit
1
/
4
3
38 48 8 424 514 363 51
37 41
4914 56
59
8
457 53
100 51
43 48
43 48
4312 504
of Cent Amer
4
1
/
8
3
4
44 473 4414 50 8 4314 507 4514 48 4512 524 48 504 Int Rys
* 50 5912 50 563 50 50
8
404 44
4512 4512 42 43
- Certificates
-- _ -—
_ _ .
_
8
8
100 775 8014 75 783 73 7512 72is 748 727 744 6912 75
8
4
O
82
ia
ier ii 79E8 - - - ii; - s io ifilit Preferred
92
"Iiii if ito -3- _--- _--- 3 3 12 ____ ____ 3 4 Iowa Central
100 34 44 3% 4,
4 3% 4
314 38
358 314 212 214
8
38 3
141 141 ____ __ -- ---- ---- ---- -100
----------------136 136 ____ ____ ____ _--- Joliet & Chicago RR
8
945 Kansas City Southern
8
8
4512 515 47 594 58 6512 56 75 673 95 8012
Preferred
72
4
4
4
1
/
6712 70 6612 6918 6812 69 67 703 693 7218 6853
,
8
102
897 1013 Lehigh Valley
95 101
4
8
94 10212 96 1043 100 1063 93
a146 140 144 139581501±141 146 Louisville & Nashville
14914 1427
13912149 140
Ry, guar
8
8414 90 85 913 86 90 86 96 85 90 86 89 Manhattan
8
45 507 46 56 44 554 4312 533 4712 5458 Mod guar
4418 48
4 12 412 44 318 3% Market Street Ry
4
5
458
414 5
412 6
4 Preferred
183
16 1612 15
Prior preferred
3812 41
4
1
4 ;
'Ws ill8 -134 -- 3 4412 4812 414 473 39 43
914 2nd preferred
10 10 --------7
234 4 Minneapolis & St Louls
3
8 212 284 2
8 27
25
3
27;
"Ii2 --- --211 --*No par value.
100
100
50
100
100
100
100
100
100
100
100
8914 9878 868 963 78 95 82 8712 791 87
8
8214 964
4
/
8
685 7012 6612 687 6714 6914 6412 685 6414 65 8 6312 674
8
3
8
92 10214 863 100
96 102
4
4
793 9112
8812 92
4
773 89
14512 152 146 1531 1388
4
4
/
,1493, 140 145 13812 144 141 1443
84 86
8314 87
79 823 6013 86
6214 68
4
6014 68
53 5712 50 56
4
4518 54
3112 5412 3312 418 3314 383
43
3
4 4,
33
4
8 2
4
1
/ 3
3
214 214 ---- ---3
15 --------13 13
14
10 --_ _ 10
'2 3114 3744 3112 3112 3018 38 39
314 20 2858 2112 Id
711 712 63
- 512 511
4 6% -___
. ___
25*
3
2 4 38
212 3
25
214 3
258
214 — - - 2 --- 8 2
JULY 20 1929.]
359
FINANCIAL CHRONICLE
New York Stock Exchange—Continued.
1928.
'
1 August I SeptemberI October
July
November December
Low MOIL= High Low High Low High Low High Low High
1929.
STOCKS
June
may
April
March
February
January
Low High Low High Low High Low High Low High Low High
Par $ per share $ per share S per share $ per share $ per share $ per share
share $ per share $ per share $ per share $ per share $ per share
38 4312
3
8
3912 4714 427 43 4 --------35 38
41 4712 408 4534 Minn St Paul & S S Marie.. 1004012 46
4
8
40 477 46% 507 478 493 4214 46
1
6812 6812 6814 74
4
8
77 813 72 8018 713 72
87
100 71
7812 8412 80 82 --------751 7912 75 793 7014 7612 Preferred
4
5812 61
5712 60
5712 60
4
65 653 5914 62
100 6112 66
Leased line
62 6512 6012 6312 60 62
6312 68 6312 668 6112 66
4714 587
3
4212 537 4412 521 43 4 51
55
46
• 4918 54
Kansas &Texas
4
41 438 3738 4733 438 568 473 58 Missouri
8
357 44
8
343 39
8
4
8
100 10318 1047 1043 10512 10214 1053 102 10712 10214 107 10312 1057
8
102121047 103 10514 103 10512 103 1048 10312108 10212 10512 Preferred
80 9612 8714 9511
85
100 6212 718 7014 793 721g 878 76
4
4
4
58 65% 6018 743 7012 7614 67 748 678 7412 60 733 Missouri Pacific
3
8
3
4
100 120 133 1283 13418 12712 13733 131 13514 131 1383 133 4 138 8
8
4
112331193 113181243 11818 124 117 126 119%12512 11818126% Preferred
58 1%
Rights
76
Birmingham pref.100 ------------------------76
Mobile &
7714 78
78 80
100 83 86 8 83 8412 7812 8312 7814 83
,
138- -55T2 -- 1- -551 --- Morris & Essex
%
g5
8 83
i
8 2
118
15 2
-55- - -1- -55i2 - 3 -55- - .- -5ii4 190 202 191 204 20012 224
s
176 1763 17112177 17312180 176 184 17618188 18212199 Nashville Chao & St Louis_100 186 195 190 19912 189 198
--------41, 524
100 6
518
64 512 612 43
4 5
4 43
512 5
5
6
6
73 --------633 712 714 714 Nat Rys of Mex 1st pref
8
4 218
218 212 13
13
4 2'4
3
8 23
35
100 3
4 314 2
4 312 3
418 2d preferred
4 38 23
414 3
23
4 3
4 312 23
23
4
814058 1381214038 14014 145 136 142 New On Texas & Mexico_ _ _100 135%137 135 14012 133 138 130 1343 135 156 14314 149
13814 14118 138 14212 1405
8
17812 1867 17914 196 19214 21014
100 18633200 18614 20414 17812 200
1591817312 16118177 1723318033 16834 17812 172 19612 179 19358 New York Central
8
12358 132 123 12712 1231212938 12114 12712 124121377 125 137 NY Chicago & St Louis_ _100 133 1407 133 145 12818 142 129 139 130 139 13714 14512
8
8
4
3
8
4
100 10714 10914 1053 1087 1058 109 107 1087 100 10814 1033 107 8
Preferred
8
108 10914 1041210812 1045 10612 1061810812 106 109 107 109
50 335 379 301 359 285 335 29018 330 286 305 27712 337
25114 300 252 290 250 285 260 335 290 350 325 409 New York & Harlem
8
8
106 106 108 108 107 107 10612 110 11012111 NY Lackawanna & West__100 108 108 106 10612 1073 10812 1033 107 --------10158106
110 11018
114
8 95 10712
4
4
8
,
8
4
8
5412 5914 5518 617 5912 6714 623 6614 6514 8014 7112 823 NY New Haven &Hartforcl_100 80 8 9314 857 988 8218 943 8512 1043 1163311912 10518 123
118
4
100 11458118 1163311953 115 117 11514 1193
8
113 114 11312 115 112 11312 112 1133 812141143g 11214 11514 Preferred
3138 2512 2912 24 2818 2312 2614
25
8
8
4
4
2512 2912 28 2914 27 2912 253 283 253 2933 26 313 N Y Ontario & Western— - -100 27 298 2714 32
512 312 412
4
9
5
4 712 98 618 7
4 93
• 63
8 918 1014 618 73
4
734 734 818 912 73 97
4 812 8 N Y Rys pref trust ctfs
13
1414 ----------------13
14
100 _
21 --------2214 2214
__ N Y State Rys
247 2534 21
__ ___
8
2314 2614 1418 2318 177 18
2614 32
35 41
100 30 41
35 35
Preferred
34 34
2812 2912 ____-4018 43
25 26
28
2312 -3318 40
33 39
39 42
48
100 43 46% 44 4812 41
39
3712 4212 3912 4112 40 58
3518
3512 38
4
443 51 Norfolk Southern
4237
4
100 191 20412 192 206 19112 201 19114 1983 19514 213 2093
4
8185 181 1853 177 1843 1803
4
419812 18114 19312 Norfolk & Western
175'l 1788 1773
85 8714 85 87
8312 86
83 8312 8338 85
100 848 86
Preferred
8
8612 871 --------85 8518 847 87
84% 847 88 88
8
4
8518 8518 8533 8533 843 8513
50 85 86
85 8614 86 86
87% 871 8112 811. 84% 85 8533 8558 8512 8512 85 8618 Northern Central
4
993311433 1011810512 9512 105 1013 10818
100 107% 11212 10518 114
8
9414 977 943 9933 971 102
4
98331033 9914 118 1037
811258 Northern Pacific
8
9934 11178 99 1043 96 1033 998 10533
4
8
100 10414 1097 104 112
Certificates
9358 974 9518 9918 06 9912 963 115 101%109
9212 96
8
35 3812
33
30
4
383 43
20 43
100 2112 26
4
4
25 2812 2518 2714 20 27 Pacific Coast
25 283 25 273 2014 30
41
41
41
40 448 36
32 50
41
3712 48
100 36
40 40
40 45
40 46
4512 48
43 44
1st preferred
40 43
30 354 30 31
29
32
30 32
25 40
100 2112 30
4
8
25 2914 2012 2712 203 287 26 303 267 29
8
4
22 2614 2d preferred
7614 843
4
7418 8358 744 82
50 7612 8214 758 8114 72% 80
6318 85 634 6518 8358 65% 6378 733 69 768 Pennsylvania RR
6318 66
4
8 23
3
8 1
3
s
4
27% 283 2512 314
8
3412 33 347 3212 3212 32 32
100 30
4
29 29 2714 3333 2914 323 28 31 ------ -3214 Peoria & Eastern
4
100 148 169 157 1743 151 166 151 166 154 164 160 179
313612 130 13218 128 135 133 154 141 153 Pere Marquette
128 132 1277
96
98 99
4
9814
973 100
4
983 101
4
100 96 993 98% 100
96 9812 96 9912 97 100
9712 9914 ---- .-- 97 98
Prior preferred
92 9418 92 9412 94 95 9312 95
94 96
100 9312 97
95
92 94
94 9712 Preferred
9412 95 94 - 1 95 9712 9312 94
$ per
5633 5658 ----------------50 50
50 50 Philadelphia Rapid Transit_50 50 50 ____ ____ ____ —__ 4912 51
4
4912 493 4912 4912
4912 50
50
50
50 50
50 50 50
50
50 60
50 50
s 50 50
Preferred
50 50
100----------------103 110 ----------------10014 100%
---10424 10414 105 105 ---- ___ 105 105 Pitts CC & St Louis
3
s
8
4
100 138 1483 138 14812 130 145 12812 1367 12533 13514 125 4 1427
8
1577 145 - 138- 15412 14534 15912 15112163 152 158 13512151 Pitts & West Virginia
1351, _ _ ____ ____ ____
---148 155
-- 144121523 Pitts Ft Wayne & Chicago.. 100 ------------------------13822
4
4
,
,
100 --------15184 15312 151 8 152 1463 148 1:15 146 146 146
55W1 166- 155- 156 155 8 15518 155 153 15513156 15112 1a6
Preferred
8
4
8
50 10514 1157 105% 11712 10218 11314 10312 10812 10112 1107 10614 114
971210312 99 1043 10218 1078 10012105 10134 1073 1021211078 Reading Co
4
43 44
4218 4314 42 4212 4112 4212 4112 44
42 427 414 42
8
42 4312 42 42
50 42 43
4112 43
4212 4212 1st preferred
3
45 507 4814 50
2
43% 46
438 45 8
4
4
463 503 4712 49 47 493 4614 4812 2d preferred
50 4612 4912 47 49% 4538 4612 4412 46
1431814318 1411214112 ---------------- 1425
100 138 140 138 137 133 135 13312 13312 ---- --- ---_
814233 Rensselaer & Saratoga
71
6518 65 --4
8
6318 6518 647 683 6318 67 7112 --------63 70
67 67
-- ---- 6212 71
100 66 68
6812 77 Rutland RR pref
110 11412 1113411812 115 118 11312119 1151811978 111%119% St Louis-San Francisco- - - -100 11512 12 8 11618 12212 111 1188 11114 1133 10912 125 113 131
07
3
9312 954 93 4 95
3
927 96
9612 9712 94% 9733 95% 9718 94 9612 Preferred 1st paid
94% 9612 9214 96
957 9914 6618 98
100 94 96
82 998 85 4 9533
3
8
4
8
802 887 85 1113 10433119 1101212234 1161212418 983
312214 St Louis Southwestern_ 100 102 11333 102 1153 9618 11412 9618 104
7 87 897
90 93
4
90 9212 873 94
4
9012 903 89 91
90 92
89 9012 89 92
100 9012 92
8912 9112 90 9234 Preferred
147k
12
18
4
8
1414 18
13 16
163 197 17
8
14% 16
8
4
100 1612 2034 175 207 17 213 1612 1914 15
1812 1614 1818 Seaboard Air Line
1812 2212 1614 21
8
1914 18 207 20 235 2012 2214 19 2178 Preferred
8
2018 2414 2112 2412 19 22
177 2012 17
100 20 24
7
112
4
,
4
4
8 124 1343 12514 1283 1243 132 129 135
812712 1193
412514 1213
118 123 118581264 1225
100 128 13733 12918 1383
8130 12118128 Southern Pacific Co
Rights
2
15214 141 147 138 144 14112 150
- -1 ....-.- - -75 8
4
81513
10 - - 1145-181- -S-7- 1468153 8 12%147 2 i.7; 150 8 142- 14778 Southern Ry
.
100i4512
,
-4
9718 983 95 968 93 95'1
9712 99
9818 99
99 100
9818 10014 971210018 98 1001g Preferred
9633100
99 101
100 9812 99
4
8
8
4
1221813933 123%1413 131 1427 27 140 126 138 115 1333
100 12712 1407 12212 130 109 121 104 1331 117 1383 118 122
4 Mobile & Ohio ctfs
8
100 165 17712 16412 178 15612 178 157 171 155 181 159 165
154 177 168 194 183 19234 172 1945 179 18633 158 17934 Texas & Pacific
18
16
138 18
1812 38
38
30
321 38
8
33 38
100 33 373 3212 39
31 35
32 35
3278 358 32 3533 Third Avenue
40 45
43 48
45 48
54
44
55
5814 48
3214 40
100 44
4018 44
33 38113 35 4012 35 47 Twin City Rapid Transit
44 47
9934 95 98
95 97
98
99 99
100 9712 100 100 100
945810012 95 100
102 105 102 102 10112102
97 9918 Preferred
100 214%22414 21818 231 209 230 213 2193 21614 22814 12318 235
19018196 19214 19912 19434203 19614206 2041422478 20412219 Union Pacific
8
8114 823
3
8178 842s 8112 83 4 82 84
3
4
4
100 823 839 82 4 84
8
834 8614 823 85 83 8412 8218 835 83 8312 83 83
Preferred
7
s
8
100 10018 10014 983 983 98 98 ----------------95 95
--__ __-- 99 102 --------9914 9914 99 99 99 9914 Vicks Shreve & Pacific
----------------95 95
100 ----------------103 103
101 104 ----------------100 10014 9914 9914 9914 9914
Preferred
,
4
9
4
793 61 647 62 663 60 6612 63 8 72
8
8
100 70 813 68
69 793 7018 8114 81 877 75 84
763 84
4
70 8012 Wabash
93
92 9312 92 9314 91
9112 98
4
100 94 1048 9414 98
93 99 93 9612 95 973 92 95 92 944 92 94
Preferred A
8412 8412
86 8614 8314 8314 8014 8112 79 82
93 94
100 8212 91
90 92
911 9118 91 92
Preferred B
933 94 9212 93
4
k
2
4614 4218 54
3212 5214 3714 4612 381s 473 4014 443
100 41
8
3712 433 387 473 4312 483 4018 458 40% 488 381 4538 Western Maryland
8
8
3812 4712 42 443
46
4
4
4
38 433 393 4733 4412 4712 41 473 41 48
100 413 4612 43 5312 388 5218 40
4
4
2d preferred
3712 46
3
4
32 373 3214 36 4
8
3318 417 33 37
3412 41
4
29% 3133 2918 333 3014 333 3012 3414 3033 331130% 38 Western Pacific
100 331s 37
56 6114 57 4 6011
3
8
5212 6018 551
5418 58
100 57 597 5814 6412 57 643 5714 61
0
531 5633
59
55 6112 Preferred
87 67 ---- ---- - 100 9812 9812 ----------------70 70_--- Wheeling & Lake Erie
_ 15
.
79 _ _ _ _ _ _ _ 75 70
70 70
75 75
100 75 89
70 707 ---- ---- ---- ---- io -8
Preferred
7g- -52 - - - --- -_-_ __-_
82
igi4 iiii - ii2
INDUSTRIAL & MISCELL.
8
3912 454
s 4012 547 4514 524 3914 4812 393 4532 3318 43
47 64
8
4818 527 49 55% 37 58
3614 57
38% 51 Abitibi Power & Paper
79 8012 79 863 82 85s:
4
100 83 8833 83 8512 80 85
88 1023 878 90
8858 90
84 90
4 6% preferred
82 863
76 88
8
* 13812 15912 128 1487 134 142 120 135 101 120 101 138%
4
4
923 9912 93 1133 1031211112 1047 11634 1091211722 100 142 Abraham & Straus
8
4
4
100 1093 112 110 112 110 112 1093 112 109% 111 106 108
1101211212 110 8112 1103
,
4113 109 113 109%112 1093
4111% Preferred
295 315 291 3483 335 370 320 410 337 393 361 425 Adams Express
4
100 389 424 390 560 515 595 590 750 486 730 525 665
92 9512 85 96
844 877
8
95 957 93 96
---- -_-- 9612 9612 ---- ------------ 93 941 94 9614 Preferred
100 9314 98
32 6412 -_-Rights
2738 3512 301g - --8
3174
283 33% 2812 30
• 31% 35% 30 34
2 ii
551. - 12 Adams Millis
------- --- ---- ---- ---- ---- ---4314
8
37 463 40 46 8 4318 65
8
,
5412 7412 6514 9712 82 1024 27 1047 31
100 48 56
4612 614 47 lit 3012 53 Advance Runtely
481 6212
847 10933 4018 119
49 5712 52 5833 54 694 57 6414 57 63
4
4
100 5812 643 5812 733 6612 94
4712 6114 Preferred
7
5 967 114% 101 8 11112 9818 11212 9518 1213 1183 133 12514 153
8
8
,
6218 6812 65 78% 76 823 77 868 7918 87
4
8
Air Reduction new
8018 9933
3
*
3712 4018 3714 487 4018 43 8
---- -___ ____
s
_ Air-Way Elec Appliance
1
77 10 4 712 812 412 73
77 914 73
• 512 1114 9
3
4 4
103
ipt
4 9
12 812 11
-----833 1101
4
812 103 Ayaz Rubber
47
233
2
3
3
4
8 34 2
312 412 27
238 414 3
3
44 318 8
27
I 312 433 33
8 4
314 412 Ahumada Lead
314 414 312 4
358 54 4
3
5 4 9% 613 713 433 74 412 7
928 7
2
10
74 103 Alaska Juneau Gold Mines.. 10 77 1014 718 9
4
4
243 28
2412 253 24 31
25 27
1214 20
4
8
2012 235 17 213 1618 2112 12 20
25 273 22% 2612 Albany Pert Wrap Paper.. 23 25
•
4
3612 33 3712
31
2812 37
2738 3738 2918 36
•
8
9933 102 100 1023 10018 10118
100 --------101 10512 100 104
Preferred
10033 10013 1003 1003
4
4
-------------------------------Receipts
14
114
8
3
12
Rights
____ ____ _ _ ____ ____ --- 72 ----------85 Alliance
91 120
92 100
8
--)
-Realty
• 95 105 --------86 90 893 96
,
165 8179% 174 205 1921420234 1963
42403 2243
4
4
4
42523 216142523 Allied Chemical & Dye
4
4
• 241 280 275 305 26014 3053 26618 292 270 3023 277 328
4
120121223 12214 123 121%123 122 123 122 125 121%12312 Preferred
3
100 121 123 122 12314 121 123 12014 125 121 12418 120 4 12214
119 127% 124 13814 13014 14112 129%13712 12912148 14512200 Allis-Chalmers
100 175 194 16712 188 166 186 16614 206 180 212 18014 268
Mfg
4
s
4 9% 117 10
113
4
103 1212 1018 113 10
8
117 10
12 Amalgamated Leather
8
10
3
9 4 513 7
712 512 7
5
• 97 1118 8
7312 75
75 7714 7612 7612 73 79% 7018 7614 7014 78
Preferred
59 63 5514 5
57 59
6
100 7014 73 60 65 60 68
3 2412 28
4
8
30 323 3014 3233 3018 3358 31% 333 3112 437 3534 4134 Amerada Corp
2212 34
4
• 311 425 30 3518 3018 343 221 35
3
1814 26
1812 203 19 2214 1733 20
1812 2012
1933 23 Amer Agricult Chem
100 2012 2358 1814 2114 1413 2033 15% 1818 1018 1612 1083 1312
g
4 Preferred
8
643 7138 68 7612 67 7433 6314 717 68% 798 6412 743
5334 617 4033 5512 41
5314 76
100 673 73 4 6114 70
48%
4
3
s
115 12712 1154 13112 12312133 119 142 130 1413 118 131 Amer Bank Note
10 122%1317 12412 13414 110 12712 114 12212 11112 13112 116 137
8
Preferred
61 6414 61 627 6014 6312 60 6118 60 62 60 61
50 60 61
6014 6012 6012 6212 6012 62 6012 65 4
3
6014 62
1
1512 19 Amer Beet Sugar
4
193 1433 163
4
143 21% 1914 2412 214 2414 184 2414 1714 20
• 17 2012 16 20
1514 1833 1512 1612 15
4
50 5418 50 5018 Preferred
55 6014 5912 61% 58 60
50 5112
55
48
49 59
100 51 60
60 6014 5012 52
48 52
33% 40
3414 443 3618 437 Am-Bosch Magneto
8
• 4138 4718 4012 5134 47 607 5112 6318 4814 7314 4912 62 4
30% 3514 3033 347 3112 40
*
3
8
42 4812 Am Brake Shoe & Foundry.* 45 51
4
5018 597 5112 5612 4912 5514 5012 5612
5012 62
397 413 397 427 41 433 405 4212 4033 47
Preferred
100 124 124 12212 125 122 12612 12212 12812 12212 125 120 124
127 1272 1241812612 12314 12418 12234 124 1251 12514 120 121
8
12 142 13 1633 123 153 1318 163 13
4
17 Am Brown Boveri El
3
4
1515 2034 1812 243 2033 2612 2418 33 4 27 333 2814 3484
8
4
1312 17
50 573 483 5412 47 514 4812 547
4
Preferred
4
3
100 49 4 74
8514 82
70 8114 75 9433 8712 95 83 104
8
503 59 50 59
25 10912 1187 1073 12118 11018 129 11612 14414 12512 15118 134 154
4
8
811233 1043
411333 1051 11712 95 112 American Can
8112 9412 9114 11214 1043
100 141 14173 14038 14112 141 142 141 14112 140 141 139 14012
140 142% 140 1411 13814140% 140 142 141 142 1401214112 Preferred
3
97 4 10112 92 10012 9412 10112
4
' • 9712 10812 93 10012 943 105
90 97
8
9114 9612 9012 993 Amer Car & Foundry
8814 9712 89 95% 93%100
4
100 1163 120 11612 118 117 118 116 11712 117 120 114 11812
Preferred
11214 128 110%11612 117 12112 11312119 118 120 11812122
7014 7712 75 80
3
75 82 4 74 8512 7314 80
77
98 105 81 9812 833 92
100 7233
4
71 8312 Amer Chain. pref
101 103 10112104
1
5012 5812 46% 55 4 49 56 4 52 5958 54 60 4
3
• 4712 58
3
--- --- 45 4912 44 503 Amer Chicle New
ii034112" 116" fa" 108- 110 109 111 108 111 4 Prior preferred
dia.' III"
5N0 par value.
360
[VOL. 129.
FINANCIAL CHRONICLE
New York Stock Exchange—Continued.
1928.
STOCKS
1929.
./UIV
August September
October
November December
Low High Low High Law High Low High Low High Low High
January February
Mach
April
May
June
Low High Low High Low High Low High Low High Low High
—
$ per share $ per share 5 per share $ per share 5 per share $ per share
3
Par . per share 5 per share $ per share S per share S per share $ per share
1112 127 1114 1314 1112 1212 1114 1312 1112 12% 1012 1314 Amer Druggist Syndicate_16 9
8
11
912 -----------------------918 1012 9
59 677 61 7114 6918 80 4 68 76
3
* 83 88
2
72 86
3
8612 98 ____
77 857 Am. Encaustic Tiling
___- -- ---- - - ----New
•
4318 473 35 118 35 - 4 233 - -12 2712 - 5
4
4433
4 41
13 8
185 197 iiiidiiia tiii 2 - ii 2- 1 3 36 6 316 American Express
.100 288 298 280 324 3
8 -12 -83 -3ti
1
09 311 339-3
_
-----------------------------Certificates309 332 310 325
3212 3614 ----3814 49 42 8 503 457 78
3 754 10112 89 1387 79 11812 8212 11712 954 117 102 12212
5912 85 Am & Foreign Power
7
2
2
8
Preferred
10612108% 1063
* 10512 108 10612 10812 1063 10812 10412 108 106 10812 105 107
410812 106 108 1053
410712 107121083 10514 108
4
8
911 943 9112 943 9412 100
4
• 967 101
8
2
8
9514 97
9412 97
9812 103
953 9634 2nd preferred
9214 1013 88 93 8 89 93 8912 97
7
4
Preferred (6%)
_ 997
• 09% 995 95 100
9312 9512 100 100
2100
95 102
9312100
95 95
3
98 9912 95 4 96
95 98
Rights
1
3
8 112
Amer Hawaiian S S Cce
10 _
ials 31 2418 3212 2512 42
2 31
ia - -1-14 '351 4
-io- -1-1-1- --ii -1- -34 ---- ---8 ---- ---- ---- --- --if2 i- -4 Amer Hide & Leather
100 9
10
111- 84 10
814 83
638
4 6 - 10
812 1014
4 818 853 614 712 634 87
8 712 84
Preferred
100 3214 38
425 4414 4114 4312 423 47
8
3412 4253 31 4014 3212 40
4
3014 3614 3114 358 303 354 32 4032 3412 42
4
7234 793 75 79% 74 793 75 86
7112 77
* 75 8558 76 8314 75% 82% 75 83 66 80
Amer Home Products
4
7512 81%
4
64
7212
3714 4153 41 463 42 45
* 3818 4318 391 43 4 38 4212 383 417 3912 46
3914 438 41 44
2
40 44 American Ice
3
4114 4538
4
Preferred
100 9212 94
97 9812 9714 98
9012 94% 04 96
9412 95 4 92 951 9112 95
3
973 98
4
9012 9412 804 94
91
94 2
,
• 1405 1507 13614 148 ____
International Corp
4
905310312 923 11112 1031211418 10212 12712 1181213914 111 150 Amer
• 703 7614 62 7412 57 4 - 3 605 682 5212 - 114 55% - 1,2
4
7
72
2
4
3 73 4
912 Amer-La France Foamite___ _10 714 87
gla --1 534 - -72
8
/
4
12 5 4
9
81T4 - -5i iE8 - -3e ii4 1:1
9
812 834 6
714 512 718 4
74 6
3
3
100 67 72 66 75 64 69
68 71
Preferred
__
70 71
71 8512 7312 7312 ____
60 63
60 65
60% 66
• 108 115 102% 11112 10618 123 1131 12112 10812 119 11312 1267
91 914 8812 99 943 9912 90 100
34
4 -9314 104% 963 111 American Locomotive
8
119 4 1225 114 119 4 115 119 1031411812 109 112 111 113
3
100 113 118 114 11712 115 117 115 11814 116'
8
Preferred
3
11914 113 118
a: --364
13812154 14314 150 14414 167 145 17484 167 179 16214 18334 Amer Machine & Foundry - -• 176 1883 170 18414 166 183 150 16714 148 15912 14714 1718
4
11312 11612 11212 115 110 113 110 112 108 109 109 110
Prefe:red ex-warrants
113141153 114 116 113 114 11012115 113 1143 110 111
4
4
• 6014 74
47 503 4612 4912 475 5353 4814 5218 4934 633 513 6212 American Metal
4
69 813 5512 7358 5712 643 50 613 5 53 65
8
4
4
4
4
4 4
100 117 12614 118 135 11812 125 11534 122 1133 11912 115 120
111 11412 109 110 10934 113 1111211212 112 116 115 11712 Preferred (6)
2
Rights
212 4
_____ _
134 37
8
-- -- 97 993 963 99 Am Natural Gas pref__ ____100 94% 9814 85 95 80 92 67 1
4
4
- io- 6
i
71
71 r o 1778 1314 16
• 13
22 . 24 - - 52 16i2 1812 la';i; -- 7 13 18
1
1612 American Piano
4.,
-'
1
.
1.d g
13
93 14
612 10
514 8
4
5
52
5218 6012 53 57
Preferred
100 38 5412 43 531 41
5018 68
45 4812 38 45
4818 54
36
54
1812 3012
4114 3014 38
14 773 93
/
4
Amer Power & Light
* 811 120 10012 118% 89 1142 9312 109 4 102% 117 113% 1437
7718 827 7818 8814 8214 90
753 848
4
4
7914 87
2
g
3
4 6912 10153 101 105 987
102 10412 10218 10312 1023
410512 1013
410318 101531021z 10018 10234 Preferred
99 101
103
8
9912 1004 982 1002
* 73 - 76
76 80
-------------------------701 7712 7018 7212 Preferred A
74 77 744 75
70 747 72 7484
/
1
4
* 803 8212 813 843 79 82
4
4
- 8212 8614 8112 8412 Preferred A stamped
7 7912 8114 793 813 793 823
----- ---4
---- - -- ---4
4
25 18712 210 187 205 165 18212 17112 18912 185 205 ---- ---135 15112 144%16012 152 161 2 150 17 12 169410114 172 19212 American Radiator
-6
1Certificates
25 ----------------180 190 17514 182 __-_ ___- ---- .--_____
100 140 15 170 195 17014 184 181 185
146 150 1453 145 4 145 1454 141 141 141 14212 14212 14212 Preferred
4
3
____444734 453 5253 4234 4714
- Rights
____ ____ ____
____
100 1207 143 134 111214 141 173 4 150 1843 150 188 15114 16212
- 4
H614 1- 120 1263 1191212112 11912127 120414112 13114 14312 Amer Rys Express
23
3
4
* 5218 6434 44 56
65 7714 6618 7638 69 757 55% 72 Amer Republics
5712 683 62 71
8
461 61
527 613 4318 573 45 523
4
American Rolling Mill
25 --------------------- ---- 1125312034 10612 12138 1077 120 8
_
8 ,
100 68 743 67 73
4
667i
-6i- 141- -iii2 -- ----------6912 - - -- -6i2 - - - Amer Safety Razor
4 -8
724
1--- 74
--- -i 63% 70 6214 707 61 6514
• 33 387 323 3538 34 413* 3414 41
8 34 3814 Amer Seating
4
3012 33 273 305 2753 38
4
29% 351 293 33
4
4
8
3412 3818 33 35
• 353 518 418 7
414 438 312 538 37 6
312 478 Amer Ship & Commerce
4
45
8 3% 5
414 814 4
43
4 31, 44 312 412
100 40 94
86 9312 87 90 85 90 82 - 88
80 ' 90.2 80 90
93 954 8412 91
82 92 90 93 Amer Shipbuilding
8112 8512
_
.
_
825214 240 25612 238 275 4 264 285 25418293 Amer Smelting 8c Refining_100 2877 29512
1874 2053 1963
4
3
* 9312 117 11012 123 102 1ii
/
1
4
-- 90 984 New
- /
1
4
---1164 64 112 6i 1-1-112
-- ---- --- ----- --- ----3; 2
Preferred
100 137 138 13512 13612 1354 13612 13.512 13612 130 16312 133
133 11314 134 11514 135 137 135 11f4 13614 131 136 13814
- 313313
100 200 20512 200 206 19312 202 194 199 188 19914 17912 183
157 165 1593
4165 167 173 16314 17014 168 193 190 210 American Snuff
Pre'erred
100 110 112 108 109 110 112 10412 112 109 109 107 109
112 112 110 1103 1051210912 100 10514 101 110 10712110
4
6514 798 62 7478 6313 71
• 6484 78
5138 5514 51 564 5612 6212 547 5814 55 4 683 5712 6712 Amer Steel Foundries
3
2
2
56 693* 59% 6952
,
411212 110 4 112 11012 11212 Preferred
4
4
100 11012 112 4 11114 1123 11012 114 11012 112 111 112 110 1127
3
8
110 2 1123 11014 1117 110 113 1103
3
2
Rights
2
338 218 3
-_-__ ____ ___ _ American Stores
.
*
---. 7412 85 66 - 8
0 65 7014
12 714 86
Amer Sugar Refining
100 8318 943 82 91
4
-77
-68i4 7334 -7i- 11- -iois - - -- -iiis -1313 79t8 oa
-ail
7112 8253 7614 86% 76 82 8
,
Preferred
100 10612 1107 10912 111 10734 11012 10512 108 106 109 10453 107%
106 2108 2 10714 108 106 1081s 10512 1073 105%109 105 109
4
52 58 4 4618 54
3
• 54 60
4
4
57 2 64 4 6312 70 65 7353 593 65 533 8212 53 597 Amer Sumatra Tub
45 4 49
3
36 483 3514 42
4
Rights
%
5
14
4
8 -------8
__,.19
183 327 21
4
23 27
25
25 3 26
1714 18% Amer Telegraph & Cable___100 17
21 2512 203 22
4
227 29
8
0% 21
1934 2153 2
2212 2512
172 17812 1735 18212 179 183 1763 188 1813
4200 18514 195 Amer Telephone & Telegr.. A00 19314 222 205342207 208 224 2141223812 205%232% 20612 2344
4
2
__
_ _
___ _
Rights
111 123 11% 118 ____
%
3
612 314 8
---4
--- 8
3
153 16414 15814 165 4 164 1733 160 1733 16812 1833 176 4 11- American Tobacco
4
50 175 18612 17212 18312 160 177 16212 1673 161 17814 168 17412
1 - 44
- _-4
4
50 17414 188 173 184 16014 17614 16314 169 16012 169% 169 1747
4
15312165 15814 1663 163 17414 161 1733 170 184% 17014 1843
4 Class ''B"
411712 117412012 118 12012 Preferred
4
117 120 117 118 1153 117 1153
100 12018 12114 11914 12014 11812 120% 1193 120 11714 120 113 117
4
8
4
100 13612 155 14014 155 140 1543 140 152 140 1531 1433 14814
112 116 1097 115 115 120 117 13712 13212142 4 131 141 Amer Type Founders
,
4
107%1123 10818 110 109 1108 107341113 107 11212 10914 1123
4
4
100 10712 11012 108 11112 108 11112 10712 112 10714 11012 10712 110
4 Preferred
ioor,
1
1
1
WI;
1
1
58 64 573 64
5512 61
4
54 60
99 100 98 100
100 102 100 101
2
14
193 153 174 1618 207 171 25
8
*
40 4712 40 5753
40% 477 39 45
4
1012 1312 113 1314 1134 1734 141 1812
3512 52
36 4014 37 41
47 533
4
2314 272 251 3212 293* 4914 421 57
4
8818 98
8418 93
9312 1177
81% 88
8
74 86
647 6912 6412 77
8'
797 897
8
8
---- ---- ---- ---- ---- ---- ---- ---
---- ---- ---- ---- ---- ---- ---- ---37 38
7512 1312 77% Ili 77% 8214 7914 9812
11312115 11312114 1131211412 112 115
928 94
937 95
9314 96
8112 94
1818 221 19 2312 164 197
17% 20
8
1114 912 1114 73 10
4
9 4 1114 10
3
844 88 86% 8812 8614 90 8312 8712
79 897 83 1181 11014 14
8
907 76 94
8
* 6714 9212 81
63 737 Am Water Works & El
612
99 10212 987 101
* 97 104
991 102 100 102 100 10214
99 1003
4 1st preferred
4
3
8
8
100 2314 278 203* 2617 1918 227 18 213 183 215 1618 20
8
2234 293 Amer Woolen
100 50 585 47 57
*
8
4514 5012 43% 493 4312 527 3912 4512
4 Preferred
553* 613
9
1014 1418 1012 12
1232 157 Amer Writing Paper, ctfs_100 1214 1514 1112 14
117
8 914 135
8
4158 43 4 402 46
3
3914 403 3914 4312
4
392 41
4
4
100 413 44
42 5014 Preferred etfs
2618 457 Am Zinc, Lead St Smelting.
8
.25 3712 447 353 447 303* 4914 3112 417 2414 3712 2514 3234
9818 11114 96 103
8 Preferred
95 102
25 10314 108 101 108
94 1063
9412 93
50 11514 12878 12412 14818 142 1747 13553 1552 100 146% ---95 12014 Anaconda Copper
4
-. 12012 140 11412 1303 99 .12112 1023 1194
New
50.
8
4 Rights_
_
_ _ __ _______ ____ _--- ---- ---- 2612 3512 24
3114 1712 27 8 1852 2314
,
Anaconda -- ____able
Wire _ d
V
•
68 8614 623 7134
4
6214 -MI 4 44
• 5312 5812 52 623* 5118 62
3567 43 4812
8
'112 119 112 121 11114 124 112 11912 109 11712 1023 109
4
Rights
-13 112
r_-_- --- - - --„ -,533 4953 6614 51
4
36% 56
403 483
2
38% 5314 Andes Copper Mining Co__ __* 48
2 583
6834 -2.„- 2 443 - . 463 4 56%
4
• 9812 11078 9178 1044 43614 9814 367 41 '29 398 29 333*
93121127 9512 110 Archer Daniels Midland
8
8
100 114 115 114 11412 114 11412 11412 115 11414 115 114 114
Preferred
1135311412 11312115
8512 93 8712 9012 861g 00 8514 8812
4
9134 9353 9014 9312 Armour (Del) preferred—A00 913 95 9212 95
177 12% 161* 1212 1414 1058 143 1052 117
4
1834 Armour of Illinois cl "A"____25 1612 1818 15
4
16
187 15
8
912 612 8% 612 77
25 814 1014 8
78
4 93
553 712 553 612
4
4 73 1014 Class "B"
77 78% 72 783 7111 7534
75% 83
100 82 86 82 85
84 86% 797 853
8
8
8 Preferred
573 7612
4
99 4 10112
3
2112 323
*
511 653
4
133 15
4
43 473
4
4112 4914
99 1063
4
88 11612
4
2
• 35 407 293 3612 25 3112 25 27
8514 397 3612 4034 38 44
3712 4212 401* 453 39 457 Arnold Constable Corp
1914 2534 207 2314
2
9
* 2712 293 2853 30
4
29 39
26 27
3112 353 2814 3212 Artloom Corp
3212 34% 3212 3514 31 34
2412 2714 25 277 24
4
3614
9814 9912 9814 98% 97 100
100 9712 100
107 109 110 110 --------1061210612 10434105
Preferred
94 100 ____
99 107
10 2914 3012 2918 307 273 307 28 29
2812 29
285 32
4
277 313 278 31
285 31
8
8
2812
8
29% 30% Art Metal Construction
8
2
27 28% 264 - ------------------------- 5314 5512 4938 537 50 583
__
_ Assoc Apparel Industries ____•
8
4
• 63% 70 4 5714 663 50 6514 5018 563 43 567 43 528
4
3
4012 46 45% 4912 464 5314 4612 53
491g 65 611 7512 Associated Dry Goods
3
4
4
100 102 107 10112 104 10014 104 100 101
1st preferred
1031210414 9912 10312 101 10312 101 10514 100 10412 10018 10334
9412 0712 90 9114
100 107 110 105 108 105 10612 10312 10312 94 101
2nd preferred
112 11214 109 112 1074 110 10614 10812 107 110 10512107
9412 96
43 4612 43 45
3
25 43 4 47
44 457 4412 5114 48 533 47 50
43 48 Associated Oil
464 50
434 4714 4012 451 1 41
*
4554
4
48 5234 485 5338 47 5712 4514 51% 4712 50% 39% 48 Atlantic Gulf & WI SS Lines.. 36% 43% 3218 423 39 4712 46 6212 58 6612 6012 674
8
3 45 4 5553 50, 567 53 4 593* 51
8
55
3
100 48
8
523 5714 5112 5534 54 587 535 6514 58% 648 54 5934 Preferred
4
8
4
8
57
55 81,
2
5412 6212 542 657 55 2 665 623 7112 6314 7314
25 5312 68
503 6612 Atlantic Refining new
4
5434 6314 50 60
3
*
100 115 11752 11512 117 1.1512 11714 114
4
115 117 116- 116 1141211512 115 1173 115%1173 116 11712 Preferred
4
__51 16Rights 8'2
* 105 115
9912 112
6
-12 if) - 12 iiiii 11 64
92 101 4 90 993 915 6 114— Atlas Powder
i
- 3
74 71 iii 11
4
9112 6 1- 67;
6
Preferred
100 105 10612 103 106 100 10412 100 104 10012 10214 100 10114
102 10814 10214 108 104 10612 1021210612 103 106 104 106
• 1112 1512 1018 1218 103 127 1218 157 1212 151 12
1212 1152 128 10% 1253 Atlas Tack Corp
13 1414 1214 153* 1218 1553 11
8
8
15
Auburn Automobile
•
- — ---- - -- 221 2558 24012 345
* 67 10
67 818 6
2 518 77
8 614 812 6
452 612 412 63
7
77 :512 718 Austin, Nichols & Co
2
83 4 714 812 812 812 7
37 4212 34 36
25 294 28 353 32 348 30 345 31
32 34
Preferred
100
8
25 2712
3212 4012 36 4014 36 4018
6217 65 60 64
60 65% 60 645 58 61
60 6212 5912 63 Austrian Credit Anstalt
5912 63 59 73
80 63
54
58 -----
-fie
36
• 2212 2912 2218 2334 2312 297s 2718 3
2718 Auto Sales
53 2724 3418 28 337
*
2
7
50 38 43 8 37 3914 3614 3912 397 43
3
40 4 Preferred
8
394 4113
3714 41
Rights
%
,..,,14 -.
.-_--.,... ._...
.
r
,• 434 50
443* .41 4414 4812 44 - 12 4412 . 12 42, ;4
4
4
4
-44- 45% 4414 463 4412 4612 43 473 444 457 433 4612 AutoStrop Sat Razor A
46
4
4
100 240 248 230 240 225 27112 242 268 210 255 217%256
_ 245 280 275 27712 250 250 24934 250 235 250 Baldwin Locomotive
8
1161211712
100 115 4 120 11614 1182 116 11912 11712 125 118 1215 114%121
4
118- 120 116%117 10753110 115 118 11634 120 115 11817 Preferred
4
8
108%109% 10714 110% 1072 1093 Bamberger (L) & Co pref__ _100 1084 110 10814 11012 10814 109114 10814 110 10614 10914 104 108
4
109 11012.___ ____
Bank of NY & Trust Co _ _100 775 775 840 840 _
._
— 890 890
• 281 33 4 30 33 29 12 6- 16 -27- 18
3
2912 3514 Barker Bros
2814 - - 29% 3112 28% 35
3114
12
64 - -- 2618 30
26 28
4
100 893 97
917 97
8
9518 9618 955 9712 92 94
97 97 9134 97
Preferred
961 98
101
89 89
92 92 02 92
98
• .2438 2914 20 2518 17 23
2418 467 2338 2614 Barnet Leather
24 3014 2514 32
8
25 2712 2312 25
1612 18
1114 1518 7
1112
20% 245s 2312 2714 271 364 338 45
7
38 4614 Barnsdall Corp, class A
/ 417 53
1
4
8
6
2 40 4 7 3 1s 4
5
8
3812 4634 423* 465 41% 4918 4012 43
6
39 49
46 5118 4012 4214
25 40 46
Class B
3812 48
43 45
201 2112 234 26% 3053 351 335 44
• 106 113 4 10412 110
3
3
99 105 100 1117 105 1177 Bayuk Cigars Inc
s
95 106
4
90 96
103 1143 104 109 105 116
87 1003
89- 1110
4
4
100 105 1063 104 106 105 106 10112 105 100 103
093 102 4
8
loto4 108 1051210712 10512 112 10414 108 10412106 1031210812 1st preferred
,
• 2134 2812 20 2414 207 245 22 237 223 26
195 1738 2312 2018 2212 21
2412 Beacon Oil
s
*
2
24% 2912
8
1412 168 153 175 16
8514 9512 813 95 85 05 2 73 86
743 803 7612 885 80 10114 Beech-Nut Packing
4
4
20 90 101
8
2
4
773 86
3
70 8 764 73 807 7514 80
3
3 1118 133* 115 144 134
• 12% 14
4
14 Belding Bros
4
2
2
1312 187 133 15% 13% 1514 1312 143 12
3
17
175 1212 15 4 1112 1353
13
84 8514 84 853 Belgian Nat Rys partic pref... 81 84% 8114 8314 8153 8238 81 82
3
8
8152 8234 82 84
86 8712 844 8814 825 8914 82 4 85
3
-------.........................78 83 8 8114 0314
7
Ps 10
---- -_-_ 25
12
34
914 1212 10 13% 1218 343 211
4
2614 338 30% 367 325 41
8
8
36
*No Par value. x
JULY 20 1929.:
FINANCIAL CHRONICLE
361
New York Stock Exchange—Continued.
1928.
1929.
STOCKS
July
1 August September ! October
November I December
Dots HigleLow High Low HtghILow High Low High Low High
January
February
March
April
May
June
Low High Low High Low High Low High Low High Low High
Par $ per share g per share $ per share $ per share I per share $ per share
$ per share $ per share $ per share $ per share $ per share,$ per share
• 854 9312 8318 89' 75 4 9113 7714 913 783 933 8014 9272
9318 9912 85 963 Best & Co
2
8
4
47 7213 6914 7814 773 873 813 102
3
4
8
2
4
6
100 824 883 8518 10312 95 1117 98% 118% 93 11413 954 11212
4
.53 58% 553 64% 6114 677 63% 7212 63% 854 72 . 883 Bethlehem Steel Corp
4
s
100 1213 123 12112 12213 1162 121 11712 12018 116% 120 117 11913
11614 11713 117 120 1161212014 117%12014 11914 124 121 124
4
7% preferred
7
Rights -----------------------------------------------------213 318 225 7%
_
-4 547 434 5112 47 53% 504 61% 48 59 44 52
4
•
- -414 li- -ii- li Bloomingdae ros
,
ifsi -81i4 -----------100 110 111 110 11012 110 110 10812 1083 10813 109 104 108
Preferred
/
4110 10913 110 10912111 10912 110 10912 110
109121113 1091
4
4
97 103 98 103 102 106 10214 105 102 10512
100 102 118
4
9734 110 1063 117 11213 120 1174 122 Blumenthal & Co pee?
91 104
90 93
--------------------- ---- 114 13213 11014 1362 11112 125
Bohn A!uminum & Brass
4
* 83 8912 8112 8514 7813 8412 SO
72 76
/
1
4
8812 8214 8512
727 80
7218 77
68% 7314 69 74
81
85
77 8512 Bon Anti. class A
2
3
8
912 6
4 7
64 833 63
• 914 113
625 812 712 912 8 10 2 8% 11111 9% 1213 8% 107 Booth Fisheries
2 83
4 6
7%
100 534 63 4 52 534 48
4
45 517 4812 61
/
1
4
45 54
56
3
53 6212 543 67 6014 724 5518 6214 1st preferred
8
454 523 474 511
4
50 174122013 184 203 4 175 19113 177 1943 18714 19212, __
3
4
154 16314 157 17312 161 171 160 17412 163 172 159 18414 Borden Co
___
4
25 -------- ---------------- 9313 95 4 834 98
New
84 3
9512
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- -___ ____
10
s
____ ____ ____ ____ 12114 1327 107 4 143% 107 1227
Borg-Warner Corp
3
50 113 14
104 9
127 10
13
1512 12
1041 854 1014
8$4 1318 12 1512 1014 1712 15 2014 1318 16 Botany Cons Mills A
124 13
/
1
47
100 418 67
37
5% '3 4 515 32
438 British Empire Steel
4
/ 3% 38 312 35
1
4
3
43
4 313 7% 412 612 413 514 438 47
35
4
100 _
3618 36141 ---1st preferred
3814 3814 40 41 ----------------32 32
3214 332
-- ----- ---7% 64 714 512 814 53
63
4 8
100 54 1312 9
4 75
6
912 7
4 2nd preferred
3
7
9% 613 -11
714 614 -- 54 5 8 --6
7 612
7 5912 69, 51 6618 52
• 67 73
603 6514 648 7412 6712 751 617 72% Brockway Motor Truck
4
47 533 5318 65
5838 4212 54
/
4
4
45 53%
8
8
100 1363 145 121 128 126 130 106 106 110 110 110 110
4
111 1117s 11312 12812 123 132 130 149 138 150 125 13814 Preferred
100 300 334 340 340 305 3051/4 ----------------335 345
240 250 23612257 257 270 265 27214 285 325 310 325 Brooklyn Edison Inc
4
4
139 146 13914 152 14812 17434 158 17012 158 2033 170 1973
4
46 4934 4612 4812 4613 523 474 537 46 48
44 467
8
120 120 119 119 117 11714 118 119 115 11613 1161211812
4232 60%
341 385 334 4412 4112 5814 4514 638 4914 57
/
4
5 51
59
4614 6254 51
5713 45 5578
4312 48
4014 48
/
1
4
36% 453 4018 441 40 477 35 44
29 4513 31
/
4
4738
g
7
4
34 40 8 34 387 33 393 327 368 33% 413 3418 3812
/
1
4
7 468 4418 477 4113 453 42 507 44 4915
44 48% 43
8
1134 1134 1133 11512 11113 113% 112 1154 112 1144
Brooklyn Union Gas
* 175 20012 172 19514 17012 190 170 18312 170 18714 171 2123
4
4112 4414 3812 4212 3818 4412 3918 4212 335 464
• 4334 47
Brown Shoe Inc
8
100 118 119 117 11912 117 117 11714 11713 11712 118 11713 11713
Preferred
Briggs Manufacturing
* 5212 631g 4812 5714 3314 - 5232 401 483 30 50
/
4
4
31
36 2
,
Brunswick-Balke-Collender_* 4914 5514 4612 53 4 42 5438 447 487 3812 49
38% 417
3
8
Brunswick Term & Ry sec-100 37 4418 3412 4314 28
2538 3119 18
38
18
2814
31
10 364 423 3733 413 3233 3914 3233 367 2518 3418 274 3113
4
4
Bucyrus-Erie Co
;
5
5 45 8 49% 45 4 50
41% 471_ 4214 45 4 38% 44
3
Convertible preferred
3
40 8 427
,
100 112 115 114% 11612 11214 116 11388 117 114 115 11234 11512
Preferred (7%)
Builard Co
---------------------------------461, 5312 46 497
* 120 127
112 115 119 12018 1iiij4 122 117%127 123 126 119 12418 Burns Bros
11 '
11 3
8
99 10818 98 101
110
100 10314 10514 1033 105 103% 105 100 104
4
s
105 1067 1054106% 1033 106% 10314 107 10413 106 1023 106
4
Preferred
4
99 1033 9514 100
4
8
4
2
30% 393 323 397 333 39
8
25 347 3033 37
/
1
4
303 3412 3112 354 30 3112 2433 30
4
Class B
• 30% 39
3013 36
2225 2412
15514 175 x140 17413 15314 17612 17018 17612 172 200 190 249 Burroughs Adding Mach
* 234 25014 238 24713 247 29514 272 29713 2847 32954 3(0 327
8
4
/
1
4
7012 8918 65 77
* 7414 84
6912 88 Bush Terminal Co
50 5412 52 593 5614 73 65 80
50 55
3
60 4 6812 564 665s 55 6012
100 10514 1084 107 110 108 11012 10412 110 10312 1087 10214 10612
4
107 1108 10441083 105%10914 10612 1098 10812 109 10612 111
Debenture Stock
8
4
4
114 1183 111 117 113 117 113 115 11412 11612 1143 117 Bush Terminal Bldgs pref_100 114 1163 115 11812 110 116 112 115 11312 116 113 116 4
4
1
5 84 912 77
912 8 . 912 718 11% 8 1214 77 1112 Butte Copper & Zinc
6
73
4 7
412 738 425 5 8
912 7
3
9
13 614 8
7
4218 48% 42 467 3712 49 autterick
4512 42 50
100 33 41
8
40 4812 41
31
3618 29 323 29 34% 29 34
4
28 34 8
,
1378 10
212 912 11 Butte & Superior Mining____10 1018 12% 9
913 614 81
10
/ 133
1
4
8 814 1112 10 1232 10
64 8
103 '812 101s 8
3
4
• 155141927 13514 16312 134 16738 146 1691 1223 1667 12714 14433
9012 i01's 93 109 10512138% 124 16814 14878 185 152 20654 Byers & Co
4
8
105 110 12114 112 116 112 115 105 115 11014 113 1104 1114
/
4118
4
Preferred
11014 11014 112 11412 111 11212 11212 11312 1113 1137 1121
By-Products Coke Corp
• 108 12938 106 124 10414 12214 108 123 119 138 120 132
7€
Calif Packing Corp
' • 7418 7812 7414 813 7218 797 7318 79
,
2
7313 S012 7313 767
Calif Petroleum certIficates_25 27 297 27 28
27 30
27 27
25 2713
2654 27
Callahan !Inc
-Lead
10 3
4
3
178 2 8 17
14
338 212 3
33
4 3
2 2
3
Calumet &Arizona Minin9-10 1211 131 126 139, 12125 142 8 121%138% 13214 13634
/
4
,
,
__20 _
New
. ____ ____ ____ ____ ____ ____ 12418 125 ----- 3
126 133 8
4
;
4 4
Ws /33 -iiis W3 -iii ig3- -214 - 1 42 473 3512 47 Calumet & Hecla
46 2
2' 44 60
8
52 60 4 4218 6178 4413 54
3
2
3638 473 3913 44 4
3
703 7814 72 794 764 848 7514 82
s
764 83 8 71. 811. Canada Dry Ginger Ale
7
8
• 78 807 78 861: 79 89 4 8014 8813 797 873 90 0 4
3
8
03
4612 48
46 50 464 48
• 4412 4812 44 46
44 4812 43 473 Cannon Mills
8
38 4478 38 408 38
4414 36 39
551 35612 315 3497 346 374 35434 40812 395 515 410 490 Case (J I, Threshing Mach_10C 468 509 445 47934 412 4891 390. 450 293 440 299 335
100 ---------------- -------- ---------------- 308 33413
Certitcates
_
iii- Ili - ---- --- - ---- ---- iii- iiiia izi- fig - 12014127 _ Preferred stamped
____ ____ ____ ____
10t 124 125 125 1284 125 127 122 130 120 125 120 120
/
1
4
* 3413 35 2313 4218 33 4118 32 33 4 2254 3134 23 254
/
1
4
3
100 104 104 104 105 102 10512 9818 102
94 . 98
93 93 8
,
Preferred
• 691.4 78
6712 79 4 65 7138 6212 7434 52 75% 56 61
3
100 89 9014 90 9311 90 93
8514 883
8
8818 90
87 90
Preferred
-------------------------------- ____ ____
Rights
_... ____ ____ ____ ____ ____ ____ 38% 3912 Central Aguirre Associates__ • 3725 483 40 4712 3112 43 :59i2 3912 36 4 1 .4612 iO
4
.
3813
32 348 32% 423 385 4412 37 -------4538 37 483 Central Alloy Steel
4
• 4618 5214 44 5212 4013 5112 43 49 4 4025 4933 4125 473
/
1
4
8
8
3
11018 111 110 111 110 11012 110 11012 11012 110 4 10914 11113 Preferred
100 111 11212 11212 11217 10714 112 105 4 11112 10912 11112 109 11112
3
3
1214 11
1113 1218 11
• 19 2012 17
1813 2313 1814 2212 Century Ribbon Mills
/
1
4
14
/ 13 '24
1
4
13
1712 13
19
14
15
16
12
18
8012 82 ,
77 8012 77 87 80 854 8014 87
/
1
4
100 76 82
7413 80
Preferred
78 81
74 78
70 74
73 75 ---- ---.
• 10178 113 1047 117 10014 120
8
73 7914 7414 827 7912 1043 95 1064 997 119
8
/
1
4
98 1173 Cerro de Pasco Copper
8
s
9614 109
8
8825 1047 90 1023
4038 461 41 46
* 2418 285 203 25
39 364 3014 44
/
1
/
4
,
2914 323 2318 307 Certain-teed Products
8
4
/ 20
1
4
8
2312 1612 25% 2212 2634 2338 27
4
/
4
943 9612 941 9412 9234 923 90 94
4
7% Preferred
100 7778 8111 60 65 50 59
7814 81
75 81
47 55
/
1
4
55 64
6613 8013
7012 751 7312 7912 77 8318 Certo Corp
71
791 74 77
/
4
71
72
/
1
4
• 77 9214 82 89
563 63 57 67 65 683 ---- ---4
4
7% 111 9
/
4
/ 117 1018 143 1218 207 1612 24
1
4
2
8
8
2012 22
18 24 Chandler-Cleveland Motor_ . 20 23
21 - 21
2213 22 4
Certificates
3
2/8
2 8
6
-i9/2 - 1- -21- I514 -ilig - - 7 -Hilt - 7 2338 373 311 377
2/ 2
4
/
4
4 Preferred
. _. _ . _
---. ---- -Preferred certificates
• 37 40
___.
4
623 687 64 6814 6618 7213 643 6914 66 797 704 8112 Chesapeake Corp
4
8
8
• 804 86% 8112 - 1 7812 87 4 '7912 90
811 s
1
8612 99 c/8412 10412
Rights
. 1312 15
-- --1418 20
_--- ---- -___ __-_ ____ ____ ___-__ ____ ___- _--_ ____ Chic Pneumatic Tool new ____. 2934 357 30 347- - 814 - 8
3314 291- --- 30 393 322 36 8
2 3 12
3
s
8
3
-,. _- Preferred
• 55 5614 5112 5514 4818 4214 4912 523 504 533 5012 52 4
3
8
2
3
3
-56" -3118 s267 - - -1- -- -- 3113 - - -34 3014 3514 3118 - Chicago Yellow Cab
8 33 2
* 3114 36
34
31
3312 3038 35
3218 3338 30 33
2812 3113
8
4613 56% 493 54
4912 564 4814 51
483 53
4
45 51 Chickasha Cotton Oil
4513 483 4118 454 4012 4212 3812 44
46
50
10
4
3712 40
41 477 44 5214 5018 5712 45 533 46 623 5312 64 Childs Co
4
4
* 52% 6038 5212. 58
4472 5872 45" 6072 45 5814 47 7438
4312 4614 4214 5012 48 5512 5012 601 5812 7472 6012 743 Chile Copper
4
2' 7114 927 90100713 10552 12712 9814 1163 8633 104
4
87 101
82 82
80 8912 ------------ ----80 90
• 102 105 110 115 110 110 100 110
76 89 Christie-Brown
993 1011 ____
4
-/
1
41024 1003 1 9 4 119 1404 1213 1353 112 1373 Chrysler Corp
6914 8014 76
8
3
4
* 11212 135
4
98%115 4 8934 11414 8734 9814 16 9533 63 2 -3
4
3 7
814
4
• 603 623 59 62
4
55 59
55 5512 53 5s
49 53
14
100 10514 10514 1043 1043 13312 105 103 104 10213 10312 99 100
4
4 4
Preferred
146 146 146 146 147 147 145 145 150 150 City Investing
100 --------156 156 MO 160 160 205 190 190
71
75
694 7314
2913 3114
234 312
9418 10014
7914 75 94
85121143 9014 122
4
704 713 71
4
8
7014 757 72 82% 7313 79
73 7914 72 78
3412 36 --------27 28
3112 36
4
293 32
4 43
8 3
212 312 23
3
4
33
4 3 34
3
9341038 102 1187 110 12012 11414 133 1061 123if
8
/
4
5225 54
53
78 873 80
4
534 53 537
894 834 95
5212 54
5212 5313 52 5213 City Stores, class A
8714 113 1013 1147 100 1133
/
1
4
4
8
4 Class B
New
ClassBrlghts
---- ---- ---- ---- ---- -- -. ---- --__
Rights
69 8014 7225 79 85
--- --6514 74 4 608 3
3 74 Cluett Peabody & Co
1183 121 1181212012 1193 121 1183 120 11425118 11212 119
4
4
4
Preferred
157 167% 158 16711 16812 175 16514 18012 16014 1724 160 17112 Coca Cola
New
Class A
Coca-Cola Int'l Corp
5412 627 5518 6612 574 7112 555 62
8
541 66
/
4
4418 60 Collins & Aikman
9212 94
9014 93
9012 9714 96 984 90 94
90 93
Preferred
561 6518 58 6814 69 7412 63 7112 633 8213 62 76
/
4
4
Colorado Fuel & Iron
---- ---- 135 140 130 133 133 133 134 134 130 130
Preferred
105 115 109381217 11914 1333 12018 12912 12114 1381 12318 1407
8
1
s Columbia Gas & Electric
-z- -- - -- -- ---- --- rr77 -_--- New
loo" 10884i4 iaiii 1- - 107- 108 10618 108 - 10014 107 ----4 108 Preferred
06
-7g 1063
____ ---- ------------------------6754 - 1 ii
848
- - -14 Columbia Graphophone
8
4
/
4
7912 82% 8112 911 91 1044 9112 102
9114 10938 1011213434 Columbian Carbon
743 8414 825 887 80h 8714 83 10012
8
70 78
9O'81101. Commonwealth Power
_____ ____
Commerce National Bank
297 324 303 33
8
4
32% 3V4 3314 484 433 71
8
4514
-34
233 243 2313 2412 235s 241 24 253 24 2612 25 W1 - Commercial Credit
8
4
/
4
4
26
Preferred 7%
25 2518 25 26
25 26% 25 26
2518 27
2518 28
Preferred B
8614 90 88 99
88 9012 88 89
9418 107
99 10438
1st preferred
Rights
66 7112 6812 937 8812 11914 114 13912 128
2
14 .7 114 13/ Corn Investment Trust
- 8
0
-1
10512 106 10512106 104 104 10214 1033 10314 10314
4
101%107
Preferred
9413 98
96 98 2 95 98
,
94 97
9
512 9712 94
9512
preferred
618 65
83 1712 16
8
28
22 3018 225 30 8 6)4%
,
•
.
4
144 1883- 144 180 175 2213 201 2253 212 25014 208 24012 Warrants Solvents B
- 4
4
Commercial
2
8
56 64 ‘58 643 627 66% 6414 84
7312 82
7412 84 Conde Nast Publications
8
22 24% 2214 264 2413 2914 243 28
2514 303 25 2912 Congoleum-Nairn
4
/
1
4
69 7312 7013 7312 69 757 684 754 72 8213 7718 871
4 Congress Cigar
1
1
14
,
1 14
118 1
118 17
8 14 118
118
Conley Tin Foil
8412 9012 88 974 90 95, 9
957 92 100 Consolidated Cigar
2 018 937 91
112
105 1077 ----------------997 100 101 104
8
98 102
Preferred
ls Ir
943. 99 9434 93 941 102 Prior preferred (64)
if
963 10014
4
/
4
52
• 50
49
/ 51
1
4
494 50
/
1
4912 5114
9812 101
* 9812 109
• 2412 2514 2213 27
2034 23
2012 17
43
4 51
284 52
--------------------------------38_
60 4 15314
3
4
4
4
100 663 723 63 713 6214 71
100 1147 119 1137 11514 110 115 110 112
* 16812 1727 17318 17812
8
130 140 iiii; 6'452 iiii:i fiff
s
•
4812 80
4838 4912 4813 49
44
• 344 3
/
4
• 50 5612 511 7014 53 7214 56 663€
/ 97 99
1
4
9934 10312 94 95
100 93 98
3
/ 65 75 4 59 7812 62 7238
1
4
1
100 66 2 77
100 --------13314 134 133 133
3
3
• 13612 150 14214 157 133 4 152 137- 8143
8
5818 643 5312 6214 54% 67
* 57 66
7
100 105% 107 8 10512 1074 1037 106 1037 10514
4
71% 88
/ 6618 813 6418 81
1
4
• 124 148 135 1547
• 10714 13212 112 130
770 900
4
5614
• 513 6238 48
243 26
4
25 2412 26
25 25 2712 26 2714
3
25 102 105 4 100 104
65
4914 50
483 4 3
4 94
2012 - - 8 19i2 1 12
43
2
/
_
56
110
-12
66 4 5314 61
3
112 10512 10714
-
iioi4 4154 iiiiss ELi
473 481 47
8
/
4
48
95
56
64
48
97
93
691 56
/
4
4
812
-57
93
6512
65 - 12 721- - 1
7i
8 8611037 108 105121074
-- ____
___
873 6714 8
871
44 57
/
1
3
5514 75
12114 150 126 15418 139 1677 148 199
12212 14314 125 145 142 18813 182 4 246
1
43 5538
243 26
4
25% 27
984 104 .
4624 4
3
2512
9518
ii- -ia" :Ai;"iii 521;
e
24
2513 24 25
2638
26
25 4 26
3
25 4 28
3
4
99
96 98 4 963 102
3
3 4 54 3
3
/ 433 ---------_
1
4
-,..
_ .---- ---.
- __ —
• 13112 194 170 195 160 1174 15314 16414 135.18 161 139 4 101 1
8
- 0
100 104 107 107 109 10114 10514 102 102 1024 10212 10112 10113
96
99
99
100 94
9,514 92 96
93 97 94
14
96 96
100 274 617 501 62% 51
5914 4214 5114 36% 45
40 . 52
•227'z248 22514 274 24212 283 2583 260 32212370 334254458i
4
,
7613 887 76 844 68
* 80 93
8
594 75
76
5938 68
• 2733 35 4 27 333 2212 297 2318 2622 1912 2614 20 2312
3
8
8
7612 67 7614
813 71
4
3
• 79% 85 4 82 92 8 76 8712 76
3
• 1
114
7
8 11 1
/
4
14
3
4 1
h
3
4 1
h
• 9113 9614 8914 94
81
92
82 89
/
1
4
77 4 883 7514 81
3
8
927 99
100 99 99
93 100
944 100
94 98
89 93
/
1
4
94 95
937 87 94
100 93 96
84
9012
9012 9412 9138
[VOL. 129.
FINANCIAL CHRONICLE
362
New York Stock Exchange—Continued.
1929.
1928.
STOCKS
November December
October
August September
July
Low High Low High Law High Low High Low High Low High
June
May
January
February
March
April
Low Nigh Low High Low High Low High Low High Low High
Par I per share $ per share $ per share $ per share I per share $ per share
$ per share $ per share $ per share $ per share $ per share $ per share
3
4
8
8
4
8
4
23 25 8 23, 263 2512 2912 243 26% 25 283 25 2712 Consol Film Industry pref___• 2514 28.8 2612 2838 25 2712 2512 303 25 294 25 267
,
* 10318 11812 10318 1175s 9512 11312 10018 11118 10518 119 109% 1325
9612 10914 Consolidated Gas
4
3
143 1543 274 149 4 7718 823 7.53 828 784 113
4
3
4
Preferred
* 9812 993 9914 993 98% 1003 99 995 983 993 9612 99
4
4
983 997
8
o 9714 100% 9712 9938 98 997 99%100
10012 1017
25
8 63
* 47
312 212 314
414 518 312 412 312 4
412 612 Consolidated Textile
8 37
8 318 518 418 5
3
34 3 8 214 318 23
143 193 12
1612 13
20 20 2312 19 2134 177 21
17
3
228 287 2312 2612 2012 247 20 248 2014 25 Container Corp class A
8
2412 28
95
8 8
6
818 63
1112 9
Class B
* 10
1114 838 1014 6
117
s
7 13
114 10
93 1212 98
4
s
1214 143 114 1414 11
4
3
65 4 7912 7214 848
8
5712 67% 60 78
38 50 Continental Baking class A * 4713 607 53 67
4
4
2714 317 2712 333 304 3812 3412 4112 363 41
8
1134 14 4
Class B
* 84 1334 912 1212 812 12
918 123 1012 14
918
3
818 7
7
8 712 618 8 8 7
414 53
4 47
414 5
100 8812 97
91
9612 9212 9712 95 100
Preferred
8912 96
9014 96
4
4
857 8114 853 853 9112 8714 9212
8
7612 823 81
4
75 80
4
100 1243 1243 1243 126 125 126 125 126 1243 125 125 125
4
4
4
8
4
4
124%12512 1243 12512 1243 125 125 12618 125 128 1243 12512 Continental Can pref
65 9612 6712 7812
• 60 6434 6234 743 68 8018 7118 78
Common
53 63
8
95 104 10314 125 116 1287 11512 12114 26118 124
-8-5-3-34 18
Rights
ii158 - 18
10 8712 9412 83% ii ii - 14 go
8 80 91
0i
81
6i Continental Insurance
6112 i512 Ills ior4 .
64 ii iiii4 -.. - 1- -'
77i8 i24 '713i2 iii2 8
7 1418 18 8
* 1918 283 22 2512 17% 245s 1912 2414 173 23
8
s
7
1512 2012 1512 1934 Continental Motors
143 17
4
s
1112 1212 1114 123 1112 20
7
1'
Rights
1121
iii2 lila
*
_ Continental Oil
,
163
4
78
8
86 9212 Corn Products Refining____25 8614 917 83 1.18 ii - - 82 101l8 Wit iii 89 1027
3
8
76 85% 8218 893 81'8 87% 83 4 94
694 77
100 143 14434 1414 14414 14114 1424 14138 142 14138 14112 141 142 4
Preferred
3
140 14014 14014 14012 140 141 140 142 14112145 143 145
100 759 759 800 810 ---- - - ---- ---- --- ---- --___ ____ ____ Corn Exchange Bank
__ ---_ ____ -_-_ ...._ ____
7 51 - - 56% 163- 5318 63
6712 57 * 7118 8214 845 74
4
72
8
8
7518 894 625 8612 Coty Inc new
5
100 22 8 30
284 5733 3218 4012 30 31
34 40
2733 33
24 26 Crex Carpet
16 204 17 27
-_-- ---- ---- -- __ 1212 21
2012 125
* —
86 11714 8612 11438 8512 11312 87 97
---- ____ --- ---- ---- ---- ---- ---- ---- ---- ---- ---_ Crosley Radio Corp
*
4214 45
45 51
---- _-._ ---- ---- --- ---- ---- ---- ---- ---- ---- ---- Crown Cork & Seal
8
* 997 10114 100 1003 101 10114 97 - 9533 9
9514 97
4
9
8
64
----------99 10514 99 10012 99%101 Crown Willamette 1st pref
• 2218 25 4 22 2433 21
3
4
4
243 193 21% 183 213 1833 204
4
8
4
--- ---- 26 263 2314 26% Crown Zellerbach
---- ---- ---- -4
8
854 9212 85 92 86 9212 8514 9212 863 1037
8
45 823 7612 877 7914 897 Crucible Steel of America_100 8512 94
2
2
713 8118 77 8012 7
3
-1315i4 73
100 109 11518 115 1163 11414 1163 11414 115 110 11012 10914 10914
4
4
4
113 114 11412 116 11214 116 112 115 1133 114 111 11134 Preferred
* 2112 2412 2012 237 17 21
8
163
8
17 2213 1112 213 13
4
283 214 2514 Cuba Co
23 263 20 247 22
4
4
s
2212 2414 223 27
8 512 4
• 47
2
312 178 3
312 4
518 312 4
43 6
412 6 Cuba Cane Sugar
412 5
433 5
44 614 412 5
100 1612 187 113 17
Preferred
4
914 1212 84 933 57
114 14
3 9
1512 207 1518 19
8
4
4
4
15 213 153 1812 163 191& 133 18
4
10 1534 17
1434
1312 11
113 18
8
8
1214 11
1112 1212 11
1538 185 Cuban American Sugar
4
8
18 203 1618 184 1712 194 1614 177 1612 193
100 9312 95 6114 9014 61
6114 644 6018 654
63 66
66
4
9512 99
9533 9533 933 9412 Preferred
9818 100
102 102 100 102
4 6
418 514 2
433 6
43
4 Si 6
* 512 63
74 Cuban Dominion Sugar
412
5
918 5
614 7
8
73
8 8% 612
9
9
1
50 6114 677 5878 644 _5_258_ 603_ .
14
4 5_2_
4
2
4
4 . 18
4 54_ 563_ . 9_ 54_3_ _50_ 1_ .
134
4
4
8
64% 7412 705 7814 69 753 6414 7012 643 7214 6012 68 Cudahy Pecking
Rights
---_--- -___ ---- -___ ---- ---------6 122 124
• ----------------117 12 - 118 12 -3 117 12
-- 4
7
-9
_ ____ __ Curtis Publishing Co
*
11312 118 115 1173 1157 1213 11312 117
_ . Preferred
8
4
4
* 141 165 145 17312 13518 161 1394 17114 14318 192 146 1703
-1/5-41-54-18 Curtiss Aeroplane Motor
4
2
- 4 1114 -ii'is 112 8 iii% iiii- 1231. 1-4-31 iii- 1614
15i1- - 34
-7• 221 22514
4
____
4
207 20714 2203 221 2203 220 4
14
3
180 180 180 202 200 220 205 230 225 225 225 22514 Cushman's Sons
100 12018 124 12014 122 1203 130 12114 122 120 4 123 120 125
3
4 7% Preferred
3
120 126 12312130 129 4 141 126 140 121 124 121 126
• 110 11014 10812 11514 11012 112 110 110% 1093 112 11012 111
4
3
8
,
113 1133 113 1133 110 11114 110 112 110 110 4 110 11014 8% preferred
3
100 62 65 4 60 6212 5818 6412 59 62
604 63
594 67
58 6312 57 6318 59 654 59 8412 Cutler-Hammer Mfg
5218 547 528 82
• 63 7512 75 85
7718 847 813i 91
8
7518 8312 714 80
57 6233 5618 60 Cuyamel Fruit
5014 5872 53 63
4
8
49 5212 493 507
5 59% 6918 5833 687 49 677 50
84
8
4
3
593 427 5912 43 4 53
8
8
4
4
4914 5912 554 663 564 6614 574 684 533 6512 Davison Chemical
454 57
22 2212 2258 25
23 24
4
23 De Beers Consol Mines
23 23
243 25
21
2414 247 2414 244 23 23
s
2312 2312 2433 26
4
354 3614
4
3714 3978 Debenham securities_5 schirgs 3812 46% 4012 454 3714 413 368 383 364 39
4
4214 445 404 4214 40 4312 36 4212 383 42
100 125 128 116 126 118 1243 120 123 120 1253 1163 121
4
4
4
8
1223 1257 12312 125 12312 125 12314 12612 122 125 Deere & Co pre(
8
12112 12478
100 224 250 23912252 24018 260 250 255 250 265 255 294
42244 Detroit Edison
197 206 196 210 205 220 1001221412 191 21614 2113
7 4312 525
• 5512 5912 57 644 534 597 52 563 4414 55
8
8
8
8
51 593 5233 607 Devoe & Raynolds A
4
55
7
4814 533 52 577 51
4
49 53
100 112 11512 11412 11512 11438 115 8 1143 115 115 115 115 115
3
8
4
112 11512 114 114 112 115 112 1143 112 115 112 1154 1st preferred
Rights
3
4 138
____ ____
8 23,
----------------------------7_
100 157. 16412 15414 160 1484 158 130 148 141 145 14014 158
lio- 160 153iii- lei- iLiis fiii, iL5- fei- 160 172 145 16934 Diamond Match
7
4 91s 103
4
8 8 2 103
3
* 918 10 8 914 104 83 103
8 9
818 8% 84 1012 Dome Mines Ltd
8
9
10%
_ 84 9 _ .8 . 8% 812 10
_
.
Dominion Stores -------------------------------------5014 53% 43 53
443 5312
4
• 1153 12 3 1163 12618 110 120 11014 11812 105 11814 106 1107
4
44 4
8
fiii iioi8 ff./4 1055T411612 ii538 1203312033iii ill Drug Inc
913 - -3s 96
4 18
10
1214 --------8
8
Duluth-Superior Traction_100 8
814 ---- - _
73 64 71
6412 74% 66
• 73 92
6214 - - 57- - i
72
8514 99% 8214 95% Dunhill International
687
5714 n12 5718 5814 57 6112 57 91
9
9
1114 7
Rights
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- - --- Duplan Silk
2012 1312 21 1612 2118 2412 2iis -• 2612 287 23 28
_
8
2i1;
9814 100
99 99
Preferred
100 102 102 100 10018 98 100
99 99
28
s
4912 1003 991 1008 9912 1007 100 10014 100 10034 983 10018
3
01
ioiii4 1- Duquesne Light
1E0i4fo138 ii381111 ioi iiii ------- - Durham Hosiery 1st pref_ _100
156714 1011- 10033 10
.
- 2
83, 512 718 5
63 11% 614 1112 6
4
Mills B
50 514 7
712
612
4 5
3
412 ---------414 53
---- -40 45
37 44
41 45
40 41
100 36 3714 36 40
cPreferred
4
4
__ __ ---- - — 3612 384 43 364 36 363 36
* 18114 188 181 19412 172 18514 170 18312 188 1843 169 18433
4
4
8
3
170 419414 17612 187 178 1847 178)14 194 1793 193 17614186 Eastman Kodak
3
Preferred
100 126 127 12638 12712 12618 128 12612 128 127 12714 125 4 12614
.130 125 128 124 126 125%127 12412 126
130 132 1231
4
4
65 763 604 713 62 6814 56 71
74
* 61
5718 6818
8
3612 4114 3814 563 524 6312 56 644 5412 6818 55 6312 Eaton Axle & Spring
-
383 4013 390 442 430 503 455 502 El du Pont de Nemours & Co_* 493 665 675 680
4
4
- 74
New
20 1553 195 174 1984 1724 1918 195 1153 156 180 157 1- 8714
_
-_-- __ --__
3
4
8
6% cumulative preferred_100 1153 1187 117 118 1174 1184 11718 119 115 4 117% 11534 11612
115 115 11812 1171211812 118 119 118 120
-114- I1i7T3 114
25 957 11212 10784 108
65 99 Eisenlohr (Otto) Bros
344 593 53 70
4
1678 1412 2312 18 34
14
100 9312 100
87 9314 8833 9214 Preferred
4
8812 90 8814 90 883 94
883 92
4
• 3618 3933 52 iisi 2912 ii ii II 2612 ii ii igiz
4
3552 413 Eitingon Schild
4
3314 3712 35 373 35 43
344 3614 334 35
9512 101
9233 97
4
Preferred
100 10812 113 1043 10812 98 104 100 102
8
4
8
4
102 1043 1013 103 10241093 108 111 106%1217 107 117
8
3
4
* 13418 170 146 16912 1263 165 2 136 1527 14018 172 143 168
7 94
k
9318 116 10812 119 107 12112 110 13812 Electric-Auto Lite new
65 744 74
100 109 113 11012 11218 11214 11312 11314 115 113 114 110 118
10912 110 110 110 10812 110 1081211014 11014 11034 10914 11212 Preferred
1612 1112 1414
13
183 14
167 12
2
8
• 1212 1534 1212 15
9 4 1238 1038 137 1012 157 1112 1512 Electric Boat
3
8
8
4
123
4 83 12
11
12214 12212 --------12114 125 12014 125 12014 122 Elec Pr & Lt pref 40% paid__ 12212 13412 132 136 C136 136 13212 13212 13212 13212 133 14012
8
4318 643 5818 644 58 7018 5912 707 60 7214 6412 8114
8
8 Certificates
4
3518 4212 39 493
4
4
4
3312 163- 333 373 3614 413 35 40
4
10618 10814 107 10914 106 1083 105 10812 105% 109 103 107
4
8
107 108 10714 108 10633109 1057 10712 10641073 105 10712 Preferred certificates
__
125 126 13512 13512 ----------------13212 13412 ____
4 Pref certificates full paid
122 124 123 123 122 122 12018 12018 121 121- 123 1233
8
4
3
• 8312 88% 82% 92% 87 883 797 83 8 78% 57 7833 -8514
8
s
8
8
8
8
8
74 7912 7618 843 8314 917 863 914 863 993 773 9612Electric Storage Battery
43
4 37
414 318 418
812 514 614 412 533 4
50 6
658 Elk Horn Coal Corp
2 614 814 6
63
4 712 618 63
614 7
618 7
9
1214 814 10
84 9
812 10
83
9
Preferred
50 1214 13
1212 1412 14
1512 13 15
1212 14
13 14
135* 15
3
157
4
4
• 1058 123 103 2212 123 1714 1158 1414 5
8 67 1012
8
15 8 Emerson-Brantingham A
,
612 938 712 914 8
9
3
10 1518 7 4 1012 8
5 8 712 13
3
• 4
712 9 --------413_
812
84
5
6
412 -------- 6
Class 13
412 612 4
5
8
• 2712 28
28
33
33 35
27
33
243 2812 .._ _ _
4
_
Emporium Corp
., __
___ _ _
_1_ _
_
26 30 ____
30 31
3
6612 - 70
50 7733 83 8 747 773 7212 7812 7114 73 6814 72
74i4 - 7- Endicott-Johnson
£41 8
4 78
81 2
77 791s 7714 - -7- 753 76% 81
100 123 123 121 12114 123 124 123 12312 12318 12312 12318 12318
4
1233 1233 122 125 125 12514 1283 127% Preferred
4
4
1233 12412 --------8
363 39112 3614391
ia -.nil.,
* 4812 604 5212 5912 47 563 4818 5114 48 533 494 62
4
4
45 5034 Engineers Public Service
• 90 1044 90 8 98
92 973 90 9314 9112 95
9012 0818
4
3
5% Preferred
9012 95
994 997 9618 998 96 97
8
94
9712 9214 963
•
Preferred (511)
4
_
.
7
8 1% --- -% 1%
Rights
___....
41
3218 3638 3418 3714 344 - 2 -3718 - - 3812 4012
3973312 30 3212 Equitable Office Building new* 3114 33
29% 3234 31
3112 3234 314 33
3114 33 4
3
100
310 310
Preferred
260 260 253 253 248 24814 ____ ____ ____ ____ __ ____
700 750 863 663
Equitable Trust
100 493 550 515 648 592 765 666 737 ;
_
4
49 52
• 45 523 4412 503 4714 54
45 50
47 52
iiii -45" 567g Eureka Vacuum Cleaner
2
77- -a0
---- -ii7
11
-tiaill 16 -- WE - - •
-- E
665 68
8
55 733 618 6618 5518 63
4
5
_ Evans Auto Loading
554 6312
7
• 2214 224 22 8 2412 2433 247g 2418 25
24 255 25 2534
8
3
218
;
z
-1l 3 If- "iiii, ii" "iiii Wi -ii" 245 -iiiel - 1- -2234 2 -18 Exchange Buffet Corp
)
-4
k
• 4514 5178 423 484 3414 463 37 397 3438 3812 35 36
2
45 5212 Fair (The) Co
39 4 434 394 49
3
3614 4012 3818 44
3614 38
100 10812 110 1044 110 106 110 109 110 107 1094 107 107
Preferred
1111211112 111 111 107 III 1054 11414 110 111 110 110
-- 714 10 .
3
25 414 5 4 ---- -- ---934 Fairbanks Co
8
8 412 7
438 43
Preferred--- ---- ---- - --__
— --..
- ------14 23
19 15
11
22
100 19 35
11
25
14
16
1812 25
3
7 8 36
8 8
s
10 104 117 12
8 1018 63
4. 437 5134 46 5138 4312 40
8
433 4612 4038 4412 403 4712
4
4
4
4
8
413 45
4
41
4612 4238 46
4018 478 425 453 42 483 Fairbanks-Morse
s
100 108 1107 1074 10914 108 110 108 110 1063 110 1063 110
4
4
4
10614 11012 110 114 10914 113 110 1113 110 11212 109 11012 7% preferred
* 254 65 4 60 6718 5912 707 6114 693 61
3
8
713 61 66111
8
8
493 563 Fam Players Lasky, new
4
---- ---. --- ____ 4712 5012 474 514 484 54
-----------------69 7233 6514 713 6418 71
0534 70
4
_ 101 1014 99 101
100
9612 9712 97 9713
-- Preferred
15 6818 8612 765* 804 7812 85 8012 87 8012 GO
883 109
4
71 Federal Lt & Traction
5
4
. 5512 53 54
5314 6212 61
4 E:2
513 - 12 5111 -- - 5518 -4
* 993 103 100 104
9914 102
9814 10112 9812 1013 9712 100
4
4
4
102 1073 102121054 98 104
98 1033 98 10212 993 10212 Preferred
4
37
4
4
39 4 3612 4318 40 483 44 493 4412 51
3
94
9114 10212 91
9712 101
97 99
4
-7-1- -ai-
Federal Mine & Smelling.. 100 234 270 275 310 266 266 225 265 215 230 240 250
4
100 100 1003 100 100
9814 9914 983 9912 99 100
Preferred
4
9912 100%
• 184 207 18 2238 1412 193 16
4
14
173 133 1733
4
18
8
Federal Motor Truck
9314 10213
9212 112
95 1047 9014 9912 93 102
FidelityPhoenix Fire Ins new10 101 106
* 1178 13
1112 1314 1058 133 101 1312 10
4
1112 95 1014
4
Fifth Ave Bus
8
4
* 90 973 85. 9812 84 97
66 82 66 72
8014 90
100 106 107 10514 107 103 106 100 104 101 10312 9833 10213
Preferred
100 10418 10514 10512 10612 105 11018 10834 115 11412 1154 11514 11614
414 First Nat Pict, 1st pref
11 ----"- i5..3 10 -7 166 fcii iEti fo12
4 -- ;
4
• 66
717 64 74
8
63 7112 641s 60%
6433 747 62 71
8
4
s
4
4
373
.3314 - 8 3514 4712 4438 51 4812 553 54 713 643 763 First Nat Stores
• 1 53* 2018 1533 19
1218 192 107 133
8 75, 938
8
5
8
3
8 85 117
183 Fisk Rubber
8 9 1212 1012 1212 102 1214 1118 1514 12
10 4 127
3
100 65 7212 6018 78 60 705* 58 63
4014 49
51
58
6112 7512 5534 6312 60 71
60 68% 1st preferred
4
803 5812 75
6612
100 6812 8212 664 7812 65 78
45 463
573 60
4
8
60 65
59 70 54 6212 58 69 6112 7214 1st Preferred cony
563 71
4
68 81
113 111 1112 ____ ____
4
------------------------11
Receipts 50% paId
—
8_ _ ____
14 138 ____
1
3
Rights
3 654 734 66% • 7718 843* 72 73% 683 79
74 - 5
78
8
87 s
8
14 4
- ii% - -3 Fleischmann Co
4
68 3 if% ii "7114 7358 Ii 1412 -81i32 ii13 17
• 5112 54
48
8
2
52
49 513 477 503 46 48
4
4912 53
50 53 8 4914 5612 50 5518 Florsheim Shoe class A_
7
--50 55
100 99 1024 99 10012 9714 10018 994 101 100 101 100 101
3
Preferred
.--- ---_ --__ -___ 99 99 4 98% 9912 9818 9914 9814 100
• 62 6878 62 6914 5912 733 6212 6833 574 717 6118 68
8
4
6418 65 4 561 894 Follansbee Bros..
3
s
• 45 53 45 5414 49 6214 517 693 44 687 484 531s
*
8
8
314
4315712 Foundation Co
- 24 i-1 ili- "ii- Wiz -Ills - 2 -iiis - 3 37 4814 41
2
4
• 9314 101
854 98
84 9838 82 943 803 984 8233 89 4
8
4
7
7414 8012 791k 92 s 91331193, 95 1037 95331013 8818 10412 Fox Film "A"
4
5
100 110 110 10612 110 10612 110 1084 109 106 4 100 1043 105
11214 113 11014 112 10814 11014 1084 11012 10714 109 1061210714 Franklin Simon. prof
*No par value. (c) 50% pald.
125 126 126 141 135 15912 151 161.2 156 220 180 230
99 10114
98 9812 98 100 100 10212 100 , 10114 100 102
8
168 2112 18 2138 20 257 20 233 1714 223
8
s
1718 20
8
901210712
79 8212 794 8818 8612 9134 84 977 9112 106
123 14
4
4
113 114 12 123
8
113 13
4
12% 1412 1212 14
Jtax 20 1929.1
FINANCIAL CHRONICLE
363
New York Stock Exchange-Continued.
1928.
•
August September October
July
November December
Low High Low High Low High Low High Low High Low High
1929.
STOCKS
January February
March
May
April
June
Low High Low High Low High Low High Low High Low IBA
$ per share $ per share $ per share $ per share 5 per share $ per share
Par 8 per share $ per share $ per share $ per share $ per share $ per share
55 734 5918 6654 5612 7212 43 6018 4514 49% 4358 52I7 Freeport Texas Co
/
1
• 4812 547 454 513 33 5014 44 47
8
/
1
4
/ 3814 471? 373 4858
1
4
4
104 107 104 105% 10534 10812 105 109 104 106 10212105 Fuller Co. prior preferred
•101 104 101 1061! 99 106 1011 1043 10414 10712 102 10634
/
4
4
18% 213 1712 2511 2114 255 213 263 2112 2514 21
8
8
4
4
2412 Gabriel Snubbers "A"
• 24 29 8 28
,
/
1
338 20 3112 2012 244 2117 2714 21% 2
714
812 104 812 11
/
1
934 145 10 13
1012 143 123 1738 Gardner Motor
8
* 15 25
15 24
8
1012 167 121 1517 1218 19
4
8
/
4
1314 1614
6812 7358 69 7912 78 91
80 87
/ 79% 943 80 101 Gen Amer Tank Car
1
4
86 99
* 94 102
4
8112 87
841s 9158 81
943 85 9 7
4
5k
70 7712 72 783 74 825 6918 763 703 8412 71 821 Gen Asphalt
4
8
8
100 717 8114 6658 75
61
711 63 7812 75 8412 8012 8758
/
4
/
4
8
111 11712 1133 119 4 114 12412 112 116% 11212 126 112 120
3
4
100 114 12014 1087 11612 10412 113 106 11912 117 1283 123 131
8
5% preferred
4
141 14912141 14212 135 141 132 139 135 140 136 13812 Gen Baking, preferred
* 13028136 138 140 130 134 131 135 1331s 138 1311 13118
/
4
---------------------------------557 605 59 6934
.
General Bronze
8
8
-2314 -- - -i( 1 - .1 26 --1 -i51-4 167 -3
2
5
- 4 21 8
1
3 8
2
2 .44 - -1- -50- -- / Gen Cable
4
31
8
4
44
371 543 5012 61
4312 60 4 45 5618 3818 55
3
39 46
10212 105 1C2 107 1044 106 105 107
_100 106 10712 106 10717 105 107 104 106 10417 106 1044 105%
/
1
Preferred
-63 -----70 75
7117 811,1 773 888 71 827s
4
• 81 10914 10311 12012 95 1193 9317 11134 85% 110
4
4
8814 100
Glass "A"
6114 64
593 638 62 63% 5918 64 • 5918 6258 6018 6618 Gen Cigar, Inc
4
4
* 63 71
67
74
6514 7117 6012 723 6612 7212 6712 724
4
/
1
118 118 117 1185 11414 116 11612125 11514 11612 116 11712 Preferred (7)
8
100 11214 122 116 122 11714 118 11714 120 11517 120 11714 119
- -
16217 17417 15718 175 16614 202 176 22117 Gen Electric
11
1114 11
1114 11
1118 11
11% Special
56% 60 527 6217 6014 74
65 7117 Gen Gas & Elec cl "A"
5512 75
6012 64
743 80
Class "B"
4
75 77
10912 111 10912 10912 10912113'! 11014 11812 Preferred "A"(7)
12114 122 121 12218 12612 132 126 126
Preferred "A"(8)
1073 1073 --------105 107 109 109 107 108
___4- 4
Preferred "B"(7)
Rghts
- ------------1 165
iiis 82
-34 - -17 943
4105
9812 105 General Ice Cream
---------------------8014 84% 79 8614 General Mills
---- ----
* 222 26114 224 26258 219 251 22512 246 243 295 26612 324%
10 11
1112 1114 1134 1 118 1 158 1 118 1 114 11
1114
113 11
8
• 70 89
82 89
7958 8314 79
87 8812 73 90
/ 8114
1
4
9114 102
• 76 10412 90 94
95 112 105 109
• 115 11612 10812 1181, 107 114 108 112 105 112 103 1114
• 12112 134 121 135 127 134 124 13112 11812 129 120 123
* 108 10912 10714 115 107 113 104 111 105 11014 99 106
35
/ 1
1
14 44
• 104 108 108 1093 797 97 105 110 --------110 1 - 4
-12
• 83 8918 85 8817 74 857 7412 801s 08
8
7712 6758 7418
100 98 100
97 97% 96
973 95% 97
/
1
4
4
96 961 94 9511
/
4
1815
8199 4 1761220314
3
_--1234 127121241112558
10914 10914
1651410914 ____ ____
25
10
100
100
100
142 8 155%
,
1117 112
8
4534 5614
62 75
1091 110
/
4
125 125
1093 1093
4
4
50
30
7
147 1687
1118 1158
5318 6014
65 71
/
1
4112
109
198 2183 2085
4
822418
•--- ---- ---- ---124 125 12412 125
--------10918 1093
8
10938109% 109 10958
545 49 5012 50
8
38
2912 341 33
/
4
53
51
53
411 3214 37
/
4
045 2243 182 2127 Gen Motors Corp
,
1
4
837 9014 733 8674
8
New when issued
4
1243 1253 12412 127
4
4
Preferred 7%
Preferred 6%
109 109
110 fici ____ ____
Deb 6%
50 53
50
3212 38% 32
53 Gen Outdoor Adv "A"
3712 Trust certificates
General Public Service
-o,- 1014 -951 1b2
1- - 32 - -12
113 -65T2 11:',W1; -i5T2 1- -7- Gen Ry Signal
-7,1
1i6 8
115 115 104 10412 104 106 106 106 10614 10614 1041210412 Preferred
48 5112 47 57
5018 623 587 7458 69 7812 7014 8112 Gen Refractories
4
8
Rights
99l4103; igEs 1015; iiii 116'4 ii121- -37c, ii51-212178 iiiii2 11912 Gillette Safety Razor
2
521 577 5214 572 42% 5518 444 573 501 56
/
4
8
/
1
4
/
4
46 5412 Gimbel Bros
99 100
9212 9612 93 9512 921 9412 89 9212 7% preferred
97 99
/
4
213 23
4
25 295 2614 2912 2714 361 3012 37 Glidden Co
4
/ 213 30
1
4
/
4
100 101 100 10312 10212 105 103 1041 1033 1043 1023 1043
/
4
4
4
4
4 7% prior preferred
3
18 ------------- Rights
-
iaoi41-68-78 -61
19418 2143
478 86
7818 85
771 913 803 8812 6858 86
/
4
4
4
1243 12612 1243 126 1243 126 12412 12618 12212 125
4
4
4
------------------------109 109 109 109
109 11014 10914 109 11012 11012 10912 1093 - - -- --- /
1
4
4
---- ---69
/ 7615
1
4
123 124
10712 16713
-
4958 51
• 5014 52
493 51
4
5012 52
47 503 45 4978
4
/
1
32
364 3318 41
* 3212 35
3312 3918 33 40% 33 3814
* ----------------------------------------57 64
• 95 10418 9712 11018 931211117 95 10812 100 116 1041 1191
/
1
4
/
4
/
4
100 99 103 100 10112 10218 103 10312 105 105 105 104 1041
/
4
* 74 817 75 8612 713 82
68 8412 7158 85
8
/ 72% 79%
1
4
12 3% ----- - - --- ---.
, ,
100 116 1263 1145 124 110 7 118 4 110 I - 7 1043 fin 101 ifi
-15 7
4
4
4
34
• 43 4818 4217 45
/
1
4
377 4317 3814 417 3417 4928 31
8
8
8158 8412 8118 83% 8112 8214 81
834 85
/
1
100 8414 90
82
5
5017 42 49 4 45% 6158
• 367 4414 3817 43 7 3917 45
41
7
7
100 10312 105 10412 105 104 10514 103%1061s 1011 10558 1011 103%
/
4
/
4
--•,- ---- ---- ---- ---- ---- ---- ---- 5012 6212 4212 5714
(Adolf)
1231212312 1231212312 ---- ---- -- ___
_ 120 121 Gold & StocA Teleg
83 911 86 10458 96 1 - 8 97121097 101121371; 123 14314 Gold Dust certficates
/
4
-107- 6
44 6178 4412 5214 4412 5214 45 5158
• 52 6438 5418 66
100 120 122 ____ ____ ---- --__ 118% 1183 11814 118% ---- ---8
• 143%146
• 7112 62 554 18
-72 84Ts Via; 5514 i6772 iiT2 -25814 iii, Iv;
. 120 120 110 114 110 110 10612 108%
Preferred.
685 777 i:
8
8 3 84
771 8
614 784 ilil! ii ----1091, Goodrich (B F)
83 8 1007 RI
'
8
9417 105 4 13717 101
9258 73 8617. 7312 82%
,
5
111 113 1103 11318 110 1113 1101 112 111%11318 111 114
4
4
/
4
100 113 115 11418 11518 113 11518 113 1137 112% 11318 III 113
8
7% preferred
3
2 21, ____
4
Rights
__ ___ ____
4534 5212 51
6554 6117 747 6918 987 74%107
7
8
• 12217 140 112 13414 12317 15417 12818 13934 11214 1403 114 12858
- 8
901 140 Goodyear Tire & Rubber
/4
93 95% 953 99
4
97 99
9818 1013 9912 10312 10012 105
4
• 102 1037 10214 10478 1013 1043 1025 10458 101 103 101 102
4
8
4
8
1st preferred
/
1
4
---- -- ._-- ---. - -. 63
4 8
/ 618 814 --------Right,
1
4
76 8218 76 864 82 88
/
1
751 85% 8214 9212
/
4
2 t Gotham Silk Hosiery
5217 71
• 7018 8117 63 74
7512 813 76 864 8112 861 75 8412 7914 8612 70 823
4
/
1
,
• 65 7412 64 7212 5312 71
New non voting
8
5158 57
•
_' _
,
New
5214 60
448 528g 407 - 1
8 411;
1
iii- nil; iii- ffi- 1161!118; iio- Ili" iiiii4 116 ioo 11i8 Preferred, new
100 9812 10114 10012 10012 97 100
943 93 93 95
4
94 94
106 110 10758110 101 104
98 100
9917 100
97 98
9314 93 4 92 95
3
95 10117 Preferred ex-warrants-100 97 100
755 7% 81 4
712 8
Vs 71 83
/
4
8 714 81
7
• 712 10
817 712 818 714 1114 1014 14
/
4
8% 71 Gould Coupler "A"
103 1 1158
4
80 3414 313 4434 423 611, 4053 601 1 42% 47
4
4
4414 5018 3918 5112 3218 4418 25 3858 265 3558
• 4618 54
4318 5412 Graham-Paige Motors_ ___
8
2918 3258 31
39 56
38
3814 543 38 42
4
• 4314 4912 43 4714 36 46% 3112 39
3112 35
Certificates
3712 4714
20 2958
% 2
/
4
11 11
/
4
511 55
5212 6012 5812 6912 6412 -- 14 ii 8517 75 - - Granby Cons M S & P
79
81 10278 8112 98
100 85 9138 863 95
6218 867 6812 Yli
4
913
67 7658
107 107
263 29
4
47 50
---- ----
754 813 75 817, 77 941 851 94% 753 8918 Grand (F W) Stores
/
1
8
/
4
4
10717 1094 112 112 16912115 117 120 115 115
Preferred
8
27 3314 713 4917 3258 418 3318 373 291 3414 Grand Union
4
/
4
4612 548 5312 6012 5484 621 5514 593 5188 58
*
Preferred
8
---- ----._
_ Granite C 'y Steel
12
II i.1 121 lii 12
.
-6 ilit clic12 iiii4 118 4 Grant(WT)Stores
3
31% /
4
34I2 311 34
3114 3212 32 3512 335 3812 (heal Western sugar
3417 32 8
116 118 1153 11714 1141 117 11312118 1131211612 114 11812 Preferred
8
/
4
,
8
95 1097 9718 1221 1 1145 17534 12114 1443 134 173 13418 1763
4
4 Greene Gnnanea Copper_
6
7
512 61, 558 61 5
/
4
53
4 5
65 434 6 Guantanamo Sugar
90 90 100 100
95 99
90 95
92 94
90 92
8% preferred
58 6512 60 64
627 731 66 71'4 66 711 63 687 Gulf States Steel
8
/
4
/
4
.
107 10812 1073 10812 10814 109 108 108 10358109 105 10814
4
7% 1st preferred
24
2514
27
----
26
30%.
28
---
2414
2818
2712
____
25
24%
31
2812
284 27
/
1
--- ----
---- ----99 103
61 64
6258 76
If
:- --_-- ---5 - - ----
102
73
-------
25
31
29
----
2414
2812
27
----
1031; 102
75
75
---- 55
---- .---
25
33
27%
----
2418
3112
27
----
100 773 86
4
100 115 116
• 264 3277
• 503 543
4
8
* 1161±12718
• 37 44
100 11617 119
_100 168 1867
• 4
/ 512
1
4
100 88 90
4
100 66 743
100 107 10812
25 25 263
4
ii 2 4 Hackensack Water
.
73
25 28
30
Preferred
28 30
25 26 29
Preferred "A"
27 29
.• 491.1 563
4
---- --__ Hahn Department Stores
100 10812 115
Preferred
103 10012103 10012 102 Hamilton Watch. pref
100 101 10558
8/13 70 97
9934
4
90 92% Hanna 1st pref ser "A" -.100 91
5712 54% 56
54 55 Barb-Walk Refract new.-- • 54
55
--- --- --- ---- ---Preferred
100 112 11214
2512
33
2714
----
2334 243 2312 25
4
24 25
2412 264 247 2612 2412 27% Hartman Corp cl "A"
/
1
g
• 2518 27
1814 1914 1657 19
1817 2058 195s 2558 237 263 241g 773
8
• 31 17 393
8
s
4 Class "B" . ____ ..
"•• --- - - - ----------------------6714 68 61
•
671, Hawaii ,n Pineapp1eCo.Ltd 20 6012 63
Hayes Body Corp
iiiii. 1163, 10811116 11484116N 11517126 ill 1-1-7 - oi 1-1- -1, Ileime (G W,
0
25 110 11817
1301213017 130171304 1243 125 12184 125 12514 1251( l
4
122 4 1223
,
4
100 1233 12417
4 77 preferred
51% 5617 4917 06
52 5912 52 58
55 721 6513 7212 Hershey Chocolate
/
4
'
• 65
72%
73 764 71 12 7712 7012 80
/
1
77 803 791 89
4
/
4
Preferred
• 8048 8578
1031( 10014 101; 1017 103 10217 10418 103 1041 4 82 88
101 14
7
104 1041, Prior preferred
100 104 10558
19 22
1912 2312 1514 21
17 21
17 21
1612 18, Hoe (R ftr CO. ci "A"
• 18
2034
.____ _. _ _ ...
.... ___ 4618 493 453 5017 401 47 Holland
4
s
/
4
Furnace
• 4 114 50
27 3017 25 2817 253 28
7
23 27% 23 247s 18
23 Hollander A. & Son
• 1758 22
72 74
73 7514 7412 784 7618 80
7' 75
/
1
4
/
1
75 7717 llomesiake Mining
100 7,317 76
65% 71 17
1277 142
8
554 601 1
79 8/128
5312 5917
2335 25%
733 83
7
5714 77
-------------------- Household Products.
7417
28 Househld76
130 14517 13814 14917 133 144% 131 139
79 13317 Houston Oil of Texas
5517 7017 63 657g 6584 735, 61
5517 61
717 Howe Sound
.
7614 841, 80 91 1, 82 971 8014 873 8114 923 Hudson Motor Car
!
4
,
5637 691? 6917 7617 7055 81% 7012 84
70 533 Hupp Motor Car Corp
4
2318 264 258 333 2818 3414 3134 3143k 30123512 Independent Oil & Gas
s
39 49
107 107
23 393,
225 3714
8
27 36
261 31
/
4
20 2717
10314 110
94 107
95 104
4
30
303 37
343 2955 3735
8
28 3378 28 325s 2714 3335
--------------160 178
- 18 66 624
66- i1 -14 6'1'4
67
1
-15-i- /2; 56- - 84
/
4
4
21 18 223 20 241
11
81 10% 9
/
4
1717
1558 1777 15
77 7612 78 7934
4
118%124% 119 1313
63 673; 62 6512
(
5514 641 5614 6614
103 1031? 104 106
_
96
-
664 -74231 3158
!
93 1017
1517 1717
7714 8317
12714 142
7
617 7417
65 7414
105 110
No par value.
23 347 30
,
93 95
9714
3012 3858 2518
27% 35
2558
160 185 140
100
•
•
10
•
74 -29
-17
863 107
4
6614 72
R4
93
7.517 82
30 3514
7734 94
11478 115
23 273
4
46 52%
82 9612
110 11517
2018 29%
41
50
8458 92
5
/ 7918 923
1
4
107 113 104 III
22
2858 2118 2917
44
503 43 517
4
8
127 14458 11812 129 11417 126
3935
323 40
4
3614 42
35
,
116 1191 115 11912 11314 11611
168 1873i 152%197% 155%1723
4
33
414 5
414 317 4
6014 7334 50
75 89
55
6134 6718
8
697 747 6217 79
107 109 107 109 103 106
26 28
26 29
31
29
27 28
28
27 27
27
/
4
457 53% 421 5012
106 1117 98 10758
s
/
1
4
1003 102 101 103
4
94 9717 9212 96
4
58
5912 603
54
112 112 1121/ 11212
2614 273
2712 30
27 28
2
4112 45
4
993 10177
10:1 10412
95
94
5814 60
112 112
811 87
/
4
107 10717
2617
21
43 47
433 463
4
4
115% 12514 116 12214
5 34% 37 8
36 40
7
115 11714 11212 116%
l36,8 16812 138 17
014
217 3
217 4
50 52
48
50
555 667 5514 6558
8
8
107 107 10112 103
2512 28
2718 2912
27
27
3414 4358
9517 101 17
10112 105
95 95
58 60
____ ___-
2514 26
27
29
27 28
333 WS
4
9517 10117
101 10212
9414 98
55 60 4
3
1.12% 114
/
4
7
8
25 25 8 241 2512 235 251? 2414 2414
2512 26
2914 207 25
7
21
3014 3458 23% 317 24
25
64 66
6112 --------60 661? 621? 65
60
8
,
4
5012 663 4412 6858 373 537
110 115 104 106 195 107 100 106 100 10418
124 1241 124 1241, 12412 125 13214 136 1283 1304
/
4
4
8418 9555 84 93 4
/
4
7512 701 86
3
707g 66
64
8
3
82
/ 8112 871! 8212 9317 89 99 4 89 99
1
4
RO
/
4
,
10412 10517 105 106 104 1061 104 1061 10512 108
2178 1612 187 1518 18
15 26
17% 1912 17
45
347 441 347 413
5034 40
497 42
8
44
8
4
1317 178 1355 18%
1617 URI
1784 M. 151 20
75 4 767 7258 76
3
7214 733 7212 7414 7212 76
;
71
8213
697
8
83
67 7
,
3018
- -17
iI3
93
4
793
90
8014
3218
612
-i4-7. 92 109
a§ -ii
RO1 10617
/
4
70 82%
131 18 9317
60
7617
4
307 343
67
8458
5918
3212
76
897g
6877
3812
62% - 74
7017 100
5618 73'7
75', 92
3912 5758
35
3935
62
7214
58
7735
4055
3435
687
7
843
8
6934
8958
497
7
3714
427 Indian Motocycle
,
• 2018 3217 2311 2938 223 2612 20 2312 173 2 . 19 234
4
4 /11
97
7% preferred
100 95 95
92
9.5, R9
5
90 --------70 87%
35 4 Indian Refining
3
10 29
423 32
4
377 3312 4458 71312 52
8
3455 501, 3714 - 612
5
32
Certificates
10 28
423 30
8
/ 771, 32 407 3718 4554 3112 467 3484 48
1
4
8
8
170
Preferred
60 165 165 165
-----------------234 -1. 'IN; 2
ill - ----------Cert rca•es rights
23 558 4 8_
132 146 132 142 118 139 Industrial Rayon Corp
• 121 135 120 1- - 110 12817 112 12034 74 112
22
RI
9514
4
04 1035 95 127 10312 127 Ingersoll•Rand
• 120 137 125 136 12417 131 129 153% 122 148 133 146
-------115 115
12014 125
Preferred
... .. .. 111 III
100 ..
_ 114 114
_
__ III 115
6617 7417 70 76
6914 SO Inland Steel
9677 59 941 1 R417 - • 7517 9214 86 62
RO
93
13755 9255
,
2655 313 297 487 3514 47 Inspiration Cons Copper
8
8
8
4818 6512 455 66% 4655 5758 35118 .5158 411 473$
20 4318 49
/
4
9
10
812 15
4
1012 173 Intercontinental Rubber____• II
141, 10 4 141 4 1058 13$4 83 103
3
4
4
Ws 10
3
818 958
13
1534 14
7 143 1677 12 7 1681 1217 1417 814 137
172 13% 17% Internet Agricultural__ • 15
4
17
,
4
7
1317 10114
75 79
4
85
7712 843 RO
Prior Preferred
831, 75
100 8317 13817 7914 8517 81
Rft34 611'4 7414 67 69
13514 1503 14214 1663* 14614 1581- I nel Business Machines
4
• 14038 15.554 101 1643 15114 16812 15517 1797 175 1943 17912 210
4
,
67 791? 7517 8735 767 9477 Intern•tIonal Cement
7
• 89441 96; 9014 10234 86 • 98
85', 9434 841 95
83 9124
!
611 77 Int•I Combustion Engine
/
4
80
6334 7184 66
• 6818 8512 823 10317 61
8
983 671 7631 541 803 5578 6518
8
!
,
8
105 106 10312 100 108 10914
11212 121 11058 11814 109 112
Preferred
• 10812 1121!
99%1113 99 1023
4
364
FINANCIAL CHRONICLE
[VOL. 129.
New York Stock Exchange—Continued.
1928.
1929.
STOCKS
July
August September
November December
October
Low High Low High Low High Low High Low High Low High
January February
June
March
April
May
Low High Low High Low High Law High Law
High I
'm High
Par $ )er share 3 per share $ per share 5 per share $ per share $ per share
8 per share i Per share $ per share $ per share 3 per share $ per share
80 9818 International Harvester new -• 923 115
4
9852 1113 9838 1137 1015 1127 92 11934 0412 1093
4
8
8
8
8
1414 1423 140- 142 14517141 . iioiz 142 1413 143
,
--11
4 14214 143 7% Preferred
100 14112 145 142 143 14014 14212 14118 143 140 14158 140 141
997 10012 10012 11114 106 2 1127 100 113's 96 1023 85 10114 International Match pref___35 93 10212 87114 9712 6514 93 4 7612 8518 75 87
8
,
8
8
7912 843
3
4
412 5 8 4
3
638 lnt'l Mercantile 51arine100 6
512 412 5 4 43 63
5
,
7
67
8 512 714 5
4
8 5
412 6124 4 t 511
518 7
7
35 8 38
5
3412 3612 34 4 381s 35 8 413 353 4118 345 407
.1
8
3
8 6% Preferred
100 363 3912 3612 477 3714 4514 393 5114 34 483 3814 4712
8
3
4
8
4
4
------------------ ----119 110 .
_ Internet Nickel pref ctfs 100 ------------------------ ---- -------- ----120 121 8
•
23
4
8 6812
4
1 6 12
4412 5318
53
1
_
Preferred
100 118 120 12012 123 121 128 121 121---lais 1g- -55E8 ifii -ail - 2 --- -55r4 iffzi ...,_, ..,.,i, International Paper
773RI;
• 5712 72
14 72 7714 72 7712 73 83
60 69 ---- .._.—
10038 10312 9812 1003 977 9018 91 987 90 99
7% Preferred
8
4
8
89 95
100 8914 9412 905 94
8
8812 9314 87 9014 8514 87
85 2 881,
4
----------------------27 3412. 22 317 lilt Paper & Power class A-- • 2712 35
8
3012 2618 3014,
295 343 3012 353 29 3514 25
8
4
8
• 1538 2212 1812 22
1434 1812 1512 18
1914 2412 163 23
4
• 1038 1638 1312 163 1212 1614 13
4
4
1714 103 133 107 1414
4
s
100 883 93 89 923 8714 923 80 89
4
8512 87
4
847 89 4
s
a
3
14 318 ----------------1-128
14 ---, --- -,,- ,-.-_• 5712 63
,
.--- ---- ---- ---- R1 2 11 4734 12
f 2 6
6
6
iWg /6
-12 55 - - lot Printing Ink
E84 51 8 56
44 - 4
,
437 g 52
541
100 100 10518 --------100 106
9712 9934 95 9612
98 103
-53 61
523 58
4
5418 5912 54 ----59 52 59 International Salt
100 5512 7618 73 90
70
75
70 80
7518 90 4 74 87
3
13418 135 136 149 135 140 131 159 144 154 131 148 International Silver
100 131 1493 134 146 14012 150 13214 1423 125 14212 118 143
4
8
12314 125 122 122 121 125 119 121 121 121 11214 119
7% Preferred
100 11214 119 113 1183 115 116 115 118 108 11513 10914 112
4
165 1743 16814 1873 173 18812 1735 185 182 1967 1813 201 Int'l Telep & Teleg
4
8
3
8
8
100 197 4 22712 202 226 20512 279 239 27214 2411428112 -2-,
New
100 ---------------- -------- --------78 943 81 107
_
-- 8
---- ---- ---- --- _--- --_ ---- ---- ---- ---- 413 55
8 Rights
43
8 6 8 ------------------------24 3 8 3
5
3
5
54
3
--------------6133 6714 6112 78
6914 90 Interstate Dept Stores
* 80 9312 76 9253 74 8738 71
8414 6018 8314 6912 7614
-------------------------------- --------3412 3518
Certlf Cates
Preferred
14
.
1
4
100 130 150 ---------------- ---- ----130 130 12714 12714
---- ---- ---- ---- ---- ---- 1a4 1-31 1.1-2 111 1251 150
Preferred ex-warrants
100 ------------------------ -------- 9114 97
9212 0418
26 28
la 28
233 2612 24 ------- 3034 Intertype Corp
4
• 29 317
8 i
34
43
4
8 34
2012 347 3212 3812 32
3
49 53
4712 50
49 5412 52 57 Island Creek Coal
49 4 5512 47 52
3
I 53 573 54 617 5312 69
8
8
50
54 59
493 55
4
513
4
10512 10512 ____
_
___
Preferred
1
_ WW2 10612 --------105 105 105 105
11153 11178 1134 fii 126- 137 132 162 15214 179 14i1 163 Jewel Tea Inc
4
:
4 - -1
• 1467 153 146 16214 136 15214 1357 15038 140 1533 582 14711
3
g
4
124 124 124 124 124 124 121 125 1195 12512 12314 12512 7% Preferred
8
100 12412 125 125 125, 12518 12512 ---- ---- ---- ---- ---- ---8
_
1514 183
4 Rights
1412 163
4
1O13 1171; 1167 140 13018 116 148 17712 1613 1/43 159 202 Johns-Manville Corp
8
14
4
4
• 18012 237 19212 2423 15514 217 162 187 15212 194 16112 189
4
119 119 120 120 120 120 11812 120 1195 12012 120 12012 7% Preferred
8
100 119 12012 11912 12112 12012 122 121 122 121 123 121 123
27 30
2718 33
3112 3912 35 4112 3312 3912 31
31 Jones Bros Tea Inc
• 35 35 ------------------------2418 2418 27 27
11918 1213 12012 12114 120 122 1201g 122 12012 1213 119 12158 Jones & Loughlin Steel pref100 11812 122 120 12112 120 12214 12014 122 121 122 117 122
8
4
1014 113
4 812 103
4 812 107
147 II
8
8 853 1912 12
1612 Jordan Motor Car
• 1212 1612. 12
4 8
1112 63
e 7
137
8 6. 133
3
2 9 8 117
14
12
is 3 --------3
8 138 Rights
1654111 108- 112. 108 111 109 11112 111
;
1
3 4 112 113 Kansas City Light 1st pref 11_• 11214 11234 106 112 10812 10912 10818 109 113612 11014 10914 110 4
3
3
6814 7314 6912 727 6714 7312 69 7314 703 92
s
4
79 8712 Kayser (J) & Co
8
8
• 80 4 88
3
80 873 76
8
4
2
8212 793 925 775 907 79 8512
------3017 327 3018 34
---- -___
8
30 3112 2912 337 Kaufmann Dept Stores-- $12.50 2912 33
8
4
s
263 283 25 2712 25 26
30 3718 2753 33
17 211: 1814 27
2212 34
289 3753
4
7912 8212 78 8258 80 993 8912 11112
4
2138 25
681 - 12 64 0E 34 ii if 78 87
4' 71
4
633 76
4
6512 68
65 81
76 8612
3018 33
30 4 35
1
34 5178 4518 56
109 109
IN
71 11
4
12
109
il
1-1
1077 108
8
108 1103
4
1;4 ---11
11
-
9912, 9T21 163.2 iiis 1244
84 53 - 12 1553 3
95
-3
55
43
5e iiis - 6
.
4
55
-5i
55
4 -12 ii
6
gois - - 7 545T8 If
5 8
i
814 iikt ail., 7215 ai
6814 7212 71
3238 5112 3414 49 Keith-Albee-Orpheum
• 38 46
100 160 109 149
Preferred
100 119 138
1958 251, 1914 2412 Kelly-Springfield Tire new_ • 2012 237
8
863 101
4
93 99
6 4 Preferred
,
100 9812 100
843 95 87 043
4
4 84 Preferred
100 89 9478
461s 5012 40 503 Kelsey-Hayes Wheel
8
• 473 5614
4
5
New
11014 111 11014 111
Preferred
100 109 110
Rights
ilis 20
-78 iiis - - - Kelvinator Corp
18
4
• 15
1814
Kendall Co pre( A
•
• 15012 16318
- . 15 31 12814 156 Kennecott Copper
1 212 - 6.2
- .
New
•
Kimberley-Clark ............
•
iikt ii - - -34 Kinney (G R)
5
2
" 51 5814
New
•
1
55 9i 2 Oi 143
100 9312 977
8
4 8% Preferred
Rights
55 - - .7 5.ii4 -52 Kolster Radio Corp...... ____* 64
5i 8
785
8
• 35 8 39
3
4
_100 98 993
56; 48
55i2 - 1
55 4
-77'4 iOia 138
- 14
35 41
110 127
18
223
3
95 98
8118 00
533 613
8
4
110
110
1512 1914
9212 96
1523 165 4
4
,
785 9014
2
2612 38
957 120
8
11
2213
93 9312
8018 8812
4718 6112
108
110
25 3112
9412 1081,
8
177
15
85 90
7514 80
49 54
10614 1005
8
12
17
133 173
4
8
91
94
8912 94
-2-- - - ----82 184 8 815 - 8
- -7
8 645
5012 - 8 583 - 8 59
657
4 65797 105
7078
10314 1093 101 105 4
4
3
112 214
5612 71 8 475 6638 31
,
8
53 8
7
3452 38
323 377 3318 4214
4
8
95 97
96 2 0712 06 98
,
27 3712 261g 36
8
963 112
9514 115
8
1318 1914 1314 165
71
7414 - 14 70 ii
52 6073 -------4014 593 4112 517
4
8
10614 10912 ----I% 3 4
,
10 -- ,
4 2t
143 1812 1414 17124
4
91 93
91
92 8
5
---- -,-.s7753 067- 81 18 0712
8
4514 503 4612 5114
4
6212 6612 ---- -_
—
2712 3318 31
42
99 10234 98 1021
4
1
8 2 ---- 2518 44
2514 - -733 8
403 4914 4412 50 4
4
3
951 1 97 g 95 98
,
14
8
8
817 773 8212 763 817 761 913 78
8
s
8
4
8712 Kresge (S S) Co
10 84 91
80 877 8118 8212 --8
_ ____
_ - -New
4614 5712 48 8 - - 44% 10
, 5214
if 4412 - 4934
ill' ffi" iii- ffi - 7% Preferred
8
100 109 11314 111 1137 111 115 114 115 114 11453 11214 116
19 207 19 2458 Kresge Dept Stores
8
• 20 23
18
2052 15 20
1512 1812 123 1812 1312 15
4
75 75
71
71
8% Preferred
7112 72
7318 7314 72 7312 70
100 72 72
72
6912 7012
111 1243 110 117 Kress (S II) & Co
4
* 1097 114 107 11012 9612 106
8
95 10512 9214 9514
97 102
3518 371 3253 3853 Kreuger & Toll
:
3612 427 373 45 8 3518 463 35 4 39
8
4
3
21
3
3312 3038 35 3814
____ • _
Rights
3
5 11/i
5
8
7
8
,- r
-924 fthi :1 iiiiie CIA iiiiis fiiiii 1125g 130 15518 flit; 1o57 136 2 Kroger Grocery & BakIng__* 113 12212 10258 11658 85 10812 8718 963 7512 - —791 - --3
8 - 14
97
4 87
4412 4812 Kuppenheimer
45 45
5212 5212 --------4612 4612 4412 49
a
4312 4312 34 34
---------------------110 110 ____ ____
-_-- --_Preferred
100 110 110 --------110 110 ----------------112 1
-1214
235 260 -___ --- _ — __ _ . ____
_ _
__
_ _ Laclede Gas (St Louis)- _ .. _100 235 241 235 243 235 4 245 235 24412 23112 234
3
45 245
jai' fez 15512 an ____
__ 100 10212 99 101
- - - 9912 10114 5% Preferred
- 100 102 102 10012 10012 100 101 100 10018 10012 1001 100 100
365
337 3012 -- 8 32 35
8
33 3538 3018 347 Lego Oil & Transport
3012 3312 31
8
* 2712 33
2614 30
27 3114 28
3312 26
307 2714 383
8
8
8
3
10338110 10412 11712 116 12732 12512 136 1273 1363 115-531333 Lambert Co
• 127, 13812 128 14112 1361g 15714 13618 147 131 1473 l3212 148
8
4
8
Rights
43
8 67
2 5 2 77 -22,
8
-- ----- ---- - - -,,- --2
Da - 12 laig 2218 io - -1-12 515i2 2653 195 -- -3 1812 Ii Lee Rubber & Tire
20
8 23;
• 213 25
4
1918 23
1812 -23
18 -20
10
1612 13
163
4
g
4412 471 46 497 46 493 4714 5812 51
:
4712 51
4
583 Lehigh Portland Cement.. 50 5612 62
2
5814 65
55 6314 50 61
5078 61
50 55
110 110 110 110 110 11014 108 110 10738 10914 10614 1087
g
Preferred
4
100 1063 110 10914 110 8 10818 11012 109 11038 1093 1103 108 110
3
4
4
---- --__ --- ____ ____ ____ ____ ____ ---- ---- ---- ---- Lehigh Valley Coal
19 26
20 4 2512 2052 285 2114 26
•
3
8
20 8 26
,
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- Preferred
39 40
3412 40
50
3514 40
37 41
3914 43
iii19
68
100
Ili237
3
7078
105
46 5414
29 30
38 5214
135 137
8338 92
8312 915
8
8
iii- 1f47- 11112115 - iiiisffi175 217
8
2053 2618 2114 24
8
71
75
7314 75
74 74
4
10112 1093 106 11912 10814 11312
-------------36 403
4
50 55
2812 3112
3914 44
134 13914
8812 927
8
8614 9214
54 63 s
3
30 3718
42 5012
13414 138
91 943
91 937
8
57 647
8
33 4018
40 44
134 135
88 94
8614 9312
55 8 6212
3
3612 4014
42 513
4
135 13712
8912 97
873 9412
4
54 6412 Lehn & Fink
* 621 6814 5818 6812 5212 6214 53 58
4
51
5812 503 5312
4
3412 4914 Life Savers
• 2914 3938 3112 33
43 517 Lima Locomotive Works
8
5 4512 5212 45 497 4418 s
4934 54
55
4234 5l78 45'
55
135 136 Liggett & Myers Tob pref-_100 136 13614 1304 13714 13514 13712 13512 136 13412 13512 13414 13414
8758 9312 Common
25 92 10512 8912 9812 8112 9214 85 893 87 93
8
82 86
85 8 9212
5
B New
3
25 895 10312 8918 9812 8118 9412 8412 90
8614 03 8 8118 86
3
____ _ Link Belt Co
*
54 61
53321 5818 53 5512 52 54%
8
1
- 1
-a13- - 7 -69 - -3 -7418 - -12 -761- 3 - -- 2 -77i4 124 2 -15K 122 Liquid Carbonic
/18
-12
, 821.14 74;
84
* 10312 1137 79 1097 713 877 75 8 895 75 88
8
8
8
8
3
8
7718 917
8
Rights
114
1
1
4 214
-5112 E6- -5ag -aa4 -1 -85- - -61
3
;
-14
iii -Ofii - - -1 -55F8 06 - Loewe Inc
63;
• 6352 80
7038 8412 60 4 83 8 585 645 4812 6338 53 577
1
7
8
8
8
10012 103 1003 1013 102 1063 10118 1033 1013 1023 10053 1033
8
8
4
8
3
4
4 Preferred
• 1023 110 4 10412 11018 98 10878 97 10118 9512 9812 9212 9518
8
3
_ _
_
Preferred ex-warrants
90 95
917 92
8
90 92
9114 92
578v4 6i iiii 44 Til, jo 123, Or, If
4
ii2 -1
6 Loft Inc
• 712 10
7 8 87
1
8 72 9
87 1112 814 1114 918 11
8
Rights
Is ' 12
-514 3 34
2
4:1- -514 23 4 -ally - - - -a11- ---- -.-- Ws -- 32
130 Long Bell Lumber A
• 2814 3212 2814 31
29 3014 27 297 27 281 25 2712
8
4
4514 493s 4612 8114 7012 883 6813 80
68 763 593 73 4 Loose-Wiles Biscuit
3
8
4
4
25 6412 745 6418 72
8
5918 7112 5912 6958 .58
6838 585 6838
8
120 120 11712120 120 123 11912122 120 124 118 122
1st Preferred
100 11612 118 11712 120 11612 120 118 12112 1173 11814 1153 117 4
4
4
3
92 97
9514 9653 9412 97
9014 95
92 10013 8612 98 Lorillard (P) pref
86 92
100 88 93 90 92
86 8812 8412 9712 92 03
2414 3112 2712 30
29 33
27 295 27 323 2512 29
8
8
Common
2
25 2412 283 24 2618 20
2514 205 243 2012 3112 2412 2
8
s
811
1314 1514 1358 1533 1334 1812 1458 1778 1618 1914 14
1712 Louisiana Oil
• 14
18
1312 1614 123 15
4
133 1612 1252 1512 1212 13
4
11
90 903 89 90
78 88
4
8912 9112 8912 923 8912 91
4
89 10014 91
100 8912 95
63% Preferred
93 89 9312 00 923 0012 92
4
3612 3414 373 355 39
8
8
36 3878 37 3912 3658 407 Louisville Gas & Elee A
335*
8
5 365 47
8
4018 45 8 38 4478 38 41
3
4
357a 4038 3718 485
3
4 114
Rights
----6938 - ,171 iii 19 8 7414 a -- --11 I012 8612 81
-7
SI% Ludlum Steel
• 7714 873
8
- -14 70 82
87
781 106 8412 1603
4
New
- 4
* 100 1027 100 101
5
8
98 3 10012 99 102 108 108 1097 118
3
8
'iii';
Rights
53 1
70 743 705 75 6914 - 5- 6.912 1ô 69 80 McCall Corp
4
69 73
s
718
7114 14
7117 - - 14 75 fiii oi 1- -1
ii
8
6
71; 7112 • 73 80
64 4
8
4
96 102
4
833 1047 985 104
9838 10112 9812 1097 95 106 McCrory Stores
8
• 100 4 109 10612 1131 102 11212 100 105
3
4
98 10014 0712 10118
1
9212 112 103 4 110 101 11038 101 107 104 1193 9712 109
• 101 110 106 11512 100 11412 100 104
4
Class B
9718 10438
9814 104
112 117 115 115 11012 115 11214 115 114 11812 --__ ____
6% Preferred
8
100 1137 115 114 120 115 120 111 115 10812 110 107 115
---. ---- ---- ---- ---- ---- ----- ---- ---- _ .McGraw-Hill Publishing Co __• ___
3
42 47
__ 433 48
2
415 463 4118 4612 407 42
8
4
215 2312 1914 -8
22 2414 2012 23
24
1912 --2412 1912 - - McIntyre Porc Mines
21
157 1812
8
1932 18
191g 2312 19
19
2312 2014 21
5 21 - 8
6618 7012 66 717 6814 75 65 4 753 66
1
4
7832 70 783 McKeesport Tin Plate
8
8
4
72 813 6212 777 66 7212 66 8014 677 7234
8
• 7112 82
---- ------------------------4513 495 46 503 McKesson & Robbins
8
4
...... • 49 53
50 6314
5114 5812 49 49
51
557 4912 50
8
54 6338 55* 61
5812 61
Preferred
8
55 607 57 59
5712 62
-50 5714 607 58 62
s
44 483 463 49
8
8
48 59
457 5312 463 53
8
4
4612 52 MacAndrews & Forbes
• 4212 46
3712 40
40 3 45
5
40 43
37 40
3739
-------------106 1073 106 110 10713 110
4
4
4'1073 10714 1071
Preferred
100 104 106 ___- ---- 10612 107 1073 1073 1073
4
4
4
12 125 125 128 130 -------- 125 125 Mackay Co's
-- 2
i24- 12i1100 122 12518 --------140 140 140 140 ---- - - 150 150
81
82 4 8114 815
3
g
44 86 86 84 84
77 787 7812 81
4% Preferred
,
84 - . --- _100 83 21 841s 8318 8318 8312 83 4 84 84
84
3
8
98 3 9114 1017 92 110
3
8814 967 91
8
881s 97
9714 1097 Mack Truck Inc
• 104 11414 1043 1143 91 1105 9512 1083 91 1085 93 101
8
8
4
8
-14
8
8
8
8
5 168 18634 16234 173 148 168 150 165 156 1733 15812 217
305 365 s134 382 140121477 13812 1837 1731218212 160 1873 Macy
4
4
231s 25 4 22184 2412 2112 2412 19 227 1814 2214 Madison Square Garden
3
2312 30
g
• 1814 217 19 24
8
19 233 1812 217 18
197 1714 197
g
8
2
8
3
8
7
5312 481 55 4 55 844 5753 62 s 5953 75
483
s
5914 7112 Magma Copper
* 66 7212 685 7812 6812 821 673 743 60 743 8412 703
4
*
4
:
4
4
245 2212
4
5 32 39 8 28 33
2
8
177 247 2012 In 8 in"- 273 25 3712 33 3812 313 3512 Mallinson (H R) & Co
8
3
2412 3012 2414 3212 2414 3112 2518 2838
+n,,, "c ,
fit'. , ,,, 1/17 Inn, 189
,
a
8834 int
101 1061t 100 104
7.7. Preferred
180
05 2 100 --------90 1017 9714 98
1
8
b Ex.dtv.76% In stook.
0
174, vas value.
8-0 -8-0-,2 6612 _
68,, 80,,
iia127
365
FINANCIAL CHRONICLE
Juuy 20 19291
New York Stock Exchange—Continued.
1928.
STOCKS
July
August I September
October iNovember December
Lap High Low High;Low High Low High Low High Low High
i
8 per share 8 per share $ per share $ per share$ per share $ per share
2912 2912 2712 2712 2312 2514 21
202 25 27 bfanati Sugar
30 30
7% Preferred
40 59
4
4
5212 5618 493 493 48 497 44 45
4314 53
32 3412 35 3712 3312 38
3314 36
32 33
32 35 Mandel Bros
8
31
327 6218 2812 3478 3012 45
56 64
8
363 293 3578 Manhattan Elec Supply
8
3412 39
345 3714 32 36 Manhattan Shirt
4
3214 343 3114 3814 3514 40
Preferred
_
_
_ _
- 120 120 _
-6i4 - -1 8 IA 2 -711
1812 16T4 - 14 1
-161. .- 3- 16
2 1 4
6
2612 iii"A Ti38 Maracaibo Oil Expl
4
34 36% 36 3912 3612 413 3712 4512 4218 403 40 4738 Harland Oil
4
611 6514 6138 8138 7513 83
/
4
555 6112 57 67
8
734 82 Marlin-Rockwell
----------------------------77 86 Marmon Motor Car-----Rights
1714 2414 1618 203 16
17 21% 20 25
.
17 11
19 Martin Parry Corp
2
11912133 128 147 1361214812 139 16712 1583 173 16812190 Mathieson Alkali Works
8
120 12512 122 125 123 125 121 125 121 125 120 1233
4 7% Preferred
4
7612 8614 8312 8728 8012 893 835 11312 9118 10712 May Dept Stores
8
75 80
1712 233 2212 2714 2318 26% 2418 3012 2312 2838 Maytag Co new
4
1818 20
40% 4714 45 4918 45% 48
4214 46
45 5038 443 473
4 Preferred
4
4
91
9412 9014 923 908 9212 9012 3312 90 93
1st Preferred
8912 90
64 68
_- 67 70
607 657 613 6778 Melville Shoe Corp
8
4
34 407 4138 36
*
2 3
512 3412 41
-. 614 11 8 -271 -2
-72612 3338 Mengel Co
Preferred
8
4
253 245 26
25 26
265 275
25
253 25 253 2412 2514
4
4
---- -_-- 290 300 264 264
_
3 8
ii- -27T2 --7 -55" 11 2 -564 12 -477 - 4
3
-iiis 285- -i - 7
4 73
4
- - - -- - '8
'4 _
_.
18
IA - - 18 2- 5 26
2
2
19% 21
2212 3'64 243 ii
ill ii
4
25
1929.
Aprfl
February
March
May
June
January
Low High Low High Low High Low High.Low High Low MOPar $ per share $ per share $ per share $ per share $ per share S per share
1312 157 1212 15
1912 2118 --------151 20
100 20 26
367 41
31
37
38 44
43 44
100 4314 5012 44 50
30 34% 28 3012 24 2814
37
3712 31
3412 28
• 31
/
1
4
2518 32
/ 25 27
1
4
8
281 33
36
/ 283 31
1
4
4
• 3014 373 32
3
27
33
/
1
4
4
8
25 3212 355 295 333 30 313 28 3014 25 8 30
119 119
100 120 120 120 120 119 119 119 120
1758 13% 1514
14
1812 13
1212 17
15
1714 12
• 14
4
3912 44% 3318 4114 3312 363
4
* 3714 4713 35% 413 3714 43
4
70 7312 723 897 77 8338
4
79% 6912 773 6918 77
* 74
74 92 4
8
8
663 793 70, 797 731 9214 74 104
4
4
3
• 6912 84
33
4 6
0 1614 18
3
1218 7 4 828
15 4 1218 1412 8
3
1.414 163 14
4
4
* 175 2183 179 218 172 204 c50 210%
100 120 125 121 125 123 125 123 124
83 887
8
25 96 10812 9018 10212 83
0 2214 2414 2112 228 20 4 24 8 213 25
4
3
3
3
8
• 423 4518 4214 4312 4112 43 4 41 4214
80 87
12
• 88 9018 8712 8818 8712 88
3
5612 65% 5912 65 4
8
627 71
• 6218 72
22 27
8
• 2712 347 2518 313 20 30
100 ------------------------9999
9n
5
4214 55 4 4.58 58 4
3
3
123 124 12114 12
3%
73% 87
7312 844
19
2212 197 23
8
40 42
383 40%
4
8012 85
80 84
59 81
583 68
1
2118 30
2138 27 k
102 102
7
2
6
2
2 4
6
2
i i6i8 -- 3- i51-2 -- 14 2512 26
438 25 k
iii4 - Metro-Goldwyn Pic pref____27 24 26
100 240 275 --------226 242 242 295 222 242 210 220
Mexican Petroleum
100
Preferred
i:3
-'
5 °5
58 °
6
4
8
* 4612 693 -42i2 - - .- -iii1 - --- 14514 160
Mexican Seaboard Oil
53 11s 38
5
-------------------------114 2.
Rights
4618 3812 43%
4
5 018 iii 34% 443 3518 5412 42 5312
Miami Copper
____ ___ ____ __-_ 10014 10134 95 105 85 1081
4
*
-361-4 -6-i78 -5783
-
4
/
1
4
8
3612 333 367 3338 363 3318 35
4
4
3
* 3112 397 3012 333 31
2812 3114 29 3712 34
3838 3614 4412 35 43 Mid-Cont'l Petroleum
111'2114 110 113 11212 114 113 113 115 12012 7% Preferred
113
4
Rights
7
12 4
3
3
4
518 3 4 4 4 3
%
48 A 1
,
10 414 5 8 A - -3i14 7 14
5
4
% -: i
lid
1'8 .52 612 A - . Middle States Oil
7
23
2 314 214 3
,52 312 2% 31
3
3 2 2% 3'8 2
,
10 3
V/ 318 584 33
38 3
Certificates
4 5
37
8 43
4 212 5
3
3
4
2023 24512 205 2423 23214 2491 230 244 225 295 2251227014 Midland Steel Prod pref—__100 238 26314 225 2513 243 4 26614 25214 275 22712 269 4 238 250
4
4
/
4
3
4 0%
4
19 2012 1812 24
* 2212 2834 2212 243 2312 28% 23 8 261 1914 2312 173 2
2114 24
22 24
20 24% 2112 24% Miller Rubber
4
10912 110 109 110
99 101 --- ---- 10412 10412 102 103 Milwaukee El Ry & Lt pref_100 101 101 104 104 106 1063 10912 1091 04 10.6 101 105
*
__ __-_ ____ ____ ____ ____ ____ ____ 364 40
- 97 10018
*
Preferred
8 1
6
7ii0 2
4
• 7012 793 69E8 - 1- -662 -- ; -iii2 - - -56i2 I& 05 721w
1
---- ---- 5518 li 55i2 13 8 4018 1312 ii ;
r
7374 Mohawk Carpet Mills
61i 551, - 167 167
100 16214 172 165 170
Montana Power
7
- 412 5
114 63
0 4 6 - 57
2 4
6,8 5; 1% - 3
74
6
41;15 % 120 1471 115 14014 11538 13 8 -6 - 1308 100 112
8
6
,. _._ i i:i Ti 116t2 Montgomery Ward &Co new:13
“ ". - ." -=
OIL 83
1 83
9 63
4 73
4 6
4 63
812 13 73 , 784 53
4 7 Moen Meter Car
*
2
____ ____ ____ ____ ____ ____ 7514 787 7218 79%
2712 30
112 112
-
3% 3%
3
4
4 238 353 318 4i8 318 4
212 27 .232 23
8
412 612 3% 5
6
3
" 312 3 4 3
314 4 Mother Lode Coalition
3
29 43% 34 4012 3614 4412 37 60 8
8
8 18 712 812 814 1014 10
4
• 1212 183 1518 30
11
10
147 Motion Picture Corp
8
1414 10
4
8
157 1714 15
1812 16
3
3
4
• 20 253 19 2212 1818 2412 18 2114 143 207 15 4 18 4
243 18 2112 18 2012 1812 243 Motor-Meter class A
4
4
163 18
4
1612 19
Class A certificates
-5i" 1.293
11 1821 10612 13712 9612 144)
/
4
,iio- iiii- ii - fiti- ii5- 211 4 i.ie - ficiii iii- iii- Motor Products
4
• 165 1943 175 203 177 206 4/1
- 1
.
40% 5013
-Rights
5 4212 4614 4318 4712 39 4612 42
664 -/ 3
1 0 6713 10 ,
4738 4238 48 8 4008 45
-38 Th - 0% 6( ' , ii - 7- 35E8 431, Motor Wheel
3
5
.
14
3T4 611
318
697 78
6912 8412 79 943 8412 9514 8112 913 7312 8534 Mullins hug
48 6714 424 507
5818 6712 60 64
75
8
/
1
• 7112 817 60
4
11
4
2
91 99
3
86 93
• 98 10212 92 1017 9212 9612 90 4 94
Preferred new
8
— — - - - - ---- ---- ---- ---- ---- --- 100 1047 98 102
50% 3512 4812 5118 483 50
5018 59
8
4
4
5413 613 54 6114
• 53 5612 5212 593 5012 56
Munsing Wear
48 5334
7 463 5738 52 941. 9412 12414 5012 5714 501 58 Murray Body
40 47
85 9914 8912 100 8
4
773 67 7712 62 783 6314 92
4
4
7
• 68
1323 1187 59 77
8
8
8014 893 8314 907 90% 987- 8914 9612 90%112
8
3
9612 102% 8112 99 4 8118 87%
• 10214 1187 10314 11412 94 113
8
8
9318 109% Nash Motors Co
13
157 1338163 15 2012 1912 243 2114 313 2612 3212 National Acme stamped
8
3238 38
s
4
10 2812 313 283 3912 284 3912 .29% 34% 313 39
4
8
4
8
---------------------------------37'a 4814 36 423
.. National Air Transport
!
" " 887- -5.E8 14 2 -iii2 ifi" iHialii .
ii
8 4
100 195 234 19115 2161 _
7
.- 1..6- 178 iiii 24984 National Bell Hess
-4
66
14
3
707 5018 71
*
3
5012 597 49 4 60 2 47 521
8
•
:
New
ia 1'6612 1038100 8 10438 107 ioi 113 1114 115 105 11818 7
8
- -34
3
100 11514 118 110 115', 109 110 105 108 10312 107, 1023 103 8
-3
-18
% Preferred
15912167 16214 184 1703 18212 164%1723 167 19514 170%1903 National Biscuit
8
4
25 18712 205 180 1953 168 18412 17012 1873 16612 1887 170 19218
4
4
4
1441214512 14112 144 142 143 14214 144 1431214414 143 14412 7% Preferred
3
4
8
100 14312 144 14134 144 143 144 1427 144 14112 143 8 141381423
4
4
583 6738 64, 8738 83 9413 89 99 8 9018 10112 8214 10484 National Cash Register A_-__* 963 1433 118 139 11812 1483 12012 134 10334 130 1044 12212
4
8
8
3
76
817 7918 823 92
8
• 1261:13738 12212 13712 11618 135 120 13512 13118 13712 ___ __/
1
41143 108%1193 1123
8
4
4
812934 115 13312 National Dairy Products
*
6218 69 8 6314 3
7512
New
29 33
• 2818 34% 32 341 34 37
2818 30
/ 33 34
1
4
Dept Stores
National
93 9413 93 95
9214 93
93 934 9438 96
100 94 94
7% 1st preferred
431 58
3
4
* 37 433* 35 43 4 33 5512 40 541 4012 52
National Distilled Prod
8
,
5
3
/
1
4
* 6912 75 6712 847 715 8612 75 847 75 8 85 2 7718 10712
Preferred
8
8
43 554 44 4
5012 56
National Enamel & Stamp__ _* 5212 624 525 5914 497 58
9%
4
100 132 15812 141 1513 145 173 144 15713 142 15212 142 153
National Lead
100 140 14012 140 14112 140 14112 140 14112 140 14018 13814 141
Preferred A
3
100 118 120 118 122 118 118 118 123 4 118 118 118 120
Preferred B
42 613 467 54 4618 56% 4912 63
/
1
4
• 4212 5912 513 58
8
3
8
National Power & Light
• 1414 17
1018 1514 1058 1212 10
612 11
12
National Radiator
718 9
3714 3918 30 36
18
20
30 3l1 17 32
Preferred
., —100 38 41
s
4
4
4
50 120 144 1193 133 1113 1243 116 127 120 1307 1207 128
8
/
1
4
National Supply
100 11512 116 11414 115 115 116 115 117 115 1157 115 116
s
7% Preferred
101 114
50 140 15212 13912 155 129 137 1233 135 118 133
4
National Surety new
• 340 370 33012 358 358 361
National Tea Co
New•
84 89% 70 907 61- - - 64 8438 654 - 7
0112
8
69 5
---- ---- ---- ---- ---- ---- ---- -- - _
Rights
14
14 ---— ---- ---- ---- .---213 234 221s 27
4
255 283 2131'304 66T4 - - -al- - , Nevada Cons Copper
8
8
3
• 393 4828 4518 58
4
06
445* -- -7- --- 40 5312 4318 48 4
ii
;
62 8
3
50
Newport Co class Is
43 44
43 4812 45% 52% 48 75
•
4
4
4
- - ---- 105 1103 93 1113 97 1053
i6r4 2718 25 -- -34 23 I
2
6
II; 2532142738 -- - ii -- 12
32
3
0
96 967 9312 95
8
93 94
93 9412 93 9314 93 93
334 393 3614 457 4014 443 38 4338 351 427 3212 433
8
8
8
8
5218 593 60 673 63 6514 63 66
8
8
61% 63
8
60 687
273 307 293 32
8
8
8
301 46 4 40% 487 435 573 4913 5612
3
8
8
115 123 1193 127 123
/
1
413112 117 124 117 13412
8
4
14414 14414 14212 14414 142 143 142 142% 14012 142 1183 134
140 14138
1201:122 121 121 12012 12012 11618 11912 118
118 118 11912
325* 353 32 37
8
35 434 3714 42
3714 46
8
385*, 55
14
19
18 2312 16
20
1614 2438 17
1914 15
1878
60 75
70 7012 4512 68
45 51
40 46
36
46
88 9312 8918 10012 96 1073 106 118 11114 130
4
1253 146
4
116 11812 11412115% 114 117 11412 117 115
116 11512116
.22..- ---- ---- ---- ---- ---- ---- ---- 146 150 1383 147
4
Wel 2653 265 28612 272 289 272 355 335
4
372 309 390
40 2 4412 4118 445 4212 473* 3978 433 407
3
5 4258 477 46
463 414 447 NY Air Brake
4
4912 4112 49 4 45 4818 4112 46
8
42, 47
8
3
12
4718 527 47 494 48 5212 4712 5214
8
48 643 4814 527 N Y Dock
8
100 49 563 48
8
,
588 4114 48, 434 52
40 5112 40% 5 38
,
2
8512 8512 8512 8518 8.5 8518 86 86
86 877 86 86
8
5% Preferred
100 8512 89
86 88
863 87
4
84 87
84 87
87 90
3a
no 1023 10014 102% 9912 102 .9811 101
4
9912 103 100 103 N Y Steam pref (6)
• 100 103 100 102
9812 101
9818100
97 100
96
el3'
4
10714 114 1113 11318 11014 114 110 11212 III
114
• 11212 114 113 11414 11114 114 1111411312 1114 11312 11014
68 7312 7018 7514 73 79, 7112 743 73% 97 110 11212 7% 1st preferred
3
8
5 9052 106
8118 9618 North American Co
98 10912 96 109
9712 11012 107 12112 118 148
52 542 51
634 55
55
5214 55
523 54 2 5138 54
8
,
6% Preferred
50 5214 5414 5212 53 4 513 5338 52 53 2 62 54
4
3
3
514 5
3
10014 102 101 10212 100 1013 9 1
8 9 41014 1005
210218 101 1017 North American Edison pref.* 1017 1033 101 103% 997 102 100 102 100 1017 100 1011
8
4
8
/
4
8
- ---- ---- ---- ---- ---- ---- ---- 69 6072 633
4 69 North German Lloyd w I
8
8
58 6414 55 587 545 6018 6012 5518 48 8 54 8 52 56 8
,
7
,
49 51
48 50i2 4814 5112
5012 54
---, 53
62
0
4812 50 Northwestern Telegraph____50 4818 4912 4812 4912 46 50
45 474 --------4312 4732
34 312 314 612 514 712 514 7
54 638 518 64 Norwalk Tire & Rubber
514 614 5
61
10 5
57
8 3 8 512 3
,
3518 39
4 8 25
5
3
12
38 40
42% 48
48 48
40 47
4018 4018
Preferred
40 40
-100 4018 45 --------37 37
73
97
20 8 33 4 21% 22
,
10
3
10
8
811 8% 8% 8
8 12 63
• 612 7
4 77 Nunnally
612 8
61 64 6
/
4
612 512 8
7
22 24
7
22 24
23 32
2614 3138 28 3312 27 32 Oil Well Co
2414 297 223 267 2212 263 20 25% 173 21%
32
4
8
Supply25 2618
8
4
9912 103
99%1004 97 103
98 I017 99 102 10112 104
/
1
4
8
7% Preferred
rd
100 10212 10612 102 10412 99 10212 96 8 100
5
92 99 4 93 9813
3
*
5
5818 6412 3418 61
35 43
Cony participating
•
1
65 693 49% 58 8 51
8
3
57
Preferred A
*
- 98 9910 93 99% 90 94 4
8
to3 11.7
8
8 97 1112 1012 12% 10, 1212
8
3
011 163
712 10% 7% 1014 712 1018 8
• 812 10
4 ii2 -14 Omnibus Corp
95 06 s 931s 96
,
96 96
10% 8 98
5
91
95
847 01
s
83 2 88,8 S% Preferred
,
83 90
4
100 833 87
80 893* 83 88
813 80 __-- .„.„.
673 7212 71
4
6812 71
76 4 7214 83% 7
,
• 73 79 4 724 79 8 76 827 77 8438 76
814 81
74% 813 Oppenheim Collins & Co
3
/
1
3
4
8
80 87
79 4 72 4 -757
8
3
798 8012 78, 84
3
82 96
;
89 104
91
3
99 Orpheum Circuit Inc pref_100 86 95 4 85 8718 71 84
60
75
69 85
72 7Th
18514 100 10414 222 211 22612 217 244 230 252
2371:28512 Otis Elevator
50 276 335 277 325 300 345 301 33112 307 357 334 372
12
122121263 1261212612 121 12612 121 121 121 122
4
122 12212 6% Preferred
100 122 125 122 12412 122 12412 122 12312 12312 124% 12134 125
21% 234 22 2714 26 317 28% 3412 303
/
1
2
4 4012 32 377 Otis Steel
3714 4234 3738 4212 4018 485* 42 451 37 4412 37% 453k
94
97
963 9812 9614 100
9312 96
4
9838103 101 103
Prior preferred
100 101 103 101 108 102%10412 101 1023 100 10212 9638100
4
_
- 84 973 91
4
9918 91
934 91
933
4
• 92 963 904 9114 88 88
84 I
F
-14
83 82
iii121 -12 11314 1131 1 109 110 113' 113 1093 114% 90 9214 Outlet Co
4
Preferred
100 106 109 106 106 108 109 110 '
110- 110 10714 110
-76 8 8112 7659 8512 773* 8312 78 8512 83 91% 109 112
,
79 90 Owens Bottle
95
25 81
91
983 90 9638 84
4
3 81 85 - - -,-Owens-Illinois Glass Co .25
84
4612 5
78
3
2 8 8 6112 49 5618 L0 - 5
3
25 53 8 6814 57 67
5
64 Pacific Gas & Electric
5412 18
-12 547- -38 58 6012 5814
07
Rights
3% 312 2 8 314 _ _
7
75% 8414 744 7812 733 791- 7354
/
1
82 85
-4
8
Wit -ai- - .Pacific Lighting Corp
• 70 804 72 79 4 747 85
ii
8
8
7312 - - - ii - 1. -iii2 IBS
8
6
2514 2514 25 345* 30
. 81 2
27 27
28 30
100 3014 3312 29 327 29
3512 30 34 Pacific Mills
8
32
1g
30 37
I
28 37
13
4 I
14 is 11s las
27% 30
13s
1
178
• 118 • 112
11
Pa 11 Pacific Oil
/
4
114
1
114
1
15*
1
14
1
14
14514 15212 148 152 160 15.513 14814 152 150 168 159 169
Teleg
100 159 182 170 179 174
/
1
4200 176 190 175 188 172 186
0 12153 120 120 114 119 118 1215 1201212112 Pacific Telep &
120 122 12
8
4
6% Preferred
100 1163 126 126 129 _
12714 128 12714 130 12714 127
8214 928 90 10
4
714 7912 7334 85
14
018 9212 145 129
10 139 163 12514 149% 11812 152 12412 137% 12712 1633
4 127%139%
39 5014 45 517 4812 .5512 4412 163 Packard Motor Car
4014 4312 39 43
8
Petrol & Transp 50 42 50
533
4014 44
4118 5214 49 623 55 63 63 5042
8
84
413 447 40 447 3918 515* 465 537 483 587 45 56 4 Pan-Amer
8
8
Class B
50 42% 517 4012 45 4 41
8
3
53
49 6538 5612 66% 6518 833
1512 211, 1614 173 17
1
1 gt• 17
4
171 1 11
17
.
1R•ht 1R * Pan-Amer West P B
• 1712 1732 144 1512 1418 16
,
/
1
14
15
/ 1438 1412 13 1.41 2
1
4
/
1
4
/
.WV.
/ In 8300k.
4
y Ex-rights.
___
.
tAr
366
FINANCIAL CHRONICLE
[VOL. 129.
New York Stock Exchange
Continued.
1928
July
August September
October
November December
Lem High Low High Low High Low High Low High Low High
STOCKS
1929.
January February
March
April
May
June
Low High Low High Low High Lou, High Low High Low High
$ per share II per share $ per share $ per share $ per share $ per share
Par $ per share I per share;
per share $ per share $ per share 5 per share
1414 16.. 135 157 1418 16
8
4
1212 174 1412 178 12
15 Panhandle Prod & Ref
4
* 97 1514 94 11
8
912 1412 12
4 958 11
1418 912 138
90 95 85 86
81
85
79 9014 803 90
4
75 80
8% preferred
100 70 76
4713 65
56 70
62 65
62 67
60 62
89 77, 7514 85 4 76 878 7512 93 87 98
5
4
4
7712 93,Park & Tilford
5
100 79 877 7018 84
8
6613 74
6013 6714 50 654 47 6154
11
1214 9
113 1018 12
4
1014 1112 1014 1312 10
124 Park Utah Cons Mines
1 1114 1312 114 137 10
4
137
8 912 114 7 10
7
84
8
514 414 9
51x 74 6
78 6
3
15
73 123 Pathe Exchange
4
8
• 1114 1474 1034 1354 713 123* 914 1112 9
1312 9
104
15
19
16 4 34
,
23 3238 2514 294 24 3314 21
28
Class "A"
• 25 30
2314 274 1312 26
4
1914 233 174 26
184 21
287 3414 314 351 3284 374 3314 3738 33 393 32 33 Patino Mines & Ent
8
:
4
20 3418 393 36 423 384 473 3818 43 8 348 42
8
4
3
4
4
348 3858
4
1474 1914 15
177 1418 1814 1512 22
8
1614 231? 1818 223 Peerless Motor
8
50 194 2212 1712 205 153 204 154 187 1414 1912 114 15
8
2
8
2812 317 2812 3112 2918 3912 35 414 35 383 318 39 Penick & Ford
8
8
4
• 38 444 39
5814
49
553 46 547 484 5712 487 58
8
8
4
104 1043* 104121051 105 1051 103 110 106 110 10712 10712 7% preferred
:
,
100 10412 110 106 109 107 109 100 1087 10618 1097 107 109
8
8
1414 231: 1412 26
144 174 15
173 15 4 2112 17 22 Penn-Dixie Cement
3
4
• 21
27
204 2478 17 23
18
2314 17 245s 1312 1812
79 8 95
7
78 80
75 84
83 854 83 84
83 84
7% preferred
100 8612 94
88 93 84 90
80 8312 55 75
83 86
. 912 11
8
9
814 10
14
87 10
10
8
9
1212 Penn Coal & Coke
50
12
912 1012 818 94 814 812 512 85 ---8
-17114 182 178 18314 183 20114 18112 19912 184 217 2001221212 People's Gas Lt & Coke_ ---100 9
208 25412 240 27214 255 23712 25914 270 262 26912 258 3 - 412
0
• 424 451: 39 4314 337 39
8
3318 3534 33 374 3112 33
•
13 13 --------16 25
25 25
14
.--- ---- --_- ---. 116 nil i iiii2 11612 ._ _ _ ____ ____ ____
1st preferred
no no iiii iii Ili
Phelps Dodge Corp
25 _
____ ___- ---: _--- ---fir-1 g
5 cW
-- iii2 - 7 89 8 "
15012 161 160 165 167 168 155 16412 160 165 150 1651 Philadelphia Co
,
50 159 180 ____
15712 165 16312 165 165 18414
_- _
-524 528 5214 54
4
523 54
52 53
4
5212 53
513 53
4
6% preferred
50 53 537 53 8
534 5212 51
527 50 4 5212 503* 52 8
8
3
54
5
47 48
48 49
48 48
48 48
4712 48
47 471
: 5% preferred
50 4812 488 --------49 49
4
51
49
51
49
49 49
28 307 28 31
4
18
30 35- 3014 333 3014 35
4
5s 284 333 Phila, Reading Coal & Iron--* 30 34
4
31118 33 4 2112 3214 195 2414 174 225 18 2012
8
8
,
---- -___
__ ---. ____ ____ ...... ____
Rights
14 ---18 114 1-64
-- ---- - _44 45
4818 54
5212 53 8 5118 5118 ___- --- ---- - _- Phillips-Jones ,
Corp
• 48 -,Bi
- ---------41
84 61 - 59
4
48
73 454 - 42 63
.8314 97 95 963 90 95 90 90
8
8812 9012 8814 3
.
84 Preferred
100 8814 9012 89 90
8912 8913 90 92
91
91
90 96
174 207 1514 18
4
1618 19
3
1618 22 4 1778 2312 17 205 Phillip Morris & Co
:
10 17
20
164 2314 1512 203 1312 1712 14
174 14
15 4
3
4
3614 383 384 41
4
394 45
41
454 44 537 4332 507 Phillips Petroleum
8
8
* 373 47
4
3714 404 3714 4312 4013 443* 384 4318 364 403y
28 28
25 274 244 2614 21
25
25 354 29 3414 Phoenix Hosiery
5 33 3752 264 34
2512 31
2412 314 24 25
25 31
9814 994 98 9912 9612 98
9612 9712 9612 9712 94 9912 7% preferred
100 9914 9914 9812 100
98 100
95 98
934 95
94 944
...-- ---- 25 2618 23 274 1812 261? 194 24
22 307 Pierce-Arrow Motor Car pf. 100 7212 864 80 8318 73 84
8
78 8512 80 8518 83 8712
70 70
668 71
4
5612 68
60 63 61
747
8 Class A
283 377 304 35
4
8
4
2712 34313 2954 3512 3214 36
303 34
2
18 218 24 21g 4
7
23* 4
24 32
8 213 31, Pierce Oil Corp
25 212 278 214 27
8 24 3 8 212 34 214 224 2
24
3
20 20
1712 2318 1812 374 36 50
36 393 2818 3612 8% preferred
8
100 30 35
30 44
3512 5112 415 504 3814 44
3812 40
8
3 8 45. 4
7
43* 4
6
5
(Ps 512 612 5
6 Pierce Petroleum
• 5
57
8 44 512 43
3
4 512 414 5 4 45* 5 8 44 474
3
3714 434 404 45
4218 494 424 53
49
5784 4714 587 Pillsbury Flour Mills
8
• 57 634 52 5928 484 58
42 47
4914 537 394 52
4
112 117 114 118 116 125 116 131 123 1403 123 1444
8
Preferred
100 143 1563 ---- ---4
-- -- ------ ____
_ _- ____ -_-_ ___- ---- Pirelli Co of Italy
64 6512 59 647 5012 - 4 524 - - -- -- --- ---- --3
4
53 8 63 8 5512 6412
7
65
597444 55
46 501 454 - -3 474 - 3 474 15 4 5312 - 7
,
54 8
53 4
3718 Pittsburgh Coal (of Pa.)
-100 70 83 4 6212 744 61
58 727 5418 67
1
8
6112 71
71
.85 881 85 8618 85 883 86 87
:
8
86 9112 89 1007
8 6% preferred
100 00 100
84 8712 8312 91
874 9612 90 91
8684 90
-83 88
864 8612 14212 88
90 90
9514 954 96 96 Pitts Steel, pref
100 94 95
98 100
97 98
924 9214 94 97
96 98
27 344 284 304 2814 32
26 30
27 344 2614 38 Pitts Terminal Coal
100 3014 344 27 30
20 25
23 26
24 24
25 27
71 74
69 69
69 71
631g 70
71
80
75 78'8 6% preferred
100 70 784 70 71
5254 5912 5212 61
60 63
65 70
..„. „.. _ 7..- _- - __-- --- -__-- ----- ---- -- Poor & Co class B
• ----------------------------------------20 2812
3 57
53 4 55 - - 5712 67
67 60 174 66 15
76 - 4 Porto Rico Am Tob, cl "A"..100 77 844 75: 84118 80 954 83 89
85379 8284
79 87
2338 28
2314 3017 2312 31
2418 2914 254 33 8 274 517
7
8 Class "B"
3
• 36
4
373 494 4014 47
333 45 4 307 36
4
4
10118 103 1005 102 10118 106 i013 104 10272 10372 103 104 Postal Teleg & Cable pref __100 103 504 3612 44
4
4
105 104 105 102 105 1024 103 10118 103 10114 104
41314 1323* 6418 73 6912 7414 661 717 66 711 64 701; Postum Co
8
• 703 784 6814 764 623 74
4
4
4
6313 774 6954 813 714 76
_
------------------------------51312 645, Prairie Oil & Gas
8
25 58 65 8 5818 6212 5318 643 5914 6314 55 6012 55 58ig
4
---- ---. --_- ---_ -_ ---_ _-___- ____ ____ Praw,e Pipe Line
2s 53 8 57
,
554 60
M4 587 56 60
8
8
583 617 5812 605
2
8
197 223 21
8
4
4
254 2212 273 214 3312 215 251: 19 233 Pressed Steel Car 7% pref_100 7612 7914 7412
8
4
80
77 81
77 80
73 79
74
7612
78
72 781- 76 85
7313
75 931 75 821 74 784 Common
.
:
* 2024 233 1958 2312 204 25 8 2053 234 15 2114 1512 183
4
3
4
23 26 ,, 23 26 - 23 8 263 23 25 2 2314 294 22 274 Producers & Re's Corp
,
5
8
3
50 193 25 s 184 213 1814 2384 20 243 18
4
7
8
8
22
184 2018
:
42 45
4214 421 4214 454 43 454 4312 473 43 461: 7% preferred
4
50 3912 43
3814 4018 40 464 4112 45
40 4312 4058 44
6912 7417 83 69 67 60
57 6618 52 623 52 60, Prophylactic Brush Co
4
4
8
• 6018 828 63 66
63 65
59 63
55 60
50
5514
143 147 13/1 143 143 14612 138 145 13818 146 139 8 145 Pub Serv Corp of NJ 8% pf_100 14518 148 4 147 150
,
1493 15012 145 1465 146 149 1484 150
4
4
,
53 5714 53 s 65 4 63 714 63 687 65 803 69 8312 Common
5
4
4
• 813* 943 82 024 75 90
4
84 7512 854 803 93 4 8634 11434
3
8
4
125 1273 125 127 1244 125,8 117 12518 11918 1221: 117 121
7% preferred
100 119 1247 121 1233* 120 12234 118 12012 11714 11912 1174 120
s
:
107 110 10412 1081 106 10914 10412 10712 10512 10684 1047 106
8
6‘ preferred
,
100 104 108 10512 10818 104 107 104 10512 1034 10512 10312 107
• 9518 96
9518 9518 954 9518 954 9512 9514 95 8 95 954
,
114 142
7
4 512
42 Ds .
_
_
_
iiiiis 111> 107 16FiN: ini 1087, 107 10812 10714 1010. 10613 1093 Pub Serv Fl & Gas, pfd
4
100 108 109 8 10814 1091s 105 4 109 1668 169 1813i8 116 166 1-0- -75
- .
3
78
8
7818 833* 797 861- 777 834 81, 933 8014 867 Pullman Co
,
4
s
80 84
,
100 834 917 8054 8612 795 867 8014 85
4
4
8
78 83 4 793 8814
3
4
4
25
34 19 244 1918 247 175 22 Punta Alegre Sugar
8
2412 264 2314 263 24
8
50 1612 2114 1518 187 15'8 174 164 18
4
143 17
8
143 154
8
:
24 281 2612 3114 2553 291- Pure 011
4
2154 231 2212 242 23 26
/
1
4
:
25 2312 2812 2314 257 2354 277 25 2812 2718 304 261g 2912
8
s
8
4
1114 11314 1117 11314 Ill 1137 112 115 11214 115 ill 1131Prefer.ed
100 112 11512 112 116 112 115 112 11412 11218 11412 III 113 8
7
783* 110 1(24 13312 122 1393* 1257 1327 11618 1324 Purity Bakeries
8
8
7612 82
• 131 1394 127 1394 115 13412 11814 12912 1094 12814 1143 12634
4
15914 19112 16714 21614 197 22612 19812245 226 400 275 420 Radio Corp of Amer
• 349 410 333 404 368 549 _.-- --- _--- .--- - Nrw•
71
78
6814 83
7312 10984 92 10512 8314 iii 7912 9184
8
-78 Li 16
.12 Li Iiis iiTs - - -104 II- -iii, 58, ii 16
57
7% preferred ..A.•
50 55 57
55 564 543 554 54 58
/
1
4
5412 5512 531g 5434
•
74 783 75 8212 773 8212 765 80
4
4
8
--- --.1131 III-1 3. 1 - - -1, Radio•Keith-Orpheum cl A • 3718 467 3414 423* 19 397 24 314 2512 38
1 49
8
4
264 36
_
,
ltgh.s
58 1
5
8 14 __-- ---- ---- ---- ._-- --------------------------------------------52 5434
5812 -4
1 .-- --_ 3712 Iill Rand Mines
3612 3612 3612 3612 36 35
35 36 .--- -5 2 41) 3614 4812 463 2614 3414 33
4 57
473* 60s Real Silk Hosiery
,
10 57 7688 624 825 63 8438 6814 773 711s 79
8
4
75 824
92 94 .94 9612 94 97
9112 95
8014 94
95 9717
Preferred
100 07 100
99 10212 9714 102
9712 984 95 9812 98 99
. 614 91, 718 83
4 712 1214 812 1172 812 137 1118 15 Reis (Robt) & Co
4
• 1112 1458 1118 1614 9
144 1014 148
4 6
1112 74 127
4
3 75 891
70 73
70 73
70 72 -- - - _
70 77 4
.100 SO 94
. 1st preferred
8812 10817 70 94
7014 80
80 72
60
74 4
,
311, 25 284 24 293 25 4 303 2718 314 Remington-Rand
,
.2812 31 4 244 8
,,
,
• 277 34
8
3058 3534 28 33 8 285 33 8 281s 3514 287 37
7
8
5
8
95 9212 9114 96
/4/414 93 89 93
8812 91
100 9014 91
874 92
1st preferred
91
96
93 944 93 9412 92 944 92 04
921: 95
95 95
39 90
8812 973* 92 93
93 941: 2nd preferred
100 9312 96
96 9978 93 9412 9312 101
95 100
106 1144 114 118 110 110 --------114 114 112 112 Rem`ton Fypew 1st pfd._.100 109 109 --------10034 103 4 1023 10214 94 99
100
,
4
105 105
12412 114 4 1143 --------113 1144 ---- --- ---- ..
,
4
115
100
-104 104 100 102 11112 112 107 1101 105 105
8% 2nd preferred
:
53 44 28 3514 28 2512 2814 254 30
304 267 - 8 Reo Motor Car
8 317
10 2818 317 274 2912 255 317 264 295 2214 294 23 247
8
8
8
8
2
•
4814 534 42 4 544 4414 4914
,
Class A•
- 102 108
935 III
8
983 100
4
100
Prefrrred
_ 105 106 107 107
io iii.
ii Republic Iron & Steel
4
100 87 883 7914 92 8214 1007 8718 10212 8614 1004 88 1015*
3
,
1,
10412 1057 105 1073 104 110 1077 109 108 1 1 1 108 100
1131: 11014 11512 109 11412 109 115 III 112 10912 11114
7
preferred
100 1084
3l
33
-- --- - - - -- --- - - -- -- - - ---- ---1 12 35* Rights
---- -10
1117 10
8
-10% 117 1014 13
,
• 1038 1214 in
12 4 1012 124 912 12 Reyno.ds Spring Co
fn., ii8 ills ii4 in
i
-7
68 i
if
137 131 13 1454 13614 1451:. 140 150 1473 16512 150 163 Reynolds(R J) Tob cl B
129 8
,
8
28 155 163 150 1'3)
_ _ _
_ _ _
_
40 63 66
5612 cx, 53 "
iii
Li -ii
54i -iiss 'i "ii
-:
1
iii 1621 iiii 113 - 83 fii .___ _..... in iiiii 5612 inil: Class' .
190 191 190 190
25
.A •
10
76
7614 ii "
86 io -76 --------70 "
764
---- -- ..
• ..- . . in. -'. Liii 16
a
Lai, i
ii Rhine Westphalia El & Pr w I 56 64
53 5612 55 603 54 6014 5452 577 58 6312
4
4
ia- v1 isi. 18
4
-17 48 - 8 47 Si', 467 56
51-7
,
8
427 52 Richfield Oil of Calif__ ___25 413* 49 8 394 453* 404 463 4114 47
4
8
4012 474 4012 43 4
7
---- ---- -- --- ___- ---- -- ---- ___- ---- ---• 3418 4178 334 404 344 4212 3614 423 3012 374 2514
- Rio Grande Oil
8
324
- Ritter Dental !mg
------------------- -59 604 5912 70
..
iii 13:3: inn" iiii, iii- 11W. iii- in itin" 21s - iio 270i Rossia Insurance
"
4 ,
29 2383 258 4 226 25412 251 310 25 281 81 281 ....
New
10 -----------------------------... 63 * 06
6314 W
1i1
.--- --------------------------------------R eh.,
- _-- - ---4
4
.. 75 1212 73 10
40
• 3112 434 32 384 30 - 12 31 1014 27
49 4 Royal Baking Powder
3i
333* 28
3512
_. .
- - _ _.
--- - -.
104141044 Preferred.
100 10212 10312 - --. 9912 10212 9978 997 06
8
9813 95 110
,
8 59
5314 56 4 54 5914 587 - -12 5812 64
k Ely 51
6014 631,, 52 6184 Rosa Duich Co N Y Shares 100 5014 5534 497 5414 5154 543 5112 5314 6172 6612
8
iai-A -6-714 45T, -9-1-78 i&; -ii,, iars iii: 75
se 44,4 304 4378 4358 498, 433* 4712 4418 527 4712 71 1 - St Joseph lead
.
10 62 94
7014 8612 6414 877 644
8
,
• 17618 1054 158 18111 157 175 15814 734 63 74 8 6614 72
------------------------------171 2 , Safeway Store..
...-- ......
01 4
16784 15414 172 156 1674
------------------------------95 97
...... -97
Preferred (6)
.100 94
95 96
9414 97
93 96 4 95 96
,
9414 955*
_ 10612 10612 Preferred (7)
100 105 108 102 105 1021 21064 10214 105 10414 1067 104 10534
8
.
"iii, 41, ii 414,-- iAi. 46
,
al 12- 39 1412 3614 51 Savage Arn,8 Corp new
.
• 4514 517 437 5014 384 474 39 45
4
4
40 49
394 43
534 57
5512 627 553* 62
8
521? 5
8
50 5414 3614 52 Schulte Retail Stores
• 3112 4112 29 37
2918 3414 21
30
2018 24,14 20
224
119 1231 7 1.20 12114 119 123 11812122 11634 120 115 11$1
4% preferred
100 10k 1184 105 III 106 110
97 108
9814 104
9014 1004
1334 14s. 133* 14,8 124 1478 144 16
1414 17 Seagrove
133* 15
• 1578 1918 1612 204 174 21
17 2214 1414 144 1418 16
,
1084 121,, 1211101524 i454 157 14314 162 4 1521,4 19712 15-1 -1944 Sear, Roebuck & Co
• 160,z 181 1515 16712 1393 16494 14218 1613 14114 1701 2 144 1667
8
4
4
8
2
54 4,7 314 717 5
214 ' 214
24 278
7
43* 6'. Seneca Copper
• 512 64 54 65
8 65 1012 612 94 4
8
5
618
4
1054 116,, I148 1354 123 13414 1211414014 124141363 1161213317 Shattuck (G F,
• 12312 139 8 128 142 125 1387 125 1493 13314 7
,
4
8
158 4 1504 1727
,
4
---- . - ---- -- ---,- _. Sharon Steel Hoop
•
52 4
,
4
8
-.. ... 413 427 41
- 1, - - - - - 'ii* -68.,,, .-- 8i4 4,0
1
5014 83 8314 514 --.- -- 5514 564 Shell Transport & Trad
12 43 55 4 44.2 ,
46
43 8 - 7 484 4514 47
'
4184 427 47
8
47
R gh:s
5
7
61s 61?
. .
,
31
;
14 i7S She,i 1•1,143n Oil
• 2612 3014 25 4 27 4 284 "
-ii 1i- .iLi4 li.: -iii, WI: -LAI ii. 70: - 3 -270 , ,
3118 28e4 II-3 27is 3 , 281 -2- -14
4
, X
0
4 9
• - -. - . 47
4 57
2
Rights
514 57
8
31) 8
:7-ii 5514 124 IIIi4 .72
i ,8
6I 1m - 7 -72 - 1 4 6634 831. Shube41 Ifheatr•
8
• 68, 7412 ai WI: 54i2 ,
iiir 5 14 -15-2 8 53 1384 48 lilt
.5
.,.
194 211-, 201, 2.1 ,- 2012 227,1 21 14 25', 2314 271 4 21 14 251, Siam, Petroleum
-10 197 2374 184 21
8
IS4 2174 194 3414 27
33'8 30
57 634 54
,
A71 7 0414 1181, 63 93
374
4
841? 1014 79 963 Simmons Co
• 92 116
07 1157 75 10414 774 9114 79 9214 7914 10414
8
.
8
29, 2513 3214 275 391 371? 46.4 35 45,7 Sinclair Cons Oil Corp
.
8
267 25
• 364 45
33
36
4212 3514 4212 37
41
3714 407 3518 404
4
107 10" 1(174 I0 , lig preferred
,
,
,,,
10812 109... 106.- 1075 Toil. I04 107 , 110
100 1091:111 1093 110 109 ill) 109 110 4 10714 1041: 108 4 10914
4
,
,
39
4
363* 423* '441, 404 Skelly (Iii Co --------29 34
21514 31 14 30 3214 203 364 34
40
33 36 2 3274
4614 3414 44
,
1021, III 107 113 113 124 II, 1234 116412 3 109 123 SW., Sheffield Steel & Iron 109 120 125 1144 120 115 3712 3514 464 3854
4
121 10814 1164 6014 110
5814 63
Bor, 110 - 1114 GI . 104 1:106 108 Iii 105 106
,
Preferred
100 105 112 10714 108 ------- -------- 106 108
.
.
.
85 95
•Nó par value
JULY 20 1929.]
FINANCIAL CHRONICLE
367
New York Stock Exchange—Continued.
1928.
1929.
STOCKS
July
August September
October
November December
Low High Low High Low High Low High Low High Low High
January February
March
April
May
1
June
Low Hob LOW High Low High Low High Low High Low High
Par $ per share $ per share $ per share S per share $ per share $ per share
li per share $ per share 8 per share $ per share 6 per share $ per share
1
3
• 12
115 13
5
5
157 1318 1614 1014 135* 10 8 13 4 10 4 15
4
8
8
141y 175 155 1714 113 17
11
138 Snider Packing
1112 13
I21 16
8
8
8
*
8
Preferred
100 33 463 4118 5012 3812 478 39 4 47 4 44
4
47 56
1
56
,
34 4412 344 3712 31 36
444 47 434 46
314 35
4434 3712 43
* 41
4
34 39 4 3.512 397 3412 45
,
1
8
37 391s
3
8
3058 427 40 4 468 40% 4412 387 423 404 457 4118 47 South Porto Rico Sugar
4
100 13012 13412 129 135 125 129 125 128 125 12614 12414 128
8% Preferred
2135 128 135
,
4
135 137 136%14412 13441348 131 ...i1 4 131,
5
25 53 6812 5918 6712 55 8 624 5412 574 544 59
57 6678
14
5
475 497 475* 5612 493* 5512 Southern Calif Edison
8
3
4615 49 4612 50 4818 51
___
318 ____
2 8 34 27
7
3
3
Rights
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- -38 43 3912 awl 3912 315 41
3512 397 3512 39
3512 38
" 37 42
31 38% 34 38
3212 39
5018
35 42 Southern Dairies class A
13 2 11
,
12
• 1318 15 s 123 1414 1118 1.5
131
8
1418 10
4
3
Class B
4
4
134 15
14 21% 124 213 1218 1518 1288 163 1314 15
•
53 6312 54 61
51)14 58
Spalding Bros
100 115 11612 115 117 114 11514 11312 115 11212 116 11212 114
iiii211i2 115" 118 - 115 11618 11314 116 1131211612 115 115 Spalding 1st pref
-- 18
4
37 53
45 5288 47 5718 Spang Chalfante & Co.• 45 5214 4014 4818 39 4 471 40 4618 34 447 34 42
3114 42
26 294 29 32
93 95
94 95 93 94
89 97
97 97
100 96 97
Preferred
__
97 977 ____
100 100
8
9812 984 97 100
1804183 17014 1977 19212 275 237 25114
*
-------------------------62 6714 597 65
8
7
8
* 1118 13 11 1484 10 1184 83* 11 6 9
3
iii2 11 ii -1- - ioia lila ii I114 1014 II lois - -14 spear & co
12
75 7712 73 76
100 79 8012 7714 8012 76 78
75 7512
7% Preferred
793 84% 78 8212 768 82
4
/7 80
8588 88
86 88
•
364 39%
36 39
3512 39
375 40
8
394 43
Spencer Kellogg &Sons
4
5
3
5288 663 52 6118 60 63 4 504 577
4
* 45 5112 473 64
414 -Le - ii5i -iii, iis; -Li", - -Iii Spicer Mfg Co
3111-3/11 .8 31- -22i2 - 2 -3714 k
525* 4614 4934
•
47
5212 5512 50 5.57 4812 52
Preferred A
8318 92
9918 1177 9912 112 1048 11314 85 114
• 7714 105
12
4
6512 "ii iOra 123 io "if iiis -8712 Spiegel-May-Stern
8
86 9618 915 12414
80% 93% 85 89
• 82 998 8712 97
6318 663 6318 68% 6712 7512 6812 734 7018 80 724 8418 Standard Gas & Electric
4
50 65 664 6412 67 6312 6512 63 64% 62% 658 6312 65
0
4
8
661 6918 664 678 6614 6714 65 4 66% 651 673 6418 66% 8% Preferred
8
2012
18
30 378 254 3412 18 30
38
8
3288 4014 31 3688 Stand Commercial Tobacco—. 35 435 31
8
100 134 16314 11614 138 104 122 110 1184 1127 1181 ---- ---10712 12214 123 14212 Standard Milling
145 147
Certificates
4 5
100 113 133 116 1318 11. fil Ho iii iLL ffi ii 100
6
iii 1- 1 ioiLiziff 6% Preferred
6
1034106 ioi 10512 10014 1- i ioi 1iO3
18
12
1914 ---21
- ---- --- ---Rights
---- - 635, i 86 iiii, 76 Standard Oil of Calif
51j3g iii, iiii, 844 - - - iii "818
3 7212 - 7 71 8 - 8114
, 78
4
• 648 7312 64 687 66 --- 74 80
-7,
/
1
4
r5612 -514 i5612 8
2
/
1
4
4414 463 44 473* 454 477 47 593 5088 59 Standard Oil of New Jersey_25 4914 5512 48 5118 484 5934 5512 6112 56 6288 557 597
423 45
4
4
383 437 387 417
4
38 4488 4118 45
84 3818 42
3314 353 344 3712 3518 374 3434 3684 354 4112 37 4512 Standard Oil of New York .2540 45
4
3
71
314 452 3% 438 3 4 512 4
8
78 5
3
54 5
5
• 412 9% 512 7 8 47
5
512
Glass
518 4
5 Standard Plate
512 4
18
1918 154 257 1612 19
184 25
1 18 24
100 17 31
158 18
15 2234 16
$
17 20
4
17 237 14 22
193
4 7% Preferred
2
50
* 4618 54
50 60
4618 5012 471 .56
48 5312 41
3
3618 397 36 3812 357 367 3612 39
4312 533 Standard Sanitary Mfg
36 51
Certificates .
100 11812 11812 --------135 138
Preferred
_ _
_
118 120 ____
42
40 45
• 40 4314 35 407 29 3514 26 8
38 4 417 36 4 - -7 47 698
,
; , 51;
5112 Stanley Co-45314 5812 448 ---- i8 4 567
8
2iti -- -3
2 8
8
•
13 8 143$
5
20
Preferred
_ — _-—
-• 12112 145 12312 1414 12012 14012 12412 13814 ___
--7
8512 914 i 891210i% 100 109;101 112 1035 119 8 10518 1214 Stewart Warner Corp
-7
8 -- -7
7512
77 6712 -65 728 65 8
10
New
s
9314 109
91 116
8
67 98
4
4
• 523 9212 5718 677 593 74
Stromberg Carburetor
------5112 - - 85i4 9
tii 5888 Vs iti -.15
i
4812 -5 18
/
4
,
4
100 1242 125 124 4 125 1248 125 124%12512 123 125 123 126
125 127 124 1243 1243 125 1248 125 124 412514 1248 126 Studebaker Corp pref
4
,
4
4
80 847 7318 8888 7314 80
g
84 9612 7718 91
* 77 98
667 73 6912 797 77% 84
8
744 8712 7418 7818 7112 7818 Common
2618 28
11014 118
3012 377 24 34
8
26 36
112 1214 111 12012 109 115
• 318 384 3
312 24 314 2
412 3
318 37
312 3
212
414 Submarine Boat
3
418 34 418 312 412 314 414 3
57 6512 59 648 60 65 61 0518
• 60 6812 573 62
46 535* 5312 5912 54 6518 6112 77
424 48
628 757 Sun Oil
4
4
4
4
100 100 10512 1023 1053* 103 1043 100%1048 10212 10512 100 104
8 Preferred
106 106 106 106 10412 10514 103 106 10014 107 103 1057
3
94
3
8% 7
714 114 812 1014 7
7
87
* 74 12
8
74 618 812 718 117 1018 1414 84 127 Superior Oil
614 814 6
8
3
3 34 66% 3812 55
8
423* 57 4 50 73
100 38 4814 42 46
s
1814 2012 19 247 24 347 314 414 3812 567 30 514 Superior Steel
3
34 ___- 1—
14 4
Rights
544
2214 1312 177 14
1512 194 17
157 19
50 17% 20
42
23
Ii
I
- -8 i5T8 -Ili ir012 - - -12 158 - 144 iii4 -57224
2212 1724 - - - Sweets Co of America
2
8
612 9
6 }3 8
5
• 5
412 412 5
6
788 5
5
518 4
4
434 412 58
4 414 512 Symington
8
4
r 1312 163 1212 137 1214 157 1412 17
1918 14
18
14
8
1112 14
1418 1214 15
1212 14
1418 Class A
12
16
10
II
3
,
1914 2012 1912 2512 215 2412 19 22 4 18 20
* 1912 22
187 1818 1914 18 2188 183 2112 Telautograph Corp
4
8
1718 184 1712 185 18
s
18
/
1
4
3
207 1612 20 4 17
,
* 1712 19% 18% 20 4 1612 2018 16
4
8
1314 144 133 153 14 1714 1512 1718 164 1888 164 1912 Tenn Copper & Chemicai
-.. ,
..
ife 'Xs --------------------18
5
8
Rights- _-...
. -- ---- ---- ---- ---,
8
5
4
8
5812 62 604 6412 6218 728 -- ----6714 7484 634 688 Texas Co
8 25 595 68' 5714 617 573 67 02 8 6512 et 673 60 2 6414
4
50% paid
25 38 40
3888 40
7
.
Full paid
5512 Wg Li 1-12 ____ ____ ____ ____
4
25 6114 6114 568 59
3
5512 584 5688 6612 63 4 66 ---- ---- ---- ---25
---- ---_ ____ ____ ---- ____ -- ---- -- __-- ---- --- Part paid
4 484 Rights
38 43$
__ 45* 4% 32
74
,
14
72i4 -- -5 72i4 -- / iiiii Wi 715i4 Si ail( -- 4
82
• 76
81
6
4
7 ; 8
74% 6912 8212 6818 8084 Texas Gulf Sulphur
74;
-fibre) -- -3- -i2f8 -- -1- -i6E8 -- -1 -13ii2 -74 4
71 8
17 2114 1718 193$
7
8
8
4 ,
134 147 1388 14% 131* 147k 138 18 8 17 268 17 227 Texas Pacific Coal & Oil__10 1614 19% 173 227 1818 23 8 1914 22
s
s
4
8
8
1 207 2412 177 217 1314 2012 1612 1988 1418 183 14
4 2018
4 2488 Texas Pacific Land Trust
4
8
217 2612 23 2688 23 2612 22 2512 227 263 203
s
• 20 27 1912 2312 164 23 2158 2512 22 2888 22 247
8
8
8
27 304 25 2712 22 283 2312 254 2214 317 23 27 Thatcher nifil
• 4212 483* 41% 45
43 8 4412 4112 44
7
35 44
Preferred
423s 44
46 5012 48 497
497 503 4814 50
8
48 4834 45 48
517 577 4414 53 4
8
25 57 62
418 464 44 5012 4514 46
2
61 6212 60% 6212 614 6412 63 697 5914 68 5912 6712 Thompson (J R)
38 188 .46
114 2
1
Rights
,
12 - -, .2••
- - - -•• --r- --3—
_
,
1712 1912 1818 217 18% 22
• 18
2112 19%38 1912 2313
21 Tidewater Assoc Oil
8
214 21 194 14 .
1612 13
- .12 18 2212 2012 21 205 24
84 90
8518 89
86 89
89
87 8812 86
100 8712 90
6% Preferred
912
4
844 8612 86 893 8512 9012 88 89
885*
88 91
344 40
• 3012 373* 2718 3312 29 3412 313 3512 3312 38
4
23 2418 243* 2788 253 30% 294 36
3388 384 33 4112 Tidewater Oil
3
9212 95 4 923g 9 12
9014 9212 9312 95
100 9414 9712 904 94
7
9112 954 948 9614 96 10018 6% Preferred
4
4
8634 89 863 89 8712 91
1
23 31
25 4 28
225* 27
10
Timken Detroit Axle Co
8
8114 92 8514 1085
7514 857 765* 88
7312 87
8
• 7614 150
4
iiiia iii- iii- 135 4 12912 14.518 13153116ii 13822 154iii- 1493- Timken Roller Bearing
- -1
938 98
4
927 99
100 97 102
8
,
9712 106
93 1018 99%10918 998 107 103 4 11114 100 1053 Tobacco Prod Corp
3
- 7163 2218 1412 1814 1418 17 2 144 18 8
4
20
New
100 107 112 10414 10914 105 1104 ---- ---- _-_-- ---26
iii fii 1097s 116 1121112014 iii 1- - iii iii Hof. ii13-7 class A
' 8
214
21
20 225 183 -- 14 18 -2012 184 --20
Class k new
---- - _ -___ ____
---- ---- ---- ---- ---- ---- ---163 134 154
4
15
168 14
4
1712 18
18
10 174 1712 16
19 237 2018 25 -----2214 2112
8
20 20
Div certificates A
15
1518 1414 1612 134 15 8
175* 19
,
1718 1712 20 20
23 234 2214 224 ____ _--__
20 205 194 2218 20 23
8
Div certificates B
1558
168 15
4
175 161 165 15
8
1558 14
16
1912 17
_ .. 2214 23 20 1 2018 22 2212 20 2018 19
8
19
Div ctfs C
,
11% 10 4 144 1012 14%
9
107
8 94 1112 10
814 1412 98 127 Transcontinental 011
73
4 9
712 - .14 788 84 712 9
3
* 914 13
8
4
8
3 45 52 8 44 4914
41
522s 48 53
46
41
47 5114 4512 5014 4414 533 Transue & Williams Steel
52
• 46
68 5012 47 4912 47 55
4
474 597
43 .5412 474 55
8
* 414 4414 384 4318 398 51
33 393* 3714 434 3718 448 39 42
403 445g 41 4418 Trico Products
4
$
2018 2312 193* 207
24
8
8
• 2412 317 24 2914 2314 297 21
Truax Truer Coal
3 548 46 493 45 4912 46 49
4
57 617 5514 6212 5734 63 8 Truscon Steel
8
10 5212 613* 5018 547 44 4
7
4
6418 7112 67 14 6714 725 6718 7712 7513 84
8
7814 937 Underwood Elliott Fisher-25 91 112 1003 11338 100 121 105 12214 11212 127 117 14812
4
100 125 125 125 125 125 125 125 125 125 125 125 1251
125 125 123 123 --------125 125 125 125 125 125
7% Preferred
2
0
--
25 31 4 24 38
,
3414 3814 31 3918 30 35
8
100 347 43
373 44
4
3612 3814 3612 4314 3714 4312 37 4014 30 3712 Union Bag & Paper
—
14234 16012 156417212 167 194 178's202 188 2
4203 Union Carbide & Carbon____* 19612 225 202 22738 20214 228 211 24714 245 26412 ---09 1743
514 86
817 113 8
7
•-------------------------------- 7
New
/
1
4
507 484 5212 4914 544 4718 513* 474 49
4912 5384 4912 1J12 4912 527 49 56
25 4814 524 46
8
8
51% ii 491- 557ii Union 011 of California
14 13
4 14 112 ---.r .. - r,•
-•, -zr..
Rights
11* 13
---- 13212 147 1301 18 146 130 148
4
100 1218 1343 130 15014 136 14912 ,f,7-iiL 118 115 118 11012115 110 12(1 iiL fiE 119 12412 Union Tank Car
785 149z 10414 162 10113 1431k
_
Le ------------------------6815 10612 7718 10912 80 9212
Preferred
41
493* 4112 4734
534 4818 5314 423* 5118 42 50
48 57
374 3914 38% 4812 43 51
- - i6 - 5314 ii 52 United Biscuit of America...* 4812 126 --------122 122 122 122 12212 12213 11412 12032
-100 120
114 114 121 121 119 121 119 135 128 130 120 12812 Preferred
_ United Business Publishers __• ____
14 2
(
214 211 - - { li /412 Hi - , 15 2 8
218
2712 ,
237 2612 2278 3114 2678 3112 2638 32 4 2688 28
8
07
10 2312 --- 2238 2312 2/ United Cigar Stores
-1
6
4
92 101
87 100
100 10112 104 10018 103 100 10112 964 101
105410814 105 10612 105 10788 104 105 104 1053 1034105
4
7% Preferred
58 4 751 61% 68
,
•
«
45 46
455* 473
4
Preferred
912 12
--- 64 812 8 21
7
9%
1314 1512
10
15
-- ---100 612 8
-_ io
------------United Dyewood
5312 57 60
55 57
674 70
75
54 5412 ----70 74
5412 -7
6914 65 65
643 69 72 747 ----4
100 53 8 60
594 6 7
g 7% Preferred
5814 6712 59 85 66 8912 United Electric Coal.
49 8118 4512 573 4214 484 3318 447 30 434
81
• 66
,
8
* 1394 15812 14418 157 13314 152% 130 140 118 133 109%124 4
8
134 1393 134 138 1348 138 13441445 137 148 1387 1478 United Fruit
93% 94
•Preferred
233* 18
8
2312 154 -- ; 14
263* 177 23 4 18
197
100 16
1512
United Paperboard
74
7418 7314 85% 7012 7814
4
• 76 814 7312 788 713 78
Universal Leaf Tobacco
100 1204 12014 12014 12014 122 12312 122 122 '.,... - ___ 122 123
Preferred
4
4
83 88
' 89
.'W18'-Universal Pictures 1st pref_100 87 93 8614 883 848 8812 8418 91
1312 17
2
8
2214 165 197 1512 20
8
103* 157 111* 1312
Universal Pipe & Radiator___• 18
_ __ -_ _
100 10012 10012 9814 9814 _____ --__ _ _
7% Preferred
55;
3
444
U S Cast 1 Pipe & FdY new-20 4214 4712 38 485* 36 - 7 403* 4512 27 ---- 29 34;
18
19
* 1818 19
*
18
183 1712 188 17
4
177 1618 174
1
• 1914 194 1918 193* 18% 1918 18% 1912 187 19 5 19 20
1812 19, 19
8
194 2d preferred
8
178 14
4
* 15
13 4 15 8
193 164 1914 15
4
1312 164 1414 1812 1518 174 15
3
5
173* 125s 15 4 1314 184 144 18
187 U S Distributing Corp
8
7714 81
76 8312 8012 85
7114 77
73 84
100 7612 8012 75 80
8014 8212 79 84
80 80 8112 83
Preferred
77 81
414 28 34 212 31, 312 10
100 2
412 35* 35* 278 33
3
318 318 35* 3
5
84 718 64 6%
3
4 U S Express
• 44 49% 44 47
3918 4412 34 427 30 3734 32 398
8
4814 51% 49 528 481* 527 4718 537 454 497 41 477 U S Hoffman Machine
8
100 128 15478 134%154 13118 1483 138 171 1524 173 15734187
1058
8113% 109121247 118 129 1244138 123 132 1251213612 US Industrial Alcohol
1
8
8
100 12414 1257 1248 125 125 1251z 126 127 1253 125 4 • — _--_81248 1247 1257 12541254 7% Preferred
4
12014 12014 12014 121 1185 121 1185
4
8
3 :
8
* 303* 351 2414 315 20
41 493 43 47% 3814 4614 3212 401 305* 357 314 358 U S Leather
2738 2218 26
25 8
19 4 2312 214 - 7
,
55 6012 55 5812 554 6414
60 66% 59% 654 558 65
8
• 564 617 50 5814 4014 517g 44 504 38 4412 39 4434
Class A
8
104%108 10612 108 10514 107 103 106 102 10312 1002 104
98 102
100 1025 106 101 107
91
954 924 9 4
94 99
preferred
4
4
Prior
78 837 7812 897 78 85 US Realty & Improvement...._• 81
8018 85
9518 1191 8218 10212 85 4 97
97
s
s
4
815 1037 844 89%
4
3
79 823 7912 86
s
5
714 31
7
Rights
5514 4618 5614 51 65
3 31 397 3612 438 3614 443 3712 435 381-g 113 U S Rubber
3 4612 - 7
4
8
100 42
274 33
53;
59
514 5814 4514 - 4
92'7 77 887 825 91
8
s
100 81
7714 8418 73 843* 74 82
8
55 65 604 7512 6412 76 6614 73 6612 723 67 86
8% 1st preferred
--__
---- ---- ---- ---- ---- ---- ---- ---- ---- -174 22 4 1714 2012 1814 20
,
21 27
1712 18 4 1612 - -311s
8
6412 7212 69 7911 757 807 7612 817 79 878 79 80
__ ____ ____ 12212125 120 120 1201212114 120 125
92 96
9612 9712 9612 9812 94 99
9114 943 9112 95
4
g
2212 357 21 2558 17 23
184 2012 1914 25
18 22
87%103 95%10412 --------100 10584
100 100 88 88
----------------------45 53
---38 4684
*No
par value.
368
FINANCIAL CHRONICLE
[VoL. 129.
New York Stock Exchange—Continued.
1928.
1929.
STOCKS
July
August September
October
November December
Low High Low High Low High Lou; High Lens High Low High
January I February
March
April
June
May
Low High,Low High Low High Low High Low High Low High
$ Per share $ per share $ per share $ per share $ per share $ per share
Par $ per share $ per share $ per share $ per share S per share $ per
444 4834 49 5112 49 55
503 60 4 5612 7112 60 68, US Smelting Ref & Mfg-- - -50 6158 7034 6412 7012 5712 727 5813 661, 48 653 5212 share
8
3
2
3
4
6114
525 537 53 5413 53 5412 53 54
3
3
Preferred
50 5518 58
58
5314 5412 54
543 56
53 56r'8 52 5413 5213 5412 518 54
4
Rights_
4 6
- 23
- ---- - --33
4 614 13iig141 3 13914 l553 152 ff1 2 166 1 -12 162172i2 1493
- 33
4
100 15713 19234 16814 19214 17112 1937 17614 1917- 18212 f534 ia- iiiii,
4167 US Steel
01 -- 8
New
100 ------------------------131 18513 163 186 16512 191%
_
141 142 1383
4141 1407
81423 141 14212 141 1423 141 1413
,
4
4 7° Preferred
4
100 14113 1437 141 144 141 14414 14138 14373 141 144 140 141
3
Rights
— -- -_-- __-_ ____ 53
4 6 2 313 613 312 353
,
8713 67
-34 iii 64
-34 i18i8 - - 92
iiii 12
6 1.664 116
4
99 16- -12 US Tobacco
• 9712 1093 9914 105
4
89 10313 883 9612 8913 92
8
83 85
130 1333 --------131 133 134 136 136 136 136 137
4
Preferred
100 137 138% 137 137 136 141 13914 142 141 143 13914 141
152 162 165 165 172 17514 1793
4200 210 260 235 273 Utah Copper
10 264 203 265 300 305 353 298 320 295 325 290 300
3612 4138 3738 4113 3912 45
39 *43
• 40 493 41
387 43% 38 4373 Utilities Pow & Lt"A"
3
8
483 35 4712 3818 45
4
3818 4414 4053 47%
---- ---- —__ ____ --- __-_ ____ ____ ____ ---- ---- --- _ Vadsco Sales Corp
* 117 1312 1033 1212 812 1112 812 93
3
,
4 6 4 938 632 1012
100 76 4 82
,
Preferred
70 72
70 75 -69 75
70 75
697 7512
-668 Wig 693 79
4
7614 8818 7613 8812 81 11112 85 1047 Vanadium Corp
• 9534 1133 101 11613 83)411038 90 1003 63 9814 7053 023
8
4
4
4
13 18
17 1912 1913 2934 28 407 31
8
2413 33 Van Raalte
39
• 28
35
30 30
27
33
31
31
36
35
34
37
49 57
53 5978 54 643 64 777 72 78
8
7% 1st preferred
100 60 7214 69
61
71
70
6812 781 78 83 81 83
7612 82
.
67 7138 6713 7878 7113 7738 72 743 72 7813 7014 85 Vick Chemical
4
• 82 94% 8312 9114 84
947 8714 92
3
913 100 8738 1013
3
4
8512 9318 9212 110 106 115 10734145 12014 1583 113 150 Victor Talking Mach
4
• 145 157 143 158 15414 200 200 200 _--- ---- ---- - --Certificates
•
1537 190 --_3
103121- .34 107 10814 106 10012 106 10712 1061410838 10714 11212 7% prior preferred
67
100 1113 114 112 113 110 11414 112 11312 11313 11412 1143 11638
4
4
1234 15
8
8
1238 137 1312 157 13 1438 1338 203 1552 197 Vn-Carolina Chem
4
• 1814 243 187 233 1518 2112 1538 1712 93 17
8
4
3
4
11
4
1453
93 9614 933 9512 95 96
4
943 9512 943 9012 95 97 2 7% prior preferred
4
4
100 94% 978 95 9712 90 94
,
80 90
88 9013
8612 91
49 5312 49 5414 4952 537 4812 5218 52 6414 52 6052 6% preferred
100 5838 6513 57 643 52 5914 50
8
4
3814 45
54
3614 53
--- 1021210217------------------------100 100 Va El tk Pow pf(6%)
100 100 10112 _
____ ____ ____ 10012101
993 100
4
fog ____
__ lov e 10713 10814 109 ____
Preferred (7%)
100 10712 108 107 109 --------100 10912 10713 10912 1053 10812
__ 10612109
4
-_-- -_-- 27 -27
2513 2512 2514 2512 2514 -100
2612 Vu Iron Coal &Coke
2514 25
25 25
23 25 ____
___ 2512 2512 ____
-6214 53
50 50 --------47 50
5214 4814 5218 5% preferred
100 46 48
47
45 48
45 45
4712 45 47
4713 45 - 45
13% 1714 1312 17
14
16
1418 193 1513 19
4
• 13
183 Vivaudou (V) Inc
14
15
25 373 30 38
4
30 353 263 31 13 27 74
4
4
loo 50 5912 i) ig
40 64 Vulcan Derinning
ii
7ii7 - - 65 'if
8 h
n5T8 - 4 66 if
593
8613 99
91
93 85 8914 89 1)412 7% preferred
100 91
9612 97 101 105 105
9612 110 103 108 11114 105
2214 22 26
2534 2318 2812 2414 2612 25 483 30 4517 Class "A"
100 40 46
4
48 SO
70
78
63 91
71
7012 90
76
---- -_-- -_-- ---_ 80 90 ----------------88 8913 Preferred class "A"
100
97 98 ____
_ 100 110 104 105 105 105
2018 217 2014 237 2212 26
8
3
223 2512 224 2814 Waldorf System
2238 25
4
* 2414 2713 2212 25
2218 24
-12 2213 2912 273 3238 28 3333
3
106 106 106 10612 ----------------105 107 Walgreen pref 635%
IGO 1033 106 104 104 104 105 1037 10412 103 104 101 101
4
8
1513 - 161g 1412 163 15 267 2013 2414 213 25% 173 238 Walworth Co
8
* 2313 2734 253 35
4
3 3214 433 353 443 3113 4314 33 484
4
4
8
4
91
98
9012 95
87 957 8612 00
73 87
70 78 Ward Baking, cl "A"
* 7313 843 6712 78
4
4313 7413 43 50
45 54
43 49
1513 217 17 2114 173 2113 1613 19
3
8
3
Class "14"
* 17
157 193 1514 1812
2114 1252 173
8 814 1538 93 125
4
8 914 123
4 953 1138
8814 9014 88 91
8512 90 83 89% 79 858 77 81
100 7911 8712 7912 85
7% preferred
k
7118 757 7212 75
71
81
7212 8212
---- ---- 803 97
9538132') 106 123 1197 135 101 138 Warner Bros Pictures
• 11612 134 120 13212 97 1244 9714 12818 10614 13338 11014 12383
3
--------------------------------543 623 5538 6238
4
New
3
100 5314 5914 5313 58
4
-56 8 44
5
5612 478 59, 4912 53
8
4% 47
3
4 1 ---- ---- ---- -253 412
853 393 3612 411 3913 423 3814 448 4118 443 38 42 Warner-Quinlan
3
4
4
8
'' 363 42% 337 3853 3238 3914 3212 3612 2812 357 293 338
4
4
Rights
34 I
311
3 --7,
4
- 777148 165 155 171 16412 185 141 16914 145 163 1421316434 Warren Bros
• 151 170 141 154 141 152 139 168 14114 1673 141 173114
-- - 4
--150 56
52 54
5112 56
50 55
4914 503 5012 531:
4
1st preferred
2' 5012 52
484 52
50 53
48
52
493 50
4
4814 50
16
183 16
8
193 1714 2612 2312 367 29 364 23 351 Warren Foundry & Pipe
8
* 2413 3414 233 2813 1513 2612 173 2012 1613 185 1712 21
4
8
8
64 66
6213 71
65 6812 67 7038 67 8138 7553 831, Weber & Ileilbroner
* 755 83
7413 8012 7112 84
*
100 1007 100 101 101 101 102 102
3
99)2100
10f 9933 100
98 10013
98 101 100 101
Preferred
-.._-- -_-- -_-- ___ ___ ___ ____ ____ __-- ---- ---- --- _ Webster-Eisenlohr ----------25 --------9113 1133 92 9714
3
7212 - -18 82 -96
88
87% 603
Preferred
10(
99 100 ____ - _ 90 90
__-_ ____ ___ ___ ___ ____ ____ ____ ___. ---- ---- ---Rights
1513 173 14
4
1773 133 14
4 -3% 3% 312 31 ____ ____ ____ ____ ___
__ ___
__ Wells Fargo
1
314 312 3% 4
413 5 --------5
5
33 i
4
---- ---- ------------------------87 - 4 92 1 983-10 Wesson 011 Sr Snowdrift
• 93% 107
0518 1107 95 967
3
8
37 48
3712 - 5 37 418
46
33 - - ;
4 1
6
---- ---- ------------------------105381083 10538 108
Preferred
• 10613 108 108 112 110 11073 110 11018 ____
4
_ ____
_
Preferred new
•
65 7212 6313 671g 6314 -69
6012 di
ioi foi ioiil, foil iii. fiii 104)4 107 ioa Il063 la 105 West Penn El Co ..A..
4
* 104 10814 107 110 10234 106 10312 106 10212 106 10312 106
10814 11338 110 112 110381127 10712 112 10814 111 1071 111
3
7% preferred
100 108 11114 1063 1103 103 109 10512 1097 10018 109 10312 10814
4
4
8
9812 103
995 102
8
9812 10112 9878 10114 99 1063 90 100
8
Preferred (6)
100 973 102
4
4
9612 98
973 101
96
9973 9412 09
9518 984
115 118 115 116'l 115 11714,1131311612 115 11618 11438116 West Penn Power, pref 7%_100 113 1 15 4 113)311584 1143 117 11414
3
4
117 11484 11614 115 11874
10312 109 105 110 106 10714 106 10912 10712 109 108%100
6% preferred
100 10714 11012 108 1087 10814 109 106 109 10713 110 106 108
8
56 597 55 56
3
564 62
5712 603 5514 587 5212 567 Western Dairy Prod "A"
8
3
* 5313 578 55 593 5218 66
4
51
53
4914 5373 49 50
2714 3312 26 3334 233 35
8
2818 33
2613 30
2418 2812 Class "8"
• 26 2914 2718 348 2712 33
2653 3112 2253 30
2212 2773
.
Class B rights
53 1 13
%
7
8
1161. 149% 142 149% 146 154 146)4201 184 200 171 1931, Western Union Teleg
2
100 1793 20014 186 208 194 2203 185 203 180 2003 18312 1973
4
4
4
4
4318 4312 43 478 4414 48
433 4618 4238 5213 4312 4314 Westinghouse Air Brake
3
4
* 4518 493 36
51
4514 541 7 47 50
4314 4914 4334 49
893 9673 9314 10634 10253 1133 1001311612 113 144 11514140 Westinghouse Elec & mrg___30 13712 165 14312 1661: 140 163 14314 1593
8
4
8 14453 1683 1503 19238
4
9613 10412 963 105 10214 1113 9914 11478 1117 139 112 13412 7% 1st preferred
4
8
50 132 156 141 159 144 153 140 15313 150 163 146 183
Rights
4
714 67
3 712 -- -.
- ----- ----- ---3 --- HFii, --1 81 2512
4
. 2112 H13 - 3 iiTs id
2- 21
;
HZ, "24; Westingh El Instrument
- -1
• 22 25
22 27
2414 --45
4213 3514 -3112 -48% 34 ---427
3
32 338 32 33
32 34
3253 333 3312 337 3312 3413
4
8
Class "A"
* 3312 3514 3312 343 3312 3518 3313 3512 3412 3618 3514 3512
4
iaiid
2214
3614
3618
3512
5213
----
2538 24
4012 3618
3914 353
4
41
3418
543 513
3
4
---- ----
26%
421_
4014
39
5438
-_-_
2412 2912
3653 43
37 41
3518 411
5312 545
8
____ -___
267
8
3414
3912
363
4
5212
1818
30's
41
4713
42
5412
203
4
285
3
36%
4114
37%
5134
19
38
4
423
497
8
4934
57
227
8
3318
363
4
423
4
4024
5418
1714
Rights
37i, White Eagle 011 & Refin _
4112 White Motor
4353 White Rock Min Spring
5234 White Sewing Mach
58
Preferred
2114 Wilcox Oil & Gas
•
50
•
•
•
•
3014
405
8
43
3812
56
1912
3612
4812
487
48
577
8
2714
3012
4613
435
8
3512
5312
223
4
4412
4313
38
523
8
478
44
56
203
48,3
47
34
46%
443
4
25
.4713
22
37
34
377
8
5312
493
4
38%
2
543
27
4713
474
3518
4614
463
4
20
4712
223
39
373
3
3714
4912
54
2912
5012
29
50
4612
312
3312
38
443
4
12
43
21 13
43%
4113
4%
3618
4714
5012
25
50
283
4
6114
62
---33
38%
4412
1713
4114
20
4112
4
0%
--35%
437
4
48
228
43 3
7
237
3
503
5113
•
Clam B
193 227 205 2318 227 3034 2612 3212 27% 3012
4
8
8
8
273 33 Willys•Overland
4
5 3014 35
2913 32
245 32
8
23 273 2138 29
4
20
24
974 99% 963 0738 96 10012 9714 99
4
9713 99 975 1041$ 7% Preferred
8
100 9938 103
99 10012 9714 100
9614 90
96
983 02 9514
4
1253 14
1214 1312 1212 137 11
123 11
4
133 11 13 1314 'Wilson & CO
8
. 1112 1312 1113 12
9
117
8 814 10
7
9% 71m 1) 4
)
2614 313* 267 2912 2613 3238 2314 28% 2314 2634 2338 27
8
3 24 27
"A"
23 257g 17
2334 1818 2012 16
20
1634 213
4
6614 7012 6714 7038 6712 71
631 4 68
6314 71
6718 7313 Preferred
100 6814 79
71
74
59
7234 6012 6612 57 6214 60 65 4
176 1853 18114 2043 19113201) 186)420538 198 2253 19818 220 Woolworth (F W)Co
3
3
4
4
4
25 206 22214 1953 211 19213 2117 196)3228)4 10%23214 214 230
3
8
New
10 _
8513 9318 85 9412 857 927
30i2 ---38 iiix ii 3313 - 7- 33T2 - - -14 371- 15
4
0
. 418
43
8633 - - -12 Worthington P & M
2
53
100 3713 6213 5514 6412 43 591. 4518 5112 43 4 53 4 45 668
,
3
4914 513% 56 61
54 56
53 60
59 03
77 90
7% preferred "A"
100 86 9212 85 89
8212 873 773 8213 793 82
4
4
7814 8412
45 4814 47 52
47 4812 4318 52
46 80
Preferred "B"
6%
100 7613 82
6512 80
7613 8012 72 80
66
72
7013 7212 70
78
[36 16412 1461
.178 1561219119 156 17112 161 289 196 276% Wright Aeronautic
• 25612 294 253 299 220 285 22712 26413 a109 14913 1125 14114
3
68 71
6814 84
7212 81% 71
777 74
78
73 773 Wrigley (Wm) Jr
4
• 7313 807 75 807 70 7914 70
*
8
7613 725 807 72 7714
8
657 70
3
65 6812 65 6912 6513 093 61 12 66
4
6138 66 Yale & Yew"
25 62 65
613 6573 6514 683 66
4
3
7112 6914 7313 69
73
3012 35
311$ 3913 3514 423 3513 4018 35% 5734 32gs 4818 Yellow Truck & Coach cl B_I0 37% 437 3513 413
8
4 35 463 372 511, 343 49
3
35 3 4314
3
92 92 ------------------------83 90
7% preferred
90 90
100 85 91 --------80 00
89 941, 94
0612 90 90
4
4
5134 563 453 5312 Young Spring & Wire
• 5318 6114 5613 62% 5214 65
557 6933 5612 6712 5914 7012
3
8534 9012 863 9273 91 1, 96
4
911. 94% 1)nl• 19038 9814 1153 Younegrown Sh & Tube
,
• 107 1163 105 1153 10814 130 1231.1317s 125 1325. 197 1413.
4
4
*No par value.
a Ex-dlv. 100% in stock.
1928.
August September
July
October
November December
Low High Low High Low High Low High Low High Low High
BONDS
1929.
January
February
March
April
May
June
Low High Low High Low High Low High Low High
Low High
' RAILROAD BONDS.
10313 10312 1043 1043 Ala Gt Sou 1st 5s see A__ _ _1943 1023 1023
4
4
4
4
10312 10313 ---_ 101 101 100 100%
933 94
94
9412 93 04
1st cons 4s series B
1943 93 94
9313 938 93 9318 93,2
4
9318 93 9318
84 8514 86 87
85 8512 Albany 8c Susu 1st Cugu 33_1946 85 86
19 3
8612 8613 8612 8012 83 83- 81
89 00
83
8912 8912 ____ ____ Allegh & West 1st g gu 4s,.,.1998
90
00 9213
PA ii- 9353 935 933 9412 Alleg Val gen guar 4s
923 923 90 90
4
4
8
3
1942
95 95
92% 95
91
9212 02)3 - 1- -6512
91 2
76 76
7514 70
75% 767 7812 80
8
78 7913 Ann Arbor tat g 4s_ -_July 1995 76% 78
76 7614 72 7312 71
74
72 7512 72 7212
9112 9414 9212 9412 9213 94
923 943 9214 0312 Atch Top & S F Con g 45_ _ _1995 92 93 4 9014 93
4
4
3
9012 9212 907 94
8
90% 93
9013 92
90 90
9113 9113 --------91
01
Registered
1995 8914 90% 8912 80%
85 92
87 88 4
8712 89 883 88% 88 91
8314 89
,
8
88's 92
873g 8834
Adjustment g 4s___July 1995 86 8753 84% 8612 85 86
85 88
85 88
8453 8712
88 89, 87% 893 88 903 88 9013 873 8912
4
4
4
4
873 91
8
Stamped
July 1995 8512 88% 847 87
3
84 87
83 8 88
3
8613 88% 8612 90
8414 8414 87 89 -___ ___ ____ ____
Registered
1403 803 85 85
4
4
9013 8812 8912 89 89 884 9053 91
9713 91
91
Cony g 4s of 1909
3813 90
8914 8914 89 89
8714 87 4 8714 87% 85 88
,
90 9113 89% 9314 888 9018 9018 917 90 9112 Cony 64* of 1905
8912 90
,11955 00
93
3
91
89 91
87 883 87 9012 87 9012 85 90
4
8812 9214 91
ill ____
---- - 1960
Cony g 4s of 1910
90 90
85% 90
853 86
8
81% 88
8212 8514
---1948
Cony deb 435s
11512 116% 10813 119 111 11414 11173 120 116 131
91 -7-1- -ii" 92 2
62" -Eiji, - 4 -513 iii" Rock Mtn Div 1st 4s ser A1965 913 92
913
-tioT4 91
4
4
9158 913
4
89
16 9218 9312 913 92
4
9114 94
8614 95,
2
91 14 93
Trans-Cont Short L 1st 4s'58 9114 93
-661-2 353 89
89 91%
8838 8012 89)2
8 89%
9614 100
9614 96% 92 100 100 10012 99 101, 963 9912 Cal-Ariz 1st & ref4 3is A.1962 9714 9814 97% 9813 9512
4
4
9813 967 98% 0714 100
3
97 993
4
105 105
.
66_ _ 6) _64i; _66); All Knox & Nor 1st g 5s
6 ..
4
1946 10314 10314
103 103
---- -564 -69.985* 964 97
AU & Char AL 435s ser A1944 96
96
-61 95 9412 9412 93 93 -61 9618
3
102 1027 ---- ---- 1027 104 103%10412 101 101
8
10214 105
1st 30.yr 5s series B
1944 101 102 loi- 103 102 104 10113 102 10138 103 10153 10234
871s 871s _—_ ____ ____ __ _ Allan City 1st con au A 4s-1961
---84 85
94
87
90
92%
79
9212
9512
90
90
923
4
80
95
105 105
9213 94
933 94
8
"ii
"9838
369
FINANCIAL CHRONICLE
JULY 20 19291
New York Stock Exchange—Continued.
1929.
1928.
BONDS
June
May
April I
January February I March
Low High Low High!Low High Low Hie i'Loto High Low High
1
3
883 92
8614 92
904 9234 9012 9218 89 92
4
8
8
943 9112 9312 92 97
54 92 9512 9114 93, MI Coast List g 48july 1952 893 93
91
9138 9
014 9044
0
Registered
__ .
- _ _____ 93 93 ____
9518 9814
9413 9912 968 99
9434
Gen unified 4)4s ser A1964 9714 978 95 9612 94
9812 95
993
9814 - 4 977, 100
8
99 10014 96 9812 97 100
8
4
4
893 903 8812 8913 887 897 86 893 86 8912
Louisv & Nashv coil g 48_1952 884 91
8
927 8914 90
8814 9113 90 915 8938 91 12 01
893 92
8
727 69 7038 65 6514 65 69
70
75
70
7514 7714 7211 7634 Atlantic & Danv 1st g 43-1948 73 75
7412 75
744 7618 7412 76
75 77
---- - —
62 63 ---6412 67
1948 66 6712 66 66
2d 4s
4
6514 693 698 7114 66 59
70
83
-_-_- 6514 694 87
81 81 1949 ----------------81 81 -------81 - 5924 All & Yadkin 1st gu 4s
8
834 877 84
86 86
_ _ 86 86
s 87
857 - - -1 4 ____
—
10314 10314 93 97 - - - - ---------------1941 10 10
8
g
62
98
99 10012 97 - - 99 99 100 100 1027 1027 10318 10318 Austin & N W 1st 5s
3
3
9212 904 9214 90 4 9314 90 4 925 9014 91
1948 90 93
& Ohio 1st g 4s
1
/
913g 9312 Bait
92 9312 924 9438 93 95
93
9118 914 91
87 89
9114 92
8912 8912
9114 9114
Registered
911g 9214 89' 8912
91
92 92 __-_ -_- 8918 9212 91
4
4
984 9312 963 9814 963 9312 9513 988 9614 9713
99
4 20-year convertible 4163_1933 OS
977g 983
813 99
98 99
9
934 99
98
9712 9912 9614 4
993 10114
8
4
993 1017 101 10212 99 102
5s series A 1995 1001210218 100 102
8
8
4
10012 10214 100 101 118 10112 1027 101%103 1013 10278 100410212 Refund &gen
1948 10314 10412 10313 10412 10214 10412 102 104 10138 10414 1013 1023
8 1st g 5s
41043
4
8
8
10312 1054 103 10412 104 1047 104410518 104 1053 1023
3
109 4 10714 1083
4
;
4
4 Ref & gen 6s series C, _ _1995 1083 110 10812 1091 1073 10912 108 10912 103 924 90 03
10812 1093
8
8
1082 1093 107%109 10714 110 10812 1104 10918 11011
90
3
93 4 9014 92
4
93 933 91
4 94
P L E& W Va Sys ref 54s 1941 923
8
932 9414 9212 944
9212 9214 9334 9228 94
91
92 94
8
10012 10212 99381013 10012 1024 10012 102% 1011210112
4 Southwestern Div 1st 58_1950 10012 10317
8
10118 10312 10112 102% 102 10312 1021z10414 10314 104 1023 1033
3
2
8
3313 82 83 8 7812 827
81
4
To!& Gin Div lst&ref 4sA '59 8212 8514 817 823 8018 8213 100 103
1
/
834 86
4
8.5 854 843 8512 35 87
8
3
8
837 854 8212 85
99 10112 997 1007
101 102 100 101
2000 10014 102
4
s
4
4
99 102
100 11/214 100 1013 10118 1023 1013 104 10214 1033 100 10242 Ref 5s series D
100 101 101 101
Aroostook 1st 581943 103 103 103 105 100 100
4
8
8
4
1033 10312 1023 1022 10212 10212 100 1024 102 1023 99 10214 Bangor &
78 8014
4
1951 8318 8338 8313 843 8118 8614 8018 8314 804 83
Con ref 4s
82 854
4
8338 857 84 843 8414 8512 8412 857 8514 86
1946 -___ ____ 9112 9412 9412 9438 95 9512 95 95 96 96
05 96 ----------------95 96 Beech Creek 1st gu 4s
96 9812 95 96
November December
September I October
August
July
Lew High Low High Low High Low High Low High Low High
89 9138 --------9318 931g 85 85
1944 0114 9114 91 91
91 Big Sandy 1st 4s
9113 9314
91
02 92
9318 95t2
9412 9412 93 93
9214 9712 9318 97
9112 96
9512 98
9912 9714 99 Boston & Maine 1st 5s A C_1967 9714 99
76 79
79
7612 7712 78
---- --- ---- - ---- - - -,,.- - _ 9812 7912 8114 76 80
SI Roston & N Y Air L 1st 43.1955 8012 8112 9512 9512 93 9512 92 92 --------92 92
81 4
86 8012 8334 --------81
8 80 80 - 3 82 797 5
9413 9112 9412 9412 9412 941. 9412 9413 94 94 Brunswick & West 1st gu 43'38 9413 94
------------- 99 10012 99 100
4
8
4
100 101 10018 103 10024 1002 1003 1003 101 10118 10012 10012 Buff Roch & Pitts gen g 5s1937 ------------------- 92
3
,
85 3 S9 4 8513 8712
88 92
4
4
1957 903 922 9012 9278 91
9412 934 9612 94
9613 0012 9412 Consol 4168
4
/
901 9212 91 9312 93
4
10112 993 993
3
53_1934 10014 102 100 10014 100 100 4 10112 10112 10013
102 10212 10212 10212 102 102 102 102 10018 10014 10014 10014 Bur Ced Rap & Nor 1st
10313 104 10312 10518 10112 10513 1014 102
4 103%105
10712 103 10612 10712 105 10512 10514 1078 106%10714 103 1067 Canada Sou cons gu 5s A 1962 105 1062 9418 954 9314 9514 93 9512 93 941 9212 94 2
,
4
953 9714 Canadian Nat 7416s_Sept 15'54 9514 963
4
97 973 9712 0814
9818 991 4 97 9312 9634 98
4
4
97 9912 •
8
Feb 15 1930 9838 9912 9914 993 99 993 9784 9938 9838 99
99 9912 9918 1004 983 993
4 5-yr g 43.4s
4
8
9812 9918 983 9934 9723 99
9313 9534 92 9434 92 954
8
9418 953 9312 96
8
1957 947 96
Gold 484s
8
4
9712 99
8 96% 93% 967 978 969 98
953 93
9818 993
92 9412 9113 94
9434 95
1968
Gold 416s
-,,, ------ --- --- ---- ---- ---- --10914 112
1940 11118 112% 11038113 10818 112 10812 11038 110 111 11212 114
4
8
4
11138 1123 11014 1123 11113 1127 111%11314 111% 112 11034 11234 Canadian Nor s 975
8
8
1946 11418 1163 1147 116% 114 11612 114 115 113 11514
deb s f 6,163 g
4
11814 119 11518 118 11612 118 11613 118 11718 118 1143 11713 25-year
_ 112 113
Registered --------------------------------- 9514 98
_
---8
97 9137 9538 97
0
9 8
-4
9814 983 9714 -- -3
8
--- --.- ---- 1814 ---- - --- --,- ---- ---- - -- 972 - - ___ -- 1935 973 99
8
4 9
10-yr 4153
974 677
8
9718 98
98 9912 96%
9738 98
8112 85
8038 86
8318 85 85 86
8338 85
4
86 8812 8718 89 873 89
854 liS Canadian Pac 4% coup deb stk 34 86
858 88
8538 89
4
7
9714 93 8 9618 9812 983 98%
4
973 9618 98
96
1946 9714 99
98 9914 98 10013 9612 9912 Coil trust 45-45
8
963 983 96 9812 03 101
4
----------------7914 7914 797 80 ,---Cent 1st con g 43_1949 80 8018
8
8238 834 80% 8212 803 803 80 8014 Carolina
4
4
/
98 61
8213 821 8212 83
10112 100 1112 101 10128 100 10138 100 10112'103 14
104 10418 104 104 --------100 1013 101 10238 100 103 Carolina Clinch & 01st 5s 1938 100
10812
109 106 10712
4
1st & con 6s series A._ _ _1952 107 1088 10712 10838 10712 109 1072
10838 109 10814 1094 i2108 107%109 103 109 10742 109
---- ---- ---- ---- ---- ---- - --4
4
8
907 907 874 874 Carthage & Adir 1st gu 49_1981 --------873 873 ---6
---- ---- ---- ---- ---- ____ 90% 91
- ---- ---8412 8413 __-_ -___ 8412 85 ---- -___
82
82 82
82 82 Cent Branch Un Pac 1st 4s1948 --------------------------1011,16212 ---- _.._-79 8212 --------81
84 84
- 106 10612 105 105 10612 10613 10612 10612 106 106 105 10512 Cent of Ga Ry 1st g 5s Nov 1945
99
4
- 4 9814 1003 96 102% 1
1945 102 103 100 102 10018
8
8
8 Consol gold 53
10318 105 100 10312 10212 1033 102%1037 1023 1037 10214 1033
4
8
1945 100 100
Registered
4
1003 1003 - - - -- ---- -- --4
9914 092 99% 993 -.
4
4 ,. r _- —
4
993 100
8
8
June 1929 997 1001s 997 100
4 - s
1
4
154312 101-14 100 10012 150181003- 998 100,- 100- 166 4 99341004 10-yr secur 6s
%1
- 33
99 4 104% 100 04
4 102 10412 102 105
105 105 10512 10513 105 106 105 106 10523106 10514 1064 Ref & gen 5163 ser IL _-_1959 105 10512 103%1042 ____ ___ _ _ _ ____ 9814 99
9614 0812
10112
Ref & gen 5s series C_ _ _ _1959 10118 10118 10012
104 10414 --------104 105 10213 10418 -------- 102 103
87
ChattDlv purmong4s.lOSl --------87
Mobile Div 1st g 53
lOS 105 ----------- 105 105 105
_1961 8312 84
84il4
84 8514 Cent New Eng 1st go
84 86
4
83-8 852 85 86
4s_____ ____ 9012 0948
951 .
943 . , Cent Ohio reorg 1st con 4 163'30 9714 99
--- ---- •
Ga col g 58'37 977 9914
101 10212 994101'2 99 101
9914 9917 Cent RR & likg of
%
111 11112 10314 110 109'i114 1103811412 1123
81124 III 1131; Central of NJ gen g 5s----1987 110 11118
8
109 1093
Registered
11014 11014 10914 10914 10714 10714 10814 10314 1113 112 1093 10934
4
4
1987
4 General 4
933
94 94
94 94
4
4
937 937 942 943 91
8
9018 92 Central Pat 1st ref gu 43 1949 903 91
.
9214 9113 924 9218 94
3
90 4 93% 8934 91
91
Aug 1929 99 99
Mort Cu g 316s
99 9') 99 99
99 99
99 99
99 99
99 99
4
2
4 Through St List gu 54s 1954 90 4 913
8
4
913 917 9134 913
9214 9213 9212 9212 --------92 92
1960 102 103
Guar g 5s
8
101 10214 10012 102 l4 10212 1013 10312 1031g 10413 102 1033
8
103 103
8312 85
98 98
ii
4
823 8313
9712 9713
9712 98
10914 110
-------3
8
903 9114
99 99
91
9138
10138 103
3
8038 80 g
98 9914
95 9818
107%109
107 107
901g 91
99 99
91
91
8
993 102
15 ---- -- -o
- ---99% 10013 7813 8012
3
79 4 80
3
793 80
97 9713 ---- r--- ---- --99
99 97
9513 95 95
10318 10912 104 111 103 109
8
1073 107%
107 10738 107%10814
---- ---- -- -- -90 9112 89 90
90 93
99 99
3
99 99 8 99 99
4
9014 912 83 88
9014 91
4
2
99 4 10212 993 1011 998 101
10314
4
10212 10312 101%10312 1013 10318 101%10312 102
10338105 10314 104 103381032 10338 104 102 104 10314 104 Ches & Ohio 1st cons g 53-1939 10312 10412 95,8 97
4
96% 9838 9314 07
9412 99
94134 96
1992 9614 10014
9813 1011% 973 9914 9458 9979 9814 10014 99 10014 9812 9934 Gen gold 43.45
_-_8
98
__ 9214 9214 --------08
9518 9518
Registered
_ _ 974 9719
4
4 693
4
962 963 ---- --- -_-_ - - ---_
8
994 9/312 9914 9312 9914 9358 993 983 - 8
20-yr convertible 454s..1930 99 9913 99 9834 100
9939923 9914 100
4 994 99 - 4 9812 4
99 993 983 9014 9434 9214 9534 9238 94
9034 95
Ref & Mint 484s ser A.1993 --------95 95
---- ---- ---- ---- ---- ---- ---- --... ____ ---- ---- --__
—_ 924 9218 -----------------------. __
Registered ___ ------„,„, _ r __
r.„-4 99 4
993 -- -3 i04012 10012 100 100 100 100 -------- 10334 10314
4
693
102 10218 „__ _ _ 109 DM ____ ____ 9934 - - -_-_-_-_ ---_- Craig Valley 1st --- 53____1940 --__
_-_,.— ---- -- 8812 8812 8813 8812 8812 8812
Potts Creek Branch 1st 43'46
-- _-_
_ _ ____
9012 9013 _ _
8613
8612 ---83 8612 84 85
863618 86 - 4 86 86
8
Rich & Alleg Div Ist con 43'89 86 - 9112
____ ____ ____
8
-3
94718 14 - ____ ____ 927 927 8712 - - ._ _ _ - - -- - - -- - 8113 8114 8114 8114 8114
81
--------86 86
1989 82% 83
2r1 cons 54s
9238 9234
__ -- --- ---- _-_-1941 100 100 --------100 100 -___
Warm Spr Vol 1st gi 5s
foil 166__ ___
8
1007 1007 ____
8
___ 100 160 .-993
9914 96 - 8
993; 97 9818 9914 10012 98 100
99% 9734 9979 Chesa'ke Corp con 5s May 15'47 99 100
95 997 9934 99
6512 99- 9714 9912 97 69 7n 69 69 668 6712 66 8614 66 6818
70
6414 7112 68 6912 Chic & Alt RR ref 5 33.- 1949 69 69
71
70 70
3 72
7012
72
71
6614 67
66 69
68 63 6513 67
68 68
69
stpd Apr'28 lot
Ctrs dep
71
6914 703 7038 70-38 72 7218 71
7012 7012 68 68
68 6918 6614 6814
6614 70
71
68 7012 67 69
4
63 633 60 6212 6038 62 60 6612 6414 6612 66 68 Chic & Alt Ry 1st 1 316s-1950 6S
Ctfs dep Jan'23 sub coup
68 6812 6614 6614
67 69
6713 68
69 70
71
843
attached
82 62 60 65 66 6612 6724 6313
62 634 60 60
8
82 843 32 85
845s 8523 83 8512 83 86
Div 394s '49 8512 86
4
87 8712 854 8514 8612 8612 8612 87
1
34
'2 8718 84 / 8513 '873 Clilc Burl & 0--111
84 84
1949
RegIstered
85!, 8513
8
4
9112 923 903 9212 9138 925 39 92
3
1949 9212 9358 90 4 94
69;
65
9234 944 Illinois Division 45
4
8
/
941 9518 923 93 9334 9412 05 - -3 93i38 4
4
1958 912 9312 903 927 9014 93 8913 9213 90 9214 8913 91
4 General 4s
8
9112 9412 88 94% 93 95 923 9414 9314 947 9134 933
9614
95 9712 95 9712 96
1977 97 9012 9712 9812 95 97
ser B
4
97 0938 9684 9314 9814 9912 9838 9912 99410014 9712 9938 1st & ref 414s ser A
1971 10424 105 103 1041? 10118 10312 10112 106 10318 10514 1012 10412
1st & ref. 5s
10418 10638 105 107 10538106'! 10478 107 1063410718 10638107
___ 10113 1014 10114 105
-..
East III 1st con 6s_1934 105 105 106 106 .___ . ____
4
1
/
10341033 --------------1053810013 103 103 Chic &
---- 14 83
3
79 4 8314 784 8012
83
80 - 4 81 83
43518 81
8319 86 Chic & E III (new co) gen 5s'51 81 106 102 104
8:;3q 8314 8512 /341 1 8613 13412 87 8 85 88
-78344 9938 103 100%104 101 104 10218 104
4
8
410612 10318104% 1043 10538 1047 106 1061210634 ---- Chicago & Erie 1st gold 5s 1982 10312
1043
6612 693 66 674
3
6612 68
3
663 68
4
662 69
Western 1st 4s1959 6812 69
4
1 0
/ 7 12
6712 70 68 6012 68 69% 6738 694 6814 693 67 - - - Chicago Cr
4
Chic I ntlianap & Louslana •
4
1945 1133 1132 11012 1133 10314 112 10713 10914 10018 10018 10914 10934
4
4
g fis
114 114 1174
8
Ref
116 116 1137
-- --1947 100 10312 10114 10114 _--- --_- 103 108 10018 10018 10018 10018
5s
Refunding
103 10513165•12 ----------------102 102 ---- 103 - 103- 103—
--------------8238 8228
Refunding 4s series C___1947 92 92 ------------------93 93
3
92 92
8834 883 ____ _ _ ___ _ 8811 92
96 98,18 74 001g 9518 98
10014 958 9S
4
1966 993 10314 9
53 ser A
1st & gen
-34
- -12
4
102 10313 100 102 10014101 1002 102 101 10
2'. 100 102
103 106 103 1064 10414 10514 10412 110
1st & gen 7/5 ser II_ _ _May 1966 106 10812 106 1073
4
4
109 11114 1091310912 1083 10914 109 1094 108 1093 107%108
----------- 8812 89
-----9214 9214 90 9214 9214 9214 9214 9214 Chic Ind & Sou 50-yr 43_ .195 --------8738 94
---- ---94
.
___ __
_ _IChic Latte Sh & 17 1st 416s 1969 -------------- 94 .. ____ _ _ 119 98'*.___
--- --- ____
8412 SO - 3 80 - 384
83 84
83 4
sill Chic Mil & St P gen 4s A„.1989 838 86% 8318 8412 81
8834 8512
8512 8534
% 80 -87- 86'8 87
4 89
80 80
Registered
- ---- --__ ____
,- ---8
821 8314 ---- ---- ---7112 7112 7ii2 ii iii2
7112 73
7312 7412
76
76 8
67 7
_ 7612 ---38 7638 - - -3 --------745 - - - 8 Gen g 33.4s ser BMay 1989 75 75
76% 80 _ __
92 9412 90 4 911
1
/
0218 9412 924 95
3
4
/
3
1989 9414 95 4 9418 95
9712 9433 943 9814 Can 436s series C
4
4
9618
95 9814 95 --- 961g 96% 9614 98
92 96
90 95
8714 924
8
1
/
4
— 9614 973 9712 984 9434 973
4 Gen 43.4s ser E_ May I 1989 931,2 9512 92 9412 917 96
8
9412 974 927 96 ___
39 93
8934 9112
9112 9312 9014 0212 9012 93
1975 93 94
3
s
4 98
9312 96 054 983 927 96 Chic Mil St P & Pac 5s
/
4
923 948 9212 943 933 -6914 7312 69% 725
4
4
8
77 797 7513 782 712 74
2000 77 80
8
4
7412 787 753 782
4
4 Cony adj 5s
8
714 7014 73 7712 763 783 7414 77
7274 7514 74 7513 72 74
4
7812 773 78
8
8
8
7958 777 807 797 8038 Chic & No West genii g 33.4s '87 797 8013 76
8
4 80
773
793*
79 70
8
757 80
3
1987 8918 9112 8918 9158 87 8913 85 8918 8512 88's 85 4 89
General 4s
4
8
90 9118 917 923 90 92
8
893 92
89 9238 8914 91
84 84 _ ___
86 8712 -- i- - -- --1987 --------89'4 9014 8718 8914 87 87
Stamped 45
6•2
- 92 - -18 5212 9212
61 ____ - - 90 9014 ---- 99
-ed
---- ,- --:r -- -- — -- 99- - — ___
.1s
___ - Gen1 42 stpd F inc tax'87 ____
- ____
- 12
4
81053 10412106 __-_
- 14
104 104 10214 10i 1043
- 4
- -- 4
10512 1093 107- 10812 105 106 103%104 105% 1053 10518 10518
--410812 105 1084 10812110 10838110 107 11034 108 10913 Genl 5s stpd Fed Inc tax 1987 ------------------------101 101
1043
Registered
2
iii18 10014 9918 100 _ _ _
-- Sinking fund 63._1879-1929
101
61;
61 4
8
itiiig1O13 Io1i4 1- -3- i0014 1- •3 Ion94378 99l4 99 100
9914 9958 9934
984 Sinking fund 53„...1879-1929 9912 10012 994 100
8
9912 0938 9914 9912 993 100
4
8
997 1003* 993 100
100 100
99 99
1879-1929
Registered
_ ____ ____ ___ ____ ____ ____ ____ ____ ____ ____
s
- 34
1
;
10012 1014 100 10078 10014 1007 997 1004 -9914 1664 -691. 46
8
- 105- 16218 997 102 1013410134 10112101% 9914 10134 ---- ---- Sinking fund deb 5s----1933 1003 1003
4
4
1935
Registered
___ ____
___
1001210012 ---- - - 1001210012
4 i
4
2
1930 1017 103 100%1023 10018 16212 1602 ii i- 101- 16112 10034 1-61110-year sec g 7s
____-105 103 10358 102341031! 10214 103 10218 103 101%103
.
4
1936 11014 11114 109 110 10712 10914 1071 108 1074 1084 1063 108
15.yr secured 5 6163
111
10918 10912 1081 211112 10918 110% 11018 111 11012 112 110
1
/
3
May 2027 10412 105% 103 104 10112 10314 10218 1041 10214 1031 1084 1022
1st & ref g 5s
8
4
1041210514 1043*1063 10614 1067 106 111758 10512106
9314
10438 108
4
4
4
May 2037 9514 973 9514 9612 94 953 9312 9512 9012 943 91
4
903 9914 12 & ref 4163
3
4
9534 9814 97 983 97 983 98%100
96 100
3512 3.71, 8518 SS
863 8812 8614 87
864 89
Ry gen 48_19813 8712 89
4
8912 914 894 9118 90 9112 883 90 Chic RI & Pacgold 4s
4
8612 923 89 90
3
93 4 943 93 94 4 9213 943 9218 9412 9214 93 4
4
3
2
4
1934 933 95
8 Refunding,
94 957
9414 0314 95 937 9514 947 96
9314
4
933 95
9234 924 _
Registered_
_ .
____
______
__ 93 93 ____
664 -301-2 - -61
9558 9013 9212 86 92 -i39- 92l2 - giig 1952 91
943
8 953
9314 943 - __-4 92 - - 4 Secured 43.4s ser A
95
9314 95
64
94
Chic St L &N 0SS
8
85 88
843 8712 87
1951
4
- 874 872 894 8914 Memph Div 1st 4s
-- ---- ---- --- ---- ---- 2
1951 105 105 10312 104 ----------------1041210434 jai- 16318 8
7878
1951
316s reg
Gold
gold
'ills 86
-ii
iii
foo loo3.1ool2 loo
iiii-
,
6iit -1: Iii"
370
FINANCIAL CHRONICLE
[VOL. 129.
New York Stock Exchange—Continued.
1928.
1929.
BONDS
July
August September
October
Low High Low High Low High Low High November December
January February
March
April
Low High Low High
Mar
June
Low High Low High Low High
Low High Lots High reac High
---- --- ---- ---- ____ ____ 101141011
4 100 100 --------Chic S L & Pitts 1st coo 52_1932 101 101
10012101
100 1003 9912 10014 100 100
98 101 10014 101 4 100 10012 100 10112 100 1003 Chic St P Minn & 0 cons
3
,
4
6s'30 100 101 10014 1007
--- ---- ---3 903310012 99
--------Cons 65 reduced to 330-193
9612
9912 97 10018
0 964 97 ----------------958 9933 984 98 99 9712 98 97% 9814 98 9914 9853 964
95 4 - ___ ____ ____ ___99 98 9914 Debenture 50
3
1930 984 101
98 9818 975 98
---- - - ---- -- -- -- 9812 9833 985 99 98 99
9614 997 97 99
s
Stamped
96 97
9818 9818
9814 993- 9712 foe
4
9812 foo
9812 1.918 991210012 9853 1004 Chic Terre H & S'east 1st 53'60 98 10012 994 9918 9814 984 ----------------9713 974
93 94
974 99
91, 9212 92 9412 923 94
3
91
4
9312 97
9512 9818 9514 98
91 9312 Income guar 55
1960 904 9212 901s 9918 85 9818 9214 97
98% 997 97%100
9114 85 8812 87 90
98 8 101 100 8
,
10014 10114
,
87 8914
105410512 10514 10512 105 10553 1033 101 104 1043 9914 10014 Chic Union Sta 1st 44s A 1963 9914 1004 9812 100
4 105
4 10414 105
1st 5s ser B
3
1963 10212 103 102 10412 97 9812 9714 9812 97 983 9512 97
102 1034 1013 103,2 1023
4
4
810412 1013 104 10212 104 101 10212 Guar g 53
4
4
1944 10134 10212 100 102 1013 102% 101 1034 101 1095 10112 104 8
,
114 1173 11518 11712 11512117 115%1171
3
2 115 4 117 114 115
1st 633s ser C
3
1963 114 116 11412 1163 101 10212 101 102 1004 10212 10014 10212
- _
8
- 102410212.
_
8
_ _
8
_ Chic & West Indiana gen 65'32 --------10114 10114 112 115 _ 1144 1163 114 1163 112 116
&I/. 1114 881 _
_ _
. 4 11 86% 90
_ _
_ _
_
iii8 -- -58.
8
Cons 50-year 4.
1952 87% 8914 8618 8814 ii
1034105 1041210534 1023310412 103 105 10412 105
1. - 2 R6
- 3 §i - - 14 iI31. - 814
10212105
6
8
2 8ill
1st & ref 5 M s ser A
1962 103 4 105 1017 104
3
---- ---- --------1043310433 1043310433 1043310433
s
10412104% Choctaw Okla & G cons 5s 1952 --------10033101 101 10314 101 104 101 10312 10014 103
12 ---- ---___ ____ 1004 101
991
:10233
9614 9614 9512 955 954 955 961s 96 8 954 9512 96 96 Cm n Ham & Dayton 2c1
8
,
1937 9412 944 945
1 9412 945s 93 93 93
8
0618 9612 9633 96% 9612 9632 Gin Indianap St L & C434s
93
1st 45'36 --------9453 94
nal --------95 9612
---- ii 66 88i2 1812 _-_- --- 9018 91480 90 Cin Leb & N 1st con gu 4s..1942
v...-4
-___
_ — 95 15
Was - -14 8858 90 903 92
63
_ 81 87% 88 95 s 9014 4
3
91 95
92 91 93 8312 90 Clev Gin Chic & St L gen 45'93 89 91
98 99 98 984 983 9914 984 997 99 110
88 885s 88 90
4
8712 883 87% 8914 8512 4
20-yr deb 4333
9814 100
8733
1931 977 983 98
4
112 112 112 112 ------------------------112
99'8 973 984 98 99
4
97 9812 97 9758
General 5s ser B
112
1993 112 112
1001210114 100 100% 1003
_
1008 10018
31014 100 1385.is 99%1021
_ _ 10312 1035 105 105
8
Ref'g & impt fis ser A
1929 997 10012 997 1004
10341044 104 107 105 105 105%1055 104
.3 8
99 100
53
1053 10018 104'4 Ref & imp 6s ser C
4
995g 9958
1941 104 10414 105 105 65 4 111'8 9912 100
10114 1033 984102
8
9812102% 102%103% 1033310433 101121043
8
Ref & imp 5s ser D
8
1963 101%1033 100 4 1013 1024 10412 1027s 1047 105 1053 10412 10413
8
3
-,-- --- 95 95
4
95 95 --------95_
4
95 ---- Cairo Div 1st gold 4s
9912
1939 --------9333 9312 98 1013 9814 102 10112 10312 91 101
4
854 8518 ---- 8612 8812 865 91 ----------------------93 93
92
8
Gin Wab & M Div 1st 43.1991 87 9
91
83 84%
884 8818 8618 -- -1s 8712 873 8712 8814 90 913 -90 --8
8
. 99
4
f)
82 84
4 90 90
82 82
St Louis Div 1st col tr 4s1990 8758 8812
85% 87% 8753 8753 864 874 85 87
---- ---- --- ---- --- ---- --- --__
934 9218 Springf & Col Div 1st 43_1940 ____
86 86
_ ____
9712 I914 968 _ 9218 92 8 _ _
984 9712 9914 985 fix) 987
_ _ _
_ _
_
8
.
9
8
107 107 --------106 106 --------109 8 Vila 9812 9953 Ref & imp 433s ser E_ _ _1977 96 - - - 9512 - - -12 96 96
9
6
iii - - -12 iii3 - 12 oi T2 --9
8
109
4 91
--- Cleve Col Gin & In 65
94
1934 104 104 104 104 103
1001310018 100180018
100
1810018 --------10014 10014 10014 1004 Cie, Lor & W con 1st
1044 103 103 1005 1005 10053 100%
____8
8
g 53-1933 100 10112 100 10013 99 99
—_
_ ___- ---- ---- ---- 9812 9812 9714 9714 96
99 99
98 98
9712 9712
9812 Cleve & Marietta 1st 4333_1935 96 964 9614
9614 964 9614 9614 9614 ---- ------- ------ ---- ---- ---- ---- ---- ---- ---- ------- ---- --- Clev & Pitts 33 ser B
.
2s
1942 -------------9_
103 100 --__ ____ ____ __ _ _
_ 9914 100 ---- ---- 44s series A
7
-- -1950 _i_i _,;.1- _1 8 1f_3_------------------97
42 _i _4 _ _o_- 4
8 , --------97 : _ _g_g_ 3_3_13__
8_ .
__
....
97
ii ..:_-_-_-:
_: :::
:
3 Ms ser D
101- 161 - -99 99
99 100 10013 102 1001210214 977 100
8
1st 4 As-1961 98 99 4 9814 10314 1094 10733109 10714 10812 108 10914 109 110 108%1085 Cleve Short Line5 53.is
3
9912 96 973 9712 9812 974 9712 96 9618
4
1st f
A 1972 106 109 10512
8 Clev Un Term
10112104 103 10512 1041810518 104181053 104%1053 1043
1065
3
4
8
8
s
4 10514 1st s f 5s, ser 13
1973 10414 10514 10412 10514 105%1063 106 10712 1057 1084 1054 10812
99 99 --------9933 1007 1003
10114 105 10112 1043 102 10412 102 1057
8
4100% 995 10012 100 10014 1st 5 1 guar 4;is C
4
8
1977 9914 101
98 9958 9812 9812 977 9812
_
-- 91 91 --------9114 93 92 92
9112 9112 Coal Riv Ry 1st gu 4s
96 97 ---- ---1945 90 904 ------4
-951 1914 99% 9912 9918 99 4 9914 995 9912 995
-85 9033 _—
3
8
881 881
8 9912 99% Colo & South'n 1st 6 4s_ I929 9912
9612 984 9518 97
997
96 9938 9512 97
_
97 983 97 9712 Refunding & Eli 0 Ms _1935 9512 9712 --,_
3
9512 167 964 17
---- ---- ---- - —__ ---- ____
;
8k 17
96
913 913 913 913 Cot & Hock Val 1st ext g 4s 1948 905 91 ____
8
9512 s
9712 9412 9 3
4
4
- 4
7
8
____
---- ---- 91 98 _--- ---- 91 93
9212 95 ____ ____ Columbus &Tol 1st ext 43_19.52 ---------------- 8912 8912 8812 8812 ____ __ __ _ ___ ____
9113
----- ---..
----- ---- 15 1 953 --__
.1
4
Consol Ry non-con deb 4s..1930 ----------------9413
75 154 7218 13 4 7312 14
-39412 __-7318 - -12 75 8 762 7412 73
,
4
Non-cony deben 45
75
1954
72 76
72 72
7312 7312 7312 7312 75 76 4 753 7614 Non-cony deb 45 J & J1955
73 73
.
,
4
f6- -io- 71r
72 72 --------69 717 _ _ _ :: -_-_-_ -6ii4 --- --- - 744 75
73 7312 ____ ---- 744 7614 75 75
8 ---- --__ 67 69
Non-cons deb 42
5714 70
1956 73 75
_944 9628 9414 96 94 9512 9414 9514 9414 9514 92
9513 Cuba Nor Ry 1st 533s
1942 8912 9314 85 90
97 995 963 98 964 9714 9618 974 96%
8
4
8112 86
81
8212 81
857 79 82
8
955 97% Cuba RR 1st 50-yr 5s g
1952 94 96
107341091z 10512 10634 10612107 107 109 106 99
92
9414 89 92% 89 903 89
10712 10618 107
4
903 854 90
1st 1 & ref 733s. ser A - 1936 10058 106 102 103
---- ---- 98 99 --------961, 974 -------- 99 99
101 10212 101 102 100 102 4 994 100
1st 1 & s I 6s ser 15
1936 957 98
9112 95
9112 93
974 973 974 974 98 98
4
94 96
9812 985 973 9812 Day & 5lich 1st con 44s
98 96
8
4
93 93
1931 973 973 973 973 9714
4
4
9014 9414 9112 933 9114 94
4
4
4
9714 9812 9812 97 974 9714
913 9414 94 95
4
9233 948 Del & Hud 1st ref 4s
1943 9134 9412 913
974
---- -- 10334 10334 102 10214 102 102 101 ,
101 ___
_-- 30-year convertible 53-1935 10412 10412 97 4 9212 89 9212 8912 9214 89 91
8918 99
10333105 1035810412 10312105 103 105 1041:105
093 1004 10018 100 100 10112 10214 10214 10214
4
10412105
1937 10312 105 1027 105 100 10212 10112 103
103 10418 103 10312 10212104 10214 10318 1021210314 1023 10312 15-year 5333
s
102 10312 1014 203
4
10-year Is
1930 101
8812 9112 8812 9012 90 9134 90 92
9114 923 893 9158 Deny & Rio Gist cons 48_ _1936 90 1034 10153 10214 101 102 10018 102 101 10212 1003 10218
4
4
4
923 8912 91
4
96, 97
938 96% 923 923 93 943 93
8
88 90
4
4
88 90
3
8814 891s 884 90
9.57 92 1312 Consol gold 45.45
8
1936 93 9412 91
8812 92
8712 91
9412 9112 93 8912 93
90 9212 8912 9214 914 97
9133 923 90 917
4
9312 9512 Den & R C West gen 5s Aug '55 93 965
8 96
98
9214 9712 91
---- 913 9212 9114 9418 94 95
4
94
903 9314 9118 93
4
914 95
53 series B
1978 9012 93 4 90 9133 87 9014 87
3
32 1212 -_-— 304 3012 2712 31 --------31 31 Des Moines & Ft
90 8 867 8953 8712 894
5
s
D 1st gu 4s'35 33 40
35 39
3212 3212 29 19 28 29
33 35
25 3014 ---26 2712 26 2718 27 33
_ ____
Temp ctf of deposit
__
30 36
2914 34
28
30
2712 2712 254 --- 25 -264
25
iii-4 -ie.. iiii,-ii.
-
8____
88---
4
73
74
99
16 iii -- ----------------76 -- - __._
8
6
76
_ Det & Mackinac 1st I g 4s1995 --------9233714 76
4
7614 ___ ____
76
7I
7514 7514 ------------------------ 75 -- 75
1995 75 75
75 75 ----------------75
9918 974 991 98% 99% 995 997 97 0013 9812 9912 Gold 4s
.-l
8
ig
o
.
Ws;
Detroit River Tun 1st 4 34s 1961 98 10014 98 9
1031210312 __-- --_- —__ _ _ ____ ___. ____
7 9714 9 3 9612 812 97 98 1004 10058
8
4
_ _ Dul Missabe 8c Nor gen 58-1941 --------------1551210012 ----------------100 1-01-12
_ -103 10314 1023 1023 10314 10314 -_-- -__4
4
_
----- 10112109 liul & Iron Range 1st 5:4_1937 1004 101 ____
- 8118 83 8 8112 857 834 844 8312 86
,
____ 10118 1014 9918 101k BD
8
87 - 87 ____ __ _ Dui So Shore & Atl g 5s_ _ _1937
903 ---- -8
8012 8112 --------7534 76
_---74 763 7612 80
4
East Ry Minn No Div 1st 45 1948 94
iiia - 7- ii 668
94
66 ____ _ _ Rio 16A 654166 ioo
9312
166 East T v. & Ga div g 55_1930 99 9912 99 94
10518 1073 105 1083 105 210512 10314 10812 1053
4
99
4
- 12 9 1. 97L991; , 9933 66
8
-61
6617 iii 10 5
4105% 10534 10534
Con 1st g 5s
1956 1044
9912 994 100 10012 _-__ ____ 1001810014 101
10218 101 10312 Elgin Joliet & East 1st g 5s 1941 101 10412 105 105 10433 10534 10414 10434 10312 104 1034 10412
106 1064 106 106 ------10312 10212 10212 100 105 102 104
--------104581
99 99
971z 100
El
10314 104 1021210314 102121037 102121097; 10212 0458 ____ . . Paso 8c SW 1st & ref-- I965 102%10514 10212 10212 100 100% 10012
10012
10314 102 10314 Erie 1st cons gold Is
- 1930 1024104 10112 104 100 10212 101 109 100 1004 ---- - 8328 87 834 8414 8433 87
847 87
s
854 8733 8358 86 Erie 1st con 31 prior 43
1003 1017 1013 102
4
8 - -12
1996 8412 857 84 8534 8312 85
8012 841 82 834 8118 83
:
Registered
7812 8214 7814 8012 80 8114 8012 8212 813 ___ ____ --- _ __
_
__ ____
. 8112 811: 795 805 ____
4 8414 7914 89
8
8
1st cons gen lien -------- iii96 i8 1612 ____
—
_
_ 763 763
7653 - 4
7
8
4
4
77
4
758 - - - 7612 793 743 7812 754 -7733 773
4
3.____
Registered
__
7
8
il5(14 111 i00158 1•„C1 2
12 10
76 76
- 1
723 723 73 7333
.10212 1003 101 1003,101 1100 14
4
53
4
00•31 Penn coil trust g 4s
1951 100% 10118 1014 10114 101 10114 -------- 7113 7112 ----— —
0% 84
803 825 8214 837 823 85 854
4
8
4
101 1014 1014 102 10112 102
81 83 8018 8112 8212 843 82513 8558 843 86341 8418 8578 50-year con g 43 ser A-- - -1953 82 4 8412 81
3
823 7812 82
4
8
7814 8212 80 8212 80 813
4 8614 833
50-yr con g 48 ser B
4
4
1953 82 4 838 82 8412 7912 84
3
---- ---- — ---- --- 8212 831s 853 853 8412 86
80 8212 80
4
80 4 8113
8412 Gen cony 45 ser D
4
3
1958 --------------------------------7984 82
934 9512 93 - s 94 953
9534 9453 964 963 973
_
82
4
8014 8112
s
Ref & impt 5s
1967 943 9612 9314 9514 9112 04 92
111 113 --------11058112 1103 1105 11038111 4 943 .9714
4
3
2
97
8
9233 96
1131211312 11341312 110 11114 11014 11058 11034111 4 1104 fill Erie & Jersey 1st s f 63-1955 110 11012 1073,109 10612 108 10712 10914 1114 11114 93 9412
105
4 110 inGenesee Ely RR 1st 8 f 6s 1957 109
1114 1071s 109 10612 10712 10718 112 107 11114 107 11112
10734
Erie & Pitts gen gu 3335 C _1940 8818 881s
10214 1031; 102121037 103 10334 10234
_--- _.- -8
_ __ -___
103%103 10334 10258 104 Est RR esti s f 7s
____
1954 1031a 10412 104 105 10112 10413 102 10338 ____ 10353 __----- ___ 99 99 100 100
_99 99 ____
10212 10328
_ ___
___ Fla Cent & Pen ext g 5s
1027s
1930 --------------------9818 foo 100 100 100 100
---98 98
98 100
994 1004 993' 100
_4 Consl
gold 5s
1943 99 9914 -------95 9512
968 9678 9612 97
935 9512 --------9533 - 3
96 9612 96 96
96 97 Florida East Coast 1st 45.45 1959 93 9312 93
1
9
8512 87 8312 86
93
-12 928 94
83 8512 833 86
9112 9214 9112 13 91
8
81 8414 7512 811s
4
1st & ref 5s ser A
92
1974 75 4 80
3
467 50
8
75 77
46 4612 397 4514 3912 41
773 7918 7512 78
e
88 4014 34 3812 Fonda Johnst & Cloy 4332_1952 2512 50
76 77
68 75
_ _
37 44
_
36 38
32 35
94 94 Fort St U D Co 1st g 4Ms_1941 94 94 ------324 38
3212 35
104';104'; 105 10518 108 fog 107 107 1056
810558 107 10714
Worth & D C 1st 63_ _ _ _1961 -------------- - --94 94
10414 10414 10414 1044 ---------1035810414 1033 104 10318 104 Ft
10714 10714 ioiti4 1114 ___
Frem Elk gc mo 5 1st 6s _ __ _1933 10 3
4
,
4 10 3
100 1003 9914100 100 1003 ----------------99
4
1037 103 103 102 103 1021 1 . ie:oifx 1664
8
8 995 Gil & S A, NI & p 1st 5,3_1931
4
8
8
8 - -18 102 102
62
9914 9914 993 100
993
4100 9914 100 99 119 100121003
99 99
4
977 9912 96
_
4 993 - 2d guar exten 5s
4 „
983 9812 994
4
1931 9914 9912 99%100
10014 10014 ----------------07
97 100
98 100
100 2 97 98
9912
,
99 100
97 --- Gals Mous & Hen 1st 5s.....1933 9812 99
9612 9912
88 984 86 89 8614 00 90 92
9812 9912 --------98 100
8913 90 86 8918 Ga & Ala
96 9812 92 99
967 9914 9714 9914 97 997 99 10034 97 9912 Ga Car & 1st cons 5s_ _Oct 1945 8514 86
85 86
3
89 89
86 86
86
No 1st gu g 5s _ 1929 967 988 97
86
857 86
8
8
7418 7418 --------7614 7614 751 78
973 971s 98
4
944 99
7458 747 Georgia Midland 1st 3s
8
1946 7458 75
98 9914
6'1 7958 793 743 743 7312 7312 98 4 99
9812 96 96
3
4
95 953 9
%
4 64 96% 963 963 9712 9712 Cr R &
4
74 78'8 -------1191211312 111 1123 1125311314 1121211314 11178 113 4 11018 113 Grand lox 1st gu g 45.4s..5941 96 97--------9533 97
4
Trunk Ry 8 f 73 _ _1940 1111a 11214 1188
- 0512 9512 fliis - 12
9W10613 108 105 106% 1053
113 10814 11114
41063 106 107 106 10678 105 10612 15-year s I 6s
4
4
1936 105 106 10478 1057 10314 106 iiiiis fif 110 1113 1093 1118
4
8
103 104 103%1043 10314 106 4
4
8
4
112 1135 112 1133 11258113 11134 11314 1123
o11358 112 1123 Gt Nor gen 7s G B &()coil A'36 11114 11
4
233 11014 112 109 1103 109 1104
4
Registered
10812 110 108 110
---9 ;
9833 - 3- iif, - - -5 ii -- -- itii. Ws; iii. 8
664
9 3
64
. 109 109
61 iisTs 0714 155 84 refund 4Usi ser A1961 9612
98
9314 16
105% 110 108%10812 10712 10812 10814 109% 1093311034 10834 110
93
- 9212 95
92 I4; 9213 1412
-1
1952 1083 1093 106 1087 106 14
4
4
103%1043 104 10512 103 10418 103121064 10641063 1047 10512 Gen g 55.4s ser B
4
s
4
4
Gen 5s series C
s
1973 10212 104 101%19334 1007 107 10412 1087 106 10812 10512 10714
97 9914 9812 98
978 983 98 9912 98
4
8
96 98
Gen 433s series D
8
4
1976 941s 9714 934 943 93 10118 101 1037 102 1043 101 103
9614 9812 957 9712 97 98 97 9914 9814 100
4
7 98 4
9412 9912 9612 92 9612 9314
993 95
4
8
Gen 45.4s series E
1977 9512 973
9414
3
24 28
2214 29
2512 265 26 30
8
28 29
2612 29 Green Bay & West deb ctfs B__ 28 295 93 9453 9318 9412 94 0654 92 9612 93 9412
____
25 26
93m 9312 Greenbrier Ry 1st gu 43_1940 -------8 25 28
22 24
29 244 ---- ____
--------- 9133 9114 _
_ 10334 1044 10038 104 104 105 10412 105
104581043
ioo- 166
__ 99 10018 101121015 102 102 102 102 4 Gulf Mob & Nor 1st 5333-1950 106 106 ---- ---- 10012 1011 16E4 1661 -99"
8
- - 4 -ii- 166
99111st m 5s ser C
- 7
;
1950
108%10812 iiiii810 8 1083 10812 1081210812 108331083 108341083
-3
83
4
4 Gulf & S I 1st ref 8c ter 5s 1952 --------------------------------99 99
97 97
108
100410112 loot,101 1003 10214 gssg
97%101 4 98 10014
_. ls 1044 ---,
4
um Hocking Val 1st con 4 Ms_ _1999 984 108 --__
---- -99
98 - 9814 9814 ---,
9
9 964 9734 95 - - - -94- 9712 9712 9733 9814 984 983 98 9833 Housaton
8
97
115 - -9412 - ic RR con 5s
95
1937 98 984 9758 97
8 98
- -—. ---- 98%10212 10218 10212 1021,1021; ____ ____ 102 10912
. 97 975 967 97
lions &Tex Gist 5s int gu _1937 ----------------10214 98 ___
8
4
10014 10014
Waco & NW div 1st 6s_ _1930 102 102 --------10014 10214 102- 16i --------102 1024
12
ii" 166i. Hai 162 'jai 16i 102fed iii! -Gil;
- i
10014 -----93 984
—
--- ,
10014 10012 991 994 --------1001410014 1001210012 Houston Belt &Term 5s_ - _1937 99 9934 9834 99
9912 100
41918 Houston E & W Tex 1st 56_1933 _.. r
- .1. _ _ 9812 9812 ------- 9912 - - 2 -98 4 108 - -98% 106 2
j()4)9918 9918 ____
10014 10014 --------1001410014
-99 99
1st go g 5s redeemald—
e1933 10014 43 9714 102l
4
08 101
3
975 9912 98% - __- 98 993 97 99 96 98
997
3
8
Hud & Manh 1st & ref 58_1951 95 8 98
5
9558 98
cm 8933 8633 80
884 90 8812 895 8614 8914 82 8612
iio - 4 06 --------89
653
4
-Adjustment income 511 A957 8112 84
- -19
79
841 7212 80
4
78% 771 1 75 761.
7233 78
,
.
JULY 20 1929.1
FINANCIAL CHRONICLE
371
New York Stock Exchange—Continued.
1928.
1929.
BONDS
July
Agouti September
October
November December
January February
March
April
May
Juse
Low High Low High Low High Low High Low High Low
High
Low High Low High Low High Low High Lose High Low High
874 8914 914 9112 9214 924 9114 9514
/
1
Illinois Central-1st g 4s1951 91
--_9514 94 9412 91 9312 91
/
1
4
92
9114 9212 90 90
.--803 87 4 ____
4
,
1951
854 854 lit gold 334s
85 3 85 3
3
801 8013 811 85
3
/
4
/
4
79 79
---Extended 1st gold 33411_1951
8313 8313
-55- 1674 74
lit g Si sterling
1951
7124
-7414 7414 'WC -- 4
883 9212 oF 92
4
8914 Ws; 92 92 -OF 92
901 91
/
4
Collateral trust g 42
1932 91
9
61- 88 - 1 8812 8912
93 4 864 1
3
- 8778 9034
614
19 4
92 95
904 92
/
1
/ 923 94
1
4
3
92 9312 924 9458 92 93
/
1
4
1955 91
11238 91
/ 1st refunding 48
1
4
92
/ 90 911 90 9114 8912 911 89 91
1
4
/
4
/
4
83 8 / 834 8314 82 83
/ 41
1
4
/
1
4
87 87 __-- -- Purchased lines 332s
1952 82 83 4 83 4 83 4
/
1
4
3
3
3
80 82
6618824 - 2 8818 92
8818 9018 883 89 4 8918 92
4
3
87 8912 Coll tr g 48 L N 0 & T_1953 873 89
/
1
4
4
85 91
/
1
4
84 8
663; 85 8753 84l 86
653 85 1071g 10718 103 103 1071
/
410712 10712 108 10714 1073 10514
Ref Is
4
1955
4
1104 112 1084111 110 11014 1093 11014 10912 111 109 4 10514 15-year secured 6 Ms- - _1936 10514 1053 105 105 102 10458 103 104 103 10512 101 104
/
1
/
1
8
3 110 2
110 111 110 1111 107 109 8 107 10912 108 1083 107 10812
/
4
,
3
4
9841093 98 10014 995 101
/
1
3
8
99
/
1
4101 100 10114 9914 10012 40-year 434 s
Aug I 1966 99 10012 97 9914 97 983 97 99
4
9614 98 4 9512 9712
/
1
4
3
861 861
/
4
/
4
Cairo Bridge gold 48____1950
86 86
90 90
I itchtteld di? 1st g 38-1951
4
731s 73l
---- 713 7514 72 72
8112 91 -ill 16- -1;64 167;
-- -i5is 1i- 847 84
Lou',div & ternel g 3As 1953 821, 8424 ---81
8114
- 1;
11---76'8 75%
76 7612 76 76
7712 7712
Omaha Div 1st g 3s
1951
74 74
744 7412 ---- ---/
1
84 8514
/
1
4
St L div & term g 33211-1951 83 8612 821k 821, 81
53
81
- -- 80 80 ----Otiia 161;
-Oir. - 4 Western Lines 1st g 4s 1951 9018 90 4
6618914 8914 885 9013
,
8
III Cent & Chic St L & NO
10218 10318
10214 103 104 1043 1043 105 10214 1043
14
4
4
1963 10112 10514 10112 10212 100 102 100 10314 10034 102 10012 10134
Joint 1st Si ser A
96 9812
98 9912 964 10012 9712 9812 9514 97 4 1st ref
/
1
1963 9412 9712 941 96
/
4
435s ser C
95 95 4 9412 9412
94 4 9Q4 9412 97
3
3
9213 93
91 91
-- — 9312 94 2 9153 92 Ind Ill & la lit gold 4s___ _1950 92 92
,
9214 9214
88 88
---- 8714 89
88 90
Indianap & Louis 1st g 48_1956
_
841 86 ---884 884
-- 85 85
103 103
103
&
103
166
10114 1- 10214 1021 103 103 103 166 Ind Union gen serref 5s A.I965 ioi 103 103 103 103 103 102 102
6112
1965 103
Gen & ref 5s
B
103
103
oi- f6i104 1661- 1
1667; 105 10712 10434 106 4
1952 103 106 105 1061 10014 10612 ioi- 1/
4
1011 10434
611- ioi/
4
87 8912 5 9312 9114 9414 8714 92 10516612 104 106 Int & Gt No 1st 65 A
8914 9212 9012 913
1952 903 96
4
91
4 Adjust m 6s ser A
9212 95 89 91
96
9612 9712 941 97
86 8913
/
4
9612 9714 964 9814 98 99
/
1
1956 94 965 9514 963 914 9214 92 94
9612 9812 1st 58 ser B
3
s
923 93 4 93 9612
8
3
963 9912 96 9812 9712 9712 96 984 9718
4
/ /
1
4
1
99
963
1956 94 95 95 951 91
1st 5s ser C
/
4
93
92 94
92 94
92 94
/
1
4
85 8812 8412 87
861 904 83 4 853 83 843 80 4 98
/
4
4
,
4
/
1
4
80 8114 98 9014 78 81
73 8 2
0
76 81
72 794
/
1
4
95 96, 95 9712 96 9814 953 964 944 9514 94 8412 Intern Rys Cen Amer 1st 5s'72 79 82
4
/
1
4
/
1
4
/
1
1941 94 9412 9318 94
1st col tr 6% notes
9514
93 93 4 90 93 90 934
/
1
4
/
4
96 991 965 9814 964 98
3
8
9718 98
1
4
95 97
/ / 943 973
1
4
4
1941 96 9712 964 985 947 964 93 9612 9412 9614 944 97
4 1st I & ref 634i
/
1
8
8
/
1
42 44
/
1
41 4118 40 42
3912 4014 3912 4012 35 41 Iowa Central 1st g 5s
1938 40 51
49 50
4012 43
/
4
40 4 411 40 4012 3712 3912
3
411 44
/
4
411g 4118 42 42
39 39
39 40
/
1
4
344 40
/
1
Certificates of deposit
491 50
4812 5112 44
1
0
/
4
42 42
40 40
373 38
12 1214 1214 13
4
12 123 1112 1134 1012 111 10
4
/
4
1412 Refunding gold 4s
1951 15 20
16
1712
49 3 12
148
;
1012 13
14
11
124
8812 904 90 90
/
1
8913 8912 893 90
4
901 92 James Frank'& Clear 1st 4s'59 87 8912 88 88
/
4
/
1
4
85 85 88 88
92 92
_ 10014 10014 -- - Kal Allegan & G K 1st gu 55'38 9914 100 100 1001
/
4
8615 85l -8614 WI;
17
4
8724 - - 87 87
844 8612 Kanawha & Mich 1st gu 48 _'90 8414 8412 8414 84 2 8412 14
811 82
,
-12 84 8414 82 84
93 9514 9218 933 92 9312 93 933
4
/
1
4
4 93 94
9112 94 K C Ft S & 51 Ry re( g 4s. _1936 9114 92
98
4
/ 913 93 8912 9 % 89 9212 9018 93
1
4
9 18
8
2
9312
91
9912 100
9912 9912 100 100
991 100
/
4
9913 991 K C & M Ry & Bdge 1st g 58'29 99 9912
98 98
981 981s 99 99
/
4
725 747 7312 753 7312 77
8
8
3
74 75 4 74¼ 76
3
4
75 76 Kan City South 1st g 38_ _1950 74 76
7214 748 70 98
73
3 713 75 4 7 12 7512 724 744
%
3
,
97 100
/
1
4
97 99 981 101
/
4
9612 10012 9012 1014 98/
95l
1
4100
4
Ref and impro• 5s_April 1950 9814 993 9814 99
9284 9
95 99
/
1
4
94 4 9812
3
883 91, 8812 904 9
9
4
4
04 93 891 9114 90 92
/
4
8914 9012 Kan City Term 1st 4s —.1960 88 to 873 893 861 8914 8612 89
3
8
/
4
8412 88% 85 8614
9214 93
91 9118 91
91
91
91
91
91 Kentucky Central g 48-1987 8912 904 87 8912 8814 8913 89 8918 88% 88%
/
1
9014 9034
90 90 ---- -/
1
4
---- .-__ Kentucky & Ind Term 4%s '61 95 95
8912 89
91 91
924 9212 9212 9212
1961
Stamped
87 16- 87 87 87 WI;
98 98
97 97
9,5 95
Plain
90% 93
100 10012 100 101
1 1 i4 192 -iiia 1-66-- Lake Erie & West 1st 55_1937 10038 100 101 161- -554 166 99 10013
55 - -1g
/
1
4
/
1
4
99 10018
995 10114
8
1941
994 9912 2nd gold
81 8424
797 ii5; 811 817s 10024100¼ 8113 8134 Lake Shore55 M Sou g 334a 1997 9912 100 99 100 78 - - -7812 81 781-2 793- 98 98
/
4
8114 8214
79 811 7812 8112
/
1
4
&
80
4 75 4 767
3
3
1997
Registered
3
75 8 75 3 7612 7812
3
97 113;
971 611-4 9734
1931 -Fria 661- -iii WI; 963 9812 9612 9912 963 1061±10714 103 10512 1033 105 1043 9824 9714 -661; -9724 - 2 25-year gold 4s
6614
5
4 9714 oi 98 3
8 1043 10441041 104410514 Leh Val Harbor Term 1st 5s'54 105 / /
1
4
4
10518 102 104 10212 10312 102 102 103 103 1013 103
4
/
1
4
99 993
/
1
4
99
/
1
4
99
/
1
4
/ Leh V (NY) 1st gu e 4 328.1940 993 993 98 991 9512 96
4
4
/
1
4
4
9512 96
- - 87', 8814 8634 90 8 87 881 884 9934 8612 991 Lehigh
6634
/
4
90
8914
Val(Pa) gen con 482003 86 88 4 841g 857 844 85 8418 8612 9618 8
,
84 97 977 893
89 89
8
6
83 8 95 4
4
-Registered
86 86
9818 102
963 9814 9814 10014 99 661;
4
9814 - 4 -ii- -6634 General consol 4345._ _ _ 2003 9634 9914
6639412 94 97 94 - -61 97
1041
1- 66
/
41053 1045 10512 10512 10714 105 8
668
4
/
4
3
100410714 10012 10214 101 10112 101 1053 1061 107 1047 10714 Lehigh Val RR gen con 55_2003 107 10714 1034 10612 1012410314 1023 104 104 10514 103 105
4
/
1
4
/
1
Leh V Ter Ry 1st gu g 5s_ _1941 10312 10312 10312 10312 10312 10312 1003 103
99 10212
g
/
1
4
105 10714 105 10514 10541054 106 10312 10312 10312
/
4
/
1
/ /
1
1
10714 10714 10712 iiiiia 1-66- Lexington & East 1st gu Is 1963 10733 1087 106 1073 10514 10612 1063 10612 10512 1074 1011 1024
/ 103 105
1
8
3
10612 10612
8
---10412 105
_ Long Dock con g 65
1935 10412 10412
10212 102 _
/
1
4
100 100 ---- ------ - 1661; 10014
1001216012 Long Island 1st con 5s July '31 10114 10114
4
9812 99% 973 98 ---9712 9712
----OW -- ---- — — lit con gold 4s____July 1931 97 97 100 166- -- 100
92
923 92 4 ---- -- -22- 4
3
61 93 93
92 92
Gen gold 4s
1938 93 93
90 4 903 -6114 161- 16- 94 -46- Ili;91 9213
3
4
91
4
91
87 8 8912 88 8 9212 88 88
5
,
90 9014
Unified gold 4s
1949 89 9018 8914 8914 89 9014 88 88
/
1
4
8814 89
85 854
98 9814 -oil- 166- 98 99
97 973
/
1
4
4
99 99
Deb gold 54
1934 99 100
98 98 - -98 98
96 98
95 96
97 9912 98 9914 983 9914 981 99 100 100
4
/
4
/
1
/ / 20-year deben 55
1
4
1937 96 983 96 97
1
4
4
963 963 9612 993 9812 994
4
3
4
91 9112 90 911 90 9318 90 9018 984 10014 98 99
/
4
90 904 90 90
1949 90 90
/ 90 91
1
4
Guar ref gold 45
/
1
90 914 88 89 887 887 85 88
3
8
/
1
4
993 993 99 993 993 993 99
4
4
/
1
4
4
4
4
993 9812 993
4
4 N Sh Bch 1st con gu 5s Oct'32 100 100
993 100
9812 9812
4
8713 88
/ 8714 87
1
4
/ 8712 89
1
4
1
4
/ /
4
1945
1
4
844 89
86 90
863 88
102 102 102 10212 1001210312 i0 ; 1621- 89 89
/
4
.2 2 10211021 89l 89/ Lou &Jeff Bdge Co gu g 4s_1937 1521 11121- 89 90 101 101 10014 102 89 89 101 4 1011
/
4
55___
-2
4
94 96
933 95
4
95 953 95 9618 95 97 101241031± Louisv & Nash gold
4
94 953
/
1
4
94 3
1940 943 95 4 93 9512 927 947 923 944 -02- - 7- 92 93
4
3
3
4 Unified gold 45
3
/
1
4
9312 9312
Registered
ioF 1661- 1151:11-4 10112
9314 934
2
10014 1661- 145614 1661- 10014
4
4
1931 1004 100 10013 100 8 9912 100
Coll trust gold 5s
10014
5
/
1
4
9818 9818 991 11i6 - 99 991
10318 106, 103 104 102'z 10334 10212 10312
8
4
1930 101 1023 1013 103 10012 102 10013 102
4
4
lo 112 1001,10124
10412 107 1043 106 1053 10712 10612 108 1013 103 10134 10312 7% notes
8
8
10614 10712 10514 10714 1st & ref 5 32s ser A
/ /
1
2003 105 107 1044 10612 104 10518 1044 1057 103 10618 104 105
4
/
1
1
4
/
1
3
104 10512 10414 105 10418 106 10018 105
3
2003 104 105% 10212 10412 103 104 10014 103 10218 1033 10112 10134
4
9914 10012 971 9914 9918 1003 9912 10012 1047 105 104 1044 1st & ref 5s ser B
/
4
4
98 100
/ / 981 9918
1
4
1
4
2003 973g 99
ser C
9714 9852
/
4
971g 98
, 9712 9814 95 97
100 1003
3
_ 10014 10178 10034 1001 1st & ref 432s 1st g 68_1930 9934 10034 99/ 10014 9714 98 9934 10012 9934 101 9934 1004
1
4
/ N 0 & Mobile
4
ioZia16612
100 100
1930
10014 10014
10014 10014
2d g 6s
N 0&
100 100
924
/
1
9214 9214 Paducah & Mem Div 45..1946
9114 9114
-56Ta
70 16- 70 16- -iO- 16- 6612 9314
7012 612 6612 661g 6614 St Louis Div 2d gold 35_ _1980
/2
-65i4 -6 1- 643s 66/ 6414 - - 61 651± ____ _1
4
66
61 63
881 90
4
804 89'4 87 88
/
1
8812
/ 88 89 4 88 89
1
4
/
1
4
Southern Ry joint Mon 48'52 89 8912 88 89
3
8512 87
/ 85 864 84 87
1
4
8412 84
/
1
/
1
4
92 933 9013 914 9212 9212 924 89
4
/ 9412 923 93
1
4
/
1
4
/ 913 9314
1
4
4
911 911 89 9012 897 91
/ /
4
Atl Knox & Cm n Div 45_1955 914 92
/
1
4
89 91
3
89 90
98 98
9812 9812 99 99
Louis CHI & Les g 4 32s_ _1931 984 9912 9812 99
/
1
98 98
97 98
971 9711
/
4
-654 161; 9912 6612
Mahoning Coal RR lit 5s._1934
100 100
.
7513 Vi 69 75
/
1
4
731s 75 74 74 74 7414 74 Vi Manila RR Sou Lines lit 45 '39 74 7412 74 7414 74 75 1001 100 74 74 74 7413
/
4
73 741
77 79
81
81
80 80
80 80
75 75
1959
1st extended 4s
744 77
75 75
/
1
--- 69 69 69
99% 100
993 100
3
-9914 9912 993 99 4 99 100 Manito SW Colon's e 58_ _ _1934
4
3
- 8 9934 9934 9912 10013 99 9958 99 69 99 9934
6679912
88 88
- -Man GB&NW 1st gu 332s 1941
8612 861 8612 8612
---—
- - -5534 1634
1931 99 9912 ---- Mich Cent Det & B C 5s
/
1
4
ioo- 1- 6- 100 100 100 loo ioo 1666
-
84 184
WI;
/
1
911 954
/
4
_
1940 _ _
Michigan Air Line 48
9214 93
771 84'2 84 84
85l
1952 80% 86
1st gold 3328
.
4-18314 1 2 8212 821
9813 9914 99 9912 9912 100 9914 87's 87 87
82 82
12
9938 993 99 4
8
3
1929 993 993 9911 - 8 99 4 993 16 ...
4
4 - 5; Debenture 4s
665- 3
--4
---921 93
/
4
/ 96
4
1
4
Midland of N J
964
4
___.
7441614 100 100 993 167; 931 9934 943g 94/ 9913 167- Mil L S & West 1st ext Is. _1940 9912 964 9634 963 9312 94 ---- --993
4
ext a f 5s_ _1929
3
9912
—
- ---- - — -----OW ---- - -- 2111 & Nor RR 1st 4 328(1880)'34 ____
fops
_ 96 96 ---66-OF 97 ----6:14 ii1; 2
22 974 Con ext 4 325(1884)
1934 ____
94 94
-6i- 05 94 94
li7; 9218
Spar & NW 1st gu 4s_ _1947 9112 92
91
91
90 91
3
3
90 4 90 4
88 88'i
SOli 53 -42ig
49 16- -417 1111- 4814 4814 4812 9212 Mil
- 4 :4
3
5112 Minn & St L 1st cons 58-1934 59 5 3 52% 554
4
0 3 14
-- -- 50 51
4
34
50 51
464 46 4
47 47 2 473g 473
/
1
4
3
,
8
4738 473 473s 50
8
Temp ctfs of deposit
49 51
48 49
47 4818 4612 4813 46 4612
1614 18
1512 171s 14
1612 14
15
134 153 1412 20
/
1
8
1st & refund gold 4s- _A949 191s 35
24 3012 2312 264 23 2512 21
/
1
23
/ 22
1
4
15 20
161 1712 154 16
/
27
4
1412 15
14
15
1314 20
Ref & ext 5s ser A
1962 15% 20
16
/ 1812 163 1714 19 21
1
4
4
20 2012 18 22
Certificates
deposit
16
16
87 -- 3 87 WI; 88'j 90 874 1(1 3 88 - 2
- - 19
865194
1661- 88's 80 M St P&SSMof 4s stpd '38 8833 891 -884 1914- -2i- - 3- 87 - 1- -86- 87 4 83 85
cons
81 4
.
kii 4
96 983 96 99
4
,
9514 96
/
1
954 991 95'8 99 3 95 100
8
3
1st consol 5s
1938 93 4 99 0412 99
3
9412 97
97 99
/
1
4
98 9914 983 9914 981 10018 99 100
964 98
3
/
1
90 94
/
1
4
/
4
984 99
/
1
/ 961 99
1
4
/
4
1st cons 5s 444 as to int_ _1938 963 99
4
97 993 96l 9912 98 9914 9612 983 94 95
8
100 1011 99 101 100 1013 10024102
/
1
4
/
4
4
4
8
1004
Col tr 63
-Is
1931 100 101
9714 10014 99 10012 9813 10014 9714100
101 10114 101 18 10314 101 101 101 101 101 10114 993 101
99 1004
101 101
2sty ref 68ser A
13ea r,
&r ,As
1946 101 102
9912 100
98 100 1004 101
/
1
4
/
1
9814 9814 9713 98
8
93 9412 923 94
92 9312 907 92 9012 91% 91 101
8
9312
1949 92 94
93 95
92 95
911 92 88 981 88 90
/
4
/
1
4
lit Chicago Term s 48 _1941 934 9312
/
1
99 4 9912 99 99
3
99 99
99 99
98 99 Mississippi Central 1st 53_1949 98 99% 9813 9812
9612 973 96 961 95 95
85 884 85 881g 863 87
/
1
4
4
4
/ 87 90
1
4
87 90 841 88 Mo Earl & Texas 1st 4s _ _ _ _1990
/
4
84 85% 84 8512 .
11E8 -14-3; 8234 86 8112 85 824 84
99 10114 9924101¼ 991 10114 10014 10212 1001 103
/
4
/
1
/
4
/ 99 102 Mo-Kan-Texas RR 58 A___1962 10012 102
1
4
/
1
4
987 10114 99 100 4 9812 102
3
/
1
4
874 8814 86 87
/
1
8514 8814 85 8714 8613 87
3
963 99 4
2
9
612
/ 853 87
1
4
4
Prior lien 4s ser B
1962 85 865 83 8512 8112 8514 823 843 81 1007 81
8
84
4
9234 95 2 9012 94
8312
4
9314 95
,
9253 95
95 961 9318 9518 Prior lien 434s ser D
/
4
1978 92 9412 90 4 93
/
1
4
3
89 8912 9012 9212 8912 921 9014 91
103 1054 103 10413 10312 105 1033 1054 103141051± 10314 105
/
1
4
Cum ad) 55 ser A
1967 103¼1044 102 10512 1023 105 10214 1074 1021±10714 103 105
4
99 1015 993 1013 100 1013 993 100 Missouri Pacific RR
8
/
1004 1011g 9912 101
1
4
/
1
4
/
1
8
4
4
/
1
4
s
1st 55 A '65 98 1013 9712 100
8
9518 9813 97 100
/ 971g 100
1
4
963 98
4
/
1
4
78 7912 7712 7912 784 80
7614 794 7612 79
/
1
/ 7512 79
1
4
General 4s
1975 75
77
4
733 76
70 75
7112 75
74
7213
71
/ 71
1
4
981 99 2 99 1004 99 10014 9918 10018 9712 99
/
4
,
9814 100
/
1
/ lit & ref 58 ser F
1
4
1977 9712 99
96
9814 95 97
/
1
4
95 9913 955 98
8
9514 9714
/
4
/
1
4
93 93
- 911 913 924 921g 9214 924 9214 9312 3d 7s. ext at 4%
1938
/
4
913 911 904 907 9018 901 8912 8912 9014 9014
4
/
1
/
4
3
---- lit & ref 58 ser G
---1978 97 98
/ / 96
1
4
1
4
98
941 9612 957g 100
/
4
9418 98
/ 95 97
1
4
---- Convertible gold 5 34s
---- ------1949
.- - - 10012 106 10678 11438
103 166Mobile & Birm pr lien e 54_1945 ____
-62 99 99 4 100
3
Small
99 100
----661; 87 16- -ais- 88 -81is - 663; 89 89 Mortgage gold 45
- 2
6111945 883 89
4
86 90 89 98
884 163; ___- -- - 85 88
82 8712 86 8818 8614 86 4 8712 871:
,
Small
/
4
86 881
-_-- 8512 89
8512 8512 85 85
3
/
1
4
92 4 93
3
923 92 4 92 933 9338
4
4
Mobile & Ohio gen gold 43.1938 9212 93 --__
9112 93
53 93 9312
81 91
- 9934 9934
10441043
/
1
Montgom Div 1st g 5s___1947
4
101 101 101 161
99 99 Hai- 1669313 9814 9334 90I 96 973
-981s Ref & impt 4325
931 96
4
2
/ 9213 94
1
4
1977 94
95
92's 97's -29 - 2 9012 931 92% 94
- 1114
92 9
1
31±
8918 8914 894 Mob & Mal lit gu g 4s
891
/
4
88 88
88 90
1991 8512 86
8518 8518 8413 8413
83% 84
8.358 81
106 106
Montana Cent Ist'gu 6s
1937 106 106 106 106 106 106 106 166ioi- 102
1st guar gold Is
1937 101 101 100 4 101
3
io4i4 1 -663
J6681-665;
http://fraser.stlouisfed.org/
z
Federal Reserve Bank of St. Louis
[VOL. 129.
FINANCIAL CHRONICLE
372
New York Stock Exchange—Continued.
1929.
1928.
BONDS
November December
August 1 September
October
July
Low High Low High,Low High Low High Low High Low High
June 1
May
January
March
February
April
Low High Low High Low High Low High Low High Low High
80 8014 Morris & Essex 1st ref 3Ms_2000 7812 8012 777 777g 7618 77
82
4
793 81
8
803 82
4
804 803 81
804 82
4
.
1978 8912 907 8912 90% 8912 90
8
9212 Nash Chatt 3 St L 4$
90 905 91
92 93
8
9214 91 12 924 9212 9212 86
10114 10114 10118 10118 101 101 ----------------10133 101 1s Nashv Ha & Shef 1st gu 5s 1937 ----------------10034 102
Nat Ry of Mex prior In 4 Ms 1957
Ass'tcashwar&scrrctNo.300 1212 134 1218 1314 912 1218
8
134 15% 1314 143 1412 15
3
143 115 14
1314 1514 13
1977
Guar 70-year s f 45
8
Ass% cash war&scr rctNo.3on 1518 155 1514 1558 1214 15
4
177i
174 193 16
16
15
1414 17
1412 1512 1512 19
Nat RR of Met pr lien 4 Ms1926
2312 Ass'tcash war&scr rctNo.3 on --------19 2212 1912 204
22
22
21
2018 21
2014 21
-- ---- 20 20
1951
1st cons gold 4s
1118 912 10
4
712 93
Ass'tcash war&scrretNo.3on 10
12
8
10
105 13% 1012 1112 12
101 1 133 1114 12
33
4
66 --- ---- 98 - 13 9818 9818
iii 66
88 88 ----------------88 83
8912 8912 ----------------88 88
8
8
953 953 95 95 4 9612 98
3
9618 98
94)12 9212 8812 89 8912 92
8912 91
9512 99
4
993 101
974 99 93 9914
4
981 1 10133 98 10018 9814 9912 98%100
101 102 10013 101 101 10133 10114 1023
4
4
9512 9714
95 9714 93 953 96 97
102%1044 10312105., 10314 106 1031s 104
4
4
873 873
8818 8818
97 9814
8
8
907 923
9914 100
4
993 100%
100%101
96 9714
10314 104
7618 77
8933 90
99 99
912 1012
1233 14
7112 774
75 77
8914 90 ---- -99 994 ---- -- -9
1233
9
1212 1212 12
4
204 203 18
11
1212
1812 1612 19
4
812 73 10
4 8
712 93
82 82
95 95
8
__ 98 98
.
7- 999 997 96
987 668 0
. New England RR cons 5s_ _I945 ____
1945 8618 -8618 8613 863 8618
8
874 874 Cons guar 4s
gg
___ N Jersey Jet RR gu 1st 4s _1986 ---------------- 88
__
9312
9234 63 93 95 6 66 9312 - - 9112 - 4
4
9714 N 0 & Northeast 4 Ms A 1952 9718 974
964 *
852 9112
8
8914 91
88 888 8714 90 853 88
8914 9033 New Orl Term 1st 4s ser A_1953 89 91
90 923
4
96 96
98 9938 93 98
New On Tex & Met Ss ser A 1935 9812 9918 100 100
9914 100
904 94
1954 9812 993 99 10012 973 9912 93 9733 9014 95
4
4
: 1st Ss ser B
9812 1021
98 98
98
1956 --------100 101
9812 100
98 10018 98
1st Ss ser C
10018 101
1956 95 96
9333 95
9212 9418 89 9212 8812 8912 90 91
1st 4 M s ser D
96
94
1954 10312 10518 10218 10412 10018 1027 1003410112 10034102 10112 103
lot 5 Ms ser A
4
10312 1043
4
Npt & Cin Bdge gen gu 4 Ms'45 ____ --__ 944 93, 9412 9412 954 953 9512 0512 95 95
974 98
4
063 964 967 967 963 963 8
3
4
4
8
96% 967 95 95
_
9512 97
4
9812 102
4
__ ____ 99 99
99 90
9914 99% 993 993 NY Bklyn & SIB con 5s_ _ _1935 ---------------- 97 97
os 104
4
106 107% 105%1084 10534 10712 10634 108 1063 108 1063 108 NY Central RR cv deb 68_1935 106 1011 10211 10612 104 10614 104 108 103 10512
4
106 106
Registered
.
1998 885 894 88 - 7- 88E8 16 86.1-2 - 4 86 89
844 8712
668
8
883
8 Consol 4s series A
4
893 923
02i8 94
9012 92
3
89 4 91, 9033 93
90 93
4
Ref & impt 43-s ser A_ _ _2013 993310012 9918 100 97 9712 9714 9912 97 9918 9512 9733
4
9812 1014 9812 1004 993 10118 981810012 993 10114 9918 10012
4
4
2013 106 10712 106 106% 10412 10612 10418 1061.1 102 106 1023 104
Ref & impt Ss ser C
10412 107 105410612 106 107 10612 10778 10714 108 2 10618 108
,
8
78 80 4 7812 8012 7718 8012 76 7818
3
4
*
8
797 834 8012 82
8114 83
81
8214 80% 825 79 813 NY Cent & Hudson 3 M8_1997 798 8214 773 80
1997 783 7812 7712 7712
8
Registered
7412 7412 7412 75
7712 78
,
7834 803,
775* 77% --------79'4 8012 774 8012 7912 80
97
1934 953 9712 953 97
8
4
4
0334 - 12 9412 957 95 957 94 96
4 Debenture gold 45
4
4
4
95 963 948 97 4 9618 9814 95 974 964 963 953 963
,
_1934 95 95
Registered
95 95
---- 61
9418 9518 90 95 ---- -90
9412 94 9512 30-year deben 4s__ _19124942 94 943 9114 - 12 6 4
944 4
4
913 913 93 ------913 93
8 78
4
4
Lake Shore colt g 31.0_1998 79 813 763 7912 7414 7614 76 7714 7534 7612 743 7712 82
7714 80
783 8012 7934 803 7934 8033 78 80
4
4
1998 ___---- --- -__
__. 73% 7333 7418 7418 75 75
Registered
7618 7618 7618 77
78 78 ____ _ _ _
77 77%
75
4
4
4 79
4
71 4
4 78
763 4
743 753 753 793 74
Mich Cent colt g 330s_ _ _1998 7718 - 3- 783 7812 79 --------7833 - - _ _
78 80
____ ___:
_
81
8
1998 --------7614 7614 78 78 ____
_ _ 74% 745 73 73
Registered
_
77 77
8
'7. -V6 _,.._
_...
9314 94
94 96
6
%
93
4
9318 943 9112 - - 9314 94
96 N Y Chic & St L 1st g 4s1937 95
8
9512 963 9212 953 958 97% -5854 4
927 974 9512 98
,
Registered---- ____ ____ ____ ____ -_-- __— 9018 90 8
•
1931 9614 977 9712 98
8
8
973 973 9633 98
9633 9833 985 88
9
8
4
8
9722 if], oi, 4933 67i Vi 96344 - -35, 23-year deben 4s
9
9 56ii, chi, -..8 655„ a
4
10112 1023 10033102 10012 102 10111102% 1011210212 Hum 1021, 344 & imp( 6, A. B & C_1931 1001210212 10012 10214 10018 102 1003310134 10012 10114 100 1007
4
8
1974 1053 10714 106 10714 1043 106% 10412 106741 10414 1063 10412 105%
4
Ref g 5s ser A
4
8
105410612 105 10612 10614 107 1063 10712 106121073 10512 107
Refunding 53s ser B__ A975 106 107 1064107 105 10612 10518 10612 10518 10614 1044 1054
104%1065g 105%106 10614 107 1063
2
*107, 1064 10712 10
54 107
94
4
1978 9414 943 9434 9512 93 943 9314 9512 9012 9514 91
4
Ref 43s 5cr C.
9412 9714 9434 9512 9312 9712 944 954 92 9433
95 9811 N Y Connect RR Ist 4Ms A 1953 9418 97
1953 100 10138 10212 10212 9914 10234 993 10012 --------101 10212
4
1st gu 5s ser B
____ ____
90 90 90 90
90 90
_ _ _ _ _ _ N Y & Erie-1st eat g 4s.._ _1947 90 90
99 99 -------- 100 100
1930 99 99
4th ett gold 5s
___
____
66 95
8
952 96
5
943 943
981: N Y & Greenw L gtd g 5s - -1946 98 98
96 --------NY & Harlem g 33.s
NY Lack & W 1st & ref Ss A '73 --------10033 1001s --__ ____ __
id
___ 10018 10018 --------99 1973 -_
Ist&ref 4 Ms B
7lifs -- -1 -------- ----- 105- 166- -__--_- -_---_ -_-_-_-_ -_--- --_-__
99;
95
---66
-- 6 - 14 6 - '
100 10114 101 10 -3 10014 10114 10014 10014 10012 10I 100 1001# New York &Jersey 1st 5s- _1932 100 10012 100 10012 100 10
--1 4
& II non-cony 4s_1947 ------------------------80 7412 81
60 79 80
85% 861 1 NY N H
4
83 843 86 86
___ ____ ____ ____
____
4
4
75 75__-- - - 73 73
Non-convertible 3Ms_ _ _1:947 757 773 7634 773
5
4
4
8
76% __-'1
767 - 76% 16 9 733 762 813 813 75 8 8511
4
5
72
1954 745 743 73 75 6014 7014 717 71 - - 6914 7114
714
3
-Os
Non-cony deb 33
74 741:
71
4
4
723 723 7218 757 7612 78
7018 7212 76
74
8
1955 817 844 795 82
4
79
78
7734 753 8118 78 81
Non-corn deb 4s
8312 85
8012 8312 8114 85-33 85 87
78% 81
80 82
8
754 80
7614 79
1956 817 8418 793 8214 7618 78% 76 83
Non-cony deb 4s
4
81
85 8514 861 8318 843
:
7912 8012 8012 83
76 83
7314 74-33 6914 7114 704 72 6834 7212 70 72
75
--Os- -.1986 74
Convertible deb 33
7712 7178 75
:
4
8
12
73 7512 7012 7114 7214 725 723 761 76
1948 11712 12014 119 126 117 123 116 12414 120 12312 12018 129
Convertible deb 68
:
4
112 1143 11218 114 112 114 1113 113% 11318 1181 11518 118
4
115 115 1171211712 117 119 11612118 --------118 119
Registered
10812 10812 108 108 ----------------111 111 112 11218
4
4
1940 10414 10512 10414 105% 102 10412 10214 105 1033 105 1033 10412
Collateral trust 68
8
4
4
10414 105 1037 1043 103 1043 103 10414 1037 10412 104 105
a
704 764 7412 79
7212 76
7812 72 784 707 75
1957 75
: Debenture 4s
74 75% 7312 7512 75 767 75 761
73 7914 7218 74
4
8
of 1927_1967 893 9212 89 9014 8512 883 8618 9033 85 9014 8614 8814
1st & ref 4 Ms ser
87 90% 801 903 8914 913 9112 9212 8912 9111
8
4
4
885* 91
1
4
: liar Riv & Pt Ches 1st 48 1954 90 9012 8912 9012 89 893 8812 89 4 89 90 87 88
9018 9014 901a 9014 9018 901
895* 90
---- ---- 90 90
9512 964 95 4 983 974 9811 977 99
1)6 97
4
3
--- ---- 104 104 ____ ____ __-- _ _ 10018 100,
9134 - -8 917 917
917
---- --100 100 09 99
4
8
-- -- - _- _ 94 94 95149533 955 963 9714 9714
---------------------83 83
---- ----
4
4
7712 7514 77
74
757* NY Ont & West 1st g 4s . _ _1992 694 743 67 6912 673 70 67 69 654 68% 6414 6712
74
3
73 4 7433 73 76
62 6214 GO 6314 60 61
8
1955 70 7114 6834 687 62 64
General 45
6812 70
715* 7414 68 70
6714 724 7012 72
9012 904
1942 --------------------------------00 90
_ . NY Pros & Bos gen 4s
8
___ ___
—
8758 87% 8758 875 ____ -_ ____
824 8218 8512 8512
8
8912 891
8913 - -: NY & Put 1st con gu g 4s_ _1998 8912 8912 8414 887 --------8513 88
90
- - - _ ---- 88 88 --------89 90
Sus(' & West 1st ref g 58'37 82 8212 8612 8612 8014 8418 8018 8512 8118 8212 747 8112
841 834 91
:
,
85 85 NY
90 92
-- 8014 80 4 81
-___
7012 7212 7012 7212
7512 7814 72 77
7114 73
1940 704 82
General gold Ss
,
71 73 8 70 72%
7
68 70 6814 691 6934 71
70 VO
9918 9918
101 1011: 9912 101 ----------------99 10112 ____ ._ Terminal 1st gold 5s 1943 10112 10112 7934 8212 -------------------------------1 12 ii
3
3
i 8, ,
i
85
81
:
4
3
05
8
81 - - :NY Westch & flos 1st 4 Ms I '46
8333 85 s, 84 851 8513 864 843 8612 86 88
8
4
3
4
1950 10012 1023 10212 105 101 103 100 4 1023 100 10112 100 1013
10034 102 4 100 1013 10114 10214 10114 10314 10114 103 10134 103 Nord Ry esti s f g 63.s
4
)
8012 8414 7518 78
83 86
8312 88
4
11 90 91% 9018 9112 90 92
Sou 1st & ref 5s A_ _1961 8812 903 85 89
:
8914 917 Norf &
9012 9214 90 92
9712 99
4
4
1941 100 1004 993 993 102 102
8
4
9412 102 ...-- 9853 1013 --------100 100 1003 1005
1st gold 5s
:
4
8 --1023 1041, 1013 1023 102%03 --------10112 101% Norf 8c West RR gen g 6s_ _1931 10112 10314 10112 1023 102 102 ____ _______ ____ 100 102
4
.
*
8
-- 1047 1047 ------------------------1043410433 Improvem't & est g 6s_ - _1934 ----------------105 10.5
--__
99%10312 101410118 ____-__ 10112 10112
1932 --------10313 104
New River 1st g 6s
_ .. _ _ _
-_ _ _ 10318 10318 ___
__.
63 ____
_ .. __
103 19214 9012 914 89 91
90 9112
1996 91
895* 92 90 92
934 9214 94
9214 9234 94 4s
93 Norf & West Ry 1st cons
914 9012 95 89% -92
8912 8912 ------------------------57 87
1996 - Registered
____
9012 9012 905 905 9118 9112
8
_ _.
8
9014 94
905* 94
9112 92
4 92
4
90 913 89 90%
Div 1st lien & gen g 4s_ _ _1944 911 93
-34 93 - - -19 9219 931 93 9314 9318 94 ____:
9313 13
4
913 9314
1929 --------1321213211 ---------------- --------234 234
I0-year convert 6s
175 175 ------------------------184 184
9112 923 9112 955* 915 917 9112 9118
6
4
8
1941 9218 9 7 9212 95
92
92 93
:
9114 92
92 934 9178 921 9218 9218 9218 - -34 Poca C & C joint 4s
8
---- ---- ____ _--- ___--- ---_ ____
8 ____ ___ Nor Cen gen & ref 58 A.— A974 1077 1077 -, 7 -10734 1073 108 108 _
4
-_ ---- .-__ ____ ____
95 9575 984 983 97 99
4
1 s
Gen & ref 4: A stmpd _1975 9612 99
3 4
3
---- ---- - - -- -- -- 100 4 160% 100 4 1003 _ _ _. _ _ __ _ _ _ _ _ _ ..
li
96
96 9614
96 9612 96 97 Northern Ohio 1st gu g 50A945 On
---- --- 96 95 95 9512
90 8514 90 884 90 87 - 5 87 89 8
8914 85 18
92
921
89 - : 89 9012 9014 9214 91
,
9114 92 2 894 91 14 Nor Pac prior lien g 4s1997 8812 89
4
8612 863 86 865 853 87
4
8
1997 87
8512 8712 8314 8418
Registered
4
89 903 9012 9034 8712 883
4
8812 9033 88 89
2
Jan 2047 66 6712 65 667s 6318 66, 63 6512 6018 66
61
657a
8
647 67% 645* 67
66 67 6514 678 66 675 6612 681: Gen lien g3s
_
Jan 2047 --------63 6312 62 63
_--- ---- ---- - - -Registered
8
6412 641: 64 64
4
633 6514 6514 6.512 6412 677
8
2047 96 987 9714 9834 96 973 91314 - - 9512 9658 9412 96
4
8
98C7
Ref & impt 43-45 A
997s
- 7s 97 983 98 10012 9914 10011 9912 10114 99
99 100
4
4
4
2047 1123 11312 1104 1123 110%111% 11038 1117 10914 11212 109 1103
8
4
Ref & imp 6s ser B
111 114 112 1133 11214 113112 11218 11312 11234 114 11212 114
4
,
2047 103 4 105 103 104 10112 1024 101 1023 102 103 10012 10112
4
Ref & imp 5s ser C
8
8
3
3
105 4 105 4 1035 10612 104%1045 10412 10538 105121075* 105 1054
2047 103 1043* 103 104 10112 1023 101 104 101 104 101 10118
4
Ref & Imp 5s ser D
104 105 102%10412 10413 105 10418 106 106 1061: 105 105
4
3
4
4
---------------------1093 1093 --------Nor P Term Co 1st g 6s_ _ _ _1933 ---- -___ 109 4 1003
--- ---No Ry of Cal guar gold Ss_ _1938 ---------------------------- --- - 09
1948 8212 8212 8212 83
g
8
12
745 76
4 8 12 78 80
4
---- ____ 7818 8414 82 8414 82 83 82 823 8112 8312 Og & L Ch lot gu g 4s
1936 ------------------------9933
------------------------------------ Ohio Riv RR 1st 65s
---- ---3
4
8
993 99 4
99% 99: 96 4 9933 _
1937 100 100
Gen gold So
101 101 101 101
91
3
8
4
664
8
9:i 92 9412 923 95 92 927 Ore RR & Nay con g 4s_ _ _ _1946 92 9218 92 9212 90 - - 89 4 9012 9012 903 94% - 3
9114 WI 913 62
92 8
8
4
,
8
4
,
4
4
1063 1063 102 l06 4 105 10612 10514 1053 1057 106 4 10514 108 Ore Short L Ist cons g 5s_ _1946 10514 1063 104 1055 103 1034 10'212 1023 102 1025* 10112 102
4
1946 1053 106 106 106 10212 105 8 10212 103 1034 104 11)21210411
5
1st con 58 fluor
4
10614 1053 108 106 1052 s 1055s 10512 106 108 103 106 106%
'
8
1929 08 9933 985 9914 9812 99
9812 99
Guar refund g 4s
8
4
?
9812 993 983 99 9833 98% 9778 99,
98% 99
/
9818 9814 98 985 98 99
8
8
4
8
8
8133 91,2 8714 897 Oregon-Wash 1st & ref 48_1961 8712 8918 86 87.s 8412 8714 85 8812 85 8812 85 867s
8618 887 883 905 8912 91
87 90
76
7914 7312 7612 74 7612 70 7112
74 7533 Pacific Coast Co 1st g 38- - -1945 75 80 788 86
7814 50
78
7514 74
781 1 74
77
79 SI
9418 91% 9118 .--. --- 903 904 9031 9014 8914 Ms
.
4
- - 954 9514 9312 9412 Poe RR of Mo lot ext g 4s _1938 92
---- ---- 911 9214 93 9318
9631 963
4
99 973 984 973 98
2d extended gold 5s
100 100 __ __ ____
1939 ----------------9814 8
4
_ ____ ____ ___.
73 76
7212 75
-i(Jen, 1001,
,
911 9112
—
__ . __ _ _ _ ___ Paducah & III 1s1 8 f4 li s_ _1955 --------------------------------98 98
-2-2 --- -7-.med RH est 68 1058 983 101
4
3
99 4 10014 973 100
4
3 1 18 995 10014 91,134 10038
995: 99 100 parm-1,yon8
9912 99
8
9934 99 -'4 991: 994 - 983 8
1958 1035 10418 10312 10412 10112 1043 10212 10414 1013 1033 10214 10414
Ext1 s f 7s
4
4
8
1023 104 10314 10435 10314 1041: 10334 1047 10314 10414
s
8
8
8
__. Paris-Orleans RR s f 78._ _ _1954 -, __ _ 95 963 93 954, 934 93, _
I0231 103 ____ _
o
84
_ .. 1- iff- -- is', /617,
4 96
_
1968 913 - -12 -,..„ _-___
Esti s f 534s
-4 9514
6
9.512 9512 9 -14 1/Si4 9614 9412 9512 941 94
4tat SC ref 78-1942 1021 103 1023 103 11/23 16i 10133 103 10112 103% 10212 103
4
4 4
4
10214 10214 102 103 10212 104 1023 104 1023 104 Paulista Ry
1843 9334 94
93 4 9433 04
3
115
9318 933 94
4
94 - - -- _-,—
_ Penn RR con g 4s
8
8
_ 9514 9512 943 945
9712 97% .--14 9213 9333 9214 94
1948 9234 93
9133 94
Con gold 4s
93 944
94 94 947 933 95
9
8
9134 9312 91% - 24
4
63 97, 9334 9312 93 - 9214 93
4
9012 91
93 933 92% 934 915 93
4
Sterling stamped dol bds_ 923 93
_ _ 934 94
9318 931: 9414 9414 93 931,
9218 924 — __
1960 99% 10112 10014 10114 100 10112 100 101
99%10018 977 100
- 10012 1025s 100 10178 101 103 10112 103 102 103 10018 1021: Consol 43-4s
1965 99 10014 98 2 10
, 012 9714 99 4 98% 9912 97 99
95 995*
4
: General 43-4s ser A
993 101 10014 102
8
997 102
3
9833 1001
4
4
992 1013 97% 100
4
1968 107 10812 1053 107% 10618 10712 105%1073 10412 10614 10318 106
General Ss ser B
8
4
4
104%1083 106 10733 1063 10814 10731 10918 03 10914 10612 10812
19301 102 103 10133 1025 100410214 1003 10212 101 10134 1005 1013
8
8
,
4
10-year 7s
4
10312 10234 104 10212 10312 10213103): 10212 10312
8
103 104 1027
4
s
8
, 1S-year secured 6 Ms_ _ _ .1936 11033 Ill 110 111 10712 110 10712 109 10718 109 1063 10812
1104 111% 10:134 1105 11018 111 11014 1107 11014 111 110 1197
1964 103 105 10112 104 101 1033 10114 1033 101 14 10412 10114 103
8
4
4
4
4
4
102 104 1013 1033 103 1043 1023 1041: 1033 105 10312 10114 40-year secured g Ss
_ ____ ____ 89.34 893 --------90 90
4
—
__
98 88
___ ___. Penn Cocoll tr 35isserA 1937 __-- ___
-8712 85 - 8612 86%
85 ____ ____ 8518 86 )
87
Cu 3,10 coil tr ctfs B. _ _ _1941 8412 ..
,
78
:
i7i:t 8712 87: 873 8712 871
8918 891s 87h 89
_ _. _
89 89
8358 851f -------Gu g 3 yis tr ctfs ser C. 1942 89 89
---------------------89 81-.
_1944 --------86 85 _ _
-_ 84 84:84 87 87 - --- _-..
Gu g 33's tr etts ser D_
884 S812 ----------------5712 8712 8712 874 8712 871.
s
973
1931 98 9918 973 98
97 1818 9612 9818 9718 9834 9714 - ;
Guar g'15-25-yr 4s
971 2 93 9731 99
9733 97% 97% 991
963 971. 9718 98
1952 8834 90 894 92
884 8814
Guar 48 series F
85h 88
11:4
9118 943 90 9114 9018 9018 9012 9012 9114 925* 59 891
4
982 oii, 983 96
9812
4
9814 959, -,
15
,
1963 9814 9918 98 99
99 99I2 99 99,
Secured gold 4818
-- - - -.- 1005* 10033
99 10014
102 104
103 104
7
93 96
Ion, 1031:
JULY 20 1929.]
373
FINANCIAL CHRONICLE
New York Stock Exchange—Continued.
1929.
1928.
BONDS
August September
October
July
November December
Low High Bow High Low High Low High Low High Low High
/
1
4
9514 9814 95 9712 9714 9814
84 8812 8352 8432 851, 863
4
4012 4012
3712 41
10214 107 - 103 103 103 103
102 1043 10012 103 10218 10418
4
/
1
4
/
4
8813 91
s
891a 901 911 923
/
4
/
1
4
97 9714 94 95
105 10814 10514 105 4 15414 105.1;
,
41 411 41
/
4
4212 40 41
-------55E8 166'hos laws
100 100 100 166 99 100
99 100
/
1
4
April
May
J'ues
January February
March
Low High Low High Low High Low High Low High Low Hfeff
9412 95
92 96
93% 96
95
97
/ 94 963 94
1
4
4
96'2 97 4 Pa0&Det lot & ref Cis A 1977 95
,
4
/
4
833 8.53 8312 8.51 9312 8512 813 -83
4
83 85
/
1
4
/
4
4
854 88 Peoria & East 1st cons 4sI940 841 87
/
1
1990 38 45
Income 4s
41 42 37 37 ---- -- 36 4112 38 38
/
1
4
39 413
4
/
1
Peoria &Pekin Un 1st 5As 1974 10112 10112 10112 102 10212 10212 014103 10114 10114 100 10112
8
4
/
1
4
3
4
s
l02' 10313 Pere Marquette 1st 55 A _ _1956 10218 1047 100 4 1023 10014 1033 0012 103 100 1027 10012 102
3
1956 86 90 s 891 911 87 883 88 4 90 874 8912 8612 8612
/
4
/
4
s
1st 45 series 13
,
89 93
/
1
4
92 93 92% 93 4 90 92114
/
1
4
19 3
7
3
94 9414 9414 95
94 4 94 4 Phila Balt & W Ist g 4s__ _ _1944 9214 94
,
,
07 108 07 107 1074 1074
107 107 10714 108
/
1
41073
--- 107
4 Gen 5s series B
35 3618 -55- 114
3514 36
3512 363 35 36
39 4012 35 38 Philippine Ry Ist 30-yr 5 f 4s'37 36 39
4
03 103
1932
Pine Creek reg guar 6s_
94 941
94 06
Pitts & West Va Ist 414s_ _1958
973 97
2
9718 9712
52
2
ilk) 19-61"2
"
4
3FCC & St L gu g 414s A_I940 55- 164 958 -663- -971
/
1
4
3
9614 9712 97 97
1942 99 1001
/ 96 9712 9712 97 2
1
4
100 100 100 1664 1001 166
10018
1001, Con gu g 4145 ser B
/
4
18
1942 993 99 4
---9712 9713
9912 9912
Con gu e 434s ser C
4
3
,
1;62 9614 9514 96 96 2 96' 9614
1945 9413 95 ---Con gu g 45 ser D
--.- -591- 114 95 95
4
93 93
1949
i171- 1i 14 ---2
Con gu g 334s ser E
96l 98)
4
1953 -54E8 114
____
Con gu g 4s ser F
95 16-ii- 16
-99" -6196's 98l 9512 9612 -01V4 114
Con gu g 4s ser G
9612 96i2 9612 9
612
19 0
96
57
95 95
Con au g 45 ser H
-94- 61
96 2 961 963 96% -99E4 114
3
,
4
iiii- fifioi- 1611963 954 100
983 99 s
4
7
ser I
4
3
8
Con
9984 166 100 1011 ion- 161 991101/ Con gu gg 14s ser .1 1964
0912 9912 96% 96% 97 9'7
/ 101 101
4
gu
99 4 99 4
3
3
99 99
/
4
4)45
1
4
1
10414 1091061/10714 10714 108/ 109 11112 1071 4 General 55 series A
12
105 4 107 103 4 107 10312104
2
1970 107 161 1057 107
2
- 18
/
41083
1
4
102 102
_
Registered
/
1
1043s 108'4
1595 1671-4 1074 1084
2
,
8
4
/
1
iii 117E8166Gen mtge 5s series B_1975 1073 10812 1063 10812 toe- 107 4 iii5E8166" 104 fini 1021210412
9714 99
863 87
4
373 38
8
105 105
1033 10412
4
913 933
4
4
94 94
10514 1053
4
40 42
9712 9812
8712 967
8
39 43
105 105
10441051g
/
1
93 94
10114 10114
10
018 100 10 0538 ____ ____ ___ ____ Pitts McK & Y tat gu 65_1932
5
0
51. 200 10
514 0
-Ws 998
Pittsb Shen & L E lot g 53_1940 10012166 2
---- -___
.
4
19v4 911
-9313
---- ---_
-55 61E4 Pitts Y & Ash let gen 43 A_1948 93% 93%
10313 163 2
_ Foils 1-6:11-8
103% 10312
1962
- 11st gen 5s ser B
- 3- /61 7313 71 -i2i - , ---- ---- Providence Secur deb 4s_ A957
;
7112 73
74 74
4 71- --4
_ii_ iii 84 84
.
84 84
84 84
80 80 -831 - ; Providence Term 1st 4s.._1956 84 84
/ 817
4
"95- 144 913 113
4
9212 93
1923 9412 923. 94 Reading Co Jer Cen col 45_1951 92 9312 92 9314 59E2 IR; 99 9212 -95 if" -59 Ifs;
4
98 10012 98 9918 983 99
4
/ 983 100
1
4
4
92 99 9614 98
4
99341003* 953 993
4
4 Gen & ref 424s ser A__1997 98 993 9612 9814 94 97
944 9712
------- --- - ---- ---- ____ ____ Rens & Saratoga 20-yr 63_1941 ---- ----- ---------- ---_ ---- —__
-____ ___ Richmond Ter Ry lot gu 5s 1952 9912 9912 -59i2 102
9134 61- 9211 923
"i66- 166Rio Grande Jct 1st gu g 55_1939
-9914
-55 93 -99- 614 5ois 1114 911 94
8
87 8914 863 88 s
6114 59- 4
/
4
66- -59E 87
7
9214 -1151± - - "
iioi4 12 Rio Grande West 1st 4 45_1939 91
833 8512 8314 84
4
7
83 841 834 8512 85 881 84 8614
/
1
4
/
4
/
1
78 83 4 78 8278 8112 8278 80 82 s
8
,
/
4
1st cons & coil tr 4s A_1949 8412 863 83 85
961 97
/
4
91
98
944 96
/
1
3
9414 9714
/
1
/
1
4
3
/
1
4
RI Ark & La 1st 434s
1934 94 9612 94 9513 934 96 4 93 4 94
,
/ 93 94 4 93 9414
1
4
9312 94
90 90 2 E.': wa 2'2 Rutland RR Ist cons g 41481941 9012 9012
87 89
4
7
/ 87 87
1
4
ii 85
83 84
87 87 "
86 8014 -ill 16 8712 871 87 8912 881 8814 St Jos & G 101 lot g 4s
;
1
/
4
/
1
4
1947 884 88 s -airs 111- 87 87
4
/ ,
1
/
4
100 100
104 104
/ /
1
4
1
4
--- _-__ 100 100 St Law & Adir " 53
1 12
I996
k
-9913 -. 961 96/ -99E4 - 76617 / 1
614
4
4
61 s
9612 971s 963 9613 -59; 8
164 -594 614
1931 967 97
97 97 St L & Cairo guar 4s
St L Iron Mtn & So Ry—
/
1
4
4
3
3
3
99
/
1
410012 98 100 4 98 100 4 97 100 4 97 984
/
1
4
Gen con sod gu g 53._ _1931 99 101
-iii- 1015- -iiii4 -- 72 -iiii2 11- -95Es - 8 -55 166- -9534
. 07i 5
,
/
1
4
/
4
91:51929 99 9912 9918 99 4 99 991 98 2 100 99 99 98 2 99
"
/ /
1
4
1
4
Unif & ref gold 4s
,
: 913-4
94 951 94 9412 941 953 94 95
/
4
/
1
4
/ / 92 84
1
4
/
1
4
/
4
8
/
1
1
4
941 96
/
4
River & Gulf div Ist g 4s_1933 934 9412 94 943 921/4 94311 93 94 92 94
4
981 9818 99 100 100 100 10014 10014 100 10014 915 108 St L M Bdge Ter sad g 5s 1930 99 99 ---- -- 9712 100
/
4
3
3
971 973 98 4 98 4
/
4
4
4 80
853 89
4
8512 8814 873 9014 873 9014 88 903 8634 8912 St 1.
83 873 83 85 1
/
1
4
2
/
1
4
4
3
4
/
4
3
/
1
4
-San Fran pr Hen 45 A_1950 861 8812 8512 8612 8312 .85 4 84 87
4
87 904 87 9014 8814 9012 883 9112 9012 918 87 91
/ /
1
4
1
/
1
4
3
/
1
4
4
3
/
1
4
4
Con mtge 4348 ser A......1978 86 89 8614 883 83 4 8612 8412 8912 8512 89 85 4 87
/
1
4
98 1013 99 1011 100 1011 10018 10212 10178 103
/
1
4
4
/
4
/
1
/
1
4
/
4
/ / 984100
1
41004
1
/
4
3
983 100 99 4 100 4 9914 1011 97
4
3
1950 00 101
99 1011 Prior lien 5s ser B
/
1
4
/
4
10212 103
99 100 100 100
/
4
St I,& San Fran Ry gen 65.1931 00121011 102 102 101 10112 101 102
iiii 16612 9941001, joo" 1904" 12441:1114
/
1
4100
4
,
/
1
4
1931 993 100 4 99 99 4 9834 100'., 98 10014 99 100 2 97
3
,
1g1314312:481W:1231 General g 5s
— - -101 10118 10112 101 12 1023 1023 __ _____ St L Pen & N W 1st 5s
2
102 102 1021210212 100121027
1948 10318 10318
4
4
7
9612 9612 -99 3 961s
/
4
/
1
4
96 9718 961 97
St L Southern 1st gu g 4s_1931 9518 97
-hi- ------------8614 87 - -59Es 16- -iiEs 16 St L Southw 1st e 45
-.- -- -' / 811 84
1
4
/
4
87 89 831s 84
86 89
8312 84i • 8312 84
8312 83 82 82
/
1
4
82 8414 82 84
,
3
/
1
4
,
2d g 4s inc bd ctfs_.Nov 1989 79 4 8114 7914 79 4 7914 79 79 82 8014 80 4 7712 7712
989
__ _
9512 96
/ 9418 9512 -i / - 2 9514 9612 953 964 -95 - -78 Consol gold 45
1
4
/
4
2
1i1 1614
/
1
4
3
1932 9518 9612 9512 es% 95 9614 95 96 93 95 2 941 953
2
/
1
/ 96 1
4
9778 10112 967 9812 08 100
2
95la 9912 9412 97
/
4
983 10114 9912 102
8
1952 99141011* 99 1011 98 10012 97 99
9312 10034 1st term & unify 5s
9314 13412 9118 95
/ /
1
4
1
4
3
9234 96
,
,
/
1
9314 953 9514 96
4
933 9412 St P & K C Sh List 4%5_1941 9312 9514 9218 9412 914 93 89 4 94 2 90 93 4 90 92
4
99 99 ____
98 98 4
98 98
,
99 100 ___ ---_ ____ ____ St Paul 8v Duluth 1st 5s_193I
/
1
4
------93 9312 ____ _ __. -9i is I31; ____ ____ ______ ____ ____
/
1
4
/
1
884 88 884 8812
/
1
---/
1
4
Ist cons g 43
------- - ------ ----
-oak, -iii; ____ ____
9612 9812 9412 95
94 94
/ /
1
4
1
4
19 3
6
_
96 96
/ 9614 9614 -1
4
-- St P Minn & Man cons 42..1938
/
1
4
4
103121 -- 103
lot consol 9.6s
2
031
/
1
41033 1031:10518 105- 105 4
103131031± 1013 1041 102 103
/
4
10h'z 1021±
103 103
Registered
19 3
33
-511 1- 1101 9813 11 -64- - 1
-2
1
;
1
Gold 6s reduced to 4;43_1933 9814 99 4 98 98
661163 -554 - 1- -55- - .4
96's 98'2
66 2
66
,
954 9512
94 94
95 95
Mont est 1st Old 4s___ _1937 95 95
9314 94
934 931 941 941 94 95
/
1
/
4
/
4
/
4
91
95
9312 9312
Registered
89 4 89 4
3
4
-89- 11- 881s -- ;-88i4 - Pac ext sterling gu 45___1940
8 1
/
811; -545E2 93 4 92 92
-310114 1024
4
10418 107 1043 1043 1043 105 10512 10718 1061Ion 105- 10614 St Paul Un Dep lot & ref 55 1972 la- 1614 10234 166- jai& 161 ioi- 1634
;
1
1
4
4
/
4
- 4
/
1
4
87 2 9012 88 89
5
/
1
4
867 90
4
14
89 891 8714 89
/
4
1948 89 91
/ 88 9012
1
4
/ / 8912 911 9012 92
1
4
1
4
/
4
2
91 93 893 91 SA&APIstgug 4s
/
1
4
102 102
_ 102 102
3
100 4 1003 Santa Fe Pres &Phoenix 581942
100 100 4 100 100 100 100
3
4
10014 104 ____
Hie" 161
_
1934
Say Fl & W 1st g 6s
104 104
10012 10012 9814 98 4 1 41E11934 99 4 99
3
6
1
/
1
4
, .
2
923k 933. 552 61- -Ws 111- 27_ -_-_-_-_ -65Es "i2 8 95E2 -- Sclot o 56 N E Ist gu 4s
-96 1RO- 89 90 8812 90 883888¼ 90 16s t gV &
1989
-39234
64 64
82 82
74 74
73 74
75 7712 7812 78 4 7412 80
--__ 80 80 Seaboard Air I, Ry g 4s___ A950 74 74
721 734
/
4
,
/
1
Stamped
743 76
4
7312 7612 75 78
74 75 4 72 75
2
711 73 6712 7318 68 691s 631 68
/
4
72 75
74 75
7212 77
,
41
4812 40 45 40 444 40 4512 40 44
4112 45
/
1
35 44
/
1
4
Adjustment 5s
3712 4114
41 48
1949 38 45
391s 5014 44 51
Ctfs of deposit___________
4112 43
12
5914 58 - -7- -99- 11 2 -55E2 - -1- 575 6284 Refunding 4s
58 623 57
4
4
i3 4
112 2
5212 85
1959 -EiEs 164 5814 60 5713 1612 -56i2 595 -5ii2 57
77 823 73 79
/
1
4
4
7518 813 77 84
4
7612 813 723 78
75 7612 72 7918 723 77
1945 73 80
4
/
1
4
6914 75 4
3
75 77
4
4
lot & cons 6s ser A
75 75
Registered
16C4 -96- 16- "ii173- -994 I73- -591 4
85 89
81 851z 85 85
85 86
4
2 66" Atlanta & Birm 1st 45_1933 8712 88 88 89
7014 7712 69 4 734 68 7512 70 80
3
/
1
/ 71 77
1
4
/ /
1
4
4
4
6312 7314 Seaboard All Fla lot gu 6s A'35 64 711 84 68 4 65 6712 653 873 65 6714 9112 6412
8
,
70 73 60 4 7412 69 81
7414 76
3
71
7811 64 7212
8
1935 65 7012 65 68 647 6712 6412 665 6514 66 4 6312 641.
8
,
993 10014 9912 9912 99 99
4
4
995* 9952 993 100
/
1
4
3
/
1
4
99% 99
5s
3
0934 997 So Crie613 a lot extd 534s..1929 99 99 4 99 99 4
Sear & G
100 10012 _
_
_ 10112 105 1011 1011 101 107's So & No Ala con gu g 5s._1936
/
4
/
4
;
- -- ioois1661
4
1071 10743 Gen cons gu 55
/
4
4
31963 1063 116 4 181 14 1164 1658 1653- 104g.,10512 106 107
5
1-95- Vi- - -55- - - -9919
4
if
-9i1 921 9012 92 So Pac Co Cent Pac coil 49.1949 9012 914 87 90
2
8712 90 89 91
/
1
/
1
4
8
/ / 887 90 8614 90
1
4
1
4
87 87
/ /
1
4
8514 8514 8018 8018
Registered
1
4
981: 99's 985 664 -99- - - -95E8 -- 14 -99E8 9 3 8714 893812 Convertible 45
6612
9 6
. - 98 4 9 9
9911 99
/ 9914 99
1
4
14
--3
8
/ 9914 99 4 993 995* -55Es IA
1
4
964 101
/
1
991±1013 99 99
4
993410034 99 100 10014 101
/
4
1979
4 9312 95
3
/ 1st 4134s (Oregon Lines) A '27 981g 9914 9812 9914 981 98
1
4
44 110
10112 1023 100 1011 100 10112 100 1023 10112 10112 100 1023
4
/
4
4
'4
1934 100 10112 100 101 100 10112 1003 10111 091s 10112 9714 tee
4 Convertible 52
9414 973 9512 9714 9614 983 964 985 98 987 9512
8
4
/
1
8
s
95 9712 95 96
923 9.5 4 933 9518 89 4 9.484 8812 9
4
3
3
2
2
991e
96
8
,
/
1
4
943 94 2 8814 94 4 90 93
G° d 4 6 w I_ __May I 19 69
Go1 d 4
i
1
2
,
88l 9114 893* 16- -30E8 if- -96i4 3 -994 Visi -83is
/
4
00 91
.. 161- 8712 891s 871 8918 87 88
1 4
San Fran Term 1st 4s1950 89 90
90 90 _ _ _
_ 8912 90
90 90
_
83 83
44
Registered
103 102
So Pac of Cal 1st con 40.1 52.1937
---- 100 10172 100 100
-99E2 61- -_
165E4 f6234 Sou Pac Coast 1st gu g 45.._1937
9512 9512 951g 958 9514 9514
-61 - -1- -5i- - -3 9214 9312 iiiii 94 - -55E8 114 9114 923 Sou Pac RR 1st ref gu 4s__1955 9113 92 2 91
.12 14 4
62 4
553 16
4
;
1
89'2 92
4
,
9212 8914 9214 9014 92
---------------------9212 9212 9212 9217 Registered
90 4 90 4
3
1
951s 9515_ _
10312 10311
110 11.1 11014 11118 11114 113 10914 1111 Southern Ry let con 5s__ A994 1083 110 107% 10912 10614 108% 106 10814 10512 10812 10412 113612
/
4
18
4
.
106 106 109121091± -- _
_
Registered
,
1994
- 108 108 106% 108 105 106 4 105 105
-5:54 914 -iii4 164 88 8912 89 90 4 -871 16,
84 8712
4
Devel & gen 4s ser A_ _ _ 1936 87 8812 843 873 83% 8512 84 8912 8412 89
,
5
6
2
1131 11412 113 4 11512 115 116 11514 1163 1134 11612 Devel & gen 65
/
4
3
4
11418 1144 11154 114 10912 11314 11112 115 113 115 11112 113
/
1
1173 1214 11978 123 121 12314 12234123', 1213 123
4
/
1
4
1
4
/ /
1
Devel & gen 6 Hs A
1956 121 12212 117 11912 11712 11912 1184 121 11814 122 11712 11912
--------104 1053 10512 107 10612 10612
8
3
104 1043 104 104% 103 103 4
Mem Div 1st 4 Ss
1996
8
10614 10614
87 8914 88 90 9018 907 903 903 1 3 12
/
1
4
/
1
4
8
4
4 24
854 8512 85 8514 8512 8614 57 88 4 867 864
/
1
,
a
3
17 St Louis Div 1st gold 4s_ _1951 89 89
4
10414 1051
_ 9014 100
99 100
9712 97 8 97 9912
East Tenn reorg lien 53_1938
,
12
-65" 61 92 92 -502 Iii" "His Iii" "5534 "if" -55- 63- Mob & Ohio coil tr 4 45..1938 9112 93
90 91
/
1
4
4
9212 931.. 9212 923 92 93 90% 92
81
83 8214 87
823 85 8312 83
4
/ 8212 83 8 Spokane Internet 1st g 55_1955 _8138 8112 80 814 757 7712 7212 73
1
4
3
8
-- - -871 7
/ 0
4
99 09
Superior Short Line 1st 53_1930
-594 I94 101 1-6114-OA 164 ioo- f66- 015
697!; Term Assn of St List g 4145'39 55- -66- -55- 1i- 98 98
95 tie
OS 98
98 98
- 163
103 103 10138102
- 10414 10114 ;01i: 10134
1st con 055
1894-1944
102 1027 10214 103 100 1023 10014 10112 9314 100 4
/
1
4
8
,
4
88 90
87 89
87 89
818 883 89 90 2 873 89
4
,
4
Gen ref s f gold 45
1953 88 89
85 87% 86
87 89
85 87
/
1
4
86 90
90
/
1
4
10314 10412 10178 10414 102 103 10238 104 2
,
---123.12 103 104 Texark & Ft Sm 1st 5 kis A_I950 10212 10414 1023 1041 10112 102 80012 10214 100121021! 1001 1013
4
/
1
4
/
4
/
4
4
_
_ 100 100
10012 10012
1943
N 0 cons 5s
98 98
109 11012 10712 108 10712 10912 10812 11112 1113 11212 196- 111 Texas &Pacific 1st it 5s _ _ _ _2000 108
--8
1093 1073 10 / 105 106 1O5., 197 t05' l07' 19E- fieli
8
/
1
4
3 Texas &
4
s 8
1
4
2000
2d gold income 52
95 95
100Esfo14 1091 1614 1004162 4 101E41624 ioi- 1624 iao- 1614
11977 101 10214 0918 102
Gen & ref Ss ser 11
4 694 96% 99
96 93
97 1 4 -071 60,91
7
_
Gen & ref 5s series C__ ._ 1939
9912 96 4 97 4
,
3
9912 99
/ 96
1
4
4161- 9912 iiki- -oors 1664 100121611; 10014 1 3 "-- --- La Div B L Ist g 5s
1061.
- 66 4
9918 100
98% 100
7
9812 100
9812 99 2 974 99 4 99 99 2
,
3
1
1:931110712 107 10834 1073 1085 10714 10712 105 10614_ IF 1F 2 Tex Pac-Nfo Pac Ter 5)4s1964 10614 10614 10212 105% 105 10514 10314
3
0
1,18
/
4
105 103 1051 10018 100 4
_ 101 101 101 101 100 100
5
93
Tot & Ohio Cent lot g 5s_ _ 193 98 10112 9834 100
9612 9612 98 9012 9911 99 2
/
1
4
,
6 100 199
loci- 19
Western Div 1st g 55_ _ _ 1935 10112 10112
991.: 9912 103 103
12
49E4 -13-). -_ 4,5i, --- igiii-OTIZ 14
0 - 4 --- _9_2_7
2:
98 9912 i9o121N17 Gen gold 55
95 95
9912 9912 95 9988
1 9112 9112 93 93 Tol St L & West 50-yr g 42_1950 90 91
66 4
"96 ii- -964 - 3- 8914
"
sea. seas 8812. 8812 87 88
Oi3.
