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VOL. 129.
SATURDAY,JULY 6 1929.
NO. 3341.
prices have enjoyed a similar rise and recovery, the
July corn option at Chicago having sold up from
/
7938c. May 31 to 97c. July 1, with the closing
PUBLISHED WEEKLY
price yesterday at 96c.
Advance
Terms of Subscription—Payable in
12 Mos. 6 Mos
Including Postage—
In the interval since the May collapse the Farm
$10.00
$8.00
Within Continental United States except Alaska
6.75 Relief Bill, or Agricultural Marketing Act, as it is
11.50
In Dominion of Canada
7.75
13 50
Other foreign countries, U. S. Possessions and territories
but the appreciation in
The following publications are also issued. For the Bank and Quota- called, has become a law,
the others is
tion Record the subscription price is $6.00 per year; for all
a result of this, nor had
values has not followed as
$(.00 per year each.
MONTHLY PUBLICATIONS—
001IPRNDIUMS-any relation thereto. Prices have been shooting upRANK AND QUOTATION RECORD
PUBLIC UTILITY—(saml-annually)
MONTRLY EARNINGS RECORD
RAILWAY & INDU8TRIAD—(1011S year)
ward because of a complete change in underlying
RTATR ABS Musimpar.--(semi-annually)
condtions. Farmers have been burdered with heavy
Terms of Advertising
45 cents surplus stocks for which it seemed impossible to
Transient display matter per agate line
On request
Contract and Card rates
find a market. This was however on the supposition
Onzo.itto Orracs—In charge of Fred. 11. Gray. Western Representative.
see South La Salle Street. Telephone State 0812.
that the United States and other leading grain proLogsorr Orme—Edwards & Smith. 1 Drapers' Gardens. London. E. C.
ducing countries would again have the same bounteWILLIAM B. DANA COMPANY, Publishers,
ous harvests as those of last year.
Front. Pine and Depeyster Streets, Now York
But the assurance in that respect which then
Published every Saturday isersing by WILLIAM B.DANA COMPANY. existed has since been rapidly disappearing. In
President and Editor, Jacob Seibert; Business Manager. William D. Atli:
Treas.. William Dana Seibert;See.. Herbert D.Seibert. Addresses of all. office 0100. our issue of June 8, we quoted from the monthly bulletin, then just issued, of the National City Bank
of New York a statement suggesting that the decline
The Financial Situation.
the general situation which should had gone beyond limits and urging caution. The
A feature of
not escape attention, since it has wide bearings, is bank said: "Without attempting to make a prethe recovery which has been taking place during the diction, we venture the opinion that the decline of
last four or five weeks in grain prices. This advance wheat prices in the last month has been too precipihas come after the complete breakdown of grain tate. The new crop is not yet made, and much of it
values which occurred during the month of May. has two full months of weather hazards to pass.
The hazards here referred to have unfortunately
The change is so radical that it is in the nature of a
serves to come to pass. In the Southwest, where the Winter
complete transformation, and it certainly
brighten the outlook of the grain raising sections of wheat crop is now being harvested, there have been
the country, for which reason it merits more than excessive rains which have had the effect of impairing both the quality and the quantity of the grain
ordinary notice. •
figures bearing on the change in prices will and in the Northwest, where Spring wheat planting
A few
be useful as indicating the wonderful transforma- has only recently been completed, there has been an
tion which has been taking place during this brief almost complete absence of rain, with droughty
period of time. On May 27th, the May option for conditions which threaten seriously to cut down the
wheat in Chicago sold below a dollar a bushel, being size of the crop. Unfortunately, too, in the prairie
the first time in nearly fourteen years that this May provinces of Canada similar adverse meteorological
option touched so low a figure. Nor did the decline conditions have been encountered and threaten seristop at that figure. On May 31, the price tumbled our damage,the importance of which will be realized
to 931 4c., a subsequent upward reaction leaving the when it is recalled that Canada last season har/
close on that day at 9458c. The July option at vested a crop of over 500,000,000 bushels, all but a
/
Chicago passed through a similar course, having small proportion of which was raised from Spring
/
declined from $1.1938 May 1 to 96c. May 31. Corn plantings.
A Chicago dispatch of date June 30, which apbroke almost as badly as wheat, and oats also shared
peared in the New York "Herald Tribune" on Monin the downward movement.
During June, on the other hand, the course of day of the present week, summarized the situation
grain values was completely reversed. Prices new in a striking way, saying: "Dry weather has caused
advanced with the same rapidity as had the previous irreparable damage to the North American Spring
decline. And during the current month of July the wheat crop, and estimates on the yield will have to
upward swing of prices has continued. For in- be correspondingly reduced. A maximum of 400,stance, July wheat at Chicago has been steadily ris- 000,000 bushels, or 108,000,000 bushels less than the
ing and the July option yesterday touched $1.23. official estimate of last year, is indicated for the
As compared with the price of 96c. recorded on three Canadian provinces, and perhaps 350,000,000
May 31, this marks a recovery of 27c. a bushel. bushels may be obtained this side of the interWhat this means to the farming classes engaged in national line, or 74,000,000 bushels less than last
raising wheat can be readily imagined. And corn year. The net loss for both countries is 182,000,000
financial Chronicle
2
FINANCIAL CHRONICLE
[Vol,. 129.
bushels, with the possibility of a further decrease,
When once the 10% rate was reached the general
unless good rains come this week."
view was that the figure must go still higher before
The same dispatch went on to say: "Drought the end of that week. This view was based on the
prevails, not only in North America, but also in knowledge that preparations had to be made for the
Argentina and Australia, the other two leading 1st of July interest and dividend disbursements
world exporting countries, which, with the United which rank among the very heaviest of the year. It
States and Canada, have roughly 120,000,000 acres, was supposed that a spurt to still higher figures
or about 50% of the world's wheat acreage, ex- would come on Friday, June 28, since under Stock
clusive of Russia and China. With a crop scare on Exchange practice loans made on Friday extend
in the four countries at the same time, it is not over until the following Monday (no loaning being
surprising that the wheat market should show de- done on the Stock Exchange on Saturday) and the
cided strength, regardless of the fact that the carry- following Monday on this occasion being July 1, the
over from the previous crop is by far the largest on day when the extraordinary heavy interest and divirecord."
dend payments had to be made. But notwithstandOf course all this may prove exaggerated, and the ing all this the 10% rate was maintained unchanged
fears apprehended may never be realized, or only in (or was held unchanged) on June 28.
part realized, relief,coming in the shape of timely
It was now supposed that the period of greatest
and much needed rains. There is no denying the stress had been passed. Suddenly on Monday of this
fact, however, that the situation has changed, and week (July 1), after renewals had been put through
that, as so often in the past, nature is providing the at 10%, the rate jumped to 15%. In the outside
remedy for which man in his puny way has so in- market the charge was still higher. This 15% rate
dustriously been seeking, namely an adjustment of was also the rate on Tuesday, all loans being at that
production to consumptive requirements. This ex- figure, including renewals. But on Wednesday
perience also suggests the unwisdom of man trying rates completely collapsed. According to custom,
to interfere with the laws of nature or of attempting the renewal charge on Wednesday, July 2, should
to circumvent or balk the same. The farmer is so have been 15%, or the same as at the close the day
often advised to cut down his acreage. Suppose, on before. But no attempt was made to start at 15%.
an occasion like the present, he had followed this The renewal charge was cut at the opening to 12%
advice, and then adverse weather had come in fur- and as the day progressed the rate on new loans
ther to cut down the yield, what then would be the declined still further until it touched 6%. A superplight of the consuming world?
abundance of loanable funds was available and out• In the meantime it behooves the Federal Farm side the Stock Exchange it was possible to borrow
Board, created under Agricultural Marketing Act, at even less than 6%. On Friday all loans on the
(our own latest effort at interference with the laws Exchange were at 77
0
`.
of nature) to proceed slowly. The higher market
Now,' what reason can be assigned for these vioprices that have now come about, themselves pro- lent and erratic changes? The reason would seem
vide a measure of relief to the much harassed farmer. to be found in the prodigious borrowing that the
If, in addition, Government by artificial means now member banks of the New York Federal Reserve
attempts to jack up prices to levels in excess of those Bank did at that institution. "Prodigious" is the
warranted by natural conditions, the danger of proper definition of the extent of the borrowing indoing more harm than good in the end is always dulged in. During the early part of June, when
present. And in the case of the United States there brokers' loans were still undergoing contraction,
is the further fact to consider, as we have previously member bank borrowing at the New York Federal
pointed out, that our Canadian neighbor cannot be Reserve Bank was also sharply reduced. The latter
left out of the reckoning. Even supposing that the part of the month, when brokers' loans were again
Dominion crop is reduced, by reason of the adverse rapidly expanding, member bank borrowing at
the
weather, a full 100,000,000 bushels, there will still New York Federal Reserve also increased with great
remain 400,000,000 bushels of Canadian wheat, and rapidity, and, what is more, the increased borrowing
the Federal Farm Board cannot and should not pro- extended into July, instead of ending with the close
ceed in ignorance of that fact. Now that there has of June.
been such a considerable recovery in the market
In the week ending June 19 member bank borrowvalue of wheat, and the course of prices is still ing at the New York Federal Reserve Bank increased
strongly upward, the best plan for the Board would from $225,701,000 to $231,656,000, and in the
week
be to let well enough alone. But we suppose that is ending June 26 there was a further
increase to
too much to expect. At best the Farm Board has a $317,588,000. But what happened on
succeeding
difficult job on its hands.
days? Ordinarily this would be a sealed book to
the
outsider. As it happens the Monthly Review of
the
There is something inexplicable in the vagaries of New York Federal Reserve Bank, issued at the
close
the money market during the last two weeks unless of business on Tuesday, July 2, after telling
us that
they are traced back to their source and the causes "Midyear movements of funds and
holiday currency
of them found. For the greater part of the month demands, coming on top of the large
increase in the
of June the call loan rate on the Stock Exchange demand for credit from other causes,
placed unusual
remained unchanged (or perhaps was held un- pressure on the money market,"
went on to say:
changed) at 7%—so much was this the case that it "New York City banks increased
their borrowings
almost seemed that the call loan rate had become at the Reserve Bank to $333,000,000
on June 29 and
stabilized at that figure. But all of a sudden on to $425,000,000 on July 1, a figure
$21,000,000 above
Monday, June 24, the rate shot up to 10%, and for the high point of January 2, and
the highest in recent
the rest of that week it remained unchanged at the years." In brief, between June
12 and July 1 memlatter figure just as it had previously remained un- ber bank borrowing ran up
from $225,701,000 to
changed for nearly three weeks at the 7% rate.
$425,000,000. And it should not escape notice that
juLy 6.
1929.]
FINANCIAL CHRONICLE
out of this increase of $200,000,000 during the
20 days no less than *92,000,000 was added on
July 1.
With these figures before us, it is easy to see what
happened. Preparations for the 1st of July interest
and dividend disbursements were not completed
before that day, but a considerable portion of the
provision for that day was left until the day itself
came around. Member banks borrowing had risen
$102,000,000 between June 12 and June 29, and it
was known that the Comptroller of the Currency
would issue a call of condition of the banks as of
June 29, since it has been the invariable practice of
the Comptroller's office for many yehrs to issue a
call of condition for the close of the half year. By
delaying a considerable part of their borrowing
until the 1st of July the additional borrowing on
July 1 would of course not appear in the statements
of conditions for June 29. The statements of condition of the individual banks, as they are now
appearing, must hence be studied in the light of what
has just been said, namely that on July 1 member
bank borrowing in the New York Reserve district
was enlarged in the further amount of $92,000,000.
To make the urgency of obtaining this additional
$92,000,000 the more apparent, the call loan rate on
that date, as we have seen, was jumped up from 10%
to 15%. Two days later, on July 3, the banks found
that they now had more funds than they needed,
and accordingly the rate tumbled to 6%. From the
regular weekly statement of the Federal Reserve
Banks for the week ending Wednesday night, which
this time was July 3,it appears that on that day borrowing was still as high as on July 1, being stated at
$425,254,000. Thus the resources of Federal Reserve
Bank were being availed of to the full. There appears to be also an element of artificiality in the
easing of the rates on time loans. There was a
further lowering of the time loan rate the present
week. Of course the banks are loaning very little
on time, but how can there be any real easing of the
situation when the banks in the New York Federal
Reserve District are borrowing $425,000,000 and the
banks in the eleven other Reserve Districts are borrowing $700,000,000 more, as this week's Federal
Reserve statements show.
Two statements of brokers' loans made their appearance the present week, first the Stock Exchange
stateinpnt for the even month of June and then the
regular weekly statement of the Federal Reserve
Bank for the week ending Wednesday night. Both
are eloquent in indicating the extent to which bank
credit is being used in the security markets. The
Stock Exchange statement shows that there was
further expansion in these loans on securities to
brokers during the month of June in the huge
amount of $406,083,350, and that the grand total of
these loans has now passed the $7,000,000,000 mark.
It is needless to say that this established a new
high record in all time. The previous maximum was
reached at the end of March when the total stood
at $6,804,457,408. From this there was a decline
to $6,665,137,925 by the end of May,from which figure there has now been a renewed rise to $7,071,221,275 on June 29. A year ago on June 30 1928 the
total of these loans, already unduly high, was $4,898,351,487; two years ago on June 30 1927 the
amount was no more than $3,568,966,843, and on
June 30 1926 it was but $2,926,298,345. Such fig-
z
3
ures and such comparisons carry their own comment. It is unnecessary to enlarge upon them.
As to this week's Federal Reserve statement regarding these brokers' loans the Federal Reserve
figures, as frequently pointed out by us, are less
comprehensive than the Stock Exchange figures, and
hence deal with somewhat smaller totals, and yet
totals of very large magnitude. The point of importance is that they show a further increase of
$227,000,000 this week, following $122,000,000 increase last week, and $136,000,000 increase the week
before, making $485,000,000 expansion for the three
weeks combined. The total now (July 3) in the case
of these reporting member banks in New York City
stands at $5,769,000,000, at which figure comparison
is with $4,307,000,000 a year ago on July 3 1928.
The bulk of the further increase this week has again
been in the loans made by the banks for their own
account, the total under this head having risen from
$1,038,000,000 June 26 to $1,255,000,000 July 3.
Loans made by the reporting banks fiOr account of
out-of-town banks also moved slightly higher, rising
from $1,536,000,000 to $1,580,000,000. But loans
"for account of others" are slightly lower at 42,934,000,000 against $2,969,000,000.
What is particularly noteworthy is that the further expansion in brokers' loans has been attended
by additional borrowing on the part of the member
banks at the Reserve institutions. The additional
borrowing has been particularly heavy at the Federal Reserve Bank of New York, where the discount
holdings (which reflect the extent of the borrowing)
have risen during the week from $317,588,000 to
$425,254,000. As noted above in the discussion of
the changes in the money market the increase this
week comes after heavy increases in the two weeks
preceding, with the result that the discount holdings
of the New York Federal Reserve Bank at $425,254,000 July 3 compare with only *225,701,000 on
June 12. This is merely for the Federal Reserve
Bank of New York. For the twelve Reserve Banks
combined member bank borrowing, which last week
was in excess of a full billion dollars, being then
$1,016,747,000, has risen further this week to $1,125,083,000.
As in previous weeks, the Federal Reserve Banks
have sought to offset the new borrowing on the part
of the member banks by a reduction in their holdings
of acceptances purchased in the open market. This
week the total of the acceptances has been further
reduced from $82,839,000 to $73,922,000. But again,
as in previous weeks, the Reserve institutions, while
diminishing their own holdings of acceptances, have
added to their purchases of acceptances made for
account of their foreign correspondents. During the
past week the total of the bill holdings for foreign
correspondents has incretised further from $424,566,000 to $428,711,000. Since May 1 up to the present week (July 3), the twelve Reserve Banks have
diminished their own holdings of acceptances from
$170,421,000 to $73,922,000 and have increased their
acceptance holdings for foreign correspondents from
$349,257,000 to $428,711,000.
This week the Reserve Banks have also diminished
their holdings of United States Government securities, the amount of these this week (July 3) being
reported at $141,382,000 as against $149,527,000 last
week. But the diminution in acceptance holdings
and in Government securities combined has fallen
far short of counterbalancing the new expansion in
4
FINANCIAL CHRONICLE
member bank borrowing. Accordingly, the total of
the bill and security holdings for July 3 is over
$88,000,000 larger than it was a week ago on June 26,
the total now being $1,350,852,000 against $1,262,428,000 last week. A quite notable fact is that gold
reserves of the Reserve institutions have diminished
during the week from$2,895,414,000to$2,866,340,000
—notwithstanding the gold imports, too.
The statement of mercantile insolvencies for June
makes decidedly the best showing for several months
past. The number of business failures in the United
States in that month was smaller than in any month
since September and there is also a reduction compared with June of both preceding years. Furthermore, the total of liabilities for the month just closed
is less than for any month since July last. According to the records of R. G. Dun & Co. there were
1,767 commercial failures in the United States last
month, involving a total of $31,374,761 of indebtedness. These figures compare with 1,897 similar defaults in May for $41,215,865 of liabilities, with
1,947 in June a year ago, when the indebtedness
amounted to $29,827,073.
Some reduction in the number of insolvencies from
May to June normally occurs. This year it was
equivalent to 6.9%. For June in both preceding
years failures were less than they were in May, but
the falling off was very much smaller than is shown
for the month just closed, amounting,to only about
3% for June 1928.
For the half year ending with June there were
12,172 commercial defaults in the United States with
liabilities of. $232,128,936, these figures comparing
with 12,828 insolvencies in the firtit half of last year
with $251,448,406 of indebtedness. There was a
reduction in the number of failures each month of
the present year to date, excepting only the month
of April, the increase for that month in the number
of defaults having been quite marked. liabilities,
however, in the half year to June 1928 were much
larger than they were for the same period of this
year, owing to some exceptionally heavy failures in
first three months of that year.
Quite a reduction occurred in June this year in
the number of trading failures in the comparison
with June of last year—in fact, the reduction in the
number of insolvencies in June this year was mainly
in that division. Separating,the June figures for
this year it is found that 1,154 trading failures occurred, with liabilities of $13,930,961; 496 defaults
of manufacturing concerns owing a total of $12,721,101, and 117 insolvencies of agents and brokers
for $4,722,699. In June 1928 trading failures numbered 1,325 for $13,780,748; manufacturing defaults,
513 owing $12,722,577, and agents and brokers 109,
with an indebtedness of $3,323,748.
Of the fourteen leading classes into which the
trading insolvencies are divided eight showed fewer
failures in June this year, most of the larger divisions being included among the eight. There were
fewer defaults last month in the grocery line, among
general stores, dealers in clothing, in shoes and
leather lines, drugs, jewelry and for hotels and restaurants. Small increases appear for dealers in
dry goods, in furniture, and in hardware. Among
manufacturing concerns there were also fewer defaults last month than a year ago, but the changes
as to this division were not especially important,
excepting only for the large lumber manufacturing
[VOL. 129.
class, which shows for June this year quite an increase, both as to the number of insolvencies and as
to liabilities.
Much of the reduction in the indebtedness last
month compared with May, as well as with some of
the earlier months of the year, was due to the
amounts involved by the larger failures. For the
month just closed there were 46 insolvencies, each
involving liabilities of $100,000 or more, for which
the total indebtedness was $11,429,076. In May the
number of similar defaults was 72, for which the
liabilities were $20,065,962, while for June 1928
there were 50 of these same failures, with a total
indebtedness of $10,434,530, the record for June this
year comparing very favorably with that of a year
ago. These larger failures were quite naturally
most of them in the manufacturing division, 20 such
defaults being of manufacturing concerns with total
liabilities of $5,804,957, the latter amount being a
little more than 50% of the total indebtedness
shown for all of the larger insolvencies for the
month just closed.
There is nothing to be said about the stock market
the present week except that it has been strong to
the point of buoyancy. Prices have been advancing
by leaps and bounds, and the course has been
steadily upward day after day, except that on Friday there was some downward reaction on very extensive sales to realize profits. The railroads are
no longer an exception to the rule of higher prices,
as was the case for so long, and with these also participating in the upward movement, the advance has
been gaining great momentum. Dealings have become very broad in character, attesting the market's
underlying strength. The money and the credit
situation appear no longer to be giving traders any
concern. The call loan rate on the Stock Exchange,
which had been held firm all of last week at 10%, on
Monday spurted to 15%, which was the rate also on
Tuesday for all loans, including renewals. But this
did not disturb the speculative fraternity in the
least, and bullish proclivities kept growing stronger
and still stronger.
On Wednesday, the announcement made after the
close of business on Tuesday that brokers' loans, according to the Stock Exchange's own figures, showed
a further huge expansion and had passed the $7,000,000,000 mark, might have been expected to have
a very unsettling effect, but it scarcely caused a
ripple on the speculative seas, and prices kept registering gains. On Wednesday afternoon when the call
money rate dropped to 6%, speculative enthusiasm
passed all bounds, but on Friday, after the Independence Day holiday on Thursday, though the speculation waxed still hotter, profit taking sales finally
caused some recessions from the best figures of the
week. The volume of trading has at the same time
been growing steadily larger. On Saturday last, at
the half-day session, the sales on the New York Stock
Exchange reached 1,995,770 shares; on Monday, with
a full day's business, they aggregated 4,087,420
shares; on Tuesday 4,593,790 shares; on Wednesday
4,690,250 shares, but on Friday only 3,747,640
shares. On the New York Curb Exchange, the sales
on Saturday were 1,564,600 shares, a new high record for a Saturday half-day business; on Monday
the sales were 2,886,400 shares; on Tuesday 2,954,200
shares; on Wednerday 2,393,500 shares, and on Friday 1,747,100 shares.
JULY
6 1929.1
FINANCIAL CHRONICLE
As compared with Friday of last week, most prices
are generally higher, though the Friday reaction
has left the net changes somewhat irregular. Westinghouse Elec. & Mfg. closed yesterday at 200%
against 185 on Friday of last week; Upited Aircraft
& Transport at 131% against 1273 ; American Can
%
at 1581 against 152%; United States Industrial
%
Alcohol at 18578 against 17912; Commercial Solv/
/
ents at 44334 against 4453 Corn Products at 101%
/
4;
against 10014; Shattuck & Co. at 170% against 170;
/
Columbia Graphophone at 77% with rights against
68% with rights; Brooklyn Union Gas at 20234
/
against 2093 North American at 1453 against
%;
4
146; American Water Works & Elec. at 140
/
1
4
against 142%; Electric Power & Light at 773
4
against 80; Federal Light & Traction at bid
981 against 101; Pacific Gas & Elec. at 681
/
%
/
against 6918; Standard Gas & Elec. at 118 against
/
1
4
11878; Consol. Gas of N. Y. at 126 against 13178;
/
/
1
4
/
Columbia Gas & Elec. at 893 8 with rights against
/
831 Public Service of N. J. at 1081 against 1113
%;
4
4;
International Harvester at 110 against 106 ; Sears
/
1
4
Roebuck & Co. at 1673 against 16318; Montgomery
4
/
Ward & Co. at 114 against 108 ; Woolworth new
/
1
4
at 92 against 91%; Safeway Stores at 167% against
.
162; Western Union Telegraph at 207% against 195;
American Tel. & Tel. at 22938 against 233% with
/
rights; Int. Tel. & Tel. at 106 against 1043
4.
Allied Chem. & Dye closed yesterday at 3333
4
against324 on Friday of last week;Davison Chemical
at 55 against 51%; Union Carbide & Carbon at 122
against 1021 ; E. I. du Pont de Nemours at 202
4
against 1823 Radio Corporation at 88% against
%;
83%; General Electric at 354 against 324; National
Cash Register at 122 against 120; Wright Aeronautical at 130 against 132; International Nickel at
51% against 51%; A. M. Byers at 144 against 140%;
Timken Roller Bearing at 1071 8 against 107%;
/
Warner Bros. Pictures at 58% new against 60%;
Motion Picture Capital at 52 against 53%; Mack
/
1
4
Trucks at 100% against 101; Yellow Truck & Coach
at 43 against 42%; National Dairy Products at 78
against 75; Johns-Manville at 188 against 185%;
National Bellas Hess at 46% against 4858; Associ/
ated Dry Goods at 50 against 49%; Commonwealth
Power at 221 against 239; Lambert Co. at 147%
against 14534; Texas Gulf Sulphur at 74% against
70%; Roister Radio at 37% against 32. Among the
stocks that *established new high records for the
year, the following may be mentioned:
STOCKS MAKING NEW HIGH FOR YEAR..
Railroads—
Industrial and Misc. (Continued).
Atchison Topeka & Santa Fe
Childs Company
Atlantic Coast Line
Coco Cola
Bangor & Aroostook
Columbia Gas & Electric.
Chesapeake & Ohio
Columbian Carbon
Chicago & North Western
Consolidated Gas
Delaware & Hudson
Continental Can
Hocking Valley
Crucible Steel of America
Kansas City Southern
Cutler-Hammer Mfg.
Missouri
-Kansas-Texas
Cuyamel Fruit
Missouri Pacific
Detroit Edison
Nashville Chattanooga & St. Louis Eastman Kodak
New York Central
E. I. du Pont de Nemours
N. Y. Chicago & St. Louis
Engineers Public Service
Norfolk & Western
Exchange Buffet
Pennsylvania
Fleischmann Co.
Pere Marquette
General Electric
St. Louis-San Francisco
General Railway Signal
Southern Pacific
Glidden Co.
Union Pacific
Hershey Chocolate
Industrial and Miscellaneous—
Hoe (R.)& Co.
Air Reduction
International Business Machines
Allied Chemical & Dye
International Tel. & Tel.
Allis-Chalmers
Kinney Co.
Ludlum Steel
American Can
Chicle
American
Macy Co.
National Biscuit
American Locomotive
National Dairy Products
American Power & Light
National Power & Light
Atlantic Refining
North American Co.
Best & Co
Otis Elevator
Chesapeake Corporation
Industrial and Misc. (Continued).
Pacific Gas & Electric
Pacific Lighting
Penick & Ford
Philadelphia Co.
Remington Rand
Republic Iron & Steel
Shattuck (F. G.)
Standard Gas & Electric
Sun 011
Trico Products
Underwood Elliott Fisher
5
Industrial and Misc. (Concluded).
Union Carbide & Carbon
Union Tank Car
U. S. Industrial Alcohol
United States Steel
Victor Talking Machine prior pref.
Waldorf System
Westinghouse Elec. & Mfg.
Woolworth Co.
Yale & Towne
Young Spring & Wire
Youngstown Sheet & Tube
The copper stocks have been among the strongest
on the list. Anaconda Copper closed yesterday at
118% against 116 on Friday of last week; Kennecott
Copper at 92% against 84%; Greene Cananea at 177
against 164; Calumet & Hecla at 43% against 42;
4
Andes Copper at 523 against 52%; Inspiration
/
1
4
/
1
4
Copper at 46 against 45 ; Calumet & Arizona at
1315 s against 127%; Granby Consol. Copper at
/
81% against 77%; American Smelting & Ref. at
ISO% against 106%; U. S. Smelting & Ref. at 58%
against 58. The oil group has also moved higher.
Simms Petroleum closed yesterday at 32; against
303 on Friday of last week; Skelly Oil at 43 against
4
40%; Atlantic Refining at 75% against 72%; Pan
American B at 58 against 56%; Phillips Petroleum
at 38% against 37%; Texas Corp. at 62% against
4
61%; Richfield Oil at 421 against 42; Marland Oil
at 35 against 34%; Standard Oil of N. J. at 57%
against 56%; Standard Oil of N. Y. at 39% against
39%,and Pure Oil at 29% against 26%.
The steel group has been especially prominent in
the rise with U. S. Steel the foremost leader. U. S.
Steel closed yesterday at 197% against 189% on
Friday of last week; Bethlehem Steel at 112%
against 111; Republic Iron & Steel at 105% against
99%;Ludlum Steel at 102 against 99%,and Youngstown Steel & Tube at 142% against 141%. The
motor group has also been taken in hand and rapidly
whirled upward. General Motors closed yesterday
at 77% against 75 on Friday of last week; Nash
Motors at 90 against 85; Chrysler at 7858 against
/
73%; Packard Motors at 138% against 131%; Hudson Motor Car at 90 against 88%, and Hupp Motors
at 463 against 47%. The rubber stocks have also
4
again been rapidly moved upward. Goodyear Rubber & Tire closed yesterday at 129% against 124%
on Friday of last week; B. F. Goodrich at 82%
against 79%, and United States Rubber at 52%
against 52, and the preferred at 80% against 80%.
Many of the railroad stocks have distinguished
themselves beyond all others for the extent of their
forward movement. New York Central closed yesterday at 218% against 206%; Pennsylvania RR.
at 90% against 83%; Erie RR. at 79% against 81;
Del. & Hudson at 213% against 198; Baltimore &
Ohio at 129 against 125%; New Haven at 110%
against 111%;Union Pacific at 245% against 233%;
Canadian Pacific at 239% against 231; Atchison at
2421 against 223%; Southern Pacific at 138%
%
against 134%; Missouri Pacific at 9614 against
/
94%; Kansas City Southern at 99 against 94; St.
Louis Southwestern at 98 against 92%; St. LouisSan Francisco at 125 against 117%; Missouri-Kansas-Texas at 581 8 against 571 ;Rock Island at 133%
/
%
against 132%; Great Northern at 113% against
10934, and Northern Pacific at 111% against 106%.
The important European stock exchanges were
very irregular in the week just ending, with continued exports of gold from England the chief cause
of the unsettlement. Asyet there are no signs that the
end of the gold outflow has been reached, as sterling
6
FINANCIAL CHRONICLE
exchange remains depressed. London, consequently,
is much concerned over the possibility of another increase in the Bank of England discount rate, and as
such a step would necessarily find its due reflection
on the Continent, the stock exchanges there have also
been subdued. That the question of the Bank rate
has become acute in England, is indicated in a London dispatch to the New York Herald-Tribune,
which remarks that all normal trends have reversed
themselves this year. "In the first few weeks, the
Bank of England began losing gold to Germany and
in February the Bank rate was raised," the report
states. "This put an end to the outflow of gold for
a time, but it also produced stagnancy on the Stock
Exchange and a steady, if slow, decline in prices.
Gold has now started to flow out again on a scale
almost unprecedented, and the Bank has already
lost more than half the gold so painfully acquired
since February. For this situation high call rates
in the United States, together with cessation of
American lending to Europe, are most frequently
blamed."
The London Stock Exchange began the week with
fresh weakness in gilt-edged securities, occasioned
by a further withdrawal of £995,000 in bar gold
from the Bank of England. The market generally
was very quiet, with the exception of Dunlop's rubber shares, which rose sharply on official denial of
adverse rumors. In the early trading Tuesday, the
gilt-edged section again sagged, but a rally occurred
later in the day when it became known that the Bank
had obtained nearly £700,000 in gold out of South
African receipts of just over £1,000,000. Business
was very restricted, with a good deal of the activity
centered in Anglo-American issues. Industrial stocks
were quiet, with the reference in the King's speech
to an inquiry into the liquor trade producing a depressing effect on brewery stocks. British funds
were steady most of Wednesday, but again closed
dull on a further efflux of £705,000 in bar gold to
Germany. Trading was light throughout the list,
with the tendency downward. The Bank of England
reported the sale Thursday of £1,000,000 in gold for
the United States, but the gilt-edged list remained
firm despite this additional efflux, chiefly because
no change was made in the discount rate. The industrial list was irregular, with trading very light.
With apprehensions of an immediate increase in the
discount rate allayed, gilt-edged securities were
again firm yesterday. The industrial list was irregular, with the tendency showing improvement late in
the day.
The Paris Bourse manifested an improved tendency at the opening Monday, with the tone particularly firm in the early part of the session. Several
of the bank stocks made good recoveries, while the
electrical, chemical and copper issues also were
stronger. The better tendency was continued Tuesday, although trading was on a limited scale. The
market closed with a considerable advance in rentes,
bank shares and chemical issues. Share prices
again improved on the Bourse Wednesday, speculators making commitments more readily because of
improvement in the political situation surrounding
the question of ratification of the debt accords. The
tendency was reversed Thursday,however, with most
stocks losing ground. Electrical stocks and phosphate issues remained steady despite the general
downward trend. The political situation again
showing unfavorable aspects yesterday, traders
[Vol.. 129.
acted generally to lighten their commitments. A
wave of selling resulted, which brought a considerable reaction on the Bourse. Bank shares, electricals and steel stocks were most seriously affected.
The Boerse at Berlin was depressed in the opening
session of thee week, share prices falling sharply in
listless trading. This tendency was ascribed to increasing uneasiness in German economic circles regarding the Young Plan, and to the dubious discount
situation at London. A moderate advance followed
Tuesday, on covering purchases by bears. An agrc-ement between the General Electric Co. and the German company, Osram, Ltd., also had a stimulating
effect. After a firm opening Wednesday, the German market turned weak. A sharp downward movement in Tietz Department Stores was followed by
general depression. The tendency was again reversed
Thursday, shares advancing in a more active market.
Favorable reports on mining stocks proved to be the
stimulating factor which sent the list into higher
ground. The firm trend on the New York stock
market and the reduction of money rates here also
contributed to the improvement, aid the German
market closed firm. Considerable irregularity resulted in yesterday's session at Berlin from unconfirmed rumors of differences Iietween company
managers and bankers. Wide losses were sustained
at the opening by individual issues, but these were
again made up in the later trading. The market as
a whole showed improvement.
All the European Governments interested in German reparations continued this week their consideration of methods for placing the new Young Plan
in operation and for settling the international problems that are linked with acceptance of the recommendations of the experts. Although the report of
the committee was signed at Paris June 7 and immediately submitted to the governments concerned,
no formal action for making the plan operative has
been taken in the month that has since passed. Conversations are in progress between the governments
almost continually, however, and there have been
indications in the past week that plans for a general
conference to declare theh plan operative are gradually taking shape. An invitation to hold this general conference in London was extended by the British Government but has apparently proved unacceptable, the French Government maintaining that the
neutral ground of Switzerland would lie more suitable. After a conference with Foreign Minister
Briand Monday, the German Ambassador, Herr von
Hoesch, announced that his government would be
willing to have the gathering meet at any place on
which the majority of the creditors should agree. It
was suggested in Paris dispatches that the meeting
will probably take place in August.
While these international negotiations have been
in progress, the coalition Government of Premier
Poincare in France has been struggling desperately
with the difficult problem of securing Parliamentary
ratification of the Young Plan and the Mellon- Berenger and Churchill-Caillaux debt accords. The debt
accords have plagued the French Government for
several years, owing to the pronounced antipathy of
the Chamber of Deputies to their ratification. M.
Poincare quietly continued to pay interest and principal to Great Britain and the United States, quite
as though the accords were in effect. The problem
has now become an immediate one, however, owing
JULY 6 1929.1
FINANCIAL CHRONICLE
to the due date on the first of next month of the
payment to the United States of $407„000,000 for
war stocks left in France after the war. Ratification of the Mellon-Berenger accord will permit of
the merging of this payment with the general French
Government debt to the United States Government.
The need for ratification has been increased by a
British demand for similar treatment if France
should elect to make the payment on Aug. 1 to this
country, and Premier Poincare in consequence has
joined the Young Plan and the debt accords and
is attempting to secure authority from the Chamber
for ratification of both.
M. Poincare discussed this problem with the
Chamber Commissions on Finance and Foreign
Affairs for more than a week, requesting successive
postponements in the Chamber of the scheduled open
discussion of the reparations settlement and the debt
accords. A further request on June 27 resulted in
an unexpected development of a rather embarrassing
international nature. This was effected by the introduction of a resolution in the Chamber by Deputy
Franklin Bouillon, leader of the National Union
group, instructing the Government to seek a postponement until Dec. 31 of the war stocks payment,
and incidentally linking the debt accords and the
Young Plan indissolubly. The resolution threw the
Chamber into a state of frenzied excitement, and the
Cabinet, carried along on the tide, agreed to make
the attempt. Premier Poincare assured the Chamber, however, that many previous attempts to secure
a postponement of this payment had already been
made. "I would willingly reopen these negotiations,
but I should be wanting in the most elementary duty
of sincerity if I told you that you could count on a
favorable result," he said. Further debate brought
out the fact that the last attempt had been made
only eight days before.
The plea for postponement of the $407,000,000 payment from Aug. 1 to Dec. 31 was presented to Secretary of State Stimson by Ambassador Paul Clandel on June 28, notwithstanding 'clear intimations
from Washington that the hands of the Administration were tied in the matter. No statement regarding the meeting was made by either M. Claudel or
Secretary Stimson, but it was clearly understood
in Washington that the request had been denied.
The reply was communicated to the French Government last Saturday, and it indicated, as expected,
that there was no possibility by which the American
Administration could accede to the French Chamber's request. Andre Tardieu, Minister of the Interior, issued a statement summarizing the result of
M. Claudel's interview with Secretary Stimson. Mr.
Stimson, it appeared, "stated that the Constitution
of the United States does not give the President
power to adjourn payment of such a debt." The
negative reply was accepted by the Chamber of Deputies without a recurrence of the emotional outburst
that prompted the original resolution.
This point having been cleared up, the Government continued its discussions before the Chamber
Commissions on Finance and Foreign Affairs this
week. The Foreign Affairs Commission rejected unconsidered the insertion of reservations in the debt
accords without reservations, and then approved by
fifteen votes to eight the principle of ratification
with reservations. The Finance Commission also
considered the insertio nof reservations in the debt
ratification acts and was informed by the Premier
7
that in his opinion it would be a grave error to include any reservations in the text of the law itself,
as they might be resented by the United States.
Both Commissions continued to work on this problem on subsequent days, with indications that a majority of the Parliament had become reconciled to
the necessity of ratifying the Mellon-Berenger accord before August 1. A formula was sought whereby reservations could be made in the form of a
safeguard clause in a manner that would not be
objectionable to Washington, but would nevertheless
appease French public opinion. Chamber debate on
the Young Plan and on the debt accords was again
postponed and will take place either next week or the
week thereafter.
In Germany, Dr. Hjalmar Schacht, the chief delegate of the Reich at the Experts' gathering, made his
first official declaration late last week since his
return from Paris on the new Young Plan. Addressing a meeting of the German Associated Chambers
of Commerce, Dr. Schacht frankly expressed the
hope that the eichstag would not vote for satification of the Young Plan unless the Rhineland were
evacuated unconditionally and a satisfactory arrangement concluded in respect to the future of the
Sarre area. He declared that the German experts
at Paris accepted the Young Plan,"not because they
believe its figures conform to their economic convictions, but because they believe the Young Plan,
will at last bring the international economic
and political peace for which the world for
the ten years since the signing of the Versailles
Treaty has been vainly waiting." Dr. Schacht deprecated "anti-American ranting about Shylock" as
a "complete misconception of American psychology."
He explained that German acceptance of the compromise proposal that finally resulted in the Young
Plan was made easier by the circumstance that it
came from the American group. "For this nation,"
he added, "perhaps in a greater degree than any
other, possesses a sense of economic responsibility."
A significant statement on the new International
Bank of Settlements, which was made a part of the
recommendations of the Experts' Committee on Reparations, was issued in Washington Thursday over
the signature of Thomas W. Lamont, alternate at
Paris for J. Pierpont Morgan. The statement, as
published in the current number of "World Trade,"
the official journal of the International Chamber of
Commerce, makes no suggestion as to the participation of an American representative in the operation
of the bank. The understanding continues to prevail
in Washington, however, according to a report to the
New York "Times" that the Administration will not
object to the participation of Americans as private
individuals in the proposed bank. Official participation by Americans has been several times ruled out
by Secretary of State Stimson. In the statement on
the proposed bank now issued by Mr. Lamont, both
the origin and the functions of the institution are
briefly discussed. Of the origin of the bank project,
Mr. Lamont says: "Like so many other institutions
which in due time have become familiar figures in
finance, the Bank of International Settlements had
its inception in the need for an organization which
would perform a specific and limited set of functions. It was a natural and necessary evolution from
the facts of the reparations settlement. If, in years
to come, it takes on broader functions, it will be
8
FINANCIAL CHRONICLE
because, and only because, there is a practical and
specific use for it in branches of economic life which
are not now served."
The project was evolved, according to the statement, from the need of freeing Germany of all political controls, which in turn brought up the question of setting up new machinery to take care of the
work involved in the receipt and disbursement of
reparations. A clearing house was at first considered, but it appeared, Mr. Lamont states, that a different sort of organization from that ordinarily
recognized as a clearing house was required. The
institution, as finally outlined by the experts, Mr.
Lamont continues, "will be the trustee of the creditor countries in dealing with the annuities. As
such, it will receive and disburse to the paying
agents the service on the German external loan of
1924. It will receive funds from Germany in foreign exchange and in reichsmarks—the latter in an
amount sufficient to cover payments within Germany on account of deliveries in kind." Mr.Lamont
also detailed the other functions of the proposed
bank. Mr. Lamont's statement in full is printed on
a subsequent page.
Great Britain witnessed the rather unusual spectacle at the formal opening of Parliament of a King's
speech prepared by a Labor Government. The Laborites, it is true, were in power for a number of
months five years ago, but the circumstances then
were entirely different, and they did not have the
opportunity, now apparently to be vouchsafed them,
of developing a suitable program of legislation for
the nation. Labor members are in a minority in the
new House of Commons, the Conservatives and Liberals together outnumbering them, but they are nevertheless the party with the largest representation
and upon them devolves the responsibility for governing .until the other parties join forces to oust
them. Leaders of the Conservative opposition have
already indicated that such a combination against
Labor is unlikely save in a grave and momentous
matter. The King's speech was read before both
Houses Tuesday, and it was followed with intense
interest not only in Britain, but in all countries with
democratic governments. King George was not yet
strong enough after his long illness to participate in
the formalities, and the speech was therefore read
in the House of Lords by Lord Chancellor Sankey,
and then in the House of Commons by the Speaker,
Captain E. A. Fitzroy. The Monarch had returned
to London only the day before after his seven
month's struggle against serious illness, and he was
welcomed home in a monster demonstration of gratitude by London's millions.
The legislative program announced in the speech
from the throne contained no surprises, because
practically every suggestion in it had been accurately forecast in the month since the Labor.flovernment took office. The main points of the foreign
policy of the new Government, as outlined with the
utmost brevity in the speech, are: first, naval disarmament and improved relations with the United
States; second, adoption of the optional clause of
the statutes of the World Court; third, early adoption of the Young reparations plan and early evacuation of the Rhineland; fourth, resumption cie diplomatic relations with Soviet Russia. In relation to
naval disarmament, the Government reported only
that "conversations have commenced with the Am-
[VoL. 129.
bassador of the United States on the subject, in
consequence of which it is the earnest hope of my
government to insure in cooperation with my governments in the Dominions,the government in India,
and the governments of the foreign powers an
early reduction in armaments throughout the
world."
In domestic policy it was remarked that it will
be the "foremost endeavor" of the government to
deal with unemployment. The address announced
that schemes were being prepared for improvement
of transport, stimulation of export trade, economic development of overseas dependencies, improvement
in agriculture and the fishing industry and improvement of the facilities for marketing farm and fishery
output. "My Government," the address continued,
"has under consideration the question of reorganization of the coal industry, including hours and
other factors, and of ownership of minerals. Proposals to this end will be submitted in due course.
Inquiries will be undertaken immediately into the
condition of the iron and steel and cotton industries
in order to discover the means of co-operating with
them to improve their position in the markets of the
world." An investigation of the whole field of legislation relating to the sale and supply of intoxicating
liquor also was promised.
Acceptance of the speech was moved in the House
of Common and debate promptly opened. Stanley
Baldwin, replying for the Conservatives, remarked
that there are difficulties in a government carrying
on when it is not in a majority. "But so far as I
and my friends are concerned," he added,"we shall
have no desire to offer factious opposition." Mr.
Baldwin then remarked that he had seen a statement in the press to the effect that the Prime Minister was going to America. "I think it would
interest the House," continued Mr. Baldwin, "to
know if such a visit is in the Prime Minister's mind
and whether he proposes to seek his Majesty's permission to make that visit. I think a visit of that
nature is absolutely right. I have always felt both
countries suffered very much because of the absence
of personal intercourse between American and English statesmen." In response, Prime Minister MacDonald asked Mr. Baldwin to allow him to postpone
his answer concerning the visit to America. Conversations of a "purely preliminary exploratory
diameter" have already started with America, Mr.
MacDonald added. He mentioned also that the cooperation of the other great naval powers will be
sought as soon as the negotiation stage has been
reached. But a preliminary understanding between
the United States and Britain is necessary to the
success of the efforts, he declared. Questioned as to
the tariff policy of the new government, Mr. MacDonald replied that the people's objection to protective duties had been overwhelmingly expressed at
the recent election, and he further declared that
none of the safeguarding duties would be renewed
at the expiration of their time limit while they might
be repealed earlier.
The first definite reaction to the Labor Party
program was voiced in the Commons Wednesday by
Winston Churchill, the former Conservative Chancellor of the Exchequer. Mr. Churchill set a definite
boundary to the Labor Government's progress
toward socialism. "The central dominating fact of
this Parliament," he said, "is that so long as the
Ministers are content to administer and by admins
JULY 6 1929.]
FINANCIAL CHRONICLE
istering to fortify, the capitalist system of civilization on which we have grown great and on which
the United States is growing greater, there is no reason why they should not enjoy, although they are
not a substantial majority of the country, lengthy
tenure of office. But the moment they make any
attempt to carry into action any of those fundamental vices or fallacies upon which the whole
structure of their party has been built up and which
has been their inspiration, from that moment they
will be swept from office." Mr. Lloyd George,
speaking for the Liberals, urged the new government
to redress existing electoral wrongs and he promised
to assist the Labor party in any such move. When
the debate on the King's speech was concluded, Premier MacDonald began his drive for Laborite measures designed to help solve the unemployment problem. He announced that his Ministers would present for passage before adjournment at the end of
July, two bills for big unemployment schemes, a
bill to deal with the deficit in the unemployment
fund, and a bill extending the operation of the housing subsidy.