8
8715 88
98-88 984 ----------------977
/
1
i 9734973 097834
19 3
Tot W NT &0 1st gu 414s A_I931
95 9514 95 98
/
1
4
--- - - - 973
____ __
1st gu 4 lin ser B
95 951
/
1
4
/
4
101 -644 - - 19 2
4
1942
1st gu 4s ser C
9912 9912 9732 9912
---- — -------------101__
s 934
139314 893 ---- - — Toronto Ham & Buf 1st 43_1946 813
8
/ 8712 864 8812 04 4 1
4
/
1
, 144
85 85
6232 63 -5612 al; -6312 635g .
66- 56 65
'
lig; 63- - 6i- Ulster & Del Ist con g 5s_..1928 55 80
70% 85
68 82 .50 5012 77
77
55 57
_63
56 65
_
55 85
Certificates of deposit
76 80
69 70
63 6612
334 3614 35 44 -41.- if ;
.1
_ -38
_68_
1952 33 35
5212 6212 53 597 53 54
1st refunding 0 4s
50 50
s
3
10834 110 4 108 110
59E4 - 366 4
114 1163
4
120 12218
106 108
1234
.
-iiis; -iii, -i8-,-
374
FINANCIAL CHRONICLE
[VOL. 129.
New York Stock Exchange—Continued.
1928.
BONDS.
1929.
January February
June
March
April
May
Low High Low High Low High Lots High Low High Low High
July
August • September
October
November December
Dow High Low High Low High Low High Low High Low High
93% 9512 Union Pac RR &Id grt g 4s 1947 94 9518 93 943 9114 932 92 9312 917 93 4 92 9212
2
4
,
4
Registered
923 923
92 92
4
4
90 9112
90 90
rlf7 89 90
18
1st & ref 4s
887 91%
8
873 8912 86 89% 86% 8912 8633 8914 8558 88
4
4
1967 973 9912 96% 983
9618 9714
Gold 49s
97 98
94% 9814 92 97
4
2008 108 10812 1067 107% 10334 1061% 10812 10812 1083 10914 10618 1061e
108 11012 Ist & ref 5s
4
8
9
8 9 2
8
1968 8712 8914 8514 873 85 3 8712 85 8 87% 8314 87
87% 8914 40-year 4s
8412 8523
3
3
4
93 93 Untd NJ RR & Can gen 48 1944 _______ _
_--9212 9212
92 92
1955
Vandalia canard g 4s
- — _ ---9212 943
4
1957 45- - Consol 4s ser B
a
94'
-56i4 - 64 9213 9424 92 92
9i 6
1733 -1812 Vera Cruz & P asstg 1st 4Hs'34 17
.
1711
14
14
1712 -fit;
13
13
13
161
1712 1612 -1612 1412 1412 12
1931 ...
_
_ Va Mid 5s ser F
__
10018 100,
8
1936 100- 1001- 10012 1665- 10018 10018 1o618 f661- ioo- 1662- "964 99
10014 1661- 10011 10012 800 10011 19162 16i- 1664 1665- 166 1- 2
- 2
61 General 5s
4
8
- 2
2
9814 9814 9852 93
102 10214 100 100
100 100 Va & Southwest 1st gu 58_2003 100 100
52
9914 9914 9914 99%
1958 9414 9518 9318 - 4 -66- 4
9612 963 05 95% 93 9512 90 . 9212 93 953 9312 9512 1st consol 50-yr 58
4
92 8973 9112 9034 91 8878 8911
951104 • 1057 104 10512 105 • 106 10514 10612 1043 10612 10332 106 Virginian Ry 50-yr ser A 5s 1962 10312 1043 10314 10412 1013 10412 101% 103% 100% 103% 10012 10134
2
4
4
4
1939 10114 102 10114 10314 10018 103 101 10212 10014 10138 10018 101
10218 104 10212 104 . 10134 10314 1013 10314 102 10314 10113 10314 Wabash 1st g 5s
4
1939 100 10113 9914 10114 987 10014 97 10112 9914 10112 97 100
2d gold 5s
9814 100 4 100 100 100% 10138 100%10114 993 102
993 101
4
4
,
3
1975 10178 10414 10133103 10134 103 100 10212 10012 103 10112 104
2 Ref s f 5 Hs ser A
8
10312 10514 10214 104 103 1037 10314 1043 10312 105 102 1037
4
1976 9812 10014 9712 9812 94% 972 96% 10012 957 100
8
98 100
95 9612
4
52 073 99 4 9852 1005 99% 102 10014 1013 9812 10012 Ref & gen 5s ser B
8
4
,
4
_
_
Det & Ch Ex 1st g 5s_ _ _1941 100 100
10514 1052
101 101 10012 10012 10012 10112
4
Des Moines Div 1st 6 4s_ _1939
-9134 9134
88 88
4
Omaha Div 1st g 3Hs _1941 84 84
- - 7 78
8
6
84 34
-5518 - -33:2
' 8 - 34
153. a 3
3
833 85 4 -554 - 8 793 Vi:1
4
8
7812
3
76791
To!& Chicago Div 1st g 4s'41 9012 9012
91 - -34 91
91
7813 7818
12 55- -166; -554 9384
9012 90
1978 88 907 8612 - 7 844 8622 8412 8912 8614 887 8614
8
93 92 9313 90% 9258 Ref & gen 4Hs C
8
• 8914 9212 8852 91 • -903 913 -9014 8
4
1E
;
95 96
9314 9314
90 92
97 99
108 110
877 89
8
----5514 - 4 ---- -6E19412 9412
• --1878 20% 187 187 1812 20
8
8
9312 95 4
3
92 9212
8912 93 4
3
95% 98
108 10812
86 89
9314 943
4
9113 9112
8913 9118
96 9712
1097 1097
8
2
85% 88
9418 9514 9412 95 8
7
925 9252 --- -3
90 93
90 92
9712 9914
9734 99
10814 109 10858 110
88 8912 89 90
Wash Cent Ry 1st g 4s_ _ _ _1948 8414 8 4
- 8414 8414
4,
Wash Term 1st gu 3Hs_ _ _1945 85 85 84 86
83 83 -5812
1945
1st guar 40-year 4s
91
91
8818 88% 89 89
Weathf MW & NW 1st 58_1930
97 97
.
West Maryland 1st g 4s_1952 5612 82
7814 82 -73- -- -1- 78 16180 82
4
8 4
4
1977 98 997 98 9914 93 98% 92% 95 4 9512 97%
1st & ref 5 Hs A
8
3
West NY & Penn 1st g 5s_1937 10118 10118 997 101% 99% 1003 100 1005 100 1003
8
8
4
4
1943 885 9112 8812 8852 8812 9012 86
8
General g 4s
8712 8712 88
4
98 99
Western Pacific RR 1st 52 A '46 073 100
4
9512 983 963 99
4
953 9912
4
2361 843 8812 85 87
4
West Shore 1st 42 gu
8413 8614 8412 88
8414 88%
2361 8412 88% 83% 8412 813 83 83 86
Registered
3
Wheeling & Lake Erie
Refunding 4Hs ser A - - _1966 90 90
8
92 9512 ---- ---- 913g 913 ----------------90 90%
90 903
853 853
8
2
4
1966
102 102
Refunding 5s ser B
--- 98 93
9712 9712 --- __-4
9114 -88% -- - -i82‘ 93 - - 91
13
4
814 8814 8914 883 8914 Wh & L ERR 1st con g 48_1949 87 893 8612 87 -87i2 88 - -5458
84'4 86
92
5s_ _ _1942 6512 7212 72 7312 68 7318 67 70
64 687 Wilk & East 1st Itll g
8
6712 7014 6733 71
6512 70
71 7218 6912 72
70 71
99 10012
----------------------------10033 10033 Willmar & S F 1st g 58--.1938 1905310058
Winston-Salem S B 1st 48_1960
---,
811- - — - 8
81- -iiiti - -E- -55- -56- "ii" - 2 -8073 -83-2 Wisconsin Cent 1st gen g 4s'49 8218 8414 8234 -81.4 a- -iiii, 8458 77% 7778 7713 7912 7712 79
,
Sup & Dul Div 1st 45.. _1936 89 2 9112 8814 88 2 877 8812 88 88
913 925 89 93
4
8
93
8812 8812 8812 9214 91
8412 85
88 91
8
,
8
6
i6
83 - -83Ts -.-is -i3- - - - -86- -- -- -_--- ---: _--- _- -i68512 8518
..96 96 ____ ____ 9212 9212 --------85 -a
3
98% 98% 987 9914
0
565; -i5.12 - -ii- "E3-1 -80i18 - -2 2
; 6i 4 89-1. ii80 8212 79 82 -55is 2
97 993 963 9812 973 9833 9814 9914 9918 10012 9818 100
4
4
3
4
100 100 1007 1013 101 102 101 10152 ____
10112 10112
9212 923 8912 90
4
91 9112
4
8912 903 90 913 9112 92
4
• 9714 993 9718 984 9733 9914 973 100
97 100
4
983 101
4
4
8412 8812 86 88
85 8 8812 87s 9012 8518 8914
7
86 91
8512 8658
3
8514 8913 838 85 8 8514 8612 852 8812 86 89
3
-ii-
88
88
7914 -8-69512 9812
4
983 100
8712 875
8
95 99
84 8512
82 84
-55-
847
3
65 8 697
5
-587612 7813
8514 86
MANUFAC. & INDUS. BONDS
Abraham & Straus deb 53s'43
113 120 11112 1157 110 116 187 198 174 10214 109 10212 112
with warrants
8
0514 166
94
Adams Express col tr g 4s_ _1948 8314 85 85 87% 85 SA
• 8313 85% 84 878
7
95 4 96
3
Adriatic Elec Co ext 7s___ A952 94 98
4
9712 9412 963
953 967
94
4
8
sf8s 1936 10314 10412 10218 10412 102 104 10014 10714 100 10113 897 99%
Ajax Rubber 1st 15-yr
8
1925
318 312
4
Alaska Gold deb 6s A
---- 612 14
4
6
718
912 812
1926 8
8
Cony deb 6s ser 11
---6
3
3
6
1948 977 983 -482 96 3
4 a- -5 541 - 18
Albany Pert Paper 68
98 9914 -5599 09
-G
4
-55- - 4 55- -E2
6E1
9 4 9 7
6613
-55- - 2 -6gi2 166- 9812 Wig 9918 10014 99%10012 9934 10034 Allis-Chalmers Mfg deb 58_1937 99 101 99 10012 99 100 983% 108314 9812 10018 98 9913
coil tr 5s_ _1944 106 11012 102 10812 08 10518 100 103% 08 10214 98 101
Alleghany Corp
Collateral & cony 5s_ _ _ _1949
100 1003 973 1007
4
8
4
941 96 -9313 96 -011. 9453 96s -55 2 1E3- -5513 - 2 -55i29633 -651z 1E1- -55Alpine Montan Steel 12t 7s 1955 -55i2 95
2 a- 903 9312 9214 95
4
6E14
4
3
105 106 10512 106 10413 1057 104% 106 104 105 104 105 Am Agric Chem 1st ref 740 1941 104% 10612 10453 10612 104 106 104 105 10312 105 10413 10513
88 90% Amer Beet Sug cony deb 69 1935 86 89% 80 893 86
8812 8612 88
90 92
90 93
85 87
87 90
8
893 93
4
90 91% 89 91
9614 98
9618 9912 9612 99 Amer Chain Co deb 51 6s_ _1933 963 99
94
9512 983 9612 99
4
4
4
4
,
9712 9312 96 8
101 10252 101% 1023 10012 1023 99 101
91312 99'2 973 0814
1931 98 99
9812 98% 9818 9914 9818 9914 9818 9814
9814 99
99 9918 Amer Cot Oil deb 5s
9812 90
982 100
4
4
95
9414 95 4 94
9412 9612 9412 96
4
3
4
4
92% 9414 93 943 95 9612 94 953 Amer Cyanamid deb 5s_ _ _ _ 1942 932 9512 95 96
• 923 9512 92 94
4
9153
89
8718 90
1953 903 9212 90 92 2 90 9212 90 91
95 95
95 95
,
4
12 89% 95 Amer Ice s f deb 5s
4
9812 11012 993 1033
9518 99
2
Amer IC Chem 5s w L1949
4
Amer Internat Corpconv512s'49 i55i2 iff 105 111 101- 1072 102% 1043 10214 108 10214 10873
4
4
4- ;
4
4
4
4
4
104 f6 8 ioi- 16E- 104- 104" i6i- 104 10334 104 1053 1053 Amer Mach & Fdy s f 6s_ _ _1939 1033 104 1033 1033 1033 1033 1033 10413 1032 10414
,6
76
80
75 79
973 9913 98 9912 97% 98% 96 98, Amer Nat Gas Corp deb612s1942 9412 963 90 9412 85 9012 7513 85
4
8
98 9914 0714 100
s
66
9
664
95 88 -5574 - -554 ii4 "55- - 9 -8812 36E
6 2
6E
ioi- f66- 1.66- 104 10514 1- - 168- 1- E1- 1.65 1-
10712 118
88 88%
94 9412
10218 1033
4
8
8
9012 1013 9814 101
4
10018 10012 Amer Smelt & Ref 1st A 58_1947 10014 1013 100 102 100 101 100 102
4
4
10334 10412 Amer Sugar Ref 15-year 6s_1937 104 1047 10312 10414 10112 1043 10312 10414 102 1032 102 10338
2
8
9918 9912 99 99% 99% 99% 99% 99%
8
99 9912 Amer Tel & Tel col tr 4s...1929 9918 995 9914 100
3
94% 95% 967 97
1936 973 0712 94% 993 9178 94% 9412 95
4
9618 0712 Convertible 45
8
3
1933 99 101
9712 101
20-year cony 4s
99 993 9653 997 97% 99% 96 98%
4
99 100
10352 1045
8 30-year coil trust 5s__ _ _1946 103% 104% 10234 10412 101 10412 102 10414 10214 103% 10114 103
102%1025
8
101 101
Registered
1652 16E7- 10324 1- 104 10 2 10434 16E3: 10512 1- 10412 107 35-year s t deb 5s
2
1960 1043 1053 1035 1043 10114 i6i1- 1013 1- 8 10214 103! 102- 16i6E34
- 1
- -E1641;
2 4 6578
4
8
2
8
4
106 108 106 107 1063 1073 10714 108 10714 10814 10452 108
4
20-years f 5 44s
1943 10614 1073 106 107 10412 106% 1047 1063 1043 10612 105 1055
4
8
4
4
Convertible deb 4 Hs_ _ _ _1939 _
119 142 12014 14712
10412 108 10413 16E- 105" 110- 10412 105 Amer Type Founders deb 6s'40 16412 1- 58 144,-4 10i166- ioii8 16E4
65532 1-6412 102 104 10318 104
-- 4
0i
1- 6E
1934 97
8
9558 100% Amer Wat Wks & Mee col 58'7 1038
99 10018 9812 992 09 100% 99 1001j 983 100
9812
4
4
9714 9812 9713 98% 98 98% 9512 9812 96
,
10313 1087 10318 105 10212 10438 104 1057 1043 106 102 1053
8
Deb g 6s ser A
.
4
10533i 10212 10412 101 10418 101 1033 103 104 10212 104
2
4
9-9
8812 83 87 Am Writ Paper 1st 6s
84 • 8612 85 88
78 83 8
7
8512
85 8912 8714 90
81
823 75% 81
4
81 84% 8214 84
1043 105% 10314 10312 1043 105 4 105 106 10518 1053 105 10533 Anaconda Copper Mining 68'43 105 10 2 1033 10512 1033 105 1033 10412 10414 105 10414 105
1957 83 8526'4
8
4
4
3
4
4
'4
4
Registered
10412 10412 10414 10414
102 103
1938 .
4
186- 19912 193 21914 228 2
-- 15-year cony deb 7s
4
- 210 238 160- 181 ii6- 1804
65
11712 1233 11714 11E12 13014 14412 1363 151 ii5T8 187 155 161
Registered
---- 137 137
196 200
182 185
Anglo-Chilean Nitrate s f
1945 9412 100
4
10212 10312 10118 10314 95 102
96 9813 05 973 9312 97
9712 100
9712 100
debenture 7s
4
92 9712 933 9612 94 95
4
70 72 65 7134 60 622
2
8
857 93 86 9314 8714 9012 80 8712 8212 85
8
82 85 Antilla (Comp Az) 7 Hs A 1939 75 797 69 z763 6518 70
94
94
95
10112 10158 10112 10212 10112 10112 10212 10212 10112 10212 101 101 Ark&Mem Ry Bdge&Ter 5s '64 10112 10112 102 103 10313 10312 97 97
94
1939 9 4 927 9012 9212 90 9112 9012 9114 88
4
9118 872 8914
8
91
90% 93
92 9312 0212 9314 9112 9314 Armour & Co 1st 454s
92, 913 94
4
03
4
9118 88 89%
9173 92% 9018 92 Armour & Co (Del) 1st 5 HsA'43 9014 9212 90% 9212 9018 9112 9012 9112 88
9118 927 904 9312 93 94
9214 94
3
3
3
10214 1023 10214 1027 102 103 10232 1027 10214 1027 10214 1027 Associated Oil 6% notes_ _1935 102 10312 102% 103 10153 103 10112 102% 100 102 10012 10152
8
4
8
Atl Fruit 7s ctf of dep stmpd _ _
1253 125
7814 At! Gulf & W I SS L col tr 58'59 -55- 77 -87773 8124 -7612 - - "ii" 16- 76
4
7
7033 73
-691- - 1 -65i2 75
8 71 4
76
76 797 -7613 79
70 74
8
1937 10034 10212 100 102 100 10214 100 1023 100 1013 100 1007
8
8
4
100 10114 99%10118 100 10138 10114 1017 101% 10212 100 1015 Atlantic Ref deb g 5s
4
8
8
8
107 10712 107 107 10612 107 1065 107 10612 107 10612 10612 Baldwin Loc Wks 1st s(52_1940 10612 1065 10612 107 106 10612 10613 10612 10012 10612 10612 10612
97 98
9512 9712 8712 93 84 8714 8312 88
105 1083 103 107 10012 103 10012 101 10018 10112 9812 101 Baraqua (Comp Az) 7s..1937 96 99
4
8
9912 1013 10014 105 105 11412 11012 137 135 13614 13214 1407 Barnsdall Corp 6s with 1 war'40 12918 142
—
4
4
8
8
3
Deb 6s (without 1 war)1940 985 997 -902 1668
9212 90 9152 897 937 923 973 94% 9912 98 100
4
91
4
1942 92% 9312 9112 9314 9013 9284 -56- W .. -84 il
6E-664 8
)
923 943 9314 94 4 9314 94% 92 937 Batavian l'etro deb 444s
91% 9314 92 94
3
4
,
8912 9412 9014 9012 883 92
1936 90 92
4
4
2
90 9014 00 043
4
9614 98 4 9133 9633 9158 92
90 91% 90 907 90% 903 Ilelding-Ileminway 6s
,
4
8
4
104 10618 10412 10752 105 10612 1055 10614 105 1063 10414 1053 Bell Tel of Pa 1st & ref 58_1948 1043 10512 104% 10538 103 105 103 10412 143 104 10218 1037
4
8
1960 10714 10814 107 107% 104 10714 1041210612 104 106 104 105
1st & ref 5s A &0
10712 10912 10713 108 1075 109 107%109% 1073 110 107 107%
4
8
4
9212 9413 91
93%
9412 9614 9418 953 9414 9533 937 95
94% 9514 9212 95 Berlin City Elec Co 6348_1951 92% 95
9014 92% 01
923 0012 93
4
8
4
100 102 1003 102% 10012 102
4
4
4
1035 1043 1033 10512 1033 1043
8
4
98% 9914
4
987 9012 083 100
2
923 9412 9414 967
4
8
1664 161-14 9954 10072 9934 101
10314 105 10312 105 104 105
10052 101%
102%10412
987 9914
3
943 97
4
993 993
4
4
1037 105
8
10052 10214
1033 10412
4
8
99 995
95 9612
993 101
4
10418 1047
8
93 8 89 9212 89% 93
5
7
3
9112 9314 Berlin Elec Elev 1st 6 Hs_ _ _ 1956 92 93 3 91
933 9512 93 947 932 9514 9413 95
923 95
4
2
9014 923 9014 93
4
4
8
4
997 10214 10012 10213 10034 102 1003110212 1003 19214 1003 104 Beth Steel 1st & ref 52 ser A '42 10212 104 102% 1027 1003 10314 993 10314 9912 10214 98 10112
8
4
4
4
1936 10013 102
9912 101
9912 101
99 101
4
99 10212 Purchase money 5s
09 1023 10014 102 10073 102
99 101
993 101
3
983 100% 97% 99%
4
A .1948 104 1053 10412 105 10212 105 10314 1055 103 1043 103 10412
Con 30-year s f 68 ser
4
4
103 105 10312 1043 103 105 104 105 10412 105 104 105
52
2
4
8
Con 30-yr s 1 5)4s ser B._1953 10212 104 1007 104 10034 10318 1003 10412 10112 104 10112 10212
3
4
101 13 103 1013 10212 102 10312 10212 10324 102%1035 1003 104
4
8
1950 9812 100
98 9914 94 973 94
972 9812 973 98
4
973 49
4
98 98
4
943 9514 95 96
95
98 9812 98 99 Bing & Bing deb 6448
4
4
.731a 71
7213 69 7414 63 6912 6012 67
4
7713 7912 68 783 67
64 6818
72 7812 Botany Consol Mills 6 Hs_ _1934 7112
7014 59 72
70 78
9913 100
99 10012 100 10312 103 104 101 10414 97 1007 99 101 Bowman-Biltmore Hotels 7s '34 9812 100
98 100
8
9633 98
98 99% 98 99
8
72 73% 7213 735 7233 7413 7213 77
06 70%
7018 74
,
73 7512 7112 73 B'y & 7th As lot con g 5s...1943 7218 77, 7212 75 4 73 75
68 74
91
8814 0212 88 89
91
92
00% 92
91
93
93
84 86% 83 8414
86 88
90 92 8712 8812 Bkiyn City RR 1st 5s_ _ 1916-'411 8814 92
1949 10414 10513 10413 105 10212 105 1025 10413 10312 10413 102 104
4
10312 106 101 10414 1033 1057 10412 105 10413 106 10412 105 Brooklyn Edison gen 5s
8
3
1930 10034 103 10018 102 100 101 100 102 100 101
997 101
8
Gen 6s series B
10112 104% 101 10312 101 10212 10012 10212 1003 10212 9912 101 18
4
1968 9712 9812 9612 9813 94
2
9214 96
963 99 Bklyn-Man Tr sec s f 6s
4
4
977 997 9712 9812 973 9914 9813 9914 9813 99
2
9314 95
94 96
98
72 76
64 7112 65 65
6214 63 liklyn Q Co & S gu g 58 stpd '41 63 75
77
75 7812 70
66 75% 05 72
---- 67 7053 64 70
82 82 .64 7214 72 7213 7218 72% Bklyn Q Co & S 1st 5s stpd 1941 80 82 83 83
73 73
---0212 9213
BklYn R T 1st ref cony g 4s 2002
1950 91
9212 -96- WI; -5833 9 2 -58- - 6- -55i8
83 4 86
3
6E194I 95 -55- 94- 55- 9358 -92 3 - 4 -556
619114 95 Bklyn Un El 1st 94-So
4
93 93% 9214 9312 897 93
93 94
85 89% 83 843
91
9312 Stamped guaranteed_ _1950 9058 93 89% 90% 8714 90 2 86 90
8
93% 95
,
3
104 107 10412 105 105 106 10513 106 105 107 106 107 Bklyn Un Gas Co 1st ext g 56'45 105 10614 10513 106 103 105% 10212 105 103 105 102% 103 4
1947 117% 118 11718 118 11613 117% 116 118 116 116 11413 116
116%11673 11672 117 11714 11712 117I1177
1st lien & ref 6s A
116% 117
1936 359 400 36018 36018 35413 35412 354 354 --_- -- 390 402
Cony deb 56s
4
25214 276 2574 283 278 329 296 324 30314 3963 33014 386
9418 9413 9212 9212
9413 9618
Buff & Susq Iron lot s f 58_1932
9612 9612
8612 88
1952 8714 8758 -8714 88 - 8714 873 85 88
-5618 -667;
8528 87
-E6
86 8812 Bush Terminal lot 4s
4
7
1955 9718 99
9712 9912 9612 993 95 98% 94
965 92 991 a
2
6622 99 10078 98%10013 772 100 99 10052 Consol 58
4
66198 - 2 -56- 1
8
4
3
10012 102% 100 102 10014 10112 10112 10214 1013 103 10214 105 Bush Term Bldgs stpd 1st 58'60 10212 1045 102 10314 100 1023 100 10112 96% 10112 9712 94 2
2
3
100 10073 10052 101 10118 1013 101 10114 10114 102 100 4 101 12 By-Prod Coke 1st 5 Hs A__ _1945 101 102 100 101 100 101 100 100% 100 100% 100 101324
i4-1;
x Ex-dtvidend.
JULY 20 1920.1
FINANCIAL CHRONICLE
375
New York Stock Exchange—Continued.
1928.
1929.
July
August September
October
November December
Lew High Low High Low High Low High Low High Low High
BONDS
January February
March
April
May
June 4
Low High Low High Low High Low High Low High Low High
10312 10414 10314 10312 10312 10312 10312 10312 10312 104 101%1034 Calif Gas & E unit & ref 5s 1937 1017 1023 102 10
9914 10212 99 101
8
14
4
993 1004 10012 10114
4
9814 100
97 9872 98 102% 10012 1023 100%105 10032 1033 Calif Petrol cony deb s f 5s_1939 100 10114 99
2
2
95 4 9914 954 10112 9812 9914 954 98
3
102
101 102 100 1017 101 103 102 1037 10312 1043 10112 10418 Cony deb s f 5%s
2
2
1938 1013 10314 102 1023 993 102 4 10014 102
4
4
4
99 4 10114 984 100
3
,
4
99 1005s 90 101
97 99
97 983 9712 983 97 98 Camaguey Sugar 1st sf 7s_1942 95 9712 90 94
4
90 93 91% 9312 82 9214 75 914
4
10041013 1003 1013 10112 1023 1013 10212 102 1023 1003 1024 Canada S S Lines 1st 6s
4
4
2
4
4
1941 10012 10112 100 100% 9834 0012 9812 100
4
4
97 100
98 99
105 105
105 105 105 105 104 104 10312 104 Central Dist Tel 1st 5s— 1943 10312 104 1024 10312 10212 1004 100 103 101 10214 10114 102
9712 977
2
9612 9612 Central Fdy 1st s f 20.yr 6s_193I 9612 9634 98 2 98 2
- 97% 977
2
,
,
124 125 124 120
24' 126 1241,125 12414 1721 4 124 12414 Central Steel 1st s f 8s_ __ _1941 1233 12412 1234 1244 122 128 12214 12214 iiiTs 123 12214
4
3- -12
.
8912 931 90 9212 92 94
90 93
85 9014 79 87 Certain-teed Prod 554s A 1948 794 83 68 80
69 75
694 73% 714 79
7512 834
100 1003, 98%10012 100 102
98%100
97% 9814 94
96 Cespedes Sugar Co 1st 7Iis '39 95 99
95 4 9712 98 100
3
94 96
/
1
4
97 98
9014 91
613 6131 6112 6312 6312 64
4
64 64
64 64
6312 6472 Chicago City & Con Ry 5s_1927 65 85
72
71
724 7214
673 69
4
100 103 10012 101 10052 10114 1014 1025 10041024 1013 102 Chic Gas L & C 1st itug 5s-1937 1017 10212 10152 103 10012 10114 100 102 106C4 1- 1-1; lo-- 1664
2
8
4
o
6
83 85 2 783 82% 80 83 8014 83
4
,
80% 82
774 8012 80 8212 82 8312 82%
803 8218 Chicago Rys 1st 20-yr 5s_ _1927 81 83
4
78 4 79
,
9314 953 9312 95
9412 96
4
95 963 95 9714 933 97 Chill Copper Co deb 5s___ _1947 9414 95 4 9514 96, 934 9612 94
4
4
3
9612 94
96
94 954
2
_
8
893 894
Cm n Gas & Elec 1st mtge 4sI968 8814 8914 8614 874 86 87
863 8812 8512 88
4
85 86 4
3
9912 108 10412 122
110 Colon Oil 6s int ctfs
95
94% 98
i66- 102 166- 1E- -65- 166 99 101 100 100,4 107's 100 Colorado Fuel &I gen s f 5s1943 11012 11952 10812 11178 105 109 104 10812 9712 106 9712 98
9714
98 994 98
97 98
9712
9912 9712 99
954 97
94 9512 95 954 94 96
94's 9514 94 95% Colorado Indus 1st coll tr 5s'34 94 95
2
94 9512 94 987 9312 967 94 95 92 96
2
%
987 997 9914 100
2
2
9914 10112 997 101 10014 102
2
99 10052 Columbia G & E deb 5s_ _ _1952 99 100
974 993 98 10012 97% 1004 98 9912
4
99 100
Debenture 5s April 15 1952
98 98%
991,
-65- -6i- 9412 99*, 97 - -65- - -016. 2
-68- W- Columbus Gas 1st g 5s_ _ _.1932 97 98 -5. 2 163- 971 981
-66- WI; 95 95
5
4
92 95
9112 94
923 944 93 98
4
93 95
9212 93, Columbus Ry P & L 4 As_ _1957 913 9312 9214 9312 92 93 904 9312 924 93% 91% 93
4
2
87 8712 88 88
87 87
87 87
Commercial Cable 1st g 4s.2397
8712 874
98 99
98 99
9812 99
9914 1661; Commercial Credit s f 6s__I934 -65i2 -. 2 -6512 -091- 97 9872 94 99 -6693'2100 -65j2 100
9
6i-684
2
94 94
92 9212 93 984 93 94
92 93
93 933
93 9412 92 97
91 92%
94
91
3
4 Coll tr s f 534% notes_ __1935 0312 96 4 93 94
96
9512 98
97
97 9912 9712 99
94 95 923 9412 9112 94
91
4
95 98 Comm'l Invest Trust deb 6s 1948 96 4 0812 94 98
,
94
1949
Cony deb 54s
97 1054 94 9914 9014 97
105 105
9014 95
105 1- - 105 1- - 2 168- 1651654
624 104 105 104,1051 10:02 1- . Comput-Tab.Rec 30-yr s f 6s'41 10453 166- 10514 108 105 10512 10472 105 104% 105 10434 1044
011983 994
8
9912 994 98
98
9712 9712 Conn Ry&Lt lst&gen 434s 1951 9612 99
95 95
964 9612 9614 9812
98 10014 983 993 98 98
4
2
9652 98
9712 9812 9712 98
Stamped guaranteed
9612 99
97 9812 964 9714 954 96
95 96 -9214 937
Consol Agri La 6 As__ —1958
84 8712 83% 874 80 87% 8112 854
Consol Hydro El Works of
98 993 96
4
97 98
98
973 99
4
97 9812 9412 97
Upper Wuertemburg 7s_1956 95 97
9014 93
3
914 93
94% 973 95 4 9612 8914 95
4
794 82
773 80
4
7712 79
7612 79
7812 794 7172 781_ Consol Coal 1st & ref 5s....1950 6912 73 4 66 73 6512 70
6714 72
3
66 70
6612 69
105 106 10441054 105 10614 105 10614 1053 10634 10514
4
4
4
1063 Consol Gas(NY)deb 534s1945 105 1063 1043 1053 1043 10614 104 106 1044 105% 10414 10512
4
4
4
101 10114
101 101 100 10112 101 1033 101%10314 Consum Gas Co 1st gu 55* 1936 101531015* 1014 10112 1004 10114 994 101
4
99 100 10012 1004
10214 1043 102 1-613- 103 104 10314 10412 102 1043 10234 104 Consum Pr 1st 1 & unit 5s C'52 1034 104
4
4
4
1011,1035* 102 10312 101 104 10012 104 10114 10212
1003 102 100 1041 1 993 101 12 99 101
4
4
98 10114 9812 100 Container Corp 1st 6s
1946 98 10012 98 9912 91
92 96
98
89 91%
94
91
92 9812 91
9512 9112 94
894 923 9012 92
4
1943 90 9112 90 91
15-year deb g 6s
82 88
90 91
85 90
7812 834 7112 804
97 971s 95% 95% 96 97%
97 97
97 97 Cont Paper & Bag Mills 6 Iis'44
-97 97
101 101 100 100 100 100
99 100 166i2161- 993 100'2 Copenhagen Telep extl 6s_1950 993 10012 99 100
994 100
9912 100
4
4
101 101 100 10112 10112 10112 101 1023 10212 1021 103410372 Corn Prod Ref 1st 25-yr s f 5s'34 9912 103
4
/
2
614
101531015* 101 1013 101 103 ioi- 102 -6611 19812 100
9912 100, 08410014 99 1004 9912 10012 9712 1004 Crown Cork & Seal 1st sf68'42 98 100
4
95 9814 97 98
95% 97%
9812 9912 9712 99
10114 10212 1014 1024 1014 103 10212 1033 10212 103 10114 103 Crown-Willamette Pap 6s.1951 101 10314 99 102 I00i5 10. 1003 10214 9912 10218 98 4 1004
,
4
1 7.14
2
3
1
70 89
6914 7912 7172 7714 67 7212 71
823 754 82 Cuba Cane Sug cony deb Is'30 754 791x 7014 767
2
6012 68
59 6412 5912 6112
654 904 724 82
724 793 681 4 75
4
1930 77 80
7312 85% 76 82
Cony deb stpd 8s
4012 6612 59 65
5912 6112
70 78
10514 10614 105 1053 10312 10512 10312 10412 10314 105 10312
4
6
0 .1
100 10112 99% 100%
4
10412 Cuban-Amer Sug 1st coll 8s '31 100 1033 9912 10312 105 111.2 104 111
2
99 1007 9712 100, 9712 99
2
9712 9812 97 98
Cuban-Domin Sug 1st 74s 1944 94
90 9112
97
92
977
9014 65 7211
2
10241021 1014 1015 102 10212 102 103 10252 104 102 98 Cumb'I'd T & T 1st & gen 5s'37 102 10214 9012 947 1014 102 1014 10152 74 101% 99
2
581
99
100
3
4
10172 103
10212
9912 1001 991,1901. 9912 100% 9912 Inoi2 99410012 94)4
9914 99 4 98 9914 98 99
100 Cuyamel Fruit 1st s f 6s A_I940 994 102
9712 98
3
991s 100
10014 102
99 100% 99 100% 981,100
9914 101%
Denver Gas & El 1st & ref 5s•51 100 101
97 9812 98 10012 974 100
96 98'2
/
1
4
98 100
2
9914 1007 99 10014 100 10114 99 100 100 101 10014 102
9
97 9812 98 100
98 97%
4 Stamped as to Penne tax_ _ _
9714 100
98 100
85*
6912 69% 664 70% 69 707 70 707 70 74% 9941013 Dery (D G) Corp 1st s f 7&.194270 101
8
2
65 65
63 63
70 72
73 894 7012
Second stamped
62 67 65 6512 63 64
63 63
64 70
foi 10112 14314 100f4 1-15272 1011411;2-12 1013 1O21
.Detroit Edison 1st col tr 5s1933 1004 102 10012 10112 100 10112 1004 1013 98% 100% 9912 100
4
s
102 1043 10114 104 102 1037 102 105 103410412 11304 10312 1st & ref 5s ser A
g
1004
1940 102 1048 10172 103 10114 1024 101 103 4 100 1023 100% 10112
4
3
2
10214 104 10212104 103 10412 10114 105 104 10452 10152
Can & ref 5s ser A
1940 1023 104*4 102 10314 1003 10212 101 102% 100 4 10212 100% 102
1023 105
4
4
4
3
10614 108% 10612 10812 10712 1084 108 110 107 108% 107 1064 1st & ref 6s ser B
1940 107 1081 10712 1084 1153 108 4 106 10712 1054 10712 10512 107 4
4
,
3
102 10312 1013* 1043 1033 1034 103%104% 1017 10514 1033
2
4
1955 10352 10452 10212 104 10014 103% 101% 103 101 10252 10034 102
4
4 10512 Gen & ref 5s ser B
103 105 102410414 1037 1043 1044104% 105 10612 1048*
4
4
Series C
1962 105 10512 10472 105 103 103% 103 103 10012 1023 10012 10214
1055
*
4
98 97 9
4
64 974 9612 983 955 96% 9612 9712 97 07 DetUnitedRylstconsg4I4111932 97 9719 97 98
8
9612 97
9612 974 96% 97 2 96% 97
,
9212 97
964 983 977 994 9912 10914 10314 1057* 1015 10412 Dodge Bros deb 6s
4
4
1940 10212 1044 100 1034 97 1001g 9812 105 2 100 103% 10014 101
2
7
8312 833 833 85
4
4
85 87
85% 86
86 8614 8612 88 fold (Jacob) Pack 1st 6s.A942 863 88
8712 88
8714 88
4
87 8712 85 851g
87 88
100 10012 97 97 ---- -- 97 97
Dominion I & S con •f 514_1939
90 90
90 9612 96 98
97 984 98 9912 -66T4 160; -6532 99 Donner Steel 1st & ref 7s AA '42 -651 1- 61- 166- 61- 16612 1- i645C4 101 161- 1- 1-12 101 1011*
4 6 4
6616
104410512 10441054 1045 10514 10412 105 104410514 1041, 10512 Duke-Price Power 1st 6s A.1966 1043 10512 104 1- - 103 105 103 10414 1011 103 1024 103
4
4
4
1
.1
10514
983 102
4
98 101 1004102 1003 102 10012 10114 997* 1004 Duquesne Light 1st 44s_ _1967 975* 1008 99 1007 98 100
4
9834 98)4
*
98 100
96% 100
9612 103
93 9814 90 97
79 9412 90 9612 93 07 Eastern Cuba Sug 58 734s.1937 9212 97
81
87 94
3
79 82
8712 80 83 4 78 83
95 9812 933 96
4
9512 963 98 963 95 9512 Ed El Ill Bklyn 1st cons g 4s'39 9512 963 96
4
4
96 96
4
95 97
96
9312 95 2
,
114%1143
4
1083 1083 110%113 11012 11012 Ed El III (NY) 1st cons 5s_1995 1104 11012 1108 1107 110 11012 10814 109 106 1084 I0E12 1054
4
4
*
Edith Rockefeller McCormick's
Trust coll 6% notes
1934 ____
99% 99
/
1
4
-68- 977e 94 - 4 -641 1811- -9314
2 4
01196 4
-68i, - - 92's 95 El Pow Corp(Germany)6I4s '50 9212 94 93 96 -45112 193 2 -6i- 94 8612 93% 8712 937
-19
93 9312 92 94
92 9312 9014 92
904 93
90 91 Elk Horn Coal 1st & ref 64s'31 90 9012 93 9512 924 93 934 9314 9212 9312 94 94
7813 80
76
763 7812 7812 77
74
4
Deb 7% notes (with war)1931
77% 823 78 82
4
8
80 5112 78
79
7712 7712 7612 77
78 76
101 101
99 100 100 10014 10012 100 4 99 100 Equit Gas Lt N. Y 1st 5s._1932 994 100
3
7 1004 9914 997 9914 99 4 9914 9914
99
2
,
98 10312 954 9612 9612 98
9741033 974 98, 96 98 Federal Lt & Trac 1st I 53_1942 924 983 9412
4
4
4
9312 95 944 94% -68- 9512 924 94
skit;
96 984 1st lien s f 5s stamped_ 1942 95 97
97 9812 97 98
9514 9612 95 9812 974 98
9412 9612 93% 97
9214 95% 9314 974 93 96
100 1043 10312 10412 1033 1043 10212 10414 10314 10312 10214 10432 1st lien s f 6s stamped -..9942 10112 1033 102 104 101% 103
4
4
4
4
102 1033 101 104 101 104
4
99 100
9912 100
99 100
97 99
984 100
993 1004 30-year deb 6s ser B
4
1954 9912 101
99
974
96% 99
97 99
98 99
95 08
96 98 97410112 9812 1013 994 1013 100 105 Federated Metals s 17s.- —1939 102 1033 1027 10014 102 99
4
4
*
2 104 8
105 1007 104
2
,
987 1003 100 101
4
4
104 11012 10412 1074 105%121 114 14212 13412 171 14212159 Flat deb 7s (with warr)
1946 158 171 155 16914 140 156 137 146 130 1481 130 1414
923 954 92 9312 923 9712 92 994 9412 99
4
4
954 98% Without stk purch warr____ 963 103
4
4
97 100
9412 971 9412 95 4 914 95 9212 94
3
11412 11812 110 116 1123 1154 112 115 11012 113 11114 1124 Fisk Rubber 1st s f 8s
4
1941 11312
2
10512 10712 105 1064 10512 10612 1043 10614 10434 1055 10314 108 Framerican Ind & Dvd 74s'42 1043 11412 11312 1147 III 113' 111 112% 110 1121 1044 110
4
2
4 10812 1043 10512 102% 1053 1013 105 10314 105 4 104 1054
4
2
,
1084 10912 10412 108 104 10512 104 104 104 10412 104 105 Francisco Sugar 1st at 746'42 10412
/
1
105 2 105% 109 103 108 100 1023 99 1001 974 99
5
10112 10212 101 10212 1013 1023 1013 10212 101%1023 10112 10214 French Nat Mail SS Lines 7s'49
4
4
4
4
1013 10212 1013 1024 100 4 1021 1003 102 100% 1024 10114 1021
4
4
3
4
,
Gannett Co deb 6s
1943
93 95
9014 93 87 90
(
105- 1-1
Gas & El Bergen Co con 5s 1949
i68- 106
106 10812 10714 108 2 10714 1161- 10612 10814
4
,
1-1612
Gen Asphalt cony 6s
1939 1084 1-6(1- i65- 107 104 1061. iO4- 10i; 168- 166 - 168- 1- 2
12
-112
611993 100
4
9912 101
984 10012 General Cable 1st s
,
94l
4
-9413
94*3 9413 945* 9412 944 045 94% 94% 943 General Elec deb 3 f a 5I4s'47 9818 100 98% 99 2 98 99% 98 9912 9712 9914 963 984
2
4
I2 a__ _
_ 944 9434 9434 94% 9432 94%
10314 1044 10232 104 102%1037 10212 1037 102 10312 1003 1037 Gen Elec(Germany) 20-yr _1942 9452 945* 95 96
2
2
4
2
7s'45 10014 1044 101 1037 ion 16112 10012 10212 101% 10212 101
2
1184 120 117 1185s 117 118 117411812 118 121 120 125
/
1
S f deb 64s with wars. _1940 115 123 11112 1114 112 115% 115 121 117 120 122 10212
12514
98 9914 98 99
9812 1003 9612 9814 984 101
2
98 10014
Without warr attached_ - 9712 9812 984 99
98 99
927 99
2
914 98
96 9714
93 954 034 9412 92 94
9314 95
93 94
924 993
Sinking fund
89 924 89 9112 88 8912 91
9312
10114 1023 10112 1024 101%10314 10214 10314 10214 103 10212 103 4 Gen Mot Accep deb 6s_ .1948 9212 9412 9152 94
4
Corp deb 68'37 102%1034 1013 1033 100 102% 100121021* 101 102 1004 10112
4
4
10041014 100 101 100141004 10012 101 1003 102 2 1003 102 Gen Petrol 1st s f 5s
4
,
4
1940 10012 102 10012 1014 99 4 10144 99 4 101
3
3
99 2 100 4 10014 101
3
3
102 1044 10212 tom: 10212 103 102 10514 103 1063 105 10712 Gen Refractories
4
1st g 6s A 1952 105 107 103%107 10614 107 10712 10712
_
_
8
6
166- 1-603i 9812 1004 98 9912 98 13 -66i2 1-61- -6;712 1634 Gen Steel Castings Ist 5 Sis1949_ _ 5 _7.
12
Good Hope Steel & I sec Is 1945 97 00 -65i-2166- 95 99 -9612 46 2 95 97 100 1- 6.1106%1073 107 1073 1067 1073 107 1077 10714 108 108
4
95 9714
4
2
4
2
1073 Goodrich
4
,
4
91% 923 9114 9312 92% 93% 924 93% Goodyear (II I)Co 1st 6 14s 1947 107 108 107 10814 1063 108 1068* 10714 1064107 1065210712
90 9212 90 92
4
Tire 8c Rub 1st 5s'57 92% 937 91
92% 914 95
91
9314 91
94
210114 997 100% 9941004 99%1003
4
/
4
10011 1011 1003
9112 924
/
4
4 9912 100 Gotham Silk Hosiery deb 6s'36 9912 100 2 991,100
991,100
9812 100
97 9914 93 974
73 76
6912 73
7012 703 73
69
4
7112 75
71
7712 Gould Coupler 1st s f 6s _1940 71
73
70 72 6912 70 68% 71
744 81
4
984 99% 983 9912 983 9912 9814 99
4
/
7412 76
1
9712 99l 9712 984 Gt Cons El Pow (Japan)Is
1944 984 994 98 994 9612 9912 96 98% 96% 9812 WI 9814
9414 95
94 9512 947 953 95 97
2
4
95 954 9212 96
1st &
1950 934 9512 9314 9512 9112 9412 90% 94
92 9312 9012 9312
1044 105 105 105 105 10614 101 1057 Great gen s f 64s
1053 105%
4
2
Falls Power 1st 5s__1940 1043 1053 1043 104% 10412 107 10641064
4
4
4
97 08
97 98
9712 99
97 9812 974 9914 97 998 Gulf States
884 8812
4
9812 9799 963 99
984 984 9812 9812 96 97
88 88
873 8712 883 883 89 89 Hackensack Steel deb 54s 1942 98
2
4
Water lit Is._1952 87 87
874 8712 87 87
84 87
84 87
84 84
84 8614 8212 8211
---- 84 85
8412 843 84 874 Havana Elec Ry cons g 58 1952 81
83 81
87
8012 8014 80 83
70 74
70 7114 70 7112 68 70
75 75
82% 823 82 84
2
62 89
Deb 544s ser of 1926
1951 59 63% 63 65
944 91
8212 6812 6512 7012 6512 69
91
933 904 94
4
9014 91
6511 7012
91
93
85 92
1934 85 8712 87 874 86 89
4
102 1024 10214 103 1023 10314 103 1035* 100%10112 1014 1037 Hoe (R) & Co 1st 6 tis
83 89
84
9012 84
92
2 Holland-Amer Lines f 6s_ -1947 1024
4
1024 1023 103 1025 103% 102%103 100 1014 10012 1011
s
86 894 86 8914 89 90
863 8934 861 871 8112 8712 Hudson Coal 1st
4
s
s 855 A.1962 804 85
7412 82% 75 81
1004 105 102%103 104 10412 1043 10512 1033
75
77
75
7612 7514 764
4
4 10512 Hudson Co Gas 1st g 5s...1949 1034 105 10314 105 102
103 1004 102
161;2 16234 10072 10134 101 10112 10014 10252 101410212 101 10214 Humble 011 & Ref deb 54s 1837
99 1004 995s 100
19 3 19004
1 ,34
10053101¼ 10014 10134 100410112 100 101 12 100 101
2
993 10012 99 10014 993 MO
4
99 101 100 100 4 100 101
3
Debenture g 5s
1 0241 9912 10014 99 4 10014 99 4 101 100 100
101 12
3
2
4
3
10314 104% 1033 10412 10352 1043 10412 1044 10412 105 10312 1043 Illinois Bell Telep 1st Si
3
/ 99 4 10014
1
2
2
A_ 1 940 103%1044 104 104% 10172 104 101 12
96 9
5
8 98%
95 10012 97 9814 974 1004 977 91 14 98 994 977 99 Illinois
10314 101 12 104 11014 10314
2 )
,
Steel deb 43.4s
4
934 9852 964 9914 954 974 98 100
4
1004 1013 10012 101 10012 1013 100 102 1027 10314 103 103 liseder Steel
4
9614 9814
2
Corp a f 7s_. 1946 183 103: 103 103 103 103
1948 084 92
:
9214 92 4 9112 9212 92 9212 6s int
,
ctfs w I
88 881 83 4 871 8312 8812 8612 89 4 81
90 91's 88 90
,
,
90 97 -664 94
3
86% 924 9114 924 Indiana Limestone 1st f 6s'41 9012 92
861
90 913 9012 9i3 90 913* 89 4 90 4 87 904
4
4
100 100 9812 9812 973 9814 98 98% 98 987 97 99% Indiana Nat
3
3
Gas & Oil ref 5•'16
974 991 100 1008 10012 1004 10012 102 10012 10114
4
1024 104 10212 104 10252 10312 1023 104 1034105 10312 105 Indiana Steel
1952 1023*105 102 1031 101 12 1031 101 14 1043
9114 92% 914 9214 91, 9312 923 9314 923 943* 918 94 Inland Steel,1st 5s
2
4 10134 104 101 1s 104
4
f 4 Sig A
92 93
9)% 93
90 4 92
3
90 4 9214 1497* 921s
3
100 1014 100.1s102 100%1018 101 101 10112 1024 101 12 102 Inspiration Con Coop 64s 1978 101
1931
102 101 1013 101 1021 101 101 12 1003 1017 89% 91
4
4 1014 1015*
Inter-Metrop coil tr 44..1956
783 80 2 783 8114 77 061Z 77 -fo3i1 771 791 I nterboro T
8
,
1912 1912-------1st & ref 512_1966 78 7912 76I 79 -784
2
70 7612 67
78% 80 78 804 783 8114 77 8012 77 7914 7714 7914 StampedR
70- 6411 6811
/
1
2
7912 76% 7912 734 7812 69 78
78
66 4 703* 64 68%
2
77
77
Registered
764 76,
2
661-WI 16- -7812 - 2 79 84 77 8384 764 82 77 80 10-year 6% notes
1932 79 8212 RO 84
76 821 64
2
9512 100% 98 10012 08t2 10014 98 100 98 100 4 98 1004 10-year
81
57 66 -81 62
,
/
1
4
/
1
cony 7% notes 1932 984 994 984 994 9612 994 91
97
93 9412 9214 9319
1-16
[VOL. 129.
FINANCIAL CHRONICLE
376
New York Stock Exchange—Continued.
1928.
November 1 December
Oaober
I August September
July
Low High'Low High Low High Low High Low IlighiLow High
1929.
BONDS
June
May
March ! April
January February
Low High Low High Low High Low High Low High Low if
3
9112 91%
4
903 9073 9013 91
4
903 93
90 95
,
4
013 9312 --------90 9314 91
92 93 21 9212 9213 lot Agric Corp 1st & col tr 53'32 92 03
91
8
79'4
4
7712 773 765 8112 78
4
Stamped extended to__ A942 80 8113 7912 8013 773 81
83
8018 834 77 8014 7913 8313 83 834 84 8614 81
Cement cony deb 5s'48 1093 116 111 11812 102 114 10314 110 102 108 102 104%
8
___ ____ ____ ____ ____ ___ ____ ____ ____ Internet
4
97% 943 9814 94% 9612
4
96% 9814 933 973 94
4
__ _____- Internet Match deb of 5s_ _1947 9714 99
_
_ ____ 10_ ___
4
4
993 10113 10012 10112 101 10112 100 10112 100 1003
,
1
312 103 10312 103 103 8 102 103% 9912 102 lot M M 1st cal tr s f 68-1941 09 2 102
5
iiiii2 1-63- 8 103
cony 5s A'47 9412 9658 9412 9612 93 9a14 92 9513 8812 921s 8713 9058
983g 10012 971 9912 9712 99
978 9913 94% 9712 9314 97 lot Paper 1st & ref
8
1955 943 97
9314 9612 93 9573 93 9518 89 937 8812 91
4
Ref s f Os sett A
9512 09
4
10213 973 100
1017 105 10114 10314 101%104 10014
4
9212
8913 933 91
9214 94
4
4
4
4
8
4
•9253 96 9212 947 9414 9513 9514 9714 9613 9714 935 9614 lot Tel & Tel deb 0 454s.1952 923 9512 923 933 923 94
4
1939 10912 1193 11212 120 1123 131 11812 1283 11713 130 12012 157
4
4
Cony deb 43's
10858113
4
4
104 104% 103%1011 1 Kan City P & List 5s see A 1952 10312 1043 10312 1053 101%104 10113 103 102 103% 101 10314
8
4
:
10314 1031 10212 104, 1031:10414 103%1043
1957 10018 10013 9913 10012 98 997 _ - -- 8
---- -- ---- — 1st 434s series B
8
10011 10014 --------101 1025 10114 10114 10014 100%
4 - - 3
105 103%105i- 1033 10512 102 10413
'
Os see A 52
105 11611 10512 10613 1041806 10418 10558 10418 10534 10438 106 Kansas G & List 8 fdeb 534s'47 10018 108 10412 10578 103
___
12812 141 ____
Kayser(Julius)conv
8
8
11012 115 112 1161 1 10914 1175 1123 117 114 148 127 139
91
9212 90 90 93
95% 92 4 16
923 - -12 9213 92 95 Keith (B F) Corp 1st 69_1946 94 07
951s 97
93 98
9012 94
92 9514 88 92
39158109 10712 109 10712 1087 10712109% 10914 11038 110 11014 Kelly-Sp Tire 8% notes 1931 110 11014 110 11014 110 11014 110 11012 110 110 ---- ---4
903 92
91 .94
____ Kendall Co 534s with warr 1948 ---- --__ 95 951: 9312 9653 92 94
_
_
_
_
_--___
8
8912 905 85 88
91
__ 91
1935
_
Keystone Teleph 1st 5s
93 2
91
94
9312 - -- 9312 - 12 9312 - -19412 95 15
942 58_1937 --------1025 113 1(534 . - 10412 10412 1001t 10012 10053 101
- - -12
4
8
T 162
4
104 104 103 103 10214 1033 103 103 _ _ — --- ____ ___- Kings Co El L & P 1st g
8
1997 130 13
8
12812 12812 12814 12814 12814 1285 1285 129 12812 12812
Purchase money 6s
_ _
8
8
8
125 12518 1253 1253 12553 1255 126%12814 12814 130 ____
80 8014
81
81
82
1st g 48_1949 80 8212 81
81
82 85
81
8112
4
8
---- --- 827 82% 813 8212 8113 8112 8213 82, 8013 - - Kings Co Eley RR
14 8112 7914 81% 80 82. 79 81
7912 8012 7912 8014
Stamped guaranteed-1949 79
4
82 823o 783 78
8
8018 817 8014 83
8238 84
89
8212 __ 10312 10312 102 108
__
10514 Kings Co Ltg 1st & ref 5s 1954 104%105 105 10514 10412
100 100 10053 10414 10414 10412 105 105 103
1954 11614 11614 11514 11514 11514 11514 11514 11514 11412 115 11418 115
,
1051st & ref 651s
116 116 116 118 1161211612 1161311958
4
116381163 ____
79s 1936 1051g 10613 10518 107 10614 10714 10514 107 10318 10714 10418 106
- _105 10514 10514 10514 103 105'4 105. 106 :,,, rr - 10314 10512 Kinney(G R)Co cons'
3
Found col tr Os_ _ _1936 103 104 10212 103 1013 10212 10112 103 10112 10312 101 10112
'2
4
103 105 10314 1033 10314 10412 103 104 111312 103 103 10434 Kresge
3
'59 ---------------- 98 99
98 9814 9712 98 4
98 98
__-- ____ ____ ____ ---- __-- ---- ____ ____ Krueger & Toll 5s with warr
8
100 9912 1005 100 10114 96 10053
4
'
8
4
4
101 1013 10114 1013 10112 10218 102 10212 10214 1025 199 102 Lack Steel 1st cons 58 ser A 50 1003 10213 100 103 99 101 100 1013 9734 10012 9738 99
4
12 101% 100 10112 9812
99 101 14 10012101., 100,1102 101 10112 100 102 10012 102 Laclede Gas L ref 1st g 58-1934 100
1953 104%10512 10212 10413 1017 10314 10212 10412 102 104 10012 103
8
Col 8c ref 5 Hs ser c
8
8
4
1033 1055 103%105 10313 105 1037 10514 10412 10514 104 10514
Lautaro Nitrate Co 6s—At/54
With warrants
____
1ils 97 98
ilLi-3 6i oit2 -sii
-- O5 99%
0913 10014 9912 9912 9914 9912 Lehigh C & N con s f 4 Hs A '54 9912 101 - - - - _ _ 10012 16114 9913 101
4
983 99
4
99 11018 983 997 9858 9014 973 99
a 55'33 99
8
4
- 18114 I01 12 10012 10112 100 10114 10012 10112 10118 10139 99 101 Lehigh Val Coal Co 1st
.
97 91
61
1914 ----------------101
------------------------101101 lot ioi 101 ioi 1ref s f 5s
___ ____ ____ 1st &
.
---- - - 101 10118 ioi iii ____ ____ ____
88 91
1944 933 933 9112 9112 --------80 92
4
4
1st & ref s f 55
96 __ ____
4 91 10012100! ----------------96 993 188 88
91
1954 91% 93% 92 9212 --------91
1st & ref s f 5s
____ ____
983 971.1 9912 99% ---- ----9558 9533 ____ --_
____ ____
I st & ref 5s
94 ____ ____
95% 9712 9713 94 9513 9714 94 93
9558 1974 88 18118 88 -iti ____ ____
1st & ref s f 58
_ _
_ _ ___
97 ____ _ _ ____
9512 9512 9512 93 2 96
,
2
Liggett & Myers Tob 7s__.1944 118 12012 120 121, 118 12012 118 120 11813 11973 116 11814
- 12013 1217 120 121 14 12014 121% 12018 121 121 121 119%121
- - -18
9912 10214 9812 10114
9914 101
1951 102 103
99 103 10114 103
5s
4
8
10014 10314 997 102 190 1025 101 10212 10112 1033 10158103
8
war '41 1135 1213 116 123 11013 l23% 11012 11313 10312 111 13 103 10614
3
8
4
8
8
1075g 10914 10753 112, 110 11414 10912 1117 1103 11414 110%11514 Loew's Inc deb Os with
4
4
953 973
purch warrants 99 10012 0812 00 4 97 98'o97 9912 97 99
3
Without Itic
o
4
4
9912 101 100 10112 993 1013 100 1007 100 10118 90(310058
8
4
w w_I952 9973 102 100 102 973 10012 97 9812 9814 977 9714 99
---- ---- ---- ---- ____ _--- -- ---- ____ ____ 9914 10012 Lombard Elec lot 7s
4
93 9414 90 9414 92
4
9312 913 951 4 92 9513 93 971
without warrv nts
4
-- --- ---- --- 9214 943
---- •
-- ---1944 10912 11312 109 112 109 112 10612 10812 10613 10912 1061j108
')
8
-7
-13
1
1. 213 11312 112 1. 109 111 3 109 111 104 1 13 112 1137 Lorillard (1 Is
8
1951 86 917 8414 8758 80 863 803 8714 80 8713 7613 808
4
4
8612 9213 817g 9212 86 9275 55
8
9012 927 8858 9112 8712 91
85 8918 8514 87
1937 8612 89
8512 87
84 8612 84'8 8612
8412 9117 Deb 5.5is
4
90714 9212 9114 9213 883 92
92 9312 90 92
4
10212 104 1025810312 100%10212 10014 103 100 10314 993 103
;
4
3
1005 10438 10112 103 1023 103 102%104 103%104, 10314 1041 Louis. G tk El 1st & ref 58_1952 90 9312 90 9012 --------92 94
3
92 92
9313 95
1930
Louisv Ry lot con 5s
94 94
4
9512 9812 --------961 9613 95 9433
•
Lower Austria Hydro Elec Co—
81
8512 8112 84
4
83 833 82 8514
1944 8612 878 8514 86
5714 90
88 8913 88 89( 87 8812 85 8713 8414 8712 1st s f 6 Hs
98 99
98 9914 9814 0958 96 99
92 97
McCrory Stores deb 5 3.s_ _1941 98 99
98r-53 10012 9834 100
09 100
99 10018 09 9963 9812 10012
4
933 06
94 0512 90 94
987,3 10018 99 10012 94 100
,,
101%10518 103 104 10313 10414 102 105
91 1027 9612 1001s Manati Sugar 1st of 7 Hs_ _1942
68
4
56%
4
8
675 6912 65 683 Manhat Ity(NY)con g 43_1990 6634 6778 6614 60 65 673 60 67 ____ 6212 56 6913
67 69
4
4
6718 703 673 6958 683 70
4
_
8
60 6058 58% 5912
2013 59 605 60
63% 6313 2d 4s
6312 631 6312 6312
---- ---- 64 64
9912 100%101 10412 101 10212 9812 102
- -58 9612 96 2
,
___ Manila El fly & L Ist&col 55'53 9718 10012
8
9873 9337 ____
9614 99
__ _ 9614 9611 98 98
94 04
92 92
98
t
020
.18 91
Shovels 1068'47 98 9912 9712 9812 98
99 Marion Steam
4
99 993 99 100% 99 99 984 if 12 102 100 102
Mfrs Tr Co ctf of partic in A I
3
4
8
Namin & Son 1st of Os_ _ _1943 102 105 102 102% 102 1027 1013 1023 101 102 100 101
5
103 1043
,
104 10512 104 104 16384 10412 10312 103 10414 104 3
8312 90 8312 88
8514 90 88 13 92
80 95
9614 96% Market St fly 1st 7s ser A_ _1940 95 9753 9513 9614 93 9612 943 9612 9618 0814 '3714 98
98 9934 973 99
4
97 9914 9714 99
96 98
4
4
9612 9714 9614 98
9612 98 Meridlonale Elec 1st 7s A_I957 943 9712 102 1024 993 103 101 10212 10114 102 10013
4
98 9914 97 983 9612 99
4
10218
1st & ref 5s C '53 10112 103
_
_ Metrop Edison
4
10014 103 10118 102 ----------------10339 1043 _ _._
7412 75
72 7412
7812 72 7612 7214 74
77
78%
79% 8911 78 7912 8012 8013 ---- --- 7712 7739 7612 - - Met-West Side El (Chic) 4s 1935 78 8014 933 98
9212 9212 9314 95
8
1,33 0313
97 98
4
3
97
9613 4
963 97 _--- __-, Miag 51111 Mach 7s with warr'56 95 983
98
9814 9813 --------98
85 87
4
853 8812 84 9338
9314 87 91
90 9412 86
Without warrants
4
8912 92
943
91
4
9213 9812 9212 9314 9213 113% 903 96
105 10514 104 105
10412 106 10478 10514 105 10514 105 1051 1 105 105% 105 10514 51Id-Cont Pet lot 6/4*1940 99%10013 9918 100
5 6
664 1 12 - 912
4
661, 9712 664- 9739 oi cony s f 5s'36
9918 102 Midvale St & Ord
99 100
4
983 10018 9912 10018 9912 10012 9934 101
99
99
9'31 9712 9918 9818 9918 973 983 973 99
9814 9912 9813 99 9914 99 9813 9963 9813 9934 9814 100 Mil El By & Lt ref & ext 4341951 10253103 10214 10293 100 4 100 4 100 4 101 98 4 1014 9712 100
993
98
Gen & ref 54
103 10212 103 10212 10212 1025 10253 10' 1025
8
103 104 10212
8
112
4
4
3
100 101 10058 10114 973 100% 11814 10158 98 1003 9714 99 4
1961
1st & ref 5s ser B
9914 101
8
995 10012 100 103 101 102 10113 103 10012 102
4
8
i
1013 1024 9012 10214 100 1017 98 1013 9914 101
10214 1031 1 102%104 1023 104 10038 10312 103 10353 102 10314 Montana ('ow lot 5s ser A_1943 102 104
4
9712 98 4
8
4
09'100's 97 993 9714 9912 97 101
4
993 101
1962
Deb 5s ser A
9912 1003 100 10318 101 102
99 10012 99 100
4
4
59%1013
Montccatini Min & Agr1937 118 127 118 12612 112 121 11112 118 109 11412 107 11358
3
Deb 75 with warr
104 1073 105121111! 110 3 1133 1101g 11914 1153 13112 11512 12114
4
4
4
4
95% 963 9514 983
9313 96
4
933 93
4
93 9412 933 95
95
Without warrants
9712 9614 98
94% 98
9314 963 93 9414 9314 9478
4
8
8
4
963 9773 94 973 94 973 9512 9614
8
99141023 9314 9912 99% 99% ---- ---- 9814 99, 9813 99 Montreal Tram 1st & ref A 5s'41 9853 9958 9814 99
4
2
- 9363 93, --------93 95
-- 4
4
_1955 963 963
983 ---- ---- ---- ---- ---- --- _
Gen & ref s f 5s ser A__
%
98
---- ---- ---- ---- 98543 985 ____
67
th;
__ 98T4 - 14 iii - - --------9514 c514
(955 ____
_
8
Series B
---- ---- ---- ---812 87% 8839
8
8712 -f
.
86 8712 86 87 2 8612 8513 88
,
_
Sii4 - ki . ii- -AiT2 iii- :words & co lot Co4 34s....,.1939 --------8112 81(2 _87 8814 _86,4 8714 _84_ 8714 _83 15
_
_
_
4s ser 2_1966
82 82
82 83 Mortgage Bond
---- ---- ---- rr - ---- r - 82 82
id14 58 -91:318 8518 iiitt
193) 1ty 9634 97
10-10 year 55 ser 3
98 9812 973 9713 9712 9712 98
9734 98% 9712 - 4 9712 98
4
3
99%10114 9814 10012 983 10012 987 99 4
3
1934 99 4 102 100 102
9612 9714 968 9812 98 100 100 10253 101 10253 997 102 Murray Body 1st 634s
4
102l2 1027s 10212 1033 10212 10212 102 10212 ---- ---8
103 1041j 10313104(3 --------102 102 __
-- Mutual Fuel Gas 1st gu a 58 47 1027 104
--Mutual Union Teleg Os..
l043
l04i
Namm(A I)& Sons—see 5Ors Tr
- ---- 50 57
4
1503 55
5712 6012 563 60
59 84
62
57 5912 585 60
55 5634 Nassau Elec RR 1st a 4s_1961 55
8
58
4
583 60
'2 58 5953 56
1011410314 10114 102 101 14 102 101 10113 10114 10114
National Acme 1st s f fts _A912 101(410138
9354 9514 9312 9718 95 9714 95 97
9773 95 96
Dairy Prod deb 5:18_1948 0512
9753 12 98 09 9834 9958 9712 99 Nat &nom& St 1st 20-yr 58_1929 101 101 01 101
8
1
3
___ Nat
_ _
— 101 102 101 101 ____
- ------731
71 /673 88 - 2 40 60
78
7612 8214 7012.
-O....1947 74 82
-12 8212 - 8112 18
89
79 Nat Radiator deb ()I
78 883 731g 8312 75 - - - -75 82
4
98 98
--- --- --- ---- --- 99 9913
100 100 100 113014 ----------------100 100
_ _ National Starch 20-yr deb 5s'30 -------- 0214 103 ---- 10313 100%10312 103 104 103 103
10053
4
National Tube lot guar 5s_1952 1033 10453
103 10312 10212 103
02 10212 103 104 103%10514 1031 101
; -34
10353 10312 10012 10313 101 14 102 10112 10213 10114 10114
--__ -___ 102 103 --_ _ 103 10312 10414 10414 104 104 Newark Cons Gas cons 5s g '48 -------- 05%107 104 10618 1008 106 10313 10512 1013910384
4
.Yr 58-.1952 1053 I0634 9912 100
106 108 10518 10618 106- 107 106 10714 107 108% 106% 107 New Eng' T & T 30
- -14
97 9712
97 9934 9713 9912 97 99
3
1961 99 4 10014
B
993 100%
1st a 4,135 sor
9913 10212 100 101 100 10113 100 101% 10012 102
8
915 9514 918 953 897 9213
4
4
4
963 95 9618 1/13 06
8
8
'
,
9612 978 96
95 9812 9512 98
973 97 9512 95 4 9714 New Or' Pub Set 1st 58 A_1952 957 9612 943 963 9014 9553 92 9514 91
4
3
8
4
4
893 9253
95
1955 94
1st & ref 5s ser 13
3
957 98
4
053 9714 96 978 96% 9714 97 9813 95 0824
4
828 801 8514 8018 82
4
1951 8212 873 8218 8413 813 8239 81
82 86 NY Dock 50-yr g 4s
8518 8814 8434 8912 8412 85
8439 86
84 86
8614 8812 847g 87
80 87
8014 8312 80 82
1938 88 90
Serial 5% gold notes
9312 90 91
88
88
91 91
3
89 4 9112 86 905g
90
11424 11514 113 115341 113 11514 1123811312 112 11338 11112 11324
11414 116 (131311473 11438 it6 11478 11614 11512 11612 11414 116 NY Edison 1st & ref 6 148 A '41 103%105
0413 105 10213 10418 102 10313 101 1033 1013 102
4
3
1944
1st lien & ref 55 ser 11
103 105 10312 10414 103 1067g 1035 105 103%10514 10312 10414
8
107
3
8
107 III NY Gas El Lt 11 & Pr Co So'48 10612 107l 10658107 10312 1063 10312 10518 104 10612 1035 10434
106 108 1055310612 1061,3 107 10612 107, 107 10712
s
045.1949 93 94 9212 9314 9112 9234 9112 9210 91 93 9138 03
4
3
9218 9512 9214 93 927 9412 94 9512 94 95 8 933 948 Purch money coil tr
_ NY L E & W Dock &!mut 5s 43 ----------------98 98 ---- --- ---- --- 9818 983
___ ____
_ ____
10158101.38 100 100
_
9912 98 99
9914 1001s --------91314 9914 98 9838 9858
9912 100
4
987 09
9914 99114 9914 160 100144 10018 100 ilio NY & Queens EL & P 5s..1930
5614 5614 56 16_
56 58
Co ctfsof deposit
Trust
8 2% 25 ---- ---- 212 212 - — ---8
Jan 1942 -------- 2 8 25
2
212 3 --------2
. Trust Co ctfs of deposit
__ ____
3
- - ____
5
_
- --- ------- --2313 1812 21
.
11 12 11"- -io- Iiii 'Hi - - 1132
NY Rys Corp Inc 6s_ _Jan 1965 20 2412 18
2714 21
21 4
1514 - 3
2712 1912 - 23
247
22 - 8 23 23 25
4
853 8378 8412 8413 78 83
75 78
1965 84 87
75
77
8512 8712 85 8713 88 8912 Prior lien 65 ser A
88 0014 85 8911 8413 87
78 5
, 8 02
6 0 , 0512 4512 451 8 0 1 18 04 3 0
, 5
0
4, 103 14513 1.4 102 109,2 140,3 14318 13312 14312 133,8 145
5 05
10858108 10514 10638 NY 84 Rich Gas tst Os.. _ _1951 10514
4
4
106 108 104, 1043 10514 106 10514 10613
4112 47 NY State Rys lot cons 4/48'62
41 49
464 48
373 47
48 61% 47 49
6138 70 57 657 50 55
8
4914 52
48 61
8 50-yr 1st con 6/4*. ser 11_1962 5712 69
55 59
53 5912 57 607
60 63
4839 57
65 67
10518 10612 103 10478
107
106 108 10614 10712 New York steam 184. 25-yr 633'47 106 10724 105 10013 103 106 4 10414 10012 9712 993
105 10612 105 10614 10513 106% 10613 10812
98% 993 973 993
4
9912
4
8-193999%101
98 99
0912 101 9914 10012 9924 101 100 101'8 100 10178 9912 10012 NY Tel lot & gen s f 434 1949 110 11034 110 111 110 11138 110 11034 10934 111 10934 11012
8
110 1107 110 111 1093 III 110 11114 11018 11114 11018 11112 30-year deben 6s
4
4106(2 1043 10614
4
1941 10612 10812 106 10673 1053 107 10314 1061z 1043
10612 108 10612 10712 10638 10712 10612 10738 10638 108 10612 1077 20-yr refunding Os
9712 9912 0612 9813
_19469912 101 I 997310012 9912 10012 9812 100
10118 10212 100 101 10014 10114 9873 10118 10012 10113 100 101 NY Trap Rock 1st 8 f fts _
4
31021g 102% 100 1013 100 103 10014 10214 100 100
10134 101 10315 10214 103 102 1037 Niagara Falls Pow lot 58-1932 102 1025 101 103 101 1024102
8
4
%
101 1033 10113 1015 10118
8
10258 10014 103 101 1013
4
Jan 1932 102 10318
2
8
Ref & gen 65
104 105 104 10614 103, 1055 1015810514 103%10413 10214 104
%
53..1955 103 10418 10212 103 10118 10312 101 103's 99%10314 10012 102
8
4
8
101 10318 1017 103 1023 10312 1023 104 10312 104 103381037 meg Loch & ont List
(Bremen)
Norddeutsche Lloyd
90 9212 9112 93
9113 9312 90 93
9114 93
4
1947 913 94
9212 94
9314 943 911 937
4
20-yr s f Os
92113 9312 92 933 9212 94
4
72 753 70 73
75
70 7258 68
72 76
'40 70 80
6911 70
Am Cement 6545
7512 80
7914 84
75 69 73%
•- 3 69 101 100 102 6914 7058 No Amer Edison debA w war'57 10034 102, 100%102 9958101 114 9914 10078 99 10033 99 100
5s ser A
8
100%10114 No
99 10063 9911013 9913 1007 9912
2 10012 10178 99 101 4 100 10112 9912 101 12 0934 101
ser B—Aug 15 1963 10012 101 10113 103% 100't103 10013 10212 99 10112 99%10012
10112 10218 1003 1021
4
Deb
5.iis
0118
102 104 8 No Ohio Tr & Light gen A.1941 1003 1013
64 1 51- iiiii 101 1 10218 104 l00l4 101% Northern states pow 5063.1947 101 14 10314 99'8 10113 98%10058 100 10113 9834 101 14 9834 100
P
- 1C3 [( - 168- 16E1 1- -- .
4
4
4
4
4
4
8
.06 103 1005 1013 1003 102 10013 1023 101 1013
4 104 1051s 104
1941 105 10612 105 1053 --------973 105% 104 10514 105 103%
3
3 lot & ref 6s ser B
.04 10312 10412 10612 104 4 10618 105 106 105 10618 105 106,
4
4 973 --------96 96
---9734 105%
guar'34 ----4
0712 9712 9713 9712 99 99 ----------------10514 1053 Northwest Tel 18t 4 Hs
91
88
89 9114
2 90% 9214 89 913 8912 92
9113
2 2
4 9212 9114 9212 Norwegian Hydro Elec 5/4s
92
91
9013 9214 9039 92
A '46 1131g 11313 111 12 11214 11012112/0 111 113 11012 113 110%111
1212 11213 Ohio Public Serv 7 Hs ser
- 113 114 11313 11518 112 115
15 116---4
*
1 4 115, 1004 510,2 110 111 1 1 1101!111l, III 11214 1103 11412
1957 113
,
-16
157. 1161, 1151,1 I - - 11513, 115 11518 116 115 1151. 1'141151. II. 10 rot' 70 0e 9
;Jai, veh i6i,
377
FINANCIAL CHRONICLE
JULY 20 19291
New York Stock Exchange-Continued.
1929.
1928.
BONDS
April I
May
1
Juno
January I February I March
Low High,Low Hich!Low High Low High Low High,Low High
i
8
4
8
,
,
4
4
10412 10714 10412 10714 10514 1063 10512 107 106 1063 1057 106 z Ohio River Edi 1st 6s J & J '48 1053 10612 1057 107 105 107 105%10712 105 10512 102 104
8712 8812
8814 89
89 8914 89 90 89 90
1944 8914 91
95 96
93 95
92 95
9014 92 Old Ben Coal 1st g 6s
92 9214 92 95
4
8
4
99%1013 99 10114 99 1003 9914 10012 9914 1003
18 100 8 10114 10038 10218 102 1023 102 1021: Ontario Power N F 1st 5s_1943 10012 102
4
,
1013910314 103 103
4
4
3
9
8
8
100%200 8 100%103 1003 1013 1003 1013 10214 1027 1017 10310 Ontario Transmission 5s_ _1945 103 103 102 102 101 10114 9914 100 100 10013 97 9812
,
4
92 97
9219 953
9519 97
98
8
8
99 100
973 997 9718 983 96
973 Oriental Bevel Co guar 69_1953 9612 977 963 9712 95
4
8
8
9814 10014 0812 100
8
,
8619 8812 8519 8812 85 8 867
8
8612 8839 854 87
8
__ 100 100
90 9039 90 9018 Fad debt 5 1.1s jut ctfs _ _1958 883 90
____
9214 9012 9212 88 9012 8812 92
4
63 9214 93 9214 9314 921s 9314 Oslo Gas &Elexti s f g 5s-1963 9218 9314 9218 923 91
8 01 4
93 8
91 - -7 903 - -,- 9118 1941 100 103 100 10312 10012 10112 100 101 100 101 100 10114
4
8
10014 90 101 100 1017 1003 1013 10012 10110 Otis Steel 1st m 69 ser A
4
4
9914 100,2 99
9914 10112 9912 10012
8
,
8
8
10019 10212 1007 103 10018 10218 1013 104 10238 104 10114 10313 Pacific G & E gen & ref 59_1942 10118 10212 10018 1017 99 101 100 10214
9914 10014 9814 10012 983910014 9812 9939 9712 998
4
100 10119 100 1003 10039 1001 100 10014 997 10012 9914 100% Pacific Pow & Lt 1st& ref 5s'30 9914 100
4
9
4
,
8
102%10414 1023 103 102 8 10314 10212 103 10212 10312 9912 103 Pacific Tel & Tel 1st 5s_ _ _ _1937 10214 10314 102381023 1001210239 100 1023 101 10214 993 10112
4
4
,
1952 104 8 105% 10419 10514 10114 1043 10112 10414 1013 104 101%103
8
Ref in 59. series A
4
,
1023 10514 102 103 8 102%104 1037 1053 10514 106 10334 10514
4
4
4 10212 10314 10212 1043 10412 108 10312 106 Pau-Am Pet & T cony s f 6s 1934 104 106 10212 104 10212 10512 10414 10939 1061210812 1061210812
10212 103 102391023
4
4
4
1930 102%104% 10412104% 10438 1043 10412 105 10412 1043 1041,1043
8
1st lien 78
4
4
4
8
10419 1047 10412 1043 1043 1047 10412 105 10412 105 10418 1043
4
92 9512 95 973 9312 9814 93 948
4
94 9634 96%100
95 997 Pan-Am Pet (of Cal) cony 69'40 9512 9719 95 97
9
4
943 9512 923 9512 9312 05
4
10210 Paramount.Rway 1st 5 369_1951 10118 10212 1001210212 101 103 101 10214 100 10214 97%10014
8
987 102 1003 10214 10012 10212 10014
9
9912 103
1003 103
4
12
8
4
9938 10012 993 1003 99 1008. Para-Famous Lasky s. f 69-1947 9914 1003 9914 10014 99 10012 9812 997 9639 9914 97 98
4
3
4
4
4
9812 993 99 10012 993 101
91
92
9239 90 9212 8912 90 8512 8512
8
95 96
981,100
9412 96 Park-Lexing 1st lease 6 369_1953 943 9512 91
9712 9912 9712 998 95 98
102 105 102 102 104 104 --------10312 10312 Paterson & Passaic G & E 5s'49 1031210312 10412 105 102 102 1018 102 1011210139 9912 100
78 793 75 8112 70, 76
4
8
78 8139 79 81
9
14
76 83
73 80
79 85 .6 78 81 Pathe Exchange deb 79_ _ _1937 787 84
3
9212 9133 9312 90 94% 85 8978
8
94 9612 0412 9812 93 9612 Penn-Dixie Cement 6s A_ _1941 943 9714 9412 9714 91
943 993 9312 9612 94 97
2
4
115 115 --------11412 11412 116 120 114 114 11218 1133 People's Gas & Coke 1st 69 1943 11212 113 ----------------11112 113 11112 11212 110 111
July
Auptat September
October
Norember December
Low High Low High Low High Low High Low High Low High
66 vii.„ 66 80.,
4
,
4
4
1947 1043 1053 104%10512 104 10514 101 8 10412 101 1033 101 102
10412 10512 Refunding g 5s
96
99
9612 98
4
4
99 1 963 983 9612100
98
1967 9812 100
____
Phila Co ser 5s. series A
9818 9939 9712 99
9518 9714
4
1967 9914 993 9914 10012 98 100
Elec Co 1st 498s
9812 - - -3 Phila
9 94
88 927 90 9138 8114 9034
9218 9312 9218 94
90 93 Phila & Read C & I ref s f 5s'73 898 93
1949 ------------------------100 101 100 10084 9114 10 14
0
Cony deb 6s w I
4
9039 9212 89 913 8814 90
90 9218 8912 91
sii-T2, oi8 9114 9218 913 9312 92% -9-3-% 5313 95; 611-3 - .C 4 Phillips Petro deb 5319_1939 92 94
34
3
101 1058 102 108 10618 108 406 10712 10618 107 10619 107 Pierce Arrow Mot Car deb 85'43 10618 10712 10612 10718 10618 107 106 10712 10614 10714 10639109
4
10634 10684 --------106 106 10418 10418 --------10434 10612 Pierce Oil Corp deb s f 8s_ _1931 106 107 106 106 106 106 106 107 10514 105% 1053 10818
103 108 10214 10412
6
2
8 45
112 is( 103 106 Pillsbury Fl Mills 20-yr 69_1943 104 105 10384 105 102 105 10212 105 128123
105 10514 10414 10512 10312 106 104 105
1023 104% 10112 106 106 107 19612 11214 11 1 12912 11612 121 Pirelli Co (Italvl cony 7s_1952 119 15412 13112 148 12512 13712 123 135
4
9412 943 9412 9412
4
9412 9412 9412 95
8
9312 9312 9312 937 9312 9612 9312 9312 9312 95
9417 9412 Pocahontas Con colt 1st 551957 9412 9412 9412 95
8
4
4
1047 10684 --------1033 104 10334 104 10412 104% 10418 105 Pt Arthur Can & Dock 63 A '53 104 1053 1043 105 1041 10412 100 104 102 104 103 10412
,
1953 10384 105 105 1058 104 8 105% -- - ___ 10112 10212 104 10419
4
8
4
106 106 -------- 1033 1033 1037 104
1st m 6s ser IS
9812 101
9884 101
10118 103 100 10234 10018 102 100 101 10012 104 102- 104 Portland Elec Pow 1st 6s B 1947 102 10314 10119 103 100 102,4 100 102
-993 99 998 9878 9912
4
98
10118 10214 993910014 9938 100 100 10018 100 10012 993 10014 Portland Gen Elec 1st 58 -1935 100 102 --------100 100
4
9712 9612 9712 97 9712 9533 9712
96
96 97
9712 982 963 97 Portland Ry 1st & ref 59-.1930 9612 99
4
9714 99
4
4
9814 9814 923 9814
9812 99
9612 9884 9718 9739
96 9839 9612 99
10019 10039 9812 10014 9918 10018 987 9914 99 993 987 993 Port Ry L & P cony 59, 1942 9878 9914 9812 99
4
8
10114 98 101
9612 9913
10118 10214 100 10118 100 10118 100 101 102 10414 102 10218
1st lien & ref 6s. set B--1947 102 10212 101 10214 100 10112 100 107 107 107
106 107
1946 107 10719 107% 10718 107 10718 107
107 108 107 108 107 108 107 107% 107 1073 10718 1073 1st & ref 73s. ser A
4
4
994 100
9714 1007 9512 9912 98%10314 100 106 Porto Rican Amer rob 68-1942 1001210212 101 107 100 1044 100 10112 99 1131
8
4
8
978 993 973 99
8
4
4
8
913 937 89 9212 893 94% 92 947 9214 94
2
1953 933 95
943 9539 93 9514 94 9514 9312 9814 9512 9718 9318 9533 Postal Tel & Cable 5s
4
8833 95 89 9214
97
9412 9714 9333 9812 95
99
95 116
92 93 95 100
9612 102
90 92
9518 100 Pressed Steel Car cony 59_1933 96
10312 106
9739 9918
983 10012
8
4
9714 993
9
102 104 1027 10414
97 9839
9712 9934 10018 101
04 9512
9433 98
10.138 106
0812 0934
10018 101
9139 0412
10512 10614
9914 100
10014 10114
9118 93
41103 ---4
111 111-:' --------1103
_ Prod & lief 89 with warr-1931 ----------------111 111
4
4
4
1113 11218 1018 1113 10912 1103 109 109 10912 10912 _
4
4
4
4
11012 111 1103 1103 1103 11034 11034111 1103411139 iloia in
Without warrants
9
,
8
11914 14212 13912 1567 14312 1523 1461 2 177 15512 183 Pub Sery_Corp Ni deb 416s1948 18112208'4 185 205 8 172 200 175 187 180 204 1. 3 266
11714 12534
4
102 105 102 10239 1031 2 105 10339 1017 1037 105 1038 10414 Pub Ser El & Gas 1st & ref 58 65 10333 105 10314 10412 101 10339 10112 10412 10114 103% 10114 10211
'
9
8
4
4
9619 9939 9614 973
4
1967 99 998 99 993 9718 991 9718 99
99 10014 100 10039 993 10119 9812 100
ref 498s
1st &
4
77 80
75 7612
84 8612 76 8312 76 80
9714 10014 98 9812 9312 98
105" RTC 16012 105
8712 96 Punta Alegre su con deb 7s '.,7 86 88
97 9812 9712 99
9718 98
9712 998 98 9934 9814 993 99 997 9939 1023 991
3
4
4
8
f 5.36% notes_ ._1937 9912 10014 993 9919 97 9812
4
2 10084 Pure Oil s
91
933 894 9253 90 935 9018 9339
8
8
9314 95
95
19* 94
9278 9419 9319 9539 9312 943 Purity Bakeries s f 5s
9212 95 9214 9412 93 95
4
9712 9912 95 9712
9714 99
98 10012 9714 100
9714 9912 98 99
98 99
9812 100
9812 10014 99 101 Remington Arms 1st 65 ser A '37 100 101
8
9114 937g
9312 9412 9314 943 9114 94
8
923 0512 92 957k 94 957 9318 9512 93 0412 923 9412 Rem-Rand deb 5 qs, W. W.1947 937 9519 94 95
4
4
2
4
Republic Brass 6s_ _ _ _ ltilz.• 1941 ------------------------102 103, 102 10312 1023 103%
•
1940 102 103 101 1314 101 10319 10012102 10012 102 1003 10012
953 16114 loora fOi iOti fiii ioo 16f 10114 16212 101'z 10134Republic I&Sst5s
4 9912 100%
1021210339 10112 103 101 103 101 104 100 102
4
10412 10434 10412 1053 10012 10314 10139 10214 10114 103 101 1023
Ref & gen 536s ser A war 1953
4
4
8
10814 110 10539 106 105 10614 10318 10518 10318 104% 102 10312 Rheinelbe Union 79 w warrI946 103 104 1027 10412 102 1034 100 1033 99 10112 101 106
92 943 9312 967
4
97% 94 9614 93 95
96
9714 9814 9612 98
9812 99% 98 99
96 973 9512 9612 Without stock purch war1946 9612 98
4
8
100 8 102 100 10114 10114 102 1017 10314 101 1023 10114 10212 Rhine-Main-Danube 7s ser A'50 100 10212 10034 10234 100 10219 9712 10212 1007 10214 10018 10312
,
8
3
4
10014 1013 10078 10214 1007 10212 100 1013 1008 10214 1003 103 Rhine-Wecrphalia El Pow 79'50 101 102 100 1013 100 10078 100 10112 100 10112 100 102
8
8
4
4
8
4
4
1952 913 938 873 9278 8712 02 87 90 88 8912 89 9214
893 9212 Direct mtge g 6s
4
90 92
4
8912 9114 903 922 8912 92
904 92
4
903 94
4
9012 933 90 92
8
Cons mtge 65 etfs w 1--- A953 9418 983 9219 9414 90 95
---- -- - -- ------------ 94 9412 93 943 92 96
_
Without warrants. - _--- 8512 8912
4
9214 - , 9112 933
93 4
923 9414 9312 94
4
4 93 96
923
1955 91
62
94
66
.1f2 - - -14 9434 - 12 92 - - -34 9014 - -12 Rime Steel 1st s f 78
9
6
ti. If 9439 - -12 9
66
8
,
8
4
4
8
108%10918 108%11114 1093 11012 10914 1093 109 10912 108 10914 Rochester Gen & Et Is ser B '46 1083 110 10812 1097 10712 109 107 108 1057 108 4 105 107
4
3
.1948 106 10614 10618 10614 106 107 10512 106 10514 105 4 10312 1043
Gen an 5 369 ser C
104 10514 ---- ---- 10412 10512 10512 1061,8 10618 10614 106 10614
7
102 1011810118 Gen mtge 4369 series D__1977 1003910018 --------9919 99% 99% 99 ---- _-_-- ---- ---95
90 Roch & Pats C & I pur in 58 '46 --------------------------------95 00
90 90
..
iiis - -3
361 4
4
14
3 943 96
4
54
8 6
95
12 - 14 15.52 - 12 552 -. - 1z Oi - - -12 95 9512 9518 96 St Jos Ry L II Sr P 1st 5s_ _1937
65
06
66
99 99
St Jos Stock Yds 1st 4549_1930 99 99
- ..._
9839 98% ___99 99
9839 9839 96 96
69 64 68
7039 6814 743 74% 667 - 75
76
7634
7814
76 7812 77 --- 7512 ---- St Lit Mtn & P Ist 59 stpd_1955 75 77
77
76
76 77
76
78
_ St Paul City Ry Cable 5s__ 1937 92 92 ----------------92 94 --------92 92
9112 02 ____
93 96 --------------91 92
41
4
68
10612 10812 108 10 12 1063 10734 0512 107 10614 10814 10539 I- 612 San Anton pub serv 69 ser A '52 10318 104% 1033 105 10112 105 10212 106 105 10712 103 10 ,
9312 9814 9512 9812
99
9812 10018 9612 998 06
09 10019 9914 10018 99 10014 Saxon Pub Wks(Gory) 75.1945 9818 100
8
4
,
9912 100 8 993 10012 995 101
91
9312 8712 9112 8812 92
1951 9312 943 9239 942 92 93
94 95 03 9412 Gen ref guar 688s
9418 9514 94 06
94 95
95 9612
3
993 1003 90 99 4 92 95
4
4
9
83% 89
4
4
10012 10312 10234 10312 102 10312 1007 103 10118 1023 99 10212 Schulco Co guar s f 636 ... _1946 100 1003 100 101
9914 10018 9814 10012 90 9839 85 9312 8019 87
1940 100 101
8
4
9
102 104 1017 10312 10214 10314 1007 1023 102 102,8 98 10212 Guar s f 69s II
,
4
4
9412 963 95 963 94 8 963 9512 963
4
4
8
4
- 973 983 9739 9812 Sharon Steel Hoot 1st 512s 1948 967 9712 9612 97
- ---...--,
4
4
9514 9333 9518 933 95'1 9312 9484
95 9612 94
97
96 8
8 9614
8 95 943 --- 9414 - -4 95 9834 9612 9712 Shell Pipe Lines s f deb 59_1952 95
9 tT4 - .,- 9814 933 95
973 94 9638
4
9412 98
,
4
8
4
947 973 9512 9712 963 9812 0714 9812 9718 0914 973 983 Snell Union Oils f deb 5s_1934 96 2 987 9614 9733 94 97
85 8912 85% 8912 8312 88
85 90
92 9214 9112 9212 9 84 9214 9018 91 Shinyetsu El Pow 1st 654s1952 9014 9112 90 94
4
0
9212 933 92 93
8214 8912 773 85
82 87
4
75 83
923 Shubert Th deb 6s_June 1542 89 911 83 89
4
91
88 8912 8814 894 86'8 93 89 92
93
91
4
8
4
103 10314 99 10214 10012 101 101 102 101 103 101 10212 siemens Sc Halske s f 79_ _ _1935 102 105 102 10212 100 1037 991,102 101 12 1023 101 1021
4
4
1951 10612 108 102 10712 102%10412 103 1043 10012 1033 10212 1058
4
4
Deb s f 6 369
4
10712 10834 1053 10712 10518 1073 10512 10712 10612 10714 106 108
4
4
4
10514 1063 10518 10612 105 1063 1043910614 105 10614 104 10634 S f 6 569 allot ctf 50% Pd-1951 1033 106 101 105 102 103 103 104
99
9633 984 9714 9919 96 - - -573 983
99 101
4
8
8
98% 10012 9812 10012 10014 10634 101 10173 1003 10214 100 101 Sierra & S E Power 1st 59_1949 10018 101
94 96
9712 102
9814 102
101 10212
9819 99
9812 998
97 9734
93 95
0212 9312
101 103
106 109
103 104
10212 105
10214 104
9912 9912
100 1007
1028 1033
4
4
10218 10314
8
9412 967
98%100
993 9934
833 883 833 844
4
8314 85
4
87 8812 85 87
9118 9112 88 9112 Silesia Elec Corps f 63s..1946 88 88
9614 9714 9619 97
9618 97
97 98
9712 9912 97 99 Silesian-Am Corp coll tr 781941 98 99
978 99
991,
99 100 --------09 99% _:-- --- 99
993 104% 100 100 Simms Petrol 6% notes... _1929 110 100
4
4
4
10212 104 1013 104 Sinclair Cons Eiit 1st is ser A'37 1013 103 102 10312 10112 10318 10112 103 101 10318 161 102
98 9914 9833 9912
9812 100
9914 993 9812 100
4
9918 10018 98 10018 1st lien coll 6s ser D _ _ _ _1930 988 100
4
98% 10112 99 100
8
,
4
100%101% 100 102
1st lien coil 6 54s ser R- -1938 100 8 1013 100 1013 98% 10012 99 101
,
8
84
9712 98
97 98 Sinclair Cr Oil Purch 5568 A '38 9612 9734 95 9714 947 973 9512 9712 93% 97 2 9312 9512
93 943 93,8 943 93 94 9
4
8
93 94
,
8
95 9612 9319 9512 Sinclair Pipe Line s f 59-1942 93 947 9318 95
2
92 0334 92 9338 92 9312 923 9518
9339 9614 93 9414 Skelly Oil deb 6)4s
1939
93'8 94'8 92 947
2
)
4
10114 102 1013 1021., smith (A 0 Corp 1st 6 yis _ pm 102 10212 102 102% 10112 10212 997 101 12 10012 10112 10114 1014
4
10518 108 106 10614 south Porto Rico sug s f 79 •41 10512 107 10312 1053 102 10539 105 10512 106 10614 105 10614
4
4
104 10439 103 10439 south Bell T & T 1 st 4 f 6s_1941 10318 10414 1023 10312 102 103 101 1023 101'8 10212 10014 10134
.
104 10514 103 103 souther Colo pow 1st 65 A •47 103% 10412 102 10312 10118 1028 10112 10212 100 103 100 102
9
4
4
104 105 10313 105 Southw Bell Tel 1st & ref 59'54 1033 105 10418 10514 10112 10412 1017 1033 101 10314 101 103
973 973 97 98
4
8
4
9912 9912 Spring Valley Water 1st g 5s'48 --,- -__ ---- . - - 9712 0712 987 100
,,98 9912 98 10014
,
a
- -14 997 100 8 9812 102
100 10012 997 10012 ' 1-0-0
8 993410(139 Standard Milling 1st s f 59_1930 993 10012 9912 101
8
lii
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98% 10214 9534 101
4
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1023 1033 104 10412 1023 10312 10234 10314 103 104
4
1945 103 104 102 1023 10239 105 100 102
1st & ref 5).s
4
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4
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1023 10312 102 103 1023 10312 1023 10314 102 103 stand 0oy N j deb ss _Dec 15 46 102 10338 10114 1027 101 103 1004 1023 10014 10212 10014 10139
2
4
9412 957
8
4
953 97
2
4
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9512 963 953 9612 953 969 94 97
933 9514 95 96
98
9612 9812 9612 98 Stand Oil of N Y deb 4 369_1951 96
4
9712 9912 9914 101
9812 10012 98 100
95 9739
4
977 993 0612 983 9753 9812 95 98
8
4
9812 100 Stevens Hotel 1st 6s ser A _ 1945 983 100
80 92
91
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90 93
97 9912 97 987 9712 9619 97 977 Sugar Est Oriente 1st s f 78'42 943 98
98 100
9
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923 9414
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105 105
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4
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1051 105 106 10538 1053 10512 107 10412 10539 10414 10412 10312 104%
1067 10714 10614 107 Syracuse Ltg co 1st g 5
4
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102%102 8 10112 1023 Tenn C 1 & ER gen 59
,
,
1951 101 8 10314 10218 10312 102 1021 A 1013 103 10212 l02 8 102 102
4
4
4
111 117 110 117 Tenn CoPP & Chem deb 6s 1941 104 114 106 113 10614 113 1043 115 1043 113 104% 10514
___
_
Cony deb 6s series II _ _ _ _1944 ------------------------10039 107 100 10612 10018 102
8
10618 1068 10614 1- 7 Tenn El Pow 1st & ref 68-1947 106 107 10618 107 105 107 10412 1057 10312 10512 10212 104%
- 7668
58
52 8 58%
,
60 63 4 5818 631 58 6139 50
3
6614 6712 64, 6612 Third Ave 1st ref 4s
1960 6312 66
8
4
521 443 5714 38 463 39% 4312
4
1960 6114 643 6012 6412 55
Adj inc 5s tax ex N Y
61 65'2 6014 63
91
9412 90 90
92 94
0612 9718 96, 9712 Third Ave RR 1st gold 58_1937 9614 9714 9519 9512 9419 05
13
96 9812 96
98
993 96
4
987
985 993 9814 9912 Toho Elec Pow 1st 78
1955 9814 997 9814 9938 98
9
4
,
8
4
4
988 992 987 9912 637 gold notes-Juts'15 1929 987 993 983 993 9812 993 0914 993 9914 9938 9914 100 2
8
4
8
1932 ----------------------------------------9639 963
6% gold notes
Tokyo Elec Co9012 8818 9014 88 8914
90 9112 8914 911 89%
1st m 69 1 series.June 15 1953 8914 91
- -- ---- - - --- -- -- -9912 100 ---- -- - - - -.3. - - ---- --_
-- -984 993 9839 9912
4
993 101
4
- 997 106 99 8 10012 Toledo Sr L & Pr 518% nts 1930 0912 10012 9984 10012 9914 1001 9914 100
9 - 12
-99 I001s 9912 10014
,Transcontinental Oil973 1023 9612 10038
4
4
4
__---- ---- ---- 9912 103 10014 107 101 10433 6368 with warrants
8
1938 100 104, 973 10112 96 19914 97 100
107 10814 105 105
_ _ 10134 1013
4
101 2 109 4 107 10914
- - -3
6
c ---_ ____
.
4
1.5iii2 107 10584 1063
4
68 7012 67% 683
6212 65 63 6614
93312 9912 9512 9734
9812 993 9839 9912
8
4
9812 093 984 9914
106 10614
1013 10212
4
10712 117
_ ____
,
106 107 4
67 69
64 687
9634 9734
983 9914
4
984 9912
10639 107 4
,
10212 102
10914 116
____ ____
106 1063
4
66 683
8
na
6284 -9618 9712
9812 9912
99 9912
-- ---- ---- -,-- - - -13
- -7-9
- -78
if)i34 162 102 163 1017 10212 1004 102
60 60%
60 60 --------59 59
9912 101
993 10018
8
100 10112 100 I01
9i184 993g 9814 9939 984 9912 9812 99
-
_
_ Truax.Traer Coal cony 6 36s '43
-- - - 102 id 102 103 Trumbull Steel 1st s f 6s_ _ _1940
- - -1b
61 61
_ Twenty-third St Ry imp 5s1962
993 100 4 9812 - -12 Tyrol Hydro El Pr 1st 736a 1955
9
69
,
1952
97 1009- 981, -- - Ullilawa Elec Pow 8 f 78- _1945
s
9912
- 160 10 12 O8i4 100
-6
10238 10318 10218 103
--------60 62
9914 984 9912
9012 9214
90 92
9913 9584 100
98
6- 66 4 9712 6C0 - -3 615i2 - 2
69
O7 - -12 96
10218 10334 10112 103 101 10212 101 10239
57
58 ----------------57
58
9512 98% 96 2 9812
9912 97 98
98
,
8818 90
88 90
90 9212 89 91
95 9913 95 991, 136
97
98 100
378
FINANCIAL CHRONICLE
[Vora. 129.
New York Stock Exchange—Continued.
1928.
Jitlp
August September, October
November December
Low High Low High Low High Low High Low High Low High
10034 10134 10138 10112 100 102
10012 10114 100 1007 100% 101%
101%10312 10134 10312 10134 10212
8912 90 8912 8912 89% 90
1013 I01% --------102 102
4
108 110 109 110 10912 1097
3
9712 9912 9734 99
9712 9812
10012 10114 99 4 10014 99 99 4
3
3
1929.
BONDS
January February
March
Map
April
Jima
Low High Low High Low High Low High Low High Low High
10114 10114
4
1001 10124
101 103
88 88
10112 10134
10914 110
98 9914
981 100
s
10012 102 10014 10134 Union Elec L & P(Mo) 1115 511 32 1003 100 4 100 100% 100 100
'
4
3
k
9914 9958 995 997
9818 101
100 10112 10014 10112 Ref & ext 5s
1933 100% 10134 1001g 1013 100 10114 9912 101
s
9812 9934 9734
10212 104 100 10314 Union El L & P (III) 1st 536s'54 101 104 1013410234 1001 10212 101 10214 10034102 1001 9914
101
'2
85 8712 Union El Ry (Chic) 1st 52..1945 85 8712 85 851g 83 85
8712 89
83 83
8312 85
81
101%101% --------Union Oil Gal 1st Ilen 3 f 52 1931 ----------------101121053, 98 10112 101% 10114 10114 81
10114
109 110 108%10914 30-yr 6s. ser A
May 1942 108% 10912 lg 109 1087 109 1063 108 105 10812 1043 106
4
4
7
2
9914 9934 9912 100
1st lien a f 54, ser C
1935 98% 101% 98 99
97 9912 9714 9814 94
993 95 96
4
9712 10012 Unit Biscuit of Amer deb 6242 98 9912 9912 100 983 10012 98 9912 957 99
100 101
993 100
4
United Drug
95 98 ------------------------97 9812
_ _ Trust rcts for 25-Yr 58-1953 9612 9714 943 9(11 9412 96
4
4
9412 9634 943 9612 9212 95
4
84 84
81 8414 8412 8412 83% 8412 82 838 ____- - United Rys St List g 4s- -193 82 84
80 82
4
84 8412 8312 8414 83 8314 8212 83 8012 8134
9512 9812 9514 97
97 97% 97 98
9714 100
9712 100 United Steamship 15-yr 6s 1937 977 100
9834 993 9812 100
4
97 99
9812 99
90 98 2
1
Un Steel Works 63s A without
903* 93 92 927 90 4 91% 90 93
3
90 9312 8918 92
1951 89 9012 8718 90 84 875 84 8612 8514 88
warrants
8612 8934
893 93
897 9212 9012 9212 8914 9314 89 917
9134 93
*
8 With stock purch warrants- 89 903 8712 92
4
843 8812 84 87
86 89 4
3
8514 87
90 9412 90 92
9014 925 90 93
8
92 9312 89 9312 Series C without warrants__ 88 8934 8712 893 8512 873 83 88
412 89
4
4
4
863 88
90% 93 923 93 898 98% 904 93 90 9312 8914 91
4
Wsth stk purch warrants. 88 9014 8914 893 86 86
4
4
8518 8712 8514 8812 843 8813
Burbach-Esch
Unit St Wks of
8
1021 10412 104 10512 104 105 104 10514 104 106 10134 10412 Dudelange Is
1951 103 105 104 10514 10412 108 10314 10514 103 10518 10212 10434
8512 88
85 8812 88 90
88 8912 883 903 88 9012 U S Rubber 1st & ref 55 ser A'47 8912 923 90 923 88
4
4
4
4
91% 8912 9134 8814 9112 88 89
s
100 1017 10014 10134 1003410134 100 10112 10014 10114 10012 102
3
10-yr sec 74% notes- - - -1930 10112 102% 100%10212 10014 10112 100 101 100 101 10014 101
106 108 106% 10712 10634 10814 10718 10814 1071 10814 107 108 US Steel Corps f g 52-APr 1963 107 10912 10714 10914
10734 109 1073 109 10814 1083 10812 109
4
4
105 4 10612 105 2 10512 10612 10612 10612 10612 --------10614 10614 Registered
3
,
- 10718 10712 10634 10714 10712 10712 10712 108
90 91
8012 9014 90 9014 91314 933 1
4
01
8814 91 Universal Pipe & Rad deb 615'36 8914 90 85 4 8912 863 863 871 873 85 8512 8412 8512
3
Untereibe Power & Lte 62_1953 --------------------- ---- ----- ---- 89 91
_
85 90
iii I7i7 5,- 8 6 9133 6i id 6if4 "9734 iiif2 W4 OA -. 3- Utah Li & Tr 1st & ref 5s1944
013 8
2 612
8
145 s;, 9 89 93% 8911 915
8
100 102
9912 101
9912 1018 993410118 10012 102
993 101 Utah Pow & Lt 1st 52
4
1944 99% 100
99% 10014
92 1023R 97 9912 95% 97
. 105 1073 105 105 ----------------10514 10514 Utica El L & Pr 1st s f g 5s.1950 --------104 1043 99 100_ 10%38 100
8
10224 1023 1025 10234
_--4
iiiiii 16834 10511 10612 104%1061- 10534 10ii 10614 10634 10614 1067., ut,Ca Gas & El ref & ext 52 1957 10434 1081s 106%107 4 108% I- -52 106 10618 106 10612 103 8 108
08
---- _-_- --- 9312 9414 9312 9412 --------93 9414 Utilities Pr & Lt deb g 514s 1947 9314 98
95 978 9212 9514 . 4 93
913
00 9214 90 91
99 11/034 97 foci
99 9912 97 99
98 100
97 9812 Vertientes Sugar 151 s f 72_1942 94 973 91
8
94
9012 93
66 82
9274 82 92
91
48 48 --------5114 5114 49 49
423 51
2
38 3812 Victor Fuel 1st 2 f 5s
1953 347 35
3612 40
37 3812
343
85 90 82 84 82 83 82 83 82 82 82 82 Va Iron Coal & Coke 1st g 5s'49 8114 8234 8112 8112 74 74 38% 3812 70 4 3534 3118 3112
7412 71
74
74
72%
991210112 9912 10014 991 10134 9912 101 10012 101 100% 101% Virginia RY & Pow 1st 521934 9914 10012 99 100
9712 10012 98 99
9834 9914 99% 100
9012 947 Walworth Co deb 6 Ms w war'35 91
95 95 99
9812 103
3
96 10012 927 99 4 8712 100
Without warrants85 85
- 1945 90 91
90 912 1st s f 62 series A
91 8 - 88 - 12
2
8(5 16 851. 16 88 89
93
2
10534106
106 1063 Warner Sugar Ref 1st s f 7s 1941 108 107 108 106 106 107 106 106 105 4 107 1053 10612
4
3
4
881g 90
3
88% 88 Warner Sug Cor 1st & ref 72'39 8334 85 4 85 8514 84 85
67 70
7712 80
75
.... Warner-Quinlan deb 6s. _1939 ------------------------9812 80
4
98
9014 95 983 94
104 104
- 1021210412 102181023g 103 104 102%103 Wash Water Pow 1st ref 5s 1939 102 2 102% 100 101 101 10112 101 10314 10114 102 10014 10/
,
107 107 1E18 111
-.
105.210512 1053
2
4106% 1041210412 104 10412 Westchester Ltg 5s srpd gu '50 1043 105% 1043 1053
2
8
101%10312 10112 104 1011.10312 101%102% 102%1033 10214 103 West Penn Pow 1st 52 ser A '46 10212 104 10212 103 8 1023 10518 10334 104 101 12 101 12 101 101
4
1003 1021 100 4 102 10012 10214 10012 10114
4
8
3
102 104% 102121033 102%103% 1033 106 104 106 103 10512 1st 5s. series E
4
8
1963 1033 105 10314 105 1017 104 102% 10312 10112 103% 1003 1013
4
4
4
10114 105 1043 10514 1047
4
*10512 108 106 105 1063 10412110
4
1st g 5 Ms, series F
4
1953 1043 105 104 10514 10312 10.513 102 10512 101 105 101%104
1013 1031 10114 103 10218 11133 1023 103% 1033
8
4
810418 10212104
4
3
1956 103% 1043 103 1043 10134 103 1013 1027 10012 10214 100 10113
1st sec 5s series G
4
4
60 5012 50 50
MI 5014 50 5014 35 50
31
40 West Va C & C 1st 6s
1950 291 3314 31
33 25 3114 26 27
8
25 26
23 29
101%103% 1013 103% 10214 10414 10214 103 • 103 104 1013 10314 West Elec 20-yr deb 5s. —1944 102 10312 102 103 4 1013 10312 10112
4
4
3
4
100 10334 10111 103 102 10314 100 10214 10114 10414 102 10418 West Union Teieg col tr- 1938 10234 10412 10212 1043 10214 10312 100 10312 1005g 10312 1011g 103
5s
4
10314 10014 1023 100 102
8
97%100
983 98
8
9712 93
9712 99
98 997 9712 100
Fund & real est 4)5 g_ _1950 98 99% 96 977 95 98
k
983 98
4
96
98
957 98
1083 110 4 10912110% 110 11012 110 110% 11014 III 110 110% 15-year gold 6 Ms
4
3
1936 10912 111 10812 1093 107 109 10714 10918 107 109 10714 10834
4
10112 10318 10114 1023 10112 10212 1021210334 103 104'. 102 10312 25-year gold 52
4
8
1951 10214 1033 101% 1023 1005 102
4
8
*
993 102 10014 1017 100 10214
4
103%10414 1013 10414 102%104 10234104 1035
4
81043 103 1044 W'house El & Mfg 20-yr g 52'46 10414 106 1043 105
4
89 893 1/812 9113 86 8912 88% 8912 8312 88 Westphalia Un El Pr 68_1953 8712 90
8
86 8814
9g 79
88'* 8214 -.
.
1458
aft 10134 9914 10038 100 wi loots Huss an 10114 9912 10134 Wheeling Steel Corp 1st 5142'48 100 102 100341011* 8212 102 9874 10012 98 lis io 10034
991
997 9812
82 88
8612 8712
- 80 ii -iiis ii4 106 10612 106 1083
4
90 4 93 86 9114
3
8612 9312 911
- - -
93
8712
10534106
89 9212
ii ii iii.
9434 95
0
8734 - 112
1053410612
8812 90
White Eag 0 & Ref deb 5 Ms'37
96% 983 963 97
4
2
c812 100
97121013 99%10712 10418 107
4
With stock purch warrants_ 101 105
7 998 10313 9914 10212 10112 1027
4
194 124--------122 124 123 125 125 135 130 13614 White Sew Mach 6s(w wa01936 130 130 125 128
---- _ - 105 105
9812 100 9812 9912 983 9912 9812 100 97% 981 'an 977
8
2
9814 983 948 - - 9312 947
Without warrants
97 99
4
9912
8
•.- - - .Panic 2 f deb 62
2
1940 997 10012 993 10012 9512 99
93 95
84- ii 38 --- ------3711 5412 4118 48 Wickw Spen St Corp 1st 7s1935 443 5012 48
50
4
43 4812 42 81
---- -_-- - -,- ,-- - - - --- - -- ---- - - ---- - - •
Ctfs dep Chase Nat Bank... ---- —_ --,- --- ___ ____
_
371 3012 44
30% 36
30% 8018 31
38
6i 40% 4812 Wickw Spence St Co 7s Jan '35 43 46 -484 418 50
4812 4054 - 603
4
Ctfs deposit Chase Nat Bank
ilk! 103 102 103 102 103 1023 103 10212 103 102 10212 Willys-Overland 1st s I ois.33 101 1025 101 102 101% 102 10112 162%
8
8
10018103 10114 103 101 102 10012 10234 101 104 102 10312 Wilson & Co 1st g I 6s ser A 'CI 1013 10312 101 103 100 101% 10014 102
4
107 10712 107 10712 107 10712 107 1071s 107 10734 10712 10712
7s'41 10712 108 10744 108 10712 1073
1073
4
,
3
99 10112 9912 100 993 10054 100 10114 1001210114 100 101 Winches Ref Arms 1st 52-1978 100 101 100 100 4 993 1007 107
4
3
s 99/4 1007
4
4
Youngs 811 &Tube 1st
,
99 102
9914 10012
102 10512 -—
_84 94
80 -85
88 9412 88 88
50 57
4014 4
6%
---- - - 391 4112
8
4812 - -34 41% 4912
57
4012 41%
10012 102 100 10112
100 102
993 1007
4
10612 10714 10612 107
9912 1001 9912 10012
s
S TATE & CITY SECURITIES.
New York City
3Ms Corp stockNov 1954
3 Ms Corp stock_ _May 1954 8812 8812 --------------------------------------_
May
,,_. „,0,
4% Corporate stock_ _1957 973 9812 987 99
8
95 95 ---- -- - .z.•:- "
a.5 '''''S
194 10 - 103)410314
-4
104%1045 043
8
81045 ---- ---- 4Ms Corp stock_Nov. 1957 ----------------1028 1112 34 ---- ---- 104 104
8
4
— -9814 9814 .
97l 9713
4% Corporate stock
1958
iiis 1k318 981g 9918 81 - 18 4% Corporate stock
3Ts 9i
1959 9718 98 ---- ---- ____ ____ ____ ____ ---- ---- O5 4 -- ;
. 1 96
.
5
100)31007,, 99%100
99% 100
43s
1960 995 995s -,--- meis 1001g ----------------98 98
. ___ ___ 10014 100,
4 414s Corporate stock_1964 --------99 -- --------99 99 -,-- , --- ---9
9
---- ---- ---- 101%101% ---- ---- 4148 Corporate stock-1966 --------------------------------101 101
-14 ,-- - ___ ____ ____ 1011210112 --------434. Corporate stock
I972 ----------------984 9814 ____ ____ 101% 10112 01 10 -1
105 --------105 105 ---- ---- 4 Ms Corporate stock_ 1963 104 104 1013 10214 10212 102%
4
-1963
8
---------------- 102 410234
____ 1045
2
----------------4 Ms Corporate stock_1965 ..... ____ ---- _--- ---_ ____
____ ._._
105%10512 4 Ms Corp stock_ -July 1967 10313 10418 ---- ---- ---- ---- 105%10534
- --- ---Mar 1958 ------------------------9913 9912 10114 10114 ---- ----
9012 9012 --------8814 8814
90 9012 --------86 86
9914 9912 -------- 97 2 98
1
------ -- :ki8 16418 ____ ____
9812 99
99 9910 iiig 87 4
Iii
0112 . 391154 1005 095 99 4 99%100
4
3
6
---------------- 8812 8812
---- __ ____ ___ ____ ---_
97% - 7- 98 97 8
981, ---- ---.
- - -------------100581017,,
--- ---. ..-- ---- ---_ 1001210012 _ .....
E1E1 1063 --- ---- 105
4- 4
--- -- -. --- ---- --107 107 102 102 ____
F OIREIGN GOV'T SECURITIE S.
90
-.--9514
95%
9514
--948
4
945
2
96
89
91
--89
--98
NI
97
98
9712 9512
-- 941
- 4 9412
9638
965 9414
9612 9414
92
8912
--98
97
975
8
96
9512
9512
9512
89
8818
891s
9514
95
948
4
4
943
94
943
4
933
4
89 4
3
8912
90%
98
9712
,,
967
9512
9512
9512
95
8834
89
883
4
95%
95
95
95
933
4
94
933
4
90
91 14
89 4
3
9618
983
4
9612
96
9514
95
95
89
8812
8912
945*
94
941
94
931s
9314
9314
90%
893
4
9012
97
953
4
96
9512
943
4
9414
9414
88
8812
8812
9312
91 14
9218
9212
90%
9018
90
9212 Uric si,g Elic s f 62
1947 8712 9012 87 8912 8412 89 84 8512 8112 85
k
797 82
90". S f 6s
8614 89 84% 87
Apr 15 1948 88 90
84 88
8212 85
80 82
901 , Akershus (Dept) 52
1963 88 8912 8714 885* 86 8818 8512 8712 //4% 8712 8512 89
98 Antioguia (Dept) col 72 A.I945 947 983 92 2 94
4
,
9114 931 9134 9314 91
8
927 91
9212
95
External 2 f 72 ser B
1945 93% 947 92% 937 91
91
9212 91
937 9112 93
92
94
Esti s f is ser C
1945 9212 957k 9212 94
91 12 93
92 92
93
9134
92 9212
951, Ext1 s 67$ series D
1945 93 8414 913 931 91
4
2
9512 91
91
93 . 9012 9212
93
Esti 7s lit ser
933
4
95
1957 91
90 92 88 93
9314 91
90 91
89 90
931z
2d series trust rcts
91
928 90 94
8914 92
89 89 4 894 91
3
8834 98
9312
Esti s f 73 3rd series
1957 911 93
91
93 8812 9212 8734 9012 8914 91 14 8914 92
_
_ Antwerp (Gay) esti loan 52'58 ------------------------9134 02
90% 9212 90 93
4
-6154 I& - -6(5- iiit; -65T8 1.13- -56T4Iiiii7; -56E21661i 55:14 1- - 3 Argentine Govt Pub Wks 62'60 9% I 1 99 4 1 12
0 4
6
2
3
4 1 12 9812 10014 984 100
/
98% 9914
Argentine Nation. Govt of
4
9912 10012 9918 10018 993 10012 9914 10012 S f 62 of June 1925
99 1003 99 100
2
1959 993410134 99% 100 4 98 10012 9814 10018 98%100
3
9812 99 4
3
99 10018 9
9 100
3 1 0034 98%10012 9814 100
991g 994 991a 1001. 9912 10012 9914 1003
2
4
E.xti 8 f 6s of Oct 1925.-1959 99 8 100 4 99
3
3
9814 100
98% 9912
993 10012 99 4 1003 995* 1001 9912 100, S I g 68 ser A
8
3
8
9934 1003 9912 100
4
8
1957 99 4 101
99 4 101
3
9812 1003 99 100 4 99 10012 99 10014
3
8
3
9914 10012 9912 10012 993411,1'?
9914 10012 9918 100% 9914 100
Esti s 66. ser II
1958 99 1003 99 4 100
3
14 9812 100% 98% 100
4
84
9812 100
983 993
4
4
9912 100% 9934 10(318 9914 993 9914 101)12 99%100% 9912 100 4
4
3
Exti s f 6s of May 1926_1960 993 1003 991 100
s
8
3 9812 10014 9812 10038 9814 100-34 983* 100
4
9834 10034 99 993 9914 9 1 99% IOU
93
4
9912 10(1', 993 100. Esti s f 62 (State 1/y)_1960 993410034 9113 1003 98 10012 9814 100
3
8
4
4
9814 100
98% 99 4
3
9918 100
4
9914 10018 1615s 10011 99% 1094. Esti 6s San Wks(Feb'27)_1961 99 4 100% 99%100 4 98 101
99% 993 991* 100
3
3
3
98 100
98%100
9812 99 4
99 99% 9914 10
3
0
9912 99 4 9914 100% 9934 10012 9912 10034
Pub. Wks esti Os (May 27)'61 9912 100
14 991 10014 98 10014 98 100
8
98% 100
983 9913
4
9518 96
9514 96
95% 9614 9412 96
957 97
9414 97
Pub Wks Esti 5M2
g
1962 9 4 9714 96 967 95 963 9434 08
43
4
9514 96
943 96
4
Argentine (Rep)
915* 92% 91% 9214 9014 9214 9012 92
2
913 92
9014 913
4
1945 91
Intl 52 of 1909
917s 91 12 9214 90 9134 8912 91
8914 9214 9012 92%
96
98
9614 9712 9812 9
943 963 Australia 5s
8
95 2 96% 9512 97
,
9412 96
8
4
925* 9514 933 9512 91% 9512 9212 95
July 15 1955 9.53 97
2
9512 9712 9512 9612 955* 97
8
9818 9614 973
96
9514 961
9512 923 95
, Esti 52 of 1927_June 1957 95% 94312 94
4
93
9.53 9134 9512 9388 95
4
86% 8912 87 891, 88 8911. 88 8812 8814 88% 87 884. Esti 2 1 4 Ms of 628
8734 8814 87 8712 8412 8712 8512 87
1956
4
85 883 8514 8652
2
102341035, 102 1033 102 10318 10214 10314 102%10314 10214 103 Austrian (Goys) s f 72-1943 02)
1
8103
0114 103 102 10312 102 10312 10214 10312 0218 10412
8
973 96 9712 9834 9812 9612 9812 95% 98 Bavaria (Free State) 6141_1945 95 9612 9412 9814 9312 947k
98
98
96
91%
9014 92
92 96
11414 115 1141s 1153 11412 11814 115 118 115 1153 11434 1153, Belgium (Kingd of; esti 7 Ms •45 11412 11512 I 143 1 153 11212 1147 1138 95
8
4
s
2
*
115 11334 115 I 1312 11514
109 4 11012 10912 111 110 III 1091, 111 14 10814 110F. 1091 1 11012 20-year • Ills
3
3
1941 108 110 109 4 110 108 10912 10812 10911 10712 109
073 10912
4
4
4 108 1043 10512 10512 10612 105 10612 105171061,, 2
43
105 10834 10
3
8-year external 6 M2-1949 105 2 107 10514 107 10218 105 4 102% 1043 104 1055 104 10811
2
4
3
10018 101 100 100% 100 100 4 99% 101'• 10018 101% 9912 101
1955 100 10914 100 10012 98 10014 973 1001 1 1/912 10014 991210012
External a f 6s
4
107%10918 10734 1081 1 0812 1083 108 109 10712 1085 1073 108
4
2
4
2
4
,
1955 107 4 1083 1071 109 107 1085 10634 1077 0714 108 0714 108
External 2 67.
8
8
10512 107 105 10618 0.514 10814 053,10614 1053410814 105% IN
4
Stabilization loan 72_1956 1053 10615 10512 10612 10412 10512 0418 1055 104)1108 105810534
8
Bergen. City of (Norway)
1I2141134 113 113% 112341131,112 11331 113 11312 III 113
8
3
1941 110 11212 1105 112 109 811112 11034111', 109 III 110 11018
if Ns
4
5
3
100 lC0' 100 100 4 0014 1003 99% 10012 99 4 101 1 10012 102
1949 100 101 100 101
9912 100
25-year if 62
9912 10012 99 10014 97 99
8
98 9912 984 99% 9914 99% 99 995 9814 9912 9612 991., Berlin (Germany) 6152_1950 978 99
9612 99 95 97
94
98
9312 96
95
% 98
90 91
1958 9012 92
89 92
8712 91
85% 90 873* 9034,
JULY 20 1929.1
FINANCIAL CHRONICLE
379
New York Stock Exchange—Continued.
1928.
August September
July
October
November December
Low High Low High Low High Lots High 1.4W High Lou High
1929.
BONDS
JanuaryFebruary I March
April
June
May
Low High.Low High Low High Low High Low 11Loh Low High
105 10514 104 105, 10378 1057 10414 105 11347 106 10214 1053 Bogota (City) extl s 1 841_1945 1021:104 10112 1034 10112 104 10112 104 101 103 100 1027
s
8
4
8
/
1
4
2
8
1047 10512 1047 10512 1047 105% 1043 1053 1054 106
8
8
4
4
9712 1053 Bolivia (Rep of) era 88-1947 102 104 1004 1023 10018 10214 10014 1031 10014 103 100 101
4
/
4
4
3
9512 967 98 98 4 971s 984 97 9712 97 9712 8914 9714
,
Extl sec 78 temp
:
874 92 881 91
1958 904 95
88 94
87 9012 85 88 4
3
92
1969 ______ 87
Exti a f 7s
87 89 4 87 90 4 844 89
8412 87
,
3
9934 1-6113-8 46;1661: -9913 2661; 9934 101 200 101
Bordeaux (City of) 15-yr 65 1934 9918 10012 100 101
6
9814 1003 98 8 10012 983 100 4 9912 1004
4
4
,
10812 111 10812 110 10812 109 108 109 108 109 105 109 Brazil U S of. exti 8s
1941 1053 109 10612 109 106 1083 106 1084 105 10814 105 1061
4
:
8
96 9712 954 964 9512 964 98 964 9618 963 9318 9614
/
1
Exti s f 6)4s of 1926
1937 9418 9618 943 964 91
96
92 9514 904 93 4 9014 92
4
4
4
,
9512 9612 954 964 96 97
96 97
/
1
964 964 9318 964 Exti s f 6 30 of 1927
1957 94 96
95 966 92 95 4 92 9514 904 9314 903 92 4
8
4
/
1
,
/
1
,
100 101 100 1007 100 1004 100 1004 100 10012 100 10118 Cent Ry 30-year 7s
8
1952 100 102 100 1004 96 10014 9541004 94 974 943 98
4
S 1 7 Hs (coffee sec)
10512 10714 10514 10712 1946 10714 10412 105 105 106 105 10812
8
1952 10541051 10512 107% 105 1074 1064 10618 1054107 1013 10511
loan of 1922
4
10118 103 101 1013 101 102 10141021 1011,1021! 100 102 Bremen (State) external 7,1935 10114 1021 100 1014 991 101
4
/
1
:
99 4 1004
3
3
9934100', 99 4 100
924 95
917 93
8
913 9314 91
4
92 94
1957 9118 93
921: 91
91
9018 92
9214 Brisbane (City) 8 1 5s
9214 90 9312 8518 92 4 8614 894
3
1958
9012 917 90 914 89 913 89% 93
S f g 5s
8
86 90
4
84 I61; 82'z 85'2 8484 881, 83's 85
8314 86 -iiTs Wit Budapest (City) extl s f 6s 1962 81
831 8014 811 79 8114 7912 8012 7614 80
7712 811:
10018 1011 10018 10114 10014 101
/
4
99410114 101 10218 9913 10314 Buenos Aires(City) extl 6 Ms'55 10014 1011 10012 102 100 1024 9918 102
99 4 1014 99 100
3
4
984 9914 99 99
963 994 9543 99
4
/ 9814 100 99 100
1
4
1960 9912 100'8 964100
Exti 8 f 6s ser C-2
96
973 100
4
9918 944 994 9518 97
9714 9918 97 993 9814 99
9814 99 4 9814 9914 984 993
4
3
1960 994100 98 994 983 9914 9612 974 94 99 4 96 97
Exti s f 6s ser C-3
4
/
1
4
4
4
3
Buenos Aires (Province)
93 957 93 95
/
1
4
93 9412 93 9414 923 936 9112 933
/
1
4
8
1961 9212 9384 9278 933 92 933 913g 9212 91% 923 92 94
4
8
4
Ref extl 8 1 6s
4
9114 923 9014 917 90 90, 90 91
8
4
8912 917 88 9012 Bulgaria (King& s f 7s...1967 88 90 88 881 85 863 817 84 2 80 821: 80 84
2
8
8
,
97 9712 97 974
4
4
8518 874 854 89
Stabiliz'n a f 7 Ms Nov 15 _'68 97 9714 883 971 8618 891 863 88
Caldas Dept of (Colombia)
9912 10014 99?,100
9918 100 97 993
1946 98 101
934 97
8
974 9912 967 98
9414 9718 9312 07
4 73.4s
10014 102 10014 2023 10034 1013 994101 Canada. Dominion of, 58_1931 100 1013, 995,10012 9912 10114 99 4 101
,
3
8
9812 1001 987 101
4
100 100% 100 1004 100 101
/
1
/ 99 4 10018 994 100
1
4
1929 100 100
3
9914 10014 99% 994 99% 997
993 100%
r 5 Hs
11 5s
4
s
1033 1054 1033 1047 104 10512 10212 1044 30-year
4
8
8
1952 103 105 1033 1053 102
/
1
4
/
1
4105 1013 104 10'212104 1002, 1031s
4
4
4
98 99 2 9812 9918 99 10014 98 100
,
1936 9914 995k 98 9918 97 984 97 974 97% 984 9714 97%
434s
10714 108 10.512 10712 105 107 105 1061: Carlsbad (City of) 8 f 8s_..1954 109 10712 1061
4
/
410712 1043 107 106 107 10418 107 103181044
993 101 10014 101
100 102
4
9912 101 12 Cauca Val (Dept) Colom 7 Si s'46 10014 102 99 10112 9712 100 9714 99 97 99 4 97 99
/
1
4
3
/
1
4
Cent Agric Bank (Germany)
9938 100 4 9914 10114 9814 100
,
99 100
98 100
97 98
/ 9512 9712 93 8 99
1
4
97 9812 1st lien s f 7s farga loan _ _1930 96 99
7
4
924 9612 923 99
1st 6$Farm Loan
88 901 8718 901 88 91
/
1
4
8712 9012 8814 897 86 897
J&J15 '60 86 883 85 88 83 86 8312 8512 784 8414 824 844
8
/
1
4
Int ctf
8
8
87 90 8612 891 884 90 8712 90
/
1
4
884 90
86 8812
85 87
A&O 15 '60 8612 88
lot ctf WI
83 8614 821z 844 79 84 8214 8
6
90 951 89 923 884 923 903 9212 91
/
1
4
/
1
4
4
_
Farm loan Is series A._1938 883 90 4 8812 904 8618 90 861 90 85 883 871: 92%
4
4
3
9212 883 91
/
4
8
10114 1031 10118 1023 10141033 1003 102% 1013 103 100
4
4
4
/
1
410314 Chile(Rep) 20-yr extl s f 7s 1942 100 103 1015,103 10018 10214 100, 1013 100 10212 10014 102
8
4
9312 941 934 943 9318 9414 93 9418 93 94
/
1
1960 923 94
4
9212 9312 9112 94
External s(65
92 94
4
913, 934 913 93% 9114 9 4
21
934 95
93 941 9312 941 93 94
923 9414 92 94
1961 9212 94
924 9414 9112 94
4
External $ f 6s
8
913 936 92 9312 913 93
4
4
934 941 9318 941 924 941 93 95
/
1
4
8
93 9414 92 94
1961 923 94
9214 933 913, 94
By external s f 6s
8
4
913 931 913 934 913 93
4
:
2
4
4
93 941 923 94
4
924 94 914 94
1961 93 94
913 94
4
92 94
9214 934 9214 93 4
3
Ertl s(Is lot ctfs
,
1962 ---------------------913, 94
4
Exti a f Is
9118 9314 914 93
97 99 963, 94
163 984 -00i2 99' 9714 985, 961 18. .hili Mtge Bk 61.15 June 30 1957 963
4
9
i
2 l, 9534 99 954 9614 954 974
:
98
/
1
4101
9914 101
18 100
983 100
4
99 100
8
S 1 632 s of'26_ June 381961 9712104j, 983 100 97 991 874 9 14 98 9914 98 994
: 9958 9 2
97 100
2
91
95 92 93
113 9414 9112 93
4
92 94
1961 9112 93
9012 94
Guar s f g 6s
9114 936
89 9134
894 93
90 94
14
281g 302 31
34
7812 33
3314 341 34 41
3912 444 37 41
:hinese Gov Ilukuang Ry 5s'31 35 39
37 3912 35 3812 34 38
/
1
3414 38
100 1013 10114 102
1014 1003 1003 101 ,00 101 100 101
4
8
8
: 3
:hristiania (Oslo) a f 6s_ _ _1954 101 1011 99 4 1004 99410032 99 994 99 1003 9814 100 s
3
s
964 9814 9712 98
/
1
163 99
8
974 98' 954 9814 974 99
62 93 957 923 96
4
:ologne (City) Ger 634'...1930 95 97
92 95
8
92 9414
91
94
9012 923 893 91
4
4
10% 924 9014 91; 9018 91% 8714 90, :olombia(Rep of:ext1 65..18c.P61 88 91
85 8912 8412 873 863 88
/
1
4
/
1
4
4
824 88
4
/ 82 8412
1
4
8
903, 927 904 91' 'MI: 92
9012 913 90 91
Exti 8 f 68 of 1928
4
1961 983 91
85 89 2 8424 8762, 86% 88 82 88
/
1
4
87 904
814 84
8
,
4
8714 90 863 90
49 9012 88 897 8613 8814 8312 91
,
:Womble Mtge Bk 634s1947 84
/ 881 853 88
1
4
:
s
/
1
4
83 864 80 84
79 8414 79 83
923 9412 9218 94
4
937 953 92 95
8
4
92 93
8
S f 7s of 1926
:
.
1946 89 921 897 91
90 921
8812 9314 8814 91
8812 93 861 9112
93 934 92 94
93 95
S f 78 of 1927
:
1947 891 9514 884 95
'8
89 4 9314 8912 95
3
8812 97
904 94'2 90 95
63 941: 92 94
Copenhagen (City of)—
9614 98
External 5s
1952 961 97
95 97
/
4
94 9614 94 96
9411 96
044 96
87724 8912 877 161 88's 897k -igig 161, 8814 164 'lila 16
,
Gold 434s
1953 8712 881 873 8918 8612 8814 863 87
:
4
8
:
/ 851 88 894 88
1
4
95 984 96 98
9512 97
96 9712 9512 9612 944 96 Cordoba (City) extl s f 78..1957 943 963 96 98
8
4
9414 963 934 963 9418 97
943 96
4
4
4
95% 997 96 96; 9518 97
8
96 971, 951: 9614 9512 97
Extl s f 7s
8
Nov 15 1937 9512 9612 9518 967 94 954 9414 971 9418 9612 94 95
9912 100% 993 1007 97 1003 100 1003 9912 10018 99 100 Cordoba (Prov) Argent 78.1942 994 10053 997 100 4 9518 10014 96 1003 99 99% 98%1004
4
,
4
8
,
3
8
954 97
9512 964 9512 97
/
1
9212 947
2
9512 971, 9514 9714 93 96 Costa Rica (Repub) extl 76 1951 95 953 94 9514 9212 9514 9212 951 923 96
4
4
1004 10118 10018 102 10178 106 1003 1021 101 1013 10024101(1 Cuba Rep of 5s of I904____1944 10014 1014 101 1024 10018 100 4 99%101 4 99 1004 99 1001
4
:
:
3
4
1016
E10212 109 103 10214 103 102 1021: 1021,1021,,
Ext1 5s of 1914 ser A
1949 10112 10218 1013 10214 101 1023 100 100 1004101 10012 10011
4
4
963 98
4
993 9944 98 100
4
0312 gg
97 100
External 434s
97 98
98 101
1949 9614 974 97 9714 944 964 94 96' 9312 94
102 103 10112 1051 102%10414 1021: 10314 1012,103 100%1023F 30-yr a f 531s
/
1
4
/
1
4
4
1953 1013 103 1023,104 10141034 100 1011 100 1021 974 10113
:
Cundinamarca (Dept Colcm,
9012 91
90% 9215 90 91
85 897
894 91
, Exti at 634.
82 86
1959 864 8914 85 88
824 851 80 84% 80 82 s
7
ioi1084 1101 4 10814 110 1083 110 10912 110 10914 11014 Czechoslovak (Rep) extl 881951 109 111 109 11012 10914 11012 10914 1101 1091:11014 1094 1101:
4
108 10912 108 1104 10812 1097 1083 10912 10912 110 1093 11014
/
1
Sinking fund 88 series 13_1952 1095,111 108 11012 1094 11014 109 1101 1093 11014 109 4 110 4
8
,
4
4
3
111 112 11012 1113 1101311? 111 1113 110%111 1097
4
811114 Danish Municipal 8s ser A.1941 10914 111 109 110 1087 1094 10918 1091 10941103 10914 110 4
8
8
3
4
/
4
111 1117 110241117,, 11012 11114 11012111 110141107,, 1083 11114 is series B
,
4
194, 109 11018 1083 110 10741091 1085, 11012 10941101 1094 1094
4
:
Denmark (Kingdom of)
'
1037 1054 1034 105 1034 105 104 105 104410514 10418 1054 20-year extl 68
8
,
/
1
/
1
194: 10418 1044 10314 1044 102 10414 10314 104 10313 103% 10318 103 s
/
1
7
Exti gold 53.11;
100 100
1955 100 1011 987 101
993 10012
/
4
4
8
9914 109
98 4 10014 984 10013
3
Trust rcts gold 434s.1962 883 897 88 8 89 4 8718 89 8
89% 893 8812 90
.
8
3
8
3
/
4
9:::1881'4 8618 881 864 881
2
97 WI, 59- 17-34
9914 9211- 9718 981 97 981: Deutsche Bk Am part ctf 68194. 9714 9818 97 9812 9612 99
.
2
96 97
8
96 2 967 9612 971s
,
98
/
1
4100' 97 10012 98 99
99 100
983 993 9714 9872 Dominic Rep Cust Admr 5%8'4. 97 984 9718 99 9 3 9712 9512 97
8
/
1
4
:
54
94
9612 921 95
97 981 95 97
9534 100
954 9612 9512 971 94 97
1st sec 534s of 1926
:
4
194, 9612 981 96 973 95 96
9312 94 . 9012 95 92 95
/
1
4
954 9614
1412 9612 96 967 95 97
96 99'
2d ser a f 5 Ms
95 97
194, 9312 973 944 96
4
904 973 9312 951 92% 9514 92 944
4
00 101 100 100, 0012 101% 983,101
1003 102
4
/
4
997 10113 Dresden (City) eat! 78
5
194 100 10112 100 1011 100 101
9914
99 993,
984
0314 104 10334 104, 032,10412 1033 1043 10212 10414 Dutch E Indies 25-yr extl 6s '4 10341033 103 1031 02 10312 1013 1014 .02 10012 1024
10318 104
4
:
4
:
4 103
103
10212
8
1013 104' 0348 105 10312 104' 023 1043 10314 104 10314 104
4
8
40-year extl s f 6s
196 .03 104 1031,1031, .023, 1034 1013 103 .03 10212 10218 103
4
11214 1027 103 103
1013 103
4
0214 10314 10234 1031 1021:10234 Externals f 5 Hs-- —NI&5 '5 .026 1034 10212 1031 00 4 102 101 1017,
8
8
3
/
1
4
.01%10212 10112 102%
11272 103 103 103
1011
/
4103
4
9314 1033 10318 103
, 0234 10314
External 8 f 534s.. _111&N '5 023 10314 1023 1031. .0112 103 101 1021, .0112 10212 101 12 10212
4
4
08 110 110 111
110 111
09%11112 1094 111
4
095,1103 E1 Salvador (Rep)Customs84•4
10 111 110 110
6 10 11012 108 110
09 110 108 4 110
3
Estonia (Rep of) 78
196
863 864 8412 869 92 8412 802 82
8
39 4 19
- 3.
17- 98
1
96 983 9512 9712 Finland (Rep of) extl 68_194 09i2 - 4 -OET4-iii
16 99 4 9614 91'
.
1W192 96
94 951 93% 96
92 931:
)0 10012 100 101
100 102
10 1007 993 1001
8
29 10018 External sinking fund 76 19: 00 1004 100 101
4
974100 s 98 1001 99 10014 98%100
3
17% 9844 9814 99
4
973 99
977 10012 External s f 634,
2
1812 993 983 100
4
4
974 9912 97 981 94
191
98
95 981 95 97
9512 98
:
92
II
92
91
914 92
00 92
901 91' 90 91
:
90 92 89 99' 45 884 8714 89
External s f 5j4s
19.
9713 884 8612 881
:
1712 987 9714 100
98 99
97 99
s
/ 9712 99
1
4
9712 9812 Finnish Mun Ln 63.4. A—.195 9612 9912 9518 971 9514 96
:
/ 95 969. 94 8 9714 9514 964
1
4
,
98 99,2 98 9918 9714 993 97 99
9712 98
4
974 9812 External 634.. series 8_1954 96 9814 97 9712 96 9612 953, 9559 953 9714 94 9612
8
321
8
113 1156 11412 116 1133 115 114 1143 1133 1144 112 11414 French Repub esti 7 Ms
4
4
4
1941 112 115 110 4 1133 1093 1117 110 113 11012 114 1121:11378
3
4
8
8
4
10618 1073 106121076s 1063 110 1063 111 19612 1076 1064107
4
4
8
/ External 7s of 1924
1
4
4
4
1949 1063 1083 1073 1083 10512
4
10512 1073 107 114 1074109
4
4
8
1061
/
41073 10(1 1063 106 1063 10614 1078, I0614 1074 10512 107 German Rep extl loan 78_1949 105 107 10512 108 10514 10814 10518 10618
4
4
/ /
1
4
1
4
1064
104
/
1
4106 105 106 4
3
14
101 103 1014 103 10112103 1017 103 10114 10214 10114 1021 Graz (Municipality) 88_ _ _1954 100 4 10218 101 1014
8
,
3
100 1011 99 100
/ 98 100 984 98
/ /
1
4
1
4
4
/
1
4
Gt Brit & Ire UnKingdom8
104 105 104 104% 1036 10412 104 10514 10334 105 103 1043
4 20-year 534s
1937 1034 1044 103 104 10314 1044 103 104 102 4 1034 10214 1034
8
/
1
Registered
- 0212 10212 ---- -193 ---i1814 119 1184 119 11818 1184 1184 1184 117- 144 1 iilig i1- - 4
- 181- 10-year cony 53.4,
1929 11734118531 99 4 11674 --------99
99 99
3
99 99l
861: 8814 854 863 8634 8718 85% 8612 853 8712 86 864 4% fund optional
s
4
1960£. 1990 86% 87 8412 '8718 823 <81 -8418 166- 83% 854 .82 03412
8
/
1
4
/
1
4
7
- 85
974 99
98% 8914
983 983 99 994 9812 991? 5% War loan I opt 29. _ 19
4
4
4
7 984 100 971* 997 96 e978 9612 9712 974 994 98 r98
4
106 107 106 107 105%1064 10512 106 Greater
106 10712 i6"
/
1
Prague 7 Hs of'22_1952 104 10612 196131071± 105 1074 10514 1063 10512 107 105 s 107
4
3
9718 100
98 993 97 99
4
9612 98
/ 973 984 98 99 Greek Govt a 1 sec 7s
1
4
4
/
1
4
9514 984 97 99 97 9814 96 99 96 99
1964 96 98
844 8612 8412 9514 86 89
8612 871 8512 88
:
85 894 Sinking fund sec 68
82 8512 82 84
1969 8412 87
/ 85 86
1
4
8212 86
83 85
100 101 100 10012 9912 10012 993 10014 98 101
997 MI, Haiti (Rep of) cust
8
4
6s
99410014 99 1004 98 100 9912 10014 98 100
1952 100 101
8
941 974 9512 974 937 99
/
:
1
94 99
963 987 96 974 Hamburg (State) 6s
4
8
/
4
1946 941 965s 9414 96
93 95 2 93 97
93 96
,
94 9714
Heidelberg (Germany)—
1044105 10414 10412 104 10438 10312 105 10312 1047 10218 1043
4
External
1950 10312 10412 1027 10312 101 10214 101 1024 1007 1014 1021:102
8
8
/
1
4
4
8
9918 10014 974 993 9712 102
98 9914 9412 9912 97 99 Hungarian 744..
Munic Loan
9612 9712 9512 97
9212 96
916 9312 93 9412
8
2
94 957 94 9512 9414 96
4
4
94 9578 933 953 936 944 External sink fund 7%8'45 954 100
8
7s Sep'46 913 94
884 9212 863, 91
86 89 8 8914 8912 89 8 90%
/
1
4
4
3
3
/ 9712 98
1
4
/ 98 1003 9812 997 96 9911 Hungarian Land IkItg 'net
1
4
9814 lows 974100
2
8
7 44s
1961 95 9814 96 9712 95 97
/ 93 1001 93 4 9
1
4
:
3
..
412 9212 941
- -- - - S f 7Iis series B
1961
9312 9412 9212 944
lei 1-62ii 10912 10218 10011 1-0314 iooi. 162 101 162-1- -994 1011, Hungary(King of)s f 7318_1944 9978 10112 99341003* 994100
4
3 933'4 100
3
4 99 2 9:4'78 99 4 101
994 101
4
954 963 954 9614 9514 963 9412 9614 96 9744 95 97 Irish Free State
4
1960 9514 9714 954 963 9512 9814 953 97
4
8
95 9718 9614 96 4.
9718 994 9714 9814 963 98
3
4
966 973 963 9714 96 98 I taly(Kingdom 511
8
1
4
of) extl 78_1951 963 973 9612 9712 9412 973 95 97
4
4
8
95 96
95 9914 9514 9714 97 983 953 98
944 97
8
8
9414 96322 94
97 Italian Cred Consort 7s A_ 1937 9418 964 943 96
4
94
96 2 94 951 9414 96
,
:
934 951
94
9712 944 9613 95 9714 94,4 96
/
1
4
934 95
/ 924 944
1
4
Exti sec.. f 7s ser B
1947 9314 947 933 95
8
4
9314 94 2 9313 9
,
/
4
957 971 96 9714 9612 98
8
43 9314 951 934 944
954 964 96 97
/
1
95 961, Italian Pub Urn extl 78...1952 94
9512 93 941 90, 934 904 931 90 4 94
/
4
8
914 94
/
1
3
93 9414 934 9314 92,4 93 92 925, 904 923 91
4
92 lapanese Govt £
/
4
9214 923 90 9212 91 14 924 91
4
9214 92 944
g
/
4
4
4
102 1041 101841923 1013 1923 10034 10214 101 1021 100 1011 External sink fdloan 48_1931 911 94
/
4
/
4
4 WI_ . _ 1954 100 2 102,1 10012 102
,
99 101 12 100 101 1 993 100 4 997 1014
44
s
4
/
4
4
100 101 12 991 10012 100 10012 100 10012 9912 10012 9912 1004 Leipzig (Germany) s 1 7,2_1947
9912 10012 99 10012 98 100
973 gip 95
4
4
/
4
9744 96 99
/
4
971: 9914 97
98 9914 9111 981 94 993 98 100
98 Lower Austria(Prov)sec 748'50 964 9914 97 98
924 97
9314 933 963 994 98 99
994 100% 9914 10012 991210014 994100 100 1012 99 1003
4
/
1
4
4
4 Lyons (City of) 15-year 68.1934 99 100
9912 100 4 9814 101
3
9841001 9812 10014 994 100
9912 100; 9914 100,2 9913100,. 99 1003 100 101
4
/
1
4
4
99 1003 Marseilles (City of) 15-yr 68 '34 983 100
.
4
99 101
/
1
4
9812 1004. 983 10014 9812 101
4
9914 100
8812 89 Medelien (Munlc) esti 634, '54 85% 89 4 8412 87
3
831 86
:
83 881 80 87
8012 82
---- --- - Mexican Irrigation 434,,,,.1943 25 25
24 244 214 22
18
18
161 20
:
1712 19
Mexico (U S of)
8
3714 384 336 39
371: 41
333 40
/
1
4
33 3612 34 35
/
1
4
Assenting 5s of 1899
1945 33 35
30 3214 2814 30
28 28
25 29 4 25 294
374 3834
394 391 2 3318 35
3
34
3412
Assenting Ss large
3312 334 313 313 34 34
4
4
283 283 2712 2712 26 26
4
2412 254
— _
4. gold deb of 1904
1954 -ii _ .. _ _ 244 244
i
22 244
1
4
-/ 24I 25
24 97
Assenting 4.4 of 1904
i'13
,
/
4
,
Iiti 24 2618 24 26 -i()T8 1242 Assenting 48 of 1920 large_ 2112 2314 20 211 164 20 17 141-, 26 lis 1611 l9'
4
/
4
26 291 263 27'4
2214 244
21
2212 177 28
18 20
18
1712 1911 17
223 241 2112 24
4
4
/
4
2414 271 2 241 2 244 234 25
2012 221
. Assenting 4s of 1910 small... 213 2218 1912 207 16
4
8
197 16
9
19
17
16
15
/ 18
1
4
•On a MIMS Of $5 to the X.
99 10014
100 10218
8
997 101
10518 1064
98% 99%
10712 108
4
100 1013
99 10014
100 101
100 100%
1044 1053
4
98 9914
10712 1083
4
10014 102
380
[Vol.. 129.
FINANCIAL CHRONICLE
New York Stock Exchange—Concluded.
1928.
1929.
BONDS
January I February
March 1 April
May
June
Low High Low High Low High Low High Low High Low High
August September
October
November December
July
Low High Law High Low High Low High Low High Low High
Treas 6s of '13 July '24 coup
large
354 3712 3212 3418 29 2918 30 30
3314 38
25 25
29 29
Small
33
357* 3012 3012 30 30
32% 3512
25 25
25 25
25 27
4
8914 914 Milan (City Italy) eztl 6 548 1952 --------894 9012 8718 8978 8712 897 8712 8912 874 89
Minas Seraes (State 01)—
1958 93 9512 93 94
. Esti sec s f g 6348
93 943
9012 92
9213 947 90 93
8
9212 94
4
8
8
iiiii8 foils 102 102 8 102 103% 1004 103 1014 102 100, 102 Montevideo (City of) gold 78'52 101 10318 10112 103 101 102 101 103 1003 1013 100 10112
7
Netherland (Kingdom of)
1972 105 107 10614 108 103 103% 103 10414 10312 105 105 1057
Sinking fund 6s A
4
8
10614 108 107 1073 10412 1043 10412 10512 104% 10512 105 107
8
1954 100 1003 993 10014 993 100
8
4
4
10118 10214 106 4 1017 1003 1017 100 1007 100 4 1003 100 10034 30-year esti s 1 6s
4
995 100
8
4
,
8
8
3
8
New South Wales(State)
937
1957 9314 95
944 9478 9414 95
External 5s
91
4
4
4
904 933 9112 923 9113 93
4
94 947 933 9412 933 943 9212 94
8
8
927* 95
Apr 1958 9338 943 93 943 9012 93
4
External *1 5s
92
4
921 91
91
923 91
4
4
94 943 933 9414 9312 9412 9212 94
4
9414 95
9334 95
4
4
4
102 103 10112 103 1024 1033 10214 10312 10218 1033 102 103 Norway (Kingd of) ext s 16*'43 10214 10314 102 103 10018 10212 100 10212 10018 102 10118 10218
1944 10218 10314 10218 103 100 1023 10014 10214 1003 102% 10118 103
External s 16*
8
101 103 1017 102% 10214 10312 10212 10312 10214 103 10218 103
8
1952 102 104 10214 10312 100 10212 10014 10214 10012 1013 1014 10212
External s f 6s
*
4
1023 1027o 10113 102% 102 10312 102 10312 101%103 1015 103
4
1965 100% 1018 99%1013 9918 101
9918 10014
9918 1008 9918 101
8,1003 10114 994 101% 40-year s f 534s
4
984 1007 19012 10112 10012 1013
8
10012 102
4
Mar 1963 961 977* 96 97
External 5s
9612 94 957*
9312 9612 937 9612 94
4
96 973* 963 9714 963 9712 97 9712 964 9712
9514 97
4
Munic't Bk esti s f 5s___ 1967 894 95
913 9312 89 9112 894 904 8814 9112 8914 924
9312 9012 9134 90 9114 90 9114
92 9312 9112 9212 91
8
8912 9012 88 904 Nuremberg (City) eat!68_1952 8812 897 8812 9012 87% 8912 85 8137 824 8514 844 8712
90 91
8
9012 92 8912 91
903 92
4
997 101
99%10012 9912 102
8
1955 10014 1027* 10012 1017 9934 101
99%10112 10012 1013 1003 102
994 10114 10014 10112 100 101 Oslo (City) 30-Yr a 165
4
4
1946 993 10114 98 99 4 9914 993 95 99
4
4
. Sinking fund 5345
9813 997* 9812 9914
4
3
993 1013 994 10012 9812 10012 9912 10012 993 1001
8
8
99 100
8
8
10112 10212 16113 1021 10112 10212 10114 10212 1013 10218 1027* 10212 Panama(Rep)ext s 1 5;43_1953 10218 10212 10114 10218 100 102 100 101% 100 10012 993 1004
1961 10114 10112 -_-. External s(634*
4
41037* 1023 103 10218 1023 102%1023
103 10312 1023 103 1023
- ---- -- ---- — - ---- --- --- --4
4
9414
Esti s f 5s set A May 15_ 1963 93 9414 93 - -- 9212 - 7 9212 - , 92 9414 934 9312
94 4
4
4
93 8
9412 953 95 953 947* 9512 933 9512
4
93 95
9312 97
Pernambuco (State of)
External 7s
1947 9318 95
9214 931491 93
9314 96
94 95
9212 90 937*
93 8 9512 94 95
7
91
9314 91
9412 9612 94 95
Peru (Republic of)
Ext18 f sec 714s (of 1926)_1956 107 10782 ---------------3
1041210612 1034 10512 1054 10812 105 4 10718 10614 10712 1074 1074
1959 100 4 10212 101 1
3
(.1 1C
8
ioo 161 55 iiii 55 16012
100 10214 10014 102 10112 10313 101 1033 101%103% 100 103
Esti 51 sec 78
%
Nat Loan esti s f 68
19 0 8814 9014 86 8914 85 8612 8514 8878 85 8812 85 8834
6
903 9114 88 9112
4
90 92
9084 9158 90 914 8918 91
1961 89 907* 85 4 8912 85 87
S 1 foi Int cal w I
3
914 887* 9114
91
9112 91
8514 8812 85 90 85 8812
1940 81
8312 8114 823 80 81% 7718 81
834 85
8
76 783
74 78
8312 85 83 8434 797 8312 Poland (Rep of) g Os
833 4 85
817 8 84
4
8113 857*
85
8312 8514 81
4
Stabilization loan *1 78-1947 8714 883 867* 884 83 87
7
4
88 9012 8814 9012 8812 893 8712 89 8712 89 86 s 897*
8 993 954 994 Esti s f g 8s
4
1950 98 99 967 99
8
96 98
4
9413 9714
93 97
97
9914 100
4
9934 10114 9912 1007* 993 100
958 97
0114 10012 102 10578
,
3
10834 10734 10612 109 100 4 107 10612 107 1013 2 10712 105 107 Porto Alegre (City of) s f 13s 1961 10514 10812 1054 106 105 106 10434 108
1966 10082102¼ 10014 1013g 100 10112 9712 100
Esti guar s 1 734s
,
9912 10013 9914 101
4
102 103 102 1023 1004 103 10012 102 10 ,7810212 100 8 102
,
8
,
8
8
11214 11414 11278 1134 11112 114 1113 1143 1104 11214 108 8 11112 Queensland (Stateof)esti 711'41 10812 1105 110 8 113 20814111¼ 10778 112 10834111 10614 1104
1947 10312 1044 1033 1043 102 104 102 104% 10214 104 106 10212
External s f 68
4
4
4
106 10712 104 10614 104 10614 104 1053* 1037*105 1013 10411
Rio Grande do Sul (State of)
1946 10514 106 10514 106 10514 106 105 10512 105 1054 10514 1054
External 8s
4
4
10514 10814 10514 107 106 10718 106 1073 10534 107 10518 1063
1958 8914 92 87 897 86 8814 86 89 8612 89 8612 8818
8
Ext1 s 16.temp
944 9412 9214 9412 914 93
---- --- ---- ___ ---1966 9714 9918 9712 99
95 9712
95 9812 9814 9812 95 98
Esti s f 76 of 1926
9812 984
98
99
9814 100
97 4 3 99
9712 99
9712 100
81 105410712 10514 10712 Rio de Janeiro (City) at 83_1946 105 10812 105 10612 105 10612 105 1053 105 10814 105 10584
4
1057*108 10612 108 107 10
8 107 107
1953 93 95% 9312 95
Externals 1634.
947 92 9412
92 9412 9212 954 91
4
944 9618 9512 9612 943 9612 9514 9638 93 9512
95 98
3
4
3
4
1952 90 4 913 90 913 88 907* 8814 903 8718 90 4 88 8978
89 4 91 Rome (City) esti 634*
3
93
92 9314 9212 9414 92 9312 91
9212 95
8
4
10314 10412 10234 10412 10312 10412 10214 104 10212 104 1023 10412 Rotterdam (City) ext1 s 16*'64 10312 10412 1034 104 10312 10414 lO2lz 1033 101841037* 102121037*
___
__ 86 8612
4
91
9118 92
9212 89 894 89 90 Saarbruecken (City) 6o_1953 90 9112 8912 914 88 903 87 87
903 9112 91
4
93
113 11412 113 1134 113 115 111 113 110 112 1073 110
4
-.
115 117 115 116 1154 11684 1154 1184 115 11712 11312 11512 San Paulo (City) (Brazil) 88'52
1957 96 9812 967* 98 93 974 927* 98
Esti 8 f 63.4s of 1927
94% 9712 94 9812
97 993 98 98
977* 9912 9612 978 965 9818 964 100
4
106 1063 106 1063 106 10712 106 10858 10541067* 104 106 San Paulo (State) ext s f 88 1936 1057 108 105 107 10514 107 10482106 104 105 103 10514
4
4
1950 105410712 105 10712 105 106 103 10614 10114 105 10318 104
External s 18*
10616 10812 10612 108 10614 108 1064 1078 10612 108 105 107
External water loan 73_1956 100 102 100 102 100 1013 97 10114 100 102
4
987 100
8
100 103 100 10212 10012 10112 10018 102 100 10114 9712 10114
4
8
934 883 927 874 9012 88 91
9312 Esti s f 65 6 int vets
1968 91
88 9012 854 8918
93 943 91
9412 95
9
412 95
98 9712 96 971 95 978 958 97% 95 97
953 9312 Santa Fe(Prov Arg Rep)7s 1942 984 '98
4
9712 99
97 99
9912 97 99
—
04 99i2 -113i2 ----- ---- ----98 9812 9812 9912 984 994 Saxon State Mtge Inst 7s 1945 9814 988 9712 1004 9612 977* 9512 973 95 967* 97 9814
894 9114
92 943 914 9312 8712 93
9212 95
4
Dec _1946 94 95
-------------95 967* 94 9514 93 95
2 I g 63.4.
Seine (Dept of, France)
4
External 78
1942 10512 108 105%10812 10312 10612 10218 1047* 1033 10614 105 107
3
104 1053 1044105 4 104 10512 104 10.5 104 10512 1043 106
4
Serbs, Croats & Slovenes
93 947* 89 9312 8912 9118 88
8812 89 4
3
91
1962 9313 96
(Kingdom of) Eis
963 993 98 981 9612 9812 9714 987* 9414 98
9814 100
-77 807* 787* 8114 7812 81
_ ____ __ ------ -------- 84 85
1963 79 814 7914 81
757* 7814
79 S412 Esti sec 78 ser B
1948 ---- -- ---- --- ---- --- ---- --- 774 777* 76 80
Silesia (Prov) esti s f 7s
8414 75 8018 75 82
8212 77 8412 7912 847
82 8412 Silesian Landowners Assn 68'47 8218 - ; 80 9818 99
8
984 9914
9818 993 98 993s 978 99
8
1936 98 99
4
9812 997 99 993 98 993 9718 983 Soissons(City) 15-yr 63
4
8
99 10012 98 100
8
89 9212 90 92
4
9112 924 913 938 9212 94
924 9312 924 934 92 9282 Styria (Prov)esti 78
7 92 93
3
1946 90 4 93
9218 93
9212 93
41037* 102, 10312 1021:10314 102 104
4
4
8
4
8
10212 10312 10218 1033 10214 10318 102 1034 102 10234 1017 1023 Sweden (Kingd) 20.yr 63...1939 1017 10414 1013 1028 1013
,
3
8
1954 1037*105 1034 1047 10118 10314 100 4 10412 10212 1044 101 8 1054
External 5343
4
4
1021 10414 103141047* 1034 1047* 1034 104 10314 1043 107* 1043
8
4
3
,
3
8
109 4 11112 111 112 11012 112 1091:1111* 10941107 10914 11012 Swiss Confederations 1 88_1940 109%110 4 108% 110 8 10818 109 4 1084 110 108 11018 1073 10912
3
4
4
8
102121048* 10212 1048 10314 1054 102581048* Switzerland Govt exti 5%8 1946 102%103% 1022 103% 1007*1033 101121027* 013 10312 10214 10514
8
102%1044 1027*104
741s 7678 7514 767
8
78 7912 77 78 Tokyo (City) loan of 19125s'52 7712 78% 7718 78
75 7714 76 77
7818 81
79 4 8112 7914 81
3
8118 83
8838 8513 8612
4
*
5 8 8914
934 90 91% 904 913 904 9114 8812 907 8
91
External a I 534s guar-1961 8812 904 8712 883 86 8812 86 8812 854
8712 90 85 8812
9014 92 90 9112 88 91
9312 Tolima(Dept)73
93 4 93 4 9314 943 923 957* 91
,
3
1947 90 91
4
9314 9512 934 95
Tronclihem (City)
907* 9212
93 933 95 95
97 97
9434 97
9412 9814 93 96
4
1st external 534s
1957 943 96
958 97% 96 97
943 0712 9514 98
4
4
96
4
97 2
,
4
9684 98% 983 9712 974 983* 974 977 973 9812 9812 9814 Upper Austria (Prov) 7s..._1945 964 9812 9712 9812 9614 9812 943 972 95 96
8
873 89 87 884 Externals f648 June 15 1957 8814 87 8 857 873 8814 877* 87 89 8812 8988 887 00
4
8
,
4
89 893 86 8718 874 887 87 89
10714 109 4 108 110 108 109 10712 10834 108 109 108 109 Uruguay (Rep)esti 88
3
4
1946 108 109, 10814 10914 10814 109 107410918 10612 10814 1044 108
9612 98
97 99
98 993 9818 100
4
9612 9812 984 983
4
96% 983 963 98
4
9714 987 9814 98
8
1960 9718 9912 973 99
External s f 68
4
90 915 8718 90 89 9112
8
9112 9112 90 9212 924 9312 91
9014 92
90 92
93 Venetian Prov Mut Ilk 76_1952 90 94
8812 88 89 8712 884 8718 88
85 87
8734 8614 8714
8
8614 8814 8512 8712 843 87
1952 8614 88
86 87 Vienna (City) esti 68
4
79 8212
76 81
4
3
4
_ 8212 93h Warsaw(City of)ext1•f a 78258 8212 8514 80 4 843 80 823 81 83
--- --- ---- --- ---- --- 9512 oiTi
95 9981 Yokohama (City)exti 68_1961 95 9614 93 9514 92 9414 92 947 9214 95 923 937
4
8
971
3
954 - ; 953s 96% 99
39 41
34 38
384 394 4012 414 37% 40
3414 37
38
3712 41
37% 377* 38 404 36
92
9112 9212 91
91% 9414 9112 9234 92 93
-9
ifi 8512'18
THE CHICAGO STOCK EXCHANGE—STOCKS AND BONDS.
In the following we furnish a monthly record of the high and low prices on the Chicago Stock Exchange
for the twelve months ending June 30 1929. The tables include all stocks and bonds in which any dealings
occurred during the first half of 1929 and the prices are all based on actual sales.
1929.
1928.
STOCKS
January
February
May
March
April
June
Low High Low High Low High Low High Low High Low High
July
August September
October
November December
Low High Low High Low High Low High Low 114
,111,0w High
Abbott Laboratories com__ -----------------39
_
3
88
25 124 136 083 4 91
Acme Steel Co
4212 40
• 41
4312 33
Adams (1 Dl Mfg corn
1714
19 22
* 2112 25
22
1219 21
1911 20
2512 Adams Royalty Co coin
18 20
1818 26
19
_ ____ - . 3412
13.2_-__ ____ ____ ____ __ ____
_._ Ainsworth Mfg Corp corn- —10 -__
___ ____
39
4 3712 1414
5 29 - - 283 - 1812
21':. 17 2112 20 5512 29 40 All-Amer Mohawk Corp A
43
2712 45
5712 2912
------------------------------844 57 Allied Motor Ind Inc com____• 47 57
---48
• 48 4812 4812 49
Preferred
- 488 50
58
--------------49 1
49f2 ---12 4612 53 Allied Products Corp class A..• 4912 7212 6212 75
5
4
---4112
46 50
48 53
--------------47 4914 46
4712 40 464 Altorfer Bros Co cone pref.
---• 3612 4712 444 4912 42
29 8914 3412 40
2914 28 29
35 3914 American Colortype corn
35 39
85 8512 82 88
79
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- --. Am Com'l Alcohol Corp com__•
_
_
_
_
.
_ --- — - —
9112 la iiii4 fit; lei Ili ioiii2 116 iii iii
85 93
13
20
1412
-------29
----
---- ---- ---- ---- ---- ---- ---- ---___ ____ ____ __
Class B
Warrants
• 22
• 24
8
26
33
10
23
29
8
4114
91
404
20
42
2912
4614
49
70
45
46
85 4
3
3912 50
883 100
4
3713 3812
1614 2014
37 4312
1512 17
36 45
47 4812
13012 7612
37 40
4112 43
80 89
45 52
45 50
9412 101
94 130
3612 4014 3612 3812
16
18
1512 16
42 548 50
8
56 2
,
123 1712 15
8
187*
41
50
41
46
46
55
498 51
83 81
62 7314
3812
36
37 40
41
4312 3012 42
864 8812 ---- - _
2
i 2I. 17
2:1F4 - - 23is -il
29
. 22 - 3
21
;
28 32
34
26 2712 2312 26
2312 33
4 84 113
4 8
9
7
103
84 6
77*
8 97 98
100 97 97
9612 98 Am Fur Mart Bldg pref
9912 1113 101 102 101 103 10114 113
:
91 101 American Pub Serv pref-100 091:1001 9912 100
914 94
9312 94
94 94
9312 9512 9314 95
pref...
9312 95 Am Pub UM Co pr
9314 94
9314 9312 913 4 9312
95 9514 93 95
100 9312 96
Partic preferred
91 94
4
---: Amer Radio & Tel St Corp___. ---------------1882 373 1912 2412 1212 2218 9% 14
---11
13
144 14 8 1414 1512 11
,
16
3
•
American Service Co corn --° 1412 15 4 143* 16
91" "
iii- 12 American Shipbtrildina____150 90 92
14
7
27 274 267* 17 283 1714 2618 17 25 8 17
4
A corn...* 27 20
Am States Pub Serv
1134 __-_ ____ ____ ____ ____ ___. ---- ---- --- --0
12 1112 1414 1013 -1312 Amer States Secur Corp A- 11
- --
12
98 98__
9712 100 97 98
. 97
99 102 RIO 1 -- 100
- 212
0
10012 10112 9984 101
9212 9912 --------95
93 99 99 99
14
93 93 92 92
14
90 934 91
93 101
14
--- --- ---- ---- ---- ---- ---- ---- ----iiii2 feif -55- ii6 " 51 iii" ie ii2 -iii"
. 1
ii
102
98
92
----
88 91
-ioi4 11 -iir- li- 'viol2 li" "iiis -11- --- --- --2
1834 18
13
14
128* 17
1312 15
13 15 4 11
81412
---.. -- - -- .-- - ....-- --;; --__
. i
A
.1
- I
lif 2
*No par vans.
Class B
Rights
11
11
JULY 20 19291
381
FINANCIAL CHRONICLE
Chicago Stock Exchange—Continued.
1929.
1928.
,
July
August I September
October
November 1 December
Low High Low High Low High Low High Low High Low High
---- ---- ---- ---- ---- ---- ---- -___ ____
i 85
88
85 .8312 8714 90
3012 5112 53 49
59 35
---- ----5113 55
---- 433 4612
4
4
3814 - 7- 393 44
39i8
--46 59
27 333 36 . 51
4
78 94
86 108
108 116
----3212 36
ai
32
24
66
84
8514 84
35 373 3312 38
4
80 10412
91
2612
----24 2512 20
41 4912
33 48
32 35
17
3112
25 3114 26
264 2314 26
70 7712 76 84
673 68 71
4
-___ ____ ____ ____ ____
------------95 120
March
April
Map
June
February
January
Par Low High Low High Low High Low High Lou, High Low High
____ Amertcon-Yvette Co Inc com_* --------21114 2212
283 2912
4
Preferred
•
85 85
100 8314 35
81 86 Armour & Co pref
45 573
4
* 36 48
-Art M,tal common
• 54 62
8
;15 11 4 Convertible pref
55
563 50
8
• 54
5314 5912 Assoc Appar Ind Inc com
53 59 Associated Investment Co—..* 53 5814 53 60
283
4
27
* 2714 33
Assoc Tel Util Co corn
60 7412
• 62 73
4434 693 Atlas Stores Corp corn
4
4
• 1313 14512 139 191
118 133 Auburn Auto Co common
3918 3412 3512
3312 354 Automatic Washer Co cony pf• 34
88
3312 42
80 91
2214 2414
413 50
8
25 27
80 8412
____
9812 1243
4
42
78
1834
42
2312
84
5312
80
20
497
8
26
95
92 115
20
27
3712 118 39
7
20 4 223 20 2112
3
4
2712 28
2652 29
12
___,
4473512 - s 31 17 8
7
24
30
44
21
28
____ ____
403 487 ii 4
8
ii
52 6112
524 58
573 6414
4
464 65
55 6712 54 66
83 119 103 12112
32 3512 32
3512
ii_764
-- OA "
65
STOCKS.
22
29
4712 5512
51
56
27 29
47 51
165 180
30
323
4
5834
4912 531 50
:
49 53
52 1.55
27
2618 /Z18 26
.42
12 30
483
4
17512 256 242 345
2712 2812
2812 40
42 45
41
50
5212 4612 52
* 46
Backstay Welt Co corn
7814
79 803 745ft 7918 74
4
25 80 SS
Balaban &Katz v t c
177
8
1834 1912 --------16
Baldwin Rubber Co A
*
5 4314 4612 41
4312 35 4112 3614 38
Bastian-Blessing Co corn
2212 15 23
18
21
23
* 23 26
Baxter Laundries Inc A
82 8612
94
78
90 94
50 92 98
Beatrice Creamery corn
--Benclix Aviation Corp coni_* ----------------------------96 12412 114
5 1094 1284 101 123
Bendix Corp class 11 new
43 45 4423 45
4
73 7912
69
75
____
_ 154 16
4812
38 - _- 46 54 4
3
2213 18 204
19
83.... 87
84 86
3
8012 92 4
7512 98
150 19312 163 184
4512 51
50 58
30
27
45 67
159 190
32
3412
8
---- ---- ---- ---- ---- ---- ---- ---- ---- --_ -___ ____ Binks Mfg Co ci A cony pref' 29 3714 305 33
•
- -Convertible preferred
*10 139 152 130 152
-55'4 iii - -5612 101 - -99 IVO— i6ii3 13133 11114 144% 120 147 Borg-Warner Corp corn
4
4
10112 103 10112 1063 102 1023 101 10312 102 10312 7% preferred
100 102 1023 102 10312
4
2712 - 7
34 2
25 28
54
51
9412 135
102 103
ii
.8 '5'6
29 1114 2
23
26 25421 25
47
50 50
5112 ---4
1074 13212 10712 1423 107
10112 102 10112 103 101
3712
3912 29 3914 36
2312 2614
2812 2312 26
14--34l36
2312
12 21
218
26
55i2 --- 25 - 7- 52
1618
1038 1412 11
11
9
1212 8
2912
26
25 32
34
363 30
4
32
243 2912
8
24 32
3012 35
37
31
49 5614 45 5512 44 48
531 57
----------------41
45
__ 38
_ BoHn Vivitone Corp pref___*
---- ---- ---- ---- ---- ---- ---- ---- --27 2912 25
• __-_-3
19 4 2034 20 4 2214 20 2612 2312 2514 2212 2812 244 274 Brach & Sons(E J) corn
3
-------------------- 35
ii
ii --------2114 30
4
4
23 241 223 24
12
44
48
45
2612 32
234 243 2312 343
4
4
5412 49
884 1211 Class B
3112 3612 Brown Fence & Wire A
li
if
2511 Id
35
6712 594 7512 62
$3t4 preferred
I54 Bunte Bros corn
55
524 s 66.. Butler Brothers
74
40
- -
_
-4314 5612 ---- - - - - 71 65i2 ii —ii- .---- 51 iii2 65 61 ii
---- ---- ---- ---------------------42 7212 45
5112 65
54
94
94 14
974
99 101
9712 9812 9314
9714 100 92
97 98 ---1812
18
19
3112 29
26
68
94
991s
98
9714
--2212
31
66
•
•
•
10
a
•
10 27
100
20 39
49
4912 5014 4814 50
30 3418 29
3212 28 - 29
4 39
323 -
45
CamPbell WYant &Can Fdy--• 4012 47
42
50
29
-2712 3413 2712 32
4512 35
4513 3812 42
3512
2112
30
20
1514
2532
24
49
45
2812
48
28
-is%
23
---1214
102
41
37
2514 2112
16l 31
2412 11
518
18
22
30
22
30
5212 50
5312
56
28
32
45
50
28 ----
403
4
264
38
21
15
26
26
52
55
29
55
--__
5572 19 2513 -2911
. -12
33
4114 34
37
22912 1924 2034 1924 2012
Canal Constr Co cony pref...... 2014 2112 ------------------------7234
714 74
4
693 7512 70 79
76
7512 66
4
io 72 793 68
--iC Castle & Co (A M)
4
4
6118 8612 4312 6914 4612 543 4514 563 44 51
• 5914 80
6912 CeCo Mfg Co Inc corn
ai
60 67
• 63 773 76
60 73
4
'if a 17 Celotex Co common
78
22 23
23 4312
23 233 2334 27
• 2312 24
4
23 2614 Cent D Pa Corp A pref
95 98
98 9812 --------98 101 Cent Gas & El Co 654% pref* 9712 9812 ---- ---10014 103
97 101 100 10112 -------- 101 101
7% Preferred
9712 9912 97 100
oi - ;
6
974 99 Central Iii Pub Serv pref
-714
8
• 967 98
95
95 gm 95 97 Central Ind Power pref100 94 9512 94
944 9512 9412 98
9434 96
9312 94
100 94 954 95 95
947 95
2
94 9412 Certifs of deposit
1712 21
21
37
25
30
• 24 29
2212 29
24 36 Central Pub Serv (Del)
9314
29 324 3212 37
• 35 42j2 41
3512 36
35 36 Cent Pub Serv Corp A
- 2,7
-7 - -, -.
--Z
---.:31
611
2212 13 22 1312, 23i1Z2 -".:... 2912 '.--..
---- ---- ---- ---- ---- ---- ---- ----
ii Vi 5.32 5 ii 5512 Is
92
90
35
42
92
93
3814
4412
94
9212
35
4312
95
934
3512
445
8
5--12 9712
5
____
-- -7
93 13 8 9112
3412
354 40
8
444 4514 447
--1112
3712
45 2
3
94 94 _--- --- -- __-981: 094 9714 100 ---94 9412 94 97
100 100 99 99
_ _ _ __. Cent States P & L Corp pref* 94 94
-:.7.92 93
9i12 52 9712 Central States Util $7 pref • --------93 97
---- ---- ---- ------------97 974 97 -91 76 19
75 75 12
7014 82
84 88
81
80 88
80 86
854S038 92 Central S W Util common* 82 90
tit, 81
80 4 85
3
8
10214 106 100 10518 1034 105 10312 105 10312 106 10312 106
• 100 103 100 10112 1003 103 102 10312 10012 103 100 101
Prior lien pref
96 9812 96 9712 95 9612
99 101
9914 10114 99 101
1001:102
4
* 94 983 95 9714 95 97
9714 9914 9712 9912 Preferred
_
---- ---- ---- --------------------100 100 100 100 Central West Pub Serv B pf 100 100 100 ---- - - ---- --- ---, =- - 7-- ---- ---- ---4512 48
48 51
8
8
41 4312 41 44
414 50
2 51118 497 13 465 10
• 53 594 527 49
571: Chain Belt Co corn
44.2 51
43 49
48
50
49
51
50 54
4
• 50 5812 533 56
4
. ---- ---- ---- ---- ---- ---- ---- ---- 473 5112 48 52 Cherry Burrell Corp corn
23
4 214 34 214 3
118 112
132 2
112 34 2
17
8 14
112
8 1
its
13
8 13
114 212 Chic City &Con Ry pectic sh_• 14 2
114
234 27 23 26
22 25
22
31
25
21
17 20
154 19
* 18 24
15
144 1514 1118 16
Participation pref
19
18 22
22 8 234
5
4
22 223 2212 26
22 25
18
22
19 -- ---_ ____ ____ 1714 19
_--- 17
20
• 16
Certificates of deposit
13
25 293 25 277 2512 274 2412 3014
4
18
34
•
---- ---- ---- ---- ---- ---- ---- ---_ ____ Chicago Corp (The) corn
-- ---- ---65 734
6514 68
4
68
754 65 693 65 68
*
Units
10
10
11
1412 11
12
141 15
:
1412 15
15
13 fi
• 15
1'2
13
12
13
ii Iii. ii III, Chicago Elec Mfg A
51
49 5312 51
10 46
55
50 64
4612 16
491 50
:
4512 49 Chickasha Cotton Oil
26
if io - - 15's fils 1511 li
18
184 --------1384 1714 16
100 1312 1712 ii
20 20
20 20
153 Chic N S & Milw corn
4
8
9612 9612 9612 997 ---- —
97 100
97 99
4
100 963 99
9382 994 97 9812 97 100 97 9812 97 9812 9614 99 Prior lien pref
60
55 62 64 --------57 57
63 65
53 53
52 53
100 54 65
Preferred
48 50 4 53 55
50 55
63 60
,
9812 981 _ _ ____
9812 100
4
993 1014 993 1008. 99 100 Chic Rap Tran pr pref A_100 99 10012 99 10012 99 100
4
101 1017 10012 1018 10014 102
2
4
16
221 i6
2212 2212 16
17 ---------20 23
18
18 ------------------------17
100 17
17
17
17 Chic Rys part elf ser 1
4 12
312 41 i4
314 4
312 7
12 314 4
3
214 24 212 3
112 2
17
2 2
100 2 2 3
certifsseries 2
314 Part
3
4
1
II
114
14 -------- ---- ----14
18
4
100 38
Part certifs series
_
96
96
cony prof....
711
If Chicago Towel Co cornmon__ 95 9612 95 97 94 294 95 27 93 95 __-- Iiii
9634 9614 95 9712 ili 1- 97 9712
964 96
2512
24 277 26
25
— 2714 31
_•
---- --- -___ ___ ____ ____ ____ -___ ____
___ City Radio Stores
__. __
3
2612 33
6 4 3084 7 4 1134
3
30
343 264 32
4
30 32
27 31
28 32
284 33
29 36
364 Club Aluminum Utensil Co 5 ____-3214 - 2 -30- 373
56$4 57
55 69
73
72
764 70
7312 80
571 641 60 6912 67 87
: :
56 58
6682 59
76 9014 Coleman Lamp & Stove com__• 74 76
3
182 18768 1821
Commonwealth Edison__100 209 250 235 250 242 252 235 250 240 250 2 247 278
:185 184 1924 191 20
0 196 21112 19914 220
3512 47
36
39
37 42
29 364 Cosn'wealth Util Corp corn 13...• 35 434 39 4212 38 43
---- ---- ---- --------------------3182 33
3
27 2912 24 284 2312 25 8
2912 3512 294 34
_
_ _ _ _ _ __ Community Tel Cu cum part.* 2912 32
,
---- ---- —2 - _- --,- - — -77_ . __ _
12I 1214
,
12 - 4 712 1314 1112 15
83-- 7
---18 Consol Auto Mdse common--• 134 17 2
iii
19
-12 ii
•
56 - ____ ___ _ _-- - ..„,iii
•
23 15 2412 2612 25 291: 2512 2512 -- ____ ____ -- C.nisol Film Ind Inc pref
5
35
35
---- ---- ---- ---- ---- ---- ---- -___ ____ ____ ____ ____ Consol Serv Co(The) ctf of dep ----------------35 35 30 35 35 -31 35 29
25
3312 28
3412
27
38
.____ __ 31
---- --- ---- ---- ---- ---- ---- ---- ____ ---- _-__ ___ _ Constr Material Corp com
44
4612 41
454
44 49
4312 50
47 55
preferred
$384
8
10
8 2 13
3
13
1014 8
1212 7
1312 10
5 12
"ii- "fic -ii- I58- -i274 Ii- "ii- li- -ii" v1324 -loll* -ii- Consumers Co common
s
4
100.
--- -- 94 95 ---------------- 90 95 --__
. Prior pref ser A 6%
.
ii ia Vitt
793 793 iL 15 a 4
4
100 --------80 80
Preferred
90 91
88 96
93 96
8712 9012 --------91 --1
97
4 4 4 22 4
1
3
514 21
4
3
5
614 4
54 712 Mt 84 84 812 6
54 614 414 54 V t c purehase warrants----• 5
7
aa
-39 39
Voting trust
-18 45 46
41 45i2 16
45 - 3- 45 41 4
45 i512 454 461: 454 -56 i- 24 1614 iii -56
4112 46 111
55 45 -Co common
7
12012 12112 12042 121 120 122 120 120 120 120 117 118
Preferred
100 117 119 117 118 117 117 112 117 112 115 115 115
22 234 22 224
---_ ____ ____ ____ -___ ____
*
___ Curtis Lighting Inc corn
___ ____
2812 3112
30 32
353 3012 33
4
4
5 3614 37
343 364 30
---- ---- ---- ------------37 4712 37 38
3614 3714 Curtis Mfg Co common
1112 712 10
1112 10
8
10
1578 1414 2312 16
1312 1512 123 1414 13
1512 712 14
• 1514 1712 13
8
193 Davis Industries Inc A
1912 15
40 68
35 45
41 47
39 40 ---- ---- ---- ---38 44
40 40
• 38 43
403 48
4
42 4512 38 40 Dayton Rubber Mfg A com
4
7612 653 653 64 681: 6412 65
70 80 65 7612 69
62 62
Prior common
4
70 772 68
8
76
78
78
78 78
Preferred
100 8038 85
78
7812 78 80
304 3212 28 2934 27 33 2512 291: Decker (Alf) & Cohn Inc
4
291 311 291 31
4
4
2 ,
ii i872 .. 0-is ii Iii ii fil, ii -17
io • 2414 27
284 304 26 28
3714 33 364 2912 32
36
16
173
4
19
193 18
4
--- ---- ---- ---- ---- ---- ---- ---- ---- -___ ____ ____ Dexter Co (The) common• ----------------20 2212 17
---- ---- ---- ---- ---- ---- --- -- 10512 106 Diversified Invest Inc pref-100 105 105
-- --
:Jai, -id Crane
33 33 3212 3212 32 34
264 28
25 29
224 27
131± it 24
712 11.8
8 a
19718 99
1 9914 10018
8
i 994 1017
1111±1122
28
3112 27 28
26
26 3114 29
3934 32
2114 4212 1912 253 10
4
2712 Eddy Paper Corp (The)
2512 274 25
* 2412 28
36 El Household Util Corp
36
10 30 3414 3312 46
22 Elec Research Laboratory Inc• 1432 2212 13 2184 7
953 9712 951± 974 937, 9i574
954 9738 86 97
4
9612
9778 95i4 974 9734 9738 9712 9512 974 Empire G & F Co 6% pref--100 934 97
984 100
684% preferred
100 95 4
3
8
994 1005 987 1004 994 10014 9841004 9712 9914 7
2
preferred
100 9732 973
4
4
984 1114 111 11114 lu n13 111 112 1095 111
8
8% preferred
3
100 109 4 1104
•
312 344
927 95
8
9412 964
964 98
10914 110
-4
225 1438
92 9352
9312 94
953 9812
4
108 11012
1512 /31l,'
2438 2838 Federated Publications 01 pf_• 25 274 ii ii ii
pret__•
•
Fitz Simons at Connell Dk &
58 go
58 58
55 60
5544 5514 52 60
Dredge Co common
20 60
72
65 83 4 69
3
-- _-__
Rights
_
2
2
2
1912 26 37 Foote Bros Gear & Mach Co 5 -ii- 2i2130
24 28
22
10 1
-55is - -1- -iiiii I94 -iii, - - 4 -ii- Ill; -51- Rights
13
4 4
--..---- ---- ---- ---- ---- ---- ---- ---- ---*
Foote Burt Co (The) corn
47
94 123 112 146 Galesburg Coulter-Disc
•14. fie' ____ __
.
2
-Iiiig :ii" "ii- 1212 80 884 82 110
*
Gardcier-l)enver Co corn
28
29
2512 264 25
2412 26
26
4212 5512 51
45
41
49
7
1512 714 1312 74 12
904 92
93 9338
95 4 97
3
1077 109
8
25 2611
19 20
- 12 26
21
9012 9112
93 93
9.514 9612
108 109
24 30
134 19
I6T 26
12
26
57
9
90 4 111,
2
923 93
4
934 96
10612 107
2712 324
11
161Z
19
2514
.-
---- --
No par value.
8712 73
65
57 6212 63 77
2 8 ____ -3
--- -- ::
251:25
2612 221 - - -21- 14 - -22- - 3
63
47
51
46
50
--698.
46'i 41
67
7684
382
FINANCIAL CHRONICLE
[Vox,. 129.
Chicago Stock Exchange-Continued.
1928.
July
August September
October
November December
Low Iltgh Low Mph Low Mph Low High Low High Low High
1929.
STOCKS
January February
March
Aril
.Junel
May
Par Low High Low High Low Htgh Low High Low High Low
Mph'
----------------------------------------75
76
-___ ____ General Spring Bumper A____. --------40 4912 3814 4912 4112 61
5712 7314 3714 80
Certificates of deposit
_ ____
_ _ 3812 48
•
Class B
40 49
371.- 734 -54i2 1- 57 - -12 3714 60
912
1-2
73
Certificates of deposit _ __ _ -------__ ____ ___ __ __ _
_ _ ---- --._ 3812 48
---.100 100 100 100 100 100 100 11:10 100 100 General %Vat Wks Corp pf $7_• 99 100 ---------------- 90 90 --------96 96
Class A
• ----------------------------------------263 27 ,
4
/
1
4
-___ ____ ____ ____ ____ ____ ____ ___ ____ ____ -___ Gerlach-Barklow (The) com* --------23 26
20
2 243 E
12 20
4
1553 20
---- Preferred
*
263 30
4
24 28
2412 27
2512 261* 2412 2614
---- - -----------------6612 7212 7014 1043 91 11934 Gleaner Corn Harvester com • 115 125
4
95 118
90 110
92 1023 97 12212 98 , 117 .
4
11
16
212 203 29 2 261 3312 29 371 23 32 Godchaux Sugar Inc class B...• 24 29
4
,
/
1
4
2812 35
4
26 29
2612 33
25 29
/
1
4
243 33
- -------------------- ----------- 30 40 Goldblatt Bros Inc corn
_
_
_
• 31
36
2912 38
3212
28 32
28
311.) 28
30
28
• 2512 32
___ 2412 3214 25 33 Great Lakes Aircraft A
- - --__
-- ---- - -- -----243 30
4
1512 25
1812 25 4 21
28
2012 25
3
280 325 290 32
-- 266 295 251 285 28412 275 245 265 Great Lakes D & D
0
100 240 270 220 275 220 240 190 225 209 250 225 228
39 40
40 43
42 44
40 42 Greif Bros Cooperage A com_.• 40 42
42 4312 40 41
3912 41
40 4214 41
40 42
42
3912 40
--------- --------102 125 108 14012 98 149 Grigsby-Grunow co corn new • 14012 165 150 179 13112 17914 119
.--4
154 12312 1533 12312 14412
12
Rights
1512 ----- ------- ___ -___ ---- ---_ ___ ____
--- 393 37 42
Ground Gripper Shoe com_• _ _
__ 3512 261. 38 -- -- ---- -- -- -3614 ---- ---- -- -4
4212 3612 3
9
• 4(314 - 12 4812 52
4412 55*9 Hahn Dept Stores corn
54
/ 4414 47 ---- ---- ---- ---1
4
/
1
4
---100 106 1111 --- ___ ____
/
4
_ _ ____
_ ___ ---__ ____
.. _
---- ---- ---- -- - - ---- ---- ---- -----: -55.12 16 3312 39 Hall Printing Co commen_10 2912 3512 30 33
23 - - 2514 -31
30
2
2
812 273 - - - 27 - 4 3
-1l
213
Rights
10 45 46 __„.
---- ---- 3712 3712 35 39
45 Hammermill Paper Co
45 40
45
35 35
_ _ _
„..„
Zi
__ _ 45 .
293 36
4
2912 3312 Hart-Carter Co cony pref__• 31
32 8714 33 371 31
3412 2912 2312 54 16 204 11412 24 3912 3214 36
/
4
/
1
26 244 26
-----------------4019 48
• 70 74 ___
451 58
/
4
---50 8514 Hart Parr Co common
_ 85 85 ---- --- ---- ----423 14
4
• 42 43
42 4312 3512 4312 43 43
__ Hartford Times part pref
43 43 --_
4212 45
.
42 43
4234 4312
43 43
42 14
145 145 150 160 155 162 181 165 160 170 168 183 Hart Schaffner &Marx
log 175 185 173 190 171 175 17112 174 ____ ____ 165 165
-Hershey Corp cony pref A____• 5412 6612 5414 6412 ____ ____ ____ ____ ____ ____ ____ ____
66
---------42 55
4312 83
-Class It
41 68
• 54 87
5012 6412 ___ __ -• ---- ---- ---- ---- ---- -Hibbard Spencer Bartlett &
58 59 -------- 56 58
Co common
58
58
58 59
58 58
/
1
4
55 57
25 55 58
58 56
5434 58
55 55
53 53
- -------- -------- -------- 2912 4312 30 35 Hormel' & Co (Geo) cow. A„.• 3312 4312 4312 5712 44 52
---48 5112 47 55
45 5212
- ----------------------- 40 83
-4414 80 Houdaille Corp ci A cony pf__• 55 6612 52 84 -------- 37 48 --------38 49
4 Class 13
• 543 6631 514 64 --------35 463 --------38 493
4
41
593
---- ---- ------------------------40 80
a
4
4
Class B
4712 59
•
3014 55 --------39 5412 ____
_
___ ...... _
_ ____
_ _
_
_ _ _
_ _ __
_ liussmann- Ligonier Co com_ • - - ____
__ ___
_ ____
__ ___ _ _ 26 --/ 2
1 8
4
3912 40
3072 - 41
446 3912 - 12 45 - - 55 38 4 - 3612 - 4 -12 40 - -1 Illinois Brick Co
/ -1
1
4
4217 iii - -1
3
9
33 32 3214 --12 3012 32
3012 33
3
5
9912 101
991 10012 101 10113 99 101 100 10012 101 10118 Illinois Nor Util pref
/
4
/
1
4
100 10014 10014 100 10014 100 10014 --------98 98 -;:_-_-60 6312 50 50 491 55 49 51 52 5312 53 54 Indep Pneu Tool•t c
/
4
• 54 5518 54
543 56.2 581. ____
.
54 . 54
58
08
4414 50
47 53
/ 51
1
4
• 71
84
5912 5314 62
73 68 81 Inland Wire & Cable com
75 84
56
7012 86 - 75 --- 80 86
7712 7712
80
• 30 40
3512 53
37 4719 4014 44
38 4112 38 54
* 125 195 178 250 215 23512 206 220 208 21114 20812240
$55 prior preferred
Warrants
-------------------------------- - 8412Withou
_---
_ ____ ____ ____ ____ ____ ____ _______
.---- -------- 3053 3212 31 32
31 Internet Pow Co Ltd com_• 31
31 ---- __-_ 2712 2712 2712 273 263 273 28 2712
31
32
/ 31
1
4
4
4
4
98 -- -------- -------- -------- 98 98 ____
9
8
_ Interstate Power Co $6 pref_.• - - -,. ..-- ---- ___ 10018 1001s --------98 987 -------.
................................2211 -- - Iron Fireman mfg Co t c____• 243 4 33
2
8
30 .
3412 26
31
28 3214 2712 3112 28114 291
/
4
--Irving Air Chute Co Inc com
397 40
39
2853 24
.--- ---- ____ ____ ---- ---- ____ ____ 40. - - - 8 5;1 - 4034 Jackson Motor Shaft Co
/ 4 3
4 6-1
• 3312 39
59 -- --------25 3212 32 3 / - 4612
41
4
_
iefferson Electric Co com____• 4614 58
52 584
1
O so 55 40 65 4. " 2 i6
ioi- ii(iii iii- iii- iiii- Ili*: iii- 14113 90 131- 155- 121 Kalamazoo Stove eommon____• 115 131 113 131/ 95 2 11734 95 10634 98 112 97 10454
- -_
Katz Drug Co common
1 ----------------------------------------2884 34
/
1
4
163, Kellogg Switchboard com_10 16
- ,
Ii 13
8
- / 71-2 112 8
9
1
4
15 4 1212 2972 1.
-3
7
1912 143 1812 1612 1814 13
4
1712 12
1514 1212 16
80 81
Preferred
76 78
7212 75
77 80
76 85
79 79
71
71
69 69
100 72 74
69 71 -_-_
_ 7112 72
62 5212 52 524 52 52
53 54
51. 51 Kentucky Util Jr cum pref_50 51
61
521 5018 5212 5212 52
/
4
51
/
1
/ 5212 5212 515 - _- 511 51
1
4
8 52
/ /
4
1
4
.___
__ . _
____
_ _. _ _ _
___ _ _
___ Ky Had Tube & Lamp corn A'- - -, - - 351 42
20 3912 21
/
4
26
20 31
19 2314
1
57 Keystone Steel & Wire corn _ • 511 : - 4712 .54
85 . i 5. 5 76 55 70
45 - 4 ii 0434 6112 47140 5014 4212 47
/ 5.9
4
40 4712 40 46 4
3
10112 10112 100 102 102 102
1001s ____ ____
Preferred
9714 100 10018
99 99
100 100 100
-62 52
/
4
52 5214 541 5812 5312 5612 5114 52 ____ __ Kimberly Clark Corp com____• 51
51 --------------------------------4853 42111
• 28 37
29 32 ------------------------26 26
• 28 32
29 31
2712 2712 2812 30 --------22 22
/
1
4
------ 48
48
50 60
47 47 ---- ____ ___. -___ Kuppenheimer & Co(B)Inc5
- ---- ---- ---- -___ __-- _- 40 42
40 40
Ciasa B preferred
100 110 110
3 11 1
1
- 5 /
4
a
312 a
3
; aill 13
7
12 712 - -32 La Salle Ext Univcom
8
to 4
I
5
Itz 5
ON
- -3
4 4 512 1
4'2 512 i
* 24 2918 2114 2514 17 2512 16
.--- ----______ ---- ---- 21t2 2212 22 3112 22 3112 Lane Drug corn • t c
191 12 2212 18
/
4
1714
23 3112 Cum preferred
2812 30
• 26
.--- ---- ____ ____ •--2712 28
32
25 2712 20 27
22 24
21
23
20 24
---- ---102 10212 100 102 Lawbeck Corp ctfs of deposit__ 100 10212 100 102 100 102 100 101
97 99 ----1414 14
/ 1412 1812 16
1
4
184 1812 18
/
1
17 2052 1612 183 Leath & Co corn
4
184 21
/
1
• 17 21
1818 25
1812
1712 19
/ 18 23
1
4
18 -Cumulative preferred
.513 5
45 48
4 2
5134 52
613 5
50 52
/
1
4
4 2
48 62
40 43
3
40 41.
45 45 4 42 45
40 42
• 45 48
--------------- -___ .....- „__ ____ 44 412 412 712 Warrants
.
/
1
2
/ 3
1
4
113
2
4 812 8
6
6
7 4 712 10
5
3
1014 1113 1014 12
1054 118 1084 1214 11
4
12
/ 16 Libby McNeill &Libby
1
4
17
1412 104 1414 1114 13
/
1
11
11
13
10 1312 1512 1134 14
.- -- ____ ___ ---- --- ____ ____ 4312 5014 43 46 Lincoln Printing Co 7% pt_so 42 4512 43 441 4212 45
42 45
42 44
43 44
/
4
.--- ---- ____ ____ ---- ---- ---- -___ 3
8
/ 9
1
4
Purchase warrants
/ 4
1
4
314 412 3
4 ./
4
712 41 6
8 5
512 63
2412 2012 23
20 2212
/
4
• --------2499 2612 24 241 21
2
2
2
2
2
2
/ 3
1
4
/ 312 4 Lindsay Light common
1
4
12 4
5
/ 3
1
4
414 4
41 6
/
/
1
4
4
/ 3
1
4
3 4 412 418 6
/ 3
1
4
3
10 3
/ 5
1
4
*
-2313
2812 318 2814 2812 25 4 35
4
3
36 4312 364 411 2114 40 Lion Oil Ref Co corn
/
1
4
/
4
/
1
• 31
34
27 3712 3012 3812
3
2712 32 4 23 28
30 34
/
1
4
33 3512 33 35
38 4514 3914 45 Loudon Packing Co
• 43 461 47 60
3512 41
/
4
45 47
44 49
4012 42
.--- ---- ---- ____ ---- ---/
1
4
2512 311 25 313 Lynch Glass Machine Co__* 26
4
/
4
30
25 29
/ 20 283 2512 2714 23 2812
1
4
4
42 43
• 4034 4412 41
3912 42
4212 43
/ 39 4112 41
1
4
42
40 4 43 McCord Radiator Mfg A
3
44
394 42
/
1
38 42
40 4134
44 47
4812 52
4212 50
5312 5712 McOuay-Norris Mfg
• 5712 65 5912 85
48 5212 4812 59
59 63 82 70
70 76
• 42 42
-- ---- ---- ---- ---- ---- 35 4312 40 43
39
/ 43 Mapes Cons Mfg Co corn
1
4
39 42
37 4112 38 39
38 38
/
4
---- ---- ---- ---- ---- ---- 32 371 30 35
26
331 Marks Bros Thea Inc con• pf.• 27 3314 25 30
/
1
4
23 27
18 24
19 25
--- ---- -------- -------- -------- -------- 3412 44 Material Service Corpcom_10 3612 4213 373 42
4
33 39
30 33
34
14
35
13 4 18 4 1412 11 614 11
3
5 1414 2213 18 2934 IS
3
1512 111 1544 12
15 Meadows mg Co corn
/
4
23
312 12
144 191/4 14
/
1
183
4
47 5113 80 50
/ 4812 50
1
4
51
54 54
54
Preferred
50 45 51
43 45
96 4912 43 47
_ 2812 2912 Mercantile Discount Corp A__• 2814 283 2712 287 2712 283 - _-2
____ ____ ____
4
4
--- ---- - -- - - ---- ---- - - - ii 25 32i4 Mer & Mfrs Sec part pref25 3012 32
jti lit, 2712 174 18
/
1
1814 19
/ 1812 11
1
4
/
1
4
24 32
27
/ 32
1
4
25 28
20 2712
9314 93
/
1
4
_ !,,-- -,- 91
90 90
100 --------89 89
Prior preferred
93
• 102 106 10012 102 100 101 100 106 4 100 160
00 102 10014 162 101 108 105 107 103 10512 102 10512 Metro Ind Co ctf of dep
- 3
• 34 3412 33 3512 2912 323 25 27
4
25 3112
/ 333
1
4
4 37 34 3814 Mid Coot Laund Inc A
•-• ---- ----------------34 38
414 14712 142 160 155 162 1513 15812 15412 185 16512 184 Middle West Utilities
/
1
• 169 190 171 187
4
- ---_ 04 71 Rights
/
1
/
4
84 812 6
/
1
/ 83
1
4
4
1712 119 1151 III 325- 122 - iiii- (2 1 11813 124 124 129
Preferred
4
100 119 12112 1193 122
2 - ;
6
• 98 101 101 10334
94
98
961 98
/
4
/
4
961 99
/
4
96 9812 9812 105 10312 1071 $6 cum preferred
99 102 100 101 10012 1023 10114 10212 101 105 10512 108
• 90 10112 10212 104
86 cum prior lien pref
4
23 126 123 1251/4100
12514 127 12414 127
12312 1243 12312 125 12414 1273 127 1291
. I rlor lien preferred
4
4
87 102
• 100 108
98 101
9812 110 Midland Steel Prod corn
9
812 107 100 100
95 120
88 98
92 95
89 90
go 93 89 92
92 101
94 94
8512 9812 Midland Utli 6% pr lien__100 8312 91
00 103
981 100
100 100 102
/
4
9814 100.s 7% prior lien
9814 101 100 10314 99 101
99 103
89 90
851 86
Preferred 6% A
100 8512 88
/
4
8712 8812 88 8812 8512 90
87 88
8512 88
9814 103 9912 mi. 983 103
4
Preferred 7% A
100 97 98--4
97 993 96 9711 963 100
4
5112 63
/ 5012 53
1
4
48 - -/
4
5012
3
5112 5 / 50 55
21
4
48 50 4 4712 511 Miller & Hart Inc cons pf_..• 4912 52
37
40
3512 3712 35 88
38
----- 10212104 104
02 102
93 98 ioi
--------96
53
4412 41
47
106 106 12812 III
96
90
93 95
81
132
94
•
Preferred
14inneap Honeywell Reg
• 55 4 87
3
Preferred
100 14212 151
Miss Val Util prior lien pref.... -
iai.
Rights
•
7iii: lilt ii 168 56 li modine mfg corn
___
_ _ ___
•
_ _ a52 67 Mohawk Rub Co COM (new)...
•
16- -25- "214 -5Oi4 - - - 27 30
28 _.52 34 Monighan mfg Corp A
28 30
Monroe Chem‘cai Co com
•
---- ---- ___ ---- ___ ---•
Preferred
55
5712 58
/ Ii - -ii- -5-5
4-
46
56
75
533
4
57
32
25
47
59
88
35
281
/
4
51
70 79
7434 95 9212 9412 90 104 Monsanto Chemical Works_. 104 114
•
712 812
it.ghts
• 48
-14 573 67'4 65 - 12 484 62 Morgan Lithograph eons
64 72
5612
4
/
1
66
ii- -'75- 2.6
---- ----------------83 66
,
• 82 86
61
63 Morrell 5z Co Inc
/
1
4
4
Fifs 27 1 __ --2512 2512 2512 2512 20 20 Musser Leather Corp com___.• 20 243
-1. .30 34
• 2714 31
• 2612 30
_ _ -__
• 2912 3612
___ 55 - - - Muskegon Mot Spec cons A
3
2
. 6612
• 6112 7514
7912 5712 78 Nachman Sprint/filled com
IA - -1- -i51 li- -51- li- -a64 - . 5512 11 2
- ---- ----------------72 7212 7112 77 National BancservIce Corp • .--- - - 4
--- -__--- -------------35 41
-.
3412 70
52 65 National Battery Co pref...._• 55 8
• 35 38
/
4
ir 1653 "ii" la - -341: /712 33 38 3212 391 33 3734 Nat Lice Pow A part
. _..
__ _ ---. ____ .
..... ---- ---- Nat Gas & MCorp .1614 pref.... 95 95
: .--- _ -1 44- Iat. RI. 41. 31. 41. 31. 814 4
5 National Leather corn
10 414 5
/
1
4
*No par
value.
5512
53
29
23
40
68
80
34
2812
4712
59 71
/
1
4
150 155
90 94 2
,
27 39.2
48
51
27
18
37
6312 70
181 161
9112 94
2912 35
3i
2..
-13U, .
2- - 54
66
60
52 643
4
30
27 29
2412 1612 20
45
36 41
108 129 127 130 109 150
812 9
38 54
25 28
-12 25 - 7
66 4
81
6612 5912 6312 583 593
4
4
243 243 --------15
4
4
15
2614 29
/ 18
1
4
2712 20 24
23 28
15 24
15 20
2912 343 23 31
4
/
1
4
28 3012
8112 7814 80 724 80 86
/
1
70 70
50
55
/ 50 1
4
61 56 li
341 3712 27 35
/
4
30 34
34
3
412
36
47
25
41
68
/
1
4
4012
224
/
1
31
1413
____ ___.
20 22'4
94 29
2712 30
161 18018 165 174 1573 17314 159 215
4
-------------------------------117 1211. 1164 11814 11612 1I73 116 120
/
1
4
10014 10312 9812 101
9812 99
98 99'4
10034 1011 100 1013 10112 10112 101 102
/
4
4
121 126 121 124 121 1237 119 12312
.
100 105 100 100
95 101
90 95
8514 93 89 89
86 8614 ---- .....
97 99 4 98 98
3
95 95 -85 89
85 85
82 82 _ - 90 96 --------90 90 ..- ---:
46 48
46 4 3 45 4812 46 --4
47
_ ____ 10112 103
81 65
150 180
---- .-23 4 3 3714
32
48
23
3812
521
/
4
38
19
2912
914
3
4
5
1
68 85
160 160
89 94
311s 4214
14
Ni
5912 72
51
69
28 29
19
1912
39 401
/
4
9712 1013
4
83
9812
8828
Is
58
44
25
16
36
- .68
33 4
3
13
69
50
28
19
39
146
160
55
70
If
80
26 16
13
4
7212 783
2018
13
/
1
4
23
61
--24
1712
4
283
68
18
11
24
60
148
152
23
1614
27
62
/
1
4
45 li 42': 'IF
29
/ 31.2 2914 334
1
4
/
1
5
1
14
3
114
383
FINANCIAL CHRONICLE
JULY 20 1929.1
Chicago Stock Exchange—Continued.
1928.
STOCKS
July
August September
October
November December
Low High Low High Low High Low High Low High Low High
i
t
.
.12
. 4
.Ws 1112 -- 08 15 -.lila 1612 --... ..,.
4512 li- -1i- - ,--ii- 16 _
_
19 - 7 15 2212 1314 20
if 8
1114 173
4
2512 31
24 28
12
------------------ -------- 11
12
-- 44
32
2814 34
66 Ii4 36; 1
3
__ ____ ___—___ ____ ____ ____ ____ ____
36 4112 35 40
35 42
34 38
291y 33 4 3114 38
3
42
43
45
523 45
4
5414 48
5712 53
57
48
55
1929.
—
AIM
April
Mar
March
January February
Low Htgh Low High Low High Low High Low High Low Hf011
30
29
25 2912 26 2714 2512 261z 2613 33
97 102
99 104
6% cum pref
160
10313 10512 101 10512 100 103
14
4
National Standard corn
42 484 42 493 43 48
39 49
47 56
•_ 49- :55
15
18
1613 1712 1614 1612 --------1412 17
*
Nat Term Corp part pref
Neve Drug Stores corn
7 --_ ---- -----7
713 9
10
• in- 1114 9
Certificates of deposit
10
lug
_
_ _
._
Convertible A
_ _
_
2ii2 -2ii3 _
* 29 29
16
- iii8 - ii 5:44 ii
New F,ngl Pr Assn 6% pref__100
9 4
i
97 97 67 -- 3- 67 1e
41
49 4 404 47
3
Noblitt-Sparks Ind Inc com * -37- - 3612 42
323 45
4
4812 4212 50
1y 1
-------- ---- ---------------------------Rights
North American Car com„--• 50
70
5 2412 25
58
24
67
26
_ _ _
_
thi Northern Paper Mills coin...—. _ -36 ii ------------------------3812 Ith2 5iis 42 693 43 48
421g 45 Northwest Eng Co corn
4
6
4
. ithi - • 43; 16
3912 43 4 36 4413 42 46
3
4
101 1023 101 103 994 101 100 102 101 102 101 10314 Nor West Util pr lien pref-100 101 103 101 1013
4
100 97 10212 93 100
9712 100
7% preferred
97 100
10112 10112 --------98 99
97 100
---- ---- 3114 4212 4012 75 63 101
76 9712 50 8012 Oakes Products Corp el A__—• 58
36 74
63 4 102
3
Class B
3113 39
6113 63
75 973 50 78
4
• 58 68
_
*
_ Ohmer Fare Register cl A
_ _
- - - - - -- 3
6
66
5
9
• 54 168 554 -6
. 16 iiiz If 56 16 55 - 13 551 li iiiz I6 Ontario Mfg Co corn
6
Convertible preferred
---- -_-- ____
---- ---- ----
2234 24
ii; ii
104 124
84
---- ---189 175
186 176
12012 103
132 116
90
87
-----------------27 4 1214
3
-----------3713 46
36
4212
2
---- ---- ---- ---- --- 2712 307
191 178 186 1823 186 18413 188
4 190 17612 186 184 185 18412 18612
125 11114 115 114 11812 115 117
116 120 120 120 121 120 121
__
-- -- ---120 110 132 125 1ii- 153 165
4618 52
66
22
2412 20
56
-------- 23 4 27
-
24
*• -23- IA
* 4732 54
* 4912 60
5 182 229
5
2113 25
18 20
50
53
4614 5213 46
50 4
8
1812 20
21
22
12
33 ii ----------------40 40
38
l3 29
3
39 46
101 10212 98 10112 --------10012101
9313 99
95 9912
97 100
98 102
8112 83
30
34
_ Pac Pub Serv Co cl A conv •
23
• -ii- 2012 2414 Pacific West Oil Corp
Parker Pen (The) Co com__I0 5112 57
•
Ckwnmon B
2234 2312 2213 2278 22 23
224 251 -22 15 - Penn Gas & Elec A corn
. 84
------------------ -------- 21213 21212 Peoples Gas &Elec A com
4 4
554 I
6
4934 54 Perfect Circle (The) Co
11312 126 118 144 138 194 170 22113 166 208 Pines Winterfront A com
Common(new)
---- ---- ------182
184
117
130
__ ____ ____ ___ _-__ _
------------------2414 27
40
20
13
iiie li
2434 23
ii
257 18
's
2313 234
23 2434 234 24
203 2312 --------1734 1812
2
45 53 4
3
45 504 44 47
_
4 i1 8
. ili
2i- -ii - a -iii - -7-563 243- -iiT2 -4
4
47 5112 4612 50
53 56
52 58
47 58
50
464 5314 4.5
50
55
19.5 236 166 208 175 180 - -
2332
1614
45.
2412
16
204
2614
1612
49
24 4
3
8% 8%
20 2114
47 4814
50 6314
- - - -
50 6312
57
_ ---- -._ 51
•
-Polymet Mfg Corp corn
2912 254 2933 2534 283
2
21
2
7
52 2 .
• -lie- - -1 -2.- 4 321- -33; - 13 2514 55 - -12. Poor & Co class B corn
51
297 441 33 37
8
281z 32
34
27
* 30 4012 3334 40
2414 363. Potter Co (The) corn
14
18
19
1812 2112 18
1914 28
2612 29
27 33
22 28 Process Corp corn •
• 205 24418 239 245 234 241 24014 245 244 248 24714 285
193 205 Pub Serv of Nor Ill corn
198 205 pub Serv of Nor III com__--100 205 24412 241 245 234 241 24012 244 244 24714 24914 265
100 11714 12514 122 123 125 125 118 122
117 1173
2 6 7 preferred
,
100 12814 132 132 132 130,2 132 13114 13114 13114 13314 113612 115 2
7% preferred
125 127
97 9812 ____ ____
_
_
_ 9912 9812
_
_
_
_ Pub Util Sec Corp pref ___36 4
-___
* 1:1:1 161 1:17 fa 130 163 136 I62
15212 Q-R-S Music Co corn
13734
Rights
27013320 ioo- 516- 516- 31512 iio 315 314 335 335- 350 Quaker Oats Co corn
.
-- -12112 12312 12014 1203 119 120 119 12214 119 1203 118 12014 Preferred
4
2
Rath Packing Co com
---- -___ 41 48
47 56
48 85
474 66- -58- 70 Raytheon Mfg Co corn
Rights
_
__
---- ---- ---- ---- ---- ---- ___ ____ ___ Real Silk Hos Mills corn
---------3914
10212 10212
16212 0213 10212 163; 10212 ____
_ . Reliance Mfg Co pref
-----------2714 30
Common
32
263 3312 2412 - 4
---- ---_ _--- ---------------------28 29 Richards (Elmer)Co pref
---- ---- ---- ---- 3214 40
3434 3612 3512 4312 3312 41 Rich Tool class A
— 2534 3812 3212 36
---- ---- -___
Class B
3134 37
3234 43
31
354 3212 3412 3414 43
40 4712 4013 46
42 45 Ross Gear & Tool corn
_ ___ ____ ____ ____ ____ _ _ ____ _ __ Ruud Mfg Co common
14
15
16
1914 1419 147 --------10
8
10
10 Ryan Car Co (The) corn
1i
Rights
con
---- ---- ---- --------------------i5i3 ii ii ifi Ryerson & Son Inc
1
3 ---- ---312
--- ---- 2
6
.
. . —
* 556- 566 555- i - 340 365 300 320 305 320 294 310
8
100 117 120 114 11812 11013 119 --------109 4110 106 10912
_ 32
10_
-6-__ ____ ____ ---- ____ --__
7412 62 814 60 _5 7612 60
53
70i- -5i• 55- - __
10
___
100 Ho- 11 - i. 5- 166 4 ii55- 166- --:-_-_ —
- 16 6
4 26
8
10 26
20 247 203 3012 2412 28
2612 2812 24 2712
• 28
2812 28 28
35
• 45
3823
5612 85
76%
____
22
24
18
5
li ii - 6 2 " iii 50
41
4312 41
4.412 41
12
25 --3- 1234 1314 1213 13
16
19- -13
-----------;-1----1aI
4
• 33 613 :6 46 33 6i4 33 604 :
3313
7112
7712 76 76
___ _105 105
22 26 4
26
3
24
261z 21
57
44
15
12
393
48 5412
41 42
14
11
_
_
37; 16
12
8
2712 317 27 28 4
3
3134 28 30
Sally Frocks Inc common.....' ---------------- 28
38 43 4 374 3934
3
80 3118 29 31
3 4614 40 45
*
374 4312 36 42
30 3512 32 35
4
3312 404 343 39 Sangamo Electric Co
100 10512 106 --------106 106 103 104 --__ --- --- -_-107 108 108 108 ----------------108 110 ____
Preferred
_.
57
5713 50 - 13
54 58 60
50 68
58 66
* 58 73
7314 Saunders class A corn
601s - ---- ---- ---- -------------------53 68
37 5812 824 50
50 49
493 5012 50 80
4
5112 47 51
9413 95
-----------------------------------Seaboard Pub Serv Co S6 pf__*
9412 9412 ---- ---- -,:: rr - ---- ---4 95 --__
-9214 9212 9212 924 934 95 --__
95 95 --------931 99 100
___ 9412 9412 9534 9512 Shaffer Oil & Refg pref.-100 95 98
65 68
66
74
5813 4
67 9313 130 95
60
5012 5612 60 _- 5912 68
4
7014 813 663 75
4
90
• 66
62 664 Sheffield Steel common
1114 16
144 15
1812 1612 20
4
4
• 173 2014 173 1914 17
30 2814 3212 28
2
4
2612 2912 2634 293 2913 302 27 297
32
112 14
2 14
212 2
2
Purchase warrants
3
313 412 24 312 2
213 4
2
2834 364
364 293 40
Sonatron Tube Co corn
• 3113 4112 354 4413 2714 3834 29
. 2634 34
- - -- .
--_- -7
------ -----"- --- - 2312 -2214 28
25 24 25
2
6% 2512 -23 4 24
3
3
2613 25 -2334 2514 23 2412
2412 23 4 25
2412 2614 23
2313 2513 So Colo Pr Elec A corn
26
24 2412 2112 214 __-- -_-_ 17
17
13 ---- ---- ---- ---- ---- ---17
1913 ____ ____ South Ice &(Ail CI B corn....' ____ ____ ____ ____ 13
_ _ ---17 --__
124 133 Southwest Dairy Prod com---• 124 134 17
2
156- f6i- -55- 166- -5512 161 2 -Iii ---- - . - ; 9714 100 Sow G & El Co 7% pref____100 99 101
98.13 963
4
984 10012 98 ,,-2 99:2
__-1- --- or -Za7 .
N
6412 89 9014 8914 9512 5912 9012 8912 90
8712 90 Southwest Lt & Pow pref
_• 8712 90
9012
9014 903 90 94
4
____ ____ 93 98 _ _
984 993 83 86
8712 93 9314 96
4
88
_
96
99
87 9812 Spiegel May Stern 64% 91.100
_ 3612
27
___ Standard Dredge common...' _
__ ____
---- ---- ---- -2- -- ---- rr - ---- --- --__
4
33 3912 3414 373 334 4414 37 - 374 33 28
394 3013
4 13
0
Cony pref
• 55i8 - - - 37 41
40
4
64 34 25
3312 2914 33
3012 29
2812 3012 Standard Public Service A • 27
---- ---- ---- -------------------3013 31
9314
94 94
__
* 97 97 -_-_
---- ---- ---- -------------------08 9614 9614 9614,Standard Teton $7 pref
-----------43 58
26
4472
37 - - 25 40
• 40 49
4213 6114 32 54 Steinite Radio Co
____ ____
____ ____ __
30
___ 32
Sterling Motor Truck pref__ 30 ____
30 33
36
4
854 944 90 102 105 1093 104 110 112 11413 12412 12412 Stewart-Warner Speedom---r• 138 13912 --,- -,--- ---2812
23 --- 24
25 27
27 -29
33
- 2912 3112 2513 30 Storkline Fur cony pref
-- ---- - - -,,---- ---- ---834 1334 1112 -14
12
1718
I
16
22
17 22
-4-12 12 164 124 13 4 1214 1312 Studebaker Mail Order com..-5 1313 23
3
253 2812 24
4
• 2712 30
27 29
367, ia -39-34
8014 89
22 25
129 136
2812 3314
1612 17
58
77
724 81
6812 8112
2212 24
234 27
234 2412
132 135 130 13413 13014 1324
2834 333 3012 34
4
2812 313
4
1812 1813 27
164 2212 17
------------100 100
6111 6212 61 624 6112 65
63 6912
74
• 68
70 76
64 75 Super Maid Corp corn
23 24
20 26 Sutherland Paper Co com---10 19 21
100 135 140
13112 146 13214 141 Swift & Company
15 3412 3734
29 337 30 3812 Swift International
9
25 2814 263 30 Tenn Prod Corp corn
• 25
2834
4
99 99
99 99 Texas-La Power Co pref......l00 100 100
624 68
5914 672 Thompson (J R)common----25 57 62
4
14
1
Rights
--- - ---- ---- ---- ---- ---- ---- -- ____
__ Time-O-Stat Controls pref A_. 3312 391
___ ___
4
25 2712 25 263 25 273 25 4 - 4 2513 4
3 27323 - 2512 12th St Store (The) pref A----• 24 26
30
3
234 4
4
3 4
3
12 513 312 414 3
23
4 31
3 4 Stock pur warrants
3
.._..
--- ---- —98- 100 - -99- 100 98
89 9212
92 95
95
88
89 89 __-- - 27 3124
2712 34
33
343 30 36
4
30 3212
30 ---- ---- 20 20
-_ .._ ____
-_
9314
1612 -25
19 38
38
31
31
32
32
32
r-- ---r - -,,-274 23 -2212 - 23
25
1612 19
20
16
18
2312 2512 2314 25
28
55 613
4
50 7112 58 65. 58 64
6312 74
142 16
14
4
15
15
4
1714 193 142 18
17
12
13313 137 129 136 129 131 127 13014 12414 1294
3012 3514 3214 3412 3014 34
3012 35
33 37
25 27
2712 25 2813 25 27
2412 26
21
---- -- ---- --- ---- --- ---- - - 90 93
—
46 53
4412 - - 454 4612
5012
454 47
5234 56
_
_ _
_ _ _
14 _
ris
14 114
-2
3332 331 ii 56 30 3814 26
12
i6
thilz 551-2 - 24
2112 22
22 23
24 241 22
2112 22•
1
34 31 ---- ---- ---- ---.
14
'.I.
24
24
05% ----------------0112 9112 9112 9112 --- ---. 20 Wacker Drive Bldg pref.. • 90 90--- - ___ ____
___ ____
___ United Chemicals Inc pref..... ____
55
_ _ 54 45 607- 46 2
40 47 -40- 54)
4(2
3 39
2614 3114 29 3412 3012 34% 39 4 3134 39
,
30 37 Unit Corp of America pref._' 32 2 - -12 2912 361 23 303 25 2914 233 29
4
, 37
26 334
4
---- ---- ---- ---- ---- ---- ---- ---- ---_ ____ ____ ___ United Dry Docks Inc com
2114 2213 1912 2134 154 20
• 22 23
17
16
18 8 15
7
4
• 2912 3913 313 3814 287 3718 25
2
3113 25 2912 22 27
Rights
3
8
h
98 166 166 16114 10114 foil, United Light & Pwr cl A pref_• 98 10012 9712 100
9813 100
983 100
2
98% 100
1041
9613 98 _991
5514 5612 55 57
57 57
57 58
5513 56'z
Class B preferred
58
58
2414 27 ---- ---- 2414 2812 30 31
3
25 17 4 25 25
Common class A new
-- ----33- 1i- -_---- ---517* 17 ---- --- :
3
-14
• 35 35
•
____ ___- ---- ---92
21 27 ---- --- 20 2012 20 20 -___ ____ 1614 17
7013 --------70 70 ____ ____ ____ ___.
7012 7012 7012 ____ ____ ____ ____ ____ ____ ____ ____ ____
80 80
35 42
63
5612 37 1414 3534 3912 4112 3712 3
64 7412
61
79
8
4
5712 173- 55 617 60 6413 56 4 66
47 69
40 55
_ _ ___- __-_ 35 42
- 127- 128 - iiii2 128 125 12612 126 126 125 126 125 127
-------43
5
5
5
6
W11 21
37
____
3513
---- -- -___ ____ ____
---- ---- ---- ---- ---'No par value.
---49
5
69
____
----
------43 5014
8
9
56 1374
--__ ____
---- ----
---44
8
5418
____
----
---497
2
8
63
__-----
56
4012
812
35
-------
66
4734
1012
57
-___
----
United Pap Board com
34 2314 18
Preferred
100 70
70
---Un Pr Gas & Wat Corp com__•
_
United Pub Util $6 pref
• 80 90 - -31; Ii- -_—_- --_-- ---- ---- ---United Repro Corp part pf A.• 3612 4214 35 40
287 - - -33- 91- -io2 371;
US Gypsum
20 65 7212 6213 6712 55 632 43 62
47
25% paid
4513 51
46
53
42 4612 464 62
47
Preferred
100 128 130 123 130 127 127 125 12514 ---U S Lines Inc pref
_ 1718 1812 171e
*- u S Radio & Tele corn
• 443 116 loi fif ioi iii 75 81092 63
4
Universal Prod Co Inc corn....' 45 65
48
52
___ 43
48 48 ___
Utah Theatres Cone ci A
,
5 11
14
13
154 94 1112 ___-- ----Utah Radio Products com__• 4113 58
22% 534 18 27
19% - - - 144
23
•
Utility & Ind Corp corn
--- 2012 31
21
44
214 24
2113 26
Convertible preferred
- ---- 25 31
26
•
4
26
263 28
29
18
_ 38
381
2
—
- 21
-- 2 -20- 2816812 7512
75
60 66
65
_ -- 124 124
1712 17%
17
2212 70
92
41
39
43
— - __-_ --1414 1912
22
4
213 27
27
314
2712 26
384
FINANCIAL CHRONICLE
[Vol.. 129.
Chicago Stock Exchange—Concluded.
1928.
July
August September
October
November December
Low High Low High Low High Low High Lou High Low High
1929.
STOCKS
January February
March
June
May
April
Low High Low High Low High Low High Low High Low HU&
---- ---- -------------------------------- 35 37 Van Sicklen Corp part A
15
512 1212 412 1212 812 1212 14
1278 1.!18 Vesta BatteryCorpcom
• 347 3612 313 3518 29
8
4
33
29 3012 29 3212 2712 31
10 1312 15
133 15
4
1218 14
10
12 --------921 10
*
1
1512 1612
Preferred*
_
_
294 32
2212 30
_
3018 3112
• 32
3414 3218 35
3038 34
29 2912 29 30
_.,
-_,.. ia
4 - iciis "iii ii ii13 iii2 li i/ int Vorclone Corp part prof
-112
• 49 5712 45 54
37 5112 39 45
39 42
38 39
15 1712 14
15 4 15
8
19
16 8 30
5
23 2812 21
26 Wahl Co corn
188 2312
•
4
2012 2614 2012 234 18 21
1712 25
105 106 106 107 10612 108 107 107 8 105 10612 105 10614 Walgreen Co 634% pref_100 24 27
7
--------10412 105 10412 105 1027 104 -------- 101 101
8
1912 2412 2112 24
2212 32 8 29 50
5
Corn stock porch ware
50 71
411t 69
• 58 65
57 78
12 5414 62
55 60
573 63
4
53 56
Warchel Corp common
• 22 28
20 24
18 23
188 25124
1612 2414 18 22
Convertible preferred
• 33 38
31
34
29
2812 32
29 31
28 2912 28
1228 125 124 125 125 126 124 127 126 128 125 13112 Ward(Montgomery)& Co cl A-•
4
131. 13214 1314 13212 13184 13312 13214 134 1334 134 13034 13314
185 141 135 145 1383 143 145 175 170 185 170 184 Waukesha Motor
4
Co cow
• 171 175 185 181 170 210 165 170 165 200
61 180
32 32
32 3412 343 52
4
32 474 30 3414 26 33 Wayne Pump Cocom
• 30 324 2712 28 --------25 35
20 2312 18 20
4
612 4912 48 50
45 4 5118 45 50
3
43 4514 40 45
Convertible preferred
• 42 46
404 421 35 41
35 44 4 35 8 4114 36
3
7
3812---- ---- ---Western Con Util Inc A
----------------- 2312 2312 2312 2412 2312 2412 2312 241
_
.4
---- ---- --__ ____ ____ ____ ____ -___ ____ ____ ____
___ Western Grocer Co corn
25 23 25
22 22
21
21
20 207 19 21
18
183
s
4,
---- ---- --------------------------------3112 35 West P L &Tel class A
100 3414 3512 32 343 32
4
32 3312 3112 33
3412 3112 34
---- ---- --------97 100 --------100 101
97 97
7% preferred
•
98 100
__-- ____ ____ ____ ____ _--- ____. -- ____ ____ Wextark Radio Stores COM - -- * 38 65 4 51
3
8312 4414 5812 • 3i2 49
l
-12 46 468 37 4414
---- ---- ----------------5112 56
....- - .- ----------------314 43
3
8
9
12 8
812 7 4 912 94 22
3
---- ---- 4212 4414 424 52
48
64
50
524
312
333 40
4
17 2212
50
--„ - ,- 87 - 14 17 4 1712 air: -ii ii
.
26
1
612 7
512 512 ----------------6
-------9612
1812
51
3312
29
18
5684 Wieboldt Stores Inc
• 53 57
39 Wilcox-Rich Corp cony pfd A_• 37 45
4 Class B
373
• 333 45
4
24 William 0110Matcom
• 20 293
4
Convertible preferred
• 55
84
70 94 Winton Engine Co cony pref.• 84
Common•
-iii. aii. lit: Wisconsin Partscom
• 55
8 ____ ___ Wolverine Portland Cent10 6
-_----- 71
22
--------------------------------27 2812 Woodruff&EdwardsInc partA• 27
---- ___ 3212 3212 ---— 37 4
0 --------Woodworth Inc
33 83
34 38
37 -40
39 4112 4012 4012 Preferred
• 37
6912 82
73 8012 71
78 --------75 75 Wrigley(Wm Jr) Co corn
• 77
1912 23 20 2412 21 25
218 26
4
2012 2414 Yates-Amer Mach part prof '
24
273
4
894 3114 iii2 W1.2 2912 9E:4 8/. ii ai 1
- Rights
, aiii -iii.2 Yellow Cab Co Inc(Chic)._• 314
112
-- ---- ---- ____ ____ _.__ ____ ____ a52 58 38 574 Zenith Radio Corp com
• 48
48
44
4214
2518
54
49
49
283
4
44
4458
4312
24
49
47
47
2814
56
94
55
70
72
6
62
6
55 543
4
92
57
_--_ ---041- --2
8
6
58
8112
------8
43
48
43
2312
47
40 44
39
4612 5112 53
43
28
23 2
.
514 22
36
78
317
8
_
- .
6358
6212
_
- - -3.
2 4.
3
_
65 8512 70 87
70 77
--- ---- 70 2 76
,
704 7512
.
---- ---- ---- ---- ---- -612
.
6
6
612 612 7
2818 2512 2718 2412 265 2184 247 22
8
8
37
36
80
7512
32 2614
2912 - _
35 818
8
594 4938
45
24
21
2312
.
7 4 Ici iii
791.
76
ii
80 1614 ii 2112 2914 24 3212 2412 3212 2514 28
_ _
--811i- li12 5i12 II ig— 12
2
.
i. -12 iii. ills40
3317 6317 38 484 2812 457 29
8
BONDS
---- ---- 99 4 998 99 99 ---- ---- --_3
3
3
-------- ----- ---- -------- 82
_
_
98 116
--------9412
97
97 4 9812 97 4 98 ---8
3
_ --- __..
838 88
5
8412 8412 8212 -- 4 83 4 - 8
433 8
5 8114
84 84 83 83 83 s 83, 84 85 82
,
8
6112 6212 81 613 62 6712 63, 654 634
4
8
1
_ ____ ____ American Service 6s
1930
--- -------. Cal & So Chi Ry 1st 58
82
1927
97 icent sestet Util 68
1938
— ____ _ . Chic Art leo Co 6s
1938
-84 83 833- Chicago City Ry 5s
- 4
1927
82
82 83
Certificates of deposit_1927
65 6412 6612 Chic City of Con Rys 58
1927
100 10012
------------ -------------81
97 97 --------97 67
90
85 85 84 94
89 89 ____
84 85
8112 82 4 8112 84
8
8214
8314 834 8038 81
8012 8012 8134
85 70
693 72
4
7112 723 '7212
4
81 --------82
00 . -__.--.. ---_- ------ 2 -834 - 2 -8413166182 4 8212 85 8412
3
7812 77 84
8314
g
5
82
- -----8812
847
2
84
1936
83
83
58
40
------
85 4
3
85
60
4114
---....--
79 88 8 8114 8212 80 8 8012 8012 8212 --8
3
_ Chicago Railways 58
1927 81 8512 78 8012 78 883 794 8414 82 86
8
827 85 .
8
12
79 8 2 80 2 04 80 81
80 4 80 4 80 -3
0,
,
3
83
1st M ctf of dep 5s
1927 8014 83 4 78 78
3
7712 83
798 82
8
82 8412 823 841s.
8
59 6012 --------6024 81
60 621s 62 62
5s, series A
1927 --------60 65
65 4 67
3
68 72
73 784 74 751
4
40 41
41 45 434 44
43 4312 43 45
5s, series B
1927 43 43
4112 45
454 5212 51
5914 6014 69
60 651r
_____ 41 44
44 44 ___
-_ ____
__. Purchase money 5s
1927 44 44 ____ ---- 4612 49
51
583 60 4 68
4
3
--- _-__ _--- ---- ---- ---- 21; -24 24
25
Adjustment income 4s1927 24 24 --------23 26
2614 2814 34
3514 ____ ____
--------100 100 100 100 100 100
97 984 Chicago Stadium 6s
1943 9812 9812 95 98
95 95 __ _
__ _ _— _ ___
10314 105 10418 4
0518 10412 1051 ----------------10384 1044 Commonw Edison 5s
8
1943 104 10412 1037 104 1023 104 1023 102 8 10214 102 8 1013 10184
4
4 - -7-3
4 1103 111 ------------------------1111411111 ____
4
___
1st mortgage 6s
19431103411034
103 103 10212 10312 --------10412 1042 10514 1054 103 104
1st mtge, series A
1953 1027 1027 --------9924 163 10211 162 10012 16112 -- - - - — 8
3
- -12
---- ---- 103 8 103 8 --------10412 10412 --------103 10314 1st mtge 5s,series B
3
3
1954 ____ ____ ____ ____ ____ _ _ ____ ___ 10178 10178 ..__ ___
9624 9614
1st mtge 4348,series C
1956 9818 99
9814 9814 967 9674 9512 9512 __ _ ____ ____ ____
3
/
984 SW4 ------------------------9828 984 Istmtgo4.448.serlesD-1957
0
8 99 --------9614 9712 ------------------------..,- -_-- 97 97
973 978 ----------------97 97 Commonw Subsid 53444 A 1948 9838 985 9818 9818 __ --- ____ --__
4
4
8
9618 96 8 ---- ---,
97 97 --------9538 96
96 96
98 96
96 96 Cooper River Bridge 1st 68_1958 ----------------94 94 _ 1945
8 i.1 loo 101 ea iiii iii2 16i- iito- 1111-2
10-year 6s deb
1938 100 100 10012 10112 9912 103 101 101
99 101 102 102
-----— 9934 9984 100 100
55 66 69 Ili ii iiii Fed Pub Serv Co 68
1947 ------------------------ ---- ------------97
99 -9
9
99 99
987 .99
8
99. 99
99 99
99 991 Fed • til (Md) 3
:
-year 5348_1930
2 i --------99 9
100 100 100 100 100 100
9612 100
963 9634 9612 984 Guard Title Mtge 534s__1938 9612 9612 ---- -- _ ____ __. ___ --- --- __ -- _8
___ --- 10041007 —_- ---- -_-- ---- ___. ___
8
---- ---- ------------------------100 10014 100
Holland Furnace deb 6s
100
1936 --------100 166 --------100 166 .___ .... 9914 994
1949 140 190 180 251 205 230 205 220 207 2
08 205 228
La Salle Bldg 8345
1958
-------99
____ Mer & hien Bldg ohs A_1943 100 100
cio100 100 --------100 fa ioo fa
1938 9712 9712 9712 9712 9712 9738
10-year 634s
.
------991. IA Mer Nat Prop with war
--------------.__
1958 9912 994 --------9913 9912 _
82
7814 79 4 78 79, 77
3
4
77 7814 74 7612 73F2 i:1 2 -i83. - 1- -ii- - 141
1938 77 78
'2 ---3
4 7-64 7712 804 letr W Side El 1st 48
14 7i8
i1/80
1938 774 773 76 76
4
7412 7412 ---------------- 73 73
78's 78', Extension goid 4a
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ____
82
79
1949 --------100
100
--------993 993 100
4
4
100
90
9916
---- ---- --------97 iii ____ ____ ii11 164 ...- ....- - --_ _ _
-- -. _
_ _ _
898 Il O
614 iii2 95i2 ii 96 i
i ii 513
99 ----------------------------------------.
North Amer Fund Corp 6s _249 ----------------0714 9714
Nor Amer Gas & Elec 6s_ _ _1944 99 99
Northwestern Mevated 53_1941 --------96 98
84 95
881. 4 iii 8;13 - 3 80 4 994
4 !;1 4
1
1938
Palmer Corp of La 68
98 08
PeopieaGa Lt&Coke5s..l947 1045 10424
4
---- ---- ------------------------99 - -99 91 Pettibone Mulliken 6s___ -1943 99 99
6ii
ei
95 66 98 66 ----------------9524 -9-17;
--.- ---- ---- ---- ---..
I948 100 100
-,.r _ Prod Term Cold S tor 6s_
.
.... ..
102 102--------------------------------10128 162 Pub Serv 1st ref gold 5s_1956 1014 10114
--------101 161 loo 161- 1.9ii4 10114
---- ---1963 97 07 ----------------103 103 104 10418 - - - - ref 5348
--------
,15 i.16 . :: :::: _ _ ..... ..... ...... 1st &
---- ------------------------1063 10684 105
4
Pub Serv Nor III 1st ref 5348 '64 ------------------------ 10314 103
3 ---- --- ---- ---4
1939 _
_ ____ ____ ..._ ___ 58;2 - 2 -9812 lili -98i2 9852
6I1.
So'west Dairy Prod 634s....193$ 99'2 99l
99 -chi --------98 - i .___ ____ ____
. . Spruce Falls 1st 534s
1945 --------99 19
PIll. Standard Pub Serv 6s B_1948 99
99
98
..
.7 ,
r- -,-, =- ---ii Ia 9484 95 Standard Tel Co 5348 A. 1943 9514 9514 --------9974 —__
.
4 __
87 fai
94
94 - 95 95
944 95 93 -6434
93 93 St Louis Gas &C Corp 68-.1947 92 93 ____ ._ 87 ii
10184 10212 10 1-14 102 102 102, 10134 1024 1013 10212 102 102i, Swift & Co 1st s f A 5s
8
8
1944 10188 1013 1014 10214 101 102 10012 101- 1004 101- 10034 160
4
- ;
7
100 100 100 100 --------100 100 --------100 100
5 East So Water 6 A s___ _1947 99 100 --------100 100
iii 9711
---- ---- ---- ---- ---- ---- ---- - _ 100 1011 100 100 rexas-Louisiana 6s
1946 9712 10112 ___ ___ 9712 98 .._. _.....
100 100
---------------- ------------------------ 208 So La Salle St Bldg 5342'58
United Pub Serv Co—
L.-- ---- ---- ---- ---- ---- ---- ---- 100 100
Gold debenture 634s____1933 9812 9812 100 10014 98 100
9812 983
4
99 99 ____ ____ ____ --United Public UM Co
105
_
1947
1st 6s A
99 99
99 99
99 99 --------99 99 Util Elk Coal Co 20-yr 6s 1948 99 99 --------07 09
------------------------100 10 14 100 100 Util Power & Lt 6s
1958 100 100 --------100 100
____ ___ ____ ___ ____ ____ ____ ____ ____
19.43 9812 98 2 --------100 100
,
_ td Pub Scrv 5-yr 6
.
9812 9812 --------981, 99 West UM Corp 1st 5348
9812 9812 9812 9812 9812 99
1948 9812 984
_
984 99
99 09
99 99 --------9811 99
_.
1931 99 99 --------------- _ -----------------------99 99
3
-year 534a
--- ---- ---- -------- -------------- 100 100 Wrought Iron of Amer 6148 '38 100 10112 101 ----—.
13
_Oa 1--- ---- 09
00
08
____ ___ ____ ____ ____ ____ ____ __._ ____ ____ YearabTemplelildg 618- 1948
'No par value. a 50% stock dividend. b Former y Q-11-8 Music Co.
09
99
)11
Earned on Stock in 1928.
Range of Prices of Chicago Bank Stocks During First Half of 1929, with Amount
National Hanks.
Capital
Stock
June 29
1929.
July 9 1929.
JULY 20 1929.1
FINA NCIA.L CHRONICLE
Bid.
Atlas Exchange National
Austin National Bank
Bowinanville National Bank
Broadway National Bank
Calumet National Bank
cCity Nat. Bk.Sr Tr. Co. of Evanston
Drovers National Bank
eFirst National of Chicago
nFirst National of Englewood
oeForeman National Bank
Hyde Park-ICenwood National Bank
drying Park National Bank
Jackson Park National Bank
(Jefferson Park National Bank
Lawrence Avenue National
Midland National Bank
Mutual National Bank
mNational Bank of Republic
National Bank of Woodlawn
National Builders Bank
Peoples National Bank & Trust Co
Portage Park National
Ravenswood National Bank
Rogers Park National Bank
uStock Yards National Bank
Straus National Bank & Trust Co
Washington Park National
West Side National
State Banks.
Adams State Bank
Aetna State Bank
Ashland Sixty-Third
Ashland State Bank
Auburn Park Trust & Savings
Austin State Bank
13eberly State Savings Bank
Boulevard Bridge Bank
Boulevard State Savings
.Broadway Trust & Savings
Bryn Mawr State Bank
Builders & Merchants State
Capital State Savings
Central Manufacturing District •
1rCentral Trust Co. of Illinois
eChatham State Bank
Chicago City Bank & Trust Co
Chicago Lawn State
sChicago Trust Co
Citizens State Bank of Chicago
Columbia State Savings
Commerce Trust .9 Savings
Commercial State Bank
Commonwealth Trust & Savings
Congress Trust .9 Savings
teContinental Illinois Bank & Trust Co_
eCosmopolitan State Bank
Cottage Grove State
Cragin State Bank
Crawford State Savings
Depositors State Bank
Devon Trust & Savings
eDivision State Bank
eDrexel State Bank
Drovers Trust & Savings
East Side Trust .9 Savings
Equitable Trust Co. of Chicago
Evanston Trust & Savings
eFidelity Trust & Savings
First Englewood State
Franklin Trust & Savings
Fullerton State Bank
Garfield State Bank
Guarantee Trust & Savings
165
5200,000
190
200,000
320
200,000
195
200,000
300
300,000
300,000 9103
360
1,000,000
25,000,000 .1845
525
200.000
6,000.000 11035
380
600,000
p178
300,000
240
200,000
300,000 J385
110
200,000
235
200,000
350
300,000
7,000,000 9215
300
300,000
245
500,000
992
1,000.000
300,000 1135
130
200.000
265
100,000
378
1,350,000
365
1,000,000
300
800,000
165
200,000
200,000
200.000
300,000
250,000
300,000
500,000
100,000
500,000
200,000
200,000
200,000
300,000
300.000
600,000
10,500,000
400,000
1,000,000
300,000
3,000,000
500,000
300,000
200,000
200,000
200,000
500,000
75,000,000
1,000,000
200,000
200,000
200.000
350.000
200,000
300.000
500.000
350,000
200,000
250,000
200,000
500,000
200,000
300,000
250,000
600,000
300,003
165
220
230
135
275
310
215
400
120
157
210
250
240
715
643
./250
460
360
890
560
170
120
230
230
170
1845
1335
275
150
235
230
180
/360
1300
500
200
135
215
/215
240
335
200
300
490
Asked.
175
200
205
315
9110
375
1850
11050
390
250
Present
Dividend
Hale Per Cent
and
When Paid.
Book
Value
June 29
1929.
6+4 x .1 & D
-J Q
8+1 x J+J
7-1 & J
10+221Q
12-1 Q
10+2 xi Q
18-J Q
16+4 x M Q
16-1 Q
12+3 x .1 Q
12-J & J
13-.1 & J
8+4 xi Q
133
169
186
159
190
ap53
177
0290
464
9405
c225
p34
128
170
110
b184
c282
9p45
171
124
933
128
160
190
222
148
139
152
120
250
9217
255
p97
140
385
375
310
175
230
240
140
285
130
165
220
245
647
J260
480
370
900
180
130
64-2 xi & J
16+x J Q
6+2 xJ&J
16-J Q
6-F Q
12-J Q
16-1 Q
10+22.1Q
6+2 xi & J
8+42.1Q
8-1 Q
8-J Q
64-2 xi & J
6-1-21 & J
10-J Q
6+2 x J Q
8-1 Q
1
4- Q
6-J & .1
6-J Q
8-J Q
6+2 xi Q
10+8 xi Q
12+2 xi Q
4-3 &J
12+32 J&J
8+4 xi Q
12-i C)
8+42.7Q
8-J Q
6-J Q
64-4 xi Q
175
/847
/350
300
___
235
f365
150
/225
345
210
315
___
16-i Q
10+2 xi Q
8+4 xi (3
6-7 Q
10+2 xi Q
6+ 1 xi Q
8+4 xi Q
142+321Q
12+4 xi Q
6+1 x J & J
6-5 Q
8+2 xi Q
6+2 xi Q
6+2 xi (3
16+4 xi Q
6+2 x J Q
8-.1 Q
10+5 xi.95
158
200
156
160
143
159
166
207
120
136
129
186
162
240
0205
144
233
0193
185
247
139
130
176
169
115
9217
c210
180
132
147
192
164
252
194
332
184
136
187
135
212
353
0169
186
344
Approx.
Dollars
Per Share
Earned,
1928 on
Capital
Low.
Stock.
Market 1929.
Deposits,
June 29
1929.
High.
170
52,224,000
195
3,146,000
320
5,630,000
200
2,212,000
320
5.702,000
7,681,000 1105
360
17,512,000
490,000,000 1965
525
6,551,000
115,781,000 11035
425
10,045,000
180
4,359,000
240
2,341,000
4,623,000 J385
120
1,356,000
215
1,679,000
350
5,753,000
129,000,000 9296
300
3,627,000
275
4,200,000
15,299,000 71475
1,953,000 J135
135
2,561.000
265
2,383.000
395
26,516,000
3.95
14,637,000
300
11,220,000
170
2,765,000
2,747,000
4,267,0(10
1,298,000
1,818,000
1,384.000
6,359,000
1,246,000
14.247,000
1,699,000
2,894,000
1,393,000
3,501.000
4,434,000
10,861,000
126,485,000
1,330,000
8,712,000
2,577,000
34,279,000
8,447,000
3,156,000
2,389,000
2,445,0011
2,544,000
2.740,000
842,267,000
11,544,000
3,852,000
1,814,000
2,425,000
5,998,000
1,810,000
3,269,000
7.906,000
7,873,000
1,441,000
3,229,000
3,264,000
5,515,000
3,113,000
3,257,000
3,724,000
7,855,000
2,757,000
165
225
240
140
290
310
215
400
125
160
225
250
245
715
/695
1250
490
3/0
1000
560
175
135
230
230
175
1975
/360
299
150
240
235
185
/370
/310
500
200
145
215
9240
210
350
210
315
490
15.60
14.84
29.50
16.75
25.14
0143.12
20.09
ar41.46
47.51
r40.44
____
Present
Dividend
---- Rate Per Cent
and
When Paid.
Asked.
Bid.
July 9 1929.
Book
Value
June 29
1929.
Market 1929
Deposits,
June 29
1929.
High.
Low.
Approx.
Dollars
per Share
Earned.
1928 on
Capital
Stock.
350
350
28.55
53,743,000
265
8+6 x .31 &.5
350
120
10.68
130
1,266,000
132
6-J Q
150
120
ar46.03
86,487,000 /1120 11050
0233
16+3 x 1 Q
1125
1100
021.09
420
400
8,482,000
c22I
16-1 Q
420
410
135
10.95
145
1,578,000
132
4-J Q
140
135
4.111
210
210
4,940.000
139
.
84-22.1 Q
_
210
165
175
1,268,000
y
134
175
165
10.50
150
155
2.231,000
136
6+2 x J & J
155
20.75
150
180
3,161,000
164
6-4 Q
igo
170
22.20
225
235
14,413,000
135
8+4 xi Q
233
227
22.83
325
325
5,710,000
244
_
10+2 x .1 Q
325
440
d33.20
640
,769,000
188
9
6+3 xi Q
Wzo
600
d16.00
260
270
8,631,000
156
10+1 Q
275
265
440
42.17
500
12,670,000
356
6+4 xi Q
___
500
33.46
490
480
11,275,000
266
16+4 xi Q
480
--19.24
355
375
10,332,000
167
10+22.1Q
__
375
15.40
120
140
2,638,000
129
Q
6+4 xi
130
120
r47.48
1165
5,072,000 1180
148
10+2 J Q
1185
1175
13.11
200
205
3.607,000
160
6-1 Ann
210
200
r30.94
1360
14,666,000 1240
172
14-F Q
1393
1387
21.95
215
220
3,785,000
149
225
8-J Q
215
19.33
180
185
2,525,000
151
11+42.IQ
190
180
15.59
300
310
3,272,000
171
8+1 xi Q
325
300
12.00
140
150
1.991,000
150
6-J Q
150
140
21.42
360
400
11,519,000
184
10+21 Q
-- _
400
22.28
210
225
3,209.000
232
2258+2xi Ann
21.60
350
395
13,390,000
173
12+2 xi Q
460
390
105
120
844,000
115
110
105
20.00
165
175
1,071,000
141
8-J Q
16
220
c19.50
230
1,682,000
c1.59
8+2 J Q
236
220
a16.95
303
310
0153
8,879,000
12+1 xi Q
315
305
d25.45
200
200
9,625,000
153
20(17-J Q
35.60
805
925
62,521.000
430
026
16 1 @
900
26.33
435
495
18,771,000
9209
12+4 xi Q
445
440
25.78
380
415
8.042,000
Q
216
12-1
420
400
/490 0r31.80
28,291,000 /545
0159
12+2 xi Q
535
530
25.30
200
370
7.869,000
165
390
10-J Q
365
722.41
/225
4,278,000 /240
146
8+2 x J Q
/260
/240
27.41
240
250
2,851,000
189
12-J & J
___
250
26.48
460
480
1,369,000
180
___
16+x J Q
480
30.00
275
295
4,390,000
246
10-1 Q
___
295
10.12
280
285
5,653,000
186
8+421 Q
285
280
31.83
325
345
11,164,000
200
10 -1-52 .1 Q
340
330
10.76
375
375
4,083,000
227
8+421Q
___
375
c39.35
390
490
5,253,000
c200
12+4 xi Q
490
475
10.90
230
240
4,600.000
146
6-1 Q
245
235
30.48
550
680
14,501.000
318
15+32.1 Q
700
670
20.57
325
350
11,649,000
155
12-1 Q
335
325
31.50
300
300
2,281,000
221
12-1 & 1
300
16.00
310
310
7.835,000
177
s-J Q
iio
socom 305
16.80
210
225
2,285,000
172
8-J Q
.._
225
200,000
r13.11
/225
7,937,000 1235
127
10-J Q
/233
1,000,000 1228
14.59
150
160
3,225,000
174
xi Q
64-4
170
160
200,000
.1160 r16.13
5,267,000 Y160
146
8-i C)
500,000 1160__
23.13
725
920
278 . 63,894,000
16-1 Q
76
757
5,000,000
21.27
420
440
11,645,000
227
12+4 xi Q
___
425
500,000
18.20
230
230
2.725.000
232
84-4 x NI Q
___
230
200,000
18.97
310
350
3,944,000
183
8+32.1Q
350
340
400,000
20.13
210
250
'2,937,000
225
6+2 xi Q
250
240
200.000
r7.00
9115
2,523,000 0130
114
1130
350.000 /120
c17.00
170
180
2,405,000
c177
6+5 xi & J
180
170
200,000
031.00
425
490
9,683,000
0238
10+4 x F Q
435
430
1,000,000
17.00
210
220
3,825,000
198
8 .1 Q
220
210
200,000
38.84
325
425
3.261,000
276
10+5 xi Li
__
200,000
26.00
210
215
3,008,000
248
6+2 xi & .9
220'
210
425200,000
21.00
210
240
3,351,000
178
8-5 & J
230
235
300.000
22.11
375
400
5.326,000
186
12+2 1 Q
400
390
600,000
r18.89
350
375
2,043.000
186
6+2 xi & J
360
350
300.000
12.18
185
200
2.725,000
145
6-.1 Q
___
190
300,000
24.21
380
410
13,229.000
168
16-J Q
__ _
405
700,001)
14.00
125
135
1,027.000
132
7-F Ann
135
128
100.000
23.26
340
375
6,142,000
201
12+3.) Q
380
365
500.000
18.00
270
280
3.850,000
267
8+2 x J Q
280
270
200.000
21.02
310
335
8.865.000
176
10+2 x.TQ
___
330
600,000
receiving 4 sba-es
stockholders
,
stockholders receiving 3/35 of one share as stock dividend for ea h share held. (Micas() Trust Co.
o Includes figures Foreman Trust &
Republic stock for each share held. n Includes f giros of First Union Trust & Savings Bank.
figured on old capital. s See footnote m.
Savings Bank. p Par value 820. q Includes profits realized from sale of building. r Earnings r Consolidated with Bank of America
I Consolidated with Illinois Merchants Trust Co. u Includes figures Second Security Bank. 1928. y Opened for business January
(Chicago). tc Includes figures Stock Yards Trust & Savings Bank. z Opened for business June
1929. s Includes figures Lawsdale National Bank.
Halsted Street State Bank
Hamilton State Bank
'Harris Trust & Savings Bank
Home Bank & Trust Co
Howard Ave. Trust & Savings
Humboldt State Bank
yI. C. Bank & Trust Co
Immel State Bank
Inland Trust & Savings
Kaspar-American State
Kimbell Trust & Savings
Lake Shore Trust & Savings
Lake View State Bank
16.80
Lake View Trust & Savings
r25.60
zLawnditle State Bank
4.00
I.lberty Trust & Savings
Lincoln State Bank
c22.07
(Lincoln Trust & Savings
cd8.08
Logan Square State & Savings
11.89
eMadison & Kedzie State
Madison Square State
7125.06
Market Traders State
r6.50
Marquette Park State Bank
15.00
Marshall Square State
37.00
Mercantile Trust & Savings
30.35
Metropolitan State
:8.14
Mid-City Trust & Savings
15.77
Midway State Bank
14.44
Millard State Bank
,
Morgan Park Trust & Savings
42.00
Noel State Bank
155
North Avenue State
225
12.97
Northern Trust Co
230
7.28
17.69
Northwestern Trust & Savings
130
Oak Park Trust & Savings
6.70
275
(Peonies Trust & Savings Bank
18.00
300
kPersonal Loan & Savings
18.60
205
ePhillp State Bank & Trust Co
16.72
325
Pinkert State Bank
7.00
120
Pioneer Trust & Savings
9.00
160
Prudential State Savings
8.51
160
Pullman Trust & Savings '
245
22.00
Reliance Bank & Trust Co
190
14.96
Roseland State Savings Bank
r41.30
685
Schiff Trust & Savings Bank
/550
ar26.13
Second Northwestern State
/240
r3.08
uSecurity Bank of Chicago
25.72
450
Sheridan Trust & Savings
010.14
360
63d & Halsted State Savings
r213.03
560
South Chicago Savings Bank
38.68
525
South Shore State Bank
8.69
17.5
cSouth Side Trust & Savings
4.02
120
Southwest State Bank
21.60
225
eSouthwest Trust dr Savings
19.01
230
State Bank of Chicago
160
/652State Bank & Trust Co. (Evanston)
Stockmen's Trust & Savings
.
-cr30 74
/330
Stony Island State .9 Savings
34.23
275
Suburban Trust & Savings
11.00
140
(transportation Bank
17.00
190
26th Street State Bank
18.75
225
Union Bank of Chicago
13.36
170
Union State Bank of South Chicago - r39.53
7350
United State Bank
r20.00
/275
Universal State Bank
45.17
475
University State Bank
7.62
180
West Englewood Trust .9 Savings- - - 135
3.00
West Highland State
22.80
215
West Madison State Bank
r13.15
0200
West Side Trust & Savings
215
27.37
West Thirty-First State Bank
38.83
330
West Town State Bank
(12.62
200
Wiersema State Bank
d22.80
270
Woodlawn Trust & Savings
435 q110.00
165
180
260
170
310
175
310
1790
525
1965
390
175
210
1325
110
220
310
9210
280
240
71400
1125
135
260
360
360
280
170
e Earnings and book value include
a Earnings and book value do not include Securities Co. b Book value includes Securities Co.
stock. g Old stock. h 5100 par stock.
Securities Co. d Earnings figured on average capital. e Capital Increased during 1929. f New
by 25% stock dividend-will also
t Figured on 5200,000 capital of 6100 par value. I Capital increased Jan. 1929 from 4 to 5 millionsfrom Chicago Morris Plan BankName changed
be increased July 15 1929 to 6 millions, new stock to be sold at 3500 per share. kstock will be offered at $350 per share. its Capital
Capital will be Increased to $1,500,000. / Will increase capital to 12 millions: newtil aftart rnynhina with (Thirster, Trust Co.
-Republic
sr, .... 7 rnitl...,..___,....“.1 ‘.11111. innraamr1 to in minion*
State Hanks.
Capital
Stock
June 29
1929.
$200,000
200,000
5,000,000
1,000,0(10
200.000
500,000
300,000
200,000
300,000
1,600,000
200,000
600,000
700,000
500,000
500,000
700,000
400,000
400,000
200,000
2,000,000
300,000
400,000
300.000
200,000
600,000
200,000
750,000
300,000
100,000
200,000
1,000,000
600,000
2.000,000
1,250,000
500.000
2,500,000
1,000.000
500.000
200,000
750,0(10
200,000
500,000
750,000
200,000
600,000
350,000
700,000
1,000,000
200,000
386
FINANCIAL CHRONICLE
[vol.. 129.
THE DETROIT STOCK EXCHANGE—STOCKS AND BONDS.
In he following we furnish a monthly record of the high and low prices on the Detroit Stock Exchange
for the twelve months ending June 30 1929. The tables include all stocks and bonds in which any
dealings
occurred during the first half of 1929 and the prices are all based on actual sales.
1928
July
August
September
Odober
November December
Low High Low High Low High Low High Low High Loot High
_. ____ ____
____ 38
4014 38
47
January
February
March
April
May
June
Par Low High Low High Low High Low High Low High Low
Hita
3712 44
if
1929.
STOCK.
25
Airway Elec Appliance com--• 374 4213 38 4112 3534 4214 363 40
4
3812 4814 ---- ---100 993 103 100 103
4
98 98
97 97
9912 9912 -------2914 Alloy Steel Units
22834 38
Class A
• 15
167 14 - -14 1312 1E12 ii
8
1412 ii - 4 ii If
10
1;43
Class B
• 27 29
2512 3214
23 26
25 27
25 25
9 144 84 - 14 812 ff
9
4 1312 1614 1238 21312 26 30
9
15 8 1313 1641 12
-5
143- Auto Fan & Bearing corn
4
1014 1212 812 1012 834 1012 64 8
19 22
19 2414 24 2812 2214 2714 22 25 4 20 25 4 Baldwin Rubber Units
3
3
20 2212 20 4 2412 18 2212 18
3
8
213 19
2112 183 20
8
Class B
*
___
3
614 6
8
6
9
5
613
ii fi
1614 16
14 15
fi
1612 fti
ii fi
4210 Belle Isle Cream COM
le 10 40 4612 44 46
40 45
-- ---- ---- ---- ---74 79
7212 7912 71
78
7114 76
7112 9412 90 11812 Bohn Alum 8c Brass COM
* 109'2 122 10518 1165 106 123 iio 112-02
8
7
8
8
714 8 8 1314 1114 1418 1112 147 127 17 Bower Roller Bearing
5
8
8
• 1512 2018 173 2212 13
4
1918 154 1838 007 -1 14 ii 8 /
13
163 21
4
11
16
14
1412 1378 21
173 2012 17
4
1712 British Amer Brew Ltd A
• 15
15
17 20
15
1712 11
11
13
11
11
11
-_-_ -_-_ 3
3 --------2
212 212 213 ____
Class B
-•
75e
112 1
112 1
114 ---- -- ---- -—
2614 3314 2513 3414 234 35 4 31 4012 37 4014 3113 3
38 Brown(John W) mfg com---10 3612 56
493 5612 43 55
8
45 49
45 - 8 454 52755
---- -------------------------36 42
28 3614 Brown Fence & Wire pref A * 33 3612 31
3414 26
26
31
30
28 30
2312 26
• 30 36
31
35
29 31
25 28
28 2812 23 2312
1512 13
14 15
1-3
- 15 --- --------12
12
12
11
11 Burkart Mfg corn
2112 22
21 22
21
21 --------20 21
183 19
4
Preference ---------------- -- - .
- ---- ---- ---- ---- ---- ---- ---- ---64 812 6
74 6
9
714 814 63
8 75
8 64 9 CC Spring & Bumper
814 814 --------71
8 75
8 7 2 712 --------6
,
814 Preferred
10 8
113 11
4
113 -4
- - -212 2
2
112 112 112 112 114 112 114 15 Columbia Sugar com
12 2
8
10 13
8 4
3 Vs 2i.4 14 2i2 -1- — - -12 --44 --12
,
12 2 2 2
1
4 2
1812 20
1838 19
1812 1913 1914 20
1913 2012 184 20 Consol Paper com
10 18
1913 17 4 18
3
1612 17 8 17
7
175 18
8
18
17
18
----- ----- ----- ---- - -- ---- --- --.-- Cont'l Dept Stores Units
7512 95 85 974 78 87
73 74
70 70
70 78
124 1158 1214 12 -1112 1913 154 16
17 2012 17 1712 Continental Motors COM
12
* 21 27 ____ -_ 20 20
_
2014 2112 ____ ___ ____ __-------1784 19
1512 2014 17 20 -_-- Copeland Products A
• 17
17
2012 2012 18
19
164 16 2 -, ,-5.. --,, --,.- •,.
_--- ---- ---- ---- 6
7
4 8 614 5
5
• 5
6
5 --6
6
Class B
534 714 43
4 84 413 512 412
14 414 0
-- --- ---- — - 614 65
8 5
6
5
6
4 4 51s Class B v t c
3
• 5
5 4 43
3
4 614 414 514 44 5
4 5
4
4
4813 52
48 50
48 55
5112 5712 5412 5614 52
55 Crowley Milner & Co com
* 533 6212 5314 574 473 5314 48
4
5712 48
4
524 47 50
304 3514 33 3614 34 4112 36
39
3514 383 Davega Inc corn
4
• 343 343
4
4
34
34
•
29 - 4 27
353343 284 21 24 4
2712 2112 24
1412 1558 144 15
1:1i3 11
16
1i 16i3 -1i 15i2 17 Det & Cleve Nay corn
- -12
10 1818 17
157 1612 18
8
1814 143 um
8
1614 16
183 16
4
38 41
383 404 3314 4412 40 4512 41 45
4
39 45 Detroit Creamery corn
10 z45 54
45 4 50
3
413 4814 423 4914 3914 50
4
4
34 4014
195 205 193 205 202 320 192 216 198 202 218 220
Detroit Edison corn
100 225 240 240 240 257 257 ----------------275 285
--------------30 3512 30 35
28 36 Detroit Electric Units
3212 38
3212 37
33
31
30
3114
- -- -*
Class B corn
-loi-f
ia ii 1
012
•
Class A preferred
1712 20
17
183
4
15 15
17
19
16
18
-14 17 -18
1.54 -16 li
16 Detroit Forging A corn
• 17 24
21
2413 2012 233 19 2013 --------16
4
16
207 2214
8
•
153 1818
4
---- --- ...-_ ____
- ____ ..„. ____
_ Detroit Mich Stove Co
•
912 Ills 914 1012 9 10
938 105
8 84 94 94 1212 87 12
84 9
8
7 8 1018 712 1118 Detroit Motor Bus
5
10 85
8 95
8 812 93
4 74 918 712 912 7 8 814 63
3
4 78
7
• 18
2112 1712 2012 1513 1814 153 1714 316
19
4
14
16
•
4312 5012 4518 49
42 48
42 4813
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- Dolphin Paint & Vern Units_
3114 3712 313 333 30 35
4
31
4
36 ---_ ---;
Class A
1912 23
18 16
17 -164
•
Class B
•
11
14
1312 1634 14
1434
--------------23 26
23 29
2412 2913 Federal Mogul corn
• x2512 317 29 3112 23 4 2912 233 2814 23 28
3
8
4
17 19
22 2413
163 213 18 212 21
4
4
2534 2078 2212 1858 21 Federal Motor
Truck com
5 18
204 184 2112 1512 1914 163 1712 144 17
8
------26 3012 28 3912 38 4 5914 54
14
17 8
,
,
593 Federal Screw Wks corn
4
• r67 74
63 713 63 7614 64 76
4
63 77
__-- ---- ---- ---. ---- -___ -_-66
723
4
2514 28 Federated Public'ns pref
• 25 283 243 2612 25 2812 25 26
4
4
2512 2712 25 27
• 393 44. 4312 543 4814 5312 4712 503 4612 49
4
4
4
4513 4512
655 E66 540 580 560 615 575 637 585 li-- 178 675 Ford Motor of Canada
25
100 632 875 622 640 670 1150 IC60 1150 ____
- ____ -..—
Class A
•
47 60
4518 6911 463 4 814 4414 4134
Class B
•
55 60
58 145
11
10
104 14
A 11
125 if
8
1812 - 7 551 -.-12 Frost Gear & Forge corn
114
4 2
6
5 2614 32
26 283 25 2714 23 2514 22 24
4
-34 21 - 3224
50 5312 55
52 56 --------51
53
50
51 ....._
__
37 3814 3518 3714 37 4412 38 43
3814 4i
40 44 Gemmer Mfg class A
•
45
41
43 4 40 42
3
39 40
40 40
40 - 4
0
--------------28 2912 26 3514 28 32 Gen Fdy & Machine Units____ 41
3212 31
35 41
27 42
30
333 22
4
36
32
3313
793 793 90 90
4
4
83 863 84 84
4
725 723
8
8
4 212 173 214
2
214 212 13
3
112 214
112 14 General Necessities
25 112 214
113 2
112 17
8
13
8 13
4 13
4
8
3
4 1
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- Gen Spring & Bumper A
• ---- -_-_ 40 51
3612 4814 404 8014 383 7312 38 48
4
a
Class B
40 50
343 4714 3812 5912 403 7312 373 48
4
4
4
---- ---- -- ------2014 -- .14 51
. 2
3
30 8 34
5
3214 43
43
60
-3
6
55
4612 5914 45
4612 45
5113 Graham Page Motor corn
• 4914 53 4 477 47 8
3
8
7
3d prof v t
ff Grand Rap Metal ara12
• 1514 16
ft
14i2 -- 17
233 Hall Lamp corn
4
• 2314 2718 243 2614
4
56 Hayes Body corn
• 523 5912 497 563
4
8
4
56 Hershey Corp class A
6612 Class B
62 66
--------------74 8612 80 9012 7012 85 4 Hiram Walker Gooderharn &
3
Worts Ltd corn
• 81
8712 8312 94
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- - -New common - _...........__
___ -_
1214 13
1214 1212 1338 125 12 2314 1712 2014 18
8
19 Hoover Steel Ball corn
10 ----1813 27
19 -- -12
22
33 3312 32 3314 33 43
37 45
4212 443 43 50 Hoskins Mfg corn
4
• 4434 48
45 50
----------------------5014 6114 44 80
Houdaille Corp class A
5014 65
* 55
66
4 712 1014 94 143 1314
812 113
4
1514 1738 1614 183 1713 26 4 2112
4
3
2914 32
29 3212 43 55
50
-------------- 443
4
--------------41
117;) 1:15
8
2412 21
65 4 '50
3
50
4514
47
4314
1114
124
4
2312 193
4
6014 45
82
46
82
45
4014 303 33
8
32
-92
15
11
18 154 11 2114 -- -14 11
17
193 25 8 213 233 213 2614 22
4
4
4
3
4
464 60
51 86
46 68
41
4814 4913 35
67 80
704 82 36513 36512
____ --_ __
. 173 21
4
---- 18
15 2114 15 21
2412
40 60
42 45
45 41
6014
20
207
8
45
343
4
92
1418
24 4
8
5313
80 4
,
20
25
4513
-- ---- ---- --- - ---- ---- ---- ---- ---- ---- ---- ---- Houdaille Hershey class A.. • ---- ---- 4812 52
-14 57 iii 403 54 ii 44144
55 14
4
*
Class B
4812 52
3812 56
3212 5414 35 47
38 4912
25 26
27 27
25 25 -_-- --_ ---- -__ ---- ---- Houseman
Spitzley A
• 25 25
20 20
25 2814 24 2512 25 2512 25 26
*
6
3
614 412 5
4
512
5
• 15
1612 14
1512 134 1512 13
164 1512 1614 14
1613
5 15
1812 143 5514 13
4
Class B
1478 12
16
153 15
4
15
18 8
,
• 1912 4512 2512 35
26 35
27
3313 23 36
2312 30
720 72c 805 80c 75c 75c 67c 70c -- - _ --- Iron Silver Mining
•
1412 18
500 500
144 1512 15 30
30 4614 4018 - - -293 --- iackson Motor Shaft
4714
4218
* 33 41
32 4018 2112 3512 213 3212 25 344 23 26
110 11412 114 124 118 136 134 136 101 133 101 4
4
11312 Kalamazoo Stove com
•
31
314 313 3212 317 3212 32 324 --------31
8
8
31 Kawneercom
10 31
31
31
31 -------- 31 - 3
i 5i - - 55 12
il
-14
•__ 1612 18
4
14
173 14
16 8
5
• 28 327 28
8
3112 36f -2 28
2412 2412 22 2213
25 25
--------------------• 28 33
28
30 4 28 29
3
27 31
2412 28
273 3114 3014 36 4
2214 265 22 25
8
4
3
16
14
if
i 2 36 Lakey Foundry & Mach
• 31
3514 3113 3412 29 33
2914 324 23 29
23 2513
---- ---- ---- ---- ---- ---- ---- ---_ 2912 32
273 3112 Mahon (R C) cony prof
4
• 28
304 33 4 2812 3312 28 30
3
28 2912 28 28
---- ------------------------2411 2712 2513 30 Marks Stores class B com___ • 283 35
4 32
30 30
30 30 ----------------25 25
---- ---- ---- ---- 6043 60c --------50c 55c 50c 70c Marquette
Oil Co
134 I
10 65c
13
8 114
114
1
750 95
75c 95e
------------------------- 14
144 14
15
13
14
--Mexican Crude Rub corn..i0 10
10
---- --------50 16 ii Ei 8i - - 'aiia - 014 Michigan Steel corn
62
6
• z60 8514 7934 1687 if) 116 98 1033 iii 105
- g
;
----------------- ------------ 25
---- ---ii 161
- 12
32 Mich Steel Tube Prod corn... 2812 35
31
34
30 34
13
3113 13
4 214
2813 32
28 29
DE 2
2
154 152 114 I12
2
1, Michigan Sugar corn
2
1
10 1
312 214 3
24 23
8 13
4 212
134 25
8
112 2
10 3
5
412 5
412 4 4
3
224 ____ -_ 504 164 21 I212 2212 1212 Preferred
314 412 3
_
214
3
Miles Detroit Theatres
10
----------------22
34 373 3714 46
4
4512 5012 3818 483 394 3914 ---- • — Motor Wheel corn
4
• 447 447 45 45 -------8
3
4 4314 _ _ - --- — --- ---41 4712 47 573 66 913 95 10612 --------6512 .
4
4
73 Murray Body corn
•
68
74
783 7714 _-- - - ------ - —
4
• 49 4 5512 4914 58
3
51
59
53 of 47 54
45- -- 14 2
6
28 414 3
7
312 414 313 44 3 4 512 44 87 National Grocer coin
4
3
10 6
1212 978 1212 57 1114 84 1138 373 114
8
---- ---- ---- ---- ---- ---- ---- ---- ____ _ __ 2714 30 s National
4
64 852
Screen Service
• 2712 345 26 303 25
8
4
3012 2412 3212 204 34 -.-- ---19 20
19
19
18
18
16
17
15
17 Odin Cigar com
15
16
_ __
1812 11
12
8
107 11 _--- ---___- : 11
26 30
2412 2712 ----- ---- ---•
Class A
----------------18
21
4
173 19
22
1814 -•
Class
- — 1012 14
8
13
127 1512 11
79
734 35
83 943 91 100 4 oi fii iio fii PackardB
4
3
10 141 147 128 149 123 147 125 130 12912 15312 128 188
Motor corn
New
8
4
_ - 273 277 28 29 2
3
• 45 47
4
45 474 483 52
4712 493 50 5512 513 5 14 Parke Davis & Co
4
4
•3534 583 53 1814 51 14
4
-14 45. 4 - 1 5412 453 4912 454 50
1
4
33 35
2/12 35
4
31
29
33 45
40 4512 4512 51 Parker Rust Proof corn
• 58 75 80 85
90 95 83 90
97 10
8
90 150 130 143
94 10
10
10
10
10
9 4 9 4 --_ ____
3
3
Preferred
10
93
4 9 4 ----------------934 93 10
8
10
4
7214
Re Nu-Hete Pruf COM
i6- -W -- 1 -iii2 3 ;
4
ii- -iiis 11 81- -i8F2 iii- -iii- 11 4 Reo Motor corn
-3*NO Der Taws.
•
iii2 - -14 20 20
i6
10 284 314 2713 2912 2612 3 4 27 20
-112512 29
274
18
2312 2412
JULY 20 19291
FINANCIAL CHRONICLE
387
Detroit Stock Exchange—Concluded.
1928.
July
August September
October
November
Low High Low High Low Nigh Low High Low High December
Low High
3414
- - - - ---------------3214
10
1612
2 1 5i
8
12 67
24 30
2412 29
26 3514 28
30 35
3212 34
34 4214 41
37
3612
814
33
463
4
3414
3234
67
8
27
4012
4314
4114
73
4
331
45
BONDS
1929.
January
February
March
April
May
June
Low High Low High Low High Low High Low High
Lew High
33
31
6 4i
7
2712
41
401 Rich Tool class A cony pref..* 3612 4114
:
---- ---- ---- ---- ---- ---- ---- ---- ---- ---37a4 Class B corn
7 4 River Raisin Paper corn
3
• 07
8 oIR
i
112 ii2 ci 'Ole 114 i72 oii iis .
li
3112 Riverside Forge & Mach
• 27
4
313 24 2912 18 26
2018 213 19 4 2812 18
4
3
2138
44'2 Ross Gear &Tool corn
Sanitorium Equipment
cumulative preferred
•
26 28
241- /612 2714 28
2
1712 1814 ---25 28
23 28
-il /6 Schwartz Cigar class A pref....• 24
32
273 3212 2512 30
12
4
13
26 29
912 1014 10
25 28
18
16
18
23 -18 2212 203 2312 Class B
2411
4
* 2312 2914 28 313 26 30
27 28
4
281 283 28
25 2814 26 2811 ___
4
2912 2812 29
__
28
29
2612 2814 Scotten Dillon corn
10 2712 30
28 30
2714 2912 27 2818 27 28
---------------- 100 101
26 4 -- 11
3 27
Second Nat Investors units___ z100 10012 100 101
98 102
____ ____ ____ ____ ____ ____ ___ ____
99 101
97 9812 95 9713
•
100 102 --------102 102 101 102 116 120 ____ ____ Silent Automaticcorn
____
Preferred
100 110 112 115 125 130 142 133 135 ____-__ 27 29
------------ 2712 3112 25
133 145
2
- Square D class A
912
• 2612 29
27 3012 26 31
2512 2712 24
3012 25 26
* 345 44
8
40 477 42 45 37 42
8
14
3712 46
42 46
* 70 82
7612 85
12 70 85 8 71
7
73
71
76
70 8112
--- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- _8_
4
Stearns (Frederick) & Co
• - --- 37 42
—
37 391 36 37
_ 19 26
35 36
18
3512 3614
17
1734
• 19 2212 1612 20
19 -2314
14
iii2 1E "ivi2 1- 24 2612 23 2612 23 22 20 2312 Stinson Aircraft corn
16 2018 1714 2314. 1612 19 4
312
25
3
2412
2812 Sutherland Paper corn
1814 21
1714 20
1434 18
15
15
13
14
14
17
11
*
25 26
26 281 26 26
1412 1712 1612 1918 185 265s 23 263 2212 2614 2212 29
51
511
___
8
4
Timken Axle corn
10 7283 3514 263 313 193 29
4
4
4
4
10612 108 107 107 10712 108 108 109 10612 10734 Preferred
223 2712 2312 164 -iii2 24
4
100 107 107 107 10712 108 108 107 10812 10412 109 105 -- 2
107
-Tru-Lax
_
•
38 40
393 4612 46
4
54
1412 183 15 2012
52 6412 ---- --- W1i4 - 3 Truscon Corp corn
4
66 4
Steel corn
10 53 5312 ----------------------------------10612 10612 104 106 104 105 104 10412 104 10414 104 10412
----Preferred
100 10212 105
) 1
21
I2
12
c
o
-Union Investment Units
67 7014 68
70
68 68
673 673
4
2
-1
8
.
65s Unit Shirt Distribut
7
8
-ii- I-- -igi _ 12 934
2 46- -io- .fi -ii- - . 44 44, 40 -1- U S Radiator corn ors corn.. 43 61 z7 7712 7 1034 734 978 612 8 5 7 4
.f.E 10 1
40
•
55 6014 50
101 101
98 98
50
45 45 --------50 54
98 98
97 99
96
9712 10 100
Preferred
100 98 100 --------100 100
95 95
6 01
514 812 Universal Cooler class A
• 612 10
158 258
714 814 63 63
114 2
4
4 514 514 512 DI 2
818 512 110 2
818
13
4 3 4 214 23
3
4 Class B
• 2 4 4 4 334 47
3
3
2118 23
22 2714 2614 43
8 3
412 3
378 3
42 4 4014 4312 4914 4012 47 Universal Product
414 212 3 4
3
3
* 45 55
corn
443 527 3814 473 37 46
4
8
4
39 4514 37
4112
---------------------------------------- 61 63
• 116 230 175 205 170 189
New
• 1912 243 1712 2112 15
4
193 157 /918 26 4 - 4 25 - 4
4
8
3 3143
123
Warrants5
0e
--- ---- ---- -_-- ---- ---- ---70, 1
1
- _ _
_ White Star Refining com
. .
_ 50 - -14 423 503 443 50
51
4
8
4
48.4 1 5.512 5214 -.
6.
S 4034 4434
issued
2When
. 44 4412 ii - - -14 32T2 16
New stock
---------------3112 4212 34 4 55
49
- 22 -, Ci ii 4
f
61 ---- ---.
6
1E12 Class B
* 381., 447
When issued
New stock
* 4234 45
411
4____ ____ __-- - --_ ---- ____ ____ ____ ____ ____ Winters Crampton Mfg A • 28 2858 25 4 -4i14 89 - -7 55 is ii 110- ii —6
4
531
4
273 31
2712 30
24 y2612 24 24
Class B
• 25 28
24 29
85
2712 34
8 63
6
28
4 514 5 4 514 81: 518 6
30
,
23 y2614 20 22
654 3
6 Wolverine Port Cem com____10 512 6
6
1958 2134 20
63
4 614 67
2112 21
3 6
2112 21
6
612 61z 612 611
21 -__ ____ ____ ____ Wolverine Tube
* 1712 183 1812 19
coal
4
101 101 --------06 96 -___ ____ ___
22
3112 2912 31
2912 35
30
_ _____
33.
3
___
Preferred
100 ----------------98 98 100 185
41
4314 4012 457 45
8
5518 51
55
5012 - .3 453 57 4
4 54 Young Spring & Wire
•
1265712 65 5712 68 13834
1E4 6502 ICE
BANKS.
263 370
267 267
268 207
285 295
285 325
jai 248
238 240
238 242
235 246
iii 246 256 246
-------- 720
-------- 712
555- 5rE5 555 550
•
•
,115- 440 --------442
72
6 718 71- 7215 72
.6
-6 ____
712 710 710 712 712 703
550 546 550 535 550 530
443 440 44(i 4,15 442 ____
-
555- 303 - --------332
400 410
403 410
305 325
332 305 330
--------398 405
325 332
398 388
350
____
iiii 61 gois- 865 - goo- iiii- riOil ifil goo- Eli- ioo-
American State
New
Bank of Detroit
100 7305 325 315 330 315 323 315 340 350 410 380
400
20
106
100 225 235 225 233 225 250 230 255 243 272 245 107
100 ----------------------------------------110 250
116
_ Detroit Savings
100 --------700 700
795
703 Dime Savings
_- 100 705 705 --------700 700 625 900 1000 1180 ___
_,
540 First National
100 540 550 555 555 575 625 590 890 650 850 740
765
_____ 650 650 700 750 730 730
____ Highland Park State
jai) 4. 8- 466- 480- iiii" 4215- 432 440 650 650 755
2
Depositary rights
___ __
___ ___
__ ___
_ __ 740 740
350 Merchants National
100 350- 350 - 400- 400 - 420- 420 - 465- 525 450 585 ---- ___
____ Peninsular State
100 398 400 402 402 410 410 425 480 480 576
'SOO- EEE
New
100
Eici- Peoples Wayne County___ _100 810 845 815 840 810 815 808 950 928 1170 100 105
1000
New
20 --------------------------------205 250 200 103
100 ------------------------390 390 400 400 __-- 220
_--------
-------
-725
TRUST COMPANIES.
-------- 122 122 129 120 125 140
140
--------332 332 290 330 __ ____ ___
877 907 890 905 907 907 890
____ ____ 150 150 150 150 --------130
505 515 ------------------------495 500 500
275 275 275 275 --------280 280 280 280 177
_
_ _z__ ____
—
.
_
_
_
13•• 616 --------505 61i 877 666
-
150
____
890
150
500
277
Eii
American Trust
Bankers Trust of Detroit
Detroit & Security Trust
E0uitable Trust
Fidelity Trust
Guaranty Trust
Highland Park Trust
_
Union Commerce Invest
Warranta
100 145 148
100 235 235 ------------------------250 2i6
11.00 ----------------895 895 925 975 950 1115
---------------------------------150 150
100 500 soo505 505 500 500 --------500 610
100 280 280 280 280 ----------------250 295
100 298 315 ------------------------322 385
100 530 sao
550 730
224 235 224 225
1095 1090
885 666
252 255
367 367
600 650
RIGHTS.
113
3
--------Bower Roller Bearing
2
1-16
Ps
Us __
100
a&-, i
:
4
1
-
---- --- __ -
150
5
10
5
10
6542 -- c- ___ ....
- 80
1111 To par value.
,
THE CLEVELAND STOCK EXCHANGE—STO
CKS AND BONDS.
In the following we furnish a monthly record of the high
and low prices on the Cleveland Stock Exchange
for the twelve months ending June 30 1929. The tables includ
e all stocks and bonds in which any dealings
occurred during the first half of 1929 and the prices are all
based on actual sales.
1928.
August
September
Julio
October
November December
High Lbw High Low thigh Low High Low High Low High Low
—a _
--
400 400
367 365 375 EEE 385 375
424 424 420 415 430 427
295 295 30112 30112
—
240 240 iio- 240 250 250
290 290
165 165
165" 165
298 285 290 285 295 isl 300 287
275 275
300 282
368 364
435 424
410
385
465
250
165
341
290
BANKS.
1929.
January
February
March
April
May
June
Par High Low High Low thigh Low
High Low High Low High Low
American Savings Bank___-100 425 425
410 445 410 Central National
100
415 415 415 415 425 425 415 415
376 400 385 Cleveland Trust
100 447 398 461" 445 470
450 530 475 Guardian Trust
100 500 376 40018394 402 455 462 460 450 440 450 415
400 405 400 406 400 405 400
Lorain Street & Say &Loan 100
310 310
Midland
100
i(36- 350 425 400 iLii- 425 420 415
245
National City
100 254 254
265 254 300 285 310 300 aosIs 305
.235 325 Pearl Street Say &Loan
12
100 310 310
fEE 160 160 Union Savings & Loan
301 301
100 155 155 iio- 150
304 340 310 Union Trust
100 327 307 347 330 886- 346
28512 290 285 United Bank
100 300 295 296 294 290 289 396 340 424 390 322- 385
284 280 280 280 281 280
[VOL. 129.
FINANCIAL CHRONICLE
388
Cleveland Stock Exchange—Continued.
1929.
1928.
MISCELLANEOUS.
November December
October
August September
July
High Low High Low High Low High Low High Low High Low
June
May
April
March
January February
High Low High Low High Low High Low High Low High how
183 15
18
4
4
/
• 27 241 2612 2012 22
Aetna Rubber
4
97 963
100 100 100 101 100 100 100
Air Way preferred
22 20
2112 20
2312 22
Akron Rubber Reclaiming_ • 23 22
__
_ . 92 92
i50_
Preferred
10
1012 8
12 - 6'2 12
1,
• 1472 12
133412 Allen Industries
34
4
1
/ 104 14T2 li 171 104 16i2 -ff
121 1012 12
. 14 -330
31
30
31
34 32
* 33 31
Preferred
3118 3014 3312 3014 3512 3312 3512 3312 3312 31
3114 30
__L. 116 118 125 118
100
10812 10812 112 112 115 115 ____ ___- __ _-__ ___ ____ American Fork & Hoe
..... 114 114
-_
100_
First preferred
4
4 393512 3712 363
45- 383 ___- • 40 37
ii in li American Multigraph
1
4 -12
5i 1612 3212 If 56 13 iiT2 -3f12 ii38'.s 86 86
8812 88
9212 92
92 90
4
/
9512 94 90 891 84. 81 --------50 83 93 90 American Shipbuildin9____100
100
Preferred
---------------------10814 10814 110 110
1812 18
105 104
1814 18
2614 24
26 24
30 23
24 20
18
18
4
1
/
104 10414 --------10412 104 --------103 103
4
243 23
71 22 2012 2612 21
2
1712 1712 21
14
17
3
15 4 1412
1
/
9912 964
98 97
1712 1712 1712 17
--------9012 90
4
1
/
10
11
1012 10
4
283 27
3012 28
4
1
/
125
125
-10
113 112 114 1
:
1
/
374 3612 381s 361
8812 88 88 82
-8
-14 io -3434 58 4 / 14
1 02
1
1
*
3312 2614 3- 4 - - 57 12
99 98
_ 107 10312 105 102 103 101
100_
Preferred
4
/
35 343 351 35
4
3712 36
36 36
3414 36
37 36
3712 3714 Bessemer Limestone
35 344 354 343 3712 3612 37 36
4
1
/
35 34
4
1
/
4
7
5
3
44 5
7
4
6
412 412 5
50 6
712 7 Bishop Babcock
4 6
63
4 6
63
6
6
3
7
3 4 212 114
4
1
/ 34 5
4
3
3
3
20 4
3
3
---: ---- 7
4
1
/
3 Bond Stores "A"
5
3
5
4112 1
3
4
3
ki
4
3
---- -- __
4
/
11 ____
212 114 2
114 1
4
134 1
/
• 11 1
"B"
134 1
N
2
14 --__ -14
14
4
1
/
4
/
-1
11
4
1
/ 23
4
1
33 33 --------27 26 ____ __-- 23 -- /
4
/
36 311 Brown Fence & Wire "B"..—• 35 31
---------------------38 35
:
* 351 34 --------30 2912 29 29
"A" Preferred
_ _ 38 3512 35 33
---- - -- ---- ____ ____ ____ ____
18 1
18 15
18
26
311
2812 18
• 1612 1012 18
14
1012 Buckeye Incubator
10
18
912 12 -- 12 1514 1012 12
19 ____ _
20
4
100 65 4 653 65 4 653 66 8418 6412 6412 6514 6414 65 05
3
3
4
67 67 Bulkley Building pref
4
4
-3104
4
1
/
66 663 663 68 4 --------67 6512 67 67
13
12
1212 15
16
12
4
* 20
912 18
133 16
15 Byers Machine "A"
24
26 21
32 26
28
19
25 23 23 23
100 150 149 140 140 --------146 146 --------125 125
Canfield Oil
_ 180 135 175 154 181 170 190 180
100 --------103 103 ------------------------10414 10414
101 101 --------102 102 ___- ---- ____ _ __ - Preferred
_- 4638 463 4814 4814
8
• 48 48
_..- --- - _ Central Alloy Steel
4412 411/4 4012 012 ---4
42 40
4
f 111 11-0
100 113 11212 11212 111 112 1083 11114 110 11112 if
Preferred
-0
-1
11114 11012 11112 11012 11112 110 11212 111 112 1 - 12 1121z111
4
Chase Brass & Copper prof 100 --------10413 104 10414 103 10312 103 10412 1033 105 10312
_
5312 49
58 54
4
1
/
55 54
• 64 61
59 55
6212 59
Ifs: Li 1214 io Ifi4 ii li 5714 11 6212 Id14 City ice & Fuel
014 14
4
/
4
1
/
9
1012 91 10
5
10 10
4 9
13
818 133
7 Clark (Fred 6)
12 812 9
3
4
1
/ 5
714 614 6
312 312 5
4
25 2212 25 24
15
2514 23
14
1212 30
14
-------- 7
10 __ . _ — Cleveland Automatic Mach 50 14
____ 10
7
712 714
9812 98
76 75 95 81 111 100
71 70
100 75 75
•
Preferred
75
75 54
61
50
49 52 4112 54 5 12 5012
51
,
ai-
29 28
29
2812 31
33 281: 31
--------311 2_ 2812 Cleveland Builders Supply__• 35 3114 3412 33
* 147 138 140 135 220 135 275 200 250 199 _
140 15 13312 130 Cleveland Cliffs Iron
- iiTs 97
- ---•
. Preferred
2
100 11212 111 11134111 iii- 1161- 11212 111 11212 ffi 112 11013
ciev Elec
4
4
6
iii 11- - iii" 1161- iii" ifi- iiii4iff1- iiif2ff6ii iii" 116 Clevelandto. 6% pref
4
1
/
100 106 10412 1063 104 110 105 107 100 10112 100 10112 100
2
Ry
2
10312 10212 105 10212 1047 103 10412 104 10512 104 106 10412
4
1
/ 212 214 212 214
4
1
/ 2
4
1
/ 3
12 3
4
1
/ 313 3 8 3
4
1
/ 3
3
3
212 312 2 4 Cleve Securities prior pref--• 3
3
212 2
214 2
4
/
214 11 214 2
70 70 ___ _ _
21 68
4
1
/
78 70
• 63 63 83 61
77 70 Cleveland Quarries
__ 55 53 60 58
2
- 5972 507. ____
____
211
24 - 2112 21
23 21
1
/
1
/
4
1
/ 2312 224 25 22
• 244 24
24 24 Cleve Union Stock Yards
2434 21
2414 2318 23
-2434
0
2
2612 - - 12 25 24
13
1312 14
1312 15
4
/
15
1712 181 15
18
Cleveland Worsted Mills___100 1912 18
20
22
22 20
17
23
17
1912 1812 19
20
21
32
32
32 32
32 32
__ ___
32
32
Transit __100 3218 32
55 55 ----------------35 35 Cleveland & Buff Brew_
56 55
55 55
14. Cleve & Sandusky
ki
12
2 --------2
4
1
/ _ _
212 2 ___ 2
812 812 812 8
7
100 - ---- ------. 8
Preferred
12
13
1212 12
12
14 . 14 ----------------12
28
106
28
106
4
4
1
/
28 273 2812 28
14712 122 144 140
28 27
120 106
_ ____ ____ ______ ___ ---- ---- ____ __-- Columbus Auto Parts pref___' 32
31
3134 3012 35
301
3312 3012 3112 29
2712 25
51 48
4
1
/ 494 48 2
,
50 ------------ ------------50 50
• 230 200 26 22912 270 2501 178 260 295 275 300 295
4
/
4
4
/
1
/
1
/
100 10612 10612 107 105 107 107 1071 1071 1074 1043 105 1044
4
1
/
105 10412 10332 103 105 104
__ _____ ____ __ __
4
1
/
•
4
1
/
67 671 67 67 .___
4
/
484 40
4
1
0912 70 - / ---- - -4
1
/ 70
1
/
4
/
4
/
4
/
0 55 - - - Edwards (William)6% pref_100 701 701 704 701 --------6811 68
6
--------70 - 0
_-- -,- _-, 55i: - 012
---60
60 57 63 6212 60
88 6012 89 60
57
• 61
8
613 59 Electric Controller
2
5812 603 593 62 56
4
63 ------4 61
30 30
3012 30
25 25
34 32
• --------34 33
__- Enamel Products
__
512 5
5
2 612 6
812 Vs 67
z 5
1
/
114 6
*
6 Falls Rubber
12814834
83- 4 712 -712 7.2
--8
4
1212 1213
12
4
1
/ 1512 ---- --- ---- - - 173 10
15
25 12
Preferred
1814 1814 --------1112 10
20 20
15
1
/
204 15
15
36 - - 36 35
3212
38
3614 36 32 32
4
1
/ 33
38
• 30
32 2913 Faultless Rubber
33 31
3212 30
3212 30
33 33
30
31
5 41
4
/
421 41
45 42
357 40 39
39
48 40
39
Knitting Mills
4
1
/ 40 38 Federal
1
/
4
373 364 38 37
3812 33
37 37
4
373 37
3434 3212 3414 30
•
4
1
_
32 29
./
6
2
iii fif iie iii iii 166 iie fii iii 19 210
--------106 10512 107
185 173 180 174
10912 10912 11014 110
110 10914 110 108
175 105
172 167
"A" preferred
Dow Chemical
Preferred
277
250
182 17414 253 190 Firestone Tire & Rubber_ __AO 250 233 241 220 285 233 4 292 4 10812 289 10912 110
110
1103
10
;
3
11214 110 11012 110
1st preferred100 111 10912 111 110 11014 1093 110
10812 10912 10712 109 107
4
12
7
100 111 109 8 109 108 1093 10814
'
10512 109 4 1073
10812
3
4 2d preferred
49 45 4 / 4 3
4
503 48
4
1 4 11
5
4
1
/ 54 47
5412 43
• 4412 40
_ _
_ 42 40 Foote Burt
.
ii li 57 50 -A:
____ ____ iii 16
4
21
0 2;11 2414 --------2634 - ;
2
27 - _•
-- --__
7.,-- _-- ---- -- ,--- 200- 283 260— Gabriel Snubbers _ .. _ ______ 25 282 280 251 050 200 272 284 281 295 280 280 2807
General Tire & Rubber
180 17
0
- 206 185 200
96 94
4
1
/ 9912 95
102 9912 10112 101 10112 9912 100 99
Preferred "A"
4
1
/
3414 33
40 3412 37 45
3512 31
29
31
•
3
100 105 103 4 105 10412 105 130 105 104 105 105 10312 10212
17812 172 175 185
11118 10912 110 110
4
4
109 1073 1083 107
__ ____ _
_
_
ii li
-- ---- - -
00
-
a
----
199
106
4712 47
53 5112 48 4512 4812 48
5212 50
• 54 52
56
53 Godman H C
4
/
4
1
/
57
5814 571 58 5814 60 56
4
1
/ 59
59 58
4
1
/ 96 90 --------------- -74 74
• 9714 94
4
4
3
- ---- ---- 87 4 85 --------1063 1063 Goodrich (B F)
4
1
/
75 7512
100.
112 112
____ ...... i.25i2 - 4
3
3
--------133 4 133 4 _-__
if
iiiii - --------133 16614 Goodyear Tire & Rubber 100 12912 12912 ----------------10314 163 _ ---- — - ---- 123
.
r ---- ---- -77'. ,''.-_.• ,- --------10214
-.-14
10312 10312
100 _
1st preferred
1i7
9812 9812 07 89
94 90
94 3
954 05 4 95 93
100 96 9514 95 95
--------9512 if Great Lakes Towing
9
95 95
ii Vi 95 95
4
4
100 --------111 11012 1083 1083 109 109 109 109 109 105
Preferred
4
/
109 109 110 110 1091 10914 111 110 112 111 110 110
41 40
4
1
/
43 4012 4212 4112 42 40
43 40
41
4112 41
41 Greif Bros. Cooperage "A"___. 43 40
3
43 4 42
4412 42
43 40
39
41
12 _--- ---- Guarantee Tit & Trust ___ _100 ----------------140 110 --------139 130
4
/
---- ---- ---- ---- ____ ____ 142 142 1421 142
4
43 4112 423 4112
45 43
45 4412 50 43
10 4612 45
57 46 Halle Bros
4
1
/
4
3
100 105 103 4 105 105 105 104 105 10212 1033 10314 13014 10314
Preferred
2 1041- 104 10212 10212 102 161 103 10012 10212 101 104 102
9412 9412 --------98 96
94
100 94 92
9434 9412 94
90 ____
-- Hanna (M A) 1st pref
69 6212 75 7212 8714 8714 91
6112 61
15
19
19
20
17
20
2018 19
25 21
• 22 21
1
/
2712 184 26 _2312 Harbauer
13
1814 15
4
123 1312 1318 13
13
12
12
4
1
/ 12
12
2
147 --------15 1412 1211 12
• 15
14 Harris Seybold Potter
15
16
15
s
2012 18
1014 18
15
147 21
22
2
4
/
100 10812 10612 107 107 108 10712 1071 107 108 107 10612 106,
---- — — Higbee 1st preferred
10712 107 107 107 _-__ ---- 10
612 10612
100 ------------------------1073410711 108 106 107 107
Second preferred
105 105
.-- ---- ---- 51
57
55
61
1
/
73 55 65 594 62 55
* 73 39
345
49 3014 41
34; 56
311 2614 5112 - -7 ----------------- 2 4512 34 India Tire & Rubber
100 --------858585858585
_. - _-_- --- Preferred
7 27 ----------------9696
9
155 149 155 145 165 150 168 155 190 111 175 15812
165 14
135 132 138 137 150 140 150 140 ------8 190 150 Interlake Steamship
33 333
4
4
1
/
4
3
3
• 4512 38 4 3712 35 4 36 3314 36 323 35 33
Jaeger Machine
*
1334 1334
- Jordan Motor
. i
6 aii
3 . If LO ii L43 - 5
100 42 3012 iif2 1612 ii - 9
2
--12 Preferred
30
31
40 35
3712 30
30
31
33 29
10 32 29
29 Kaynee
9512 9512 99 99 ...... _
99 99
100 _
- - Preferred
5i
55 - 3t
57 55
1
/
594 57
M12 6012 59
65C4
57
58 Kelley Island Lime 84 Transp.• 59
54
40 35
40 34
35 30
3212 30
29
31
• 3212 29
28 Lake Erie Bolt & Nut
---4
/
5312 4612 60 511 5612 54
49 47
25 4514 43
4
1
/ 50 43
4212 Lamson Sessions
---97 97 ----------------96 98
100 --------98'Z 96
4
943 Loews Ohio 1st pref
---90 8814
4
---- Marion Steam Shovel pref 100 105 105 103 102 1023 100
13
1214 13 -- 2 -------1271414 13
•
Maud Muller
393
4
/
*
3934
-17
ii 19 ii 16 McKee AM Class A Brick_* 4312 44 411 40 42 3914 4014 42 4 4014 3014 41 16
4 iiii2 .
4
4512 - :f6 iii 16 4014 1112
4
42 40
4212 42
50 4412 47 4412 44
52
,
46 2 44 Metropolitan Paving
4
8 46
4
46 45
48 473 48 4714 4714 45
4
4
100 105 105 106 106 106 106 1043 1043 106 106 108 106
10814 10814 10914 10814 10912 10914 109 100 --------10534 10514 Preferred
37
39 36
37
3412
4
/
3212 2712 411 3112 42
27
• 31
1
/
27 261 2713 25
3
4
/
2712 26 4 30 2714 284 27 Miller Drug
28 24
4
4
273 273
2012 2012 ____
___ ,.___
___ 23 234 24 24 ____ - - Miller Rubber
4
1
/
4
1
74
0
7
0 55 - - -14 55 - / ii "iii ii 1i
7
52 - 100 8212 78
Preferred
72
78 - 72
76
8178 74
8514 82
77
86 81 76
5012 44
5912 62
65 54
8
593 57 60 53
• 6512 60
143 130 185 124 224 163 242 200 246 230 240 235 Mohawk Rubber (old)
81 81
4
1
/ 8712 8712 88 85
88 87
1009012 81
Preferred
90 88
4
1
/
89 88
92 89
93 9212 93 90 90 90
_ __
35 3212 3712 3612 ____
37 36
37 34
• 43 39
Ohio
40 33 Murray
3312 24
25 15 25 22
15
15
14
14
3512
3812 3312 40 3612 3612 36 33
2
363 34
• 38 36
4
1
/
39 36 Myers Pump
40 37
38 35
3712 36
4
1
/ 39
4
1
/ 36
3812 37
100 105 105 105 105 .___ -- 104 103
Preferred
_
_ _
10412 10412 ---- ---- ---- ---- ____
4
1
/
4
/
371 33
3312 3312 33 32
35 30
10 3012 2912 38 32
4
1
/ 3212 27 National Acme
22
14
31
2012 16
24 20
1312 16
14
132 13014 127 130 128 130 129 13212 130 133 131
13214 130 137 137 ____ ____ --- ---- ---- - - National Carbon preferred _100 132
31
32 311 -,- _-r — --- ---- ---- ---- ---- -- - 31
.
4
/
32
____ ...... _-__ ____ 32 - - Nat Recording Pump (pfd)__' 38 36
__
--36 3512
37 35
3112 33
6
4
373 3612 37
35
3
3
s
38 343 3714 34 4 3714 3614 38 36 2 37 36 National Refining
36 35
4
100 138 138 138 134 135 134 13812 138 1343 13412 132 152
- Preferred
132 131 13212 13212 134 133 134 134 .__
3634 3312 38 32
35
4
1
/ 3412 3212
41
38 36
• 38 34
3512 2812 38 33 8 3814 3612 39- 33 National Tile __
4
1
/
3
31 29
30
-5284
17
14
18
17
17
16
16
18
50 18
15
7 National Tool
712 712 712 712 7 4 73
4 8
3
45 45
50 50
55 55
100 50 45 60 60
25
17
Preferred
40 39
22
25 2712 25
2912 23
3
• 2912 20
26 24 4 24 22
30 263 Nestle-LeMur "A"
25 2712 29 25
4
2914 26
2912 28
4
/
3
30 25 4 301 29
312 227 25 22
23 23 Nineteen Hundred Washer_• 2
25 2412 24 23 24 23
25
4
1
/ MS 2514 26
9912 9714 98 9712 98 9713 9712 95
9912 98
9712 96 99 98 N OP & L 6% preferred____100 9912 98
9812 9712 98 9714 9712 97
9913 98
3
4 11212 11412 113 4 115 11112 114 11214 11312 112 115 11314
4
11134 110 112 11012 114 1113 114 113 114 111 11312 112 Ohio Bell Telephone pref-100 1153 8614 89 81
1
/
85 814
90 8412 8512 8012 8712 81
• 92
95 83 94 87 Ohio Brass B
89 88
9212 88
91 87
93 90
4
1
/
4
1
/
100 10612 1061± 106 10612 107 107 107 10812 106 105 106 103
1
/
105 1044 106 106 10512 10414 Preferred
LOS 105 108 10512 107 107
68 88
70 70
7314 70
73 72
74 68
• 7512 69
4
1
/ 74 69 Ohio Seamless Tube
61 4712 69 63 78 65 78 72
50 44
100 105 102 105 105 --------105 106 --------105 105
3
38 4
---191s
32
4211 3812 4612
13 13 ---38
26
31
31
3112 30
100 100 _ __
59
5812 56
58 53
54 53
5318 53 52
33
28 23
2512 25
---- 23 2212 28 22
--------------------------45
---100 100 ____ ____ -.-- ---- 95
-- ---- -___
---- ---- ---- --- ---- ____ ____ -- ---- _-_4
3
35 4 373 3612 40 3714
- ____ _ - ----II
1E1 35
1918 20 -4
1
/ 34 30
30 29
30
*No per value.
39
1914
38
32
37
1718
22
30
42
JULY 20 19291
FINANCIAL CHRONICLE
389
Cleveland Stock Exchange—Concluded.
1928.
1929.
MISCELLANEOUS
August September
PJuly
October
Norember December
High 4Low High Low High Low High Low High Low High Low
---- ---- ---- -,_85 61
90 - -- 89
81
383 3538 3612 35
4
37
-----1934
16 1412 1612 16
19
-----42
,-- -,- ,-5
8
87
3412
35
1812 193
4
1614 19
4212 4312
- • - ____
8514 11514
3312 33
18
19
18
17
42
4312
_
86
--32
1712
1612
42
January
February
March
April
May
I
June
High Low High Low High Low High Low High Low High Low
____
__ Packard Electric new
119 115
-Old
35 32 Packer Corp
2418 19 Paragon "11"
20's 18
Certificates of deposit
447 42
8
"A" preferred
---- ---------------------------------1912 1912 Peerless Motor
__
__ 3832 38
3812 3712 4974 3712 5312 47 Reliance Manufacturing
281 273 331 220 353 328 346 333 400 3397 390 350 Richman Bros
8
(old)
NeW
8
712 712 7 River Raisin Paper
5334 10
--------------41
10
1612 15
i -9
9
8
1412 13
34
3C4 5
614 614
1012 8
V t c series 1
V t c series 2
Preferred v t c
•
12612120 126 115
• 3312 2912 31
2938
• 27 2212 2714 243
4
2612 211g
25 21
* 44 43
4318 423
4
3814 38
42 39
119 119
3038 281g
2812 24
28 24
4
4438 423
3814 3612
4112 40
40
38
37
35 4
3
30
25
2414
4412
37
32
2514
2412
4312
343
4
27
2112
22
4312
34
27
28
2512
44
36
2412
22
22
44
33
-28
2212
2212
43
3418
50 ----------------19
19
17
16
19
19
* 52 48
5212 5812 5512 477s 593 53
4
573 53
4
5512 53
•
28 28
27 26
* 390 365 38512 338 354 330 383 335 394 36312
_ 123 114 132 112
- 18
• 8
614 7
• 812 7
7
25 16
1212 14
619 7
612 812 712 712 7
7
612 612 7
712 7
7
14
10. 10
12
10
12
10
100 _
203381661- .138- ilk- 686- i65' --------230- 2 - 25012 25012 Sandusky Cement
8
----16
.
100 260 260 260 260 248 248
26 26
25 22
24 23
24 22
25 23
24 2212 Scher Hirst A
• 25 22
23 2112 2218 2112 22 2 2112
1
46
39
47 4214 5212 457 513 45
8
4
55 4514 67 51
5114 61
60
471i 52 47
105 104 10512 10214 10512 103 106 1033 108 10512 10712 1047 Seiberling Tire & Rubber_* 65 56
8
8 Preferred
100 1077 1057 10712 107 10714 105 107 106
2
8
43 413 4112 3812 41
8
38
387 37
8
37 34 35 3378 Selby Shoe
* 35 32
323 297 31 28
4
8
3212 263
4
9912 10114 99 ____ ____
-------------- 101
Preferred
100 10012 10012 99 9712 9712 07
9812 9812
42 412
80 78
10712 107
30 30
----------------33 32
30 30
80 7812 95 7812 9314 873 9112 87
4
2
1073 106 108. 106 108 106 108 1053
4
30
30 --------30 25
2914 29
818 8
8
1214 1112 12
12
11
63
rid 56 5014 66 5114 71 55 70 6514
3112 31
28 28
31
267e 35 3212 33 32
1
1
1
7
8
12
12
---- ---- ---- --014 5
0
412 6
418 77
8 43
4 7
512
----------------------101
--------------74 74
76
95
75
26 2512 Sheriff Street Market
8838 83 Sherwin Williams
107 10612 Preferred
_-_ .41_ ,Smallwood Stone
12- 11 Standard Textile
72 65
"A" preferred
3212 3114 "B" preferred
3
8
14 Star Rubber
6
5 Stearns Motor (F B)
95
76
92
75
100
2011 20
21
2034
25 88 857 88 85
8
87 83
100 108 10714 1073 10614 10612 10412
4
* 28 25
2778 27
2512 25
• 14
11
14
1114 12
11
* 89 71
86 83
83 80
• 40 33
50 38
50 4618
63
4
518
6
5
57
8
____
_
9112 -- 82
107 1053
4
2512 251
12
11
90 81
51
4614
1
312
47
8 5
7
618
612 612
103 10
4
21
22 22
48
40
10712 106
2712 26
9912 9912
21
44
105
27
96
2112 2112
105 90
10714 105
_--_
_
11.2 73
8
88
70
5012 42
91
94 1053 10414
4
__ _ _ -_
'i738614
79 70
42 45
412
3
312
3912
105
25
96
3
Steel & Tubes Inc "A"
Income "B"
• 98 98
94 94 ----------------10018 10018 _-__ --* 75 75
727 727 8
2
-- • 3012 3012 31
30
55Tg - 12 5ii2 22
66 '.if, 1638 ii - 6
t
3
2912 2712
50 29
----------------------------------------11
*
1012
347 3118 387 3212 36 3312 36
8
1
32
4012 34
Lii ii Thompson Products "A"
• 68 4618 66
59
58
67 50
53
5912 57
63 59
10212 10212 103 103 ----------------105 105 __ 4 --- Preferred
100 107 107 --------108 107 --------108 108 108 107
103 10012 104 104 105 103 10314 103 104 10312
104- 104 Trumbull Cliffs Furnace pf 100 10512 104 10512 10412 104 104 10412 103 103 103 103 103
4412 427g 49 43
47
45
4512 443 62 44
4
5712 4818 Union Metal
• 60 52
59
5012 52 4912 5012 48
49
47
47 _
50
1
3
4
38
12
14
48
14
3,
12
14
3
8
14
3
8
14
12
14
12
100
1^
14 Union Mortgage
4
3 ----------------3
212 23
2 23
8 27
- 212 First preferred
8
100
- 3
212 5
3
1
— -- — -- - 33
---- ---la
l8 ---- - -Second preferred
100
3
4
ls
38
4
4
8
33
6
i
-7
* 814 7
.
1.
18 15
13
12
7
11
8
35 30
56 16 30 28 28 28 2812 28 4 Van Dorn Iron
Preferred
100 2812 28
30 293 30
30
4
35 35
35 35
40
37
•
2712 2612
• 33 24
45 35 32
32 47 40
4914 4412
51 40
---- -----------------55 55
71
70
70 60 Wellman Seaver Morgan pref.*
10 --------11
-- 10
11 --------10
11
Preferred
100 _-__-65 64
65 64
65 64
65 62
70 63
943 7212
4
-- - -'
- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- Western Res Inv Corp pf _ _100 ----------------304 103 1033 10312 105 10312 10312 102
4
•
36
33
3512 327 37
8
33
34
3212
_—
- White Motor
50 48 4112 ----------------4814 463 44 4014 ---4
-ioa- icd- Ha" 16i- i6- - 1- 1 ioi- 161 i6ii2 1- -1- 105 - - -14 White Securities pref
1 6 -- -64 2
9
8
100 10218 102 10412 10412 104 10314 104 104 10434 1043 10414 10414
4
•
29 25
2914 28
2612 24
27 2514 25 22
26 25
2514 25
26 243 2514 243 53 4
4
20 35 - - - Wood Chemical "A"
2
8
• 29 28
2812 28
25 25
283 2812 26 25
4
2512 2512
• 2234 2112 2312 2312 233 2312 2014 2014 --------2012 2012
4
---- ---- ---- -- ---- -- _ - 9414 4.414 --_-- ---— Youngstown Sheet & Tube_ _•
- _-__ --- 115 115
---- -----------------0973 9914 102 2912 10214 120
Preferred
_-__--100 10252 101 103121017 103 10118 103 101 104 102 10312 10112
- 8
BONDS.
Canton & Akron cony 5s_ _1933 --------00 90
City Ice general 6s
1933 --------101 101 101 101 151- iiit
5934 9934
Cleveland Ry 5s
1931 100 100 10018 100 100 993 9912 99
4
9812 0812 98 9/
Cleve & Sandusky Brew 6s 1948 102 102 --------10138 1013 10138 10112 10112 10112 10112 10112
8
Cleve SW By &Lt Div Mtge
1954
2812 2814 2312 2812
-98 96
- Steel & Tubes deb 6s
6112
1943 33 - - -38 96 9912 68 -64
94
66 Iii
9512 - 4
9
1003
4
100
10112 10118 10114 10114 10114 10114 10112 101 10114 10112 ___ ____
- -14
iiii- 1-61 - -------- 101 101 ----------------101
10014 1014 10012 10014 1001.4 10014 --- -- 100 100 100
----------------------96
- 112 66
0
oa -6-31.,
RIGHTS.
---- -___ -- _--- ____ _-_- --- -___ ____ ____ Cleveland Trust
__ ____ ____ _--'- ---- .--- --_- _-_- ____ ___- Glidden
60
45
46
42
*No par value.
THE ST. LOUIS STOCK EXCHANGE—STOCKS AND BONDS.
In the following we furnish a monthly record of the high and low prices on the St. Louis Stock Exchange
for the twelve months ending June 30 1929. The tables include all stocks and bonds in which any dealings
occurred during the first half of 1929 and the prices are all based on actual sales.
1928.
August
July
September
October
November December
Low High Low Nigh tow High Low
High Low High Low High
176 175
325 330
200 200
170 170
320 328
200 200
Lai
545 550
545
168
326
200
350
545
175 178 185 190 190
330 329 330 330 340
205 --------205 205
400 400 400 -------547 543 550 541 546
6
305 365 - 568" 3 8-- -_-_-_-_ ----_ 533
335 343 --------330 3 - - 340
-0
4
4
1773 18212 16012 1773 173 180 165
4
180 184 18212 18212 18212 18312 180
-----130 130 130
BANK & TRUST COMPANIES
1929.
January
February
March
April
May
June
Par Low High Low High Low High Low High Low High Low High
185 192
336 345
Boatmen's National Bank_ _100 193 208 190 193 196 196 200 200 215
First National Bank
100 34212 354 362 420 372 395
_ Franklin-American Trust _ _100 215 225 --------228 23014 380 336 385
239 239 250
400 400 Lafayette-South Side Bank 100 --------375 395
____- -370 370 --------368
546 575 Mercantile Trust
100 575 628 GOO 620 595 600 585 585 575
Mercantile-Commerce Bk. & Tr -------------------------------294
3 - - --------360- 3 - - - Merchants-Laclede Nat Bk _100
- 0 - - - --- - t
0
-0
6
___
_ ,
345
340 340 366 381 395 Mississippi Valley Trust_ I00 368 370 31 35
370 385 380 335 385- 3 - 7 375 385 3628
172 165 16912 169 184 Nat Bank of Commerce___
_100 175 210 185 195 180 187 175 181 173
180 180 180 180 180 State National Bank
100 190 210 --------210 215 210 215 210
130 -_-- -___ ____ _— United States Bank
100 146 150
230
440
251
220 220
436 443
252 232
580
310
—
285- 301
365 370- 270 188 ---- -05
215 205 2
MISCELLANEOUS
60
63
62
62
--------63
63
____
_____ l' mer!c n Credit Indt
A
im :
c
e7rIty_25 --------60 60
5912 60
52
52
50 50
6012 60
• 812
23
.:
3
,
3
•-. ;;i .,4 ;; . -12
3
4
-4
31- -5ii4 -313- -ii- -i - - ---4 -..i" - - -.,...- - 4 Aloe (A S) Co corn
_--_-_- ----. -55C2 20 3512 36
36- - - - -55i2 - 1 -54i2 37 - 35
27
35 2
35
35
35 4
3
103- 104 10212 10313 104 104 103 104 103 10312 10412 105
Preferred
100 1033 104 1033 10414 10314 105 104
4
4
104 10412 10418 102 102
7
7 Baer-Sterns-Cohen corn
82 82
82
80 __-_ ____ 80 80
82 ____
_ Beck and Corbitt pref
71
100
. _ __ _
__ .- __ - _ 35 85
21
27
25 2812 2512 3112 27 _-- Bentley Chain Stores com_-__• 2812 - 3012
32
5512 -35
3112 34
-30
32
---- -20- - - - 18
46
23
47
46
51
47 4812 Preferred
---- --__ -------45 4812 40
• 4712 4912 47
4912 47
48 _--- --18
18 ____ ____ BerrY Motor
-16
16
100_
---------------------------------------11012 11012
- -- -- - -- - 42
39
il1; -41- - - - 40 4012 39. 40
4114 4112 43 Boyd-Welsh Shoe corn
• 4014 4012 '18
40
38 39
3712 32 3712 2712 3712 3712
12
54
8
4612 4812 443 453 Brown Shoe common
48 4814 4612 527 50
4
50
8
47
• 45 46
4212 4312 41
. 42
39
43
43
3914 4614
11934 120 119 119 119 120 11812 11812 118 118 117 120
Preferred
100 117 117 117 11912 -------11713 44
11914 11712 1173 1173 1173
4
4
4
•No par value.
[Vor.. 129.
FINANCIAL CHRONICLE
390
St. Louis Stock Exchange—Concluded.
1929.
1928.
MISCELLANEOUS
Notember December
October
July
August September
Low High Low High Lew High Low High Low High Low High
June ,.1
May
March
April
January February
Lew High Low High Low High Low High Lew High Low High
45 45
43 4514 43 43
39 46
• 45 46
45 Bruce (E 1) Co common
97 27
97 97
100 98 99 ----------------95 95
_
_ Preferred
6
7
0
7
512 6
7
8
9
1012 8
• 8
-- Burkart(F) mfg common
912
4
16
163 1458 1512
17
17
1712 16
• 17 2012 17
18
Preference
20
100 125 130 123 125 122 122 118 118 116 116 116 118,4
Electric corn
130 Century
—
1043 Champion Shoe Mach 1st pf 100 10312 10812 106 106 10312 106 102 10312 10012 10212 .- -4
5 — 52
3
73
2 7 8 7 897
8
7
8
8
8
9
9
25 8
- _ Chicago Ry Equip corn
18 20 20 .1 201
18
1712 18
17
17
18
16
25 16
1712 Preferred
-47 523 4712 5712
4
3912 4712 4014 48
1 37 47
397 43
s
40 Coca-Cola Bottling Sec
1714 1 314 1534
100 1014 137 1012 1214 1012 1312 1112 1512 13
8
123 Congo' Lead & Zinc A
4
20 1_22
5
22 22
22 22
100 ----------------25 25
Consolidated Coal
100 --------190 200 190 200 191 20014 200 200 198 200
110 110 110 110 ____ ____ ____ _______ ____ 135 135 Corno Mills Co
100 _
97 97 ----------------------------------------Eisenstadt mfg pref
66 55 IA
ii 34
ii
3214 3514 30 33
36
a 32
33 3312 Eider mfg common
33 34
30 33
31
32
29 34
30 31
73 8112
73 75
73 75
72 75
75 79
80
100 SO
7812 8012 80 8012 "A"
75 80
7412 78
76 77
78 80
----------------108 110 109 109 ---100 109 109
First preferred
__ ____ _ __
110 110 --------110 110 110 110 ____
99 Ili
100 101 106 103 10314 102 10312 102 102 100 100
-8 10614 10812 Emerson Electric pref
109 110 108 110 108 108 108 108 108 10
3
8
8
4
4
283 2912 283 2914 28 283 277 283 2712 334
4
common— —25 2912 30
4
3
2812 29 4 2812 293 28 2912 29 2912 29 3312 29 3218 Ely-Walker 0 G
100 108 109 107 10712 107 108 107 10712 10512 10714 --- 1st preferred
110 113 11312 114 114 115 114 114 110 113 109 110
85 --87
86 88
8712 8712 86 8612 86 86
100 86 88
2d preferred
91 9112 93 93 --------88 90
90 90
90 90
1912 20
20 22
22 25
20 25
22 22
* 20 20
20 20 Fred Medan mfg corn
2212 2312 --------20 20
25 26
24 25
4
4
5 4 612 412 6
3
5
7
7
712 6
• 6
912 Fulton Iron common
6
10
11
10
15
15 --------10
15
16
100.--- ---- ---- -___ ---_ ____ ---- ---- ---- ---- 37 37
Preferred
70 70
78
78
78 81
85 85
85 85
81 85
100 115 117 115 118 115 116 116 116 115 116 115 115
11614 ----------------1111211112 114 117 Globe Democrat pref
117 11712 11614
to 55c 55c 550 55c 50c 65c 59c 59c 65c 800 900 90s
52c 90c Granite 13I-Met mg
1
43c 432 43c 43c 44c 45c 40c 45c 50c
4
1612 1712 143 1512 1312 15
1712 20
1712 24
25 1812 21
21 Hamilton-Brown Shoe
16
20 24
1912 20
1912 24
1912 21
21
24
25 2612 2512 28
26
22
2912 3514 26 29
* 25 25
20 Hussmann•Likonies corn
20
27 27
29 3212 27 27
3012 34
1812 1612 17
17
18
17
21
18
* 20 2214 2012 22
20 2112 Huttig S & D corn
20 2114 20 2212 20 21
21
20 23 21
85 85 --------85 85
92 92
92 92
100
Preferred
94 9414 --------92 92
95 96
97 97
97 97
4 3
314 23
312 312 3
3 s 412 312 4
5
4
Hydraulic Press Brick com_100 3
34
3
3
4
414 3
4
45
8 414 45,3 4
414 5
66 66
7312 70 72
68
68
71
8
100 63 697 62 70
7312 Preferred
71
733 75
4
80 813 75 79
4
78 8212 77 81
1412 11
1212 12
1214
12
123 13
4
13
13
15
1514 Independent Packing com___• 13
14
12
14
10
173 10
4
1784 1734 1734 1734 16
80 83 80 80
77 77
83 85 85 85
100 80 80
Preferred
65 65 --------80 80
96 96
95 96
95 102
7
64 6712 67 73 8
3
7412 63 7112 65 4 7412 63 68
• 71
3
8
8
803 83 80 8112 74 8012 70 7712 717 807 72 75 4 International Shoe corn
8
4
100 10812 110 10714 110 1063 10814 10512 10712 10412 107 10412 107
Preferred
10912 110 110 113 110 111 III 11112 111 11112 109 111
3812 3812 3812 37 3912 3712 4012
38
39 39
39
a 39
39 Johansen Bros Shoe corn
39
3512 3712 37 41
------34 36
60 6712
55 60
55 57
58 60
62 6718 Johnson.Stephens-Shinkle _ • 55 63 54 6.5
61 65
5512 60
593 69
4
---- ____ 55 59
--------Kenna,d&SonsCarpetpf1OOlO2 102
44 44
4912 50
47 47 --------45 45
99 99
9812 101
100 100 100 100 100 100
10
1212 9
1212 10
1312 11
12
1312 10
1812 20
1938 20
22
20. 2112 21
20 22
130 130 --------115 130 121 125 121 130
98 101 100 105
101 102 100 1012 100 100
7
7
6
6
---- ---- ---- ---_
8
8
18
1812 19 --------17
324 58
3914 40
5612 6314 69 6312 55 62
12
9
1414 12
1312 12
1318 1014 12
13
43
__-9
17
125
104
-- _17
37
10
.
- - - -2i.- "2-i- a ____ ____ 52 5212 -ii.iii-4 -66 52 -3-i
-2-44-3712 3812
3812 39
39 39
39 40
*
Preferred
63 105
92 Laclede-Christy C P corn_ __I00 60 60 ------------------------62 62
iii 91
100 100 ------------------------98 10212 10112 __ __ _ _
100 --------100
Preferred
-014
100 ----------------100 10014 9912 10012 100 100 100 10
joii iiiii4 Roo 166 ___ _ ___ _ Fa fiiii ioi Oif i.00 126 Laclede Gas Light pref
4
_
_ - _ _ ._
312
3C 100
225 225 ----------------300 300 300 320 325 390 Laclede Steel
461,
&?)i "ei ; '6112 ii "51 46 Il
s
20 _
Laclede Steel
58 6014 60 80
55 60
52 563 501* 60
4
common
25 4712 62
44
ia li ii iff 4512 16 442 - 12 42 4412 43 17 Landis MachineAircraft
5 1612 1914 1714 2312 1714 1912 1713 2112 1812 2012 19 25
163 2214 1612 2112 Mahoney-Ryan
4
21
21
25 4 18
3
19 2318 19 26
40 40 ---- - 44
42 4612 41
8
54 5414 Marathon Shoe common_ ___25 49 5312 447 50
4
--------------56 6012 523 56
4630 30 ----------------46 30 30
85 87
100 --------90 90
Preferred
..
1814 -------- 1712 1712 - ..
* 1812 1914 1814 1814 18
6 iof4 16 Meyer-Blanke Co corn
4 2
4
---- ---- ---- ---- __-_ -___ iii4 W- -1.01 -ii
Preferred
100 --------00389912 ------------------------94 30 31 --------25 25
14
15
14
14
* 1212 14
Michigan-Davis Co
4
4
523 543 63 583 6612 6212 55 6012 5512 6012
4
a 54 55
3
Ei4
f2 - - -34 iiiT2 - 3- Oi ii 5512 27 4 Moloney Electric corn A
5
6
2i12
4214 4414 4112 44
43 46
5512 47 5412 4312 50
40 4512 42 46 Missouri Portland Cement.. 25 44
44
43 4614 41
12
40 4412 4012 48
73 75 ---- ---63 64 --------69 69
* 60 62
53
53
62
3
53 4 62
62
5112, 52
5112 5514 5412 5514 Koplar Co pref
-
88 95
____ --- ____ National Bearing Metals com-• ---- --- ---- --- ____ ____ 77 9934 8718 90
_ 100 10112 99 99 101 101
_
Preferred
100
2573 23 3412
2112 2612 24
207 25
8
4
a 1812 2014 183 22
4
17 20. National Candy corn
1912 178 19
14 18
19
1914
18 4 18
3
18
100 --------110 110 --------105 105 105 10512 105 106
_ _ First preferred
_
110 112 110 110 108 10812 ____ -_ 10812 10812
_ _ 9612 98
97 --- 96
100 98 98 --- - • - _ 97 99
Second preferred
____- 99 10012 --------06 96
10112 103 103 103 100 100
4 2014 19
2012
Nicholas•Beazley Airplane ___5 --------21 2112 1912 2212 1912 2012 193 -_
_ _
_. _
_ _ _
_ _ _
_
2612 28
27 28
29 30
s
3212 293 31
* 3212 3312 30
6612
- Pedigo-Weber Shoe COM
.
66 54 1512 5A
55 li 5i If ii :f6 ii .
2212
2312 24
2312 2312 2214 2212 --------21
4
a 223 25
3
2312 2414 2214 23 4 Pickrel Walnut
233 24
4
227 24
3
2112 2214 2112 23
1912 217 183 1912
23
s
8
3
4
2312 20 4 213 21
100 223 2414 21
4
22 25 4 Rice-Stix D G common
3
185 27
8
4
4
20 203 1912 2012 183 20
20 21
100 10812 10812 106 110 106 10614 105 10512 10514 10512 10312 10512
110 110 108 10912 108 109 108 108 105 108 10812 10812 First preferred
94 94
95 4 97
3
98
3
99 997 96
4
993 99 100
100 97
4 Second Preferred
96 983
4
4
99 993 99 993 97 9912 95 100
99 100
4
183 163 1712 1612 1612
4
183 17
4
1814 1914 18
18
25 18
1712 1812 1712 18 Scruggs-V-B D G corn
8
19 20,2 19 205 1812 21
197 22
8
75 75
SO ----------------7.5 7514 75 75
100 80
First preferred
78 82 ____ ____
79 82 ----------------80 80
75 75
75 75
75 75
100
Second preferred
_
80 80 ____
80 80
80 81 --------86 86
313 3212
4
35
32
33 3814 3412 36
* 3484 4212 3612 42
33 --- Scullin Steel preference
3 14
6
3512 39
3412 3712 3712 36
3614 3312 35
34
313 32
4
33 34
35 3512 30 34
3512 36
3
3
4
32 32 --------32 363 35 4 373 36 36 Securities Investment com_ * 35 37
_
_
Preferred
__ ____ 105 105 105 105 --------10612 108
ifs) ------------------------107 107 105 106
2912 ---------------in1 102 --m- - - 101 10214 101 101 10114 10212 10012 10112 Sedalia Water preferred_ __ _100 100 100 100 100 --------98
- - 12
1
1
16
10'2
* 1712 1712 1712 1712 1612 1814 --------17
18
18 --------1712 1712 Sieloff Packing common
17
17
17
1i
17
17
4212 4212 .___ --- 40 40 ---- ---a 45 5114 46 46
52 5612 Skouras Bros A
49 57
46 54
43 54
43 43
40 45
* 10
10
10
10 Smith-DavIs Mfg corn
- --- ---- ---_ ____ _—_ ____ __-_ ____ ____
47 47
4512 47
46
50
51
a 48 4612 477 58
51
3
4412 4412 Southern Acid common
4412 4412 44 4712 48 49
49 401,2 4012 45
4
4
4
11712 11914 11714 11814 118 120 11812 12014 118 120 11712 12112 Southwestern Bell Tel pref_100 117 11912 119 120 1183 12114 11712 11812 1163 11814 1163 119
_
___ Steinberg Drug Stores pref....* ----------------5212 5212 52 5212 5212 5212 _ _
_ _ ____
---- -- ---- --- ---- __ -___
---- -3412 385 55 1i
8
32
38
3312 36
• 37 4412 35 41
3014 333; -------352 - ; 3512 - - 2 3312 38 Stix-Baer and Fuller corn
371
1 383
-•
20 2018 20 .20 --------20 20 ---28 28 St Louis Amusement A
—
30 30 ---- -_ 20 24 --------30 36
2
0
2212 20 -22
2212 2412 22 22
25 26
10 2412 25
20 20
20 20
24 25 St Louis Car common
20 20
20 20
100 --------10012 101 101 103 --------102 102 102 102
Preferred
103 103 101 101 10112 10112 101 101 --------100 101
1912 1714 19
20
2212 1914 2012 19 2114 18
24
19 2212 St Louis Public Service corn_a 21
20 23
277 25
8
25 28
25 26
2518 29
74 78
77 7812 75 80
7812 79
77
78
* 7812 81
Preferred A
78 80
79 81
82 84
80 87 8412 88
82 85
25 2514 ---- ---25 25 --------2612 27
25
24 24 ----------------2212 25 St Louis Screw & Bolt corn_ _25 24
30
30
22 25
_ ____ .--- 101 101
100 1011210112_
Preferred
100 --------105 f6i ----------------104 164
Wabash Tel Sec pref
---* 16914 190
77 9512 9412 112 108 126 116 13912 13412 15612 121 17612 Wagner Electric corn
iiTs 16 iiii 16 ii 1612 ii 1612 ii38 4i12
4
15 423 50
Electric corn
39 45 Wagner
- -- -__ ____
- -- ---4
100 10712 110 10712 1093 10714 109 10611 10712 106 10712 10512 107
101 161 toi 166 iii5 ió6 19424 16612 106 12812 108 10812 Preferred
BONDS
9012 9012 90 9012 90 9014 89 90
1934 90 91
9112 9114 9114 City and Sub P S 5s A
92
9014 9112 91
8
4
9112 9112 9 9 9912 91
9512 95 8 95.8 96
96 96
9512 9512
5
5
,
95 95 2 9512 9512 9512 96 E St Louis & Sub Ry 58-1932 9512 96
95 9514 95 95
95 95
9914 9712 9812 9712 99
1938 98
99 99
98 99
98 10112 Houston Oil 54s
------102 105 102 10318 10212 103
.--- -_-102 102 1993 ----------------103 103
_ Laclede Gas Light 5 910434 1043
4
12
,,
4 12 9412 9514 94 9514 iii- lii1ig Moloney Electric Deb 5Yis_1943
9 2
,f
97i2 Iii2 6i1-2 - 12 9714 972 9ir2 - " 1- -6:/- 97
1043 1043 105
4
4
1851-2 103 104 104 103 10314 103 10318 103 103 10314 10312 Nat Bearing Metals 6s__ _1947 10318 104 104 10412 --------08 105 104 105
___
98 -___
,
- 9612 96 2 ----------------98 98 _ _ _ - _ _ Pontiac Building Ext 6s..._1932 9512 9512 96 96
- 99 100
serial 9712 98
99 100
99 993 99 99
4
1 61, - - --------99912 i12
5 9134
99
loo 100 98 - -14 Scruggs-V-B 7s
1941 9912 10012 10012 101
98 1003 97 973 96 9812
4
4
4
100 10012 993 121112 100 10014 10018 10012 100 10012 9912 9912 Scullin Steel 6s
1935 1003 1013 100 1013 10014 1005 100 10012 10014 10012
4
4
4
8
4
------102 102 10112 1013 10114 10112 100 1003 St Louis Car 6s
4
_
_ _
_
._
1943.
.
. St Louis Chain Store 6s
- _
- 1934 3'154 1412 iii2 1 83 8334 iii4 - 81 ii ,
1
82
52
.4 .
13112 -5 - Ii - -8412 16 ii . -12 8312 Iii4 5'6 - - -12 United Railways 4s
64
ii
1931--------97229712 ---- ---- ---- ---- ---- ----
8814 8912
9512 9512
9712 98
Ii10412 10412
_
____
983 ID 4
9412 97
100 100
-81512 114
---- ----
*No par value.
CURRENT NOTICES.
—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 maintains branches in Philadelphia and Jersey City.
—"Oil and I'etroleum Year Book," a new edition of the volume Walter
Skinner has been preparing annually for 20 years, is the only reference work
of the kind dealing with British oil companies. A few foreign companies of
world Importance are included. It is published at 15, Dowgate Hill, London,
England, and can be obtained from "Petroleum World," 32, Great Saint
Helens, London, E. 0. 3.
—High money rates and the speculative enthusiasm of the public have
combined to create a condition in the bond market enabling investors to
buy bonds at prices from 5 to 10 points lower than a little over a year ago,
Continental Illinois Co., Inc., points out in presenting a list of investment
suggestions with comparative prices as of April 1928. The company
believes that this condition will be temporary from the investment point
of view.
—A booklet, "The Oil Industry To
-day," has boon published by the
American l'etroleum institute for the interest and information of stockholders in American oil companies. It contains many facts and figures concerning the producing, refining and distributing branches of this $11,000,000,000 industry and gives the layman a comprehensive picture of its growth
and development since the first American oil well was brought 111 70 Years
ago.
JULY 20. 1929.]
FINANCIAL CHRONICLE
391
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME.'settlement of the strike of about 20,000 garment workers
Friday Night, Ju'y 19 1929.
has reacted favorably on woolen and worsted coatings and
There has been some slight decrease in jobbing trade and other fabrics. Additional lines of tropical suitings for next
also in some of the industries this week, but an ( utst,anding spring season were opened and had a favorable reception
feature has been the recent advan e of 40@50 cents in from buyers. Summer and fall lines of broad silks were in
wheat and a very sharp rise also in other grain. Of late, too, steady demand. Raw silk was firmer and sold more readily
cotton has risen a cent a pound. To be sure the advance here, especially for spot demand.
in wheat was due to the dubious outlook for the crop in I Sales of 51 chain stores in June fell off 2%% from those in
the Am rican Northwest and in Canada. It was noted, May but they were 224% larger than in June last year.
moreover that wheat crop prospects are a bit doubtful also For the six months ending June 30 the sales of these stores
in Argentina. Drought and great heat in Texas with weevil were a little over 24% larger than in the same period last
damage in various parts of the cotton b It account for the year. Mail order sales in June were 5% larger than in May
rise in cotton. It looks however, as though for any de- and 28M% larger than in June last year. For the half year
crease in th.) crops of wheat or cotton the farmer will be there was an increase of 30% over the same period in 1928.
compensated by a sharp increase in the price of these com- Combined sales of mail order houses and chain stores in
modities. The grain prospects are the best in the South- June decreased practically 1% as compared with May, but
west. Building is still quiet. Call money, which at one increased a little over 24% as compared with tune last year.
time during the week was 12%, has 'atterly fallen to 7%. For the half year they increased 253/2% over those for the
The confident demand for railroa 1 and other stocks of a same time in 1928. The department store sales in June inhigh order is one of the distinguishing marks of the business creased 13/% over the same month last year. In six months
times. Wheat has advanced 13 to 14c. during the week on there was a gain of close to 332%. The furniture market
drought and high temperatures in the American North- at Grand Rapids shows far greater activity than it did a
west and Canada as well as Argentina and an enormous year ago. In the Puget Sound area a good salmon pack is
speculation approximating in a single day 150,000,000 expected. Los Angeles is pluming itself on the fact that
bushels. Some say the world's crop seems to be 12% smaller women's clothing made in that city is being sold in New York.
than that of last year and the total supply with the carryIn Florida 15 banks failed as a result of still frozen credits
over 10% less. The estimates of our spring wheat crop are made some years ago and also because of the effect of the
much smaller than recently. The export demand for wheat fruit fly menace and quarantine. Quarantine is being
has been nothing remarkable. Corn advanced 4 to 6 cents further relaxed. There is a large business in refrigerators
under the pull of rising wheat prices, though the weather and deliveries are always not rapid enough to fill the urgent
has been favorable for the corn crop. Oats advanced only demand. Here in the East furniture sales have been slow,
2 cents as the weather has been favorable, the country but radio cabinets meet with a ready demand. Boston reof erings larger and the cash demand slack. Rye is up 8 ports atather better demand for wool, while in London the
to 15 cents partly because of the rise in wheat and partly big auction sales are at steady prices. Iron is quiet and
because the rye crop advices have not been favorable. southern has declined. Quite a good business is reported
Flour has risen about $1. Provisions have advanced with in steel rails and auto ears and steel output is still high.
hogs and corn.
Leather has been firmer. New England is doing a better
Coffee has declined moderately for futures with Brazilan business in the shoe manufacturing line. Memphis is havprices falling. Bes des spot coffee has been dull and quite ing a better trade in hard woods. In the Northern Pacific
weak. Victoria coffee has been offered at very low prices. Market lumber orders and shipments are outrunning producThe Defense Committee in Brazil, it is said, has been offer- tion. Florida's export trade in lumber is the largest in its
ing aid to the holders of Rio and Victoria coffee. It is sig- history. In the automobile centers curtailment of output
nificant that such a thing seems to be necessary. It will by some of the large companies is neutralized in a measure
tend to make the speculative public as well as the consumer by the large production of small cars. On the Pacific Coast
eye present coffee prices askance, especially as they are in the higher prices, not only for wheat but for fruits, hearten
any case on an artificial basis from the efforts of the Bra- the business community. In parts of the West the wheat
zilian committee to sustain prices irrespective of the law of crop is good, coincident with a remarkable advance in prices.
supply and demand. Sugar closed 10 to 15 points higher
The stock market on the 15th inst. in the face of 12%
after transactions to-day of some 162,000 tons. In other call money advanced for the third day in succession with the
words there has been a remarkably lively trading in sugar. railroad shares well to the fore. This year is expected to be
At one time to-day there was a collapse of some 10 to 18 the best year for railroad earnings in American history. The
points in an overbought market, but most of the loss was decision in the O'Fallon case as a stimulating factor was
recovered on covering of shorts and buying by Cuban in- again called to mind in Wall Street. Buying of the mile
terests. There is sharp opposition in Cuba by American became enthusiastic. On the 17th inst. stocks had a new
interests to the single soller plan. . And it would appear that advance with wheat up 8 to 9c. or 50e. in a month, cot-.
recently the Lenz account had been considerably increased. ton rising 70 points or over 100 points in two days and
It is said that relners in the last 10 days have bought some call money down to 8% after opening at 12% despite the
200,000 tons of raw sugar, and resale refined has been selling fact that everbody was loking for a substantial increase
freely at 10 or 15 cents under the regular quotation of re- in brokers' loans above last week's level. The transactions
finers.
were 4,357,620 shares. The closing wheat prices on the
Cotton advanced 100 points at one time and held most of 17th inst. in Chicago were 49 to 53 cents a bushel
higher
the rise at the close owing to drought and high temperatures than the year's low six weekr, ago. Corn was 23 to 34 cents
In Texas where 110 degrees has been reached day after day, higher than then, oats 10 to 12 cents higher and rye
from
reports of increasing damage by the weevil and persistent 32 to 35 cents higher. According to the
Chicago Board of
rains east of the Mississippi River whereas dry hot weather Trade estimates this means more than
$1,000,000,000 has
is wanted there, or just the opposite of what is needed in been added in a month and a half to the agricultural wealth
Texas. There is still a chance for a good cotton crop, but of the United States on paper. The
advance in price in a
reasonably favorable weal her in the next four or five weeks measure compensates for the loss to
farmers in the size of
Is necessary to bring it about. This is the season of crop the grain crops. Stocks advanced moderately on the 18th
scares in the cotton belt and of course they influence the inst. even with brokers loans up $58,000,000 to such a prodiworld's cotton markets. Manchester cotton cloths have gious new peak as $5,813,000,000 or $20,000,000 larger than
been rather firmer but not more active. The Labor ministry the previous high of May 20 last and an increase since June
has thus far failed to avert this threatened strike of half a 12 of over $500.000,000. Yet call money dropped to 7%.
million cotton workers. Worth Street has had a somewhat To-day stocks for the most part were higher with call money
better business and prices have risen he. of late on print at 7% and transactions about 4,200,000 shares. Silver
cloths, sheetings and some other coarse goods. Most advanced in London 5-16d. owing to the threats of war
seasonal fabrics of finished cotton have been in good demand between Russia and China. A rapid advance in taels and
and in many cases there have been requests for prompt Hong Kong dollars was noticed. Canadian dollars which
shipments, as stocks had become much depleted. The had advanced sharply reacted to-day.
392
FINANCIAL CHRONICLE
Fall River, Mass, reported a fair movement of tobacco
cloths but on the whole the market remained inactive with
prices fairly steady. At Charlotte, N. C. following the
walkout of 600 employees, the Marion Manufacturing Co.
has been closed for an indefinite period. Atlanta, Ga.
wired that a bill was introduced in the House on the 18th
inst. to reduce hours of labor in the cotton and woolen mills
of Georgia from 65 to 60 hours per week. Spartanburg,
S. C. wired that 550 operatives at Mills, Mill No.1 Greenville, S. C. who went out on a strike May 31, following a
demand for a 20% increase in wages and return to conditions before the installation of the efficiency system, returned to work on the 18th inst. Abbeville, S. C. wired
that the Abbeville Cotton Mills there plan a curtailment
program this summer which will give the plant 24 idle days.
The time will be announced later., At Marion, S. C., the
strike at the Marion Manufacturing Co.,continues. Neither
the strikers nor the mill management have taken any steps
looking to the ending of the strike and a long drawn-out
struggle appears likely.
Exceptional demand for cotton fabrics is reflected in
sharp increases in the volume of cotton goods printed and
finished during the first 5 months of 1929. Says the Cotton
Textile Institute, Inc. in a review just completed, stressing
the growing style importance of cotton. Reports from
printers of cotton fabrics, it is stated, show that in the first
5 months of 1929, 427,638 yards were printed. This represents an increase of approximately 28% over the volume of
goods printed in the corresponding period of 1928. Latest
available statistics from finishers shows that in the first 5
months of 1929 there were 763,462,000 yards of cotton
goods finished. This is an increase of 130,000,000 yards or
21% over the yardage printed in the corresponding period
of 1928.
Tire fabric consumption eootinued very high during the
month of May, being given as 23,302,120 lbs. for its members by the Rubber Association of America. This figure
represents the consumption of 75% of the industfy and is
the second largest on record having been exceeded by 300,000
lbs. during the month previous. Recent discussion has made
it clear that this large consumption of tire fabric is a reflection purely of the activity of the tire fabric mills owned by
the tire company and that independent tire fabric mills have
not been benefitting from this business.
Manchester cabled that a lockout involving half a million
workers in Lancashire cotton industry loomed late last week
as a result of the overwhelming vote by employers in favor
of a 123 % cut in wages. Another Manchester cable said
,
6
that this is the first big labor dispute since the Labor Government came into office and workers are firmly opposed to
the idea of compromise. Conference committee of cloak
industry reported to have ratified proposed agreement between international ladies garment workers union and three
employers associations.
The 2 weeks' strike of 19,000 cloakmakers ended and the
workers appeared for work on the 16th inst. after the shortest
strike in the history of the industry. In the afternoon in the
Governor's Room at the City Hall, the agreement was signed.
Detroit wired that curtailment in production of automobiles
is under way following the most active half year period in
the industry's history. Opinions seem to be quite general
that the last half of 1929 will prove to be quite an indifferent
affair for the automobile companies as a whole and the unprecedented sale of low priced cars, besides playing havoc with
the used car market, is said to be hurting the sale of cars in
the higher priced deals. Employment in the United States
decreased 0.3% in June 1929 as compared with May and
payroll totals decreased 1.9% according to a preliminary
report from the Bureau of Labor Statistics of the U. S. De.
partment of Labor. Employment in manufacturing industry was little changed in Juno as compared with May, the
percentages decrease having been 0.4 while payroll totals
were 1.9% smaller. Despite this small and nearly regular
curtailment in June, employment has shown a total gain
since January of 3.8%. Per capita earnings in manufacturing industry were 1.5% lower in June than in May and 2.8%
higher than in June 1928.
On the 15th inst. the maximum temperature here was
down to 76 and the low to 64. Boston had 54 to 78, Chicago
66 to 72, Cincinnati 62 to 76, Cleveland 64 to 76, Detroit
58 to 76, Kansas City 76 to 94, Milwaukee 62 to 74, St.
Paul 60 to 84, Montreal 56 to 84, Omaha 68 to 76, Philadelphia 64 to 80, Phoenix 82 to 108, Portland, Me. 54 to 78,
Seattle 56 to 72, St. Louis 74 to 84, Winnipeg 62 to 90.
[VOL. 129.
Of late the weather here has been quite cool and comfortable.
To-day the temperatures here were 65 to 71 degrees. The
forecast was for rains followed by.clearing with cool weather
to-night and to-morrow and fresh northerly winds. It has
been warm at the west. Yesterday it was 68 to 86 in Boston
58 to 78 in Chicago, 58 to 88 in Cincinnati, 64 to 82 in Cleveland, 64 to 88 Kansas City, 54 to 74 in Milwaukee, 64 to 80
in New York. 64 to 82 in Philadelphia, 56 to 70 in Seattle,
50 to 78 in St. Paul. In Texas and Oklahoma it has been
110 degrees and 100 to 105 in many other parts of the South.
Increases in Retail Prices of Food in June.
The retail food index issued by the Bureau of Labor
Statistics of the United States Department of Labor shows
for June 15 1929 an increase of about 1% since May 15
1929; an increase of a little less than 1%2% since June 15
1928, and an increase of approximately 58% since June 15
1913. The index number (1913=100.0) was 152.6 in
June 1928, 153.3 in May 1929, and 154.8 in June 1929.
In advices July 19 the Bureau also says:
During the month from May 15 1929 to June 15 1929, 13 articles on
which monthly prices were secured increased as follows: Potatoes, 15%;
strictly fresh eggs, 7%;oranges,6%:sirloin steak, round steak, and canned
tomatoes, 2%: rib roast, chuck roast, plate beef, sliced bacon, and
prunes, 1%; and sliced ham and canned red salmon, less than five-tenths
of 1%. Fidteen articles decreased: Cabbage, 8%; onions, 5%; lamb,
hens, and flour, 2%; butter, lard, canned corn, canned peas, and bananas.
1%; and ollomargarLne, vegetable lard substitute, wheat cereal, tea,
and coffee, less than five-tenths of 1%. The following 14 articles showed
no change in the month: Pork chops, fresh milk, evaporated milk, cheese,
bread, cornmeal, rolled oats, corn flakes, macaroni, rice, navy beans,
baked beans, sugar, and raisins.
Changes in Retail Prices of Food by Cities.
During the month from May 15 1929 to June 15 1929 there was an
increase in the average cost of food in 44 of the 51 cities as follows:
Butte and Detroit, 3%. Baltimore, Bridgeport, Buffalo, Chicago, Cleveland, Denver, Jacksonville, Omaha, Providence, Salt Lake City, Savannah,
Scranton, Seattle, Springfield, Ill., and Washington, 2%; Birmingham,
Cincinnati, Dallas, Fall River, Indianapolis, Kansas City, Manchester,
Memphis, Milwaukee. Minneapolis, Newark, New Haven, New York,
Norfolk, Pittsburgh, Portland, Me., Portland, Ore., and San Francisco,
1%; and Atlanta, Charleston, S. C., Columbus, Los Angeles, Mobile,
Peoria, Philadelphia, St. Louis, and St. Paul. less than five-tenths of 1%.
The following seven cities decreased: Richmond, 2%; Rochester, 1%;
and Boston, Houston. Little Rock, Louisville, and New Orleans, less
than five-tenths of 1%.
For the year period June 15 1928 to June 15 1929, 44 cities showed
Increases: Butte, Los Angeles, Pittsburgh, and Seattle. 5%; Detroit.
and Houston, 4%; Cincinnati. Portland, Ore., Providence, St. Louis,
and San Francisco, 3%; Buffalo, Charleston. S. 0., Chicago, Columbus,
Dallas, Little Rock. Louisville, Memphis, New ,Orleans, New York,
Salt Lake City, Savannah, and Wabsington, 2%; Atlanta, Baltimore,
Birmingham, Boston, Bridgeport, Denver, Fall River, Indianapolis,
Jacksonville, Milwaukee, Mobile, Newark, Norfolk, and Omaha, 1%;
and Kansas City, Manchester, Minneapolis, New Haven, Portland, Me.,
and Scranton, less than five-tenths of 1%. Six cities showed decreases:
Peoria, Philadelphia, Richmond, and St. Paul, 1%; and Rochester and
Springfield, Ill., less than five-tenths of 1%. In Cleveland there was no change in the year.
As compared with the average cost in the year 1913, food on June 15
1929 was 67% higher in Chicago; 64% in Detroit and Washington; 62%
in Cincinnati and Scranton; 61% in St. Louis; 60% in Buffalo; 59% in
Atlanta, Baltimore, Birmingham, Pittsburgh, and Richmond; 57% in
New York, Philadelphia, and Providence; 56% In Charleston, S. 0.,
Louisville, Milwaukee, and Minneapolis; 55% in Dallas and New Haven;
64% in Boston, Cleveland, and New Orleans: 52% in Indianapolis: 51%
in Fall River, Kansas City, Manchester, and San Francisco; 50% in
Memphis and Seattle; 49% in Little Rock and Newark; 48% in Omaha;...
44% in Los Angeles; 43% in Jacksonville and Portland. Ore.; 41% in
Denver. and 35% in Salt Lake City. Prices were not obtained in Bridgeport, Butte, Columbus. Houston, Mobile, Norfolk, Peoria, Portland, Me.,
Rochester, St. Paul, Savannah, and Springfield, Ill., in 1913, hence no
comparison for the 16
-year period can be given for these cities.
Upward Move of Wholesale Food Prices.
A slight reaction from the recent downward trend of
wholesale tirices is shown by information for June collected
in representative markets by the Bureau of Labor Statistics
of the U. S. Department of Labor. The Buerau's weighted
index number stands at 96.4 for June, compared with 95.8
for May, an increase of more than 3 of 1%. Compared
with June 1928, however, with an index number of 97.6,
a decrease of 1 X% is shown. Based on these figures, the
purchasing power of the dollar in June 1929 was 103.7,
compared with 100.0 in the year 1926. The Bureau, in
announcing this July 18, also says:
Fuel and lighting materials led in price increases from May to June.
with advances reported for California and Kansas
-Oklahoma crude petroleum, fuel oil, and gasoline. Prices of anthracite coal also advanced
slightly. The net increase in the group as a whole was nearly 2%%.
Among farm products there were price increases for corn, wheat, beef
steers, calves, lemons, oranges, and onions, resulting in a not increase of
1% for the group. Decreases were reported for hogs, sheep and lambs,
ilve poultry, hay, and wool.
Foods also increased in average price, with higher quotations for flour,
was lard,.
cornmeal, 1
certain moat produets. The net increase for the
g
Hides and leather products likewise increased in price in the month,
as did also cattle feed, and certain other items in the group of miscellaneous
commodities.
JULY 20 1929.1
FINANCIAL CHRONICLE
393
In all other commodity groups prices in June averaged lower than in THE ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY
PRICES
May. Cotton textiles, silk and rayon, and woolen and worsted goods
(1913=100.)
all showed a net decrease in price, as did a few items among iron and
stool products and non-ferrous metals.
July 16 1929. July 9 1929. July 17 1928.
Prices of lumber and brick averaged somewhat lower than in May,
Farm products
this being true also of chemicals and drugs and housefurnishing goods.
149.3
146.5
154.1
155.1
153.4
1,53.3
Raw materials and finished products showed minor price increases from Food products
Textile products
147.1
147.3
155.2
May to June, while semi
-manufactured articles showed a small decrease. Fuels
163.1
163.1
161.6
Non-agricultural commodities, taken as a whole, were slightly higher.
Metals
128.1
128.3
119.8
153.1
153.1
156.5
Of the 550 commodities or price series for which comparable information Building materials
134.6
134.6
134.6
for May and June was collected, increases were shown in 103 instances Chemicals
Miscellaneous
130.5
130.7
116.6
and decreases in 140 instances. In 307 instances no change in price was 5" n.Arnmrviniesa
150.2
145.5
150.9
reported. The great importance of articles showing price advances.
together with steep increases for certain items, was responsible for the
net increase in the general price level.
Comparing prices in June with those of a year ago, as measured by Col. Ayres of Cleveland Trust Co. Says Outlook for
changes in the index numbers, it is seen that metals and metal products
Second Half of Year Seems Favorable-Decline in
were considerably higher, while building materials and fuel and lighting
Our Investments Abroad with Advance in Interest
materials were somewhat higher. In all other groups prices in June were
Rates.
lower than in the corresponding month of 1928, ranging from less than
34 of 1% in the case of houseftwnishing goods to over 3% in the case of
Viewing favorably the outlook for the second half of the
farm products and almost 121% in the case of hides and leather products.
The index numbers follow:
INDEX NUMBERS OF WHOLESALE PRICES BY GROUPS AND SUB
GROUPS OF COMMODITIES. (1926=400.03
Groups and gubereues.
June
1928.
Annalist's Weekly
May
1929.
Index
June
1929.
95.8
102.2
88.2
110.0
101.7
97.7
104.3
111.5
86.6
108.8
104.7
110.7
106.2
104.9
94.2
99.7
80.9
98.7
81.1
81.1
87.4
89.2
84.7
93.4
72.5
105.2
98.4
104.9
momnocoo.co+mcomom..3.0commolommm8uptocc-imcommoomomomo.t.patocomgco.0.0
0.0-400?t.4000?w0?.4.400.0.0...cow0?w00.0?10.w.c...0ta0'.12.cramo-acnw0?o.cow.co0?.4
All commodities
Farm products
Grains
Livestock and poultry
Other farm products
Foods
Butter, chee 0,ald milk
Meats
Other foods
Hides and leather products
Hides and skins
Leather
Boots and shoes
Other leather products
Textile products
Cotton goods
Silk and rayon
Woolen and worsted goods.-Other textile products
Fuel and lighting
Anthracite coal
Bituminous coal
Coke
Manufactured gas
Petroleum products
Metals and metal products
Iron and steel
Non-ferrous metals
Agricultural Implements
Automobiles
Other metal products
Building materials
Lumber
Brick
Cement
Structural steel
Paint materials
Other building materials
Chemicals and drugs
Chemicals
Drugs and pharmaceuticals
Fertilizer materials
Fertilizers
Houseturnishing goods
Furniture
Furnishings
Miscellaneous
Cattle feed
Paper and pull)
Rubber
Automobile tires
Other miscellaneous
Raw materials
Semi-manufactured articles_ __
.
Finished products
Non-agricultural commodities
•Data not yet available
Purchasing
Power of th
Dollar,
June 1929.5
96.4
103.3
91.0
111.0
102.3
98.9
105.5
111.5
88.5
108.0
110.9
110.3
106.1
105.5
93.3
99.1
79.5
97.8
80.3
83.3
88.1
89.6
84.7
.
76.6
105.1
98.2
104.8
98.3
112.2
98.5
96.4
94.2
89.1
94.6
99.6
86.5
106.1
93.4
98.6
69.8
92.6
96.7
96.6
95.0
97.7
80.4
106.2
88.2
42.7
55.3
109.7
96.6
94.4
96.7
0
1-- :5
3
95.1
101.8
95.4
101.7
89.1
101.5
103.7
106.2
112.2
105.7
100.4
115.6
94.3
107.1
101.4
143.3
108.0
103.4
103.5
105.3
102.4
124.4
94.2
113.4
234.2
180.8
91.2
103.5
105.9
103.4
OCR
1na 7
ss.s
112.2
98.5
96.8
94.6
92.4
94.6
99.6
85.7
106.3
94.2
99.4
70.5
94.1
96.7
96.7
95.0
97.8
'79.6
101.6
88.3
44.9
55.3
106.6
95.3
95.1
96.4
94.1
of
Wholesale
103.7
96.8
109.9
90.1
97.8
101.1
94.8
89.7
113.0
92.6
90.2
90.7
94.3
94.8
107.2
100,9
125.8
102.2
124.5
120.0
113.5
111.6
118.1
Commodity
Prices.
The "Annalist" weekly index of wholesale commodity
prices is 150.2, representing an increase of 1.4 points
over
last week (148.8), and compares with 150.9 for the
corresponding date last year. The "Annalist" further
says:
The increase is again largely due to the rise in
prices of commodities
In the farm products group, whose index figure
advanced
146.5 to 149.3. The rise of the commodity index curve 2.8 points, from
since late in May
has been almost perpendicular and is paralleled
by the ascending line
representing the farm products index. The gain of
the commodity index
since May 28 18 7.5 points and the gain in the farm
products index is 13.7
points. The extraordinary reversal in wheat
prices, with sympathetic
price increases in all grains, together with increases
in prices of live stock,
has contributed to the rise. During the past
week there were further
price increases in wheat, barley, corn, rye, hogs,
eggs, wool, hides and
potatoes. Prices of steers, lamb and cotton
declined.
Wheat price advances were the feature of
the week, with spot wheat
reaching 31.813‘ a bushel, compared with $1.47%
last week, and vrithin
10 cents of last year's prices. Wheat price advances
are caused by crop
shortages in consequences of drought
in the Northwest and in Canada,
but they coincide with the appointment of the Farm
Board with extraordinary resources and powers to stabilize agricultural
prices. There has
been also a less heralded, but equally important,
increase in hog prices,
partially in sympathy with increased corn prices,
but mostly as a result
of voluntary co-operation for restricted production by
farmers in the
Northwest. The price this week rose to $11.86 a
hundred pounds, compared with $11.66 last week and $8.65 last January.
The pig survey
of the Department of Agriculture indicates that tho pig
crop this spring
was about 8% smaller than last year, but that the number of sows
to
f
arrow in the fell will equal last year's.
The road to better farm Prices
Is indicated by these extraordinary price reversals in wheat and hogs.
year, Col. Leonard V. Ayres, Vice-President of the Cleveland
Trust Co., of Cleveland, comments thus on the situation in
the ComPany's Business Bulletin issued under date of
July 15:
The second half of 1929 begins with business and industry exceptionally
active, and with business sentiment more than usually optimistic. There
are several reasons for this prevailing optimism. First and most important
the fact that most lines of business, and particularly those relating to
metal manufacturing, are still operating at high speed after concluding a
half year in which probably more records of business and finance have been
broken than in any previous half year since 1923.
The second reason for the general feeling of confidence is that during the
month of June stock prices advanced so far as to cancel the serious decline
of the previous month, and then continued to move up until nearly all the
well recognized averages have made new high records. Advancing stock
prices always result in cheerful business sentiment, and they have done
so this time in marked degree. It is probably fair to add as one of the reasons
for the present hopeful state of business attitude the observation that business men, and bankers, and speculators have rather generally reached the
conclusion that the Federal Reserve authorities have definitely accepted
defeat in their lon; struggle to regain control over the credit situation.
Interest rates are still abnormally high, and it seems probable that they
will remain high during the months just ahead, although there is much
informed opinion to the contrary. However that may prove, the fact
remains that so far the high prevailing rates for credit have done little
apparent harm to business.
The outlook for the second half year seems favorable, and in no small
degree this is the case because business sentiment is so generally cheerful
that it seems able to carry trade, and industry, and even transportation
forward at high levels of activity for some months yet to come by the very
momentum of its optimism. If agricultural prospects continue to improve,
.
as now seems probable, and if the stock market will exhibit even a slight
degree of prudent restraint, which seems less probable, the outlook for the
second half year promises to continue to be bright.
Discussing the decline in investments in foreign securities
Col. Ayres says:
A little more than a year ago the buying of foreign securities by Americans
reached its highest levels, and we were lending our capital abroad at the
rate of about two billions a year. Now, this willingness to make foreign
investments has almost disappeared, and our purchases of securities from
abroad are small indeed. The explanation of the change is that interest
rates have risen to such high levels in this country that there is small
temptation and little opportunity to seek better returns through buying
foreign stocks and bonds.
An examination of the records shows that there has been in recent years
a fairly close but inverse relationship between the level of interest rates in
this country, and our takings of foreign securities. The rule is that when ous
interest rates are low we buy foreign securities in large volume, but as the
interest rates rise, our purchases of foreign securities decline.
In 1924. interest rates fell to distinctly law levels, and the Purchases of
foreign securities rose to record breaking proportions. This reflected the
fact that American investors were dissatisfied with the returrs they could
secure through putting their funds into domestic securities, and so turned
with increasing favor to foreign opportunities.
In 1925 the situation was reversed. Our Interest rates rose, and our purchases of foreign securities fell. In the two following years interest rates
declined, and our takings of investments from abroad irregularly increased.
The moist clearly reflected working out of the rule has come in 1928 and this
year. Interest rates have advanced persistently, and to abnormally high
levels, and meanwhile our investments in foreign securities have undergone
an almost equally persistent decline.
If these conditions continue for any considerable length of time they may
be expected to have some unfortunate results. We are selling to foreign
countries far more merchandise than we are buying from them, and the
payment for the differences has in large measure been made possible by our
large investments abroad. If we continue to restrict our investing to our
own securities, our export trade will before long begin to suffer as a consequence.
Analist's Indexes of Business Activity Higher in Second
Yuarter This Year Than in Any Quarter Since 1923.
The rate of business activity in the United States, measured by "The Annalist" Index of Business Activity, was
higher in the second quarter of 1929 than in any preceding
quarter back to the third quarter of 1923. In indicating
this "The Analyst" says:
In April the index rose to the highest level since the business boom of
1923; and in May a further advance carried it up to 108.4 (revised). The
first June statistics to be made public, those on pig iron production and
steel ingot production, made it appear for a time that June would show a
further advance; but later reports showed that there had been declines,
allowing for seasonal variation, in cotton consumption, freight car load.
ings, automobile production and bituminous coal production, so that the
combined index for June (preliminary) is 107.2.
If further evidence of the high rate of activity in the second quarter is
needed, it may be noted that the adjusted index of electric power
production
by all public utility plants in the United States rose sharply from
103.9
394
FINANCIAL CHRONICLE
for April to 105.8 for May, the latter figure being the highest attained by
the electric power index, with the exception of one month, back to
October 1921. The one exception was May 1923, when the index peaked
at 105.8.
Table I seensarizes for the last three months the movements of the
combined iadex and of the ten component series, each of which has been
adjusted for seasonal variation, long-time trend and variations in cyclical
amplitudes before being combined into "The Annalist" Index of Business
Activity. Table I also shows the combined index by months back to the
beginning of 1925.
TABLE I-THE ANNALIST INDEX OF BUSINESS ACTIVITY.
(A) BY GROUPS.
June.
May.
Pig iron production
122.5
116.3
Steel ingot production
131.6
121.7
Freight car loadings
101.9
102.8
Electric power production
105.3
Bituminous coal production
95.0
93.0
Automobile production
'1413
145.9
Cotton consumption
104.8
113.5
Wool consumption
105.5
Boot and shoe production
108.1
Zinc production
100.2
99.3
Combined index
*107.2
108.4
•Subject to revision.
(B) THE COMBINED INDEX SINCE JANUARY 1925.
1929.
January
February
March
April
May
June
July
August
September
October
November
December
•Subject to revision.
1928.
104.1
104.9
103.0
107.5
108.4
*107.2
97.0
98.9
98.6
99.0
100.4
97.8
99.7
101.3
101.3
103.6
101.5
001
1927.
100.2
103.6
107.0
103.6
104.0
102.8
100.7
101.9
101.1
97.5
94.4
022
April.
110.4
115.6
103.9
103.9
92.6
148.0
110.7
107.9
105.2
97.4*
107.5
1926.
1925.
102.3
103.2
104.7
103.7
101.6
103.2
102 8
105.0
107.1
105 0
103.7
103.2
102 4
102 9
102.6
103.4
101.4
98.5
101.1
100.7
100.8
102.1
104.0
105.R
Industrial Activity Based on Consumption of Electricity Holds at Record Pace-General Manufacturing Operations for June 16.1% Above Last Year,
Use of Electricity Shows.
Industrial activity of the country in June held at virtually
the same high level as in the preceding months of this year,
consumption of electricity by manufacturing plants indicates.
The June rate of operations, not corrected for seasonal
variation, was but 1.2% under May. Contrasted with the
same month last year the rate was 16.1% greater,"Electrical
World" reports. This brings the average rate of activity
for the first half of 1929 to a point 13.7% higher than that
established in the like period last year, according to the
survey, which adds:
June activity, corrected for seasonal variation, made a new high for this
year, surpassing the previous high monthly rate, which occurred In May.
by 2%. Sustained activity In the metal industries. rubber manufacturing
pl.nts, the stone, clay and glass group, the chernIcai industry. mei Improvement in the forest products industry accounts for much of the gain
made.
All sections of the country reported June operations in industry materially above those of June last year. The Western Stater showed a gain
of 17.4%; North Central States. 15.5%; Middle Atlantic States, 14.1%.
New England Stares. 13.8%, and the Southern States. 12.1%.
The rolling mills and steel plants recorded a drop of 10.4% compared
With May of the current year, but operations were on a plane fully 27.3%
above June 1928.
The automobile industry, including manufacture of parts and accessories
repotted a drop for June as contrasted with the May basis of about 4.8%
and 9.7% under the peak month of April. The rate of operations, however. was 13.2% greater than that for June 1928, and 43.2% above June
1927.
June operations in the textile plants of the country were 17.5% above
June of last year. at which time the industry was passing through a decided
slump. June rate of activity In textiles, as compared with May, registered
a drop of 5.3%.
Manufacturing activity In the United States in June. as compared with
May 1929 and June 1928. all figures adjusted to 26 working days and based
on consumption of electrical energy as reported to "Electrical World-follows:
monthly average 1923-25 equals 100
June 1929. May 1929. June 1928.
116.4
135.2
136.9
All industrial groups
154.8
122.7
147.9
Metal industries group
121.2
172.2
154.3
Rolling mills and steel plants
144.2
123.7
143.4
Metal working plants
100.2
05.2
98.7
Leather and its products
104.7
129.9
123.0
Textiles
109.2
111.1
113.8
Forest products
161.8
136.0
154.0
Automobiles and parts
143.5
128.0
170.3
Stone. clay and glass
133.7
129.9
137.3
Paper and pulp
157.6
13..7
158.1
•Rubber and Its products
129 2
122.6
133.8
Chemicals and allied products
116.8
122.6
121.8
Food and kindred products
135.2
85.3
106.9
ElhipbuildIngs
[VoL.129.
mately 15%. The volume for the half year just passed was
$2,016,948,080 compared with $2,083,537,220 for the corresponding period in 1928. The same 579 cities reported $265,147,516 for June this year and $371,164,175 for June of the
preceding year. The report adds:
Twenty-five Leading Cities.
In the group of twenty-five cities in which the greatest amount of activity
was shown there was a gain for the half year period of 4%, the comparative
figures being $1,315,237,985 and $1.263,860.757. In June, however, these
important centers reported impressive declines amounting to 39%. It is to
be noted that the bulk of this loss came from New York City where plans
filed in June were $37.179,718 compared with $94,672.681 in June last year.
San Francisco, Cincinnati, Yonkers, Newark, Oklahoma City and Akron
were the only cities in this group which showed signs of increasing building
operations on the basis of permits issued last month.
Pacific Coast Conditions.
Conditions in the 105 cities of the Pacific Coast states covered in the S. W.
Straus & Co. survey compared closely with the situation existing in 1928.
There was an increase in these centers for the six months' period of slightly
less than 1% compared with the first half of 1928. Los Angeles reported a
substantial gain for the six months' period but had a small falling off in June.
In San Francisco the decline for the six months' period was slight with a
good gain In June. The figures from Long Beach, Calif., showed a large
increase for the six months' period and a negligible decline In June. Seattle,
the only other Pacific Coast city which found a place in the list of twenty-five
cities, reported a decline for the six months' period and for June.
Conditions in the building labor crafts on the Pacific Coast were reported
unchanged as compared with the situation existing there a year ago.
Building Materials.
The falling off in construction activity made itself felt in the building
material market. With the exception of steel, all of the materials suffered
in some locality or other.
The demand for lumber in general was rather slow. Common brick dealers
in Detroit and New York reported especially low activity accompanied by
price declines. The price of structural steel shapes has remained unchanged
in view of the demands for big building projects its some of the larger cities.
The Labor Situation,
The five-day week movement for building craftsmen continues with favorable reactions in many parts of the country. While many Chicago builders
regarded as a weathervane in building circlet. oppose the five-day week on
the basis of the overtime problem, much favorable sentiment has been expressed in its behalf. The Journal of Electrical Workers and Operators
claims that the five-day week is already a mai, r victory for labor, and that
the present status of this shorter week movement is the termination of a
generation of labor education. A review of the five-day week plan reviewed
in the Monthly Labor Review, published by the United States Department
of Labor, indicates that in all sections of the country, with the exception of
the South, the five-day week has at least gained a foothold. Of great social
significance is the statement of Thomas A. Edison to the effect that as the
introduction of automatic machinery in industry becomes more general It
will be compulsory to have the five-day week In order to prevent overproduction. George B. Cutten. President of Colgate University, goes even
further,saying,"The five-day week is just around the corner and It does not
take a very powerful telescope to give us a glimpse of the five-hour day.'
Twenty-five Cities Reporting Largest Volume of Permits for First Half of 19291
and June with Comparisons
PirAl Half
Firs' Half
June 1929.
June 1928.
1929.
1928.
New York (P. F.)
$679.965.306 2561.204.747 $37.179.718 $94,672.681
25.705.550
180,900.050
13.826.100
115.423,700
Chicago
15.700,450
10.916.385
62.744.085
59,486,200
Philadelphia
11,035,923
9,564.058
65.175.361
55,830.545
Detroit
8.002,185
9,190.434
52,002.570
54,071.599
Los Angeles
4,034,075
22.548,900
1,616.735
41.539,315
Washington
2.623.715
4,323,026
27.671.349
28,157,750
Boston (P. F.)
6.223,355
3,055.1,00
23,389,825
20,508.300
Seattle
3,571,702
18.242.407
3.217.593
20.484.499
Milwaukee
3,224.280
5.064.120
19,180,760
19.463.940
Baltimore
8.253.650
27,574.725
3.659.500
Cleveland
18.539.750
1.5110.645
2,440.361
Houston
18,695.541
18,302.723
2.240,136
San Francisco
18,926,982
3.303.317
18.220.361
7,022.466
24.652.875
6,051.277
Pittsburgh
17.588.338
Cincinnati
16.437,000
16.849,000
3,418.410
2.787.190
4.023.327
15.980.089
21,562,051
2.149.240
St Louis
6.786.433
1.392,973
1.719,428
15.302.332
Hartford
2.434,210
14,426.185
10.165,375
2.310.940
Minneapolis
2.060,125
14.363.229
22.019.361
4.607.227
Yonkers
2.919.048
13.940.248
20.318.896
5.084.201
Newark
11,892.350
9.208.200
1,070.800
2,311.750
I leaver.
.
6.914.240
11,795.880
1,019.420
1.249.495
Long Beach. Calif.
11.312,020
9.149.152
1.838,665
1,523.625
Oklahoma City
11,275.938
8.811.267
Akron
2,056.071
1.369.662
San Antonio
11.213.568
8.883.335
684.125
1.236.909
$1.315.237,985 $1.263.860,757 $134,363,220 6221,272,858
(P. F.) Indicates Plans Filed.
Loading of Railroad Revenue Freight Above 1928 and
1927.
Loading of revenue freight for.the week ended on July 6
totaled 908,832 cars, the Car Service Division of the American Railway Association announced on July 16. Compared
with the corresponding week last year, this was an increase
of 57,885 ears and an increase of 69,747 over the corresponding week in 1927. Compared with the preceding week this
year, the total for the week of July 6,(1110 to the observance
Big Decline in New Building Permits in June This Year of Fourth of July holiday, was a reduction of 186,892 ears.
as Compared with Last Year-Moderate Decline Other particulars follow:
lacellaneous freight loading for the week totaled 360.662 cars. an Increase
for Half Year.. ,
of 23.528 ears above the corresponding week last year and 32.166 cars over
W.Straus & Co. of build- the same week in 1927.
According to reports made to S.
Coal loading totaled 122.604 cars, an Increase of 7.633 cars over the same
ing plans piled or permits issued in 579 cities in all sections of
week in 1928 and 7.4:16 cars above 11w same peeled two.yrars ago.
•
the country, there was a loss of 29% from the same month
Live stock loading amounted to 20.275 mrs, a decrease of 251 care under
last year and of 3% for the half year ended June 30th. The the same week In 1928 and 2.866 ears briow the same week in 1927 In
live stock loading totaled 15 1)82 moo, a decrease
the wtstern districts
decline from May was 16%, and, with the elimination of of 61 airs below thealone, week In 1928
same
Grain and grain products Mailing totaled 52.403 mrs. an increase of
New York. City, 14%. The normal seasonal variation from
May to June•in the principal cities of the country k II % loss 9.201 ears above the same week In 1928 and 16,220 cars above the same
1.927. In the western.districts,alone.,'grain and 'grain. products
and for the ,urban districts outside of New York, approxi- week In
JULY 20 1929.1
FINANCIAL CHRONICLE
395
oading totaled ,41,730 ears, an increase of 7.950 care over the same week hardware is slow. Wholesalers report a good volume of orders for Fall
n 1928.
delivery and the outlook bright for autumn trade.
Loading of merchandise less than carload lot freight totaled 224,304
cars, an increase of 2,796 cars above the same week In 1928 and 3,891 cars
Sales of Ordinary Life Insurance in United States
over the same week in 1927.
Forest products loading amounted to 50.961 cars, 2.618 cars above the
Increase 7% in First Half of 1929.
same week in 1928 and 1,197 cars above the same week in 1927.
Sales of ordinary life insurance increased every month
Ore loading amounted to 66,789 care. 9,771 cars above the same week in
1928 and 9,626 cars over the same week two years ago.
during the first half of 1929. The largest gain made in
Coke loading totaled 11,644 cars, 2,586 cars above the same week last
January when sales increased 16% over the same month
year and 2,077 cars over the corresponding week two years ago.
All districts reported increases in the total loading of all commodities in 1928. The next high month was April with a 12% gain.
compared with the same week in 1928 except the Southern and South- For the first half of the year the country showed an average
western, while all except the Pocahontas and Southern districts reported
increase of 7%. Every section shared the prosperity which
increases compared with the same week in 1927.
Loading of revenue freight in 1929
-compared with the two previous years this increase would indicate and registered increased sales
follows:
over 1928. 38 states increased their production in the first
1929.
1927.
1928.
Four weeks in January
3,570.978 3,448,895 3.756,660 six months and 65% of the reporting companies recorded
Four weeks in February
3.767,758 3,590,742 3,801,918
Five weeks in March
4.807,944 4,752,559 4,982447 sales larger than in the first six months of 1928. These figFour weeks in April
3.983,978 3,740.307 3,875,589 ures are issued by the Life Insurance Sales Research Bureau
Four weeks in May
4,205.709 4,005.155 4,108,472
Five weeks in June
5.260.571
4,924,115 4.995,854 at Hartford, Connecticut and are based on the experience of
Week ended July 6
908,832
850,947
839,085
78 companies having in force 88% of the total legal reserve
Total
26.505.770 25,312,720 26,360,125
ordinary life insurance outstanding in the United States.
The Association under date of July 18 adds:
W. W. Putnam of Union Trust Co. of Detroit Finds
Industry Maintaining Considerable Activity Despite Seasonal Recession-Production in Michigan
Well Sustained.
While noting that Midsummer finds general business in
the United States relaxing seasonally, Wayne W. Putnam,
Assistant Vice-President Union Trust Company, Detroit,
finds, however, that both commerce and manufacturing are
displaying more vitality than they usually do at this time
of the year, which is especially noteworthy in view of the
brilliant showing made in the first half of 1929. Under
date of July 15, Mr. Putnam also says in part:
Sales in June exceeded the volume produced in June 1928 by 1%.
58% of the companies reporting figures to the Bureau recorded increased
production.
The twelve-month period ending June 30 1929 was a good period for
life insurance. The country as a whole increased its production 7% over
the preceding twelve months. All the sections, except the South Atlantic,
which recorded a very slight loss, increased their volume during this
period.
New England
The New England states continue to show monthly increases. Sales
in June were 3% higher than in June 1928. For the first half of the
year this section shows a 6% increase over the first six months of last
year. Rhode Island leads with a 13% gain for the first half of the year.
This section shows a 6% increase for the twelve-month period ending
June 30 1929. Every state, except Maine shares this increase and reports
gains over the preceding twelve months.
Steel ingot production in June continued practically at capacity. Output
Middle Atlantic
for the first six months exceeded the volume in any other half year by a
The Middle Atlantic states fell 2% below the production in June 1928.
substantial margin. Close to capacity operations in the steel industry are
indicated for July and possibly August. The automotive industry made For the first half of the year the production shows a 9% increase over
3,380,088 cars and trucks in this period, surpassing production for the same six months of 1928. For the past twelve months the production of this
months a year ago by well over one million vehicles. Agricultural imple- section shows a 9% gain over the preceding tsveleve months.
ments, cotton textiles, tires and numerous other products also established
East North Central
new records, while many others showed impressive totals. Reports of corpoThis section shows an increase of 5% in June over June 1928. Illinois
rate earnings generally for the half year were highly satisfactory. Wholesale and retail trade exceeded that of a year ago by a comfortable margin. was the only state in the section which failed to equal the volume sold
The wave of prosperity which has prevailed in this country for seven in June 1928. For the first half of the year these states average a 12%
years has been practically unretarded by such major obstacles as the increase, every state shares the increase. The gain in the twelve-month
Florida land boom, the Mississippi floods, the prolonged strike in the period just ended was 11% over the preceding twelve months, the largest
increase made by any section during these months.
bituminous coal fields, excessive speculation in stocks and, more latterly,
Wert North Central
curtailment in building construction and high money rates. So basically
sound is the nation's economic seructure that it is doubtful whether a
The West North Central States in June just equalled their production In
continuance of credit stringency and declining construction in their present June 1928. The largest increase, 16%, was made in Minnesota. For the
proportions would seriously obstruct the flow of business in the months first half of the year and the twelve-month period just ended, this section
that lie just ahead. Some readjustment, however, would seem inevitable, increased its production 1% over the corresponding months in the preceding
possibly at the end of this year or in the early part of 1930. But the year.
momentum of the first half of this year was such as to assure a good
South Atlantic
volume of industry and trade throughout the third quarter.
The South Atlantic states show a 1% gain in June over June 1928.
• •
•
For the first half of the year this section shows an increase in production
Production and trade in Michigan are being well sustained in spite of of 2% over the first six months of 1928. During the
twelve-month period
the customary Summer restrictions. Manufacturing, especially, is dis- ending June 30, 1928. these states fell 1% below
the production of the
playing considerable vigor for the month of July. The automotive industry preceding twelve months.
continues to be the outstanding leader. Manufacturers of electrical refrigEast South Central
erators, radios, cereals, farm implements, vacuum cleaners, adding machines
Alabama leads this section with a 7% increase in June over June 1928.
and some furniture lines report a good rate of activity. Copper and iron
mining, also the oil industry, are very active. Chemicals and pharmaceuti- The other states in the section failed to equal their production in June
cals are doing a normal volume of business, but operations in the paper 1928 while the section as a whole records a 4% decrease. For the first
half of the year the average increase of the seetion is 2%-all but MissisIndustry are somewhat below normal.
Heavy production in the ord factories is tending to largely offset the sippi share the gain. For the past twelve-month period the East South
reduced output of those manufacturers who are making preparations to Central states show a 1% gain over the preceding twelve months.
bring out new models. Cars and trucks produced by the entire industry
{Vest South Central
in June amounted to 536,309 units, as compared with 425,195 vehicles in
Every state in this section shows an increase in June over June 1928.
the same month last year.
The section as a whole records a gain of 6%, second only to the increase
Car requirement for the third quarter, as estimated by the Great Lakes made in the Mountain states,
Regional Advisory Board, will be 4.2% larger than in the same quarter last
For the first half of the year these states show a 2% gain over the first
year. The estimated requirement for automobiles, trucks and parts in this six months of 1928. The twelve-month period just
ended shows a 1% inregion in the current quarter is 5.2% greater than last year. Net tonnage crease over the preceding twelve months.
passing through the Sault canals in June totaled 10,043,132 tons, which
Mountain
%
was 31 above the amount in June 1929.
/
2
Consumption of electrical energy by Michigan industries last month
The Mountain states with an increase of 17% in June over June 1928
aggregated 212.768,606 kilowatt hours, a gain of 19% compared with the lead all sections of the country. Every state shares this unusually large
amount consumed in June last year, but a decrease of 8% compared with gain. New Mexico shows the largest increase of all states, 39% gain;
the month of May 1929.
Montana follows closely with a 34% increase over June 1928.
Michigan's employment situation is very satisfactory. More men are
For the first half of the year this section records a 12% gain over the
employed in the automotive industry this Summer than in any corre- first six months of 1928. The twelve month period just ended shows a
sponding season in, the history of the industry. On July 10, 118,178 men 9% gain over the preceding twelve months. All States share the year-towere at work in the Ford plants in Detroit. Industrial employment in date and past twelve-month increases.
Detroit in June averaged 71
/ greater than in the same month in 1928.
2
%
Pacific
FAnployment is on the increase in 12 cities, below normal in 3 and normal
The three Pacific states show an average gain of 3% over June 1928.
in 35. Highway construction is at its peak. More improved roads are
For the first half of the year the section records a 10% increase over the
under construction in Michigan than in any previous year.
Twenty-three principal cities in Michigan issued permits in June for first six months of 1928, all states share the gain. Every state shares
buildings costing $17,613,496, which was $2,616,845 below the total in May the 7% increase of the past twelve-month period over the preceding
and $675,000 below the value of permits issued In June 1928. Bank twelve months.
clearings in Detroit, St. Joseph, Bay City, Muskegon and Lansing in
June totaled $2,003,588,000 as compared with $2,295,806,000 in May
Canadian Sales of Ordinary Life Insurance Gain 9%
and $1,868,600,000 in June a year ago.
In spite of a late start, due to the cold and wet weather which prein First Half of 1929.
vailed during the planting season, Michigan crops generally are making
For the first half of 1929 sales of ordinary life insurance in Canada show
satisfactory progress. Farmers are much encouraged. The hay crep is an increase of 9%. The Life Insurance Sales Research Bureau
at Hartford,
exceptionally heavy. Fruit crop prospects continue fair to good.
reporting this also says: This gain Is generally distributed, all but two
Both retail and wholesale trade are making a better showing than they of the smaller provinces, New Brunswick and Prince Edward Island,
record
did a month ago. Warm weather and tourist business have helped to bring increased sales for the first six months of the year. Ontario and Quebec,
about the improved tone. Collections are fair. Among wholesale lines which pay for over half the total new business sold in the Dominion,
record
dry goods, tool hardware, paper and drugs are taking the lead. Builders' increases of 13% and 6% respectively over the first half of 1928.
Nova
396
FINANCIAL CHRONICLE
Scotia shows the largest gain ot an, of the pro:twee for the six month
period, a 17% increase over the first hal; of 1928. The colony of.Newfoundland, for which figures are also reported, shows a 37% increase.
June sales in the Dominion show an increase of 4% over June 1928. 53%
of the companies reporting figures ehare this increase. These figures are
based on the experience of companies having in force 84% of the total
legal reserve ordinary life insurance outstanding in the Dominion.
The record for the twelve-month period ending June 30, 1929, shows a
13% gain for the Dominion as a whole over the preceding twelve-month
pericd. All but Prince Edward Island record increased production for this
period. Ontario with an increase of 17% over the preceding twelve-months
leads the provinces.
The records made in the cities vary widely. Hamilton leads for both
the month and for the first six months of the year. Ottawa comes second and
shows substantial gains for both periods.
Small Employment Loss in New York State Factories
in June.
•
New York State factor:es reported a loss in June of
under 1% in employment from the May index of 97.9 based
on the three-year average, 1925-27. This monthly change
continued the usual let-down following the spring peak of
production in March, according to Industrial Commissioner
Frances Perkins. It was neither larger nor smaller than
In other years, says Commissioner Perkins' survey, issued
July 15. wh'ch reports further as follows:
Last year in the same month employers took on a few additional workers.
However, the total volume of employment was five points higher this year
than a year ago, and surpassed that of two years ago.
These statements as well as those following are based upon monthly
reports to the Department of Labor from over 1,530 manufacturing concerns in New York State. They represent approximately one-third of all
the various industries located over the State.
First Loss in Metals This Year.
The restricted employment gains of the metals in May developed into
widespread losses in June. This marked the first loss this year for the
group. Only the machinery and electrical apparatus firms and instrument
and appliance factories took on a few workers. The May level was
almost maintained in the iron and steel mills and sheet metal and hardware
plants, although the movement was generally downward. Losses of 2% or
more occurred in several groups, namely automobiles and airplanes, railroad equipment and repairs, shipbuilding, cooking, heating and ventilating
apparatus, firearms, tools and cutlery, brass, copper and aluminum, and
structural and architectural iron.
Usual Activity Beginnirg in Men's Clothing.
The large gain in men's clothing marked the opening of their usual
seasonal activity and aided in counteracting declines in all of the other
clothing shops. Weenen's apparel and millinery suffered further heavy
Icescs, while smaller cuts appeared in men's furnishings and women's
underwear. Some shoe manufacturers increased their forces so that the
whole group showed a gain. All of the textiles, as well as furs, reported
lowered forces.
Improvement in Foods and Other Indua'ries.
Most of the food industries were more active, especially beverage making
and canning. Workers were released from sugar refineries and candy
factories in fairly large numbers. Pulp and paper, paper products and
printing companies replaced some of their forces in June, while gains
continued in chemicals and stone, clay and glass.
Sawmills enjoyed expansion, but other wood products factories continued
to lose men, as did tanneries. A strike explained the sudden drop in
employment among glove and bag makers.
[VoL. 129.
of Labor officials, among others, say the precise figures would be valuable
In consideration of problems affecting the technique of production, improved machinery installations, efficiency of management, and other
matters affecting industry.
Secretary Lamont addressed the conference, outlining some of the
problems with which the Government is coping in attempting to gather
statistics of maximum utility on the subject of unemployment.
Dr. Joseph H. Willetts, University of Pennsylvania, was made acting
Chairman of the conferefice. The general discussion bore primarily upon
the tentative questionnaire which, drafted by the Census Bureau, was
laid before the conference, as the result of a preliminary meeting of its
officials.
Most of those present discussed what should and should not be on the
questionnaire. Many recommendations and suggestions were offered in
.
the course of the discussion, with the idea of d-..veloping a concise and detailed but not bt rdensome questionnire for the census enumerators to use
in ther na ion-wide canvass, covering such aspects of the unemployment
problem as those participating regarded as of major importance.
Just .what constitutes unemployment was one theme of discussion. A
tentative suggestion that had been off. red to the conference was that an
unemployed individual is one who usually is employed for wages or salary,
who is out of work, physically able to work, willing to work or looking for
work. There were other correlated questions like those of employes laid
off, part-time workers, and workers on strike or under lockout or on makeshift jobs for lack of employment regularly.
The discussion, according to oral explanation at the Department, developed an exchange of views on weather or not it would be appropriate
to include college graduates and others who never had been employed, and
whet..er to include them if they ever had been employed. There was also
discussion whether housewives are fully employed in attending to household duties but seeking other employment for what Is known as "pin
money."
The use of stenographers who had been regularly employed but who
married and who are considering reentering employment though still
married, of which,it was stated, there are many instances, was cited. There
was also the question whether miners who live in areas where it is said
they may never again find full-time employment at their specialized line
of work should be hold to be employed or unemployed.
There was considerable discussion, according to the Department's spokesman for the conference, regarding part-time workers. lissome lines of work.
It was pointed out in this connection, a few hours constitute a full day,
while in other activities there are individuals who may be partly employed,
supplementing their budget by working an hour or two a day In some
capacity.
The conference authorized the statement that It decided to refer the many
suggestions developed to a small committee, to be made up preferably of
persons who are readily available to enter into discussion with the officials
of the Government, especially to the Census Bureau and other agencies
of the Department of Commerce and the Department of Labor. It was
agreed that the Secretary of Commerce should name this committee, with
a view to early action to c arify the purposes and terms of the census quastionnaire.
The conference then adjourned, it was stated without agreement as to
reconvening, but with the understanding that the committee should draft
the questionnaire, in the liAt of the discussion, and consult with both
government officials and the participants in the conference on any futher
problems.
Daniel Willard, Baltimore, Md., President of' the Baltimore & Ohio
Railroad; George E. Roberts, Ice-President, National City Bank, New
York; Dr. William M. Steuart, Washington, D. C., Director of the Bureau
of the Census; George Soule, New York, Director of the Labor Bureau.
Inc.; Dr. Joseph II. Willetts, Philadelphia, Pa., University of Pennsylvania;
Gray Silver. Martinsburg. W. Va., and Washinton, D. C., representing
agricultural organizations; and E. W.McCullough and Russell L. Greenman,
of the Chamber of Commerce of the United States, were among the participants in the conference.
and Business Conditions in Minneapolis
District—Volume of Business in
June Exceeds That of Same Month Last Year.
The Federal Reserve Bank of Minneapolis in its preliminary summary of agricultural and business conditions, in its
District, reports that the volume of business in the District
during June was larger than the volume in June last year.
The daily average of debits to individual accounts at 70
representative cities exceeded the daily average of individual
debits .n June last year by 5%, the Bank says, and in its
further advices it states:
Agricultural
Federal Reserve
Conference in Washington on Unemployment Problems
Involved in 1930 Census.
Plans to aid the Department of Commerce in securing data
in the unemployment census to be taken in 1930, were discussed at a conference held in Washington July 15. The
conference was called by Secretary of Commerce Robert P.
Lamont, who invited as participants representatives of employers, labor, finance, agriculture, education and others
interested in the unemployment situation. According to the
United States Daily, two 'resolutions were adopted by the
conference which provided:
(1) That the question on unemployment shall be asked with relation
to the day of enumeration rather than as of April 1.
As the enumerator will cover a period of from two to four weeks it was
felt that the enumerator would be able to secure more accurate information
if he asked with regard to conditions on the day of his call.
(2) That there be appointed by the Secretary of Commerce an Executive
Committee to advise with the Secretary and the Director of the Census
In the development of the inquiries on unemployment. The Committee
represents a continuation of the conference. Its purpose will be to work
in close co-operation with officials of the Commerce and other interested
departments in considering the various proposals made at to-day's meeting
and such other business connected with the Unemployment Census as
may develop between now and the Census day.
The conference was opened by Secretary of Commerce
Lamont, the Department of Labor likewise being represented. In its report of the conference the United States Daily
said:
Census to Bedn April 1.
Unemployment was added to the usual census subjects by Congress at
its present extra session.
The census enumeration begins next April 1, by direction of Congress.
and the eeecutIxe committee of the conference meantime will work out, in
co-operation with the Government departments concerned, the questionnaire contemplated, for inclusion In the general census, in which approximately 100,000 persons will be engaged on that date.
It has been estimated the Department of Commerce, that there are
between 1.500,000 and 8.000.000 persons unemployed,and the Department
The country chock clearings Index, freitht carlotulings for the first three
weeks of Juno, department store sales, postal recuipts and building permits
and contracts exceeded the totals of tho corresponding poled a year ago.
Flour and linseed shipments and live stock receipts at South St. Paul were
smaller in June than in June last year.
Farm income from agricultural products marketed during June exceeded
the income in Juno last year by 4%. The value or dairy products sold in
May 1929 was 7% larger than the value of dairy products sold in May
last year. Prices of flax, hens and all live stock, except sheep, were higher
In June than in Jun3 last year, while prices of wheat, rye, feed gains, eggs
and potatoes were lower than In June Izst year.
ESTIMATED VALUE OF IMPORTANT F,s1451 PRODdCTS MARKETED
IN THE NINTH FEDERAL RESERVE DISTRICT.
June 1929 of
June 1929.
June 1928.
June 1928.
94%
17,228,009
$7,691,000
Bread wheat
144%
4,915,000
3,407,000
Durum wheat
881,000
488.000
70%
Rye
74%
1,303,000
971,000
Flax
278.000
357,000
78%
Potatoes
9,102,000
8,589,000
105%
Hogs
May 1929 of
May 1929.
Mau 1928.
May 1928.
107%
$24,804,000 $22,787,000
Dairy products
— —
Building Construction on Pacific Coast—Second Quarter Operations Reported by Silberling business
Service.
Building operations on the Pacific Coast during the second
guar er of the present year are reviewed as follows by the
Silberling Business Service of Berkeley, Calif.
JULY 20 1929.1
FINANCIAL CHRONICLE
The downward drift in building activity, characteristic of the Pacific
Coast since 1925. continued during the second quarter of 1929.
With the
exception of 1924, the value of building permits Issued during
the second
quarter of the year has exceeded that of the first quarter
in each of the
past seven years. This seasonal movement results from
the desire of
contractors and builders to take advantage of favorable
weather during
the summer and autumn months. This year, second
quarter permits
issued in eighteen representative cities inereased only slightly in
value over
first quarter permits and were considerably below the
value of permits
Issued during any second quarter since 1921.
Commercial building was well maintained during the second
quarter,
while industrial building was higher than in any recent quarter. Residential building declined to the lowest second quartet level during
the period
shown.
Engineering contract awards were reduced during the second quarter
of
1929, as a result chiefly of reduction in bridge projects. Contracts awarded
for street and highway construction showed a sharp
seasonal expansion.
The outlook for the remainder of the year is for a
further decline in total
engineering work, partly seasonal in character, and for
a volume below
that of the last half of 1928. Street and highway
construction will probably be well maintained. Demand for steel, cement,
and labor will Probably be somewhat reduced.
Reflecting in part recent building trends, the
wholesale sales of hardware and the retail sales of furniture (as reported by
the Federal Reserve
Bank at the Twelfth District) have been active
in Southern California.
fairly well maintained In Northern California,
but sluggish in the Pacific
Northwest.
397
The Association, in its bulletin dated July 15, also gave
the following statistics:
1929.
Month of May.
1928
Production.
Shipments.
TiresBaloon casings
High pressure cords
High pressure fabrics
4,732,416
1,371,987
4,623
4,022,910
1,356,529
8,852
3,658,349
1.404.097
6,787
3,231236
1,570,710
38,567
Total pneumatics
Solid and cushion tires
8,109,026
39,611
5,388,291
42,414
3,069,233
46,606
4,842,513
47,604
Total
Inner Tubes
Balloon inner tubes
High pressure inner tubes.._ _
Millimeter inner tubes
6.148,837
5,430,705
5,115,839
4,890,117
4,586,606
1.153,013
3,510
3,795,350
1,480.293
2,550
3,695,298
1,680,621
3,011,432
1,713,411
Total
Production. Shipments.
5.745;129
5.275,643
5.373,917
4.724,843
First Five Months.
Tires
Balloon casings
High pressure cords
High pressure fabrics
20.831,244
7,012,113
23,172
18,486,148
6,284,127
51,294
15.883,027
7,58,450
165,591
14,175,570
6,982,067
181,644
Total pneumatics
lolid and cushion tires
27,886,529
176,976
24,821,569
192,588
23,607,068
205,418
21,319,281
206,928
Total
28,063.505 25,014,157 23,812,486 21,526,207
With both seasonal and non-seasonal factors
Inner Tubessuggesting some decline in
3alloon inner
Industrial activity and general buying-power later
in the year, the outlook -fish pressuretubes tubes.... 20,105,795 18,029,688 16,378,150 13,825,449
inner
is for some further decline in building on the
6,912.660
7,048.004
8.668,868
8,100,811
Pacific Coast during the last dillimeter inner tubes_ x
16,992
16,319
half of this year. Reeidential. Commercial,
and industrial building may
be expected to participate in this movement.
Total
27,035,447 25,094,011 25.047,018 21,926,280
This tendency will undoubtedly also be influenced by the somewhat strained
a Formerly included under high pressure inner tubes.
credit situation. Although
Federal Reserve authorities may take steps to
ease credit during the crop
moving period, it does not seem probable that such
The Association also released the following figures, estiaction will materially
reduce the cost of credit to the building and
construction industry.
mated to represent 75% of the industry:
With declining construction activity and lower
building material prices CONSUMPTION OF COTTON
In prospect, inventories of building materials
FABRIC AND CRUDE RUBBER IN THE
should be kept at a minimum.
PRODUCTION OF CASINGS, TUBES. SOLID AND CUSHION TIRES.
Extensions of credit to the building trades and to
those producing and
Month of
supplying building materials should be carefully
5 Mos.End. Cal. Year
watched.
PeriodMay.
April.
March. May 31 '29.
1928.
Cotton fabrics (lbs.) 23,302,120 23,619,687 21,238,410 108,415,889 222,243,398
Crude rubber (lbs.). 66.028,029 65,673,453 61,335.423 304,756,070 600,423,401
New Automobile Models Announced.
The brougham or close coupled 4
-door sedan has been added
to the current line of Oakland all American sixes, it was
announced on July 13. Priced at $1,195 F. 0. B. Pontiac,
the brougham lists at $50 less than the standard 4-door sedan
in the Oakland line which now numbers 9 body types.
Production on the new type began late in June.
The eight-cylinder Buxton front wheel drive car which is
to be produced by the New Era Motors, Inc., will be manufactured in a plant in St. Louis, pending completion of a
new plant in Detroit, it is announced. The company expects
early models to be ready for delivery next month.
Production has already begun at the factory of the Auburn
Automobile Co. on its new front wheel drive car that "pulls"
instead of "pushes." The new car, on the 137k-inch wheelbase chassis, will be known as the "Cord", named for E. L.
Cord, who has been president of the company for the past
five years. The car, powered by a 125-horsepower Lycoming
motor, is said to make 70 miles an hour, and is offered in
sedan, cabriolet, brougham and sedan phaeton bodies.
The Willys-Overland Co. on July 19 announced the new
Whys
-Knight Great Six model, priced $1,895, in the WillysKnight "70-B" series.
Statistics representing 100% of the following industries
were also issued:
Month of
5 Mos. End.
Cal. Year
May.
A yrU.
May 31 '29.
1928.
Gasolineconsumed(gal.) 1,433,502,000 1,344,798,000 5,849,466,000 13,633,452,000
Pass. cars produced_x_.
541,184
571,617
2,454,738
4,024,590
Trucks produced _x
93,026
380,169
89,486
576,540
a These figures include Canadian production and cars assembled abroad, the
parts of which were manufactured in the United States.
Tire manufacturers in the United States produced a total
of 8,145,368 pneumatic casings during the month of May
1929, according to estimates issued by the Rubber Manufacturers Association. These estimates are based on reports
furnished by manufacturers who produce approximately 75%
of the total for the United States. Total production of inner
tubes is estimated at 7,660,172 and total production of solid
and cushion tires at 52,815 for the month.
Total shipments during May are estimated as follows:
Pneumatic casings, all classes, 7,184,388; inner tubes 7,037,590, and solid and cushion tires, 56,552.
Inventories as of May 31 1929 are estimated as 17,813,580
for all pneumatic casings; 18,927,610 for inner tubes and
178,205 for solid and cushion tires.
The tire industry is estimated to have consumed a total of
88,037,370 pounds of crude rubber and 31,069,490 pounds
of cotton fabric during the month of May in the manufacture
Record Tire Output
-Shipments Exceed Those of Last of all types of pneumatic casings, inner tubes and solid and
Year Inventories Reach New High Figure.
cushion tires.
According to statistics complied by the Rubber Association of America, Inc., from figures estimated to represent
Lumber Business Still in Seasonal Recession.
75% of the industry,6,109,026 pneumatic casings, balloons,
Reports to the National Lumber Manufacturers Associacords and fabrics and 39,611 solid and cushion tires were tion from 796 soft and hard wood mills indicate that
the
produced in the month of May 1929, a new high record, and lumber movement has not yet recovered from
the midyear
compares with 5,912,854 pneumatic casings and 38,419 shutdown of many mills. Production is still depressed,
but
solid and cushion tires in the preceding month and 5,069,233 sligntly exceeds new business and shipments. Lumber
orders
pneumatic casings and 46,606 solid and cushion tires in May reported for the week ended July 13
1929, by 569 softwood
1928. Shipments in the month of May of this year amounted mills totaled 328,306,000 feet, or 3% below the
production
to 5,388,291 pneumatic esaings and 42,414 solid and cushion of the same mills. Shipments as reported for
the same week
tires as against 4,842,513 pneumatic csaings and 47,601 were 320,404,000 feet, or 5% below production.
Production
solid and cushion tires in the corresponding month a year was 338,830,000 feet.
ago and 5,470,779 pneumatic casings and 43,130 solid and
Reports from 227 hardwood mills give new business as
cushion tires in April 1929.
35,299,000 feet, or 5% below production. Shipments as
In the 5 months ended May 31 1929, there produced reported for the same week were 37,523,000 feet,
or 1% above
27,886,529 pneumatic casings and 176,976 solid and cushion production. Production was 37,206,000
feet.
compared with 23,607,068 pneumatic casings and
tires as
Reports from 454 softwood mills give unfilled orders of
205,418 solid and cushion tires in the same period last year. 1,123,015,000 feet, on July 13 1929, or the equivalent
Shipments totaled 24,821,569 pneumatic casings and 192,- of 23 days' production. This is based upon production
588 solid and cushion tires in the first 5 months of this year of latest calendar year-300
-day year-and may be compared
as against 21,319,281 pneumatic casings and 206,926 solid with unfilled orders of 450 softwood mills on July 6 1929, of
1,134,197,000 feet, the equivalent of 23 days' production.
and cushion tires in the corresponding 5 months in 1928.
Inventory at May 311929, showed 13,386,440 pneumatic The Association's statement further goes on to say:
casings, a new record figure, as compared with 9,767,754 at
Unfilled Orders.
The 316 identical softwood mills report unfilled orders
May 31 1928 and 12,696,808 at April 30 1929. Inventory
as 848,864,000
and high pressure inner tubes at May 31 1929, feet, on July 13 1929, as compared with 864,032,000 feet for the same week
of both balloon
a year ago. Last week's production of 370 identical softwood mills was
amounted to 14,195,731 as against 13,600,505 at April 30 151.059,000 feet, and a year ago it was
254,240,000 feet; shipments were
respectively 232,924,000 feet and 275,842,000 feet; and orders received
last and 13,276,713 at May 31 1928.
•
[VOL. 129.
FINANCIAL CHRONICLE
398
234,393.000 feet and 247.195,000 feet. In the case of hardwoods, 206
identical mills reported production last week and a year age 34.066.000
feet and 30,284,000 feet; shipments 34,868,000 feet and 33,588,000 feet:
and orders 32,714,000 feet and 33,834,000 feet.
WEEKLY REPORT OF PRODUCTION, ORDERS, AN D SHIPMENTS.
210 mills report for week ending July 6 1919.
(All mills reporting production, orders and shipments.)
Production
104.288,948 feet (100%)
Orders
145,436,705 feet (39.48%) over production
Shipments
140,793,423 feet (35.02%) over Production
West Coast Movement.
The West Coast Lumbermen's Association wired from Seattle that new
business for the 208 mills reporting for the week ended July 13 totaled
182,646,000 feet, of which 64,745,000 feet was for domestic cargo delivery,
and 41,429,000 feet export. New business by rail amounted to 64,278.000
feet. Shipments totaled 168,272,000 feet, of which 65,192,000 feet moved
coastwise and intercoastal, and 26.909,000 feet export. Rail shipments
totaled 63,977,000 feet, and local deliveries 12,194,000 feet. Unshipped
orders totaled 724.483,000 feet, of which domestic cargo orders totaled
286,731,000 feet, foreign 237,972,000 feet and rail trade 199,780,000 feet.
Weekly capacity of these mills is 238,265,000 feet. For the 27 weeks ended
July 6. 140 identical mills reported orders 11.5% over production, and
shipments were 8.9% overproduction. The same mills showed a decrease in
Inventories of 14.8% on July 6 as compared with Jan. 1.
COMPARISON OF CURRENT AND PAST PRODUCTION AND WEEKLY
OPERATING CAPACITY (277 IDENTICAL MILLS)
(All mills reporting production for 1928 and 1929 to date.)
118,547,221 feet
Actual production, week ended July 6 1929
195,983.772 feet
Average weekly production, 27 weeks ended July 8 1929
201,379,247 feet
Average weekly production, during 1928
204,598,076 feet
Average weekly production, last three years
279.444,198 feet
x Weekly operating capacity
x Weekly operating capacity is based on average hourly production for the twelve
last months preceding mill check and the normal number of operating hours per week.
-1929
WEEKLY COMPARISON FOR 208 IDENTICAL MILLS
(All mills whose reports of production, orders and shipments are complete for the
last 4 weeks.)
June 15.
June 22.
June 29.
July 6.
1Veek Ended
103,082,250 187,891,126 195,061,868 193,690,305
Production (feet)
Southern Pine Reports.
145,348,588 187,403.700 184,581,805 203,997,234
Orders (feet)
57,892.351 71,418,812 72,841.001 76,284,330
Rail
The Southern Pine Association reported from New Orleans that for 160
Dom. Cargo
48,674,548 62,980.977 73,332,976 71,908,432
mills reporting, shipments were 3% below production, and orders 9%
27,102.326 39,442,225 25,924,374 37.186,553
Export
below production and 6% below shipments. New business taken during
11,879,343 13,581,886 12,483,464 18,617.919
Local
140,535,366 215.167,803 179.273,201 202,113,650
amounted to 62,789,000 feet. (previous week 590,076.000); Shipments (feet)
the week
52.041.288 85,400.953 77.108,348 82,326,591
Rail
shipments 66.648,000 feet, (previous week 52,421.000) and production
Dom. Cargo
48,539,762 74,275,621 59,682,485 73.655,972
re68.989,000 feet. (previous week 60,242.000). The 142 identical mills
Export
23,274,973 41,929,343 29,998,914 27,513,168
ported a decrease in production of 10%, and in new business of 12%, as
11,679,343 13,561.686 12,483,454 18.617.919
Local
711,985.218 714,314,841 743,420,286 744,888,174
Unfilled orders (feet)
the same week a year ago.
compared with
200,829,712 196.255,965 210.127,981 215,762,272
Rail
The Western Pine Manufacturers Association, of Portland, Ore., reported
286,601,417 289,885,850 302,240,725 292,218,274
Dom. Cargo
production from 35 mills as 38.881.000 feet, shipments 32.070.000 and
224,554,089 228,373,226 231.051,600 236,907.828
Export
new business 32.278.000. Thirty-two identical mills reported an increase
112 IDENTICAL MILLS.
of 4% in production and of 9% in new business as compared with 1928.
The California White and Sugar Pine Manufacturers Association, of (All mune whose reports of production, orders and shipments are complete for 1928
and 1929 to date.)
San Francisco. reported production from 19 mills as 25.786,000 feet.
Average 27
Average 27
Weeks Ended
shipments 19.707.000 and orders 20,433,000. The same number of mills
Week Ended
Week Ended
of 31% in orders
July 7 1928.
July 6 1929.
reported an increase of 8% in production and a decrease
July 8 1929.
113,736.183
107,982.832
57.744,772
Production (feet)
compared with the same the same week a year ago.
123,232,485
115,061,232
83,453,176
The Northern Pine Manufacturers Association, of Minneapolis. Minn., Orders (feet)
121,779,127
114,885,679
84.275,373
Shipments (feet)
reported production from 9 mills as 8,494.000 feet, shipments 9.012,000
.
MILLS)
and new business 6.049.000. The same number of Milts showed production DOMESTIC CARGO DISTRIBUTION WEEK END.JUNE 29'29(115
37% less and orders 39% less than a year ago.
Unfilled
Orders on
The Northern Hemlock and Hardwood Manufacturers Association, of
Orders
Hand ReOshkosh, Wis., reported production from 28 mills as 4,316,000 feet, shipWeek Ended
ShipCancel,
ain't Week Orders
mills reported
ments 3.549.000 and orders 2.092.000. Twenty-five identical
ments. June 29'29.
June 29'29. Received. fattens.
an increase of7% in production and a decrease of 16% in orders in compariWashington & Oregon
son with the same period last year.
501,152 24,329,384 98,582,582
104,355,799 17,057,299
The North Carolina Pine Association, of Norfolk, Va., reported produc- California
687,814 34,493,261 132,352,791
135.908,908 31,626,960
business Atlantic Coast
tion from 95 mills as 11.069.000 feet.shipments 10.916.000 and new
602.172 8,308,885
None
812.200
8,098.657
Miscellaneous
9.782,000. Thirty-six identical mills showed a decrease of 12% in proTotal Wash. Jr Oregon 248,361,362 49,496,459 1,188,966 59,424,797 237,244,058
orders in comparison with 1928.
duction and of 11% in
The California Redwood Association, of San Francisco, reported proFrit Col. (20 .1111/)
81,448,000 1,342,446
None
duction from 13 mills as 6,104,000 feet, shipments 7,348.006 and orders California
1,179,446 1,611,000
189,000 8,795.569 15,516.990
15,685,273 8,838,286
9.706,000. The same number of mills showed a decrease of 2% in produc- Atlantic Coast
854,000 4,874,004
None
4,313.004 1.415,000
business, compared with the same week Miscellaneous
tion and an increase of 68% in new
In 1928.
189.000 11,097,569 21,733,440
Total Brit. Columbia. 21,157,723 11,862,288
Hardwood Reports.
,-..17,.........*i.r•..... ORO Al0 man Al 205 740 I 277 ORR 70 A22 2RA 255 077 40R
The Hardwood Manufacturers Institute, of Memphis, Tenn., reported
production from 199 mills as 31.393.000 feet. shipments 31.514,000 and
new business 30.599,000. One hundred and eighty-one identical mills
reported an increase of 12% in production and a decrease of 2% in orders
Country's Foreign Trade in June-Imports and Exports.
compared with 1928.
The Northern Hemlock and Hardwood Manufacturers Association, of
The Bureau cf Statistics of the Department of Commerce
Oshkosh. Wis., reported production from 28 mills as 5.813.000 feet, shipissued its statement on the foreign
ments 6.009.000 and orders 4,700.000 Twenty-five identical mills showed at Washington on July 15
an increase of 14% In production and a decrease of 11% in new business trade of the United States for June and the six months
compared with the same week a year ago.
of merchandise exported in
CURRENT RELATIONSHIP OF SHIPMENTS AND ORDERS TO PRODUCTION FOR THE WEEK ENDING JULY 13 1929 AND
FOR 28 WEEKS TO DATE.
AssociationProduction. Shipments, % of Orders, % of
M. Feet.
M.Feet. Prod. M.Feet. Prod.
.Southern Pine:
82.789 91
86.648 97
68.989
mill reports
Reek-160
1,898.994 103
1,896,059 103
28 weeks-4,104 mill reports_ __ _ 1.845.525
West Coast Lumbermen:
185.177 106
Week-210 mill reports
171.154 98
175,191
28 weeks
-5.685 mill reports.... 4.784,510 4,959.826 104 5,055,787 106
Western Pine hlanufneturers32.278 83
32,070 82
38.881
Week-35 mill reports
961,361 103
978.962 105
931,048
-978 mill reports
28 weeks
California White & Sugar Pine:
20,433 79
19,707 76
25.786
Week-19 mill reports
758,815 112
738.989 109
676.476
-700 mill reports
28 weeks
•
Northern Pine Manufacturers:
8.049 71
9,012 106
8.494
Reek-9 mill reports
225,129 117
238,887 124
193.088
-252 mill reports
28 weeks
Nor. Hemlock Ar Hardwood (softwoods):
2.092 48
3.549 82
4.318
Week-28 mill reports
113.185 90
113.972 99
126.248
28 weeks-1.181 mill reports
Carolina Pine:
North
9,782 88
10.916 99
11,069
Week-9h mIll reports
245,941 86
273,874 96
-2,073 mill reports-...... 285,635
28 weeks
California Redwood.
9.706 159
7.348 120
6,104
Week-13.mill reports
226.360 109
209.238 101
206.835
-376 mill reports
28 weeks
Softwood total:
333.830
Week-589 mill reports
9.049.363
28 weeks 15.349 mill reports
Hardwood hianidaeturers Institute:
31.393
Week-199 rem reports
1,080,955
2S weeks--5.97•2 mill reports
Nor Ilen.h..k & Hardwood:
5,313
Week-28 nitn reports
343.430
28 weeks-1.1s1 mill reports
320,404 95
9,405,387 104
328.306 97
9,483,572 105
100
109
30,599
1.173,986
98
109
8.009 103
251,260 73
4.700
237,856
81
69
37.523 101
1,430,338 100
35,299
1,411.842
95
99
Grand total:
383.605
357.929 95
376,036
Week-788 mill reports
28 weeks-21.321 mill reports_..10,473,748 10,835.725 103 10,895,414
97
104
Hardwood totals:
Week-227 mill reports
23 weeks-7,153 mill reports
37,206
1,424,385
31.514
1,179,078
ending with June. The value
$388„661,000
June 1929 was $397,000,000, as compared with
The imports of merchandise are provisionally
in June 1928.
$317,computed at $352,000,000 in June 19_9, as ag inst
June the pre ious year, leaving an unfavorable
249,000 in
of June
balance in the merchandise movement f r the month
of $45,000,000. Last year in June there w s a favor191.9
of $71,able trade balance on the merchandise movement
have been
412,000. Imports for the six months of 1929
corre$2,284,945,000, as against $2,085,932,000 for the
of 1928. The merchandise exports
sponding six months
00, against
for the six months of 1929 have been $2,627,142,0
00, giving a favorable trade balance of $342,$2,377,989,0
197,000 in 1929, against a favorable trade balan'e of $292,June,
057,000 in 1928. Gold imports totaled $30,762,000 in
the
against $20,001,000 in the corresponding month in
previuus year, and for the six months were $181,507,000, as
only
against $82,976,000. Gold exports in June were
$550,000, against 99,932,000 in June 1928. For thesix
months in 1929 the exports of the metal foot up $7,050,000,
Silver
against $455,518,000 in the six months of 1928.
for the six months of 1929 have been $32,735,000,
imports
as against $31,453,000 n 1928,and silver exports 841,351,000
complete official
as against $42,331,000. Following is the
report:
IMPORTS OF THE UNITED STATES.
TOTAL VALUF.S OF EXPORTS AND
(Preliminary figures for 1929 corrected to July 12 1929.)
M ERCH A NOISE.
June.
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 July 6,
both shipments and orders exceeded product:on by 35.02%
and 39.48% respectively. The association's statement
shows:
6 Months Ended June.
1929,
Exports
Imports
Excess of exportx
1928.
1929,
1928.
Inc. 1-1-1
Dec. (-).
1.000
,
D0114 11.
397.000
352.000
1.000
Dollars.
388.681
317.249
1,000
Dollars.
2,827,142
2,284,945
1,000
Dollars.
2.377,989
2,085,932
1,000
Dollars.
+249.153
+199.013
45.000
71,412
342,197
292,057
JULY 20 1929.]
FINANCIAL CHRONICLE
EXPORTS AND IMPORTS OF MERCHANDISE, BY MONTHS.
1929.
1928.
1927.
1926.
1925.
1924.
1,000
1.000
1,000
1,000
1,000
1,000
Dollars. Dollars, Dollars. Dollars. Dollars. Dollars.
483,023 410,778 419.402 396,836 446,443 395,172
441,754 371,448 372,438 352,905 370.676 365,782
489,863 420.617 408.973 374,406 453,653 339.755
425.509 363,928 415,374 387,974 398,255 346,936
384,993 422.557 393,140 356.699 370.945 335,089
397,000 388,661 356,966 338,033 323,348 306,989
378,984 341,809 368,317 339.660 276.649
379,006 374,751 384,449 379,823 330,660
421,607 425,267 448.071 420,368 427,460
550,014 488.675 455,301 490,567 527,17Z
544,912 460,940 480.300 447.801 493,573
475.845 407,641 465,369 468,306 445,748
ExportsJanuary
February
March
April
May
June
July
August
September
October
November
December
6 months end. June. 2,627,142 2,377,989 2,366,293 2,206,853 2.363.320 2,089,723
12 months end. June_ 5,377,510 4,877,071 4,968,100 1,753,381 4,864,581 4,311.656
12 months end. Dec..
5,128,356 4,865,375'4,808,660 4,909,848 4,590.984
Imports
January
February
March
Apr11
May
June
July
August
September
October
November
December
337.916
351,035
380,437
345.314
353,981
317,219
317,848
346.715
319,618
355,358
326,565
339.408
368.897
369.442
383,791
410,666
400,149
352,000
356,841
310.877
378,331
375,733
346,501
354,892
310,298
368,875
342.154
355,738
344,269
331,234
416,752
387.306
442,899
397,912
320.919
336.251
338,959
336,477
343,202
376.868
373.881
359,462
346,165
333.387
385,379
346,091
327,519
325,216
325,648
340,086
349,954
374.074
376.431
396,640
295,506
332.323
320.482
324,291
302,989
274.001
278.594
264.542
287.144
310.752
296,148
333,192
6 months end. June_ 2,284,945 2,085,932 2.123.175 2,302,039 2,063,757 1,849,591
12 months end. June_ 4,290,457 4,147,500 4,252,024 1,464.872 3,824,128 3,554,037
12 months end. Dec.._
4,091,444 4,184.742 4.430.888 4.226.589 3.609.963
GOLD AND SILVER
June.
6 Months Ended June.
1929.
Excess of exports
Excess of Imports
Silver
Exports
Imports
1929.
1928.
Inc. (-I-)
Dec.
1.000
Dollars.
550
30.762
Gold.
Exports
Imports
1928.
1.000
Dollars.
99,932
20,001
1.000
Dollars,
7.050
181,507
1,000
Dollars.
455,518
82.976
1.000
Dollars.
-448,468
+98.531
79,931
30,212
(-).
372,542
174,457
5,441
5,022
Excess of exports
Excess of imports
7,456
6,221
41,351
32,735
42,331
31,453
419
1,235
8.616
10,878
-980
+1,282
EXPORTS AND IMPORTS OF GOLD AND SILVER. BY MONTHS.
Gold
1,000
Dols.
52,086
25,806
97,536
96,469
83,689
99,932
74,190
1,698
3,810
992
22,916
1,636
0"0000
1,000
Dols.
1,378
1,425
1,635
1,594
467
550
Myer.
1927.
00 tO 0
Exports
January
February
March
April
May
June
July
August
September
October
November
December
1928.
,
000,61,AWOON.A0
1929.
1926.
1929.
1928.
1927.
1926.
1,000 1.000 1,000 1,000 1.000
Dols, Dols. Dols, Dols. Dols.
3,087 8.264 6,692 7,388 9.763
3,851 6.595 7.479 6,233 7,752
4.225 7,814 7,405 6,077 8.333
17,884 5,752 6,587 6,824 7,612
9,343 7,485 6.712 6,026 7,931
3,346 5,441 7.456 5,444 7,978
5,069
____ 6,160 6,650 7,921
29.743
____
9.246 5,590 8.041
23,081
____ 6,229 6,627 7.243
1,156
___
7,252 5,945 7.279
7.727
--__
7,674 5,634 6,794
7.196
__
8.489 7,186 5,610
300.COQP.00104.0
ON(0.onWOWCJIMW.-.
8,260
4,458
6,435
3,957
4,602
5,022
--------__
___
---____
WC,104 4,4 a on W.WO.
,
19,351
25,416
43,413
13.116
2,935
18,890
19,820
11,979
15,987
8,857
16,738
17,004
OCR. 10 0.75=0
,,
48,577 38,320
26.913 14,686
26,470 2,683
24.687 5.319
24,098
1,968
30,762 20.001
10,331
2,445
4,273
14,331
.
29,591
24,950
00004.0.0C,
fooporfsJanuary
February
March
April
May
June
July
August
September
October
November
December
-,
4 00
0101
4000OWWW
WWC.J.4WP-..,0.0000,
1
6 mosend. June 7,050 455.518 28,981 41,736 41.351 42,331 37,992 49,369
12 mos.end. June 112.291 627,102 103,844 113,438 86.402 79,963 80,881 97,980
560,760 201,455 115,708
12 mos.end. Dec
-87.382 75,625 92,258
5.763
8.863
5.539
6,322
4,872
5,628
5.949
5,988
7.203
5.098
3,941
4,430
6 mos.end June 181,507 82,976 161.372 123,121 32,735 31,453 26,996 36,987
12 mos. end June 267,428 129.140 251,756 210,728 69,400 59,530 59,605 69,401
IAQ 207 907 ,
V1K 012 Kn..
no 1,7
me n.r, an mna
12 mos. end. Dec
399
Farm wages are also reported as being slightly higher than a year ago.
being 173 expressed as an index number, compared with 170 last July. the
1910-14 average being used as a base of 100. Wage increases over July
1928 are general throughout the country except in the South Atlantic States
where rates are slightly lower.
Wages per month with board by geographic divisions vary from $24.98
in the South Atlantic group to $55.28 in the Far Western States; wages
per month without board,from $35.77 in the South Atlantic States to $79.11
in the Far Western States; wages per day with board, from $1.31 in the
South Atlantic States to $2.79 in the North Atlantic States, and wages per
day without board from $1.70 in the South Atlantic States to $3.57 in the
North Atlantic States.
Officials of Department of Agriculture See no Wheat
Emergency.
From Washington the "Wall Street Journal" of, July 15
reported the following:
Department of Agriculture officials see no emergency in the present
wheat situation and it is understood will so advise the Federal Farm Board
if called upon.
It was pointed out while the Farm Board was in session that the present
prices of wheat at principal markets would indicate that the farmer Is
receiving something over a dollar a bushel and it is the belief that this
leaves him a fair margin.
Officials here believe that the rise in wheat prices over the past two weeks
is attribute largely to deceased crop prospects and partly to.the passage
of the farm bill and the appointment of the Federal Farm Board. It was
pointed out that the spread between Liverpool and this country is such
as to indicate something besides the crop prospects is influencing the price
in this country.
Swiss Adopt New Plan to Assure Grain Supply.
Suspension of Switzerland's Federal grain. monopoly
June 30 has been followed by the inauguration of a new
measure placing imports and exports of grain on a statistical
basis, according to a report to the Department of Commerce.
Advices to this effect were contained in a Washington
account July 8 to the New York "Journal of Commerce,"
which added:
Under the new law, which is modeled along the lines of the discarded
wartime measure, Switzerland is assured a sufficient quantity of bread
grain, the report stated. The Government is bound to hold for its own
account at least 80.000 tons in addition to that carried by the mills and that
provided from domestic sources, which would supply the country for about
throe months and this reserve may be increased whenever it is thought
necessary.
Many of the provisions contained in the war-time measure, such as the
maintenance of grain reserves, the subsidy for domestic grain, protection
of the domestic milling industry and the intensive supervision of milling
have been incorporated in the new law, and the Swiss Government plans to
continue its policy of buying all native bread grain direct from the grower,
with the local farmers'societies acting as intermediaries. All grain delivered
to the confederation, either f.o.b. car at a mill or nearby elevator, will be
purchased at the average price of foreign grain of equal quality delivered,
customs paid, at the Swiss border, plus a bounty of about 45c. per bushel
on wheat, the minimum price per bushel being fixed at $2.11 and the maximum price at $2.32. All other bread grains will be subsidized on this basis,
according to their milling value.
Authority to buy the greater part of their grain where they will has been
restored to the commercial mills by the new measure, but they are still
subjected to certain regulations. especially those concerning the storage of
grain and the acceptance of domestic grain purchased by the confederation.
Rise in Grain Prices in U. S. Stirs Hungary-Farmers
Rejoice in the Increase in Wheat Prices.
According to a cablegram July 16 from Budapest to the
New York "Times," the increase in American wheat prices
has caused great rejoicing in Hungary, where farmers had
read ruin in the low levels hitherto prevailing at Chicago
and Winnipeg. The cablegram likewise said:
The price of wheat has risen 10% in the last few days and flour 5%.
The further course of grain prices is the subject of excited speculation
in banks, business offices and even coffee houses.
Wheat Growers to Vote on Pool for Australia.
Embargo on Wheat Shipments to Galveston, Tex.
Associated Press advices from Sydney, New South Wales,
An embargo on shipments of wheat to Galveston will go July 10, to the New York "Evening Post" said:
A recommendation that a ballot be taken among the wheat growers of
into effect to-day (July 20) in an effort to relieve the congestion of grain at the Texas port. Associated Press ad vices Australia on the question of establishing a wheat pool was accepted by the
Cabinet to-day.
from Washington, yesterday (July 19), announcing this, said.
It is understood that banks are willing to guarantee a certain amount in
The embargo was decided upon by the railroads serving Galveston and
was announced here to-night by the American Railway Association.
L. M. Botts of the car service division of the association said 4,000 cars
of wheat were at Galveston and to at 3,000 additional cars were on route.
It was necessary, therefore, he said, to place an embargo on further shipments because the elevations were about filled.
Recent high prices for wheat were said to have brought about the congestion.
event of the formation of the pool. The Government share of the guaranty
will be discussed later.
The World's Coffee Crop.
According to figures compiled by the New York Coffee
& Sugar Exchange, the world's coffee crop for the 1928-1929
season amounts to 22,085,135 bags, as compared with
24,418,271 bags in the previous season. Details of world
Farm Labor Supply is Adequate-Wages Slightly
production for the season, with comparison for the previous
Higher Than Last Year.
crop year, follow:
The supply of farm labor this season is sufficient to meet
Bag
1928-1929.
1927-1928.
demand in practically all parts of the country, reports the Rio
2,994,000
3,839,000
Santos
8,873.000
10,259,006
Bureau of Agricultural Economics, United States Depart- Victoria
1,051,000
1.411,000
Bahia
Agriculture under date of July 15. The Bureau l'aranagua
308,600
469,000
ment of
291,700
324.307
says:
Pernambuco
76.700
102.964
Although the supply is somewhat smaller than on July 1 last year, due
to the increased volume of industrial employment, the supply as a percentage of demand is reported at 101.7% whereas a year ago at this time it
was 105.5%.
Total Brazil
Other kinds
World
crop
13.595,000
8,490.135
16.405.271
8.013,000
22,085.135
24,418.271
400
[Vol,. 129.
FINANCIAL CHRONICLE
Census Report on Cotton Consumed in June.
Under date of July 13 1929 the Census Bureau issued its
report showing cotton consumed, cotton on hand, active
cotton spindles, and imports and exports of cotton for the
month of June 1920 and.1928. Cotton consumed amounted
to 570,281 bales of lint and 78,154 bales of linters, compared
with 668,229 bales of lint and 80,145 bales of linters in May
1929, and 510,399 bales of lint and 65,580 bales of linters in
June 1928. It will be seen that there is an increase over
June 1928 in the total lint and linters combined of 72,456
bales, or 10.8%. The following is the statement complete:
JUTTE REPORT OF COTTON CONSUMED. ON HAND. IMPORTED AND
EXPORTED, AND ACTIVE COTTON SPINDLES.
(Cotton In running bales, counting round as half bales, except foreign, which Is in
-pound bales.)
500
Cotton Consumed
DuringYe'
United States
Cotton on Hand
June 30.
Cotton
Merv! In Con- In Public Spindles
Months :turning
Storage
Active
Ended
EstabDuring
and at
June
June 30 ttakm2s Compress
June
(Bates.) (Bales.) (Bales.) (Bales.) (Number).
11929 570,281 6,552,489 1,289,294 1,375.728 30,628,122
1928 510,389 6.394,242 1,160,888 1,646,807 28,627,556
Cotton-growing titates
1929 431,967 4,991,833
1928 392,052 4,781,118
1929 117.401 1.329,928
1928 99,153 1,318.557
1929 20,913 230,728
1928 19,194 264,567
New England Staten
All other States
Included AhoseEgyptian cotton
876,443 1,100,523 17,984,360
736,958 1,461,742 17,758,330
350,258
91,344 11,348,894
96,731 9,571,110
365,911
62,593 183,861 1,291,868
88,334 1,298,116
58,019
1929 18,061 210,636
1928 13,051 201,154
1929 7,395
72.170
1928 7,062
74,840
Amer.-Egyptlan cotton.... 1929 1,529
14,417
1928 1.152
13,833
Not Included AboveP
Linters
11920 78,154 791,609
89,160
48,100
32,890
30,075
7,761
4,275
Other foreign cotton
1 1025
AA AAA
43,065
19,647
19,381
12,119
1,228
2,544
206,432
71,164
IRS 344
71A OAA
53 551
imports of Foreign Cotton (500-lb. Balm).
Cement of Production.
1929.
282,011
15,368
34,354
52,009
49,825
2,870
192,632
19,697
80,134
22,843
22,790
1,657
26.113
14,587
436,435
319,753
Exports of Domestic Cotton Excluding Linters
(Running Balm-See Nate for Linters).
June.
11 Mos. End. June 30.
Country to Which Exported.
1929.
United Kingdom
France
Italy
Germany
Other Europe
Japan
All other
22,711
12,458
57,998
35,376
84,762
49,158
36,673
1928.
73,240
30,708
37,058
84,789
117,132
75,465
25,776
1929.
iszs.
1,809,766 1,387,603
765,153
836,838
693,000
645,786
1,753,229 1,948,135
1,009,940 1,110,339
1,277,566
908,758
391,234
503,180
Total
299,136
444,168 7,811,834 7,208,493
Note.
-Linters exported, not included above, were 9.811 bales during June
1929 and 13,813 bales in 1928; 176,728 bales for the 11 months ending June 30 in
in
1929 and 182,835 bales in 1928. The distribution for June 1929 follows: United
Kingdom, 767; Netherlands, 193: France, 1,273: Germany, 5,986;
Belgium, 280;
Italy, 250; Spain, 100: Canada, 942; Guatemala, 20.
WORLD STATISTICS.
The estimated world's production of commercial cotton, exclusive of linters,
grown in 1928, as complied from various sources. Is 25,751,000 bales, counting American in running balm and foreign In bales of 478 pounds lint, while the consumption
Of cotton (exclusive of linters in the United States) for the year ending July 311028
was approximately 25,285,000 bales. The total number of spinning cotton spindles,
both active and idle, Is about 165,000,000.
COTTONSEED RECEIVED, CRUSHED AND ON HAND (TONS).
Received at Mills.
Crushed
On Hand at Milts
Aug. 1 to June 30. Aug. 1 to June 30.
June 30.
State.
1929.
Alabama
Arizona
Arkansas
California
Georgia
Louisiana
Mississippi
North Carolina
Oklahoma
South Carolina
Tennessee
Texas
All other
1928.
1929.
1928.
268,233 296,167 266,995 294,893
81.693
41,152
61,629
41,237
401,479 307,985 397,565 309,499
88,402
47,626
49,998
87.598
403,591 442,934 403.128 443,727
208,831 154,732 203.091 185,311
625,556 540,992 608,738 541,634
305,234 302,444 304.005 303,027
387,272 361,971 381,455 383.202
208,836 210,417 208.321 211,519
316,233 266,503 311,912 262,452
1,705,982 1,516.396 1,703,667 1,542,513
71.332
72,450
71,975
71,202
1928.
1929.
1,351
166
4,147
1,042
937
5.857
22,817
431
3,544
680
7,190
15,509
130
2,257
88
167
397
1,589
49
12,029
171
325
213
5,187
7,814
United States
5052,674 4.561.769 5.007,306 4.620,787
30,286
63,401
• Includes seed destroyed at mills but not 21.972 tons and 89,784 tons on hand
Aug. 1, nor 107,704 tons and 77,838 tone reshipped for 1929 and 1928. respectively.
COTTONSEED PRODUCTS MANUFACTURED, SHIPPED OUT AND ON
RAND.
.
Item.
On Hand
Aug. 1.
Season.
Crude oil
(pounds)
Refined oil
(Pounds)
Cake and meal
(tons)
Bulls
(tons)
Linters
(running bales)
Hull fiber
(500-lb. bales)
Gmbbots,motes,&c.
(500-lb. bales)
ANAARAMARAAA
1928.
9.924
1,405
1,919
10
1,326
3
1928.
Cottonseed Oil Production During June.
On July 12 the Bureau of the Census issued the following
statement showing cottonseed received, crushed and on hand
and cottonseed products manufactured, shipped out, on
hand,and exports during the month of June 1929 and 1928:
4n4nobt:obttOpncbt
Total
1929.
18.421
1,604
569
69
7.344
108
The review summarizes the various activities of the Institute during the past six months in stimulating the demand for
styled cottons by national advertising, the publication of
style bulletins, distribution of sample fabrics, style conferences, radio talks, and co-operation with large retail
stores in special merchandising efforts in behalf of cotton.
"I believe the industry appreciates the results of these special
efforts to extend the uses of cotton," Mr. Hines stated,
"and will wish to continue and enlarge the program."
Cl Cl
000000000000OMO
EitYPt
Peru
China
Mexico
British India
All other
11 Mos.End. June 30.
June.
Is fully alert to the necessity for maintaining cotton in a prominent position
In the high-style field in order to keep this market in advance of the volume
market and thus maintain a high position in the entire field of style.
Produced shipped 0 •
Aug.1-.Fne f Aug.1-June.,
On Hand
June 30.
a20.350,882 1,584,793,881 1,579,758,14 630,078,843
18,298,641 1.485,352,22 1,441,728,862 34,559.216
c335,993,223 b1 430 184 833
c431,100,474
378.612,7001.285.579.212
415,048,927
32,948
2,254,92
2,145,55
142,014
63,632
2.079,28
2,097,880'
46,241
29,291
1,349,63
1,290,933
87,997
168.04
1,312,0 I
1,434,203
45,892
43,994
1,072,5
.1,015,542
46,177
869,48
856,631
59,028
76.218
2.775
77,153
1,838
21,930
75,40
92,741
4.594
1,903
47,947
39,759
10,091
1.842
38,798
37,396
3,249
101,067
a Includes 3,093,476 and 4,998,513 pounds held by refining and manufacturing
establishments and 3,290,652 and 6,078,060 pounds in transit to refiners and consumers Aug. 1 1928 and June 30 1929, respectively.
c Includes 7,594,021 and 8.128,833 pounds held by refiners, brokers, agents
and warehousemen at places other than refineries and manufacturing establishments,
and 10,166,451 and 6,739,348 pounds In transit to manufacturers of lard substitute,
oelomargarine, soap, Ja., Aug. 1 1928 and June 30 1929, respectively.
b Produced from 1,554,340,022 pram& of crude oil.
EXPORTS OF COTTONSEED PRODUCTS FOR TEN MONTHS ENDING
MAY 31.
Item1929.
1928.
011, crude (pounds)
20,065,655
47.496,593
Refined (Pounds)
7,306,260
8,985.287
Cake and meal (tons)
271,012
308,949
Linters (running balm)
188,917
169,222
Spinners Vote to Stop Work as
Wage Cut
-Extension of Reduction
Throughout Whole Industry One Hope of Agreement.
Demand for Cotton Fabrics Indicated in Five Months
London a dvices printed yesterday (July 19) in the "Wall
Statistics of Cotton Finished Goods
-Comments
Street Journal" said:
by Walker D. Hines of Cotton Textile Institute.
Following conversations
Exceptional demand for cotton fabrics is reflected in Labor and representatives between permanent officials of the Ministry of
of the employers and opetatives of the Lancasharp increases in the volume of cotton goods printed and shire cotton industry. arrangement has been reached to call a joint confinished during the first five months of 1929,Walter D.Hines, ference at Manchester Friday for further discussion of the proposed wage
reduction.
President of the Cotton-Textile Institute, Inc., states in a
Operatives maintain that a reduction in wages alone would not be
review in which he stresses the growing style importance of ficient to permit an increase in business. They delcare that employerssufby
their reluctance to accept financial reorganization have not contributed their
cotton. Mr. Hines says:
share toward recovery of trade. Unless the
Reports from printers of cotton fabrics show that in the first five months
of 1929, 427.638,000 yards were printed. This represents an increase of
approximately 28% over the volume of goods printed in tho corresponding
period of 1928.
Latest available statistics from finishers show that in tho first five months
of 1929 there were 763,462,000 yards of cotton goods finished. This is an
Increase of 130.000.000 yards or 21% more than the yardage printed in the
corresponding period of 1928.
I Three facts are of outstanding importance in the present season, charac,
terized by the new fashion prominence of cotton.
Styled cottons have been more widely advertised and more prominently
displayed than in any other season.
Cottons have achieved a new and prominent position in the field of high
style and their importance has been greatly enhanced in volume style
markets.
A new and greater consumer interest has been reflected in larger demand
for styled cottons.
The position of cottons in the field of high style has bc;en further enhanced
by designing cottons to emphasize their distinctive qualities of coolness,
comfort and cleanliness. This new prestige has been felt in a very general
stimulation of demand for other types of styled cottons in so-called volume
markets. In this connection it should be pointed out that the industry
Manchester Cotton
Result
of
discussions can be brought to a
wider basis covering the whole regulation of wages throughout the
industry,
a solution of the present deadlock seems unlikely.
A Central News cablegram to the New York News Bureau
from Manchester (Eng.) July 19 contained the following
advices:
The joint conference of the representatives of the Cotton Employers
Association and the operatives unions of the Lancashire district ended
in a
complete breakdown here to-day when the employers refused the request
of the unions that the wage reduction notices be withdrawn before negotiations brnin between them.
The action of the Federation of Master Spinners at Manchester in voting to reduce wages was noted in these columns
July 13, page 204. Under date of July 15 the "Wall Street
News" reported the following from Manchester:
The Operative Cotton Spinners Amalgamation, the first of the three
big
cotton unions to ballot, voted almost unanimously for stoppage of the
mills, and others are expected to vote similarly. Both sides appear equally
resolute and the Ministry of Labor is expected to intervene shortly.
JULY 20 1929.1
FINANCIAL CHRONICLE
401
Nibfe and Julius
On July 15 Associa ed Press accounts from London said: I who included David Dubinsky, I. Nagler, Salvatore of a new era in the
Hochmann, explained that the contract offered promise
The Daily Herald. Labor newspaper, to-night states that the Ministry
Industry. Substantial gains were seen in the new terms modifying the disof Labor has intervened In the Manchester cotton industry dispute, which
charge of shop chairman and active union men: the clauses concerning
threatened to throw 500,000 workers out of employment. Its officers
periodic virits to inside shops to see that union conditions are maintained
are in touch with both operatives and employers and are seeking a solution
and the establishment of a joint commission of control to supervise the
that will avert a lockout.
Industry and to discourage sub-standar and sweat shops.
Meanwhile the Board of Trade is arranging an inquiry into the whole
Workers to Vote To-morrow.
problem of the cotton industry. The President of the Board is expected to I
announce the form of the inquiry within a few days.
Mr. Schlesinger declared that the union's energies would now be freed
The Federation of Master Cotton Spinners recently voted to enforce a ' to tackle "the irresponsible manufacturers guilty of debasing union standreduction of about 12% in wages after July 29. The poor condition of the ards.
industry was given as the reason. Representatives of the workers had de- : The agreement will be placed before the shop chairmen for ratification
,
clared early in June that any attempt to reduce wages would be strenuously to-morrow morning July 15 and then the rank and file will consider it
opposed.
later in the day at the 14 meeting halls. If the agreement is approved,
as is expected. 19,000 cicakmakers will return to the shops Tuesday. The
manufacturers.
Signing of Three-Year Agreement Ends Strike of strike, however, will be carried on against independent made with the
jobbers and contractors until they submit to the agreement
Cloakmakers.
said.
organized factors, it was
I
In the Governor's Room of the City Hall on July 16
The action on July 15 was indicated as follows in the
Acting Gov. Lehman and Mayor Walker affixed their "Herald-Tribune" of July 16:
signatures as witnesses to the three-year agreement terShop chairmen from more than 1,000 shops met yesterday in Union Hall.
district
wound
minating the strike in the cloak industry which had been in while two lines of striking rioakmaersterms ofthrough the garmentbetween
the new peace pact
In parades, and unanimously ratified
progress since July 2. The two made brief speeches ex- the International Ladies Garment Workers' Union and the three employers'
pressing their gratification that the controversy had been associations.
More than 19,000 workers met at the same time in 14 strike headquarters
settled so quickly, said the New York "Times" of July 17,
and decided by referendum to return to their shops to-day, ending the
which also said:
shortest strike in the history of the garment industry of greater New York.
Col. Lehman told the union and employers' representatives that the
cloak and suit industry was at the cross roads and that while the outlook
was more promising than at any time since 1910, all factors would have to
co-operate to carry out the provisions of the agreement and to end the
evils of the sweatshop and sub-standard production.
Approximately 4,000 workers, the vanguard of the 19,000 employes of
the Industrial Council of Cloak. Suit and Skirt Manufacturers, Inc., and
the American Cloak and Suit Manufacturers Association, returned to the
shops during the day. The others will go back to their benches as soon
as new working cards are made out for them. The strike of 11.000 cloakmakers against the independent and non-union shiops will continue.
The National Bellas Hess Co., Inc., one of the largest mail order operators, in a letter to Benjamin Schlesinger, President of the union, promised
to co-operate with the union in improving the standards of the industry.
Tells of Referendum.
David Dubinsky, acting President of the union, said that the events of
the last few days have proved "that the union has completely recovered
from the Communist adventure of 1926." He made public the results of
the referendum taken in the 14 meeting halls on Monday July 15 when
16,094 persons voted in favor of the peace settlement and 358 voted against
it, with 265 blanks. He declared that never before in the history of the
union had so large a percentage voted on a referendum.
A day's pay, amounting to $200,000 was voted by the shop chairmen to
carry on the strike in the non-union shops. I. Nagler, Chairman of the
Joint Board,announced that more than $10,000 in dues was collected during
the day from strikers returning to their shops with paid-up working cards.
Mr. Dubinsky said that more than $300,000 was received in cash and
pledges to carry on the strike.
At the ceremony in the City Hall, the speakers, besides Mayor Walker
and Acting Gov. Lehman. were Mr. Schlesinger for the union: I. errorsman. President of the Industrial Council: Morris H. Haft, President of
the Merchants Ladles' Garment Association, and Joseph Schwartz, President of the American Cloak and Suit Manufacturers' Association.
From the "Herald-Tribune" of July 17 we take the following:
Lieut.-Gov. Lehman, who was praised by speakers of all groups for th
help he gave in settling the strike and establishing a joint board of controe
which will regulate and supervise standards in shops, appealed to the union,
the associations and the public to eliminate sub-standard conditions in the
1
Industry. He said in part:
The joint conunittee will shortly survey shop conditions. It will be composed of citizens whose standing in the community will insure the unqualified acceptance of their findings. I favor the widest publicity possible for
their reports and I am confident that the public, when it knows facts, will
refuse to deal with any shop or with any merchant who manufactures or
secures his merchandise in or from shops that exploit labor.
The sweatshop and the sub-standard shop menace the very existence of
the responsible manufacturer who can not compete successfully. If the
responsible manufacturer or merchant is driven out of business there will be
nothing loft .o° the industry, save a large number of small, irresponsible,
unimaginative producers, who have not the means, equipment or disposition to create styles or maintain standards of workmanship. If this
sad situation should develop the proud boast that the American woman Is
the best-dressed woman in the world would be mere empty words.
The Communist Noodle Trades Workers' Industrial Union decided last
night at a mass meeting of about 1,200 workers held at St. Nicholas Rink,
69 West 66th St., to repudiate the argeoment reached between the International Ladies Garment Workers' Union and the employers.
J. It, Cohn, Chairman of the meeting said afterwards that no agreement
would be made by the N.T. W.I. U.except on the basis of the 40
-day
-hour 5
week add no piece work. Picketing, he said, would continuo. When
pressed to give the numbers this decision would keep on strike, he said
that this was uncertain, as was the membership of the union. All those
present at the meeting would certainly stay out, he said.
An item regarding the terms of the agreement appeared
in our issue of July 13, page 204. Joint conference committees representing the union and employees ratified on
July 12, the agreement reached by sub-committees, as to
the further ratification of the peace terms, the "Times" of
July 14 said:
Enthusiastic and unanimous approval of the terms ending the strike
of 30,000 cloakmakers was voted at two union meetings yesterday July 13.
At the same time independents who joined the three employers' associations were inducted into membershop.
The executive committee of the general strike committee, with BenjaMin Schlesinger, President of the union, in the chair, met at headquarters
of the International Ladies' Garment Workers' Union, 3 West 16th St.,
and voted approval of the terms which were ratified Friday night by the
general conference of the industry.
This action paved the way for ratification by the general strike committee of 800 which met at Webster Hall at 2 p. m. yesterday. The speakers
The strike will be ended officially when Mayor Walker and Liet.-Gov.
Herbert H. Lehman, who helped bring about the settlement, witness the
signing to-day of contracts in City Hall, Benjamin Schlesinger. Presi
dent of the union, however, announced that strikers would continue to
picket sweatshops and those operated by independent manufacturers who
refuse to settle with the union on the terms agreed upon by the associations.
Union Starts Campaign to Organize 45,000 Workers in
Dress Industry and Lift Standards.
Plans for completely unionizing the New York dress industry, employing 45,000 workers, and a drive to eliminate
the sweatshops and sub-standard shops, were discussed on
July 17 at a conference of officers of the International
Ladies' Garment Workers' Union. The "Times" in stating
this added:
In connection with the drive to organize the dress trade fully, Benjamin
Schlesinger. President of the union, said that the industry was demoralized,
with only a small percentage of the workers in good union standing.
Referring to the settlement in the cloak industry, Mr. Schlesinger pointed
out that not all the workers whose employers have signed the agreement
will return to their benches at once, as this is the dull season.
Says Dressmakers Are Exploited.
"Of the 45,000 workers in the dress industry, three-quarters are girls
and married women," declared Mr. Schlesinger. "They are, to a large
extent, exploited worse than are their brothers in the sweatshops and
sub-standard shops of the cloak industry.
"While agreements with the Wholesale Dress Manufacturers' Association,
the jobbers, and the Association of Dress Manufacturers, the contractors,
do not expire until December, efforts will begin at once to bring the nonunion and sweatshops into line.
"We are determined to bring into the dress industry machinery similar
to the joint commission which has just been created in the cloak industry.
We are determined to police the chaotic dress industry and see to it that
our workers get a decent living. As a matter of fact, only 10 per cent of
the dressmakers earn a living wage.
"In the dress industry the padrone system prevails to an unbelievable
extent. In a shop where a large group may be working two or three may
receive the wages for the group and then parcel out meager amounts to the
others. Cut-throat competition in the industry is as harmful to the manufacturers as it Is to the workers who invest their youth and their health in
the industry."
Early Conferences Expected.
Early conferences between the union and the employers are expected.
The drive to unionize all the shops will be pressed by Locals 10, 22 and 89,
the dressmakers' locals.
Salvatore Ninfo, chairman of the cloak unions' settlement committee,
announced that the union was exerting pressure on independent employers
to join the associations. He pointed out that association workers are the
first to be returned.
Mr. Schlesinger will call on Mayor Walker today to explain the situation
In the dress Indust'7 and the union's plans to end the sweatshop system said
to prevail there.
The Industrial Council of Cloak. Suit and Skirt Manufacturers. Inc.,
has gained eighty-three ninnbers in less than a week, it was announced yesterday by I. Grossman, its president. The council, he added, is confident
that the agreement will be the starting point for rehabilitation of the industry.
Jerome Lewine of H. Hentz & Co. Elected President
National Raw Silk Exchange, Inc.
Jerome Lewin° of H. Ilentz & Co. was, on July 16, elected
President of the National Raw Silk Exchange. Douglas
Walker, director of the Exchange's Intelligence Bureau, was
elected First Vice-President, and Charles Muller Second
Vice-President. August Schierenberg was elected Treasurer.
The following were elected members of the Board of Governors -year term: J. Chester Cuppia, Paolino Gerli, and
-3
Paul A. Salembier; 2
-year terms: Francis R. Henderson,
Frederic D. Huntington, Charles V. V. Smile, and Alexander D. Walker; 1-year terms: Oscar Heineman, Louis Kahn,
George A. Post, and Edward J. Wade. Nelson Dougherty,
Arthur B. Elliman, and Frederic C. Zanes were elected
Inspectors of Election. The vote was unanimous, no opposition ticket being in the field.
402
FINANCIAL CHRONICLE
The new President of the Silk Exchange, who is a partner
in the firm of H. Houtz & Co., was born in Waco, Texas; he
came to New York in 1899 at the age of 14, entering the employ of H. Rentz & Co. as office boy. At the age of 18 he
was sent to the wheat pit of the New York Produce Exchange,
handling the grain business of his firm. He quickly acquired
a reputation as a floor trader, and was placed on important
committees, and ultimately on the Board of Governors. At
the age of 33 he was made a partner of H. Houtz & Co. Mr.
Lewine took a leading part in the organization of the Rubber
Exchange of New York, National Raw Silk Exchange, and
National Metal Exchange. He is also a member of the Committee on Securities Trading of the New York Cotton Exchange. His firm,one of the oldest and most successful inWall
St., is affiliated with the New York Stock, Cotton, Coffee
& Sugar,Produce, Silk, Metal, Rubber and Hide Exchanges,
New Orleans Cotton and Winnipeg Grain Exchanges,
Chicago Board of Trade, and is associate member of the
Liverpool Cotton Association.
Members of New York Cotton Exchange Vote Against
Amendment Which Would Place Agents in Foreign
Countries on Commission Instead of Salary Basis.
Members of the New York Cotton Exchange voted on
July 16 against amending the by-laws to grant solicitors or
agents in foreign countries, representing exchange members.
a commission, in lieu of salary, on business they obtain.
Trading in Coffee Futures on New York Coffee and
Sugar Exchange in First Half of This Year Larger
Than in Same Period Last Year.
Trading in coffee futures on the New York Coffee and
Sugar Exchange during the first six months of 1929 aggregated 6,804,000 bags, an increase of 140,750 bags over the
volume during the first half of 1928, according to data
made public by the Exchange on July 10. The Exchange
states:
Deliveries of all coffees in the United States during the crop year ended
June 30 1929 were 10,637,566 bags, as compared with 11,408,113 bags
In the previous crop year and 10,517,858 bags in the 1926-27 crop year.
Total receipts of Brazilian coffees at shipping ports in Brazil for the
crop year just ended amounted to 13,595,000 bags, as compared with
16,405,271 bags in the previous year.
World visible stocks of coffee as of July 1, the start of the new crop
year, were 5,352,398 bags, against 5,320,694 bags on July 1 last year and
4,393,297 bags on hand July 1 two years ago.
Increased Volume of Trading in Raw Sugar Futures on
New York Coffee and Sugar Exchange —Figures
for Half-Year.
Trading in raw sugar futures on the New York Coffee and
Sugar Exchange during the first six months of 1929
amounted to 6,953,500 tons, an increase of 300,800 tons over
the 6,652,700 tons traded in during the first .13,alf of 1928,
according to data compiled by the Exchange. Cuban raws,
it is stated, reached the lowest price level in the hintn,ry of
sugar trading on the Exchange during the half-year, July
sugar selling at 1.59c. per pound during the early part of
June. Total receipts of all Cuban sugars at United States
ports during the first six months of the year totaled
2,159,203 tons, against 1,229,523 tons in the corresponding
months last year.
Operations on New York Rubber Exchange During Six
Months of Current Year Greater Than Corresponding Period Last Year.
Trading in crude rubber futures on the Rubber Exchange
of New York in the first six months of 1929 showed a gain
of approximately 10% over the corresponding period in
1928, a total of 334,852 tons being traded, as compared with
305,087 tons in the first half of 1928, F. R. Henderson,
President of the Exchange, announced on July 6. Prices
during the first half of the current year, it is noted, showed
a much narrower spread than was the case in 1928, ranging
from a low of 17.80c. per pound to 28.20c., against a range
of 16.50c. to 42.90c. In the comparable period last year.
"Trade interests, both here and abroad, have utilized the
hedging facilities of the Rubber Exchange on a broader
scale this year than in any previous year," President Henderson said, "and the outlook for the balance of 1929 indicates further gains in this direction. In addition, there
has been a marked improvement In public interest in crude
rubber futures."
[VOL. 129.
Transactions on National Raw Silk Exchange, Inc.,
during First Six Months of Present Year.
Raw silk futures operations during the first six months of
1929 resulted in a total of 85,770 bales of raw silk futures
being traded on the National Raw Silk Exchange. During
the same period, it is reported, the Yokohama Silk Exchange,
formerly the dominant world market, showed a volume of
71,575 bales. Transactions on the National Raw Silk Exchange during the six months ended June 30 1929 amounting to 11,150,100 pounds, had a money value of $55,750,500.
A total of 1,463 transferable notices, representing 7,315
bales, was issued on the local Silk Exchange in the first six
months of the current year.
Petroleum and its Products--Effect of Tremendous
Production Beginning to be Felt—Eastern Crude
Prices Cut—Another New High Record in Crude
Production Established.
The tremendous production of petroleum, which last week
again established a new high record, with a daily average of
2,891,750 barrels for the week, is now beginning to be reflected in the price situation. On Tuesday of this week all
grades of Pennsylvania crude oil were reduced 25 cents a
barrel. Pennsylvania grade in .Buckeye line was cut 35
cents. The new prices are $3.75 a barrel for oil run prior
to July 1 in New York Transit and National Transit lines
and $3.80 for oil run after July 1. Pennsylvania grade oil
in South West Pennsylvania Pipe Lines Company lines is
cut 25 cents a barrel to $3.75 and in Eureka Pipe Line Company lines 25 cents a barrel to $3.65. In Buckeye Pipe Line
Company lines Pennsylvania grade oil has been reduced 35
cents a barrel to $3.50.
It is significant that these reductions represent the first
general change in this high-grade oil since early in January.
On January 4, all grades of Pennsylvania crude were raised
25 cents a barrel. The first sign that a general change might
be looked for came on July 1, when South Penn Oil Company,
outstanding factor in that territory, announced a downward
revision of 5 to 10 cents a barrel in prices of Bradford district oil. The changes made this week are tho result of increased supply and slackened demand. A slight easing of
the tension in California came with the announcement that
last week's production showed a gain of only 4,000 barrels
daily. The large increase in last week's general total came
from Pecos County, West Texas, where the output gained
about 18,000 barrels daily.
Efforts are being made to bring about an amicable agreement between operators in the Kettleman Hill developments
whereby production will not begin for about 2 years, with
the exception of wells in unusual circumstances, such as
those now drilling and those required to drill to validate
permits which may carry forward their operations to the
point of discovery, or the top of the oil sand. The agreement
provides that unless there is a market for new production in
California, or unless the area eontrolled by the parties in
the agreement is threatened by drainage, production from
the North Dome of Kettleman will be delayed until July 1
1931. The agreement proposed for the operators and others
interested in the South Dome is similar to that first agreed
to in May of this year, when operators agreed to shut down
until January 1 1931. Much interest is centered on the
conference being held in London beginning Friday, July 19,
by representatives of the Petroleum Export Association of
the United States and large European groups. It is possible
that this conference may bring forth some concrete suggestions as to conservation.
Prices of Typical Crudes per Barrel at Wells.
(All gravities, where A. P. I. degrees are not shown.)
Bradford,Ps
24.10 Smackover. Ark., 24 and over
2.90
Corning, Ohlo
1.76 Smackover. Ark., below 24
.76
Canal), W. VS
1.36 El D
Dorado. Ark., 34
1.14
1,45 Urania. La
.90
Western Kentucky
1.53 Salt Creek, Wyo., 37
1.23
MidcontInent, Oklahoma, 37
1.23 Sunburst, Mont
1.85
Corsicana. Tex., heavy
.80 Artesia, N Met
1.08
Hutchinson. Tex.. 35
.87 Santa Fe Springs. Calif.. 33
1.36
Luling. Tex
1.00 Midway-Sunset, Calif., 22
.so
Spindletop. Tex.. grade A
1.20 Huntington. Calif.. 28
1.09
SpIndietop, Tex., below 25
1,05 Ventura, Calif., 30
1.114
Winkler. Tex
.65 etrolla. Canada
1.90.
REFINED PRODUCTS—SITUATION VERY UNSETTLED WITH
WEAKENING IN GASOLINE PRICES FEARED—KEROSENE
ALMOST INACTIVE—BUNKER AND DIESEL OIL
DEMAND NORMAL WITH PRICES STEADY.
The situation in U. S. Motor Gasoline became very unsettled during this week, with reports of sales under 10.
cents, conflicting with quotations of from 10 to 11 cents a
gallon. Although consumption continues at a good rate,
there is a peculiar slackness in jobbing circles. The 11-cent.
JULY 20 1929.]
FINANCIAL CHRONICLE
level established June 29 by the Standard Oil Co. of New
Jersey has not found much support, and other factors are
selling down to 10 cents openly, and below that on occasions.
Earlier in the month it was the consensus of opinion that
while gasoline might not remain steady at an 11-cent level
• it would be firm at 10.50 a gallon. However, the optimism
of that time has changed and now most sellers are satisfied
with 10 cents. Despite this weakening, there has not been
the sale during the past week which was to have been expected, based on consumption during the early summer.
There has been an easy market in spot gasoline recently.
Jobbers committeed themselves heavily in May, and, with
demand that month not as heavy as expected, were still
operating on May contracts in June. The same situation
exists now, with several jobbers still drawing against their
June contracts. There has been little action in kerosene
markets this week. Prices here and in Philadelphia range
between 7.75 and 8 cents, with buyers able to operate freely
at the lower level. In Baltimore the situation is a bit firmer,
with a quotation of 8 cents, but demand is slack.
Prices hold unchanged in other commodities, with gas
oil going slowly at from 4.75 to 5 cents and furnace oil from
6 to 6.50 cents. There has been a fairly active interest in
Grade C bunker oil at the unchanged price ef $1.05, while
Diesel oil continues in fair demand at $2.00 to $2.10 at
New ;York.
Gasoline. U. S. Motor, Tankcar Lots. F.O.B. Refinery.
New York(Bayonne), 10-11 Arkansas
.06341N
North Louisiana_
07%
West Texas
.0614'California
.08% North Texas
06%
Chicago
09%'Los Angeles, export_ 07% Oklahoma
07
New Orleans
.07% Gulf Coast, export
0814 Pennsylvania
0914
Gasoline, Service Station. Tax Included
New York
19 Cincinnati
.18 iMinneapolis
.182
Atlanta
.21
Denver
ie. New Orleans
195
Baltimore
.22 ,Detroit
.188 Philadelphia
21
Boston
.20 Houston
18 'Sari Francisco
215
Buffalo
.15 Jacksonville
.24 Spokane
205
Chicago
.15 Hamad City
.179 St Louis
.169
Kerosene, 41-43 Water White, Tankcar Lots, F.0.8 Refinery
New York (Bayonne) .0711'Chirac°
. 514 l New 0-learis
0
074
North Texas
05h I LOH Angeles. export 054!Tulsa
0614
Fuel Oil, 16-22 Degree, F.O.B. Refinery or Terminal
New York (Bayonne) 1.05 I Los Angeles75
851 Gulf ('east
DIM]
2.001 New Orleans
.951 Chicago
65
Gas oil, 32-38 Degree. F O.B. Refinery or Terming i.
New York (Bayonne) .05141 Chicago.03
.031 Tidos
Gross Crude Oil Stock Changes for June 1929.
Pipe line and tank farm gross domestic crude oil stocks east
of the Rocky Mountains increased 1,352,000 barrels in the
month of June 1929, according to returns compiled by the
American Petroleum Institute from reports made to it by
representative companies. The net change shown by the
reporting companies accounts for the increases and decreases
in general crude oil stocks, including crude oil in transit, but
not producers' stocks at the wells.
Crude Oil Output in United States Maintained at
Record High Level.
The American Petroleum Institute estimates that the
daily average gross crude production in the United States,
for the week ended July 13 1929, was 2,891,750 barrels, as
compared with 2,857,400 barrels for the preceding week, an
increase of 34,350 barrels. Compared with the output for
the week ended July 14 1928, of 2,391,500 barrels per day,
the current figure shows an increase of 500,250 barrels daily.
The daily average prnduction east of California for the week
ended July 13 1929 was 2,009,150 barrels, as compared with
1,978,800 barrels for the preceding week, an increase of
30,350 barrels. The following estimates of daily average
gross production, by districts, are for the weeks shown below:
DAILY AVERAGE PRODUCTION (FIGURES IN BARRELS).
Weeks EndedOklahoma
Kansas
Panhandle Texas
North Texas
West Central Texas
West Texas
East Central Texas
Southwest Texas
North Louisiana
Arkansas
-Coastal Texas
Coastal Louisiana
Eastern
Wyoming
Montana
Colorado
New Mexico
-California
July 13 '29. July 6 '29. June 29 '29.
720,900
717,800
698,400
121,300
122,400
121,900
89,800
88,400
86,550
83,350
83,850.
83,850
54,500
52,450
51,900
392,300
375,450
369,100
17,750
18,200
18,300
77,500
77,750
79,800
35,700
35,050
35,400
69,150
69,250
69,550
131.850
128,100
130,300
19,300
19,150
18,950
120,900
119,100
117,350
53,700
51,050
52,900
11,600
11,600
11,550
6,800
7.300
7,550
2,750
1.900
1.550
882,600
878,600
860,500
The production figures of certain pools in the various districts for the
current week, compared with the previous week, in barrels of 42 gallons,
follow:
-Week Ended
-Week EndedJuly .13. July 6.
OklahomaJuly 13. July 6.
North Louisiana5,000
5,200
Allen Dome
24,950 25,000 Haynesville
6,100
5,950
Bowlegs
33,600 34,650 Urania
Bristow-Slick
19,700 18,750
ArkansasBurbank
19.700 19,700
7,400
7,700
Cromwell
8,100 8,100 Champagnolle
6,200
6,050
Earlsboro
82,650 80,700 Smackover (light)
Little River
80,200 81,000 Smackover (heavy) ____ 47,650 47,600
Logan County
21,000 19,300
Coastal Texas
Maud
11,900 12,250
8,150
7,800
Mission
33,850 34.850 Hull
19,200 18,000
St. Louis
75,150 79,350 Pierce Junction
29,300 27,050
Searight
11,850 12,050 Spindletop
6,100 6,250
34,400 34,200 West Columbia
Seminole
Tonkawa
9,850
9,950
Coastal Louisiana
Oklahoma City
19,700 17,250
2,950
3,150
Carr City
13,800 14,100 East Hackberry
2,100
2,350
KansasOld Ilackberry
1,700
1,700
Sedgwick County
33,250 34,350 Sulphur Dome
100
200
Panhandle Texas
Sweet Lake
4,200
4,200
7,200
Carson County
7.550 Vinton
Gray County
55.750 52,950
Hutchinson County ____ 25,150 25,750 Wyoming
31,050 29,000
Salt Creek
North Texas
18,350 18,150
Archer County
Montana26,100 26,200
Wilbarger County
6,850 6,850
Sunbursk
West Central Texas
7,800
7,700
Blown County
California
Shackelford County - - 11,600 11,700
9,800 10,000
Dominguez
West Texas
28,300 28,900
Crane & Upton Cos__ - - 45,400 46,700 Elwood-Goleta
45,000 45,000
42,900 43,350 Huntington Beach
Howard County
23,000 23,500
135,400 117,500 Inglewood
Pecos County
3,400
3.400
17,900 18,100 Kettleman Hills
Reagan County
173,000 178.000
141,500 140,300 Long Beach
Winkler County
66.000 66,000
Midway-Sunset
East Central Texas6,300
6,000
7,600 Rosecrans
7,550
Corsleana-Powell
280,000 268,000
Santa Fe Springs
Southwest Texas
49,000 50,000
10,950 10,800 Seal Beach
Laredo District
13,000 13,000
11,400 12,150 Torrance
Luling
59,000 59.000
48,500 47,900 Ventura Avenue_
Salt Flat
Changes in Stocks at Refineries East of California for
June 1929.
The following is the American Petroleum Institute's summary for the month of June of the increases and decreases in
stocks at refineries covering approximately 85% of the operating capacity east of California:
Barrels of 42 GallonsDomestic crude oil
Foreign crude oil
Gasoline
Kerosene
Gas & fuel oils
Lubricating oil
Miscellaneous
Increase.
975,000
1,022.000
3,160,000
639,000
1.897,000
297,000
998,000
4.509,000
4,479.000
Total
Deduct
Decrease.
4,479,000
30,000
Net increase
Weekly Refinery Statistics for the United States.
According to the American Petroleum Institute which
recently began publishing weekly refinery figures, companies aggregating 3,038,600 barrels, or 91%of the 3,338,600barrel estimated daily potential refining capacity of the
plants operating in the United States during the week ended
July 13 1.929 report t ,at the crude runs to stills show that
these companies operated to 87.3% of their total capacity.
Companies aggregating 3,002,600 barrels, or 89.9% of the
3,338,600 barrels esitmated daily potential refining capacity
of all plants operating in the United States during that
week, operated to 86.3% of their total capacity. The
report for the week ended July 13 follows:
CRUDE RUNS TO STILLS, GASOLINE AND GAS AND FUEL OIL STOCKS,
WEEK ENDED JULY 13 (BARRELS OF 42 GALLONS).
District.
Per Cent
Operated
Per Cent
Potential Crude Runs of Total
Capacity
to Stills.
Capacity
ReportReporttug.
lag.
Gasoline
Stocks.
Gat and
Fuel Oil
Stocks,
5,716,000
10,613,000
76.8
100.0
3,037,600
East Coast
1,072,000
81.8
1,147,000
591,200
85.5
Appalachian
3,341,000
91.2
6,547,000
2,050.600
Indiana, Ill., Kentucky 97.7
4,065,000
1,744,300
82.3
3,757.000
July 14 '28. Okla., Kansas, Mo...... 71.4
4,942,000
12,136,000
87.8
3,778,400
90.6
584.050 Texas
5,592,000
90.6
1,288,700
80.0
2.177,000
102,350 Louisiana, Arkansas508,000
92.2
464,100
54.7
1,847,000
63,250 Rocky Mountain
5,620,100 100.0
11,581,000 102,952,000
95.6
83,000. California
57.100
Total week July 13
91.0
37,714,000 140,279,000
18,575,000
87.3
345,450
2,653,600
21,850 Daily average
Total week July 8
89.9
18,127,600
86:5
39,140.000 139.950.000
25,000
2,589,700
--42,750 Daily average
92.150
9,314,000
4,118,000
2,973,700
96.3
106,550 Texas (Gulf Coast)..... 98.2
07.11
001 snn
RR 1
017(1(1(1
1
4 ARR 000
28,750 Louisiana (Gulf Cloastl_
113,000
Note.
-All crude runs to stills and stocks figures follow exactly the present Bureau
60,300
10,450 of mines definitions. In California, stocks of heavy crude and all grades of fuel
8,300 oil are included under the heading "Gas and Fuel Oil Stocks." Crude ell runs IS
2,700 stills include both foreign and domestic crude.
644,500
2,891,750
2,857,400 2,815,400
Total
2,391,500
The estimated daily average gross production for the Mid-Continent
Field, including Oklahoma, Kansas, Panhandle, North, West Central,
West. East Central and Southwest Texas, North Louisiana and Arkansas,
for the week ending July 13th, was 1,662,250 barrels, as compared with
1.646,600 barrels for the preceding week, an increase of 21,650 barrels.
The Mid-Continent production, excluding Smackover (Arkansas). heavy
ell, was 1,614.600 barrels, as compared with 1,593,000 barrels, an increase
of 21,600 barrels.
403
Governors of New York Hide Exchange, Inc., Deny
Petition to Close Exchange in July and August.
The petition of members of the New York Hide Exchange
that the Exchange be closed for trading on Saturdays during
the balance of July and in August has been denied by the
Board of Governors.
404
FINANCIAL CHRONICLE
[VOL. 129.
The rapid organization of these systems as affiliates ef the producing
and refining interests seems likely to have two important results upon the
unorganized stations:
First, the elimination of 35 to 50% of the individual roadside pumps,
and, second, obliging the garages to discontinue the sale of gasoline.
In one instance, individual pump owners would find that their untrained
A deadlock developed at the last moment yesterday on the proposed crews could not supply the same quality of service insured by the chains;
oil curtailment agreement covering the North Dome of liettleman Hills, that they would have difficulty in competing on price and, because of the
with the result that the plan was referred back to a special committee to desire of leading gasoline producers to market their own brands of motor
harmonize differences of opinion. The conference was held by permittees. fuel, might experience difficulty in obtaining adequate deliveries of gas ofa
lessees and fee owners with members of the Kettleman Hills oil and gas standard grade. This latter would be a natural sequence of the discontinuance of tank wagon deliveries. Why, for example, should the producer
conservation committee.
-cents-a-gallon discount when he
After differences have been ironed out by the committee a personal deliver small quantities of gasoline at a 2
Canvass will be made of North Dome interests for,signatures to the agree- can market it himself through his service station chain at the full retail
ment, which in effect proposes to delay development on the dome until price.
In the case of the garages the sale of gasoline has in hundreds of instances
July 11931, with these exceptions:
1. That three offset wells to Milham-Elliott producer be permitted to been proved uneconomic even without the added competition of the chain
be completed and placed on production for period of sixty days for purpose service stations. The fire hazard entailed results in high insurance rates.
of attempting to reduce gas pressure in Milham well, producing under Garage fires are notoriously expensive and dangerous, particularly in the
only partial control.
2. In addition certain wells now drilling will ho permitted to continue case of garages specializing in the storage of automobiles and in congested
either to oil sand or to point of discovery to the satisfaction of the Secre- areas. Pressure has already been brought to bear by underwriters to compel
tary of Interior.
them to eliminate the storage and sale of gasoline on the premises.
• 3. Agreement provides that if before the expiration of the two-year
period market need for new production develops in California majority may
Territories Are Rearranged.
petition the Secretary of Interior to terminate the period of suspension.
As concerns the oil industry, the trend to establish retail outlets has
The only point of dissension raised centered in the length of time which brought about a complete rearrangement of marketing territories. In
offset wells should be permitted to produce, providing they failed to make many instances it has already prevented ruinous competition through
any appreciable effect on Milham's heavy gas pressure.
price cutting and in general producers and refiners are being restrained more
and more from encroaching on the other fellow's preserves and to confine
the sale of their products to those areas which from geographical and transChanges in Retail Trade of Oil Industry-Passing of portation reasons are their own.
But added competition within
Independent Filling Station at an Early Date Be- also. The oil company of to-day the industry of another kind is involved
which is not in itself a complete unit,indelieved Assured-Adopt Chain Store Ideas-Pro- pendent of the dictates of rival corporations, cannot prosper to the same
extent as the fully rounded organization that is assured of market as well
ducers Begin Large Scale "Cash and Carry" Busias supply.
ness.
Hence the rush on the part of the companies to buy, organize and con_raid Tribune" solidate additional filling station chains.
J. D.Tompkins writing in the New fork
One reason why students of the oil situation contend Vacuum Oil must
for Sunday July 14 says that the oil industry in the United consolidate with some other large
corporation-Standard of New York has
States has, in the last half of 1928 and the first half of the been mentioned prominently in this regard-is because Vacuum, one of the
current year, advanced far in a new phase of development large producers of lubricants, has few retail outlets.
Heads
act
and rearrangement, the significance of which has not been picked upof the American oil industry so Itquickly when profits are to be
for their stockholders. And
is that the independent service
fully realized except perhaps by the executives of the com- stations are being bought up in every State in the union.
The pump and good will of Jimmy Dugan, of Badger Springs, Wis., topanies. The article then continues as follows:
day, may become the property and operate under the name of the standard
Corporations hitherto engaged solely in producing,refining and the whbleof Indiana to-morrow.
sale disposal of petroleum and products have entered the retail field on a
scale which would seem to indicate the complete passing of the independent
gasoline filling station at an early date.
Shipments of Portland Cement in June Higher Than a
Briefly, the companies are following the trend of the age in merchanYear Ago-Production Shows Slight Increase over
dising. They have learned a lesson in economics from chain stores and,
May but Is Below Total for June 1928
one by one, are going into the "cash and carry" business in the disposal
-Stocks Deof their products. The tank wagon delivery system, essential to companies
cline during Month.
not in the possession of service station outlets, is rapidly becoming obsolete.
The Portland cement industry in June 1929 produced
Indeed, it has been already eliminated In several important fields save for
Cases where large industries or business organizations require dellveries 16,775,000 barrels, shipped 18,939,000 barrels from the
In quantity.
mills, and had in stock Pt the end of the month 27,433,000
Companies Taking Lead.
In the last year some of the leading companies to acquire or establish barrels, according to the U.S. Bureau of Mines, Department
their own chains of service stations, include:
of Commerce. The production of Portland cement in June
Standard Oil Co. of New Jersey, which incorporated a service sub1929 showed a decrease of 4.1%.and shipmmta an increase
sidiary, Standard of Pennsylvania, and later took over the Beacon filling
of 2.8% as compared with June 1928. Portland cement
station chain which markets in New York State and in New England.
Cities Service Co., which recently took ever filling station interests in stocks at the mills were 9.6% higher than a year ago. The
Ohio and which has more than 3,000 service stations in the United States total production for the first half
of 1929 amounts to 75,and Canada.
Standard of Ohio, which has extended in the retail field in its home State 048,000 barrels, compared with 77,061,000 barrels in the
and is planning other extensions, according to reports.
same period of 1928, and the total shipments for the first
Richfield Oil, which is aggressively extending its retail outlets and was
of 1929 amount to 70,238,000 barrels, compared with
the first California producer to cross the Rockies in quest of marketing half
73,953,000 barrels in the same period of 1928. The output
territory.
Standard of New York, which in addition to its long established facilities of two more new plants, located
respectively in Idaho and
has recently acquired some small marketing companies In the East.
Shell Union Oil, which has delivered its activities by entering the New Texas, is included in the statistics here presented, which are
compiled from reports for June, from all manufacturing
England and Rocky Mountain fields.
Continental-Marland, which has more than 3,000 retail outlets and plants except two for which
estimates have been included in
recently invaded Eastern territory through acquisition of the Prudential
lieu of actual returns.
chain, strong in Baltimore and adjacent territory.
In the following statement of relation of production to
Phillips Petroleum with 3.000 retail outlets in the Mid-West.
The entrance into retailing areas east of the Rockies of several Califor- capacity the totpl output of finished cement is compared
nia companies, notably Associated, Richfield and Shell, which have retail with the estimated capacity of 163 plants at the close of
interests at present in some or all of the States of Idaho, Utah, Montana June 1929 and of 158 plants at the close of June 1928. In
and Wyoming.
addition to the cppacity of the new plants which began operWestern Oil and Refining, which started an aggressive retailing develop.
ating during the 12 months ended June 30 1929, the estimp tea
ment in its home State.
Numbers of other companies are either following the same lead, or already include increased capacity due to extensions and improvements at the old plants during the period.
have established service station chains.
RELATION OF PRODUCTION TO CAPACITY.
Causes Behind New Trend.
Sound economic reasons are back of the general move by the leading proJune 1928 June 1029 May 1929 April 1929 March1920
ducers and refiners to own or control the outlets which supply gasoline and
Proposed Oil Curtailment at Kettleman Hills, Calif.
Plan Referred Back to Committee.
The following Los Angeles advices July 18 are from the
New York "Sun":
90.1%
lubricants direct to motor car users. Some of the basic causes for this new The month
80.9%
76.4%
47.4%
67.1%
The 12 months ended__ _ 73.8%
69.0%
70.2%
71.1%
70.9%
trend in the industry may be enumerated as follows:
1. The elimination of bad practices-such as cutting prices to encourage PRODUCTION, SHIPMENTS AND STOCKS OF FINISHED PORTLAND
gallonage, rebates, payments of rents and installations-resulting in everCEMENT, BY DISTRICTS, IN JUNE 1928 AND 1929.
narrowing spreads between tankwagons and retail prices.
(In Thousands of Barrels)
2. Assurance to the companies that their own particular and standarized
products will be sold exclusively through their own retailing agencies.
Stocks at End
District.
3. Protection of the product through to the ultimate consumer by
Production.
Shipments.
of Month.
control of the product from the time it is taken from the well until it is
1928. 1929. 1928. 1929. 1928. 1929.
pumped into the tank of an automobile, rendering adulteration impossible
by independent intermediaries.
Eastern Pa.. N. J. and Maryland_ 4,065 3,697 4,081 4,201 6,131 5.852
4. Assurance of uniform service at filling stations and better facilities New York and Maine
1,208 1,197 1.264 1.383 1,843 2,009
Ohlo, Western Pa. & West Va
1,720 1,885 1,759 2,048 3,434 3,550
for car users through the backing of large and responsible companies.
1,456 1,466 1,731 1,720 1,955 2,470
5. Fully trained personnel at service stations and the assurance of em- Michigan Ind. and Kentucky
Wisc.. Ill.,
2,446
ploying only those specially trained in the handling of hazardous products. Va., Tenn., Ala., Ga.. Fla. & La. 1,391 2,305 2,443 2,707 3,004 3.650
1,251 1,409 1,278 1,872 2,063
6. Greater protection for the ultimate consumer through additional East. Mo., Ia., Minn. & S. Oak. 1,715 1,607 2,109 2,123 3,131 3,745
1,055 1,089 '1,058 1,126 1,570 1,490
safeguards and Increased responsibility of personnel as well as the assurance West. Mo., Neb.. Kan. & Okla
Texas
510
540
554
356
573
579
of financial responsibility in the event of mishaps.
Colo., Mont., Utah, Wyo. and
Idaho (a)
509
275
486
325
299
336
Blow to Unorganized Stations.
California
995
1,206 1,110 1,255 1,113
820
Summed up, this new trend in the petroleum industry is for substantial Oregon and Washington
420
327
427
520
289
440
and businesslike servicing chains, manned by employees who know their
Total
17,497 16,775 18,421 19,939 25,029 27,433
jobs.
FINANCIAL CHRONICLE
. PRODUCTION, SHIPMENTS AND STOCKS OF FINISHED PORTLAND
CBMENT, BY MONTHS, IN 1928 AND 1929.
(In Thousands of Barrels)
Produaton,
1928.
January
February
March
April
May
June
July
August
September
October
November
December
9,768
8,797
10,223
13,468
17,308
1'7,497
17,474
18,759
17,884
17,533
15,088
12,189
Total
Stouts End of M'th.
Shipments.
Month.
1929.
175.968
9,881
8,522
9,969
13.750
16,151
16.775
1928.
6,541
6,563
10,135
13,307
18.986
18,421
19,901
21,970
20,460
19,836
11,951
7,384
1929. 1928.
5,707
5,448
10,113
13,325
16,706
18,939
____
._
25,116
27,349
27,445
27,627
25,984
25,029
22,580
19,374
16,799
14,579
17.769
22,650
1929.
28.797
29,870
29,724
30,151
29,597
27,433
175.455
a The Inclusion of Wyoming begins with April 1929; of Idaho with June 1929.
405
The following table gives in short tons output of the several countries together with estimate of American Bureau
covering unreported output:
MONTHLY PRODUCTION OF ZINC BY PRLNCIPAB COUNTRIES OF THE
WORLD.
March
1929.
United States
Canada
Mexico
Belgium
France
Germany a
Great Britain
Netherlands
Poland 9
Spain
Australia
Rhodesia
Elsewhere z
55,471
8.460
1,373
18,515
8,628
9,543
5,953
2,403
15,976
1,091
4,833
1,128
4,500
April
1929.
MTVa-anint4
JULY 20 1929.1
May
1929.
lune
1929.
6 Months
. June
30 1929.
58.958
7,720
1,278
18,800
9,176
10,045
5,394
2,394
18,529
1,065
4,928
1,103
5,000
52,983
7,240
1,373
18,239
8,488
9,893
8,966
2,368
16,196
1,047
4,670
1,042
5,000
317,398
45,287
7,752
199,408
51,509
57,384
32,927
14,324
98,364
6.338
28,280
6,049
28,500
137.874 136,107 140,379 134,475 802,000
World's total
Increased Activity in Non-Ferrous Metals
-Better Call
x Includes zinc dust beginning 1929. y Estimated. z Includes production of
for Copper for Nearby Delivery-Zinc Firmer.
Polish Silesia previously reported separately.
Sales of non-ferrous metals have been larger in volume
than for some time and sentiment appears to have undergone
British Tin Producers Name Council of 21-Others to
decided improvement, "Engineering and Mining Journal"
Be Added Later.
reports under date of July 18, adding:
The names of twenty-one•members of the previsional council
Copper held at the 18
-cent level, Connecticut Valley basis. Zinc is
now firm at 6.80 cents. The recent weakness in London lead is generally of the Tin Producers' Association, organized last week in
attributed to liquidation of a bull account. Consumers and dealers have London as a corollary to the formation of the British Ameribeen actively in the market for tin, forcing prices to above 47 cents for
can Tin Corporation, have been made public by Sir Edmund
prompt Straits. Quicksilver has shown marked improvement.
The situation in copper appears to be stronger in many ways than at any Davis, Chairman of the organization meeting. Reporting
time in the past four months. Trade factors expected a much larger increase
this in its July 14 issue the New York "Times", said:
in refined stocks than the statistics indicated. Sales during the week have
The various divisions of British Empire tin production are represented
been larger than in any corresponding period since April 10. Much of the
business has been for immediate delivery. Foreign demand has been dis- on the council, which will devise a program intended to stabllizo the tin
Industry. Participating in the association are 167 British tin-producing
appointing.
The volume of zinc sales has been well above the weekly average of recent companies, controlling nearly half of the world's output.
Members of the council are as follows:
months and the price is now firmly established at 6.80 cents for prime westRepresenting Malayan Production-Sir Ernest Birch, C. V. Thomas,
ern. Early in the week quite a substantial eonnage sold at 6.70 cents.
Most of the buying of lead has come from cable, foll, and ammunition C. V. Stevens, H. Waugh, J. M. Newman, E. F. Byrne, M. N. Seller,
manufacturers. About 1,000 tons sold during the week for August delivery, R.T. Mieg, M.I. Attenborough, F. B. Main, R.Pawle, A. K.Palfreyman,
and more than half that amount for September. One lot of 109 tons was A. W.Freeman, John Howeson.
Rperesenting Nigerian Production-The Hon. Lionel Holland, G.
sold for delivery within two hours.
Temple Harris.
Representing Burma and Siam-Sir Cyril Butler, W. Id. Edwards
World's Production of Copper in June Ahead of Last
-Sir A. M. Rogers, St. John Wynne.
Representing Cornwall
Representing Australia-0. T. Leepriere.
Year.
These names represent all the most important groups in the British tin
According to the American Bureau of Metal Statistics, mining industry. C. V. Thomas is Chairman of the Tronoh Company
the copper output for the month of June, by principal and' a director of associated interests, which previously had held aloof
from the co-operative movement.
countries of the world which furnished about 98% of the
Sir Edmund Davis said the provisional council would not be limited
total, amounted to 171,0%, as compared with 189,589 tons to the twenty-one members elected. Allowance was being made, he said,
Dutch. Bolivian and other tin-producing
for it to
in the preceding month and 156,474 tons in the month of, groups. include representatives ofproducers had become members of the
As soon as all British
June 1928. The daily rate of production for these countries association, it would then be tirne, he said, to invite the Bolivian and
in June 1929 was 5,703 short tons, as against 5,216 tons in Dutch interests to join.
An item regarding the organization of the British Empire
the corresponding month last year and 6,115 tons in May
1929. Production of non-reporting countries is estimated at Tin Producers'Association appeared in these columns July 13,
page 208.
3,000 tons per month.
The total output for the six months ended June 30 1929
(excluding non-reporting countries), amounted to 1,084,160 Steel Output Maintained at High Rate-Pig Iron
short tons, as compared with 883,250 short tons in the same
Price Again Lower.
period in 1928. A comparative table follows:
New projects that will take large tonnages of steel conMONTHLY COPPER PRODUCTION (IN SHORT TONS).:
tinue to come into the market, offsetting the slight falling
(By principal countries of the world, which furnished about 98% of world's total.)
off in consumption in some manufacturing lines, reports
Monthly Produaton.
Daily Rule.
the "Iron Age" of July 18, whisk we further quote:
1927.
1928.
1929.
1927.
1928.
1929.
142,337
132,870
136,347
135,729
139,114
134,243
132,186
135,015
133.291
145,278
141,975
148,961
140,548
144,546
144,843
143,427
153,414
156,474
153,190
158,838
154,518
173,623
180,813
176,240
175.783
164,090
189,792
193,820
189,589
171,086
4,624
4,745
4,398
4,324
4,488
4,475
4.264
4,355
4.443
4,688
4,733
4,805
4,534
4,984
4,672
4.781
4.940
5,216
4,942
5.124
5,151
5.601
8,027
5,685
5,670
5,860
8,122
6,461
6,115
6,703
1,658,346
138,198
1,880.471
156,708
1,084,160
180,693
January
February
March
April
May
June
July
August
September
October
November
December
Total
Monthly average
4,543 5.138 5.988
Table includes production by the United States, Mexico, Canada, Chile and
Peru, Japan, Australia, Europe (partly estimated) and Belgian Congo.
World's Production of Zinc Declined in June.
According to figures compiled by the American Bureau of
Metal Statistics, and contained in the "Wall Street Journal"
of July 19, the world's production of zinc for the month of
June amounted to 134,475 short tons, as compared with
140,379 tons in May and 136,107 tons in April. World
output for the first half of the current year is estimated at
802,000 tons, a monthly average of 133,667 tons, as against
a monthly average of 131,382 tons for the full year 1928.
The daily average of world zinc production in June was 4,483
tons, contrasted with 4,528 tons in May,4,537 tons in April,
4,431 tons for the first six months of this year and 4,308 tons
for the full year 1928. Those estimates are based upon reports from countries that produce 96% of the world's total
zinc.
Gas pipe lines, building construction and railroad requirements figure
prominently in actual and prospective business.
Evidence also of a stepping up in demands from the automobile industry
comes in the form of requests for increased shipments to begin August 1
from companies which had cut schedules preparatory to bringing out new
models.
Farm machinery manufacturers, in estimating their steel requirements
for the next three months, are planning for a high rate of output. Manufacturers of steam shovels and other road-building equipment are taking
steel in undiminished quantities.
Notwithstanding the reduced volume of buying of some steel products,
notably cold-rolled strip and some grades of sheets, on which production
has caught up with the demand, the steel industry as a whole has felt
no marked curtailment in general consumption.
The United States Steel Corp. subsidiaries are working virtualry at
capacity, and this is true also of most of the independent companies.
Taking into account the slight losses in output due to heat and shutdowns
for necessary repairs to equipment, present production is probably not five
points below the 99% operating rate of recent months.
The small loss in the unfilled tonnage of the Steel Corporation, as of
June 30, gave evidence of the fact that the volume of buying last month
kept close to the heavy shipments. The June decrease of 47,257 tons was
less than one day's output.
Lessening of the extreme pressure for some lines of steel, while not
materially reducing the total output, has made it easier for steel companies
to arrange mill schedules, and better deliveries to consumers have resulted.
A further effect is the relieving of the scarcity of semi-finished steel, which
is now adequate to meet the needs, although mills have had little opportunity to replenish the reserves which have been used up in recent mouths.
Gas pipe lines, which so far this year have taken about 800,000 tons of
steel, will provide further large orders. The line from the Texas Panhandle
to Chicago, to be built by the Central States Natural Gas Co., require
,
191,000 tons, most of which the Milwaukee fabricator of electrically
welded pipe is expected to furnish. Another gas line from the Southwest
into the Chicago district for Henry L. Doherty & Co., New York, calls for
260,000 tons, soon -to be awarded. A group of public utility companies
has been formed to lay a total of probably 1,000 miles of pipe lines into
Pennsylvania, New Jersey and New York.
406
FINANCIAL CHRONICLE
In steel building construction fresh projects call for snore than 74,000
tons, the largest amount reported in any one week this year. Included are
15,000 tons for a bridge at McKee's Rocks, Pa.; 18,000 tons for two
buildings in Chicago, and 8,300 tons for subways in New York. Awards
amounted to 26,000 tons. In Chicago, 40,000 tons of structural steel work
is soon to be placed, not figuring the large tonnages for the mill buildings
to be erected by the Illinois Steel Co.
Railroad buying kas been chiefly in track material. The Great Northern
bought 30,000 tons of rails and its orders for accessories will amount to
10,000 tons. The Northern Pacific and the Pennsylvania roads are
expected to take 15,000 tons of rails each, and the latter will also buy
5,000 tons of track supplies. The Norfolk dc Western, following its orders
for 39,000 tons of rails, will need 3,500 tons of track supplies. Railroad
buying of bridges and repair material has also been fairly large.
In the lines of steel in which buying has let down slight price weakness
has developed. This has taken the form chiefly of giving the minimum
quotations to a larger circle of buyers. Blue annealed sheets have now
been affected along with black and galvanized.
Active third-quarter buying has failed to develop in pig iron. Aggressive
selling by Southern furnaces, which have heavy stocks of iron, has made
Northern buyers more cautious. A few large sales of Southern iron have
been made at $14, Birmingham, notably one of 15,000 tons to a Louisville
melter. outhern basic iron has been offered at $13.50, furnace.
The "Iron Age" composite price of finished steel remains unchanged at
2.412c. a pound for the sixteenth week, while the pig iron composite has
dropped for the third time in six weeks, and is now $18.42, a decline from
$18.54 last week. The year's high was $18.71 in May, as the following
table shows:
P19 Iron.
Finished Steel.
July 16 1929, 218.54 a Gross Ton.
July 16 1929, 2 412c. a Lb.
818.54
One week ago
2.4120. One week ago
One month ago
2.4120. One month ago
17.09
One year ago.
2.319c. One year ago
15.72
10-year pre-war average
1.6890. 10-year pre-war average
Based on steel bars, beams,tank Plates,
Based on average of basic iron at Valley
wire, ralls, black pipe and black sheets. furnace and foundry irons at Chicago,
These products make 57% of the United Philadelphia, Buffalo. Valley and Birmingham.
*Rawl output of finished steel.
Low.
High.
Mots.
Low.
1929._2.412c. Apr. 2 2.391c. Jan. 8 1929_218.71 May 14 218.29 Mar. 19
1928_2.391c. Dec. 11 2.3140. Jan 3 1928— 18.59 Nov. 27 17.04 July 24
1927..2.453c. Jan. 4 2.203c. Oct. 25 1927— 19.71 Jan. 4 17.54 Nov. 1
1926..2.453c. Jan. 5 2.403c. May 18 1926_ 21.54 Jan. 5 19.46 July 18
1925-2.560o Jan. 8 2.396o. Aug. 18 1925.._ 22.60 Jan. 13 18.96 July 7
Financial statements to be issued shortly by steel producers will reveal, it seems certain, the best second quarter
earnings since the war, and will round out a record peacetime first half year, according to the "Iron Trade Review,"
In its weekly summary of iron and steel markets. Though
the new quarter is scarcely under way, the adjustments to
the season both in production and in price have been so
gentle that the industry is sanguine also of an unprecedented
third quarter.
With freight carbuilders in position to maintain their
present rate of buying into October, building steel requirements sustained and an unusual volume of summer business
emanating from the general manufacturing trade, it apparently would necessitate only a normal Summer demand
from the automotive industry to make-good this expectation
as regards production. 'July auto output undoubtedly will
be a record for the month, and optimism over the third
quarter is distinctly higher at Detroit.
The setup facing steel production is, however, radically
different from a year ago. In 1928 third quarter output
slightly exceeded the second. Ingot production rose in
July—the first time since 1919 that July increased over
June—and culminated in a new high in October. This
year July ingot output is expected to show a loss from June,
though probably not over 10%, and there is no expectation
of the third quarter exceeding the second. But the ingot
rate can decline 18% from the second quarter and still top
the third quarter of last year.
Continuation of second quarter steel prices would seem
to insure unusual third quarter earnings, and this is in
prospect. Whatever softness has developed in quotations
may be ascribed largely to failure to maintain higher asking
prices for this quarter, and prices generally are no lower
than last quarter. In pig iron the situation is less happy
for producers, as Southern iron menaces prices, if not
tonnage, in the North, and in the Middle West some quiet
closings are reported to have involved shading.
Great Northern Railroad has bought 30,000 tons of rails,
18,000 to
to be rolled by Chicago district mills and 12,000
tons by the Bethlehem Steel Co. The Northern Pacific and
Pennsylvania each may place 15,000 tons. For this secondary rail business over 10,000 tons of track fastenings is
required. The week's car awards approximate 108, with
inquiry out for 300 subway cars for New York and 151 cars
for Brazil. Revised statistics on first half year freight car
orders are 62,816, or 18,053 more than all 1928. It is estimated that 75400 freight cars will be ordered this year, the
greatest number since 1925. New inquiry is out for 26
locomotives.
Though plate, shape and bar bookings at Pittsburgh and
Chicago are unprecedented for the season, production is so
heavy that the delivery situation is somewhat easier.
Chicago mills now can offer deliveries in six to eight weeks.
[VOL. 129.
Cold bar finishers at Pittsburgh, who have revised extras
this week, have sharply curtailed their purchases of mild
bars. Grade crossing elimination work at Buffalo requires
15,000 tons of shapes and reinforcing bars. Two office
buildings at Chicago will take 14,000 tons of structurals.
Heat is the chief impediment to capacity sheet mill operations in the Pittsburgh district. Chicago continues to receive
sheet bars from Birmingham and Duluth to keep its mills
going. Shading is severe on light galvanized sheets in the
South, and automotive buyers continue to receive concessions on black sheets. Strip mills more than other finishing
divisions appear to have cut down their backlogs. Merchant
pipe demand at Pittsburgh not having had a big rise in the
Spring need face no retreat now, and is steady. Wire
products' prices are increasingly unstable.
Shipments of pig iron have never been greater in midJuly, but the rate is below that of June and the tendency
downward. Bookings are light. Occasional shading for
Pittsburgh delivery is noted. General Motors Corp. subsidiaries are now receiving pig iron shipments by water at
Saginaw, Mich. Beehive coke demand is tapering, but so
are offerings. Especially in Eastern Pennsylvania, Pittsburgh and Detroit, iron and steel scrap prices are strong.
In other districts heavy consumption balances large supplies.
Steel corporation subsidiaries are operating this week
at 99%, a gain of several points. Independents are at 91%,
giving the industry an average of 94 to 95%. Alahoning
Valley steel mills are off slightly this week, to 88%, against
92 last week, but Pittsburgh holds at 95% and Chicago
at 95 to 98. Only five of the 37 open-hearth furnaces at
Buffalo are cold.
After falling for four consecutive weeks the "Iron Trade
Review" composite of 14 leading iron and steel products is
unchanged this week at $36.72. The high point of the
Spring movement was reached in May, at $37.13.
A sharp upward revision has occurred in the operations of
steel companies since last week, which is quite unusual for
this season of the year, the "Wall treet Journal" on July 16
stated. It had been generally expected that activities at
the steel mills would come down' during the midsummer
months, added the "Journal," continuing:
The U. S. Steel Corp. is now running again at better than 99%, which
compares with a shade over 96% in the preceding week, 97% two weeks
ago before the Independence Day shutdown, and an average of 84% during
the week of the holiday.
Independent steel companies are running at around 91% contrasted with
90% a week ago and 91% prior to the holiday. For the week of the
shutdown these companies were at 79%.
•For the entire industry the average is now 95%, against 93% a week,
94% before July 4, and 79% during the holiday period.
At this time last year steel operations were coming down quite sharply,
the Steel Corp. being at 73%, with independents at 87%, while the
average was 69%%.
The "American Metal Market" this week stated:
Steel mill operations as a whole are practically maintaining their
recent rate. Structural steel production is heavier and tin plate production
lighter than two months and more ago. Production of steel for the automobile industry underwent its decrease during May and June and has, If
anything, been picking up since July 1. Seasonal decrease in rail production
is about to begin, later than usual, and promises to be less marked than
in some other years.
Structural fabricating and freight car shops will need much steel in the
next few months for orders already in hand. Agricultural implement
industry prospects are not yet clear.
Rogers Brown & Crocker Bros., Inc., under date of July
18 report that pig iron buying during the last week was at
a good rate, considering the mid-summer season. Foundry
melt and the rate of operation of the steel mills is also unusually well maintained. There is still some pig iron to be
bought to complete tnird quarter requirements, but no
regular buying movement can be expected until covering
for fourth quarter gets under way. Pig iron prices show
little change, with the exception of the Birmingham District.
The lower prices there enlarge their competitive market
but buyers unused to Alabama irons, are loath to change
their foundry mixture for a small awing per ton.
Seven and One-half Hour Day Sought by British
Miners—Aid of Labor Government also Invoked
for National Coal Wage Agreements.
Reduction of the present eight-hour day in the coal
mining industry of Great Britain has been started by the
miners, according to cable advices made publics by the
Department of Commerce on July 16. A Washington
dispatch of that date, from which we quote, added:
The British Miners' Federation, it was stated, hopes for aid from the
Labor Government in reducing the working day and in reverting to a
national agreement instead of the existing district wage agreements.
JULY 20 1929.1
FINANCIAL CHRONICLE
Trade Commissioner Homer S. Fox has advised the Department from
London that the representatives of the miners generally want a seven and
a half-hour day,"bank to bank," and he stated that South Wales operators
have refused to entertain the idea of a national agreement.
The inauguration of the Labor Government and the recommendation
by the experts at the reparations meeting in Paris for Germany to continue
the delivery of coal for ten years on the reparations account were two unusual recent events of interest to the coal exporter, according to the Department of Commerce, which issued a survey of the International coal trade
situation.
Coal production In Great Britain, Germany, Poland, France, Belgium
and the Netherlands in the first four months of 1929, it was stated, was
around 7,000,000 tons greater than in the corresponding period of last year,
which prices advanced over those in effect early in the year.
Exports from those countries were 1.600.000 tons more than in the first
four months of last year, British trade increasing 2.000,000 tons and Germany's exports decreasing 1.000,000 tons. Imports into Germany, France,
Belgium, the Netherlands and Italy were more than 1,000,000 tons over
the first four months of 1928.
Reduction in Wages of Bituminous Coal
Ohio.
Miners in
Cleveland advices in the "Wall Street Journal" of July 16
state:
"Daily Metal Trade" says: Coal miners wages in the bituminous fields
of eastern Ohio are being reduced 10% effective August 1, thereby cutting
present rate of 85 a day to 84.50. The wage cut appears to be going into
effect without a protest.
Little Change in Demand for Bituminous Coal—
Prices Steady.
While demand for bituminous coal underwent but little
change in the past month, prices held a fairly steady course.
Business conditions throughout the country are favorable
and this is expected to lead to an increased demand in the
near future, the "Coal Age" reports in this month's issue.
The weighted average spot price for June was $1.67 1-5 per
ton, f.o.b. mines, as against $1.673' in the preceding month.
The "Age" further states:
A feature In the situation was the steady movement
of bituminous coal
to the lakes, the rate being slightly higher than in the corresponding
period
last year. Production continues ahead of last year.
Anthracite maintained practically an even tone throughout the month of
June though slight advances were reported in .some localities. Curtailed
production kept the output moving fairly uniformly and prevented the
piling
up if surpluses in any one size. The scheduled advances
in Prices as the
fall season approaches should stimulate domestic demand.
June Anthracite Shipmen's Lower.
Shipments of anthracite for the month of June 1929, as
reported to the Anthracite Bureau of Information, Philadelphir, amounted to 3,778,679 gross tons. This is a decrease
as compared with shipments during the same month last
year, of 212,0,b tons, and when compared with the preceding
month of May,this year, shows a falling off of 1,038,655 tons.
Shipments by originating carriers (in gross tons) are as
follows:
Month of—
Reading Company
Lehigh Valley
Central RR. of New Jersey
Del., Lackawanna & Western
Delaware & Hudson
Pennsylvania
Erie
N. Y., Ontario & Western
Lehigh & New England
Totals
June 1929. June 1928. May 1829.
677.888
796.622
649.692
663,481
705.314
784.753
295.117
395.420
395.235
646.158
699.685
901.538
585.948
445.241
668.819
337.460
419.246
420,374
328.000
408.509
497.782
78.177
121.537
89.207
166.450
146,054
263.004
3.778,679
The total production of soft coal during the present calendar year to July
6 (approximately 158 working days) amounts to 260.628.000 net tons.
Figures for corresponding periods in other recent years are given below:
1928
1927
239,319,000 net tons 1926
279,582,000 net tons 1925
4,817,334
271,567.000 net tons
242.038.000 net tons
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 29 amounted
to 9,474,000 net tons. This is an Increase of 396,000 tons, or 4.4%, over the
output in the preceding week. The following table apportions the tonnage
by States and gives comparable figures for other recent years:
Estimated Weekly Production of Coal by States (Net Tans).
Week Ended
June 29
June 22
June 30
July 2
State—
1929.
1929.
1928.
1927.
Alabama
317.000
291.000
298,000
332,000
Arkansas
17,000
17,000
27.000
22.000
Colorado
120,000
95.000
138,000
133.000
Illinois
856,000
834,000
749,000
58.000
Indiana
289,000
281.000
247,000
219.000
Iowa
55,000
54,000
60,000
12.000
Kansas
d
d
28.000
33,000
Kentucky—Eastern
925,000
863,000
899,000
913,000
Western
184,000
197.600
223,000
455,000
Maryland
45,000
46.000
45,000
49.000
Michigan
11,000
12,000
11,000
13.000
Missouri
58,000
50,000
51,000
30.000
Montana
48,000
45.000
41,000
30,000
New Mexico
46,000
42.000
53,000
51,003
North Dakota
15,000
13.000
11.000
9,000
Ohio
444,000
448,000
266,000
150.000
Oklahoma
39,000
33.000
43.900
63,000
Pennsylvania (bituminous) 2,650.000 2,606,000 2,180.000 2,192.000
Tennessee
100,000
97.000
91,000
88.000
Texas
16,000
14,000
16,000
25.000
Utah
60,000
58.000
64,000
64.000
Virginia
245,000
231,000
221,000
242,000
Washington
38,00041.000
45,000
43.000
W. VirginIa—Southern_b 2,055,000 1,910,000 1,865.000 1,849.000
Northern c
709,000
686.000
692,000
792,000
Wyoming
82,000
81,000
78,000
91,000
Other States
35.000
3.000
5,009
36,000
June
.4rerage.s
1923
387,000
22.000
175,000
1,243,000
416.0041
88.000
73.000
661.000
183.000
47,000
12.000
55,000
38.000
51.000
14.000
888.000
48.000
3.613.000
113.000
21,000
89.000
240.000
44,000
1.417 000
819,000
101.000
5.000
Total bituminous coal _ 9,474,000 9.078.000 3,444.000 7,950.000 10.559,000
Pennsylvania anthracite
1.404,000 1.218,000 1.125.000 1.269.000 1.956,000
Total all coal
10,878,000 10,296,000 9.560.000 9,219.000 12,822,000
a Average weekly rate for the entire month. b Includes operations on the N.
C. & 0.: Virginian: K. Sr M.; and Charleston division of the IS. & 0. c Rest of
State. including Panhandle. d Kansas included in "Other States."
PENNSYLVANIA ANTHRACITE.
The total production of Pennsylvania anthracite during the week ended
July 6 is estimated at 801.000 net tons, a decrease of 603.000 tons from the
output in the preceding week. No coal was mined on July 4, and loading&
were light on the two remaining days in the week.
Estimated Production of Pennsy11
19 ,
rtia
nthracite (Net Tans).
1928
Cal. Year
Cal. Year
Week,
to Date.
Week.
to Dates'
June 22
1,218,000 35.465.000
1.083,000 35,721,000
June 29_b
1,404.000 36.869,000
1.125,000 36.846.000
July 6.c
801,000 37,670,000
714,000 37.560.000
a Less one day's production first week in January to equalize number of days in
the two years. b Revised. c Subject to revision.
BEEHIVE COKE.
The production of beehive coke during the week ended July 6 is estimated
at 138,600 net tons, as against 145.200 tons in the preceding week and
59,600 tons in the week ended July 7 1929.
Estimated Production of Beehive Coke (Net Tons).
Week Ended-1929
1928
July 6 June 29
July 7
to
to
1929.d
1929.c
1923.
Dare.
to Dcrle.a
Pennsylvania and Ohio
113.400 121.400
41,700 2.863.100 1,661.300
West Virginia
12,100
10,800
8,900 271.900 314,100
Georgia, Ky.. and Tenn.
1,500
1,100
1,800
42.300 100.000
Virginia
6,200
6,100 •
4,400 139.500 127,200
Colorado, Utah and Washington 5,500
5,700
2.800 144.800 113.600
United States total
3.990,698
407
Estimated United States Production of Bttuminous Coal (Net Tons.)
1929
--1928
Cat. Year
Cal. Year
Week.
to Date.
Week.
to Date.a
June 22
9,078.000 243.732.000
8,391,000 224.045,000
Daily average
1,513.000
1,654.000
1,399.000
1,521,000
June 29.b
9,471,000 253.206.000
8,444,000 232,489,000
Daily average
1,579,000
1,651.000
1,407,000
1.517,000
July 6.c
7,422.000 260,628.000
6,830.000 239,319.000
Daily average
1,484.000
1,645.000
1,368.000
1.512.000
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 Subleet to revision.
138,600
145.200
59.800 3,261,600 2,316,200
Daily average
27,720
24,200
11,920
20.385
14.476
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.
Production of Bituminous Coal, Anthracite and Beehive Coke Holds Gain over a Year Ago—Current
Output, Due to Observance of Holiday, Lower Standard Oil Claim Reported Settled by Spain.—
$4,421,000 To Be Paid to the New Jersey Co.for ProThan in Previous Week.
perty Seized in Nationalization.
According to the United States Bureau of Minos, DepartThe following is from the New York "Times" of July 17:
ment of Commerce, the production of bituminous co .1,
two years of
Pennsylvania anthracite and beehive coke for the week ended ofAfter Jersey againstnegotiations the claim of the Standard Oil Company
New
the Spanish Government for seizure of its properties
July 6 1929, was higher than for the same period last year, In that country at the time of the nationalization of the petroleum industry
but showed a decrease as compared with the figures for the was settled yesterday. The basis of agreement includes nearly 100%
reimbursement for the American valuation
week ended June 29 1929. Total output for the week under for good will, and interest upon the agreed of the property, an allowance
amount. The payments to be
review was as follows: Bituminous coal, 7,422,000 net tons; made by the Spanish Government amount In all to $4.421.000. to be paid In
Pennsylvania anthracite, 801,000 tons and beehive coke, pesetas, the gold value of which Is guaranteed on the date of settlement at
14.50 cents
138,600 tons. This compares with 6,830,000 net tons of
The settlement, the fact of which was confirmed yesterday at the New
bituminous coal, 714,000 tons of Pennsylvania anthracite York offices of the company,is regarded as a substantial victory .or both the
and 59,600 tons of beehive coke produced in the week ended company and the State Department, to which the oil company appealed
over a year ago. The properties which were the subject of the settlement
July 7 1928, and 9,474.000 net tons of bituminous coal, Included those of the Industrias Rubel Nervier'. which were taken o'er by
1,404.000 tons of Pennsylvania anthracite and 145,200 tons the Spanish petroleum monopoly, of which the Spanish Government
owns 30%. On
of beehive coke in the week ended June 29 1929. The for the good-willMarch 28 1928. the Spanish Cabinet refused any allowance
of the company and accepted the report of a commission
Bureau's statement further stated:
appointed for the purpose of valuation of the property recommending that
BITUMINOUS COAL
The total production of bituminous coal during the week ended July 6 1929,
including lignite and coal coked at the mines. is est imated at 7,422.000 net
tons. The decrease, due largely to the Fourth of July holiday, amounted
to 2.052.000 tom, or 21.7%. Production during the week In 1928 corresponding with that of July 6 amounted to 6,830,000 tons.
20.000.000 pesetas be paid for reimbursement.
The American company refused to accept this award and appealed to
the State Department to Intervene The Government made a direct appeal
to Premier Primo de Rivera. with the result that negotiations wt re reopened.
Representatives of the Standard Oil Co., the State Department and the
Spanish Government passed upon points In the claims. with the result that
all parties agreed upon the settlement which wassigned yesterday in Madrid
[Pot,. 129.
FINANCIAL CHRONICLE
408
This is the second successful settlement with the Spanish Government
In. which the Standard Oil Company of New Jersey has been a party to
the negotiations. The claims in regard to the seizure of the properties
1
of the Societe Espagnela d'Achats d'Affretements, a company In which
the Now Jersey Standard Oil was joined with French interests, were settled
last March on terms close to these asked by the company.
Current Events and Discussions
The Week with the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on July 17, made public by the Federal
Reserve Board, and which deals with the results for the 12
Reserve banks combined, shows a decrease for the week
of $69,300,000 in holdings of discounted bills and increases
of $1,700,000 in bills bought in open market, and of $17,000,000 in U. S. Government securities. Member bank
reserve deposits increased $49,200,000 and cash reserves
$35,600,000, while Government deposits declined $15,000.000
and Federal Reserve note circulation $31,800,000. Total
bills and securities were $51,100,000 below the amount
held on July 10. After noting these facts, the Federal
Reserve Board proceeds as follows:
July 17 1929. July 10 1929. July 18 1928
5
5
$
740,000.000 713,000,000
Reserve with Federal Reserve Bank.-- 727,000.000
53,000,000
55,000,000
57.000,000
in vault
Cash
Net demand deposlta
Time deposits
Government deposits
103.000,000
869.000,000
107.000.000
894.000,000
93.000,000
880,000,000
Borrowings from Federal Reserve Bank_ 325,000,000
341.000,000
213,000,000
Due from banks
Due to banks
Loans on securities to brokers and dealers
1,136.000,000 1,201,000,000 820,000,000
For own account
For account of out-of-town banks_ _1.676,000.000 1,624,000,000 10587.000.000
3,002.000.000 2,930,000,000 1.787.000,000
For account of others
Total
On demand
On time
Holdings of discounted bills declined $20,200,000 at the Federal Reserve
Francisco
Hank of Boston, $18,500,000 at Chicago, $18,200,000 at San
Louis and
and $6.900.000 at Kansas City, and increased $7,600,000 at St.
of bills bought in open
55.700,000 at Dallas. The System's holdings
Treasury
market increased $1,700,000,of Treasury notes $14,400,000 and of
certificates $2,600.000, while holdings of U. S. bonds were unchanged.
Federal Reserve note circulation increased $5.000,000 at Atlanta and
decreased at all other Federal Reserve Banks, theprincipal decreases being
at the Chicago, Cleveland. and Ban Francisco Federal Reserve Banks
Loans and investments—total
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 438 and 439.
A summary of the principal assets and liabilities of the
Reserve banks, together with changes during the week and
the year ended July 17, is as follows:
Decrease (—)
Increase (+) or
During
Year,
Week.
July 17 1929.
Total reserves
Gold reserves
3 097,676,000
2,929,576,000
+35,637,000
+27.759.000
+338,840,000
+329.981,000
Total bills and securities
1 314,708,000 —51,118,006
—87,916.000
1 083,700,000 —69,211,000
Ms discounted, total
Secured by U. S. Govt. obliga'ns 011.162,000 —39,228,000
472,538,000 —30,113,000
Other bills disoounted
+71,943.000
—3,865,000
+75,808.000
67.638,000
+1,662,000
—113,397.000
U. S. Goverament securities, total 153,115.000
42,669,000
Bonds
97,181,000
Treasury notes
13,265,000
of ladebtedness
Certificates
+16.971,000
+ 1,000
-1- 14,365,000
+2,605,000
—56,227,000
—13,355.000
+7.676.000
—50,548.000
Federal Reserve notes in circulation...1,801,225,000 —31,779,000
+182,362,000
2,393,984,000 +34,273,000
2,352,081.000 +49,207,000
12,567,000 —14,988,000
+44,942.000
+45,449,000
—1,188,000
Bills bought in open market
Total deposits
Members' reserve deposits
Government deposits
Returns of Member Banks for New York and Chicago
Federal Reserve Districts—Brokers' Loans.
Beginning with the returns for June 29 1927, the Federal
Reserve Board also commenced to give out the figures of the
member banks in the New York Federal Reserve District,
as well as those in the Chicago Reserve District, on Thursdays, simultaneously with the figures for the Reserve banks
themselves, and for the same week, instead of waiting until
the following Monday, before which time the statistics covering the entire body of reporting member banks in 101 cities
gannot 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 increased $58,000,000, bringing the amount of these loans up to $5,813,000,000, and establishing a new high record. The previous
high record for these loans was $5,793,000,000 on March 20
1929. The total of these loans for July 17,at $5,813,000,000,
compares with $4,194,000,000 on July 18 1928.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York.
July 17 1929. July 10 1929. July 18 1928.
Doane and investments—total
7.416.000.000 7,461.000,000 7,050.000.000
Loaas—total
8,729,000,000 5,781,000,000 5.161,000,000
On securities
All other
Investmenta--total
U. S. Government securities
Other securities
2,970,000,000'3,040,000,000 2,533,000,000
2,758,000,000.2,742,000,000 2,627,000,000
1 687.000,000 1,679,000.000 1,889.000.000
949,000,000
728.000,000
940.000,000 1,099.000,000
739,000.000 091,000,000
5.192.000,000 5.254,000,000 5,181,000,000
1,090,000.000 1,066.000.000 1.162,000,000
27,000,000
38,000,000
38,000.000
5,813.000,000 5.755.000.000 4,194,000,000
5.446,000,000 5,369.000,000 3,182,000,000
367.000,000 387,000,000 1,012,000,000
Chicago.
2,001,000.000 1,998,000,000 2,035,000,000
Loans—total
1.591.000.000 1,585.000,000 1.547,000.000
893,000,000
698,000.000
898.000.000
687,000,000
845,000,000
702,000,000
410,000,000
412,000,000
488,000.000
167,000,000
243,000.000
168.000,000
244.000,000
219,000,000
269,000,000
Reserve with Federal Reserve Bank—. 170,000,000
17,000,000
Cash In vault
166,000,000
20.000.000
179,000,000
17,000,000
On securities
All other
Investments—total
U. S. Government securities
Other securities
Net demand deposits
Time deposits
Government deposits
Due from banks
Duo to banks
Borrowings from Federal Reserve Bank_
1 217,000,000 1,195,000.000 1,227.000,000
631,000,000 628,000,000 685.000.000
2,000,000
11,000,000
11,000.000
138,000.000
307,000,000
143,000,000
313,000,000
160,000.000
344,000.000
46,000,000
64,000,000
80,000,000
• 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 a bank in the San Francisco district, with loans and investments of $135,000,000 on Jan. 2,
which recently merged with a non-member bank.
In the following will be found the comments of the Federal
Reserve Board respecting the returns of the entire body of
reporting member banks of the Federal Reserve System for
the week ended with the close of business July 10:
The Federal Reserve Board's condition statement of weekly reporting
member banks in 101 leading cities on July 10 shows decreases of $51,000.000 in loans and investments. of $123,000.000 In net demand deposits, of
$25,000.000 In time deposits and of $39,000.000 in Government deposits.
and an increase of $24.000.000 In borrowings from Federal Reserve banks.
Loans on securities declined $49,000.000 at all reporting banks, 572.000,000 in the New York district, and 57,000.000 in the Cleveland district, and
Increased $8.000,000 in the Boston district. $7,000,000 each in the Atlanta
and Chicago districts, and $8,000,000 in the Philadelphia district. "All
other" loans increased $11.000,000 at reporting banks In the New York district, $7,000,000 each in the Cleveland and Chicago districts, $8,000.000
in the Kansas City district and $30.000.000 at all reporting banks.
Holdings of U. S. Government securities declined $19,000,000 at all
reporting banks and $10.000,000 In the San Francisco district, and holdings
of other securities declined $8,000.000 each In the Boston and New York
'districts and $11.000.000 at all reporting banks.
Net demand deposits, which at all reporting banks were $123,000,000
below the July 3 total, declined $109,000.000 in the Now York district.
514.000.000 In the Boston Illstrict. $13,000.000 in the Chicago district and
$6.000.000 In the Philadelphia district, and increased 512.000,000 in the
San Francisco district and $8,000.000 in the Cleveland district. Time deposits declined $8.000,000 In the Cleveland district, 50.000,000 in the Ban
Francisco district and $25,000,000 at all reporting banks.
JULY 20 1929.1
FINANCIAL CHRONICLE
409
The principal changes in borrowings from Federal Reserve banks for the Rail earnings have decreased far below the high figure of April but at the
week were increases of $14,000.000 and $7,000,000, respectively, at the Fed- beginning of July were still somewhat above those of last year.
eral Reserve banks of New York and Boston.
A summary of the principal assets and liabilities of weekly reporting
JAPAN.
member banks, together with changes during the week and the year ending
In accordance with its policy of financial retrenchment the new GovernJuly 10 1929, follows:
ment in Japan intends reducing the bond issue of 196.000,000 yen, already
Increase (+) or Decrease (—) approved by the Tanaka Cabinet. to 55.500,000 yen. Strict limitation
Since
of new bond issues and a more rapid redemption of old issues is also promised
Jun; 10 1929.
July 3 1929.
July 11 1928. by the Minseito party. All financial measures will be aimed towards the
Loans and investments--total___22,434,000.000
—51,000,000 +402,000,000 ultimate removal of the gold embargo, a step which will not be taken, however, until yen exchange and other financial conditions are more favorable.
Loans—total
16,906.000.000
—19.000,000 +1,014,000.000 Suspension of many proposed South Manchurian enterprises is probable.
stock market is tartly steady and yen exchange is strengthening.
On securities
7.711,000,000
—49,000.000 +708.000.000 The
All other
9,195,000,000
+30,000.000 +306.00 .
0 000 Trade prospects for the immediate future appear favorable, although
the inauguration of the new government's policies may be accompanied it
Investments—total
5.528.000.000
—32,000,000 —612,000,000 Is said by a temporary business depression. The abolition of night work by
U.S. Government securities
2,740,000,000
—19,000,000 —265,000,000 women and children, in accordance with the new factory law effective July 1.
Other securities
2,789,000.000
—11,000,000 —346,000,000 has been completed without untoward consequences.
Reserve with Federal Res've banks 1,677,000,000
Cash in vault
275,000,000
Net demand deposits
Time deposits
Government dolmans
—47,000,000
+32,000.000
—64,000,000
+14,000,000
13,170.000,000
6,654,000,000
154,000,000
—123.000.000
—25,000,000
— 39.000,000
—127,000.000
—232,000.000
+32,000,000
1,090,000.000
2,683.000,000
•-91.000.000
—203,000.000
—49,000.000
—265,000,000
850,000.000
+24.000,000
—20,000,000
Due from banks
Due to banks
Borrowings from Fed. Res. banks-
MEXICO.
Some definite improvement in business has been noted since the settlement of the religious differences. Shops, caterers, 3tc., are the first to feel
the benefits, but machinery houses also are receiving more inquiries. Tourists from the United States are beginning to arrive although the number is
somewhat smaller than expected. The heavy rains which have fallen during
the past ten days have broken the drought from which the country has been
suffering. It appears probable that a special session of Congress will meet
at the end of July for the purpose of considering labor legislation.
• July 3 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 20, the following summary of market conditions abroad, based on advices by cable and radio:
ARGENTINA.
Business throughout the week was quiet. The strike of Rosario
continues. Collections were slow and credits more restricted. The crop situation was about normal.
AUSTRALIA.
Australia's sheep census at the end of 1928 gives the
number as 106,115,000 the highest on record since 1891. The Minister of Public Works for
Queensland announces the removal of restrictions
preventing the promotion
of private electrical enterprises in that State.
BRAZIL.
There has been a very slight easing of money and credit conditions
in
Brazil, so that now some hope is being held for general business
improvement in the near future. In local commercial circles it is reported that the
Santos crop now being harvested will reach 16,000,000 bags. The coffee
market remains inactive. A slight seasonal improvement in automobile
sales is reported. Opening of the bids for equipment for the Rio Grande
railway has been postponed one month. Permission to grant a concession
for a port at Torres. Rio Grande do Sul and a railway connecting with
Port Alegre has been authorized and a call for bids is expected soon. The
concession provides for the operation of the railway and the port for 75
years by the builders.
CANADA.
The crop report issued by the Dominion Bureau of Statistics during the
week indicates a I% increase in wheat and a 6% increase in barley acreage
In Canada this year as compared with last. Acreage planted to oats is only
slightly lower but a decline of 8% is registered in rye, and potato acreage
Is 5% under 1928 planting. The crop outlook is still spotty, particularly
In the Prairie Provinces where conditions are considered less favorable
than earlier in the year, and distinctly under the average of the past five
years. Recent rains have improved the situation in Saskatchewan to
some extent. Sales of agricultural equipment in the West, which were very
good during the first few months of the year, are reacting unfavorably to
the low prices for last year's harvest and the unsatisfactory prospect for
the current year's yield. The lumber demand in that section has also
declined. Eastern Canada reports a substantial movement of summer
wearing apparel but a conservative order list for fall requirements. Hardware is moving in good volume and the lumber trade finds the market
fair. The grocery trade is featured by greater firmness in raw sugar, continued strength in raisins and other dried fruits, and a substantial increase
in flour prices. It is expected that the pack of peas will be loss this year
than last, in view of the substantial holdover but stocks of other canned
vegetables are low and canning programs are consequently heavy.
CEYLON.
Import duties on all articles were increased 5%. effective July 4.
CHINA.
Mukdon business is active. Business at Harbin, however, Is quiet due to
uncertainty in affairs of the Chinese Eastern Railway.
Building construction continues active in 31ukdon, but only small purchases are reported for railroads, the arsenal, and industrial organizations. Automotive dealers in both North and South Manchuria are holding large stocks
of cars, due to heavy imports and sales not as high as was anticipated.
Considerable difficulty is reported for sales of cars and other goods in outlying districts of North Manchuria because of the imposition of a new local
tax of 9% on all goods sold. Large quantities of spring goat skins
are being
offered at Mukden at prices within reach of the American market, prices
ranging from 1.25 to 1.50 Mexican dollars. (Mexican dollar is worth
approximately $0.48). Horse skins are selling at extremely high prices.
Manchurian crops present a normal outlook with a slight increase reported
In acreage planted.
CUBA.
The normal pack of business during the first half of the year was reached
about the end of May, aftr which the volume measurements of trade and
industry began to decrease. and June closed with all factors showing an
unprecedented sharp decline. This seasonal decline continued during
the early part of July. but the downward trend of the first two weeks of
the current month was not as sharp as was the case in June. The temporary
lag in the downward trend during July is also a normal feature of Cuban
business life and is usually followed by another sinking period in August
However, the decline during the present season appears to be somewhat
heavier than that of the same period of 1928. The stock of money in Cuba
fell off over $6,000,000 between Juno land July land the fall is continuing.
NETHERLAND EAST INDIES.
Many importers are reported heavily overstocked and foreign buying is
weakening. Trade in staple lines, particularly textiles, is generally quiet.
Chinese dealers in pepper now anticipate it is said an early decline in prices
which have been high on account of lateness of the crop.
UNITED KINGDOM.
Coal trade is steady. Both prompt and forward demand is good In most
districts although Welsh supplies are exceeding requirements Coal exports
in June amounted to 4,883,000 tone which was 8% below the May volume
but 12% above the amount exported in June 1928. The Yorkshire-Midland
subsidy arrangement has been revised to provide an export subsidy of 2
shillings a ton on sales for shipment before the end of September. Coal
trading results are less satisfactory as the year advances, and losses are
now being experienced in Scotland. Yorkshire and North Wales and in some
other districts; whereas profits were shown earlier in the year. Registered
unemployment totaled 1,142,000 in Great Britain and 34,000 in Northern
Ireland on July 1, as compared with 1.100,000 and 35,000, respectively, on
June 3.
British overseas trade totals for June were below those for the same month
of last year, which had one more working day, by 8% in imports. 16%
In exports of United Kingdom goods, and 16% in re-exports. Imports
aggregated £91,498,000, exports £49,893,000, and re-exports £9.616,000.
These totals are unusually low in comparison with monthly levels for recent
years, but it is noteworthy that they follow high aggregates reported for
May. Exports of manufactured goods were less than in June, 1928 by
£9,642,000, whereas May exports under this classification were greater than
in the previous May by £6,953,000
The Department's summary also includes the following
with regard to the Island possessions of the United States.
PHILIPPINE ISLANDS.
Arrivals of textiles from the United States during the first six months of
the current year totaled 39,000 bales compared with 24,600 bales in the
same period last year. The market is believed overstocked and large
textile houses are uncertain as to when ordering will be resumed. There
is no indication at present of improvement in the textile credit situation
which has been tight. The copra market has firmed and prices are higher
on account of demand to replenish depleted mill reserves. There is also
better demand for coconut oil for December to February deliveries but
not for earlier dates. Two oil mills have closed down. Arrivals of copra
at Manila from July first to 9th totaled 82,445 sacks. To-day's f. o. b.
steamer prices for warehouse grade resecado are Manila, 10.625 Pesos
per picul of 139 pounds; Cebu, 10.375 pesos; and liondagua and LegasPi.
10 pesos. (One peso equals $0.50.) The abaca market is firm with
improved demand from London. Business with New York, however. is
uncertain. Arrivals of abaca at Manila are somewhat lower and production
is believed to be falling off. Receipts at export ports for the week ended
July 8 amounted to 25,392 bales and exports totaled 26,619 bales, of which
6.897 went to the United States. Current prices are nominal at 27 pesos
per picul for grade E; F, 25: I, 24; JUS, 20.75" JUN. 17, and L. 14.50.
Agreement Reached Between Belgium and Germany
on German Marks Issue.
Settlement of the differences between Germany and Belgium on the question of the reimbursement of Belgium for
German marks left behind in the country in exchange for
Belgian francs confiscated during the war has been reached
in an agreement signed at Brussels by representatives of the
two countries on July 13. From a cablegram to the New
York "Times"on that date we quote as follows:
The question nearly wrecked the Reparations conference and the settlement, it is admitted here, has been secured only by the moral pressure
then brought to bear on Germany by the American and other delegations.
This morning everything was satisfactorily agreed upon, and Camille
Gutt for Belgium and Dr. Erwin Ritter for Germany, the delegates who
have been conducting the negotiations, signed the accord.
By this agreement Germany will repay Belgium in thirty-seven annuities, as follows:
Sept. 1 1929 to March 31 1930, 16,200,000 marks (about $3.885.000).
During the next three years annuities of 21,500,000 marks ($5,156.000)•
During the next eight years annuities of 26,000.000 marks ($6.235.000).
During the next eight years, April 1941 to March 1949. 20,100,000 marks
(54.825.000).
Thereafter seventeen annuities of 9,300.000 marks ($2.230,000).
It will be noticed that the annuities follow the sequence of those of the
Young plan and represent at their capital value 320.000,000 marks ($76,800.000), which is considerably below the Belgians' minimum claim during
the Reparations parley, when they...asked thirty-seven annuities of 25.000,000 mai ks.
410
FINANCIAL CHRONICLE
[Vot. 129.
Arthur Balfour, PresiIn the agreement the important stipulation is made that the German Economic Committee of the League of Nations; Sir
the International Chamber of
engagement is unconditional, I.e., that the annuities will be paid even if a dent of the British National Committee of
Franz von Mendeissohn, President of the German Committee:
moratorium on the transfer of payments be granted under the Young Commerce;
President of the Polish Committee; Dr. Gustav Gratz,
scheme. Germany, however, reserves the right to make payments in kind. Boguslaw Herse,
Minister of Hungary; Kernel Milan Stodola, CzechoslovakThe Belgian and German negotiators also signed a tentative agreement former Foreign
of the International Chamber of Commerce Council; W. P.
on the question of restitution for German property in Belgium which was ian member
Willis H. Booth. of the United
under sequestration. It is understood that the amount involved is about Lee, Manchester, England, merchant, and
States, a former President of the International Chamber of Commerce, who.
400.000.000 Belgian francs ($11,120.000).
the problem without mentioning it.
Both agreements must be ratified by the Belgian Parliament and the carefully skirmished about the edge of
and thanked the European delegates for their careful treatment of "dificult.
Reichstag.
When the reparations agreement embodying the Young plan was signed problems."
Calm Morning'Session.
in Paris in June, the Belgians made their acceptance of it conditional upon
The morning plenary session passed off calmly and the resolutions adopted
a definite settlement of the marks question.
had nothing to do with the matter in which all were most interest.
Associated Press advie,es from Brussels July 13 said:
Another important matter for America came up during the afternoon sesshe agrees to sion when a resolution was adopted approving the Kellogg pact for renunciaGermany's undertaking is regarded as absolute, because
moratorium intervening in the tion of war, marking the first time the budness men of the world had defipay these annuities even in the veent of a
case of the Young payments, but in those circumstances payments to Bel- nitely set their faces against war.
gium may toe made in kind.
This resolution was drawn up by Herbert S. Houston, President of'
The settlement gives Belgium more than 4,500,000,000 paper francs, the Cosmos Newspaper Syndicate, and was presented by the American dele$123,000.000) as gation. There was some objection to it in the committee sessions several
equal to about 500.000,000 gold marks (approximately
compensation for the 0,500,000,000 gold marks representing the original nations pointing out that they were already committee to the principles involved, but it passed the plenary session unanimously without a hitch.
claim by the Belgian Government.
Mr. Houston's proposal was that business men in countries which bad
The agreement was celebrated by an official luncheon at the German
all the delegates who signed the Kellogg pact should refrain from selling to or buying from or
Embassy at which Foreign Minister Hymans and
were present.
having commercial or financial dealings of any sort with the nationals of
participated in the negotiations
The settlement represents large concessions made to Germany, who sim- a country or the Government of a country which broke its pledge under
ply makes up for the amount dropped by Belgium in the new Young plan as the pact by resorting to military rather than pacific means for the settlecompared with the old Dawes annuities.
ment of any dispute with another country.
The agreement, which is considered more important from a political than
Many Other Resolutions Adopted.
financial viewpoint, took into account the fact that 1,500.000.000
from a
Other resolutions adopted during the day were on the advisability of
marks out of the 6,500,000,000 had been converted into German stock by
-marks, protection.
former Minister Theunis. Another billion marks were left out as having doing away with double taxation, assignment of trade
of scientific property, the advisability of making bribery a criminal act,
been introduced fraudulently into Belgium by speculators.
transport, uniform
It is considered that the Belgian Government Is entitled to greet with International fairs and exhibitions, the procedure of rail
additional railway charges,
satisfaction a settlement assuring budget stability for the next 37 years nomenclature of goods, changes in summer time,
flag discriminations in conand doing away with irritating questions hampering the policy of reap- restrictions on motorists, lax air regulation,
nection with shipping, customs and consular formalities in connection.
preachment.
with shipping, international telephoneservice, collaboration with telegraph
administrations, postal prohibitions, C. 0. D. consignments and money
Adjournment of Fifth Biennial Congress of Interna- orders, parcel vest system revision, the gathering of highway statistics,
tional Chamber of Commerce—George Theunis, of the study of highway finance, calendar reform and the fixing of Easter,
international
Belgium, Elected New President—Speech of M. commercial documentary credits, letter-of-credit forgerios,restrictions of'
industrial statistics, import and export prohibitions and
Clementel Against Declaration on U. S. Tariff— the most favored national clause.
Resolutions Adopted.
Reporting the close on July 13, of the fifth biennial congress of the International Chamber of Commerce after
being in session since Monday, July 8, a copyright cablegram from Amsterdam July 13, to the "Herald-Tribune"
discribed as follows the deliberations, and resolutions
adopted, at the concluding session.
A new President was elected, more than a dozen resolutions on various
subjects were adopted—but not before the forbidden topic of the American
tariff, carefully warded off all week, broke through and was inscribed in
4
the official records.
It was, however, no victory for the belligerent group who had been plancoup—the conservatives took the play .froin,them by tackling and
ning a
knifing the problem before they could get at it.
Tense Atmosphere.
The plenary session this morning opened on the matter of commercial
policy and trade barriers, with the chair occupied by Etienne Clemente!,
president-founder of the International Chamber of Commerce. and H. Rud
du Mosch, Chairman of its Netherlands National Committee. The hall was
filled by a large and nervous audience which had heard rumors of the possible
conflict, and there was tension in the air as M.Clementel called the meeting
to order.
However,if the belligerent group had any hopes of putting over a coup,M.
Clementel must have surprised them by his opening statement, in which.
much to the surprise of many, he took the bull by the horns immediately.
After introductory remarks he said:
"There is a fear that a certain country is building a trade wall against
the world. Naturally, that is a great danger. Perhaps they do not
realize that one wall leads to another, and in the natural progress of events,
to a series of walls throughout the world.
Complete Confidence in United States.
"There has been a calmer for resolutions, but no resolutions are needed,
is
We have complete confidence in our American friends—theream no harm
talking.
In mentioning their names, for every one knows of whom I
We know they would understand the passage of a resoltuion, and that
the world would understand. Some, perhaps,
most of the people in
would misunderstand, and that is important to guard against. They will
"These gentlemen here understand—they are our friends.
be the more eloquent in our cause because we have not passed any formal
resolutions.
Speech Won Over Audience.
"We know there would be a world crisis if the proposed legislation
by the Americans were put through, but we are optimistic. We ask you
to be patient. The wolf and the sheep are both present here. However,
let us take off our masks; let us not deceive ourselves. I known that
danger exists, I know that customs barriers must be abolished, I know
that something must be done: but this is not the time or the place to do
it. I am convinced that silence on our part here will do more good than
any other action."
This speech so definitely won over the audience and indicated so clearly
the trend that Etienne Fougere. President of the French National Association for Economic Expansion, and other leaders of the belligerent group left
the hall, frowning before the speech had ended. They did not return until
after the discussion was finished.
Several other important speakers of various nations followed with tame.
conciliatory speeches, most of which did not touch on the chief problem,
until another Frenchman. II. de Peyerimhoff de Fontanelle,an important industrialist. spoke. He said, in part:
"We must realize that one cannot stem the rising tide, cannot stop the
flood. Increases lead to mere increases. I feel sure that our friends, the
Americans, must realize, since they are the most prosperous nation In the
world, that they are merely maneuvering toward the closing to them of their
greatest market.
It would be indiscreet to insist on the matter. You al: appreciate what I
desire to say. I feel that this committee has not obtained the success it expected and was entitled to. However. I also think that, unfortunately, our
hands are tied, and we must leave the matter for the moment."
Other speakers on the question included Gustave L. Gerard, of Belgium.
one of the bitter belligerents, who, however, tactfully avoided even casual
mention of the matter; Dr. Ernst P. A. Trendelenbiwg, a member of the
Theunis Eleved President.
After this business had been completed the congress elected as President
for the next two years Georges Theunis, Belgian Minister of State and
former Premier, known to Americans since his visit to Washington in
August 1925 as a member of the Belvian Debt Funding Commission.
In May 1927 M. Theunis, who Is considered Belgium's greatest fiscal
export, was Chairman of the International Economic Conference at Geneva.
attended by 46 nations.
M. Theunis was elected unanimously and Alberto Plrelli. the retiring
/moth
President, ruined over his office to him. In a short hut impressive
for the
of acceptance the new President promised to do all in his power
the same
organization, pointing out that be took on the position with
for the
trepidation that he felt when he undertook the work he had done
similar nature.'"
League of Nations—"an organization of very
F. J. Lisman Sees World in Better Economic Condition
Than at any Time Since World War—European
Bonds on Yield Basis Comparable With U.S. Bonds.
European bonds are now selling on a yield basis comparable to the yield for United States bonds immediately
following the Civil War, it is pointed out by F. J. Lisman of
F. J. Lisman & Co., who says:
"Foreign issues as a class are somewhat more inclined to temporary
market instability than comparable domestic issues because of the effect
on our investing public of unsettling news from abroad. However, notwithstanding these periods of uncertainty, such as we have passed through
in connection with the reparations problem, the world ass whole is in much
better financial and economic condition than at any time since the War.
After our Civil War, far-seeing European investors bought our best bonds
at prices to yield from 7% to 10%. The same opportunity is now premolted to buy sound European and other foreign bonds on high yield basis,
and this opportunity will soon pass."
International Chamber of Commerce Declares in Favor
of Private Operation of Business Enterprises—
Views of J. H. Barnes.
At the plenary session on July 12 of the Congress of the
International Chamber of Commerce, at Amsterdam (Holland) Julius H. Barnes, former President of the United
States Chamber of Commerce and Vice-President of the
International Chamber, presented the American viewpoint
as to private and public ownership of business enterprises.
We quote from a cablegram, July 12, to the New York
"Journal of Commerce," wh:ch went on to say:
The discussion on this topic was easily the outstanding feature of the
session, the Congress going on record and adopting a resolution as favoring
private ownership and operation of enterprbes In preference to public.
After describing the growth of the pri% ate ownership of public utilities
in the United States, he pointed out it had linked up with increased
efficiency in the power and other Industries. Ile contended that public
regulation instead of public operation had been more than justified by
results.
Private Ownership Favored.
At the close of the discussion the Congress, by resolution, declared that
"private initiative and private operation of enterprise constitute the most
effective instrument to assure the progress of industry and to increase
general prosperity." To the formal resolution the American delegation
added this comment:
In
' increasing productivity, advancing living standards and developing
the most widespread prosperity, the American delegation has been, asked
JULY 20 1920.]
FINANCIAL CHRONICLE
411
International Settlements, a commercial organization and not a political
one, Lord Melchett declared:
"If the Bank of Settlements is efficiently established, and if it successfully develops the functions in the realm which the experts have sketched
out, then it may be a great power for good.
"It will be impossible, however, to make a success of either the scheme
of reparation payments or, still more, the Bank of International Settlements,
unless the financial powers of the United States frankly, fully, and
wholeheartedly come to its assistance."
The British business leader began by calling the Young Plan a further
step in world progress toward reason, a further step toward the conversion
of the reparation debts from political to commercial obligations.
"That conversion is still a conversion on paper," said Lord Melchett.
"It is yet to be seen if it will be a conversion to a commercial obligation
in reality. The reason for saying that it is only a conversion on paper is a
real concrete manifestation that the payment of reparations must be finally
expressed in goods and services.
Says There is Not Enough Gold.
'There is not a sufficient annual production of gold for the purpose of
meeting these obligations. Reparations, as I pointed out, therefore can
only be settled by the transfer of goods and services.
"It is important to think of reparations in terms of goods and services
and not in terms of money. There is a diametrical opposition between
the demand for payment of reparations made in goods and services and the
demand for exclusion of manufactured goods."
The industrialist's reference to the poor results of the appeal of the
World Economic Congress for a reduction of world tariffs, or at least
the cessation of further upward revisions, and, again, the American policy,
came in for subtle criticism when he outlined the obstacles to the international movement of capital which, he added, can only move through
the medium of free exchange of goods and services. Double taxation was
another obstacle, he explained.
Lord Melchett then went on to consider Annex IV of the Young Plan,
which provides that any sum of reichsmarks, transfer of which is postponed, is to be deposited with the International Bank and may also be
used for facilitating special deliveries in kind.
"There is, however, no provision for permanent investment in Germany,"
said Lord Melchett. "It has always seemed strange to me that there is
no provision for an option to creditor powers, upon any occasion on which
actual transfer of reparations a not possible, to use reaohsmarks made available to them for the purpose of purchasing assets of any kind in Germany.
"There seems to be no reason why each creditor country should not .
have handed to it its appropriate portion of reparation reichmarks for
the purpose of investing them in German industrial life and of either,
first, withdrawing the capital which these assets represent, at such time
as may be economically convenient or possible, or, secondly, permanently to
retain such assets and depend upon the income they produce."
Lord Melchett took the occasion to express the hope that the International
Bank would develop, in the future, into a great organization, to deal not
only with the reparation problem but with that economic nee of gold
reserves in the world which is essential to the re-establishment of the
world's credit position on a gold basis in a manner which does not, as now,
Young Plan for Settlement of German Reparations hamper and restrict the world's industrial progress.
Problem Approved by International Chamber of
Sees Isolation Impossible.
Commerce—Lord Melchett Asks Our Aid—Sees no
Here once more the Americans read a direct reference to America's store
Success for Settlement Scheme or Bank Without of gold and her attitude toward that immense reserve. remark about the
Lord Melchett then proceeded with his most pointed
Our Support.
United States, saying:
"Isolation is no longer possible to any industrial country. Nobody is
The Young Plan for the settlement of the German reparainterested, or can be more actively interested, in the welfare
tions problem received unanimous approval at the plenary more actively than is the creditor. The prosperity of one is the prosperity
of the debtor
session, on July 12, at Amsterdam (Holland) of tbe Con- of the other, and when the debts are all expressed in gold preservation of the
gress of the International Chamber of Commerce, and, says standard from which gold derives its validity is of the utmost importance.
"The world has not lacked warnings of the problems which may arise
a special cablegram to the New York "Times," the hope was from the scarcity of gold. It may be that the International Bank will, In
new solution of the reparation issue due course, provide an attempt to solve this monetary problem, but in the
expressed that the
would receive the prompt and favorable consideration of meantime a hope may be expressed that the process of co-operation between
the central banks of issue will make more rapid progress, with a view to
the powers. In its account of the action of the Chamber lessening the difficulties which tend to concentrate with particular weight
the "Times" said:
upon the great free gold market in London."
Lord Melchett's speech, in some ways, was the most significant delivered
Resolution Approves Plan.
There are those in the Congress who thought that the terms of the before the Congress. His remarks were generally accepted here as those
of British industry as a whole, thus reflecting the policy of the Governresolution approving the Young Plan could have been much more forceful,
since at the Rome Congress, in 1923, certain broad principles for the ment itself. His latest scheme for assisting the revival of British trade
economic restoration of Europe were laid down and soon adopted by the and, indirectly, of meeting the "menace" of the American tariff wall is
welding the British Empire into a single free trade unit. It has been
governments in the Dawes Plan.
To-day's action, however, was taken with a view to complete accord, the termed the "greatest projected amalgamation in modern history" and
would, in the opinion of Lord Melchett, solve the chief industrial problems
Chamber's strong point, and anything stronger might not have achieved
now facing Great Britain.
that end.
The resolution begins by stating that the Chamber fully approves the
step taken in entrusting to recognized economic experts the greatest
Disconto Gesellschaft Urges Germany to Pay Debts
economic problem of the moment and it proceeds:
To Foreigners in Merchandise.
"The Chamber, considering the Young Plan as a whole, has viewed
with great satisfaction the intention of the experts to remove the reparaFrom the "Times" we take the following Berlin advices,
problem from the arena of political strife and to find economic methods
tion
July 6:
of arriving at a solution.
"The Chamber hopes the plan may receive prompt and favorable considIn its current review of the financial situation the Disconto Gesellschaft
eration and that, as a result, a final and complete settlement of the problem asserts that, of all industrial nations, Germany has to depend in the
may be reached."
greatest measure on the willingness of other countries to receive her
Referring to the comment occasioned by a speech at the products as a solution of her foreign debt commitments. It holds that,
under the new reparations agreement as well as under the old, Germany
Chamber's session on July 12 by Lord Melchett, the account must look for every opportunity to pay off her foreign obligations with
commodities. This it considers particularly true in view of German
from Amsterdam in the "Times" had the following to say:
resumption of responsibility for transfers and the expected payment in
In it, England's great industrialist considered the whole foreign economic foreign currencies.
policy of the United States in arresting, though occasionally somewhat
The experts of the Disconto admit that other countries have indicated
veiled, references.
less inclination to become willing "receiving units" in the international
Lord Melchett came especially from London last night to be present at exchange of goods than has Germany itself. They add that the character
the meeting which had, upon its agenda a resolution indorsing the Young of commodities best suited to make the Reich's exports profitable are
Plan. His speech, one of many made by Americans, Germans, Frenchmen those which combine the greatest amount of German labor with the smallest
and others, was listened to by an excellent cross-section of American percentage of foreign raw products.
industrial and financial life.
• •
*
Our Role is Recognized.
Leipzig Trade Fair To Be Held Aug. 25-31.
If certain of Lord Malchett's statements could be construed as a direct
The Leipzig Trade Pair, long the world's market place
criticism of the current American attitude, he was equally generous in
recognizing the vital role which the United States is playing in World for the exchange of goods and ideas, will be held this fall
from August 25 to 31. As it approaches its 700th anniaffairs.
After asserting that perhaps the most welcomed proposal in the Young versary, the Fair claims to
outclass all other industrial
sweeping away of the existing foreign organizations in Germany,
Plan is the
created under the Dawes Plan, and substituting in their place the Bank of exchanges in size and the volume of business transacted.
to outline the steps that lead to the most significant results of modern
industry in American experience. We find it due to the following factors:
"1. Machinery aiding the worker and supplied by large capital ventures
making each worker more efficient.
"2. Increased wages and reasonable hours increasing the value of that
productivity by increasing the worker's buying power.
"3. Ownership of the industries in part by the workers by means of
stock investments giving the workers a financial interest in the prosperity
of the company.
"4. Capital flowing in freely unafraid of any possible Government
competition."
Mr. Barnes' address, which was a lengthy one and was followed with
much better interest, told of the growth of American industry and praise
for the opportunities that America offers business men. He spoke of the
rapid development of the American railway system and then turned to the
electrical industry and reminded them how this year the United States
has celebrated the fiftieth anniversary of the electric light. Continuing,
Mr. Barnes said:
"In the field of public utilitiee, for light and power service, there is the
same record of extraordinary efficiency in development and in administration. A vast interconnecting network reservoir of electric power, both
coal-generated and hydro-generated, has resulted in distributing peak
loads so economically as to reflect in lowered charges, rates being now
lower than pre-war basis. This again has resulted in constantly widening
circles of use. To-day 75% of American factories are electrified. Broadly
speaking, no community, no matter how sparsely settled, lacks its twentyfour-hour service for industry and household service.
"The trend to-day is illustrated in the figures of remaining municipal
ownership of electric plants. The peak of municipal ownership of electric
plants was reached in 1923, with 3,066 ; and in 1927 these had shrunk
to 2,323. Municipal ownership lost in four years what it took eight
years to gain.
"Governments may initiate the practices of private enterprise and here
and there may occasionally register some advance, but I submit that in
these great fields of transportation, communication and electric utilities
the significant accomplishments are in overwhelming measure the product
of private enterprise.
"These three monopolistic public services are regulated by public bodies
protecting the public interest through continuous and flexible control of
charges and practices, always subject to appeal through the established
courts as high as the National Supreme Court itself.
"In the light of the enormous expansion of all industry resting on these
three basic facilities and in the light of the steady rise in average living
standards of all our people, there are few indeed in America who do not
to-day realize that it is more important to have adequate and efficient
service than it is to force an unwisely low level of charges that might
check expansion and improvement.
"The policy of public regulation instead of public operation has justified
itself a thousand-fold in these services themselves, while the benefit of such
services can be clearly indicated in the expansion and growth of all
industry."
412
FINANCIAL CHRONICLE
The Fall Fair is expected to attract more than 180,000
exhibitors and buyers from all parts of the world. With
regard to the exhibits, it is stated:
America's expanding world trade is indicated this year by its participation both as exhibitor and purchaser at Leipzig. The two great annual
fairs are regularly attended by more than 3,000 buyers from all sections
of the United States. At the Spring Fair more than $400,000,000 worth
of business was transacted by foreign visitors, America being the second
largest. The United States sent more than 100 significant exhibits of its
products with highly satisfactory results. In recent years American participation in the Leipzig Fair has steadily increased.
The Leipzig Fair solves many business problems. It is attended by a
great army of business men from forty-three countries. The products
of a score of countries are conveniently displayed for comparison. There
Is no retail selling at Leipzig, nor are the exhibition halls open to the
casual sightseer. Every need of the business world is anticipated. The
Fair this year is housed in fewer but larger exhibition halls so that
thousands of exhibits may be seen under a single roof.
A visit to Leipzig will be an education in the progress of every industrial
field. The Fair includes the largest toy show in the world, hundreds of
exhibits in tie shoe and leather division, the most important collection
of musical instruments and accessories, the largest exhibit of textiles and
textile machinery in Europe, metal products of all kinds, foodstuffs,
furniture, radio, stationery and office supplies, chemical products, etc., etc.
Information concerning the Fair and the special business tours conducted
for the convenience of exhibitors and buyers may be had by addressing
The Leipzig Trade Fair, 11 West 42nd Street, New York City.
[Vora. 129.
rebellion, will be turned over to a co-operative group of mine workers for
operation, under an order issued by President Portes Gil, according to the
newspaper Excelsior.
The plant, with other lands which Caraveo owned, was confiscated by the
Mexican Government under the law providing forfeiture of all goods of
rebels.
Mexican Bank Rules—Decrees Reserves for Silver Money
Deposits Must Be in Silver.
All reserves maintained in Mexican banks as guaranty for
deposits made in silver, must also be in silver, according to
a decreee effective Aug. 1, just issued by the Secretary of
Finance and Public Credits. This is reported in Mexico
City advices appearing in the "Wall Street Journal" of
July 17, which added:
The legal reserve on deposits payable on sight or upon notice not exceeding
50 days is reduced by this decree to 20% from 33%. The reserve, which
must be on hand in the safe of each bank, must be either in gold or In Bank
of Mexico notes. Depositors of silver money are given the right to specify
whether their deposit shall be guaranteed by gold or by silver.
The regulation making mandatory silver reserve for deposits of silver
money will have a tendency to decrease the amount of silver in circulation,
it is believed in financial circles here.
Conference of Government Heads Called in Mexico Incident to Decrease in Revenues.
Canadian Notes in Circulation $210,000,000—Gold at
In its issue of July 17 the "Wall Street Journal" published
$58,931,581—Government's Statement Shows $88,000,000 in Notes Supplied to Banks Against Ap- the following from Mexico City:
Because revenues of the Mexican Government dropped 14,000,000 pesos
proved Securities.
(about $7,000,000 United States currency) during the first 5 months of
From the Montreal "Gazette" of July 16 we take the fol- this year, a conference of all Government department chiefs has been called
by the Treasury Department to seek means to check further decreases in
lowing dated Ottawa, July 15:
the Federal income, it is announced.
Government's
Dominion notes in circulation on Juno 30, totalled approximately $210.000,000. Of this total $105.262.826 was issued against gold deposits of
08,931.581. Another $88,000,000 has been supplied to the banks against
approved securities such as Government bonds and another $16000000
against Grand Trunk Pacific and Canadian Northern Railway bonds under
authority of the Dominion Notes Act. The circulation and species report
of the Department of Finance for the end of June was made public today.
The fact that during recent months the banks have drawn such large
amounts of Dominion notes against securities instead of gold has caused
considerable comment throughout the country but officers of the department
express themselves as quite satisfied with the situation. There is lots of
gold for anyone who wants it in place of Dominion notes. In fact, the
demand for gold instead of paper currency is very limited.
Approved securities may not appear such good backing as gold, but they
have this advantage, that they bear interest, the Government collects no
interest from Dominion notes when fully secured by gold, but it does agtinst
notes issued against approved securities and the interest on $88,000,000
even at around four per cent is a tidy sum.
The circulation report has a number of strange items. For example there
are $27,622 worth of provincial notes still out. These were notes issued by
the provinces of Nova Scotia, New Brunswick, Upper and Lower Canada
before Confederation. They will probably never be returned. There is a
-cent notes, ("shin plasters") from the mail order
steady demand for 25
houses and the total now out is $1.372,697.
addition to the gold held against Dominion notes, the Government
In
holds $2,714.644 as a protection against post office savings departments.
In former years there were Dominion Government savings banks as well—an
inheritances tram before Confederation but the last one in St. John has now
been closed after having been in existence since 1824.
receipts from
The
January through May were 111,000,000 Pesos,against 125,000,000 expected.
Formation of Compagnie Europeenne pour Enterprises
d'Electricite et d'Utilite Publique (Europel)—To
Participate in Financing of Industrial Enterprises.
The Societa' Adriatica di Elettricita' of Venice, represented
by their foreign subsidiary, the Compagnie Italo-Belge pour
Entreprises d'Electricite et d'Utilite Publique of Bruxelles,
and the Banque pour Entreprises Electriques of Zurich have
recently organized a new holding company under the style
of Compagnie Europeenne pour Entreprises d'Electricite et
d'Utilite Publique (Europel) with headquarters in Bruxelles
(Belgium). It is announced that this company will participate in the financing of industrial enterprises of all classes
and particularly of electrical and public utility concerns,
and its scope of operations will not be limited to any one
country. Its capital stock is reported as 500,000,000 Belgian
Francs, represented by 1,000,000 shares, series A of 100
Francs each, and by 800,000 shares, series B of 500 Francs
each, subscribed by the above mentioned companies, the
Banco Commerciale Italiana and by the Credit Suisse, representing the Italian and Swiss groups; among the Belgian institutions who took part in the new organization are, it is
Silver Mine Crisis Forecast in Mexico—Falling Price
stated, the Banque de Bruxelles, the Credit Anversois, the
and Labor Problem Make Issue Acute, Says Mexi- Banque Allard,
as well as the two large Belgian electrical
can Commerce Board Head.
concerns, the "Sofina" and the "Electrobel." Other parThe New York "Times" of July 17 prints the following ticipations, we are advised, were taken by the Banque FranMexico City advices July 15:
caise et Italienne pour l'Amerique du Sud and by the CornJenaro Garcia, President of the Mexican Mining Chamber of Commerce,
pagnie Financiere et Industrielle de Belgique (Finabel), as
in a statement on the immediate future of one of Mexico's greatest sources
of income, the silver mining, admits that most critical conditions exist well as by other Italian, Swiss and American concerns.
and expresses the opinion that in the very near future, unless prices are The Board of Directors of the new company is said to be combolstered or cheaper production methods devised, some of the largest conposed of persons prominent in the European financial world.
cerns will have to curtail production to extent very injurious to the Republic.
Senor Garcia says the excessive drop in silver prices places the mining
companies of Mexico in a serious predicament, for they must reduce their
production to a minimum or face a wholesale dispensing of workmen.
Senor Garcia believes no solution of the labor problem is in sight and that it
is the thorniest question the Government has to solve.
Senor Garcia considers that Mexico is not alone in her silver troubles
but confines his most serious observations to domestic conditions. Ile
mentions the Campania de Real de Monte, one of the strongest silver
working concerns in the entire world, which he Says will not be able under
prevailing conditions to continue operations at a profit for more than
two years at most. Other concerns °notating in Mexico, Senor Garcia
says, must immediately reduce operating expenses, for the present procedure of working only the best veins and leaving the second class lodes
Idle cannot be continued. He declares that in the great silver producing
centre of Pachuca the decrease in production last year was mote than
13%.
Senor Garcia concludes by emphasizing that for Mexico the silver problem
is most important from its labor aspect. He feels that all companies, both
national anti foreign, are doing their best to avoid a crisis, but pessimistically
admits that he sees little chance of a practical remedy and that in the near
future a heavy reckoning will have to be faced.
Silver Mine Confiscated—Property of Leader of Revolt
Was One of Richest in Mexico.
From the "Wall Street Journal" of July 18 we take the
following Mexico City advices:
Anexas a Florencia. in the State of Chihuahua, one of Mexico's richest
saver mines. formerly owned by Marcelo Caraveo, ringleader of the recent
military revolt, sho fled to the United States after the collapse of the
Study of International Financial Position of United
States by National Industrial Conference Board—
Foreign Trade Not Unduly Stimulated Through
Foreign Loans.
Contrary to the apprehension voiced In various quarters
In regard to the possible economic consequences which
might result from the extensive loans made by investors in
the United States to foreign enterprises, the National Industrial Conference Board, 247 Park Avenue, New York, In its
study of "The International Financial Position of the
United States," just completed, holds that neither has our
foreign trade been unduly stimulated through our foreign
loans, nor is it true that the United States has been constantly draining its capital supply in order to extend credit
to foreigners during the post-war period, in the view of
the Board. The Board says:
The persistent excess of merchandise exports over imports which has
characterized the development of the foreign trade of the United States
during recent years, contrary to popular impression prevailing Is many
quarters, has been due primarily not to the extensive American loans made
to foreigners during post-war years, but for the most part has represented merely normal good, and "quid pro quo" business. All tangible
trade combined, that is trade in merchandise, gold and services, in various
post-war years even has shown an "adverse" balance, the excess of
JULY 20 1929.]
413
FINANCIAL CHRONICLE
merchandise exports being largely offset by American tourist expenditures
abroad, payments for shipping and other foreign services and immigrant
remittances. America's recent capital exports for investment, moreover,
were partly offset by investment capital imports and the remaining balance
was more than offset by the net inward movement of interest, dividend and
capital repayment funds. In actuality, therefore, the United States as a
unit has not been placing larger and larger amounts of its available liquid
capital supplies abroad, but has been accumulating foreign securities
mainly by reinvestment of interest, dividends and capital repayments.
vested only a short length of time, and has not yet returned
a maximum income which it may be expected to produce,"
the statement says. It adds:
It has been virtually impossible to estimate the earnings of several institutions which have consolidated during the past year. some of these being
the largest in the field. However, those others, which it has been possible
to estimate, show increases which we believe forecast a record earning year
for 1929.
The following table gives the earnings for the first half
While the war has left the United States a creditor
the full year as compared
nation to a sum now totalling $22,300,000,000, the nation has year, with estimated results for
increased its own foreign indebtedness to a total of with 1928:
also
Earned
Rate for
Earnings
$7,400,000.000 as against a pre-war indebtedness of only
6 Mos. 1929. Year 1929. Year 1928.
$6.001,350 $12,002.700 $10.149,162
about $5,000,000,000. America may be expected to continue Bankers Trust Co
3,355.926
*1,523.479 6,093.916
Manhattan Co
to both import and export capital, but "its assumption of a Bank of N.Y.& Trust
1.044.540 2.089.080 2.065.425
Bank of
15,558
61.200
permanent role as a nation predominantly in a creditor Bryant Park
30.600
413.793
821,272
410.636
position may be predicted," the Conference Board declares, County Trust
75,217
64.034
128.068
Central National
as no such indebtedness as is owed the United States could Chatham Phenix
3,265.358
1,922,059
3.844,118
2,217,200
554.351
liquidated or exceeded by the increase of Amer- Commercial Natl. Bank & Trust_ ___
be rapidly
3,529,155
4,847.162
2,423,581
ican indebtedness to foreigners. The Board adds that a Corn Exchange Bank & Trust
1.361,157
1.632.372
816.186
Empire
growing excess of all incoming payments on investment capi- Equitable
3,504.023 7.008.048 5,977,159
723.426
621.000
361,713
tal account therefore may be expected, which ultimately may Fidelity Trust
372,221
1.237.982
618.991
reflect itself in balanced exports and imports, or even in an Fifth Avenue
10,088,784 20,177,568 19.885,323
First National
imports over exports.
excess of
286,200
189.760.
379.520
Interstate Trust
8.374.018
5.712.771 11.425.542
International payments of the United States during 1928 Irving Trust
747.169
812.334
406.167
strikingly illustrate, according to the Board, how well bal- Kings County & Guaranty
1,655.556
1,189.010 2,378.020
Lawyers' Title
98,222
191,396
95.698
anced the outward and inward flow of funds has come to be Liberty National
4,466.220 8,952.440 •
Manufacturers Trust
during recent years. It says:
While the United States absorbed a net amount of $1,027,000,000 of
foreign securities during the year, it received a net amount of $1,066,000,000
in interest payments, and dividends and capital repayment, as contrasted
with the year 1920, when American investors acquired $1,759,000,000 of
foreign securities but received only $908,900,000 in interest, dividends
and capital repayment. While there had been a net outflow of all funds
on long-term capital account in early post-war years, it was of declining
volume, and in 1923 and thereafter, excepting in 1924, the movement was
inward, that is, payments to the United States on capital account were
greater than the outflow of investment capital.
The expansion of America's internal creditor position since
the war, the Conference Board finds, was due principally
to unusual conditions which had their origin in the war
upheaval of world finance, and an equally rapid expansion
of credit to foreigners during coming years is deemed unlikely. The United States, in the view of the Board, is not
yet a mature creditor nation, as are Great Britain and
France, but on the contrary absorbs much capital in its
Internal economic growth which is proceeding at an almost
constant rate. Thus, while the United States undoubtedly
will continue to expand its foreign credits as its foreign
interests in trade, industry and finance expand, its growing
domestic capital requirements for a considerable period may
be expected to make it a profitable market for the employment of foreign capital. The Board's study of the subject
was made public July 15.
H. H. Learning Becomes Manager of Federal Intermediate Credit Bank at Wichita,Kansas.
It is learned from the "Oklahoman," of Oklahoma City,
July 11, Harry H. Leaming, for the last 21 years associated
with Oklahoma City banks and cotton credit institutions,
has been made Manager of the Federal Intermediate Credit
Bank of Wichita, Kan., according to information received
from Washington on July 10. It is stated that Mr. Leamirg
will resign three positions with the Oklahoma Cotton
Growers' Association Aug. 1, to assume direction of the
Wichita institution, which is directly co-ordinated with the
Federal Land Bank headed by John Fields,former Oklahoma
City banker. Mr. Learning is Treasurer and Assistant
Secretary of the Oklahoma Cotton Growers' Association;
Assistant Secretary and Assistant Treasurer of the Cotton
Growers' Sales Corporation, and Manager and Secretary of
the Oklahoma Agricultural Credit Association.
Record Earnings This Year for New York Banks Forecast by J.K. Rice, Jr. & Co.
Record earnings are forecast for the majority of the principal New York banks this year,in a statement of J. K. Rice,
Jr. & Co., issued this week, which points out that earnings,
which are really the basis upon which all stocks sell, are now
showing the effects of higher interest rates and other factors
tending toward larger income for these institutions. According to the statement, the first six months of this year has
proven a profitable one for most of the New York banks and
trust companies. In some eases, larger earnings have been
shown for the first six months of this year than for the entire
year of 1928. "Of course, it must be borne in mind that a
great deal of new capital has been contributed by stockholders
and_through mergers, but this, in many cases, has been in-
Murray Hill Trust
National Park Bank
Public National Bank
U.S. Trust
• Based on second quarter.
115,422
2.606.217
1.229.050
1.302.268
230.844
5.212.434
2.458.100
2.601,536
135.324
3,275,188
1.965,824
2,801,413
A Bank's Right to Purchase Stock Not Authorized by
Law—Dyer, Hudson & Co. Lose in Suit Against
Broadway Central—May File New Complaint—
In Appellate Court Ruling State Institution Held
Unable to Order Common Stocks for Own Account.
A novel case involving the right of brokers to collect from
a banlifor stocks purchased came before the Appellate Divi-
sion of the Supreme Court recently in a suit of Dyer, Hudson
& Co. against the Broadway Central Bank for a balance due
after the brokers had sold at a loss common stock of various
corporations ordered by the bank on its account and for
which it refused to pay. The New York"Times,"ofJuly 14,
authority for the foregoing, referred further to the Court's
conclusions as follows:
The court held unanimously that the complaint must be dismissed as
insufficient, but ruled that the brokers could file a new complaint"in order
that they may have an opportunity to set up any specific facts upon which
they may base their claim that the real contract was different from the one
described in this complaint and one free from the infirmities which we here
find."
The opinion, written by Justice Proskauer, said:
"rho defendant, a corporation organized under the banking law, appeals
from an order denying its motion to dismiss the complaint for insufficiency.
The plaintiffs allege that they are a firm of stock brokers and that they
purchased certain common stock of corporations 'for and on account' of
and at the defendant's request and upon its promise to pay therefor. The
defendant reimbursed the plaintiffs for some of these purchases. For others
It refused to reimburse the plaintiffs, who thereupon sold the stock at a loos,
which they seek here to recover.
"fhe defendant attacks the complaint upon the ground that a bank
cannot legally or within its powers engage in a transaction of the character described In the complaint. The substantive law sustains this contention. Section 106 of the banking law prescribes the general powers of a
bank. By Subdivision 3 thereof a bank is permitted to purchase and hold
-bearing obligations of the United States
any stocks or bonds or interest
or of the State of New York or of any city. county, town or village of this
State, the interest on which is not in arrears.
May Buy Federal Reserve Stock.
"By Subdivisions 4 and Sit is permitted to buy stock of a Federal Reserve
Bank or of a safe deposit company under certain restrictions there prescribed. The purchase of common stock of industrial corporations is not
only wholly beyond the power of a bank, but is distinctly contrary to public
policy and in that sense illegal.
"Banking is a business affected with a public interest (Nobel State Bank
v. Haskell, 219 U. S. 104). The statutes which prescribe the investments
which a bank may make necessarily exclude from its powers the ability at
its own risk to purchase other securities. The exercise of such an unwarranted power subjects a bank to a risk which the statute condemns as illegal.
"it is urged on behalf of the plaintiff that this question of substantive
law cannot be determined upon this motion to the nature of a demurrer:
that ultra virus and illegality are affirmative defenses to be pleaded. It
is. however, the settled law that where a contract affirmatively appears
to be not only ultra vires, but one condemned by public policy, a court will
on its own motion refuse to enforce it.
The specific suggestion is made on behalf of the plaintiffs, however.
that a practice has arisen on the part of banks to purchase on behalf of
their customers securities through members of stock exchanges and under
circumstances which place no risk upon the bank. it Is contended that since
such facts might conceivably exist in the case at bar, we should as a matter
of pleading hold the complaint good.
We do not now decide whether this hank had power to act as an agent
for a customer in this manner.
"The cases on this subject are summarized in Payton's Digest. The
conclusion of the author Is 'that as a matter of law It is ultra Ares for a
national bank to act as agent in the purchase and sale of stocks and bonds
either o.s matter of accommodation to a customer or In the conduct of a
brokerage business on a commission basis.' He notes a dearth of authority
on the subject concerning the power of State banks, and concludes that
unless the power to act as agent is expressly conferred by statute, the same
reasoning would apply.
Inference May Be Drawn.
"He does make the Interesting reservation, however, that where a
statutory power is granted to a bank to act as trustee, there may be inferred a power to purchase securities as agent for a customer. The New
York statute (Section 106 of the banking law) confers upon a hank the
power to act as trustee in the same manner as a trust company may act
when specially authorized by the Superintendent of Banks. It does not
appear whether this defendant was so specially authorized. We are con-
414
FINANCIAL CHRONICLE
[VOL. 129.
fronted here with a question of pleading. We must determine whether,
If special facts exist which remove the apparent taint of illegality from this operations of June 15. It is also noted that with the tightencontract and bring it within the powers of the bank, they should be pleaded
ing of credit, interest rates rose, a table being given comin the complaint.
"A plaintiff is called upon to prove only what it alleges. If these plain- paring tie June figures,
with the same month in the two
tiffs proved every fact alleged in their complaint, they would in the language
of this complaint itself show a contract by which they were to purchase preceding years, as well as with April And May
of the present
these stocks 'for and on account' of the bank. Upon this proof, in our view,
a court would be compelled to dismiss the complaint because of the essential year. We quote as follows from the Review:
Megality of the transaction.
The apparent improvement In the credit situation
of the Twelfth Federal
Most of the cases cited by the plaintiffs deal with transactions attacked
only as ultra vlres and not as illegal. In Appleton vs. Citizens' Bank (116 .Reserve District early in May proved to be temporary, and during lateApp. Div. 404) it was squarely held in this court that a complaint would May and early June there was evidence of Considerable tightening.
Comnot stand against demurrer where it appears on the face thereof that a bank mercial loans of member banks increased,
customers' deposits were rewas illegally exceeding its powers, and the claim that illegality had to be duced, the ratio of
loans to deposits rose, Interest rates hardened and
pleaded as a separate defense was expressly overruled. The reasoning in
Topken, Loring & Schwartz, Inc., vs. Schwartz (249 N. Y. 206) confirms borrowing at the Reserve Bank increased from the low level established in
mid-May.
this holding.
"We find no basis in the allegations of the complaint to sustain the claim
INTEREST RATES4
.--8AN FRANCISCO.
that there was an unjust enrichment of the bank for which the plaintiff
would be entitled to recover n quasi-contract. So far a a appears the bank
June
received and retained notho from t he transaction."
May
April
June
June
1929.
1929.
1929.
1928.
1927.
Commercial paper eligible for rediscount
Volume of Outstanding Bankers'Acceptances Increased
5.92
5.61
5.64
5.11
5.10
Demand loans secured
$5,880,394 during June-Present Total $1,113,- change collateral by Stock Ex- 6.76
6.41
6.42
5.76
5.65
Time loans secured by Stock Ex049,246.
change collateral
6.39
6.12
6.10
5.88
5.72
Predictions made early in June that the volume of bankers' Commodity loans secured by ware- 6.12
house receipts
5.96
5.96
5.82
5.79
acceptances outstanding had apparently reached the lowest • A weighted average of rates charged to customers
by member banks.
point for the year, at the end of May, were substantiated in
During 1927 and 1928 the expansion in member
the report of the American Acceptance Council on its survey growth In the banks' security loans and Investments,bank credit reflected
loans for commercial
purposes showing
of June 29tn, as announced July 18 by Robert H. Bean, the first quarter almost no net change over the two-year period. During
of 1929. the expansion was the result almost
entirely of
Executive Secretary-of the council.
Increased security loans, Investment holdings
and commercial loans being
Mr. Bean finds that the total volume of dollar acceptances reduced during this period. The expansion during the first two months
of the second quarter of the
now stands at $1,113,049,246, a gain of $5,880,394 over the commercial loans, as securityyear was the result entirely of the growth of
loans and investments showed a net
May 31st volume and 6,883,951 higher than the volume tion. During June, however, investments continued to decline reducwhile
security loans reached the highest figure for the year.
for the same date in 1928. In his report Mr. Bean adds:
REPORTING MEMBER BANKS
Examining the types of acceptance credits that are used and the com-TWELFTH DISTRICT.
parison of the total of each with the previous report, it is seen that the
Average Condition During Month.
greatest gain is in credits based on goods stored abroad or shipped between
June 1929.• May 1929.
foreign countries.
April 1929. June 1928.
This volume increased $20.789,968 during the month and is now within
$
Total loans & investments 1,962,000,000 1,957,000.000
$3,500,000 of the highest level reported.
1,944,000,000 1,857,000,000
1 334,000.000 1,316,000,00 1,299.000.000 1,251.000,0OG
Import credits remained at about the same total as in May, but Export Total loans
Commercial loans
917.000,000 898,000,000 886.000,000 886.000.000
credits declined $12.900.000 to $368,000,000, the lowest point since Sep- Loans on securities
418.000,000 418,000,000 413.000.00C 365,000,000
tember 1928.
Investments
627,000,000 641,000,000 615,000,000 606.000.000
Domestic shipments took only 1614,000,000 while Warehouse secured Net demand deposits_
765,000,000 760,000,000 765.000,000 798,000,000
Time deposits
991,000.000 994.000.000 977,000.000 940,000,000
credits declined $7,300,000 to $87.814,000, a loss that was almost exactly
Borrowings from Federal
absorbed by a gain in credits to create dollar exchange.
Reserve Bank
50.000.000
52,000,000
69.000,000
43,000.000
It is significant that this year's increased use of bankers acceptance
• Average of first three reports.
credits for seasonal requirements come fully two months ahead of 1928
The rise in commercial loans was partly seasonal in
when the lowest total was reached on Aug. 31st at $952,000,000.
character and reA considerable part of the average increase in acceptance financing since fleeted chiefly seasonal expansion in trade and employment. On
June 19.
the first of the.year as well as the growing volume at this time is largely loans and investments reached the highest point recorded this year.
This
the result of the prosperous condition of business in this country and the movement followed the Treasury's financing operations of June 15. At
tremendous production records that have been set up in the major indus- that time menmer banks in this District were allotted $46.000.000
of
tries, resulting in unusually large credit demands, also the careful adjust- 534% certificates of indebtedness. Member bank Government deposits
ment of rates to keep acceptance credit costs attractive to borrowers has increased $32,000,000 during the week of June 19 and investments in
been a strong influence in maintaining our dollar acceptance prestige. United States securities increased $8,000.000 to $372,000,000, but during
The present rate of 5H% bid 53 % asked on maturities up to 90 days the first three weeks of the month averaged lower than at any time this
appears to be about the rate that will produce this comfortable result and year. The ratios of loans and of loans and investments to deposits rose,
it is not likely that tho acceptance business for the next few months will be however, and the trend of interest rates, which has been upward since 1927,
% lower ccst.
handled at more than a
was sharply accelerated.
If, as appears probable from the present report, the acceptance business
The increase in demand for Reserve bank credit from the middle of May
is at the opening of a new season, the conditions could not be more prom- to June 19 was a result chiefly of transfers out of the District amounting to
ising, both with respect to the desire of the banks to make full use of their $10,000,000 and an excess of Treasury receipts over disbursements amountacceptance facilities, and a bill market in the most favorable position for ing to 89.000.000. These transactions were partially offset by a reduction
several years to absorb and distribute whatever volume is created.
of $7.000,000 in money in c rculation, a decrease of $7,000.000 in member
bank reserve balances and extensive purchases of gold by the mint.
The survey furnished by Mr. Bean follows:
FEDERAL RESERVE BANK OF SAN FRANCISCO.
TOTAL OF BANKERS ACCEPTANCES OUTSTANDING FOR ENTIRE
COUNTRY BY FEDERAL RESERVE DISTRICTS.
Average Condition During Month.
Federal Reserve DistrictsJune 29 1929. May 31 1929.
June 30 1928.
June 1029.• May 1929.
1
5114,865,385
April 1929. June 1928.
$116,384.683
$122,383,550
2
847,450,842
835,599,501
768,454,747 Total bills and securities_
587,000,000 592,000.000 $113,000,000 $87,000,000
3
15.211,133
14,640.828
16.134.048 Bills discounted
62,000,000
65.000.000
4
12,996,143
80.000.000
15,302,971
50.000,000
12,649,773 Bills bought
12,000,000
15.000.000
19.000,000
6,541,723
20.000.000
6,695.883
7.258,239 United States securities_
13,000,000
12,000,000
6
10,614,840
14,000.000
18,000,000
12,224.116
12,014.625 Total reserves
277.000.000 268,000,000 246.000.000 201.000.000
7
50,496.858
41,339,642 Total
51.235.634
deposits
8
1,007,228
773.043
908,431 Federal Reserve notes in 182,000,000 183,000,000 183,000,000 189,000,000
9
1,252,162
2,662,217
1,332.868
circulation
161,000,000 158,000,000 156,000,000 172,000,000
10
10.263
195,628
327,664
11
5.186,667
5.957,096
5,516,612
.19 days.
•Average of first
12
47,416,002
46,826,601
36,515,747
The volume of security trading upon the principal stock exchanges of the
Grand Total
$1,113,049,246 $1,107,168,852 $1,026.165,295 District continued at about 50% of the
volume for corresponding months.
56e.55,880,394 Inc.386,883,951
of 1928.
CLASSIFIED ACCORDING TO NATURE OF CREDIT.
June 29 1929. May 311929. June 30 1928.
Imports
$323.497,542
$325,680,750
$329,486,311 Nation Wide Branch Banking as
Suggested by ConExports
368,019,631
380.974,019
360,682,829
Domestic shipments
gressman McFadden Opposed by Pennsylvania
14,196,087
15.203.430
19,898.724
Domestic warehouse credits
87,814,239
95,142.433
117.277,473
Bankers'Association.
Dollar exchange
47,293.469
55,856,128
25,204,602
Based on goods stored in or shipped
Maintaining that the unit system of banking is the proper
between foreign countries
263,664,710
242,874,751
173,615,356
AVERAGE MARKET QUOTATIONS ON PRIME BANKERS ACCEPTANCES, method of conducting financial affairs
in the United States,
JUNE 17
-JULY 17.
the Pennsylvania Bankers Association is prepared to enlist
Days
Dealers Buying Rate.
Dealers Selling Rate.
30
its efforts against any plan of nation-wide chain banking
5.449
5.324
so
-5.449
5.324
that may be proposed in the future. This was plainly in90
5.449
5.324
120
5.574
5.324
dicated at a meeting of the Association's Council of Admin150
5.574
5.324
180
5.574
istration at Philadelphia in the Bellevue-Stratford on
5.324
July
13, according to the Philadelphia "Ledger" from which we
Federal Reserve Bank of San Francisco on Credit also take the following:
A discussion of the subject of nation-wide chains of branch banks
Situation-Loans and Investments Reached Highwas
precipitated at
est Point of Year on June 19
-Advance in Interest made recently the meeting by the reading of excerpts from an address
by Congressman MacFadden, of Pennsylvania,
before
Rates.
the Illinois Bankers Association. In his address. Mr. McFadden. who Is
Surveying credit conditions in its Monthly Review of Chairman of the House Committee on Banking and Currency, discussed
the failure of country banks to keep
of modern
Business Conditions, issued under date of June 20, the fie also commented upon the recentabreastof banking banking methods.
trend
Institutions away
Federal Reserve Bank of San Francisco indicates that on from the national system to do business under State charters.
this trend.
The power
loans and investmenta reached the highest point the hands of to changt, throw.h theCongressman McFadden said, was in
June 19
Congress
passa- e of laws permitting nationthis year, the movement following the Treasury's financing wide branch banking by national banks, by the removal of taxes on as-
JULY 20 1920.1
FINANCIAL CHRONICLE
tional banks, and by confining the handling of interstate financial transactions to national banks.
415
place branches on the Pacific Coast, Canadian border or the Gulf of Mexico,
If such a course seemed feasible. Others felt that branch banking should
not be permitted outside of a Federal Reserve District, while still others insisted that State lines were the logical boundaries of branches.
Zimmerman Starts Discussion.
C. F. Zimmei man,Secretary of the Association and President of the First
National Bank, of Huntington, read the remarks and said that the recent
discussion with regard to nation-wide chains of banks was indicative of Republican Leaders of New York State Legislature
what the bankers of the State might be called upon to consider in the
Move to Avert Bank Failures—McGinnies and
immediate future. Ile referred to the Bank of Italy of California and its
Knight Call for Changes in the Law—Charge Malhuge chain of banks, and said that it was the general opinion that that
Institution had in mind the establishment of a nation-wide chain. "I
administration Growing Out of Clarke and City
believe," Mr. Zimmerman said, "that I am voicing the opinion of this
Trust Cases.
entire Association when I say that we are in favor of the unit system of
banking against any nation-wide chain plan."
The following is from the "Herald-Tribune" of July 18:
He then said that the Association must be prepared to combat any
Placing the blame on "maladministration of the banking department"
effort that may be made at the next session of Congress to permit nationfor recent failures, Joseph A. McGinnies, Speaker of the Assembly, and
wide branches by National banks.
John Knight, Republican leader of the Senate, sent a letter yesterday to
Mr. Zimmerman's remarks were indorsed by Harry B. McDowell, ViceAssemblyman Nelson W. Cheney, Chairman of the Joint Legislative ComPresident of the McDowell National Bank, Sharon, and President of the
mittee, urging that the committee investigate the banking law with the
Association; Carl W. Fen/Anger, Vice-President of the Provident Trust
purpose of taking steps to prevent further bank failures.
Company, and C. J. Kirschner, Vice-President of the Markle Banking and
The letter, issued from the headquarters of the Republican State ComTrust Company, Hazleton. Mr. Fenninger is Chairman of the Trust Committee at 9 East Forty-first Street, follows:
pany Section of the Association. . .
Assemblyman Nelson W. Cheney. Chairman Legislative Banking Committee, Eden, Erie County, N. Y
AU Working for Haas.
Sir—The maladministration of the banking department of the State has
The meeting was informed that friends of Harry J. Haas, a past Presi- threatened great financial loss to thousands of depositors. Recent bank
dent of the Association, were working actively in his behalf to obtain failures point to the necessity of amendments to the banking law. Your
many phases of that law and
the election to the second vice-presidency of the American Bankers' Asso- committee has had under investigationextend the scope of your work. you
are in a peculiarly favorable position to
ciation at this year's meeting in San Francisco, "with every indication
We earnestly urge that your committee immediately take steps to study
that the outcome will be favorable." Mr. Haas is Vice-President of the the banking law with a view to prevent so far as possible a repetition of the
recent failures.
First National Bank.
JOSEPH A. McGINNIES.
Upwards of thirty bankers from all parts of Pennsylvania were present
JOHN KNIGHT.
at the meeting. Mr. McDowell presided.
Though neither institution was mentioned, the letter was interpreted as
Reports were read by the following chairmen of committees: Walter K.
Hardt, of Philadelphia, foreign trade; Mr. Fen.ninger, Trust Company Sec- referring to the City Trust Company and the Clarke-Brothers private bank.
tion; Paul B. Detwiler, of Philadelphia, educational activities: W. S. In the latter instance, until several days ago, Joseph A. Broderick, banking
McKay, of Greenville, agricultural development; Walter W. Wilson, of superintendent, maintained his department had no jurdiction. Since cerMilton, Vice-President of the Association; rates of interest on savings tain new evidence has been developed, however, he has conceded it came
deposits; Clark Hammond, of Pittsburgh, budget; E. B. Coll, of Pitts- within the department's province.
burgh, protective information.
Governor Plans Commission.
Representative McFadden's proposal was referred to in
Upon the receipt of Mr. Moses's report, Governor Roosevelt, on his
these columns Juno 22, page 4086. We noted the opposing recent barge canal cruise, announced he would name a special commission,
the State banking laws, with emphasis
the need
views of Representative Johnson of Texas in our issue of to investigate necessaryfor revising a recurrence of such scandals.
to prevent
on the points
July 13, page 217.
According to the Associated Press, Speaker McGinnies, reached last
night at his home in Ripley, expanded on his letter to Assemblyman Cheney,
saying his decision to call on the Cheney committee had been reached in
leaders at
a conference attended
Secretary Mellon Reluctant to Renew Fight on Branch New York Tuesday at and Mr. Cheney were by Republican McGinnies
present. Mr.
which Senator Knight
commission
Banking—Will Await Views of National Banking intimated that Republican leaders placed little faith in the
proposed by the Governor.
Section of the A. B. A.—Bank
Leaders Oppose
McFadden Statute.
•
From its Washington correspondent July 18 the New York U. S. Circuit Court of Appeals Upholds District Court
in Denying Injunction Sought by F. G. Raichle to
"Journal of Commerce" on July 19 announced the following:
Restrain New York Federal Reserve Bank from
Indications that the Administration may await the views of the National
Banking Section of the American Bankers Association before taking any
Advancing Discount Rate.
action toward the liverallzation of National Banking legislation were
On July 16 the U.S. Circuit Court of Appeals in New York
seen here to-day.
There was an apparent reluctance on the part of Secretary Mellon or sustained the action of Judge Winslow of the U. S. District
other high Treasury officials to get into another branch banking fight,
Court in dismissing the suit brought by Frank G. Raichle, a
such as was witnessed during the time the McFadden Act was pending.
The situation took a rather peculiar turn since Comptroller of the Cur- Buffalo lawyer, to restrain the Federal Reserve Bank of
rency J. W. Polo has freely advocated liberalization of National Bank New York from enforcing increased discount rates. The
legislation in order to put this system on a parity with the State banks. Mr.
Court was written by Judge A. N.
Pole in a speech at Atlantic City declared that there were many withdrawals decision of the Circuit
from the National system and that unless the law were liberalized its effi- Hand and was concurred in by Judges Learned Hand and
ciency might be impaired. He insisted that the State banks and trust com- Thomas S. Swan. The court in its conclusions said:
panies had large advantage over the National institutions.
'The Treasury view was said to conflict with Pole's attitude questioning
whether the National Bank loaders have formulated any policy or decided
exactly what steps wore necessary in the way of legislation to improve their
position with relation to banks operating under State charter.
Say Bank Leaders Oppose Change.
It was pointed out that 'several groups of National bankers opposed
the McFadden law when it was before Congress as well as having conflicting opinions among themselves as to just what should be done.
Owing to the fact that the Treasury apparently has formulated no policy,
Secretary Mellon has been silent on the subject. For the time being, at
least,the Treasury appeared to be taking a neutral position with no prospects
of a change until the bankers themselves arrive at a conclusion of some degree of unanimity.
It was anticipated that before the regular session of Congress meets
President Hoover would be informed by National bankers advocating liberalised legislation as to their position and that he would be asked to intervene to put the Government back of amendments or a new law. There was
some hesitation on the part of banking and Congressional leaders to move,
however, because of the uncertainty as to the attitude of Secretary Mellon.
This hesitation of Mellon to take a position was believed in some banking
circles to indicate that he did not believe the present a propitious time to
go before Congress with legislation. There has been heavy opposition in
some sections to any extension of branch banking.
While comptroller Pole was gathering information on the subject of revisions of the law and getting the opinions of bankers from all parts of the
Country, the report was circulated that Representative McFadden (Rep.)
of Pennsylvania. Chairman of the powerful House Banking and Currency
Committee, would not support any program contemplating an increase in
branch banking powers of National banks beyond the limits fixed in the
present law.
This was a distinct surprise inasmush as it has been the opinion that
McFadden supports Pole's views, as expressed in the Atlantic City speech,
and that he had been an exponent of extending the powers of banks in the
National system. Without McFadden's support the probability of passing
liberalized bank legislation would be remote, in the opinion of officials.
The McFadden law has not done all that was expected of it in improving
the position of the National banks, according to many bankers. Furthermore, Comptroller Pole and his predecessor, Col. J. W. McIntosh, have
bold that the law did not go far enough to relieve the difficulties of the
National institutions.
Within the Treasury proper there appeared to be a wide divergence of
opinion as to how far branch banking should go. The more radical of these
views held that a bank should be permitted to establish branches anywhere
within the country. That is a New York bank should be authorized to
Plaintiff's assertion that the Bank has spread false propaganda regarding
a money shortage is inaccurate. We therefore deem the charge of spreading
propaganda without legal significance. But the plaintiff relies on his charge
that the defendant has engaged in a course of conduct which has had for
Its object and purpose an arbitrary reduction in the volume of collateral or
brokers' loans. It is nowhere said that the Bank has acted in bad faith or
has aimed to injure the defendant.
Judge Hand,in his decision, further said, according to the
"Herald-Tribune":
The plaintiff has seized upon the opinion of Justice Holmes in American
Bank and Trust Company vs. Federal Bank, 256 U. S. 350, to support his
contention that a purpose to reduce the volume of brokers' loans destroys
the plaintiffs ordinary right to sell his own securities, fix the rates for extending credit and warn the public against inflation.
But there a Fe leral Reserve Bank was charged with accumulating
checks of country banks and presenting them in large quantities in order to
compel those banks to become members of the Reserve bank or, at least, to
open a non-member clearing account with it. In such circumstances Justice
Holmes said that the "United States did not intend by statute to sanction
that sort of warfare." In the case at bar the "principles of policy" point
the other way. It would be an unthinkable burden upon any banking system if its open market sale and discount rates were to be subject to judicial
review. Indeed, the correction of discount rates by judicial decree seems
almost grotesque when we remember that conditions in the money market
often change from hour to hour and the disease ordinarily would be over
long before a judicial diagnosis could be made.
Earlier references to the suit brought by Mr. Raichle
appeared in our issues of Nov. 10 1928, page 2630, and May
25 1929, page 3443.
The Federal Reserve Bank in Court.
The following editorial is from the New York "Times"
of July 18:
At last we have a judicial opinion en what se many angry people have
called the mischievous activities of the Federal Reserve Bank in New York,
A Buffalo lawyer got the matter into court. He evidently believed that for
every wrong there must be a judicial remedy. So he laid before the Judges
of the United States Circuit Court the charges that the Federal Reserve
Bank had circulated all kinds of false "propaganda" respecting a shortage
of money, swollen brokers' loans, and so on. with the threat all the while
overhanging the stock market that the discount rate would be raised.
416
FINANCIAL CHRONICLE
Others had muttered or complained and protested about this pernicious
work of the bank, but it remained for the Buffalo financier and lawyer to
apply the acid test. He demanded that the court enjoin the Reserve Bank
from issuing misleading statements about the supply of money, and also
from changing the discount rate in any particular.
The judges, as in duty bound, took the matter seriously, though they
hardly concealed their belief that the complaint was preposterous. They
gravely pointed out the defects of the pleadings. There was no proof given
of propaganda issued by the Reserve Bank. Nor was there any allegations
by the plaintiff that the bank had acted in bad faith or aimed to injure him
in his business. As for regulating the discount rate by judicial decree, the
court declared that to attempt anything of the kind would be "grotesque."
It quietly remarked that "conditions in the money market often change
from hour to hour, and the disease would ordinarily be over long before a
judicial diagnosis could be made." The whole case seems a bit ridiculous
although able counsel tried to persuade the court that it ought to act as
requested, but it is just as well that the bitter attacks upon the Reserve
Bank should have been put to legal proof and have failed.
Changes Urged in Federal Reserve System by Senator
Pine—Congressional "Monetary" Commission Proposed for Control on Nation's Credit Supply—
Would Deny Seat on Board to Secretary of Treasury and Abolish Office of Comptroller of Currency.
Repeal of the provision for ex-officio membership of the
Secretary of the Treasury on the Federal Reserve Board and
abolition of the office of Comptroller of the Currency, whose
functions would be taken over by the Federal Reserve
Board, are steps in a reorganization of the Federal Reserve
System, looking toward a reduction in the growing inflation
of the Stock Market, advocated by Senator Pine (Rep.) of
Oklahoma, so it is reported in the United States Daily of
July 17. In its further reference to Senator Pine's proposals,
it said:
Elimination of sectionalism by representation of each of the 12 Reserve
Districts on the Board and a 'Monetary Commission"composed of members
'
of Congress which will continually supervise operation cf the Reserve
System, are further measures believed necessary by Senator Pine to"insure
complete control of the nation's credit supply by the Government."
Relations to Banking.
The relation between revenues and expenditures of the Federal Government and the banking and credit situation throughout the country, while
dose, is not sufficiently important to warrant a place for the Secretary of
the Treasury on the Reserve Board, declared Senator Pine. The"Monetary
Commission" would be able to supervise this relationship, he said.
The Oklahoma Senator expects to introduce a measure in the next session
of Congress designed at least to initiate steps which will prevent the steady
flow of money to New York and the consequent depression in the rural
districts of the United States. Taking the Reserve System from the executive department and bringing it closer to the legislative branch of the
Government he regards as a fundamental step in revising the present
financial policy "which has made the Government the greatest seller of
securities the world has ever known."
The seoandary reserve" policy,namely that of urging rural banks to place
"
their funds in securities, is being advocated by the office of the Comptroller
of the Treasury and has made him "a greater salesman of securities than
J. P. Morgan Co. ever was," asserted the Senator, July 16. This policy,
he explained, is being continued from the day in 1920 when "the credit
policy of the nation was reversed and the farmer made a bankrupt."
Not only is the practice of establishment of a secondary reserve of securities by banks being advocated in public speeches by Treasury officials,
but bank examiners frown upon farmers' loans and insist upon their being
called if extended by the bank over any length of time, said Senator Pine,
who was formerly a member of the Banking and Currency Committee of
the Senate.
Inflation of Storks Alleged.
"By reason of this policy, which has been pursued since April 18 1920,':
he asserted,"most of the credit of the nation is going to New York through
the medium ofsecurities, call money and commercial paper into which banks
are encouraged to put their funds. The result is a stock market inflation,
now nearly three times as great as when the policy of deflation was decided
upon nine years ago.
"Activities of the Comptroller of the Currency in forwarding this secondary reserve idea are possible only through the co-operation of the Federal
Reserve Board. The Board is sectional and is not informed of the needs
of the nation. It must be made to represent all the'people and to meet the
needs of the farmer as well as of the northeastern section of the country.
"We must eliminate banker control and have 12 money centers instead
of one.
"At this time there is great discrimination between sections of the country
In the distribution of Federal Reserve credit. The rules are so drawn that
the farmer is denied the use of his own credit. If the farmer is good and
wants credit, then the Government, having taken control of the Nation's
credit supply, is obligated to see that he gets it. To deny him the credit to
which he is entitled is to deny him one of his inalienable rights and It makes
no difference whether he wants it for 10 days or 10 years. The Government
is obligated to see that he gets it on the same terms granted to those engaged
In other industries.
"We must make the farmer's paper circulate as freely as acceptances or
any other paper. In the absence of discrimination, it is the best paper in the
world. It'the law is construed as it was Intended, the money from the country will not be withdrawn and used for stock-gambling purposes. The law
has been se administered as to defeat the very purpose of Congress."
Deflation Said to Continue.
The policy of deflation, begun in 1920, has ceased in all parts of the
country except the agricultural regions, Senator Pine declared.
"In the State of Oklahoma that deflation policy is still in effect," he said.
"It is being administered by the national bank examiners. The credit
resources of our country are being drained and as fast as they are drained
prices are declining in Oklahoma, the money is going to New York City
and is adding to the inflation there and as a result stock prices are continually advancing.
"Credit has been manipulated so as to destroy farm values. The prices
of commodities depend upon the quantity of money and credit available,
and when credit is withdrawn from the community values are destroyed.
The withdrawal of credit from the agricultural sections of the country has
destroyed the values of farm property."
[Vold. 129.
Senator Pine said that he has not studied the amendment to ther tariff
bill of Senator Glass (Dem.) of Virginia, which would put a tax of 5% on
the sale of stocks purchased not more than 60 days before. That it is better
"to legislate for somebody rather than against somebody" he expressed as
a general opinion.
An investigation by the Banking and Currency Committee as contemplated in a resolution offered by Senator King (Dem.) of Utah, which will
come before the Committee when the Senate convenes, might well lead
to the legislation required to better conditions, he said.
Government Control Urged.
"If we would save the farmer and save the nation," concluded Senator
Pine, "we must take the control of the nation's credit supply from those
who do not believe in American principles. Our credit supply must bp
completely under the control of our Governmeat. It is a governmental
function and all who have any authority in connection therewith must be
obligated to the people and must be directly responsible to them for their
actions. In our effort to take it out of politics we have taken it from the
control of the people's representatives and have turned it over to the high
priests of special privileges.
"We must get back to the representative government provided by the
Constitution. This Federal Reserve System with its dual government and
banker control with its divided authority and without responsibility anywhere, with its banker advisory board without obligation to anyone, is not
an American idea; it is a sucker growth and does not fit comfortably into any
of the three branches of government provided by the American Constitution. The direction, distribution, and control of the people's credit supply
is a governmental function and we will never have an equitable administration until it is exercised by the Government.
"This Federal Reserve Board has great power. By inflating and
deflating
the credit supply it can influence and almost control the average price level.
All men are provincial, particularly bankers. An official must construe and
administer the law with the mind he has, and his mind is the product of
training and experience. The board at this time is sectional. Six of the
eight members, or three-fourths of them, come from the northeastern
quarter of the country. Most of them are bankers. With two exceptions
the rate of bank failures is particularly low in the States from which
they
come.
"They are administering the law so that it meets the needs about which
they are informed. Of course, they cannot administer it to meet the needs
of the farmer, because they are not informed of his needs. More of the
board should have a knowledge of farming and come from the rural sections.
Then when the financial policy of the Nation is made
up the needs of
agriculture will receive more consideration.
Pending Federal Income Tax Changes—Planned at
Next Session to Equalize Capital Gains Provisions
Reduce Corporate Levy.
Effort will be made at the next session of Congress by the
joint Congressional Committee on Revenue Taxation to
equalize the tax on gains from the sale of capital assets,
according to the "Wall Street Journal" of July 9, from
which we also quote the following:
Effort may also be made to reduce the corporation tax from 12% to 10%.
The latter moventent will depend on the condition of the Treasury surplus
after appropriations are completed by Congress for a farm relief fund of
$500,000,000 and for Boulder Dam exploitation, also running into nine
figures.
The proposal to equalize the capital gain tax is practically independent
of Treasury surplus, as comparatively small sums are involved. The
point at issue hinges on equity and justice. It does not involve the suggestion of Chairman Mitchell of the National City Bank, to abolish all
tax on gains from the sale of capital assets, but it will attempt to remedy
the injustice of taxing as income for one year a gain arising from a holding
of many years.
Congressman Hawley of Oregon, Chairman of the House Ways and
Means Committee and of the Joint Congressional Committee on Revenue
Taxation, is sponsor for both proposals. As he left Washington on July 3
for Oregon, to await the reassembling of the House on Sept. 23, he declared
that the idea of reducing the corporation tax from 12% to 10% was at
present only a hope, but he was emphatic in urging the equalization of the
capital gains tax. He submitted, on behalf of the Joint Congressional
Committee, a graduated schedule of rates on gain or less from sale of assets
held for from 15 years down to two years. The schedule Is the finding of
study by the comimttee's exports.
Injustice Has Been the Rule.
Under the original income tax law profit from the sale of capital assets
was taxed as income in the year in which the profit was realized, no matter
how long the assets had been held. 'rho result was that if a man had
bought stocks or real estate in 1897 for $200,000 and sold them in 1917 for
$400,000, he was taxed in 1917 on profits of $200,000, although he had
carried the investment 20 years and part of the appreciation in value had
occurred before the income tax was enacted in 1913. Ile was taxed at the
high rates of 1917 on the same profit which another made by buying "war
baby" stocks in 1916 and selling them in 1917 at a $200,000 advance.
The first stop toward correction of this injustice as between two taxpayers was made by the courts and Congress by relief from taxation of
appreciation in value before 1913. A second remedy was attempted later
by giving the long-time holder of assets an option to pay current rates or
123 % if current rates on his profit were more than 12 %•
This permitted liquidation of long-time assets with a less severe penalty
in tax than had been prevalent, but it gave no relief to the man whose income did not roach a tax rate of 12%%. The present proposal, worked
out by experts and reported to the Joint Congressional Committee by L. H.
Parker. chief of its bureau of investigation, would levy no tax on a profit'
made when the assets sold had been held 15 years or more. If the assets
wore held 10 years but less than 15 years, 40% of the profit would be returned as income and so on up the scale until 100% of profit would be returned on sale of assets held loss than two rears.
Proposed Capital Gain Rates.
The schedule reported by Representative Hawley follows:
100% of the gain or loss resulting from the sale of an asset which has
been held less than two years.
90% of the gain or loss resulting from the sale of an asset which has boon
held two years but less than three years.
80% of the gain or loss resulting from the sale of an asset which has been
held three years but less than four years.
70% of the gain or loss resulting from the sale of an asset which has been
held four years but less than five years.
60%, of the gain or loss resulting from the sale of an asset which has been
held five years but less than seven years.
JULY. 20 1929.]
FINANCIAL CHRONICLE
50%of the gain or less resulting from the sale of an asset which has been
held seven years but less than 10 years.
40% of the gain or loss resulting from the sale of an asset which has been
held 10 years but less than 15 years.
No per cent of the gain Sr loss resulting from the sale o fan asset which
has been held 15 years er mere.
Reasons for the Proposals.
In making public the proposed schedule and Mr. Parker's report, Chairman Hawley said:
It is believed that the fundamental difference between income from
capital gains and ordinary income less in the element of time of realization.
A cordingly, the new method is based on the following principle:
The tax on a capital gain should approximate the tax which would have
been paid if the gala had been realized in equal annual amounts over the
period for which the asset was held.
• While the proposed method will look complicated at first sight, an
analysis will show that the computation on the return is slightly more
simple than tinder the present method. Losses can also be treated in a
manner consistent with the treatment of gains.
In any event, the new method has the merit of treating all taxpayers
alike and not confining the principal benefit of the reduced tax on capital
gains to less than 10,000 of our most wealthy class. Furthermore, the
present method gives absolutely no relief to 98 % of the 4,000.000 persons making income tax returns, while the new method will give a consistent and reasonable relief to any taxpayer making a capital gain.
Tax on Money Depreciation.
The Parker report adds:
A large part of our tax on capital gains is derived from the taxation of
appreciation in money values as distinct from actual value. In other
words, a large tax is derived from these provisions merely because of the
reduced purchasing power of the dollar. The proper theory upon which
capital gain and loss provisions should be based, would appear to be as
follows:
The tax on capital gains should approximate the tax which would have
been paid if the gain had been realized in uniform annual amounts over
the period during which the asset was held. In the same way, the reduction in tax due to capital losses should approximate the reduction in
tax which would have resulted if the loss had been incurred uniformly over
the period during which the asset was held.
It follows from that theory, the report says, that capital gain and loss
provisons should only apply to individuals, as at present, and that where a
tax rate is so high as to prevent ordinary transactions for profit, the taxpayer loses the profit and the Government loses the tax.
Shipment of New Small Sized Paper Money of U. S. to
Panama.
Under date of July 15, a special cablegram from Balboa,
Panama, to the New York "Times" stated:
The first of the new size United States currency to reach Panama arrived
Saturday by the Pan-American Airways air mail plane, which brought a
package containing $20,000 for the local branch of the Chase National
Bank. The postage amounted to $107, the package bearing twenty-one
$5 United States postage stamps.
George S. Schaeffer, Vice-President of the Chase National Bank, and
Manager of the branch, said the cost of the postage was justified by the
time saved, as the package left New York Tuesday and was delivered
here Saturday.
Treasury Department Denies Report of Error on New
$2 Bill.
Reports that an error had been made in the design of the
new midget 2 dollar United States silver certificate were
denied by Treasury Department officials on July 17, according to a dispatch from Washington on that date to the
New York "Times", which went on to say:
The reputed error was the engraving of the two giant stone lions on
either side of the columned entrance to Monticello, home of Thomas Jefferson, whose likeness adorns the observe face of the notes. The lions
were not there in Jefferson's time, having been added later.
Alvin Wha11, Director of the Bureau of Engraving and Printing, explained, however, that the engraved representation of the Monticello home
on the reverse side of the note did not attempt to portray the home as it
existed in Jefferson's time, but as it looks to-day. He said the design was
copied from a photograph of Monticello taken a month before the designing
of the bill was begun.
417
In accordance with the terms of the offer, payment for the notes tendered
will be made on July 18 1929 at 98 and accrued interest from March 15.
The New York "Times," in making the statement (in a
Washington dispatch July 17) that the Government has
made a profit of about $1,000,000 in the purchase for
debt retirement, says:
Second Liberty
The notes were exchanged in 1927 at par for
bonds which had been called as the money market was then on a low
interest basis.
The profit the Government now realizes would have bees larger except
for the fact that, in making the exchange, the Treasury paid a premium
of two months' additional interest to the Liberty bondholders as an inducement to turn in their bonds at once.
The turnover incident to the present purchase of the notes will take
place on Thursday, but the Government does not expect that it will have
any effect upon the credit situation. Treasury officials said that as the
purchase money was already on deposit with the banks, the deal would
represent merely a transfer of funds from one account to another.
The Government held money from the surplus in the general fund Over
the fiscal year-end to make purchases early in the current fiscal year because
It appeared that the depressed condition of Government issues and the
continuing high money rates provided an opportunity to obtain securities
for debt reduction at less than par either in the open market or direct
from bondholders.
Already $28,000,000 of Treasury notes have been purchased since
July 1, and when the present deal is completed the total sinking fund purchases will exceed 8100,000,000.
The earlier purchases were made in the open market. bm: when it came
to a deal involving $75,000,000 or more, the Department decided that
offers in the open market would temporarily stimulate the value of the
securities to a level at which they would cast more than if they could
be obtained direct from holders at 98. This figure was a shade above
the price quoted in the open market when the offer to purchase a direct
was announced.
President Hoover at Initial Meeting of Newly Created
Federal Farm Board Commissions Members te
Find Solution to Agricultural Problems—Applications for Loans Not to Be Considered at Present.
The newly created Federal Farm Board, authorized under
the Agricultural Marketing Act, held its initial meeting at
Washington on July 15, in response to the call of President
Hoover. The membership of the Board was complete on that
date, except for one member,representing the wheat-growers,
still to be named. In addressing the Board on July 15 the
President pointed out that the fundamental purpose of the
Board must be to determine the facts and to find solution to
The President's
a multitude of agrcultural problems."
address is given further below. The Board, which has continued in session daily since its meeting with the President
on July 15 indicated on July 17 that it is not at present in a
position to "give definite consideration to applilcations for
loans," and furthermore stated that it is logical to expect
that co-operatives will exhaust the lines of credit which
may be obtained through private banking institutions and
the Federal Intermediate Credit Banks before approaching
the Board for assistance." The Board's statement of
July 17 follows:
At present the Federal Farm Board is not in a position to give definite
consideration to applications for loans. When the Board has determined
such Lrinclipes of action as will permit it to give consideration to these
applications, notice will be given through the press and to the co-operatives.
The Board wishes to announce, in connection with this matter of loans
to co-operative marketing associations, that it will deal only with officials
A Richmond dispatch July 17, to the New York "Evening of the co-operatives themselves, and that no association need employ
Post" had the following to say regarding the report of the counsel or other special representatives in order to gain a full, complete
and sympathetic hearing on its problems.
error:
The discussions of the Federal Farm Board July 17 revolved around
To Gene Ogilvie, Manager of the University branch of the People's the loan provisions of the Agecultural Marketing Act. This Act provides
National Bank of Charlottesville, at Charlottesville. Va., goes the dis- that money may be loaned to farmers' co-operative associations by the
tinction of being the first to discover an error in the recently issued new Board under certain limitations, f r purchase or erection of physical
currency of the United States.
facilities and that loans may also be made for the financing of commodities
The error was found on the back of the new two-dollar note, which carries in the ordinary processes of marketing. Policies of the Board with reference
a picture of Thomas Jefferson on the front and a likeness of Monticello on to physical facilities have not yet been laid down.
the reverse.
In the matter of loans for the marketing of commodities, however, the
Examination of the picture of Monticello reveals that it contains the Board believes that Congress did not intend to supplant the services now
image of two lions, one on each side of the veranda of the mansion. It is rendered to co-operative associations by private banking institutions and
pointed out that these lions are in reality not on the grounds at Monticello. the Federal Intermediate Credit banks. It is logical to expect that coNor were they there during the regime of Jefferson.
operatives will exhaust the lines of credit which may be obtained at reasonThe figures were placed there by Mr. Levy after he purchased the able rates from these other institutions before coming to the Board for
property many years ago. During his ownership, the lions were there, but further assistance.
when the Thomas Jefferson Memorial Foundation bought the estate, they
The intention of the Board to develop direct contracts
were removed, and it is thought that they were sold at auction along with
other relics from the house. The present whereabouts of the figures is not with the co-operative marketing groups of the country was
known.
made known on July 16, at which time it was announced
Department Accepts Tenders for $75,869,450
33'% Treasury Notes.
Tenders aggregating $75,869,450 were received and accepted by the Treasury Dcpartment as a result of its offer
to purchase $75,000,000 or therabouts of 33.% Treasury
notes, to which reference was made in our issue of July 13,
pale 218. Announcement of the result of the Treasury's
offer was made as follows on July 17 by Secretary Mellon:
Treasury
Secretary Mellon to-day, in referring to the offer made on July 11 1929
to purchase $75,000,000 or thereabouts, aggregate face amount of 334%
Treasury notes of Series A-1930-1932 at the option of holders, for account
of the cumulative sinking fund, which offer closed last evening, announced
that tenders aggregating $75,88§.450 had been received at Federal Reserve
banks, all of which have been accepted by the Treasury.
that as a first step to this end, the Chairman of the Board,
Alexander Legge, and other members of the Board, would
attend the annual meeting of the American Institute of
Co-operation at Baton Rouge, La. on July 29.
The Board's statement of that date was issued as follows:
The Federal Farm Board has spent two days studying the new agricultural marketing act and formulating policies and plans for organization.
It is at once apparent that any enterprise involving the direct welfare of
one-third of the people of America and the indirect-welfare of the other
two-thirds must be approached deliberately. It is equally apparent that
the structure to be erected by the board must be of a permanent character.
For these reasons it is probable that the board will move deliberately in its
action.
The Board has received innumerable suggestions for solutions to the
various farm problmes. It has also received many preliminary appeals
from agricultural groups for action. It is still more important, however.
418
FINANCIAL CHRONICLE
that whatever action be taken shall be in the right direction. The Board
believes that its work, as directed by law and by opportunity, can best be
done by working with and through established groups of farmers who are
organized or who may be organized on a basis of speific farm commodities.
The Board believes that the larger the group and the more regional or
national its scope, the better and more readily can assistance be given.
It will, therefore, be a part of the Board's program to co-operate with such
groups now existent and to assist, so far as may be. in the development of
such groups, where necessary.
Much has been said about the costs of distribution of farm products between producer and ultimate consumer, and about the possibility that
returns to producers may be increased without any corresponding increase
In price to the ultimate consumer. The Board firmly believes that in
many instances this is possible through the development of widespread
farmer groups for co-operative marketing, through greater efficiency in
management of co-operative institutions, and through more direct avenues
of trade between producer and consumer, than are now found to exist in
many farm commodities. The Board further believes that a thorough
'organization of agriculture for marketing purposes will put producers in a
much better position than they now are to control the appearance of surpluses at their source, and that this angle of approach to the so-called
"'surplus problem" is worth serious consideration.
a'he Board intends to develop direct contacts with the co-operative
marketing groups of America at the earliest possible moment for the purpose, first, of ac mainting the members of the Board themselves with the
specific problems of specific commodities in various regions, and, second,
for the purpose of acquainting the co-ooerative groups themselves with the
members of the Board and their official powers nd limitations.
As a first step to this eed the Chairman of the Board, the Secretary of
Agriculture, who is a member ex-officio, and other members of the Board
will go to Baton Rouge ,La., to attend the annual meeting of the American
Institute of Co-operation, whose sessions open at the University of Louisiana
on July 29. Co-operative leaders from all sections of the United States
will be present at that meeting, and an unusual opportunity will be thus
afforded for personal contacts and for the ddvelopment of co-operative
policies.
The Beard further intends to hold re tional commodity meetings as soon
as the time will permit, in such sections of the United States as the need
for such commodity gatherings becomes apparent.
Through Chairman Legge on July 18 it was announced
as the decision of the Board that loans under the Agricultural
Marketing Act would be authorized only to regularly organized co-operative associations and not to individuals.
According to Mr. Legge thousands of applications for loans
have been received from individual farmers whom he wished
informed that federal aid could come only through cooperative associations. Advices to the "Times" from
Washington on July 18 in reporting this added:
About 2,000,000 of the 6,000,000 farmers in the United States are
members of the co-operative associations. He explained that if non-members
wanted Federal loans they could be obtained only by joining co-operatives.
Purposes of the Loans.
At the command of the Farm Board is $500.000,000 of which $150,000,000 basal eady been appropriated, to be loaned for these purposes:
1. The effective merch,ndising of agricultural commodities and food
products.
2. The construction or acquisition by purchase or lease of physical marketing facilities kr pr&rzring, handling,storing, processing or merchandising
of agrit uitural commodities or food products.
3. The formation of clearing house associations.
4. 1 or extending membership of the co-operative associations applying
for the loan, by edu,:ating the producers ef the commodity handled by the
association in the advantages of co-operative marketing.
5. To eon' le a co-operative association applying for a loan to advance
to its members a greater share of the market price of the commodity delivered to the association than is practicable under other credit facilities.
Loans also may be made to the stabilization corporation, not only
for the purchase of products from the cc-operative associations- and their
members, but for trading in the market. Under this section of the law it is
planned, if possible, to control surplus prices.
Mr. Legge said that the whole trend of the law is to encourage the
organization of co-operatives which are charged with the responsibility
of marketing commo !hies and thus to effect savings. TO that end loans
are authorize I only to such co-operatives, which must be organized under
State laws. Even small co-operatives will be given Federal aid if the board
has assurance that the loans will be paid and properly expended,it was said.
"We have no idea of supplanting farm associations already created," he
said. "Our program will be to supplement the efforts of the present machinery and not supplant them. But I hope the farmers will be informed
e that loans can come to them only through membersh'p in co-operatives.
[VOL. 129.
President Hoover's address to the members of the Board
on July 15 follows:
I have no extended statement to make to the Federal Farm Board as to
its duties. The wide authority and the splendid resources placed at your
disposal are well known.
I am deeply impressed with the responsibilities which lie before you.
Your fundamental purpose must be to determine the facts and to find solution to a multitude of agricultural problems, among them to more nearly
adjust production to need: to create permanent business institutions for
marketing which, owned and controlled by the farmers, shall be so wisely
devised and soundly founded and well managed that they, by effecting
econemies and giving such stability, will grow in strength over the years
to CCM). Through these efforts we may establish to the farmer an equal
opportunity in our economic system with other industry.
I know there is not a thinking farmer who does not realize that all this
cannot be accomplished by a magic wand or an overnight action. Real
institutions are not built that way. If we are to succeed it will be by
strengthening the foundations and the initiative which we already have in
farm organizations and building steadily upon them, with the constant
thought that we are building not for the present only but for next year and
the next decade.
In selecting this Board I have sought for suggestions from the many
scores of farmers' co-operatives and other organizations, and yours were
the names most universally commended: you are thus in a sense the representatives of organized agriculture itself.
I congratulate each of you upon the distinction of his colleagues and
by your appointment I invest you with responsibility, authority and resources such as have never before been conferred by our Government in
assistance to any industry.
Following the remarks of the President, the eight appointive members and Arthur M. Hyde, Secretary of Agriculture
and member ex-officio, gathered immediately afterward at
temporary headquarters at the Mayflower, where they spent
the day in conference, according to the Washington account
to the "Herald-Tribune," which said:
Preliminary organization was discussed and Chris L. Christensen, Chief
of the Division of Co-operative Marketing, Department of Agriculture,
was appointed Secretary.
Alexander F. Legge, of Chicago. Chairman of the Board, said no preconceived program had been placed barna its members and that it remained
undecided how the problems should be attacked. Mr. Legge declined to
confirm the general assumption in Washington that the plight of the wheat
farmer will be taken under consideration immediately. Representatives
of other commodity groups, he said, have presented to the Board statements of conditions which they believe to be equally deserving of immediate
attention. . . .
Board Members at Conference.
Members of the Board who attended to-day's conference were:
Denman, C. B., Farmington. Mo., livestock.
Hyde, Arthur M., Secretary of Agriculture, member ex-officio.
Legge, Alexander H., Chicago, Chairman, representing general business.
Schilling, William F., Northfield, Minn., dairying.
Stone, James C., Lexington, Ky., Vice-Chairman, representing tobacco.
Teague, Charles C., Los Angeles, fruit farming.
Williams, Can, Oklahoma City, Okla., cotton.
Wilson, Charles S., Hall, N. Y., miscellaneous Northeastern agriculture.
grain
In view of the repeated demands for immediate relief in the small
since
States, the Board is confronted with a problem of some delicacy,
considera"this member" has not yet been appointed. It is possible that
delayed for the time being,
tion of the situation among wheat growers may be
at least, until the last member is chosen by President Hoover.
•
Delay Laid to Divided Opinion.
representing the wheat interests has not been
The fact that the member
agencies
chosen is attributed wholly to a division of feeling among those
is
which grow and market wheat. The most serious rift, it was said to-day,
wheat pools. Several
that between the farmer-owned elevators and the
suggestions for membership on the Board have been made by both factions,
but so far no candidate has been entirely acceptable to both sides. Even
with this delay, it was pointed out, there has been a gradual improvement
in the wheat market within recent weeks, apparently in anticipation of
the work of the Board. Wheat quotations, which dropped below a dollar
a bushel about a month ago, have shown a recovery so marked that current
prices are not only a few cents below the quotations on the Liverpool
market.
There is some doubt in Washington that the Board will be able to act
rapidly enough to assure general stabilization of this year's crop of farm commodities. Although every attempt will be made to provide for the immediate needs, there is reason to believe that the Board intends to pursue a
careful and studied course, rather than to attempt a program in headlong
fashion.
Mr. Legge and Secretary Hyde declared the Board has been "extremely
In a Washington dispatch July 16 the New York "Times"
fortunate" in obtaining as Secretary Chris L. Christensen, The Secretary
said:
expressed the opinion that the Division of Co-Operative Marketing, which
Mr. Christensen has headed, has done more than any other agency to proNatural Causes for Wheat Adavnce.
chiefly of economic
The increase in the price of wheat, which has been steadily advancing, mote the orderly flow of crops. Its work consisted
Mr. Legge thought, was not due to stock market manipulation but to research and suggestions as to business management.
The Board, Mr. Legge said, intends to press on vigorously with its work
natural causes.
Temporarily, at least, there
"Unfavorable weather, short cr •ps here and in Canada, and not the during the summer months in Washington.
preliminary diagnosis
stock market, have, in my opinion, tended to boost the wheat price," he will be daily conferences, with the expectation that a
each of the great commodity groups can be made.
of the needs in
said.
The absence of a representative for the wheat growers will not prevent
Former items regarding the newly appointed Board apthe board from studying the wheat situation and acting as promptly as peared in our issues of July 6, page 61 and July 13, page 219.
possible to create a commodity council, which in turn will decide on loans
to the co-operatives. President Hoover believes that on the Board, as now
constituted, there are those who know the wheat question and that the Georgia House of Representative Asks Action by
board can proceed to arrange with the wheat farmers without any embarrassFederal Farm Board in Behalf o' Cotton Farmer.
ment.
Later advices (July 18) to the same paper stated:
Sees C.care of Drop in What!.
Commenting on the mounting wheat price, Mr. Legge said:
"The price of wheat has not gone too high, but the farmer ought to reflect
that when pirces have increased 50 cents a bushel in the last few months
there is a chance of a decline. I believe that the present increase is due to
'estimated short crops and has no real eennection with the stock market
manipulation.
"It might be remenbered, howerer, that later the wheat crop may show
a greater yield than is at present estimated and this would cause a recession
In prices."
Associated Press advices from Atlanta July 18 said:
Immediate action by the Federal Farm Board to insure the cotton
farmer the cost of production and a reasonable profit were requested
in a resolution adopted to-day by the Georgia House of Representatives.
Similar action by the Texas Legislature was commended by the Georgia
House. The resolution asserted that 18% cents, to-day's price, was below
production cost.
Setting out that Georgia "is in a similar predicament with the State of
Texas," the resolution said farmers had sold their crops below production
cost for the last eight years, and added. "we further believe that that is
one of the major factors that has influenced the economic conditions of the
South."
JULY 20 1929.1
FINANCIAL CHRONICLE
419
As to any likelihood of action by the Board, the "Evening decade. The fact that that city has a larger police force in proportion to.
its population than any other city may have much to do with the favorable
Post" yesterday (July 19) reported the following from conditions mentioned, but the challenging fact is in the great number of
Washington:
criminal prosecutions which never come to trial, the number of cases
The pig( e of cotton, while not too high is not alarmingly low,in the opinion
of the Federal Farm Board, Alexander Legge, Chairman, said. Prices are
about the same as last ye r at this time, it was pointed aut. and whether
,
the Board t kes any action in the cotton situation in the near future is
highly douttfal.
The Board has received word that the Texas Legislature has passed a
resolution asking the Governor to appoint a committee to meet with the
Farm Board.
The Board will meet with them, but has no information as to what the
committee will propose. It is understood that the Georgia Legislature has
taken similar action and declared that the present price of cotton is below
the cost of production.
The Board is inclined to believe that this may be true in Georgia, but not
in Texas, whore production costs are much lower.
According to Associated Press advices from Washington,
Senator Conally, Democrat (Texas) appealed to the Federal
Farm Board yesterday (July 19) to give early consideration
to the cotton situation. The press accounts added:
The Texas Senator urged the Board to set up a statistical bureau as the
first step in pointing the way to a consideration of cotton conditions.
Carl Williams of Oklahoma, the cotton representative on the Board,
assured Senator Conelly that as soon as the Board has determined its
policies, the cotton situation would receive consideration.
He received with interest the suggestion for the establishment of a statistical bureau, which would keep the Board in touch at all times with cotton
crop conditions.
G. W. Wickersham of President Hoover's Commission
on National Law Enforcement Suggests Modification of Prohibition, Law Dividing Responsibility
Between Federal Government and States—Proposal Brought Before Governor's Conference.
The first indication of the views on law enforcement
held by a member of President Hoover's National Law Enforcement Commission is contained in a letter addressed
by George W. Wickersham, Chairman of the Commission,
to Governor Franklin D. Roosevelt of New York, read At
the twenty-first annual session of the Conference of Governors, on July 16, at Groton, near New London, Conn.
Mr. Wickersham stated in his letter that "one of the most
serious subjects we must deal with is the enforcement of
the Eighteenth Amendment." "Thus far," he observed, "the
Federal Government alone has borne the brunt of enforcement." In suggesting a modification in the law so that the
Federal Government and States would share the burden,
Mr. Wickersham said:
It seems to me that the Governors' Conference might well consider
approaching the Federal Government on some feasible proposal to share this
burden. If the National Government were to attend to preventing importation, manufacture and shipment in inter-State commerce of intoxicants,
the State undertaking the internal police regulations to prevent sale,
saloons, speakeasies and so forth, national and State laws might be modified
so as to become reasonably enforcible and one great source of demoralizing
and pecuniarily profitable crime removed.
In full the letter of Mr. Wickersham follows4
settled by pleas of guilty to a lesser offense than that charged, the great
delay in bringing cases to trial, the greater delays in hearing appeals and
the abuse of excessive bail on appeal.
Justice to the effective should be speedy. It is freely charged that much
of the delay is the result of political influence with the police, the
prosecutors and even the courts. These are difficult matters to investigate.
But if every arrest had to be immediately reported from a central registration office and every step thereafter taken concerning the defendant
recorded in the same way, it would be much more .difficult for an improper
influence to thwart the due adminitrd don of justice. Of course, one of
the most serious subjects we must deal with is the enforcement of the
Eighteenth Amendment. That measure has written into the Constitution'
ofthe United States a prohibition of the importation, manufacture, transportation and sale cf intoxicating liquors for beverage purposes. The
amendment confers upon the States concurrent jurisdiction with the
National Government for the enforcement of this measure. Thus far the
Federal Government alone has borne the brunt of enforcement.
It seems to me that the Governors' Conference might well consider approaching the Federal Government on some feasible proposal tot-share thisburden. If the National Government were to attend to preventing importation, manufacture and shipment in inter-State commerce of intoxicants,
the State undertaking the internal police regulation to prevent sale, saloons,
speakeasies and so forth, National and State laws might be modified go as
to beeetne reasonably enforeible and one great source of demoralizing and
pecuniarily profitable crime removed. Every State Executive has sworn
to support and defend the Constitution of the United States. • The Eighteenth Amendment is a part of the Constitution, just as much as any other
part of it. Surely, it is pertinent to their conference to suggest andconsider how they may best carry out their solemn undertaking.
My dear Governor, I beg you to excuse this long letter in my oven hand.
I have no stenographer with toe, but I feel that your letter calls for themost helpful reply I can give and I hope that what I have written may
suggest to you something of value in the preparation of your address.
Faithfully yours,
G. W. WICKERSHAM.
•
It was stated in the New London dispatch, July 16, to.
the "Herald Tribune" that:
Twenty-One Governors Hear Proposal.
Twenty-one Chief Executives from States as far South as Florida and as
far West as Utah heard Governor Roosevelt seed the Wickersham letter.
Many came from States in which discussion of prohibition enforcement
is embarrassing, and for the greater part they were non-committal when
asked for their views of the Wickersham proposal.
Governor John Hammill of Iowa moved an adjournment when Governor
George H. Dern of Utah, presiding, invited discussion at the conclusion ofthe set addresses. Governor Roosevelt suggested calling an executive
session at which the Governors might discuss all phases of the crime
problem with freedom.
"Unfortunately," he said, "we Governors are snore or less in the public
eye, and everything we say is quoted in the public press. This notoriety
hampers free discussion, so I propose that before the conference is ended we
hold a session from which the press shall be barred."
Conference Avoids Taking Stand.
Governor John G. Richards, of South Carolina, regarded as a staunch dry,.
moved to introduce a resolution pledging the support of the several Governors to President Hoover's efforts to promote a "greater respect for lawand to establish those principles throughout the nation."
The presiding officer referred the resolution to the Executive Committee,
explaining that it was not the practice of the conference to adopt resolutions
on controversial matters.
A dispatch from New London, July 16, presenting the,
comments of some of the Governors anent the suggestion
of Mr. Wickersham is quoted herewith:
Dear Governor Roosevelt:
President Hoover in his inaugural address emphasized the need of an
The reaction among the Governors at the conference an the proposal of
urgent respect for law and the improved treatment of crime and criminals.
George W. Wickersham for a clear division of authority and function in
In his address to the commission on its organization he said:
"A nation does not fail from its growth and wealth or power, but no nation can Federal and State prohibition enforcement may be described on the whole
for long survive failure of Its citizens to respect and obey the laws which they, as non-committal. Little enthusiasm was shown by most of the Executivesthemselves, make; nor can it survive decadence of the moral and spiritual contracts questioned.
that are the basis of respect for law, nor from neglect to organize itself."
Governor Ritchie of Maryland, an outstanding wet. said Mr. Wickersham's.
To defeat crime and the corruption that flows from it, he expressed the suggestion WU ambiguous and that before he would express his view he
hope that his commission shall secure an accurate determination of effect would like additional light as to what Mr. Wickersham wanted. He said'
and cause, following them with constructive, courageous conclusions which he planned to say something to the conference on the question of prowill bring public understanding and commend public support of its hibition. Other comments follow:
conclusions.
Governor Caulfield of Missouri.—Mr. Wickersham's proposal for a.
In a previous statement to the press the President stated that the purpose division of function between the Federal and State governments in the
of the commission was to examine and critically consider the entire Federal enforcement of the prohibition laws is interesting and constrcutive, but I
machinery of justice, simplification of its procedure, the provision of would like to have more information and more time to think about it
additional special tribunals and better selection of juries, the moral, effective before expressing a more definite opinion. I am not certain
whether theorganization of our agency of investigation and prosecutions. It will also idea expressed by Mr.
Wickersham is really his own or was given him by
naturally include consideration of the enforcement of the Eighteenth Governor Roosevelt.
Amendment.
Governor Conley of West Virginia.—We enforce all the laws in Wed
From thOse statements you will understand what a broad scope we have Virginia, and as far
as we are concerned we don't need modification.
and what a heavy duty is laid upon us. Every intelligent person must be
Governor Trumbull of Connecticut.—In the State of Connecticut we are
aware that the general attitude of the American people toward the law has Intent on enforcing our laws in
our own way.
fallen far short of what it should be. It is not only shown in the open
Governor Hammill of Iowa—The proposal constitutes an advancement,
disrespect for the Volstead law, but in the general attitude of "beating but the modification mentioned by
Mr. Wickersham denotes a confession
the law," so long as one can get by with it.
of weakness with respect to the prohibition laws. Of course, we should
The first thing our commission did was to endeavor to secure actual, enforce all laws.
reliable statistics of the existing amount of crime, the increase or decrease
Governor Dern of Utah.—The proposition with respect to a division of
of crime during the last decade, the actual delays of the enforcement of function between the Federal Government and
the States in the enforcejustice, and the amount of congestion of the criminal courts. There are no ment of the prohibition laws is logical, bet
is it practical? I am afraid
reliable statistics furnishing this information.
that, if put into effect, it would result in little change. Some States would
The New York Crime Commission, whose admirable reports have been still remain dry and some wet.
most helpful to us, came upon the same lack, and upon its recommendations
Governor Richards of South Carolina.—The State of South Carolina
the Legislature last year passed an act (L. 1928, 3875), to supply this want does all it. can in enforcing the law, but we
would not be averse to some
State is concerned.
so far as our
assistance from the Federal Government Both the State and National
I think if the Governors' Conference would recommend like action by all governments should go after all law violators,
regardless of category- I
the States it would be helpful.
think all we should do is to enforce the law as we now
have it.
Our commission is studying the subject, and will, I think, recommend
Governor Gardner of North Carolina.
--So far as modification is cona uniform State law on the subject, with a voluntary administration act cerned, it is my personal opinion that the last election
showed the sentiment
in the meantime.
of the people.
Another subject we are inquiring into is the cost of extra legal protection
Former Governor Brewster of Maine.
-31r. Wickersham's suggestion
against crime by the police, armored cars, burglary, robbery and theft admirable. The division of authority he proposes is
entirely logical. I
Insurance, etc., and a survey of conditions in Boston, nearly completed, proposed the same thing two years ago. If the
States don't act, the
Indicates that crime in that city actually has diminished during the last Government will.
420
FINANCIAL CHRONICLE
The following is also from the "Times" of July 17:
Assemblyman Louis A. Cuvillier, author of the bill by which the Mullen.
'Gage State enforcement act was repealed, took issue yesterday with George
W. Wickersham's proposal that the Federal Government concentrate on law
violations in the wholesale manufacture and shipment of liquor and that
the States assume responsibility for enforcing the law against retail bootleggers and speakeasies. Such a plan, Mr. Ouvillier said, would infringe
on the State's right to determine for itself whether it would take a part
in enforcing the Eighteenth Amendment or not.
"The Legislature of the State of New York," he said, "found out that
attempts to enforce the Eighteenth Amendment in this State led only to
bribery and corruption and accordingly repealed the enforcement law.
This action was approved- by-a majority of 1,276,000 votes in a State-wide
referendum. By that referendum the State of New York said plainly that
it wanted no part in the Eighteenth Amendment and I do not believe that
the State would ever pass another enforcement law."
Mr. Wickersham, The Associated Press reported, declined to make a
statement amplifying his letter which Governor Roosevelt read to the
-Governors' Conference. The letter, it was stated, was written to Mr.
Roosevelt from Bar Harbor, Me.
Items regarding the President's Commission appeared in
.our issues of May 25, page 3446, and June 1, page 3621.
Conference of Governors Avoids Vote on Suggestion of
G. W. Wickersham for Modification of Prohibition
Law.
The proposal of George W. Wickersham, Chairman of
President Hoover's Commission on Law Enforcement, for
'closer co-operation betwem the States and the Feder 1
Government in the enforcement of the prohibition laws and
for a division of authority between these two agencies in the
administration of these laws, was sidetracked on July 18 at
the Conference of Governors, together with two resolutions
Introduced by Southern drys. Special advices from New
London to the N-m York "Times" from which we quote the
toregoing paragraph, reported the action of the Conference
as follows:
Instead. the Conference adopted a compromise report of its executive
committee, expressing "general approval" and "support" of the President
in the suppression of crime and pledging co-operation to him and his Commission in this task.
The resolutions sidetracked were one by Governor Richards of South
Carolina and one introduced jointly by Governor Gardner of North Carolina and Governor Byrd of Virginia. Both were interpreted by wets as
-encroaching upon the prohibition issue in their sentiments of co-operation
with the Federal Government.
In sidetracking the Wickersham proposal, the Conference refused to
take action on the suggestion that the States approach the Federal Government with the vievz of promoting closer co-operation in prohibition enforcement.
Wickersham Plan Not Voted On.
Animated by an obvious desire not to split the Conference and guided
by the Conference rule forbidding the adoption of resolutions on controversial questions, the Assembly failed to put the Wickersham proposal to
a vote.
The heated debate preceding the adoption of the executive committee's
report indicated clearly enough, however, that a majority of the conference opposed the Wickersham plan, the drys because it held out the
prospect of modification of the prohibition laws and the wets because
they saw in it an affirmation of the duty of the States to help in the enforcement of prohibition.
Opened by Governor Ritchie of Maryland with a bitter attack on the
Wickersham plan and on prohibition in general, the debate was largely
a demonstration of the feud that divides Democrats on the liquor question.
Pitted against the Maryland Executive, a leading exponent of the wet
Democracy, were Governor Richards and Governor Graves of Alabama,
both of whom demanded rigid enforcement of the prohibition statutes
and expressed uncompromising opposition to any suggestions of modification such as were held out in the Wickersham proposal. They were
supported by a number of dry Republican Governors.
Governor Roosevelt, who precipitated the prohibition issue into the
proceedings of the conference by his presentation of the Wickersham
proposal Tuesday, refrained from taking any part in the debate and at
-one time sought unsuccessfully to have the conference adjourn into executive
session for the discussion.
The executive committee's report, presented by Governor Dern of
Utah, Chairman of the committee, and concurred in by the other committee members—Governors Trumbull of Connecticut, Case of Rhode
Island, and Hammitt of Iowa—adopted unanimously as being acceptable
to the drys because of its general sentiment of co-operation with the President
and his commission, and te the wets because it swept aside the probition
issue as such and did not commit the conference specifically on the question
of enforcement. Both -Governor Ricahards for the drys and Governor
Ritchie for the wets made this clear in casting their votes for the report.
Text of Report Adopted.
The text of the report follows:
Your Executive Committee respectfully reports that it has carefully
-considered the resolutions offered by Governors Gardner and Byrd and
by Governor Richards, repsectively, and has consulted numerous members
of the conference who have had experience in its affairs.
We have found no opposition to the purpose of either resolution. On
the contrary, we have found that the proposal to support the President
in the suppression of crime and to co-operate with his commission on law
enforcement and the study of crime meets with general approval. Of
course, it could not be otherwise in a gathering of Governors whoso sworn
duty it is to see that the laws are faithfully executed.
The members of your Committee are in full accord with this sentiment.
but feel it their duty to point out the potential dangers to the Conference
in the future if its long-established rule against the adoption of resolutions
be now violated. The usefulness of this organization depends upon comtsco
tionablish a new precedent, the door will
est
plete harmony, an if
f ed1:11rouw
n disruption n other subjects.
rercommend
oithout any thought of disparaging
w
the proposed resolutions,the Conference adhere to its rule against resolutions.
Governor Ritchie, who was the only one to take the floor in behalf
of the wets, opened his denunciation of the Wickerhsam proposal by asserting it Was "time for the country to realize that the 18th Amendment
Imposes no obligation on the States to enforce it.
4 therefore
113en
[Vol.. 129.
"This is neither their Constitutional nor moral duty," he declared.
asserting that, in his opinion Mr. Wickershrn's suggestion would not tend
to remedy the crime situation.
Address of Governor Ritchie.
"In view of Mr. Wickersham's communication to the conference, which
may represent the views of his Commission, I feel that I cannot vote on
the Executive Committee's report without some comment directed to it."
Governor Ritchie said.
"It is time for the country to realize that the 18th Amendment imposes
no obligation on the States to enforce it. The amendment gives the States
concurrent jurisdiction with the Federal Government in that regard, but
whether the States exercise it is optional with them. If they choose not to
do so, they violate no legal or moral obligation.
"Mr. Wickersham suggests that the Federal Government stop the Importation, manufacture and the interstate shipments of liquor and that
the States enforce the Volstead Act within their borders. He adds a suggestion that in this event the national and State laws might be modified so as to become reasonably enforceable, but his language is so uncertain that I am unable to understand what he means, so I cannot comment upon that. •
"I dissent, however, from Mr. Wickersham's suggestion that the States
must take over the enforcement of the Volstead Act within their borders.
I have already pointed out that this is neither their Constitutional nor
their moral duty. I now add that in my opinion it would not tend to
remedy the crime situation which Mr. Wickershani's commission was
appointed to study.
New Indictments Against Partners in Failed Banking
Firm of Clarke Brothers—Loans Before Failure
Sought from J. P. Morgan & Co. and Irving Trust
Co.—Depositors Ask that Banks of City Make
Good Losses.
In addition to the indictments returned by the Grand
Jury on July 11 against the partners in the private banking
firm of Clarke Brothers, of 154 Nassau Street, this city,
further indictments have been found against the partners
this week. The Irving Trust Co. was named as receiver
for the firm on June 29, items with regard thereto having
appeared in our issues of July 6, page 74, and July 13, page
223. As was noted on page 224, the indictments on July 11
charged the four partners in t' e firm with using the mails
to defraud and with conspiring to use the mails to defraud.
Regarding new indictments found on July 15, the New York
"World" said:
Two now Indictments containing fifteen counts wore returned
in Feder al
Court yesterday against the four members of the bankrupt private bank
of Clarke Brothers.
The first charges concealment of assets and conspiracy to conceal assets
in violation of the bankruptcy laws.
The second, which has thirteen counts, charges use of the malls to defraud
and conspiracy to use the mails to defraud. It supplements the mall fraud
bill of last week and sets forth the charges in much greater detail.
Th , following account of further indictments is from the
"Times" of July 19:
Shortly after John L. Lyttle, Referee in Bankruptcy, had been informed
yesterday that the three Clarke brothers were now willing to answer freely
all questions about the $5,000,000 failure of their private banking house. the
New York County grand jury voted eleven indictments against each of
them and a similar number against John F. Bouker, the fourth member of
the bankrupt firm. The true bills allege violation of the State penal laws
by accepting money on deposit at a time when they knew their bank to be
insolvent. Upon conviction, the maximum penalty is five years in prison
and a fine of $3,000 under each indictment.
The announcement that James Rae Clarke, Philip Clarke and Hudson
Clarke Jr. would answer all questions before Referee Lyttie on Monday
was made by their attorney, Ludlow S. Fowler, following a conference with
the referee and William St. John Tozer and Vermont Hatch of counsel for
the Irving Trust Company, receiver. Fowler asked for an adjournment
of the hearing until Monday, saying that George Gordon Battle, chief of
counsel for the Clarkes, would be back from Florida by that time. Unless
the adjourment was granted, he said, the brothers would continue to refuse
to answer questions on the ground that their answers might tend to incriminate or degrade them. The adjournment was granted.
Meanwhile, the investization before Garrett W. Cotter, United States
Commissioner, in the Federal Building developed testimony that Clarke
Brothers had attempted to borrow $500,000, just before their failure, on
an unsecured note accompanied by a perjurious affidavit.
This inquiry disclosed also that $82,619 in loans by Clarke Brothers
to John W. Cutler, Secretary bf the Private Bankers' Association of the
State of New York, stood on their books at the time of the failure; that
none of his notes WU secured; that no demand for payment over had been
made, although some of his debts to the bank were outlawed by the lapse
of years, and that for several years he had been receiving from Clarke
Brothers $100 a week merely for "holding himself in readiness" to perform
some service for them. Cutler, a neighbor of James Rae Clarke, at Atlantic Highlands, N. J., said there was "no explanation" of why Clarke
Brothers had been so generous with him.
Asked if it had been because. as Secretary of the Private Bankers' Association, he had represented himself "as instrumental in preventing
any
superision over the private banking house," he answered negatively.
He admitted, however, that when the State Banking Department had
attempted to examine Clarke Brothers in 1923 the firm had sent for him,
and he had explained to the examiner that the State Banking Department
was without jurisdiction and had "emphatically" advised the firm not to
submit to such-supervision.
Regarding a loan reported to have been sought by the
failed firm from J. P. Morgan & Co., the "Times" of July
16 said:
The New York County grand jury did not complete its investigation
yesterday, but heard that Clarke Brothers had attempted to borrow
$500.000 from J. P. Morgan & Co. just a day or two before the former firm
filed its petition in voluntary bankruptcy. . .
Morgan Partner a Witness.
The statement that Clarke Brothers tried to borrow $500,000 from J P.
Morgan & Co. a day or two before the failure was said to have been made
to the New York County grand jury by Thomas Cochran, a partner and
JULY 20 1929.1
FINANCIAL CHRONICLE
general manager of the Morgan firm. Mr. Cochran told Acting District
Attorney Ferdinand Pecora, and presumably, the grand jury also, that
Morgan & Co.refused the loan because Clarke Brothers did not offer satisfactory collateral.
We likewise quote from the "Times" of July 17 the following:
421
New York Edison Company is successful, to fulfill his assignment of half this
claim, or $375.000, to Clarke Brothers.
Attorneys in the investigation, because of the castle in Spain nature of
several of Quimby's enterprises, as revealed in Ms testimony, were not optimistic as to his ability to raise these sums. One of the attorneys said afterward tossing a quarter on his desk with a wry smile,"Without questioning
Quimby's sincerity, I would discount his agreement for this."
Sought Irving Trust Loan.
In its account of the investigations into the failure now
The hearing before Commissioner Cotter yesterday disclosed that Clarke
Brothers, after failing to obtain a loan of $500,000from J. P. Morgan & Co. under way the "Times" of July 13 said in part:
a day or so before their failure, tried to get a similar amountfrom the
Two Inquiries On.
Irving
Trust Company on June 28. They failed there also.'
Two public investigations of the $5,000,000 failure of Clarke Brothers
This hearing also introduced into the case a safe deposit box which,
went forward yesterday simultaneously, one before United States Comaccording to testimony. Philip Clarke took from the Clarke Brothers vaults
missioner Garrett W. Cotter in the Federal Bulling and the other before
after closing hours on June 28. saying It contained "personal papers."
Referee in Bankruptcy Jchn L. Lyttle at 299 Broadway. The hearing Teter°
George F. Gentes, vice-president and director of the Irving Trust Com- Commissioner
Cotter, conducted by United States Attorney Tuttle. seeks
pany, the first witness, said he called at Clarke Brothers bank. 154 Nassau
possible violations of the Federal laws, while that before Referee Lyttle is a
rest, about 6 o'clock on the evening of June 28 and found there several
search for assets which appear to be rapidly decreasing rather than increasing
of the partners and their "confidential man," whose name he did not know.
under investigation.
The gist of the conversation was, Mr. Gentes testified, that the partners
At the hearing before Commissioner Cotter, marked by tears of women
said they would have to go Into the hands of a receiver unless they could get
victims of the bank's crash and by the excited testimony of angry male
$500,000. but if they could, expected profits would pull them through. depositors, Assistant
United States Attorney George J. Mintzer testified
They spoke of expecting $1,000,000 very soon.
that three members of the banking firm had admitted in his presence the
transfer by them to their wives and families of"hundreds of thousands of
Offered to Sign Over Property.
Mr. Gentes said they mentioned the Georgia Fuller's Earth Company dollars' •' worth of properties before the failure of the bank. . . .
as one of their assets and also a note for $500.000 endorsed by a man named
Poor Depositors Chief Losers.
Heaney,spoken of as a largo land owner in Mexico. J. R. Clarke,according
The investigation before Commissioner Cotter was opened by Mr.
to Mr.()antes, offered to bring his wife in the next day and have her sign
notes with him for their personal and real property which, Clarke said, was Tuttle with a statement in which he said the failure cf Clarke Brothers
was extraordinary because of the great amount inv ived, coupled with the
worth about $200,000.
fact that most of the deoositors were of the poorer claret and their deposits
"I gathered," continued Mr. Gentes,"that the firm had about
$250.000 were relatively small. He implied again th t the State Banking Department
capital and no current assets were available. They explained having so
much past due paper on the ground that they made advances exceeding that had been remiss in failinz to insist upon its right of supervision over the
private banking house.
allowed by law and for that reason deemed It unwise to bring actions.
They
"I shall be able to show," continued Mr. Tuttle. "that there are nearly
made up a memo of collateral with a face value of$1,000.000, which included
Heaney's 8500.000 note, which was secured by no collateral RO far as I 1,000 depositors who, during the last twelve months, averaged in depolts
could learn. They referred to the Clarke Holding Company as having loss than $500 for th t per led. thereby plainly an clearly placing this socalled private bank within the scope of Section 150 of the banking laws of
handled all their real estate deals.
"When I refused to grant the loan one of the partners suggested they the State of New York, which brings banks having such deposits under the
might null through if we could let them have $50,000 over the week-end. supervision and jurisdiction of the State Banking Department.
"This failure is extraordinary also because of the completeness of the
J. R. Clarke said to this, however, that if they could not be assured of
information I have show
$500.000 they had better apply for a receiver. They said they were par- loss and because of the fact that the reports and
that this insolvency was not a sudden or fortuitous circumstance: that this
ticularly pressed because June 30 was to be a time of heavy withdrawals
was the culmination of a-condition which had been going on for several years.
of time deposits. They told me they had been expecting
$1,000.000 all It was extraordinary, too, because only the day before the filing of a volunthat week."
tary bankruptcy petition, the partners were en aged in a drive for new deThe following is taken from the "Times" of July 16:
positors. That drive had been going on for some time, but as late as June
28, the day before the filing of the petition, they sent out a circular under a
Testimony Contradicts Books.
letterhead describing themselves as bankers. This was done at a time, of
The public investigation being conduct-el by Unite' States
Attorney course, when there could be no question these partners were well aware
Tuttle before United St- tea Commissioner 0 • rett W. r'otter 'rought out that they were insolvent.
testimony of fantastic financing wherein collateral appeared to have been
"When I called these four partners before me last week they stated to
a minor consideration, if it figured at all. It disclosed also alleged futile Mr. Mintzer, through their counsel, that the transfers they had made
efforts by Clarke Brothers to borrow from other banks a d statements to their wives and families amounted to substantially $1,000.000, which, of
directly contradicting entries on their books purporting t show large course, will prevent a very full investigation here.
assets in enterprises which have never materialized.
Tells of Bad Notes.
From documents subpoenaed from the files of the State Banking Department Mr. Tuttle read into the record statements indicating that this
"The accountants' report shows that for many years they have had
department had actually begun an examination of Clarke Brothers in 1923, uncollectible notes for hundreds of thousands of dollars which, nevertheless,
had given up the work whv- me—bers of the firm and an attorney had told have been carried as an asset for full value. The report and information
its examiner that the State was without jurisdiction, and had never taken which I have are ample to indicate that the direct withdrawals by the
the matter up again in spite of the fact that Carl Sherman, while Attorney partners for their own benefit and perhaps for the benefit of their wives have
General in 1925, had set forth in an opinion that, such banks as Clarke been sought to be covered by creating against such withdrawals the deposit
Brothers unquestionably did come under the supervision of the State Bank- of stocks which have no value, but which were put on the books at an
arbitrary book value."
ing Department.
Urging swiftness of justice for its protective effect with respect to deposiRefused to Allow Examination.
tors in other small banking institutions, Mr. Tuttle said:
Mr. Tuttle then road into the records correspondence and papers from
"There are a large number of these private banks around the city of
the Mee of the State Banking Department. These showed that in 1923 New York and elsewhere in the State. and if we are to take it that the
T. J. Shultz, an examiner, had tried to examine the affairs of Clarke Banking Department of this State exercises no supervision or jurisdiction
Brothers and had been told by a member of the firm that they were not under over these private banks, why, of course, swiftness of justice when a catasthe State Banking Department's jurisdiction.
trophe of this kind occurs is the sole protection that a multitude of poor
This had been decided by J. R. Clarke, he said, after a conference with people will have. It is desirable also, in an inquiry of this kind which always
J. W. Cutler of the Private Bankers' Association, on the ground that ensues after a failure of this character, that justice does not lose power by
interest was not paid on accounts of less than $500 and blcause they con- being lost in a maze of extended inquiry covering a period of months.
sidered it"unwise" to permit an examination and "perhaps have the public
"It was for those reasons that, in the opinion of the grand jury and in the
become sus-trims." Correspondence was introduced between Deputy opinion of myself, since the case in our judgment was entirely clear against
Attorney-General Edward 0. Griffin and George V. McLaughlin, then these four partners, we proceed yesterday to effectuate an indictment of
superintendent of the Banking Department.
them. That indictment conflicts in no way with this inquiry because it
This showed that Mr. Mcienghlin thought some action should be taken leaves our important questions to be investigated and considered. I think
and wrote: "I think it will he only a short time until we are called en for an that thereby, and also by means of this inquiry, the creditors are aided.
explanation. When a failure ()emirs the public and press naturally expect a
"I know that suggestions have been made within the last few days that
superintendent to go further than merely these oral statements."
if criminal proceedings were held off there might be some financial arrangeThe examiner had reported that Clarke Brothers had refused to put ments for the benefit of creditors. I regard such statements merely as an
anything in writing.
opening designed to soothe without foundation creditors and secure delay
Further correspondence showed Griffin's admiration he thought the on the part of justice.
It is perfectly obvious that if there had bren any
banking statute defective and McLaughlin's statement that he should means of raising money other than by soliciting depositors for new deposits
take the matter before the Legislature. There was also an opinion by of money 24 hours before the failure that these would have been utilized,
Carl Sherman, then Attorney General, that private banks a ould come and certainly, after circumstances which have developed, we cannot hope
under the supervision of the Banking Department. Nothing further was that there will be any practical opportunity for the obtaining of new investdone, however, and the matter was never presented to the Legislature.
ments. Certainly even though there were, that would be no reason why
As to the reported insolvency of the firm in 1924 we quote any bargain should be attempted with criminal justice, and so far as we are
concerned we cannot countenance any such bargain.
the following from the "Herald Tribune" of July 18:
"Whether or not there will come out of this investigation any suggestion
Memorandum trial balances, "apparently in the writing of one of the for changes in the law will, of course, be a matter for your Honor to consider.
partners." show that Clarke Brothers, bankrupt private bankers, were In my personal opinion the law gives at present summary jurisdiction to the
insolvent to the extent of more than $1.500.000 as early as 1924, it was dis- Banking Department of the State over institutions of this character, and it
closed yesterday by the Irving Trust Company, receivers. The deficits is only a question of using that power determinedly."
indicated by the memoranda were $1,773,920 in 1924 and $1,541,030 in 1925.
In reporting that 300 depositors of the defunct Clarke
The utmost importance was attached to this discovery of the receiver's
accountants by Charles II. Tuttle. United States Attorney. If these memo- Brothers' Bank met for the second time on July 16 to deterranda "in the writing of a partner" can be confirmed, he said, the fact will
mine on some feasible course to recoup at least part of their
fasten upon members of the firm involved the knowledge of insolvency
necessary for conviction under the mail fraud counts of the indictment. losses, the "World" of July 17 added:
IF The partners in the bankrupt firm—James Rae Clarke, Philip Clarke,
United States Attorney Charles H. Tuttle placed at their disposal a room
Hudson Clarke, Jr. and John P.Booker—will be tried before a Federal jury in the Federal Building, and for two hours the depositors continued their
on July 29on charger;ofconcealment ofassets and using the mails to defraud. berating of the Clarkes in particular and of the State of New York and the
Banking Department in general.
Pir Federal county and receiver's investigators, on the trail ofshrinking assets
yesterday, brought to light a mass of new material. It included little that
Throughout the turbulent and noisy session three distinct measures were
was hopeful for the depositors.
finally pushed through, much to the chagrin of would-be parliamentarians
who delayed the session.
Little Hope from Quimby Offer.
The Resolutions.
Pr Milton C.Quimby,the elderly promoter, promised in his testimony before
1. The appointment of a general committee of twenty-three who will
John L. Lyttle, referee in bankruptcy, to pay his notes for $185,000 held by
Clarke Brothers within six weeks. He promised, if his claim against the select a permanent committee of ten to represent the creditors.
422
FINANCIAL CHRONICLE
[VOL. 129.
Thursday's (July 18) advices from Florida on the bankingsituation were of a decidedly optimistic character. A dispatch to the New York "Times" on that date from Tampa,
after stating that runs on the First National Bank and theExchange National Bank following the closing the previous
day of the Citizens' Bank & Trust Co., "subsided to-day,"
and that "while a number of depositors withdrew their money
According to the "Times" of July 19, the executive com- the bank officials reported at closing time that deposits durmittee of the depositors in Clarke 13'othe s issued an open ing the day had exceeded withdrawals," went on to say:
Indications were that confidence had been restored end that in the next
letter on July 18 addressed to Willis H. Booth, President of
days most of the money withdrawn yesterday and to-day will be rethe Merchants' Association and Vice-President of the Guar- few to the vaults of the banks.
turned
The arrival of $5.000.000 here to-day and yesterday from the Atlanta
anty Trust Co , calling upon the banks of the city to make
good the losses of the Clarke depositors as a means of restor- Federal Reserve Bank and the!debt of the money in tome stacks in the cages
the bank tellers had a reassuring effect. Crowds Pholit the banks were
ing confidence in the banking business. Concerning the of smaller than yesterday and were there out of curiosity. During the
much
day a run continued on the Latin-American Bank in Ybor City, Tampa's
letter the ".Times" said:
2. The appointment of a temporary relief committee of eight to give aid
to depositors who are in need.
3. The framing of a resolution asking Gov. Roosevelt and the State Legislature to inquire into the conduct of the State Banking Department in the
Clarke Bros.' failure.
Nothing was accomplished during the first hour of the session as member
after member offered various objections, amendments and corrections to
everything suggested on the floor. Several gave legal opinions and a pressman related how rules of procedure should be followed at a meeting.
"We do not, think they should do this as charity, but they should do it foreign section, but officials wore able to meet all demands by depositors.
Auditing of the books of the Citizens' Bank berran to-day under the
to show to the world that banking as an institution, so far as New York City
Is concerned, is reliable, honest, dependable, and that the faith and confi- direction of Captain R. A. Gray assistant to the State Comptroller. When
"Banks and the assets are determined and the receivership perfected, if a receiver is
dence of depositors can not and will not be betrayed," it said.
.
bankers spend much mone yearly in advertising. They have spent billions appointed, it is announced the depositors will be paid off as the resources
of dollar; and years of time to acquire the faith and confidence which has of the hank permits.
Captain Gray stated that several of the banks affiliated with the Citimeant so much to them. Surely they can see the wisdom of spending this
,
comparatively small sum to maintain what has cost so much to obtain." zens' Bank will probably be reopened after the situation 11 8 eleeeed. Plans
Merchants Association, which has for the reorganization of the Citizens' Bank are to he withheld until the.
The letter also suggested that the
sought to foster New York trade and protect the public from fraud, should audit by the State anthorities is completed. Auditing crews were sent to
take the lead in seeing that Clarke depositors are paid in full. It added that cheek the conditions of the nine smaller banks affiliated with the Citizens'.
Many expressions of confidence in the ability of the Citizens' Bank tothe "scoundrels" in the bankruptcy case should be placed in jail and "faithpa fni's,
OR
r.,
•
,
'
nal its depositors 100 cents on the dollar wree made to-day by leading
less public offidals" exposed.
The executive committee, at a meeting in the Federal Building, adopted business men.
The Citizens' and its affiliated banks had combined deposits af 317,347,a resolution asking newspapers to start funds to help the neediest of the
96S, Recording to the last statement published. Their resources amounted'
depositors.
to $22,928.003. Deposits in the Citizens' Bank & Trust Co. alone totaled
313.1105.270 and its resources were $18,012,064.
The Florida Bank Failures.
Frozen assets from the Florida real estate boom and the inability of citrus
have failed within the last two growers and truck farmers to meet their obligations after the invasion or
Twenty-four Florida banks
weeks, 15 of them in a single day. They had deposits of the Mediterranean fruit fly, and the quarantine against the State, are
with the failure on blamed for the closing of the banks.
upwards of $38,000,000. Starting
Advices from Jacksonville on July 15 to the "Wall Street
July 5 of the People's Bank of Jacksonville, the institutions
which have closed their doors and the date of their closing, .Tournal" reported that Joseph R. Dunn, a prominent busias reported in advices from Florida to the New York daily ness executive, has been named receiver for the People'sRank of Jacksonville by State Comptroller Ernest Amos.
papers, are as follows:
July 11—First National Bank of De Land, Volusia County Bank & Trust In accepting the responsibility, Mr. Dunn was quoted as
Co., De Land, and the Colonial Bank & Trust Co. of Miami.
saying:
Merchants' Bank &
July 12—Atlanta Bank & Trust Co.. Daytona Beach;
Through my familiarity with the bank and its operations, I am of the
Trust Co.. Daytona Beach.
opinion that the depositors will be paid 100 cents on the dollar.
July 13—First National Bank of Sanford.
July 15—Merchants' State Bank of Melbourne.
July 17—Citizens' Bank & Trust Co., Tampa; *Franklin Bank, Tampa:
*Lafayette Bank, Tampa: American State Bank, Tampa:
Preparations in San Francisco For Annual Convention
*Citizens' Nebraska Avenue Bank, Tampa; *Bank of Ybor City,
of American Bankers' Association Convention,
Ybor City; *Bank of Plant City, Plant City; *Bradenton Bank
& Trust Co.. Bradenton; *First Bank & Trust Co., Sarasota:
-Oct. 3.
Sept. 30
*First State Bank, Fort Meade; *Bank of Pasco County, Dade
Citizens' Bank of Frostproof; *First Bank of Port Tampa
City:
Bankers in California are bending energetic effortt
City; Bank of Mulberry, Mulberry, and Ellenton Bank, Ellentoward making the approaching convention of the American
ton.
Rankers' Association the most memorable from every standJuly1 18—State Bank of Bowling Green.
* Affiliated with Citizens' Bank & Trust Co., Tampa.
In reporting the closing of the 15 banks on July 17, ten of
which were affiliated with the Citizens' Bank & Trust Co.
of Tampa, a dispatch from Tampa by the Associated Press
on that date, printed in the Baltimore "Sun" of July 18,
contained the following:
Failure of 15 State banks in southwest Florida to-day, with aggregate
deposits of more than 322.500,000, was regarded by Ernest Amos, State
Comptroller, to-night as being the "darkened hour just before dawn." In
a statement to the Associated Press, the Comptroller said he believed the
primary cause of the failures was "unnecessary withdrawals, propaganda,
and the mental attitude of the people."
"There is a financial depression to a certain degree everywhere in the
State," he explained,"which has been accentuated by the effect of the Mediterranean fruit fly and quarantine. I regard this as the darkened hour just
before the dawn, however. if the people will not tear down the temple upon
their own heads. This is what they are doing now."
Aggregate capital stock of the 15 financial institutions, according to figures at the State Banking Department, was $3,630,000; deposits, $22,575,728.97. and assets. $29.641,368.68.
Eight other banks have failed in Florida in the last two weeks, making
the total number of failures within that time 23.
The board of directors of the Citizens' Bank & Trust Co., which was a
parent institution for ten of the banks which failed to-day, issued a statement explaining that the present situation was duo to "unwise gossip and
continued adverse conditions following the appearance of the Mediterranean fruit fly, which was responsible for a feeling of unrest and fear developed on the part of the people."
Directors of this bank predicted that all depositors would be paid in full
and indicated that its subsidiaries would RO out of business.
To bolster up public confidence. $1,000,000 in cash was brought here by
airplane to-day from Atlanta and delivered to the First National Bank of
Tampa, a member of the Federal Reserve.
Meanwhile, officials of other solvent banks in Tampa where withdrawals
by a few small depositors were reported issued statements that plenty of
cash had been obtained to meet all demands.
Creed Taylor, Deputy Governor of the Federal Reserve Bank at Atlanta,
who arrived here to-day, also declared that local bankers could "have all
the money they need with which to meet the situation."
At Sarasota officials of the Bank of Sarasota, the Ringling Trust & Savings Bank and the First Trust Co., the three remaining solvent institutions
there, said the closing of the First Bank & Trust Co. of that city "had no
effect whatever" on their banks. Both were conducted under usual business to-day, they said.
John Ringling, of circus fame, is Chairman of the Board of the Bank of
Sarasota and the 'tingling Trust & Savings Bank, officials said, has behind
It the entire fortunes of the late Charles Ringling, a brother.
point in the history of the national organiyation. With
the convention period set for September 30 to October 3,
the San Francisco committee in charee of local preparations
for handling the event announces that most of the details
involved in the task of playing host to some ten thousand
expected visitors are well advanced toward completion.
Allocation of the 1929 gatherIne of the Association to San
Francisco has been accepted by the city's banking fraternity
as a challenge for the unleashing of every natural and
acquired resource San Francisco possesses that can contribute to the success of the convention. The 1920 assemblage of the nation's banking leaders is the first that San
:
Francisco has had the honor and responsibility of entertattling in many years. W. B. Wilcox. General Chairman of
the Committee, speaking of the efforts to entertain the
bankers, is quoted as saying:
"San Francisco is on the threshold of one of the greatest opportunities
Is has enjoyed for many years: an opportunity that finds the city standing
as a representative for the State of California—in fact, the whole Pacific
Coast—in welcoming the annual convention of the American Bankers'
Association,
"The privilege of receiving the thous:m(1a of visitors who will be in
attendance has come to Us with full realization of what it means.
"We believe that the prese”ce here of so many representative bankers
from all parts of the United States is an invitation to us to give substantial
evidence of the hospitality and friendliness for which the West is justly
celebrated. In our arrangements toward that end we are receiving the
cordial support of the splendid group of men who constitute the California
Bankers' Association."
An announcement by the interests in charge of the convention says:
Those who have sweltered through the discomforts of conventions in tb•
hot weather that prevails in most cities even in the waning days of the
season have the assuraace of weather bureau statistics that San Francisco
is the coolest Summer city in America. The average Summer temperature
Is only 58 degrees. The variation between the Winter and Summer average
is only slightly more than 6 degrees. Medium-weight clothing is worn
the year round.
Recreation facilities abound, both in San Francisco and in the surround..
Mg metropolitan area and back country. Highways, part of the finest
and most extensive system boasted by any State, railroads, bay and river
steanrers, and numerous airplane passenger lines 'bring the varied features
JULY 20 1929.]
FINANCIAL CHRONICLE
of
, a tourist's and sportsman's paradise within two hours' travel of
the city.
The hundreds of excellent hotels, more in proportion to population than
Any other city, vie in luxury and service with the world's best.
Mid-Continent Trust Conference To Be Held Nov. 7-8
at Detroit.
The Fifth Mid-Continent Trust Conference will be held
in Detroit, Mick',gen, November 7 and 8 under the auspices
of the Trust Company and National Bank Divisions of the
American Bankers' Association. Robert 0. Lord, President
of the Guardian Trust Company of Detroit, will serve as
-General Chairman of the conference. Trust companies and
banks doing a trust business, in the States of Arkansas,
'Colorado, Illinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Aiissouri, Nebraska, North Dakota. Oklahoma, South
Dakota, Texas and Wisconsin will participate in its sessions. The meeting will be devoted to the consideration of
the problems of extending trust service.
423
The Lebanon National Bank of New York announces that
at a meeting of its directors on July 16, Joseph A. Mandour,
President, was elected Chairman of the Board of Directors,
and Edward E. McMahon, Jr., Vice-President and Director
of the International Union Bank, was elected President.
Mr. McMahon's election it is stated is the first move toward bringing into affiliation with this bank large business
and commercial interests with the view to making it one
of the strongest independent banking institutions in the
Greater City.
F. B. Brady, President, Missouri Bankers' Association
Names Educational Committee.
F. B. Brady, Vice-President of The Commerce Trust Company of Kansas City, Mo., and newly elected President of
'The Missouri Bankers' Association, has announced the following committee to conduct the educational work of the
Association during his administration:
G. V. Kenton, assistant advertising manager Mercantile-Commerce Bank
.and Trust Company of St. Louis, as Chairman.
C. E. Linville, Assistant Cashier Bank of Skidmore, Skidmore;
0. W. Moody, Cashier, McDaniel National Bank, Springfield;
II. H. Mohler, Vice-President, St. Joseph Stock Yards Bank, St. Joseph;
Fred Wightman, Cashier, First National Bank, Itraymer, Mo.
Officers of Financial Group of National Special
Libraries Association.
It was announced on July 11 that the Financial Group of
the National Special Libraries Association have elected the
following officers:
Chairman, Miss Gudrun Moe, Librarian, Bankers' Trust Company, New
York City.
Vice•Chairman, Miss Laura Gage, Librarian, Central Trust Company,
4)hicago.
Secretary, Miss Margaret Cochrane, Librarian, Chase National Bank, New
York City.
At the meeting this week of the directors of the Corn Exchange Bank Trust Co. of New York Calvert Brewer was
elected a Vice-President. Mr. Brewer was formerly VicePresident of the United States Mortgage & Trust Co. In
the Corn Exchange he will have charge of the trust department.
Incident to the issuance of its statement covering the first
six months of operation, Oscar F. Grab, Executive Vice-PresPresident of the Lefcourt Normandie National Bank of New
York announces that the bank has been granted a Trust
company charter and the name of the institution will be
changed to The Lefcourt National Bank and Trust Co. It
Is also stated that plans for further expansion include the
acquisition of the Claremont National Bank on an exchange
of stock basis which it is expected will shortly be submitted
to stockholders. Permission has also been granted for the
establishing of an additional branch at 26th Street and Seventh Avenue.
The financial statement of The Lefcourt Normandie National Bank of New York made public this week shows as of
July 15 1929 deposits of $15,105,804, which compares with deposits on March 27 1929 of $11,704,537, or an increase of $3,401,267. The institution has a paid in capital of $2,000,000
and surplus of $1,000,000. Undivided profits total $442,650
compared with $404,253 previously reported. Total resources show an increase for the period of $3,480,073, the
total on July 15 being $19,033,083 as compared with $15,553,010 on March 27.
The "Evening Post" of last night (July 19) said with referMargaret Reynolds, Librarian of the First Wisconsin Naof the Bank of America with the Chatham
tional Bank, Milwaukee, has been elected a Vice-President ee& to the merger
Phenix National Bank & Trust Co.:
of the National Association.
Chatham Phenix
The terms of the merger of the Bank of America and the
----afternoon,
National Bank & Trust Co., as reported in financial circles this
ITEMS ABOUT BANKS, TRUST COMPANIES, ETC. will be based on an exchange of one share of the consolidated institution
Chatham and 1 si shares of the consolidated institution for
Arrangements were reported made for the transfer of a for one share of Bank of America and a cash bonus of $5 a share to Bank of
one share of the
New York Stock Exchange membership for $455,000 as America stockhilders.
be made
The definite announcement of the terms had been expected to
compared with $113,000 the last preceding sale.
settled by the officials of the two
All previous high records were broken this week when
arrangements were .reported made for the sale of five New
York Curb Exchange memberships at steadily advancing
prices. The first was for $195,000, which compares with
$190,000, previous high record. The next was for $200,000
and to-day three were.reported sold for $215,000, $222,000
and $225,000.
this week. Most of the details had been
Institutions several days ago.
discussion.
The name of the combined institution was a major point of
name.
There was some question of the inclusion of Chatham Phenix in the
If this is done It is expected that ultimately the name will revert to Bank
of America National Association without any qualifications.
LI,Dr. A. H. Giannini will be Chairman of the enlarged institution, while
Elisha Walker will become head of the consolidated securities affiliate.
deitsThe consolidated institution will have resources of $825.430,295 and
posits of $631.924,904, based on statements at the close of business:June 29.
According to the "Wall Street Journal" of yesterday
A Chicago Board of Trade Membership is reported to
been sold for $40,000. The last preceding transaction (July 19), Bankshares Corporation of U. S. and Bankstocks
have
Corporation of Maryland have taken over a controlling interwas at $39,700.
est in Midtown Bank of New York,capital $500,000. Aaron
At the special meetings of stockholders of The Equitable Sapiro, Chairman of Bankshares Corporation, it is stated,
Trust Company of New York on July 18 the marger agreement has been elected President of Midtown Bank, and P. E.
dated July 2, 1929 providing for the merger of the Seaboard rassler, formerly President, has become ExecutivefficeBank of the City of New York into The Equitable Trust President. All other officers remain unchanged.
Company of New York was approved. The agreement dated
The directors of the Empire Trust Co. of New Yorklon
July 2, 1929 providing for the purchase of all of the assets
July 16 voted to split the stock five for one, reducing the par
. of the Seaboard National Corporation by The 'Equitable
value from $100 to $20.
Trust Company of New York was also approved and the
capital stock of The Equitable Trust Company of New York
Plans to increase the capital of the Claremont National
was increased from $30,090,000 to $46,500,000.
Bank of New York from $500,000 to $750,000 were ratified
The stockholders of the Seaboard Bank of the City of New by the stockholders on July 15. It is proposed to issue 10,York also ratified on July 18 the merger agreement between 000 new shares to present stockholders at $37.50 a share.
the Seaboard Bank and the Equitable Trust Company. Ac- Rights to subscribe to the new stock will be given to sharetual consolidation is to become efective on or about Septem- holders in the ratio of one share for every two shares held.
ber 16th. References to the proposed merger appeared Rights will expire on July 30. .
in our issues of May 18 page 3290 and June 22 page 4098.
The Gotham Loan Co. of New York which has received
At the meeting of the Board of Trustees of The New York approval from the State Banking Department to increase
Trust Co. on July 17 Charles P. Luckey was appointed an its capital from $500,000 consisting of 5,000 shares with a
Assistant Vice-President.
par value of $100, to $1,000,000 consisting of 50,000 shares
424
FINANCIAL CHRONICLE
with a par value of $20 per share, announces through its
president, James A. Hoyt, that stockholders of record July
22, will have the right to subscribe to shares of the new
capital stock. August 21, 1929 has been fixed as the final
day by the executive eommittee on which shareholders shall
be entitled to exercise their subscription rights and pay for
the stock. Holders will receive warrants pro rata to their
holdings entitling them to purchase the new shares at the
rate of $26 per share. This is proportionately the same as
the price of $130 at which the original stock was offered,
Mr. Hoyt states in his letter to stockholders.