Informal conversations were continued in London
this week between British Ministers and Ambassador Dawes in connection with the plans for a naval
disarmament conference, with indications, however,
that all parties concerned desired less urging in the
press of both countries and less expectation of immediate results. A clear expression of the tendency
to reduce somewhat the fast pace maintained the
first few days after the arrival of General Dawes
was contained in a speech delivered by Prime Minister MacDonald late last week at a London function. "We are not going into this policy without
such preliminary preparations as will avoid the
failure of the 1927 conference," Mr. MacDonald said.
"There must be preparation before there is demon- stration. I want to say on the part of all of us
responsible for the pursuit of peace that the government is not going to demonstrate before it has
something to demonstrate. Every minute of our
time and every hope is on this tremendously important subject, the preparation for which when it is
finished will give you a sense of national and international security."
Although eagerly awaited for any possible light
it might shed on this important matter, the King's
speech which was read at the formal opening of the
British Parliament dealt with naval disarmament
only cursorily. The new Labor Government made it
clear, as related elsewhere in these columns, that
conversations between Britain and the United States
have started, but these, Prime Minister MacDonald
added later, have been "purely of a preliminary and
exploratory character." The Premier again indicated that co-operation will be sought with the other
great naval powers, but he remarked that a preliminary understanding between America and Britain
is necessary if success is to crown the present efforts.
The remarks of the Premier were viewed with great
satisfaction in Washington, where it was held that a
more explicit and illuminating statement will be
made before very long.
The next forward step, according to Washington
reports, will be the announcement of a decision as to
whether negotiations proper are to start through
calling together the naval experts of the various
powers who are seeking to find a yardstick for meas-
9
uring the relative naval values as a basis for curtailing fleets, or through a conference of political
representatives of the powers prior to a meeting of
the technicians. In the meantime, Secretary of
State Henry L. Stimson again made clear in a statement to newspaper men Monday that parity in the
naval strength of Britain and the United States
would be preserved in any naval limitation arrangement. "The doctrine of parity, in my opinion," said
Mr. Stimson, "is of great importance as a means of
determining not how two nations are to shoot at each
other, but as a means of helping them to agree not
to shoot at each other. The first step which people
take when they are going to shoot at each other is to
try to outbuild each other in the shape of navies.
The minute they agree not to outbuild each other
they are taking one of the longest steps possible
toward not having a war. That is why we are laying
stress on the doctrine of parity."
An overturn of the Japanese Government headed
by Premier Giichi Tanaka was brought about Tues.-day through the influence of the elder statesmen
near the throne. Baron Tanaka handed the resignations of the entire Cabinet to Emperor Hirohito at
the Imperial Palace in Tokio, issuing a statement
thereafter in which he intimated that the assassination of Marshal Chang Tso-lin in Manchuria last
year led to the downfall of his regime. The only
official explanation of his resignation was contained
in a statement of "deep regret that a certain incident
occurring outside the empire was wrongly used as a
political instrument" The fall of the Tanaka Ministry was foreshadowed last Sunday by intense
activity in Japanese political circles. Press correspondents in Tokio were of the opinion that the
ostensible reason for the change in Government was
largely a makeshift, the real cause probably residing
in growing disapproval of Baron Tanaka's policy
in high circles. It was remarked by the Tokio representative of the New York "Times" that Baron
Tanaka apparently falls, as several Premiers have
fallen in the past, "not because of any visible weakness of his political position, but because the vigilant
senior statesmen near the throne are dissatisfied
with his general policy." The Tanaka Ministry,
representing the Seiukai, or Conservative Party, had
been in office two.years.
The episode was described in the "Times" report
as an interesting object lesson in the real nature of
Japan's political system. Normally the system
works along the familiar lines of party government,
it was remarked, but an emergency reveals that its
core is essentially and fundamentally Japanese. "A
purely imported system of government could not
work as satisfactorily as Japan's system works on
the whole," the dispatch continued. "The Japanese
have instinctively preserved their traditional methods of enforcing responsibility upon the administrators. It is done through a few trusted statesmen
who have risen above party struggles and who are
placed near the Emperor in positions which give
them great moral authority. The Japanese people,
not knowing much of the inner history of the present
affair, have sufficient understanding of Count
Xfakino's and Prince Saionji's motives to be satisfied
with their action. The Manchurian incident comes
into the matter, not because anybody attaches
special importance to it or believes that high Japanese officers are implicated, but because the army's
FINANCIAL CHRONICLE
10
attitude made Premier Tanaka's position finally
untenable."
A new Cabinet was promptly formed Tuesday by
Yuko Hamaguchi, leader of the Minseito, or Liberal
Party, at the command of Emperor Hirohito. A
popular and respected statesman, Premier Hamaguchi is said to hold decided views on the financial
measures the country needs. He declared recently
that if returned to power, he would enforce retrenchment and economy, refraining from new domestic
loans and taking steps to recover the sums advanced
to business firms and banks during the Japanese
panic. of 1927. The list of Cabinet members submitted by the new Premier includes eight members
of former administrations, and it is considered to be
a capable and experienced body. Two of the appointments were regarded as especially significant.
Baron Shidehara was made Foreign Minister, indicating that Japan will revert to his former policy of
forbearance and friendship with the Chinese Nationalists, while Junnosuke Inouye, former Governor of the Bank of Japan, was made Minister of
Finance, giving satisfaction to business and banking
circles at a time when the weakness of yen exchange
was causing concern. The new Cabinet is composed
as follows:
Foreign Affairs—Baron KIJURO SHIDEHARA.
Home Affairs—BENZ° ADAM!.
ddmiralty—KYO TAKARABE.
War—General ISSEI UGAKI.
Finance—JUNNOSUKE INOUYE.
Agriculture and Forestry—CHUJI MACHIDA.
Overseas Affairs—GENJI MATSUDA.
Juatice—Viscount CHIFUYU WATANABE.
Education—ICHITA KOBASHI.
Communicatioas—MATAJIRO KOIZUMI.
Commerce and Industry—MAGGICHI TAWARA.
Railways—YOKU`FUGI.
The stormy political horizon in China showed
definite signs of clearing late in June as the result
of a compromise between President Kai-shek, who
heads the Nationalist Government at Nanking, and
Marshal Feng Yu-hsiang, war lord of several populous interior provinces. Both these leaders of
opposing factions had indulged in threats of war
earlier in the year, and China was thought for a time
to be on the verge of another extended revolution.
This danger appeared definitely overcome when
President Chiang Kai-sek announced on June 27
that Feng Yu-hsiang will leave China to study conditions abroad, and ,will be named special investigation commissioner of foreign economic affairs for
the Nanking Government. That the settlement of
the problem was achieved in typical Chinese fashion
wassindicated by the further statement of the President that Feng "will also be furnished with ample
funds." To newspaper men, President Chiang Kaishek declared at Peking the same day that "the day
of the old-style militarists is finished and their
effective opposition ended." He remarked that
abortive attempts at revolt have been made this
year both at Hankow and Canton, but both, though
strong in a military sense, crumbled before the idea
of unification rather than before military attacks.
There have, in the meantime, been some interesting indications of the trend of affairs in China. The
prediction was voiced at Shanghai early, last month
by J. F. Mantel, former vice-president of the Erie
Rairoad and now adviser on railroads to the Chinese
Government, that China in the comparatively near
future would rank second if not first in the world in
mileage of its railroad system. Mr. Mantel remarked
that "any nation will be great only in the complete
[Vol.. 129.
development of an economical transportation system." No vast program of immediate expansion is
contemplated, he said, but the rail system would be
extended methodically along conservative lines.
Present rail equipment is in fairly good condition, he
indicated, but he added that the Chinese intended to
buy new rolling stock and other equipment soon.
Banking and currency reform also is actively
being pushed by the Nanking regime, with the Minister of Finance, T. V. Soong, pursuing a definite
program toward this end. In a statement issued at
Shanghai June 29, Mr. Soong said: "We propose
to bring all the national banks under the Central
Bank of China and to unify the revenue system
through one state bank in this manner. We cannot
disclose the program entirely, but announcements
will subsequently be forthcoming demonstrating our
ability to unify the revenues and to place the National Government on a sound financial budget
basis. So far as foreign loans are concerned, no plan
to enter foreign markets is entertained at present.
We are interested in foreign capital coming to
China, but we shall not particularly seek to interest
foreign capitalists until we have something more
definite to offer." This was followed by an official
announcement July 1,that an important Sino-British
naval agreement had been signed at Nanking, under
which China, in connection with a comprehensive
building program,intends to train cadets in England
and has engaged a British naval mission to "assist
in the development of the Chinese navy."
The Bulgarian National Bank increased its rate
of discount on Tuesday from 9% to 10%. Other
than this there have been no changes this week in the
rediscount rates of any of the central banks of
Europe. Rates continue at 73'% in Germany; at
7% in Italy; at 53/2% in Great Britain, Holland,
Norway and Spain; 5% in Denmark; 43/2% in
Sweden; 4% in Belgium, and 33'% in France and
Switzerland. London open market discounts for
short bills are 5 5-16@5%% against 5%@532 on
%
Friday of last week and 5%@5 7-16% for long
bills, the same as on the previous Friday. Money
on call in London yesterday was 3
At Paris
open market discounts remain at 3
but in
Swizterland have advanced from 3 3-16% to 31
4%.
In its latest weekly statement, dealing with the
week ended July 3, the Bank of England reports
a loss in gold of £4,501,146 and a net loss in reserves
of £10,869,000, note circulation having expanded
£6,368,000. The banks gold holdings now total
£8155,705,931 which figure compares with £160,207,077 last week, £163,500,617 two weeks ago and
£173,428,234 the corresponding week last year.
The Bank's official discount rate remains unchanged
at 532%. Public and other deposits increased
£3,582,000 and £9,276,522 respectively. Of the
latter those for the account of bankers showed an
increase of £8,138,197 and those for the account of
others expanded £1,138,325. Proportion of reserves
to liabilities fell to 33.01% from 44.79% last week
and 55.88% the week previous to last. The explanation of this drop lies in the big decrease in reserves concurrently with large additions to deposits
both this week and last. Loans on government
securities decreased £1,270,000 while those on other
securities showed an augmented of £25,054,352.
Of the sub-divisions of the latter "securities" de-
JULY 61929.]
FINANCIAL CHRONICLE
creased £279,000 while "discounts and advances"
swelled £25,333,444. Last week the same item
mounted £19,391,214 so that it now totals £52,321,206 against £7,596,498 two weeks ago. We leave
the significance of this change to the judgment of
the readers. Below we give coparative figures for
five years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1929.
July 3.
1928.
July 5.
1927.
July 6.
1926.
July 7.
1925.
July 8.
Circulation
a369,100,000 137.167,000 138,257.930 142,217,610 145,205,750
Public deposits ____ 28,296.000 19,686,000 19,205.447 16,498,498 11,250,201
Other deposits
112,856,286 126,830,000 104,376,681 105,595,110 118,652,498
Bankers' accounts__ 75,558,452
Other accounts ____ 37,297.824
Governml securities 37,281,855 28,769,000 47,546,982 37,520,328 42,516,733
Other securities _ _ 75,278,746 79,742,000 61.488,071 74,559,756 71,992,302
Disct.& advances__ 52,321,206
Securities
22,957.540
Reserve notes & coin 46,605.000 56,013,000 32,566,516 28,053,350
33,405,986
Coln and bullion_ _ _155,705,931 173,428,234 151,074,446 150,520,960
158,861,736
Proportion of reserve
to liabilities
33.01%
38.24%
26.35%
23.26%
2.5ig%
Sank rate
%
54%
5%
4;4%
5%
a On Nov.29 1925 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.
In its statement for the week ending June 29, the
Bank of France reports a gain in gold and bullio • of
1,101,258 francs, increasing the total of that item to
36,624,700,705 francs, as compared with 36,616,599,447 francs last week and 36,609,919,273 francs two
weeks ago. Due to the addition to large note circulation of 1,951,000,000 francs the item now aggregates
64,921,820,345 francs, the largest in the history of
the Bank. French commercial bills discounted rose
1,775,000,000 francs and advances against securities
siropped 33,000,000 francs. A gain was shown in
credit balances abroad of 45,000,000 francs and in
bills bought abroad of 15,000,000 francs, while creditor current accounts dropped 98,000,000 francs. Below we furnish a comparison of the various items of
the Bank's return for the past three weeks:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Changes
Status as of
for Week.
June 29 1929, June 22 1929. June 15 1929.
Francs.
Francs.
Francs.
Francs.
Cold holdings_ __ _Ile. 3,101,258
36,624,700,705 36.616,599,447 36.609,919,273
Credit bale. abed_Ine. 45.000.00017,299.79
4.554 7,254,794,554 7,439,794.554
French commercial
bills discininteil_Ine.1775,000,000 8.057.964,892
6,282,964,892 6,274,964,892
Sille bought alsed_Ins. 15,000,000 18.429,160,015
18,414,160,015 18,413,160,015
Adv.asst.secure—Dee. 33,000,000 2,322,007,058
2,355,007,058 2,415.007.058
Note circulatien__Ine.1951.000.000 64,921,820,345
62,970.820,345 63,140.820,346
curr. aeete__Dee. 93,000,000 78,115,303,958
18,213,303,958 18,029,303.958
The Bank of Germany in its statement for the last
week of Juae reports a gain in gold and bullion of
147,057,000 marks. This increase raises the total
sf the item to 1,911,384,000 marks, as against
2,083,180,000 marks the corresponding week last
year and 1,802,569,000 marks two years ago. Notes
in circulation increased 769,900,000 marks bringing
them up to 4,838,647,000 marks as compared with
4,674,202,000 marks last year and 3,815,200,000
marks in 1927. Reserve in foreign currency increased 29,780,000 marks, bills of exchange and
shecks rose 519,708,000 marks while deposits abroad
remained unchanged. A gain was shown in advances
against securities of 101,722,000 marks, in other
assets of 81,907,000 marks and in investments of
1,000 marks. A loss occurred in silver and other coin
of 28,844,000 marks and in notes on other German
banks of 16,116,000 marks. Other daily maturing
obligations increased 52,103,000 marks and other
liabilities 13,212,000 marks. Comparison of the
various items of the bank's return for the past three
years is as follows:
11
REICHSBANK'S COMPARATIVE STATEMENT.
Changesfor
Week.
June 29 1929. Julie 30 1928. June 29 1927.
Asada—
Reichsmarks.
Reiclunnarks. Retchsnsarks. Reichtmerb.
Gold and bullion
Inc. 147,057,000 1,911,384,000 2,083,180,000 1,802,569,000
Of which depos.abr'd. Unchanged
59,147,000
85,626,000
57,876,000
Res've in for'n curr
Inc. 29.780,000 360,526,000 250,044,000
66.992,000
Bills of each.& checks.Inc. 519,708,000 3,001.218,000 2.477,172,000 2,494,644,000
Silver and other coin_ _Dec. 28,844,000 115,862,000
85,385,000
94,850,000
Notes on oth.Ger. bks.Deo. 16,116,000
3,324,000
7,593,000
8,650,000
Inc. 101,722,000 194,331,000 138,279,000 146,593.000
Advances
Investments
Inc.
1,000
92,889,000
93,996,000
92,923,000
Other assets
Inc. 81.907,000 562,049,000 684,172,000 461.763,000
Notes in circulationInc. 769,900,000 4,838,647,000 4,674,202,000 3,815.209.000
0th. daily mat. oblig_Inc. 52,103,000 631,313,000 525,207,000 669,518,000
Other liabilities
Inc. 13,212,000 329,227.000 215,417,000 818,076.000
Money rates in the New York market supplied
plenty of pyrotechnics in the short business week just
ending, without waiting for the advent of the Fourth
of July holiday. Demand loans shot upward at the
beginning of the week, and then shot downward
with quite as much vigor. The call loan rate on the
Stock Exchange on renewals Monday was 10%, but
new loans were advanced rapidly to 15%. In the
unofficial or "street" market, loans were made at
17%. Withdrawals for the day by the banks
totaled about $40,000,000. Call loans Tuesday
were firm all day at 15% on the Stock Exchange,
but as money was in good supply and demand only
fair, street trading finally appeared at the 14% level.
Bank withdrawls for the day were $20,000,000.
The month-end stringency melted away Wednesday,
call loans renewing at 12% and dropping rapidly
thereafter to 6% on the official market, while Street
trading was reported at 5% after the low rate was
reached. In yesterday's final money market session
of the week, the rate for call loans was 7% throughout, with no concessions reported in the outside
market. The banks withdrew about $10,000,000.
We commented last week on the factitious appearance of the money market in many recent sessions,
and it is interesting to note in tklis connection the
virtual admission in the July issue of the National
City Bank review that bankers have been acting in
concert to prevent extremes. "What has occurred,"
the review states, "is not so much a reduction, as a
stabilization, of rates, as bankers, believing that the
extreme fluctuations in the tall money market were
destructive of business confidence, have taken a hand
to iron out the peaks." Gold movements through
the Port of New York for the week ended Wednesday, as reported by the Federal Reserve institution,
consisted of imports of $147,000 and exports of
$49,000. The total of gold earmarked for foreign
account was increased by $7,011,000.
Dealing in detail with the call loan rates on the
Stock Exchange from day to day, the renewal rate
on Monday was 10%, but as the day progressed
15% had to be paid for new loans. On Tuesday
all loans were at 15% including renewals. On
Wednesday the renewal rate was marked down to 12%
and later in the day the charge for new loans fell
to 6%. Thursday was Independence Day and a
holiday. On Friday all loans on the Stock Exchange
were at 7%. Time money was active on Monday,
but dull thereafter. Rates on Monday, Tuesday
and Wednesday were 7% for all dates from 30
days to s x months, actual business being done at
that figure. Yesterday quotations were 73@732%
for thirty days to four months and 73/2@7%% for five
and six months. There has been very little doing
in commercial paper, though a trifling activity appeared on Friday. Nominally rates ford names of
12
FINANCIAL CHRONICLE
[VoL. 129.
choice character maturing in four to six months are few months ago it had increased its purchasing rate
at 6%, while names less well known are 631@6327o, for gold in the open market. The unpromising out/
look in this respect led to a resumption of rumors of
with New England mill paper quoted at 631%.
a probable increase in the Bank of England's rate of
The market for prime bank acceptances continued rediscount. This week the picture is somewhat
active with a scarcity of bills; and after last Friday's reversed, although the average of sterling quotations
reduction in the closing hour of business of A on has been fractionally lower and sterling is weak not
all maturities in both the bid and the asked columns only with respect to the dollar but as measured in
a further reduction of X% was made on all ma- the currencies of Germany, France, Sweden, Holland,
turities and in both the bid and the asked columns on and a few other Continental exchanges.
The more hopeful feeling with respect to sterling
Wednesday of this week. The posted rates of the
American Acceptance Council are now 53A% bid arises from the fact that the Bank of England sucand 53.(% asked for bills running 30 days, and also ceeded in obtaining £700,000 of the £1,067,000 of
for 60 and 90 days, and at 532% bid and 53.1% asked gold available in the London open market on Tuesfor 120, 150 and 180 days. The Acceptance Council day. The greater part of the remainder, approxino longer gives the rates for call loans secured by mately £300,000, was taken for shipment to Berlin
/
acceptances, the rates varying widely. Open market at, according to some London dispatches, 84s. 1138d.
rates for acceptances have also been reduced as Gold amounting to nearly £3,000,000 is expected
below:
to arrive in London within the next two weeks from
SPOT DELIVERY.
South Africa and Argentina, and the opinion is
—180 Days— —150 Days— —120 Days—
widely entertained in foreign exchange' circles that
Bid. Asked.
Bkl. Asked.
Bid. Asked.
prime eligible bills
534
534
534
534
534
531
the major portion of this metal can be obtained by
-—60Days— —30 Days—
—90Days
the Bank of England. If this is the case the sterling
314. Asked.
Bid. Asked.
Bid. Asked.
Preime eligible Mlle
534
534
5%
534
5%
531
situation will, of course, be materially improved.
FOR DELIVERY WITHIN THIRTY DAYS.
At all events, owing to the improved gold situation
Eligible members banks
534 bid
in London and to some indications of easier money in
Eligible non-member banks
534 bid
New York bankers feel that there is less likelihood of
a rise in the Bank of England's rate of rediscount.
There have been no changes this week in the rediscount rates of the Federal Reserve Banks. The The weekly statement of the Bank of England shows
following is the schedule of rates now in effect for a loss of £4,501,146 in gold holdings the proportion
the various classes of paper at the different Reserve of the Bank's reserve to liabilities is down to 33.01%
from 44.79% last week and from 55.88% two weeks
banks:
ago. The percentage three weeks ago 57.97% was
DISCOUNT RATES OF FEDERAL RESERVE BANKS ON ALL CLASSES
AND MATURITIES OF ELIGIBLE PAPER,
the highest of the year and the highest reported in
any 'week since Sept. 24 1913. The lowest this year
Rate in
On Saturday last the Bank of
Federal Reserve Bank.
Effect on
Date
Previous was 24.26% on Jan. 3.
July 5
Established.
Rate.
England sold £803,580. On Monday the Bank sold
Boston
5
July 19 1928
434
New York
5
July 13 1928
434
£995,610 in gold bars. Dispatches of London bullion
5
Philadelphia
July 26 1928
43
Cleveland
Aug. 1 1928
5
434
dealers indicated that both these large takings from
Richmond
July 13 1928
5
4%
Atlanta
July 14 1928
5
434
the Bank went to Germany. On Tuesday the Bank
Chicago
July 11 1928
5
43.
St. Louis
July 19 1928
5
434
bought £693,600 in gold bars of the £1,067,000 of
Minneapolis
May 14 1929
5
434
Kansas City
May 61929
5
434
the bar gold available in the open market. The
Dallas
5
Mar. 2 1929
434
5
San Francisco
May 20 1929
4%
London market was expecting the arrival toward the
end of the week of £500,000 in sovereigns from
Sterling exchange has been irregular this week and Argentina. Next week £750,000 in sovereigns and
under pressure the greater part of the time. The £201,000 in gold bars are due from South Africa and
range this week has been from 4.843 to 4.843/ for the following week from the same source £500,000
2
bankers' sight, compared with 4.843 to 4.845/i last in sovereigns and £424,353 in gold bars are expected.
week. The range for cable transfers has been from On Wednesday the Bank of England sold £706,296
4.84 13-16 to 4.85, compared with 4.84 25-32 to in gold bars and bought £13 in foreign gold coin.
4.85 1-16 the previous week. The slightly easier tone The gold sold on Wednesday is believed to have gone
of exchange as compared with last week is due to the to Germany. On Thursday the Bank received
cessation in demand for exchange in connection with $500,000 in sovereigns from abroad, exported £20,000
mid-year settlements and on the other hand to partial in sovereigns, bought £5,276, and sold £3,438 in
resumption of the return flow of funds to the New gold bars. On Friday the Irving Trust announced
York money market, where, until late Wednesday that it had purchased £1,000,000 gold in London for
afternoon call money was in demand at excessively shipment to New York by the steamship Paris.
high rates. On Wednesday, however, the call loan London cable dispatches stated that the Bank of
rate on the Stock Exchange dropped to 6%, though England had sold £1,028,322 in gold bars (this being
it was back to 7% yesterday. But the most important evidently the Irving Trust purchase) and exported
factor indicating a turn in the money market favor- £4,000 in sovereigns.
able to sterling this week has been further reduction
At the Port of New York the gold movement for
in rates for dollar acceptances. It will be recalled the week June 27-July 3, as reported by the Federal
that last week there was considerable anxiety in Reserve Bank of New York, consisted of imports
foreign exchange circles over the heavy loss in gold of $147,000, chiefly from Latin America, and exby London to both New York and Berlin and over the ports of $49,000 to Mexico. On Wednesday the
further circumstance that last week, as during the Guaranty Trust Co. of New York announced the
few weeks previous, the Bank of England seemed arrival of $1,000,000 in gold from Buenos Aires.
unable to acquire any important part of the open The Reserve Bank reported an increase of $7,011,000
market gold or to prevent exports of gold although a in gold earmarked for foreign account. Canadian
JULY 6 1929.]
FINANCIAL CHRONICLE
exchange continues at a discount despite the high
degree of business prosperity in Canada and the
steady flow of American capital for investment in
the Dominion. The weakness in Canadian, as frequently stated here, is due to an offsetting flow of
Canadian funds to the New York money market
and to the unfavorable commodity trade balance
of Canada with respect to the United States.
Referring to day-to-day rates sterling exchange
on Saturday last was steady in a quiet market.
, Bankers' sight was 4.8434@4.8432 cable transfers
/;
were 4.847 @4.85. On Monday sterling was under
4
pressure. The range was 4.84 9-32@4.843/ for
bankers' sight, and 4.84 13-16@4.84 15-16 for cable
transfers. On Tuesday the market was again under
pressure. Bankers' sight was 4.84 9-32@4.847;
cable transfers, 4.84 13-16@4.84 27-32. On Wednesday the market was steady, with a slightly better
tone. The range was 4.84 5-16@4.843/ for bankers'
sight and 4.84 13-16@4.84 29-32 for cable transfers.
On Thursday, Independence Day, there was no
market in New York. On Friday the range was
4.84 5-16@4.84 7-16 for bankers' sight and 4.84 27-32
@4.84 29-32 for cable transfers. Closing quota• tions on Friday were 4.84 7-16 for demand and
4.84% for cable transfers. Commercial sight bills
finished at 4.8434; 60
-day bills at 4.79 9-16; 90
-day
bills at 4.77%; documents for payment (60 days)
at 4.79 9-16; seven-day grain bills at 4.833/2. Cotton
and grain for payment closed at 4.8434.
The Continental exchanges have been in less
demand than they were last week when mid-year
settlements were so important a factor in all European centers. German marks have been ruling slightly
easier although the rate for 'cable transfers has
continued above the dollar parity rate of 23.80. As
noted above in the discussion of sterling exchange.
Berlin has continued to take a large share of gold
from London. Banking opinion seems to be that a
larger proportion of London gold has crossed the
Channel than can be readily traced from official
statements. This week the Reichsbank shows an
increase in gold reserves of 147,057,000 marks, the
total standing at 1,911,384,000 marks as of June
30, which compares with 2,083,180,000 marks on
June 30 a year ago. This week, as noted above, the
New York Federal Reserve Bank reports an increase
of $7,011,000 in gold earmarked for foreign account.
While there is no way of knowing for a certainty, the
market believes that this gold is for either Germany
or France, as the rate for both currencies with respect
to the dollar would justify such earmarking. The
presumption is that should it turn out to be that
the gold has been earmarked for France, it will
ultimately be sold by the Bank of France to the
Reichsbank, as was the case with considerable
French gold earmarked here some months ago.
The increasing transfers of funds to meet tourist
requirements are an important factor in the firmness in mark exchange as in that of most of the
European currencies. Another important factor is
the evident increase in American credits extended to
German interests. While money is still firm in
Berlin, these transfers, as well as transfers from some
of the European centers, have helped to ease the
situation to such a degree that there is a fractional
ease in the Berlin money market and renewed talk
of the probability of an early reduction in the Reichsbank's rate of discount.
13
French francs have been weaker this week, and
there is a considerable flow of French funds to other
markets, especially to Berlin, where yields are more
tempting despite the firmer tone in the Paris money
market. The expenditures of American tourists in
France are partly responsible for the firmer tone of
exchange. This week the Bank of France shows a
further increase of 8,100,000 francs in gold holdings,
bringing its total gold reserve to 36,624,000,000francs,
the highest ever reported. More important even than
the additional gold is an increase of 45,000,000 francs
in sight balances abroad and an increase of 15,000,000
francs in bills bought abroad.
Bulgarian exchange is one of extremely minor importance in this market. Nevertheless it is worthy of
passing notice that the Bulgarian's rate of rediscount
was raised during the week from 1% to 10%. Dispatch from Sophia stated that the modified act governing trading in foreign currencies has just become
effective. The principle change permits foreign firms
possessing levas to sell them without restriction
abroad.
The London check rate on Paris closed at 123.98
on Friday of this week, against 123.87 on Friday of
last week. In New York sight bills on the French
centre finished at 3.90 8, against 3.9134 on Friday
a week ago; cable transfers at 3.913/, against 3.917
8
2
,
and commercial sight bills at 3.90%, against 3.90 8
.
Antwerp belgas finished at 13.88 for checks and
13.883 for cable transfers, against 13.89 and
4
13.893 on Friday of last week. Final quotations for
Berlin marks were 23.8034 for checks and 23.8134
for cable transfers, in comparison with 23.83 and
23.84 a week earlier. Italian lire closed at 5.23 for
bankers' sight bills and at 5.2334 for cable transfers,
as against 5.2334 and 5.233/ on Friday of last week.
2
Austrian schillings closed at 14.10 on Friday of this
week, against 14.10 on Friday of last week. Exchange on Czechoslovakia finished at 2.96, against
2.96%; on Bucharest at 0.591 2, against 0.593'; on
/
Poland at 11.23, against 11.23, and on Finland at
2.52, against 2.513 . Greek exchange closed at
4
1.2934 for checks and at 1.293' for cable transfers,
against 1.2934 and 1.293'.
The exchanges on the countries neutral during the
war show little change from a week ago. There has
been improvement in demand for the Scandinavian
units owing chiefly to the revival of trade in these
countries and to increasing American tourist expenditures. Holland guilders have been steady, although ruling on average slightly easier. The ease
in the guilder results almost altogether from the
transfer of Dutch funds to foreign security markets
and especially to the interest taken by Amsterdam
bankers in the German money market. Spanish
pesetas have been ruling owing to the fact that the
foreign exchange committee at Madrid has succeeded
in arranging credits to support the peseta. This fact
was noted here last week.
Bankers' sight on Amsterdam finished on Friday
at 40.123/, against 40.13 on Friday of last week;
2
cable transfers at 40.143/, against 40.15; and com2
mercial sight bills at 40.09, against 40.093'. Swiss
francs closed at 19.2234 for bankers' sight bills and
at 19.2334 for cable transfers, in comparison with
19.23% and 19.243 a week earlier. Copenhagen
4
checks finished at 26.623 and cable transfers at
26.64, against 26.623 and 26.64. Checks on Sweden
closed at 26.783' and cable transfers at 26.80, against
26.79 and 26.81, while checks on Norway finished
at 26.633/ and cable transfers at 26.65, against
26.633/i and 26.65. Spanish pesetas closed at 14.44
for checks and at 14.45 for cable transfers, which
compares with 14.15 and 14.16 a week earlier.
The South American exchanges show little change
from the past few weeks. As noted above, Argentina
continues to send gold to both London and New York
to support exchange. This is the winter season in
Buenos Aires and a time when exchange should be
firmer, but business unsettlements arising largely
from labor disturbances which affect the export situation to a considerable extent are responsible for a
general weakness in the peso despite the free gold
movement. In June approximately $15,000,000
gold was exported from Buenos Aires to New York.
This week the Guaranty Trust Co. received $1,000,000 gold from Argentina. Argentine paper pesos
closed on Friday at 42.00 for checks, as compared
with 42.02 on Friday of last week, and at 42.05 for
cable transfers, against 42.08. Brazilian milreis
finished at 11.86 for checks and at 11.89 for cable
transfers, against 11.86 and 11.89. Chilean exchange
closed at 12.10 for checks and at 12.15 for cable transfers, against 12.10 and 12.15, and Peru at 3.98 for
checks and at 3.99 for cable transfers, against 3.98
and 3.99.
The Far Eastern exchanges have been dull, with
the silver using countries quoted on average fractionally lower. Japanese yen, while not greatly in
demand, are firmer as the result of psychological
influence arising from cabinet changes which bankers
apparently believe give promise of an improved
outlook in the business and financial situation. In
Tuesday's market yen advanced to 44 9-16 on the
announcement that Junnosuke Innouye had been
appointed finance minister in the new Hamaguchi
cabinet. He is regarded as one of Japan's soundest
financiers and has been long committed to a policy
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACTS OF 1922
JUNE 29 1929 TO JULY 5 1929. INCLUSIVE.
Country and Monetary
Unit.
[Vor,. 129.
FINANCIAL CHRONICLE
14
Noon Buying Sate for Cable Transfers to New York
Value in United Stales Money.
June 29. July 1.
EUROPE$
Austria, schilling____ .140509
Belgium, belga
.138880
Bulgaria, lev
.007227
Czechoslovakia, krone .029609
Denmark, krone
.266355
England, pound ster4.849127
ling
Finland, markka
.025135
France, franc
.039137
Germany. relchsmark .238315
012922
Greece, drachma
.401479
Holland, guilder
.174268
Hungary, pengo
.052328
Italy, Bra
.266438
Norway, krone
.111855
Poland, zloty
.044720
Portugal. escudo
.005934
Rumania, leu
.141900
Spain. peseta
267998
Sweden.krona
Switzerland, franc
.192419
Yugoslavia, dinar
.017587
ASIAChinaChefoo tael
.801666
Ilankow tael
.593125
578875
Shanghai, tael
.612500
Tientsin tael
Hong Kong dollar_ .479732
.420312
Mexican dollar
Tientsin or Peiyang
417500
dollar
414166
Yuan dollar
360246
India, rupee
337016
Japan, yen
.558750
Singapore(S. S.) do
NORTH AME.
.990806
Canada, dollar
.999266
Cuba, peso
.479580
Mexico. peso
Newfoundland, dolls .988202
SOUTH AMER.Argentina. Peso (gold) .954055
.118618
Brazil, mIlreis
120388
Chile, peso
963454
Uruguay. Peso
966200
Colombia. Peso
$
.140434
.138863
.007211
.029604
.266346
July 2.
July 3.
July 4.
July 5.
$
.140490
.138839
.007220
.029596
.266326
$
.140452
.138834
.007220
.029599
.266345
$
$
.140450
.138816
.007197
.029597
.266325
4.848885 4.847934 4.848354
.025135 .025141 .025145
.039109 .039110 .039107
.238234 .238205 .238190
.012924 .012917 .012920
.401503 .401475 .401416
.174268 .174242 .174278
.052321 .052314 .052314
.266431 .266398 .266421
.111895 .111940 .111850
.044900 .044820 .044900
.005933 .005940 .005933
.142642 .143219 .143627
.287982 .267958 .268040
.192403 .192376 .192332
.017585 .017564 .017567
4.848393
.025143
.039108
.238104
.012922
.401418
.174295
.052310
.266417
.111900
HOLI- .044900
DAY. .005940
.144217
.267997
.192308
.017560
.601250
.592812
.576160
.612083
.479553
.420312
.600416
.590937
.574285
.612083
.478928
.419375
.598750
.590000
.573571
.609583
.480535
.412500
.598750
.589375
.573571
.609583
.478928
.412083
.417083
.413750
.360196
.442531
.558750
.416250
.412916
.360067
.444890
.558750
.415833
.412500
.359853
.443718
.558750
.416416
.412083
.359707
.445657
.558750
.990866
.999203
.479333
.987959
.991071
.999235
.479225
.988296
.990927
.999112
.479025
.988430
.992041
.999112
.479200
.989400
.953877
.118631
.120386
.963018
.966200
.953981
.118572
.120378
.962732
.966200
.954140
.118583
.120381
.962582
.966200
.954046
.118554
.120382
.962842
.966200
of deflation and to the removal of the embargo on
gold exports. However, the market does not believe
that any immediate change in Japan's fiscal policy
can be attempted, as the new finance minister is
reported to be of the opinion that the finances of the
country are not yet ready for a radical change and
certainly not ready for the immediate removal of the
gold embargo. Closing quotations for yen checks
were 44 11-16@44%, against 43.70@43% on Friday
of last week. Hong Kong closed at 48@48 5-18,
against 48@48 7-16; Shanghai at 57/@57,
against 57%@58A; Manila at 50, against 50;
I;
/
1,
1
/@56Y against 561 @56W BomSingapore at 56.
bay at 36 3-16, against 36h, and Calcutta at 36 3-16,
against 3634.
Owing'to a marked disinclination on the part of
two or three leading institutions among the New
York Clearing House banks to keep up compiling
the figures for us, we find ourselves obliged to discontinue the publication of the table we have been
giving for so many years showing the shipments and
receipts of currency to and from the interior.
As the Sub-Treasury was taken over by the Federal Reserve Bank on Dec. 6 1920, it is also no longer
possible to show the effect of Government operations
in the Clearing House institutions. The Federal
Reserve Bank of New York was creditor at the Clearing House each day as follows:
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
AT CLEARING HOUSE.
Saturday,
June 29.
Tuesday, 1Vednesday Thursday,
July 4.
July 3.
July 2.
Monday,
July 1.
$
195000,000 155.000,000 197,000.000 221.000,000 Holiday
Friday,
July 5.
Aggregate
for 1Vsek.
234,000,000 Cr. 1,002,000,000
-The foregoing heavy credits reflect the huge mass of checks which corns
Note.
to the New York Reserve Bank rom 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 t le Reserve Bank's operations with the Clearing
House institutions, as only the items payable In New York City are represented in
the daily balances. The large volume of checks on institutions located outside of
New York are not accounted for in arriving at these balances, as such checks do
not pass through the Clearing House but are deposited with the Federal Reserve
Bank for collection for the account of the local Clearing House banks.
The following table indicates the amount of bullion in the principal European banks:
July 5 1928.
July 3 1929.
Banks of
Gold.
I
Siker.
Total.
Gold.
Silver.
Total.
£
I,
£
I
£
£
£
173,428,234
155.705.9311173,428,23t
England-- 155.705.9311
92,997,605147,137.706, 13,717,826 160,855,532
(d)
France a_ 292,997,605
994.600 100,804,200
c994.600 93,606,450 99,809,600
92.611,85
Germany
102,450,000 28.893.000 131,343,0001104,321,000 28.438,000 132.759.000
Spain
52,831,0011
Italy55,434,000:52,831,000;
1,780,000 38,180,0001 36,253,0001 1,990,000 38,243.000
0
Nethrds.._ 36:400,00
Nat'l Belg. 28,561,000 1,270,000 29.831,000 22,800,000 1.248,000 24,048,000
Switzerl'd_ 19,842,000 1,568,000 21,410,0001 17,885,000 2,375.000 20,260,000
12,836.000
12,971.000; 12,836,0001
Sweden-__ 12,971,000,
619.000 10,724,000
431,000 10,022.000 10,105,0001
Denmark. 9,591,0001
8,170,000
8,155,0001 8.170,0001
Norway -- 8,155.000,
Total week 814,719,3861 34,936,600 49.655,988685,576,540; 49,382,426 34,058,966
Prey. week 811,773.872 34,822,600 48,596,472682.009,876' 49,218.426 731,228,302
a These are the gold holdings of the Bank of France as reported In the new form
of statement. b Gold holdings of the Bank of Germany are exclusive of gold held
abroad, the amount of which the present year is £2,481,300. c As of Oct. 7 1924.
d Silver is now reported at only a trifling sum.
The Program of the British Labor Government.
The traditions of British politics require that the
speech from the throne, with which the sensions of
Parliament are formally opened, shall confine itself
to a mention of the most important matters of foreign policy with which the Government has been
concerned since the previous speech was read, and a
summary indication, without argument or elaboration, of the domestic measures to which the attention
of Parliament is to be invited. The speech which was
read to the two Houses of the-British parliament
on Tuesday conformed in all respects to this traditional requirement. Any one who expected that the
MacDonald Government would announce a program
of startling changes or reforms, or that the tenets
JULY 6 1929.]
FINANCIAL CHRONICLE
of socialism, with whose doctrines the British Labor
Party is generally supposed, to be sympathetic,
would stand out prominently in the new pronouncement, was doomed to disappointment. The speech
mentioned a considerable number of important
things which the Government expects to do, but its
tone was moderate. About the only criticism that the
Opposition spokesmen, Lloyd George, Winston
Churchill and Stanley Baldwin, could make of the
speech was that it had, at a number of points, stolen
some of the Liberal and Conservative thunder, and
that at other points it was somewhat vague.
The most important reference to foreign relations
was the announcement, already anticipated by newspaper reports, that conversations had begun with
Mr. Dawes on the subject of naval disarmament,
the result of which, it was hoped, would be "an early
reduction in armaments throughout the world." The
Governments of the British Dominions, of India, and
ef foreign Powers were specifically mentioned as
prospective parties to the forthcoming negotiations.
This general statement, which was doubtless all that
the Government felt itself able to make at the moment, is to be read in connection with intimations
from other quarters regarding the course which the
proposed reduction should or may take. Recent dispatches from London have reported a disposition on
the part of the British press to insist that the reduction of naval armaments, now that the MacDonald
Government has definitely raised the issue, shall not
be smothered in prolonged and inconclusive debate
Over ways and means, but shall be pushed to some
practical conclusion. The abandonment by Great
Britain of its naval bases in the West Indies, for
example, has been suggested as a practical demonstration that British naval power was not aimed at
the United States, and the failures of the Geneva
discussions have been pointedly recalled. On the
other hand, Secretary of State Stimson, in a statement given out on Monday, emphasized a parity of
naval strength as an assurance of peace between
Great Britain and the United States. "This doctrine
of parity,in my opinion," Mr. Samson was quoted as
saying, "is of great importance as a means of determining not how two nations are to shoot at each
crther, but as a means of helping them to agree not
to shoot at each other." As soon as two nations
"agree not to outbuild each other they are taking
one of the longest steps possible toward not having
a war. That is why we are laying stress on the doctrine of parity." As Mr. Stimson was doubtless
speaking for the Administration and not merely for
himself. We may conclude that the application of
the "yardstick" which Mr. Dawes suggested will be
the principal subject of discussion when the practical stage of the negotiations is reached.
A second important declaration of the speech was
the announcement that the Government "considers
the time has come to submit to judicial settlement
international disputes in which parties are in conflict, as to their respective rights," and that it was,
accordingly, consulting with the Governments of the
Dominions and India "regarding the signing of the
optional clause embodied in the statute of the Permanent Court of International Justice." The optional clause referred to forms Article 36 of the statute of the Court, and provides that "the members
of the League of Nations and the States mentioned
in the Annex to the Covenant (the States mentioned
in the Annex are the original signatories of the Cov-
15
enant and those invited to adhere to it) may, either
whei signing or ratifying the protocol to which the
present statute is adjoined, or at a later moment,
declare that they recignoze as compulsory,ipso facto
and without special agreement, in relation to any
other Member or State accepting the same obligation, the jurisdiction of the Court in all or any of
the classes of legal disputes concerning (a) the interpretation of a treaty, (b) any question of international law, (c) the existence of any fact which, if
established, would constitute a breach of an international obligation, (d) the nature or extent of the
reparation to be made for the breach of an international obligation. The declaration referred to above
may be made unconditionally or on condition of
reciprocity on the part of several or certain Members
or States, or for a certain time. In the event of a
dispute as to whether the Court has jurisdiction, the
matter shall be settled by the decision of the Court."
The London correspondent of the New York
"Times," writing on Monday, reported that it was
understood that the Liberals would support the MacDonald Government on this proposal only on condition that the Court should not be accorded the right
to intervene in a controversy between members of
the British Empire, and that decisions of British
prize courts in time of war should be recognized
"until such Wile as Britain has joined with the other
nations in agreeing on laws for the freedom of the
seas." It will be recalled that some surprise was
expressed that Mr. MacDonald and Mr. Dawes, in
their recent speeches on naval reduction, made no
mention of the subject of the freedom of the seas.
The third reference to foreign relations is the
statement that the Government "is examining the
conditions under which diplomatic relations with
the Government of the Union of Soviet Socialist Republics may be resumed," and was consulting with
the Dominions and India on that point. The experience of the former Labor Government with the
recognition of Russia was not altogether happy, and
diplomatic relations were eventually broken off, but
Mr. MacDonald is now, apparently, of the opinion
that a way may be found to obviate the difficulties
that arose before. It seems reasonable to suppose
that the growing volume of Russo-British trade has
had something to do with the proposed step.
The domestic program of the Government, as outlined in the King's speech, covers a wide range of
subjects, mainly those relating to unemployment, the
encouragement of industry and trade, and general
social betterment. As amplified by J. H. Thomas,
Lord Privy Seal, to whom the unemployment situation has been especially committed,in a speech in the
House of Commons on Wednesday, the program includes the expenditure of £37,500,000 on roads,
£25,000,000 as a loan fund to public utility companies to enable them to offer additional work, and
£1, 000,000 annually for the development of the colonies. The further electrification of suburban lines
in London, extension of the underground systems,
harbor and dock improvements,and an outer Londcm
railway, were among the undertakings specified as in
contemplation, together with land drainage, forestation, and fisheries development. Mr. Thomas
stated that he was "determined to explore every
avenue for using home products in place of imported
goods," and that he planned "not only to give the
unemployed work but to stimulate trade at home
and abroad, adding ultimately to the country's eco-
16
FINANCIAL CHRONICLE
nomic equipment." To these ambitions projects the
King's speech added a consideration of "the question
of reorganization of the coal industry, including
hours and other factors, and of ownership of minerals," and immediate inquiries into "the condition
of the iron and steel and cotton industries in order
to discover the means for co-operating with them to
improve their position in the markets of the world."
Bills amending existing factory legislation, and providing for the clearance of slum areas and for rural
and urban housing, were also promised.
Speaking in the House of Commons on Wednesday in the debate on the King's speech, Winston
Churchill, who on this occasion vied with Lloyd
George as spokesman for the Liberals, remarked
that "the central dominating fact of this Parliament is that so long as the Ministers are cpntent to
administer, and by administering to fortify, the
capitalist system of civilization on which we have
grown great and on which the United States is growing greater, there is no reason why they should not
enjoy, although they are not a substantial majority
of the country, lengthy tenure of office; but the moment they make any attempt to carry into action
any of those fundamental vices or fallacies upon
which the whole structure of their party has been
built up and which have been their inspiration,from
that moment they will be swept from office." Mr.
Churchill's prophecy may or may not come true, but
his criticism and warning are very much to the point.
There is little or nothing in the Labor Party program, as laid before Parliament on Tuesday, that
an orthodox Socialist would regard as socialistic.
It is capitalism modified and adapted to the needs
of a developing British society, and capitalism will
have to find the funds to pay for the very large undertakings that are in contemplation. As long as
Mr. MacDonald keeps within the lines which he
has set for his party, he may count, apparently, upon
sufficient support from the Liberals and Conservatives to insure the passage of the necessary bills.