[Vol,. 129.
On July 15 National City Bank of New York opened its
Livingston Branch, at Livingston Street and Flatbush Ave.,
Brooklyn. This is the 13th branch of the bank in Brooklyn
and the 34th in Greater New York. The new branch will
offer full banking and investment facilities of the National
City organization.
The National Exchange Bank and Trust Co. of New York
now organizing announces it will soon open its stock subscription books. The stock will be offered at $115 and will be
composed of one share of National Exchange Bank and Trust
and one share of the newly-formed Exchangebanc Financial
Corporation. The $65 which represents the bank stock
share of each unit is computed on the basis of $25 par value
$25 surplus and $15 undivided profits. The Exchangebane
Financial Corporation has been organized with a capitalization of $2,000,000 and ownership of its securities is synonymous with ownership of securities of the bank. Officials of
the new company further announced that the stock has
already been over-subscribed and that the allotment committee has been appointed which will be guided largely in its
decisions by the extent of co-operation each subscriber
can give the bank. Both the National Exchange Bank and
Trust and the Exchangebano Financial Corporation will
be located in the new 16-story building of the National
Title Guaranty Co. at 185 Montague Street, Brooklyn
,
which will be opened late this Summer. Both companies
have been formed by a group of officers and directors of
the
National Title Guaranty Co. and others and the affiliati
between these institutions will be closed. The organization
of the new bank was noted in our issues of June 1, page
3628 and July 6 page 79.
Authority has been granted to the Banco Nacional
de
Mexico to maintain an agency at 52 William St. New York
City, under section 145 of the banking law. The new
agency
was opened July 14. Roberts Riveroll, formerly
acting
as representative is the agent in charge.
George L. LeBlanc, Vice-President of the Equitable Trust
Co. of New York, in charge of the foreign banking department of that institution was elected President o the InterState Trust Company, at a meeting of the directors on July
15. George S. Silzer, former Governor of New Jersey and
President of Inter-State was elected to Chairmanship of the
Board of Directors. Mr. LeBlanc will assume his new duties
on August 1. Mr. Le Blanc, has been affiliated with
the banking field for approximately 30 years. His first
entrance into the field was in 1900 with the foreign department of the American Express Co. of which he was Manager
when he resigned in 1914. In The later year he joined the
Equitable Trust Co. and in 1916 was elected Vice-President
in charge of the foreign department. In 1921, Mr. Le Blanc
organized the Equitable Eastern Banking Corporation and
was elected President of this institution.
Because of his knowledge on foreign banking and trade
relations, Mr. Le Blanc was appointed a member of the first
bankers committee organized after the outbreak of the
world war for the purpose of making possible the lifting
of the foreign moratorium and the resumption of trade and
business relations between the United States and foreign
countries. Incident to the changes in the Inter-State
Trust Co. it is pointed out that the creation of the Chairmanship of the Board was necessitated by the marked growth
of the trust company and that Governor Silzer will continue
With reerence to the affairs of the defunct private bank of
active in the institution, which now has assets exceeding $55,000,000. Isaac Alpern, Executive Vice-President will con- L. Scotto & Son, Brooklyn, which failed the latter part of
tinue as Chairman of the Executive Committee. Rudolph September 1928, the New York "Times" of July 17 printed
L. Epple was elected Vice-President of the Inter-State Trust the following:
Checks amounting
Co., and will be manager of the foreign department, which mailed yesterday by to $95,798. representing a first payment of 10%, were
the trustees of the estate of Raphael Scotto to 1,533
deposition he formerly held with the Equitable Trust Co.
positors in the savings department of the defunct private bank of
L. Scotto &
Son of 238 Columbia Street, Brooklyn. The payment was
authorized by
At the annual meeting of the Robert Morris Associates at Edward C. McDonald, referee in bankruptcy.
The claims of the savings depositors, excluding 60 which are contested,
Lansdowne, Pa., Chester A. Rude, Vice-President of the
total $957,980. Yesterday's payment did not include
Citizens National Trust and Savings Bank was elected of the Scotto bank. They will have to wait until the general creditors
there is a liquidation of
Second Vice-President. This is a national organization of the general assets.
Edward Ward McMahon, counsel for the trustees,
financial credit executives, and this election places Mr. the liabilities
said recently that
would amount to about $1,250,000 and the
assets to about
Rude in line for the presidency two years hence.
6600.000. Mr. McMahon said that the final settlement
would be about
50%.
Robert W. Daniel, President of Liberty National Bank
Closing of the bank was noted in the "Chronicle"
of Oct.6
and Trust Co. in New York, announces the appointment of last, page 1900,and its affairs
referred to in subsequent issues.
William Dignan as Assistant Vice-President of the Bank
Stockholders of the Central Trust Co. of
in charge of its Bond and Securities Department. Mr.
Cambridge,
Dignan was formerly associated with Montgomery and Co. Mass., on July 9 approved the recommendation of the
directors to reduce the par value of the stock from $100 to
and the Belmont Trust Co. of Philadelphia.
$10
a share, according to the Boston "Transcript" of
July 10,
• Payment having been made on July 15 for 300,000 shares which went on to say: The
Central Trust Co. is said to be the
of the capital stock sold to the brokers' group headed by largest trust company in the
United
Smith & Gallatin. The Continental Bank of New York local management and control. States under independent
July 16 put into operation its broader service made possible
through the addition of $13,500,000 to its capital structure
An increase in the capital stock of the Rhode Island
Trust
and that of its securities affiliate. "Now that the detail of Co. of Providenca, R. I. from $
,000,000 to $4,000,000 was
putting through the capital increase has been cleared away," authorized by the directors
of the institution on July 9,
said Frederick Hornby, President of the bank, "we are according
to the Providence "Journal" of the following
beginning to shape concrete plans for the expansion of the
day.
Bank's business and expect to be able to announce them Each stockholder of record at the close cf busines July 9
shortly." He further said:
is entitled to subscribe to the new issue, consisting
of 1,000
"One phase of the expansion program that has definitely been decided shares of the par value of $1,000
a share, at the price of
upon is the establishment of a trust department for handling both cor$4,000 a share, in the ratio of one new share for
porate and personal trusts. We also will install shortly a stock transfer
every three
department. This will, of course, entail additional executive personnel shares then held. The right to subscribe to
the new stock
and we are working on that now.
expires Oct. 10 next. The Providence paper went
on to say
"You cannot take an institution with capital funds of $2,500.000 and
in part:
step it up in less than three months'
time to an institution with capital of
Subject to the approval of the Board of
$6,000,000 and surplus and undivided profits of 311.000,000, to make no
Bank Incorporation, the present
mention of forming a securities company with $3,000,000 paid-in capital, plan is to declare a stock dividend of 25% to stockholders of
record April 28
and completely round out your organization simultaneously. We have our 1930. New stock subscribed for under the present recapitalization plan
will
policies and general program mapped out and now that we have the capital participate in this stock dividend.
According to a statement given to stockholder
to carry them through we expect to move forward rapidly.
s of the bank, directors ex"Already we have experienced a satisfactory growth in business, starting pect that after April 28 1930 cash dividends at the rate of at
least 16%
from the time announcement was made of the plan for issuing new stock per annum will be paid on outstandino• capital shares.
to the brokers' group. The final returns show that substantially more than
From the Boston "Herald" of July 15 it is learned
four hundred Stock Exchange and Curb houses, their associates and other
that
Wall Street interests subscribed to the stock offered by the Smith & Gal- the stockholders of the
Lexington Trust Co. of Lexington,
latin group."
Mass., control of which was recently acquired by the ShawPrevious references to the increase in capital will be found
National Assn., have approved reduction of the
par
in our issues of June 8, page 3769; June 15, page 3948 and mut
value of the banks shares from 8100 to $20 a share and fiveJuly 6, page 78.
new shares have been issued for each old share outstanding.
JULY 20 1929.1
FINANCIAL CHRONICLE
425
G. F. Mansell of G. F. Mansell & Co., public accountants,
The bank's capital has also been increased from $50,000 to
$150,000, consisting of 7,500 shares of the par value of $20 , was appointed President of the Erie Avenue Bank of Cincina share. The 5,000 shares of now stock issued as a 200%; nati at a meeting of the directors on July 10, according to
stock dividend to stockholders of record July 15. To permit the Cincinnati "Enquirer" of the following day. Mr.
the issuance of the additional shares $100,000 was transferred Mansell succeeds Charles M. Dean, who resigned because
from surplus to capital stock.
of pressure of other duties. Mr. Dean, who had been
President of the bank since its organization in 1927;continues
Stockholders of the Revere Trust Co., Revere (Boston), as a member of the Board of Directors. No other change
Mass., have voted to change the par value of the capital were made in the personnel of the institution.
stock from $100 to $20 a share and to issue five new shares for
each old share outstanding, according to the Boston "Tran- - On July 11 the United States National Bank of Omaha,
script" of July 16, which also stated that the authorized Neb., and its affiliated institution, the United States Trust
capital of the institution has been increased from $100,000 Co., announced their union with the Northwest Bancorporato $200,000, consisting of 10,000 shares of the new par value. tion of Minneapolis—the recently formed holding company
It was furthermore stated that the additional 5,000 shares of which E. W. Decker, President of the Northwestern
authorized are being offered to stockholders at $22 a share, National Bank of Minneapolis, is Chief Executive. The
each present share carrying the right to buy one new share, addition of the Omaha banks gives the Northwest Bancorporrights to expire Aug. 31.
ation it is understood, combined resources of more than
We are advised that a spec-ial meeting of the shareholders $240,000,000. Both the acquired banks will continue to
of the First National Bank of Toms River,N.J., will be held operate under the same local management, the only changes
on Aug. 9 to vote on a proposed increase in the bank's being that Robert P. Morsman, President of the institutions
capital from $300,000 to $350,000. If the increase is ap- has become a Vice-President of the Northwest Bancorporation
proved, the directors will offer the new stozk, consisting and five directors of the United States National Bank and
of 2,000 shares of the par value of $25 a share, to the stock- the United States Trust Co. have been made members
holders at the price of $80 a share. Of the proceeds ($160,000) of the Board of Directors of the bancorporation. The
$50,000 ill be added to capital account and $110,000 to sur- United States National Bank, which is said to be the oldest
plus and undivided profits account, increasing the latter banking house in Nebraska, was established as Barrows,
from $260,000 to $370,000,and thereby giving the institution Millard & Co. in 1856. Until 1883 this company operated
combined capital, surplus and undivided profits of $720,000 as a private banking firm, when it was transformed into
and increasing its resources to approximately $4,200,000. the United States National Bank. The United States
It is expected the rights will call for payment early in October. Trust Co. was organized in 1913 and was purchased by the
United States National Bank in 1918. Officers of the NorthThe proposed consolidation of the Manayunk-Quaker west Bancorporation, in addition to President Decker,
City National Bank of Philadelphia and the Southwark are as follows: J. C. Thomson, Vice-President and General
National Bank of that city was consummated on July 15, Manager; Robert E. Macgregor, Vice-President and Treaswhen the new institution—the Commercial National Bank urer; H. D. Thrall, Vice-President and Assistant Treasurer;
& Trust Co. of Philadelphia—began business. It maintains E.J.Weiser,Theo.Wold, Hanford MacNider,and Robert P.
the following offices:
Norsman, Vice-Presidents, and D. R. West, Secretary.
Mananyunk Bank office, Main and Levering Streets; Southwark Bank
With reference to the stock basis on which the merger
office, 610 South 2d Street; East Falls office, Ridge and Midvale Avenues:
Central City offices, 1515 Chestnut Street and 721 Chestnut Street.
was effected, the Omaha "Bee-News" of July 11 said in
The new organization, according to the Philadelphia part.
United States National Bank stock was selling three weeks ago at $240
"Ledger" of July 16, has combined capital, surplus and
undivided profits of $4,500,000; deposits of $23,500,000, a share. The price of the stock has remained during the three weeks between
$240 and $250.
and total resources in excess of $31,000,000. The principal
Under the terms of the merger, made public Wednesday, the holder
the "Ledger" of July 15, are as follows: of each share of stock in the United States National is offered his choice of:
officers, as named in
1. $425 cash for each share.
Clarence F. Hand (former Chairman of the Board of the
2. Right shares of Northwest Bancorporation stock of par value $50
Manayunk-Quaker City National Bank), Chairman of the each, for each United States National share.
3. Cash payment of $212.50 and four shares Northwestern BancorporaBoard of Directors; W. W. Foulkrod, Jr. (former President
tion stock of par value $50, for each United States National share.
of the Southwark National Bank), Chairman of the executive
The merger therefore enhanced the value of the 11,000 United States
committee; R. Bruce Wallace (former Vice-Chairman of National Bank shares between $175 and $185 each, or a total enhanced
value of between $1,925,000 and $2,035,000, depending on whether the
the Board of the Manayunk-Quaker City National Bank),
Vice-Chairman of Lae Board o Directors, and Wil am A. stockholder considered his old stock worth $250 or $240 a share.
If the United States National shareholders take Northwest BancorporaDyer (hereto ore President of the Manayunk-Qual.ser City tion stock, they must agree not to sell it before Feb. 1 1930, without first
ational Bank), President. Reference was made to the ap- giving the company the chance to purchase it at $53.12 .
However, the Northwest Bancorporation stock has now a market value
proaching merger of these banks in the "Chronicle" of June
of $75 a share. The 11,000 shares of United States National bank stock.
1, page 3629.
at $240 a share, would have a market value of $2,610,000. The 88.000
share,
Northwest
At their special meeting on July 15, stockholders of the shares of $6,600.000.Bancorporation stock, at $75 a in valuewould have
in prospect
a value of
an increase of around $4,000.000
Girard Trust Co. of Philadelphia approved the proposed for the United States National shareholders if they hang on
The merger was accomplished with great secrecy.
reduction in the par value of the bank's stock from $100 a
share to $10 a share,recommended by the Board of Managers
The Union Planters Bank & Trust Co.of Memphis,Tenn.,
on May 9, according to the Philadelphia "Ledger" of July
16. Ten shares of new stock will be issued for each share after 60 years of existence as a State institution, has been
nationalized and on July 10 began business as the Union
of old stock outstanding.
Planters National Bank & Trust Co. The institution
Cheri B. Ferguson, P esi-dent of the Ohio Valley Trust
together with the Manhattan Savings Bank & Trust Co. of
Co. of Coraopolis, Pa. and of the Coraopolis National Bank, Memphis which has been under joint management with the
died on July 5 af er aprolonged illness. The de eased Union Planters Bank 8inc3 the early part of the year, formbanker was born in Independence, Pa. in 1873 and was
ing the Union Planters-Manhattan group has capital funds
graduated from Washington and Jefferson College in the
of $11,200,000 and resources in excess of $50,000,000. No
1893. He entered the banking field in 1901, upon
Class of
changes have been made in the directorate or in the personnel
the organization of the Ohio Valley Trust Co., of which he of the bank under the new charter, according to the Memphis
becami Secretary and Treasurer. Following th death of his "Appeal"
of July 10, the officers remaining as follows:
father, John A. Ferguson, in 1910, Mr. Ferguson became Frank Hayden, President; William White, Executive VicePresident of the Ohio Valley Trust Co. and also of the Cora- President; Gilmer
Winston, John J. Heflin, Edward Tefft,
opolis National Bank, both of which institutions were R. H. Gentry, Frank S. Bragg and Nuland Fontaine, Vicefounded by his father. The deceased banker was al.o at Presidents, and R. H.
Matson, Vice-President and Cashier.
the tim of his death a membe of the Pittsbu gh Chamber
of Commerce.
Following the suspension of business of the State Bank of
Portsmouth, Portsmouth, Va., on July 10, pending the
The Mellon National Ba-nk of Pittsburgh announces
appointment o7 a receiver, George Larkin, Cashier of the
the appointment of Ray Harrison as Assistant Cashier. institution, was
arrested on the evening of July 12 for alleged
comes to the Mellon bank from the National
Mr. Harrison
defalcation of $120,000 of the bank's funds on a warrant
Bank of Commerce, New York. For the past two years Mr. sworn out by M. E.
Bristow, Deputy Commissioner of the
Harrison has been representing the New York Bank in
State Bureau of Insurance and Banking, according to the
Chicago.
Norfolk "Virginian" of July 13. The former Cashier, it is
426
FINANCIAL CHRONICLE
[VOL. 129.
stated, confessed to the shortage. Discovery of the facts examiners for official audits. This examination, now completed, substantiates our statement that the
which led to the confession by Larkin and his arrest, came an immediate resumption of bank was in first-class condition and authorizes
business.
while a committee of bankers was working with Deputy
This announcement, it was said, was followed by a statefor the
Commissioner Bristow to find what sould be done
ment from Col. J. C. Persons, President of the Americanrelief and protection of the bank's depositors. Subsequently
Traders' National Bank of Birmingham, that the AmericanMr. Bristow issued the following statement:
Traders' Securities Corp., a subsidiary, had agreed to
The contemplated solution of the difficulties of the State Bank have been
found impossible. A large shortage has developed. The cashier, Mr. purchase 51%, or more, of the stock of national banks that
George Larkin, is responsible, having made a complete confession.
will be established at Woodlawn and Leeds. .These banks
The substance of the latter is the following:
will act as liquidating agents for the Woodlawn Savings
"Realizing that the current audit of the State Bank of Portsmouth is
useless by reason of my shortage of about one-hundred and twenty thousand Bank and the Leeds State Bank, and will reduce the liquidat(1120,000) dollars, I hereby confess that I have embezzled that amount, ing costs, thereby netting the depositors more on every
more or less."
"No other person or persons are involved or had any participation in dollar, Horace Milkinson, Liquidating Agent for the banks,
said. The same paper went on to say:
this shortage. I make this statement of my own free will and accord."
His statement is then signed and sworn to as of this date.
The State Corporation Commission on Wednesday authorized the application for a receivership, which will be proceeded with without further delay.
The closed State Bank of Portsmouth, according to the
oVirginian" of July 11, was capitalized at $75,000 and besides
its main office at 336 High St., maintained a branch office
in Port Norfolk. Suspension of business, pending an examination of the institution, was determined upon in the
interest of the depositors after a large number of withdrawals had been made from the Port Norfolk branch on
July 9and some unusually heavy withdrawals had been made
also at the main office.
Effective July 15, the Amer can National Bank of Portsmouth, Va., has purchased the assets and assumed all liability to the depositors of the First National Bank of that
city. The American National Bank, has resources of more
than $6,000,000. According to the Norfolk "Virginian" of
July 15, announcement was made that the directors of the
First National Bank had requested the American National
Bank to take over the assets of the First National Bank for
the protection of its depositors. After a thorough and careful examination of the condition and affairs of the institution
by officers of the American National Bank, in conjunction
with J. A. Armheim, a national bank examiner, the solvency
of the First National Bank was demonstrated beyond question, its only trouble being a shortage of cash due to unusual
withdrawals during the last week.
The new Woodlawn National Bank. with J. P. Rhodes, of the First
Avenue Coal & Lumber Co., as its head, will have a capital stock of $100,000
and surplus of $25,000. This amount was subscribed by noon Saturday,
Wilkinson said, adding a charter for the national bank had been asked from
the comptroller of currency at Washington. Stockholders and directors of
the old Woodlawn bank subscribed the 49% of the bank stock, within 24
hours after Wilkinson explained the plan to them at a meeting Friday
night.
The new national bank at Leeds will have capital stock of $25,000 and
surplus of $15.000. A committee composed of B. E. Merrell, chairman:
Judge W. L. Acuff, C. R. Rew, S. R. Hurst and J. M. Spruell, will attend
to the organization features and make application for the national bank
charter.
A similar offer is expected to be made the Avondale depositors and stockholders by the American-Traders officials, Wilkinson said. . . .
The reorganization committee of the City Bank & Trust Co. Is going
forward with its plan and hopes to open the doors of the bank by Aug. 1.
Reorganization plans of this bank call for a paid-in capital of $200,000 and
surplus of $50,000, most of which has been subscribed.
The Citizens' National Bank of Vicksburg, Miss., capitalized at $100,000, was placed in voluntary liquidation on
June 27. The institution was absorbed by the First National
Bank of Vicksburg.
George E. Patterson, Executive Vice-President of the
Fourth National Bank of Macon, Ga., until its failure in
November last, died suddenly of heart disease on July 4,
according to advices from Macon on that date to the New
York "Times." At the time of his death Mr. Patterson was
under bond for $25,000 in the Federal Court for alleged
misapplication of funds of the bank prior to its closing. He
had served with banks, the dispatch said, in Alabama and
Jacksonville, and with the National Bank of Commerce in
New York, from which he went to Macon as a Vice-President of the Fourth National Bank. The charging of the
deceased banker under a Federal warrant with the "misapplication of the institution's money, funds and credits"
aggregating $50,000, was noted in our issue of February 16
last, page 1009.
An Associated Press dispatch from Macon, Ga., on July
10, printed in the Atlanta "Constitution" of July 11, stated
that according to an announcement made that day, another
dividend of 15% will be paid to the depositors of the Fourth
National Bank of Macon, which closed on Nov. 26 last
year. This makes a total of 65% paid, a previous dividend of
50% having been paid early in the year. The 15% dividend
will amount to more than $980,000, the dispatch reported.
The failure of the Fourth National Bank of Macon was
Herbert D. Ivey, heretofore a Vice-President of the Citinoted in our issue of Dec. 11928, page 3044.
zens' National Trust & Savings Bank of Los Angeles, and
From the Raleigh "News and Observer" of July 17 it is connected with the institution for more than a quarter of a
century, has been appointed President to succeed the late
learned that four North Carolina banks are to be merged into
J. Dabney Day. Other changes in the bank's personnel
a new organization to be known as the North Carolina Bank
are the promotion of C. Sumner James,formerly a•Vice-Pres& Trust Co., whose resources, it is understood, will approxi- ident, to
the office of Executive Vice-President, and the
mate $45,000,000. The institutions involved are the
appointment of E. T. Pettigrew and L. 0. Ivey, heretofore
Citizens' National Bank of Raleigh, which recently acquired Vice-Presidents, as Senior Vice-Presidents.
E. Clem Wilson
the Rocky Mount National Bank and the Rocky Mount was made a member of the
executive committee. An official
Savings & Trust Co.; the Atlantic Bank & Trust Co. of announcement in the matter goes on to
say:
Greensboro, the American National Bank & Trust Co. of
The new President was born near San Antonio, Texas, in 1885, and came
Greensboro, and the Murchison National Bank of Wilming- to Los Angeles in 1902. On January 2 190:1, he secured his first position
ton. W. S. Ryland, President of the Citizens' National with the Citizens' National Bank as messenger. During the intervening
years he had filled practically every pcsltIon in the bank, and is often in
Bank of Raleigh, is slated to head the new institution.
demand as a speaker on the various problems arising in banking and
finance.
He is the author of a te4book on bank operation, and has been a frequent
With reference to the banking situation in Birmingham, contributor to banking publications.
He first received official promotion in October 1911, as assistant cashier,
Ala. and vicinity, where five banks eloded recently within a
in 1918 became cashier.
following the war brought
period of 12 days, the Birmingham "Age-Herald" of July 14 and banking problems andThe ensuing yearsskill shown by Mr.
many
the e tceptional
Ivey
reported that "all traces of pessimism that followed the In meeting them, while maintaining the rapid growth of the institution was
recognized by the directors by his promotion to a Vice-Presidency in 1923.
closing of the banks had disappeared and bankers, deposiC. Sumner James became assistant trust officer of the Citizens' Trust
tors
' and stockholders were jubilant." The institutions and Savings Bank, in 1919, then trust officer, and in 1921 was elected
which closed as noted in the "Chronicle" of July 13, page Vice-1 resident. In 1926 he became E ,ectitive Vice-President of the Citizen's
Trust & Savings
227, are the Avondale Bank & Savings Co.and the City Bank Bank last year. Bank which was consolidated with the Citizens National
& Trust Co. of Birmingham (both of which were headed by
E. T. Pettigrew. has been with the Citizens' Bank since 1901. He was
J. B. Lassiter), the Southside Bank of Birmingham, the elected Assistant Cashier in 1903, Cashier in 1912, and Vice-President in
1918.
Woodlawn Savings Bank, and the Bank of Leeds. The
L. 0. Ivey, a brother of the newly elected President, entered its service
first definite announcement of the reopening of any one of in 1903 and has been for many years in charge of commercial loans. Ile was
the institutions came, the Birmingham paper said, on Satur- elected Vice-l'relsdent in 1923. A third brother, T. E. Ivey, is also promnent in Los Angeles banking, being Vice-President of California Bank.
day (July 13) when J. B. Maynor, President of the SouthMr. Wilson of Wilson Willard Manuracturing Co., who has been elected
side Bank, announced that his institution would re-open for to, the executive committee of the bank, is well known in Los Angeles
business at the regular banking hour Monday morning, business circles and has been a director of the bank for a number of years.
July 15. A public announcement over Mr. Maynor's name
The closing on July 12 of the Pan-American Bank of
said:
California, Los Angeles, with commercial assets of $2,280,801
compliance with the banking laws of Alabama, upon closing the bank
In
we immediately turned the books of the institution over to State bank and savings deposits of $2,217,123, under orders of Will C.
JULY
20 1929.]
FINANCIAL CHRONICLE
427
Woods, State Superintendent of Banks for California, was
reported in advices by the Associated Press from Los Angeles
on that day, printed in the San Francisco "Chronicle" of
July 13. Bad loans and a $15,000 monthly rental of banking
quarters were given as the principal reasons for the bank's
embarrassment. Mr. Wood was reported in the dispatch
as saying "I assume from the records I have examined,
there will be little if any loss to depositors." The PanAmerican Bank of California, which had about 19,000 depositors, was opened in Dec. 1926. Recently W. G. Barnheisel, representing San Francisco interests, became President
of the institution, -succeeding Leo M. Meeker. In a dispatch from Los Angeles on July 12, appearing in the Wall
Street "News" of July 13, Mr. Barnheisel was credited with
the following statement:
THE CURB EXCHANGE.
Curb Exchange trading was again in large volume with
the trend of prices upward though movements were accompanied by considerable irregularity. Utility stocks were
again the leaders. Allied Power & Light, com. was conspicuous for a rise of 18 points to 110, though it reacted to
107 and closed to-day at 1083/s. Amer. Light & Tract.,
corn. sold up from 282 to 315, eased off to 304 and ends the
week at 309. Central States Elec. corn. on few transactions
advanced from 165 to 184. Columbus Elec. & Pow. gained
almost 15 points to 130. United Gas Impt. after early loss
from 282 to 268 sold up to 2993 , the close to-day being at
%
2983 . Industrial and miscellaneous issues show a few
4
The bank has been operating in the past year at a loss of at least $10,000
per month and as time goes on it develops that there are more poor loans changes of importance. Aluminum Co. of Amer., corn.
than were originally discovered. The bankina commissioner has pointed rose from 3903' to 4153-i. Amer. Chain, corn. improved
out that the bank is faced with an impairment of capital of at least $150.000.
from 233/i to 393 ,with the final transaction to-day at 363/s.
4
including the wiping out of all surplus and undivided profits.
Subsequent advices from Los Angeles (July 16) to the Deere & Co., corn. ran up from 576 to 635. General Realty
Wall Street "Journal" contained the following:
& Utilities, corn. sold up from 25% to 36 and at 3538 finally.
In connection with closing of Pan-American bank July 12, Will C. Wood,
State Superinteneant of Banks, said that nothing could be definitely Nat. Investors Corp., corn. advanced from 743/s to 1083/2.
determined about the condition of the institution until audit of books had Stone & Webster, Inc., corn. was a feature, selling up from
been made. This will take about 10 days.
It is understood that there has been action on part of minority stock- 1383-i to 1633'2 with a final reaction to 1573/g. Oils were
holders to raise sufficient funds to continue business. If such funds are
dull with price changes small.
forthcoming before final liquidation is completed there is a possibility that
the bank will remain open. Owners of the building stated that if re-orA complete record of Curb Exchange transactions for the
ganization could be arranged that consideration would be given to modiweek will be found on page 459.
fication of the existing lease.
An item referring to the affairs of this bank, appeared
in our issue of June 29 last, page 4266.
Announcement was made on July 10 by M. J. Connell,
Chairman of the Board of the Citizens National Trust &
Savings Bank of Los Angeles, that authorization had been
received from the Comptroller of the Currency to establish
four new branches of the bank.
One was opened in temporary quarters on Saturday, July
13 at 4730 West Washington Street, under the management
of J. R. McKee, formerly Assistant Manager at Sixth and
San Pedro branch. The new branch will be known as
Washington-Westview, after the street one block West
of the present location, to which the branch will move
as soon as a suitable building has been erected.
A second office will shortly be opened at Beverly and Fairfax: the other two proposed branches will be at Ninth and
Indiana, where the Bank will build at a later date, and in
the new University Village at Westwood.
Advices from San Francisco on July 9 to the Los Angeles
"Times" reported that consolidation of the Bank of Bishop
& Co., Ltd., First National Bank of Hawaii, First American
Savings Bank, Ltd., all of Honolulu, and the Army National
Bank of Schofield Barracks (Honolulu County) into a new
bank to be known as the Bishop First National Bank of
Honolulu, had been announced on that day. The dispatch
furthermore stated that the Bishop Co., Ltd., has been
organized as a holding company and its paid-in capital was
to be increased to $3,350,000, represented by 167,500 shares
of $20 parity. A dispatch from Los Angeles on July 1 to
the "Wall Street Journal" after stating that the merger of
these same banks would be effected the early part of July,
went on to say:
Bank of Bishop and Co., Ltd., is one of oldest banking houses in thy
islands and operates several branches.
According to latest available figures Bank of Bishop and Co. shows
shows capital, surplus, and undivided profits of $2,477.000 and deposits of
$22,226,240, with total resources of approximately $25,000,000. First
National Bank of Hawaii and First American Savings Bank have combined capital, surplus, and undivided profits of $949,800, with combined
deposits of $8,960,000 and total resources of $11,500,000. Army National
Bank of Schofield Barracks shows capital and surplus of $271.500, with
deposits of $2,188.000 and total resources of $2.500.000.
Without consideration of any affiliated companies this will give new consolidated Bishop First National Bank total resources of approximately
$42,000,000, making it the largest banking institution in the Hawaiian
Islands.
The First National Trust & Savings Bank of Spokane,
Wash. (capital $200,000) and the Fidelity National Bank
of that city (capital $500,000) were consolidated on July 9,
under the title of the First National Trust & Savings Bank
of Spokane, with capital of $500,000.
The directors of the Midland Bank Ltd. of London, announced on July 15 an interim dividend for the half-year
ended June 30 last at the rate of 18% per annum less income
tax, payable en July 15. The dividend for the corresponding
period of 1928 was at the same rate.
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET.
•
Week Ended
July 19.
Stocks
(No. Shares).
Bonds (Par Value).
Rights.
Domestic.
Foreign
Government.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
1,832,200
2,764,100
2,247,100
2,453,100
2,162,800
2,469,800
344,300
384,155
264,500
413,200
391,400
516,300
$764,000
1,271,000
1,419,000
1,444,000
1,704,000
1,529,000
$103,000
308,000
346,009
286,000
211,000
109,000
Total
13,929,100
2,313,855
$8,131,000
$1,363,000
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
There has been further manifestations of strength in the
New York stock market the present week. At first the
railroad issues .assumed the leadership, but later on the
steel stocks forged ahead. Motor issues have been more or
less heavy throughout the week, due to curtailment of production among some of the larger organizations. Copper
stocks have had spasmodic periods of improvement but these
demonstrations of strength have been short lived. The
weekly report of the Federal Reserve Bank made public
after the close of business on Thursday, showed a further
expansion of $58,000,000 in brokers' loans in this district.
Call money renewed at9% on Monday morning,advanced to
12% in the afternoon, and remained at that rate until after
midsession on Wednesday when it dropped to 8% and continued at that figure until the following afternoon when it
again receded to 7%. On Friday the renewal rate was
established at 8% but again dropped to 7%.
The market continued its upward swing during the two
hour session on Saturday and while there .were occasional
exceptions the general tone was fairly buoyant. The early
trading was featured by a wild demonstration in the railroad shares, New York Central forging ahead nearly 15
points to a new high at 234 and closing at 232 with a net
gain of 123 points. Chesapeake & Ohio followed and
4
raised its top eight points to 262. Pennsylvania hit a new
high above 94 and there were numerous other stocks in the
group that registered advances ranging from three to five
points. New high records were registered by American
Tel.& Tel. which crossed 250 for the first time in its history,
Western Union Telegraph which sold up to 2243, and International Tel. & Tel. which moved ahead nearly three points.
Numerous other stocks reached higher levels including Air
Reduction which improved 83 points to 1673i, Auburn
Auto Co. which gained seven points to 373, Columbia Gas
& Electric which moved ahead nine points, Commonwealth
Power which advanced 63/s points to 2263/s, Canadian
Pacific which was up about six points at the close and
Atcnison about eignt points. Copper shares were weak,
practically the entire list showing sharp los4es.
Railroad stocks were the outstanding features o ,he market on Monday and in the early trading new tops were
reached by several of the more active stocks including
428
FINANCIAL CHRONICLE
Pennsylvania, Rock I-land, Reading, Atlantic Coast Line
and Union Pacific. Chesapeake & Ohio also made large
gains as it spurted ahead to 275, while Norfolk & Western
at 260 was higher by 10 points. New York Central sold up
to 238 with a gain of six points and Baltimore & Ohio crossed
133 to a new peak. Atchison also added five more points
to Saturday's gain and closed at 2583.. Steel stocks were
weak, United States Steel slipping back about four points
to 1983' and Bethlehem and most of the independent steel
shares dipped from two to three points. Specialties likewise felt the downward urge, General Electric slipping back
to 343 with a loss of more than three points followed by
American Can, Montgomery Ward, Sears-Roebuck, JohnsManville and numerous active speculative stocks. Public
utilities were featured by American & Foreign Power which
shot upward 10 points to 1203/2. Other strong stocks were
Commercial Solvents, up 33/i points to 457%, International
Business Machine which gained nearly 12 points to 2431 ,
4
Federal Mining & Smelting which advanced 10 points to
260 and Texas & Pacific which sold up to 176 with a net gain
of eight points.
On Tuesday the stock market moved forward despite
the rate of 12% on call money. The strong stocksinclud d
steel shares, railroad issues and public utilities. Price
changes in the ea.ly trading were somewhat mixed, but
af er the first hour the market moved briskly forward. The
feature of the day was United States Steel, which moved
int new high ground above 205. Fleischman was the strong
stock (>1' the specialties group and bounded upward to a new
high above 97 where it closed with a net gain of five points.
Public utilities were represented (m the upside by Consolidated Gas which rose to a new top above 147, followed by
American Power & Light with a gain of nearly four points
to 1473.. R...ilroad stocks moved forward under the leadership of the same stocks that led the upward swing of the
preceding day. General Electric was particularly strong
and advanced six points to 349 and Westinghouse closed
with a net gain of 3% points. The industrial stocks assumed the market leadership on Wednesday, Commercial
Solvents forging ahead 11 points to a new peak above 480.
Remington Rand also shot ahead to a new top around 47.
International Harvester increased its gains and Air R duction again broke into new high ground above 177. Public utilities were close to the leaders, Public Service Co. of
New Jersey working up to a new record level followed by
Detroit Edison with a gain of four points to 319. Railroad
shares were represented in the adyances by Great Northern
which forged ahead four points to 125, the highest peak since
1916; Atchison also improved about five points and moderate
gains were recorded by St. Louis-Southwestern, and Chicago
G.eat Western pref. More activity was in evidence in the
oil issues and Simms sold at its best for the year and Pan
American "B" crossed 63. Fleischman broke into new
high ground above 98, Postum Cereal advanced two points
to 77 and Gold Dust sold close to 70.
On Thursday the market see-sawed back and forth, but
generally maintained a fairly buoyant tone throughout the
session. Public utilities were the outstanding strong stocks
and a number of the more active issues reached new record
tops. Public Service of New Jersey for instance sold up to
%
1193 ,United Corporation at 715 and United Gas Improve%
ment reached 59. In the specialties Johns-Manville moved
briskly forward into new high territory above 200 and closed
at 197 with a net gain of five points. Sears Roebuck and
Montgomery Ward did not do so well and each closed with a
loss of over a point. In the railroad group Southern Pacific
registered a new high above 147 but most of the other issues
were somewhat heavy. The oil shares improved, Pan
American Petroleum "B" selling up about two points. Commercial Solvents also improved 10 points, Electric Auto Lite
three points and United States Steel sold up to 2043., but
closed at 201% with a fractional gain for the day. Radio
Corporation gained 23/i points and American Machine &
Foundry did better by nearly five points.
On Friday Steel stocks and some of the railroad shares
and public utilities moved into new high ground. Railroad
shares were the outstanding strong stocks, particularly New
York Central which advanced to 237 where it was up more
than five points. Erie, Western Maryland, Del. Lack. &
West. and Kansas City Southern were also active at higher
levels. Steel stocks were well bought, Bethlehem Steel
selling up to 119. The spectacular advance of United States
Steel carried it to anew high in all time at 208X with a net
gain of 6%tpointE i.onithejday.§11Pablie utilitie attracted
[VoL. 129.
considerable speculative attention especially American &
Foreign Power and Public Service of New Jersey. Other
stocks noteworthy for sharp gains include Detroit Edison
which moved into new high ground at 3203 with a net gain
of 33. points, American Power & Light, Bendix Aviation,
Ingersoll Rand and United Gas Improvement. The final
tone was good.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE,
DAILY, WEEKLY AND YEARLY.
Railroad,
&e.,
Bonds.
State,
Municipal &
Foreign Bonds.
2,202.800
4,286,020
4.501.920
4,357,620
3,727,710
4,201,000
15.796,000
10,308.000
10.199,000
9.038.090
7.592,000
8,498,009
81,555,000
2,494.000
2.534,000
2.557,000
2,463,000
1,707,000
$738,000
695,000
426.000
1,438.000
266,000
649.000
23.277.007
II51_431.000
$13.310.000
84.212.000
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Sales at
New York Sock
Exchange.
Week Ended July 19.
1929.
Stocks
-No, of shares_
Bonds.
Government bonds_ _
State and foreign bonds
Railroad & misc. bonds
Total bonds
United
States
Bonds.
Stocks,
Number el
Shares.
Week Ended July 19.
Jan. 1 to July 19.
1928.
1928.
1929.
23,277.070
6.934,600
600.799,710
432,092,406
$4,212,000
13,310,000
51.431.000
85.210.500
12,445.000
25.256.000
172,932.700
343.202.650
1.080,077.000
$122,763,250
480,915,565
1,476,632,025
868.953,000 842,911,500 81.496.212,350 32.080.310,840
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston,
Week Ended
July 19 1929.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Prey, week revised
Baltimore.
Philadelphia.
Shares. Bond Sales. Shares. Bond Sales. Shares. Bond Sales.
*35,802
*61,290
*60.514
*55.629
*73.631
55,165
$25,000
16.000
23,000
42,020
23,000
11,000
a179.173
a193,584
a148,377
al60,676
a148.940
87.784
812,500
23,700
22,000
4,700
8,500
1,976
54.516
6,486
5,271
5.584
4,124
342,031
8140.020
918,534
871,400
27,957
879,000
322,083
8193,000
659.913
891.500
18 335
$119_900
84.100
5,000
21.000
21,200
21.700
0,000
* In addition, sales of rights were: Saturday. 2,470; Monday. 1.324; Tuesday;
5.522: Wednesday. 1,606: Thursday, 1,898.
a In addition, sales of rights were: Saturday. 9,300: Monday, 28.900: Tuesday,
12.100. Wednesday. 27,400; Thursday, 17,700, in addition, sales of warrants were:
Saturday, 8,600; Monday, 10,500: Tuesday, 1,000; Wednesday, 5,000. Thursday,
' In addition, sales of scrip were. Tuesday, 7-20.
b
COURSE OF BANK CLEARINGS.
Bank clearings will again show a very substantial increase
the present week. Preliminary figures compiled by us,
based upon telegraphic advices from the chief cities of the
country, indicate that for the week ended to-day (Saturday,
July 20) bank exchanges for all the cities of the United
States from which it is possible to obtain weekly returns will
be 30.6% larger than for the corresponding week last year.
The total stands at $13,678,919,162, against $10,475,532,738
for the same week in 1928. At this centre there is a gain
for the five days ended Friday of 46.3%. Our comparative
summary for the week follows:
-Returns by Telegraph.
Clearings
Week Ended July 20.
1929.
1923.
Per
Cent.
$7,404,000.000
616.466.047
489.000,000
469,000,000
157,719.077
125,800,000
178.876.000
178.835,000
168.387,297
190,923.259
140.777,666
91,520,639
45.937,627
$5,061,000,000
566,675,570
454,000.000
404.000,000
146,178,975
130.900,000
164,355,000
162,665,000
142.545.387
186,536.616
125.452,849
90,000,000
54.435,074
+46.3
+8.8
+7.7
+16.1
+7.9
-3.9
+8.8
+9.9
+18.1
+2.4
+12.2
+1.7
-15.6
Thirteen cities. 5 days
Other cities, 5 days
810,257,242,612
1,141,856,690
87.688,744,471
1,039,127,615
+33.1
+9.9
Total all cities. 5 days
All cities, 1 day
$11,399,099,302
2.279,819,860
88.727,872,086
1,747,660,652
+28.6
+30.4
$13.616.919.162 S10_475 AR9 755
-Lqn a
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
Total all cities for week
Complete and exact detai s for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch 44 the week endri to-day
,
(Saturday) and the Saturday figik%s will not be available
until noon to-day. Accordingly, in the above the last day
of the week has in all cases had to be estimated.
In the elaborate detailed statements, however, which we
present further below, we are able to give final and complete
results for the week previous
-the week ended July 13. For
that week there is an increase of 22.5%, the 1929 aggregate
of clearings for the whole country being $13,293,314,296,
against $10,851,485,196 in the same week of 1928. Outside
of this city the increase is only 5.2%, the bank exchanges
JULY 20 19291
FINANCIAL CHRONICLE
at this centre recording a gain of 34.4%. 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 33.8%, in the Boston Reserve District of
17.0% and in the Philadelphia Reserve District of 9.3%.
In the Cleveland Reserve District the totals are larger by
11.4%, in the Richmond Reserve District by 6.3% and in
the Atlanta Reserve District by 4.4%. In the Chicago
Reserve District the totals show a loss of 1.5%, in the
St. Louis Reserve District of 2.2% and in the San Francisco
Reserve District of 0.4%. In the Kansas City Reserve
District there is 7.1% increase in the Kansas City Reserve
District 0.3% and in the Dallas Reserve District 3.5%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS,
429
Week Ended July 13.
Clearings at
1929.
Inc. or
Dec.
1928.
Seventh Feder al Reserve D 'strict-Chi
-Adrian _
Mich.
313,411
277,307
Ann Arbor.
919,791
891.820
209.924,944 193./46.748
Detroit
Grand Rapids.
7,508.972
8.663.928
3,850,192
Lansing
3.376.072
-Ft. Wayne
Ind.
4.206,171
3,333.507
Indianapolis_
29,627.000
27,449.050
3,433,081
South Bend ._ _
3,858.500
6,242,020
Terre haute. _
6,961,789
Wis.-Milwaukee
39.900.175
47,786,785
lowa-Ced. Rap.
3,479,256
3,187.693
10,574.598
Des Moines_ _
9,979.342
Sioux City.
7.559.000
7,291,728
Waterloo
1,893,770
1,561,438
III.-Bloomhagton
2,100,205
1,812,095
689,315,510 716,975.896
Chica,
m
1,290,074
Decatur
1,388.998
5.817.306
Peoria
5,768.579
Rockford
4,222.790
3.1,01.893
Springfield_ _
3,253,905
2.912,188
Total(20 cities) 1,035,432,204 1,051,028.306
Week End. July 13 1929.
Federal Reserve Discs.
.
1st Boston ------1 cities
2nd New York_ _11 "
3rd Philadelpla 10 "
4th Cleveland__ 8 "
5th Richmond _ 6 "
6th Atlanta. ___13 "
7th Chicago _ _ _20 "
8611 St. Louis__ 8 "
9th hl Inneapolls 7 "
10th Kansaseity 12 "
5 "
1 1th Dallas
12111 San Fran_ _17 "
1929.
Inc.or
Dec.
1928.
5
578.101,572
8,867.811,714
551,992.002
485.959.083
187,495.066
187,674,419
1,035,432.204
212497,535
144,119.003
280,164,471
79,164.511
625,902.717
2
494,129.351
6,626.093,669
550,701,432
436.368,512
176,332,256
179.694,716
1,051.028.306
224,426,680
134.618.262
279.361.822
76.466,518
628,283,672
1927,
%
+17.0
+33.8
+9.3
+11.4
+6.3
+4.4
-1.5
-2.2
+7.1
+0.3
+3.5
-0.4
$
559.773,730
5,661.176.456
568,939,991
451,592,809
193,192847
194,210.039
1,044.094.968
226.136,908
126,658,476
270.822,881
71,363,936
567,519,340
1926.
$
570.534.678
5,643,475.822
620,312135
458,139.323
208.003.664
212,611,407
1.032.296,161
244,947,137
133,598.733
276,401,724
79,457,062
604,711,338
129 cities 13.293.314,296 10,851,485.196 +22.5 9
Total
935,488,381
Outside N. Y. City
4.593,895,615 4,366.306.249 +5.2 4.412,497,525 10.084,494,184
4,590,797,701
rfmn.r1,
4
_ _ _ _ _31 cities
507.155.433
470.423.849 -I- 7 5
4r.
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week Ended July 13,
Clearings at
1929.
1928.
First Federal Reserve Dist 'let-Boston
Maine-Bangor _
698,642
752.933
Portland
4.089.280
3,600,995
-Boston _ _ 510,029,160 436,700.000
Mass.
Fail River _ _
1,278,838
1,182.778
Lowell
1,502,488
1.398.508
New Bedford_
1.393,235
1,017,110
Springfield _ _ _
6.055.518
5.388.889
Worcester
4,212,907
3.888,573
-Hartford
Conn.
20.153.087
15,769,260
New Haven_
9,929,945
8,943.938
-Providence
R.I.
17,836,700
14,719,100
N. 11.-Manche'r
921,772
737.217
Total(12(Apes)
578,101,572
494,129,351
Second Feder al Reserve D strict
-New
N. Y.-Alb:911y _ _
7.387.183
6.399,283
Binghamton._
1.355.814
1,581.927
Buffalo
78.155,568
57.127.850
Elmira
1.338,317
1,375,642
Jamestown,
1,697.028
1384,920
New York... 8,699,418,631 6,485,178,947
Rochester
19.368,023
15.293.415
8,592,401
Syracuse
7.888.903
-Stamford
Conn.
3,687,027
4,744,66/
-Montclair
N. 3,
983,551
910,970
Northern N. J.
47.328,031
44,107,145
Inc. or
Dec.
1927.
1926.
-7.2
+13.6
+18.8
+8.1
+7.5
+33.1
+8.3
+27.9
+11.0
+11.0
+21.2
+25.0
866.953
4.203.142
496.000,000
2,156,203
1,443,816
1,454.922
5.817.838
4,153,534
20,238.491
7.891,074
14,821.800
725.957
821,434
3.868,775
515.000.000
2,039,139
1,311.211
1,605,270
6.955.528
5,268,771
16,793,371
7.613.701
15,320,700
901,775
+17.0
559,773,730
577,534,678
York.
+15.4
6,192,743
8,025,376
+17.4
1,373.400
1,388,600
+33.3
59.265,379
69,602,871
-2.7
1,103,012
1.127,850
+14.3
1,729,137
1.887,460
+34.4 5,522,990,856 5393.696.483
+26.6
14,879,280
14,748,116
+8.9
6,837,826
7,443,540
-22.3
4,643,883
3.811,044
+6.9
817.941
1,174.919
+7.3
41,342,999
40.569,563
Total (II cities) 8,867,811,714 6,626,093.669 +33.8 5,
6 ,176,456 5,643,475,822
61
Third Federal Reserve Dist rict
elphia
-A itoona _ _
1,729,536
Pa.
1,751,509 -1.3
Bethlehem
5,229.441 -0.8
5.190,193
Chester
1,364,912
1,512,457 -9.2
Lancaster
2,132.192
2,078,592
+2.6
Philadelphia._ 569,000.000 517,000,000 +10.1
Remit('•
4,466,789
4,317,256 +3.2
Scranton
6,454.008
5.985,9:12
+7.8
Wilkes-Barre
3,865,525
4.684,700 -17.5
York....2.701,
686
2,208.030 +22.4
5,087,161
N.J.-Trenton..
5,933,515 -14.3
601,992,002 550,701,432 +9.3
Fourth Feder al Reserve I) istrict.-Cle veland
8,284.000
Ohio-Akron. _
7,814,000
+6 0
5,815.401
Canton
4,598.002 +26.5
Cincinnati_ _
78.97)9,208
76,294,905
+3.6
Cleveland
166.876.513 146.630.262 +13.8
Columbus _
19.486.400
19,137,200 + 1.9
Mansfield
2.191.509
2,082.990 +5.2
Youngstown _
7.345.426
8,407,534 -12.6
Pa-Pittsburgh _ 196,980,623 171.403,619 +14.9
Total(10 cities)
1,743,943
4.735.101
1,835,006
2,262.939
531,000,000
4.941,590
6,778,740
4.0(13,218
1.4946.3(8
6,633,136
1,702,013
4,880,756
1,462.065
2,218,671
585,000.000
5,149,457
6,333.826
4,772.993
2,311,755
6.477,599
568,939,991
620,317,135
9,634.000
5,297,261
8:1.773,660
143,053.05'
20,632.10(
2,157,1160
7.394.769
179.650,604
7.537.000
5.029,058
84.873,654
141,522,866
21,906,200
2.364.620
7.111.963
187,793.962
436,368.512 +11.4
451.592,809
458,139,323
Fifth Federal Reserve Dist **Jct.-12109m ond.-1,275.048
1,282.275 -0.6
5.450.561
5,124,538
Va. Norfolk
+6.4
Richmond
41,883.000
__
41,058,000
+2.0
-Charleston
.2.000.000
•1.900.000
S.C.
+53
Md.-Baltimore _ 106,709,679
92,145391 +10.9
D.C.-Wash Mg Ix
30,176.775
29,821.552
+1.2
1,360,281
5,603,580
48,960,000
2.004,103
108.185,543
27,085,340
1,704.005
8.458.896
46.637.000
2,269,401
119,521.220
29,390.142
+6.3
193,198,847
208,003,664
Sixth Federal Reserve Dist rict.-Atlant ft.-Knoxville
03.500.000
3,407.770 +2.8
Tenn.
22,015,788
20,625.204
Nashville
+6.7
57.354,425
46.804,140 +22.5
Ga. -Atlanta
2,039,761
1,990,031
Augusta
+2.5
1,794,569
2,243.461 -20.0
Macon
16,009,236 -9.4
Fla.-Jack'nv Me •14,1000,000
2.268.000
2.377.000 -4.6
Miami
26.9(15.425
25.135.722 +7.3
2,025316
1,766.085 +14.7
Mobile
2,338,785
2,277,000 +2.7
Miss.- JaCkE10a
336,794
499.637 -32.6
Vicksburg
49.805,055
56.559,430 -11.9
La-New Orleans
.3,500.000
22.1169,952
51,693.780
1,971,703
2.348.593
20,382.464
3,495,000
25,990,515
1,675,234
2,016,683
376,863
57,586,252
.3,400.000
22,506,514
58.069.876
1,995,733
2.139,609
25.575,630
9,326,183
26,620,172
2.204,297
1,896.543
383,5(13
58,091,347
194,210.039
212,611,407
Total(8 cities).
Total(6 cities) _
Total(12 cities)
485.959,083
187.495,066
187,674,419
176.332.256
179,694,716
+4.4
Eighth Fedora Reserve Din tact
-St
.Lo
6,049.273
Imi -Evansville.
7,138,138
Mo.-St. Louis_ _ 139.000,000 147,400.000
40,830,769
37,066,315
Ky.-Loulsville
Owensboro _ _
425,777
421.176
16.637,422
Tenn.- Memphis
17,385.306
14,317,365
-Little Rock
Ark.
13,263,261
470,739
336,259
111.-Jacksonville.
1.766,100
1.413,225
Quincy
1927.
ago261,136
+3.0
913,615
+3.1
+8.4 187.878.290
-13.3
8.383,389
+14.0
2,679.879
+35.2
3,003.656
+7.9
28.334.000
-11.1
3.206,570
-10.4
5,982,883
-16.5
49.561.002
+9.1
2,954,791
+8.0
10,900,793
+3.6
6.670,153
+21.3
1,357,493
+15.9
1,626.036
-4.3 717.616.015
-7.1
1,399,477
+0.8
5.005.090
3,534.282
+ 11.1
+11.7
2.831,3,8
1926,
255,235
1.176,595
188,608.339
8.858,191
2,851,193
3,545,922
28.512,000
3,683.300
5.860,964
51.260,568
2.917,650
10,012,731
6.853.014
1,241,934
1.712.548
700.516,350
1,132,263
5.679.049
3.769,901
3,423,414
-1.5 1,044,094,968 1,032,296,161
nis-15.3
-5.7
+10.2
+0.4
-4.3
+7.9
+40.0
+25.0
7.249,397
148,300.090
38,734.215
362.322
16.255,587
13.415.882
359.287
1,460,188
6.400,864
159.300,000
42,063,483
374,020
20,098,418
14.613,908
367.894
1,698,550
-2.2
226,136,908
244,947,137
•
Ninth Federal Reserve D1s trict-Minn eapolls8,571,423
-Duluth _
Minn.
6,929,918 +23.7
7,740,793
98.801,659
87.332,703 +13.1
79,858.383
28.402,464
32,452,943 -12.5
St. Paul
31,866,565
2.255,185
-Fargo_ _ _
2.091,469 +7.8
N. D.
2,091,129
1,341,892
S.D.-Aberdeen _
1,500,559 -10.6
1,280.018
Mont -Billings _
705.656
664.670 +6.2
599,588
4,040,724
Helena
3,616,000 +10.8
3.219,000
8.398.685
85,404,524
32,136,779
2,020.194
1,609,112
631.301
3.395,138
Total(8 cities)-
Total (7 cities)
219,497,535
144,119,003
224,426,680
134,618,262
+7.1
126,658,476
133,598,733
-Kans as City
Tenth Federal Reserve Die trict
Neb.-Freinont
388,731
445,079 -12.7
.600.000
IlastIngs
565,385 +6.1
4,109.298
Lincoln
4.978,853 -17.5
Omaha
52,295,405
47,182,447 +10.8
4,722,160
Kan.
3,501,210 +34.8
-Topeka.._
11 837.770
Wichita
13,937,654 -15.1
Mo.-Kan. City. 165,702,513 161,932,570 +2.3
7,791,611
St. Joseph
7,052.537 +10..
Okla.-Okla.City
28,90(1,000
36,410.551 -20.6
1,835,124
Colo.
-Col. Spgs.
1,664,601 +10.2
a
Denver
a
1,981,856
Pueblo
1,690,935 +17.3
439.822
430.723
5,276.437
42,426.530
4,8:15,205
10,870,601
163,340.598
6.746.729
33.794,940
1,271.392
a
1349,904
408,202
500.532
4,807,050
40,293.267
4,319.443
11,826,000
169.572.426
7,595.411
34.456,870
1.357,242
a
1.265.281
270,882,881
276,401,724
1,495,012
44,591,476
14,013,849
5.880,000
5,315,599
1,413,196
45.391,991
16.091,814
11,077.000
5.477.058
71,363,936
79,457,062
Twelfth Feder at Reserve D istrict-San Franc( sco-Wmh.-Seattle. _
55,174,474
52,304,486
+5.5
48,641,749
Spokane
14.225.000
15.027,000 -18.6
14.516.000
Yakima
1,471,964
1,464.822
1378,601
+0.4
-Portland _ _
41,835,918
Ore.
45,991,879 -9.0
38,012.431
21.137,241
19,438,314 +8.7
Utah-S. L. City
17.026.357
-Fresno
4.133,453
_
Cal.
3,921,807
+5.4
3,684,657
_
9,661.998
Long Beach
9,100,916
+6.1
7.543.918
Los Angeles_ _ _ 213.344,000 215,108.000
198,136,000
21,231,645
Oak land
22.784.373 -6.8
20.110.623
Pasadena
7,628.442
6,958,568 +9.6
7.161,811
Sacramento _
9.020.624
9,406,025 -4.1
8,360,077
_
7,719,837
San Diego
7,114,163 +8.5
6.995.087
Francisco _ 206,979,558 207,616,420 -0.3 184,023.000
San
4,060.145
San Jose
3.759.299 -14.9
3.075.231
2.371.777
Santa Barbara_
2,193.916
+8.1
1.811.102
2.815,261
Santa Monica _
2,831,484
+0.5
2,73/1.046
Stockton
3.061,400
3,253.2(10 -5.9
3.401,500
50,605.378
14.967.000
1.799,993
42,678.506
19.148.339
4,000.469
7.956.889
190.148,000
28,223.020
6.797.477
9,292,076
7.252.552
209,935.000
4,090.310
1,7(19.129
2,815,771
3.291,400
Total(11 cities)
280.164,471
279.361,822
Eleventh Fede ral Reserve District
-Da Ilas2.184,962
Texas-Austin _ _
1,652,062 +32.2
Dallas
43.375.910
49.717.887
Fort Worth...
18,707,000
14.219,669 +35.6
Galveston
4,652.000
5.180.000 -10.2
-ShreveportLa.
5.244.639
5,696.900 -7.9
Total(5 cities).
79,164,511
76,466,518
+3.5
Total (17 cities) 625,902.717 628.283,672 -0.4 567,519,310 601,711.338
Grand total (127
13293314 296 10851 485196 +22.5 9.935.488,381 10084
cities)
494 184
Outside N. Y
4.593.895,615 4.366,306,249
+5.2 4,412,497,525 4,590.797,701
Week Ended July 13.
Clearings at
1929.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William....
New We.stm luster
Medicine Hat _ _
.
Petersborough __ _
Sherbrooke
Kitchener
Windsor
Prince Albert....
Moncton
Kingston
Chatham
Sarnia
Total (31 cities)
*Estimated.
1928.
inc. or
Dec.
1927.
1926.
2
170,805,690
15)1.300,220
74.814,534
24,832,140
8,651,751
7.995.664
5.339.025
6,813,000
10.564,368
3.820.409
3,309,633
3,766,596
6.728,408
6,583.290
803.277
721.034
3,278.643
1,638,661
1,854,593
1.006.604
1,014,234
653,716
1,042,608
1,056,505
1,488,950
5,568,276
517.282
1,054,730
1,488.950
989.363
935,977
$
150.043,597
151,159,370
64,270,089
21,905,993
7,972,211
7,750,559
4,497,012
6,435,937
8.559,486
3,194,856
2,885,272
3,769,719
6,274,598
5,793,163
805.442
715.972
2,583,484
1,388,334
1,747,234
1,320,971
870,970
515,396
1,065.213
1,022.317
1.186,362
5,890.953
362.349
1,009,603
930.992
732.653
772,742
%
+13.8
+3.3
+16.1
+13.4
+8.5
+3.2
+18.7
+5.9
+23.4
+ 10.6
+14.4
-0.
9-7.3
+ 13.6
-0.
+0.7
+26.9
+18.0
+6.1
-23.8
+16.4
+26.8
+4.0
+3.3
+25.4
-5.5
+42.8
+4.5
+59.9
+35.0
+21.1
$
122,814363
105.581,116
41,578,604
17,620,302
6,770,739
7.273,161
3.324.790
5,971,418
6.965.153
2,607.389
2,445,619
2.958.960
5,125,294
5,246.244
680,791
635,670
2.020.948
1.259,270
1,231,150
1,128.051
881,550
321,114
1,091,482
862.642
1,135,522
5,324,746
368,558
972.537
965.790
799,482
930,347
$
96,721.399
94.272,414
44,811,879
16,013.334
6,328.759
6,374,003
2,801.545
4.919.423
5.748.438
2,520.441
2,258,919
2,538,921
4,233.851
3.965.090
575.304
528,866
1.741,902
1,123,103
1,050.181
819.926
813.630
235.317
756.091
834.018
919,268
5,181,665
358,691
825,530
827.926
757.487
632,591
507,155,433
470,423,849
+7.8
356.924.992
311.553 112
430
[VOL. 129.
FINANCIAL CHRONICLE
THE ENGLISH GOLD AND SILVER MARKETS.
Bank Notes
-Changes in Totals of, and in Deposited
Bonds, &c.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
We give below tables which show all the monthly changes
in national bank notes and in bonds and legal tenders on
July 3 1929:
GOLD.
deposit therefor:
The Bank of England gold reserve against notes amounted to £159,076,427
on the 26th ult. (as compared with £162,469,470 on the previous Wednesday), and represents an increase of £5,170,112 since the 29th April 1925
when an effective gold standard was resumed.
Gold from South Africa to the value of £1.067,000 was offered in the open
market yesterday. Although keen enquiry from Germany was anticipated,
the exchange reached a point which rendered shipments a little less attractive and only about £300,000 was taken for that quarter in spite of the
price being fixed at Nd. below the maximum. Of the remainder India
took £30,000 and the Home and Continental Trade £37,000. the balance
of about /694,000 being secured quite unexpectedly by the Bank of England.
Nevertheless, as will be seen below, withdrawals of geld from the Bank of
England on German account have continued on a large scale.
The following movements of gold to and from the Bank of England have
been announced, showing a net efflux of £4,687.122 during the week under
review:
July 3.
June 27. June 28. June29. July 1.
July 2.
Received___
£13
£146,874E693,600
Withdrawn__ 2,804,564 217,559 803,586 095,610
____ 706,296
Of the amount received on the 28th ult. £146.842 was in sovereigns from
Argentina, and the receipt yesterday was in bar gold from South Africa.
The withdrawals were all in bar gold, of which £1,000,000 (withdrawn on
the 27th ult.) was for the U. S. A. and the remainder for Germany. The
withdrawal of £2,804,564 on the 27th ult. is the largest outward movement
for any one day since the resumption of an effective gold standard.
The following were the United Kingdom imports and exports of gold
registered from mid-day on the 24th ult, to mid-day on the 1st inst.:
ImportsExports
$4,009,100
France
£20,722 Germany
501,239
Argentina
150,000 Belgium
British West Africa
11.798
39,011 France
British South Africa
17,128
766,678 Switzerland
1,000,284
Other Countries
1,746 U. S. A.
36;457
British India
10,284
Other Countries
£5,576,290
£978.157
SILVER.
The silver market developed a fairly easy tone during the past week
and, after a temporary recovery to 24%d. and 24 5-16d. on the 28th ult.,
prices receded to 23 15-16d. and 24d. for cash and two months' delivery
respectively.
Although China has continued both to buy and to sell, selling orders
have predominated, possibly influenced by the firmness in the Japanese
exchange. America has again been a willing seller and offerings from the
Continent have been freer than of late. Enquiry has been limited, mainly
confined to covering operations as, although this week is the last opportunity to make shipments in order to reach Bombay in time for the July
Settlement, only a moderate amount has so far been secured for the purpose.
The following were the United Kingdom imports and exports of silver
registered from mid-day on the 24th ult. to mid-day on the 1st hat:
Exports
Imports£26,017 Egypt
Germany
£28,403
7,156 British India
France
74,047
169,445 Other Countries
Mexico
1,386
32,684
Canada
Other Countries
6,084
£241,416
£103,836
INDIAN CURRENCY RETURNS.
(In tars of rupees).
June 22. June 15.
June 7.
Notes in circulation
18648
18531
18426
Silver coin and bullion in India
10157
10055
9949
Silver coin and bullion out of India
Gold coin and bullion in India
3222
3222
3222
Gold coin and bullion out of India
__
Securities (Indian Government)
2
132i
4322
4323
Securities (British Government)
947
932
932
The stock in Shanghai on the 29th inst. consisted of about 80,200,000
ounces in sycee, 125.000,000 dollars and 10,060 silver bars, as compared
with about 79,500,000 ounces in sycee, 124,000,000 dollars and 7,340 silver
bars on the 22nd inst.
Statistics for the month of June last are appended:
-Bar Silver per Oz. Std.Bar Gold.
Cash Delivery.
Two Mos Delivery. Per Fine Oz.
Highest price
243d.
24 9-16d.
84s. 113.d.
Lowest price
24d.
24 1-16d.
84s. lid.
Average Price
24.257d.
24 307d.
84s. 11.47d.
Quotations during the week:
-Bar Silver,per Oz. SW.- Bar Cold per
Cash
Os. Fine.
2 Mos.
June 27
-id.
24 3-16d.
84s. 11%d.
243
June 28
245-16d. 84s.
244d.
June 29
21%d.
24 3-16d.
84s. i1 3
-d.
July 1
24 1-16d. 24)
84s. 11%d.
-id.
July 2
24d.
24 1-16d.
84s. 11 %d.
July 3
23 15-16d. 24d.
84s. 11
Average
845. 11.48d.
24.083d. 24.146d.
The silver quotations to-day for cash and two months' delivery aro each
Ud. below those fixed a week ago.
Amount Bonds
on Deposit to
Secure Circula
ion for National
Bank Notes.
Bonds.
Legal
Tenders.
$
$
S
666,199.140
668.233,140
666,221,390
666,630,890
666.432.090
667,013,340
667,508,440
667,168,440
667,318,040
666,732,700
666.643,200
665,658.650
667.491.900
666.196,460
666.866.710
667.011,210
666,230.710
667,127,710
666,830.210
666,873,290
666,985.790
667,143,790
667,156,290
666,991.130
667.095,680
665,724,930
665,641,990
662,773,570
663,328,203
663,364.517
661,924,472
659.651,580
662.904,627
663.931,957
662,705,675
660,463,912
660,518,182
658,463,423
658.732,988
661,522,450
661.127.600
662.412.992
661,481,322
659,332,017
662,380,082
663,340.675
663,167.030
662,742,593
663.747,178
661.550,768
661,288,545
663,156,720
662.238.833
661,673,603
41,520,872
39,651,731
38.720.772
36,750,627
35,231,759
35,877,502
36,248,802
37.446,779
37.688,747
38,299,802
38.926,224
40,887,664
39,757.992
38,814,509
36,802,227
38,250,372
38,407.517
38,623,507
39,060,424
39,825,664
40,537,019
41,052.614
42,967,269
42,857,722
42.777,217
39.074,404
704,294,442
702,979,934
702.085,289
698,675,099
694,883,339
698,782,129
700,180,759
700,152,454
698.152,659
698.817.984
697,389.647
699,620.652
701,280,442
699.942,169
699,215,219
699,731,694
697.739,534
701.003,589
702,401,099
702,992,694
703,279.612
704,799.792
704,518,037
704.146.267
705.933,937
701.313.237
38,251,364
699,924,967
June 30 1929
May 31 1929
Apr. 30 1929
Mar. 31 1929
Feb. 28 1929
Dec. 31 1928
Nov. 30 1928
Oct. 31 1928
Sept.29 1928
Aug. 31 1928
July 31 1928
June 30 1928
May 31 1928
Apr. 30 1928
Mar. 31 1928
Feb. 29 1928
Jan. 31 1928
Dec. 31 1927
Nov. 30 1927
Oct. 31 1927
Sept.30 1927
Aug. 31 1927
July 31 1927
June 30 1927
May 31 1927
Apr. 30 1927
Mar. 31 1927
National Bank Circulation,
Afloat on
Total.
$
$3,711,131 Federal Reserve bank notes outstanding July 1 1929, secured by
lawful money, against $4,154,618 on July 1 1928.
The following shows the amount of each class of United
States bonds and certificates on deposit to secure Federal
Reserve bank notes and national bank notes on June 30
1929:
U. S. Bonds Held June 30 1929 to Secure
Bonds on Deposit
July 1 1929.
On Deposit to On Deposit to
Stcure Federal
Secure
Reserve Bank National Bank
Notes,
Notes.
2s, U. S. Consols of 1930
2s, U. S. Panama of 1936
2s, U. S. Panama of 1938
Total
Held.
591,819,100
48,658,520
25,721,520
668,199,140
Totals
591,819,100
48,658,520
25,721,520
666,199,149
The following shows the amount of national bank notes
afloat and the amount of legal tender deposits June 1 1929
and July 1 1929 and their increase or decrease during the
month of June:
National Bank Notes-Total Afloat
$702,979,934
1,314,508
Amount afloat June 1 1929
Net increase during June
8704,294,442
Amount of bank notes afloat July 1
Legal Tender Notes
339,651,731
1,869,141
Amount on deposit to redeem national bank notes June 1
Net amount of bank notes Issued In June
$41,520,872
Amount on deposit to redeem national bank notes July 1 1929
Foreign Trade of New York-Monthly Statement.
Merchandise Movement at New York.
Imports.
Month,
1928.
I
1927.
s
$
Customs Receipt*
at New York.
Exports.
1927.
1928.
1927.
$
1928.
s
s
s
149.390,965 58,169.597147.613.519, 38,384.513 26.130.127 26.620.038
July
August. 54.359.944166.332,013139,961.583,142.661,747 30,315,887 30.852.625
September 150.470,783172.707.698 103,008.7571126.772.088 31.168.728 32,593,222
October_.. 175,624.878 175,855,280 170.708.7711137.849,733
November 158,599,626 179.611,688 169.650,612,156,060.057
December_ 168,359,836,157.075.741,157,285,530,157.874.443
1929.
I
1928. I
1929.
1928.
r
January _,171.501,300.368,712,4671176,480,9241 148.120.044
February .488.138.049 123,826,482 187,045,251 135.898,816
M arch._ _1187,708,168 185,264,893 209.690,365168.891,788
200.158.425163.919.118 159,917,6371130,785,040
April
188,510,667 157,560,6731132,845,534 150.186,285
May
I
34,691,171
27,651.679
25,823,112
1929.
27,286.733
28.274,931
29,352,388
27,528,213
28,727,341
31.626.401
29,487.853
24.257,557
1928.
25,495.311
22,128,590
26,742,317
24,102.748
23,853,273
Total_ _ _ 1890822.641 1761035,650 1754208,483,1493484,554 316.950,310307,759,938
'
Movement of gold and silver for the eleven months:
ENGLISH FINANCIAL MARKETS
-PER CABLE.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
Mon.,
July 15.
July 13,
Silver. p. oz_d. 243-f
Gold, p. fine oz. 84.1134
Consols, 2353- - ---British, 54_ _ -- -__ British, 43
-Is__
French Rentes
(In Paris)Jr. ____
French War L'n
(in Paris) _fr. ____
-_-
Tues.,
July 16.
Wed.,
July 17.
24 5-16
2434
2434
84.1134
84.1134
84.1134
54 13-16 54 13-16 5434
101
101
10034
94%
9434
9434
Holiday
75
Holiday 102.45
Thurs.,
July 18.
2455
84.1134
5434
10034
Geld Movement at New York.
Fri.,
July 19.
2434
84.1134
549-16
10031
9434
9434
75.30
75.25
75.30
102.60
102.60
102.70
1928.
5234
5234
1927.
September
October...
November1
December_
January
February _
April
I
863.544 8,107.889
2.895,149 1,714,313
12.723.677
495.910
28,078.532
727.412
419.784
487,049
1929. I
1928.
8.772,302
795,991
22,368,701, 5,763.918
21,810,369
899.714
21,458,367 3,873%068
20,268,641
551,762
Silver-New York.
Exports.
1928.
$
1
$
8
605,267 5.215,929 72.403,845
July
August-
The price of silver in New York on the same days has been: may
Silver in N. V., per oz. (cts.):
52%
Foreign ----- --__
Imports.
Month.
1927.
Imports.
1928.
s
Exports.
1928.
$
1,090,730
2,395,829
8
3,401,081
781,074
883.618
8,417,972 24.166,981
526,726 9.147.118
429,048 34,200,361
830,345 71,982,903
1929.
1928.
721,008 50.866.191
1.038,868 24.536,938
1,001.252 96,975.664
250,000 94,843,016
305,706, 82,603,409
2,260,561
1,933,548
3.095,261
2,422,550
1.556,612
1929.
4,344.061
1,051,750
2,130,725
2,015.676
1,323,768
5,153,091
2,551,976
3.764,703
3,960,040
5,600.366
1929.
5,260.989
3,759.967
4,32:1,804
3.444,272
3,368,694
Total.- 132,064,333 26,632,955 81,705,844491,298,929 21,530,330 44,668,982
13334
5334
FINANCIAL CHRONICLE
Juror 20 1929.1
Comutercial andMiscellantonsBMW
Breadstuffs figures brought from page 509.-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:
Receipts al-
Flour.
Wheat.
I
Corn.
Oats.
Barley.
Rye.
bbls.196lbs. bush. 60 lbs bush. 56 lbs. bush. 32 lbs. bush.48I1s. bush.56lbs.
Chicago
185,000
244,000, 1,587.0001
568,000
49,000
5.000
Minneapolis
1,500,000,
163,0001
311.000
108,000
58,000
Duluth
1,678,000;
88.0001
42,000 236,000
81,000
Milwaukee
29,000
422,0001
364.0001
112,000
118,000
2,000
Toledo
27,00O1
39,0001
96,000
2,000
27,000;
Detroit
7.0001
18,000
Indianapolis _
4,000,
274,000
568,0001
St. Louis
111,000
865.000,
424,
64,000
10.000
Peoria
34,o I i
39,0001
445,000
108,000
66,000
Kansas City8,316,0001
284,000
62,000
Omaha
429,000
210,000
84,000
St. Joseph 827,0001
111,000
10.000
Sioux City.
35,000i
110,000
44,000
1,000
Wichita
2,074,0001
11,000
Tot. wk.'29
Same week '28
Same week '27
359,000 16,487,0001 4,411,000
368,000 14,238,000, 3,828,000
404,001 10,353,000, 3,488,000
1,793,000 590,000
1,033,000 . 429,000
1,530,000
366,000
146,000
73,000
232,000
431
Wheat.
Corn.
United States
-bush.
bush.
Kansas City
17,627.000 1,555,000
Wichita
4,658,000
5,000
St. Joseph, Mo
977,000
352,000
Peoria
12,000
107,000
Indianapolis
77,000
473,000
Omaha
4,515,000
731,000
On Lakes
263,000
On Canal and River
14,000
Oats.
bush.
16,000
102,000
475,000
231,000
126.000
Rye.
bush.
21,000
Barley.
bush.
55.000
3,000
79,000
11,000
31,000
25,000
10,000
Total July 13 1929-.102,340,000 12,749,000 7,133,000 6,548,000 4,846,000
Total July 61929.... 96,195,000 13,355,000 7,501,000 6,558,000 4,799,000
Total July 141928.... 40,516,000 12,591,000 2,524,000 2,423,000
533.000
-Bonded grain not included above: Oats, New York, 140,000 bushels;
Note.
Philadelphia, 3,000: Baltimore, 4,000; Buffalo, 123,000: Duluth afloat. 17,000:
Total, 287,000, against 92,000 bushels in 1928. Barley, New York, 329,000 bushels:
Boston, 16,000; Buffalo afloat, 1,446,000; Duluth, 116.000: Duluth afloat. 6,000;
on Lakes, 7,376,000: Total, 3,289,000 bushels, against 328,000 bushels in 1928.
Wheat, New York, 4,145,000 bushels: Boston, 1,257,000; Philadelphia, 3,353.000:
Baltimore, 3,498,000: Buffalo, 9,741,000; Buffalo afloat, 723,000: Duluth, 51,000;
Canal, 391,000; Total, 23,164,000 bushels, against 16,913,000 bushels in 1928.
Canadian
6,941,000
Montreal
1,886,000
717,000
524.000
Ft. William & Pt. Arthur 46,242,000
6,704,000 1,857,000 2,843.000
Other Canadian
10,848,000
2,670,000
850,000
260,000
Total July 131929.... 64,031,000
11,260,000
Total July 6 1929....64,896,000
10,729,000
2,937,000
Total July 14 1928_ - _ - 50,990,000
Summary
American •
102,340,000 12,749,000 7,133,000
Canadian
64,031,000
11,260,000
2,651,000 4,410,000
2,539,000 4,749,000
1,790,000 1022,000
6,548,000 4,846,000
2,651,000 4,410,000
Total July 13 1929....166,371.000 12.749,000 18,393.000 9,199,000 9,256.000
Total July 6 1929_ __ _161,091,000 13,355,000 18,230,000 9,097,000 9,548,000
Total July 14 1928.- _ _ 91,506,000 12,591,000 5,461,000 4,183,000 1.555,000
Since Aug.1- 1
1028
23,591,000492,813,000 267,381,000 140,304,000 02,296,00025,761,000
23,323,000455,806,000 300,878,000 149,657,000 70,189,00035,394,000
1927
11125
23.061.0011345.752.000 225.03g one 141 kin nnn 40 AR1 Ann gn•yrra nnn
•
•
-The following information regarding
National_ Banks.
-.
national banks is from the office of the Comiano ier of tre
Currency, Treasury Department:
Total receipts of flour and grain at the seaboard ports for
the week ending Saturday, July 13, follow:
APPLICATIONS TO ORGANIZE RECEIVED,
WITH TITLES REQUESTED.
-Flour.
Receipts at
I
Wheat.
Corn.
Oats.
Baxley.
Rye.
bbis.196lbs ush.60 lbs bush. 56 lbs. bush. 32 lbs.'bush.4811a.
bush.56lbs.
New York -- 244,000
946.000
78,000
24,000
388,000
2,000
Philadelphia 33,000
175,000
12,000
Baltimore_ _ 22,000
681,000
9,000
6,000
131,000
2,000
Norfolk
2
New Orleans*
48,000
69,000
49,000
21,000
Galveston _ _
2,806,000
Montreal_ _
77,000 1,670,000
5,000
56,000
Boston
23,000
10.000
61,000
2,000
Tot. wk.'29 449,000 6,347,000
141,000
129,000
580,000
6,000
Since Jan 1 '2914,259,000 99,296,000 15,035,000 10,904,000 18,814,000
2,843,000
Week 1928 _
371,00
7,181,0001
185.000 1,330,000 548.000 432,000
Since Jan 1 '2812,514,000 91.585,0004 8,804,000 16,384,00016,262,00010,247,000
*Receipts do not include grain passing through New Orleans for foreign ports
on through bills of lading.
Capital.
-The Iroquois National Bank of Buffalo, N. Y
$250,000
July 10
Correspondent, William J. Dickey, 981 Ellicott Square,
Buffalo, N. It.
300,000
-'Standard National Bank of Chicago, Ill
July 12
Corrospondent, II. C. Laycock, care Peoples National
Bank & Trust Co., 47th St. and Ashland Ave., Chicago,
-The National Bank of the Metropolis of New York,
July 12
500,000
N. Y
Correspondent, Firntan B. Hull. 292 Madison Ave.,
New York, N. Y.
APPLICATIONS TO ORGANIZE APPROVED.
200,000
-The Newtown National Bank of New York, N.Y
July 10
Correspondent, Malcolm 13. Hendry, 8228 Baxter Ave.,
Elmhurst, N. Y.
250.000
July 13-Salinas National Bank, Salinas, Calif
Correspondent, A. R. Patrick. Salinas. Calif.
CHARTERS ISSUED.
-Union Planters National Bank & Trust Co. of MemJuly 9
3,500,000
phis. Tenn
President, Frank Hayden; Cashier, 0. H. Hurt. ConThe exports from the several seaboard ports for the week
version of Union Planters Bank & Trust Co. of Memphis. Tenn., having a main office and two branches
ending Saturday, July 13 1929, are shown in the annexed
located within the limits of the City of Memphis.
•
statement:
-Northfield National Bank & Trust Co., Northfield.
July 12
100,000
hlinn
President, J. G. Schmidt; Cashier. F. W.Shandorf.
ExportsfromWheat.
Corn.
Flour.
Oats.
Rye.
Barley.
APPLICATION TO CONVERT APPROVED.
Bushels. Bushels. Barrels. Bushels. Bushels. Bushels.
50,000
-The Stanwood National Bank, Stanwood. Wash
July I2
New York
1,604,000
67,773
16,000
Conversion of The Bank of Stanwood, Wash.
7,000 1,093,000
Boston
40,000
110,000
Baltimore
VOLUNTARY LIQUIDATION.
248,000
5,000
242,000
Norfolk
50,000
-The First National Bank of Forrest City, Ark
2,000
July 12
Mobile
Effective May 6 1929. Liq. Agent, Bank of Eastern
1,000
New Orleans
158,000
6,000
Arkansas, Forrest City, Ark. Absorbed by Bank of
21,000
1,000
Galveston
127,000
Eastern Arkansas, Forrest City, Ark.
Montreal
4,324,000
66,000 345,000 141,000 859,000
CONSOLIDATIONS.
Houston
1,000
July 9
-The First National Trust & Savings Bank of Spokane.
Total week 1929... 6,401,000
200,000
Wash
6,000 163,773 362,000 148,000 2,304,000
Same week 1928_ -- _ 5,862,693
509,000
and The Fidelity National Bank of Spokane, Wash_ _
65,000 127,172 1.215.000 392.000 509.057
Consolidated under the Act of Nov. 7 1918 under the
charter and corporate title of"The First National Trust
The destination of these exports for the week and since
and Sayings Bank of Spokane," No. 13,331, with capital
stock of $500,000.
July 1 1929 is as below:
July 13
-The Manayunk-Quaker City National Bank of Phila1,000.000
delphia. Pa
500.000
and The Southwark National Bank. Philadelphia. Pa
Flour.
Wheat.
Corn.
Consolidated under the Act of Nov. 7 1918 under the
Exports for Week
charter of the Manayunk-Quaker City National Bank
and Since
Week
Since
Week ..
Since
Week
Since
of Philadelphia, No.3604,and under the title -CommerJuly ItoJuly 13 July 1
July 13
July 1
July 13
July 1
cial National Bank & Trust Company of Philadelphia,"
1929.
1928.
1929.
1928.
1929.
1928.
with capital stock of $2,000.000. The consolidated
bank has two branches all located within the City of
Barrels. Barrels.
Bushels,
Busehsl. Bushels. Bushels.
Philadelphia, which were In operation on Feb. 25 1927.
United Kingdom- 83,343
167,857 1,812,000 2,912.000
Two branches of the Manayunk-Quaker City National
Continent
53,060
108,616 4,554,000 6,364,000
which were authorized since Feb. 25 1927 were reSo.& Cent. Amer- 5,000
12,000
7,000
25,000
2,000
2,000
authorized for the consolidated bank.
West Indies
9,000
20,000
4,000
11,000
Other countries.._ 13.370
20,370
BRANCHES AUTHORIZED UNDER TIIE ACT OF FEB. 25 1927.
28,000
32,000
July 8
-Bishop First National Bank of Honolulu. Territory of Hawaii.
Total 1929
163,773
328,843 6,401,000 9,333,000
6,000
13,000
Location of Branch, Schofield Barracks, Honolulu, T. H.
Total 1928
127,172
372.108 5.862.693 8.621.343
65000
117000 July .13
-Commercial National Bank & Trust Co. of Philadelphia, Pa.
Location of Branch, 610 South Second St., Philadelphia.
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, July 13, were as follows:
United States
New York
.....
Boston
Philadelphia
Baltimore
New Orleans
Galveston
Fort Worth
Buffalo
" afloat
Toledo
Detroit
Chicago
Hutchinson, Rails
Milwaukee
Duluth
Minneapolis
Sioux City
St. Louis
GRAIN STOCKS.
Wheat.
Corn.
Oats.
Barley.
Rye.
bush.
bush.
bush,
bush.
bush.
128,000
68,000
75,000
40,000
122,000
6.000
3,000
231,000
7,000
85.000
6,000
5,000
878,000
55,000
70,000
18,000
1,000
231,000
93,000
196,000
6,000
73,000
2,954,000
83,000
194.000
2,525,000
105,000
84,000
2,000
207,000
3,062,000 1,117,000 1,204,000
100,000
105,000
535,000
220,000
721,000
33,000
124.000
10.000
1,000
143,000
22,000
45,000
3,000
10.000
13,958,000 5,502,000 1,861,000 2,771,000
475,000
976,000
146,000
949,000 1,027,000
283,000
206,000
487,000
19,026,000
85,000
95,000 2,027,000
546,000
25,058,000
142,000 1,753,000 1,038,000 2,663,000
414,000
68,000
2.000
57.000
2,378,000
750,000
20,000
195,000
9,000
Auction Sales.
-Among other securities, the following,
not actually dealt in at the Stock Exchange, were sold at auction
in New York, Boston, Philadelphia and Buffalo on Wednesday of this week:
By Adrian H. Muller & Son, New York:
Shares. Stocks.
$ per Va.
150 units Southern Stores (each unit
consisting of 1 sh. pref. & 1 sh.
B stock
$5 per unit
400 Bay State Gas Co., par $50; 200
Central Foundry Co., corn.; 15
Citizens Ins. Co., par $20; 240
Chic. Term. Transfer RR. Co..
corn.; 80 Det., Tel. & Ironton
$10 lot
fly. Co. 5% 2d pref
Prr sh.
Shares. Stocks.
300 Good-Hopkins Lumber Co.$490 lot
$35 lot
30 Crawford Mining Co
$20 lot
25 Junior Republc Inn Co
$21 lot
3 Westhampton Ice Co., com
100 Schine Chain Theatre. pref.---$2134
Per Cent.
Bonds$4,000 Junior Rep. Inn Co. 1st m.
gold bonds
$145 lot_
By A. J. Wright & Co., Buffalo:
$ per sh. Shares. Stocks.
Shares. Stocks.
$ Per eh.
100 Assets Realisation Co
$1.50 lot 200 Boston & Montana Bevel. Co.,
1,000 Columbus Kirkland Mines,
Boston, temp. at., par $5
500.106
par $1
lc. 1,000 Corona hilnes. par 51 - . lc.
432
FINANCIAL CHRONICLE
By Wise. Hobbs & Arnold, Boston:
Stocks.
Iii *5.
5 U.
Trust Co., Boston (old),
par $100
490
260 Nat, Shawmut Bank, par 225,
84)4.-84)4
10 Union Mills. Inc. corn
15%
38 Boston RR. Holding Co.. pref.,
8134-8134
IP'is O. "tig
2 Boston & Maine RR., pref. A
(stamped)
70
81 Old Colony Trust Associates_ _524-55
2 No. Boston Lighting Properties,
pref., v. t. c., par $50
58
10 No. Boston Lighting Properties,
common (undeposIted)
7434
6 special units First People's Trust_ 3
2 units First People's Trust
30
20 A. S. Campbell Co., corn
154
10 Springfield Gas Light Co. (undeposited), par $25
574
1 Boston Athenaeum, par $300___830
100 Lowell Elec. Light Corp., (undeposited) par $25
56H
13 Eastern UM. Associates, corn... 4034
5 State Street Exchange
30
100 Kidder Participations, Inc., No.
3 common
19
30 Springfield Gas Light CO. (undeposited), par $25
58
30 units First People's Trust
30
25 Plymouth Cordage Co
87
15 Quincy Market Cold Storage &
Warehouse Co., pref. (div. on).- 6234
8 Bangor Hydro-Electric Co.. corn..
5234 ex-dIv.
12 Lynn Gas & Elec. Co.. (undePosited) par $25
16034
S.
Shares. Stocks.
$ Per sh.
25 Nat. Shawmut Bank, par $25- 86
16 Plymouth Cordage Co____874 ex-div.
40 Home Bleach & Dye, com____25c. lot
25 Bay State Fishing Co., com---145
5 Androscoggin & Kennebec Ry.,
1st pref. (ctfs. of Int.): 10 Androscoggin & Kennebec Ry..2nd pref.
(ctfs. of int.): 5 Laconia Car Co.,
corn.: 3 Baugh Machine Tool Co..
$31 lot
common
$1 lot
40 CurlIts Products Co., Inc
Boston, temp. CU.. par $5-- _50o. lot
25 Beacon Participations, Inc., class
A pref
18
Per Cent.
Bonds.
$2,000 Tacotna Ry. & Pow. Co..
1st 5s, April 1 1929
2334 flat
$10,000 Maas. Cities Realty Trust,
let 7s. Jan. 1953
85 & int.
55.000 Springfield Ice Co. 1st 75,
Dec. 1944
85 & int.
51,000 Fiberboard Co., 1st 85, Jan.
5 flat
1936
55,000 Lynn & Boston RE.. 1st 65.
Dec. 1929
99H
83,500 note, dated Feb. 25 1929,
signed by Sumner Forbes. Payable to Lorenzo Pica, endorsed by
Charles S. Russell. by Lorenzo
Pica and Warren F.Scott, sec. by
mtge. on 47 India St., Boston.$100 lot
$175 New England Southern Corp.
55, Dec. 1933
216 lot
$ per Right.
Rights.
10 Franklin County Trust Co..
12%
Greenfield. Mass
By R. L. Day & Co., Boston:
Shares, Stocks.
$ per sh.
55 Nat. Rockland Bk.. par 320.130-13534
40 First Nat. Bank, par $20___142-14634
SO Nat.Shawmut Bk.. par 325-8434-86
10 First Nat. Bank. par $20
14034
10 Webster & Atlas Nat. Bank___21434
35 First Nat. Bank, par $20
14034
18 Old Colony Trust Co___56234-56234
10 No. Carolina Jt. Stk. Id,Bk-_ 93
50 Arlington Mills
30
20 Otis Co
29
25 Edwards Mfg. Co
80
29 Androscoggin Mills
71H
132 Merch, Mfg. Co.. Fall River,
Mass
2434
50 Arlington Mills
3 Hamilton Woolen Co
45
5 Ludlow Mfg. Associates
171H
8 Farr Alpaca Co
10534
15 Nyanza Mills
25
25 Lancaster Mills, pref
1334
15 Brookside Mills
54H
2 Nashua & Lowell RR
13034
25 Ala., Tenn. & North. RR., pi& 15
9 Amoskeag Co.. pref
75
1 Dennison Mfg. Co.. pref
10531
$ per sh.
Shares. Stocks.
5 N.Bost. Ltg.Prop.com.(undep.). 7434
1 N.Bost. Ltg.Prop.com. v. t. c
9534
1 Terminal Hotel Trust, pref
50
1 Holyoke Water Power Co
691
27 Old Colony Trust Associates
55
70 United Elastic Corn
42443
6 Dennison Mtg. Co. pre(
105H
100 Plymouth Cordage Co....13634 ex-div.
24
3 Saco Lowell Shops, 2d pref
21
100 Atlantic Pub. UM. Del. A
50 Old Col. Gas Co. pfd. par 525_60-604
19 Mass. Bond.& Ins. Co.par$25 178-180
73 Beacon Partic., Inc., pref. A____ 164
7234
5 Draper Corp
45 Lynn Cl. & El. Co.v.t.o. par 525.160
50 New Engl. Pow. Assn. com_8634-873(
20 Beacon Panic., Inc., pref. A_
18
Rightsper Right.
129 Waltham Nat,Bk. W.I.
4
2 Coll. Loan Co. (cash)
12
60 Coll. Loan Co.(cash)
12
BondsPer Cent.
$50 The 20th Cent. Club,
2d
m.(4. July 1942
Bost..
$104 lot
By Barnes & Lofland, Philadelphia:
Shares. Stocks.
$ per sh. Shares. Stocks.
$ Per sh.
500 F.P.C. Impt,Co., Atlantic City 1
25 Broadway Merchants Trust Co.,
81234 Texas Ave. Land Co., AtCamden, N. J., par $20
68
lantic City
5 Girard Ave. Farmers Market, par
1
1,092 Commercial Nat. Bk. & Tr.
$50
35
Co., par $10
39
15 Phila. Traction Co., par $50.-- 51
230 Gt. Nor. Mtge. Co
40
10 William Penn Fire Ins. Co., par
10 Northern Trust Co
1415
$50
127
98 Home Protective Co.. par $10.. 10
5 Constitution Indemnity Co., par
100 Second Nat Bank. par
80
$10
25
201Drovers dr Merchants Nat. Bk.,
171 Phila. Life Ins. Co., par $10._ 2634
par $10
16
10 Bankers Bond & Mtge. Guaranty
50 Central National Bk.. par 310_ 98H
Co. of America, no par
30
50 Central Nat Bank, par $10
4 Land Title Building Corp
98
95
30 Nat Security Bank. par $10
13934 15 MorrLs Run Coal Mining Co., pl 10
5 City Nat. Bk.& Trust Co
240
5 Morris Run Col Mining Co ,
5 Corn Exchange Nat. Bk. & Trust
COM
5
Co., par $20
171H 25 Lancaster Ave.Title & Trust Co. 90
5 Tradesmens Nat. Bk. & Ti'. Co_ _575
4 Phlia Bourse, coin
254
10 Adelphia Bk & Trust Co., par $10 234 3 Phila. Bourse. pref
2534
5 Olney Bank & Trust Co., par 550.450
3 Mfrs. Title & Trust Co
100
28 Glen.sIde Bk & Tr. Co., par 550.140
100 Quaker Product Co., class A- 7%
4 Colonial Trust Co.. par $50
299
100 shares Quaker Products Co.,
5 Northern Central Trust Co. (with
Co., class A
7
rights). par $50
174
39 Bankers Trust Co
128
2 Broad Street Trust Co., par $50_ _ 74
3 Wm.Penn Title & Trust Co
so
25 Integrity Trust Co., par SIO
166
Rights.
$ per Right.
230 Franklin Trust Co., par 510
72
3834 Millville(N.J.) Nat. Bank, at
10 Northwestern Trust Co.. par MO
$50
20
($200 paid)
236
10 Atlantic Guaranty & Title Insur.
129 Pa. Co. for Ins. on Lives, &c..
Co., Atlantic City, N. J
134
par $10
Bonds.
13834
Per Cent
100 Real Estate-Land Title dr Trust
$1,500 Benevolent & Protective
Co., par $10
69
Order of Elks, gen'l mtge. Os.
5 Glenside (Pa.)Trust Co., par 550_ 55
1942
3100 lot
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the
current week. Then we follow with a second table, in
which we show the dividends previously announced, but
which have not yet been paid.
The dividends announced this week are:
Name of Company.
Per
When
Cent. Payable
Books Closed
Days Diarists&
Railroads (Steam).
Buff. Rochester & Pittsb.. common__ *2
Aug. 15'Holders of rec .Aug. 5
Preferred
*3
Aug. 15'Holders of rec. Aug. 5
Internat. Rys. of Cent. Amer., pf.(gu.). 1H Aug. 15 Holders of rec. July 31
Mo.-Kansas-Texas, Prof. (quar.)
•134 Sept. 30 *Holders of rec. Sept. 14
Public Utilities
Amer. Electric Power. $6 pref. (guar.)._ $1.50 Sept. I Holders of rec. Aug. 22
$7 Preferred (guar.)
$1.75 Sept. 15 Holders of rec. Aug. 31
Associated Telep. Utilities, corn. (guar.) "25c Oct. 15 *Holders of reo. Sept. 30
Common (payable in corn. stock)
_ •1234 Oct. 15 *Holders of roe. Sept. 30
Birmingham Gas Co., 86 first Pt. (gu.)
$1.50 Aug. 1 Holders of rec. July 15
Brazilian Tr. L. & Pow., ord. (quar.)._'.
50e. Sept. 3 Holders of rec. July 31
Cent. & Southwest Util., $7 pref. (gu.). *$1.75 Aug. 15 *Holders of rec. July 31
$7 prior lien (guar.)
.$1.75 Aug. 15 *Holders of rec. July 31
$8 prior lien (guar.)
*31.50 Aug. 15 *Holders of rec. July 31
Cities Serv. P.& E., $5 pref.(monthly). 41 2-3c Aug. 15 Holders of rec. Aug. 1
Conn. Ry.& Ltg., com.& pf.(qu.)__.*$ 1.12 Aug. 15 *Holders of rec. July 31
Coned Gas El. L.&Pow.Bals.,com.(qu.) *75e. Oct. 1 *Holders of rec. Sept. 14
5% preferred series A (ruin)
"134 Oct. 1 *Holders of roe. Sept. 14
*134 Oct. 1 *Holders of rec. Sept. 14
534% preferred, series E (guar.)
6% preferred, series D (guar.)
*14 Oct. 1 *Holders of rec. Sept. 14
Dallas Power & Light, Pref. (guar.)._ _ _
134 Aug. 1 Holders of rec. July 20
Derby Gas & Elec., pref.(guar.)
$1.75 Aug. 1 Holders of rec. July 20
634 Preferred (guar.)
1.624 Aug. 1 Holders of rec. July 20
Empire Public Serv., corn. B (guar.)._ *45c. Aug. 15 *Holders of rec. July 25
Name of Company.
[VOL. 129.
Per
1Vhen
Cent. Payable.
Public Utilities (Concluded).
Eastern States Power, pref. A (quar.) .$1.75 Aug.
Preferred B (guar.)
•$1.50 Aug.
Fall River Gas Works (quar.)
•75c. Aug.
Federal Water Serv., class A (quar.)p60c. Sept.
Gas Securities, corn. (insert))
*034 Aug.
Preferred (mthly.)
Aug.
Common (payable In scrip)
*033 Sept.
Preferred (mthly.)
*34 Sept.
Common (payable in scrip)
*034 Oct.
Preferred (mthly.)
*34 Oct.
Havana Elec. Ry.,6% pref.(guar.)._ - 134 Sept.
Idaho Power 7% prof. (guar.)
134 Aug.
$6 preferred (guar.)
$1.50 Aug.
Illinois Power & Light $6 Pf.(guar.)- -- $1.50 Aug.
Italian Superpower Corp..Pf.(guar.)-- - $1.50 Aug.
Lawrence Gas & Electric (guar.)
*
65c. Aug.
Michigan Gas & Elec. pref. (quar.).._. *134 Aug.
Prior lien stock (guar.)
*1H Aug.
Nat. Power & Light, corn. (guar.)
.250. Sept.
North Amer. Gas & Elec., Cl. A (guar.)
•400. Aug.
North West Utilities,7% Pf.(guar.).- -Aug. 1
Oklahoma Natural Gas 634% pfd.(cm).
Aug.
Pacific Gas & Elec.54% prof.(guar.)._ •
34340 Aug. 1
6% pref. (guar.)
'
37)40 Aug. 1
Pacific Power Ss Light, pref. (guar.).134 Aug.
Pa.-Ohio Power & Light $6 Pt.(guar.)
- $1.50 Nov.
7% preferred (quan)
1)4 Nov.
7.2% preferred (monthly)
600. Sept.
7.2% preferred (monthly)
600. Oct.
7.2% preferred (monthly)
60c. Nov.
6.6% preferred (monthly)
560. Sept.
6.8% preferred (monthly)
550. Oct.
6.6% preferred (monthly)
550. Nov.
Phila. Rapid Transit, corn.(special).._ $1
Aug. 1
Portland Gas& Coke. Pref.(guar.)
$1.75 Aug.
Potomac Edison 7% pref.(guar.)
'134 Aug.
Sioux City Gas& Elec.,7% pfd.(quar.)
134 Aug. 1
Utica Gas & Elec.$6 pref.(guar.)
*31.50 Aug.
Washington Gas Light (guar.)
900. Aug.
Wilmington GM Co.. preferred
Aug. 3
$3
York Railways, pref. (guar.)
•
62340 July 3
Books Closed
Days Inclusive.
*Holders of rec. July 15
*Holders of rec. July 15
*Holders of rec. July 25
Holders of rec. Aug. 2
*Holders of rec. July 15
*Holders of rec. July 15
"Holders of rec. Aug. 15
*Holders of rec. Aug. 15
*Holders of rec. Aug. 15
*Holders of rec. Sept. 14
Holders of rec. Aug. 12
Holders of rec. July 15
Holders of rec. July 15
Holders of rec. July 15
Holders of rec. July 20
*Holders of rec. July 18
*Holders of rec. July 15
*Holders of reo. July 15
*Holders of rec. Aug. 22
*Holders of rec. July 20
*Holders of rec. July 31
*Holders of rec. July 15
*Holders of rec. July 31
*Holders of rec. July 31
Holders of rec. July 18
Holders of rec. Oct. 21
Holders of rec. Oct. 21
Holders of rec. Aug. 20
Holders of rec. Sept. 20
Holders of rec. Oct. 21
Holders of rec. Aug. 20
Holders of rec. Sept. 20
Holders of rec. Oct. 21
Holders of rec. July 31
Holders of roe. July 18
*Holders of rec. July 20
Holders of rec. July 31
*Holders of rec. July 20
Holders of rec. July 20
Holders of rec. Aug. 126
*Holders of reo. July 20
Joint Stock Land Banks
Atlanta-dividend passed.
Miscellaneous
Acme Wire. pref. (guar.)
*
2
Nov. I *Holders of rec. Oct. 18
Altorfer Bros. Co., pref. (guar.)
*75e. Aug. 1 *Holders of rec. July 15
Amer. Dept. Stores, 1st pref. (guar.)___
134 Aug. 1 Holders of rec. July 25
American Meter (guar.)
41.25 July 31 *Holders of rec. July 17
American Stores (guar.)
*50e. Oct. I *Holders of ree. Sept. 14
Amer. Transformer (No. I)
350. Aug. 1 Holders of rec. July 25
Andrews ii veitment Trust (guar.)
"400. Aug. 1 *Holders of rec. July 23
Saloom Corp., pref. (guar.)
•134 Sept. 1 *Holders of rec. Aug. 15
Bachmann, Emeuch & Co., pref. A (gu.) •2
July 31
Bauinann (Ludwig)& Co., 1st pref.(gu.) 1H Aug. 15 Holders of rec. Aug. 1
Benson & Hedges, pref. (guar.)
•500. Aug. 1 *Holders of reo. July 20
Stores, Inc., pref.(go.)
Berland Shoe
1
Aug. 1 Holders of rec. July 15
Bessemer Limestone & Cement. Cl. A(rlii)
750. Aug. 1 Holders of rec. July 20
134 Aug. 1 Holders of rec. July 15
Blue Ribbon. Ltd.(Winnipeg) Pt (Qu.)• 82140. Aug. 1 *Holders of rec. July 15
13ohalk (H.C.) Co.,corn.(guar.)
*1.34 Aug. 1 *Holders of rec. July 15
Preferred (guar.)
Bohaek Realty Corp.. prof. (qu.)
•$1.75 Aug. 1 *Holders of rec. July 15
e50
Borg-Warner Corp. (In stock)
Aug. 15 Holders of rec. Aug. 1
$2.50 Aug. 15 Holders of rec. July 31
Boss Mfg., corn. (guar.)
$1.75 Aug. 15 Holders of rec. July 31
Preferred (guar.)
Bright Star Elec. Co., A dividend passed
British Columbia Pulp & Paper, PI.(gu.) •134 Aug. 1 *Holders of rec. July 15
Brooklyn-Lafayette Corp., cl. A (guar.) 3734o. Aug. 1 Holders of rec. July 186
*$2 Aug. 1 5•11olders of rec. Aug. 1
Burns Bros., corn. class A (guar.)
41
Sept. 15 Holders of rec. Aug. 31
California Packing (guar.)
Cam pell Wyant&CannonFdy.,com.(gu.) *500. Sept. 1 Holders of rec. Aug. 15
134 Aug. 15 Holders of rec. July 31
Canadian Converters, Ltd. (guar.)
Canadian Power & Paper, pref. (guar.) _ '6234c Aug. 15 Holders of rec. July 20
*50c. Sept. 1 Holders of rec. Aug. 15
Carman & Co.. class A (quar.)
*500. July 25 *Holders of rec. July 15
Class B (guar.)
*50c. July 15 *Holders of rec. July 10
Carr Fastener (guar.)
•
31 July 15 *Holders of rec. July 10
Extra
Carrier Engineering, let pref.(guar.)._ *50c. Aug. 1 *Holders of rec. July 19
•25e. Aug. 1 *Holders of rec. July 25
Central Management (guar.)
•$1.
Aug. 1 *Holders of roe. July 25
Extra
Chain & Gen'i Equities, Inc., pf.(gt.)*3 1.6234 Aug. 1 *Holders of reo. July 16
*2
Aug. 1 *Holders of rec. July 15
.Charlton Mills (guar.)
25c. Aug. 15 Holders of rec. Aug. 1
Chelsea Exchange Corp., class A &B(gu)
25o. Nov. 15 Holders of rec. Nov. 1
Class A & B (guar.)
250. Feb13"30 Hold of rec. Jan. 31 '30
Class A & 13 (guar.)
250. Wy1510 Hold, of rec. May 1 '30
Class A & B (guar.)
*7§o. Aug. 15 *Holders of rec. Aug. 1
Churngold Corp., corn. (guar.)
234c Sept. 1 Holders of roe. Aug. 15a
Cities Service, corn.(monthly)
Corn. (payable in corn, stock)
Sept. 1 Holders of reo. Mtg. I5a
50e. Sept. 1 Holders of rec. Aug. 15a
Preferred and preference BB (mthly.).
Sc. Sept. 1 Holders of rec. Aug. 156
Preference 13 (monthly)
8734e. Nov. 1 Holders of rim Oct. 15a
City Stores Co., class A (guar.)
$1.75 Aug. 1 Holders of rec. July 25
Clinchtield Coal, pref. (guar.)
2
July 15 July 10 to July 14
Collins Co. (guar.)
July 15 July 10 to July 14
Extra
•134 Aug. 1 *Holders of rec. July 15
Columbus Packing, pref.(guar.)
134 Aug. 15 Holders of rec. July 31
Consolidated Sand & Gravel. pref.(IU.)*334 Aug. 20 *Holders of rec. Aug. 10
Consumers Co.. prof
4334e. Sept. 16 Holders of rec. Aug. 31
Crane Co., corn. (guar.)
Preferred (guar.)
134 Sept. 16 Holders of rec. Aug. 31
96e. July 26 Holders of rec. July 23a
De Beers Consol. Mines, Amer. shares,.
DetroitElectric, corn. B (guar.)(No. 1) "200. Aug. 15 *Holders of rec. Aug. 25
50e. Aug. 1 Holders of rec. July 20
Dodge Manufacturing, pref. A (guar.)._
Dominion Bridge (guar.)
76e. Aug. 15 Holders of rec. July 31
Duplan Silk Corp., common
50e. Aug. 15 Holders of rec. Aug. 1
Eastern Theatres (Toronto) corn
500. Aug. 31 Holders of rec. July 31
Elect. Storage Bat.. com.& pf.(qu.) _ $1.25 Oct. 1 Holders of rec. Sept. 9
Emporium-Capwell Corp., corn.(quar.). *500. Sept.24 *Holders of rec. Sept. 1
Faultless Rubber, corn. (guar.)
50e. Oct. 1
Sept. 17
Preferred (guar.)
134 Oct. 1
Sept. 17
_
Felin (John J.) & Co., Inc., coin
6
July 15 Holders of rec. July 10
Preferred (guar.)
134 July 15 Holders of rec. July 10
Fenton United Co., corn. (guar.)
*31 July 15 *Holders of rec. July 10
Common (extra)
41 July 15 *Holders of rec. July 10
Preferred (guar.)
•134 July 15 *Holden of rec. July 10
FICZOMMODS & Connel Dr.& Dk.(qu.)- *50c. Sept. 1 *Holders of rec. Aug. 21
Stock dly. (1-40 share stock)
(e) Sept. 1 *Holders of rec. Aug. 21
Florsheim Shoe. pref. (quar.)
•134 Oct. 1 *Holders of rec. Sept. 16
Foster & KleLser Co., corn. (quar.)
•250 Aug. 15 *Holders of rec. July 31
Frost St.& Wire 1st pt.& partic.pf.(gu.). •134 Aug. 1 *Holders of rec. July 15
General Alliance (guar.)
350 Aug. 15 Holders of roc. July 31a
General Box, pref. (In corn. stock)...
$33.75 Aug. 1 *Holders of rec. July 19
General Steel Wares. prof.(guar.)
154 Aug. 1 Holders of rec. July 15
German Credit & Invest.
First pref. allot. Ws.20% paid
8734o Aug. 1 Holders of ree. July 20
Godman(H.C.) Co.(guar.)
750. Aug. 10 Holders of roe. July 25
Gorham Mfg., con). (guar.)
*50c Sept. 1 *Holders of roe. Aug. 1
Common (guar.)
"500 Dee. 1 *Holders of rec. Nov. 1
Great Lakes Dredge & Dock (quar.)
2
Aug. 16 Holders of rec. Aug. 7
Guelph Carpet & Worsted Spina. Mills
Cony. preferred (guar.)
154 Aug. 1 Holders of rec. July 15
Gulf States Steel. corn. (guar.)
•$1
Oct. 1 *Holders of rec. Sept. 16
Hale Bros.. corn. (guar.)
•5043. Sept. 1 *Holders of rec. Aug. 15
Hamilton Bridge, 1st pref.(qan)
134 Aug. 1 Holders of rec. July 15
Hancock Knitting Mills
3
July 15
Hart-Carter Co., pref. (quar.)
*500 Sept. 1 *Holders of roe. Aug. 15
Hart. Schaffner & Marx, corn.(quar.).. •
82 Aug. 31 *Holders of reo. Aug. 15
Hawaiian Pineapple (guar.)
.500 Aug. 31 *Holders of roe. Aug. 1Se
Haiku Pineapple, pref. (guar.)
4 4334 c Aug, 1 *Holders of rec. July 16
JULY 20 19291
Name Of Coespano
FINANCIAL CHRONICLE
Pet
When
Ceni. Payable.
Sooks Closed
Days Inanities.
Miscellaneous (Concluded).
Hammermill Paper, cons. (guar.)
*2543. Aug. 15 'Holders of rec. July 31
Hershey Chocolate, cony. pref. (guar.), *31
Aug. 15 *Holders of roe. July 25
Prior preferred (guar.)
IK Aug. 15 *Holders of roe. July 25
Home 011 Co., Ltd
20
Aug. -- July 28 to Aug. 10
Hood Rubber. 7% pref.(guar.)
"134 Aug. 1 'Holders of rec. July 22
734% preference (guar.)
*1.87 Aug. I *Holders of rec. July 22
Hood Rubber Products, pref. (quar.)
•144 Sept. 1 'Holders of rec. Aug. 20
Hormel(Geo. A.) Co., corn. (quar.)
•3734c Aug. 15 *Holders of rec. Aug. 1
Horn & Hardant. pref.(guar.)
•134 Sept. 2'Holders of rec. Aug. 13
Houston 011, preferred
*3
Aug. 1 *Holders of rec. July 19
Imperial Royalties, pref. (monthly)
134 July 30 Holders of rec. July 25
Class A preferred (monthly)
18e July 30 Holders of rec. July 25
Independent Packing. pref. (guar.),- 134 Aug. 1 Holders of me. July 20
Internat, Combustion Eng., corn.(qu.). *50c Aug. 31 "Holders of rec. Aug. 16
Preferred (guar.)
•134 Oct. 1 *Holders of rec. Sept. 16
International Harvester, pref.(guar.).-- *134 Sept. 3 •Holaers of rec. Aug. 5
Internat. Paints(Canada) partic. Pf.(qu) 134 July 15 Holders of rec. June 30
Int. Tea. Amer. dep, refs, for ord. reg... •16 Aug. 12 *Holders of roe. July 16
Jade 011 (guar.)
'Sic Aug. 1 *Holders of rec. July 25
,
Jantzen Knitting Mills, corn. (quar.)
•50c Aug. 1 *Holders of rec. July 12
Kansas City Stock Yards, corn. (guar.), •134 Aug. 1 *Holders of rec. July 15
Preferred (guar.)
•134 Aug. 1 *Holders of roe. July 15
Kflmey (G. It.) & Co., cam.(quar.)
•250 Oct. 1 'Holders of rec. Sept. 16
Preferred (guar.)
Se
*Holders of rec. Aug. 15
Klein (Henry) & Co.. corn. (guar.)
20c.
*220e.
I Holders of rec. July 22
Participating pref. (guar.)
30c. Aug. 1 Holders of roe. July 22
Participating pref. (panic. dly.)
20e. Aug. 1 Holders of rec. July 22
Knox Hat, corn. (guar.)
*3E50 Sept.15 *Holders of rec. Aug. 15
Loew's Boston Theatres (guar.)
15e. Aug. 1 Holders of rec. July 20
Loew's. Ins., Prof.(quar.)
3 1.6234 Aug. 15 Holders of rec. July 26
Luther Manufacturing (guar.)
"2
Aug. 1 'Holders of rec. July 16
Marshall Mortgage-Dividend omitted.
McCord Radiaton Mfg., el. B (quar.)
•500. Aug. 1 'Holders of roe. July 18
McIntyre Porcupine Mines (guar.)
•250. Sept. 3'Holders of rec. Aug 1
Mengel Co., pref. (guar.)
144 Sept. 1 Holders of rec. Aug. 15
Mercury Mills, Ltd., pref. (guar.)
IK Aug. 1 Holders of roe. July 15
Merritt-Chapmart&Seatt Corp.,com.(gu) 40c. Sept. 1 Holders of rec. Aug. 15
Preferred series A (guar.)
134 Sept. 1 Holders of me. AMC. 15
Metal & Thermit, corn. ((luar.)
*3E50 Aug. 1 *Holders of rec. July 20
Missouri-Kansas Pipe Line
Stock dividend (1-30th share)
(e) July 31 "Holders of rec. July 31
Mo. Portland Cement (guar.)
500. Aug 1 Holders of rec. July 19
Mitten Bank Secur Corp., corn
234 Aug. 15 Holders of rec. July 1
Common (extra)
134 Aug. 15 Holders of rec. July 31
Preferred
3
Aug. 15 Holders of rec. July 1
Preferred (extra)
34 Aug. 15 Holders of rec. July 1
Preferred (extra)
K Aug. 15 Holders of roe. July 31
Mock Judson Voehringer Co.,coin.(qu.) 50c Aug. 15 Holders of rec.
Aug. 1
Mohawk Mining
$2
Sept. 2 Holders of rec. July 31
Mortgage Guarantee of America-Divide nd orni fled.
National Aviation (stock dividend)
el0 Sept. 1 Holders
Aug.
National Bearing Metals, pref. (guar.)._ 134 Aug. 1 Holders of rec. July 15
16
of rec.
National Refining, corn. (guar.)
.
13734c Aug. 15
rec.
1
Nauheim Pharmacies, Inc., pref. (guar.) 62340 Aug. 1 *Holders of rec. Aug. 19
'Holders of
July
Nat. Recording Pump,cony.stk.(guar.) 57e Aug. 1 Holders of rec.
New Amsterdam Casualty (quar.(No. 1) *50c Aug. 1 *Holders of rec. July 22
July 19
New Bedford Cordage, corn. (quar.)
*50c Sept. 2'Holders of rec. Aug. 15
Preferred (guar.)
New Haven Clock,634% pref. (guar.).- *134 Sept. 2 *Holders of roe. Aug. 15
•134 Aug. 1 *Holders of rec. July 24
North America Inters. corn.(guar.)
'$1
Aug. 20 *Holders of rec.
North American Oil, Consol.(monthly)- •150 Aug. 1 *Holders of Teo. July 30
July 20
North Central Texan 011 (guar.)
15c Sept. 1 Holders of rec. Aug. 10
Oceanic 011 (bi-monthly)
sle July 25 *Holders of rec. July 15
Oppenheimer (S.) & Co., pref. (guar.)._ 2
Aug. 1 Holders of roe. July 25
Overseas Securities Co., Inc
$1
Aug. 15 Holders of rec. Aug. 1
Pacific Finance Corp., series A (guar.)._ *50c Aug. 1 *Holders of rec. July 20
•
Series C (guar.)
4034 Aug. 1 *Holders or me. July 20
Series D (guar.)
'4334c Aug. 1 *Holders of rec. July 20
Pacific Steamship, pref. (guar.)
'1 34 Aug. 1 *Holders of rec. July 13
Parker Pen Co. (guar.)
'6234c Aug. 15 *Holders of rec. Aug. 1
Powdrell & Alexander, Inc., COM.(guar.) 7
Aug. 15 *Holders of rec. Aug. 1
"
Preferred (guar.)
•134 Oct. 1 *Holders of rec. Sept. 19
Process Corp.. corn. (guar.)
*50e Aug. 1 *Holders of rec. July 20
Procter dr Gamble Co.. corn.(quar.),
$2
Aug. 15 July 24 to Aug. 11
Public Utilities Secur., partic. pfd. Km.) 1.6234 Aug. 1 Holders of roe. July 22
Partieleating preferred (extra)
1234c Aug. 1 Holders of rec. July 22
Quincy Market Cold Storage, pref.(qu.) •31.25 Aug. 1 *Holders of rec. July 18
Remington-Rand Co., 1st pref. (guar.), *134 Oct. 1 "Holders of rec. Sept. 7
Second preferred (quar.)
*32
Oct. I *Holders of roe. Sept. 7
Republic Iron & Steel. corn. (quar.),__ "SI
.
Sept. 3 *Holders of rec. Aug. 12
Preferred (guar.)
•134 Oct. 1 "Holders of rec. Sept. 12
Republic Stamping & Enamel
40c. Oct. 1 Holders of rec. Sept. 20
Remington Typewriter common (qu.) •$1.25 Oct. 1 'Holders of rec. Sept. 7
•tu Oct. 1 "Borders of rec.
First preferred (guar.)
Sept. 7
Second preferred (guar.)
*2
Oct. 1 'Holders of rec. Sept. 7
Richards(Elmer) Co.. pref. (guar.)
*50c. Aug. 1 "Holders of rec. July 25
Royal Dutch Co., N.Y.shares
• $1.873 Aug. 13
or
St. Lawrence Flour Mills Prof. (guar.),- 134 Aug. 1 *Holders of rec. July 30
Holders
rec. July 20
St. Louis Car, pref.(guar.)
144 Aug. 1 Holders of rec. July 24
Saunders (Clarence) Stores corn. A (qu.) 75c. Aug. 1 Holders of rec. July 26
Preferred A (guar.)
8734e Aug. 1 Holders of rec.
11truly 26
Scher-Hirst, Inc., class A (guar.)
50c. Aug. 1 Holders of roe. July 20
Securities Corp.. general, corn.(guar.) *El
Aug. 1 *Holders of rec. July 22
Preferred (guar.)
.5E75 Aug. 1 *Holders of rec. July 22
Shaeffer (IV. A.) Pen Co. pref.(quay.),. *52
July 20 *Holders of rec. July 1
Simon (Franklin) Co.. pref.(guar.)
"134 Sept. 3 *Holders of rec. Aug. 1
Skinner Organ common (guar.)
•6214c Aug. 1 'Holders of rec. July 30
Skourss Bros. class A (guar.)
75c. Aug. 1 Holders of rec. July 25
Smith (A. 0.) Corp. common (guar.).
- 30c. Aug. 15 Holders of rec. Aug. 1
Preferred (guar.)
134 Aug. 15 Holders of roe. Aug. 1
South Coast Co. pref.(guar.)
$1.75 Aug. 15 Holders of re*. July 31
Southern Pacific Golden Gate Ferries
Class A and B (guar.)(No. 1)
.3734c Aug. 15 *Holders of rec. July 31
Standard Investing Corp. pref.(qu.)___3 1.3734 Aug. 15 Holders of roe. July 26
Statewide Sec. Corp.(No. 1)
•150. Aug. 1 *Holders of rec. Aug. 1
Steel dr Tubes, pref. B.(guar.)
• 21.12 34 Aug. 1 *Holders of rec. July 19
Stouffer Corp. class A (guar.)
5634c Aug. 1 Holders of rec. July 20
Standard Pay. & Materials corn.(qu.)
50c. Aug. 15 Holders of r3c. Aug. 2
Preferred (guar.)
144 Aug. 15 Holders of me. Aug. 2
Stanford's, Ltd., 1st & '24 pf. (qu.)
134 Aug. 1
•13i Aug. 1 Holders of me. July 15
Stephens Fuel Co. 1st pref. (guar.)
*Holders of roe. July 20
Sullivan Packing pref. (quar.)
*2
Aug. 1 *Holders of rec. July 20
Sun Investing Co. pref. (qu.)(No. ))._
75c. Aug. 1 Holders of ree. July 20
Superior Portland Cement,cl. A (quar.)_ '2734r Aug. 1 *Holders of roe. July 19
Sutherland Parer common (guar.)
*30c. July 31 *Holders of roe. July 25
Tanganyika Concessions, Ltd., corn_ _ 4.7%
1010 Fifth Avenue, Inc., pref
3
Aug. 15 Aug. 1 to Aug. 15
Tobacco Products Corp.div.ctfs.ser. C _ $1.01 July 31 Holders of rec. July 16
Troxel Mfg. common (guar.)
32
Aug. 1 Holders of rec. July 20
134 Aug. I Holders of rec. July 20
Preferred (quar.)
3
Tudor City Fourth Unit, Inc., pref
Aug. I July 16 to Aug. 1
Union Tobacco Co. pref. A.
-Dividend °mitt° d.
*31.50 Aug. 1 *Holders of rec. July 15
United Equities, Inc. (guar.)
•tyi Aug. 1 'Holders of rec.
U.S.& Foreign Secur. 1st pref. (gu.)_
July 11
*SI
U.S. Hoffman Machinery (guar.)
Sept. 1 Holders of rec. Aug. 20
75e. Aug. 15 Holders of ree. Aug. I
Vanadium Corp. of Amer.(guar.)
'Sc. Aug. 15 *Holders of rec. July 31
Venezuelan Petroleum (guar.)
"37)4c Sept. 1 *Holders of rec. Aug. 15
Wagner Elec. Corp., corn.(guar.)
*50c. Sept. 1 *Holders of rec. Aug. 15
Common (extra)
•134 Oct. 1 *Holders of rec. Sept. 20
Preferred ((uar.)
Warner Bros Pictures, com.(qu.)(No. 1) 75e. Sept. 1 Holders of MC. Aug. 10
12)4e Sept. 1 Holders of rec. Aug. 10
Common (extra)
55e. Sept. I Holders of rec. Aug. 10
Preferred (quar.)
75c. Sept. 1 Holders of rec. Aug. 15
Wayagamack Pulp & Paper (guar.)
250. July 25 Holders of rec. July 5
West Coast Bancorporation A
White Rock Mineral Slags., corn. (guar.) 75e. Oct. 1 Holders of rec. Sept.20
134 Oct.
Holders of rec. Sept. 20
First pref. (guar.)
Holders of rec. Sept. 20
334 Oct.
Second preferred
•35c. Aug.
"Holders of rec. July 15
Williams(R. C.) & Co
Willye-Overland Co. prof. (quar.)
134 Oct. I Holders of roe. Sept. 16a
1)4 Aug. 15 Holders of roe. Aug. 5
Wolverine Portland Cement (quar.)
433
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 Company.
Per When
Cent, Payable.
Neal Closed
Days Inclusive.
Railroads (Steam).
Aug. 15 Holders of rec. July 11
Alabama Great Southern, preferred.... $2
31.50 Aug. 15 Holders of rue. July 11
Preferred(extra)
1.37)4 Aug. 1 Holders of rec. July 150
Alleghany Corp.. pref. A (guar.)
Atch. Topeka & Banta Fe, corn.(qu.).. 234 Sept. 3 Holders of ree. July 26a
Preferred
254 Aug. 1 Holders of rec. June 2Sa
134 Sept. 3 Holders of rec. July 130
Baltimore & Ohio, coin.(guar.)
1
Sept. 3 Holders of rec. July 13a
Preferred (guar.)
*88c. Oct. 1 *Holders of roe. Aug. 31
Bangor & Aroostook, corn. (guar.)
'134 Oct. 1 *Holders of rec. Aug. 31
Preferred (guar.)
Canada Southern
134 Aug. 1 Holders of rue. June 28a
2
Aug. 15 Holders of rec. Aug. ba
Central RR. of N. J.(guar.)
Hold, of rec. June p 27a
Chesapeake Corp.(pay. in corn. stock.)_ 1331-3
July 20 'Holders of rec. July 12
*5
Cincinnati Northern
July 20 Holders of rec. June 28a
2
Cleve. Ctn. Chic. & St. L.,corn.
134 July 20 Holders of rec. June 28a
(guar.)
(quar.),Pefd
3 Aug. 1 Holders of rec. July I
Connecticut & Passumpsic Rivers pref.3
Aug. 1 Holders of rec. July 150
Cuba RR., preferred
Febl'30 Holders of ree. Jan. 150
3
Preferred
Sept.20 *Holders of rec. Aug. 28
Delaware dr Hudson Co. (guar.)
Delaware Lackawanna & Western (qu.). $1.50 July 20 Holders of rec. July 60
2 July 31 Holders of rec. July 150
Erie RR.,first & second pref
2 Dec. 31 Holders of rue. Dee. 160
First and second preferred
234 Aug. I Holders of ree. June 250
Great Northern preferred
234 Aug. 15 Holders of rec. Aug. 16
Hudson & Manhattan RR. pref
IK Sept. 3 Holders of rue. Aug. 15
Illinois Central, corn. (guar.)
3
Sept. 3 Holders of rec. Aug. 16
Preferred A
134 Aug. 1 Holders of roe. JULIO 296
Kansas City Southern, corn.(guar.)
334 Aug. 10 Holders of rec. July 16a
Louisville & Nashville
$12.50 Aug. 1 Holders of rec. July 150
Mahoning Coal RR., coca. (guar.)
3 Aug. 1 Holders of rec. July 1
Masqawippi Valley
July 29 Holders of rec. June 286
20
Michigan Central
$1.50 Aug. 1 July 12 to July 31
Mine Hill dr Schuylkill Haven
334 Aug. 1 Holders of rec. July 200
Nashville. Chattanooga & St. Louis
•
40 Approy ed by stockholders JULY 9
Stock dividend
2
Aug. 1 Holders of rec. June 284
New York Central RR.(guar.)
2
Sept. 19 Holders of rec. Aug. 310
Norfolk & Western, corn. (guar.)
1
Aug. 19 Holders of rec. July 310
Adjustment pref. (guar.)
134 Aug. 1 Holders of rec. July 10
Northern Pacific (quiz.)
Aug. 31 Holders of rec. Aug. la
Si
Pennsylvania RR.(guar.)
134 Aug. I Holders of roe. July 50
Pere Marquette RR.. pref. (guar.)
134 Aug. 1 Holders of rec. July 5a
Prior preference (guar.)
214 July 20 Holders of rec. July 100
Cin. Chic. dr St. Louis
Pittsb.
*32.50 Aug. 1 *Holders of rec. June 28
Pittsburgh & Lake Erie
Pittsburgh & West Va., corn. (qual.)... 154 July 31 Holders of rec. July 150
51 Aug. 8 Holders of rec. July Ila
Reading Co.. common (guar.)
500. Sept. 12 Holders of rec. Aug. 226
First preferred (guar.)
50c. Oct. 10 Holders of rec. Sept. 190
(guar.)
Second preferred
St. Louis-San Francisco, pref.(quar.).... 134 Aug. 1 Holders of rec. July 16
134 Nov. 1 Holders of rec Oct. to
Preferred (guar 0
2
Aug. 1 Holders of roe. July la
Southern fly., cam.(gum.)
*3
Aug. 1 *Holders of rue. Juts' 13
Virginian fly., preferred
Ix Aug. 24 Holders of rue. July 254
Wabash fly. pref. A (guar.)
.254
Public Utilities.
$1.25 Aug. I Holders of rec. July 15
Alabama Power, $5 pref. (guar.)
41.25 Aug. 15 Holders of ree. Aug- 1
Allied Power dr Light, $5 Prof. (qu.) .
d75c Aug. 15 Holders of red. Aug. 1
33 preferred (quar.)
Amer. Cities Power & Light class A (qu.) (0 Aug. 1 Holders of ree. July 5
1234 Aug. 1 Holders of rec. July 5a
Class B ((uar.)
American Commonwealths Power
15 Holders of rec. Oct. 1
Corn. el. A &B(1-40 share cl. A stock) (1)
Arsof rec. July 15
Holders
$1.63Aug.
0
$8.5 first preferred (guar.)
Holders of rec. July 15
$1.75 Oct.
Aug.
$7 first preferred (guar.)
Holders of rec. July 15
Second pref.. series A (guar.)
.
.
75
American Gas & Elec., pref. (quar.)
$1. Aug 1 Holders of rec. July 8
3 .50 ug
234 Aug. 1 Holders of rec. July 12a
Amer. Light & True., corn.(mar.)
41
Preferred (quar.)
154 Aug. 1 Holders of rec. July 12
Amer. Natural Gas 27 pref.(quar.)
$1.75 Aug. 1 Holders of rec. July 200
Amer. Water Works & Elec.25e. Aug. 15 Holders of rec. July 260
Common (quar.)
Corn.(1-40 share coin. stk.)
(I) Aug. 15 Holders of rec. July 266
$1.50 Oct. 1 Holders of rec. Sept. 126
26 first preferred (guar.)
Aug. 1 Holders of me. June 29
Associated Gas & Elec. class A
$1.50 Aug. 31 Holders of rec. July 31
$6 preferred (quar.)
$ 1.6234 Aug. 31 Holders of rec. July 31
$6.50 preferred (quar.)
$1.25 Sept. 14 Holders of reo. Aug. 15
25 preferred Omar.)
Brooklyn-Manhattan Transit Corp.
Preferred. series A (guar.)
$1.50 Oct. 15 Holders of rec. Oct. 16
Preferred, series A (quar.)
$1.50 JanI5'30 Holders of rec. Deo. 316
Preferred. series A (auto%)
.
$1.50 APr15 30 Hold, of rec. Apr. 1 '30a
*Holders of rec. July 15
Buff. Else. dr East. Pow., 1st prof.(qu.) 111.25 Aug.
1)4 Aug.
Holders of rec. July 15
Calgary Power pref.(guar.)
Cent. Hudson Gas & Eioc.. corn
*33153 Aug.
*Holders of rec. June 29
Central States Elec.. corn. (in stock)._ "1200 July 2 *Holders of rec. July 15
Central West Pub. Serv. pfd. A & B (qr.)
l*I Aug.
Holders of rec. July 154
"Holders of rec. July 16
Chic. Rap. Transit pr. pf. A (mthly.)
*65c. Aug.
•650. Sept. "Holders of rec. Aug. 20
Prior preferred class A (mthly.)
0650. Aug.
*Holders of rue. July 16
Prior preferred class B (mthly.)
•60e. Sept. *Holders of rec. Aug. 20
Prior preferred clans B (mthly.)
Holders of rec. Aug. 15
Cleve. Elec. Illuminating. pfd.(au.).- - 134 Sept.
Columbia Gas & Elec., corn.(guar.). _ _
50e. Aug. 1 Holders of rec. July 20a
6% pref. serlesA (guar.)
134 Aug. 1 Holders of rec. July 200
K Aug. 1 Holders of roe. July 204
5% prof. (guar.)
Commonwealth-Edison Co.(au.)
Aug.
*2
*Holders of rec. July 15
Commonwealth Power Corp.,corn.(qu) 51
Holders of rec. July 126
Aug.
IK Aug.
Holders of rec. July 12
6% preferred (guar.)
Commonwealth & Southern Corp
Holders of rec. Aug. 1
Corn. (qu.)(No. 1)(1/80 sh. com.stk.) (f) Sept.
Holders of rec. July 20a
Community Power & Light corn,(qu.),
750. Aug.
81.50 Aug.
Holders of rec. July 200
Preferred (guar.)
Consol. Gas of N. Y., pref.(guar.)
$1.25 Aug.
Holders of rec. June 29a
Consumers Power, $5 pref.(guar.)
Holders of rec. Sept. 14
$1.25 Oct.
14 Oct.
Holders of rec. Sept. 14
6% pref. (guar.)
$1.65 Oct.
Holders of roe. Sept. 14
6.6% Preferred (guar.)
134 Oct.
Holders of rec. Sept. 14
7% Pref Man/
50e. Aug.
Holders of rec. July 15
6% prof.(monthly)
50e. Sept.
6% pref.(monthly)
Holders of rec. Aug. 15
50e. Oct.
6% pref. (monthly)
Holders of roe. Sept. 14
55e. Aug.
Holders of rec. July 15
6.6% Pref. (monthly)
6.6% preferred (monthly)
55c. Sept.
Holders of rec. Aug. 15
550. Oct.
6.6% Preferred (monthly)
Holders of rec. Sept.14
Duquesne Light 5% 1st pref.(guar.)---- 114 Oct. 1 Holders of roe. Sept. 144
Eastern Mass. St. fly., pf. B (quar.)__ 14 Aug.
Holders of rec. Jul.) 15
,
First pref. and sink, fund stk.(guar.). 134 Aug. 1 Holders of rec. July 31
Edison Elec. Ill. of Boston (guar.)
3
Aug.
Holders of rec. July 10
Electric Bond & Share, pref. (quar.)_ _ 21.50 Aug.
Holders of rec. July 10
Electric Investors, Inc. 56 pi.(guar.).._
21.50 Aug.
Holders of rec. July 19
Electric Power & Light, corn.(quar.)_ _
25c. Aug.
Holders of rec. June 13
Allot. ctf. full paid (Misr.)
34 Aug.
Holders of rec. July 13
Allot. ctts. 50% paid (guar.)
634e. Aug.
Holders of roe. July 13
Empire Gas& Fuel,6% pref.(monthly). 54 1.6 Aug. 'Holders of rec. July 15
.50
%
6 K% preferred (monthly)
•
*Holders of rec. July 15
•
7% preferred (monthly)
'Holdersof rec. July 15
8% preferred (monthly)
6 1x e Aug.
5 2 3C ug
8 16 -3
*Holders of rec. July 15
Ft. Worth Power & Lt., pref. (guar.)...
1% Aug.
Holders of rec. July 15
Grand Rapids RR.7% pref.(guar.) _ .68u, Aug.
Holders of rec. July 15
Hartford Elec. Light(guar.)
'Holders of rec. July 20
rs
Havana Elec. & Util,, 1st pref.(guar.)._ $1.50 Aug. 1 Holders of rec. July 20
Preference (guar.)
$1.25 Aug. 1 Holders of rec. July 20
Illinois Northern Utilities, Pfd.(qu.)-- *1
"Holders of rec. July 15
51)15 Aug.
International Utilities, 27 ore.((Mar.)
Holders of rec. July 180
Aug.
Knoxville Power & Light pref. (quar.)... 31.75 Aug.
Holders of rec. July 20
$6 preferred (guar.)
Holders of rec. July 20
31.50 Aug.
Long Island Lighting. corn.(guar.)
Holders of rec. July 20
.
*63 : .
10 Aug.
: g
Lowell Electric Light(guar.)
*Holders of rec. July 15
Manitoba Power
Holders of rec. July 10
Aug.
31
434
Name of Company.
Per
When
Cent. Payable.
Boas Closed
Days Inclusive.
Name e/ Company.
Public Utilities (Concluded).
Massachusetts Gas Cos., corn. (guar.).- $1.50 Aug. 1 Holders of rec. July 15
Middle West Utilities, corn.(guar.)
$1.75 Aug. 15 Holders of rec. July 31
MIlw. Elec. Ry. & Light, pfd. (guar.).- 13$ July 31 Holders of rec. July 20a
Monongahela West Penn. Pub. Service,
7% preferred (guar.)
4331c. Oct. 1 Holders of rec. Sept. 14
Montreal L. H.& P. Consol. corn. (eu.) 600. July 31 Holders of rec. June 30
Mountain States Power, pref.(quar.)--- 114 July 20 Holders of rec. June 29
National Electric Power, cl. A (guar.)._ d45c. Aug. 1 Holders of rec. July 20a
Nat. Gas & Elec.. $6.50 pref.(quar.)_'$ 1.6234 Oct. 1 'Holders of rec. Sept. 20
Nat. Power & Light, $6 pref. (guar.).- $1.50 Aug. 1 Holders of rec. July 12
Nevada-Callf. Elec. Corp. pref.(qui__
114 Aug. 1 Holders of rec. June 29
North American Co (Paysble in corn.ink) ./214 Oct. 1 Holders of rec. Sept. 50
Preferred (guar.)
75e Oct. 1 Holders of rec. Sept. 50
North American Edison Co.. pf. (qu.)
$1.50 Sept. 3 Holders of rec. Aug. 150
North Amer. Utility Scour. corn. (guar.) .$1.50 Sept. 16 *Holders of rec. Aug. 31
1st preferred (guar.)
$1.50 Sept. 16 Holders of rec. Aug. 31
lot pref. allot. ctfs. (guar.)
61.50 Sept. 16 Holders of rec. Aug. 31
First pref. allot. certifs. 75% paid__ 1.1234 Sept. 16 Holders of rec. Aug. 31
Northern N. Y. Utilities, pref.(guar.)-- $1.75 Aug. 1 Holders of rec. July 10
Northern Ontario Power,6% pref. (qu.) *1M July 25 *Holders of rec. June 30
Northern States Power,corn. A (guar.)._ 2
Aug. 1 Holders of rec. Juno 29
7% preferred (guar.)
111 July 20 Holders of rec. June 29
6% preferred (guar.)
Ili July 20 Holders of rec. June 20
Northwestern Bell Telep.. corn. (qu.)___
2 June 29 Holders of rec. June 27a
Ohio Edison Co.6% pref.(guar.)
134 Sept. 2 Holders of rec. Aug. 15
6.6% preferred (guar.)
1.65 Sept. 2 Holders of rec. Aug. 15
7% preferred (guar.)
111 Sept. 2 Holders of rec. Aug. 15
5% preferred (guar.)
114 Sept. 2 Holders of rec. Aug. 15
6% preferred (monthly)
50c. Aug. 1 Holders of rec. July 15
6% preferred (monthly)
50c. Sept. 2 Holders of rec. Aug. 15
6.6% preferred (monthly)
55c. Aug. 1 Holders of rec. July 15
6.6% preferred (monthly)
55e. Sept. 2 Holders of rec. Aug. 15
Pacific Lighting common (guar.)
•75e: Aug. 15 *Holders of rec. July 31
5% preferred (guar.)
•1K Aug. 15 *Holders of rec. July 31
Pacific Public Serv., corn. A (guar.) ...... 83214c Aug.
Holders of rec. July 10
Penn-Ohio Edison common (guar.)
25c. Aug.
Holders of rec. July 15
7% prior pref. (guar.)
111 Sept.
Holders of rec. Aug. 15
P5.-ohlo Pow. & Lt., $6 pref.(guar) .... $1.50 Aug.
Holders of rec. July 20
7% preferred (guar.)
Holders of rec. July 20
114 Aug.
7.2% preferred (monthly)
Holders of rec. July 20
60c. Aug.
8.8% preferred (monthly)
Holders of rec. July 20
550. Aug.
Philadelphia Co. common (guar.)
July 3 Holders of rec. July la
$1
Common.(extra)
75c. July 3 Holders of roe. July la
5% preferred
$1.25 Sept. 2 Holders of rec. Aug. 10a
Philadelphia Elec. Power, pref.(guar.).50c. Oct. 1 Holders of rec. Sept. 10a
Philadelphia Rapid Transit Co.((Man)- 61
July 31 Holders of rec. July 150
Phila. Suburban Water pref.(Oust.)---- 134 Sept. I Holders of rec. Aug. 120
Public Story. Corp. of N. J., corn. (qu.)
650. Sept. 30 Holders of rec. Sept. 60
8% preferred (guar.)
Sept.30 Holders of rec. Sept. (Sa
2
11$ Sept. 30 Holders of rec. Sept. ea
7% preferred (guar.)
$5 preferred (guar.)
$1.25 Sept.30 Holders of rec. Sept. 60
8% preferred (monthly)
50c. July 31 Holders of rec. July 5a
50c. Aug. 81 Holders of ree. Aug. 90
6% Preferred (monthly)
6% preferred (monthly)
50c. Sept.30 Holders of rec. Sept. ea
Pub. Serv. of Nor. III., no par corn.(qu.) *82 Aug. 1 *Holders of rec. July 15
Common, 5100 par (guar.)
•62 Aug. 1 *Holders of rec. July 15
6% preferred (guar.)
•114 Aug. 1 *Holders of rec. July 15
"111 Aug. 1 *Holders of rec. July 15
7% Preferred (guar.)
Pub.Serv. Elec.& Gas,6% prof.(qu.)_ - 114 Sept. 30 Holders of rec. Sept. 6a
7% preferred (guar.)
'15( Sept. 30 *Holders of rec. Sept. 6
Hallway & Light Securities, corn. (qu.).
50c. Aug. 1 Holders of rec. July 150
Preferred (quar.)
$1 50 Aug. 1 Holders of rec. July 150
Rhoda Island Pub.Serv. CIA (guar.).--- $1 Aug. 1 Holders of roe. July 15
Preferred (guar.)
50c. Aug. 1 July 16 to July 31
Rockland Light & Pow.. corn.(guar.).- - *$1.12 Aug. 1 *Holders of roe. July 1
Sierra Pacific Elec. Co., corn. (quar.)..._
50c Aug. 1 Holder of rec. July 15a
Preferred (quar.)
$1.50 Aug. 1 Holders of rec. July 15a
Southeastern Pr. & Lt., corn. (guar.).- 1
Juis 20 Holders of ree. June 1
Southern Calif. Edison, corn (guar.).50c Aug. 15 Holders of rec. July 200
Southern Canada Power, corn. (guar.).25c. Aug. 15 Holders of rec. July 31
Southern Colorado Power, corn. A (qu.). 50c Aug. 24 Holders of rec. July 31
Standard Gas de Electric, corn.(guar.)._ 8734c July 25 Holders of rec. June 290
Prior preference (guar.)
$1.7 July 25 Holders of rec. June 241
Standard Power & Light pref.(guar.).- $1.75 Aug. 1 Holders of rec. July 160
Standard Telephone Co.Prof.(quan).- *51.75 Aug. 1 *Holders of rec. July 15
Tampa Electric Co.corn.(guar.)
50c. Aug. 15 Holders of rec. July 250
Corn.(1-50th share cons stock)
(f) Aug. 15 Holders of rec. July 250
Tennessee Elec, Pow.,5% first pref.(qu) 131 Oct. 1 Holders of rec. Sept. 14
6% first preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 14
7% first preferred (guar.)
114 Oct. 1 Holders of rec. Sept. 14
7.2% first preferred (guar.)
$1.80 Oct. 1 Holders of rec. Sept. 14
6% first preferred (monthly)
50c. Aug. 1 Holders of rec. July 15
6% first preferred (monthly)
50c. Sept. 2 Holders of rec. Aug. 15
6% first preferred (monthly)
50c. Oct. 1 Holders of rec. Sept. 14
7.2% first preferred (monthly)
600. Aug. I Holders of rec. July 15
7.2% first preferred (monthly)
60c. Sept. 2 Holders of roe. Aug. 15
7.2% first preferred (monthly)
60c. Oct. 1 Holders of rec. Sept. 14
Texas Power & Light 7% pref. (guar.)._
134 Aug. 1 Holders of rec. July 17
$6 Preferred (guar.)
$1.50 Aug 1 Holders of rec. July 17
United Gas Dept.. corn.(guar.)
'11.1234 Sept.30 *Holders of rec. Aug. 31
United Light & Power Co.
Old common. class A de B (guar.).750 Aug. 1 Holders of rec. July 15
0
New coin., class A & B (guar.)
15e Aug. 1 Holders of rec. July 15a
United Power, Gas & Water $3 pf.(qu.)- "75e. Aug. 1 *Holders of rec. July 15
West Penn Elec. Co.. class A (guar.).- 111 Sept.30 Holders of ree. Sept. 17e
Seven per cent preferred (guar.)
141 Aug. 15 Holders of rec. July 20a
Six per cent preferred (guar.)
134 Aug. 15 Holders of rec. July 20s
West Penn Power Co., 7% pref.(qu.)
144 Aug. 1 Holders of rec. July 50
Six per cent preferred (guan)'
114 Aug. 1 Holders of rec. July 5a
West Penn Rye Co.. pref (oust) ___
114 Sept. 16 Holders of tee. Aug. 24
Western Power. Light & Telep. A (guar.) *50c. Aug. 1 *Holders of rec. July 15
Winnipeg Electric Co
al Aug 1 Holders of rec. July 10
Trust Companies.
Corn Exchange Bank & Trust
New $20 par stock (guar.) (No- 1)--- $1 Aug. 1 Holders of rec. July 200
Fire Insurance.
Amer. Equitable Assur. Co. of N.Y.
Common (guar.)
Home Fire Security
Extra
Knickerbocker. corn. (guar.)
National Liberty ((luar.)
New York Fire, corn.(guar.)
3734c. Aug. I Holders of rec. July
3 Aug. 1 Holders of rec. July
2 Aug. 1 Holders of roe. July
3734e. Aug. I Holders of rec. July
•250. July 15 *Holders of rec. July
30c. Aug. 1 Holders of rec. July
20
15
15
20
.5
20
Miscellaneous.
Abitibi Pow. & Paper. 6% pref. ((luar.)
114 July 20 Holders of rec. July 10a
Abraham & Straus, Inc., pref. (guar.)._
134 Aug. 1 Holders of rec. July 15a
Adams (J. D.) Mfg., common (guar.)._ *130e. Aug. 1 *Holders of rec. July 15
Adams-Millis Corp., common (gust).....
50c. Aug. 1 Holders of rec. July 18a
First and second preferred (quar.)_
134 Aug. 1 Holders of rec. July 18
Allegheny Steel, common (monthly).
- •15e. Aug. 17 *Holders of rec. July 31
Common (monthly)
•15e. Sept. 18 *Holders of rec. Aug. 31
Preferred(guar.)•154 Sept. I *Holders of rec. Aug. I
Preferred(guar.)
.
'14 De% I *Holden of rec. Nov. 15
Alliance Realty, corn. (guar.)
6234c. July 20 Holder, of rec. July Ra
Allied Chemical & Dye, corn. (guar.)
$1.50 Aug. 1 Holders of rec. July 110
Allis-Chalmers Mfg., common (guar.)._
111 Aug. 15 Holders of rec. July 24a
Aluminum Mfrs.. corn. (atter.)
4500. Sept. 30 •Holdere of roe. Sept. 15
Common (guar.)
*Mc. Dec. 31 'Holders of roe Dec. 15
Preferred (guar.)
•114 June 30'holders of rec June lb
Preferred (guar.)
•154 Sept. 31 "Holders of rec Sept. 16
Preferred (guar.)
•144 Dec. 31 *Holders of rec Dec. 15
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 Can, corn. (guar.)
75c. Aug. 15 Holders of rec. July 310
American Chatillon Corp.. Prof. (g11.)-- 154 Aug. 1 Holders of rec. July 20
American Chicle, corn.(guar.)
d50c. Oct. I Holders of rec. Sept.120
2
American Cigar, common (guar.)
Aug. 1 Holders of rec. July 15
American Coal (guar.)
61
Aug. 1 July 12 to Aug. 1
$1.50 Aug. 15 Holders of rec. July 31
Amer. European Sec., pref. (quar.)
[V0L.'129.
FINANCIAL CHRONICLE
Per
Whets
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Continued)
Amer. Founders Corp., corn. (guar.)
12Mc. Aug. 1 Holders of roe. July 15
Corn. (1-140th share corn. stock)____. (f) Aug. 1 Holders of rec. July 15
7% first preferred, series A (guar.)... 87.34 c. Aug. 1 Holders of roe. July 15
7% first pref., series B (guar.)
8734c. Aug. 1 Holders of rec. July 15
6% first pref., series D (guar.)
75c. Aug. 1 Holders of roe. July 15
6% second preferred (guar.)
3714c. Aug. 1 Holders of rec. July 15
American Glue, Pref. (guar.)
2
Aug. 1 Holders of rec. July 20
Amer. Hardware Corp. (guar.)
Oct. 1 *Holders of rec. Sept. 14
4.1
Quarterly
Jan2'30 *Holders of rec. Dec. 17
Amer. Home Products Corp.(monthly)_
300. Aug. 1 Holders of rec. July 150
American Ice, common (guar.)
50c. July 25 Holders of rec. July 50
Preferred (guar.)
11$ July 25 Holders of rem July 5a
Amer. Internat. Corp.
ese
Common (stock dividend)
Oct. 1
Amer. Mach. de Fdy., corn. (quar.)
$1
Aug. 1 Holders of rec. July 190
Common (extra)
$1
Aug. 1 Holders of rec. July 19a
Preferred (guar.)
114 Aug. 1 Holders of rec. July 19a
emerican Manufacturing
Common (guar.)
751). Oct. I Holders of rec. Sept. 15
Common (quar.)
75e. Deo. 31 Holders of rem Dec. 15
Preferred (quar.)
134 Mar. 31 Holders of roe. Mar. le
Preferred (guar.)
1)4 Oct. I Holders of rec. Sept. 15
Preferred (guar.)
134 Deo. 31 Holders of roe. Dec. le
Amer. Metal, corn. (guar.)
75e. Sept. 1 Holders of rec. Aug. 210
Preferred (guar.)
61.50 Sept. 3 Holders of rec. Aug. 210
Amer. Radiator & Standard
Sanitary Corp., corn.(guar.)
37)10 Sept.30 Holders of roc. Sept. 110
Preferred (guar.)
$1.75 Aug. 31 Holders of roe. Aug. 15a
tmerlcan Rolling Mill. corn. (guar.)„.
50c. Oct. 15 Holders of rec. Sept.30a
July 8 Holders of reo. July 10
Common (payable In common stock)... /5
Aug. 1 Holders of rec. July 15a
American Shipbuilding, corn.(mum)._ 2
1)4 Aug. 1 Holders of rec. July 15
Preferred (guar.)
Aug. 1 'Holders of roe. July 12
Amer. Smelt. & Re/g, corn. (quar.)... - *S1
•15.‘ Sept. 3 *Holders of rem Aug. 2
Preferred (guar.)
Amer. Thermos Bottle, corn. A (qu.).- *25c. Aug. 1 *Holders of rec. July 20
Amer. Vitrified Products, Prof. (guar )... el% Aug. 1 *Holders of rec. July 20
Amsterdam Trading, Amer. shame
750. July 22 Holders of rec. July 16
Anaconda Copper Mining (guar.)
$1.75 Aug. 19 Holders of roe. July 130
Anaconda Wire & Cable (guar.)
75e. Aug. 5 Holders of rec. July 130
Andes Copper Mining (guar.)
750. Aug. 12 Holders of rem July 130
Archer-Daniels-MIdl. Co., corn. (guar.) 500. Aug. 1 Holders of rec. July 200
Preferred (guar.)
114 Aug. 1 Holders of rec. July 200
Arizona Commercial Mining
25e. July 31 Holders of rec. July 16
Associated Apparel Industries (qu.).___ *$1
Oct. 1 *Holders of rec. Sept. 20
Associated Dry Goods common (guar.).63e. Aug. 1 Holders of rec. July 13a
First preferred (quar.)
134 Sept. 2 Holders of rec. Aug. 10a
Second preferred (guar.)
114 Sept. 2 Holders of roe. Aug. 10a
Atlantic Gulf de West Ind;es B.S. Lines,
Preferred (guar.)
$1
Sept.30 Holders of roe. Sept. 10a
Preferred (guar.)
81
Dec. 31 Holders of roe. Deo. 110
Atlantic & Pacific Internat. Corp. A..... '134 Aug. 1 *Holders of rec. July 15
134 Aug. 1 Holders of rec. July 190
Atlas Powder, pref. (guar.)
Bakers Share Corp.. corn. (qu.)
134 Oct. 1 Holders of rec. Aug. 1
Common (goat.)
114 Jan 1'30 Holders of rec. Nov. 1
Balaban de-Katz, corn. (guar.)
•750. Sept. 27 *Holders of rec. Sept. 16
Preferred (guar.)
*114 Sept. 27 *Holders of rec. Sept. 16
namberger (I..) & Co . 634% Pf. WE,154 Sept. 2 Holders of tee. Aug. leo
14$ Deo. 2 Holders of roe. Nov. 110
11 1 % preferred (guar.)
4
Bancroft(Joseph) & Sons Co., pref.(qu.) 114 July 31 Holders of roe. July 15
25e. Aug. 1 Holders of roe. July 20
Bankers Bond & Mtge. Guaranty (qu.)12
Oct. 15 *Holders of rec. Sept. 30
Bankers Capital Corp., pref.(quar.)___- 1
Preferred (guar.)
Jan15'30 *Holders of ree Dec 31
25c. Aug. 1 Holders of roe. July I
Banker.. Financial Trust,common
50c. Aug. 8 Holders of rec. July 8a
Barnsdall Corp., class A & B (guar.)._
250. Aug. 8 Holders of rec. July 80
Class A & B (extra)
"54
Aug. 1 *Holders of rec. July 12
Bates Mfg
Special (from accumulated earnings)._ "830 Aug. 1 *Holders of rec. July 12
1
u111,Ltd., corn.(guar.) _ --14 Aug. 1 Holders of rec. July 15
BelellngrredlOar.)
efe -Co lce
111 Sept.14 Holders of rec. Aug. 31
Preferred
Bethlehem Steel common (guar.)
1
Aug. 15 Holders of rec. July 19a
Bigelow-Hartf. Carpet, corn.(guar.)
$1.50 Aug. 1 Holders of rec. July 18
Preferred (guar.)
11$ Aug. 1 Holders of roe. July lb
Preferred (guar.)
•134 Nov. 1 *Holders of ree. Oct. 18
Bingham Mines Co
8716c July 22 Holders of rec. July 17
Birtman Elec. Co., corn. (guar.)
*50c. Aug. 1 *Holders of rec. July 15
•$1.75 Aug. 1 *Holders of roe. July 15
Preferred (guar.)
Blauner's, corn. (guar.)
30c. Aug. 15 Holders of rec. Aug. la
Corn. (payable in cow. stock)
v13.4 Aug. 15 Holders of rec. Aug. 10
750. Aug. 15 Holders of roe. Aug. la
$3 preferred (guar.)
Bloomingdale Bros., Inc., pref. (guar.).
114 Aug. I Holders of rec. July 250
Bon Arnl Co.. class A (gum.)
$1 July 30 Holders of rec. July 15a
Class A (extra)
$1 July 30 Holders of rec. July 15a
Booth (F.E.) Co.,com.(pay.in com.stk)150
Aug. 15 Holders of rec. Aug. la
750. Aug. 31 Holders of rec. Aug. 15
Borden Co., common (guar.)
Bortn-Vititone Corp. $3 pf. (No. 1)____ •$1.25 Aug. 15 *Holders of rec. Aug. 1
$3 cony. pref. (extra)
•50e. Aug. 15 *Holders of rec. Aug. 1
Beading Breweries (guar.)
50c Aug. 1 Holders of rec. July 15
Brewers & Distillers of Vancouver
Common (interim)
Sc. July 15 Holders of rec. July 2
Brill (J.(I.) Co., pref. (guar.)
'154 Aug. 1 *Holders of rem July 31
Billie Mg.Co., class A (guar.)
50o. Oct. I Holders of roe. Sept. 150
British Type Investore, Inc.
15c. Aug. 1 Holders of roe. July 1
Class A (bi-monthly)
Broadway Dept. Stores. pref.(guar.)._ •61.75 Aug. 1 *Holders of roe. July 11
750. Aug. I Holders of roe. July 150
Brockway Motor Truck corn. (quar.)
114 Aug. 1 Holders of rec. July 20a
Brown Shoe, pref. (guar.)
Brunswick-Balke-Collender, corn. (gu.) 75c. Aug. 15 Holders of rec. July 256
25c. Aug.
Holders of rec. July 15a
Budd (E. G.) Mfg., common (quar.)....
25e. Aug.
Holders of rec. July 15a
Common (extra)
1)4 Aug.
Holders of rec. July 15a
Preferred (guar.)
Holders of roe. July 15a
Preferred( acct. accum. dividends)... 7
Aug.
*50c. Aug.
Bunt° Bros., corn. (guar.)
*Holders of rec. July 25
Preferred (guar.)
Aug.' *Holders of rec. July 25
Burma Corp.. American dep. receipts_
(0) Aug. 2 *Holders of roe. July 13
Burroughs Adding Machine
New no par stock (qu.)(No. 1)
200. Sept. 10 Holders of ree. Aug. 27a
11400 Aug.
Stock dividend
*Holders of roe. July u15
Flesh Terminal Co., corn. (guar.)
50e. Aug.
Holders of rec. June 28a
Common (payable In common stock) - 11 Si Aug.
Holders of ree. June 28a
Byers(A. M.) Co. pref.(guar.)
114 Nov.
Holders of rec. Oct. 15a
Preferred (guar.)
114 Aug.
Holders of rec. July 15a
California Dairies, Prof. A (guar.)
Sept. *Holders of rec. Aug. II
Preferred B (guar.)
•61.6234 Aug.
*Holders of roe. July 11
California Packing (guar.)
•61
Sept. 15 *Holders of rem Aug. 31
Canadian Bronze, corn.(guar.)
62340 Aug. 1 Holders of roe. July 19
Preferred (guar.)
151 Aug. 1 Holders of roe. July 19
Canadian Car & Foundry, ord.(am.).- 114 Aug. 30 Holders of rem Aug. 15
Canadian Dredge & Dock, corn. (guar.)..
750. Aug. 1 Holders of rec. July 16
Preferred (guar.)
134 Aug. 1 Holders of rec. July 16
Canffeld 011, cum.& pref.(guar.)
Sept. 30 Holders of ree. Aug. A.
4:amnion & °referred Near.)
6111 Deo. 31 Holders of reo. Nov. 21
8 ,
Carnation AIilk Products
Common (payable In common stock)._ •1 Jan 230 *Holders of rec. Dee. 21
Castle (A. M.) Co. (guar.)
•75e. Aug. 1 *Holders of roe. July 19
Extra
•25c. Aug. 1 *Holders of rec. July 19
Celluloid Corp. 1st panic. pref. (guar.). $1.75 Sept. 1 Holders of rec. Aug. 10
87 preferred (Ouar.)
$1.75 Sept. 1 Holders of roe Aug. 10
Centrifugal Pipe Corp.(guar.)
15c. Aug. 15 Holders of rec. Aug. 5
Century Ribbon Mills, Prof.(guar.)._
111 Sept. 3 Holders of rec. Aug. 230
Cerro de Pasco Copper (guar.)
$1.50 Aug. 1 Holders of rec. July lla
Chain Belt Co. (guar.)
• 62 M c. Aug. 15 *Holden; of roe. Aug. 1
Chain & General Equities pref. (qu.).._*$ 1 .6214 Aug. 1 *Holders of rec. July 16
Chelsea Exchange Corp. class A & B (qu) 25c. Aug. 15 Holders of roe. Aug. 1
Class A & B (guar.)
250. Nov. 15 Holders of rec. Nov. 1
Class A & B (quar.)
25e. Fb 15'30 Hold,of rec. Jan. 31 '30
Class A & 11 (guar.)
25e. My15'30 Hold, of roc. May 1 '30
Cherry Burrell Co., core.(guar.)
'6234c Aug. 1 *Holders of rec. July 15
Preferred (guar.)
*151 Aug. I *Holders of rec. July 15
Chic. Wile). A.Franklin Coal, pf. (qu.). 81.50 Aug. 1 Holders of rec. July 150
Chicago Yellow Cab (monthly)
25e Aug.
Holder, of rec. July 190
Monthly
ISo. Sent. 2 Holders of rec. Aug. 20a
Jinx 20 1929.1
Name of Company.
435
FINANCIAL CHRONICLE
When
Per
Cent. Payable.
Books mesa
Days Inclusive.
Name of Company.
When
Per
Cent, Payable.
Books Closed
Daps Inclusive.
Miscellaneous (Continued).
Miscellaneous (Continued).
Aug. I Holders of rec. July 20
$1
235e Aug. 1 Holders of rec. July 156 General Tire & Rubber, corn. (qu.)- - - Cities Service, common (monthly)
750. July 31 Holders of rec. July 15
Common (payable in common stock)_
134 Aug. I Holders of rec. July 156 Gilchrist Co. (quar.)
$1 25 Sept. 3 Holders of rec. Aug. la
Preferred and preference BB (mthly.) 50c Aug. 1 Holders of rec. July 15a Gillette Safety Razor (guar.)
030e. July 30'Holders of rec. July 15
Preference B (monthly)
5c Aug. 1 Holders of rec. July 15a Gilman 011 (guar.)
1% Aug. 1 Holders of rec. July 156
Gimbel Bros., Inc., pref. (guar.)
"$3.50 Aug. 15 'Holders of roe. Aug. 1
City of Paris, 2d pref.(guar.)
Oct. 1
McBeande Co.,corn(in corn stk 4o2
8735c Aug. 1 Holders of rec. July 156 Wadding.
City Stores class A (guar.)
Goldberg (S. M.)Stores, 57 prof.(guar.) "31.75 Sept. 15'Holders of roe ,Sept. 1
Claude Neon Elec. Prod., corn. (guar.). *20e Aug. 1 'Holders of rec. July 20
15
6235c Aug. 1 Holders of rec. July 17a
Gold Dust Corp., com.(guar.)
450e Sept. 1 *Headers of roe A
Cleveland stone. common (quer ) ._
Sept. 1 *Holders of tee Aug. 15
Cluett Peabody & Co., corn. (quar.)..... $1.25 Aug. 1 Holders of rec. July 206 Golden State Milk stock dividend (qu.). *el
"el
Dec. 1 *Holders of rec. Nov. 16
Stock dividend
4
1740 Aug. 1 *Holders of ree. July 15
Coekshutt Plow (guar.)
$1.25 Aug 1 Holders of roe. July la
135 Oct. 1 Holders of ree. Sept. 7
Tire & Rubber. corn.(quar.)
Goodyear
Colgate-Palmolive-Peet Co., pref. (qu.).
50e. Sept. 1 Holders of rec. Aug. 1
Gorham Mfg., corn. (guar.)
14 Janl'30 Holders of rec. Dec. 7
Preferred 'guar.)
511c lee. I II°Merit of rec. Nov 1
common (guar.)
$1
Aug. 1 Holders of ree. July 15a
Columbian Carbon (guar.)
Aug. 1 Holders of rec. July 126
25c Aug. 1 Holders of rec. July 15a Gotham Silk Hosiery, Pref. (qu.)
Extra
Granby Consol, Min., Smelt.dePow.(qu) $1.75 Aug. 1 Holders of rec. July 12a
135 Sept. 2 Holders of roe. Aug. 28
Community State Corp.. A & B Mar./•
Grand (F.& W.) 5-10 & 250. Stores
ll Dee, 31 Holders of roe. Dec. 20
Clam A & B (guar.)
25c. July 20 Ilolders of rec. July 13a
Common (guar.)
150. July 25 Holders of rec. July 8
Connecticut Cash Credit. corn. (guar.).
1% Aug. 1 Holders of rec. July 134
Preferred (guar.).
15c. July 25 Holders of roc. July 8
Preferred (quar.)
.250. Sept.30'Holders of rec. Sept.20
15e July 25 Holders of rec. July 8
Grand Rapids Varnish (guar.)
Preferred (extra)
.25c. Dec. 31 'Holders of rec. Dee. 20
Quarterly
Consolidated Chemical Industries (qua - 41735c Aug. 1 "Holders of rec. July 15
47be tug U, *Holders of rec Aug
Consolidated Cigar, prior pref. Mara_ $ 1.6234 Aug. 1 Holders of rec. July 176 Greenway Corp.. 547, pref. (guar.)
roe Nov 1
,
..... '75 S5,5t 1r, •Heldere
RI, preferred (qua!' 1
$1.75 Sept. 3 Holders of rec. Aug. 190
Preferred (guar.)
' "50e. Sept. 1 *Holders of rec. Aug. 21
Gruen Watch, comrhon (guar.)
*15c July 25'Holders of rec. July 15
Consolidated Royalty Oil (guar.)
*50c. Dee. 1 "Holders of rec. Nov. 20
Common (quar.)
6234c Aug. 15 Holders of rec. Aug. la
Continental Can. com.(quar.)
*50e. M'r110 *Hold,of roe. Feb. 18'30
Common (guar.)
20c July 30 Holders of rec. July 154
Continental Motors Corp.(guar.)
Aug. 1 'Holders of roe. July 21
0600 Nov. 1 *Holders of ree. Oct. 10
Preferred (guar.)
Coon(W. B.) Co.. corn
•I Sif Nov. 1 'Holders of ree. Oct. 21
Preferred (guar.)
410c Aug 1 *Holders of rect. July 10
Common
•1
*15.‘ Nov. 1 *Holders of rec. Oct. 10
Febl'30 "Hold, of roe. Jan. 2i ari
Preferred (quar.)
Preferred
Aug. 1 *Holders of rec. June 27
Guardian Invest. Trust., corn.(No. 1)_. fl
•1 I( Aug. 1 "Holders of roe. July 10
Preferred
134 Oct. 1 Holders of rec. Sept. 165
Corn Products Refining, corn. (guar.)._
75c. July 20 Holders of roe. July 54 Gulf States Steel, pref.(guar.)
1)4 Jan 210 Holders of rec. Dee Ms
Preferred (guar.)
Common (extra)
50e. July 20 Holders of rec. July 54
"50c. July 31 'Holders of rec. July 24
Halle Bros., corn. (quar.)
Cosden 011, preferred
$3.50 Aug. 1 Holders of rec. July 15
*135 July 31 *Holders of rec. July 24
Preferred (guar.)
Coty, Inc., stock dividend
1)4 Aug. 27 Holders of rec. Aug. 12
Hall(W. F.) Printing. corn,(guar.).- 415e. July 31 'Holders of rec. July 20
Stock dividend
134 Nov. 27 Holders of rec. Nov. 12
Courtauld's, Ltd., ordinary (interim)... *4
Harbison-Walker Refract.. pref.(qua,'.). 1 4 July 20 Holders of rec. July 106
Aug. 9
Crocker-Wheeler Elec. Mfg.
Hartford Times. Inc. partic. pf. (qu.).._ 415e. Aug. 15'Holders of rec. Aug. 1
*250. Aug. 5'Holders of rec. July 25
Preferred (acct. accumulated divs.)__ "h2
Aug. I 'Holders of rec. July 2
Hawaiian Coma & Sug.(mthly)
15e. Sept. 5 "Holders of rec. Aug. 25
4
Croaley Radio (stock dividend)
Monthly
Dec. 31 Holders of roe. Dee. 206
*256. Oct. 5'Holders of rec. Sept.25
Corp.,cony. pref.(qu.) $1.50 Sept. 1 Holders of rec. Aug. 13
Crown Zellerbach
Monthly
415c. Nov. 5 *Holders of rec. Oct. 25
Preferred series A& B (guar.)
$1.50 Sept. 1 Holders of rec. Aug. 13
Monthly
*250. Dm. 5 "Holders of rec. Nov. 25
1% July 31 Holders of ree. July 150
Crucible Steel, common (guar.)
Monthly
1 Sept. 26 to Sept 30
Oct
Cuba Co., Preferred (guar.)
143.50 Aug. 1 *Holders of rec. July 13
Hayes Body Corp.(guar.) (pay. In stk.) 2
•15i Sept. 15 "Holden of rec. Soot 1
Jan 210
2
Ouneo Press. Pref.(guar.)
Quarterly (payable to Mock))
Hibboxd,Spencer,Bartlett&Co.(mtlity.). 35e. July 26 Holders of rec. July 19
(guar.)
Curtis Lighting, common
*330. Aug. 1 *Holders of roe. July 15
350. Aug. 30 Holders of roc. Aug. 23
Monthly
Curtis Publishing common (monthly)
53 . Aug. 2 Holders of rec. July 206
', ' 35c. Sept.27 Holders of rec. Sept.20
53) Sept. 2 Holders of rec. Aug. 20
Monthly
Common (monthly)
1 I
34 Aug. I Holders of rec. July 15
Common (monthly)
'500. Oct. 12 *Holders of Fee. Sept.206 Holly Sugar Corp., pref.(quar.)
50e. July 25 Holders of rec. July 206
Homestake Mining (monthly)
Preferred (quar.)
$1.75 Oct. 2 Holders of rec. Sept, 20
Hardart of N.Y.,corn.(guar.)._ 62540 Aug. 1 Holders of rec. July lie
Davega, Inc. (quar.)
Horn &
25e. Aug. 1 Holders of rec. July 15
'1% Sept. 2 *Holders of rec. Aug. 12
Preferred (quar.)
Decker (Alfred) & Cohn, com.(qu.)
*50e. Sept. 16 'Holders of rec. Sept. 5
,
4 15( Sept. 1
8730 Sept, 3 Holders of rec. Aug. 156
Household Products(guar.)
Preferred (guar.)
*Holders of rec. Aug. 22
.50c. Aug. 1 "Holders of rm. July 15
Dennison Manufacturing, pref. (guar.).
Humbersome Shoe, corn
Aug. 1 Holders of rec. July 20
*500. Aug. 1 'Holders of rec. July 15
Debenture stock (guar.)
Common (extra)
2
Aug. 1 Holders of roe. July 20
*50e. Aug. 1 'Holders of rm. July 18
Packing (guar.)
Detroit Michigan Stove, com.(guar.)... *30e. July 20 *Holders of rec. July 10
Hunt Bros.
50e. Aug. 1 Holders of rec. July 15a
Detroit Steel Products,com.(mthly.)
*25o. Aug. 1 *Holders of roe. July 20
Hupp Motor Car Corp.(gnar.)
ea% Aug. 1 Holders of rec. July 1541
Common (monthly)
"15c. Sept. 1 'Holders of roe. Aug. 20
Stock dividend (guar.)
'24 Nov. 1 Holders of roe. Oct. 15a
Distillers Co., Ltd.
Stock (113Idend (gut!.)
Oct. 1
*2
Amer. rets, ord. shares (2s. 6d.)
% iron & Erie Mortgage (quar.)
(w) Aug. 7 *Holders of rec. July 5
Oct. 15 *Holden of roe Oct
Dome.Mines,Ltd.(guar.)
25c. July 20 Holders of rec. June 296 Illinois .rick '1,t4c ,
50c. July 31 Holders of rec. July 15.
Dominion Distillers Coma,clam A _
Independent 011 & Gas (guar.)
25c. Sept. 1 Holders of rec. July 5
6
$1 Aug. 15 Holders of rec. July 2
Dominion Tar 4t Chemical, pref. (guar.) 1% Aug. 1 Holders of rec. July 15
Indiana Pipe Line
$3 Aug. 15 Holders of rec. July 26
Dunhill Internat. common (guar.)
$1
Extra
Oct. 15 Holders of rec. Oct. la
Common (quar.) 31
Jn 15'30 Holders of rec. Dec. 31a Industrial Finance Corp., 7% Pf, Ole.). I% Aug. I Holders of rec. July 19
135 Aug. 1 Holders of rec. July 10
Common (payable in com.stock)
6% preferred (quer.)
1
In 15'30 Holders of rec. Dec. 316
Sept. 3 Holders of rec. Aug. 6a
$1
Common (quar.)
$1
Ap15'30 Holders of rec. Apr. la Ingersoll-Rand Co., corn. (guar.)
41
Common (payable in com.stock)
Holders of rec. Apr. la Internal. Agricultural Corp., pr. pf.(qu.) 1)4 Sept. 3 Holders of rec. Aug. 15
Ap15'30
Dunhill Internat. (stock dividend)
Oct. 15 Holders of rec. Oct. la International Banding Mach.
el
Aug. 1
2
Du Pont(E. I.) de Nem., deb.stk.(qu). 1% July 25 Holders of rec. July 10a
Common and preferred (special)
$1.25 Oct. 10 Holders of roe. Sept. 2I6
Eastern Bankers Corp..corn
Internat. Business Mach. (quar.)
"30e. Aug. 1 *Holders of rec. July 1
Aug. 1 Holders of rec. July 19
$1
Common (extra)
Internat. Cigar Mach'y (guar.)
.30e. Aug. 1 'Holders of rec. July 1
50c. Aug. I Holders of roe. July 19
Preferred (quar.)
Extra
$1.75 Aug. 1 Holders of rec. July 1
Holders of rec July la
I% Aug.
Preferred (guar.)
Internat. Nickel of Canada pref.(qua-$1.75 Nov. I Holders of rec. Sept. 30
60e. Aug. 15 Holders of rec. Aug. la
International Paper Co.. com. (quar.)-Preferred (guar.)
$1.75 Feb l'30 Holders of rec.-Dec. 31
600. Aug. 15 Holders of rec. Aug. la
Eastern Theatres(Toronto), prof
Paper & Power,corn. A (rm.).29
Internat.
334 July 31 Holders of rec. June
Internal. Printing Ink, com.(guar.).- 8235c Aug. I Holders of roe. July 15a
Eastern Utilities Invelt, panic. pt.(qua $1.75 Aug. 1 Holders of rec. June 29
$1.50 Aug. 1 Holders of rec. July 15a
Preferred (quar.)
$1.50 Sept. 2 Holders of rec. July 31
$6 Preferred (guar.)
60c. Sept. 3 Holders of rec. Aug. 14
$7 preferred (guar.)
Internat. Safety Razor, el. A (guar.)...
$1.75 Sept. 2 Holders of ree. July 31
50e. Sept. 3 Holders of ree. Aug. 14
Prior preferred (guar.)
$1.25 Oct. 1 Holders of rec. Aug. 31
Clam 13 (guar.)
250. Sept. 3 Holders of rec. Aug. 14
(extra)
Eaton Axle & Spring (quar.)
750. Aug. I Holders of rec. July 15a
Clam B
500. Aug. 1 Holders of rec. July 15
Eitingon-Schild Co.. com.(quar.)
624c. Aug. 30 Holders of rec. Aug. 15a International Shoe, pref. (monthly)._. _
Sept I •Holders of roe Aug 15
Electrical Securities, pref. (guar.)
.
"13i Aug. 1 'Holders of rec. July 15
Preferred (monthly)
4500.3
'50 Oct. I *Holders of rec Sept 16
Preferred (monthly).
Electric Household Utilities(guar.)
'25c. July 20 *Holders of rec. July 5
4
410e3 Nov I *Holders of roe Oct. 15
Stock dividend
•e135 July 20'Holders of rec. July 5
Preferred (monthly).
•50e. Dee. I 'Holders of roe Nov. 15
Electric Shareholdings
Preferred (monthly)
*50e. Jan 110 'Holders of rec. Dec. III
Common (quarterly) (No. 1)
"25c. Sept. 'Holders of rec. Aug. 5
Preferred (monthly)
250. Aug. 15 Holders of rec. Aug. la
Common (payable in corn. stk.)
Intertype Corp.. coin. (guar.)
Sept. 'Holders of rec. Aug. 5
*12
Prof. (1-20 share corn. stk.)
250. Aug. 15 Holders of roe. Aug. la
Common (extra)
(1) Sept. 'Holders of rec. Aug. 5
*82 Oct. 1 'Holders of rec. Sept. 16
Electric Shovel Coal, panic. pf. (gu.)
$1
Aug.
1st pref. (quar.)
Holders of rec. July 176
.750. Oct. 1 *Holders of rec. Sept. 17
Elgin National Watch (guar.)
lefferson Electric (guar.)
'624o Aug.
'Holders of ree. July 16
Emsco Derrick & Equipment (quar.)--- 440c. July 2 *Holders of rec. July 10
Joint Security Corp
Aug. I Holders of rm. July 20
Enamel & Heating Products (qu.)
11
50c. Aug.
Corn.(payable in corn.stock)
Holders of rec. July 15
Nov. 1 Holders of ree. Oct. 20
Eureka Pipe Line (guar.)
II
Aug.
$1
COM.(payable in corn.stook)
Holders of rec. July 15
. •15e. Sept. 30 *Holders of rec. Sept.20
Eureka Vacuum Cleaner (guar.)
$1 Aug.
Holders of rec. July 20a Kalamazoo Vegetable Parchment NUJ
•15e. Dec. 31 'Holders of rec. Dec 21
Evans Auto Loading, stock dividend... •,42
Oct
Quarterly
*Holders of rec. Sept. go
38c. July 29 Holders of rec. July 100
Exchange Buffet (quar.)
3735c. July 3 Holders of rec. July Ma Kaufmann Dept. Storm com.(gust,)...
Fair (The), corn.(guar.)
4324e Oct. 15 *Holders of rec. Sept. 30
'00e. Aug
Kawneer Company (guar.)
'Holders of rec. July 20
Preferred (guar.)
ars
'62340 JanI5'30 *Holders of ree. Deo. 31
4
'14 Aug.
Quarterly
"Holders of rec. July
Aug. 1 Holders of rec. July 15a
Fair (The), corn. (quar.)
II
410c.
'Nov. 'Holders of rec. Oct. 20 .Kayser (Julius) & Co., cons,(qua
145 Aug. 1 Holders of rec. June 22
Preferred (quar.)
•134 iNov.
*Holders of rec. Oct. 20 Kelsey-Ilayes Wheel. prof. (guar.)
Fashion Park Associates pref.(guar.)... $1.75 Aug.
$1.50 Aug. I Holden of rec. July 19a
Holders of roe. July I70 Keystone Watch Case,com
Federal Knitting Mills, corn. (qu.)
•1% Sept. 10 'Holders of rec. Aug. 81
6234e. Aug.
Kirby Lumber (guar.)
Holders of rec. July 15
•111.‘ Dec. 10 *Holders of rec. Nov.30
Common (extra)
1235e. Aug,
Quarterly
Holders of rec. July 15
Preferred (guar.)
50e. Aug. 1 Holders of rec. July 15
•145 Oct.
Knapp Monarch Co., common
*Holders of roe. Sept. 20
Federated Capital Corp. common
6
51.75 Oct. 1 Holders of roe. Sept.1 0
37350 Aug. 3 Holders of ree. Aug. 15
KnoxHat Co.. prior pref. (quan)
Common (payable in common stock)
75e Sept. 3 Holders of ree. Aug. 15a
Aug. 3 Holders of roe. Aug. 15
11
Participating pref 'quilt.).
Preferred
75e Dee. 2 Holders of tee. Nov. 1150
3734c Aug. 3 Holders of rec. Aug. 15
Participating pref. (guar.)
Federated Publications, pref. (quar.)
250. Aug. 1 Holders of rec. July 20a
50c. July 3 Holders of rec. July 15
Kress (S. II.) & Co., COM.(guar.)
Firestone Tire & Rubber, corn.(guar.)._
•150. Aug. 1 'Holders of rec. July 20
$2 July 20 Holders of rec. July 10
Special pref. (quit.)
Fits Simmons Dredge & Dock
Kroger Grocery & Baking, 2d pf. (qu.)- •I% Aug. 1 'Holders of rec. July 31
Corn.(1-40111 share corn.stk.)
'$3 Sept. 3'Holders of rec. Aug. 15
(1) Sept 1
Lackawanna Securities
Corn.(1-40th share corn. stk.)
Dee. 1
Laclede-Christy Clay Prod., corn.(qu.). $1.25 Aug. 1 Holders of rec. Jule 22
"35o. Oct. I *Holders of rec. Sept. 14
Formica Insulation (quar.)
*50c. July 30 'Holders of rec. July 15
& Mach.(quar,)
Lakey Foundry
*350. Jan l'30 'Holders of roe. Dee. 14
Quarterly
14 July 30 Holders of rec. July 15
4
Stock dividend
25e. Aug. 15 Holders of rec. July 31
Foundation Co. of Canada, corn. (quit.)
'e214 Oct. 30 *Holders of rm. Oct. 15
Stock dividend
Franklin (II. H.) Mfg.,corn.(guar.).
50c. July 20 Holders of rec. July 10
75e, Aug. 1 Holders of rec. July 156
Landay Bros., Inc., Cl. A (au.)
Preferred (quar,)
135 Aug. 1 Holders of rec. July 23
*760. Sept.30 *Holders of rec. Sep8.20
Landers, Frary & Clark Omar.)
Aug. 1 Holders of ree. July 154
$1
Freeport Texas Co.(quar.)
44750. Dec. 31 *Holders of roe. Dee. 21
Quarterly
French Line, common B. Amer.shares.. "$2.07 July 24 *Holders of rec. July 17
134 Aug. 1 Holders of rec. July 15
Lane Bryant, Inc., pref. (quar.)
*20e. Aug. 1 *Holders of rec. July 15
Fuller Brush, clam A (guar.)
Langendort United Bakeries
"80e. Aug. 1 *Holders of rec. July 15
Class AA (quar.)
.500. Oct. 15 *Holders of rec. Sept.30
Clean A and 13 (guar.)
Fuller (Geo. A.) Co.of Can., partic. pf. 414.38 Aug. 1 *Holders of rec. July 15
.500. Ja 15'30 'Holders of roe. Dee. 30
4
Clam A and B (quar.) •
•31.75 Sept. 1 'Holders of rec. Aug. 15
GeneralBox, pref. (guar.)
135 Aug. 31 Holders of rec. Aug. 21a
Lanston MonotyPe Marl
$1.75 Aug. 1 Holders of rec. July 10a Lawbeck Corp., pref. (quar.)
General Cable, pref. (guar.)
•134 Aug. 1 'Holders'of rec. July 19
$1 Sept. 1 Holders of rec. Aug. 86 Lazarus (The F. de R.) & Co.. Pf.(qu.).. •145 Aug. 1 *Holders of rec. July 20
Class A (guar.)
$1 Aug. 1 Holders of rec. July 160 Leath & Co.. prof.(guar.)
General Cigar, common (guar.)
*8740 Oct. I 'Holders of rec. Sept.15
$1.75 Sept, 3 Holders of rec. Aug. 230 Lelcourt Realty Corp., common (guar.).
40c. Aug. 15 Holders of rec. Aug. 5
Preferred (guar.)
July 26 Holders of rec. June 21u
$1
Si
Lehigh Coal & Nay.(quar.)
Aug. 31 Holders of rec. July 310
General Electric, common (guar.)
July 20 Holders of rec. June 21s Lehigh Portland Cement, corn. (guar.). 6254e, Aug. 1 Holders of rec. July 13a
$1
Common (extra)
150. July 28 Holders of roe. June 216 Lincoln Printing, coin
"40e. Aug. I "Holders of rec. July 22
Special stook (guar.)
4310e. Aug. 1 'Holders of rec. July 22
Lincoln Printing corn.(quar.)
General Electric Co., Ltd.
"w10 July 26 *Holders of rec. July 1
Link Belt Co.(guar.)
850. Sept. 1 Holders of rec. Aug. 15a
Amer. dep. Ma,for ord. shares
40c. July 29 Holders of rec. July 19
Lion Oil Refining (quar.)
'50e. July 27'Holders of rec. June 28
General Laundry Mach'y (guar.)
750. Aug. I Holders of rec. July I5a Liquid Carbonic Corp.(quar.)
Aug. 1 Holders of rec. July 206
al
General Mills. Inc., com. (guar.)
Loose-WIles Biscuit Co., cont. (quar.)_. 65e. Aug. 1 Holders of rec. July I8a
General Motors Corp.,6% deb.stk.(qu.) 14 Aug. 1 Holders of rec. July 8a
Aug. 1 Holders of rec. July 17
2
134 Aug. 1 Holders of roe, July 86 Lord & Taylor, pref.(guar.)
6% preferred (guar.)
134 Aug. 15 Holders of rm. Aug. la
1)4 Aug. 1 Holders of rec. July 86 Louisiana Oil Ref., pref.(quar.)
7% preferred (guar.)
•134 Sept.30 *Holders of rec. Sept. 20
Lunkenbelmer Co., pref. (guar.)
General Public Service Corti.
'1)4 Dec. 31 *Holders of rec. Dec. 21
$1.50 Aug 1 Holders of rec. July tO
se preferred (quit.)
Preferred Mum.)
Lynch Glass Machine, prof. (guar.).- *50c Aug. 15 *Holders of rec. Aug. 5
I 37% Aug. 1 Holders of rec. July 10
5534 preferred (quan)
MacKinnon Steel Corp. 1st pf.(quit.).. 134 Aug. 1 Holders of rec. July 23
50c. Aug. 1 Holders of roe, July 15
Yards, com.(guar.)
General Stock
50c. Aug. 15 Holders of rec. July 26a
Macy (R. H.) & Co., com.(quar.)
1)4 Aug I Holders of rec. July 15
Preferred (guar.)
436
Name of Company.
Per
When
Cent. Payable
Books Closed
Days Inclusive.
Miscellaneous (Confirmed).
Mansfield Theatre. Ltd., Toronto corn-- 5
July 31 Holders of rec. June 29
Preference
330 July 31 Holders of roe. June 29
Mass. Investors dr Trust (qu.)
*52c. July 20 *Holders of rec. July 8
May Dept. Stores Inc (guar.)
Sept. 3 Holders of rec. Aug. I5a
$1
Maytag Co.. first pref. (guar.)
$1.50 Aug. 1 Holders of rec. July 15a
Cumulative preference (guar.)
750. Aug. 1 Holders of rec. July 150
McCall Corporation (guar.)
Aug. 1 Holders of rec. July 15a
$1
McCrory Stores. pret. (guar.)
134 Aug. 1 Holders of rec. July 20a
Melville Shoe Corp., common (guar.)... 35c. Aug. 1 Holders of rec. July 18a
First preferred (guar.)
14 Aug. 1 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, pref.(quar.)
.$1.50 Aug. 1 *Holders of rec. July 20
Mexican Petroleum, corn. (guar.)
$3
July 20 Holders of reel June 29
Preferred (guar.)
July 20 Holders of reo. June 29
$2
Meyer-131anke Co., common (guar.).314c. Aug. 10 Holders of rec. June 30
Miami Copper Co. (guar.)
El Aug. 15 Holders of rec. Aug. la
Michigan Steel (guar.)
6244c July 20 Holders of roe. July la
Mid-Continent Petroleum,corn.(quar.)_
50c. Aug. 15 Holders of rec. July 150
Minneapolis-Honeywell Reg.. corn
*31.25 Aug. 15 *Holders of roe. Aug. 3
Common (extra)
•500. Aug. 15 *Holders of rec. Aug. 3
Preferred (guar.)
*14: Aug. 15 *Holders of rm. Aug. 1
Preferred (Guar.)
*1% Nov. 16 *Holders of roe. Nov. 1
Minneapolis-Moline Power Implement
Co.. pref. (guar.)(No. 1)
• 81.625 Aug. 15
Miss. Val. Utl!.. Invest. pr. lien (qu.)._ $1.50 Aug. 1 Holders of rec. July 15
Mitchell (Robert) Co. Ltd.(guar.)
25e. Oct. 15 Holders of rec. Sept.30
Mitten Bank Securities Corp,corn
24 Aug. 15 Holders of rec. July 1
Preferred
Aug. 15 Holders of rec. July 1
3
Preferred (extra)
4 Aug. 15 Holders of rec. July 1
Modine Mfg., common (guar.)
*50c. Aug. 1 *Holders of rec. July 20
Common (extra)
•25c. Aug. 1 'Holders of rec. July 20
Montgomery Ward & Co.. corn.(quar.)_ 6234c Aug. 14 Holders of rec. Aug. 36
Class A (guar.)
*31.75 Oct. 1 *Holders of rec. Sept. 20
Monsanto Chemical Works (in stock)
*14 Aug. 1 *Holders of rec. July 20
Moody's Investors Service
Participating pref.(guar.)
75c. Aug. 15 Holders of rec. Aug. 1
Participating pref.(guar.)
750. Nov. 15 Holders of rec. Nov. 1
Moore Drop Forge. class A (guar.)
*31.50 Aug. 1 *Holders of rec. July 15
Mulford (H. K.) Co., corn. (guar.)
*31.50 Aug. 1 *Holders of rec. July 15
Mullins Mfg., pref. (guar.)
$1.75 Aug. I Holders of rec. July 15
Muncie Gear Co_ pref., class A (guar.) •60c Oct. 1 *Holders of rec. Sept. 15
Preferred. class A (guar.)
•50c lata'30 *Holders of ma. Dec. 16
Murphy (G. C.) Co.. pref. (guar.)
a
Oct. 2 *Holders of rec. Sept 21
Nash Motors (guar.)
81 50 Aug. 1 Holders of tee. July 200
National Acme (guar.)
374c. Aug. I Holders of rec. July 15a
National American Co., Inc.(qu.)
50c. Aug. 1 Holders of rec. July 15
Nat. Bellas-Hess, new corn.(guar.)
25c Oct 15 Holders of tee. Oct. la
New common (guar.)
250 Janh63O Holders of rec. Jan.2'30a
Stock dividend (guar.)
el
Oct. 15 Holders of too. Oct. la
Stock dividend (guar.)
el
Ja.15'30 Holders of rec. Jan.2'30a
Preferred (guar.)
14 Sept. 2 Holders of rec. Aug. 2I0
National Biscuit, corn.(guar.)
$1.50 Oct. 15 Holders of rec. Sept. 270
Preferred (guar.)
14 Aug. 31 Holders of rec. Aug. 15a
National Carbon. Pref.(guar.)
2
Aug. 1 Holders of rec. July 20
National Dairy Productst-orru emu payaid.. In vommnn stock) fl
Oct
1 Holders of roc. Sept 36
Nat. Dept. Stores, led pref. (guar
$1.75 Aug. 1 Holders of rec. July 1 a
Nat. Distillers Prod.. pref.(qu.)(No. 1) $1.75 Aug. 1 Holders of rec. July 1 is
National Enameling & Slog.. common. $1
Aug. 1 Holders of roe. July
a
Nat. Fireproofing. Pre (guar.)
624c Oct. 15 Holders of roe. Oct.
National Food Products
Class 13 (payable in class B ilk.)
2
Oct. 15 Holders of rect. Oct.
National Lead. pref. class B (guar.).
- 14 Aug. 1 Holders of rec. July 1 a
National Tea, new 5 4% pref. (oust.)_. 134c. Aug. 1 Holders of rec. July I
National Terminals prior pref. (guar.)._ •25c. Aug. 1 *Holders of rec. July 2
*434c Aug. 1 *Holders of too. July 2
Convertible pref.(guar.)
National Tile (guar.)
750. Aug. 1 Holders of rec. July 1
/60c. Aug. 5 Holders of rec. July :2
Neisner Bros., Inc. corn.(in corn.81k.)_
14 Aug. 1 Holders of rec. July 1
Preferred (guar.)
Newberry (J. J.) & Co., prof. (guar.)
"14: Sept. 1 *Holders of rec. Aug. 1
Newberry (J. J.) Realty, prof. A (qu.) *31.62 Aug. 1 *Holders of rec. July '1
411.50 Aug. 1 *Holders of rec. July 1
Preferred B (quar.)
New Jersey Cash Credit, corn. (qu.).
150. July 25 Holders of rec. July
15c. July 25 Holders of rec. July
Preferred (guar.)
Preferred (extra)
15c. July 25 Holders of rec. July
New Jersey Zinc (guar.)
•60c. Aug. 10 *Holders of rec. July 2
New Process Co., pref. (guar.)
14 Aug. 1 Holders of rec. July I
New River Co., pref.(acct. accum. div._ 581.50 Aug. 1 Holders of rec. July 2
Newton Steel. preferred (guar.)
*31.50 July 31 *Holders of rec. July 1
New York Air Brake. corn.(guar.)
750. Aug. 1 Holders of roe. July
a
N. Y. & Honduras Rosario Min (qu.)...
25c. July 27 Holders of rec. July 1
Extra
250. July 27 Holders of roe. July 1
N. Y. Merchandise common (quar.)
•50c. Aug. 1 *Holders of rec. July 1
Preferred (guar.)
*31.75 Aug. 1 *Holders of roe. July 1
Nichols Copper Co.. class A (quar.)
4334e. Oct. 1 Holders of rec. Sept. 2
Class B
'750. Nov. 1
Nipissing Mines(guar.)
734c July 20 Holders of tee. June 29
Noma Electric Corp. common (guar.)._
400. Aug. 1 Holders of rec. July 15
Northern Manufacturing, pref.(guar.) _
19c. Sept. I
Preferred lunar.)
19e. Dec. 1
North Lily Mining (Ouar.)
"25c. July 20 *Holders of rec. July 16
Northwest Engineering (guar.)
*500. Aug. 1 *Holders of rec. July 15
011stocks. Ltd., Cl. A dt B
1240. Aug. 15 Holders of rec. July 31
Oil Well Supply Co., pref.(guar.)
$1.75 Aug. 1 Holders of tee. July I2a
Oliver United Filters, class A (quar.)
•50c. Aug. 1 *Holders of rec. July 19
Oppenhelm. Collins & Co., corn. (qu.)._ $1.25 Aug. 15 Holders of rec. July 26a
Otis Elevator, Prof. (guar.)
114 Oct. 15 Holders of rec. Sept. 30a
Preferred (guar.)
144 FM510 Holders of rec. Deo. 310
Outlet Co.common (quar.)
El
Aug. 1 Holders of rec. July 20a
First preferred (guar.)
$1.75 Aug. I Holders of rec. July 200
Second preferred (guar.)
$1.50 Aug. 1 Holders of roe. July 20
Pacific Clay Products (guar.)
*60c. Aug. 1 *Holders of rec. July 20
Pacific Coast Biscuit, pref. (guar.)
'87 3fic Aug. 1 "Holders of rec. July 16
Packard Motor Car (monthly)
250. July 31 Holders of tee. July 120
Monthly
• 25c. Aug. 31 Holders of rm. Aug. 12a
Extra
$1.50 July 31 Holders of reo. July 12a
Paepke Corp.. corn. (guar.)
*14 Aug. 15 *Holders of rec. Aug. 8
Park & TlIford. Inc.(guar.)
75c, Oct. 14 Holders of rec. Sept. 30a
Stock dividend
1
Oct. 14 Holders of rec. Sept. 30a
Quarterly
750. Jan14'30 Holders of rec. Dec. 30a
Stock dividend
1
Jan1410 Holders of rec. Dee. 30s
Quarterly
750. Apr14'30 Holders of rec. Mar. 29a
Stock dividend
1
Apr14'30 Holders of roe. Mar. 290
Penmans. Ltd_ cam.(gum.)
$1 Aug. 15 Holders of rec. Aug. 5
Preferred (guar)
$1.50 Aug. 1 Holders of rec. July 22
Pennsylvania Cash Credit, corn.(quar.)15c. July 25 Holders of rec. July 8
Preferred (guar.)
15c. July 25 Holders of rec. July 8
Preferred (extra)
15e. July 25 Holders of rec. July 8
Penn Traffic
74c. Aug. 1 Holders of rec. July 15a
Perfection Stove (monthly)
*3734c July 31 *Holders of reo July 18
Monthly
•3754c Aug. 31 *Holders of reo. Aug. 16
Monthly
•374c Sept. 30 *Holders of tee Sept. 18
Monthly
'3744c Oct. 31 *Holders of reo. Oct. 17
Monthly
*3734c Nov. 30 *Holders of roe. Nov. 18
Monthly
*374c Dec. 31 *Holders if roe. Deo. 18
Petroleum Royalties Co., pref.(mthly.)- 1
Aug. 1 Holders of roe. July 25
Preferred (extra)
44 Aug. 1 Holders of rec. July 25
Petroleum & Trading Corp., el. A (qu.). 314c. Aug. I Holders of rec. July 19
Philadelphia Insulated Wire
$2.50 Aug. 1 Holders of rec. July 15a
Philippe (Louis), Inc_ class B (guar.)_
25c. Aug. 1 Holders of rec. July 10
IN Aug. 1 Holders of rec. July 200
Phillips-Jones Corp. pref. (guar.)
Pitney-Bowes Postage Meter (guar.)._
.5c. Aug. 1 Holders of roe. July 17
Pittsburgh Steel Co. pref. (guar.)
14 Sept. 1 Holders of roe. Aug. 100
Plymouth Cordage
'134 July 20 Holders of roc. July 2
Corn.and employees stock (guar.).Postum Co. Inc.. corn.(guar.)
75c. Aug. 1 Holders of rec. July 16a
Power & Light Securities Trust
50c. Aug. 1 Holders of rec. July 16
Shares of beneficial Interest
Shares of beneficial Interest (in stock). 614 Aug. 1 Holders of too. July 16
25c. Aug. 1 Holders of rec. July 15
Prairie Cities Oil Co., Ltd. A (quar.)
[VOL. 129.
FINANCIAL CHRONICLE
Name of Company.
Per
When
Cent. Payable.
Books Closest
Days Inclusive.
Miscellaneous (Conl(nued).
Pressed Metals of Amer.. pref. (guar.)__ •14: Oct. 1 *Holders of roe. Sept. 12
Preferred (guar.)
'134 Janl'30 *Holders of too. Dec. 12
Public Investing Co.(guar.)
25c. Sept. 16 Holders of rec. July 15
Pullman, Inc. (guar.)
Aug. 15 Holders of rec. July 246
$1
Pyrcne Manufacturing, corn.(guar.)
2
Aug. 1 July 20 to July 31
Quaker Oats Co., pref. (guar.)
•114 Aug. 31 *Holders of rec. Aug. 1
Raymond Concrete Pile, corn. (quar.)
50c. Aug. 1 Holders of rec. July 20
Common (extra)
25c. Aug. 1 Holders of rec. July 20
Common (special)
25c. Aug. I Holders of rec. July 20
Preferred (guar.)
75c. Aug. 1 Holders of rec. July 20
Reed (C. A.) Co., class A (ouar.)
50e. Aug. 1 Holders of rec. July 20
Republic Brass, pref. (guar.)
14: Aug. 1 Holders of rec. July 100
Republic Service Co.. Prof. (guar.)
4
11.50 Aug. I Holders of me. July 15
Republic Stamping & Enamel
•40e. July 25 *Holders of rec. July 1
Rice-Stlx Dry Goods. common (guar.)._ 374 Aug. 1 Holders of roe. July 15
Richfield 011. corn. (guar.)
50e. Aug. 15 Holders of rec. July 20a
New preferred (guar.)
•434Ec Aug. 1 *Holders of too. July 5
Rio Grande 011
$1
July 26 Holders of roe. July fia
Rio Grande Oil
Hold. of rec. Jan 5 '30
81
(r)
rStock dividend
el4 Oct. 25 Holders of tee Oct. 5
Riverside Forge & Mach., corn. (qua?.). *1300. July 25 *Holders of me. July 15
Riverside Pot. Cement, 1st pref. (qu.) 4
.31.50 Aug. 1 *Holders of rec. July 16
Class A (guar.)
'3134c Aug. 1 *Holders of rec. July 15
Hoover Bros.. Inc., preferred
1734c. Aug. 1 Holders of rec. July ga
Rumell Motor Car Co. common (quar.)_ *14 Aug. 1 *Holders of rec. July 15
Preferred (guar.)
*144 Aug. 1 *Holders of rec. July 15
Ruud Mfg.. mum.(guar.)
*50c. Aug. 1 *Holders of rec. Judy 20
Ryerson (Jos. T.)& Son,Inc., corn.(qu.) *50c. Aug. 1 *Holders of rec. July 19
St. Joseph Lead Co.(guar.)
50c. Sept 20 Sept lu to Sept 20
;extra
25e Sept 20 Rent In to Rent 20
Salt Creek Producers (guar.)
50e. Aug. 1 Holders of rec. July 15a
Samson Tire & Rubber, corn.(No. I)... 314c Aug. 1 Holders of me. July 15
4avaee Arms. 2d pref. (guar.)
'134 Aug. 15 *Holders of rec. Aug. 1
Savannah Sugar, corn. (guar.)
$1.50 Aug. 1 Holders of rec. July 15
21.75 Aug. 1 Holders of rec. July 15
Preferred (guar.)
Schulte United Sc toll Stores. pref.(qu.) *SI.75 Oct. 1 *Holders of rec. Sept.20
Scott Paper, pref.set. A (guar.)
14: July 31 Holders of rec. July 170
Preferred, series B (guar.)
14 July 31 Holders of rec. July 170
Corn (In stk.sub) to sabre.'aPProv.)
Seaboard Surety (guar.)
12 4
1
35 Holders of roe. July 31
11
Seagrove Corporation
(Nor.(30e. cash or 24% 113 stock)...
July 20 Holders of roe. June 296
Sears. Roebuck & Co.(guar.)
Aug. 1 Holders of rec. July 15s
Quarterly (payable in stook)
CI Aug. 1 Holders of me. July 160
Quarterly (payable In stock)
el
Nov. I Holders of rec. Oct. 154
Seeman Brothers, Inc., corn.(guar.)._
60e. Aug. 1 Holders of rec. July 15
Selby Shoe, corn.(guar.)
55e. Aug. 1 Holders of rec. July 15
Preferred (guar.)
134 AMC. 1 Holders of rec. July 15
Seton Leather common (guar.)
50e. Aug. 1 Holders of rec. July 16
Shaffer Oil & Ref. pref. (guar.)
141 July 25 Holders of roe. June 29
Sharon Steel Hoop (guar.)
54 July 25 Holders of rec. July 64
9heaffer(W A.) Pen Co. (guar.)
411
Sept 114 'Holder* of tee. Aug 27
Sheffield Steel, corn (pay. In corn, Mk.). 411
Oct. 1 *Holders of rec. Sept. 20
Shell Transp. & Trod., Am.abs
(a) July 23 Holders of tee. July 166
Silver (Isaac) & Bros. pref. (guar.)
144 Aug. 1 Holders of tea. July 20
Simmons Co. (guar.)
75c. Aug. 1 Holders of rec. July 180
Sinclair COMMI. 011, pref. (guar.)
2
Aug. 15 Holders of rec. Aug. la
Skelly 011 (guar.)
•50c. Sept. 16 *Holders of rec. Aug. 15
Skinner Organ (stock dividend)
*e10
*Holders of rec. July 15
Soong. Chalfant & Co.. pref.(quar.)_ _ _ _ 14 Oct. 1 Holders of rec. Sept. 140
Spencer Kellogg & Sans. Too. (guar.).
400 Sept.30 Holders of roe Sept. 1441
Spiegel-May-Stern Co.. corn.
The. Aug. 1 Holders of rec. July 160
Preferred (guar.)
1.624 Aug. 1 *Holders of rec. July 15
Stanley Works. 6% pref. (guar.)
•3734c Aug. 15 *Holders of roe. Aug. 3
Steel Co. of Canada, com.& pref.(qu.). 434c A.:g. I Holders ot roe. July 6
aerate Radio(guar
*2
Oct. I
Stewart-Warner Corp.
a
New 510 par stock (In stock)
Aug. 16 Holders of roe. Aug. 5
a
New $10 par stock (In stock)
Nov. 15 Holders of rm. Nov. 5
New MO par stock (in stock)
e2
2/15/30 Holders of res. Feb.0•10a
•374c Sept. 1 *Holders of rec. Aug. 15
filtix Baer & Fuller, corn.(guar.)
Common (quiet.)
'37)40 Deo. 1 *Holders of tee. Nov. 16
Storkllne Furniture Corp., cony. p1.(tM) *50c. Aug. 1 *Holders of rec. July 20
Stroock (S.) Co. (guar.)
•750. Oct. 1 *Holders of roe. Sept.10
Quarterly
*75o. Deo. 21 *Holders of ree. Deo. 10
Studebaker Corp.
Common (payable In corn, stock).- _ /1
Sept. 1 Holders of me. Aug. 101
Common (payable In COM stook).
Deo. 1 Holders of roe Nov. 9a
11
Sun-Glow Industries, corn.(No. 1)
50e. Aug. 1 Holders of roe. July 22
Supermald Corp., corn. (guar.)
•75e. Aug. 1 *Holders of rec. July 20
Sweets Co. of America (oum.)
25e. Aug. 1 Holders of rec. July 150
Swift International
Aug. 15 Holders of roe. July 15
$1
Teck-Hughes Gold Mines
15c. Aug. 1 July 18 to July 31
Telautograph Corp. Mar.)
250 Aug. 1 Holders of rec. July 154
Tennessee Copper & Chemical (qua?.).. 250. Sept. 16 Holders of rec. Aug. 310
Thatcher Mfg., cony. pref. (guar.)
900. Aug. 16 Holders of rec. Aug. 5a
Thermold Co.. pref. (guar.)
'134 Aug. 1 *Holders of rec. July 19
Thirty-four East 31st St.. Inc., Prof.... 3
Aug. 1 July 16 to Aug. 1
Thompson (John R.) Co.(monthly)._
300. Aug. 1 Holders of rec. July 23.
Monthly
30o. Sept. 2 Holders of recs. Aug. 234
Thompson Products. preferred (guar.)._
134 Sept. 1 Holders of rec. Aug. 20
Tide-Water Oil, pref. (guar.)
$1.25 Aug. 15 Holders of rec. July 220
Tobacco Products, class A (par $20)_
35e. Aug. 15 Holders of rec. July 25a
Class A (par $100)
14 Aug. 15 'Holders of rec. July 26
Transamerica Corp. (guar.)
*81 July 25 *Holders of rec. July 6
Stock dividend
•1
July 25 *Holders of rec. July 5
Truax-Traer Coal (guar.)
40e. Aug. 1 Holders of rec. July 200
Tung Sol Lamp Works, new corn. (qu.)_ *50c. Aug. 1 *Holders of rec. July 20
New preferred (qn.sr.)
75c. Aug. 1 *Holders of rec. July 20
Twelfth St. Store of Ills.. class A (qu.)_. *50c. Aug. 1 *Holders of rec. Judy 20
Union Col Associates (guar.)
*50c. Aug. 10 *Holders of rec. July 18
Union 0110f Calif. (guar.)
50c. Aug. 10 Holders of rec. July 186
Union Twist Drill, corn. (guar.)
*15o, Sept. 30 *Holders of roe. Sept. 20
Preferred (guar.)
'134 Sept.30 *Holders of tee. Sept.20
United Biscuit, COM. (guar.)
400. Sept. 1 Holders of rec. Aug. 176
Preferred (guar.)
134
United Bond & Share, earth . pref
,
ellorler8 ()f
ym ers of
Aug.
.1111 y 1711
Ju1 1.5
United Chemicals. pref. (guar.)
•75c. Sept. 1 *Holders of rec. Aug. 15
United Cigar Stores of Amer., pref. (qu.) 14 Aug. 1 Holders of rec. July 186
United Dyew000 Corp.. pref. (guar.)._ •14 Oct. 1 *Holders of rec. Sept. 13
United Piece Dye Wks.,Prof.(guar.)___ •141 Oct. 1 *Holders of roe. Sept. 20
Preferred (guar.).
•140 Jan2•30 *Holders of roe. Deo. 20
United Verde Extension Mining (guar.). El
Aug. 1 Holders of rec. July ga
U. S. & Brit. Internat.. 33 pref.(guar.).
75c Aug. 1 Holders of rec. July 15
First preferred (guar.)
41.50 Aug. 1 Ilolders of rec. Julydll
First pref. allot. ctts, 50% paid (guar.) 62 Si e. Aug. 1 Holders of rec. Julydll
U. B. Cut Iron Pipe & Fdy.. COM. (IILI.)
50o. July 20 Holders of rec. June 296
Common (guar.)
60o. Oct. 21 Holders of roe. Sept. 1100
Common (guar.)
Jan20•30 Holders of roe. Dee. 310
First & second pref.(gum.)
300. July 20 Holders of roe. June 290
First & second pref. (guar.)
30e. Oct. 21 Holders of roe. Sept. 30
9
First & second pref. (quar.)
30e Jean° Holders of tee. Dec Ste
U.S.& Foreign Secur., $6 1st pref.(qu.) $1.50 Aug. 1 Holders of rec. July lla
U. S. Industrial Alcohol, corn. (guar.)._ $1.50 Aug. 1 Holders of too. July 150
U. S. & International See.
First pref. allot. ctfs. 60% Paid
6234c Aug. 1 Holders of rm. July 11
United States Leather
Class A male & onnv. stock (on.).... $1
Oat. 1 Holder' of too. SepS. 104
United States Realty & Improvement... $1.25 Sept. 14 Holders of too. Aug. 16
Universal Cooler. Prof. (guar.)
•350. Sept. 1
Universal Leaf Tobacco. corn. (guar.)._
75c. Aug. 1 Holders of rec. elJuly 230
Common (payable in com. stock)
135 Sept. 10 Holders of rec. Aug. 90
Universal Pipe & Radiator, pref. (qu.)__
Aug. 1 Holders of reo. July 160
Upresslt Metal Cap Corp.. wet.(oust.). 81
Oct. 1 Holders of reo. Sept. 15
Utah Radio Products, common (quar.)__ •30o. Aug. 1 *Holders of rec. July 226
Utility & Industrial Corp., pf. (guar.)._ 3734c Aug .20 Holders of ree. July 31
Vadsco Sales Corp., prof. (guar.)
*81.75 Aug. 1 *Holders of rec. July 15
Vapor Car Heating. Prof.(guar.)
'154 Sept. 10 *Holders of rec. Sept. 2
Preferred (guar.)
•134 Dec. 10 *Holders or too. Dec. 2
Vick Chemical (guar.)
31
Aug. 1 Holders of rot. July 176
dividend
Stock
el00 July 29 Holders of roc. July 156
-6234;
134
JULY 20 1929.]
FINANCIAL CHRONICLE
Name of Company.
Per
When
Cent. Parade,
Books Closed
Days Inclusive.
437
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 12:
Miscellaneous (Concluded).
Victor Talking Machine, corn. (guar.).
- $1 Aug. 1 Holders of res. July 83
7% prior preference (guar.)
Aug. 1 Holders of reo. July 8a
$6 cony. preferred (guar.)
$1.50 Aug. 1 Holders of rec. July ga
Old preferred (guar.)
Aug. 1 Holders of rec. July 8a
Volcanic 011 & Gm (guar.)
•350. SePt.10 *Holders of roe. Aug. 31
INSisiuiIONS NOT IN CLEARING HOUSE WITH CLOSING OF BUSINESS
Extra
*56. Sept. 10 "Holders of TIM. Aug. 81
Quarterly
•350. Dec. 10 *Holders of reo. Nov.80
FOR 'THE WEEK ENDED FRIDAY, JULY 12 1929.
.5 . Dec. 10 *Holders of fee. Nov. 30
0
Extra
Vulcan Detinning. pref.(guar.)
1,4 July 20 Holders of ree. July 9a
NATIONAL AND STATE BANKS
-Average Figures.
Preferred (acct. accum. dividends).
- 5414 July 20 Holders of rec. July 90
Preferred A (quar.)
13( July 20 Holders Of rec. July 9a
Vulcan DetinnIng, pref. (guar.)
134 Oct. 19 Holders of rec. Oct. 9a
Oth.Cash, Res. Dep., Dep. Other
Preferred (accrued accum. die.)
54
Oct. 19 Holders of rec. Oct. 90
Gold. Including N. Y. and Banks and
Loans.
Gross
Preferred A (quar.)
13( Oct. 19 Holders of reo. Oct. 90
Bk. Notes Elsewhere. Trust Co.. Deposits.
Preferred A (accrued aecum. dlv.)
54
Oct. 19 Holders of rec. Oct. 9a
•1% Oct. 1 *Holders of rec. Sept.21
Waltham Watch. preferred (guar.)
Manhattans
$
$
$
$
$
Warchel Corp., cony. pref. (guar.)
*62 tic Aug. 1 'Holders of rec. July 15
Bank of U. 5._ 249.052.000
73,000 5,469,000 35,228.800 1,818,500 243.257.000
Web Holding Corp. (guar.)
50c. July 24 Holders of rec. June 29
Bryant Pk. Bk. 1.846.100
278.800
222.400
2.091.000
Welch Grape Juice, corn. (In corn. stk.). "130 Aug. 1 *Holders of ree. July 15
Chelsea Ex.Bk. 22.053.000
1,743.000 1.310.000
20.261.000
Western Air Express (guar.)
'150. Aug. 1 *Holders of rec. July 15
Grace National 18,536.000
81.800 1,618.800 3.427.500 18.001.500
2.500
Western Grocer, corn. (quar.)
•3734c Aug. 1 'Holders of ree. July 20
Port Morris.., 3.881.900
90.000
38.900
206.700
3,395,100
Western Steel Products. pref. (quar.).._
14 Aug. 1 Holders of reo. July 15
31,0002,169,000 9.087,000 27,694.000 151.558.000
Public National 142,739.000
West. Tablet & Stationery. com.(qu.)
Brooklyn(No. 1)
50c. Aug. 1 Holders of rec. July 21
Pannle. TIAt'l_ _
8.200.000
5.000 113.000
582.000
74.000 8.000.000
Westinghouse Air Brake (quar.)
50c. July 31 Holders of reo. June 290
Westinghouse Elec. & Mfg.. corn.(qua_ $1
July 31 Holders of reo. June 28a
West Va Pulp & Paper pref.(quar.)_. "114 Aug. 15 Holders of reit.
Aug. a
Preferred (quart
TRUST COMPANIES
-Average Figures.
•144 Nov. 15'Holders of ree. Nov. 5
White (El 5) Dental Co.. stock div
.410
*Holders of rec. Aug. 15
Subject to stockholders meeting Aug. 16.
White Eagle Oil & Ftefg. (quar.)
50e. July 20 Holders of rec. June 28a
Reeve Dep., Depos.Other
White Sewing Machine, pref. (guar.).- $1
Aug. 1 Holders of rec. July 190
N. Y. and Banks and
Cash.
Loans.
Gross
Wieboldt Stores, Inc. (guar.)
"40c. Aug. 1 *Holders of rec. July 15
Elsewhere. Trust Cos. Deposits.
Vafetertas. Inc., cony. pf.(a.) $1
Aug. 1 Holders of rec. July 200
Willys-Overland Co. corn (guar.)
30e. Aug. 1 Holders
rec. July 20a
Manhattan
$
Wilson Line, Inc., 7% pref
4.3% Aug. 15'Holders of rec. July 15
of
49.500.000 10,779.5C0
American
991.400
20.800 50.440.800
Whined Hosiery (quar.)
024 Aug. I •Holden' of reo. July 15
142,100
945.600
16.668.400
17.441.500
Bk.of Europe &
Extra
. Aug. 1 *Holders of rec. July 15
34
22.649.842
687.531 1.438.765
Bronx County
21.348.785
•1
WItherow Steel, lot pref. (guar.)
Aug. 31 'Holders of rec. Aug. 23
33.349 000 4311.569.000
Central-Hanover---- 601.637.000 *43.600.000
Second preferred (guar.)
•1) Aug. 81 *Holders of rec. Aug. 23
,
I
80.073.300 *5,109,600 3,447.800 3.623.200 76.293.800
Empire
Woolworth (F. W.) Co.
17,424.471
274.628 17.307.014
1414.200 1,194.400
Federation
New $10 par stock (guar.)
60c. Sept. 3 Holders of rec. Aug. lea Fulton
14,804.400
17,701.000 *1.972.200
293.500
Wrigley (Wm.) Jr., Co.(monthly)
25e. Aug. 1 Holders of rec. July 200 Manufacturers
403,592.000 3,475.000 52,561.000 1.846,000 352.125.000
Monthly
25c. Sept. 1 Holders of rec. Aug. 200 United States
60.681,692
75.373,250 3,666,666 6,159.057
Monthly
25c. Oct. 1 Holders of rec. Sept.200
Brooklyn
Monthly
224. Nov. 1 Holders of rec. Oct. 190 Brooklyn
112.494.200
118.247,500 3,556,000 19.301.900
Monthly
50c. Dec. 2 Holders of reo. Nov. 200 Kings County
23.872.910
26,492,043 1,628,511 2,266,366
Yale & Towne Mfg. Mara
$1
Oct. 1 Holders of rec. Sept. 100
Bayonne, N. J.
Young (L. A.) Spring dr Wire (stock dlv.) 025
Aug. 15 Holders of rec. Aug. 20 Mechanics
318.546 9.198,272
696.776
275,348
9,154,417
Youngstown Sheet & Tube,corn. On stk.) *1•20
Subject to stkh'ders meet.Aug. 15
Zonite Products, corn. (guar.)
"250. Aug. 15 'Holders of rec. July 15
-Hanover
Zenith Radio Corp.. corn. (guar.)
•Includes amount with Federal Reserve Bank as follows Central
•50c. Aug. I "Holders of rec. July 19
$40,610,000; Empire, $3,385,000; Fulton, 51,972,200.
•From unofficial sources. t The New York Stock Exchange
has ruled that stock
will not be quoted ex -dividend on this date sod nut
New York Curb Market Association has ruled that until further notice I The
dividend on this date and not until further notice. stock will not be quoted exa Transfer books not °looted for this dividend. d
Correction. e Payable in stock.
/Payable in common stock. 0 Payable In scrip. S On
account of accumulated
dividends. / Payable In preferred stock
-In the
Boston Clearing House Weekly Returns.
1 Amer. Cities Power & Light class A dividend is
payable either 75e. cash or
In class B stock at rate of 1-32nd share of class 13 stock for
each share class A stock. following we furnish a summary of all the items in the
Class B dividend is payable in CIEL98 B stock.
oBurma Corp. dividend Is 7 annas and 2 aortas per share less deduction for ex- Boston Clearing House weekly statement for a series of weeks:
Denies of depositary.
p N. Y. Stock Exchange rules that Chesapeake Corp. shall not be quoted ex the
BOSTON CLEARING HOUSE MEMBERS.
83 1-3% stock dividend until July 5.
q L. A. Young Spring & Wire stock dividend subject to approval by stockholders
at meeting on Aug. 1.
July 17
r Rio Grande Oil stock to be placed on a 52 per annum basis. The company has
July 3
Changesfrom
July 10
1929.
Previous Week
1929.
1929.
declared SI payable July 25 and Intends to declare another $1 payable on or before
Jan. 25 1930. The clock dividends are 111 shares on each 100 shared, the first
144% bovine been declared payable April 25 with the intention to declare a second
$
$
$
$
Capital
94.050,000 Unchanged
86.550.000
94,050.000
% payable on or before Oct. 25.
110.644,000 Unchanged
110.644,000 110.085,000
Unless notified to the contrary on or before July 10. Pacific Power & Light divi- Surplus and profits
Loans. Meets & Invest'ts_ 1,148,070.000 -2,411,000 1,150,481.000 1.146.376.000
dend will be applied to the purchase of common A stock or scrip.
703,336,000 +13,756,000 689.580,000 701.023.000
t Associated Gas & Electric class A dividend Is 50e. cash or 1-40th share cl. A stock. Individual deposits
138.276,000 -10.275.000 148.551.000 150.099.000
oNew York Stock Exchange rules Burrougb Adding Machine be quoted ex the Due to banks
Time deposits
262,235.000 -2,074,000 264,309.000 267.232,000
stock dividend on Aug. 15
13.062,000
8,876.000
-638,000
v Blauners. Inc., deelared a stock dividend of 6%, payable in quarterly install- United State. deposIts
9,514.000
Exchanges for Clg. House
36,862.000
55,050.000
+830,000
ments; first Installment 1 4
36.032.000
6% Payable Aug. 15, 1929.
Due from other banks...
87,591,000
96,132.000
is Lees deduction for expenses of depoeltarY.
86.743.000
+858.000
84.295,000
z Shell Transport & Trading dividend is Is on ordinary shares, equivalent to Reeve In legal deposit's
85.248.000
+579.000
83,716.000
Cash In bank
9,256.000
$1.44 7-10.
7.920.000
+797.000
83159.000
Ree've excess In F.R.Bk_
778,000
+819.000
1.037.000
41.000
Weekly Return of New York City Clearing House.
Beginning with Mar. 31 1928, the New York City Clearing
Philadelphia Banks.
-The Philadelphia Clearing House
House Association discontinued giving out all statements
return for the week ending July 13, with comparative figures
previously issued and now makes only the barest kind of a
report. The new returns show nothing but the deposits, for the two weeks preceding, is given below. Reserve
along with the capital and surplus. We give it below in full: requirements for members of the Federal Reserve System
are 10% on demand deposits and 3% on time deposits, all
STATEMENT OF THE MEMBERS OF THE NEW YORK CLEARING HOUSE
to be kept with the Federal Reserve Bank. "Cash in vaults"
ASSOCIATION FOR THE WEEK ENDED SATURDAY, JULY 13 1929.
is not a part of legal reserve. For trust companies not
•Surplus & Na Demand
Time
members of the Federal Reserve System the reserve required
Clearing Motu.
•CapitaL
Undleided
Deposits
Deposits
Members.
Profits.
Average.
is 10% on demand deposits and includes "Reserve with
Average.
legal depositaries" and "Cash in vaults."
$
$
Bank of N.Y.& T.Co__
6.000.000
13,828.900
60,480.000
9.887,000
Beginning with the return for the week ending May 14 1928,
Bk. of the Manhattan Co.
42,250.000
42.862.600 179.462.000
42,053,000
Bank of America N. A___ 135.775.300 138.675.900
466.834.000
53.827.000
Philadelphia Clearing House Association discontinued showNational City Bank
110,000.000 125.260.400 a1045910 000 131.178.000 the
Chemical Bank & Tr. Co_
15.000,000
21.003.400 191.379.000
13.683.000 ing the reserves and whether reserves held are above or below
Guaranty Trust Co
70.000.000 116,418.100 6757.072.000
77.447.000
Chat.Ph. Nat. k &Tr.Co
13.500,000
16,212,700 151.992.000
38,260.000 requirements. This will account for the queries at the end
Cent. Ilan. Bk. & Tr. Co
21.000.000
79,153.300 356 588.000
48.624.000 of the table.
Corn Exchange Bk.Tr. Co
12.100.000
22.425.500 182.586.000
31,680.000
National Park Bank
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
York Trust Co
New
Equitable Trust Co
Comm'l Nat.Bk.& Tr. Co.
Harriman N.Bk.& Tr. Co
Clearing Non-Members
City Bk. Farmers'Tr. Co_
Mechanics Tr.Co.,Barne
Totals
15,000.000
24,500.800 129,034.000
10,ou0.000
97.773,200 236 966.000
50.000.000
81,396.700 357,981.000
2.000.000
3.574.500
8.463.000
180.000.000 1120,397,400 0577.091,000
500,000
3,736.6q0
25.178.000
11.000.000
17,121 700 115.076,000
25.000.000
79,638.500 d380.004,000
10.000.000
24,063.500
35.177,000
4,000.000
3.933,100
40.655.000
3.000.000
4.327.900
17.900.000
12.500.000
33.994,500 142.154,000
30.000.000
28.801.900 431.549.000
7.000.000
7,886,400
33,674.000
1,500,000
2,845,300
31,449,000
8,471.000
7.843.000
39,498.000
695.000
58,185,000
880.000
7,808.000
34.885,000
2,314.000
4,965.000
2,414,000
18,319.000
41,503,000
5.009,000
5,565,000
6,198.000
3,193,000
1,361.000
5,615,000
577,625.300 1,019.765,600 5,564,083,000
691,769.000
10,000.000
500.000
10,000.000
832,800
• As per official reports National, June 29 1929; State, June 29 1929; Trust
Companies. June 29 1929.
Includes deposits in foreign branches a $306.818,000; b $120,656,000; c 514,013,000; d $63,198,000; e $129,345,000.
fAs of July 1 1929.
Week Ended July 13 1929.
Two Ciphers (00)
omitted.
Members of
Trust
P.R.System Companies.
60,239.0
Capital
Surplus and profits - 208,817,0
Loans. dieets & invest. 1,074,258.0
Exch. for Clear. House
40.414,0
96,374.0
Due from banks
Bank deposits
133.079,0
Individual deposits.,. 642,773,0
Timedeposits
208.446,0
984,298,0
Total deposits
Res with legal denosRes. with P R. Bank_
69,882,0
11,513,0
Cash In vault'
81,395,0
Total res & cash held_
Reserve required
Excess reserve and cash
in vault
July 6
1929.
July 29
1929.
Total.
67,739,0
7,500,0
67,302,0
67.250,0
16,519.0 225,336.0 225.435,0 216.496.0
73,450.0 1,147.708,0 1,140.530,0 1,130,577,0
40,765.0
48,525,0
351.0
58,422.0
13,0
96,387,0 11:3,022,0 104.005,0
901,0 133,980,0 141.688.0 129,930,0
32.962,0 675,733,0 704,072,0 689.743,0
20,324,0 228.770,0.
220,814,0
54,185,0 1.038.483.0 1,075.07E0 1,040,487,1)
5,479,0
5,479,0
6.975.0
5,166,0
69,882,0
72.083,0
69.732,0
1,723,0
13,236,0
12.120,0
12.676,0
7,202,0
88.597,0
91,734,0
87.018.0
•Cash in vault not counted as reserve for Federal Reserve members
438
[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 18 and showing the condition
of the twelve Reserve banks at the close of business on Wednesday. In the first table we present the results for the system
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the returns for the
latest week appears on page 408, being the first item in our department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERA1 RESERVE BANKS AT THE CLOSE OF BUSINESS JULY 17 1929.
July 17, 1929. July 10 1929. July 3 1929. June 26 1929. June 19 1929.1June 12 1929. June 5 1929. May 29 1929. July 18 1928.
RESOURCES.
3
1,494,374,000 1,439,492.000 1,380,112,000 1,372,441,000 1,387,581.000 1,318,782,000 1,303.555,000 1,315.181,000 1,130,963,000
Gold with Federal Reserve agents
71,589,000
73,465,000
87.828,000
69,988.0001 66,118,000
66,969,000
82,335,000
67,988.000
Gold redemption fund with U.S. Treas79,607,000
Gold held exclusively asst. F.R. notes 1,573,981,000 1,521,827,000 1,447,940,000 1,444,030,000 1,437,569.000 1.384,900.000 1,371,543.000 1,382.150,000 1,204,428,000
Gold settlement fund with F.R.Board__ 610,822,000 600,666,000 669,696,000 644.038.000 637.598.0001 691,678,000 679,733,000 663.795.000 661,912.000
Gold and gold certificates held by banks. 744,773,000 779,324,000 748,704.000 807,446.000 805,135,000, 799,052.600 792,692,000 *777,838.000 733,252,000
1
2,929,576,000 2,901,817,000 2,866,340,000 2,895,514.000 2,880,302.000 2,875,630,000 2.843,968,000 *1,813,781,000 2,599,592,000
Totalgold reserves
168,100,000 160,222,000 174,959,000 177,040,000 166,379,0001 149,559.000 141.383.000 •146,177,000 159,244,000
Swerves other than gold
Total reserves
Non-reserve cash
Stile discounted:
Secured by U. S. Govt. obligations
Other bills discounted
3.097,876,000 3,062,039.000 3,041.299,000 3,072,554.000 3,048,681.000 3,025.189.000 2.985.351,000 2,989,958,000 2,758,836,000
69,108,000
74,841,0001 83,604,000
65,096,000
55,912,000
79.385.000
82.473,000
71.099,000
79,275,000
532,545,000
484,202,000
480,292,000, 474,086,000
478,812,000, 459,825,000
508.912,000
468,532,000
536,177.000
452.017,000
Total bills discounted
Billebought in open market
U.S. Government securities:
Ronda
Treasury notes
Certificates of Indebtedness
1,083,700.000 1,153,041,000 1,125,083.000 1,018.747,000
82.839,000
73,922,000
65,976,000
67,638,000
959,104,000, 933,911,000
87.032.000 114,117.900
1
42,672,000
44,630,000
83,014,000
97,244,000
13.772.000, 27,999,000
977,444,000
112,747,000
988.194.000 1,011,757,000
117,919.000 181,035,000
48,625,000
85,295,000
13,408,000
50.384.000
84,965,000
9,223,000
56,024,000
89,505,000
63,813,000
139.458,000
13,167,000
147,328,000
9,917,000
144,572,000
7,817.000
209,342,000
490,000
611,162,000
472,538,000
650,390.000
502.651,000
609,898,000
515,185,000
42,669,000
97,181,000
13.265.000
Total U. B. Government securities
Other securities (see note)
Foreign loans on gold
42,668,000
82,816,000
10,660,000
43.246,000
85,779,000
12,357,000
42,738,000
92,021,000
14,768,000
153,115,000
10,255,000
136,144,000
10,665,000
141,382.000
10,465,000
149,527,000
13,315,000
169.873,000
9.917,000
615,027,000
396,730,000
Total bills and securities(we note)
Gold held abroad (see note)
Due from foreign banks
Uncollected Items
Bank premises
All other resources
1,314,708,000 1,365,826,000 1,350,852,000 1,262,428.000 1,198,761,000 1.227,818.000 1,247,436.000 1,258,602,000 1,402,624.000
Total resources
LIABILITIES.
P. R. notes In actual circulation
Deposits:
Member banks—reserve account
Government
Foreign banks (see note)
Other deposits
3,380,974,000 5,282,468,000 5,326,429,000 5,147.477,000 5,199,325.000,5350,751,000 5,103.318,0006.034,892.000 5,036,074,000
Total deposits
Deferred availability items
Capital paid In
Surplus
Ell Other liabilities
2,393,984,000 2,359,711,000 2,437,948,000 2.419,655,000 2,368,672,000 2,376.215.000 2.365.778.0002,331.194.000 2,349,042,000
742,129,000 649,848,000 712,989,000 625,737.000 739,228.000 688.296,000 649,782.000 611,242.000 672,160,000
181,547,000 158,797,000 158,585,000 158,607.000 158,412,000 157,931,000 157.507.000 158.446,000 143,116,000
254,398,000 254,398,000 254,398,000 254,398,000 254,398,000 254,398.000 254,398,000 254,398,000 233,319,000
30,584,000
29,428,000
29,695,000
26,710,000
27,891,000
26.250,000
28,418,000
27,927.000
19,574,000
729.000
822,126,000
58,614,000
7,846,000
729,000
728,000
729,000.
718,451,000 810,892,000 676,603.000
58,614,000
58.614.000
58,614,000
7,441,000
8,132,000
7,710,000
730,000
812.097,000
58,613,000
7,602,000
729,000
746,312,000
58,613,000
8.486.000
727,000
727.000
723,705,000 655.928,000
58,595,000
58,761,000
8319.000
8,543.000
573,000
740,451,000
60,063,000
8,431,000
1,801,225,000 1,833,004,000 1,736,259,000 1,858,496.000 1,649.187,0001,644.216,003 1.647.435,000 1,653,685,000 1,618,863,000
2,352,081,000 2.302,874.0002,380.165.000 2,343,813,000 2,291,765,000 2,328.232,000 2,321.343,000 2,285.870,000 2,306,632,000
48,924,000
46,731,000
23,373,000
18,700,000
16,023.000
27,555,000
13,735,000
12,567,000
15,366.000
5.600,000
7,124,000
8,225,000
6,128.000
5,567,000
6,744,000
8,138,000
8,085,000
10.057,000
23,052,000
21,312.000
28,282.000
23,058,000
23,715,000
21.688,000
21,198,000
21,873,000
18,618,000
5,380.974,000 5,282,468,000 5,328,429,000 5,147,477,000 5,199,325,060 5,150,751,000 5,103,318.000 5,034,892,000 5,036,074,000
Total liabilities
Ratio of gold reserves to deposits and
71.0%
71.6%
71.5%
70.8%
69.8%
69.2%
68.6%
70.8%
65.5%
liabilities combined
F. R. note
Ratio of total reserves to deposits and
75.2%
74.4%
73.0%
7.29%
75.3%
75.8%
73.8%
74.5%
69.5%
F. R. note liabilities combined
Contingent liability on bills purchased
442.526,000 440,592,000 428,711,000 424,566,000 416,999,000 405,240,000 392,415,000 385.754,000 305,186,000
for foreign correspondents
Distribution by Maturities—
I-15 days bills bought in open market
1-15 days bills discounted
1-15 days U. S certif. of indebtedness.
145 days municipal warrants
16-30 days bills bought in open market
16-30 days bills discounted
16-30 days U. S. certif of indebtedness
18-80 days municipal warrants
31-60 days bills bought In open market
11-80 days bills discounted
01-60 days U. B. certif. of Indebtedness_
01-60 days municipal warrants
61-90 days bills bought in open market _
01-90 days bills discounted
61-90 days U.S. certif. of Indebtedness_
01-90 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
39,538,000
871,187,000
4,410,000
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
11,045,000
49,796,000
13,026,000
52,149,000
17,764,000
53,445,000
10.581,000
78,382,000
100,000
11.315,000
79,936,000
5,685,000
5,832,000
60,135,000
63.919,000
8,027.000
8,235,000
300,000
300.000
642,000
657,000
21,220.000
29,002,000
905,000
728,000 •
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
7 086.000
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
38,422,000
4,456,000
300.000
56,415,000
54.291,000
756,686,000 762,915,000
4,194,000
495,000
76,620,000
828,869,000
405,000
27,290,000
50,478,000
9,000
102.000
17,909,000
84.847,000
31,848,000
52,052,000
293,000
102,000
19,506,000
84,852,000
29,072,000
40,928,000
41,012,000
,
68,759,000
8,640,000
51.090,000
12,000
9,027,000
53,173,000
10,080,000
57,418.000
24,602,000
59,333,000
2,609,000
33.252,000
9,152.000
300.000
2.106,000
32.260,000
9,205,000
300,000
2.104,000
30,957,000
8,435,000
300,000
7,329,000
13,868,000
63,408,000
V. R. notes received from Comptroller__ 3,845,385,000 3.831,317,000 3,831,793,000 3,777,049,000 3,670.046,000 3,595,813,000 3.487,024,000 3.432,180,000 2,831,152,000
V. R. notes held by F. R. Agent
1,450,273,000 1,471,785,000 1,571,715.000 1,585,752.000 1.526,482,000 1.482,382.000 1,402,482,000 1.358,362,000 796,880,000
2,395,112,000,2,359,532,000 2.260,078.000 2,191,297.000 2.143,564,000 2,113.431,000 2,084,542,000 2.073.818,000 2,134,272,000
Issued to Federal Reserve Banks
How Secured—
By gold and gold certificates
Gold redemption fund
Gold fund—Federal Reserve Board
By eligible paper
374,153,0001 356,395,000 376,395,000 368,025,000 372,045,000 371,145,000 372,895.000 372,895,000 352,476,000
96,802,000
90,753,000 101,776,000 100,092.000
93,393.000
97,579,000
95,355,000
101,609,000, 98,68 .000
1,018,612,000 984,412,000 908,138.000 911,023.000 898.734,000856,884,000 828,884.000 842,194,000 683,132,000
1,104,651,000,1,170,445,000 1,164.330,000 1,063,446,000 1,015.461,000 1.010,892,000 1,050,631,000 1,057,853,000 1,157,472,000
2,599,025,000 2,609.937.000 2.544.442.0002,435.887.000 2,383,042,000 2,329,674,000 2.354,186,000 2.373.034,0002,288,435,000
Total
*Revised figures.
NOTE—Beginning with the statement of Oct. 7 1925, two new Items were added In order to show separately the amount of balances held abroad and amounts due
So foreign correePondents. In addition, the caption. "All other earning meets." previously made up of Federal Intermediate Credit Bank debentures, was changed to
i•Other securities," and the caption,"Total earning assets" to "Total bills and securities." The latter item was adopted as a more accurate description of the total of
the discounts, acceptances and securities acquired under the provision of Sections 13 and 14 of the Federal Reserve Act. which. It was stated, are the only Items included
therein
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS JULY 17 1929
Two ciphers (041) omitted.
New York. Philo Cleveland Richmond Atlanta. Chicago. St. LOW.. Minimax,. Kan.Cily, Dallas. San Fran
Total.
Boston
Federal Reserve Ban* of—
—
$
$
$
$
$
RRSOURCRS.
$
$
S
$
$
I
$
8
$
Mild with Federal Reserve Agents 1,494,374,0 126,332,0 183,427,0 126,028,0 153,938,0 49,855,0 105,192,0 329,682,0 31,573,0 67,461,0 63,810,0 27,715,0 229,381,0
21,028,0 15,401,0 4,554,0 5,341,0 3,319,0 9,455,0 5,891,0 1,632,0 3,504,0 2,383,0 3,089,0
79,607,0 '4,010,0
Gold red'n fund with U.S Treas.
Gold held cad agst. F. R.note, 1,573,981,0 130,342,0 204,455.0 141,429,0 158,492,0 55.190,0 108,511,0 339,117,0 37,464,0 69,093,0 67,314,0 30,098,0 232,470,0
Gold settle't fund with F.R.Board 610,822,0 88,026.0 110,143,0 48,522,0 96,133,0 19,244,0 17,374,0 98,654,0 22,407,0 12,903,0 60,697,0 23,318,0 33,401,0
0010 and gold Otis held by banks 744,773,0 27,944,0 460,860,0 28,389,0 41.520,0 7,380,0 3,604,0 112,243,0 9,839,0 6,599,0 5,720,0 11,438,0 29,239,0
Total gold reserves
Seserve other than gold
2,929,578.0 226,312,0
168,100,0 10,454,0
3,097,676,0 236.766,0
Total reserves
79,275,0 9.898,0
Non-reserve cash
Sills discounted:
Sec. by U. El. Govt. obligations 611,162,0 38.135,0
472,538,0 32.948,0
Other bills discounted
Total bilis discounted
Bills bought in open market
U. S. Government securities:
Bonds
Treestury noes
Certificate' of indebtedness
Total U S. Gov't Recuritie,...
1,083,700,0 69,083.0
67,638,0 9,812,0
775.458,0 218,340,0 298,145,0 81.820,0 129,489,0 550,014,0 69,710,0 88,595,0 133,731,0 64,852,0 295,110,0
71,560.0 7.858.0 9,295,0 8,887,0 7,578,0 21,238,0 7,902,0 2,874,0 3,843,0 5,410,0 13,421,0
—
847,018,0 226,198,0 305,440,0 88,487,0 137,067,0 571,252,0 77,612,0 91,469,0 137,574,0 70,262,0 308,531,0
24,389,0 1,711,0 4,773,0 5,244,0 8,596.0 9
,832,05,015,0 1,739,0 2,184,0 3,239,0 4,055,0
302,725,0 42,768.0 49,978,0 21,490,0 10,461,0 07,176,0 28,849.0 10,751,0 13.080,0 12,120,0 15,631,0
120,201,0 30,820,0 33,709,0 38,583,0 57.430,0 53,861,0 30,055,0 7,121,0 19,088,0 19,389,0 31,333.0
422.926,0 73,588.0 83,685,0 58,073,0 67,891,0 121,037,0 58,904,0 17,872,0 32,168,0 31,509,0 46.984,0
187,0 1,277,0 1,710,0 5,790,0 8.537.0
19,000,0 4,313.0 2,852,0 1,203,0 5,219,0 7,938,0
548,0
585,0
8,835,0 26,816,0
1,0
7.038.0
42,669,0
97,181,0
13.265.0
689,0
1,523,0
1,055.0
155,0
28,377,0
4,650,0
153,115.0
3,267,0
33,182,0 18,458,0 27.365,
1,152,0
657.0
115,0 19,937,0
3,037.0 3,047,0
37,0
330,0
7.125,0
6,500,0
4,585.0
3,829,0
145,0
65,0
7,813,0
3,223,0 11,337,0
0,0
.314,03,825,0
8,559 0
11045,0 11,402,0
JULY 20 1929.1
illSOURCRS (Conctudea)Two Ciphers (0)) omitted.
FINANCIAL CHRONICLE
Total.
Boston.
$
10,25.5,0
Uthersecuritlee
Foreign loans on gold
Total bills and securities
to from foreign banks
'collected items
to, nk premises
AIlather
New Tort
$
8
2,605,0
1,314,708,0 81,962.0
729,0
54,0
822.126.0 83,159,0
58,614,0 3,702,0
7,846,0
68,0
Phila.
11
300,0
439
Cleveland. Richmond Atlanta. Chicago. St. Louts Minneap. Kan.City. Dallas.
$
$
$
$
$
$
3,900,0
icinlras.
s
8
1,500,0
1,250,0
$
1,000,0
477,713,0 94,659,0 113,902.0 61,085,0 76,199,0 152,289,0 72,716,0 31,308,0 35,378.0 49.594,0 67,903,0
221,0
74,0
70.0
34,0
28.0
100,0
29,0
18,0
24,0
24,0
53,0
244,724,0 65,423,0 77,895,0 55,689,0 25,336,0 103,988,0 34,130,0 16,361.0 48,106.0 25,453,0 41,862,0
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
796,0
1,165,0
249,0
421,0 2,424,0
662,0
364.0
649,0
204.0
444.0
400,0
Total resources
5,380,974,0 415,609,0 1,610,948,0 300,072,0 509,784,0 214,355,0 250.394,0 846.652,0 193,835,0 143,654,0 227,610,0
LIABILITIES.
It. notes In actual circulation_ 1,801,225,0 153,588,0 315,419,0 151,706,0 201,418,0 74,313.0 141,434,0 340,884,0 61,348,0 66,708,0 75,548,0
posits:
Member bank-reserve encl.- 2.352,081,0 149,189,0 941,719,0 137,437,0 188,005,0 67,020.0 66,926,0 344,365,0 77.922,0 51,102,0 94,422,0
Glovernment
12,567,0
494,0
597,0
2,624,0
1,326,0 1,005,0
1,433,0
119,0
1,156,0
595.0 1,201,0
Foreign hank
8,138.0
415,0
4,229,0
539,0
572,0
258,0
219,0
768,0
224,0
140,0
185,0
Other deposits
21,193,0
142,0
8,879,0
1,247,0
311,0
97,0
82,0 1,897,0
282,0
213,0
125,0
Totaldeposits
2,393,984,0 150,240,0 957,451.0 139,613,0 190,829,0 67,972,0 67,346.0 348.463,0 79,584,0 52,050,0 95.933,0
Diderred availability items
742,129,0 79,853,0 199,330,0 57,424.0 73,081,0 52,015,0 23,415,0 96,179,0 35,060,0 13,734,0 41,751.0
vital paid in
161,547,0 10,396,0
60,191,0 15,500,0 15,465,0 6,181,0 5,412,0 19,866,0 5,383,0 3,076,0 4,296,0
enrplus
254.398,0 19,619.0
71,282,0 24,101,0 26,345.0 12,399,0 10,554,0 36,442,0 10,820,0 7,082,0 9,086.0
A I other liabilities
27,691,0 1,913,0
1,475,0 2,233,0 4,818,0
7,275,0
1,728,0 2,646,0
1,640,0
1,004,0
996,0
Total liabilities
5,380,974,0 415,609,0 1,610,948,0 390,072,0 509,784,0 214,355,0 250,394,0 846,652,0 193,835,0 143,654,0 227,610,0
Memoranda.
'serve ratio (per cent)
73.8
77.9
66.5
77.6
77.9
62.2
82.9
65.7
55.1
77.0
89.2
intingent liability on bills purchased for foreign correspond'm 442,526,0 32,603,0 135,441,0 42,296,0 44,939,0 20,267,0 17,183,0 16,360,0 17,623,0
11,014,0 14,539,0
R. notes on hand (notes reed
from F. R. Agent leas notes In
circulation
593 887 0 44.4010 '234 022 0 37 1900 31423.0 19.546.0 36.590.0 56.404,0 16.700,0 8,805,0 11.549.0
150,938,0 427,123,0
44,094,0 174,765,0
60.441,0 173,533,0
902,0 1.115,0
185,0
404,0
39,0 7,884,0
61,567,0
31,393,0
4,451,0
8,690,0
743,0
182,936,0
33,894,0
11,330.0
17,978,0
1,220,0
150,938,0 427,123.0
66.5
86.3
14,539,0 31,722,0
15.245,0 81,880,0
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS AT CLOSE OF BUSINESS JULY
17 1929.
Federal Reserve Agent at
-Total.
I Boston.
New York.
Two Ciphers (00) omitted8
$
R.notes reed from Comptroller 3,845,335,0 274,779,0
R.notes held by F. R. Agent__ 1,450,273,0, 76,790,0
R. notes issued to F. R. Bank_ 2,395,112,0
Watersl held as security for
F. P notes iseued to F. R. Bk.
Gold and gold certlficatee____ 374,153,0
Gold redemption fund
101,609,0
Gold fund-F. ft. Board
1,018,612,0
Eligible paper
1,104,651,0
Phila.
Cleveland. Richmond Atlanta.' Chicago. 1 St. Louis. AfInneop. Kan.Cf4y. Dallas. &Shah
$
$
$
$
S
$
$
7
$
S
3
934,586,0 260,448,0 321,111,0 191,973,0 309,622,0I642,668,0 I 124.638,0 154,707,0 149.807,0; 81,681,0 399,365,0
385,145.0 71,420,0 88,270,0 98,114,0 131,593,0 245,380,0 46,590,0 79,194,0 62,710,0, 22.342,0 142.720,0
197,989,0
549,441,0 189,028,0 232,841,0 93,859,0 178,024,0 397,288,0 78,048,0 75,513,0 87,097,0' 59,339,0 256,645,0
35,300,0
18,032,0
73,000,0
78,580,0
169,638,0 30,000,0 41,800.0 16,190,0 9,500,0
7,800,0 14,167,0
14,758,0 35,000,0
13,789,0 9,471,0, 12,138,0 6,665.0 4.892,0 2,662,0 3.773,0 2,294.0 6,450.0 4,957,0 16.486,0
86.557,0 100,000,0 27,000,0 90,800,0 327,000,0 20,000.0 51,000.0 57,360,0 8,000.0 177,895,0
415,351,0 63.292,01 86,372,0 55,318,0 72.984.012S.669.0 58,970,0 19,086,0 33.770.01 37.193,0 55,066.0
!1,11 n Ann ,21 n
.1.1n sat.I:17 1 n 07 con n 1 sts nno n eo i .447 n
LUt,i14,ifl.
,
,
. „ nn ,
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of
and liabilities of the member banks in 101 cities from which weekly returns are obtained. These figures the resources
are always a
week behind those for the Reserve banks themselves. Definitions
in the statement were given In
the statement of Dec. 12 1917, published in the "Chronicle" of Dec. of the different items The comment
29 1917,
of the Reserve Board
upon the figuresfor the latest week appears in our department of "Current Events page 3475.
and Discussions,"
preceding which we also give the figures of New York and Chicago reporting member banks for a on page 408 immediately
week later.
Beginning with the statement
of Jan. 9 1929, the loan figures exclude "Acceptances of other banks and bills of exchange or drafts sold with
endorsement," and Include all real estate Mortgages
and mortgage loans held by the bank. Previously acceptances of other banks and bills sold with
endorsement were included with loans, and some
hanks Included mortgages In Investments. Loans secured by U. S. Government obligations are
of
no longer shown separately, only the total of loans theSecurities
being given. Furthermore, borrowings at
on
.', Vided to show the amount secured by U. S. obligations and those secured by commercial paper, only a lump the Federal Reserve are not any more subtotal being given. Tie number of reporting
banks Is now omitted: in Its place the number of cities Included has been
substituted.
Francisco district, with loans and investments of $135,000,000 on Jan. 2, which recently The figures have also been revised to exclude a bank In the San
merged with a non-member bank. The figures are now given in
round millions Instead of In thousands.
PRINCIPAL RESOURCES AND LIABILITIES OP WEEKLY REPORTING MEMBER BANKS IN EACH
FEDERAL RESERVE DISTRICT AS AT CLOSE 01
BUSINESS ON JULY 10 1929 (In millions of dollars.)
Federal Reserve District.
I
I
Cleveland Richmond Atlanta. Chicago. St. LoulL iMinneap.IKars. Me Dallas. San Fran.
Total.
Boston
New York
Phila.
s
5
s
1,515
8,721
5
s
1,230
s
2,194
6791
649
$
3.291
5
S
Loan, and Investments-total
22,434
Loans
-total
16,906
1,166
6,734
921
1,543
521
517
2,599
1
1
510
7,711
9,195
492
674
3,491
3,244
482
439
713
831
201
320
156
361
1,222
1,376
233
277
5,528
349
1,987
309
651
159
132
692
2,740
2,789
173
176
1,043
944
96
213
309
341
74
85
60
71
314
378
1,677
275
95
21
798
72
76
16
125
32
38
15
39
11
13,170
6,651
154
906
457
8
5,851
1.607
41
721
264
15
1,034
951
16
355
243
7
1,090
2,0S3
41
113
147
951
57
156
92
195
RAO
nq
Ron
RI
An
On securities
All other
investments
-total
U. S. Government securities
Other securities
Reserve with F. R. Bank
Coati In vault
Rell demand deposits
Time deposits
Government deposits
Due from banks
nue to banks
norrowIngs from F. It Bank
I
$
$
375,
694
471
S
1,936
251
465
348
1,331
86
165
121
344
105
243
410
921
169
124
229
123
605
59
110
70
54
106
123
83
40
351
254
246
46
43
8
25
7
53
13
29
10
109
26
316
244
11
1,837
1,225
15
370
222
4
224
132
2
502
179
3
282
141
9
774
988
23
48
90
69
90
210
437
50
105
54
73
115
207
51
76
155
189
92
Si
in,
.11
n
90
1a
.12
679
•SubJect to correction.
Condition of the Federal Reserve Bank of New York.
The following shows the condition of the Federal Reserve
Bank
of business July 17 1929,
In comparison with the previous week and the corresponding date last of New York at tip)
year:
Resources
Gold with Federal Reserve Agent
Gold redemp. fund with 11.8. Treasury.
July 17 1929. July 10 1929. July 18 1928.
183,427,000
21,028,000
165,729,000
21,882,000
175,563,000
19,652,000
Gold held exclusively asst. F. R. notes
Bold settlement fund with F. It, Board_
Gold and gold certificatee held by bank.
204,455,000
110,143,000
460,860,000
187,611,000
115,061,000
503,831,000
195,215,000
195,757,000
500,098,000
Total gold reserves
Reserves other than gold
775,458.000
71,560,000
806,503,000
70,965,000
891,070,000
30,549,000
847,018,000
24,389,000
877.468,000
22.253,000
921,619,000
20,302,000
302,725,000
120,201,000
317,145,000
122,175,000
205,811,000
98.512,000
422,926,000
19,000,000
439,320,000
15,032,000
304,323,000
36,063,000
155,000
28,377,000
4,650,000
155,000
13,902,000
1,520,000
1,384,000
15,670,000
15,213.000
Total U.S. Government securities
Other securities (see note)
'Assign Loans on Gold
33,182,000
2,605,000
15,577.000
2,815,000
32,267,000
Thtal pills and seenrItive (gas 97ot3 _
_ 477.711 000
472.744.000
372.653,000
Resources (Concluded)
Gold held abroad
Due from foreign banks (See Note)
Uncollected items
Bank premises
All other resources
Total reserves
.'on-reserve cash
AMA discountedSecured by U. S. Govt. obligations...
Other bills discounted
Total bills discounted
Bills bought In open market
U.S. Government securities
Fonda
'1 reasury notes
Certificates of indebtednees
Total resources
July 17 1929. July 10 1929. Jul) 18 1928.
$
221,000
244,724,000
16,087,000
796,000
221.000
198,501,000
16,087.000
953,000
217,001
202,916,000
16,564,000
-1,181,000
1 610,948,000 1,588.227,000 1,535,452,000
Lto/dititesFoal Reserve notes In actual circulation
Depoelta-Member bank, reserve acct
Wvernment
Foreign bank (See Note)
Other deposits
315,419,000
941,719,000
2,624,000
4,229,000
8,879,000
315.649.000
945.710.000
3,664.000
1,658.000
11,215.000
340,243,000
894,117.000
3,170,000
3.084.000
8,814,000
Total deposits
Deferred availability Items
Capital paid In
Surplus
All other liabilities
957,451,000
199,330,000
60,191,000
71,382,000
7.275,000
962,247,000
174.764.000
57.830.000
71,282.000
6,455.000
909,485,000
169,458,000
47,564,000
63,007,000
5.695,000
Total liabilities
Ratio of total reserves to deposit and
Fedi Relive note liabilities combined_
Contingent liability on bills purchased
for foreign corr epondence
1 610,948,000 1.588,227.000 1,535,452,000
66.5%
68.7%
73.7%
135.441,000
138,057,000
83.196.009
NO('E.-Beginning alto She statement 01
001• 7
added In order to snow eeParacely toe amount of balances held sprout and amounts due
foreign correspondents. In addition, time caption "All1025. MO new Ite,ns were
to
Federal later no lists Credit Bang debentures. was
other earning asSets... Previously
changed to
Other securities.- and the caPtion "Total esroing assets- to -Total pins sal st.sirlties." made up of
foe latter tern teal si,Jcal us .1, mare Seedeate ddieriutiol Jr the total of the
nisOountscrentances and toouritles acquired under the
provisions of Sections Ii end 13
lie Fed seal Reserve lot, wales. it was stated are the only items Included
therein.
440
New York City Realty and Surety Companies.
tiatiture` Onzent
(AU
Wall Street, Friday Night, July 19 1929.
Railroad and Miscellaneous Stocks.—The review of the
Stock Market is given this week on page 427.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
STOCKS.
Week Ended July 19.
sates
for
Week.
Range for Week.
Lowest.
Highest.
Lowest.
Highest.
Indus. & Miscel.
•
July
.
10 128 July 19 128 July 19 .86
Mar 130
Alliance Realty
Jan
July 73
100 46 July 17 46 July 17 46
Amalg Leather pref 100
Feb
Feb 100
110 98 July 16 98 July 16 95
Am & For Pow pf (6)- -•
May 11654 Jan
100 114 July 17 1144 July 17 108
Am Mach & F pref ex-w
Jan
JtilY 115
50110 July 18 110 July 16 10
Arch Daniels Mid pf 100
Jan
May 100
10 9431 July 13 944 July 13 94
Artlootn Corp pref. _100
Art Metal Construct _10 1,200 284 July 15 29% July 19 '2634 June 3034 Feb
Jan
July 107
600 88% July 16 90 July 16 88
Asso Dry Gds 1st pf_100
July, 4354 July
11.600 37 July 16 40% July 13 36
Briggs & Stratton_
• 20,560119% July 13127% July 16 154 July,127% July
Bristol Myers
By-Products Coke new 21,800 3334 July 16 3734 July 17 33% July 37% July
Feb
Mar 134
10 133 July 17 133 July 17 33
Colo Fuel & Iron of _100
Columbia Gas & Elec—
100
700, 88% July 15 90% July 17 86 June 90% July
Preferred 13
173.100, 6 July 15 64 July 15 4% June 6% July
Rights
Columbia Graphophone
July 664 July
1,1001 65 July 19 66% July 18 65
Full paid ctfs
Commercial Credit
May 05 June
201 90 July 19 90 July 19 85
pref ex-warr_100
1st
July
July 65
10 65 July 16 65 July 16 65
Conn Ity & Ltg Co_ _100
Mar
40 90% July 18 9154 July 18 894 June 100
Cons Cigar pref (7).100
• 38.100, 32% July 18 3434 July 13 32% July 35% July
Continental Oil
July 165% July
1.400,165 July 18 165% July 18 165
Curtiss Aeroplane ctfs
Cushman's Sons pref.._*
110111% July 15 1114 July 15 08% Feb 1154 Feb
Ma
Feb 25
100 23 July 13 23 July 13 22
De Beers Cons Mines__
• 1,000 22 July 13 23 July 15 20% Mar 28% Jan
Duplan Silk
100
100 97 July 18 97 July 18 97
July 102
Jan
Preferred
Apr
Jan 45
50 40 July 17 41 July 17 36
Durham Hosiery p1_100
Jan
110 9 July 17 9% July 17 84 June 13
Coal pref ___50
Elkhorn
•
Feb
40 26 July 18 26 July 18 244 May 38
Emporium Corp
Eng Public Service—.
• 1,800 98 July 16 107 July 19 92% June 107
July
Pref (5%)
Mar
10653 July 15653 July 15 493
Jan 65
Equit Tr Coot N Y_100
.25
200 19 July 17 30 July 19 11
Apr 35
Jan
Fairbanks Co pref..
Fisk Rubber 1st pf_ _100 2.730 424 July 19 48 July 13 404 June 72% Jan
830 44% July 18 50 July 15 41
July 82% Jan
1st pref cony__ _100
8,800 91
July 15 97% July 19 88% July 97% July
Fleischtnann Co ctfs._
• 1,000 82 July 15 83% July 15 82
July 83% July
Gamewell Co
10 131 July 16 131
Mar 140
July 16 130
Feb
Baking pref
Gen
24.4011 66 July 16 69(4 July 15 57 June 694 July
Gen Pub Serv
310 103% July 13 1044 July 19 99
Apr
Jan 105
Gen Ry Signal pref.100
•
2 114 July 16 14 July 16 106% June 120
Mar
Gold Dust pref
200 106 July 19 106 July III 105% July 116
Jan
Grand Stores pref._ •
10 112 July 19 112 July 19 111% July 118% Jan
Barb-Walk Reit 91_100
300 244 July 18 244 July 18 23% July 27
Hartman Corp el A .
Jan
300 128 July 18 128 July 18 28
July
Hercules Powder
,
Jul) 130
Household Finance pt 50 1.400 4914 July 13 4934 July 13 49% July 50% July
Int Hydro-Elec Sys—
0 64,300 50% July 19 54% July 15 4736 July 544 July
Class A
,
July
July 29
lot Mere Marine ctfs_... 4,800 27% July 15 29 July 16 27
Interst Dept Stores—
100 89 July 13 89 July 13 89
Preferred ex-warr 100
May
July 97
10 105 July 16 105 July 16 05
Island Creek Coal pf...1
May 10554 Mar
Jan
30 27 July 17 28 July 17 24% May 35
•
Jones Bros Tea
Kuppenhelmer & Co—
50 110 July 16 110 July 16 110
100
Jan 112% June
preferred
July
100
80250 July 17 260 July 17 231% May 200
Laclede Gas
Jan
40 100 July 16100% July 18 100
100
Mar 102
Preferred
300 953-4 July 16 96 July 18 92% June 11034 Jan
Inc pref
Loew's
July 18 364 June 4334 July
Minn-Moline Pow ImP. 13,300 39 July 16 41
July
June 102
• 1.000 994 July 1910034 July 13 97
Preferred
July 20
July
Montgomery Ward rts_ 93,000 18 July 15 20 July 18 18
June
July 19
300 14 July 19, 15 July 18 14
Motor Meter A etfs- •
July 9634 Jan
f10
i10 82 July 18 82 July 18 82
Outlet Co
210 99% July 18 100 July 13 924 Feb100 June
Pittsb Steel pref__ .100
Jan
300 95% July 16 9514 July 16 95 June 96
Pub Ser of N J pf (5)__.
Mar 82% Apr
Radio Corp pf el 13____• 5.600 7734 July 16 79% July 19 74
• 12,100 53 July 18 5834 July 15 494 July 5834 July
Railway Express
Mar
Apr 80
60 70 July 16 70 July 16 70
Reynolds Tuber el A_10
July 374 July
Royal Bak Powd ctfs__ 4,700 36 July 16 3734 July 16 36
July
July 62
300 62 July 16 62 July 16 62
•
Scott Paper
Feb
July 135
90 124% July 16 126 July 18 124
So Porto Rico Sug pf100
34 July
% July 13
Spencer Kellogg rts---% July 13
500
% July
Sterling See Corp Cl A • 77,700 27% July 13 33% July 16 25% June 3334 July
Preferred
20 13,000 144 July 19 154 July 17 1334 June 15% July
May
4
Apr 45
40% July 16 42 July 13 26
Stanley Co of Amer___.
July
3.80 14 July 19 15% July 15 14
July 16
Tobacco Prod ctfs
5,500 17 July 15 18% July IS 17
July 18% July
Cla.ss A ctfs
June
200 34 July 13 34 July 13 34
July 36
United Business Pub...
July
• 4,900 83% July 18 88% July 13 83% July 93
United Carbon
600 1534 Juiy 19 16% July 13 15% July 1634 July
United Cigar St etfs •
United Corp rights__ __,278,100 5% July 15 74 July 19 434 July 734 July
19 II% July 17 13 July 15 84 Apr 21
May
United Dyewood_ _100
53 July 15 59% July 19 46% June 5934 July
United Gas Elec Imp_.,976,8
Preferred
•F 1.90( 93 July 13 94 July 17 9234 July 941.4 July
July 68% July
Via Foreign Securities _•1 43,500 58 July 16 68% July 19 58
•1 3.000 694 July 13 92 July 13 98% July 92
July
Preferred
100 3% July 17 34 July 17 3% Feb 5
Mar
Wells Fargo he Co._..*1
I 14.800 49 July 19 52% July 18 49
July 5234 July
Zenith Radio
'No par value.
Quotations for U. S. Treas. Ctfs. of Indebtedness,"&c.
hat.
Rate.
Bid.
diked.
44% 992,11 992r-s
Sept.16 1929
54
Dec.15 19'29_ _ '34% 99 33I 99.'ss
,
Mar.15 1030_ 634 % 100 ts 100"as
Bid
Alliance R'Ity 120
AmSurety new 138
Bond & M 0
New($20par) 93
Elornel itie ins 285
Lawyers Mtge 62
Lawyers Title
& Guarantee 380
Maturity.
Jot.
Rate.
Bid.
Sept.15 1930-32
Mar.15 1930-32
Dee. 15 1930-32
Sept.15 1939
Dec, 15 1929
%
34%
334%
44%
44%
971in
117%,
971.1, 972I n
971 I,
971n
,
99 ''ss 100
99/.34 100
Asked.
Prices
dollars per share.)
Ask
Bid
130 Lawyers West
148
chest M & T 275
Ask
325
96
300
64
Mtge Bond.. 198
N Y Title &
Mortgage- - 82
208
388
S Casualty_ 107
Bid
N. Y. Iny'rrs
let pref___
98
97
2d pref
Westchester
160
Title & Tr
Ask
112
180
4
823
New York City Banks and Trust Companies.
Range Since Jan. 1.
Par. Shares S per share.
Railroads—
per share. ,S per share.$ Per Share.
July
Balt & Ohio full paid __- 8,600127% July 13 133 July 16 123% June 133
July
July 81
Part paid
100 81 July 15 81 July 15. 81
May 61% Feb
300 55% July 113 59 July 19 55
Canada Southern__ _100
July
June 238
_
150234 July 15238 July 15,228
Canadian Pacific lot pf.
May 92% Feb
79 83 July 16 84 July 16 62
Caro Clinch & 01110_100
Feb
Apr 360
Central RR of N J__100 1,700350 July 15357% July 15.3115
90 76 July 16 76 July 16 73% Apr 79% Jan
Cleve & Pittsburgh_100
July
May 275
St Louis_ __I00
200 268 July 17 275 July 15 248
CC C&
May
July 108
100
40 103 July 15(03 July 11 103
Preferred
July
May 56
0, 56 July 13 56 Ju.y 13 55
Chi St P M & Om 100
100
109 2% July 16, 2% July 16 2% July 44 Jan
Iowa Central
Jan
10 65 July 16 65 July 16 60% Apr 87
Manhat F:lev Guar.100
50 102 July 16103(4 July 16 01% June 108% Mar
N Y Lack & West...100
Jan
20 20% July 15 20% July 15 1454 May 41
NY State Rys pref.100
Mar
40 36 July 18. 38 July 13 32
Mar 50
Pee Coast 1st pref_ _100
100
Feb
290 27% July 13 30% July 19 214 Jan 40
2d preferred
July
July 17 49% Apr 61
'Mile Rap Transit_ _ _50 2,050 554 July 13 61
140 144% July 19 144 July 18 144% July 153% Feb
P Ft W & Chic pref_100
July
100 118 July 18 118 July 18 70
Apr 118
Wheeling & 1. Erie._100
100
200 102 July 16 110 July 19 70
Marino July
Preferred
Maturity.
[VOL. 129.
FINANCIAL CHRONICLE
Bid
217
225
430
Ask
221
235
470
198
Central
y300
Century
218
Chase
Chath Phenix
Nat Bk& Tr 884
74
Rights
Chelsea Ex_ 96
Chemical _ 123
Commercial _ _ 780
Continental. _ 58
Corn Exch.._ 210
206
325
220
Banks—N.Y
America
Amer Union..
Bryant Park.
889
78
101
125
800
60
214
Fifth Avenue_ 3300 :4500
7850 000
First
710
Grace
1380 1420
335 345
Lefeourt
239 245
Liberty
836 871
Manhattan.
National City 403 407
196
192
Park
155
Penn Exch__. 145
140
Port Morris,. 121
Mil prices dollars per share.)
Ask 1r.Cos.-N. Y Bid
Banks—N.Y bid
260 265 Equitable Ti 662
Public
980 990 Fidelity Trust 218
Seaboard
565
163
168 Fulton
Seward
903
330 Guaranty
Trade.-- --- 312
115
U S lot 525"
204 207
Rights
225 235 Int'iGermank '228
Yorkville
Interstate new I 65
Yorktown•_-- 260
Irving Tru,4
76
1.awyers Trust
Manufacturers 275
Murray Hill. 300
Brooklyn.
Globe Exch. _ 415 430 Mutual West
(
365
1200
cheater)
People's
360
170
156 N Y Trust_ _
Prospect
Times Sq uare 145
Title (In & Ti 178
Trust Co..
United Stater 4300
New York.
Weetehest'r Ti 1000
Banes Comle
Italians Tr_ 410
Brooklyn.
Bank of N Y
1175
Brooklyn
& Trust Co_ 943 953 Kings Cu...., 3300
102 MIdwood---. 315
Bankers Trust 189
Bronx Co Tr . 535 (i50
Cent lianover 430 435
500
County
625 635
Empire
*State banks. I New stuck. e Ex-dividend. o Ex-stock d1v.
Ask
667
225
585
913
117
234
67
77
278
315
anis
365
155
181
4700
1100
1165
3500
330
r 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.
Daily Record of U. S. Bond Prices. July 13. July15. July 16. July I7. July 18. July 19.
975:2
975n,
97 33
,
34
9723,
975
117Iii
6
9723,
97
97
28
____
____
Total sales in $1,0130 units__
{
Converted 414% bonds II ig ti 991132 99.22
of 1932-47 (First dyis) Low- .95",, 99.433
Close 995333 99143
46
2
Total sales in $1,000 units. _ _
Second converted 44% High
bonds of 1932-47 (First( 1.0wSecond 434n)
____
____
Total sales in $1,000
High
,
Fourth Liberty Loan units__- 99,831 99 •3,
,,n 991in
Low- 99
% bonds of 1.933-38
43.4
Close 995.33 991,33
(Fourth 4 4s)
135
312
Total sales in $1,000 units _ __
treasury
I High 1084•31 10891n
1.0w
10811n 108in
44is, 11147-52
” 1081.33
Close 1081,
150
69
Total sales in $1,000 tinlIS—
High 104"n 1011 n
'
1.0w. 104on 104"n
Is. 1944-1054
Close 104.ss 104,032
177
4
Total sales in ELMO units _ __
High 101 1iii 101"a
41.0w. 101 1;, 101"n
334s, 1046-1950
Close 101 1•3 1011133
12421,
Total sales in $1,000 units..
,
High 99" 975.33
,
1_ow. 97 •33 97i633
334s, 1913-1917
Close 975ln 972Cn
101
150
Total sales 01E1,000 Units,..
,
97 •33
____
{High
. 971,33
_
Low.
334s, 1940-1913
975•33
____
(Close
Tnial oalox fri !I non unit, ----inl
____
99"n
99.031
--..
-___
991,31 99"n 9as
9
- 1---'
. 99 ,
W
,
,99 31
9911,
99",
,
99 a
26
73
74
hugh
First Liberty Loan
3Li% bonds of l923-47__(LowClose
(Find 3%)
Total sales in ELMO units_ __
Converted 4% bonds of High
1932-47 (First 4s)
-___
---____
991231
72
____
99,131
09"n
991133
112
1081133
,
103 32
9
1031, 3
62
'n
1049
101131
10.1in
47
----—_
972.31
971433
9791n
40
971.31
97"33
971.33
215
,
97 33
96,333
,
96 •33
2
96 31
.
96.13
,
96 in
66
_
__ _ _
__-99"n 991031 991 31
99"n 09.31 99
99,133 99"n 99532
196
375
56
% 10'113, 107"n
1089
,
10Sin 107 in 107"n
108'n 1081n 107"n
1
62
26
10411n 101
103"n
104.31 103"n 1031.33
104isi 103"ii 103ita
13
3
4
------101'it
---101'n
-3,
101,
50
----97E91 97 .,, 97in
,
07..33 97",, 97b,
97141, 97",
97In
452
35
1
97n, 97•31
97'33
07',,
97.3,
97',,n
07.at
97231
97.ii
1.611
I
OS
Note.—The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
2
67
1st 434s
4th 434s__
99in to 99"
,
99033 to 99"n
Foreign Exchange.—
To-day's (Friday's) actual rates for sterling exchange were 4.8434©
4.84 11-16 for checks and 4.85©4.85 1-32 for cables. Commercial on banks.
sight, 4.84(4 ©4.84 7-16: sixty days. 4.79%; ninety days, 4.77%04.77%1
and documents for payment, 4
.79%©4.79%. Cotton for payment,4.83%.
and grain for payment. 4.83%.
To-day's (li'riday's) actual rates for Paris bankers francs were 3.3)1 5-16
©3.91% for short. Amsterdam bankers' guilders were 40.08040.12 for
short.
Exchange at Paris on London, 123.84 francs: week's range,123.88 francs
high and 123.83 francs low.
The range for foreign exchange for the week follows:
Sterling, Actual—
Checks,
Cahles.
High for the week
4.85 7-32
4.84%
Low for the week
-32
4.84 15
4.84 31-32
Paris Bankers' Francs—
High for the week
3.91%
3.91 13-16
Low for the week
3.91 13-32
3.91 9-16
Amsterdam Bankers' Guilders—
High for the week
40.16%
40.15
Low for the week
40.12
40.08
German Bankers' Marks—
HI .1h for the 'seek
23.83%
23.83
Low for the week
23.81%
23.79
The Curb Market.—The review of the Curb Market is
given this week on page 428.
A complete record of Curb Market transactions for the
week will be found on page 459.
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages-Page One
For sales during the week of stocka not recorded here, see preceding page.
IIICH AND LOIV SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
July 13.
Monday,
July 15.
Tuesday,
July 16.
Wednesday,
July 17.
Thursday, 1
July 18.
Friday,
July 19.
Sales
for
the
1Veek.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range &nee Jan 1
On Basis of 1.00-s5are lots
Lowest
I
Highest
$'per share, $ per share $ per share $ per share S per share, S per share Shares
Railroads
Par $ per share $ per share
4
8
8
24512 2537 2512 2587 25158 256
253 2534 25512 26014 25212 2574 55.2 Atoll Topeka & Santa Fe-_100 195,8 Mar 28 26014July 18
00
101 101
101 101
101 101
10012 10012 10(J12 1005 10118 1014
100 99 May 16 103,8 Jan 7
900 Preferred
8
20912 205 20612 201 2
199 200
20014 2 812 20612
0
100 169 Jan 2 20912July 16
;
05 1 201 20312 15,800 Atlantic Coast Line RR
1303 1333 1327 134
4
12778 131
4
8
13214 1334 131 18 1323 13112 1333 151.000 Baltimore & Ohio
101) 11513Nlay 27 134 July 16
4
4
*7512 7612 *7512 76
.76
77
7518 7034 07514 7513 754 76
100 75 June 13 804 Mar 20
700 Preferred
7012 797
8 8212 823
8 8012 827
4 8114 82
82
60 6412May 8 84 July 19
8312 82
8.200 Bangor & Aroostook
84
10712 103 *109 110 .10714 110
109 109
109 109 *109 110
100 105 Apr 4 1105
8May 40,
100 Preferred
10212 10212 104 1047 105, 109
8
8
1083 1093 107 109
4
4
100 85 Apr 4 1093 Jan 5'
4
10918 10914 4.603 Boaton& Stale
6118 615
6118 603 61
8 61
8
5912 6014 5912 60
5912 597 10,600 Bklyn-Manh Tran v t e_No par 5912July 17 814 Feb 25
8
*81
*82
85
85
*81
85
83
83
No par 83 May 22 925 Feb 1
*81, 85
8
2
100 Preferred v t o
*81 12 85
*2312 254 *225 25
25
25
8
*2312 24
23
26
234 24,
2 6,600 Brunswick Term & thy Sec_100 18 May 28 44Ia Jan 18
*67
70
6712 0712 6712 6812 *69
6912 *6612 6812 6812 6934
4
700 Buffalo & Susquelaanna___100 543 Jan 26 85 Mar 2
*52
*52
5513 *52
56
5512 *5218 55
100 5118July 1 6812 Mar 4
5218 5218 *5218 55
Preferred
2423 24812 246 2497 245 24812 2443 2473 24212 245
4
8
4
4
100 218 May 27 26978 Feb 2
54.500 Canadian Pacific
242 245
*9414 07
*95
97
*9412 97
*9414 97
*945 97
8
*945 97
Caro Clinch & Oblo ctfs at'd100 95 June 11 10112 Mar 14
8
25512 262
266 27512 271 2743 270 27712 269 2093 270 27014 11.700 Chesapeake & Ohio
4
100 195 May 20 27713 July17
4
538 7
6
74
,
612 73
8
7
712
73
412July 11
8 73
100
1954 Feb 4
8
7
74 6.200 Chicago & Alton
814 814
912 93
9
4
9 14
9
912 *84 914
100
612July 9 233 Feb 4
4
814 814 1,6001 Preferred
*32
36
*3412 36
*3412 36
*3412 343
100 28 May 20 43 Feb 4
*3412 36
100,Chic & East Illinois RR
33
33
5512 5912 59
01
607 607
8
8 603 61
4
61
100 49 June 26 684 Feb 4
2.8001 Preferred
61
62
1514 165
8 1714 1818
173 185
4
8
1712 1858
175 1812 173 18
4Nfay 28 237 Feb 1
8
100 123
8
25,900 Chicago Great We8tern
4
4118 43
45 8 4512 475
7
44
8 4614 487
8 47
6358 Jan 31
100 38 June II
484 473 487 19.7001 Preferred
4
8
354 363
3 3612 3912 3812 4012 394 403
273
4May 23 4012July 16
8 38 8 393A 3814 4012 141.200 Chicago Milw St Paul & Pao__
,
565 63
8
5414 56
60 s 623
3
8 593 6134 ••••"4 60.581 59'4 6112 171.700 Preferred new
4
n al
4613Nfay 28 633 Feb 2
4
927 9512 9414 9618 9378 9534 0312 937
8
8 91 12 9313 913 9414 82.900 Chicago & North Western_100 8014May 28 96's July 15
4
136 136 •13614 138
135 136
136 136 .13414 136 .1341 4 136
100 134 Apr 24 145 Feb 5
500 Preferred
13638 140
1387 142
3
140 1427 140 14112 13912 141
8
8July 16
13978 141 12 28.600 Chicago Rock Eel & Pacific_100 115 May 27 1427
106 106 *1057 106
8
106 106
106 106
106 106
4
100 10514 Mar 27 108, Jan 2f.li
106 106
2.3001 7% preferred
9918 993
8 994 993
,
8 99 8 993 100 100
3
8
100 100
8
100 9812Ju2e 20 1027 Feb 5
1,200 6% preferred
•9914 100
116 125
125 1264 126 127
' 127 129
100 101 May 28 130 July 191
128 128
5,800 Colorado & Southern
128 130
*68
72
*68
72
6818 6818 *68
72 .70
75
*70
74
10; First preferred100 68 July 3 80 Jan 25
*68
7112 *63
70
*68
7112 *68
7112 *68
100 64 Apr 22 7212 Mar 5I
70
•68
70
1 Second preferred
60 60
60
60
5913 60
59
60
58
5914 59
100 51 May 29 704 Jan 21
1.600 Conrail ItR of Cuba pref
59
21114 218
218 22214 21914 2217 21612 220
8
217 2203 2173 2227 26.000 Delaware & Hudson
4
100 182 Mar 28 2224July 19
8
4
13714 14012 1373 14014 140 14514 14334 14614 142 14514
4
2July 19
145 15212 68.900 Delaware Lack & Western_100 12014June 11 152,
72
723
4 7312 75
75
7612 7412 75
7312 75
6,300 Denv & Rio Or West prof 100 5514 Jan 2 774 Feb 21
743 75
4
*212 314
*22
4 312 *23
4 34 *23
4 3
*23
4 33
23
8June 11
8
100
100 Duluth So Shore & Ati
23
47 Feb 4
4 24
8
*312 5l2 *5
558
55
8 55
8 *64 612
618 614 *5
74 Feb 4
4 June 11
612
100
600 Preferred
7812 81
8158 8312 8118 83
81
823
8 8014 8112 8012 8314 251,200 Erie
100 64 Mar 26 8312July 15
643 6553 64
4
647
8 64
64
6312 64
63
6312 6212 6318 6.200 First preferred
100 57 Nfar 26 601g July 2
*8318 6418 262
62
*61
63
6112 6112 61 12 62
*61
62
1.800 Second preferred
100 56 Mar 27 637
8July 2
118 12118 12014 1227 12012 12318 12012 12534 1233 12718 123 12612 61.600 Great Northern preferred_100 101 May 28
8
4
12718July 18
114 115
115 11612 11638 1174 11614 12012 11878 120,2 11712 121 14 31.000 Prof certlfleates
,
100 100 May 15 12114 July 19
45
45
47
513
4 50
5112 49 4 51
3
493 515
4
8 5014 54
9.300 Gulf Mobile & Nortbern
100 323
3May 27 59 Feb 4
92
92
92
9312 93 935
95
955 0712 97
8 95
8
98
1,300
Preferred
100 9012June 6 103 Jan 3
*614 9
*812 9
*813 9
*812 9
.814 9
Havana Electric R7-- _No par
*814 9
7 Feb 18 1113 Apr 20.
6912 6912 69
6914 *69
693
*6812 70
4 68
693 *69
4
68
130 Preferred
100 55 Feb 16 73 Apr 15
*49812 503
500 523
513 520
505 515
504 514
522 524
790 Hocking Valley
100 375 Mar 26 525 July 15
4014 4012 404 407
8 407 45
4 443 4712 25.400 Hudson & NIanhattan
8 444 453
4114 46,
8
4
100 3412May 28 583 Jan 5
8
74
73 4 734 *72
8 74
3
75
7412 755
73
73
74
75
600 Preferred
100 70 June 25 84 Jan 18
144 1443 146 14714 1473 15012 14813 15012 14712 15012 147 150
4
4
16,300 Illinois Central
100 13212May 27 152 Feb 1
•14012 14812 *14612 14812 14612 148
149 149 *143 150 1 14913 14912
400 Preferred
100 13312May 31 14912July 19
4
76
745 744 .7312 743 *7312 743 *7312 7434
4
8
*7312 75 4 *73
3
30 RR See Stock certificates__
7234.11ily 2 8014 Feb 21
2212 22
8
8
227 227
2218 213 2'27 .22
8
223 •22
8 22
8
22,2 2.400 lnterboro Rapid Tran v t0,100 213
8July 16 583 Feb 25
8
*4912 51
4912 507
*4834 51
8 4912 4912 *4913 51 1 4912 49,2
500 Int Rya of Cent AmerIca_100 43 Apr 1 59 Jan 28
4912 *44
49 .4418 5312 *4418 5312
*4412 5312 *44
*444 53
Certificates
No par 4013June 1
5912 Jan 25
7912 774 7758 *77
7912 *76
*76
7712 78
76
76
79
320 Preferred
100 6912June 13 3014 Jan 2
8
967 0773 973 10112 100 10312 10212 105
8
10212 1044 10318 107 124.500 Kansas City Southern
100 78 Mar 213 107 July 19
66
.65
*6518 66
6512 6512 •65
66
•64
65
6512 65
400 Preferred
100 6318July 3 7012 Jan 15
97
953
9612 973
8 95
94
8 9514 9514 954 9614 95
9812 13.100 Lehigh Valley
60 773
4MaY T 102,4 Feb 2
14912 150 x14S3 152
4
151 151
150 151 *147 14812 1493 15134 4,400 Louisville & Nashville
4
100 1384May 28 1534 Feb 6
34
34
34
343
34
8 34
34
34
337 334 333 34
8
1.900 Manilla Elev modified guar100 31 12 Apr 8 574 Jan 11
4
•'27
*26
30
29
30
*27
27
27
27
27
200. Market St thy prior pref _100 20 May 28 3912 Jan 4
.27
29
214
214
214 318
25
8 24
24 25
8
214
214 .214
212 9,000 Minneapolis & St Louis._ 100
2 May 22
34 Jan 19
443 443
4
4 4514 4712 .45
48
47
47
*45
47
.45
47
1,400 Minn St Paul & 55 Marle_100 35 May 31
4712July 15
*77
80
71)
78
78
076
*73
SO
•74
78
*74
77
100 Preferred
100 6314.1iine 3 87 Jae 23
59
GO
*573 5712 5713 59
8
*60
63
60
60
*60
63
130 Leased lines
100 5653July 8 68 Jan 25
6212 635
59
6212 6258 6412 6212 64
8 60
633
8 61
644 307.600 Mo-Kan-Texas RR____No par 4212 Mar 26 64 2July 15
,
10418 1044 1034 1053 105 105 4 1045 1067 10414 1064 1055 106
8
3
8
3
8
8.100 Preferred
100 102 Apr 9 10712 Apr 25
8 98 101
9912 9814 1013
96
9712 9912 96
9812 9712 994 34.800 Nfissouri Pac1110
100 824 Jan 4 1013
8July 15
144 1464 144 1444 1444 1447 1425 144
1423 1437 14318 146
4
8
8
8
9,300 Preferred
100 120 Jan 2 14678July 16
*77
82
82
.77
783
*77
4 78
7814 77
7812 *7712 79
420 Morris & Essex
60 77 July 18 865 Jan 17
8
230 23112 232 236
229 229
239 239
23612 23812 23614 23712
310 Nash Chatt & St Louls......_100186 Jan 29 239 July 17
212 2 4 *214 23
'2
214 212
3
2
4 *2
212
24 '212 1.800 Nat Rya of Mexico 20 pref_100
353 Jan 25
134May 28
22812 23812 234 2377 233 23614 23112 2353 23218 241 223.200 New York Central
22012 235
8
4
100 17812 Mar 26 241 July 191
155 1592 15814 1623 1594 162 •157 159
8
8
159 160
159 160
8July 15
9.500 NY Chic & St 1-011111C0-100 12818 Mar 26 1623
1(144 1063 105 105
4
105 106
105 106
106 10612 *106 10712 1,200 Preferred
100 100 May 28 1094 Jan 4
315 340
324 334
310 310
321 329
322 328
326 330,2
640 N Y & Harlem
50 27712June 13 379 Jan 18
11314 115
11212 115
8
1095 1127
8
11318 1143 112 11312 11212 11514 140.300 NY N H & Hartford
4
100 8073 Jan 4 11514July 19
12212 1224 12112 12312 12212 12314 1223 1223 122 1223 122 1224 4.700 Preferred
8
8
8
1145 Jan 3 125 July 3
8
25
2'5,2 254 28
2724 28,2 27
275
8 264
2614 2714 21,900 NY Ontario & Western_ _100 2312Ju8e 28 32 Feb 4
*311 44 *312 44 *3 2 4 2 *313 412 *312 27
,
,
414 *313 414
N y Railways pref____No par
33
8July 6
97 Feb 21
3
3718 4112 413 44
36
4
36
424 4278 *37
42
41
4112 4,800 Norfolk Southern
100 33 Slay 28 484 Feb 4
2534 26012 258 263
2493 250
4
256 26012 258 260
25712 2593 11.400 Norfolk & Western
4
100 191 Jan 9 263 July 10
8512 8512 8512 8512 8512 8512 8512 8512 •8512 86
*8512
50 Preferred
100 83 Feb 15 8714May 14
-1- 8
4
4
11214 1 43 11318 1153 1123 1147 1134 115
8
1134 11614 11312 1153 38.600 Northern Pacific
4
100 9512May 27 11014July 18
1085 10912 109 11034 110 111
8
11013 11218 112 1133 111 12 11278 32.300 Certificates
4
100 96 May 27 1133
4July 18
934 9712 97
99
90
9638 077
04
8 95
963
4 96
977 243,000 Pennsylvania
8
50 7212 Mar 26 99 July 16
333
4 34
32
32
35
*29
*3212 35
31
31
.31
33
9.800 Peoria A Eastern
100 2512June 4 35 July 16
198 2033 20312 20312 20112 20112 197 198
4
195 200
19314 19814 4,300 Pere Marquette
100 148 Jan 3 2033
4Ju1y 15
'
,
NG
98
*9618 98
*96
98
*96,8 98
97
974 .961y 98
120 Prior preferred
100 96 Jan 5 101 Mar 22
.92
94
94
9212 9212 9213 9212 9314 9314 9312 93
*92
Preferred
,
2
100 92 Mar 15 97 Jan 8
142 144 s142 14518 143 1473 143 14612.144 145
4
146 14718 6,500 Pittsburgh & West Va
100 125 8May 28 14834 Jan 10
5
119 124
12418 1267 124 12512 1214 12314 123 12512 53.200 Reading
8
116 118
50 10112May 27 1267 July 16
8
4912 46
46
4912 *46
*46
46
46 .46
48
*46
48
1,700 Fire% preferred
60 4112 Apr 22 47 July 12
48
49
47
49
*4713 48
41)
50
*49
50
*46
50
1.000 Second preferred
50 435
8May 21 50 July 17
*6712 69
*6714 69
69
*66
6312 7018 70
7012 .68
1.500 Rutland ItR prof
71
100 63, N1 ar 21 71 June 19
8
13118 13212 131 132
13012 133
127 131
1294 131 12 12812 1314 39.700 St Louis-San Franchico
100 10912May 20 133 July 15
8
8 9514 9514 9514 9514 95 4 954 2,700 lot pref paid
9412 9412 9412 9512 947 953
,
100 9214 Mar 26 9612 Feb 2
108
8 10214 102
987
108 1121 1094 1123 108 111
8
96 4 987
3
40,600 St Louis Southweetern
100 82 May 27 1153 Feb 4
4
90
*8814 90
90
*89
92
*8814 90
913 914 59112 92
4
200 Preferred
100 87 June 14 9! Apr 26
144, 1473 15
154 1512 1612 1614 17
1618 163
1612 MOO Seaboard Air Line
4 16
100 12 June 15 213 Mar 5
4
4 2018 2018 2014 21
8 2018 213
1913 195
*1914 20
2018 2018 1.500 Preferred
100 1614June 14 2412Mar 6
14214 1444 1433 14613 145 14614 14512 148
4
139 .142
43.700 Southern Pacific Co
1463 148
4
100 124 Mar 25 148 July 18
155 15712 167 16012 1564 1595 155 157
8
151 .. 153
1553 15714 34.000 Southern Railway
8
100 138 May 27 16012July 16
953
4 94
94
95
05
95
94 •2 94
94
94
2,500 Preferred
95
95
100 93 Jube 14 90 Jan 3
110 110 •____ 11214 ........ 116
*110 ,116 *110 116 *110 116
100 Mobile & Ohio certlfs
100 104 Apr 4 1407 Jan 14
4
181 *175 17712 .170 175 .161 175
7,700 Texas & Pacific
100 155 May 28 181 May 2
L168 ,,168
*14
18
18
14
145 .14
8
1683 41683 •I912 177
1'4 8 164
48 1
17
500 Third Avenue
100 133
*14
4May 9 39 Feb 25
17
40
*39
.30
40
*39
40
40
*39
Twin City Rapid Transit _101) 39 July 1
40 .39
40
5814 Jan 25
, •39
93 .90
93 •____ 03 .90
9312 *90
*90
Preferred
93 .90
100 93 July 11 180 Jan 5
93
28512 2703g 266 2697 2655 26914 26812 2744 34.700 Union Partite
26112 271
8
25412_265
8
100 209 Mar 26 2747
8Ju1y 19
8
8212 814 823 *81
82 .81
8114 81
81
8212 8118 8114 1,400 Preferred
100 81 July 12 843
8Mar 10
•Bid and asked prices: no sales On Uns day. s
ES-71ESSI.
PER MARE
Ewe /0 Prestos*
Year 1928
Lowest
Highest
S per shares per Ilan
1823 Mar 204 NO,
8
1024 Jan 10812 Apt
15718 Oct 19112 May
10334 Juno 1255 Dec
8
77 Nov 85 ADZ
61 June 8414 Jan
104 Dec 11514 May
58 Feb 91 Dec
534 Jai
7744 51,57
82
Jan 953 NleY
8
1412 Jan
477 dept
8
3214 July
641y No,
38 Sept 63 No
19512 June 253 Nov
98 Sept 1074 Mel
17512 June 2184 Dee
55 Jar
8
113 May
4
77 Feb
2
Ws May
4814 May
37 Feb
58 Aug
7653 May
918 Feb 25 Dec
204 Feb 503 Der
3
224 Mai 4012 AD1
37 Mar 595 Nor
8
78 June 9414 May
135 Dec 150 May
106 Feb 13953 NO,
105 Dee 11112 May
99. Dee 105 May
105 Aug 128 May
67 July 85 Apr
6912 Nov 85 May
6412 Dec 875 Junt
3
16314 Feb 226
Apt
12514 Dec 150
Apt
5012 Feb 652 Ain
4
3 Aug
63 Jan
4
438 June
912 May
483 June 7212 Der
4
50 June 6372 Jam
4914June 62
Jan
4
9313 Feb 1143 Non
914 Feb 1114 Nov
43 Aug 617 May
8
99 Aug 109 May
7 Aug 174Junt
61 Dec 7818 Beni
340 July 473 Noe
5018 Dec 734 Ain
81
Oct 934 API
13134 Jan 14814 May
13013 Jan 147 May
75 July 824 Junl
29
Jae 02 May
3612 Mar 524 Non
6973 Jan
43 June
6612 Aug
8418 Feb
13954 Nov
40
Jan
384 Dec
Pa May
40 June
7014 Dec
60 Dec
3012 June
10112June
4172 Feb
105 Feb
8212 Aug
1714 Aug
2 Feb
156 Feb
12114 Oct
10412 Aug
188
Jan
5433 June
112 Sept
24 Feb
14
0 Jan
32 June
175 June
847 Oct
2
9212 Feb
4053 Feb
6172June
25 Mar
1244 Feb
96
Oct
92 Nov
12114 Feb
9414 Feb
4112 Nov
44
Jan
50 Feb
109 Feb
94 Dec
8718 Feb
39
012
1188 Mar
17 Aug
1174 Feb
13912 Feb
964 Sept
100 Jan
9912 Jan
284 Jan
3214 Sent
945 Oct
8
18612 Feb
8218 Oct
82 May
95 Non
77
API
116
Apt
15918 May
64 May
844 May
Olt May
,
525 Jam
873 May
4
714 Jan
58 Dec
109 Pet
7614 Sepf
1287 Der
8
89 June
2043 May
4
512 Apt
196.2 Nor
148 May
110
Jam
605 Apt
824 Dee
117 May
39 MAY
13 Map
58 Nor
19812 Noe
90 Jun4
118 No
115 Non
764 Dec
C7 May
154 Non
10154 Mai
100 4 Mai
3
163 001
1193 May
3
46 Api
b97 May
8
77 Dec
122 A4a1
101 May
124is Nov
nii
1..
3012 Jam
38
Jan
13114 May
185 May
10214 Jan
159,2 Jam
19453 Om
4618 May
68 May
107 Fa
2247 Noe
2
8714 Jai]
New York Stock Record -Continued-Page Z
442
For ...les during the week of stocks not recorded here, see second page preceding
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday,
July 13.
Monday,
July 15.
Tuesday,
July 16.
Wednesday, i Thursday, 1
July 17. 1 July 18.
$ Per share 6 per share $ per share $ Per share
73
7312 7512 72
8
707 72
76
75
9212 9212
9112 9112 924 *9212 93
*91
*8312 86
85
*83
*8312 86
85
85
3
8
4
473 48% 487 515g 4918 50 4
443* 47
47
.46
4812 4912 507 *4812 51
47
4
35
3
35 4 37
3812 3812 4012 393 407
8
647 66%
6018 617
4 6314 65
633
8 62
Friday,
July 19.
PER SHARE
Range Since Jan. 1.
-share lois
On basis of 108
STC CKIS
NEW YO1 K STOCK
EXCF ANGE
Sales
for
the
Week.
Lowest
Railroad•(Con.)
$ per share I$ per share Shares
7412 11,300 Wabash
7118 714 71
500 Preferred A _
92
.92
4 91
933
100 Preferred B.
.8312 86 .8318 86
3
4818 49 4 4314 508 114.100 Western Maryland
2.300 Second pref. rred
50
50
*4712 51
3914 3812 397 17,800 Western PaoliO
39
6612 15,600 Preferred
6712 66
66
.
P01
100
100
100
100
100
100
100
I ridontrial fk Miscellaneous
No par
4 4414 46% 17,000 Abitibi Pow & 1Pap
4
42
42
4212 438 423 4312 423 463
4212 4212
100
600 Preferred.
88
83
83
.80
8214 83
*80
8218 8218
83
83 .81
1,900 Abraham & Straus-._No Par
127 128
123 130
*120 125 .115 123 *119 123 .12018 123
1011
20 Preferred_
3
4
.109 110 4 *10714 110 4 .109 1103 *10714 1103 .110 110 4 110 110
4
3
3
100
Adams Mares/
*590 625 .552 625 .600 625 .600 625 .600 625 .600 625
100
1,400 Preferred.
88
88
8714 8714 8712 *8714 89
87
8612 885 87
.86
No par
6,800 Adams Millis
7
32
32
33
324 3412 .32
32
.31
32
4 3418 34
333
100
3914 4,800 Advance Rumely
39
39
39
40
38
374 3718 37
3814 3712 38
100
2,360 Preferred_
56
8
547 5512 56
55
55
57
55
57
5312 57
.57
1
18 16,200 Ahumada Lead
15
8
17
17
17
8
15
8
17
8
15
17
4
13
1%
10
17,400 Air Reduction. Ino____No par
179
4
8
1768 1813 17414
4
16234 16712 16412 16912 1643 1707 170 179
3
5,300 Air-Way Elec. ppllanceNo par
4112 4118 42
414 4212 41
4
4312 423 43
7
43 8 438 42
No par
11,800 Max Rubber, I IC
5
5
5
5
51 1
5
518 512
3
512 5 8
512 512
12,700 Alaska Juneau Gold Min._ le
6 12
6
6 12
6
58 6
3
5 4 618
5
58 6
8 6
57
600 Albany Pert W p Pap_No pa,
16
16
16
*1614 1712 16
16
16
•16
16
1712 16
No par
4
8
4814 53
3
50 4 5212 513 523 1009800 Allegheny Cori
50
8 49
4734 5011 4814 503
100
7,300 Preferred_
8
117 11714 1147 115
4
8
8
11412 11714 211612 11834 1167 1167 1153 117
12,200 Receipts _
8
8
8
1165 11778 115 1167 116 1177 11512 116
11612 11712x11613 118
5,100 Allied amniaI& Dye_No pa
332 338
33412 335
3
333 4 33912 337 337
332 335
340 341
Preferred.
100
•12018 1211 1 .12018 12114 .12018 12114 .12018 12114 .12018 121 *12018 121
100
27512 27512 6,700 Allis-Cbaltners Mfg
267 28112 280 284 .274 280
27612 27812 268 275
52
55
300 Amalgamated LeatfierNo par
8
8 63
•53
6
8 6
612 *55
*53
6
6
6
No par
4
4
4 283 323 23,300 Amerada Corp
293
8 29
303
8 30
317
8
8
4
313 323 x313 32% 30
1312 6,900 Amer AgriculttIra! Chem_100
11% 13% 13
13% 13
4
113 113
12
1214 1214
12
100
3,100 Preferred.
46
484 46
47
43
50
43
43
43 43
44
.42
10
4,000 Amer Bank No a
142 142
*141 147
144 145
8
145 1487 147 148
4
1463 148
50
50 Preferred.
5912 5912 5914 5914 593* 593*
5912 5912 *5912 60
*594 60
700 American Beet Sugar__ No par
16
1512 .15
*151 4 1512 *1514 1512 1412 1512 .15
100
100 Preferred_
5112 *5014 514 *5014 5112 *5014 5112 501 1 5014 .5014 523*
.50
4 554 5614 5,300 Amer Bosch 1.1agneto__No par
8 555 5612 553* 563* 5514 5618 5514 553
567
56
8 5,500 Am Brake Shoe & F___.No par
533* 557
56', 54112 5534 56
063 563
57
4
5714 56
8
57
100
20 Preferred_
117 117
8
.117 119% .115% 119% *117 1107,'117 1197 117 117
oveni El_No par
3
30 4 12,800 Amer Brown B,
3
30 4 30
8 30
3
8
297 30 8 2914 301 4 283* 2918 28% 307
100
880 Preferred_
8412 8312 8312
4 82
823
8178 81
81
82
81
83
.81
25
16412 166% 188,200 American Can.
16214 165
164 16714 1633 1663 16214 166
4
16512 168
100
1,400, Preferred_
4
137 137 .137 1383 13714 13714
137 138
.137 138 .137 138
Fdy._No Par
8
103 10414 102 1037 38,4001 American Car
105
100 10012 101 10212 10211 10414 102
100
5001 Preferred_
116 116
4
1163 11712.115 11612 1161, 11614 *11612 117
116 116
100
1,300 American Chat pref
8412 85
82 14 8212 83 8312 834 84.
4
8112 813 82
81
No par
6314 6414 7,700, American ChM le
g 64
6412
6512 63 8 65
647
*64
3
65
6512 66
4
4 473 5014 28,300'Am Couirn'l Alcohol_ No par
473
463 4712 46
4
4658 .4812 463 48
4712 48
8 6,5001 Amer Enclundi Tiling_ No par
8
295 353
30
29
30
31
8 30
31
307
31
30
31
No par
20.100 Amer Europeal Sec's
90
8312 8712 87
8411 8212 83
84
85
84
83
85
No par
4
3
4
119 1203 12014 129 4 12612 1303 126 12812 12414 1263* 1271, 13014 318,000 Amer de For'n 1 ower
No par
1,2001 Preferred_
10512 106
106
106
10614 10612 106 106
10612 10612 106 106
Nova?
8 6,800 2d preferred •
4
4 943 957
9412 953
95
95
96
95
8
9414 9411 943 96
10
IS
3618 373* 36
3618 8,000 Am Hawaiian 8 C0
3712 38
3912 364 38
3918 38
373*
'American Hide & Leather.100
*612 7
•612 7
.612 7
*612 7
*64 . 7
.61, 7
100
600 Preferred_
35
•33
33
33
8
*325 34
8
323 34
35
•32
35
*32
7512 1,400 Amer Home Products__No Par
7318 7314 7314 74
,
3
8
*7212 7312 x727 73 8 723 7212 73
No par
453* 4614 17,200 American Ice_
454 46
4712 4812 474 4712 4512 47
4712 48
100
500 Preferred_
9412
•94
94
94
94
9314 9312 *93
93
9412 93
*93
76% 7918 158,300 Amer Internet Corp___No par
7812 764 7812
8 75
4 7214 7714 753* 775
3
72 4 743
47
47
4 1,400 Amer La France& Foamite_10
4 43
43
47
47
434
8
8 47
47
4
434 43
5
.100
100 Preferred
07
____ 60
5518 554 .-___ 57
•5518 60
12912 13112 13212 136
1323* 13.514 132 13312 13214 134 1 43,000 American Locomotive_No par
1277 130
100
300 Preferred
118 118
117 117
117 117
.117 119 .117 11812 .117 118
,
3,400 Amer Machine & Ftly...No pa
4
18712 192 .186 189
4
4
1863 1863 185 18712 185 1873 187 188
63
648 25,500 Amer Metal Co Ltd__No par
6412 66
6412 6518 6212 638 6212 6514 6412 657
100
100 Preferred (6%)
•122 12412 *122 12412 122 122 *122 12412 .122 12412 .122 12412
390 Amer Nat Gas pref____No par
6612
65
4 66
663
66
.66
66
66
6612 66
66
66
No par
1,400 American Piano
414
4
5
412 412
5
412 413
*412 5
45, 43,
100
20 Preferred
4
8
8
25 .223 25
223 222 *225 25 .225 25
8
4
*20
25
25
54,000 Am Power .4 Light_...No par
143 1453* 144 15012 14612 15014 14712 1487 1483 155
4
8
14612 147
No par
4
993 100
2,200 Preferred
100 100
100 100
100 100
3
*99 8 100
100 100
No par
744 2,100 Preferred A
•7318 74 .7318 74
7318 734 73
.7318 74
74
73
No
8018 8014 80
81
8
813 8112 81
3
80 4 8012 8012 3,100 Pref A stamped
803* 80
par
394,200 Am Bad & Stand Saucy a par
50 . 5112 493 513
8
4
3
50 4 513
4 5114 5412 52% 5412 515 5312
Amer Railway Exprese____100
4618 443 473
45
45
8
45
4 46
4 44 e 2,400 American Republica_No Par
4714
8
477 -97- - - - -493 - - 3
25
132 13314 1284 132
12914 1327 1293 131 14 129 130% 12912 1317 47,700 Amer Rolling Mill
8
4
8
66
6518 6518 65
66
1,600 American Safety Razor_ No par
6514 65
65
6514
6514 6514 65
33
4
33
Amer Seating•t o
.323 33
33
NO Par
33
33
2,000
35
353* 354 3512 35
3
300 Amer Ship & Comm_ -No Par
33* 3 4 *358 3
3
*31:: 3 8
*33* 3 4 .312 33
3
33
4
3
4
4 33
x9212 9212 92
95
95
92
92
380 American Shipbuilding.. _ _100
92
921 i
9214 *92
*92
3 10638 105 1061. 106 1083 1064 1073 107 10914 48,500 Am Smelting & Refluing_100
1063* 10912 1041
4
4
100
41331, 135
13311 13312 •13312 13412 134 134
800 Preferred
13313 135 *13314 135
100
180 180 .170 184
.180 184
400 American Snuff
18312 18312.182 184
181 1814
100
' Preferred
•100 107 •100 107 .100 1074 .100 107 .100 107 .100 107
65 65
643* 6512 6534 653* 6612 68
4
3
6614 6714 65 4 663 36,7001 Amer Steel Foundries_ _No par
100
11212 11212 .112 1127 .112 11278 11218 1127 1127 1127 11218 11212
4601 Preferred
8
8
8
8
No par
American Stores
,
70
70
70
7018 68
684 6812 68
69
6814 6812 6918
101)
7,700 Amer Sugar Refining
8412 85% 8312 8512 83
83
831 i 83
84
8312 83
83
100
300 Preferred
107 107
107 107 *10612 10812 *10612 10714 *10612 10712 10712 10714
No par
.37
37
8
413 4112 6.000 Am Sum Tub
38
417
41
42
4314 4112 42
40
1,200 Amer Telegraph & Cable.. 100
27
8
.247 2612 25% 25 8 •24
2712 27
2512 2418 27
27
7
100
,
246 250
247 2507 245 249
,
8
3
245 4 24818 243 2467 24412 2473 98,500,Amer TeleP At Tele%
8
1827 1833 180 182
8
4
180 180
4
1793 1793 17812 17812 1793 179% 2,700 American Tobacco corn. ___50
50
18014 10,3001 Common class B
5s 17814 179
17812
18212 18412 18114 18212 180 1813 17912 181
100
116 11614 1,100 Preferred
4
1153 1153 •11512 116
4
116 116
115 11514 115 116
4 3,300 American Type F000ders_100
4
14834 148 4 147 147
14814 14812 1483 1543
3
1464 14614 147 147
100
80 Preferred
108 108
.109 110
10953 1095 .108 110
8
10818 110
108 108
No par
13412 13712 134 13612 1323 1363 133 134
13314 13512 19,600 Am Wat Wks & El
4
13012 133
4
100 1st preferred
99 100
.
.99 100
*965 99
100 100
•9612 99
8
.993 100
100
6.700 /1190FICan Woolen
17
17% 17%
17
8 1712 18
163* 1712 163 1712 1712 - 187
4
100
5.700 Preferred
.40
4012 40
4114 393 397
4
3
8
395 43 4 431z 443* 4314 44
11,900 Am Writing Paper etfs_No par
.1118 12
*II
15
12
12
1618 14
1312 123 13
13
1,900 Preferred certificate_ .__100
4112 43 .4112 43
.
4
443 *4118 44
*4112 43
41
4112 43
7.300 Amer Zinc, I.ead & Smelt_ _26
2512 2512 2218 2514 227 26
2512 24
24
4 2312 24
243
8
25
800 Preferred
96
.92
.92
93
*9012 92
9112 92
91
4
913 *9013 92
1097 1117 111 1133 11218 1135 11212 115% 469,500 Anaconda Cooper Mln. new50
4
11318 1163 11012 114
8
8
4
200 Anaconda Wire & Cable No par
70
69
.6514
69
69
69 .66
6712 *6614 6712 .6612 6712
NO pa'
5,100 Anchor Cap
4
4712 4712 4612 4818 48
473 4734 .45% 46
4818 474 48
N o par
112 .103 112
200 Preferred
103 103
10212 10212 •10114 1024 .10114 1028
49,200 Andes Copper Mining_No par
50% 5212 4912 50% 4812 50
4912 51
3
3
504 50 4 50 4 517
2914 29,2 291, 293
8
4 2914 30
3012 315 13,800 Archer, Danl.', hIld'Id_No par
8
297 3078 30
32
1,200 Armour & Co (Del) Pref ___100
86
8611 861 1 861, 8614 86
8612 8612 8612 864 8614 87
8
1214 113 1238 1112 113
12
111
4 12% 113 123* 117 1218 12,400 Armour of Illinois darn A...25
4
4
.26
612 63
8
5
4
612 65
614 63
,
6 4 612
612 6%
65, 6 8 12,0001 Class 8
4
100
.73% 74
73
600 Preferred
7312 73 . 73
4
74
.733 74
4
743 74% 73
2014 20
20
21
19
20
.20
1918 197 197
1918 194 3,200 Arnold Constable Corp-17 par
8
3,, Tar
6001Artloom Corp
24
26
.24
25
2412 22
.24
26
2412 .23
2312 *21
.54
4
5512 533 55
55
55
5312 2,600 Associated Apparel Ind No par
53% 54
4 53
4
533 533
No par
474 4814 4612 4712 46
48
48
4
46% 4512 47
4612 513 29,900 Assoc Dry Goods
26
200,Assoclated 011
4412 4412 4412 4412 4412 4412 4412 45
4412 *4414 45
4412
.No par
, 61
800,1010 & W I 8 8 Line.
63
63
*6012 63
61
2
62
.
60, 603
62
4214 63
100
4.5514 67
9001 Preferred
574 56
.56
4
563 *5512 57
*554 5612 5512 5512
25
4 67
673
8
4
683 69% 67% 6914 66
69
6712 687 149,900 Atlantic Refining
673* 69
No par
102 1043 •I03 104
4
106% 106% 10212 1053 104 104
4
10114 10112 1,800'Atlas Powder
100
8101 Preferred
1002 1015 •10112 102 .10112 102
8
10112 111112 •10112 102 •10112 102
No par
17
17%
16% 167
17% 1712 17
8
8 4,100 Atlas Tack
s
173 173
177
16% 163
No par
374 405
7,000 Auburn Automobile
389 3943 38412 390
4
367 375
382 385
37012 375
I
*Bid and asked prices: no sales on 11111 day.
Ex-d.videud.
y Ex-rights.
Highest
S per share $ per share
60 May 27 813 Jan 5
8
91 June 27 1017 Jan 7
79 May 24 91 Jan 8
3212 Mar 26 54 Feb 4
3812May 28 5312 Feb 4
32 May 27 41% Mar 5
56 May 27 6712July 18
334May 27 544 Jan 22
79 Apr 10 835, Jan 7
101 May 28 1594 Jan 3
106 June 4 112 Jan 2
389 Jan 16 750 Apr 23
4June 26 96 Jan 3
843
8h1ay 1 3578 Jan 15
273
81May 1
27 May 31 1047
4018May 29 119 May 1
4
158July 17
47 Feb 20
954 Apr 10 1813
4July 18
4878May 13
3714May 1
412Ntay 31
1114 Jan 2
,1 12June 4
1014 Jan 8
1, May 31 25 Jan 3
27% Mar 26 53 July 17
9918 Apr 15 11834 July 15
8.May 14 118 July 15
1003
14. Jan 7 34 l34July 8
12114 Apr 8 125 Apr 27
166 Mar 26 281 July 17
5 May 31
1118 Jan 14
2212May 25 42% Jan 3
1018May 22 235 Jan 15
8
405
8May 29 73% Jan 11
110 Mar 26 1487 July 16
8
59'4 July9 653 une 14
4J
1412July 16 2012 Jan 16
46 Apr 24 6014 Feb 5
4012 Feb 14 7314May 2
45 Jan 16 62 Feb 4
117 July 10 1264 Mar 21
1518 Jan 7 343
4June 1
493 Jan 7 104 June 12
1073 Feb 18 169 July 12
4
13612July 8 142 Mar 28
92 May 27 10612 Jan 3
114 June 25 120 Jan 29
7014May 31 854 Mar 13
463 Mar 26' 4July 5
663
4312May 16 55 May 20
23347.lay 31 471 ) 25
0"
4 .
823
8July 12 90 July 19
754 Jan 4 13.741 Feu til
104 July 1 1084 Feb 14
88 Apr 9 103 Feb 21
2418 Mar 2(' 42 Apr 19
614 Apr 9 10 Jan 2
3014 Feb 6 42 June 3
8
64 June 3 855 Jan 24
38 Mar 26 481.Ju1y 15
893
4May 23 96 Mar 6
5212May 31 7938July 19
412June 10
8
87 Jan 10
55l July15 76 Feb 21
8
1023 Feb 18 136 July 16
113 Jan 3 11914May 15
14714June 3 192 July 18
4
50 May 27 813 Feb 6
8May 21 135 Feb 6
1133
65 July 19 9814 Jan 7
4 June 13 17% Jan 31
1812June 28 55 Jan 31
81 18 Jan 8 155 July 19
8June 14 106 Feb 28
983
70 NI ay 31 80 Feb 13
79 Mar 26 84% Feb 15
40187.fay 28 6112July 17
129% Jan 16 188 May 3
4318May 31 64% Jan 2
8July 12
106127.lay 28 1343
61 June 12 7414 Jan 31
3212July 9 917 Mar 15
4
7 Feb 6
312May 28
8112June 13 10214 July 11
9312 Jan 16 12434 Mar 1
an 4
130 May 31 138
17912J11ne 5 206 Feb 1
106 July 5 112 Jan 24
58 May 28 797 Feb 4
110 June 17 114 Mar 13
65 June 21 85 Apr 25
4
714 Apr 5 943 Jan 26
8June 7 111 Feb 1
1043
3514June 1 60 Jan 2
17 Jan 2 32% Mar 26
8
19314 Jan 8 2507 July 15
160 Mar 26 18614 Jan 28
16014 Mar 26 188 Ja• 28
115 June 20 12114 Jan 16
1364 Jan 6 156 Jan 31
10714May 15 112 Apr 5
6714 Jan 8 14812July 11
97 Jan 3 104 Jan 28
IfilsJune 21
4
277 Jan 3
3912June 23 583* Jan 2
9 May 28 1618July 18
3914hlay 29 46 Mar 2
22',July15 4914 Mar 18
91 July 17 11114 Mar 19
99 May 20, 140 Mar 22
623
4June 131 86147.lay 9
43 June 26 623 Feb 21
8
10212June 17 124 Mar 1
443
8
8May 28 683 Mar 1
29 May 28 4912Mar 4
8514June 14 96 Jan 30
105
8May 31
1818 Jan 2
5%May 29 1014 Jun 2
7114June 15 86 Jan 24
19 July 17 407 Jan 2
1
22 July 17 30 Feb 6
4958May 31 583
4June 18
43 May 22 70 4 Jun 10
3
4012May 31 4714 Apr 5
3218 Feb 16 673
4June 25,
14
45 Feb 11 61 12June 26
5312 Jan 29 77% July 8
90 Apr 15 115 Jan 2'
100 Mar 13 1064 Jan 14
1018 Feb 25 177 July16
221 May 16 405 July 16
PER MARS
Range for Praetors,
Year 1928
Lowest
Highest
Per share $ per Mars
Feb 9614 May
51
884 Feb 102 May
87 Feb 9912 May
4
4
313 Feb 543 Mar
541.11110
3312 Feb
384 De)
2814 Feb
5312 Aug 6218 Jan
Apr
85
102% July
142 Dec
11412 June
425 Dee
9912 Mar
3312 Dec
65 Sept
4
693 Sepi
4
53 Mar
June 99% Dee
3614 Nov
76 Nov
90 June
Oct
109
Jan
195
Jan
93
304 Dec
Jan
II
344 Jar
2% Jan
59
74 Jul e
Jan
1
4
223 Dec
8
141 Jan
10 Noy
314 Jan
-
Feb
146
1204 June
11618 Feb
918 Oct
27.8 Feb
1558 Feb
8
555 Feb
4
743 Jan
Oct
60
14% July
Feb
36
15% Feb
3974 July
Dec
120
10% Apr
No,
127% May
200 1.1..t
16% Apr
43% Nov
26 Noy
79% No•
159 May
(154 Jan
244 Aug
61% Sept
8
443 Non
4918 Jan
128 June
2614 May
Apr
Jan
Jan
July
Aue
Dec
Dec
051s May
11712 No,
Aps
147
11112 Jan
13714 Mar
105 June
4
603 Dec
4014
704
4
1363
8814
1
1101
71
44
8
223 Feb 85
1044 June 110
Feb 100
81
814
31
59
28
90
Oct
Nov
Feb
Jan
Jan
Dec
May
Sept
,
-3
16. -Feb
4
873 Feb
86 No,
4638 Alla
gat, May
113* -Oct
54 Jan
Jan 8513 Oct
56
87 June 115
Jan
10314 Oct 134 Mar
12912 June 183% Dee
,
39 Mar 631 Nov
109 Aug 11712 Mas
4
963 Dee 9944 No•
Feb
25
4
123 July
Dee 90
Jae
38
96 Mat
6214 Jan
10012 Dec 10714 M: 1
7018 Nov 774 No.
8614 Nbv
8112 Dec
1101, Jan 143
5114 Feb 85
56
27%
34
80
169
131
141
100
Jan
Nov
Aug
Sept
Feb
Mar
Jan
Oct
8
-13- ;
Ain
7474 SeP1
45 May
618 May
119
Jan
293 Dec
142
API
210 Dec
120 June
5018 June 70% Jan
Feb
109 June 120
Feb
65
100
Feb
Feb
40
1714 Dee
172 JUI)
152 June
152 June
11514 Sept
10974 A eg
107 Nov
52 June
98
Oct
14 ;illy
39 Aug
10.4 June
34 June
6% Jar
90
Jt.n
48
10614
364
5514
80%
1114
638
74
354
2814
934 Nov
11012 May
8
735 Sept
Jan
32
211 Mal
8
1843 Dec
18414 Nor
Apr
126
14214 Nn
116 Mar
7612 Nor
Apr
106
32% No•
6514 Noy
1912 Feb
53% Oct
Oct
57
4
1177 Oct
Dec 5454 Dec
Dee
Dec 111
66 Nov
Nov
Feb 1127 Nov
4
Jan 974 June
Jan
234 Sept
1312 May
Jan
Jan 9112 June
July 51% Apr
Dec 44% Mar
4014 June 7612 Dee
3712 Feb 63% Sent
4
3718 Feb 597 Mal
Feb 0514 001
38
50 Nov 064 Dec
Dec
Jar 114
63
102 July 11012 Mar
8
173 June
814 Jan
143
New York Stock Record -Continued-Page 3
For sales during the wecir of stocks not recorded hare, see third page preceding
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday,
July 13.
Monday,
July 15.
Tuesday,
July 16.
Wednesday,
July 17.
Thursday,
July 18.
Friday,
July 19.
PER SHARE
Range Since Jan. 1.
-share Iota
On hosts of 100
STOCK
NEW YORK STOCK
EXCHANGE
Sales
for
the
Week.
•
Lowest
Highest
PER sHArca
Range for Previous
Year 1928
Lowest
Highest
per saaft
(Con.) Par $ per share I $ per share $ per share
$ per share $ per share $ per share $ per share $ per share i per share Shares !Indus. & h4iseel. Co_No par
914 May
8
43 Jan
5121k1 ay 23 10 Jan 11
900 Austin, Nichols &
6
6
6
6
6
6
618 618
8 6
57
6
6
Jan
39
25 July
non-voting____100 32 Mar 14 4218 Jan 14
2001 Preferred
36
36
36
36
38
*36
37
*34
*34
37
*3412 37
Oct 75 May
58
51 12July 151 65 Jan 8
700 Austrian Credit Anstalt
54
53
54
53
*5212 55
58
5112 5312 *53
*5312 57
4
343 Nov
612 Jan
8
No par 2218 Feb 15 353 Apr 8
2,600 Atitosales Corp
8
8 3014 3014 297 3012
3012 3012 307
8
*303 303
4 3018 3012 30
41 Nov
25 Aug
8
50 3614 Mar 4 437 Jan 23
3001 Preferred
*3012 40
*3912 40
40
3914 4012
40
41
*40
*3912 40
Oct 6212 May
43
200 Autostr Sal Razor "A"_ No par 4214June 10 50 Jan '1
4312 4312
4
423 423 *4214 45
4
4234 45
4
*423 43
*4214 45
Baldwin Locomotive Wks_100 210 May 91 27112 Mar 22 235 June 285 Mar
200
no 243 *238 245 249 24912 *236 245 *236 245 *236 245
4
Oct 1243 Apr
2June 7 125 Apr 3 115
_101 1141
'
600 Preferred
117 119
11812 12112 118 118
117 117 *121 122
117 120
8 Jan
110 Bamberger (L) & Co pref__100 104 June 13 11012 Feb 1 10714 Nov 1117 Dec
10712 1077 •106 103 *106 103
8
108 108 *108 110
•108 109
3514
8
267 Aug
4
No par 25 July 2 333 Jan 23
300 Barker Brothers
*2812 30
28
,
4
4 303 3138 3012 30 2 2812 2812 28
4
303 303
8
917 Dec 10112 June
8July 2 97 Jan 28
100 853
170 Preferred
93
9315 9312 93
92
93
93
93
93
9312 93
*93
2312 Aug 5212 Feb
7 June 13 2914 Jan 15
par
Leather
*93 3 3
144
100 Barnett Leaer
*718 11
,
10 4 1014 374 1
4
*73 11
,
*7 4 11
*784 11
20 June 63 Nov
Feb 18 4918May 10
3818
44,900 Barnsdall Corp class A No
4
8
4 3912 4014 395 .4014 3938 4038 393 40
403
40
98 June 14012 Mar
4
0
pa
No 10r 87 June 1 1133 Jan 25
200,Ba3mk Cigars. Inc
*96 100
*97 100
96
96
*96 100
99
*97
*96 100
8
93l July 3 1063 Jan 29 10312 Dec 1103 Mar
4
50' First preferred
100 100
99 •99 100
90
*9812 100
100 100
*99 108
1214 Mar 2412 Dee
No par 20 Feb 7 327 July 17
8 3012 313
327
4 30
8
4 3012 32 106,200 Beacon 011
275 313
3
2712 273
8 2718 277
3
70 1 July 10114 Dee
73 May 28 101 Jan 12
500 Beech Nut Packing
82
82 .
82
80
84
*81
82
84
84
84
84
*82
Jan
12 Dec 22
4
11 July 8 173 Apr 18
4 1112 1112 1112 1112 1,000 Belding Hem'way Co No par
1112 1112 *1112 113
4
*1114 113
11
11
8
825 Sept 9212 Mt,
500 Belgian Nat Rys part pref____ 81 Jan 29 847/1 Jan 3
8
8212 8212 •8212 83
4
8212 8212 8212 8212 8212 823 *823 83
N par 78 May 31 9512July 19
9512 153,100 Bendlx Aviation
9
s 91
8
8
893 907
8 895 9215 8914 9178 9012 . 238 9012 917
Oot
1
53 4 Jan 102
3
No par 75 4 Mar 26 9412July 5
6.100 Best & Co
9212 93
931
91
8
4 8912 90
01
8912 9012 893 903
90
July 12
8
517 June 88te Dee
31
8
8
1145 1187 11512 1183* 1155 11814 z11712 11912 302,700 Bethlehem Steel Corp____I00 8218 Jan 31 120 Jan 11 116, June 125 Apr
8
8
4
8
1175 1103 11514 1187
8
123
8May
Beth Steel Corp of (7%)_100 1163
4
4
8
4
1103 1197 11912 11912 11818 11812 11834 1183 11812 1183 11812 11812 1,600
8
335 July 50 Sent
600 Bloomingdale Bros___ _No par 4214 Jan 21 6178 Apr 5
l_
*50
9
52
*46
50
49
49
50
*49
100 104 Juno 3 111 Jan 16 10912 Jan 111% July
I Preferred
*9912 110
9912 105
*
*9912 110
*9912 110
*9912 105
•99 104
87 June 122 Dec
_100 95 July 19 118 Jan 2
120 Blumenthal & Co pref ___
5
98
98
95
98 • 5
98
97
*95 100
*95 100
4May 4
9,300 Bohn Aluminum & Br_ _No par 11014May 28 1363
128 130
127 12912 12614 129
12918 130
127 133
12612 129
6514 Jan 851 2 Dee
pa,
N o par 7812 Mar 25 8912 Jan 12
500 Bon Am! class A
*8114 84
*8114 84
8112 83
*8114 84
8
4
843 847 *8114 84
1212 Nov
514 Jan
4
113 Jan 2
6 Mar 26
No
1,000 Booth Fisheries
8
7
s 67
67
4 7
8
67
714 714 *63
4 714
*63
,
4114 Mar 721 Nov
4
100 45 Apr 10 635 Jan 18
409 1st preferred
*48
52
*48
51
*48
7
5112
493'4 51 3
98
78
511 *43
,
50 2
*48
25 831811.1ay 28 10012July 10
4
9514 9612 28,900 Borden Co
8
9714 943 96
8 05
8
967 9818 967 973
9712 981
8May 1
10 107 June 11 1433
24,800 Borg-Warner Corn
11718 11812 11514 118
s
s
8 1203 122% 11814 1207 11758 119
119 1227
Jan
23
4
83 Ana
1512 Feb 11
812July 17
3
200 Botany Cons MUM CIEUla A.50
812 812 *812 93
8 *83
4
8 85
85
4 93
4 *812 9 4
10
*9
2118 Feb 6352 Oct
Jan
3412 26,100 Briggs Manufacturing_No par 30 May 31
3418 343
3412 34
4 3414 3512 34
8
3518 35313 343 36
914 May
118 Jan
'
3
68
31s JulyII 637 Jan 2
100
315
314
8 1,200 British Empire Steel
312 37
312 312
31
3
8 34
33
312 *3
*3
12 Feb
214 Jan
3
5 4 Jan 14 1312 Jan 28
100
400 2d preferred
*612 7
8 *612 7
612 612
•612 7
612 63
•513 7
Ws Nos
4512
8 7,100 Brockway Mot Tr____No par 42121May 28 7378 Jan 2 110 June 150 Nov
4678 47
4
453 467
8
/1 455 4914 4678 48
8
517 24712 507
51
June
100 106 Apr 30 145 Jan 2
100 Preferred 7%
*95 108
*95 108
•95 108
*95 110
106 106
*10514 106
4
No par 170 Apr 9 22612July 12 139 June 2033 Nov
4
8
4
2183 221
2153 21912 19,700 Bklyn Union Gas
22218 2253 210 225
21612 221
22014 224
44 Dec 5512 Apr
No par 3818 Apr 4 4814July 19
8 47
473
4718 4712 4814 3,000 Brown Shoe Inc
8 47
8
s 473 473
4
*118 11912 463 473
2712 Feb 623 Sept
4
8July 18 5514 Jan 18
Bruns-Balke-Collander_No par 353
4 355 3612 355 38 I 12,800
383
8
8
3914 3914 3918 3912 3312 3914 36
4534 May
2412 Feb
10 2518May 28 42114 Jan 5
*3112 3212 313 323
8
8 3138 32 1 3,000 Bucyrus-Erie Co
8
4 315 32
33,
333
33
4 32
5458 Ma,
3
33 8 Feb
8May 23 50 Feb 5
10 •383
4
4 4218 4314 423 435
8 4312 43781 3,8001 Preferred
4218 423
43 4318 4234 43
Apr
100 11112July 3 117 Apr 25 11014 Mar 117
70. Preferred (7)
1113 1123 1123 11234 *1123 114
4
4
4
4
4
4
8
8
1133 1133 *1123 114 *1123 114
8July 19
No par 46 June 3 543
8 52
8
527
5212 5212 527
8 527 5451% 14,900 Bullard Co
s 5214 5318 52
4
513 527
Oct
9312 Feb 127
1,000 Burns Bros new clAcomNo par 9614July 8 127 Jan 11
100 101, 103 10318 0101 110 *10218 110
8
8
•105 1165 105 105
8
157s Mar 433 June
,
200 New class B com_ _No par 22 8June 4 39 Jan 14
*2914 32
32
•2914 32
*2812 3212 32
*2812 32
29
29
4
973 Feb 110', June
100 9514June 27 10514 Jan 7
120 Preferred
97
97
9718 98
,
97 2 9712 98
9712 *97
*97
*97
9712
Jan 249 Dee
45iay 21 139
900 Burroughs Add Mach_No par 234 Jan 16 3293
317 317
31214 31214 *310 317 •312 317
8
3193 31934 318 318
50 June 88 Dec
No par 5434July 1 8918 Feb 2
591
59
8
573 59
1,500 Bush Terminal
5712 5812 59
4
593 *56
59
59
59
100 102I4June 29 11012 Mar 2 1047a Aug 115 May
310 Debenture
10418 105
8
4
8
4
4
1043 1043 1033 1043 1035 105
4
104 10412 10212 1043
100 110 Mar 22 11812 Feb 19 111 Aug 11915 June
80 Snob Term 13108 pref
4
4
11412 11412 11412 11412 11412 11412 1153 1153 11412 11412 *11412 115
4
163 May
4
80 Aug
8
614May 28 123 Jan 4
2,300 Butte & Superior MinIng__10
8
8
812 812
812 812
4
4
4 83
83
812 83
4 9
83
1214 Nov
418 Jan
912 Jan 3
412May 28
5
1,401 Butte Copper & Zinc
4
4 43
43
4 5
*43
4 5
4 *43
8 43
45
4 5
8 *43
4 47
43
3712 Dec 6712 Map
100 28 June 6 41 Jan 2
*3114 317
3178 31
31
8 2,500 Butteriek Co
31
31
*31
4 3112 3112 31
315
4
8
9012 Jan 2061 Des
----No Par 12234May 28 1927 Jan 2
4
4
13912 13912 1383 14314 1413 1413 139 14012 138 14012 3,6001Byers & Co (A M)
4
142 144
8
100 105 Apr 3 12114 Jan 8 1083 Apr 118 Dee
10' Preferred
8
8
11014 11014 •11014 1107 011014 110714.11014 1107
*112 113 *11012 112
65 Mar 122 Dee
4,300 By-Products Coke____No par 10414 Mar 26 14434 July 15
14 13912 1443 *135 135,
4
4
2
1353 138
8
6812 June 825 Sept
8July 16
8
4
8 80
8 7
817 -7 012 1;111- -787 801432,200 California Packing_ _ __No par 7218 Mar 26 827
8 7712 7914 7812 827
783
78
36 Sept
2514 Mar
25 25 June 17 30 Apr 3
280 California Petroleum
30
*27
30
27
30 '
*27
27
26
28
*27
29
*27
s
53 Apr
4
13 Mar
4 Jan 22
4July 12
18
10
4 3,000 Callahan Zinc-Lead
13
4
13
4
13
134
8
17
4
13
13
4
13
15
8
4
4
13
4
17
4
13
--July 16 135 May 6
8
4
127 12814 12512 1273 123 12514 125 1277 12612 12612 127 12812 7,700 Calumet es Arizona Mining_20 123 8May 28 617 Mar 1
2018 Jan "iiie KO;
8
25 363
8 405 413
8 4018 4114 22,200 Calumet & Hecla
8
8
3918 4059 403 415
41
8
397
411
41
2
4July 13
547 Jan 8612 Ma*
4
8
943 963 29,300 Canada Dry Ginger Ale No par 78 Jan 4 983
8 9418 95
s
8 943 953
9618 983
4 9312 9718 9418 957
43 Dec 50 Sept
No par 3514July 18 4812 Jan 3
1 400 Cannon Mills
s
353 36
3514 36
3512 3512 *3514 37
3
36
,
36 4 35 8 36
4,000 Case Thresh Machine ctIs100 308 June 20 38812July 17
375 38812 383 383 •375 380
365 373
370 373
370 371
100 120 July 3 121 July 1
800 Preferred etfs
120 120
120 120
120 120
120 120
120 1231 120 120
22 July 19 4218 Feb 28
500 Cavanagh-Dobbs Inc_ _No pa
22
22
23
23
*22
*22
23
23
2212 221
*2212 23
100 93 June 4 10512Mar 8
I Preferred
8
*9112 9478 •9Il2 947 *9112 947
8
8
*9012 947 *9012 941 *9112 947
52 May 29 7938 Feb 4
No pa
Corp
1,100 Celotex
4
5814 581
,
,
58 4 58 4 573 58
8
583 593 *5812 60
8
583 581
100 8514June 24 9312 Feb 7
300! Preferred
*8512 86
86
•8512 86
8512 8512 86
*8518 86
86
*85
39 2
,
111- Dec - 1- Dee
4
30 June 10 483 Jan 30
33
•3359 3414 1,100 Central Aguirre A880_ -No Pa
34
33
33
33
33
3218 33
*3218 34
8
2818 Mar 483 Dec
4012!Oar 26 5212 Feb 1
47
4712 483
48
8 4714 5014 55,400 Central Alloy Steel__ ....No pa
4778 4812 4712 4818 4712 48
Jan 111% Ma,
17 2212 J an 2
10
100 1053 Apr2 1102 .Ta n 28 107
Preferred
•10912 11012 •10912 1111 *10912 11112 '10912 11113
•10912 11012 *10912 11012
11 Aug 24 001
July
2,000 Century Ribbon Mills_No Pa
10
101
11
10'z
10
8 10
1112 1038 105
11
•1112 14
77 Aug 92 May
100 6914July 15 82 Jan 17
210 Preferred
*661z 70
•6612 70
*6612 70
6914 6914 *6914 70
70
70
5812 Jan 119 Nos
851ay 28 120 Mar 1
883
96
9412 9514 9412 951 12,900 Cerro de Pasco Copper_No pa
3
8 9518 05 4 95
,
9538 97 8 9512 953
8
234 Dec 643 Apr
8
1612 Apr 10 283 Jan 2
pa
8
2612 2614 27 8 27
,
,
27 8 267 2759 9,600 Certaln-Teed Produets_No
2612 26
2612 2612 26
75 Nov 100 May
100 4712 Apr 12 8112 Jan 11
300 7% preferred
70
70
70
70
74
70
*70
70 .69
*69
7014 70 4
,
4
49 June 24 623 Jan 30
No pa
9,900 City Ice & Fuel
8
5812 593
8 5714 60
5718 573
58
,
8
563 58 4 57
5312 57
99 June 26 10514 Jan 24
10
Corpcrred
100 100
101 102 •10112 102
100 100 *100 101
*100 102
83
4
563 Mar 28 9214 Jan 31 /61; Oct - -15 Dec
No pa
i re
901Certof
4
823 July 8118 Jan
7812Mar 26 112 July 2
No pa
9012 40,200 Chesapeake Corp
91
88
907
8 88
89
8 8712 907
86
8 8914 92
877
4
2814 Mar 26 393 July9 111 Aug 17312 Dee
8 5,000 Chicago Pneumat Tool No Pa
3818 37
38
s 3818 387
3
8 37
4
8
373 383
377 33 8 387e 387
par 4818 Mar 27 5614 Jan 11
4 3.500 Preferred
,
,
5314 5314 5212 53 4 5218 53 4 5314 5314 5314 5312 5312 533
Jae
8
297 Aug 43
No
No o
28's July 16 36 Jan 7
120 Chicago Yellow Cab
30
29
*29
30
3012 3012 *2912 3012 2818 2912 02614 29
45 Dec 5612 Oct
50 Jan 2
1
37 July 11
1,900 Chickasha Cotton 011
3712 37
37
37
3718 3712 37
37
37
3712 37
37
Apr 64 Dec
37
8J
8
447 Mar 26 747 u ne 29
pa
No
8
71
8
7112 703 7112 70
7318 7218 735 16,500 Childs Co
8
693 72
7014 71
8
3
373 Mar 747 Nov
574 100
251 7114 Jan 8 12712Mar 21
'Chile Copper
*7258 100
8
*723 74
•74 100
8
*7233 100
*725 100
4
543 Jan 14012 Oct
No par 66 Slay 31 135 Jan 2
8
4
8 6912 7138 7018 7212 70 4 7214 683 713 399,200 Chrysler Corp
3
7118 7218 6914 723
5114 Jan 5414 June
No par 48 July 8 52 Jan 2
•1818 45
•1818 493 *1818 4934 6,300,City Stores class A
4
4
*49 • 493 •18511 4814 *1818 45
1814July 8 27 Feb 4
4 6.3001 New_
1012, 20
1953 20
8
201
193 193
20
2018 2078 20'a 207
,
4
; 52 July 9 723 Jan 3 -13011 De; ioii, ApI
No pa
2,100 Cluett Peabody & Co N o pa
*5414 56
3
4
4 54321 55
1523 53
5418 55 4 5412 5512 5414 543
100 10312JulY 12 119 Jan 3 11112 Dec 12434 Mar
280! Preferred
105 106
10412 105
107 107
105 105
•____ 10412 104 104
8June 1 14812July 10
No par 1203
142 1433 14214 1463 146 1463
8 3,400 Coca Cola Co
4
14412 14612 14312 144
8
146 146
par 4612July 3 50 Feb 4
1,600, Class A
8 4634 47
4
4
*4612 47
4
4 463 463 *463 467
4
463 463
4
*463 47
Dec 1115, Jan
48 May 29 7214 Mar 14
Noo
N
4
5,500 Collins & Alkman
483 50
52
50
4 49
52
50
50 . 513
5012 511
52
Jan
90 Nov 109
9534 *93
*93
3
95
03
0338 93 93
9512
93
*93
2001 Preferred non-voting_100 93 Jan 3 10312 Feb 13
*93
5212 June 5413 Jan
May 27 7812 Mar 8
100 56
4 6112 64
62
6212 643
63
4
693 25,200 Colorado Fuel & Iron
65
66
65
63
64
4
79 June 1343 Dee
106 20212 19512 1981 195 19814 197 198
6,700 Columbian Carbon v t °No par 121 14 Mar 26 207 July 9
201 201 x19912 204
8
8912 Mar 1407 Dee
8 8712 90 4 8814 897
8 8733 897
8 8733 89 105,200 Colum Gaa & Eleo____No par 5312 Mar 26 915s July12
,
8912 9118 8718 897
,
8
100 1037 :Mar 21 109 July 18 108 June 1101 Jae
8
10712 109 5107 1071 11,200; Preferred
10612 10714 1073 107 2 10712 108
,
8
•11367 107
2
61 Dec 843 Nov
4
5514June 24 883 Jan 9
6712 653 68
4
6412 61353 6314 661.1 64
6614 6818 153.600 Columbia Grarthophone
,
1363 673
4
Feb
21
71 Nov
8
4912 4714 487
8 473 5014 52,000 Commercial Credit_ .No par 43 Mar 26 625 Jan 2
8 48
4
4
8 473 4918 4818 487
4712 487
27 Ma
23 Feb
25 24 May 27 2,38June 18
2512 *25
2614 *2514 2614 • 2518 2514 *2514 26
25
650, Preferred
25
25
28 Dee
23 Feb
2512 26
26
25 25 Jan 21 28 June 14
26
26
•2512 26
*2512 26
400, Preferred B
,
2514 25 4 26
85 June 107 Nov
4
08
*96
98
250' 1st preferred (634 %)__100 95 July 15 1053 Jan 24
*96
97
9614 97
97
90
4 05
983
*96
8
4
553 Mar 1407 Nov
165 174
168 17212 16612 175
166 170
162 166
49,500 Comm Invest Trust___Aro par 13112 Jan 2 195 Feb 4
165, 167'2
8
Jan 109 May
90
4
10! 7% preferred
4
4
4
100 10114 Mar 27 109 Feb 5
4
4
*1013 1043 *104 1043 104 104 *104 1043 •104 1043 *104 1043
8
923 June 9811 Aug
99 Jan 28
94
*92
I Preferred (634)--------100 92 MRS'31
04
*92
94
94
*92
8
943 *92
943 *92
•92
4
1
307 Dec
(Ps Aug
8
5512 58
3
56
*553 56
55
56
100 274 Jan 7 627 Feb 4
6,000 Warrants
8
533 5418 54
$
•513 54
8
470 483 479 492
10,400 Commercial Solvents_ _No par 22514 Feb 18 492 July 181 1377 June 25014 Nov
480 489
449 45712 458 471
154 457
6214 Jan 11015 Dec
225 22612 224 228
4 2.400 Commonwealth Power-No Par 10714 Jan 7 246 June 15
22614 2263
2
225 2267 22612 22612 225 225
Oct
Jan 84
8
8
1.400 Conde Nast Publics_ _No par 5911/June 3 93 Jan 19, 48
.
8
8 735 733
3 7359 7318 71714 723
6
73 8 735
4 713 717
s
•733 75
22 June 3112 Apr
4
8
1912May 28 353 Jan 281
,
231 2414 237 27
8
2512 273 170,900 Congoleum-Nairn Ine_No par
4
8
233 2414 2318 2418 223 23
67 Feb 8714 Dee
8
No par 67 June 17 923 Feb 6
70
70
71
711s 3,500 Congress Cigar
7312 7212 73
8
71
693 70
72
*7014
038
5
3 4 May
112 Feb 7
14 Jan
3
12June 27
Conley Tin Foil etiarl--No Par
8
7
8
*8
8
*3
*55
84
4
3
84
a
7
*59
8
*3
7912 Jan 100 Dec
3,800 Consolidated Cigar-No Par 75's July19 9614 Jan 2
7518 7212 737
8 7238 73
7018 72
7514 7512 74
76
76
4
8
943 Oct 1023 Am
230 Prior pref
100 84 June 5 96 Jan 7
85
87
8612 8612 85
8512 85 2 8518 8518 x87
,
87: 8712
2912 Sept
23 July
4
14 2512 25 4 2512 257g 2514 2512 2.700 Coneol Film Ind pref __No par 25 Mar 26 393 Apr 23
3
2512 25
26
26
2512 26
Aug 17014 May
s
14412 14714 1464 1487 437,300 Consolidated Gas(NY) No par 9518 Mar 26 150'.j July 16 574
8
141 1433 13812 14512 146 15014 14614 149
,
971 Aug MD Mar
8
6,500 Preferred
No par 9612June 28 1003 Mar 25
98
9814 98
08
98
98
08
9712 98
08
98
98
214 Aug
81r Dec
638 Jan 15
212Jime 3
234 27
8 4,500 Consolidated Textile No Dar
8
4 27
23
4 27
22
8
8
27
8 3
27
8
27
8
4 27
23
20 Nov
36
Apr
12 May 24 2312 Jan 9
1518 167 *1512 1612 *157 161 11
8
1512 1512 3,300 Container Corp A vot_ _No Par
8
4
143 15
8
8
143 145
4
93 Oct
1914 Apr
8 - Apr 20 1112 Jan 2
No par
734 7.500 Class B voting
65s
818
718
713 8
3
4 7
63
4 78
63
7
7
2612 Apr 53 2 Jan
,
8,000 Continental Baking el ANo par 4718 Jan 8 90 July 9
85
8 8412 86
847
84
8512 8318 8412 84
,
85 4 84
85
4
33 Apr
933 Dee
818 Jan 8 1514 July 9
No par
1358 14
4
1312 137
8 133 133
8
4 1311 133 29,2001 Class B
,
4
133 14 4
8
137 14
73 Apr 9filt Jan
100 8812 Jan 2 100 June 6
1.700 Preferred
97
96
9712 97
97
97
96
967s 96
9712 931,, 97
53 Dec 128% Sent
4July 13
Jan 19 823
4
4 7914 8012 79111 8033 78
813
80
4 783 82 107,300 Continental Can Ino__No Par 60 Mar 26 10013 July 16
793
4
823
81
75 Feb 9459 May
10 79
87,100 Continental Ins
8 9512 973
093
9712 9718 10018 97
8 98 100
,
00 2 91
90
10 Mar 2012 Nov
8
1312July 19 283 Jan 21
1412 143
8
8
145 147
8
4 1412 1454 1312 1412 35,000 Continental MotorsNo par
8
x145 147
8
147 15
1
z Et-dividend
• Bld and asked prices: no sales OD this day. g Es-d1v. and ex-rights.
444
New York Stock Record—continued—rage 4
Fos tales during the week of stocks not recorded here. see fourth page preceding.
II1011 AND LOW SALE PRICES—PER SHARE, NOT PER
CENT.
Saturday, . Monday, 1 Tuesday,
July 13. 1 July 15,
July 16.
Wednesday, 1 Thursday,
July 17.
July IS.
Friday,
Jab/ 19.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1.
On Oasts of 100-share IOU
PER SII IRS
Range Jo Precious
Year 1928
Lowest
Highest
Lowest
Highest
$ per share $ per share 1$ per share $ per share S per share 3 per share Shares Indus. & 5118col.
(Con.) Par I Per share $ per Share $ per share $ per Mars
104 10634 10514 107181 104 105; 103 10412
8
1027 1O37 10312 1047 49,600 Corn Products Refining___25 82 :Mar 26 10718July 15
8
*
64; Jab 94 Nov
139 1393 1393 1395 •1395 110
14
4
8
8
8
1395 1395 1395 139; 1395 1395
8
8
8
8
650 Preferred
8
100 13958July 6 14484 Jan 19 13812 Jan 1463 Apr
1 6312 643
4
8 6214 637
8 6218 6312 6112 623
4 60; 6112 6012 62
40,100 Coty Inc
No par 51 Mar 26 824 Jan 2*
*30
6254 Doc 8974 Nov
37
*30
35
•30
35
*30
35
35
354 35
35
700 Crex Carpet
100 225 Jan 10 574 Apr 17
8
1212 Sept 27 Nov
84
90
83
8514 8412 87; 8612 8812 8612 9014 863 89
22.000 Crosley Radio Corp_ _ __No par 83 July 15 125 Feb 25
4
57
58
59
60 4 627 643
3
8
4 63 4 6712 6734 7014 674 71
3
20,100 Crown Cork & Seal_ _ .No par 4214June 26 71 July 19
*943 957 *943 957 *943 97
4
8
4
8
4
*943 963 .95
4
4
964 *95
Crown Will Pup let pf_No par 943
963
8
4July 11 10114 Jan 18
961* Jan 105', Oct
20
*185 20
8
1 20
*19
20
•19
20
187 193 .19
8
200 Crown Zellerbach
4
194
No par
1812 July 9 253 Jan
234 Dec 26; Nov
4
10514 1053 2102 1023 102 1045 102 103
4
8
8
1025 1043 104 1044 10,100 Crucible Steel of America.100 85 Mar 26 10658 July 9
8
4
3
11214 11214 *112 113
6914 July 93 Feb
112 112 *11214 113 *11214 113
400 Preferred
11214 11214
100 109 Jan 8 1163 Fen 28 III Dec 121 May
4
17
17
17
17
17
17
1612 17
1618 1618 *16
800 Cuba Co
17
No par
1112May 31
3
2412 Jan 7
Oct
2874 May
20
34 3 4
4
3
4
3 4 33
3
4
34 4
3
4
4
1,400 Cuba Cane Sugar
33
4 33
4
No Par
17
8June 7
74 May
512 Jan 5
Pa July
113 1112 11
8
1112 11
1112 11
1112 117 117
1118 1178 6,200 Preferred
8
8
100
57 tine 11
8J
187 Jan 2
1384 Oct 328 Jan
8
147 147
8
8
8 14
145
8
1412 1412 1414 1414 14
14
14
14
1,600 Cuban-American Sugar_ .10 11 Apr 24
17 Jan 3
We Dec 244 May
6912 70
714 72
747 76
8
SO
SO
7712 79
1.100 Preferred
*7712 80
100 6018June 14 95 Jan 3
933 Dec 108 Feb
4
44 414
4
4 14
4
4
4
4
4
4
4
2,900 Cuban Dom'can Sug__No pzr
4
2 June 21
634 Jan 2
12
5 Nov
53
Jan
54
5114 5114 5112 5212 5312 543
8 54
5414 54
5412 6,200 Cudahy Packing
50 4918May 27 677
8
Jan
16178 16812 16212 16612 16312 1657 166 16712 164 16618 16414 166
7814 Aug
54
8
21,900 Curtiss Aer & Mot Co_No par 13518 Mar 26 17312 Jan 16
*119 120 *119 120
Feb 5
5312 Feb 192114 May
120 120
120 120 *120 123 *11912 123
300 Curtis Publishing Co.. No par 117 Mar 28 120 Mar 16
*11434 11512 *115 11512 11512 11512 *11514 11512 3 11514 11512'115
'
200 Preferred
11512
No par 11312 Mar 23 1213
41May 25
*265 279 .275 350 *278 345 *290 345 *300 325 *30014 325
Cushman's Sons
No par 20714 Apr 17 22514 Jan 15 141 4 Jan 230
•120 12412 *120 12412 .120 12412 120 120
3Oct
120 .. 12012 *12012 124
120 Preferred (7)
100 120 June 19 13,1 Mar 22 114
9012 95
Jan 141 Sept
9214 933
4 94
9612 97
4
993
s 9814 1003
4 973 10112, 15,000 Cutler-Hammer Mfg
10 5818 afar 26 10112July 19
52 June 654 Nov
95
95
9312 947 *9414 95
8
95
96
96
973
4 96
96
2,600 Cuyamel Fruit
No par 63 Jan 3 073 July 18
4
49 July 63
525 534 5214 533
Oct
8
4 52
545
8 544 557
8 5538 56; 54
5512 32,200 Davison Chemical
No par 427
8May 31 69, Jan 31
34; Feb 684 Nov
8
*3418 343
4 3414 34 8 *334 36
,
*34
353 *335 36 1 *335 36
4
8
200 Debenham SecurItlee
8
fw 3318July 9 464 Jan 24
119 120
Oct 4914 Apt
36
119 119 *117 120 *117 120 *11812 120
11812 120
220 Deere & Co Drat
100 116 Feb 26 128 Jan 4 11512 Feb 126; May
300 303
303 303 303 315
318 320
31612 31612 3201 1 32014 2.300 Detroit Edison
100 224 Jan 2 32014July 10 16612 Jan 22414 Dec
4714 4712 4712 4712 47
4712 474 4712 47
47
46; 49
2,200 Devoe & Raynolds A._No par 4312june 13 614
•115
Feb 6
__ *115
Apr
Jau 61
40
___ •115
•115 ____ 115 115 *115
___ ______ 1 let preferred
100 112 Jan 7 1154 Jan 15 108
136 13
-6
Jan 120 May
136 136 *135 136
135 136
135 135
150,131amond Match
133 134
100 130 Apr 2 16412 Jan II 134114 Jan 172 Nos
10
10
94 10
94 93
93
4 93
4
4
93
1,500 Dome Mines Ltd
4 97
8 *97 10
No par
8
83 Mar 20 103 Apr 26
4
4
*474 4714 4612 47
8 June
1312 Jan
45
463
4 46
46
*4514 4512 4518 454 3.000 Dominion Stores
No par 40 June 24 511 i July 1
111 11112 111 11212 111 1113 1 1012 1117 1091g 111 1 1083 1094
4
8
4
15,600 Drug Inc
NO par 105 May 27
*50
80 Mar 1204 Nov
521) 50
50
*50
52
50
50
50
1,300 Dunhill International_ _No par 4734July 8 126,8 Feb 4
50
50
50
92 Jan 2
*
9812 983
4 9812 9812 *9812 984 *9812 983
5512 Jan 99; Nov
4 9812 9812 *9812 983
600 Duquesne Light let pref___100 4912 Jan 24 1007 Mar 5
4
,93 (let 11612 Mat
2
8
*5
512
5
5
*5
51
5
5
•4
5 1
4
500 Durham Hosiery Mills B.. 50
4
4 July 19
1112Mar 4
3 /tug
201 2053 197 2013 19734 2004 19712 199
/418 May
4
8
196 19814 196 19812 9,200 Eastman Kodak Co
No par 168 May 27 2077 July 11 163 Feb 10414 July
02518 12512 12518 1254 12518 12518 12518 12518 *12514 127 •12514
8
2101 Preferred
127
100 12518July 15 128 Mar
6318 64
Apt
2623 63 8 62.8 6314 62
8
7
63; 62
6212 6112 62
6,600 Eaton Axle Al Spring___No par 56 May 31 764 Feb 9 1234 Aug 134
26
187 189 4 187 18812 18518 19012 18712 19412 191 1933 187 1913 35.100 El du Pont
1
Jan 6818 Nov
3
4
4
de,Nem
2 1553 Jan 22 202 July 5
4
11412 115 *11412 1154 115 11534 *11518 1153 11412 11412 11412 11412 1,1001
4
8% non-cot deb
100 11412.July 13 119 Apr 5 114 July 12118 May
1
*Me 29
2814 2814 2818 281, .2712 2812 *2712 28 1 275s 27;
500 EitIngon Schild
No par 2612N1ay 28 393 Jan 10
8
*91
3314 Aug 43 Nov
96
9414 9514 93
93
*91
93
9012 9012 *903 9312
4001 Preferred 655%
4
100 9012July 18 113 Jan 19 1013 Aug 12174 Nov
1687 1723 1683 172; 16714 169
8
8
4
4
16412 167
16412 167; 167 1685 39,800 Electric Autollte
8
No par 12634 Mar 26 174 July 12
•109 Ill *109 Ill •109 111 *109 III *109 111 1 109 109
60. Juno 13612 Dec
101 Preferred
100 108 July 3 115 Apr 2 10812 Sept 1124 Dec
124 13
115 1218
8
1218
12
1134 117
8 1114 114
1114 7.800 Electric Boat
11
No par 11 July 19
18; Mar 19
84 Aug
78; 80
171e June
7612 794 77
7912 7612 781s 755 7712 77
8
8012 71,900 Electric Pow & Lt
No par 4318 Jan 8 81 14June 28
10612 10612 10612 1065 106 106
4938 Dec
2814 !an
8
10614 10614 *1057 106 *105 106
8
1,000 Preferred
No par 103 June 25 10914 Feb 13 105 Dee 11018 Mar
*13714
__ •___ 13912 *____ 14014 *14012 .__ *13814 _ _ •13814
__ . _ __..1 Certificates 50% Paid
12'212 Jan 4 1404June 28 12014 Nov 1297 Apr
8712 - 88
8
871 883
;
8 8618 874 8512 - 8 87 877
87
8518 - ________ Elea Storage liattery___No par 77 Mar 26 92
8
6
78 Feb 4
*3
318 4; *34 45s *33
69 Feb 914 Dec
8 45
8 .3 8 45
3
8 *318 4; *318 4;
IElk Horn Coal Corp___No Par
Wahine 15
612 Jan 9
812 812 *814 83
one
Jan
9
814 84
4 *814 9
9
9
800 Emerson-Brant clam A _No Par
9 18 912
5 May 31 2212 Feb 7
70
165 Dec
514 Feb
70
8
6912 697
8 69
69
68 6812 68; 685
8 685 684 2,000 Endicott
8
-Johnson Corp---50 6612June 26 833 Jan 4
8
•1164 122 *110 122 •____ 100 •110 122 *110 120 *110 120
743 Dec /15
4
Apr
1 Preferred
100 121 Feb 7 12414 Feb 28 12114 Jan 1275
615
60
8 60
614 6012 625
8 Dee
8 614 6412 64
654 654 70* 122,700 Engineers Public Serv__No par 47 Mar 25
707 July 19
6
33 Feb
*98
9812 98
61 Noy
98
9814 98; 9918 102
10112 10212 10314 110
7.100 Preferred
No par 90 Jan 12 110 July 19
9(112 Dee 10211 Oct
30
39
39
39
39
39
39
3912 3918 3912 3918 39; 2,2001Equitable Office Bldg_No par 314 Jan 4
41 May 1
295 Oct
8
51
331 July
*50
51
53
4
5114 5218 *52
5212 *52
5212 252
5212
500 Eureka Vacuum Cle.an_No Par 444 Feb 1 54 Fen 28
43 Dec 79
60
60
59; 59 4 574 59
3
Jan
524 57
55
5712 5312 55
4,300 Evans Auto Loading
5 5278July 17 7334 Mar 15
263 27
4
*263 27
8
27
27
27
27 '26s 27 '26e 27
60 Exchange Buffet Corp__No par 2214 Jan 15 27 July 9
193 July
4
*43
114 Oct
4412 4114 43
4(12 4112 .42
43
415 41; .4212 4312
8
600 Fairbanks Morse
8afay 28 SIN Jan 21
No Par 403
3212 Jail 54
•107 108
Apr
107 107 *107 110 *107 110 *108 110 1 108 108
20 Preferred
100 1063
4May 10 1107 Jan 9 104
8
Jan 1141 May
4
*6512 65 4 65
3
8
6514 645 64; 6412 6412 6412 6412 6412 6412 1,100 Fashion Park Assoc----No
Par 644May 9 725 Mar 21
8
*9512 97
*9512 97
*9512 97
*9512 96; *9512 96; *9512 96;
1 Preferred
100 9612May 23 10118 Mar 21
*97 100
97
97
95
*94
96
99
*94
98
04
94
500I Federal Light & Trac
15 684 Jan 3 109 June 191 1 42 Jan 71 Dee
*9912 10014 9912 10014 9912 9912 *99 100 .99 100
•99 100110; Preferred
No par 9712June 11 104 Feb 6i 98
Jan 109 Apr
*240 260
245 260 *250 280
280 280 *250 300 *250 300
300 Federal Mining & Smelt'6.100 215 May 22 310 Feb 41 120 Apr 230 Dec
*100 10114 *99 10118 *9912 101
*9912 101 *100 101 *160 101
1 Preferred
100 9814 Mar 27 102 July 5
9114 Jan 1024 Sept
15
15
15; 154 1512 15; 15; 1512 154 1514
15
15
1,400 Federal Motor Truck_No Par 133
4June 20 223
1658 Aug 257 May
8
10438 1057 10058 1005,3 109 112
10,
1
6
9
4
10712 1107 10712 10914 109 1113 22.600 Fldel Phen Fire Ins N Y____10 9014 Mar 26 112 8 Feb 6
8
4
May 16
7514 June 10712 Dec
*___ 10
*____ 10
*5
10 *__ __ 10
50 Fifth Ave Bus
95
8June 19 1344 Mar 2
No Par
1114 Jan
1614 Ma7
*75
SO
*75
79
*72
79
72
72
72
75
75
7712 1,000 Filene's Sons
par
No 100 65 May 29 9812 Feb 25
*100 10212 10012 10212 100 100
102 102
100 1004 100 100
160 Preferred
8June 18 107 Jan 23
983
717 747
8 723 743* 72
8
4
733
4 724 734 73
744 7518 764 42.800 First National Store,. No par 62 Apr 18 761,July 19
Apr 76; Dee
18
4 94
83
812 9
812 84
84 84
8
8;
8
814 19,300 Fisk Rubber
758June 14 2018 Jan 23
No par
87 All¢
8
1: 4 Jan
4
904 915
8 903 0212 9114 97
4
9614 9818 9514 97
9614 9818 291.900 t lelschmann Co
No par 6518 Apr 30 9818July 17
65 June 893e Oct
1348
504 48
48
48
48
*48
50
*48
50
*48
50
200,Flonsheim Shoe el A..
.No par 46 June 28 54 Jan 8
4914 Nov 561 Nov
1398 10118 9912 9912 *9912 10118 •995 100
8
*98 101 18 *98 101 18
100 Preferred 6%
100 9714 Mar 18 10218 Jan 18
9818 Oct 100 Dee
7112 7112 71
7212 7112 727
8 71
7212 70
7114 6978 71
5.000 Follansbee Bros
No par 5714afay '28 75;July 10
553 553
8
564 Dec 894 Dee
8 54; 57
5614 5814 55
57; 54
554 5212 547 11,100 Foundation Co
8
No par 44 May 27 605 Ayr 30
8
924 93 4 92
3
363 Oct 574 Dec
2
9414 90'2 9312 87
928 8818 91
90
40.900 Fox Him class A
91
No par 803
4May 28 101 Jan 111
4512 46
72 June 1195 Sept
24412 46
4412 4514 4418 44; 4414
s
02
4514 44 14412 9.500 Freeport Texas Co
0
2
No par 373
4June I 541 Jan 211
102 102 *102 104 *10214 104 *102 104 *102
8
43
Oct 10014 Jan
104
1
200 Fuller Co prior pref
No par 99 Mar 26 10712May 7 102 Mar 1094 Apr
*234 26
24
24
2318 23; 23
2314 23
2318
1.9011 Gabriel Snubber A
No par 20 afar 25 337 Feb 5
135 135
8
8
8 1314 134 125 1312 134 15 8 1414 2314 23
15 Mar 2812 Jan
8
5
15
1312 145 10,300 Gardner Motor
8
5 1012 Mar 25 25 Jan 31
93
944 9312 947
714 June
173 Dee
4
8 9318 9518 9318 95
03
947
8 95
963 29.500 Gen Amer Tank Car---No Par 81 May 28 102 Jan 0
4
86
6014 Feb 101
8658 853 8712 88; 907
Dec
4
8 8814 904 8712 8912 8612 8914 58,100 General Asphalt
100 01 Mar 26 907
8July 16
68 June 944 Apr
12912 12912 13014 13014 13014 136 *130 140 •133
140
133 136
1,9001 Preferred
100 10412 Mar 26 136 July 16 1104 June 14112 Apr
614 6112 637
61
8 613 6514 603 623
4
4
4 61
GI
61 14 62
6,000 General Bronze
No par 5512May 23 693
4June 8
47; 47; 45 8 46
3
4414 45
44
443* 44
44
4412 4412 1.400 General Cable
No par 3712 Jan 9 61 Feb 28
21
Feb 114 Nov
95
95
95
96
*
9013 9412 *9018 95
943 947
4
8 94
1,1001 Class A
943
4
No par 81 Jar 8 12012 Feb 28
*10412 _ _•10412
56 Feb 883 Nov
4
_ *10412 ____ •10412
Preferred
104 API' 13 10712 Jan 21 102 OW 107
704 - -18 7018 -if z70
71
001
71
70
705 *6912 70
8
7014 7014 2.800 General Cigar Inc
No par 63 Jan 8 74 Feb 25
5918 Nov
701 Feb
3463 349
4
3404 34712 3404 3507 31512 3523 344 34818 343
8
8
No par 219 afar 26 360 July 5 124 Feb 22112 Dee
350; 86.700 General Electric
11
1118
11
1118 11
1118
11
11
11
11
11
11
8 9001 Special
10 11 Jan 3 113
11 Sept
*797 80
8
12 June
80
80
80 80
80 5 80; 797 8038 797 873 20,700 General Gas & Mee A_Na par 70 Jan 7 00 4 Feb 4
8
8
8
4
Apr 3
3514 Jan 74 Nov
*
9614 100
*9614 100
*9614 100
*9614 100
•9614 100
Class B
•9614 100
No par 76 Jan 3 112 Apr 25
11312 11312 113 11312 113 113
Jan 80 Nov
37
11214 113
11112 11112 112 112
360 Pref A (8)
No par 11112July 18 135 Feb 14 121
Oct
103 103
10214 103
AM
103 10414 *10412 105
10312 10512 103 103
310 Preferred A (7%)___ _No par 10214 July 15 11612 Jan 21 10812 Jan 144
11812 Dca
No par 99 June 20 115 Feb IS 105
Oct 1147 May
;iii2
8
718 74 8 743g 75
4
112 72
74
75
No par 675
•
8June 1 8918 Jan 18
*oolz 112 92 96 -7- 96 9512 -965- 94 94 95 05 10:556 General Mills
70 Dee 8414 Nov
95
2,500 Preferred
100 91 July 12 100 Jan 4
70; 7134 697 7112 7012 71; 7012
8
984 Dec 1004 Dec
713
4 694 71 285.600 General Motors Corp
4 707 713
8
10 683
8May 31 9154 Marl!
*1225 1227 1224 1227 1227 123
8
8
733 Dec 0014
4
8
8
1225 123
8
1224 12318 12314 12314 1,700 7% preferred
100 122125lay 28 12011 Jan 2 1234 Jan 12712 Nov
4412 4512 *45
463
Apr
4 4512 4.512 3
'4512 464 4618 4712 •4612 473
600 Gen Outdoor Adv A___No par 44 July 11
4
52 Jan 2
284 30
40 Aug 5872 Jan
2918 30
30
30
3034 323
324 32
4 32
334 12,900 Trust cart Ificates____No pat 2712July 12 41 Mar 12
118 119; 116 12012 120 1223 11712 1197
294 Aim 52; Jau
8
8 117; 118
1174 11912 48.900 Gen Ry Signal
par 9312 Mar 26 1213
No
4July 2
18212 84
82
8414 June 1235 J n
84
81; 824 8012 8231 8112 833
8
4 8118 824 26.600 General Refractories_ No par 68 Apr 10 8612
1143 11512 112 11414 11058 11312 111 1
4
4512 June 82
Jun
123 11112 11512 1153 1163 46,200 Gillette Safety Itatior_No par 101 June 11 1263 Feb 20
4
4
4
4 Jan 25
*36
37
35
9718 June 1233 Oct
35
*35
8
36
*34
37
•34
35
*3312 35
100 Gimbel Bros
No par 31 June 20 4818 Jan 28
3418 Mar 594 June
*82
84
*80
83
8134 81, *
4 80
85
*8112 824 82
82
300 Preferred
100 81 June 10 90 Jan 3
575 59
8
57
58
87 Mar 101 JULe
57
5778 573 5814 577 62
8
8
62 12 6418 33.600 Glidden Co
No par 364 Jan 2 61's July19
•10412 1053 105 105 •10412 105
4
20; Jan 37 Dee
1047 105 •104 105
8
1044 1044
70 Prior preferred
100 101 18June 7 10618 Apr 22
4514 40
45
46
Jac 105 Sept
95
4412 4512 4418 45
44
44; 43
445 10.300 Gabel (Adolf)
8
No par 43 July 19 66 Feb 5
6818 7018 6718 691 26814 693
69 8 71
3
4212 Doe 6212 Nov
.
4
704 6918 705 151,200 Gold Duet Corp v t 0___No par 5318May 27 82 Jan
8
7918 807
8 78; 8012 78; 7934 783 8012 69
19
Jan 14314 Dee
71
2
7812 7914 7618 784 19,500 Goodrich Co (B F)____No par 73 May 27 10544 Jan
11112 11112 *11112 113 •11112 113
2
6818 June 10914 Deg
11112 11112 *11112 113 •11112 113
40)) Preferred
100 Ill June 14 1154 Feb
8
12218 1233 11918 1213 11818 1223 12058 1235 12018 123
4
8
4
8
11914 122; 42,500 Goodyear T & Rub—__No par 112 Feb 21 15112 alar 25 1094 Feb 1153 May
*1014 102 *10112 101; 101 10112 10118 10118 10112
18
454110[1e 140 Dec
101 12 l01u 1017
let preferred_ _ _ _ __No par 101 May 28 1047 Feb 28
_
700
8
924 Mar 105 bee
8
*45
4612 45
46
1140
45 •
4158 45 .42
4412 •42
400 Gotham Silk Hos new __No Pro 407
4412
0011025 00 Apr 11
100 •____ 100 •____ 100 •____ 100 •____ 100' •____
70 Dec 93 A94
Preferred new
100
100 93 May 27 1014 Jan
96 *_ _ 96 •___ 96
__ 96
Preferred ex-warrants--.100 92 Juno 8 100 Jan 5 100 Dec 130 Apt
1112 40
12
*10
4
95 Dec 112 May
1112 103 1118 1014 10.;
94 10
10
Coupler A
10
1.400 Gould
No par
7 Feb 18 14 May
4 283 294 2812 29
117 Dec
2
4
1234 Fen
2914 293
273 29 4 28
4
3
293
8 273 29
31.000 Graham-PsIge Motore_No par 25 May 28 54 Jan 6
4
1634 Feb 61 14 Sept
*20
25
2
25
•.___ 25 •____ 25
Certificates
No par '20 June 3 41112 Jan 11
2613 June 56 Sept
4 763 • 7812 764 77
4
793
77
76
781:. 764 77
10.500 Granby Cons M Stu & Pr_100 6218a1ay 28 1024 Mar
79
77
39, Fob 93 Dec
20
*833 8412 84
,
4
84
8212 83
8412 85
85
855
8 8412 8412 1,700 Grand Stores
100 774 Jan 30 9612 afar 18
6514 June 944 Oct
27
26; 27; 26
2514 26
27
293
8 274 2914 2714 283 22,800 Grand Union Co
4
2018 Mar 2(1 327 Jan 2
8
203 July 414 Oct
48
4
461
473 4812 483 5014 48
: 45
4
*45
8
50
49
No par 41 Mar 26 543 Jan 4
493 10.400 Preferred
4
o
8
1613 Aug 623 Oct
54
5414 5512 5312 55
8
55
5312 5412 53
533
4 51
12,200 Granite City Steel
53
No par 43 42une 17 56 July 12
3
1
• Bid and asked prices; nu Bales on this day. z Ex dividend.
445
New York Stock Record-Continued --Page 5
For .ales during the week of stocks not recorded here, see fifth page preceding.
-PER SHARE, NOT PER CENT.
HIOH AND LOB' SALE PRICES
Saturday,
July 13.
Monday,
July IS.
Tuesday. 'Wednesday,
July 16.
July 17.
Thursday,
July 18.
Friday,
July 19.
STOCKS
NEW YORK STOCK
EXCHANGE
Sales
for
the
Week.
PER SH ARE
Range Sirsee Jan. 1.
-share tots
On Oasts of 100
Hioheat
Lowest
PER SHARE
Ratios for Presto's
Year 1928
Lowest
litybest
share $ per share $ per share $ per rear.
per share Shares Indus. & Miceli. (Con.) Par $ per Apr 12
per share $ per share 10 per share
i S per share $ per share
4
/
1441 Feb 6 15I5 Dec 12512 Sept
No par 11412
4.100 Grant (W TI
4!
4
/
8
4
130 1313 130 130, 128 1313 131 1321 129 12912 129 129
8
194 June 333 Oct
Ore Prop No par 2514Nlay 28 3914 Feb 1
25.203 Ot Nor Iron
8
1
/
3012 3112 3014 31
8
4 303 3041 303 31141 3012 31
3Os 303
Jan 3812 Dee
31
par 3254 Mar 26 44 Jan 25
8
8
8
3512 353 354 355 3612 353 3814 7,400 Great Western Sugar-No
3512 36 I 35
363
! 36
Jan
100 1124Ju11e IS 11912 Feb I 11212 Feb 120
160 Preferred
5
4
1143 11614 .11612 117
8
8
1167 1167 11612 11612.11412 11612
e
893 June 1774 Dec
8
5.400 Greene Cananea CopPer 100 13618 Niay 28 1975 Mar 20
4
170 172
4
16614 166k 1693 1723 168 169
170 17312 16912 170
1
/
94 Jan
484 Dee
212May 28
512 Jan 3
I *4
I
44 1,303 Guantanamo Sugar._ __No par
418
4
418
4
4
4
4
1 4
Jan
90 JUII 107
100 46 July 1 90 Jan 2
Preferred
*4612 52
*4612 52
*4612 52
*4612 52
1 .4612 52
*4612 52
1
/
734 Sept
Jan
51
100 5514June 12 79 Mar 5
8
643 64
4
1
/ 68
66
4
1
/ 6514 663
4 6818 7112 17,703 Gulf States Steel
8
663 673
4 6712 68
Arir
8
100 10112J une 3 109 Feb 14 1033 Not 110
201 Preferred.
14
*100 10412.10214 10412 10214 10214 •10214 10412.10214 10412 10214 102
Jar
311
Jan
23
25 25 Jan 7 29 Feb 28
203.11ackensack Water
2612
41
*2612 273
4
4 26
273 273 *2612 28
.2734 28
28
*26
Jan 30 Dee
23
25 27 Feb IS 31 Mar 8
130; Preferred
27
*2714 283
28341 27
4 2714 2714
27
27
4 27
*2714 283
2512 Jan 29 June
29 Jan 14
25 28 Jan 31
Preferred A
2001
*27
2834 *27
2712
27
27
2712 .27
27
27
27
27
4June 10 563 Jan 10
No par 333
8 363* 375
8 3512 3612 38.403,11abn Dept Stores
8 3618 367
4
8 353 367
8 354 377
8
373 385
100 9512May 31 115 Jan 31
8
8 974 974 9712 9 14 9734 973
9712 98'l 9834 983
/
4 9712 9712 1,200 Preferred
Apt
8
99 Aug 104
100 10012July 13 1055 Jan 8
150 Hamilton Watch prof
4
4
4
4
10012 1013 10118 10118 *1013 103 *1013 103 .1013 10212 .1013 102121
97 Noy
59 May
100 91 Jan 14 106 July 18
703 Hanna 1s1 pref class A
8
4 967 105
10312 105 i 105 105 I
9618 9618 9618 9618 *9614 963
4
/
54 Dec 571 Oct
Harblson-Walk Retrac..No par 54 Jan 3 61'2 July 19
4
61
6112 2.380
61
61
6012 6012 6012 6012 603 61
6012 603
•
4
1
/
184 Aug L373 Dee
8May 31 39.4 Jan 2
207
8
2212 234 2214 2318 3,803 Hartman Corp class B_NO Pa
1
/
8 2312 244 227 234 224 23
8
235 235
61 Dec 68 Nov
20 60 Feb 19 6612 Apr 16
100 Hawaiian Pineapple
70 1 *68
69 1
*68
6712 6614 6614 *6814 70
*65
67
*65
8May 17'
No pa
321s July 16 683
17.900 Hayes Body Corp
331 2 35,
8 3312 3412 3318 34
4 3712 39181 324 38
383* 393
2 100 May 28 11812 Jan 29 fur- -Dec 121 OCt
Reline(0 %V)
•10312 112 *10312 104 1.10312 110 *10312 110 •10312 112 ,•10312 112
4
64 Feb 16 10012July 16. 303 Jan 7212 Dec
13.800 Hershey Chocolate..--No Pa
97
95 10012 9714 9914 9812 9812 97
954
9412 9412 04
704 Feb 89 Noy
80 Feb 16 10238July 16
No pa
4 99 1011 10012 101
9912 99 1023
10014 10018 12,200 Preferred
4
/
9814 9912 99
Apr
1
/
100 104 Jan 4 10618 Apr 17 1004 Aug 105
Prior preferred
•106 10618 *106 10618 *106 10618 *106 10618 *106 10618 •106 10618
1514 Sept 304 Jan
15 June 4 3112July 11
No pa
2918 3014 29, 2 4 2814 2914 2012 2912 COM Hoe (RI & Co
8 93
4
8 293 31
297
*28
4
/
4
/
401 Dec 491 Oct
8May 23 51 Mar 9
par 347
No
4 4014 4212 4012 41
4012 4118 393 41 1 7.300 Holland Furnace
8
427 444 4212 443
4
18 Dec 3671 Apr
1312N1ay 27 22123111Y 19
No par
8
2212. 6,700 Hollander at Son (A)
2018 207g 205 2112 2112 2112 21
2112 22
20
20
Jan 80 Nov
87
100 72 July 113 76* May13
75
73
73 73
73
73
73 I 272
7212' 4.300 Hornestake Mining
73
.7212 75
4May 20
10 523
3712June
8
3
45 4 4712 447 4512 4412 46
45
44 1 8.500 Fiend:title-Hershey Cl 13 No par 62
43
4514 47
43
Oct
- 8 -Feb 84
6412
June 1 70, Jan 7
No par
6812 68
1.500 Househ Prod Inc
8 *68
8
8 687 687
687
66
66
*65
8
633 *6712 6814
API
79 Dee 167
4may 31 109 Apr 2
/
7a1
4 7612 7712 .7712 78 1 764 7814 2.703 Houston Oil of Tex tern ode 100
793
7812 77
8 77
795
78
1
/
404 Feb 7334 Nov
No par 564Niay 28 82,2 Mar 21
6612 67
6712 6912 67
4
4 643 66
673
67
684 7.800 Howe Sound
6812 68
8
997 Mar
Jan
NO Par 7518May 31 9312 Mar IS; 75
8
855 8614 863 88
87
8 86
8
8
8
863 873
4
863 873
4 8618 873 32.100 Hudson Motor Car
Jan 84 Nov
29
4
413 4214 4112 4212 4I3 4212 4118 4212 13.800 Hupp Motor Car Corp____10 3912May 31 82 Jan 281
43
4518 742
45
4
/
381 Noy
4
213 Feb
4May 7
/
14 3012 3414 3312 34 1 17,600 Independent 011 Az Gas_No par 30 Jan 31 391
3 347 z337 348
34
8
34
8
348 3312 34
Apr
Oct 70
No par 17345.tay 4 3212 Jan 2, 20
2012 1912 1912 1914 1912 1914 1912 1914 1911 1,200 Indian Motocvcie
8
207 *20
*20
4
/
9 Feb 391 July
1
/
10 29 Jan 8 524 Apr 10
4212 43
8
4118 433* 4018 423* 4058 4178 41 18 4178 4018 417 35.000 Indian Refining
4
:
81 Jan 3714 July
10 28 Jan 7 483 Apr 10
Certificates
8 4014 407
8 394 4034 38
8 4014 407
415
4
1
/ 404 14,6001
8
.415 4134 40
Oct
74 May 31 135 Jan 18' 118 I)ec 146
No pa
Industrial Rayon
88
*8512 89
*85
*9512 99 .85
90 1 .8712 89
09
*90
90 Feb 127 Noy
No par 120 Jan 3 157 July 17
153 156
156 157 *154 158
150 152
150 151
157 157 I 1,400 Ingersoll Rand
80 Dee
46 Ma
8
No par 784 Jan 2 967 Mar 20
9312 943* .93
9234 96
94
92
94
94 941
4
933 95,
8 7.100 Inland Steel
484 Nov
18 Fe
28 6612 Mar 11
7
8
8 4212 4312 43
447
415 4314 4112 43 8 43
4418 14.700 Inspiration Cons Copper.....20 384May
4218 44
818 July 2134 Jan
818May 31 1414 Jan 11
8
914 93
912 91_
8
912 97
*912 97
914 93
2.900 Intercont'l Rubber..---Na Par
4
,
914 9 4
2
13 Feb 207 May
8
177 Jan 28
818June 1
No par
9 14 10
9
83
1018 2,300 Internet Agrlcul
94 94
*918 913
4
93 1018 10
4
/
481 Mar 85 Dee
59 July 17 8812 Jan 26
59
200 Prior preferred
*50
59
60
59
*55
•6214 63
60
*55
6212 6212
Jan 16638 Nov
114
8
24612 2447 2453 240 24214 238 2384 5.800 Int Business Machines_No Par 1493 Jan 24 24612July 16
8
4
23514 2443 240
•235 240
4
8
Jan 947 Dec
56
4
4July 9 1023 Feb 4
80
80
1.800 International Cetnent No par 773
7912 801 .79
80
80
79
80
7978 7813 79
4514 Feb 80 Dec
8
8 647 6678 663 7014 87.7011 Inter Comb Eng Corp.-NO Par 5412May 311 1034 Feb 15 103 Mar 110 Sept
643 667
6518 671
6512 667
673
8
67
4
100 99 June 3, 121 Feb 16
4
105 105's 10514 10518 105 1053 105 10512 10514 1053 1057 1054 2.000 Preferred
8
:
80 Dec 977 Dee
11614 1193 11912 125 4 12314 12478 12018 1243 114.900 International Harvester No par 92 May 311 1251* July 17
8
8
11434 11512 114 118
,
100 139 July 10 145 Jan 18 13614 NI , 147 May
13914 13914 *139 140
600 Preferred
139 139 .139 140 •139 140
•139 140
8
85 Dee 1217 May
6514 Mar 26 10212 Jan 4
9314 8912 92
10.800 International Match pref__35
8912 9112 88's 91
9212 9314 90
8714 89
738 May
4
33 Mar
714 Feb 15
4 June 17
100
8 58
53
3
518 518
518 5
512 512
58
8 5.700 Int Mercantile Marine
512 55
,
5 2 512
8
4
/
341 June 443 Jan
4
/
100 3612 Feb l 511 Apr 23
3
48
49
4818 474 48
48
484 483
4 4812 4912 4812 494 13.900 Preferred
4
/
8
733 Feb 2691 Dec
1
/
724 Jan 23
8
8
8
493* 504 483 503g 4812 4912 483 5014 485 494 4814 494 84.100 Int Nickel of Canada_No Par 4012 Mar 26 83 Apr 9
Oct 8632 May
50
'International Paper__.No par 5712 Jan 11
70
75
*50
*60
•60
70
*50
75 •60
65
•60
65
Jan
89 Dec 108
100 8514May 22 9412 Jan 8
8812 8814 8814 8812 8812 .
8712 8814 *84
5001 Preferred (7%)
90
1385
90
86
22 Dec 3412 Nov
8
353 Mar 19
8 3118 323
3112 315
4 323 3318 3212 33
3114 32
4
8
315 3212 10.400 Inter Pap & Pow cl A__No par 25 May 20
8
147 Dee 19 Nov
1434May 22 2412 Mar 8
No par
1812 1912 1912 2014
19k
18
1912 203
8 1912 207
8
2 '
4
133 Dec
4
103 Nov
8
105 Jan 10 1714 Apr 4
No par
4
/
131 1434
13
1334 15
133 144
.
4
1
/ 141 1414 143
4 1412 1512 30.4001 Class C
4
/
88 Dec 91 Dec
100 80 Apr 15 93 Jan 23
8538 87
2.200. Preferred
8512 8512 86
4
843 8518 85 85
8612 86
87
4
473 Oct 60 Dec
4
1
/May 21 63 Jan 23
52
52
52
52
252
1,200 Int Printing Ink Corp__No par 43
54
53
52
4
1
/ 50k
5012 503
8 50
100 95 June 5 106 Mar 4 100 Dec 100 Dee
97
240 Preferred
*9512 9712 97 97
97
97
97
•9512 97
•9512 97
4
4912 Mar 683 Jan
4
100 5512 Jan 4 903 Feb 4
734 7312 72
320 International Salt
734 75 .7312 75
.
72
7314 .72
75 . .75
Jan
100 118 June 14 150 Mar 6 126 June 196
lInternatIonal Silver
•134 13712 *134 139 *134 1374 *134 138 •134 139 •I34 138
Jan
Dec 131
100 108 May 16 119 Jan 17, 11214
1001 Preferred
•10914 11014 10914 10914 11014 11014 •10914 11014 10914 10914 .10912 110
4July 13
/
100 78 May 27 1131
8
8
8
1103 1133 1095 1123 10812 11038 10812 1107 10858 110 4 10918 11112 300.600 Internal Telep & Teleg
3
8
6112 Nov 90 Dec
4
/
6412Ju1y 17 931 Jan 2
65
6412 6718 663 68781 663 6912 4.700 Interstate Dept Stores_Na par
6512 65
3
4
653 65 4 65
4
4
4
233 Sept 3812 Jan
8
No par 29 Jan 2 385 July 16
38
38
3818 38
37
38
8
367 37
3712 4.300 Intertype Corp
37 1 37
Oct 61 May
37
47
1 4911oNlay 16 69 Mar 5
51
5112 51
51
900 Island Creek Coal
52
5212 *5112 52
5112 5112 52
52
.
7734 Mar 179 Nov
No par 7712July 16 16214 Feb 5
7712 79
*78
80
80
*76
8014 81
7812 78121 7918 7912 1,600 Jewel Tea, Inc
9614 June 202 Dec
4
No par 15212May 31 2423 Feb 2
Nl
Johns-anville
8
18912 195 4 19412
18614 1903 18614 190
4
0
21
8
18912 191
1967 2003 100,800
3
Apr
100 119 Jan 21 123 May 15 11812 Oct 122
130 Preferred
120 120
4
/
120 120 •120 1201 120 120
21°2(0311; *12012 121
4
/
1241 May
480Jones & Laugh Steel pref100 117 June 14 12214 Mar 11 119 Dec
11912 11912 120 120 *120 12012 119 1204 *12012 121
120 121
4
/
191 Oct
818 Aug
6 Mar 26 1812 Jan 2
No par
Motor Car
3,200 Jordan
712 77
7 12
8
7
77
74 718
8 8
8 7
77
4
1
/
8 8
Apr
4
4
260 Kan City P&L 1s1 pf B_No Par 106 Feb 16 1123 Jan 22 108 Aug 114
10612 10612 .10612 1083 *10612 1083 •10612 10914 108 108
10712 108
4
2912 Dec 34 000
es
1,200 Kaufmann Dept Stor_$12.50 2434Nlay 22 3718 Feb 6
2612 2612 2612 27
8
8
263 263 .263* 2612 .26
2812 2812 29
4
1
/ Jan 92 Nov
62
par 5214 July18 5812July 2
.No
4
523 53
54
4
1
/ 523
52
,
5214 5314 5312 5312 1,900 Kayser (J) Co v to...
54 2 5412 753
1512 May 5112 Nov
1Kelth-A lbee-Orpheum _No par 25 Apr II 46 Jan 4
.3614 41) .3614 40
*3614 40
*3614 40
*3612 40 .3613 40
7511 May 160 No•
4
/
100 941 Apr 11 138 Jan 5
s11714 121
7001 Preferred 7%
8
11618 1173 11712 118 *11718 12018 11718 1174.11612 117
1914 Dec 2512 No•
1
/
11 Mar 26 234 Jan 2
1418 143
17,600,Kelly-Springfield TIre__No par
15
15
14
1514
4
14
1458 134 141 1312 14
1
/
4
/
8
5514 Feb 95 No,
100 ()0'2 July18 947 Jan 9
201 8% preferred
4
693 *51
4
*50
693 •62
4
693 *50
4 6912 6912 .6912 70
693
newNo par 4014May 27 5934May 13
9514 46
4
443 455
8
8 445 4512 45
4 7.2001Kelsey Ilayeetneel
8 45
463
4514 453 '
46
4
73 July 2278 Apr
12 Mar 26 1914 Feb 8
No par
16.400 KelvInator Corp
8
155 1614
1618
15
1512 16
3
15 4 1612
15k 16
1538 16
No par 8912 Apr 20 96 Feb 15
160 Kendall Co prof
91
91
91
91
91
91
91
91
92
•91
92
.91
No par 775bMay 27 104; Mar 18'
84514 87
3
83 4 8514 8312 847
8 8418 863
8 843 854 8518 8714 153,200 Kennecott Cooper
4
No par 4514May 2' 5212July 15
51
8 4.300 Klmberley-Clark
503
5212 5012 51
5012 51
8
497 51
5012 5012 49
No par 2712May 20 4418July 17.
41
4312 8.100,Kinney Co
4
/
8 42
411 4218 4112 42
417
8 43
4418 43 435
4
100 9312 Jan 2 1093 Mar 61 8718 Mar 100 Apt
2201 Preferred
100 100
4
100 100
•9912 100
9912 0912 100 101
10212 1023
5114 Aug 9572 N,,•
8
21.200,Kolster Radio Corp____No par 2518May 27 785 Jan 3
36
3
35 4 36
344 36
343 3534 35
4
34, 373
4
363
4 35
32 Dec 42 Nov
4
No par 323 Mar 26 5278July 18
8
4978 50
49
4912 50
4912 49 4 523
3
4 5112 5278 5114 523 18.800 Kraft Cheese
9914 Dec 10114 Dec
100 95 Apr 20 9934 Jan 2
6001 Preferred
4
1
/ 96
96
96
*95
95
.95
95
96
*95
95
96
96
4
/
911 Nov
065 Feb
10 4418May 28 5712 Mar
5.8001Kresse (148) Co
50
8 50
507
8 493 5 4 49
507
4 0,
4 4918 4912 4838 49
493
Apr
100 109 Jan 5 116 June 7 1104 June 118
101 Preferred
8
*112 11414 *112 11414 11414 11414 •I125 11414 •1125 11414 •1125 11414
4
1
/
4
1
/
8
8
1312 Jan 274 Feb
4May 29 23 Jan 2
123
2,400 Kresge Dept Stores____No par
1412 16
4
16
•153 16
1612 1518 163
8 153 153
4
1618
16
75 Aug
4
511 Feb
100 6812July 2 7312 Ain'28
90; Preferred
*73
4 7218 7218 *7218 7438 *724 743 •724 743
743
4
4 7218 7214
4
87 Feb 1243 Nov
No par 00 July 15 114 Jan 5
400 Kress Co
06
0012 *90
*91
90
90
00
95
90 •
00 .87
87
4
:Mar 6
32511 Dec 403 Oct
3312Nlay 27 403
4 3812 4012 383 394 3814 393
393
38
8
8
8 3814 3914 375 3812 198.600 Kreuger & Toll
734 Mar 13214 Nov
12212 Jan 3
88
8 8718 887
897
8 873 8914 8818 89
8818 913
8 9012 9414 41,100 Kroger Grocery & 13kg_No par 7512May 27 383 une 17
8
273 Feb 3918 Apr
8J
5.800 Lago 011 & Tranaport__No par 26 May 31
35
35
8 35
3414 3414 3318 34
353
35
3512 35
3514
1
/
7918 Jan 1364 Nov
No par 12718 Jan 22 1571451u 19
4
/
15118 1511 149 153
36.500 Lambert Co
149 15012 1494 15118 1485 15138 14812 150
8
1714 Jan 2614 Oct
10 May 28 25 Jan 14
1
/
144 15
14
1414 1412 14
NO Par
14 .14
4
1
/ 2.200 Lee Rubber & Tire_
8
133 14
1
/
134 13
4
1
/
42 June 5812 Nov
*4912 5014 50
50
4
1
/ 50
49
4912 41) 8 495 50
7
1,400 Lehigh Portland Cement__ 50 4912JulY 17 65 Feb 6
8
8
495 495
8
1
/
4May 9 10614 Dee 1104 May
100 106% Jan 3 1103
8
*10712 100
109 1097 10912 10012 •I08 110
50! Preferred 7%
110 110 •110 111
1
/
19 Feb 19 284 Apr 9
21
21
204 23
234 2612 2614 284 2434 26
2418 2512 35,500 Lehigh Valley Coal____No par
4
3412 Mar 27 443 July .17
4 4018 41
50
4 393
393
*38
4218 43
4434 *41
2.000 Pr .ferred
44 .40
43
Jan 64
4
1
/ Got
88
8 5012 503
517
4 50
51
No par 50 July 6 6812 Feb 4
*5114 52
5012 50
8 5018 01
12.300 Lebo ir Fink
507
8318 June 12212 Jan
90
9012 9012 914 9114 8912 8912 *89
89
88
1.000 Liggett & Myers Tobacco.....25 8112 Mar 26 10512 Jan 28
89
89
8014 June 1231: Jan
90
8912 89
894 9012 89
9012 9012 90
25 814 Mar 26 10312 Jan 29
2,700 cert.. B
SO
,
87 2 89
Apr
.
1371 Mar I 134 Aug 147
4
128 128 .127 1303 •125 12712 •128 131 .128 131 *128 131
100 128 July 1
200 Preferred
4
38 July 657 May
42uly 18
4
533 55
4May 28 573
4
1
/ 544 547
s 5512 1.734 5612 574 11,000 Lima Locora Worko___No par 423
5412 5412 553
1
/
53
4
/
Feb 14
511 515 527
8June 11
8 5214 5214 •52
497
4
/
61
8
1.000 Link Belt Co
No par
53
8
517 5218
4
1
/ 511
4
1
/ 52
52
-- 2
1
/
994 977 987
8 9712 9878 0712 983 z96
711 Mar 26 1134 Jan 3 - 2 -Feb 1241- Nov
94
8
4
/
1
/
8:318
9818 12.703 Liquid Carbonic
983 100
4
No Par
4
1
/ 59
8 57
4
1
/ 5812 57
597
4918 June 77 May
8 5718 574 13.900 Loew's Incorporated
Na par 4812May 2
574 585
8412 Feb 27
1
/
5812 594 57
1938 Aug
8
97
1112 Apr 1
9
8$4 912
4
1
/
812 918 236,600 Loft Incorporated
5 Feb
912 1012
4
/
812 9
71 Jan 1
No Par
3
9 8 10
Jan 3534 Feb
8
•2412 25
245 245
26
8
2412.1nly 1
$212 Jan 5
400 Long Bell Lumber A
2412 241 2 2412 2412 *2412 25
No Dar
02412 25
8 684 6912 68
8
693 :6718 691 683 69
4
/
8
4
444 June 883 Sent
8
743 Jan 5
25 56 May 2
14.600,Loose-WIles Biscuit
7014 6814 697
69
11612 11612
11612 11612 *11612 118
501 let preferred
4J
100 1153 une 20 12112 Apr 2 11712 Aug 125 May
•116 11612 *116 11612 116 116
234 24
23I235 18.000 Lorillard
s
2334 June 467 Apr
8
25 20 Mar 25 3112May 17
243 2434 2414 2438 2318 24
25
b 243*
91
91
*90
91
*90
•90
91
2001 Preferred
100 8412May
91
91
8612 Dec 114 Mar
97121)fay 17
*90
91
4.90
111 12
4
/
12
4
193 Apr
12
1134 12
14,800 Louisiana 011
1134 July 16
Ilk 12
No par
1218
2
93 Feb
18 Jan 9
12
a 1214 1214
92
92
94
02
92
2701 Preferred
100 81! Feb 8 10014 Feb 21
0212 *92
78 July 9t) Apr
*92
02
02
092 , 93
8
5112 54
8
513 5318 513 5318 138.100 Loulaville0 &El A____No par 357
4512 52
28 Feb 41 May
8May 3
48
54 July 17
47
8
473 48
8
8
101 1027 10012 10138 1005 10278 24,400:Ludlum Steel
No par 6612 Mar 26 1087
100 105
8July 8
0912 104
8
10312 1047
2001 Preferred
_
No par 983 Mar 2 118 June 1
8
114 114 •110 118 •111 119
113 113
•113 117
2,500,MaeAndrews & Forbee_No par 37 Apr 2
44 Aug 5724 Apr
3914 40
.393* 40 .3918 40
48 Jan 4
8 3912 40
•394 395
*3918 41
•10714 ____ - __ - 1 Preferred
Oct 110 Nov
•10714 _
100 104 Jan 8 1073 Apr 19 106
4
•10714
- •I0714
*1074 ---8.900 Mack Trucks,Inc
8 _997
9712 97
83 Apr 110 Nov
9734 97
No par 91 Mar 26 1143 Feb 5
4 97
4
8 97 973
083
4 97
983
98
47.000 Macy Co
Vo par 148 Mar 26 217 June 29 9134 Aug 382 Aug
4
3
,
20012 20414 203 205 8 2033 210 4 210 216
20214 203k *199 201
1712 1712 1.80()Madison Sq Garden__ _No par
1814 Dec 34 May
1714June 1
18
17% 173 •1712 18
18
24 Feb 28
4
13
18
18, 1814
8 3,300 Magma Copper
873
3
43 4 Feb 75 Nov
No par 80 May 28 821
6512 6612 67
:Mar 21
6412 66
65
66
4
1
/ 6612 63
6712 64
I$
I
stock. I Ex-dlvidend. S ShIllings.
•1310 and asked prices, no sales on this day. 0 Ex-dly. 75% 111
y Ex-rights:
446
New York Stock Record-Continued-Page 6
Foe sales during the week of stocks not recorded here. see sixth page preceding.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
July 13.
Monday,
July 15.
Tuesday,
July 16.
Wednesday,
July 17,
Thursday,
July 18.
Friday,
July 19.
I
Sales
for I
the I
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1.
On Oasis of 100 share lots
PER SHARE
Range for Previous
Year 1028
Lowest
Highest
Lowest
Highest
$ per share Shares Indus. & 611scel. (Con.) Par II per share $ per share $
per share $ per Stan
20
2312 6,900 MaIllson (II R) & Co__No par 20 July 19 393 Jan 15
16
Jan 3812 Nov
965 963
50 Preferred
8
100 95 July 18 1)513 Jan 18
8718 Jan 110
Oct
22
23
280 Manati Sugar
_100 1212June 22 26 Jan 14
21 Nov
41
Jan
.41
500 Preferred
43
100 31 June 24 5012 Jan 10
40 Nov 88
Jan
*24
2412
700 Mandel 13208
No par 24 Juno 29 383 Mar 9
8
32 June 404 Jan
*25
2512 1.200 Manh Elec Supply - - - -NO par 247
8July 2 373 Jan 14
4
2812 Sept 663 June
8
29
30
1,000 Manhattan Shirt
25 255
8May 29 355 Jan 4
8
313 Feb 43 May
4
1518 1514 3,700 Maracaibo 011 Expl____No par
12 Feb IS 1812 Apr 18
1212 Feb 2513 Apr
Marland 011
No par 3318May 31 4718 Jan 3
iii- 16- -i&i if - iWy if- 33 Feb
s 4934 Nov
--- - -7504 fifty 1,300 Marlin-Rockwell
No par 6918 Mar 26 897
8May 20
4514 Mar 83 Nov
80
8114 775 79 4 77
8
3
7912 775 7912 77
8
78
7612 773
8 7,600 Marmon Motor Car_ _No par 684 Feb 18 104 May 10
77
Dee 86 Dee
*93 12
'9's 12
8
*914 912 *10
12
*11
12
11
11
100 Martin-Parry Corp__ _ _No par
73.fline 10
18 Jan 2
1218 Mar
265 June
8
6214 645
8 647 684 643 6712 6214 65
4
43,100 kfathieson Alkall WorksNo par 4214May 28 218 Feb 27
6418 665* 6412 66
1173 June 100 Dec
4
*122 12512 *122 12512 *122 123 • *12214 123 *12214 123 *12214 123
Preferred
100 120 Jan 28 125 Jan 2 115
Jan 130
Apr
85
8812 845* 88% 85
8912 8614 89
933 93,100 May Dept Stores
8
875* 89% 89
25 7312Ntay 31 10812 Jan 10
75 July 11313 Nov
2312 237
8 2318 23
7
2314 235* 23
235* 2318 2312 2318 233
4 7,500 Maytag Co
No par
19 May 31 25 Apr 4
1712 Aug
3012 Nov
397 397 z397 397
8
40
40
40
40
40 40
4012 4012 1,300 Preferred
No par 343
4June 27 4518 Jan 3
4018 Aug 62 May
*85
86
z85
85
84
843 *84
4
8412 *84
8412 *84
8412,
400 Prior preferred
No par 80 Apr 26, 9018 Jan 10
8912 Dec 101 May
99 z983 963 * , 97
99
8
8 96 2
9612 96 2 9613 96 2 954 9541
,
500 McCall Corp
,
No par 7114 Feb 161 1013
56
4June 7
Feb 80 Dee
10112 10112 101 101 *101 10112 101 101 1+1(11) 10112 *100 10112I
120 McCrory Stores class A No par 9712June 11 1133 Feb
4
77 Feb 1097 NOT
5
8
*98 100
*98
993
4 98
98
*98
99 4 *98
3
993 *98
4
993
100 ChM B
4
No par 9718June 18 11513 Feb 6
8013 Mar 1193 Nov
4
•107 112 *10614 112 +10613 112 *10714 112 1 10714 10714 *105 11012
200 Preferred
100 107 June 11 120 Feb 7 109 Feb 11812 Nov
443 443
4
4 44
*43
44
4312 *43
44
4312
4312 43
400 McGraw-hill Publlca's No par 403
43
4July 1
48 Feb 14
*1514 1512 *154 153
4 1514 1514 *15
1513 15
15
1,600 McIntyre Porcupine MInee...6 15 July 18 2313 Jan 5
15
1514
- 14 Sept - - - Mar
19
284
72
728 705* 713
4 7012 7112 71
723
4 7214 727
8 7118 717
8 6,400 McKeesport Tin Plate_No par 621351ar 26 82 Jan
6212 June 783 Nov
8
52
5212 5112 5212 52
5312 5214 5312 533 54
8
523 533 15,200 McKesson & Robbins_No par 49 Jan 7 59 Mar 31
8
4
4
5034 Doe
4518 Nov
60 60
60 60
597 60
8
593 60
8
60
62
11,200 Preferred
63
61
50 55 Mar 28 63 July 19
54 Nov 6338 Nov
67 67
67
68
67 67
.6212 66
*605 68
8
66
700 Melville Shoe
66
No par 5613 Mar 26 72 Jan 3
8
607 Nov
70 Sort
2718 2712 27% 2812 273 294 2818 29
8
29
2912 2978 19,000 Mengel Co (The)
297
No par 20 Mar 26 347 Jan 4
k
2514 July
41 8eD1
*2412 2512 *2412 25,
4 247 247 *244 2518 *2412 2514 *2412 2514
8
100 Metro-Goldwyn Pictures p1_27 24 Jan 10 27 Feb 25
2412 Dec 2718 May
45
4612 44 4 458 4312 457
3
8 44
45
49,300 Mexican Seaboard 011 No par 3614May 31 69% Jan 3
4112 443
s 39
41
45 Jan
4114 43
73 Dee
40
4118 4018 41
41
4212 42
423
8 4214 43
17,900 Miami Copper
5 3018 Jan 8 5412 Mar 20
173 Jan
4
120 121
33 Dee
11814 120 4 11913 1213 119 11912 11712 119
3
4
18,400 Michigan Steel
118 121
No par 85 June 3 122 July 12
__ ---335* 3312 2323 33
- -8
323 33
4
3212 324 3212 327
4 9,500 Mlii-Cont Petrol
8 3212 323
No par 3012 Feb 16 397 Jan 3 - 312 322
8
312 312
2518 Feb - 444 Noy
312 35
8
312 3 2
,
312 3 8
3 2 34 6.800 Middle States 011 Corp
,
5
10
312June 20
518 Jan 3
23 Jan
8
73 May
2
212 212
8
238 212
25* 27
214 23
214
8
23
23
8 2.3 . Certificates
214
8
10
214June 4
312 Jan 3
1/2 Jan
285 285
57 May
8
280 289
285 4 3033 300 3024 295 29714 288 296
3
4
6,800 Midland Steel Prod m81_100 225 Feb 15 3033
4July 16 193 June 295 Noy
*17
177
1712 1712 *173 18
4
173 173 *173 18
4
4
200 Miller Rubber _ _ __
4
.
*174 18
_No par
1712July 10 284 Mar 20
1813 Aug
27
6914 70
Jan
683 69 4 6812 70
4
3
70
72
71
7218 7114 723 17.600 Mohawk Carpet 51111s_No par 6012May 27 8014 Mar
8
3918 Aug
1
12334 1257 1214 12513 122 12614 124 129
757 Dec
8
8
12614 12914 283,100 Mont Ward&C0111CorpNo par 99 May 31 1564
12712 130
Jan 2 11514 Dec 1564 Dee
*4
44
4
414
4
4
4
4
4
4
4
3.000 Moon Motors
4
No par
4 May 29
51 Feb
8 Jan 8
1112 May
*763 7812 77
4
7612 78
77
7612 77
76
77
764 767
8 2,700 Morrell (J) & Co
No par 7218June 22 803
4July 9
3
318
3
3
3
3
3
3
3
3 18
3
8,000'Mother Lode Coalitton_No par
3
3 Feb 8
612 Mar 4
23 Aug
44 May
5712 59
55
5612 5418 554 54
563i 531g 54
9,6001Motion Picture
5218 55
No par
1213 Jan 8 6038.1une 21
5 Mar
147 Dee
8
*20
203
4 20
20
*17
+17
20
20
*17
20
100'Moto Meter A
.17
20
No pa?
143
4May 31 253
13 Mar
243 Sept
13213 134
4
13014 1323 128 13134 129 130
4
130 132 *128 130
2.700 Motor Products Corla_No par 9012June 4 236 4 Jan 3
Mar 1
04 July 21814 Oct
4412 448 4418 444 4412 4412 4418 447
8 4418 4418 445 478 14,800Motor Wheel
8
No par 39 Mar 28 483
3May 18
2513 Jan
48
5114 Oct
4814 45
47
*46
467 *45
46
*4312 46
1,2001Mullins Mfg Co
.4214 47
No par 424Jime 14 817 Jan 4
8
6914 June 9514 Oct
1388
89
*8614 89
88
*8614 90
88
.864 88
8614 8614
50, Preferred
No par 86 Juno 12 10214 Jan 11
98
Mee 1047 Nov
*58
8
5812 57
5712 57
57
57
5712 5818 597
5914 5978 2,600 MunsIngwear Inc
No pa? 5018 Apr 6 613
4May 4
464 Mar 6212 May
91
917
9012 9112 9018 9118 00
9134 90
9078 29,700 Murray Body
90
91
No par 82 Mar 26 1007
8June 17
2112 Fell 11414 Oct
86 8612 86
8714 86 867
2 864 88
863 873 28412 8518 24,300 Nash MotorsCo
4
No par 8118June 11 118% Jan 25
8014 Feb 11k Nc•
3612 367 2365 3714 3614 363
8
8
4 3614 387
8 39
417
393 407 138,0001National Aetna ,tamped___ 10 2818 Jan 7 4178July
4
8
18
714 Jan
3912 397
8 38
3213 Dee
393
4 385* 3914 384 393
405
39
40
42
41,200 Nat Air Transport
No par 35 July 2 4814May 24
4212 4312 4218 43
473 49
427 47
8
454 4812 47
48
24,000 Nat Bellas Hess
No par 42 s July 15 • 71 Mar 1
•109 110 *109 110 *109 110
109 109 *103 110 *103 110
100; Preferred
100 1023
4Juno 15 118 Jan 3
9014 Jan 11813 Dee
211 213
208 2113 208 211
4
209 21212 203 209
207 21112 21,000 National Biscuit
35 16612May 28 2163
4July 11 15912 July 19514 Now
*14112 1413 *14112 1413 14112 14112 *14112 142 *14112 142
4
4
14112 14112
200 Preferred
100 14112May 17 144 Jan 26
12614 1277 1245, 1275, 1255* 1273 12514 131
8
Apr
4
12612 129
12612 12912 50,200, Nat Cash Register Awl No par 96 Jan 8 14834 Mar 20 13713 Feb 160
4714 Jan 1045* Dee
83 8 843
7
4 8118 8414 813 825* 8114 835* 8112 825* 814 824 98,300 Nat Dairy Prod
8
,
No par 6218May 22 85 July 11
2912 2912 •2913 30
2912 2912 *283 2913 *283 30
4
4
*283 2912
4
2001Nat Department Stores No par 2818 Jan 4 373 Mar 6
4
217 Jan
2
3214 0ot
96
96
*9314 9512 9314 9314 9314 9314 *934 96
*944 96
110' lst preferred
100 9214 Feb 4 96
91
Jan 102 May
4812 481, 49
4912 475* 493
8 4913 524 4934 525* 50
517 12,400 Nat Distill Prod ctfs___No par 33 Mar 26 58 June 8
June 17
2914.111110 5813 Jan
*108 1083 *10614 108
4
107 1073 10712 108 *10612 107
4
10612 107
3,000 Preferred temp ctfs_No par 6712 Feb 7 10812July 12
514 June 714 Jan
523 533
4
8
4 527 528 5212 537
514 517 .5113 513 *513 52
4
2,700 Nat Enam & Stamping-100 43 May 29 6214 Jan 9
4
234 Mar 575* Nov
152 15312 153 154 +152 154
152 152
152 152 *151 152
2,600 National Lead
100 132 Jan 2 173 Mar 201 116 July 136
Jan
*13814 139
13814 13814 13814 13914 13814 13814 *13814 139
1384 13814
160 Preferred A
100 13814June 12 14112 Feb 1 139
Jan 1474 May
118 118
31118 11812 *118 119
118 119
118 118 *118 119
50 Preferred B
100 118 Jul 2 1233 Apr 24 11212 Mar 122 July
4
62 8 634 6012 634 6118 623
5
8 607 62
60% 613
4 61
653 197,700 National Pr & Lt
8
No par 4214 Mar 26 653
8July 15
217 Jan 465 Dec
8
8
6% 7
64 68 *612 7
*612 7
612 7
1,1001 National Radiator
67
8
7
.1,2 par
612May 28 17 Jan 10
14 July
403 Jan
*19
18
20
18
*18
19
*154 20
*1518 20
*1813 20
100 Preferred
No par
1114July 8 41 Jan 29
38 Dec 9813 Jan
126 128
12712 12813 127 128 *125 1277 *125 127 *125 127
8
7001National Supply
50 11134 Mar 26 144 Jan 2
8414 June 146 Dec
113 116
114 114
117 122
120 1233 1204 12018 120 120
4
2,8001 NatIonal Surety
50 101 June 14 155 Feb 1 1384 Dec 180 Nov
72
74
73
734 *72
7313 7112 7213 7118 713
4 71
724 4,700 National Tea Co
No par 64 May 31 914 Mar 1 0160
455, 4214 44
Jan 390 De
44
424 43 4 43
3
45
4338 45
445* 455* 48.700 Nevada ConsolCopper_No par 393 Jan 16 624 Mar
4
21
173 Jan
4
423 Deo
673 673
8
4 6714 6714 65 65
4
65
65
62
61
61
6214
1,400 Newport
50 43 Mar 28 76 July 1
11012 11112 11013 113
110 4 1124 1084 11112 109 10913 1094 10912 6,900 Newton Co class A
3
Steel
No par 93 .May 29 113 July 15
4414 443
4 435 44
435* 4412 4418 4412 44
44 3
4,700,N Y Air Brake
435* 44
No par 41, Mar 25 493 Mar 4
2
4
- .72 Oct 39
51
5112 52
523
4 51
5012 Nov
517
8 51
5114 51
*51
52
5114 1,800New York Dock
100 40 May 28 583 Feb 2
47 Aug 644 Jan.
.83
*8212 85
91
*8212 85
84
85
*8212 917 *8213 91
400 Preferred
100 84 May 23 90 Apr 10
85 Sept 95
99
99
Jan
*9914 994 *9912 99 4 994 9912 9914 100
3
10114 10114
460 N Y Steam pref (6)-___No par 96 June 17 103 Jan 10
1113 1113 11014 11013 1104 11014 *111 112
4
4
9812 Oct 10513 May
111 111
111 111
1701 Ist•preferred (7)
No par 11014June 17 114% Feb 111 102
15418 1544 1517 15514 151 157
8
Jan 115
Apr
1543 159
4
15634 15812 1565 1614 73,800 North American Co
No par 9038 Jan 7 16134July 19
527 53
*5212 53
585 Jan
8
97 Now
527 5312 53
8
53
5313 5312 524 53
1,700' Preferred
60 5114June 18 5114 Jan 9
10118 1014 10112 10112 1014 1017 101 101 •1007 102
61 Sept 555* May
8
8
102 102
700 No Amer Edison pretNo par 91)7 Mar 27 1033 Jan 15
8
4
9914 Oct 1057 Feb
545* 5412 544 543
4 554 5514 553 5712 56
8
4
574 554 56,
4 5,200 North German Lloyd
4818May 28 6414 Jan 12
*47
49
633 Juno 6913 Nov
4
*47
49
*47
49
*47
49
*47
49
*47
49
'Northwestern Telegraph_..50 4312June 14 50 Mar 16
48
Oct 55 May
*23
4 24
218 23
8 *212 25,
25
8 25
8 *212 2% *23
4 27
300 Norwalk Tire & Rubber-___10
212July 12
614 Feb 4
213 Mar
712 800
*5 4 7
3
+53
4 7
*53
4 612 *534 7
*53
4 612 *53
4 612
INunnally Co (The)-_No par
512May 16
8 Feb 8
03 Dee
4
13 Mal
•1812 19
19
19
10
19
*183 19
8
18 ' 1812 18
18
2,100 011 Well Supply
26 173
4June 18 32 Jan 3
204 Juno 41
*9714 100
Jan
951 2 0724 *974 100
*9713 100
*9712 100
*9712 100 ' 110 Preferred
100 92 May 31 10612 Jan 16
97 June 11012 Jan
3834 415* 404 415* 40
4012 417
44
43
475* 424 45
27.700 Oliver Farm Equip_No par 3118May 31 6412 Apr 25
5514 5512 5118 56
55
5612 56
5718 57
5612 574 23,100i Cony participating_ _No par 401851ay 31 693 Apr 25
59
s
9418 947
8 9904 95 8 9418 944 9418 947
3
8 9412 9412 94
9413 2,700 Preferred A
No par 90 Juno 15 9912May 2
712 718
Po 8
8
84
818 9 8
3
814 812
812 85* 10,000 Omnibus Corp ___
No par
74 Feb 21
107 Feb 28
8
/ -Dec
12
I6 May
- 14
85 *_. __ 85 *____ 85 •____ 85 •____ 85 •____ 85
I l'referred A
100 80 Mar 28 00 Fob 28
8312 Dec 9938 June
*70
72
7114 7114 *69
72
*68
72
*6812 72
70
70
300 Oppenhelm Collins& CoNo par
70 July 10 8458 Apr 13
673 Aug 8811 Jan
4
85
85
85
85 *_ 85 .80
85
*75
85
.75
180 Orpheum Circuit, Inc pref..100 80 Apr 12 954 Jan 2
85
76 May 104
388 389 .382 386
382 382
384 395
390 390
392 392
1,900,011a Elevator
50 276 Jan 7 405 July 2 14718 Fob 28513 Nov
•12134 126 *1213 126 *1213 126
4
4
122 122 *1213 123
4
122 122
1101 Preferred
1011 1213
4June 28 125 Jan 24 11914 Jan 1263 Dee
49
485* 4912 477 493
50
4 July
4 483 5114 494 504 5012 513 68,800 Otte Steel
4
No par 37 May 29 513
8July 19
1013 Jan
100 100
100 100 *100 10018 *100 1004 10018 10018 *9912 10018
411% Nov
300' Prior preferred
100 9614July 12 108 Fob 20
8212 Jan 103 Nov
+7814 7812 78
78 8 7712 78
,
7712 7712 77
76
77
7614 2.500 Owens Illinois Glass Co ____25 76 July 19 84 May 18
69
69% 6712 6912 67
71
687 7114 683 71
8
7012 7214 48.100 Pacific Ous & Eloc
4
25 633 Jan 2 737
8
8July 1
4312 Fob 6618 Nov
943 95
4
9414 957
8 944 95% 95 8 9612 9514 063
3
8 944 9614 16,700 Pacific Ltg Corp
No par 70 Jan 7 9714July 2
69 Dee 85,
*294 3013 *28
1 June
30
*2814 30
30 30
*2812 30
*2812 30
20,PacifIc MBAs
100 2712June 3 37 Apr 17
1
25
1
Oct 3512 Nov
1
1
1
1
1
18
1
1
1
5,10CrPacIfIc 011
1
1
No par
1 Mar 6
112 Jan 10
19612 19612 195 198
1 Sept
198 19814 1974 1973 19812 19812 *19812 200
214 Apr
4
810 Pacific Talon & Teleg
100 159 Jan 3 200 Mar 14 145 June
4
•1253 130 *1253 130 *1253 130 *12534 131) •1253 130 *1253 130
4
169 Dee
4
4
4
100 1163 Jan 3 130 May 18 114
4
I Preferred
13114 13214 130 132
13018 131
Oct 12512 May
13013 133% 1305 13214 12918 1313 42,600,Packard Motor Car
8
8
10 11612Mar 28 1533
45lay 15
573
564 Feb 163 Dee
5618 5618 56
4 574 59
59
593
4 60
613
8 6014 6114 15.400 Pan-Amer Petr dt Trane
150 4014 Feb 18 63 May 4
3814 Feb
5512 Nov
6014 614 59
62,4 615 635* 62
6312 633 644 623 634 312,7001 Class B
8
50 404 Feb 10 1363
4May 6
1412 14
14
•14
373 Feb 6872 Nov
4
14
14
14
14
134 1412 14
14
660 Pan-Am West Petrol D_No par
133
4June 27 1712 Jan 3
1512 July
283 Apt
*94 93
8
95* *9
4
9
9
9
RI
914 914
700 Panhandle Prod & ret__No par
918 918
9 July 15 154 Jan 3
*50
60
60
*50
+50
1113 Feb 213 May
59
4
*50
5912
5913 *50
5912 *50
I Preferred
100 4712 Feb 25 76
8
664 653 66% 651s 695* 6718 69
70
Feb 10614 May
66
66
673
4 6614 6818 221,500 Paramount Fain Lasky_No par 5512 Jan 2 713 Jan 16
8May 13
61
*564 57
6012 *55
*55
4714 Oct 564 Dee
6018 6012 *55
594 58
58
500 Park & TlIford
No par 47 Jane 3 87% Jan 14
7% 7.
1
718 714
34 Mar 98 Nov
7
73
8
7
714
7l 12.400 Park Utah C M
7
74
12.400
7
1
7 May 15 134 Feb 28
9 Aug
88 9 1413 Jan
8711
87
9
8 93
9
4
9
93
8
8
83
93
4 878 14,100,Pathe Exchange
No par
712 Mar 26
1478 Jan 9
19
2
184 213
Feb
*183 1912 19
4 20
4
15 Nov
20
20
20
194 193
4 3,7001 Class A
No par
1311:gar 26 30 Jan 9
8 3918 391_ 3914 4112 4012 413
37% 3812 384 397
812 Fob
34 Aug
4 40 4 414 30,300 Patin(' Mines & Enterpr____211 344 Jan 7 473
3
4 Mar 4
1218 1218 127 127 *1218 123
23% Jan
1252 125* 1218 13
42
At)
8
8
4 123 123
4
4 1.400 Peerless Motor Car
50 1118Juue 26 2212 Jan 11
1418 Sept 257 5Ia)
585
8 5712 59 • 5714 5814 57
58
8
594 57
58
58 14 5914 10,600 Penick & Ford
No par 38 Jan 2 603
4Ju1y 8
22% Jan 411; Oct
*108 109 *108 109 .108 109 +108 109
108 108
107 107
100 Preferred
100 100 Apr 2 110 Jan 9
.73
4 822 *734 812 *714 81 2 *73
Oct 115 Mar
103
4 812 *73
4 812 *73
4 82
60
,
5137i.lay 27 12 Jan 20
1Peon Coal & Coke
8 Aug
144 Jar
4 1218 1212 12
12,
4
1212 123
12
12
3.100,Penn-Dixie Cemont___No par
12
125* 12
12
113
4July 1 27 Jan 5
544 547 *56
55
55
143 July 31 May
4
+54
55
597 *54
60
*54
594
200: Preferred
100 547
8July 16 94 Jan 22
75 Sept 965* Apr
324 329 *315 325 *314 325 *315 330 *310 325
315 3243
4 3,800'People's0 L & C (Chtc)
100 208 Jan 11 335 July 10
*31
31
31
3112 3112 39
31
31
33
35
33
3412 0.300 Pet Milk
No par 31 July 13 454 Jan 3 1514 Jan 217 Nov
4112 Dec 4614 Doe
59 4 6014 60
61
3
613
4 61
634 60
61
6114 61
624 10,000 Phelps-Dodge Corp
25 51112May 28 797
8May 10
+200 206 *195 205 200 202 3200 203 •200 203 *200 203
300 Philadelphia Co (PItt8b)„..50 15712 Apr 17 205 July 12 145
*49
50
Mar 1744 May
50
*49
.49
50
50
+49
*49
50
*49 506% preferred
50 4813 Jan 15 51 May 20
4612 Mar 49 Aug.
*5112 5212 5218 52, *52
5212 52
2
52', 52
52
*5113 52
6001 8% preferred
60 503,June 24 54 Mar 18
514 Oct 57 Mai
$ per share
2514 2514
*____ 1037
8
25
25
*42
43
•25
27
*2634 2714
283 29
4
•13
1312
8 per share $ per share
2514 26
233 2412
8
*97 1034 *97 1037
8
*2312 24
24
24
42
43
43 43
25
25
25
25
2514 2514 25 8 2512
3
283 283
4
4 28% 288
+13
1412 144 1418
$ per share $ per share
233 245
4
8 233 247
4
*97
95
98
97
*23
24
*23
24
*41
45
41
4114
+24
25
*24
4
243
25
,4 2514 247 2518
8
284 284 287 284
8
1318 1314 1412 16
--
• Bid and hiked Ipr prima; no sales on thls day. s Ex-dIvidend
y Ex-rights.
447
New York Stock Record-Continued-Page 7
For sales during the va,ek of grock• nor recorded here, see seventh page preceding.
-PER SHARE, NOT PER CENT.
HIGH AND LOWISALE PRICES
Saturday,
July 13.
Monday,
July 15.
Tuesday,
July 16.
Wednesday,
July 17.
Thursday,
July 18.
Friday,
July 19.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1.
On basis of 100-share lots
Highest
Lowest
PER SHARD
Range for Previous
Year 1925
Lowest
Highest
$ per share $ per share t9 per than.
Indus. & MIscell. (Con.) Par $ per than
I$ Per share $ per share $ Per share $ per share $ per share S Per share Shares
4
393 Jan
3
273 June
1738May 28 34 Jan 8
20,300 Phila & Read C & 1____No par
8
8 2212 22 4 2134 22
4 225 235
233
2414 2253 23 g 23
3
23
16 Mar 2513 May
3,700 Philip Morris & Co., Ltd _ _10 1313 Apr 30 2314 Feb 26
14
14
14
1413 14
144 144
14
1418 1412 14'8 1418
Apr 54 Aug
38
No par 41 Mar 28 73 May 17
400,PhillIps Jones Corp._
4812 48
48
4812 848
4812 41312 4814 4812 *48
*4812 50
85 Apr 99 May
100 8814 Jan 17 06 May 1
'Phillips Jones oref
*9012 93
*9012 93
89012 92
*9012 93
*9013 03
*9013 93
534 Nov
3514 Feb
July 18 47 Jan 3
33* 3513 36
3512 3612 18,500,PhillIps Petroleum____No par 3512 July 18 374 Jan 22
364
4 36
363
363 363
8
4 36
Oct 38 May
21
5 21
900 Phoenix Hosiery
2112 2112 22
*21
23
21
23
L*2314 2313 2313 2313 23
94 Dec 10314 Feb
100 9314May 22 100 Jan 6
Preferred
*9414 08
*9414 98
*9414 08
*9414 98
*9414 98
*9414 98
1812 Oct 304 Dec
8
2712 Mar 25 377 Jan 9
3312 34
35
34- 3412 3313 3312 29,000 Pierce-Arrow Class A__No-par 7213 Jan 2 8712June 7
32
35
34
34
34
8
5612 Oct 747 Dee
100
Preferred
*84
86
86
*84
86
*84
86
.84
86
*84
86
*84
12 Mar
54 Apr
34 Mar 18
2 June 11
25
011 Corporation
218 2,300 Pierce
2
2
2
2
2
2
2
218
213
2
iii2
OM
1614 Feb 50
30 Jan 8 5115 Mar 18
100
200 Preferred
38
39
38
39
39
*38
*38
*38
40
*38
*3814 40
8
65 Apr
312 Feb
54 Jan 15
4 July 15
412 434
412 412 7,600 Pierce Petram_ _ _____ No par 3918May 27 637 Jan 15
414 4 4
4
4 13
4
44 43
,
44 41g
324 Feb 587s Dee
8
Flour Mills-No par
51
4913 10,400 Pillsbury
48
494 49
4
4612 4612 453 4612 4512 4712 48
5012 Mar 26 66 July 1
8
8 6018 607 11,500 Pirelli Co of Italy
6018 615
4
603 613
4 6113 62
6134 624 614 62
8
3618 June 787 Dec
4
100 5412.1une 4 833 Jan 9
2,300 Pittsburgh Coal of Pa
4
673 68
8
677 681 2 6812 6812 *6512 68
6714 68
4
*663 68
81 May 1004 Dec
100 8312Jung 5 100 Jan 5
200 Preferred
•85I2 87
4
4
853 8.53 *8512 89
•85I3 87
*8512 90
*8512 90
Feb 38 Dee
26
3
100 20 June 10 343 Jan 9
800,Pitts Terminal Coal
26
*2512 2613
4
263 *2513 2612
*2512 26
2512 26
*2512 26
6318 Oct 82 Mar
100 5212June 10 7814 Jan 9
2001 Preferred
55
62
55
60
63 .
55
*55
*55
59
855
69
55
*
__
Vs par 26 June 24 37I2July 19
3212 3312 3212 3318
4 3312 3712 15,000 Poor & Co class B
333
34
32
3114 32
4
4
533 July 853 Dee
3
2 95 4 Mar 15
4 1,0001Pono Rican-Am Tob cl A_100 7612July 16 5034 Jan 2
783
783
77
7812 78121 •77
4 7812 79
78
78
78
*77
3
517 Dee
2314 Aug
prefbl_o_Ipmar 28 July
8 29
28
4 2812 303
283
30341 2912 3018 4,6001 Class B
30
3012 2853 30
27 105 Jan 31 10053 Aug 106 Sept
10113May
500,Postal Tel & Cable
4
10253 1024 10234 1023 *10212 10312 10314 10314
*10212 10314 810212 103
614 July 13612 May
4
461aY 3
No par 623 Mar 26 813
86,000!Postum Co, Inc
3
3 7453 773
8 7514 7741 7518 764
3
4 743 753
7718 777 27514 763
5912 Dec 6453 Dee
25 5314 July 16 6553 Jan 2
, 534 54
5314 5312 5314 5312 9.800 Prairie Oil & Gas
5412 5418 5312 5413 5314 531
8May 21
25 534 Jan 14 617
8 6013 6013 6018 6012 604 6014 16.300 Pralrle Pipe & Line
60 603
6012 6012 6013 601
18 June 3312 Oct
No par 15 May 27 25.4 Mar 22
Pressed Steel Car
1912 2014
1912 1978
1912 20 I 10.300
9312 Oct
1814 1812 1814 184 1812 20
70 Aug
100 73 May 29 81 Mar 27
300 Preferred
76
761
77
76
77
77
*75
*76
76
76
77
*75
16 Feb 294 Nov
8 Jan 3
3 2,300 Producers & Refiners Corp_50 17 July 12 257 Mar 21
*1714 18
•17
18
171
171g
17
17
17
17
1714
17
4953 June
41 Feb
4
50 3814 Feb 20 463
2001 Preferred
40
401
4014 394 3912 30
39
39
39
4012 4012 *40
Feb
91
52 Nov
120 Pro--phy-lac-tic Brush _ _No par 50 June 21 8234 Jan 14
51
51
51
50
51
50
50
*5012 51
51
50
50
*
4112 Jan 8312 Dee
398,3001Pub Ser Corp of N J__No par 75 Mar 26 12414July 19
8
,
8
114 11612 11114 11418 11212 11612 1137 117 4 1154 11913 1187 1244
3
10312June 8 10818 Feb 5 1033 Jan 115 May
100
10512 1053 106 106
105 105
10534 106 I 1,100, 6% preferred
4
106 106 *105 106
Oct 12912 May
8
8June 25 1247 Jan 3 117
1173
.3
re r
'
400 7
3001 8 / preferi.041
•119 12018 8119 11918 12012 12012 119 12012 119 119 .119 123
Jan 150 May
(11
00
10 145 Apr 17 15012Mar15 134
148 148 *148 14914 *148 14914 148 148 *146 14914 *146 14914
Jan 28 10612 Dec 11012 Apr
200 Pub Serv Eleo & Gas pref_100 10553 Apr 3 1094
106 106
106 106 *1043 106
4
4
•1043 10753 *10514 107 *1054 106
7773 Oct 94 May
r
5
No par 78 May 27 917g Jan 3
39,100,Pullman. Inc
4
873 8914
4 8712 883
5 8712 88
883
854 863
4 874 88
4
3
175 Dec 347 Jan
3May 29 2114 Jan 14
143
*17
1,300,Punta Alegre Sugar
17
17
18
17
17
8 17
16
17
174 1753 175
*17
19 Feb 3114 Nov
4May 9
2314 Feb 16 303
18,100,Pure Oil (The)
2613 2612 2614 26% 2618 2612 26
2612
8
8 2913 267
2653 267
100 III Juno 12 116 Feb 25 108 Mar 119 June
130 8% Preferred
4
•112I4 11354 *11214 1133 112 11214 112 1134 11314 11314 *11314 114
3
75 June 1393 Oct
8May 28 1474July IS
1093
14214 14712 14514 1474 14412 1473 41,100 Purity Bakeries
1394 142
4
14012 144
142 144
par 6814 Feb 18 114 May 3
7914 767 80'z 783 823
3
8
4
4 8112 8412 330.600.Radio Corp of Amer----a 50 52 July 5 57 Jan 3
7812 7912 773 8014 77
5412 Jan 60 MaY
8
55
8
52
52 12 5212 1,200' Preferred
52
8 5414 547
8 547 547 *52
*5414 543
b112 Nov
3414 Dec
19 Mar 26 4678 Jan 4
A __No par
3712 3912 3753 39
4
8
375 39
3812 39
4
373 387g 373 384' 82,5001 Radlo Keith-Orp cl
8
8
247 Jan 605 Dee
8
10 57 Jan 7 843 Mar 4
4 8018 8232 8014 8134 795 8138 25,500 Real Silk Hosiery
4
8
8 793 803
805
9712 Dee
794 8138 78
8012 -July
100 95 May 27 10212 Feb 8
1301 Preferred
9834 *98
9912 98
9918 *98
99
99
*93
*98
513 Feb
98
98
16 Dec
1
1614 Feb
6 May 28
No pa
1,800 Reis (Robt) & Co
1112 11
11
11
11
8 1014 11
114 115
1112 1112 11
6114 Feb 5912 Dee
100 60 May 29 1054 Feb 6
100 First preferred
7313 *68
71
*70
72
68
*68
7012 68
*70
743 870
3612 May
4
234 Jan
4July 17
28 Mar 26 463
No pa
7
463
4 4518 4634 4412 453 145,000'RemIngton- Rand
4
3
4 42 4 4413 4214 43 3 44
443
44
874 Dec 98 June
100 0014 Jan 4 96 Feb 4
First preferred
4001
8
8 95
947 *94
944 947 947
g
*94
8
937 94
95
95
*94
Jan
884 Oct 100
100 93 Mar 20 101 Apr 15
6001 Second preferred
9912 9913 *9914 9912 •
*9914 100
*9914 100
9914 9912 .9914 9912
3514 Oct
2212 Jan
10 21 July 19 314 Jan 3
3
215 20,301/Reo Motor Cat
2114 2218 2114 2178 2114 2113 2114 214 21
22
22
_
8May 3
4234May 28 547
No pa
Brass
4414 44
4478 *44
8 444 4434 444 444 2,300 Republic
4414 44
447
844
-100 10.5. May 3 107 June 5
1 Preferred
•103 107 *103 107 *103 107 *103 107 *103 107 *103 107
_
-3May 29 111 May 6
935
300, Class A
100 100 *100 105 *100 105 •100 101 *100 101Nopa
*9313 100
494 June 9412 Nov
7914 Feb 8 11414 July19
110 11112 10712 11178 10912 1103 10912 1124 1123 11414 53.700 Republic Iron & Steel____100
8
8
8
1105 112
Feb
8
100 1087 Jan 7 11511 Feb 27 102 June 112
200! Preferred
111 111 *112 114 *112 11412 112 112 •11012 115 *111 114
3
147 June
814 Feb
0 June 8 1214 Jan 16
No pa
788 74
733
7Ig
74
Pa 4,800'lleynolds Spring
7,3
,
74
718 718
71s 7511
Mar 26 66 Jan 11
53
5653 57
501g 57
5513 56
5553 56
5514 5582 9,400 Reynolds (RJ1 Ton class 11.1
5514 56
Oct 61 Dee
50
53 Feb 26 64 Jan 2
4
4 57 4
45819 583 *5813 583 * 3 5812 *5718 5812 564 50 *5614 5712 2,200 Rhine Westphalia Elec Pow-. 393 Feb 16 495 Jan 3
2312 Feb 56 Nov
8
4
3
4 4118 417
8 403 415
8 403 4118 34012 40 4 9,600 Richfield 011 of Callfornia_25 2514June 11 424 Mar 28
8
404 4112 407 417
4
4
No par
2712 2814 9.000 Rio Grande 011
28
20
2812 29
8
2712 2812 277 2812 2814 281
No par 59 May 28 70 June 29
1,100 Ritter Dental Mfg
67
67
78
*68
67
68
3
69
687 687
68
69
9 69
96 May 91
7433 7514 15,800 Rossla Insurance Co new ._1O 83 May 2
8 7312 75
7314 757
70
8 7312 76
7018 70
737
40 Dec 493g Dee
4314 Jan 2
3914 75,100 Royal Baking Powder No par 27 May 31 11314 July 16 10412 Dec 10412 Dec
4 384
3
3914 3814 39 4 3813 383
364 3612 364 363
4 36
100 95 June 12
600 Preferred
4125 1125 11212 11212 11112 11314 *11112 11412 11212 11218 *11112 11412
8
8
Oct
8
445 Jan 64
4
8
497 Feb 19 553 Jan 6
3
533 544 7,3013'Royal Dutch Co(N Y shares)
8 5312 54
543
8 54
5313 537
5253 5312 5358 54
37 Mar 7112 Dee
10 62 Jan 7 94 Jan 21
18.100 St. Joaeph Lead_
6312 64
8
645 6614 6353 65
66
64
4
65
6312 6514 63
No par 15414May 28 19514 Jan 4 171 Dec 2013 Dee
* 14 900 Safeway Stores
4
1683 17114 17014 1721
170 171
4
1697 170
1687 169 4 1693 172
8
8
95 Dee 97 Dec
3
100 93 Apr 4 97 Jan 16
570 Preferred (6)
96
96
96
96
95
05
9-134 96
95
*94
•941 95
100 102 Feb 16 108 Jan 18 10612 Dec 1064 Dee
150 Preferred (7)
4
4
4
103 1033 •104 1044 1033 1033
Dee
105 105 *104 1048 •103 104
4
3614 Dec 51
.
Arms Corp_ _.No par 3814 Mar 26 514 Jan 24
8,200 Savage
8
4258 4014 4212 407 4112 3912 40
8 40
8
397 397
8
397 40
4
8July 3 4112 Jun 8
353 Dec 6712 Apt
163
4
8 193 204 52,200 Schulte Retail Stores_No par
207
2334 19
8 20
243
Apr
8 24
4
243 2518 2438 247
100 9012June 18 11812 Jan 2 115 Dec 129
60 Preferred
944 *9412 95
9118
95
*92
92
92
92
1712 June
92
95
10 Feb
493
13's July 15 2214 Apr 12
No par
1,500 Seagrave Corn
141g 1418
1312 134 134 1313 134 1314 1313 1318 1312 1313
8241 Jan 1974 Nov
4
8 17213 16812 17112 1675 170 115,100 Sears. Roebuck & Co No par 1393 Mar 26 181 Jan 2
3
8
4
,
7 2 OM
Jan
17414 175 217012 1711 169, 1713 167 4
2
4 May 28 1011 Mar 20
No par
514 4,700 Seneca Copper
5
5
58
55*
5
4
5
5
518 514
,
8012 Feb 14014 OCT
54 5 4
No par 12312 Jan 8 182 July 13
7,000 Shattuck (1"G)
8
17612 1784 •176 1767 17612 177
8
178 1813 *177 178
478 182
4
No par 41 June 4 533 July 1
8 2,000 Sharon Steel Hoop
477
47
48
48
48
48
48
4914 48
4918 49
3
49
2314 Feb 393 Nov
4
4
No par 253 Feb 18 313 Apr 2
4
2612 263 19,7001Shell Union 011
8
4 2612 27
8 2612 264 265 263
2612 267
2612 27
544 June 8514 Nov
4Ju1y 8 744 Jan 24
2,600 Shubert Theatre Corp No par 363
41
3
393 4012 40
392 41
3953 41
304 40
4212 43
3
4July 17
5554 June 1013 Nov
75 Mar 26 1223
No par
80,900!Slinmon. Co
4
11812 1223 11812 12153 1183 121
4
11418 117
11512 1173 113 116
4
2714 Net
1818 Feb
1818 Mar 26 3938July 17
10
3 3712 384 3712 38 263.700Simum im rolem
4
4 363 *393
8 354 374 3614 383
4
353 377
4634 Nov
1733 Feb
par 3518June 26 45 Jan 2
3
3512 3614 3513 36
4
4 353 3612 353 3614 351. 3614 85,00131 Sinclair Cons Oil Corp_No 10( 1073
308 363
Oct
4May 1 111 Jan 29 10212 Jan 110
Preferred_
4
4
4,1
.100 1094 *10938 10912 •10918 1093 *10914 1093 •109I2 1093 '10912 1094
3
425 Nov
25 Feb
4
25 327 Mar 7 4612May 6
424 74,000 Skelly Oil Co
8 42
4153 4114 4313 4214 4313 4218 427
40
4012 41
Feb
100!Sloss-Sheffield Steel & Iron 100 5814June 28 125 Jan 19 102 June' 134
8
647
*61
63
65
63
65
63
*
*61
65
*63
71
63
*
100 85 June 20 112 Jan 18 10412 Oct 123 Mar
1001 Preferred
86
86
*8414 93
93
93
*85
•85
93
*84
*8334 93
AM
11 Dec 20
1614 Feb 5
1014 Mar 26
No par
4001 Snlder Packing
*1212 13
1212 1234 *1212 13
•12I2 13
1212 13
4
•123 13
Jan
31 Nov 60
No par 33 Jan 3 6412July b
4,900 Preferred
56
671
5714 56
57
564 56
4 55
7
56 8 6512 563
55
3212 Feb 4918 May
34 Mar 26 45 May 13
No par
4,400 So Porto Rico Hug
8
4
8 375 38
4 373 38
8
3
373 373
3 375 377
3754 383
4
373 38
5612 Nov
4312 Jan
25 534 Jan 4 724July 19
717
8 704 724 188,400 Southern Calif Edison
8
653 6713 6413 7038 6853 7214 69
6653 6712
8
605 Mal
B
24, Jan
Southern Dairies Cl a __No par 3512 Feb 16 5013June 14
493 .38
45
*38
4
493 .38
47
*38
50
50 .38
830
Apr
30
Jan
9
9 July 18 154 Jan 12
No pa
Class B
SCO
918
9
9
9
8 *913 10
*94 97
10
10
10
10
No par 5014 Apr 30 0312May 6
1,400 Spalding Bros
543
8 54
555
54
54
5312 544
8 55
8
3 563 563
g
567 567
ApI
Jan 120
July 17 117 Feb 6 109
100 11213
100 Spalding Bros 1st pref
11212 11212 11213 11217 •1124 113 *11212 113
•11212 113 *11212 113
8
575 Der
26 July
8 3978 397
8 4014 4014 4018 4014 2,500 Spang Cbalfant&Co IneNo par 34 May 28 5214 Jan 3
8
3
40 3 403 403
39
40
40
Oct 100 Aug
97
100 59 Mar 19 97 Jan 17
Preferred
03
90
*90
*85
*90
92
92
*90
90
*85
95
893
s
8June 21 687 July2
.
8
637 64
6114 63
6212 64
6312 64,
8 4,700 Sparks WIthIngton _ _ No par 697
6612 664 65 65
10¼ Nov
4
143 Feb
6 May 20
No pat
Spear & Co
8
812 •8
*8
812 *7
812 •8
812
8 12 *8
8
*
764 Nov
100 73 May 20 8012 Jan 2
Preferred
75
75
74
*74
75 .
75
75
*74
•74
*74
75
*74
3978 3812 3912 39
39
4,500 Spencer Kellogg & Sons No par 354 Apr 22 43 Feb 14
40
8
393 •3814 39
39
40
39
2383 Jan
4Mar 1
No par 45 Jan 7 663
7
5412 5312 53 8 53 53
4 2,900 Spicer Mfg Co
5312 5312 5212 543
8 54
8
543 543
8
No par 4614June 25 557 Mar I I
4
4718 4712 *463 47
200 Preferred A
*4612 47
T4613 47
4
*473 48
*4712 48
6512 Sept 91 Nov
7714 Jan 15 1174 Feb 61
84
2.900 Spiegel-May-Stern Co_No par
86
8412 864 •84
86
86
8214 8214
*8412 8612 x85
Oct 4018 Nov
1612July 5 4353 Jan 111 24
19
1812 1812 1813 1813 18
191
19
1882 2,700 Stand Comm Tobacco_No par
1712 1812 18
8
574 Jan 845 Dee
4
13112 13878 13513 13814 134 1363 135 1407 136,700 Standard Gas & El Co_No par 803 Mar 26 1407 July 19
4
3
13312 13512 12814 133
8May 31 67 Feb 41 608 Dec 7112 May
50 625
3
63 4 643 •6414 643
4
4. 633 6412 1,400 Preferred
4
6412 6412 644 644 *6413 65
Jan 1424 Des
100
100 104 Mar 26 16314 Jan 181
'Standard Milling
•11512 125 *113 125 *115 125 *113 125 •113 125 *113 125
97 Nov 115 Dee
100 98 June 17 133 Jan 121
20 Preferred
106 106 *110 119 1.'110 115
*105 110 *106 110 *105 106
Feb 80 Nov
53
3May 8
817
4
4
4
,
3
3
725 73 4 7212 7314 723 7353 7318 74 4 723 7312 723 735* 39,400 Standard 011 of Cal_ _ _ _ No par 64 Feb 18 623
4
374 Feb 593 Nov
8May 11
86,200 Standard 011 of New Jersey _25 49 Feb 16
574 58
573 58
3 5653 573
8 5612 574 574 58
5718 573
r
385s
4
383 39
453
8 44
47
*16
•1618 17
*49
*40
4
731
7253 - 8 713
•125
2
•
*71
•101
712
4812
1418
*718
•1718
19
4
173
6218
7118
17
164
.13tandard 011of New York __25
39
3912 z38% 39
4013 69,500
43
Vs 43
44 413 1,400 Stand Plate Glass Co_ _No pa?
4
4
1(1(1
1512 16
1614 16 4 . 501 Preferred
16
,
_ Stand San Mfg Co ____No Par
_ _ __
*49
10
72
8
g
3
713 7218 707 717 15,500 Stewart-Warn Sp Coen
'Stromberg Carburetor_No par
8
. 53-718 - 8 7618 775* 77 -57 20,8001Studeb'r Corp (The___No pa,
100
501 Preferred
125 125
125 125 •125 126
No par
800 Submarine Boat
2
2
218
2
2
•2
No par
3,800 Sun 011
75
7312 7412 733 7412 73
4
100
501 Preferred
101 101 *101 1013 102 102
4
No Dar
712 32,100•Superlor 011
718
,
74
,
72
7,2
,
78
100
47
48
47
4812 50,
2 6,1001Superior Steel
48
50
300 Sweets Co of America
*1313 14
•1312 1414 •13I3 14 4
,
No par
800 Symington
7
7
7
*6
7
8
67
No par
16
1612 16
1712 3,100! Class A
17
16
No par
187 187
4
8 1812 187
3
183 184 1,000 TPlautaitranh rare
8
,
5,900 Tenn Copp & Chem N8 pa
8
175 1814
175 1818
8
8
175 18
25
48,100 Texas Corporation
6112 625
8 6218 6314 613 623
4
4
par
500:Texas Gulf Sulphur____No
8
73
74
73
7212 733
74
10
8,7001 Texas Pacific Coal & 011
1653 167
8 1612 167
4
163 164 37.
g
1
1618 165
1614 10,200'Texas Pao Land Trust
3 1618 16% 16
1
384 3912 383
39
4
43
43
4 44
4
4 *43
1613
•I613 1678
18
*49
_ _ __
8 7113
73
714 723
75
3
76
757
7612 75
125 125
*125 126
2
2
2
2
3
2,
74
74
4
723 74
73
101 101
102 *101 102
5a
3
7s 7
,
7 4 74
3
77
474 4712
49
4 48
483
1418 21414 1414 •1314 15
4
73
713 718
74 74
1614 1714
1713 1718
18
8
185 185
8
21834 19
19
8
3
8 177 184 175 18
183
6214
4 6118 62,8 61
623
3
8
7112 714 7212 717 747
1653 167
8
8
167 173
8
1714
1612
4 1614 1753 16
163
•Bid and asked view: no males on.ttos day
s Es-dividend
ir R1'1181158
38 Mar 7 454 Jan 2
8
95 Jan 21
414 July 19
1518May 28 31 Jan 18
41 Jan 26 56 May 3
65 Apr 10 77 May 10
35284 Jan I I 116 May 20
73I8May 31 98 Jan 26
123 May 13 126 June 25
413 NIar 14
2 June 21
57 Mar 26 7638July 8
100 Jan 3 1054 Jan 8
12 Jan 3
7 Feb 16
4
733 Apr 9
34 May 31
1312May 23 2214 Apr 11
9 May 2
412 Nlar 12
I 958Nlay 2
1214 Mar 11
18 June 17 2512 Mar 28
16 Apr 9 204 Apr 20
574 Feb 21 6812 Apr 20
694June 291 854 Apr 18
8
1614 Jan 25 237 Mar 21
1314 Mar 261 2413 Jan 17
4
283 Feb
24 Jan
Jan
10
84 June
9512
7
73
40
534
Dec
Feb
Feb
Dec
99 Dec
Jan
44
Jan 8712 Oct
57
12112 Feb 127 June
,
6 4 Mar
3 Feb
77 Nov
3112 Jan
Apr
Jan 110
100
1414 Nor
212 Feb
564 Nov
Jan
18
8
115 Feb
2312 Sat
,
'
7 May
A UR
4
,
19 3 AM
Aug
10
4
225 Mat
154 Jan
S
197 Der
1012 Jan
4
50 Feb 743 Nov
6218 June 824 Nov
2653 Nov
1218 Mar
20 Junel 304 Apr
448
New York Stock Record—Concluded—Page 8
For sales during the week of storks not recorded here. see eighth page preceding.
HIGH AND LOW SALE PRICES—PER SHARE, NOT PER CENT.
Saturday,
July 13.
Monday,
July 15.
Tuesday,
July 16.
Wednesday, Thursday,
July 17. I July 18.
Friday,
July 10.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Sines Jan. 1.
On basis of 100
-share tole
PER SHARE
Range for Precious
Year 1928
Lowest
Highest
Lowest
hgheal
—
Per share 5 Per share $ Per share 3 Per share $ per share 3 Per share Shares Indus. & Mace!. (Con.)
Par $ per share $ per Mare $ per share $ per skarr
32
3218 29
3114 2912 3018 297 307
29
8
3012 2818 287 22,400 Thatcher Mfg
No par
1612 Mar 14 3114July 15
391 May
22
Jan
45
45
45
4.5
45
4512 45
95'2 45
45
4514 4514 1.800 Preferred
No par 35 Mar 9 48s8 Jan 6
45
Oct 53I8 June
*37
38
37
3712 3614 37
3612 37
3612 37
*3612 37
1,300 The Fair
Vo par 3414 :star 26 5178 Jan 15
34
Jan 5212 Deo
*107 108 *107 108 *107 108 *10714 108 *10714 108
10512 1051210 Preferred 7%
100 10412 Feb 26 110 Jan 2 10413 Jan 11414 Oce
*48
4912 483 483
4
4 48
48
4,47
48 .47
48
"47
48
200 Thompson (J R) Co
25 44 May 1 82 Jan 12
1912 193
5614 June 7114 June
4 1912 20
1912 203
8 20
2218 21
2214 207 2114 98,400 Tidewater Assoc 011__No par
1712 Feb 8 2312.1une 7
143 Feb
4
*8712 88
25 Sept
875 87% 8712 8712 8712 87% 86% 867
8
8 86
875* 4,000 Preferred
100 84 June 18 90 Jan 2
81% Mar 913* Dee
*34
35
34
34
*3212 35
34
3513 35
*34
35
35
1.500 Tide Water 011
100 2718 Feb 1 40 Juno 7
195* Mar 4118 Dee
92
*91
92
8 91
9212 9014 9212 9012 9i% 91% 912
9118 1,500, Preferred
100 9018 Feb 25 9713 Jan 17
863 July 10018 Dec
4
243 2412 24
8
2412 2312 24
223 2334 2318 233
4
4 2353 237
8 7,800 Timken Detroit Axle
10 223
8June 13 31 May 3
10412 1053 10412 1063 1043 10612 1043 106
4
8
4
8
103 1043* 10212 104
15,400 Timken Roller Bearing_No par 7312 Feb 16 150 Jan 3 112 111- - in" Nov
; - ar
5
14% 14%
1418 147
8 1412 1434
14
1412 134 1412 1312 1412 31.200 Tobacco Products Corp
20 1312July 19 2218 Mar 18
173 1818 173 1778
4
3
1712 18
1712 18
1712 18
1712 1712 10,000 Class A
20 173* July 15 2238 Nfar 18
*1112 14
•1112 14
•Ills 14
*1112 14
*11 12 14
Dividend certificates A
*1112 14 __ ____
115*July 12 18 Fell 13
255 Jan
19 Aug
*1112 16
*117 157 *1178 157 •11,
8
8
216
*11 12 158 *11 12 16
Dividend certificates B
115 July 12 20 Mar 28
8
19
Am, 24 June
*12
13
•12l4 13
•1118 13
*1118 12
*1012 13
*1012 12
Dividend certificate* 0
13 July 3 1911 Jan 15
Der 23 Aug
19
115 123
8
8 1112 12
113 11%
8
113 1218 11% 1218 117 1218 56,800 Transe't'l 011 tem ett_No 'Par
4
8
9 Feb 26
,
644 June
*45
513
8 4514 4514 46
141 Nov
46
48
50 4 5014 50% 503 50 4 4.800 Tremolo& Williams St'l No par 41 Feb 28 141434a7 8
3
4
3
533 Apr
4414 Dec 5953 Feb
60
61
573 60% 58, 588 5814 597
4
4
8 571 5918 5718 585* 7,100 Trico Produets Corp_-_No par 383 Feb 18 63 July 18
;
4
325 June 447 Sept
3
8
s
2012 20 2 2012 2012 2014 21
,
*21
22
*21
213 821
4
211 1,500 Truax Truer Coal
No par
I95
8June 4 317 Jan 23
s
•49
5118 •
49
51
507 507 *50
8
8
5018 '49
8
51
497 497
200 Truscon Steel
10 443 Mar 26 815 Jan 3
4
551 Nov 637 Der.
8
1533 15514 153% 16018 15734 16114 15518 1573 152 15514 1513 153 8 41,200, Under Elliott
3
4
4
4
Fisher Co No par 91 Jan 7 16514July 8
63 June 037 Dec
*125 127 *125 126 *125 126 *125 126 *125 126
s
125 125
10 Preferred
100 125 Jen 5 125 Jan 5 119 Mar 126
Apr
4,35
36
*35
36
3512 3512 35
35
34
35
32
34
1,000 Union Bag & Paper Corp 100 24 June 1 43 Jan 14
80 Dec 493 Feb
12534 12714 123 127
4
12212 1247 1223 1253 1223 12514 12335 1263 79.700 UnlonCarbi&Carb
8
4
4
4
4
No par 7514May 22 128 July 8
4712 47% 473 47% 4712 48
- -- 4
473 47% 247
8
47% 4718 487
8 5.300 Union 011 California
25 46 Feb 2() 5412 Apr 18
42% Feb -68- Nov
41148 152 •147 152 •147 150 *148 150 *116 150
147 147
200 Union Tank Car
100 12178 Jan 15 152 July
13012 1323 12812 133% 1288 13512 13614 1393 136 14012
Oct 12814 May
4
8
135 13914 122.800 United Aircraft & Tran No par 783 Apr 11 162 May 5 110
8
1
87% 88
88
883
8 87
91
885* 89
8912 9012 897 897s 3.400 Preferred
8
50 68% Apr 11 10912Nlay 1
5153 52
515 5214 51
8
513
4 51
52
51
52
51
12,800 United Biscuit
52
No par 41 May 31
53% Jan 14
•127
- - -1 -Apr 57 -6 3 ;
4
•12712 ____ *12712 ____ •130 ____ *
-4
0
__ *130
__
_ __I Preferred
100 11412June 11 126 Jan 24 11214 Mar 135
16
Oct
1612 1538 1618
1518 16
15 8 157
3
1514 1512 137 1
------ United Cigar Stores
8 518 - 10 135*July 3 2712 Jan II
227 Aug
84
8
345 Feb
*80
84
2
86
*83
85
*
83
84
783
83
8212 8212
300 Preferred
100
July 27 10
y 19 104 Jan I1 10372 Dee 11418 Apr
751\y 2
6712 68% 65% 68
657 67 4 661* 68 8 675 713
,
,
8
4 717 7312 707.000 United Corp
8
Na par 82125S'4
473 47% 4712 481
4
, 47's 48
4814 48% 4812 484 48% 49
13.300 Preferred
No par 45 May 13 49 July 10
____
3714 393
_-40
4 39
*39
39,2 341,
3818 3812 3812 3812 2,700 United Electric Coal. No par 30 June 3
81% Feb 6
117 1187 11612 118
82
5814 Oct - ; Dee
1
8
4
1155* 1173 11614 11712 11614 11712 116% 117
6,700 United Fruit
No par 1095
8June 12 15812 Jan 31 13112 JULIO 148 Nov
•
14
1412 •1312 14
•1312 1412 •1312 14
,
*1312 14 1 1312 1312
200 United Paperboard
100 1312July 19 26% Jan 22
1612 Doc 277 Apr
7812 8014 78
2
797
77,8 7712 78
78
77
77
76
7612 2,700 Universal Leaf Tobacco No par 7012June 13 857
8May
603 June 87% Nov
8218 82,
8
8 8218 8218. 8218 8218 80
8218 •80. 81
*80
320 Universal PDtures 1st pfd.100 80 July 17 93 Jan 10
81
Feb
914 Nov RIO
2
113 12 4
4
1114 113
,
8 1118 1135
1114 1114
11 14 113
8 11% 1114 3,600 Universal Plpe & Rad__No par
105*May 29 2214 Jan 2
2
•
155* June 357 Oct
*83
85
*80
85
*80
85
10 Preferred.
•80
85
100 8312July 1 10012 Jan 9
8
877 Sept 1053 Den
4
3114 31121 31
3112 305* 31
305* 315* 30 8 32 I 3012 315
,
8 7,400 U S Cum !eon Pipe & Fdy--20 27 May 31 5578 Mar 18
38 Dec 53 No•
•1712 173
41 1712 1712 1712 1712 175* 175* •17% 173 *173 1731
4
800 let preferred
8
No par
167
8June 8
19 Jan II
191 Nov
18 Nov
*193 203
,
4. 193 1934 *1934 203 •193 204 8193 20 4 .19 4 203
4
4
4
3
100 Elwood pr '(erred. _ No par
3
4
185* Apr 18 20 June IS
14
1812 Nov
15
14
19'..
1412 1412 14
14
14 1 1334 1378 6,400 U B 131etrit, Corp
14
No par
1238 Mar 26
1813 Apr 19
1312 June 2014 Jan
8
83
*8212 83
143
*8212 83
*8212 84
8212 8212' 8212 8212
500: Preferred
100 7114 Mar 12 84 Apr 20
Oet 903* Jan
76
8% .5 8 6141 .5 8 614
*618 63
4 *
618 6'2 eats 81, ea
,
I U S Express
,
100
2 Jan 22 10 Apr 8
3612 3734 '
6
27 Nov
8
Jan
13612 37
363 363
4
4 3635 3712 3618 3618 35
36
2.100 U S Hoff Mach Corp_ __No par 30
8
Dee 58118 Jan
41
1883 190 s186 188% 18638 188
4
18618 19134 1873 190% 186 19014 49.400 U S Industrial Alcohol.. .100 128 May 28 497 Jan 2
8
Jan 16 19314July 10 10218 June 138
2214 2212 223* 225
oos
8 213 2214 21
4
22
22 1 2114 2214 4,500 U 8 1 eatndr
22
No par
193
4May 27 35% Jan 14
39
Jan
22
39
51 May
*37
39
*37
39
*35
39
3712 383
4 377 38
500, Class 1
No par 3712July 18 6178 Jan 14
*94
Jan
72
52
95
Apr
*94
95
*94
95
*9414 95
*9212 95 1 *9212 95
1 Prior )referred
100 91 May 14 107
89% 8912 873 90
4
4
8712 8812 87 2 88% 87
,
8858' 8712 89
7,800 0 13 Realty & Impt____No par 81 Jan 8 11912 Feb 1 1003 Dec 1091i May
Feb 6
61 14 Feb 93 .8 May
5112 5318 50 • 52
5018 5114 5014 521
5
. 5014 5141 4912 5112 21,400 United States Rubber
100 42 Jan 8 65 Mar 18
27 June 6314 Jan
783* 7812 7612 78
7612 77
7612 77
7712 773 1 75
2,300
4,
181 preferred
75
100 73 May 28 9213 Jan 16
55 July 1093 Jan
8
5512 533 54
54
4
53% 543* 5314 5514 533 5412' 54
4
55
10,300 U 8 Smelting. Ref & Min___50 48 May 27 727 Mar 20
8
39% Feb
7
7112 Nov
53 8 53 2 *50 8 54
7
3
505 505* 505* 51
50 4 51 1 51
3
5114
900 Preferred
50 505
8July 16 53 Jan 3
51
Jan 68
Dec
20112 204
19812 203
198 20514 200 20258 1993 20414 2045* 20814 750,200 United States Steel Corp__100 163
4
May 27 20814July 19
4
1393 140
140 140, 140 14014 140 14014 140 14014 1393 140
8
4
5,500 Preferred
100 1393
4July 2 144.4 Mar 1 1385* Jan 14714 Apt
*86
90
89 89
8812 8812 *86
90 .86
89
*86
90
200 U S Tobacco
No par 83 June 21 1093 Jan 30
4
86 June 120
•13914 144 *13014 141 •13914 142 *13914 142 •13914 142 *13914
Oct
Preferred
100 136 Mar 6 143 May 3 12713 Jan 139 Juno
*300 320 *300 330 *300 310 *290 310 *290 310 *290 142IUtah Cooper
310
10 264 Jan 2 353 Mar 19 139
Jan 273 Dec
455 47
4512 4612 4512 46 2 4612 48
,
47
48'2 4712 40 221,100 Utilities Pow & Lt A__No par 35 Mar 28 493 Jan 30
8
2813 Feb 4514 May
918
9
83
4 9
812 9
8
8 12
Vs
Ws
818 812 3,000 Vadsco Sales
No par
614May 28 131s Jan 21
*70
73
•68
72
*69
72
*69
73
*69
71
69
69
100' Preferred
100 69 Apr 23 82 Jan 16
7
9284 9612 93,s 9614 9212 95
913 943
4
4 91
933
8 91% 96% .58,700 Vanadium Corp
No par 68 May 31 11612 Feb 8
Jan 11112 Noe
60
•
4018 4018 41
40
41
417
39
41 '38
538
40
40
600 Van ltaalte
No par 27 Mar 12 417 July 16
8
75 Jan
8
2
407 Oct
*82,8 84
*
83
82
*
82
83
82
82
*82
83 .
82
83
181 preferred
10
100 60 Jan 2 83 Apr 24
437 Jan
8
78 Nov
*9612 97
.96
98
96
973 7973 98,
4
8
8 97
987
8 97
7,700 Vick Chemical
973
4
No par 82 Jan 4 109 May 15
58
Jan 85 Dee
8
*1143 115 4 *1143* 11514 *1143 11514'11412
3
8
•11413 ----'11411
, Vic Talk Mach 7% pr pref_101 110 Mar 1 11578July 5 10112 Jan 11212 Dee
113 1112 113 1134
4
118 113
4
113 1414 13
4
137
8 12 8 133 13,900 Virg-Caro Chern
,
8
No par
4MaY 29 2434 Jan 28
12 June
93
203 Nov
417 43
8
413 43
4
413 413
4
4 423 4411 4434 448
4
4 4314 433
1.9001 6% preferred
4
100 3614Nlay 29 6512 Jan 26
4418 Jan 6414 Nov
*90
9112 *91
*91
9312 *91
93
92 .91
92 '91
92
I 7% preferred
100 8612May 29 9712 Feb 4
91412 Nov
88% Jan
*1073 ____ 107 107
4
108 108
10712 10713 '1073 ____ *1073
4
4
30 Virg Elec & Pow pf (7)
100 1053
4June 8 10912 Apr 27 10612 Dee 1141* Apr
*45
47
*45
47
*45
47
43
43
*45
47
43
43
80 Virg Iron Coal & Coke pf 100 43 July 9 48 Jan 29
47
Oct 623 Jan
99
98
3
9812 100
100 10212 102 1023 103 126
120 12412 1,900 Vulcan DetInniug
100 50 Jan 16 126 July 18, 2212 June 74 No•
*100 106 *100 106 •100 106 *100 103 4 *100
103
103 103
10 Preferred
100 91 Jan 4 110 Apr 251
*95 100
•99 101
74 June 99 Sept
100 100
100 100
10.5 110
120 123
130 Class A
100 40 Jan 2 123 July 19
32% 33% 3112 33 8 3112 3214 3114 315*
1912 June 4814 Nov
,
3112 3114 314 9.100 Waldorf System
No par 22% Mar 26 3412July 101
41101 103 •101 103 *101 103 *101 103 8 31
1912 Jan
2814 Dee
101 103 *101 103
. Walgreen Co pre(
100 1003 Jan 11 106 Jan 24 105 Dec 10612 Sept
4
413 43% 41
4
437
40% 4214 41
433
8 437 46
443 453 24,800 Waiworth Co
8
8
No par 2313 Jan 8 4614June 26
6212 621
. 6012 6212 60 60
1412 Aug 267 &PS
8
60
60
*61
62 2
,
200 Ward Baking Class A NO Par
2
43 Apr 13 84% Jan 17
13% 1414
Feb
1312 1412 1214 1312 1214 13
Dec 123
70
12
124 1214 1214 10,400 Class B
No par
814Mar 26 2114 Jan 16
*78
80
•77
1514 Dec 295* Jan
80
•77
80
*77
80 •77
80 '77
80
I Preferred (100)
No par
71 Mar 25 8712 Jan IS
61% 61% 6012 623
77
Dee 97, Jan
4
8' 595* 63
603 63
4
6114 623
8 6013 621 1 144.700 Warner Bros Pictures new..._
543
-_
4Nlay 31 63 July 16
5214 5214 523 537
807 Aug 13014 Bent
8
5212 55% 54 4 5/7
,
8 5414 54
[4 543 5414 3,100
Preferred
4
No par
44 Apr 10
3112 32
UN Jan 22
3144 Dee 67, D,
3135 32,8 3112 32% 32
4
3212 3114 32
315s 3218 3,900 Warner Quinlan
No par 2812Nlay 27 427 Jan 2
8
Feb 44% Oct
26
1693 169 4 16714 168
4
3
165 168
167% 168
1673 17112 17134 1717
4
5,700 Warren Bros
No par 139 Apr 16 17478July 19 140 June 19218 Apr
*45
47
*45
47
*45
47
*45
47
*45
.45
49
1 First preferred
49
60 49 Apr 24 53 Mar 27
1812 1914
4914 Nov
19
61
Apr
1912
1812 19
1812 1812 1812 1812 1814 1812 2,200 Warren Fdry & Plpe___No par
1518 Mar 20 3414 Jan 3
13 June 367 Oct
*9112 93
*91
933 *91 '93
s
8
*90
93
•91.
9318 9318 9318
100 Webster Elsenlohr_ __.
25 7212 Apr 22 1133 Feb 5
8
33
33
_
33
33% 33% 333
4 32% 3314 32% 33% 3212 33
Wesson Oil dt Snowdrift No par 3218July 6 48 Mar 7
5,601)
87 Nov 110- - e;)
*6012 62
61
61
D60% 61
60 60
60
60
59
597
Preferred
8 2.01)0
No par 59 July 19 7212
221 22412 218 2251 222 229
3
.
225 228% 220 2247 219 22212 81.300 Western Union Telegram..100 17934 Jan 2 229 Mar 9 1053 Dec 10834 Nov
8
July 16 13912 July 201
4912 5012 49% 50 4 5018 517
Oct
3
8 50% 507
8 5014 51% 5014 513 38.100 Wstnghse Air Brake
8
No par 4314514y 31 5413 Mar 2
4218 June 573 Jan
19518 19814 193 19612 193 19912 196 200
8
19518 1977 19583 199% 46.600 Weetinghouse Eta° & M04...50 13712 Jan 15 204 July 5
*180 185
8318 Jan 144 Nov
18018 18018 185 190 *ISO 1937 .190 195 2 185 185
8
60, let preferred.
50 132 Jan 2 195 July 6
*3912 40
9584 Jan 139 Nov
*38% 39
39% 39% 39
393 *38
4
39
3814 39
2,100 Weston Rice Instruml_No Pa
22 Jan 28 4814Nfay I
1212 Jan
*33
35
2812 June
*33
35
*33
35
*33
35
34
34
3412 3412
200 Class A
No pa
3312 Jan 7 3313 Apr 23
*10312 104
303 Jan
10312 104
1043 1057 10518 10518 105 105
4
2
1033 105
400 West Penn Elea el A__ _No par 1021251ay 17 110 Feb 1 103 4 June 40% May
8
10814 10814 10814 109, •I07 108
112
2
108 10914 10912 10912 10612 10812
330 Preferred
03 f ay
100 19412 1's,la r 28 11114 Jan 17 10712 Oct 11514 Apr
97
97
9618 97
Apr
9612 97
97 97
9613 977
250 Preferred (6)
8 9614 9614
100
27 102 Jan 17
*114 115
981s July
115 1157 *115 116
8
11412 115 •114 116 •114 116
170 West Penn Power pref
100 113 Jan 8 117 Mar 18 11312 Oct 1044 Apr
*1053 107
4
105% 1053 *106 10712 •106 107
118 June
4
106 106 •106 107
20 6% preferred
100 1053
4July 5 11013 Jan 16 103 June 113
*4812 54
*411
54
Jan
*4412 54
*50
54
•50
53 .
4812 5212
,No par 483
1West Dairy Prod el A.
8July 10 593 Feb 5
4
2712 27,2 27% 275
5212 Dec 78
8 27
Apr
27
2514 273
8 2612 27
263 27
Class it
8
3,600
No par 2212June 11
34, Feb 5
.
6912 6912 67
203 Jan 49
3
69% 66
Apr
6712 66
66
63
65
64
665* 5.300 Westvaco Chlorine ProdNo par 3
409, Jan3one 1 9.118ay 11
,4
M
3312 3312 3318 333
4 3312 34
_
3314 3312 33% 3312 3312 343
4 5,500 White Hag le in a Refit _No par
30 38 Fcb 25
423 43
4
43
20'; -Feb - - -- Nov
43,
8 4212 42% 4212 43
118
42
4212 413 42
4
3,500 White Motor
No par 38 May 29 53% Mar 2
46
44
45
*
3014 Feb
46,
8 4412 46
4314 Jute
*4512 46
45
45
443 447
8
1.200 White Rock min Sp etf
50 43 Jan 2 54 Apr 19
341 Jun 497s Nov
,
20 20
193 19 4 *1914 20 I 1918 201
4
3
2012 2112 20
2153 2,3001 White Sewing Machine_No par
12 May 27 48 Jan 2
*43
4512 *43
45
3314 June 5234 Dee
4314 43141 4314 4314 1512 4512' *42
46
3001 Preferred
41 14June 3 5778 Jan 16
19
19
184 19
19
MN Aug 58
19
19
Dec
19
18% 188 1818 185*
1,100 Wilcox Oil & Oas
Na
1818July 10 298 Feb 6
483 483 *1514 49
4
4
4612 4612 *4512 4712 •458 47
1714 Dec 2218 Nov
1514 4512
500 Wilcox-Rich class A _ _ _ _:.,AVVs par 37 Mar 26 6IliMay 3
o parpa
46
44 8 46 4 4+8 45 81 4518 457
3
4512
3
1
3
8 4414 45% 4312 43
7.300 Class B
No par
Nfar 26 62 May 3
2614 2612 2514 2614 243 2533 2414 25 8 213 25
4
224% 2412 59.500 Willys-Overland (The)
5
5 20 June 12 35 Jan 3
*9512 97% 95
95
*94
1714 Jan 95
35— -1.)eg
9512 9718 98
-.
98
9814 9812 1,000 Preferred
100 92 June 25 103 Jan 3
714 8
714 714
73
8 7'
925 Jan 1041a Des
4
173 17
77 1 13
18
8
7% 8
8
Wilson & Co Inc
8
1,700
No par
7 May 21
1812 1812 173 173
8
1312 Jan 23
8 1712 175*
11
Oct
16
Feb
1712 18% 173 1812 3,000, Class A
4
No par
16 May 22 27 Jan 21
*60
61
6112 60
6112 6112 61
22
Jan
85 may
60
6112 6278
63
800i Preferred
10
57 May 22 70 Jan 23
915* 923
4 9018 9118 9038 9218 89% 9035 *62
8 9012 923
6314 Oct 77k4 Feb
90
'
907 31.800 Woolworth (F W)Co
8
10 85 May 27 9112513y 4 17512 Feb
603 62
61
60
225% Nov
61
607 61
s
631
63
633
8 63
6612 10,700 Worthington P & M
100 43 Mar 25 6634.1une 28
*84
86
86
86
*
87
85
28
Jan
*84
55 Nov
87 '84
87 '84
87
104
410001, Preferred A
771 Apr 12 9212 Jan 23
4
78
78
*75
78
78
4)114 Jan 93 Nov
78
*7512 78 .7613 78
78
78
101
66 Apr 6 82 Jan 11
134 13712 133 135
133 135
41
Jan 80 Nor
136 1401 135 1377 13314 1343 31,400 Wright
B
er ronautical___No par 109 May 31 290 Feb 5
78
77
78
773 773
69
78
Feb 289 Nov
77
78
763k 773 2763 76311 2,000 Wrigley (Win Jr)
4
8
No Par 70 Mar 26 80 8 Jan 30
7
68 lily 84 Aug
8014 8014 8118 82
813* 8214 82
821
82
83
83
Towne
84
25 6184 Feb 11 84 July 19
351s 397
611, 142V
373 3983 38
4
3812 40
8413 Apr
393
38
383
4 3718 38% 22,500 ir llowTruw
40 10 lfilie A To ek& Coach cl B_10 343
4May 28 5I14 Apr 24
90
4181
275 Feb 575 Nov
8
95
*81
8518 8518 *81
4
90
*81
90
*81
90
0.700 you eges v ring
10
0 Prn f rred
100 80 Mar 8 9612May 10
43 Nov
70% 69% 70
70
06
68% 697
70% 71
Apr
69
69% 684 6914
& Wire_ _No pa
5214 Mar 26 713
8July 12
15018 15112 148 149
4544 1)00563 Nov
14914 14914 149 149
151 151
4
Youngstown Sheet & T_No Par4,900105 Feb 19 15814Ju
150 155%
1
ly 13
8312 June 11551 Dell
I
8 Bld and asked prices, no sales on 11212 day. s Ex-dividend.
y Ex-right..
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
449
Jas. 1 1909 the 8:change method of Quoting bonds was chanoed and prices are now "and interear—except for income and defaulted bones.
BONDS
N. Y. STOCK EXCHANGE
Week Ended July 19.
Price
Friday
July 19.
Range
Since
Jan. 1.
Week's
Range or
Last Sale.
State and City Securities.
_ 87 July'29
8814 8812 Jan'29
99; Nlar'28
9912 Jitne'28
9512 June'29
10314 June'29
104 Mar29
9712 Jan'29
4
---- 953 June'29
98 June'29
99 Mar'29
101 May'29
101 June'29
10812 June'28
107 1033 June'29
4
110 103; Apr'29
105 10418 Feb'29
10114 May'29
10114 July'29
Foreign Govt. &Municipals.
1947 F A 80 Sale
Agri° Mtge Bank s I 6s
Sinking und 6s A _Apr 15 1948 A 0 80 Sale
1963 Si N 873 Sale
Aker/hue (Dept) esti 5a _
4
1945 J J 92 Salo
Antioaula Dapt) col 75 A
1945 J J 90
Externa a I 7a icr B
92
1945 J J 91
9214
Enema a f 7s series C
1945 J 1 90 Sale
Externa I 7s ser
4
0 873 91
Externa s f 7s 1s1 ser__ _ _1957 A
1957 A 0 8612 88
Extl see a f 78 2,1 ser
1957 A 0 8612 88
Eat! sec a f 7a 311 tier
1958 J D 903 Sale
Antwerp(City) mai 58
8
Argentine C/ovt Pub Wks 6s.19430 A 0 9914 Sale
Argentine Nation ((bet of)—
Sink fund aa of June 1925-1959 J D 9918 Sale
1959 A 0 99 Sale
Eat] Ill, of Oct 1925
Sink fund Si series A
1957 NI 5 9912 Sale
External tis series B _ _Dec 19542 D 9914 Sale
Eatl a liii of May 1920 1960 M N 100 Sale
External a IS,(State Ity). 1960 NI S 9938 Sale
Extl Si Sanitary Works_ _1961 F A 9914 Sale
Ext(is pub wits(May '27)-1961 M N
991s Sale
Public Works extl 5Sas
1962 F A 95 Sale
Argentina Treasury 58 £._ _ _1945 M S 9114
-_
Australia 30-yr 53). _July 15 19552 1 94; Sale
External .5a of 1927...Sept 1967 M 5 95 Sale
Extl g 4%s of 1028
1956 M N 87 Sale
Austrian (Govt) e I 76
1943 1 D 1043 sale
4
Bavaria (Free State) 63.4e1945 FA
Belgium 25-yr ext sf734s g.1945 J O
'20-yr s 1 8s
1941 FA
25-year external 6 Sas_ _ _ _1949 NI
External a f fls
1955 22
External 311-year a / Ts__ _1955• D
1956 MN
Stabilization loan 78
Bergen (Norway) a I 8s
1945 MN
-year sinking lucid Ss__ 1949 A0
15
Berlin (Germany)s f 6345_1950 A0
External oink fund 68_ _ _1958• D
Bogota (City) ext'l a f 135._ _1945 A0
Bolivia (Republic of) eat'85_1917 MN
1958 .1 .1
External sec 7s
1969 '11 S
Exteraals 17i
Bordeaux (City of) 15-yr 68_1934 al N
Brasil(U S of) external 88 _ _1941 ii)
External a IS Sas of 1926. _1957 A0
1957 A0
Eat' a f 0 Sas of 1927
78 (Central Railway) ... 1952 J
(coffee Recur) E (flat)_ 1952 A0
7)4-'
Bremen (State of) extl 7s.__1935 54 S
1957 M
Brisbane (City) s t 5s
,
1 A'
slaking fund gold 53
Budapest (City) mai aI as _1962 J D'
Buenos Aires(City)6)45....... 1955 .1
1960 A0
11.xti • I (is ser C-2
1960 A0
Ext1 t 6s ser C-3
Buenos Alm (Prov) eat' 8s-1981 MS
Bulgaria (Kingdom)a f 7s_ _1967 .12
suan'anen a f 7 Sae_ Nov 16135
Caldas Dept of(Colornbla)7 St8 48 JJ
.
Canada (Dominion of) 5e_ __I03 I A0
1029 F A
lu-year 514,
1952 MN
6a
1930 FA
414a
1954 1
Carlsbad (City) a I 88
'53 A0
Cauca Val (Dept) Colon) 7
Central Agrie hank (Germany)
Farm Loan a I 7s Sept 15 1950 MS
Farm Loan a f (*.July 15 196(1 J J
Farm loan a f (le_Oct 15 1960 A0
Farm 1 oan 65 aer A_Apr 15'38 AO
Chile (Republic ot)1942 Si N
20-year external s f 7a
External sinking fund 68..1960 AU
1961 FA
External a f 68
1961 ii
Ry ref eat/ f es.
1961 M
Extl sinking bind lie
1962 M
Extitanking fund 6s
Chile Mtge Ilk 6 las June 30 11157 -ID
D
401
/
f 81 of 1926_ _June 30 1981
Ayr 30 1961 A0
Guar !I I 6a
Cblnese(Hokum* Rai 5a___1951 • D
Chrlatiania (Oslo) 30-yr a f as '54 M
cologne(City)(Iertnany 81401950 MS
1961 J J
Colombia (Republic) tis
External a (Saul 1928. _ _1961 AO
cambia Alta Bank of 6148_1947 A0
Sinking fund 78 of 1926 _ ..1946 MN
Sinking fund 7e of 1927 1947 FA
1952 JO
Copenhagen (City) 53
1953 MN
25-yr g 4 tie
Cordoba (City) extl 81 Ts__ _1957 FA
I ls Nov 15 1037 MN
External
Cordoba (Pray) Argentina 781942 J
Costa Rica (Repub)exti 78_1951 MN
Calm (Reptin) (1401 l904.,.11144
External 58 of 1914 ser A _1949 FA
External loan 4(4. ser C _ _1949• A
Slaking fun1I.5 Sas. _Jan 15 1953 J J
Cundinamarca (Dept) Columbia_
1959 SIN
Eat' 51 634a
99
99
9918
99
99
99
99
9912
947,4
913g
9434
95
8612
10212
9912
100
100
4
993
997e
,
99 4
9912
.3
993
9514
4
913
9514
4
953
8712
8
1047
96;
94
9612 95
11518 Sale 114; 11518
10812
10414 Sale 108
4
10.5; Sale 105
1053
101
8
1003 Sale 100
108 Sale 10712 108
10612
10618 Sale 106
111
110 11038 110
100 10013 9812 10012
96
94
953 9512
4
8
8912 Sale 88
897
104 Sale 1023
4 104
10012
100 Sale 100
8718 Sale 863a
8713
85 Sale 85
8714
8
993 Sale 99
; 100
8
1063 Sale 1053
8 106h
9134 Sale 01
92
91 Sale 91
2
91,
99 Sale 99
9934
104 105 105 July'29
10018 Sale 1.00; 10012
4
893 9012 8934
8
897
8812 Sale 8914
8934
7812 Sale 773279
102 Sale 101 12 102
97
9812
4
973
98 Sale 9714
98
9214 Sale 921g
93
8118 83
82
8214
877 Sale 8713
8
6812
96l8
9512 963 9512
8
100 Sale 99
; 100
993 Sale 095
4
8
9978
101 18 Sale 1007
8
102
9612 Sale 06
91112
10312 101 10312
104
9313 Sale 9818
98;
9618
83
8
823
86
Sale
84's
Sale
Sale
9618
8414
8238
86
4
963
85
83;
88
10014 1007 10012 1017
8
8
92 Sale 91;
9214
9212 Sale 92
93
9312 Sale 92
93
9218 Sale 021g
9314
91; Sale 0112
9314
9612 Sale 9618
9638
99 Sale 9514
99
92 Sale 91
92
31
38
35
3612
983 10) 99 2
8
9912
,
92; 9312 9212
93i2
85 Sale 84;
86
85 Sale 85
8934
8012 Sale 8013
803
4
84; Sale 84,
85
2
89
8.5
4
863
8614
9414 Sale 9418
95
8(118 Sale 86
2
867
94 Sale 95 2
9614
,
94
9412 94
9414
100; Sale 99,
4
1003
8
94 Sale 94
96
100 10012 99; July'29
1001 - - -- 100 July'29
,
9512 Sale 9312
9512
8
1023 Sale 1023
g
10314
SO
c On the basla of 55 10 the L sterling.
80
80
7914
80
8718
87;
91
92
90
91
90 July'29
90
91
8912
89
87
88
8634 8712
8913
91
9918
9912
Sale
80
81
Price
Friday
July 19.
W.ek's
Range or
Last Sate.
Range
Since
Jan. 1.
High
.4s5 Low
High No Low
Bid
High
11 109 111
8
1097
Czechoslovakia (Rep of) 8a__1951 A0 1097e Sale 10914
13 108 111
1952 AO 10912 Sale 10912 110
Sinking fund 8a ser 13
96
99,121
110
107; Ill
991,44 Danish Cons Munich)8s A_ _1946 FA 10812 110 110
96
1091.
3 10712 11012
1946 FA 109 109; 100
Series 13 a1 8e
98142 100."
10312 45 102 104;
1942 ▪ J 10312 Sale 10315
09,114 Denmark 20-year esti 6s
98; 101;
4 44
993
1955 FA 9912 Sale 99;
Extl g 53.4s
8712 120
.
861 90
Apr. 15 1962 AO 861e Sale 86;
Eat]g 434e
98'42 100120
99
9714 28
98
97 Sale 96;
105 1111.44 Deutsche 13k Am part ctt 65_1932 NI
5
9212 99
96
Rep Cust Ad 53.03'42 MS 9412 9512 95
101111106,1” Dominican
2
96
96
1940 AO 9114 95
,
,
90 2 98 2
1st aer 534s of 1926
931.441031*u
9012 9744
9478 9212 July'29
211 series sink fund 5343_1940 AO 93
95.$1 9!P's,
98 101;
,
95 81 9815 n Dresden (City) external 75 1945 SIN 98 10012 98 July'29
19 10134 10334
1947• J 102; Sale 10213 103
Dutch East Indies extl 6s
8 102; 19 10114 104
1962 M S 103 Sale 1023
40-year external 6a
11)2
4
4
8 1003 103;
4
-year external 5 SO.__ _1953 M S 1013 104 1013
30
101 10312
1953 M N 10218 10312 102 July'29
30-year external 5 3.411
87
8812
108 111
8s___ _1948 J J 10812 109 10812 July'29
8812 88 2 El Salvador (Repub)
,
82
5
84
8112 86;
85
1967 J J 82
Estonia (Rep of) 75
8
9212
97;
92
92 Sale 92
Finland (Republic) extl 6i3_1945 M
16
9912 Sale 99; 100
9712 101
1950 M
External sink fund 7a
99
95
94
21
96
96 Sale 94;
9912
1956 NI
External a 16 /is
10314 104
92
58
88
85
8
857 Sale 8518
1958 F A
Extl sink fund 53.48
4
1023 104
94; 9912
29
97
9712 97 2 Finniah Stun Loan 6 Sas A 1054 A 0 97 Sale 968
,
9418 9814
2
External 83.4a series 18.._.1l)54 A 0 933 9512 941s July'29
4
953 98
98 10018 French Republic ext 7 Sas_ _ _1941 1 D 113; Sale 11312 11412 210 109; 115
754 10512 III
1949 J D 109/8 Sale 10912 111
External 75 01 1924
99
99
106; 85 1043 108
4
8
1949 A 0 1063 Sale 106
101 10114 German Republic call 7s
98 10212
_
1954 NI N 9812 991. 100 July 29
9814 101 18 Gras (Municipality) 8s
360 102 10432
103
Gt Brit & Ire'(UK of) 5;0_1937 F A 10218 Sale 102
_
99 11812
9914 July'29
1929 F A 993 100
4
10
,
-year Colls 534s
14
5 c823 877;
8212
2
4
c47 fund loan Cop 1980 _ _1990 M N c8212 83 (8212
8
103; 1033
5 c96 100
4
4
963
c5% War Loan £ opt 1929_1947 J D c9612 98 063
.
10312 1041
,
4 10 104 107 2
9912 10114 Greater Prague (City) 7%8_1952 M N 9912 10612 10513 1063
9612 11
95; 99
9912 10114 Greek Governmental sec 76_1964 M N 96 Sale 96
8412 46
8734
82
1968 F A 83 Sale 83
Slaking fund sec as
9612 101
9712 12
1052 A 0 06; Sale 9612
Haiti (Republic) a 1 613
9312 92;
8
923 9714
5
943
4
1946 A 0 93
Hamburg (State) 68
2 100; 104,
2
4
4
1003 10214 10212 1023
8
797 9012 Heidelberg (Germany)ext 734s 50 J
91; 100
9518 30
Hungarian Munlc Loan 73.4s 19452 .1 9412 Sale 9412
90
9
7914
8518 94
External, I 18._. _Sept 1 11146,1 .1 8912 90 90 July'29
37
8412 8912
5
9212 Sale 9212
93
,
9212 98 4
'
91
9
4
963 Hungarian Land Si last 7348 61 M
9212 9412
9212
1961 MN 9212 94
9312 18
S t 7 Sas ser B
94;
9
90
9912 10112
10012 20
90
8
957 Hungary (Einar' of) 5 17 Sas_ 1944 F A 100 Sale 100
91112
,
96; 20
97 4
95
9012 9512 Irish Free State extla 51 58_ _1960 M N 9612 Sale
20
9412 97;
8
9584 225
4
95
88
Italy (Kingdom of) ext'l is. _1951 J D 947 Sale 94;
9512 64
93; 9612
Italian Cred Consortium 7e A1937 M S 94; Sale 9514
7
8612 96
9412 15
3
9112 9512
1947M S 9212 Sale 93 4
Extlsecalisserll
12
8614 93
22
9012 9512
94
J 93; Safe 9332
Italian Public Utility ext 76.1952
8J12 93
7
66
94
93
90
4
J 923 Sale 92
Japanese Goat £ loan 48._ 1931
25
s
9814 1007
99; 10214
1954 F A 100 Sale 100
10014 2411
6!'4a
30-year
12
95 100,
2
100
1947 F A 9918 Sale 99
1511 98 1011, Leipzig (Germany) I 7a
5
8
97,
921g 9172
96
91
96
4
98
981e 1003 Lower Austria (Prov) 7 Sas._1950 J
9514 101
-year Cia_ _1934 M N 10014 Sale 99; 10014 26
Lyons (City of) 15
58
9812 101
9R12 101
77
4
100
671 9812 100; Marselles (City of) 15-yr 6s_1931 NI N 993 sale 9914
8013 26
7912 89%
4
41, 98; 1003 Medellin (Colombia) 6.145.1954 J D 7912 Sale 7912
1612 25
19
21; 17 July'29
4
91
98 1003 Mexican Irrigat Asattig 4 Sas_ 1943 _ _ _
4014 Jan'28 _
extl 58 of 1899 '45 Q
47
Mexico(U S)
98 101
ii"
25 28
4
2978 283 June'29
1945 _
Assenting 53 of 1809
98 100 4
36
3
34
26
26 June'29
Assenting 58 large
27, 94; 9714
22;
1718
16
6
17
Assenting 45 01 1904
8918 9214
3
2314
17
Assenting 4s 01 1910 large_ _ _ ---- Is 16- 18 July'29
109
91 12 97
4
153 2218
17;
171s 20
AasentIng -15 01 1910 small_ _ _
2
32. 917 0612
3712
25
2718 July'29
Treas 8s of'13 assent (large)'33 1-5 2715 40
loll 8412 8814
35;
25
25 June'29
Small
85, 101, 1047
4
8
9114 68
871a 91;
AO 9018 Sale 9018
Milan (City. Italy) ext'l 63.4,'52
271 9014 9612 Minas Oeraes (State) Brazil—
9512
38
91
88
S 88 Sale 88
1958
65, 11212 11534
Eat' s f 6 Sas
4 31 100 103;
1013
1952 J o 10018 Sale 10018
46, 10512 110
Montevideo (('ity of) 7s_
3 103 108
106
S 105; Sale 10514
50 10214 107
Netherlands 68 (flai pieces)... 1972
99; 100;
1954 A0
_ 09;.Apr'29
315' 9734 10074
30-year external 138
90; 95
9212 73
176 10634 109
New So Wales (State) ext 581957 FA 9112 9214 91.2
4
9212 54
9014 943
Apr 1958 AG 92 Sale 91;
External a f 58
113 10118 10612
5 100 10314
9 109 11212 Norway 20-year eat! 6s__1943 FA 101,2 Sale 10112 10112
1944 FA 1017 Sale 10112 101; 38 100 10314
12
20
97 101
-year external Os
8
2
9312 99
1952 AO 10214 Sale 1003
14
30-year external ea
4 10214 54 100 1037
52
7
98 4 101h
1965 J D 100 Sale 993
47, 85h 92
40
8 100
-year s f 5348
24
95
9312 971
30' 100 104
External f 5s_ ___Mar 15 1963 MS 95 Sale 9418
66 100 104
Municipal Bank male f 56.19117 J D 9218 Sale 92
92 12 37
8814 95
8214 9012
44
86; 11
Nuremberg (City) eat' 6a._1952 FA 86; Sale 8612
95
85
8412 92
Oslo (('ity) 30-year s f 68._ _1955 MN 9912 Sale 9912 10012 16
9914 1025
32
1946 FA
Sinking fund 5/Is
95 10114
38
,
96; July'29
98 4 101
8
963 98
61, 105 109
Panama (Rep) eat! 53.4s_
9812 10212
1953 J I) 9812 987 98;
993
4 14
8
1961 • D
Ext1 see, I 6(4a
101 14 10112
9014 96 2
88
10112 Jan'29
,
9912 94 4
913 Sale 9012
4
Ext1 sf58 ser A _ _Nfay 15 1963 MN
1041 9012 1163R
92; 54
,
Pernambuco (State of) ext 721 '47 MS 9212 Sale 9212
94 102
65
95
90
8 21
923
8
;
101 1073 Peru (RepublIc of)
10714 Jan'29
Extl s f see 7 Sas (of 19263_1956 M
107 10711
9912 10212
13
9912 Sale 9912 10014 31
1959 NI
Exti s I sec is
99 103
17
8518 9312
1960 JO 8512 Sale 841.
8534
8412 9014
70
Nat Loan extIsI (la
93
86
31
8312 65
1961 A0 8512 Sale 8412
843 9012
43
S f g an
8
7614 8312
1941) AO 77; Sale 177
8311
8
4
7812
74
99 102a Poland (Rep of) gold 6s
4
8618 75
883
Stabilization loans f 7s....1947 AO 85 Sale 85
81
94 100
2
1950 J J 96; Sale 96;
9712 65
99
Eat! tank fund g 85
93
9418 100,
8
3
Porto Alegre (City of) 88_1961 JO 102; 10'33 1033
8 104 1 12 10114 10612
8
69
91 14 94
Eati guar sink Id 7Sas_ _1966 J J 9814 9812 9814
9812 12
97 10232
90
80
5
II 10614 113
107
21
851s 9714 Queensland (State) esti s f 781941 AO 107 Sale 107
2
1947 FA 102; Sale 10112 10212 40 100 1047
-year external 138
19
25
9312 101
10614 33 105 10614
34
9812 101; Rio Grande do Sul eat)a 158.1946 AO 16.514 Sale 105
37
86
92
85
1968 J D 86 Sale 85
11
Eat/ a I SP
091s 102
11166 54 N
96; 17
991e
95
Extl a I 73 01 19213
95 Sale 95
103
4
993 1053
4
91
9014
4
9014 91;
11)67 J D 9014 92
Eat! a f 7s manic loan
96
44
2
993
10612 18 106 10612
10312 10712 Rlo de Janeiro 25-yr s I 88__ _1946 A0 10612 Sale 105
85
3
.924 9
911
95 4
91
92 Sale 9113
1953 FA
Eat! a 1 614a
5
97 102
8718 9134
1952 A0 89 Sale 89
Rome (('ity) eat' 63.45
4
4
Rotterdam (('ity) eat' 6a__ _1964 MN 102; 10314 103; 10312 21 1013 10412
9212 99
9113
WS
1953 .1 J 8014 8212 S614 June'29
7812 88% Saarbruecken (City) 6s
33
3 1073 115
4
Sale 108; 109
79
70
SAO Paulo(City)sf 88_ _Mar 1952 MN 109
88
9312 12
9312 9312
93
92h 9812
1957 MN
8
923
Extl a f 8148 01 1921
162
85
4 10512 12 103 108
San Paulo (State) exti 188_1936 J J 104 10512 1043
19 10114 10713
104
J 104 Sale 102
1950
20 100 103
External sec a f 85
9678 102
9112 94
8
993 Sale 9834
97
External slls Water L'n _1956 NI
1964 J
Extl a 1 68 Int reta
88
9334 A
9112 9414
125
8512 Sale 8512
8512 9314
9
Santa Fe (Prov Arg Rep) 713 1942 NI
97
98
64
97 Sale 9612
95
9las 94
8
Saxon State Nita last 7s
9612
94 100;
1945 J o 94 Sale 94
153
9112 94
0118 94
1
Dec 1946 J
63
911g
Stg6S4s
9112 Sale 9118
8712 95
9514 913 Seine, Dept of(France) eat} 7s '42• J 106; Sale 10612 107
119 10214 10812
63
4
8
9
8912
96
9514 1.007 Serbs. Croats & Slovenes 88 112 MN 8918 8913 8914
55
88
Ext1 see is ser B
1962 MN 76 Sale 76
76.2 38
94
89
7512 8112
91
34
1958 ▪ D 7712 Sale 7713
7812 43
4
443, Silesia (Prov of) ext is
10
80
76
8474
7612 18
9814 loll, Silesian Landowners Assn 68_1947 FA
76; Sale 75
75
1
01
9912 58
8
973 Solssona (City of) mai 611... _1936 MN 9914 Sale 9918
15
97% 99%
Styria (Prov) anti 78
91
1946 FA 90
82
2
9112 90
9014
4
893 94
74
Sweden 20
-year tls
10212 40 101; 10414
1939 J D 102 Sale 102
81; 91
81
External loan 5(4s
81112
8 10614 22 10034 10514
1954 MN 102; 10314 1027
79
6
4
4
1073 Sale 107; 10814 23 107; 1103
,
11
8412 93 4 Swine Confed'n 20-yr 51 Ss.1930 J
9514 Switzerland Goat ext 5 Sas 1946 A0 10314 Sale 102; 10314 34 10012 10514
3
86
Tokyo City 55 loan 0( 1912. _1952 NI 5 753 Sale 75
4
75; 13
783
07
74
8
46
94
8514 89 4
Eat! a f 5 las guar
85
1961 AO 85 Sale 85
8612 70
,
9012
29
9312 93
1
Tolima (Dept of) extl is. _.1947 MN
86
8512 92
8914 86
7
91
90; 9614
9712 Trondhjeto (City) hit 548_1957 MN 91 Sale I 91
3
94
Upper Austria (Prov) 7s_ _ _ _1945 J
95
9512 97 June'29
4
543 9812
"3
,
95 a lot
4 12
893
External a t 3413_ _June 15 1957 .J D 89 Sale 89
8514 89h
9212 06
35
107
8 10412 10958
99 10212 Uruguay (Republic) MI 86_1946 F A 10618 1071. 10614
9712 61
96 100
1960 MN 97 Sale 06
External a f 6.
4
973 102314
9318 11
87, 94
92
4
4
9312 9912 Venetian Prov MU/ Bank 7a..1952 A 0 913 94
8712 77
84; 9012
Vienna (City Of) eat' 5 fOe.,1952 M N 8612 Sale 8612
107
37
4
973
24
81
Warsaw (City) external 78_1958 F A 77 Sale 77
8514
76
9214 42
4
913 96,4
8914 Yokohama (City) extl RR_ .1991 .1 1) 9118 9214 91;
80
31
U. S. Government.
Bid
soft Low
Illoh No.
First Liberty Loan
• D 962342 Sale 961322 97122 136
334 % of 1932-1947
J D
Cony 4% of 1932-47
99 June'29
• D 55i; §life" 993,4 991142 293
Cony 4 Si% of 1932-47
J D
2d cony
9911:4 Mar29
% of 1932-47
Fourth Liberty Loan
AO 99334 Sale 99
992344 1106
43% of 1933-1938
1947-1952 AO 107.20 Sale 1117,342108'334 370
Treasury 4/-4s
1944-1954 Jo 1031321 Sale 103,, 41.04,341 243
Treasury 4s
,
101 .42 1013.:4 201
1946-1950 Ms 100.18
Treasury 3'4s
1943-1947 J D 97322 Sale 97.31 98 21 779
Treasury 3k45
,
Treasury 3345 Juno 15 1940-1943 J D 97442 Sale 97444 9721, 863
NYC 34% Corp atNov 1954 MN
334% Corporate st_May 1954 MN
1936 NI N
4s registered
1956 M N
45 registered
1957 M N
4% corporate stock
434% corporate stock _ __ _1957 M N
I957 MN
414% corporate stock
1958 M N
4% corporate stock
1959 M N
corporate stock
4%
1960 M : ---43s corporate stock
1904 M al
434s corporate stock
1966 A 0
434a corporate etock
1972 A 0
44s corporate stock
1971 J 0
434s corporate stock
1963 M S
434s corporate stock
_
1965J D
4345 corporate stock
43as corporate titoak_July 1967 J J 10. -114
2
I960 ._ _
New York State Gana! 4$
Mar 1958 M S
9s Canal
BONDS
N. Y. STOCK EXCHANGE.
-.a.
Week Ended July 19.
Low
450
BONDS
W. Y. STOCK EXCHANGE
Week Ended July 19.
New York Bond Record—Continued—Page Z
.3.• •
Price
Friday
July 19,
Bid
Week's
Range or
Last Sale.
Ask Low
Range
Since
Jan. 1.
High No
BONDS
N. Y. STOCK EXCHANGE
Week Ended July 19,
E•t,
Loto
Price
Friday
July 19,
Week's
Range or
Lasi Sale.
Range
Since
Jan. 1.
High Chic Milw & St P (Concluded)—
OW
Ask Low
High No. Low
High
Gen 434s aeries C___May 1989
917 Sale 903
8
9172 ti4
4
4
9014 953
Registered
00 May'28
Gen 4 Sis series
_ _.May 1989 J J 91 Sale 905
8
9112 15 -8714 05
Deb 48 (June '25 coup on)_1925 ID
8178 Feb'28
Chlc Mllw St PA Pac 5a____1975 FA 90 Sale 8914
907 151 -66- 8
6iCony adi 58
Jan 1 2000 AO 771 1 Sale 733
4
6914 80
77 4 1852
,
Chic & N'west gene 334e1987 MN
12
74
8012
72
Registered
Q F 73 Sa
! 7 12 Oct'28
_l
773
General 48
1987 MN 8418 - - 84
85
1
84
-8
84 115
Registered
_ 84
Apr'29
81
Q F
84
Stud 4s non-p Fed In tax '87 M N 8312 88 - 86 May'29
56
9014
Gen 43iestpd Fed Inc tax 1987 MN 9712 9912 99 June'29
09
99
Gen be stpd Fed inc tax _1987• N 10518 Sale 10518
1 1034 1093
10518
4
Registered
M N
101
Apr'29
101 101
Sinking fund 65
1879-1929 A0 9912 ____ 99 8
5
,
995*
99 100 4
,
Registered
A0 _654
10014 Oct'28
-Sinking fund 55
1879-1929 AO
993 June'29
8
2
-6614 1-661Registered
A0
99
99 Mar'29
99
Sinking fund deb 58
1933 M
4
99 1013
952 -667-8 99 July'29
Registered
MN
100 June'29 - - 10012 100 4
3
10-year secured g 7s
1930 J O Hail 161 10138
-3;
10138 15 -10018 103
15-year secured g As_ _1936 M
10638 Sale 10614 107 37 10614 11114
1st ref e 55
May 2037 J O 102 Sale 102
10218 26 10018 105%
1st & ref 414a
May 2037 ID 923 Sale 923
4
4
9012 073
4
9312 23
Chic R I & P Railway gen 4s 1988 J J 8612 Sale 8612
6
8612
89
85
Registered
J
Refunding gold 4s
1934 A0 -53i2
c22
8314 De911 18 101
9 14
8
02's 05
Registered
A0
9234 Jan'29
9234 923
4
Secured 434e series A
1952 NI S 90 Sale 8914
9014 37
9518
88
Ch St I.& N 0 Mein Div 43_1951 J O 83
8712 83
5
83
88
53
Gold 58
June 15 1951 ID 102 1033 10312 June'29
4
102 105
Registered
ID
107 Apr'28
Bait & Obi0 1st g 4s___ _July 1948 A 0 90 Sale 90
89% 9314
Gold 3(4s
9012 25
June 15 1951 J D 81
81 July'29
81
81
Registered
July 1948 Q J
92
87
_ 8712
5
8712
itegtatered
D
78 Apr'29
20
-year cony 4195
80
78
1033 M S 971,3 Sale 9718
ChStL&PIsteonog5s.,i032 AO ____ 9912 100 Apr'29
9512 09
9734 239
9912 101
Registered
M 9
98 June'28 _
Registered
AO
1015 June'28
8
Refund & gen 55 series A1995 J D 10612 Sale 100
09 102% Chic St P M & 0 cone 6a ,,.1D30.10 9914 _
59
101
14
100
97 1OF
998 99%
Regletered
J D
9914 9914
__
Console reduced to .1158.__1930 ID 953 ____ 953 May'29
9914 June'29
4
4
tot gold be
953 97
4
July 1948 A 0 1013 Sale 10158
4
10212 10 10128 10412
Debenture 58
1930 M
9818 Sale 9818
9814 21
96 101
Ref & gen 6s series C
1995 J D 10814 Sale 10814
Stamped
108 4 112 10714 110
3
MS 9814 ____ 973 July'29
4
9712 9918
P L E & W VIA Sys ref 4s._1941 NI N 9014 907 9014
94
90
Chic T It & So Hut 1st ba_ _1960 Jo 96
1
9014
98
0612 15
9512
91 10012
Southw Div 1st as
1950.5 1 1003 Sale 10014
4
993 10312
8
Inc gu 58
1003
4 32
Dec 1 1960 MS 8512 8714 86 July'29
9212
Tol& CM Div 1st ref is A_1959 J J
85
7912
7812 8514 Chic Un Sta'n 1st gu 44a A.1963 J J 953 9612
22
81
8034 81
4
953
4
9612 12
9512 10014
Ref & gen be series D
2000 M S 10034 Sale 10018
99 103
1003
lot Se series B
4 97
1963 J J 1023 ____ 1013
4
4
101 10412
1023
Bangor A Aroostook 1st 56_1943 J J 99 102
4
99 106
99 July'29 ____
Guaranteed g 58
1944 JO 10012 Sale 10012
1013
4
8 100 10212
Coo ref 45
1951 J 1 79
80
1st guar 63.4s series C
8614
7812 July'29
78
1963 3, 112 Sale 11212
5 112 1163
1133
4
Battle Crk &Stair 1st gu 38_1989 J D
8
Chic & West Ind gen 68 Dec 1932 tl
6812 Feb'28
10012
10114 Feb'29
10114 101 14
Beech Creek 1st gu g 411-- -1936 J J
__
Consol .50-year 48
96 June'29
1952 J J 8312 Sale 8312
84,2 37
8312 8914
Registered
'.1 J
1st ref 5145 series A
95 Aug'28
1962 NI S 1023 Sale 10214
4
2d guar g 58
10234 35 19014 105
19363 .1 9314 -- -- 97 June'28
Choc Okla & Gulf cons 58_1952 MN 9612 100
9912 June'29
Beech Crk Ext lat g 310
9911 10112
19511A 0
80 Mar'29 _ _
-66- 16 C1n11 & D 2d gold 4 As
1937 J J _978_ 9712 9
Mar,
Marl
,
93
94 8
,
Belvidere Del eons gu 3 As_1943,1 J - C I St I., & C Isle 48_Aug 2 10311 Q F 9612
96's
94 July'29
Big Sandy let 48 guar
0612
94
1944%1 D
85
931a
85 June 29
- -;
Registered
Aug 2 1936 Q F
_
97
Bolivia Ity 1st 58
19271.1 J
Cln Leh & Nor It con gu 4o 1942 MN 9014 - - 9014 Oct'28
93
05i
Boston de Maine 1st 5s A C 19137!M S 9412 Sale 9414
9014
3
- 66
£5
37
Boston & NY Air Line lat 48 1955F A 7612 77 _
75
8112 Clearfield M Mah 1st go 5s__1943 1 J 9812
100 July'28
Bruns & West let gu g 48_1938J J 93
_
02
9814 92 June'29
_
0512 Cleve Cln Cli & 51 1, gen 4s_ _1993 1 1
1031
85% 16 4 8518
18518
1
Buff Koch dc Pitts gen Ii 58_1937IM S 10012 ____ 99 July'29
99 10012
20-year deb 9 SO
9818 Sale 97
9818 13
Congo! 4 As
3
99,
97
1957A1 N 8712 Sale 87
8512 927
8712 40
8
General be series It --------.)93 J D 102
10312 July'29
Burl C R & Nor 1st & coil 55 19344 0 ____ 993 97
103 2 112
,
3
993
4
97 102
4
Ref & inapt (is series A _ _ _1929 J J
1041
993 June'29
4
__
9012 101%
1
Ref A Impt (3a ser C
10114 1-663- 10034
8
1003
4
1 1003 105%
Canada Sou cone gu be A
1982 A 0 10114 103 10114 July'29
4
10118 1063
4
Ref & !flint 58 tier D
1963 J 1 10012 1013 101
4
101
5
Canadian Nat 4 Sie_Sept 15 1954 M S 92
98 10312
94
54
92
92
2
963
4
Cairo Div 1st gold ole
1930 .1 J
9118 9412 9112
9112
8
-year gold 434s__Feb 15 1930 F A 99
2
91
9312
9914 99
9914 47
4
973 093
4
Cln W A NI 1)1v lat g 48_1991 J 1
8234 82 June'28
__
-year gold 494s
30
02
19571.1 1 9314 Sale 93
80
9312 90
96
92
St L Div 1st eoll tr g g 48 1990 MN -85F 857 86 June'29
8
8
_
815
Gold 41414
1968,3 1)1 92 Sale 91
8812
923
8 91
91
95
Spr & Col Div isle 4s,...._ 1940 M .
0
,
S
9312 9218 Mar'29
Canadian North deb if 75_19401; 13 10812 Sale 10812
9218 92%
11012 22 10818 113
W W Val Div let g Is
90
Oct'28
194811 1 1133 Sale 1131, 114
'25-year 5 f deb 6 tie
4
21 11212 11612
Ref & !mat 4 As ser E_1977J 1 911x93
93
93
-6ii298
Registered
I
1
112 - Apr'29
112 113
C C C& 1 gen cons g 6a
19341 J 1007 104 100 8 July'29
8
,
100% 10418
10-yr gold 4 As....—Feb 15 1935 F A
953 9812 953
4
96
4
11
9514 09
Clev I.or & W con late 58
1933 A 0 100 Sale 9912 100
4
9712 10112
Canadian Par Ry 4% deb stock__1.1 J 8212 Sale 8134
824 179
80% 86
Cleve A Malmo Val g 58.,..1938 .1 J 9418
Oct'28 -100
•1946M S 9534 sale- %AI
Col tr 4 tie
96
29
9514 99
Cl & Mar 1st gu e 440-1935 M N
0614 Apr'29
9412
Carbondale & Shaw 1st g 42-1932 M 9
6 -1;
9818 Mar'28
Cleve 4, P gen gu 414s ser 11.19424 0 902 9812 100 4 Nlar'28 _ _ _ _ -66- - 6
944 1 .1
9 A
3
1949 J .1
Caro Cent 1st cons g 48
75
7938 May'29 _
— .1- 10 79 4
-1a
Series B 3148
97 May'29 _ _
97
97
Caro Clinch &0 1st 30-yr 58_1938 J D 9914 100 100 July'29 ____
98 102
Series A 4148
9518 9812 98 May'291_ _
97
034
1st & con g Os ser A_Dec 15'52 J D 10624 107 1063
4
1074 27 106 109
Series C 334s...,.1948 MN 85
8518 May'29._ _ _
8518 8518
1981.5 D
Cart A Ad 1st go g 48
90
874 May'29 873 873
4
Series D 314s
4
1950 F A sais - 6 893 Jan'29 _ _ _
6
4
893 89,
4
Cent Branch U P 1st g 48_1948 J 0
4
.. 80
__
85 Mar'29
8412 95
Cleve Shor Line 1st gu 4 As- 1981 A 0 0134 97% 95
95 1
7
9934
95
Central of Ga 1st gs_Nov 1945 F A i66
_ _ 10112 10212 Cleve Union Term 1st 550 : 73 :A 0 106 108 106%
-_ _ 10112 May'29
i9 2
9
2
107
2 10512 109
1945 M N 09 10314 99
Coneol gold be
991s 31
egistered
98 103
R
66_ 107 Oct'28
Registered
M N
100
Jan'29
_ 100 1011
let s f 5s ser 11
10614 1
- 102
103 I 13 lolf4
Ref & gen 5148 series B__1959 A 0 103 Sale 1013
9934 10512
14
103
8
let a f guar 914s ger C
1977 A 0 9618 98
96 May'29
1959 A 0 96 Sale 9512
96 101
Ref & gen 55 Berle,' C
95210112
96's 211
Chatt Div our money 4 4s_1951 1 D
86
87 Mar'29 _
87
Coal River Ry 1st gu 4s
87
19451 D 84%
8412 June'29, _ _
8412 903s
Mao & Nor Div tete as_ _1948 J J
101 101
Jan'29
101 101
Colo & South ref A ext 4
95
--- 4 9512
963
9541-- 3
Mid Ga & Ati dly yur m 55 1047.5 J 9512 100
9412 973
4
95 May'29,._
95
95
Col & 11 V 1st ext g 48 A41945 M N _ _
938 A O
87
__
8512 Apr'29
1948) J
Mobile Div 1st g 58
88% 91
101 100 Apr'29
99% 10015 Col & Tol 1st ext 4s
1955 F A 92
___. 9112 Mar'29
Cent New Eng let gu 45_ _ _1081 .1 ..0 78 Sale 76
9112 91%
7818 14
84
70
Conn de Passurn Itiv 1st 48_1943 F O
19 A A
30
88 Apr'29
Central Ohio reorg 1st 4)4s_ _1930 M S C718
1)0
88
_ 9712 Apr'29
99, Co!Ry deb 45
4
97
rm
9412
9412 June'29
__
Cent RR dr like of Ga coil be 1937 M N 93 - - - 99 June'29 _ _ _ _
94% 9412
98
95
Non-cony 95
9914
1954 J J 6918 71
70
1
70 I
Central of NJ gen gold 55
1987 J 1 10712 11312 107
6734 75
108
3 105 111 18
deb 4s__JAJ 1055 1 .1 65
Non-cony
70
68 July'29 _ _ _
Registered
1987 Q 1 104 112 107 July'29 ____
72
67
1035 109%
8
Non-cony deb 4s_A&O 19,55 A 0
76 Nov'28
__
General 4s
1987
_ 89 Feb'29
85
_
89
Non-cony debenture la. _ _1942 i D 65 -i6- 73
89
056 l J
Jan'29
__
Cent Pac 1st ref gu g 48
1949 F A 8914 Sale 8914
73
75
9014 64
93
89
Cuba Nor Ity 1st 5(4s
79 Sale 79
8012 33
79
Registered
F A
9314
88 Sept'28 _ _ _
Cuba lilt 1st 50-year lag...1932 1 0 87 Sale 87
05
63 1
87 4 21
,
Mtge guar gold 3SO.Aug1929
8514 96
9918
-_ 99 June'29
09
series A
1st ref 73'4s
8O's
100 Sale 9912
10112
7
Through Short L let gu 48_1954 A 0 88
9914 106
91
88 June'29
__
88
1st Ilen & ref (le am II ._1936 J D 9112 92
914
9112
9112
5
Guaranteed g 5a
1960 F A 100 8 Sale 10012
90% 98
,
10114 50
99% 103
Day & Mich 1st cons 410_1931 1 I 9712 9912 97 June'29
Charleston & Savn'h 1st 7s 1936 J J 11114
97
9812
111 14 1131x Del & Hudson 1st & ref 58.193 M o 92 Sale 9178
_ 1945 A N
3
--_-- 11114 Mar'29 _
93
15
9412
Ches & Onio I st con e6e__1939 M N 102 Sale 101%
89
14 1013 10412
102
8
35
111-year cons 5a
A 3i v
102 July'29
N
97 10412
193MRegistrd
1937 M N 101 Sale 101
10214 Dec'28
10212 18 100 105
General gold 4148
19921M 8 -66 Sale 957
9112 10014
0612 75
10-year secured le
1930 J D 100% 101 10014
1007
3 18 10018 10314
Registered
IM s
__
9214 98
-- 98 Mar'29
I) RR & Bldg° let go g le- -.193 F A
6
9614 Amen
20
1930 F A 9918 Sale 99
-year cony 4 45
0812 997s Den A It G let cone g 4s.,1936 J 1 89% Sale 89%
593
4 40
89% 20
flia1993:A 0 94
Ref & Impt 44
-is
88 - 4
3
90% 95 8
943 9312
64
Copsol gold 4(48
95
.
1936 a j 91% 92
,
904
8912 9412
Registered
F A
92% 92% Den & KG %Vela gen 56_Aug 1955 M N 9612 Sale 9512 July'29
9214 Mar'29 _
97
156
Craig Valley 1st be _.May 1 '40 J J
9034 98
9934 10314
10314 June'29 _ _
Ref & impt 55 ser Is Apr 10 j N 88 Sale
1 5 x1 j
8814 26
8712
Potts Creek Branch 1st 40.1948!J J -_-_-_-_ 89
96% 933
4
__
8512 May'29
884 88, Des NI & Ft D lat gu 45
2
2512 39
3014 Apr'29
R& A Div 1st con g 4s....-1989.1 J
25
40
Temporary etre of depoelt,
85 July'29
83
863
4
2714 32
2714 July'29
2d come)]gold 45
198911 J 82
eil
36
25
7
94
1 945 al
88
8114 June'29
81
Des Plali.es Val 1st gen 4 As_ 19, , n __._ 9812 92% Feb'29
Warm Springs V 1st g 58_1941 M 9
92% 92%
__
100 100
c let lien e 48
100 .Mar'29
Det &
1095 J D 71
Ma
79
71
71
Chesap Corp eonv Ew May 16 1947 M N 991 Sale 99
7
71
7614
96 101,12
1001.4 263
4
70
73
75 May'29
Chic A Alton RR ref g 3s. _1949,A 0 655 67
75
75
707 D Goldroi t 4tiver Tunnel 4(4s.. _1961 M N 95
8
8
64
15
64 July'29 __ _ _
t
96
95%
96
Ctf dep stpd Apr 1929 ini
11
95 11)014
65 8 65
5
65
64
Dul alissabe & Nor gen 58_1941 4 J 1003
64
4
89
4
10034 July'29
Railway first lien 3.45 __1950,.j i 6612 67
l_
10018 10314
6612 11
71
68
Dul A Iron Range 1st 55._ 1937 A 0 97 4 - - - - 9718
6612
, 983
4
9718
r ificates of deposit- t
5
Ce
9718 101%
68
6578 July'29
657 71
2,
-DM Soo Shore & All g 58. _ _1937 1 1 69
75
76 July'29
Chic Burl A Q-111 Div 33.0_19491 J 1 84 Sale S218
74
8112
82
22
84
66
East ay Minn Nor Div let
55 m O 8612 9414 9312 Feb'29
48 A N
Registered
1.1 1
9312 94
Apr'29
84
84
84
East T Vs A Ga Div g
99 100 4 90
,
90
Illinois Division 45
1949,3 1
90 1001a
6;8 893 8918
3
11
Cons lot gold 5s
8912
94
89
7
1023 10512 10414
8
10414
General 45
1958 M 8 89
10312 1053
4
89% 9312 Elgin Jollet & East late 5s. _1941 M N 9911 10514 99 July'29
897 90 July'29 __
8
Registered
IM S
9712 105
913 SePt'28 -- _
4
El Paso & S W 1st 15a 58-10 5 j 0 98 4
96
4s130 it
111
,
100 May'29
let& ref 4 Sieger B
1977 F A 94 8 Sale 9312
100 10514
,
95
16 -6612 1018
1971,F A 10234 104 1025
Ist & ref 5e series A
8
101.8 1011
Erle 1st consol gold is ext. 1030
1031 4
3(
0
1
10114 102 10138
1013
4 14 100 101
Chicago & East III 1st8a..._1934!A 0 10114 106 105 June'29 _ 8 1011 106
prior
.
8314 Sale 83
833
39
C & El!! Ike (new co) con 56.1951 M N 76 Bab 7412
8012 857
s
7814 74
7412 951/4
794 Mar'29
1992 M N 101 1037 104 June'29 _ _ _ 993 106
Chic de Erie 1st gold 58
791 8112
,
8
1st consol gen lien if 45._ 1996 J
5
1996
-- ii, tEil-e- 75
i
7612 —4Chicago Great West 1st 4s 1959,51 S 65 Sala 6312
7.114 8012
2
Registered
65
6312 897s
49
Chic Ind A Loulev—Kef 6s 19471.1 1 10934
71 11 7338
_ _ 1095 July'29 _
Penn cell trust gold 4e. _19 3 F 0 10if: 1&3 2 17112
8
1 51 A A
,
100%
4
- -1- 0 2 3'ulY:29 --- - 100% 102
Jla y 29
19471.1 1 9618 10412 10018 June'29 _ _ _ 100 113
Refunding gold 55
50-year cony is series A
1053 A 0 80
108
82
8012
Refunding 98 Series C
8012
19471.1 1
8
7814 8412
Si June'25
823 92
8
80
817s 80
8018
7
let & gen be Eter A_ _ _ ._1966 M N
96
% 8412
97
79
95
95
Se ces y 45
Gen rion" series D
1
1953 A 0
95 10314
82 July'29 _ _ __
lit & can eis ear B__MaY 196613 3 105 106 10514
793 82
4
1051 1
1967 M N 93 Sale 93
8 103 110
Chic Ind A Son 50-year 58_ _1958,1 1 847 89
9112 97
8
8812 May'29 _
E rleairerse58let a f 6s._ _ _1955 J 1 10714 111 Ill July'29
ite & Pt 9
87% 94%
9 29 183 105 11118
Chic L S A East let 41.4s__ _ _1969'J D 9112 93
94 Mara
Genoese° River 18t 5 f 55..1957 J 1 10712 1087
__
94
94
8 10712
10712 -- - 1 10411 112
Ch M & St P gen g 41 A_May 198911 J 82 Sale 82
8212 10
SO
1940
0
8634 Erie & Pitts ell g 334e ser IL 140 3 l 887 _ __ - 887
ji
s
s
887
s
1
Registered -------- . ----- - - Q i
887 88%
8
80
Apr'29
__
Series C 314a
50
80
887 _-__ 8818 Jan'29 _._ _
8
8812 881R
Geu g 3548 ser B____May 1988 13 J
70
72
71 July'29
Est RR exti 5 I is
75
71
1954,51 N 103 Sale 1024
103% 24 - 10112 105
Railroad
Ala Gt Sou let cons A 58___1943 .1 D
1st cons 45 ser B
1943.5 D
Alb & Swig Ist guar 330_1946 A 0
Alleg & West let g gu 40
1998 A 0
Alice Val gen guar g -Is__ .__1942 M S
Ann Arbor 1st g 48__ -July 1995 Q J
Atch Top AS Fe—Gen g 41_1095 A 0
Registered
A 0
Adjustment gold 4a__July 1995 Nov
Stamped
July 1995 M N
Registered
M N
Cony gold 58 of 1909
1955 .1 D
Cony 9s of 1005
1955 J D
Cony g 45 Issue of 1910
1960 I D
Cony deb 4J-is
1948
D
Rocky Mtn Div let 9s_ 1965 .1 3
Trans-Con Short L 1st 45_1968 J .1
Cal-Aria 1st de ref 430 A _ 1982 M 8
At! Knox,& Nor 1st g 58_ 1946.5' D
At! A Cheri A L 1st 4;0 A 1944 J J
1st 30-year'5a series B___ _1944 J J
Atlantic City 1st cons 48_ _1951 J J
Atl Coast Line 1st Cons 45July 52 M S
Registered
M S
General unified 4341,
1964 1 D
L A N coil gold 4s.._ _Oct 1952 M N
AU & Day 1st g 48
19483 J
2d 4a
19483 .1
At! & Yad 1st guar 4s
1999 A 0
Austin & N W 1st gu g 58_ —1941 J J
10014 101
10014
2
10014
93 June'29
_
82 Sale 82
82
2
__
84
86
9212 Mar'29
9218 9212 9312 July'29
7318 7512 7318
7318
1
9012 Sale 9012
91
86
8814 June'29 _
/ 5- 88
7
'
11
89
86
86 Sale 86
8812 21
85 May'29 _ _
8218 _ _ _ _ 8612
863
4
5
90
88
8518 July'29 _
86 4 -- 85 June'29 _ _ _ _
,
15234 Sale 144
157 2861
88
89 89
1
89
11
88
87
9558 Sale 95 8
96
,
26
9918 ____ 103
Apr'29 _ _ _ _
95 June'29
1015
8
102
1015
8
6
84
8712 8712
2
8712
893 Sale 894
3
904
4
_
9014 Jan'29
9314 9412 9338 95 12
8812 89% 8778 July'29
67
68
5
69
69
59
59% 62 Apr'29 _
8312 84
83 June'29
994 Sale 8514
9914
4
100 10312
04
93
81
8612
9212
90
91
95
71
78
9018 54
92
85
8451 90
3
833 90
803 85
4
86
90
91
85
,
81 8 90
108% 157
89
92
853 93
8
9512 100
103 10314
93
90,8
101 104
84
87 2
,
8814 93
,
Si)', 901
933 9912
3
01
86
75
65
6712
62
91
8312
954 10314
--
jr j
nis grtd
lot1
itceog.s
451
New York Bond Record-Continued-Page 3
BONDS
N. Y. SToCK EXCHANGE
Week Ended July 19.
,
1.13
Fla Cent & Pen let eat g 53_1930 ii
let cense! gold 55
1943 ii
Florida East Coast let 4%8_1959 J D
1st A ref Se series A
1974 MS
Fonda Johns & Gloy let 434e 1952 MN
Fort eit U D Co 1st g 4%8_1941 J J
Ft W & Den C let g 411.- 1961 J D
Frem Elk & Mo Val let fie_ _1933 A
G &SAM&P 1st
M
2d &item es guar
1931 J J
Galv Hone & Rend let 5s.__1933 * 0
Ca & Ala R7 let cons be Oct 1945 J J
Ga laro & Nor 1st gu g 6s 1929 J
Gem\la Midland let 38 _ _1946 * 0
Gr it & I ant let gu g 4(89 1941
Grand Trunk of Can deb 68_1940 _A,
-,ear a
15
6e.
1936 A
‘
Grays Point Term let 5s_.1947
Price
Friday
July 19.
Week's
Range or
Lasl Sale
Rang
Sena.
J00. 1.
•t3
,F -
44k Low
MA
HleSI No Low
93 93 Apr'29,
138
98
93% 994
96% 9512 June'291 _
96
9112 94
92 June'29
Cl)
Sale 64
6678 46
61
32
31
3
33
2512 50
94
9512 94 Nov'29
94
10414 Sale 10414
11 10414 1074
105
100 1023 100 July'29 __ _ _ 100 103%
4
1
9914 99
99
99
9612 100
99 100
9914 July'29 _ _ _ _
9612 100
95 Sale 9478
6
95
92 100
8512 95
86
9
86
89
86
1
9812 100 100
9418 100
100
8
____ 727 74 May'29
__
7312 784
4
923 9412 933
8
5
8
933
8
933 97
14 10814 113
109 Sale 10812 110
10312 Sale 10312 104
16 103 109
97 Apr'29
97
97
Me
.___
9112
91
6412
30
Great Nor gee 78 series A_ __1936 .1
J J
Regierered
tel & ref 131 eserlec A .___1961 J
534e sateen 13____1952 22
General
3
'
1973
General Si aeries c
General 434e series D
1976 J
J
General 4348 series E
1977
Feb
Green Bay & West deb ctfe A__ _
Feb
Debentures etis 13
Greenbrier Ry 1st gu 4s____1940 81 N
Gulf Mob & Nor 1st 5%9_1950 At)
it M 5a series o
1950 AO
Gulf & S I let ref & terg5s.61952 J J
Hocking Val let cone g 430.1999 J
J
Deo
Registered
Housatonic Ity cone g 6a _ _ _1937 81 N
HA TC let g Si let guar ....1937 J 1
Waco & NW dly let 6s.._1930 MN
II oueton Belt & Term let 65_1937 J J
Houston F A W Tee lit q 54_1933 MN
_ _
ist guar 5s red
19331 m
Hod A Mantua let 5s ser *1957 F A
eljustmentleceme 5s Feb 1957 A °
4
1083 Sale 10812 1093 100
8
109
Apr'29 _
9314 Sale 93
93 14 45
10612 Sale 1053
4
10612 45
102% Sale 10218
6
10218
94 Sale 94
94% 24
4
933 9412 933
4
9414
10
81
83
Oct'28
86
29 Sale 29
8
307 135
4
013
9114 Mar'29 101 Sale 100 8
11
101
3
99
_
96 July'29
10131
1015 July'29'
9314
4
903 ____ 95
7
10211 Mar'28
97
2
97
100
102 June'29
10014 Mar'29
984 99
4
983 June'29
5
9518
8
--- 95,
951
9614 9912 973
24
1
4
973
88 Sale 873
4
89
16'
7914 Sale 7614
7814 88
Denote Central let gold 412 __ 1951 J J
.1 3
Regteterel
let gold 330
--J
j
Registered
Extended let gold 314s_ _1951 AC)
let gold 31 oterlIng
1951 1 M S
rollateral trust gold 4e. 1952 A 0
MN
Registered
196561 N
lit refunding 49
1952ii
Purchased lines 3349
J I
Registered
collateral trust gold 4s.__1953 "
"
MN
Registered
Refunding 58
1955 1,1"
15-year secured 1334a g. _ _ _19311
A
40-year 4 ti a
Aug 1 1966
Cairo Bridge gold 4e ____1960
Litchfield 121v 1s1 gold 38.1951
Louise Div A Term g 3348 1953
Omaha Olv let gold Si. __1951 F A
41 Louis Div & Term g 38.1951
Gold 314e
1951
Registered
epringfield Illy let 1 330_1951
Western Lines let g 4a ____1951 F A
F A
Registered
Ill Cent anti Chic St I, At NO
Joint let ref 5s aeries A._1963
0
Iii A ref 434e series C____1963
-
90
Sale
90
90
95 May'28
80 July'29
84 Nov'28
-864 8312 8318 Apr'29
7118 June'29
88% Sale 887
8
88%
87
Oct'28
88
88
773 so
80 May'29
87 Nov'28
8
84, Sale 84,
8
85
8313
83 2
,
10114 103 10014 July'29
1074 1073 107
10712
8
93 Sale 98
4
98 3
8612 897 90 Mar'29
8
7218 75
4
743 June'29
7918 81
79
79
7214 74% 7412 Mar'29
7412
7412 _ _ _ 7412
79
79 Sale 787
8
76
- 76
80_ 88 Dee'28
9012 Apr'29
88
86 . 92 Apr'28
1e8
109
92
10412
10018
92
92
11258
109
98
10934
1044
9714
97%
22
914
97
96
101
94
0%
3
-9114
106
99
108
99
3
8912 9514
4
834 8318
714 74 14
4
8618 933
-8014 831
10034 101 10012
8
943 94
94
101
94 12
1
86
80
18
11
84
8312
1004
10614
95
86
4
7l3
79
74
741 2
78
76
6
44
2
1
8
20
20
2
_
_ _ 91 Nov'28
Ind Bloom & West let ext 48 1940 A 0
89 June'20
95
85-86
Ind [II A Iowa let g 4e.
1950
85 June'29 _ _ _
87
_
Ind & Louisville let gu 4e. __1056
3
100
68T2 100 100
Ind Union Ry 4011 5s ger A...1196 5
_
101 102 101 June'29
Gen A ref Se series 13
1965
9
8
1037
4
10314 10312 1023
lot & Ort Nor let Miser A _ 1952 .1
43
90
90 Sale 8838
adjustment Se nor A July 1952
7712 Feb'23
°tamped
03 July'29 _ -•st 68 series 13
1956 JJ
4
3
9: Sale 93
93
let g Se series C
1956 J J
23
Inn Rye Cent Amer Id t 58_1972 MN 80 Sale 77%
80
N 90
8
9312
9512 9312
let coil tr 0% notes._ _1941
1st lien& ref 6 tie
94 Sale 94
9512 19
1947 FA
8
3
Iowa Central lit gold 5e.1938 J D 383 42
40
40
38
9
48
38
Certificates 0111890811
38
1312 11
2
1961 MS 11
11
Refunding gold 4s
8
James Frank A Clear lit 48_1950• ID 843 92
8438
8
843
Kan A AG It 1st all g 58.-1938 J 1
10014 Apr'29 _ _ _
Kan & M let gu g 4s
82 June'29
1990 AO 82%
K C Ft 8 A 81 R7 ref g 4e _1936 AO 91% Sale
99
KC&Ml1&l31etgu5e._1929 * 0 98
Kan City Sou let gold 3s___ I960 A 0 7214 Sale
Ref A limit 69
Apr 1950 J J 97 Sale
Kansas City Term let 4s. _1960 J J 8712 87%
Kentucky Centrel gold 4s_. 1987 J
Kentucky A Ind Term 436e- 1961 • J
8
867
[hawed
1961 • J ___
8812
1961 • J
Plain
J
Lake Elle A Wait let g Si.. 1937
1941 .1 1 9612 10312
26 gold Se
Lake Sh A MIch So g 3346..1997 .1
78 Sale
Registered
1997 J 13
1931 M N 973 9814
8:1-your gold 4s.
4
M N
Registered
Leh Vol Harbor Term go Se.1954 r A 101 103
Leh VM N Y let gu g 4149._1940 J
9512 99
Letegh Val (Pa) cons g 48.. _2003 M N 843 Sale
8
M N
Registered
21JeJ3M N 94 Sale
General cons 4%a
M N
Refiletered
Lehi Valley RR gen Se series 2003 M N
Leh V Term Ry let gu g 514_1941 A 0
A 0
Registered
Leh A N Y let guar gold 4i.1945 M 8
Leo A East let 60-yr Si all _ .1006 A (
Little Miami gen Is series A 1962 81 N
1935 A 0
Long Dock conrol g 64)
Low; fald let con gold Se July 1931 Q J
let crewel gold 48._ _ _Jul y 1931 Q J
1938 1 0
General gold 41
Gold 414
1 9 9 M3
193 1 7
42
Unified gold 413
Debepture gold Se
193 1 D
4
7
3 M N
ap.year p m deb be
Guar rot gold 4e
1949
Nur Hh Ii let con go 512.02t
dl
'32F
Lou h Jeff Mtge Co iffi g 48.1945 ...'''' e?
Louisville & Nashville M...._1937 7 ..1
1940 4 e
[Milled geld te
J 1
Registered
Collateral trust gold 5s. 1n71 _m 14
_
111-year sec 7o_ ..May 15 1930 ^.. "e,.
let refund 634e series A.2003 ^ 1 1,
25
92
9053
1
•
72
40
73
9734 22
4
953
39
88
8712
86 July'29 .._ _ _
95
Jan'29
__
8812 11
8812
91 May'29
9912 100
5
96%
4
963
5
77
8
78
7812 May'29
970
98141 11
4
993 Apr'28
10318 July'29 --- _
99 June'29 _ _
84[2
4 30
843
86 June'29 -.94
7
95%
99 Nov'28
.
1007 Sale 1007
8
8
8
1007
10013 102 2 100% June'29
,
1
80
88
10018 10.5
-___ 86
10112 1(17
4
973 98
90
et 8
100 July'29 - _ 8613 Dec'28 - -10212 May'29
98 May'29
100 Feb'29 -6- - - 8912 July'29
id
99% Dee'28
8
-.:4- - - -1- 83 July'29 ____
87 2
n., 1
9181 E% 9 291._ 1_
P,1 8. 847 85i4 8538 July 7 8 3
853
Due Feb. 1.
Vs!,
102 10214
40044 102
4
983 100
9513 99
974 10214
87% Os
4
7212 843
9912 9812 May'29- _ _
95
4
853 99 1 88 June'29 -_
loi% ____I 9912 July'29
92
9212 9Ie8
92 I 70
-- ___, 9314 May'29 ---_,
-90 100 ' 99
10012 36
4
1003 Sale 1093
4
10118 33
5
10313 104 1031, 1031,
I
927s
3
83 4
Pries
Friday
July 19.
BONDS
N. Y. STOCR EXCHANGE.
-,a.
Week Ended July 19.
Bid
Louisville dr Nasty (Concluded)*0
lat & ref Se series 13
2003 A0
let & ref 434e series C
.1 I
N 0& M let gold 69
1930 J J
2d gold 8s
_1946 F A
Paducah Jr Mem Div 412_
St Louie Div 2d gold 38_1990 NI S
Mob Montg 1st g 434e_ _1045 M S
South Ry Joint Nfonon 16_1052 J J
/
Atl Knox, & CM Div 4e.1955 PA N
Loulev CM A Lox Div g 430131 M N
Mahon Coal RR. let 58
3
199 M
Manila RR (South Lines) B1_1934 j
let ext 4e
N
;
1054
Manitoba SW Coloniza'n 5s 1 39 IV D
Man GRAN W lat 354s_ _1941 .1
Mich Cent Det& Bay City be_'31 M
QM
Regletered
1940 J J
NMI) Alr Line 48
J J
Registered
1952 MN
let gold 3304
0
1944 A O
1 93 1 D
Mid of N J let ext Be
Mil& Nor let ext 430(1880)
Cone ext 434e (1884)_ _1934 I D
S
8111 Spar A N W let gu 4s..1947 M
Milw & State Line let 3%9_1941 J
Minn & St Louis let cons 58_1934 NI N
Temp Ws of deposit_ 1934 M N
1949 117 S
let & refunding gold is
Rel & ext 50-yr 56 ser A_.1962 Q F
Certificates of depoelt...
M St P & 8 NI con g taint gu'38 J
1938 J
tat cons 5s
1938 J
lat cons be gn as to Int
1931 M
(0
coll trust 6
-year
10
1946 J J
5 series A
l5.aef64e
let ref
2
1949 M
let Chicago'Ferree I le_ _.1941 tv1 N
Mleeloeippl Central let 5e_ _1949 J J
NI° Kan & Tex let gold 4s_ _1990 J D
kb -K-T RR pr lieu baser A_1962 J J
1962 J J
40-year 4e eyries 13
1978 J J
Prior lien 434e ser D
6
95 A s
Cum adjust 5e ear A _Jan 1977 rti O
Nfo Pac let & ref 5s tier A...1965 F A
General 4e
7
98 M S
1 977 M N
let 34 ref be series F
let & re( g Maser
1949 MN
Cone gold 53-48
Mo Pee 3d 7s ext at 45 July 1938 M N
Mob A Bir prior lien g 5s_ _ _1945 J
Small
1945 J
let NI gold is
1945 J J
Small
gen gold 4s 1938 M
Mobile A Ohio
Montgomery Div let g 58_1947 F A
1977 M S
Ref & impt 4%a
3_
Mob & Mar let gu gold 4/ 1991 M S
19372 1
Mont C let gu 6e
1937 J
1st guar gold be
Morrie A Essex 1st gu 3%s_ _2000 J D
Week%
Reece oe
Last Sale.
Ask Low
j".
Mgt No
Range
Since
Jan 1
-High
Lote
10134 104 10134 July'29
9012 957 96 June'29
8
__
10014
- - 100 June'29
_
4 _ _ _ 100 Apr'29
993
_
8
897 9018 Mar'29
__
_
63 June'29
6012 63
9714 935 July'29 ___ _
94
85 July'29 ___ _
89
85
__
____ 9012 89 July'20
1
97
97
97
98
97 100 100 May'29 _
__
74 June'29
69 May'29
4
663 69
2
100
8
8
993 Sale 993
10112
95
4
993
100
9014
91
93%
84
89
97
100
8
737
69
9374
4
1057
99
101
10014
9114
,
67 2
3
033
8912
92
9912
100
75
77
10018
8612 8612
8553 8612 8612 May'29 ____
99% 100
9912 100 June'29 _
4
1003 Apr'28
5ii4 -_-_-_-_ 0214 Apr'29 ---_ 92% July'28 --- ii[ii-s 95;
9988.4
9-163
. 88871184 : -3
so% July'29 2:_ --6
-§589
86 16 8714
91
9513 91
91
95
94
8
937 94 May'29 ____
92
:9
u pe 8
88
9012 0018 JAn r22 _ _ _ _ 1 88
47 July'29
4418 ---2
4412
224 29
8
213
18 July'29 ____ I
19 June'29 ____
7
87
8614
31
4
923
4
923
31
96
8
957
100
99
4
11712 June'29 ____
1
88 1
88
84'2---- 9314 Jan'29 ____
95 June'29 ____
98
96
8312 0512 8312
8312 10
8
1007 Sale 9912 101 . 29
8412 11
8218
8218 86
9014 913 913 July'29
4
4
10614 204
10512 Sale 104
9712 15
9712 Sale 0612
73 . 167
8
723 Sale 72
97 1 78
9612 Sale 9614
9712 39
97 Sale 96
12412 491
122 Sale 11718
8912
2
8912 Sale 8913
99 101 100 Apr'29 ____
99 Feb'29 ____
85 June'29 ___
8518 90
85 May'29 ____
91 June'29 __
94
iOoT8_ 100 May'29 ____
9
4
923
4
9212 923
-91
83
3
83 Sale 8218
3
102 1073 10412 1041:
4
34
9918 100 100 Apr'29 _ _
6
78
7112 7518 7512
4n14
318
8
213
18
46
44
23
21
19
Si Sale
9012 923
4
9618 97
99 Sale
______ 9_6 8
7
i58
-ii- - .14412 4 14
53
194, 35
52 22
15
16
1912
,
89 4
83
99
90
9912
94
.
971 101
9712 102
9812
88
9312 9312
8
993
95
2
81, 86
9634 102
8653
81
89
10112
9514
70
95
071
1941
101312
77
99's
0;
9' 29
1041 19412
8912 917g
99 100
9
85 191
9
89
85
Vi
8
935
91
8312
99 100
4
1053
90
9712
8
1113
8218 87
1004
10412 11.16
90
He 34 101
75%
7112 804
8
843
74%
11
8914 007
4
893 May'29 - - -A.1978 F A 8712 88
:
741 Nash Chatt & St L 4s ser
9812 102
9812 July'29 ____
99
1937 F A 96
864 N Fla A S let gu g 5.1
_
18 July'28
--Nat It) of Men pr lien 44e-1957 2 1
76
.
1 28
J J
,
18i4 J1117 1 _
July 1914 coupon on
17
-7".OT8 Sale10 8
Assent cash war rct No 4 on
8
885 9012
7
8
1977 A-1)
1
7 Au 2
351 J g'28
year s f es
Guar 70
.3
12- -176;
12 June'29
Assent cash war eel No 5 on
100 10514 Nat RR Mex pr lien 4 3es Oct'26
-1.818 - - 1912 19 June'29
i012
Assent cash war rct No 4 on
.
9712
91
4
1 -1951: (1
22
let conedl 4e
III;
712 9
A le2
914 814 Jupy'2
Assent midi war rct No 4 on _
82
__
82
82 June'29
8714 9214 Naugatuck RR lot g 48._ _1954 M N 7714 83
8
997
__
9512 105
95
95 July'29
8412 (031. New England Rit Cone be _ _1945 J
19463 J 80
8633
82
85
82 July'29
Coneol guar 4s
994 103
88
v6 _ 88 Mar'29_ _
NJ June 1111 guar 1st 4s_ _ _1986 F A
88
101 103
,
9112 97 2
10014 1064 NOANE let ref &true 41.4sA'52 1 .1 0113
2%533 91
87
8 9
883 8112
91.18
87 2
78
1
6
New Orleans l'erm let 41_ _1953 J
96
85
8
977 9438 July'29 _ _ _ _
N 0 l'exas 51e: a-e Inc be.1936 A 0 93
90 100
1954 A 0 953 Sale 9534
9018 100 2
4
let 5s seriee 13
953
4
,
9
- 6;
2
1958 F A 99 10014 98% July'29 __
let Se series C
9512
98 101
91
1956 F A 88 Sale 88
let 4%s serlee D
96
82
1
88
88
72
1954 A 0 10112 Sale 10112 102
let 534e series A
10 10011 10512
4
963
90
93
____ 95 June'29
_
14414 953
4
9S52 N & C lidge Ben guar 4 Ses _ _1945
93
NY13AMBletcong5e..1935 A 0 95 100 95 June'29
__
97
95
3712 51
N 106 Sale 106
10614
16 10214 108
4
373 51 12 N V Cent RR cone deb 6e_1135
106
Jan'29
_ 106 106
Registered
104 21 1
F A 87 Sale 867
1998 M N
8
8712 18
Coneol 441 series A
841. 89%
4
833 92
99%4 10e14
9513
3
Ref & !met 414s series A 2013 A 0 9512 Sale 9512
9412 10012
2013 A 0 104 Sale 10312 10414 131 1013 10712
:
go 8412
Ref & lined 50 series C
4
A 0
106 Mar'28 _ _ _ _
Registered
89
9312
9,7 2
NI 334e 19972
_77_ Sale 76 july72
6
7
7 , 9
8214
76
98
99% NY Cent & Bud Itiv
Itazlstered
76
7412 7812
70
1034 M N 9513 Sale 943
4
4
4
953 129
93$4 973
Debenture gold 40
9434 9934
95
Jan'29
95
Registered
95
0012
85
.11 J
1942 M N 8618 97 1 9018 May'29
9518
90
-year debenture 45
30
8
907
86
19 9
98
8
8
7538 755 755
7553
4
7414 813
,15
05
Lake Shore coll gold 330_1 9 8 F A
75 l 75 June'29
73
7352 75
Registered
90
86
74
3
8
725 7512 74
4 05
907
4
793
74
Cent coll gold 330..1998 F A
Mich
1998 F A
73 June'29
7153 75
78
73
Registered
98 101
1
11 9937 A
9314 July'29 ____
914 96
NY Chic & St L let g 4s.._19337 liA N00 934 94
4
963 100
9018 June'29
R
9018 904
egistered
7514 814
9712 98% 9814
9834 43
25-year debenture Is
4
,
96 4 983
8
753 7812
1931 NI N 10034 Sale 100 4 1011g
3
21 100 10212
2d 6s series A B C
4
963 9912
8
1093
8 52 103 8 10714
Refunding 5146 series A _ _1974 A 0 10414 Sale 1035
5
8
07 81 .1
10418
Refunding 534e series H,_ 19 6 .1 8 10418 105 104
101ig 1051,
9 1037 107
8
93 Sale 92
93
4
Ref 434s series C
4
954 993
9512
91
6
19
4
9534
5
4
833 8814 N y Connect let gii 4148 A.19 3 F A 953 Sale 9312
4
923 974
100 Sale 100
100
lit guar 58 series B
86
5
994 10212
86
7
1943 AI N
98
A Erie lot ext gold 49_ _ 193 M , 8914 ____ 8912 July'28
N
0
9212 10
90
89
100
3d eat gold 4345
Mar'28
4
0
4
193 A 0 973 993 100 Apr'29
4th eat gold 5e
_
99 16696
95
g
1007 10714 N Y & Greenw I. gu g 5s. _ .1949 M N 95
9512
3
91
iht
997g to3% N V & Harlem gold 33-04...2000 M N 6712 ____ 83 Mar'29
__
83
83
M N
851 Apr'28
Registered
1973 m N
N V Lack & W let & ref go 6813 117 N 156- ... lows Feb'29
lOO's 1001*
973 ____ 96
8
0g74
-9S's 1- - -let & ref gu 4 SO mu
Apr'29
,
96 100 s
1 90 M S
NV 1. E & W let 7e ext.__ _1932 r A 10018 ___ 104
Feb'28
NY & Jeroey let 5e
9812 Sale 9812
4
9812
61212 1- -164 2
- 7
92 160 2
951, 9512
974 10114 NYANE Rom Term 441__ 1939 A 0 8112 ____ 9512
9512
4
n-e deb 4e... 1947 M
NY NHA
78
8
837 79 July'29 _ _
97 WO
7412 81
Non-cone debenture 3146.1947 M S 7114 753 73 June'29
8912 94
8
4
773
_
73
Non-cony debenture 31-48.1954 A 0 6918 70
7018 June'29
__
6914 75
NOI-PlITIV debenture 4e_ __ 1955 .1 1 79
0
0 4
-- ,
7912 79
85
841e
74
950 M 3
Non-cone debenture 4e_ _ :948 1 51 7718 7853 784
95 .00
841e
8
7911
2
20
76
1956
Cony debenture 33511
6914 717 6914
8
93% 993
4
993 75
4
717
7
Cone debenture fie
:
1331 Sale 12712 13312 174 116 13312
s
853 911e
Regletered
129 Sale 129
9812 100
129
10 115 129
A 1
1940 1 0 10312 10414 104
Collateral truet Si
84 12 90
10414 18 102 10512
1957 M N
Debenture 49
994 10212
713 Sale 7134
4
73
24
4
703 79
let & ref 4%e ear of 1927 19673 D 88 Sale 871g
9112 QM,
8812 58
8412 9212
Darien% It & Pt Cbee let 44 1954 M N 89 Sale 87
0314 9314
5
8812
,
8614 90 2
9818 10034
Molt 103
8
10012 1073
452
New York Bond Record—Continued—Page 4
r, •
BONDS
I. It STOCK EXCHANGE
Week Ended July 19.
Price
Friday
July 19,
Week's
Range or
Last Sale.
Range
Since
Jan,1.
Rid
Ask Low
High
High No. Loso
N Y 0& W ref 1st g 48_June 1992 MS 6418 Sale 6414
6
84
744
65 2
,
Reg 55.000 only__June 1992
70 Apr'28
General 413
7114
58
9
58
594 58
1955 ID 58
N Y Providence & Boston is 1942 AO 8812
90
9012 June29
91
Registered
A
893 Jan'28
4
N Y & Putnam 1st con gu 49 1933 AG -i6Te
-- 89li
8512 June'29
N Y Sue(' & West 1st ref 58_1937 J
7478 8612
82
80 July'29
81
26 gold 4 34s
FA _
75
843 Nov'28
4
1937
General gold 56
71 July'29
-ioTa
1940 FA 7112 74
Terminal 1st gold 59
N 90
9912 Feb'29
97
991s 10112
1943
N Y W-ches & H 1st ser I 44Is '46 j
8212 Sale 82
83
793 85
8
75
Nord Fly ext'l 5 1 634e
19 100 105
1950 AG 101 Sale 10012 101
Norfolk South let & ref A 59_1961 FA
73
73
903
4
734 16
Ncrfolk & South 1st gold 59_1941
974 102
N
1
993 99
99
4
Norfolk & West gen gold 69_1931
N
Improvement & ext 68.. _1934 FA
New River let gold 6e
1032 AO
N & W Ry 1st cons g 45 1996 AO
Registered
1996 AG
DWI 1st lien & gen a 4s 1944 J J
10-yr cony 68
1929 M S
Focal' C & C joint 4s _ _ _ _194 I Jo
North Cent gen & ref 55 A_ _1974 MS
Gen & ref 4145 ser A stpd_ 1975 MS
North Ohio 1st guar g 55_ _ _1945 AG
North Pacific prior lien 4s _ _1997 @ J
Registered
1997 @ J
Gen Ilea ry & Id g 39_Jan 2047 @ F
Registered
Jan 2047 Q F
Ref & Impt 4 4s aeries A__2047 J J
Ref & Impt 69 series B____2047 J 1
Ref & Inlet 59(wrier) C____2047 J J
Ref & taint 58 series D__2047 J J
Nor Pac Term Co 1st g 69_1933 ii
Nor Ry of Calif guar g 59___1938 AG
101 June'29
105 Mar'29
10112 June'29
91
3
91 12
87 June'29
904 91
915
8
9014
6
250
1
250
-914 - 3- 9114 July'29
91 4
1077 Jan'29
8
963 07
4
96
Apr'29
_--- 923 96 Feb'29
4
8614 Sale 8618
863
4 39
833
8
8414
15
8414
6312 Sale 6314
84
20
62 Mar'29
95 Sale 95
953
4 21
11014 Sale 110
11012 107
1015 103 10112 10112
8
1
1014 103 101 12 102
2
98
4
9912 1093 Feb'29
99 Mar'29
89
100 10314
105 105
9974 104
89
9214
87
8912
94
89
13212 250
9114 954
1077 1077
8
8
957 99
8
98
9614
8434 90
834 89
6018 6714
62
83,
2
8
9412 987
109 11312
l0012 106
101 1043
s
1093 1093
4
4
99
99
North Wisconsin 1st 65_ __1930 J J
Os & L Chain 1st gu g 4s _1948 J J
Ohio Connecting Ity lat 48_1943 M S
Ohio River RR let a 58...._ _19341 J D
General gold Sa
1937 AO
Oregon RR & Nay con g 49_1946
D
Ore Short Line In cone g 59.1946 J J
Guar stpd cons 56
1946 J J
Guar refunding 49
1929 Jo
Oregon-Wash let & ref 4s_1961 J J
Pacific Coast Co 1st g 59..._ _1946 in
Pao RR of Mo 1st ext a 49 1938 FA
2d extended gold 15a
1938 J J
Pad cab & Ills let f 440_1955 j j
Paris- Lyona-51 ed ER extl 68 1958 FA
Sinking fund external 7a 1958 MS
Parts-Orleans RR a f 78_ _1954 MS
Ext sinking fund 5149
1968 M
Pauline Ry let & ref a f 78_1942 MS
100 Sept'28
9918
8518 85
- -34 79 July'29
8
- 955 Nov'28
----- 98 July'29
---_
9912
2
9912
8912 87
87
3
87
10018 10212 10112 June'29
102 10412 102
10212 23
9938 Sale 993
8
99 8 56
,
855 Sale 84s
8
857
9 43
7312 70 July'29 ---71
8912 Sale 8912
89 2
,
97 July'29
963 98
4
9518 — -- 9112 June'29
100 Sale 995
8 100
47
10312 Sale 103
10312 23
10338 Jan'28
95 Sale 95
9512 30
100 10112 103 July'29
,^0
BONDS
N. Y STOCK EXCHANGE.'
Week Ended July 19,
St Louts ar San Fr Ry gen 69_1931 .1
General gold 5s
1931
St L Peor & N W lst gu 58_ _1948 JJ
St Louis Sou ln gu g 49_
1931 MS
St L 8 W 1st g 4s bond etre_ _1989 MN
58 g 49 Inc bond ctfs Nov 1989 JJ
Consul gold 49
1932
1st terminal de unifying 59.1952
St Paul & K C Sh L let 4 49_1941 FA
St Paul & Duluth 1st 59
1931 FA
1st consol gold 46
1968
St Paul E CR Trunk let 44s 1947
8t Paul Minn & Man con 48_1033
let consol g 6s
1933
Registered
89 reduced to gold 4448___1933
Registered
Mont ext 1st gold 413
1937
Pacific ext guar 411 (sterling)'40
St Paul Un Den 1st & ref 59.1972
11 A & Ar Pass lst gu g 48_ 1943
Santa Fe Prea & Phen 1st 58_1942 Si
Say Fla & West let g 69
1934 A
let gold 59.
1934 A
Scioto V & N E lat gu g 49_ 1989 MN
Seaboard Air Line let g 49_ _1950 AO
Gold 4s stamped
1951 A0
Adnuninent 58
Oct 1949 FA
Certificates of deposit
Refunding 49
A 0
1959 - -1st & coati 6s series A
1945 SI S
Registered
2,4 S
Atl & Rim 30-yr 1st g 45_41933 SI S
Seaboard All Fla 1st gu 69 A.1935 FA
Series B
1935 FA
Seaboard & Roan In 59 extd 1931 J J
& N Ala cons gu g 59
1936 FA
Gen cons guar 110-yr re_ _1963 A0
.
Range
Since
re
Jan, 1.
—
Rid
Ask Low
High No. Low
High
1
100 1013 101
101
90 102
4
6
9914 994 9914
9538 10012
0912
99 1023 10012 May'29
10012 lo3is
4
1
9618
93, 8
9618
ow, 9ria
827 83 July'29
8114 89
8
75
7718 82
794 7718 June'29
957 Sale 953
8
4
9312 9612
957
8 41
0
94
944 94
9412
94 1015s
18
903 9312 92
4
9214
89/4 9514
1
9912 Sale 9912
9912
98
99 2
,
8818 Mar'29
8014 881s
974 Jan'28
957
8
957
8
4
10314 10318 July'29
1013 10418
103
Jan'29
103 103
4
984 994
967
9612 Sale 984
9
95 Dcc'28
Jan'29
91
8614 8812 95
95
3
8718 88, 88
88
86
893
4
2
2 101 10514
102
102 Sale 102
16
90
8718 8912 883
4
867 91
8
Apr'29
102 102
1003 ---- 102
4
104
1024 106
____ 104 July'29
9814 10012
9814 Apr'29
-o() 16 4 90 June'29
.
38812 9012
1
74
7378 71
71
64
64
6412 70
637 7514
65 July'29
8
364
4512 Sale 4312
454
354 51
4112 4538
4478 Sale 44
453 139
8
38
5212
54
55
54
52
6012
184
6818 Sale 6818
71
6818 80
75 Mar'29
76
75
8212 857 85 July'29
89
81
8
50
6012 Sale 6012
6:1
6012 7114
58
597 6378 July'29
8
6312 70 2
,
____ 9712 98 Dee'28
10018 May'29
inoTs IONs
152 166 107 Mar'29
10454 107
Price
Friday
July 19.
-98" WI;
9914 100
9212
87
10112 1063
8
102 106
974 994
8412 8918
70
80
8914 9418
9614 99
9112 98
9712 101
10112 1047
8
10118 10214
103
_
101 101
- 14
9112 Sale
-7478 83
Week's
Range or
last Sate
Bo Pao coil 48(Cent Pac col) 849 J D 873 Sale 874
8914 103
4
Regl8tered
J D
877 June'29 - - -8
1st 434e (Oregon Llues) A.1977 M 8 93 Sale 93
11
94
20-year cony te
1934 4 D
100 July'29 -Gold 448
92121 08
913 Sale 9114
4
Gold 44e WI
May 1 1969M N 96 8 Sale 95
,
9634 2067
San Fran Term let 4s_ ___1950 A 0 874 Sale 8678
873
41 44
Reglstered
A 0
8:3 May'29 -So Pac of Cal let con gu g 55.1937 al N 10012 Sale 10012
2
101 I
So Pac Coast 1st gii g 4a__ _ _1937 J J
9514 9514 Apr'29,- Bo Pac RR 1st ref 49
1955 3 J 89 Sale 8712
89141 78
Registered
J J
904 Mar'29 --Southern Ity let cons g 5s__1994 J 1 105 Bale 10458
1054' 212
Registered
J J
_ 105 Mar'29
Devel & gen 48 aeries A _1956 A 0 8512 Sale 85
8a3
4 51
-51 -Wiz
Registered
A 0
8714 Sept'28
10112 104
Develop & gen 6s
1958 A 0 11114 6;1- - 11114
30
e
11212
Develop & gen 648
1958 A 0 1173 Sale 11718
11
4
119
Pennsylvania RR eons g 48_1943 MN 923 ___ 94 May'29
9318 9,
4
Main Div 1st g 56
1996 .1 3 10212 104 103 June'29 - - -COOSOI gold 45
1948 MN 92 Sale 92
8958 94
9214 21
Bt Louis Div 1st g 49
1451 J J _ _ _ 8512 86 July'29 - 45 sterl stpd dollar_ afay 1 1948 MN 9214 Bale 9214
90
933
9214 11
East Tenn reorg lien g 513. _1938 M S 984
4
_ _ 9912 June'29
Cansoi sink fund 4 49___ _1960 I A 100 Sale 993
,
4
977 10112
8
100
2
Mob & Ohio coil tr 4s
1938 M S 85
893 8514
8
8514
General 4428 series A _ _ _ _1965 in 953 Sale 94
4
9312 10012
954 97
General 55 series 13
JO 10414 1047 1033
1968
10434 47 10214 10812 Spokane Internet let g 5a___1955• J
4
8
70 July'29
10
-year Secured 79
1930 AO 10114 Sale 10118
1014 88 10(08 1037 Staten Island Ity 1st 446_1943 3D
8
86 Nov'28
15-year secured 645
1936 FA 10912 Sale 1074 10912 123 10654 Ill
Sunbury & Lewiston let 413_ 1936 J J
95 Apr'28
FA
Registered
_
112 Apr'28
Superior Short 1.1ne 1st 55. _e1930 M 8 -6/1 IVO 99 Mar'29
40-year secured gold 55_ _ _1964 MN ia gale 102
10212 61 101 1(15
Term Assn of St I, latg 448_1939 A0 965
3
8
_- 965
8
965
8
Pa Co au 3425 coil tr A reg _ _1937 MS
893 90
00 July'29
4
lat cons gold 56
1944 FA 1003 1623 1023
3 - 4
2
4
1023
4
Guar 3 tie coil trust ser IL 1941 FA
8412 87 2
8612 June'29
Gen refund a f g 49
,
1953• J 86 Sale 86
864 13
Guar 3428 trust ctfs C____1942 Jo 83%
_ 833 May'29
8
834 89
Texarkana & Ft S ist 5411A 1950 FA 10014 101 1004
8
1014
Guar 348 trust ctfs D____1944 Jo 8112 _- - 8114
8114 85
8114
Tex & N 0 corn gold 58
1
8712
1943 J
_
98 Mar'29
Guar 15 -year gold 49_ _1931 AO 9812
-25
9612 991s Texas & Pac 1st gold 56
8
3
984
- 983
2000 3D 103 164 104
19
104
Guar 48 ser E trust ctf9_1952 MN 8614 - 8
9 86 July'29
855 92
2(1 Inc5s(Mar'28cp on)Dec 2000 Mar 96
8
_ _ 95 May'29
Secured gold 422s
1963 MN 961s Sale 9618
9518 991s
98
Gen & ref 58 series II
48
1977 AO 0612 974 97 July'29
.
Pa Ohio & Bet 1st & ref 4 4i3A'77 AG 9412 Sale 9412
9412
92
4
Gen & ref Si series C
974
1979 AO 9612 Sale 06
9714 119
Peoria & Eastern let cons 49.1940 AO 813 Sale 813
4
84
4
813 87
La Div
4
63
L lat g 513
1931 J J 9988 100,4 9912 July'29
Income 4s
April 1990 Apr. 30
40
4112
36
4112 34
45
Tex Pac-Mo Pac Ter 549_1964 2,1 S
02 July'29
Peoria & Pekin Un 1st 549_1974 FA 101 10114 101 July'29
100 103
Tol & Ohio Cent 1st gu 59...1935
_ 9912 Mar'29
Pere Marquette let ser A 55.1956
J 10112 Sale 10012 10112 23 10(1 1044
Western Div 1st g 58
1935 A0 971303 Apr'29
let 49 &erica B
1956 j
8612 887 8612
8
5
87 8
88
,
General gold 5s
917
8
5
1935 .1 I) _ _ 97
97
97
Toledo Peoria West let 49_1917 .1 .1
12
15 Nov'28
Phila Halt & Wash In g 411_1043 MN 91 Sale 91
90
2
91
95
Tol St I. & W 50-yr g 49
1950 AU 88 gale 88
6
88
c4eneral Is series B
FA 100 106 10714 May'29
1974
107 108
Tol W V & 0 au 446 A___ _1931 J
9414
98 Apr'29
Philltppine fly 1st 30-yr a f 4s '37 J J 33
3512 34 July'28
32
1st guar 434s series B
89
1933 J J
915 Apr'29
8
Pine 'reek registered let 139.1932 J D
101 July'29
101 103
let guar 45 series C
1942 M S 90
8
_ 975 Mar'29
Pitts & W Va let 44e
1958 J 0 91
92 92 July'29
92
96
Toronto Ham & Buff 1st g 45 1946 3D 86
- -. 87 July'29
811
P C C & St L gu 44s A1940,A 0 973 _
4
978 July'29
8
954 998
4
Series 13 4148 guar
1942'A 0 973
4
9614 10012 Ulster & Del 1st cons g 5s_ _1928 3D 75
974 July'29
82
79 July'29
Series C 4(.49 guar
1942 MN 9712 _
0712 Apr'29
9712 9984
Certificates of deposit
687 763 67 July'29
8
8
Series D 49 guar
1945 M N 964 ---- 943
9412 11612
1st refunding g 49
4
9614 20
1952 1 es 34
14
493 473
4
4734
4
Series E 348 guar gold
1949 F A
93
Union Pac 1st RR& Id art 481947 J
93 June'29
93
32
94
923 Sale 9214
4
Series F 49 guar gold
1953 J D 96 4 ---- 9614 May'29
945 9614
8
Regletered
.1
,
9214 90 July'29
Series 0 45 guar
1957 M N 961 4
let lien & ref 48
9612
95
9614 July'29
June 2008 M
86 Sale 85
5
867
8
Series 11 con guar 49
1960 F A 9614
95
Gold 442s
9612 May'29
9612
1967 J
9618 Sale 964
1)612 38
Series 1 cons guar 4349...._1963 F A 967
065 100
let lien & ref 59
8
8
4
- _ 963 June'29
June 2008 M
105 106 106
106
Serlesj cons guar 4429
987 993
8
1964 M N 967
40
8
97 June'29
-year gold 49
4
1968 3 fj 8514 Sale 843
8514 43
4
General M 58 serlea A
1970 in 104 Sale 1035
8
10414 36 10314 1011,3 U N J RR le (7an gen 4s
1944 M
93
91
91 July'29
Registered
JD
102 102
Utah & Nor 1st ext 49
102 June'29
1933
96 Nov'28
Gen nitge guar 5s set IL _1975 AO 104 105 103
4 10212 10812 Vanden/4 cons g 4s series A._1955 FA 903
10312
4
_ 9212 Apr'29
Registered
AG
11312 Jan'28
Cons s 1 46 series It
1957 MN 9034
_ 92 May'29
Vera Crux & P astwat 4 49 1934
10
18
12 June'29
Pitts Male & Y lat Cu 69____1932 J
10114 10114 Virginia Mid 58 aeries F....1931 MS 975 Sale 974
10114 Apr'29
8
1
975
8
2d guar 68
1934 ii 1013
General 59
8
4
1035 July'28
1936 MN 99
9912 9812
983
4
Pitts Si & L E 1st g 59
1940 w 0
160
997 10012 Ye & liouthw'n 1st gu Se....2003 3J 95
4
8
- -18 997 June'29
96
974 July'29
let consol gold 5s
'3 1601.2 ---- 10014 Aug'28
1943
1st cons 191-year 55
195/1 A0
80
8814
5
81314
Pitts Va es Char let 4s
1943 MN
Virginian Ity let 58 series A_1962 M N 1013 10212 1013
9918 Sept'28
.4
4
103
62
Pitts Y & Ash let 4s ser A 1948 in 9113
. 4 - 12 Wabash RR 1st gold 5s
911- 91
9112 Apr'29
1939
10014 102 1004
10218 35
let gen 59 series 13
FA
1962
10318 10312
2d gold 59
1939 F A 853 100 97
fuilt 10312 May'29
8
2
97
1st gen 56 series C
1974 JD
Ref& gen f 5 tie ser A _ _.1975 M
____ 103 10212 103
34
Providence Secur deb 49
1957 MN
Debenture B Os registered_ 1939 J J
- 71.- 74
71 -June 29
-'
_ 8818 May'27
Providence Term 1st is.. _ _ _1956 MS 77
let lien 50-yr g term 49.__1054 J J 7
84
84
84 May'29
887 Nov'27
834 89
8
Reading Co Jersey Cen coil 4a '51 At)
Det & Chic ext 1st g 511_1941 J J
90
9312
9034 - -34 90
91
9012 29
_ 100 July'29
Registered
AO
Des Molne8 Div let g 4s.,.19311 1 J 100-- 9434 July'28
_
88
Jan'29
Gen & ref 440 !series A_ 1997 ii 9412
Omaha Div leit g 33-4s_..1941 A 0 7814 90
24 -SS- Ili
9512 9412
98
793 80 July'29
4
Rich & Meek let g 4s
1948 SI N
Tol & Chic Div g is
7818 May'28
1941 M
_ _
90
9012 Mar'29
Mehra Term R7 let gu 59_1952ii 10. _ 79
Wabash Ry ref & gen be 13_1976 A 0 95i8 Sale
0912 102
1
Feb'29
_ 101
9512
Rio Grande June 1st gu 58.. _193!) JO 93
96
18
917 923
8
Ref & gen 449 aeries C__ _1978 F A 87
923 June'29
8
-98
8
8712 87
8712 33
Rio Grande Sou 1st gold 49_1940 J 1
6 alay'28
Guar 49 (Jan 1922 coupon)'40 J
Warren 1st ref gu g 349
Apr'28
2000 F A - _ _ 803 83 Nov'28
4
Rio Grande West 1st gold 49_1939 J J
8114 9214 Wash Cent let gold 49
8712 Sale 8712
88
1948 Q M
___ 85
8414 Mar'29
1st con & coil trust 49 A 1949 AO 804 8112 81 July'29 41
Wash Term 1st go 3149
87
78
1945 F A -8212 87
8212
8212
2
RI Ark & Louis let 4 49...._1934 MS 95 Sale 95
let 40
-rear guar 48
03
13
954
987
2
1945 F A 85
88 July'29
Rut-canada let gii g 4a_
1949 J J 70
W Min W & N W 1st gu 59_1930 F A 97
80
81
81 July'29
81
-99
07 Feb'29
Rutland 1st con g 449
1941 J
81
81 July'29
88
8018 9012 West Maryland 1st g 45. _1952 A
7714 Sale 77
78
27
let & ref 54s series A.
1077 J
96 Sale 9512
32
96
St Jos & Grand lal 1st 4s
1947 J J 84 Sale 84
84
1
83
8814 West N Y & Pa 1st g 5a
19373 J 10014 Sale 10014
10014
St Lawr & MHz. 1st g 58_ __ _1096 J J
Oen gold 48
10478 Feb'29
1047 1044
8
1943 A 0 845 87
8
86
86
2d gold 6s
1996 A 0 ____ 102 100 July'29
Western Pac 1st ser A 5a _
100 100
1048 M 8 9812 Sale 973
4
983
4 29
1931 1 J
St L as Cairo guar a 4s
963 July'29
4
954 inin West Shore 1st 44 guar
2361 3 J 85 Sale 8212
0612 65
St L fr Mt & 8 gen con g 59_1931 A 0 99 Sale P83
Registered
4
99
97 101
60
2361 J J 813 83
4
8312
Stamped guar 59
83,
2
1931 A 0 983 994 1013 Dee'28
Wheeling & Lake Erie—
4
4
Unified & ref gold 4e
1929 J 1
9812 100
Ext'n & Rapt gold 56
993 July'29
4
1030 F A
- 9912 100 Sept'28
Illy & 0 Div •Ist 9 43- - - -1933 M N 923 Sale 923
/
Refunding 434s aeries A _1966 M
4
4
933
4 54
923 944
8
RI
8538 May'29
St L M Midge Ter gu if 59_1930 A 0 9712 Sale 9712
Refunding beanies B
1
9712
963 100
4
1918 St S
166 102
Feb'29
--San Nran pr lien 48 A...1950 M 8 8412 Sale 8414
St 1.
RR lot consol 45
85
8312 8812
70
1949 M S 841,
83 June'29
1978 M 8 863 Sale 864
Con 51 41298erles A
4
8712 164
833 894 N1114,4 East 1st gu g 56
4
1942 1 D 65 - i 6512
6 ;
7
687
s 21
Prior lien 55 series B
1950 2 1 993 Sale 9919
8
10018 42
9712 10112 NM& SF let gold Si
1938 J D
99 Apr'29
i
1
101)14
Due May. e Due June. 8 Due August.
8614 917
8
85, 877
4
8
994
93
0714 10112
8814 97 3
,
8
8934 963
864 91
83
83
109 103
954' 9512
8712 9212
90 4 MA
3
10114 110
105 108
9318 89
i(1
-91-2
117
103
85
9614
8514
115
123
10614
89
100
Ws
13714 8112
c6'55- 95
98
9814 103
85
90
10018 10412
98
98
104 10938
95
95
96 10214
98
095a
9714 1013
6
16018 10814
984 10112
9914 103
95 1004
87
95
9512
9738
844
91
98
955
8
9912
8812
50
55
33
9114
00
85
92
108
8314
91
85
85
6212
95
92
904
9912
10914
8914
96
14 4
1
943
4
12
174
975 10018
8
964 1005
8
9778 100
8814 9514
4
10014 1043
100, 10314
97 10112
100 10414
66
88
78
904
947
s
8414
WI;
88
854
9013
1091
2
907
s
Iff4
9212 86
7978 91
97
97
82
77
927 100
2
984 1014
86
9112
fla 100
8212 8,811
8
814 883
8538
102
,
3
053
8
99
903
4
102
893
4
74
10058
453
New York Bond Record—Continued--Page 5
7.1
is
t
Weeks.
;
.
4
Range
Price
BONDS
Price
Week's
Range
43 •
Range or
Since
Flyl
N. Y. STOCK EXCHANGE ...„ 3.
= .."?
Since
Friday
Range or
Last Sale.
65.,7
.:
Jan. 1.
July 19.
9.
Week Ended July 19.
Jan. 1.
July 19.
Last Sale
4,.:3
-8
w
7
9 5
Ask Low
High No Lo55 / 7
Bid
High
Btd
Ask Low
High No Low
86
Cuban Dom Sag 1st 7745___1944 M N 6112 Sale 61
1
85
Winston-Salem B B 1st 48_1960 J J 86
9112 86
86
9
99 103
1g2 19
20
Wis Cent 50-yr 1st gee 45_ __1949 J 1 7812 Sale 7812
79
7612 84% Cumb T & T 1st & gen Ea_ _1937 1 1 10018 10012 100
9712 102
12
98
9912 977
Sup & Dui div dr term let 45'36 MN 873 8812 89%
8412 9112 Cuyamel Fruit 1st s f 68 A ___1940 A 0 98
8912 20
Wor & Con East 1st 41/13____1943 J J
9138 Dec'28 ____ ____ ____ Denver Cons Tramw 1st 55_ _1933 A 0 -------- 76 Dec'27 ---964 491
9912 14
9912 99
Den Gas dr E L 1st &ref 8 f g 513'61 M N 99
INDUSTRIALS
96 101
99
16
8
1951 M N 99 Sale 985
Stamped as to Pa tax
Abraham & Straue deb 5S4e..1943
63
73
68
63 May'29 ____
Dery Corp(DO) 1st e 1 78....1942 M S 58
With warrants
A 0 11012 Sale 10914
112
70 10212 120
55
70
8
---- ____ 547 55 July'29 ____
Second stamped
9814
94
Adriatic Flee Co esti 7a____1952 A 0 9612 9712 9818
7
9814
98% 102
10112 29
Detroit Edison let coil tr 58_1933 J 1 100 Sale 100
8314 884
Adams Express colltr g 4s___1948 M 8 8418 86
6
86
86
4
10118 24 100 1043
1st & ref 5s series A_July 1940 M El 100% Sale 1005g
Ajax Rubber 1st I5-yr
80_1936 J D
4
7812 10714
8018
10114 26 10018 104%
4
1949 A 0 1003 10114 1003
4
Ts :
5,1 8
Gen & ref be series A
8
318 12
-1Alaska Gold M deb 68 A____1925 M : 877_8 7118 June'29 ____
12
8
8 11 10512 1085
10612 1073
8
29 ____
let & ref 6s series B_ _July 1940 M S 1073 Sale
Cony deb 6s series B
1926
8
1955 J D 101 102 101 July'29 ____ 10014 1045
92
91%
1
9112Gen & ref bs ser B
Albany Pefor Wrap Pap 65_1948 A 0 9112 --- 9112
1 10012 10518
103
%
1962 F A 102% 105 103
10
8
Series C
Allegheny Corp cull tr 52_ __ _1944 F A 110 Sale 10412 110,4 1972
98 19
07
0
9612
7
9 12 98
1949 J D 11014 Sale
Coll & cony 5s
973 11014 Det United 1st cons g 4;0_1932 1 J 9612 971 9612
1952
97 1057
1003 209
4
8
1940 M N 100 Sale 100
Dodge Bros deb Os
987 Sale 987g
98 101
Allis-Chalmers Mfg deb 59.._1937 M N
9914 35
4
83
88
85
N 8238 83 83
Gold (Jacob) Pack 1st681942 M
AlpIne-blontan Steel let 78_ _1955 M S 95
9612 95
3
90
98
98
99
977
8
Am Agric Chem 1st ref 81770'41 F A 105 Sale 105
10512 35 10312 10012 Dominion Iron & Steel 58. _1939 M S 90
97
12
9934 97
10
9838 102
1942 J 1 102 Sale 10112 102
Donner S e I lrtref s
i ro
r
90
Amer Beet Sag cony deb 68_1935 F A 0538 9512 0512 July 7 ____
80
84
,1
84
,
'
29
9614 05
4 48 1013 1001
8
4
1st
768 set' A '66 M N 10318 Sale 10212 1033
D
American Chain deb sf6s
1933 A 0
9312 99
2
8
97% 63
Am Cot Oil debenture 55
1931 M N
9914 Duquesne Light let 4%8 A.._I967 A 0 97 Sale 967
9812 99 99
98
1
99
5
97
86
17
78
A 0 9438 Sale 9414
I5-yr is f g 788'37 M85 Sale 84
Am Cynamid deb bs
1942
942g 23
93 4 9012 East Cuba Sug
3
9312 97
8
1953 J 1
Amer Ice e(deb 5s
91
8714 021, Ed El III Bkn 1st con g 45_1939 1 J 9418 941 935 July'29 __ _ _
9118 91
91
20
10512 1107
11
8
1995 J J 10678 10838 1055 June'29 --__
Amer I G Chem cony 57-0_1949 MN 1203 Sale 10812
9518 12034 Ed Elec III 1st cons g 58
4
1203 1286
4
Edith Rockefeller McCormick
Auer Internet Corp eons 53.4e •49 J
115 Sale 110
116 1792 101 116
8989071312 10,96251158
101 Sale 10012 1013
4 75
Trust coil tr 6%, notes_ _ _l934 J
1939 A 0 1033 10414 1033 July'29 ____ 1034 10412
Am Mach & Fdy s f 08
4
4
75,8 9588 Elec Pow Corp (aermany)610'50 54 8 9112 Sale 90
American Natural Gas Corp—
N14 1
92
Elk Horn Coal 1st & ref 6 %s.1931 J D 915 93
Deb 670(with parch wart)'42 A 0 78 Sale 78
7812 25
73% 8118
751 7314
7312
Deb 7% notes(with warr'ts) '31 J 0 73
Am Sm & K 1st 30-yr rai sec A '47 A
10014 Sale 99
9814 102
10014 61
98 10018
July'29 ____
9918 98
Amer Sugar Ref I5-yr 6s_
)937 .1
103 Sale 10212 10312 71 10112 1047 Equit GA8 Light let con be 1932 M S
9214 963
4
8 10
955
95 Sale 95
Federal Ligbt dr Tr 1st 5s_ _1942 M
Am Telep & Teleg colt tr 45 1929 J J _„ . . .. 6_ 9934 June'29 ____
99 100
) 2
_ 4i
4
9214 973
943
4
1942 PA
943 Sale 9412
4
letlien e 15. stamped_
Convertible 4s
1936 M S
917 9712
9618 12
96
3 101 104
102 103 10112 102
1933M S 98
1942 M
20-year cony 4%s
1st ilen 68 stamped
___ 98
imps
8
96 101
I
9638 101
983
973 983
4
1954 J 0 90
-year deb 68 ser B
30-year coil tr 65
19462 D 10112 Sale 10112 103
30
8
77 101 1047
987 105
718
4
1
100
J D
1939. 0 100 10012 100
Federated Metals s f 7s
Registered
__ ____ 101
Feb'29 ____ 101 101
6 130 171
135
1946 J J 135 Sale 134
315-yr s f deb 58
19601 J 16212 Sale 102
8
1023 121 10114 1053 Flat deb 7s (with warr)
4
92% 103
94 14 27
4
20-years 1570
1943 MN 10514 Sale 105
Without stock purch warrants_ ---_- 933 9414 94
10534 170 10412 10734
Cony deb 470
8 29
1939 .1 J 16838 Sale 166
4
17234 9227 120% 1723 Fisk Rubber lots 1 88_._ 1941 M a 10414 Sale 10312 1057
8
0 1 5 16 2
4 104 4 16 1033 10417
Am Type'Maud deb 68
,
1940 A 0 104 10412 10312 July'29 ____ 102 10514 Framertc Ind & Deb 20-yr 7 Aa'42 2°. A 104 Sale 1033
9 2 109
1
4
06
993 Francisco Sugar 1st a 1 7%e. _1942 m ._ 993 Sale 9934
8
99
%
Am Wat Wks & El col tr56...1934 A 0 9812 Sale 9712
9812 35
8 4 92 4
0
5
8 12 1063 1053
Deb g 68 eer A
1975 M N 1023 Sale 10138
4
10312 32 101 10534 French Nat Mall SS LInes 761949 J u 1017 102 10112 1017
10
0
6
8
191 F D 86 Sale_ 10
Am Writ Pap let g 6s
J A
1947 1
83 Sale 82
77
24
8512 Gannett Co deb 6s
83
July'29
Anaconda Cop Min 1st 68
19531F A 1043 Sale 1043
3
4
4
4
104% 213 1033 105 4 Gas & El of Berg Co cons g 58 1i44A A 0
1
s
s I085 Sale 10512 los --a 12 1n12
Gen Asphalt cony 6/3
Registered
102 103
103
Apr'29 ____
5
19
9634 ,
94 8 100
9714
98 ____
1947 J . 9714 98
'
9458
15
-year cony deb 78
1938 F A F72 S - 169
Gen Cable 1st s 1 570 A
-;.1e
52 160 268
175
F
J
,
July'29
Gen Electric deb g 370
Registered
_ 200
_
Jan'29 ____ 195 200
11,4 251
1
10134 25 100 10414
e
1
104 Sale 01
11
Gen Elee(Germany) 7s Jan 1519'4425
Anglo-Chilean at deb 78____1945 i*i. N -56 g;ie 95
9312 100
17
96
4
2
AMAMI,
_
Sf deb 670 with Warr__1940 J. D 122 12414 12312
(Comp Azuc)770_ _1039 1 J 5812 60
58
797
s
96 July'29 ____
913 9914
4
5
9612
Ark & Hem Bridge & Ter 58.. 1964 M S 94
Without waxers attach'd '40 1 _. 9614 Sale 9512
1_
97
94 10312
04 June'29 ____
9412
19
88
92
Armour & Co 1st 4 3.45
90 Sale 90
1 D R912 Sale 88%
1938
20-years f deb ils
1948 m_
.
87% 92%
897
8 21
134 100 10314
102
Armour & Co of Del 5145
4
1937 .- A 1013 Sale 101
1943 1 J 88% Sale 88
9212 Gen Mot Accept deb Os
88
8914 71
161% 10212
1021
21
Associated 0116% gold notes 1935 M 5 10114 103 101 July'29 ____ 100 10318 Genl Petrol it3C a 1 58
1940 F ! 10114 Sale 10114
1
1001 194
9812 100
Atlanta Gas I. 1st 58
1047 J it 10134 ____ 106 May'29---- ---- Gen'l Steel Cast 51 with war '49 a a 99 Sale 9812
,/5
Nov'28 __ _ _
8
95 1007
8
98
Atlantic Fruit is ars Sep....1934 J D
Hope Steel & I sec 721_ _1945 A_ D. 9718 Sale 9718
1258 ____ 1238
32 1063 108%
8
107
Stamped CUP of deposit
107 1063
4
D 12% __ _ _ 74 July'29 ------------Good8
.1
% Goodrich (IS F)Co 1st6 %s_ _1947 J , 106%
____
84
91
95
All Gulf & W I SS L col tr 56_1959 1 J 7318 Sale 73
92
Goodyear The & Rub 1st 53_1957 M N_ 91% Sale 9112
67
77
35
73 2
,
93 100
94
1
Atlantic Refg deb Ls
4
1937 J 1 10114 Sale 10012
10114 34 100 10212 Gotham Silk Hosiery deb 68_1936 J u 94 Sale
77
Baldw Loco Works 1st 5s
30
68% 81
1940 M N 10612 10712 10612 10612 43 106 10712 Gould Coupler 1st s f 6a
1940 F A 7612 Sale 7612
96
9912
Baragua (Comp As) 7348_1937 J 1 8512 86
8
8
98% '21
at Cons El Power(Japan)78.1944 F.. A. 075 983 975
8
8312 09
7
8512
,
8512
13
90
9512
9214
Batavian Pete gen deb 470.1942 J J 9112 Sale 9112
1st dr gen s f 670
8912 9312
1950 J J 90 Sale 90
8 42
923
4
1043 107
10612 Apr'29 ____
Belden-Hemingway Os
1936 J J 9018 95
88% 9134 Great Falls Power 1st s f 51__1940 M N
90
3
90
7
96
99
Bell relep of l'a 5a erlos 11_1948 J J 10312 Sale 102%
99
,
10312 31 102 105 2 Gulf States Steel deb 571s___1942 J D 98 Sale 99
.
. __8212 8718
1
let & ref Se serles C
614 86
84
1960 A 0 10414 Sale 104%
10412 18 104 103, Hackensack Water 1st 48_1912 L I V
8 28
'
Berlin City Elee Co deb 614s 1951 J D 913 Sale 91
Hartford St lty 1st 48
9618 Nov4 ___
95
89
914 20
4
Berlin Elec El & Undg 6 34e 1956 A „ 9014 Sale 90 4
Havana Elec consol g 5s_ ___1952 F_ 1
0
, 8314 _ _ 82 June'29
8858 91
32
91
,
Beth Steel 1st & ref be guar A '42
6
Deb 5745 series of 1926_ 1951 1‘.1 „?, 6618 61 65%
12
8
-7 ---6
977 104
6
101
100 Sale 100
1
30-yr p m & Imp s 156. _ _1936 J , 100 Sale 9838
Hoe(R) &, Co 1st 670 set' A.1934 ,,,A _. 93 Sale
J
9712 102
100
36
" " X 1118
4
Cons 30-year 68 series A...1948 F
.
10412 100 10212 1053 Holland-Amer Line 68(flat) _1947 m 1.1 101 10134 101 July'29 ____
4
.104 Sale 1033
0
185
'7
723 100
4
Cons 30-year 5 gs ser B..._1953 F A 1027 Sale 1013
4
4
723 Sale 71
64 1003 10414 Hudson Coal Isis f 58 set' A_1962 J
4
103
8
Hudson Co Gas let g 5s
Bing & Bing deb 670
9
9512
8
94 100
8
1940 M N 993 100 100 July'29 ---1950 M 8 9512 Sale 95
J
100% 33 100 10218
6012 7414 Humble 011 & Refining 5%8_1932 .1 _ 10014 Sale 10014
Botany Cons 5111186%s
1939 A 0 613 Sale 613
6212 10
8
8
11912 101%
Deb gold 58
10014 110
Bow an-lillt Hotels 75
9612 100
1937 A u 100 Sale 100
1934 M S 9638 99
9712 12
9612
4
8 30 10114 1047
1023
8
8
69%
1
66
771s Illinois Bell Telephone 5s_ 1956 .1 D 102% Sale 10214
B'way & 711, Ay let cons 543_1943 J D _ _ 697 697
937 100
8
181 1321 illinalr ateel re8,
8
51 lise s eel d0114
87tL
973
4
1940 A 0 973 983 973
Brooklyn (71ty lilt let 55_
194I J J iii
4
8
4
9114 85 July'29
1946 A 0 _--- 10312 100 May'29 --__ 103 10312
1.151,n Edison Inc goose A
1949 . J, 101 Sale 101
10318 ---6 101 I051
J
A
t21 22
71
n
9214
81
Mtge 8s
993 103
4
1948
19
_ 8218 Sale 82
1930 . 101 Sale 997
101
General Os serlee Is
.
92
983 Indiana Limestone Ist s f 68_1941.M
4
87
927 171
8
91
J
. __ 88
87
A klyn-Man R T sec 68
1968 J _ 92 Sale 91
63
781, Ind Nat Gas & 01158
97% 102
5'3'41 M ^ 99
1936 „.M N_ 10118 102 10118 July'29 --__
Bklyn QU Co& Sub con gtd
69% 70 July'29 _ _ __
Indiana Steel 1st 6s
110
83
1941 J J 7514 80
1952 m
.10314 Sale 10314
10314 14 101 18 105
let be stamped
83
Jan'29 _
9212 9212 Inland Steel 1st 470
19781A ?
Brooklyn It 'I'r 1st cony g 413_2002 J J
Sale
92 June'29 ____
J 105
Inspiration Con Copper 6 As 1931 1
192I J
__
04
,
2
1
8938 93
3-yr 7% secured notes
13?718 __U 21i193 11:g12
8
1073148
e 11 14
14 1
9 8
____ 10614 Nov'28 ____
1956 . 0
A .
13klyn Un El bag 4-5s
1950 F A 86% Sale 853
i 4 9212
1912 May'29
4
7 --ii3 - - - Interboro MetroP 470
9 2 20
,
86%
I nterboro Rap 'Fran 1st 58_1966
Stamped guar 4-5e
1950 F A 861 895 86
93
6012 7912
. J 6012 Sale 6012
115
83
62
1
8
8612
.1 J 6014 Sale 60
Stamped
Bklyn Ur, Gas lot cons g 5e 1945 M N 103 104% 102%
60
7912
6114 163
10 10212 10614
105
let lien dr ref lb. series A. 1947 M N 11412 1163 116 June'29 ____ 11912 118
7612
Registered
76
4
..; -- - - --- 76 Mar'29 ____
10
1936 J J 430
-year Ss
Cony deb 570
84
60
1932 -. 5018 Sale 50
A—
527 243
8
____ 402 July'29 ____ 354 402
D•
/%4 s 9112 Sale 9112
Buff & Sueq Iron 1st St 58_ _1932 J
10-year cony 7% note.:::1932 _ ._
9212 9618
92
6:
98
7 112 9 13
8:
91
9212 June'29 ____
Int Aglic Corp 1st 20-yr bs__1932,"2. ._ 9212 95
Bush Terminal let 4s
1952 A 0 — -- ---- 86
88
9012 95
3
85
92 July'29 ...._
86
86
Congo'56
1955 1 J 9412 Sale 93
9934
Stamped extended to 1942_ _In ._ 7714 8112 7612
ill
77
5
9412
Bush Term likigs 5s gu tax-ex '60 A 0 9818 101
9914 11812
,
1023 199
4
3
.._ 10214 Sale 101
9738 10438 Int Cement cony deb 5s1948,
983
4
9838
3 99
By-Prok Coke let 5718 A _ -.1945 M N 100 Sale 100
Internal Match deb 58
1947 M _," 9412 Sale 9412
93
95% 149
10014 11 100 102
5
9918 103
991 102
Cal 0 & E Corp unit & ref5s_ 1937 MN 100 101
Inter Mercan Marines f lis 1941 A u 100 103 100
12
10014
993
8
100
953 102
4
Cal Petroleum cony debe f be 1939 F A 96 Sale 96
Internat Paper 55 ser A & B ,J9471 J 87 Sale 86%
8618 96%
8812 22
963
4 27
1938 M N 9C5 100
Ref s 1 Os ser A
97
88
Convdebsf534w.
.1955 M
92% 30
9814 10314
90% Sale CO
8
9912 10012 55
1942 A 0 RI Sale RI
Camaguey Sug 1st ef g 7s
6
7,5
9712 Int Telep & Teleg deb g 470 19521 I 92 Sale 917
8912 9512
56
93
81
Canada SS L 1st & gen 68
194 I A 0 9738 9814 98
Cony deb 434s
170 3287 10912 170
1939 a 21 16612 Sale 163
,
98
97 10112
2
Cent Dist Tel let 30-yr 53;
1943 J D 1015 10314 10114 July'29 ____ 1011e 10414 Kansas City Pow & Lt 55_1952 5 ? 102 Sale 1013
4
4
102% 22 101 1053
_
4
Cent Foundry let 8168 May 1931 F A 05
1st gold 4 Sis series 13
98 10012
_ 101
98 Mar'29 ____
1957 - a
3
973 97% Apr'29 ____
8
96
98%
1941 NI N 12214 12312 12214
Central Steel lot g 5 f 8,1
3 122 12412 Kansas Gas dr Electric 68
12214
1952 M S 10514 Sale 10434 10512 25 102 106
_,
Certain-teed Prod .,%s A. 1948 M S 7414 Sale 74
97
90
Keith (I3 F) Corp 1st ils.. _ 1946 m 8 90 Sale 90
8 11
903
83
78
18
68
Cespedes Sugar Co 1st s f 7 tis'39 M B 9138 933 9112
903 965
4
8
Kendall Co 570 with warr_ 1948 M S 92 Sale 9112
9212 28
PO 100
4
9112
3
Chic City & Conn Rye 5s Jan 1927 A 0 87
85
95
Keystone Telep Co 1st 55
90 July'29 ____
8734 83
83
83
2
65
1935
A
Ch G I.& Coke 1st gu g 50_11)37 J J 100
4 1L012 10412
Kings County El de P g lis
101
____ 100 July'29 ____ 100 103
1937 j g ia" :::: 101
1927 F A 8438 Sale 8314
Chicago Rye 1st
3
2
30
Purchase money Os
77% 85
1997 A 0 128 130 12812 June'29 ____ 1,04 11 11
85
52
Chile Copper(M deb be
1947 J J 943 Sale 943
4
80 July'29 — - 8
85
95
51
9312 96% Kings County Eley let g 48..1949 F A 80
1968 A 0 87 Sale 863
Cln & E
M 48 A
82
79
2
Stamped guar 46
80
5914
1949 F A 80
81 _ 80
85
4
874 74
1940 1 J 70
Clearfield lilt Coal let 4s
102 10514
Kings County Lightlng 58
102 June'29 ____
75
90 Dec'28 _ _ _ _
1954 J 1
Colon 011 cony deb 68
1938 F A 971s 98
3 113 11614
First & ref 6 %a
113
1954 J .1 ,,..-.. .;:-- 113
sale
973
1 1 54
98 2 IN -ii:1i4 .1i 8
,
1943 J J _
Colo PA I Co gen s f 5s
3 1037 10712
8
105
97 97 July'29 ____
97
8
8
9912 Kinney(OR)& Co 714% notes'36 J D 1043 Sale 1043
Col Endue 1st & coil 58 go_ _1934 F A ,;.;:' 94
1,,4
,
93
10114 24 1( 0 104
93
927 9578 Kresge Found'n coil tr 68..._1936 J D 101% Sale 100
8
35
Columbia0& E deb bs Slay.1952 MN 9814 Bale 98
96 10014
10014 1545
9714 10012 Kreuger & Toll Is with war_1959 M S 99 Sale 98
9834 85
A 0 98 Sale
Apr 15 1932
Debenture Is
Lackwanna Steel 1st be A _ _1950 M S 98 Sale 9712
4
99 10212
98
97%
9814 76
97% 09
Columbus Gas let gold 5€.... 1932 J 1 90
9934 Lace) Gas 01St L ref&ext 58.1034 A 0 99
98
95 June'29 ____
95
5
97% 101%
100
4
993 99
Columbus fly PAL 1st 4718 1957 J .7 923 Sale 92%
Col & ref 5718 series C_ . _1953 F A 102 Sale 102
4
3
9012 93 4
93
13
1023
4 22 10012 10512
Commercial Cable let g 48-2397 J J 87% --- 8712 Feb'29 ____
8712 8712 Lautero Nitrate Co cony 6s_1954
Commercial Credit 816s____1934 51 N ,,73 sale 9712
Wtth warrants
94
9912
99
25
09
9914
•. 4 Sale 97l
,
991e 260
_ 99 Sale 99
1935 J J 93 Sale 8912
Col tr f 571% notes
Lehigh C & Naval 43.4* A.1954 J a 9412 95
97
931/ 9934
87
2
9312 18
9412
945s
Comml Invest'rr Sob 6s. _ _ 1948 M 8 9112 9214 901g
97% 101
931/ Lehigh Valley Coal 1st g 58_1933 J J 99 Sale 99
4
90%
99
£214
19
1949 F A on Sale .
Cony deb 51 /5
.
let 40-yr gu lot red to 4%_1933 1 J
9014 10514
Oct'28
451
96
97
•,.
05
%
09
Computing-Tab-Bee 5 f 58..1941 J 1 10478 Sale 105
let & ref s f 5s
1 104 10:
91
3%
101
3 1043 106
8
105
F A 101 Sale 101
Conn Ry & L let & ref g 470 1951 J J 95
1st1 st1 ref s f ‘8.
e
c.e,ff 8s ff 8
9914 95 July'29
99
8
95
1944 F A
88 May'29 ____
J J 947 9714 95
1951
Stamped guar 470
1954 F A ____ 797 88 May'29 ____
8
9214 99
88
9312
95
Consol &erten' Lean 638s ..195$ J D 8418 Sale 84
1964 F A
7
0
8: , 1 18
85
26
8112 8712
88 May'29 ____
i
Consolidated Hydro-Elec Works
1st & ref s 1 58
1974 F A ____ 8278 17 AIR rg -_--_-_
,4 M ay
8
Of Upper Wuertemberg 78.1950 1 J 9212 93
93
1
8914 97% Len Ave& P F let gag &L.-1993 M 5
93
4
Cons C al ofMd 1st & ref 58_1550 J D 67 Sale 67
e
67
16
65% 733 Llggett & Myers Tobacco 78_1944 A 0 1.115- 3;1-- 11518
Consol Gas(N Yi deb 5149..1945 F A 1045 Sale 10412 105
8
138 101 1063
1951 F A 9914 Sale 98
9
4
98
1913: 25 191 1g412
'
Consumer,( Gas of Chic gu be 1936 J D .._. 100
, , i b40c i ur warr n 8.8.
o c0
8
903
4
9912 10l5 Loew;, Iri0 d es 6sizvoth w arial94 1 A 0 10614 K73 1(a14
993
4
1
32
164
,
2
11:41
Consumers Power let So__ 1952 M N iO1l2 Bale 10112 102
A 0 95
18 101 104
9938 313g
1946 1 D 90
Container Corp 184 65
92
89
90
89 10012 Lombard Elec 181 78 with war '52 J 0 9914 Sale 99
7
5
66
91,2
...,
951, 95
15-yr deb bs with Warr_ _1943 J D 73 Sale 70
Without warrants
J .-.. 95
90
97%
95
20
73
Copenhagen Telco ext 65._ 1950 A 0
1 944 t ; 108 Sale 108
91
5
33
,
2 10618 11312
100 Apr'29 _ _ _ _
108
99 10012 Lorillard (I') Co 75
Cori, Prod Refg let 25-yr 5155'34 14 N iooTs ;::: 10018 July'29 ____
9612 103
fa
7912 917
1,
81% 19
805 8212 80
8
1947 3 D 9612 Sale 9612
Deb 6715
Crown Cork & Seal s f 6s_
1937 1 3 87 Sale 86
87
37
84
897
95 100
9714 31
Crown-WIllanwtte Pan 68-1951 1 J 9912 Sale 9912 100
101
4
32
993 104
8
27
983 103, Louisville Gee & El (Ky) 56_1952 M N 1003 Sale 100%
4
4
92 June'29 ____
90
95
6614 41
794 Louisville Ry 1st cons bs____1930 J
Cuba Cane Sugar cone 78-1930 1 I 65 Sale 6334
59
Austrian Hydro El Pow—
Cony debeu stamped 8% _1930 J J 6412 6514 6412
6412
let 91670
1944 F A 8218 83
82
83
8
81
Cuban Am Sugar 1st coil 85_1931 M 8 100 Sale 99%
877
8
100
BONDS
N. Y. STOCK EXCHANGE
Week Ended July 19,
FA
''''E
1
N 7g7,
..
:
1r2,1 iFi:
.
N 8091,183% 'ow&
J
New York Bond Record - Concluded-Page 6
454
BONDS
ff. Y.
EXCHANGE
Week Ended July 19.
Eyroc.
-*A
Price
Friday
July 19.
Ranee
Since
Jan. 1.
Week's
Range or
Last Sale.
N
BONDS
.
4
14
.
Y STOCK EXCHANGE
Week Ended July 19.
Price
Friday
July 19.
Week's
Range or
Lam Sale.
=3-2
High
Ask Loto
814
No how
if
MO
HO) No.
Ask Lots
McCrory Stores Corp deb 5413'41 J D 97 Sale 97
92
97% 16
993 Relnelbe Union 7s with war.1946 J J 10518 Sale 105
3
10534 20
Menial Sugar let 3 f 7348___1942 A 0 9413 Sale 94
9418 15
90 10012
Without stk purch war._,3946 .2.2 955 Sale 9.512
8
96
28
Mantua Ry(NY)cone g 4s_1990 A 0 56% Sale 565
56
5753 21
3
Rhine-Maln-Danube 7s A _ 1925 MS 101 1013 10018 July'29
68
1950
4
2d 48
2ol:IJ D
4
60 May'29
583 0053 Rhine-Westphalia Elec Pow 78'50 MN 100 10112 10112 102
8
Manila Elec Ry & Lt a 1 58_1953 M
181412
935 100
8
Direct mtge 68
95 July'29
95
MN 8913 Sale
8912 41
88
Marlon Steam Shove a f (is 1947 A 0 88
9912
88
Cons m 6s of '28 with war_ 1953 FA 923 Sale 92
88
5
89% 88
4 41
4
92 3
Mtrn Tr Co Ms of panic In
W
warrants
Without warran
1
86 Sale 86
80
AlNamm&SonistSe,1943J D 1003 Sale 1003
8
2 100 105
8 1003
Rima Steel lets f 7s
3
19 5 F A 91
2
5
9112
92
9113
Market St Ry 79 ser A April 1940 Q J 88 Sale 87
80
88
975 Rochester Gas & El 73 ser 13_1946 M
12
8
4
106 Sale 106
107
Meridional El 1st 7a____.
1957 A 0 98 Sale 9678
98
93
9814
7
Gen mtge 5345 series C
1948 SI S 104 10.5 105
3
105%
Metr Eli 1st & ref 5s ser C
993 103
4
3
2
I953 J J 1003 Sale 100 4 1003
4
Gen mtge 439s series 0
4
1977 M S _9912 997 Apr'29 - _ _
Metr West Side El (Chic)48.1938 FA 7212
72
8014 Koch dr Pitts CA lp na 5s_1946 Al N 56
75 July'29
90 Dee'28 -- -&Vag NI111Mach 7e with war_ 1956 JD
9212 98% St Jos lty Lt & Pr let 5s
9312 June'29
1937 SIN 9412 Sale 9412
9412
1
Without warrants
J D 84% 86
9412 St Joseph Stk Yds let 43-4w. _1030 .1 J
8413 July'29
84
99 Feb'29
Midvale Steel&0cony 9158.19M Al 8 9813 Sale 9814
97 100 8 St L Rock Mt& P 53 stmpd.1956 J J 6-5
9912 81
65
4
,
67 65
9818
SUlw El Ily Lt ref & ext 430'31 1
9818
1
9712 99% St Paul City Cable cons 58_1937 J J
9818 99
92 June'29 - - -.
98
Gene-el ref 58 series A..19511g1.2 Z 101
San Antonio Pub Sow let 6s.1952 J J ioii2 100 10412 105 1
98 103
101
e
5
3
1st ref 53 series B
9714 1015 Saxon Pub Wks(Germany) 7e '45 F A 9628 Sale 9658
9912 100
43
8
97%, 19
Montana Power 1st Ss A _
1943 J J 101 1021 1 1003t
(lee ref guar 6195
10118 33
98 104
9112! 13
90 Sale 90
Deb Zs series A _
9814 9814
1962
98
Sch utt.° Co guar 641
97 101
9812 29
82 1
82 Sale 82
1
Montecatini Min ik AgrleGuar s 1639s series B.
1 99461 jM 0j 82
11945 A N
0
8712 82 July'29 - -Deb 7s with warrants__ 1937
J 1113 Sale 1093
Sharon Steel HOOD 8 I 5346-1948 Al N 97 Sale 96
4
4 1113
4 17 107 127
25
97
Without warrants
J J 97 Sale 9631
93
973
9914 Shell Pipe Lineal deb 5a
4 18
1952 M N 9412 Sale 9312
9414 39
Montreal Tram let & ref 5a._1941 J J 9512 96
9513
94
6
09% Shell Union 011 (del, 513
1947 M N 955 Sale 943
9513
84
96
8
4
Gen A ref ti f 56 eeries A__
93% 96% Shinyetsu El Pow let 639s_ 1952._
95 June'29
D
883
4
8912 11
Series B
9514 MaY'29
9514 9814 Shubert Theatre 6s_June 15 1942 J 1)
1
- 7374 75
7Morr18 A Co 1st t 44a...19391
84 Sale 835
81% 8812 Siemens A Halske a f 7s
11
3
86
1935 1 J 1023 104 1023
4 1023
4
4
6
Mortgage-Bond Co 48 ser 2_ _1966 A 0 773 81
4
Deb s f 64s
8112 Jan'29
106 Sale 1053
8112 8112
4 1055 101
8
10-25
1932 J J 95
-year 65 serlem 3
8 639e allot etfe 50% pd _19 NI S
955 95
95
9513
8
6
_'5
61
9712
S
103 Apr'29
Murray Body let 6 48
1934 J 13 100 Sale 99
Sierra & San Fran Power 53_1949 F A 973 9812 973
100
22
9814 102
8
97%
3
Mutual Fuel Gas 1st gu g 68_1947 M N 100 103 101 July'29
Silesia Elec Corps f(34s_ __ _1946 F A 8512 92
101 104
8518 July'29
__
Mut Un Tel gtd 6s ext at 5% 1941 M N
Slleelan-Am Exp coll tr 7s
_ _ 98 Fe5'29
1941 F A 96
98
08
9612 9618
9614 61
Namna (A 1) dr Son-See Mfrs Tr
Simms Petrol 6% notes
1929 NI N 9912 Sale 9912 100
13
Naesau Elec guar gold 4,3_1951 F
52
35
5114
Sinclalr Cons 01115-year 7w..1937 Al 8 10114 Sale 10034
52
4
64
50
10134 62
Nat Acme 1st s f 63
1942 J
let lien coll 65 series b
1013 Sale 10134
4
10134
4 101 10214
1930 Si S 98% Sale 987
3
9912 40
Nat Dairy Prod deb 63‘a
1948 F A 97 Sale 9613
let lien 6394 series
97
193
1938 .1 D 997 Sale 99
9312 977
2
8
99% 75
Bat Radiator deb 64s
1947 F A 53 Sale 49
90
53
47
82.8 Sincallr Crude 01154e ser A.1938 J J 9614 Sale 9512
9612 55
Nat Starch 20-year deb 66 _
J
99
997 9912 July'29 ___. 98
8
9912 Sinclalr Pipe LInes f 58
1942 A 0 935 Sale 9312
8
47
94
National Tube 1st f 5s. .1952 al N 101
____ 10018
3
101
09 10453 Skelly 011 deb 539s
1939 M 8 92 Sale 92
92 3
8 31
Newark Coneol Gas cons - 5_1948 J
5
98
____ 10114 June'29 __ -- 100188 10312 Smith (A 0) Corp 1st 648_1933 Al N 10114 102 101 14
10114
3
New England Tel A Tells A 1962.2 D 10273 Sale 102
South Porto Rico Sugar 7a_ _1941 .1 D 1055 106 10514 July'29
1027
8 58 1017 107
2
8
_
let g 4 413 series 11
9712 Sale 9713
98
f 58 1941
97 10014 South Bell Tel &
5
J 101 Sale 10014
10114 18
New Orl Pub Sere 1st Se A..1952 M N 90 8 Sale I 90
A O
3
4
897 963 Southern Colo Power 613 A..1947 J
9013 12
8
10112 Sale 10112 102
6
First & ref 58 series B
89 Sale . 89
1955
9014 28
1 95 1im N
8914 9612 S'wou Bell Tel let A ref Ss 19: 4 F A 10214 10212 10214
,
102% 21
NY Dock 50-year 1st g 40 1951 F A 8113 Sale 81
82
80
87 4 Spring Val Water 1st g 59_1943 Al N 95% 98 (3612
,
5
97
5
Serla16% notes
Standard Milling let 50
82
83
90
8012
82
27
80
9914 10
9914 Sale 9813
N Y Edison 1st & ref 648 A_1 9 8 A 0 11114 Sale 11114
3
let & ref 51
194 1
9s
1113
4 36 11114 1153
4
1945M S 100 10012 9912 101
14
1st lien & ref Is series 11
1944 A 0 1013 10253 102
Stand 011 of N J deb 58 Dec 15'46 F A 10114 Sale 100
8
10253 14 101 105
144
1112
N Y Gas
Lt
g Ss_ _1948 J 0 10418 Sale 10418
10412
5 10:113 10712 Stand 01101 N Y deb 446_1951 J D 9514 Sale 943
3
9514 41
Purchase money gold 43_ _1949 F A 9114 Sale I 9114
Stevens Ilotel 181 6? merles A .1945 J J 9512 Sale 953
94
9212 12
91
13
96
2
NYLE&WDock&Imp 581943 J J 9713 99
Sugar Estates (Oriente) 78_1992 M S 77
97% July'29 ___ _
9718 9818
78 July'29
78
_
3
NYdrQEIL&Pletg 5s 1930F A 9914 991 985 June'29 _ _ _ _
8
.18 10012 Syracuse Lighting lat g 5s_ _ .1951 J
102
103
103
4
N Y Res hit It E & ref 481
1942 F J 4714 54
Tenn Coal Iron & RR gen 68_1951 J J 99 1023 102 June'29 -56
Jan'29 ____
56
56
- 8
Certificates of deposit
4714 ____ 5614At, _:::
,,
,g
23 ,,
1
Tenn Cop A Chem deb 65 A _1911 m O 104% 10612 1063 July'29'___,44 A s
58
56
4
30
-year ad) Inc 5s_ ...Jan 1042,A 0
1
Gone deb 69 see II
9%
212 2 2
,
1033 Sale 103
8
10413 14
Certificates of deposit.
1
--- 9
1
Tennessee Elec Pow let 68_1947 j
I
1
I
3
J
10413 Sale 1033
4
105
58
N Y Rye Coro Inc Os_ _ _Jau 1965 Apr
9 Sale
812
93
4 72
1960
812 34'2 Third Ave let ref 4s
56
57
56
50% 10
Prior lien 68 series A
1966. 1 ___ _ 79
11
75
75
2
Ad)Inc 5s tax-ex N Y Jan 19F 4
75
87
3S14 Sale 38
5 533
3814 36
N Y & Richre Gas 1st Os A _ _1951 M N 103 10313 103
104
8 10112 106 Third Ave Fly lit g 5s
9214
9018 92
9214
1
N Y State Rye 1st cone 4413.1962 M N
32 Sale 32
33
Polio Elec Pow 151 75
37
32
59
9612 Sale 96%
96% 17
let cons (I 498 series 13
1962 M N 40 Sale 40
45
j
193
29
8
6% gold notes____July 15 ,2 j j 963 97
70
40
8
963
8
96%
4
N Y Steam lot 25-yr Os ser A 1947 M N 106 Sale 105
106
19 103 107 4
6% gold note'
9612 Sale 9614
,
963
4 35
NY Telep let & gen a f 4395_1939 NI N 973 Sale 97,
4
2
973
4 13
Tokyo Elee Light Co. Ltd
-1,53
9712 101
30-year deben s f Se..}'eh 1949 F A 110 Sale 1097
11014 45 1093 111%
let (3s dollar series
4
89% Sale 89
8912 141
20-year refunding gold 65_1941 A 0 10614 Sale 10514
1061 t 95 1043 10812 Toledo Tr LA P534% notes 1930 J
4
9914 Sale 9914
9912 34
N Y Trap Rock lot lle
1946 J 0 96
97
96
97
14
Transcont 011 634s with war 1938 J
99 Sale 98
96 101
:19
99
Niagara Falls Power let U._ 1932 J . 1001e 103 10013
1
Trenton 0 & El ist g 68.___1949 M S 98 102
10013
7 100 103
98 July'29
_
Ref A gen es
Jan 1932 A 0 10012 Sale 10013 102
23 10014 103.8 Truax-Traer Cod 1 cony 648.1943 m N 91
927 91 18
91 18
4
1
Mat Lock A 0 Pr 1st 58 A._ 1955 A 0 10113 Sale 10012 10113 20
99% 10412 Trumbull Steel 1st e f(38'. _1940 M N 10184 Sale 10113 1013
4 47
Narddeutsche Lloyd (Brernen)Twenty-third St Ity ref 58_ 1942 5,
1905 ./
57 June'29 _ _ _ _
61
20-year s f 13a
1947 M N 90 8 Sale 9013
5
907
Hydro-Elec Pow 718
Tyrol H
94
30
90
9613
4
N 9612 9712 90
A
Nor Amer Cem deb 639s A._1910 a1 S 7212 Sale 7113
1952 F
7213
7
Guar sec a f 75
9134 Sale 91
68
9134
80
8
No Am Edison deb 58 ser A. _1957 M 8 9912 Sale 9912
997
Ujigawa El Pow s f 78
8 68
28.
97 Sale 9613
99 102
97
Deb 539s ser 13__ _Aug 15 1963 F A 100 Sale 00
100 4 169
3
2
8
8
8
99 1017 Union Eire Lt dr Pr(Mn) 5,3_1199333 N1 :1 995 Sale 987
993
4 24
Nor Ohio Tree & Light Os_ _ _ 1947 M 8 10214 Sale 0014
1(1214
5
Ref ext 5a
99 10314
9912
9912 Sale 983
4
4
Al
Nor States Pow 25-yr 58 A 1941 A 0 9914 9912 99
100
62
98% 1013 Un EL A P (111) 1st g 5 Asser A.'54
101
21
3
4
J 100% Sale 100 8
let A ref 5-yr 6ii series 13.._194I A 0 105 Sale 04%
10573, 21 104 10612 Union Elev
(Chic) M.._ 1945 j 0 75
931 A .1
81 June'29 _
83
North W T let Id g 4398 gtd_1934 F J ____ 947 943
4
943
41
5
9478 10531 Union 011 let lien s f 53
10112 10014 June'29
Norweg Hydro-El Nit 53913- 1957 Si N 89 Sale 8814
893
41 97
30-yr 68 aeries A _ _ May 1942 F A 106% 10712 10612 July'29
88
9213
_
Ohio Public Service 739s A_ _1946 S 0 III Sale 1014
112 I 10 11018 11312
1st lien a f 55 scrim C.I.eb 1935 A 0 9714 9712 97
9712
9
1t,9 ref 75 aeries 11
1947 F A 111 112
11
111
3 10978 11512 United Biscuit of Am deb 68.1932 si N 96% 90/8 9618
1947 Nt
0618
2
Ohio River Edison let 6s_ _ 1948 J J 1033 Sale 0312 1037
4
2 102 10712 United Drug 25-yr 55
1953 is
9414 Sale 93
9412 Cl
(31d Ben Coal 1st 6s
84 84 14
85
5
United Rye St L 1st g 4s
1934 J j 80
8413 91
80
11
81
81
Ontario Power N F let 55_1943 1F A lini2
19 4
_ 01
1015
United SS Co I5-yr tis
8 18
9,1 102
9612 9914 9614
97
6
Ontario Transmission 1st 58_1945 M N
983 ____ 100 July'29 ___ _
4
Un Steel Works Corp 639e A_ 1951
97 103
8514 66
D 86
8612 8412
Oriental Devel guar 6s
1953 M 8
_ 9118
warrants
With stock pur
9212 13
91 18 97%
jD 8614 Sale 86
8634 22
Extl deb 539s in?. etre
1958 SIN 8012 Sale 8514
Series C wIthout warrants_ j D 8512 Sale 8512
857
8 29
851b 90
8031
2
Oslo Gas & El Wire eat! 58_ _1963 M 8 90 Sale 885
With stock pur warrants._ J D
8
90
9314
85
8.131 June'211
Otis Steel let M Os ser A___ _1941 M 8 10212 Sale 100 4 102121 10
3
46 100 10312 United Steel Wks of Burbach
Pacific Gas A El gen dr ref 5s 1942 1 J 10013 Sale 100
Eseh-Dudelange s f 7e....11951 A (,) 10353 Sale 1035
1003
4 40
01) 10212
8 104
5
Pac Pow dr Lt 1st & ref 20-yr 53'30 a A 99 Sale 99
.
1,1,537,J .1
99 3
8
7
9712 10(112 U S Rubber 1st A ref la ser A 19438 JA 0 90 Sale 89
84
90
Pacific Tel dc Tel 1st ta
1 3 10138 Sale 10118
10-yr 74% secured notes_ 1930 F A 1001 Sale 10013
10112 36
4
993 10314
4
101
34
Ref mtge 5sserlem A
1952 M N 10212 Sale 10213 10213 17 101 14 105
N 10914 Sale 109%
52 U S Steel Corp1Coution Apr 1903
10914 286
Pan-Amer P & T cony s f 68.1934 51 N 10912 Sale 10712
ID 10-60-yr 5el Regis -Apr 1903 SIN
11014 137 10212 11014
108
1083
8 11
let lien cony 10-yr 7a
1930 F A 10412 l041 10412
Universal Pipe & Rail deb 6s
10412
1023 105
2
86
86 Salo 84
7,
Pan-Am Pet Co(of Cal)conv 68'40 J 0 9513 sale 94
Utiterelbe Pr A Lt Os
96
30
8614 Bale 86
92
98%
8614
12,
Paramount-B'way let 648_1951 J J 9812 sale 98
Utah Lt & Trac 1st dr ref 58..1944 A0 913 Sale 913
944
9812 25
97% 103
4
92
40
Paramount-Fam's-Lasky 6.3_1947 J 0 973 Sale 973
4
4
4
9812 38
FA
9914 Sale 9812
96% 1003 Utah Power & Lt let 59
9913 281
Park-Lee let leasehold 630_1953 J 1 8618 93
82 July'29 __ _ _
82
9512 Utica Else LA P let s f g 68_1950 J J 103
____ 103
103
Pat & Passaic0& El cons 681949 M 8 9913 103
9912 105
Utica Gas& Elec ref & ext 55 1957 J
9913 June'29
10513 106 10512 July'29
Path() Exch deb 7s with ware 1937 M N
7012 Sale 7013
1947
Utilities Power A Light 543.1953 J II 90 Sale 00
72
21
7018 81
91
491
Penn-0111e Cement(3s A
1941 NI S 83 Sale 825
3
83
17
8252 9714 Vertlentes Sugar 1st ref 7e_ _ 1942 J o 81
8113 81
8113
4'
Peep Gas & C let cone g (Ie.1943 A 0 11083 111 12 110:1
Victor Fuel 1st s158
11112 12 110 113
1 2818 30 30
30
1
Refunding gold 6a
11)47 M S 1013 10214 10131
Coal ct Coke let g 5a 1949 MS 69
4
10212 20 101 105% Va Iron
73
69 July'29
Philadelphia Co sec 6e ser A.1967 J D 9714 Sale 971.1
Va Ry & Pow 1st dr ref 56 _ .1934 J
98
124
96 100
9912
9811 99
9912
Phil& Elea Co let 439(1
1967 M N
9614 97
9614
95% 10012 Walworth deb 639e (with war)'35 AO 101 Sale 9712
Ws
7
101
137
Phi% & Reading C A lest 66.1973 1 J 85
Without warrants
8312
86
845
8 10
04
81
88
883 85 July'29
8
Cony deb gs vi. 1_
9114 102
lot sink fund Ile mem A _1945 AO 88 Sale 871 1
1949 M 8 97% Sale 9714
99
854
8812
4
Ph!Illbs Petrol deb 6 He
19393 0 88 Sale 88
Warner Sugar Rein let 7s._ 1941
8912 61
94
88
105 Sale 105
1053
4 29
Pierce-Arrow Mot Car deb 881943 M 8 ___
Warner Sugar Corp let 75_1939• J 6118 Sale 60
•___ 109% July'29
106 109
63
88
Pierce 011 deb s f iis Dec 16 1931 J D 105kt 10614 10512 July'29 _
Warner-Quinlan deb 133
1939 MS 9412 Sale 9.11.
_ _ 10514 1(17
9514 20
Pillebury Fl N111113 20-yr 68_1943
102 Sale 102
Wash Water Power a 1 58 .193 J J 9912 100
1,
9,
105
9
8 102 106
9912 July'29
Pirelli Co(Italy) cony 7s. _ _1952 M N 1413 148 153 July'29 ____
950
4
119 15412 Westehee Ltg 858 straw! gtd 1960 J o 100 10:33 101 July'29
4
Pocah Con Collieriee lets
6(581957 J 1 9412
West Penn Power ser A Is..1916 M
9412 July'29
9412 95
101 12 Sale 101
10134 18
Port Arthur Can dr 1)k 68 A.1953 F A 100 4 102 10014
3 1001 1
let 58 series E
7 100 1053
4
MS 1013 103% 1015 July'29
4
8
let 51 Se series 13
1953 F A 10018
101% 1053
let 5 WI aeries F
1953 A0 10234 Sale 1028i
3
5
10312
Portland Elec Pow let 6813. _ 1947141 N 9912 104 104 June'29
1st sec 58 aeries
01312 10314
4
1 D 1007 1013 1007
8
8
4
102
4
Portland Gen Elm let M.__ _1936 J 3 091.1 100
West Va G AC 1st fls_
100
1.6°
9912
9912
99
6
1930 J J
98 102
10
22/8 20
21
40
Portland Ry let A ref 5e.
1930 M N 957 9612 9531
3
7
Western Electric deb M.-19, A0 10118 Sale 10118
95
6
1945
4
95 8 09
3
10214 38
Portland Fly L & P 1st ref 58.1942 F A 9712 Sale 9738
991
, Western Union coil tr cur 58.1938 J J 10012 Sale 100
96
9712 19
10214 31
tel lien & ref 1313 eerie() 13_1947 M N 9912 Sale 9913
Fund & real eat g 4 3911___1,50 MN 9513 Sale 95
9912
2
1951
9612 10212
9512 14
let lien A ref 739a series A _1946 M N 101 10614 106
1, 3.9e m
6 „t
0
106
1 106 10718
J A 10713 Sale 107(4
10778 32
Porto Rican Am Tob cons (le 1942 J J 983 sale 08
4
983. 84
i
25-year
9:i 107
J
10211 Sale 100 4
3
10214 48
Postai Teleg & Cable coil 588_1953 3 .1 93i2 sale 9213
94
55
Westphalia Un El Pow 6/1 _1953
95
89
J 8112 Sale 8112
8314 63
Pressed Steel Car cone g 5s_ _ 1933 1 J 90 Sale 90
Wheeling Steel Corp let 639s 1948 J
91
19
8812 99
100 Sale 100
101
43
Prod ts Ref 8188(wIth war).1931 J D 110 _ .... Ill Mar'29 __ .... III III
let A ref 439s series 13____1953 A0 86 Sale 86
863
4 42
Without warrants attached.._- J D 106
_ 10913 Slay'29 ...._ _ 109 11215 White Eagle 011A Ref deb 614837
Pub Serv Corp NJ deb 4 43.1998,F A 270 Sale 250
With stock purch warrants,... MB 9914 Sale 99
270
57 172 270
99 12 20
Pub Serv El A Gas let dr .'et 58'65,1 D 103 Sale 133
103
1 101
10512 White Sew Mach 65(with warl'36 J J
__ 99
98 July'29 ... _
let & ref 439s
196713 D 9614 Sale 9614
4 24
063
Without warrants
911
99.8
84
83
1
83
Punta Alegre Sugar deb 7s_1937 j 3 76 sale 76
t.
76
28
wiea w
P krle f debress„ens6s
73
MN 875 Sale 8758
89
8
878
I
Pure 0115 1 54% notes
1937 F A 9813 Sale 9712
9624 100,4
9812 27
I let 78 _1945 J J 48 Sale 44
193°
47
14
Purity Bakeries s f deb 55.__1948 3 J 9114 Sale 903
4
92
_
38
_ 47 Sale 44
Ctf deo Chase Nat Bank
89% 95
33
45
Remington Arms 65
1937 Al N 96 Sale
Wickwire Sp St'l Co 78 Jai) 1936 MN 46
97% 30
95
48
43
45
Rem Rao0 den .5l45 with war '47 Al N 9612 Sale 95
13
9512
93
120
Ctf dep ('hale Nat Bank
9114 99
4412 47
43
48
20
July 1948 M 8 10314 Sale 10314
Republic Brass 65
10314
9, 1(12 103% Willye-Overland a 1 614s____1933 -S 10013 Sale 10014
7
101
Repub 1 & S 10-30-yr 50 3 f _ _1940 A 0 10014 10012 10014 July'29 --1 10012 10. 4 Wilson &Co let 25.yr f 64_1941 A 0
0
100 Sale 100
10014 15
Ref A gen 5395 series A...1953 J J 10112 Sale 10112 10212 22
Winchester Repeat Arms 748'41 A 0 10612 Sale 10614
9912 104
106% 19
1
i
I
Youngstown Sheet & Tube 68 19783 J
993 Sale . 9912 100
4
153
1:2 g 9 12 _
,
,
Range
Since
Jan. 1.
115811'
Low
99 106
92
98
9713 103
100 102
87
93%
93%
90
8518 89%
91
96
105 110
10312 107
9518 1001a
-54-
- .1;63
99
99
64
77
04
92
10112 107%
9312 100%
8712 9434
81% 101
80 101
9.113 9714
9213 97
94
98%
83% 94
gila
75
9912 105
10013 108
101 100
96 101
8314 89
95% 99
99 100
10084 10313
98 100
08% 101%.
9312 97%9.5
93
92
95%
99% 10253
102 107
99% 10414.
100 10413
101 10514
6612 100
98 102
3
95 4 105
100 1033;98
94
95 100
98
65
103 107
10158 10313.
102 115
100 107
10212 107
50
66
6434
38
90
9714
993
4
96
963 10012
8
4
9614 1163
9112
88
9812 10012
96 104%
98 100%
90 103%
101 103%
62
57
95% 9912
88
921295 IOU
987 101
8
973 101%
4
10012 104
81
87%
98 10153
4
1043 10913
91 10152
95% 10013
9254 97 4
,
89%
80
90 100
84
90%
92
84
83
90%
84% 89%
10212 168
92%
88
2
100 1023
107 10913
4
1063 108113.
84
90
91
86
89
1)613
9518 101
10234 104%
103 107
90
08
66
97
/
1
4
30
40
82
69
97% 101
8712 103
85
87%
8714 93
105 10712
85%
60
94
9914
9912 10252
101 105%
10012 104
1003 105
4
101 10511
100 10411
20
3314
100% 103%
100 104%
95
0914
107 III
993 103%
4
79
90
98 1(12
8412 8714
9814
98
80
8712
4014
397
4
40
4012
100
0912
ore%
99%
105%
13(1
9911
1)l1112
61
47
BO%
48
102%
10312
108
101
455
FINANCIAL CHRONICLE
-JULY 20 1929.]
Outside Stock Exchanges
-Record of transactions at
Exchange.
the Boston Stock Exchange, July 13 to July 19, both inelusive, compiled from official sales lists:
Boston
Stocks-
Stock
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par Price. Low. High. Shares.
Railroad100
doSton & Albany
100
Amnon Elevated.
100
Preferred
100
Let preferred
100
20 preferred
IS antOn & Maine
Corn. unstamped...100
Ser A let prof uustpd_100
Ser 13 1st pf unstpd 100
Preferred stamped_ 100
Prior preferred stpd 100
Ser A lot pfd sty(' .._I00
SerB let pf stpd.100
100
her C let pfd stpd
100
her D 1st pfd stpd
100
East Maas St fly Co
100
let prf
100
Adlustment
100
Maine Central
NY NH& Hartford _ .10n
Nor New 11ampshire100
Norwich & Worm pref 100
100
Old Colony
s'enneylvanla RR _
100
Prov & Worcester
100
Vermont A: Mass
17434 1734 1744
75
74
74
9954 991i
106 107
106
99
97
98
108 108
70
69
106 106
83
83
10631 109
109
7450 7454 75
112
112
112
103 103
143 143
143
184 20
66
66
494 5154
51
71
69
11454 10954 115
108 108
12554 12551
124 126
125
9734 694 99
171
171
11754 1174
70
Range Since Jan. 1.
High.
Low.
256 1724 June
July
528 74
May
5 96
99 10254 June
July
162 97
10
542
510
65
141
45
25
10
25
575
110
1,855
115
1,314
30
6
270
3,166
5
7
87
68
105
83
1044
71
112
100
140
1634
574
42
82
824
106
120
120
724
171
113
Jan
182
884 Jan
Jan
101
Slay
116
Jan
108
Apr
Apr
Apr
July
May
Apr
May
Apr
Slay
July
May
May
Jan
Mar
Jan
Apr
Apr
Mar
July
Apr
108
94
114
90
110
8154
129
111
157
27
72
5134
80
115
115
134
13954
99
185
121
July
Feb
May
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Feb
July
Feb
Feb
Feb
July
Feb
Feb
Miscellaneous
Apr 234 May
,
17% 1954 4,894 17
194
Mr Investors Inc
Jan
16
100 124 June 20
17
American Brick Co
Apr
76
July
69
25 64
69
Amer ChatIllon Corp
June
Jan 109
10634 1074 4,743 71
Am Founders Corp corn stk 107
Jan
70
Apr 75
70
70
95 70
Amer. & Gen See Corp _ _ _
12% July
104 124 12,109
23-4 Jan
Amer Pneumatic Service 25 1234
2951 July
July
26
815 15
28
25 28
Preferred
July
Jan 251
6,120 193
100 2474 24234 251
Amer Tel & Tel
Jan
15
July 24
1,775 15
15%
• 15
smoskeag Mfg Co.
Jan 1064 Apr
98 101
195 95
Blgelow-Ilartf capet____• 98
Jan
July 94
91
91
25 91
Wean & CO
6334 68
554 June 88% Jan
1,64
Columbia Graph'n
Mar
May 120
95
95
113 94
Continental Securities Corp
May 4734 Jan
37
404 2,008 34
Credit Alliance Corp el 4.. 40
1851 July
Apr
17
18
Crown Cork & Intl Corp
184 6,080 16
May
8
4
Feb
10
70
634
East Boston Lend
754
July
99
Jan 124
6,44
Eastern SS Lines Inc__ ._21) 12354 1184 123
Jan
8
Apr
45
•
47
11
Preferred_
4734
Mar 10234 Mar
99% 99%
97
let preferred
100
3
July
Jan 25
12
1,19
23
Eastern Utility Inv Corp__
25
July
550 224 Jan 28
Economy Grocery Storea..• --2734 27
28
Jan
Jan 351
325 335
ff.dison Flee
100 330
62 280
July
Mar 63
28
Elea Shareholdings Corp.
41
60
55
60
July
Mar 150
97 100
135 150
Preferred
150
emu' Group Assoc
3754 364 38% 4.371 35 June 494 Jan
July
July 45
Equity Investors Inc
44
428 43
45
44
1934 May
July
9
General Alloys Co
100
1034 104
398 104 June 174 Feb
104 12
Ceorgiala Inc (The) pf A_20
Jan
210 174 Apr 20
18
184
Oerered&InvC25% let pt.
Apr 3354 Jan
370 20
•
2434 26
211ctirlat Co._
1,063 1004 June 12634 Jan
lillette Safety Mellor Co_• 11634 111% 11634
Jan 4234 Apr
75 39
41
41
-Greif Bros Coop'ge class A
41
3534 Feb
1,085 2934 May
Hathaway,' Bakeries clasaB 2934 2954 30
Feb
Jan 126
126 110
119 120
Preferred
May 264 Mar
785 18
2654
• 224 22
dood Rubber
Apr 524 Jan
700 37
39
39
39
HYgmde Lamp Co
Apr 105
Feb
85 97
974 100
Preferred
3334 Jan
30 24% July
274 284
10
insurance Sec Inc
85 444 June 1024 Feb
6634 664
uaternational Corn
July
May 53
271 43
5254 5134 53
Int Hydro El Syst cl A
80 904 Apr 9334 Feb
92
92
Kidder Peal'accep A Pt 100 92
1341 Jan
50 1031 Apr
12s. 1234
1254
Llnby McNeill & Libby.16
Jan
13
July
750 10
10 11
11
25
Loescs Theatres
Apr
650 125 June 167
136 142
atassachneette Gas Co_100 139
July
June '27
5,734 13
27
25
26
Rights
Mar 844 May
437 76
100 834 8134 8354
Preferred
154 1E491 11
June 18 June
15
15
Straw Utilities Asa. rum .
10434 1044
65 10031 Feb 1124 Star
Mergenthaler Llnotype.100
Altge 13k of Colombia
Feb
40
20 40 June 48
40
American shares
254 June
534 Jan
72
274 2%
10
National Leather
Slay
4
834 July
6% 83-4 22,935
Nall Service Co
125 223i Apr 304 May
2614 2634
Nelson Corp (It) tr ctfs__5 2634
4134
370 344 Feb 4414 Apr
------ 40
New Eng Equity Corp_
Eng Equity Corp
New
45c 52c
45c
3,848 45c July 75c June
Rights
Jan
400
Sc
5c
Jan 20c
5c
New England Oil Co
91
90
July 9834 Jan
135 89
90
New Engl Pub Service99 100
96 x9854 May 1044 Jan
New Engl Pub dery pr pfd•
150 158
July
1.361 140
Apr 158
New Eng Tel & Tel_ _106
154 1634
194 May
362 1454 June
North Amer Aviation Inc_
145
13
7
July
7
3554 Jan
Nor Texas Elec pr pref_100
284 3034
452 28 June :17% Apr
100 30
pacific Mills
16
Jan
16
69 15 June 25
Plant (Trim 0) 1st pf__100
Apr
70 17
1854 Mar
Reece But Hole MachCol0 174 1734 174
2
2
14 Apr
100
July
2
Reece Folding Mach- -10
37
41)
Mar 40
755 28
Reliance Management Corp
July
234 224 24
3,113 204 June 26
Slaw:nut Ans'n Con Stk_
Mar
294 33
507 274 July
Jan
37
Sterling See Corp com____
-159- 136 162
July
June 162
2,355 108
Stone & Webster Inc
12854 131
325 124
100 129
July 1394 Jan
swift & Co
• 72% 72% 75
603 7054 Apr 84
Jan
Torrington Co_
104 114 6,200
11
Jan
8
"ewer Mfg
1734 Feb
20
20
70 1734 June 2434 Feb
Traveler Shoe Co
344 38
400 21134 May
July
38
Tri-Continental Corp
104 104
Feb
Apr 106
76 104
Preferred
64 • 654 3.265 25
65
Mar 654 July
Union Twist Drill
69%
Jan
5.850 604 June 87
United Shoe Mach Corp_25 6734 65
31
31
614 304 June
25 31
314 Jan
Preferred
404 414
275 39
S Brit Inv 53 I'M allot ctf
Jan 41% Apr
40% 4134
Apr
41
1.459 4034 June 44
S & Int her Corp pret___
Utility Equities corp
110 12254 4,622 100
118
Jan 1224 July
Preferred
30
32
•
July
220 23
Slay 32
Common
7054
1,205 66
Feb 774 Jan
Venezuelan hi v. MCorp ill 6931 69
31
3354
•
344 July
325 2251 Mn
Waldorf System Inc
47
Jan
70 47
70
4714
July
Waltham Watch class IL •
450 13i)
50 17254 170 17454
An 17454 July
Warren Bros
51
Mar
50
Apr 53
30 50
50
20 preferred
3254 36
420 27
3834 June
Ma
Westfield Mfg Co corn_
24 251
125
1M June 17% Jan
bitenights. Inc
Mining
Arcadian Cone Min CO. 26
5
Arisen& Commercial
25
Calumet & limn
2N
Copper Range CO
East Butte Copper Mln_10
Franklin Mining Co_ _25
1
Island Creek Coal
25
isle Royal Copper
05
Lake Copper Corp
75c
2%
414
214
24
22
754
x234
3934
21
234
14
52
21
154
95c
34
4114
22
234
131
52
22
134
205
1.915
400
2,010
945
290
103
269
25
53e
2%
37
20
1
50
20
1
May
May
Slay
Slay
July
Jan
May
Slay
May
Feb
Jan
Mar
Mar
Star
4 Apr
Mar
66
Mar
35
23.4 Mar
2
54
6034
32%
a
Sales
Friday
Last Week's Range for
Week.
of Prices
Sale
Stocks (Concluded) Par. Price. Low. High. Shares,
5
Mason valley
Mayflower &Old Colony 25
25
slohawk
New Dointrilon Cooper
New River Co pret____100
lo
North Butte25
ort noloniton co
,
P C Pocahontas Co
5.5
Quincy
41 Mary's Mineral Land.25
10
Shannon
Superior & Boston Copp.10
Utah Apex Mining
I
"tab Metal Monet
Victoria Copper MinIng_25
554
17c
604
654
934
36
35
20c
25e
334
114
1.34
75c
544
154
6034
634
931
124
3251
34
20c
25c
34
1
2
BondsAmoskeag Mfg 8s____1948 834 8354
84
Ernesto Bredo Co 7s_1954 85
88
Dallas fly ,3.- Term 6s_ _1951
95
Chic Jet & U S I' 55...1940
East Matti Street RR
55
1946
44s series A
1948
63
5s ser B
Fox Metro Playhouses Inc
9834
1932
64s
Fox New Eng Theatres
95
1943
8 Sis
90
1936
Hood Rubber 7s
Hung Cent Mutual Cred
97
1937
Inst is
101
Int Hydro-Elec Syst 661944 101
91
K C & SIB Inc 5s____1934
85
,
Karetadt (Rod) lin fis 1943
9834
New Engl Tel & Tel 501932
103
1935
P C Pocah tieb is
85
Rhine Ruhr \Vnt Ser 6s '53
9954
Western Tel & Tel 5s__1932
• No par value
Range Since Jan. 1,
High.
Low.
Jan
13i
140
1,420 '50e
610 41
1,700 15e
5 58
5%
6,290
754
875
235 11
2,875 32
885 31
10 200
400 25c
Via
800
5,335 90c
131
25
Jan
Apr
Jan
July
Jan
Jan
June
Feb
May
May
May
Slay
June
May
Jan
24
1
6034
650
67
84
194
22
50
46
550
52c
ti Si
24
254
8334 614,000
3,000
85
2,000
88
3.000
98
824
85
88
82
June
June
July
July
Jan
90
9834 July
954 'Mar
Jan
89
574 20,000
3,000
64
53
55
May
May
64
80
Jan
Feb
9834
1,000
95
June 100
Isla)
9854
91
7,000
7,000
July 1063-4
91
824 June 96
Jan
Jan
97
1024
99
98
1063.4
125
87
10034
July
Apr
Jan
Jac
Jan
Mar
Jan
Feb
14
1
5634
20e
6054
631
10
134
36
36
21e
254
4
14
2
5,000 97
97
1024 28.000 100
2,000 91
91
3,000 80
85
9934 10,000 9854
1054 14,000 103
5,000 85
85
9934 6,000 98
July
Apr
July
July
July
Feb
Juiy
June
mar
May
Mar
Apr
Mar
Jan
Mar
Feb
Mar
Mar
Mar
Mar
Mar
Jan
x Ex-d vidend.
-Record of transactions at
Chicago Stock Exchange.
Chicago Stock Exchange, July 13 to July 19, both inclusive,
compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price, Low. High. Shares.
Abbott Laboratories corn.•
term Steel Co -------25
Adams (J D) Mfg com___.
Adams Royalty Co com_ •
Ainsworth /dig Corp com10
Rights
ill-Amor Mohawk "A" _5
killed Motor lud Inc com..•
•
Preferred
Allied Products "A"__ .•
Altorfer Bros Co cony pfd •
Amer Coinmw Pow "A"..•
•
Class B
NVarrants
100
,
Amer Pun Ser. pref
Amer Radio & Tel St Corp.
American Service Co.coin •
Amer Yvette Co Inc
•
Common
art Siete! Wks Inc Com_•
tssoc Apper Ind Inc corn..•
ASEIM Investment Co... •
Assoc Tel URI Co corn. •
Atlas Stores Corp com _ •
Auburn Auto Ce coin.. _•
AutomaticWashCoconpf._*
Backstay Welt Co com.. •
Balaban & Katz v t ..25
dastrau -Blessing Co cow.•
Baxter Laundries Inc A. _•
Beatrice Creamery com_50
Bendix Aviation
Rinks Mfg Cool A cony DI*
•
Blum's Inc corn
sire-Warner Corp Cara 10
100
7% preferred
Bonin Vivitone Corp pret •
Israeli & Sons(E 3) corn..•
aright Star Klee "A" __•
•
Claaa B
Brown Fence & Wire el A.
46
5
124, 1
373-4
50
43
51
71
4034
2854
35
11%
1134
4554 46
124 124%
36% 3854
154 1534
5334
50
24
2
18
16%
44
42
4834 51
70
7336
404 41
2534 30
35
33
9
9
102
102
114 13
1134
11
2054 204
4134 384 43
55
53
53
5934 59
614
394
364 27
60
55
GO
375 400
383
30% 3234
42% 424 424
7054
77
7934
524 57
57
1954
194 2034
934 9354 100
944 894 964
30
2954 30
2414
2434 23
116 la%
116
10234 102%
4054 44%
43
26
20
25
12
9
47.4 5
43-4
234 2354 2634
224
21
21
6554
Bruce Co F L common___' 6554 56
284 314
Burove Watch Co com___• 31
4734 48
•
534 Preferred
2734 2734
10
Bunte Bros corn
Outlet srotners
20 2934 294 3254
49
Carnpb Wyaut & Can Fdy• 4636 45
194 2034
:
Canal Constr Co eon, pf_• 204
72
71
(AM,co:n _ _It) 71
Castle & Co
573
55
CeCo Mfg Co Inc coal _• 57
9554 96
Central III Pub Serv pref_•
344 3454
•
Cent Pub her (Del)
• 4694 45.34 473.4
Class"A"
9636
• 964 96
S W CIII Pref
Central
10154
• 1014 101
Prior lien. pre!
120
111
• 119
Common
Chair'13elt Co com
• 494 494 53
194
Chain Stores pfd
193-4 2014
48
48
Cherry Burrell Corp corn •
24 2%
Chic City AC Ry par stz....•
23
2334
Preferred
• 23
2254 2234
Certificates of deposit -36
___• 4334
4434
Chicago Corn corn__
Convertible preferred..
5334 48% 5354
9
9
Chicago Elec Mfg A
•
6254 6254
ChicNS&SIllw pfd
100
Common
1554 1536
100
Chicago Railways
44 454
Part °MIN series 2_ _100
3154
28
City Radio Stores corn...*
Ant" Alum Uten
_•
74 834
56
ColemanLamp&Stovecom •
564
310 346
...Mininonweartn Edlson_100 341
49
50
ornmonw Utli Corp B.
,
Community Tel Commis 2654 2454 2634
35
35
Cons Sore Co(The) et( Ono
2734 2534 27%
construuttuu Material.• 4454 4334 45.34
Preferred
104 11
locaunieni Co Manama 6 10%
724
70
100
Preferred
334 4
334
Warrants
43
39
Continental St Corpcom .• 41
40
37
Voting trust certlf
4511
I.ouluittli
25 4534 45
Crane I
2234 2334
Curtis Lighting Inc corn •
800
750
1,050
50
950
900
400
6,550
1.200
3,250
650
4,500
150
500
100
4,150
3,000
100
3,500
850
900
23,400
6,550
6,250
450
100
200
5,20u
1,500
1,800
48,250
2,900
550
28,500
150
11,200
350
1,250
1,500
1,500
1,350
6,300
2,650
400
50
6,650
15,200
850
.550
4.050
300
so
1,150
400
150
9,200
1,450
11,150
50
350
250
100
147.25
70,600
50
.50
50
Range Since Jan, 1.
High.
Low.
39
8334
3654
154
344
2
1234
29,54
46
495s
36
21
2314
6
9954
9
11
Mar 52
Feb 130
June 4354
June 25
Mar 58
3
July
Mar 39
Mar 574
May 65
81
Jan
June 53
31
Slay
35
May
1134
June
Jan 103
3754
June
16
May
Apr
20
June
31
4554 Mar
49 June
June
26
June
30
1314 Jan
July
27
Mar
41
Slay
69
Mar
85
Apr
16
Mar
78
754 May
Slay
27
May
23
9434 Mar
101
June
29
Mar
2134 May
July
9
44 July
22
June
2014 July
41
Apr
28 June
4754 July
Jan
27
2534 June
33
May
Feb
19
Mar
66
4334 Mar
Star
94
24
Jan
Jan
35
Jan
94
Jan
100
704 Mar
454 June
18% July
May
48
134 Jan
Jan
19
Jan
16
Feb
18
July
44
July
9
Jan
54
1354 Jan
150
234
550 2475
64
150 55
5.000 209
2,300 35
1,000 234
100 35
2,350 24
3.750 40
7
6,80
200 65
234
1,050
1,000 38
550 37
1,275 45
450 22
May
June
Feb
Jan
July
July
Jan
Feb
May
May
Jan
Mar
July
Mar
Mar
Mar
Feb
Apr
24
57% Feb
58% June
6134 July
'
a
4
7
39 1 juet
July
400
May
40
5254 Jan
8
6
5
8
10027
July
8
j
j
J u.
ly
May
98
3754 Jar
52
128
1034
414
6
9
2
2 4
.
I an
Feb
July
Jan
j s.
May
18
3634 Jar
Jar
37
.
J
6536 N 11 y
32
55
344
45
49
214
7934
86,4
98
40
474
June
Max
Jan
July
Jan
Jan
Feb
Jan
May
July
1'13
1081
120
594
20%
3
58 44
Apr
July
Jan
July
Jan
maa
31
26
4494
44U
16
533-4
Mar
May
July
1y
ja
July
65
21
7
Jan
Slay 3134
Slay 34%
May 80
Jan 346
Jan 50
June 354
Mar 35
July
38
July 55
Mar
1354
June SO
64
May
July 44
July 40
June 4834
23%
Slay
Jan
Feb
Mar
July
Feb
Feb
July
July
Feb
Mar
Feb
Feb
Jan
Feb
Jan
June
Ju'y
Mar
July
456
FINANCIAL CHRONICLE
Davie liaise lor
DeckerC&Co"A"com...100
De Metz Inc pre) w w___*
Dexter Co (The) corn__•
Eddy Paper Corp (The) •
El tiousenola URI Corp_1(1
Elm Research Lab Ine_- -•
Empire G 4 F Cs
100
7% Preferred
Emp Pub Service A
Fabrics Finish Corp com -•
Federated Pub $2 ptd
•
Fits Simmons & Connel De
& Dredge Co corn
•
Foote B:os0 A M Co
0
Gardner Denver Co com •
General Candy Corp cl A 5
Gen spring irumeer A
•
Certificates of deposit _
32%
8%
27
204
78
8%
34
1554
7155
284
High.
32
8%
164
27
19%
25
5635
7
334
700
8%
250
1654
150
27
250
204 2,310
25
100
7834 19.050
84 4,150
28%
754
16
26
16
2434
30
7
June
Mar
May
June
June
Jan
Jan
Mar
95
314
15
2634
95
344
16
2654
100
4.050
2,700
150
93
24
11
25
July
May
June
Jan
984 Mar
3454 July
3455 Jan
May
29
70
27
76%
6
46
46
45
3154
264
9554
1554
23
72
303-5
78
6
46
46
45
3255
27
9534
16
2434
Loon
11.150
8,000
150
100
100
100
7.300
750
100
350
300
67
21
64
6
3735
41
37%
314
26%
90
1534
23
AM 83%
323.5
May
May 78
10
June
June 734
June 48
June 7354
32%
July
June 2754
Apr 100
26
July
July 30
37
Jan
17S
Jar
27
374
2234
28
78%
2254
Jun
Feb
Mar
Jan
July
Jan
Pub Sera of Nor Ill com100
Common
•
Q-It-S-De Vry Corp (The)
New
Quaker Oats Co(tom ___ •
Preferred
100
Rath Packing Co com__10
daytheull MnR CO
•
Reliance Mire Corn.
10
Richards(Elmer)Copref _ •
Rose Gear a Tool emu_ •
Ruud Mfg Co corn
*
Ryan Car Co(The) com.25
Ryerson & Hon Inc coin..
•
Feb
July
July
May
May
June
May
July
June
Jan
Feb
Feb
3214 310
321
310
3214
335
43% 43
335
330
1004 100%
36
3254
62
62
24
234
21
48
41
13
454 4154
31
294
3
634
50
75
46
335
ma
36
65%
244
21
49
41
13
46%
32
38
50
784
clally Frocks, inn. oom___•
Sangamo Electric Co
•
Saunders class A corn._ •
Sheffield Steel rum
•
Signode Steel Strap Co—
Preferred
30
.tonatron Tune Co corn_. • 37
So Colo Pr Elec A com25 27
3 W Gas & El Co 7% et 100
Southwest Lt&Pow pf..__. 92
Staldard Dredge corn pt • 354
Common
• 33
StandardPubService"A" •
Steinite Radio Co
• 24
Aterling Motor. pref _30 31%
Storkline Fur cony pfd...25
Studebaker Mall Or com_b
1654
Claes A_
• 25
Super Maid Corn corn....• 62
SutherlandPaperCo corn 10 17
Swift & Co
10e 12955
4wift International_ .__..lb 34
Fenn Prod Corp com____. 21
Fhompson(J.R.)com
_25
Tirrie-O.St Controls "A" • 33
12th St Store (The)pf"A"• 2234
I nit Corp of AM pret____• 31
UniteriChemine pfd
•
United Dry Dka, Inc eorn.• 1754
United Gas Co
•
United Power, Gas &Water
cornCorp common
• 4234
[In Repro Corp part tif A • 2634
128 Gypsum
20 72
25% paid
63%
Preferred
100
LT S Lines Inc prof
• 184
U ES Radio & Telev com_.• 30
Utab Itadic Products cem• 154
CR & Ind Corp. corn
• 374
Cone. pref
• 39
Utilities Pow&LtCorpcIA • 32
inn Sielden Corp part A.•
Jests Bat Corp com
_10
liking Pump Co corn____• 164
Preferred
• 30
Wald Co corn
•
,ValgreenCo655% pref_100
Narcnel C,orporation____• 274
Preferred
•
Vard(Montiey)&CocIA _ _• 12935
Vaukesint Motor Co COM • 175
Vayne Pump Co com_ •
Vleboldt Stores Inc
• 4054
Nestark Rad Ste Inc.com• 55
Vest Con 0tH Inc A... • 2854
Vest Pow Lt&Tel 1st p1 A• 30
Vhite Star Refg Co com • 72%
Viillarne 011-0-Matic corns 2154
Vinton Engine con pret • __
__
Common
-1
• 7
VolverInePortlandeem _10 ____-Voodruff&EdwardsInc—
Participation "A"
• 2154
VrIgley(WmJr)Co corn _..•
'ates-Amer Mach part pf• 26
'allow Cab Co Inc (Chic)• 31
enith Radio Corp corn...• 50
000.000=00000 to%
5
Low.
'
,may
sates
Last Week's Range for
Sale
of Prices
Week.
Stocks (Concluded) Par. Price, Low. High. Shares.
oo=oc==oc....===o=oo====.00
Curtis Mfg Co corn
Range Since Jan. 1.
[VoL. 129.
.
.1:
-,--- ..
.5
....
.-.... 05-.
. .- .- .0 ..,.
.wm=tzto - . . -_ .
.
..
.
. --.4, ..,.z,..7.-...............
..-c,..c.-.00 c".ocs..v..r..„..-0---- ....-.1.,v,.,..0-- ,
, ,
-..---- Cl 0. -- 4b
-. -.
cp.-7,00 00000 t. == ....c.our.00c=c,c.gc,=,,=0.4..c, 0=- - 00 ===0 01.0.0VICC=.U.CAQOCA oc
1
099-009999099.0090000
,
cpg,noaoo.—ov,...c wm
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Continued) Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
205
205
High.
Jan 321% July
Jan 335
July
32
May 46%
294
June 369
10035 July 120
32
June 36
53
Mar 8134
20
Muir
30)4
21
June 284
45
Jan
57
40% July 444
8
18
Jan
July
37
4634
27 June
32
354 Jan 464
48
July
73
5854 Apr 90
AM
Feb
Jan
July
Apr
Jan
Jan
Feb
Slur
Jan
July
July
Jan
Jan
Jan
-.
ti8 0 --..
-.0.
5? -§ -02In
2534 253-4
254 July 3234 Jan
•
2755 Mar 4454 Feb
34
37%
GenTheatEqCorp com ___* 32%
27
22% June 28 June
27
Gen Water Wks& El A
27
99
90% Apr 101
Jan
994
$7 preferred
•
874 Jan 95
8934 92
Apr
Gerlach Barklow corn ......•
16
28
32
Mar 41
36
Feb
Preferred
• 24
26
2934 33
Mar 394 Mar
Gleaner Corn Nary Corp—
.
204 22
20 June 3334 Feb
Common
Mar 125
11754 112 120
Jan
1,750 90
184 June 49
2354 2734
Jan
Godchaux Sug Inc el B_ •
24
24
Feb
50 15% June 35
3154 32
Mar 30
30
Feb
Cioidniatt Bros Inc corn • 3434
Mar
32
Jan
34% 4.200 28
38
23
22
July 30
Jan
2454
Great lakes Aireraft A_ • 21
Jan
32
2054 2234 3,800 154 Mar
16
22
1314 Jan
Feb
1654
Great Lakes D & D100
274 290
Apr 290
July
415 190
23% 25
2254 July
30
Jan
Greif Bros Co-op"A"com •
40
414
100 3934 Feb 424 hlar
604 644
Mar 74
50
Jan
Origsby-Grunow (..to
17
14
17
May 21
Jan
Common
• 205
July
186 206
Apr 200
72.150 119
129 1304
1244 June 140
Jan
GroundGrippShoescom
* 404 3934 4134 8.500 3534 Feb 424 Mar
34
3035 Slay 3734 Jan
3654
hall Printing Co com__ _10 31%
31
Mar
32
3554 Jan
3,950 23
19
21
July
19
28% Jan
Hart-Carter Co cony of • 25
25
Mar 3454 Jar)
2534 1,600 24
48% 494
444 May 62
Jan
HartfordTimespartDref •
4354 4334
Jan 45
Feb
50 42
324 34.54
26
Mar 3934 Jan
HartSchaff&Ntarx
100
170 170
July 190
Feb
30 160
2134 May 26
2254 224
Jan
Hercules Motor
304 304 3.600 304 July 304 July
3054
30
Mar 37)4 Jan
23
3334
111bSpencerBart&Cocom 25
51
July 58
Jan
51
35
150 51
July 6034 Mar
35
3534
Bernie!& Co(Geo) corn A •
53
54
2(10 334 Jan 5754 Feb
17
15 June 23
Jan
1754
Houdallle-liershey Corp A• 42% 4234 47
Mar 5934 Feb
34
1.500
23
22 June 3934 Jan
2435
Chs
.
.• 43
Fib
43
4734 2.250 304 Mar 59
Hussmann Ligonier corn_ • 3203i
6
26
28
26
July
June
27
son
4034 4254
June 4254 July
38
o,o10
I.
t
.
41
July
30
Jan
31
20
May 424 JAB
400 30
2055 2634
Indep Pneu Tool v t c__ •
Slay
56
Jan 58
57
200 54
6954 76
4555 Apr 76
July
Ineuli Utli In veet Ino____• 94
603.5 04 276.000 30
Jan 94
July
60
42
65
Mar 66
June
Without warrants
July
86
88
124 124
200 844 June 88
124
June 130
Jan
Internet PRI' Co Ltd con •
June 31
Jan
2654 2654
174 184
100 26
174 Apr
1854 Apr
Iron Fireman Mfg Co v s o• 304 2954 30%
2.850 244 Jan 344 Feb
27
2214 June 141
34
Feb
JeffersonElectricCo com...• 52
May 59
Mar
52
53
1.100 40
15
164
1454 July
56
Jan
gabor•aroo stove cum_
Mar 131
102 106
Jan
4.400 95
3034 38
204 Feb 38
July
Katz Drug Co corn
• 38% 34% 30% 4,900 28% June 3954 July
34
39
25
Feb
39
July
helloes Switchbd corn...1)
194 Jan
16
1634
1754 7,500 104 Mar
28
274 July 324 July
3255
Preferred
100
Mar 79 ,July
79
79
27
50 69
284
27
July 364 Jan
Ken-Red Tube&l.p A corn• 2354
22
Feu
24
June 42
3.000 19
10
124
954 June 15
Jan
Keyatone St dr WI corn. ' 44% 4155 4534
Mar 58
Jan
1,100 40
15% 1654
15
May
17
May
Preferred
100
934 934
Jan
50 9334 July 100
2954 30
2234 June 32
May
Kupheimer&Co(B)Inecm
July 42
38
May
38
38
19
5(1
20
174 May
27
Jan
LaSalleExUnlyersity corn 10
May
3
54 Jan
34 354
250
103 103
101
June 105
Feb
',oar Drug corn v c
12
• 14
13
May 29% Jan
650
17
2234 2934
1654 Apr 294 July
Cum preferred
18
•
204 23
July
32
Jan
30
900
28
3254
May
38
Jan
learn & Co
12955 13055
1294 July 134
Apr
Common
• 17
17
June 25% Mar
17
100 16
175 180
101
June 210
Mar
c,urnitiative preferred. -• 414 40
40
4154
Apr 46
Jan
17
19
17
son
July
35
Apr
Warrants
2
May
335
114 Mar
335 3%
4034 41
39
100
June 57
Jan
& LibbY-10 124 124 1254
f..lbt r
,
1554 Jan
1,450 10% May
37
June 654 Jan
47
564
Lincoln Printing corn__ __• 22
21% 22%
25
1,400 20 June 264 Feb
234 Mar 2834 July
2854
7% preferred
50 4314 4254 4355
Jan 454 Jan
31
30
30
900 42
July
354 Jan
LindsaylAghtCo corn
10
5
334 Jan
54 .53-4
Apr
8
43
68)4 724
Mar 724 July
350
Lindsay Nunn Pub Co—
20
2154 22%
Jan
2954 Jan
• 30
30
$2 cony pref
30
57
754 76
Mar 94
100 30 June 30 June
Jan
Lion Oli Ref co rom
• 35
33
36
Mar 384 May
July 76
12,950 23
70
7234
70
May
Loudon Packing Co
•
50
50
Feb
6
Jan
6
100 404 Apr 60
6
8
Feb
Lynch Glaris Mach Co__ •
23
20
23
Mar 30
Jar.
McCord Radiator Mfg A.• 39%
3951 393-1
Mar 4454 Jan
21
June 2835 Jan
200 38
2154 23
Rights
55 July
4
4 July
Si
78
7255 Mar 8034 May
200
78
Mapes Cons Mfg Co corn •
40% 41
Mar 42
Jan
21% Mar 324 Apr
2534 27
250 37
MarkBroaThealncconypf •
20% 21%
Am
3335 Jan
284 June 35
200 18
31
29
Jan
NtatServiceCorp corn ___10 30
28
30
July 424 Jan
400 28
4534 52
2854 May 6234 Feb
...teeth) w Mfg Co corn__• 10
94 10
954 June 29% Feb
4,050
Ater & Mfrs See—
Bonds—
Part ()referred
26 32
25
324 36.200 20
June 324 July
hit City de Corn rs__1927
83
65
Jan 81 flay
834
Mid Cont Lawnd Inc A. •
25
2654
Apr 354 Feb
600 25
87
87
'hicagoCityllYs 5s- - 1927
8154 Feb 87
July
NI Mile West Utilitlee__ • 302
275 315
60.350 15755 May 310
July
Certificates of deposit.
8254 8234
804 Mar 85
May
Preferred
100 128
1264 12854
June 1284 July
'Wage Rya 5a
1.050 116
1927
8334 8354
Feb 88% Mar
78
$0 earn preferred
• 113
112 115
Jan 115
98
'om'wealth Edison
July
1,150
$6 cum pr Ilen pfd __• 112
112 112
Jan 112
July
1st nu 58
1013
,
10134 1024
150 90
10114 July 10454 Jan
Prior lien pref
150
129 130
,en Theatres Equip Corp
July
450 119 June 13(1
Midland Steel Prod corn
117
115 117
15 yr 6% cony debs 1944 1004 100 101
July
300 90 June 117
100
July 101
July
MirilandUtill%prlien_ _100
I....,. tt: oia.vi I ...L. I WM
711. 73
9734 97%
7344
May 102
73
July
Jan
7814 Feb
760 95
Miller Jr Hart Incconypf_•
45
464
Jan
52
July
250 43
• No par value.
M !mean tionevweli Reg.•
90
90
50 554 Jan 984 June
Minneap-Mollne Pr Imp.•
38% 40%
May
1.000 36 June 45
Philadelphia Stock Exchange.—Record of transactions
Preferred
•
994 9934
May
50 5734 June 103
MO-Kan Pipe Line com...• 314 29
32
6.550 224 Jan 424 May at Philadelphia Stock Exchange, July 13 to July 19, both
Medina Mfg corn
• 72% 684 74
Mar 74
July inclusive, compiled from official sales lists:
6,600 48
Mohawk Rubber
Common
Friday
bates
• 46
46
48%
June 66
Jan
250 44
Monighan Mfg Corp"A"_• 26% 26% 27
Last Week's Range for
Range Since Jan. 1.
June 35
Jan
250 25
sseriqtritt, Chem Works_ •
Sale
Week.
of Prices
Jan 163
157 159%
July
350 104
Monroe Chem prof
Par Price. Low. High Shares.
Stocks-•
384 40
Low.
51
Jac.
500 354 July
High.
Common
• 18
19
204 Jan
18
650 1554 July
AI roan Lim ,graph Corn_ • 20% 20% 23
•
554
A hilar Stores
534 555
1,474
6
1,200 20 June 564 Jan
Apr
84 Jan
Mine* Gear clan"A" • 23
• 6834 6754 70%
American Stores
Mar 31
Jan
MOO 654 May 97 Pan
23% 3,300 18
20
Common
• 10
51%
July
3.000 50
9
July 63% Jan
9
10
30
Jan Bankers Securities pref. _50 51% 50
2,050
Muskegon Mot Specialtles
11434115
Bell Tel Co of Pa pre( _100 115
1,265 114
June 118
May
Convertible class A.
27
954 054
27
May 1(63-4 Jan Bornot Inc
2834
300
600 23
831 Jan
10
Feb
Naenmansnringfthed come 59
1894 214 25.400 14 June 604 !bier
July 764 Feb Budd (E 0) Mfg Co __• 1934
59
1.000 59
60
National Battery Co pref_• 54% 43
8135 79
Preferred
May 60
40
91
Jan
1,048 5635 Jan 91
5554
1.850
Juno
Nat Klee Power A tart.. • 434 38
76
80
Mar 4934 July Budd Wheel Co
76
4934 42,900 27
1,300 34
Jan 108% Mar
National Leather cow_ _ _10
32
2% 3
32
234
2% July
654 Jan Camden Fire Insurance_ _ _
32% 2.900 31
1.700
June 4255 Jan
Nat seem Inv Co—
Central Airport
9%
954 9%
1,300
934 June 13 'Mal'
Common
• 44% 3554 443-4 20.050 25
Feb 444 July Central Properties corn._ _. ..__ __
8
834
1.100
7% Mar 11
Mar
cur...ul pre(
100 1143-4 10754 11454 4,550 97 June 11454 July Commonwealth Cas Co _10 31
23
3134 10,100 22
June 32
Jan
Nat Standard corn .
.• 434 4354 454 1,300 39
Mar 56
Feb Consul True of N J.___100 4834 484 4854
30 47
July 61
Jan
Nat Term Corp part pfd _• 17
16
17
1734 Feb Cramp Ship & Eng_ _100
25( 234
850 144 May
200
2
July
334 Mar
NewEngPowAssn6%pf 100
92
92
Storage Battery __100
8734 8754
July 974 Mar Flee
110 79% June 92% Juno
100 92
N.ibblitt Sparks Ind com_• 55% 49% 563i 28,450 324 Mar 564 July Fire Association
10 4754 4635 474
2,500 454 June 524 Mar
North American Car com.•
48
4934
210 210
Mar
Jan llorn&Ilardart(Phil)com •
70
707 40
50 197
June 233
Feb
Hormktlardart(NY)com •
North Amer 0 de El el A_• 204 19
20% 2.100 184 June 26
524 524
Fel)
600 514 May 6254 Jan
N & S Am Corp A com___• 36
36
100
36
Preferred
100 100
May
950 36
15 100
3654 May
July 108
Feb
Northwest Eng Co corn_ •
35
37
10 7834 78
Insur Cool N A
80
June 48
Feb
150 29
1.900 77
June 91
Jan
Northwest 0th—
Lake Superior Corp. __100 20
184 2134 13.700 14
May 42
Jan
100
Prior lien pref.
1004 10034
Apr 103
153 15734 2.400 146
150 98
Jan LehighCoal&NavIlsailon 50 155
Mar 16935 May
Oshkosh Overall Co corn..
7
7
50
7 June 154 Mar Lehigh VaIRR corn
100
94
94
150 94
July 94
July
•
Ontario Mfg 00 0001
36
38
10
Mar 42 May IA Bros
1955 193.4
450 30
700
19
June 26
Jan
Pac Pub Ser Cool"A•'com• 274 2654 284 3.600 214 Feb
Manufact CM Ina
654
5834 67% 7,600 5855 July 71
2814 July
Jun
18
Pacific West 011 Corp.. •
16
50 16
July
694 73%
23% Mar North East Power Co..•
3,000 40
Mar 75
Juno
Parker Pen (The)Co corn10 48
47
48
450 44
74
74
Apr 57
Jan PennCentL&Pcum pre_ •
10 74
July 81
Feb
ParmeleeTransp'rtCo com• 24% 2434 2454
800 2455 June 244 June Pennroad Corp.
224 2434 65.300 15% May
20
Apr
Penn Gas & Elec "A"com• 21.4 214 224 2,100 20 June 244 Feb Pennsylvania Insurance... 137
13734 13954
1,600 136
Feb 175
Mar
Peoples Lt & Pr Co Acorn. 52%
50
52% 5.250 4654 May 58
Pennsylvania flit
SO
90
99
Feb
53.750 73
Mar 09
July
5954 62
Perfect Circle (The) Co • 61
1,100 45
96 10054
Apr 635( June Pennsylvania Salt Mfg _50
1,500 89
June 100
July
25
Meg WInterfront
135 144
Phil& Electric of Pa
41 8154 Apr 144
July
70
72
70
Common new
4.950 58
3231 32%
June 75
Apr Phila Elec Power pref_ _ _25 324
3.900 324 July
3434 Mar
88
7034 2,000 50 June 71% July
Polymet hlfg Corn COrn * 89
•
Plilla Insulated Wire
60
60
10 57
Jan 03
Jan
31
35% 12,700 224 Mar 3534 July Phila Inquirer pref w 1__
49% 5054
Poor & Co class oom_• 35
ROO 49% July 53
May
33
34%
• 3434
850 27
Mar 444 May Phi% Rapid Tranalt.......50 58
54
60
Potter Co(The) cam
8.925 50 June 60
July
__
KIN
Aft IL
1(11/ All 1,
•
20
a a. a
AAII, •••••.•
250 14
2034
GI
,
Mr.
Process Corp corn
June 33
Jan
Friday
Sales
Last Week's Range for
Sale
of Prices
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
Philadelphia Traction___50 5114 51% 5114
Certificates
51
51
5
PhIla & Western Ry_ _50
5
7114
R E Land Title new
71% 71
10 1914 19% 191$
Reliance Insurance
Shreve El Dorado Pipe L 25 25% 2434 26
• 61% 60
6254
Scott Paper Co
20% 23%
Sentry Safety Control
54
69
Tacony-Palmyra Bridge_ _• 69
5
6
Telephone Security Corp-. -----14
14
Preferred
Tono-Beimont Develop,.)
%
%
1
3
3
3
Tonopah Mining
50
35
36
Union Traction
34% 34%
Certificates
72% 65% 73%
United Corp temp ctfs48% 4794 49
Temp ctfs preference266 299
United Gas Improvem1-50 297
5914 53% 59%
Common new
94% 93% 941$
Preferred new
53
5634
United Lt & Pow A com_ •
49% 49%
US Dairy Prod class A.. •
1414 14%
•
Common class B
19% 1954
Victory Insurance Co_ _10
46
47
West Jer dr Seashore RR_50
50
35% 35%
Westmoreland Coal
Rights—
United Corporation
United Gas improvements_
6%
Bonds—
Amer T &T cony 4%a 1939
Consol Trac N .1 let 58 1932
Elec & Peoples tr (Ifs 45'45
Certificates of deposit _
Keystone Tel let 5s.._ _1035
Lake Sup Corp 5s stamped _
Peoples Pass tr ctfs 4s.1943
PhIla Elec (Pa) 1st 5s..1966
let lien & ref 534s._1947
let lien & ref 5%s_ _1953
Strawbridge & Cloth 58 '48
York Rys lot 5s
1937
Low.
High.
300 4934 June 5514
100 45 June 52
200
914
5 June
300 63% June 84%
500 193$ July 26
2,320 24% July 38%
423 48
Jan 70
4,700 11% Feb 39
834 36
Jan 69
• 132
4% May
0%
200 14 May 15
1,600
1%
34 July
12,300
3 May
4
2,145 31% May 38%
400 33
July 35%
28.250 39% Mar 7554
7.600 42
Mar 49%
36,700 157
Mar 299
174,000 37 May 59%
.1,300 87 May 95
1.000 31% June 5634
200 48
Jan 53%
100 12% Apr 15%
200 18% July 25%
900 42 June 52%
300 35
Mar 45
554 754 20,500
3% 31118 138,100
170 171%
77% 7754
53% 535$
50% 5154
90
90
65
65
58% 59
101 103%
10414-1043$
105% 105%
97% 98%
93% 93%
Range Since Jan. 1.
3% June
1% May
$1,400 156%
2.000 76
12.000 50
11,000 50%
3,000 8214
10,500 45
3,000 53
15,400 101
1,000 104%
500 101%
8,000 9714
1,00
93
July
July
Apr
July
June
June
Jan
June
July
Mar
July
June
Jan
Feb
Jan
Jan
Jan
Jan
Mar
May
July
Mar
Apr
Jan
Jan
Apr
Apr
May
July
July
July
May
July
Mar
May
Jan
Jan
May
794 July
3161e July
171%
84%
541$
51%
91
65
5954
105%
107
10654
10054
99
July
Jan
Jan
Mar
July
Jan
May
Jan
Apr
Jan
Feb
Jan
•No par value.
Pittsburgh Stock Exchange.—Record of transactions
at Pittsburgh Stock Exchange, July 13 to July 19, both
inclusive, compiled from official sales lists:
Stocks—
Friday
Sales
Last Week's Range for
Sale
of Prices
Week.
Par Price. Low. High. Shares.
Allegheny Steel
•
Aliuminum Goods Mfg_ ___ 32%
Amer Vitrified Prod com.•
Animal Trap Co
Arkansas Gas Corp com_..• 16%
Preferred
10
894
Armstrong Cork Co
•
Bank of Pittsburgh
50
Blaw-Knox Co
25 4734
Carnegie Metals Co
10 20
Clark (D L) Co Corn
*
15
Colonial Trust Co
100
Consolidated Ice pref..- 50
Crandail McKenzie & H___ -- _ _
Devonian 011
10 10
Dixie Oil & Gas Util corn _•
Preferred
100
Dollar Say & Trust Co_100
Donohoes class A
•
Duquesne Nat Bank_ _ _100
Exchange Net Bank----50 89
Follansbee Bros pref. 100
Harbison-Walk Ref com__• 6134
Indep Brewing corn
50
50
Preferred
Jones & Laugh! SU pf__100
Koppers Gas & Coke pref._ 9934
Libby Dairy Prod com_ •
25
Lone Star Gas
McKinney Mfg common.*
26%
Nation:) Erie class A
,
60
Nat Fireproofing com
50 3634
Preferred
1
Phoenix 011 Co prat
3%
Pittsburgh Brewing com_50
50
7%
Preferred
MO investors Sec com_*
Pittsburgh 011 & Ga.9.___5
Pittsburgh Plate Glass.100 71%
Pitts Screw de Bolt Corp.__ 26
•
Pitts Steel Fdry corn
5 2334
Plymouth 011 Co
Reymers Inc
Ruud Mfg
3
Salt Creek Comm! 011_ 10
. 8534
Standard Steel Propeller_ _
-----Standard Steel Springs__
Suburban Electric Dev.*
Union Steel Casting corn _•
United Eng & Fdry cora...* 45
25
United States Glass
Vanadium Alloy Steel
Westinghouse Air Brake.._*
West Penn Rys pref___100
25
Wiser 011 Co
WItherow Steel common__•
Unlisted—
Lone Star Gas w I
Mayflower Drug Co
Penna Industries pref units
West Pub Service v t a._
Range Since Jan. 1.
Low.
7434 75
200 60
Feb
29% 341$ 9,015 29
Mar
1614 17
52 16
Apr
50
50
50 45
Mar
12% 177 76,493
%
354 Jan
8% 834 8.963
734 Jan
74
7554 1,702 61% Jan
175 175
July
42 175
42
48
10,819 38
July
19
20% 1,270 16 June
15
1534
835 15
July
305 305
20 302 June
25
25
45 1914 Mar
2414 25
255 24% July
Mar
9
10
1.459
6
490
7% Jan
15% 17
Jan
20 70
70
70
10 460
July
460 460
10 15% May
16
16
5 375 May
375 375
50 8834 May
89
89
30 94% June
95
95
Jan
6134
543 52
60
125
1
Feb
14 1%
100
2% 234
134 Feb
10 120
120 120
July
9934 100
2,071 99
July
32
32
30 25% Jan
88
88
40 67
Jan
11
11
30 • 11
June
ss% 27
1,035 26% June
20
20%
175 10% Jan
36% 37
790 28% Jan
400 400
500 30o Mar
334 3%
100
2
Jan
734 734
120
6
Jan
23
23
60 23
July
34 314
170
3
Apr
6954 72
3.257 64
Jan
126
27
9,852 126
July
46
46
20 33
Jan
23
24
630 2234 May
21
21
100 21
July
41
41
30 41
July
3
3
255
3 May
30
3514 4.965 24 May
80
80
130 72
Apr
2214 23
515 22 June
2534 31
1.364 20
Feb
44% 46
2,460 38
Jan
1134 13
810 1034 Jan
76
76
100 60
Feb
50
335 4434 May
5134
94
95
22 91 June
15
15
100 13 May
4434 4434
10 3134 Jan
3434
10
96
36
39
14,816
1014
775
9734
120
3914 36,226
3234
91$
96
2414
Nigh.