His greatest danger, aside from the fact that he does
not command a numerical majority in the Commons,
is from the extremists in his own party, anxious to
go much farther than he is ready to go in the direction of socialism, and willing, in some cases, to risk
a party overturn rather than hold their extremist
views in check. It is certainly to be hoped that Mr.
MacDonald may be able to control his party following, and that enough Liberal and Conservative
support may be forthcoming to enable him and his
party to show what they can do. The industrial
situation in England is not one to be remedied by
party bickering, and without a united front in Parliament there is little hope for naval reduction or
any other important contribution to world peace.
The People and Their Banks.
It is intimated that holding companies, engaged
in buying controlling interests in country banks, in
some instances have more applications for purchases
than they can absorb. If this is so the country banks
making these offerings doubtless expect to receive
fancy prices for their stocks. We look upon this
trend, if it really exists, as an unfortunate condition
in our financial affairs. Owners can combine to sell
blocks of stock which carry control by their transfer,
but they cannot sell their customers. The depositor
is independent of such purchase and sale. His de-
[VoL. 129.
posits are his own, and he may continue to do business with the new integer or he may withdraw his
funds at will. There is an ethical question involved
in the selling of a bank that embraces the rights
and interests of the people. Ratification of a merger
or of the sale of controlling blotks of stock to holding companies, by a meeting of stockholders, confirming the acts of directors, assumes a right to
transfer deposits from one bank to another that does
not actually exist. It is only by sufferance that
such transfer can be made. Quiescence on the part
of depositors thus becomes a public question. And
if our free and independent, or "unit," banks are
thus to be wiped out of existence in any large degree
it behooves the people to think on the subject and
express approval or disapproval.
After years of association as banker and customer,
the customer has a right to believe that he will not
suddenly be pitched into another camp. He has
reason to expect that his confidential financial
statements will remain where he placed them. He
knows that on the basis of these statements his
•banking relations have been established and his
accommodations founded. It is not alone that associations of vital importance to his business welfare
are thus suddenly and ruthlessly broken, but his
trust in the ability and friendship of his banker is
torn asunder. Another banker will demand payment on his notes that are transferred as part'of the
selling bank's assets. In our large city banks this
sudden wrenching of long-standing relations is not
quite the same as in our country banks. In the
former the securities involved are, for the most part,
more rigid, and, save for the mercantile class of
borrowers, are less dependent Upon Character. But
whatever the relation there is a sudden transfer of
deposits and loans that has been made without consultation. No bank would or could be sold without
these assets. They constitute the strength of the
bank as much or more than does the capital stock.
Yet, in a sense, the customer is treated as if he
were a chattel of the bank.
The swift descent of the banking changes now
going on can be stopped by the people if they will
assert their rights and privileges. If majority stockholders can make them customers of a new and unconsidered institution independent of their own personal wills they are no longer financially free. They
are not only introduced to bankers they might or
might not voluntarily choose but they are made to
cast in their lots with a community of customers
alien to their own interests. It is perhaps not practical to submit these transfers to the customers before they are made, for stockholders and owners of
banks have rights also that are independent of the
customers, but a fuller publicity and an outspoken
expression of public opinion will go far to set the
matter right. Small communities, at least, if they
want to keep their own banks, if they want to preserve our system of free and independent banks, can
do much to retard this insidious creeping upon us of
chain and branch banking. No merger or sale should
be countenanced that will not advance the interests
of the borrowers and depositors involved. And it
should be perceived that a bank made up of an
intimate vital union of stockholders and customers
is not a puppet out of which a few speculators may
make money. The customers have vested it with a
large part of its value and they can demand consideration because of their part in the institution.
JULY 6 1929.1
FINANCIAL CHRONICLE
17
We may repeat here what we have said at another Reserve Board. Little boats, though they must sail
time—too often consolidations are the result of close to shore, are not in greater danger thereby.
personal ambitions to create large integers of busi- It is the big ship that, dashed on the rocks in a
ness and to reap special profits. The strength of squall, goes down with all on board. And it is an
the creation and the public interest-, involved are unaLsailable truth that the small bank rightly consecondary in the thought. If, as pointed out by ducted is as safe as the big bank. And since its
some, branch banking is being prepared for by the transactions are simple and well understood at the
current mergers of our great city banks; and chain outset, the small bank can be rightly conducted, as
banking, through holding companies, the"result of far as the essentials of good loans are involved, withuniting strings of our country banks; the people at out great technical banking knowledge and skill.
large should know it and be warned before it is too Are not the people, then, vitally affected by these
late. There are, of course, some legitimate argu- banking changes and Lhould they not act to protect
ments in favor of chains and branches. But the their own welfare?
preponderance, to our mind, is against both thece
Any natural growth is more hardy than an artiproposals, and since the people in reality own the ficial one. It is pointed out that in the ten years
banks, great and small, they should take an interest since the war a large number of small banks have
in the public discussion, should view the public closed their doors. But was not the chief cause the
• aspects as well as the private. Every man is a inflation of values and prices during and immedipotential depositor at a bank. And the free issue ately after the war and because of the war? Was
of credit i, of the utmost importance to the conduct not the long record before the war of safety and
of business and to the initiative and enterprise of continuance one in which we took a just pride?
every individual. It is our firm belief that the Was there another influence like the inflation and
fountains of credit should be many and of frequent deflation of a World War? Could there be? And
recurrence. Credit, being called into being by com- is it likely to be repeated? This argument for surmercial transactions, begins with the small commit- rendering our free and independent "unit" banks
ments, and the small banks, converging and bulking is not justified. Why substitute chains of banks,
large as the business endeavors grow, expand and no stronger than the weakest link? Why impose
naturally unite.
the power of parent banks by branches, an artificial
Permission, therefore, for credit to lune should creation turning credit bottom-side up? We have
be kept close to the people. It should not come down not tried out branch banking. We do not know
by grants from above, by permission of parent banks how it will serve our thriving communities. Indelocated far away. This issuance of credit is a pre- pendent small banks and free credits are consonant
rogative and privilege of those who use it and need with our form of government. Branch banking is
it and in the nature of things create it. If ten men not, and is a product of monarchical or semipool their surplus capital in a small bank, using it monarchical and autocratic formi3 of government
also as a depositary of floating funds, and ten other where the great banks are closely associated with a
men in the some community become borrowers at governmental bank. Why give up a natural system
this bank, all the original essentials of the origin of that has served well for a financially imposed one
credit are provided. If this bank in its field becomes that is untried, simply because an unparalleled
a dealer in credits the community is directly served World War in which we engaged so unsettled the
and commerce advanced, and each town or village is foundations of commerce and credit that a number
made more self-sufficient than it can be in any other of small banks fell through no vital banking weakway. The moot potent argument of believers in ness of their own? And the people do or can control
branch banking is that not enough credit can be their own banks.
engendered in this way, that there are always some
majpr enterprises such as mills and factories that
The Imperialism of Ideas.
cannot be supplied from so slender a source. But
The foreign policy of a new Administration immemay they not go elsewhere if their size justifies such diately awakens conjecture. We have in this respect
a connection? And shall we dry up these cmall become world-minded. It is perhaps natural, in the
credit fountains with their immediate and direct case of the "Hoover Administration," that the probservice for all the small merchants, farmers, and able course should attract early attention. Mr.
workers of these smaller communities and compel Hoover was a world figure before he was known,
them to go far from .home for accommodations that largely, in domestic affairs. As War Food Adminislocal banks can supply, bind them to a big parent trator he dominated Europe. As Secretary of Combank that must lack the sympathy of a closer merce he touched trade relations in all the contiservice?
nents. Even his pre-Preldential tour of the South .
And it is not only the small borrower who is American States focused the eyes of publicists at
chained to the branch bank; it i6 the small capitalist home and abroad. In the first three month of his
as well. If he seeks to loan his savings to his con- term he has moved swiftly in the direction of makstituents at home he is met by the competition of ing the Paris Peace Pact practical. He has anbig banks in distant centers of population which, nounced he is for disarmament downward by some
though they probably would not make the kind of definite "yardstick" measurement that Will actually
loans he is in the habit of providing, would still reduce naval powers, put an end to competitive
threaten his ekistence. Here is the decisive point in building, more nearly insure peace and les en the
the whole scheme. Not only would local credit be burdens of taxation on. all the peoples of earth.
dried up but local capital would be ciapped of its And in Secretary of State Stimson he has a man
strength and opportunity. Looked at from the according to his own measure.
broad side, this is,not good public policy. And our
As a consequence, and without much foundation
citizenry would do well to consider this question in reason, there has sprung up considerable discusrather than worry over the actions of a Federal sion over his contemplated foreign policy. Is he
18
FINANCIAL CHRONICLE
[Vol,129.
about to inaugurate a policy of trade domination? policy, conceived in the spirit of assumed leadership
Does he propose to use the new-born (war-born) of the world, however good in intent, will fail of its
power of the United States to put into action certain purpose. More than this, as far as our own people
alleged beliefs as to the international relations are concerned, they will only be antagonized thereby.
that make for peace and progress? Is he an im- Our eagerness for foreign trade is natural and right.
perialist in ideas? Does he seek to prevent war by But trade is its own exploiter, its own deliverer.
cementing closer the friendship and unity of the
Trade meets trade at the crossroads of the world
English speaking peoples? Why,really, did he make in mutual trust and good-will, and advances civilizahis tour of South America—to increase our foreign tion becaute things are thoughts and carry their
trade or to imbue Southern Republics with part own lessons and appeal. Conversely, thoughts are
ownership in the Monroe Doctrine? Why did he things and need no force to render them effective,
remit part of the direct dues from Germany to the need no sanction to impress themselves on others,
United States, and why does he approve the work and our citizens know this. They are not imbued
of the Reparations Commission and publicly thank in their daily labors and life with the ambition to
this country's unofficial representatives for the lead other peoples and States. They have no misprominent part they played and at the same time sion, self-created, to become a light to others save
allow it to be believed that he is not in favor of insofar as their inventions, enterprises, exchanges,
an International Bank? Will not he find his ad- shall in themselves enlighten, uplift, and benefit.
vocacy of a protective tariff an obstacle in his way
We need not caution against overweening personal
in achieving his yet undefined policy of our inter- ambitions. Rather is it important to warn against
national dominance?
an assumed instruction to sustain by huge concepWe fail to see any rational ground for these in- tions of national relations the much lauded greatquiries and conjectures. We cannot see in Mr. ness- of the American people. We no more want
Hoover an imperialist endeavoring to dominate the peace than others. We have, rightly, no trade to
world. We see no maneuvering in this direction. proffer that is not of mutual benefit. If our form of
We see no added cause for the President of the government does not impress itself upon other
United States concerning himself in these matters peoples as a living and enduring example, we have
save as they unavoidably enter into our foreign no duty, implied or actual, to shout its benefits and
relations in the consideration of a furtherance of greatness above the Continental skies. That way
the world's peace. If there is one attitude of our lies an awakened envy that tends to separate rather
people more certain than another it is that we are than unite. We are a favored nation in indigenous
aloof from "entangling alliances," opposed to inter- resources and wealth, in extent and location of
ference in the affairs of other nations, still unwilling territory, in certain peculiar qualities of mind, in
to join the League of Nations and the World Court freedom from ancient friendships and antagonisms.
as now constituted, and willing to let alone and be
But the smallest State in Europe or South Amerlet alone. But consistency is a jewel, though it may ica has its own just pride in achievements, history,
also be the "attribute of fools." The "tariff" must and ambitions; has its own inalienable right to its
continue to be a stumbling block in the way of peace ideals and ideas, the right to mark out its course
efforts for many years to come. It is an integral for future attainment, free from the special impart of our politics. It is, however, a domestic press of any other State, our own included. This
question, though with international bearings.
United States was not born to "set the world right."
As 9eader" of the Republican party Mr. Hoover It was carved out of ideas of liberty, justice, and
may find himself a "house divided against itself." noble endeavor, that it might live in its own light,
This is more a result, as far as the President in perpetuate its own ideals, and meeting older States
himself is concerned, of circumstances than of pre- on a plane of equality of good-will and mutual reconceived policies. But this does not outline a new spect, immortalize itself.
horizon of world dominance. If these does lurk,
We cannot practice selfish trade-aggrandizement
anywhere in Mr. Hoover's conception of his future at home 4nd benevolent idealistic internationalism
course, a personal ambition to be a Colossus bestrid- abroad. Consistency cannot be divorced from doing
ing the world, it will certainly carry him far along unto others as we would have others do unto us. We
the road to defeat. What is important at the mo- cannot build tariff walls on our own shores without
ment is that in the domestic affairs of our citizenry expecting and inviting them to be builded on foreign
there is an overwhelming demand for domestic shores. We cannot broadcast sour wealth, power,
peace. No President can carry the people far in a and pride across oceans without arousing criticism
journey toward national imperialism or in a cam- that will follow the returning echoes of our loud
paign to force the States of the world to adopt our voices into the very hearts of our people. An interideas of commerce or finance.
nationalism of ideas, trumpeted through every disThere is -a lot of foolish talk about our g,reatnesg. tant land, may in the end prove little less evil than
It is true of nations as of individuals that self- the force of wealth, war, and triumph hurled at
confidence is necessary to a proper advance in life. every aspiring people.
But this is neither chauvinism in the one nor egoNations, peoples, cannot be helped against their
tism in-the other. If the United States is to retain wills. Those who have ambitions to achieve can only
the friendship of the world it must proffer its good- feel the sting of proffered superiority. Nor can the
will without self-exploitation. It must recognize mere incident of A "common language" entitle any
that peoples may be confident without being con- two nations to guide the world. Here again there
ceited. The governments, ideals, ideas, traditions, is much foolish and futile exploitation. Let Engof the several eoples are as dear to them as ours are land and America be friends forever. But let not
to us. We cannot thrust ourselves upon the nations this high friendship prevent other independent
of Europe and South America without arousing friendships that are sacred and that equally may
dislike and possibly distrust. And any foreign and ought to be preserved forever. No, the tides
JULY 6 1929.1
FINANCIAL CHRONICLE
flow and ebb. Supply and demand act and react,
conditions create circumstances, and circumstances
alter conditions, and the end is not yet for any State
or people, large or small.
We have our own domestic affairs, exacting, important, consuming. No foreign policy is conceivable as the work of our Government that can supplant the keeping of our own house in order. Our
contracts with other peoples and States grow
naturally through trade and travel. We should not
run about seeking for opportunities to do good, or to
unite the peoples, or to become the colossal benefactor through the spread of ideals and ideas. If
we will accept no mandates, let us proffer no form
of dominion. If we are avid for peace, let us not
join in causes that may lead to war. If we are
, unselfish, let us leave the "latch-string on the outside." If doors open outward, must they not also
open inward? If our political Administrations have
served us well by a policy of isolation, must we seek
something "new" in order to prosper? Home is still
the best place. Good neighbors never intrude on
each other. There can be no selling in trade without
previous buying. If ideas are not strong enough
to make their way unaided are they worth while?
If dominion is seen in proffers of aid unasked, is it
not better to withhold the gifts until we are sure of
their acceptance?
19
scheme for provision of men and materials for
fighting. The general expectation was that the war
would be brief, a few months at most. It was difficult to secure the sacrifices that were inevitable if
the war was to extend over a long period. The
Allies strove to sustain the public morale by preaching a war of attrition to cover the failure to win
the early victory which the slogan "business as
usual" fostered.
Lord Reading's intelligence gave him a different
opinion. He called the popular view a fool's paradise, and did not hesitate to declare that far more
would have to be suffered than people imagined before victory would be assured. His task was to
build a system of finance at the earliest moment on
the ruins of an international catastrophy so visioned.
When England's credit system threatened to break,
involving financial and economic ruin, he was re- •
sponsible for the measures to avert the consequences
to the banks and financial concerns, and also to
secure the guarantee of the Government to the great
acceptance houses to the extent of many hundred
million pounds sterling.
This scheme was so carefully worked out with his
exact knowledge of economic laws and financial
practice that in the end the Government lost nothing
by its action.
His personal gifts of extraordinary persuasiveness and sound judgment counted largely in holding
his colleagues to united action and winning public
The Story of Lord Reading.
confidence. His skill as an arbitrator and peaceThe story.,of the son of a Jewish fruit merchant
maker gave him special value in all the sustaining
in Covent Garden who, without outside connection,
work behind the actual conduct of the war.
following a career at the Bar which the London
Soon it was apparent that the Allies could not
"Times" described as "astounding," became Lord
rely upon their own financial resources. Every day
Chief Justice at the age of 53 in 1913, and then
demands increased in all directions. Money was
rendered, if possible, a still more important service
imperatively needed and the only source of supply
through the war, and eventually in India as Viceroy,
was America. France joined in an appeal, and in
may well be worth attention.*
1915 Lord Reading, who had visited America before,
A restless lad in the school of University College,
was chosen representative. He undertook the task
London, he went to sea for two years. Returning,
lightheartedly and was quickly successful, charming
he tried his father's business, and then the Stock
all here by his bearing. As the war progressed he
Exchange, studying hard to get at first principles
once more to consolidate
in each, and not making a success, started for Amer- was on MG return sent here
the relations he had established, and then to aid in
ica in search of a new field. His mother followed
to aid the Allies.
him to the dock in Liverpool and persuaded him to bringing America into the war
At the time our relations with England were
come home and study law. This he did, achieving
somewhat strained by the restriction of the freedom
quick success. Called to the Bar in 1887, at the age
of neutrals and the interference with our trade with
of 27, by his great ability, his quick intelligence and
Germany.
imperturbable graciousness of manner, he advanced
A loan of 100,000,000 pounds sterling to be spent
rapidly, became Queen's Counsel in 1898, entered
in the United States by England and France was
Parliament in 1904, was made Solicitor General in
serv1910, Attorney General six months later, and Lord obtained on favorable terms in which his able
ices were recognized by all; and on his return he
Chief Justice in 1913.
was created a Viscount. When in 1917 America
In Parliament, where he continued until this last
entered the war, and in response to an intimation
appointment, he was recognized as the most brilliant
that no envoy would be more welcome in Washingadvocate of his generation. He was accepted by the
ton, he was sent here as High Commissioner and
Liberal leaders in Parliament, devoted himself to
Special Envoy. Every effort was made by the Gerreforms of administration, supported the Commons
mans to torpedo the ship that carried him, but he
in their defense against the opposition of the Lords,
landed safely and promptly completed his task to
sustaining the Budget prepared by the Commons,
the satisfaction of all.
and when it was rejected forced the restriction of
When, early the next year, he was sent again to
the power of the House of Lords.
Washington to establish British interests after the
With the outbreak of the war he found the great death of
Sir Cecil Spring Rice, there was need of
opportunity for his services. Financing the war was
secrecy. He brought congratulations for America's
the Government's most urgent problem. He was splendid part;
and before the end of the year could
Chairman of the Committee of Finance. The mora- retuKn
home with negotiations with us completed
torium was the first necessity. The credit system and important
business with Canada transacted
had completely broken down, and he created the as well. On his
return, in recognition of his service,
he was created Earl of Reading.
* "Lord Reading," by 0. J. 0. Street; Frederick A. Stokes Co.
20
FINANCIAL CHRONICLE
[VoL. 129.
When he had left home for this visit the food He was bitterly opposed, but he was firm, and his
situation in Britain, France and Italy was so ineuf- viewi3 prevailed. The peace reached at Lausanne
ficient as to cause serious anxiety. Though the was the result. From then on he has stood as the
American wheat crop was short, he found that Mr. leading representative of the British dependencies;
Hoover had succeeded in obtaining large shipments, and in March 1926 he could lay down the reins of
as the public had responded to his appeal when by all office with the consciousness that he had filled his
calculation there was no available surplus. Lord great trust both for Britain and for India.
Reading supported the appeal, and though excessive
It is the story of one, by no means the least, in
cold weather increased the difficulty of transporta- the long line of great men England has raised from
tion, by the co-operation of the railwayo this was the ranks] to be her leaders in what is to-day the oldovercome; and when he appealed to the President est and most widely influential unbroken record
for American troops to be dispatched as fast as among the nations of Europe, and indeed of the
possible to be trained and used by the French and world.
British, he received wholehearted assent. He could
say on his return that he regarded it as the turning Reparations Side Lights—Non-Participation of
United States in Bank for International
point of the war.
Settlements.
This was all in face of the fact that by the end
[Editorial from New York "Journal of Commerce" Jun. 29.1
of 1917 the attrition policy had utterly failed, and
Impression seems to exist in a good many quarters that
the feeling was spreading here that to send over the refusal of President Hoover and Secretary Stimson to
American troops nececsarily in small numbers was permit Federal Reserve officials to share in the operation
to fritter them away. Lord Reading's tact and per- of the new Bank for International Settlements is an "insonal influence had 'teen needed to counteract this. dication of irritation." This irritation is believed to have
been aroused in
In his high position a Chief Justice he could appeal that the proposedadministrative minds because of the fact
reparations agreement definitely connects
to the unity of the wo lands in their origin and reparations with the collection of the United States indebtedacceptance of the Conmon Law as the basis of lib- ness. Because the relationship between the two things is
erty and humanity; and on his return he could say made plain in this document, it is alleged, the Administrathat "when peace should come it would be estab- tion at Washington is determined not to allow Reserve banks
to carry on the work of the proposed Bank for International
lished through the ennobling and purifying sacriSettlements.
fices made by both countries."
The subject is as yet in the beginnings of its discussion
In April 1918 the Government of India, which and has received thus far only a very limited amount of
had supplied the Allied with enormous quantities of attention from those who give any sign of having actually
foodstuffs, besides meeting the entire cost of the read the fundamental documents relating to this agreement.
For that reason it is worth while to try to scotch an
Indian troops, faced a serious situation. India's misinterpretation in its very beginning, since such obvious
misconpaper money had run far beyond her' necessary ceptions, when allowed to run on, develops as the basis of
reserves. Unless silver could be had in large quan- myths, which become all but impossible to eradicate from
tity a financial crisis was inevitable. Happily, Lord the public mind. Certainly there is no reason for throwing
Reading wai-3 in America. He secured from the more obscurity and misunderstanding about reparations
than already exists, and equally surely there is no ground
Treasury Department here the loan of $200,000,000 for believing that the banking plans of a small group of
in silver, and its prompt shipment to India relieved special interests are being made the victim of a general
the situation.
feeling of dissatisfaction which could without any trouble
As the end of the war drew near the Ambassador whatever be expressed in some other way.
The fact is that President Hoover's refusal to permit the
was needed at home, and he returned in August to
Reserve Banks to become co-operators in the Bank for Inparticipate in the negotiations connected with the ternational Settlements (for we must assume that Mr.
Armistice. In the American Club in London he Stimson's statements are made with the President's apcould say: "Coming as I do from contact with that proval) has a most excellent ground, which has nothing
great, generous, warmhearted American people, I whatever to do with reparations. In fact, there seems to be
believe that the war has destroyed almost every very little reason for doubting that even if President Hoover
and his Administration had been able to dictate the reparaprejudice that was left. We shall emerge from the tions agreement in toto, as regards all other respects, but
war more closely drawn together than ever in our not with respect to the International Bank, they would
hictory. We shall count our dead, and shall deter- have been disposed to take this same position that they now
mine that our own and each other's sacrifices shall do, with regard to the banking proposals in question.
course, such a statement as
not have been made in vain. Liberty and justice of Ofdefinite reason for objecting this calls for the assertion
to the International Bank
a
shall prevail for all, and all shall know that America and the participation therein which the authorities at
and Britain and those associated with them are Washington have refused. That objection is found in •the
absolutely determined that so long as they can effect fact that thus far the international financial relationships and
arrangements which have been carried on by Federal Reserve
it peace shall prevail in the world."
Banks through the Federal Reserve Bank of New York, and
It remains to recount, if space permitted, his chiefly through a former Governor of that bank,
have been
constructive work in India, to which he was sent as unmistakably detrimental to the system and to the country.
Viceroy in 1921. It is described as an "amazing In the opinion of intelligent Englishmen, they have been
career." He arrived in the midst of the profound exceedingly detrimental to Great Britain as well, and
disturbance of the vast Moslem population over perhaps to other countries. It is generally admitted that
misguided tinkering with the discount rate here, in the
England's controversy with Turkey which culmi- alleged interest of the Bank of England, greatly aggravated
nated with the capture of Smyrna and the rout of the excessive inflation of the past three years. Moreover, the
the Greeks by the Turks, and the prolonged contest way in which the negotiations were carried on, the secrecy
by which they were surrounded and the general tenor of the
which followed.
whole system of management, have been bad, as indeed was
Parliament was being driven to a policy of exter- fully set forth by a member of the Reserve Board itself, who
mination of the Turks "bag and baggage"; and in appeared before the House of Representatives Banking and
March 1922 the Viceroy felt compelled to take the Currency Committee not long ago.
The new International Bank may be a "reparations Bank,
side of India and press upon the Government in or it may be a good deal more than that. There is a general
London the absolute necessity of a different policy. belief that the Bank is intended to undertake a great many
JULY
6 1929.]
21
FINANCIAL CHRONICLE
pieces of business that have nothing to do with reparations,
but that have to do with the manipulation of the exchanges.
Indeed, a careful reading of the proposed charter of the
institution shows that such a situation is distinctly contemplated. The Bank has full powers to do many things
that the Reserve Banks have no power to do. Why should
Reserve Banks be given the power to do indirectly what
we are unwilling to have them do directly. Their funds are
the funds of the member banks—their required deposits.
They ought not to be involved in extra legal operations
especially as the Federal Reserve Act itself states exactly
how Federal Reserve Banks are to operate abroad—a provision thus far wholly ignored.
President Hoover is at the present time represented on the
Federal Reserve Board by the Secretary of the Treasury and
the Comptroller of the Currency. His predecessors have
rightly or wrongly not hesitated to use the power in the
Federal Reserve system which was thus technically theirs.
Mr. Hoover has the power to prevent members of Federal
Reserve Banks from doing what he now forbids. He has
done well in exerting his authority thus far. He will do
better still if he refers the whole matter to Congress, and
asks that body to make a clear-cut definition of the powers
which it wishes Reserve Banks to exercise in foreign financial relationships, which involve the business affairs of this
country and its people.
Wabash Railway Asks Fifth Eastern Trunk Line—Seeks Authority to Combine
Nine Roads with New York -Chicago Termini —Opposed to Four-Party
Consolidation Plan.
An application for a fifth independent trunk line in the
East with the Wabash Ry. as a nucleus was filed July 1 with
the Inter-State Commerce Commission. This fifth system
which would embrace 7,044 miles of railroads with a capital
investment of $950,642,863,seeks control of nine roads,either
under lease or by stock ownership or in any other manner not
involving the consolidation of roads sought into a single
system for ownership and operation, one-sixth interest in
four others an one-seventh interest in and joint use of
another. The proposed system had a net railway operating
income in 1928 of $44,875,656, which was equal to a rate of
return of 4.72% on the cost of the railroad property devoted
to public service.
The Wabask aot only proposes to upset the coveted fourparty plan of consolidation in the East by the formation of
a fifth trunk line, but even goes to the extent of proposing
, that six trunk lines are desirable. This action comes as an
answer to the Baltimore & Ohio RR.,which, on February 19,
filed a petition to form a new system embracing 14,141 miles
of road with an investment in road and equipment of
$2,192,036,343, with a rate of return on investment of 4.48%,
and the petition filed on the following day by the Chesapeake
it Ohio to form a fourth trunk line with a capital investment
of $2,500,000,000 and 13,148 miles of road, ranking with the
Pennsylvania and the New York Central.
The application says the system will be strong enough to
stand alone in 'competition, at its inception, and also will be
adapted to meet increasing transportation problems. It
emphasizes that the plan to absorb part of the Wabash into
the proposed Baltimore & Ohio System would cut off all
Wabash lines west of the Mississippi and would make Wabash
lines merely gatherers for the Baltimore & Ohio. This dismemberment, the applicant says, would be at variance with
the intent of Congress, expressed in the Transportation Act.
The application says that the small interchange between the
Wabash and the Baltimore & Ohio is evidence of strong competition between these systems, and of the great change in
the flow of traffic which would follow if the Wabash were
absorbed by the Baltimore & Ohio.
The petition indicates that a small amount of trackage or
new construction connecting the Western Maryland and the
Lehigh Valley will provide an additional trunk line between
Pittsburgh and New York and at the same time obtain for
this territory a competitive rail route to New England.
It is practicable, the petition says, to create a sixth system
within the eastern group consisting of the Delaware, Lackawanna & Western, the Chicago & St. Louis, and other carriers, including the Detroit, Toledo & Ironton and the'Virginian.
Neither the Four-System Plan nor the Baltimore & Ohio
and the Chesapeake & Ohio applications now pending offers
any suggestion as to roads in New England, although the
New England territory is embraced in the eastern group, the
petitioner says. The application declares that the New England roads are earning favorable returns, and cites that in
1928 the New Haven earned 6.849% on its property investment and the Boston & Maine earned 5.192%. The only
United States carriers in New England earning less than 4%
were the Rutland, jointly owned by the New York Central
and the New Haven, and the New York Connecting, jointly
owned by the New Haven and the Pennsylvania. The FourSystem Plan provides that the Central, Pennsylvania, Baltimore & Ohio and Nickel Plate should each own a fourth
interest in the Delaware & Hudson, the petition says and
while it believes that joint ownership other than bridge lines
and terminal railroads should be avoided wherever possible,
it holds that the inclusion of the Delaware & Hudson with
New England roads would assure to all six systems suggested
west of the Hudson River a direct connection with one or
both proposed New England systems.
The application sets forth the importance of the Wabash
as a carrier of freight originating in and destined to the Southwest. In 1928 it interchanged 2,393,611 tons with the Missouri Pacific, the St. Louis-San Francisco, the Missouri
Kansas-Texas and the St. Louis Southwestern. In 1928, the
petitioner says, it interchanged 4,159,043 tons with the
Union Pacific, Chicago & Northwestern, Burlington, Rock
Island, Milwaukee and Santa Fe. It shows further that it
interchanged 2,045,008 tons with the Lehigh Valley and the
Delaware, Lackawanna & Western, and now handles nearly
one-fifth of eastbound freight traffic from St. Louis, more
than that handled by any other carrier except the Pennsylvania.
In 1928, it continues, the road handled 342,869 ears of
carload traffic originating in and consigned to Illinois; 191,877
to Michigan and 210,739 to Missouri. In 1928 its interchange with the New York Central was 3,096,202 tons and
with the Pennsylvania 1,509,537 tons. The figures,the application says, should be compared with the interchange with
the Baltimore & Ohio, which totaled only 741,223 tons.
"The tonnage interchanged with the Chicago it Illinois
Midland, a small railroad in Illinois," the statement reads,
"is almost as great as that interchanged with the whole
Baltimore & Ohio system."
The text of the application as filed with the Commission
follows: .
To the Interstate Commerce Commission:
Wabash Railway Company herewith files its application under Paragraph
2 of Section 5 of the amended Interstate Commerce Act and respectfully
shows to the Commission as follows:
Corporate Name
(a) The exact corporate name of the applicant (hereinafter called the
Wabash Company or the Wabash) is Wabash Railway Company.
(b) The Wabash Company is a carrier by railroad, engaged in the transportation of passengers and property subject to the Interstate Commerce
Act.
Lines Proposed to Be Acquired
(c) This application has for its object the granting of an order by the Commission approving and authorizing the acquisition by the Wabash Company
of control either under a lease or by the purchase of stock or in any other
manner not involving the consolidation of such carriers into a single system
for ownership and operation, of the following named carriers, all of which
are carriers by railroad. engaged In the transportation of passengers and
property subject to the Interstate Commerce Act:
6) Akron Canton & YoungstownRy.
Lehitli Valley RR.
e i
7) Elgin Joliet & Eastern Ry.*
& Lake Erie By.
3) Pittsburgh & West Virginia By. 8) Toledo Peoria & Western RR.
9) Chicago & Illinois Midland By.
4) Western Maryland By.
5) Lehigh & New England RR.
I
i
•Subject to joint use as hereinafter indicated.
Lines to Be Controlled by Applicant Jointly with Other Carriers.
Wabash Company desires a one-sixth interest in and the joint use of the
following companies:
!Union RR.(Pittsburgh, Pa.)
Montour RR.
!Newburgh & South Shore By.
Monongahela Connecting RR.
A like interest in each of the above listed companies to be apportioned
to each of the following companies:
Pennsylvania RR.
New York Central RR.
Delaware Lack. & Western RR.
Baltimore & Ohio RR.
Chesapeake & Ohio Ry.
Wabash Company desires a one-seventh interest in and the joint use of
The Toledo Terminal RR. Company, a like interest to be apportioned to
each of the following companies:
Pennsylvania RR.
New York Central RR.
Del. Lack. & Western RR.
Baltimore & Ohio RR.
Western By.
Grand Trunk W
Chesapeake & Ohio By.
In addition to the companies specifically covered by this application,
Wabash Company wishes to share in any other terminals in which it now
has no interest but which can be reached now or in the future over its own
22
FINANCIAL CHRONICLE
[VOL. 129.
rails or over the rails of companies in which it has an interest, and whick carrier except
the Pennsylvania. The figures as reported by the Traffic
the Commission may decide should be jointly used and operated in the Bureau
of the St. Louis Chamber of Commerce for the year 1928 are as
future.
follows:
Trackage Rights Desired by Applicant.
Freight Tonnagefrom St. Louis
-1928.
Wabash Company desired trackage rights as follows:
Percentage
Tans
Over the line of The Pennsylvania RR., between Logansport, Indiana, Baltimore &
Ohio RR
887,170
8.6
and Effner, Ind.
Cleveland, Cincinnati, Chicago & St. Louis Ry.__ 1,840,375
17.8
Over the line of Grand Trunk Western Ry. between Ashley, Mich., and Louisville &
Nashville RR,
1.192,458
11.5
Muskegon, Mich.
Pennsylvania RR
2,097,021
20.3
Over the line of Reading Company, between Shippensburg, Pa., and New York,
Chicago & St. Louis RR
1,486,511
14.4
Harrisburg, Pa.
Southern Ry.
893.204
8.6
Over the line of Reading Company between Rockville, Pa., and a point Wabash
Ry.
1,948,452
18.8
at or near Blackwood, Pa.
Over the line of The Pennsylvania RR. between Harrisburg. Pa., and
Total
10,345,191
100.0
Rockville, Pa.
This is evidence that the shippers in the St. Louis district find great adOver the line of Reading Company, between South Bethlehem, Pa.,
vantage in the use of the Wabash and its eastern connections.
and Philadelphia, Pa.
The Wabash Company has become a major participant in the tremendous
Over the line of The Pennsylvania RR., between Delphos, 0., and Fort
volume of traffic originating in the Detroit district. The Wabash in connecWayne, Ind,
It Is asked that the aforesaid trackage rights be assured to applicant by tion with either the Delaware, Lackawanna & Western or the Lehigh Valley
conditions to be attached to the Commission's conclusions and orders in is shorter than the line of any railroad now operating from Detroit to New
proceedings now pending and sought to be consolidated herewith, or, if York, the comparison being as follows:
Miles
necessary, applicant will, upon granting by the Commission of this appli637.3
cation, undertake to make and enter into contracts with owning carriers Wabash-D. L. & W., via Buffalo
688.9
for such trackage rights, and will submit such contracts to the Commission Wabash-Lehigh Valley, via Buffalo
Michigan Central-New York Central
690.1
for approval in conformity with the provisions of the Interstate ComPennsylvania
743.7
merce Act. Upon approval of this application, further or supplementary
784.6
application will be made covering such new construction as may be required New York Central
The Niagara frontier Is the most important gateway to New York State
for connecting links or to provide a maximum of transportation service.
Control ofsaid carriers Is proposed to be acquired by purchase of capital and New England. In 1928 the Wabash handled 122.602 cars of carload
stock and is intended to include direct or indirect control of all subsidiary traffic originating in and destined to New York State and New England.
Not only does the Wabash thus serve the West, the Southwest and the
companies and all leased or operated mileage now in the systems of said
respective carriers, but the Wabash Company also asks authority to acquire Atlantic Seaboard, but it handles a very large amount of traffic to and from
control of any of said carriers by lease or in other manner authorized by the large industrial communities on its line and reached by its connections.
The principal cities served directly by the Wabash are Chicago, St. Louis,
Section 5 of the Interstate Commerce Act.
Detroit, Buffalo, Toledo, Fort Wayne, Kansas City, Omaha and Des
Purpose of the Application
Moines. The Chicago, St. Louis, Kansas City, and Detroit districts are
The fundamental purpose of this application is the formation under the leading
industrial districts in the Middle West. The Wabash has direct
Commission authority of an independent Trunk Line based upon the lines lines connecting
those great cities. In 1928 it handled 342,869 cars of carof Wabash Railway Company with western termini at Chicago, St. Louts. load traffic
originating in and consigned to the State of Illinois; 191.877
Kansas City, Omaha and Des Moines and eastern termini at the Atlantic
cars of Michigan traffic; 210,739 cars of Missouri traffic.
Seaboard ports of New York,Philadelphia and Baltimore and also gateways
Furthermore, the present Wabash System has a heavy interchange of
to New England, and serving in the intervening territory such cities as freight with the more
important railroads within the eastern territory. In
Detroit. Pittsburgh, Buffalo, Toledo, Cleveland, Akron, Fort Wayne and
1928 its interchange with the New York Central Lines was 3,096.202 tons.
Decatur—a system strong enough at its inception to stand alone in compeand its interchange with the Pennsylvania was 1,509,537 tons. These figtition with the systems already established in eastern territory, but pecuures should be compared with the relatively small volume of freight inter=
liarly adapted to intensive development to meet the increasing transportachanged with the Baltimore & Ohio, welch totaled only 741,223 tons. The
tion requirements of a great and growing territory._ This additional system
tonnage interchanged with the Chicago & Illinois Midland, a small railroad
Is proposed by the Wabash Company in the belief that no Four-System
In Illinois, is almost as great as that interchanged with the whole Baltimore
grouping in eastern territory, such as is proposed by certain of
its com- & Ohio System.
petitors, is humanly possible without such merging of strictly competitive
The channels of trade of the Wabash System are mainly as follows:
lines, such suppression of established identities in transportation service,
1.—Between the prominent industrial centers served by the Wabash System,
such distortion of existing channels and such disruption of trade adjustnotably Chicago, St. Louis, Kansas City. Omaha, Des Moines. Toledo, Detroit
ments as to defeat fundamental safeguards of the Transportation Act.
and Buffalo, and the Atlantic Seaboard. The Niagara frontier is the eastern
The management of Wabash Railway Company conceives it to be its
gateway through which this traffic flows, and the principal connecting lines
duty to the Interstate Commerce Commission and to the public which the
east thereof are the Lehigh Valley and the Delaware, Lackawanna & WestWabash Company serves, as well as to its own stockholders, to present such
ern. This channel of trade must be preserved and it is proposed to preserve
a plan to the Commission developing certain definite convictions harmonizit by making the Lehigh Valley a part of the Wabash System. This will
ing, as it feels assured, with the policy of the Transportation Act and with
give the shipping public the service of a single line haul via Buffalo to New
true public Interests, as well as with the just consideration of the rights of
York, Philadelphia and New England, and will bring to the Wabash Sysits own security holders. It takes this course without any embarrassment
tem the splendid terminals and terminal facilities of the Lehigh Valley at
from the personnel of its stock list or from any collateral purpose (consistent
both New York and Buffalo. But as the Lehigh Valley reaches Philadelphia
or otherwise with the true interest of the company) which may rightly or
over Reading rails under a long standing but informal (and perhaps revocwrongly be assumed to have actuated accumulations of its stock.
able) arrangement, the Wabash Company asks for the Wabash System
Briefly, the reasons which the Wabash Company has to show that the permanent
trackage between South Bethlehem and Philadelphia.
acquisitions, of which approval is asked under this application, will be in
2.—Between Missouri River territory and Eastern territory. It is of fundathe public interest, are as follows:
mental importance that the Missouri River cities be linked with and brought
Preserving Competition and Maintaining Existing Routes and Existing
closer to the industrial sections of the East.
The Wabash already operates through freight and passenger service
Channels of Trade and Commerce
Under the provisions of the Interstate Commerce Act,railroad consolida- between Kansas City and Buffalo via Detroit. There is a tremendous flow
of traffic over the Wabash between the Missouri River and points east of
tion is to be brought about, not by an arbitrary partitioning of the
various
lines in accordance with the desires of their owners, but In accordance with Chicago and east of the Mississippi River. This channel of trade also must
the principles expressly declared by Congress. The only express condition be preserved and it is proposed to preserve it by retaining as part of the
Wabash System the lines now forming an integral part of the Wabash
prerequisite to the granting of an application under Paragraph 2 of Section
5
is a finding by the Interstate Commerce Commission that the proposed property lying west of the Mississippi River.
To dismember the Wabash System by cutting off its line west of the
acquisition "will be in the public interest." But in dealing generally with
applications under this paragraph, and particularly with applications which Mississippi River, as is proposed in the so-called "Four-System" plan, is
directly at variance with that part of the Interstate Commerce Act which
constitute preliminary steps (perhaps irrevocable steps) toward the final
Plan of consolidation, the public interest can be determined only in the requires that existing routes and channels of trade and commerce shall be
light of the policy of Congress underlying the basic scheme of railway con- maintained and that competition shall be preserved as fully as possible.
3.—Between the State of Michigan and points on the Wabash System. The
solidation.
Nor can there be any doubt as to the intention of Congress. Paragraphs Wabash has a major interest in the State of Michigan, and the preservation
4, 5 and 6 of Section 5 prescribe certain conditions which are clear and defi- of existing channels of commerce require that special consideration be given
nite. Prominently in the foreground are the conditions that competition to the Michigan traffic. In 1928 the Wabash handled 191,877 cars of Michishall be preserved as fully as possible and that whenever practicable existing gan traffic, a substantial portion thereof being automobiles and automobile
routes and channels of trade and commerce shall be maintained. It is also parts. The Wabash now owns over 97% ofthe stock of The Ann Arbor RR.,
definitely provided, subject to the foregoing requirements, that the several which runs through the center of the lower peninsula of Michigan. Thorugh
systems shall be so arranged that the cost of transportation as between com- its control of that carrier the Wabash also has direct access by trans-lake
petitive systems and as related to the value of the properties shall be the service to the rich agricultural and industrial region in Wisconsin and
same,so far as practicable, so that these systems can employ uniform rates Minnesota.
4.—Between the Pittsburgh district and the Middle West. It is obviously in
in the movement of competitive traffic and earn, under efficient management, substantially the same rate of return upon the value of their respec- the public interest that the great industrial districts in and about Pittsburgh,
Pa., shall have available as many rail routes as practicable, giving them
tive railway properties.
access to the great markets of the Middle West. There is no sound reason
The Flow ofWabash Traffic.
why such systems as the Erie, the Nickel Plate and the Wabash should not
The Wabash extends from the Missouri River cities to the Niagara fron- have direct access to the worlds greatest iron and steel
center. The Wabash
tier, where it connects with the Lehigh Valley Railroad. It handles a large Company proposes to extend its system eastwardly
from Toledo through
volume oftraffic originating in the western territory and destined to consum- acquisition of The Wheeling & Lake Erie Ry.,
with which the Wabash and
ing centers in the East. It is an important carrier of fruits, vegetables and the Ann Arbor interchanged
750.660 tons in 1928, and which formerly was
other commodities originating in the Pacific Coast States, Colorado, Idaho, operated as part of the Wabash System. The
acquisition of this vital,
and in the Southwest and destined to the East. It originates a large volume strategic line by the Wabash Company,
together with the lino of The Pittsof traffic in the State of Michigan and in the State of Illinois, much of it burgh & West Virginia Ry., will not only
provide the Wabash with direct
destined to the territory east of Buffalo.
access to the Pittsburgh district, but will maintain existing channels of
The importance of the Wabash together with its subsidiaries as a carrier trade and commerce and preserve an
important existing competition. The
offreight originating in and destined to the Southwest is indicated by the lines of The Wheeling & Lake Erie Ry.
are so situated geographically that it
fact that in the year 1928 it interchanged 2,393,611 tons with the Missouri is impossible to allocate this company
to any system other than that proPacific, the Frisco, the M-K-T, and the St. Louis Southwestern. Its posed by the Wabash Company without
very material reduction of existing
Importance as a carrier of western traffic is shown by the fact that in 1928 competition As was pointed out in the
report of the Interstate Commerce
It interchanged 4,159,043 tons with the Union Pacific, Chicago & North- Commission in The Wheeling and Lake Erie
Interlocking Directorate case,
western, Burlington, Rock Island, Milwaukee and Santa Fe. Its Impor- every community with more than
2,500 population situated on the line of
tance as a carrier to and from the Atlantic Seaboard is indicated by the fact The Wheeling & Lake Erie By.,excepting four
small places, is served by one
that it interchanged 2,045.008 tons with the Lehigh Valley and the Dela- or more of the three Trunk Lines included in
the Four-System Plan.
ware, Lackawanna & Western.
Through the inclusion of the Akron, Canton & Youngstown in the proThe Wabash Company now handles nearly one-fifth of the eastbound posed Wabash System, coupled with trackage
rights over the Pennsylvania
freight traffic from St. Louis. which is more than that handled by any other RR. between Delphos and Fort Wayne, the routing
of through traffic over
JULY 6 1929.1
FINANCIAL CHRONICLE
23
say,competition rather than monopoly should be one of the principal objects
sought by consolidation.
It is recognized, of course, that no comprehensive plan of consolidation
could be devised without lessening in some Instances and in some degree,
the competition between railroads. Congress has provided in Section 8
-Trust Laws,in so far
for the automatic suspension of Federal and State Anti
as necessary to enable carriers to act under the orders of the Commission
it is manifest that Congress, although recogauthorizing consolidation, but
nizing the impossibility of effecting a comprehensive plan of consolidation
without some change in the competitive situation, nevertheless safeguarded
the interests of the public by providing for the preservation of competition
and the maintenance of existing channels of trade and commerce. The only
-Trust Laws were to
reasonable interpretation of Section 8 is that the Anti
be suspended only in those instances where no other solution of the consolidation problem was practicable. The fundamental principle underlying the
-Trust Laws remains unchanged, namely,that there shall be a continuAnti
ance of healthy competition, and it is clearly the intention of Congress that
this competition shall be as virile and as extensive as is compatible with an
adequate consolidation plan.