90
Mar
40
Feb
18
Jan
52
July
17% July
83.4 Jan
7534 July
188
Jan
July
48
July
21
20
Feb
Jan
325
26
Feb
29
Jan
1334 May
May
21
80% May
July
460
16% July
375 May
92
Feb
9954 Jan
61% July
13.4 Feb
3
Feb
12134 Mar
103% Feb
43
Mar
89
July
16% Mar
27% Jan
21
June
371$ June
750 Jan
4
Apr
8
Feb
34
Feb
4% Feb
75
Jan
28% July
47
July
30% Jan
2734 Feb
4234 July
534 Jan
3554 July
8734 Feb
29
Jan
31
Apr
49% Apr
15
Feb
82 June
543.4 Mar
10034 Jan
15
July
80
Mar
June 39
May 12
July 111
Apr 3914
July
May
Feb
July
Rights—
619
Tnna War Gam
5
31 Ana
Au r....
0
T.....
•No par value. I New stock.
Baltimore Stock Exchange.—Record of transactions at
Baltimore Stock Exchange, July 13 to July 19, both inclusive, compiled from official sales lists:
oares
Last Wee..t's Range for
Sale
of Prices
Week.
Par Price. Low. High. Shares.
rrwuy
Stocks—
457
FINANCIAL CHRONICLE
JULY 20 1929.1
• 4194 4054 42
Arundel Cori)
..50 200
200 200
Atl Coast Line (Conn)
70
70
Baltimore Brick prof
50 199
199 200
Baltimore Trust Co
100 1834 15
18
Baltimore Tube
143$ 143$
Bouvet)(I) & Sons new w I
25
Berliner-Joyce Aker Corp • 24% 23
Range Since Jan. 1.
Low.
1,130 38%
425 179
50 70
180 165
125 15
5 1434
612 23
High.
Apr 4334
Jan 200
July 75
Jan 200
July 21
July 1834
July 26
Jan
Feb
May
May
Jan
Feb
June
Friday
Sales
Last Week's Range for
Week.
Sale
of Prices
Stocks (Concluded) Par. Price. Low. High. Shares.
Black & Decker corn
• 58
25
Preferred
Central Fire Insurance__10
50 200
Century Trust
Ches dr Po Tel of Balt pf 100 11434
Commercial Credit
• 4834
25 2534
Preferred
_25
Preferred B634% 1st preferred__100
Corn Credit of NO pref
Consol Gas, E L & Pow• 145
Voting trust certificates- 145
6% preferred ser D_ _100 110
5% preferred ser A__100 10011
Consolidation Coal__ _100
100
Preferred
Continental Trust
Davison Chem com
4
Delion Tire & Rubber_ _ -•
• 33
Eastern Rolling Milt
Scrip
25
Equitable Trust Co
50 305
Fidelity & Deposit
Fidelity & Guar Fire Corp_ 61
Finance Coot America A _• 1234
Finance Service corn A 10
5534
First Nat Bank w I
Houston 011 pref v t ctfs100
Mfrs Finance corn v t--.25 2234
25 17
1st preferred
25 1534
2d preferred
Maryland Casualty Co_ _25 145
Merch & Miners Transp--• 4434
Monon W Penn PS pref _25 25
10
Morris Plan Bank
Mort Bond & Title w L. - 36
3
Mort Security 2d pref__100
Mt Vernon-Woodb'ry Mills
100
Preferred
Nat Bank of Baltimore_100
5034
Nat Sash Weight pref
New Amsterdam Cas Co 10 5294
Northern Central By..--50 83
10
Park Bank
Penile Water & Power._ •
Southern Bank See corp-- 5394
Preferred
Standard Gas Equipment—
Preferred with warr_ _100
Un Porto Ric Sufi pref....* 47
50 7954
Union Trust Co
854
United Rys & Electric-50
U S Fidelity & Guar new__ 7134
Wash Bait & Annapolls_50 18
West Md Dairy inc pref_ _• 90%
50 5336
Prior preferred
Bonds—
Baltimore City Bonds
1961
4s sewer loan
1961
4s Jones Falls
1958
Conduit
1958
4s water loan
Arnold (J Ray) Lumber Co
1937
61)s
Black & Decker 6145__1937
Coming Credit 554s...1935
Consol Gas gen 4343_1954
Houston Oil 534% notes'38 97
Lexington (Ky) St 5s_1949
Md Electric Ry1st & ref 6548 sec A_1957
Stand Gas Equip 1st 68 '29
Un Porto Rican Sugar
634% notes
1937
United Ry & E 1st 48_1949 57
1949
Income 4s
1936
Funding 58
1930
6% notes
1949
1st 6s
Wash Ball & Ann 5s_ _1941
54% 5954
27
27%
37% 37%
189 200
114% 11614
48
4891
25
2534
26
26
92
92
25
25
137 145
136% 145
110 110%
100% 101%
13
13%
45
45
252% 254
52% 52%
2
5
323$ 34%
33% 33%
140 140
299 305
61
61%
12% 125$
17% 17%
55% 56
83
83
18
2234
16
17
15% 16
140% 195
4414 45
25
2514
12
12
33
36
3
3
80
78
270 270
4934 50%
52
53
83
83
29
29%
104 106
5334 54
92
92
5,900
49
38
35
96
19
271
54
10
40
2.108
562
95
550
18
1
90
200
1,700
998
7.120
51
546
273
400
55
740
50
202
190
261
438
93
47
10
3.934
5
Range Since Jan. 1.
Low.
3191
27
32
178
1133.4
40%
24
25%
92
24
88
13334
100
100
12
45
200
5214
1
2794
28
12454
28634
5654
11
17
52
80
18
16
15
127
43
25
1034
33
3
80 733.4
10 266
630 48
403 52
233 83
110 2834
110 8134
268 40
17 92
High.
Jan
Feb
May
June
Jan
Feb
May
May
July
Feb
Mar
July
Mar
June
June
July
Jan
July
Jan
Mar
Jan
Feb
July
Apr
Jan
May
June
May
June
July
May
May
June
May
June
July
JULY
59%
28
40
210
117%
62
26%
27%
10454
25%
150
145
111%
103
2214
55%
200
52%
5%
36
34%
146
314
87
1314
75
6034
925$
36
22
19%
183%
47%
27
14
36
14
July
Jan
Jan
Jan
Feb
Jan
June
June
Jan
Jan
June
July
Feb
Jan
Jan
Apr
Jan
July
May
June
Feb
May
Apr
Jan
Apr
Mar
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Feb
Jan
June 82
June 295
June 52%
July 93
July 88
May 32%
May 106
June 57
9715
JULY
Jan
Feb
May
Jan
Jan
Feb
July
Apr
May
June
Mar
48
53
7994
151$
943$
21
96
54
Mar
Mar
July
Jan
Jan'
July
Jan
Feb
9914
99%
97
99%
Jan
Jan
Mar
Feb
May 98
Mar 210
July 94
June 9914
June 99%
Feb 102%
May
July
Jan
Jan
Apr
July
30
47
79%
8
71
15
89%
53
30
48
79%
9
71%
18
92
53%
7
350
15
1,421
1,066
190
72
400
30
44
76
8
65
86
52
July
May
Jan
June
June
96
96%
96
95%
96
96%
96
95%
$100
1,200
100
100
9334
95
9414
93%
June
June
June
June
98
98
210 210
93
91
96% 97
97
97
102% 102%
3.000
2.000
80
98
Apr
Apr
9034 1,000
57% 30,000
33% 4,00
52
4,500
97
4,000
72% 5.000
7834 2.000
90
57
32
50
90
72
70
June
July
May
Apr
Jan
June
June
87 • 87
98
98
90%
57
33
5114
97
72
78
1,000 98
2,000 120
9.000 91
2.000 96%
8.000 95
1.000 10034
July
July
Jan
88% June
99 May
97
65
43
63
97
83%
83%
Jan
Feb
Jan
Jan
June
Jan
Jan
• No par value.
Cleveland Stock Exchange.—Record of transactions at
Cleveland Stock Exchange, July 13 to July 19, both inclusive, compiled from official sales lists:
Stocks—
,natty
60M4
Last Week's Range for
Week.
Sale
of Prices.
Par Price, Low. High. Shares.
Aetna Rubber common_ __* 1434
• • 11
Allen Industries corn
• 28
Preferred
Amer Multigraph cont. •
•
Apex Electric
Bess Limes% & Cmt com....*
•
Bond Stores B
Bulkley Building pref__100
*
Byers Machlne A
Central Alloy Steel com •
100
Preferred
100
Chase Brass prof
• 5954
City Ice & Fuel
Clark (Fred G)common_10 1391
Cleveland Automatic
Machine common---60
Clev Bldrs Sup & Br com •
• 9734
Clev-Cliffs Iron corn
Clev Elec 111 6% pref__100 11154
100 102
Cleve By common
91
Ctfs of deposit
Clev &curs prior lien p1,10
100 450
Cleveland Trust
Clev Un Stockyds com__• 2054
Clev Worsted Mills com100
Clev & Buff Trans com_100 32
Cftiff Corp v t c
Comml Bookbinding_ •
10
Dalle Bros
•
Dow Chemical common. 386
100
Preferred
El Control & Mfg coin_ •
25
Enamel Products
Falls Rubber common...'
•
Faultless Rubber cam_
Federal ICnitting M corn—. 385$
• 3214
Ferry Cap & Screw
Firestone T & R corn_ _10
100 10854
6% preferred
100 1083.4
7% preferred
Gen Tire & Rub oom- _25
Preferred
100
•
Geometric Stamping
100
Glidden prior pref
Great Lakes Tow oom__100
Greif Bros Coople com__•
100
Guardian Trust
Halle Bros prof
100
irennail14 A1101,1.41
Inn__
14
11
28
37
29
37
13.4
6334
103.4
4714
110
10314
54
13%
1434
1114
28
37
31
37
134
6334
11
4734
110
10334
60
1491
01
Low.
High.
100 14 May 27
8
385
Apr 1434
36 2714 July 34
150 35 June 40
743 26% Feb 40
20 3454 June 3714
1
Jan
650
23.4
160 633.4 July 66
9% Feb 20
20
100 46% Feb 483$
47 10891 May 113
Mar 105
120 103
1,612 49 June 64
6
Jan 1434
1,007
75
2834 28
60
2534 25%
2.647
98
97
238
111% 112
284
101 102
692
9134
91
206
214 214
69
443 450
900
203.4 2034
1234 13 ' 220
15
32
32
10
142 142
23
25
23
611$ 4191
10
375 386
45
10534 10534
20
63
64
150
25
25
100
5
30
31
325
100
38% 39
3134 33
405
262 266
60
10854 108%
135
10834 10834
80
270 270
7
95
85
95
3534 3634
350
105 105
25
10
9614 963.4
129
4034 41
395 395
19
105
103 103
flatZ
Range Since Jan. 1.
OK
Jan
Jan
Feb
Jan
May
Apr
Apr
Mar
Feb
Mar
Mar
May
Mar
July
1254 Feb 35 May
Feb
2554 July 35
97 June 984 June
11014 Mar 11234 Feb
100
Apr 111 May
90
July 97 May
3% Jae
294 July
398
Jan 470
Mar
20 June 25
Mar
1234 July 1954 Mar
32
Jan 3234 Mar
142
July 142
July
23
July 2834 May
4154 May 50
Mar
200
July
Jan 386
10434 June 10734 Max
57
Max
Jan 69
25 June 34
Feb
5
Jan 11
Feb
30
July 3934 Jan
Mai
3574 June 48
2934 June 343$ Apt
Apt
Feb 292
220
Jan
10834 Apr 111
June
10734 May 111
Mar
250
Feb 300
Jar
94 June 102
29
Feb 40
Ain
Jac
10236 June 105
89 June 9634 Juts
Jac
40
Jan43
Jar
376
Jan 500
Jar
10214 Apr105
01
3011
07
lull
458
FINANCIAL CHRONICLE
Friday
Sales
Last Week's Range for
Sale
of Prices
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
Harbauer common
_19
India Tire & Rub corn
*
Interlake Steamship corn *
Jaeger Machine corn
* 32%
Kaynee common
10 32%
Preferred
100 50
Lake Erie B & Nut com.._• 45
Lamson Sessions
25
Marlon SS pref
100 90
Maud Muller
McKee(AG)dr Co coin.*
Metro Pav Brick com_ _•
Midland Indorsed
100
Miller Wholesale Drug corn*
Miller Rubber corn
Preferred
100 55
Mohawk Rubber corn_ __ _* 45%
Preferred
100 78%
Murray Ohio Mfg com___* 31%
Myers Pump corn
3814
National Acme corn_ _..10 40%
National Refining com__25 35
National Tile corn
36
National Tool com
50
Nestle-LeMur corn
•
1900 Washer corn
•
Nor Ohio P & L 6% p1_100 9654
Ohio Bell Telephone pf 100
Ohio Brass B
• 81
Preferred
100 10134
Ohio Seamless Tube corn_* 70
Patterson-Sargent
• 3354
Packard Electric corn_.. *
Packer Corp corn
24
Paragon Refining com
* 22
Voting trust ctfs
•
Reliance Mfg corn
•
Republic Stamp
Richman Brothers corn...._* 136
Robbins
-Myers
•
8
Preferred
25 14
Scher-Hirst class A
Selberling Rubber com__* 35
Selby Shoe corn
Sheriff Street Mkt com_100
Sherwin-Williams com_25 95
100 105
Preferred
Stand Textile Prod corn 100
611
Preferred A
100
Preferred B
100
Stearns Motor corn
•
Steel & Tubes Inc corn. 25
Stouffer Corp A
•
Sun Glow
•
Trumbull
-Cliffs Furnace—
Preferred
100
Union Metal Mfg corn_
Union Trust
100 38914
United Bank
100 305
Van Dorn Iron Wks corn.* 1254
Vecheck Tool
• 26
44
Weinberger Drug
Weliman-Seaver-Morgan_
West Res Ins pref__100 10234
* 30
Wheeler Prod
24%
Whiter
Wood Chemical Prod corn * 25
Youngstown S & T pref 100
18
48%
169%
32%
32
50
40
60
19
4856
170
33
33%
5034
45
60
Range Since Jan. 1.
Low.
High.
12
1254
3835 3835
40
4134
910 410
33
33
17% 17%
80
55
45% 49
78% 78%
31% 3154
37% 3854
39% 41
36
35
35
36
1856 18%
2055 22;6
27
27
95% 9634
115 115
81
8359
10156 102
70
70
3356 3354
34
34%
24
24%
21% 24
2354 2355
54
55
26
26
135 137
854 8
14
14
20
20
30
36
31
30
2039 2054
94
95
105 10514
635 859
70
71
46
46
2% 319
120 120
2954 2954
22
23
315
50
218
548
270
94
1,073
51
10
250
43
40
12
105
10
193
44
100
20
1,665
300
605
6,457
123
220
30
116
30
878
40
19
320
104
120
1,639
33
885
510
658
116
240
10
1,841
143
29
405
232
341
52
40
485
13
100
50
112%
854
10
20
30
25
20
82
104%
6%
70
42
21
%
94
2934
21
June
June
Mar
July
July
June
Feb
Apr
June
June
May
May
July
Feb
July
July
137
854
16
25
65
35
2154
105
108
8%
79
52
6%
120
3214
30
July
Apr
Jan
Jan
Jan
Jan
May
May
Jan
may
June
June
Jan
July
Apr
May
103% 103%
45
47
388 390
290 305
1254
10
28
2654
44
4556
17% 1754
10255 10214
30
30
2434 2434
25
25
102% 10256
15
106
108
42
1,092
585
82
10
91
35
200
60
207
103
45
307
280
6%
26
24
10
102
30
22
25
101
Apr
July
Jan
Apr
Mar
July
Jan
Feb
June
July
May
Apr
Jan
105%
60
424
300
15
2756
50
19
104
36
29%
29
104%
Jan
Jan
May
Jan
Apr
June
May
June
Mar
Mar
Feb
Jan
May
15 June
39
Jan
145
Feb
32% July
29
Jan
48
July
29
Jan
43
Feb
8835 Apr
12
July
38% July
40 June
Mar
350
Jan
27
17% July
55
July
4359 July
78% July
3114 July
32% Mar
2914 Jan
Apr
33
32% May
Apr
14
20
July
22
Feb
95 June
11154 Mar
80% Apr
10119 July
66 June
33 June
34
July
24
July
21% May
Jan
21
4734 Mar
25%
73
190
4556
40
6059
45
6034
105
14%
43;4
52
430
42
27%
85
8534
9054
43
40
41
38
41
18
29%
30%
9954
115%
92
107
7555
38%
42
3354
30
28
59%
Feb
Jan
May
Jan
May
Mar
July
July
Jan
Mar
Jan
Jan
May
Apr
Jan
Mar
Jan
Jan
Jan
May
July
Jan
Mar
Feb
Jan
Apr
Jan
Jan
Jan
Mar
Jan
Mar
Mar
Jan
Mar
Mar
Apr
[VOL. 129.
Friday
Salta
Last Week's Range for
Sale
of Prices
Week.
Stocks (Concluded) Par. Price. Low. High Shares.
Globe-Wernicke corn.._100
Preferred
100
Goodyear Tire 1st pref_100
Gruen Watch corn
*
Preferred
100
Hatfield-Campbell com__*
Hobart Mfg
•
Int Print Ink
•
Preferred
100
Moors Coney A
*
Kahn partic
40
1st preferred
100
Kodel Else & Mfg A
•
Preferred
20
Kroger corn
10
Leland Electric
*
Lincoln National
100
Little Miamiguar
50
Moors Coney B
•
Manischewits corn
100
McLarens Cons A
*
Mead Pulp
•
Meteor Motor
Nash (A)
100
Nat Recording Pump_ __*
Ohio Bell Tel pref
100
Newman Mfg Mfg
Paragon Refining B
Voting trust ctfs
Procter & Gamble corn. 20
100
5% Preferred
New
Pure Oil 6% pref
100
100
8% Preferred
Putnam Candy corn
•
Rapid Electrotype
•
United Milk Crate A
•
U S Playing Card
10
US Print & Litho com_100
Preferred
100
Waco
Whitaker Paper corn
•
54
11
58
52
97
29%
39
19
9214
102
5,54
47%
188
2954
26
446
109
89%
100
11139
65
108
10094
23
80
80
89
89
102 102
47
54
114% 114%
11
11
58
5854
52
52
97
97
28% 3015
38
39
98
98
19
2115
21
2155
88
9259
41
41%
920 420
102 102
5% 654
48% 4754
20
21
68
69
19
1954
187 188
27
29%
11234 113
25
26
22
23
22
22
397 470
107 10914
81
92
9954 100
11154 11154
5
5
84
68
27
28%
104% 110
10056 10114
99 100
23
24%
70
70
25
3
13
222
6
70
83
85
71
1,154
105
10
514
88
38
70
2
15
82
697
517
28
20
62g
8
170
642
347
48
2.470
213
2,712
99
10
10
176
356
299
101
8
763
6
Range Since Jan. 1.
Low.
High.
72 June
82
Feb
10154 July
47
June
11314 July
11
July
55 June
45 June
9656 June
May
25
3634 Jan
98
June
15
Jan
15
Jan
84
July
38
July
420
July
101
July
July
5
Jan
33
16% Jan
65
May
19
July
150
Jan
28% May
11159 Apr
26 June
May
21
20
May
279
Jan
102% Feb
July
81
Apr
99
111
Mar
4
Jan
58
Feb
26 June
9754 June
85% Jan
99
May
23
July
70
July
Jan
97
97
Jan
104
Mar
60
Feb
116
Air
1334 Feb
70
Feb
83% Jan
108
Feb
31
Apr
92
Jan
104
Mar
28
Jan
29
Feb
116
Jan
50
May
430
Mar
107
Jan
10
Mar
50 June
2234 May
Jan
71
2754 July
192 June
341.4 Feb
115 June
27
June
30
May
29% May
470
July
July
110
92
July
103% Jan
Jan
112
Jan
10
May
71
July
36
Jan
115
115
May
102
Mar
28 June
Jan
87
• No par value.
St. Louis Stock Exchange.—Record of transactions
at St. Louis Stock Exchange, July 13 to July 19, both inclusive, compiled from official sales lists:
Stocks—
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par Price, Low. High. Shares.
Bank Stocks—
Boatmen's Nat Bank. 100
225 225
First National Bank_ _ _100
43859 43814
Jefferson Bank
100
450 450
Mercantile-Commerce -100 294% 29354 208
Trust Company Stocks
Franklin-Amer Trust..100
Mississippi Valley Tr_100
St Louis Union Trust_ _100
255
305
534
255
312
535
Range Since Jan. I.
Low.
High.
Feb 230
25 190
39254 Jan 443
450
July 450
July 310
21959 285
May
June
July
May
Jan 265
July 312
Jan 543
July
July
June
25 215
8% 302
10 500
Miscellaneous Stocks—
A.S. Aloe Co com
20
Apr
3534 35%
130 3414 Apr 37
Mar
Preferred
100
July 105
102 102
102
Mar
2354 2334 2314
98
98 910,000 97 June 10039 Feb Alligator corn
55 2334 July 27
July
5
5
2814 2814 3,000 2814 May 2834 May Amer Inv B
3 June
5
5
907
7
Mar 1254 July
10
96
96
96
2,850 93
Apr 98
Jan Baer Sternb & Cohen corn • 12% 12% 12%
May
18
Bentley Chain Stores. com• 18
420 18
July 40
20
value.
• No par
Apr 48% July
46
Brown Shoe100 48
corn
4814 5.136 39
100
Feb 119% Apr
118 118
Preferred
5 117
Cincinnati Stock Exchange.—Record of transactions Rurkart Mfg corn
1019 Jan
July
(5
6
6
•
Preferred
July 2039 Jan
15
68 14
at Cincinnati Stock Exchange, July 13 to July 19, both Century Electric Co...100 115 115 15
Jan
July 130
22 100
115
from official sales lists:
inclusive, compiled
Chicago Ry Equip com_25
9
654 654
12
Feb
655 July
Preferred
25 19
Jan 20 June
19
19
50 16
"
-rump
Sales
Coca-Cola Bottling Sec__1 57
57
July
483 37
San 62
60
Last Week's Range for
Range Since Jan. 1.
100
Consolidated Coal
25
July
25
10 20 June 25
Sale
of Prices
Week.
Congo' Lead & Zinc A....* 12
1,734 May
11% 12
277 10% Jan
Par Price. Low. High. Shares.
Stocks—
Low.
High.
Corno Mills Co
40
40
40
July 40
35 40
July
Elder Mfg 1st pref
100
108 108
Apr
Apr 110
10 107
•
1854 1854
-Fox A
5 18
Feb 20
Feb Ely & Walker D G com_25 30% 30% 3055
Ahrens
100 2754 June 33% June
* 4334 4334 4434
1,250 32
Apr 47
July Fred Medart Mfg corn._*
Alum Ind
21
21
Apr
10 1934 June 25
80
81
1.405 80
July 96
Jan Granite BI
Am Laundry Mach com_25 80
-Metallic
10 658
65c 758
250 50c Mar (10c July
2154 21
2239
99 20
Mar 29
Jan Hamilton-Brown Shoe-25
Amer Prods corn
1434 14%
81
Feb
1354 June 24
*
2136 23
30 2156 July 30
Jan Hussman Refr.. corn
Preferred
• 26
26
26%
Apr 35% Feb
715 22
129 13355
435 90
May 13414 July International Shoe corn.
.5 73
Amer Rolling Mill com__25 131.
7259 74
Apr 74% July
2,007 63
20
2159
150 15
May 21
July
Amer Thermos Bottle A_* 20
Preferred
100 106
106 107
77 10959 June 110
Feb
4854
49 46
47
May 50 June Joh nson-S & S Shoe
50 48
Preferred
• 62
81
470 54
65
Feb 6734 June
75
80
July Key Boller Equipt
75
907 3754 Apr 80
Amrad
• 80
60
60
580 45
May 62 June
3934
July Knapp Monarch corn..*
3935 35
473 29 June 40
Anti Adv Products
33
32
Mar 33
10 23
July
17
13
792 13
July 29
Jan Laclede-Christy Clay
100 13
Baldwin corn
90
79 8054 June 1073.4 Jan
87
100
New preferred
107 115
Products common_..100
18 60
Jan 115
July
12
252 10
Jan 2754 Mar Laclede Gas Et pref. _100
11
* 12
Buckeye Incubator
100 100
2 9914 Apr 100% June
25
3 May
6
July Laclede Steel Co
6
6
•
20 48% 47
Burger Bros
4859 11054 47
July 57
Mar
100 38
Mar 55
July Landis Machine corn_ _ _25 77
•
55
55
Carthage Mills
77
7854
395 47% Jan 80 June
Jan 35154 Mar Meyer Menke corn
17 230
315 330
17
20
Carey (Philip) cam_ _100 315
17
25 17
1955 Jan
July
Jan Moloney Electric A
10 120
Feb 126
124 124
100 124
5954 59% 60
Preferred
190 52% Feb
3
Apr
40
Jan Mo Portland Cement__ _25 43
569 3154 July
313.4 3234
32
40
Cent Ball Crank pref
43
762 40
July 55% Jan
Apr 11234 July Nat Bearing Metals corn.* 112
109 108
11234 112%
110 113
ChampCoatedPap lat pf100
280 .77
Apr 119
July
Jan
Mar 37
2759
255 20
25
* 25
100 10059 10014 102
Preferred
Churngold Corp
118 99
May 102
July
Apr Nat Candy common
June
15
292
6
* 3254 31% 33%
714
714 8
CM Car pref
1,994 1894 Jan 34% June
4
Apr
July
1
1
1
7
1
100
Mu Car Co B
97% 97%
26 preferred
200 96
July 99
Mar
July 450
Feb Nicholas Beasley
10 920
100 420
420 420
20
5 20
CNO&TP
20%
262 19
July 2254 Mar
Jan Pedigo-Weber Shoe
242 9534 Apr 99
Cin Gas & Elea pref_ _ _100 9734 9714 98
28
28
50 2614 June 3356 Jan
July Pickrel Walnut
37 125
May 15756
157 15734
2239 22
Din Gas Transportatlon100
2256
330 21
June 25
Jan
May Rice-Stix D Gds com
July 130
117 117
5 115
•
Din Land Shares
100
1835 1935
905 18% July 2455 Jan
July Scruggs
407 93
Apr 138
C N & C Lt & Tr com__100 13534 13234 137
_25
-V-B D G corn _ _ 100 15% 1539 15%
19 15% July 19% Feb
Jan 90
May
Preferred
814 78
100 86
85
863.4
1st preferred
75
75
24 75
July 80
Jan
Cin Street Ry
777 4434 May 5534 Jan
50 48
4759 4834
100
2d preferred
7554 76
32 75
July 76
July
Jan Scullin Steel pre(
May 130
50 11854 11854 11934
315 118
Din & Sub Tel
31% 30
3155
1.589 30
July 42% Jan
July 4434 Jan Securities Inv common_ _* 36
Din Union Stock Yards_100
33
170 33
33
36
36
10 30
Apr 3854 July
593%
Jan
814 49% June 63
City Ice St Fuel
* 5854 53
100
Preferred
110 110
1 105
May 110
July
Feb So'western Bell Tel pfd _100
•
Apr 34
3234 33
170 30
Coca Cola A
11719 118
66 11854 June 121
Mar
5 10436 July 107% June Stix, Baer & Fuller coth_* 34%
104% 104%
100 .
Dol Ry pr 1st pref
3334 35
297 3239 Apr 4434 Jan
Jan St Louis Pub Ser corn_
21 4534 July 80
Cooper Corp new pref__100 4556 4554 52
1859 1659
200 1654 July 24
Jan
•
Feb
July 127
Drosley Radio A 83
883.4
30 83
Preferred A
75
75
53 74
June 81
Jan
23
Jan 2334 June Wagner Electric coin_ _15 48
Crystal Tissue
2355
485 23
4454 47
4,100 37
May 50
Feb
30% 3136
Apr 34 June
Dan Cohen
180 26
Preferred
100 105% 105 10556
84 105
Jan
Jelly 111
100 2234 2234 2256
Dow Drug corn
229 2054 May 4134 Jan
Eagle-Picher Lead corn_ _20 1754 17
17%
3,220 1634 June 2134 Jan
Street By. Bonds—
•
66
Feb City & Suburban P S 5s '34
July 75
Early & Daniel corn
70
53 66
87% 88
$5,000 8754 Jan 91
Jan
100
104 107
May East St L dr Sub Co 58_ 103
Feb 108
Preferred
21 104
932
4
9554 9554
2,000 9514 July 96
Apr
3134 31%
Jan 3136 July United Rys 4s
Foundation
150 20
80
80
80% 12,000 80
Jau
July 85
22
21
22
July 2839 May
150 21
Pyrfyter A
2636 2634 2659
824 2614 July
3errard Co
Miscellaneous Bonds—
263.4 July
3oldsmith
2834 2814 2914
1,335 24
June 3631 Jan Houston 011 5548
1938
9754 9714 4,000 97% Juiy 99% Jan
106 10754
Mar Moloney Electric 559s 1913
130 105
July 120
)ray & Dudley
94
94
6,000 92 June 9554 Feb
24
24
2
Jan Scruggs
458 24
July 30
Innen Kokenge
serta11 9859 98% 99
i 4_
-V-B 78
634
5,000 97% Jan 100
Mar
3
50 350
Mar Scullin Steel 6s
10 327
Mar 365
Fifth Third Union Tr_ _100
94
94
1.000 99
Feb
July 101
430 434
100
Jan
57 428 June 450
First National
* No par value.
100 15034 137 15015
880 12954 May 15034 July
Flelschmann pref
• 88
Insulation
67
July
72
513 26% Jan 75
Formica
Los Angeles Stock Exchange.—Record of transactions
1554 1579
5 1554 Apr 16
Feb
French-Bauer (undeP)- *
90
90
-Bauer pfd 100
Feb 99
May at the Los Angeles Stock
2 90
French Bros
Exchange, July 13 to July 19,
*
23
23
32 23
July 25
May
Icily Koest pref
Ilhanrk art enta
* 4655 46
47
524 45 June 58
Feb
both inclusive, compiled from offieial sales lists:
Bonds—
1931
Cleveland Ry 58
Clay S W Ry&L G&C 50'54
1943
Steel St Tube 6s
JULY .20 1929.]
FINANCIAL CHRONICLE
71
2514
2431
2415
38
47
473/
BondsFo Counties Gas 4146.1968
So Calif Gas 58
1957
• No par value.
8834 8834
9754 971
/
2
100...
.
,
N
12634
112 11235
1001 10135
/
2
4514 46
45
46
12835 12734
38
37
8536 7234
6634 71
2834 2834
2534 2536
2411 2434
2434 2436
9731 9734
7235 7234
38
36
13534 13634
4634 4734
47
4874
300 300
2434 2434
A.O.WW0
112
.
14535 147
39
39
39
22
1.90 2.20
.40
.40 .50
3831 37
3835
137
134 13734
101 101
115
115 115
3434 38
36
3034 3015 33
1374 1334
25
25
25
551 5515
/
2
98
98
9835 99
18
18
18
2034 2034
5534 5435 5635
48
48
8
8
10
10
10
10374 102/1 10334
2.05 2.05
3715 3715 3835
214 216
206 208
42
42
3
3
3.20
63
63
11934 118 123
28
28
24
24
7115 70
72
9431 9634
100 100
39
39
28
23
2934
2634 28%
151 1535 1534
/
2
1034
9% 111
/
2
3.60 3.50 4
3434 3454
4015 4035 4131
2434 24
2415
2635 , 2635 29
0WN.. NNN
Bank of Amer of Calif_ _25
Barnsdall 011 A
25
Bolan Chios 011 A
1
Buckeye Union 011 pfd
1
Byron Jackson Co
*
California Bank
25
Central Investment Co-100
Citizens Nat (new)
20
Douglas Aircraft Inc
•
Emsco Derrick & Eqpt Co*
Gilmore Oil Co
8
Globe Gr & Mill 1st pfd_25
Golden St Milk Prod Co 25
Goodyr Tire & Rub pf-100
Goodyear Textile pfd__100
Hal Roach 8% pfd
25
Home Service Co corn_ -25
Inter Re-Insur Corp..- _10
Jantzen Knit Mills corn_ _5
Jens Television Corp
•
Los Angeles Ath Club-10
Los Angeles0& El pfd_100
Los Angeles Invest Co_ _1
MacMillan Pet Co
25
Merchants Nat Bank_ _25
Mortgage Guarantee Co100
Nat Bank of Commerce_25
Occidental Petro corn__.-1
Pac Amer Fire Ins
10
Pac Finance Corp com__25
Pao Finahce pref ser A.-25
Series C
25
Pacific Gas & Elec com_25
Pacific Lighting corn
•
•
6% preferred
Pacific Nat Bank
25
Pacific Nat Co
25
Pac Pub eery A
•
Pacific Western 011 Corp..*
Pickwick Corp corn
10
Republic Petroleum Co_10
Republic Supply Co new.*
Richfield Oil Co corn_ __ _25
25
Preferred
Rio Grande 011com
25
San Joaquin L & P100
7% prior prof
100
6% prior prof
Seaboard Nat Bank
25
Seaboard Nat Sec Corp_25
.Security First NB of L A 25
Signal Oil& Gas Co A _25
So Calif Edison corn_ ___25
Original preferred...-25
25
7% preferred
25
6% preferred
25
534% preferred
Bo Calif Gm 8% pref.__ -25
So Counties Gas6% pref 25
Standard 011 of Calif
•
Tailor Mill Corp
•
Trans-America Corp_
25
Union Oil Associates__ _25
Union OS of Calif
25
Union Bank & Trust Co 100
Western Cont'l LIU, Inc--*
00.
Stocks-
8.88888888n888GgS88S8888n8t8t88888288888
Last Week's Range for
Sale
of Prices
Week.
Par Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
1453( July
38
Mar
1.70
Apr
.25 May
33
Apr
125
Jan
9911 July
115
July
2411 Mar
3034 July
Mar
10
2434 July
5535 June
9715 June
98
Feb
15
Jan
20 June
4831 June
42 May
8
July
10
July
102 May
2.00 June
3415 Feb
205
Feb
190
Feb
42
July
2.10 Jan
63
July
6734 Jan
271 Feb
/
2
23
Apr
5474 Jan
70
Jan
100
July
39
July
23
July
2334 June
18
July
934 July
3.75 June
34
July
40
Feb
2331 May
2615 July
174 June
481 May
/
2
4.30
Jan
1.85
Jan
8634 Jan
142 May
10334 Mar
115
July
45 May
4434 Feb
1535 Jan
2534 July
091 July
/
2
10135 Mar
102
Feb
18
Mar
25
Jan
85
Apr
4831 Jan
Mar
17
10
July
108
Jan
2.55
Jan
4334 June
25334 Jan
208 June
49
Apr
034 Jan
63
July
123
July
2934 Jan
2534 June
7334 July
9834 July
103
Jan
50
Jan
4034 Mar
263-4 July
23
Jan
1234 June
934 Feb
3434 JU1Y
4834 Jan
2514 Apr
4234 Jan
111
100
42
42
125
36
5434
June 1161 Mar
/
2
Mar 10134 Apr
Apr 48
Feb
Apr 50
Feb
Mar 14235 Apr
July 4874 Mar
Jan 7236 Jan
28
2434
2434
2334
9731
6434
38
120
45
4834
255
2434
June 2935 Jan
June 25
Feb
June 25
Feb
July 2634 Feb
June 1011 Mar
/
2
Feb 61% May
July 36
July
Feb 143 May
Feb tsg Apr
Feb 54
Apr
Feb 300
July
May 2434 July
8836 July
97 June
92
wog
Jar
Jar
San Francisco Stock Exchange.
-Record of transactions at San Francisco Stock Exchange, July 13 to July 19,
both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par Price. Low. High. Shares.
American Co
12534 12535 126%
Anglo & London P Nat Bk.
250% 251
Assoc Ins F0
934
9% 9%
Atlas Im Diesel Eng A.._ _ ------ 59% 61
Aviation Corp of Cal
26
28
2735
Bank of Calif N A
368 380
Range Since Jan. 1.
Low.
2,150 124
125 250
2,055
811
275 44
1,100 24%
125 290
High.
July 151% Mar
June 26935 Feb
June 12
Mar
May 8514 Jan
June 31
May
Jan 387
July
459
Friday
Sales
Last Week's Range for
Sale
of Prices
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
John Bean corn
Bond & Shares
Byron Jackson Pump
Calamba Sugar corn
Preferred
Calif Copper
Calf Cotton Mills com
Calif Org Power 7% pfd....
CalifPacking Corp
Caterpillar
Clorox Chem Co
Coast Co G & El 1st pfd.
ConsolidatedChem A
Crocker 151 Nat Bank
Crown Zellerbach v t
Douglas Air
Eldorado 011 Works
Emporium Corp
Fageol Motors corn
Firemans Fund Ins
First N Security of0
Foster & Kielser corn
Garland Mere Ldy
Golden State Milk Prods
Gt West Pow Ser A 6% pfd
Preferred
Gen Paint Co A
Hale Bros
Hawaiian Coml& Bug Ltd
HawaiianPineapple
Home Fire & Marine Ins.
HonoluluCons Oil
Hunt Bros Pack A corn_ _
Hutchinson Bug Plantation
Illinois Pac Glass A
Jantzen Knit
Kolster Radio
Rights W I
Langendorf United Bak A_
Leslie Salt Co
Magnavox Co
Magnin I corn
Market St Rwy prior pfd.
Natomas Co
Nor Amer Invest corn
534% Piet
No Ama 011
50
17%
38
7835
85
9834
19%
27%
4.25
107%
11%
52
5531
100%
105%
19%
54
68
39%
23
13%
3115
49%
35%
.20
30%
31%
4.05
2854
94
34%
Range Since Jan, 1.
Low.
50
5134 1,725 4535 Feb
17% 1814
605 1735 July
37
38% 15.323 31
Mar
2215 2315
100 22% July
18
18
50 17
July
6
6
1,100
5 June
55
55
30 53 June
10835 109
55 104 June
78
83
10,529 73
Mar
83% 85% 19,538 71
Mar
40
40%
330 3635 May
98
98%
33 98
Jan
33
35
1,005 2834 Apr
424 430
15 380
Feb
19% 20% 4,215 18 May
3415 34%
255 24
Mar
26% 2731
550 2514 July
25% 26
462 2434 May
4.25 4.25
800 4.15 June
108% 108
498 104% Mar
140 140
75 140
Feb
11% 1115
525 1031 Mar
4915 52
950 48% July
5314 56% 6,628 52% Mar
1001 101%
/
2
161 100
Mar
10515 106
168 104% June
140 28
July
19% 1911
380 19 June
5314 54
80 50% Jan
68% 6811 2,079 59
Mar
41
4131
350 39% May
39% 39%
305 35% Feb
23
23
185 22
Mar
1331 13%
45 11
Mar
3115 32
1,728 30 May
4735 4935 2,183 41
May
35
38
2,389 23 May
.20 .43 18,900 .20 July
30% 31
996 28
Feb
30
30%
870 25
Jan
2834 31% 2,223 28% JIIIY
4.00 4.10 9,819 3.55 June
33
33%
735 31 June
27
2834
150 2831 July
23% 23%
132 22 May
123 123
240 113
Jan
94
94
30 94
Jan
3334 36% 11,412 20
Mar
Occidental Ins Co
Oliver Filter A
27
25
27
34
35
35
32
2914 32
Pac 0& El corn
71% 68
7211
let preferred
28% 26
26%
Pac Lighting Corp com-96
94% 96
0% preferred
10135 10134 101%
Pacific 011
1.05 1.05
Pac Tel & Tel corn
198 198
Preferred
126 12634
Paraffine Cos Inc corn
8934 83% 9034
Pign Whistle Prof
13
12% 13
Pac Pub Ser A
27% 2635 2834
Rainier Pulp & Paper
wag 32
Richfield Oil
401 4015 42
/
2
Preferred ex-war
24% 24% 2434
Roos Bros coca
3235 3231
Preferred
9635 9711
J Lt & Pow prior pfd
114% 114 1143(
6% prior preferred
100% 100%
Schlesinger(B F) A corn... 1634 1611 1634
Preferred
83
83
Shell Union 011 corn
26% 26% 27
Sherman & Clay prior pfd_
75
75%
Sierra Pac Elec prof
93
93
Southern Pac
142% 146
Sperry Flour Co corn
88
86
86
Baring Valley Water
87
83
87
Standard 011 of Calif
73
7234 74
Tidewater Assd Oil corn
- 21
2031 2135
Preferred
87% 8715 8735
Transcont Air Transp Inc_
25
28
Transamerica Corp
136
138 13634
Union 011 Assoc
47% 4711 48
Union Oil of Calif
48
4711 4811
Weill & Co Inc Raphael pf_
110 110
West Amer Finance pfd..
3.55 4.00
West Coast Banc
--2234 2235 2215
Yellow & Checker Cab Co_
4234 4234
1,534
1.585
2,275
14,768
4,278
2,981
75
100
15
00
10,019
150
5,602
705
5,65
88
773
110
65
5
280
20
1,460
180
10
417
158
1,425
10,499
1,955
105
100
22,197
5.300
2,578
10
155
1,183
205
2435 July
30% May
28 May
Jan
54
25% May
Jan
70
993/ June
1
May
180
Jan
121
Jan
79% June
121 Mar
/
2
20% Jan
2935 May
3931 Feb
2335 May
June
31
9634 July
1101 Jele
/
2
9834 Mar
18% Apr
82% Jun
26
Feb
75
July
Ma
90
126
Mar
75 Jun
82 Jun
64)4 Fe
18
Feb
85 June
24
Mar
125
Feb
4435 Feb
46% Feb
105
Jan
3.55 July
2231 July
4234 July
High.
5534 May
2015 June
4314 May
27% Feb
19
Jan
10% Feb
94
Jan
11915 Jan
83
July
87% May
5034 Jan
99
Jan
July
35
440
July
2534 Jan
44% May
27% July
371 Feb
/
2
Jan
7
151
Feb
148
Feb
13% May
55
Jan
60% May
10215 Feb
107% Apr
32% Jan
24% Jan
5535 Apr
88% July
46% Jan
4415 May
2335 Jan
13% May
47
Feb
49% July
7915 Jan
.24 July
3511 Mar
3234 Mar
4734 Jan
13% Jan
39
Jan
36
Feb
30
Apr
1233( June
95
Mar
38
Jan
30% Feb
46
Feb
45
Feb
7314 July
28
Jan
98% July
104
Feb
1.25
Jan
198
July
130
Mar
9035 Jul.,'
1435 Apr
2834 July
Mar
35
48% Jan
25% Apr
34
Jan
10054 Jan
118
Feb
102% Jan
21% Jan
90
Jan
3135 Apr
103
Mar
98% Jan
146
July
9831 Jan
92
Jan
8114 may
23 June
891 Jan
/
2
34
July
143 May
53% Apr
53% Apr
110
July
6% Jan
30
Jan
53
Jan
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 13) and ending the present Friday
(July 19). 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 Julg 19.
Stocks-
Indus. & Miscellaneous.
Acetol Products corn A_ •
Acoustic Produats corn _ _ _•
6%
Aeronautical Industries -• 19
Warrants
5
Aero Supply & Mfg ei A..* 50
•
Class B
Aero Underwriters
• 35%
Agfa Anaco Corp com
• 35
• 5134
Ainsworth Mfg Co
Ala art Sou ord
50
Preference
60
Alexander Industries
• 13
Allied Aviation Industries
• 1134
With stk pur war.
Allison Drug Stores cl A *
•
Class B
Alpha port' Cement oom.• 4234
Aluminum Co common--• 41515
Preferred
10010415
•
Aluminum Ltd
Aill1111111011(i00.118 Mfg __ •
33
11141 3035
American Arch Co
Amer Bakeries class A _ __ _• 49
.
/Mar Beverage Corp._ _ • 15
Amer Brit & Coot Corp..' 15
4in Brown Boverl Elm,Corp
• 1935
Founders shares
• 3
Amer Chain com
634
American Cigar Co com.100 125
•
Amer cotortyve coin
Amer Cyanamid corn A..'
• 6234
Common class B
100
Preferred
Range Since Jan. 1,
Low.
141 15
/
2
300
6 May
5
6
53,100
21 June
/
2
1754 20
4,100 1814 July
4
574 3,900
331 July
60
5134
200
Mar
16% 1715 4,600 3836 May
13
353.4 36
500 35
May
35
353-4
600 32
Apr
4934 5354 3,100 39
AM
155 15954
600 144 May
15434 158
530 144
May
13
1431 1,700 13
Mar
111 1335 2.200 1114 July
/
2
154 2
500
I% May
1
134 3,300
1
May
4234 4434
900 4211 Mar
39035 415% 2,400 146
Jan
104% 104%
300 1033.4 Jan
190 19914
400 10634 Apr
2934 3314 3,800 28 June
3634 3715
500 35 June
47
49
700 4414 July
15
15
1,600 1315 Jan
15
15
1,100 1435 July
1954 20
700
81 Jan
/
2
2374 3074 3,400 1634 Mar
12131 125
47" 11914 June
3934 3934
100 37
Jan
62
71
200 62
July
62
6734 46,700 391 May
/
2
125 127
300 98
Jan
High.
23
Jan
19
Jan
20
July
534 July
5415 June
1815 Juno
4854 Feb
4334 Jan
u581 July
/
2
161
Feb
167
Feb
23
Mar
1414
734
II
5454
4153.4
19914
41
4734
51)
1514
22%
June
Jan
Mar
Feb
July
June
July
Feb
Jan
Jan
Jan
Feb
23
3914
14454
4954
71
80
127
June
July
Mar
Feb
July
Jan
July
twig
Friday
Sales
Last Week's Range for
Sate
of Prices.
Week,
Stocks (Continued) Par. Price. Low. High. Shares.
Amer Dept Stores Corp..* 1336
it preferred
100 85%
Amer Investors cl B com-• 2815
Warrants
1231
Amer Laund Mach com..*
American Mfg corn_ __ _100 48
Amer Phenix Corn
50 89%
Amer Pneumat Ser com-25 13
Amer Solv & Chem v t c--• 3335
Cony partic prof
•
American Thread preL _ •
Amsterdam Trading Co
American shares
Anchor Post Fence corn_ •
Anglo-Chile Nitrate Corp_• 3531
Anglo Norwegian Holding•
Angus Co 24 pref
Apex Electrical Mfg
•
Apponaug Co common...*
Arcturus Radio Tube ----• 40
Armstrong Cork corn....' 75
Art Metal Wks corn
•
Associated Dye & Print_ _• 13
Assoc Elm Industries
Amer dap ruts
101
/
2
Associated Laundries A_ •
Associated Rayon corn •
6% preferred
100
Atlantic Coast Fisheries__'
stiantic Fruit & Sugar--•
331z
Atlas Plywood
•
Atlas Portland Cement...' 48
Automatic Reels Mach...*
854
Cony odor narun
• 101.‘
13
85
2235
10
8034
46%
59%
11
3315
50
331
2934
4335
34%
43.4
5034
30
8531
3934
73
41
13
1034
9
19
6234
571
/
2
'hi
5454
48
811
Ifme
Range Since Jan. 1,
Low.
High.
1334 2,400 12% June 29
Mar
85%
170 85 June 114
Mar
29
34,500 2134 July 29
July
1231 9,600 10
July 1231 July
8134
48
225 3715 Mar 96
50 77
Jan 604 May
5934
800 x591 June 60%
/
2
May
1354 5,300
234 Mar
3435 1,400 251 Jury 1314 July
/
2
Mar
50
100 42 June 4054 Jan
0034
351
800
3
Feb
314 Jan
2934
100 2936 July 333
May
4631 1.300 • 2934 Mar
4831 Jul)/
3634 1.600 83
Jan 4531 Jan
434
200
434 July
474 May
50%
100 50 June 53
Apr
30
300 30
July 39 June
6554
100 65
Jan 8536 July
41
3,400 2215 Mar 55% May
75
300 61
Jan 75
Apr
41
100 32 June 5615 Feb
1314
200 1115 June 2734 Feb
12
29.300
934 Apr 1534 May
9
100
9
July 1434 Feb
191
/
2
400 19
May 2514 Jan
6434
500 613.4 July 8734 Jan
5734
100 4914 May 9034 Feb
g
900 76o Apr
2
Jan
55
1,000 53
Feb 8034 Jan
48
600 4534 May 5474 Jan
9
500
8
Jan 1534 Jan
00
0 ,nn
Sales
Friday
Last Week's Range for
1Veek.
Sale
of Prices.
Stocks (Continued) Par. Price. Low. High. Shares.
Aviation Corp of the a grar• 644
Aviation(The) Corp corn * 16
Aviation crollt Corp
•
Aviation Scour Cora
• 40
Axton-Fisher Ton earn A 10
Babeoek&WIlco:Co._ -100
Bahia Corp common
833
*
Balaban &Katz corn v t c25 80
Baltimore Tube com_ _ _100 1834
Bastian-Blessing Co
Baumaan (Ludwig)& Co
Cony 7% 1st pref__ _100
Baxter Laundries corn A_
Beatrice Creamery
50
• 1536
Banana& aircraft v e
Benson & Hedges com_ *
Bickford's Inc corn
• 2633
$2.50 cum cony pref • 334
Blauuers common
• 5033
* 484
Blaw-Knox Co
Bliss CE W)Co common • 4433
•
Blumenthal(S)at Co corn. 101
Boback (H C) Co corn_ *
Bowman-But Hotels p1100
Brill Corp class A
• 26
Class B
• 10
BM° Mfg corn,..
• 1834
Brit Amer Tub ord bear_ El 304
British Celanese
Amer deposit receipts.
• 65
Bruce (E L) Co corn
• 364
Bruck Silk Mills Ltd
Budd (Edward) Mfg new .5 194
*
Budd Wheel common_
.
• 3133
Bulova Watch corn
Burma Corp Amar dap rots
434
Burroughs Add Mach new. 6433
Butler tiros..
.
_2(
2936
-By-Products Coke new
Cable Radio Tube v t (1.-5 1331
Campbell Wyant & Cannon
* 464
Foundry
Capital Adminis class A • 61
50 3833
Preferred A
Carnation Mn Prod coal 25 45
• 84.31
Caterpillar Tractor. _
Celanese Corp of Am oom • 3333
100 95
First preferred
New preferred
100
Celluloid Corp common_ _• 3133
8
Centrifugal Pipe Corp__ •
Chain Store Stocks Inc. • 3331
Checker Cab Mfg cum_ • 7191
Childs Co pref
100
Cities Service common. _
4633
Preferred
100 94
Preferred B
10
City Machine & Tool corn.* 284
City Radio Stores com......* 3133
City Say Bk (Budapest)- •
Cleve-Cliffs Iron prat_
Cleveland Tractor corn__ _• 2834
•
Club Alum Utensil
Cohn & Rosenberg ram_ •
Colgate Palmolive Peet •
Colombian Syndicate
Colt's Pat Fire Arms al1g25 3234
Columbia Graph sub rut.
• 3334
Columbia Piet nein
Columbus Auto Parts prat* 26
•
Colisninla ten klreraft.
Consul Automatic
Merchandising v t e._ _•
3
• 1133
$3.50 pref
Control Dairy Products.. • 40
Consul Film Indus cum_ • 22
• 31
Consol Gas Util cl A
Canso! Instrument corn..• 10
Consul Laundries16%
: 3034
COW Ret Stores Inc Corn.
Consol Theatres Ltd v t c_•
ContinentalInamoraihibre• 40
Coon (W B) Co contiron_*
Cooper-Bessem'r Corpoom• 41
$3 cum pref with warr • 483-1
Copeland Products IneClass A with warr
•
Corroon & Reynolds com_•
Preferred A
• 100
Courtalds Ltd Am deP
Rota for ord stir reg.
Crook Wheel El Mfg ellM 109 345
Crosse & Blackwell
Prat with warrants_
*
Crowley Milner & Co corn* 48
Cuneo Press common. 10
Curtis Mfg common
5
Curti** Aaron' Exp Corp_•
Cwalas Alrporta v t a_ _ • 1134
Ctualsa Flying fiery Ino_ • 2274
Curtiss-Reid Aircraft
pfd with stk pureh war 30
Curtisa-Wright Corti corn • 2934
Convertible class A_ _.* 374
1033
Warrants
Davega Inc
• 32
Davenport Hosiery
•
Davis Drug Stores allot ette
Dayton Airplane Engine.
• 1931
Deere & Co common ___100 635
De Forest Radio v t e
• 1394
De Havilland Aircraft Co
Am dep Ms new reg El_
Am dap rata old ord regEl
833
Detroit Aircraft Corp w 1_• 15
Dictaphone Corp new
Dixon (Jos) Crucible-100
•
Doehler Ole-Casting.
Donner Steel common_ _• 35
DOUglail Aircraft Ina
• 364
Douglas(W L) Shoe p1_100
100 733.4
Draper Corp
Dresser (8 R) Mfg cl A- •
Dubllier Condenser Carp,.
534
• 11
Durant Motors Inc
14
Dus Co Inc class A v t(6_1
•
Class A
Eastern SS Lines com-- -5
Eaat'n Util Invest A. __• 264
Edison Bros Stores cora_ •
Educational Pictures
8% cum pf with war_100
• 24
Eisler Electric corn
5933
Elea Shareholdings corn
Cony pref with warr____ 146
5 464
Elec Shovel Coal pref
Fabrics FinishIng com__• 15
10
44
Pager)! Motors com
Fairchild Aviation class A • 15
100 91
Fajardo Sugar
24
•
Fandango Corp eom
[VOL.129.
FINANCIAL CHRONICLE
460
Range Biwa Jan. 1.
Lew.
I
High.
64ii 6933 4,300 324 Jan 8934 Mar
May
23
27,600 1534 July
1531 16
800 164 June 234lb
1634 17
3933 414 1,800 3933 July 494 June
6 ar 41% Feb
400 32
3533
35
Jan
150 117') Apr 137
12433 12434
663 June 2231 Jan
7
84 1,000
400 693-4 May 8834 Jan
80
71
July
200 1834 July 20
1833 20
July
Mar 55
200 34
55
55
50
100
25
300
100
700
500
600
1,200
2,800
3,900
200
25
700
1,600
200
400
9234
18
85
16
9
24
3333
45
38
39
80
6433
31
1534
7
18
211 64
Feb 100
June 21
July 10131
Jan 24
May 2033
July 27
July 3433
June 6034
Apr 4534
Apr
5634
Feb 101
Apr 8133
Mar 45
May 2634
12.4
May
May 274
Apr 3234
May
Apr
July
May
July
July
July
Feb
July
Jan
July
May
June
AIM
Mar
Mar
Feb
633
6334
314
19
764
2836
433
634
2836
3493
1334
700
693
200
65
3634 2.700
214 2,400
300
79
4,),00
31%
10,400
5
6533 7,100
2,100
34
3634 2,500
154 2,00
454
4693
33
16
70
254
334
594
2554
30
124
Sal.
May
June
June
June
July
.
May
June
June
June
1034
65
3634
2234
844
324
534
67
444
364
194
June
July
July
July
June
Mar
Jar
May
May
July
May
4534
59 •
3733
44
834
2534
804
90
31
8
33
69%
107
3934
9333
9
2833
29
50
9733
2733
8
3934
6831
31
3236
62
324
26
35
13,50
50
69% 9,600
2,20
39
400
45'
2,100
86
3333 5,300
1,900
95
70
00
300
314
84 4,200
4,200
35
7493 14,200
2
107
47 700,800
900
94
30
9
2931 2,000
40
314
100
50
100
974
1,600
284
10
8
30
40
700
6934
5,700
3-4
30
3233
1,10
65
3433 7,600
200
26
2,700
3534
3434
3736
354
334
69
2534
8034
8934
31
7
30
464
974
2791
9334
84
2433
25
4833
9733
27
7.6
3934
63
34
3034
55
28
25
254
July
June 50
June 6934 July
May 3944 June
May 484 June
May
Mar 88
July
5734 Fel;
A in
July 122
Feb
May 100
Jan
July 50
Jar
13
June
June 41)74 Jar
Mal
Ian 94
Jan
Mar 109
July
May 47
July
994 May
Jan
934 Jan
Apr 344 Jan
May 314 July
July 5634 Feb
July 974 July
June
July 32
May 334 Feb
July 404 June
May
5
03.4 Ja3
June
2
Jar
May 4534 Jan
July
June 72
May
3834 may
Mar
May 35
Mar 4434 Mal
233
11
40
2133
30
18
16
274
184
39
244
391 24,200
144 2,300
44% 3,300
2,S00
23
2,200
32
214 3,600
17
5,600
324 2,700
1833
100
414 2,400
244
100
41
600
49
1.100
24
11
31 34
16
29 34
18
154
25
1833
254
244
3734
46
July
July
June
Jan
June
July
July
alas
Joe
Ayr
July
Joe
June
93
93
20% 2031
10134 1014
1534 154
20
20
264 27
3333 3434
4933 5133
444 49
4333 46
87 101
75
72
54
54
2334 26
og 1033
1834 1834
3034 3033
4034
4834
12
31
100
12
31
100
174 1734
345 352
504
47
39
31%
364
1134
22%
200
200
700
1734
45
5054
27
32
35
21
$94
234
44
4333
4934
524
Jan
Jan
Few
API
July
Mar
Mir
Fst
May
July
Jan
June
Alt,
1136 June 2134 Feb
June
30 June 31
Apr
Apr 102
97
254 Jan
100 174 July
July
140 12734 Jar' 352
100
504
600
48
100
39
100
31%
374 1.100
28,900
12
2331 14.400
4834
464
37
2934
264
1034
• log
500 27%
294 2934
284 3034 245,600 2733
384 34,200 3533
37
934
16,300
800 28's
304 32
100 183-4
254 2533
100 14
14
14
14
1934 14.900 14
2.010 511
576 635
1334 144 7,600 114
56
624
4733
3813
5234
134
2974
Feb
Jan
Jan
Jan
Fe)
Ma)
Apr
Apr 35
3034
July
June 3934
13
June
Apr 30 34
Jan 344
$74
July
1934
July
May 642
May 2636
min
June
June
July
S.
Feb
Mar
July
Fel
Jar
June
July
June
July
.lan
May
Mar
104 May
84 July
200
833 834
10% May
July
8
100
833 833
1534 Jun.
15
1533 18,300 15 June
July 6334 July
500 53
53
6334
Mar
20 16034 Jan 173
168 168
.14r
Mar 42
1.400 27
32
3234
July
35
Jan
33
35
500 21
3434 3733 2,700 2444 Mar 454 May
Jan
25 80 June 90
80
80
78 June
Jan
7333 744
900 65
July 4833 Jan
100 40
40
40
4
June 114 Jan
2,600
533 6
194 Jan
9
May
4,400
104 12
44 Jan
1
July
800
1
134
Jan
7
June
1
500
133 2
1144 11434
20 10233 Jan 11434 July
July 2633 July
2634 13,600 24
24
May
20
May 23
300 20
2033
404
2334
5534
137
484
14
434
1434
91
234
404
60 40
26
11,700 2134
6234 42,400 4633
151
20,300 115
4633
100 4534
900 10
1536
4
434 1,300
174 1,600 1434
20 79
91
234
274 1,800
July 89734 Jan
June 2934 June
July
July 64
July
July 151
Jan
June 61
June 2534 Jan
May
634 Jan
July 3414 Feb
Apr 124% Jan
Mat
June 10
I
Friday
Bales
Last Week's Range for
Sale
of Prises
Week.
Stocks (Continued) Par. Price. Low, High. Shares.
Fan Farmer Candy Shona •
•
ranee& Producta line.
Fedders Mfg Inc class A-5 35
Federated Business Pub
1st prof without warr__ ......
Federated Metals tr et/. •
Ferro Enameling Co cl A.•
Flat, Amer dep receipts2734
Film Inspection Mach. •
Financial Inveseg or N Y 10 2833
Fireman's Fund Insur_100 1074
Firestone Tire & it corn i
100
7% preferred
Fielschmann Royal-See St andard
hokker Air Corp of Amer • 4693
Foltis-Freeher the cow --• 31
Ford Motor Co LtdA trier dep vets ord reg_El
17
Ford Motor of Canal A...
463(
• 70
Class B
Foremost Dairy Prod cam *
Cony preference
• 20
Foremost Fabrics Corp__• 25
Forhan Co class A
Foundation Co
Foreign shares class A_ •
Fun Theatres elaell A nom • 27
Franklin, 01 H1 Mfg corn • 4234
100
Preferred
Freed-Elseman Radio. _ _ _•
293
-Am shs for
French Line
Corn B stock 600 francs
(('ban)
*
831
Garlock Packing com-__.• 33
•
General Alloys Co
• 284
Gen Amer investors new.
..•
734
ieaeral Hating corn
Preferred.
_
734
Gen! Cable warrants
.
+au Hier Co of (it lir14441,
1234
American deposit rem
General Fireproofing torn.• 41
Gen Indust Alcohol v t e_• 34
(len Laiind Mach com__ • y2033
•
Gen Printing Ink corn_
Jen', Realty & DUI emu_ • 354
Pf with corn parch war 100 107
Gen Theatres Equip com..• 324
Gerrard (S A) Co w I
2634
Gilbert(A C) Co com____*
Gleaner Combine nary__ • 11834
Man Skier,
. • 124
Globe Underwrlt Exch___• 2633
Goldberg (8 131) Stores
Common
* 1734
.ioldmarr-Sriehe Trading • 109
Gold Seal Elee Co new,..• 1933
Gorham Ina con A
• 3534
5033
$3 cum prat with warr
Gorham Mfg cornmon_. • 60
! 4DArl, Knit
,
834
Gramophone Co I.td new........
Grand Rapids VarnL6h___• 193-4
01 All & Pae Tea hit p11)))' 11633
Non vot coin stock_., • 3953.4
ea,
h-Nett field Tat)4. 0,
Great Lakes Dr & Dk._100 250
Greif(L)& Bros corn
100 96
Prat class X
•
Grigsby Ilrunow Co con, 20136
iround Gripper Shoo coui• 40
• 39
$3 preferred
irocyllau Flra A•soriarca In 8134
Guardian Invest
Hall(CM) Lamp Co____* 24
ais0 134 Fr Printing ...1r .11134
Handley-Page Ltd
Am den rats panic pref.._
rlsoolireo c51011
4 •
234
Hartman Tobacco corn._10
• 6563
layout Cow
Aasaltlue Corp. _
• 5534
13-lea itub'netn the 4.0A, • 174
Holt (Henry) & Cool A_ •
• 23
Hood Rubber
Horn (A C) Co common_ •
•
lialer's of Del now.
49i/rade Food Prod corn • 39
aLierlal Chem Industries
A AI dep rota ord she rya SI
Imp Tub of G BA Ire____
Indus Finance corn v 10 10 30
100
7% cum prof
ttpiur {la of North Anise 111 7934
In 2934
.nsurance Securities
Incur shares of Del men A • 23
Internal Cigar Mach'y_ •
Internal Perfume coin_ •
*
9
:ateritat Produeta corn
100
$6 preferred
Inter Projector corn ..-• 31
internal Safety Rams' B •
International Shoe corn
Interstate Bindery Mills. •
Investors Equity
6734
• 35
(Talus Air Chute nom
Jackson Motor Shaft. _ ..*
52
Johnson Motor
Jonas & Nauniberg cam. 7
stre
liarwtrelt 4 Hanoion
Kermath Mfg common_ •
Hey8t4,111. Alreflift( •13 • 4534
11.1
Kenn(D Emil) Co coin_ *
Klein (H)St Co part pf....20 2033
Kleinert (.1 B) Rub corn..• 4034
Knott Corp common...' 30
Koister-Brandea, ltd.
5
Amer Owes-ri
Lackawanna RR of N.1100
Lacirawannts riecuritJes •
Lake Superior Coen •• •1181 204
Lakey Foundry A Mann • 21
Lamson & Sessions corn.25
•
Land Co of Fla
Landover Holding Cl A__10
Lane Bryant Inc corn__ .• 804
Lazarus (I & It)& Co corn* 35
'
,
Lelcourt Realty, com____• 234
•
Preferred
59 15334
Lehigh Coal & Nay
I orner stores Corp earn. • 7033
Ley (Fred T) & Co Ine-,
• 6731
_10
Libby. McNeil & Libby.
Libby-Owens Glass new__• 44
Libby()wens Sheet GIAM 25 175
Llly-TuliP Cup Corp
• 27
10 1934
Lit Brothers Corp
London Tin Syndicate Am
El
dep recta ord reg_
Louisiana I.and & Fonnot •
844
4233
MaCII.faiT Stores corn-
2733 2734
12% 1234
30% 35
100
300
1,400
Range 110we Jas. 1.
Low.
2633 Apr
104 Mar
28 Jane
100 26
26
26
200 27
3234 3234
200 56
64
65
2733 284 25,800 26
134
100
234 24
2,300 264
2834 29
300 101
10534 10733
500 2204
258 263
100 1074
108 108
Brands, Inc.
10.400 1833
4433 n51
30 n3293 6,400 2534
4066 Feb
214 Jan
50
Jan
Jan 30
June 39
June 7333
May 29%
54
Jan
June 30
Mar 155
Feb 309
June 110%
Jan
July
Jan
Mar
Apr
MAY
May
July
Feb
Apr
Jan
674 May
3834 Jan
174 5.600
5334 33,100
250
7233
200
12
200
20
1,200
25
400
2334
1414
4334
564
11
194
2434
23
July
June
Apr
July
July
July
June
700
124 1533
2533 2833 69,600
700
424
40
100
9034
oo
200
233 24
11
2133
304
854
134
July
Slay
Mar
Feb
Feb
1934 Mar
3636 Jan
466( June
914 Feb
434 Jan
200
46
934 9,500
6,400
34
200
12
2931 2,700
833 18,000
7536 8,800
400
29
424
633
23
851
2533
634
671
4
17%
Jan
Mar
Apr
July
June
May
May
Jan
59
2%
34
214
294
104
7934
47
164
4631
674
11
1933
24%
23
46
864
3134
833
28
733
724
2833
1231 134
4033 444
833
3433
20
214
4733 4734
25% 36
93% 1124
3133 3234
264 27
18
20
113 1184
122 1244
25
2634
13,500 114
1,200 3034
900 324
1,900 20
100 4534
1734
77,900
30,500 $3
25,800 3133
1,800 264
700 18
700 95
1,400 - 1834
17,400 24%
Apr
Mob
May
June
May
July
June
July
July
Jan
May
Jan
Feb
July
Feb
Ain
Jar,
Jan
Aar
July
Mar
Apr
44
2
20
49
11
16)4
23
18
224
22
344
June
June
Jan
Jan
Stir
July
Apr
June
July
July
July
500
531
1,700
03
100
20
6734 13 000
5734 2,000
184 7,100
200
23
100
23
100
2233
1,100
23
6.800
40
8
23
27%
7734
79
28
214
115
15
833
78
29
33%
73
2034
62
3134
21
50
634
17%
1434
4431
2433
1933
404
30
833
2333
30
78
794
29
23
116
1534
933
78
3133
354
74
2234
6833
35
21
53
7
18
16%
4734
2434
2064
4033
3131
8
2.000
1,100 2334
1,800 27
Infl 76
4 300 76)4
8,100 25
16,600 20
300 102
400 144
734
1,300
300 78
49,400 1933
1.000 25
500 an
200 2033
13.700 45
12,000 21
100 21
3.000 45
634
800
2.000 1734
3.600 1234
22,500 3134
400 2333
1.200 18
200 4034
400 30
5
7731
3933
19
21
6134
533
7734
3933
2033
24
62
733
1
824
37
24
34
156
724
6733
1233
4733
188
27
1933
4
5,600
50 77
500 37
500 13
1.600 2034
400 6131
300
5
1
100
5,000 68
200 3233
300 2333
100 34
800 -49
I
4,900
8,700 6534
1133
1 300
2.200 44
3.900 148
1864
8,200
1,300 19
1
70
35
23%
34
153
6333
63
1233
44
175
2333
1931
164 17%
84 9
3934 4234
1,200
4,100
6.100
Jan
Jan
July
Jan
July
Jan
Jan
Mar
Jar
2034 Feb
Jan 4434 July
June 3434 May
July 2733 Jan
July
June 51
Apr 26% July
May i 124 July
July 32% July
July 2733 July
Jan 2534 Jan
Feb 1244 Jan
Jan
June 139
June 274 June
200 17
1733 1733
10494 1104 56.100 18
19
224 17.400 17
1..600 3134
35
33
50
5033 2,100 60
100 60
60
60
74
74 834 2,900
3734 40% 11,200 374
1633 194 3,700 1633
60 115
116 116%
310 332
385 39933
300 12
15
1534
10 250
250 250
100 1033
104 1033
150 9333
(1,500 20
196 206
27
1,600
394 41
1,100 32
3933
39
14,300 57
7033 85
8
700
833 893
600 2033
2333 24%
5,000 26
3031 32
433
263
20
6334
5434
164
23
23
2233
22
36%
Jan
Apr
Apr
Apr
Apr
3034 May
33% Feb
20%
6964
i'72
1533
23
Mar
Mar
May
July
June
Apr
Feb
July
June
Feb
May
Feb
Feb
Mar
Jan
July
Mar
Mar
July
July
26% Jan
35
Jan
234
214
2734
3834
61
82
1034
41
22
1174
494
1014
265
1733
97
206
0.154
4234
85
534 June
533 Jan
22
Jan
0234 Mar
7033 May
21(34 Jan
2433 Jan
2734 Jan
47
Jan
32
Jan
49% Jan
1133
July
June 334
June 584
June 91
Stay
904
June 3334
2664
May
Apr 120
June 24%
143(
July
July 8334
Apr 3136
Feb 40
7434
Fah
July
324
84
Mar
4154
May
July 50
June 60
July 20
July 244
May
1 734
50
Mar
2834
May
June 2434
May 4133
May 37
Feb
Jan
Jan
Jan
Jan
Jan
July
Feb
Jan
Jan
Feb
July
Jan
July
Mar
July
May
Feb
Mar
Mar
Mar
May
Jan
Jan
Fob
May
Feb
124
7734
4614
11111
3534
62
13
2
824
49
39
39
172
72%
6734
15
4834
22084
27
263(
Mar
Apr
Jan
Jan
Jan
July
Jan
Feb
July
Mar
Jan
Jan
Jan
July
July
Jan
July
Pen
July
Jan
May
June
May
May
May
July
May
July
June
June
July
July
Apr
VMI
June
May
July
June
Apr
Apr
14% Apr
July
8
35
Apr
22% Mar
474 Feb
434 May
JULY 20 1929.]
FINANCIAL CHRONICLE
Friday
Sales
Last Weeks Range for
•
Sale
of Prices
Week.
Stocks (Continued) Par Price. Low. High. Shares.
Mengel Stores e0ro.
Manhattan Ribber Mfg_25
• 4131
Mapes Consol Mfg
Marion Steam Skovel Corn • 3211
Maryland Casualty Co_ _25 193
Mavis Bottling 4. Of Am •
0
431
Mayflower Associates Inc• 75
McCord Rod & Mfg el B.
McLellan stores clam A..• 58
Mead Johnson & Co corn.•
Merril & Mfrs Sec el A
• 32%
Merritt Chapman & elcutt• 3134
651°7 pf A with warr_100 97
Mesabi Iron . .
'
_.
•
14
Metal & Mining Sher Inc..
19
14etronol
store« • 73
Met Sc & 50c Sts pref _100
Midland Royalty $2 pfd_ _• 3234
Midland Steel .
1*
t."
118
Midvale Co
Milgrim (H) & Bros com_•
Miller (I) & Rona enm _ ..
• 54
Minneapollialloney well
Regulator COMnnon..... 94%
Mock. Judson VoehrInger • 39
alcalMe Mfg Co
Montecatini M & AgrWarrants
Moodys Invest panic pf • 45
Moore Drop Forge CIA Mtge Bank of Colombia
American shares
42
Moto Meter Gauge & Eq • 25
Murphy (G C) Co corn
•
Nachmann-Spatield Corp.
58
Nat Aviation Corp. ._ • 6911
Nat Baking Co common_ •
64
Preferred
100
Nat Bancserviee Corp._ •
Nat Candy common
•
Nat Container Corp coin_•
$2 cony pref
•
Nat Family Stores corn __• 32
Nat Food Products
Class A with wart__ • 28
Class B.
•
Nat Investors corn
• 10855
Warrants
9711
54% Preferred
7534
Nat Leather stamped _ _10
Nat Mfrs St Stoma
•
Nat Rubber Ma,Men-.• 3131
Nat Sugar Berm _ -----• 4334
Nat Theatre Smug) son • 2294
,
Neil Corp enn loon
• 23
Nelsner Bros(limn on..1(10 15255
Common new w I
96
Preferred
100
Nelson Merman) Corp__ 5 2855
Newberry (J ..11 Co
•
New Haven Clock corn_
New Mex & Ana Land. 1
6 •
New On Gt. Nor RR. .J00 22
NY Auction common A _.• 2231
N Y Hamburg Corp____50 48
N Y !vivo
-Aura
40
N Y Merchandise
•
Niagara Share Corp
• 664
1-Pond corn__ -. 58
Noma Electric Corp corn • 2231
16
North American A VititillIt
North American Cement.
•
834
Northam tt arrep Corn pf • 4155
Northwest Engineering •
Nov adel. Awe', eonimon.
•
Ohio Brass class B
011 Simko Ltd
Clara A NH bold wan_ • 1451
Class B without war.. •
Orange Crush Co
Outbd Motors Corp corn B•
Cons pref CI A -• 1851
Overseas Securities
•
Ovington Bros panic pref_.
Packard Motor new
2655
Paramount 'an Mfg eon, •
Parke Davis & Co
• 4634
Parmelee Tranatiort corn.• 2411
Fender (1)) Grocery el A _• 53%
Class B
Penney (J C) Co corn
120
Class A preferred_ .. 100 9654
Pennroad Corp c
v t C.
2534
Peoples Drug Store Inc.-. 92
Perfect Circle Co cm_ •
Perryman Elec Co
Pet Milk pre(
100
PallIDDefLOOlaliTIC A worn ••
Common class
z2654
Phli Morris Con Inc corn •
Class A
25
Pink (Albert). Barth & Co
Prof clans A (panic pr) • 1551
Pie Bakeries of Am CIA.. *
Pierce Governor Co_
•
Plagly-Wiggly Corp corn _• 48
Pilot Radio & Tube cl A..• 2251
Pitney Bowes Patinae
Meter Co.
• 264
Pitts & I. Erie RR cam _ 50
Pitts Plate Glass coan___25 7254
Pitts Sm,s holt.- • 2594
Polymet Mfg corn
" 70
Potrero Sugar corn
Powdrell& Alexander....' 9435
• 70
Pratt & Lambert Co
Procter & Gamble corn-.10 445
90
New common
Propper Silt hosiery Inc • 27
Prudence Co 7% pref. 100 100
Prudential Investors corn.
• 31
Pyrene Manufacturing.. Ill
Q R S-DeVry Corp
100
Quaker Oats pref
Rainbow Lute ttam sProd. A. 3251
Common class 11
• 1651
Raybestos Co common__26 11151
11111
Certificates of deposit _ _
514
Raybestos-klanhattan ____
Reeves (Daniel) Inc corn."' 37
Reliance Brons & St'l com• 2254
Reliance Management__.• 37
5
134
Repettl Inc
Republic Brass warrants........
Reynolds Metals 00114111011 •
• 7254
Preferred
Richman Bros
pref 100 4956
Rolls-Royce of Am
• 11
Roosevelt Field Inc
•
634
Ross Stores Inc
79
Royal Typewriter new.. __
Range Since Jan. 1.
Low.
If(Oh.
3455 35
1,100 33% Apr 38% May
48
52
May
325 454 June 54
4151 4234
500 37
June 42% July
2751 3231 3,100 23% Apr ; 56% Jan
13711 143
Jan
75 130
May "1"75
4% 6
14,500
Mar
331 July
11
71% 7591 3,600 60
June 7651 July
294 2955
100 22
Apr 314 Jan
51
58
JILL
6.800 42
June 59
52% 54%
900 49
Judy
5954 Apr
264 32% 4,700 20% June 3234 July
31% 3331 3.500 243 Apr 35
July
4
97
98
300 9254 June 100% Feb
131
131 1,700
Jar
154 June
3
19
1954 6,500 19
June 22% June
704 73
Fe)
900 70
Mar 89
67
100 62
67
May 83 ,Apr
304 32% 9,800 28
June 324 July
115 119
1,400 90
May 119% July
504 504
Mar
100 4431 Apr 66
15
300 15
164
Apr 204 Feb
52
54
July
5,100 39
54
Jan
934 95
34
3951
67
70
400
2,700
200
55% Jan
28
Jan
July
67
9751 June
414 Apr
July
70
236
231
43
4554
6555 654
100
600
300
24 May
July
43
Mar
59
6% Feb
52;5 Jan
Jan
75
42
25
98
58
69%
534
66
59
32
27
2755
3055
28
734
743.1
65
7531
234
24
3131
42
22
23
15251
96
200
2634
7531
23
6
2134
2151
44
3634
364
654
56
22
1534
8
4031
33
2251
8151
1334
1455
2455
1051
17
54
5%
26%
17
4654
2434
5131
48
120
9655
22%
84
5954
18%
10814
2451
25
14
9
15%
254
284
48
20%
264
149
6951
25%
70
54
83%
70
395
8111
27
100
29
835
43
106
32
16
93
90
51
37
2254
37
131
28
4231
70
137
4954
104
654
79
42
100
2751
1,80
98
100
20
59
72
10,800
1,60
655
66
2
30
5951
10
32
274 2,70
1.70
28
32
2,00
40
25
7734
58
62
5
63%
59
2414
244
2755
30
June 4814 Mar
July
354 aln
Jan 10651 Mar
Apr 764 Feb
Jan 88
May
Mar
64 July
May 70
Jan
July 75% Jan
June 3431 July
June 28% July
May 294 May
July
48% Feb
28
100 28
Jan
37
Jun
8
12
200
Jar
751 July
1084
1,900 1134 July 1084 July
9751
200 6131 July
974 July
7551
200 7431 July
7534 July
251
100
Jan
2 Jun
5
24
100 2151 May
4034 Jan
33
1,800 29 1 May 413.4 Jan
,
434 2,500 39% Apr 554 Jan
2334 13,400
alb
7
25% July
23
100 204 Ma
294 Jan
15434
600 140 Jun
Feb
164
100 96
96
July
July
96
205
550 187
Jar 210
Feb
294
1,000 23
Apr 31
May
77
300 75
Jul
8014 May
23
400 23
Jul
2531 May
7
400
54 May
9% mar
700 14
2634
Feb
32
May
234 7,100 164 June 2131 Feb
600 3854 May 5231 Mar
48
40
3631 Apr 4831 Fet
5.90
100 3535 June 4754 Afar
3634
6834 June
Jan
6834 10.600 26
58
1,400 36% Niro
78
Apr
60(
224
Mar 27% May
17
1631 22,400 14
Mar
Jr.
21
Jan
July
13
851
8
700
4134
300 31
July 4854 May
34
500 25
June
4bsi leL
2231
100 20
Feb 3111 Fe•
125 80.55 Apr 92
8334
Jan
15
144
2551
1255
1831
54
4,200 13
200 144
1,100 23
500 1051
1.800 17
200 51.
100
6%
691
27% 28,700 2534
20
1,800 1551
4634
100 4434
24%
700 2455
5311
350 514
48
50 48
12451
41
105
98
41
96
26 396,900 16
92
2.500 7411
604
40
45
204
1,500 16
110
26 108%
2611
300 24%
52651
1,103 2334
151
70
134
1055
30
8%
15% 2,000
2515
100
2934
700
48
10
224 14.40
284
15431
724
2631
70
64
9951
72
451
94
2751
100
31
855
43
106
35
17%
113
113
524
37
22%
4154
251
28
44
75
137
50
11
654
8134
15,90
1.35
80
1,300
200
600
8,100
1.000
3,500
11,500
400
75
42,400
300
100
30
6,900
10,100
5,300
9,5(0
4,400
100
1,900
12,700
1,600
100
900
2,300
100
200
2,200
100
800
June
July
May
July
July
Apr
June
Jan.
May
Apr
July
July
May
July
Slay
Feb
Apr
June
June
July
Apr
May
Jan
16
234
2551
45
1754
Mar
Al)
Jun
Feb
May
1334
13555
64
23
70
551
67
634
281
8131
2714
9951
23%
7
38
106
234
16
69%
8311
51
3514
2214
30
tirve
28
31 14
63
116
4331
911
534
79
Ma
Ma
Jan
Mar
July
Jar
July
Jan
Jar,
July
July
Apr
Jun
AD
Jun
July
May
Jul
Jan
Jun
Jul
July
Apr
June
Jan
July
Jan
Jan
Slay
July
July
May
July
19%
1834
2934
16
2151
59
7%
2954
43%
5834
254
65
624
1244
1024
26
94
64
29%
114
32
31%
434
1051
Ja
May
aPf
AVr
May
May
Jan
May
Ja,
Feb
Apr
Apr
May
July
1-^
July
Jars
June
May
Jan
May
May
June
July
19
Jan
Feb
26
354 Jan
Jan
52
224 July
3151
15634
76%
314
7()
7
9954
85
451
94
43
1044
31
94
43
120
65
1754
113
113
524
454
244
41%
5
3551
6255
ill
137
7351
18
29%
8355
July
Feb
Jan
Apr
July
Feb
July
Feb
July
July
Jan
Apr
July
Jan
July
Jan
Jac
July
July
July
July
Jan
Man
July
Apr
May
Feb
Mar
July
Mar
Mar
Jan
July
461
Friday
Zulu)
Range Since Jan. 1.
Last Week's Range for
of Prices.
Sate
Week.
Stocks (Conan.ed) Par. Price. Low. High. Shares.
Low.
11(9h.
Ruberold Co
100 76%
Russeks Flftts Ave Inc_ •
Ryerson (Jos T) & Son- •
safe-T-Stat Co oommon_ •
Certificates of deposit.,. 24
Safety Car HUT & Ltg-100 210
_
Safeway Stores 2d oar warr. 500
• 185%
St Regis Paper Co
100
7% corn pref
Schiff Co common
•
Schletter&Zander cona vtc * 1851
Preferred
Schulte Real Estate Co...
1831
Schulte-United Sc to $1 St • 124
7% pre( part pd rcts_100
Second (Seal Amer Inv Co _
Common
• 28
6% pref with warrants__ 10831
* 84%
Seeman Bros common
Segal Lock & Hardware_ •
Seiberling Rubber com . 34%
aelected Industries com • 2434
Allot ens 1st oald
964
Prior preferred
63%
Selfridge Provincial Stores
Ltd, ordinary
£1
335
Sentry Safety Control_ _• 234
1951
aervel Inc(new col VI O..
Seton Leather common.._• 22
• 58%
Sheaffer(W A) Pen
Sikorsky Aviation corn . 5131
Silica Gel Corp corn v t o_ _• 37%
Silver (Isaac) & Bros com_•
Simmons Boardman Publishing $3 pref
Skinner Organ common_ •
Smith (A 0) Corp com •
• 3431
+matron Tube common..
• 34
Southern Asbestos
Southern Corp w I
16
•
Soutwest Dairy Prod_
Southwest Stores corn....
4
Span & Gen Corp Ltd__ f 1
Bearer stock
Spiegel May Stern pref_100 83
• 52
Square D Co corn B
. 42
Stahl-Meyer Inc com
Standard Brands Inc (formerly Fleischm-TtoYal)-• 3934
Starylartl Investing eon,.• 44
85.50 cum cony prof...• 98
Standard Motor CODsty.1 I I 355
Standard Screw
100 164
Atand Steel Propeller non • 3431
Stand Steel Spring com__•
• 30
Starrett Corp corn
• 214
Stein Cosmetics coin
,
* 33
.( emn A)& co
com____Preferred
100 8711
Sterchi Bros Stores corn..'
Stern Bros class A
• 46
Stinnes (1(1.150) Corp
Stone & Webster Inc
• 1574
Strauss(Nathan) Inc corn.
Strauss-Roth Stores corn_. 2534
atromberg-Carl Tel Mte •
Stroock (El) & Co
•
"tilts Motor ea.
• 1551
Sullivan Mach Co
Superheater Co
•
Super Maid Corp tom_ •
Swift & Co
100
Swift International
15 3414
gyrac Wash Mach B cons • 23
caggart Corp common___• 5054
• 2951
('berm old Co corn
7% cum cony pref___100
Third Nat Investors corn _• 5651
rhumpson Prod Inc el A..
• 53
rhomption Starrett pref
514
Pishman Realty & Constr• 65
Tobacco & Allied Storks •
Tobacco Products Exports.
("odd Shipyards, Corp. •
rransanierIca Corp
135%
rranacont Air TransP-..-• 2456
Voting trust ctfs
rrans-Luz Pict ScreenClass A common
• 11
Crave] Air Co
• 4751
rrl-Continental Corp corn • 37
6% cum pref with war100 105
rriplez Safety Glare.
km rem for end sh reg
1735
Trunz Pork Stores
• 40
cubit& Artificial AUL el B •
Tungsol Lamp Works new.
•
$3 cum cony pref
AnIon Amer 1111 eatmoin • 6335
Infou Tobacco cc a._ •
6
United Carbon pref__ .300
United Chemicals $3 Pre(
36
United Dry Docks corn _• 1714
United Milk Prod corn_ • 10
7% cum pref
ioo
tin Piece Dye Wks
64% preferred
100 100
United Profit Shar cam..•
6
United Stores Corp com_• 22
Non-cum cony class A..
45
$6 cum cony pref
• 78%
U S Asbestos corn
US Dairy Prod class A_ •
U S Finishing corn
100 156
Preferred
100
0 13 Foil elaaa B
• 66
0 El Freight
• 954
U El Gypsum common___211 7151
O S Lines corn
• 1855
U 8 Radiator corn
• 53
Common v t c
• 53
U S Rubber Reclaiming_ •
Universal Aviation
• 13
Ctfs of deposit
Universal Pictures
•
Utility Equities Corp.__ _• 314
Utility & Ind Corp corn_ _
37
Preferred
38
Vanadium Alloy Steel__ •
Van Camp Pack corn
• 2451
7% preferred
25 24
Vick Financial Corp
10 1651
vogt Mfg Corp
• 32
Walt & Bond Class B
W ragmen Co oommon____• 9731
Warrants
70
Walker(Hlram)Gooderham
& Worts new
20
Watson (John Warren1Co•
3
Wayne Pump common...
Welboldt Stores common •
200
200
300
100
1,600
150
40
7,400
350
800
400
300
1,600
1,400
100
76
34
42
26
22
210
500
17851
102
52
18
3831
1831
1155
6551
7834
34
46
26
27
214
590
18655
103
54
1935
39
20
1251
6551
28
108
6351
9
33
2151
944
6235
1,900 23% Apr 354 Jan
29%
Jan
300 10414 Apr 125
1084
Jan
700 6351 July 80
654
14
Slay
84 July
100
9
3431
300 33
July 6574 Jan
2431 46.900
184 Jan 314 Feb
Jan
June 108
9911 10,100 90
64% 2.400 62 June 6454 July
331
19%
18
22
51
4955
3651
65
336
700
28.600
24
2035 60,700
100
22
58% 4.100
5536 28,50
,
3851 5,70
206
68
48
48
215
3431
4951
48
220
3754
1514
1251
114
4
511
82
454
40%
1654
1351
114
5
55-4
8451
524
424
331
9
1434
22
48
204
234
6131
200 48
100 40
8 163
2,100 28%
2,200 3014
1555
18,90
600 12
10
1111
6,00
3
10
351
400 79%
5,500 424
1,500 39
3751 4011 903,700
41
4,100
45
150
98
97
355
4
2,400
162 1644
75
30
3631 17,200
82%
81
300
30
2,600
31
20% 2131
7,300
274 3434
3,500
87
600
8931
26
200
26
46
48
50
114 12
1,300
13855 16315 34,500
22%
22
300
244 26
7.900
314 32%
60
200
3851 4031
144 15% 2,90
25
56% 5631
10
185 185
100
60
60
1284 13031
60
33% 3531 4.700
22
23
1,40
5031 51
1,80
29
31,600
38
105 112% 2.200
51% 5731 12,600
50% 54% 2,800
51
50
5131
60
65
1,40
4355 4355
100
2%
2
600
574 5731
500
13534 13754 15,10
233-4 2851 10,100
25
26
1,400
1051
46
3431
104
721
4
34
3751
17
22
157
421
119
100
5154
18
3811
16
1044
634
3235
314
97
231
15935
24
78
28
1531
26
87
26
42
94
130
22
184
20
38%
12
53
158
54
12351
2514
164
4354
25
90
50
46
50
4934
434
'2
56
125
2151
25
June 10851
May, 3534
July i 46
r en' 3734
July 35
Jan 2294
June 626
Apr 19854
Feb 107
July 79
July 2554
July 46
July 3931
June 26
June 89
Jan
Mar
Jan
July
Apr
Jan
Jan
June
81
.9 Feb
2894 Slay
21% May
3235 Jan
6331 Jan
63% Mar
484 Mar
86
Feb
Jan
June
July
Feb
Feb
July
Jan
Jan
Jan
July
Feb
July
Jan
40%
45
103
634
s7414
3631
85
3'
2255
la 4
99%
29
474
16,5
5
1633
3431
26
3511
6131
354
56%
195
6514
1393.:
37%
z26
se 34
38
112%
5731
6814
5851
70
6531
334
764
14331
32%
3151
July
July
Jan
May
July
July
July
July
MAY
Feb
Feb
Apr
Feb
Feb
July
May
July
May
Feb
May
July
July
Apr
Jan
Jan
June
Feb
July
July
July
Jan
Jan
May
Jan
Jan
Jae
May
July
July
June
July
July
Mar
June
May
Feb
AM
Mar
June
July
July
Mar
Jan
July
July
July
Jan
July
June
Apr
June
Mar
July
Mar
Mar
Ayr
Fet,
Feb
May
Jan
May
Jan
July
Slay
June
Feb
May
July
SOO 17% July
200 40
July
1.040 305
June
500 45 July
200 42% June
2.000 5134 May
1,000
5% July
300 92
Jan
1,000 3451 June
1.200 1534 May
600
84 July
100 70
Apr
1,700 29
July
200 98
July
300
5
May
1.400 2034 July
2.400 44% July
1,000 78% July
100 45
Apr
200 4851 Jan
10,800 90
Jan
150 90
Mar
6,700 64% May
11.000 81
May
6.300 56
Mar
5,300 1754 Apr
20
4311 Jan
100 47
Apr
400 16
Jan
400 13
July
800
5
135 July
100 1651 Ma
34,600 24
May
57,700 2331 June
11,300 27 June
200 72
June
2,200 22 Jun
SOO 2114 May
12,100 1034 June
1.700 28
Jan
100 14
July
7.900 714 Mar
1,400 61
Ma
1951 21
13,000
251
451
2,500
1831 1851
500
41
41
200
Jan
Jan
Jan
Mar 5251
Jan 4954
Feb 221
Mar 434
Apr 4931
17
July
21
May
July 2834
7
May
June
551
July 98%
July 524
Feb 5351
1131 2,700
631 Jan
47%
1,000 454 Apr
3731 113,800 30
Jan
10551 3,200 104
Apr
1751 1954
40
44
390 404
45
4634
50
504
64
60
74
6
1004 102
3754
36
1751 18
84 1055
76
76
29
36%
98 100
6
6
20% 2351
4435 46
78% 8051
48
48
4954 4954
1517-4157
95
954
6411 6651
9211 96
70
7751
1731 1851
53
53
53
5351
18
20
13
1355
1351 1431
2031 20%
27
32
31
37%
3351 384
8055 8051
2231 2454
2254 24
1511 16%
32
3255
17
17
89
97%
6455 71
Jan
May
July
Mar
AD,
Jan
Jan
June
Jan
Jan
May
May
1634 May
23.4 Jul
173.5 Apr
39 June
Mar
24
61
Jan
3751 July
107% Jan
33 14 Feb
6034 Jan
595
Jan
49% July
5011 July
f'294 Feb
20
Jan
102% Mar
8134 Feb
2031 Apr
21
Jan
n80
Jan
53
Mar
1064 Feb
11
Mar
284 June
54% June
9131 June
51% Jan
534 Mar
157
July
954 Jely
7414 Feb
10994 Feb
7751 July
18% July
6231 Jan
8651 Mar
31
Mar
2754 Max
22 MAY
29
Apr
32
July
37% July
3811 June
834 June
2831 Feb
38
Feb
18
June
35
Feb
2631 Jan
97% July
71
July
may
14% Jan
23
32
534
Jan
fan
[VOL. 129.
FINANCIAL CHRONICLE
462
Friday
Soles
Last Week's Range for
Sale
TFeek.
of Prices
Stocks (Concluded) Par Price. Low. High. Shares.
Range State Jas. 1.
Low.
High.
May
June
July
July
Jan
Feb
Feb
Mar
Mar
Jan
Feb
Jan
Western Air Exprees____10 65
Western Auto Supply comA 72
West'n Tablet & Stat'nery•
Wextark Radio Steres___• 55%
Whiteoights Inc con_ •
Widlar Food Prod corn' 24
Williams (Ft C) Co Inc_ •
Wil-Low Cafeterias cam •
•
Preferred
Winter (Beni) Inc corn '13
Zenith Radio
Zonite Products Corp corn• 35%
65
71%
35
55%
234
24
25%
14
46%
12%
41
31%
1,300
68
400
72%
600
36%
200
55%
100
234
24%
600
600
27%
800
16%
46%
300
1,100
13
6,600
45
35% 37,800
564
504
30
46%
2
21%
25%
14
44
114
27%
3154
Apr
Apr
June
Mar
June
May
July
July
June
Mar
May
Jan
7834
734
3654
554
18
29
41%
30
58
1651
614
4474
Rights
Ainsworth Mfg
Amer Investors Inc
Associated 0& E deb its.. _
Rights
Elec Bond & Share
Fiat
Gramophone Am dep refs
Loews Inc deb rights
Lone Star Gas
Murray Corp
Standard Gas& Electric__ _
Transcontinental OIL
United Gas'met
liniversal Pictures
Western Air Express
Zonite Products
1
2% 5.800
12,600
554 10
951 n12% 28,200
220,300
2311
761 1054 475,000
834 851 13,400
304 3331 2,700
100
25
25
7% 8% 2,200
17% 18% 12,400
454 54 376.600
Pe 1% 180,500
3h• 31,16 739,100
400
% 1
355
5% n6
260
014 174
1,4
SA
554
154
5%
734
30%
19
6
17%
454
51
154
54
44
14
July
July
June
June
July
Apr
July
May
June
July
July
June
May
June
May
July
274 July
July
10
1331 APT
July
4
1054 July
1754 Jan
34% July
4954 Feb
84 July
1854 June
554 July
154 July
31611July
254 May
851 May
254 July
1%
1251
4
954
851
30%
751
17%
5%
154
351
Public Utilities
• 108% 92 110 128,700
Allied Pow & Lt com
77% 7451 78% 3,800
35 1st preferred
• 454 444 46
700
$3 Preference
Amer Cities Pow &LI Corti
50 69
674 6954 4.009
Class A
• 49
474 49% 29,400
Claes B
Am Com'with P corn A • 2831 24% 29% 84,900
9,000
• 35
35
Common B
31
9
Warrants
754 951 16,600
95 106% 27,100
Amer & Foreign Pow wan 104
205 224% 13,700
• 219
Amer Gaa & Elec com
• 10254 101% 102%
300
Preferred
7,350
282 315
Amer Lt & Trait com--100 309
114 2.300
Amer Nat Gas com v o • 1151 10
800
254 26%
Amer States Pub Serv el A
Amer Superpower Corp
66% 5934 68 411,700
Corn. B new
99% 2,200
9931 97
First preferred
Convertible preferred_
90% 91% 1,200
900
45
35
Arizona Power uorn _ _100 38
60 178,900
57
Aimee Gas & Else Maas A• 59
2,000
Brazilian Ti Lt & Pow ord• 594 5935 62
600
Brooklyn City RR
7% 8
100
100
7%
Certificates of deposit_....
73.4 74
Buff Meg & East Pr corn * 112% 105 11351 28,400
• 11255 105% 11351 22.200
Class A
Preferred
25 2454 24% 254 6,500
12% 1.700
Cent All States tierv v t c_• 1134 10
4634 45% 48
.3300
Central Pub Sem cl
600
108 112
Cent St Sweat UHL_ _100
4,600
165 184
Central States Elec com__• 184
6251 56% 62% 81.500
New
1.000
86% 89
88
6% Piet without ware
310
1,700
2804 310
Convertible preferred
4,100
141 155
155
Cony pref new w I
600
764
72
Warrants
200
9154
91
Cities Ser P & LUS pref....*
103 103%
200
100
cum pref
7%
87% 95
1,300
•
Cleve El Ilium coin
130
8,700
115% 130
Columbus Elec &
310 35051 1,510
Conew'ith Edison Co. 100 346
Core'veltb Pow Corp Pf.100 9931 98% 99% 1,100
Commwealth & Sou Corp. 2834 26% 29 1504900
10% 10% 11% 397,100
Warrants.
Com'w'Ith Utll corn el B • 5054 48% 50% 8,100
136% 140
500
'
Connecticut Elec Service
Cons GEL&T Balt com • iii-- 135 145% 25.300
143 143
Common v t c
200
100 207% 19931 209% 2,900
Duke Power Co
60% 64% 2,100
East States Pow B eom_• 63
Elec Bond & Sh Co com_• 14151 129 148 175,900
Preferred
• 1044 10431 104% 1,800
240 26451 24,509
• 246
Elec Investors
99
Preferred
99 100
600
Elm Pow & Lt 2nd pf A__• 994 99 101%
900
55
Option warrants
51% 5534 1,100
Empire Gas & F 7% Pf-100
300
9231 924
Empire Pow Corp part stk• 5654 56
584 6,800
Engineers Pub &try war__ 42
33
4231 8.300
Federal Water Serv el A-.• 4955 49
51
7,900
Fla Pow & Lt $7 rum pref_'
100 1004
400
Internat Superpower
• 81
21,700
7751 84
Ibternat Uhl class A
• 4634 4654 46%
500
Class B
• 1831 1851 19% 3,300
Warrants
6%
100
651 64
Italian Super Power
23,200
2034 1854 22
Warrants
1131
854 1131 5,900
C Pub Scrv pretA v t c..• 32
200
32
35
Long Island light corn.....' 85
6,700
8351 91
430
7% preferred
108% 112
100 111
Marconi Internal Marine
Cou,u,un Am dep rots-. 30% 29% 31 420,900
Marconi Wirel T of Can_l
951 12% 218,600
954
Marconi Wireless Tel Lend.
Class B
20% MOO
18
18
Class 13 etts of dep
19% 21% 3,500
Memphis Nat(Jas
• 1434 14
14% 2.000
h4 aline West UM com • 301% 26851 308% 7,600
Prior lien
130 130
50
4,400
56 prefeered
• 113
1074 116
Mohawk
Bud Pow corny 98% 92
98% 13,400
Comniol dep rats
100
91
•
91
1st preferred
1054 10531
50
•
Warr,
,wre
76% 9,000
75
70
Monongahela West Penn
Pub Serv 7% pref____25 2554 25% 25%
100
• 20% 2031 21% 1,100
Municipal Beryls's
4754 3731 49
Nat Flee Pow class
3,400
106 106
80
Na,Power & Lt pref
•
Nat Pub Serv corn class A• 3351 2434 3451 35,700
• 37% 3431 3754 2,700
Common clam B
67
Nev-Calif Electric corn-100 644 60
1,600
20
89%
New Engl Pow Assn °ore.. 894 85
1544 15454
50
New Engl Tel & Tel-100
101% 10131
25
NY Pow & Lt 86 Prof-- •
11%
275
Y TeleP 634% Pref__100 11% 1131
25
28 981,80
King Hudson Pr corn w 110 27
851
851 951 196,800
Class A opt warr w
72% 6751 73
12,200
Class B opt wanr w
20
22% 5,100
Nor Amer Gill See com_li 21
•
9551 95%
100
preferred
1st
• 75% 7051 7531 97.500
Northeast Power cum
2064 220
3,700
Nor States P Corn corn.100 210
109 109
100
Oklahoma Gas& El pref
9.531 99
•
1,100
Penn-Ohio Ed corn
103% 1044
90
prior preferred-101
7%
•
300
9331 94%
$6 preferred
100
70
70
Option warrants
404 1,100
40% 40
Warrants series B
4454 Apr 110
74 May 79
42 June 46
July
Apr
July
3834 Mar
234 Mar
Jan
22
22 May
5% June
524 Jan
128
Jan
99 June
Mar
205
84 June
2551 July
7154 June
50 June
31
Mar
37% Jan
114 Mat
112% F Pt
.
224% July
1094 Jan
315
July
184 Jan
2731 June
26 May
90 July
894 Apr
2331 Jan
4914 Jan
4854 May
751 June
7% June
61% Mar
4954 Apr
24% Jun
2% June
Jan
35
Ma
80
734 Mar
384 June
80% May
Jan
97
119 June
19% Jan
July
91
July
103
60 May
Ma
58
Jan
215
9754 July
22% June
831 June
4554 July
130 June
88% Apr
137% July
155
Jan
424 let,
Mar
73
1014 June
7714 Jan
9651 June
98% July
2831 Jan
9251 July
39
Mar
23
Mar
464 June
100
Jan
8054 July
4151 May
14% Mar
44 Jan
114 Jan
5% Jan
July
32
4851 Apr
107 June
July
68
10051 Fet
Jar
94
58 June
6154 Mal
Mar
70
1134 Jar
10% Mar
11351 July
11334 July
20% Jaz
1954 Apr
48
July
July
116
184
July
624 July
89
July
July
310
155
July
764 July
9634 Jan
10734 Jan
95
July
130
July
35051 July
10434 June
29 June
124 July
5051 July
140
July
160 June
143
July
210
Jan
724 June
148
July
1094 Jan
264% July
101
Feb
103
Mar
57% June
9854 Jan
62
May
4254 July
63% Feb
102
Mar
84
July
51
July
22% Feb
11
Jae
23% June
15
Jan
4031 Jan
91
July
118
Mar
193( Mar
74 Fe
31
July
12% July
1754
18
12%
158%
119%
97
38
91
104
2354
July
Jun
Ma
May
June
AP
Mar
July
June
Mar
2251
21%
20
meg
130
116
102
91
11054
76%
Jan
July
May
July
July
July
June
July
Jan
July
2434
20%
30
10551
22%
29
48
84
144
101%
111
22
7
60
1334
9451
40
13654
107%
53
102
89
30
16
May
July
May
July
Mar
June
June
Mar
June
July
June
June
June
June
Jan
Mar
Mar
Jan
June
Mar
Feb
Feb
Mar
Apr
25%
334
49
110
3151
3754
67
91%
15454
10151
114
28
94
73
26
9734
7554
223
111%
10614
109
97
81
51
July
Mar
July
June
July
July
July
May
July
July
Jan
July
July
July
May
May
June
July
Feb
June
July
Mar
June
June
Fridge
Sales
Last Week's Range for
Public Utilities(Cowl.) Sate
Week.
of Prices.
Par. Price. Low. High. Shares.
Pacific Gas &El 1st pref-25 26%
Pa Gas & Electric class A' 2114
Penn-Ohio Pow 86 pref_ *
Penn Water & Power......' 104
Peoples Light &Pow CIA _ 52%
Portland Elec Power__ A00 50
Power Corp of Can corn_ •
Puget SA P&L 6% pref_100 99%
Railway & Light Seeur_
Rochester Central Power_ 46
Rockland Light & Power.... 3434
Sierra Pacific Else corn..100 63%
Preferred
100
Southeast Pow & Lt com_• 124%
Warr'te to pur eon) Mk
Participating pref
• 89
Sou Calif Edison pref A.25
Preferred B
25
54% preferred C
25 24
Sou Cities UM class A____* 4351
Sou Colo Power el A_....25
Sou'west Bell Tel pref-100
Sou'west Gas UM
16%
So'west Pr dr Lt 7% pf_100 107%
standard Pow & Lt
25 104
•
Preferred
Swiss-Amer Else ore!
99%
• 76
Vamps Electric Co
Union Nat Gas of Can.....' 434
rfnited Elec Seri warrants.
,
American shares
• 2351
United Gas corn
United (1as Improvern3.50 298%
United Lt & Pow corn A....' 53
Common class B
1134
6% cum 1st pref
Preferred A
105
Un Pow Gas & W
42%
,'rated Pub Serv Co corn..' 20
32
Util Pow & Lt corn
46
Class B vtc new
Utility Shares corn
Western Power pref--.100 103
600
25% 2834
2134 2354 -. 600
100
9251 93
101 106% 1,500
5054 52% 6,300
100
51
50
800
108 '115
130
9954 100
100
94
94
2,300
444 49
3,100
3034 36
400
58
63%
10
925( 924
2,100
118 125
700
70
69
900
8534 89
100
2851 2854
2551 2554 1,100
1,500
24
24
700
4054 4334
27
2854 1,900
1174 11751
100
15
17% 8,000
107 108%
40
8,600
102 108
99
100
99
200
9854 9931
7034 7651 6,700
700
4334 44
231 2,200
2
16% 1654
400
2264 23% 10,800
268 299% 40,400
52
5551 209,400
90
800
69
11254 115
4,800
105 105
300
4231 43
300
20
400
21
28
79,300
33
10,200
394 47
60
400
60
50
103 103
Former Standard 011
Subsidiaries. Par
znglo-A mer 011(vot eh) El 14%
Vot stock alto of deP-----Non-voting "Mares_ _El
Borne, Scrymser & Co-100
Suckey • Pipe Line
50
'ontinentai Oil v te(ME)10 1931
Cumberland Pipe Line_100
Eureka Pipe Line
100 se
durable Oil& Refining_ _25 12354
Illinois Pipe Line
100 306
Imperial011(Canada)---• 29%
Indiana Pipe Line
50
New
28
National Transit_ ._ .12.50
New York Transit new......
OhioOil
25 7054
Penn Met Fuel
25
Solar Refining
25
South Penn 011
25 5154
Southern Pipe Line
10 1951
Southwest Pa Pipe Line 100
Standard Oil(Indiana). 25 55
Standard 011(Kansai0_25 20
Standard 011 (Ky)
10 37
Standard 011(Web)
25
Siandard 011(0) oom.__25 117
Preferred
100 117
Vacuum 011
25 120
14% 1531
1454 1454
14
14
35
35
68
6854
19
2034
69
69
59
56
121% 125%
306 310
2954 n3054
10331 106
28
2834
22% 274
15
15
704 7154
35
39%
3751 374
50% 53
195( 20
6451 66
56%
55
1831 20
36% 3774
473( 4751
116 120
117 117%
1184 122%
68n
--
4,100
200
700
50
500
13,200
50
200
12.200
300
52,900
700
800
1,300
900
8,100
900
100
4,200
200
150
17,600
300
5,300
100
800
180
8,500
Range Since Jan. 1.
Low.
High.
2551 June
20 June
9251 July
81
May
45
Apr
Feb
35
9751 Jan
Jan
98
9055 July
31
Apr
2631 June
4751 Apr
91
Jan
714 Jan
27% Jan
836 June
4
2351 Mar
2554 Mar
2334 Apr
39 June
2251 May
114
May
12% July
102 June
4934 J4.
99
July
954 May
60 May
Mar
34
1% June
1651 June
2154 June
155
Mar
3034 Mar
32
Jan
9951 June
9551 Mar
4234 July
17
May
2151 May
27 June
1851 Jan
July
103
2854 Jan
24% Jan
9951 Feb
11354 June
5854 Feb
July
51
12254 Feb
101% Apr
July
94
49
Jan
36
July
65 June
934 Jan
138 June
July
89
100 May
30
Jan
264 Jan
2651 Jan
48
Mar
284 July
12311 mar
17% July
11151 Jan
108% July
10551 Feb
995( July
79% Jan
July
45
454 Feb
23% Mar
Jan
39
299% July
5654 July
July
90
1174 July
106% May
43
July
21
Feb
July
33
47
July
July
60
10854 Feb
1451
1451
13
35
655(
17%
62
56
8954
'185
26%
814
26%
2154
10
8414
2351
374
4114
13
624
54
18
.8531
454
1104
115
10554
May 18%
June 18
June 17
July 4654
July 7451
Jan 29
Jan 75%
July 7034
Feb 126%
Jan 34034
May 8054
Feb n106
July 28%
Mar 2751
July 1551
jail 75%
June 4434
July 60
Feb 604
Feb 2254
Apr 70
May 63
Jan 2254
May 6551
Feb 5051
Feb 129
May 12454
Jan 1334
Feb
Feb
Feb
Feb
Jan
Mar
Feb
Jan
July
May
July
July
July
July
July
June
Feb
Feb
Apr
Apr
Jan
Mar
Jan
Jan
May
May
Mar
Mat
Other Oil StocksJan
54 May 72e
'Is
Snaer Contr Oil Fields___1
54 8,100
854 Jan
354 May
15,200
451
354 5
inter Maracaibo Co
5
14 Feb
44 Apr
400
ergo MCorp
2
24
2
10
35( Jan 1774 July
4rkans Nat Gas Corp corn' 1751 1254 174 271,200
7% Mar
Mar
9
300
Preferred
851 854
854
10
64 May 17% July'
Class A
1751 12% 17% 04,600
24 Jan
14 June
200
Atlantic Lobos 011 com.. •
151 154
2% Feb
434 May
.Jarib Syndicate new corn..
374
354 451 6,000
•
6 May 15
Jan
colon 011
854
751 854 8.400
4
July 1154 Feb
Consul Royality 011
474 654 3,600
1
Cosrien 011 Co
82
• 83
924 7,100 45 June 024 July
June 80 June
Preferred
100 71
75
75
7% July 1134 Jan
Creole Syndicate
754
7% 854 10,900
•
14 July
254 Apr
Crown Cent Petrol Corp.. •
151 154 1.100
)
Jan
1,400 14 May 26
Irby Petroleum
144 1434 15
2
Jan 11 June
Oerby Oil & Ref corn ' 951
954 9.100
9
Gulf Oil Corp of Penns-25 192
19051 19674 8,100 14254 Jan 2024 July
3% June
74 Jan
4
3omaokla 011
2,700
354 4
Jan
• 1551 14% 1534 2.900 1454 June 22
Houston Gulf Gas
14 July
2% May
151
Riteroon tinenta'Petrol_ 10
114 1% 7,900
Apr
254 2351 26% 23,500 2254 June 29
lutenist Petroleum New.
3% Jan
300
194 May
Kirby Petroleum
151 1%
2% June
Leonard 011 DeveloPm'11.215
451 554 43,600
654 Mar
554
3351 35% 1.500 234 Mar 384 May
Lion 011 Refg
•
700 117
Jan 87 June
Lone Star Oas Corp- -25
8554 8554
New when Issued
6,800 3234 June 40
July
39% 3451 40
Magdalena Byndleata____1
'is 1,600
14 Jan
54 May
34
Margay 011
100 21% June 3854 Jan
2154 21%
3051 2854 3134 6.400 1554 Jan 42 May
110 Kansas Pipe Line
Mountain & Gulf011
400
1
34 June
31
%
134 Jan
Mountain Prod Corp---10 12% 1254 13% 9,400 12
July 22% Feb
• 36% 3451 36% 8,400 244 A r 364 July
Nat Fuel Gas new
354
351 3% 2,600
New Bradford 011
34 July
5
Jan
N Y Petrol Royalty
16% 1734
Feb 244 Mar
800 16
Nor Cent Texas Oil Co...' 114 1151 11 74 3,200
834 Jan II% July
• 16
Pacific Western Oil
1554 1634 3.600 1554 July 24
Mar
154
Panden 01 Wore-151 154 1,500
•
151 July
334 Mat
651
Panetpee 0110f Venezuela•
651 654 3,400
54 June 1054 Jan
• 22% 22% 22%
Paragon Ref B•t c
200 2234 June 2554 May
eetroletun (Amer)
• 28
2754 2854 16,300 2654 June 344 Feb
Plymouth Oil
2374 23
22%
600 22
July 30
Jan
11% 11% 11% 1,700 1134 Apr 16
Red Bank 011
Mar
Reiter Foeter Oil Corp....'
5% 2,500
5
454 June
84 hub
Richfield 011 pref
25
24
24
100 23% June 254 Apr
Root Refining I'0 pref _ _ 25
24% 25
Mar 211
800 23
Apr
Ryan Consol Petrol
•
6%
6
July 11
6
600
Jan
254
Salt Creek Coned ii.. ..10
2% 3% 2,200
251 July
5% Jan
Salt Creek Producers......II) 1454 14% 17
9,900 1451 July 2514 Jan
5
Savoy Oil Corp
154
134 1%
700
234 June
13-4 July
Southland Royalty Co__
164 16% 17% 4,30
1651 July 24
Mar
Superior Oil Corp new..
2334 23% 24%
2351 July 25% July
1,00
Texon Oil& Land new w I 1454 14
12% July 23
15% 2,00
Jan
Transcont1011 7% pref_100
144 145
40
80
July
Mar 145
Venezuela Petroleum__ _6
334
3% 3% 4,00
334 May
654 Jau
* 7234 68% 7234 1,400 6654 July 725( July
White Star Refining
Woodley Petroleum
4% 434
700
94 Mar
44 June
25
"Y" 01. dr Gas Co
1% 1%
400
154 May
554 Jan
StocksMining
ArIzon“ Globe Conner-1
34
31 19,200
54
54 June 47e Jan
Bunker 11111& Sullivan- 10
135 136
Mar
400 12534 Feb 185
10
Carnegie Metals
1854 19
400 15% Jun
21% June
..1anistock 'Tun & Dege-100
1%
131 3,800 500 Mar
1
234 Jan
fonsol. Copper Mines....1 1034 104 1155 7,500
94 May 18
Mar
Cons Mln & Smelt Can-25
390 390
mar
20 350 June 510
,
a
JULY 20 1929.]
FINANCIAL CHRONICLE
Friday
Sales
Last Week's Range for
Mining Stocks
Sale
ofPrices.
Week.
(Concluded)
Par. Price. Low. High. Shores.1
Consol Nev Sz Utah
3
ill
Ins
yi
Cresson Consol0 M StM_I
nIl
Dolores Esperauza
2
34
541.
East Butte
10
251 234
Engineer Gold Min Ltd_ _5
2% 4
311
Evans Wallower Lead own• 15% 1514 17%
Preferred
70
70
Falcon Lead alines
31
71.
First National Conner- -5
14
66
g
lI
Gold Coln Mines
Golden Centr? Mines_.5
4% 5
4%
Goidfield Conan: Mines_l
•1s
41
Beata Mining
17%
1761 17
HollIngerConsGold Mines5
541 5%
5%
Rod Ray Min & Smelt-....
16% 16% 1734
10
Iron CAP Copper
3% 441
Kerr Lake
5
Tre
Mason Valley Mines
1%
5
4
5
Mining Corp of Can
4
4
Mohawk Mining
55
55%
New Jersey Zino
84% 8041 84%
Nowmont Mining Corp_10 20834 20631 216%
New Quincy Mining
2% 211
2%
NipIssIng Mines
2% 2%
2%
• 5834 57% 60
Norruida Mines. Ltd
Ohio Copper
144 2
1%
1
I
Premier Oold alining__ .
115 111
1
Red Warrior Mining
.i
Roan Antelope C Mln Ltd
' 45
41% 41
_1
St Anthony Gold Min
Ill
518
Shattuck Dann Mining_.._• 1634 16
17%
Sou Amer Gold & Plat__ _1
211 211
1
'Peck Hugnes
831 8%
Ill
1
United Eastern Mln
United Verde Extension 50e 16
16
16%
United Zinc Smelting
*
34
Unity Gold Mines
1
111 116
1%
Utah Apex
5
3% 331
Utah Metal & Tunnel_ _1
1
111
Walker Mining
1
461 444
Wenden Copper Mining
1
134
111
-1
5
Yukon Gold Co
31
14
37
Bonds
Abitibi P & P 5s A__ -1953
Alabama Power 4111._ _1967
1958
1st & ref 5e
Allied Pk 1st col tr 86.1939
Certificates of deposit.
Debenture 65
1939
Aluminum Co.f deb 56'52
Aluminum Ltd 5s
1948
Amer Aggregates 6s_ _1943
Amer Com'Ith Pr 68 49.'
Amer 0 & El deb 58_2028
American Power & Light
65. without warr__ _2018
Amer Radiator deb 411s'47
Amer Roll Mil deb 50_1948
Amer Seating 6s
1936
Amer Solv & Chem 68_1936
With warrants
Appalachian El Pr 56_1956
Arkansas Pr & Lt.5e_ _1956
Assn Dye & Press 6e...1931'
Annotated 0& E 5%s 1977
Con deb 4 he wi war 1948
Without warrants__
Assoe'd Sim Hard 656.'33
Assoc Telep Util 510_1944
Atlas Plywood 551s_ _1943
Bates Valve Bag 6s
1942
With stock purch warr_
Beacon 0116s, with warr'38
Bel Tel of Canada 58_195'
1st be serlee
_ _ 1957
Boston & Maine RR 64 '33
Buffalo Gen Elec 58-1956
Burmeister & Bain of Copenhagen 15-yr 63_1940
Canada Cement 5348.1947
Canadian Nat Rye 7s_193t
Canadian Parini)Is. _ _1944
Capital Admiu Is A _1953
Carolina Pr & Lt 53..195r
Cent States Elea 5e__ _194n
Cent States P & Lt 514e
Chic Pneum Tool 5348 '42
Chic El's 58 ctf dep_11127
Childs Co deb 56
194:
Cigar Stores Realty
1941
654s series A
Cincinnati St Ry 634s.1952
Cities Service be
1966
Cities Service Gas 514s 1942
Cities Ben Gas Pipe L 68'43
Cities Sere P & L 554s 1952
Columbia River Long Bdge
let (1545
1953
Comander Larabee 6s '41
Comma% und Private
1937
Bank 5645
Com'wealth Edison 45057
Consol GEL&P Bait
1952
5615 series E
1961
8118
Conso Publishers 64151936
1941
Consol Textile 8s
1958
Cont'l0 & El be
Continental 0115%6 1937
Cuba Co6% notes __,1929
Cuban Telephone 71651941
Cudahy Pack deb 5h • 1937
1948
58
Deny & Salt L Ry 63.1060
Detroit City Gas 15e B 1950
1947
68 series A
Detroit Int Bdge 6%6_1952
25year e f deb 7e-_1952
Dixie (lull Gas 6415_1937
With warrants
El Paso Nat Gas 6348 A '43
Deb a he-- -Deo 1 1931.
Empire 01 & Rent 5111.'42
Ercole Male! Elec Mfg
034. with warrants_1953
EuropMtg&Inv7s5erC 1907
,
Fabrics Finishing Cs..1939
Fairbanks Morse Co 5s1942
1933
Federal Sugar 68
,
Federal Water Sem 5115Finland Residential IvItge
_1961
Bank 11s
Firestone Cot Mils 54_1948
TAR Cal 56 1942
Firn•tone
First Bohemian GI Wks30-yr 7s with warr_ _1957
Fisk Rubber 534___,193l
Florida Power & Lt 5e-1954
Range Sinoe Jan. 1.
Low.
High.
22,300
50 Jan 240 Jan
1% Jan
4,100
% July
1% Mar
900 750 Jan
554 Mar
100
214 July
434 Jan
1% May
1,700
2,700 14)4 Mar 2641 Fee
Mar
July 94
100 70
Jan
20,600 100 Jan Mo
44 June
44 June
2,000
2)4 Apr
7.700 21c Jan
434 June 12
Jan
6,900
5,400 16o Jan 800 Mar
1,900 16
Jan 2314 Mar
9% Jan
5% July
700
Feb
9.500 16% May 23
9% Mar
1,600
341 Jan
200
134 Jan
44 July
241 Jan
1% Jan
200
651 Mar
1,300
354 June
1,100 50
Ain 61% May
2,300 75% Mar 87% Jar
,
7.300 187% Feb 233% Mar
2% July
500
334 June
234 May
1,500
834 Jan
7.900 404 Mar 68% Jan
414 Jan
16,300
138 MAY
1 34 June
2*1. Jar
1,000
1,100 11c Jan 32c Mar
2,700 8834 Jan 52 Jnne
1,000
34 May 93c Mar
Fel3,600 1544 May 28
341 Feb
214 May
200
900
8 June 1044 Mar
11 June
0 Feb
800
18
Mat
4,200 1534 Feb 26
41 May
2% Jan
300
44 June
2% Apr
11,700
6% Mar
341 June
800
211 Mar
900 95c Jan
2,400
4% Mar
211 Jan
2% Jar
1
4,300
July
1,800
he May n141 Jan
83
84)4 565,000 8211
92% 93% 26,000 90
10011 10034 6,000 98
53
5211 53
6,000 45
52
52
52
10,000 45
50
50
50
5,000 4611
10034 1003-4101
51,000 100
96
96
97
25.000 95%
95
98
6,000 95
114
10361 120 211,000 97
9434 93
94% 111,000 93
May
May
June
Jan
June
Mar
Feb
May
July
May
July
10534 104
9554
9534 9531
8734 83%
105% 141.000 103
95% 5,000 94%
96% 68,000 94
8751 29,000 83%
June 10641 Jar
June 9911 Jan
Mar 9744 May
July 97)4 Jan
107%
9534 95%
94
94
79
79
113
111
146
13134
11411
117
8614
11211 103%
8714 85
109%
97
94%
80
115%
14834
117
86%
115
8734
9,000 104
57,000 87%
72,000 93
10,000 69
121.000 98%
237,000 99%
88,000 94)4
10.000 8544
313,000 97
7,000 84
June
Feb
Mar
June
Jan
Jan
Jan
May
June
July
10534 10546 105%
118% 123
123
9934 9911 100
9941 99% 99%
9934 *gag 101
g 10134
10156
14.000 102
77,000 106
18,000 98
36,000 98%
26,000 98%
7,000 100
Apr
Mar
Mar
June
Apr
June
93
9831
98
106
106
9934
104%
110
98
97%
8734 85%
91
9011
99
99
8134
84%
9861
98
10661
99%
112
98%
8744
92
99
8241
8411
7,000
5,000
7,00
10,000
105,000
51.000
74,000
19,000
9,000
4,000
4,000
8534
8716
93
9234
92
94%
8411
87
91
92%
9241
94%
85%
87%
93
93
21,00
2,00
49,00
50,000
23,00
80,00
7841
90
90
7831 79
14,000
6,000
8511
96
85% 86
96
96
33,000
2,000
92
105% 106
9911 100%
100
100 100
84
80
90
8741 87% 88
93
93
94
9741 97%
109 109
9654 9634 96%
9954 10111
70
69
72
9954 98% 99%
104 106
105
92
8734 87
79
79
80
4,000
14,000
6,000
10.000
82,000
10.000
5,000
3,000
11,000
11,000
14,000
11,000
47,000
12,000
21,000
78
7431 80
32,000
108
107 108% 42,000
10814 109
109
5,000
8734 86% 87% 44,000
87
10234
84
86
87
94%
86%
9964
85
8764
87%
94%
87%
10334
10,000
7,000
10,000
14,000
3,000
86,000
85
89
9134
85
85
14,000
89
90
32,000
9161 94% 12,000
84
81
91
84
82
4,000
9111 20,000
87% 52.000
8735
95%
103
57
55%
102%
9844
11515
120
9734
Jar
Jar
Jar
Fet
Feb
Feb
Jar:
Apr
Jan
July
Jar
122
Jan
99% Jan
Jar
d98
Jar
94
Mar
131
148% July
120% Fel.
,
88 •Fet
115
July
10354 Ja°
110% Jar.
July
123
103)1 Jar
10264 FM
103
Jan
Jan
104
Bonds (Continued)
-
463
Friday
Last Week's Range Sates
of Prices.
for
Sale
Price. Low. High. Week.
Garlock Packing deb 65'39 11114 110 116
69,000
Gatineau Power 5g„ 1956 9361 93
9341 36,000
1941 9851 9711 9861 18.000
6s
Gelsenkirchen Min 68_1934 89% 89% 90% 23,000
Gen Amer Invest 54_1952
8351 8231 8314 19,000
Without warrants
70,000
Gen Indus Alcohol 634s'44 10334 103 104
11.000
Lien Laund Mach 611s 1937 8631 8634 88
104 104% 301.000
Gen Pub Ser cony 5368 1939 104
9,000
General Rayon 65 A__1948 80
80
80
Gen Theatres Eq 6s__1944 99% 99% 99% 1.000
General Vending Corn28,000
50
60
& with warr Aug 161937 50
4,000
Georgia dr Fla RR 69_1946 60
60
60
Georgia Power ref M-1967 9661 96
97 105.000
Grand Trunk Ry 6%6_1936
10611 106% 5,000
Guantanamo & W Ry 5s'58 75
75
2,000
70
Gulf 01101 Pa 5s
1937 98% 9841 0954 16.000
Sinking fund deb 5e.1947 99% 99% 100
40,000
74,000
93% 94
Gulf States 1Jtl Is-....1956 94
1935
Hamburg Elea 78
tiatnburg El J. Ind 5 he
Hanover Cred Inst 6s_1931
darpen Mining 6s
1949
With warrants
1936
good Rubber 7s
10-yr cony 540 __1936
gouston Gulf Gas 13115 '43
1943
as
Hung-Italian Bank 714e'63
83
96%
9134
81
87
100 100% 11,000
8211 83% 23.000
95% 9646 18,000
9151
8934
7734
7841
7734
87
Power&Lt 511 MaY1957
91
1954
99
531s series B
Mien Oil& Gas deb 651939 10836 107%
Ind'pols P & L 58 eser A '57 9811 97%
Ins Pow Recur 7s tier E 1957 9534 9541
lnternat Securities 53_1947 85
85
Interstate Nat Gas 6s.1936
Without warrants
102
interstate Power 15/4 ,.1957 ao
89%
Interstate Pow deb 68_1952 91
90
10254
invest Co of Am be A_1947 104
Without warrants
78
Inv Eq 5s A with w r_1947
106%
Wthout warr nts
7841 78
91
lowa-Neb L & P 5s..1957
89
Immo Hydro-Eleo 78.1952 89
Italian Superpower 68_1963
Without warrants
77
77
Italian Superpower of Del
Deb 6s with warr_1963 91% 9141
KelvInator Co 85
1936
Without warrants
Koppers0& C deb 58_1947
73
94
73
93
12,000
93
7,000
90
7731 6.000
82
15,000
77% 15,000
5,000
87
92
9911
109%
9831
9634
8641
102
9014
91
10611
79
10631
7835
9111
89
Low.
I
High.,
9731 Apr 116
July 97)4
92
9644 June 1004(
8734 June 9141
Jag
Feb
Jan
Jan
8231
100
8631
104
78
aag
June 88%
Jane 106
JULY 102%
July 10411
Apr 95
July 9934
Feb
May
Jan
July
Jan
JUIY
50
50
95
103
70
98%
99%
9334
July 8734
May 7034
May 9834
May 108
July 8534
Mar 10134
May 102
July 9934
Feb
Jan
Jan
Jan
Mar
Jan
Jan
Jan
99
82
93
Jan
Apr 103
Jan
Mar 88
May 96% Feb
9334
97
8434
9241
92%
9844
Mae
Jan
Jan
Jan
Jan
Jan
July 96%
omo 91
7,000 97
Apr 101
142.000 10211 Feb 120
50.000 9531 May 100
50.000 9144 Mar 96%
36,000 88 May 92
Jan
Feb
MO
gay
Jule
Jan
8531 May
8234 May
68 May
76
July
July
78
87 June
26,000 102
40,000 88%
4.000 89%
76.000 95
10,000 78
2,000 105
3,000 78
3,000 90
7,000 8644
8041 377,000
93
Range Since Jan 1.
2,000
9,000
73
94% 34.000
Apr 104% Jan
July 9664 Jan
Jan
MAY 97
Jan
Apr 107
Jan
Jan 83
Mar
Jan 111
July 803( Feb
June 9414 Jan
Feb 91% Jan
Mar
82
Jan
91% July
93
July
75
67% June 79
Jan
93
July 100)4 Apr
10211 wog 77,000 10254 Mar 106
Lehigh Pow Secur 6a...2026 103
Jan
Libby, MeN & Libby 58'42
91
5.000 9034 Jun6 94 ' Jed
91
Lone Star Gas Corp 58 1942
96
Mar 99% Jan'
96% 9.000 98
Long Island Lig Go.- _1945 103
Feb
102% 103
8,000 10254 June 106
Louisiana Pow & Lt 581957 9134 9141 92% 5,000 90 June 96% Jan,
Manitoba Power 510_1951 9861 9834 99
Mansfield Mining & Smeltg
78 with warr
1941
101% 10111
Mass Gas Cos 511s.....1946 10214 100% 103%
McCord Rad & Mfg 681943 9366 9331 94
Memphis Nat Gas 68_1943
With warrants
95% 94
9544
matron Edison 414e_ _1968 9434 9411 9551
Milwaukee Gas Lt 4118 '67
96
96
Minn Pow az Lt 4118_1978
90
90
Montreal L H & P col 59'51 98% 9811 9911
Morris & Co 7%a_ _ _1930 100
100 10016
Munson El 8 Lines 63.48 '37
With warrants
115
115 117
42,000
98% July 101
Jan
2.000 96 Mar 10334 Jung
41,000 10134 July 1004• Apr'
9,000 92% June 99% Jan
6.000
20,000
1.000
1,000
7.000
8,000
94
9344
9514
87%
96%
9914
July
Mar
July
June
Apr
Mar
64,00
97
Narragansett Eleo M A '57 97% 97% 98% 24.00
Nat Distillers Prod 654s'35 102% 10241 102% 11,000
Nat Power & Lc 6s A_2026 102% 102% 104% 51,00
97% Jan 9941 July
97% Apr 101% Jan Nat Public Service 5e_1978 7961 78% 81
67,00
Jar Nat Trade Journal 68_1938 75
105 June 110
75
76
15,000
99% July 9915 July Nebraska Power 6s A..2022
102 104
11,000
Neisner Realty deb 13s 1948 10331 103 104
July
96 June 112
30,000
Now EngG&ElAssn5s 1948 91
97 June 102% Jar
90
91% 41,000
be
82 May 9014 Jar
1947
91
91% 13,000
Y & Foreign Invest
8964 June 9611 Jar
98% June 10141 Jan
5515 A with ware...1948 89
89
89
30,000
7714 Mar 8411 June. N YP&L Corp lot 430'67 90% 9031 91% 78,000
Niagara Falls Pow 6a_1950
83% July 90
JAI
10451 105% 13,000
Nippon Elee Pow 634s 1953
88
88
4,000
North Ind Pub Serv Is 1966
92
July 995i .10g 98
10.000
94
May 103
Nor States Pow 8 h %_1933
Feb
10.000
10151 102
North Texas Utilities 7835
84% July 90% Jar
99 100
7,000
sag June 9254 Jar
ribio Power as ear
91
July 9814 Jaw
9934 9811 9934 28,000
4 Vis series D
90
July 97% Jar
1956 8934 89% 90% 50,000
Ohio River Edison 53_1951
9666 9666 1,000
90
July 100
Jan Osgood Co as with warr '38
9631 96% 2,000
78% July 90
Jan
Pen Gas & El let 440-1956
93% 94% 13,000
Pacific Invest as
84 May 88
Jai
1948
92
9511 14,000
98% Jan Pacific Western Oil 634a'43 953.4 95
95 Jun
95% 61,000
Park Ave Bldg (Mayfair
105
Feb 106% Mar
House) 6s
1940 98
5,000
98
98
91) May 100% Apr Parmelee Transport Cs 1944
99% 9911 6,000
98% Jan 101
May Penn-Ohio Edison 6e 1950
July 96
79
Jan
Without warrants
101
100341013-4 20.000
Ma
91% Jar
83
534s when Issued__.1959 9134 9141 92% 45,000
93
Fe
Penn Pow & Lt 5s__1953
9634 Jar
89341003-1 21,000
96
Ma
97% Feb
5s series 13
1952
99% 10034 7,000
105% July 111
Jan Peoples Lt & Pr Is
1979 95
91% 95% 88,000
95% May 9914 la:
Prilla Elm Pow 530-1972 104
104 104% 31,00
9611 June 10144 July Pot e Rapid Trans 6s_1962
9811 99
16,00
69
July 91% Jan Pittsburgh Coal 8.s.
1949
99
99
21.000
9734 May 10036 Jar
Pittsburgh Steel 6a_ _ _ l9431
102 10214 2,000
103% June 106% Jan Poor & Co (Is
1939 10554 100 107 130,000
84
Apr 96
Jar
Potomac Edison Is _1956
94% 95
17,00
Mar 8911 Feb Potrero Sugar 7s_ Nov 15'47 70
70
70
70
5,00
Power Corp of N Y 5548'47
92
92
13,000
7141 June 8834 Jar• Procter 5c Gamble 4s3.4 '47
9635 9635 12,000
98
Apr 10851 July
99
Jan n112
July Reliance Bronze & Steel
86 June 91% Apr
Corp 15-yr deb 6s_1944 993-4 99
9911 15,000
Reliance Manage't 56_1954
84
July 98% Jan
With warrants
9834 9811 101% 91,000
86
May 02
iii' Remington Arms 554s.1930
9734 98% 4,000
86
May 10134 Feb Richfield 011551% notes'31
100% 101% 13,000
9311 June 9651 Jan
Os
1944 101%
8311 June 9511 Jan Rochester Cent Pow 5.'53 8734 100 101% 185,000
86
88% 108,000
99 June 103% July
Ruhr Gas 6111.
1953 8344 83
8341 73.000
Ryerson (Jos T)& Sons Inc
Mar 9141 lab
85
15-yr s f deb 5s. _1947
92
9314 20,000
July 94
Jar
89
Jar. St Louis Coke & Gas 68'5
9111 July 95
1947
5
84
84% 12,000
San Ant Public Ser. be 1958 92% 92% 93% 46.000
,
Fsb Banda Falls 53
July 88
81
101 101
6,000
Jan Schulte Real Estate 8s 1936
89% Jan 96
July 92% Feb
84
Without warrants
80% 8134 3,000
117
99
100%
9261
101%
101
Feb
Jan
Feb
Jan
Jan
Jan
May 117
July'
97
9811
102
7811
75
101%
98%
87%
8841
Mar
Apr
Mar
July
July
June
June
Apr
June
10011
103
105%
8341
98%
110
10844
9714
97%
Jan'
June
Feb
Jan
Jan
Mar
Jan
Jan
Feb
88
90
10434
87
9734
100%
98
May
Mar
Jan
,Apr
May
May
Jun
94
93%
108%
92
101%
108
103
Feb
Jan
Feb
Jan
Jan
Feb,
Feb
97%
8965
96
9654
June 101
July 9341
Juno 10034
July 102%
9341 Jule
Apr
91
93 May
Jan
Jan
Feb
Feb
9844 Jan
9631 Feb
98% Jan
98
Apr 9931 Jan
9931 Apr 100
Apr
98%
90
99
99%
85%
102%
97
99
10014
96
94
69
92
9354
Apr
July
May
June
June
Mar
May
May
Apr
Jun
July
AP
July
May
102
9744
102%
103%
100
wag
10344
10041
103
107
98
76
9814
9844
Jan
Mar
Jan
Apr
Feb
Jan
Feb
May
:Jan
July
Ms:
Jan
Feb
Feb
99
July 100% May
92
97
9841
99
83
7974
June 101% July
May 99
Jan
Mar 10244 Jan
May 10111 July
Mar 89% Jan
May 94
Jan
92
July
96
Jan
Jan
8241 May 92
9131 Apr 97
Feb
Mar 10234 Jan
98
80
July
9674 Mar
464
- Bonds (Concluded)
fierlpps(E W)5349_1943
Serve'Inc(new co) 59_1948
Shawinigan W &P 4%a'67
Shawsbeen Mills 7s___1931
Sheridan Wyom Coal Se'47
Silica Gel Corp 6.31s
With warrants
1932
Snider Pack 8% notes 1932
Solvay-Am Invest 5s__1942
Southeast P & L 6s___2025
Without warrants
Sou Calif Edison 5e___1951
Refunding Si
1952
Gen & ref Is
1944
Sou CalltGae Ea
1937
Is
1957
Southern Dairies 6s_1930
filo'wst Dairies 6358
With warrants
1938
S'west(I & E 5s _ _ _ _1957
So'west L & P 5s
1957
Sweat Pow & Lt 88
2022
Staley (A E) Mfg 64_1942
Standard Invest 5s___1937
With warrants
Stand Pow & Lt 66_1957
Stinnes(Hugo) Corn
7s Oct 1 '38 without warr
79 1946 without warr'nts
Sun Maid Raisin 63.4..1942
Sun 0116 Ma
.1939
Swift & Co 5 Oct 15 1932
Texas Cities Gas 5s_ __1948
Term Power .4 Lt 5s__1956
Thermold Co 68 w w 1934
FINANCIAL CatiONICLE
Friday
Last Week's Range Sales
Said
for
Of Prices.
Price. Lem High. Week.
91%
94%
9435
7231
9131
94
88
9435 8,000
67,000
75
92% 51,000
9534 8,000
88
1,000
Range Since Jon. 1
Low.
92%
70%
9014
91
88
Jan
July
May
May
July
168,000 100
41,000 99
41,000 99
3,000 9934
35,000 92
3,000 92
21,000 96
954
85%
9494
9844
93
Apr
Jan
Apr
Jan
Jan
10534
1023'
102
1023.4
95
9835
9934
Jai
Fe,
Apr
Mar
Mar
May
July
July 101
Apr 97%
July 9634
May 107%
Jan 99
Jan
Jac
Feb
Mar
Mar
June
June
Mar
Mar
Mar
90
90
93
93
9235 9231
103
106
98%
3,000
90
93% 11,000
9235 1,000
24,000
106
9835 30,000
124
124
97% 97
126
3,000 124
July 136 May
97% 45,000 9435 May 9934 Jan
9331
85
5535
100
100
9934
93
83
55
9931
99%
93%
8535
57
100
100
27,000
54,000
7.000
26,000
38.000
7834 6.000
75
96
9635 25,000
9935 10231 56,000
Ulen Co 6,
97
I A__Nov 1 1936
Union Amer Invest 5s_1948 105% 10331
United El dery (11nes)71elk
Without warrants
9135 9014
United industrial 634s 1941 89
89
United Lt & Rye 534sA952 89
8835
1952 9954 99
6a series A
Un 011 Producers 8s_ _ _193I 78
75
United Rys (Hay) 71.5s '35
108
United Steel Wk.6eas 194;
With warrants.
92
93
US Radiator 58 ear A_1938
9131
US Rubber
Serial 635% notes__1932 9854 98
Serial 654% notes1933
98%
98
Serial 635% notes_ _1934
Serial 635% notes__1935 98% 98
Serial 631% notes_ _1938 98
98
99
Serial 635% notes...1939
Serial 615% notes..1940
9835
Utilities Pr & Lt 59....195' 93% 89%
97
106
1,000
57,000
90
9134
91
9934
9754
Jan
81
83
48
9914
9834
June 9434
July 91
May 7944
June 102
Mar 10034
75
98
95
Mar
July 89
Mar 9944 Jar.
June 10514 Mat
97
98
Feb
Apr 100
June 116% Feb
9114 25.000 88
89
3,000 84
8934 36,000 8634
10031 15,000 98
8,000 oTO
78
6,000 108
108
For
Fel
Jan
Jaz
Mat
Apr 9235 Jac
Apr 913( Jan
Mar 94% Jar
June 101% Jar
Jan
Apr 79
Jan
May 110
9334 113,000
91% 16.000
8214 May
8934 July
9935 10,0
99
11,000
9835 3.000
9835 4.000
98% 4.000
1,000
99
98% 1,000
9355 469.000
9534
9644
9634
953.4
9641
96
97
89
Jule
Jan
July
June
Jan
Jan
Jan
June
933.4 July
9334 Jan
10034
100%
100
100%
100%
1007.4
102
118)4
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Fet
Valvoline Oil 7a
1937 10315 103% I03 ;
Van Camp Packing 68_1948
84
84
Virginia Mee Pow 5e1955
97% 9731
1,000 102 June 106
Jan
4,000 81
May 877.4 Feb
3,000 9634 June 10034 Jan
Webster Mills 634._A933
9036
Western Newspaper Union
1944 99
99
Cony deb On
Western Power 530-A967 16835 157
100
Westvaco Chlorine 531s '37
98%
WilIC(10810 Cent Rya 501930
1,000
9035
8734 Apr
9814 Jan
July epg July
9935 13,000 99
16835 141.000 109% Jan 168% July
10235 8.086 9934 July 104
Jan
98% 26,000 9634 Jan 9814 Jen
Foreign Government
and Municipalities
avian!Mtg r Bk Rep ofCo
20-yr 7s____Jan 15 1947
20-yr 7s_ _ __Jan 15 1017
Bank ofPrussia Landowners
Afie'n 6% notee____1931)
Baden (Germany) 7s _1951
Buenos Alres(Prov) 7348'47
Is
1952
Cauca Valley (Dept) Co
tomtits eat!s f 7s___ 1948
Cent Bk of German State&
Prov Banks 6. B_ .1951
Danish Cons Menlo 5352'55
58 new
1953
Danzig P & Waterway Ba
Extl s 1 634.
1952
Frankford (City)8g e _1953
German Cons Munic is '47
eis
1947
Indus Mtge Bk di Finland
1st mtge cola f 75.._1944
Lima (City) Peru 6319 1958
Mendes'(Prov) Argentina
734s
1951
Montevideo (City) fte 1950
Mtg Bk of Bogota 75.1947
7s new
1947
Mtge Bank of Chile 6a 193,
On
1962
Mtge Ilk of Denm'k Is 1972
Mtge RA of hutoe.ae
Netherlands 6s
1972
Parana(Mateo!) Bras 7501)
Primate(Free State)6 Me'61
Esti 6s (of '27) Oct 15'52
Rio de Janeiro 634s___1959
Rumanian Mono fest 7. 59
Russian Government,.
.191e
634a mfa.
5359
1921
534s certifs
1921
Saarbrucken 75
1935
Santa Fe (City) Argentine
Republic eat 7s___.1945
Santiago (ehlle) 75-1949
96
90
55,000
92
99
89!4" 92% 24,000
89
89
97
9754 6,000 94%
92% 9231 6,000 92%
13,000 100
10355 103% 104
101% 102
6,000 99%
June
June
92
99
Jan
May 98
Mar
Mar 98
Jan
Apr 1043-4 June
Mar 102 June
89
88
9714
90%
82
82% 14,000
97% 9714 2,000
9054 90% 4,000
May 9634 '
7415
70
May 8714 Feb
9634 June 10144 Jan
9054 July 96if Jan
8954
95
83
82
8935
93
8254
81
88,4
93
82
99
88
9331
96
87
87
9631 9635
92
9614
77% 7735
104%
8535
92%
86%
9131
8355 8335
96
89
36,000
4,000
82
90% 7,000
19,000
95
8334 19,000
85
Jan
MAY
July
July
8634 Apr
9634 Jan
9814 June
89
Jan
97% MAY 102
Apr 93
88
100
88
33.000
1,000
96
9654
87
8754
9734
92
9634
7734
10431
8735
93%
87
91%
85
22,000 93
Apr 99
Am
3,000 9335 May 119614 May
1,000 87
Am 94
Feb
3,000 87
Apr 94
Jan
31,000 96 June 987.4 Fel
,
22.000 92
July 92
Jul,
3,001) 95
Mar 97
Jan
31,000 75
Mar 02ft Jan
5,000 102% Mar 107% Feb
22,000 84 June log Jan
2,500 89 May 97
Val.
31,000 833' May 9014 JAR
3,000 9134 July 9114 July
34,000 82% June 8944 Feb
13
13%
1331
9934
13
13
1331
9935
99%
92
9231 4,000
97% 9935 24,000
14
50,000
1435 27,000
1331 16,000
99% 2,000
Jan
Jan
12if Jan
19
Apr
12% Feb 19% Apr
1234 Feb 19
Apr
Mar 101
99
Feb
9134 June 96
96
Apr 100
Jan
Jan
•No war value. 1 Correction. as Listen on the Stock Exchange thus week. what
additional transactions will be found. n Sold under the rule. o Sold for men
Option sales. I Ex-rights and bonus. w When Issued. x Ex-dividend..4 Es
rights. z Es-stock dividend
"Under the rule" sales were made as follows:
a Amer. Meter Co.. Jan. 15 at 128: c Danish Con. Muni°. 5)94. 1955. Jan. 1.5
at 105: p Educational Pictures pref., Feb.6 a1100. u United Milk Products. Mar
21, prof. at 81. v Allied Pack. 68. 1939. Aprli 2 at 59. v Mayflower Assdeiates.
May 29. 200 at 65. z Investors Equity 58. 1947. 37.000 at 98.
"Cash" selee were made as Follows:
a
Ar light Id & ref. Si. Jan. 22 at 99.
-option • ,,eme core rr,”0.e as follows: a Schutter-Johnaon Candy. class A. Mar
100 at 6
CURRENT NOTICES.
High.
110 110
2,000 101
Jan 1123' Mar
93% 9531 13,000 87% May 10734 Jab
96
96% 28,000 9434 Apr 9834 Feb
102% 102 10231
99% 99% 100
993£ 99% 100%
10034 100 100%
93
9214 92
98% 9631
99
99
[VoL. 129.
Consolidation of two of the largest and oldest investment banking
houses on the Pacific Coast became known when it was announced that
Hunter Dulin & Co. and Bond and Goodwin and Tucker, Inc.. have
merged their interests and businesses under the name of Tucker, Hunter
Dulin & Co. Formal announcement of this combination was made from
the head offices of the merged organizations in San Francisco and in Los
Angeles in the following statement: "Bond and Goodwin and Tucker. Inc.
and Hunter Dulin & Co. announce their consolidation under the name of
Tucker, Hunter, Dulin & Co. for the continuance of the general investment banking business heretofore conducted by each. The active interests
in the two firms will comprise the official personnel of the new firm. It
has long been felt that centralization of capital Is no less important in the
investment banking field than in commercial banking and that two firms
whose declared policy has been to confine their distributing operations to the
Pacific Coast can best serve that territory by combining both capital and
personnel for the underwriting of Pacific Coast enterprises while participating in the underwriting and distribution of national and international
issues." The business will be conducted through offices located in 18 cities
on the Pacific coast.
In the two years that the First National Bank of Louisville. Ky., has
been operating branches throughout the city it has had three hold-ups.
It was decided, therefore, to make all the banks as bandit
-proof as their
South Louisville branch, which has enjoyed this protection since 1921.
The installation of these protective features, has recently been completed.
All metal grill work has been replaced by bullet-proof glass 114 inch thick.
all the wood-paneling of the counters has been reinforced with a backing of
sheet steel and the space between the top of the fixtures and the coiling has
been covered with a heavy wire netting of close mesh which is almost as
inpenetrable to bullets as the glass itself. Tellers' windows are covered
with the bullet-proof glass down to the level of the counter, under the
bottom edge being a sunken tray of metal through which all transactions
between teller and customers take place. The arrangement makes it impossible to threaten the teller with a pistol. All inside doors, moreover, are
lined with steel and equipped not only with self-locking device., but electric
alarm connections as well. For offensive purposes an automatically-locking
porthole is provided through which members of the staff may push the
barrel of their weapons and open fire upon their attackers.
-Love, Bryan & Co. of St. Louis, members Or the New York Stock
Exchange and Associate members of the New York Curb Exchange announce the opening pf a New York office at 50 Broadway, for the transaction of a general investment and stock exchange business. John A.
Love will be the partner in charge of the New York office. P. Taylor
Bryan, Jr. will remain in St. Louis. Other partners of Love, Bryan & Co.
are William D. Stewart, Jr.. member of the New York Stock Exchange,
Wilber I. Christopher, John J. Little and Louis W. Ochs. E. 0. Taylor.
formerly of St. Louis, is connected with the New York office in the investment department. As of July 31st, W. Arthur Stickney, resident partner
of Richards & Co.'s St. Louis office will be admitted to partnership in
the firm. With Mr. Sticimey's resignation, Richards & Co. will close their
St. Louis office.
-Arthur A. Newfield, formerly with Ames, Emerich & Co., has been
elected Vice-President in charge of sales, and member of the board of
directors of Greenebaum Sons Securities Corp.. New York, and Greenebaum Sons Investment Co., Chicago. In assuming his position with the
Gredhebaum organization, Mr. Newfield will take an active part in the
development of the institution's program of expansion, involving the
presentation to its clients of a wider field of investments. Since 1855, the
Greenebaum institution has dealt exclusively in first mortgage real estate
securities, having been pioneers in the field. The new investment program,
it is stated, has as its purpose the underwriting and distribution of sound
Industrial, public utility, municipal and other issues of merit.
-Announcement is made by Benjamin, Hill & Co., members of the
New York Stock Exchange and associate members of the New York Curb
Exchange, of the opening of an office in St. Louis, on the mezzanine floor
of the Arcade Bldg under the management of Edwin Levis and Major
Einstein A direct private wire has been installed between the two offices.
- Ellwood Webster,formerly Vice-President of the Celoron Company,
T.
subsidiary of Diamond State Fibre Co., is now associated with Ca&satt dr
Co., investment bankers. Mr. Webster will continue his contact in the
industrial field as he is interested primarily in developing and acquiring
new financing.
-Gould, Avery & Co.. 39 Broadway, N. Y., consisting of Lyttleton B.
P. Gould, Clarence F. Avery, David Maitman, Julian R. Spence and
Fred I. Eldridge, have become members of the New York Stock Exchange.
Mr. Avery is the floor member.
-George P. Kennedy, who recently resigned as President of the LefcourtNormandie National Bank. has become associated with Whitehouse &
Co. as Manager of their branch office in the Guaranty Trust Co. building
at Fifth Ave. and 44th St.
-Dominion Securities Corp., Toronto, has prepared for distribution to
investors and dealers in Canadian bonds a compact handbook dealing
with Canadian Government loans and giving interesting statistics on
Canadian trade, agriculture, mining, manufacturing and other industries.
-The firm of II. W. Jennys & Co. has been formed to succeed to the
business of T arkin & Jenny. which has been dissolved. S. P. Larkin will
make his headquarters at the offices of the new firm.
____Nowburger, Henderson & Loeb, 100 Broadway. Now York City, have
Lssued a comprehensive tabular analysis of 56 bonds and preferred stocks,
having conversion or warrant privileges.
-Ardis, Warwick & Co., members New York Stock Exchange, announce
the opening of a Newark office at 789 Broad Street, corner Market. Herman Blumenberg will be Manager.
-Chas. W. Scranton & Co., members of New York Stock Exchange,
announce the removal of their offices to their new building, 209 Church St.,
New Ifeven. Conn.
-Schatzkin & Co.. member New York Stock Exchange, announce
the
opening of a new branch office in the Lefcourt National Building at 521
Fifth Avenue.
- A. Pierce & Co. announce the removal of their Houston, Texas,
E.
office to the New Gulf Building, located at the corner of Main Street and
Rusk Avenue.
-Milliken & Pell, 9 Clinton St., Newark, N. J., have issued a circular
on Newark and Newark Securities featuring the Federal Trust Co. of
Newark.
Manowitch Brothers. members New York Stock Exchange, 50 Broadway, New York, have prepared a circular on The Great Northern Railway
Co.
JULY 20 1929.]
FINANCIAL CHRONICLE
465
Quotations of Sundry S9curities
All bon
prices are -and interest except where ma,..,)
Investment ..... Steels,
Par Bid Ask
and Sands
Ad
Chain Stets Stacks Pai Bid
66
62
is
Cent Nat Corp A
12
Howorth-Soyder Co. A_
5.20
it
Par
37
33
Class B
*1130 140
Knox Hat, new WI
5.50
American Gas & Eleetrle_1 *215 220
3112 3214
Colonial 1nveosor Shares
61
aobacker Stored ilorn _ _ _ _ t *54
10212
5.15
*102
6% preferred
continental Securities Corp. 96 101
100 98 102
Cum oref 7°4
5.50
Amor Light A Tree com_100 305 307
80
75
Th'ererriv1
Lane Bryant Inc 7% pref - 120 130
5.30
Preferred
100 105 11212
105 114
8
Corporate Trust Shares
Leonard Fitzpatrick &
__
5.50
Amer Peddle URI corn _ 100
38
37
28
Credit Allianoe A
t *22
pi- - Muller Stores corn
95
5.25
prior preferred. _100 Crum de Forster Ineraran.
_100 115 117
92
95
Preferred 8%
5.50
100
Partin preferred
104 106
shares corn
Lerner Stores 644% pref.
5.25
'untrue El Pr p1.-100 10512 10712
Auras
101 102
Preferred
105 110
Without warrants
5.75
Associate(' Gas A Elea
Deposited Bank Shares___
1011 350 370
e.ord & Tayi..r
5.75
9414 98
Di preferred
164
104Diversified Trustee sus_
98
First preferred 6%__ .. 100 98
9912
5.7.5
Cons'wilth Pr Corp Drat _WO
s
267 275
8
Shares
10,- 109 113
Seemni prof. 8%
5.60
41
.
40
East. Util. Ass°. corn
25
Eastern Bankers Corp eons_
111 115
Stores pref
MacMarr
5.25
+1612 1612
• .stock
145 fif
Units
95
M:Wellan Storee6'7 pref 100 92
*
5.25
69
67
General Pub Sore corn _._t
3412 3712
Equit Investors units
59
go
Melville Shoe Corp
5.75
Gen'l Yublic Utti $7 prat t •
21
18
Class B
lot era 6% with warr _100 100 104
asia
5.50
Ely Pow oret.100 100 102
Federated Capital Corp_.. 7012 74
Mercantile Stores
5.15
_J&J
9812 ____
'tee 58
First
5712 61
Newunits
_101, 103
Preferred__
5.40
9412
Deb 5s 1947 195E-MAN
1112 13
First Holding & Trod
Metropolitan Chain Stores
5.40
National Pow & Light prof.' *106 107
45
First Investment. A prof.... 35
100 211112 114
__
*9612 9712
New preferred
5.15
$6 preferred
253
4
5412 Fixed Trust Shares class A. 2.5
Miller (I) Jr Sons com____t *5312
5.25
North States Pow com_100 206 212
223 231s
8
Class B
Preferred 614% •
100 06 100
5.15
100 107
7% Preferred
4
Founders Holding
993 1023
4
Judson & Voekingerpf. 101 105
Mack
5.20
5
2
Nor Texas -lee Co com_100
993 1023
4
4
Corn class A
98
Murphy (00)Co corn__ ..+ *93
10
15
100
6.00
Preferred
11
9
Foundation Sec corn
100 104 109
8% rum prof
5.15
Pub Sere.7% pro?. 1011 106 108
Ohio
28
23
General Trustee common
15
5
Nat Family Stores Inc warr
98 100
5.40
6% prof
75
70
New units
15
t *13
37
Nat Shirt Shops, corn
5.20
Pacifier Gas A El let pref _26 .26
95
90
6% bonds......
83
100 75
Preferred 8%
Puget Sound Pow& LS56 D 1 *98 101
5.50
20
18
German Cred & inv25%pd
21
t *19
88
Nedlck's Inc com
.1 *85
5.50
85 preferred
261 2812
Ureenway Corp corn_
t *150 155
Nolan& Bros Inc corn
18t & ref 54s 1949.-Jek1
5.30
) 100 101
631 6512
Preferred (w v)
100 199 204
Preferred 7%
65
South Cal Edison 3% Of..26 *55
32
Guardian Investment_
*17512 76
Newberry(3)) Co nom
aeronautical Securities
Stand 0& E 7% •ii.• DI_ _100 log 109
32
Preferred
10.J 10312 106
Preferred 7%
Tenn Klee Power iet prat % 102 104
3
eroUlarine-Klernm
5 191 4
15 16
Guardian Investors
37
.100
99
2112 NY Merchandise corn... _f *35
98
Aeronautical industries._ _
% re?(-red
90 loo
6%
tIr Investors corn
100 100 104
Finn pref7%
93
Toledo Edison 5% prof
_
90
181 19
50
42
$3 units
118 163
100
Preferred
39
Penney (J C) Co
101 103
36
6% Preferred
Harvard Financial
Peoples Drug Stores oom__t
7% prof
_
101) 109 11012
12
Warrants
9
63
Incorporated Equities
103 105
100 120 124
614% cum prof
Wareni Pow carp prof.
Airatocks Ine
64
_100
63
76
Incorporated Investors__ .
45
t .38
slesunder Indus corn
1 131 1312 Pigsty-Wiggly Corp
4
2614 273
Insuransharesser A
92
Short Term Securities
Preferred 8% - - - - - - -100 103
8% Participating pref. _ _ .86
Series B 1928
95
91 Amer Aeronautical
25
Reeves(Daniel) preferred
20
3
21324 28214
2 4 2
6
Series C
994 American Airports Corp..-t 45
Rogers Peet Co corn ._ _ _100 135 145
Allis Chal Mfg, 55 May '37_
53
99
3
30 4 3214
Series F
96
Amer Eagle Aircraft
414 Safeway Stores prof......... 95
Mum Co of Amer.fis May'52 100 4 101
4
3
,
8 3 86
2 4 2 4
4
9
Series H
941 9512 Aviation Sec Co of N E
4
Saunders(Clarence). eons B.
20
Amer Had,deb 4 Ns. M ay'47
18
227 234
31
Inter Germanic Tr new_
55
t •52
9511 9614 Bach Aircraft
Schiff Cuomo_
Am Roll Mill deb 53. Jan '48
112 2
Int See Corp cf Am eons A
_100 I WO 106
Cum eonv pref 7% _ _
1612
Anodes Cop Min 1st cons 60
liellancaAireraft Corp. new
15
34
Common B
Feb. 1953 1043 1047 Berliner-Joyce Aircraft A_ __
2
2412 Sheffer Store corn w 1
4
23
8
146 153
93 9
Allot cite
73
Eistavian Pete OM__ _1942
11
Silver (luso) & Bros 0010' *70
9
9112 92 Central Airport
64% preferred
111
994 9934 Cessna Aircraft new corn.
Bell Tel of can 56 A _Mar'55
27
7% cum cons Pref.- -.10 2108
0
25
8
8
93
84
98
70
6% preferred
Bethlehem Steel
Claude Neon Lights
3612 3712 Southern Storee6 units.
57
54
5
Invest Co of Am corn....
99
3514 II S Stores con, claw A _ _ t .3
9912 Consolidated Aircraft
Bee 5% notes_June 15'30
35
7% preferred .
4
t *2
Bee 5% notea_June 15 '31
Com claw B
20
9814 99 Consolidated Instrument-t 19
74
3
Invest Fund of N .1
52
.100 48
Bee 5% notes_June 15 '32
let preferred 7%.
8
3
9814 9914 Crescent Aircraft
12
8418 747g
18
Investment Trust of N Y
. 100 102
Com'i Invest Tr
Curtin Flying Service
227 2318 Young(EdwinH)Druffunita
8
52635
82
/
1
:35592 :444:2
40531i 52
818
Invest Trust Associates__
8% notes
May 1930
97
99 Ourtles-Robertson Airplane
Joint Investors clam A
Standard 011 SS
020 Pkg. deb 5345_Oot 1937
128 135
Units
9614 963
4
Convertible preferred_ _ _ _
Cunard SS Line 4345 Dec'29
-Amer 011 vot stook_ It •144 54
99
99 4 Conine Assets
3
- 4,2410
414 Keystone Inv Corp claw AEl •14
Ed El iii Boat
17-31
Non-voting stook
29 Curtiss Reid prof
Class B
*671 68
953 9912 Dayton Airpl Engine._.
4
514% notes. _ Nov 1935
8
(t) 1911 195 Atlantic Refs corn new__26
35
Massachusetts Inventors..
25 *32
Empire Gas & Fuel 55
144 1514 borne Scrymeer Co
Fairchild
6912 Mohawk Invest Corp
*68
4714 4712 Buckeye Pipe Line Co__ _50
June 1930
99 Fok ker Aircraft
98
1412 1524
Mutual Investment 'Trust .
Fisk Rub 5 Ns___Jan 1931
2212 2412 Chesebrough Mfg Cone._25 *178 190
9112 92
Preferred
8
10 *193 194 New England Invest Trust
30
Continental 011 sic
GenlMot Accept.
2.5
Haskelite Mfg
77
- 70
Y & London Minn units
69
N
993 997 Lincoln Aircraft
8
7
10
Cumberland Me Line_ _100 67
8
5% serial notes_ _hiar '30
22
20
North Am Util See
59
15
Eureka Pipe Line Co_ _ _100 55
13
6% serial notee_Mar '31
973 983 Lockheed-Vega
4
4
96
94
518 7
Preferred
14
Galena Signal Oil Nem--100
12
5% serial notes__Mar '32
97
973 Maddox Air Lines corn. _
4
8
10% 113
Shares
North Amer Tr
85
100 77
22
25
Preferred 010
6% serial notes__Mar '33
9512 9612 Mahoney-Ryan Aircraft...
011 Shares units
85
100 81
8
13
Preferred new
5% serial notea-Mar '34
Mohawk Aircraft
95
96
.
Id "H
•123 12312 Old Colony Invest Tt 6oM
11
Humble Oil& RefInIng_-25
8
5% aerial notes__Mar '35
Mono Aircraft
9412 96
84
411% bonds
100 306 310
35
Illinois Pipe Line
30
5% serial notes_ _Mar'36
Preferred
943 96
4
36
t *2932 2912 Pacific Investing Corp corn_ 32
29
Imperial 011
27
GUM 011 Corp of Pa deb 55
Moth Aircraft Corp units.
85
80
Preferred
4
-50 1053 107
12
Indiana Pipe Line Co
10
Dee 1937
983 99
4
Common
93
27
2812 Power & Lt Sees trust
40
New stock
39
Deb 55
National Air Transport_ _
Feb 1947
9914 100
2714 2912
Petroleum._ _t *2514 2534 Second Financial Invest
International
695 70
8
National Aviation
Koppers Gas & Coke deb 58
11512 11912
3
National Transit Co_12.50 *2212 22 4 2nd Found Sh Corp units
153 16
4
94
North Amer Aviation
June 1947
93
54
50
1514 13-eond Internal Bee Corp
10
New York Transit Co_-100 15
•8
Mu Pet 454e.Feb 15'30-'35
95 100 Paled Mfg
25
22
Corn B
58
Northern Pipe Line Co__100 56
47
49
Mar 011 55. notes June 1530
9711 9812 Sky Specialties
46
43
6% preferred
25 •751g 757
948 953 Cheeriest. Aircraft cum _. • 138 148
4
s
Oblo 011
4
Serial 5% notes June 1531
112 11214
Second Nat Investors
25 *3112 33
Penn Mex Fuel Co
28
30
Serial 5% notes J une 1532
94
95
New stock
40
25 55314 5348 Epeawrnut Bk Inv Trued _
Prairie Oil & Gas
Mass Gas Cos.534s Jan 1946 102 104 Stinson Aircraft corn . _
88
1942 84
25 •6012 603
4
4 nns
Prairie Pipe Line
9714 983 Swallow Airplane
10
Reath° Mills 5 Ns_ __Feb '31
4
92
88
25 *3612 3812
Ser 1952
Refining
Solar
46
48
Peoples Gas L A Coke 414e
Travel Air Mfg New
1952 240
20
da
_ _ 13
Southern Plpe Line Co_.." •19
Dee 1929 & 1930
971 9912 US Air Transport
25 .51
5212 Southern Bond & Share
3outh Penn OP.
128 129
Met &(iamb. 4148 July '47
95
97
United Aircraft
33
28
(lob & allotment Otis - 993 100
4
66
S'west Pa Pipe Lines._ -50 *64
88
89
Blom She!SO & Ir elie Aug '29
Preferred
50
47
53 pref allotment tufa _.
4
12
15
Standard 011 (California; __t *723 73
Swift h Co 5% notate
Universal Aviation
184
991 100
4
5538 Standard Collateral Trust- - 17
Standard Oil (Indiana)._ _25 *55
32
34
Oct 15 1932
Warner Aircraft Engine__
44
42
9914 100
StenOard Inventing Coro
67
Standard 011 (Kansas)_ . 25 •1912 20
Un NJ RR & Can Is Sept'29
Western Air Express. new.. 65
98 100
5 SS% preferred w
3712
Standard Oil (Kentucky) 10 *37
5
6
Wise Cent be
981 983
4
Rights
Jan '30
123
473
4
5% bonds w w
Standard Oil (Nab).- - -. -21 *47
4
Standard 011 of New Jer..26 *5712 573 State Rankers Flnanelal.
Tbb
Stocks Par
Water Sends.
- 3- 1313
11 4
Trustee Stand Oil Shs
94
Standard 011 of New York.25 *3972 40
120 130
A.A&O 92
irkan Wet 1st 55'56
American (Agar ocup____100
United Founders Corp coin_ 5912 6111
26 *117 118
-Standard 011 UAW
sirm WW lat 6140054.A&O 100 101
Preferred
100 110 112
1514
Preferred__ _ .......101 11612 11734 17 8 Shares class A
32
let 1.1 55 1954 ser B._JACO 95
1
British-Amer Toltec ord__51 .30
1512
14
Class A 1
1,512
9
6- Swan & Finch
. 7* •14
32 )1ty W(Chatt)5141.59AJAD 97 -Bearer
51 *30
3814
Class C 1
95
Onion Tank Car CO
25
let M 5e 1954
JACO 90
25 •147 150
Imperrial Tob of U B & Reid *22
3912
Class C 2
(ill •119 120
Vacuum 011
Cigar Machinery new100 110 120 'It) of New Castle Water
Int
3018
Class C 3
55
65
55 Dec 2 1941
J&D 1 93
Johnson Tin Poll A Met-100
1834
Class D
15
18
Milton WW let iia'139_F&A 92Investment Trust Stocks
Bland Comml class B
17
U S & Brit Internal el B....4
5
and Bonds
lom'w113 Wat let 5140047 98 116Union Cigar
*6
x35
Claes A
64
62
7 „Monello, W 560.3t2'39A&01 93
Airstocks Inc
Union Tobaceo O. nom
41
Preferred
•47
90
92
53
17 St & lot Wet 58
.
111lud Internet Investors. _1 104 109
Class A
4912 52
,L1,4 97 100
16
U S Erre I.& Powr
14
let M 5e 1942
Amer Brit & Coot corn.
Young tJ 13) CO corn _ _100 100 105
60 62
86
U S & Foreign Sec com
_
_ 85
Preferred
100 104 ____ Huntington let 155 •54.M&S 100 102
6% Preferred_
881
:
84
Preferred_ _
54
Amer CU Pow & L unite1054 92
augar Stocks
'-tid States WW 60'36 MAN
Class B
Indus. 11 inisceilaneous
2
60
12
Caracas Sugar
9
65
Vloom Coo W let fis'56A MED If 93
98 •63
Amer Common Stks Corp..
Arnerloan Hardware
92
100 88
Fajardo Sugar
85
86
tfontn Val Wt tie '50.J&J 9597
100 124 128
Arn & For Sri Corp units_
Babcock A Wilcox
25
20
*43
46
40
Muncie WW 5a Oct2'39 AO
4314 ilodohaux Sugars.Ike
94Common
Bliss
W)
(lo
85
*58
62 it Joseph Water 5a 1941a&O 90 10Preferred
_ _ ____100 80
193/1 97
Preferred..541
98
534% cony debs
•5
10
*2107 109
Haytian Corp Amer
Amer Founders Corp corn
93
Childs Company tirat.._ _100 105 108 3henauso ValWet 5E56A&O 90
38
*125 130 10 Pitta Wet lot Si 1960 likJ
94
10914 11214 .pata sager Corp a0M---t *34
Cony preferred
114:suing Powder
85
944
80
100 1171 120
1s1 hi 5s 11155
48
45
6% preferred.
Pr...terror',
FAA
43
0 19
60
62
100 41
0
^sr H W W
100 103
7% preferred
4912 5212 National anger Ref
Pbelpa Dodge Corp
'69 A.
26
1
1st M
794 89s New Nlquero Stine
ighe ger B F&D 92140ths
Bin ter MenufeeterIng___10( 535 555
•57
*114 118
6
.£1
Wichita Wt let ne
74
71
Savannah Sugar nom
100 100- Amer & Gen! Sea. unite....
sin ;or Mfg Ltd
030 411 112
0
Ise hi 5. 10150 4or ft
02.10 10
PrefPreferred
30
34
92_ _
Class A
22
8
1
14
Chain Store Stocks
Estates Oriente
16
Class B
Railroad Equipments
45
0
5.60 5.30 Berland r4tores uria. new
1
_
vutientea Sugar pf
*100 106
truer Internet tionn & Sh _
OE. _
A.1sulde us**
5.40 5.10 dohack (11 C. Inc Coal19 - 4- Rubber Stocks (Clovis/54
72
77
Amer Sty Tr Shares
193
Squlpinetlt
-• -- •
15
5.60 5.30
Amer & Scottish Invest
29
26
7% let preferred _ . 1(10 98 105
Aetna Rubber common._ _ t •14
Baltimore A Onto 6s.
5
9
5.20 5.00 Butler (James)
t•
Flnallelal Masa A....
Equipment 444s & 85,..
--- voila Rubber corn
- _
1212
25 *10
_
45
5.50 5.20
Class
Preferred
Preferred
.10(
Buff Roeh & Pitts bode en
37
5.30 5.10 namond Shoe. corn_
t .30
39
43
k Bantle & Pae corn
Faultless Rubber
3714
Canadian Pacific 645 & Sc
262
4514 49
('referred
Preferred
5.50 5.20
Firestone Tire & Rob eont.10
98 104
Central RR of N J
1
: 1
76
20
22
all& Pas Intl Corp unite
5.50 5.20 Edison Bros Stores corn__
Chssapenke & Ohle Sc.
8% Preferred_ _..... 401 10812 110
70
4
108 1083
5.35 5.10
32
:lookers Financial Trust
94
98
Preferred
Equipment6 NS_ _(25 254 270 ,
Investrn't km en.,
Sulkers
ei6rre
343 37
4
11
5.20 5.00 Effron Stores Corp w I
elenerarTlre &tub Gott
l%
10
ftnulument
9912
inlo.r4 see Tent am 0om
_______ 100
Proferrid_ .
Caicos° & North West 65_. 5.50 5.20 Epicure Food Stores
ni(56174 110
Bankinstrieks Holding Coro
161- ii1-2
2
33
*30
. . 5.40 5.10 ('so Farmer Caody Iii pref
EoUlpineni 141
•6
8
Bankshares Corp of U S el A
6) kl11l T T4 R ° arn
.
e. :eretl
1a
113
'
712 _ f:12 ?r°;r Yaire t Itu13(la 41.1431 *3612 44
5.15 5.00 Fee Bait Shops,corn
'61011 I A Pao 4145 & 6a
1012 15 Mason Tire & Rubber nom_ t
Class B
5.50 5.20
l'ret 7% with war!,. .10,1 90 100
_105
Pluutpurent65
100
15
Bankstoeks Coro of Md el A
SAO 5.20 Veltman & Ourme Shoe
Colorado & noutbarn 65
11 0 16" 10 2
0
7
Class I)
„Aohaw kuRut8ereferrefl_19
R bbor p
6.5
47
5.50 5.20
Stores A 7% pref._ ,.l00 50
Delaware A Hudson 55
4012
41
Preferred
30
5.40 5.10 Fishman (11 M1 Stores corn, 22
Ede 414s 51.
8212
101: 78
1014 11
Preferred
102
Sado industry Shares
Preferred
5.60 5.2.0
_
Equipment 64.
32
36
1alberilng Tire & Rufster_ I
British Type Investors__ • 12312 24
*375 310
5.50 5.20 (t Ail & Pee Tea vol nom'
_
Great Northern 61
104
Prefarred
lno
Preferred
5.3 5.10
Equipment Is
quotation. Sale pries
a
rCanadlan
5 perabare. t No par value. b Basis. IS Purchaser also pays accrued dividend k Last sale. n Nominal. x Ex-dividend. Ex-rights.
Public Ottidies
Railroad Equipments
Hocking Valley 52
Equipment 611
Illinois Central 4 34s & Si.
Equipmen$Ss
Eaulpment 78 A OWLKanawha & Michigan 64.Kansas City Southern 514:
,
Loulevtlle & Nashville 85._
Equipment6 At
Michigan Central 55 & 88.
Minn St P & 8 Ei NI 414s & 53
, Equipment 614a & la,,.._
Misiiourl Paellic 6s & 530Mobile & Ohio 53
New York Central 4345 & Cs
Equipment62
Equipment7s
Norfolk & Western 4, Na
Northern Pacific 78
Pacific Fruit Eames
Pennsylvania RR eq
Pities & Lake Erie 6
Reading Co et 14a &
It Louis & San Francisco 51_
*aboard Air Line 534s & 65
Southern Paelflo Co 5144...
Equipment
.
Southern Ry 414s &
Equipment Os
roledo & Ohio Central
00100 Pae(fig
Alt
5.00
5.20
5.00
5.20
5.10
5.211
5.00
5.20
5.10
5.10
5.25
5.25
5.20
500
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
Pitestuunt anti gaittomei. intenigencte
466
Latest Gross Earnings by Weeks.
-In the table which
follows we sum up separately the earnings for the second
week of July. The table covers three roads and shows
8.64% increase over the same week last year.
Central Vermont Railway Co.
Canadian Pacific
Minneapolis & St. Louis
St. Louis Southwestern
84.158,000 83,845,000
292.012
258,949
432,400
390,226
8313.000
33,063
42,174
-Month of June--Janl to
1929;
1928.
1929.
$
$
$
Railway operating revenues_ 819,560
823,034 4,319,489
Ry. oper. exp. (excl. dep'n)- 632,951
639,556 3,260,930
Ry. oper. exp. (depreciation)
20,905
19,080
125,167
Total ry. oper. expenses-- 653,857
658,636 3,386,097
Net rev,from ry. operations. 165,702
164,397
933,391
Railway tax accruals
13.937
19,556
94,637
Uncollectible ry. revenues....
15
24
182
Total 3 roads
Net increase (8.64%)
$4,882,412 $4,494,175
$388,237
388,237
Railway operating income__ _
Second Week of July.
1929.
1928.
Increase.
Decrease.
Total taxes & uncol.ry.revs.
In the table which follows we complete our summary of
the earnings for the first week of July:
First Week of July.
1929.
I
1928.
Increase.
Decrease.
Previously reported (5 roads)
Georgia Ar Florida
Mobile de Ohio
Southern Ry
$10,005,322 89,743,990
26,750
34,400
301,046
289,493
3,450.394 3.393,336
$261,332
Total (8 roads)
Net increase (2.39%)
$13,783,512 $13,461,219
$329,943
322,293
$7.850
11,533
57,058
$7,650
In the following table we show the weekly earnings for
a number of weeks past:
Week.
Previous
Year.
Increase or
Decrease.
week Mar.(11 roads)
week Mar.(11 roads)
week Mar.(11 roads)
week Mar. 9 roads)
(
week Apr.( 9 roads)
week Apr.(8 roads)
week Apr.( 7 roads)
week Apr.( 8 roads)
week May(8 roads)
week May( 8 roads)
week May( 8 roads)
week May( 8 roads)
week June(8 roads)
week June( 8 roads)
week June( 8 roads)
week,June ( 7 roads)
week July ( 8 roads)
week My ( 3 roads)
$
13,838,516
14.087,158
14.485,650
19,580,198
14,258.006
13,704.380
13.934,100
20,100,633
14.083.977
14,025,691
13,987.172
19,926.465
16,362.466
14.179,746
15,414,954
20,931.896
13,783,513
4.882.412
$
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
18.187,145
13.805,018
13,974,488
18.619.998
13.461,219
4.494.175
$
+453.213
+372.052
+667.023
-798,083
+863.416
+855.121
+1,178.259
+3.144,625
+885.177
+225.684
-28,063
-208,474
+175.321
+374.728
+440,466
+2.311,898
+322,293
+388.237
Per
Cent.
cokawoba....o..moocomw.o.ww
let
2d
8d
atii
let
2d
3d
Ath
1st
2d
ad
4th
1st
28
3r1
4th
1st
2d
Current
Year,
We also give the following comparisons of the monthly
totals of railroad earnings, both gross and net (the net before
the deduction of taxes), both being very comprehensive.
They include all the Class 1 roads in the country.
January
February
March
April
May
June
July
August
September
October
November
December
January
February
March
April
May
456.520.897
455,681.258
304,233,099
473.428.231
509,746.395
501.578,771
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
486,722,646
468.532,117
530.643.758
497.865.380
518.569,718
516,448.211
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
Inc.(+) or
Dec.(-)•
1927.
30,161,749
-12,850,859
-26.410,659
-24,437,149
-8,823.323
-14.871.440
+3.333.445
+165,107
-9.980.689
+86,755,850
+29,068.447
+26.188.216
+28,853.685
+18.292,685
+10,284,477
+38.291.124
+26,120.817
Net Earnings.
Month.
1928.
January
February
March
ApriL
September
°cuter
November
December
January
February
March
April
May
1927.
8
93.990,640
108,120,729
131,840.275
8
99,549,438
107,579.051
135,874.542
110,907,453
May
June
July
August
13,953
151.749
19.580
144,817
4.3!8,371
3,611,547
112,824
3,724,372
803,998
115.464 .
824
94,819
838,571
116,288
487.709
Income from funded securs_ _
Income from unfunded securities and accounts
Miscellaneous income
6,140
8,427
6.659
157
1.020
1,402
102
16
250
1,384
6,407
416
1,354
1,402
699
37
250
43,271
47,466
49,453
918
6.763
8,417
1,797
224
1,500
6,278
44,863
1,222
8,488
8,417
1.778
376
1,500
2.649
170
756
156
8,463
407
4.838
393
Total non-oper. income-.
26,996
12,865
Gross income
178.745
Deductionsfrom Gross Income
-
-Dr. bal.
Hire of freight cars
Rent for locomotives
Rent for pass. train cars
Rent for work equipment.-Joint facility rents
Rent for leased roads
Miscellaneous rents
Interest on funded debt
Interest on unfunded debt_ _ _
Amort. of disc. on fund. debt
Miscellaneous income charges
Total deduc. fr. gross inc.
Net income
Ratio ofry. oper. exp.to rev_
Ratio of ry. oper. exp. and
taxes to revenues
Miles of road operated
7.155
9,855
8,492
5,098
18,016
1
17,802
6,280
1,281
17
168,680
78,156
157,683 1,007,251
565,866
19,107
6,344
9,631
89
251
18,046
2,296
107,227
7
..,282
625
44,144
66.699
9,040
6,806
108.276
4,586
104,362
19,659
7,129
287
70,597
36,848
62.185
385
1,816
108,276
14,711
630,389
87
7,708
3.479
936,466
74,030
164,908
370,992
104.715
79.78
-7,225
80.03
636,259 -870,600
78.39
86.05
81.48
413
82.40
433
80.68
413
88.71
433
Electric Railway and Other PubliclUtility Earnings.
-Below we give the returns of ELECTRIC railway and
other public utility companies making monthly returns which
have reported this week:
Arkansas Power & Light Co.
(Electric Power & Light Corporation Subsidiary)
.
Length of Ikbad.
Gross Earnings.
Month.
1928.
Non-operating Income
Hire of freight cars-Cr. bal.
Rent from locomotives
Rent from pass, train cars_ _ _
Rent from work equipment_ _
Joint facility rent income_ _ _ _
Income from lease of road_ _ _
Miscellaneous rent income_ _ _
Misc. non-oper. phys. prop
June 301928.
113.818.315
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.
117,730,188
128.388,848
139.639.086
136,821,680
146,798,792
126,940.078
129,111.754
125.700.631
164,087,125
178,647,780
181,084.281
127,243,825
87.551,700
1928.
94.151,973
108,987,455
132,122,686
110,884,575
129,017,791
-Month of May- 12 Mos. End, May 31
1929.
1928.
1929.
1928.
$
$
$
$
Gross earnings from oper--__ 592,374
524.683 7,580,841 6,856,911
Oper. expenses and taxes..... 316,728
289,580 3,953,962 3,497.729
1928.
1927.
Net earnings from oper___
Other income
275,646
22,029
Miles.
239.478
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
Miles.
238,608
238,731
238,729
238,904
239,079
239,068
238,906
239.205
239,205
239,602
239,982
236.094
1928.
240,417
242,668
240,427
240,816
240.798
Total income
Interest on bonds
Other interest & deductions_
297.675
109,184
9.520
Balance
Dividends on preferred stock
178,971
inc.(+) Of Dee.(-).
Amount.
Per Cent.
$
-5,558,798
+541.678
-4,034,267
-2,910.862
+840.317
-1,827,387
-5.58
+0.50
-2.96
-2.58
+0.60
-1.41
+9.835,559
+1,171.331
+35,437,734
+29,896.691
+48,192,048
+5.99
+0.96
+19.56
+23.49
+52.74
+23,578.213
+17,381,393
+7,516,400
+25,937,085
+17.764.001
+25.04
+15.95
+5.68
+23.39
+12.09
+11,711.836
(The) Kansas City Southern Railway Co.
(Texarkana & Fort Smith Railway Co.)
154,767 2,452.104 2,193,431
685,295
672,507
Balance
1,766,809 1,520,924
Atlantic City Electric Co.
American Gas & Electric Company Subsidiary.
-Month of
1929.
$
Gross earnings from operation 517,262
Oper.expenses & taxes
355,109
May- 12 Mos. End. May 31.
1928.
1929.
1928.
Net earns,from operation_
Other income
162,153
12,123
154,777 2,278,854
2,811
53,038
Total income
Interest on bonds
Other int. and deductions...
174,276
48,233
30,394
Balance
Dividends on preferred stock
95,649
157,588 2,331,892 1,835,066
48,233
578.800
531,618
22,504
334,910
254,714
86,851 1.418,182 1,048,736
157,698
144,865
452,708 6,396,346 5,879,372
297.931 4,117.492 4,045,710
Balance
1.260.484
1,833,662
1,404
903,871
Chicago Surface Lines.
+9.32
Other Monthly Steam Railroad Reports.
-In the following we show the monthly reports of STEAM railroad
companies received this week as issued by the companies
themselves, where they embrace more facts than are required in the reports to the Inter-State Commerce Commission, such as fixed charges, &c., or where they differ in
some other respect from the reports to the Commission.
235.103 3,826,879 3,159,182
28,958
227,805
232,891
284,081 3,854.684 3.392,073
96,684 1,249,387 1,089.129
12,610
153,193
109,513
Month of JuneGross earnings
Operating expenses, renewals and taxes
Residue receipts
Joint account expenses. Federal taxes, &c
City's 55%
1929.
1928.
$5.118,799 $5,090,269
4,015,900 3,989,114
$1.102,899 $1,101,155
43,725
43,174
210,798
211,902
Balance
848,376
846,078
Cities Serivce Co.
-Month of June-- 12 Mos. End. June 30
1929.
1928.
1929.
1928.
Gross earnings
3,509.289 2.705,249 38,422.711 33,187.475
Expenses
105,586
98,461 1,202,618 1,125,104
Net earnings
3.403,702 2,606.787 37,220,003 32,062.371
Int. & dlisct. on debentures
623.347
376,175 5,780,815 2.778,931
Not to stocks & reserves... 2,780,355 2.230,611 31,439,277 29,283.439
Dividend preferred stock..... 567.966
563.793 0,769,734 6,796,184
Net to corn. stk. & reserves 2.212,388 1,666,817 24,669,542 22,487,255
Community Power & Light
Co.
-Month of June- -Jan. 1 to June 30(And Controlled Companies)
1929.
1928.
1929.
1928.
$
-Month of June-- 12 Mos. End. June 30 •
operating revenues
1.768.179 1.646.109 10,6:1.716 10,178.005
1929.
1928.
1929.
1928.
Operating expenses
1.191.342 1.150.596 7,068,216 6,948.417
$
$
$
$
Consolidated gross revenue-- 459.721
397.555 4,886,889 4,386,491
revenue
574,837
Net
495.512 3,593.499 3,229.588 Operating exp.,Incl. taxes_ - _ 240,174
233,922 2,728,121 2,626,065
134,250
Tax accruals
123.277
805,504
753.952
Uncollectible ry. revenues...
142
387
Avail, for int., amortlz.,
10.181
2,085
deprec.. Fed. inc. taxes,
Operating Income
440.443
371.847 2,777,813 2,473.550
dividends and surplus_ -- 219,546
163,632 2,158,767 1,760,42
JULY 20 1929.1
FINANCIAL CHRONICLE
Detroit Street Railways.
Kansas City Public Service Co.
-Month of June- 12 Mos. End. June 30
1929.
1928.
1928.
1929.
$
$
$
$
Operating Revenues
Railway operating revenues- 1,802,991 1,721,261 22,347.033 20,271,522
Coach operating revenues_ _ _
390.673
277,015 3,982,038 3,315.585
Total operating revenues- 2.193,665 1.998,277 26,329.072 23.587,107
Operating Expenses
Railway operating expenses_ 1,309,894 1.288,188 16.971.163 15,063,593
Coach operating expenses___ 394,450
279,107 3.917.503 3,222,583
Total operating expenses-- 1,704,344 1.567,295 20,888,667 18,286,177
Net operating revenue
489,320
430,982 5,440,405 5,300,930
Taxes assignable to oper
62.422
66.965
784,161
754,745
Operating income
426,897
364,016 4,685,660 4,516,768
Non-operating income
10,214
15.984
187,029
241.879
Gross income
437,112
380,000 4,872,689 4,758,648
Deductions
Interest on funded debt:
Construction bonds
64.592
64,592
785,875
785,875
Purchase bonds
10.720
11,185
141,272
135,620
Addns. & betterm. bonds..
16,347
10,671
203,243
203,972
Purch. contr.(D. U. R.)
20,658
54.641
481,645
706.813
Total interest
112,319
141,090 1,606,383 1,837,933
Other deductions
27,994
6.669
60.216
136.019
Total deductions
140.314
147,759 1,742,403 1,898.149
Net income
296.797
Disposition of Net Income
Sinking funds-Constr. bds_
42,715
Purchase bonds
10,931
Addns. & betterm. bonds_
13,150
Purch. contr.(D. U. R.).... 146,919
Total sinking funds_--- 213,717
Residue
83,080
Total
296,797
232,240 3,130,286 2,860,498
42,715
503,122
519,709
10,931
133,000
133,000
8.630
160,000
155.479
145.549 1,787.518 1.787.518
207.827 2,583,640 2,595.707
24,413
546,646
264.791
232,240 3,130,286 2,860,498
Empire Public Service Corp.
- 97th of lti2. -J1a91b.
191
11
r
-1
w milg2E-
Net earnings
s
572,718
s
549,582
406,546
392,342 4,978.000 4,749,754
166.171
Gross income
Oper. exp., maint. & taxes,
except Federal income tax_
467
157.240 2,450,000 2,069,197
S
3
7,428,000 6,818,951
Month of 6 Mos.End.
June 1929. June 30 '29.
s
643,522 4.076,050
21.227
134.891
44.296
289.019
8.249
2.519
1.942
10,055
Railway passenger revenue
Other railway receipts
Bus passenger revenue
Other bus revenue
Miscellaneous income
Gross revenue
713,507
4.518,265
Railway operating expense
Bus operating expense
Taxes
490,709
54,615
41,675
3.050.826
336,965
250.050
Total operating expenses and taxes
Gross income
Deductions-Interest on bonds
Other charges
587,000
126,506
73,449
11,097
3,637,842
880,423
440,723
34,438
84.546
41,959
475,161
405,261
Total deductions
Net income
Knoxville Power & Light Co.
(National Power & Light Company Subsidiary).
-Month of May- 12 Mos. End. May 311
1928.
1929.
1929.
1928.
$
$
$
S
Gross earns,from operation.- 270,412
247,901 3,142.854 2,880,163
Operating expenses & taxes-- 189,953
167,546 2,165,458 2,001.043
Net earns,from operationOther income
80,459
1,751
80,355
1.342
977,396
24,731
879.120
22,026
Totalincome
Interest on bonds
Other int, and deductions---
82.210
16,781
7.145
81,697 1.002,127
16.781
201,372
5,523
80.388
901.146
201.390
44.716
Balance
Dividends on preferred stock
58.284
59,393
720,367
138,500
655,040
138,000
581.867
517,040
Balance
Memphis Power & Light Co.
(National Power & Light Co. Subsidiary.)
-Month of May- 12 Mos. End. May 31
1928.
1929.
1929.
1928.
$
41
$
473,846 5.927.697 5,862.131
Gross earnings from oper__-- 472.740
280.947 3,521,206 3,374.294
Oper. expenses and taxes---- 281,501
Houston Lighting & Power Co.
192,899 2,406.491 2,487.837
Net earnings from oper___ 191,239
329,929
253,129
11,222
10,686
Other income
(National Power & Light Co. Subsidiary.)
Month of May-12 Mos.End. May 31204,121 2,736.420 2.740.966
Total income
201,925
1929.
1928.
1929.
1928.
579,290
47,009
Interest on bonds
645.367
52,940
$
$
$
$
83,936
and deduc'ns127,735
12,549
8,297
Gross earnings from oper
626,358
571,652 7,513,596 6,578,998 Other interest
Oper. expenses and taxes:::: 323,763
324,965 4,120,050 3.798.342
Balance
144,563 2.007.117 2,033.941
140,688
242.440
Dividends on preferred stock
250.060
Net earnings from oper--- 302,595
246,687 3,393,546 2,780,656
Other income
31,643
2.427
46,921
2,316
Balance
1.757,057 1,791.501
Total income
305,022
249.003 3,425.189 2.827.577
Interest on bonds
742.373
802,342
62,513
74.457
Nebraska Power Co.
Other interest and deduc ns88.252
155,209
7,300
12,788
(American Power & Light Co. Subsidiary)
Balance
179,190 2,467,638 1,996,952
-Month of May- 12 Mos. End. May 31.
217,777
Dividends en preferred stock
225.000
210.000
1928.
1929.
1929.
1928.
$
$
$
$
Balance
2,242.638 1,786.952 Gross earnings from opera...... 473,858
411.201 5.579.767 5.047,479
Oper. expenses and taxes_ _ _ .. 248,220
232,700 2,856.969 2,654.246
Hudson & Manhattan Railroad Co.
Net earnings from opera__
Other income
225.638
30,733
178.501 2,722.798 2.393.233
26.896
204.610
177.985
1,006,646 1,018,838 6,286,632 6,269,864
Gross revenues
Oper. expenses and taxes.. _ _ _
508,250
529,073 3,161,901 3,195.448
Total income
Interest on bonds
Other int. and deductions_ _ _
256,371
67,250
19,379
205.397 2,927,408 2,571.218
807.000
67.250
807.000
159.629
203,554
15,365
Balance applicable to chges. 498,396
Charges
336,131
Balance
Dividends on preferred stock
169,742
122,782 1,916.854 1,604,589
364,900
364,000
-Month of June- 6 Mos. End. June 30
1929.
1928.
1929.
1928.
Balance
162,264
489,764 3,124,730 3,074,415
335,215 2,016,301 2,013,245
154,549 1.108,429 1,061.170
Indiana General Service Co.
(American Gas & Electric Company Subsidiary).
-Month of May- 12 Mos. End. May 31
1929.
1928.
1929.
1928.
$
$
$
'
$
Gross earns from operation.. 265,558
219.289 3,041,088 2,756,102
Operating expenses dr taxes_ _
199,699
153,698 2,206,984 1,900.777
Net earns,from operation_
65,859
65.591
834,104
855.325
Other income
3,868
1,430
22,140
21,061
Totalincome
69,727
67,021
856,244
876.386
Interest on bonds
20,384
20,797
245,377
249,831
Other int. and deductions.. _ 11,664
2,711
79,638
32,100
Balance
Dividends on preferred stock
37,679
43.513
Indiana & Michigan Electr
-Month of Ma
1929.
1928.
Gross earns, from operation.. 633,297
477,453
Operating expenses Sr taxes_ - 367,041
282,145
Net earns,from operation.. 266,256
195,308
Other income
9,347
17,843
Totalincome
275,603
213,151
Interest on bonds
71,842
71,842
Other int. and deductions.. _ _
27,394
12.447
Balance
176,367
128.862
Dividends on preferred stock
Balance
594,455
48.960
482,269
Balance
531.229
48.960
545.495
2,195,935 1,549.970
277.095
277,095
1,918,840 1,272,875
(And Subsidiary Company)
-Month of May- 12 Mos. End. May 31
1929.
1928.
1928.
1929.
$
$
$
$
Gross earnings
63,174
56.395
718,355
701,758
expenses and taxes_ _ _ _
37,975
Oper.
33,263
424.072
410,486
Balance for res'ves, retirements fold dividends_
1.552,854 1,240.589
New York Power & Light Corp.
Gross earnings
Oper. expenses & taxes*
-Month of June- 12 Mos, End. June 30
1929.
1928.
1929.
1928.
$
1,751.240 1,602.262 21,257,083 19.658.443
1,020,812
924.143 11.970,477 11.530,690
Net earnings
Interest and income deducts-
730,427
270,655
678.118 9,286,606 8,127,752
300.511 3.440.294 3.412,372
Net income
*Incl for cred. to retire. res
459,772
118,101
377,607 5,846,311 4.715.379
91.366 1.547,124 1,337.258
The Pawtucket Gas Co. of New Jersey.
(And Subsidiary Company)
-Month of May- 12 Mos. End. May 31
1929.
1928.
1928.
1929.
$
$
$
$
124.578
120.828 1,462,593 1,423,547
56,062
654.393
54,318
670,622
92,825
10.084
89.878
10,147
7.156
81,918
7,578
85,901
Gross earnings
1 Co.
Mos. End. May 31. Operation
Maintenance
'929.
1928.
Taxes
7, 9,336 5.760.499
Net operating
52,597
3,b .768 3,395,600 Interest charges revenue.._ _ _
(public)
3,16 88 2.364,899
Balance
197,
166,035 Interest charges (B. V. G.&
R. Co.)
3,362.0 1 2,530,934
Balance
862,100
862.100
303,966
118.864
Jamaica Public Service, Ltd.
Net earnings
Interest charges
Balance
25,198
6.547
23,132
5,337
294,283
74.062
291.271
69.297
18,651
17.794
220.221
221.974
47,462
633,456
56,528
577,145
56.413
576.928
193.079
520.732
180.959
383,848
339,772
Portland Gas & Coke Co.
(American Power & Light Co. Subsidiary)
-Month of May- 12 Mos. End. May 31.
1929.
1928.
1928.
1929.
$
Gross earnings from oper_ _ 362,619
350,651 4,547.717 4.462.979
4
Oper. expenses and taxes_ _ 234.559
219.324 2,952.202 2,958,784
Net earnings from oper__- 128,060
131.327 1.595,515 1,504.195
Other income
62.722
5.937
4.942
34.660
Total income
133.997
136.269 1,658.237 1,538.855
Interest on bonds
40,604
40.604
487,250
442,500
Other int. and deductions
4.455
4.208
51.374
215.345
Balance
88,938
91.457 1,119,613
881,010
Dividends on preferred stock
381.665
381.227
Balance
737,948
499,783
•
[VOL. 129.
FINANCIAL CHRONICLE
468
Philadelphia & Western Railway Co.
of
- nth j1927191
12
$
71,222
Gross earnings
Expenses
68.096
39,153
42,595
Net earnings
Charges (including taxes)
28.943
15,919
'28,627
15.925
13,024
12,702
Balance
FINANCIAL REPORTS
American Chicle Company.
(Semi-Annual Report
-6 Mos. Ended June 30 1929.)
INCOME ACCOUNT FOR SIX MONTHS ENDED JUNE 30.
1926.
1927.
1929.
1928.
Gross profit from sales,
after deducting cost of
mat'Llabor & mfg.expb$2,386,527 142,078,337 $1,891.480 b$1,673.389
88.673
106,566
74,493
Other income
127,607
South Carolina Power Co.
Total Income
$2.514.134 $2,184.903 $1,980,153 $1,747,882
1.140.112 1,077,198
978,074
Selling & adm.expense
1,291.094
Profit on operations
$902,955
$769,808
before int. charges.... $1.223.040 $1.044.790
228.763 2.818,452 Prov. for Fed. taxes-Gross earnings from operations
121.038
108.825
100.160
155.745
119.197 1,537,408 Interest charges
Operating expenses,including taxes and maintenance
41,662
48.922
31,361
28,128
109.566 1,361.044
Net earnings from operations
$752.468
$620,726
Balance, surplus
$892,391
93,421 Sur. at begin'g of period_ $1,039,167 1,747,952 1.298.830
12.099
Other income
627,689
2.847.442
Dr6.587
Cr1,485
Dr11,427
Other surplus adjustm'ts Dr508,950
121,665 1.454,465 Sur.through recapital'n_
Totalincome
1.566,391
1,555.586
636.383 Prior preferred diva......
Interest on funded debt
d61.315
125,237
125,208
46,579
4,118
*39,358
dividends......d1.801
818,082 Preferred dividends
Balance
139,946
d139,946
279,892
435.089
220,322 Common
Other deductions
Sur. at end of period.- $2,895,991 $2,425,854 $3.201,855 $2,500,973
597,760
Balance
a Includes $35.215 back dividends and regular dividends of $4,143.
194.367 b Also after depreciation. d Dividend for second quarter only, the diviDividends on cumulative preferred stock
dends for the March quarter amounting to $204.599, having been charged
403,393 against the surplus at Dec. 31 1927.
Balance for reserves, retirements and dividends
CONSOLIDATED BALANCE MEET JUNE 30.
Power Co., Ltd.
Month of 12Mos.End
May 1929. May 31 '29.
Southern Canada
-Month of June- 9 Mos. End. June 30.
Gross earnings
Operating expenses
1929.
$
164.525
. 63,225
Net earnings
101.300
1928.
1929.
1928.
$
$
$
151,401 1,572,841 1,340,626
439,556
544,015
50,920
100,481
1,028,826
901.070
Southwestern Power & Light Co.
1928.
.
1929.
g
LiabilitiesAssets
Prior pref. stock_
Land, bldgs., &c.,
after dePrec'n_z2,307,157 2,435,223 Preferred stock_
Good-will, pats.,&c 1,500,000 3,400,000 Common stock...14,353,890
901,100 Sen San bonds_ .....
550.017
Cash & call loans_
Accts. & notes rec. 644,282 n585,551 Accounts payable_ 202,280
369,492
2,720,555 2,761,474 Accruals
Inventories
97,791
783,769 Res. for taxes........ 155,746
Marketable sees239,807 Dividends payale 217,444
Invest. notes rec.- 236,635
138,406
201,327 Earned surplus__ - 2,895,991
Prepayments
.
$
3.473,575
120,100
3,731.900
1,034,500
134,691
266,683
121,038
2,425,854
(And Subsidiary Companies)
-Month of May- 12 Mos. End. May 31.
8,194,843 11,308,342
8,194,843 11,308,342
Total
Total
1928.
1929.
1929.
1928.
y Represented by 435,389 shares of no par value. z After deducting
$
$
$
$
-V. 128.
reserve for depreciation. a After deducting $38,478 for reserve.
Gross earnings all subsid's___ 1,611,617 1.413,918 19,949.047 16.864.186
p. 2633.
Bal, of subs.' earns, after
Cleveland Cincinnati Chicago & St. Louis Ry.
all caps., applic. to S.P.
•
& L. Co
430,055 6,997,858 5,635.850
475.842
(40th Annual Report-Year Ended Dec. 31 1928.)
141,603
179,840
12,189
Expenses of S. P.& L. Co
15,825
Balance
Int. on secured bonds
Int. on 6% deb. bonds
All other interest
460.017
57.488
25,000
2,899
417,866 6,818.018 5,494.247
655,314
689.850
57.488
300,000
300,000
25,000
282,479
29,596
35,037
Balance
Dividends on preferred stock
380,428
370,415 5,857.764 4,821,412
587,090
587,090
5,270,674 4,234,322
Balance
Texas Power & Light Co.
(Southwestern Power & Light Co. Subsidiary)
-Month of May- 12 Mos. End. May 31.
1928.
1929.
1929.
1928.
Gross earns,from operation.Oper. expenses and taxes--
727,963
407,982
717,576 9,592.190 9,488,277
412,675 4,819,878 5,271,776
Net earnings from open...
Other income
310,981
15,741
304,901 4,772,312 4,216,501
193,392
133,721
16.981
Extended extracts from the remarks of President Patrick
J. Crowley, together with the comparative income account
for the years 1928 and 1927, will be found under "Reports
and Documents" on subsequent pages. President Crowley
further states in substance:
OPERATING STATISTICS FOR CALENDAR YEARS.
1928.
1927.
1926.
1925.
45,595,841
46,754,875
45,387,869
Tons rev, freight carried_ 44,820,712
Tons carried one mile_ _8,125,385,457 8.413,288,301 8.615,697,468 8,180,273,365
8.32 mills
8.08 mills
8.26 mills
8.34 mills
Revenue per ton per mile_
$7.46
$7.57
$7.69
$7.65
Fr't earns, per train mile..
924
910
918
931
Tons rev. fr't per tr. mile_
3,595,203
4,048,397
4,446,918
4,656,340
Passengers carried
Pass. carried one mile...... 437.697,089 460,870,581 486.372,103 487.863,103
3.38 eta.
3.34 eta.
3.34 eta.
3.33 cts.
Rev. per pass. per m Ile__ _
$2.21
$2.31
$2.33
$2.12
.
Pass. rev. per tr. mile _ _ _
$38,049
$39,436
538,496
$37,055
Oper. revenue per mile......
GENERAL BALANCE SHEET DEC. 31.
1928.
335,722
157.521
12,152
321.882 4,965.704 4.350,222
156,410 1,890,250 1,797,472
15.038
132,838
150,426
S
Net earns,from operation_
Other income
47.883
11,622
28,435
10,347
470,178
130,936
398.269
145,169
Total income
Interest on bonds
Other hit, and deductions.. _ _
59.505
12,725
7,130
38,782
12.725
805
601.114
152,700
51,203
543,438
152,700
9.590
39,650
25,252
397.211
60.000
340,829,748 330,751,974
Total
381,148
60.000 -V. 128, p. 4317.
321,148
Balance
Dividends on preferred stock
Balance
337.211
York Utilities Co.
-Month of June- 12 Mos. End. June 30
1929.
1928.
1928.
1929.
Operatingrevenue
Operating expenses
1.788
7,990
8,940
9.641
48.435
54,589
70.528
63,232
Net revenue
Non-operating income
1,202
7
701
3
3,845
23
7,296
24
Gross income
Deductions
-Coupon int_ _-Miscellaneous interest_
Taxes
1,194
3,392
697
3,392
450
450
3,869
20,352
58
2,316
Total
Net income
Surplus
Surplus from previous year
Profit and loss, Dr
3.842
5,036
3,842
-4,539
-18.857
Total eurnina
22,727
-18.857
-188,320
19
1928.
1927.
Assets$
$
Road & equip-271,152,755 265,207,280
Impt. on leased
railway Prop- 8,719,675 8,103,938
Balance
166,049
150,434 2,942,616 2,402,324 Deposited in lieu
176,831
5,834
of mtgd. prop.
Dividends on preferred stock
541,000
455,000
MU. phys. prop. 3,896.212 3,782,925
Balance
1,947,324 Inv. in co. Recur. 4,081,120 3,977,268
2.401.616
387
Sinking funds__
529
Inv.in affil. cos.:
Utica Gas & Electric Co.
12,726,831 12,294,986
Stocks
-Month of June- 12 Mos. End. June 30.
Bonds
5,285,402 5,285,402
54,500
1929.
1929.
47,000
1928.
1928.
Notes
4,022,755
Advances.... 10,385,081
$
$
$
Gross earnings
120,686
141,495
408,323
367,605 5,057,862 4,834,655 Other havestm'ts
Operating expenses and taxes *240,667 *222.161 2.963,325 *2,762,556 Cash
3,606,246 7,815,783
113.516
288,890
Special deposits_
Net earnings
167.655
145,444 2,094,537 2,072.099 Traffic,&c., bal.
Interest and income deduc'n.s
receivable . _ 1,563,663 1,527.796
_
79,406
935,165
958,139
75,292
141
204
Loans & bills rec.
Net income
860.377
92,362
66,037 1,159,371 1,113.959 Agta. & conduc_ 1,109,508
*Incl. credit to res.for depr275.279
243,454 Materials & sup. 6,397,752 7,406,709
15,325
18,926
Miseel. accounts
receivable .... 4,789,657 2,703,424
Wheeling Electric Co.
Interest & divi(American Gas & Electric Co. Subsidiary).
210,431
185,075
deeds rec'le__
-Month of May- 12 Mos. End. May 31. Miscell. rents re4,053
3,430
ceivable
1929.
1928.
1928.
1929.
115.606
149,535
0th. cur. assetsGross earns, from operation- 201.130
172,515 2.298,398 2,123,991 Unadjust. debits 5,339,342 5,358,294
Operating expenses & taxes__
144,080 1.828,220 1,725,722 Deferred assets- 1,294,060 1,379,354
153.247
Total income
Interest on bonds
Other int. and deductions.
-
Liabilities$
Common stock_ 47,028,800
Preferred stock_ 9,993,500
Stock linbil. for
conversion.....7,984
Grants in aid f
14,647
construction _
Fd.debt unamt.:
Equip. oblig_ 29,470,680
Mtge. bonds _121,268,281
Coll. tr. bonds 8,673,000
3,425
Notes
Misc. oblig'ns 5,009,000
Non-negot. debt
to affil. cos- _ - 1,352,703
Traffic. &e., bal. 1,893,793
154,911
L'ns & bills pay Acc'ts & wages
6,098,282
payable
207,722
Misc. accounts.
Int., dive., &e.
unmatured
1,831,998
Div. payable_ _ _ 1,066,557
Unmatured int.,
rents, &c.,acer
590,034
Other curr. liab 368,796
Other def'd liab.
232,301
Tax liability..... 4,587,497
Prem.on td.debt
65
Ins, casualty res.
41,148
Accrued deprec.
of equipment_ 32,175,596
Oth, unadjusted
credits
6,458,401
Add'ns to prop.
thr. inc.& sur. 1,662,350
Sink, fund res
950,407
Profit and loss
59,685,867
Total
1927.
$
47,028,700
9,998,500
8,084
14,647
33,062,491
106,334,281
8,728,000
3,425
5,009,000
10,333,788
1,834,704
154,911
6,863.060
479,042
1,495,680
1,085,555
616.241
486,513
281,069
4,721,363
288
28,370,048
5,634,344
1,484,589
898,707
55,884,946
340,829,748 330,751,974
Mexican Light 8c Power Co., Ltd.
(17th Annual Report
-Year Ended Dec. 31 1928.)
EARNINGS FOR YEARS ENDED DEC. 31 (MEXICAN CURRENCY).
Fed.(]rt. & Men. Earns, 1928.
1927.1925.
Public lighting
$613,672
$551.725
$621.991
$569,164
911,150
Office lighting
933,572
852,840
894,422
Light. service in Pachuca
51.418
43,325
54.11842,830
493,044
Power
468,005
516,039
477,533
Heat
58,633
42,309
20,213
30,087
Commercial Earns.
8.901,661
8,151,898
8.727.090 8,701,168
7.320 Lighting
9,404.171
8,768,239 8,202,652 7,604,991
20,352 Power
955,881
598,344
827,543
719,194
175 Heat
2.188
Total
$21,389,632 $20,357,344 $19,619,611 818,442.340
68,299
127,187
94,410
70,125
22,716 Miscellaneous
15,395
Gross earnings
$21,457,931 $20,427,468 $19.714.021 818.669,527
-15.395
-142.825 Expenses-Operation... 5,125,948 4,751,568 4,645,005 4,080,240
5.397,341
Maint., taxes and deprec 5,930,978
5,539,274
5,600,335
-207.159 -158.220
Net inc. from over-- 310,401,006 $10,075,566 $9,529,742 $9.091,940
-
JULY 20 19291
FINANCIAL CHRONICLE
469
Note.
-The gross earnings in 1928 amounting to $21,457.931, include shares of common stock. The exact number of shares of common stock to
uncollected accounts for services rendered to the municipal and Federal be presently outstanding is incapable of determination at the present time
Government departments during the year 1928, representing a sum of in view of the fact that the company has outstanding warrants to purchase
common stock and bonds convertible into common stock, all or any part of
approximately $1,400,000.
which rights may be exercised prior to the record date for allotment of rights
31 (INCLUDING SUBSIDIARY COMPANIES). to common stockholders as aforesaid.
1927.
1927.
1928.
1928.
In addition, the company has reserved against the conversion of its outAssets$
Liabilities$
8
standing bonds, dated Feb. 1 1929, 244,895 shares of its preferred stock
$
Properties, plant,
Ordinary shares__ A3,585,000 13,585,000 series A and 349.850 shares of its cominon stock. There is also reserved
equipment, &c_59,873,950 55,541,833 7% cum. pref. she_ 6,000,000 6,000,000 against the exercise of warrants now outstanding 2.474,940 shares of comfranchises
4% cum. pref. els_ 5,700,000 5,700.000 mon stock.
good-will, &c__ _24,954,796 24,925,670 Funded debt
-The proceeds of the sale of the above-mentioned issue of
Purpose of Issue.
46,774,533 47,120,833
Cost of invest. in
10
-year notes_ ___x 2,682.757 3,332,758 325,000,000 of bonds, $25,000,000 preferred stock and approximately $15,& adv, to subs__ 2,422,377
282,612 Accrued bond int_ 827,894
836,535 000,000 common stock, all presently to be issued, will be used to pay for
Stores In hand and
Accts. payable &
additional investments made in railroad securities, to exercise valuable
In transit
1,305,166 1,433,317
884,433 rights appertaining to shares of stock owned by the company, and to proaccrued charges_ 1,365,328
Accounts reedy
868,951
805,120 Res,for deprec.,&c18,233,178 15,564,955 vide funds for additional investments and for other corporate purposes.
To Be Presently
625,911 Profit & loss
Deferred charges_ - 651,889
940,321
1,456,452
Authorized,
Outstanding.
Securities
378,408 4,748,865
CapitalizationCash
977,141
996,362
-year collateral trust convertible 5% bonds.
15
535,000,000
834,985,000
Sinking fund inv._
146,660
dated Feb. 1 1929
Accts. due by Govt 5,026,583 4,624.366 Total (each side) 96,625,145 93,964.836 20
-year collateral trust convertible 5% bonds,
25,000,000
25,000,000
dated June 1
x 10
-year unsecured non-Interest bearing, due 1937, $3.532,758: less Preferred stock1929
1,000,000 ails. 500.105 she.
($100 Par)
redeemed through sinking fund, 8850.000.-V. 127, p. 1100, 546.
7.500.000 shs. 4,025.242 she.
Common stock (no par)
-(a)Of the 1,000,000 shares of preferred stock authorized,920.000
Notes.
Mexico Tramways Company.
shares have been designated cumulative 53 % preferred stock series A, of
(15th Annual Report
-Year Ended Dec. 31 1928.)
which 250,105 shares are outstanding and 250,000 shares are to be presently
-year collateral
Issued, and 244,895 shares are reserved for conversion of 15
EARNINGS YEARS ENDING DEC. 31 (MEXICAN CURRENCY).
trust convertible 5% bonds dated Feb. 1 1929 and 175,000 shares are reCar Earnings1928.
1927.
1925.
1926.
-year collateral trust convertible 5% bonds dated
served for conversion of 20
Passengers
$7,812,263 87.628,692 $7,483,549 $7,635,802
June 11929.
Weekly tickeste
2,697,228
1,755,072
(b) Of the 7,500,000 shares of common stock authorized, 3,500,210 shares
Monthly tickets
533,424
1,415,932 are outstanding; 349.850 shares are reserved for conversion of 15
862,503
1,586,366
-year colChartered cars
23,301
49,252 lateral trust convertible 5% bonds dated Feb. 1 1929; 250.000 shares are
35,612
39,379
Freight
323.275
307,319
339.050 reserved for conversion of 20
371,576
-year collateral trust convertible 5% bonds
Baggage and parcels_ _ _ _
112,844
107.628 dated June 1 1929; 749,940 shares are reserved against the exercise of rights
120,226
110.495
Funeral
54,669
211,723 under the non-detachable warrants attached to outstanding and to be pres162,112
182,887
Omnibuses
78,081 ently issued preferred stock series A; and 1.725,000 shares are reserved
ef rights under detachable warrants.
Total
$11,557,004 $10,871,537 $9,774,254 $9,837,469 against the exercise
(c) The exact number of shares of common stock to be presently outstandMiscellaneous earnings_
127,871
159.565 ing is incapable of determination at the present time in view of the fact
139,329
157,027
has outstanding warrants to purchase common stock and
Total earnings
$11,684,875 $11,010,866 $9,931.281 $9,997,033 that the company into common stock,all or any part of which may be conbonds convertible
Expenses-Operation__ _ 7,171,056
6,830,430 6,506,747
6,482,819 verted into common stock prior to the record date for allotment of rights
Maint., taxes & depr- 3,582,822
4.044,469 to common stockholders as aforesaid.
3,294.776
3,346,029
-Year Collateral Trust Convertible 5% Bonds, Dated Feb. 1
Net earns, from oper.
Security for 15
-The bonds are secured through pledge of the following securities:
in Mexico
$930.997
$885,660
$78,504 def$530.255 1929.
300,000 shares of common stock of Chesapeake Corp.
BALANCE SHEET DEC. 31.
75,000 shares of common stock of New York Chicago & St. Louis RR.
[Including its subsidiary companies, Mexico Electric Tramways, Ltd..
32.400 shares of common stock of Erie RR.
Compania de los Ferrocarriles del Distrito Federal de Mexico, S. A., and
20.000 shares of common stock of Chesapeake & Ohio By.
Lake Erie By.
Compania de Omnibus de Mexico, 8. A.
52.295 shares of prior lien(7% cum.)stock of Wheeling ac& Lake Erie Ry.
1928.
1927.
7,867 shares of pref.(6% non-cum.) stock of Wheeling By.
1927.
1928.
Wheeling & Lake Erie
Asset,S
91,090 shares of common stock of
S
s
Liabilities$
Proo.mant&equip18,460,840 18,095,989 Capital stock
Substitutions and withdrawals of collateral may be made in accordance
20,177,000 20,177,000
Rights, franchisee,
Funded debt
01,831,013 21,887,127 with the terms of the indenture providing the ratio below mentioned is
good-will, &c.. _ _10,270,194 10,270,194 Accrued bond Int. x9,802,669 9,405,374 maintained. On May 1 1929 and every three months thereafter, the trustee
Cost of invest. In
securities by
Accounts payable
shall cause to be made an appraisal of the value of the pledged
Mex.L.& Pr.Co.23,497,403 23,617,403
and accr. charges 1,114,136 1,020,298 the President or other designated officer of the trustee, with the purpose of
Inv. in other COs.. 107,446
06,668 Sinking fund res
567,293
425,747 ascertaining that securities are pledged in such amounts that their aggreStores in hand and
amount
Reserve for delvegate value shall be maintained equal to at least 150% of the principal
in transit
the com586,844
471,547
elation, &moat
of bonds at the time outstanding. In the event a the failure of
Accts. receivable.81,759
restore this ratio within 30 days after
55,550
cation of Iranpany to pledge additional securities to
to
Def.clags.&deb.bal.
51,287
23,990
chises and other
receipt of such an appraisal showing the value of the pledged securities
Secure. at mkt. val. 951,555
364,102
assets
76,322.760 6,483,121 be less than 150% of the outstanding bonds, the company covenants among
Cash
make any distribution
500,513
532,886
other things that it will not pay any dividends or
Id.ext‘an Govt.
upon any class of its capital stock until such ratio is restored.Dated Juno 1
Amount due .. _ .. 1,838,802 1,853,867
Security for 20
-Year Collateral Trust Convertible 5% Bonds
securities:
Paper money on
1929.
-The bonds are secured through pledge of the following
hand
76,519
76,519
*240.000 shares of common stock of Chesapeake Corp.
10
-year notes &
180.000 shares of common stock of Erie RR.
accr. int
Erie By.
3,061,424 3,715,024
24.000 shares of prior lien (7% cum.)stock of Wheeling & Lake
Sink, fund invest_
330,287
224,927
Tot.(ea. side)_ -59,814,873 59,398,666
21,000 shares of common stock of Wheeling & Lake Erie By.
x Includes $6,187,991 on 6% 50
-year mtge. bonds of Mexico Tramway
shares of common stock of Chesapeake & Ohio By.
*10,000
Co., accumulated to date but only payable out of future surplus revenue in
common
* Since the date of issuance 8,000 shares of Chesapeake & Ohio shares of
accordance with terms of supplemental trust deed. y After deducting loss
stock have been withdrawn and replaced by 21,000 additional
of $1,411,589 for four years ended Dec. 31 1928.-V. 128. p. 1226.
Chosapeag, Corp. common stock.
accordance
Substitutions and withdrawals of collateral may be made in
mentioned is
with the terms of the indenture providing the ratio below
maintained. Quarter-annually the trustee shall cause to be made an
or other
appraisal of the value of the pledged securities by the President that sedesignated officer of the trustee, with the purpose of ascertaining maincurities aro pledged in such amounts that their aggregate shall be time
STEAM RAILROADS.
tained equal to at least 150% of the principal amount of bonds at the
additional
Container Service Opposed in South.
-Carriers file protest to L-S. C. outstanding. In the event athe failure of the company to pledge
Commission alleging rates to low for additional faellities.-"Wall St. securities to restore this ratio within 30 days after receipt of such an apthan 150%
Journal" July 15, p. 3.
praisal, shelving the value of the pledged securities to be less
things that
Surplus Freight Cars.
-Class I railroads on July 8 had 204,308 surplus of the outstanding bonds, the company covenants among other
freight cars in good repair and immediately available for service, the car it will not pay any dividends or make any distribution upon any class of its
service division of the American Railway Association announced. This capital stock until such ratio is restored.
was a reduction of 13.349 cars compared with June 30, at which time there Income Statement for Period from Organization Feb.15 1929 to June 30 19291
were 217,657 cars. Surplus coal cars on July 8 totaled 51,957. a reduction
51,678.893
and interest accruals
of 3.193 cars within approximately a week, while surplus box cars totaled Income-Dividend
143,574
Other income
106,090, a reduction of 10,567 for the same period. Reports also showed
26,952 surplus stock cars, n increase of 752 cars over the number reported
31.822,467
Total income
on June 30, while surplus refrigerator cars totaled 13,199, a decrease of 459 Expense-Interest accrued on longterm debt
744,220
for the same period.
239,268
Other interest paid
Locomotive., in Need of Repair.
18,082
-Fewer locomotives were in need of repair
General expense
on the class I railroads of the United Sales on July 1 than at any time
since the railroads began the compilation of these reports in 1920, the car
5820,896
Net income
service division of the American Railway Association announced. Loco- Profit from sale of stocks
398,211
motives in need of repair on July 1 totaled 7.453. or 13% of the number on
line. This was a reduction of 350 locomotives, or 4.55',compared with the
81,219,107
Net profit
best previous record established on June 1 1929. at which time theze were Dividends accrued on cumulative preferred stock
634.240
7.803 locomotives, or 13.6%,awaiting repairs. The number of locomotives
in need of repair on July 1 w..s a reducton of 512 compared with the num$584,867
Balance to surplus
ber on June 15. at which time there were 7,965, or 13.8%. Locomotives
in need of classified repairs on July 1 totaled 4,152. or 7.2%,a reduction
Balance Sheet as of June 29 1929.
of 305 compared with June 15, while 3,301,or 5.8%,were in need of running
Assets
repairs,a decrease of 207 compared with June 15. Class I railroads on July1
$34,970,000
$182,922,018 15-yr. coil: tr. cony. 5s
had 5.411 serviceable locomotives in storage compared with 5,592 on Securities owned
24,997,000
8,502,004 20-7r. coll. tr. cony. 55
Cash
June 15.
994,700
3,580,298 Purchase money debt assumed
Contract receivable
Matters Covered in Chronicle" of July 13.-(a) Gross and net earnings of Dividends and Interest re1,294,558
Divs. & int, pay. accrued_ _
U. El. Mt.'s for the month of May. p. 187. (b) Loading of railroad revenue
50,023,100
1,072,759 Preferred stock
ceivable accrued
freight for the half year the heaviest on record, p. 194.
Common stook (4,032,462 8118.)51.584,318
31,718,538
Paid-in surplus
Allegheny Corporation.
-Listing,
584.866
$196,167,980 Earned surplus
Total (each side)
The New York Stock Exchange has authorized the listing of (a) 425,000
The securities shown on the above balance sheet are shown at cost to the
shares of cumulative 53 % preferred stock series A (par $100); with warsecurities purchased for cash, the figures show the cash
rants attached to the certificates of the 250,000 shares of preferred stock company. As to
are shown at
ti be presently issued and sold, entitling the holders thereof to purchase cost to the company. Securities acquired by issue of stocks
1% shares of common stock for each share of such preferred stock so held their agreed valuation.
Market value of securities owned of $182,922,018 as of June 29 1929.
sad without warrants in the event of the surrender of warrants by exercise
thereof, and without warrants as to the 175,000 shares of such preferred as indicated by closing bid prices of said date, was $227.309.531.
stock reserved for conversion of an issue of 325.000,000 20
-year collateral
Definitive Certificates Ready.
trust convertible 5% bonds to be dated June 1 1929, presently to be issued
The Guaranty Trust Co. of New York is now prepared to deliver definitive
and sold;
-year collateral trust convertible debenture 5% bonds. in exchange for
(b) 1.258,750 shares of common stock (without par value), of which 15 outstanding temporary bonds of that
issue. (See offering in V. 12h,
37o,000 shares are reserved against the exercise of the common stock pur- the
-V. 128, p. 3677.
chase warrants attached to the certificates of the above 250.000 sharis of p.728.
preferred stock series A; of which 250,000 shares are
the cumulative 5%%
Boston & Maine RR.
-Half Interest in New Hotel.
raserved for issuance upon conversion of the company's bonds dated June 1
The signing of a final contract covering the design and construction of a
1929,and of which 633.750 are the maximum number of shares to be offered
-room popular-price hotel at the New North Station in 2eston
-story. 500
for subscription, at the price of $30 per share, to common stockholders of 16
by this road and the Manger hota interests of New York was aimounced
record May 27 to the extent of 15% of their holdings.
The company's application to the New York Stock Exchange for author- last week,subjact to the final approval by the Massachusetts Department of
erred Public Utilities of modifications in financing details.
5 7 pref
ity to list the foregoing stocks affords the following:
0
The hotel is to be constructed by a building company, which will hold
Upon the issuance of the 250,000 shares of cumulative
stock series A, and upon the issuance to stockholders of common stock title to the land and structure. The railroad and the Manger interests
extent of 15% of their holdings, based upon the present issued and will hold stook equally in this company, which will lease the hotel to an
to the
outstanding coin, stock, the company will have outstanding the following: operating company headed by Julius Manger of New York. The cost will
-V. 129. p. 275.
500,105 shares of cumulative 53 % preferred stock series A and 4,025,242 be approximately $2.800,000. it is said.
BALANCE SHEET DEC.
GENERAL INVESTMENT NEWS
470
FINANCIAL CHRONICLE
[Void. 129.
tially lessen competition between respondent, the St. Louis Southwestern
Canadian National Rys.-Takes Over Railroad.
-Kansas-Texas RR., or to restrain commerce in cerTao Canadian National Rys. have taken over the lines and physical By. and the Missouri
assets of the Quebec Montreal & Southern Ry. and will operate these lines tain sections and communities.
On March 22 1928, by Division 4, we also entered an order issuing comas part of the Canadian National System. The Quebec Montreal and
Southern covers a distance of 191 miles from St. Lambert to Sorel, Ricolet plaint in Docket No. 20672 (Sub-No. 1) against the Missouri
-Kansasand l'ortierville and from Bellevue Junction to St. Hyacinthe and Noyan. Texas RR., alleging that it also had violated Section 7 of the Clayton
-Trust Act by entering into the aforesaid agreement with the Kansas
It connects with the Canadian National at most of these points and with Anti
City Southern Ry., and by a partial payment and other steps pursuant to
the Central Vermont at Lemoyne and the Rutland at Noyan.
said agreement; all of these actions having been taken without our ap$60,000,000 Bonds Absorbed.
proval or authorization.
Respondents were notified of their right to appear at specified dates to
A 520.000.000 issue of 40
-year 5% bonds, recently offered on an "all or
any part" basis by a banking group headed by Dlllon, Read & Co., has show cause why orders should not be entered requiring them to divest
been fully subscribed for and sold, the bankers announced. The offering themselves of all interest, direct or indirect, in the stock acquired, and
syndicate included the National City Co., Guaranty Co. of New York, answers were required to be filed within 30 days.
Complaint is Issued Against M. -T. Compang.-Information upon
Bankers Co. of New York, the Bank of Montreal, Canadian Bank of
-K.
Commerce, The Royal Bank of Canada, Dominion Securities Corp., Wood, which these complaints were based was developed largely in proceedings
Gundy & Co., Inc. and A. E. Ames & Co., Ltd. This makes a total of upon the applications of the Kansas City Southern By. for authority to
$60,000,000 of bonds absorbed by the investing public within tho past acquire control of the Missouri
-Kansas-Texas RR., Finance Docket No.
month, in addition to an $18,000,000 issue of equipment trust certificates 5679 and of the Missouri-Kansas-Texas RR.,for authority to acquire conoffered a month earlier.
trol of the St. Louis Southwestern By., Finance Docket No. 5680. Those
The ready sale of the $40,000,000 bonds offered about the middle of June applications were filed under paragraph (2) of Section 5 of the Interstate
and the continuing demand led the bankers to exercise their option on the Commerce Act.
remaining $20,000,000 portion of an authorized $60,000,000 issue. SubFacts respecting the acquisitions of stock and other circumstances constantial blocks of the bonds were placed in the European markets and in nected therewith, and the competitive relationships of the various carriers
Canada.
involved, are detailed at considerable length in our report in those pro-V. 129. p. 275.
ceedings, Unification of Southwestern Lines, 124 I.
-S. C. C. 401, issued
Chesapeake Corp.-Earnings.May 3 1927. The principal facts relating to the stock transactions are as
follows:
Period1929-3 Mos.-1928.
1929-6 Mos.-1928.
Dividend income
In the periods from Nov. 10 1924. to Feb. 18 1925, and from Aug. 23 to
$1.510.400 $1,500,000 $3.010,400 $3,000,000
Other income
31.830
37,161
67,418 Oct. 16 1925. the Kansas City Southern bought 350,000 shares of common
65,289
stock of the Missouri
-Kansas-Texas. In Oct. and Nov. of the latter year
Total income
$1,542.230 $1,537,161 $3,075,689 $3,067,418 it also acquired 155,000 shares of stock of the St. Louis Southwestern, conBond interest
592.280
1,200,000 sisting of 135,000 shares of preferred and 20,000 shares of common. These
600.000
1,184.642
Other expenses
16.308
61,022 holdings enabled the Kansas City Southern to elect four directors on the
56,019
21,184
board of the Missouri
-Kansas-Texas and throe directors on the board of the
Net income
$933,642
$881,142 $1,809,863 $1,806,396 St. Louis Southwestern.
Common dividends
Between Jan. 27 and Feb. 26 1926, the St. Louis Southwestern bought
675,000
675,001) 1,350,000
1,350.000
100,000 shares of Missouri
-Kansas-Texas common stock which was to be
Surplus
$258,642
$206,142
$456,396 transferred to the Kansas City Southern and in fact was voted by the
$519,863
-V. 128, p. 3997.
latter company at the annual meeting of the Missouri
-Kansas-Texas stockholders, held April 9 1926.
Cincinnati Northern RR. Co.
-Earnings.
On or about July 23 1926, the Kansas City Southern entered into a
Years Ended Dec. 31contract with the Missouri-Kansas-Texas whereby the latter company
1927.
1928.
Railway operating revenues
54,061,793 54,636,369 agreed to purchase, and the Kansas City Southern agreed to sell. the
Railway operating expenses
2,874,043
3,153,644 155.000 shares of stock of the St. Louis Southwestern previously acquired,
Railway tax accruals
344,804 and pending completion of the sale it was arranged that the Kansas City
271,687
Uncollectible railway revenues
488 Southern should retain and exercise voting rights attached to the stock to
1,194
Equipment rents
Cr40,291
Dr8,837 be transferred. It is stated in respondents' pleadings that the purpose of
Joint facility rents, net debit
284,869
331,777 these various transactions was to form a unified transportation system
for the Southwest.
Net railway operating Income
$670,291
$796,818
Respondents Denied Violation of Law.
Total non-operating income
23,259
46,247
The respondents in due time filed answers to our complaints admitting the
Gross income
$693,550
$843,065 acquisitions of stock and agreement as alleged, but denying violation of law.
Interest on funded debt
91,667
96,867 It is unnecessary hero to discuss these answers in detail, but respondents
Other deductions from gross income
6,957
14,093 asserted generally that their acquisitions, accomplished, or proposed, were
in pursuance of the railroad consolidation policy of Congress as evidenced
Net income
$594,927
$732,105 In the Transportation Act. 1920.
In connection with its answer the Missouri
Dividends declared (10%)
-Texas filed appli-Kansas
300,000
300,000
cation under paragraph (2) of Section 5 for authority to acquire control
Surplus for the year carried to profit and loss
$294.927
$432,105 of the St. Louis Southwestern RR. and (or) the Kansas City Southern By.
On May 25 1928, the Kansas City Southern filed a supplemental answer
-V. 128. P. 3997.
stating that subsequent to the date of filing its original answer it had
Delaware & Hudson Co.
-Sells Properties of the Quebec of its holdings ofstock of the Missouri-Kansas-Texas,and that it thensold all
had no
right, title, or interest, direct or indirect, in the stock of that company:
Montreal & Southern Ry. to Canadian National Rys.whereupon respondent prayed for dismissal of so much of our complaint as
Pres. L F. Loree announced July 17 the completion of the sale of the related to the acquisition
and holding of the Missouri-Kansas
-Texas stock.
mertis of theQuebec
ayes
tut s Ca8a0n /Vticail
o the 2
6 0
.
On May 13 1929, the Manses City Southern filed a second supplemental
consideration,
Mntr
t So
sarlher as itio
wn B
answer, stating that subsequent to the filing of its first supplemental
p. 3347.
answert had divested itself of all of its holdings of capital stock of the
St. Louis Southwestern, and that, having completely
Georgia Carolina & Northern Ry.-Bonds Offered.
- ownership of stock of that carrier and of all right to divested itself of all
vote the stock, and
Mercantile Trust Co., Baker; Watts & Co., The Continental having no right or interest therein excepting a lien on the same to secure
payment of a note
Co.and Stein Bros.& Boyce,Baltimore, are offering $5,360,- finally dismissed. taken therefor, it prayed that the complaint be fully and
In a supplemental answer filed Oct. 18 1928, the Miseouri-Kansas-Texas
000 1st mtge. extended 6% bonds at 100 and int.
stated that its application above-mentioned
been
Dated May 24 1889; maturity. July 1 1929, extended to July 1 1934. supplemental agreement it has relinquished hasclaim withdrawn and that by
its
upon the 135,000 pref.
Principal and int., (J. & J.) payable at office or agency of Seaboard Air shares of the St. Louis Southwestern,
which had been redelivered to the
Line Railway in New York or at office of Continental Co. Baltimore, Md. Kansas City Southern. Hearing was thereupon
set upon the supplemental
Callable on 30 days' notice at 101 and int. up to and incl. July 1 1930. and answers of the Kansas City Southern
for
thereafter at par and int. plus a premium of ki% of such principal amount facts regarding the alleged divestments of the purpose of determining the
stock and whether
for each full year to elapse between the date designated for redemption divestments were of tho nature as to warrant discontinuance or not such
of the proand July 1 1934. Mercantile Trust Co. of Bahtmere, trustee.
ceedings. Such hearing was held on May 20 and 211929.
Seaboard Air Line Railway is the successor by merger or consolidation
At the hearing it was shown that the 450,000 shares of com. stock of the
ofthe Georgia,Carolina Sz Northern Railway. These $5.360,000 of Georgia, Missouri-Kansas-Texas acquired by the Kansas City Southern,
as above deCarolina & Northern Railway 1st mtge. gold bonds matured July 1 1929, scribed, had been disposed of through
and are being extended by Seaboard Air Line Railway to July 1 1934, Co., which has acted for many years the firm of Ladenburg. Thalmann &
i#lthout impairment of the mortgage security, with interest thereon at the Kansas City Southern, as follows: as bankers and financial advisers for
6% per annum. The extension of these bonds has been approved by the
A total of 162.384 shares were sold on the New York Stock Exchange,
C. Commission.
61.400 shares between June 20 and Oct. 20 1927, 57,700 shares between
These bonds are secured by a first (closed) mortgage at the rate of ap- Dec. 5 1927. and Jan.
proximately $20,000 per mile on 266 MRCS (from Monroe. N. C., to Inman May 22 1928. Exhibits 27 1928, and 43,284 shares between March 21 and
were
Park, near Atlanta. Ga.) of main line railroad constituting a connecting shares, price per share, gross filed showing in detail the dates, the number of
sale price, commission, taxes, and net proceeds
link in the main line of the Seaboard System between the important cities of these sales.
of Richmond. Atlanta and Birmingham.
Remaining Shares Also Were Sold.
Kansas City Southern Ry.-Anti-Trust Action DisBy contract dated May 22 1928 the Kansas City Southern sold to Ladenburg, Thalmann & Co. and
missed by 1.-S. C. Commission.
-Discontinuance of pro- shares, with the stipulation the National City Co. the remaining 287,616
ceedings upon complaint of the 1.-S. C. Commission against holders of the Kansas Citythat the stock should be offered to the stockSouthern for subscription on terms therein
the Kansas City Southern Ry. alleging violation of the Clay- named. There were 180,699 shares subscribed for and purchased by
shown in detail
ton Act in acquiring capital stock of the St. Louis South- stockholders and their assignees as27 and Aug. 16 in an exhibit. and the
remainder were sold between June
1928 on
western Ry. and the Missouri-Kansas-Texas RR. was Stock Exchange by Ladenburg, Thalmann & Co. and the the New York
National City
announced by the Commission on July 17, upon a showing Co.. the details also being stated in the record.
The record further shows that the 155,000 shares of St. Louis Souththat the Kansas City Southern has divested itself of the stock western stock were disposed of as follows:
Between Sept. 24 and Oct. 1 1928 the Kansas City Southern sold, through
so acquired.
Ladenburg, Thalmann &
Chairman Lewis and four others of the 11 members of the *hares of common stock,Co.,on the New York Stock Exchange,the 20,000
and on April 15 1929 the company sold to New
York Investors, Inc., the remaining 135,000 shares of preferred, the latter
Commission dissented.
The Kansas City Southern acquired stock of the other two companies in accordance with a contract, copy of which was filed in the record. Dent to a plan to effect a merger of the three Southwestern roads which livery of the contract shares was made on April 17 1929.
Representatives of the financial houses employed in these sales negotiaCommission failed to approve, and on Feb. 14 1928 the Commission
Issued its complaint charging violation of Section 7 of the Clayton Act. tions testified at the hearing, giving further details of the transactions and
fully supporting the statements of the respondent to the effect that the sales
The majority of the Commission now holds that "where, as in this case, the
carrier has, without the issuance of an order, divested its off of the stock were unconditional and without any understanding or agreement, direct
alleged to be unlawfully acquired and held, it is only necessary for us to or indirect, express or implied, that the stock were to be held or used in any
determine whether or not such divestment is bona fide and such as we may manner for the benefit of the respondent.
Under Section 11 of the Clayton Act we are authorized by order to require
approve."
Commissioner Eastman, in a dissenting opinion, in which CommLssioners a railway company to cease and desist from violation of the law and to divest
McManamy and Taylor joined,said that it seems that the evidence indicates itself of stock unlawfully held, in manner and within the time fixed by our
that -there is considerable doubt whether the Kansas City Southern inter- order. Where, as in this case, the carrier has without the issuance of an
ests have parted with actual control, direct or indirect, over either the order divested itself of the stock,alleged to be unlawfully acquired and held,
it is only necessary for us to determine whether or not such divestment is
-K.
M. -T. or the Cotton Belt.'
Chairman Lewis in a dissenting opinion said that "there having been a bona fide and such as we may approve.
We find upon the record that the divestments
violation, our order should be in such form as to forbid any direct or indirect
of the St. Louis
Southwestern By. and the Missouri-Kansas-Texasof stock the Kansas
RR. by
future control." Commissioner Campbell also dissented.
City
The Commission also discontinued its similar proceeding against the Mis- Southern By. as hereinbefore described, should be approved.
An order will be entered approving the divestments and discontinuing
souri-Kansas Texas.
the proceeding.
'
The full text of the report of the Commission dated as
flaying been decided July 8, and of the dissenting opinions,
follows:
ny order entered Feb. 14 1928 we issued complaint against the Kansas
City Southern By.alleging that that carrier had violated sad was continuing
-Trust Act by acquiring and holding
to violate Section 7 of the Clayton Anti
Louis Southwestern
a large part of the capital stock of the St.our approval and Ry. and of
-Kansas
-Texas RR. without
Missouri
Commissioner Eastman dissenting said:
The report of the majority is, I believe, open to two major criticisms:
(1) It is based upon a misconception of our duties under tho Act.
(2) It gives the benefit of doubt to defendant where no doubt ought tit
be permitted to exist. I shall discuss these points separately.
In a case of this sort our duty under Section 11 of the Act, after we have
served a complaint and held a hearing, is to determine (a) whether or not
the
authorization; provisions of the Act "have been or are being violated"; (6) if so, to make a
also that the respondent had entered into agreement with the Missouri- report in writing stating our findings as to the facts; and (e)to issue and serve
-Texas RR, whereby the latter carrier was to purchase the capital an order requiring the guilty party to cease and desist from such violations
Kansas
stock of the St. Louis Southwestern By, acquired by the respondent: and and divest itself of the stock held unlawfully, "in the manner and within
that the effect of the acquisition of such capital stock and the use thereof, the time fixed by said order." The ultimate enforcement of any such order
either by holding or granting of proxies, or otherwise, might be to substan- Is in the hands of the courts.
JULY 20 19291
FINANCIAL CHRONICLE
Attention is called to the words above quoted, "have been or are being
violated." They do not read. "have been and are being violated." If we
find that provisions of the Act "have been" violated, that in itself lays the
basis for action under duties (b) and (c), as above noted. An order in
accordance with (c) is appropriate under such circumstances, even if there
is doubt whether the Act is still being violated, for such an order requires
defendant not only to "cease" but to "desist" from its violations.
In other words, it is intended both to require divestment of control and
also to prohibit any future reacquirement; it looks to the future as well as
to the present. Furthermore, our order relates back to the time when we
assumed jurisdiction through the filing of the complaint. Any disposition
of the stock made in the meantime is made at the peril of those who participate in the transaction and is without validity if it runs counter to the
terms of any unlawful order that we subsequently issue.
If I am correct in this interpretation of our duties, they have. I believe,
been misconceived ni the report before us. It does not determine whether
provisions of the Act "have been" violated. On the contrary, the only
question considered is one which it is not in the first instance our duty to
determine, namely, whether there has been a divestment which is "bona
fide and such as we may approve," and an order is entered "approv ng"
such divestment.
I submit that our duty is to determine first, whether provisions of the Act
"have been" violated. If we answer this question in the negative, our duty
ends there. If we answer in the affirmative, it is our duty to make a report
in writing stating our findings as to the facts, and also to issue an order
requiring defendant to cease and desist from the violations and to divest
itself of the stock in the manner and within the time fixed in said order.
This power to fix the "manner" in which divestment shall be made is of
extreme importance. Manifestly there are all sorts of ways in which stock
could be sold to friends, business connections or even strangers which would
appear to bring about an absolute divestment of control and where it would
be difficult to prove otherwise, but which would nevertheless enable control
to be maintained by virtue of secret agreement, personal domination, or
even a mutual understanding which need not be expressed.
It was, I believe, to eliminate such doubts that we were given power to
fix the manner of divestment, and it is a power which we must use to the
full if the Act is to be effective. Without undertaking to say how much
farther we should go, certainly we should use in our orders language like
that which was used by the Federal Trade Commission and approved by
the Supreme Court in Fed.Trade Corn, v. Western Meat Co.,272 U.S.554.
That in such divestment, no stock or property above mentioned to be
divested shall be sold or transferred, directly or indirectly, to any stockholder, officer, director, employe, or agent of, or anyone othervrise directly
or indirectly connected with or under the control or influence of,respondent
or any of its officers, directors or stockholders or the officers, directors or
stockholders of any of respondent's subsidiaries or affiliated companies."
Says Benefit of Doubt Was Given to Defendant.
The second point is that the report gives the benefit of doubt to defendant
where no doubt ought to be permitted to exist. In the case of the M-K-T.
out of the 450,000 shares of stock sold 99,994 shares admittedly went
to the defendant's stockholders and 80,705 shares to their assignees. The
remainder were sold on the New York Stock Exchange through Ladenburg, Thalman & Co., but we do not know who the purchasers were. A
statement was filed purporting to show the purchasers, but in fact it only
shows the names of the brokers who acted for the real purchasers.
For all we know, a substantial or even a very large part of
stock
may have been taken up by individuals or concerns which wouldthe have
not
been permitted to purchase under an order containing language like that
which I have quoted above. We do know that there is no clear indication
that the interests which dominate the Kansas City Southern have ceased
to dominate the M-K-T. Four comparatively recent changes in the directorate of the latter are as follows:
In place of L. F. Loree resigned, Michael Cahill has
the Board. He was formerly Vice-President of the become Chairman of
Seaboard Air Line
a road in which Ladenburg, Thalman & Co., bankers of the Kansas City
Southern, have been interested. He was selected by Willis D. Wood.
of. Wood, Low & Co., a gentleman who sent us a wire expressing the hope
that Loree would be permitted to remain on the M-K-T -board, and by
W. M. Grove, of whom more later.
Richard H. Swartout, who has become a director, is a member of the firm
of Swartout & Appenzellar, who in 1924 sold to Kuhn, Loeb & Co. the
204,000 shares of M-K-T stock which marked the beginning of the Loree
plan for acquisition of the M-K-T by the Kansas City Southern. s.
E. A. Pierce, another of the now directors, is of the firm of E. A. Pierce
& Co., with which firm Swartout is now associated.
S. W. Fordyce, a fourth new director, went on the board in i925 along
with Loree and others for the purpose of representing the Kansas City
Southern.
In the case of the Cotton Bolt, 20,000 shares of common stock were sold
on the New York Stock Exchange through Ladenburg, Thalman & Co.,
but where it actually went we do not know any more than we know in the
case of the M-K-T stock which was sold on the Exchange. The 135,000
shares of preferred stock were sold to a syndicate which eventually was
made up of New York Investors, Inc., having about a third interest:
Halsey, Stuart & Co., having a like interest; and Arthur If. Waterman,
Leo H. Bing, Frank Bailey, and Compana Greve.
Business Affiliations are Discussed.
W. M. Greve Is President and Frank Bailey is Chairman of the board of
New York Investors. Greve went on the M-K-T board about a year and
a half ago at the request of partners of Ladenburg Thalman & Co., and at
a time when control of the M-K-T by the Kansas City Southern was
undisputed. He owns 2,800 shares of Kansas City Southern
between 3,000 and 4.000 shares of M-K-T stock. After he becamestock and
a director
of the Cotton Belt he resigned from the M-K-T board. He admits close
relations with Ladenburg, Thalman & Co., and is a director of the ilupmobile company, for which that firm are bankers.
Frank Bailey went on the board of the Cotton Belt when it was admittedly under the domination of the Kansas City Southern, and took
the place of Loree, whom we had compelled to resign. He owns 1,000
shares of Kansas City Southern, and with his wife owns 1,600 shares of
M-K-T common and 500 shares of M-K-T preferred. A corporation in
which he is interested Owns 3,315 shares of the
Famous Players, for which Kubn, Loeb & Co. latter. Ile is a director of
are bankers, and has
ness relations with both Ladenburg, Thalman & Co.,and Wood, Low busi&
M. B. Starring, a director of the Kansas City Southern, testified Co.
that
at the time when the 135,000 shares of Cotton Belt stock
syndicate (which was originally made up of New York were sold to the
DoKalb Company, a subsidiary), it was his distinct Investors and the
understanding that
New York Investors had purchased "for their own
the purpose of distribution to private investors.investment" and for not
He
Greve stated to him that he would keep the block intact also testified that
and that he would
maintain the present operating management of
indicated that in his opinion there was a moralthe Cotton Belt. Starring
obligation, although not a
legal obligation, to so hold the stock, and testified that
he
the Kansas City Southern board that Greve would hold had reported to
tne
All of this was denied by Greve and Bailey, but yet I think block intact.
that it is significant.
Doubt if Actual Control Has Been Relinquished.
up. it seems to me that the evidence
Summing
indicates
considerable doubt whether the Kansas City Southern that there is
interests have
parted with actual control, direct or indirect, over
either the
the Cotton Belt. Whether those doubts could be resolved M-K-T or
into facts
which would justify a finding of control in a court of
law I do not know;
but that as I see it, is not the point. Our power
of divestment was given to us for the express to prescribe the "manner"
purpose
doubts which are difficult to resolve into proven facts. of avoiding such
I believe that in
these cases we should determine, first, whether provisions
of the Act
"have boon" violated, as I think they have been, and then
proceed to the
issuance of an order of the kind which the Federal
Trade Commission has
used and which the Supreme Court has approved.
I am authorized to say that Commissioners MeManamy and Taylor
join in this dissent.
Chairman Lewsis dissenting says:
I join in the conclusion of the minority that our duty
was to ascertain whether the provisions of the act have in this proceeding
been or are
violated and, if a violation is found, to enter a "cease and desist" being
There having been a violation, our order should be in such form order.
as to
forbid any direct or indirect future control.
Commissioner Campbell also dissents.—V. 128, p. 3678.
Long Island RR.—Stock Increased.
The company on July 16 filed a certificate at Albany N. Y. increasing
the authorized capital stock from $40.000,000 to $55,000.000, par $50.
471
Over 99% of the outstanding stock is owned by the Pennsylvania
proceeds of the additional capital will be used to liquidate certain RR. The
indebtedness to the latter road.—V. 128. P.3820.
Massena Terminal RR.(N. Y.)—Final Valuation.—
The 1.-S. C. Commission has placed a final valuation of $232,488 on the
owned and used properties of the company, as of June 30 1919.—V. 124,
P. 2903.
Midi RR., France.—Earnings.—
[Figures given are per 1,000 francs.]
Calendar Years—
1928.
1927.
1926.
Operating receipts
975,745
866.617
849,802
Operating expenses
719,178
688,234
623,111
Net operating incomeFixed charges. &c
Dividends paid (10%)..
Advances made by Govt:
under agreement with
the Government
—V.126. p. 2624.
1925.
641,964
544.382
256,5613
273.160
12.500
178,383
252,239
12.500
226.691
236.368
12.500
97.582
192.056
12.500
16.575
73,856
9,677
94.474
Missouri-Kansas-Texas RR.—Anti-Trust Action Diemis ed by I.
-S. C. Commission.—See Kansas City Southern
Ry. above.—V. 129, p. 125.
New York Chicago & St. Louis RR.—Equip. Trusts
Offered.— Offering of $2,400,000 equipment trust of 1929,
4Y gold certificates was announced. July 18 by a syndicate
2%
composed of the First National Corp. of Boston, Harrison,
Smith & Co. and Kean, Taylor & Co. The issue was priced
to yield from 5.50% to 5.05% according to maturity. Issued
under the Philadelphia plan.
Principal and dividends unconditionally guaranteed by endorsement
by New York Chicago & St. Louis RR. Principal and dividends (F. & A.)
payable at the Guaranty Trust Co.of New York,trustee. Denom.$1,0000.
Dated Aug. 1 1929; to mature in equal annual installments of $160.000
from Aug. 1 1930 to Aug. 11944, incl.
These certificates are to be issued under an equipment trust agreement
between R. G. Elberly and A. W. Latham. the New York Chicago &
St. Louis RR. and the trustee, and will be secured upon new equipment.
which is under construction and will cost approximately $3,003,600.
Company is Permitted to Defer Stock Sale.—
The I.
-S. C. Commission on July 13 announced it had granted a further
postponement of the effective date of its order of March 11 in which it
directed the Baltimore & Ohio
the New York Central RR. and the
New York Chicago & St. LouisRR.. to divest themselves within 90 days
RR.
of their holdings of the stock of the Wheeling & Lake Erie Ry., which the
Commission held to be in violation of the Clayton law.
The New York Central and Baltimore & Ohio sold their stock to the Allegheny Corp after which the Nickel Plate asked that the order be vacated
as to it and also applied for authority to acquire control of the Wheeling &
Lake Erie by purchasing the stock held by the Allegheny Corp. The
Commission has not yet acted on that application but when the 90 days
had expired it amended its order to make it effective in 120 days, and on
July 10, when the 120 days expired, it amended it further to provide for an
extension of 150 days.
The text of the order, made public July 13, follows:
This Commission having under consideration its order entered in the
above-entitled proceeding under date of March 11 1929, as amended by
order dated June 10 1929.
It is ordered that said order as amended be, and it is, hereby further
amended by striking therefrom the words "within 120 days from the date
hereof," and by inserting in place thereof the words "within 150 days from
the date hereof"
It is further ordered that in all other respects said order of March 11 1929
shall be and remain full force and effect.—V. 128, p. 3998.
Pennsylvania RR.—Air-Rail Service to Coast Inaugurated
July 7.—
A new system of passenger travel which placed the Atlantic and Pacific
coasts within 48 hours of each other was opened to general travel in the
Pennsylvania Station July 7 with dedicatory ceremonies in which railroad.
aviation and city officials participated. The first party of paying passengers left on the new Airways Ltd. traveling by rail to Port Columbus.
Ohio, first transfer point of the new line. From there passengers transfer
to airplanes of the Transcontinental Air Transport and fly to Waynoka,
Okla., Winslow, Ariz., and thence to Grand Central Air Terminal at
Los Angeles.—V. 128, p. 4318.
Pittsburgh & West Virginia Ry.—Permanent Bonds.—
Permanent 1st mtge. 43i% gold bonds, series B, due April 1 1959, with
October 1929 and subsequent coupons attached, are now ready for delivery
in exchange for interim receipts at the offices of Brown Brothers St Co. and
the Union Trust Co.. Cleveland. (For offering see V. 128. p. 2456.)—
V. 128, p. 3180.
Quebec Montreal & Southern Ry.—Sale.—
See Canadian National Rys. above.—V. 128. p. 2456.
Seaboard Air Line Ry.—Deposit Date Extended to July
3I.—While substantially more than 50% of the outstanding
adjustment bonds have been deposited under the recapitalization plan, both the company and the adjustment bondholders' committee regarded the deposits as altogether
inadequate and will be obliged to abandon their effort to
consummate the plan unless there are very substantial
additional deposits of the bonds, Robert L. Nutt, Chairman
of the board of the company, said in an announcement July
17 of the extension of the time for receiving deposits to
July 31.
Deposits of adjustment bonds under the plan at the close of business
July 15 1929—the period fixed for the receipt of such deposits—plus additional bonds since offered for deposit aggregate 514.534,000. These
deposits are considerably in excess of 50% of the total of 825,000,000 of
these bonds outstanding and thus indicate that the owners of a substantial
majority of the entire issue of those bonds desire to proceed with the consummation of the plan.
"However, as stated in the plan." Mr. Nutt said, "its advantages cannot
be fully realized unless the holders of all of the adjustment bonds assent
thereto by depositing their bonds under the plan, and neither the Company
nor the adjustment bondholders' committee are in any way obligated to
declare the plan operative unless the holders of substantially all of the
adjustment bonds shall assent thereto."
The holders of a substantial majority of both the company's preferred
and common stocks have already indicated their desire to proceed with
the consummation of the plan by returning proxies in excess of the amounts
requisite for proposed stockholders' action. The meeting to consider such
action will be adjourned to Aug. 2 1929, until it can be determined whether
the holders of undeposited adjustment bonds are prepared to co-operate in
the consummation of the plan by depositing their bonds, or whether the
plan must be abandoned. In urging owners of undepcsited bonds to deposit
their holdings, the committee points out that the railroad will be faced
with serious difficulties if it should prove necessary to abandon the plan.—
V. 129. p. 276.
Texas & Pacific Railway.—Listing.—
The Now York Stock Exchange has authorized the listing of $20,000,000
gen. & ref. mtge. 5% gold bonds, series C. due April 1 1979.—V. 128,P.
4152.
Toledo-Detroit RR.—Abandonment.—
The 1.-9. C. Commission on July 2, issued a certificate
the Detroit. Toledo dc Ironton RFt,and the Toledo-Detroit RR.authorizing
to abandon
part of a line of railroad in Monroe County, Mich. about 6.98 miles.
FINANCIAL CHRONICLE
472
Virginia Central Ry.-Earnings.Income Account 6 Months Ending June 30.
Miles operatedTotal revenues
Total operating expenses
Nat revenue
Calender YearsOperating revenues
Operating expenses
1928.
870,569
49,931
6 Mos. 1929. Increase.
None
39 miles
$23,363
858,336
454
25,324
1927.
850.687
62,404
$33.012
1926.
826,566
32,278
$22,909
1925.
836,666
32,638
84,028
def$5,711
820.617 def81.1,717
Net
Langburne M. Williams, President, bought the road as a narrow guage
In 1926, standard guaged the road and it is now operating as a standatd
guage between Orange. Va., where it connects with the C. & 0. and Southern Railway. and Fredericksburg. Va., where it connects with the It. F.
-V. 129, p. 126.
& P. RR. which is used by the A. C. L. and Seaboard.
PUBLIC UTILITIES.
-Public utility earnings during
Matters Covered in "Chronicle" of July 13.
May, p. 186.
-Earnings.
American Tel. & Tel. Co.
1926.
1927.
1928.
6 Months End. June 30: x1929.
$66,341,283 $57,551,184 $48,945,090 $44,564,768
Dividends
6,432,432 8,164,888 6,218,774
9,057,361
Interest
Telephone oper. rev_ _ _ _ 54,847,044 48,495,536 48,538,651 45,133,430
199,894
315,066
206,932
654,161
Miscellaneous revenues_
$130,899,849$112,686,085$105,963,696 $96,116,867
Total
Expenses, incl. taxes.... 38,750,074 33,130.105 31.276,823 29,360,037
Net earnings
Deduct interest
Deduct dividends
$92,149,775 879,555,980 874,686,873 $66,756,830
11.947.680 10,884,211 10,804,597 10,839,485
56,984,688 50.028,953 47,831.660 41,565,622
S23,217,408 $18,642.815 816,050.616 814,351,723
Balance
x Subject to minor changes when final figures for June are available.
Walter S. Gifford, President, says:
Further progress has been made in transoceanic telephony by the construction of a short wave directional radio telephone transmitting station
at Lawrenceville. N. J., which will supplement the original long wave
telephone station. A second short wave telephone channel to Europe was
opened on June 1. To provide for future growth, an additional circuit to
Europe and one channel to Argentina, South America, are now in process
of construction. The radio telephone channels to Europe will, it is expected, be continued as supplementary to the telephone transoceanic cable
which company is preparing to lay.
Telephone service for airplanes has been developed and connections have
been successfully made between flying planes and the land lines of the Bell
System. The practicability of conversation from airplanes flying over the
United States with Europe, through the regular land lines and transoceanic
radio telephone channels, has been demonstrated.
Regular telephone service with ships at sea Is in prospect. The first
trial installation will be on the Leviathan, and it is expected that in due
course liners generally may be reached from telephones anywhere in the
country through this company's radio telephone stations.
These extensions of telephone service are part of the company's program
to make It passible for any one, anywhere, any time, to talk quickly and
at a reasonable cost to any one anywhere also.
As of July 1. payments were completed for the company's issue of $219,-year convertible 4).6% bonds, offered to stockholders of record
112,700 10
on May 10 1929. Also on July 1 $75,000,000 of the collateral trust 4%
bonds of the company then outstanding became duo and their payment was
-V. 128, p. 4319.
arranged for.
-Rights Extended.
Associated Gas & Electric Co.
The Associated Gas & Electric Securities Co., Inc.,says: vacations from
On account of the many stockholders who are away on
their usual places of residence or business and because of the many additional
stockholders in foreign countries, the directors of the Associated Gas &
Electric Co. has extended the time for exercising "rights" to buy class A
stock from July 23 to July 30.
During the last offering of class A stock under "rights," practically every
one was exercised. Under the present offering the "rights" have been
exercised earlier and at a more rapid rate than in any previous offering.
Any stockholders who do not propose to exercise their "rights" should
sell them.
"Rights" not exercised will be void and of no value after July 30. See
V. 129, P• 126.
--Dividends.
Associated Telephone Utilities Co.
The directors have declared the usual dividends of 25c. per share in cash
and 12iic. per share In stock on the common stook, both payable Oct. 15
to holders of record Sept. 30.-V. 129, p. 277.
(
Berlin City Elec. Co., Inc. Berliner Staedtische Elektrizitaetswerke Akt.-Ges.).-$3,000,000 Credit Granted
Company by Dillon, Read cfc Co.
A $3,000.000 credit for the Berlin City Electric Co.running for six months
at a rate of 7 Si %, has been arranged by Dillon. Read & Co. This is the
[voL. 129.
Data from Letter of Gerhard M. Dahl. Chairman of the Board.
-Corporation operates, through a subsidiary, 319 miles of
Property.
rapid transit (subway and elevated) line track. Corporation's interest
In the rapid transit lines is through New York Rapid Transit Corp., a
subsidiary, which owns the original rapid transit lints and their equipment,
and the lease (mentioned below) of the City-owned rapid transit lines and
their equipment. The Williatnsburgh Power Plant Corp.,another subsidiary
owns electric power plants with an aggregate generating capacity of 272,000
hp.. which provide the present power requirements of the lines of Brooklyn
& Queens Transit Corp. and of the New York Rapid Transit Corp. lines
in Brooklyn. The properties of the system are being maintained in excellent operating condition.
Brooklyn-Manhattan Transit System owns more than 50% of the stock
of Brooklyn & Queens Transit Corp.,formed by the consolidation on July 1
1929 of the surface railway companies in Brooklyn, which company will
operate approximately 500 miles of surface line track.
Traffic Increase.-Slnee 1918 the number of passengers carried by the
rapid transit lines has increased over 161%.
Security.-Notcs are secured by deposit with the trustee of 816,200.000
New York Rapid Transit Corp. refunding mortgage 6% sinking fund
gold bonds, series "B", due 1968.
The city of New York has an investment of over $180,000,000 in the
City-owned lines operated by the New York Rapid Transit Corp.. the
Interest and sinking fund on which, under the contract mentioned below,
Is subordinated to an amount to be paid to that corporation substantially
In excess of present interest and sinking fund requirements on Now York
Rapid Transit Corp. refunding mortgage bonds.
-For the year ended June 30 1929, fixed charges of BrooklynEarnings.
Manhattan Transit System were earned approximately 1.8 times after
depreciation as shown below. During the last three fiscal years maintenance
and depreciation have averaged approximately 24.4% of total operating
revenues. Consolidated earnings of Brooklyn-Manhattan Transit System
for the past four fiscal years compare as follows.
1929.*
1928.
1927.
Years End. June 30- 1926.
844,840,967 846,710,593 $47,466,603 $48,585,841
Operating income
Income applicable to
13,510.235 14,143,305 14,56.5.561 15,089,469
int., rentals, &c
8.484,620
7,794.860 7,970.106
7,792,048
Interest, rentals, &c
5,748,187 6,348,445 6,595.455 6,601,849
Surplus
*Actual for 11 months to May 31 1929 and estimated for June 1929.
It is ottirnated that the income will accrue to the Brooklyn-Manhattan
Transit System from its holdings of stock of Brooklyn & Queens Transit
Corp. will at least equal the income formerly derived from its ownership
of Surface Lines.
Purpose.-Procoeds will be used for the retirement of $10,000,000 oneyear secured gold notes due August 15 1929, and to reimburse its Treasury
in part, for the purchase of New York Rapid Transit Corp refunding mortgage 6% sinking fund gold bonds, Series "B," due 1968, over and above the
812,000,000 bonds now deposited as security for the maturing ono-year
notes.
on
c tract With the City -The lease of the City-owned line- contained in
the contract with the city,subject to earlier termination as therein provided,
runs to 1969. This contract provides in substance that from the pooled
revenues derived from the operation of the city-owned and the companyowned rapid transit lines, New York Rapid Transit Corp. is entitled to
deduct certain annual cumulative prefcrentials, including (a) operating
expenses, maintenance, rentals and taxes, (b) depreciation as determined
annually, (c) a fixed preferential of 83,500,000. and (d) a further preferential representing interest and sinking fund on the amount of the cost to the
New York Rapid Transit Corp. and predecessors for construction and
equipment under the contract, all before the City is entitled to receive
any return on its investment. After the City has received interest and
sinking fund on its costs of construction under the contract and after
provision is made for a small contingent reserve fund, the balance of tho
revenues is to be divided between the City and Now York Rapid Transit
Corp.in equal parts.
The current annual earnings of New York Rapid Transit Corp. exceed
by a substantial amount all of its current annual preferentials Under the
terms of the contract the accumulated arrears of its preferentials must be
paid before the City is entitled to receive any part of the earnings. The
books of said corporation show these arrears as of Juno 30 1929, as amounting to 812,573,812, of which 84,695.912 is held in suspense pending deter-V. 128. p. 4319.
mination of objections filed on behalf of the City.
-Buys 100 Cars.
Brooklyn & Queens Transit Corp.
The directors have authorized the purchase of 100 new surface cars. This
company is operating the surface lines in Brooklyn and parts of Queens as a
result of the recent consolidation of the Brooklyn City RR. and the various
surface companies of the Brooklyn-Manhattan Transit Corp. The new cars
will cost around $15,000 each,so that the estimated expenditure for these
additional 100 cars will be 31.500,000.-V. 129 p. 278.
-Deposits Under Plan.
Cables & Wireless, Ltd.
The corporation last week announced that the following percentages of
stockholders of companies to be included in the consolidation have accepted
the merger terms: 88.45% of Marconi stockholders, 06.89% of Western
Telegraph, Ltd.. 97.04% of Eastern Telegraph, Ltd., and 96.93% of Eastern Extension, Australian & China Telegraph Co., Ltd. See also V. 129,
p. 278.
-June Output.
Canadian Hydro-Electric Corp. Ltd.
This corporation produced 153,788,000 k. w. h. of elearic energy in
'
June, an increase of 59% over June 1928. In the first 6 months of this year
the corporation generated 983,609,000 k. w. h., 85% greater than its
-V. 129, p. 278.
output in the corresponding period of last year.
-Definitive Bonds.
Central Public Service Corp.
third German credit extended by Dillon, Read & Co. since the recent
Harris, Forbes & Co. announce that the definitive bonds of the $25,000,reparations agreement, the others having been a $50,000,000 loan to the
Corp.
of the Central Public Service Corp. 53s duo
000 and 85,000.000 issues
Reich Government and one of $3,000,000 to the Ruhr Chemical
The Berlin City Electric Co. in its report for 1928 shows a substantial Feb. 1 1949 will be ready in exchange for the outstanding temporary cerIncrease in revenues and in the output of electrical energy. Profits paid to tificates at their office on and after July 22. (See offering in V. 128. p.
the city for the year totaled 23,410,000 reichsmarks compared with 20,160,- 882.)-V. 128, p. 2626.
out a
000 reichsmarks in the preceding year. The company is carrying which
-Regular Dividends.
Cities Service Co.
building program for 1929 involving 64,212,000 reichsmarks, of
The directors have declared regular monthly dividends of 2Yi CelltR per
38,781,000 reichsmarks will be invested in new power plants. The number
company Increased 142,000 last year to a total of share in cash and Yi of I% in stock on the C0E11111011 stook, 50e. a share on
of meters operated by the
24% the preferred and preference "BB" stocks, and Sc. a share on the preference
719,000, while the number of large industrial consumers increased
B stock, all payable Sept. 1 to holders of record Aug. 15. Like atnounts
-V. 129. p. 278.
during the year.
are payable Aug. 1.-V. 128, p. 4152.
-Receives
Berlin (Germany) Communications Co.
Credit of $7,500,000 in New York-Also a Similar Credit in
London.
Kuhn, Loeb & Co., on behalf of a group consisting, in addition to themCo.,
selves, of the Guaranty Co. of Now York, International Manhattan
J. Henry Schroder Banking Corp., and Chemical National Co., all of
a
New York. and the Continental Illinois Co. of Chicago, have arranged is
one-year credit of $7,500,000 for the Berlin Communications Co., which
consolidate and hold all of the stock
a holding company formed in 1928 to the elevated, subway, street railof the companies owning and operating Berlin with total assets of over
way and omnibus systems of the City of
$150,000.000. All the stock of the Communications Co. is owned by the
City of Berlin. It Is understood that a similar credit has been arranged
for the company in London.
Citizens Gas Co. (of Indianapolis).
--Tenders.
The Bankers Trust Co., primary trustee, 16 Wall St., N. Y. City, will
until August 7 receive bids for the sale to it of 1st & ref, mtge. s. f. gold
bonds, to an amount sufficient to exchaust $12,620, at a price not exceeding
108 and int.-V. 128, p. 5.56.
Columbia Gas & Electric Corp.
-Big Pool Organized in
Gas and Power-Morgan and Chase Interests Join with
Byllesby and Bond ct.: Share Groups-Deal Includes Large
Area North of Ohio and Gas Lines from Texas to Atlantic
-The New York "Time" July 16 had the
Seaboard.
following:
An affiliation has been formed by the Columbia Gas & Electric. Utilities
Power & Light. Standard Gas & Electric and American Gas and Electric
systems for the formation of extensive gas and power pools embracing
most of the territory north of the Ohio River and extending from St. Louis
to Pittsburgh, it became known yesterday. Heads of the companies, at
meetings la several mid-Western cities, recently, concluded plans for the
-Notes Offered.- vast interconnections described, which will make possible when
-Manhattan Transit Corp.
Brooklyn
completed
Securities Corp., J. & W. Seligman & Co., Hayden, the linking of a series of natural gas lints extending from Texas to the
Cha-se
Atlantic
N ntic
and Kidder, Peabody & Co. are offering at 98
Stone & Co.
mergers Wr i result at present from the
bo.
rrers ill.
-year 63,% secured upon by the system described, it was learned.policy of co-operation decided
The resources of the organiand int. to yield over 7% $13,500,000 3
zations amounted at the close of 1928 to about 12,125,000.000, while
gold notes.
their gross earnings were over $262,000,000 last year. All, however, own
Interest payable F. & A. at
f Dated August 1 1929: due August 1 1932. York, trustee, without de- properties outside of the particular territory embraced in their mid-Western
principal office of Chase National Bank New exceeding 2%. l'enn. and peels, which will embrace large sections of Illinois, Indiana, Ohio,'Cent uck y,
duction for normal Federal income tax not tax on interest refundable. West Virginia and Pennsylvania.
income
onn. 4 mills taxes. and Mass. 6% in part on any int. date, on at least
The links already planned or in existence in the super-gas system are
enom. $1.000. Red. in whole or August 11930; at 1004i to and incl. the Miasistippi River Fuel Corp.. controlled by Staudard Oil of New
101 to and incl.
days' nodes, at thereafter at par, accrued int. so be added in each Jersey, which is building a 551-mile line of 22-inch pipe from Moaroe, La.,
0
August 1 1931; and
to St. Louis, Mo.;the St. Louis Gas & Coke Corp. controlled by the Utilities.
-Initial Dividend.
Birmingham (Ala.) Gas Co.
An initial quarterly dividend of $1.50 per share has been declared on the
value. payable Aug. 1 to holders of record
$6 curnul. 1st pref. stock, no par p. 3183.
July 15. See offering in V. 128.
1110111111100.
JULY 20 1929.1
FINANCIAL CHRONICLE
473
-9n Curb.
Eastern Utilities Investing Corp.
Power & Light Corp., which has modern by-product coke oven and blast ,
furnace plants at Coke. III., opposite St. Louis as well as electric generating
The 765,000 shares (no par'value) class A stock has been admitted to
equipment; the Louisville Gas & Electric Co., whcih owns the Kentucky unlisted trading privilege on the New York Curb Exchange.
Coke Co. and connects with the Columbia Gas & Electric System gas lines
An investing company with resources of over $80,000,000, corporation
at Lexington, Ky., and other points and the Columbia Gas & Electric Sys- has in its portfolio stocks of a number of prominent public utility comtem extending all the way to the Atlantic seaboard.
panies. Among them are the 'following: Consolidated Gas Co. of New
The system also links with the Duquisne Light Co. of Pittsburgh, which York, Edison Electric Illuminating Co. of Boston, Associated Gas & Elecwith the Louisville company are in the Byliesby system, and is expected to tric Co., Utilities Power & Light Corp., United Gas Improvement Co.,
link also with the Citizens Gas Co. of Indianapolis and with the American Central Massachusetts Light & Power Cm., Commonwealth Gas & Electric
Gas dr Electric system operating in several States.
Co., General Gas & Electric Corp., Massachusetts Lighting Co., New
The gas pipe-line system of the Columbia Gas & Electric Co., with England Gas & Electric Association, New England Power Association,
Gas Co. and Worcester Gas
23,897 miles of pipes, sufficient nearly to belt the earth, is the most Im- Public Utility Investing Corp., West
portant existing part of the super-gas system planned. Running from Light Co.
-V. 128, p. 2992.
Muncie. Ind., to Dayton, Ohio, from Toledo and Cleveland to the Ohio
-Larger Class A Div.
Federal Water Service Corp.
River, from Cincinnati to Columbus on one hand and into West Virginia
The directors have declared a regular quarterly dividend of 130c. per share
on the other,and supplying practically all of Central Ohio and Southwestern
systems reaching on the class A stock, payable Sept. 1 to holders of record Aug. 2. Holders
Pennsylvania, Columbia also controls two pipe line
of the stock may apply 50c. of the dividend to the purchase of additional
towards the Atlantic.
One of these lines extends from the Pittsburgh territory to Olean. N. Y•.• class A shares at the rate of $27 per share.
through
Previously the company paid quarterly dividends on the class A stock
with a connecting line running close to Buffalo, and east from Olean
Binghamton, Hancock and Unionville to Tappan, N. Y., and Garfield, of 50c. per share in cash or 1-50th of a share In stock. (Compare V. 128.
the Hudson River. Three other lines run from near Cum- p. 2803.)-V. 129, p. 128.
N. J., close to
berland, Md., where they link with pipes from West Virginia fields, across
-Acquisition.
Greenwich Water & Gas System, Inc.
Southern Pennsylvania to the Philadelphia district.
The Community Water Service Co. announces the acquisition, through
If contracts are executed to supply part of the gas needs of Pennsylvania the Greenwich Water & Gas System, Inc.. a subsidiary, of the water propNew Jersey and New York utilities included in the so-called Morgan group,
Hingham. Scituate and Cohasset, Mass. The
serving
all that remains to link the Eastern Seaboard with Texas fields is a pipe- ertiesappraised Dedham,
value of these properties is in excess of $4,805,900 and gross
total
line connection between Louisville and Indianapolis or St. Louis.
The extensive affiliations which are bringing into existence this huge gas earnings are in excess of $405,000.
The total assets of the Greenwich corporation now exceed 119.300.000,
system are also expected to create one of the country's principal electric
of $1.465,000. With these additions, total
power pools, depending both on steam and hydro-generation for their and gross earnings are in excess
will exceed $78,000,000, it is stated.
supply. As in the case of gas, two-day service can be established through- assets of the Community company
V. 128, p. 4153.
out all the lines of the system by central "trunk lines" operated to supply
-Merger.
power or gas. While natural gas and manufactured gas will be used in a
Home Telephone Co. of Covina, Calif.
co-ordinated manner in one system, hydro-electric and steam-electric wirer
See Associated Telephone Co. in V. 128, p. 4319.-V. 121, p. 2038.
will be adjuncts in the other.
-Debentures Offered.
Italian Superpower Corp.(Del.).
The Utilities Power & Light System, the American Gas & Electric System,the Standard Gas & Electric System and the Columbia Gas & Electric Public offering of an issue of $4,000,000 35
-year 6% gold
System, affiliated respectively with the Chase National Bank, Electric
Bond & Share, H. H. Byliesby and J. P. Morgan utility interests, have debentures, series "A," (with common stock option warjoined forces in the creation of the vast gas and electric pools described. rants series of 1929), was made July 19 by a banking group
Although the Columbia organization is a large "independent," it has a
Morgan partner on its board and a small interest in it is owned by the composed of Bonbright & Co., Inc., Field, Glore & Co. and
United Corp.
Banca Commerciale Italiana Trust Co. The debentures
The moves which took place during the formation of these vast interconnections were probably responsible for the rapid and unexplained ad- were priced at 91 and int. to yield 6.65%.
-Each $1,000 debenture will be accomCommon Stock Option Warrants.
vance in the value of the securities of these companies.
holder
In the opinion of close observers, there will be at present no mergers panied by option warrants, series of 1929, entitling themay be to purchase
constituted
such stock
of the companies linked in forming the mid-Western super-gas and super- 15 shares of the common stock class A asand incl. Jan. 1 1930, at a price
pools, but each will retain its present territory and co-operate with at the time of purchase at any time up to
power
thereafter and up to and incl. Jan. 1 1933 at a price
of $12.50 per share;
the other companies.
price of $20
The principal effect of the combination planned will be to compete with of $15 per share; thereafter and up to and incl. Jan. 1 1938 at a
by
the advance of the Insult system into the territory served and possibly may per share, on which last named date the rights to purchase represented
expire.
counteract any expansion of the Eastern utility systems into the territory. such option warrants, series of 1929. shallPrin. and int. (J. & J.) payable
Dated Jan. 1 1928; due Jan. 1 1963.
At some future time a merger embracing all these systems may be desirable
on Jan. 1
and feasible, but the fact that groups with entirely distinct financial con- in U. S. gold coin of the standard weight and fineness existing Red, as a
nections are planning close physical co-operation appears to have offset 1928, at the office or agency of the corporation in New York.
whole, or in part, at 1073$ and int. on any int, date on 60 days' notice.
any necessity for mergers such as have occurred recently in the East.
Denom.041,000 and r.$1.000, $5,000 and authorized multiples. Trustee:
V.128, p.3882.
Bankers Trust Co., New York. Corporation has agreed to pay interest
Columbus Electric & Power Co.-7'ime Extended.
on these debentures without deduction for any U. S. Federal income tax
The time for deposit of this company's common stock in exchange for stock up to but not exceeding 2% per annum. Corporation has also agreed to
and warrants of the Conunonwealth & Southern Corp. has been extended to refund on proper application the Penn. 4 mills tax and the Ma.os. income
the close of business on July 24 by Stoue & Webster Inc., depositary. A tax not exceeding 6% per annum on income derived from the debentures.
large amount of stock has already been deposited so that substantial progData from Letter of L. IC. Thorne and Giuseppe Toeplitz.
ress has ba.si made towards the consummation of the plan. Ifthe present rate
Corporali.in.-Organized in Delaware. Owns substantial interests, but
of deposits continuos, the Commonwealth & Southern securities should be
all of the important electric
ready for delivery before July 24, it is announced. Deposits should be in no case a majority of the stock, in practically telephone company in the
wer and light companies and in the principal
made with Stone & Webster, Inc., in Boston. or Stone & Webster and
companies and their subsidiaries operate in all
dom of Italy. Those
Illodget. Inc.. in New York or Chicago.
-V. 129, p. 128.
sections of Italy and assure to the corporation a nation-wide diversity. of
With the modern adaptation of electricity to practically every line
Compania Hispano Americana de Electricedad,
Industry, Italy has started on a remarkable development of her hydro(Chade) S. A.
-Acquisition,
electric resources. Since 1922 the kilowatt hour output has more than
An arrangement has been made between Chade, which supplies electricity doubled, although as yet only about one-third of the available power has
supplies gas been developed. The fact that in 1928 the electric consumption per capita
to the city of Buenos Aires, and the Primitive Gas Co. which
to the same city, whereby the former has acquired 660,000 shares (ii par) In Italy (250 k.w.h.) was less than two-fifths of that in the United States
of the common stock of the latter at 308. each, being the unissued balance (693 k.w.h.) is also indicative of the possibilities for growth of the Italian
of an authorized share capital of £3,000,000.
electric power and light industry.
In connection witn the transaction, Mr. R. A. Cooper. Chairman of the
The assets applicable to these debentures, as shown by the books of
the corporation on June 30 1929. and after giving effect to die present
Primitiva Gas Co., declared at the annual meeting, as follows:
The Prhnitiva company has formed a holding company into which the financing will exceed $37,000.000. This amount is equal to more than
shares
Primitiva shareholders will be asked to exchange their shares. Theby two 11.660 for each $1,000 debenture presently to be outstanding.
The corporation owns substantial nterests in the following companies:
then belonging to the Chade and the holding company will be heldcontrol,
trustees, whose duty will be to use their votes to maintain British
Northern Growl,c ni, Socr e o
Terita (Teintn per l'Industria e l'Elettrion the one hand, and to prevent any prejudice of the interests of Chade Societa Adriatica di Elettricita (Adriatic
management
on the other. Otherwise they are not to interfere with the
Electric Co.)
nyEe Toseana
Soc scaLiguriectric co) di .Elettricita
of the company in any way.
Societe Elettrica della Venezia Giulia (Tuscany
Provision has been made for an interchange of directors in Europe and an
(Venice Giulia Electric Co.)
c
:
li
le r
Societe c ttca del Valdarno (Valdarno
Interchange of members of the local committee in Buenos Aires, and a Societe Generale Elettrica dell' Adrunello
Electric Co.)
joint council of administration for developing their mutual interests is to
(Adamello Electric Co.)
Unlervice c
sone Eserc4r1 Eleatic!(United Electric
be set up in Buenos Aires.
SOcleta Generale Italians Edison dl MetIt is proposed that the capital of the bolding company,after the exchange
Insular Group
tricks (Milan Edison Co.)
is complete, should be split. 60% into 5% preference stock and 40% into Societe Emillana di Es' ercizi Elettriel Societe Generale Elettrica delta Sicilia
ordinary stock, and provision has been made in the articles of association to
(General Electric Co. of Sicily)
(EMIllana Electric Co.)
maintain British control.
Idroelettrica Piedmont Electric SocietaElettricaSarda(SardinlaElec.CO.)
Chude, which Is one of the outstanding utility operating companies of the Societe (SIP.)
Miscellaneous
Co.).
world, is one of the group of companies controlled by the powerful Senna
Societe Nationale per to Sviluppo delle
Central and Southern GroupsfSociete Financier° do Transports et d'Entreprises Industrielles) the Elettricita e Gas di Roma (Rome Elee- Imprese Elettriebe(National Co. for the
European utility management and holding company in which Dannie
Development ofElectrical Undertakings)
ale A; Gas Co.)
It was incorporated in 1920 in Madrid
Heineman is the leading figure.
Societal Merldionale di Elettricita (Merl- Societe Industrie Elettro Telefoniche (In
to take over various enterprises in South America owned by the Deutsch
dustrial Telephone Co.). (S.I.E.T.)
dionale Electric Co.)
Ueberseeische Elektricitaets-Gesellschaft, which has been operating
-Proceeds will be used for the acquisition of additional interests
electric works in Buenos Aires and other parts of South America since 1901. in Purpose.
certain Italian electric light and power companies, in payment of current
The company, which does in excess of 80% of the electric light and power Indebtedness and for other corporate purposes. •
business in the city of Buenos Aires and environs, has shown rapid and
Outstanding.
Authorized.
tionconsistent growth, Its sales of electrical energy being over 542,000,000 35Ca pita liza gold debentures, series A
522N.2050ne,000
-year 6%
k.w.h. In 1928. It has recently increased its dividend to 15%.
000 shs.
100.
Prior preferred stock
In 1028, on the occasion of an increase of the capital stock of Chade, Prof. stock ($6 cum. div. with partic. features
shares of the company were introduced on the New York Curb Exchange
up to an additional $I as defined in certifiin the form of American Depositary certificates issued by Guaranty Trust
124.172 abs.
150.000 abs.
cate of incorporation, callable at 105)
-V.128. P.3682.
Co.of New York.
1,400.000 shs. a970.000 she.
Common stock class A (non-voting)
150.000 abs.
150,000 shs.
Common stock class B (voting)
Connecticut Electric Service Co.
-Merger.
b60,000 sta.
Option warrants, series 1929, for
-V. 128, p. 2269.
See Waterbury Gas Light Co. below.
x Limited by the restrictions of the debenture agreement.
a Includes 181,260 shares deposited with the Bankers Trust Co., N. Y.
Des Moines City Ry.-Sale Approved.
Co. has issued option warrants entitling
City,
The sale of the road under receivership was approv 3 July 13 by Federal the against which Bankers Trustdeposited shares at any time on or before
holders thereof to purchase the
Judge Martin J. Wade. The road was purchased by . alter J. Cummings Jan.
1 1938 on the same terms as the option warrant ser. of 1029 described
of Chicago and associates. The new owners took o r control effective
herein. b Option warrants, ser. of 1929, to purchase from the company.
midnight July 15.-V. 127, P. 259.
60.000 shares of com, stock class A on the terms herein described on or
before Jan. 11038.
-Year
Detroit Edison Co.
-Conversion Privilege of 10
-Common stock class A and class B are identical except that sole
Note.
Cony. Gold Debenture Bonds Expirea Aug. 31 1929.voting power is vested in common stock class B.
Treas. S. 0. Mumford says: "Attention is directed to he expiration on
Ea-nings 12 Months Ended June 30 1929.
52.404503:777848
Aug. 31 1929, of the period during which the 10
-year 7% onv. gold deben- Interest and dividends received
ture bonds, series of 1930, can be converted into capitals ck at the rate of Profits from purchases and sales of secur., underwritings, &c_ _
share of stock for each $100 of debentures. The holders of these debenone
:
$2.494 562
Total
tures who fall to convert them on or before Aug 31 1929 will receive only Expenses
es
the face amount thereof at maturity on March 1 1930.
52,473.347
of
"These debentures should be surrendered for conversion at the offices
1 335 000
-year 6% gold debentures, series A
either Bankers' Trust Co., 16 Wall St., N. Y. City or Detroit & Security Interest on 35
51.138.347
Balance
Trust Co., 201 West Fort St.. Detroit, Mich., on or before Aug. 311929.
The above statement for the 12 months ended June 30 1929, shows a
as no conversions can be made after that date."
balance applicable to interest on the 35
-year 6% gold debentures. series A,
1928.
Earns. 12 Months Ended June 301929.
$55,161.633 $49,384.654 of more than 1.85 times the charges.
Total operating revenue
-L. K. Theme (Pres. & Chairman). S. Z. Mitchell (Chairman
Directors.
73,814
-operating revenue
86.461
Non
,
Ext c. Comm.), C. E. Calder. Ii. 0. Cobb. E. P. Currier (V.-Pres.). MarS. A.
Total revenue
$55,248,093 149.458,468 shall Field. P. G. Gossler. .1. W. Maitland (V -Pr"..). C. B. Mieor,
(Vice,
32.767.175 Mitchell. Floyd B. Odium, Niel A. Weath,rs. Giuseppe Toeplitz Conti°
non-operating expenses
35.'.68.980
Operating &
Chairman of the Board, Chairman Investeseet Committee). Ettore.
5.324.829 4.086.962
Interest on funded & unfunded debt
Crespi. Guiln Donezani. Michelane 10 • cent, Angelo Ford. Sir314.223,
Amortization of debt discount & expense
313,697
31,120 PUS'. Achille (loggia , .Gianriocomo Pond. rl•eclo Semenza. Pasquale
33,529
Miscellaneous deductions
Simonelli and Count quiseppe Volpi di Misurata.
(Ail conversions of lire into dollars have been made at the prevailing rate
$13,607,058 $11,358,987 of.
Net income
exchange.I.-V. 128. p. 2461.
-V.128. P. 4153
.
474
FINANCIAL CHRONICLE
International Hydro-Electric System.
-Listing.
-
The New York Stock Exchange has authorized the listing of 9,500 additional shares of class A stock (no par value) on official notice of issuance
as a stock dividend, making the total amount applied for 1,054,500 shares
of class A stock.
-V. 129, P. 280.
International Utilities Corp.
-Sub. Co. Offer.
-
The offer made by the Canadian Utilities, Ltd., a subsidiary, for the purchase of the Edmonton Municipal Power & Street Railways System is equal
to $11,000,000 cash, according to C. J. Yorath. President of Canadian
Utilities, Ltd. The offer is thought to be the first step in plans of the
International Utilities Corp. to pipe gas from the Turner Valley field to
Edmonton for commercial utilization.
-V. 127, p. 1103.
Lowell & Fitchburg Street Ry.-Sale.Judge Carroll of the Massachusetts State Supreme Court July 17 approved a report of the American Trust Co. covering the sale of the company
to the Allite Corp. for $31,000. The American Trust Co. was trustee
under a $275,000 bond issue of the railway company and was allowed,
under a decree of the Supreme Court, to foreclose a mortgage as security
for the loan.
-V.83. p. 38.
Maritime Tel. & Tel. Co., Ltd.
-To Increase Capital.
[VoL. 129.
North Shore Gas Company.
-Earnings.
Earnings for 3 Months Ended March 31 1929.
Gross revenues
Operating expenses & maintenance & taxes
Depreciation
$435.180
323,719
24,092
Net earnings
Miscellaneous income
$87,389.
4,332
Total income
Interest
$91,702
31,975
Net income avail, for amortiz., Fed. inc. tax & dividends
-V. 128. p. 2629.
$59,727
Peoples Gas Light & Coke Co.
-Earnings.
-
Period Ended June 30-1929-3 Mos.-1928.- 1929-12 Mos.-1928.
Gross operating revenue$10,575,556 $10,383,093 $41,130,139 $40,701,311
Net income after chgs.
for taxes. int. Sr prov.
for retirements
1,794,755
1,672,237
6,529,932
6.094,417
-V. 128, p. 2630.
A special general meeting of the shareholders has been called for July 23
Philadelphia Rapid Transit Co.
for the purpose of considering a resolution calling for an increase of$500,000
-Extra Dividend.
in the capital stock. The increase, if approved by the shareholders and then,
The directors have declared a special dividend of $1 per share on the
as required by law, by the Public Utilities Board, will raise the capitalization common stock, par $50, payable Aug. 15 to holders of record July 31.
The money, $600,000, comes from the proceeds of the sale of the PhiTh,delfrom $4,500,000, as at present, to $5,000,000.-V. 128. p. 1727.
phia Rural Transit Co.,a subsidiary bus company,to the Pennsylvania RR.
New England Power Association.
-June Output.
The board explained that because the company had paid the city of
This association produced 137,688.000 k.w.h. of electric energy in June, Philadelphia $600,000 in unearned rental for the Broad Street subway duran increase of 25% over the output in June 1928 and 61% over that of June ing the first 3 months of its operation in 1928, the company was entitled to
1927. In the first six months of this year the output was 859,906,000 a similar distribution to its stockholders without affecting the $18,000,000
k.w.h., 30% greater than in the corresponding period of 1928 and 64% of back dividends due the stockholders under the city-company operation
greater than in the first six months of 1927. The output of the Worcester agreement of 1907.
Electric Light Co. and of Fall River Electric Light Co., recently acquired
The extra dividend must receive the sanction of the City Council of
companies,
.are included in the above figures from the first of this year.
Philadelphia before it legally can be paid, according to Deputy City ConThe production of electric energy in the first six months of this year of troller S. Davis Wilson. The City Council will not reconvene until Sept. 19.
the Worcester company was 16% over that of the first half of 1928.- The Deputy Controller's opinion is based on the statement by the company
V. 129. p. 280.
that the extra dividend is to come from the company's capital account.
New England Public Service Co.
-100% Stk. Div., &c. The city, under an agreement made in 1907, has the right through the City
The stockholders have approved an increase in the authorized capital Council to pass upon all capital expenditures.
stock from 800,000 to 1,690,000 no par shares, consisting of 200,000 shares
Period End. June 30- 1929-3 Mos.-1928. 1929-6 Mos.-1928.
prior lien preferred stock of various dividend series, 200,000 shares of Operating revenue
$14,255,944 $14,058,262 $28,441,136 $28,347,693
preferred stock of various dividend series, 40,000 shares of $6 convertible Operation and taxes_
10,748,218 10,608.754 21,546,476 21,470,926
preferred stock and 1.250,000 shares of common stock.
Each of the 40,000 shares of $6 cony. pref. stock may be exchanged at
Operating income__ _ _ $3,507.735 $3,449,508 $6,894,680 $6,878.768
any time on or before July 2 1934, for one share of the $6 dividend series Non-operating income__
328,473
391,378
641,522
874,947
preferred stock or for three shares of common stock. To provide for this
conversion the directors authorized for conversion purposes only the issuTotal income
$3,836,208 $3,840,887 $ 7.536,182 $7,551.713
ance of 40,000 shares of $6 preferred stock and 120,000 shares of common Payments to city stock
stock.
fd. Sr Frankford Elev..
240,050
240,049
480,099
480,099
The stockholders also authorized the issuance of one additional share of Fixed charges and divs_ 3,585,583
3,585,219
7,165,875
7.041,025
common stock for each common share held as of July 16.-V. 129, p. 129.
Surplus
$10,576
$15,617 df$109,792
$30,589
New England Telephone & Telegraph ,Co.
-Notes.
-Passenger Statistics for 6 Months Ended June 30 1929.
The Massachusetts Department of Public Utilities has approved the
Passenger Passengers Arge. Rate
Issuance by the Western New England Telephone Co. of 3,619 shares of
Revenue.
Carried. per Pass'ger.
capital stock of $30 par value, the proceeds to be applied in payment of
5.12c
$23,191,686 453,253,407
obligations represented by demand notes payable to the New England Surface subway and elevated
Motorbus
9.610
1,730,607 18,003,014
Telephone & Telegraph Co., amounting to $63,908, and the remainder for
additions and betterments.
-V. 128. p. 2992.
5.290
24,922,293 471,257.321
New York Edison Co.
-To Lay New Cable.
Taxi
3,013,332
After continuous operation without a break in service since Aug. 1927,
the 12
-mile, 132,000-volt underground cable, having a capacity of apTotal
$27,935,825
proximately 125,000 h.p. that connects the Hell Gate generating station of -V. 128, P. 4004
.
the United Electric Light & Power Co. to the Dunwoodie distributing
station of the Yonkers Electric Light & Power CO. is being duplicated
-Tax Refund.
Public Service Electric Co. (N. J.).
through the laying of a second cable line of the same voltage. Installation
A dispatch from Washington, D. C. states that the company on July 12
started recently and the work is expected to be completed in September.
.
- received an income tax refund of $211,249 Additional depreciation deducV. 128, p. 3684.
tions were allowed by the Internal Revenue Bureau. Taxes for the year
New York 8c Queens County Ry.-Starts Bridge Trolleys. 1917 were involved.allowance of the deduction the taxpayer has agreed to
As a result of the
Trolley service was begun on July 16 by this company and the Manhattan the dismissal of several suits instituted in the U. S. District Court for the
& Queens Traction Corp. on the loop of the Long Island City approach to District of New Jersey for the refund of taxes for the year involved In
Bridge, New York City. It will relieve a great part of the amounts aggregating more than the overassessment.-V. 119, P. 589.
the Queensboro
present congestion on the bridge during rush hours.
-V.125, p. 2146.
New York & Queens Electric Light & Power Co.
Reduction in Electric Rates.
M. S. Sloan, President of the New York Edison Co. and associate
electric companies, announced on July 15 that the top electric rate of the
New York & Queens Electric Light & Power Co. would be cut from 8c. a
kilowatt hour to 7c., effective Aug. 1. It is estimated that this reduction
will mean a saving of $1,500,000 in electric bills for the customers of the
company in Queens in the next year.
"This rate reduction," Mr. Sloan said, "brings the top rate for electricity
in Queens down to the price prevailing in Manhattan and Brooklyn. Queens
Is growing very rapidly and was entitled to have this reduction, equalizing
Its top rate with that in the larger boroughs, as soon as we could make it.
Wo are able to Make it now because of savings resulting from the unification
of management of electric companies, and because of other savings in
prospect, the actual results of which we are anticipating."
-V.127, p. 1675.
Niagara Hudson Power Corp.
-Over Two-Thirds of
Stock Deposited Under Plan-Plan Declared Operative.
Announcement has been made that more than two-thirds of the outstanding common stocks of Buffalo Niagara & Eastern Power Corp., Northeastern Power Corp. and Mohawk Hudson Power Corp. had been deposited
under the Niagara Hudson Power Corp. plan and deposit agreement,and
altat the committee had therefore declared the plan operative. In view
the large number of requests received the date for deposit has been
tended until the close of business Aug. 14.
Ittorney-General Ward Gives Facts on Power Merger.-
-Extra Dividend.
Public Utilities Securities Corp.
-
At a meeting of the board of directors held on July 11 it was resolved
that this corporation declare and pay to the holders of its $6.50 cumul.
partic. pref. stock of record July 22 1929 a dividend of $1.62A per share,
being tile regular quarterly dividend on the pref. stock and also an extra
dividend of 123ic. per share payable Aug. 1 1929. An extra of 12%c. per
share was also paid on May 1 last.
-V. 128, p. 2479.
Sacramento Northern Ry.-Construction.-
The L-S. 0. Commission has denied the application of the company
for authority to construct an extension of its so-called Holland Line in Yolo
and Sacramento Counties, Calif. The company, a subsidiary of the Western Pacific RR., operates an electric line extending from Sacramento
northerly to Chico, Calif., and has been authorized by the Commission
to 'acquire the properties of the San Franclsco-Sacramento RR., also
electrically operated, between Sacramento and Oakland, Calif.
-V. 128,
p. 3686.
Santa Monica Bay Telephone Co.
-Merger.
See Associated Telephone Co. In V. 128. p. 4319.-V. 123, p. 2902.
Standard Gas & Electric Co.
-Rights:
-
The common shareholders have been given the privilege of subscribing
to additional common stock at $85 a share on the basis of one new share
for each 10 shares held on July 22, 1929. In outlining the details of the
offering, Treasurer M. A. Morrison, in an announcement to the stockholders, said:
"The directors have authorized the issuance of additional common stock
to the extent of one-tenth of the aggregate amount ofsuch stock outstanding
at the close of business July 22, 1929. The proceeds of the sale of this stock
will be used for investment in securities of subsidiary companies and for
additional working capital.
"Holders of the common stock of record July 22, 1929, are given the privilege of subscribing for this additional stock at $85 per share to the extent
of one-tenth of their holdings at that time. The subscription privilege will
expire Aug. 31, 1929.
"No certificates for fractional shares of stock will be issued.
"The warrants, accompanied by payment in full, must be returned to the
office of the company at 111 Broadway, N. Y. City, or to the office of the
company at 231 South LaSalle St., Chicago,Ill., on or before Aug.31, 1929.
After that date the warrants will be void.
"Subscriptionsfrom stockholders residing or travelling in foreign countries
(except Canada and Mexico) or possessions of the United States of America
will be accepted if received on or before Sept. 16. 1929.
"The additional common stock referred to has been underwritten without
cost to the company, thus assurinff the company the receipt of Moneys
required for its corporate purposes. -V. 129, p. 281.
Atorney-General Hamilton Ward made his report to Governor Roosevelt July 15 on the merger of three power companies into the Niag...raHudson Power Corp., without giving any opinion as to the legality or desirabillty of the consolidation.
After setting forth the facts developed in his investigation, made at
the request of Governor Roosevelt, and outlining the pertinent laws and
court decisions interpreting them, the Attorney-General concludes his report:
"The perusal of the foregoing may suggest to you, as its preparation has
to me,some desirable changes in the law, which I shall be glad to discuss
with you and the members of the Legislature whenever desired. There
are doubtless aspects of the power situation which I have not been able
to touch upon in view of your request that I have a preliminary report in
two weeks. I think, however, you will find that I have given you the important facts and the law bearing upon the proposed merger which, as a
lawyer, will be plain to you. . . .
"I am prepared to express an opinion as to whether or not the proposals
of the Niagara-Hudson Company constitute a violation of any State law.
but before doing so I would like to have you examine the foregoing report
and advise me whether there are any other facts or decisions which you wish
me to consider."
Third Avenue Ry.-Buses on Tarrytown Line.
The Attorney-General added that no complaints had been made to his
The transportation tangle in Mount Vernon (N.Y.) was definitely solved
office against the merger.
Governor Roosevelt has intimated that he would ask at once for the on July 16 when city officials gave consent to the Third Avenue Ry.system
to operate buses on the Tarrytown line. The Council also granted consent
Attorney-General's opinion on the legality of the merger.
-V.129, p. 281.
to the company to operate buses on the lines on which it formerly operated
trolley cars for the duration of the franchise, which still has about 65 Years
North American Co.
-Electric Output.
Electric output of the North American Co.'s subsidiaries was 6,450,- to run.
The Council passed four resolutions affecting the trolleys and buses. The
000,000 k. w. h. for the 12 months ended June 30 1929, an increase of more
was doomed by the first resolution, which gave the company
than 13% over the output for the preceding 12 months' period of the five trolley Car to substitute buses for
trolleys on the Tarrytown line, the last
- permission
groups of companies operating in California, District of Columbia, Missouri
remaining trolley line in that city. The company will collect all of the papers
and Wisconsin-Michigan.
Illinois-Iowa, Ohio
Output for the first half of 1929 was 3,332,800,000 k. w. h., also an in- In the case this week and will then file its application with the New York
is expected that the commission will grant the applicrease of more than 13% over the output of the same companies for the first P. S. Commission. It month.
cation some time next
half of 1928.
The second resolution extended the company's five-year franchise for its
Average weekly output of North American subsidiaries during six months
Road and Mamaroneck
this year exceeded 128,000,000 k. w. h. Record weeks were those ended Silver Lake, Post These franchises wereAvenue lines to the limit of the
granted in 1897 for 99 years.
- trolley franchises.
May 23 and June 27, when the output was over 132,000,000 k. w. h.
-V.128. p. 1398.
(New York "Times").
V. 129, p. 129.
JULY
20 19291
FINANCIAL CHRONICLE
475
The Covert Company, whose automotive business was established in
Toledo Edison Co.
-Bond Issue Authorized.
The Ohio P.U. Commission has authorized the company to issue $665,900 1903, is one of the oldest and beat known automotive parts manufacturers
of 5% 1st mtge. bonds and $294.500 of 5% pref. stock to reimburse the and enjoys a long and enviable record for precision work. For some time
treasury for expenditures. It also authorized the company to purchase the past it has expanded its activities to include and serve aircraft motor manufacturers. It will employ its plant
Ohio properties of the Southern Michigan Light & Power Co.
-V. z28, in the production of airplane motors facilities, located at Lockport, N. Y.,
and parts and will continue the manup. 1729.
facture of gears, transmissions, clutches, &c., for the automotive industry,
aeronautical industry.
Union d'Electricite, Paris, France.
-Extra Dividend.
- and gears and parts for theis the manufacturer of the Simplex "Red ArThe Simplex Corporation
The company has declared the regular dividend of 6% and an extra
dividend of 5%. The dividends declared are from 1928 profits and the dis- row" open and closed monoplane, a modern, safe and dependable mono0
plane of the latest type,featuring the centre hung wing design originated by
bursement of 11% compares with 10% for the previous year.
The total electrical energy distributed in 1928 was 817,210,000 k. w. h., and exclusive with it. The plane is medium priced, ranging from $4,500
to $11,000, complete, including motors. The "Red Arrow" has been
as compared with 721,458,000k. w. h. in 1927.-V. 127. p. 3542.
thoroughly tested and approved by the United States Department of Commerce and given approved type certificates bearing numbers 43 and 44.
United Light & Power Co.
-Denies Rumor.
In answer to a published report that the minority stockholders of the The Simplex plant is located at Defiance,0.
-The Covert Company has already entered into
Future and Earnings.
American Light & Traction Co. will shortly be offered a basis of exchange
for shares of the United Light & Power Co., William Chamberlain, Pres. contracts and is assured of others which should show substantial profits.
of the latter company, on July 17 dented that any such action is contem- The Covert Company will manufacture both radial and lineal type airplane
motors for the Simplex corporation and other plane manufacturers, and will
plated. Mr. Chamberlain has repeatedly denied similar reports.
-V. 129. carry on the business in which it has been engaged for many years. The
p. 130.
Simplex airport will be improved with first class facilities for handling air
transportation and its management will be in the hands of executives exUnited Gas Improvement Co.
-Scrip Certificates.
In the proposed capitalization plan whereby the present $50 par value perienced in such work. It should contribute substantially to earnings
through hangar and miscellaneous rentals, mechanics' services and the like,
shares will be split-up into 5 shares of new no par common stock and
of a share of new no par $5 cum. prcf. stock, the company stated as there are no such complete airport facilities within a radius of 100 miles.
that no fractional shares would be issued, but that it would issue frac- The corporation contemplates that it will, either directly or through subtional scrip certificates which can be converted into full shares. A sidiaries, inaugurate a school of aviation to further its interests and the inmarket will be provided for the scrip certificates and holders can either buy dustry and that it will generally engage in and supervise flying operations.
or sell to round out full sham.. No dividends or interest will be paid on The corporation estimates combined net earnings for the year 1929, after
the scrip certificates. The scrip certificates will be convertible into full depreciation and all other charges, including taxes, at the annual rate of
shares until March 311930.after which date the company will sell any shares over $4.75 per share. The outlook for an increase in volume of sales and
represented by outstanding scrip certificates and the holders of scrip certifi- substantially greater production in the two constituent companies is highly
cates will be entitled to their pro rata share of the proceeds on presentation satisfactory.
Balance Shret.-The pro forma consolidated balance sheet as of March 31
of same at the company's office.
-V. 128, p. 4323.
1929, after giving effect to the sale of 101,684 shares of stock, and to the
completion of other transactions, shows net tangible assets of $2,323,713.
Utility Equities Corp.
-Earnings.
Net profit for the six months ended June 30 1929, was $941,996 after with current assets of $1,577,504, including cash in the amount of $1,073.charges and Federal taxes. In addition company had on hand securities 332, as compared with current liabilities of $348.466. an excess of current
costing $13,655,327 and which at closing prices June 29 had market value assets equal to 51,229,038. and a current ratio of over 4)4 to 1. The
of $16,716,476, representing an unrealized profit of $3,061,149. Cash ex- patents, good-will, designs, &c., of the corporation will be carried on the
books at $1.00.
ceeded $8,000,000.-V. 128, p. 3188.
Purpose.
-Proceeds will be employed as additional working capital and
for other corporate purposes.
Waterbury (Conn.) Gas Light Co.
-Merger.
Arrangements have been completed for merging this company with the
-Ainsworth Manufacturing Corp., Detroit-Rights.
Connecticut Electric Service Co., controlled by the United Gas Improvement Co., on the basis of two shares of Waterbury stock for each share of
The stockholders of record July 9 will be given the right to purchase on
Connecticut stock. This merger will result in the centralization of control or before July 25 1929 at $40 a share one share of capital stock for each five
and operation for gas, electric light and power business of Waterbury shares held. Subscriptions are payable at the Continental Illinois Bank &
and its environs.
-V. 127. p. 2366.
Trust Co., Chicago.
The proceeds will be used to purchase all the outstanding capital stock.
a Michigan corporation the busi&
the assets of Joseph
Western Union Telegraph Co., Inc.
--New Director.
- or allof which can, in theN. Smith of Co.,board of directors, be profitably
opinion
the
Sir Henry W.Thornton, K.B.E., president and chairman of the. nadian ness
consolidated with the business of the Ainsworth Corporation, President
National Rys., has been elected a director succeeding Oliver Ames,who died
-V. 129, p. 282. 130.
Charles it. Ainsworth says.
on June 18.
6 Mos. End. June 30- x1929.
1928.
1927.
1926.
Air Way Electric Appliance Corp.-Earnings.Gross revenue, Including
Quar. End. Quer. End. 6 Mos.End.
dividends & interest- -$72,610,036 $67,276.475 $65,961,326 $66.502,908
June 30'29. Mar.31 '29. June30'29.
PeriodMaint., repairs and res.
$544,314
$487.695 $1,032,009
Operating profit
for depreciation
11,272,453 10,471.741 10,306,798 10,182.703
74,641
67,465
142,106
Depreciation & Federal tax
Other oper. exp. incl.
rent of leased lines &
Net profit
$4420.230
$469,673
5889.903
taxes
52,024,017 47.697.331 46,538,794 47,977.396
35,000
70,000
35,000
Interest on bonded debt 1,805.033
1,168,883 Preferred dividends
1.802.245
1,793,648
Common dividends
250,000
500.000
250.000
Net income
$7.508.533 $7,305,158 $7.322.086 $7,173,920
Surplus
$319,903
$135,230
5184.673
x Month of June estimated.
-V. 128, p. 4323.
Earns per sh. on 400,000 abs. COM.
stock (no par)
$2.05
$0.96
$1.09
-V. 128, p. 4323.
INDUSTRIAL AND MISCELLANEOUS.
Cloak Leaders Sign 3
-Acting Governor Lehman and Mayor
-Year Peace.
Walker witness agreement and congratulate industry on outlook.
-N. Y.
"Times" July 17, p. 8.
Tie-Up of Building Threatens in Bronx.
-League of contractors urges
-N. Y."Times" July 16.
members to halt work in fight on racketeering.
p.25.
Matters Covered in "Chronicle" of July 13.-(a) Paper production in May
1929 larger than in same month last year; gains as compared with April,
P. 199. (b) Production, sales and shipments of cotton cloths during June
and 6 months shipments in latter period 99.5% of production, p. 205.
(c) Crude oil output in U. S. at high rate, p. 206. (d) British tin men
organize; representatives of 167 producing concerns form association, p.208.
(e) Bituminous coal, anthracite and beehive coke production higher than a
year ago, p. 209. (f) Additional aPpointments by Pres. Hoover to Federal
Farm Board. p.219. (g Report of Robert Moses, Moreland Commissioner,
on investigation of N. Y. Banking Dept. in relation to failed City Trust
Co. Dept. demoralized in administration of Prank H.Warder;recommendations as to legislation would abolish private banks, p. 219.
-Listing.
Abraham & Straus, Inc.
Allied Motor Industries, Inc.
-Buys
Plant.
-
Wills
St. Clair
The corporation has purchased the former Wills St. Clair automobile
factory at Marysville. Mich., according to an official announcement made
by President William Robert Wilson. The purchase includes 144 acres of
land and approximately 3,400 feet frontage on the St. Clair River. No
statement of the use to which the new property will be put was made by the
Allied management, which also declined to comment on the report that the
purchase had been made on behalf of the American Cirrus Engines, Inc.
The latter corporation has a plant at Belleville, N.J., and holds rightsfrom
Cirrus Aero Engines, Ltd.. of Croydon, England, for the manufacture and
sale in the United States and territories of the Cirrus engine, one of the most
widely-used motors of light aircraft in the world. According to report, the
Belleville plant will be retained as an eastern distributing point for the company and will be utilized to its capacity for manufacture. Contracts are in
hand now, however,for the entire output this year and it is understood that
the Marysville plant will be wuipped at the earliest possible moment to
provide the additional facilitles already made necessary by available
orders.
-V. 128. p. 4323.
Alpine Montan Steel Corp.
-Earnings, &c.
-
F. J Lisman & Co., New York, have received the annual report of the
The New York Stock Exchange has authorized the listing of certificates
of deposit issued by Commercial National Bank St Trust Co. of Now York, corporation for 1928 and are sending a digest of its contents to the holders
depositary,for 126,656 shares ofcommon stock (no par value) with authority of the company's 7% closed first mortgage 30
-year sinking fund gold bonds
to add to the list certificates of deposit for an additional 54,094 shares of due 1955, which the bankers offered in 1925.
common stock, on official notice of issue from time to time for a like number
Comparative Earning Statements (in Schillings).
of shares of common stock deposited under the deposit agreement dated
Calendar Years1928.
1927.
March 27 1929, making the total amount applied for certificates of deposit Gross earnings
23,988,444 16.086,329
for 180,750 shares of said common stock. (Compare also V. 128. p. 2093.) General and administrative expenses
3,494,374
2,966,724
-V. 129, p. 2995.
Taxes and Foes
901,115
441,116
-New Director, &c.
Acetol Products, Inc.
-
Robert Campbell has been elected a director, and also has been appointed
-V.128, p. 3826.
a member of the advisory committee.
-Earnings.
Acme Steel Co.
-
Available for int., depreciation and sinking fund_ 19.592,955 12,678,489
Interest on funded debt
2,405,466
2,426,514
Other interest
1.034,697
361,877
Depreciation, write-offs and bond sinking fund-- _ _ 8,127.685 5,287,346
Welfare expenses
5.515.079 4.523.170
6 Mos. Ended June 301929.
1928.
Net pea% after all exp., Fed.& local taxes & deprec. $1,731,671 $1.014,590
Net earnings
2,510.028
79,581
Shared corn. stk. outstand. (par $25)
274.437
182,958 Balance from previous year
110,112
per share
Earns
$6.31
$5.54
7,641.207
In connection with the 6 months' report, it was announced that the From capi.al reserve
development department of the company is now about ready to market two
Total
2,510,028
7.830,900
additional lines. Throe new buildings have been erected since the beginning
7.830,900
of 1929, one for an addition to the cold rolled strip plant, another to house a Bond issue discount
2,400,000
hot rolled continuous strip mill and the third building for warehouse, Dividend on stock
new
assembling and loading. The foundations for the two mills are in and half
Carried forw.trd to next year
110,028
the machinery is on the ground. It is expected that these two additional
F. L. Lisman & Co.further state:
mills will be ready to start about October 1. Orders now on the books of
the company,together with those coming in from day today,do not indicate In"The depreciation item, including various write-offs, is largely nominal
character and usually provides for most of the earnings after other charges.
any appreciable slackening of trade, it is stated.
-V.128. p. 2807.
In accordance with the custom of most European companies in ecent years.
Before depreciation, interest charges on the first mortgage 7% bonds were
Corporation of America.
Aero
-Stock Offered.
-S. P. covered over 8 times in 1928, as compared with a little over 5 times in 1927.
"We have also received a statement of the company's net quick assets
Woodard & Co., Inc., are offering 101,684 shares common
as of Dec. 31 1928. This statement shows quick assets of 8 46,216.015
at $17.25 per share. The stock is offered as ($6,503,344) and current liabilities
stock (no par)
of S 11,602.096 ($1.632,603),leaving net
quick assets of S 34,613,919 ($4,870,740). Inasmuch as the first mortgage
a speculation.
Irransfer agent, Hibernia Trust,Co. Registrar, Chatham Phenix Na- 7% dollar bonds are shown outstanding at the close of the year at $4.805,700
face amount, the issue is covered more than 100% by net quick assets.
& Trust Co.
tional Bank
Capitalization
Authorized, Outstanding. The ratio of current assets to current liabilities is about 4 to 1."-V. 129.
Common stock (no par value)
x500.000 shs. y181,000 shs. p. 130.
x 9,000 shares have been reserved for sale to executives under options.
Amerada (Oil) Corp.
y This amount may be decreased.
-Sells Half of Undeveloped Holdings.
-Corporation has agreed to make application to list this stock
Listing.
Chairman E. L. De Golyer, announced on July 15 that an agreement
Market.
was signed on July 13 for the sale to the Standard Oil Co.of Indiana,through
on the New York CurbHoward
B. Hall, President of the Company. Its subsidiary the Dixie Oil Co. of an
Data from Letter of
undivided half interest in
Contpany.-lias been formed in Delaware to acquire the capital stock of of the Oklahoma and Kansas leasehold of Ainerada Petroleum that part
Corp. on
Simplex Aircraft Corp. and the bonds and capital stock of Covert Gear which production has not yet been developed. A half interest in some
Manufacturing to. It is anticipated that all the capital stock of Sim- 490,000 net acres is being sold for $10.000,000, of which $5,000,000 is to
&
plex Aircraft Corp. and all or substantially all of the bonds and capital stock be paid in cash and an additional $5,000,000 is to be paid, free of all costs
of Covert Gear & Manufacturing Co. will be acquired for stock of the cor- to Amerada, out of one-half the Dixie's interest in oil produced from the
poration. The two constituent companies are engaged in complementary properties. None of the productive leasehold of Amerada is included_in
this transaction.
Out distinct fields of the aircraft industry.
476
The properties involved in the deal will be developed jointly by Amerada
and Dixie. which will share equally in the production obtained after the
85,000,000 in oil has been paid to the Amerada corporation. After the
sale of this leasehold, amounting to approximately 20% of its non-productive acreage, the Amerada corporation still retains some 930,000 net
acres in the States of Oklahoma Kansas, Texas, Louisiana, Arkansas,
New Mexico, California, and Mississippi, as well as interests in some
700,000 acres in Venezuela.
The Amerada corporation has no bank loan or funded indebtedness,
and with the receipt of the $5,000,000 cash consideration, will have about
$7.500.000 in cash. Current assets will exceed current liabilities by about
$11,500,000, equivalent to more than $12 per share on the outstanding
stock.
-V. 128, p. 4006.
American Bakeries Corp.(& Sub.).
-Earnings.
-
6 Months Ended June 301929.
1928.
Net sales
$3,772,328 $3,721,962
Gross profit
1,457,711
1,354,386
Net income after plant and administration expense
provision for Federal income taxes and dividends
declared by sub. co. on pref. stock
271,729
248,650
-V. 128, P. 4158.
American Can Co.
-Acquisition.
-Negotiations of this company Tor the acquisition of the canning and
preserving plant of Canadian Canners, Ltd., at Simcoe. Ont., have been
completed. The purchasing company will take over the plant on Jan. I
1930. It also obtained property adjacent to the plant.
-V. 128. p. 1730.
American Chain Co., Inc.
-Earnings.
-
6 Mos.End. June 301929.
1928.
1927.
1926.
Net earns, after prov.for
ladeprec.,int.&Fed.taxes $1,034,029 loss$354,928
$527,120
$600,114
k.Tlie company explains that it has received substantial income from
recoveries for past infringements of its bumper patents, which are not
included in the earnings reported, but are held in reserve to cover certain
non-recurring losses incurred by the company,for which they are more than
sufficient -V.128. p. 2465.
*American
[VOL. 129.
FINANCIAL CHRONICLE
Cirrus Engines, Inc.
-New Aircraft Engine.
Admiral W. A. Moffett, Chief of the Bureau of Aeronautics of the
U.S. Navy,has pledged the support of his department and ofother branches
of the Navy to the development of a new aviation engine which is to be
constructed by American Cirrus Engines, Inc., in the former plant of the
Wills St. Clair automobile company in Marysville, Mich.
The announcement, made in Chicago, occasioned theformal acknowledgement by Allied Motor Industries, Inc., that its recent purchase of the
Marysville plant had been in the interest of American Cirrus Engines, Inc.,
and other Allied Motor subsidiaries. The American Cirrus Engines, Inc.,
holds rights from Cirrus Aero Engines, Ltd., of England, for the manufacture and sale in the United States and territories of the famous Cirrus, the
most widely used power plant for light airplanes in the world.
See also Allied Motor industries, Inc., above.
-V.129, p. 130.
Listing -There have been placed on theBoston 'Stock Exchange list,
temporary certificates for 425,000 shares corn. stock.
-V. 129. p. 131. • "i
-
American Eagle Aircraft Co.
-Expands.
-
President E. E. Porterfield Jr. announced on July 15 the purchasefof
the Wallace Aircraft Co., Inc., of Chicago. The price was about $250.000.
It was announced
The Wallace company makes the Wallace Touroplane and its Chicago
factory has an output of one airplane a week. The factory will be moved
to Kansas City in August and it is planned to increase itsjoroduction to
one airplane a day. The acquisition gives the American Eagle Aircraft
Co. seven types of airplanes.
-V. 129, P. 131.
-To Recapitalize.
American Insuranstocks Corp.
Recapitalization plans were announced this week for the above corporation, to permit of public financing and the entry into this investment corporation of some of the best known financial interests in the country.
Among the men who have agreed to serve the directorate are William G.
McAdoo,former Secretary of the Treasury of the United States: William C.
Redfield, former Secretary of Commerce and President of the Brooklyn
National Bank; Herman A. Metz, former Comptroller of the City of New
York and President of the General Dyestuff Corp.; Walter W. Head. former President of American Bankers Association, Chairman of the Board of
the Omaha National Bank and President of the Nebraska Power Co.:
W. Wallace Lyon, banker and director in many insurance companies;
Wendell P. Barker, director in various insurance companies; T. B. Lyon of
W.Wallace Lyon & Co.:Charles S. Wesley,Philadelphia: Michael H.
former President of the New York State Bankers Association and President
of the Plaza Trust Co. of New York; William S. Irish, vice-president of
Bank of the Manhattan Co.: Eugene A. Widmann, president of Widmann &
Co., and vice-president and director of International Re-Insurance Corp.;
Thomas B. Donaldsen, former Insurance Commissioner of Pennsylvania;
and Lee J. Wolfe.
The American Insuranstocks Corp. was formed in April 1928 in Maryland
to carry on the business of an investment corporation. It is the present
intention of the management to invest its funds chiefly in the stocks ofinsurance companies, as the management believes, in view of its affiliations, that
it has in this particular field opportunity for profitable investment. The
corporation has no management contract.
'
' income account, as certified to by Price. Waterhouse & Co., shows
for the year ended March 31 1929, net profit, after taxes, of over 25% of
the total capital employed.
As reconstituted, the corporation will have an authorized capitalization
of 300,000 shares of6% cumul. pref.stock, par $15 per share:300,000 shares
of no par value Class A common stock,and 600.000 shares of no par Class B
common stock. All of this stock will be outstanding except 300,000 shares
of the Class B common which will be reserved to provide for stock subscription rights incident to public financing. The issues will be/ offered in units
of one snare of preferred, one share of Class A common and a right to subscribe to one share of Class B common at $1 per share. The units will be
marketed by Widmann & Co., Inc. New York.
W. Wallace Lyon, banker of NOW York City, will continue as president
of the corporation.
It i ot the intention of the corporation to acquire all, or a major portion
of the capital stock of any one company for the purpose of controlling the
management thereof.
American & Continental Corp.
-Stock Sold.
-The
Harris Forbes Corp., International Manhattan Co., Inc.,
and Field, (Bore & Co. have sold at $40 per share (with
American Investors, Inc.
-To Issue $15,003,000 Stock
stock purchase warrants) an issue of 325,000 shares of no New Director.
par common stock of this corporation, a substantial interest
In connection with the election to the board of directors of F. B. Odlum.
Vice-Chairman of American 4z Foreign
in which was recently- acquired by the American Founders Electric Bond & Share Co.,it was a so Power Corp. and Vice-President of
announced
Corp., which jointly with the International Acceptance ized class B common stock would be increased fromJuly 16 that the author1,000,000 to 2,000,000
record August
Bank, Inc., will manage the investment of the corporation's shares. Stockholders ofshare of the 15 will have the right to subscribe
at $15 per share to one
additional stock for each share held.
funds under the direction of its board of directors.
The present offering to stockholders has been underwritten by Tucker,
Transfer agents: Bank of the Manhattan Co., New York and Harris
Forbes Trust Co., Boston, Mass. Registrars: Equitable Trust Co. of New
York and First National Bank of Boston.
Data from Letter of Louis H. Seagrave, President of the Corporation.
Company.
-Organized in Delaware in Oct. 1924. Is empowered to procure
credit for, or assist financially, corporations and governmental bodies, as
well as to hold and sell stocks, securities and obligations of all kinds, and
in general to engage in all forms of financial activities permitted a company
of this cnaracter.
The corporation has engaged principally in granting intermediate credits
to European commercial and industrial enterprises, and has earned during
the past three fiscal years an average of more than 10% on its average capital
including share capital, borrowed money and amounts paid in by participants in loans made by the corporation.
It is planned further to diversify the assets of the corporation by investing
a substantial portion of its funds in a portfolio of selected securities, following, in general, the policies governing the investment portfolios of International Securities Corp. of America, Second International Securities Corp.,
United States & British International Co., Ltd., and American & General
Securities Corp., all of which receive the investment supervisory services of
American Founders Corp.
Mansgemeol.-In June 1929 a substantial interest in the corporation was
acquired by American Founders Corp. and a contract has been entered into
by the corporation with American Founders torp. and International Acceptance Bank,Inc., whereby for an annualfee of of 1% of the average aggregate resources of American and Continental Corp. these two organizations
jointly will manage the investment of the corporation's funds under the
direction of its board of directors.
Stock Purchase Warrants.-Certifleates for common stock will carry stock
purchase warrants, non-detachable except by the corporation at the time
of exercise, entitling holders to purchase on or before July 1 1932 at the price
of $50 per share, additional common stock at the rate of ;•4 share for each
share held: subject to adjustment of such price in case of the issue of additional common stock at less than $50 per share,certain stock dividends,stock
purchase rights, &c., and also subject to the provisions of the certificates
of incorporation in case of the consolidation or dissolution of the Corporation.
Scrip certificates will be Issued in lieu of fractional shares, exchangeable.
with other similar scrip certificates aggregating one or more full shares, for
full shares on or prior to July 11932. All scrip so Issued shall become null
and void after this date.
Authorized. Outstanding.
Capitalization$7,500,000
$7,500,000
5% gold debentures. due April 1 1943
250,000 shs.
Preferred stock (no par value)
x
25,000 shs. y25.000 shs.
Class A stock (no par value)
Common stock (no par value)
1.000.000 shs. z425,000 shs.
x Issuable from time to time in such series and at such dividend rates,
liquidation values &c.. as may be determined by the board of directors.
y Owned by American Founders Corp., International Acceptance Bank,
Inc., and their associates. z Not including 250,000 shares reserved for
exercise of stock purchase warrants at $50 of which warrants for a total of
225,000 shares are to be attached to the common and class"A"stocks.
The common stock and the class "A"stock share equally share for share
In all respects as regards dividends and in liquidation. Each holder of one
share of common stock has one vote and the holder, of the class "A" stock
Wive as a class voting power equal to one-half o f the total votes appertaining to the outstanding common stock. Directors may authorize the
issuance of additional shares of any class without offering them to shareholders of any class.
Balance Sheet May 311929.
(After giving effect to the recapitalization of the Corporation.]
Assets
L1a45tes-•
$114,837
Cash & ea Moans
$9,276,999 Accrued Interest
70,166
Accrued int. & corn
186,920 Accrued Fed.& State taxes_ _
3,306
Loans to Indust. enterprises
Miscellaneous
in Cont. Europe at various
Adv. made for the corp. on
20.000
maturities
12,845,443
acct,of part's. 111 loan
4,636,949
Adv. for acct. of partic. in
Due to panic. In loans
7,500.000
loans
1,110,696 5% debentures
4,062
1,088,727 Unearned discount
Invest.secur. at cost
328,541 Capital stock (no par value)_s10,812.500
Unamort. disc. on debs
Sum.& undivided profits_...... 1,673,506
$21,837,327 Total
521,837.327
Total
-Contingent liabilities on risk participations In foreign advances
.Note.
amounted at May 31 1929 to $351,625; of this amount a sub-participant
has accepted a risk of $84.875.
a Class "A" (authorized and outstanding 25.000 shares); Common
(authorized 1.000.000 shares,issued and outstanding 425,000 shares).
Anthony & Co. The proposal is subject to ratification by stockholders at
a meeting July 30. Company was organized May 22 1928 with an issue of
500,000 class B common shares at $10.-V. 127. p. 262.
American-La France & Foamite Corp.
-Earnings.
1929-6 Mos.-1928.
Period End. June 30- 1929-3 Mos.-1928.
$152,013
$196,474
$126,227
Operating profit
$377,894
60,627
110,000
120,488
Interest
Cr32.93I
0'63,111
paid5 , 08
Cr29 0 0
55
8
Interest received
Cr62,594
Net profit
-V. 129, p. 131.
$126,601
$168,778
$79,338
$319,999
-Correction.
American Machine & Foundry Co.
Due to a typographical error in the "Chronicle" of July 6, page 131,
the extra dividend paid on Dec. I 1928 was given as $1 per share instead
of $1.50 per share.
In addition to the regular quarterly dividend of $1 per share an extra of
$1 per share is payable on the common stock on Aug. I next to holders of
record July 19.-V. 129. p. 131.
American Maize-Products Co.
-Earnings.
The company reports for the 6 months ended June 30 1929 (June est.),
net profit after depreciation and Federal taxes of $760,311 equivalent to
$23.59 per share on 30,000 shares common stock after allowing for pref.
dividend.
•
Consolidated Balance Sheet May 31.
Assets1935,
1929.
1928.
.
Cash & call loans_.$1,316,692 5336,79 Accts.& wages Pay. 5239,464 5235,455
Marketable Invest. 1,689,314
506,028 Rea. for Fed. inc.
Accounts recelvle. 656.893
tax
683,655
142,691 •
9,295
24,952
250,809 Res. for exp. accr.
MARS receivable__
20,000
814,029 1,166,868 Preferred stock-. 1,500,000 1,500,000
Inventories
Common stock- -- 3,000,000 3,000,000
Formulae, proces1,500,000 1,500,050 Surplus
3,416,344 2,145,170
ses, &c
Property, Plant es
.2,222,109 2,368,002
equipment
77,798
94,513
Total (ea. side).58,318,503 58.889,921
Deferred assets_ __
x After depreciation of $2,495,628. Compare also V. 129. p. 283.
American Milling Co.
-Merger of Nine Feed Manufacturing Plants.
At a meeting held July 9,plans were approved by officials of the American
Milling Co. and the MacMillan Co. to combine their businesses. Thb3 will
be submitted to their stockholders shortly. If this deal is consummated,
the management of each company will remain as it is. The present brands
and trademarks will be maintained. The Allied Mills will be the holding
company for the two concerns. The Allied Mills is being formed merely as a
holding company, the announcement says.
This merger combines the interests of the American Milling Co. with Its
three large plants in Peoria, Ill., Omaha, Neb., and Owensboro, Ky., with
the MacMillan Co., which owns and operates the Wayne Feed Mills,located
In Fort Wayne, Ind. East St. Louis, III., and Buffalo, N. Y.
The new Allied Mills will be headed by H.0. Atwood, who is now president of the American Milling Co., D. W.MacMillan, President of the MacMillan Co. and George M. Moffatt, Vice-President of Corn Products
Refining Co. The new company will hold memberships in the Chicago
Board of Trade, Minneapolis Exchange, St. Louis Merchants Exchange,
Buffalo Corn xchange, Peoria Board of Trade, Omaha Grain Exchange.
Ills pointed out that the merging of the interests of these businesses gives
the Allied Mills large buying power and storage capacity for their many
sources of raw materials, which are used in producing mixed feeds for livestock and poultry.
Last year the American Milling Co.received much attention throughout
the Middle West, when it offered a contract to farmers guaranteeing a
minimum price of $1.35 per bushel for No. 2 Soya Beans, delivered at the
Peoria plant. As a result of this contract 1,200,000 bushels of soya beans
were received from Illinois farmers. Soya beans are fast becoming a very
important crop, because this legume fits into a very satisfactory rotation
on practically every farm. The new Allied Mills have a soya bean mill in
Peoria who are handling beans. This year they are offering the same contract and price to soya bean growers, and at the same time are extending
the territory to include Indiana and Ohio. It Is expected a much larger area
will be contracted. New additional storage tanks for storing 750,000 bushels
of beans Is just being completed in Peoria.
Another source of raw material controlled by Allied Mills is alfalfa. In
order to secure the best grade of alfalfa to use in their mixed feeds this new
JULY 20 1929.1
477
FINANCIAL CHRONICLE
Practically all material is manufactured strictly on order, eliminating
organization will operate grinding mills in Worland, Powell. and Garland. the necessity of carrying finished inventories. Company holds a license
Wyo. A large proportion of the alfalfa going through these grinding mills from the Radio Corp. of America. permitting the manufacture and adaptaon the company's own farm. In addition to the control of
will be raised
transformers to the radio field.
these sources of raw material the Allied Mills, because of their tremendous tion of its
Plant -The company's plant, located in Newark, New Jersey, contains
buying power, are in a position to purchase other raw materials at favorupwards of 35,000 feet of manufacturing space.
able prices.
Assets -The balance sheet as of Dec. 31 1928 shows current assets of
This new milling organization will produce approximately 750.000 tons
of 22 to 1.
of mixed feeds during the coming year. This tonnage will keep their mills $343,932 against current liabilities of $15,802 a ratio
-Starting with an invested capital of 512,500, the present
Earnings.
running to maximum capacity -V. 128, p. 2633.
net worth of the company has been built up entirely from surplus earnings.
$570.000 has been disbursed in cash dividends. From
American Radiator & Standard Sanitary Corp.- In addition, over dividends have averaged over $70,000 per annum, and
1922 to 1929 cash
in addition the following stock dividends have been paid; 1922. 300%;
Listing.
1925, 50%.
The Now York Stock Exchange has authorized the listing of 110.000 1924, 100%;years ended Dec. 31 1923, net sales have averaged $548,224,
For the 5
additional shares of common stock (no par value) on official notice of and net earnings after all charges, including Federal income taxes, have
issuance in exchange for 5,000 shares of8% cumulative convertible preferred averaged $110,760. These earnings are equivalent to over $2.76 per share
stock and 10,000 shares of common stock (being all the outstanding stock) on the common stock now outstanding.
of Campbell Metal Window Corp., making the total amount of common
For the first quarter of 1929 the company reports net sales of $.61,505
-V.128. p.4324.
stock applied for 10,054,781 shares.
and net earnings after all charges. including allowance for Federal income
taxes, of $29.871: at the annual rate of $119.484, or approximately $3 per
$81.830.
share on outstanding stock. Shipments for the month of April werein excess
--Earnings.
American Piano Co. (& Subs.).
earnings for the month show substantially
-- and preliminary net first quarter.
12 Mos. End. 15 Afos.End.-Calendar Years
the average for the
of
1925.
1926.
Afar. 31 '29. Mar.31 '28.
Periodnature of its business the company has practically no
Owing
x$11,424,798 $13,750.868x$13,060,607x$12.161.183 inventoryto the
Net sales
problems or credit risks.
Cost of sales(incl.deprec.) 6,789.838
-The business will continue under the active control of
Management.
Sell. advert. & misc. exp. 3.621,135 13.188,774 11,285,178 10.599.968 the same technical staff which has been in charge of its operations for
843.536
Loughead
Gen. & administ. exp.__
upwards of ten years, with the addition of Charles F. directors. as President.
405,523
Miscellaneous charges__
and representatives of the bankers on the board of
-An initial dividend of 35 cents per share has been declared
Dividends.
$562,094 $1,775.429 51,561,215
def.$235,235
Net income
payable Aug. 1 to holders of record July 25 1929.
%)524,814(7%)417.389(7%)417,389 upon this new stock,
Prof. dividends
a450,711(8%)366,044(8%)343,632
Corn. dividends (cash)
-June Sales.
American Yvette Co., Inc.
(5%)217,950
Corn, diva. (stock)
The company reports Juno sales of 5350.000, the largest of any single
sales of $317,000 reported for
$800,194 month in its history and 533,000 more than
$991,996
def$235,235 def$631.382
Balance, surplus
for
Shares of common stock
June 1928. Such sales were also more than $25,000 in excess of sales
227,959
227,959
x43.412 May of this year.
z43,404
outstanding (no par)_
Nil
$26.35
$0.16
$31.29
Earned per share__
The company, which operates a nationwide chain of beauty salons in
a Paid in 1927 57; on old common stock (par $100 per share) and $1.50 leading department Ctores in 34 cities, is continuing its expansion program
and is expected to announce shortly the opening of salons in two wellper share on now common stock of no par value.
-V. 128, p. 4158.
x After deducting inter-company sales. y Including inter-company known department stores in two large cities.
sales. z Par $100.
Consolidated Balance Sheet March 31.
-Listing:
Copper Mining Co.
Anaconda
i
1929.
1928.
1928.
1929.
1.477,287
the
Tile New York Stock Exchange has authorizedtime listing ofon official
1
, Liabilities$
$
$
to time,
$
A sorts
additional common stock (par $50), from
; Preferred stock_ __ 6,000,000 6,000,090 shares of issuance, in exchange for shares of the common stock (no par
Real estate, plant,
notice
t Common stock - - _x4,559,180 4,559,180 value) of Andes Copper Mining Co.and shares of the capitla stock of Greene
equip. & leasehold improv'ts__ 4,417,840 4,516,067 , Notes payable__ _ 1,475,000 3,205,633 Cananea Copper Co., making the total amount of common stock applied
559,876 for 9,054,824 shares.
737,760 1,047.424 Accounts payable_ 362.894
Cash
109,071
479,314 Accr. liabilities_ _ _
125,667
Notes receivable._ 384,158
Of the additional 1,477,287 shares of common stock, 816,687 shams may
276,003 be issued in exchange for shares of stock of Andes Copper Mining Co.. at
989,283 1.795,213 Fed. Inc. tax (est.) 264,604
Acets receivable
568,305 Due on pur. men.
Install. contr. rec.. 818,097
-100th of one share of stock of Anaconda Copper Mining Co.
the rate of 45
500
01,
mtge. Instal.__ 113,500
3 553,982 4,786,856
InventorIes
share of stock of Andes Copper Mining Co., and 660.600 shares
245,500 for eachissued in exchange for shares of stock of Greene Canaries. Copper.
258,705 Mtges. payable...._ 132,000
133.044
Prepaid expenses_
may be
198,669
86,398 Deferred credits_ _ 194,617
48,601
Investments
the rate of 1 shares of stock of Anaconda Copper Mining Co. for
530,000 Co. at
64,500 Reserve for renting 403,194
61,500
-V. 129, p. 131.
Deposits on lease_
of stock Greene Cananea Copper Co.
1,844,543 2,100,660 each share
66,724
70,820 , Surplus
Deferred charges
-Operations.
Patents, patterns,
Africa, Ltd.
Anglo American Corp. of So.
trade-marks and
The following are the results of operations for the month of Juno 1929:
4,231.240 4,232,538, Total (ea.sIde).15,475.231 17,906,112
good-will
7'otal
Tons
Costs,
Profit.
-V. 128, p. 730.
x Represented by 227,959 no par shares.
Milled. Revenue.
£56.135
£88.890
87,500 £145,025
Brakpan Mines, Ltd
61.010
75.975
136,985
65,500
Trust Shares.-Trust Certificates Springs Mines, Ltd
American Railway
19.020
55,355
74,375
60,100
West Springs, Ltd
Offered.-George M. Mayer & Co., New York, are offering -v. 129, P. 283.
A
at market (about $195 ; per share) trust certificates of this
fixed investment trust.
• American Railway Shares Corp., depositor. Bearer certificates in coupon
,
form in denom. of 10, 25, 50, 100.500 and 1,000 American Rs. Trust shares.
Semi-annual diva. payable J. & J. at the principal office of Manufacturers
Trust co.. New ork, trustee. Trust matures July 15 1954, when the
trust will be liquidated and proceeds from sale of property then in possession of the trustee will be distributed pro-rata to shareholders. Earl;
American Railway Trust share represents a 1-1.000 panic. non-voting
ownership in a unit of coin, stock of 25 loading American railway coinpanios, and an interest bearing reserve fund, deposited with the Manufacturers Trust Co., Now York, as follows:
Pour shares of Atchison Topeka & Santa Fe fly., Atlantic Coast Line
RR., Baltimore & Ohio RR., Canadian Pacific fly.. Chesapeake & Ohio
Ity., Chicago dr Northwestern fly., ('hicago Rock Island & Pacific fly.,
Delaware & Hudson Co.,'Delaware Lackawanna & Western RR., Great
Northern Hy., Illinois Central RR., Kansas City Southern By., Lehigh
& Nashville RR., New York Central RR.. New
Valley RR.. Louise,
York Chicago & St. Louis RR., Norfolk & Western Ry., Northern Pac. fly.,
Reading Co., St. Louis-San Francisco Sty., Southern Pacific Co., Southern
fly., Union Pacific fill.; six shares of New ork New ilaven & ilartfontRR.;
eight shares of Pennsyl v anis 1111.
A unit of shares of common stock as above, together with an interest
bearing reserve fund in the amount of $1,000, in cash for stabilizing dies.,
is deposited by American Railway Shares Corp. (depositor) with the
trustee to be held for the holders of each 1,000 American Railway Trust
shares.
-The railway shares constituting the unit were selected to
Security.
form an investment trust of a very conservative type offering comparatively
high yield, stability and the prospect of price appreciation with the added
advantages of wide geographic and economic diversification. All of the
shares; in the unit are listed on the New York Stock Exchange.
-No change may be made in the
Non-Subsilletien of Deposited Stocks.
units of stock deposited with trustee except in the case of change of par
value, recapitalization mergers, consolidations or reorganizations or sale
of properties of any a the companies; then such stocks held may be exchanged Into the new stock Loaned therefor. In any such case the stock
hold by the trustee for each 1-1000 American • Railway Trust Shams is
changed to take account of the split-up or exchange of stock of the particular company.
Yiekl.-The coupon payments on these trust shares should yield at a
conservative estimate approximately 60' as an annual average.
Marketobility.-American Railway Trust Shares offer ready marketability and are quoted daily under "Investment Trusts" in the leading
newspapers. In addition, the holder of 500 American Railway Trust
Shares may convert into one-half a unit of deposited stocks together with
any undistributed dividends and reserve funds applicable thereto.
American Transformer Co.
-Stock Offered.
-An offering
of common stock, constituting a substantial portion of the
40,000 outstanding shares, has been made by Faxon, Gade &
Co., Inc., and Glidden, Morris & Co. at $21.50 per share.
The transaction, which represents the first public participation in the ownership of the company, involves no new
financing, as the shares were acquired from the two widows
of the former owners of the business. The;issue has been sold.
-Earnings.
Anglo National Corp.
The company in the first report issued since its incorporation on Dec. 10
after
1928, shows net income for the six months ended July 2 of $421,567
100.000
charges, equal after preferred dividends to $1.71 a share on the $3.42 a
outstanding, or at the annual rate of
shares of class "13" stock
-V.128, p. 4158.
share on the "B"stock.
-Earnings.
Artloom Corp.
1929-8 Mos.-1928.
Period End. e line 30-- 1929-3 Mos.-1928.
Net prof. after depree. &
$101,204
8151,470
$26,061 loss$19,614
Federal taxes
Earns per sh. on 200.000
shs. corn. stk. (no par)
$0.24
$0.51
NIL
$0.02
after pref. diva
Current assets on June 30 last. amounted to $3,558.885. including
$412,162 cash, comparing with current liabilities of $324.037.-V. 128.
p. 3190.
--Earnings.
Associates Investment Co.
6 Months Ended June 10Net income after deducting all expenses & taxes.. _ _
Shares common stock outstanding
Earnings per share
-V. 128, p. 2810.
1929.
$410,669
80,000
$4.56
1928.
$226,825
61.000
$2.97
-Earnings.
Atlantic Securities Corp.
The company reports for tho 6 months ended June 30 1929. net profit of
$508,426 after expenses and ordinary taxes, but before Federal taxes.
Balance Sheet June 30 1929.
Lta%itiesAssetsx$3,000,000
$157,162 Preferred stock
Cash
y4,038,653
800,000 Common stock
Call loans
12,912
7,015,442 Accounts Parable
(at cost)
lnsestments
23.993
16,519 Income tax reserve
Dividends accrued
15.000
1,725 Preferred dividends reserve__
Interest accrued
108,250
Paid-1n surplus
792,040
$7,990,848 Earned surplus
Total (each side)
x Represented by 60,000 no par shares. y Represented by 168.250 no
-V. 129, p. 131.
par shares.
-Listing.
Atlas Tack Corp.
10.000
The New York Stock Exchange has authorized the listing ofof issue
additional shares of capital stock (no par value) on official notice110,000.
the total number of shares applied for
and payment in full, making
The stockholders May 3 authorized the issuance of 10.000 additional
shares pursuant to a contract made by the corporation with an individual
for the acquisition of the patents, trade-marks and good will for manufacturing Primo Crowns, by which contract the 10,000 shares are to be delivered as
follows: 3,000 shares either prior to May 4 1929, or upon approval of the
stockholders. 3,000 shares prior to April 3 1930. 2.000 shares prior to April
3 1931, 1,000 shares prior to April 3 1932, and 1.000 shares prior to April 3
1933: provided that the corporation shall have the right to anticipate delivery
of the shares prior to said dates or to pay in cash at any time a sum of
money equivalent to the then book value of undelivered shares, but not less
-V. 128, p. 3355.
than $20 per share.
Auburn Automobile Co.-Earnings.-
Quar. End. Quar. End. 6 Mos. End.
Transfer agent, Guaranty Trust Co. of New York.
May 31 '29. Feb. 28 '29. May 31 '29.
Period
CapitalizationAuthorized.
Outstanding.
52,969.0261
Gross operating income
*50,000 shs.
Common stock (no par value)
Not Available
40.000 shs. Expenses
1,181,1901
*10.000 shares hold in treasury against which an option has been granted
$737.133 $2,524,969
$1,787.836
Operating profit
of the company to purchase those 10,000 shares on or before
to an officer
332.185
226.545
105.640
Dec. 31 1932 at $21.50 per share, a portion of this option being reserved Other income
for subscription by employees and others connected with the management
$963.678 $2.857.154
$1.893.476
ome
Total In
of the company.
384.086
170.706
213,380
Company.-Incorp. In New Jersey, was established in 1901 and is en- Depreciation
66.238
31.153
35,085
gaged Iii the manufacture and sale of transformers and allied electrical Interest. amortization, &c
279,841
92,275
187.566
products. Company specializes in building testing transformers and Federal taxes
287.483
142.972
144.511
special equipment to meet customers' requirements. It is not engaged Minority interest
In the quantity production of standard units in competition with the larger
8526.572 51,839.506
$1,312,934
Net income
sompanies. but devotes It principal attention to special work where quality,
163,033
159.900
163,033
sustsdners' specifications, or prompt delivery are essential. Company has Shares cap. stk. outstand. (no par)_..
$3.29
$11.28
$8.05
per share
built up an enviable reputation In this field, serving many of the largest Earnings
-V. 129. p. 131.
utility and industrial concerns in the country.
public
478
FINANCIAL CHRONICLE
Aviation Corp. of the Americas.
-Earnings.
-
Earnings for Period from June 23 1928 to Dec. 31 1928.
Income from operations
$298,969
Operating expenses incl. salaries, maint. and deprec
387,492
Loss
Other income
$88,523
67.532
Operating loss
Loss on liquidation of Southeastern Air Lines, Inc
$20,991
8.668
Total loss
Consolidated Balance Sheet Dec. 31 1928.
Assets
Cash
$1,708,970 Capital stock
Accounts receivable
71,799 Accounts payable
Securities owned
148,860 Deficit
Other marketable securities_ _
99,750
Materials and supplies
15,885
Prepaid and deferred charges_
73,424
Invest, and adv. to Mill. cos
90,800
Airports, bidgs,and equipment 722,479
Advances and add. equipment 181,913
Goodwill, extension & develop. 352,188
Total (each side)
x Represented by 500.000 no par shares.
-V. 128, P. 731.
$29,659
x$3,378,846
91,844
29,659
83,444,030
Bankers Bond & Mortgage Guaranty Co. of America.
Waiter S. Jelliffe, Vice-President of the National Park Bank, has been
elected a director of the Manhattan Mortgage & Guaranty Co.,a subsidiary
of the Bankers company.
-V. 129, p. 284.
Bankers & Merchants Fire Insurance Co. of Jackson, Miss.
-Capitalization Increased.
The above company has recently enjoyed a 30% increase in its capital,
it was announced this week by the Insurance Securities Co. Inc.. the
holding company of the Union Indemnity Group of which the'
Bankers &
Merchants is a part.
Sufficient additional stock has been purchased by the Insurance Securities Co. to bring the capital from $307,000 to $400,000. Surplus is in
excess of $450,000.
The Bankers & Merchants company became a member of the Insurance
Securities Group in July 1928.
Bates Mfg. Co.
-Special Dividend of $30.-
[VoL. 129.
Each chain or system of Industrial Loan offices now combined under the
company's ownership has prospered and expanded in the past; no such chain
or system ever having had an unprofitable year, while all of them have
steadily increased their operating facilities, number of customers and
amount of me-ley lent. The growth of the enterprise as a whole in the past
five years is indicated by the following table:
Number of
Number of
Amount
-Year
Operating Offices. Loans Made.
Lent.
1924
88
125,017 - $13,819,285
1925
104
135,227
16,582,292
1926
132
148,379
20,050,868
1927
167
219,994
30,022,463
1928
The amount lent for the 5 months ended May 311929 was
$23,4451167,
an average of $4,689,193 per month or at an annual rate of $56,270,316.
CapitalizationAuthorized.
Issued.
Prior preference stock (no par)
500,000 shs.
None.
Preferred stock (no par)
750,000 shs. x 188,748 shs.
Common stock (no par)
4,000,000 shs. x1,848,793 shs.
x 22,070 additional shares of preferred stock series A and 16,858 additional
shares of common stock reserved for issuance (a) in units consisting of two
shares of preferred stock series A and one share of common
subscriptions already made at 9121 per unit by stockholders ofstock against
the company
and holders of securities of subsidiary and affiliated organizations,
(b) against subscriptions to stock of the former American Loan Co. and
and
Industrial Bankers of America, Inc., under the terms of the
agreement. Part of the stock included in the present offeringconsolidation
may be sold
under partial payment plans and such stock will not be issued until paid for
in full.
Purpose -Proceeds of the sale of shares of preferred stock series A
common stock will be used in increasing operating office facilities and
capital available for use in the business and in acquiring interests in and
other
financial organizations when advisable. Additional shares of the authorized
capital stock of the company may be issued in future for cash or property.
Earnings.
-Consolidated net earnings of predecessor companies and their
subsidiaries for 1928, available for dividends, as certified by Haskins
&
Sells, were $2,895,100 amounting to more than 4.3 times the annual
dividend
requirements for the shares of preferred stock series A to be presently
outstanding (including the present offering) as shown above. Earnings
should be materially increased by the use of a substantial amount for 1929
of capital
obtained by the predecessor companies in the latter part of
effect of which is not reflected in earnings for that year, and 1928, the full
by
proceeds of the present financing. It is expected that the commonthe use of
be placed upon a dividend basis of $1.50 per share per annum. stock will
Initial Common Dividend.
A special dividend of $30 per share has been declared in addition to the
The directors have declared an initial dividend at the rate of $1.50
regular semi-annual payment of $4 per share, both payable Aug. 1 to
per
holders of record July 12. The special distribution, it is announced, will share per annum on the common stock.
-V. 128, P. 3355.
be made from accumulated earnings.
In 1922 the company paid a stock dividend of 50% and distributed cash
Bing & Bing, Inc.(8c Sub.& Affil. Cos.).
-Earnings.
dividends of $6 semi-annually thereafter to Aug. 1926, when a payment of
Period End, June 30- 1929-3 Mos.-1928.
1929-6 Mos.-1929.
$4 was made. This rate has since been maintained.
Earns,from management,
Tucker, Anthony & Co. offered to purchase on or before July 19, on
construction, &c
$620,425
$554,550 $1,251,400 $1,083,373
behalf of the New England Public Service Co. 7,500 shares of common Other inc., int. & disc350.726
156,047
762,210
353,071
stock of the Bates company, at $175 per share. '
Tucker, Anthony reserved
the right to reject all tenders made if less than that number of shares were
Gross earnings
$971,151
$710,597 $2,013,610 $1,436,444
deposited.
Expenses
113,782
87,960
254,206
The directors of the Bates company are seeking the deposit of stock with Res.for depr. &
196,293
amort__
255,713
277,079
541,832
the trustees, with the object of securing $200 per share in any sale of control.
554,158
-V.129. p. 284.
Net inc.avail,for bond
int. & Fed. taxes_ - $601,656
Bay-Cumberland Properties, Ltd.
$345,558 $1,217,572
-Bonds Offered.
$685,993
- -V.128. p. 2634.
Stewart, Scully Co., Ltd., Toronto, are offering $230.000
1st mtge. 63/3% 15-year sinking fund gold bonds at par and
interest. Dated April 1, 1929; maturing April 1, 1944.
Bay-Cumberland Properties Ltd. Is the owner of the properties on the
southeast corner of Bay and Cumberland Sts. Toronto, having a frontage
of about 81 ft. on Bay St. by a depth of about 165 ft. on Cumberland St.
'
On the above property there is now being erected by John G. Kent & Son,
Ltd., engineers and contractoes, a modern, reinforced concrete and steel
building, comprising 5 floors and basement together with a fireproof 2
-story
garage in the rear. The building has been specially designed so that the
ground floor and garage in the rear can be used as a show and sales reom,
and service station respectively for fine motor cars.
The entire ground floor and the garage extending along Cumberland St.
has been leased to Philmac Motors Ltd. This company is the principal
distributor and sales agent in Toronto for the various models of Chrysler
and Plymouth motor cars and Fargo trucks. The lease is for 10 years at
$21,500 per year payable monthly, and payment of the rent thereunder is
personally guaranteed for 5 years.
The security for these bonds is a first specific mortgage and charge on
the land and buildings, together with a first floating charge on all the other
assets and undertaking of the company. The land and buildings, when
completed, are valued at $370,250.
The gross annual revenue of the company is estimated at $36,220, this
amount being made up by the annual rental from Philmac Motors Ltd.
for the ground floor and garage $21,500, and 9,200 ft. of floor space estimated to rent at $1.60 per sq. ft. per annum, equivalent to $14,720 per
annum. The operating expenses are estimated at $10,000 per annum which
would leave an estimated amount of $26,200 to take care of annual interest
of $14,950.
Beatrice Creamery Co.
-Listing.
-
The New York Stock Exchange has authorized the listing of66.331 shares
of7% cumulative preferred stock (par $100) and 195,864 shares of common
stock (par $50).
Pro Forma Balance Sheet February 28 1929.
[After giving effect to (a) the consolidation of the assets and liabilities of subsidiary companies subsequently acquired (6) the sale for cash of 1,473 shares
of the preferred stock of the Beatrice Creamery Co.]
LiafdidiesCash
$782,072
81,080,285 Notes payable
Accounts receivable
-due with3,351,251 Mortg. notes pay.
Notes receivable
In one year
3,900
799,379
Marketable securities
387,559
3.652 Accounts Payable
Interest receivable
78,228
4,205 Employees savings accounts_
Cash surr. value-life 'astir
20,619
32,198 Accrued wages dr interest__
Inventories
254,134
1,580,359 Accrued Fed. income taxes__
Notes & accts. receiv
120,846
104,873 Accrued domestic taxes
Investments
25,499
2,048,677 Mortgage notes payable_.
Land, build., equip., cabinets
Minority int. in cap, stock dr
& cans
817,458
11,514,538 surp.ofsub. cos
Goodwill purchased
6,833,100
521,279 Preferred stock
Deferred charges to operat's_
9,793,200
187,044 Common stock
2,312,923
Surplus
Total
-V.128, P. 2811.
$21,207,539
Total
821,207.539
Bingham Mines Co.
-Sale.
-
See United States Smelting Refining & Mining Co. below.
-V. 128, p.
4159.
Blauner's, Inc.
-Earnings.
5 Months Ended May 31
-1929.
19281
Net sales
$4,406.005 $3,481,679
Net profits after deproc. & taxes
328,772
274.081
-V. 129, p. 284.
Bon Ami Co.(& Subs.).
-Earnings.
6 Months Ended June 30
1929.
1928.
1927.
Gross profit on sales
$1,382,590 $1.304,071 $1,271.264
Net profit before int., depree. & Fed.
& Canadian income taxes
869,228
758,458
734,402
Depreciation
38.300
37.249
34,994
Res.for Fed. & Canadian income tax.
97.482
84,727
91,415
Net profit
$733,446
$636,480
$607,993
Proportion appllc. to minority int.._ _
56
88
79
Net profit for the 6 months ended
June 30 applic. to the Bon And Co $733,390
$636,391
$607,914
Earnings per share on 100,000 shares
class A stock (no par)
$3.41
$2.93
$2.78
Earnings per share on 200,000 shares
class B stock (no par)
$1.95
$1.71
$1.65
-V. 128, p. 3516.
Bonwit Teller & Co.-Pref. Stock Offered.-Ungerleider
Financial Corp., Bankers Corp. and Ke ey, Converse & Co.
are offering 60,000 shares $3.25 cony. pref. stock at $52 per
share and div., to yield 6L1,%. This stock has been purchased
from individual stockholders and involves no new financing
for the company.
Transfer agent, Bank of United States, New York;
National Bank & Trust Co., New York. Pref. stock isregistrar, Harriman
entitled to cumulative dividends at the rate of $3.25 per share per annum,
payable Q.
-J.
accruing on this Issue from July 11929. Is entitled, in the event of
liquidation, to receive $50 per share plus div., before any distribution of
assets
shall be made to the common stock. Red. on any div. date, in
In part by lot, upon 60 days' notice, at $55 per share plus dive. whole or
Beginning
Feb. 1 1934, and in each fiscal year thereafter, at
amount of preferred stock at any time outstanding least 3% of the largest
will be retired annually
through a sinking fund to be created out ofsurplus or net profits
after Jan. 31 1929, and remaining after payment in full of accumulated
on the preferred stock; excess retirements in any one year all dividends
applicable to
retirements in future years.
Convertible.
-Preferred stock is convertible, at the option of
at any time up to 5 days prior to the date fixed for redemption,the holder,
of common stock in the ratio of 1% shares of common stock for into shares
each share
of preferred stock.
CapitalizationAuthorized.
Outstanding.
cumul. cony, preferred stk.(no par).
60,000 shs.
80,000s
Common stock (no par)
*300,000 shs.
* 90,000 shares are reserved for conversion of the preferred 185,000 shs.
stock, 15,000
shares are reserved under a 5-year purchase option to the
management for
exercise in any year when net earnings available for dividends
reach $150,000 to $200,000 in excess of the company's 3
-year average, as herein indicated.
Neither the company nor any of its subsidiaries
outstanding with the exception of a total of$176,250 ofhas any funded debt
real estate mortgages.
Data from Letter of Paul J. Bonwit, President of the
Company.
History and Business.
-The business of company was established 35
years ago. Founded with insignificant capital, it has
developed to its
present proportions entirely by the accumulation and the re-investment
of earnings. In 1911, the company moved from
its present
location on Fifth Ave. and 38th St., New York. in23d St. toof the Fifth
the heart
Ave. shopping district, where it owns a long term lease on its
building. a substantial part of which is occupied by the company 11-story
and the
balance leased on a profitable basis. Additional floor space
acquired to provide for future expansion in New York and the Is now being
management
contemplates a program of expansion in other cities.
also
Company is one of New York's leading stores catering exclusively to
women. The business enjoys an unusually largo and exclusive clientele
and it is widely known for its authenticity of styles, quality of materials,
workmanship, &c. The charge accounts number approximately 120,000.
Beneficial Industrial Loan Corp.
--Stock Units Offered. $3.25
-Clarence Hodson & Co., nc. are offering 50,000 shares of
pref. stock series A and 25,001i shares of common stock in
units of 2 shares of preferred and 1 share of common, priced
at $125 per unit.
Transfer agent: Southern Trust Co., Wilmington; Registrar: Peoples'
Bank & Trust Co., Wilmington. Preferred stock series A is entitled to
cumulative dividends at annual rate of $3.50 per share, payable quarterly.
and to $50 per share and divs, in event of liquidation; and is redeemable
In whole or in part at any time, on 30 days' notice, at $52.50 per share
and diva.
Data from Letter of Mr. Charles H. Watts, Pres. of the Company.
-Was formed May 9 1929 in Delaware, by consolidation of
Company.
American Loan Co., Industrial Bankers of America, Inc. and the former
Beneficial Industrial Loan Corp. Through this consolidation the company
acquired all of the assets of the three consolidating corporations, including
stock ownership of more than 250 Industrial Loan offices distributed over
21 States, constituting the largest group of agencies engaged in this business
under one ownership and uniform management in the United States. This
business has been developed to supply the credit needs of small borrowers
(constituting, it is estimated, more than 80% of the total population of the
country), who ordinarily do not have access to the credit facilities of the
commercial banks.
479
FINANCIAL CHRONICLE
JULY 20 1929.1
The company maintains officer; in Paris and employs agents in other
European style centers in order to maintain constant touch with the latest
fashion trends, and operates branch stores during appropriate seasons at
Miami Beach, Fla.; Southampton, Long Island; Palm Beach, Fla.; Bar
'Harbor, Me.
Bonwit Teller & Co. of Philadelphia, all of whose stock is owned by
Paul J. Bonwit, has entered into an agreement with this company not to
open any stores outside the city of Philadelphia and its environs.
-Company, during its corporate existence, except for a brief
Earnings.
period when the business was being moved, has never had an unprofitable
year. Consolidated net profits of the company and its subsidiaries for the
3 years ended Jan. 31 1929, as certified to by S. D. Leidesdorf & Co.,
Certified Public Accountants, after deducting all charges including depreciation, and after eliminating certain items of non-recurring income forthe
fiscal year ended Jan. 31 1927, amounting to $484,188, resulting principally
from the sale of real estate, and after eliminating non-recurring expenses
for the fiscal years ended Jan. 31, as follows: of $114,054 for 1927, of $136.000 for 1928, and of $101,317 for 1929; and after deducting Federal income
taxes on the adjusted net profits at the rate of 12% per annum in lieu of
such taxes paid or provided for, were as follows:
Year End. Jan. 311929.
1927.
1928.
Net profits as above
$563,067
$422,526
$654,428
Times maximum annual pref. div. requirement earned
93.35
$2.88$2.16
Balance avail,for com.stock diva - --368.066
459,428
227,526
Earned per share common
$2.48
$1.98
$1.22
Consolidated net profits for the 3 months ended April 30 1929, being
the first quarter of the current fiscal year, show a material increase over
the same period in the preceding year. From figures prepared and submitted by S. D. Leidesdorf & Co., Certified Public Accountants, based
upon their examination of the company's books but without actual physical
inventory, consolidated net profits after Federal income taxes are shown
at $227,695; deducting from this amount the quarterly preferred dividend
requirement of $48,750, which requirement would have been earned 4%
times, there would be a balance of $178,945 available for dividends on the
185,000 shares of no par value common stock outstanding. This is equivalent to $0.95 per outstanding common share, or at the annual rate of approximately $3.20 per share, adjusted to give effect to seasonal variations.
Listing.
-Company has agreed to make application to list this stock
on the New York Curb Exchange.
Pro Forma Consolidated Balance Sheet as at Jan. 31 1929.
Assets
Cash on hand and in bank ____ $344,142 Accounts payable
$602.911
Accounts receivable-net
1,618,652 Deposit accounts
8,441
Merchandise inventory
1,527,881 Accrued payroll
21,002
Other assets
418,008 Res.for taxes & conting
119,688
Fixed assets
492,740 Mortgages payable
176,250
Deferred charges
152,406 Capital stock and surplus
3,626,038
Leasehold
1
Good-will
1
Total (each side)
$4,554,331
New Directors -The company on July 16 announced that the Board
would be composed of Paul J. Bonwit, Walter B. Bonwit, Harold W.Bon
wit, Morris H. Adler, all of whom are executives of the company, together
with Arthur A. Hyman of the law firm of Paskus, Gordon & Hyman!
Aaron Holtz, formerly with the May Co. of Cleveland. and A. S. White,
Executive Vice-President of the Backua Corp.
-V. 128. p. 4325.
Borden Company.
-Listing,
The New York Stock Exchange has authorized the listing of 154,784 additional shares of capital stock (par $25), on official notice of issuance, in
connection with the acquisition of the entire assets and business of the following corporations: Central Dairy Products Corp., Standard Creameries,
Inc., Galloway-West Co., Hosier Ice Cream Co., Inc. Trojan Ice Cream
Corp.,and Rascher Dairy Co. The stock is to be issued as follows:
(a) Not exceeding 46,526 shares and the assumption of
liabilities, except liability for capital stock and certain tax liabilities, inall
payment for the
assets and business of Central Dairy Products Corp. (Del.), on the basis of
one share of Borden for every 27 shares of common stock of Central Dairy
%
Products Corp. There are outstanding at present 80,000 shares of common
stock, 30,000 shares of Class A stock convertible into common stock share,
for share, and $950,500 6 % 10
-year convertible gold notes convertible
into common stock at $10 per share. The company has agreed to provide
funds to redeem all outstanding shares of class A stock not converted into
common stock at $30 per share plus dividend and to furnish funds to redeem
all outstanding gold notes not converted into common stock at 105% and
interest.
(b) Not exceeding 71,778 shares, of which amount 57,500 shares and the
assumption of all liabilities, except liability for capital stock and certain tax
liabilities, are in p.ayment for the entire assets and business of Standard
Creameries, Inc. (Del.). Standard Creameries, Inc. has outstanding Si.298,000 debenture bonds convertible into common stock. The company has
agreed to issue 11 shares of its capital stock for each $1,000 of debentures so
converted. If all of debentures are converted, the company will be required
to issue 14,278 shares therefor, which figure is included in the 71,778 shares
stated above. The company has agrt.,:d to provide funds to redeem all said
debentures not so converted at 105% and int.
(c) 21,000 shares and the assumption of all liabilities, except liability for
capital stock and certain tax liabilities, in payment for the entire assets and
business of Galloway-West Co.(Wis.). The company has agreed to provide
funds for the redemption of the entire outstanding 7% cumulative preferred
stock, of which 881 shares are outstanding, at $110 per share plus div., and
to provide funds for the redemption of $60,000 6% serial debentures at
190).1% and int.
(d) 10,000 shares and the assumption of all liabilities, except liability for
capital stock and certain tax liabilities, in payment for the entire assets and
business of Hosier Ice Cream Co., Inc.(New York).
(e) 5,280 shares and the assumption of all liabilities, except liability fo
capital stock and certain tax liabilities, in payment for the entire assets and
business of Trojan Ice Cream Corp. (New York).
(f) 200 shares and the assumption of all liabilities, except liability for capKai stock and certain tax liabilities, in payment for the entire assets and
business of Reacher Dairy Co. (Ill.).
Pro Forma Consolidated Balance Sheet. December 31, 1928.
AssetsLtabtatlesProperty, plant & equip- $80,343,328 Mortgages
Cash
14,456,676 Notes & accounts payable__ 13 996 775
5 79 788
.3 .
'
Receivables
13,010,399 Income taxes (estimated) .._
1,773,206
Marketable securities
10,722,124 Other items
3,027,339
Inventories
13,742,365 Deferred credits
112,371
Prepaid items & misc. assets
138,382 Capital stock
78,058,400
Trade mks., pat. & good will 7,000,000 Res, for ins., conting. &c
11,751,786
Surplus
30.313,609
-Buys Rubel Coal Properties, &c.
Burns Bros.
President Sanders A. Wertheim has announced that all coal yards,
equipment and supplies of the Rubel Coal & Ice Corp.. operating about 36
coal yards and 15 substations in the Boroughs of Manhattan, Queens
and Kings, have passed into the management of Burns Bros. Through
this acquisition the already extensive facilities of Burns company will be
greatly increased. The Rubel tonnage is understood to be in the neighborhood of 2,000.000 tons per yea-.
The expansion of the Burns company has been going forward steadily
for the past year or so, the most recent acquisition being the Hannibal Coal
Co., the second largest operating retailer in Hudson and Bergen Counties,
N. J. Prior to this, the Burns company had absorbed R. H. Perry & Co.
of New Jersey. At the same time Burns has contracted with the Lehigh
Valley Coal Sales Co. to act as exclusive agent for the sale of that company's coal in Massachusetts. Then again the Delaware Lackawanna &
Western RR, and the Lehigh Valley RE. have both broken ground for the
erection of the two largest coal pockets in the country for Burns Bros. use.
The former will be erected in Brooklyn, N. Y.,and the latter is being erected
in Jersey City, N. J. A contract also has been secured to furnish the New
York New Haven & Hartford RR. for some of their coal requirements.
The Hannibal Coal Co. will operate in conjunction with the R. H.
Perry & Co., a subsidiary of Burns Bros. Mr. Hannibal will continue as
-V. 128. p. 2467
President and General Mgr. of the Hannibal Coal Co.
-New Vein.
Butte & Superior Mining Co.
has made the following statement regarding the strike of
The company
new ore on the 1,300-foot level of its mine at Butte, Mont.:"Development
work on the 1,300-foot level of the Butte & Superior mine has opened up
about 1.700 feet north of the main shaft a northwest vein carrying silver and zinc values. This is a vein that was opened up in earlier years on the
1,200-foot level but which, due to its narrow width, was not commercial.
No other work has been done on this vein and at the point of intersection
of the cross-cut with vein on 1,300-foot level it carries values for a widtn
of 5 feet approximating 8 ounces silver and 20% zinc. It is planned to
develop the vein from the 1,300-foot level and as soon as advisable deeper
-V. 128. p. 3191. 2635, 1232;
development work will be undertaken."
V. 127, p. 2824.
-Listing.
By-Products Coke Corp.
The New York Stock Exchange has authorized the listing of 570,034
additional shares of common stock (without par value) as follows: 569,766
shares on official notice of issuance as a stock split-up (3 additional shares
for each share outstanding); and 48 shares on official notice of issuance in
exchange for shares common stock $100 par value per share, heretofore
issued and now outstanding (exchangeable on the basis of 8 shares common
stock without par value for each share of common stock $100 par value) and
220 shares on official notice of issuance upon the exercise of the rights of
exchange, conferred by outstanding fractional share warrants (exchangeable
for certificates to represent shares of common stock of the par value of $100
exchangeable on the basis of 8 shares common stock without par value for
each share of common stock $100 par value for which fractional warrants
are exchangeable); making the total amount applied for 760,045 shares
common stock.
Earnings for Three and Six Months Ended June 30.
1929-6 Mos.-1928.
1929-3 Mos.-1928.
Not available.
$5,004,9111
Net sales
4.053.772
Cost and expenses
Operating profit
Other income
Total income
Depreciation
Interest
Federal taxes
Net profit
Common dividends
$951,139
58.390
$595,310 $1,702.358 $1,177,855
140,532
132,610
69,634
$1.009,529
216,536
103,146
143,000
$664.944 $1,834.968 81,318,387
332,104
422.942
155,044
215.825
220,299
106.178
143,000
$546,847
189,938
x$403,722 $1,048,727
380,026
237,420
4770.458
332,387
$438,071
$668,701
$166,302
Surplus
$356,909
x Profit before Federal taxes.
Balance Sheet April 30, 1929.
Liabilities-Assets$364.234
$1,900,717 Accounts payable
Cash
61,244
1,828,775 Ore accts. (def. pay/ not due)
Accounts receivable
73,048
794,997 Accrued wages
Raw material and supplies360,988
587,023 Accrued taxes, general
Manufactured products
mtge. gold bonds, series A 6,629,000
474.774 1st
Coal
1,622,327
2,944,001 Reserves
Investments
y9,496,900
Real est., plant & equip__ _113,769,992 Common stock
3,668
392.407 Fractional share warrants
Total deferred charges
1,863.021
Paid in surplus
2,218,257
Earned surplus
522,692,689
$22,692,687
Total
Total
x After depreciation of $6,902,991. y Represented by 189,922 no par
shares.
-V. 128, p. 4009.
California Consumers Co.
-New Contract.
The company announces that it has entered into an arrangement to furnish Puritas Water to all the Standard Oil Co. service stations in Southern
-V. 127. P• 3708.
California for battery work.
-Earnings.
Canada Packers Ltd.
Earnings for Year Ended March 27, 1929.
Net profits after prov. for bond bat. deprec. & income taxes__.._$1,503.297
462,798
Preferred dividends
$1,040.499
Balance surplus
$5.20
Earns per share on 200,000 shares common stock (no par) --.._
Sheet.
Consolidated Balance
Mar.27,'29. Mar.28.'28
Mar.27,'29. Mar.28,28.
Liabilities-$
ii
5
Assets$
Cash
$157,854 $220.023 Cumul. pref. Os__ 6,611,400 6,636,700
Common shares __ 1,427,040 11,413,739
Accts. receivable,
less res. for losses 5,285,741 4,524,603 Co.'s bankers(sec.) 4,706,526 6,802,434
Inventories
8,878.670 9,942,095 Accts. payable &
accrued charges- 1,928,645 1,714,227
Investments in re109,639
1,003,618 1,040,980 Accrued bond int- 108,393
kited cos.'
Shareholders & emPrepaid Expenses_ 175,425
779,955
632,689
182,461
ploy. dept
Bonds of sub. cos_ 247,111
2,500,000 2,500.000
Special loan
Sundry dep.& bal.
164,048 Dividends payable 115,939
receivable
377,319
5,893,400 6,012,008
Funded debt
kAges. & sundry
$139,413,274
Total
Total
225,490
$139,413,274
354.005 Conting. reserves_
investments_.._ 311,973
104,486 Min. int, of shareThe above balance sheet is after giving effect to the acquisition of the Life ins. prems. pd 119,464
43,564
77,182
holders of subs_
properties and businesses of Walker-Gordon Laboratory Company, The Cash in hands of
Res. for deprec. &
Purity Ice Cream and Dairy Company, Dairy Dale Company, Sharplesstrustees for bondBendier Ice Cream Company, Springfield Dairy Products Company,
123,628
18,769 surplus on appr_ 9.211,530 8,398,578
holders
Profits earned____ 2,598,444 1,028,698
A. H. Barber and Company and The Averill Dairy Company, all on basis Land, bidgs.,leasehold, plant & eq.19,244,127 18.999,904
of figures as of December 51, 1928; and Hammond Dairy Company and
4
4
Total (ea. side)_35,924,838 35,551.378
Terre Haute Pure Milk and Ice Cream Company on basis of figures as of Goodwill
February 28, 1929. The net assets acquired from the aforementioned comx Represented by 199,974 no par shares.
-V. 127, p. 2824.
panies include certain property valuations based on appraisals, partially
Canadian Canners, Ltd.
-Sale of Plant.
completed, and are subject to audit of the books of the companies, now in
See American Can Co.above.
-V.128. p.3192.
progress.
-V. 129. p. 284.
-Defers Preferred Dividend.
(S. F.) Bowser & Co.
The directors have decided to defer the regular semi-annual dividend of
1st pref.stock ordinarily due July 1.-V. 127,P. 1951.
335% on the 7% cum.
-Defers Dividend.
Bright Star Electric Co.
The directors have decided to defer the regular quarterly dividend of
50c. per share due Aug. 1 on the $2 cum. partic. pref. class A stock in
order to conserve cash used for expansion. This rate had been paid regularly
since and incl. May 1 1928.-V. 127, p. 3545.
-May
Brillo Mfg. Co.
-May-1928.
1929
$141.870
$151.821
-V. 129. P. 132
.
Sales.Increase.' 1929-5 Mos.-1928.
$9,95118888.042
$790,627
-Acquisition.
-Efunte Bros., Chicago.
Increase
$97,415
The company has acquired the Alberta Candy Co.. San Francisco,
-V. 129, P. 285.
Calif.
Canadian International Paper Co.
-Listing.
There have been placed on the Boston Stock Exchange list 825.000,000
1st mtge. gold bonds,6% series, due 1949. See also V. 129. p. 285.
Capital Administration Co., Ltd.
-Earnings.
Earnings for Six Months Ended June 30 1929.
Interest on bond investments
Interest on call loans and cash balances
Dividends on stocks
Profits realized on sale of securities
Total income
Interest on 5% gold debentures
Amortization of discount and expenses on debentures
Compensation-Security Management Co
General expense
Provision for Federal income taxes
Net income for the period
Earnings per share on 60,100 shares class A stock
$26,627
149,112
69,866
637.097
$852,701
125,006
142,527
27.399
25,486
76,625
$485.66
$4.6J
480
[Vol,. 129. •
FINANCIAL CHRONICLE
May 31 1929 were over 4 hi times the annual cumulative dividends. Through
P.C. of Assets the participation in earnings in addition to the cumulative dividends, the
Invested.
preferred stock earned $2.18 a share for the year ended May 31 1929.
Purpose.
2.54
-Proceeds will be used to pay off the funded indebtedness of
the Hump Hairpin Mfg. Co. and for additions to the plant and manu2.12
2.33
facturing equipment and for other corporate purposes. This preferred
stock is being purchased from the corporation and not from individuals.
2.95
-V. 129. p. 286.
8968.549.00
9.94
Investments June 30 1929.
BondsGroup 1-Railroad
Group 2
-Utility
Group 3
-Industrial
Group 4
-Foreign
Total
Preferred Stocks
Group 1-Utility
Group 2
-Industrial
Cost.
$247.407.50
206.377.25
227,348.00
287.416.25
Chicago Pneumatic Tool Co.
-Earnings.
-
$256,982.50
247,950.00
2.64
2.54
Total
$504,932.50
Common Stocks
Group 1-Railroad
$626,385.11
Group 2
-Utility
1.620,747.50
Group 3
-Industrial
-Chemical
547,484.29
Electric supply
334,562.50
Mines and smelting
111,450.00
Food
240,402.33
Steel
92.937.50
Oil
404,690.00
Chain stores and retail
85,575.00
Musical instrument and radio--- _
108,440.00
Motor
23,977.50
Aviation
196,873.49
Drug
51.062.50
Specialties
695,662.63
Group 4
-Bank and trust co. common stocks _ 256.738.75
6.43
16.64
5.62
3.43
1.14
2.47
.95
4.15
.88
1.11
.25
2.02
.52
7.15
2.63
Total
Total investments
128. p. 3831.
5.18
55,396,989.10
55.39
$6,870,470.60
70.51
Central Alloy Steel Corp.
-Price Reductions.
-
Period End. June 30- 1929-3 Mos.-1928.
Manufacturing profit.-- $1,527,507
Expenses
es
1,019,872
4252,875
22.360
1929-6 Mos.-1928.
$2,659.816
1,736,299
$923,517
109.708
x$441,859
46,490
Operating profits__ - Other income
$507,635
49,049
Total income
Interest
Depreciation
Federal taxes
$556,684
65,150
60,226
43,000
$488,349
$275.235 $1,033,225
116,864
120,815
59.680
x
110,800 .
x
x
x
88,000
Net profit
Preferred dividends_ _ _ _
$388,308
164,500
8215.555
$713,610
329,000
$371,485
1371,485
$384,610
Balance surplus
$215,555
$223.808
y94,860
199,469
Shs.stk. outst'g (no par)
y94,860
199,469
$.91
$1.93
Earns.persh.on cap.stk
$2.27
$1.12
x After expenses and provision for depreciation and Federal taxes.
y Par 3100.-V. 128, p. 2636.
Claude Neon Lights, Inc.
-Wins Injunction.
Judge John It. Hazel of the Federal District Court of the Western District of New York has granted a preliminary injunction to this corporation,
restraining the Sun Ray Neon Corp., a New York State operating licensee
of the Sun Ray Gas Corp. of Cleveland,from further manufacture and sale
of the cap type electrode, employed in
using lumeneecent rare gases.
The Sun Ray Co. was held as infringing the Claude patent No. 1125476,
which has been previously validated in the Circuit Court of Appeals, Second
Circuit, in the course of litigation against Rainbow Luminous Products,
Inc.
-V. 128, p. 4161.
The company has announced substantial price reductions on Endure
Nirosta steel, covering all forms in which the material is produced. The
new metal recently was introduced into this country from Germany under a
Krupp license. The company is working toward greatly increased output of
stainless steel in response to rapidly growing buying interest in many lines,
including the automobile and building industries. The present price
-Earnings.
Colorado Fuel & Iron Co. (& Subs.).
reduction is the first step in the company's policy of stimulating consumption
by lower quotations as the volume of output expands.
Period End. June 30- 1929-3 Mos.-1928.
1929-6 Mos.-1928.
The Pennsylvania RR. has placed an order for 1,000 all-metal box. Sales
$9.889,109 $8,574,799 $21,285,547 $20,046,331
cars, for which toncan iron, a rust-resisting product of the Central Alloy Oper. expenses & taxes _ 8,448,357
7,481.045 17,769,452 17,255,281
Steel Corp., is specified.
-V. 128. p. 4161.
Income from oper--- $1.440.751 $1,093,754 $3,516,095 $2,791,050
Other income
59,648
86,531
30,549
Central Dairy Products Corp.
54.333
-Merger Approved.
The stockholders of this corporation and its operating subsidiaries, John
Total income
$1, 9 :947 $1,10 : 04 $3,602,626 $2,850,698
43 084
2
5
4 32
25 4
T.Cunningham Ice Cream Co.and McBride Bros. & Knobbe, have author42
914,968
947,973
ized the conveyance of the assets and business of these concerns to the Int.on bonds & notes_ __
1,185,201
1,270,489
523,271
596.650
Borden Co. It is expected that the class A stock and the 10
-year 63.5% Depreciation
convertible gold notes of the Central corporation will be called for redempNet before Fed. taxes_ $465,487
$720,529
$198,508 $1,384,164
tion.
Earns, per share on 340.See Borden Company above.
-V.129. p. 286.
505 corn. shs. (no par)
$1.25
-V. 128, p. 2814.
Century Ribbon Mills, Inc.
-Earnings.
6 Mos.End. June 30-1928.
1927.
1926.
1929.
Columbia Investing Corp.
988
.
-Balance Sheet July 9 192 .
$3.83
Net profits
$163,154
$113,083
$72.719
$95,792
AssetsLiabilities
Preferred dividends
58,975
50.137
54,655
61,643 Cash
8600,000
$90,401 Loans payable
Common dividends _
50.000 Due on contracts
208,950
211,000 Due on contracts
302,776 Reserve for unearned disc_
Balance surplus
$23,582
$41,137
$104.179
$1,440 Notes receivable
Securities
2,573,119 Res. for diva, on pref. stock-Shares of corn. outstand65,612 Res. for Fed. inc. tax
26:5623
17 323
7, 8
7
ing (no par)
100.000
100,000
100,000
100,000 Loans-secured receivable__
47,558 Preferred stock
1,772,200
Earns.per share on com_
$0.24
$0.41
21.04
$0.51 Accrued Interest
68,438 Common stock
Adv. pay, to foreign corresp_
Consolidated Balance Sheet June 30.
18,059 Earned surplus
49 , 2S3
2 8957uspen
46
account
1929.
1928.
1929.
1928.
1,309
Deferred charges
Assets$
$
Liabilities$
Plant, equip., dm- _y2,185,491 2,205,999 Preferred stock
33,378,272
1 387,500 1,518,500
Total
83,378,272
Total
Investments
2,700
31,700 Common stock_.. _ _x2,536,814 2,536,814 -V. 128. p. 2998.
Treasury stock
11,165 Note payable
1,000,000 1,090,000
Cash
366,546 345,545 Acceptance acakst
-Contract.
Commercial Credit Co., Baltimore.
Notes & accts. rec. -1,598,484 1,265,741
81,213
letters of credit
136,948
The company on July 15 announced the renewal of an exclusive contract
Inventories _
2,152,530 2,214,477 Accounts payable _
5,756 with the Roister Radio Corp. providing for the financing of retail time6,014
Other cur. assets
26,669
49,351 Cent, fact. cred. bal. 424,821
payment sales of Roister and Branches radio receivers, throughout the
Prepaid exp.
32,240
38,054 Surplus
872,563 929,749 United States. Ellery W. Stone, President of the Roister Radio Corp.,
commenting on the renewal of the contract, said: "The 10,000 Roister and
Total
6.364,660 6,162,032
Total
6,364,660 6,162,032 Brandes dealers in the United States will use instalment financing this year
x Represented by 100,000 shares of no par value. y After deducting in approximately 85% of their sales. The Commercial Credit Companies
reserve for depreciation.
-V. 128. p. 2813.
deferred payment plan for Roister and Brandes dealers is particularly
adapted to the radio trade, having been prepared to secure maximum sales
Chain & General Equities, Inc.
-Dividend No. 2.
with sound financial assistance. With the growing public demand for the
The directors have declared a regular quarterly dividend of $1.623 per improvements in radio reproduction now available,the radio dealer is enable
share on the preferred stock. payable Aug. 1 to shareholders of record July to increase his sales through the lengthening of the time-payment period on
16. An initial quarterly dividend of like amount was paid on May 1 last.
- radio sets sellihg in excess of $250."
V. 128, p. 3356. 1059.
The estimated volume of Roister and Brandes radio business combined
for the ensuing year is approximately 324.000,000. This represents a potenChain Store Products Corp.
-Preferred Stock Offered.
- tial time-payment volume of over $20,000,000 available for Commercial
Underwriters & Distributors Securities Co., Inc., aro offering Credit Companies.
The contract between Roister Radio Corporation and Commercial Credit
60,000 shares $1.50 cum. cony. partic. pref. stock (no par Companies provides local financing service for Roister and Brandes dealers
through more than 450 offices of Commercial Credit Companies throughvalue), prie( at market.
Transfer agents, Central Trust Co. of Illinois, Chicago. Registrars, out the United States. In Europe the instalment sales of the products of
First Union '1rust & Savings Bank. Chicago. Preferred stock is preferred Kobiter-Brandes, Ltd., Rolster's European subsidiary, are financed by
-V. 129, p. 286.
as to dividends at the rate of 51.50 per share per annum and as to assets Kolster-Brandes itself.
up to $25 in case of voluntary or involuntary liquidation and in each case
Commercial Investment Trust Corp.
-Definitive Dewith cumulative dividends. Dividends payable Q.
-J. Red, at any
time on 60 days' notice before any div. date as a whole or in part at the bentures Ready-New Contract.
option of the corporation at $25 per share and dive. Dividends free of
The Chase National Bank announces
prepared to deliver definithe present normal Federal income tax. Preferred stock is entitled to tive 5 % cony, debentures, due Feb. 1 that it isexchange for like outstand1949, in
participate equally, share for share, with the common stock in dividends ing temporary debentures. (For offering, see V. 128, p. 892.)
after 50c. per share has been paid on the common stock up to a maximum
This corporation reports through its subsidiary, the Commercial Investdividend on the preferred stock of 22.50 per share. Each share of $1.50 ment Trust, Inc., the signing of an aviation
be used,
cum. cony. partic. pref. stock is convertible at any time at the option as the basis of its future time sales financingin.surance contract to
in the aviation fiald.-V. 129.
of the bolder into one share of common stock.
p. 133.
Outstanding.
CapitalizationAuthorized.
$1.50 cum. cony. partic. pref. stock
Congress Cigar Co., Inc.-Earntngs.60,000 shs.
100,000 she.
Common stock (no par)
262,000 shs.
*400.000 shs.
Period Ended June 30- 1929-3 Mos.-1928.
1929.-13 Mos.-1928.
*100,000 shares reserved for conversion of preferred stock.
Net profit after charges
Listed.
-The preferred stock has been admitted to trading on a when,
& Federal taxes
$818.414
$750,353 $1,274,707 $1.172,091
as and if issued basis on the Chicago Stock Exchange.
Earns. per sh. on 350,000
Data from Letter of Sol H. Goldberg, President of the Company.
shs. cap.stk.(no par)..
$2.34
$3.34
$2.14
$3.64
Company.
-Recently organized in Delaware. The business will be to -V. 128, p. 3690.
acquire and operate manufacturing companies engaged in the manufacture
of popular priced products distributed through chain stores and to acquire
Consolidated Food Products, Ltd.
-Buys Meat Chain.
stock interest in chain store companies.
This corporation, which some time ago
As the first unit in this program, the company has acquired all of the Ltd., has recently acquired the business purchased the Pure Food Stores,
of George Arnold, Ltd., which
assets, patent rights, franchises and good-will of the Hump Hairpin Mfg. conducts a chain of meat and provision stores.
-V. 128, p. 2636.
Co.. manufacturers of hairpins and patented hair clips and hair wave pins,
marketed under well
Consolidated Instrument Co. of Am. Inc.
-established trade names. This company has been
-Orders.
-in business over 12 years and distributes to more than 2,000 jobbers,
Two orders for aircraft instruments, amounting to over $63,000 were
department store and chain store organizations through the United States, received on July 11 by this company, it was announced by President Joseph
Canada, Mexico, South America, China and Europe. Included among Leopold. Command-Aire, Inc.manufacturers of airplanes at Little Stock,
its principal customers are such nationally known concerns as: Woolworth, Ark., contracted for 500 complete custom-built instrument boards, which
Kresge, McCrory, Newberry, McLellan Stores Co., Kress, Penney, Butler will consist of 5 types, to be used exclusively in Command-Aire planes.
Bros., &c., &c.
A complete line of Consolidated Instruments will
deliverEarnings.
-The net income of the company whose assets are to be ies over a period of one year, which, we take it,be included lu these present
is the approximate
acquired, for the two years ended May 31 1929, after exclu_do.. of pro- production schedule of the Command-Aire company, said Mr. Leopold.
vision for amortization of patents acquired by now company at nominal The second order came from the
value and elimination of interest on indebtedness retired or to bc. retire I City, Mo., and specified 200 air American Eagle Airoraft Corp., Kansas
speed indicators and 200 Compasses.
(amounting to $43,310 in 1927-28 and $27,996 in 1928-29) and after deEarnings for Year Ended Dec. 311928.
duction of depreciation on the basis recommended by Coats & Burciar I Net sales
$499.300
Co., appraisers and engineers, and Federal income tax at present rate of Cost of sales and
operating expenses
376.200
12%,as certified by Peat. Marwick, Mitchell & Co., was as follows:
Profit from sales
Net Income Earnings per Share
8123,100
Years Ended May 31Other income
as Above.
of Pref. Stock.
2,700
1928
$216,162
23.60
1929
Gross income
441,814
7.36
$125,800
The average annual earnings for the two-year period ended May 31 1929 Depreciation, taxes and ether income charges
23800
were over 33i times the annual cumulative preferred dividends of $90,000
on the preferred stock presently to be outstanding and for the year ended
Net Income
$102,900
FINANCIAL CHRONICLE
JULY 20 1929.]
Condensed Consolidated Balance Sheet March 31 1929.
Liabilities
Assets
$28,500
$72,913 Mortgage payable
Cash
16,601
27,200 Notes payable
Notes receivable
82,155
62.391 Accounts payable
Accounts receivable
2,434
193,102 Federal income taxes
Inventories
4,205
278 Accruals
Accruals
x1,226,276
1,025 Capital stock
Contract deposits
80
Investments in securitiesy263,765
Land, buildings nod equip.
670,854
Patents, contr. & goodwill_
68,464
Deferred charges
481
Counselors Securities Trust ,Formerly Counselors
-Earnings.
Investment Trust).
Earnings for 3 Months Ended June 25 1929.
Interest received
Dividends received
$21,581
1,655
Total income
Management fee
Taxes
Other expenses
$23.236
2.999
1,250
216
Net income from interest and dividends
Net gain from sale of investments
$18,771
26.831
Total
Federal income tax
Dividends
845,602
5,274
12,500
$1,360,071
Total
$1,360,071
Total
x Represented by 192,000 no ixtr shares. y After reserves for depreciation of 862,845.-V. 129, p. 133.
-Comparative Bal. Sheet.
Consolidated Laundries Corp:
AssetsJune 15, '29. Ju. 30.28.1 Liabilities- June 15,'29. Jun.30,'28.
$27.829
Balance
$79.283
Permanent assets y36,427,166 $6,240,760 Preferred stock..- _ $75,292
Balance Sheet June 25 1929.
._x3,089,736 3,056,430
357,826 Common stock.
Cash
395,419
Liabilities
Gold notes pay__ 2,285,000 2,400,000
AssetsNotes rec. & aces.
$8,318
$71,139 Accounts payable
1,266,058 Cash
41,776 Purch. money obit.
348,293(
interest
12,500
700,000 Dividends payable
--- Loans receivable
306,448 Mortgage payable_ 1,220,102
Accts. receivable j
Y2.402,829
29,391 Capital and surplus
404,241 Due from brokers & others_
245,890
947,209 Notes payable_
962.661
Inventories
1,623.117
Investments (at cost):
331,239 Accounts, loans &
435,297
Other assets
617,082
555,291
aces. pay
1
1
Goodwill
$2.423,647
Total
$62,423,647
50,548
39,000
Total
144,485 Federal income tax
182,643
Deferred charges _
Notes pay.& aces.
x The market value of investments owned as at June 25 1929 was $1.640161,130 225. y Represented by 25,000 shares no par common stock.
332,450
interest
98,222
109,448
Reserves
List of Stocks in Portfolios.
236,750
799.269
Total(each side)38,751,480 $8,369,744 Surplus
Shares
x Represented by 398,727 no par shares. y After reserves for deprecia- Shares
900 Gillette Safety Razor.
35 Aetna Life Insurance Co.
tion of $1,574,397.
700 Goodyear Tire & Rubber Co.
200 American Can Co.
Our usual comparative income account was published in V. 129, p. 286.
50 Guaranty Trust Co.
600 American Smelt.& Refining Co.
400 Intern'l Tel. & Tel. Co.
-400 American Tel. & Tel. Co.
Corp.
-Trustee.
Consolidated Mortgage
700 Minneapolis-Moline Pr. Impl. Co.
130 Atlantic Natl. Bank of Boston.
The Chatham Phenix National Bank & Trust Co. has been appointed
200 National Biscuit Co.
trustee of an issue of S1,700,000 6% cumul. income debentures. maturing 1120 Atlantic Natl. Bank rights.
800 National Dairy Products Co.
1000 Electric Bond & Share.
July 11946.
75 Old Colony Trust Co.
1000 First Natl. Bank of Boston.
-Sales.
Consolidated Retail Stores, Inc. (Del.).
1000 First Nat. Bank of Boston rights. 2000 Oliver Farm Equipment Co.
700 Union Carbide & Carbon Corp.
-June--1928. Increase. 1929.-6 Mos.-1928, Increase.
1929.
15 First Natl. Bank of New York.
3000 United Light & Power A.
3341,5051310,108,359 $8,507,514 $1.600.845 1700 Ford Motor of Canada A.
81,375,555
81,_717.060
900 Vacuum Oil Co.
25 Ford Motor of Canada rights.
-V. 128, p. 4162.
500 Westinghouse Elec. & Mfg. CO.
200 General Electric Co.
--Earnings.
Continental Baking Corp.
Investment Trust in V. 128, 1: 1737.
1•
See also Counselors
June 22'29. June 23 '28. June 18 '27.
25 Weeks Ended$5,094.057 $3,507,033 84,337,647
-Merger.
Net earnings
Covert Gear & Mfg. Corp.
1.204,560
270,500
217,855
Other income
-V. 121. p. 2278.
See Aero Corp. of America above.
1
$5,311.913 83,777,533 $5,542,207
Total income
283.127
235,118
226,621
Int. & amort. of bond discount
1,277,641
1,196,216
1,221,742
Depreciation
538.000
236,700
419,800
Estimated Federal taxes
64,277
24.948
19,032
Proportion appl. to sub. pref. diva$3,424,717 $2,084,551 03,379,152
Net income
a Includes profit of 8842,636, after taxes, resulting from sale of Northern
Bakeries, Ltd.
The net profit of $3,424.716 is equivalent after allowing for dividend
requirements on $51,944,200 8% pref. stock to $3.97 a share on 291,813
no par shares of class A common and 13 cents a share on 2.000,000 no par
shares of class B common, after giving consideration to participating provisions of the "A" and "B" shares. This compares with $2,084,551 or
30 cents a share on the class A stock in corresponding period of preceding year.
Comparative Balance Sheet.
June 22,'29. Dec. 29,28.
June 22,'29. Dee. 29;28.1
$
$
Liabilities575,000
500,000
Notes payable__ _ _
Land, bldgs., mach
&a
x41,455,033 40,946,482 Accounts payable_ 1,151,260 1,237,917
346,825
Pat.,goodwill, &c.10.838,778 10,837,528 Aces. int.,taxesofec 337,693
Cash
4,418.816 3,554,459 Divs. pay. dr accr.z1,025,864 1,028,457
282,990 Est. Habil. for Fed.
Marketable secure. 282,990
647,500
772,486
taxes
Accts. rec.-trade. 1.333,713 1,352,782
350,670
3,835,575 3,826,827 Empl. guar. dere& 366,872
Inventories
830,213
1,246,591
Sundry invest'ts- 6.077,195 6,025,135 Reserves
Fund, debt of subs 5,633,052 5,781,052
Inv. In co.'s pref.
1,595,279 1,595,279 Min. int. appl. te
stock
stk. of subs, not
635,905
710,473
Deferred charges
614,700
469,200
owned
Capital stock_ __ _y51,944,200 51,935,200
Capital surplus__ 2,503,000 2,503,000
Total (ea. side).70,547,853 69,057,387 Earned surplus._ 4,597,633 3,206,851
x After deducting $16,217.553 reserve for depreciation. y 8% clan.
pref. stock, 8100 par value; Authorized 2,000,000 shares: outstanding
519,442 shares. Class A common stock, no par value: Authorized, 2.000,000 shares, outstanding. 291.813 shares. Class B common stock, no par
value: Authorized, 2,0010,000 shares; outstanding, 2,000,000 shares. z Divs.
payable and accrued on pref. stock of subsidiary companies not owned and
-V. 128, p. 3193.
on pref. stock of the corporation.
Continental Insurance Co.
-Listing.
The New York Stock Exchange has authorized the listing of 220,000
additional shares of capital stock (par $10), upon official notice of Issuance
in exchange for 50% of the outstanding Capital Stock of The Fidelity &
Casualty Co. of New York, with authority to add 237,500 shams of its
capital stock upon official notice of issuance in exchange for 50% of the
outstanding capital stock of the Niagara Fire Insurance Co. (see also
Fidelity-Phenix Fire Insurance Co. of New York below).
Balance Sheet July 1.
1929.
1928.
Assets$
$
*Bonds & stocks- -87,791,854 75,932,041
Real estate
1,765.860 1,755,621
Loans on bond and
12,500
12,500
mortgage
Prams. in course of
collection
3,968.444 3,947,122
Int., dies. & rents
734,927
668,32
accrued
Cash on deposit &
3,105,940 1,745,912
in office
1928
1929.
Liabilities-$
Unearned prems _ _27,531,036 27,385,436
Losses in process of
adjustment ____ 2,996,829 2,921.279
MI other claims__ 2,104,468 1.624,185
Res. for contiagencies dc diva
2,600,000 2,500,000
Res, for mkt. fluetuation in emus_ 5,500,900 5.000,000
Cash capital
15,000,000 15,000,000
Net surplus
41,647,190 29,630,625
97,379,524 84,061,5251 Total
Total
97,379,524 84.061,525
* Market value as of June 29 1929.-V. 129,P.287.
-Business Increases.
Credit Alliance Corp.
The corporation reports that the volume of business for the 6 months
ended June 30 1929. which closes the seventh year of its existence, reached
a now peak with a total of 530,784,633. This is an increase of $7,631.135
and compares with 823,153.498 for the same period in 1928, 315.207,431
in 1927, $7,885,834 in 1926, and $2,577,880 in 1925. This volume of
business of the corporation and its subsidiaries does not include the London
Industrial Finance Trust, Ltd., which was organized in Nov. 1928 and which
reports a volume of approximately $1,000,000 for the period ended June
30 1929.
The Co. July 15 paid a regular dividend of 25 cents per share and
an extra dividend of 25 cents per share on the common and class A stocks
of the corporation.
"The indicated volume of business," Pres. Clarence Y. Palitz states,
"from the contracts already closed and the program that is being carried
out in connection with the different industries, justifies the reasonable
expectation that the next fiscal year will be the largest in the history of the
corporation."
assets of
The corporation, which started active operations in 1922 with June 30
period on
812,500, consisting ofits paid in capital, closed its fiscal of approximately
and surplus funds
1929 with assets of over S42,000.1300
811,000,000.
arrangement with
The Electrical Research Products,Inc., has made an
formed known
the Credit Alliance Corp. whereby a new company has been the outstandof
as the Exhibitors Reliance Corp.. of which they own 40% the Credit...Al
stock with an investment of $400,000, while
ing common
common stock
liance Corp. owns the remaining 60% of the outstanding to be obtained
investment of $600,000. The volume of business
with an
according to an
from this association alone during the next 12 months,and 520,000.000.
estimate by Mr. Palitz, will range between 515,000.000
-V.129. p. 287.
subsidiaries.
exclusive of their foreign
-Earnings.
Cuyamel Fruit Co.
1929.-6 Mos.-1928.
Period End. Jane 30- 1929.-3 Mos.-1928.
$914,913 82,459,284 31,418,576
81,718,890
Net after expenses
486,829
539.851
243.244
280.912
Depreciation
147,763
153,925
73.541
74,090
Interest
100,000
100,000
Special reserve
$783,984
$598,128 31,665,508
Prof. before Fed,taxes 31,263.888
Earns, per sh. on 300,000
$2.61
$5.55
81.99
84.21
shs. (no par) cap. stk.
-Y. 128, p. 2469.
-R. A.
-Stocks Offered.
Dairy Corp. of Canada, Ltd.
Daly & Co., Ltd., Toronto. are offering at $100 per share
and div. (carrying a bonus of 4 class B shares (no par value)
with each 10 preference shares) $500,000 6% cumulative
redeemable convertible preference shares.
fixed cumul.
Preference shares are preferred as to assets and are entitled to -J., without
preferential dividends at the rate of 6% per annum. payable Q. in Canada.
at any branch
exchange, by chock on the company's bankers,
time, at the
Preference shares are redeemable in whole or in part at any on 30 days'
option of the company, by purchase or call on any div. date time, at the
any
prior notice, at 3105 per share and div. Convertible, at on the basis of
holder's option, into class A shares (without par value)
and registrar.
2such class A shares for each preference share. Transfer agent
National Trust Co.. Ltd.
-The same bankers are offering at
Class A Shares Offered.
$25 per share (carrying a bonus of one class B share (no
par) with each 10 class A shares) 20,000 shares class A
shares (no par value).
Holders of the class A shares shall be entitled to receive in each fiscal
e
year, but only when and as declared by the directors, non-cumulativ
dividends aggregating $2 per share, and no dividend shall be declared,
fiscal year unless
paid or set aside for payment on the class B shares in any
all
and until dividends aggregating $2 per share shall have been paid on
class A shares then outstanding or shall have been declared and set apart
for such payment When such dividends have been paid or declared on
outstanding class A shares, then dividends aggregating $2 per share may
and any further dividends
be declared on all class 11 shares
class
share on all
shall be paid lu equal amounts peroutstanding.the class A shares andTrust
agent and registrar, National
B shares outstanding. Transfer
-Co Ltd
-Rights.
Continental Shares Inc.
Outstanding.
Authorized.
CapitalizationThe directors on July 17 approved a proposal that the stockholders of
$500.090
$1.500,000
record July 20 be offered the right to subscribe on or before July 30 to 6% cumul.rod.cony. pref. shares
20,000 shs.
x100,000 shs.
common stock at $60 per share to extent of 20% of their holdings. Class A shares (no par)
additional
34.000 shs.
50.000 shs.
Class B shares (no par)
-1T. 128, p.4010.
x Sufficient class A shares (no par) are reserved to provide for the con-To Offer Stock.
Coty, Inc.
version of the preference shares. Company has also granted options on a
The directors on July 16 decided to call a special meeting of stockholders 1 further 5,000 class A shares and 5,000 class B shares.
the
for Aug. 16 to pass on plans for acquiring interests in this foreign Coty 1
Data from Letter of J. A. Caulder, Pres. & Mgng. Director.
purpose.
companies and the financing which has been outlined for
Company.-Incorp. under the laws of the Province of Ontario for the
Subject to ratification by the stockholders. 10.3,773 shares of capital
This purpose of acquiring and holding shares and securities in dairy and ether
$45 a
stock will be offered to stockholders of record Aug. 22 atRightsshare.
companies operating in the Dominion of Canada. At the outset the comto
Is at the rateof one share for each 13 shares outstanding. issued. subscribe pany will control. through common stock ownership, Montreal Dairy Co.,
will expire on Sept. 20, at which time the stock will be
Ickelheimer & Co. will underwrite Ltd., and Edmonton City Dairy, Ltd. The charter of the company proLehman Brothers and Heidelbach,
vides that the company may invest its funds and deal in securities generally.
the new stock issue. See also V. 129, P. 287.
Continental Investment Co.
-Rights.
This company, capitalized with 100,000 shares of preferred, 50,000 shares
of prior preferred, and 800,000 shares of common stock, all of no-par
value, is authorized by the California Corporation Commission to sell
206,200 shares of common stock to stockholders of record July 10 with
warrants to subscribe to additional common stock, on the basis of one
additional share for each 1i. shares held. The company is also authorized te Issue 270.000 shares of common stock to holders of prior preferred
for conversion into common stock on the basis of nine shares of common
for one share of prior preferred stock. See also V. 128, p. 2636, 4327.
482
FINANCIAL CHRONICLE
(VOL.129.
Assets and Earnings.
-Upon the completion of the present financing the
Eitingon Schild Co., Inc.
assets of the company will consist of cash, or securities at
-Earnings.
-to over $1,000,000. After deducting the total amount of cost, amounting
8
1929.
preference stock Net Months Ended Mau 311928.
to be presently outstanding, such assets will amount to over
profits after deprec. reserve for Fed. taxes &
$25 per share
of class A stock.
other reserve, &c
$1,131.565 $1.114.728
It is estimated by the management that the net earnings of the company Shares common stock outstanding
461,184
448 327
for the first full year of operations, including actual
$1.84
income received from Earnings per share (after pref. clic%)
8i.83
investments and the proportion of earnings applicable to the common stock -V. 128, p. 1236.
owned by the company in its subsidiaries, will be equivalent to about
Electrical Products Corp., Denver, Colo.
$2.50 per share of class A stock to be outstanding.
-Common
De Beers Consolidated Mines, Ltd.
-96c. Dividend.
-
Stock Increased-Pref. Stock To Be Retired.
-
The stockholders on July 15, increased the authorized common stock
from 25,000 shares to 50,000 shares.
President J. Fred Brown, in a recent letter to the stockholders said:
The purpose of the proposed increase is to provide additional common
stock which, at the discretion of the board of directors, could be issued first
to existing common stockholders and second to an underwriting syndicate
in case the stockholders did not elect to subscribe. The purpose of the
Detroit Creamery Co.
-Merger Assured.
funds to be derived from such subscriptions would be to provide additional
A substantial amount of Detroit Creamery stock in excess of the
75%
required to effect the proposed merger with the National Dairy Products necessary working capital and for the possible retirement of the existing
Corp. has been deposited, according to an official announcement on July preferred stock, which is callable at $105 per share. As there remains but
17, when final deposits of Creamery stock were received. The merger is to 55 shares of authorized common stock in the treasury, the above increase
in authorization is necessary.
be consummated on a stock exchange
one share
Sales for the first 5 months of this year were twice as great as for the same
for 2% shares of Detroit Creamery. basis of p. 4162. of National Dairy
-V. 128,
period last year. The signs out out are almost entirely on a lease basis and
the company must make the initial investment in this new equipment,
Detroit Electric Co.
-Initial Dividend.
getting its cost and profit back over a long period of time. As long as sales
The directors have declared an initial quarterly dividend
en the class B common stock, no par value, payable Aug.of 20c. per share increase faster than receipts, additional capital will be required to finance
15 to holders of the new business.
record Aug. 25.-V. 127. p. 2828.
The associate Electrical Products companies of Washington and Oregon
have each recently put out 25,000 shares of common to provide funds to
Detroit Steel Products Co.
-Sales Increase.
Sales of Fenestra steel by this company for the first five months of the retire their preferred stock and bonds, and provide ample working capital
for future requirements.
current year increased 36% over the corresponding period last year.
-V. 128, p. 4329.
V. 128, p. 1236.
Electric Household Utilities Corp.
-Expansion.
The corporation has opened a second addition to its Chicago plant,
(Oliver) Ditson Co.
-New Vice-President.
H. Hobart Porter, President of this company and its wholly owned sub- adding 50,000 square feet of floor space. Construction completed in Feb.
sidiary, Chas. H. Ditson & Co., New York, announces that Chas. Whitney gave the corporation 35.000 feet additional capacity. Increases were
Dall, New York, has been elected Vice-President and General Manager necessitated by increased business on Thor washers and Thor ironers, on
which production for the year is expected to set a new record.
of the two Ditson companies.
-V. 128, p. 4162.
A new foundry is now under construction and is expected to be in operation by Sept. 1. Heretofore, the corporation has operated its foundry at
Dome
Ltd.-Approximate Earnings.Waukegan in leased space. The move of the foundry to the Chicago
Period End. June 30- 1929-3 Mos.-1928.
Mines,
1929-6 Mos.-1928.
plant will centralize all domestic operations in Chicago and is expected
Total recovery
$1,144,624
$905,498 $2,174,666 $1,865,756 to further increase operating efficiency.
-V.128, p. 4329.
Other income
69,976
54,109
136,538
114,774
Empire Fire Insurance Co.
-Expands Territory.
Total income
$1,214,600
$959.607 $2,311.204 $1.980,530
Announcement has been
been admitted
Oper.Sr general cost_ _ - _
528,678
1,071,708 In the states of Colorado andmade that this company hasthat the Empire
519,695
1,045,691
Idaho. This makes 19 states
Est. Dom.& U. S. taxes
30,436
18,689
39,614 is now operating in, 10 of which are represented
56,619
by general agents -V.
128, p. 4011.
Net income
8655,486
$421,223 $1,208,895
$869,208
The number of tons milled in the first half of 1929 amounted to 275,000
Emporium Capwell
as against 272.700 for the corresponding period of 1928.
The New York
Note.
-In the above figures no allowance is made for depreciation or additional shares Stock Exchange has authorized the listing of 187,500
of capital stock (no par
of
depletion.
-V.129, p.288.
and payment in full on conversion of 15 value) on official notice issuance
-year 534% convertible
ture bonds, due Oct. 1 1942, making the total amount applied gold debenfor 547,500
Donner Steel Co.
-Earnings.
shares.
-V. 128, p. 2816.
Period End. June 30- 1929.-3 Mos.-1928.
1929-6 Mos.-1928.
Operating profit after exEvanshire Hotel and Apartments, Evanston III.penses, taxes. &c
$1,011,040
$682.155 $2,018,567 $1,090,628 Bonds Offered.
-An issue of $800,000 1st (closed) mtge. 6%
Interest
105,177
111,056
214,764
230,200
Provision for deprec'n
261,543
263,754
524,858
469,210 serial gold bonds is being offered by H. 0. Stone & Co.,
The directors have declared a dividend of 96c. a share on the American
shares, payable July 26 to holders of record July 23. A year ago a dividend
of 97c. a share was paid, while on Jan. 26 last a distribution of 48c. a share
was made.
-V. 128. p. 553.
Net income_ _ _ _ _ _ _
Earns, per sh. on 455,450
_shs. corn. stk. (no par)
-V. 128, P. 4163.
$644,320
$1.29
$307,345 $1,278,945
$0.55.
$2.56
Chicago, at prices to yield 6% for all maturities, except
June 1 1941 maturity, which is offered at 97.91 and int., to
$0.81 yield 63,4%.
$391,218
Interest payable without deduction for normal Federal income tax not
exceed 2%. Chicago Title & Trust Co. trustee. Bonds are dated Mayto
4
This company, makers of pipe couplings, clamps, sleeves and fittings 1929 and mature serially semi-annually June 1 1931 to June 11941.
These bonds are secured by a direct (closed) first mortgage on the Evanreport a new high record in sales reached during the month of June. This
shire Hotel and Apartments and the land in fee, and by a chattel mtge.
total eclipsed the mark for May of this year which had shown the greatest
on the furnishings. The properties comprise The Evanshire and the adtotal since the record month of July 1926. The increase recorded in
of this year is reported as approximately 20% above the old peak. June joining building on Hinman Ave.,known as the Fountain Plaza Apartments,
H. N. Mallon, President, states that orders continue in excellent volume, Both were erected in 1922. have been kept in excellent condition and are
well occupied. The hotel contains 111 rooms, each with bath, seven apartwith the outlook for July and August promising to eclipse the
for
corresponding months in past years. He expects 1929 as a year marks the ments and eight modern stores. The Fountain Plaza comprises 42 apartto be
ments of three,four and five rooms each.
biggest in the history of the company.
The properties securing this bond issue are appraised at $1,284,748.
An additional order from the Southern Natural Gas Co. for 40,000
22
-inch couplings covering 275 miles of that company's new Birmingham On this basis this bond issue is a 62% loan.
The Evanshire Hotel and Apartments have been leased to H. 0. Wood
line has just been received. The company has recently delivered couplings
of Milwaukee and Chicago for 20 years, the lessee to pay taxes, insurance.
covering the first 125 miles of this new line.
-V. 128, p. 3519.
assessments, &c. and all expenses of operation and upkeep, providing a net
rental income to the owner of $70,000 per year.
'
Dufferin Paving & Crushed Stone, Ltd., Toronto.
(S. R.) Dresser Mfg. Co.
-June Sales.-
Initial Dividend.
-
-
The company on July 1 paid the initial dividend on its 7% cony.
1st
pref. stock. It was for $2.33 per share and covered the period from
April 1
to June 30. See offering in V. 128, P. 1738.
Dunhill International, Inc.
-Listing.
-
Exchange Buffet Corp.
-Sales.
Period Ended June 30- 1929
-Month-1928.
1929-2 Mos.-1928.
Sales
$502,798
$476,907 $1,065,851
$977.123
-V. 128, p. 4329.
Fairchild Aviation Corp.
-Balance Sheet March 311929.
The New York Stock Exchange has authorized the listing
(After Giving Effect to Change and Increase in Capital and Acquisition of
additional common stock (no par value) on official notice of 1,779 shares
Stocks of The Aviation Corp.)
stock dividend, making the total amount applied for to dateof issuance as a
Assets179,790 shares.
LtabilUtesConsolidated Balance Sheet Dec. 31.
Current assets
$3,177.374 Current liabilities
$162.613
Assets1928
Investments (at cost)
1927
Liabilities
4,425,370 General reserves
1928.
51,685
1927.
Cash
11,202,394 1528,068 Accts. pay. trade- $100,701 1112,087 Mach. equip. turn. & fIst.,
Minority int., sub. cos
2,300
ACCMIMS rec
594,195
tools. &c
833,595 Accru., roy., corn443,590 Capital stock
9,406.212
Inventories
836,407
966,582
mis., int., &c___ 107,924
178,098 Patents develop. goodwill, &c_ 1,448,158
Invested assets: AlTotal(each side)
128.340
Deterred Sahli__ 680,558
19.622,832
777,569 Deterred charges
bed Dunhill Ltd.
Capital stock -_x1,340,000 1,340,000
Our usual comparative income account was published in V.128. p.4163.(Eng.) COM. stk. 720,000
791,400 Surplus
1,212,379
844,598 V. 129, P. 289.
Mach., turn. & fix.
leaseholds
Federal Grains, Ltd., Winnipeg, Canada.
68,658
112,029
-Merger.
Deterred charges
19,908
19,778
The Winnipeg "Tribune" on July 11 contained the following:
Goodwill
1
1 Total (ea. side)-13,441,563 13,252,354
The merger of nine important local grain and elevator companies into one
* Represented by 125,000 no par shares. Our usual comparative income organization with assets of $9,250,000 was reported
here to-day.
account was published in V. 128. p. 2638.-V. 128, p. 4011.
The new comioany will he known as Federal Grains, Ltd. and James
Stewart will be Chairman of the board. J. 0. Gage, President and General
'
(E. I.) du Pont de Nemours & Co.
Manager of the Consolidated Elevator Co. will be President; Harry E.
-Vice-President.
The board of directors on July 15 added three Vice-Presidents to the Sellers, President of the Northwestern Elevator Co. will be Vico-President;
official organization. They are: J. Thompson Brown, General Manager of and A. P. Michael, General Monogr of the Federal Elevator Co. will be
the explosives department: Jasper E. Crane, Chairman of the Board of the General Manager.
Lazote and the National Ammonia companies, and Willis F. Harrington.
The companies involved in the merger are: Stewart Terminals, ConsoliGeneral Manager of the dyestuffs department.
dated Elevator Co., Federal Grain, International Elevator, Union Grain,
-V.129, p. 288.
Northwestern Elevator, McLaughlin Elevator, Topper Grain, Brooks
EleEastern Coke Co.
vator.
-Tenders.
The new company will control 339 country elevators and 7,250,000 bushels
The Union Trust Co., trustee, Pittsburgh, Pa.received tenders up to and
of terminal space.
including July 15, for the sale to it of $250,976 1st mtge. 5% 14
-year s. f.
The merger will be followed by a public offering of bonds. Preferred
gold bonds, dated Feb. 1 1917.-V. 126, p. 420.
stock will be underwritten by Wood, Gundy & Co. and the
Royal Securities
Educational Pictures, Inc.
Corp. The consolidation brings together some of the outstanding figures
-Rights.
and
The directors have determined to offer 10.824 additional shares of the organizations in the Western Canada elevator and grain business.
company's presently authorized but unissued common stock without par
value, for subscription by the holders of common stock and common stock
Ferry Cap & Set Screw Co.
-Earnings.
purchase warrants at $10 per share. It is the intention of the board to
6 M03, Ended June 301929.
1928.
allocate to surplus account a major port on of the consideration received Net earnings after deprec. & Federal taxes
$129,004
$158,088
by the company from the sale of said shares.
-v. 128, p. 3000.
Common stockholders of record July 15 1929, are entitled to subscribe
f
Fidelity & Casualty Co.
for one additional share of common stock for each 20 shares of common
-Exchange of Stock.
stock held, at $10 per share. Holders of the outstanding common stock
See Fidelity-Phentx Fire Insurance Co. of N. Y. below.
-V. 129, p. 289.
purchase warrants will be entitled to subscribe for one additional share of
Fidelity-Phenix Fire Ins. Co. of New York.
common stock for each 20 shares of common stock purchasable under the
-Listing.
respective stock purchase warrants, at $10 per share. No fractional shares
The New York Stock Exchange has authorized the listing of 180,006
will be issued but each holder of common stock or common stock purchase additional shares of capital stock (par $M.upon
warrants may subscribe for the nearest full share over his pro rata amount. in exchange for 50% of the outstanding capital official notice of issuanea
Subscription rights must be exercised on or before July 26 1929 by pay- Casualty Co. of New York, with authority to add stock of The Fidelity &
212,500 shares of capital
ment of the subscription price in full at the office of the company, 1501 stock upon official notice of issuance in exchange for 50% of the outstanding
Broadway, N. Y. City.
capital stock of the Niagara Fire Insurance Co., making the total amount
The sale of all of the shares to be included in this offering has been under- applied for 1,392,500 shares.
At a meeting of the board of directors hold May 16, 1929, a resolution
written, at $10 per share,less underwriting commission, by a banking group
formed by Dillon. Read & Co.and Whitehall Trust, Ltd.,in which Iludson's was adopted to the effect that if on or before July 10 there was deposited
Bay Co. may have an interest. All of said firms are stockholders of the with Central Hanover Bank & Trust Co., not less than 75% of the entire
-V.127, p.2690 outstanding capital stock of The Fidelity & Casualty Co. of New York, the
company and have representatives on the board of directors.
JULY 20 1929.1
FINANCIAL CHRONICLE
chairman be authorized to act in conjunction withyThe Continental Insurance Co. in effecting an exchange of stock of the company and of The Continental Insurance Co. for shares of stock of The Fidelity & Casualty Co.
of New York with the stockholders of said Company, in the ratio of 1%
shares of the stock of this company and 1% shares of the stock of The Continental Insurance Co.for each share of the stock of The Fidelity & Casualty
Co. of New York. The shares of stock so acquired are to be divided equally
between this company and The Continental Insurance Co., to the end that
each of the companies shall be the owner of 50% of such stock.
At a meeting of the directors held June 6, 1929, a resolution was adopted
to the effect that if on or before July 10. 1929,there was deposited with The
Central Hanover Bank & Trust Co.. not less than 75% of the entire outstanding capital stock of the Niagara Fire Insurance Co., the Chairman be
authorized to act in conjunction with The Continental Insurance Co. in
effecting an exchange of stock of this company and of The Continental
Insurance Co.for shares of stock of the Niaraga Fire Insurance Co. with the
stockholders of said company, in the ratio 1 1-16 shares of the stock of this
company and 1 3-16 shares of stock of The Continental Insurance Co. for
each share of stock of the Niagara Fire Insurance Co. The shares of stock so
acquired were to be divided equally between this company and The Continental Insurance Co. to the end that each of the said companies shall be the
owner of 50% of such stock.
Balance Sheet July 11929.
Assets
Bonds & stocks
$72,178,133
Real estate
1,735,359
Loans on bond & mortgage_ _
0,000
Proms.In course of collection_ 3,210,977
Int., diva.& rents accrued.__
528,232
Cash
1,287,390
Total
-V. 129, p. 289.
$78,946,592
Unearned premiums
$23,317,705
Losses in process or adjust_ _ _ 2,565,370
All other claims
1,699,641
Res.for coating.& diva
2,100,000
Res.for mkt.flue.In secur ___ 5,000,000
Cash capital
10,000,000
Net surplus
34,243,876
Total
$78,946,592
Fifth Ave. & 43d St. Bldg. Corp., New York City.
Bonds Sold.
-Lawrence Stern & Co., Inc., announce the sale
at par of $6,000,000 first (fee) mortgage. The mortgage has
been sold in its entirety to an investing institution.
Due May 11948. Interest at 5%% until July 15 1939; at 5% thereafter.
Amortization and semi-annual interest payable May 1 and Nov. 1. Amortization: Semi-annual from Nay 1 1933 to Nov. 11947, in amounts sufficient to redeem $1,700,000 principal amount prior to maturity.
This mortgage is the obligation of Fifth Avenue & 43rd St. Building
Corp. and constitutes a closed first mortgage on land at the northeast corner
of .6 ifth Ave. and 43rd St., N. Y. City, and the completed 37
-story office
and commercial building known as the Lefcourt National Building.
The building was completed about May 1 1929 and is now over 80%
rented.
The land, owned in fee, has frontages of 104 ft. on Fifth Ave. and 184 ft.
on 43rd St., comprising 19,048 square feet.
The building contains approximately 5,600,000 cubic feet with a total
rentable area of 370,000 square feet.
The property was valued in 1928 from plans and specifications by Horace
S. Ely & Co. at $10,500,000,of which sum the land was appraised at $6,000.000. This loan represents 57.1% of such total value.
Present leases closed bring a gross annual rental income for the property
of $1,150,000; and on the basis of operating costs to date, net earnings available for interest in 1929 are estimated by the management at $820,000.
At 90% occupancy on the present rental schedule and operating expenses,
such net income should be approximately $990.000.
Fifth Ave.& 93rd St. Building Corp. is controlled by Mr. A. E. Lefcourt,
and the property is under the management of the Lefcourt organization,
which controls and operates 18 outstanding buildings in N. Y. City,including such properties as the Lefcourt Marlboro Building, the Lefcourt State
Building, the Lcfcourt Empire Building, the Lefcourt Manhattan Building, the Lefcourt Madison Building, the Lefcourt Normandie Building,
and others of prominence.
59th Street and Madison Avenue Office Bldg (Madis
Realty Corp.), N. Y. City.
-Bond Certificates Offered.
S. W. Straus & Co. Inc., are offering $4,000,000 leasehold
mortgage 634% sinking
fund gold bond certificates at par
and interest.
Dated July 1 1929; maturing July 1 1947. Int. payable J. & J. Denoms.
$1,000, $500, and $100. Red. for sinking fund at 101 and int. Callable
except for sinking fund at 102 and hit. Federal income tax up to 2% of
interest per annum paid by the borrower.
-story building containing
The security behind the certificates will be a 10
stores, offices and showrooms, fronting an entire block on Madison Ave.
between 58th and 59th Sts., and long-term leasehold estates. The building
is situated in one of the outstanding locations in uptown Manhattan in the
direct line of the important Madison Ave. development, where real estate
values are steadily increasing and rental demand is strong.
Independent appraisal values the property at $5,750,000, making this
less than a 70% loan. The building is in strong and experienced hands, the
principals in the operations being men of large means, the holders of other
valuable real estate with whom we have had previous satisfactory dealings.
Net annual rental earnings are estimated at more than 2% times the
greatest annual interest charge and more than twice the greatest annual
interest and sinking fund requirements taken together.
Through the operations of the sinking fund $2.055.000 in certificates will
be retired, leaving a balance of $1,945.000 maturing July 1 1947.
483
stock, of which 193,800 shares are outstanding. The offering does not
represent any new financing on the part of the corporation, the shares
having been acquired from individuals.
Earnings, according to the officers of the corporation, are currently
running at more than $6 per share on the common stock. No change in
the management is contemplated.
-V. 128, p. 4012.
(H. H.) Franklin Manufacturing Co.
-Earnings.
For the 6 months ended June 30 1929 the company shows net profits of
$1,281,000 after taxes. The balance after dividend requirements on the
7% preferred stock amounted to $1,088,000, equivalent to $3.64 a share
on 299,330 no-par shares of common stock.
-V. 129, p. 135.
Fraser Companies, Ltd.
-Notes Offered.
-Royal Securities Corp., Ltd., Wood, Gundy & Co. Ltd., and W. C.
Pitfield & Co. are offering at 99X and bat., to yield over
-year cony. coll. trust gold notes.
63 % $3,000,0 6%
00
3
Dated July 1 1929; maturing July 1 1932. Principal and int. (J. & J.)
payable in Canadian gold coin or its equivalent at any branch of Royal
Bank of Canada in Canada (except Yukon Territory); or at the holder's
option in United States gold coin or its equivalent at the agency of the
Royal Bank of Canada, New York, or in sterling at Royal Bank of Canada,
London, Eng., at the fixed rate of $4.86 2-3 to El. Denom. $1,000 and
$500 c*. Red. all or part at any time on 60 days' notice at following premiums: 15% up to and incl. July 1 1930;thereafter at 10% up to and incl.
July 1 1931; thereafter at 5% up to and incl. June 30 1932, and thereafter
without premium; in each case with accrued interest. Trustee, Montreal
Trust Co.
CapitalizationAuthorized. Outstanding.
6% 1st mtge.sinking fund gold bonds, due 1950- $10,000,000 $8,689,000
-year gold debentures,due 1942
6,000.000
6,000,000
6%% 15
3,000,000
-year cony,coll,trust gold notes
3.000.000
6% 3
500,000
-year unsecured convertible notes
500,000
6% 3
Common shares(no par)
500,000 abs. 402,476 shs.
Consertible.-Notes will be convertible at the holder's option into corn.
shares of no par value at the rate of 10 such corn,shares for each $500 note,
at any time prior to maturity. Should termination of rights be brought
about through redemption of notes or otherwise, this conversion right may
be exercised within the period provided in the indenture.
Data from Letter of Archibald Fraser,President of the Company.
Company.-Incorp. under the laws of the Dominion of Canada. Is one
of the principal Canadian manufacturers of high-grade bleached and easybleaching sulphite pulp; and through its wholly owned subsidiary. Fraser
Paper, Ltd., is a large producer of high-grade sulphite papers. It is also
one of the largest manufacturers of lumber products in Ea.stern Canada.
The business of Fraser Companies, Ltd., and its predecessors has been
successfully carried on for more than 50 years. Its wholly owned subsidiary.
Restigouche Co. Ltd. has now under construction at Athol, N. B., a
modern bleached sulphite pulp mill of 45,000 tons annual capacity, at a
'
cost of approximately $4,500,000. The proceeds of this note issue will be
applied towards the construction of this mill, which is to be completed
ready for commercial operation by about Jan. 1 1930.
-The principal plants owned by the company and
Pulp and Paper Mills.
Fraser Paper, Ltd., are a bleached sulphite pulp mill at Edmundston,
N. B., and a sulphite paper mill at Madawaska, Me. Bleached sulphite
pulp manufactured at Edmundston is delivered in liquid form directly to
the Madawaska paper mill through a pipe line less than one mile in length.
Both plants are of entirely modern construction.
During 1928 extensive additions to manufacturing capacity were made
at both plants and will be completed on the installation about December
next of a second catalogue paper machine at Madawaska. The company
also owns an unbleached sulphite pulp mill at Chatham, N. B.
Timber Properties.
-Company controls, directly and through Restigouche
Co. Ltd., valuable freehold and leasehold timber areas in the Provinces of
Quebec and New Brunswick aggregating approximately 4,000 square miles,
and estimated to contain about 20,000,000 cords of pulpwood and lumber.
These areas are situated on the watersheds of the Madawaska, Upper St.
John, Miramichi, Restigouche. Green and Tobique Rivers, tributary to the
various mills of the company.
Lumber Production.
-'The sawmills of the company and of Restigouche
Co., Ltd. have a combined annual manufacturing capacity of approximately 160:000,000 feet b.m. of spruce lumber, in addition to a large production of shingles, laths and railway ties.
Earnings.
-Annual earnings of Fraser Companies, Ltd., and Fraser
Paper, Ltd., after deducting operating and maintenance expenses and local
taxes, and available for depreciation, depletion and fixed charges, for
years ended Dec. 31 were as follows: 1926, $1,441,936; 1927, $1,576,963;
1928,$1,655,864.-V. 128, p. 3692.
Gardner-Denver Co.
-Earnings.
The company earned net income of $115,531 after all charges, in May,
equal to 56c. a share on the common stock outstanding.
-V.125, p. 1980.
Gardner Motor Co., Inc.
-New Contracts, &c.
President R. E. Gardner says:"The company has executed two very important contracts, one with New Era Motors Corp., under which the company will manufacture on a very favorable basis the Ruxton car, a new
trout wheel drive car, and a contract with Sears, Roebuck &.Co for the purpose of developing a car suitable for sale through their distributing channels."
A special meeting of stockholders has been called for Aug. 1 to vote on
increasing the authorized capital stock to 500,000 shares of $5 par from
-V. 129, p. 290, 136.
300,000 shares.
Gelsenkirchen Mining Corp. (Gelsenkirchener Bergwerksaktien Gesellschaft), Germany.
-Div. Approved.
-
(Wm.) Filene's Sons Co.
-Listing.
-
A dividend for the fiscal year ended March 31 1929, of 8% upon the
The New York Stock Exchange has authorized the listing of certifi- outstanding shares of capital stock was approved by the stockholders at a
meeting held July 5 1929.
cates of deposit issued by First National Bank of Boston, depositary,
Said dividend of 8 reichsmarks. less 10% German tax, or 7.20 reichsmarks
(or its agent, Commercial National Bank & Trust Co., of New York) for
311,275 shares of corn, stock which are issued and outstanding, with auth- net, for each share of 100 reichsmarks par value, is payable from and after
July 6 upon surrender of the dividend coupon No. 57. representing such
ority to add to the list certificates of deposit for an additional 188,725
shares of com, stock on official notice of issue from time to time for a like dividend, at the office of the company.
For the convenience of the American stockholders, said dividend, less
number of shares of said corn, stock deposited under the deposit agreement
dated March 27 1929, making the total amount applied for: Certificates of the above tax, may be collected upon surrender of coupons representing the
same at the Irving Trust Co., 60 Broadway, N. Y, City, and Dillon,
deposit for 500,000 shares of common stock
-V. 129, p. 136.
The certificates of deposit have been or will be issued under the agree- Read & Co., 28 Nassau St., N.Y. City.
ment dated March 27 1929 between A. Lincoln Filene, Edward J. Frost
-Earnings.
General Baking Corp.
Louis E. Kirstein as a committee, and such holders of the common
and
1926.
stock of the company as shall become depositors under the deposit agree1928.
1927.
27 Weeks End. July 8- 1929.
ment.
Net inc. after deprec.,
The purpose of the deposit agreement is to effect arrangements to make
Fed.taxes,&c
$4,115,833 $3.418,375 $3,871,971 $2,863.359
feasible and efficient concerted action on the part of the holders of a majority
Chairman F. H. Frazier states: "Earnings are now beginning to reflect
of the common stock of the Filene company. (See also V. 128. p. 2275).
the expenditure of $10,000,000 in the past three years for expansion and
betterment of about 30 of our plants. The policy of reinvesting earnings
Injunction Dissolved.
in new and modernized baking plants is being continued through our present
Judge Bishop in Equity Motions Section of Suffolk Superior Court at
calls for the construction of six new plants and
Boston has entered an interlocutory decree dissolving the injunction on $8,000,000 program, whichof 12 others during 1929 and 1930. Upon comthe further modernization
the bill in equity brought by Edward A. Filene against A. Lincoln Filene, pletion of this program, practically all of the company's 50 plants will be
E. Kirstein and Edward J. Frost, which enjoined them from acting new or rebuilt and equipped with modern traveling ovens and bread cooling
Lewis
under the stock deposit agreement which is part of a plan of merger of systems.
William Filene's Sons Co. with Abraham & Straus and F. L. Lazarus &
"The seven plants east of the Mississippi acquired by General Baking
Co. The injunction restrained the defendants from depositing their last year are all operating successfully, with increasing production."Filene's stock and from taking title to stock as trustee, but did not prevent V. 128. p. 2472.
committee from acting or negotiating as a committee.
the
-V.129. P. 135.
General Brock Hotel Co., Ltd., Niagara Falls, Ont.Financial Research Association, Inc.
-Transfer Agent. Bonds Offered.
-W.A. Mackenzie & Co., Ltd., Toronto, are
offering at 100 and int. $1,000,000 6% 1st (closed) mtge.
20
-year sinking fund gold bonds.
Fitz Simons & Connell Dredge & Dock Co.-Divs.Dated Oct. 1 1928, maturing Oct. 1 1948. Trustee, Montreal Trust Co.,
The Empire Trust Co. has been appointed transfer agent for the common
.-V. 129, p. 289.
stock (without par value)
The directors have declared the regular quarterly dividends of 50c. in
cash and 1-40 of a share in stock on the common stock, both payable
Sept. 1 to holders of record Aug. 21. Like amounts were paid on this
-V. 128, p. 3196.
issue on April 1 and July 1 last.
-To Offer Stock.
Foster Wheeler Corp.
-
Watson & White, it is understood, will shortly offer common stock in
this market.
The corporation has no funded debt and has an authorized capitalization
of 35,000 shares of $7 cumulative convertible (no par) preferred stock, of
which 33,800 shame are outstanding, and 300,000 shares of no par corn.
Toronto, Ont. Legal investment for life insurance companies under the
Insurance Act, 1917, Canada.
Company owns and operates the new General Brock Hotel,which is situated on Ontario Road, Niagara Falls, Ont., overlooking the two cataracts
and facing the Upper Falls View Bridge. The hotel is of stee and concrete
construction, absolutely fireproof, and contains 247 bedrooms with baths
and the usual adjoining rooms and other public accommodation. The land.
building and equipment cost approximately $1,530,000. Sufficient common
shares of the company have been sold, which, together with the proceeds of
the first mortgage bond issue, are sufficient to complete the financing of the
hotel and supply the necessary working capital.
484
FINANCIAL CHRONICLE
The trust deed securing these first mortgage bonds provides that the company must accumulate and maintain out of earnings a special reserve fund
of $90.000, equivalent to one year's interest and one year's sinking fund.
The trust deed provides that the company will create a semi-annual sinking fund of 515,000 half
-yearly,the first payment to be made on April 1 1931.
This sinking fund will be sufficient to retire approximately 85% of these
bonds before maturity.
The earnings of the company applicable to bond interest based on an
annual average occupancy of only 53% are estimated at $265,797. or more
than 4 times the amount required to meet the interest on this bond issue,
or nearly 3 times the amount required to meet the interest and sinking fund
charges.
General Electric Co.
-Orders Received.
Period Ended June 303months
6 months
-V. 128, p. 4330.
1927.
1928.
1929.
$119,351,248 $90,431,957 $78105,247
220,716,456 170,357,797 155,655,828
General Foods Corp. (Change of name from Postum
Co., Inc.).-Listing.-
[VoL.129.
principal amount of outstanding funded indebtedness. Other protective
provisions include a restriction on issue of temporary indebtedness, and
covenants that no assets shall be pledged, except for temporary indebtedness within specified limits, without equally securing the debentures, and
that certain ratios of current resources to outstanding indebtedness will be
maintained, all as summarized in the letter printed within and as more fully
set forth in the indenture. The supplemental indenture relating particularly
to this series will contain conservative provisions to protect the value of
the conversion privilege, in case of consolidation, merger, reclassification,
issuance of additional stock. stock dividends (except that stock dividends
In the aggregate of 10 shares of common stock on each 100 shares of common
stock may be paid in any calendar year without affecting the conversion
price), &c.
Equity.
-Based on market quotations as of June 30 1929. of the securities
owned on that date (or the then fair value of the securities not actively dealt
In) plus the new money to be obtained through this financing, the total net
resources of the company amount to over 548,000.000. showing an asset
value of over $3,200 per $1,000 debenture or a total equity value of over
$33,000,000.
Earnings for the 12 Mos. Ending June 30 1929.
Dividends on stocks
51,076,987
Interest on bonds, notes and cash
71,521
Profit on sale of securities after deducting all Federal taxes
1.352.928
The New York Stock Exchange has authorized the listing on or after
July 25, permanent engraved certificates for 5.200.076 shares com. stock
Total
52,501.436
. (no par value) bearing the corporate title General Foods Corp. on official
100,062
notice of issuance in exchange for present outstanding certificates bearing Expenses
3,046
the corporate title Postum Co., Inc., with authority to add to the list Taxes other than Federal
20,482 shares of stock on official notice of issuance to employees and payBalance available for interest and dividends
$2.398,328
ment in full. also 528 shares of said stock on official notice of issuance
798,650
account of Richard Hellmann, Inc. reorganization, making the total Annual interest requirements on debentures incl. this issue
Note.
-"Dividends on stocks" includes cash dividends of $691,100, and
amount applied for 5,221.036 shares.
V. Company was organized in Delaware, Feb. 11 1922, as the Postum $385,887 representing the market value of rights to subscribe for securities
Cereal Co., Inc. On March 3 1927, the company changed its name to its other than stock of the corporation issuing the rights. Dividends in the
present corporate title, Postum Co.. Inc Due to the general expansion form of stock, as and when received, are not treated as income. Profits
of the corporation, it is now proposed that the company change its name to or losses resulting from the sales of any stocks (whether acquired originally
General Foods Corp., which will be effective July 24 1929.-V. 128. p.3836. by purchase or as stock dividends) are computed in accordance with U. S.
Treasury regulations. The market value as of June 30 1929, of unsold stock
dividends received during the above period, and not included above.
General Motors Corp.
-Sales for June 1929.
amounted to $402,605.
During the month of June General Motors dealers delivered to consumers
The above balance available for interest and dividends
194.705 cars, according to an announcement by Alfred P. Sloan Jr.. the annual interest requirements on debentures, includingwas over 3 times
issue. This
President. This compares with 206,259 for the corresponding month last does not reflect income to be derived from the investmentthisthe proceeds
year. Sales by General Motors manufacturing divisions to dealers of sale of these $10,000.000 of debentures now offered. of
amounted to 200,754, or an output of 8,900 cars per day, as compared with
Listing.
-Company has screed to-make application to Het these debentures
186,160 for the corresponding month last year.
on the New York Stock Exchange. The
The following tabulation shows monthly sales of General Motors cars by New York and Boston Stock Exchanges. common stock is listed on the
dealers to ultimate consumers and sales by the manufacturing divisions of
Investments.
-The investments of the company as of June 30 1929 were
General Motors to their dealers*
in the following companies, the largest amount in any one company (based
- on market values) being only 6.8% of the company's assets:
-Dealers' Sales to Users- -Divisions' Sales to Dealers
1929.
1928.
1927.
1929.
1928.
1927.
Allgemeine Elektrieltaets-Geselischaft
First National Bank of New York.
January
99,367
104,488 107,278 81,010 127,580 125,181
(AEG
Fielschmann-Co
February
138,570 132,029 102,025 175,148 169,232 124,426 American Gas & Electric Co.
General Electric Co.
March
205,118 183,706 146,275 220,391 197,821 161,910 American Power & Light Co.
General Motors Corp.
223,303 209.367 180,106 227,718 197,597 169.067 American Superpower Corp.
b General Stockyards Corp.
May
214,870 224,094 171.364 220,277 207,325 173,182 American Tel. & Tel. Co.
Grant Co., W. T.
June
194.705 206.259 159.701 200,754 186,160 155,525 a Berlin Subway Construction Loan.
I. 0. Farbenindustrie.
Note.
-These figures include passenger cars and trucks sold in the United Bohemian Disc. Bank & Sec. of Cr.
Insuranshares Corp. of Delaware.
States, Dominion of Canada and overseas by the Chevrolet, Pontiac, Olds(Prague, Czecho Slovakia).
International Harvester Co.
mobile, Marquette. Oakland, Viking, Buick, LaSalle and Cadillac manufac- Buffalo, Niagara & East. Power corp.
International Telephone & Telegraph Co.
turing divisions of General Motors.
Cape Breton Electric Co., Ltd.
a Jacksonville Traction Co.
Central Hanover Bank & Trust Co.
Middle West Utilities Co.
Frigidaire Corp. Sales Increase.
-An official announce- Columbia 01/5 & Electric Corp.
National Power & Light Co.
ment says:
Columbus Electric & Power Co.
North American Co.
Northern State Power Co.
The best half
-year period in the history of the Frigidaire Corp. was en- Commercial Solvents Corp.
Pacific Gm & Electric Co.
joyed during the first six months of 1929, with increases in shipments of Commonwealth Edison Co.
Pacific Lighting Corp
electric refrigeration units ranging from 64 to 112% above those of the same Commonwealth &Southern Corp.
Consolidated Gas Co. of New York.
Philadelphia National Bank.
period of 1928, It was announced on July 18.
Public Service Co. of Northern Illinois.
Shipments of household electric refrigerators showed the greatest increase Corn Products Refining Co.
Southern California Edison Co.
with a gain of 112% over those for the same period of 1928. Electric water Detroit Edison Co.
Standard Gas & Electric Co.
cooler shipments mounted to 82% above those for the corresponding six Deutsche Bank.
Duke Power Co.
Tampa Electric Co
months of last year.
Union Carbide & Carbon Corp.
Each successive month saw records of the preceding month surpassed. Eastman Kodak Co.
United Corp
Production was increased early in the spring when the unmecedented flood Electric Bond & Share Co.
United Fruit Co
of orders poured into Dayton and soon the factories were operating 20% Electric Investors, Inc
Electric Power & Light Corp.
United Gas Improvement Co.
above their normal rated capacities.
United States Steel Corp
May's outstanding record of units installed fell before that of June. Engineers' Public Service Co.
Woolworth Co.(F NV)
The increase is figured at 16.9%. Every record on the books of this Gen- First National Bank of Chicago.
eral Motors subsidiary was broken during the first half of the year, it was
a Bonds or notes only. b Preferred and common stock.
said.
Purpose.
-The proceeds from the sale of this issue of debentures will be
The half
-year also marked a period of great engineering achievement. used to provide funds for the increase of the company's investments in
The Frigidaire cold control, a device for faster freezing and preparation of accordance with the conservative policy established by its management.
frozen desserts, was introduced: two new household refrigerators were -V. 129, p. 290.
placed on the market at the lowest price in Frigidaire history; an automatic
room cooler was announced: the millionth Frigidaire was manufactured and
General Razor Corp.
-Traver & Dugan,
-Stock Offered.
an entirely new line of electric water coolers for factories, offices, homes and
Inc., New York, recently offered 40,000 shares common
stores was introduced.
Export shipments during the six months increased 43% over those of the stock (no par value) at $7.50 per share.
same period of 1928. More than 100,000 Frigidaire units are now in use
Registrar: Irving Trust Co. Transfer agent: Liberty National Bank &
overseas and the corporation has representation in 78 countries.
-V. 129, Trust Co. in New York.
P. 136.
CapitalizationAuthorized, Outstanding.
200,000 sha. 100,000 shs.
General Public Service Corp.
-Debentures Offered.
- Capital stock (no par)remaining after this financing will be reserved under
The 100,000 shares
A new issue of $10,000,000 gold debentures 5% cony. option to the organizers for future issuance at an average price of ($15)
series, due 1939, is being offered by Stone & Webster and per share.
Data from Letter of J. R. Lassiter, Jr., Pres. of the Corporation.
Blodget, Inc., Estabrook & Co. and Tucker, Anthony & Co.
to engage
Company.
been
The debentures are priced at 102 and int., to yield about facture and-Hasof the organized in Delawaresafety razor in the manufor men, the
sale
Moore velvet-chrome
5.24%.
Moore velvet-vanity for women and the Moore velvet razor guard for use
Dated July 1 1929; due July 11939. Int. payable J. & J. without deduc- as an accessory to the Gillette type razor. In addition. the corporation will
tion for normal Federal income tax not exceeding 2% per annum. Penn. conduct reasearch work in the razor field intended to develop shaving
4 mills personal property tax and Mass. 67 income tax refundable. Prin. satisfaction.
,
The patents to be acquired by the corporation are sufficiently broad to
and int, payable in New York. Denom. $1°000c5 Red. as a whole at any
,
.
time or in part on any int. date on 40 days' notice at 110 if red. prior to protect its products from competitive activity. The velvet guard will be
manufactured at a price which will permit the corporation to retail this
July 1 1931: on July 1 1931 and thereafter prior to July A 1933 at 107
on July 1 1933 and thereafter prior to July 1 1934 at 105;on July 1 1934 and article for 50 cents and earn a gross profit of about 100%. The complete
thereafter prior to July 11936 at 104; on July 1 1935 and thereafter prior razor units can be manufactured for sale at about $1 to earn the same gross
to July 1 1936 at 103; on July 1 1936 and thereafter prior to July 1 1937 at profit.
.Dctors.-Walter E. Ditmars, George R. Jackson, John A. Vootach,
102;on July 1 1937 and thereafter prior to July 1 1938 at 101;on July 1 1938
and thereafter prior to maturity at 100; with accrued int. in each case. 0. C. Creekpaum. Howard W. Smith, W. J. Moore, J. It. Lassiter, Jr..
M. M. Mooney, Charles 8. Baker, and Richard S. Harvey.
Bank of Now York & Trust Co., New York, trustee.
Purpose.
-To provide the capital required for the purchase of patents,
Convertible into common stock at any time up to within 10 days of maturity or any prior redemption date, on or prior to July 1 1931 on the basis management and working capital for the corporation. On the basis of this
financing the products of the corporation can be progressively marketed in
of 13 shares of common stock for each $1,000 of debentures; thereafter and
on or prior to July 1 1933 on the basis of 12 shares of common stock for quantities to yield net revenue which should assure an attractive return
each $1,000 ofdebentures; thereafter and on or prior to July 1 1935 on the on an investment in the capital stock.
basis of 11 shares of common stock for each $1.000 of debentures: and thereGeneral Theatres Equipment, Inc.
after on the basis of 10shares of common stock for each $1,000 of debentures.
-Debentures OfData from Letter of C. W. Kellogg, Pres. of the Company.
-Chase Securities Corp., Pynchon & Co., Halsey,
fered.
Business.
-Corporation was organized in Dec. 1925 in Delaware for the
purpose of holding and dealing in securities of public service and other Stuart & Co., Inc., West & Co. and W. S. Hammons & Co.
companies. and including its predecessor, Public Service Investment Co., are offering at 99 and int. to yield over 6.10% $6,000,000
has had a consistent record of successful investment for about 20 years.
Assets.
-Company now owns well-distributed investments represented 15-year 6% convertible gold debentures.
by bonds and stock.; of 54 companies, largely common stocks of public
Dated July 1 1929: due July 1 1944. Interest payable J. &
in New
utilities. The investments of the company as of June 30 1929, were in the York or Chicago without deduction for Federal income tax not exceeding
companies listed below. The largest amount in any one company (based 2%. New Hampshire 3% tax on int.. Pa. and Conn. 4 mills taxes, Maryea market values) constituted only 6.8% of the company's assets.
land 414 mills tax, Calif. and Ky. 5 mills taxes. Mass. 6% income tax on
Capitalization
Authorized. Outstandin g. int. and any similar taxes hereafter imposed by Maine not exceeding 5%
5
6% income
cony. gold debs. series due
-1953
$4,973,000 personal property tax or any time, or tax, refundable, Red, on or after
See a
July 1 1930 as a whole at
in part on any int. date on 40 days'
e;e
cenv. gold debs. series due 1939 (this
notice, at 110 and int. Denom.
issue)
Sees
10.000.000 Bank of the City of New York, 51.000 and $500 c*. The Chase National
trustee.
Preferred stock, without par value
6175,000 she. c24,899 shs.
Conrertibility.-Debentures will be convertible at any time after Jan. 1
Junior preferred stock, without par value
100,000 shs.
1930 at the option of the holders into the common stock (or, at the option
Common stock, without par value
1,000.000 ales. d612,730 she. of the company, voting trust
certificates therefor) on the basis of 30 shares
a The indenture provides for additional issues of these and other series ofsuch stock as now constituted for
each
under conservative restrictions.
b Includes 49.730 shares of $5.50 pre- of redemption of the debentures prior to $1,000 of debentures. In the event
maturity,such conversion privilege
forced stock reserved for conversion of debentures, 5% convertible series may be exercised up to and including the
tenth day prior to the redemption
due 1953. c 24,629 shares of $6 dividend preferred stock and 270 shares of date.
$5.50 dividend preferred stock. d In addition, 1,142 shares are reserved for
from Letter of President H. L. Clarke, Dated July 13 1929.
D
exchange for scrip certificates.
Protection.-Additional debentures may be issued only under the terms
Ccunpanu.-Incorp.In Del. July 131929. Will own in excess of 60, of the
7
of the indenture without limitation except that, after giving effect to each outstanding common stocks of Inurnational Projector Corp. and National
additional issue, current resources shall be equal to at least 200% of the Theatre Supply Co., and all of the outstanding common stock of Theatre
JULY 201929.1
FINANCIAL CHRONICLE
Equipment Acceptance Corp. Upon acceptance of the exchange offers
now being made, General Theatres Equipment, Inc., will own all of the
outstanding common stocks of these companies. Exchange offers are now
being made for the remainder of the outstanding common stocks of these
companies. The proceeds of present financing will provide funds with which
to:acquire all of the outstanding funded debt and preferred stocks of these
companies. Company will also acquire 50% of the outstanding capital
stock of Grandeur, Inc., which will acquire through wholly-owned subsidiaries all of the business and assets of Mitchell Camera Co. General
Theatres Equipment, Inc., will also acquire all of the outstanding capital
stock of Hall & Connolly. Inc., and through wholly owned subsidiaries
the properties, businesses and assets of the Strong Electric Co., J. E. McAuley Manufacturing Co. and Ashcroft Automatic Arc Co.
International Projector Corp. manufactures in excess of 75% of the motion picture projectors used throughout the world, many of its products
also being used by churches, schools and large industrial concerns. International Projector Corp. has been in the forefront in adapting its projection
apparatus to the sound motion picture and controls important patents in
sound projection equipment. During the past two years it has developed
several new types of motion picture machines which are expected to revolutionize the industry. These machines have been perfected to a degree
where the pictures are projected in such manner that an illusion of a third
dimension is given. The corporation sells a large portion of its products to
Western Electric Co.. Radio Corp. of America, Fox Film Corp., Loew's,
-Famous-Players-Lasky Corp. and to other large users.
Inc., Paramount
National Theatre Supply Co. maintains a nation-wide distributing organization which sells all types of equipment used in theatres. It operates
30stores and warehouses in principal cities of the United States and services
booth equipment in over 75% of all motion picture theatres in the United
States. Company has exclusive selling arrangements for products of International Projector Corp. except those held by Grandeur. Inc.
Grandeur, Inc., was organized to distribute and service the new types of
motion picture projectors which have been developed by International
Projector Corp. The new equipment will be leased by Grandeur, Inc., on
a rental basis for a period of 10 years after installation. Grandeur, Inc.,
has entered into a contract under which Fox Theatres Corp. or any affiliated company, agrees to lease from Grandeur. Inc., all projecting equipment of the new type required by it, or any subsidiary or affiliated company,
on this basis.
Mitchell Camera Co. manufactures professional cameras for both the
silent and sound pictures, its products being used by the foremost producers
of motion picture films. Corporation has developed new types of equipment in connection with the production of sound pictures, placing it in a
most favorable position in this growing branch of the industry.
Theatre Equipment Acceptance Corp. finances commercial paper taken
for theatre equipment and secured by contracts of conditional sale, chattel
mortgages, &c.
J. E. McAuley Manufacturing Co., Hall & Connolly, Inc., the Strong
Electric Co. and Ashcroft Automatic Arc Co. manufacture projection lamps
used in theatres. Sound and talking pictures require larger and more
powerful light sources resulting in a widespread demand for more of the
efficient lamps of the types manufactured by these companies
CapitalizationAuthorized.
Outstanding.
16
-year 6% cony. gold debentures
$6,000,000
$6.000.000
Common stock (no par value)
5,003,000 shs. *2,026.250 shs.
• Of this total 376,250 shares are reserved for exchange offers to stockholders.
Sinking Fund.
-The indenture will provide for a sinking fund of $300,000
annually to be paid to the trustee in quarterly installments, the first installment to be paid on July 1 1933. These funds are to be used in the purchase
or redemption of outstanding debentures of this issue. In lieu of making
such cash payments, however, the company may turn in debentures at the
principal amount thereof.
Purpose.
-The proceeds of this issue of$6,000,000 debentures will provide
funds for the purchase of the businesses, properties and (or) stocks of Grandeur, Inc., and the projection lamp companies, and for other corporate
purposes.
Eaniipgs.-For the 12 months period ended on May 31 1929 the companies and businesses to be acquired as stated above reported a combined net
Income before Federal income taxes of $2,283,530. The maximum annual
interest requirements on this issue of $6,000,000 debentures are $360,000.
Offer to Holders of Stock of Constituent Companies.
The holders of (1) International Projector Corp. common and preferred
stocks; (2) National Theatre Supply Co. common and preferred stocks; and
(3) National Theatre Supply Co. 5
-year 6 % sinking fund gold notes
due Sept. 1 1931, have received an offer from General Theatres Equipment Inc., to exchange its common stock voting trust certificates for the
securities of these companies as follows:
For common stock of International Projector Corp. on a share-for-share
basis.
For each share of common stock of National Theatre Supply Co. voting
trust certificates for ;I' of a share of General Theatres Equipment, Inc.
Voting trust certificates for fractional shares of common stock of General
Theatres Equipment, Inc.. required to consummate such exchanges will not
be delivered. However, General Theatres Equipment, Inc., has made
arrangements with the Chase National Bank,New York,acting in its behalf,
to sell to the depositor, at the rate of $30 per share, the fractional share
required to make a full share, or to buy on the same basis the fractional
share to which he would otherwise be entitled.
General Theatres Equipment, Inc., offers to purchase for cash any one
or more of the above meationed preferred stocks and notes at the call or
redemption price thereof plus accrued interest and dividends as the case
may be as hereinafter stated at the following prices, namely:
International Projector Corp.$7 dividend preferred stock at $115 per share.
National Theatre Supply Co.$7 dividend pref. stock at $107.50 per share.
National Theatre Supply Co.5
-year 6 % sinking fund gold notes due Sept.
1 1931 at $105.
Any holder of the above mentioned common and preferred stocks and
notes may take advantage of this offer by depositing the same with the
trust department of the Chas National Bank, 18 Pine St. New York,
on or before the close of business Aug. 23 1929. The Bank will issue ap'
propriate receipts for such deposits.
It IB expected that delivery of General Theatres Equipment, Inc.• common stock voting trust certificates will be made on or about Aug. 5 1929 in
exchange for common stock of International Projector Corp. and National
Theatre Supply Co. deposited prior to that date.
Payment will be made on or about Aug. 23 1929 or on such earlier date as
may be elected for the deposited preferred stocks and notes. Accrued dividends and interest as the case may be will be paid in all casesup to the date
of payment.
Additional Directors Named to Board.
Announcement is made that the following are to be added to the board of
directors. W. C. Michel (Vice-President and Treasurer of International
Projector Corp. who will occupy similar pcsitions with the new company),
-President of National Theatre Supply Co.), 0. E.
W. E. Green (Vice
Koegel (General Counsel for the company), S. R. Burns (Vice-President
and Secretary of International Projector Corp.) and Charles W. Higley
(director of the International corperation).-V. 129. p. 260.
Glidden Co., Cleveland.
-Sales.
-Sales for Month and 8 Mos. Ended June 30.
-June-1928.
1929
Increased 1929-8 Mos.-1928.
Increase.
33,534,040 $2,505,815 $1,028,2251$23,708,664 $17,594,128 $6,114,536
-v. 129, p. 291.
Gosse Packing Co., Ltd.
-Exchange of Pref. Stk. Effected.
485
Grand Central Surety Co.
-New Financing.
A new issue of 25,000 shares of capital stock will shortly be offered in
this market by Grand Central Surety Co. and State Capital Corp. The
company has been chartered under the Insurance Laws of New York to
do a general surety and re-insurance business and will specialize in the
bonding of persons in positions of public and private trust contracts and
bonds and the indemnifying of banks and various financial associations
and corporations.
The company will start business with an initial paid in capital and surplus of $375,000. consisting of an authorized capitalization of 25,000 shares
(par $10), and surplus of 8125,000.-V. 128, P. 3836.
Greenebaum Sons Investment Co.
-Vice-President.
Arthur A. Newfield has been elected a director and Vice-President in
charge of sales.
-V. 127. p. 2692.
Ground Gripper Shoe Co., Inc.
-Expansion Program.
The company has on file approved applications for the opening of approximately 50 new stores, according to Chairman Norman K. Winston.
"Under the plan of operation, Mr. Winston said, "this expansion requires no financing by the company, the necessary capital being furnished
by the managers of the stores. Prior to the acquisition of Cantilever Corp.,
the Crittenden Co. and William Henne Co., the Ground Gripper
company's expansion program consisted of three of these stores a month.
We eruct to add to this number, now that we have acquired these companies.
The Ground Gripper company and associated companies are now operating over 2,500 stores, of which 2,250 are operated by agents.
-V. 129,
p. 291, 136.
Guaranteed Mortgage Co.
-Co-Agent.
The Bankers' Trust Co. has been appointed co-agent with the First
Minneapolis Trust Co., Minneapolis, Minn.,for the payment of Guaranteed
Mortgage Co. 1st mtge. coll. trust 6% aeries H bond coupons.
-V. 128
p. 2277.
Guardian Investment Trust.
-Earnings.
Earnings for Year Ended May 31 1929.
Dividends received
Profit on sale of securities (net)
Other revenue
$72,878
418.607
57,800
Total revenue
Total expenditures
549,285
28,473
Net revenue
Previous surplus
Accrued dividends
$520,811
162,206
4.667
Total surplus
Preferred dividends
Federal income taxes
$687,685
138,989
76,262
$472,439
Balance, surplus
Balance Sheet May 31 1929.
Liabilities
Assets
1269,178 Due to fiscal agent
$04
Cash
300,000 Due to brokers pend,receipt of
Secured call loans
27,141
securities purchased
Due from brokers pending del.
53,782
10,518 Accrued federal income tax-.
of securities sold
2,394.583
3,796,594 Convert. pref. stock
Securities owned
138,525
1,593 Non-convert, wet. stock
Int. ,k div. on purch. deferred_
1,293,325
Common stocks
472,433
Surplus
Total
$4.377,88$
Total
$4,377,883
Organizes 6 More Units ,o Round Out Organization.
To round out what it claims to be the first specialized investment trust
group of its kind, the Guardian Investment Trust of which F. E. Kingston
& Co. of Hartford. Conn., are fiscal agents, announces the organization of
6 more trusts, making a total of 8 now under its management.
The two units which have been previously announced and their securities
placed on the market are the Guardian Rails Shares Investment Trust and
the Guardian Public Utilities Investment Trust,specializing in the securities
indicated in their names. The six other trusts are:
I Guardian Chain Stores Inv. Trust
Guardian Aeronautical by. Trust
Guardian Insur. Shares Inv. Trust
Guardian Bank Shares Inv. Trust
Guardian Industrial Inv. Trust
Guardian Foreign Secur. Inv. Trust
As their names indicate, they will specialize in securities of the leading
aviation, chain store, insurance, bank, industrial and foreign companies.
The capitalization of each of the eight trusts consists of 250,000 shares of
preferred certificates and 500,000 shares of common. The preferred certificates carry non-detachable warrants for the purchase of one share ofcommon
at $10 for the present year and at a gradually increasing price over the next
five years, thus insuring preferred certificate holders of opportunity to Participate in extra profits resulting from rise of securities in the portfolios of
each trust. The dividend yield on the preferred certificates of the specialize
trusts is, in each instance, the equivalent of or slightly greater than the cur
,
rent yield obtainable from a group of representative stocks in each particular
field.
-V. 129, p. 136.
Gulf States Steel Co.
-Earnings.
-Period End. June 30- 1929-3 Mos.-1928.
1929-6 Mos.-1928.
Net operating income _ __ $667,974
$399.270 $1,277,141
$956.441
Taxes, depreciation. &c..
262,344
195,317
517.256
414,639
Balance,surplus
$405.630
$203,953
$759,885
$541,802
Shs. corn. out. (no par)_
197.500
x125,000
197.500
125.000
Earns per sh.aft. pf diva_
$1.87
$1.35
$3.49
$3.77
x Par $100.
H. R. Campbell has been appointed Assistant Secretary and Treasurer,
succeeding C. Brewer resigned.
-V. 128, P• 3003.
-Earnings.(C. M.) Hall Lamp Co.
Period End. June 30- 1929-3 Mos.-1928.
1929-6 Mos.-1928.
Net profit after charges
and Federal taxes--- $404,173
$224.902
$815,722
$419,202
Earns. per sh.00 400.000
$1.01
shs. corn. stk.(no par)
$0.56
$2.04
$1.04
-v. 128. P. 3837-Earnings.
(M. A.) Hanna Co.
Period End. June 30- 1929-3 Mos.-1928.
1929-6 Mos.-1928.
Operating profits
$1,913,752
$992.392 $2,645,477 $1,202,746
Interest
152,820
160,500
305,640
321.000
Deprec. & depletion_
321,269
250,614
412.234
513.921
Federal taxes
87.949
22,853
92,462
22,853
Net income
21.351,714
Shs. corn. stk. outstand.
(no par)
542,929
Earns, per share (after
nreferred dividends)
$2.01
-Fr. 128. P. 3003
.
$558,425 $1.733,454
542,929
542,929
$0.55
$2.23
$446,659
542,929
Nil.
Harbison-Walker Refractories Co.
Substantially all of the holders of 7% preferred stock have turned in
-Forms Security
their shares for exchange into the 7',. pretrred shares of British Columbia Company.Packers, Ltd. These latter are identical with the former in dividend rate,
Thts company, according to a Pittsburgh dispatch, is forming a security
sinking fund and redemption price provisions. To permit those who have firm to be known as Harbison-Walker
Securities Co.,
net yet made the exchange to do so. the time in which the exchange may be tered in Delaware, with an authorized capitalization ofwhich has been char$1,000,000. par $100.
extended for a short period.
effected has
-V. 128, p. 3693.
Within a short time, it is expected that about 2500,000 stock, all of which
Is common, will have been issued. The greatest portion will be purchased
Gotham Loan Co., N. Y.
-Rights.
by the Harbison-Walker Refractories Co. for cash, and the remainder by
The stockholders of record July 22 will be given the right to subscribe interests affiliated with that concern.
on or before Aug. 21 for 25,000 shares of capital stock (par $20), at $26
J. E. Lewis, President of the Refractories company, N. McQuillan.
Per share on the basis of one new share for each share owned. See also Vice-President, and P. R. Hilleman, Secretary, will occupy similar positions
V. 129. P. 291. 136.
with the Securities company. Mr. Hilleman will also be Treasurer. The
board will consist of these three men.
Graham-Paige Motors Corp.
-Shipments:
It is expected that some time in the near
The company reports overseas and Canadian shipments for the 6 months will acquire some of the investments of the future the Securities company
Harbison-Walker Refractories
ended June 30 of 7,313 units, exceeding by 17% the total for the entire Co.. although it also has the power to buy, sell and trade in any manner
of security.
-V.128, p. 2641.
year of 1928.-V. 128, p. 3521.
486
[VoL. 129.
FINANCIAL CHRONICLE
Harrison's Orange Huts, Inc.
-Installations.-
Comparative Consolidated Balance Sheet (Including American Gear &
Manufacturing Co., Detroit Auto Specialty Corp. and Hupmobile
Michigan Sales Corp.).
Apr.30'29. Dec.31'28.
Apr.30'29, Dec.31'28
Assets
Cash
10,328,221 6,558,903 ACCt8. payable --- 4,180,893 1,549,104
Government etre.- 8,563,471 8,541,775 Accrued wages - _ 190,117
80,266
Sight draftsfor cars
Res.ioracc.tax.&c. 1,481,813
381,089
Hayes Wheels & Forgings, Ltd.
-Expanding.in transit
2,751,894
857,784 Res. for Federal
Construction has commenced of extensive additions to the plants at Accts. rec. for parts
Income taxes_ _ _ 1,384,121 1,466,988
Merritton and Chatham. The former will cost approximately $100,000 for
protected by dealDealer's deposits_ 153,735
160,055
the building alone, while the Chatham addition will cost about $325,000,
er's deposits
324,522
266,584 Res. for conting __ 1,050,716 1,150,000
including equipment. The latter will be of brick and steel construction with Notes receivable_
500,667 Common stock_ -13,646,416 10,824,798
dimensions of 400 by 180 feet.
Inventories
-V. 128. p. 1741.
7,104,057 5,181.565 Res. for stk. My.
Land,b1dgs.,mach.,
declared payable
fact. equip. &
May 1 1929_ _ 342,729
Hercules Motors Corp.
-Stock Sold.-Hornblower &
furn. & fixt __ _x7,495,332 7,322.601 H. M. C. C. corn.
5,487,734 3,378,357 stk.for Chandler
Weeks have sold 150,000 shares capital stock, 125,000 Investments
Def. charges, Prep.
Cleveland Mot.
shares of which are being purchased from individuals and the Maur. & taxes__..92,402
62,750
Corp. stock_ -_
91,031
19,654,344 17,086,990
Surplus
balance from the company's treasury. The stock was offered Goodwill, trade
names, &c
1
1
per share.
The corporation has begun to install fountains in stores of S. S. Kresge
Co.in Chicago, it was announced July 17. This gives the company a second
chain store outlet, its fountains already being in the Woolworth stores. The
company reports sales in June as 73% larger than in June 1928.-V. 128,
p.8461.
at $30
CapitalizationAuthorized. Outstanding.
Capital stock (no par)
500,000 shs. 312,500 shs.
Of the authorized but unissued shares, 25,000 shares reserved for sale
to employees.
Data from Letter of Pres. Charles Balough, Canton, 0., July 15.
-Corporation, incorporated under the laws of
History and Business.
Ohio in 1923, is engaged in the manufacture of four-cylinder and sixcylinder internal combustion engines for trucks, buses and industrial uses.
Starting originally with the production of a heavy duty four-cylinder
engine for truck service, the company in recent years has been continually
developing industrial outlets for its products so that at the present time
approximately 60% of the company's output, compared with less than
16% in 1924. is for agricultural and industrial use. Through its reputation
for quality of product and efficiency of service, the company has built up
a list of over 200 customers. The plant, located at Canton. 0., is of
modern concrete and steel fireproof construction. Employees number
approximately 1.000.
Earnings.
-In each of the past 6 years, sales have shown an annual
Increase. Net earnings after depreciation and Federal taxes for the past
3 years, as certified by Ernst & Ernst, have been as follows:
Calendar Years
6 Mos.End.
June 30'29.
1926.
1927.
1928.
$286,273
Net earnings
$230,581
$492,948
$636.671
For the year 1929 net earnings after taxes, based on orders on hand, are
expected to exceed $1.100,000. or $3.52 per share.
Assets.
-Balance sheet as of June 30 1929, adjusted to present financing,
shows current assets of $2.492,224,including $472.318 marketable securities
and cash on hand compared with current liabilities of $594,414. An appraisal of the company's plant, made Sept. 151928. by American Appraisal
Co.. was $700,000 in excess of depreciated book value of the plant. Net
tangible assets,taking plant at the book value, as of Dec.311928,amounted
to $2,825,131. Company is amply supplied with working capital to provide
for an Increased volume of business and in addition $350,000 has been set
abide in a special fund for necessary plant expansion.
Directors.
-Charles Balough. Pres., R. W.Gallagher, Edward A.Langenbach, Gordon M. Mather, H. H. Timken.
Dividends.
-It Is the intention of the board of directors to place the
capital Stock on a $1.80 annual dividend basis.
Listing.-Stock listed on the Chicag Stock Exchange.
-V. 124, p. 1833.
Hercules Powder Co.
-Listing.
The New York Stock Exchange has authorized the listing of 114,241
shares 7% cumulative preferred stock MOO par), and 563,228 shares of
common stock (no par), voting, which are issued and outstanding: with
authority to add to the list 5,604 shares of common stock, voting, on official
notice of issuance in exchange for 1,401 shares outstanding common stock
($100 par), 29,168 shares of common stock, voting, on official notice of issuance in exchange for outstanding common stock (no par), non-voting,
23,155 shares of common stock, voting, on official notice of issuance and
payment in full, to employees, making the total amounts applied for:
114.241 shares 7% cumulative preferred stock and 621,155 shares common
-V.128. p. 3003.
stock, voting.
Hightstown Rug Co.
-Definitive Debentures Ready.-
The Chatham Phenix National Bank & Trust Co.announce that definitive
15
-year 6A % sinking fund debentures of 1944, are deliverable at their
offices in exchange for the temporaries.
-V. 128, p. 3522.
Houdaille-Hershey Corp.
-Listing.
-
The New York Stock Exchange has authorized the listing of 176,1383
shares of Class B stock on official notice of issuance in connection with the
acquisition of Class B stock of General Spring Bumper Corp. with authority
to add an additional 74.213 shares of Class 13 stock, upon official notice of
issuance for conversion of Class A stock to be issued in connection with the
acquisition of Class A no par value convertible preference stock of General
Spring Bumper Corp., making the total amount applied for 684,8513i shares
of Class 13 stock.
Pro Forma Consolidated Balance Sheet, April 30. 1929 (Including General
Spring Bumper Corp., the Newly Acquired Constituent).
AssetsLiabilities
Cash
$1,268,741 Notes payable
$200,000
Notes receivable
148,625 Accounts payable
779,260
Accounts receivable
2,324,713 Accrued charges
280,718
Inventory
1,471,544 Federal taxes-1928
223,260
Other assets
82,540 Prov.for est. Fed.tax.
-1929
306,079
Investment--Binex Prod. Co.___ 204,403 Capital stock
17,593,374
Land, bldgs., mach. & equip. y4,829,509 Initial surplus
408,553
Construction in progress- --13,677 Earned surplus
667,746
Patents & good will
1
prepaid expenses
109,229
Total
810.458.982
810,458,982
Total
x Represented by 230,154 no par shares of Class A stock and 454,782 no
par shares of Class B stock. y After depreciation of $1,126,280.-V. 129,
p. 291
Hudson Motor Car Co.
-Earnings.Period End. June 30- 1929-3 Mos.-1928. 1929-6 Mos.-1928.
Net income after charges $6,053,729 $5,008.948 $10,621,512 $9,216,321
Earns. per sh. on 1.596,$3.79
(no par)
660shs. com.stk.
$6.65
$3.14
$5.77
-V. 129, P. 137.
Hupp Motor Car Corp.
-Listing.-
Total
42,147,634 32,699,267
42,147,634 32,699,267
Total After depreciation of $4,655,650 -V. 128, p. 2819.
Incorporated Investors.
-Earnings.-3Months Ended-6 Mos. End.
PeriodJune 30 '29. Mar. 31 '29. June 30'29.
Dividends
$185,625
$431,837
$246,212
Interest
9,621
13,697
4,076
Part of proceeds of sales of cap.stock,
constituting payment for participation in undivided earnings
61,172
77,249
16.077
Total
Interest paid
Management fee
Federal income & Mass,excise taxes_ _
Transfer agent and miscell.fees
$266,367
57.006
26.235
5.033
$256,419
9,024
47,239
938
1,670
$522,786
9,024
105,145
27,173
6,703
Net credits
Previous undivided profits
$177,192
133,980
$197,545
97,854
$374,737
97,854
Amount available for dividends_ _ _
Dividends payable
$311,172
197,250
$295,399
161.419
$472,591
358,669
Undivided profits at end of period._
$133,980
$113,922
$113,922
Balance Sheet June 30.
1929.
1928.
1929.
1928.
Assets$
s
$
8
LiabilitiesCash
502,088
172,682 Capital stock_ _ _ _y31,796,970 11,599,421
Invest'ts at cost_*32,133,069 11,025.068 Surplus
119,919
520,732
Call 1011t18
9,241
113,922
850.000 Undlv. earnings
Divs. receivable- 111,775
119,169
Accr. div.,tax.,&c. 315,307
Total
32,746.932 11.847.751
Total
32,746,932 11,847,751
y Represented by 671,178 no par shares.
* This item comprises the following stocks:
Shares.
Shares.
5,800 Allied Chem. at Dye Corp.
14,000 General Motors Corp.
10,000 American Can Co.
1,400 Guaranty Trust Co. of N. Y..
8,160 American Gas & Elec. Co.
with rights.
20,300 Amer. Smelt. & Refining Co.
7,500 Gulf Oil corp. of Pa.
5,000 Amer. Tel. & Tel. Co.
18,500 International Harvester Co.
13,000 Columbia Gas & Elec. Co.. with 10,000 Montgomery Ward & Co.,Inc.
rights.
6,100 National Biscuit Co.
9,000 Consol. Gas Co. of New York.
4,015 National City Bank of N.Y
13,900 Continental Can Co., Inc.
6,300 Packard Motor Car Co.
11,000 Corn Products Refining Co.
8,000 Sears, Roebuck & Co.
1,700 Deere & Co.
20,700 Union Carbide & Carbon Corp
12,200 E. I. du Pont de Nemours & Co., 6,500 United Gas & Impt. Co.
Inc.
4,500 United States Steel Corp.
23.852)4 Elec. Bond & Share Co.
13,500 Vacuum 011 Co.
340 First National Bank of the City 10,100 Westinghouse Elec. & Mfg. Co.
of New York.
6,300 F. W. Woolworth Co.
8,200 General Electric Co.
100,000 rights Int. Tel..4 Tel. Co.
A quarterly dividend of 25c. per share, an oath of Sc. per share and a
2% stock dividend were recently declared, payable July 15 to holders of
record June 22. This compares with a quarterly dividend of 40c. per share
paid April 15 to holders ofrecord March 30 on the stock outstanding prior
to the payment on May 1 1929 of a 50% stock dividend.
--V. 128, p. 3838.
4331.
Independent Brewing Co. of Pittsburgh.-Tenders.The Colonial Trust Co., trustee, 317 4th Ave., Pittsburgh, Pa., will
until July 22 receive bids for the sale to it of 1st mtge. 60
-year 6%gold
coupon bonds, to an amount sufficient to exhaust 834.595.-V. 128, p. 568.
Industrial Bankers of America, Inc.
-Merger.
See Beneficial Industrial Loan Corp. above.
-V. 128, P. 3381.
Industrial Collateral Association, Inc.
-Recapitalized.
The stockholders have approved the retirement of4.000shares of preferred
of $20 par, the increase in cayyltal to $500,000, par $10 and a dividend in
the form of an exchange of old $5 par stock for shares of 910 par.
Inspiration Consolidated Copper Co.
-Acquisition.
The company has purchased the Southwestern Miami Development Co.
for $500,000. The properties of the latter adjoin those of the Inspiration
company in the Miami district of Arizona.
The Southwestern Miami Development Co. on July 1 paid a liquidating
dividend of $3.75 per share on its 100,000 shares of capital stock.
-V.128.
p. 2278.
Insull Utility Investments, Inc.
-Debentures Ready.
-
Halsey, Stuart & Co., Inc. announce that the permanent 5% gold dedentures. series A. due Jan. 1 1949. are now ready and exchangeable for
the temporary debentures originally issued. (See offering in V. 128, IL
,
412.)-V. 128. p. 4332.
International Cement Corp.
-Earnings.
Period End. June 30-- 1929-3 Mos.-1928.
1929-6 Mos.-1928.
Gross sales
92,061,789 98.743.633 $16,552,825 $15,463,571
1,888 pkgs. disc. & allow. 1,848,661
1,715.971
2.990,036
3.382.471
Net sales
$7,213,127
Manufacturing costs_ _ _ 3,650.912 $7,027,662 $13,170,352 $12,473,535
3,626,636
6,359,619
6,574.023
Depreciation
622,914
592,051
1,069,283
992,099
Shipping, selling & admffiLstrative expenses_ 1,311.174
1,277.619
2.291,378
2,485,075
Net profit
$1,628,126 $1,531,356 $3,041,972 $2,830,439
Int.chgs.& financial exp.
189,114
153,058
170,002
336,836
Reserve for Fed. Income
taxes & contingencies_
289,223
249,768
463,978
537,727
The New York Stock Exchange has authorized the listing on or after
Aug. 1 of 35,130 additional shares of common stock ($10 par) on official
notice of issuance as a 2J1% stock dividend, making a total amount applied
for of 1.440.317 shares.
Net to surplus
For each share so issued there will be transferred from the surplus account
$1,149,789 81,128.530 82,167,407 $2,196,459
Elba. com. outst.(no par)
to the capital account the sum of $10.
619,031
618.826
618,826
619 031
Earns. per sh.on com
$1.86
$1.78
Earnings for 4 Months Ending April 30 1929.
$3.14
$3.50
-v. 128. p. 2641.
sales
$20,582,343
Net
Cost of sales
18,499.486
International Chemical Securities
Offered.
Operating Income
Other income
$2.082,858
427,958
Total income
Depreciation
Federal income taxes
$2,510,816
167,529
281,194
Net income
Earnings per share on common stock
$2,062,093
$1.51
Corp.
-Stock
-R.Mendel & Co., Inc., are offering 500,000 shares capital
stock,\price at the market. A substantial portion of this
issue has been withheld for offering in Europe.
capitatization.-Authorlzed and to be outstanding, 500,000 shares common stock (no par).
Business.-Corporatlon has been organized in Dol. as an investment
trust of the general management type to hold and deal in shares of chemical
and allied companies in the United States and Europe. The manufacture
JULY 20 1929.]
487
FINANCIAL CHRONICLE
aneproduction of chemicals is a basic factor in mod..rn industry. The
potentialities of this field have hardly been realized.
-The initial portfolio of the corporation will include such
Investments.
outstanding stocks as: Allied Chemical & Dye Corp., I. G. Farbenindustrie,
A. G., Ruhr Chemical Corp., Imperial Chemical Industries, Ltd.. DuPont.
Union Carbide & Carbon, Commerical Solvents, American Cyanamid Co..
Anglo-Chilean Nitrate, Columbia Carbon, Davison Chemical, Lehn &
Fink, International Combustion Engineering Corp. Mathieson Alkali,
-Products Coke,Drug,Inc.,
U.S.Industrial Alcohol,Westvaco Chlorine,By
Lambert Company, Liquid Carbonic, McKesson & Robbins, Parke-Davi
& Co., Courtaulds, Ltd., Air Reduction Co. Coty, Inc.
'
-Corporation has entered into a management
Management Contract.
contract with R. Mendel & Co., Inc., under the terms of which that firm
will receive as compensation, 1% of the invested capital of the corporation
annually.
-New Director.
International Harvester Co.
.Arthur Reynolds has been elected a director to fill the vacancy created
by the resignation of Robert P. Lamont, John P. Wilson has been elected
-V 129, p. 292.
Consulting Counsel.
-May Build
International Mercantile Marine Co.
Three More Electric Passenger Liners.
Plans for the construction of 3 additional electric passenger liners, making
attotal of 6 such vessels running from New York to San Francisco via the
Panama Canal,are being considered by this company for its Panama-Pacific
Line, according to a recent announcement made by President P. A. S.
Franklin.
The 3 vessels so far constructed are equipped with General Electric
turbine-electric drive, each having a power plant consisting of two 6,750
-kilowatt
shaft horsepower turbine generators supplying power to two 5,250
propulsion motors. The "California", first to be built, was launched
in 1927; the "Virginia" was launched in 1928, and the "Pennsylvania"
-V.129. p. 292.
'
was launched July 10, this year.
International Projector Corp.
-Receives Offer to
Exchange Stocks for Securities of General Theatres Equipment,
-V. 129, p. 292.
-See latter company above.
Inc.
International Safety Razor Corp.
-Comparative Bal.Sheet.
June 29'29. Dec. 31 '28.
AssetsLiabilities- June 29'29. Dec. 31 '28
$198,614 Accts. payable &
$180,232
Cash
accruals
82,175
124,755
$15,058
Inventories
$27.113
75,958
53,555 Reserve for tax.
Accts. reedy- 60,747
80,616
Reserve for conLand, buildings,
40.000
thetencles
mach. & 09.
40,000
247,264
147,187 Capital stock ___
144.667
247,264
4tc
239,514
Surplus
274,783
Goodwill, trade
137,678
137,678
marks, &c _ _ _
16,567
Prepaid advert_
2,819
Prepaid printing
2,010
233
Prepaid intim_ _ _
350
300
Adv.to salesmen
$669,777
$617,795
Total
$617,795
Total
$669,777
Our usual comparative income account was published in V. 129. p.292.
Irving Air Chute Co., Inc.
-Large Army Order.
The company was the successful bidder this week for a contract from
the U. S. Army Air Corps for the delivery over the next 6 months of 1140
Irvin air chutes, it is announced by Col. L. J. Campbell, Chairman of the
board. Additional orders on hand from foreign Governments and commercial air transport operators in the United States will tax the capacity
of the Irving factories both here and abroad for the next 8 months, Col.
Campbell reported.
The new plant now under construction in California will be in operation
by Sept. 1, and this additional manufacturing capacity will enable the
company to continue prompt deliveries on its current business.
-V. 128.
p. 3839.
Island Creek Coal Co.
-Coal Output.
-
June.
May.
Feb.
Output (Tons)- Jan.
April.
Mar.
1929
531,941 517,350 462,740 452,881 552,867 503,370
1928
414,169 378,612 363,672 388,151 458,355 394,569
-V.128, p. 4332.
"The estimated earnings of each ef the three Kidder Participations•fer
the first 6 months of 1929 show the regular preferred dividend requirements
for that period earned over 3 times. Moreover, these earnings, after allowing for the regular preferred dividends, were substantially in excess of the
full year's common and participating preferred dividends which are being
paid out of last year's earnings.
"The income from interest, dividends and underwriting profits has,during
this period,as at all times since the formation of these companies, been more
than enough to cover all dividends paid, leaving the entire profits from the
sale of securities to be added to surplus.
"It has been and is the intention to follow the sound practice ofinvesting in
companies whose futures are promising and whose managements we have
intimately known and trusted, and not merely to utilize the funds in stock
market operations.
"The present market value of the investments of each company is materially above the cost or book value.
"Each of these companies has availed itself of opportunities to utilize a
part of its earned surplus in buying its own preferred stocks for investment
at attractive prices.
"The companies owe no money, so the prudence of constantly keeping
assets in liquid form is not necessary as in the case ofa depositary institution.
However, to take advantage of opportunities to make investments on an
attractive basis the companies now have liquid assets of over $5,000.000,
-V. 128, p. 413.
comprising short-term notes. call loans and cash."
-Earnings.
(G. R.) Kinney Co., Inc.
1927.
1926.
1928.
6 Mos. Ended June 30- 1929.
89.602.964 $8,718,140 $8,249,730 $8.683.068
Sales
8,276,031
7,795,098
8.285.287
Cost of sales & expenses- 9,057.946
122.475
119,111
128,929
141.251
Interest
44,506
22,000
42,000
30.000
Federal tax
Net income
Preferred dividends_ Common dividends--
$374,088
212,780
115,000
$297,633
212,598
$291,015
216,836
$226.530
217.082
120.000
$74,179 def$110,552
$85.035
$46.308
Surplus
Shares common stock
59.980
59.980
59,980
160.000
outstanding (no par)..
$1.24
$1.41
$1.01
$0.15
Earnings per share
-in April last the outstanding 60,000 shares common stock were
Note.
split two for one and 40,000 additional shares were offered to stockholders
at $26.
Commenting on the recent operations of the company, Pres. G. H.
Krom,says:
"During the past year the company has added 24 stores to its chain making a present total of 335 stores. Regardless of this increase in the number
of stores, the inventory, as of June 30 1929, has changed less than $1.000
from the figure as of the similar date last year. Additional leases have been
taken for 18 new stores which will be opened in the immediate future.
"Sales in the stores during the past 6 months have shown an increase of
over 10% OS compared to the similar period for last year. Even more
important than this increase in total sales is the fact that the old stores, in
other words those which have been in operation for more than a year, have
shown a steady increase in volume for the period and taken as a whole have
shown an increase in sales of 6.91% over the similar period of last year.
Thus while the company is growing through the addition of new stores, our
operations are showing improvement for the old units as well.
"During the past6 months the financial position of the company has been
materially improved as a result of the sale of common stock which brought
$1,000,000 new capital into the company. As a result, bank loans have
been halved and accounts payable reduced. As of the end of the period
Just closed, the ratio of current assets to current liabilities was better than
4Yi to 1 as compared to a ratio of about 3 to 1 a year ago.
"The condition of the company, as well as the favorable situation in the
leather market,indicate continuation of satisfactory earnings.
"Regular quarterly dividends on the preferred stock of $2 per share were
declared by the directors at the meeting July 17, payable Sept. 3 to holders
of record Aug. 15. The directors also declared a regular quarterly dividend
of 25c, per share on the common stock payable Oct. 1 to stockholders of
record Sept. 16.-V. 129. p. 292.
-Extra Dividend.
(Henry) Klein 8c Co., Inc.
The directors have declared an extra dividend of 20c. a share on the participating preference stock in addition to the regular quarterly dividends of
30c. a share on the participating preference and 20c. a share on the common
stocks, all payable Aug. 1 to holders of record July 22. Dividends of 20c.
extra were also declared on the preference stock in each the two previous
Jantzen Knitting Mills.
-Increased Sales.
-V. 128, p. 2821.
Total sales for the 10 months ended June 30 1929, approximated $4,000.- quarters.
compared with $3,075,000 for the entire 12 months of the fiscal year
000
-Installment Financing.
Kolster Radio Corp.
ended Aug. 311928. Sales of the company's swimming suits for June totaled
-V. 129. p. 138.
See Commercial Credit Co above.
185,472. as compared with 99,780 for June a year ago,an increase of 85.8%•
-V. 128. p. 4332.
-Earnings.
(S. S.) Kresge Co.
Period End. June 30--1929.-3 Mos.-1928. -1929.-6 Mos.-1928.
-Earnings.
Joint Investors, Inc.
$36,284.191 833,957,745 $67,627,807 162,790,164
Sales
Earningsfor 6 Months Ended June 30 1929.
7,969,836
4,358.494
7,498.390
4,100,379
$254,283 Profit
Gross income,from dividends,interest & profits realized
523,019
512,547
956.380
971.279
8,391 Federal tax
Operating expenses
8.489
Interest paid on bank loans
$3,835,475 $3,587,832 17,013,456 $6,527.111
Net income
.6db
Federal & state taxes
35,000
35,000
70,000
70,000
Preferred dividends
Reserve for Federal & state taxes
Fees ofcustodian, transfer agent,& registrar
$3.800,475 $3,552,832 86,943,456 86.457.111
Surplus
5,517.929
3.678.619
Shs. corn. stk. outstand- 5,517,929 3.678.619
Net income
$0.69
$0.96
$1.26
Earns, per share
$1.75
Dividend paid, preferred stock
21,1
-V. 129. p. 138.
Dividend paid,common stock
15.5
Contingent reserve
6,000
-Earnings.
Lane Drug Stores, Inc.
Surplus for year to date
Surplus Doc.31 1928
$163,631
37,541
The company reports June net earnings, before taxes of $26,411 and for
the three months ending June 30 1929, of $71,602. After allowance for
taxes and preferred dividends, earnings for thc period are equivalent to 35
-V. 128.
cents a share on the 94,600 shares of common stock outstanding.
p.3524,
Total earned surplus
$201,172
Edward A. LeRoy, Jr., Treasurer says in part:
The net income for the company Jan. 1 to June 30 was $206,905, while
-New Name, &c.
Libbey-Owens Glass Co.
unrealized profits in the security portfolio increased $215,037. The total of
See Libbey-Owens Sheet Glass Co. below.
$421,942 represents earnings of 41.28% on the average paid-in capital,
surplus and undivided profits of $1,022,092 for the period. The total
-Name Changed-SplitLibbey-Owens Sheet Glass Co.
earnings indicated are equivalent to $41.27 per share of preferred stock
outstanding on June 30; and $38.71 rum share of class A stock, equal to up of Stock Approved.
$8.24 if the conversion privilege of all preferred outstanding on June 30
The stockholders on July 19 approved the following proposals:
had been exercised as of that day.
To change the name of the company to "Libbey-Owens Glass Co."; to
Balance Sheet June 30 1929.
change the number of shares which the company is authorized to have
Liabilities
Assetsoutstanding from 1,000,000 shares of 825 par value to 3,500,000 shares
Securities owned, at cost_ .._ _291,659,786 Preferred stock
without par value; to change the issued shares of the par value of $25
22,548 Preferred stock capital surplus.
Cash on hand
589 each into shares without par value on the basis of 4 shares without par
8,081 Class A corn. stock
Accounts receivable
622.400 value for each share of $25 par value, to provide that the directors may fix
Class corn. stock
c50,000 the amount of consideration to be received for the unissued shares of the
Bank loans
300,000 company upon the issuance thereof, and to provide that the board may,
Securities purchased
In certain cases, authorize the purchase of shares of the company.
-V. 129.
Reserve for Fed.& state taxes5 °16
33:693 p. 138.
Retirement fund
49.345
Contingent reserve
Liberty Bell Insurance Co., Phila.-Dividend.$1,690,416 Earned surplus
201;172
Total(each side)
6
" The semi-annual dividend of 50 cents a share. payable Aug. 1 to holders
Market value $2,057,376. b Represented by 5,169 shares. c Repre- of record July 20, is the first distribution to be made on the $10 par stork
a
-V. 129. p. 292.
and is at the same rate as formerly paid on the old $25 par stock.
sented by 50,000 shares.
-V.
129. p. 293.
Jordan Motor Car Co.-Earnings.-
Lily-Tulip Cup Corp.
-Month-1928.
-Earnings.1929-6 Mos.-1928.
Period End. June 30- 1929
-3Mos. Ended
6 Mos.End.
Net profit after int. & dep.
Period131,034 less$52,796
$151,138 10581473,372
June 30'29. Mar.31 '29. June 30'29.
but before Fed. taxesThe profit for the quarter ended June 30 1929 amounted to $96,630 before Net earnings after deprec. & all chgs.
incl. Federal income taxes
$263,445
$93,216
$356,661
Federal taxes comparing with a profit of $57,508 for the preceding quarter.
Current assets on July 11929, amounted to $1,862,731, comparing with Earns per sh. on 183,000 shs, corn.
stock,after pref. dividends
$1.41
80.48
liabilities of $258,469, a ratio of seven to one. Surplus on July 1
81.81)
current
loss deficit at beginning of 1929 of$2,- -V. 128. p. 4015.
was $1,278.794, against profit and
052,088.
Lion Oil Refining Co.-Earnings.
John McArdle, Vice-President and General Manager said: "The new
The company reports a
for June of $243,100
coupled with a steady increase in the
line of eight cylinder cars business an added impetus that makesdealer or- depreciation, depletion andnet operating profitbefore Federal taxes. after
the midother charges, but
This
has given the
ganization,
that the last compares with a net profit of $230,878 for May.
-V. 128. p. 1410.
summer slump almast negligible and gives every indication 4167.
months will stumass the first half of the year. -V. 128. P.
six
Loblaw Groceterias Co., Ltd.
-To Retire Preferred Stock.
The holders of over 75% of the prior preference shares
-Estimated Earnings,
Kidder Participations, Inc., No,1. following report to Kidder proposal regarding the redemption of the stock, which have ratified the
when issued, was
& Co., Boston, have made the
Kidder. Peabody
non-callable. The company,under the provisions of the Ontario Companies
Participations stockholders:
488
FINANCIAL CHRONICLE
[Vork 129.
Act, will, after the consent of the courts
has been obtained, apply for an shall sell
amendment to its charter allowing it to redeem the prior preference shares 5% of thea stock of any company that passes a dividend, while not over
trust's capital can be invested in any one
or convert them into class A shares.
of trust provides that if a satisfactory price cannotsecurity. The deed
The prior preference shareholders may elect to receive $140 per share cash open
be
market, the trust must purchase such shares withinobtained in the
for their stock or convert each share into six class A shares with the right to net asset
seven days, at
value less 1% per share, either with cash on hand or by liquidation
purchase at $10 one additional class A share for each 10 held.
-V. 128, of suitable securities.
P. 3364.
The trustees receive 6% of the annual income, out of
which is paid the
ordinary expenses and since
Lockwood, Greene & Co., Inc.
-Contract With Soviet as the income increases. the fee is based on percentage, it only increases
Government.
The price of the trust shares is fixed weekly or oftener
by the trustees
Saul G. Bron, Chairman of the board of directors of the Amtorg Trading based on the asset value of all the securities and cash in the portfolio,
Corp., E. Y. Belltzky. lst Vice-President and Treasurer of the All-Russian so that no value is created outside of that based on assets.
On Jan. 1 1929 the funds of the trust were distributed as
Textile Syndicate, and Chester A. Allen. Vice-President of Lockwood
follows among
Greene Engineers, Inc., made the following announcement on July 11: common stocks of 140 companies in 19 industrial groups: Public utilities,
"Through the terms of a contract Just concluded between the Soviet 14.8%; railroads, 12.9; food products, 7.5; industrial equipment, 7.3:
company, Textile-Import Limited, and the Lockwood Greene company. mining, 7.0; steel and steel products. 6.5; distribution, 5.9; banks. 5.5:
American engineering skill and experience will cooperate in the development building material and equipment. 5.4; paper and printing, 3.8; railroad
of the Soviet textile industry. The Lockwood Greene company will furnish equipment, 3.4; chemicals and drugs. 3.3; electrical equipment, 2.9:
technical assistance both in the reorganization and reconstruction of ex- petroleum, 2.8: textile products, 2.5; tobacco, 2.4: insurance, 2.1; autoisting textile mills in the Soviet Union and in the design and construction motive industries, 1.7; miscellaneous, 2.3.-V. 129, p. 294.
of new plants. A group of the company's engineers. including specialists
in spinning, weaving, dyeing, bleaching and finishing, &c., have left for
Mathieson Alkali Works, Inc.
-Earnings.
-the Soviet Union.
Period End.
1929-6 Mos.-1928.
"This agreement for technical assistance in the largest Soviet industry Total earningsJune 30- 1929-3 Mos.-1928.
$941.368
$859,341 $1,772.683 $1,595,912
Is a significant addition to the series of similar contracts concluded with Depreciation &
257,420
227.898
514.681
453,966
American firms within the past 2 years, which take in the coal, electrical, Income chargesdepletion
Cr.10.132
8,697
Cr.16,820
22.964
steel, oil, chemical, construction and other important industries. It may Federal Inc. tax prov
83,382
66,080
157,450
132,852
have a considerable bearing on the type of equipment to be installed in the
several large textile plants which are now under construction in the Soviet
Net income
$610.697
$556,666 $1,117,372
$986,130
Union, or which are planned for construction within the next few years.
E. M. Allen. President, says:
Hitherto, the bulk of the imported equipment used in Soviet textile mills the largest'in the company's "The earnings for the second quarter were
history, mainly due to the continued good
has come from England."
-V. 126, p. 3309.
demand for all products. These increased earnings are
due
and capacity production, selling prices remaining about the to lower costs
same.
Lord Lumber Co.
After deductions for Federal taxes and pref. stock dividends,
-Bonds Offered.
-John R. Thompson
there was
in the first
Securities Corp., Chicago, and Mercantile-Commerce Co., earnedis equivalent six months of 1929, $1.75 per share of common stock.
which
to $7 per share on the common stock before the issuance
St. Louis are offering at par and int. 8160,000 1st mtge. on April 25 1929 of the 300% stock dividend. This
latter figure compares
with $6.11 earned on corn. stk.
real estate 6% serial gold bonds.
ended by showing $13.04 earned during first six months of 1928 which year
per share.
-V.128. P. 4333.
Dated May 3 1929; due serially 1930-1939. Chicago Title & Trust Co.,
trustee.
Mavis Bottling Co.
-Sales Increase.These bonds are secured by a closed first mortgage on 6 parcels of real
Pres. Walter B. Pearson reports an increase of approximately
estate, togethir with the improvements thereon, which are located as
50% in
the sale of chocolate drink in the New York district for
follows: (1) Hinsdale, Ill.; (2) Downers Grove, Ill. (two parcels); (3)
the first 6 months
LaGrange, ill. (two blocks). The buildings situated on the land securing of 1929. June established a record for New York at A0,000 cases against
the above bonds are used for corporate purposes, and while included in the 70,000 in June 1928.-V. 128, p. 1919.
mortgage and in some of the appraisals, have been given no consideration
Metropolitan Fire Insurance Co.
in the purchase of the securlti.s offered.
-New Directors.
John Cropp (chairman of the board of Assecuranz-Union von The company (an Illinois corp.), the business of which was established in
1886. is one of the largest retail distributors of building materials in the Hamburg, Germany) and George E. Roosevelt (of Roosevelt & Sons,1865.
New
Middle West, and, in addition to its lumber business and millwork, sells York) have been elected directors.
-V. 128, p. 570.
steel frames and sash, and also roofing, insulating materials, coal, coke,
Midland Royalty Corp.
fuel oil, sand, gravel, stone, cement, lime, plaster, plaster block, &c. The
-Purchases Completed.
With the completion of purchases since its organization
mill and main yards of the company are located on Hillgrove Ave. In La
corporation owns interests in oil royalties on 76 separate last March, the
Grange, Ill.
producing
The net worth of the Lord Lumber Co.is largely in excess of the amount ties in Oklahoma and Kansas, aggregating approximately 5,500properacres,
President J. Edward Jones states These properties are
of this loan.
Producing 83.000
barrels of oil daily from 325 wells, with 25 additional wells
drilling and considerably over 100 proved well locations still undrilled.
McCall Corp., New York.
-Acquisition,
The company buys royalties on producing properties only,
and these
The stockholders on July 16 authorized 25.603 additional shares of com- erties are being developed
by operating subsidiaries of the Standard propmon stock (no par value), to be used (subject to the satisfactory conclusion of New York, Gulf Oil
Corp.,Standard Oil Co. of New Jersey, Royal OH Co.
of an audit now in progress of the books and records of the seller company) Shell and other principal
Dutchoil companies.
-V. 128. pp. 1920, 1743.
for the acquisition of the publishing properties of the Consolidated Magazines Corp., of Chicago, Ill., publishers of the magazines "Red Book" and
Midland Steel Products Co.
"Blue Book."
-Earnings.
The McCall Corp. previously had authorized 264,000 shares of common
Period End. June 30- 1929-3 Mos.-1928.
1929-6 Mos.-1928.
stock, of which 263,713 shares (incl. 174 shares held for exchange) were Net profit after int. &
outstanding.
doprec. but bef. Fed.
-V. 129. p. 139.
taxes
$1.344.630 ,$892,813 $2,348,188 $1,523,364
MacMarr Stores, Inc.-Sales.
Earns per sh. on 50,000
-els. corn. stk. (no par)
$5.40
$3.59
1929
--1928.
-June
$9.44
Increase.'
1920--6 Mos.-1928.
Increase. -V. 128. p.
$6.14
4333.
$5,127,378
$4.811,196
$316,1821$28,631,463 $26,113,398 $2,518,065
-V, 129, p. 294.
(I.) Miller & Sons Inc.
-Earnings.--
(R. H.) Macy & Co.
-New Director.
Louis Bamberger of L. Bamberger & Co., Newark, N. J., has been
elected a directar.-V. 129. p. 139.
Magazine Repeating Razor Co.
-New President, &c.
6 Months Ended June 30
,
1928.
Sales
88,109
19 5
2 :873 $4,574,848
Net profit after taxes
964.854
309.503
Shares common stock outstanding
175.000
150,000
Earnings per share (after preferred dividends).$2.20
$1.52
With its recently perfected Schick Dry Shaver ready for marketing, the -V. 128, p. 4170.
new management announced on July 17 the completion of the company's
Minneapolis-Moline Power Implement Co.
-Div.,&c.
reorganization. R. W. Sheppard was elected President. Other new offiThe initial quarterly dividend of $1.62SS per share was paid on the
cers elected were: W. B. Lashar. Chairman of the board; 0. 11. Willcox,
Vice-President; Ii. E. Anstatt, Comptroller: H. 0. Ring, Secretary and 100,000 shares of outstanding $6.50 curnul. cony. pref. stock on Aug. 15,
Asst. Treasurer; Col. R. Potter Campbell, Treasurer, and 0. V. Rodriguez, to holders of record July 26.
The new board consists of 14 members, with James L. Record, former
Asst. Treasurer and Asst. Secretary. Other directors are W. G. Peckers,
I. W.Bon bright. D. S. Day, W.T. Morris, C. E. Rock and Jacob Schick. chairman of the board of directors of the Minneapolis Steel & Machinery
Co., as chairman. Other members are: II. S. Bowers, Now York; George
-V.128, p. 2280.
N. Buffington, Dudley Cates and Abner J. Stillwell of Chicago; H. B.
Dineen and Philip ft. Noland of Moline, Ill., and George L. Gillette.
Magma Copper Co.
-Earnings.
W. C. MacFarlane, Sumner T. isIcKnight. William 8. Peddle, harry C.
Period End. June 30- 1929-3 Mos.-1928.
1929-6 Mos.-1928.
Piper, WilKeton C. Rich, and Nelson A. Wilt of Minneapolis.
Net earns, after exp. &
Mr. MacFarlane was elected President of the consolidated corporation.
deprec., but bef. taxes $813,737
$528,917 $1,805,774
$877.025 Vice-Preeidents are: Messrs. Dineen, Gillette, Noland and Wiff. William
The company produced 9.892.826 pounds of refined copper during the S. Peddle was elected Treasurer, Mr. Rich, Secretary.
-F. 129, p. 294.
June quarter at an average cost of 9.58 cents a pound, after deducting gold
and silver values. That cost does not include any allowance for Federal
Missouri-Kansas Pipe Line Co.
-Stock Dividend.
taxes, but includes depreciation and all other fixed and general expenses.
The directors have declared a stock dividend of ono-third of a share.
Is et earnings for the second quarter were based on a net gales price of 17.801 payable July 31 to holders of record on that date. The company will
cents a pound for copper, according to H. E. Dodge, Treasurer of the pay cash for fractional shares at the rate of$3 per share.
-V.128. le• 3363.
company.
-V. 128, p 2821.
Merchant Calculating Machine Co.
-Earnings.-=
6 Months Ended June 30•
Net profit after charge 4 but before Federal taxes __
-V.128, p. 4333.
1929.
$285.590
1928.
$177,058
Massachusetts Investors Truxt.-To Be Introduced in
This Market by Lee & Co.
Trust certificates of the Massachusetts Investors Trust will be introduced
to this market for the first time by Lee & Co., who will offer a limited
amount of the trust shares to be pricei at the market.
The Massachusetts investors Trust, a mutual Investment association,
was foimed in 1924, and was among the first Investment trusts organized
in the United States. Only one class of shares is issued which enjoy all of
the income and appreciation of the investments.
The board of trustees, composed of Charles H. Learoyd (Learoyd.
Foster & Co.), Boston; L. Sherman Adams (member Boston Stock Exchange); Ashton L. Carr (1st V.-Pres. State Street Trust Co.), Boston,
and Merrill Griswold (Gaston, Snow Saltonstall & Hunt, attorneys),
Boston, follows substantially the practice laid down by the Probate Court
of Massachusetts for the guidance of trustees under wills, in distributing
as dividends only funds received as cash dividends from investments, while
all stock dividends, rights, &c., are considered capital gains and are not
paid out to shareholders during the life of the trust. The investment of
funds realized from the sale of shares is restricted to stocks in an approved
list.
All securities owned and the uninvested cash are held by the custodian,
the trust department of the State Street Trust Co., Boston, who handle
all transactions, so that the trust's assets are out of individual control.
The surplus has been built up from $1,244 in 1924 to $155.592 in 1928.
while the total income for the year ended Dec.31 1928 amounted to $419,157
with a balance of $354,776 available for dividend distribution. The
balance sheet of Dec. 31 1928 showed assets of $7,792,748, with tho market
value of assets as of that date totalling $11,000,726.
When the shares were first offered, there were few shareholders and
only $50,000 paid in, while the assets April 15 1929 amounted to $12,
919,807, with 3,200 shareholders. The income on the original investment
has grown from 5.70% in 1924 to over 9%. Dividends which have been
paid every quarter have mounted from 75c. in the one quarter of 1926
to $4.71 for 1928, including $1 extra.
The trust holds the common stocks of 143 of America's outstanding
companies, most of which are listed on the leading stock exchanges, and
all of which declare regular dividends. Its charter provides that the trust
Missouri State Life Insurance Co.
-Business Gains.
-
The company reports a total of $15,044,334 written ordinary business
for the month of June. This represents a gain over Juno 1928 of $1,642,935.
The best single day's production in the history of the company was June 17,
with over 82.000.000 of insurance written. Paid for business, ordinary life.
amounted to $10.861.700 during June. an Increase of 81,189.400 over June
1928.-V. 128. p. 4333.
Modine Manufacturing Co.
-Operations.
-
The company has stepped up its unit heater division production schedule
to 10.000 per month during July, August, and September to supply the
demand which is particularly strong at this time in preparation for fall
heating installations. During all of 1928, the company manufactured
11,326 of these units, which are specially designed for overhead industrial
and plant heating.
-V. 129. p. 294, 139.
Montgomery Ward & Co., Inc.
-Listing.
-
The New York Stock Exchange has authorized the listing of 41,823 additional shares of common stock (no par value) upon official notice of Lenience
and payment in full to employees, pursuant to Investment and Savings Plan
and 1,155,192 additional shares of common stock upon official notice of
issuance and payment in full, pure, ant to subscription by stockholders,
making the total amount herein applied for 1,197,015 additional shares.
Tentative Balance Shee , December 31, 1928.
(Giving Effect to the Introduction of Cash from the Sale of Common Shares).
Liabilities
Cash
Accounts payable
Marketable securities
596,147 Due customers
Accounts & notes receivable 17,005,828 Accrued exp., incl. general & $121.,854983,637121
Inventories
59.782,945
Fed. taxes
2,751,549
Prepaid spring cat. costa,
General reserves
1,906.910
insur.. rents, &c
1,889,911 Capital stock
:121,863,740.
Invest. & sav. plan:
Dept.
Earned surplus
45,597.906
corn sk acq for this purpose 6,234.104
-MM.cos._
Investments
1,472,704
Land, bldge., mach.& aut. 31,701,420
Prep.& leasehold ltnprov _
2,981,576
Total (each side)
$192,362,349
figure has been arrived at as follows: Balance at Dec. 31,2,3634
a
1927 9
2
.as
per certified balance sheet, 826,196,285; Sale of 2,282.502 shares of stock
at the rate of $35 for each two shares, $39.943,785; 41,823 shares of stock
at the rate of $90 per share, $3,761,070; 13,941 shares of stock at the rate
of $50 per share. $697,050; 1,141,251 shares of stock at the rate of $50 per
share. $57,062,550; Total, $127,663,740.-V. 129. p. 294.
FINANCIAL CHRONICLE
JULY 20 19291
-Larger Dividend.
Mohawk Mining Co.
The directors have declared a dividend of $2 per share payable Sept. 2
to holders of record July 31. In March and June last dividends of $1.50
per share were paid.
This also compares with three quarterly dividends of $1 per share and
on of $3 per share paid in 1928.-V. 128. p. 2281.
-Earnings.Motors Products Corp.
PeriodGross profits
Other income
Total income
Expenses
Depreciation
Fed.& Canadian taxes
-Quarter Ended- -6 Mos. Ended Jun, 30'
1928.
June 30'29. Mar.31 '29.
1929.
$1,108,110 51,269,445 52,377,556 51,702.168
30.141
22,416
50.742
28,326
$1,136,436 51,291,861 $2,428,298 51,732,309
213,909
133,316
270,539
137,223
x185.380
x94,164
94.163
188,327
165,000
128,000
240,000
112,000
Net income
$932,474 51,729,431 51,168,020
$796,956
Shs. corn. stk. outstand130,406
195,457
195,457
195,457
ing (no par)
$8.37
$4.07
Earnings per share
$4.77
$8.84
x Includes interest.
-V. 129, p. 139.
489
Comparative Balance Sheets as at April 30, 1927 and 1928.and March 31.1929.
Mar.31'29. Apr.30'21),
Mar.3129. Apr.30 28.
.
LiabilitiesAssets$24,935 $22,132
55,569 Notes payable
55,977
Cash
42,017 Accts. pay., incl.
Notes & accts. rec.. 54,629
53,833
sundry accruals_ _
41,230
27,529
25,179
Inventories
2,100
Pro. for Fed.inc. tax
Land, bidgs., mach.
86,834
72,771
x188.475 195,058 Real est. mortgages
& equip
100,000
97,780
23,105 Capital stock
3,891
Prepd. tax., ins. &c.
24.513
45,302
Surplus
$278,152 $293,279
Total
$278,152 $293,279
Total
x After reserve for depreciation of $93,402.
Farms Co. of Beaton,
The corporation has purchased the Deerfoot
which does a national business in trade marked Deerfoot Farms sausages
and in addition has a substantial dairy business in and around Boston.
-V. 128, p. 4334.
See also Detroit Creamery Co. above.
--Expansion.
National Department Stores Co., Inc.
Plans for expansion of the "branch store" policy adopted some time ago
by this corporation, as well as for the acquisition of new stores in 5 additional cities, were presented at a meeting of the executive committee on
July 18. Over a year ago the company pioneered in the branch or uptown
store movement by opening one of these establishments in the uptown
district of St. Louis, Mo., for B. Nugent & Co., and on June 15 of this
-Listing-Rights.
Murray Corp. of America.
year a similar store was opened for business as an adjunct of the Bailey
The New York Stock Exchange has authorized the listing of common Co. in Cleveland, Ohio. According to President Victor W. Sincere, both
(no par value) as follows: 4,036 shares, on official notice of issuance in pay- these uptown branches have far exceeded expectations in volume and earnment of a stock dividend of a3,' of 1% of a share, and 210,637 shares, on ing power, and they are to pave the way for the opening of other similar
official notice of issuance and payment in full pursuant to terms of offer to units in the near future. Negotiations are also under way at this time for
-V. 128, p. 3526.
the 5 additional stores in the coast-to-coast combine.
stockholders, making the total amount applied for 789,861 shares.
At a meeting held on June 19, the directors authorized the offering to
the stockholders of record Aug. 24 1929, for subscription, at $30 per share.
Half Interest in Williams
National Lead Co.
-Sells Its
of additional shares of common stock without par value In the ratio of
one additional share for each 23. shares then held. This offering has Harvey & Co., Ltd.
Announcement was made last week by President E. J. Cornish that the
been underwritten by three investment banking houses, each of which has
company has sold its half interest in Williams Harvey & Co.. Ltd., of Livera representative on the board of directors.
Warrants evidencing the rights to subscribe will be mailed to the stock- pool. England, to the Patine Minas & Enterprises Consolidated, Inc., sub1929. Rights must be exercised on or ject to the approval of the transaction by the stockholders of the latter
holders not later than Aug. 31
before Oct. 1 1929, by the surrender of the warrants properly made out, company at a special meeting being called for the purpose.
In commenting upon the sale, Mr. Cornish said: "Inasmuch as the Naaccompanied by New York funds, to Guaranty Trust Co. of New York,
Warrant agent. 140 Broadway, N. Y. City. Stock certificates will be tional Lead Co. is the first or second largest consumer of refined tin in the
delivered against subscriptions as soon as practicable, but not prior to world, and imported approximately 15,000 tons of tin last year, I regret
very much the necessity that compels us to part with our interest in this
Sept. 17 1929.
or smelting
The purpose of the issue is to obtain funds for additional capital require- company. During the time we have been a half owner, the costs
have been reduced approximately el sterling a ton. The company has
ments.
increased to four times its size when we first became a part owner, and is
Earnings for 4 Months Ended April 30 1929.
$1,372,830 probably the largest tin smelter in the world. It is to-day treating four
Operating profit
92,745 times as much ores as the capacity of its next nearest competitor outside
Interest
the interests
28,517 Straits Settlements in the tin smelting industry. Unfortunatelyconflict with
Idle plant expense
of the National Lead Co. as a consumer and also as a smelter
Loss on bad accts., disc, allowed, loss or sale of cap. assets &
Inasmuch as Senor Simon I. Patine, President
13,402 the interests of the mines.
miscellaneous
18.737 of the Patine corporation contributes directly or through his personal
Provision for excess die Sz pattern cost
Influence over three-fourths of the ore smelted by Williams Harvey & Co.,
with the
$1,219,429 Ltd., we could not do other wise than conform to his request to partproperty
Operating income
317,045 property on an equitable bas. . This we have done by offering the
Other income
last 8 years would be in the
at a price upon which net earnings for the
$1,536,473 vicinity of 11% annum.
Total income
"The National Lead Co. owns approximately 69,000 shares of stock in
164.658
Depreciation
164,625 the Patino Mines & Enterprises Consolidated, Inc., and I hope at some time
Estimated provision for Federal$income tax
may recover its standing in the tin smelting world by the ownership of a
-V. 128. p. 1745.
$1,207,190 much larger number of shares in that corporation.
Net profit transferred to surplus
2,054.283
Surplus at beginning of period
Total surplus
Divs, paid on pref. stock of J. W. Murray Mfg. Co
$3,261,473
4.348
-Receives Offer to ExNational Theatre Supply Co.
change Stocks and Notes for General Theatres Equipment, Inc.,
-V. 129, p. 295.
Stock.
-See latter company above.
53.257.125
Surplus at end of period
$2.24
Earnings per share on common stock
-Moves Branch Office.
National Title Guaranty Co.
Comparative Consolidated Balance Sheet.
To provide improved quarters for the growing business of its New York
Liatqattes-- Apr. 30'29. Dec. 31 28. branch, the company announces its removal from 345 Madison Ave. to 350
Assets-Apr.30'29. Dec. 31,28
Cash
51,880.258 $8,183,629 Accounts payable.83,370,376 81,011,597 Madison Ave. The company has recently completed a 16
-story office build88,703 ing at 185 Montague St., Brooklyn. N. Y., and will move its main offices
152,739
Customers accts._ 3,351,117 1,584,455 Accrued expense_ _
Merchand. limn_ 4,613,112 3,186,429 Purch. money obthere early in the fall. Its other branch is maintained at 160-16 Jamaica
935,000 Ave., Jamaica, L. L. Actively associated with this company is the newly
931,000
ligations
Other assets
1,076,705 1,108,322
3,312,100 3,451,700 formed National Exchange Bank & Trust Co. of Brooklyn organized by a
Funded debt
Land, bullii.,mach.
& equip., &c....y14562,914 10,523,683 Res. for disputed
group of officers and directors of the National Title Guaranty Co. with
Fed. tax claims
302,329
Patents & goodwill 302,329
capital and surplus of $2.000,000. Total capital and surplus of the National
1,534,904 1,268,795 Title Guaranty Co. are over 55,000,000.-V. 128, p. 4016.
& gen. coming
264,588
197,456
Deferred charges
Res. for 1928 Fed.
320,000
taxes estimated_ 401,761
Neet, Inc.
8% cumul. Prof.
-Stock Offered.
-Moss, Pratt & Co., Inc., are
stk.(J. W. Slur217,400 offering at $25 per share 60,000 shares cum.cony. cl. A stock.
217,400
ray Mfg. Co.)
Transfer agent, American Trust CO., New York. Registrar, Commercial
Common stock _ _x15,806,483 :15805,958
81,024 National Bank & Trust Co., of New York. Class A stock is preferred as
81,024
Approp. surplus._
1,970,259 to cumulative dividends of $1.60 per annum, payable Q.
-I.. and as to
Tot.(each side)_.$28,986,892 325153,436 Earned surplus... 3,173,
x Represented by 538,055 no par shares. y After depreci on of $1,- assets to the extent of $30 per share plus divs, in the event of Ii ullation.
Red. all or part at any thus upon 60 days' notice at $30 per share, plus
045,992.-V. 128, p. 4170.
divs. convertible into class B stock on a share for share beet; at any time
prior to redemption. Dividends on class A stock will be cumulative from
Nash Motors Co.
-June Shipments.
Oct. 1 1929. Class A and class B stocks are entitled to oae vote for each
Juno shipments totaled 9.070 cars, against 12.117 in May • 29, and share.
12,279 in June 1928. Shipments in the first 7 months of the prei. t fiscal
CapitalizationAuthori:ed.
attstmuting.
year totaled 80,264 cars, against 51,730 cars in the same period ..1" 1928. Class A cumul.,cony. stk.(no par)
60,000 shs.
60,000 shs.
Orders from dealers toward the end a Juno showed a decided increaexi, with Class B (no par value)
*150,000 shs.
90,000 shs.
the result that the company had to carry 600 unfilled orders over Lit, July.
* Including 60,000 shales reserved for conversion of class A stock.
The company's export shipments are showing large increases over las:. year,
Data from Letter of Rolla Lawry, President of the Company.
-V. 129, p. 295.
it is stated.
Company.-Organizoi in Delaware to acquire the business and all assets.
Including good-will. trade-marks, formulae, secret processes and patents
of the I Iannibal Pharmacal Co., which began business in 1918 with a paid
National Acme Co.-Earnings.
In capital of 55,000 and has made a profit every year. The business of the
Period End. June 30- 1929-3 Mos.-1928.
1929-6 Mos.-1928.
predecessor company was the manufacture and sale of the nationally
Net profit after Int., deknown hair removing cream "Nest", a depilatory, which is stocked and
prec. & Fed. taxes_ _ - $712,556
5174,000 $1.336,387
x5391,103 sold by virtually all wholtsale druggists and is distributed at retail by more
Earns. per sh.on 500,11110
than 50,000 drug and department stores throughout the United States
$1.42
shs.com.stk. (par $10)
$0.35
$2.67
$0.78 and Canada.
-V. 129, p. 140.
x Before Federal taxes.
In addition to "Nest", the company also manufactures and markets
several collateral products, including "Immac", a cream deodorant, the
National Aviation Corp.
-10% Stock Dividend.
trade-mark of which is an important asset to the company.
Earnings.
-The Oct earnings of the predecessor company after deduction
The directors have deelared an initial stock dividend of 10%, payable
Sept. 15, to holders of record Aug. 15. Regular quarterly stock dividends of all charges including Fedtral income and other taxes at the then pre,
will be declared on the company's shares hereafter, tho directors announced. vailing rates, as certified by 13oka and Eiswirth, were as fellows.
This corporation which is closely connected through its directorate with Year ending Doc.31 1926
560,117
the Curtiss-Wright Corp., earned $1,090,000 before provision for taxes Year ending Dec.31 1927
48.747
in the first six months of 1929, it was said. These earnings do not include Year ending Dec.31 1928
174.698
unrealized profit on securities held in the company's treasury, which amount- 6 months ending June 30 1929
203,039_
ed to about $11 a share on the 221,666 shares outstanding on June 30, nor
Based upon earnings during the first 6 months of th. y ar interpreted
does it include the value of options on stock which the company received in light of past experience it is estimated that net earnings for the full year
for its underwriting and management activities.
ending Dec. 31
of 5350.000
times the
During the first half of 1929, the paid in capital was increased 51,700.000. annual dividend 1929 will be in excess A shares and or over 3ti after such
requirements on class
equivalent,
Investments on Juno 30 amounted at cost to $5,730,733 and at market dividends, to 52.82 per share of class B stock.
value to 57.848,637.-V. 128, p. 902.
Balance Sheet -Thu business is essentially on a cash basis and because
of the extremely rapid turnover, a very limited amount of working capital
National Dairy Products Corp.
-Listing.
-Is required. The pro forma balance sheet as of ill is 30 1921. as certified
The New York Stock Exchange has authorized the listing (a) of additional by Boka and Eiswirth, shows total current assets of $290,561, as compared
certificates for 17,256 shares of common stock (no par value), upon official with current liabilities including reserve for Federal income tax of 551.295.
notice of issuance in connection with the acquisition by the company of the The valuable trade-marks, processes and good-will of the company are
entire property and assets of The Youngstown Sanitary Milk Co., and sub- carried on the books at a nominal value of $1.
sidiaries W. It. Ruhlman & Son, Inc., and The Ohio Pure Milk Co., the
Listing.-lt is the intention of the company to make application in due
entire property and assets of Piper Ice Cream Co. of Muskegon and Wash- course to list both the class A stock and the class B stock on the New York
ington Dairy Co., Inc., and certain assets of the business conducted by Curb Market.
Robert Gordon Sinclair at Galesburg, Ill., under the title R. G. Sinclair,
and at Aiedo, Ill., under the title Sinclair Ice Cream Co.,(b), on and after
New Bedford (Mass.) Cordage Co.
-5% Dividend.
Oct. 1, 1929, of 173 additional shares of its common stock without par
The directors have declared a dividend of 5% on the common stock
value upon official notice of issuance as a stock dividend, making the total
,
and the reeular quarterly dividend of 1%% on the preferred stock, payable
4,226,424 shares.
amount applied for
Sept 2 to holders of record Aug. 15. A dividend of 3j% was paid on
Earnings for 11 Months Ending March 31, 1929.
June 1 and one of 2%% on March 1.-V. 128, p.3526.
$594,151
Net sales
del., selling. administ. & gen. exp
Cost of sales. incl.
-Initial Preferred Dividend.
New Haven Clock Co.
Depreciation
The directors have declared an initial quarterly dividend of 1%% on the
12..6 0
8 105
7
Federal income tax
% cumul. cony. we. stock, payable Aug. 1 to holders of record July
$16,879 24. (For offering, see V. 128, p. 3009.)-V. 128, p. 3527.
Net profit after tax
490
FINANCIAL CHRONICLE
New Amsterdam Casualty Co.-Bal. Sheet March 31.1929.
1928.
1929.
1928.
Assets$
$
Real estate
2,632,088 1,049,788 Reserve for unearn.
Mortgage loans__ _ 313,200
261,000
prom
6,155,969
Stocks and bonds_19,341,496 18,357,372 Reserve for claims 8,392,056 7,272,850
Accrued Interest
196,674 Reserve for taxes _
201,000
Outstanding prem. 4,320,139 3,728,923 Res. for expense_ _
131,153
N.Y.exc.& bureau
Res. for reins, due
funds
116,655
109,567 due other cos_ _ 6,381,798
157,355
Loss & exp. funds
80,772 Reserve for unpaid
Cash
805,908
841,445 commis
818,562
839,318
Accts. receivable_ 256,587
Res. for all other
liab
1,523,903
Voluntary coating.
669,755
reserve
3,000,000 2,700,000
Capital
7,000.000 7.167,895
Surplus
Total
27,786,075 24,625,540 Total
27,786,075 24,625,540
-V. 128, p. 416.
New York & Hanseatic Corp.
-Rights.
-
The corporation has made public the following:
Holders of the following shares and debentures will have the right up to
and including Oct. 19 1929, against surrender of the coupons or warrants
named below and a first payment of S. Frs. .00 per share to subscribe to
one share of S. Frs. 500 par value common stock of Internationale Gesellschaft Fuer Chemische Unternehmungen (I. G. Chemie) of Basle. Switzerland, at 150% or S. Frs. 750 per share (carrying the 1929 dividend) for each
par value:
Tim. 6,000 common stock I. G. Farbenindustrie (against coupon No. 7);
Rm. 12,000 6% convertible debentures I. G. Farbenindustrie issue 1928
(against Warrant A);
Rm. 12,000 common stock Dynamit A. G. vorm. Alfred Nobel & Co.
(against coupon No. 2);
Rm. 15,000 common stock Rheinisch-Westfaelische Sprengstoff- A. G.
(against coupon No. 2);
Rm..5,000 common stock A. G. Siegener Dynamit-Fabrik (against coupon
No. 2);
Rm. 15.000 common stock Gustav Genschow & Co., A. G.(against coupon
No. 3);
Rm. 10,000 common stock A. Riobeck Montanwerke A. G.(against stock
certificates without coupon sheets which will be stamped and returned.).
The second instalment of S. Frs. 400 per share must be paid not later than
Dec. 15 1929 and interest on each instalment added at the rate of 9% from
July 1 1929 till the date of payment.
Payment of each instalment will be acknowledged on a non-negotiable
temporary re•eipt exchangeable for definitive stock certificates in bearer
from as soon as possible after the shares are 50% paid up; i. o., after a total of
Frs. 500 per share has been paid.
Application has been made to list the 50% paid-up shares on stock exchanges of Berlin, Frankfort a-Main, Basle and Zurich.
Niagara Falls Motoramp Garage, Inc.
-Stocks Offered.
-Schoellkopf, Hutton & Pomeroy, Inc., Buffalo, are
offering 1,000 shares 7% cumulative preferred stock and 500
shares common stock in units of one share of preferred and
3i share of common stock at $100 per unit.
Preferred stock red, in whole or in part at 105 and divs. on any div. date
upon 30 days' notice. Divs. payable Q.
-J.; entitled to 6100 per share and
diva, in the event of liquidation. Dividends exempt from normal Federal
income tax. Transfer agent: Power City Bank, Niagara Falls, N. Y.
Company.-Incorp. in New York to provide a modern ramp garage building in a congested section of Niagara Falls, N. Y. The property covers an
area of approximately 12,350 sq. ft. It is proposed to erect on this site a
modern concrete and brick ramp type garage building which will have a
floor space of approximately 54,000 sq. ft. and a storage capacity for 200
cars.
Ownership.
-The controlling common stock interest in the corporation
is held by Motoramp Garages of America, Inc., a subsidiary of Ramp
Buildings Corp., garage engineers and consultants. The garage will be
operated by d'Humy Management. Inc.
CapitalizationAuthorized. Outstanding.
1st mtge.6% gold loan
6160,000
$160,000
7% cumul. pref. stock ($100 Par)
1,200 shs. 1,000 shs.
Common stock (no par)
2,000 shs. 2,000 shs.
Earnings.
-Based on the operating experiences of similar garages controlled by Motoramp Garages of America. Inc., and on a detailed study of
this particular unit, it is estimated that earnings, after depreciation and
interest charges, will be equivalent to about $23 per share per annum on the
preferred stock, leaving a balance of over $4 per share available for the
common stock, after all charges.
Niagara Fire Insurance Co.
-Exchange of Stock.
-
See Fidelity-Phenix Fire Insurance Co.. above.
Following the inclusion of the company into the American Fore
the following new directors have been elected: George W. Davison, Group.
George
Blumenthal, Albert H. Wiggin, John J. Riker., Ernest Sturm and Paul L.
Raid. The continuing directors are: J. Herbert Johnston, Robert W.
DeForest, Henry E. Coe, Thomas Williams, Johnston DeForest, Ethelbert
I. Low, Bernard M. Culver, Henry W. DeForest and Robert L.
Hoguet.
The principal officers will be Ernest Sturm, Chairman
when the by-laws have been amended to provide for this of the Board,
L.
Raid, President; B. M. Culver, J. H. Wilbur, William F. office, Paul E.
Dooley, H.
Maxson and C. W. Pierce, Vice-Presidents. and Lamar Hill, Vice-Pros.
and Counsel.
-V. 129, p. 295.
Noblitt-Sparks Industries, Inc.
-Earnings.
-
6 Months Ended June 30Net income after all chgs. Incl. deprec.& Fed.taxes
Earns, per sh. on 60,000 shs. cap.stk.(no par)___
-V. 128, p. 3845.
1929.
1928.
$220,600 loss$39,000
Nil
$3.67
Northwest Bancorporation.
-Acquires Two More Banks.
The corporation in the first ten days of July acquired the First-American
National Bank of Duluth, Minn., and the United States National Bank
of Omaha, Neb. The Duluth bank (a recent consolidation of the First
National and American National of that city) is fourth largest in MinnPsota
The United States National, Omaha, is the oldest bank in Nebraska,
dating from an old bank preceding the passing of the National Bank Act,
that began business in 1856.
Other recent acquisitions follow: In South Dakota, the Lead Security
National, Sioux Falls; Citizens National and First National. Watertown,
and First National, Aberdeen. In North Dakota,the James River National
Jamestown. In Minnesota there were added the National Bank, Fergus
Falls; Security National, Owatonna. and First National, Moorehead.
See also V 128, p. 1413.
Oilstocks Limited.
-Balance Sheet June 30 1929.Assets
Cull in banks
Accounts receivable
Stocks owned at cost
Liabilities
$132,355 Accounts payable
$49,800
26,640 Reserve for 1928 income tax-25,044
6,551.596 Class A stock
x3,630,391
Class IS stock
y2,712,100
Surplus
293,256
$6,710,591
Total
Total
$6,710,591
x Represented by 310,866 no par shares. y Represented by 261,210 no
par shares.
-In addition 89,255.1 shares of class A stock and 38,790 shares of
Note.
class B stock are reserved against stock subscription warrants outstanding
and accrued stock dividend on class A warrants.
Our unusual comparative income account for the 6 months ended June
30, 1929, was published in V. 129, p. 295.
-Earnings.
Otis Steel Co.
Period End. June 30- 1929-3 Mos.-1928.
1929-6 Mos.-1928.
Net profit after chgs. &
61,630.218
Federal taxes
$907,536 $2,798.398 $1,743,066
811,002
800.858
Shares com.stk. outstdg.
611.002
800,858
$1.75
$0.87
Earns per share
$2.94
$1.66
J. V. 128, p. 4017.
[VOL. 129.
Otis Elevator-Co.
-Earnings.
-
Period End. June 30-- 1929-3 Mos.-1928.
1929-6 Mos.-1928.
Net after depreciation-- $2,359,049 $2,154,615 84.281,555 $4,240,120
Pension reserve
25,000
75,000
50,000
150,000
Federal taxes
265.000
230,000
470.000
490,000
Net income
62,069,049 $1,849,615 $3.761.555 83,600.120
Shs.corn.stk.(par $50)496.996
342.182
496.996
432.182
Earnings per share
$3.97
$4.05
$7.18
$7.87
-V. 129, p. 296.
Outboard Motors Corp.
-June Shipments.
-
The corporation reports shipments for June of this
as compared with 4,514 for the combined Evinrude,year of 6,2.30 motors
Bite and Lockwood
companies in June of 1928.-V. 128, p. 4335.
Pacific American Co.-Pref. Stock Called.
-
The company has called for redemption Aug. 1 next all of the outstanding
preferred stock at 105 and diva. Payment will be made at the American
Trust Co., 464 California St., San Francisco, Calif., or at the First National
Bank, Seattle, Wash.
-V. 128. p. 903.
Paramonnt Famous Lasky Corp.
-Earnings.
-
Period End. June 30- 1929-3 Mos.-1928.
1929-6 Mos.-1928.
Net profit after all chgs.
and taxes
*$2,550,000 $1.609,000 *65,112,000 $3,873,000
Earns per sh. on 2.242.362 shs. com. stk__
*$1.14
$0.78
*$2.30
$1.88
*Estimated.
It was officially announced on July 15 that this corporation has made
arrangements to acquire, as of July 11929. by an exchange of stock, all of
the issued and outstanding capital stock of Northwest Theatres, Inc., known
in the motion-picture industry as the Ruben & Finkelstein Circuit. The
Northwest company owns and
South Dakota, and Wisconsin. operates theaters in Minnesota, North and
Domestic film rentals of the Paramount
were 23% higher than in the corresponding Famous Lasky Corp. in June
In May a
14% gain was shown over the same month month a year ago. April
a year ago, and in
6%•
For the quarter ended June
or the same period last year. 30 domestic film rentals were 15% in excess
-V.128, P. 4017.
1.1W-
earker Pen Co.
-Increase in Business Expected.
-
This company, which has just entered into an agreement
manufacturers, covering patents, and the marketing of desk sets, with other
to show an increase of more than 41% in export business for is expected
the first 6
months of 1929, it is announced. The combined domestic and foreign
business of the company is expected to show a gain of approximately
25%.
-V. 128, p. 3528.
Park & Tilford, Inc.
-Listing.
-
The New York Stock Exchange has authorized the listing
additional capital stock (no par value), on official notice of 2,080 shares
stock dividend, making a total amount applied for to dateof issuance as a
210,197 shares.
Comparative Balance Sleet.
AssetsMar.31'29. Dec.31'28. LiabilitiesMar.31'29. Dee.31'28.
Real estate, plant
Capital
& equip., &e.-51,250,000 $1,250,000 Fundedstock -- -413,088,390 $3,057,785
debt
1,826,000 1,820,000
Val.of leaseholds._
1
1 Notes payable_ _ 675,000
Good-will
1,000,000 1,000,000 Peal est. mortgage 475,000
475,000
Cash
326,253
199,318 Accounts payable_ 283,429
405,179
Notes receivable
5,858
8,966 Accrued taxes &
Accts. receivable._x1,579,261 1,845,019 rents
76,451
94,868
Accr. int. receiv.-.
14,072
3,577 Accrued interest
43,251
13.295
Investments.
1.641,591
946,591 Surplus
1,541,026 1,459,736
Inventories.
2,045,166 1.978,869
Deterred charges
140,325
93,493 Total(each side) 58,002,526 $7,325865
x After deducting reserve for loss. y Represented by 204,019 no par
shares.
-V. 128, p. 4017.
Parmelee Transportation Co.
-Earnings.
--
The company reports net profits for the 2 months ended June 30 1929
of $151,260, after allowing for accrued interest on bonds and dividends on
preferred stock, and taxes. This is equivalent to 60 cents per share on the
250,000 shares of no par common stock outstanding. These earnings
represent actual net receipts and do not include the proportionate amount of
earnings accruing to the company on its stockholdings in other companies.
V. 129, p. 296.
Patino Mines & Enterprises Consolidated, Inc.
-Acquires National Lead Co.'s Half Interest in Williams Harvey
& Co., Ltd.
See National Lead Co. above.
-V. 128, p. 3698.
Pennsylvania-Dixie Cement.
-Earnings.
-
12 Mos.End. June 30-Gross profit
Depreciation & depletion
1929.
$3.232.507 1
1,362.934 f
1928.
1927.
Not
Available.
Profit after deprec.& depletion-- $1,869,573 $2,316,326 $4,343,914
Interest
714,4311
955,393
1,249.032
Federal taxes
179,3291
Net profit
6975.813 81,360,933 $3,094,882
Shs. of corn.stock(no par) outotdg400,000
400,000
400,000
Earns per sh.after pref. diva
$0.06
$1.02
$5.46
-V.128, p. 1748.
Pet Milk Co.
-Proposed Consolidation.
-
The directors have accepted a plan to consolidate with Standard Brands,
Inc., subject to the stockholders' approval. Common shares will be exchanged share for share for Standard Brands common, and the preferred
stock will be retired at $115 a share.
-V. 128, p. 3698.
Phillips Petroleum Co.
-To Increase Capacity.
-
The management of this company on July 13, approved an increase in
the capacity of its Borger (Texas) refinery from 10,000 to 15,000 barrels
per day. The expansion program will start at once, additional water lines
and other facilities will also be expanded in the Panhandle. This enlargement of refining facilities is made necessary by the steadily
mand for Phillips Sixty Six Motor Fuel throughout all of increasing deterritory from Minneapolis to the Panhandle, Texas, and their marketing
from St. Louis
west to Denver. At the present time 360 company owned service stations
are in operations.
-V. 129, p. 140.
Pipe Line Statistics.
-Total Oil Deliveries (in Barrels).
C.it. Pforzheimer & Co., New York,specialists in Standard Oil securities
have prepared the following statistics:
1929-M.nth-1928.
1920-6 Mos.-1928.
Buckeye Pipe Line Co._ _ 2,856,729 2,928.540 16,321.697 16,556,089
Cumbld. Pipe Line Co.
218,131
250.624
1,123,384
1,399,896
Eureka Pipe Line Co. _
829,838
728,081
4,388,499 4.692,719
Illinois Pipe Line Co._ _ _ 1,129.052
5,893,469 5,878.591
Indiana l'ipe Line Co.__ 2.630.483 2,356, 24 14,206,303 13,124,363
6
National Transit Co._ 1,294.532
1,401,895 6,740.624 6.344,388
N. Y. Transit Co.
250,768
249.782
1,250,170
1,118,224
Northern l'ipe Line Co.._
488,259
468,911
2,477,158 2,856,866
Prairie l'ipe Line Co.__ _ 6.482,036 5,294,564 35,532,369 31,330,990
Southern Pipe Line Co._ . 319,902
•
1,251,755
811,291
Southwest Pa.Pipe Lines 1,035,465
1,138,625 5,981,538 6.350,593
-V. 128, p. 2648.
Pittsburgh Coal Co.
-Co-Agent.
-
The Bankers Trust Co. has been appointed co-agent with the Union
Trust Co., Pittsburgh, Pa.. for the payment of Pittsburgh Coal
debenture bond coupons. For offering,see V. 128. p. 574.-V. 128. Co. 6%
p. 1069.
Postum Co., Inc.
-Change in Name to General Foods
Corp. to Become Effective July 24.
-See General Foods Corp.
above.
-V.129, p. 141.
JULY 20 1929.1
FINANCIAL CHRONICLE
Power & Light Securities Trust.
-Rights.
-
The trustees have authorized an offering of new shares of beneficial
interest to holders of record July 22 at $80 per share in the ratio of one new
share for each four shares held.
-V.129, p. 296. 141.
Prairie Cities Oil Co., Ltd.
-Expanding.
-
It is announced that the company will have five new gasoline filling stations completed by Aug. 1. Contracts have been made with 50 additional
country dealers throughout Western Canada to handle the well-known
Buffalo Brand products of the company, and construction of warehouses
to care for this new business is well under way. Sixty-five new warehouses
have been constructed this season. All were completed by July 15, in
time to share in the large harvest business.
H. E. Sellers, of Gooderham, Melady & Sellers, Ltd., has been elected
Vice-President of the company and an initial quarterly dividend of 25 cents
a share has been declared on the Class A shares payable Aug. 1 to holders
of record on July 15.-V. 129, p. 296.
Procter & Gamble Co.
-To Split-up Stock.
-
The directors have authorized a 5
-for-1 split of the 1.250,000 shares of
$20 par common stock and the issuance of 7.500,000 no-par common shares.
Rights to convert the present stock into new shares will expire on July 23.
The Stockholders will be asked to waive rights to authorize the sale of
250.000 shares to New York bankers. The company will make application for listing the shares on the New York Stock Exchange.
The new common shares will be placed on a $2 annual dividend basis
compared with $8 per share paid on the present stock. A regular quarterly
dividend of $2 per share Is payable on this latter issue on Aug. 15 to holders
of record July 23.-V. 128, p. 1923.
Quincy (Copper) Mining Co.-Production, &c.
-
in the first 6 months of this year the company produced 1,494,542 pounds
of refined copper almost entirely from development work. June production
was 344.615 pounds.
Shipments of ore to the mill now amount to approximately 800 tons a
day.
-V.128. p. 2648.
Republic Iron & Steel Co.
-Earnings.
---
Period End. June30- a1929-3 Mos.-b1928. a1929-6 Mos.-b1928.
Net income after charges
for maint. of repairs &
Federal taxes
$4,490,815 $2,373,359 $8,598,391 $3,600,739
Deprec., renewals, &c- 775,643
809,901
1,541.560
1,305.837
Bond interest
451,863
509.603
916,396
753.715
Net profit
$3,263,309 $1,053.855 $6,140.435 $1,541,187
Preferred dividends__
437.500
437.500
875.000
875.000
Common dividends
819,865
596.030
896.030
1.624,433
491
-Company covenants to deposit with the trustee during
Sinking Fund.
every three months ending July 31. Oct. 31, Jan.31 and April 30,one-fourth
of annual interest requirements, and in addition a sum equivalent to onefourth of the following amounts for the years ending April 30: 1931,$5.000;
1932, $7,500: 1933, $10.000: 1934, $12,500: 1935, $15,000; 1936. $15.000:
1937. $17,500; 1938, $17,500; 1939, $50.000.
It is also agreed that from net earnings of the company in any one year
one-fourth of all in excess of $50,000. one-third of all such earnings over
$75,000. and one-half of all over $100,000 will be added to sinkingfund.
all to be used for the purchase or call and retirement of bonds.
Schickerling Radio Tube Corp.
-Corner in Stock.
The following is from the New York "Times" July 7:
An allegedly illegal corner in stock of the corporation was disclosed
July 6 by the bureau of securities at the Attorney-General's office, which
announced that Supreme Court Justice John B. Johnson. in Brooklylot, had
signed an order requiring Jacob Mellon & Co., Inc.; Jacob Mellon, WILliam
F. Ferris & Co. Daniel Runkle & Co., Daniel Runkle and the radio tube
corporation to show cause why they should not be enjoined from further
operations.
The order was signed on complaint of Assistant Attorney-General Watson
Washburn, head of the securities bureau.at 74 Trinity Place. An exhaustive
investigation just completed, Mr. Washburn said, indicated that the defendants had entered into a conspiracy to corner the radio tube stock, which
was listed on the New York Produce Exchange.
According to Mr. Washburn. the defendants solicited subscriptions to
tho stock of the Schickerling corporation, representing that 100.000 shares
were being offered for sale and at the same time arranged to have only
10.000 shares actually issued. The defendants. Mr. Washburn said, received orders for 50.000 shares at $11 a share, although only $5 a share was
being paid to the Schickerling Radio Tube
Corp'
The defendants, Ferris and Runkle, Mr. Washburn said,issued orders to
Stock Exchange firms and members of the Curb Exchange to b y more
than 13,000 shares. Various brokers. In ignorance of the conspiracy,according to the Assistant Attorney-General, obligated themselves to deliver
large quantities of the stock and then found it was unobtainable because
the defendants "had made delivery impossible even before they gave orders
to buy it''. V.128, p. 3849.
-Registrar.
-Scott Paper Co.
The Central Hanover Bank /k Trust Co., N.Y. City, has been appointed
registrar for 150.000 shares of common stock.
-V.129. p. 297.
Seaboard Surety- Co.
-Disbursing Agent.
The Bank of America, N. A., has been appointed dividend disbursing
agent.
-V. 129, p. 297.
Segal Lock & Hardware Co., Inc.
-Stock Increase Exp.-
The corporation is arranging an expansion program,including the acquisiSurplus
$2,005,944
$20,325 $3,641,002 def$229,843
Shares corn, stock outtion of property in the Middle West for a branch plant The company has
standing (no par)- _
819.865
596.030 also authorized an increase in the capital stock, part of the proceeds to be
596,030
819.865
Earnings per share
-V. 128. p. 4173.
$3.44
$1.03
$1.11 used for expansion. ("Iron Age").
$6.42
a Includes earnings of Trumbull Steel Co. b Includes Trumbull Steel for
June quarter only.
Sharp & Dohme, Inc.
-Banking Group Acquires Interest
Unfilled tonnage of Republic Iron & Steel Co., including Trumbull
Steel Co., as of June 30 1929 was 356,845 tons. On March 31 1929, un- Stockholders Will Be Offered Exchange of Shares for Those
filled tonnage totaled 425,569 tons, and on June 30 1928, 324,315 tons.
- of New Company.
V. 128, p. 2823.
A substantial interest in the business of Sharp & Dohme,Inc., one of the
oldest and largest pharmaceutical houses in the country, manufacturing
Republic Rubber Coe-President Resigns.
some 4,000 standard products, has been purchased by Alex. Brown & Sons
James H. Connors has resigned as President.
of Baltimore, Drexel & Co. of Philadelphia, Chas. D. Barney & Co., and
0. S. Denison has been elected a director and Vice-President in charge Brown Brothers & Co. of New York. An agreement has been reached with
of sales.
-V. 125, p. 3212.
a group representing the larger stockholders composed of Dr. A. R. L.
Dohme, Ernest Stauffen, Jr., and A. Homer Smith. for all stockholders to
receive the same offer for their shares that these stockholders have received
Riverside Cement Co.-Earniugs.for their own.
Earnings for 8 Months Ended Dec. 31 1928.
An offer
made to the present stockholders of Sharp & Dohme,
Profit before charges
$1,353,642 Inc., givingwill be an opportunity to exchange their stock in part for, or
them
Depreciation and depletion
291,838 acquire securities of the new company which will be incorporated to take
Federal income tax
127,017 over the assets of Sharp & Dohme, Inc. The new corporation will bear the
same name as the old. Its directors will include, among others, A. R. L.
Net profit
$934.787 Dohme, Ernest Stauffen, Sr., Ernest Stauffen, Jr., A. Homer Smith. B.
Earnings per share on 240,000 shares common stock
$3.15 Howell Griswold. Jr. and Thomas Melt of Alex. Brown & Sons., Thomas
-V. 127, p. 424.
Newhall of Drexel & Co., Philadelphia, Charles D. Dickey of Brown Bros
'
& Co., Edwin A. Fish If Chas. D. Barney & Co., and Robert H. Cory of
(Daniel) Reeves, Inc. (Del.).
-Sales.
Lamont, Corliss & Co., New York. A. Homer Smith will be president of
1929-June---l928.
Increase.] 1929-6 Mos.-1928.
Increase. the new company.
$2,492,221 $2.229,445
$262.7761$17,488,681 $16,214,995 $1.273,686
It is understood that Chas. D. Barney & Co., Alex Brown & SOWS, and
-V.128, p. 3847.
Brown Brothers & Co., will shortly make a public offering of the preference
..tock. The company will also have a new issue of common stock without
Royal Dutch Coe-Final Dividend of I4%.
par value, but no public offering of the common will be made.
-V. 124, p.
The Equitable Trust Co. of New York. as depository of certain ordinary 1374.
stock of the company under an agreement dated Sept. 10 1918, has recalved a dividend of Fl. 14 for each F1.100 par value of ordinary stock so
(Frank G.) Shattuck Co.
-Change in Officers.
held by it: said dividend being the final dividend over the year 1927. The
Frank G. Shattuck has been elected chairman and Gerald Shattuck
equivalent thereof distributable to holders of"New York Shares" is $1.873 president. Heretofore Frank
G. Shattuck has been president and Gerald
on each "Now York Share." This dividend will be distributed by the Shattuck vice-president.
-V. 128. P. 3013.
trust company on Aug. 13 1929, to the registered holders of "New York
Shares" of record July 30. This makes a total of 24% for the year 1928,
Shattuck-Denn Mining Corp.
-Production.
the same as for 1927. and compares with 2334% for 1926, 23% for 1925 and
The corporation produced 1,055.220 lbs. of copper in June. Of this
1924 and 25% for 1923.-V. 128, P. 4147.
amount the Denn produced 835,220 and Shattuck 220,000 lbs. The
Denn also produced excellent values in gold and silver. Development work
Rubel Coal & Ice Corp.
-Sale of Coal Properties.
-on the 2,100 and 2,200 levels of the Dean continues to disclose new ore. it is
See Burns Bros. above.
stated. Development work in the Shattuck in the iron claim is also putting
new ore in sight.
-V. 128. p. 1924.
Safeway Stores, Inc.
-Probable Acquisition.
The acquisition of a chain of 11 individual grocery stores operated under
Shawmut Association.
-To Receive Stock Dividend.
the name of Skagg's Cash Stores. Inc., is contemplated, but has not been
The Lexington Trust Co., which recently was acquired by
consummated, M. B Skagg, President of Safeway Stores, lne., recently Association, has declared a 200% stock dividend amounting tothe Shawmut
stated. The stores are located in Santa Rosa, Sebastopol, Petaluma, payable to holders of record July 15. The par value of the 5.000 shares,
stock has been
Ukiah and the East San Francisco Bay district, California.
reduced from $100 to $20
five shares of
The California Corporation Commission on July 13 authorized the exchange for one of old, anda share andincreased from new stock issued in
the capital
organization of Skagg's Cash Stores, Inc., to take over the 11 individual To permit the issuance of additional shares, $100,000 $50.000 to $150.000.
was transferred from
stores. The capitalization consists of 2,000 common shares of $100
-V.128, p. 3849.
Par• the surplus to capital account.
The Commission also authorized the issuance of three qualifying directors'
shares and 900 shares to S. A. Skagg as payment for the business and
Sikorsky Aviation Corp.
-Control.
asseta-V. 129. P. 297.
See United Aircraft & Transport Corp. below.
-V. 128, p. 4020.
St. Marys Oil Engine Co.
-Bonds Offered.
-Lloyd E.
Work & Co., Chicago, are offering $150,000 1st mtge. 654%
sinking fund gold bonds at par and interest.
Dated May 1 1929: due May 1 1939. Red. all or part upon
notice on any int. date at 105 and int. until May 11930; thereafter60 days
at
1% less each year until May 1 1935, and thereafter at 102 and in, ;i of
De
nom. $1,000. $500 and $100 c*. Principal and int. (M. & N.) payable at
Chicago Trust Co., Chicago, trustee; Samuel A. Mitchell, St. Louis,
individual trustee. Interest payable without deduction for normal Federal income tax not to exceed 2%.
Data from Letter of J. D. Anderson, Pre.ident of the Company.
Ilistory.-Busineas was first incorp. in May 1893. beginning its operations at St. Marys, Ohio, with an initial capital of $12,000. In 1913 headquarters was moved to St. Charles, Mo., where, because of excellent labor
and transportation facilities and ready access to market, as well as to materials, the present plant is most advantageously located. Formerly engaged in the manufacture of gas and gasoline engines, the management was
prompt to recognize the greater desirability of the Diesel type motor and
has developed an engine which for efficiency and economy of operation
leads in the internal combustion field.
-Prompt payment of principal and interest is unconditionally
• Guaranty.
guaranteed by J. D. Anderson and Mark J. Anderson, respectively President and Secretary-Treasurer.
Assets.
-Net depreciated value of real estate, buildings and equipment
covered by this mortgage is $522,184, as determined by independent appraisal which lists reproduction value at $678852. Net tangible assets as
at Dec. 311928. after giving effect to present financing, are $737.537. Net
permanent assets therefore amount to $3,481 and net tangible assets to
$4,910 for each $1,000 bond of this issue.
-Net earnings for the three years ended Dec. 31 1928, after
Earnings.
depreciation and local taxes, available for interest and Federal taxes were
$122,336, an annual average of $40,779, or over 4.2 times the maximum
annual interest charges on these bonds.
Skelly Oil Co.-Output'Gains.For the four months ended April 30, the company produced 3.050.950
barrels of crude oil, a daily average of 25,426 barrels, against 1,255.486_
barrels or 10,376 barrels daily for the same period in 1928. Net production 0
1
refined and natural gasoline for the period was 54,318,632 gallons. against
50,006,736 gallons last year.
Production ctf lubricating and other refined oils mounted from 7,753,860
gallons in the first four months of 1928 to 13,664,006 gallons in
1929. Up until April 30 of the current year the company marketed through
Its own stations 13,424,642 gallons of its refined products,against 12,832,337
gallons for the same period last year.
The company owns 791,736 acres of undeveloped and producing
of which 57,912 acres are producing and 733,823 acres are as yet lands,
undeveloped. Location of the company's acreage is as follows:
Undeveloped
Property. Producing.
Totals,
Arkansas
46: 81
5 709
0
1,251
7,032
Kansas
.
396365
401,926
5,561
Louisiana
New Mexico
51 818
1.'12
5 658
1 12
: 0
9
Oklahoma
121,314630
136,767
15,424
Texas
164,164
28.897
193,061
Total
733.823
$57,912
$791,736
-V. 128, p. 3369.
Southeastern Life Insurance Co., Greenville, S. C..
Stockholders Receive $570 Per Share.
-
The stockholders will benefit to the extent of
more
cash, or its equivalent, as a result of the transfer than $1,000.000
Interest in the company to the Associated Life Cos.. Inc.of the controlling
The transaction
involved a total of $1,140,000, the Associated Life paying $570 per share on a
par value of $100. reports stated.
It is understood that the same price of $570 per share will be paid both
majority and minority stockholders. Most of this will be in cash, although
492
[vol.. 129.
FINANCIAL CHRONICLE
a portion will be in stock in the Associated Life Cos. Inc., holding company
for the Southeastern and other insurance organizations. (Wall Street
"Joni-nen.
See also Associated Life Companies,Inc. in T. 129, p. 283.
Southern Bankers Securities Corp.
-To In. Com.Stock.
A special meeting of stockholders has been called to vote on a proposal to
Increase the authorized common stock from 40.000 to 100.000 shares. Portions of the additional stock will be issued from time to time for expansion
purposes upon terms satisfactory to the directors.
This investment trust was formed by Baltimore and New York banking
Interests in March 1927 and had $2.696.365 in assets on June 25 1929. A
total of $2,187,403 was invested in 125 different securities in diversified lines
of activity, and upward to $400,000 placed on loan on the call market.
The outstanding capitalization consists of $1,000.000 5% collateral trust
notes (carrying stock purchase warrants), $728,200 7% cumul. prof. stock
$100) and 34,066 shares of common stock (no par value). All three of
these securities; are listed on the Baltimore Stock Exchange.
The corporation manages the Second Southern Bankers Securities Corp.
which is also an investment trust having an authorized capital of 200.000
shares of no par value capital stock, of which 30.000 shares have been sold
at $53 per share. When fully paid, the affiliated corporation will receive
$1,500,000 in cash. For management services, the Southern Bankers
Securities Corp. receives 20% of the net profits of Second Southern Bankers
after 8% is earned on the invested capital.
Both trusts have practically the same directors, which are as follows:
Heyward E. Boyce. Clarence K. Bowie, W. Graham Boyce, W.0. Pierson,
C.Prevost Boyce and Julian S. Stein of Baltimore; James Bruce, Vice-President National Park Bank, New York City, W. C. Giddings, also of New
York City, and Milton S. Trost.of Louisville, Ky.-V. 127, p.3720.
Southern Corp.
-W. W. Lanahan Si Co.,
-Stock Sold.
Baltimore, announces the sale at $11 per share of 300,000
shares common stock (no par value).
Transfer agent, National Park Bank, New York. Registrar, Bankers
Trust Co., New York.
Outstanding.
Authorized.
Capitalization.Common stock (no par value)
400,000 she.
*750,000 she.
* Not to exceed 150.000 shares of common stock are to be reserved
against the exercise of option warrants mentioned below. Stockholders
have no preerntive rights to subscribe to stock or securities now or hereafter authorized.
Data from Letter of H. J. Adair, President of the Corporation.
Business.
-The corporation has been organized in Delaware with broad
powers, including among others, the privilege to buy, sell, trade in or hold
stock and securities of any kind, without restriction, participate in syndicates and other underwritings, and to engage in such other investment
activities as directors may from time to time determine. Corporation is
not a so-called investment trust, but a financial corporation designed
mainly to supplement the existing facilities of the South, although not
restricted thereto. Corporation may promote and'finance various businesses and enterprises of every kind and description. There will be no
restrictions in the investment authority of the directors within the broad
provisions of the certificate of incorporation.
Proceeds of Financing.
-Directors have subscribed to 100,000 shares at
$10 per share, and the corporation will receive $3,000,000 net from the •
sale of 300.000 additional shares of common stock. Upon completion of
the financing, the corporation will receive 54.000,000 net.
Direclors.-John W. Hanes (C. 1). Barney & Co.), Robert M. Hanes
(V.-Pres., Wachovia Bank & Trust Co.). Winston-Salem, N.C.; J. Edward
Johnston, Baltimore, Nids W. W. Lanahan (W. W. Lanahan & Co.).
Baltimore, Md.; R. S. Reynolds (Pres., Selected Industries), N. Y. City;
0. K. Reynolds
U. S. Foil Co,)t New York: Edward S. Perot,
Jr. (Pres., Perot, Adair & Co., Inc.), INashington, D. C.; Herbert J.
(V.-Pres..
Adair (Pres. of the corporation).
-John W. Hanes, 0. K. Reynolds, Edward S.
Executive Committee.
Perot Jr.. and Herbert J. Adair.
The corporation will have no management contracts and the directors
as such will receive no fees (except ordinary directors' fees) for its management and advice in handling the affairs of the corporation.
Option Warrants.
-The organizers, underwriters and directors of the
corporation will receive option warrants entitling them to subscribe to and
purchase at any time and from time to time up to and incl. Jan. 1 1935, a
total of 150.000 shares of common stock at $12.50 per share and at $15
per share thereafter up to and including Jan. 1 1940.
Listing.
-Corporation has agreed to make application to list these shares
on the New York Curb Market.
mately 51.043.500. This amount Ls more than 334 times the greatest annual
interest charge and more than $560,000 in excess of the maximum combined
interest and sinking fund requirements.
Leasehold Estale.-Arthur Iselin and others, as successor trustees, together with certain other owners in common, have leased the land to 745
Fifth Ave. Corp., now consolidated with Barclay-Arrow Holding Corp..
for a term of 21 years, beginning May 2 1929 and ending May 1 1950,
together with two renewals of 21 years each. The rental for the first term
is as follows: For each of the first two years, $232,500 per annum; for the
third year, $282,000; and for the balance of the term. $295,000 per annum.
The rental for the two renewal teems will be on the basis of 534% of the
appraised value, but in no case less than $295,000 per annum. The property
has been sub-leased by Barclay-Arrow Holding Corp. to Abenad Realty
Corp. Any mortgages executed by the owners of the fee must be subordinated to the lien of the lease, and the aggregate of such mortgages
shall not exceed 60% of the value of the land, excluding buildings. Within
one year after the termination of the last to expire of certain trusts set
forth in the lease, but not before May 2 1939, the owners have agreed to
sell, and the lessee under the main lease has agreed to purchase, the entire
fee estate at the value of the land as of the date of such termination to be
ascertained by appraisal in the manner provided with respect to the ronewel terms, but for not less than $44,915,000. Pending the sale of the
entire premises, the lessee has agreed to buy at any time, on one year's
notice, any undivided interest or interests in the fee at a price to be ascertained by appraisals, but with certain minimum valuations.
Stahl
-Meyer, Inc.
-Earning .-
"Aminesfor 6 Months Ended June 30 1929.
Sales
Income from operation
Other income
$4.627.570
321,329
34,788
Total income
Depreciation
Federal taxes
$356,117
61,306
33,875
Net profit
Preferred dividends
$260,936
42.000
Surplus
Earns per share on 130,000 shs. corn.stk.(no par)
-V.128, P. 2482.
$218,936
$1.68
Standard Brands, Inc.
-May Acquire Pet Milk Co.
-
See that company above.
-V. 129, p. 142.
Standard Creameries, Inc.,San Francisco.
-Merger.
--
Terms under which the stock of the Borden Co. will ha distributed to
Standard Creameries stockholders will be announced following a directors
meeting to ratify the terms already agreed upon by the Borden Co. and
W. J. ifotchkiss, President pf the Standard esinpany. Legal advisors of
the companies concerned are now working on the project. It is understood
a block of Borden stock in addition to cash will be paid for Standard's
assets and business.
-V. 129, p. 297.
Standard Creameries, Inc.
-Acquisition.
--
See Borden Company above.
-V. 129, p. 297.
Standard Oil Co. of Indiana.
-Sub. Agreement.
-
See Amerada Corp. above.
-V. 128, p. 4021. •
Standard Oil Co. (New Jersey).
-Claim Settled.
-
After two years of negotiations the claim of this company against
Spanish Government for seizure of its properties in that country at the
time of the nationalization of the petroleum industry were settled the
on
July 16. The basis of agreement includes nearly 100% reimbursement for
the American valuation of the property, an allowance for good will, and
interest upon the agreed amount. The payments to be made by the
Spanish Government amount in all to $4.421.000. to be paid in pesetas,
the gold value of which is guaranteed on the date of settlement at 14.50c.
The settlement is regarded as a substantial victory for both the company
and the State Department, to which the oil company appe.aled over a
year ago. The properties which were the subject of the settlement included those of the industries Babel Nervion, which wore taken over by
the Spanish petroleum monopoly, of which the Spanish Government owns
30%. On March 28 1928, the Spanish Cabinet refused any allowance for
the good-will of the company and accepted the report of a commission
appointed for the purpose of valuation of the property recommending that
20.000,000 pesetas be paid for reimbursement.
The American company refused to accept this award and appealed to
Southern Pacific Golden Gate Ferries, Ltd.
-Initial the State Department to intervene. The Government made a direct appeal
to Premier Primo de Rivera, with the result that negotiations were reopened.
Diviand of 373/i Cents.
The directors have declared initial quarterly dividends of 3734c. each on Representatives of the Standard Oil Co. the State Department and the
the class A and B stocks, both payable Aug. 15 to holders of record July 31, Spanish Government passed upon points in the claims with the result that
all parties agreed upon the settlement on Tuesday last.
placing issues on $1.50 annual easis.-V. 12.8. p. 3701.
This Is the second succesSful settlement with the Spanish Government
in which the Standard Oil Co. of New Jersey has been a party to the negoSparta Foundry Co.
-New Machines.
tiations. The claims in regard to the seizure of the properties of the
A plan for replacement of the company's casting and moulding machines Societe Espagnola
with a now type of machine invented by T. E. McFall was announced Standard 011 Co. d'Achats d'Affretements, a company in which the
was
last week by President August A. Johnson. The new machine moulds the settled last March of New Jersey to joined with French interests, were
terms close
these asked by the company. (Now
dies for eight piston rings, whereas the old type only casts four. Mr. York "Times."). on 129, p. 297.
-V.
McFall, a Vice-President, perfected the machine and has transferred the
patent rights to the company.
Standard Oil Co. (Pennsylvania).
-To Build Plant.
Mr. Johnson said that the present schedule calls for the installation of 157
This company, a subsidiary of the Standard 011
will
of the new type machines and retaining 13 of the typo now in use for making build one of the world's largest lubricating oil plants Co. of Now Imlay,It is
a special kind of ring. At the present time the company has already in- stated. The program. In addition to the erection orat Pittsburgh. Pa..
a modern refinery
stalled 80 of the new machines and will place the remainder in operation all necessary equipment, includes the construction of a •wharf along and
the
as soon as the present building program is completed. The latter pro- Allegheny River for distribution by water. The
also
ject calls for the addition of two new plant units which will increase the building offilling stations in the Pittsburgh district. plan 129. includes the
-V.
p. 297.
output from 530.000 rings per day to 800,000 per day.
-V.129,P 141
daily
Squibb Building (Abenad Realty Corp.), N. Y. City.
-Bonds Offered.
-S. W. Straus & Co., Inc., are offering at
par and int. $4,500,000 1st leasehold mtge. 631,7 sinking
0
fund gold bond certificates.
Dated July 1 1929; due July 11944. Int. payable J. & J. Denom.$1,000.
$500 and $100c*. Principal and int. payable at office of S. W. Straus dc
Co., Inc., New York. Red. except for sinking fund purposes at 102 and int.
Callable for sinking fund retirement at 101 and int. United States Federal
Income tax paid by the borrowing corporation up to 2% of int. ps.s. annum
as to certificate holders resident in the United States and up to 5% of
int. per annum as to certificate holders not resident in the United States.
Minn., 3 mills tax; Mont., 33.4 mills tax; Penn., Conn., Vt., Calif. and
Okla., 4 mills taxes; Md. and W. Va., 434 mills taxes; Dist. of Col., Mich.,
Col., Kan., Ky., Wyo., Neb. and Va. 5 mills taxes; Iowa!, 6 II11118 tax:
N. II. State income tax up to 3% of interest per annum and Mass. State
income tax up to 6% of interest per annum refunded. Straus National
Bank & Trust Co.. New York. trustee.
Security.
-The certificates will be issued against and secured by direct
closed consolidated bonds and mortgages of the Madill Realty Corp.,
executed by Abenad Realty Corp. and Barclay-Arrow Holding Corp.
covering the long-term leasehold and sub-leasehold estates in the land
located at the southeast corner of 58th St. & Fifth Ave., fronting 118 ft.
-story steel
9 ins., on Fifth Ave. and 200 ft. on East 58th St. and the 32
frame, fireproof store, office and showroom building now being erected
thereon. The plot contains approximately 23,750 sq. ft.
-The building will be 32 stories in height of fireproof conBuilding.
struction. It will contain stores, office suites and showrooms, with special
provisions made for accommodating doctors, lawyers and other professional
people as well as business concerns. The building will have spacious show
windows extending from the first to the sixth floor. The large units on the
lower floors have been planned to meet the requirements of tenants such as
dealers in antiques, tapestries, art works and allied lines who require ample
space. The exterior of the building will be of stone and brick with terra
cotta trim. It will have entrances on Fifth Ave. and on 58th St.
Rental Demand -It. It. Squibb & Sons, manufacturers of chemical and
pharmaceutical products, have signed a lease for the entire top 12 floors
for a period of 21 years at a highly satisfactory rental. Applications for
space representing two floors have already been received and other applications are pending.
-Based on rental schedules prevailing in this vicinity, It is
Earnings.
estimated that the net annual earnings after deducting taxes, insurance,
operating costs, with a liberal allowance for vacancies, will be approxi-
Standard Plate Glass Co.
-New President, &c.
-
Chas. W. Dahlinger has been elected President, succeeding R. B. Tucker.
Louis R. Schmertz has been elected Vice-President and General Manager.
and J. Scott Walker Manager of sales.
-V 128. p. 3531.
State Street Inver.tment Corp.
-Semi
-Annual &atement.
Inc. Acct.for 6 Mos.End. June 30-- 1929.
Net gain from sale of sec. less int. paid $2,607,578
Dividends & int.received
218,322
1928.
$837,717
87.967
1927.
$107,817
32.326
Total
Res. for Fed. & state taxes
Expenses
$925,684
128.277
28.013
$140.143
22.147
10.269
$2,825.900
413.408
101,267
Not earns. to common stock
5768.794
$107.728
The liquidating value of the shares 52.311,226 . stood at
as of July
$121,ex-dividend against a similar value of $96.25 as of Jan. 2. and $104.50 as of April
1 1929.
June 30'29. June 30'28. June 30'27.
Paid in capital
$11,792.926 $3.595,657 $1,531.321
Net worth
21 ,260.496
5,92:3.522
2.097,726
No. of shares outstanding
5174,389 she. 25.522 she. 43,714 she.
Net worth per share
$135.50
x After 100% stock dividend paid Jan. 1 1929.-V. 128. p. 26.50.$82.10
Sterling Motor Truck Co.
-Earnings.
-
The volume of sales for the 6 months ended April 30 1929 was $4,039,788
as compared with $6.566,567 for the year ended Oct. 31 1928.
Net earnings available for dividends for the 6 months ended April 30
1929 amounted to $202,536.
Consolidated Balance Sheet as of April 30 1929.
Assets
Statiatirsbanks and on hand-- $743,405 Accts. payable & unpd. wages $1,235.042
Cash in
Accounts and notes receiv.-- 1,539,859 Customers credit bal. &(Mrs
136,764
Inventories
2,233,472 Due to officers,stockholders &
42.589
Cash value Ilfe Insurance
employees
Investments
26,029 Prov. for Income & taxes__ _
53:297
833 61
Property and plant
781,028 Convertible met. stock
Patents and licenses
22.857 Common stock (60.000 slim.). 1, (10; ®
85000000
Deferred chargea
75,791 Hurplus, Incl, capital surplus_
635,464
Total
$5,444,828
Total
55.444,828
-V. 128, p. 2287.
JULY 20 1929.1
FINANCIAL CHRONICLE
Stein Cosmetics Co., Inc.
-Further Expansion.
-
493
It is expected that the corporation will show in its first year earnings
$1.75 a share on the common stock (now selling in the market at $13of
a
snare).
When you purchased your unit certificates consisting of ono share of
preferred stock and one half share of common stock, an over-subscription
forced us to cut down our allotments. We have no-acquired a small block
of units, which we are glad to offer you at $54 per unit.
It has been called to our attention that there has been some confusion
minds
Stewart Terminals, Ltd., Winnipe g.-ProposedMerger. in the and of our customers between the units of S. W. Straus Investing
Corp.
the common stock of S. W. Straus & Co., Inc., of Delaware.
See Federal Grains Ltd. above.
-V. 116. p. 2779.
This has been due to the fact that a New York stock exchange house privately acquired a small block of the common stock of S. W. Straus & Co.
Stinson Aircraft Co.
-Sale of Plant.
of Delaware which was offered to the
The Cadillac Aircraft Corp., Detroit, recently organized with a capital up this confusion, we wish to explain public last mouth. In order to clear
of 25,000 shares of stock, no par value, has taken over the former plant is the holding company for all of thethat S. W. Straus & Co. of Delaware
various Straus interests. The Delaand property of the Stinson company in Northville. Mich. The latter ware company owns more than
67% of the common stock of S. NV. Straus
concern recently removed its works to Wayne, Mich. ("Iron Age...).
- Investing Corp. as well as 33% a the capital stock of Straus National
V. 128, p. 4021.
Bank & Trust Co. of New York, and 307, of the capital stock of Straus
National Bank & Trust Co. of Chicago. Both these institutions have had
(H.0.) Stone & Co. (Ill.).
-Bonds Offered.
-Union Trust remarkable growth.
The
Co., Detroit,are offering at 98% and interest, yielding about ally beearnings of the two banks and the Investing corporation will eventureflected in the earnings of S. W. Straus & Co. of Delaware and
$850,000 6% sinking fund first lien gold bonds.
should add materially to the earnings figure.
Stockholders of S. W. Straus investing Corp.. who are interested in
noted alaY-f5 1929- 71ZMay-Tri9.327 gie
,
- and $500 c*.
9
Principal and interest (M. & N.) payable at office of Union Trust Co., acquiring common stock of S. W. Straus & Co. of Delaware, may do so
Detroit, Mich., and or at the office of Chicago Trust Co., Chicago, trustee. at the market price
-at present $56.25 per share. This stock is now on
a dividend basis of $2 per share per year.
Redeemable as a whole or in part by lot on any interest date at 101 and int
-V. 128. p. 577.
upon 25 days notice. Interest payable without deduction for Federal
income tax up to 2% per annum. Company also agrees to furnish funds
Studebaker Corp.
-Denies Automobile Price Cutting Warto pay such tax up to 2 per annum which the bondholder may be required
.
Price reductions in the automobile business are not an indication that
to pay direct, if claim is made when coupon is presented for payment.
Cunipano.-An Illinois corporation. Company conducts an investment companies will suffer from a loss of earnings in tho second half of the
year. President A. R. Erskine, stated following publication of a report
and real estate business founded by If. 0. Stone in 1835, and
existing business in Chicago. The net worth of the companyis the oldest that automotive stocks had slumped because of an alleged price cutting
is in excess war started by Studebaker in its Dictator Six
of $6,500,000 according to certified balance sheet as of Dec.
lino.
31 1928. filed
"Past experience has proved, so far as Studebaker Is concerned, that
with the Union Trust Co.
sales and profits increases have closely followed price cuts when reductions
Securito.-Iteal estate sold on contract at sales prices
amounting to were made because economies of operation
14.036,850 convoyed to the trustee and held as underlying
and
security for the company to share these savings with the in manufacture permitted
payment of the balances duo on land contracts of
public," Mr. Erskine said.
deposited with the trustee with unpaid principal over 2,000 purchasers "It is general knowledge that automobile companies during the past debalances amounting to cade have been giving the
$1,281,615. These contracts represent the principal balances
public
owing on same time reduced prices on basicgreater values each year and have at the
the properties after principal payments amounting
models. Studebaker Is in a particularly
interest, have been made, so that the purchasers haveto $2.755,235, plus advantageous position this year to offer greater values due to the fact
substantial equities that for the first time in its history its manufacturing
to protect by making balance of payments as due.
facilities are concentrated in South Bend, effecting a saving in operating costs. With
Appraisal.
-The real estate conveyed to the trustee has
by the Union Trust Co., Detroit, Michigan, at $2,370.600. been appraised greater plant efficiency and with assurance of a strong public demand for
Collection on Contracts.
-The collections on the contracts deposited are the smaller cars to stimulate increased production, it is only logical that
a price readjustment be made to give the public
averaging about $50,000 per month. The maximum monthly
amount we have effected. This is no SCIISI3 a price cuttingthe benefit of economies
required for interest and principal is $27,861. All collections
war.".
-V. 129, p. 298.
are to be
made by the trustee who will have complete jurisdiction
:
s •a 1E4
and control over
the pledged securities and cash receipts therefrom.
Bonds Redeemable from Cullections.-The declaration
t. Stuebing Cowan Co., Cincinnati.
-Proposed Merger.
agreement provides for the bonds to be paid off out of trust and security
of
Bee Yale & Towne Mfg. Co. below.
-V. 128, p. 3701.
by the trustee. Commencing in Juno 1929, the trustee moneys collected
is to set aside each
mouth funds in monthly installments sufficient to
Sullivan Machinery Co.
-Earnings.
provide for the next
Interest payment plus an amount equivalent to the sum
6 Months Ended June 30found by dividing
1929.
1928.
the amount of bonds outstanding on the
$4632,22432
$348.215
calendar months to the maturity date, computed date by the number of Net income after depreciation,charges,&c
May 15 1932, which sum as of Earns per share on 191,172 'las.capital stock
.$1.82
June 1929, amounts to $23,011. If in any
be insufficient to meet these payments, the month the collections should -V. 128, p. 1925.
company agrees to make up
any deficit forthwith. Surplus collections are
to be used only for improvements on the pledged properties, or
Sun Investing Co., Inc.
-Initial Dividend.
the
available funds in the sinking fund are for be retirement of bonds. All
to
The directors have declared an initial regular quarterly dividend of
used by the trustee to retire
bonds by call at 101 and interest, or by purchase
at not exceeding that price. 75c. per share on the $3 cony, pref. stock. payable Aug. 1 to halderslof
Propel lies Medi/ed.-The properties held by
0• (For offering, see V. 128, p. 2482.)-V 128. p.
the trustee as underlying rece-1 July 9
2825.ad
security for the balance duo on the contracts
consists of 2,146 lots leantesi
in eleven subdivisions, au in Illinois,
and in or
Chicago,sun known as BraWard Park, Club View, adjacent to the City of
Sun Oil Co.,' Philadelphia.
-Tenders.
-Country Club, Ebnhurst,
Fifth Avenue Manor, Las:range Park,
Lee. Higginson & Co., sineing fund agents, 37 Broad St., N. Y. City
Lake Bluff, Lake Forest,
Wooddale and liobey Street Subdivisions. These subdivisions Lombard, will until July 20, receive bids for the sale to it of 15
-year 534% s. f, gold
were carefully selected by 11. 0. Stone & Co. for development,
and are desirable debentures to an amount sufficient to exhaust $133,500 at a price not
locations with adequate transportation facilities.
exceeding 10234 and int.-V. 128, p. 1575.
for in the contracts have been made and paid for. All improvements called
The lots pledged were
sold on contract at prices aggregating $4,036,850. The sale price averaged
Sunset Stores, Inc.
-Stock Offered.
-J. G. White & Co.,
over 11.880 a lot, while the bond issue averages less than $100 a lot. The
New York, and Lorenzo L. Anderson & Co., t. Louis, are
unpaid principal balances owing and collectible with interest amount
to
over 150% of the total bond issue. while an average of about 68% of the offering at $54,50 per
share 20,000 sl!ares i,3.50cum. pref.
purchase price has been paid in on the contracts. The pledged lots may
be released individually but only after the balance owing on the contract stock (par 850), with common stock purchase warrants.
Preferred as to assets in case of liquidation, either voluntary or incovering the respective lot is paid up in full.
Purpose -Thu chief purpose of this issue is to pay off bank indebtedness. voluntary, up to $60 per share and dies. Entitled to cumulative dividends
and the balance of the proceeds will be used for other corporate purpos:s cC at the rate of $3.50 per share per annum, payable Q.-14‘. Red. all or part,
on any dies date at the option of the company, at $60 per share and dive.
the company.
on not less than 30 days' notice. Non-voting except under certain conTo Form New Company to Supervise 7 New Subsidiaries- ditions set forth in the certificate of incorporation. Transfer agents: Public
.
Plans for the complete revision of the corporate structure are announced National Bank & Trust Co. of New York and St. Louis Union Trust Co.,
by the board of directors. They state that the company has completely St. Louis. Registrars: City Bank Farmers Trust Co., New York,and Meroutgrown its present capital set-up and "its resources and
prospects are cantile-Commerce Bank & Trust Co., St. Louis.
now so large and its .plans for future development so extensive
-Application will be made to list this issue of preferred stock
that this onListing.
change is imperative.
the St. Louis Stock Exchange and the New York Curb Exchange.
Approval of the new plan will be asked at a special meeting
Capitalization.of the comAuthorized. Outstanding.
pany s 4,000 stockholders to be held on Aug. 1. Thu
call for the meeting Preferred stock ($50 par)
32,500,000 $1,000,000
emphasized the umessity of approval of corporate
changes because of the Common stock (no par)
*100.000 shs. 35.000 slis.
remarkable growth of the company, whose net worth
* 40.000 shares reserved for common stock purchase warrants out$551,483 in 1921 to $ei,840.000 in 1929. Net earnings has increased from standing.
also increased from
$71,362 in 1921 to nearly $1,000,000 in 1928.
The new program provides for the formation of a new
Data from Letter of E. H. Robertson, Pres. of the Company.
Delaware corporation to absorb the present illinoLs chartered company.
Company.
-A Delaware corporation. Iles acquired through subsidiaries.
This new company will have supervision over 7 subsidiary
corporations and trusts to be the assets and business of the Joyce Pruit Co.. the Grissom Stores, the
organized to take over the assets and liabilities
Carter
and organizations of the stores. llouston Stores, the Wadley Wilson Stores, and various other
various departments of the present II. 0. Stone &
The properties thus acquired include 4 established chains of deCo.. founded lu 1835. partment
'rho new parent company will also be known
stores, which, with two added units, give the company 20 stores
as
will have an authorized capital of 25,000 shares II. 0. 60ne c% Co., and operating in Eastern New Mexico and Western Texas.
of 7% cum. cony. pref.
stock of 1100 par value and 500,000 shares of
Earnings.
-The combined net sales of the stores now owned by the subno par value common stock.
The corporation v.ili also own and acquire
sidiaries of Sunset Stores, Inc., for the year 1928 were 13,532,785. with a
interests of the various subsidiaries, issuing all of the stock and beneficial total net profit, before deduction of Federal income taxes but after certain
24,983 shares of its preferred
stock and 116,488 shares of its common stock
in exchange for the stock of reserves, as reported of $207,657.
the present company now outstanding.
After allowance for income taxes, the earnings of these stores for the
Present, preferred stock will be exchanged for
the new on an even basis. past three years based on present outstanding capitalization were as follows:
Three new common shares will be given for
each present share. The new
Years
preferred will be the same as the present, except
1926.
1927.
1928.
for a convertible feature. Number of stores
12
which will provide that stockholders may at
14
20
$72.207 $161.488 $182.739
change each share of preferred for two shares any time within 5 years ex- Net after taxes
Preferred dividend, times earned
The new preferred stock Mill pay the same of common.
1.03
2.61
2.30
is intended, however, to declare a quarterly dividends as the present. It Earned on common
$0.06
$2.61
$3.22
Ott the common stock of the new companydividend of 43;Sc. per share
It is estimated by the management that had these chains been consolipayable to stockholders of
record Oct. 1 1929, thus placing the new
common stock on a $1.75 per dated during tile year 1928 the saving in cost of merchabdise purchased
share annual dividend basis. This is the equivalent
would have amounted to over 3108.000. Such saving would have made
of $5.25 per annum
on 3 shares, the amount distributed to each
holder of a share of common the total earnings applicable to dividend on the common stock over $5.70
stock of the old company,
per share.
The board of directors stated that the present
Financial Condition.
-The balance
dends regularly on the preferred stock, and since company had paid divi- shows total net assets of 31,585,288, sheet as at June 1 1929 (as adjusted)
or $79.26 per share of preferred stock
Jan. 1 199
4 holders of outstanding.
the CO111111011 stock have received in cash dividends
Current assets amounted 10 11,751.632 and current liabilities
aggresating $787,675 1589.560.
in addition to stock dividends amounting to 9.846
shares.
Upon completion of this plan the new 11.
Common Stock Warrants.
-Each share of preferred stock carries one
holding company for the following subsidiary0. Stone & Co. will be the warrant exercisable between July
1930 and
Securities o.; it. 0. Stone Subdividers, Inc.; corporations: 11. 0. Stone holder the right to purchase at $201per share Jan 30 1932, giving the
II. 0, Stone Management
one share of common stock
Co.; Fl. 0. Stone Assets Co.; :I. 0. Stone Finance
as constituted at the time of such purchase with protection against dilution
Co.; 11. 0, Stone Invest- as specified
ment Co.. and .1. 0. Stone Investment Trust.
In the warrants. In case any of this issue of preferred stock is
Officers of the present company are: Henry F.
called for
Norcott, President; become redemption prior to July 1 1930, warrants issued therewith shall
H. 0. Bennett, Exec. Vice-President; Claude C.
exercisable during a period of 30 days prior to such date of
Charles P. l'acker Jr., Treasurer. and ?d. W. George, Niles, Vice-President; deinption and thereafter be void. The declaration of a stock dividend reby
Sec.
-V. 127, p. 1821, the company prior to
July 1 1930, shall automatically make such warrants
exercisable during the period at least 15 days immediately preceding
(S. W.) Straus Investing Corp.
record
-Stock Offered.
date for such dividend.
A letter to stockholders, dated July 10. says:
This company was formed in February of this year, and has
Sutherland Paper Co.
been in
-Earnings.
business now for five months.
Net income for the quarter ended June 30 1929. amounted to approxiCommitments to date have been approximately $20,000.000,
and for the mately $120,000 after all charges including depreciation and
most part have been in temporary construction loans, which, as we advised
Federal taxes,
you, is the main business of the corporation. The dividend on the pre- equivalent to 39 cents a share on the 300.000 shares of common stock, comfared stock was more than earned in the first quarter, and the company pares with net of $39,507 or 13 cents a share in the first quarter of 1929.
President L. NV. Sutherland mates: "Profits were aided in the
after five mouths shows a net earning figure of more than $200,000 after all quarter
second
expenses and taxis, but before dividends. In addition there are profits paper both by a 24% gain in sales and by more stable conditions In the
carton industry. No comparable figures are available for the first
collected, but not yet earned, of $345,000 making total earnings of over of
half
1928 as the company and the Standard Paper Co., merged
$550,000 for the five months.
late last year,
were operated separately during the first six months.
This company which, within the last 3 months, acquired without the
necessity of additional financing, the assets and business of both Kaye, Inc..
and Societe La France, manufacturers of perfume, incense and toilet
preparations, is negotiating for another company, which will add substantially to the current volume and earnings of the Stein company,it is reported.
-V. 128, p. 3850.
63/%
M7$T,00
-
494
FINANCIAL CHRONICLE
[VOL. 129.
"We enter the second half of this year with the largest total of unfilled
orders on our books in the history of the company and it seems almost certain that profits for the third quarter should exceed those for the second by a
substantial margin. We regard the outlook for the balance of 1929 as entirely favorable.
"Our current position continues strong with quick assets five times current
---ir. 128. P. 3369.
liabilities as of Awe 30.
The principal objects of this corporation, of which Initial subscribers
were some of the biggest figures in the tin industry and British-American
finance, were to merchandise and deal In tin and it was stated authoritatively
at the time of its formation that those behind the enterprise were prepared
to throw, If necessary, £20,000,000 sterling into a gigantic effort to stabilize
the price of tin at a more economic level.
Swedish Match Co.
-Amalgamation of Five Belgian
Match Companies Effected.
The company has formed a British subsidiary, the Torrington Co., Ltd.,
---V. 128, p.
with nominal capital of £5,000, according to a Boston dispatch.
4023.
Under direction of the Swedish Match group an important concentration
transaction was concluded in the Belgian Match industry through the formation on July 5 of a new ,company. Societe Union Allumettiere, with a share
capital of 120,000,000 Francs In mdftch are amalgamated five Belgian
Match concerns. Fadnlques Beiges drAdlumettes, controlled by Swedish
Match Co. continues its existence as an independent company and has
increased Its share capital from 20,000,000 to 150.000,000 Francs and will
now conduct the manufacturing activity of all Belgian Match factories
belonging to the Swedish group.
In order to increase intimate co-operation with the Swedish Match Co..
the shareholders of the Sogallbr company and the old Union Allumettiere
were offered an exchange of their Belgian shares against Swedish Match
Co. shares at a certain fixed rate, which offer was utilized by most shareholders. These new transactions will definitely unify the Swedish Match Co.
interests in Belgium and involve increased rationalization and further
improved profits prospects for the Belgian Match industry as a whole.
-V. 128. p. 3532.
-Earnings.
Sweets Co. of America.
The company reports net proffts, after all charges, except taxes, for the
quarter ended Juno 30 1929. of $30,681. Sales for the first 15 days of
July are 25% ahead of the sales for the corresponding period of 1928,11
-V. 128, p. 4338.
is reported.
Torrington Co.
-Forms British Subsidiary.
-Agent.
Transcontinental Air Transport, Inc.
The Chatham Phenix National Bank & Trust Co. has been appointed
agent for the voting trustees to register voting trust certificates of the
above corporation. See also V. 129, p. 144.
-Plan Approved.
Transcontinental Oil Co.
The stockholders on July 12 ratified a plan for the retirement of the preferred stock and increased the authorized no par common stock to 7,000,000
shares from 4,000,000 shares.
Holders of preferred stock have the option until Aug. 10 to take $135 a
share cash for their stock, including accrued dividends of $36 a share, or
$90 a share and five shares of common stock. The common stockholders
of record July 23 have the right to subscribe at $9 a share for additional
common stock in the ratio of one new share for each two shares held. Rights
expire Aug. 19.-V. 128, p. 4338.
Tru-Lax Products Co.
-Infringement Charged.
Charging trade-marks infringement, unfair competition and simulation of
Its product, the Ex-Lax Manufacturing Co. of New York on July 15 filed
suit in the Federal Court against the Tru-Lax Products Co. An injunction and an accounting were asked.
According to the bill of complaint, the Ex-Lax company, originator of a
-Organized:
Tegge-Jackman Cigar Co.
chocolate laxative, began business 20 years ago and within that period has
Purchase of control of the Tegge Cigar Co., Detroit, Mich., and Brazil, spent over $2,000,000 in advertising its product.
Several years ago the Blackstone Manufacturing Co. was organized
Ind., and its re-organization as the Tegge-Jackman Cigar Co., is announced
by Thomas P.Jackman, who resigns as President of the Webster Cigar Co., In Newark, N. J., the complaint sets forth. Within this year the concern
changed its name to the Tru-Lax l'roducts Co.
Detroit, to become President of the new company.
The latter concern, it is charged, has "systematically simulated all the
The Tegge Manufacturing Co., has been in business 40 years and produces
the Ben Hur. Sol Smith Russell, Royal Banner, Mark Hopkins and T. & B. salient features of the complainant's product, including the trade-mark, the
slogan, the form and appearance of the product, the style size and dress
brands of cigars. Manufacture will be continued in both plants.
of the package, the wording, coloring, price range, counter display, carton,
the packing, the slogans and catch-lines, and that the defendants have
-Listing.
Thatcher Manufacturing Co.
been guilty of progressive imitation of various changes made by the comthe listing of 12,000 shares plainant in its product and characteristic package." "deliberately frauduThe New York Stock Exchange has authorized
It is further alleged that the defendant's conduct is
common stock upon official notice of issuance as follows: 11,430 shares in
off as and for the
lent and with
exchange for all the corporation's outstanding 7% cumulative preferred complainant's intent to have defendant's goods passed declared that the
goods." Counsel for the complainant
stock, or for cash to be applied to the redemption of preferred stock; 40t3 Newark concern, in floating 40,000 shares of stock recently, advertised
shares to the underwriters as commission for underwriting the aforemen- that it had not spent any money in advertising.-(Nowark "Evening
tioned exchange or sale; making the total amount of common stock applied
-V. 128. P. 2
News.")
651*
-V. 128. p. 1575.
for to date 263,836 shares.
301 East 38th Street Apartment Building, N. Y. City.
-S. W. Straus & Co., Inc., are
-Bond Certificates Offered.
offering $850,000 1st mtge. fee 6% sinking fund gold bond
certificates at par and interest.
-Stock Offered Employees.
Truscon Steel Co.
Officials of the company have announced the issuance of 20.000 shares
of additional common stock to be sold to employees at $40 a share, or
about $18 below the current market price. The stock may be paid for in
Instalments, and may not be sold within two years, except back to the
company.
Dated July 1 1929 due July 11939. Int. payable J.& J. Denoms.$1,000.
and $500. Red. for sinking fund purposes at 101. Callable at 102 and int.
Orders Increase in First Half of Year.
Federal income tax up to 2% of interest per annum paid by the borrower.
Orders for steel building products received by the company in the first
Securits.-These certificates are secured by a closed first mortgage coverland owned in foe and the completed apartment building thereon. The half of 1929 total more than 33% above the same period of 1928, with a
ing
by President
land fronts 100 ft. on East 38th St. and 98 ft. 9 ins. on Second Ave The steady trend at the end of the half, according to a statement proportion to
building is 16 stories in height, of the latest fireproof steel frame construc- Julius Kahn. The increase in Truscon business, measured in
1928 volume, is especially notable in view of reported decrease in volume
153 apartments and 7 stores.
tion, and contains
The lower of two independent appraisals values the property at $1,280,- of building construction for tho first half of 1929. President Kahn explains
000, making this issue less than a 662-3% loan. Based on leases already this in part on the basis of improved products put out by his concern.
obtained, net annual income is estimated at $158,000, which is more than The distribution of Truscon sales Indicates nation-wide activity in the
construction industry, with normal balance between industrial, commercial,
3 times the greatest annual interest charge.
The borrowing corporation, B. M. House & Son, Inc., has had many public and residential buildings.
Large volumes of Truscon steel products are going into airplane hangers,
years' experience erecting and operating apartment houses in New York.
according to the report. Orders for airport structures Include hangar
doors, windows and roofs, complete hangars, floodlights, towers and re-Sales.
(John R.) Thompson Co., Chicago.
-V. 128, p. 3850.
inforcing steel.
Increased 1929-6 Mos.-1028. Increase.
1929-June-1928.
$103,937 1$7,857,617 $7,316,838 $540,779
$1,208,974
$1,312,011
-Defers Dividend.
Union Tobacco Co.
-V.128, p.4022, 3370.
%
The directors have voted to defer the quarterly dividend of 1 j due
at this time on the cumul. 7% class A stock. Dividends at this rate had
-Roller Bearing Co.
-Earnings.
to Apr. 1 1929 incl.-V. 129, p. 298.
Timken
been paid from Apr. 2 1928
-3Mos.Ended- -6 Mos.End. June 30
-Acquisition.
June 30'29. Mar.31 '29.
1928.
1929.
Period
United Aircraft & Transport Corp.
Net profit after doprec.
has acquired the Sikorsky Aviation Co., according to
The
Federal taxes, &c_ _ _ _ $4.184.973 $4,264,225 $8,449,198 $6,395,572 v por2corporation the acquisition have not as yet been made public.9
. D2 8
.
re 1 . p. etalia of
Shs. corn. stk. outstdg
2,407,779 2,407,779
1,200,882
2,407,779
(no par)
$5.32
$3.51
$1.77
$1.74
Earns per share
-Earnings.
United Chemicals, Inc.
-V. 128, p. 3370.
The company reports for the period from March 1 to June 30 1929 a net
profit of $188,068, representing cash income only from dividends, not its
-21 British Tin Leaders to share in the profits of subsidiaries. This Is after provision for Federal
Tin Producers Association.
Formulate Stabilizat'on Program-Bolivian and Dutch Producers taxes but is before preferred dividends.
cash and call loans amounted
will Later be Invited to Join Movementfor World Rationalizaen. toCurrent assets totaled $4,048,980, of which
$3,495,549 and temporary investments $553,431.
Investments In controlled and operated companies total $10.114.573.
The names of 21 members of the provisional council of the Tin Producers Association, organized last week in London as a corollary to the There are no liabilities excepting a deferred obligation on the purchase of
formation of the British American Tin Corp., have been made public by preferred stock of one of the company's subsidiaries amounting to 5405,625.
various
Sir Edmund Davis, chairman of the organization meeting. The council, -V. 128, p. 4024.
divisions of British Empire tin production are represented on the
industry.
which will devise a program intended to stabilize the tin companies, Par-Stock Offered.
-Young, Blair
United Customers, Inc.
conticipating in the association are 167 British tin producing
trolling nearly half of the world's output. Members of the council are as Inc., Buffalo, N. Y., are offering privately at $11 per share
follows:
shares capital stock (par $5).
Representing Malayan production, Sir Ernest Birch, C.V. Thomas. 100,000
The company was incorporated July 8 1929 in New Yotk,as an investment
C, V. Stevens, H. Waugh, J. M. Newman, E. F. Byrne, 1VI. N. Seller,
it. T. Mieg, M.I. Attenborough, F.E. Main, R.Pawle, A. K.Palfreyman. trust and is fostered by the brokerage firm of Young & Blair, Inc., Ellicott
Ta is trusf bo N.
Seluhre, Butfaleiins
A. W. Freeman. John Howeson.
Limes with a capital of $500,000 and a surplus of
Representing Nigerian production, The Honourable Lionel Holland, G.
$500.000 of the issue price of $11 per share, $1 per share is being set aside
Harris.
Temple
for organization expense.
Representing Burma and Slam, Sir Cyril Butler, W. H. Edwards.
Officers are: Matthew D. Young, president. O. D. Blair and Ernest G.
Representing Cornwall, Sir A. M. Rogers and St. John Wynne.
Jarvis. vice-presidents, J. H. Bews, treasurer. Arthur P. Anderson, secreRepresenting Australia, 0. T. Leepriere.
These names represent all the most important groups in British tin mining tary, and A. R. Wilhelm, assistant secretary.
Directors include the foregoing and Harold V. Cook, John Keavin,
industry and special significance is attached to inclusion amongst them of
Co.and director of associated interests,
C. V. Thomas,Chairman of Tronolialoof from the co-operative movement. Mason P. Mizner, Herbert T. Morey, Harry J. Harrison, George F. Coward
Edward A. Gamble, Alfred, N. "Y.; George K. Philley and George W.
which have up to the present held
threw in
Jr.
In a speech to shareholders of Tronoh Co., Thomas definitely
air, Inc., will manage the company. United Customers will
HagYornuangnniz
his lot with those in favor of rationalization.
Edmund Davis. who presided at the organization of the association be charged with no overhead, and Young & Blair, Inc., cannot profit from
Sir
the provisional council would not be limited to the 21 members
said that Allowance was being made, he stated, for the council to include the arrangement unless United Customers is successful and shows substantial net profits.
elected.
representatives of Dutch, Bolivian and other tin producing groups. As
of the association,
United Equities, Inc. (Mass.).
-Larger Dividend.
soon as 100% of British producers had become members Dutch to join. It
be time, he stated, to invite Bolivian and
It would then first, however, for British production to show really united
The directors have voted to increase the quarterly dividend from $1.25
was essential
to throw in their lot.
1081.50 per share,thus placing the stock on a $6 basis, against $5 previously.
front before asking outside groups not the business of the meeting or of the -v. 128. p. 267 .
Sir Edmund Davis stated it was
provisional council to outline any definite plan just at present with regard to
A definite
--To Increase Common Stock.
United Founders Corp.
regulating production or securing control of marketing of tin. tin producall diverse interests concerned in
plan would have to wait until
The stockholders will vote July 25 on increasing the authorized common
tion-Bollvian, Dutch, Chinese and British-had opportunity of arriving stock, no par value, from 5.000,000 shame to 15,000,000 shares.
-V. 128.
program. In the meantime, he strongly advised the council
at a common attention on problems of merchandising the metal in the
to concentrate the word. Success had attended the efforts of all other
of
larger sense
rational
their products in
--Rights.
3851.
United National Corp., Seattle, Wash.
non-ferrous metal producers to merchandise no reason why tin a
producers P.
he stated, and there was
The stockholders of record July 20 will be given the right to subscribe on
and effective way, equal success. Sir Edmund also stated that objects
achieve
should notproducers association would include encouragement of research or before Aug. 5 for 75,000 additional shares of participating preference
of the tin applications of tin and extension of these uses In industry stock at $40 a share. This will bring paid in capital up to $12,839,990work into
V. 128. p. 4024.
throughout the world.
JULY 20 19291
FINANCIAL CHRONICLE
495
not include
•These
basis,i.e., where the
United States Dairy Products Corp.
-Sales Increase.
- bullion is figures dofor refiningbullion treated on a toll are returned to the
received
only and the metals
The corporation reports gross sales for the first 5 months of 1929 owners. In addition to the main metals the company also produces as
of $9,060,532, as compared with $7,254,132 for the same period of 1928, by-products, iron ore, arsenic, cadmium, bismuth and others of lesser
an increase of $1,806,400, or approximately 25%. It is understood net Importance.
-V. 129, p. 145.
income will also show a substantial increase. These 5 months gross sales
Include sales of the Allentown Dairy Corp. acquired last December, but
-To Retire Entire Bonded
United States Steel Corp.
only reflect sales of the Keystone Ice Cream Co. operating in the Scranton.
Wilkes-Barre, Pa. territory since March 31 and Richmond Dairy Co. of Debt by Nov. 1.
-The directors on July 16 passed the necesRichmond, Va., Pedigree Dairies, Inc., of Atlanta, Ga. and Southern
sary resolutions calling for redemption on Nov. 1 1929,
Milk & Cream Co. of Jacksonville, Fla. since February 1.
The figures do not include sales of the Norfolk & Princess Anne County the entire outstanding issue of 10
-60-year 5% bonds of 1963,
Dairies, Inc., of Norfolk, Va., Portsmouth Dairy Co. and Birtcherd Dairy
of Portsmouth, Va., or the Model Dairy of Atlanta. Ga., all recently at 110 and accrued interest. The amount of bonds of this
acquired by the United States Dairy Products Corp.
issue outstanding at this date is $133,372,000. An official
-V. 129, p. 144.
announcement says:
United States Finishing Co.
-Stock Split-up.
-
To date the corporation has, in accordance with the plan announced in
letter to stockholders of March 5 1929, redeemed all but$15,860.000 of
-year 5% gold bonds of 1951. Of this total.
the outstanding issue of its 50
37,933,000 are of the callable series and have been formally called for
redemption on Sept. 1 1929. Also on this latter date cash funds will be
deposited with the trustee, at rate of 115 and accrued interest, to provide
for purchase and retirement on presentation of such of the non-callable
series bonds of this issue, now totalling $7.947.000 which may not have
been redeemed prior to that date. Upon the retirement, or provision for
-year 5% gold bonds of 1951, and on
retirement, on Sept. 1 1929, of the 50
-60
Nov. 1 1929, of the 10 -year 5% gold bonds of 1963, there will be fully
discharged all of the bonded debt of the United States Steel Corp., the
parent company.
Under the recent offer to stockholders to subscribe for additional shares
of common stock at $140 per share, subscriptions have been received and
recorded to date for 1,000,485 shares, or 99.3% of the total of 1,016,605
shares offered. Some few subscriptions awaiting perfection of assignment of
warrants and other details will probably add slightly to the above total of
United States Freight Co.
-Freight Handled.
1,009,485 shares subscribed for. Of the number of shares subscribed for,
1920
-7
28
about 918 were paid for in full on June 21,and 9% were payable in installonConments on June 21 and on Oct. 1 proximo.
Cars. tainers.
Pounds.
Cars. tainers.
Pounds.
Under the employees'stock subscription plan for 1929, stock was offered
June
7,452 5,540 298,515,775 6,861 2,710 261.961,639
28 for subscription at $165 per share. The subscription closed on
May
7.715 5.753 308,945,325 6,958 2,510 261,356,814 on May subscriptions having been received from 46,956 employees for a
April
7,620 5,590 304,912,526 6,516 2,168 239,217,081 July 6, 83,079 shares. This compares with 49,612 subscriptions received
total or
Nfarch
7,870 5,711 313,193,338 7.230 2,135 258.538.258
1928, when the price at which the stock was offered was
February
6,953 4,889 270,680,180 6,312 1,483 224,736,343 for 94,077 shares in 129. p. 298. 145.
-V.
$145 per share.
January
6,953 4,944 270,645,306 5,774
322 195,256,112
-Sales.
Total
United States Stores Corp.
44.563 32.427 1,766.892,450 39,651 11,328 1,441,066,247
-v. 128, p.4025.
Gross sales for the 6 months period ended June 29 1929. amounted to
$13,836,136 as compared to sales of $13,377.312 for the same period of
1928. It is understood that the net income will show a far greater proporUnited States & International Securities
months
the
of economies
increase
Corp.
- tionateMarch 31 becausethe net increasein operation. For 90%3over the
was approximately
1929,
ended
Operating Statement from Inception, Oct. 26 1928 to Dec.
31 1928.
corresponding period of 1928.-V. 128, p. 3370
Interest: On loans
$164,251
On bonds
-Output (Lbs.).United Verde Extension Mining Co.
4,997
On cash balances
7,259
1926.
1927.
1928.
Dividends
1929.
-domestic
(Copper Output)3,000 January
Profit on sales of stocks
4,675,640 3,265,898 3,405,972 3,974,110
176.075 February
2,303,758 3.528,765
Syndicate participation profits
4,047,610 3,247,052
5,978 March
2.622,908 3,557,046
5,207,946 3,397,172
3,461.786
Total income
5,364,570 3.208,628 3.261,292
April
$361,560 May
Operating expenses
4,102.776 3,995,488
5,464,000 3,448,222
8,915 June
Organization expense;
5,020,000 3,340,316 3,537,228 3,816,540
19,607 _Nr. 128. p. 4175.
Provision for Federal income tax
41.957
Net profit for period
United Wall Paper Factories, Inc.-Registrar.
$291,081
Note.
-Increase of the amount
held at Dec. 31 1928 exceeds theirby which the current value of securities
The Irving Trust Co. has been appointed registrar for 300,000 shares of
book value $223,777.
The balance sheet as at Dec. 31 1928 was
298.
-V. 129. p.
common stock.
given in V. 128, p.4025.
•
-35% Stock Dividend.
Securities Owned Dec. 311928.
Universal Leaf Tobacco Co.
No. of Ms.
In addition to the 35% stock dividend, the directors have declared the
No. of Shs.
Bank Stoats
regular quarterly dividend of 75c. per share on the common stock. The
5,000 Chrysler Corp., corn.
previously reported)
400 Nat. City Bank, New York,
400 Ford Motor Co.of Can.,corn. stock dividend is payable Sept. 10 (not Aug. 13, as
to holders of record Aug. 9.
and Nat. City Co. corn.
1,000 Gold Dust Corp., corn.
A statement issued by the company says: "The outstanding common
Railroad Stocks
5,000 Inter. Ptg. Ink Corp., corn.
shares at present amount to 107,586. The action of the board will increase
5,000 Ches. & Ohio Ry. Co., corn.
9,000 Rudolph ICarstadt, Inc.
2,000 Ill. Cent. RR. Co., corn.
the common stock outstanding to 145,241 shares. The company will con(American sh.40 RM.)
2,000 St. 1,
-San Fran.Ry.Co.,corn
1,000 Massey-Harris Co., Ltd..com. tinue its policy of paying dividends on the common stock at the rate of $3
7,000 Southern Ry. Co., corn.
4,000 Natl. Cash Register Co.,com. per share. This action results in an increase of dividend returns on the
present issue of common stock from $3 per share to the equivalent of $4.05
Public Utility Stocks
5,000 North Amer. Aviation, Inc.
1,000 Am. Gas & Elec. Co., corn.
1.000 Sinclair Consol. Oil Corp.. per share.
"According to reports of the officers, business of the company for the year
7,000 Am.Pow.& Lght. Co., corn.
8%c umulative preferred.
ended June 30 1929, was one of the best in its history with net income
1,000 Brazilian Tmc. Lgt. & Pow.
Miscellaneous stocks
Co., corn.
10,000 Equit. Office Bldg.Corp.,com showing a steady increase from year to year. Financial statements for the
1,000 Elec. Bond & Shares Secur.
8,745 U. S. & Foreign Securities year just closed have not been entirely completed but it is understood
tatement will be published in a few weeks."
-V. 129, p. 298.
Corp., corn.
Corp., lot preferred.
2,000 Elm. Investors, Inc., corn.
Bonds
1,000 International Telep. & Teleg. 41150,000 Louisiana Land & Expl.
CO.,
Vanderbilt Building (Nassau Street Holding Corp.).
Corp., corn.
7s, 1930.
1,000 Swiss-American Elec. Co., $6
200,000 Pan. Western Oil Co., 651s, -Reorganization Plan.
cumulative preferred.
1943.
The committee representing the holders of the 1st mtge. certificate hold2,006 United Gas Imp, co., corn. 500,000 Park Lexington Corp.,
()Hs, ers announces that it has adopted a plan of reorganization dated July 10
5,000 West. Union Teleg. Co., Corn.
1953.
Industrial Stocks
49,000 Schulte Real Estate Co., 68. 1929 for the modification and adjustment of the rights and security of the
holders of certificates of participation (bonds) deposited with the com20,000 America Corp., corn.
1935 ex stock.
dated Oct.
10,000 Central Aguirre Assoc., corn.
1928. The com500,000 Siemens& Halske Stock Corp mittee under the protective agreement favorable 29can be submitted.
mittee believes that the plan is the most
that
64s, 1951, 50% paid.
A letter accompanying the plan says:
The current value of securities owned at Dec. 31 1928
The property securing the loan is located at the southeast corner of
amounted to
$11,764,559.
Nassau and Beekman Sts., in N. Y. City, which is a center of great busi•Securities not listed on New York Stock Exchange or
ness activity. A new subway is being constructed in Nassau St., and Is
Curb Market
are given at current value viz. National City Bank,
$529,150; Louisiana to have an entrance in these buildings. Several new office buildings of the
Land & Expl. Co. 75, $150.000.-V. 128, p. 4025.
highest type of modern construction have been erected in the vicinity of
the Vanderbilt Building and others are in course of construction. These
developments should have a favorable effect on the value of the site. The
committee, however, believes it to be in the interest of depositors to make
United States Lines, Inc.
-Earnings.
the new bonds provided for in the plan bear interest at such rate as shall be
Edgar 13. Molitor, Treasurer, says: "The net results of
our operation declared from time to time by the board of directors of the new company
for the period April 8 to June 30 1929, inclusive, before
interest bearing obligations. However, it is prointerest on
amortization of funded debt, but after providing a substantial reserveand instead of creating fixed the property shall be sold after the new securities
for vided in the plan that if
reconditioning and layup of the ships, amounts to $650,494. • After
if a majority of the stock shall be sold by the voting trustees
deduct- are issued or
ing the necessary funds as set up in the statement for the
retirement of the (such stock being represented by voting trust certificates held by deposimortgage indebtedness (as initial depreciation
of $800.000 per tors), then under the plan, interest on the new bonds becomes payable at
annum). and Interest thereon amounting to at the rate the net
$215,056,
available for dividends on preference stock and Federal incomeprofits a fixed rate.
The plan also provides for the placing of the ownership of the buildings
taxes
amount to $435,439.
in the hands of the certificate holders represented by this committee giving
'Our first period of operation covers but 83 days and not until
the
were we in full possession of the entire fleet, therefore the results June 6 them the entire stock equity. It gives the certificate holderswhat full
the
of this benefit of
earnings of the buildings and provides
period should not be used as a basis for compilation of annual earnings." committee the presentbe the most advantageous method of realizing upon
believes to
-V. 128, p. 2483.
the future increases in value of the property.
CommiUee.-Thomas A. Tunney, Chairman; Herbert S. Welsh. Paul W.
Fisher, Willard
United States Smelting Refining & Mining Co.- St., N. Y. City,T. Hodge, with Paul W. Fisher.. Secretary, 57 William
and Noble, Morgan & Scammell, counsel, 115 Broadway.
Listing.
New York City.
Depositary.
-American Trust Co., 135 Broadway, N. Y. City.
The New York Stock Exchange has authorized the listing of 50,000
additional shares of common stock (par $50) on official notice ofissuance and
Digest of Reorganization Plan.
delivery in payment for the assets of Bingham Mines Co., making the total
Sale.
-In the suit for the foreclosure, the premises affected thereby are
amount applied for 620,562 shares.
On June 26 1929, the board of directors authorized the issuance of 50,- about to be sold at public auction. It is contemplated that upon such
000 additional shares of common stock, the same to be issued in payment for sale the mortgaged premises will be purchased by the committee, although
the property and assets of the Bingham Mines Co., the property and assets the committee assumes no obligation to purchase the mortgaged premiss
of the Bingham Mines Co. being purchased and taken over as a going con- and may, in its discretion allow the premises to be purchased by others.
New Company.
-If the mortgaged premises are purchased by the comcern, subject to its liabilities. The net increase in the company's assets
arising upon this purchase will be set up on the company's books at the par mittee, a new corporation is to be organized and the committee is to provide for the acquiring by the new company of the mortgaged premises and
value of the 50,000 shares of stock constituting the purchase price.
for the issues by the new company of stock and securities as provided in
this plan.
*Production for Calendar Years.
What Holders of Deposited Certificates of Participation Are to Receive
1925.
1926.
1928.
1927.
-Under this plan, the holders of certificates of deposit are to
Under Plan.
(lbs.)
Copper
16,166.296
4.950,578
4,770,511
4.582.245 receive for each $100 of deposited certificates of participation accompanied
128,385,004 123,286.240 118,434,783 106,303,447 by interest warrants due Nov. 1 1928, and thereafter $100 of the new
Lead (lbs.)
39,980,478 68,088,707 63,812,995 60,135,853 bonds and voting trust certificates representing one share of the new stock.
Zinc (lbs.)
24,157,056 25,643,572 26,071,533 25,821,017
Silver (ozs )
The terms of this plan relative to the formation of the new company
198,325
222,690
220,553 and the delivery to holders of certificates of deposit of the new bonds and
200,143
Gold (ozs.)
896,920
889,200 voting trust certificates representing the new stock, are subject to the
786,069
873,700
Coal (tons)
The directors have recommended to the stockholders that the present
common stock be split up on a 3
-for-1 basis and that the holders of each share
of the present $100 par value common stock be given three shares of no par
value common in exchange. A stockholders' meeting has been called for
Aug. 14 to ratify this change.
While no dividend rate was fixed upon the new stock, the directors express their intention of continuing their policy of paying regular dividends
on the new stock and declaring extra dividends as in the past as the earnings of the company warrant.
The directors likewise expressed their intention of continuing the policy
of retiring the remaining bonded indebtedness of the company, which now
has only $757,000 outstanding of an original bond issue of $2,000,000.
There are at present 40,000 shares of common stock outstanding.
-V. 128,
P. 4338.
496
FINANCIAL CHRONICLE
proviso that If before the delivery of such bonds and voting trust certificates representing such stock, the committee or the new company, as the
case may be, shall have received an offer for the premises, for such a price
and upon such terms that In the judgment of the committee the acceptance
of such offer will be in the interest of the holders of certificates of deposit,
then such offer may be accepted by the committee or the committee may
cause such offer to be accepted by the new company, as the case may be;
and if such offer shall be so accepted and the premises sold pursuant thereto,
then the committee shall make distribution among the holders of certificates of deposit of the proceeds of such sale remaining after deducting the
payment of all expenses, indebtedness, obligations and liabilities of the
committee and of the new company; and in such case, the holders of certificates of deposit are to receive such distributive share of the proceeds of
such sale in lieu of the delivery of the new bonds and voting trust certificates representing the new stock.
If the new bonds and voting trust certificates representing the new
stock shall be delivered as above provided, such voting trust certificates
are to be Issued pursuant to a voting trust agreement authorizing the voting trustees, among other things, to vote upon the new stock In favor of
and to consent to the sale of all or any portion of the property of the now
company and to sell or exchange all of the new stock held by them under
the voting trust agreement upon any terms and for any consideration which
they shall approve. Such voting trust agreement is to provide that in
case of any such sale or exchange of the new stock,the voting trustees shall
make distribution of the moneys or property received therefrom among
the holders entitled thereto of voting trust certificates after the payment
of the expenses of the voting trustees.
.tss
Capitalization of the New Company.
-The authorized capital stock iFire
new company Is to be 12,500 shares of stock without par value of which
there are to be issued for the purposes of this plan not to exceed 12,295
shares (the total amount of outstanding certificates of participation being
$1.229,500.
The new company is to create an authorized issue not exceeding $1,229,500 gold bonds maturing in 20 years and redeemable all or part, on any
int. date during first five years from and after the date of the new bonds,
including the interest date at the expiration of such five-year period, at
such price as the new company shall determine, but not less than 90%
and interest, and on any interest date during the 5
-year period from and
after the 5
-year period above mentioned (including the interest date at
the expiration of such second 5
-year period) at such price as the new company may determine, but not less than 95% and interest, and on any
interest date from and after the expiration of said two 5
-year periods at
the principal amount thereof and accrued interest; 30 days' notice of
redemption being given in any case of redemption.
Interest upon the new bonds is, by the terms thereof, to be payable
semi-annually, in such amounts and at such times as shall be declared by
the board of directors, not exceeding the rate of 5% per annum, in preference to dividends on stock of the new company and In respect of such preference, such interest is to be cumulative; provided, however, that under
the terms of the new bonds or the new bond mortgage. Interest at the rate
of 5% per annum, payable semi-annually, is to be paid on the new bonds
in case the mortgaged premises shall be sold by the new company, or in
case, during the period of the voting trust above referred to. a majority of
the stock of the new company held by the voting trustees shall be sold by
them; such interest at such fixed rate of 5% per annum being payable on
and after the first Interest date after such sale of the mortgaged premises
or sale of such majority of stock.
The new bonds are to be secured by a mortgage upon the property to
be acquired by the new company, such mortgage being given to a trustee
to be approved by the committee. The new bond mortgage is to provide
that upon the consent of the holders of two-thirds In amount of the bonds
at the time outstanding thereunder, such mortgage may be subordinated
to a new mortgage for such amount as may be expressed in such consent,
to be created for the purpose of refunding the underlying mortgage and to
provide funds for the improvement of the mortgaged premises or for such
other purposes as may be expressed in such consent or for any or all of
such purposes.
The new bond mortgage is to be subject to the prior lien of a mortgage
to be given by the new company to secure not exceeding $350,000 of indebtedness to be created m order to provide for the payment of taxes
amounting to approximately $100.000 and the other cash requirements of
this plan and for working capital as hereinafter stated. It is prently
estimated that not exceeding $250,000 of such prior lien mortgage indebtedness will be outstanding on the consummation of the plan and that the
remaining 8100,000 will be held in reserve for extraordinary working capital requirements.
-V.127. D. 3108.
Ward Baking
[VoL. 129.
Corp.
-Earnings.
--
-15 Weeks Ended- -27 Weeks EndedPeriodJuly 6 1929. July 7 1928. July 6 1929. July 7 1928.
Net profit after interest,
deprec. and Fed. taxes $1,207,164 $1,123,098 21,795,108 81.728.135
Earns, per sh. on 86,275
shs. cl. A stk.(no par),
after preferred divs__ _
$2.9380
s$02..50
$4.55
$4.63
Earns, per sh.00 500.000
cl. B stk. (no par)
r)
$0.62
$0.40
$0.47
-V. 128. p. 2483.
West American
Organized.
-
Aviation, Inc., Oakland, Calif.-
This company capitalized for $1.000,000. consisting of 200,000 common
shares of $5 par value, has been organized to take over the business and
assets of the Consolidatel Aircraft Corp. of San Leandro. The new
company has been authorized by the California Corporation Commission
to issue 11,852 shares to the Consolidated Corporation subject to liabilities
of $27,350, in return for the business and assets of the latter. It is also
authorized to sell 80,000 shares to the public and to Wale 80.000 to L. 0.
Whitaker for services. The company proposes to manufacture aircraft
equipment and to operate an airport.
West Coast Air Transport Corp.(Del.).).Control.irequteltion of the assets of the West Coast Air Transport Co.. an Oregon
corporation, by a group headed by James A.Talbot, Chairman of the board
of directors of the Richfield Oil Co., of California, and Harris M.Ilanshue.
President of the -Western Air Express, was announced on July 12. The
financing involved was not stated. Mr. lianshue will be President of the
President of the Western Air Express, was announced on July 12. The
new organization, which will be known as the West Coast Air Transport
Corp. of Delaware. lie also is President of the Fokker Aircraft Corp.
I he combination will provide daily airplane passenger service between
Los Angeles and Seattle, the Western Air Express operating
Passenger
ships between Los Angeles and San Francisco in addition to rail routes
to Salt Lake City from Los Angeles,and the West Coast corporation running
airplanes between San Francisco and Seattle. San Francisco will be the
exchange point. Head offices of the company will be in Los Angeles.
Western Building Corp.
-First Union
-Bonds Offered.
Trust & Savings Bank, Chicago recently offered $900,000
1st mtge. 532% serial gold bonds at 99 and int.
Thated May 1 1929; due serially May 1 1932 to May 1 1944. Principal
and int.(M.& N.) payable at office of First Union Trust & Savings Bank,
Chicago. trustee. Denom. $1,000 and $500. Red. on 30 days notice
at 102 and int. Interest payable without deduction for normal Federal
income tax not in excess of 2%.
Security.-Thia issue constitutes a closed first mortgage on the land.
owned in fee, and present buildings as well as addition now under construction, covering the city block bounded by Pauline., Congress. Harri
son Sts., and Marshfield Ave., Chicago, subject only to indebtedness for
the payment of which funds are on deposit with the First Union Trust &
Savings Bank. trustee. The land area is 288 x 265 feet or 76.320 sq. feet.
Present building, erected in 1920 and 1921, is 8 story and basement,
fireproof, concrete and steel constructed, having a total floor space of
467,351 sq. feet. The building is equipped with sprinkler and ventilating
systems, as well as passenger and freight elevators. The new structure will
be a part of present improvements and will be eight story steel and concrete
construction, comprising 225,000 sq. feet of floor space and will be used
primarily as an administration building.
Entire propert mortgaged has been leased to the Chicago Mail Order
Co. until July 31 1944. This company covenants to pay a yearly rental
which will be in excess of the annual principal and semi-annual interest
requirements of this issue, excepting the final principal payment due May 1
1944. All taxes, insurance and maintenance charges shall be borne by
the Chicago Mail Order Co.
Valuation.
-Present property has been appraised by Winston & Co.,
Chicago, in excess of $1,500,000. Building now being constructed will
cost at least $700.000, making this loan, upon completion of the new buildng, 40.9% of the total value of the mortgaged property.
Western Electric Co., Inc.
-Sales.
Vick Chemical Co.
-Listing.
Period Ended June 301927.
1928.
The New York Stock Exchange has authorized the listing of 400.000
1929.
additional shares of stock (no par value), on official notice of issue, making Sales (approximate)
3194.694,000 $130,508,000 $122,416.000
-V. 129, p. 299.
the total amount applied for 800,000 shares of stock.
The stockholders June 13 increased the authorised capital stock from 400.•
000 to 1,200.000 shares without par value. Stockholders also adopted resoWestern Maryland Dairy Corp.
-Earnings.
lutions changing the 400.000 shares of stock outstanding into 800,000 shares,
each issued share without par value being changed to 2 shares without
Earnings for 12 Months Ended Dec. 311928.
par value.
-V. 129, p. 299.
income after depreciation
Net
$1.114,628
Interest on first mortgage bonds
91,072
Other interest, amortization, bond discount, &c
97,678
Viking Oil Co.
-June Sales.Federal taxes
$120,034
1929-.tunt-1928.
Increased 1929-6 Mos.-1928.
Increase.
$279,388
Balance after charges
2154,623
$805.843
8124.76518905,534
$363,295
$542,239
-V. 128, p. 4176. 4026.
Divs. on 7% prior pref. stock and on 86 pref. stock
411.692
Provision for contingencies
25,000
Balance after dividends
$369,152
Warner Bros. Pictures, Inc.
-Initial and Extra Divs.$4.92
The directors have declared an initial quarterly dividend of 75c. per share. Earnings per share on 75,000 shares common stock
and an extra dividend of 12%c per share on the new common stock, no -V. 126, p. 2812.
par value, and the regular quarterly dividend of 55c. per share on the
preferred stock, all payable Sept. 1 to holders of record Aug. 10. See also
Western Newspaper Union.
-Debentures Offered.
-F.A.
V. 128, p. 4339.
Willard & Co. and Ames, Emerich & Co., Inc., are offering
$4,250,000 15-year 6% convertible gold debentures at 99
and int.
Warner Sugar Corp.(& Subs.).
-Earnings.
--Years Ended Dec. 31
Profitfrom raw sugar operations
Int. on Colonos'accts.,&c.,int. earned
1928.
$823,858
151,054
Total income
Advances to Colones written off
Loss from refinery operations
Provision for depreciation
Amortization of cane fields
Int.on indebtedness & amortization
Exp.& adjuetm't of loss in corm, with sale of refin y
Additional reserves for loss on Colones accounts ---
$974,912 $1,119.299
199,943
155,503
310.608
3(11.513
354,908
.52.474
271,289
890,999 1,148,578
221,682
520.599
595.374
Total loss
Adjustment of res. applicable to prior period
Previous deficit
Total deficit
1927.
$926,216
193.083
$999,573 $1,989,688
Cr.64,532
260.814
2,185,969
$3,185,543 82,185,970
Dated Aug. 1 1929; due Aug. 1 1944. Int. payable (F.& A.) without deduction for normal Federal Income tax not exceeding 2%. Company will
agree to refund to holders upon proper application any State income tax
not exceeding 5% per annum, and in Mass, not exceeding 6% per annum,
and personal property and security taxes in certain States as provided in
the trust indenture. Red. at any time as a whole or in part on 60 days'
notice at 105 and int. Denom. $1,000 and $500c5 Central Hanover
.
Bank & Trust Co., trustee
Convertible.
-Debentures will be convertible at the option of the holder,
at any time prior to maturity, or up to five days prior to earlier redemption.
into common stock at the rate of 40shares for each $1,000 principal amount.
CapitalizationAuthorized.
Issued.
15-yr.6% cony. debentures
$4.250,000
$4,250,000
7% cumul. pref. stock (par $166)
1.500.000
1,500,000
Common stock (no par value)
*320,000 shs.
150,000 shs.
• Including 170.WO shares reserved against the conversion of these
debentures.
Consolidated Balance Sheet Dec. 31.
Preferred Stock Sold.
-The same bankers announce that
1927.
1928.
1928.
1927.
they have placed privately in the United States and abroad
LiabliftfesA asetsCapital assets. _ 15.964,602 16,330,399 Capital stock
7,500.000 y7,500,000 $1,500,000 7% cumulative preferred stock (par $100).
Dividends payable Q.
-F. Preferred over the common stock both as to
478,735
478.735 Funded debt_
Investment
12,798,900 12,985,400
48,922
59,011 Loans payable _ _ 1,250,000 1,200,000 assets and dividends. Upon any dissolution or liquidation of the comStocks & oth.sec
pany entitled to $100 per share and diva. Red. at the option of the com192,899 Purch.moneyoblig.
97, 115
Sundry accts. rec._ 145,553
556,084 Accts. payable --- 284,971
573,194
Inventories.
284,841 pany in whole or in part on any div. date upon 30 days' notice at 105 and
638,426 Accr. liabilities ___ 1,440,159 1.189,869 diva. Transfer agent, Guaranty Trust Co. of New York. Registrar.
Expend.on crop - 621.722
Central Hanover Bank & Trust ao.
92,961
Res. for Federal &
Accts.receivable_
16,372 Cuban taxes ---109,917
16.372
Due from officers_
Data from Letter of H. H. Fish, Pres, of the Company.
686,251
666,251
Adv.to Colonos.__ 2,375,910 2.796,087 Reserves
Business.
-Western Newspaper Union, a Delaware corporation, successor
33.985
37,042
Cash
to a company of the same name and a business founded In 1865.serves more
76,942
32.410
(ash with trustee _
than 10,000 daily and weekly country newspapers, maintaining fully equip397,231
478,568
Deferred charges
ped plants
3,185,543 2,185,970 Total (ea. side) _23,970,198 23,843,478 chusetts. in 36 key cities of the United States from California to MassaDeficit
The company supplies these newspapers with ready printed inside pages
After depreciation of 32.600,517. y Represented by 300.000 shares
or with columns of prepared plate, containing various feature stories,
par value 325.-V. 127. p. 1692.
JULY 20 1929.1
FINANCIAL CHRONICLE
serials and special articles selected by the newspaper publishers: Places
national advertising in their papers and prepares cuts and copy for local
advertising campaigns.
In conjunction with 12 of its plants, principally in the Middle West. the
company operates wholesale jobbing offices selling paper, type and printing
machinery to the bulk of its newspaper accounts as well as to other customers
One of the principal departments of the company's business consists of
the low cost manufacture and rapid distribution of electrotype and stereoype plate; and mats used in national advertising campaigns in daily and
weekly newspapers throughout the country. In this connection the company also does a large volume of commercial printing, prints in their entirety
various magazines and trade journals and is responsi le for the mechanical
production of many of the feature services of the Associated Press.
Earnings -During the past 20 years net profits of Western Newspaper
Union, after all charges including depreciation, but before Federal taxes,
have averaged more than $680,000 annually, and in no single year have
such net profits been leas than $450,000.
Net profits after depreciation, but before ederal taxes, for the past four
years. as certified by Arthur Andersen & Co., after eliminating operations
of the paper miii, which is being sold coincident with this financing and
after other adjustments arising from the reorganization as stated in their
certificate were as follows: 1925,$741.336; 1926,$955,383; 1927, 5571.249:
1928. $765.825.
Such net profits as above have averaged about $758,448 annually, and
for the year ended Dec. 31 1928, amounted to $765,825 equivalent to more
than three times the annual debenture interest requirement. After deducting from such net profits in 1928 debenture interest requirements.
Federal taxes at 12% and, preferred stock dividends, the balance amounted
to nearly $345.000. or about $2.30 per share on the 150.000 shares of common stock to be presently outstanding.
Financial.
-The net assets of the company available for these debentures.
based on the balance sheet as at April 30 1929, adjusted to give effect to the
present financing, including the sale of the paper mill, were in excess of
$8,500,000. This does not reflect an appraisal of fixed assets as of April 30
1929 by American Appraisal Co., which shows a present sound value of
$2,930,300 compared with a net depreciated book value of $1,479.037.
Current assets shown on such balance sheet amounted to $3,607,568 compared with current liabilities of $1,006,644 or a working capital ratio of
approximately 3.6 to 1.
Western Oil & Refining Co., Inc.
-Income Statement.
Earnings for Calendar Year 1928.
Gross operating profit
Net operating profit
Depreciation, depletion and taxes
$2,836.648
359,094
104.821
Transferred to surplus
8254,274
Condensed Balance Sheet Dec. 31 1928.
Assets
Liabilities
Cash, Remise & Inventories..81,509,370 Notes, accts. pay. & gas tax._ $.541,823
Securities of attn. companies_ 457,653 Long term obligations
625.419
Ref. pipe lines, oil leases, &c. 5,173.048 Deferred liabilities
206.600
PrePaid and deterred charges__ 461,031 Reserve for taxes
31.923
Cap. & surp. (bet. deprec.)
6.195,337
Total
87.601,102
Total
57.601,102
-Y.128. p. 2654.
West Michigan Steel Foundry Co.-Pref. Stock Offered.
-L.A. Geistert & Co., Grand Rapids, C.H. Gibson & Co.,
Muskegon and M. Lloyd Jones & Co., Jackson, recently
offered 17,500 shares convertible preference stock at $23
per share.
Subject to the rights of the prior preferred stock the convertible prefer
ence stock is preferred as to cumulative dividends at the rate of
$1.75 Per
share per annum and preferred as to assets up to $27.50 per share and
accrued dividends in case of liquidation, and red. at $27.50 per share and
dive, on any city. date upon 30 days' notice. Preference stock is convertible
into the common stock at the rate of one share of common stock for one
share of preferred stock, any time on or before date of redemption. The
convertible preference stock has no voting rights except as provided by law.
Dividends exempt from present normal Federal income tax: Stock exempt
from present Michigan personal property tax. Transfer Agent and Registrar: Grand Rapids Trust Co.. Grand Rapids, Mich.
CapitalizationAuthorized.
Outsta nd'g
7% Prior preferred stock ($10 par)
12.400 shs. 12,400 she.
Convertible preference stock (no par)
_17.500 she. 17.500 she.
Common stock (no par)
*60.000 she. 42,500 shs.
* 17,500 shares of the common stock reserved for the conversion of the
convertible preference stock.
Data from Letter of W. E. Jeannot, Pres, of the Company.
Company.-Incorp. In Michigan in 1912 and began its business with an
Initial paid-in capital of $15,000 by Pres. W.E. Jeannot, who has specialized
in the manufacture of electric steel castings for many years. The growth
of the company has been almost entirely through the reinvestment of its
earnings and it Is one of the leading manufacturers of steel castings in the
Middle West. Company's production during 1928 averaged 700 tons of
steel castings monthly. In connection with this financing, company will
acquire the entire outstanding capital stock (except directors qualifying
shares) of Austin Machinery Corp. also of Muskegon, Mich., which, together with its predecessor companies, has been engaged for many years in
the manufacture of. a general line of trench excavating and earth moving
machinery. The products of Austin Machinery Corp. are sold principally
to municipalities, contractors and public utility companies.
Earnings.
-The consolidated earnings before depreciation and Federal
income taxes for the 3 years ended Dec. 31 1928 show an annual average of
$179.692. Both companies have shown a substantial increase in both
volume of sales and net earnings for the first 4 months of
the
management expects further increases due to increased plant 1929 and now
facilities
being made. Consolidated not earnings of the West Michigan Steel Foundry
Co. and subsidiary, after giving effect to all charger; show net profits available for dividends on the 17,500 shares of convertible preference
stock and
42,500 shares of common as follows:
Year1929 (4 Ines.
) 1928
.
1927
.
11926.
Annual net earns, after
all charges and diva, on
prior preferred stock _
$63,434
$128.156
5114.600
5109.231
Earns, per share on cony.
preference stock
y10.87
7.32
6.55
6.24
No. of times dirt. earned
on cony. pref. stocky6.21
4.18
3.74
3.57
Amt.avail, for corn.stk.
53,225
97,531
83,975
78,606
Available per share for
corn div
y3.76
2.29
1.98
1.85
x Business now operated by subsidiary. y Annually,on basis of earnings
for first four months of 1929.
Assets.
balance sheet as of Dec. 1928 shows current assets to be
-The
In excess of 4.36 times the current liabilities and shows a not worth of$1,989.890. The book value on the convertible preference stock as of Dec. 31 1928
is $106 per share. Good-will has not been capitalized.
Dividends.
-The convertible preference stock will be on a regular annual
dividend basis of $1.75 per share payable quartetly. The initial dividend
will be paid Sept. 1 .929, to holders of record Aug. 15 1929.
497
July 11929, payable July 15 to Class B stockholders of record July 1. It is
the intention of the company to capitalize Class B common stock so issued
as a dividend at $1 a share. Directors May 27 1929 also authorized the
reser cation, so long as any of the Class A convertible stock is outstanding,
to be used solely for the purpose of conversion, so many additional shares of
the Class 13 common stock as may be necessary at any time to permit the
issuance, on conversion of Class A convertible stock, of the same proportionate amount of additional Class B shares as would have been issued had
the holders of such Class A stock exercised their conversion rights prior to
the date as of which the record isf(aken to determine the Class 13 stockholders
entitled to such stock dividend, the result being that. in each case, Class A
stockholders converting after said date will receive Class B shares equal to
105% of their holding of Class A shares as of the date of conversion. To take
care of the above a maximum of 18,850 shares of Class B common stock will
be required.
--V. 129. p. 299.
Wickwire Spencer Steel Co.-Earnings.[Incl. Wickwire Spencer Sales Corp. and American Wire Fabrics Corp.)
Earnings for Six Months Ended June 30 1929.
Operating profit after expenses
$1.58589:592155
Other income
Total income
$1.647,810
Interest allowed in prepaid accts., bad debts,franchise taxes, &c_
239,196
Net income
$1,408,614
Depreciation
218.028
Legal and other professional services of receiver
44.111
Int. on defai Habil. for purch. of & rental for Goddard Works._
114,227
Interest on American Wire Fabrics Corp. bonds
39,898
Interest and discount on 73 % gold notes
,
6
44.832
Net profit
8947.518
Dewing the second quarter of 1929 net, after interest and taxes, &c..
amounted to $139,000, while, for the full 12 months ended June 30 1929,
earnings, after depreciation but before Federal taxes and interest, amounted
to $1.900,000. These earnings for the 12 months period indicate, it Is
stated, about $5 per share on the new common stock.
-V. 129. p. 145.
Willys-Overland Co.
-New President, &c.
Linwood A. Miller has been elected president to succeed John N. Willy.,
who resigned to become chairman of the board in an advisory capacity.
Marshall Field and Charles M. Glore, who participated in the purchase
of about 700,000 shares of Mr. Whys' common stock have been elected
directors to succeed C. 13. Wilson and C. B. Mertz who resigned.
C. 0. Miniger, President of the Electric Auto-Lite Co. and for many
years a member of the Willys-Overland executive committee, has been
elected its chairman.
-V. 129, p. 299.
Wilson-Snyder Mfg. Corp.
-Debentures Offered.
-First
National Bank at Pittsburgh and Peoples Savings & Trust
-year6% guaranteed
Co.,Pittsburgh,are offering $850,000 12
gold debentures at 99 and int. Guaranteed unconditionally
as to principal, interest and sinking fund payments by
endorsement by Oil Well Supply Co.
Dated June 1 1929; due June 1 1941. Principal and int. payable at
Peoples Savings & Trust Co. of Pittsburgh, trustee. Interest payable
(J. Sr D.). Denom. $1,000c*. Red. all or part, on any int, date, on
30 days' notice, at 103 and int. Interest payable without deduction for
any Federal normal income tax up to 2%. Free of Penn. 4 mill personal
property tax.
Sinking Fund.
-A mandatory annual sinking fund-Of 550.000, Payable
June 1 in each of the years 1930. 1931 and 1932: Of $65,000, payable
June 1 in each of the years 1933. 1934 and 1935; Of $80,000, payable
June 1 in each of the years 1936, 1937. 1938, 1939 and 1940; provides for
the retirement of debentures by purchase at or below the redemption price
or if not so obtainable by call at that price.
Data from Letter of H. D. Wilson, Pres. of the Company.
History & Business.
-Corporation has acquired all of the assets of WilsonSnyder Manufacturing Co., which was founded in 1873 and incorp. in 1885.
The principal product is Pumping equipment for use in the production.
aauspertation and refining of oil. The predecessor company pioneered
;. the manufacture of hot oilpumps, and at present. it is believed that
ti.ere are more of its hot oil pumps in this service than of any other menu.. cturer. It also produced a slush pump, a necessary adjunct to rotary
milling of oil wells, which has met with marked success; and manufactured
e well known Erie Ball Engine, for light and power generating plants in
etas, hospitals, etc.
Earnings.
-The net earnings of Wilson-Snyder Manufacturing Co.,for the
or-year and four months' period ended April 30 1929. were at the average
nual rate of $130,700, or 2.6 times the interest requirements on the
bentures. Since the addition of new equipment to the company's
1' cilities and the consequent enlargement of capacity, the earnings of the
company have shown a marked increase and for the 16 months from Jan. 1
1928 to April 30 1929 the earnings available for interest on the debentures
were 5346,600, or at the rate of 5 times the interest requirements.
Capitalization.Authorized.
ss
ijed.
Outstanding.
67 guaranteed gold debentures
$850.000
7% cumulative preferred stock (par $100)- 600,000
Common stock (no par)
12,000 shs.
50 : 0 shs.
120 0
"
0
-The entire outstanding capitalization, together with the
Purpose.
$850,000 par amount of debentures, was issued by Wilson-Snyder Manufacturing Corp. in connection with the acquisition of the assets of WilsonSnyder Manufacturing Co.
Control.
-Oil Well Supply Co. owns 100% of the common stock.
Winchester Repeating Arms Co.
-Permanent Bds. Ready
Temporary receipts for 5
-year 6Ii% debentures may now be exchanged
for the permanent bonds at the Peabody Trust Co. of Boston. - For offering
see V. 128, p. 906, 1418.
(Fred) Wolferman Building Co., Kansas City, Mo.Bonds Offered.
-An issue of $250,000 10-year 6% gold debentures is being offered at par and int. by Stern Brothers
& Co., Kansas City, Mo.
Dated July 11929; due July 1 1939. Int. payable J. & J. 1 at office of
Stern Brothers & Co., Kansas City, Mo. Red. on any int. date on 30 days'
notice* at 103 and int. if red, on or before July 1 1932: at 102 and int. if red.
after July 1 1932 but on or before July 11935; at 101 and int. if red. after
July 1 1935 but on or before July 1 1938, and at par and int. after July I
1938. Denom. $1,000. $500. $100 cc. First National Bank of Kansas
City, trustee.
The company was organized primarily for the purpose of owning and holding real estate used in the business of Fred Wolferman, Inc. It owns the
real estate in and near Kansas City, Mo., and in Tulsa, Okla., which the
company estimates to have a value of approximately $2,000,000.
The property is subject to first mortgage liens aggregating $847.500,
held by an insurance company and bearing 5% interest, under the terms of
which annual reductions of principal are made until at maturity the aggregate amount of all liens now outstanding will be $531,000.
'The real estate owned by Fred Wolferman Building Co. Is all leased
West Virginia Coal & Coke Co.
to Fred Wolferman, Inc., and used by it in its business. This lease runs for
-Sale.
--The company,it is announced,has been purchased at Charleston, W.Va., 12 years, is irrevocable in its terms, and provides for annual rental payments
at a Federal receiver3hip sale. The company, it is stated, will be reor- sufficient to meet all charges of Fred Wolferman Building Co., including
the sinking fund on those debentures, the interest on and amortization of
ganized. See outline of proposed plan in V. 128, p. 3852.
first mortgage loans, taxes and insurance premiums.
Wilcox-Rich Corp.
-Listing.
-The New York Stock Exchange has authorized the listing of 18.850 additional shares of Class B common stock (no par value), on official notice of
Issuance as a 5% stock dividend and (or) conversion of Class A eenvertible
)
stock,and (o. issuance in exchange)for szrlp certificates resulting in connection with such conversion, malting the total amount applied for 395.850
shares of Clan B common stock.
Directors May 27 declared a stock divi lend amounting to 5% of the number if shares of Class B common stock outstanding at close of budness
Wolverine Tube Co.
-Earnings.
The company reports earnings for May of $64.130 after interest, but
before preferred dividend and Federal taxes. This brings earnings for the
first five months to $332.975, equal to $2.89 on 114,841 shares of common
outstanding and compares with $1.03 a share for the first five months last
year.
-V. 128, p. 4026
For other Investment News, see page 499.
498
FINANCIAL CHRONICLE
gep.orts and
PUSLISNID AS
[Vor.. 129.
==.
poicum.euts,
TISIPIEWS
THE CLEVELAND CINCINNATI CHICAGO AND ST. LOUIS RAILWAY CO.
EXTRACTS FROM THE REPORT Ot THE BOARD OF DIRECTORS TO THE STOCKHOLDERS FOR THE YEAR
ENDED DECE MBER 31 1928.
To the Stockholders of The Cleveland Cincinnati Chicago
and St. Louis Railway Company:
The Board of Directors herewith submits its report for
the year ended December 31 1928, with statements showing
the income account and the financial condition of the
company.
THE YEAR'S BUSINESS.
The company moved 44,820,712 tons of revenue freight
during the year, a decrease of 775,129 tons as compared with
1927. Freight originating on the road increased 1,458,701
tons, while there was a decline in freight received from
connecting carriers of 2,233,830 tons.
There was a decrease of 2,784,586 tons in bituminous coal
received from connections, but shipments from mines on the
company's line increased 773,076 tons.
There was an increase of 471,019 tons in commodities
classed as products of agriculture received from connections,
largely owing to an unusually heavy movement of corn and
to increased movement of fresh fruits. A decrease of 153,041
tons in traffic from the immediate territory served by the
company's road was caused by adverse weather in the
Spring and Summer which brought about a falling off in
the movement of wheat, milled products, hay, straw, etc.
There was a substantial increase in the movement of automobiles, auto trucks, and iron and steel articles.
Revenue passengers carried were 3,595,203, a decrease of
453,194, of which 05,254 were interline, 386,871 local and
1,069 commutation.
The general decline in passenger traffic is due to the
Increasing use of privately owned motor cars and motor bus
competition. While at first bus competition was confined
to short haul traffic, it is now an important factor between
cities one hundred to three hundred miles apart.
INCOME ACCOUNT FOR THE YEAR.
Year Ended
Year Ended Increase(+)or
Dec. 31 1928. Dec. 311927. Decrease (-).
2,397.25 Miles 2,396.52 Miles
.73 Mile.
Operating IncomeOperated.
Operated.
Railway operations:
Railway operating revenues_88,830,152.40 91,185.736.88 -2.355,584.48
Railway operating expenses-66,989.154.90 70,322,698.77 -3,333,543.87
Net revenue from railway
operations
21.840,997.50 20,863,038.11
+977,959.39
Percentage of expenses to
revenues
(75.41)
(77.12)
-(1.71)
Railway tax accruals
4,928,865.04 5,047,015.35 -118,150.31
Uncollectible railway rev's
16,208.37
15,462.22
+746.15
Railway operating income 16,895,924.09 15,800,560.54 +1.095,363.55
Equipment rents, net debitJoint facility rents, net debit
847,294.35
426,092.15
501.462.05
696,031.59
+345,832.30
-269,939.44
Net railway oper.income 15.622.537.59 14,603,066.90 +1,019.470.69
Miscellaneous operations:
Revenues
Expenses and taxes
12,509.03
17,254.63
Miscellaneous oper. deficit
Total operating income
10,725.49
16,395.03 •
+1,783.54
+859.60
4,745.60
5,669.54
--923.94
15,617,791.99 14,597.397.36 +1.020,394.63
Non-Operating Income
Miscellaneous rent income__ _ Miscellaneous non-operating
physical property
Dividend income
Income from funded securities_
Income from unfunded securities and accounts
Release of premiums on funded
debt
Miscellaneous income
289,191.29
284,566.30
+4,624.99
163,000.90
174,027.41
-11,026.51
387,656.40 1,485,308.90 -1,097.652.50
436,217.47 +115.361.72
551,579.19
556,338.59
307,070.13
+249,268.46
223.15
23,942.88
379.80
27,245.39
-156.65
-3,302.51
Total non-operating income- 1.971,932.40
Gross income
17,589,724.39
Deductions from Gross Income
Rent for leased roads
417,510.71
Miscellaneous rents
198,272.67
Miscellaneous tax accruals- -_ 75,050.00
Separately operated properties
-loss
92,224.27
Interest on funded debt
7,697,785.93
Interest on unfunded debt..
18,343.31
Amortization of discount on
funded debt
252,400.18
Maintenance of investment
organization
527.57
Miscellaneous income charges_
17,786.58
Total deductions from gross
income
8.769.901.22
Net income
8,819,823.17
Disposition of Net Income
Dividends declared:
On preferred stock, 5 per
cent each year
499,925.00
On common stock,8 per cent
In 1928; 71 per cent in
3,762.304.00
1927
51.700.44
Sinking funds
Total appropriations of
4.313,929.44
income
Surplus for the year carried to
4,505,893.73
profit and loss
2,714,815.40
17.312,212.76
--742,883.00
+277,511.63
583,318.13
198,875.38
27,000.00
-165,807.42
-602.71
+48.050.00
668.22
7,426,958.83
22,169.79
+91,556.05
+270,827.10
3,826.48
-
259,578.42
7,178.24
-
831.99
17.429.69
-304.42
+356.89
8,536,830.45
8,775.382.31
+233.070.77
+44.440.86
499,925.00
3,644,724.25
49,568.55
+117,579.75
+2.131.89
4,194.217.80
+119.711.64
4.581.164.51
-75,270.78
PROFIT AND LOSS ACCOUNT.
Balance to credit of profit and loss, December 31 1927
$65,864,944.96
Additions
Surplus for the year 1928
84,505.893.73
El
Profit on sale of land
11,954.34
Unrefundable overcharges
11,655.16
Donations in aid of side track construction
48.286.11
Unclaimed wages and pensions
11,994.45
-year 1922_ _ .._
Reacquirement ofsecurities below par
5.348.30
4,595,132.09
$60,460,077.05
Deductions
Surplus appropriated for investment in physical property
$197.760.61
Depreciation prior to July 1 1907 on equipment
retired during year
119.093.74
Loss on property retired
190,729.24
Amount previously carried as advances to
Central Indiana Railway Company, including interest
259,225.95
Uncollectible accounts and miscellaneous items
(net)
7,400.67
774,210.21
Balance to credit of profit and loss, December 31 1928-359,685,866.84
ROAD OPERATED.
The mileage covered by this report is as follows:
Comparison
1927
1928
Miles.
Miles.
Miles.
Main line and branches owned
1,694.82 1,694.09 .73 Increase
202.83
Leased lines
202.83
328.99
Lines operated under contract
328.99
Lines operated under trackage rights_ _ _ 170.61
170.61
.
2,397.25 2,396.52 .73 Increase
Total road operated
OPERATING REVENUES.
The total operating revenues were $88,830,152.40, a decrease of $2,355,584.48.
Freight revenue was $67,594,293.43, a decrease of
$385,587.60.
Fluctuations in tons carried by principal groups were:
Products of agriculture
Animals and products
Products of mines
Products of forests
Manufactures and miscellaneous
Less than carload freight
Total
317,978 increase = 12.11
31,073 increase = 3.97
1,717,403 decrease = 5.62
23,045 decrease = 1.27
556,282 increase= 6.53
59,986 increase = 4.64 o
775,129 decrease = 1.70%
Passenger revenue was $14,558,356.23, a decrease of
$1,011,870.59. This decrease in revenue divides as follows:
Interline passengers decrease
Local passengers decrease
Commutation passengers increase
$187,408.11
826,469.44
1,006.96
The average distance traveled by revenue passengers was
121.7 miles, almost double the average of ten years ago.
Mail revenue was $1,877,055.06, an increase of $100.190.31,
the result of an increase in rates of approximately 15%
effective August 1 1928.
Express revenue was $2,560,766.93, an increase of $186,245.45, due to increased business.
Other transportation and incidental and joint facility revenues were $2,239,680.75, a decrease of $1,244,568.05, largely
attributable to an adjustment under a new operating agreement of joint facility accounting with the Louisville and
Jeffersonville Bridge and Railroad Company under which
all revenues collected from January 1927 to November 1928
were refunded to the Louisville and Jeffersonville Company,
all of the capital stock of which is now owned by this
company.
OPERATING EXPENSES•
Operating expenses, by groups, were as follows:
Amount.
Increase.
Decrease.
Maintenance of way & structures- 69.891,192.14
$1.211856.67
Maintenance of equipment
19,053,537.35
285.165.10
Traffic
1,833.195.74 $84,286.61
Transportation
32.468.433.33
ag:9 06
6
Miscellaneous operations
1,020,381.44 51,842.56
General
2,792,815.54
479,351.11
Transportation for Investment-.
credit
70,400.64
9,334.46
Total
$66,989,154.90
$3,333.543.87
The decrease in expense for maintenance of way and
structures is mainly in track work, there having been
approximately 40,000 less ties and approximately 16,000 less
tons of rail applied.
The principal item contributing to the decrease In expense
for maintenance of equipment was locomotive repairs, the
outlay per locomotive and the number receiving repairs
having been less in 1928 than in the previous year.
The increase in traffic expenses is due largely to the
development of the company's representation in outside
territory.
The decrease in transportation expenses is found principally in charges for fuel, as to which there was a decrease
both in consumption and price, and in payments to the
Louisville and Jeffersonville Bridge and Railroad Company
FINANCIAL CHRONICLE
JULY 20 1929.1
499
incident to adjustments to conform to the terms of the new
Wolfson-Grand.—Bonds Offered.—Peabody, Hennings
operating agreement.
& Co., Chicago and The Meyer-Kiser Bank, Indianapolis
General expenses decreased $479,351.11. Commencing are offering $450,000 63/2% 1st mtge. leasehold serial gold
with 1925 the company has each year charged to expenses bonds at 100 and int.
and set up in a reserve an amount to provide for estimated
Dated June 1 1929: el e in annual series, June 1 1930-1944. Int. payable
,
J. &
Denom.
. Principal
total payments upon pensions granted in that year. Pur- officeD. Peabody,$1,000 and $500c5Chicago, or and int, payable at the
of
Hennings & Co.,
Foreman Ba k & Trust
suant to recently issued instructions of the Inter-State Com- Co., Chicago, trustee. Red. all or part on 30 days' notice at 102 and int.
of
merce Commission, however, this practice has been discon- Normal Federal income tax, not in excessare2%, payable by maker. leases,
Properties covered by the mortgage
under non-cancellable
tinued and the pension expenses for the year 1928 include assigned to the trustee, for terms extend' g for the life of these bonds, to
F.& W. Grand 5-10-25 Cent Stores. Inc., at aggregate net rentals sufficient
only the actual payments for pensions applicable to that to pay all interest charges and all serial installments of the principal of these
year and prior to 1925, no charges for a reserve having been bonds. These rentals, Rayable directly to the trustee, are an operating
company s income, which in 1928, after all charges and
made. This has produced a decrease of $476,227.53 in pen- charge on thewas $1,174,915.
Federal taxes,
sion charges as compared with 1927.
F.& W. Grand 5-10-25 Cent Stores. Ine., lease3 of the p ()parties securing
NON-OPERATING INCOME.
Non-operating income was $1,971,932.40, a decrease of
$742,883.
Dividend income decreased $1,097,652.50. An extra dividend of 40% on the company's holdings of stock of The
Cincinnati Northern Railroad Company amounting to
$1,172,640, was received in 1927, whereas no extra dividend
was received in 1928. This decrease in dividend income was
offset in part by an extra dividend in 1928 of 100%, amounting to $75,000, which was received upon the company's holding of stock of the Central Union Depot and Railway Com• pany of Cincinnati.
Income from funded securities increased $115,361.72,
mainly in interest on advances to the Cleveland Union Terminals Company, the Louisville and Jeffersonville Bridge and
Railroad Company, and the Cincinnati Union Terminal Company.
Income from unfunded securities and accounts increased
*249,268.46, largely the result of the setting up in the
accounts for 1928 of a credit for interest on the cost of
track elevation work at Indianapolis.
DEDUCTIONS FROM GROSS INCOME.
Deductions from gross income were $8,769,901.22, an increase of $233,070.77.
Rent for leased roads decreased $165,807.42, of which
$128,550 was caused by the retirement on January 1 1928 of
$2,571,000 5% bonds of The Cincinnati Sandusky and Cleveland Railroad Company and $36,645.67 by less favorable
results of operation of the Peoria and Eastern Railway
which is operated for account of the owner but is treated
In the accounts as a leased line.
Miscellaneous tax accruals increased $48,050, due to
increase in local tax rates and acquisition of additional
carrier property.
Loss from separately operated properties Increased
$91,556.05, due to charges covering the company's proportion
of deficit arising from operation of the Central Indiana
Railway.
Interest on funded debt increased $270,827.10. There was
an increase of $628,125 for interest on $15,000,000 refundihg
and improvement mortgage bonds, Series "E," sold during
the year, offset to the extent of $159,751.67 by a reduction
in interest paid on loans from The New York Central Railroad Company and to the extent of $203,794.82 by reason of
a decreased amount of equipment trust certificates outstanding.
NET INCOME BEFORE DIVIDENDS AND OTHER APPROPRIATIONS.
The net income of the company was $8,819,823.17, an
Increase of $44,440.86.
DIVIDENDS.
Dividends declared and charged against net income of
the year were as follows:
Preferred stock:
Date Declared.
'March
14 1928
June
13 1928
September 12 1928
December 12 1928
Common stock:
Dale Declared.
March
14 1928
June
13 1928
September 12 1928
December 12 1928
Date Payable.
April
20 1928
July
20 1928
October
20 1928
January
19 1929
Total
Rate per Cent.
1
1
Date Payable.
April
20 1928
July
20 1928
October
20 1928
January
19 1929
Total
Rate per Cent. Amount.
2
$940,576.00
2
940,576.00
2
940,576.00
2
940.576.00
8
$3,762,304.00
5
Amount.
$124,281.25
124,981.25
124,981.25
124,981.25
$499.925.00
SURPLUS.
After charges for dividends aggregating $4,262,229 and
other appropriations amounting to $51,700.44, there remained a surplus at the end of the year of $4,505,893.73,
which was carried to the credit of profit and loss. At the
end of the year the total corporate surplus was $62,298,624.29.
PROPERTY INVESTMENT ACCOUNTS.
Increases in the property investment accounts for the
year, as shown in detail elsewhere in this report, were as
follows:
Road
Equipment
Improvements on leased railway property
Miscellaneous physical property
Total
$4,928,884.06
1.016,591.56
615,737.09
113,287.33
$6,674,500.04
P. E. CROWLEY, President.
For comparative balance sheet see "Annual Reports" in 'Investment News Columns,'
these bonds, started with one store 28 years ago and now successfully
operates t-6 variety stores in 22 Eastern, Middle Western, Western and
Southern States. Sales have shown a steady growth, having expanded from
$6,576,000 in 1924 to $17,160,000 in 1928. Gross business for the first 4
months of 1929ghowed an increase of 39.2% over the same period in 1928.
In the opinion of counsel, these bonds are the direct obligation of the
mortgagor, Ernest Wolfson, and are secured by first mortgage on his 99
year leasehold estates in lands, improved or being improved with one or 2
story brick buildings in the business districts of Chicago, Cleveland, Los
Angeles, Pasadena
( alit.) and Alhambra (Calif.), which have an aggregate
appraised valuation,including such improvements,of $819,000.
The properties covered by the mortgage securing these bonds will be
under the direct management of F.& W.Grand 5-10-25 Cent Stores, Inc.
Yale & Towne Mfg. Co.—Proposed Acquisition.—
Subject to the approval of the stockholders at a special meeting July 29,
this company will acquire the Stuebing Cowan Co.. Cincinnati, for 27.256
shares of Yale & Towne capital stock, or $2,057,920 in cash.
No change in the personnel of the Stuebing Cowan Co. is contemplated.
Walter C. Stuebing is President: William Stuebing, Vice-President and
William H. Mitchell, Sec.-Treas.—V, 128, P. 3210.
(L. A.) Young Spring & Wire Co.—Earnings.6 Months Ended June 30—
Gross profit
Other income
1929.
1928.
$2,138,032 $1,563,794
160,329
115,442
Total income
Expenses
Interest. &c
Federal taxes
$2,298,361 $1,679,236
537.712
425,468
26.324
44,870
210,000
145.000
Net profit
$1,524.325 $1,063,898
Earnings per sh. on 330,000 shs. com,stock
$4.61
x$3.22
x Based on the present capitalization.
Sales and earnings for the first 6 months of 1929 were, it is stated, the
largest in the company's history, representing an increase of over 34%
over the corresponding period of last year.
The consolidated balance sheet of June 30 1929 shows the company is
in a strong financial condition with cash and United States Treasury certificates on hand of $2,386,785; with current assets of $5,729,472 and current
liabilities of $633,369, or a ratio of over 9 to 1.—V. 129, p. 299.
Youngstown Sheet & Tube Co.—To Increase Common
-20% Stock Dividend.—The stockholders will vote Aug.
Stock
15 on increasing the authorized common stock, no par value,
from 1,000,000 shares to 2,000,000 shares. Subject to this
increase, the directors have declared a 20% stock dividend,
payable Oct. 1. President James A. Campbell says:
During the past four years we have reinvested a large portion of our
earnings in modern improvements designed to lower cost of operation, and
in extensions taking care of our steel capacity in diversified finishing lines.
We have already spent more than 220,000,000 on these improvements
and others under way will cost the same amount. Many of these improvements are now in operation and fully justify the expenditures made,increasing earnings by lowering costs.
The company has a record of paying stabilized cash dividends almostsince
its organization. Conditions are now such that the continued payment of
dividends on an increased amount of COMMOII stock seems assured.
Period End. June 30—
1929-3 Mos.-1928.
1929-6 Mos.-1928
Net after Fed. taxes_ _ _ _ $9,053,795 $5,493,441 $16,304,185 $9,701,502
Other income
694,365
457.804
1,376,912
1,221,725
Total income
$9,748,160 $5,951,245 $17.681,097 $10,923,227
Depletion and deprec_ _ _ 2,144,754
2,868,881
4,786,640
4,215,468
Interest, &c
1,496,349
591,473
1,982,180
2,928,256
Net income
$6,107,057 $2,490,891 $10,537.373 $4,154,407
Shs. corn. stk. outstanding (no par)
1,000,000
987,606
1.000,000
987.606
Earnings per share after
$2.27
preferred dividends_ _ _
$10.12
$3.70
$5.90
—V. 129, p. 299.
Zenith Radio Corp.—Listing.—
The New York Stock Exchange has authorized the listing of 400.000
shares of common stock (no par value).
The Chase National Bank has been appointed registrar for 400,000 shares
of common stock, no par value.—V. 128. p. 4178
CURRENT NOTICES.
—The Seaboard Bank of the City of New York has been appointed
transfer agent of the preferred and common stocks of Investors & Traders,
Inc.
William D. Breed, of Breed, Elliott & Harrison, has been elected VicePresident and member of the executive department of the W.B. Foshay Co.
—George H. Burr & Co., 57 William St., N. Y., have issued a special
circular on chain store company bonds convertible into common stock.
—O'Brian, Potter & Stafford, members of the New York Stock Exchange, have prepared a circular on the American International Corp.
—Bankers Trust Co. has been appointed agent for the payment of Town
of Kearney 5% water and improvement bond coupons.
—Charles E. Doyle & Co., 20 Pine St., N. Y.. have prepared a circular
on General Theatres Equipment, Inc. common stock.
—A. M. Kidder & Co., N. Y., are distributing an analysis of American
Radiator and Standard Sanitary Corp.
—Bongard & Co., 61 Broadway, New York, are distributing a circular
on Sun Life Insurance of Canada.
—J. H. Hirshhorn & Co., N.Y.,have prepared an analysis of Rhodesian
Selection Trust, Ltd.
—Empire Trust Co. has been appointed registrar for the common stock
of Gllvan, Inc.
—Madden, Tracy Co. have moved into their new offices at 43 Exchange
Place.
500
[VOL. 129.
FINANCIAL CHRONICLE
The Commercial Markets and the Crops
COTTON-SUGAR-COFFEE-GRAIN-PROVISIONS
-ETC.
-DRY GOODS
-WOOL
PETROLEUM-RUBBER-HIDES-METALS
COMMERCIAL EPITOME
The introductory remarks formerly appearing here will now be
found in an earlier part of this paper. immediately following the
editorial matter in a department headed "INDICATIONS OF
BUSINESS ACTIVITY."
Friday Night, July 19 1929.
COFFEE on the spot was quiet with Santos 4s, 223/2 to
22%c.; Rio 7s, 161% to 1614c. and Victoria 7-8s, 1614c.
Mild Coffees were also dull and early in the week rather
depressed. On the 15th inst. cost and freight offers from
Santos were generally lower though the supply was limited.
There were no offerings of Rios reported and but one of
Victoria 7-8s for prompt shipment at 14.10e. The prompt
shipment tenders from Santos consisted of Bourbon 3s at
22.15 to 22.550.; 3-4s at 21.9504 3-5s at 20.85 to 21.55e.;
4-5s at 20.40 to 21.15c.; 5s at 201%e. to 20.650.; 5-6 at
19.60c.; 6s at 18.60 to 190.; 6.7s at 18.15c.; 7s at 18.8004
7-8s at 15.15 to 17.15e. On the 16th inst. cost and freight
offers from Brazil were again very irregular and in some
eases lower especially on the high grades. For prompt
shipment Santos Bourbon 2-3s were 22.85 to 233/2c.; 35 at
21.65c. to 22%c.;3-4s at 21 to 22%o.;3-5s at 20.65 to 21.90c.;
,
4-5s at 203c.to 22c.;5s at 20 to 21.40;5-6s at 193 to 201%c.;
6s at 18.60 to 19c.; 6-7s at 183' to 193c.; 7-8s at 15.15e. to
at 203/2c.; 5-6s at
16c.; part Bourbon 3-5s at 20.95e.; 4-5s
20c.• peaberry 4s at 21.850.; 4-5s at 2014 to 21.65e.; 5s at
21.40c.; 5-6s at 19.35c.• 6s at 1914c.; rain-damaged 4-5s
'
at 18h to 19%c.;5-6s at 17%c.;7s at 15.65e.;7-8s at 15.45e.
On the 18th inst. cost and freight offers from Brazil were
irregular, some lower, others higher with a number unchanged. For prompt shipment, Santos Bourbon 3s were
22.15 to 22.650.; 3-4s, 21 to 21.55c.; 3-5s at 20.15 to 21.15c;
4-5s, 191% to 20.856.; 5s at 193/i to 20.60c.; 5-6s at 193/i to
20.15e.; 6s at 18.60 to 19c.; 6-7s at 18 to 19.05c.; 7-8s at
151% to 16c.; part Bourbon 3-4s at 21.35 to 21%c.; 4-5s at
20.90c.; peaberry 4s at 21.7004 4-5s at 19.90e.; 6s at 191%c.;
Rio 7s at 14.95 to 15.15c.; 7-8s at 14.65 to 14.90e. Sao
Paulo cabled the New York "Times": "Julio Prestes, President of the Sao Paulo State Congress, created considerable
comment among coffee circles in his annual message to it
today when he stated that coffee production for the year
amounted to 19,300,000 sacks, valued at $465,000,000 as
recent conservative estimates had placed the crop at about
18,000,000 sacks. Senor Prestes' figures were confirmed by
the Sao Paulo Coffee Institute which controls the movement
of the commodity for exports. The past year's coffee crop
was the largest in Brazil's history. Senor Prestes stated
that the production of all Brazil in the period was 28,000,000
sacks, doubling the production of the previous year."
Later cost and freights were irregular, some higher, others
lower. For prompt shipment Santos Bourbon 2-3s 223- to
22.65c.; 3s at 22.15 to 22.650.; 3-4s, 21 to 22.45c.; 3-5s at
20 to 21.15e.; 4-5s at 191% to 20.85c.; 5s• at 193 to 20.60e.;
5-6s at 19.35 to 201%c.; 6s at 18.60 to 19c.; 6-7s at 18 to
19.050.; 7-8s at 151% to 16c.• part Bourbon 3-4s at 21.35
to 211%c.; 4-5s at 20.900.; 5-6s, 1914c.; 6s at 161%c.; peaberry 3s at 2214c.; 4s at 21.70c.; 4-5s at 19.90 to 203je.;
%
%
5s at 20.550.; 6s at 193 c.; rain-damaged 3s at 193 c.;
6s at 17.950.• 6-7s at 1614c. to 17.15c.; 7s at 15.15c; 7-8s
at 14.95 to 16Xo.; Rio 3-5s flinty green at 16c.; 7s at
14.80 to 15.156.; 7-8s at 14.65 to 14.90c. To-day cost
and freight offers were unchanged to a little easier. There
were no reported offerings of Victorias but 500 bags of 7.8s
nearby sold at 151%e. Santos ship. tenders were of Bourbon
3s at 22.656.; 3-4s at 20.55e. to 2114c.; 3-5s at 20.40 to
21.90c.;4-5s. at 193 to 20%c.;Sc. at 193 to 203/20.; 5-6s. at
%
19 to 201%c.; 6 at 20c.;6-7s. at 18 to 18.80c.; 7-8s. at 15.20
to 19.05e.; peaberry 4s. at 21.700.; 4-5s. at 19.90 to 21.65c.;
5s. at 21.400.; 6s. at 19c.; rain-damage 7s. at 15.15c.; and
7-8s. at 14.95e.; Rio 7s. were quoted at 14.80c. and 7-8s.
at 14.50c. Spot prices later were still nominal at 223- to
223 e. for Santos 4s., 16 to 101% for Rio 7s. and 15% to
%
16e. for Victoria 7-8s. The report that consigned Rio 7s.
have been sold at 151%e. was denied by the holders. They
are quoting 1614e. Fair to good Cucuta 213 to 22c.;
°cane 21 to 22e.; Bucaramanga, Natural 223- to 23c.;
washed 23% to 2414c.; Honda 23 to 24c.; Tolima and
Giradot 2314 to 24c.; Medellin 243 to 250.; Manizales 231%
to 24c.; Mexican, washed 25 to 253'c.; Surinam 22 to 23c.;
Ankola 283 to 34e. Mandheling 34 to 37c.; Genuine, Java
32 to 3314c.; Robusta washed 20%c.• Mocha 26% to 27%c.;
Harrar 25 to 26c.; Guatemala, prime 26 to 263.43.; good 241%
'
to 25c.; Bourbon 23 to 2314c.
Futures on the 15th inst. advanced at one time on some
months but reacted and closed 7 points lower to 8 points
higher on Santos with sales of 19,750 bags and 5 to 7 points
off on Rio with sales of only 2,750 bags. Santos firm offers
were lower and Rio and Victoria about unchanged with the
supply small. It was a market as may be very readily
seen devoid of interesting features. Deliveries of Brazilian
coffee in the United States last week were 132,292 bags,
against 105,466 in the previous week and 162,217 last year.
Futures on the 16th inst. closed 3 to 8 points lower on Santos
with sales of 15,250 bags and unchanged to 8 points lower
on Rio with sales of 10,500 bags. Offerings of Rio and
Victoria afloat hit futures. To make matters worse Rio and
Santos cost and freight offers were in some eases 1.4e. lower.
Rio 7s were, it is said, offered ex-store at as low as 1540.
8
though others quoted 16 to 1614c. Victoria 7-8s offered on
the spot at 153 0., according to holder and have sold this
/
week afloat nearby at 15.20e. This was a near fire that
naturally had some effect. Futures on the 17th inst. closed
unchanged to 4 points lower on Rio with sales of 20,500 bags
and 1 to 4 points higher on Santos with sales of 37,000 bags.
Brazil was selling the near months while local shorts covered.
Brazilian cables were lower. To-day futures closed unchanged to 13 points lower on Rio with sales of 81,000 bags
and 5 to 7 lower on Santos with sales of 27,000 bags. Final
prices for the week are unchanged to 19 points lower on
Rio and 9 points lower to 1 point higher on Santos the latter
on July.
Rio coffee prices closed as follows:
Spot unofficial- _16 1 Sept
July
14.96®i4.98 Dec
14.930 nom1March --MAO@ --13.290 nore
13.95013.981MaY
Santos coffee prices closed as follows:
Spot unofficial
21.620
July
!Sept
1 Dec
March _..__19.3O --20.71©
18.950 nom
19.870 --- I May
COCOA to-day closed 10 points lower to 3 higher with
sales of 77 lots. July ended at 10.61c., Sept. 1.0.790. and
Dec. 10.55c. Final prices show an advance for the week of
11 to 16 points.
-Prompt Cuban raws were offered at 214e. on
SUGAR.
the 15th inst. and at nothing less with duty free 3.89c.;
10,000 bags sold at 214e. for the second half of August; also
50,000 bags Cuba and 27,000 bags Porto Rico, 21,000 bags
Cuba and 37,000 Porto Ricos, 10,000 bags Cuba afloat and
350 tons from store, with 5,000 tons of Philippines on the
231 c. & f. basis, mostly prompt or early August, closing
1e.
with 2 5-32e. e. & f. asked. Refined 5.25c. with an excellent withdrawal demand. Futures advanced 2 to 5 points
with sales of 49,500 tons. The fact that Europe, Cuba and
Java seem to be getting together on the question of limiting
output gave new snap to the market. It seems Java is to
limit its output to 2,900,000 tons on condition that Cuban
production will be restricted to 4,500,000 tons, Czechoslovakian exports down to 1,285,000 tons and that the German production shall be placed at 1,900,000 tons, with exports restricted to 200,000 tons. On the 15th inst. it was
estimated that fully 300,000 bags of Cuba and duty-frees
were sold at 21%e. 0. & 1. Amsterdam cabled on the 15th
inst. that the attitude of the Dutch toward co-operation is
still somewhat ambiguous but that they agree in principle to
the plans that are being discussed for the regulation of sugar
exports.
Futures on the 16th inst. fell 6 to 8 points on selling of
next July by trade houses. It soon developed into general
selling. Stop orders were caught. The market seemed overbought. Prompt Cuban was said to have dropped to 2 1-16e.
c. & f. Later Wall Street and other interests bought.futures
and they rallied. Shorts covered. The ending was unchanged
to 2 points net lower on most months and 1 point higher for
July. It was believed that four or five cargoes of Cubas for
prompt and early August shipment and 2,600 tons of Philip,
pines for August arrival were sold at 214c. New Orleans was
credited with buying 11,000 bags ex-store that port at 3.90e.
delivered or slightly better than 214e. London cables reported a steady market with a syndicate holding for 10s. and
buyers at 9s. 9d. for September shipment at which price
2,000 tons sold. It was reported that the Java trust had
sold an additional 380,000 tons of whites and 40,000 tons of
browns at 123 guilders for whites equal to about 2e. f.o.b.
for Cubes and 11 guilders for browns an advance to 1/2e.
guilder in both cases over the price last paid for important
quantities. Receipts at Cuban ports for the week were
24,763 tons, against 30,582 in the same week last year;
exports 95,311 tons, against 61,069 last year; stock (consumption deducted) 1,178,602 tons against 1,095,109 in
tho same week last year. Of the exports 33,900 went to
Atlantic ports, 18,697 to New Orleans, 4,252 to Interior
United States, 1,524 to Savannah, 8,734 to Gavleston, 500
to Canada and 27,614 to Europe. Stocks of raw sugar in
New York licensed warehouses on the 15th inst. were
2,486,939 bags against 2,469,613 bags on June 15 and
2,348,756 bags a year ago.