Professor Ripley, after an exhaustive and impartial study, reached the
cotclusion that "sound national policy" required the establishment in
trunk line territory of not less than five competitive systems—exclusing
New England, the Michigan Peninsula and the Chesapeake region. This
conclusion was amply fortified by expert opinion, It suffices to quote a
single but comprehensive passage from the testimony of Mr.Daniel Willard,
President of the Baltimore & Ohio RR. Questioned by Professor Ripley,
Mr. Willard testified as follows—
"Prof. Ripley: With reference to the Trunk Line territory, Mr.Oldham
has presented a very carefully considered plan in which all of the mileage
is allocated into four systems instead of into five, as in the Cornmission's
proposal,three of those being built about the New York Central,Pennsylvania and Baltimore & Ohio respectively, and the fourth made up of all
of the remaining properties. Is it your view in general that the conditions
indicate that it would be a wise course to provide for five distinct systems in trunk line territory rather than four?
but
"Mr.Willard: Well,thereagain I have no well considered opinion,
I am disposed to favor five as against four.
you as the principal objection to malding
"Prof. Ripley: Whatoccurs to
four instead of five?
ef
"Mr.Willard: Well,I think that in order to maintain the maximum
competition—that feature of itself would be one reason. I see no reason
New York Central, the Pennsylfor ignoring existing facts. I think the
vania, the Baltimore & Ohio and the Erie—there are four to start with.
two
The Wabash System Constitutes the Short Line between
We have the Lehigh Valley and the Lackawanna, two splendid lines;
Strategic Points
strong competing lines running out of here, and if each of them can be
Erie as is proposed, and the
worked or one of them can be put with the
There is probably no carrier in eastern territory whose lines run more
or some
other connected with some line in the West like the Nickel Plate
directly between thestrategic industrial centers than do those ofthe Wabash.
other road, and make another through line, it seems to me that tendency
It is the shortest route between Buffalo and Chicago. It is shorter than any
make a
would be to promote and maintain competition. It would not
other route between Detroit and Chicago. It is the ahortest route from St.
system unduly large, but it ought to snake a good system.
Louis to Detroit, being 27 miles shorter than its nearest competitor. It is
novel relationships as to inter"Prof.Ripley: Wouldn't it seem to force
the shortest route from St. Louis to Toledo. If it acquired the Western
systems?
change, to attempt to put so many properties together into four
Maryland and intermediate mileage, it would be the shortest route between
"Mr.Willard: As I say,Professor,I have not considered the matter carePittsburgh and Baltimore.
fully, but my whole impression would be in favor of the plan in the tentaThe distancesfrom Chicago to New York via various routes are as follows:
tive report—five rather than four."
Miles
with repThat President Willard, as the result of protracted negotiations
Wabash—D. L. & W., via Buffalo
909.4
of certain competing systems in Trunk Line territory, each
961.0 resentatives
Wabash—Lehigh‘Valley, via Buffalo
utilize the consolidation provisions of the Transportation Act
895.9 seeking to
Pennsylvania
enlargement of its own already powerful system, afterwards receded
N. Y. C.& St. L.—D. L. & W., via Buffalo
919.0 for the
ignored the logic of his previous impartial testimony, does not
N. Y.0.& St. L.—Lehigh Valley, via Buffalo
970.6 from and
the futility
detractfrom the force of the testimony, but clearly demonstrates
Michigan Central—N. Y. C., via Buffalo
973.6
to settle the great consolidation problem by mutual concesNew York Central
960.6 of an attempt
compromise in conferences where selfish interest, if not the only
Erie
998.5 sion and
nature of things the factor of dominating importance.
Baltimore & Ohio
993.9 factor, is in the
conclusion ,
There is no sound reason for departing from Prof. Ripley's
In addition to being the shortest available route between many strategic
eight years
that not less than five systems should be created. During the
centers, the Wabash is, as previously stated, the only one-ownership route
been
which have elapsed since the Tentative Plan was formulated, there has
between Buffalo and Kansas City.
of
little criticism of this conclusion not readily traceable to the ambition
Distance is of prime importance in connection with railway consolidation, but
to strengthen their
or more of the four remaining systems whose object is
because one of the main purposes of the Transportation Act is to provide the one
by the acquisition of strategic mileage
own power and their own property
public with expeditious service.
Indispensable to the establishment and maintenance of one or more additional systems.
Through Train Service between East and West
Every effort toward voluntary consolidation and particularly the ambitious
The Wabash is the only carrier whose rails extend from Kansas City.
efforts of the Baltimore & Ohio RR., the Chesapeake & Ohio By., and the
Omaha and Des Moines into the heart of eastern territory.
New York,Chicago & St. Louis RR.to establish new systems,seem directed
There is need of direct passenger service between the Atlantic Seaboard to the acquisition of new mileage and the increase of individual prestige
the Mississippi River, avoiding unnecessary inconand the territory west of
regardless of the effect which such acquisition will have upon transportation
venience to the travelling public in being required to change trains at junc- as a whole. To secure these results the powers of the Commission under
tion points.
Paragraphs 2and 3 of Section 5ofthe Interstate Commerce Act are urgently
The acquisition by the Wabash of the Lehigh Valley would provide a invoked.
direct route from the western territory to New York, over which route
The Wabash System, extending from the Missouri River to Buffalo,
through freight and passenger service would be operated without transfer at reaching the principal cities of the Middle West,affording unequalled qualany junction. The public is entitled to this service and will receive it if the ity ofservice to its patrons, and with well established channels of trade and
Wabash is placed in a position to render it.
commerce in which its lines constitute the important link connecting the
At Buffalo, its eastern terminus, the Wabash has direct connections Atlantic Seaboard with the West, should not be removed from the comwith the
petitive field through the absorption of all or any part of its lines by any
Erie
Delaware Lackawanna & Western
other major system. It should be regarded as axiomatic that no railroad
Pennsylvania, and
Lehigh Valley
system so strategically located as to constitute in itself a strong competitive
Buffalo Rochester & Pittsburgh.
New York Central
factor between the Missouri River and the Mississippi River, between St.
At Kansas City the Wabash has direct connections with the
Louis and Detroit, between the Mississippi River and Buffalo and between
Chicago Great Western
Atchison Topeka & Santa Fe
Chicago Rock Island & Pacific
Michigan and the great industrial centers ofthe Middle West,should be disUnion Pacific
Chicago Burlington & Quincy
Missouri Pacific
membered or absorbed in such a manner as to destroy its potency as a comChicago Milwaukee St. Paul &
Kansas City Southern
petitor of the larger systems. The proposal to absorb a part of the present
Chicago & Alten.
-Texas
-Kansas
Missouri
Wabash System in the proposed Baltimore & Ohio System would cut off all
St. Louis-San Francisco
the lines of the Wabash west of the Mississippi River; would make the lines
At Omaha the Wabash has direct connections with the
gathering lines for the Baltimore & Ohio, diverting
Chicago Milwaukee St. Paul & Pao, of the Wabash merely
Illinois Central
this traffic from its accustomed channels through which it is now flowing
Chicago Rock Island & Pacific
Chicago Burlington & Quincy
.
Union Pacific. and
Chicago & North Western
and expeditiously because of the superior quality of the Wabash
freely
Missouri Pacific.
Chicago Great Western
service This proposed dismemberment of the Wabash and the proposed
diversion of traffic rued interruption of accustomed channels of trade and
Six Trunk Line Systems Are Desirable.
comreerce would be flagrantly at variance with the intent of Congress, as
The territory commonly known as Official Classification Territory, clearly expressed in the Transportation Act. The relatively small interembracing the Eastern Rate Group. is by far the most important part of change between the Wabash and the Baltimore & Ohio is evidence of the
the United States from the standpoint of population, industry and railroad strong competition between these two systems at common points, and of
tonnage. This territory contains 51.45% of the population of the United the substantial change in the natural flow of traffic which would Inevitably
States. It produces 71.65% of the manufactured products of the United follow if the Wabash were absorbed by the Baltimore & Ohio.
States. Through its principal ports are exported and imported 51.9% of
The financialstrength of the railroads in the Eastern Group facilitates the
the total foreign commerce of the United States.* In the eastern district is consolidation program because it provides the Commission with a wide
58.24% of the revenue freight of the entire United States.
handled
choice of alternatives without the least adverse effect on competition and
In dealing with the consolidation problem generally, and particularly in a with the least disturbance of the natural flow of traffic. A study of all the
region of such great traffic density, the ultimate object must be the creation Class I railroads in the Eastern Group shows that of the 49 railroads in that
of systems which, regardless of size or mileage, will be capable of rendering
*Exhibits ''5," "6" and "7" attached to the application show the tremendous
efficient service.
growth of the Eastern district over a period of years in the population, in value of
Clearly, the purpose of the Transportation Act was to stimulate efficient manufactured products and in the value of foreign commerce handled through Its
service by providing for each system the maximum competition. That is to principal ports.
the Wabash will be materially shortened and the service correspondingly
Improved, while access also will be given to the important city of Akron.
Likewise, through the inclusion of the Toledo, Peoria & Western, together
with trackage from its eastern end over the Pennsylvania RR. to Logansport, the proposed Wabash System will be given access to the Peoria gateway at which interchanges may be effected with many western carriers.
5.—Between the West and New England. All of the other major railroad
systems have direct access to New England via all-rail routes and/or carfloat routes through New York Harbor. Only one railroad system,the New
York Central, has its own rails from Trunk Line territory to New England.
The Lehigh & New England RR. connects directly with the Lehigh Valley
RR.and with the New York, New Haven & Hartford. Over this route, or
in connection with the Lehigh & Hudson River RR., traffic from the West
now moves through Buffalo in competition with the New York Central, and
the allocation of the Lehigh & New England to the Wabash System will
Increase the usefulness and efficiency of this channel which is of such
weighty importance in the by-passing of New England traffic around the
harbor of New York and its environs. Coal and other traffic originating on
the Western Maryland could, with a comparatively small amount of trackage or new construction, be moved directly to New England over the rails
of the Lehigh & New England RR. The Lehigh & New England is therefore
a logical part of an enlarged Wabash System. Pending the construction of
new mileage, or as an alternative thereto, trackage is asked over the rails
of Reading Company between Shippensburg, Pa., and Harrisburg, Pa.,
and between Rockville, Pa., and a point at or near Blackwood, Pa.; also
over the rails of The Pennsylvania RR.between Harrisburg,Pa.,and Rockville, Pa.: all of which trackage serves to connect the line of Western Maryland Ry. with that of Lehigh Valley RR.
B.—Between Pittsburgh, Baltimore and New York. With the extension of
the Pittsburgh dr Western Virginia By, to a connection with the Western
Maryland By. at Connellsville, it is essential that the Western Maryland
be embraced in any system which includes the Pittsburgh & West Virginia
and the Wheeling & Lake Erie, thus affording the coal operators on these
lines access to the Great Lakes and the Northwest as well as to the Atlantic
Seaboard, thereby permitting a more continuous operation of the coal mines
and a fuller use of the railroad equipment. It will bring to the Port of Baltimore a strong line to compete with the existing systems of The Baltimore &
Ohio RR. and the Pennsylvania RR.
NIA small amount of trackage or new construction connecting the Western
Maryland and the Lehigh Valley will provide an additional trunk line between Pittsburgh and New York City and, at the same time,secure to this
territory a competitive rail route to New England.
24
FINANCIAL CHRONICLE
group, 36 earned a net railway operating income of more than 4% during
the year 1928. In fact, more than half of the Class I railroads in the Eastern
Group earned more than 5% in 1928.
Of all the Class I railroads in the Eastern Rate Group which are not controlled by other railroads, there are only 9 which earned less than 4% in
the year 1928, viz.:
Erie RR
3.696 Buffalo & Susquehanna RR----2.877
Chicago St Alton RR
1.733 Toledo Peoria & Western RR--2.880
Chicago Sc Eastern Illinois Ry--2.685 Pitts. Shawmut & Nor. RR_ __ -1.112
Western Maryland rty
3.562 Pittsburgh & Shawmut
-3.696
Buffalo Rochester & Pitts. Ry_3.846
The Erie RR. showed a substantial improvement in 1928 and a further
improvement in 1929. and gives promise of earning more than 4%. The
earnings of the Buffalo, Rochester & Pittsburgh Ry. have been subnormal,
due to a temporary condition in the coal industry which is in process of
correction.
If it is feasible
-we are prepared to demonstrate that it is
-to link with
the Wabash a number of other railroads in such a manner as to create a system comparable in competitive strength with the four other systems now in
contemplation, no argument is required to show that the public interest
demands that this be done. The object of this application is to bring about
the establishment of such a system.
Moreover. it Is practicable to create a sixth system within the Eastern
Group consisting primarily of the Delaware, Lackawanna & Western, the
New York, Chicago & St. Louis, and certain other carriers, including the
Detroit, Toledo & fronton and the Virginian. While in the opinion of Wabash Company the initiative in the establishment of such a system properly
belongs to the carriers embraced therein, it is submitted that the public
interest would be served by the additional competition which such a system
would afford.
There is filed with the application as Exhibit No. 9 a statement showing
six practicable systems for eastern territory exclusive of New England,
and.in alternative form either one or two independent systems for New England territory. From this exhibit it appears that the property accounts
and the aggregate earning power of the railroads embraced in each of said
six systems during the year 1928 were substantially as follows:
Parent Read of
Preposed System.
System
Operated
Mileage.
Peiturylvania
14.585
New York Central, Including
B. & A
13,324
New York Central. excluding
B. & A
12,924
aiesapeake & Ohio
8,568
Baltimore & Ohio
8,843
Wabash
7,044
Delaware Lack.dr Western
4.839
New England
Alternative 1
Ail roads, incl. Del. & Hudson but excl. B.& A
7,678
New England
•
Alternative 2
New Haven
2,570
Delaware & Hudson,'mindins II A. A
5.508
Cost of
Properly
Devoted to
Public Use.
Net
Railway
Operaitier
Income.
$2,903,199,850 $161,065,503
Per Cent Net
Railway OperWag Income
Co Cost of
Property.
6.55
2,154,867,944 115,309,759
5.28
6.21
5.03
4.72
5.09
although considered a trunk line carrier, is located south of the southern
boundary of the eastern group. The Norfolk Sc Western has lines in southern territory. The Illinois Central reaches Omaha and was recently authorized to acquire the Vicksburg, Shreveport Sc Pacific. The Louisville Sc
Nashville, although a southern carrier, serves C. F. A. territory. The Chicago, Burlington Sc Quincy extends east of the Mississippi River and serves
coal fields in Illinois. The St. Louis-San Francisco System now serves
Birmingham, Ala., and Pensacola, Fla. There will not be found in the Interstate Commerce Act any suggestion that such systems should be dismembered.
Gateways for North and South Traffic
It is desirable that competitive routes and a substantial number of gateways be maintained also for north-and-south traffic. Such gateways as
Cairo, Thebes, Evansville and Louisville. between the Eastern and Southern
Rate Groups, should be maintained.
A study of the traffic flow of such lines as the Chicago Sc Eastern Illinois,
and the Chicago, Indianapolis Sc Louisville would undoubtedly show that
the great majority of their traffic flows in a general north and south direotion. This is, of course, also true of such lines as the Louisville Sc Nashville.
Gulf, Mobile Sc Northern, Illinois Central, and the Mobile Sc Ohio, which is
leased to the Southern Ry. It is possible that the Southern, the Gulf,
Mobile Sc Northern, and the Louisville Sc Nashville be extended through to
Chicago, and with that in view, the Chicago & Eastern Illinois, Chicago Sc
Alton, and Chicago. Indianapolis & Louisville would be available.
Comparative Cost of Transportation
There is every indication that operating costs for the Wabash System, will
be comparable with corresponding costs on the lines of other existing and
projected systems. In the first place, the Wabash, whose lines extend
from the Missouri River to Buffalo, traverses a territory identical in nature
with that of competing railroads in the same region. In the second place.
the Wabash, as is explained elsewhere herein, constitutes the shortest line
between many of the principal cities served by it, so that, in so far as distance is a factor, the costs of the Wabash should be relatively less than those
of other carriers. In the third place, the operating ratio of the Wabash
compares favorably with that of other carriers in the same district and
also compares favorably with the average of all carriers in the United Sgatos.
In the following table is shown the operating ratio of the proposed Wabash
System for the year 1928 compared with that of other carriers and with all
carriers in certain districts and in the entire United States:
COMPARISON OF OPERATING RATIOS, YEAR ENDED DEC. 31 1928.
5.35
2,097,103,720 110,717,149
1,193,078,538 74,141,641
1,574,832,041 79,189.956
950,642,863 44,875,656
802,405,630 40,838,791
952,934,229
56,389,083
5.92
467,218,309
30,713.437
6.57
583 4511 144
MI 2110 200
a SC
[VOL. 129.
Railway OverMeg Revenues.
Present Wabash Railway
Proposed Wabash System
Railway Oper- Operatiut
aline Expenses.
Ratio.
$71.072,991
233,107,073
$52,411,568
167,745,553
73.74
71.56
264,967,569
1,124,821,748
1.382,439,113
261,287,834
191,805,606
828,108,211
1,011,619,143
166,969,024
72.39
73.62
73.18
63.90
Total Eastern District (excluding
New Eng. Sc Pocahontas region)- 32.507,260,861
81,339.727,334
73.38
New England Region
Great Lakes Region
Central Eastern Region
Pocahontas Region
Total Eastern District (InclAing
Pocahontas Region)
83.033,516,264
$2,198,501,984
72.47
The New England Situation
Southern District (excluding Pocar
Neither the so-sailed Four-System Plan nor the Baltimore S; Ohio and
hontas Region)
$773,417,477
$583,120,578
75.40
the Chesapeake & Ohio applications now pending offer any suggestion as to
Northwestern Region
$750,317,893
$541,790,922
72.21
the railroads in New England, notwithstanding that the New England terri- Central Western Region
1,066,343,959
749,469,788
70.23
tory is embraced in the Eastern Rate Group and the railroads in New Eng- Southwestern Region
554.165,443
399,596.989
72.11
land form an important and integral part of the railroad transportation sysTotal Western District
$2,370,827,295 $1,690,857,699
71.32
tem in the Eastern Rate Group.
It is an interesting and important fact that the New England railroads as
United States
36,177.761,036 $4,472,480,261
72.40
a whole are now earning as favorable a rate of return as are the other rail-Figures for Wabash Railway and Proposed Wabash System from reports
Source.
roads in the Eastern Group. The net railway operating income in its relaof carriers to Inter-State Commerce Commission; balance at figures from report of
tion to property investment in 1928 was as follows for the two groups:
Bureau of Statistics, Inter-State Commerce Commission, "Operating Revenues and
New England Group
5.356% Operating Expenses of Class 1 Steam Railways in the United States."
Other Lines in Eastern Group
5.359%
In this connection, it Is exceedingly important to bear in mind the greatly
The two largest New England railroads, the New Haven and the Boston increased efficiency and the very substantial increase
in net earnings which
& Maine, have enjoyed such improvement that they now compare favorably will inevitably result from the extension of the
Wabash in such a manner
in earnings with the strongest carriers in the Eastern Group. For the
year as to conform more nearly to the existing channels of trade and commerce.
1928. the New Haven earned 6.849% on its property investment, and the For example, the rails of the Wabash now end
at Buffalo and delays are
Boston Sc Maine earned 5.192%. The only United States carriers in New frequently encountered at that point
due to the fact that the cars must
England earning less than 4% were the Rutland. which is jointly
owned by there be transferred to the rails of other carriers having no relationship to
the New York Central and the New Haven, and the New York Connect- the Wabash System.
ing, which is owned jdintly by the New Haven and the Pennsylvania.
If the Wabash extended all the way from the Missouri River to New York
The New York, New Haven Sc Hartford RR.,Including the Rutland RR. and Baltimore and New England gateways there would be a still
greater
and a one-half interest in the New York Connecting RE., earned last
Year efficiency in practically every department of the transportation service.
6.574% and could stand alone.
The traffic could be handled more smoothly and more expeditiously and
The net railway operating income of the other United States railroads in there would be a correspondingly better showing as to transportation
cost
New England, together with the Delaware & Hudson (but excluding the and net earnings. Moreover, the plan suggested by the Wabash is the
only one
New England portion of Canadian railroads), was equivalent to a return of now before the Commission in which all the lines sought to be acquired
constitute
5.569% on the aggregate cost of property devoted to public use. Exclusing natural extensions of the parent system.
the Boston Albany, such a system would have earned 5.286% in 1928.
-Sc
Comparative Earning Power of the Proposed Wabash System
A second railroad system in New England is, therefore, possible.
All the available figures demonstrate conclusively that the proposed
The Four-System Plan provides that the New York Central, Pennsylvania, Baltimore Sc Ohio and Nickel Plate systems should each own a one- Wabash System, although involving somewhat less mileage than other profourth interest in the Delaware Sc Hudson. We believe joint ownership of jected systems, would reasonably approximate its larger competitors in
railroads other than bridge lines and terminal railroads should be avoided earning power, taking into consideration the difference in property investwherever possible. The inclusion of the Delaware Sc Hudson with New ment. The proposed Wabash System would have a rate of return, based
England railroads would assure to all the six systems suggested west of the on the returns for the year 1928, in excess of the average for the United
Hudson River a direct connection with one or both of the proposed New States as a whole, in excess of the average for the Southern District, the
Southwestern Region, the Central Western Region, and the Northwestern
England systems.
Region. This is shown by the following figures:
Maintaining Important Gateways
The problem of maintaining existing gateways is of major importance in RATE OF RETURN ON COST OF RAILROAD PROPERTY
DEVOTED TO
connection with railroad consolidation. The Mississippi gateways afford an
PUBLIC USE, 12 MONTHS ENDED DEC. 31 1928.
illustration. New Orleans, Vicksburg, Memphis, Cairo, St. Louis, HanniNet Railway
Rate of
bal, Peoria and Chicago are important gateways for the flow of east and west
Operating Income. Return.
Proposed Wabash System
traffic.
$44,875,656
4.72%
Hannibal is the only gateway, except St. Louis, through which traffic is New England Region
47,462,038
5.22
handled via a one-ownership line between the east and the Missouri River Great Lakes Region
208,296,512
4.88
cities. This service will be impaired and no single-ownership route will exist Central Eastern Region
259,334,660
5.00
79,635,584
7.57
if the western lines of the Wabash are cut off and its system dismembered. Pocahontas Region
Total Eastern District (excl. New Eng.& Poca. region) $467,631,172
4.94
The.Wabash System is as complete a unit as is any of the larger systems.
Eastern District (incl. New Eng.Sc Poca. Region) $594,728,794
Total
5.21
Its mortgages cover an integral property, for all the substantial purposes of
Southern District (excluding Pocahontas Region)
4.14
$133,803,578
this investigation. It is the only large system proposed to be dismembered.
proposal to cut off the lines of the Illinois Central at the Ohio Northwestern Region
There is no
Central Western Region
River. The Illinois Central is a north-and-south railroad, and its lines south Southwestern
Region
4.47
105,235,899
of the Ohio River could be cut off with no less embarrassment to its principal
Total Western District
3464,601,371
4.36
operations than is the case with the Wabash, whose lines west of the MisUnited States
e1,193,133,743
4.71
sissippi River are an integral part of an east-and-west system.
-Figures for Proposed Wabash System, reports of carriers to Inter-State
Source.
The Southern By.. although predominantly a southern carrier, has lines
Commerce Commission. Figures for regions and districts, Bureau of Railway
both in C. F. A. territory and in Trunk Line territory. The Virginian, Economics Bulletin, "Railway Revenues and Expenses," Serial No. 231.
$111:111:711 1:2
•
JULY
6 1929.]
FINANCIAL CHRONICLE
The Wabash earnings were below normal in 1927 and 1928. As to the
former year this was attributable to the Mississippi floods, to bituminous
coal strikes and to the closing of the Ford automobile plants due to a change
in model of the Ford car. In 1928 coal traffic was subnormal due to negotiations in the Illinois fields between the miners and operators with reference
to changes in wage scales and working conditions designed to permit competition with non-union fields. These changes have now been made effective.
The Wabash is no longer to be considered as a weak carrier. Both in
service and in earning power it is approaching its larger rivals. It constitutes a strong homogeneous railway connecting by direct lines the great
commercial centers of the Middle West and presenting a system of lineal
development which is almost unique in its directness. Its poverty is a thing
of the past. Its past financial vicissitudes were due to no inherent defect in
the constitution of the system or in its adaptation to tie needs of he great
to ritory which it so efficiently serves. As soon as it emerged from receivership in 1915 it began to make rapid strides. The War and government operation intervened, but upon the termination of Federal control t e forward
movement was renewed and has continued without interruption.
The Quality of Wabash Service
The history of the Wabash Company since the termination of Federal
zontrol is a story of almost continuous progress. Not only has needed
equipment been supplied, but Inspection has been made more rigid, running
time has been reduced, car shortages have been eliminated, and terminals
have been improved. The result is a tremendous increase in efficiency which
the shipping public has observed. Since service is best demonstrated by perforrnance, and since performance is best proved by reliable statistics, we
respectfully submit the following:
Dependable Service
Of great importance to shippers is dependability of service. During the
period of twelve months ended May 31, 1929, the percentage of scheduled
freight trains of the Wabash making connections at gateway points was 95.8.
Reciprocal Use of Tracks and Terminals
One of the advantages of railroad consolidation is that it makes possible
a more intensive use of existing railroad facilities. In many instances
trackage rights are preferable to costly new construction. In other instances
terminals can be used to better advantage and made to render better service
to the shipping public than is possible under present conditions. Chicago
is an outstanding example. The Pennsylvania, the Baltimore & Ohio, and
the New York Central are well supplied with terminals in Chicago, either
through their ownership of adequate terminals or their control of so-called
"inner belt lines." The Wabash, the Nickel Plate, and the Erie are less
adequately provided with terminals in the Chicago area. The inclusion of
the Elgin. Joliet and Eastern in the Wabash System, subject to conditions
insuring its use as a joint facility by the Nickel Plate and Erie, would be a
step in the right direction. Eventually it may come about that all the
Chicago terminals will be thrown open to all the carriers, in which event the
Elgin, Joliet & Eastern should be made virtually a part of all railroad lines
serving the Chicago district. Applicant hereby indicates its willingness to
have such conditions attached to its acquisition of the Elgin, Joliet & Eastern as the Commission may find to be in the public interest.
There are terminal railroads ofimportance which should be either included
in the Wabash System or so disposed of as to ensure the Wabash and other
carriers equal access to them. Among such terminals are. Akron & Barberton Belt RR.; Benwood & Wheeling Connecting Ry.; Canton RR.; Indiana
Northern Ry.; McKeesport Connecting RR.; South Buffalo Ry.
It is requested that in connection with the consideration of any application for consolidation or control involving the disposition of the aforesaid
terminal railroads, the Commission shall make such disposition thereof, or
shall attach such conditions, as will protect applicant and other carriers in
the equal use of and/or access to said terminal railroads.
Applicant appreciates that there may be instances, not specifically mentioned herein, where reciprocal trackage may be in the public interest.
Applicant indicates its willingness to grant such right where the public
interest is shown to require It.
Short and Weak Railroads
No specific application is made herein for the acquisition of various short
lines connecting with the lines sought to be embraced in the proposed Wabash System, but applicant desires it to be understood that it is willing to
embrace in the proposed system any such lines which,in the judgment of the
Commission, should be included in the public interest.
Wabash in Position to Ac iuire Stock Control of Several Constitutents.
The Wabash Company submits the following facts as showing or tending
to show that it will be in a position to acquire stock control of said several
constituents if and when the proposed acquisitions are approved and authorized by the Commission as in the public interest:
(0—Lehigh Valley Railroad Company
Approximately 49% of the stock of Lehigh Valley RR. is owned by the
Wabash Company and Pennsylvania Company (the latter controlled
through stock ownership by the Pennsylvania RR. Co.). the holdings of
this Company and Pennsylvania Company being as follows:
Wabash Company
$11.566,450
Pennsylvania Company
18,251.950
The remaining stock is widely scattered.
(2.)—The Wheeling and Lake Erie Railway Company
More than 57% of the capital stock of the Wheeling & Lake Erie Ry.
was heretofore purchased jointly by the New York Central RR. ,the New
York, Chicago & St. Louis RR,and the Baltimore & Ohio RR.in furtherance of a plan agreed to by them (but not approvaed by the Pennsylvania
RR.), for the elimination of an additional competitive system in eastern
territory. These shares were subsequently sold to or exchanged for other
securities and are held by the Allegheny Corporation, a corporation organized by Messrs. 0. P. and M. J. Van Sweringen, also in furtherance of the
plan hereinbefore mentioned. Approximately 20% of the capital stock of
said company Is held by or in the interest of the Pittsburgh & West Virginia
Railway Company and the balance is scattered.
(3) The Pittsburgh & West Virginia Railway Company.
More than 50% of the capital stock of the Pittsburgh & West Virginia
Railway Co. is held by interests who are advocating the establishment of
an additional competitive system in Trunk Line territory, of which the line
of the Pittsburgh & West Virginia Railway Co. shall form a part.
(4) Western Maryland Railway Company.
At the time of the three-party purchase of stock control ofthe Wheeling
& Lake Erie Railway Co. and for the same purpose and in pursuance of
the said plan to eliminate an additional competitive system in Trunk Line
territory, the Baltimore & Ohio Railroad Co. purchased and now holds
more than 40% of the capital stock of Western Maryland Railway Co.
(5) Lehigh & New England Railroad Company.
In 1926 Reading Company applied to the Inter-State Commerce Commission for authority to acquire control of the lines of the Lehigh & New
England Railroad Co. under a lease.
The application was denied by the Commission on the ground that its
ultimate allocation should await more definite developments in Eastern
25
territory. Stock control of the Lehigh & New England Railroad Co. is
held by the Lehigh Coal & Navigation Co.
(6) The Akron Canton & Youngstown Railway Company.
The majority of the capital stock of the Akron Canton & Youngstown
Railway Co. is understood to be held by a holding company and subject
to sale.
al
(7) Elgin Joliet & Eastern Railway Company.
All of the capital stock of the Elgin Joliet & Eastern Railway Co. is
owned or controlled by the United States Steel Corporation.
(8) Toledo Peoria & Western Railroad.
This company was recently reorganized and the stock of the reorganized
company is understood to be in the hands of interests willing to sell on fair
terms.
(9) Chicago & Illinois Midland Railway Company.
The stock of the Chicago & Illinois Midland Railway Co. is controlled
by the Commonwealth Edison Co.
From the foregoing it appears that the stocks of those companies which
control the vital strategic mileage sought to be included in the proposed
Wabash System are owned or controlled by interests which would naturally
be friendly to the establishment of such system, except the stocks of the
Wheeling & Lake Erie Railway Co. and Western Maryland Railway Co.
The facts respecting the accumulation of these stocks by companies
owning competitive lines of railway are set forth in the reports of the Commission in Interlocking Directors of Wheeling & Lake Erie & Trunk Lines,
138 I. C. C.643, and Inter-State Commerce Commission vs. Baltimore &
Ohio Railroad Co. and others, decided March 111929.
At the time these stocks were acquired and at the present time their
ownership by the competing trunk lines which are seeking to eliminate an
additional competitive system and apportion the constituent lines of such
system among themselves was and is illegal under the Clayton Anti-Trust
Law and the Sherman Anti-Trust Law and cannot be validated unless and
until this Commission shall give relief from said statutes by an appropriate
finding and order under Section 5 of the Inter-State Commerce Act. If,
however, the Commission shall determine that more than four systems in
Eastern territory, exclusive of New England, will be in the public interest,
Wabash Company respectfully submits that the stocks illegally accumulated by the proponents of the plan for four systems must be deemed in law
to be held by them as trustees ex malificio,subject to sale on fair and equitable terms approved by the Commission to one or more of the corporations
associated in the formation of additional systems. Any attempt by the
present holders of the stock of these strategic railways to divert them from
the corporation or corporations to which they shall be allocated by the
Commission would be a final overt act in furtherance of a combination
-Trust laws and would confer no title upon the-purcondemned by the Anti
chaser and would subject the seller to the penalties prescribed by the Act.
For the foregoing reasons, the Wabash Company is believed to be in a
position to acquire control of all the carriers essential to the establishment
of a powerful independent system extending from Kansas City, Omaha,
St. Louis, Chicago and Detroit to New York, Philadelphia and Baltimore—
a system which, it respectfully submits, will afford sound and adequate
competition with other great systems now or hereafter established in Eastern territory.
Prayer.
Wherefore, applicant prays that the Inter-Stat Commerce Commission
enter an order herein pursuant to Paragraph 2 of Section 5 of the amended
Inter-State Commerce Act, finding and ordering as follows:
1. That the establishment of a Wabash System (as herein proposed) will
be in the public interest.
2. That the acquisition by Wabash Railway of control by stock ownesship, by lease, or by any other method prescribed by Paragraph 2 of Section 5 of the Inter-State Commerce Act, of Lehigh Valley RR.; The Wheeling & Lake Erie By.; The Pittsburgh & West Virginia Ry.; Western Maryland Ry.; Lehigh & New England RR.: The Akron Canton & Youngstown
By.:Toledo Peoria & Western RR.;Elgin Joliet & Eastern By.,and Chicago
& Illinois Midland Ry., in furtherance of the establishment of such sys;em
will be in the public interest.
3. That the Commission shall prescribe the terms and conditions upon
which this company may acquire from the present holders thereof, and
terms upon which the present holders thereof shall sell the shares of stock
of the Wheeling & Lake Erie By. and Western Maryland By., held by ex
in the interest of the carriers or some one or more of the carriers, parties
to the aforesaid applications in Finance Docket Nos. 7450 and 7460.
4. That the Commission authorize the acquisition by Wabash Railway
of a sixth interest in and the joint use of the Montour RR..the Monongahela
Connecting RR., Union RR.(Pittsburgh, Pa.), and the Newburgh & South
Shore By.,and a seventh interest in and the joint use of the Toledo Terminal
RR., and also grant to Wabash Railway such interest in and (or) joint use
of any other terminals, whether or not herein specifically mentioned. if in
the opinion of the Commission such interest and (or) use will be in the public
Interest and also impose appropriate conditions as to trackage rights to the
extent hereinbefore indicated.
5. That this proceeding be consolidated for hearing with he aplication
5. That this proceeding be consolidated for hearing with the application
of the Baltimore & Ohio RR. under Paragraph 2 of Section 6 of the Act toe
Regulate Commerce and on file with this Commission as Finance Docket
No. 7450, and with the application of the Chesapeake & Ohio Ry. under
Paragraph 2 of Section 5 of said Act, and on file with this Commission
as Finance Docket No. 7460. and that this Commission retain jurisdiction
of this application to the end that this applicant, by supplemental petitions
or otherwise, may take such further steps as may be necessary or proper
in order to establish the system hereinbefore described and to bring int*
and make a part of such system such additional carriers whether short lines
or otherwise, as this Commission may find appropriate.
6. That the Commission, either immediately or from time te time,
make all further findings, authorizations, orders and amendatory and supplemental orders requisite to enable applicant to effect all such acquisitions
of control and all objects proposed in this application to the fullest extent,
found by the Commission to be in the public isterest. and that the Wabash
Railway may have such other and further relief incidental to the establishment of its proposed system as to the Commission may seem appropriate
and as may be permitted by law.
New England Council Forms $500,000 Corporation to
Aid Expansion of Small Industries.
Announcement was made in Associated Press advices
from Manchester, Vt. of the organization of a corporation
for financing small New England industries capable of
expansion by the New England Council. The corporation
will be known as New England Industries,Inc. The Council
thus explained the purpose of the corporation:
26
FINANCIAL CHRONICLE
Many perfectly sound,small industrial concerns are retarded in expansion
because of the difficulty in obtaining the necessary additional capital to
enlarge. Commercial banks seldom make capital loans, and, for the most
part, the good investment banks can handle nothing under $1,000,000 for
public financing.
This leaves to the small manufacturer two choices: Raising financial help
from his friends, which is difficult because most of them are likely to be
men using all their surplus capital in their own business: dealing with
third or fourth rate security houses, which almost always charge excessively
for capital and are certain to insist on acquiring control of the company
through common stock issues.
Two years ago the Research Committee of the Council, then under the
Chairmanship of A. Lincoln Filone, undertook to find a solution of this
problem, and the New England Industries, Inc., is the result. Its capital
structure is 50,000 shares of no par value common stock. At the beginning
$500,000 will be raised through the sale of 25.000 shares. None of this will
be offered at public sale until the project has proved to be practical. This
$500,000 will be immediately invested in standard income-bearing securities,
to be used as collateral in borrowing money to finance the corporation's
clients.
The corporation's policies will be under control of a voting trust of
three men. The board Of directors will be composed fo leading business
men from each of the six New England States. A basic policy of the corporation will be to retain to the companies seeking its services the highest
possible measure of independent self
-direction.
[VoL. 129.
•
Further adviees (Associated Press) from Manchester,
June 7 stated:
New England,for the third successive year. gained a much larger number
of industries and employes than she lost in 1928,the New England Council's
annual survey of the migration of industry in New England shows. The
results of the survey will be reported to the Council this evening by John P.
Tinsley of Worcester, Mass., Chairman of the Council's Community
Development Committee.
While the survey for 1928 is not yet complete, the 238 communities which
hays already reported, comprising a population of 4,178,000, show a net
gain of 167 industries and 8,437 employees as compared with a net gain
of 134 industries and 3,637 employees for the same communities in 1927,the
survey shows.
"1$ is significant," says the report, "that of the industries moving to
other communities, only four, employing altogether 130 workers, moved to
Points outside New England, one each to New York State, New Jersey,
Pennsylvania and Ohio. As opposed to this, 23 industries employing 1,819
workers moved into New England from other sections of the United States.
Sixteen of these industries came from New York State, four from New Jersey,two from Michigan and one from Pennsylvania.
In addition to these, 12 manufacturing concerns located outside New
England, established branch plants in New England in 1928, employing
2,962 workers. The main plants of three of these companies are located
in New York,two in New Jersey and one each in Pennsylvania, Delaware
Maryland, Ohio, Illinois, Canada and England.
Indications of Business Activityl
THE STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, July 5 1929.
In general, although there has been some mid-summer decrease in trade, the aggregate in most departments keeps
ahead of last year. Building for some reason lags. There
is very noticeable depression in the brick industry. The
percentage of brick yards that were not operating in June
was the largest in any June for many years. The shipments
of brick in May reflected the relative smallness of the trade
in building material in general. The May total was not only
much smaller than in April, but was also well below the total
of May last year. The ear loadings for the half-year are so
heavy that they exceed the total for the previous high record
in the first six months of 1927. The stock market has suddenly awakened to new activity at rapidly rising prices.
Moreover, the recent revival of the demand for bonds, especially railroad bonds, as well as industrials, is another significant feature of the business times. And money has been
easier at 6 to 7% on call.
Leading in business activity at this time are automobiles,
implements, machine tools and hardware, while production
of iron and steel continues on a large scale. Grain markets
have risen sharply, but cotton has fallen to the lowest point
of the year and is also below that of a year ago, like most
grain prices, despite the recent advance. The output of
automobiles is smaller pending the introduction of new models. But on the whole the record for June was a cheerful
one. The trade in tires is brisk. Soft coal has been firmer
coincident with a smaller output of steam grades. Anthracite has just been advanced. The jewelry business is about
equal to that of last year. In the cigar trade there is a better business at leading centres, but chain stores continue
to cut cigarettes. This week a good many cotton mills
have been closed in New England and at the South,something
which may inure to the benefit of the cotton goods market
as checking an increase in stocks at the mills. Latterly new
business in cotton goods has been quiet. Some 15,000 garment workers went on strike early in the week. Light wearing material has been in excellent demand and the same is
true of bathing suits. Leather has recently advanced and
the shoe trade is in better shape. In the furniture trade the
sales are relatively small. The food index is higher. The
grain situation in the world is called bullish, having recently
changed its position. Failures in a five-day week were well
under the full week ending June 29. Wool has been quiet
and apparently not over steady. Many people in this
branch of trade are awaiting the London auction sales, which
will begin early next week. Meanwhile, trade in woolens
and worsteds is only moderate at best. It is between seasons
in the broad silks trade, and therefore trade as a rule is quiet,
although some new lines for the fall season sold very well.
In raw silk the trading has been light, but prices remained
about steady.
Wheat has been active and advanced nearly 10 cents
this week to new high levels for the season. Wheat is
up nearly 10 cents, or about 30 cents from the low of late
May. The rise is due largely to a bad outlook for spring
wheat in the American Northwest and Canada because of
deficient rainfall. Argentina and Australia have also had
too little rain. The carryover in North America may be
much smaller than that of last year. At times this week the
export demand has been better. That may be a hint of
what is coming. It seems clear enough that Russia, to
say the least, cannot export much wheat and it need excite
no great surprise if she is obliged to import. Her farmers,
like farmers the world over, though they give themselves
no such name, are individualists and do not relish and in
the long run will not tolerate seizures of their grain in
Communistic fashion by the Soviet Government at an
arbitrary price. Corn advanced about half as much as
wheat, helped by the rise in wheat and also by the fact
that the crop is late; also cash interests have been buying
September. The December price was at a new high with
speculation more active. Oats advanced 4 cents, owing
to bad Northwestern crop reports and the influence of the
rise in corn. Also cash prices were noticeably firm. Rye
advanced 7 cents, following the rise in wheat quite closely
and also influenced by persistently bad crop reports from
the Northwest for weeks past. Provisions have been only
steady, despite the rise in grain and an advance to-day of
3
25 cents in hogs. Rubber advanced M to 4e. with home
and foreign buying decreasing, small stocks in London,
higher foreign markets, a rising consumption and active
covering here for July delivery. Sugar advanced Xe. for
Cuban raws cost and freight and 15 to 19 points on active
futures. Selling at times by Cuba and Europe was well
taken. Wall Street bought December sugar heavily.
Other interest bought September freely. Cuban measures
to facilitate more orderly and thus more profitable marketing
are among the things that tend to lift the sugar trade up
to a more hopeful attitude. Coffee has declined a little
here and also in Brazil in a dull market. Iron has been
quiet and steel in fair demand. Iron production in June
was at next to the highest on record. The output of both
iron and steel for the half year eclipses all previous exhibits.
Cotton declined 3 to %c. on better weather and brighter
crop prospects if the weevil can be kept in check by the
right kind of weather in July and August. That is to say,
mostly dry, hot weather. One Boston report to-day estilarger than last year. That
mated the acreage at 5
would raise it to 49,532,000 acres, against 46,946,000 last
year. With the right kind of weather the cotton crop can
conceivably reach 18,000,000 bales this year. That was
substantially the crop in 1926, when the acreage planted
was 48,730,000 acres and 47,087,000 were actually picked.
The stock market on the 2nd inst. advanced in many
cases 3 to 1834% in the face of a call money rate of 15%.
United States Steel common and General Electric were
among stocks that got to new high levels. Pools and the
outside public bought. One hears predictions of a so-called
summer boom. This is mentioned here as reflepting:the
popular notion at the present time. Easier money was
predicted and it came the next day with a rate of 6%. Yet
turned out that brokers' loans had for the first time passed
such a stupendous total as $7,000,000. The trading on the
2nd inst. approximated 4,600,000 shares. Railroad shares
got a noticeable lift from the plan for the fifth independent
trunk line centering around the Wabash road. Pools bought
the railroad and industrials with a vim. The outside public
was plainly showing greater interest. General Electric
JULY 6 1929.1
FINANCIAL CHRONICLE
27
crossed 350 for a net gain of 183. % in a single day. Steel week schedule, except those which already have deliveries
rose 4% and there were noticeable advances in Allis Chalmers, to meet. There seems to be no doubt that the mills will
Pere Marquette, Eastman Kodak, Chesapeake & Ohio, also close for two additional weeks between July and Labor
New York Central, Westinghouse Electric and many others Day. This widespread curtailment is confidently expected
too numerous to mention here, but all bringing out into to go a long way in putting the markets on a better basis.
striking relief the access of a new bullish spirit. On the 3rd Fayetteville, N. C. wired July 4th that the Victory ManuInst. new peaks were reached for high priced railroad and facturing Co. there is on a full time day and night schedule
industrial shares while money dropped from 12% early, to and each week large shipments of fancies which this plant
6% later, the lowest this year. London it seemed was to manufacturers are shipped. The Victory Manufacturing
ship $3,500,000 more gold to the United States. Railroad Co. has 14,336 spindles and a battery of 430 looms.
bonds were active with the Missouri Pacific 534% convertHere 16,000 garment makers struck on July 2nd,the strike
ible of 1949, a feature rising to a new high of 1173'. New is expected to be short. The workers want $5 increase in
York, New Haven & Hartford convertible 6s were advanced wages, re-establishment of the unemployment insurance
nearly 2 points to equal their high record of,129. Southern certification of jobbers and limitation of the employers'
Pacific convertible 434s with warrants on the largest turn- right to discharge. The labor leaders readily admit that
over in the rail group went within afraction of their maximum granting of the limitation of the discharge clause would put
an early end to the strike. Governor Roosevelt is trying
price.
On July 4 at London with the American Stock Exchanges to settle the strike of garment workers here.
closed American stocks made new high records. United
London cabled July 2nd that following a joint conference
States steel was over the 200 mark, touching 20234, and of cotton spinners, manufacturers and operatives held in
New York Central touched 226 in contrast with previous Manchester to-day to consider the recent decision of the
peak here of 212. Also in London Atchison, Topeka & employers to post notices calling for a 1234% wage out,
Santa Fe, Baltimore & Ohio, Chesapeake & Ohio, Erie it was officially announced that the operatives had unanicommon and first preferred, Norfolk & Western, Reading, mously rejected the employers' proposal. No further meetSouthern Pacific and Union Pacific were all above the New ings have been arranged. It is now expected that spinners
York high record levels of this year. To-day stocks were will ballot whether to stop the machinery or to post the
generally higher but there was a drop in the trading to wage reduction notices. An 80% majority is needed for a
3,750,000 shares or nearly 1,000,000 less than on Wednes- lockout. Consolidation of seven British spinning companies
day. Still there was an undertone of confidence. One engaged in spinning fine cotton has been authorized by the
sign of the recrudescence of bull speculation is the increasing Manchester Chancery Court, according to a report to the
number of purchases of 5,000 to 10,000 shares. It has come Department of Commerce in Washington.
to pass that oftentimes purchases of 500 shares on active
Sales of the F. W. Woolworth Co. during June increased
days are not recorded on the tape. Call money to-day was 5.39% over the same month last year. They were $23,609,7%. But time loans were down to 73%, a new low rate 078 against $22,401,399 in June last year.
for the year. Money was also lower in London and there
Here on July 1 it was 68 to 77. In Boston it was 66 to 80,
was less fear of a rise in the Bank rate there. Here United Chicago 64 to 80, Cincinnati 66 to 78, Cleveland 66 to 76;
States Steel went above 200. Still there was a good deal Detroit 62 to 82; Kansas City 68 to 82, Milwaukee 60 to 89,
of profit taking in the general list on the idea that the recent St. Paul 60 to 82, Montreal 56 to 80, Omaha 68 to 86, Philaadvance has been too rapid. Railroad bonds were higher. delphia 70 to 80, Phoenix 80 to 108; Portland, Me., 58 to 69;
An outstanding feature was the convertible issues.
Seattle 54 to 70, St. Louis 76 to 86, and Winnipeg 50 to 66.
At Fall River, both the Pilgrim and Lincoln mills were Here on July 3 the temperature fell to 56 and on Staten
closed all this week, and though no other mills announced Island to 48. It was down nearly to the low record here for
closing for the entire week, several shut down a number of July 3. Eleven years ago it was 55 at Springfield. In
their looms. Production has been running considerably Massachusetts on July 3 this year it was 36, at Boston overahead larger of sales for several weeks and there is no desire night 54 to 76; Chicago 58 to 74; Cincinnati 52 to 76; Cleveon the part of manufacturers to accumulate stocks. Law- land 58 to 66;Detroit 54 to 70; Kansas City 68 to 80; Milwaurence, Mass., reported that four American textile experts kee 56 to 74; Philadelphia 58 to 80; Portland, Me., 48 to 72;
will visit Russia to make a survey of the textile industry San Francisco 58 to 84; Seattle 52 to 70; St. Louis 64 to 84;
with a view to introducing American production methods. St. Paul 56 to 76. To-day the temperature here was up to
The mission is considered very important as the Russian 82 and in the afternoon it was unpleasantly humid. Towards
Government is interested in improvement of textiles. Man- nightfall there were heavy showers. The forecast was for
chester, N. H., wired July 2 that all departments of the cloudy and occasional showers to-night and to-morrow with
Amoskead Manufacturing Co. with the exception of those moderate temperatures. Overnight Chicago was 62to 82,
engaged in the preparation or shipment of rush orders and Cincinnati 66 to 86 and St. Paul 60 to 80.
the rayon plant would close down Wednesday night until
Monday morning. There was a general shut down for the
Summary of Business Condiholiday on Thursday, but several of the mills in the cotton Federal Reserve Board's
tions in the United States—Industrial Production
division, including the larger part of the finishing department
Continues at High Rate—Further Increase in
of mill No. 11 resumed operations this morning and will
Employment.
continue through Saturday until noon. The worsted division
Production and distribution of commodities continued at
which is having a seasonal lull, will suspend until Monday.
a high rate in May, says the "Monthly Summary of BusiGreenville, S. C., wired July 2 that textile plants which
the United States," issued June 26 by the
did not shut down earlier would be idle on July 4 and the ness Conditions in
Federal Reserve Board. In its further survey the Board
majority would be closed for the remainder of the week.
Plants closing down July 3 and not reopening until next states:
Wholesale commodity prices declined further during
Monday include Judson, Brandon, Poinsett, Duncan, Union more recently showed some advance. Total loans and the month, but
investments of
Bleachery, Poe, Camper Down and possibly a few smaller member banks in leading cities have increased since the latter part of May.
establishments. The Woodside, Easley and Victor-MonProduction.
aghan have been idle all this week as as the American
Industrial production continued large in May and was accompanied by a
Spinning Co. The Southern Bleachery and Southern further increase in the volume of factory employment and payrolls. Output
industry increased further, and shipments
Weaving Mill will be idle only for one day, resuming opera- of the iron and steel largest for that month of any recent year;of iron ore
production
during May were the
tions Friday morning. The Mills Co. mill has been idle for of pig iron, steel ingots, and coke was at record levels; and semi-finished
several weeks because of the strike. Charlotte, N. C., and finished steel was produced in large volume. During the first half of
June, steel operations remained close to capacity, although some decline
wired that a careful check up of the number of mills that from the high rate of May was reported. Output of automobiles, which has
were to close a week for the July holidays showed that been in unusually large volume since the beginning of the year, showed
curtailment would be more general than was the case last a slight reduction in May. Copper production at mines, smelters and
decreased during May but continued
year. It was believed here that at least 80% of the mills refineries stocks of refined and blister copperlarge. end of May were the
Combined
at the
would be closed. Intention to close was more pronounced largest since 1927. Zinc, lead, petroleum and bitumonius coal were proCarolina than in any other State, but it is definitely duced in larger volume than in April, while the output of anthracite coal
In South
declined. Output in the textile industries continued large in May although
established that the mills in other States are to close also. there was a decline in activity in silk mills. Meat production, while larger
The majority of the combed yarn mills are located in North than in April, increased less than is usual at this season.
Value of building contracts awarded declined in May, and was below
Carolina and at least 75% of them will be idle. The
last year's level, the decrease in comparison with 1928 being chiefly in
combed yarn mills, most of which are in Gastonia County residential building. During the first two weeks in June contracts averaged
are to close and resume the following week on a four day a 15% less than in the same period in 1928.
FINANCIAL CHRONICLE
28
The June 1st crop summary of the Department of Agriculture indicated
an increase of 43,000,000 bushels, or more than 7% in the crop of Winter
wheat. The condition of Spring wheat, barley and hay was reported to be
better than a year ago.
Distribution.
The volume of freight shipments increased seasonally in May and continued substantially above the total of a year ago. Department stores
sales increased in May and were 2% larger than in the same month in
the preceding year.
Prices.
Wholesale prices continued in May the downward movement of the
previous month, according to the Index of the United States Bureau of
Labor Statistics. 'The decline of the general level was chiefly the result
of price declines in agricultural products and their manufactures, although
prices of other products also declined slightly. Prices of cotton and
grains continued sharply downward in May and there were marked declines
in the prices of hogs, wool and lambs. Prices of mineral and forest
products and their manufactures averaged lower in May than in April,
particularly those of copper, lead and tin ; petroleum and gasoline, and
iron and steel advanced in price, while in lumber there was a slight decline.
Since the latter part of May prices of cattle and hides have advanced
sharply, and there have been increases in the prices of grains, hogs,
and cotton.
Bank Credit.
Total loans and investments of member banks in leading cities, which
were at a low point for the year in the latter part of May, increased
considerably during the subsequent three weeks and on June 19 were about
$250,000,000 larger than a year ago. The recent increase reflected a large
growth in the volume of loans on securities, which had declined during
the preceding two months, and a further growth in loans chiefly for commercial and agricultural purposes. Investments declined during most of the
period and on June 19 were at a level about $450,000,000 below that of
the middle of last year.
Volume of Reserve Bank credit outstanding, after increasing in the latter
part of May, declined in June and, following the Treasury financial operations around the middle of the month, showed a small increase for the four
weeks ending June 19. Discounts for member banks increased, while
holdings of acceptances and United States securities showed a decline.
There were some further additions to the country's stock of monetary gold.
Open-market rates on collateral loans declined in June, while rates on
prime cosnmercial paper and 90 day bankers' acceptances remained
unchanged.
Annalist's Weekly Index of Wholesale Commodity
Prices.
The Annalist weekly index for wholesale commodity
prices is 146.6, a further increase of 1.3 points over last
week (145.3), an increase of 3.9 points from the low reached
May 28 (142.7), and compares with 151.3 last year at this
times. In announcing this, the "Annalist" says:
The increase in the index figure is due wholly to the reversal in prices
of the farm products group and the synchronous rise In prices of the
food products group. The farm products group this week rose another
2.1 points and the food products group lose 1.9 points. From the low
of May 28, when the farm products group index was 135.8, the gain in
this group has been 6.4 points and the gain in the food products group
has been 3.1. The gain in the farm products group is attributable to the
sensational reversal of prices in grains, wheat, barley, corn, oats and rye,
and reversal in prices of steers, lambs, eggs and hides. Beef, ham, pork,
veal, eggs, flour and lemons, in the food products grop, contributed
to its rise in the index.
CHANGES IN SALES AND STOCKS OF WHOLESALE FIRMS BY LINES
AND BY FEDERAL RESERVE DISTRICT'S.
(Increases (+) or Decreaas (-) Per Cent.)
140.1
147.6
147.7
163.6
128.4
153.1
134.6
130.5
145 3
Ayr. 1929 May 1928. Ayr. 1929. May 1928.
(Per Cebt.) (Per Cent.)(Per Cent.)(Per Cent.)
Groceries-2.2
United States
0.0
-4.3
+4.3
Boston District
+11.1
-7.4
New York DiatrIct
+2.3
-7.0
+4.5
Philadelphia District
-6.4
+7.0
+1.0
_o_____0+225-.....:822-31-Cleveland District
+7.3
+0.1
+1.9
__
Richmond District
-5.7
-0.8
+7.4
Atlanta District
+0.6
+0.2
-8.6
Chicago District
-5.5
+6.4
+0.3
-11.3
St. Louis District
+6.1
+1.2
M nneapolis District
+3.0
-1.0lis
+1.0
+5.0
i
-1.4
Kansas City District
+10.8
-5.1
+8.8
+1.2
-4.7
Dallas District
-5.9
-14.7
+5.0
3an Francisco District
+10.6
+5.9
Dry Goods
-11.8
-1.3
United States
-2.5
+4.0
0.0
New York District
-14.1
-is- 7i
0
-14.7
Philadelphia District
:FY i
-3.5
-12.3
+1.5
Cleveland District
-2.3
+3.1
-15.7
Richmond District
-4.4
-10.6
-8.8
-15.6
-1.2
Atlanta District
-12.8
+0.3
-1.4
-0.3
Chicago District
-3.2
+9.4
-23.3
3t. Louis District
-6.6
+7.0
+7.6
-16.8
Kansas City District
-2.5
-6.2
-5.8
-9.7
-0.8
Dallas District
+2.5
-5.5
-2.0
+3.1
3an Francisco District
-2.4
+9.1
Boots and Shoes
-8.2
+13.0
-0.9
-6.0
United States
-18.0
0.0
Boston District
-5.3
+9.0
-19.3
-10.0
+3.9
+4.6
Few York District
Philadelphia District
+2.4
-14.0
-26.3
-10.8
-23.6
Cleveland District
+2.2
-7.0
-2.7
-15.9
Richmond District
+1.7
-10.0
-9.4
Atlanta District
-3.9
- 3
1- .6
+7.8
+1.3
Chicago District
-18.2
-6.3
+13.9
-5.2
it. Louis District
-14.0
+1.0
Alinneapolki District
-3.0
-5.0
-13.8
+7.8
+5.9
-0.91
Ian Francisco District
Hardware
0.9
+1.1
-1.0
+1.0
Jolted States
-4.3
-1.6
-3.6
gew York District
-4.6
?hiladelphia District
-1.3
-2.6
-2.3
+4.6
Cleveland District
-6.2
-4.0
+7.6
+2.5
-9.1
lichmond District
-4.5
-4.9
0.2
+1.4
-0.5
Atlanta District
+5.7
-0.4
-0.1
Chicago District
+3.0
+5.0
+44.0
+0.4
-6.0
it. Louis District
+5.0
-15.0
-3.0
-10.0
-1.0
vlinneapolis
-7.5
+7.4
+3.6
Kansas City District
+2.5
-10.4
-5.3
-5.0
-2.6
)alias District
-0.9
+4.8
+4.4
+1.0
Ian Francisco District
Drugs
-5.9
+0.9
-1.0
+2.0
bitted States
-15.4
-0.7
+36.3
+2.9
gew York District
-4.5
-4.6
Thiladelphia District
-- -----0.01
-1.0
31eveland District
-0.2
-2.9
____
--Helmond District
+2.1
+4.3
Manta District
----- - +1.4
0.0
-3.5
+0.4
Chicago District
-1.6
-0.1
-4.5
It. Louts District
+9.0
+5.0
-14.0
-4.0
+8.1
Kansas City District
+0.9
-1.8
+8.7
+0.2
3allas District
+2.8
+1.3
-10.7
+2.4
lan Franclaco District
Furniture-3.2
-2.0
+5.8
+13.8
lnIted States
+51.9
+67.3
lichmond District
-15.6
L- 75
7
+5.6
-Leri
ktianta District
+16.4
0.0
Chicago District
+iiii
-5.9
-6.9
It. Louis District
4672
+17.4
-6.1
-1.2
+11.8
Kansas City District
+9.0
-4.5
ktn Francisco District_-.......
8.7
+19.8
Agricultural Implementslnited States a
-13.4
---+32.6
---WHOLESALE DISTRIBUTION-EIGHT LINES OF TRADE.
(Index numbers, monthly average 1923-1925=1H)
July 3 1928.
Ca a Ca Ca Ia CC 01 Cr+ rgt
aC.,a030+1C+Cnt4C++
6
.
1
4r+ L+1 ia
a Cu Ca r++ tC Cr+ +a a a
V+CaC400r4-+1,0e.+2
July 2 1929. June 251929.
Stocks: May 1929
Compared with
Sales: May 1929
Compared with
/And and Federal
Reserve District.
THE ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY PRICES.
(1913=100.)
Farm products
Food products
Textile products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
All commodities
[Vol,. 129.
Without Seasonal
Adjustment.
Adjusted for
Seasonal Variations.
May
1929.
Groceries
Meats
Dry goods
Men's clothing
Boots and shoes
Hardware
Drugs
Furniture
April
1929.
May
1928.
May
1929.
April
1929.
May
1928.
99
121p
89
100p
112
95
118
104
96
123
90
88
95
97
116
100
99
109
86
96
113
94
117
92
96
121p
78
597
113
98
ill
99
92
115
80
85
100
99
118
101
96
109
75
57
114
97
110
87
Wholesale Trade During May as Reported to Federal
Total eight lines
100
102
96
93
99
96
Reserve Board-Sales Larger Than in Same Month
Preliminary.
Last Year.
Dun's Price Index.
The Federal Reserve Board, reports under date of June 30,
Monthly comparisons of Dun's index number of wholesale
that sales at wholesale during May were as large as in April,
though usually they decline at this season. Of eight lines of prices based on the per capita consumption of each of the
trade reporting to the Federal Reserve System five reported many commodities included in the compilation follow:
July 1
June 1
July 1
July 1
July 1
decreases in sales, while sales of groceries, meats and boots
1929.
1929.
1928.
1927.
1926.
and shoes increased. The Board in its summary also says:
Breadstuffs
829.671
$32.398
$38.385
$33,519
$29,717
As compared with the corresponding month last year, sales of reporting
fir= were generally larger. Substantial increases were shown for meats
and furniture, while there was little or no change in the volume of sales of
groceries, boots and shoes, hardware and drugs
The following table summarizes percentage changes in sales by lintw
during May,as compared with April 1929. and May 1928:
Percentage of Increase or
Decrease(-)in Sales,
May 1929, Compared with
April 1929.
Groceries
Meats
Dry Goods
Men's clothing
Boots and shoes
Hardware
Drugs
Furniture
May 1928.
+4.3
+5.2
-2.5
-30.6
+13.0
-1.0
-5.9
-2.0
0.0
+11.0
+4.0
+3.5
-0.9
+1.0
+0.9
+13.8
Sales of agricultural implements were larger in May than a year ago, but
somewhat smaller than in the previous month.
More detailed statistics by districts and lines of trade follow:
Meat
Dairy and Garden
Other Food
Clothing
Metals
Miscellaneous
Total
23,591
21.058
19.110
34.578
21.314
38.640
23.236
21.145
19.227
34.500
21.297
36.780
22.102
20.905
19.806
36.543
20.796
36.646
19.329
20.733
18.928
33.187
12.351
37.551
21.301
21.199
20.163
33.741
22.734
37.159
8188.689 8185.856 8195.183 8185.598 8186.014
Federal Reserve Board's Survey of Retail Trade in the
United States-Sales 2% Above Those of May a
Year Ago.
In indicating the course of retail trade during May, the
Federal Reserve Board, in its survey, made available
July 1 says:
Department store sales in the aggregate for May were 2% larger than In
the corresponding month a year ago, according to reports made to the
Federal Reserve System by 523 stores in 229 cities. For tho first five
months of 1929 sales were up from last year by 3%.
Inventories of the reporting department stores at the end of May were
I% below thejlevel of a year ago, according to reports from 433 stores.
.
JULY 6 1929.]
FINANCIAL CHRONICLE
Changes in sales and stocks Of reporting department stores are summarized
by districts in the following table:
29
-DATA BY DEPARTMENTS
-SALES, STOCKS.
DEPARTMENT STORES
(Percentage Increase(+)or decrease(-)-May 1929 compared with May 1928)
DEPARTMENT STORES
-DATA BY DISTRICTS
-SALES, STOCKS.
(Based on value figures.)
Salot
-Mina.
'mem seserre I
Percentage Inc. (-I-) or Dec. (-1
1929 Compared With 1928.
Federal Reserve District.
May.x
Jan.
-May.
+6.7
+2.5
-4.0
+2.3
+2.5
-6.4
+1.8
+0.6
-3.0
+3.7
-1.8
+4.6
May 31.
+2.0
+5.0
-1.0
+2.6
+2.4
-1.3
+3.8
+0.7
-1.0
+4.2
+0.6
+2.7
+2.3
-0.5
-3.5
+3.1
-5.5
-7.0
+0.1
-3.0
-4.2
United States z
-1.0
+1.9
+3.3
x The month had the same number of business days (26) this year and last year.
z Based on statistics of sales from 523 stores: of stocks, from 433 stores.
More detailed statistics are given herewith:
DEPARTMENT STORES
-DATA BY CITIES
-SALES, STOCKS, RATE OF
STOCK TURN.
Increase(+) or Decrease(-)
1929 Compared With 1928.
1929.
Rate of Stock Turn z.
City.
Sales.
NortheasternBoston
New Haven
Providence
New York
Bridgeport
Buffalo
Newark
Rochester
Syracuse
Philadelphia
Per Cent.
+6.6
+8.4
+7.1
'
+2.0
-1.3
+4.2
+6.0
+8.0
+1.4
-5.4
Stocks.
Jan.
-May-
May 31.
May.
Jan. 1May 31,
Per Cent.
+2.0
+2.0
+3.6
+5.2
+0.4
+2.4
+9.1
+0.6
+2.0
-1.7
Per Cent.
-5.0
-1.9
-7.7
+2.2
-1.0
-0.9
+7.7
+0.2
+4.9
-12.6
C.443i•ii.3t$004tJt..24,
May.
1.77
1.23
1.30
1.71
1.33
1.34
1.66
1.36
1.56
1.64
+1.8
+9.9
-0.2
-1.3
-1.0
+4.4
+0.4
-1.6
-2.5
+10.9
+4.1
+1.5
+3.0
+5.4
+3.8
+0.2
-0.5
+1.4
+10.4
+1.4
+1.2
+12.2
+2.0
+1.3
-3.3
+8.7
+6.3
+4.0
-1.4
-2.5
-5.5
-8.2
+4.5
+15.3
+17.1
-14.0
Southern
Richmond
Baltimore
Washington
Atlanta
Birmingham
Chattanooga
Nashville
New Orleans
St. Louis
Little Rock
Louisville
Memphis
Dallas
Forth Worth
Houston
+4.6
+2.1
+5.4
-9.7
-5.5
-7.1
-0.9
-5.5
+4.4
-4.1
+3.8
-11.8
+1.8
+0.9
-7.6
+4.1
+0.9
+4.9
+2.7
-0.7
-2.4
-1.2
-3.2
+2.3
-0.7
-1.9
+3.1
+1.2
,
+0.5
-4.8
+3.4
-2.5
+0.5
1.49
1.25
1.41
1.39
1.25
1.35
1.60
1.82
1.48
1.94
1.75
1.54
e$:$
;••
;••
i‘J
..410.0WWC,P...1CONGDCGOW
Mid-IVesternCleveland
Akron
Cincinnati
Columbus
Dayton
Pittsburgh
Toledo
Youngstown
Chicago
Detroit
Indianapolis
Milwaukee
-1.6
-2.3
-6.5
-6.9
-6.2
-0.3
-4.8
-2.9
-6.2
1.47
1.33
1.41
1.43
1.01
.92
1.23
.88
1.67
1.04
1.31
1.29
1.33
1.06
1.33
$ . .
.
N
e•.,
Coi
i..42 1,1 k,
WOCWOWW.GDWOL.A.$
Western
Minneapolis
-7.0
+1.0
-11.0
2.38
Duluth-Superior
-11.0
-8.0
-17.0
1.56
St. Paul
+4.0
+1.0
-5.0
1.73
Kansas City
-1.0
-0.7
-0.1
1.12
Denver
+3.1
+2.7
-3.2
.94
Oklahoma City
+5.1
+11.7
+5.7
1.37
Omaha
+9.2
+3.9
Topeka
+1.2
+2.0
-6.1
.80
San Francisco
+8.6
+1.4
-4.1
1.21
Los Angeles
+8.7
+3.8
-3.7
1.35
Oakland
+0.4
+1.9
-9.6
1.21
Salt Lake City
+4.1
+3.3
-15.5
1.24
Seattle
+0.2
+3.4
-1.6
1.29
Spokane
-2.4
+0.5
-2.1
.81
- •
Katloo sales(luring given periodo average stockson hand.
-SALES AND STOCKS, BY FEDERAL
DEPARTMENT STORES
RESERVE DISTRICTS.
(Index Numbers. Monthly Average 1923-1925. mark 100.)
Federal Reserve
District.
Sates
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago_b
St. Louis
Minneapolis
Kansas City _c
Dallas
San Francisco
United States_b_
Stocks
Boston
New York
Philadelphia
Cleveland.
Richmond
Atlanta
chicago_b
St. Louis
Minneapolis
Kansas City_c
Dallas
San Francisco
Number
of
Stores.
a
Adjusted for Seasonal
Variations.
Without Seasonal
Adjustment.
May
1929.
April
1929.
May
1928.
May
1929.
April
1929.
May
1928.
38
64
60
59
29
44
105
19
20
27
22
36
104
112
90
103
107
100
116
104
92
95
110
91
102
103
104
109
99
87
98
107
93
100
104
107
113
103
85
107
114
110
117
107
111
108
113
93
108
109
107
122
105
97
99
115
120
97
109r
90
105
102
104
110
99
93
99
105
111
101
109
95
106
106
114
118
104
90
94
116
116
523
107
105
103
110
104
108
38
45
47
53
29
31
81
19
16
21
21
32
100
107
87
04
98
99
111
90
72
99
106
86
93
97
98
108
88
75
105
104
93
96
99
102
107
94
81
80
102
80
102
81
107
101
107
87
98
99
100
112
91
75
121
81
103
102
110
90
100
102
103
114
93
78
124
• 84
107
106
104
93
100
100
103
108
96
83
116
83
108
100
103r
433
99
99r
101
United States_b
a stores for which figures are availab e since base period, 1923 1925.
February 1929; see Federal Reserve Bulletin for March.
b As revised in
c Monthly average 1925q. mark 100. r Revised.
Total. Boaion.
New Cleve- Rich- CMSt.
DalYork. land. mond. cab. Louis. las.
San
Fran.
Stocks.
Sales.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Department.
Piece Goods
Silks and velvets- -9.7 -4.7 -7.7 -15.5 -11.3 -15.1 -20.0 -4.9 -0.7
Woolen dress goods -19.2 -16.1 -22.4 -25.8 -10.7 -27.4 -30.5 -14.9 -9.1
Cotton wash goods -4.7 +0.9 +5.6 -7.4 +7.6 -12.0 -17.4 -21.8 -5.7
-2.2 -9.4 -3.8 -0.8 +0.7 +0.9 -8.0 +7.3 +2.2
Linens
Domestics, muslins
+1.3 -1.6 -4.1 +4.0 -9.8 +9.5 +25.1 -1.8 +1.2
Scc
Ready-to-Wear A ccessor iesNeckwear,scarfs -11.7 -13.6 -11.2 -10.2-21.8 -14.9 -22.1 -10.3 -2.9
-0.1 +9.9 -1.4 +1.9 -1.3 -3.6 -12.2 -36.7 +7.7
Millinery
Gloves (women &
children)
+4.0 -4.9 -3.5 +6.0 +2.4 +14.3 +21.4 ____ +12.1
Corsets, brassieres. +2.3 +4.0 +6.4 +0.0 +0.6 +6.0 -9.7 -11.0 +3.3
Hosiery (women &
children)
+5.5 +11.0 +1.0 +9.0 +0.9 +4.0 -6.1 -0.9 +7.8
-0.3 +4.9 +4.6 -3.6 +8.3 -8.6 -7.7 -21.9 -1.7
Knit underwear
Silk, muslin under+1.5 +3.4 +1.2 -2.5 +3.1 +7.6-11.2 +4.8 +5.2
wear
+1.5 +6.2 -4.0 +0.2 -4.4 +2.2 -2.1 +16.2 +7.4
Infants' wear
Small leather goods +4.3 +3.1 +8.6 +3.3 +5.7 +3.0 -2.3 +1.9 +2.3
+12.5 +11.6 +20.3 +8.1 +18.0 +13.2 +3.4 -10.7 +19.8
Women's shoes
Children's shoes- +7.2 ---- +8.1 +20.3 +2.0 -1.5 -8.8 +8.9 +4.2
Women's Wear
-18.1 -15.0 -11.6 -26.2 -24.0 -12.5 -0.1 +1.5 -9.7
Women's coats_
-3.9 ---_ +16.8 -22.4 -15.1 +7.1 -33.1 ____ -24.8
Wom,en's suits_
Tot.(2 above lines) -17.4___ -10.1 -26.0 -19.8 -15.2 +0.9 -36.2 -11.4
+4.2 +13.4 +10.1 +0.5 +6.6 +9.1 -10.6 -13.5 +14.1
Women's dressessuits
Misses' coats, sui - -7.6 -15.7 -8.1 -16.4 +9.5 +0.7 -14.7 +48.8 +16.4
+18.2 +24.1 +31.4 +11.2 -0.1 +11.1 -5.5 +7.0 +35.4
Misses' dresses_
Juniors', girls' wear +9.7 +21.7 +19.9 +1.2 +14.3 +7.3 -0.4 +25.9 +1.7
Men's, Boys' We an
Men's clothing_ _ +1.9 +2.1 +9.1 +4.8 +0.6 -0.6 -6.9-10.1 -0.4
Men's furnishings_ +1.2 ____ +4.0 -1.8 -0.8 +2.1 -10.9 +1.1 +7.6
+5.0 -___ +36.4 +5.3 ___ +10.2 -14.0 -23.8 +8.0
Men's hats, caps
Tot.(2 above lines) +2.5 +9.4 +5.4 -0.9 -0.2 +1.6 -11.4 -3.6 +7.6
+1.6 +3.1 +5.6 -0.5-12.2 +7.3 -6.1 -4.2 +5.7
Boys' wear
Men's, boys' shoes +6.4 +14.5 +10.2 +5.0 +0.5 +5.0 -2.5 -0.1 +5.9
House Furnishin Is
-Furniture
+7.9 +16.6 +5.8 +13.3 +5.2 +5.8 +7.5 -1.7 -3.5
Oriental rugs
+6.4 ---- -8.1 +28.3 -18.8 +36.2 ---------41.8
Domesticfloorcoverings
+2.6 +8.9 +0.8 -2.3 +9.6 +6.3 -7.9 +8.7 +10.3
Draperies, uphol'y +3.4 -___ +5.9 +1.0 -0.9 +4.8 -3.3 +5.4 +7.8
+5.6 ____ +4.9 +10.8 +6.7 -1.5 -10.9 ____ +6.3
Lamps,shades
Tot.(2 above ilnes) +3.1 +6.0 +5.7 +1.9 -8.1 +3.5 -4.1 -8.1 +7.7
China. glassware
+2.8 -3.4 -2.61 +9.5 +14.4 +23.3 -11.7 +1.7 -1.9
SALES OF CHAIN STpRES.a
(Index Numbers of sales. Monthly Average 1923-1925q. mark 100.)
Aajustea jor Sea- Without Seasonal
No. of No. of Stores. soma Variat'ns.b Adjustments.b
Report
Chains.
May
May
leg
May
May
May
May
Firms. 1929. 1928. 1929. 1928.
1929.
1928.
34 c29.675 28,947 226
206
234
Grocery
214
14
3,430 2,995 172
144
166
139
Ten cent
13
1,225
984 192
161
195
164
Drug
'7
713
655 124
113
144
130
Shoe
a Index of apparel chains and candy chains discontinued.
b Figures relate to reporting I rms with no adjustment to eliminate the nfluence
of increase in the number of stores operated: thus indexes given reflect the full
growth of the business of the reporting companies.
c Figures revised for period May 1928-March 1929.
Department of Commerce Monthly Indexes of Production, Stocks and Unfilled Orders.
The United States Department issued as follows on July 2
its Monthly indexes of production, stocks and unfilled orders:
Production.
The general index of industrial output for May, after allowances for
seasonal variations, showed gains over both the preceding month and
May of last year, according to the computation of the Federal Reserve
Board. The principal increases over May 1928, in manufacturing occurred
in the output of iron and steel, textiles, automobiles, non-ferrous metals.
and cement, brick and glass, although other gains were registered in other
No decline from last year was registered in any major group.
groups.
Mineral production, after adjustments for seasonal conditions, was also
larger than in either the preceding month or May a year ago.
Commodity Stocks.
Stocks of commodities held at the end of May were greater than a year
ago but showed a decline from the preceding month. As compared with
last year, stocks of raw materials were higher while manufactured goocis
were held in smaller quantities by manufacturers.
Unfilled Orders.
The general index of unfilled orders showed a decline from the preceding
month but was higher than a year ago. Forward business for all groups
for which data were available was higher than a year ago.
Index Numbers, 1923-1925=100.
102
April
Production
Raw materials:
Animal products
Crops
Forestry
Industrial (compiled by Federal Reserve Board)_ _
Minerals
Total manufactures (adjusted)
Iron and steel
Textiles
Food products
Paper and printing
•
Lumber
Automobiles
Leather and shoes
Cement, brick and glass
Non-ferrous metals
Petroleum refining
Rubber tires
Tobacco manufactures
Commodity Stocks
Total
Raw materials
Manufactured goods
Unfilled Orders
Total
Textiles
Iron and steel
Transportation equipment
Lumber
May
May
100
110
108
57
.51
72
99
101
91
123
109
122
116
105
115
110
123
124
116
135
145
107
120
120
102
97
96
121
122
122
8693
107
157
i'i
97
102
96
127
116
128
111
137
137
150
166
-__
161133
142
iii
120
127
133
119
121
125
116
117
114
120
93
84
92
104
102
96
83
87
101
84
74
72
72
73
79
30
[VOL. 129.
FINANCIAL CHRONICLE
Monthly Indexes of Federal Reserve Board.
The monthly indexes of the Federal Reserve Board;
covering production, employment, and trade, issued about
- first of each month in advance of publication of the
the
indexes in the Federal Reserve Bulletin, were made available
as follows on July 2. The terms "adjusted" and "unadjusted" refer to adjustment for seasonal variations.
(Muddy average 1923-25=100)
May Apr. May
1929 1929 1928
intustrial Prodnen
aajtuttad-Total
123y
Manufactures
124
Minerals
115
Manufactures, silustedZr..and steel
145
120
Textiles
Food products
97
Paper and printing-- 125
Automobiles
151
Leather and SIMI- 102
Cement, brick, glass- 128
Nonferrous metals- 137
Petroleum refining-- 168
Rubber tires
*
Tobacco man'facluris 142
Minerals, aeljusted.
102
Bituminous
Anthracite
86
Petroleums
135
Iron ore shipments.- 143
139
Copper
Else
120
Lead
125y
Silver
100
Freight car WIWI:,
adjusted-111
Total
Grain
99
Livestock
86
Coal
103
98
Forest products
Merchandise 1. c. 1.,
and miscellaneous_ 114
r Revised. p Prelindamy
May Apr. May
1929 1929 1928
Building Contract,130
Adjusted
109 ThaaStunted
143
110
Wholesale ilistribu105
lien,adjusted-102
Total
99
Grim:cries
135 116 Meats
1219
120 107 Dry goods
89
102
96 Men's clocking
100D
122 120' Shees
112
157 107 Hardware
95
97
118
96 Drugs
127 116 Furniture
104
137 111
166 150
Wholesale distribu161 133
lion, unadjusted.
142 120 Total
96
96
Groceries
100
93 Meats
121D
95 112 Dry goods
78
133 120 Men's clothing
59D
--80 Mom
113
141 110 Hardware
98
116 113 Drugs
.111
125r 101 Furniture
99
103r 85
Dept store sales
107
Adjusted
111 105 Unadjusted
110
Dept. Store stocks
98 102 Adjusted
99
90
101
88 Unadjusted
102 100
94
90
122
123
115
135
156
148
163
100
96
123
90
88
95
97
116
100
99
99
109
86
96
113
94
117
92
96
92
115
80
85
100
99
118
101
93
96
109
75
57
114
97
110
87
105
104
103
108
99r 100
103r 102
114 110
• Net available.
FACTORY EMPLOYMENT AND PAYROLLS.
(Unadjusted 1919=100)
Ihnylopment.
Payrolls.
May
1929.
Total
Iron and steel
Textiles, group
Fabrics
Products
Lumber
Railroad vehicles
Automobiles
Paper and printing
Foods,&a
Leather, de
Stone, clay, glass
Tobacco, Om
Chemicals. Jo
April
1929.
94.6
97.8
91.0
92.9
88.4
88.2
73.2
165.1
108.7
84.4
77.9
111.0
75.4
78.4
94.2
89.5
96.3
84.9
91.7
87.8
93.0
88.9
89.9
86.3
86.9r 87.0
72.8
72.5
167.0' 141.2
108.3 106.3
83.6
83.0
78.4
77.7
107.2 113.8
76.1
76.8
80.5
745
May
1928.
May April May
1929. 1929. 1928.
113.3
109.6
100.7
104.1
96.6
101.1
88.2
211.9
154.6
102.6
77.2
137.5
79.7
112_5
113.5
110.3
102.5
104.8
99.7
99.0r
86.6
218.9
153.0
100.0
77.1
132.6
79.6
114.9
103.7
94.3
93.4
95.3
91.1
98.8
80.7
178.8
146.7
99.0
72.7
140.9
77.3
106.6
Loading of Revenue Freight for the First 25 Weeks
This Year Amounted to 24,501,214 Cars, Being
the Largest on Record for Any Similar Period.
Loading of revenue freight for the week ended June 22
totaled 1,069,046 cars, the Car Service Division of the
American Railway Association announced on July 2. This
was a decrease of 43 cars below the preceding week this year.
Compared with the corresponding week of last year, loading
of revenue freight for the week was an increase of 81,686
ears and an increase of 50,986 cars above the corresponding
week of 1927. Details follow:
Miscellaneous freight loading for the week totaled 426,001 cars, an increase of 40,005 cars above the corresponding week last year and 33,493
cars over the same week in 1927.
Coal loading totaled 157,012 cars, an increase of 12,125 cars over the same
week in 1928 and 623 cars above the same period two years ago.
Live stock loading amounted to 23,347 cars, a decrease of 1,033 cars
under the same week in 1928 and 3,736 cars below the same week in 1927.
In the Western districts alone live stock loading totaled 18,180 cars, a decrease of 271 cars below the same week in 1928.
Grain and grain products loading amounted to 45,310 cars, an increase
of 11,913 cars above the same week in 1928 and 4,515 cars above the same
week in 1927. In the Western districts alone grain and grain products
loading totaled 32,083 cars, an increase of 10,022 cars over the same week
in 1928.
Loading of merchandise less than carload lot freight totaled 259,176 cars,
an increase of 2,710 cars above the same week in 1928 and 1,510 cars over
the same week in 1927.
Forest products loading amounted to 70,872 cars, 3,560 cars above the
same week in 1928 and 3,901 cars above the same week in 1927.
Ore loading amounted to 75,433 cars, 9,908 cars above the same week
in 1928 and 9,170 cars over the same week two years ago.
Coke loading totaled 11,895 cars, 2,498 cars above the same week last
Year and 1,506 cars over the corresponding week two years ago.
All districts reported increases in the total loading of all commodities
compared with the same week in 1928, while all, except the Pocahontas
and Southern, reported increases compared with the same week in 1927.
Loading of revenue freight in 1929 compared with the two previous years
follows:
1929.
1928.
1927.
3,570,978
3,448,895
3,756,660
Four weeks in January
3.767.758
3,590,742
3,801,918
Four weeks In February
4,807,944
4,752,559
4,982,547
Five weeks in March
3,983,978
3,740,307
3,875,589
Four weeks in April
4,205,709
4,005,155
4,108,472
Four weeks in May
934,673
971,920
911,510
Week ended June 1
995.570
1,054,792
1,028.367
Week ended June 8
1,016,479
1.069,089
1.002.813
Week ended June 15
987,360
1,018,060
1,069,046
Week ended June 22
Total
24,501,214
23.458,074
24,499,602
Chatham Phoenix National Bank & Trust Co. Reviews
Business for First Six Months of Year-Notable
Records in Many Lines.
Under the title of "A Record-Breaking Half Year," the
July issue of the Outline of Business published by Chatham
Phoenix National Bank & Trust Co., distributed July 1
New York Federal Reserve Bank's Indexes of Business says:
-year mark with notable records to Its
Nineteen twenty-nine passes the half
Activity.
credit in many important lines of the nation's business.
Production of goods has exceeded In total volume that of any previous
In presenting its indexes of business activity, the Federal
has largely kept pace with the
comparable period. Distribution
Reserve Bank of New York,in its July 1 "Monthly Review," output schedules. The high levelsof productsin the factories have increased
ofactivity
says:
employment and earnings of workers, helping to create purchasing
both
Average daily car loadings of heavy bulk freight increased more than
usual in May, but loadings of merchandise and miscellaneous freight, which
bad shown more than the usual expansion in April, declined slightly.
Foreign trade showed mixed changes; exports had a further decline of more
than seasonal proportions, but imports declined less than usual, and our
Import index reached the high levels prevailing in 1926. After seasonal
allowance, sales of both department stores and mail order houses increased
In May;our adjusted index of department store sales did not equal the high
level of last March, but was,higher than in May 1928.
This Bank's indexes of business activity in which allowance has been
made for the usual seasonal variations, for year-to-year growth, and where
necessary for price changes, are shown in the following table.
(Computed trend of pas: year100 per sent; adjusted for seasonal variation)
1929
May.
1928
May.
Primary Disfrikssisn-Car loadings, merelmadlse and miscellaneous
Car loadings, other
Exports
Imports
..
Panama Canal traffic
Wholesale trade
Distribution W Consumer-Department store sales,2nd district
Chain grocery salsa
Other chain store salts
Mail order sales
Life Insurance paid for
Advertising
General Business Agility-Bank debits, outside ON.Y.City
Bank debits, New York City
Velocity of bank Sep.outside of N.Y.City
Velocity of bank deposits, New York CRYSharessold on N.Y.Stock Exchange
Portal receipts
Electric power
Employment in the United States
Business failures
Building contracts 36 states
New corporations formed in N. Y.State
General price level
Composite Index of wages
Coat of living
JP x'relunmary.
1929
Mar.
1929
Apr.
105
90
104
105
84
100
103
87
110
110
90
101
106
102
100
122
91
104
9107
101
103
98
191
100
95
107
96
102
106
107
99
101
94
94
119
102
97
103
94
103
126
101
98
111
167
117
166
307
92
108
113
194
128
216
338
84
106
100
101
91
109
180
227'
171
109
170
121
195
304
85
110
101
112
121
112
179
226
171
107
178
123
201
329
87
ix)
113
144
121
177
222
171
105
104
D95
D124
101
106
119
112
179
226
171
power and maintain the domestic market for the goods produced.
-year's accomplishments find support in recent
These indicators of the half
data prepared by the Federal Reserve Board.
Industrial production, the figures indicate, has run approximately 10%
above the corresponding period of 1928. For the mineral industries group
the increase amounts to 11.1%. In manufacturing the gain is 9.4%.
The rise in mineral production is attributable principally to increased
millings of coal, copper and iron ore. Crude oil output also, despite efforts
at conservation, is larger than last year.
Among the manufacturers, automobiles and steel continue to be the outstanding leaders. Automobile factories of the U. S. with a record total of
2,677.781 cars and trucks produced to June 1 are 48.3% ahead of a year
ago, when 1,804.725 machines were turned out.
/
The steel 111111 4 in the same period have produced 24.085,000 tons of Ingot
as compared with 16,847,000 tons in 1928,a gain of42.9%. The May total
of 5,273,000 tons was a new monthly record.
The 1929 production gains, however,are not limited to a small number of
Industries. Nearly every group covered by the Reserve Board indexes,
Including textiles, tires, tobacco, paper and printing, cement, brick and glass
and non-ferrous metals, show output appreciably above the 1928 levels.
This general distribution of activity constitutes one of the broadly favorable
aspects of the current situation.
To keep pace with the increased industrial output, a considerably larger
volume of goods has been moving into the hands of consumers, it appears.
Retail trade as indicated by reports of department store sales throughout
the country is approximately 4.1% greater than a year ago. Wholesale
distribution shows an increase of 2.6%. The railroads are handling a 4.2%
greater volume of freight traffic.
Perhaps a more accurate barometer is seen in the volume of general
business turnover as reflected by check payments. This is approximately 17%
larger than a year ago, debits in the first five month' reaching a new alltime total of 3383.603.000,000. compared with $326,638,000,000 for 1928.
Employment has been continuously more plentiful this half-year than
last. Nearly 5% more workers have held jobs in the factories than in 1928.
It Is shown.
Live insurance sales are up 5.5%. with new business written by principal
companies to June 1 totaling $5,441,616,000.
Merchandise exports for the first five months aggregate $2,232.449,000.
against $1,989,328,000 last year.
The country's gold stocks have been increased during the same period by
net imports totaling $144,244,000.
JULY 6 1929.]
On the whole it may be said that the first half of 1929 presents one of the
most favorable pictures of general business and industrial activity in recent
years.
The very extent of this activity however, is felt by many to warrant caution in anticipating developments for the coming months.
Production of Electric Power in the United States in
May Increased Approximately 14% over Same
Month Last Year.
According to the Division of Power Resources, Geological
Survey, the production of electric power by public utility
power plants in the United States for the month amounted
to approximately 8,093,373,000 k.w.h., an increase of about
14% over the corresponding period a year ago when output
totaled around 7,118,000,000 k.w.h. Of the total for May
4,608,352,000 k.w.h. were produced by fuels and 3,485,021,000 k.w.h. by water powei. The "Survey"further shows:
The average production of electricity by public utility power plants in
May was 261,000,000 kilowatt-hours a day, a decrease of about 0.5%
from the daily rate for April.
The marked increase in the monthly production of electricity over that
for the same months in 1928 continued in May, as the output for that
month was nearly one billion kilowatt-hours larger than in May 1928
the same increase as was shown in April 1929 over April 1928. The average daily production of electricity during the five-month period January to
May 1929, was 262,500,000 kilowatt-hours. In 1928 it was 232,400.000
kilowatt-hours, and in 1927 it was 218,000,000 kilowatt-hours. The
average production during these five months in 1928 was 6.6% larger
than in 1927, and in 1929 it was 13% larger than in 1928. These figures
indicate that industry in general is apparently being maintained at a high
rate of activity.
The amount of electricity produced by water power at public utility power
plants in May is the largest on record-3,485,000,000 kilowatt-hours, or
43% of the total. This percentage is not a record, however, as the proportion of the total production of electricity in May 1928, produced by
water power was nearly 45%. The total production of electricity by
both water power and fuel power in the month of September 1921, was
considerably less than the output by water power alone in May of this year.
TOTAL MONTHLY PRODUCTION OF ELECTRICITY BY PUBLIC
UTILITY POWER PLANTS IN 1928 AND 1929.
1928.a
January ___ February _ - _
Merck
April
May
Juie
July
Augnet
Septembertbotelier ......
November- December--
Increase Increase
1929
1928
Over
Over
1928.
1927.
1929.
7.266,000,0011
6,361,0041,M
7.241,600AM
11,546,1100,0041
7,1111,1166,11011
5,991,900,090
7,142,0011,0110
7,610,000,190111
7,176,0011,0011
7,911,1101914111
7,783.111,111
7.112,111,100
1.241,11110,000
7.429,000,000
7,914,000.000
7,174.060,000
8,093,000,000
13%
8%
10%
15%
14%
----
6%
bit%
6%
6%
8%
8%
10%
12%
10%
14%
13%
10%
Produced by
Water Pager.
1928.
38%
38%
39%
42%
45%
44%
43%
40%
38%
36%
36%
35%
1929.
33%
33%
39%
42%
43%
-_-_
-___
---
Total
27 Zia 666 604
107.
40%
____
a Final revon. Is Part of iitcrease is due to February 1928. being ass day
eager than February 19117.
The quantities given in the tables are based on the operation of all power
plants producing 10,000 k.w.h- or more per month, engaged in generating electricity for public use, includiag Central Stations and Electric Railway plants. Reports are received from plants representing over 95% of
the total capacity. The output of those plants which do not submit
reports is estimated; therefore the figures of output and fuel consumption
as reported in the accompanying tables are on a 100% basis.
The Coal Division, Bureau of Mines. Department of Commerce, cooperates in the preparation of these reports.