One firm said that according to the revised estimates
world sugar production during the crop year ending Aug. 31
1929, will exceed world consumption by 6.34,000 long tons.
This estimate compares with our previous estimate (issued
on Feb. 26 1929) of world production showing an excess over
Jumr 20 19291
FINANCIAL CHRONICLE
consumption of 954,000 long tons. For the 1927-28 crop
year, production exceeded consumption by 518,000 long tons.
On the 17th inst. 10,000 bags Cuban raws from store at New
Orleans sold at 3.93c. equal to 2 5-32e. c. & f. Refined was
5.25c. Futures ended 2 to 4 points higher with sales of
59,300 tons. Twenty-five July notices were issued. On
the 17th inst. private London cables reported sales of parcels
of raw sugar for September shipment at 10s. equal to 1.9734c.
f. o. b., with further sellers of July and August shipment at
that price. Java was reported firmer. The Syndicate has
4
declined bids of 12Y guilders and is demanding 13 guilders.
It is estimated that the Syndicate has so far sold 1,575,000
tons of its crop. According to an official statement by the
Cuban Export Corp. the position of sugar in Cuban as of
July 6th was as follows: Stock of 1926-27 crop, 7,953,000
tons; total crop 1928-29, 5,156,410 tons; exports: Crop 19281929 to United States, 2,369,329; to other countries, 636,487;
consumption Jan. 1 to July 6 1929, 73,746; stock in Cuba
July 6 1929, 2,084,801; total sales to countries outside of
the United States to July 6 1929, 1,077,057 tons against
799,676 tons last year to the same date.
On the 18th inst. about 65,000 bags of Cuban raw sugars
for second half August shipment sold up to 2 3-16e. c. & f.,
equal to 3.96e. delivered. Futures on the 18th inst. advanced 3 to 7 points with sales of 86,900 tons about half
September. Europe, the trade, Wall Street and shorts
bought. Offerings were small. One unofficial report was
that Aug. 1 has been appointed as the date on which the
single selling plan will become effective. Havana cabled that
the American producing interests in the island have entered
a vigorous protest against the appointment of a single seller.
Moderate sales were made at 2 3-16c. for Cuban last half of
August for 6,500 bags; also 7,500 tons of Philippines at
3.96o. Rumors not entirely discredited were that sales had
been made at up to 23(03. for Cuba c. & f. Resale granulated
In lots of 1,000 to 5,000 bags sold, it is said, at 5 to 5.15c.
and 5.15 to 5.20c. now asked; regular quotation, 5.250.
Receipts at U. S. Atlantic ports for the week were 48,637
tons against 60,764 in previous week and 43,971 last year;
melting 64,559 tons against 46,678 in previous week and.
63,000 last year; importers' stocks 395,042 tons against 395,642 in previous week and 367,804 last year; refiners' stocks
275,913 against 291,235 in previous week and 153,305 last
year. total stocks 670,955 against 686,877 in previous week
and '521,109 last year.
Havana cabled that a serious water shortage confronts
Santiago, Cuba, which has an insufficient quantity for
drinking purposes. It has rationed its supply. All water
has been cut off from hotels and public places. Residences
were to be out off on the 18th inst. The chief of the water
works says his department is unable to cope with the situation, and the city's 150,000 residents have become unruly.
London cables on the 18th inst. reported a quiet but steady
market for raw sugars with holders generally quoting 10s.
or about 1.97o. f. o. b. Refiners aro waiting. British
refined advanced 3d.
The Java Syndicate is reported to
have sold an additional 70,000 tons browns at 1134 guilders,
an advance of 34 guilder over the last price paid. The
report is that the buyer was a Japanese refiner. Private
advices from Havana confirm the report that an agreement
has been reached in conference between Ambassador Ferrara, Col. Tarafa and President Machado on the essential
features of a plan to establish a single seller for the balance
of the present crop left unsold. Advices from trade connections are that the plan will also if adopted, be applied to
future production.
Havana cabled: "At a conference between Ambassador
Ferrara, Col. Tarafa and President Machado an agreement
was reached on essential features of a plan to establish a sole
seller for sugar, including last year's crop not already contracted for. It is expected that passage of the measure will
be sought at extra session of legislature. It Was reported
that at least 100,000 bags of Cuba for August shipment were
sold to-day at 2%43. c. & f. for Cuba. Duty free 4.02e. Today futures closed 2 points lower to 1 higher with sales of
162,350 tons. At one time prices declined 8 to 18 but rallied
10 to 17 points from the low. The break was attributed to
an overbought condition of the market and heavy selling
partly on stop orders. Also American interests in Cuba are
strongly opposing the single selling agency plan, as well as
Senator Sinoot's view on the tariff. The sharp rally was
attributed to buying by Cuban interests and covering,
prompt Cuban sold at 23.ie. Final i rices show an advance
for the week of 9 to 14 points.
Prices were as follows:
Spot unofricial
2I Dec
2.321 _--_ 1May
Jan
July
2.170
2.32 _
Sept
2.220! 2.23 March- --- 2.37 I
2.43@ 2.44
LARD on the spot advanced; prime Western, 12.75 to
12.8543.. refined Continent, 13e.; South America, 133443.;
Brazil, 1434e. Later in the week prime Western was very
firm at 12.95 to 13.0,2. Refined Continent advanced to
1334e.; South America, 135 c.; Brazil, 145 c. Futures on
%
%
the 15th inst. ended unchanged to 5 points lower. Hogs were
somewhat lower. Liverpool lard was 3d. to 6d. higher.
Total Western receipts of nogs were 145,100, against 142,600
a week ago and 118,000 last year. At Chicago to-day
receipts were expected to total 25,000. Export clearances
from Now York last week were 4,960,000 lbs., as against
4,754,000 the previous week. Futures on the 16th inst.
were unchanged to 5 points lower. Hogs were about 103.
5O1
lower and grain declined. There was an increase in hog
receipts at all points. Total western receipts of hogs were
106,800, against 113,600 a week previously and 92,500 last
year. 'Liverpool lard was unchanged to 3d. lower. Stocks
of contract lard at Chicago on July 15 were 108,199,894 lbs.
against 102,839,518 on July 1 and 119,087,694 on July 15
1928. Futures on the 17th inst. rose 2 to 8 points net in
response to the strength of grain. Hogs were lower. Futures on the 18th inst. advanced 7 to 10 points with hogs,
be, higher. To-day futures ended 2 to 7 points higher,
hogs up and commission houses and packers buying. The
weakness in wheat and week-end liquidation checked tie rise.
Final prices are 20 to 27 points higher than a week ago.
DAILY CLOSING PRICES
Sat.
12.30
Job,
12.57
September
12.70
October
OF LARD FUTURES
Mon. Tues.
Wed.
12.30 12.30 13.32
12.52
12.52 12.50
12.65
12.62 12.67
IN CHICAGO.
Thurs. Fri.
12.40 12.52
12.62 12.67
12.77 12.80
PORK firm; Mess, $31.50; family, $36; fat back, $28.50
to $31. Ribs, $13.50. Beef scarce and steady,. Mess, $26
packet, $25 to $27; family, $28 to $29; extra India mess,
$42 to $45; No. 1 canned corned beef, $3.10; No. 2, six lbs.,
South America, $16.75; pickled tongues, $75 to $80. Cut
meats steady; pickled hams, 10 to 20 lbs., 23% to 243.1c.;
pickled bellies, 6 to 12 lbs., 19% to 224c.; bellies, clear, dry
salted, boxed, 18 to 20 lbs., 16%e.; 14 to 16 lbs., 1634.
Butter, lower grades to high scoring 37% to 4334c.; Cheese,
flats, 23% to 293O.; daisies, 22 to 280. Eggs, medium to
extra, 29 to 35e.; closely selected, 35% to 37e.
-Linseed was in better demand and higher. LeadOILS.
ing crushers were quoting 12.2e. for raw oil in earlots, cooperage basis. Jobbers did a better business. Contract deliveries to big manufacturers is holding up well. Cocoanut,
Manila, Coast tanks, 7%c.; spot, N. Y. tanks, 734e. Corn,
crude, bbls., tanks,f.o.b. mills 7%c. Olive, Den.,$1.35 to
$1.40. China wood, N. Y. &mils, carlots, spot, 144 to
1543.; Pacific Coast tanks, futurest 13% to 138 0. Soya
/
Bean, tanks, Coast,9%c. Edible oils, Olive, $2.25 to $2.30.
Lard, prime, 15c.; extra strained, winter, N. Y. 1343. Cod,
Newfoundland, 62o. Turpentine, 523 to 58%e. Rosin,
$8.70 to $9.65. Cottonseed oil sales today including switches
8,500 bbls. Prices closed as follows:
Spot
July
Aug
9.80§10.251Sept
9.85 10.15 Oct
9.80 9.98 Nov
9.9411qt 9.96 Dec
Jan
9.950
9.80(4 9.93 Feb
9.94
9.95 9.94
9.95(810.00
PETROLEUM.-A feature of the week was the decline
in Pennsylvania crude prices. They were ;edued 25 to 35c.
a barrel on the 16th inst. The new prices are $3.75 a barrel
for oil run prior to July 1st in New York Transit and National Transit lines and $3.80 for oil run after July 1, a reduction of 25 cents. Pennsylvania grade oil in Buckeye Pipe
Line Co. Lines was cut to $3.50, a reduction of 35 cents;
in the South West Pennsylvania Pipe Lines Co. Lines to
$3.75, a reduction of 25 cents, and in the Eureka Pipe Lino
Co.linos to $3.65 a reduction of 25 cents. Bulk gasoline was
in good demand with the price 10 to 11c. in tank cars at New
York Harbor refineries. Consumption is still very heavy.
The movement to up-State jobbers was very large. There
was an active spot demand. The Gulf market was strong.
Buying for export held up well. The foreign demand has
been principally from France and England. Kerosene was
rather steadier, but the demand has fallen off a little. Refiners quoted 7%o. for 41-43 water white in tank cars at
refinery and 8%c. in tank ears delivered to nearby trade.
Domestic heating oils have been in less demand of late and a
little easier. Marine fuel oils were steady. Grate C
bunker oil was in good demand for spot at $1.05 refinery
and $1.10 f. a. s. New York Harbor. Diesel oil has been in
fair demand and steady at $2 to $2.10 refinery. Lubricating
oils were steady. The demand for export and domestic
account was fully up to expectations.
Tables of prices usually appearing here will be found on an miler page in
our department of "Business-Indications," in an article entitled "Petroleum
and Its Products."
RUBBER.
-On the 15th inst. prices declined 30 to 60 pts.
with sales of 547 lots or 1,368 long tons. London advanced
1-16 to %d. early then reacted and closed unchanged to
1-16d. lower. Singapore was unchanged. London's stock
increased 665 tons, total 30,661 tons. New York closed on
the 15th inst. with July,21.20c.;September,21.70 to 21.80c.;
October, 22c.; December, 22.50 to 22.60c.; January, 22.70c.;
Outside prices: Ribbed smoked spot and July,21% to 21%o.;
July-Sept., 21% to 217 3.; Oct.
4
-Dec., 223% to 22%43.; Jan.
March, 22% to 2334c. Spot, first latex crepe, 22% to
227 c.; thin palo latex, 22% to 23c.; clean thin brown crepe,
4
19% to 20e.; speeky crepe, 18% to 19e.; rolled brown crepe,
14 to 143143.; No.2amber,194 to 1934e.;No.3,19 to 193%o.;
No. 4, 18% to 1943. Paras, up-river, fine spot, 22 to 22%c.;
coarse, 113% to 12o. London on the 15th inst.spot,11 3-16d.;
August, 11 5-16d.; Sept., 11 7-16d.; Oct.
-Dec., 11 9-16d.;
Jan.
-March, 11 15-16d. and April-June, 12 1-16d. Singapore, July, 10441.; Oct.
-Dec., 1130.;Jan.
-March, 11 9-16d.
Op. the 17th inst. prices ended 10 points lower to 10 higher
with sales only 367 Contracts or 917 tons. London was
unchanged to 1-16d. lower and Singapore y, to %d. lower.
Dealers stocks in the Far East increased 961 tons during
June, it was announced yesterday, the total at the end of
the month being 33,040 tons against 32,079 tons at the end
of May. At Singapore stocks amounted to 24,930 tons
which compares with 26,274 tons at the end of May and
15,972 at the end of June 1928. Penang stocks were 5,473
502
FINANCIAL CHRONICLE
tons against 4,490 tons at the end of May and 2,235 tons at
the end of June 1928. Actual rubber outside was dull and
lower. Prices at New York closed with July, 20.70c.;
September, 21.20 to 21.30c.; October, 21.60c.; December,
22 to 22.100.; January, 22.10 to 22.20c.; March, 22.70c.;
May 23 to 23.10c. Outside prices. Ribbed smoked spot
and July, 203 to 21380.; July-Sept., 203' to 21 W.; Oct.
/
%
Dec., 219 to 220.; Jan.
-March, 22% to 229sc. Spot, first
/
%
latex crepe, 2231 to 225/20.; thin pale latex, 223 to 22%c.;
clean thin brown crepe, 183 to 18%c.; spooky crepe, 18 to
%
1 ,
83lc.; rolled brown, 133 to 13%c.; No. 2 amber, 1831 to
%
183/2c. London on July 17th ended with spot 10 15-16d.
-Dec., 11)4d.;
August, 11 1-16d.; September, 11 3'd.; Oct.
Singapore,
-March, 11 Md.; April
-June, 11 13-16d.
Jan.
-March, 1113-16d.
-16d.; Jan.
July, 101-16d.; Oct.
-Dec.,10j15
Rubber invoiced for shipment to the United States for the
week ended July 13, according to vise figures of the Department of Commerce, totaled 9,290 long tons, compared with
8,476 tons in the previous week or an increase of 814 tons
for the week. On the 18th inst. New York closed unchanged
to 30 points higher. Actual rubber advanced %c. Sales of
futures were 1,145 tons or 458 contracts. New York closed
on the 18th inst. with July 20.70 to 20.90c.; Sentember,
21.40e.; October, 21.60 to 21.70c.; December, 22.20 to
22.30c.; Januaryz 22.40 to 22.50c.; March, 22.80 to 22.90c.
Outside prices: Ribbed smoked,spot and July, 203i to 21%c.;
/
-Dec., 213' to 223e.; Jan.
%
July-Sept., 21 to 213c.; Oct.
March, 223/ to 223c.;spot. first latex, crepe, 223 to 2240.;
%
%
thin, pale latex, 229' to 225 c.; clean, thin, brown crepe,
%
%
183 to 185 c.; specky crepe, 18 to 18%c.; rolled brown
%
crepe, 13% to 14e.; No. 2 amber,•183 to 18%c.; No 3,
1894 to 1854e.; No. 4, 1834 to 193'd. London on the 18th
Inst. closed with spot 105/sd.; August, 103/8d.; September,
-March, 11%d.; April-Dec., 11 3-16d.; Jan.
10 15-16d.; Oct.
-Dee., 11 1-16d.
June 119/8d. Singapore, July, 103-16d.; Oct.
Jan.
-March, 11 5-16d. British Malayan rubber statistics
for June were as follows: Gross exports, 40,398 long tons;
imports, 14,344 long tons of which 10,443 long tons were
wet rubber. Ceylon exports of crude rubber in June 1929
amounted to 6,051 long tons. According to the June 1929
issue of "Le Caoutchouc et la Gutta Pereha" rubber exports
from French Indo-China in the calendar year 1928 were
9,724 long tons. Today prices ended 20 to 30 points lower
with sales 292 lots. Actual rubber was rather qi iet. Dealers
were reported to be liquidating long lines. Akron interests
were said to be selling the distant months. Very little change
Is expected in London stocks this week. London closed
lower with spot 103 d.; August,
%
quiet, unchanged to
10%d.; September, 10 15-16d.; Oct.-Dec., 11%d.; Jan.March, 11%(1., and April-June, 115 d. Final prices here
%
show a decline for the week of 80 to 90 points.
HIDES. On the 15th inst. prices closed 25 points off
to 10 points higher. Spot advances failed to stimulate
futures. In Chicago light native cows were reported sold
at 173/2c. and advance of )ic. over the last previous sale;
37,000 Argentine frigorifico steers sold at prices ranging
from 16 13-16c. to 173-160.; 2,000 Uruguayan steers at
17c., 7,000 frigorifico cows at 15 7-16c. to 16 13-16c.,• 4,500
frigorifico cows at 1754c. to 175se. City packer hides re/
mained quiet despite the firm tone at the West but New
York was firmer for all that. Country hides were in rather
better demand. Common dry hides also sold more freely
at unchanged prices. Common dry cucutas, 22c.; Orinocos,
21c.; Maracaibo, 20e.; Central America, 20%c.; packer,
native steers, 17%c.; butt brands, 16%c.; Colorados, 1534c.;
New York City calfskins 5-7s, 1.80 to 1.900.; 7-9s, 2.35c.;
9-12s, 3.10c.
On the 18th inst. prices were firmer early
but ended unchanged to 15 points lower with sales of 160,000
lbs. including December early at 18.90c. and January at
19e. and May at 19.50c. In the Chicago market 28,000
branded cows sold at 1654e. an advance of %c. over the
last previous sale and 12,000 frigorifico steers in the River
Platte market at 1734e. To-day futures closed unchanged
August ended at
to 15 points lower with sales of 7 lots.
17.50c.; September, 17.70 to 17.90e., October 18 to 18.20e.
and December 18c.
'
OCEAN FREIGHTS.
-Trading in oil and sugar tonnage
was at one time brisk. Rates advanced. Grain freights
later were active and higher.
CHARTERS included: Grain, Gulf, Aug., heavy. to Greece, 4s. 3d.;
Montreal to Greece, Aug., 4s.: 37,000 qrs. Montreal to Antwerp, Rotterdam, 15c., 15c.; other options. including United Kingdom, at 3s. 4Yid.;
Puget Sound, Sept. 1-25, to United Kingdom-Continent. 28s. 9d. Sugar:
Santo Domingo. July, to United Kingdom-Continent, 17s. 6d.; Cuba,
first half Aug., to United Kingdom-Continent, 17s. 9d.; Tankers: Clean,
Sept., Gulf to French Atlantic, 22s.; French Mediterranean, 24s. ad.;
North Atlantic loading. 3s. 6d. under; three trips commencing Aug.,
dirty. Cartagena or U. 8. Gulf, Charleston. 37c., north of Ilatteras 42c.,
Boston, 45c.: Constanza, early July, to Havre, 21s. clean; 24 months,
-Feb. 1930, 68. 4%(1.; U. S. Gulf, Sept., clean to United KingdomJan.
Aug., to Yokohama,
Continent, 22s. 6d.; dirty. San Pedro, July-early'
69c.; Manila, Shanghai or Hong Kong, 75c.; Gulf, Arzieu and (or) Port de
Bouc, 25s., clean. Aug.; Novorossisk-Hamburg, 17s.. crude oil, Sept.;
18 to 24 months time charter. 6s. 3d., clean, Nov.; New York-Rotterdam
and (or) Hamburg, 21s.. lubricating oil, Aug.; clean, California, Aug.
Sept., to United Kingdom-Continent. 37s.; clean, commencing Aug. 1.
two or three trips. Curacao to Fall River. 11g.; option thence to United
Time: West
Kingdom-Continent, 21s. 6d.: option Gulf loading, 22s. 6d.
Indies, round. $1.50; six months prompt delivery, West Indies, $1.55:
months, West Indies, prompt, $1.70. Lumber: 700 standards,
three
Fugwash. July 3-20, to west Britain-east Ireland. basis 65s.: Leningrad,
1,000 July standards to Buenos Aires. 100s.; Blairlogle, 111111 Chatham
Aug.spotwood standards to Greenock,77s. 94.; 500 St. Lawrence July-Aug.
standards to same, 945. Coal and grain: Cardiff, 7,000 tons, west Italy
options. 9s. 430.; Cardiff to Rio,8,000 tons, 13s. 64.; Cardiff, 5,400 tons,
6,500 tons, Aug.
to Rosario, 145.: Toftwood, South Australia, 5-25, to Bahia Blanca,
8,000 tons, July 25
-Aug. 15.
Antwerp Rotterdam, 19s. 64.;
Roads, first
to United Kingdom-Continent, 26s. 9d. Coal. HamptonChandler, $1.
half Aug. to Santos, $3.75; Hampton Roads, prompt, to
[VOL. 129.
Nitrate: Impero, 8,000 tons, second half July to three ports west Italy.
-July 15, to Alexandria 29s. 6d.; E idauro, 6,500
28s 6d.• Chile June 25
tons, July-Aug., to Bordeaux-Hamburg range, 26s.; north Spain. 27s.:
Mediterranean, 28s.; Alexandria, 29s. Sulphur: Gulf, Aug., to Rotterdam. $4.50. Case oil: 170,000 cases, Tampico. Aug., to River Plate, is.
Agriculturals: New York to Black Sea (done abroad), Aug., iic.
TOBACCO.
-Sumatra was firm, especially the grades that
are wanted for a cheap cigar and with no great abundance
of such tobacco. Maintaining prices seems to be not at all
difficult. Connecticut shade grown was also wanted by cigar
be
makers, but not on a big scale; other tobacco, it must.
confessed, was quiet. In New England Manilas are selling
well. Havana cabled the U. S. Tobacco Journal that Remedios prices had had a big jump in the Cuban market. The
remedios crop is estimated at 210,000 to 220,000 bales.
There was some active buying in Havana of wrappers, but
general activity has not yet begun in Vuelta Abajo. Hartford wired that spells of cool and warm weather have followed
the rain of last Friday, which were welcome, even though
the rain of the preceding Tuesday was the salvation of the
tobaceo in many fields. Frost has hit the crop in Greece.
Some 97,000 persons urge a referendum on the Michigan
cigarette tax. Tampa cigar factories report a high record
half year's trade. Most brands of cigarettes are offered by
jobbers there at 10% discount from list prices. Amsterdam
cabled the U. S. Tobacco Journal July 12: "Market firm.
About 800 bales bought for America."
COAL.
-Some falling off in trade was reported in the
interior. Lake trade on the other hand makes a better
showing than this. Barring the Lake movement of coal
interior trade is a shade duller. During June the combined
loadings of steamers at Lake Erie docks totalled 5,515,932
net tons against 4,705,682 tons a year ago and 5,256,036
tons two years ago. The aggregate for the season to the end
of June 1929 was 13,592,392 tons for 1928 it was 9,963,066
tons. Later prices were unchanged. Output was larger.
On August 1st announcement of higher prices for retail
anthracite in the domestic department is expected. The
"Coal Age" reports a weighted average spot price of 31.6734
for June, unchanged from May. Hard coal output now has
an upward trend compared with production a year ago.
COPPER was unchanged at 18c. for domestic and 18.30e.
for export. Sales for export increased a little during the
week. About 1,000 tons sold on Tuesday and the total for
Wednesday was 1,112 tons. Domestic demand was still
light however. In London on the 17th inst. standard advanced lOs at the first session to £70 us. 3d. for spot and
£71 7s. 6d. for futures; sales, 1,000 tons futures. Electrolytic was unchanged at £84 for spot and £84 10s. for
'
futures. At the second session spot standard was unchanged but futures fell is. 3d.; sales for the day, 1,300 tons.
Later the tone was steadier with London rising. On the
18th inst. the trading at the New York Exchange was
50,000 lbs. for December at 17.2,e. The market closed
dull with nominal prices for July 17.70c.; August, 17.55c.;
September, 17.40e.; In London on the 18th inst. standard
advanced 8s. 9d. to £71 for spot and £71 16s. 3d. for futures;
sales, 150 tons spot and 450 futures; Electrolytic, £84 spot
and £84 10s. futures. At the second London session standard
rose 13s. 9d., total sales, 1,200 tons.
-There was a fair business done early in the week
TIN.
at higher prices. On the 17th inst., however, the demand
fell off, and prices reacted. Sales of otraits were 200 tons
with 115 tons sold on the local exchange. Spot Straits tin
sold at 47e. and later at 4634c.; August sold early at 4754e.
anu later at 47c.; September at 4734 to 4734c.; October at
/
4
4734 to 47343., and November closed at 473 0. Futures on
the 17th inst. closed 45 to 70 points lower. September
ended at 46.80 to 46.90c.; October at 47.05c., and December
at 47.35c. In London on the 17th inst., spot standard advanced 10s. to £214 5s.; futures up 2s. 6d. to £217 10s.;
sales, 50 tons spot and 600 futures; Spot Straits rose 10s. to
£217 15s. Eastern c.i.f. London advanced £1 15s. to £221
10s. on sales of 375 tons. At the second London session,
standard fell £1; sales for the day, 1,000 tons. Later prices
were irregular. Spot Straits sold at 4654 to 4634c.; August
/
4654 to 4630.; September at 470.; October at 4734o. and
November at 4734 to 4754c. At the Exchange, August on
the 18th inst. closed at 46.40c., September 46.75c. London
on the 18th all prices declined £3 10s.; Standard closed at
£210 15s. for spot and £214 for futures; sales, 50 tons spot
and 650 futures. Spot Straits closed at £214 5s. Eastern
c.i.f. London dropped £4 5s. to £217 5s on sales of 350 tons.
At the second London session, prices fell £1 in standard;
total sales, 1,050 tons. Today prices were stronger, with
sales of only 130 tons. July closed at 47c.; September at
47.40 to 47.60e. and December 47.90c. Final prices show
an advance for the week of 135 points.
LEAD was in only moderate demand at best. Prices were
6.55e. East St. Louis and 6.750. New York. In London on
the 17th inst. spot lead fell 3s. 9d. to £22 10s.; futures off
2s. 6d. to £22 12s. 6d.; sales 100 tons spot and 950 futures.
Later business increased somewhat at 6.55 to 6.75c. East
St. Louis and New York. Domestic lead shipments in June
totaled 57,715 !short tons against 61,933 in May, according
to the American Bureau of Metal Statistics. Stocks of refined lead, including antimonial lead, in the United States
and Mexico at the end of June were 66,259 tons against
51,845 tons at the end of May. In London on the 18th inst.
prices were £22 10s. for spot and £22 12s. 6d. for futures;
sales 50 tons spot and 650 futures.
JuLT 20 1929.1
503
FINANCIAL CHRONICLE
ZINC was in fair demand and higher. Practically all
producers raised their prices to 6.80c. East St. Louis. Earlier
in the week sales were made at as low as 6.67Mc. Consumers stocks are believed to be low and they are expected
to enter the market very shortly. In London on the 17th
inst. spot advanced 2s. 6d. to £25 Is. 6d.; futures up is. 3d.
to £25 5s.; sales, 325 tons spot and 25 tons futures. Latterly trade has been quiet at 6.80c. East St. Louis. Producers seem to think that consumers will be compelled to
re-enter the market before long. There were no new bullish
developments. In London on the 18th inst. prices were
.£25 7s. 6d. for spot and £25 8s. 9d. for futures; sales, 150
tons spot and no trading in futures.
-Railroad buying is perhaps the most conspicuous
STEEL.
factor. Other buying sources it is stated are purchasing on a
larger scale than ordinarily at this mid-summer season. Gas
lines are buying more than usual. One potential order is
fig 250,000 tons for the Southwest. For structural steel
there are inquiries that attract attention. They comprise
60,000 tons for bridges, buildings, steel rails and track
fasteners without counting 26 locomotives. In the Pittsburgh district output is close to capacity though new business
it is true is smaller than recently and unfilled orders have
decreased. Heavy goods have however been in better
demand. Tin plate mills have easily handled orders received
and specifications on sheets were to all appearance not quoted
so large.
-Shipments have been unusually large but
PIG IRON.
new business as a rule small and Birmingham fell, it seems,
to $14 at furnace. This was accepted, it is stated, for
15,000 tons to go to Louisville, Ky. This could mean a
decline of 50 cents. Sales and shipments from the South
are increasing in the competition. It is supposed that the
South may continue to cut prices when necessary until it
accumulates backlogs large enough to make it independent
whereupon cutting will cease. Then there may be an opposite move. Composite price on pig iron for the third time
in six weeks has declined. It is now $18.42 against $18.54
a week ago and the high for the year of $18.71 in May.
Only about 3,000 tons were sold in New England last week.
Competition is testing the stability of prices. Nominal
quotations: Foundry No. 2 plain, Eastern Pennsylvania,
$21 to $21.50; Buffalo, $18 to $18.50; Virginia, $20.75;
Birmingham, $16.50 to $17; Chicago, $19.50 to $20; Valley,
$17.50 to $18; Cleveland, delivered, $18 to $19.
WOOL was for the most part quiet. Western trade was
much slower. Prices seemed to be largely nominal at fairly
steady prices. Ohio & Penn. fine delaine, 38c.; M blood,
43Mc. to 44Me.,•
blood, 440. to 45c.; M blood, 42c. to
43o.; Territory clean, basis, fine staple, 930.; fine medium,
French combing, 85 to 90c.; fine medium clothing, 83 to
M blood staple, 93 to 95c.• % blood staple, 85 to 90o.;
M blood, 75 to 800. Texas, clean basis fine 12 months,
90 to 93c.; fine 8 months,85 to 87c.; Fall, 83 to 85c. Pulled,
scoured basis, A super, 90 to 9504 B, 80 to 85c.; C, 73 to
75c.; Mohair original Texas, 57 to 580. Australian, clean,
basis in bond, 64-70a, combing super, 74 to 75c.; 64.70s,
clothing, 60 to 62c.; 64s, combing, 71 to 7204 60s, 69 to 70c.;
58-60s, 67 to 680. Boston wired that prices were more
steady especially- on medium grades. A government report wired from Boston on July 18 said: "The attitude of
members of both the wool and manufacturing trades is one
of more confidence than has been reflected for weeks. Buyers
appear confident of the current level of prices and are
covering immediate requirements very readily. Dealers
are encouraged by the promptness with which mills take
up their purchases, indicating mill stocks have been kept
close to actual needs. Optimism among the dealers is
noticeably more widespread. Prices are a little firmer on
actual trading and some houses have advanced quotations on
certain lines, but they have not established prices on the
higher levels." In Boston according to a government report on July 15 the tone of the market was somewhat improved as a result of a larger volume of sales on the finer
grades of combing wools and a firmer trend in prices on the
medium grades. Clothing wools of all grades are rather
weak. The receipts of domestic wools at Boston during
the week ended July 13 amounted to 14,334,900 lbs. as compared with 9,821,400 lbs. during the previous week. In
London on July 15 it was decided to close the present series
on July 23 instead of July 25. Offerings July 15, 11,000
bales; fairly general demand at late prices. Withdrawals
of speculators' lots at firm limits frequent. Puntas despite
generally poor selection, met with good sale chiefly to Continental buyers at recent prices. New Zealand greasy
crossbred best 56-58s, 18d.; 50-66s, 17d.; 50s, 16d.; 18.50s,
153d.; 48s, 15d.; 46s, 143'd.; 44s, 12 to 13d. Details:
slipe ranged from 163'd. to 21 Md., latter halfbred lambs.
The offering of Cape wools was mostly withdrawn. Details:
Sydney. 1,876 bales; scoured merinos, 18%032d.; greasy merinos,
13024d. Queensland, 1,996 bales; scoured merinos, 29039d.; greasy.
133. ®22%.1. Victoria, 924 bales; scoured merinos, 26033%d.• greasy,
15024d. South Australia, 1.400 bales; scoured merinos, 19 ®33d.;
greasy, 17019d. Cape, 248 bales; greasy merinos, 11 ®13%d. West
Australia, 458 bales; merinos, greasy, 19@22d. New Zealand, 901
bales; greasy merinos. 17@19d.; crossbreds, scoured. 21(425d.; greasy.
11I@20d.
In London on July 17 offerings 10,000 bales, included
5,400 bales of Australian merinos. They were mostly speculators' lots, but sold well to British and Continental buyers.
Best qualities were slightly firmer. New Zealand selection
prircipally slipe crossbred, was well distributed to Yorkshire
and Continent at recent prices. Sellers' limits in many instances were considered high and caused rather numerous
withdrawals. New Zealand greasy crossbred best, 56-58s,
realized 18Md.; 50-56s, 17d.• 50s, 16d.; 48-50s, 154d.;
'
48s, 15d.• 46s, 143d.; shabby 44s, 11d. to 133,4d.; New
Zealand slipe ranged 14d. to 24d., latter halfbred lambs.
Details:
Sydney. 2,657 bales; scoured merinos, 24©28d.; greasy merinos, 12%
®23%d. Queensland, 521 bales; scoured merinos, 21 ®46d. Victoria.
2.007 bales; scoured merinos, 25©31d.; greasy, 16©243; crossbreds.
scoured, 18®22d. New Zealand,4,426 bales; merinos, greasy, 15 ®17%d.;
crossbreds, scoured, 21@30d.; greasy, 11@181d. West Australia,
173 bales; merinos. greasy, 19©30d. Cape, 342 bales: scoured merinos.
21029d.; greasy, 12 ®15%cl.
In London on July 18 offerings, 8,998 bales. Australian
merinos, mostly best speculators' lots, sold readily to the
Continent. Inferior grades were frequently withdrawn.
New Zealand crossbreds in quick demand from Yorkshire
with a fair quantity going to the Continent at recent prices.
New Zealand best greasy 58s realized 21d.• 56-58s, 183'd.;
%
50-56s, 17d.; 50s, 16Md.; 48-50s, 15Md.; 46s, 143 d.;
44s, 133d. Details:
Sydney. 1,075 bales; greasy merinos, 14 to 26d.; greasy crossbreds,
15% to 17d. Queensland, 2,047 bales; scoured merinos, 29 to 3854d.;
greasy, 12% to 21d. Victoria, 665 bales; greasy merinos, 20 to 2434cl.
South Australia. 104 bales; greasy merinos, 17 to 21d. West Australia,
458 bales; scoured merinos, 26 to 32d.; greasy, 133i to 184d. Tasmania,
128 bales: greasy merinos, 18% to 24d. New Zealand. 4,032 bales; scoured
merinos, 32 to 34d.; greasy, 131 to 1634d.; scoured crossbreds, 183 to
323i.i.; greasy. 12% to 21d. New Zealand sllpe ranged 1211 to 23d.,
latter halfbred lambs. Cape offerings. 119 bales, and Kenya Colony,
345; were mostly withdrawn at limits above the market parity.
The Canadian clip is estimated at 2,800,000 pounds.
SILK to-day closed unchanged to 4 points lower on old
contracts with sales of 140 bales and 2 points lower to 3
higher on new contracts with sales of 570 bales. July old
closed at 4.87 to 4.91e.; September, 4.79 to 4.800.; December, 4.77 to 4.79e. New contracts ended at 4.89c. for July,
4.80 to 4.810.for September and 4.80 to 4.81c.for December.
COTTON
Friday Night, July 19 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
13,203 bales, against 30,368 bales last week and 10,769 bales
the previous week, making the total receipts since Aug. 1
1928 9,027,518 bales, against 8,314,989 bales for the same
period of 1927-28, showing an increase since Aug. 1 1928 of
712,529 bales.
Receipts atGalveston
Texas City
Houston
New Orleans_ _
Mobile
Savannah
Charleston
Wilmington
Norfolk
Baltimore
Tntals this wok
Sat.
Mon.
384
1,004
170
245
13
354
Tues.
Wed.
286
256
____
89
1.301
245
453
101
491
72
214
2_
14
211
27
1 370
1 SRA
2.704
Thurs.
707
1,385
181
504
____
282
45
55
-___
555
264
2
306
45
6
23
--_-
1.774
2 5341
Fri.
Total.
694 5,475
156
156
1,058 2,495
171 1.893
9
125
7 1,529
12
129
_
67
-146
707
627
627
9 5274 12 ow:
The following table shows the week's total receipts, the
total since Aug. 1 1928 and stocks to-night compared with
last year:
1928-29.
Receipts to
July 19.
1927-28.
This Since Aug This Since Aug
Week. 1 1928. Week. 1 1927.
Stock.
1929.
1928.
Galveston
5,475 2,791.336 7.200 2,254,420
92,987 128,543
Texas City
156 180.292
281
99,614
3.375
6.855
Houston
2.495 2,861,254 2.614 2,539,417 185.577 213.084
Corpus Christi
---- 258,123
180,165
Port Arthur,&c
__
17,204
6,906
New Orleans
1,893
1,577,974 5,572 1,544,498
81,850 179.656
Gulfport
598
Mobile
125 289,601
543 294.410
13,450
2,291
Pensacola
13,800
12,341
186
613
51
674
Zealand slipe ranged 8% to 16d. Sydney, 948 bales; scoured greasy Jacksonville
New
Savannah
1,529 381,094 1,082 662,159
21,444
18.677
merinos, 16©22d. Queensland, 140 bales; scoured merinos, 34 ®36d. Brunswick
Victoria, 1,835 bales; scoured greasy, 15025%. South Australia, 351 Charleston
129 1'72,950 1,028 272,268
14.680
14,303
bales; scoured merinos, 19 ®32%d.; greasy crossbreds, scoured, 21022d. Lake Charles_ ---__,
5,555
217
1.441
West Australia, 159 bales; scoured greasy, 20®21d. Peru, 581 bales; Wilmington
67 126.118
12,065
3,615
85 132.586
greasy, 12 ®17d. Cape, 120 bales; scoured merinos, 243. ®
crossbreds,
Norfolk
7'
129
34,928
31,013
573 224,329
33%d•
N'prt News,&c ----------129
541
In London on July 16th offerings17,886 bales, chiefly New York
51,268
73,950
111
8,103 151,249
3.281
3,471
180
941
8,547
Australian greasy merinos. Demand better especially from Boston
Baltimore
627
63,331
416
1.001
1.323
73,007
the Continent. Very few withdrawals. New Zealand Philadelphia
4.351
4.504
105
30
186
crossbreds sold well to British and Continental buyers at
Totals
13.203 0.027 MR 10 4:129 A 214 ARO 1111A 5:an 11114_4A0
late prices. New Zealand best greasy 58s. realized, 20d.,
In order that comparison may be made with other years,
56-58s, 183d.; 50-56s, 1734d.; 505, 163/2d.; 48-50s, 15 Md.;
/
46s, 143%d.; shabby 44s, 113:(1.1to 12%d. New Zealand we give below the totals at leading ports for six seasons:
FINANCIAL CHRONICLE
504
Receipts at-
1928-29. 1927-28. 1928-27. 1925-26. 1924-25. 1923-24.
Galveston _-7,605 . 17,984
5,475
7.200
3,585
8.921
139
Houston*_ ___
8,776
2,495
2,614
4,887
2,948
10,963
New Orleans_
1,072
1,893
5,572
8,075
11,176
377
690
Mobile
125
543
688
1,254
2,628
Savannah _
502
1,529
1.082
7.217
3,228
Brunswick_
Charleston
647
1,656
129
1,028
3,714
715
42
Wilmington....
85
418
759
67
2.016
Norfolk
533
573
374
2.697
707
N'port N., &c
5.441
1,179
All others_ ___
2.621
3.524
1.235
783
t‘o
Tot, this week 13.203 19.932 30.270 37,161 21,742 40.508
fr,
Since Aug* 1_ 9.027.5'8 8.314.989 12648 077 9.587.570 9.153.776 6.710.470
* Beginning with the season of 1926. Houston figures include movement of
cotton previously reported by Houston as an interior town. The distinction
between port and town has been abandoned.
The exports for the week ending this evening reach a
total of 59,958 bales, of which 8,475 were to Great Britain,
1,838 to France, 15,065 to Germany, 6,144 to Italy, 17,095
to Russia, 8,112 to Japan and China and 3,229 to other
destinations. In the corresponding week last year total
exports were 65,399 bales. For the season to date aggregate exports have been 7,885,021 bales, against 7,452,520
bales in the same period of the previous season. Below
are the exports for the week.
Exported to
Week Ended
GerGreat
July 19 1929.
- Britain. France. many.
Exports from
Galveston
Houston
New Orleans_ __
Mobile
Savannah
Norfolk
New York
Baltimore
Loa Angeles_ _ _
566
140
2,384
1,850
3,485
Japan&
Italy. Russia. China. Other.
1,781
95
5,630
64
200
2,522
2,618 17;(15
1,004
7
-; 52
4,800
2,007
3,009
2,398
1,430
1:6615
_
275
1,574
50
Total.
650 7,962
221 22,491
425 8,251
140
3.136
6,650
1,933 9,429
1,574
325
Total
8,475
1,838 15,065
8,112
3,221) 59,958
Total 1928
Total 1927
7,751
8,834
1,376 16,055 6,434 8.600 20,192
5,980 13,160 14,985 44,004 7.439
4,931 65,339
5,211 99.813
From
Aug. 1 1928 t
July 19 1029. Great
Exportsfrom
- Britain.Franee
_
Galveston
Houston
Texas City_
Corpus Christi
Port Arthur
Lake Charles
New Orleans..
Mobile
Pensacola.. _
Savannah..
Gulfport
Charleston_ _ _
Wilmington _ _
Norfolk
Newport New
New York.. _ _
Boston
Baltimore..
Philadelphia__
Los Angeles _
San Diego_ _ _
San Francisco
Seattle
Total
392,519317,959
406.657 295,013
35,150 12,068
46,405 41.940
9651 2,430
1,296
410,299 98,434
88,930 2,159
5,320
185,783,
75
598'
60,058
777
38,800
80,458 1.238
127,
28,721111 3,449
1,745
5:11i
82
68,091 14:iii
6,652 1,948
10,524
250
6.144 17,095
Exported toGet
slants.
Javan&
Italy. I Russia. Chiliad Other.
Total.
591,318,224,6311 32,447 590,737400,172 2,549,783
562,111 230.177123,902 184,323 176,500 2,278.683
10,335; 11,281 112,083
41.684 1,616
90,833 21,624; 4J04 55,036 27,781 288,523
90.833
826;
17,204
8,977
6,077
_ _ _1
330
1,151 3,300,
232,443 141,044,147:661 173,954,111,416 1,314,591
79.7271 5,318; -- 24,300; 4.820 205,254
1,400
905;
13,800
100
6,075;
118,0991 3,2621 -- 12,1001 4,097 303,416
598
1,1E8, 16,274 141,737
62,197 1,2811
3,400 106,192
9,842 54,160;
34,251 3,874,
9,500: 2,527 131,848
129
32,600 15,146,
7,735 21,508 109,167
8,354
1,450
128 5,031
1.672
6,986
1
283
"ioo
96,211 1,078 222,614
36,705
4,296
13,496
BOO
318
17,5- 0
7,363
200,
36.055
7
18,248
18,248
1,849,188 797.203 1,921,072 715,306 308,254 1502529 791.4697.885,021
Total 1927-281423,959 889,340 2,151,649 688,208 378,798 1046628 873,939 7,452.520
Total 1926-272,569,1.31 10140132,929,169785.571 473,892 1807006 1252466 10831 248
-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 some 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 re_farding the matter, we will say that for
the month of June the exports to the Dominion the present season have been 12,840
bales. In the corresponding month of the preceding season the exports were 15,991
bales. For the eleven months ended JUDO 30 1929 there were 258,429 bales exported,
as against 219,907 bales for the corresponding eleven months of 1927-1928.
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
Great
Other CoastGerJuly 19 at
- Britain. France. many. Foreign wise.
Galveston _ _
New Orleans__
Savannah
Charleston_ _ _ _
Mobile
Norfolk
Other ports s_ _
4.000
1,067
3.700
475
1.500
2.6&5
7:656
500 14:666
9.098 31,040
9.912 35.772
9.852 29.700
4,352 56.332
2,199 68,533
5.321 56,405
549.498
625,917
937,086
1;666 4;665
5.175
7.108
6,050
3,000 30,300
9,861
831
Leaving
Stock.
62.687
71.989
21,444
14,282
11,300
31,013
336,783
4.000 15,600
1.098 6,390
"100
Total 1929.. _
6 687
Total 1928_ 13.542
Total 1021.... 5.442
* Estimated.
Total.
21
21
2.150
Cotton advanced on Texas drought and heat and big speculative buying. Too much rain was reported in the Eastern
belt. On the 13th inst. prices declined 4 to 11 points, with
the weather favorable. Georgia's crop was reported earlier
than last year. Some reports said that in other parts of
the belt the plant was doing well. As a rule the weevil
seemed to be doing no serious damage. The weekly weather
forecast was interpreted favorably. The domestic consumption in June was close to 100,000 bales smaller than In May,
though on the other hand it was about 60,000 bales larger
than in June last year. It was 570,281 bales against 668,229
bales in May and 510,399 bales in June last year, 481,943 in
[Vol,. 129.
June 1927, and 346,533 in 1926. Of linters the consumption
was 78,154 in June against 80,145 in May and 65,580 in
June last year. Liverpool declined under good weather and
the fear of a Manchester strike because of the employers'
insistence on an early reduction in wages of 12%%. Spot
markets were quiet and lower. Cotton goods were quiet in
Worth Street and at Fall River and Manchester. On the
other hand, the trade was a steady buyer. There was no
aggressive selling, for there is the weevil menace in the
background. Statistics are considered strong.
On the 15th inst. heavy liquidation sent prices down 25
to 28 points, impelled also by generally good weather and a
tendency to expect a favorable monthly report on August 8
giving conditions up to August 1. Reports of the presence
of weevil were not wanting, nor reports of more or less
damage by the pest, but taken for all in all the crop advises
were considered favorable. Cotton men were wondering
whether it was too much to expect a Government crop estimate on August 8 of 15,500,000 bales and upward, possibly
as high as 16,000,000 'bales, against 14,498,000 bales last
year, 12,950,000 in 1927, and 17,977,000 in 1926, the peak
crop in the history of cotton raising on this continent.
Cotton was not helped at all on the 15th inst. by a higher
stock market nor by a leap of 8 to 9c. in wheat. Stop
orders were caught in cotton as the price slipped downward.
Wall Street, the West, the South and local traders sold.
There was too much rain for best results in parts of the
Eastern belt, but on the other hand Texas had beneficial
rains, spot markets declined. Exports were small. Cotton
goods were quiet here and in Manchester. There may be a
strike in Lancashire of 500,000 workers if employers insist
on reducing wages 12%%.
On the 16th inst. prices advanced 35 to 47 points owing
to alarm over the weather, which was dry in Texas and
rainy over the Eastern belt. Also the market had been
oversold. Certainly the technical position was stronger.
Contracts became scarce. Temperatures were as high as
104 degrees in Texas and Oklahoma. Rains fell of 1 to 3
inches in parts of the Eastern and Central belts. The
forecast was for continued warm and dry weather in Texas,
where especially in the Western and Northwestern sections
rain is 'beginning to be needed. Rains or showers over the
eastern two-thirds of the belt have augmented the weevil
Infestation with some increase in damage especially in the
lower half of the belt on both sides of the Mississippi River.
Rains in Southwestern and Central sections have caused
complaints of increased weevil activity and some damage
by worms. The size of the crop depends largely on the
weather In the next four or five weeks. The condition of
the crop as a whole is said to be noticeably better than a
year ago, and even somewhat above the average for the
past 10 years. But it is believed to be at or near its peak.
Boston advices said: "Weevil damage is becoming serious
In the lower third of the belt, but is not yet general. The
rains in Texas a week ago have resulted In increased numbers of weevils and increased activity in that 'State. In
Arkansas and Oklahoma the numbers and distribution of
weevils have increased until the situation is now worse than
last year. Oklahoma is infested with the pest clear up to
the Kansas border on the north. Other insect pests are
numerous; the cotton hopper is reported in fifty counties,
mainly in Texas, and cotton boll worms are numerous."
On the 17th inst. prices on bad weather and largely increased trading advanced 59 to 72 points, or over 100 points
In two days, and held most of this rise at the close. Texas
was hot and dry; also Oklahoma. Western and Northwestern Texas still needed rain. They got none. At 86
stations in Texas temperatures were 100 to 108, the highest
being in the north-central section, and it was 104 degrees
in the northwest. Oklahoma at 28 stations had 100 to 108
degrees, the latter in the southwestern and western-central
sections. No rain fell in Oklahoma. Bad reports about the
crop came from eastern Oklahoma. Most of Oklahoma's
crop, as a matter of fact, is a fortnight late. Rains in the
Eastern belt continued. They were regarded as injurious.
In the Memphis district there were rains up to nearly 3
inches, which were considered as partly good and partly
bad. Reports continued to insist that the weevil was doing
damage in Alabama, Mississippi, Arkansas and Georgia.
The weekly report caused a temporary reaction, not being so
bad as had been expected. The summary said: "There was
too mach rain in some Northeastern sections of the cotton
belt, but elsewhere, except in very local areas, precipitation
was mostly light to moderate, though rather frequent in
southern Texas. Temperatures were mostly nearly normal.
On the whole, the week was favorable for growth. There
was too much rain in Northern North Carolina and in
Southern Louisiana and Southern Texas, but on the other
hand the warm, dry, sunny weather in the Northwestern
part of the belt was very helpful. Reports from all States
except Northern North Carolina indicate that the week's
progress was good to excellent, although only a fair advance
was indicated in a few East Gulf districts, where considerable shedding was reported. The crop, however, continues
uneven and there were complaints in South Texas of shedding and poor fruiting, with dampness favorable for weevil,
and picking and ginning were interrupted. Late cotton 14
beginning to need rain in some West Central and Northwestern parts of the State (Texas)."
On the 18th inst. prices were irregular and at all times
higher, but the rise was checked by the forecast of showers
and cooler weather in Texas. Prices were at one time
7 to 20 points lower; at another 10 to 25 points higher, the
latter on July. Final prices for. the day were 7 points
lower to 1 point higher, with some mouths unchanged. In
much of Texas and Oklahoma the temperatures were as
high as 110 degrees. Further and apparently undesirable
rains fell in Mississippi, Louisiana, Alabama and Georgia.
Also the forecast was for showers in the Carolinas, Georgia,
Alabama, Mississippi and westward across the river. As
far as Texas was concerned, nothing more than showers
were predicted, and these for its Northeastern part, not for
the Western and Northwestern parts. The crop is now said
to be deteriorating over a large area of the belt, though
even in Texas, Oklahoma, Mississippi and Tennessee, according to a Boston report, the plant is doing better than the
average. As to the weevil, however, the latest advices are
that they are doing greatly increased damage. But on the
18th inst. profit taking was general after a quick recent
advance of over 100 points. Liverpool was also in a selling
mood. Manchester was steadier, but quiet. Reports from
the Shanghai auctions were better. How the threatened
hostilities between Russia and China will affect China's
and Lancashire's trade remains to be seen. Worth Street
was more active and firmer.
To-day prices advanced 50 to 68 points, as there were only
very moderate rains in parts of Texas and none at all where
they were most wanted. Also there were further and unwelcome rains east of the Mississippi River. The forecast
for Texas promised no rain; nothing more than cooler
weather in some parts of that State, with a tendency
towards cloudiness. In the Central and Eastern belts the
outlook was for showers. At one time early in the day there
was a moderate decline on weaker cables and some rain,
though generally light in parts of Texas, and a hope that
there was more to come. Later developments seemed to
dissipate that hope. The highest rainfall in Texas was 1.14
inches. Generally, the rainfalls were much smaller and
were confined to 10 stations out of about 70 reporting.
At 25 stations in Texas the temperatures were again 100 to
110 degrees. The Dallas "News" reported that while only
about a dozen counties are suffering from drought the time
is near at hand when the rest of the State will need rains.
A Boston report said that the condition of the belt is
declining; that the weevil damage has latterly increased
greatly in the Southern part of the belt. Wall Street, the
West, uptown and trade interests were understood to have
bought. Later on, profit taking clipped about 20 points
from the maximum rise. But the closing was steady at a
substantial advance for the day. Spot cotton advanced 35
points, middling reaching 19.20c. here, or a rise for the
week of 85 points. Futures shotv a net advanee for the
week of 82 to 94 points. The advance was greater at
one time.
Staple Premiums
60% of average of
els markets quoting
tor deliveries an
July 25 1929.
15-16
loch.
1-inch &
longer.
.28
.28
.28
.31
.31
.29
.83
.83
.88
.92
.02
.85
.28
.25
.25
.25
.24
.22
.22
.22
.22
.22
.21
.21
.70
.79
.28
.66
.66
.66
.66
.66
.64
.64
Differences between grades established
for delivery on contract July 25 1929.
Figured from the July 18 average quotations of the ten markets designated by
the Secretary of Agriculture.
Middling( Fair
White
Strict Good Middling-- do
Good Middling
do
Start Middling
do
Middling
do
Strict Low Middling.
do
Low Middling
do
Good Middling
Extra White
Strict Middling
du du
Middling
do do
Strict Low Middling__ do do
Low Middling
do do
Good Middling
Spotted
Strict Middling
do
Middling
do
Strict (lood Middling-Yellow Tinged
Good Middling
do do
Strict. Middling
do do
Good Middling
Light Yellow Stained
Good Middling
Yellow Stained
Good Middling
Gray
Strict Middling
do
.84 on
.65
.51
.38
Basle
.73 off
1.60
.51 on
.38
even
73 oft
1.60
.29 on
.01 off
.73
.04 off
.45
.92
108 off
1 42 off
.69 oft
1.08
Mid.
do
do
do
Mid
de
do
do
do
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:
July 13 to July 19Middling upland
Sat. Mon. Tues. Wed. Thurs. Fri.
18.25 18.00 18.35 18.90 18.85 19.20
MARKET AND SALES AT NEW YORK.
Spot Market
Closed.
Saturday___
Monday _ _ _
Tuesday _ _ _
WednesdayThursday __
Friday
Quiet, 10 pta. decl _ _
Quiet. 25 pta. decl _ _
.
Quiet,35 pt.. adv._ _
Steady,55 pta. adv
Quiet.5 pts. decl
Firm,35 pta. adv
Total
Since Aug. 1
505
FINANCIAL CHRONICLE
JULY 20 1929.]
Futures
Market
Closed.
SALES.
Spot. Conted Total.
Barely steady
Barely steady- _ -----Steady
Firm
Steady
Steady
7.200
200
300
600
100
600
100
7.200
7.200 1.000 8.210
186 758 655 50 • 94` 258
)
-The highest, lowest and closing prices at
FUTURES.
New York for the past week have been as follows:
Saltuday.
July 13.
Tuesday, Wednesday, Thursday,
July 17.
July 18.
July 16.
:Fawley,
..i.d,, 15.
Frit:cry,
July 19.
Juty17.65-17.85 17.60-18.00 18.0.5-18.60 18.43-18.75 18.44-18.98
Range__ 17.9518.50- 18.50
18.85Closing_ 17.90-17.65-18.00Aug.
- -- 18.00
Range __
18.6618.9718.6718.1517.75Closing_ 18.00Sept.
17.97-18.00
Range __
18.8219.1018.3018.8417.85Closing_ 18.10Oct.
18.01-18.15 18.01-18.49 18.53-18.93 18.91-19.08 18.95-19.45
Range_ 18.3119.01 -- 19.0018.4819.2718.01Closing_ 18.21Oa.(new)
Range__ 18.21-18.33 17.95-18.13 17.95-18.42 18.42-19.08 18.81-19.12 18.79-19.43
Closing_ 18.21-18.22 17.95-17.97 17.39-18.41 18.95-18.98 18.92-18.94 19.23-19.24
Nov.
Range __
19.0619.36Closing_ 18.35 -18.09 -18.50 -19.10Nov.(new)
19.18
Range__
19.3619.1019.0618.5018.09Closing_ 18.35Range__ 18.50-18.57 18.23-18.42 18.26-18.68 18.65-19.35 19.08-19.38 19.06-19.74
Closing_ 18.50-18.53 18.23-18.25 18.63-18.64 19.25-19.29 19.19-19.21 19.50-19.52
Jan.
Range__ 18.50-18.54 18.23-18.39 18.26-18.64 18.61-19.27 19.01-19.30 19.00-19.84
19.1419.4118.62-18.64 19.21Closing_ 18.51-18.52 18.24Feb.
Range-19.5019.2119.2718.34- 18.72
Closing_ 18.62Mar.
Range__ 18.72-18.76 18.44-18.62 18.46-18.84 18.83-19.43 19.17-19.48 19.20-19.81
19.6019.28Closing_ 18.72-18.45-18.81-18.82 19.34Apr.
Range....
19.69 -19.37- 19.34
18.5018.86Closing_ 18.77MayRange__ 18.81-18.85 18.55-18.69 18.56-18.95 18.93-19.50 19.33-10.57 19.35-20.00
19.7819.39-19.43 19.4018.5518.91 Closing_ 18.82June
Range...
Closing..
Range of future prices at New York for week ending
July 19 1929 and since trading began on each option:
Option for
July 1929_
Aug. 1929... 18.00
Sept. 1929__ 17.97
Oct. 1929._ 17.95
Nov. 1929._ 19.18
Dec. 1929_ 18.23
Jan. 1930._ 18.23
Feb. 1930
Mar. 1930_. 18.44
Apr. 1930
May 1930_ 18.55
Range Since Beginning of Option.
Range for Week.
July
July
July
July
July
July
15 18.00
16 18.00
15 19.45
18 19.18
1 19.74
15 19.64
July
July
July
July
July
July
July 1519.81 July
July 15120.00 July
17.70
15 18.00
16 17.97
19 17.95
18 18.35
19 18.23
19 18.23
18.82
19 18.44
18.71
19 18.51
July
July
July
July
July
July
July
July
July
July
Jolv
2 1929 20.95
15 1929 20.53
16 1928 20.63
15 1929 20.72
2 1929 20.38
15 1929 20.70
15 1929 20.66
10 1929 18.82
15 1929 20.25
9 1929 18.82
8 1010 90.00
Mar. 9
Mar. 6
Mar. 8
Mar.15
Mar.13
Mar.15
Mar. 15
July 10
Apr. 1
July 8
July 10
929
92)
92)
92)
92)
92)
02)
92)
92)
92)
wig
THE VISIBLE SUPPLY OF COTTON to-night, as n ads
up by cable and telegraph, is as follows. Foreign stocks 113
well as afloat are this week's returns, and consequei tly
all foreign figures are brought down to Thursday even ng.
But to make the total the complete figures for to-n ghb
(Friday) we add the item of exports from the United Sta.et,
including in it the exports of Friday only.
July 19Stock at Liverpool
Stock at London
Stock at Manchester
1929.
bales_ 759,000
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
Total Continental stocks
79,000
1927.
1928.
715,000 1.224.000
74,000
12,26.
850.C®
137,000
838,000
789,000 1,361,000
946.060
261,000
150,000
8,000
46.000
24.000
387,000
183.000
9.000
96.000
48,000
591.000
213.000
11,000
107.000
29.000
122.000
1.000
77,000
24,000
723.000
951,000
354,000
489,000
Total European stocks
1,327.000
India cotton afloat for Europe_ ._ 151.000
American cotton afloat for Europe 179.000
Egypt,i3razil.&c.,afloatfor Europe 120,000
Stock in Alexandria, Egypt
236.000
Stock in Bombay, India
1.061,000
Stock in U. S. ports
a605.830
Stock in U. S. interior towns_
a234,392
U. S. exports to-day
130,000
1,512.000 2,312.000 1.300.000
69.000
112.000 108.000
204.000 266.000 177,000
108.000 132.000 141.000
231,000 336,000 213,000
1,163.000 646.000 567,000
0694,450 0993,491 539,145
0356,443 a392,271 884,912
1.950
6,000
Total visible supply
3,914.222 4,382.843 5.191.762 3.891.057
Of the above, totals of American and other descriptions are as follows:
American
-
Liverpool stock
bales- 373,000 463.000 883,000
50,000 117.000
51.000
Manchester stock
Continental stock
407.000 665.000 897,000
American afloat for Europe
179.000 204,000 266,000
U. S. port stocks
0605,830 0694,450 0993,491
U. S. interior stocks
a234,392 a356.443 a392,271
6.000
U. S. exports to-day
1,950
Total American
1,850.222 2,434,843 3.554.762 2,440,057
East Indian. Brazil, ex.
-
Liverpool stock
London stock
Manchester stock
Continental stock
Indian afloat for Europe
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay. India
Total East India, &c
Total American
483.000
77.000
279.000
177.0a0
539.145
884,912
252,000
341,000
377,000
24.000
28,000
58.000
82.000
151.000 112,000
120.000 108.000
236.000 231.000
1.061,000 1.163,000
20.000
54.000
108,000
132.000
336.000
646,000
9.000
75.000
69.000
141,000
213.000
567.000
386,000
2,064.000 1.948,000 1,637.000 1,451,000
1.850,222 2,434.843 3,554,762 2,440.057
Total visible supply
3.914.222 4,382.843 5,191.762 3.891.057
Middling uplands, Liverpool-__ - 10.54d.
9.9Id.
9.934.
11.81d.
Middling uplands, New York
18.60c. 18.854.
19.20c, 21.20c.
Egypt. good Sakel, Liverpool::::18.006. 20.55d. 20.904. 17.504.
Peruvian, rough good. Liverpool_ 14.506. 13.504. 11.004. 16.004.
9.004.
8.70c1.
Broach. fine, Liverpool
8.804. 10.05d.
9.254.
Tinnevelly, good, Liverpool
9.404.
9.954. 11.004.
a Houston stocks are now Included in the port stocks: in Previous Years
they formed part of the interior stocks.
Continental imports for past week have been 93,000 bales.
The above figures for 1929 show a decrease from last
week of 215,180 bales, a lose of 468,621 from 1928, a
506
FINANCIAL CHRONICLE
[VOL. 129.
decrease of 1,277,540 bales over 1927, and a gain of 23,NEW ORLEANS CONTRACT MARKET.
-The closing
165 bales over 1926.
quotations for leading contracts in the New Orleans cotton
AT THE INTERIOR TOWNS the movement
-that is, market for the past week have been as follows:
the receipts for the week and since Aug. 1, the shipments for
Saturday, Monday, Tuesday, Wednesday, Thursday, Friday,
the week and the stocks to-night, and the same items for the
July 13.
July 15.
July 18.
July 17.
July 18.
July 19.
corresponding periods of the previous year, is set out in July
17.84-18.85 17.48 Bid 17.88 Bid 18.52 Bid 18.41 Bld 18.70 Bid
detail below:
August_ _ _
Movement to July 19 1929.
Towns.
1
Movement to July 20 1928.
Ship- Stocks
Receipts.
I Ship; Stocks
ks
Receipts.
ments. I July
men
Week. Season. Week.. 19. Week. I Season. Week. I 20.
Ala.,Birming'm
958 3,855
239 55,993
177
767
215 99,883
_
Eufaula
1 20,421
231 4,581
41 15,742
183 1,491
Montgomery.
450 7,213
234 58.581 1,320 6,942
182 78,820
Selma
494 5,096
77 57,781
277 1,588
124 58,911
Ark.,Blytheville
1 88,028
245 4,198
2 78,661
316 3,622
Forest City_ _
37,244
146 1,824
132 2.963
11 28,732
Helena
4 57,059
52,337
50 4,271
297 2,315
1,566
Hope
13 57,677
350
49,847
Jonesboro_ - _
42
32,364
36
979
33,272
745
469 5,588
Little Rock..
98 119,432
155 4,512
35 109,911)
782
7
232
48,708
200
Newport- _ _ _
47,802
120 3,761; "leo 125,892
300 8.386
Pine BiufL._
142,738
35,642
Walnut Ridge
1
333
30
839
2 39,121
1,538
1,577
Ga., Albany _ _
3,712
4,980
-566
100 51,001
Athens
32 29,582 -5643 2,557;
Atlanta
170 129,816 1,634 14,494
407 136,216 1,397 8,536
340 250,371 2,961 33,991 1,210 286,958 4,346 30,038
Augusta - - -200
473
Columbus _ _ _
400 7,989
300 51,621
200 53,486
Macon
41 54,622
457 1,442
33 1.777
155 69,105
35,946 2,500 6.755'
650, 8,609
425 40.581
Rome
434 7,3641
584: 9,490
78 145,849
204 98,642
La., Shreveport
MIss.,Clark'dale
39 148,680
308 4,658;
214 154,202 1,767. 15,127
Columbus.
803
31,305
36,088
243:
Greenwood _
190,868
942 9,271'
32,363
160,495
Meridian_ _ _
183
734
57 49,985
85
634'
9 41,358
118 34,985
228 11,108
Natchez.
125 1,528
37,200
Vicksburg. _
24,945
7
294'
243 1,530
18,150
2 39,345
Yazoo City._
256 1,307:
259 4,800
27.895
Mo., St. Louis_ 1,479 479,508 2,639 10,002 2;eio 381,823 2,818 2,508
501 27,310
N.C.,Greensb'o
673 9,120
132 29.911
268, 8,936
Oklahoma
48 772,945
1285 4,3641
405 745,574 2,272 14,602
15 towns*- _ _
S.C.,Greenville 3,412 239,882 4.461 25,693 2,816 333,187 7,570 19,643
Tenn.,Memphis 4,7801,812.090 10,417
5,200 1,500,410 15.065 89,783
58 46 :
'7
865
465
54,845
31 58,769
Texas, Abilene_
81 48,802
69.
255
239
190
2 26.870
Austin
Brenham_ __ _
22 35,614
260 2,264,5011
40 30,262
75 10,489
28 144.808
249 2
801 102,673 1,766 17,656
Dallas
1 91,174
1
144
95,
26 75.548
985
Paris
442
Robstown_
815 15,736
47
866i
29,785 -- -1
43,113
1,932
96 38.298 1,323 2,525
Ban Antonio.
46
Texarkana_ _
59 65,929
926'
100 59,096
500
794
312 1,9441
87 146,760
75 4,267
307 91,513
Waco
Total, 56 towns 13,3468,008,369 32,771234,392 16.0825,535,238 46,018358,493
*Includes the combined totals of 15 towns in Oklahoma.
The above total shows that the interior stocks have
decreased during the week 18,163 bales and are to-night
122,051 bales less than at the same time last year. The
receipts at all the towns have been 2,736 bales less than the
same week last year.
NEW YORK QUOTATIONS FOR 32 YEARS.
1929
1928
1927
1926
1925
1924
1923
1922
12.850. 1913
42.25c. 1912
36.550. 1911
33.600 1910
21.90e. 1909
12.950. 1908
9.25c. 1907
13.25c. 1906
'19.200. 1921
21.560. 1920
18.350. 1919
18.40c. 1918
24.500. 1917
32.50c. 1916
27.350. 1915
22.50c. 1914
12:10c.
12.800.
13.70c.
15.95c.
12.400.
11.00c.
12.95c.
11.00c.
1905
1904
1903
1902
1901
1900
1899
1898
11.10c.
BR:
9.38c.
8.44c.
10.000
6.25c'
6.19c.
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE AUG. 1.
-1928-29Since
'Filek Aut 1.
3
6
352
3,677
3,655
k
Ic
Ic
Ic
Ic
-1927-28---Since
Week. Aug. 1.
2,818
k
160
k
10
k
300
k
3,469
k
4,176
k
Total gross overland
10,837
Deduct Shipments
Overland. to N.Y., Boston, &c_ _ 627
Between interior towns
320
Inland, &c.,from South
9.108
k
10,933
k
k
k
k
737
315
8,646
k
k
k
k
9,698
k
July 19Shipped
Via St. Louis
Via Mounds, &c
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, &c
514
Total to be deducted
10,055
Leaving total net overland*--- 782
k
1.235
k
* Including movement by rail to Canada. k We withhold totals since
Aug. 1 so as to allow for proper adjustments at end of crop year.
1928-29----28
1927 --Since
Since
In Sight and Spinners'
Week.
Aut 1.
Takings.
Week.
Aug.
19,932
Receipts at ports to July 19
13,203
k
Net overland to July 19
k
1.235
782
k
Southern consumption to July 19-116,000
k
90,000
Total marketed
129,985
Interior stocks in excess
*18,163
Excess of Southern mill takings
over consumption to July 1_ .
_ _ ___
Ic
Ic
111,167
*29,889
Ic
Ic
Ic
Came into sight during week_--111,822
Total in sight July 19
--
k
81,278
North.spnn's's takings to July 19_ 18.844
k
14,755
k
* Decrease. k We withhold the total since Aug. 1 so as to allow for
proper adjustments at end of crop year.
QUOTATIONS FOR MIDDLING COTTON AT OTHER
MARKETS.
Closing Quotations for Middling Cotton on
Week Ended
July 19.
Saturday. Monday. Tuesday. Wed'day. Thursd'y. Friday
18.25
Galveston
New Orleans- _ 18.44
18.00
Mobile
18.11
Savannah
18.63
Norfolk
18.90
Baltimore
18.31
Augusta
17.45
Memphis
18.25
Houston
Little Rock_ --. 17.50
17.80
Dallas
Fort Worth_ _ _ _ ____
18.00
18.13
17.75
17.86
18.38
18.75
18.06
17.20
18.00
17.25
17.50
17.50
18.45
18.54
18.10
18.31
18.69
18.50
17.65
18.45
17.65
17.95
17.95
19.00
19.14
18.50
18.85
19.25
18.90
19.06
18.20
18.95
18.20
18.50
18.45
18.95
19.02
18.50
18.82
19.19
19.30
19.06
18.15
18.85
18.20
18.45
18.45
19.25
19.25
18.75
18.97
19.50
19.30
19.25
8.15
9.15
8.50
8.75
8.75
September
October
18.14-18.15 17.83-17.84 18.23-18.25 18.84-18.86 18.78-18.77 19.08-19.01
November
December 18.33-18.34 18.04-18.05 18.43-18.44 19.03-19.04 18.97-18.99 19.25-19.21
Jan_(1930) 18.33-18.34 18.06 Bid 18.44-18.46 19.04 Bid 18.98 Bid 19.28 Bid
February _
March
18.56 Bid 18.2818.68-19.22
19.13-19.15 19.49 April
May
18.61 Bid 18.35 Bid 18.76 Bid 19.30 Bid 19.22 Bid 19.60 Bid
June
July
Tone
Quiet
Quiet
Spot
Steady
Steady
Quiet
Quiet
nintinim
Rthadv
Rilmir,
Rtpady
RtAndy
fltAndr
fltanAn
CENSUS REPORT ON COTTONSEED OIL PRODUCTION DURING JUNE.
-Persons interested in this report
will find it in our department headed "Indications of Business Activity," on earlier pages.
CENSUS REPORT ON COTTON CONSUMED AND
-This report, issued on June 14
ON HAND IN JUNE, &e.
by the Census Bureau, will be found in full in an earlier part
of our paper under the heading "Indications of Business
Activity."
NORTH CAROLINA COTTON REPORT.
-The United
States Department of Agriculture at Raleigh, N. C., issued
on July 8 its cotton report as of July 1. Below is the report:
According to the United States Crop Reporting Board's cotton report,
released Monday, July 8, the North Carolina acreage as compared with last
year shows 101%, or a planted acreage of 1,911,000 acres. This carries
the State's acreage near to the record planted during the years 1924 to 1926.
The latter year was when the price went to 11.5 cents.
Inasmuch as weather conditions are the real determining factors in the
ultimate cotton crop, especially since the boll weevil has become the chief
enemy, the crop could be somewhat forecasted if long distance weather
forecasts were available and dependable. There are certain private organizations which attempt to forecast weather for the benefit of the "trade."
Some of these business services expect July to be hot and dry, with August
and September wet and cooler than usual. If this proves true, the North
Carolina crop will largely be made in July. With the boll weevil as prevalent as they are, the outcome of the crop is entirely problematical.
Looking at the North Carolina cotton acreage situation, we find the eastern belt shows about 98% as compared with last year's acreage, while the
Piedmont area indicates about 5% increase. The northern part of the
Coastal area shows a higher trend and it was this area that produced the
best cotton last year. The Piedmont counties suffered less than elsewhere
last year, which may partially account for its increase. The lower Piedmont belt, stretching from Hoke to Rutherford counties, indicates a 5%
increase. These particular indications are based on reports from the
acreage of 6,246 farms which reported their acreages for both years. This
gives a remarkable basis for determining a dependable trend.
In making up the cotton acreage indications for the Crop Reporting
Board, there were 32 indication figures available. These represented
16 different sources of data which is far more than any other cotton reporting
agency uses or has any possible opportunity of using. The best basis for
all acreage indications in North Carolina is the State Farm Census which is
now on a dependable basis, with something like 200,000 farms reporting
annually. After 11 years' experience most farmers are acquainted with it
and have learned to report dependably and to look on this in a helpful
rather than in a harmful farmers' service.
No forecast of production is permitted in July by national agreement.
The particular comments received indicated that there has been too much
rain; that the boll weevils are more prevalent than ever before, and that
appreciably less fertilizers have been used than usual. Cotton is late
(small) and the stand is irregular.
-Reports to
WEATHER REPORTS BY TELEGRAPH.
us by telegraph this evening indicate that the week as a whole
has been generally favoral?le for cotton in all sections of the
Cotton Belt. Rainfall as a rule has been scattered and
precipitation has been light to moderate. Cotton has
shown satisfactory progress. New cotton has started to
come to the markets from the extreme south.
Texas.
-Cotton has made satisfactory progress in this
State during the week, although condition of the crop is
still uneven, Some complaints of shedding and weevil are
heard.
Mobile, Ala.
-There was one heavy rain the early part
of the week, but the rest of the week has been favorable
and cotton has made good progress. Boll weevil have
caused considerable damage to young squares. Old bolls
are nearing maturity.
Memphis, Tenn.
-Cotton is making good progress.
Rain. Rainfall. -Thermometer
Galveston, Tex
1 day 0.01 in. high 90 low 79 moan 85
Abilene
dry
high 104 low 70 mean 87
Brenham
dry
high 98 low 68 mean 83
Brownsville
2 days 1.16 in. high 94 low 72 mean 83
Corpus Christi
3 days 1.74 in. high 92 low 74 mean 83
Dallas
1 day 0.02 in. high 100 low 76 mean 88
Henrietta
1 day 0.14 in. high 108 Iwo 72 mean 90
Keerville
dry
high 96 low 64 mean 80
Lampasas
dry
high 102 low 66 mean 84
Longview
dry
high 102 low 68 moan 85
Luling
1 day 0.06 in. high 98 low 72 mean 85
Nacogdoches
dry
high 94 low 70 mean 82
Palestine
dry
high 96 low 72 mean 84
Paris
dry
high 100 low 76 mean 88
San Antonio
1 day 0.28 in. high 96 low 72 mean 84
Taylor
dry
high 94 low 72 mean 83
Weatherford
1 day 0.72 in. high 104 low 68 mean 86
Ardmore, OkIa
1 day 0.06 in. high 101 low 71 mean 86
Altus
1 day 0.98 in. high 108 low 67 mean 88
Muskogee
2 days 0.20 in. high 99 low 70 mean 85
Oklahoma City
dry
high 104 low 72 mean 88
Brinkley, Ark
2 days 2.08 in. high 99 low 69 mean 84
Eldorado
1 day 0.45 in. high 98 low 73 mean 86
Little Rock
1 day 0.07 in. high 99 low 73 mean 86
Pine Bluff
dry
high 105 low 73 mean 89
Alexandria, La
2 days 0.78 in. high 97 low 71 mean 84
Amite
4 days 2.13 in. high 90 low 69 mean 85
Now Orleans
3 days 2.30 in. high -_ low __ mean 82
Shreveport
2 days 0.12 in. high 98 low 74 mean 86
Columbus, Misshigh 101 low 70 mean 86
Greenwood
3 days 2.73 in. high 100 low 70 mean 85
Vicksburg
3 days 1.18 in. high 94 low 73 mean 84
Mobile. Ala
1 day 0.14 in. high 91 low 72 mean 82
Decatur
2 days 0.43 in. high 92 low 71 mean 82
Montgomery
3 days 1.48 in. high 94 low 71 mean 83
Selma
4 days 3.07 in. high 98 low 70 mean 83
Rain.
4 days
3 days
5 days
2 days
2 days
1 day
2 days
2 days
2 days
2 days
4 days
4 days
4 days
2 days
Gainesville, Fla
Madison
Savannah, Ga
Athens
Augusta
Columbus
Charleston, S.0
Greenwood
Columbia
Conway
Charlotte, N.0
Newborn
Weldon
Memphis, Tenn
Rainfall.
1.06 in.
1.71 in.
3.99 in.
0.61 in.
0.60 in.
0.02 In.
1.12 in.
2.01 in.
0.32 in.
1.28 in.
0.69 in.
2.62 in.
2.81 in.
5.42 in.
high
high
high
high
high
high
high
high
high
high
high
high
high
high
Thermometer
93 low 68 mean 81
94 low 70 mean 82
93 low 69 mean 81
96 low 66 mean 81
96 low 66 mean 81
96 low 70 mean 83
89 low 69 mean 79
93 low 64 mean 79
92 low 66 mean 79
93 low 65 mean 79
94 low 63 mean 76
92 low 64 mean 78
92 low 57 mean 75
92 low 71 mean 82
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:
July 19 1929. July 20 1928.
Feet.
Feet.
Above zero of gauge16.3
9.8
27.6
22.7
Above zero of gauge_
0.5
Above zero of gauge_
11.7
Above zero of gauge12.9
9.8
31.9
Above zero of gauge_
48.9
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
507
FINANCIAL CHRONICLE
JULY 20 1929.]
-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.
ALEXANDRIA RECEIPTS AND SHIPMENTS.
-We
now receive weekly a cable of the movements of cotton at
Alexandria, Egypt. The following are the receipts and
shipments for the past week and for the corresponding week
of the previous two years:
Alexandria, Egypt,
July 17.
1928-29.
Receipts (cantars)This week
1927-28.
1,00018,060
inn
iCriFri-- 1
110
A eon gAl
R 1179
This Since
This Since
This Since
Week. Aug. 1. Week. Aug. 1. Week. Aug. 1.
Export (bales)-
- 181,702 ---- 161,961
- 180,917 4,750 174,060
8,000 498.166 5,000 419,931
- 185,702 ---- 115,155
To Liverpool
To Manchester, &c.
To Continent & IndiaTo America
1929. 1 1928.
At.
1926_
May
8-10__
17_
24__
31_
June
14._
21_
28_
July
5_
12_.
19_
1927.
-Our report received by
MANCHESTER MARKET.
cable to-night from Manchester states that the market in
yarns is firm and in cloths quiet. Stocks of yarns are accumulating. We give prices to-day below and leave those
for previous weeks of this and last year for comparison:
Stocks at Interior Towns. !Receiptsfrom Plantations
1929.
1928.
1927.
1929. 1928.
1927.
48,659 73,019131,290 679,205 803,203 889,925 16,515 40,861 98,792
57,351 72,882102,307 646,881 773,3811.541,773 25.027 43.060 38,190
56,917 92.378 86,136 615,322 737,026 824,696 25,358 59,006 50,162
51,241109,891 108,889
40 132110,912 89,089
27,000 84,323 73,651
31,129 59,759 67.486
30,429 54,183 68,264
564,848
512,890
481,152
446,703
418,598
691,224
849.289
620,320
587,760
558,886
784,478
742,667
710,044
656,451
.813,917
37.809
38,902
26,447
30,851
523,208
352,656
324.575
303,805
523,080
493,693
463,240
437,961
575,09.
534,914
503,000
471,669
24,368
17,318
18,466
13,090
56,037
51,460
45,396
36,843
765 64,089
68,977
55,354
27,199
2,319 25.309
Nil
N11
N11
Nil
2,083
9.535
N11
5.522
17,218
11,279
13.482
5.512
Nil
6,26s
Nil
10,789 36,994 38,801 276,723 407,726 449,131
30,36 27,419 34,623 252,555 386,332 412,498
13,203 19,932 30.270 234,392 356,443 392,277
68.471
47.278
41.028
13,893
25,730
6.759 16,263
6,025 Nil
Nil 10,042
__-- 231,944
5.500 195,448
4,250 412,980
---- 148.386
8,000 1,041,487 9,750 871,107 9,750 988.758
Total exports
Note.
-A cantar is 99 lbs. Egyptian bales weigh about 750 lbs.
This statement shows that the receipts for the week ending July 17 were
1,000 canters and the foreign shipments 8,000 bales.
1929.
Receipts at Ports.
Week
Ended
1926-27.
32 Cop
Twist.
1928.
81( Lb.. Shirt- Cotton
tags, Common MidelVe
Uprds
to Finest.
d. s. d.
April
- d.
12____ 15%016% 132
153441834 132
26.-._ 15 016 130
May
14)(015% 12.7
143401534 127
14%015% 12 7
1434@15( 127
14%015% 127
June
14%015% 127
14%015% 127
14%015% 127
14%013% 127
July
143401534 126
12...._ 14m 015J5 126
14X015% 127
834 Lb.. Shirt- Cotton
ing., Common mace
to Finest.
UpFels.
32s Cop
Twist.
s. d.
@134
(0134
@130
d.
d.
d. e. d.
s. d.
10.89 153(01734 14 0 014 2
10.69 15%0174 14 0 014 2
10.23 16 017% 14 1 014 3
a.
11.11
013 1
@131
013 1
@131
@131
10.02
10.08
10.26
10.11
10.20
2
3
3
3
3
014 4
014 5
014 5
014 5
014 5
11.60
10.08
11.71
11.46
11.47
@131
@131
@131
013 1
10.27 16 017% 14 3
10.33 16 017% 14 2
10.25 16%017% 14 3
10.33 1634 @1834 14 6
014 5
014 4
014 5
015 0
11.45
11.39
11.65
12.49
@130
@130
@131
10.28 17 @113H 14 6 015 0
10.21 17 01854 14 6 015 0
10.54 163401834 14 2 014 4
12.53
12.14
11.81
l634@178( 14
1634 01784 14
16 9017% 14
16 017% 14
16 017% 14
11.25
11.61
The above statement shows: (1) That the total receipts
SHIPPING NEWS.
-As shown on a previous page, the
from the plantations since Aug. 1 1928 are 8,979,399 bales;
in 1927-28 were 8,284,291 bales, and in 1926-27 were 12,237,- exports of cotton from the United States the past week have
102 bales. (2) That, although the receipts at the outports the reached 59,958 bales. The shipments in detail, as made
past week were 13,203 bales, the actual movement from up from mail and telegraphic reports, are as follows:
Bales.
plantations was nil bales, stocks at interior towns having LOS ANGELES-To Manchester-July 10-Atlantic.50
50
decreased 18,163 bales during the week. Last year receipts
To Japan-July 12-Mayebashi Maru, 275
275
-To Liverpool
NEW YORK
-July 9
-Scythia, 2,210---July 12
from the plantations for the week were nil bales and for
3.485
Adriatic, 1,275
1927 they were 10,043 bales.
-Malayan Prince. 1,000
To China-July 13
1.000
-July 13
-Helen, 1,883
To Barcelona
1,883
-President
-Karlsruhe, 382-July 15
To Bremen-July 15
WORLD'S SUPPLY AND TAKINGS OF COTTON.
Roosevelt, 1,625
2.007
The following brief but comprehensive statement indicates
To Genoa
-July 13
-Exhibitor,1,004
1.004
To Stockholm-July 17-Malaren,50
50
at a glance the world's supply of cotton for the week and
HOUSTON-To Havre-July 12
-West Tacook.64
64
since Aug. 1 for the last two seasons from all sources from
To Bremen-July 18-Yorck, 95
95
To Rotterdam-July 12
which statistics are obtainable; also the takings or amounts
-West Tacook,100
100
-July 12
-West Tacook,121
To Ghent
121
gone out of sight for the like period:
To Murmansk-July 16-Ovre,
17.095
Cotton Takings,
Week and Season.
1928-29.
Week.
Season.
Visible supply July 12
4,129,402
Visible supply Aug. 1
American Insight to July 19
111,822
Bombay receipts to July 18
21.000
Other India ship'ts to July 18._..
16,000
Alexandria receipts to July 17
200
Othersupply to July
16,000
Total supply
Deduct
Visible supply July 19
1927-28.
Week.
Season.
4,589,709
81,278
29.000
21,000
200
10.000
4,294,424
k
4.731,187
3.914,222
k
4,382,843
380,202
Total takings to July 19_61
348.344
268.002
Of which. American
253,144
Of which other
112.200
95.200
Estimated. k We withhold the totals since Aug. 1 so as to allow
Proper adjustment at the end of the crop year.
INDIA COTTON MOVEMENT FROM ALL PORTS.
1928-29.
July 18.
Receipts at
Week.
1927-28.
Week.
Since
Aug. 1.
1926-27.
Week.
Since
Aug. 1.
2l,00013,289.000 29,000 3,441,000 37,000 3,141,000
Bombay
For the 1Veek.
Exports
from--
Since
Aug. 1.
Since August 1.
Great I Conti- Japan &
Great 'Conti- Japan&
neat.
China.
Total.
Britain. nerd. China. Total. Britain.
Bombay
1928-29._ 4,000 26,000 26,000 56.0001 69,000, 817,0001,721,000 2,607,000
18,000 19,000 37,000' 92,000: 679,0001,323,000 2,094,000
1927-28._
6,000 21,000 27,0001 22,0001 381,0001,573,000 1,976,000
1928-27-OtherInclis16,000: 123,000, 580,000
16,000
703,000
1928-29-21,0001 114,500, 546,000
660,500
1927-28_ 1;050 20,000
7,000 56,000., 433,000
489.000
1928-27_ 4,000 3.000
Total all
1928-29.. 4,000 42,000 26.000 72,0001 102,0001,397,0001,721,000 3,310,000
1927-28- 1,000 38,000 19,000 58,000, 206,5001,225,0001,323,000 2,754,500
1928-27._ 4,000 9,000 21,000 34,000 78.000 814.0001,573,000 2,465.000
According to the foregoing, Bombay appears to show a
decrease compared with last year in the week's receipts of
8,000 bales. Exports from all India ports record an increase
of 14,000 bales during the week, and since Aug. 1 show
an increase of 555,500 bales.
17,095
To Genoa-July 15-Monstella, 2,618
To Japan-July 16--SIngaporeMaru,2,122
To China-July 16
-Singapore Meru_ 276
GALVESTON-To Bremen-July 11-West Moreland, 1.781......
To Genoa-July 16-Monstella, 2.522
To Rotterdam-July 11
-West Moreland, 650
To Japan-July 16
-Singapore Meru, 2,235
To China-July 16
-Singapore Maru. 774
NEW ORLEANS
-To Barcelona-July 13-Cardenia, 200
To Liverpool-July 15
-American Press, 416
To Manchester-July 15
-American Press, 150
To Bordeaux-July 15-Krong, 200
To Bremen-July 15
-City of Weatherford. 4,829
To Hamburg-July 15
-City of Weatherford, 801
To San Felipe-July 12-Abangarez, 100
To Guayaquil
-July 13-Parisimina, 125
To Japan-July 16
-Liberator, 530
To China-July 16
-Liberator, 900
SAVANNAH-To Bremen-July 16-Spreewald, 250
To Hamburg
-July 16-Spreewald, 502
To Liverpool
-July 15
-Coldwater, 903
Manchester
-July 15
-Coldwater, 1,481
MOBILE-To Liverpool
-July 10-Afoundria,5
To Manchester-July 10-Afoundria, 135
NORFOLK
-To Liverpool
-Coldwater,350
-July 16
To Manchester-July 16-Coldwater, 1,500
To Bremen-July 16
-Westfalen, 4.800
BALTIMORE
-To Havre-July 13-Cellamer, 1,574
•
2,618
2.122
276
1,781
2,522
650
2,235
774
200
416
150
200
4.829
801
100
125
530
900
250
502
903
1,481
135
350
1,500
4,800
1.574
59,958
COTTON FREIGHTS.
-Current rates for cotton from
New York, as furnished by Lambert & Burrowes, Ino., are
as follows, quotations being in cents per pound:
High
StandDensity. ord.
Liverpool .45c. .60o.
Manchester .450. .600.
Antwerp .45o. .600.
Havre
.310. .460.
Rotterdam .45o. .600.
Genoa
.500. .650.
Oslo
Stockholm
Trieste
Fiume
Lisbon
Oporto
Barcelona
Japan
High
StandDensity. ant,
.500. .650. Shanghai
.60o. .750. Bombay
.500. .65o. Bremen
.500. .65c. Hamburg
.45c. Mo. Piraeus
Mo. .750. Salonica
.300. .450. Venice
.63%0. .783(o.
High
Stand,
Density. ard.
.683(0. .83)(o.
.600. .750.
.450. .600.
.450. .600.
.750. .900.
.75o. .900.
.500. .650.
LIVERPOOL.
-By cable from Liverpool we have the following statement of the week's sales, stocks, &c.,at that port:
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
June 21. July 5.
July 12. July 19.
31,000
33,000
28,000
20,000
17.000
17,000
15.000
9,000
2,000
2,000
1,000
1,000
59,000
58,000
58,000
52,000
824,000 797.000 777,000 759,000
458.000 428,000 400.000 373,000
30,000
41,000
27,000
31,000
10,000
8,000
5,000
8,000
128,000 121,000 119.000 129,000
20,000
19,000
19,000
21,000
508
FINANCIAL CHRONICLE
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
[VOL. 129.
added fuel to the flame. Winnipeg was 62c. higher than
on May 30. Bulls news came from everywhere at once.
Canada's crop was estimated privately at 300,000,000
bushels, of 200,000,000 less than last year's. Exporters
Spot.
Saturday, Monday,
Friday,
Tuesday, Wednesday, Thursday,
bought more freely. Washington wired, July 15: "An inMarket,
crease of 15 to 25c. a bushel in the price of wheat over last
12:15 {
Dull.
Dull.
Dull.
Quiet.
Quiet.
Quiet.
year is held a possibility by the Department of Agriculture
P. M.
in its crop condition report issued to-day. The world's
Mld.UpFds
10.23d.
10.54d.
10.176.
10.326.
10.50d.
10.07d.
carryover of wheat, the report stated, appears to be about
Sales
4,000
100,000,000 to 125,000,000 bushels in excess of the carryover
5,000 .
3,000
5,000
4,000
4,000
on July 1 last year, but it was added that weather and crop
Adores.
{ Steady
Steady
Steady
Barely st'y Steady
Quiet
Market
2 to 4 pta.6 to 7 pta. 7 to 8 pia. 12 to 15 pta 16 to 20 pts 2 to 4 pta. condition reports to July 12 indicate that the world's wheat
opened
advance,
decline,
decline.
advance, advance.
decline,
crop may be about 325,000,000 bushels less than last year.
Market.
Q't unch'd
Quiet
Q't but st'y
Barely st'y Q't but Sty This would leave the supply about 200,000,000 bushels less
Quiet
2pts.adv.to
4
1 101 Pt. Sob0 pta. unch'd to 2 16 to 21 pta 17 to 20 pts 1 pt. decl. than last year. The world's carryover on July 1 was placed
P.M.
decline,
pta. dee!. advance. advance.
decline.
Prices of futures at Liverpool for each day are given below: at from 100,000,000 to 125,000,000 bushels in excess of the
421,000,000 bushels accounted for on July 1 last year. Most
of the increase was said to be in this country. The stocks
Fri.
Tues. I Wec. 1 Thurs. 1
Sat. 1 Mon.
July 13
on farms were estimated at about 45,000,000 bushels, as
to
12.15 12.30 12.15 4.0012.151 4.0012.15 4.0012.1514.0012.151 4.00
July 19.
P. m.F. m.p. m.P. m.p. m.p. m.p .m.p. m.p. m.p. m.P. m.D. m. compared with 24,000,000 last year, while the commercial
visible was placed at 96,000,000 against 42,000,000 in 1928,
d.
d. Id.
d. Id.
d. I d.
d.
d.
d. I d.
d.
9.81 9.77 9.73 9.67 9.73'9.02 9.94 10.10110.11 10.14 10.13 an increase of 75,000,000 bushels in these two positions.
-JUW
,
August
9.78 9.74 9.60 9.64 9.681 9.86 9.88 10.05 10.06 10.08110.07 But the threatened shortage
from drought in Canada, the
Se ptember..
9.78 9.73 9.68 9.6 9.671 9.8 9.87 10.04 10.04 10.0610.05
•October
9.771 9.72 9.671 9.66 9.651 9.83 9.85 10.02 10.03 10.05;10.04 Dakotas, Montana, Argentina and Australia and the wet
November
9.75, 9.70 9.65 9.58 9.63 0.81 9.83 10.00 10.02 10.0810.03 harvest in the
Southwestern sections of this eountry were
December -9.771 9.72 9.67 9.60 9.651 9.82 9.84 10.01 10.03 10.04110.04
January (1930)
9.78 9.73 9.68 9.61 9.661 9.83 9.85 10.01 10.03 10.04 10.04 the outstanding features.
February
9.79, 9.74 9.69 9.62 9.671 9.8 9.86 10.02 10.04 10.0510.05
On the 16th inst. hot, dry weather in Canada and dry
March
9.83, 9.78 9.73 9.6 9.711 9.88 9.90 10.06 10.09,10.08 10.08
April
9.83 9.79 9.74 9.67 9.721 9.88 9.9010.06 10.09,10.08 10.08 weather in the American Northwest and bad crop reports
May
9.851 9.80 9.75 9.68 9.731 9.89 9.9110.06 10.09110.09110.09
9.84 9.80 9.75 9.68 9.78 9.87 9.89 10.05 10.09110.08110.08 from both caused a rise for a time of 5 to 8c. in Winnipeg,
June
.July
9.84 9.80 9.75 9.68 9.73. 9.88 9.9010.0 10.09;10.08110.08 but this was followed by a break of nearly 10c. on reports
of rains in Canada and heavy liquidation. The rains turned
out to be light showers. Temperatures In Canada were up
BREADSTUFFS
to 100 degrees. The ending on the 16th inst. was at a
net decline in Chicago of 1% to 1%c. and % to Ific. in
Friday Night, July 19 1929.
Flour was tending strongly upward of course with the Winnipeg. There was rather large hedge selling by the
rise in wheat prices. But this does not mean that there Southwest, and the weather was ideal for harvesting there.
was any great increase in trade. The sales indeed were The foreign news on crop conditions was favorable except
disappointing. Not only domestic business but export trade for Germany and the Balkans, where crop production was
seemed to fall far short of what could have been desired, at said to be below expectations. Liverpool closed Yid. lower
,
least as far as outward appearances went. Prices were to 713d. higher. Buenos Aires, following an advance of 12e.
_advanced sharply, but the trade was still on only a moderate the day before, declined 1% to 1%c. There was a private
estimate of 800,000,000 bushels for the United States of all
scale.
Wheat advanced on drougth and heat in the American wheat, or 103,000,000 less than last year, while with Canada's
Northwest and Canadia and reduced crop estimates. There approximate total of 300,000,000 bushels the total North
has been a 13:g and exerted speculation at home and abroad. American crop would be 1,100,000,000 bushels as against
On the 13th inst. Chicago had the remarkable advance of 1,411,000,000 produced last year. At the same time, with
5% to 5%c. on bad crop reports from Western Canada an unprecedented crop movement in the Southwest and
.and the American Northwest and enthusiastic buying on a exporters buying liberally, the visible supply of wheat in
Ng scale of July. Within a month wheat has risen 35 to 36c. the United States Is now the largest ever known at this
,Corn 18c. and oats 9c. from the low of the season. Rye season, i.e., 102,000,000 bushels against 41,000,000 last year.
On the 17th inst. prices advanced 8% to 8%e. at Chicago,
has advanced 25c. July wheat in Chicago reached $1.29,
4
.September $1.34%, and December $1.40. The close on the with Winnipeg up 8% to 87 3c. Northwestern and South13th inst. was practically at the top. Advances in the out- western markets were also very strong. Cash wheat prices
side markets were about the same as in Chicago. Buying in the Southwest in some cases advanced 15c. September
for export by New York, Baltimore and Buffalo houses was wheat at Chicago was within a fraction of $1.50 a bushel,
largely the cause of the rise. Crop news from the American while July at Winnipeg sold at $1.77. All prices touched
and Canadian Northwest was more bullish than ever. Re- new highs for the season. Crop news from both sides of
ports of deterioration were insistent and incessant. The the border in the Northwest was decidedly bullish. Further
Dakotas sent as bad news as Canada. Estimates on the deterioration was reported owing to the continued hot, dry
West Canadian crop ranged from 275,000,000 to 325,000,000 weather. Some reports even stated that general rains even
bushels, against 451,000,000 the record harvested last year. now would be too late to help a large acreage. Liverpool
Some estimates of the Dakotas and Montana averaged 146,- cables were higher than due. The weekly Government re000,000 bushels, against 176,000,000 the last Government port was unfavorable. The rise in wheat in six weeks up to
estimate, 172,000,000 by Murray, and 240,000,000 last year. the 17th inst. was 50 to 55e. on drought, heat and had crop
Winnipeg wired that the certainty over the week-end of a news generally from the American Northwest and Canada.
-dry Western Canada, where rain was badly needed in most Temperatures were at 100 degrees in Western Canada.
On the 18th inst. prices ended 3 to 3%c. lower. Violent
parts, helped to lift prices. Floods in the Southwestern
Winter belt of this country added to the confusion and the fluctuations were still a commonplace. An early decline of
212c. was followed by a rally of nearly Sc. But
/
a'reaction
rising tendency in prices. Also drought in Argentina and
followed, owing partly to reports of rains, especially
Australia added its spur. One report said that the Sasin
Southern Argentina and a forecast of rains In the
katchewan district made a very poor showing, due to
Dakotas.
B. W. Snow said that after an extensive trip he
was condrought. The report stated that the crop has been going
vinced that the crop has suffered severely. Exporters
back recently in spite of sufficient surface moisture for the
were
not buying much. Liverpool was disappointing.
last several weeks, and added that recent crop deterioration
To-day
prices declined 3% to 4y on prospects of rain.
4c.
was due partly to cool nights, approaching frost. From
Minnepresent appearance the North American crop is to be short. apolis and Winnipeg were 4 to 5%c. lower. Prices fluctuated over a wide range. At first they were stronger
Sonic of the enthusiasts see no reason why the price should
on
not again reach $2, but it is a far cry to that level. Eurbpe better cables than due, generally dry weather in the Northwest, unfavorable crop advices from Argentine and
has a fair crop, but the prospects, not only for North AmerAusica but for the Southern Hemisphere, are at least dubious. tralia, and a bullish Canadian Government crop statement.
With prices rising in the United States and Canada, foreign Reports of disappointing yields in Nebraska and Montana
markets are obediently rising. But the advance has been also helped the early advance. A recession of about 6c.
so remarkable within a month-that cool heads are advising from the high took place later, however, on heavy profit
caution. Froin tile present outlook the Federal Farm Relief taking and selling by commission houses. A forecast for
Board may have no very difficult work ahead of it. As showers In the Northwest and a low barometer in Canada
the case stands, decreased crops may offset the big carry- caused considerable selling and liquidation. Other bearish
factors were the large Southwestern movement, slow export
over.
the 15th Inst. prices advanced 8c. In Chicago, 13 to 15c. trade, and reports of an embargo in Galveston, where 4,000
On
in Winnipeg with a temperature of 90 degrees, and 8c. in cars are on tracks. The Canadian Pacific Railway issued
Liverpool on bad crop news from Canada and the American a more favorable report than some others. Light to good
Northwest. Predictions were again heard of $2 wheat. rains were said to be falling in parts of Canada. Final
Since May prices are up 42c.. Corn touched $1.00% for July. prices show an advance for the week, however, of 13%
Excitement was high. July in Chicago ended at the high to 13%c.
point of the day. Reports of drought in Argentina and
DAILY CLOSING PRICES OF WHEAT IN NEW
YORK.
Sat. Mon. Tues. Wed, Thurs. Fri.
Australia and of a big strike of dock workers in Argentina No.2red
152
162
160
159X 157k 152M
JULY
20 1929.]
FINANCIAL CHRONICLE
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
July
129
137% 136% 144% 141% 137%
September
13456 14234 140% 149% 145% 141%
December
139% 14754 13656 15456 15134 148%
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG.
Fr%
Sat. Mon. Tees. Wed. Thurs. Fri.
July
155q 166% 167% 17654 17356 1 8
6
October
148
15956 159
16754 16434 160%
December
144
155% 154% 16334 160
15534
Indian corn has followed wheat upward. On the 13th
inst. prices, spurred by the rise in wheat, advanced % to lc.,
.despite good weather to all appearance, a better outlook
for the crop, and the expectation of increased offerings
shortly. Many who were bulls in wheat were bears in corn.
On the 15th inst prices advanced 3 to 5c., pulled upward
largely by wheat. September touched $1.03. There were
charters for 550,000 bushels to Buffalo and Georgian Bay.
The country took advantage of the advance to sell 260,000
bushels to arrive. The weather was favorable, but shorts
-covered heavily, overawed by the wheat advance. On the
16th prices ended 1 to 1%c. lower as wheat weakened, and
there was scattered selling by commission houses and local
traders. The weather was very favorable for the crop,
which is making rapid progress and catching up on some of
its lateness. Offerings of corn to arrive were on a fair
scale, but there is a rather good demand, and the outside
markets also reported a good demand. Some new corn was
.also being offered.
On the 17th inst. prices rose 3 to 4e. with wheat higher.
Commission houses were good buyers. Arrivals were small.
There was a fair shipping demand in Chicago and at outside points. Crop news was generally favorable, but the
forecast pointed to rains, which are not wanted. On the
18th inst. prices were very irregular, closing 1% to 2c. lower
-on heavy realizing. Weather conditions were very favorable
for the new crop, although high temperatures in the extreme
Southwest caused comment. It was 110 in Texas and Oklahoma. Country offerings to arrive were fairly large. Shipping demand was not aggressive. Offerings will, it is believed, increase on advances, but the weather will bear
close watching. To-day prices ended % to lc. lower in
sympathy with wheat. There was an active trade. The
weather was favorable. Country offerings were small,
however, and the movement moderate. Cash demand was
fair. Final prices show an advance for the week, however,
•of 3% to 5%c.
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No.2 yellow
11234 11634 117% 120% 118% 118%
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sal. Mon. Tues. Wed. Thurs. Fri.
July
9534 100 10854 10254 101
100
September
98% 102% 11154 1053 103% 102%
December
9334 96% 11654 9834 9734 97
509
to 5%c., closely following the rise in wheat, especially as the
crop outlook for rye is also far from satisfactory. On the
15th inst. prices advanced 10Y,c, or 15c. in two days, in
sympathy with the rise in wheat, but outdoing it as crop
news from the Northwest continued to be bad, and the crop
is estimated at only about 40,000,000 bushels, if it is as large
as that. It is the smallest for some years past. The rise
was considered one of the sensations of the day. The fact
did not escape attention that on the 15th inst. the rise in
rye was greater than that in wheat. But while this was true,
crop reports continued to be very unfavorable. There was
no particular demand for cash rye. On the 16th inst. prices
closed unchanged to 41
,4c. lower, with wheat down, profit
taking heavy, some stop orders caught, and no particular
cash demand. On the 17th inst. prices rose 3% to Sc.,
following the advance in wheat and other grain. Long
lines which were recently liquidated were replaced. Crop
reports were generally bad. On the 18th inst. prices closed
11 to 1Y
4
2c. lower, following wheat. An early rise met
with considerable profit taking. There was a lack of
demand. To-day prices ended 5% to 5%c. lower. Rains
in the Northwest, a slow foreign demand, and the sharp
decline in Winnipeg were the depressing influences. Final
prices show an advance for the week, however, of 8% to
15%c., the latter on July.
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
10054
10854 112
nog
10416 11534 11134115% 113% 108%
110
12056 12034 12154 120
114%
July
September
December
Closing quotations were as follows:
GRAIN.
Oats, New York
No. 2 white
6035
No.3 white
151
5936
Rye, New York
118%
No.2f.o.b
118%
117% Barley. New York
Malting
8434
FLOUR.
Spring pat.high protein-98.65 39.05 Rye flour, patents
$7.05(428.25
8.05 8.85 Semolina No.2, pound_
Spring patents
5c.
Clears,first spring
7.65 Oats goods
7.15
2.900 2.9$
Soft winter straights-- 6.65
7.15 Corn flour
2.90@ 2.95
Hard winter straights__ 7.30
7.65 Barley goods
Hard winter patents-- 7.65
8.15
Coarse
3.60
Hard winter clears
7.00
6.55
Fancy pearl Nos. 1,2.
Fancy Minn. patents--10.00 10.50
3and 4
6.590
City mills
9.95010.65
For other tables usually given here, see page 481.
Wheat, New YorkNo.2red,f.o.b
No.2 hard winter,f.o.b
Corn, New YorkNo.2 yellow
No.3 yellow
152g
The world's shipments of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange,for the wee
ending Friday, July 12, and since July 1 1929 and 1923,
are shown in the following:
Wheat.
Exports.
1929-30.
Cern.
1928-29.
1929-30.
1928-29.
Oats did not respond at all emphatically to the rise in
Week
Since
Since
1Veek
Siam
Since
July, 1.
July 12.
July 1.
July 1.
July 12.
other grain. The weather was good and the country offerJuts; 1.
ings large. On the 13th inst., with wheat up 5 to 6c., oats
Bushels.
Bushels. Bushels.
Bushels,
Bushels.
Bushels.
Amer_
137,000
335,000
looked to corn rather than to sensational wheat for guidance, North Sea- 7,820,000 16,512,000 16,997,000 64,0
Black
120.000
8.000
332,009
and advanced only % to '%c. net. On the 15th Inst. prices Argentina... 4.289,000 9,577,000 5,819,000 2,997,000 9.181,000 17,354,600
Australia__ 1,176.000 2,720,
2,456,000
advanced 2 to 214c. under the Impetus imparted by the rise India
/
432,000
in other grain. Oats were more active. They are still 0th. countes 661.000 1,344,000 1,312,000 578,000 1,216,000 799,000
called cheap. Country offerings were much larger and
Total
13,949,000 30,273,
27,024,000 3,639,000 10.534,000 19.920,000
more than 500,000 bushels were reported as having been
WEATHER BULLETIN FOR THE WEEK ENDED
bought to arrive. The United States visible supply de-The general summary of the weather bulletin,
creased 368,600 bushels. There was considerable comment JULY 16.
about estimates of a sharp reduction in the Canadian crop issued by the Department of Agriculture, indicating the inthis year. On the 16th Inst. prices declined lc. net, with fluence of the weather for the week ended July 16, follows:
Rainfall during the week was
light to
the weather good for the crop and country offerings rather moderate in amount, but at the mostly of a local character andfrequent
name time showers were rather
large. The cash demand was not at all urgent. It came in some sections, especially in much of the Ohio Valley. Early in the
week good rains occurred in parts of the far Southwest, including extreme
mostly from elevator people. On the other hand, old factors western Texas and sections of New Mexico and Arizona, and at the same
heavy showers were reported in the southern Plains area, and
were stressed that oats are cheap compared with other feed time locally Northwest
later in the
and upper Mississippi Valley.
the period
grains and that crop reports from the Northwest and Canada there was a reaction to considerably warmer weather Early infar Northin the
west, and about the middle higher temperatures prevailed in the interior,
Indicate a heavy decrease.
but the latter part was cooler in Central and Northern States east of the
On the 17th inst. prices advanced 2 to 2%c. In sympathy Great Plains.
Chart I shows that the temperature
with the rise in other grain. The consumptive demand was tions of the country, except that plus averaged close to normal in all secdepartures were rather large
better and the shipping sales from Chicago were liberal. west-central Great Plains and parts of the far Northwest, while thein the
week
was about
Country offerings were large and a larger movement of Elsewhere 3 degrees cooler than normal in the lower Rio Grande Valley.
the weekly mean temperatures ranged generally from 1
oats is expected shortly. The Kansas State report 2 degrees below normal to 1 degree or 2 degrees above. Maximum degree or
new
temperatures of 100 degrees, or higher, were
north-central Nebraska
was bullish. On the 18th inst. prices ended 1 to 1%c. lower and southern Arizona. while maxima reported fromoccurred
of 98 degrees
at a number of
with other grain. The weather in the Southwest was very stations in the Great Plains section.
II shows that the weekly
favorable for harvesting. There was considerable selling in Chart places from Tennessee andrainfall was moderate to rather heavy
most
the southern Appalachian Mountains
by commission houses as well as local traders. Country northward: also in parts of the upper Mississippi Valley and locally in the
Great Plains. Most
however, had light
-offerings continue large and the demand from consumers amounts were scantyof the latter area, elsewhere, except inrainfall, and the
to only moderate
parts of the fax
was not really urgent. To-day prices closed % to 1%c. Southwest. West of the Rocky Mountains the week was practically rainless.
Showers brought some relief
areas
Northwest,
with other grain off. Late reports of rains in parts especially in South Dakota, but to limitedof this of the dry little or no
lower
the most
section had
of Canada also had their effect. So did the weakness in rain and unfavorably droughty conditions continued, particularly in much
Montana,
northern Rocky MounWinnipeg. Final prices, however, are 1% to 2c. lower than of North Dakota,the upper and the central andwell-distributed rains in
tain States. In
Mississippi Valley
substantial amounts occurred, and the cooler weather the latter part of
a week ago.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No.2 white
5954 6156 6054 6234 6134 6036
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
4634 48q 47q 4934 4856 4734
July
47
• September
49
48
5034 4834 48
December
50
52
51
5454 5254 5154
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG.
Sat, Mon. Tues. Wed. Thurs. Fri.
61
July
6456 66% 6954 68
66g
•october
63% 6756 69
72% 7036 68%
December
61
65% 67
7056 68% 6751
Rye was higher with wheat, especially as rye crop reports
were not favorable. On the 13th inst. prices advanced 43
the week was favorable for spring oats. while good growing weather prevailed from the Ohio Valley northward, except in some central valley
sections where additional rains were unfavorable, especially on lowlands.
In the middle and north Atlantic areas conditions were fairly favorable,
on the whole, but grass lands and many cultivated crops need rain locally,
though temperature conditions were mostly favorable. Throughout the
South the week was generally favorable, except for too much rain locally in
Atlantic sections, and a need of moisture on some uplands in the east
Gulf area and in northern Louisiana and southern Arkansas.
Practically no rain occurred in Oklahoma and the northern half of Texas
which, with favorable temperatures and abundant sunshine, made a good
growing week in this area. Showers were helpful in the far Southwest, but
more rain is needed in a great many places, while ranges are becoming very
dry in most of the Great Basin. Cooler weather was helpful to citrus in
southern California. In the northeastern Winter Wheat Belt there was
some interruption to harvest by frequent rains, but conditions were somewhat better than last week, while elsewhere harvesting and threshing made
fairly good progress.
510
FINANCIAL CHRONICLE
SMALL GRAINS.—Winter wheat harvest has become general north
to the Lake region and Nebraska, with favorable weather in western
sections, but variable in eastern. In the Ohio Valley cutting was interrupted
in many places by rains, with some reports of local damage to wheat in
shock, but fair advance was made generally; threshing has begun in the
lower valley areas. In the trans-Mississippi States considerable wheat
was beaten down by wind and rain in Iowa, but harvest is most finished
in the southern half; cutting is completed in Missouri, with threshing under
way. In the Great Plains favorable'weather prevailed and good advance
was made generally, except in parts of Kansas; threshing has started in
Nebraska. Winter wheat deteriorated in Montana, due to continued
dryness, but elsewhere in the West satisfactory advance was made, with
harvest beginning in the Pacific Northwest.
Spring wheat continued to need rain badly in the northern part of the
belt, with further deterioration noted in North Dakota and Montana:
some fields in the latter State are beyond recovery, and early wheat is
ripening too rapidly in the former. Moderate to heavy rains in South
Dakota, except In a few local areas, were very helpful; early fields are being
harvested. Condition and progress were mostly fair in Minnesota, though
in some dry central and western parts the crop deteriorated and is in poor
to very poor condition, with some fields plowed under; spring wheat is
filling well and beginning to turn in Wisconsin. Oats are filling to the
northern border States and harvest has begun north to Pennsylvania and
South Dakota; some were blown down in Iowa, but rains were of much
benefit in South Dakota. Rye and barley harvests have begun in South
Dakota and Minnesota. Early flax is in bloom or boll stage in North
Dakota. but late-sown has deteriorated somewhat. Rice made excellent
progress in Louisiana, with the early crop heading, and grain sorghums
are mostly good in Kansas.
CORN.—Another good corn-growing week was experienced rather generally in the principal producing sections. Temperatures were favorable,
and moisture conditions mostly so. It continued too wet in parts of the
Ohio Valley, especially on lowlands, and excessive rains were harmful in
a few local areas of the central and western belt, while rain is needed in
western Kansas and more moisture would be beneficial in some places to
the northward. Corn, grew rapidly, as a rule, in practically all sections
and, while the crop is still uneven, early fields are now tasseling to the
northern border States. There are still complaints of considerable weediness in the eastern belt, but cultivation is now mostly fair. The bulk of
the crop has been laid by in Iowa, while much is tasseling in northern
Illinois.
COTTON.—There was too much rain in some northeastern sections of
the Cotton Belt, but elsewhere, except in very local areas, precipitation was
mostly light to moderate in amount, though rather frequent In southern
Texas. Temperatures were mostly near normal. On the whole, the week
was favorable for the growth ofcotton. There was too much rain in northern
North Carolina, on some lowlands of Florida, and in southern Louisiana
and southern Texas, but, on the other hand, the warm, dry,sunny weather
in the northwestern part of the belt was very helpful.
Reports from all States, except northern North Carolina, indicate that
the weekly progress was good to excellent, although only fair advance was
indicated in a few east Gulf districts where considerable shedding was
reported. The crop, however, continues uneven,and there were complaints
In south Texas of shedding and poor fruiting, with dampness favorable for
weevil and picking and ginning interrupted; late cotton is beginning to need
-central and northwestern parts of the State.
rain in some west
(VoL. 129.
agement in the markets for textiles. The settlement of
the garment strike in the woolen division, and the opening
of further men's wear tropical 1930 lines by the leading
producers have resulted in active business. New and unusually attractive treatments of next year's tropical lines
have elicited an enthusiastic response from buyers, while
the return of the garment workers to their machines has
been just in time to take full advantage of the spurt in
demand for women's wear fabrics for the Fall season.
Stocks are reported as exceptionally low, and several of
the mills have secured premiums for spot merchandise, •
while others were reported to have sold their output for the
next four weeks. The market is apparently in healthy
condition and the outlook holds considerable promise. Cottons have likewise been in a better position to take advantage of the needs for the coming season, as higher raw
cotton prices, coupled with small stocks and the furtherance
of curtailment plans has led to a more optimistic undertone
and a larger volume of business However, although orders
are better, they are not quite as large in sizes as some would
like to see. This is chiefly due to the disinclination of the
buyer to place his order, and the hesitancy of the seller to
dispose of his goods until more is known concerning the
new cotton crop. Nevertheless, business is expanding and
prospects for the future are bright.
DOMESTIC COTTON GOODS.—Higher raw cotton prices,
resulting in firmer cloth quotations, has led to better sentiment and business in the domestic cotton goods markets this
week. Buyers are beginning to come into the market for
both Initial and duplicating business on a larger scale, and
with stocks said to be the lowest in some years, the outlook
is for a fairly successful season despite the various obstacles
which have recently presented themselves. Meanwhile, curtailment of production has made further progress and, according to some factors, it is much larger than is commonly
supposed, as will be shown, it is expected, by the coming
monthly figures to be published covering the condition of
The Weather Bureau furnishes the following resume of sales and stocks.
It is quite apparent that producers are
the conditions in the different States:
now pretty well agreed as to the necessity of regulating
Virginia.—Richmond: Frequent moderate to heavy showers interrupted
threshing and hay harvest; wheat in shock damaged in some localities. supply to demand and, as a result, have been steadily
Corn, tobacco, and cotton made good growth; corn good to excellent and whittling down their
output in a substantial way. Natutobacco and cotton improved; condition fair to good.
North Carolina.—Raleigh: Conditions favorable for growth and cultiva- rally, the extent of curtailment varies with the type of
tion in south, but too much rain in north for cotton, tobacco and peanuts.
Progress of cotton poor to only fair in north, but mostly good in south; goods in question, the condition of stocks, their popularity
favorable for increasing weevil activity. Heavy rains caused considerable and selling appeal. Estimates range between 25 and 85%
damage to tobacco, some wheat in shock, and hay. Corn good to excellent
of normal, according to the cloth and its statistical position.
advance; other crops doing well.
South Carolina.—Columbia: Progress of cotton very good, with marked According to present plans, these mills intend to continue
improvement on good soils and in small, weak plants on sandy land; crop
setting squares, bloom, and bolls well generally, and poisoning active. to curtail on about the present scale for the remainder of
Corn vigorous and in all growth stages, from germination to roasting ears.. the Summer, which should result in price stability, a thing
Tobacco curing continues, with grade good to excellent.
Georgia.—Atlanta: Except for a few local excessive showers in south, most needed and desired by the trade in order to bring
week generally decidedly favorable for most crops. Cotton clean, well about a more profitable basis. Meanwhile, the recent hot
cultivated, and thrifty in appearance and being laid by; progress excellent
and plants now nearly normal size; blooming rapidly and fruiting well, weather succeeded in substantially reducing retailers' and
with some full-grown bolls In south. Growth of corn very good; old mostly distributors' stocks, which are now in need of replenishment.
laid by and fodder pulling commenced. Cured tobacco of good grade
With this end in view, buyers have been coming into the
mostly stored In warehouses.
Rorie/A.—Jacksonville: Progress of cotton fair; condition fair and locally market, and more are expected over the next
fortnight.
good; too much rain on lowlands, which was favorable for weevil activity
locally; picking in central. Corn good, except on wet lowlands. Showers The outlook for the industry is now much better than it
delayed haying. Favorable for sweet potatoes; dryness in some localities
resulted in good cultivation of peanuts, cane, sweet potatoes and late corn. has been for some time and a survey recently conducted
Alabama.—Montgomery: Corn, potatoes, truck, pastures and minor by the National Association of Cotton Merchants shows that
crops mostly doing well, but needing rain in some sections; fruits poor in
most sections. Progress and condition of cotton mostly fair to good; the style popularity of cottons is definitely on the increase.
crop laid by in some sections of south; considerable shedding locally in Permanent exhibitions of the possibilities, usage and style
more southern counties and some central sections; weather favorable locally
for weevil activity in south and central portions where also a few com- attractiveness of both cotton and cotton mixtures, such as
plaints of not fruiting satisfactorily.
the one now being conducted at Atlantic City by one of the
Mississippi.—Vicksburg: Progress of growth and cultivation of cotton
generally good. Progress and cultivation of corn fair, with growth poor leading mills, is doing much to popularize the cloths and
In many upland localities where soil dry. Progress of pastures poor to fair. build up good will for the industry. Print cloths 28-inch
Louisiana.—New Orleans: Generally excellent for crops, though corn
needing rain locally. Progress of cotton very good to excellent; condition 64x60's construction are quoted at 5%c., and 27-inch 64x60's
generally very good and fruiting progressing satisfactorily; frequent rains at 5%c. Gray goods 39
-inch 68x72's construction are quoted
favorable for weevil activity in south, but much successful poisoning accomat 8%c., and 39-inch 80x80's at 10%c.
plishing. Rice and cane continue excellent progress; early rice heading.
Texas.—Houston: Frequent showers in south, but mostly fair In north.
WOOLEN GOODS.—The settlement of the garment strike
Progress of pastures, late corn, truck, and minor crops spotted; poor in
drier sections, but good over most of State; condition mostly good. Thresh- and the resumption of work, the large
scale operations of
ing small grains made good progress and well advanced. Rice progress
and condition fair to good. Growth of cotton mostly very good, but buyers who had failed to contract for needed merchandise
showers favored weevil activity in south where some complaints of shedding prior to the strike and now find
themselves without sufand late fruiting very poorly; generally favorable in north, although late
beginning to need rain locally in west and northwest; crop healthy and ficient merchandise on hand to meet demand, and the furwell rooted and general condition averaged fairly good; frequent rains un- ther openings of 1930 tropical lines by
producers were the
favorable for picking and ginning in extreme south.
Oklahoma.—Oklahoma City: Clear skies and hot, dry weather favorable features of the markets for woolens and worsteds. Adfor staple crops. Winter wheat harvest progressed rapidly and practically ditional openings
of the tropical lines, which included those
finished, except in extreme northwest; threshing well advanced; grain yield
continues light. Progress of corn generally very good; mostly well culti- of the American Woolen Company, were highly satisfactory
vated; condition spotted, but averages fair in east and very good in west.
Progress of cotton very good; cultivation fair in east and good in west; to buyers, especially in their attractiveness and variety.
early squaring and blooming, but bulk of crop two weeks or more late; With favorable prices, it is believed that the
introduction
condition spotted, ranging from generally rather poor to fair in east and
of these distinctive stylings and ingenious weavings will
good to excellent in west.
Arkansas.—Little Rock: Progress of cotton excellent in all sections: prove a combination that will
considerably widen the market
squares and some bloom in north, but both plentiful in central and south;
crop clean and well cultivated and making excellent growth; condition very for these Summer cloths next year.
good. Progress of corn poor to fair; too dry in south.
FOREIGN DRY GOODS.—As has been the case for some
Tennessec.—Nashville: Progress and condition of corn excellent; threefourths laid by. Winter wheat threshing progressing; condition of some time past, linen markets have continued more or less quiet
excellent, but other very poor. Progress of cotton very good, but late; with
orders small and confined to fabrics for which there
squaring and blooming well; needs rain. Spring oats improving.
Kentucky—Louisville: Favorable, except too wet in blue-grass region is a seasonal demand. The latter include
such chief conand locally in west; shocked grain damaged and threshing and cultivation
of crops retarded in wet districts; also much complaint of tobacco rust. sumer hot weather requisites as linen dresses, sultings and
Progress of corn excellent; early tasseling and condition very good, except knickers. Purchases have been kept
down as much as
late weedy in northeast. Growth of tobacco mostly excellent.
possible and buyers have not appeared to be kindly disposed
toward the question of future deliveries. Nevertheless, sentiment is hopeful concerning the future. Burlaps have
THE DRY GOODS TRADE
again lapsed into dullness, owing to disquieting labor diffiNew York, Friday Night, July 19 1929.
culties at the Calcutta mills. Besides this, the lull in the
Advancing security and produce markets, firmer levels bag trade, accumulating spot stocks, and
the widening spread
for raw cotton, wool and silk, coupled with the arrival of a between spot and future prices, also form formidable barlarge number of buyers to begin operations on the new riers to better markets. Light weights are quoted at 0.10c.,
season's lines, have been the sources of considerable encour- and heavies at 8.10-8.15c.
FINANCIAL CHRONICLE
JULY 20 1929.1
511
Rate. Maturity. Amount. Price. Basis.
Name.
Page.
4.50
4% 1931-1959 182,000 100
4357-Everett, Mass
4.50
434 1931-1959 800,000 100
4357--Everett, Wash
24.000
1929-1938
6
160.-Enid, Okla
6.00
425,000 100
1935
6
4191-Fairlawn, N. J
160-Falling Springs Road Dis---110,000 100
trict, W. Va
MUNICIPAL BOND SALES IN JUNE.
4.93
1935-1944 d150.000 100.41
5
316_ _Payette Co., la
5.50
534 1930-1969 149,000 100
160-_Fisher Co., Texas
We present herewith oui detailed list of the municipal bond
6,500 ------ -1932-1944
Drain. D., Ore.6
4191__Fishtrap
60,000 100.99 4.33
1930-1944
issues put out during the month of June, which the crowded 4191-Fitchburg, Mass.(2 iss.) _4
1930-1946 432.000 100.001 4.62
4
4042-Flint, Mich
condition of our columns prevented our publishing at the 4042__Flint, Mich
1947-1954 168.000 100.001 4.62
4
200,000 100.52 4.44
1942
4j
4042-Fond du Lac, Wis
usual time.
67,000 96.02 5.93
1930-1949
5
-Forest Grove, Ore
160
3,000 ------ ---1936
4
The review of the month's sales was given on page 157 4191__Fort Madison, Iowa
11.560 100.56 5.39
1930-1939
5
4191-Fostoria, Ohio
of the "Chronicle" of July 6. Since then several belated 4042--Franklin Co., Ohio (3 iss.)5X 1930-1939
79,330 100.40 5.16
77,615 100.47 5.12
June returns have been received, changing the total for the 4191__Franklin Co., Ohio(2iss.)531 1930-1939
5.00
1935-1944 200.000 100
.Fremont County, Iowa_ _5
month to $149,243,535. The number of municipalities 4358..
100,000 97.02 5.50
531 1932-1959
4042--Gadsden, Ala
20.000
1931-1940
5
issuing bonds in June was 412 and the number of separate
160.-Galt, Mo
4.75
50,000 100
160-Garden City S.D.. Kan-4X 1930-1949
issues 534.
H. S. D.,
Rate. Maturity. Amount. Price. Basis. 4358--Garden Grove
Name.
35,000 100.29 4.97
Page.
1930-1947
5
Calif
86,000
434 1933-1944
158-_Accomack Co.. Va
S. D.
5
-. 16 4358„Garfie1d Co. Con.
6.00
1935-1944 450,000 100
.18.000 100
1930-1939
4355--Adams County, Iowa -5
6
No. 102, Wash
19,323 100.17 5.23
4356-AkronCity S. D., Ohio
531 1930-19.39
160--Geauga Co., Ohio
5
1930-1949 500,000 101.33 4.84
(2 las.)
160-Georgetown,Eaton & Nel5.17
65,000 100.34
4039-Albany, N.Y.(8 Ise.). 434 1930-1969 3,224,500 102.06 4.30
son S. D. No. 1, N Y_.53j 1931-1962
5
1929-1953 100,000
93,000 100.13 4.48
4040--Alcorn Co., Miss
4358-Gibson Co. Ind.(6iss.)-434 1930-1940
4.50
3.000
4355-Aldon Twp. S. D.,Iowa_5
31,900 100
3877-Gibson Co.,Ind.(2 iss.) _434 1930-1939
5
98,000 101.03 4.70
1932-1934
12.000 100.33 5.94
4040-Allen Co., Ind
1930-1939
6
1930-1949 247,000 101.81 4.80 4192-Gibsonburg, Ohio
ra City S.D., Cal-5
125,000 98.86 4.68
4355-Alhamb
.
4358--Gastonbury Conn.(2iss)434 1930-1949 r60.000 100
6.00
1943-1947 250.000 100.009 4.49 4042_01adwin Co , Mich
4335-Allegany C.. N. Y
1930-1935
6
bitt 1930-1939
5.77 4042-Glen Cove,N.Y
30,000 98.71
158-Anniston Ala
431 1931-1954 300,000 102.10 4.55
ta
40,000 100.06
-,, 4192__Glendale S. 13., Ohio
4040-Arcadia,
72,000 101.04 4.88
1929-1952
-5
6.24
42.000 99.29 4.88 4358__Grand Junction, Colo 6
1932-1939
4040 Arkansas City, Kan
d75.000 98
1949
5.00
45,000 99.29 4.88
1930-1939
4040__Arkansas City,Kan.(2iss) 5
3.850 100
1930-1939
5
160- Grand Rapids, Ohio
6
1932-1935 3,000,000
4040--Asbury Park, N. J
Grant Co. S. D. No. 8,
317
6.00
4189-AshtabulaCo.,Ohio(2iss.) 5X 1930-1937 103,540 100.54 Iiii
10,000 100
1932-1941
6
N.Max
4.42
4.50
158...Atlanta, Ga.(2 issues).--434 1930-1956 2.000.000
40,000 100
434 1930-1944
6.00 3877-Grant Twp., Ind
1931-1932 2,630,000 1°.55
100
3875-Atlantic City N.J.(3iss.)-6
26.110 100.51 5.93
1939
6
Pass,
4.75
5.00 4192-_Grants n Co., Ore
17,000 100
1931-1947
4356-Atlantic Heands N.J.-5
431 1952-1958 300,000 100
Tex
4358-Grayso
4.50
1930-1944 256,000 100.08 5.99 4358-Great Barrington, Mass_434 1930-1934
4040_ -Audubon, N. J. (2 Ise.).-6
23,000 100
5.00
6
25,776 100.88 5.80 4042. Great Springs, Ohio
1930-1939
4356-Avon Lake, Ohio
1,800 100
1930-1938
5
---4040--Baca Co. Con. 8. 13. No.
1949-1958 200.000 5
4042_ Greene Co., Tenn
4.50
45
1932-1956
31,500
5. Cole
62,700 100
1930-1940
4358-Greene Co., Ind.(4 iss.)-4
5
5,000 100
1931-1935
250.000 101.60 ---315-Baldwin. Wig
4
Pa
1937-1945 4,630.000 96.23 4.41 4042-_Greensburg, Miss
30.000 100.13 -4189-Baltimore, Md.(2 iss.)--4
5
5
1930-1952
85,000 100.49 4.95 4192-Greenwood Miss
30,000 100.33 ---4356-Bangor S. D. Mich
5
5.00 4192-Greenwood,
5
48.000 100
159..Bardstown, Ky
1932-1950 r20,000 ------ ---5
3878--Grover, Colo
4040-Beroda Twp. S. D.No.2,
1933-1959 135,000 100.42 4.65
4.70
Co.,
Mich
53( 1932-1959
18,000 100.32 5.23 4043--HamiltonN. C N. Y
75,000 100.45 ---5
4358-Hamlet,
6.00
3875-Batavia, N. Y.(3 Us.) 431 1930-1944 123,227 100.03 4.74 4358Hammon, Okla
27,500 100
6
4189--Battle Creek,Mich.(2iss.)4 X 1931-1942 300.000 100.73
55,000 100.05 4.49
1935-1952
4192-Hampton Twp.S. D.,Pa.434
6
3875-Beeville, Tex
16.500
1930-1934 164,539 100.30 5.61
5
160-_Hamtramck, Mich
3875-Belle Fourche S.D.,S.Dak5X 3-20 years 115,000 100.41 'KM
2.100
1930-1931
5
160-Hancock Co.. Ohio
4356--Beltrami Co.. Minn
6
112,793 100.00 6.00
7,850 100.06 7511
1930-1937
4189-Bensalem Twp. S. D.,Pa 43( 1934-1959 150,000 100.40 4.73 4358-11ancock County, Ohio--5
87.575 100.06 4.99
1930-1938
County. Ohio 5
---4189-Benton Co., Iowa
5
1932-1942 242.000 101.26 4.82 4192-Hancock
9,800
4358__Harris. Iowa
3875-Bethel S. D. No. 3, S. 0.6
4.50
22,000 104.56 5.55 4358-Harrison Co.,Ind
1935-1949
12,000 100
434 1930-1941
4040-Bethlehem Corn. S.D.No
3 N. Y
4.70
5
49,500 100.28 4.97 4358-Harrison S. D. No. 2,
1930-1954
N.Y
431 1930-1949 200.000 100.23 ---4.00
4040...Blair Co., Pa
4
1938-1949 300,000 100
50,000
4043-Harrodsburg, Ky
4356-Bolivar, Genesee & Clarks250,000 100.14 --4358-_Ilattiesburg, Miss
531
ville S. D. No. 1, N.Y.
300,000 1930
Hawthorne, N. J
(2 iss.)
1930-1955 499.200 100.16 4.98 4043-..Hempstead 8. D. No. 28.
5
3875-Bourbon Co., Kan
434 1930-1934 150,000 97.15 5.54 4358..
N.
34 1939-1969 155.000 100.42 5.40
3876-Bridgeport, Conn.(5 iss.)4% 1930-1959 525.000 100.95 4.42
170,000 100.46 4.86
Y5
4.99 3878.._Hennmtead S. D., N. Y_4.90 1931-1950
36,000 100.01
4040--Bristol, Tenn.(2 iss.) ---5
1930-1949
---8.000
1939-1943
4192- _Highland Irr. Dist.. Wash6
25,000
3876--Brownwood, Tex
6
15,000 ------ ---1931-1934
4043- _Hillsdale Co., Mich----60,000 100
4040.
.Bryan Tex
1930-1959 285,000 100.20 4.73
4358- _Hillsdale S. D. Mich--__4X
4356--Buckeye Water Con. &
161-Hood River Irr. Dist.,
6.76
1939-1958 270,000
Drain District, Ariz..--5
r4,000 94
1940
Oregon
6
4.50
4040-Buffalo, N. Y
4.40 1930-1949 1,000.000 100.34 4.35 4043-Howard Co., Ind
6,950 100
434 1930-1940
1942-1949 375,000 101.67
4040-_Burlington, Vt
5.00
434
20,000 100
1933-1034
5
161_ _Howard Co., Ia
4.94
1935-1944 300,000 100.32
4190.-Butler Co., Iowa
4.50
5
38,500 100
4192--Hutchinson, Kan1-10 yrs.
4x 1930-1941 300,000
159-Caltunet, Mich
75,000 98.69 4.77
4192-Hutchinson, Kan
lil 1-10 yrs.
2,000,000
1934
5
4041-Camden Co., N. J
1945-1959 10000,000 93.77 4.42
4192-Illinois (State of)
4
95,100 100.03 5.74
159-_Campbell, Ohio (2 las.).-5X 1930-1939
1932-1934 3,000,000 96.94 4.83
4359-111inois (State of)
4
50,000
431 1930-1949
4041-_Canandalgua, N. Y
1940-1944 200,000 100.27 4.95
5
76.844 100.57 4.93 4359__Iowa Co., Iowa
1931-1945
4190-Canton, Ohio (2 iss.)-_ -5
161-Iredell Co., No. Caro. (2
60,000 101.10 4.65
4 1940-1949
315__Canton Slt. Dist., Ill_ _ _43
5.00
Issues)
5
1931-1957 270,000 100
431 1934-1959 1.000,000
4190--Carbon Co., Pa
25.000 100.80 ---4192-_Isaac S. D. No. 5, Ariz 534
315-.Carbon Co. S. D. No. 18,
500,000 ------ -- -4193._Jackson County. Mo---.434
1949
25,000
Wyo
534 1935-1954
___ _
30,000 100
161-Jackson Co., Miss
5.98
50,000 100.04
1930-1934
6
159-Carnegie, Okla
--- 30,000 100
161_ _Jackson Co ,Miss
25,000
-5X
4356„Carnegie S. D., Okla.
161-Jacicson Co S D.No.73.
4.75
4,000 100
159-Castle Grove S. 13., Ia ___4X 1931-1934
16,000
Oregon
534
159-Chapel Hill Grad. S. D.,
---6
1933-1950 r18,000
5.44 4359--Jasper, Ala
15,000 100.51
No. Caro
534 1932-1949
---13.700
-- 1930-1939
10.000 100.90 4.90 4043-Jay Co., Ind. (2 iss.)
1-17 years
Oak, Ia. (2 iss.) _5
315-Charter
4359--Jefferson County Ala-- _ -- 1950-1952 250,000 100
12,000 100
159-Cheraw S. D., So. Caro.- -- 1931-1934
.
5
--66
1930-1952 250.000 100
6
161--Jefferson Co., Ala
4190 -.Chicago, Ridge Ave. Park
2,200.000 100.03 5.29
1932
5.30
4043-Jersey City, N J
1932-1948 150,000
Dist. Ill
5
5,680 100.28 4.45
434 1930-1939
4359-Johnson Co., Ind
73,000 100.65
4 X 1930-1934
4041-Chicopee, Mass
1931-1944 326,000 100.20 4.92
4041-_Cincinnati, Ohio (4 iss.)..4 M 1930-1959 950.000 100.57 4.43 4043--Johnston Co.,N.C.(2 iss.)5
1930-1959 100,000 97.50 5.23
5
4193-Kaufman Co., Texas4190-Clark Co. S. D. No. 56,
8,000 100.27 5.96
1933-1940
5.50 4043--Kenn Camp S. D., Calif_6
2,100 100
5%
Wash
90,000 97.03 5.72
Va
534
5
1990-1944 200,000 100.45 4.93 3878--Kenbridge,Md. (2 iss.)-.434 1939-1959 1,000.000 98.03 4.86
4041-Clayton Co., Iowa
1930-1944
Co.,
5.00 4193-Kent
15,000 100
1931-1944
4041-Clear Lake S. D., Wash..5
60,000 100
161_ _Kerrville lnd. S. D. 'rex
...... -- 1935-1944 d300,000 100.40
4190--Clinton Co., Iowa.
41.
4% 1932-1935 250,000 98 30 --95
Co.. Wis
35,600 101.51 75
1930-1990
1.Og 4193-KewauneeInd. S. D.,
4356-Clinton Co., Ind
45.000 100.77 ---4044„Keystone
Ia-43‘
75,000 100.25
4357-Coatesville, Pa
434 1930-1954
4.48 4044-Kinderhook 8. D. No. 1.
100.41
Pa
1959
15,000
434
4041-_Collingsdale,
1930-1959 133,000 100 11 4.99
5
N. Y
4190-Colonle S. D.No.2,N.Y.5. 0 1933-1949 148.000 100.52 5.34
434 1931-1949 500.000 100.04 4.49
6.00 4044__Iiing Co., Wash
1931-1945 r12,000 100
815__Columbia Heights, Minn_6
5.00
50.000 100
1945-1949
5
4359-_Klamath Falls, Ore
5
159-COnway Co., Ark
1932-1949 117,000 100
4041-Council Bluffs, la.(2iss.) 43( 1930-1948 261.000 101.15 4.61 4044-ICossuth Co. Dr. Dist.
5.00
5,500 100
1933-1939
No. 86, Ia
• 5
Co., Iowa
100.10 4.98
5
1940-1944 300,000
4357-Crawford
7,200 101.65 4.67
1930-1940
5
4193La Grange Co., Ind
4041--Creek Co. S. D. No. 5,
47.000 100.54 5.60
5.75 4359Lancaster, N. Y.(4 iss.)-531 1930-1939
11,000 100
Okla1934-1944
161-Lane Co. S. D. No. 69,
159
1_ CUIVr City Calif
E
75,000
1930-1954 '
5.25
36,000 100
Oregon
531 1930-1939
-Custer Co. /3. D. No. 43,
_59
6.00 4044-Lansing and Delta Twps.
. 6
35,000 100
Mont
75,000 100.73 4.94
1930-1959
S. D. No. 1, Mich
5
159-Dark Hollow Drain Dist.,
50.000 100.76 ---4360.-Lapeer Co., Mich
534 1-10 yrs.
39.000
Ark
5.00 1930-1942
r19,000
4n
161_ - Lattrel, Neb
1935-1944 200,000 100.12 1.68
5
159-Davis Co., Iowa
5.06
70,000 100
161_ -Laurens,So. Caro. iss.)-5
(2
4.72
12,280 101.41
1930-1939
5
4357-Daviess Co. Ind
161--Lavaca Co. R. 1). No. 4,
4041-Dawson Co. S. D.No.78,
50,000 100
Texas
5.50
% 1934-1939 r17,000 100
Mont
100.10
4.75 4360-_Lawrence Co., Ind1930-1939 122.000 100.30 Zia'
:X 1940-1944 249,000 100
4041-Decatur Co., Iowa
15,000
4.68
1930-1939
4360-_Lawrence Co., Ind
21,000 101.32
1930-1939
5
4190--Decatur Co., Ind
318_ _Lea Co. S. D.'s, N. Max.
5.40
26.000 103
6
1931-1939
4357-_Delaware, Ohio
7,750
1932-1937
2 issues)
100.000
1933
5
'wp.. Ill
_Denviller
31650,000
4193-Leola Ind. S. D.,S. Dak-534 1932-1949
6,000
4100__Detroit Sch. Dist., Tex
5:66 4193-_Lewis Co. S. D. No. 23,
2,000 166.... 159-Dimond Twp., No.Dak.- - 1930-1932
d9,000 100.10 5.45
Wash
534 2-15 yrs.
6.50
10,000 loo
2 yrs.
160-..Divide Co., No. Dalt----634
102
10,000
1931-1940
5.64
4044__Lewisburg, W. Va__ _ _ _ _6
4191-Dona Ana Con. Sch. Dist.
50,000 100.47 4.95
1930-1949
5.75 4193--Linn Co. S. D.No.5,Ore.5
16,000 100
5X 1932-1947
No. 21, Tex
225,000 100
4193-Litchfield S. D., Minn_ A
4.00
4.50
90,000 100
4191-Dormont Sch. Dist., Pa _4% 1934-1958
7,000 101.35
534
161Livermore, Calif
5.00
18,000 100
1930-1969
160-Dougherty S. D., Tex--5
5.25 4044-Lookout Mountain,Tenn.
13,600 ,101.11
534 1930-1944
4191-Dover, Ohio
150.000 100
5
(2 issues)
5.00
4X 1930-1939 100.000 101.05 4.53
4357--Duluth, Minn
1930-1945 115,000 100.37 4.94
5
35.000 100.75 4.91 4360-Lorain Sch. Dist., Ohio 5
1932-1949
4191-Dunn Co., N.L)
6
1932-1939 800,000 ---------4044...Los Angeles, Calif
160-Durham Public Sch. Dist.,
1932-1959 250,000 101.59 4.86 4044__Los Angeles Co.,Lynwood
5
No. Caro
Sch. Dist., Calif
5
1930-1967 103,000 101.96 4.84
90.000 101.05
4191-Easley S. D.No. 13, 8.0.534
1930-1944 234,000 100.17 4.97 4044 ..Los Angeles Co., San
4191-Easichester, N.Y.(2 iss.)5
Gabriel S. D., Calif_ -.5
65,000 101.19 4.83
1930-1954
(3 issues)--53i 1932-1956 275.000 101.36 5.12
4357-Ecorse, Mich.
5
1932-1939
4044--Lowell, Mich
65,000 100.05 4.99
6
1963-1964 r20,000
4042- _Edinburg, Tex
5
60.000 100
1942-1954
5.00
5:66 4193--Lusk S. D., Wyo
45.000 166---- 1934-1950
-El Campo Ind. S. D,Tex.5
160
4193--Luzerne S. D., Iowa-- 5
4.000 100.62
4.50
1930-1948 149,000 100
4357-Elkhart County, Ind„...4
4,000 100.62 4.75
1930-1933
8,000 100.28 4.44 , 162-Luzerne Ind.S. D.,Iowa-5
1930-1950
-Elkhart County, Ind....4
4357115.000
1930-1949 100.000 100.05 4.74 I 162-_Lyman S. D., Neb
4357-Empor1a S. D., Kan
162- Lytle Ind. S. D.,Tex_ _5
20.000 100
1766
6.65
534 1931-1934 d400,000 95
3877-Eugene, Ore
!Rate anQ1tjptpartiment
Itt
Iti
512
FINANCIAL CHRONICLE
[Vol,. 129.
Page.
Name.
Rate. Maturity. Amount. Price. Basis. Pane.
Name.
Rate. Maturitv. Amount. Price. Basis.
4360__Macomb Co., Mich
5(
74.000 101 10
4106-Saginaw, Mich
4
1930-1934 500.000 100
4360--Macomb Co.. Mich
4.50
534 2-10 yrs.
135.500 100.08
4363_ _Salem, Ohio
1931-1940
4193.-Madison, S. Dak
16,811 100.32 5.44
5
1932-1949
50.000 100.25 4.47 4196_ _Salinas, Calif
1930-1964 350,000
.Madrid. Potsdam & Wad3878.
4363-.San Bernactino H. S. D.,
dington Sch. Dist. No.
Calif
1930-1936
95.000 100
1, N. Y.
4.50
1931-1955 115,000 100.34 4.97 4048-Scott Twp.S. D.,Pa..-1
5
1929-1945
4360Mamaroneck S. D.No 1,
34,000 100
4.25
163-Seattle Local Impt. Dist.
N. Y
4.90 1934-1959 200,000 100.23 4.87
No. 4786, Calif
534 1930-1939 170.617
3878--Maricopa Co. S. D. No.
4363__Selma, Ala
6
15.000 100
1To
5, Ariz
531 1935-1949
25.000 100.80 5.18 4363.._Selma, Ala
6
31.000 100.75
4360--Marietta, Ohio
534 1930-1939
22.000 100.18 5.20 4363__Selma, Ala
6
23.000 100.77
4193__Marion, N.0
54 1932-1951
,
15,000 100.74 5.87
163__Soymour Sch. Dist., Mo12,500
4360__Marion Co., Ind
534 1930-1939
45.200 102.05 4.56 4363-_Shaker Heights, Ohlo
5
1930-1939 339.360 100.36 5.18
4814-Marion Junction, B. Dak_5
1942-1949
15,000 100
5.00
322_ _Shelby Co., Ind. (2 iss.)-4
1930-1910
60.240 100
4.50
4360--Marion, N. Dak
5
1931-1939
7,000 160
5.00
322Shelbr Co., Ind
454 1930-1940
2.880 100.24 4.45
319_ _Marshall Co.,Ind
1930-1939
6
1,890 100
6.00
163-Smyrna Sch. Dist., Del 5
r50,000
4844-Maryland (State of,4 1ss.)434 1932-1944 4,280,000 100.21 4.47 4048_8011th Bend, Ind
1949
434
450.000 102.1.3 4.25
4045__Matoaca May S. D ,Va..
50.000 101.30
- 4363--South Euclid, Ohio
1930-1939 142,000 100.14 5.97
6
4193__Maysville S. D.. Ky
5
119,000 100.10
4363-South Langhorne S. D.,
4360__Medford, Or
5
1931-1940 120,000 100
1.56
Pa
1930-1059
5
30,000 104.60 4.65
4360__Medford, Mass (2 Iss.) 434 1930-1939 250,000 100.14 4.46 4048--Southern
Pines, N. 0..534 1932-1951
20.000 100.03 5.74
4360--Merkel S. D., Texas
5
12.000
5.00
163-Southgate Aeolis.& Impt.
4194__Meriden, Conn. (2 iss.) 434 1930-1944 200,000 100
100.04 4.49
Dist. No. 9, Calif
6
1934-1944 134,500
3878-Middle Rio Grande Con.
163„Spokane Co. S. D. No.
Dist., New Mez
534 1934-1973 2,000.000
20, Wash
434 d1932-1952
90,000 100
4194__Midland Twp., N. Dak 434
4.75
1939
4786 4048- _Springfield,Ohio
2,500 10 --- 0
5
1931-1940
23,995 100.25 4.96
4381-Middletown, N. Y
4.70 1930-1959 210,000 100.16 4.67 4048-Springfield, Ohio
534 1931-1935
17.940 100.50 5.10
4045-Mille Lacs Co., Minn.---5
6-20 yrs.
16,500 102
4.78 4364-Spring Valley, N. Y
534 1930-1949 • 35.000 100.41 5.43
4194-Milleville, NJ
1930-1069 200,000 100.08 4.99
5
163--Steuben Twp.,Ind
434 1930-1944
59,000 100
4045- _Mineola. N.Y
4.50
4.80 1934-1969 100.000 100.31 4.79 4364-_Stoneycreek Twp. S. D.,
4361- _Minoa, N. Y
5.70 1930-1949
60,000 100.17 5.68
Pa
1939-1949
5
15.000 101.25 4.88
4045-Mississippi (State of)
434 1933-1953 771,000 100
4.50 4048-Strong City, Okla
6
1954
25.000 100
320-Mississippi Co. S. D. No.
6.00
322__Strong, Kan
5
1930-1939
11,899 97.50 5.45
1. Ark
1939-1949
5
40,000 100
5.00 4364-Sullivan
Ind
434 1930-1940
12.300
4045--Moberly Sch. Dist., Mo-5
1931-1949 490.000 103.11 4.63 4364-Tacoma,Co.,
Wash
5
1932-1936 1.000.090 b1.65- 5.55
162
-Monmouth, Ore
15,000
163--Tarrant Co. Water Control
4361__Monroe Co., Mich
534
48,100 100.75
& Impt. Dist.No.l.Tex 5
1930-1969 2,000,000 96.50 5.28
4361--Monroe Co., Mich149,200 100.11
4197--Tarrytown, N. Y
1930-1947
5
4361-Monroe Co., Mich
53.000 100.35 4.95
97,600 100.84
4364-Teaneck Twp N.J
6
1931-1938 310.060 4194-Montclair, N. .7
5j
1932
2,115,000 100.15 5.69 3882-Tennes.see (State of)
4
1944
4194„Montclair, N. J
7,500.000 155 --- 4.75
41 1931-1964 743,000 100.30 4.72 3882--Tennessee (State of)
1932-1944 13500.000 100
4194-Montclair, N.J
4.50
434 1931-1962 254,000 100.27 4.73 4048-Toledo, Ohio (2
162
1930-1954 2,400.000 100.21 4.57
-Montgomery, Ala
434 1932-1959
30,000 97.65 4.75 4048--Toledo, Ohio Ise.)
4361.-Montgomery Co., Md_434 1939-1968 697,000 97.65 4.66
1930-1954 1,500.000 100.21 4.57
4
3882-Tonawanda,
3879--Montour Falls, N. Y
1940-1959
5
20.000 102.92 4.77
534 1931-1940
20.000 100.68 5.12 4197-Troy, N. C N. Y
162
1930-1942
-Mott S D., No. Dak_
6
21,000 100.10 5.98
80,000 100
- -4363-Tujunga Acquis. & Impt.
4194__Mount Olive S. D., N. 0.534 1932-1951
20,000 101.60 5.32
Dist. No. 1, Calif
4194__Mount Vernon. N. Y
1934-1949
67,427 -----7
4
1930-1949 721.000 100.15 4.48
163__Tyro Con. S. D.,
4045_Multnomah Co.,_Ore
20.000
4
1935-1959 500,000 101.62 5.61 4197-Union City, N. N. C 534 1932-1951
J
4194__Murray S. D. KY
434 1930-1946 890,000 100
4.75
5H
45.000 ----- ---- 4197-Union City, N. J
4045„Muskingam Co., Mich--5
5
1930-1944
40.000 100
5.00
1930-1954
88,000 100.54- 4.94 3882__Upper Darby Twp., Pa 4
4194--N acogdochee Co. H.S. D.,
1931-1958 300,000 -----Calif
10.000 100
---- 4197--Ventura Co. Un H.S.D.,
4361__Nashvtlle, Tenn
Calif
1929-1948 300,000 101.55 4.80
5
454 1930-1949 300.000 100.07 4.67
4361- _Nashville, Tenn.(4 Iss.)_434 1930.1989 495.000 100.07 4.67 4197--Ventura Co.H.8.D.,Calif.5
1930-1939
50.000 102.13 5.05
4045-Nebraska City, Neb
4364-Wabash Co.,
434
1930-1940
4
10,000 100.32 4.44
7.000 100
4.50 3882-Wacox, TexasInd
3880__New Bedford,Mass
4
4
1930-1969 1,000.000 100.11 4.74
1930-1969 400,000 100
4.50
4045__New Erwin, Tenn
164__Wahpeton S. D., N.flak...
8
1932-1949 150.000 109.58 4.94
1939
4,400 100
6.00
3880-New Hartford S. D. No.
164--Wake Co., No.Caro- --5
1931-1959 200,000 100.90 4.91
164-Wake Co. No.Caro-..5
8, N. Y
4.90 1930-1949 100,000 100.81
1932-1959 r28,000 100.90 4.91
4.82 4364-Wapello do., Iowa
4194--New Jersey (State of) _ _4g
1944
5
1940-1944
10,000,000100.56-103.96
100.27 4.95
4045--New Lebanon & Canaan
4049-Wappingers Falls, N. Y-4.85 1930-1949 173.000 100 09 4.84
40.000
S. D. No. 1, New York.53( 1930-1969
434 1930-1952 115.000 100.60 4.43
80,000 100.29 5.22 4197-Washington. l'a
4197--Warsaw. N.
4361--New Port Richey, Fla_ __6
6
1948
r80,000 90
-9 1
10,000 100.55 5.91
6.92
162_ Newton._
Miss
434 1930-1979
534 1930-1951
85,000 100.52 5-44 4364-Warwick, R.I
165. _Washington Co., Ind_ _ _ _434 1931-1940 250,000 97.17 4.70
4361__Niskayuna Water District
18.620
No. 3, New York_
534 1931-1949 133,000 100.53 5.43 4365--Wayne Co.. Iowa
5
1935-1944 d300.000 100.07- 4.99
4046__Nogales, Ariz.(3 iss.)---6
1933-.1958 100,000 100.15 5.98 3882-Wayne Co., Mich (2 iss.)_
1931-1939 243,000 100.10 ---4197_ _Wayne Co. Mich
,
Tampa Spec
4195--Northeast
5
1931-1939 123,000 100.09 --...
R & B. Dist., Fla
1932-1953 r26,000
1931-1939 1,033,000 100.09
---- 4197--Wayne Co., Mich
324-Wayne. Neb
4195--No. Hempstead S. D.No.
531 1930-1940
5
22,000 100.90 1.5&
165__Waynoka 8. D., Okla
4, N. Y
634 1930-1933 205,000 100.06 5.74 4365-_Wellston Ohio
26,000
4195__No. Hempstead, Port
6
10 - 1- 9I0
- - 1 13
Loco frid.b1 1:155
4365-_Winona. Minn
Wash. W at. Dist. N.Y.534 1933-1940
1947-1948
96,000 100.11
15.000
5.11 4365--Westfield, Mass
Hempstead, Port
4195-_No
1929-1943 300,000 100.14 4.47
4365„Westfield, Mass.
Wash Wet. Dist. N.Y.434 1041-1949 104,000 100.11
43
5.11 4197--West Springfield,(hiss.)_43i 1930-1949 119.000 100.14 4.47
4361-Norwalk First Tax Dist.
AM--4
1930-1949 109,000 100.04 ..--Conn
'
434 1950-1969 179,000 100.06 4.57 4197--West Springfield, Mass_ _4
1930-1949 109.000 100.04
4365-Weymouth, Mass
4361-Norwalk First Tax
1930-1938
18,000 100
Vie
Conn
434 1931-1949 171,000 100.06 4.57 4365-Wilkinsburg, Pa
Dist..
1934-1958 380.000 100.85 4.44
4t 1930-1940
3880-Ohio County,Ind
4
1931-1936 142,000 98.55 4.81
3,700 100
4.50 3883-Windsor, Conn
165-Woburn.Mass.(5 issues)-5H
4046__Olean. N. Y.(2issues)- 4
1930-1949 434,150 101 21
4.57
596.000 100.32 ---3880-Orange County. Ind
5
534
1930-1939
18.000 101.47 4.69 4197--Wood Co., Ohio
158,500 100.19
4195-_Orlando, Fla
5
1930-1937 136,000 96.89 5.80 3883-Woodville, Ohio
1930-1949
64,000 100.45 I.ii
4046--Ottawa Co., Mich
5
1930-1938 120,000 100.06 5.24 4049-Xenia, Ohio
1930-1939
12.300 100
5.50
4365-Yakima, Wash
4382-Overbrook S. D., Pa
4
1939-1959
4 4 1931-1949
75,000 103.17 4.27 4198--Yates,
80,000 100.03 4.24
N.Y
4382--Oxford, Ohio
1930-1939
5
20.000 100.26
1932-1944
34.500 100.56 4.92
4198-_Yorktown
4195-Owen Co .Ind
434 1930-1939
10,300 100
1.16 3883-Yonkers, S. D., Texas60,000 100
4195--Owen Co., Ind
434 1930-1939
24,000 100
4.50 3883-Yonkers. N. Y.(2 iss.) 534 1930-1935 1.650,000 100.04 - ,
4711
4362-Ozark, Ala
N.Y
6
1932-1959
4
33,000 100
6.00
1930-1043 515.000 100.04 4.74
4049-Youngstown, Ohio
4046- _Palmetto, Fla
6
1932-1940
534 1930-1934 493,951 100.03 5.39
27.000
4198-Vunta Co., Ariz.(2185.)-.5
4362-Paris, Ky
534 1940-1959
50,000 100
5.75
400.000 100
5.00
4362-Parma, Ohio
634 1930.1939
5
68,000 100.21
5.46 4049-Zanesville, Ohio
1930-1939
70,000 100.18 4.97
4195-Peekskill, N. Y.(2Iss.)_43j 1934-1948
5
75,000 100
4.75 4365-Zanesville, Ohio
1930-1944
90,000 100.76 4.88
Total bond sales for June 412 municipalities
321_ _relahatchle Miss
8
1930-1935
10,000 100
6.00
covering 534 separate issues)
163-Perry Co., Ind
5
1930-1939
3,000 100.33 4.92
149,243,535
d Subject to call in and during the earlier years and to
4046-Perrysburg. Ohio
534 1930-1939
19,000 100.53 5.39
mature In the later
4046-Persia S. D. No. 1,N Y-434 1930-1955 300,000 100
4.50 year. k Not including $50.089,000 temporary loans. r Refunding bonds.
y And other considerations.
163__Petersburg Corn. S. D.
No.4, N.Y
1930-1957
5
28.000 101.50 4.84
3881--PhiladelPhla, Pa
The following items included in our
434 1948-1979 117000,000 100.10 4.42
totals for previous
3881-Philmlelphia, Pa
434 1948-1959 113000,000 100.10 4.42 months should be
eliminated from the same. We give the
4382-Pickens Co., S. Caro- _._534 1937-1943 300,000 100.06 5.24
pago number of the issue of our paper in
4046-Pickens Co., Ala
6
1931-1937
75,000
which reasons for
163-Pierce Co., Wash
43(
20 yrs.
150,000 100
4.75 these eliminations may be found.
4046..Pixley S. D.. Pa
1930-1954
5
25,000 100.03 4.99
Page.
Name.
4046-Pleasantville,N.Y. iss.)43i 1931-1949 393,000 100.34 4.71
(3
Rate Maturity. Amount. Price. Basis.
314__Billings, Mo (Mar)
4046--Plymouth Co., Iowa_43i 1931-1940 170,000 100.49 4.67
35,000
314-Kentucky (State of
4362...PortAllan,La.(2 Ise.).--5
-May)
1930-1944
83.000 100.07 5.49
10,767,000
4382-Port Cheater,N.Y
90,000 100.06 5.24
534 1930-1932
We have also learned of the following
3881--Portland, Ore
additional sales for
434 1932-1938 125,000 100
4.50 previous
months:
4047--Port of Astoria, Ore
5,000 100
4362-Portsmouth, Ohio (4 las.)5
1931-1940 335,143 100.29 "Zoo Page.
Name. •
163__Potsuam, N. Y
1930-1939
5,000 100
5
5.00
315__Atoka Co. S. D. No. 8Rate. Maturity. Amount. Price. Basis.
,
163-Previdence, KY
6
75,000 100
6.00
Okla
6
4047-Prowers Co.S. D.No.23.
17.000 100.12 4189-Barry Co., Mich
8
1930-1934
Cob
18.810 101.41
534 10-20 Yrs.
4.4t
315_ _Brooklyn Twp.,Pa
5.00
0
434 1930-1935
4196-Rallegh, N. Caro
4.50
1932-1959 /100.000 101.28 4.90 4190-Clark Co.. Ind
5
5 1930-1949 12.000 100
4196-Raleigh, N. Caro
18.000 103.03 4.62
1931-1979
5
75,000 101.28 4.90 4190-Fairview, Ohio (2 lasuee)-8
1930-1939
4362-Ramsey Co., Minn
9,400
431 1930-1940 441,000 100
,
4.59 317_1 11nt, Mich.(Feb.)
-- 1930-1038
4362-Ramsey Co., Minn
27,699 100
434 1941-1949 559,000 100
4.59 4192--Hancock Co., Ohio
535 1930-1933
3891.-Ravalli Co. S. D. No. 3,
3.875 100.32 5:58
330_Lockport. N. Y
4.90 19:36-1947
Mont
26,328
5
120,000 100
5.00 4360-Lonoke, Ark
5
1932-1948
4362-Revere. Mass. (3 Iasi---43( 1930-1944 180,000 100
68,000 95.54
4.75 4360-Lonoke, Ark
5
1932-1948
4047-Ridgewood, N. J
58,800 95.30 5.59
5
1930-1946 316,000 100.34 4.95
319_ Maxbass, No. flak
6
163__Rittman, Ohio (2 issues)_6
1,500 100
6.00
1930-1939
26,120 100.72 5.83
162--Mar Twp., Ill. (April) 534 1930-1936
1133-Rittman, Ohio
22.000 100
5.50
6
1930-1939
6,000 100.20 5.95 4194 _Montgomery, Pa
5
1939
4363-Rockport S. D.. Wash- 534
9.000 100.30 4.97
5,000 100
5.50 4194 -Moody, Texas
5g 1931-1955 40,009 100.75 5.79
4190--Roebuck S. D. No. 18.
162_0bion Co., Tenn.(April) 5
1930.1954
S. Caro
60.000
6
162__Ottawa Hills, Ohio
8,000 102.50
534 1930-1939
163__Ronan, Mont
77.857 100.54 1:545
534
1949
23,500 100
5:103 4195-Pittsburgh Co. Con.S.D.
4190-Ropesville Ind S. D.Tex.
10,000 100
No. A-3, Okla
e
1934-1944
4047--Rowan Co.. N. Caro. (2
11.250 100.60 5.91
4362--Polk Co., No. Caro
534 1932-1959
issues)
85,000
tg 1930-1959 240.000 100
4.75 4195--Porter Co., Ind
8
1930-1939
4363-Royal Oak, Mich
11.596 100
Yob
34
1-10 yrs. 300,000 100.09 5.48 4195-Quinton, Okla.(2 issues)-6
25 yrs
.Royal Oak, Mich
4363.
73.000 100
5.00
5
3-20 yrs.
50,000 100.53 4.95
163--St. Joseph Co., Mich.
322_ _Royal Oak S. D., Mich 5
170.000 100
5.00
(3 issues)
534
4363__Rye. N. Y.(2 iss.)
64.500 101.17 5.27
434 1930-1949 503,000 100.08 4.74
163__Sharpsville S. D., Pa---4% 1931-1939
1932-1958
80.000
4190--Rye S D. No. 4. N. Y.
4196_81dney. Neb
5
(2 issues)
5.000
534 1930-1945 310,000 100.56 5.15 4196-Spencer Sch. Twp.,Ind 4H
1930-1942
4047--St. Louis Co.,Mo
27,000
434 1932-1949 1,000,000 99.33 4.53
322__Spmcer Twp. S. D., Ind-4% 1930-1942
27,000 100
1786
4363--St. Paul, Mims
434 1930-1959 1,000,000 100.63 4.45 4384-Summit Co., Ohio (10
is4363__St Joseph Co.,Ind
534 1930-1939
30,000 100.57 5.13
sues, February)
163__St. Stephens High S. D.,
•323__Tillman Co. 8. D. No. 2.434 1929-1938 226,300 100.12 4.70
So. Caro
534 1930-1947
18,0
Okla
8
1932-1948
35.000 100.40
5.95
EM
--1,6
5
FINANCIAL CHRONICLE
JULY 20 19291
Rate.
Page.
Name.
4197--Vernon Twp. Sch. Dist.
No. 7, Mich
5
5
4197-Victoria Co., Texas
4.34
323_ _Vigo Co., Ind
165_ _Washington Co.S. D.No.
434
10, Okla
4197_-Wayne Co., Ohio
5
4197--White Deer Ind. School
Dist., Texas
5
Maturity. Amount.
1945-1968
1930-1940
Price. Basis.
48,000 100.26
181.000 100.20
14,600 100
1933-1949
1929-1937
17.200
16,848
1-10 yrs.
35.000
100
97 10
.98
-4
4.50
Yob
5.62
All of the above sales (except as indicated) are for May.
These additional May issues will make the total sales (not
including temporary loans) for that month $175,159,382.
BONDS OF UNITED STATES POSSESSIONS.
Rate. Maturity. Amount. Price. Basis.
Name.
Page.
500,000 100.25
4.44
1959
4044__Manila, Philippine lid__ _434
DEBENTURES SOLD BY CANADIAN MUNICIPALITIES IN JUNE.
Price. Basis.
Name.
Rate. Maturity. Amount.
Page.
97.06
23,000
4050--Cap de Madeleine,Que --5
92
1930-1970
85.000
165..( hambly anten, Que___5
_
(
20 inst.
97.08
80.095
3883 Cornwall, Out
5
1929-1948
22.840 96.24
4198__Erin, Out
5
99.21
1954
2.500,000
4050.._Manitoba (Prov. of)
5
4050-Montreal Metropolitan
5.09
98.45
1966
3,100,000
5
Commission, Quo
5.27
96.25
1954
6,000,000
4050-Newfounclland (Gov. of)-5
165-Northumberland & Dur5.23
98.08
ham Counties, Ont
5
1929-1949 125,734
5.10
98.43
4050--Quebec, Can
1959
5
3,524.000
5.27
96.84
4998-St. Anne de Bellevue,Ont.5
1947
117,000
4198__Wentworth Co., Ont15 yrs.
60,395 97.09
5
5.40
324_ _Windsor, Ont. (2 iss.)
96.46
10-30 yrs. 1.050,644
5
Total amount of debentures sold during June
616,688.708
1:68
NEWS ITEMS
Annexes Municipality.
-On July 12
the City Commission ordered the annexation of the City of
Lisbon, thereby increasing the number of outlying districts
which are now in the process of being added to the corporate
body to four, reports the Dallas "News" of July 13. It is
said that more than 10,000 additional citizens are expected
to be added to the population by reason of these annexations.
The report states that the Dallas water department will
assume the $63,000 water debt under the present authorization.
Florida.
-Laws to Relieve County Indebtedness Passed.
At the special legislative session which convened on June 1V. 128, p., 3874-several bills were passed by the State
Legislature and approved by the Governor which were designed to relieve the taxation difficulties besetting many of
the municipalities due to the heavy bonded indebtedness
incurred by them during the land boom period. The following article on the new laws and their application, written by
Chester B. Masslich, New York bond attorney, appeared in
the New York "Herald-Tribune" of July 18:
513
The average rate of equalization for the State is placed at 83.137+%,
Increase above last year when the rate was 82.803+%. The assessed valuation advance, while representing a steady growth and natural increase in property wealth throughout the State, nevertheless shows that the bulk
of increase is centered in Greater New York, the counties on Long Island,
Westchester, Albany, Schenectady, Oneida, Onondaga, Monroe and Erie
Counties, and this shows a definite trend toward centralization of property
wealth in these strategically located counties. There has been a steady
centralization of population and wealth and economic growth in these
counties which are so advantageously located because of their proximity to
natural water and rail transportation facilities and manufacturing locations.
The greatest increase comes in the County of New York where the
assessed valuation of real property has gone up about $605.000,000. Bronx
County is next with a jump of well above $232,000,000 and Kings County
shows an increase of above 6229,500,000. Queens County's property
valuation has gone up $196,800,000 and Richmond, the fifth county of
Greater New York shows an increase of $20,500,000 so that the total
advance for Greater New York is $1.285,140,116 and this represents
almost 76% of the total increase for the State. The Long Island Counties,
Nassau and Suffolk show definite increases, although Suffolk's increase of
nearly $9,500,000 is much greater than the $1.000,000 additional in Nassau
County. Westchester County shows an increase of approximately $181,where
760.000 ranking next to Greater New York. The other counties factor
natural population and manufacturing growth has been the prime
show increases. Albany's increase is nearly $25.in the rise in valuations
Oneida
000,000: Schenectady County shows an increase of $5,000,000; County
County $5,500,000: Onondaga approximately $55.800,000. Monroe
approximately $11,250,000 and Erie County 638,300,000. Rensselaer
County also shows an advance of about $6,000.000. In addition to all
these several of the counties in the so-called agricultural regions have been
increased in valuation. Chenango County shows a jump of $4,500,006
valuation and its rate of equalization has jumped from 60 to 81, this being
due to the increased assessments in the City of Norwich. Otsego County Is
another county which shows a startling increase of assessed valuation.
jumping $10,000.000 above last year and its rate of equalization going from
70 to 80, this being due in a great measure to increased property valuation
in the City of Oneonta. Other counties include Tompkths, where the property valuations in the City of Ithaca were placed on a scientific baste.
assessors have
The increase in this county and several others shows the place property
begun to heed the requests of the State Tax Commission to
valuations nearer their proper level than has been the case in past years,
according to Commissioner Lynch.
Dallas, Tex.
-City
"Two new acts, known as Senate Bill No. 5 and House Bill No. 232.
Provide taxes of 6 cents a gallon on gasoline, supplanting the old law for a
5
-cent tax. Senate Bill No. 1 provided a state board for the administration of
the sinking funds for road and bridge debt of counties and districts and for
the application thereto of a portion of the gas tax. Senate Bill No. 7 provided a method of undoubted efficiency in collecting the personal tax upon
automobiles, which heretofore has been largely evaded.
-cent gasoline tax had been applied to state road
"All of the former 5
purposes except 1 2-3 cents, of which 1 cent was divided equally between
the 67 counties for local road and bridge construction and maintenance,
while the remainder was distributed to the counties for school purposes.
Under the new plan, 4 cents (except $400,000) goes to local purposes,2 cents
to be applied to the payment of principal and interest of road and bridge
ri
debt ef counties and districts, 1-3 of a cent to local road and bridge construction, and 1 2-3 cents (except 6400,000 reserved for the building of
state institutions of higher learning) to county school purposes.
Local Subdivisions Get More.
"The net gain to the local subdivisions amounts to 2 1-3 cents a gallon
less $400,000, which is expected to amount to something like $6,000,000 a
year. The revenue produced by the 5
-cent tax in 1928 was a little short of
$12,000,000.
"The new system of distribution to counties of their share of the gasoline
taxes is somewhat complicated and has a very substantial relation to the
amount of road and bridge debt outstanding in the several counties. This
debt aggregates about $161,000,000. It is, of course, not expected that at
the present rate of gasoline tax collection the debt can be fully amortized
without local taxation, but $6,000,000 distributed annually to the counties.
with additional sums as the use of the automobile increases, should produce
material relief to taxpayers.
"The Supreme Court of Florida has already been called upon to iron out
of the laws, especially as to the apportionment, and to
ambiguous
determine their constitutionality, about which considerable doubt has been
expressed.
A highly beneficial feature of Senate Bill No. 1 is the lodging with the
State Treasurer of all sinking funds for the road and bridge debt of counties
and districts, and the creation of a state board of administration for the
apportionment of funds,the deposit ofcounty records in relation to Indebtedness, and the annual direction by that board to several counties and districts
as to the amount of ad valorem taxes required to supplement the fluids
from the State in the payment of debt.
New York State-Taxable Property Increase Nearly Two
-An increase of nearly two billion dollars
Billions in Year.
over the figures for 1928 on the equalized value of real
property and the assessed valuation of personal property in
the State, is reported in a communication dated July 13,
from the Department of Taxation and Finance of the State
Tax Commission. The article reads as follows:
The equalized value of real property and the assessed valuation of
personal property in New York State subject to taxation for State purposes
Is $27,034,695,261, according to the equalization table adopted by the
State Board of Equalization at a recent meeting. This value represents an
Increase of nearly 62,000,000,000 above last year's figures, which were
$25,332,627,968. The equalization figures for the year were determined
at the board meeting held several days ago for the purpose of examining
and revising the valuations of real and personal properties in the counties
of the State. In accordance with the rules of equalization, the board has
set the aggregate amount of assessment for each county upon which the
comptroller is to compute the State tax. The equalization Board is made
gniTils.ster% Prioner n Trnas ha.
rn
eside
is c M
Pgnt.lx
a
e re ncr
by
ag 'Tre
of his office as President of the State Tax Commission.
virtue
The assessed valuation of taxable real property in the State is placed at
$26,716.193,116 as compared with $25,017,885.634 for 1928. The full
valuation of taxable real property at the rate of equalization was placed at
$32,134,891,235 and the equalized value of the taxable real property is the
same as the assessed valuation, and this added to the sum of $318,502,145,
which is the assessed valuation of personal property subject to taxation for
State purposes, gives the total equalized value for both real and persona
property.
tr
NTa
BOND PROPOSALS AND NEGOTIATIONS.
-The 5145.000.
ABERDEEN, Brown Counts' S. Dak.-BOND SALE.
July 15'
Issue of semi-annual water distribution bonds offered for sale onBank, and
-was jointly awarded to the Aberdeen National
V. 128. p. 4355
both of Abordeen, as 5s,for a premium of $1,515,
the First National Bank,
equal to 101.64. Dated June 1 1929. Due serially in from 13-4 to 19H
years after date.
-BOND OFFERING.
ADAMS COUNTY (P. 0. Decatur) Ind.
a. m.
Ed Ashbaucher, County Treasurer, will receive sealed bids until 10 conthe purchase of the following issues of 43 % road
on July 23, for
struction bonds aggregating $14,400:
$7,120 Wabash Township bonds.
4,880 Root and Preble Twps. bonds.
2,400 French Township bonds.
All of the above bonds are to be dated July 15 1929. Interest payable on.
and upon the
the 15th day of Jan. and July of each year, as evidenced by bomb mature
surrender of the coupons as they severally become due. The
semi-annually from July 15 1930 to Jan. 15 1940.
-E. O.
-BOND OFFERING.
AKRON, Summit County, Ohio.
Galleher, Director of Finance, will receive sealed bids until 12 m.(Eastern
the following issues of 6%
Standard time) on Aug. 8, for the purchase of
coupon or registered special assessment bonds aggregating $782,904.95: -4
$598.618.74 street improvement bonds. Due on Oct. 1 as follows:$59,618.74
1930: $59,000. 1931, and $60,000, 1932 to 1939 incl.
184,286.21 Street improvement bonds. Due no Oct. 1 as follows: $36,286.21, 1930, and 6.37,000. 1931 to 1934 incl.
Both issues are dated Sept. 1 1929. Denom.$1.000 and fractions thereof.
Bids to be on an "all or none" basis. Principal and semi-annual interest
(April and Oct. 1) payable at the National Park Bank, New York. Alternative tenders for bonds to bear an interest rate other than the one specified
above will also be considered. A certified check for 2% of the bonds bid
for, payable to the above-mentioned official, must accompany each proposal. Bids should be made subject to the favorable opinion of legal attorneys as to the legality of the bonds, said opinion to be paid for by the
successful bidder.
-The
-BONDS NOT SOLD.
ALABAMA CITY, Etowah County, Ala.
11100.000 issue of6% semi-annual improvement bonds offered on July 16V. 129, p. 314-was not sold as all the bids were rejected.
-OFFERED.
-Sealed bids will again be received by L. H.
BONDS RE
Herndon, City Clerk, until Aug. 6, for the purchase of the above issue of
bonds. Denom. 61,000.
-Sealed bids
-BOND OFFERING.
ANNISTON,Calhoun County, Ala.
will be received until 8 p. m. on July 25, by Sidney J. Reaves, Mayor, for
the purchase of a $75.000 issue of 534% hospital bonds. Denom. $500.
Dated July 11929. Due $2,500 from July 1 1930 to 1959, incl. Prin. and
int. (J. dr J.) payable at the Chase National Bank in New York City.
Storey, Thorndike. Palmer & Dodge, of Boston, will furnish the legal
approval. A certified check for $1,500, payable to the City, must accompany the bid.
-BOND .CALE.-The folARLINGTON, Middlesex County, Mass.
lowing issues of 434% coupon bonds, aggregating $315.000, offered on July
17 (V. 129, p. 314), were awarded to Estabrook & Co. of Boston at 101.03,
a basis of about 4.32%:
$150,000 Original Street bonds. Due $15,000 July 1 1930 to 1939 incl.
'
100,000 Pierce School addition bonds. Due $5.000 July 1 1930 to 1949
Inclusive.
65,000 water main bonds. Due on July 1 as follows: $7,000, DM to
1934, incl.. and $6,000, 1935 to 1939, incl.
All of the above bonds arc dated July 1 1929. The following is a list of
the other bids received:
BidderRate Bid.
R. L. Day & Co
100.849
Harris, Forbes & Co
100.80
Menotonly Trust Co
100.533
F. S. Moseley & Co
100.53
Stone & Webster and Biodget, Inc
100.26
Curtis & Sanger
100.22
ARMOUR, Douglas County, S. Dak.-BOND SALE.
-The $17,000
Issue of 5% coupon sewerage bonds offered for sale on July 15-V. 129.
P. 158
-was awarded at par to the Wells-Dickey Co. of Minneapolis.
Dated June 11929. Due $1,000 from June 1 1933 to 1949 incl. The only
other bid submitted VMS an offer of par by the White-Phillips Co. of
Davenport with a discount allowance of $935 for bonds and legal approval.
The purchaser agreed to furnish the bonds and legal approval for a $728
allowance.
ASHTABULA COUNTY (P. 0. Jefferson), Ohio.
-BOND SALE
The $16,500 coupon road improvement bonds offered on July 15 (V. 128.
p. .1356) were awarded to the Herrick Co. of Cleveland as 530 at par plus
a premium of $73.00, equal to 100.44, a basis of about 5.38.%. The bonds
are dated Oct. 11928. Due as follows: $500 Oct. 1 1929 and 51,000 April
and Oct. 1 1930 to 1937 inclusive. The following bids were also received:
BidderPremium.
First-Citizens Corp., Columbus
$72.60
Provident Savings Bank & Trust Co., Cincinnati
61.15
Title Guarantee & Trust Co., Cincinnati
42.9$
R. L. Durfee & Co., Toledo
36.00
Bohmer, Reinhart & Co., Cincinnati
35.00
Seasongood a, Mayer, Cincinnati
33.00
Guardian Trust Co., Cleveland
12.00
Breed, Elliott & Harrison, Cincinnati
11.55
ATLANTA SCHOOL DISTRICT (P. 0. Winnfield) Winn Parish
,
La.
-BOND OFFERING.
-Sealed bids will be received by D. E. Sikes.
Secretary of the Parish School Board, until 10 a. m. on Aug. 15. for the
purchase of a $50.000 issue of semi-annual school bonds. Int. rate is not to
exceed 6%. Denom. $1,000. Dated Aug. 1 1929. Due from 1930 to 1944
514
FINANCIAL CHRONICLE .
Incl. B. A. Campbell, of New Orleans, will furnish the approving opinion.
A certified check for $1,500, payable to the President of the School Board.
Is required.
ATOKA, Atoka County, Okla.
-BOND SALE.
-A $30,000 issue of
coupon water works and fire equipment bonds was purchased recently by
R. J. Edwards, Inc., of Oklahoma City. as 6s, at par. Denom. $1,000
and $500. Dated July 15 1929. Due serially in from 1 to 25 years. Int.
payable on J. & J. 15.
AUSTIN COUNTY (P. 0. Bellville), Tex.
-BONDS REGISTERED.
An issue of $125,000 53% serial road,series A bonds was registered by the
State Comptroller on July 8.
AVON LAKE, Lorain County, Ohio.
-BOND OFFERING.
-W. It.
Hinz, Village Clerk, w 11 receive sealed bids until 12 m. on Aug.2,for the
purchase of the following issues of 6% bonds aggregating $280.603.14:
$108,327.66 spec. asst. paving bonds. Dated Oct. 1 1929. Due Oct. 1
as follows: $16.000, 1930:$11,000, 1931 to 1934 incl.; $10,000,
1935; $11.000. 1936 to 1938 incl.; and $11,327.66, 1939.
58,330.28 village's portion paving bonds. Dated Aug. 1 1929. Due
Oct. 1 as follows: $5,000, 1930: $6,000, 1931 to 1934 incl.
$5,000, 1935; $6,000. 1936 to 1938 incl.; and $6,330.28, 1939.
48,384.00 spec. asst. paving bonds. Dated July 15 1929. Due Oct. 1
as follows:
1930: $5,000, 1931 to 1935 incl.; $4,000.
1936;35,000. 1937 and 1938; and $5,384, 1939.
$4,000,
28,733.15 spec. asst. water supply impt bonds. Dated Aug. 1 1929.
Due Oct. 1 as follows: 32.000, 1930: 33.000. 1931 to 1936 incl.
$2.000, 1937; 33.000. 1938; and 33.733.15, 1939.
24.459.47 spec. asst, storm sewer bonds. Dated Aug. 1 1929. Due
Oct. 1 as follows: $4,000, 1930: 35,000. 1931 to 1933 incl.
and $5,459.47, 1934.
12,368.58 spec. asst. water impt. bonds. Dated Aug. 1 1929. Due
Oct. 1 as follows: $500. 1930 to 1933 incl.; $1,000. 1934: 3500,
1935 to 1937 incl.; $1.000. 1938; $500. 1939 to 1941 incl.;
31.000. 1942: $500, 1943 to 1945 incl.; $1,000, 1946; $500,
1947 and 1948; and $868.58. 1949.
A certified check for 2% of the bonds bid for, payable to the Village
Treasurer, must accompany each proposal.
BARRY COUNTY (P. 0. Hastings), Mich.
-BOND SALE.
-The
$97,695 6% coupon Road Assessment District No. 35 bonds offered on
June 3-V. 128, p. 3717
-were awarded to Braun, Bosworth & Co., of
Toledo, at par, plus a premium of $1,000 equal to 101.02. a basis of about
5.625%. The bonds are dated June 10 1929. Due on May 1, as follows:
310.855. 1930; and $21,710, 1931 to 1934 inclusive.
BARRY COUNTY (P. 0. Hastings), Mich.
-BOND SALE.
-The
$17,523 6% road assessment district bonds offered on July 15-V. 129, p.
315
-were awarded to local investors, at a price of par. The bonds are
dated July 17 1929. Due on May 1 1930 and 1931. The sale was private.
BATTLE CREEK, Calhoun County, Mich.
-8500,000 SCHOOL
BONDS RE
-OFFERED FOR INVESTMENT.
-The $500.000 5% school
bonds reported sold on July 8 to the Central National Bank of Battle
Creek at 101.782, a basis of about 4.74%-V. 129, 13• 315 are being
re-offered for public investment by the Detroit & Security Trust Co. and
the First National Co. of Detroit, both of Detroit, at prices to yield 4.85
to 4.50%. according to maturity. Legality Is to be approved by Miller,
.
Canfield, Paddock & Stone of Detroit. The bonds, the offering notice
says, are a legal investment for savings banks in Michigan, Massachusetts
and Connecticut, and are exempt from taxation in Michigan, including
Federal income taxes
Financial Statement.
Actual valuation
$91,107,320
Assessed valuation (1928)
68,330,491
Total bonded debt
1,200,500
Population (1920), 36,164; present estimate, 47,000.
-BOND OFFERING.
BAY CITY, Bay County, Mich.
-George L.
Lusk, City Manager, will receive sealed bids until 12 m.(Eastern Standard
time) on July 22, for the purchase of $37,000 43 % local improvement
,
6
bonds. Dated Aug. 1 1929. Denom. $1,000. Due as follows: $17,000 on
Aug. 1 1932 and $20,000 on Aug. 1 1933. Interest payable semi-annually
In New York City. A certified check for $500 must accompany each
proposal.
BAY SPRINGS SCHOOL DISTRICT (P. 0. Bay Springs), Jasper
-BONDS VOTED.
County, Miss.
-At the special election held on July 7
(V. 128 p. 4040) the voters approved the issuance of $20,000 in school
by a count of 137 "for" to 97 "against."
building
BEACHHAVEN, Ocean County, N. J.
-BOND OFFERING.
-A,Paul
King. Borough Clerk, will receive sealed bids until 8 p. m.(daylight saving
time) on Aug. 5 for the purchase of 335,000 6% coupon or registered Jetty
bonds, series No. 2. The bonds are dated July 1 1929 and are part of a
$60,000 issue, due $1,500 July 1 1930 to 1969 incl. Denom. $500. Prin.
and semi-ann. int, payable at the Beach Haven National Bank & Trust Co.
A certified check for 2% of the amount of bonds bid for, payable to the
Borough Treasurer, must accompany each proposal.
BELZONI CONSOLIDATED SCHOOL DISTRICT (P. 0. Belzoni),
Humphreys County, Miss.
-BOND SALE.
-The $65,000 JERI(' of 6%
semi-annual school bonds offered for sale on July 8-V. 128 p. 4189
-was
awarded to the Boatmens National Bank of St. Louis, for a premium of
$2,783, equal to 104.28, a basis of about 5,64%. Due in 20 years.
BENTON TOWNSHIP SCHOOL DISTRICT NO. 14 (P. 0. Benton
Harbor), Berrien County Mich.
-BOND OFFERING.
-Thomas Rowe,
Secretary of the Board of Education, will receive sealed bids until 7 P. m•
(central standard time) on July 20, for the purchase of $12,000 school
bonds. Rate of interest is not to exceed 5%. The bonds are dated July
1 1929. Due annually on Jan, 1, from 1931 to 1936 incl. A certified check
for $250 is required.
BERLIN TOWNSHIP RURAL SCHOOL DISTRICT, Holmes
County, Ohio.
-BOND SALE.
-The $38,000 coupon school improvement
bonds offered on July 5-V. 128, p. 4356
-were awarded to the First
Citizens Corp., Columbus, as 53s, at par, plus a premium of $148.20.
equal to 100.39. a basis of about 5.45%. The bonds are dated April 1
1929. Due 91,000 March and Sept. 1 1930 to 1948, Lich The following
bids were also submitted:
Int. Rate. Prem.
BidderOtis & Co., Cleveland
$64.60
5%7
0
Stranahan, Harris & Oatis, Inc., Toledo
300.20
53,1 %
Ryan, Sutherland & Co., Toledo
213.00
Vi %
Blanchet, Bowman & Wood, Toledo
6%
771.40
BERNALILLO COUNTY SCHOOL DISTRICTS (P. 0. Albuquerque), N. Mex.-BOND SALE.
-Two of the 4 issues of6% bonds, aggregat-was awarded at
ing $17.750, offered for sale on June 20-V. 128. p. 3558
par to the County Board of Education. The issues are described as follows:
$1.500 school district No. 23 bonds. Due $500 from June 1 1932 to 1934.
Inclusive.
500 school district No. 10 bonds. Due $100 from June 1 1932 to 1936,
inclusive.
-The $750 issue of 6% school district No. 7 bonds,
BONDS NOT SOLD.
scheduled to be offered at the same thno-V. 128, P. 3558
-was defeated
at the election held on June 11.
BERNALILLO COUNTY SCHOOL DISTRICT NO. 3 (P. 0. Albuquerque), N. Mex.-BOND SALE.
-The $15,000 issue of shcool bonds
128, p. 4356) was awarded to the State of
offered for sale on June 28
New Mexico as 6s at par. Dated Juno 1 1929. Due $1,000 from June 1
1932 to 1946, inclusive.
BEVERLY, Essex County, Mass.
-TEMPORARY LOAN.
-The Old
Colony Corp.. Boston, was the successful bidder on July 10 for a $100,000
temporary loan. Discount bash bid was 5.22%. The loan is payable in
about 6 months. The following bids were also submitted:
BidderDiscount Basis.
Bank of Commerce & Trust Co., Boston
5.26%
Faxon. Gade & Co
5.28%
5.307
F. S. Moseley & Co.(plus $2)
Beverly National Bank
5.32
Salomon Bros. ,St Hutzler (plus $1.50)
5.33
National Rockland Bank, Beverly
5.38
Beverly Trust Co
5.46%
5.54%
S. N. Bond & Co
BIRMINGHAM, Jefferson County, Ala.
-BOND SALE.
-The
$280,000 issue of public improvement bonds offered for sale on July 16-was awarded to Steiner Bros of Birmingham, as 5;1s,
V. 128. P. 4189
(5.
[VOL. 129.
for a premium of $869, equal to 100.31, a basis of about 5.19%. Dated
Aug. 11929. Due 328,000 from Aug. 1 1930 to 1939, incl.
The other bidders and their bids all for 53is were as follows:
,
BidderPrice Bid. I BidderPrice Bid.
Seasongood & Mayer_ ---3280,200.00!Marx & Co
3280,333.60
Assel, Goetz & Moerlein_ 280,225.00IWard-Sterne & Co
280,476.00
BOSTON, Suffolk County, Mass.
-TEMPORARY LOAN-The
Shawmut Corporation of Boston was the successful bidder on July 18 for
$1,000,000 temporary loan. Int. rate is 5.11%. The loan is dated July 19
1929 and is payable on Oct. 1 1929. The following bids were also submitted:
BidderInt. Rate.
First National Bank of Boston (plus $12)
5.27
Salomon Brps. & Hutzler (plus $7)
Guaranty Co. of New York plus $2.50)
BRADNER, Wood County, Ohio.
-BOND OFFERING.
-Charles L.
Foster, Village Clerk, will receive sealed bids until 12 m. on July 30, for
the purchase of 32.750 6% Fire Engine Apparatus bonds. Dated May 1
1929. Denom. $250, bond No. 1 for 3500. Due on Nov. 1 as follows:
3500, 1930, and $250, 1931 to 1939, incl. Interest payable semi-annually •
A certified check for 5% of the bonds bid for, payable to the Village Treasurer and drawn upon the Mechanics Banking Co., Bradner, must
accompany each proposal.
A transcript of all legislation and proceedings with reference to the issue
and sale of said bonds will be prepared and on file with the Village Clerk
evidencing the legality of the issue for the inspection of all prospective
bidders.
BRONXVILLE, Westchester County, N. Y.
-BOND SALE.
-The
$36.000 coupon or registered street improvement bonds offered on July 16
-V. 129, p. 315
-were awarded to the Gramatan National Bank & Trust
Co., Bronxville, as 5s, at par. Only one bid was received. The bonds are
dated July 11929. Due $3.000 July 1 1930 to 1941, incl.
BROOKHAVEN UNION FREE SCHOOL DISTRICT NO. 8 (P. 0.
Terryville), Suffolk County, N. Y.
-The $98,000 6%
-BOND SALE.
school bonds offered on July 16-V. 129, p. 315
-were awarded to Roosevelt & Son of New York, at 102.80, a basis of about 5.74%. The bonds
are dated Mar. 15 1929. Due annually on Mar. 15 as follows: $2,000,
1930 to 1939 incl.; $3,000, 1940 to 1949 incl.; 35,000, 1950 to 1958 incl.;
and $3,000, 1959.
BROWN COUNTY(P.O.Brownwood),Tex.
-BONDSREGISTERED.
-Two issues of5% serial bonds aggregating $41,000, were registered by the
State Comptroller on July 12. The issues are divided as follows: $32,500
road, series C,and 38.500, road series D bonds.
BROWN TOWNSHIP SCHOOL DISTRICT (P. 0. Reedaville),
Mifflin County, Pa.
-BOND OFFERING.
-John B. Saltsman, Secretary
of the Board of Directors, will receive sealed bids until 7 p. m. on July 27
for the purchase of$14,0005% school bonds. Dated Aug. 1 1929. Denom.
$500. Due Aug. 1 1959; optional Aug. 1 1934. A certified check for 1%
of the bonds bid for, payable to the School Board, must accompany each
proposal.
BUCHANAN COUNTY (P. 0. Independence), lowa.-BONDS NOT
SOLD.
-The 3300,000 issue of annual primary road bonds offered on July
-was not sold as all the bids were rejected. Date Aug.
16-V. 128, p. 4356
1 1929. Due $30,000 from May 1 1935 to 1944, incl. Optional after May
1 1935.
BYERS INDEPENDENT SCHOOL DISTRICT (P. 0. Byers) Clay
-BOND SALE.
County, Tex.
-A $32,000 issue of 5% school bonds has
been purchased by an unknown investor.
CARNEGIE SCHOOL DISTRICT, Alleghency County, Pa.
-NO
-BONDS SOLD LATER.
BIDS
-C. C. Fulton, Secretary of the Board of
Directors, states that no bids were received on Juno 17 for the $45,000
% school bonds offered for sale
-V. 128, p. 3876
-and the Issue was
subs3quently sold at private sale on July 11 to the Mellon National Bank.
of Pittsburgh, at a price of par. The bonds are dated June 1 1929. Due
$5.000 on June 1 in 1934, 1936, 1938, 1940. 1942, 1944, 1946, 1948 and in
1950.
CENTER TOWNSHIP SCHOOL DISTRICT (P. 0. Knightstown),
-BOND OFFERING.
-Dennis Grocox, Trustee.
Henry County, Ind.
will receive sealed bids until 2 p. m. on July 31, for the purchase of $63,800
5% school bonds. Dated July 1 1929. Due $2,200, July 1 1930: $2,200.
Jan. and July 1 1931 to 1939 incl.; and $2,200, Jan. 1 1940. Prin. and
semi-annual int. payable at the First National Bank, Mays.
Rig
-BOND OFFERING.
CHAGRIN FALLS, Cuyahoga County, Ohio.
-Gladys M. Foster, Village Clerk, will receive sealed bids until 12 m. on
following issues of 5;.6% bonds aggregating
Aug. 5, for the purchase of the
$41,288:
$26,288 street improvement bonds, property owners' portion. Denom.
$1,000. one bond for $1,288. Due on Oct. 1, as follows: 32,288.
1930; 33.000, 1931: $2,000, 1932; 33,000, 1933 and 1934; $2,000.
1935; 53.000. 1936 and 1937; 2.000, 1938; and $3,000, 1939.
15,000 Sewage Disposal Works repair bonds. Denoms. $1,000 and $500.
Due as follows: $,.,500, Apr. 1 and $2,000, Oct. 1 1930; $1,500.
Apr. 1 and 32,000. Oct. 1 1931; and 32,000, Apr. and Oct. 1 1932
and 1933.
Both issues are dated Jan. 15 1929. Prin. and semi-annual interest
(A. & 0. 1) payable at the Chagrin Falls Banking Co., Chagrin Falls.
A certified check for 5% of the amount of bonds bid for, payable to the
Village Treasurer, must accompany each proposal. Separate bids must
be made for each issue.
Anyone desiring to do so, may present a bid or bids for the above bonds
based upon their bearing a different rate of interest than herein specified.
provided however, that where a fractional interest rate is bid,such fraction
shall be WI of 1% or multiples thereof.
-BOND OFFERING.
CHARLESTON, Charleston County, S. C.
Sealed bids will be received until noon on Aug. 1, by W. S. Smith, City
Treasurer, for the purchase of an issue of 3125,000 4;4% coupon sewerage
refunding bonds. Denom.$1,000. Dated Oct. 11929. Due on Oct. 1 as
follows: 37,000,1932 to 1948 and 86.000 in 1949. Prin. and int. (A. & 0.)
payable at the office of the City Treasurer or at a bank in New York City,
at the option of the holder. I
5urchaser to bear expense of legal approval.
A $2,500 certified check, payable to the City Treasurer, is required.
CHARLESTON COUNTY (P. 0. Charleston), S. C.
-BOND OFFER-Sealed bids will be received by Jac. D. Leseman, Chairman of the
ING.
Sanitary and Drainage Commission, until noon on July 25, for the purchase of a $50,000 issue of 5% road and bridge bonds. Denom. 31.000.
Dated Aug. 1 1929. Due $5.000 from Aug. 1 1930 to 1939 incl. Prin.
and int. (F. & A.) payable at the Chatham & Phoenix Bank in New York.
These bonds are part of a total authorized Issue of 31,500,000. 13Idder
to pay expenses of legal approval. A $2,500 certified check, payable to
the Commission, must accompany the bid.
CHARLESTON INDEPENDENT SCHOOL DISTRICT (P. 0.
Charleston), Kanawha County, W. Va.-BOND SALE.
-A $750,000
ISS110 of school bonds has recently been purchased at par by the State
Sinking Fund Commission.
CHARLESTOWN, Sullivan County, N. H.
-BOND SALE.
-The
1030,000 434% coupon road bonds offered on July 12-V. 129,
159
-were awarded to Harris. Forbes & Co. of Boston, at a price of 97.79, a
p.
basis of about 4.90%. The bonds are dated July 11929. Due $5,000 on
July 1, from 1930 to 1941 incl. E. H. Rollins & Sons, also of Boston, bid
96.66.
CHELSEA, Berkshire County, Mass.
-TEMPORARY LOAN.
-The
Old Colony Corporation of Boston, recently purchased a $100,000 temporary loan on a discount basis of 5.49%. The loan is payable in about
five months. The following bids were also received:
BidderDiscount Basis.
S. N. Bond & Co
5.70%
Bank of Commerce & Trust Co
6.125%
CHISHOLM, St. Louis County, Minn.
-BONDS NOT SOLD.
-The
3712.000 issue of not to exceed 6% village bends, offered on July 15-was not sold as all the bids were rejected. It is reV. 128. p. 4356
ported that these bonds will be re-offered in September. Due as follows:
$30,000 on July 1 1930. 330,000 on Jan. 1 and July 1 1931 to July 1 1941,
and 322.000 on Jan. 1 1942.
CLAREMORE, Rogers County, Okla.
-Sealed
-BOND OFFERING.
bids will be received until 8 p. m. on July 22, by J. M. York, City Clerk,
JULY 20 1929.1
FINANCIAL CHRONICLE
515
for the purchase of a $54.000 issue of sewer system bonds. The interest $58,000 general obligation bonds. Due $2,000 from Aug. 1 1931 to 1959.
inclusive.
rate is to be stated by the bidder. Due $2,700 from 1930 to 1949.
22,000 water works and sewer extension bonds. Due $1,000 from Aug. 1
-BOND
CLARION SCHOOL DISTRICT, Clarion County, Pa.
1932 to 1953, incl.
Interest rate is not to exceed 6%•
SALE.
-The $71.000 5% coupon school bonds offered on July 11-V.
-were awarded to Prescott, Lyon & Co., of Pittsburgh, at
128, p. 4356
EAST BANK WATER DISTRICT No. 1 (P. 0. Kenner), Jefferson
par, plus a premium of $2,205 equal to 103.10, a basis of about 4.65%. Parish, La.
-At a special election held recently the
-BONDS VOTED.
The bonds are dated Oct. 1 1928. Due on Oct. 1, as follows: $2,000, 1931 voters approved the issuance of $1,250,000 in bonds for a district water
and 1932: $3,000, 1933 to 1942 incl.; $4,000, 1943 to 1946 incl.; $5,000, works and fire defense system. It is reported that bids will be called for
1947 to 1949 incl.. and $6,000, 1950.
in the near future for the purchase of the bonds.
CLAWSON, Oakland County, Mich.
-BOND OFFERING.
-L. J.
EAST BERNSTADT GRADED SCHOOL DISTRICT (P. 0. East
Richards, Village Clerk, will receive sealed bids until 8 p. m. (eastern Bernstadt), Laurel County, Ky.-BOND SALE.
-The $3,500 issue of
issues of bonds 6% coupon school bonds offered for sale on June 15-V. 128, p. 3718
standard time) on July 23,for the purchase of the following -was
aggregating
awarded at par to the First National Bank of East Bernstadt. Dated July 1
6ecfa15, 2gssment Roll No. 154 bonds. Dated July 15 1929. 1929. Due $500 from July 1 1931 to 1937 incl. Optional after 5 years at
2 1
Due on July 15, as follows: $2,000, 1931 to 1935, incl.; and $2,500, par. The only other bidder was Magnus & Co., of Cincinnati.
1936 to 1940, incl.
EAST DETROIT SCHOOL DISTRICT (P. 0. Detroit) Wayne
1,900 Special Assessment Road No. 156 bonds. Dated Aug. 1 1929.
-The $300,000 5% coupon school bonds
-BOND SALE.
County, Mich.
Due Aug. I, as follows: $200, 1930 to 1937 incl.; and $300, 1938.
1,100 Special Assessment Roll No. 155 bonds. Dated Aug. 1 1929. offered on June 20-V. 128. p. 4191-were awarded to the First National
Co. of Detroit, and the Union Trust Co., both of Detroit, jointly, at par.
Due $275. Aug. 1 1930 to 1934, incl.
Rate of interest is to be named in bid. A certified check for $500 payable plus a premium of $375, equal to 100.125. These bonds were authorized
-V. 128. p. 3384.
at an election held in May.
to the Village Treasurer, must accompany each proposal.
-BOND SALE.
EAST LIVERPOOL, Columbiana County, Ohio.
CLINTON COUNTY (P. 0. Frankfort), Ind.
-BOND OFFERING.
- The $18,993.13 5% special assessment street improvement bonds offered
Earl McDonald, County Treasurer, will receive sealed bids until 10 a. m.
awarded to the Dollar Savings Bank of
on July 29, for the purchase of $6,200 5% Perry Township road improve- on July 1-V. 128, p. 4191-wereThe bonds are dated June 15 1929. Due
ment bonds. Dated July 15 1929. Denom. 6310. Due $310, July 15 East Liverpool, at a price of par. 1930; $4.000, 1931 to 1934 incl.
on Sept. 1 as follows: $2,993.13,
1930;$310, Jan. and July 15 1931 to 1939 incl.; and $310, Jan. 15 1940.
-BOND OFFERING.
EAST PALESTINE,Columbiana County,Ohio.
COHUTTA SCHOOL DISTRICT(P.O.Cohutta), Whitfield County
Ga.-BOND SALE.
-The $15,000 issue of6% annual school bonds offered -Harry Court, City Auditor, will receive sealed bids until 12 m.on July 29
for sale on July 15-V. 129, p. 159-was awarded to the Hardwick Bank for the purchase of the following issues of bonds aggregating $12,016.76;
& Trust Co.ofDalton,at a price of 101.01, a basis of about 5.87%. Dated $9.064.35 53% special assessment street improvement bonds. Due
Oct. 1 as follows: $964.35. 1930; and $900, 1931 to 1939 incl.
July 11929. Due from Apr. 15 1930 to 1949 incl.
% special assessment street improvement bonds. Due
2,952.41
COLUMBIA COUNTY SCHOOL DISTRICT NO.5(P.O. Clatskanie)
Oct. 1 as follows: $552.41, 1929; and $600, 1930 to 1933 incl.
Ore.
-BOND SALE.
-The $30,500 issue of 534% semi-annual school
Both issues are dated Feb. 1 1929. Int. payable on Apr. and Oct. 1
bonds offered for sale on July 10-V. 129, p. 159
-was sold to the Freeman,
certified chock for 2% of the bonds bid for is required.
Smith & Camp Co., and the Commerce Mortgage Security Co, both A
bidders must state the amount of bonds bid for, and the gross amount
of Portland, jointly, at a price of 101.03, a basis of about 5.36%. Due on heAll pay for the same including premium and accrued interest to date
will
May 15, as follows: $3,500, 1935 to 1937 and $4,000, 1938 to 1942, all incl. of delivery.
Any one desiring to do so may present a bid for or bids for such bonds
COLUMBIA TOWNSHIP(P.O. Columbia), Richland County, S. C.
-BOND SALE.
-The $300.000 issue of auditorium bonds offered for sale based upon their bearing a different rate of interest than hereinbefore
on July 18-V. 129, P. 315
-was jointly awarded to A. M. Law & Co. of fixed, provided however, that where a fractional rate of interest Is bid,said
Spartanburg, and Harris, Forbes & Co. of New York as 5s, for a premium fraction shall be M of 1% or multiple thereof.
of $246, equal to 100.082, a basis of about 4.99%. Dated June 1 1929.
EAST WHITTIER SCHOOL DISTRICT (P. 0. Los Angeles) Los
Due from June 1 1934 to 1952.
-Sealed bids will be received
-BOND OFFERING.
Angeles County,Calif.
until 2 p. m.on July 22, by L. E. Lampton,County Clerk,for the purchase
COLUMBUS, Franklin County, Ohio.
-NOTE SALE.
-The $150.000
0
$90.000 issue of 5'7 school bonds. Denom. $1,000. Dated July 1
promissory notes, dated Aug. 1 1929 and payable on Feb. 1 1931, offered of a
1945 to
on July' 15-V. 129, p. 316
-were awarded to the Guaranty Company of 1929. Due on July 1 as follows: $4,000, 1930 to 1944, and $3,000,
New York, as 534s, at par, plus a premium of $16.00, equal to 100.01, a 1954, all incl. Prin. and semi-anual int. payable at the County Treasury.
rates below 5%. A certified check for 3%, payable
basis of about 5.49%. The notes are in denom. of $5,000 each, and are No bids are to be at
payable at the office of the agency of the City of Columbus in New York. to the Chairman of the Board of Supervisors, is required. The following
statement accompanies the offering notice:
An official list of the other bids received follows:
East Whittier School Distirct has been acting as a school district under
Bidder
Int. Rate.
Prem. the laws of the State of California continously since July 1 1902.
Eldredge St Co., New York
67
6
"
The assessed valuation of the taxable property in said school district
Stephens & Co., New York
95 for the year 1928 is $5,202,560, and the amount of bonds previously issued
Otis & Co., Cleveland
6e
o
240 and now outstanding is 155.000.
First
-Citizens Corp., Columbus
210
6%
East Whittier School District includes an area of approximately 12.50
Herrick Co., Cleveland
52 square miles, and the estimated population of said school district is 3.570.
6%
CONDON, Gillian County, Ore.
-BONDS NOT SOLD.
-The $24,000
-BOND OFFERING.
EDGEFIELD COUNTY (P. 0. Edgefield), S. C.
issue of not to exceed 6% semi-annual improvement bonds offered on July
1-V. 128,0. 4041-was not sold as the only bid received for the bonds was -Sealed bids will be received until Jury 25, by J. W. Cox, Secretary of the
Highway Commission, for the purchase of an issue of $140,000 semi-annual
rejected. Dated Aug. 11929. Due $1,200 from Aug. 1 1930 to 1949, incl.
highway bonds. Int. rate is not to exceed 5%. Denom. $1,000.
COOK COUNTY FOREST PRESERVE DISTRICT (P. 0. Chicago,)
-BOND SALE.
ELKHART SCHOOL CITY, Elkhart County, Ind.
III.
-BOND SALE.
-A syndicate composed of the Harris Trust & Savings
Bank, the First Union Trust & Savings Bank, the Continnetal Illinois Co. The Harris Trust & Savings Bank, of Chicago, was the successful bidder on
par, plus
and the Northern Trust Co., all of Chicago, submitted the accepted tender July 6 for an issue of 3150,000 4%% school building bonds, paying of about
of 95.73 on July 18,for a $500,000 issue of4% improvement bonds,series N. a premium of $383 for the obligations, equal to 100.25, a basis
1929. Coupon bonds in denom. of
Price paid figures an interest cost basis of about 4.54%. The bonds are 4.47%. The bonds are dated July 1
dated Dec. 1 1928. Due annually from 1929 to 1948 tnel. The National $1,000. Due $50.000, July 1 1944 to 1946 incl. Prin. and semi-annual int.
(J. & J.) payable at the First National Bank, Elkhart. The purchasers are
City Co. of New York, submitted the second highest tender, 95.31.
reoffering the securities for public investment at prices yielding 4.35%.
-BOND
Financial Statement (as Officially Reported).
CORNWALL (P. 0. Cornwall), Orange County, N. Y.
$46,881.041
OFFERING.
Supervisor, will receive sealed bids Assessed valuation for taxation
-Edward L. Sylcox, Town
926,000
until 8 p. in. (daylight saving time) on July 24. for the purchase of $14,100 *Total debt (this issue incl.)
Population, estimated: 26.000; 1920 census, 24,277; 1910 census. 19,282.
coupon or registered highway bonds. Dated Aug. 1 1929. Denoms. $1,000
one bond for $1.100. Due Aug. 1 as follows: $2,100, 1930; and 13.000,1931
* The above statement does not include obligations of other municipal
to 1944 incl. The bonds will bear interest at a rate not exceeding 6% per corporations which have taxing power against property within the School
annum, payable semi-annually on Feb. and Aug. 1, and will be coupon City.
bonds, registerable as to both principal and interest. Principal and semiELLERY UNION FREE SCHOOL DISTRICT NO. 4 (P. 0. Remus
annual interest payable in gold at the Cornwall National Bank. Interest Point), Chautauqua
-The $16.000 557
-BOND SALE.
rate is to be stated In a multiple of % of 1%. A certified check for 2% of registered school bonds County, N. Y.
offered on July 11-V. 129, p. 316-waere awarded
the bonds bid for, payable to the Town, must accompany each proposal.
The
The successful bidder will be furnished with the opinion of Reed, Hoyt & to F. Y. Toy & Co., New York, at 100.10, a basis of about 4.99%. 1949
Washburn. of New York, that the bonds are binding and legal obligations bonds are dated June 1 1929. Due on Dec. 1 as follows: $6,000.
and 1950, and $4,000, 1951.
of the Town.
% coupon
-BOND SALE.
-The $173,000
ERIE, Erie County, Pa.
CORRALITOS UNION HIGH SCHOOL DISTRICT (P. 0. Santa
-were awarded to
improvement bonds offered on July 12-V. 129, p. 160
Cruz), Santa Cruz County, Calif.
-BOND OFFERING.
-Sealed bids
Commissioners, of Erie, at a price of par. The Sinking
will be received until 2.45 p. m. on Aug. 7, by H. E. Miller, County Clerk, the Sinking Fund
for the purchase of a $17,000 issue of 6% school bonds. Denom. $1,000. Fund Commission bid was the only one received. The bonds are dated
Dated July 11929. Due $1,000 from 1930 to 1946, incl. Prin. and annual July 11920 and mature annually on July 1, as follows: $23.000, 1930. and
int, payable at the office of the County Treasurer. A certified check for $30,000. 1931 to 1935 incl.
3%. payable to the County Treasurer, is required.
-Sealed
-LOAN OFFERING.
ESSEX COUNTY (P. 0. Salem), Mass.
(These bonds were unsuccessfully offered on July 8.) t'aiVErl
bids will be received until 11 a. m. on July 23. by the County Treasurer,
CROOK COUNTY SCHOOL DISTRICT NO. 16 (P. 0. Moorcroft), for the purchase on a discount basis of a $200,000 temporary loan. The
Wyo.-BOND OFFERING.
-Sealed bids will be received by Inez C. Noo- loan is dated Jan. 22 1929. and is payable on Nov. 7 1929.
nan, District Clerk, until Aug. 9. for the purchase of a $28,000 issue of 5%
-Bids will be
-BOND OFFERING.
EUPORA, Webster County, Miss.
school building bonds. Denom.$500. Dated June 11929. Due as follows: received by Mrs. F. B. Foard, Town Clerk, until Aug. 6. for the purchase
11,000, 1940 to 1944; 12,500, 1945 to 1950; $2,500, 1951 to 1955 and of a 112.000 issue of 6% semi-ann. deep water well bonds.
$3,000 in 1956.
-Lawrence J.
-BOND OFFERING.
EVANSTON, Cook County, III.
CUMBERLAND, Allegany County, Md.-BOND SALE.
-The $125,- Knapp, City Comptroller, will receive sealed bids until 10 a. m.(daylight
000 434% Memorial Hospital bonds offered on July 17-V. 129, p. 159
- saving time) on July 22, for the purchase of $25,000 434% park construcwere awarded to the Mercantile Trust & Deposit Co.,of Baltimore,at 98.89, tion and improvement bonds. Dated June 1 1928. Denom. $1,000. Due
a basis of about 4.57%. The bonds are dated Aug. 11929. Due in 30 years. $5,000 on June 1, from 1949 to 1953, incl. Prin. and semi-annual interest
The National City Co., New York, bid 97.609 for the issue.
payable at the City Treasurer's office. A certified check for 5% of the
amount of bonds bid for, payable to the order of the City Collector, must
CYNTHIANA, Harrison County, Ky.-BOND SALE.
-A $50.000 accompany each proposal. Legality is to be approved by Chapman & Cutler
issue of 434% building bonds was purchased at par by the Farmers National of Chicago.
The successful bidder is to furnish printed bonds. These
Bank,of Cynthiana. -Dated Dec. 1 1928. Due on Dec. 1 as follows: $1,000,
1933 to 1937; $2,000, 1938 to 1940; $9,000 in 1941 and $5,000, 1942 to bonds are part of $100,000 issue authorized by the electors at an election
held on April 3 1928.
1948, all incl.
FAIRVIEW COMMON SCHOOL DISTRICT (P.O. Corpus Christi).
DALLAS COUNTY ROAD DISTRICT NO. 1 (P. 0. Dallas),
Nueces County, Tex.
-A $35,000 issue of school bonds
-BOND SALE.
BONDS REGISTERED.
-The $1.250,000 issue of 44% road, series No. 5 has recently
,
Tex
been purchased at par by the State Department of Education.
that was sold on May 13 to a syndicate headed by the Guaranty Co. of
New York-V. 128. p. 3383
-was registered on July 12 by the State
FERNDALE SCHOOL DISTRICT (P. 0. Detroit), Wayne County,
Comptroller.
Mich.
-G. A. Damon, Secretary of
-ADDITIONAL INFORMATION.
states that the First National Co. and the Bank
DECATUR COUNTY(P.O. Greensburg) Ind.
-BOND OFFERING.- the Board of Education,
both of Detroit, were associated with the Detroit &
Closs D. Samuels, County Treasurer, will receive sealed bids until 1 p. in. of Detroit, Detroit, in the purchase of $300,000 5% school bondsSecurity
on July
Trust Co.,
on July 20, for the purchase of $21,000 road bonds. Rate of interest is 5% 9. The purchaser's bid was 100.002, a basis of about 4.99%-V. 129,
and is to be payable semi-annually on May and Nov. 15. The bonds are
1929. Denom. $1,000. Due $1,000, May and Nov. 15 1930 P. 317. lqr. Damon also says that the accepted tender was the only one
dated Juno 15
received.
to 1939 incl.. and $1,000, May 15 1940.
FLATHEAD COUNTY SCHOOL DISTRICT NO.5 (P. 0. Kalispell)
DECATUR SCHOOL TOWNSHIP, Marion County, Ind.
-BOND Mont.
-BOND OFFERING.
-Sealed bids will be received
-Bert F. Yeager, Trustee, will receive sealed bids until 10 District Clerk, until 4 p. m.on Aug. 2. for the purchase of a by H. J. Hunt.
OFFERING.
$98,000 issue of
a. in. on Aug. 10. for the purchase of $10,000 434% school building bonds. semi-annual school bonds. Int, rate is not to exceed 6%. Dated June 15
Dated Aug. 15 1929. Denom. $500. Due $500 Aug. 15 1930; $500 Feb. 1929.
and Aug. 15 1931 to 1939,incl., and $500. Feb. 151940.Principal and semiFLATHEAD COUNTY SCHOOL DISTRICT No. 15(P. 0. Kalispell,
annual interest (Feb. and Aug. 15) payable at the Washington Bank St
-Sealed bids will be received until
-BOND OFFERING.
Route 1), Mont.
Trust Co., Indianapolis.
8 p. in. on Aug. 11, by Elmer McLain, District Clerk, for the purchase of
COUNTY (P. 0. Muncie), Ind.
DELAWARE
-NO BIDS.
-The an issue of $1,500 semi-annual school bonds. Int, rate is not to exceed
County Auditor reports that no bids were received on June 8 for the 6%. Dated June 10 1929. A $50 certified check must accompany the
-V. 128, p. 3558.
$4,805.20 6% ditch improvement bonds offered for sale.
The bonds are dated January 11 1929 and are payable semi-annually on
-61.750.000 BONDS APPROVED,
FORDSON,Wayne County,Mich.
May and November 15.
At an election held on July 15-V. 129, p. 317- the voters authorized the
-BOND OFFERING.
-Two issues Issuance of 11.750.000 school construction bonds.
DOTHAN, Houston County, Ala.
of semi-annual coupon bonds, aggregating $80,000, will be offered for sale
FLINT
-NO BIDSat public auction by I. 13. Scarborough, City Clerk, at 8 p. m. on Aug. 5. Charles J.SCHOOL DISTRICT, Genesee County, Mich. that
French, Secretary of the Board of Education, states
no bids
The issues are divided as follows:
$2
242
516
FINANCIAL CHRONICLE
[VOL. 129.
were received on July 16 for the $265.000 434% school construction bonds 15-V. 129, p. 317
-was not sold as all the
offered for sale.
-V. 129. P. 317. The bonds are dated March 1 1929. July 15 1929. Due from July 15 1932 to 1940.bids were rejected. Dated
incl.
are in $1.000 denomination, and mature on Mar. 1, as follows: $14,000,
HIGHLAND IRRIGATION DISTRICT (P. O. Seguiin), Clallam
1930 to 1934, incl.: and $13,000. 1935 to 1949, incl.
County, Wash.
-BOND DESCRIPTION.
-The 28,000
6%
FLOYD COUNTY (P. 0. Floydada), Tex.
-BONDS REGISTERED. irrigation bonds that was reported sold-V. 128. p. 4192 issuo of fully
-is more
-On July 9 the State Comptroller registered the following issues of bonds: described as follows: Dated July 1 1929.
Due from July 1 1939 to 1943.
416.000 5% Consolidated School District No. 8 bonds. Due serially.
Awarded at a discount of 280, equal to 99. a basis of about 6.10%. Interest
10.000 5% Consolidated School District No. 29 bonds. Due serially.
is payable on Jan. & July 1.
FRANKLIN, Merrimack County, N. H.
-BOND SALE.
HILLSDALE COUNTY (P. 0. Hillsdale), Mich.
-The $40,000
-BOND SALE.
41
f% coupon road Improvement bonds offered on July 17-V. 129, p. The $80,000 Road Assessment District No. 22 bonds offered on July 12-V.
-were awarded to E. H. Rollins & Sons, of Boston, at 98.111, a basis 129, p. 317
317
-were awarded to local
of about 4.75%. The bonds are dated July 11929. Due $2,000 on July!, dated July 1 1929. Due on May banks as 514s. The bonds are to be
1 as follows: 218.000. 1931 and 1932;
from 1930 to 1949, inclusive. The following bids were also received:
220.000, 1933 and $24,000, 1934.
BidderRate Bid.
HOLLIS SCHOOL DISTRICT (P. 0. Hollis), Harmon County,
Harris, Forbes & Co
97.79
-BOND SALE.
Franklin Savings Bank, Franklin
-The $68.000 issue of 5% Semi-annual school
97.64 Okla. offered for
bonds
-was sold at par to C.
128,
FRANKLIN SCHOOL DISTRICT (P. 0. Conemaugh), Cambria Edgar Honnold ofsale on July 2-VDated13. 4358
Oklahoma City.
May 15 1929. Due on May 15
County, Pa.
-BOND OFFERING.
-Robert S. Scliry, Secretary of the as follows: $3,000, 1932 to 1953 and $2,000 in 1954.
Board of Directors, will receive sealed bids until 7 p. m. (daylight saving
HOLYOKE, Hampden County, Mass.
time) on July 25, for the purchase of 225.000 534% school bonds. Dated
-TEMPORARY LOAN.
Aug. 1 1929. Denom. 21,000. Due $5,000 on Aug. 1, from 1931 to 1935, A $200,000 temporary loan was sold recently to F. S. Mosely & Co. of
incl. A certified check for $200, payable to the order of the School District, Boston, on a discount basis of 5.25%. plus a premium of $3. The loan
is dated July 11 1929. Payable on Nov. 12 1929. The following bids
must accompany each proposal.
were also received:
FREEPORT, Nassau County, N. Y.
-BOND SALE.
Bidder-The $118,000
Discount s
55:3 ;.
Bas
coupon or registered public improvement bonds offered on July 12-V. 129, Old Colony Corp
5.26%
p. 160
-were awarded to Hannahs, Baffin & Lee, of New York, as 5.20s, First National Bank, Boston
at 100.228, a basis of about 5.17%. The bonds are dated July I 1929. Salomon Bros.& Hutzler
(plus $3)
Due annually on July 1 as follows: 38,000. 1930 to 1933. incl.; 212,000, Shawmut Corp. of Boston
5.34
1934; $3,000, 1935 to 1958, incl.: and $2,000. 1959.
S. N. Bond & Co
GALLIPOLIS, Gallia County, Ohio.
HOMER CITY, Indiana County, Pa.
-BOND OFFERING.
-BOND SALE.
-Samuel
-The $46,000
water works plant improvement bonds offered on June 19.-V.
Sickenberger, Borough Secretary, will receive sealed bids until 3 p. m. on
-were awarded to Seasongood & Mayer, of Cincinnati, as 5s, 128. p. 3877 Aug. 5,for the purchase of $16,500 414% refunding bonds. Dated March 1
at par, plus
a premium of $529.00 equal to 101.15. The following is a list of the other 1929. Denom. $500. Due on March 1, as follows: 21,000, 1931 and 1933;
bids received:
82.000. 1935: 1937. 1939 and 1941: 82.500, 1943 and .945. and $1,500
BidderInt. Rate.Premium. 1946. A certified check for $500 is required.
Title Guarantee & Trust Co., Cincinnati
534%
HOMEWOOD (P. 0. Birmingham), Jefferson County, Ala.
2473.80
-BOND
Assail, Goetz & Moerlein, Inc., Cincinnati
53 %
370.00 SALE.
-An issue of 8160.000 6% coupon improvement, series K bonds
Well. Roth & IrvinesCo., Cincinnati
534%
741.00 has been purchased by Caldwell & Co., of Nashville. Denom. $1.000.
Ryan, Sutherland & Co., Toledo
5.34%
161.00 Dated May 1 1929. Done $16,000 from May 1 1930 to 1939, Inclusive.
Blanchet, Bowman & Wood, Toledo
%
534 1
82.80 Prin. and int.(M.& N.) payable at the Guaranty Trust Co.In N. Y. City.
W. L. Slayton & Co., Toledo
514%
312.00 Legality approved by Storey, Thorndike, Palmer 4: Dodge, of Boston.
Stranahan, Harris & Oatis, Toledo
634.80
5'4%
HOUSTON, Harris County, Tex.
Prudden & Co., Toledo
-BONDS REGISTERED.--On July
53.00
%
First
-Citizens Corp., Columbus
534%
165.50 9 the State Comptroller registered the following issues of bonds:
$600,000 434% street improvement bonds. Due serially,
GARDEN GROVE SCHOOL DISTRICT (P. 0. Santa Ana), Orange
200,000 434% sanitary sewer bonds. Due serially.
County, Calif. BOND OFFERING.
-Sealed bids will be received
100.000 4345 road paving bonds. Due serially.
M.
Backs, County Clerk, until 11 a. m.on July 23 for the purchase of a $35,000
100,000 434% general improvement bonds. Due serially.
Issue of 5% school bonds. Denom. $1,000. Dated Aug. 1 1929. Due on
Aug. 1, as follows: 22,000. 1930 to 1946. and $1,000 in 1947. Prin. and
HUNTINGTON (P. 0. Huntington) Suffolk County, N. Y.
semi-annual int. payable at the office of the County Treasurer. A certified BOND SALE.
-The 2306,000 coupon or registered, series
check for 3% of the bonds payable to the Chairman of the Board of Super- improvement bonds offered on July 12-V. 129, p. 161-were "B," road
awarded to
visors, is required. The following statement accompanies the offering Roosevelt & Son and George B. Gibbons & Co., both of New York. jointly,
notice:
as 5s, at par, plus a premium of $1,612.62, equal
The total valuation of taxable property within the Garden Grove School about 4.94%. The bonds are dated July 1 1929. Dueto 100.52, a basis of
on
District, for the year 1928, is $2,812,090, exclusive of operative property $21,000, 1934; 325.000. 1935 to 1939 incl., and 220,500, Jan. 1, as follows:
1940 to 1947 incl.
and the outstanding bonded indebtedness of said district is 277,000.
One other bid submitted by Lehman Bros. of New York and the ManuGOSHEN COUNTY SCHOOL DISTRICT NO.3(P.O. Torrington), facturers & Traders-Peoples Trust Co.,of Buffalo,jointly, was 2307,220.94.
Wyo.-BOND SALE.
-The $30,000 issue of 534% school bonds offered
ISHPEMING, Marquette County, Mich.
-BOND
for sale on July 6-V. 128, p. 4042
-was jointly awarded to the American A special election is to be held on July 29, on which date ELECTION.
the voters will
National Bank, and the Stockgrowers National Bank. both of Cheyenne. pass on a proposal to issue $20,000 improvement
bonds. The bonds, if
Dated July! 1929.g Due as follows:$2,000, 1941 to 1953,and $4.000in 1954 Issued, will bear a coupon rate of 5% and mature
annually in from 1 to 5
years.
GRANT COUNTY (P.O. Marion), Ind.
-BOND OFFERING.
-Sealed
bids will be received by the County Treasurer, until 12 m. on Aug. 2, for
JACKSON, Madison County, Tenn.
-BOND ELECTION.
-The city
the purchase of84,573.956% ditch construction bonds. Dated Dec. 11929. commission recently authorized a special election to be
Due $57.40, Dec. 1, from 1931) to 1934. incl. Prin. and semi-annual int. vote on the issuance of $750,000 in 434% bonds for held on Aug. 1, to
the purpose of purpayable at the office of the County Treasurer.
chasing or building an electric light and power and gas plant, either one or
both.
GRANT COUNTY (P. 0. Marion) Ind.
-BOND OFFERING.
Claude Hamilton, County Treasurer, will receive sealed bids until 10 a. JACKSON COUNTY (P. 0. Brownstown) Ind.
m.
-BOND SALE.
on July 19, for the purchase of $28,500 road bonds. Dated June 15 1929. The $2,600 5% coupon highway improvement bonds offered on July 12Rate of interest is 434%. Denorn. $1,425. Due $1,425, July 15
V. 129, p. 161-were awarded to the First National Bank, of Brownstown,
$1,425, Jan. and July 15 1931 to 1939 incl., and $1,425. Jan. 15 1910. 1930: at par, plus a premium of $28.60 equal to 101.10, a basis of
about 4.75%.
The bonds are dated July 15 1929. Due as follows:'2130, July 15 1930:
GREECE (P. 0. Rochester), Monroe County, N. Y.
-Wilbur C. Deming, Town Clerk, will receive sealed-BOND OFFER- $130, Jan. and July 15 1931 to 1939 incl., and $130. Jan. 15 1940. The
ING.
bids until 8 p.
(standard time) on July 25, for the purchase of 218,000 5;4% coupon m. following bids were also submitted:
or
Bidderregistered Ridge Road Sidewalk District bonds. Dated April 1
Premium.
1929.
Par
Denom. $1,000. Due $2.000, April 1 1930 to 1938 incl. Prin. and semi- Fletcher American Co.. Indianapolis
annual int. p.ayable in gold at the Union Trust Co., Rochester. A certified Brownstown Loan & Trust Co., Brownstown
$
Stone City Bank, Bedford
10
4.'31
check for $500, payable to the above-mentioned official, must accompany
Seymour National Bank, Seymour
each proposal. Legality is to be approved by Clay, Dllion &
16.00
Vandewater,
of New York.
JACKSON COUNTY (P. 0. Independence), Mo.-BOND SALE.
GREENE COUNTY (P. 0. Bloomfield), Ind.
The
of 434% road and bridge bonds offered for sale on
-BOND OFFERING.
- July 21,500,000 issue4359
Henry Ronson, County Treasurer, will receive sealed
15-V. 128, p.
-was awarded to a syndicate composed of the
bids until
July 22. for the purchase of $2,800 5% Wright Township road 2 p. m. on National City Co. of New York, the Wm. R. Compton Co., and the
bonds. Dated July 15 1929. Denom. $140. Due $140, construction Northern Trust Co. both of Chicago. the First National Co.• and Stilt &
July 15 1930;' Co., both
$140, J. & J. 15 1931 to 1939, incl.; and $140 Jan. 15 1940.
of St.Louis,' Dated
is, at a price of 99.55, a basis of about 4.55%.
July 15 1929. Due from 1934 to 1949. incl. The newspaper reports state
GREENE COUNTY (P. 0. Snow Hill) N. C.
-NOTE SALE.
-The that "The second highest bid was 99.41, submitted jointly by White,
$50.000 issue of notes offered for sale on July 1-V.
128, p. 4358
-was Weld & Co.,and the Bancamerica-Blair Corp. A group comprising the Conawarded to the National Bank of Kinston, at 6%.
Dated July 1 1929. tinental Illinois Co., the First Union Trust & Savings Bank, the Prescott,
Due on Jan. 11930. No other bids were submitted.
Wright, Snider Co.and the Boatmen's National Co. named a price of 99.29.
"A bid of 99.17 was made by the Harris Trust & Savings Dank, L. F.
HALIFAX COUNTY (P. 0. Halifax), N. C.
-BOND
$52.000 Issue of refunding bonds offered for sale on July 16-V.SALE-The Rothschild & Co.. Emanuel & Co., the Commerce Trust Co. and R. H.
129,o. 160
- Moulton & Co.
Was awarded to N. S. Hill & Co., of Cincinnati,
as 534g. at a price of 101.20, Bankers Co., the A banking syndicate comprising the Guaranty Co. the
a basis of about 5.10%. Dated June 11929. Due on Juno
Mercantile Commerce Co. of St. Louis and the Fidelity
1,
$2.000. 1930 to 1937 and $3,000, 1938 to 1049, all incl. The as follows: National Co. of Kansas City submitted a bid of 98.93.
other bids
..The two remaining bids were 98.58 and 98.27, respectively. 38.:4000f lest
were as follows:
T1 3.Nt t
e.
. i
these was made by a group composed of Arthur Sinclair-Wallace & Co.,
Armes of Other BiddersInt. Rate. Premium. of
Stone & Webster & Modica, Inc.,
The /(anchett Bond Co., Chicago
$556.00 Bros. & Co., while the latter bidli"ountze Brothers, Otis & Co. and Stern
%
514
The White Phillips Co., Davenport
was by a syndicate comprising Lehman
514%390.00 Brothers, Ames. Emerich & Co.
Well, Roth & Irving Co., Cincinnati
and the Mississippi Valley Trust Co.
11.00
5%
Kauffman Smith Sr Co., St. Louis
BONDS OFFERED FOR INVESTMENT.
-The successful bidders are
36.00
534 2
Ryan. Sutherland & Co. Toledo
361.00. now offering the above bonds for public subscription as follows: 1934 to
534'7
Seasongood & Mayer, Cincinnati
53:1.00 1936 maturities are priced to yield 4.50; 1937 to 1939, to yield 4.50%, and
534
Breed, Elliott & Harrison, Cincinnati
20.80 from 1940 to 1949. to yinid 4.40%. It is reported that they are legal in534%
Braun, Bosworth & Co., Toledo
534%
363.00 vestment for savings banks and trust funds in New York State.
Prudden & Co Toledo
Financial Statement (Officially Reported.)
534%
693.00
The Provident Savings Bank & Trust Co., Cincinnati
Assessed valuation taxable property, 1928
534%
754.00 *
Net bonded debt (including this issue)
' HAMILTON, Butler Count,yOhio.-BOND OFFERING.
Population (1920 census). 367.846; present estimate. 450.7
-Barry H.
Schuster, Director of Finance, widreceive sealed bids
$000
3
for the purchase of $150,000 5% coupon storm seweruntil 12 m.on July 29, debt about 4%.of assessed valuation.
bonds. Dated Julys
1929. Denom.$1,000. Due on Oct. 1 as follows: $7,000,
JACKSONVILLE, Duval County Fla.-130ND OFFERING.
1930 to 1939 incl.;
-Sealed
and $8.000, 1940 to 1949 Incl. Prin, and semi-annual int. payable at
the bids will be received until 8 p. m. on July 29 by M W. Bishop, Secretary
office of the City Treasurer. A certified check for 5% of the
par value of of the City Commissioner, for the purchase of two issues of 444% bonds
the bonds bld for, payable to the order of the City Treasurer,
aarregating $193,000 as follows:
pany each proposal. Purchaser to furnish legal opinion at his must accom- $143.000 street improvement bonds. Due on June 11934.
own expense.
50.000 sidewalk bonds. Due on June 1 as follows: $20.000, 1933 and
HAMILTON TOWNSHIP (P. 0. May's Landing), Atlantic
County,
1934 and 210,000 in 1935.
N. J.
-BOND OFFERING.
-B. Lehr Scull. Township Clerk,
Denom. 81.000. Dated June 11929. Prin. and int. (J & D.) payable
sealed bids until 8 p. m.(daylight saving time) on July 29. for will receive
the purchase
of 255.000 5. 534. 534. 594 or 6% general improvement bonds. Dated in Jacksonville or at the fiscal agency of the City in New York. Thomson.
Wood & Hoffman of New Yorlc, will furnish the legal approval. Coupon
July 1 1929. Denom. $1,000. Due on July 1 as follows: 27.000. 1930
bonds,
1936 incl.; and $6,000, 1937. No more bonds to be awarded than to bidding registerable as to principal. The city will furnish the required
forms. A certified check for 2% par of the bid, payable to
will
produce a premium of 21.000 over the amount
the
stated above. Prin. and City M•easurer, is required.
semi-annual int. payable in gold at the First National
54
Bank,
JASPER COUNTY (P. 0. Rensselaer), Ind.
A certified check for 2% of the bonds bid for, payable to May's Landing.
-BOND OP
the Township, Homer A. Lambert,
must accompany each proposal. Legality is to be approved by Hawkins,
County Treasurer, will receive sealed bids until 1 p. m.
Delafield & Longfellow of New York.
on August 5,for the purchase of the following Issues of6% bonds aggregating
$20466.51:
,
HENRY COUNTY (P. 6. Newcastle), Ind.
-BOND OFFERING.
292.38 R. E. Davis et al. ditch construction bonds. Due $1,492.38.
Clayton McKinney, County Treasurer, will receive sealed bids until 10 a.- $12,
Sept. 1 1930; and 21.200, Sept. 1 1931 to
m.
on Aug. 5. for the purchase of $18.750 5% Louis A. Carroll et al.Wayne
4,947.82 Powers ditch construction bonds. Due on 1939, incl. follows:
Sept. 1, as
Township highway improvement bonds. Dated July 15 1929. 'Denom,
$147.82, 1930; and 2500, 1931 to 1939, Incl.
$937.50. Due $937.50, July 15 1930; 2937.50, J.
3,266.31 William D. Meyers et al., ditch construction bends. Due on
&
1939,
incl.; and $937.50. Jan. 15 1940. Int, payable on J. & J. 15 1931 to bonds
Sept. 1, as follows: $301.31, 1930; and 2325,from 1931 to 1939.
J. 15. These
were reported sold on July 1 to the J. F. Wild Investment Co., f IndianInclusive.
apolis. at 100.81, a basis of about 4.81%. Apparently the sale Was not conAll of the above bonds are dated July 15 1929. Prin, and semi-annual
summated.
-V. 129, p. 161.
int. payable at the office of the County Treasurer,
HIBBING, St. Louis County, Minn.
-BONDS NOT SOLD.
JAY COUNTY (P. 0. Portland) Ind.
-The
-BOND SALE.
-The 810.400
$2,737,000 issue of not to exceed 6% coupon funding bonds offered on July
% coupon road improvement bonds offered on July 15-V.129. p.318--
7
JULY 20 1929.1
FINANCIAL CHRONICLE
were awarded to the City Security Corp. of Indianapidis, at par and accrued
interest. The bonds are dated July 15 1929. Due as follows: $520. July 15
1930: $520, Jan. and July 15 1931 to 1939 incl., and $520, Jan. 15 1940.
The Fletcher Savings & Trust Co., Indianapolis, also bid par and accrued
Interest.
JOHNSTOWN, Cambria County, Pa.
-NO BIDS.
-W. Winston
Davis, City Treasurer, reports that no bids were received on July .5. for
the $250,000 4 Ji% coupon Boulevard impt. bonds offered for sale
-V.
128, p. 4193. The bonds are dated July I 1929 and mature as follows:
320.000. July 1 1931 to 1941. incl., and $30,000. Dec. 1 1941.
KERRVILLE INDEPENDENT SCHOOL.DISTRICT(P.O. Kerrville)
Kerr County, Tex.
-ADDITIONAL DETAILS.
-The $60,000 issue of
school bonds that was purchased at par by the State Department of Education-V. 129, p. .61-bears interest at 5% and becomes due in 1969.
KINGSFORD,Dickinson County, Mich.
-BOND SALE.
-The following 6% sewer bonds aggregating $25,000 offered on July 16-V. 129, p. 318
-were awarded to the Commercial Bank of Iron Mountain,at a price of par:
$15,000 peoples obligation bonds. Due $3,000 on Aug. 1 from 1930 to
1934 inclusive.
10,000 village obligation bonds. Due 32,000 on Aug. 1 from 1930 to
1934 inclusive.
Both Issues are dated Aug. 1 1929.
KITTITAS COUNTY SCHOOL DISTRICT NO. 24 (P. 0. Ellensburg), Wash.
-Sealed bids will be received by Dora
-BOND OFFERING.
W. Lee, County Treasurer, until 3 p. m. on Aug. 2 for the purchase of a
$44,000 issue of semi-annual school bonds. Int, rate is not to exceed 6%•
KLAMATH FALLS, Klamath County, Ore.
-BOND OFFERING.
Sealed bids will be received until 8 p. m. on Aug. 5. by U. S. Balentine,
Police Judge, for the purchase of an issue of $150,000 semi-annual sewer
bonds. Int. rate is not to exceed 5%. Denom. $1,000. Dzted July 1
1929. Due on July, as follows: $7,000, 1939. 38,000, 1940; $10,000 1941
and 1942; 312,000. 1943: 313.000, 1944 and 315.000, 1945 to 1950. Teal,
Winfre3. McCulloch & Shuler,of Portland. will furnish the legal approval.
A 310.000 certified check must accompany the bid.
(These bonds were unsuccessfully offered on July 1.-V. 129. p. 3183
KNOX COUNTY (P. 0. Barbourville), Ky.-BOND OFFERING.
Sealed bids will be received until Aug. 7 by J. D. Martin, County Judge.
for the purchase of an issue of $100,000 road bonds. A$5.000 certified
check must accompany the bid.
KNOX COUNTY (P. 0. Vincennes), Ind.
-BOND OFFERING.-Claude Hill, County Treasurer, will receive sealed bids until 2 p. m. on
July 31, for the purchase of the following issues of 5% bonds aggregating
$21,000:
$10,000 Alva Hutch et al, Widner Township road bonds. Denom. $500.
Due $500. July 15 1930; $500, Jan. and July 15 1931 to 1939 incl.:
and $500, Jan. 15 1940.
6,500 0. M. Rehwald et al, Johnson Township road bonds. Denom.
8325. Due $325, July 15 1930; $325, Jan. and July 15 1931 to
1939 incl.; and 8500. Jan. 15 1940.
4,500 A. J. Westfall et al. Johnson Township road bonds. Denom.
$225. Due $225. July 15 1930: 3225. Jan. and July 15 1931 to
1939 incl.: and $225, Jan. 15 1940.
All of the above bonds are dated July 15 1929. Int. payable on Jan.
and July 15.
KONAWA, Seminole County, Okla.
-BOND SALE.
issue of 6% coupon water system bonds offered for sale -The $30,000
on July 8-V.
129. p. 161-was awarded at par to the Farmers National Bank,of Wewoka.
Denom. $1,000. Dated July 1 1929. Due serially within 20 years. Int.
payable on Jan. & July I.
LAKEWOOD, Cuyahoga County, Ohio.
-BOND SALE.
-The
lowing issues of 5% bonds aggregating $49,283 offered on July 8-V. fol129,
p 4359
-were awarded to the Sinking Fund, a t a price of par:
19,970 special assessment paving improvement bonds. Due October I.
as follows: $970. 1930; and 81,000, 1931 to 1939, incl.
8.015 special assessment paving bonds. Due October 1, as follows:
$515, 1930: 32.000, 1931: 3500, 1932; 32.000. 1933: 3500.
32.000. 1935 and 1936; 8500 1937; and 32.000, 1938 and 1939. 1934;
7,240 special assessment resurfacing street bonds. Due October 1, as
fellows: 31,240. 1930; 31,000, 1931; $3,000. 1932; $1,000.
1933;
$2,000, 1934.
7.080 special assessment paving bonds. Due October 1, as follows: $580.
1930; $500, 1931; $2,000, 1932; $500. 1933 and 1934; 32.000, 1935;
$500. 1936; $2,000, 1937: $500. 1938; and $2,000, 1939.
4.300 special amt. storm water and sanitary sewer most. bonds. Due
Oct. 1, as follows: $400, 1930 to 1934, incl.; 3500. 1935; $400. 1936:
$500, 1937: $400, 1938; and $500. 1939.
.5.375 special assessment resurfacing street bonds. Due October 1. as
follows: $1,000, 1930 to 1933, incl.; and $1,375, 1934.
4,045 special assessment water main const. bonds. Due Oct. 1,
as
follows: 8545, 1930: $1,000, 1931; $500. 1932; and $1,000. 1933 and
1934.
3,258 special assessment paving bonds. Due October 1, as follows:
$258, 1930: $300. 1931 to 1938. incl.;
All of the above bonds are dated August 1and $600, 1939.
1929.
LA PORTE COUNTY (P. 0. La Porte),
-BOND OFFERING.Lyman A. Ohming, County Treasurer, will Ind.
receive sealed bids until 10
a. m.on July 27,for the purchase of $3,972.756% ditch construction bonds.
Dated July 1 1929. Denom. $200, one bond for $172.75. Due on June
and Dec. 1 from 1930 to 1939 Md. Int. payable on June and Dec. 1.
LA PORTE COUNTY (P. 0. LaPorte) Ind.
-BOND SALE.
-The
317,000 5% highway improvement bonds offered on July 16-V. 128.
P. 4360
-were awarded to the Meyer-Riser Bank, of Indianapolis, at par,
plus a premium of $176.00, equal to 101.03. a basis of about 4.77%. The
bonds are dated July 15 1929. Due 3850, July 15 1930: $850, Jan. and
July 15 1931 to 1939 incl., and 3850, Jan. 15 1940. The following bids were
also submitted:
BidderPremium.
Thomas E. Sheerin & Co
$160.00
Fletcher Savings & Trust Co
103.00
LARAMIE, Albany County, Wyo.-BOND SALE.
-An issue of 3174,000 5% special curb and gutter district has recently been purchased by
A. H. Reed & Co., of Cheyenne, the contractms, at par. Due on or
before
10 years. It is reported that the issue is to be handled by Geo. W. Vallery
& Co., and Peck. Brown & Co.. both of Denver.
LARCHMONT, Westchester County, N. Y.
-BIDS REJECTED.
The following bids were rejected on July 15. for the 31.0E4.000
registered bonds offered for sale. Rate of int, was not to exceedcoupon or
5%. V.
129, p. 318.
Biddermt. Rate,
Rate Bid.
Estabrook & Co. and the Bancamerica-Blair Corp.,
both of Now York
5%
100,451
Bankers Company of New York, the National City
Co.and !lards, Forbes & Co.,all of New York_ _ - 100.299
LAUDERDALE COUNTY(P.O. Ripley), Tenn.
-BOND
-Sealed bids will be received by W. Tucker, Jr., Secretary OFFERING.
of the Hard
Roads commission, until Aug. 6, for the
purchase of a
semi-annual road bonds. Int. rate is not to exceed 6%.$250,000 issue of
Denom. $1,000.
Duo in not less than 1 nor more than 30 years.
LAWRENCEBURG, Lawrence County, Tenn.
-BONDS VOTED.
At a special election held on July 9. the voters approved the issuanceof
$125,000 in bonds for the cpnatruction of a sewerage system by a count of
'
"for" to 134 "against.
164
LEOMINSTER, Worcester County, Mass.
-BOND SALE -The
835.000 5% coupon macadam construction bonds offered on July 16-V.
-were awarded to R. L Day & Co., of Boston. at a price of
129,_p. 318
a basis of about 4.99%. The bonds are dated July 1 1929. Due
100.09'
$7,000 on July 1 from 1930 to 1934 incl.
LEXINGTON, Ohio.
-BOND OFFERING.
-James E. Fellows, Clerk
of the Village Council. will receive sealed bids until 1 p. m. on July 25,
for the purchase of 830,000 534% water works system construction bonds.
Dated July 1 1929. Denom. $600. Due $600. April and Oct. 1 1930 to
1954. incl. Int. payable on April and Oct. 1. A certified check for 2%
of the bonds bid for, payable to the Village Treasurer, must accompany
each proposal.
AM+ Persons desiring to do so may present a bid or bids for said bends
based upon their bearing a different rate of interest than specified herein.
517
provided, however, that where a fractional interest rate is bid, such fraction shall be one-fourth of one per ce'nt or multiple thereof.
LINDEN, Union County, N. J.
-Of the $643.000
-BOND SALE.
coupon or registered assessment bonds offered on July 15-V. 129, p. 161$641,000 bonds were awarded to B. J. Van Ingen & Co., of New York, and
M. M. Freeman & Co., of Philadelphia, jointly, as 6s, paying 3643.159,
equal to 100.337, a basis of about 5.89%. The bonds are dated July 1 1929.
Due annually on July 1. as follows: $107,000, 1930 to 1934 incl.; and
3106.000, 1935. The following bids were also received:
Bonds Bid For. Price Bid,
Bidder
3643.012
3641.000
Linden National Bank & Trust Co
643.150
642.000
Rapp and Lockwood
-BONDS OFFERED.
LINN COUNTY (P. 0. Cedar Rapids), Iowa.
Bids were received until 10 a. m. on July 18, by F. L. Williams, County
Treasurer, for the purchase of a $300,000 issue of primary road bonds.
Int. rate is not to exceed 5%. Denom. 31.000. Dated Sept. 1 1929. Due
$30,000 from May 1 1935 to 1944, inc. Optional after 5 years. Prin. and
annual int, payable at the office of the County Treasurer. After all the
open bids are in, sealed bids will be opened. Purchaser to furnish blank
bonds. County will furnish the approving opinion of Chapman & Cutler,
of Chicago.
(This corrects the report appearing in V. 128. P. 4360.)
Financial Statement.
Assessed valuation of taxable property in said county,including
3115,192,403
moneys and credits, equalized for the year 1928
3.347.000
ess
Total bonded indebtedness including proposed bonds
Population-1925:80,139.
LITTLE „MOUNTAIN SCHOOL DISTRICT NO. 30 (P. 0. Little
-The $6,000 issue of6% annual school
-BOND SALE.
Mountain), S. C.
-was awarded to the
bonds offered for sale on July 10-V. 129, p. 319
Bank of Chapin, for a premium of $103. equal to 101.71, a basis of about
5.82%. Due $1,500 in 1934. 1939, 1944 and 1949.
-Earl F.
LOGANSPORT, Cass County Ind.-BOND OFFERING.
Guthrie, City Comptroller, will receive sealed bids until II a. m.on July 31,
for the purchase of $25,000 434% Dykeman Park enlargement and improvement bonds. Dated Mar. 1 1929. Denom. 15500. Due $2.500 on
May 15, from 1930 to 1939 incl., optional May 1 1930. Prin. and semiannual int. payable at the office of the City Treasurer. A certified check
for $100 is required. These bonds were previously offered on Feb. 19-V.
128. p. 1095.
-SALE POSTPONED.LONG BEACH, Nassau County, N. Y.
Frank G. Waldron, City Clerk, in an official advertisement states that the
sale of 31,600.000 coupon city bonds scheduled to have taken place on
July 16-V. 129, p, 162
-has been indefinitely postponed. The bonds
are dated July 1 1929. Rate of interest was not to exceed 6%. Due
3160.000. July 1 1940 to 1949 incl. The following report of the postponement appeared in the July 13 issue of the Brooklyn "Eagle." At a special
meeting in the City Clerk's office in the Community Hall last night the
Long Beach City Council adopted an emergency resolution postponing
indefinitely the issuance of $1,600,000 in jetty bonds, which were to be sold
at the regular council session on the evening of July 16.
According to Maurice Rubinger, the Corporation Counsel, the issue was
Postponed because the city's bond attorneys, Clay, Dillon & Vandewater
of 120 Broadway, and other specialists in bond issues could not agree with
the Cityof Long Beach on certain mathematical figures in the city's debt
-BONDS AUTHORLOS ANGELES, Los Angeles County, Calif.
IZED.
-On July 10 the City Council adopted an ordinance authorizing
the issuance of a block of $1,500,000 in bonds to pay the claims resulting
from the St. Francis Dam break.
-BOND OFFERINGifLOS ANGELES, Los Angeles County, Calif.
Sealed bids will be received by Robert Dominguez, City Clerk, unti
10:30 a. m. on July 23, for the purchase of two issues of bonds, aggregating
33.700,000 as follows:
32,200,000 harbor bonds. Due $55,000 from Oct. 1 1929 to 1968. Incl.
;
Int. rate is not to exceed 4. 1%.
4
1.500.000 Santa Clara Valley funding bonds. Due 375.000 from Oet.1
1929 to 1948, incl. Int. rate is not to exceed 5%.
Legality approved by Thomson, Wood & Hoffman of New York.
LOS ANGELES COUNTY SCHOOL DISTRICTS(P.O.Los Angeles),
-BOND SALE.
-The $60,000 Issue of 5% semi-annual Palos Verdes
Calif.
-was awardSchool District bends offered for sale on July 15-V.129. p.319
ed to Wm. Cavalier & Co. of San Francisco, for a premium of 3727, equal
basis of about 4.88%. Dated July 1 1929. Due 32,000 from
to 101.21, a
July 1 1930 to 1959, incl.
-The $5,000 issue of 5% semi-annual Newhall
BONDS NOT SOLD.
-was not
-V. 129, p. 319
School District bonds offered at the same time
sold as no bids were received for the bonds. Dated April 1 1929. Due
$1.000 from April 1 1945 to 1949, incl.
LOS ANGELES HEIGHTS INDEPENDENT SCHOOL DISTRICT
-BONDS REGISTERED.
(P. 0. San Antonio), Baser County, Tex.
The 3250.000 issue of 5% semi-annual school bonds unsuccessfully offered
-was registered on July 9 by the State Compon July 2-V. 129, p. 319
troller.
LYMAN SCHOOL DISTRICT (P. 0. Lyman) Scotts Bluff County,
Neb.-BOND DESCRIPTION-The $115.000 school bonds that were
purchased by the Peters Trust Co. of Omaha
-V. 129. p. 162
-are more
fully described as follows:
%
395.000 4 j school bonds, awarded for a premium of $21. equal to 100.02,
a basis of about 4.74%. Due as follows: 33,000, 1940: 34,000.
1941 to 1948; 35,000, 1949 to 1953 and $7.000, 1955 to 1959. all
inclusive.
20,000 4)f% school bonds warded for a premium of $6, equal to 100.03.
a basis of about 4.74%. Due $2,000 from 1930 to 1939, incl.
LYNDHURST (P.0. Cleveland), Cuyahoga County Ohio.-BOND
SALE.
-The 382.500 street improvement bonds offered on July 17-V. 128.
-were awarded to the First-Citizens Corp., of Columbus, as 5(s,
p. 4044
at par, plus a premium of $90.75 equal to 100.11. a basis of about 5.725V.
The bonds are dated June 15 1929. Due on Oct. 1. as follows: $8,500, 19
$8,000, 1931 to 1937 incl.; and $9,000, 1938 and 1939.
-BOND SALE.
MACON COUNTY P. 0. Franklin) N. C.
-An issue
of $100,000 534% semi-annual funding bonds has been purchased by the
Denom. 31,000.
Hanchett Bond Co. of Chicago, at a price of 100.35.
Dated Jan. 1 1929.
-WARRANT SALE.
-A
MACON COUNTY (P. 0. Lafayette) Tenn.
$15,000 issue of county expense warrants has been purchased by local
banks.
-BOND SALE.
MADISON COUNTY (P. 0. Anderson), Ind.
-The
$24,200 0 B. Frazier et al., Pipe Creek road construction bonds offered
-were awarded to the' Anglemeyer Bros., of
on July 15-V. 129, p. 162
Elwood, at a price of par. The bonds mature semi-annually on Jan. and
July 15 in from 1 to 10 years. No other bid was received. Marcia H.
Barton, County Treasurer, states that the $15,400 road bond issue offered
on the same date has not been sold.
MAHONING COUNTY (P. 0. Youngstown) Ohio.
-BOND OFFER-F. E. Lancaster, Clerk of the Board of County Commissioners, will
ING.
receive sealed bids until 11 a. m.(Eastern Standard time) on Aug. 6.for the
purchase of the following issues of 5% bonds aggregating 8210,200:
$54.000 road bonds. Dated April 1 1928. Denom. $1,000. Due $6,000
on Oct. 1, from 1930 to 1938 incl.
54,000 road bonds. Dated April 1 1928. Denom. $1,000. Due $6,000 on
Oct. 1 1930 to 1938 incl.
40,000 road bonds. Dated April 11928. Due on Oct. 1. as follows: 34,000,
1930; 35.000, 1931; 34,000, 1932; 35.000. 1933; $4,000, 1934:
35.000, 1935,34,000, 1936 and 1937.and $5,000, 1938.
36.000 road bends. Dated April 1 1928. Due $4,000 on Oct. 1 from 1930
to 1938 incl.
26,200 road bonds. Dated June 1 1928. Denom.31,000.one bond for $200.
Due on Oct. 1, as follows: $3,000, 1930 to 1933 incl.; $2,200,
1934.and $3,000, 1935 to 1938 incl.
Interest payable semi-annually on April and Oct. 1. No bid for lass than
par and accrued interest will be considered. Alternative bids for bonds to
bear an interest rate other than the one specified above are also requested.
A certified check of $500 for each issue, payable to Judson Brenner, County
Treasurer, must accompany each proposal.
Purchaser must be prepared to take the bonds not later than Aug. 21 1929,
the money for these Issues to be delivered at one of the local banks in the
City of Youngstown. Ohio, or at the office of the Sinking Fund Trustees.
518
FINANCIAL CHRONICLE
A complete transcript is on file in the office of the Mahoning County
Commissioners. The Commissioners reserve the right to reject any and
all bids.
MANOR TOWNSHIP (P. 0. Millersville), Lancaster County, Pa.BOND OFFERING.
-David A. Eshleman, Secretary of the Board of Supervisors, will receive sealed bids until 10 a. m. on Aug. 13, for the purchase of
$75,0004X% coupon Township bonds. The bonds will be dated July 11929,
and will be registerable as to principal only, maturing on July 15, as follows:
$15,000, 1939; $25,000, 1949; and $35,000, 1959. Denom. $1,000. A certified check for 2% of the par value of the bonds bid for, payable to the
Township Treasurer, must accompany each proposal. These bonds are
issued subject to the favorable opinion of Townsend, Elliott & Munson, of
Philadelphia.
MARICOPA COUNTY SCHOOL DISTRICTS (P. 0. Phoenix),
Ariz.
-BOND SALE.
-The three issues of bonds, aggregating $101,000,
offered for sale on July 12-V. 128, p. 4360
-were awarded to the Valley
Bank of Phoenix, as follows:
$75,000 school district No. 14 bonds as 51.45, for a premium of $297.81,
equal to 100.39, a basis of about 5.20%. Due $7,500 from 1934 to
1943, incl.
20,000 school district No.44 bonds as 510,for a premium of $62. equal to
100.31, a basis of about 5.46%. Due $2.000from 1939 to 1948 incl.
6,000 school district No. 25 bonds as 65, for a premium of $33, equal to
100.55,a basis of about 5.94%. Due $1,000 from 1939 to 1944.incl.
MARION COUNTY(P.O. Indianapolis), Ind.
-BOND OFFERING.
C. E. Robinson, County Treasurer, will receive sealed bids until 10 a. m.
on July 22, for the purchase of $87.000
% Harry 0. Bowser et al road
improvement bonds. Dated July 1 1929. Denom. $870. Due $4,350, May
and Nov. 15. from 1930 to 1939 hid. Int. payable semi-annually.
[VOL. 129.
$8,500 Clay and Deer Creek Township bonds.
7,300 Washington Township bonds.
3,300 Butler Township bonds.
All of the above bonds are dated July 15 1929. The bonds are to mature
in from 1 to 10 years. Interest payable on Jan. and July 15.
MIAMI BEACH, Dade County, Fla.
-MATURITY.
-The $148,000
6% semi-annual public impt. bonds that were purchased at 97 by the
First National Bank of Miami
-V. 129, p. 319
-are due as follows:
$103,000 bridge bonds. Due $3,000, 1931 and 1932; 56,000, 1933 and
57,000. 1934 to 1916, incl.
45,000 water bonds. Due $1,000, 1931 and 1932; $2,000, 1933; $3,000,
1934 to 1944 and $4,000 in 1945 and 1946.
Basis of about 6.40%.
MONMOUTH, Polk County, Ore.
-ADDITIONAL INFORMATION.
-The $15,000 issue of fire apparatus bonds that was purchased by Pierce.
Fair & Co., of Portland-V. 129, P. 162
-was awarded to the firm at par.
6% bonds in denominations of $500. Dated July 11929. Due $1.000from
1931 to 1945, incl. Optional after 5 years. Int. payable on J. & J. 1.
MONROE, Orange County, N. Y.
-NO BIDS.
-Fred L. Jacqmein,
Village Clerk, reports that no bids were received on July 12 for the $21,500
5% bonds offered for sale
-V.129, p. 162. The offering consisted of:
$13,000 North Main St. bonds. Due $1,000, 1930 to 1942 hid.
8,500 South Main St. bonds. Due $1,000, 1930 to 1937 bid., and $500,
1938.
Both issues are dated Aug. 11929.
MONTGOMERY COUNTY (P. 0. Crawfordsville), Ind.
-BOND
SALE.
-The $338,000 414% road improvement bonds offered on July 15V. 128. p. 4045
-were awarded to the Crawfordsville Trust Co., of Crawfordsville, at 99.473,a basis ofabout 4.60%. Discount in currency amounted to $200.00. The bonds are dated Jan. 15 1929. Due $2,900, July 15
1930;$2,900, Jan. and July 15 1931 to 1939,incl.; and $2,900, Jan. 15 1940.
The following bids were also received:
BidderDiscount.
Inland Investment Co.. Indianapolis
$361.00
City Security Corporation, Indianapolis
380.00
Fletcher American Co., Indianapolis
570.00
MONTGOMERY COUNTY (P. 0. Rockville) Md.-BOND OFFERING.
-Berry E. Clark, Clerk of the Board of County Commissioners, will
receive sealed bids until 12 m. on Aug. 6, for the purchase of $3336,000
4 X% school bonds. Dated Aug. 1 1929._ Denom. $1,000. Due as follows:
$4.000, 1939 to 1942 hid.; $5,000, 1943 to 1947 incl.• $10,000, 1948 to
1956 incl.; $15,000, 1957 to 1963 incl., and $20,000.'
1964 to 1968 incl.
Principal and interest payable at the Farmers Bank & Trust Co., Rockville.
A certified check for $500, payable to the Board of County Commissioners,
must accompany each proposal.
MONTPELIER, Washington County, Vt.-BOND OFFERING.
Timothy R. Merrill, City Treasurer, will receive sealed bids until 7 p. m.on
July 24, for the purchase of 560,0004% refunding bonds. Denom. $1,000.
Coupon bonds, due $5,000 on Aug. 1 from 1930 to 1941 Incl. Principal and
semi-annual interest payable at the Capital Savings Bank & Trust Co..
Montpelier.
MARION,Marion County, Ohio.
-BOND OFFERING.
-J. L. Landes,
City Auditor, will receive sealed bids until 12 m.on Aug. 2,for the purchase
of the following issues of 514% bonds, aggregating $105,000:
$59,000 special assessment street improvement bonds. Dated Sept. 11929.
Due as follows: $2,000 March land $3,000 Sept. 11930,and $3,000
March and Sept. 1 1931 to 1939, incl. A certified check for $2,500
is required.
46,000 village's portion paving bonds. Dated June 11929. Due as follows:
$3,000. Sept. 1 1929; $2,000, March and Sept. 1 1930 to 1933, hid.;
$3,000, March and Sept. 1 1934 to 1937,incl., and $3,000. March 1
1938. A certified check for $2,000 is required.
Checks should be made payable to the order of the City Treasurer.
Interest payable on March and Sept. 1.
MARSHALL COUNTY(P.O.Plymouth), Ind.
-BOND OFFERING.
Samuel Beckaman, County Treasurer. will receive gelled bids until 2 p. m.
on July 20, for the rourchase of $33,000 road construction bonds. Interest
payable semi-annually at the rate of 434%. The bonds are to mature semiannually in from 1 to 10 years.
MARSHALL SCHOOL DISTRICT (P. 0. Buckingham) Bucking.
ham County, Va.-BOND SALE.
-A $25,000 issue of 534% school bonds
has been purchased recently by Taylor, Wilson & Co. of Cincinnati.
Denom. $1,000. Dated July 1 1929. Due $5,000 from July 1 1955 to 1959.
incl. Prin. and int. (J. J. 1) payable at the Central-Hanover Bank &
Trust Co. In New York City, Squire, Sanders & Dempsey, of Cleveland,
MOUNT VERNON, Skagit County, Wash.
-BOND SALE.
-The
approved legality of bonds.
$17,500 issue of coupon viaduct bonds offered for sale on July 10-V. 128,
-was awarded to the Skagit National Bank, of Mount Vernon.
p. 4194
Financial Statement (As Officially Reported).
Actual value taxable property
as 65, at par plus bonds and legality. Dated Aug. 1 1929. Due serially
$3,500,000
Assessed valuation (1928)
1,097,129 in 10 years. The only other bid was an offer of par plus legal opinion by
Total indebtedness (this issue only)
25.000 the State of Washington.
Population 1920 Census,3,877; official estimate, 5,050.
NAMPA, Canyon County, Ida.
-BOND OFFERING.-Sealed bids will
received by F. M. Ruse, City Clerk, until 7.30n. m. on Aug. 5, for the
MARTIN, Weakley County, Tenn.
-BONDS VOTED.
-At a special be
purchase of two issues of coupon bonds aggregating $50,000, as
election held on July 2, the voters approved the issuance of $300,000 in
bonds to take up the floating indebtedness by a count of 66 "for" to 55 $30,500 airport and $19,500 park bonds. Int. rate is not to exceed 6%.
payable semi-annually. Maturity within 20 years and the maturities
"against."
thereof shall be amortized and payable in accordance with the provisions
MARTIN, Weakley County, Tenn.
-BONDS OFFERED -Bids were of the "Municipal Bond Law" of the State, Chap. 262, 1927 State Seas.
received until July 19, by the City Recorder, for the purchaser of a $30,000 Laws. The approving opinion of a recognized attorney or firm of attorneys
issue of semi-annual funding bonds. Int. rate is not to exceed 6%.
of Chicago or New York will be furnished. A certified check for 5% of the
bid, payable to the City. Is required.
MAYNARD, Middlesex County, Mass.
-BOND OFFERING.
-George
H. Gutteridge, Town Treasurer, will receive sealed bids until 12 m. on
NEOSHO SCHOOL DISTRICT (P. 0. Neosho), Newton County,
July 23, for the purchase of $98,000
-The $140,000 issue of 5% school bonds purchased
% coupon sewer bonds. Dated Mo.-PRICE PAID.
Aug. 1 1929. Denom. $1,000. Due on Aug. 1 as follows: $5,000, 1930 by the Prescott, Wright, Snider Co. of Kansas City.
-V. 128, p. 3562
to 1947, inclusive; and $4.000. 1948 and 1949. Principal and semi-annual was awarded at par. Due from 1930 to 1949.
interest (Feb. and Aug. 1) payable at the First National Bank of Boston.
NEW HARMONY,Posey County, Ind.
-BOND SALE.
-The $16,000
The official offering notice says:
These bonds are exempt from taxation in Massachusetts and are en- 414% highway improvement bonds offered on July 5-V. 128, p. 4361
graved under the supervision of and certified as to genuineness by The were awarded to A. P. Flynn of Logansport, at a price of par. The bonds
First National Bank of Boston; their legality will be approved by Messrs. are dated June 15 1929.Duo $500, July 1 1930; $500, Jan. and July 1
Storey, Thorndike, Palmer & Dodge whose opinion will be furnished the 1931 to 1945 incl.: and $500, Jan. 1 1946.
purchaser. All legal papers incident to this issue will be filed at said
-BOND OFFERING.
NEW MEXICO, State of (P. 0. Santa Fe).
bank where they may be inspected at any time.
Sealed bids will be received until 10 a. m. on Aug. 19 by Emerson Watts,
Financial Statement July 1 1929.
State Treasurer, for the purchase of a 5275,000 Issue of semi-annual county
Net valuation for year 1928
$6,797,160.00 highway bonds. Int. rate is not to exceed 6%. Dated Sept. 1 1929.
Debt limit
202,022.35 Due on Sept. 1 as follows: 578.000. 1930; $91,000. 1931; 553,000, 1932:
Total gross debt, including this issue
342,000.00 $48,000, 1933 and $5,000 in 1934. Prin. and int. Is payable at the SeaExempted debt,
-Sewer bonds (this issue)
243,000.00 board National Bank in New York City or at the office of the State Treasurer. A certified check for 2% of the bid, payable to the State Treasurer,
Net debt
$99,000.00 Is required.
Borrowing capacity, July 1 1929
103,022.35
-BONDS OFFERED FOR
NEW MILFORD, Bergen County, N. J.
MEDINA COUNTY (P. 0. Medina), Ohio.
-BOND OFFERING.
-H.L. Allen & Co., of New York, are offering for public
- INVESTMENT.
L. F. Garver, Clerk of the Board of County Commissioners, will
receive
sealed bids until 11 a. m. (eastern standard time) on July 31, for the pur- investment $214,000 6% gold bonds at prices to yield 5.50 to 5.25%.
chase of $31,700 6% street improvement bonds. Dated Aug. 11929. Due according to maturity. These bonds were sold on July 5, at 100.65, a basis
of about 5.89%.-V. 129, p. 320.
on Oct. 1, as follows: 56,700, 1930; $6,000, 1931 and 1933, incl.; and
$7,000.
1934. Int. payable on Apr. and Oct. 1. A certified chock for
NIAGARA, Marinette County, Wis.-BOND SALE.
-The 525.000
$1,000. Pay
- issue of 5% annual water and sewer extension bonds offered for sale on
able to the County Treasurer, must accompany each proposal.
Anyone desiring to do so may present a bid for such bonds based upon July 1-V. 128. p. 4361-was awarded at par to the First National Bank
their bearing a different rate of interest than specified herein, provided. of Niagara. Dated July 11929. Due from Mar. 1 1930 to 1944. incl.
however, that where a fractional interest rate is bid such fraction shall
NIAGARA FALLS, Niagara County, N. Y.
-BOND SALE.
-The
be 34 of 1% or multiples thereof.
Said bonds will be sold to the bidder presenting a bid with the highest following issues of coupon bonds aggregating $283,000 offered on July 16-were awarded to the Liberty National Bank, Buffalo.
Premium and the lowest rate of interest. Bids must be wholly uncon- V. 129, p. 320
and Salomon Bros. Is Hutzler, of New York, jointly, as 4.40s, at par, plus
ditional or conditioned on the approval of Squire, Sanders and Dempsey. a
premium of $1,103.70 equal to
Cleveland, Ohio, whose opinion will be furnished at the expense of the $193.000 sewer bonds, series C. 100.39, a basis of about 4.37%:
Due on Aug. 1, as follows: 530,000, 1965
Purchasers.
to 1967, incl.; 533000, 1968; and $35,000, 1969 and 1970.
70,000 airport bonds, series A. Due $35,000, Aug. 1, 1969 and 1970.
MENANDS, N. Y.
-NO BIDS.
-John J. Mooney, Village Clerk, reports
that no bids were received on July 16
20,000 bridge bonds, series L. Due 510,000, Aug. 1, 1959 and 1960.
for sale. Rate of interest was not to for the $108,000 school bonds offered
All of the above bonds are dated Aug. 11929.
exceed 434 %.-V. 129. P. 162.
bonds are dated April 11929. Due $33,000, April 1 1933 to 1968. incl. The
The following Is an official list of the other bids submitted:
BidderInt. Rate,
Price Bid.
METROPOLIS SCHOOL DISTRICT, Massac County, Ill.
-BOND
$284,573.48
4.45%
SALE.
-L. L. Evers, Secretary of the Board of Education, reports that an Dewey, Bacon & Co
Niagara County Savings Bank
283,441.48
4 45%
issue of 522,500 school bonds has been disposed of.
Bancamerica-Blair Corp
289,300.00
4.50%
MISSISSIPPI LEVEE DISTRICT (P. 0. Greenville) Wash'ngton National Bank of Niagara & Trust Co
286,874.27
4.50%
County, Miss.
-BOND OFFERING.
-Ernest Kellner, Secretary-Treasurer
NORFOLK COUNTY (P. 0. Dedham) Mass.
-TEMPORARY LOAN.
of the Board of Levee Commissioners, will offer for sale on Aug.
13, a
5200.000 issue of certificates of indebtedness. Denom. $1,000. Payable -The Dedham National Bank recently purchased a $100,000 temporary
loan on a discount basis of 5.20%. The loan is dated July 16 1929 and Is
six months from date of issuance. Bids are invited for the purchase
of the payable on Nov. 15 1929. The following is a list of the other bids riceived:
above certificates.
BidderDiscount Basis.
Official Financial Statement.
First National Bank,Boston (plus $33.00)
6.23%
Amount
Date
F. 8. Moseley & Co.(plus $2.00)
Interest Rate.
5.25%
of Issue.
Outstanding.
Maturity.
Bank of Commerce & Trust Co
5e
5.375%
1904
1892,000.00 May 2 1944 Shawmut Corp. of Boston
5s
5.41%
1913
961,000.00 July 1 1953 S. N.Bond & Co.(plus $4.00)
544%
(Refunding Redeemable After 10 Years from Issue.)
4 s
NORTH ELBA (P. 0. Lake Palcid), Essex County, N. Y.
-BIDS
1909
437,000.00 Sept. 1 1934
4 s
-All bids which were received on July 17 for the 5200.000
REJECTED.
1911
335,000.00 April 1 1936
otal bonded debt
registered bonds offered for sale
-V. 129. p. 321-were rejected. Bidders
$2,625,000.00
Legal limit of issue
were to name rate of interest, which was not to exceed 6%. The bonds
3,625,000.00
Certificates of indebtedness
are dated July 1 1929. Due on July 1, as follows: $2,000. 1930 and 1931:
None
Assessed valuation, 1928
and 57.000. 1932 to 1959. inclusive.
$63.000,000.00
Real value (estimated)
220,000,000.00
NORTH HEMPSTEAD UNION FREE SCHOOL DISTRICT NO. 6
Po ulation (estimated)
-BOND OFFERING.he value given above is on property behind public levee and does not (P. 0. Manhasset), Nassau County N. Y.
George II. Oestreich, District Clerk, will receive sealed bids until 8:15
include anything in front on Riverside.
p. m. on July 29 for the purchase of 8218,500 coupon or registered school
MIAMI COUNTY (P. 0. Peru), Ind.
-BOND OFFERING.
-Albert bonds. Rate of interest is not to exceed 6% and is to be stated in multiEikenberry. County Treasurer, will receive sealed bids until 10 a. m. on ples of X of 1%. The bonds are dated July 1 1929. Denom. $1,000. one
July 30, for the purchase of the following issues of 4 X% road construction bond for $500. Due July 1 as follows: 82.500, 1932;$3,000, 1933; 810,000,
bonds, aggregating $19,100:
1934 to 1953 incl., and 513,000, 1954. Prin. and semi-ann. Int. payable in
JULY 20 1929.]
FINANCIAL CHRONICLE
gold at the First National Bank & Trust Co., Manhasset. A certified check
for 2% of the amount of bonds bid for, payable to the district, must accompany each proposal. Legality is to be approved by Hawkins, Delafield &
Longfellow of New York.
NORWALK,Fairfield County, Conn.
-BOND SALE.
-The following
coupon or registered bonds aggregating 61,050,000 offered on July 16V. 129. p. 162
-were awarded to a syndicate composed of Estabrook &
Co. and R. L. Day & Co., both of Boston, Putman & Co., Conning & Co.,
E. M. Bradley & Co., Inc. and the R. F. Griggs Co., all of Hartford, as
434s, at 100.215, a basis of about 4.485%:
$500,000 sewage disposal bonds. Due on Aug. 1, as follows: $woop,
1931 to 1968. incl.; and $100.000, 1969.
450,000 school bonds. Due on Aug. 1, as follows: $55,000, 1934 to 1968.
incl.; and $65.000, 1969.
100,000 school bonds. Due $10,000 on Aug. 1 1932; 1936, 1940, 1944,
1948, 1952, 1956, 1960. 1964, and in 1968.
All of the above bonds are dated Aug. 1 1929. The successful bidders
are reoffering the bonds for publicinvestment at prices to yield 5.00 to 4.40%
according to maturity. Both principal and interest payable in Norwalk or
in New York.
Financial Statement.
Assessed valuation
$52,827,210
Total debt including these bonds
2,242.000
Sinking funds
135,495
519.
PITTSFIELD, Berkshire County, Mass.
-BOND SALE.
-The following 434% coupon bonds aggregating $329.000 offered on July 17-V. 129.
-were awarded to R. L. Day & Co.,,of Boston, at 101.46. a basis
p. 321
of about 4.48%;
$200.000 high school bonds. Due $10.000. July 15 1930 to 1949. incl.
60.000 sewer and drainage bonds. Due $.3.000, July 15 1930 to 1949. incl.
35,000 water extension bonds. Due 67,000. July 15 1930 to 1934. incl.
34,000 paving bonds. Due July 15,as follows:$7.000. 193e to 1933,incl.:
and $6,000. 1934.
All of the above bonds are dated July 15 1929. The following bids were
also submitted:
BidderRate Bid.
Estabrook & Co
101.169
Harris, Forbes & Co
101.08
Curtis & Sanger
100.85
Stone & Webster and Blodget. Inc
100.81
E. H. Rollins & Sons
100.683
First National Bank and Eldredge & Co
100.65
Old Colony Corporation
100.679
-BOND OFFERING.
PORTER COUNTY (P. 0. Valparaiso), Ind.
A. J. Fehrman, County Treasurer, will receive sealed bids until 10 a. in.
on July 22, for the purchase of $2,000 road construction bonds. Rate of
interest is 5%,due semi-annually. The bonds are to mature in from 1 to 10
years.
-TEMPORARY LOAN.
lRTLAND, Cumberland County, Me.
Net debt 3.99%
$2,106,504
The National Shawmut Corp. of Boston, was the successful bidder on
Population, 1920. 27.743. Present (estimated). 35.000.
July 15 for a $400,000 temporary loan. Discount basis bid. 5.37%. The
-BOND OFFEBING.-F. B. loan is dated July 18 1929. Payable on Oct. 7 1929 at the First National
OAK PARK., Oakland County, Mich.
Yehle, Village Clerk, will receive sealed bids until 8 p. m. on July 23, for Bank of Boston. Denom. to suit purchaser. Legality is to be approved
the purchase of $102,000 special assessment general obligation bonds. by Ropes. Gray, Boyden & Perkins, of Boston.
Dated Aug. 1 1929. Denom. $1,000. Due on Aug. 1, as follows: $10,000,
PORTLAND, Multnomah County, Ore.
-BONDS OFFERING.
1930 to 1937, incl.; and $11,000, 1938 and 1939. Village is to furnish bonds.
All bids must be accompanied by a certified check for $5,000, payable to the Sealed bids will be received until 11 a. in. on July 23. by Geo. R. Funk,
City Auditor, for the purchase of an issue of
order of the Village of Oak Park. Principal and semi-annual interest are assessment collection bonds. Denom. $1,000. $170.000 434% semi-annual
Dated July 1 1929. Due on
payable at the current official bank of the Village, in Detroit. Bonds are
July 1 1939. Storey, Thorndike, Palmer & Dodge, of Boston. will furnish
to he issued in coupon form, non registerable.
Bids are to be for the purchase of all or none of said bonds at the greatest the legal approval. A certified check for 5% must accompany the bid.
premium above par and the lowest rate of interest which the prospective
POSEY COUNTY(P.O. Mount Vernon), Ind.
-BOND OFFERING.
purchaser will re intro thereon in multiples of one-quarter of one per cent. Casey J. Martin. County Treasurer, will receive bids until 2 p.in. on Aug.7,
The bonds are backed by the full faith and credit of the Village. The for the purchase of the following issues of
434% bonds aggregating $51,140:
bonds will be approved as to legality by Miller, Canfield, Paddock & Stone.
C. Schmuck at al., Marrs Twp. road improvement bonds.
attorneys of Detroit, Mich. A copy of their opinion as to the legality of said $13,800 John
Denom. $690. Due $690, July 5 1930:$690, Jan. and July 15 1931
bonds will be furnished to the successful bidder without charge.
to 1939 incl.; and $690. Jan. 15 1940.
Henry Wenderoth
Center Tem. road improvement bonds.
ORANGE COUNTY (P. 0. Orlando) Fla.
-BOND OFFERING.
- 10,340 Denom.$517: Dueet al.,July 15 1930;$517, Jan. and July 15 1931
$517,
Sealed bids will be received until Aug. 6, by B. M. Robinson, Clerk of the
to 1939 incl.; and $517. Jan. 15 1940.
Board of County Commissioners, for the purchase of a $250,000 issue of
8.800 Silas ifyise at al.. Robb Twp. road improvement bonds. Denom.
-animal court house bonds.
5% semi
$440. Due 3440, July 15 1930;$440, Jan. and July 15 1931 to 1939
ORANGE LAKE CONSOLIDATED SCHOOL DISTRICT (P. 0.
incl.; and $440, Jan. 15 1940.
Pascagoula), Jackson County., Miss.
-BOND AWARD DEFERRED.7,600 Edward Redman et al.. Black Twp. road improvement bonds.
The sale of the $20.000 issue of 6% semi-annual school bonds scheduled for
Denom.$330. Due $380, July 15 1930;$380, Jan. and July 15 1931
-is being held up pending the hearing of protests
July 15-V. 128, p. 4046
to 1939 incl.; and 3380. Jan. 15 1940.
on the validation of the bonds. Due from July 1 1930 to 1949, incl
5,600 Henry Lang at al., Black Twp. road improvement bonds. Denom.
6280. Due $280, July 15 1930; $280, Jan. and July 15 1931 to 1939
OSWEGO, Oswego County, N. Y.
-BOND SALE.
-The $100.000
incl.; and $280, Jan. 15 1940.
water bonds offered on July 12-V. 128. p. 4362
-were awarded to the
5,000 Walter Hinkley et al., Black Twp. road improvement bonds.
3
Bancamerica-Blair Corp. of New York, as 4%s, at par, plus a premium of
Denom. $250. Due 3250, July 15 1930; $250, Jan. and July 15 1931
$1.351 equal to 101.35. a basis of about 4.59%. The bonds are to be dated
to 1939 incl.; and $250, Jan..5 1940.
Aug. 1 1929. Duo $5,000 on Aug. 1 from 1930 to 1949 incl. The following
All of the above bonds are dated Aug. 20 1929. Int. payable on Jan.
is a list of the other bids received:
BidderInt. Rate. Premium. and July 15.
Manufacturers & Traders-Peoples Trust Co.,
-BOND SALE.
POSEY COUNTY (P. 0. Mount Vernon), Ind.
$429.30
Y
878.00 The following issues of 434% bonds, aggregating $22,200 offered on July
Burn" -4 %
5/A
Kissel, Kinnicutt & Co
691.00 10-V. 128, p. 4362
-were awarded as stated herewith:
E. Lowber Stokes & Co
390.00 $7,000 A. L. Johnson at al., Harmony Twp. highway impt. bonds sold at
Guaranty Co. of New York
4X
par to the Mount Vernon National Bank. Due 3350 July 15 1930;
143.10
Dewey, bacon & Co
1,180.00
5%
3350. Jan. and July 15 1931 to 1939, incl., and $350 Jan. 151940.
A. B. Leach & Co
5%
612.00
7.000 James McCasland at al., Black Township highway improvement
George B. Gibbons & Co
93.10
4%%
bonds sold at par to the Peoples Bank & Trust Co.. Mount Vernon.
e3 30 JJu15 19 0 ; $350 Jan. and July 15 1931 to 1939. incl.,
350. anIy 15 193
3
5
40
.
OTTAWA HILLS, Lucas County, Ohio.
-BONDS RE
-OFFERED.
Duand
H. R. Gillett, Mayor, states that the $77,856.65 6% street improvement
8.200 Thomas Alexander at al.. Lynn Township highway impt. bondssold
bonds scheduled to have been sold on July 10-V. 129. p. 162
-were not
at par to the Mount Vernon National Bank. Due 3410. July 15
disposed of as an error appeared in the advertisement which necessitated
1930; 3410. Jan. and July 15 1931 to 1939, incl., and $410 Jan. 15
the postponement of the sale until July 29.
1940.
OWENSBORO, Daviess County, Ky.-ADDITIONAL DETAILS.
- All of the above bonds are dated July 30 1929. Casey J. Martin. County
The $1,200,000 issue of 5% sewer bonds that was awarded at par to Caldwell Treasurer, states that no bid was received for the $13,000 Smith Township
-V. 129, p. 321-is due as follows: $11,000, 1931; issue offered on the same date.
Sr Co. of Nashville
312.000. 1932 and 1033; 313,000, 1934: 614,000. 1935 and 1936: $15,000.
-The $90,000 ISSUES
-BOND SALE.
1937: $16,000. 1938; 317.000, 1939 and $1940: $18,000. 1941: 319.000. 1942: ofPUEBLO, Pueblo County, Colo.
5% registered paving bonds offered for sale on June 17-V. 128, p. 4047
320,000, 1943: 321.000, 1944; $22,000, 1945; 323.000. 1946: $24,000. 1947:
awarded
$26,000, 1948; 327,000, 1949: 328.000, 1950: 330.000, 1951: 121.000, 1952: -wasa basis ofon July 8 to Joseph D. Grigsby & Co. of Pueblo, at a price
about 5.41%. Denom. $1,000. Dated May 11929. Due
532.000. 1953: $34,000. 1954: $36,000. 1955: 340.000, 1957: 43.000. 1958; of 95,
$44,000, 1959; $46,000. 1960; 348,000, 1961; 550,000. 1962: 53.000, 1963: on May 1 1949 and optional at any time. Int. payable on May & Nov. 1.
356,000. 1964: 358.000, 1965: 361.000, 1966; $64,000 in 1967 and $68.000
PULASKI COUNTY (P. 0. Winamac) Ind.
-L. E.
-NO BIDS.
In 1968. Interest Is payable on June and Dec. 1.
Campbell, County Treasurer, reports that no bids were received on July 10
-V.
BONDS OFFERED FOR INVESTMENT.
-The above bonds are now for the $24,062.21 434% road construction bonds offered for sale
being offered for public subscription by the purchaser priced to yield 4.85% 128, P. 4195.
on all maturies. Legality to be approved by Chapman & Cutler,of Chicago.
PUTNAM COUNTY (P. 0. Greencastle), Ind.
-The
-BOND SALE.
Prin. and int, payable at the Central-Hanover Bank & Trust Co. in New following issues of
434% bonds aggregating $22,160 offered on June 22York City. They are reported to be free from all Federal income taxes. V. 128, p. 4195
-were awarded to the First National Bank of Greencastle,
Financial Statement.
at a price of par(As officially reported.)
38.000 F. C. Tilden et al. Greencastle and Madison Twps. road impt.
Actual value of all taxable property,estimated
$40,000,000
bonds. Dated June 15 1929. Due $400, May and Nov. 15. 1930
Assessed valuation for taxation, 1929
14.863.685
to 1939, Incl.
Total bonded debt,including this issue
1,357,500
7,120 Andrew Treater et al, Washington Twp. road impt. bonds. Dated
Less: Waterworks bonds
$137.500
April 15 1929. Denom. 5356. Due $356. July 15 1930: $356.
Sinking fund
11,181
Jan. and July 15. 1931 to 1939, Incl.; and $256. Jan. 15 1940.
148.681
7,040 Virley Greenlee at al. Cloverdale Twp. road impt. bonds. Dated
Net bonded debt
June 15 1929. Denom. $.352. Due $352, July 15 1930; $352.
$1.208.819
Population. 1920 census, 17,424; present official estimate, 25.110.
Jan. and July 15 1931 to 1939, incl.; and $352. Jan. 15 1940.
Note.
-Included in the net bonded debt above is $20,000 in bonds issued
QUAY COUNTY SCHOOL DISTRICT NO. 5 (P. 0. TucumcarI)
for street improvement purposes and payable primarily from special asN. Mex.-BOND SALE.
-The 312.000 Lyme of school bonds offered for
sessments levied against the property abutting on the improvements.
-VMS awarded to the American National
These assessments are sufficient in amount to pay the principal and interest sale on July 1-V. 128. p. 3723
Bank, of Tucumcari, as 6s, at par. Dated June 1 1929. Due $1,000 from
of the bonds. The entire $20,000 is to be retired Jan. 1 1930.
1930 to 1941 incl. No other bids were submitted.
OXFORD, Butler County, Ohio.
-BOND SALE NOT CONSUMQUEEN ANNE'S COUNTY (P.O. Centreville) Md.-BOND SALE.
MATED.
-Thesale of$20,000 5X % bonds on June 11 to Bohmer, Reinhart
The $20.000 issue of 5% public school bonds offered on July 9-V. 128,
& Co., of Cincinnati, at 100.26-V. 128, p. 4362
-was not consummated, p. 4195
Weilepp-13ruton & Co., of Baltimore. The bonds
-was awarded to
as the legal attorneys for the successful bidders. Peck, Shafer & Williams,
of Cincinnati. declined to approve the transcript of the proceedings pursuant are dated July 11029. Due $2,000 on July 1,from 1931 to 1940 incl.
to the issuance of the bonds.
-BOND SALE.
RANDOLPH COUNTY (P. 0. Winchester), Ind.
The following issues of 414% bonds aggregating $97,600 offered on June 17
PALISADES PARK,Bergen County, N.J.-BOND SALE.
-The $139.-were awarded to the • Merchants National Bank of
000 55i% coupon or registered street improvement bonds offered on July 15 -V. 128, p. 4047
129, p. 163
-are reported to have been awarded to the Palisades Park Muncie at par, plus a premium of $387 equal to 100.90. Only one bid was
National Bank, at a price of par. The bonds are dated June 1 1929. Due received.
annually on June 1, as follows: 34,000, 1931 to 1936, incl.; and 35,000. 1937 $64,000 Rufus Macy at al wayne Township highway improvement bonds.
This issue was originally scheduled to have been sold on June 3 but
to 1959, incl.
•
owing to an error in the advertisement the award was deferred.
PASSAIC COUNTY (P. 0. Paterson), N. J.
-NO BIDS.
V. 128, p. 3881.
-There were
23,000 Nathan Chenoweth at al White River Twp. highway improveno bids received on July 17 for the $975,000 434 or 434% coupon or regisment bonds.
tered road and bridge bonds offered for sale (V. 129. p. 320). The bonds
10,600 John Cramer et al West River Twp. highway improvement bonds.
are dated July 1 1929. Due on July 1 as follows: 350.000, 1930 to 1943.
All of the above bonds will be due and payable on Jan. and July 15 of
incl., and $55,000, 1944 to 1948 incl.
PEEKSKILL UNION FREE SCHOOL DISTRICT (P. 0. Peekskill), each year; first maturity July 15 1930.
-BOND OFFERING.
RAVENNA, Portage County, Ohio.
Westchester County, N. Y.
-W. A.
-Edward J. Walsh,
-BOND OFFERING.
President of the Board of Education, will receive sealed bids until 8:15 p. m. Root, City Treasurer, will receive sealed bids until 12 in. (Eastern standard
(daylight saving time) on Aug. 12 for the purchase of $50,000 434, 434 or time) on Aug. 3, for the purchase of the following issues of 534% Madison
5% coupon or registered school bonds. -Dated Sept. 1 1929. Denom. St. improvement bonds aggregating $38,174.25:
$1,000. Duo on Sept. 1 as follows: $3,000, 1934 to 1949, incl., and $2,000, $32.973.74 special assessment bonds. Due Sept. 1 as follows: $3,973.74,
1931; $4,000, 1932 to 1937 incl.; and $5,000, 1938. A certified
1950. Prin. and semi-ann. int. payable In gold at the Peekskill National
check for $300 is required.
Bank. The bonds will be prepared under the supervision of the Chemical
5,200.51 village's portion bonds. Due Sept. 1 as follows: $1,200.51,
Bank & Trust Co. New York. A certified check for 2% of the bonds bid
1931; and $1,000. 1932 to 1935 incl. A certified check for $200
for, payable to ttie Board of Education, must accompany each proposal.
is required.
Legality Is to be approved by H wkins, Delafield & Longfellow of N. Y.
Both issues are dated Aug. 1 1929. Prin. and semi-annual int. payable
-BOND SALE.
-The $5,500 Fire at the Second National Bank of Ravenna.
PHELPS, Ontario County, N. Y.
Fighting Apparatus bonds offered on July 15-V.129. p. 321-were awarded
RHOME SCHOOL DISTRICT (P. 0. Rhome) Wise County, Tex.
Salisbury, Phelps, as 6s, at par, plus a premium of $20.00 equal to
-The 530.000 issue of school bonds that
100.36, a basis of about 5.87%. The bonds are dated Aug. 11929. Due on ADDITIONAL INFORMATION.
-was awarded at par to the State
1933,incl.; and 31,500, 1934. G. H. Gar- was reported sold-V. 128. P. 3563
Aug. 1, as follows: $1,000, 1930 to
Department of Education. The bonds bear interest at 5% and mature
lock, also of Phelps, bidding for 6% bonds, offered par, plus a premium of In 1969.
$1.00.
k
•520
FINANCIAL CHRONICLE
[VOL. 129.
RICHMOND, Henrico County, Va.-BONDS OFFERED.-Tbe six $2.212.
Issues of 4le % coupon or registered bonds aggregating $2,550,000, awarded incl.: andDue 32.212, July 15 1930; $2,212, Jan. and July 15 1931 to 1939
32,212. Jan. 15 1940. Int. payable semi-annually on Jan. and
on July 10 to a syndicate headed by the Chase Securities Corp., of New July 15.
York, at 99.71, a basis of about 4.52%-V. 129, P. 322
-are now being
SHELBY COUNTY (P. 0. Shelbyville), Ind.
offered for public subacription by the purchasers as follows: $1,000,000 of
-BOND SALE.
-The
the bonds falling due in 1939 are priced to yield 4.50%. and the remainder, following Issues of 434% coupon bonds, aggregating 346,800 offered
on
due in 1963, are priced to yield 4.40%. It is reported that the bonds are a June 20-V. 128. p. 4048
--were awarded as stated herewith:
239,040 Den F. Platt et al, Road improvement bonds sold to the Fletcher
legal investment for savings banks and trust funds in New York State.
Savings & Trust Co., Indianapolis. at par, plus a premium of $1.
RILEY RURAL SCHOOL DISTRICT NO. 4 (P. 0. Riley) Riley
Due $1,952, July 15 1930: 31,952. Jan. and July 15 1931 to
1939,
County, Kan.
-BOND SALE.
incl.. and $1,952 Jan. 15 1940.
-The $13,000 issue of 4 % semi-annual
school bonds offered for sale on July 6-V.129,p. 163
7.7603. Robert Peek et al. road improvement bonds sold to the J.
-was awarded to the
F.
Guarantee Title & Trust Co. of Wichita, at a premium of $100, equal to
Wild Investment Co. of Indianapolis, sold at par and accrued
100.22, a basis of about 4.72%. Due from 1930 to 1949, incl.
interest. Due semi-annually from July 15 1930 to Jan. 15 1940.
The two issues are dated May 15 1929.
ROCKY RIVER, Cuyahoga County, 01110.
-BOND OFFERING.
SOLON, Cuyahoga County, Ohio.
Frank Mitchell. Village Clerk, will receive sealed bids until 12 m.(Eastern
-BOND OFFERING.
-Sealed bids
standard time) on Aug. 6. for the purchase of $38.100 6% property owners' addressed to It. E. Gildard, Village Clerk, will be received until 12 m.
portion street improvement bonds. Dated Aug. 1 1929. Due on Oct. 1, (to be opened at 8 p. m.) on Aug. 5, for the purchase of $51.009.51 6%.
street improvement bonds. Dated July 1 1929. Due on Oct. 1 as folas follows: $3,000, 1930; $4,000, 1931 to 1934, incl.; $2,000, 1935: $4,000.
1936 to 1938. incl., and $4,100, 1939. Principal and semi-annual interest lows: 35.009.51, 1930; $5.000. 1931 to 1938 incl.; and 56,000. 1939. Prin.
(April and Oct. 1) payable at the First National Bank, of Rocky River. and semi-annual int. payable at the Chagrin Falls Banking Co., Chagrin
A certified check for 5% of the bonds bid for, payable to the Village Treas- Falls. A certified check for 3% of the bonds bid for, payable to the Village
Treasurer, must accompany each proposal.
urer, must accompany each proposal.
ROCKY RIVER, Cuyahoga County, Ohio.
SOUTHAMPTON UNION FREE SCHOOL DISTRICT NO.9,Suffolk
-BOND SALE.
-The
-BOND OFFERING.
$12.000 coupon grade crossing elimination bonds offered on July 15-V.128. County, N. Y.
-Arthur D. Laper, Clerk ofthe Board
-were awarded to Seamier, Reinhart & Co. of Cincinnati, as 5eis, of Education, in an official advertisement which appears on the next last
p. 4363
at par. The bonds are dated July 1 1929. Due on Oct. 1 as follows: page of this section. calls for sealed bids to be opened at 2 p. m. (daylight
saving time) on Aug. 5,for the purchase of $23,000 5% school site Purchase.
31.000, 1930 to 1937, incl., and $2,000. 1938 and 1939.
bonds. Dated Apr. 1 1929. Denom.$LOW and $1,00 one bond
ROODHOUSE, Greene County, 111.
-BOND SALE.
-The First Due annually on Apr. 1, as follows: $1.500, 1930 to 1944 incl.; for $100.
and $1,100.
National Bank, of Roodhouse. purchased an issue of $3.500 6% street 1945. Principal and
semi-annual
Improvement bonds on May 1 at par, plus a premium of $20.00. equal to Brkigehampton National Bank, interest (A. & 0. .1.? payable at the
Bridgehampton. N. .. in New York
100.57 The bonds are dated May 20 1929. Denom.$500. Duo on May 20 Exchange. All bids must be accompanied
by a certified check for 5% of
1930.
the bonds offered.
ROYAL OAKS AND SOUTHFIELD TOWNSHIPS FRACTIONAL
SOUTH PORTLAND SEWERAGE DISTRICT (P. 0. South PortSCHOOL DISTRICT No. 3, Oakland County, Mich.
-BOND OFFER- land), Cumberland
-BOND OFFERING.
-Walter E.
-Elwood Dickens. Director of the School Board, will receive sealed Brown. Treasurer, will County, Me.
ING.
receive
bids until 7 p. m. (eastern standard time) on July 20, for the purchase of July 29, for the purchase of sealed bids until 1 p. m.(standard time) on
$75,000 5% coupon bonds. Dated Aug. 1
school bonds. Bidders to name rate of interest which Is not to 1929.
$21.000
Denomination $1,000. Due $5,000 on Aug. 1 from 1939 to 1953,
exceed 6%. The bonds mature as follows: 32,000. 1931 to 1936 incl.; and incl. Principal and
semi-annual interest (Feb. and Aug. 1) payable at the
33,000. 1937 to 1939 incl. A certified check for $500 must accompany each Fidelity Trust
Co.Portland
proposal. Bids should be addressed to the above-mentioned official, in care
These bonds are' engraved under the supervision of and certified as to
of the First State Bank of Royal Oak.
genuineness by the First National Bank of Boston; their legality will be
SAGINAW COUNTY (P. 0. Saginaw), Mich.
-BOND SALE.
-The approved by lalessrs. Ropes, Gray, Boyden & Perkins, whose opinion will
be furnished tho purchaser. All legal papers incident to this issue will be
$162,000 highway improvement bonds offered on July 12-V. 129, p. 322
were awarded to the Scond National Bank of Saginaw as 53s at par, plus a flied with said bank where they may be inspected at any time.
premium of $25 equal to 100.015. a basis of about 5.49. . The bonds are
Financial Statement, July 1 1929.
1
dated June 1 1929 and are to mature in five years. drily one other bid Assessed valuation for year 1928
512.000,000
was received, that of the Detroit & Security Trust Co. of Detroit, offering Bonded debt
500,000
*Floating debt
100.013 for 516s.
,
60,000
* To be paid from proceeds of this issue.
The Detroit & Security Trust Co., Detroit, offering par, plus a premium
of $22 for the issue.
SPEEDWAY, Ind.
-BOND OFFERING.-Oyld R. Mann, Town Clerk,
ST. JOSEPH, Berrien County, Mich.
-BONDS TO BE SOLD PRI- will receive sealed bids until 5 p.m. on Aug. 8. for the purchase of $37.000
VATELY.-rrank A. Kelble, Director of Finance, states that the S16.500 434% improvement bonds, dated July 1 1929 and in $.500 &morns. Due as
sewer bonds for which bids were scheduled to have been opened on July 15- follows: $1,000, July 11930, and $1,000, Jan. and July 1 1931 to 1948 incl.
V. 129, p. 322
-are to be sold at private sale. The bonds are to mature Principal and semi-annual Interest (Jan. and July 1) payable at the Speedon Oct. la as follows: $1,500, 1029 to 1937, inclusive, and 53,000, 1938, way State Bank. These bonds were previously offered on July 9-V. 128,
with privilege reserved to call bonds at par on any interest due date on or p. 4363.
after Oct. 15 1935.
SPENCER COUNTY (P. 0. Rockport) Ind.-110ND OFFERING.
ST. JOSEPH COUNTY (P. 0. South Bend), Ind.
-BOND OFFER- James le. Kirkland, County Treasurer, will receive sealed bids until 10
-George A. Swintz, County Treasurer, will receive sealed bids until a.m. on Aug. 8, for the purchase of $13,000 5% Emmett Parker et al Grass
/NO.
10 a. m. on July 24. for the purchase of the following issues of 5% bonds Township road bonds. Dated Aug. 6 1929. Denom. $500 and $150. Due
semi-annually. Principal and semi-annual interest (Jan. and
aggregating 3111.600:
JUIY 15)
road bonds. Donom. $966. Due $4,830. May 15, payable at the office of the County Treasurer.
from 1930 to 1939 incl.
STARKE COUNTY (P. 0. Knox), Ind.
-BOND OFFERING.
-Orin
38,600 B. Krill et al., road bonds. Donom. $965. Due 3965, July 15 1930; S. Schuyler, County Treasurer, Is receiving sealed
bids until 2 p. m. on
$965. Jan. and July 15 1931 to 1949 incl.,* and $965, Jan. 15 1950. July 20. for the purchase of $4,350 5% _gravel road
construction bonds.
12,700 August Eberhart bonds. Denom. $635. Duo 31,270, July 15 1930: Dated July 15 1929. Denom. $217.50. Due
$1,270. Jan. and July 15 1931 to 1934 incl.; and $1,270. Jan. 15 from 1930 to 1939. Incl. Int, payable on the $217.50, May and Nov. 15.
15th day of May and Nov.
1935.
STEVENS POINT, Portage County, Wis.-BOND SALE.
12,000 E. Kline et al., road bonds. Denom.$600. Due $600, July 151930;
-The
$50.000 issue of 44e% coupon storm sewer construction bonds that was
$000, Jan. and July 15 1931 to .939 Incl.; and $600. Jan. 15 1940.
All of the above bonds are dated July 1 1929. Int. payable on Jan. and unsuccessfully offered on July 10-V. 129, p. 322
-has since been purchased,
at par by the First National Bank, of Stevens Point. Dated July 1
July 15.
1929.
Due July 1, as follows: 33.000. 1934 to 1943 and $4.000. 1944 to 1948. all
SAN BENITO, Cameron County, Tex.
-MATURITY.
-The 3150,000 incl.
refunding bonds that was purchased at par by the J. E.
issue of 53;3
7;
STOCKTON,San Joaquin County, Calif.
Jarrett Co. of San Antonio-V. 120, p. 322
-is due on Jan. 1 as follows:
-BOND DESCRIPTION.
31.000. 1933 to 1936; 32,000, 1937 to 1943; 33.000, 1944 to 1946; 34.000 The $400,000 issue of dam construction bonds awarded at par to the Bank
-V.129 p.322- is fully described as follows:41i%
1947 to 1952; 35,000. 1953 to 1951: 36,000, 1958 to 1960; 57.000, 1961 to of America of California
coupon bonds in denominations of $1.000. Dated July 2 1927. Due from
1966 and 34,000, 1967 to 1969. all Incl.
July 2 1934 to 1939. Prin. and int. (J. & J.), payable at the office of the
SAN MATEO COUNTY SCHOOL DISTRICTS (P. 0. Redwood City Treasurer.
-BOND OFFERING.
City), Calif.
-Sealed bids
10 a. m.on Aug. 5, by Elizabeth M. Kueese, County will be received until
SUPERIOR,• Douglas Count*, Wis.-BOND OFFERING.
Clerk,for the purchase
-Sealed
of two issues of bonds aggregating 327,000, apmea as fellows:
bids will be received by R.E. McKeague, City Clerk, until noon on Aug. 1,
315.000 57, Behnont School District bonds. Due $1,000 from July 15 for the purchase of an Issue of $100,0004 % coupon school refunding bonds.
1930 to 1944. incl.
Denom. $1,000. Dated Sept. 1 1929. Due $10,000 from 1940 to 1919 incl.
12,000 5a1';',, Las Lomitas School District bonds. Due S1,000 from A certified check for 2% of the bonds is required.
July 15 1930 to 1911, feel.
SWANTON, Fulton County, Vt.-BOND OFFERING.
-Sealed bids
Denom. $1,000. Dated July 15 1929. Prin. and int. (J. & J. 15)
payable at the office of the County Tr,asurer. Purchaser is to furnish will be received by the Village Trustees, until 2 p. m (daylight saving time)
the legal opinion if desired. A $250 certified check on each of the above on July 23, for the purchase of $75,000 434% coupon refunding bonds.
Dated Aug. 11929. Donom.
issues, must accompany the bids. The following statements accompany 1944, both incl. Prin. and $1,000. Due 35.000 on Aug. 1, from 1930 to
semi-annual int, payable at the Merchants
the official offering noticcs:
National Bank,
The assessed salue of the taxable property of said district is 31.009.985 preparation of theBoston. The aforementioned bank will supervise the
bonds. Legality is to be approved by Storey. Thorndike,
and the present outstanding indebtedness against said district is $6,000.
Palmer & Dodge. of Boston.
The approximate population of said district is 1.400.
SWEETWATER, Nolan County, Tex.
The Belmont School District includes the Town of Belmont and the
-BOND OFFERING.
surrounding country alai a total acreage of approximately 12,588 acres bids will be received until Aug. 19, by 1411.1,V. Bryant. Mayor,for the -Sealed
purchase
The assess,d value of the taxable property he said district is $1,044,880. of three issues of bonds aggregating $750.000, as follows: 3600,000 water
works improvement;$100.000sower improvement and 350.000
and the present Indebtedness against said district is $7,000.
street paving
bonds.
The approximate populatlou of said district is 500.
(These bonds were voted on Apr. 13-V. 128. p. 2693.)
The Las Lomitas School District Is situated west of the Town of Atherton
and includes a portion of the Town of Atherton. The district has a total
SWEETWATER COUNTY SCHOOL DISTRICT NO. 7
(P. 0. Reliacreage of approximately 5.190 acres.
ance), Wyo.-BOND OFFERING.
-Sealed bids will be received by
SENATOBIA, Tate County, Miss.
-Sealed bid MePhil, District Clerk until 5 p. In. on Aug 3, for the purchaseJ. A.
-BOND OFFERING.
will be received.by Harper Johnson, Town Clerk, until II a. m. on July 23, 345,000 issue of6%% school bonds. Denom.91;000. Dated Nov. 15 of a
1929.
for the purchase of from $20,000 to 360,000 5 % paving bonds. Denom. Due 55.000 from Nov. 1 1930 to 1938, incl. Prin. and semi-annual Int.
$1,000. Dated Sept. 10 1929. The amount of the issue is to be either payable at the office of the County Treasurer.
360.000. 340.000 or 320.000, as the board may determine on the day of sale.
TEXARKANA, Miller County, Ark.
-BOND OFFERING.
Prin. and semi-annual int. payable at the town depositary or in New York. will be received until
-Scaled bids
July 24, by the Chairman of the Board of
Separate proposals are invited on the above bonds. A $3,000 certified check
Commisfor the
must accompany each bid. The following statement is furnished with the sioners,bonds. purchase of a $33,000 issue of street improvement district
No. 53
offering notice.
Special assessment for two-thirds of the cost of paving has been ordered
TEXAS, State of (P. O. Austin).
-BONDS
-The folagainst the property improved and will be paid to the town in ten annual lowing small issues of bonds were registered REGISTERED.
by the State Comptroller
payments; however the bonds are authorized for the total cost of the im- during the week ending July 13:
provement and are lassoed as direct obligations of the town. In event 31.000 5% Cherokee County Cons. Sch. Dist, No.
62 bonds.
offers for bonds of other municipalities should be sold only part of im1,000 5% Cherokee County Cons. Bch. Dist. No.62 bonds. Due in 20 yrs.
Due in 20 yrs.
provement bonds authorized will be issued; hence separate proposition
4.000 5% Ellis County Cone. Sch. Dist, No. 49 bonds.
Due serially.
asked for less than the total amount authorized.
are
4,000 5% Floyd County Cons. Sch. Dist. No.
3,500 5% Houston County Cons. Sch. Dist. 3 bonds. Due serially,
Value of property as assessed for taxation in 1928 is 3910,349. There is
no indebtedness except bonds the amount of which is $78,400. This in1,000 5% Houston County Cons. Sch. Dist.No. 22 bonds, I iie in 20 yrs.
No. 5 bonds. Due in 20 Yre•
cludes light and water bonds for $18,000.00 and sidewalk bonds for $8,000.00
4,800
Gray County school bonds. Due serially.
2.500 5 Basque County Cons. Sch. Dist. No. 42
The latter are due Aug. 1 1929 and will be retired before the present bonds
bonds. Duo in 20 yrs.
1,50,9 5 Denton County Come Sch, Dist.
issued. This amount does not include this proposed issue. Amount
are
No. 47 bonds. Due serially.
2,5005% Callahan County Cone. Sch. Dist. No.46
on hand in sinking fund is $8.617.11. The town owns bonds of other taxing
975
districts and municipalities of the State of Mississippi in the sum of $65,500.
Denton County Cone. Sch. Dist. No.81 bonds. Due in 20 yrs•
bearing interest and has on hand from securities collected in the past ninety
4,000 5 e Denton County Cone. Sch. Dist. No.41 bonds. Due serially.
bonds.
2,500 5 % Garza County Cone. Sch, Dist. No. 3 bonds. Due serially.
days 37,500. Population in 1920 was 1,156; tax rate in 1928 for schools
Due in 20 Yre•
mills; for all other purposes, 12 mills.
10
THURSTON COUNTY SCHOOL DISTRICT NO.
I (P. 0. Olympia)
Delaware County, Pa.
SHARON HILL,
-BOND SALE.-'Ihe $65,000 Wash.-130ND OFFERING.
-Sealed bids will be received until 10 a. m. on
43i% coupon borough bonds offered on July 1-V. 128, p. 3881-were July 22. by W. E. Britt, County Treasurer, for the purchase
of a 660,000
awarded to the Interborough Bank of Prospect Park. at 100.092. a basis of issue ofsemi-annual school bonds. Int,rate is not to
exceed 6%. A certified
about 4.49- Only one bid was received. The bonds are dated July 1 check for 5% must accompany the bid.
1929 and mature on July 1 as follows: $5.000, 1934 and 1939; $10,000.
TIPTON COUNTY (P. 0. Tipton),
-BOND SALE.
1944 and 1949: $15.000. 1954. and 320.000. 1959.
-The
$10,000 44% road construction bonds offered Ind.
on June 15-V.
882
SHELBY COUNTY (P. 0. Shelbyville), Ind.
-BOND OFFERING.
- -were awarded to the Peoples State Bank, of Windfall, at par 128. 1). 3
and accrued
Henry Booher, County Treasurer, will receive sealed bids until 10 a. m. on interest. The bonds are dated May 11929. Due as follows $500 July 15,
,
6
July 20, for the purchase of $44.240 43 % William Cossairt et al, Addison 1930: 500. Jan. and July 15 1931 to 1939 incl.; and $500. Jan. 15 1940.
Township highway improvement bonds. Dated June 15 1929. Denom. Only one bid was received.
JULY 20 1929.1
FINANCIAL CHRONICLE
521
NO BIDS.
-The County Auditor states that no bids were received on
VANDALIA, Audrain County, Mo.-BOND SALE.
-A 229,000 issue
June 7 for the $4,520.80 6% road improvement bonds offered for sale.
- of 5% semi-annual sewer bonds has recently been purchased by the ExV. 128, P. 3564.
change Bank of Vendetta, for a $500 premium, equal to 101.72.
TOLUCA, Marshall County, 111.
-BOND SALE.
-The H. 0. Speer
VANDERBURGH COUNTY (P.O. Evansville), Ind.
-BOND OFFER& Sons Co., of Chicago, purchased an issue of $18,500 531% coupon funding ING.
-Charles 0. Wesselman, County Treasurer, will receive sealed bids
bonds on June 20. Price paid was par. The bonds are dated June 11929. until 10 a. m.on Aug. 1, for the purchase of 871,0004)i ee Pigeon Township
are in $1,000 and $500 denoms.,and mature annually on Aug. 1, as follows: highway improvement bonds. Denom. $1,000. Due semi-annually in
$1,000, 1930; $1,500, 1931 to 1937 incl., and $1,000, 1938 to 1944 incl. from 1 to 10 years. Int. payable on J. & J. 15.
Interest payable on Feb. and Aug. 1.
VANDERBURGH COUNTY (P.0.Evansville), Ind.
-BOND OFFERTORRINGTON PAVING DISTRICT NO. 1 (P. 0. Torrington)
-Charles 0. Wesselman, County Treasurer, will receive sealed bids
Goshen County, Wyo.-BOND SALE.
-A $50,000 issue of 6% paving ING.
bonds has been recently purchased by the Tent Construction Co.of Omaha. until 10 a. m. on July 25, for the purchase of 37.800 43i(X, William Els(elder et al Knight Township highway improvement bonds. Prin. and
Due on or before 10 years.
semi-annual int, payable at the office of the County Treasurer. The
TROY AND AVON TOWNSHIPS, Oakland County and Sterling bonds are to mature semi-annually from July 15 1930 to Jan. 15 1940.
Township Fractional School District No. 1, Macomb County, Mich.
BOND OFFERING.
VIGO COUNTY (P. 0. Terre Haute), Ind.
-BOND OFFERING.
-L. .1. Fetterley. Secretary of the School Board, will
receive sealed bids until 8 p. m. (Eastern Standard Time) on July 22 for Carl C. Pinson, County Auditor, will receive sealed bids until 10 a. m. on
the purchase of $45,0130 school bonds. Dated Aug. 1 1929. Bidder is to Aug. 1 for the purchase of an issue of a 21,000 bridge bond dated July 15
name rate of interest which is not to exceed 6%. Denom. $1,000. Due on 1929 and maturing on Dec. 15 1930. Int. payable semi-annually on June
Aug. 1, as follows: $1,000, 1932 to 1950, incl.•, $2,000. 1951; and $3,000. and Dec. 15. A certified check for 3% of the par value of the bond offered,
1952 to 1959, incl. Prin. and semi-annual int, payable at some Detroit payable to the Board of County Commissioners, must accompany each
bank or trust company mutually agreeable. A certified check for 21,000. proposal.
payable to the School District Treasurer, must accompany each proposal.
WABASHA COUNTY(P.O. Wabasha), Minn.
-BOND OFFERING.
The district reports an assessed valuation of $459,800, and no bonded debt.
Sealed bids will be received by the County Treasurer, for the purchase of a
Population, 167.
$21,000 issue of 43.6% semi-annual ditch bonds, unit Aug. 6. Denom.
-BOND SALE POSTPONED.
TUCSON, Pima County, Ariz.
-The $1.000. Due on Jan. 1 1941.
sale of the six issues of bonds aggregating $625,000,scheduled for July 12
-NOTES OFFERED.
WAKE COUNTY (P. 0. Raleigh), N. C.
-has been indefinitely postponed. The bonds are divided
V. 128. p. 4197
as follows: $300.000 Broadway subway: 2125,000. Sixth Ave. subway: Sealed bids were received until noon on July 17, by Hunter Ellington, Clerk
$50,000, fire house and equipment; to the Board of County Commissioners, for the purchase of three issues
100.000, parks and playgrounds;
25,000, police and traffic signals, and $25.000, airport bonds. Dated of tax anticipation notes aggregating 2150,000, as follows: $50,000 for
nds.
general road purposes; $50,000 for general county purposes and 250,000
July 1 1929. Due from July 1 1932 to 1956 incl.
for general school purposes. Dated July 17 1929. Due in 6 months.
TULSA, Tulsa County, Okla.
-BOND OFFERING.-Sealed bids will
-BOND OFFERING.
WALLA WALLA,Walla Walla County,Wash.
be received by Frank P. Kitchen, Jr., City Auditor, until July 30, for the
purchase of an issue of $1,250,000 street improvement bonds. Denom. Sealed bids will be received until 10 a. m. on Aug. 7. by Robert Carey,
$1,000. Due on June 30, as follows: 263,000, 1934 to 1952 and $53.000 in Commissioner of Finance, for the purchase of a $50,000 issue of airport
1953. A certified check for 2% must accompany the bid.
bonds.
(These bonds were unsuccessfully offered on June 11-V.128,P.4197)•
WARREN, Trumbull County, Ohio.
-BOND OFFERING.
-Della
TURIN, Lewis County, N. Y.
-BOND SALE.
-The $3,000 registered B. King, City Auditor, will receive sealed bids until 1 p. m. on July 22 for
street improvement bonds offered on July 15-V.129,p.323
-were awarded the purchase of $23,241 436% street improvement bonds. Due as follows:
to H. P. Gould, of Lyons Falls, as 43s, at par. The bonds are dated $241. Apr. 1 and $1,000, Oct. 1 1930:81.000. Apr. and Oct. 1 1931; $2.000.
Apr. 1 and $1.000. Oct. 1 1932: $1,000, Apr. and Oct. 1 1933: $1,000.
July 1 1929. Due $300 on July 1. from 1930 to 1939 incl.
Oct. 1 1934; $1.000. Apr. and Oct. 1 1935 and 1936:
Apr. 1
TUSCARAWAS TOWNSHIP RURAL SCHOOL DISTRICT (P. 0. $2.000,and 32,000. $1.000. Oct. 1 1937: $1,000, Apr. and Oct. 1 1938:
Apr. 1 and
Dalton, R. D. No.2) Stark County, Ohio.
-BOND SALE.
-The $28,000 $1,000. Apr. 1 and $2,000. Oct. 1 1939. Int. payable on Apr. and Oct. 1.
5% coupon school bonds offered on July 5-V. 128, p. 4364
-were awarded A certified check for $500, payable to the City Treasurer, must accompany
to N. S. Hill & Co., of Cincinnati, at par, plus a premium of $131.60. equal each proposal. Any bidder desiring to do so, may present a bid or bids,
to 100.47, a basis of about 4.95%. The bonds are dated Sept. 1 1929. for such bonds based upon their bearing a different rate of interest than
Due on Sept. 1, as follows: $1,000, 1930 to 1934 incl.: $2.000, 1935: $1,000.
specified, which different rate of interest must be in fractions of
1938 to 1940 Incl.; 32,000, 1941; $1.000, 1942 to 1946 incl.: 22,000, 1947: above
ji of 1% or multiples thereof.
$1,000, 1948 to 1952 incl.. and $2,000, 1953. The following bids were also
submitted. Interest rates specified in bid not given.
WARWICK COMMON SCHOOL DISTRICT NO. 11 (P. 0. Green-BOND BALL-The $45,000
BidderPremium. wood Lake), Orange County, N. Y.
Bohmer-Reinhart & Co., Cincinnati
-were
coupon or registered school bonds offered on July 13-V. 129. p. 164
$90.00
Provident Savings Bank & Trust Co., Cincinnati
awarded to Prudden & Co. of New York, as 5,34s, at par, plus a premium of
520.80
First-Citizens Corp., Columbus
$261 equal to 100.58, a basis of about 5.45%. The bonds are dated July 1
224.00
Well, Roth & Irving Co., Cincinnati
1929, are in $1.000 denoms., and mature on Jan. 1 as follows: $500, 1930
196.00
Otis & Co. Cleveland
to 1937 incl.: 31,000, 1938: and 32.000, 1939 to 1958 incl.
157.00
Blanchet,bowman & Wood. Toledo
47.60
The following is a list of the other bids received:
Int. Rate.
Rate Bid.
BidderUNIVERSITY CITY, St. Louis County, Mo.-BOND BALL-The
100,421
53i%
$400,000 issue of semi-annual public improvement bonds offered for sale George B. Gibbons & Co
6%
100.899
on July 17-V. 129. p. 323
-was awarded to a syndicate composed of the Edmund Seymour & Co
100.629
Mercantile Commerce Co., and Stix & Co., both of St. Louis, and Ames, Manufacturers & Traders-Peoples Trust Co., Buffalo 6%
6%
100.555
Emertch /t Co. of Chicago, as 43/s, for a premium of $6,212 equal to First National Bank,Warwick
4
101.553, a basis of about 4.62%. Dated July 15 1929. Due from Jan. 15
WASHINGTON COUNTY (P.O. Salem),Ind.
-BOND OFFERING.
1932 to 1949.
Will J. Nicholson, County Auditor, will receive sealed bids until 10 a. m. on
UTAH, State of (P. 0. Salt Lake City).
-An issue of Aug. 2, for the purchase of $12,900 4.3i% bridge construction bonds
-BOND SALE.
$1,150.000 building bonds was jointly awarded on a proceeding contract DatedJune 3 1929. Denom. $647. Due $617, July 15 1930: $617, J. Er J.
to Edward L. Burton & Co. and the Central Trust Co., both of Salt Lake 15, 1931 59 1939. incl.: and $647. Jan. 15 1940. Int. payable on T. & J. 15.
This issue and one of$18.620 were offered on June 28. The $18,620 issue was
City, at a dlacount of $2,500 to allow for expenses of printing. &c.
to the Farmers State
- sold for which bids are now Bank, of Salem. No bid was received for the
VAN BUREN SCHOOL TOWNSHIP, LaGrange County, Ind.
issue
invited.
-V. 129, 11 • 165.
.
BOND OFFERING.
-Robert E. Lee, Trustee, will receive sealed bids until
WASHINGTON COUNTY (P. 0. Salem) Ind.
-BOND OFFERING.
1 p.m.(Central Standard time) on Aug. 1,for the purchase of $30,000 434%
school construction bonds. Dated Aug.2 1929. Denom.$500. Due 31.000, C. H. Smedley, County Treasurer, will receive sealed bids until 10 a. m. on
July 1 1930; $1.000, Jan. and July 1 1931 to 1943, incl.; $1.000. Jan. 1, July 26, for the purchase of $7,400 434'7 road bonds. Dated July 11929.
and $2,500. July 1 1944. Principal and semi-annual interest (Jan. and Denom. $370. Due $370, July 15 1930; $370, Jan. and July 15 1931 to
1939 incl., and $370, Jan. 15 1940. Interest payable semi-annually.
July 1) payable at the State Bank of Lima, Howe.
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NOTICE IS HEREBY GIVEN that the Board
of Education of Union Free School District No.
9. T wit of Southampton. County of Suffolk,
New York, will receive sealed proposals at the.
schoolhouse in the Village of Bridgehampton,
said district, until 2 o'clock in the afternoon
(daylight savings time) on the 5th Day of
August 1929, for bonds of said district totaling
the sum of Twenty-three Thousand, Six Hundred
Dollars ($23,600.00), issued for the purchase of
a new school site in said district.
The said issue to consist of sixteen (16) bonds.
for One thousand dollars ($1,000.00); fifteen (15)
bonds for Five hundred dollars ($500.00), and
one (1) bond for One hundred dollars ($100.00).
dated April 1st, 1929; all bearing interest at the
rate of five per centum (5%) per annum, payable semi-annually April and October first.
Principal and interest payable at Bridgehampton•
National Bank, Bridgehampton, New York, in
New York Exchange.
The said bonds will mature as toll WS: One (1)
bonds for One thousand dollars (*1.000.00) and
one (1) bond for Five hundred dollars ($500.00)
on the first day of April, 1930; and on the first
day of April in each and every year thereafter to.
and including the year 1944; and one bond for
One thousand dollars ($1,000 00), and one bond
for One hundred dollars ($100.00) on the first
day of April in the year 1945.
Purchasers will be required to deposit with
their bids, by certified check or bank draft, five.
per centum (5%) of the amount of such bonds.
and pay the balance with accrued Interest, when
such bonds are delivered.
The right to reject any and all bids is reserved._
Dated July 16th, 1929.
BOARD OF EDUCATION. UNION
FREE SCHOOL DISTRICT NO. 9,
TOWN OF SOUTHAMPTON. By Arthur D. Loper. Clerk.
[VOL. 129.
FINANCIAL CHRONICLE
522
WASHINGTON COUNTY SCHOOL. DISTRICT NO. 1 (P. 0.
Washington) Kan.
-BOND OFFERING.
-Sealed bids will be received
by R. L. Rust, Clerk of the Board of School Commissioners, until noon on
July 25,for the 'purchase of $250,000 issue of 514% school bonds. Denom.
$500. Dated July 11929. Due as follows: $1,500 on Jan. 1 and $1,000 on
July 1 from 1930 to 1949 incl. Prin. and semi-annual int. payable at the
office of the State Treasurer.
The issue will be sold in whole or in part as deemed to the best interests of
the district. The bonds will be sold at the office of George W. Dickson,
director of said board and bids will be received at said office in Washington,
Kan., and must include accrued interest to date of delivery and be accompanied by a certified check for 5% of the bid, playable to the Treasurer of
School District No. 1,in Washington County, Kan.
WINONA, Winona County, Minn.
-BOND OFFERING.
-Sealed
bids will be received until 8 p. m. on July 22, by Geo W. Hoffman, City
Recorder, for the purchase of an issue of $100,000 4%% storm water sewer,
paying and sewer bonds. Denom. $1,000. Dated Aug. 1 1929. Due on
Aug. 1, as follows: $10,000, 1932; $5,000, 1933 and 1938: $10,000, 1939:
$11,000, 1940: $10,000, 1941 to 1945: $5,000, 1946 and $4,000 in 1947.
Prin. and int. (.F & A.) payable at the office of the City Treasurer. A
certified check for 2%,payable to the City,is required.
WODEN INDEPENDENT SCHOOL DISTRICT (P. 0. Woden)
Hancock County, Iowa.
-BOND SALE.
-A $10,000 issue of 5% semiannual school bonds has been purchased by Geo. M. Bechtel & Co., of
Davenport,at a price of 100.17.
WASHINGTON SUBURBAN SANITARY DISTRICT,Md.-BIDS.The following bids were also received on July 10 for the $300,000 issue of
414% water bonds sold to the Guaranty Co. of New York and the Bankers
Co. of New York. jointly, at 95.33, a basis of about 4.75%-V. 129, p. 323.
Rate Bid.
Bidder93.10
Colston, Heald & Trail, New York
91.79
Mercantile Trust Co., Baltimore and others
WASHINGTON TOWNSHIP SCHOOL DISTRICT (P. 0. Osceola,
Route No. 1), Iowa.
-Scaled bids will be 'received
-BOND OFFERING.
by the Secretary of the Board of Education, until July 22,for the purchase
of a $2,060 issue of school bonds. Dated Aug. 1 1929. Due in 1935 and
optional after 1931.
-The
WATERBURY, New Haven County, Conn.
-BOND SALE.
following issues of coupon or registered 414% bonds aggregating $550,000
offered on July 15-V. 129, p. 164-were awarded to a syndicate composed
of Roosevelt & Son, Emanuel & Co., and R. W. Pressprich & Co., all at
New York, at a price of 100.319, a basis of about 4.48%:
$400,000 water bonds (23rd series). Due $10,000, July 15 1930 to 1969,
incl.
100,000 water bonds (22nd series). Due $10,000, July 15 1959 to 1968,
incl.
50,000 school reconstruction bonds (series of 1929). Due on July 15. as
follows: $6,000, 1931 to 1936, incl.: and $7,000, 1937 and 1938.
All of the above bonds are dated July 15 1929. The successful bidders are
reoffering them for public investment at prices to yield 4.60 to 4.35%,
according to maturity. A bid of 100.134 was submitted by Dewey, Bacon
& Co., and George B. Gibbons & Co., both of New York.
WAVELAND, Hancock County, Miss.
-A $12,500
-BOND SALE.
issue of 6% town bonds has been purchased at par by the Merchants Bank
& Trust Co. of Bay St. Louis.
WOODVILLE, Sandusky. County, Ohio.
-BOND OFFERING.
Arthur C. Krueger, Village Clerk, will receive sealed bids until 10 a. m.
on Aug. 5, for the purchase of $17,021.27 6% water works system construction bonds. Dated July 15 1929. Denom. $1,000. one bond for
$1,021.27. Interest payable on April and Oct. 1. Said bonds will become
due Oct. 1 1949, or at the option of the Village any or all of said bonds
shall become due at any interest period after five years from the date of
said bonds, upon notice in writing to the holder thereof 90 days prior to
said period.
A certified check for 5% of the amount of bonds bid for, payable to the
Village Treasurer, must accompany each proposal.
WOODWARD INDEPENDENT SCHOOL DISTRICT (P. 0. Woodward) Dallas County, Iowa.
-Sealed bids will be
-BOND OFFERING.
received until 2 p. m. on July 29, by Jess R. Perry, Secretary of the Board
of Directors, for the purchase of a $25,000 issue of semi-annual school
bonds. Int. rate is not to exceed 5%. Due from 1931 to 1949 incl. Chapman & Cutler, of Chicago, will furnish the legal approval. .
WORCESTER, Worcester County, Mass.
-TEMPORARY LOAN.
Salomon Bros. & Hutzler. of New York, were the successful bidders on
July 17,for an $800,000 temporary loan, dated July 18 1929. due $400,000
on Nov. 27 1929 and $400,000 on Feb. 19 1930. Discount basis bid was
5.0857g. The notes are payable at the Old Colony Trust Co.. Boston, or
at the Bankers Trust Co. in New York City. Legality approved by Storey.
Thorndike. Palmer & Dodge of Boston.
YAZOO COUNTY (P. 0. Yazoo City) Miss.
-BOND OFFERING.
Sealed bids will be received until noon on Aug. 5, by F. J. Love, Clerk of
the Board of Supervisors, for the purchase of two issues of6% bonds aggregating $70,000, as follows:
$60,000 Anding Consolidated School District bonds. Due $1,500 from
1930 to 1934; $2,500. 1935 to 1944; $3,000, 1945 to 1953 and
$500 in 1954. A $1,000 certified check must accompany this bid.
10,000 Benton Consolidated School District bonds. Due $1,000 from
WAYNE COUNTY (P. 0. Detroit), Mich.
-BOND SALE.
-The
1930 to 1939 incl. A $500 certified check must accompany the bid.
$201,000 Read Assessment District No. 13 bonds offered on July 15-V.
Denom. $500. Prin, and int. (F. & A.) payable at the National City
129, p. 165-m ere awarded to a syndicate composed of the First National
Co. and the Bank of Detroit, both of Detroit, Otis & Co. of Cleveland, Bank In New York City.
'
and Prudden & Co., of Toledo, at par, plus a premium of $167.00 equal
YPSILANTI
to 100.08$, The bonds are dated July1 1929. Due on May 1, as follows: PRICE PAID. SCHOOL DISTRICT, Washtenaw County, Mich.
-The Detroit & Security Trust Co. and Watling, Lerchen &
$23.000,-MI to 1933, incl.; and $22,000, 1934 to 1939, incl.
Hayes, both of Detroit. paid par for the $347,000 4
school bonds
-BOND SALE.
-The reported sold in-V. 129, p. 324. The issue Is dated July 1 1929. Due on
WAYNE COUNTY (P. 0. Wooster), Ohio.
following issues of 6% coupon bonds aggregating $38,000 offered on June 17 Feb. 1 as follows: $1.000. 1932 and 1933; $2,000, 1934 and 1935; $4,000,
-V. 128, p. 3725
-were awarded to Stranahan, Harris & Oatis, Inc. of 1936 and 1937; $5,000. 1938 and 1939; $17,000, 1940; $32,000, 1941:
Toledo, the only bidder, at par, plus a premium of $125, equal to 100:32. $33,000, 1942; $35,000, 1943; $36,000, 1944; $38,000, 1945; $40,000, 1946
a basis of about 5.82%.
to 1948 incl.; and $12,000, 1949. The purchasers re-offered the bonds at
$21.000 road improvement bonds. Due on Nov. 1, as follows:$50,00. 1929; prices to yield 5.00 to 4.50%, according to maturity.
and $4.000. 1930 to 1933 incl.
, 17,000 road improvement bonds. Due on Nov. 1, as follows: $4,000, 1929;
and 1930: and $3,000. 1931 to 1933 incl.
Both issues are dated May 1 1929.
-BOND SALE.
-Having
1. WEST ORANGE, Essex County, N. J.
BELOEIL, Que.-BOND SALE.
-The $26.000 5% school bonds offered
received no bids at the time scheduled for the sale to take place, the Town
-were awarded to the Banque Canadienne
Clerk states that the First National Bank of West Orange, West Orange, on July 3-V. 128, p. 4198
subsequently arranged to take the $548,000 coupon or registered assess- Nationale, at 95.15. The bonds are dated May 1 1929. Due annually on
-as 5s, at a price of par. Nov. 1, from 1930 to 1959 incl. A bid of 95 was tendered by the Societe
ment bonds offered on June 25-V. 128. p. 4049
The bonds are dated June 15 1929 and mature annually on June 15. as General de Finance. Inc., of Montreal.
follows: $50,000, 1930 to 1936 incl.; $65,000, 1937 and 1938, and $68,000.
MONTMORENCY, Que.-BOND OFFERING.
-J. W. St. Pierre,
1939.
Secretary-Treasurer, will receive sealed bids until 8 p. m. on July 22,for the
WHARTON COUNTY ROAD DISTRICT NO. 5 (P. 0. Wharton) purchase of $20,000 bonds maturing serially in 25 years. Coupon rate is
Tex.
-BOND OFFERING.
-Sealed bids will be received until 1 p.m. on 5%•
July 2, by John Norris, County Judge, for the purchase of a $200,000 issue
-P. Tremblay,
of 514% semi-annual road bonds. Dated April 10 1929. A certified check
ST. COEUR DE MARIE, Que.-BOND OFFERING.
for 2% is required. .
Assistant Secretary-Treasurer of the School Commission, will receive sealed
on July 20, for the purchase of
WILLISTON, Williams County, N. Dak.-BOND SALE.
-The bids until 4 p. in.5%.payable semi-annually. The $25,000 school bonds.
bonds are dated
of interest is
$11,500 issue of coupon sanitary sewer extension bonds offered for sale on Rate and mature in 40 years. Denom. $500 and $100. Payable June 1
at St.
-was awarded to the First National Bank, of Willis- 1929
July 8-V. 129, p. 165
Coeur de Marie. Montreal and Quebec.
ton, as 6s, at par. Denoms. $1,000 and $500. Dated Aug. 11929. Due on
Aug. 1 as follows: $500, 1932 to 1944 and $1,000, 1945 to 1949 all incl.
DE VALLEYFIELD, Que.-REJECTED BIDS.
-A bid
SALABERRY
Prin. and semi-annual int, payable at the office of the City Treasurer.
of 95.671 submitted by Dyment, Anderson & Co. of Toronto, was among
WILSON COUNTY (P. 0. Lebanon), Tenn.
-BOND SALE.
-On those rejected on June 26 for the $70,000 5% improvement bonds offered
-V. 129, p. 324. The bonds are dated May 1 1929. Due anJuly 15, ft $300,000 issue of 5% funding bends was purchased by the for sale.
Commerce Union Co. of Nashville. Due from 1930 to 1959. inclusive.
nually on Nov. 1 from 1930 to 1960 incl.
CANADA, its Provinces and Municipalities.
FINANCIAL
FINANCIAL
CHARTERED 1853
United States Trust Company of New York
45-47 WALL STREET
•
• $2,000,000.00
Capital,
. •
Slarplus and Undivided Profits,. $23,906,462.05
This Company acts as Exooutor, Administrator, Trustee. Guardian, Committee, Court Depositary, and in all other recognized trust capacities.
It receives deposits subject to check and allows interest on daily balances.
It holds and manages securities and other property, real and personal, for
estates, corporations and individuals, and acts as Trustee under corporate mortgages, and as Registrar and Transfer Agent for corporate bonds and stocks.
EDWARD W.SHELDON, Chairman of the Board
WILLIAM M. KINGSLEY, President
WILLIAMSON PELL, let Vice President
FREDERIC W.ROBBERT,V.P.& Comptroller
WILFRED J. WORCESTER,V.P.& Secretary
THOMAS H. WILSON, Vice President
ROBERT S. OSBORNE, Asst. Vice President
WILLIAM C.LEE. Asst. Vice President
FRANK LYMAN
JOHN J. PHELPS
A...VA IS CASS LEDYARD
AHD W.gliBLDON
:MAU NCEY KEEP
WILLIAM G. GREEN, Asst. Vice President
ALTON S. KEELER, Asst. Vice President
STUART L. HOLLISTER, Asst. Comptroller
HENZE, Asst. Secretary
Asst. Secretary
CARL 0. SAYWARD, Asst. Secretary
ELBERT B. KNOWLES, Asst. Secretary
ALBERT G. ATWELL, Asst. Secretary
.
1-1EM13:SMITHERS,
TRUSTEES
ARTHUR CURTISS JAMBS
WILLIAM M KINGSL1P;Y
CORNELIUS N. BLISS
VINCENT ASTOR
JOHN SLOANE
WILLIAM
FRANK L. POLK
THATCHER M.BROWN
WILLIAMSON PELL
LEWIS OARS LEDYARD
GEORGE F. BAKER,JR.
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