-UTILITY POWER
PRODUCTION OF ELECTRIC POWER BY PUBLIC
PLANTS IN THE UNITED STATES (IN KILOWATT HOURS).
Total by Fuel and Water Power.
Divisions
-
31
FINANCIAL CHRONICLE
March
1929.
April.
1929.
'May
1929.
Change in Output
Porn Previous Yr.
Apr.'29. May '29.
New England
558.713,000 536,351,000 530,886,000 +19%
Middle Atlantic_ 1,980.215,000 1,967.444,000 1,967,373,000 +11%
East North Central_ 1,976,339,000 1,938,223,000 1,920,152,000 +19%
West North•Oentral
435,161,000 431,323,000 466,541,000 +12%
South Atlantic
1 071,737,000 1,044,091,000 1,087,317,000 +25%
East South Central_ 293,666,000 277,827.000 293,413,000 +11%
West South Central_ 372,028,000 376,600,000 386,320,000 +30%
Mountain
322,358,000 319,945,000 351,816,000 +3%
Pacific
980,408,000 989,816.000 1.089,555,000 +11%
%15%
+9%
+17%
+12%
+23%
+6%
+24%
+4%
+12%
Total for U.S--... 7.988,625,000 7,881,620,000 8,093.373.000 +15%
+14%
Dun's Report of Failures for June and Second Quarter.
The usual seasonal trend toward reduction in number of
failures is dibelosed by the returns for June, and the report
in this respect is the best for the period since 1926. Statistics compiled by R. G. Dun & Co. show 1,767 commercial
defaults in the United States last month, which is not only
the smallest total of the present year, but also is less than
for all months back to last September. The decrease from
the 1,897 insolvencies of May is 6.9%, while there is a decline of 9.2% from the 1,947 insolvencies of June 1928. In
that year, the falling off in the number of failures from
May to June was only about 3%. At $31,374,761, last
month's liabilities reveal a contraction of 23.9% from the
$41,215,865 of May, and also are the lightest of the current
year. Despite the reduced number of defaults in June,
however, the indebtedness exceeds by approximately 5.2%
the $29,827,073 of the same month last year, but the latter
aggregate was relatvely low.
Results for the second quarter, like those for June, show a
smaller number of insolvencies, both in comparison with
the returns for the first quarter of this year and for the
second quarter of 1928. Thus, the 5,685 commercial failures
reported to R. G. Dun & Co. for the three months recently
ended are 12.4% under the 6,487 defaults of the first quarter,
while showing a decrease of 1.5% from the 5,773 insolvencies
of the second quarter of last year. Moreover the $107,860,328 of indebtedness for the three months just closed
is 13.2% below the $124,268,608 of the first quarter of this
year, although being 3.8% above the $103,929,208 of the
second quarter of 1928. The liabilities for the second
quarter of the current year, however, were exceeded in the
second quarter of 1924, 1923, 1922, 1921 and 1893.
Monthly and quarterly failures, showing number and
liabilities, are contrasted below for the periods mentioned:
1929.
1,767
1,897
2.021
June
May
April
4th quarter
September
August
July
5,685
1,987
1,965
2,535
6,487
1928.
1,943
1,838
2,023
5,804
1,635
1,852
1,723
3d quarter
June
May
April
5.210
1,947
2,008
1,818
2d quarter
March
February
January
5,773
2,236
2,176
2,643
7.055
2d quarter
March
February
January
1st quarter
December
November
October
let quarter
1927.
1.833
1,852
1,968
Liabilities.
1929.
531,374,761
41,215,865
35,269,702
5.653
2,143
2,035
2.465
1107,860,328
36,355,691
34,035,772
53.877.145
6,643
1926.
2,069
1,830
1.763
$124,268,608
1928.
$40,774,160
40,601.435
34,990,474
5,662
1,437
1,593
1,605
$116,366,069
33.956:686
58,201,830
29,586,633
4.635
1,708
1,730
1,957
$121,745,149
$29,827,073
36,116,990
37,985,145
5,653
2,143
2,035
2,465
5.395
1,984
1,801
2.296
5103,929,208
$54,814,145
45,070,642
47,634.411
6,643
6,081
5147,519,198
Number
1928.
1,947
2,008
1,818
5,773
2,236
2,176
2,643
7,055
1927.
2,162
1,864
1,787
5,813
1,573
1,708
1,756
5,037
1,833
1,852
1,968
-JUNE 1929.
FAILURES BY BRANCHES OF BUSINESS
Liabilities
Number
1927.
1929.
1928.
Manufacturers1929. 1928. 1927.
$182,832 $2,518,403
$216,800
Iron, foundries and nails__ 15
14
4
839,123
724,060
601,342
Machinery and tools
26
17
25
Woolens, carpets and knit
30,000
32,400
93,134
5
3
2
goods
417,114
60,000
' 50,000
1
1
3
Cottons,lace and hosiery
Lumber, carpenters and
coopers
107
76
70 4,441,900 3,452,854 2,143,620
1.516,110
399,500 1,143,134
Clothing and millinery_•
35
56
45
38,001
127,883
Hats, gloves and furs
134,800
6
7
4
53,224
78.400
16
253,200
Chemicals and drugs
6
5
45,000
40,000
Paints and oils
86,800
3
1
1
407,005
239,784
Printing and engraving
212,715
23
18
21
443,012
Milling and bakers
45
516,909
45
34
424,800
192,933
Leather, shoes & harness- 12
177,949
11
7
134,300
Tobacco, &c
54,997
605,119
3
5
11
34,800
Glass, earthenware dr brick
45,029
6
256,480
9
454,300
3
All other
194 235 200 5,243,444 5,574,161
4,293,210
Total manufacturing
Traders
General stores
Groceries, meat and fish_ Hotelsand restaurants_
Tobacco, &c
Clothing and furnishingsDry goods and carpets
Shoes, rubbers and trunks_
Furniture and crockery
Hardware, stoves and tools
Chemicals and drugs
Paints and oils
Jewelry and clocks
Books and papers
Hats,furs and gloves
All other
Total trading
Other commercial
496
513
427 512,721,101 112,722,577 113.586,903
68
275
81
17
149
71
45
54
43
45
5
32
13
8
248
78
309
106
11
185
96
57
52
31
53
4
49
7
6
281
119
319
88
20
173
92
62
52
39
43
8
23
6
2
264
$608,235
1,971,680
826,300
88,200
2.329.648
767.500
482,003
1,313,900
520,637
328,200
44,900
617,500
54,600
177,100
3,800,558
$786,145 $2,030,104
2,281,471
1,932,503
783,589 3,574,608
121,222
79.698
1,789,963 1,787,560
1,267.084 1,084,435
577,450
636,930
847,613 1,245.790
609,266
348,235
479,707
489,355
64,760
19,600
564,479
421,785
71,443
28,900
5,200
76,000
3.530,303 4,101,588
1,154 1,325 1,310 513,930,961 $13,789,748 $17,856,038
117 109
96 .4,722,699 3,323,748
3.022,224
Total United States_ -1,767 1,947 1,833 $31,374,761 129.827,073 $34,465,165
Canadian National Railways Crop Report.
Rain and scattered showers during the latter part of
the week, particularly in Manitoba and Saskatchewan have
temporarily alleviated the generally dry conditions which
prevailed in these provinces prior to this period, according to the weekly crop report of the Canadian National
Railways. The majority of these points however, which
benefited in this respect, report further rains essential to
help growth. Weather for the most part has been cool
and growth backward. Wheat is reported in all sections
of Manitoba as being in the shot blade or heading with
promise of a short strawed crop throughout. High winds
and slight cut-worm damage are reported in northern
Manitoba on the Margo and Preeceville subdivisions.
Central and southern Manitoba points benefited by rains
on June 26th and 27th, but require warmth or more rain
immediately. Weeds in some cases are rapidly overtaking
the crops and oats and barley are making slow growth.
Somewhat similar conditions prevail in Saskatchewan.
Improvement or deteriorations over the previous report
has been determined by rainfall. As in Manitoba, crops
are a week to ten days later than normal and are short
32
FINANCIAL CHRONICLE
in the straw. Northern and Central sections benefited
appears to have been less fortunate. Avonlea, Gravelbourg, Riverhurst and Bengough subdivisions report urgent need of rains.
Very little rain has occurred in Alberta during the
week. Northern and Central sections need rain urgently,
and in a few cases it is considered doubtful if even this
would ensure a crop. Scattered showers on June 25th
have failed to make any general improvement. Brazeau
subdivision reports five percent frost damage, and Stettler,
slight cut-worm infections. Practically all divisions in
Alberta need rain urgently.
[VOL. 129.
continued decline in the farm price from May 15 to June 15 was accompanied
by prospects for a much larger 1929 winter wheat crop in the United States
than expected in May,indications of larger 1929 wheat production in India,
Mexico,and Morocco than a year ago, and the certainty ofa large carry-over
of wheat in this country on July 1.
The average farm price of potatoes continued to advance from May 15
to June 15, the advance during this period amounting to 7% for the country as a whole. Potato prices advanced 13% in the North Central States,
12% in the South Atlantic Division, and 7% in the Far West, but were
practically the same for the two dates in North Atlantic and South Central
States.
Since about the first of June, shipments of new potatoes have exceeded
those of old stock, movement of the early crop being particularly heavy
from the Carolinas and Virginia, and having started in California. Shipments of the 1928 crop from northern producing areas showed a considerable
seasonal decline but exceeded those of a year ago during the month ending
June 15. The advance in the average farm price for the United States may
be attributed largely to the shift in sales to a new crop basis in the aforementioned areas of early potato production and indications of greatly
reduced available supplies from second early States during the coming two
months as compared with last year.
Survey of Business Conditions by First Wisconsin
National Bank of Milwaukee—Downward Tendency
of Commodity Prices Viewed with Concern.
Reviewing business conditions in May the First Wisconsin
National Bank of Milwaukee has the following to say re- Canada Reports Unabated Prosperity for First Half
Year, According to Bank of Montreal.
garding the downward trend of commodity prices:
American tourist money left in Canada, estimated to
The declining tendency of commodity prices persists and is a matter for
concern. Declines have not been confined to wheat and other grains, but reach a total this year of $300,000,000, is proving an imhave been spread over nearly all the commodity groups. A downward
stimulant to the prosperity of the Dominion,
trend of commodity prices coinciding with high money rates generally portant
foretells recession in business and it is rather generally held that such a according to the Bank of Montreal, in its review of the
protracted period of record business as we have had will be followed by a first half year of 1929, in which the bank states, "Employperiod of mild readjustment.
It is significant that a similar decline of prices has been taking place in ment has never been more brisk, nor balance sheets better."
England and most continental European countries. This gives rise to the Following is a summary of the Bank of Montreal report:
question whether a long-time downward trend of prices is being established
due to inadequacy of the gold base or the uneconomic use of gold. During
the last two years a large amount of gold left this country, but part of it
came back. England and Germany gained gold but lost it. The Bank of
France recently added substantially to its gold reserve through sale of its
holdings of foreign exchange. These back-and-forth movements of gold are
disturbing to prices and business stability.
Regarding business in general the bank says:
Volume and activity of general business in May were only slightly inferior
to April, though normally there occurs an appreciable recession between
.
the two months. Iron and steel bettered their April records. Output of
automobiles and trucks in the United States and Canada is tentatively
reported as 624,000 which is 6% under April and about the same as in
March. For the first five months of the year, 2,832,251 cars and trucks
were turned out or a monthly average of 566,450. Last year during the same
period, the industry manufactured 1,901,314 units or an average of 380,263
per month. Despite an increase of 48% in production, it is said that dealtrs
are notoverloaded withstocks ofcars However this maybe, it is reasonably
certain that the automobile companies camiot continue to operate at the
high rate of recent months without overrunning their market.
Building contracts for the 37 States east of the Rocky Mountains have
continued to run below last year, but the figures do not suggest a serious
slump. That building contracts are running in such large volume in spite
of high money and diminishing new capital issues is rather an unusual
phenomenon There are times, however, when the strength of optimism
Is sufficient to overcome what would ordinarily be obstacles.
Farm Price Index Declines 1 Point from May 15-June 15.
The index of the general level of farm prices declined 1
point from May 15 to June 15, and at 135% of the pre-war
level on June 15 the index is 10 points below a year ago,
reports the Bureau of Agricultural Economics, United States
Department of Agriculture. The Bureau, under date of
June 29, adds:
The decline from May 15 to June 15 was the result of the continued
decline in the farm prices of small grains, hay, cotton, cottonseed, and
wool; and the seasonal decline in the price of hogs, veal calves, sheep,
lambs, dairy products and horses. These declines were partially offset by
advances in the farm prices of corn, flaxseed, potatoes, apples, eggs and
chickens.
Changes in the indices of the general level of farm prices by groups of
agricultural commodities were as follows from May 15 to June 15: Dairy
products declined 4 points; grains, 2 points; cotton and cottonseed, 2 points;
and meat animals, 1 point. The poultry and poultry products price index
advanced 6 points and fruits and vegetables advanced 1.
The United States average farm price of hogs continued their usual
seasonal decline from May 15 to June 15, the 2% decline in the farm price
during this period being accompanied by a moderate increase in receipts
at primary markets. Receipts of hogs at 7 primary markets during the
-week period ending June 15 were approximately 9% larger than in the
4
corresponding period ending May 18. Heavy stocks of lard continued to
have a depressing influence on the farm price of hogs. The farm price of
corn advanced slightly, resulting in a slightly lower feeding ratio. The
corn-hog ratio for the United States declined from 11.6 on May 15 to 11.3
on June 15. The Iowa feeding ratio was 13.0 on June 15 as compared with
13.6 a month earlier.
At $9.72 per hundredweight on June 15, the United States average farm
price of cattle was the same as the mid-month May figure. Prices advanced
3% during the month in North Atlantic and South Central States and about
1% in the North Central and South Atlantic Divisions. At the same time
the farm price declined approximately 5% in the Far West. Supplies of
-week period ending
cattle received at 7 primary markets during the 4
June 15 were about 8% smaller than in the corresponding period ending
May 18.
The average farm price of corn in the United States on June 15 was
nearly 1% higher than on the 15th of May. The farm price advanced about
2% in the North Central States during this period, but this advance was
partially offset by a 4% decline in the North Atlantic States and approximately a 1% decline in the South Central Division. Price-strengthening
factors which favored the price advance for the country as a whole were the
lateness of corn planting, usually small market receipts and the heavy reduction in commercial market stocks during the latter part of May and the
first half of June.
At 87 cents per bushel, the farm price of wheat on June 15 was 4% lower
than a month ago, 36% below the farm price on June 15 1928, and 2%
lower than the five-year average price paid farmers from 1909 to 1913. The
-year drawing to a close, Canadian commerce, in nearly
In the half
every branch, has reached a higher peak. Foreign trade, railway traffic,
manufactures, mining, building operations, and agriculture in the large
have been of greater volume and value than ever before. Employment
has never been more brisk, nor balance sheets better. Diffused prosperity, the rising tide of which set in five years ago,continues. A relatively
large program of railway construction has been entered upon, development
of water power and mineral resources is unabated, new manufacturing
industries are being planted in the Prairie Provinces, factory facilities
are being enlarged in the central Provinces, and a distinct improvement
in business has been brought about in the Maritimes by preferential railway
rates. Large expenditures of public money on highways have given
employment to labor and impetus to business, bringing in their train a
great influx of tourists whpse disbursements are estimated to reach $300,000,000 this year, and so aid in redressing Canada's adverse trade balance
with the United States. The dark spots of the picture number stock market
recession, decline in the price of wheat and coarse grains, congestion of
grain at terminal points with consequent loss to Lake shipping and business
mortality occasioned by competition of departmental and chain stores.
The future trend of business will, as always, hinge upon the state of
agriculture. Umpropitious weather during the spring months delayed
farm work the country over and seeding was not completed until June,
but like conditions in the past have not prevented good crops, and save
for lack of adequate moisture in some sections of the Prairie Provinces,
the agricultural outlook does not give cause for discouragement.
Carloadings reveal a satisfactory trade condition, the cumulative total
to June 8 being 22,639 cars larger than last year, and 92.057 cars larger
than in 1927; this despite considerable decrease in grain shipments and in
loadings of pulpwood and livestock. Merchandise and miscellaneous
loadings indicate much business activity, particularly in the Eastern
Division, where this class of freight principally originates, 33,894 more
cars being employed in moving these commodities since Jan. 1 than last
year. Canadian railway gross earnings in the four weeks ending June 14
show an increase of $278,700 over last year.
The newsprint industry has again got into its stride, mills working in
May at a closer ratio to capacity than for many months past. That ratio
was 87.6%, being ten points higher than in February, with a production
of 245,644 tons, compared with .221,784 tons in April, and 203,811 tons
in May of last year. Aggregate production in the elapsed five months of
the current year, 1,084,966 tons, was 114,000 tons more than in the same
period in 1928, and more than double production in 1923.
The automobile industry is experiencing some seasonal slackness after
a period of production unprecedented. The output of passenger cars in
April was 70% larger than in the corresponding month last year, and in
May the output was still greater. The export trade also enlarges, shipments abroad of motor vehicles and parts having increased in April and
May from $4,625,000 in 1928 to $7,405,000 this year.
The statement of chartered banks at the close of April discloses some
Interesting figures. Note circulation, which in March had expanded by
the unusual amount of $26,400,000, as sharply contracted $17,800,000
in April to a figure slightly above that of a year before. More significant
is the expansion of current commercial loans in Canada, these having
Increased 826,400,000 in April to a total of $1,320,500,000, being $145,000,000 more than at the same date in 1928 and $298,000,000 more than
two years ago, indicating very definite business expansion.
Increase of 2% in Industrial Activity in New England
During May Reported by Federal Reserve Bank
of Boston.
From the July 1 Monthly Review of the Federal Reserve
Bank of Boston we take the following relative to the New
England business situation:
There was an increase of about 2% between April and May in the rate
of industrial activity in New England, although in May the level was
somewhat lower than that which had been maintained during the first three
months. It is apparent, however, that the average rate of activity in New
England during the first half of 1929 will exceed that of any corresponding
period. Electric power production, boot and shoe production, and cotton
and wool consumption were the principal factors in sustaining an unusually
high level of activity in this district during May, while, on the other hand,
carloadings (merchandise and miscellaneous) declined slightly in May, and
both residential and commercial and industrial building continued to
decrease. The textile industry, from a volume standpoint, has been
improving during recent weeks, and more cotton was consumed in New
England mills in May than in any month since June 1927. Wool consumption declined by more than the usual seasonal amount in May from
JULY 6 1929.]
33
FINANCIAL CHRONICLE
April, and was slightly greater than in the corresponding month a year
ago. Silk machinery activity increased in May, when allowances for
custanary searonal changes had been made, to the highest level of the
current year. The value of contracts awarded for residential building in
New England during May was the smallest for that month since 1923,
and was about 17% below that of May 1928. Firm money rates have
probably been among the principal causes of the decreased volume of new
building recently. Employment conditions have remained generally satisfactory, although in May there was a smaller demand for shoe workers.
Boot and shoe production in New England during May declined from April
by somewhat less than the curtailment which has taken place between
these months in recent years, and for the first five months of this year
shoe production was approximately 2.5% larger than in the corresponding
period a year ago. For the entire country shoe production during the
period from January through May was somewhat larger than in the same
period in 1928. Machine tool activity in New England continued at high
levels during May, and the demand for skSled labor has remained strong.
Sales of New England department stores in May were more than 6% larger
than in May 1928, and for the first five months this year were nearly 2%
ahead of the corresponding period a year ago. In June preliminary
reports indicate sales of about the same volume as a year ago. Automobile sales, as indicated by new car registrations, in New England were
32.2% higher in May than in this month last year, and in the first five
months of this year were 36.7% ahead of the same period in 1928. Both
the number and liabilities of commercial failures in New England were
larger during the period from January through May this year than in
these months last year.
of the decline is found in residential building. Clothing manufacturers
attribute much of their decline to the weather. Agricultural conditions are
irregular. Wheat is good, oats only fair, and fruit prospects are poor in
this District. The rains of late June should do much to improve farm conditions generally.
Wholesale and retail conditions in the District are reviewed as follows:
Retail Trade.
Sales of62 department stores in this District showed a gain of2.3% in May
and an increase for the first five months of 2.6%, as compared with corresponding periods of 1928. Stocks are lower, accounts receiveable are
larger, but collections are above those of a year ago. Increases were
shown in 37 of the 52 departments, the largest being,silverware and jewelry,
13.9; handkerchiefs, 11.9; aprons, house dresses, 12.0: furs, 10.4; furnftuse,
13.3; and lamps and shades, 10.8. The largest and most important declines
were shown in neckwear and scarfs, 10.2; women's coats, 26.2; and misses'
coats and suits, 16.4%.
Sales of women's wearing apparel as shown by 16 reporting stores wore
5.9% less in May than a year ago. May furniture sales showed an increase
of 1.1% in the 47 stores in the District and for the five months the increase
was 1.8%. compared with 1928.
Wholesale Trade.
Wholesale trade in this District was irregular during May. Wholesale dry
goods continued to show a gain, the increase for the month being 3.1%
Groceries were a trifle better than a year
and for the year-to-date 2.8%
ago and so far this year sales have been 0.9% ahead of the first five months
of 1928. Sales of hardware, drugs, and shoes showed losses in May, the
declines from last year being, 4.0, 0.5, and 23.6% respectively. Collections
seem to be holding up well. the percentage of April accounts collected in
May being larger than last year for all lines except shoes and groceries.
Industrial Activity in Philadelphia Federal Reserve
District Compares Favorably with Year Ago.
Commercial and industrial activity in the Philadelphia
We also quote from the Review the following regarding
Federal Reserve District continues well sustained, and the building operations in the District:
volume of transactions compares favorably with that of a
Building.
year ago. In thus indicating conditions in its District, the
Contracts awarded in that part of the United States east of the Rocky
Federal Reserve Bank of Philadelphia, in its July 1 Business Mountains in May were $587,765,900 according to the F. W. Dodge Corp.
This represents a decline of 12% from May 1928, and 9% from April 1929.
Review, goes on to say:
The greater part of this decline is found in the New York area, caused partly
There is further evidence, however, of the usual seasonal slackening in by the recent labor dispute. If the figures for the New York area are
many lines of manufacture, but the extent of these recessions does not appear
to be as a widespread as was the case at the same time last year.
The market for manufactured products on the whole is moderately active,
although sales have declined since the middle of last month. Unfilled
orders, on the contrary, seem to be larger than a month ago and exceed
appreciably the volume reported a year ago.
Productive activity has declined in recent weeks, as usual, following a
relatively high level of operations in the Spring months. This is especially
true of the shoe industry, most of the branches of textiles, and chemicals.
Fabricators of metal products continue unusually active although the demand
for their products has slowed down somewhat lately.
Conditions in lines making building materials have improved further,
though not in comparison with a year ago. The unfavorable contrast with a
year ago no doubt reflects lessened activity in the building trades.
The value of building contracts awarded declined in May and in comparison with a year earlier. The decline in contracts for residential buildings was principally responsible for the sharp drop.
Stocks of finished goods carried by manufacturers for the most part
vary from moderate to light and continue smaller than those of a month
ago in most instances. Compared with those on the same date last year,
inventories generally are smaller.
The distribution of goods is well maintained. Shipments by railroad in
this section have continued in 'roves of last year, the movement of
merohandise and miscellaneous commodities contributing to this favorable
showing.
Retail business is said to be moving forward at a fairly active pace.
Sales in May were almost 2% larger than in April, but nearly 3% smaller
than in May 1928, department and shoe stores being chiefly responsible
for this decline. Similarly, wholesale and jobbing trade showed a gain
over the preceding month but a slight decline in comparison with a year
ago. Sales of new passengers cars in May decreased appreciably for the
first time this year. Sales of life insurance were smaller than in April or
in May 1928.
Check payments in this District during the four weeks ended June 19
were larger than in the preceding four weeks and continued ahead of those
of a year ago.
Active business in this District during recent months has been paralleled
by a rising volume of commercial leans. In the four weeks ended June 12
there was a continuation of this tendency and a decline in loans on securities, according to the reports of member banks in many of the larger
eities. In the following week, however, banks in Philadelphia reported a
substantial rise in loans on securities; a large increase in Government
deposits testified to heavy subscriptions to the new issue of Government
certificates, but their holdings of such securities declined slightly. Borrowings from the Federal Reserve Bank decreased between May 22 and
June 19, and the reserve ratio rose from 72.9 to 75.8%.
Business Conditions in Cleveland Federal Reserve District-Usual Seasonal Recession Not Evidenced.
Observing that general business in its district "has not
undergone the slowing up which usually accompanies the
advent of the suinmer season," the Federal Reserve Bank
of Cleveland, in its July 1 Monthly Business Review says:
Activity as shown by a number of indicators is higher for this season
Of the year than has been experienced for some time past.
Consumption of electric power was about 3% larger in May than a year
ago. Operations at iron and steel mills continue high. May steel ingot
production established a record for all time, partly at the expense of back
logs, since the unfilled orders of the United States Steel Corp. showed a
decline as of May 31, after showing a gain for five consecutive months.
Automobile output has shown some decline, but this is no more than sea
sonal.
Tire manufacturers have had a record six months, employment being
at peak levels and prices rather steady. Paint makers are doing well.
Shoe production has increased. Condition in the coal industry are favorable,
shipments from Lake Erie ports being the largest in several years. Ore
receipts are 178% larger than in 1928, total receipts being 7,944,000 tons
for the first five months this year, as against 2.848,000 tons a year ago.
Building continues to lag behind. Contracts awarded in May in this
District were larger than a year ago, but June shows a falling-off. Much
excluded, the decline from April is only 2% which is less than seasonal.
In the Fourth (Cleveland) District contracts awarded in May were
$64.736.000as compared with $63,813,000 in May 1928, and $51.469,000
in April of this year. This large increase for the month partly wiped out
the rather large decline for the first part of 1929 so that for the
year-to-date total contracts are only 4.1% lower than in the corresponding
period of last year.
Most of this increase in new contracts occurred, however, in non-residential lines. Residential contracts in this District were only $17,259.000 as
compared with $27,845,000 in May, 1928, and $18,557,600 in April. For
the first five months of 1929, this class of contracts awarded was 26.8%
less than in 1928.
The valuation of building permits as recorded in 27 cities in this District
is shown in the table below. The 19.2% decline for the month of May as
compared with the same menth of 1928 was considerably less than the 33%
decline in April. which reduced the cumulative loss to 19.2% for the year.
Employment in the Ohio construction Industry, according to the Ohio
State Bureau of Business Research, was considerably higher in May than
In April, the index rising 15 points in the past month. The usual April
to May increase, based on reports from 202 concerns, is only 8 points.
Building Materials.
Lumber manufacturers in this District report business during the first
two months of the second quarter slightly ahead of the corresponding period
of 1928. In early June, however, a slackening seems to have developed and
demand for building materials is lighter than in April or May. Production
ofsouthern mills for the first week in June was almost 12% less than in 1928.
Output of Portland cement mills in Ohs, Western Pennsylvania, and
West Virginia was 1,595,000 barrels in May, a decrease of 11.5% from a
year ago.
BUILDING OPERATIONS (VALUE OF PERMITS).
May
1929.
Akron
Ashtabula
Barberton
Canton
Cincinnati
Cleveland
Cleveland suburbs:
Cleveland Heights
East Cleveland
Euclid
Garfield Heights
Lakewood
Parma
Rocky River
Shaker Heights
Columbus
Covington, Hy
Dayton
Erie. Pa
Hamilton
Lexington. Ky
Lima
Newark
Pittsburgh, Pa
Springfield
Toledo
Wheeling, W.Vs
Youngstown
... .
22,775,412
114.553
153,929
443,545
2,962,800
2,970,150
P. C.
Change
-May
from
Jan.
1928.
1929.
Jan.
-May
1928.
P. C.
Change
from
1928.
+53.2 29,219,887
+92.6
149,277
-16.0
428,941
+13.7 1,371,840
-33.5 13.018,590
-32.9 14,880,250
$7,441,605
180,882
457,626
1,958,458
14,061,810
19,321,015
+23.9
-17.4
-6.3
-30.0
-7.4
-23.0
2,222,775 -56.2
972,730
154,780 -85.8
540,329 +174.6
249,585 +208.3 1,483,594
1,231,086 -14.1
195,853 -39.9 1,058,080
542,100
951,650 -43.0
153,100 -23.5
1,732,698 -58.5
752,996
222,490 -32.5
919,399
1,186,908 -22.5
230,295 -30.8
768,415
485,863 +58.2
1,47,435 +78.5
3,447,810 -20.3
808,205 +19.8 2,747,325
7,844,000 -34.0
1,255,100 -38.6 5,179,400
708.850 -19.8
570,125
80,550 -85.
6,214,442 -51.8
278,974 -89.0 2,998,454
1,506,407 +173.5
342,368 -14.3 4,120,502
758,353 +5.0
103.313 -41.5
798,158
865,700 +54.8
142,983 +15.5 1,030.828
212.074 +38.8
94,085 +98.4
2')0,085
488,480 -84.4
63,875 -79.7
173,345
4,884,327 +90.8 12,537,064 17,830,409 -28.9
125,885 -2.8
558,772 -2.3
548,040
999,449 -25.3 5,039,848
8,590,647 -41.3
117,400 -54.1
838.570
858.940 -25.9
713,595 -22.4 2,347,382
3,525,334 -33.4
...... ... ...... .... ....... --- ... --LW.*
..
.
O5UMAL,1i0
O54,310,U01011.11,/50,itki
Industrial Employment Conditions in Chicago Federal
-Slight Gain in Employment
Reserve District
Decrease in Wages.
In surveying industrial employment conditions in its
District, the Federal Reserve Bank of Chicago, in its July 1
Monthly Business Conditions Report, says:
The volume of employment at factories of the district continued to show
a further slight Increase 0.4% for the period April 15 to May 15, counteracted, however, by a decline of 1.4% in the amount of payrolls
Metals
[VOL. 129.
FINANCIAL CHRONICLE
34
and metal products showed a slight decline in the number of men employed,
the first since July 1928; a somewhat heavier decline in the amount of
payrolls was the first recorded since last January. The vehicles group also
showed a reversal of the upward trend that has been in continuance since
last December. Other groups with a definite downward trend for the
month were lumber and rubber products. The textiles group registered a
decline in the number of workers accompanied by an Increase in the amount
of payrolls, while food products showed a gain in men and a loss in payrolls.
Stone.clay and glass products continued their seasonal advance and leather,
chemicals, and paper and printing also registered gains in both men and
payrolls.
Outside the manufacturing plants, the demand for labor continued to
increase, the construction and the distributive industries having added a
considerable number to their working forces during the month. The
number of applicants to positions available at the free employment offices
of Illinois showed a ratio of 124% as compared with 134% for April. In
Indiana there was a rise in this unemployment ratio, from 93% to 100:
and in Iowa from 241% to 244.
-SEVENTH FEDERAL RESERVE
EMPLOYMENT AND EARNINGS
DISTRICT.
Toml Earnings.
Number of Wage Earners
Week Ended.
Week Ended.
Industrial Groups.
Per
May 15
May 15 Apr. 15 Cent
1929
1929. 1929. Chance.
334,462 333,211
All groups (10)
Metals and metal products
134,911 135,268
(other than vehicles) _
41,144 41,444
Vehicles
Textiles & textile products _ 22,312 22,676
Food & related products_ _ _ 42,057 40,575
Stone, clay dr glass products 13,881 13,239
Lumber and its products_ _ _ 26,038 26,554
10,855 10,652
Chemical products
12,969 12,660
Leather products
4,164 4,266
Rubber products
26.131 25,877
Paper and printing
Pet
Cent
April 15
1929. Change.
+0.4 89,649,931 89,791,717 -1.4
-0.3
-0.7
-1.6
+3.7
+4.8
-1.9
+1.9
+2.4
-2.4
+1.0
4,250,019 4,317,482 -1.6
1,245,693 1,266,160 -1.6
500,320 +8.9
544,678
1,101,319 1,221,330 -9.8
389,970 +8.4
422,834
618.577 -2.5
602,809
28,6,823 +2.4
293,594
267,478 +1.1
270,517
105,036 -10.8
93.666
818,541 +0.8
824,802
Manufacturing Activities and Output in Chicago
Federal Reserve District-Decline in Midwest Distribution of Automobiles.
It is noted in the July 1 "Monthly Business Conditions
Report"of the Chicago Federal Reserve Bank,that a seasonal
decline took place in automobile production during May
from the all-tinie record established in April, but output
continued considerably above the 1928 level. Passenger
pars produced in the United States totaled 516,055,a decrease
of 3.9% from the preceding month and 37.5% above May
last year; truck output of 86,596 represented an increase over
April of 5.1% and of 73.5% over a year ago. As to the
midwest distribution of automobiles, the Bank says:
Wholesale and retail distribution of automobiles in the Middle West
aggregated less in May than a month previous, but both showed largo
gains over May 1928. Sales of used cars followed a similar trend. Stocks
of new cars in dealers' hands on May 31 were somewhat heavier than
on April 30 and considerably above the corresponding date last year; used
cars on hand showed a small decline in the month-to-month comparison,
but were much larger than a year ago. Sales made on the deferred payment
plan during May constituted 55.2% of the total retail sales of 42 dealers,
against 55.3% in April and 37.3% for 23 firms in May of last year.
MIDWEST PRODUCTION OF AUTOMOBILES.
Changes in May 1929 from Previous Months.
Per Cent Change from
April 1929.
New carsWholesale
Number sold
Value
Retail
Number sold
Value
On hand May 31
Number
Value
Used cars
Number sold
Salable on hand
Number
Value
May 1928.
Of the groups comprising 51 manufacturing industries, metal products,
foods and tobacco, stone, clay and glass products, lumber, chemical,
leather and rubber products, and paper and printing showed appreciable
gains In payrolls between April and May, while transportation equipment
and textile products reported seasonal declines. In contrast with May 1928,
metal products, transportation equipment, textiles, and lumber products
showed the largest increases. The number of wage earners also exceeded
that of a year earlier in all groups except foods and tobacco, and leather and
rubber products.
Twelve out of the 17 city areas reported increases in wage payments during the month, the largest gains occurring in Johnstown, New Castle, Wilmington, Sunbury and Lancaster. The majority of city areas had larger
payrolls in May this year than last. The largest gains in the number of
workers as contrasted with a year ago occurred in the areas including Williamsport, Sunbury, Philadelphia, Harrisburg, Reading-Lebanon, Altoona,
Erie and Wilmington, while Wilkes-Barre showed the most pronounced decrease.
Wage disbursements in Delaware manufacturing industries showed an
Increase of about 3% from April to May, all groups sharing in this gain
except chemicals, drugs and paints. Employment, on the other hand
showed a slight decline.
The statistics supplied by the bank follow:
EMPLOYMENT AND WAGES IN PENNSYLVANIA.
Compiled by the Federal Reserve Bank of Philadelphia and the Department of
Labor and Industry, Commonwealth of Pennsylvania.]
Index Numbers, 1923-1925 Average--.100.
Group and Industry.
Payrolls
Employment
May 1929.
May 1929.
No. of
Per Cent
Per Cent
Plants
Change Since
Change Since
Reporting. May
May
May April
Mat
Index. April
1929. 1928. Index. 1929. 1928.
All mfg. Industries (51)....-Metal products
Blast furnaces
Steel works & rolling mills
Iron and steel forgingsStructural iron work
Steam and hot water heating apparatus
Stoves and furnaces
Foundries
.
Machinery and parts_
Electrical apparatus
Engines and PumPs
Hardware and tools
Brass and bronze products
Traroportation equipment
Automobiles
Autmoobile bodies dr parts
Locomotives and cars
Railroad repair shops
Shipbuilding
Textile products
Cotton goods
Woolens and worsteds.__
Silk goods
Textile dyeing & finishing
Carpets and rugs
Hats
Hosiery
Knit goods, other
Men's clothing
Women's clothing
Shirts and furnishings
Foods and tobacco
Bread & bakery products_
Confectionery
Ice cream
Meat Packing
Companies Included.
April 1929. May 1928.
-9.5
-8.9
+21.5
+22.6
38
38
26
26
-2.0
-0.4
+46.6
+18.6
63
63
41
41
+9.6
+6.0
+61.4
+51.1
65
65
43
43
-2.7
+8.3
64
42
-3.0
-3.4
+36.6
+16.3
64
64
42
42
The Bank has the following to say regarding conditions
in the furniture trade:
According to the reports of 26 furniture manufacturers in the Seventh
District, orders booked during May increased 12.2% over April and showed
a gain of 17.4% over the corresponding period last year. Almost two-thirds
of the firms reported expansion in both comparisons. Shipments approximated the same in May as in the preceding month but were 16.4% greater
than a year ago. Orders booked during the month again exceeded shipments, resulting in an increase of16.8% in unfilled orders on hand May 31:
In the comparison with last year this item showed an increase of 50.9%
The average rate of operation for 18 firms increased from 76.9% for April
to 83.1% in May.
Increase in May in Wages and Employment in Pennsylvania-Delaware Industries Show Decline in Employment with Gain in Wages.
Factory employment and payrolls in Pennsylvania during
May increased further, contrary to the usual seasonal tendency, according to reports from 778 manufacturing firms
to the Federal Reserve Bank of Philadelphia. Gain over
April in the number of workers amounted to nearly 1% and
in the volume of wage payments to a little more than 1%.
In comparison with a year ago, employment was almost 9%
and wage disbursements about 15% larger. The bank's
survey, issued June 17, reports further as follows:
Cigars and tobacco
Stone,clay & glass products_
Brick, tile and pottery.-Cement
Glass
Lumber products
Lumber and planing millsFurniture
Wooden boxes
Chemical products
Chemicals and drugs
Coke
Explosives
Paints and varnishes
Petroleum refining
Leather and rubber products
Leather tanning
Shoes
Leather products, other....
Rubber tires and goods_
1
'aver and printing
Paper and wood pulp
Paper boxes and bags
Printing and publishing
778
228
9
43
10
10
17
8
38
39
16
10
18
10
40
6
11
13
6
4
156
14
15
38
9
9
4
25
16
9
9
9
94
26
13
11
14
30
66
30
14
22
42
17
19
6
47
27
3
3
9
5
48
17
21
6
4
57
13
6
38
93.5
92.2
48.0
82.0
101.5
112.8
+0.8 +8.5 102.3 +1.4 +15.1
+2.8 +12.0 104.7 +4.2 +20.2
+2.6 +3.7 51.7 +4.4 +4.2
+0.9 +4.2 95.2 +1.2 +14.1
+4.4 +24.2 125.8 +11.9 +43.9
+0.1 +17.4 121.0 +7.2 +20.9
96.6 +0.8 +2.9 111.0 +3.6 +6.1
76.2 +7.2 -4.6 68.3 +11.2 -5.8
94.3 +0.4 +12.5 106.0 +0.4 +20.9
117.6 +3.9 +16.7 136.2 +6.4 +25.6
158.0 +21.2 +71.7 179.9 +27.9 +75.0
99.8 -3.4 +11.0 112.3 +0.7 +23.1
93.9 +0.4 +14.7 100.4 +1.1 +26.6
08.6 -1.3 +11.9 101.0 -1.8 +21.4
.87.1 -2.1 +14.5 .89.9 -7.5 +17.1
+1.1 +33.0
125.4 +4.6 +36.0 145.8
114.3 -17.4 +40.9 99.3 -27.9 +25.2
+2.7 +29.6
68.1 +4.3 +13.3 69.1
91.5 -0.1 +14.1 107.2 -2.2 +31.5
45.0 +22.3 +48.5 46.8 +9.9 +53.9
99.5 -2.5 +4.3 109.9 -1.4 +10.3
79.7 -2.3 +1.4 81.5 -2.4 +7.5
81.9 -7.1 -2.6 84.7 -3.8 +1.7
101.0 -4.4 +4.9 109.6 -1.9 +13.3
114.7 -6.3 -2.5 123.5 -5.7 +3.4
91.5 +0.3 +4.6 89.1 -1.1 +11.7
97.3 +0.7 -3.5 94.0 +0.4 +0.6
125.5 +0.1 +10.6 158.0 -1.6 +12.6
88.4 +0.9 +0.9 101.0 +0.6 +11.6
93.8 -3.6 +20.3 97.9 -5.2 +33.7
121.4 -6.6 +1.2 129.4 -7.5 +1.6
92.8 +1.6 +2.3 89.4 -4.3 +4.9
+4.1 -0.2
92.9 -1.4 -4.0 08.1
108.7 +2.3 +2.8 104.9 +4.3 +2.2
88.1 -2.0 -0.8 102.7 +1.5 +1.5
+1.2 -5.3
92.5 +2.4 -1.3 99.6
100.5 -0.5 +12.0 98.0 +0.9 +14.0
89.0 -3.3 -10.7 92.2 +8.3 -5.9
83.8 +2.7 +4.3 86.6 +4.8 -2.9
91.4 +0.3 +1.6 94.9 +1.5 +6.6
75.3 +6.2 -17.0 83.3 +8.0 -17.2
93.6 +1.7 +7.7 92.5 +4.4 +12.0
71.8 +4.8 +3.5 72.7 +5.4 +6.8
+7.6
+0.1
65.3 +2.2 +7.8 69.6
71.5 +7.2 +2.1 69.8 +10.6 +10.4
.
106.0 +6.1 ----6.4 111.8 +9.5 -7.0
101.5 +1.7 +4.5 110.6 +3.3 +3.8
91.1 -6.8 -1.9 95.4 -8.6 -0.3
118.9 +0.3 -7.7 118.7 +2.2 -9.7
140.7 +0.9 +22.8 131.9 +2.4 +25.0
135.3 +3.8 +6.3 145.7 +2.7 +7.4
93.2 +4.7 +11.6 104.2 +6.9 +10.0
+2.7 +0.6
97.0 +2.1 -1.2 101.4
+3.9 -4.0
101.7 +3.6 -4.6 106.1
91.5 +1.3 +3.0 91.5 +2.8 +9.2
114.9 -3.4 +6.4 102.0 -8.4 +1.6
+1.3 +3.4
77.6 +0.8 -2.5 95.1
92.0 +4.0 +0.4 108.4 +3.8 +1.2
+7.8 -1.9 94.3 +8.9 -3.6
81.1
93.0 +3.3 +4.4 118.0 +8.9 +12.7
+2.1 122.7 -11.2 .1..1 a
+0.7
105.7
•Preliminary figures.
EMPLOYMENT AND WAGES IN CITY AREAS.
[Compiled by Department of Statistics and Research of Federal Reserve Bank
of Philadelph a.]
Employment
Payrolls
Percentage Change Percentage Change
No. of May 1929 Since May 1029 since
Plants
Report- April
May
May
April
ing.
1929.
1928.
1928.
1929.
Allentown-Bethlehem-Easton
Altoona
Erie
Harrisburg
Hazleton-Pottsville_
Johnstown
Lancaster
New Castle
Philadelphia
Pittsburgh
Reading-Lebanon_
Scranton
Sunbury
Wilkes-Barre
Williamsport
Wilmington
York
73
13
12
34
20
13
28
11
231
87
62
30
25
21
22
29
43
+1.9
-0.4
-0.1
-1.7
+0.9
+8.2
+4.7
+2.6
+1.6
+1.1
+0.7
-1.2
+0.3
-9.3
+0.1
+0.1
-1.9
-3.6
+9.5
+8.7
+12.4
+5.4
+0.4
+0.6
+6.0
+14.6
+4.5
+10.5
-2.7
+16.3
-9.4
+17.6
+8.0
-1.8
+2.9
+0.3
-0.2
+2.3
-0.1
+11.4
+3.1
+8.1
+0.9
+1.2
+1.0
+1.5
+3.6
-0.1
-0.4
+3.9
-1.7
-1.0
+12.6
+8.4
+27.1
+8.7
+5.9
-0.3
+12.2
+17.3
+12.6
+20.9
+0.9
+35.1
-2.6
+28.4
+13.6
-1.3
FINANCIAL CHRONICLE
JULY 6 1929.]
-HOURS AND AVERAGE HOURLY AND WEEKLY WAGES
EMPLOYEE
IN PENNSYLVANIA.
(Compiled by the Federal Reserve Bank of Philadelphia and the Department of
Labor and Industry, Commonwealth of Pennsylvania.]
EmployeNo. of Hours
Average
Plants Change Hourly Wages.
Report- May '29
from
ing.
April
Apr. '29 May
Croup and Industry.
Average
•Weekly Wages.
April
May
-0.6 $.575 $.570 $27.53
All manufg.induatries(45)---- 482
30.33
+2.6
.609
171
.618
Metal products
7
.580
29.76
+5.2
.584
Blast furnaces
31.57
.634
.632
+2.3
26
Steel works and rolling mills9 +10.5
.566
30.05
.557
Iron and steel forgings
29.59
.554
.894
Structural iron work
+6.7
8
31.22
.618
.612
+4.9
14
Steam & hot water heat.aPP.
30.31
.607
33
.604
+1.4
Foundries
32.83
.618
.619
+6.5
32
Machinery and parts
25.88
-2.2
.517
13
.518
Electrical apparatus
30.34
+1.0
.617
10
.615
Engines and pumps
-0.7
12
.528
24.82
.523
Hardware and tools
7
-2.5
.539
27.07
.542
Brass and bronze products
.628
30.00
.624
31 -11.9
Transportation equipment
33.58
.651
.655
+1.6
Automobiles
-28.5
.589
28.13
.591
Automobile bodies and parts
29.35
-4.4
.601
.599
Locomotives and cars
.754 30.99
.734
-0.4
Railroad repair shops
30.20
Shipbuilding
.705
.667
+15.9
7
22.77
-3.9
.446
.451
Textile products
1
-1.7
.450
25.75
.454
Cotton goods
21.98
-9.3
.406
1
.446
Woolens and worsteds
2
Silk goods
-5.2
.419 19.86
.429
25.71
Textile dyeing and finishing_
.484
.453
-5.0
-77
24.49
Carpets and rugs
.521
.505
Hosiery
.502
28.35
-0.9
.530
20.21
Knit goods, other
-0.3
.479
.387
15.25
Women's clothing
.369
.353
-5.3
15.06
Shirts and furnishings
+10.3
.311
.298
Foods and tobacco
21.32
+3.9
.461
4
.458
28.64
Bread and bakery products.501
1
.492
+5.0
-3.9
.448
20.65
Confectionery
.422
+2.5
31.82
Ice cream
.550
.552
28.63
Meat packing
.534
.535
+2.2
15.22
.327
.303
Cigars and tobacco
+18.5
3
28.20
Slane, clay and glass products_
+7.0
.553
.550
1
+2.9
.526
25.76
Brick, tile and pottery
.534
32.16
.544
.543
Cement
+15.2
1
26.51
Glass
+2.3
.582
.582
21.69
Lumber products
.513
.514
+8.8
3
1
Lumber and planning milb3_
21.89
+3.5
.547
.543
1
23.41
Furniture
+14.0
.518
.510
Wooden boxes
17.01
.394
.389
+6.8
Chemical products
29.16
+0.6
.555
1
.580
Chemicals and drugs
27.97
-9.2
.495
1
.500
Paints and varnishes
27.83
.545
.539
+3.5
Petroleum refining
30.50
.570
.604
+2.1
Leather and rubber products
2
23.11
.478
.471
+4.3
Leather tanning
25.69
.529
.527
+6.1
Shoes
18.09
.363
1
+4.8
.344
20.42
Leather products. other
.506
.510
-4.8
29.99
Rubber tires and goods
.578
.577
+1.4
Paper and printing
30.98
.614
.611
+2.2
3
Paper and wood pulp
29.88
.552
.538
+2.9
Printing and publishing
34.58
.718
2
.713
+1.3
ese figures are for the 778 firms reporting employment and wages.
EMPLOYMENT AND WAGES IN DELAWARE
[Compiled by Federal Reserve Bank of Philadelphia.]
Industry
All industries
Foundries and machinery products
Other metal manufactures
Food industries
Chemicals, drugs and paints
Leather tanned and products
Printing and publishing
Miscellaneous industries
The cool weather in May acted as a deterrent to trade in farming sections
of the district. No definite change in price trends is apparent in the various
reporting groups.
Department Store Trade.
Sales by 96 department stores in the Seventh district gained 7.5% in
May over a month previous and totaled 1.8% above a year ago. The larger
cities and the total for 60 stores in smaller centers shared in the expansion
over April, while in the yearly comparison,sales by Chicago stores totaled
2.5% smaller and those by stores in the smaller cities 0.4% less, while gains
of 10.9% in Detroit, of 4.1% in Indianapolis, and of 1.51 in Milwaukee
effected the increase shown in the total. For the five months of 1929.
merchandise sold by Chicago stores has aggregated 1.2% above the corresponding period of 1928, Detroit has• gained 12.2%, Indianapolis 2.0%.
Milwaukee 1.3%, and the total for stores in smaller cities 0.4%, bringing
the total for all reporting stores to 3.8% above the figure for the first five
months of 1928. Stocks declined 1.8% on May 31 from a month previous,
and were 3.1% heavier than on the corresponding date last year. The rate
of stock turnover was the same as for May a year ago. Collections during
the month increased 3.3% over the preceding month and 12.0% over last
May, while accounts receivable the end of the month were 3.2 and 9.8%
larger. Collections averaged 41.0% of accounts outstanding on April 30.
which compares with a ratio of40.2% a year ago.
$27.36
29.96
29.26
31.46
28.03
27.66
30.42
30.35
32.04
24.62
29.12
24.68
27.21
31.77
34.69
32.21
Chain Store Trade.
29.79
31.68
Aggregate sales of 20 chains operating 2,550 stores in May, increased
33.68
5.5% over April and were 13.2% heavier than for May last year, with the
22.52
23.76
number of stores in operation gaining 1.5 and 15.9% in the respective
21.25
comparisons; average sales per store were 4.0% larger than a month pre19.37
vious but declined 2.3% from a year ago. In the comparison of May with
25.49
April, drug, five-and-ten-cent, shoe, men's and women's clothing, and
25.00
28.80
furniture chains recorded expansion in total sales, with grocery, cigar, and
20.30
musical instrument chains showing a recession;as compared with May 1928.
15.39
all groups except musical instruments had heavier aggregate sales.
1509
20.18
Other Retail Trade.
-28.01
19.95
Increases of 17.5 and 6.9% over April and last May, respectively, were.
32.26
total May sales of 24 retail shoe dealers and the shoe sections of
shown in
28.22
27 department stores; this is in contrast to declines recorded for April in
13.69
both the monthly and yearly comparisons. Individually, about half the
27.63
25.50
firms reported smaller sales this May than a year ago. The aggregate gain
31.60
brought sales for the first five months of 1929 to 2.8% in excess of the
25.84
corresponding period of 1928. The change in stocks between April 30 and
21.56
22.34
May 31 was very slight (-0.5%), but inventories remain heavier than last
22.71
year. May collections totaled 15.5% larger than a month previous and
16.48
3.0% in excess of last May, while accounts receivable the end of the month
28.73
gained 10.5% in the month-to-month comparison and declined 1.7% from
28.29
28.11
May 31 last year. Accounts receivable were 60.0% of May sales, compared
29.84
with 62.0% in April and 61.3% a year ago.
22.96
Sales of furniture and house furnishings by 20 dealers and 28 department
25.57
17.94
stores continued to gain in May,expanding 5.4% over the preceding month
21.51
and totaling 6.9% more than for May 1928. Installment sales by dealers
29.82
were larker by 0.9 and 5.2% in the respective comparisons, and collections
31.00
on this type of sales increased 2.6 and 6.2%. Total collections gained •
29.58
„
34.90
8.6% over April and 1.6% over May last year, while accounts receivable the
end of the month were 1.9% above April 30 and 5.4% larger than a year
ago. A further reduction (4.4%) in the monthly comparison was recorded
In stocks of dealers and department stores, but they remain at a slightly
higher level than in 1928.
or Decrease
Increase
Number
Retail hardware trade in the five States including the Seventh district,
of
May 1929 over April 1929
expanded in May over April, gaining 3.7%, but declined 3.4% from a year
Plants
ago, according to sales data from 104 dealers. In the month-to-month
Average
Total
Report- EmPlaYWages.
comparison, Illinois, Iowa, Michigan and Wisconsin recorded gains. wails
Wages.
meal.
Indiana dealers reported a recession; as compared with May last year, onlY
+3.4
+3.1
28
Iowa and Wisconsin showed increases. For the five months of this year.
+2.0
+5.8
4
+3.7
sales in the five States have totaled 1.9% above the corresponding period a
+5.3
+3.1
-2.1
5
-1.9
3
+6.8
+8.8
1928, with Indiana and Iowa registering declines and the other three States
-3.9
+9.2
-12.0
3
increases.
+2.1
+6.0
+3.8
3
-5.4
+2.0
+7.8
4
+1.8
+2.4
+0.6
6
District
Merchandising Conditions in Chicago Federal Reserve
District-Gains in Wholesale, Department Store
and Chain Store Sales..
Increase sales in wholesale and retail lines, as well as in
chain store trade in the Chicago Federal Reserve District
are indicated in the following regarding merchandising conditions taken from the July 1 Monthly Business Conditions
Report of the Federal Reserve Bank of Chicago:
Wholesale Trade.
The improvement noted during April over the corresponding period a year
ago, was again evident in May for all reporting lines of wholesale trade in
the district except drugs; half the groups, however, had smaller sales than in
April and, individually, the majority of grocery firms sold less than a year
ago. For the five months of 1929, grocery sales increased 2.1%, hardware
7.2%. dry goods 10.5%, drugs 2.8%, shoes 1.8%, and electrical supplies
22.1% over the same period of 1928. With the exception of a decline from
April shown for shoes and from May last year in groceries, collections were
larger in both the monthly and year-to-year comparison.
WHOLESALE TRADE DURING THE MONTH OF MAY 1929.
Net Sales During Month
Per Cent Change from
Preceding
Month.
Groceries
Hardware
Dry goods
Drugs
Shoes
Electrical supplies
Same Month
Last Year.
4
4
(3 )+ 8.4 (3 )+ 0.3
(14)- 0.1 (14) + 5.0
(10)- 3.2 (10) + 9.4
(14) + 0.0 (14)- 3.5
(8) + 1.3
(8) + 7.6
(40)- 0.1 (41) +26.6
Accounts Outstanding End of Month.
Per Cent Change from
Preceding
Month.
Same Month
Last Year.
Groceries- (131) + 0.7 (31)- 7.6
[lard ware - (14) + 1.0 (14) 4- 4.1
(6) + 5.7
.
It goods- (10)- 1 0
(12)- 3.0 (12)- 2.9
I MB
(7) + 8.2
.
tilkwn
(7) + 1 2
Elec. Rapp_ (40) + 4.2 (40) +32.6
Flumes II parentheses indicate number
35
Ratio to
Net Sates
During
Month.
Stocks at End of Month
Per Cent Chang*from
Preceding
Month.
.Same Month
Last Year.
(24)- 5.5
(9) + 3.0
(8)- 0.3
(12) + 0.4
(6)- 3.4
(33)- 1.1
(23)- 9.7
OA
(9)
(8)- 1.4
(12) + L4
(6)- 3.9
(34) +20.9
Collections Daring Month.
Per Cent Change from
Preceding
Men*.
(31) .93.3 (28) + 3.7
(14) 186.6 (12) + 7.5
(9) + 4.8
(10) 309.4
(8) + 3.8
(12) 130.6
(6)- 3.4
(7) 284.2
(41) 126.4 (31) + 4.3
of firms included.
Same Month
Last Year.
(26)- 0.4
(12) +16.6
(9) + 5.1
(8) + 0.6
(6) +0.1
(29) +25.4
Conditions in Kansas City Federal Reserve
-New Wheat Moving to Market in Increasing
Volume-Building Activity at Highest Level in
Four Years.
The marked activity in building operations in the Kansas
City Federal Reserve District is revealed as follows by the
Federal Reserve Bank of Kansas City in its July 1 Monthly
Review.
BUILDING PERMITS IN TENTH DISTRICT CITIES,
Percent
Estimated Cost.
Permits.
1928. Change.
1929.
1929. 1928.
1232
$188,555
77
67
4420.842
Albuquerque, N. M
20.9
5.200
4,300
12
11
Casper, Wyo
122,210 -50.2
60,875
30
42
Cheyenne, Wyo
,
111,270
157,030 -28.5
79
64
Colorado Springs, Colo
370.0
606 5,533.000
1,175,650
709
Denver, Colo
7.5
105,733
98,220
72
38
Hutchinson, Kans
36.375
429,736 -91.5
53
22
Joplin, Mo '
124.9
151,870
341,550
117
97
Kansas City, Kama
290 1.653,400 2.241,800 -26.2
209
Kansas City, Mo
297,015
627,057 -52.5
107
130
Lincoln, Nebr
93,475 -50.5
46,170
21
14
Muskogee, Okla
13.6
228 2,647,335 2,330.974
313
Oklahoma City, Okla
548,977 -8.$
504,280
135
126
Omaha, Nebr
170,600 -81.2
117,412
163
150
Pueblo, Colo
209,085 -472
110,460
28
19
Salina, Kans
108.5
77,409
161,360
87
78
-,.,.
St. Joseph, Mo
12.3
114,575
95
118
128,665
Topeka, Kans
6.5
362 1,359,204 1,274,945
330
Tulsa, Okla
57.4
528,013
205
268
831.351
Wichita, Kans
Total 19 cities, May
Total 19 cities. 5 13109
2,805 2,767 $14,471,497 $10,544,481
11,453 12,524 45,379,388 39.172.118
37.2
15.8
Building activity in the Tenth [Kansas City] District, after making a fair
start in the early part of the season, rOse during May to the highest level
attained in four years.
The volume of building contracts awarded in the Tenth District was
$23,955,434 in May and 397,715,899 for the first five months of the year,as
reported by the F. W. Dodge Corporation. The May total was $3.756,906
higher than that for May of last year, while this year's five-months total
was $3,425,138 under that for the same period in 1928.
Records of 19 cities, which report their statistics to this Federal Reser
Bank, show that in May 2.805 permits were issued for buildings to ccs
$14,471.497. and in the first five months of the current year 11.453 Permi
were issued for buildings estimated to cost $45,379,388. The value of M
permits represented the largest monthly building expenditures report.
36
FINANCIAL CHRONICLE
for these cities since June 1925, while the value for the first five months was
the largest for the like period in preceding years since 1925.
The value of May permits in the 19 cities was greater by $3,452.289
than in April, and greater by $3,927,016 than in May of last year, while
the five-months total for this year showed an increase of $6,207,270 over
the corresponding five-months in 1928. Returns for May showed the
value of permits was larger in 10 cities than in May of last year, and smaller
In the other nine cities. Denver. with a total of 709 permits and a value of
$5,533,000, led all other cities of the District for the month.
Regarding agricultural and industrial conditions the
Bank says:
Major industrial operations in the Tenth Federal Reserve District at
this summer season have to do with the harvesting of approximately
20%
million acres of winter wheat, or 50.1% of this year's entire United States
winter wheat area. Government estimates as of its June 1 condition
placed the yield for the District at around 300 minion bushels, a gain of
24J4 million bushels between May 1 and June 1, but a reduction of 17U
million bushelsfrom the size of the bumper crop harvested last year. The
warm dry weather and sunshine in the second and third weeks of June
caused the grain to mature more rapidly than is usually the case. In fact
many fields of wheat in Southwestern Kansas ripened too rapidly, according to observers, who reported per acre yields were lower than forecast on
Suns 1. In the closing days of the month the harvest was nearly finished
in the Southern third of the "belt," was general over the central third, was
starting in the Northern third, and new wheat was moving to the markets
in increasingly heavy volume. Under such favorable June conditions, and
with a good reserve of moisture, spring wheat, corn, cotton and other
crops were showing high percentages of condition and making excellent
progress, in spite of delays in plowing and planting due to excessive rains
and low temperatures in April nad May. On the whole, prespects were
favorable for a year of good and well-balanced farm crops, and with fine
.grazing on pastures and ranges, livestock was doing well and the position
et all branches of the industry was regarded as highly satisfactory.
General business in the Tenth District approached the harvest season
And the closing month of the second uqarter of the year at an unusually
high rate of activity. Statistics for May showed carloadings in this territory, combined for 29 leading commodities, were in greater numbers than
in the corresponding month last year. Distribution of merchandise in
five linen er wholesale trade was slightly above the volume as in May of
last year. Sales of retail department stores were larger in May and in the
first five months of 1929 than in the corresponding month Gland five months
of 1928.
Flour mill operations were at the highest rate of full-time capacity ever
reported for the month of May, and the flour output was larger than in
either the preceding month or a year ago. Slaughter of livestock at meat
packing plants declined seasonally and was smaller than in May of last
year for all classes except sheep. The output of other manufacturers continued at the season's high record.
Production of crude petroleum, after a decline in the early months, increased in May and was larger than a year ago. Petroleum refinery operations at the opening of June were larger than one month earlier or a year
.
ago. Soft eoal production declined and was smaller than in May of last
year. Zinc ore shipments were at the low point of the year and below a
year ago. Lead ore shipments also declined, but were heavier than a year
ago.
[vol.. 129.
WEEKLYICOMPARISONIFOR 207 IDENTICAL MILLS
-1929.
(All mills whose reports of production, orders and shipments are complete for the
last 4 Weeks.)
Wee,k Ended—
June 22.
June 15.
p June 8
June 1.
Production (feet)
196,061.666 193,690,305 178,153,073 135,972,284
Orders (feet)
184,681,805 203,997,234 197,773,254 166,659,886
Rail
72,841,001
76,284,330
74,940,720 68,818,610
Domestic cargo
73,332,976
71,908,432 68,176,666 59,720,713
Export
25,924,374
37,186,553 40,800,590 22,711,375
Local
12,483,454
18,617,919 13,855,278
15,409,188
Shipments (feet)
179,273,201 202,113,650 191,961,594 197,957.989
Rail
77,108,348 82,326,591
78,729,385 77,712,363
Domestic cargo
59,682,485
73,655,972 87,738,976 62,434,489
Export
29,998,914
27,513,168 31.637,955 42,401,949
Local
12,483,454
18,617,919
13,855,278
15,409,188
Unfilled orders (feet)
743,420,286 744,888,174 749,585,914 746,552,693
Rail
210,127,961 215,782,272 223,184,411 288,150,517
Domestic cargo
302,240,725 292,218,274 294,852,209 295,680,703
Export
231,051,600 236,907,628.231,549,294 222,721,473
112 IDENTICAL MILLS.
(All mills whose reports of production, orders and shipments are complete for 1928
and 1929 to date.)
Average 25
Average 25
Week Ended
lireeks Ended
Weeks Ended
June 22 1929. June 22 1929. June 23 1928.
Production (feet)
123,556,694
109,274,828
115,866,698
Orders (feet)
118,955,836
118,424,156
124,825,085
Shipments (feet)
112,656,345
115,297.337
121,814,238
DOMESTIC CARGO DISTRIBUTION WEEK END.JUNE 15'29(113 MILLS).
Orders on
Hand Begin'g Week
Orders
June 15 '29. Received.
Cancellotions.
Shipments.
Unfilled
Orders
Week Ended
June 15'29.
Washington & Oregon
(96 Mills)—
Feet.
Feet.
Oaliforga
122,005,107 23,652,104
AtlantiTCoast
113,304,739 33,582,295
MLscellaneous
8,091,525
749,661
Feet.
Feet.
Feet.
444,000 28,101,318 117,111,893
33,400 29,914.143 116,939,491
None
816,363 8,024,823
Total Wash. dr Oregon 243,401.371 57,984,060
477,400 58,831,824 242,076,207
Brit. Col. (17 Mills)—
Dallfornla
838,000
415,000
eitlantic Coast
11,820,912 2,724,000
VILscellaneous
9,437,000
949,000
None
761,000
942,000
144,000 4,050,912 10,350,000
None
2,713,000 7,873,000
Total Brit. Columbia_ 22,095,912 4,088,000
144,000 7,524,912 18,515,000
Total domestic cargo_ 265,497,282 62,072,060
621,400 66.356.736 260.591.207
Grade-Marked Lumber Promotes High-Class Construc
s tion and Safeguards Building Loans, According to
W. S. Quinter of Washington.
Emphasizing the responsibility on the part of the banker,
the building and loan association, and similar agencies to
safeguard funds loaned by them for construction purposes,
William S. Quinter, Washington banker, has placed himself
quote from the Review the following as to whole- on record in favor of the lumber grade-marking principles
We also
advocated by the National Committee on Wood Utilization
sale and retail trade.
of the Department of Commerce, as a means to this end.
Trade.
Wholesale: The volume of wholesale distribution by firms in this Dis- Mr. Quinter is President of the District Building and Lean
trict engaged in five lines was 2% smaller in May than during the previous Association, of the District of Columbia, and represents
month, decreases being shown for sales of drygoods, hardware, furniture
Building and Loan Associations en the
and drugs, and increases in sales of groceries. As compared with the corre- the U. S. League of
sponding month a year ago the combined sales of all reporting firms during National Committee on Wood Utilization. Mr. Quinter
this May were 1.2% larger, increases being reported in sales of hardware, is quoted as saying:
furniture and drugs and decreases in sales of drygoods
and groceries.
Stocks of reporting wholesale firms at the end of May were smaller than
one month earlier for all lines except hardware. Stocks at the end of May
were larger than a year ago for all reporting lines except drygoods.
Retail: Thirty-two department stores in this District reported their
May sales were 2.2% larger than in April and 3.7% larger than In the
Corresponding month a year ago, and the accumulated total of sales for the
first five months of the year was 4.2% larger than in the like period last
year. Increases in sales over a year ago were reported by 21 stores and
decreases by 11 stores.
Stocks of retail department stores at the end of May averaged 3.5%
lower than one month earlier and practically no change as compared with
a year ago.
Sales of shoes during May, reported by retail stores, were in about the
same volume as in April but were 3.6% larger than a year ago. Sales of
retail furniture stores were 8.2% larger than in April and 20% larger than
In the same month last year. Stocks of shoe stores were larger at the dose
of May than one month earlier and one year ago, while stocks of furniture
were smaller than at the close of May 1928.
Chain store firms reported their May sales as running ahead of a year ago.
The financier who is called upon to grant loans on buildings is primarily
interested in ascertaining the quality of the construction material used,
liven the effect of the best types of construction may be lost if the proper
quality of material has not been used. It is gratifying, therefore, that the
National Committee on Wood Utilization has taken steps to protect the
interests of the lumber consumer through its advocacy of grade-marked
lumber—that is, lumber which is stamped at the mill with a symbol of its
quality.
Naturally the banker is interested in the use of the right kind of lumber
in building construction. Good materials mean better buildings, which in
turn strengthen the security offered the loaning agency. Speaking for the
building and loan association I can say that it would be justified in making
a larger loan where grade-marked lumber was to be used throughout,
because it would be assured that the building was to be oonstructed of the
highest class of material. To my mind the most important work yet undertaken by the National Committee on Wood Utilization Is its drive for grademarked lumber.
In "Grade Marking of Lumber for the Consumer's Protection," a bulletin of the National Committee on Wood
Utilization, it is explained that grade marking is contributing
to better construction practices. This bulletin also points
out to lumber consumers a method of saving millions of
dollars annually. The bulletin may be obtained free of
charge from the District Offices of the Department of Commerce, located in the leading cities of the country.
West7Coast Lumbermen's Association Weekly Report.
According to the West Coast Lumbermen's Association,
reports from1207 mills show that for the week ended June 22
both shipments and orders were under production to the
extent of 8.56% and 5.86% respectively. The association's
statement follows:
waciax REPORT OF PRODUCTION, ORDERS AND SHIPMENTS. Canadian Pulp and Paper Exports in May Valued at
207 Mills report for week ended June 22 1929.
$16,848,733—Increase of $2,579,436 Over April,
(All mllia reporting Production, orders and shipments.)
But Below May of Last Year.
196,061,666 feet (100%)
Production
184,581,805 feet (5.86%) under production
The Montreal "Gazette" of June 26 states that according
Orders,
179,273,201 feet (8.58%) under production
Shipments
to the report issued by the Canadian Pulp and Paper AsCOMPARISON OF CURRENT AND PAST PRODUCTION AND WEEKLY sociation, the exports of pulp and paper from Canada in
OPERATING CAPACITY (276 IDENTICAL MILLS).
May were valued at 816,848,733, which was an increase of
(All mills reporting production for 1928 and 1929 to data.)
previous month but slightly below the
221,781,597 feet $2,579,436 over the
Actual production, week ended June 22 1929
196,419,196 feet total for May 1928. The "Gazette" adds:
Average weekly production, 25 weeks ended June 22 1929
201,379,247 feet
Average weekly production during 1928
Wood pulp exports for the month were valued at $3,724,003 and exports
203,809,614 feet
Average weekly production last three years
278,051,295 feet
a Weekly orerating capacity
average hourly production for the twelve
a Weekly operating capacity is based on
check and the normal number of operating hours per week.
last months preceding mill
of paper at $13,124,730 as compared with $3,808,825 and $13,118,596
respectively in May 1928.
Exports under the various classifications of pulp and paper were as
follows:
JULY 6 19291
FINANCIAL CHRONICLE
May 1929-Tons.
$
21,706
565,230
20,009
1,527,375
18,205
898,093
11.586
670,715
4,138
64,590
PulpMechanical
Sulphite, bleached
Sulphite, unbleached
Sulphate
Screenings
75,624
Paper
Newsprint
Wrapping
Book (cwts.)
Writing (cwts.)
All other
3,724,003
214,342 12,614,252
1,310
138,232
5,936
50,776
38
1,149
320,321
Ma7 1928Tons.
$
16,112
430,354
1,309.134
17,829
1,046,166
20,974
953,239
15,938
69,932
3,284
74,137
3,808,825
194,298 12,543,471
154,839
1,439
54,842
6,508
1.090
91
363,535
13,124,730
13,118,596
For the first five months of the year the total value of the exports of
pulp and paper was
which was an increase of
over
the corresponding months of
Wood pulp exports for the five months were valued at
and exports of paper at
as compared with
and
respectively in the five months of
Quantities and values for the period were as follows:
-Five Months 1929- -Five Months 1928PulpTons.
Tons.
Mechanical
73.257
1,968,427
70,497
1,903,66.7
Sulphite, bleached
107,495 8,234,923
7,621.130
101,541
Sulphite, unbleached
77,558 3,862,835
90,344 4,571,190
Sulphate
57,739 3,438,015
88,628 4,067,430
Screenings
12,889
238,653
233,428
11,804
$60.201,944
$79,911,124
1928.
$62,173,496
Paper
Newsprint
Wrapping
Book (cwts.)
Writing (cwts.)
All other
1928.
328,938
$1,309,110
$17,737,628
$18,400,070
17,737,628
342,812 18,400,070
990,408 59,563,671
6,516
706,5543
33,603
277,162
3,043
28.436
1.599,671
891,349 57,574,213
775,741
7,105
211,359
25,843
16,637
1,724
1,623,994
60,201,944
82,173.496
Pulp wood exports in the first five months amounted to
cords
valued at
as compared with
cords valued at
in the corresponding five months of
$4,315,939
470,848
$5,481,588
608,467
1928.
4.
Trading on New York Cotton Exchange To Be Suspended Twenty Minutes July 8 to Receive Government's Report on Acreage.
The Board of Governors of the New York Cotton Exchange
announced on July 1 that trading will be suspended during
the period of twenty minutes on July 8 in order to receive
the report on acreage and cultivation as of July 1, issued
by the Bureau of Agricultural Economics of the United
States Department of Agriculture. On that day trading
will cease at 11.55 a. m., daylight saving time, and will be
resumed with a call at 12.15 p. m. The same period of
suspension will prevail on the exchange during all succeeding
Government reports on condition of the crop, probable production, &c., issued up to the end of the year.
The Board also announced the election of the following to
membership on the exchange: James Platt, of James Platt
& Co., Liverpool, England; Alpheus Crosby Beane, of
Fenner & Beane, and Frank Emery, with Anderson, Clayton
& Fleming.
Trading on National Raw Silk Exchange, Inc. of New
•
York During June Exceeds $8,000,000.
Futures representing 12,470 bales, equivalent to 1,621,100
pounds of silk and valued at approximately $8,205,500,
were traded in on the National Raw Silk Exchange during
June, it was announced on July 1 by Secretary A. H. Korndorfer. It is stated that the volume of trading again exceeded
that of the Yokohoma exchange, where a daily average
of about 495 bales is reported, compared with about 500
bales on the New York exchange. Prices for the month
on the New York exchange covered a range of thirty points,
the extremes being $4.72 a pound for the October position
and $5.02 for the June position. Certificated stocks on June
29 totaled 4,780 bales. A total of 2,950 bales were offered
for inspection during the month.
June Silk Imports Higher-Deliveries to American
Mills Lower-Stocks Avance.
According to the Silk Association of America, Inc., imports of raw silk in June amounted to 54,031 bales, an increase of 4,137, bales as compared with the preceding month.
The current figure also represents an increase of 8,941
bales as compared with June 1928. Approximate deliveries
to American mills in June 1929 totaled 46,504 bales a decrease of 2,617 bales as compared with the preceding month,
but is an increase of 453 bales over the figure for the month
of June 1928. Stocks of raw silk on July 1 1929 ainounted to
47,425 bales, as against 41,127 bales a year ago and 39,898
bales on June 1 last. The Association's statement follows:
RAW SILK IN STORAGE JULY 1 1929.
(As reported by the principal warehouses In New York City and Hoboken.)
Bales)European.
(Figures in
Japan. All Other.
Total.
844
Stocks June 1 1929
33.000
6,054
39.898
1,784
4,443
Imports month of June 1929.x
7,804
54,031
Total amountavallable during June_
Stooks July 1 1929_5
2,628
967
77,443
37.457
13,858
9,001
93,929
47,423
Approximate deliveries to American mills
during Juue_y
1,661
39,986
4,857
46,504
37
SUMMARY.
Imports During the Month.:
Storage as End of Mordh.s
1929.
1927.
1929.
1928.
1927.
58,384
43.278
48,103
47,762
49,894
54,031
January
February
March
Acorn
May
June
luly
August
September
October
November
December
1923.
48.408
44,828
50.520
38,555
52.972
45,090
38,870
62,930
47,286
48,857
48,134
44,128
48.458
33,991
38,600
46,486
49,264
42,809
47,856
59,819
52,475
51,207
343,650
44.828
49,943
46,993
43,218
39,125
39,898
47,425
.....
---.
47,528
41,677
40,186
35,483
42,088
41,127
88.866
50.975
50.464
49,381
49,806
48,908
52,827
43,758
33,118
81,749
35,527
37,024
43.841
58,618
58.988
82,366
52,069
53,540
568.373
47105
552,441
441727
44j07
-
-46.768
____
----
Total
Avow..., minnthly
301,452
50.242
--------44
-76
Approximate Amount in Trans*
Between Japan et New York;
End of Month.
Approximate Deliveries
to American Mills.y
1929.
1928.
1927.
1929.
1928.
1927.
57,349
48.228
49.878
53.835
49,121
46,504
52,420
50.679
52,011
41,258
48,367
46,051
40,931
50,821
47.797
49,940
47,709
45.026
48.307
42,880
49,242
47.853
45,486
41,312
41,039
47.042
50.107
47,827
48.947
43.357
31.000
30.000
29,000
30,700
28,000
21,200
25.000
23.500
19,200
28,500
24,000
17,600
32.300
27.500
25.600
31,200
22.800
42,500
17.700
19,000
21,700
25,000
22,900
28.600
29.000
28,400
31,500
18,500
26.900
33.500
Total
302,935
Average monthly__ 50,489
571.010
47.584
551,379
45.948
28:iii
26.642
24.225
January
February
March_
April
May
June
July
August
September
October
November
December
x Imports at New York during current month and at Pact ic ports previous to
the time allowed in transit across the Continent (covered by Manifests 130 to 160.
inclusive). y Includes re-exports. z Includes 866 bales held at railroad terminate
at end et month. Stocks in warehouses include National Raw Silk Exchange
certified stocks. 4,780 bales.
Jerome Levine of H. Hentz & Co. Nominated for President of National Raw Silk Exchange, Inc.
Jerome Levine,of the New York Stock Exchange firm of HI
Hentz & Co., was nominated on June 27 for President of the
National Raw Silk Exchange to succeed Paolino Gerli.
whose term expires this month. Mr. Levine has been VisePresident of the Exchange which he was instrumental in
organizing. Helwas also active in organizing the Rubber,
Metal and other commodity exchanges.
Douglas Walker, director of the Intelligence Bureau and
charter member of the Exchange, was nominated for First
Vice-President, and Charles Muller for second Vice-President. Mr. Muller is a Governor of the Exchange. August
Schierenberg, another Governor, was nominated for Treasurer. Nominations for the Board of Governors follow:
To serve one year: Louis Kahn, George A. Post, Oscar Heineman and
Edward J. Wade.
To serve for two years: Frederic D. Huntington, F. R. Henderson,
C. V. V. Smile and Alexander D. Walker.
To serve for three years: Paolino Gerli, J. C. Cuppla and Paul A. Salembier.
Nelson Dougherty, Arthur B. Elliman and Frederic C.
Zaues were nominated for Inspectors of Election.
Report of Finishers of Cotton Fabrics for May.
The National Association of Finishers of Cotton Fabrics
collects and compiles each month, and furnishes to the Federal Reserve Board by Federal Reserve districts, statistics
on production and shipments of finished cotton goods. The
May figures, furnished by 27 (out of 49) members of the
National Association, are shown in the following table:
Total Finished Yards Billed During Month.
Federal Reserve District-Total.
White Goods. Dyed Goods. Printed ads.
No. 1-Boston
46,689,229
12,292,628
15,156,399
12,626,001
2
-New York
19,338,475
3,595,176
5,048,097
813,669
3
-Philadelphia
11,663,489
7,744,089
3,918,380
5
-Richmond
7,876,794
5,649,701
2,227,093
-St. Louis
8
3,158,001
3,158,901
Total
88,706,868
32,440,493
22,116,541
Total Gray Yardage of Finishing Orders Received.
No. 1-Boston
41,438,424
13.220,132
15,830,318
-New York
2
15,525,959
5,843,493
5,075,888
3
-Philadelphia
11,155,585
7,266,482
3,889,103
-Richmond
5
8.199,454
8,095,392
2,104,062
8
-St. Louis
2,908,767
2,908,767
Total
79,228,189
35.334,286
26,899,371
Number of Cases Finished Goods Shipped to Customers.
No. I-Boston
28,072
5,656
6,406
-New York
2
12,858
2,692
900
3
-Philadelphia
6,975
4,841
2,134
-Richmond
5
4,249
4,249
-St. Louis
8
2,095
2,095
Total
17,874,098
10,371,8430
2,184.078
12,535,938
54,247
19,533
9,440
Number of Cases Finished Goods Held in Storage at End of Month.
No. 1-Boston
17,677
3,376
3,926
-New York
2
7,929
2,940
1,108
3
-Philadelphia
6,906
845
-Richmond
5
2,358
2,358
-St. Louis
8
748
748
Total
35,618
10,267
5.034
4,114
4,114
2,671
2,671
38
FINANCIAL CHRONICLE
Total Average Percentage of Capacity Operated.
No. 1-Boston
70
x64
2
-New York
76
157
3
-Philadelphia
63
163
5
-Richmond
75
x75
8
-St. Louis
112
1112
Average (5 districts)_
71
x65
Total Average Work Ahead at End of Month Expressed in Days.
No. 1-Boston
5.4
12.9
2
-New York
3.5
x3.0
3
-Philadelphia
3.0
x3.0
5
-Richmond
10.6
110.6
8
-St. Louis
10.9
110.9
Average (5 districts)_
5.2
13.9
104
135
11.4
15.8
6.9
14.7
•Includes in certain Instances figures for plants reporting totals only.
a Figures for white goods and dyed goods combined.
Grain Futures Market Opens in Portland, Oregon
Government Controls Bids in New Exchange.
Trading in grain futures started in Portland, Ore., on
June 19, under Government supervision, it is learned from
the Portland "Oregonian," of June 20,from which we quote
the following:
.
6
For many years the dealers of the city have talked of the advantages of
a futures market, hilt not until a year and a half ago did the necessity ofsuch
an institution, as an adjunct to the greatest wheat shipping port on the
Pacific Coast, become apparent. Then, work for an exchange started in
earnest and after many delays, while Federal requirements were being met,
the project was brought to a successful conclusion.
Exactly at 8 o'clock yesterday morning Andrew M. Chrystall, President
of the Portland Grain Exchange,sounded the gong that brought the market
into existence. Within a few seconds, bids for wheat and offers to sell
wheat began to pour in. For three hours, with only an occasional pause,
the trading continued and when the closing bell rang at 11 a. m. it was
estimated that the transactions had reached a total volume of 100,000
bushels, which was considered a creditable showing for the opening day,
particularly as this is the dullest period of the year in•
the wheat market.
It was a bull market for the day, and the trend closely followed Chicago,
where prices advanced sharply under the influence of adverse crop news
from some parts of the Middle West. The first bid submitted on July
wheat before the echoes of the opening gong had died away was $1.08 Y
t.
As the eastern market advanced, Portland prices moved upward until a
high point of $1.0934 was touched. There was only a slight recession and
July closed at 81.09A. September wheat opened at 81.0834 and scored a
gain of 134 cents, closing at $1.093'l. The December delivery opened at
$1.1234 and closed at 31.123 . The basis of trading on the board is No. 1
4
white wheat with a 3
-cent discount on red wheat. The trading unit is 1,000
bushels. The range of prices for the opening day follow:
•
July.
Sept.
Dec.
Open
$1.0834 81.0834 81.1234
High
1.09Y4
1.0934
1.12%
Low
1.0834
1.0834
1.1034
Close
1.0934
1.0934
1.12%
•
Credit for establishing the Portland Grain Exchange Is given to Peter
• Kerr, who early last year pointed out the value of a futures market in this
city not only to the exporters and millers, the largest buyers of wheat, and
•
to the traders in general, but also to the farmers. The lack of a call board
where hedging could be done was felt by the leading operators who could
only make use of this facility by trading on the Seattle exchange or in the
eastern market. This is a privilege open also to farmers either as members
of the exchange or through brokers. At the same time Frank L. Shull,
as President of the Chamber of Commerce,indorsed the move as an advantage to the grain trade and the business interests of the city.
The officers of the Portland Grain Exchange are: Andrew M. Chrystall,
President; Phil Benedict, vice-President; S. C. Draper, Secretary; W. A.
Kearns, Treasurer; I. C. Sanford, Walter Wilson. E. A. Sutton, S. E.
Mikkleson and Mark P. Miller. directors, E. S. Johnson is manager.
Following the session was a luncheon at the Multnomah hotel attended
by the grain men and their friends in a body. Mr. Chrystall acted as
Chairman and introduced the speakers who predicted a bright future for the
exchange. Among those present were L. M.Jeffers of Sacramento, the representative of Dr. J. W.T. Duvel, chief of the United States Grain Futures
Administration, which has supervision of all grain futures markets. Other
speakers were Peter Kerr, J. J. McCormick of the Seattle Grain Exchange,
Phil Benedict and B. W. Whitlock, Federal Grain Supervisor.
More Than 12 Million Pounds of Hides Traded in on
New York Hide Exchange
-Opening of Exchange
June 4.
More than 12,000,000 pounds of hides valued at upwards
of $2,500,000 were represented In the futures contracts
traded in on the New York Hide Exchange during June, it
was announced on July 1 by President M. R. Katzenberg who
In reviewing the first month's operations of the Exchange,
said:
"Although it opened only on June 4, the New York Hide Exchange
has already demonstrated its great potential value to the hide and leather
industry. Prices on the Exchange have accurately reflected conditions in
the world hide markets and the hedging facilities offered by the Exchange
have been used by packers and tanners, importers and exporters, brokers
and dealers alike.
"The machinery of the Exchange and the Clearing House has functioned
perfectly. Despite the fact that prices in some positions move up more
than three and a half cents a pound, the advance was orderly and, due in
no small measure to the fact that the Exchange was in operation, attended
by little disturbance in the trade.
"The maximum fluctuation on the Exchange in any one day was 60
points, or a little more than one-half cent, while the average daily fluctuation was well under a quarter of a cent. The market was a broad one,
all positions except October being traded. The heaviest trading was
in the December position, with September, January and May next.
"The May position made the major advance. On June 4, the first day
of trading on the Exchange, May futures sold at 17.03 cents a pound and
on June 20 they touched 20.60, an advance of 3.57 cents per pound. The
possibilities of this market for either hedging or trade speculation are
illustratediby the fact that at these prices one May contract purchased on
[VOL. 129.
June 4 and sold on June 20 would have shown a profit of $1,428 less
commissions."
The New York Hide Exchange, the newest of New York's
list of commodity exchanges, made an auspicious start
during its first week of trading, a total of 4,160,000
pounds of imported frigorifico and domestic packer and
packer type hides having been traded during the five days
ended June 8. Price trends were upward on all positions,
net gains of from 110 to 198 in bid and traded prices being
shown at the close on Saturday, June 8, over the opening
levels of June 4, when the Exchange was first opened for
trading.
Contracts representing approximately 2,320,000 pounds of
hides, valued at about $430,000, changed hands in the trading during the second week on the Hide Exchange.
Futures representing approximately 2,000,000 pounds of
hides, with a value of close to $350,000, changed hands in
the first day's trading on the Hide Exchange which was
officially opened on June 4. The volume of trading, according to President Katzenberg, exceeded the expectations of officials of the exchange and would have been
materially greater had the members been more familiar with
the method of trading. The orders executed on the exchange on the initial day's trading represented business
from the leading hide centers of the country, as well as
some reported for foreign account. Prices ranged from
16.78 to 17.10c. during the early trade, and closed with a
range of 16.82 to 17.12c.
Jerome Lewine, of H. Hentz & Co., and J. Chester Cuppia,
of E. A. Pierce & Co., shared the honors of making the initial
transaction on the exchange, which was one contract in the
August position at 16.80 cents per pound. The opening call
was conducted by Alfred H. Korndorfer, Secretary of the
National Raw Silk Exchange. Four positions were sold on
the call-August at 16.80; September, at 16.98; December,
at 17.08, and January at 17.00-17.03.
In a brief address before the beginning of trading, President Katzenberg said:
"Surely no industry ever needed a futures exchange more than the
hide industry. Hides have been subject to violent price fluctuations
from time immemorial. Trading in futures on this exchange will not
only permit hedging operations by producer, dealer and consumer,
but, through the concentration of opposing forces of opinion will
cushion price changes and thus stabilize our entire industry. This
will establish a basis for easier financing, safer trading and the
spreading of price risks incumbent upon the business."
The newest of New York's Commodity exchanges, which
is located at 7 Cedar Street, adjacent to the "swamp," is
equipped with every modern appliance to facilitate trading,
having wire and cable service to all the world's important
hide centers and its own ticker for 'price quotations. The
trading unit on the exchange is 40,000 pounds (one contract) valued at approximately $6,800 at current price levels.
Price changes are registered in multiples of one 1/100 (.013)
cents per pound and a fluctuation of 100 points, or one cent,
Is equivalent to $400 on a contract. Trading for the present
is confined to August and the nine succeeding months. Later
on twelve months will be traded in. Contracts are for the
delivery of wet salted hides. Price differentials are provided
for grades, month of take-off and other factors. Points of
delivery are New York and Chicago. In addition to President Katzenberg, the other officers of the exchange are
Armand Schmoll, Jr., Vice-President; John C. Andersen,
Second Vice-President; Floyd Y. Keeler, Treasurer, and
Henry J. Kink, Secretary. The exchange contracts are
cleared through the New York Hide Clearing Association,
Inc., of which Claude Douthit is President.
The Board of Governors of the exchange approved on
June 2 (Sunday) the report of the Committee on Grading
and Warehousing, specifying plants producing frigorifleo and
packer hides whose products may be tendered against exchange contracts. The list comprises the following plants:
Frigorifico Wilson de la Argentina, Compania Sansiena de Carnes
Congeladas, Sociedad Anonima Frigorifico Anglo Dock Sud, Sociedad
Anonima La Blanca, all of B. A. City; Compania Swift de la Plata
and Frigorifico Armour de la Plata, both of La Plata; and the River
Plate British & Continental Meat Co., Ltd., and Smithfield & Argentine
Meat Co., Ltd., both of Zarate, /3. A. Province.
The Board also approved a list of producing plants at
New York and Chicago from which deliveries may be made
against exchange contracts, as follows: New York, New
York Butchers' Dressed Meat Co. (Armour & Co.), Wilson &
Co., United Dressed Beef Co. (Swift & Co.), Nagle Packing
Co., Jersey City, and Swift & Co., Newark; Chicago, Wilson
& Co., Armour & Co. (2 plants), and Swift & Co. (3 plants).
From the New York "Journal of Commerce" we take the
JULY 6 1929.]
FINANCIAL CHRONICLE
39
May production at slaughtering establishments in the United States
following regarding the first day's trading on the Exchange
totaled slightly in excess of April and a little less than a year ago.
June 4:
on
Payrolls for the close of May increased 3.2% in number of employees and
The market opened fairly active and some spirited bidding took
place during the morning. However, the market quieted down during
the early afternoon but closed firm following an influx of buying orders.
Interest, the greater part of the day was centered on December and
January positions. Trading in the other months was rather sluggish.
The price trend was within a narrow range. A large part of the
activity was attributed to professionals but there was also a good
demand from houses operating for trade account.
Close.
Close.
1920- High. Low.
1929-- High. Low.
January--17.10 18.95 1317.10
August
18.80 16.78 a16.82
September _16.98 18.97 17.02-17.07 February...... ---- *17.05 ---March........ .... •17.05
October-- --•17.02
*17.10 -April
*17.02
November
17.04 17.03 *17.12 ---May
December_17.08 16.98 a17.10
•Nominal. a Bid. b Trading.
Outside Hide Market.
Common dry hides are holding up fairly well. Sentiment is more
optimistic. The opening of the Hide Exchange is expected to have
a stabilizing influence on the trade in general. Buyers are showing
more interest. The River Plate market for frigorifico hides was more
active and a sale was reported of 30,000 frigorifico steers on a basis
of $34, the equivalent of 1514c to 16c. European and United States
tanners are said to be showing more interest.
City packer hides were steady but no additional trading was reported in this quarter although inquiries have been more numerous
of late. Country hides maintained a steady tone.
*Common Hides (Dry)Packer HidesOucutas
Spready native steers
Orinocos
15
Native steers
Maracaibo
14
Butt brands
Central America
20 Colorado*
134
La Guayra
10
Bulls, native
Ecuador
Savanillas
20
FrigorificoBanta Marta
.21 *Steers, c.Sit., New York
Puerto Cabello
with one less working day covered by the current data, decreased 7.0% in
hours worked and 4.2% in value as compared with the preceding month.
Domestic demand averaged fair for lard, fresh pork, sausage, and dry
salt meats and was quiet for boiled ham; trade in beef, veal, and lamb
remained rather slow until mid-month and then improved. The aggregate
value of sales billed to domestic and foreign customers during May by 58
meat packing companies in the United States was 10.6% greater than last
year and 5.2% larger than in April. A fair business was reported in
domestic markets early in June, with the demand indicated as somewhat
better than a month previous. June 1 inventories at packing plants and
cold-storage warehouses in the United States showed some reduction from •
May 1 and a year ago, though continuing above the five-year average;
stocks of beef, dry salt pork, lamb, and miscellaneous meats exceeded
those of last year. Prices of lard and lamb declined from April, most
cuts of pork eased, while beef, sweet pickled hams, and pork bellies firmed;
quotations for veal advanced. May shipments for export totaled somewhat
larger than in the preceding period. Foreign demand for lard remained
moderate, with prices ruling below Chicago parity; European trade in other
packing-house products was rather small during the greater part of the
month. June 1 consignment inventories of goods already landed abroad
or in transit to European countries, were reported as on a level with the
beginning of May.
•Nominal.
A number of items regarding the organization of the Exchange have appeared in these columns; recent references
will be found in our issues of May 4, page 2923 and June 1,
page 3613.
The membership of the Hide Exchange, 250, was filled at
a meeting of the Board of Governors the week before the
opening of the Exchange. Leading hide, leather, and commission houses, both here and abroad, constitute the membership. The operations of the Exchange will shave a farreaching effect upon the leather industry, Fraser M. Moffat,
President of the Tanners' Council of the U. S. A., the
national organization representing the leather industry,
stated on June 3. Mr. Moffat stated:
The leather industry is watching with a great deal of hopeful interest the opening of the newly organized Hide Exchange set for
Tuesday, June 4. The organization of this Exchange has been under
consideration for nearly a year. Authorities on commodity exchanges
are unanimous in stating that the commodity to be traded in on the
New York Hide Exchange, futures contracts based on cattle hides,
has all the necessary qualifications for such exchange operations.
An old industry, and as such full of custom, precedent, prejudice
and practices, modern methods should greatly modify conditions in
the leather trade. Few people recognize the enormous extent of the
leather industry and its international contacts. Cattle hides represent only part of its raw material, but a very substantial part, the
consumption by the industry in this country amounting to about
25,000,000 hides annually, of which in 1928 approximately 70% were
produced in the United States.
Long processes involved in the making of these hides into leather
expose the tanner to many speculative happenings. In the six or
eight months, which is by no means an unusual length of time for
the tanner to own his inventory, many things may happen. The
organization of this Exchange will provide the opportunity to segregate speculative profit or loss from normal operating profit or loss.
Tanners view the methods and results of exchange operations in
their raw material with an open mind. They are quite conscious
that the industry is about to receive in the operations of this Exchange
recognition of its importance, and believe that the results will be on
the whole far-reaching and constructive.
Mr. Moffat was emphatic in stating that the tanners realize that
the operations of the Hide Exchange may not be entirely understood
or possibly used to their fullest extent for several months. Already,
however, he said, the organization of the Exchange has accomplished
in the way of grading, standardization, and definition of contracts
progress which must inure to the material benefit of the industry.
Governors of New York Hide Exchange, Inc., Deny
Petition to Close Exchange on Saturdays During
Julyjand August.
The Board of Governors of the New York Hide Exchange
on June 28 denied a petition signed by a number of members to close the exchange on Saturdays during July and
August. In denying the petition the Board said:
The interests of the members and customers could not be properly
served If the opportunity of buying or selling were denied them on Saturdays. An operator would have just cause for complaint if he were denied
the opportunity."
Review of Meat Packing Industry by Federal Reserve
Bank of Chicago-Increased Production and Employment.
The Federal Reserve Bank of Chicago reviews as follows
the meat packing industry in its July 1 Monthly Business
Conditions Report:
Increase in Cigarette Production-Total in 1929
Expected to Reach 124 Billion.
Cigarette production this year will reach the record total
of approximately 124,000,000,000, if the production for the
firstfive months is continued. Since January,47,690,446,587
cigarettes have been produced, as compared with 40,776,379,226, for the corresponding period last year, an increase
of 16.95%. According to the American Tobacco Company
record, May production of over 11,000,000,000 brings the
average monthly production for the first five months of 1929,
up to 9,500,000,000 as against slightly over 8,000,000,000
for the same five months of 1928. This indicated increase
in production of approximately 17% over the preceding year
compares with an increase of 9% in 1928, 8.56% in 1927,
11.9% in 1926, and 12.6% in 1925 and is attributed by those
in close touch with the industry to the process of purifying
mild blends of tobacco by toasting and to the increase in
smoking by women.
It is stated that the return of the Government in taxes on
this estimated cigarette production for 1929 will come to
approximately $371,800,000 as compared with $317,800,000,
for 1928, if the present rate is maintained throughout
the year.
Higher Earnings of Tobacco Farms in Virginia Despite
Drop in Price.
Eight tobacco farms in Charlotte County, Virgil:la, had
average earnings of $1,158 in 1927 as compared with 1111
average of $773 on the same farms in 1922, though the kind
of tobacco grown on these farms dropped sharply in price
in the intervening years. Why low prices for tobacco did
not decrease the earnings of these farms is disclosed in a
study made by the United States Department of Agriculture in co-operation with the Virginia Agricultural College.
Loss was avoided it is stated by relating general economic
information to the needs of these particular farms, and
modifying their production accordingly. Outlook information gathered by the Department of Agriculture was related to detailed farm management studies so as to indicate
a better adjustment of farm enterprises to current economic
conditions. The Department, under date of June 12, also
says:
Dark tobacco has declined in price since the war largely as a result
of increased foreign production of dark tobacco and a change in consumer preference toward milder tobaccos. In 1927 Virginia dark-fired
tobacco averaged only 9 cents a pound on the farm, and the small crop
of 1928 brought only 10 cents a pound during December, compared with
an average price of more than 18 cents a pound from 1922 to 1924. As
the price decline took place notwithstanding a heavy drop in production
(from an average of slightly more than 40,000,000 pounds from 1922 to
1926 to 27,000,000 pounds in 1927 and 22,000,000 pounds in 1928),
it seemed likely that the growers faced a more or less permanent reduction in the demand.
In these' circumstances the dark-tobacco growers were advised to limit
their tobacco acreage and increase their production of livestock and livestock products, particularly on the farms where conditions were unfavorable for growing high-quality tobacco. Farmers in Charlotte County who
followed this advice, in every case obtained increased incomes. On the
eight farms whose results were studied in detail, tobacco acreage was reduced while at the same time yields were increased and quality improved.
Livestock enterprises were added to the farm business.
Though the average return from tobacco on these eight farms in 1927
was only 2851 compared with $1,027 in 1922, the average yield per acre
was increased about 150 pounds during this period. Moreover, the crop,
owing to its better quality, returned in 1927 about 4 cents a pound more
than the average prices for the State. In 1922, before the farm organization plans were readjusted, tobacco from these farms sold at slightly less
than the average price for the State.
This increase in yield and the associated improvement in quality resulted from the growing of more legumes, from an increased use of lime,
and from increased livestock. How the livestock enterprises maintained and
increased the earnings of the farms despite a decreased return from tobacco
40
FINANCIAL CHRONICLE
is shown by the fact that in 1927 their income from livestock averaged
$855 compared with 8136 in 1922. Other farms in the same district
whose operators did not follow the recommendations made to them earned
considerably less in 1927 than they did in 1922. It was estimated that
dark-tobacco growers who made no changes in their farm organization
earned in 1927 an average income of only $151, compared with an average
income of $829 earned by the same group in 1922.
The most profitable change made by the Charlotte County farmers who
increased their incomes was the addition of poultry to their crop enterprise. One farmer who had only 50 hens in 1922 raised 300 pullets in
1927 and had 100 hens to carry through the winter. His livestock receipts
in 1927, largely realized from the sale of eggs, amounted to $1,439. Another farmer whose receipts from livestock in 1922 were only $248, had
receipts from the same source totaling $3,042 in 1927. This man's net
earnings in 1927 were $2,102 compared with $1,280 in 1922.
On some farms in Charlotte County the operators in recent years have
Increased their hog production with good results. It has been demonstrated also that dairying has limited possibilities in the dark-tobacco
section.
Organization
of
Institute
of Boiler
Manufacturers.
and Radiator
The Institute of Boiler and Radiator Manufacturers,
comprising it is stated, practically 100% of the manufacture
of low pressure boilers and radiators throughout the United
States, completed its organization on June 12, at a meeting
of its Executive Committee in New York City, and will immediately commence operation on a program of Institute
activities along the lines of the Trade Conference of the
Heating and Plumbing industry held by the Federal Trade
Commission in Pittsburgh on May 15th. An announcement
conceraing the formation of the Institute says:
Prominent among the new Institute's activities will be an Unfair Competition Bureau, which will be maintained by the Institute at its own
expense, for the purpose of investigating and reporting to the Federal
Trade Commission any violation in the boiler and radiator industry of
any of the rules adopted at the Pittsburgh conference when approved by
the Federal Trade Commission, and also any instances of discriminations
by manufacturers of boilers and radiators in prices quoted to customers
in the same competitive class that are in violation of the Clayton Act as
interpreted by the Supreme Court last January in the American Can
case.
The members of the Institute of Boiler and Radiator Manufacturers comprise the following:
American Radiator Company, New York City; United States Radiator
Corporation, Detroit, Mich.; National Radiator Corporation, New York
City; Richardson & Boynton Company, New York City; Abendroth
Brothers, Port Chester, N. Y.; Molby Boiler Co., Inc., New York City;
Central Radiator Company, New York City; Fowler & Wolfe Mfg. Co.,
Norristown, Pa.; Landon Radiator Co., Inc., North Tonawanda, N. Y.;
Columbia Radiator Co., McKeesport, Pa.; Freed Heater Co., Philadelphia,
Pa.; Lincoln-Niagara Corp., Inc., North Tonawanda, N. Y.; Hart & Crouse
Co., Utica, N. Y.; The Putnam Company, Putnam, Conn.; Raritan Boiler
Co., Raritan, N. J.; Richmond Radiator Co., New York City; Spencer
Heater Co., Williamsport, Pa.; The ThatCher Co., Newark, N. J.; Utica
Radiator Co., Utica, N. Y.; Dunkirk Radiator Co., Dunkirk, N. Y.;
Pierce, Butler & Pierce Mfg. Corp., New York City; H. B. Smith Company, The, Westfield, Mass.; Weil-McClain Co., Michigan City, Ind.;
L. J. Mueller Furnace Co., Milwaukee, Wis.; The Wm. H. Page Boiler
Co., New York City; Burnham Boiler Co., Irvington, N. Y.; Federal
Radiaor Co., Irvington, N. Y.; Abram Cox Co., Philadelphia, Pa.; Internat.,mal Heater Co., ,Utica, N. Y.• Republic Radiator Co., Baltimore,
Md.; Ideal Boiler & Furnace Co., Detroit, Mich.; Logansport Radiator
Co., Logansport, Ind.; Prox Boiler Co., Terre Haute, Ind. • Peerless Boiler
& Radiator Co., Boyertown, Pa. and Newport Boiler CO.. Philadelphia,
Pa.
The officers of the new Institute are: Chairman, H. T. Richardson,
Richardson & Boynton Co., New York City; Vice-Chairman, Grant Pierce,
National Radtator Corp., New York City; Secretary & Treas., F. W. Herendeen, Geneva, N. Y. Executive Committee-Chairman and Secretary exofficio and following five gentlemen: M. J. Beirn, American Radiator
Go.; E. E. McNair, United States Radiator Corp. • M. D. Rose, Pierce,
Butler & Pierce Mfg. Corp. • A.
Schroth, Richmond Radiator Co.
and Grant Pierce, National Radiator Corp.
'
Petroleum and Its Products-Production Continues
to Mount Steadily Despite Concentration of
Leaders on Conservation Steps-Kettleman Field
a Vital Discovery.
Production of crude oil last week again established a new
high record, despite the fact that the attention of the industry's leaders is concentrated on ways and means of
bringing about conservation to prevent the needless exploitation of the country's oil fields such as is now going on.
So acute has the situation become that in California, where
a state referee had been appointed to serve as a judge on
production, all efforts to force the operators to comply
with reasonable measures have been brought to an abrupt
halt. F. C. Van Deinse, state referee, brought his regime
to a sudden close when he issued the following bulletin:
"In view of the early administration of the recently enacted
Senate Bill No. 560 of this State which prohibits unreasonable waste of gas, the voluntary measures of conservation
sponsored by the sub-committee of the Regional Committee
of the American Petroleum Institute are discontinued and
all operators now stand released from compliance with
general orders issued by this office. The undersigned,
while as longer acting as oil umpire, will continue to serve
the industry in assisting in the formation of plans for handling
[VoL. 129.
the surplus gas in -the various oil fields of this State to the
end that when the gas bill goes into effect as little disturbance as possible will occur and these plans will be submitted
to the operators at meetings to be called later by the California Oil & Gas Association. Each operator is encouraged
to submit to the undersigned as promptly as possible his
suggestions and ideas relative to the best manner of meeting
the situation."
The new law mentioned by the referee was originally
planned to become effective some time in August. In
view of the complete breakdown of the voluntary conservation measures, however, it is believed possible that State
officials may advance the date considerably, to the end
that the State's oil industry may almost immediately come
under official jurisdiction. There has been some weakness
in crude oil prices reported from various field centers, but
on the whole prices have been well maintained during the
week. What reductions did occur were in the nature of
concessions made by operators to secure wanted accounts
and did not reflect the general market condition. Fortunately for the industry the consuming channels of the
world have come forward with greatly increased demand,
off-setting to some extent the teriific production of crude
oil now going on. But while this is true of gasoline, it is not
fully true of other refined products,and it isfeared that stoeks
of other oil derivatives will bring about a serious situation.
The industry's leaders, with troubles enough on their
shoulders, are deeply disturbed by the Kettleman Hills oil
fields in California. This field was examined by Secretary
of the Interior Wilbur last week and his comment on the
field, which follows, is not calenlated to bring solace to
the industry as a whole. He stated: "It looks as though
they have struck something big enough to blow the rest of
the oil industry right into the Gulf stream. The operators
at Kettleman shnuld get together to provide for an orderly
exploitation and development of the pool to protect the remainder of the oil industry."
Secretary Wilbur was examining a bottle of the 60 gravity
crude which the new field is producing. Continuing, he
said: "What are oil Companies in other sections of the
country to do with Kettleman turning out this stuff which
is virtually gasoline. Kettleman is probably the biggest
thing that has been struck yet and in addition to a large
production of high gravity crude will produce enough dry
gas to supply the city of San Francisco and many of the bay
cities."
At the present time the discovery well at Milham, Cal.,
is producing about 4,000 barrels of 60 gravity crude daily
and 80,000,006 feet of gas. The Texas Corporation's absorption plant nearby is turning out 47,000 gallons of casinghead gasoline from this gas daily. It is a fact that much
of the crude oil is being sold in the immediate neighborhood
as motor fuel without any refining treatment.
Prices of Typical Crudes per Barrel at Wells.
(All gravities. where A. P 1 degrees are not shown )
94.10 Smackover, Ark.. 24 and over
Bradford, Pa
1.75 thosekover. Ark., below 24
Corning. Ohio
1.35 El Dorado, Ark.. 34
Cenci]. W. Va
1.45 Urania, La
Illinois
1.63 Salt Creek, Wye.. 37
Western Kentucky
1.23 Sunburst. Mont
Midcontinent. Oklahoma. 37.
.80 Artesia. N. Me:
Corsicana, Tex.. heavy
.87 Santa Fe Springs. Callt., 33
Hutchinson. Tex., 35
1.00 Midway-Sunset, Calif.. 22
Luling. Tex
1.20 Huntington, Calif., 26
spiodietop, Tex., grade A
1.05 Ventura. Calif., 30
Spindletop, Tex., below 25
.65 Petrone, Canada
Winkler. Tex
6.90
.76
1.14
.90
1.23
1.65
1.08
1.85
.80
1.09
1.18
1 90
-UNITED STATES MOTORTADVANCED
REFINED PRODUCTS
ANOTHER CENT BY SOME COMPANIES
-OTHERS HOLD
IT AT OLD PRICE-FUEL OILS QUIET BUT FIRM-KEROSENE MOVEMENT QUICKENS ON CONTRACT.
Once again the gasoline market in the New York area is
being sold with a full cent spread between quotations.
When the Standard Oil Co. of New Jersey announced an
advance of one cent a gallon to 11 cents a gallon for U. S.
Motor Gasoline in tank cars, effective as of Saturday,
June 29, it created the same situation as existedla few weeks
ago, when the price ran from 9 to 10 cents on the open
market. Some companies continue to quote U. SiMotor
at 10 cents tank car, insisting that this is the price commensurate with present conditions. However, those who
made the advance report that they are doing business as
usual and that the advance was seasonably justified by the
greater consumption of the spring and summer motoring
season. On the other hand, there are some refiners who
state that they are experiencing no little trouble in having
buyers remove their present contract gasoline of big enough
volume. Water white kerosene is moving Wait brisker
against contracts, and there was some new business placed
JULY 6 1929.]
41
FINANCIAL CHRONICLE
during the week. This was on a basis of 73 cents a gallon for the Greater Seminole area, including St. Louis, in May amounted to
4
as compared with 396,000 barrels for April. Stocks at
in tank cars at refineries for 41-43, and 83c. a gallon in 405,000 barrels,increased and amounted to 19,096;000 barrels on May 31
Seminole again
tank cars delivered to the nearby trade. There has also been 1929.
West Texas staged a partial recovery from its slump of the previous
a more active interest this week in kerosene for export.
production
month, the daily
Lubricating and fuel oils continue quiet but firm, with ing an increase ofaverage barrels over of 376,000 barrels in May Constitut11,000
the previous month.
seasonal business being done with prices unchanged.
Production at Long Beach fell off materially, considering the consistent
record of this field. Santa Fe Sr:sings, however, rallied, its
Bunker fuel oil is moving in better volume and prices show production
daily average
a firming tendency, but, however, with no changes reported than in April. output of May, 182,000 barrels, being 24,000 barrels higher
as yet. The week's changes are indicated in the following:
Although the average initial production of the West Texas completions
29.
June
-Standard Oil Co. of New Jersey advanced United States motor
gasoline tank car at refinery 1 cent to 11 cents a gallon.
July 1.
-Warner-Quinlan advanced United States motor gasoline tank
car at Warner, N. J., 1 cent to 11 cents a gallon.
July/ 1.
-Pennsylvania gasoline tax increased 1 cent to
cents as an
emergency measure, and will remain so until Jan.
on which date it
will return to
cents.
July 1.
-Standard Oil Co. of Indiana advanced gasoline tank wagon and
station prices 1 cent in North Dakota to equalize the increase in the State
tax from 2 to
cents.
Gasoline, U. S. Motor, Tonically Lots, F.O.B. Refinery.
New York(Bayonne), 10-11 Arkansas
.06%1North Louisiana__ -- 07%
.06% California
West Tema
.081.4 North Texas
06%
Chicago
09 q i,os Angeles. export_ 07% Oklahoma
07
New Orleans
07% Gulf Coast. export_
na % Pennsylvania
09%
Gasoline, Service Station, Tax Included.
New York......
.19
.18 Minneapolis
182
Atlanta
21
Denver
195
16
New Orleans
Baltimore
22 Detroit
188 Philadelphia
21
Boston
20 1Flonston
IS Pan Francisco
215
Buffalo
IS Jacksonville
205
24 Spokane
Chicago .
15 Kansas City ..... . 179 St louts...... .... .169
Kerosene. 41-4A Water White. Tankcar Lots. F.O.B. Refinery
New York (Bayonne) 07%'Chicago
014 New Gleans
0744
North Texas
05%ILAN Angeles, export 05 %1Tulsa
06%
Fuel Oil. 15-22 Degree. F.O.B Refinery or Terminal
New York tliayonnee 1.051 Los Angeles
851 full Coast
75
Dleael
2 001 New Orleans
95 Chicago
65
Gas oil. 32-36 Degree, F 0.11 Refiner:. or Terminal.
New York (Bayonne) .05 MI Chicago
03
031 Tulsa
4
1 1920,
3
3
rinelnnati
Crude Oil Production at New High Rate, Amounting to
2,723,000 Barrels Daily During May-Gasoline Production Also Higher.
According to reports received by the Bureau of Mines,
Department of Commerce,the production of crude petroleum
in the United States during May 1929 amounted to 84,415,000 barrels, a daily average of 2,723,000 barrels. This constitutes a new high record both for total and daily average.
It also represents an increase of 12% over May 1928.
The increased production in Texas, which again raised
the daily output of the State to a new record, of over 800,000
barrels, was mainly responsible for the gain in national output. Daily average production in California showed little
change from the previous month but that of Oklahoma increased 15,000 barrels to slightly over 700,000 barrels. The
production of Kansas reached a new high level as production
in the Sedgwick district continued to increase. The majority of the other producing States increased, the two most
notable exceptions being Arkansas and Louisiana. The
growing demand for crudes from the Eastern States has resulted in a steady growth in output over the last half-year,
and in May the combined daily average production of all
nine States amounted to 125,000 bai4els per day, the highest since 1921.
During May stocks of crude at refineries increased about
800,000 barrels, stocks at other places east of California
decreased nearly 2,000,000 barrels, a net decline of about
1,200,000 barrels. This was more than compensated,
however, by increases in both light and heavy stocks in
California.
Stacks of all oils on May 31 1929 amounted to 653,529,000
barrels, an increase of 3,726,000 barrels over the April total.
Of this increase about 2,750,000 barrels was in crude stocks,
800,000 barrels in refined products and the remainder in
natural gasoline stocks. The "Bureau" further states:
1929,
4,400
barrels, the number of
In May reached the unusually high figure of
dry holes for the month exceeded the number of completions. This was
due in large measure to the comparative lack of success attending wildcatting endeavors.
PRODUCTION (BARRELS OF 42 U. 8. GALLONS).
Seminole
1
St. Louis, Scc_f
West Texas_ _ _
Long Beach.. _
Santa Fe Sega.*
May 1928.
April 1929.
May 1929.
Total.
Total.
Daily Aver.
Daily Ayer.
12,568,000
396,000 18,987,000
1 496,000
365,009 10,893,000
190,000 5,619,000
158,000 1,145,000
405,000 11,869,000
11,671,000
5,431,000
5,630,000
Daily Ayer.
Total.
376,000 10,942,000
175,000 5,703,000
182,000 4,750,000
290,000
16,000
351,000
181,000
37,000
• From American Petroleum Institute.
STOCKS AT SEMINOLE-ST. LOUIS, ETC.(BARRELS OF 42 U. S. GALS.).
May 31 1929. April 301929. May 31 1928.a
Producers' stocks
Tank farm stocks
568,000
18,528,000
570,000
18,028,000
389,000
18,404,000
Total stocks
19.006.000
1R.598.000
18.793,000
a Includes stocks at Seminole only.
RECORD OF WELLS,MAY 1929.
Completions.
Oil.
Seminole-St. Louis, &c... 86
42
West Texas
13
Long Beach
Santa Fe Springs
Journal."
b From "Oil & Gas
Gas.
Dry.
6
2
__
Total Initial Aver. Inhiial Dining
Production Production
May
31.
(Barrels).
(Barrels).
27
50
2
54,300
184,000
11,100
51.500
600
4,400
900
3,400
283
247
87
170
ANALYSIS OF SUPPLY AND DEMAND OF ALL OILS.
(Incauling wax, coke and asphalt in thousands of barrels of 42 U. S. gallons.)
Jan.-May Jan -May
1928.
1929.
May
1929.
April
1929.a
May
1928.
New Supply
Domestic production:
Crude petroleum:
Light
Heavy
76,009
8,406
71.799
8,311
67,770
7,448
304,076
40,636
323,652
39,386
Total crude
Natural gasoline
Benzol
84,415
4,343
267
80.110
4,264
255
75,218
3,471
238
404,712
20,650
1.269
363,038
17.138
1,148
Total production
Daily average
,
Imports:
Crude
Refined
89,025
2,872
84,629
2,821
78,927
2,546
426,631
2,825
381,324
2,509
7,552
2,732
7,828
2,634
6,766
1,163
37,261
8,647
31,453
6,197
Total new supply all oils
Daily average
Increase in stocks all oils
99,309
3,204
3,726
95,091
3,170
6,273
86,856
2,802
491
472,539
3,129
40,046
418,974
2,756
26,775
88,818
2,961
86,365
2,786
432,493
2,864
392,199
2,580
1,726
10,357
76,735
2,558
1,493
13,014
71,858
2,318
8,880
53,306
370.307
2,452
6,801
57,386
328,012
2,158
263
228
373
351
331,301
49,405
320,381
51,588
332,011
47,531
320,381
51,588
26,500
100,332
19,170
93,941
29,038
101,681
19,170
93,941
510,261
Total crude
1,390
Natural gasoline at plants....
141,878
Refined products
507,538
1,166
141,099
485,080
810
130,492
510,261
1.390
141,878
485,080
810
130,492
653,529
Grand total stocks all oils_
212
Days' supply (e)
Bunker oil (included above in
4,704
domestic demand)
649,803
219
616,382
221
653,529
228
616,382
239
Demand
95,583
Total demand
3,083
Daily average
Exports: (b)
1,932
Crude
10,928
Refined
82,723
Domestic demand
2,668
Daily average
Excess of daily average domestic production over domestic
204
demand
.Stocks (End of Month)
Crude petroleum:
East of California:(c)
332,011
Light
47,531
Heavy
California:
29,038
Light
101,681
Heavy (d)
21,058
21,263
4,179
5,013
a Revised. b Includes shipments to Alaska, Hawaii and Porto Rico. c Exclusive
of producers' stocks. d Includes fuel oil. e Grand total stocks all oils, divided by
daily average total demand.
Runs to stills continued to establish new highs in May
when a
daily average of
barrels of crude was processed. The total
INDICATED DELIVERIES OF CRUDE PETROLEUM. EXCLUSIVE OF
of crude runs to stills in May exceeded production by
barrels.
CALIFORNIA GRADES,TO DOMESTIC CONSUMERS(BARRELS).
Gasoline production continued to set new high records, and in May the
daily average attained a record level of
barrels. This represents
-May
May 1929.
-May Jan.
Jan.
April 1929.
an increase of 18% over May
In spite of the rapid growth in gaso1928.
1929.
line production, stocks decreased nearly
barrels and amounted
• Total. Daily Ay.
Total.
Daily As.
to
barrels on May
The daily average indicated domestic demand for gasoline in May was 1,101,000 barrels, an increase over May Domes, petrol.
by fields of
of
At the current rate of total demand, the gasoline stocks of
origin:
May
represent
days' supply as compared with
days' supply on
Appalachian. 2,928,000
94,400 2,583,000
86,100 13,088,000 12,877.000
hand a month ago and
days' supply on hand a year ago.
602,000
Lima-IndYna
259,000
8,300
902,000
140,000
4,700
174,000
231.000
Michigan...
7,500
823,000
158,000
5,200
Little change of consequence was recorded in the statistics of the minor
Ill&S.W.Iad
650,000
21,000
725,000
24,200 3,200,000 2,971,000
products in May. Exports of wax declined 'and stocks again inrefined
Micl-000tin't 51,760,000 1,669,700 47,609,000 1,587,000 235,292,000 205,288,000
creased. Stocks of fuel oil east of California continued their seasonal inGulf Coast__ 4,197,000 135,400 3,660,000 122,000 19,513,000 19,453,000
crease.
Rod 7 Mtn_ 2,327,000
75,100 2,359,000
78,600 11,476,000 12,066,000
The refinery data of this report were compiled from schedules of
reDelivet Its and
fineries which had an aggregate daily recorded crude oil capacity of
62,352,000 2,011,400 57,234,000 1,907.800 284,294,000 253,431,000
eximtts
of their re000 barrels. These refineries operated during May at
60,909,000 1,964,800 56,280,000 1,876,000 278,584,000 249,176,000
refineries operating at Deliveries
corded capacity, given above, as compared with
For'n petrorm_ 7,554,000 243,700 7,835,000 261,200 37,237,000 31,427.000
their capacity in April.
The brisk demand for Seminole crude during May combined with better Deliveries of domestic & for.
prices was instrumental in once more raising the daily average production
petroleum
68.463 non 2 205 SOO 84 lilt nnn 2 157 Inn 515 $121 MO 290_803.000
-bbl. mark. The daily average output
of the district to above the
2,723,000
44,648,000
1928 20%.
31
5.000
1928.
311929.
35
39
35
335
80% of
I,
1,170,000
2,400,000
400,000
81%
342
3,375,-
42
FINANCIAL CHRONICLE
PRODUCTION OF CRUDE PETROLEUM BY FIELDS AND STATES WITH
CLASSIFICATION BY GRAVITY(BARRELS OF 42 U.S. GALS.).
May 1929.
Total.
Daily At.
April 1929.
Total.
Jan-May
1929.
Jan.
-May
1928.
2,886,000
93,100 2,709,000
90,300 13,163,000 12,721,000
134.000
4,300
125,000
4.200
594,000
702,000
231,000
7,500
158,000
823,000
5,200
174,000
628,000
20,200
532,000
17,700 2,961,000 3,074,000
49,714,000 1,603.700 46,707,000 1.556,900 237,784,000 222,485,000
4,612.000 148,800 4,535,000 151,200 21,590,000 18,127,000
2,157,000
69,600 2,049,000
68,300 10,437,000 11,958,000
24.053,000 775,900 23,295,000 776,500 117,360,000 93,797.000
U. S. total
84,415,000 2,723,100 80,110,000 2.670,300 404,712,000 363,038,000
71,900 2,233,000
775,90023,295,000
7,100
187,000
17,700
456,000
2,700
82,000
2,500
76,000
200
6,000
122,400 3,379,000
20,500
583,000
52,700 1,624,000
18,300
578,000
34,400 1,046,000
7,500
158,000
8,800
260,000
3,100
78.000
9,300
277,000
18,700
560,000
14,600
441,000
4,100
119,000
701,400 20,586,000
1,277,000
19,309,000
32,800
939,000
100
3,000
801,100 23,420,000
130,500 3,957,000
673,600 19,463,000
16,800
466,000
50,600 1,524,000
29,900 .945,000
20,700
579,000
74,400 11,273,000 13,226,000
776,500 117,360,000 93,797,000
6,200 1,012,000
1,140,000
15,200 2,567,000 2,703,000
2,700
420,000
410,000
2,500
394,000
371,000
200
26,000
39,000
112,700 16,023,000 16,992,000
19,500 2,874,000 2,993,000
54,100 8,212,000 8,837,000
19,300 2,993,000 2.167,000
34,800 5,219,000 6,670,000
5,200
823,000
174,000
8,700 1.395,000
1,732,000
2,600
408,000
367,000
9,200 1,328,000
974,000
18,700 2,700,000 2,972,000
14,700 2,132,000 2,309,000
4.000
568,000
663,000
686,200 106,416,000 98,485,000
42,600
9,173,000
643,600
89,312,000
31,300 4,529,000 4,019,000
100
10,000
20,000
780,700 117,450,000 103,072.000
131,900 18,597,000 15,960,000
648,800 98,853,000 87.112,000
15,500 2,290,000 2,406,000
50,800 7,622,000 8,710.000
31,500 4,649,000 6,003,000
19,300 2,973,000 2.707,000
Classification by Gratify (approx.)
..ight crude__ 76,009,000 2,451,900 71,799,000 2,393,300 364,076,000 323,652,000
leavy crude__ 8,406,000 271,200 8,311,000 277,000 40,636,000 39.386,000
STOCKS OF CRUDE PETROLEUM HELD IN THE UNITED STATES (Bbls.)
May 31
1929.
At Refineries (and in coastwise transit thereto)
Reported by location of storage:
East coast
-Domestic
Foreign
Appalachian
Indiana, Illinois, Kentucky, &tt
Oklahoma, Kansas, Missouri, &c
Texas-Inland
Gulf coast-Domestic
Foreign
Arkansas and Inland Louisiana
Youlslana Gni/ coast
-Domestic
Foreign
Rocky Mountain
9,367.000
6,484,000
2,645,000
2,974,000
6,034,000
2,464,000
9,492,000
344,000
1,470,000
3,391,000
1,818,000
2,075,000
April 30
1929.
9,442,000
6,313.000
2,493,000
2,932.000
6,059,000
2,150,000
9.016,000
598.000
1,223,000
3.311,000
2,070,000
2,123,000
May 31
1928.
7.778,000
6,140,000
2,266.000
3,097,000
6,193,000
1,790.000
8,110,000
111,000
797,000
4,722,000
979,000
1.430.000
Total east of California
48,558,000 47,730,000 43,413,000
Elsewhere Pan at Refineries
Domestic-Reported by field of origin:
Appalachian-N. Y., Pa., W. Va., Gross 4,993,000 5.024,000 6.286.000
Eastern and Central Ohio
Net
4,711,000 4,745,000 5,978,000
Kentucky
'Gross 1.012,000 1.020,000 1,335,000
Net
866,000
874,000 1,200,000
Lima-Indiana
'Gross 1,037,000
1,162,000 1,415,000
Net
854,000
979,000 1,234,000
Minois-S. W.Indiana
Gross 11,786,000 11,808,000 12,776,000
Net
11,128,000 11,150,000 12,273,000
Mid-Continent
-Okla,Kan.Panh'dle, Gross
Central, North and West Texas
Net 257,905,000 258,338.000 250,482.000
Northern Louisiana and Arkansas_ Gross 245.021.000 245,478,000 237,666,000
Net
27,197,000 28,234,000 28,996,000
Gulf coast
Gross 23,278,000 24,867,000 26.370,000
Net
20,893.000 20,474.000 17.015,002
Rocky Mountain
Gross 20,381,000 19,966.000 16.596,000
Net
24,501,000 24.667,000 27,174,000
24,462,000 24,832,000 27,130,000
Total pipe-line and tank-farm Gross
stocks east of California
Net 349,324,000 350.727.000 345,479,000
330,701,000 332,691,000 328,447,000
Foreign crude petroleum on Atlantic coast
Foreign crude petroleum on Gulf Coast
110,000
94,000
58,000
173,000
191,000
51.000
283,000
Total refinery, pipe-line and tank-farm
stocks of domestic and foreign crude
petroleum east of California
285,000
109,000
379,542,000 380,706,000 371.969,000
Classification by Gravity (Approximate)
East of California:
Light crude (24 deg. and above)
Heavy crude (below 24 deg.)
332,011,000 331,301,000 320,381.000
47,531,000 49,405,000 51.588,000
California-Light
Heavy (including fuel)
29,038,000 26,500,000 19.170,000
101.681,000 100,332,000 93,941,000
Producer's Stocks (not included above approx.)
East of California
California
7,450,000
1,950,000
7,200,000
2,070,000
IMPORTS AND EXPORTS OF CRUDE PETROLEUM (BARRELS).
(From Bureau of Foreign and Domestic Commerce.)
May 1929.
Total.
Daily Av.
April 1929,
Total.
Daily Av.
Jan.May
1929.
Jan.
May
1928.
Imports
1,281,000
From Mexico
From Venezuela __ 5.139,000
857,000
From Colombia_
275,000
From other countr'
41,300 1,113,000
165,800 5,201,000
27,600 1,330,000
8.900 184,000
37,100 4,293,000 6,642,000
173,400 25,676,000 18.222,000
44,300 5.725.000 5,484,000
6,100 1,567,000 1,105,000
Total Imports_ 7.552.000
243,600 7,828,000
260,900 37,261,000 31,453,000
Exports
Domestic crude oil:
55,800 1,279,000
1,729,000
To Canada
6,500 445,000
To other countr's 203,000
Not ava liable
Foreign crude oil_ _
42,600 7,118,000 5,336,000
14,900 1,760,000 1,458,000
1,000
62,300 1,724,000
Total exports x__ 1.932.000
No crude shipments to territories during May.
57.500 8,878.000 6,795,000
NUMBER OF PRODUCINGLOIL WELLS COMPLETED.(a)
May 1929.
April 1929.
Jan.
-May 1929.
Jan.
-Mau 1928.
1,191
1.207
5.763
4;471
a For States east of California from "01 & Gas Journal"; for California from the
American Petroleum Institute.
Daily Ay.
Field
Appalachian __
Lima
-Indiana _
Michigan
111.-S. W. Ind_
Mid-Continent
Gulf Coast..
Rocky Mtn_
California
State
Arkansas
2,230,000
California
24,053,000
Colorado
221,000
Illinois
550,000
Indiana:
84,000
Southwestern
78,000
Northeastern
6,000
Kansas
3,793,000
Kentucky
635,000
Louisiana:
1,632,000
Gulf Coast..
567,000
Rest of State 1,065,000
Michigan
231,000
Montana
272,000
New Mexico._
96,000
New York __ _.
289,000
Ohio:
579,000
Cent. & East
451,000
Northwest'n.
128,000
Oklahoma
21.743,000
Osage Co_
Rest of State
Pennsylvania__ 1,018,000
Tennessee _--2,000
Texas:
24,928,000
Gulf Coast__ 4,045,000
Rest of State 20,883,000
West Virginia.
491,000
Wyoming:
1,568,000
Salt Creek__
928,000
Rest of State
640,000
(VoL. 129.
SHIPMENTS OF CALIFORNIA OIL THROUGH PANAMA CANAL TO
EASTERN PORTS IN UNITED STATES (BARRELS).
May
1929.
Crude oil
Refined products
Gasoline
Gas oil
Fuel oil
Lubricants
Asphalt
April
1929.
Jan.
-May
1929.
85,000
Jan.
-May
1928.
491,000
1,467,000
1,583,000
2,248,000
10,169,000
7,648,000
1,498,000
79,000
2,000
1,000
3.000
2,110,000
133,000
2,000
1,000
2.000
8.716,000
1,369,000
63,000
7,000
14.000
5,700,000
1,082,000
629,000
226.000
11.000
STOCKS HELD BY REFINING COMPANIES IN THE UNITED STATES,
MAY 31 1929.
(/n Barrels.)
Gasoline.
East coast
7.218,000
Appalachian
1,698,000
Indiana, Illinois, Kentucky, &o.._
7,118,000
Oklahoma, Kansas, Missouri_
5,382,000
Texas
6,565,000
Louisiana and Arkansas
2,368,000
Rocky Mountain
2,460,000
California
11,839,000
Total
Total April 30 1929
Texas Gulf Coast
Louisiana Gulf coast
Total
Total April 30 1929
Texas Gulf Coast
Louisiana Gulf Coast
1.196,000 6,057,000
272,000
963,000
639,000 2,610,000
568,000 5,966,000
1,467,000 12,271,000
635,000 6,578,000
203,000 1,191,000
2,764,000
2,719,000
1,187,000
659,000
449,000
2.160,000
130,000
161,000
905,000
44,648,000
7,742,000 x35,636,000 y8,370.000
47,015,000
5,576,000
2,061,000
7,497,000 133,404,000 y8,527,000
1,328,000 8,849,000 2,113,000
615,000 5,150,000
125,000
Wax
(Lbs.)
East coast
Appalachian
Ind., Ill., Kentucky, &c.___.
Oklahoma, Kansas, Missouri
Texas
Louisiana and Arkansas
Rocky Mountain
California
Gas Oil
et Fuel Oil. Lubricant*.
Kerosene.
Coke Asphalt
(Tons) (Tons)
Oth.Finished Unfinished
Oils
Products
(5515.)
(Bids.)
85,736,000 20.400 106,200
20,273,000 3,500 1.200
15,473,000 41,900 30,700
9,732,000 89,400 3,800
10,606.000 176,100 7,600
15,090,000 55,800 26,000
22,229,000 83,800 7,800
300 53,000
123,000
63,000
215,000
59,000
15,000
76,000
33,000
230,000
8,300,000
1,447,000
3,902,000
2,102,000
11,224,000
2,397,000
1,608,000
z9.325,000
179,139,000 471,200 238.300
814,000
40,305,000
170,687.000 444,900 248,800
10,334,000 162,300 7,500
15,090,000 55,500 21,200
735,000
7,000
74,000
39,645,000
9,964,000
1,682.000
x East of California. y Revised (Appalachian district . z Includes 1,930.000
barrels tops in storage.
Advances in Wages of Sheet and Tin Mill Workers in
Midwestern Mills.
The Wall Street "Journal" of July 5 in advices from
Youngstown, Ohio, said:
For July and August. tonnage rates paid sheet and tin mill workers in
midwestern mills operating under the sliding scale wage agreement of the
Amalgamated Association of Iron, Steel & Tin Workers advance to 27%
above base, from 25%•
This increase follows an advance in average selling price of Nos. 26. 27
and 28 gauge black sheet shipped during the 60 days ended June 30. The
bi-monthly examination of sales sheets revealed an increase in average
selling price to 3.05 cents, from three cents a pound average for preceding
bi-monthly period.
Crude Oil Output in the United States Continues
to Increase.
The American Petroleum Institute estimates that the daily
average gross crude production in the United States, for the
week ended June 29, was 2,815,400 barrels, as compared
with 2,764,500 barrels for the preceding week, an increase of
50,900 barrels. The daily average production east of California was 1,954,900 barrels, as compared with 1,929,000
barrels, an increase of 25,900 barrels. The following estimates of daily average gross production, by districts, are for
the weeks ended June 29 1929, June 22 1929, June 15 1929,
and June 30 1928.
AVERAGE PRODUCTION (FIGURES IN BARRELS)
June
June
29 1929.
22 1929. 15 1929. 30 1928.
Oklahoma
590,250
698,400
679,650
674,700
Kansas
121,400
103,850
121,900
120,800
Panhandle Texas
64,700
86,550
6,450
93,850
83,850
North Texas
83,150
82,250
83,300
West Central Texas
57,700
51,900
51,000
50,850
369,100
West Texas
358,800
337,350
367,800
East Central Texas
18.300
19,000
18,700
22,350
Southwest Texas
23,550
79,800
81,800
80,500
North Louisiana
35,400
41,600
36,750
36,000
69,550
Arkansas
69,800
95,550
69,950
Coastal Texas
130,300
127,300
104,800
125,450
Coastal Louisiana
18,950
19.950
27,400
21,850
117.350
Eastern
116,900
109,600
116,500
Wyoming
52,900
50,050
61,350
52,050
Montana
11,550
10,500
11,550
11,500
Colorado
7,400
7,550
7.000
7,700
New Mexico
2,050
1,550
2,250
2,650
California
642,000
860,500
835,500
815,300
DAILY
Total
2,815,400 2,764,500 2,743,250 2,384,150
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 ended June 29, was 1,614,750 barrels, as compared with
1,594,000 barrels for the preceding week, an increase of 20,750 barrels.
The Mid-Continent production, excluding Smackover (Arkansas), hews'
oil, was 1,566.350 barrels, as compared with 1,545
barrels, an crease
of 20,900 barrels.
Too
JULY 6 1929.1
43
FINANCIAL CHRONICLE
recent record. Seven furnaces are now making this alloy. Only
two are producing spiegeleisen.
Furnaces Blown In and Out.
Among the furnaces blown in during June were one furnace at
the Steelton plant of the Bethlehem Steel Corporation in the Susquehanna Valley, one Duquesne furnace of the Carnegie Steel Co. and the
Neville Island furnace of the Davison Coke & Iron Co. in the Pittsburgh district. The four furnaces shut down were one Duquesne
furnace of the Carnegie Steel Co. in the Pittsburgh district, one
Ohio furnace of the Carnegie Steel Co. in the Mahoning Valley,
the Martin's Ferry furnace of the Wheeling Steel Corp. in the
Wheeling district and one Iroquois furnace of the Youngstown Sheet
& Tube Co. in the Chicago district.
Possibly Active Stacks Reduced.
The Thomas furnace of the Milwaukee Blast Furnace Co., Chicago,
has been scrapped. Thus the number of possibly active stacks in
the United States has been reduced from 319 to 318.
DAILY AVERAGE PRODUCTION OF COKE PIG IRON IN THE UNITED
-GROSS TONS
NTHS SINCE JAN. 1 1924
-- - 1928.
1928.
1927.
1926.
1925.
1924.
I
108.720
114,791
114.975
108.632
94,542
89,115
105.039
85.936
87,241
90.873
97,528
100,767
104,853
99.735
108,974
104,408
111,032
115,004
112.304
107,844
109,660
103,978
103,241
104,543
107,553
107,890
99,712
107.043
Lead was unsettled on a recession in London quotations. Actual
consumption of metals continues on a high plane and important
buying is expected to develop soon.
Domestic sales of copper went through on the uncnanged basis of
18 cents a pound, delivered Connecticut Valley, with custom smelters
taking most of the business. Demand for copper from abroad is at
about the same rate as that for June, or slightly less than 1,000
long tons a day. Copper Exporters, Inc., quote 18.30 cents, c.i.f.
usual European ports.
Zinc is firm at 6.70 to 6.80 cents, East St. Louis. It develops that
a fair demand set in just before the close of June.
Sales of lead during the week were well distributed among the
various groups of consumers, with cable manufacturers and users
of corroding lead placing the bulk of the business. Prices underwent
no change, although the tone was somewhat easier in sympatny with
London.
Speculative buying in London featured business in tin. In New
York the price advanced to 45% cents. The calling of another meeting of world's leading tin producers, which, according to reports, is
to be held in London July 11, had a bullish influence on the market.
New June Record in Pig Iron Output.
New redords for June were made in pig iron last month,
the "Iron Age" of July 4 says. The production was not
only the largest for that month ever recorded but a new
high in totals for six months was registered. The May
record still stands at the top. Telegraphic reports received
by the "Iron Age" on July 2, with only one furnace estimated,
show that the June pig iron output was 3,697,628 gross tons
or 123,255 tons per day for the 30 days. This is a loss of
2,490 tons or about 2% from the 125,745 tons per day for
the 31 days in May. The best previous June record was
3,676,445 tons or 12,548 tons per day in 1923, continues the
"Age", which goes on to say:
A New Six Months' Record.
For the six months to July 1, the production was 21,621,363 tons.
The best previous half year was 20,841,534 tons to July 1, 1923, so
that this year's output is 3.75% in excess of the 1923 total. In 1918,
the third largest six months, the total was 20,503,477 tons to July 1.
No other six months ever reached 20,000,000 tons nor did any six
months' period ever attain these heights.
OPerating Rate on July 1.
On July 1 there were 218 furnaces active, having an estimated daily
operating rate of 121,945 tons. This contrasts with 126,150 tons per
day for the 219 furnaces active on June 1. There has been a decided
slacking in operating rate for the larger furnaces during the month
which accounts largely for the considerably lower operating rate with
only one less furnace. Three furnaces were blown in and four were
blown out during June.
The Steel Corporation blew in one and shut down two furnaces
as did also the independent steel companies. One merchant furnace
was blown in, the net loss being one steel making stack.
Steel-Making Iron Output Still Large.
Production of steel-making iron in June was 99,813 tons per day,
the second largest on record. In May the 100,174 tons per day
was the record. Merchant iron output fell off sharply in June or
23,442 tons compared with 25,571 tons per day in May.
Very Large Ferromanganese Output.
Ferromanganese output at 33,363 tons in June is the largest in
over 30 months. In July 1928, the 32,909 tons was the best previous
111,044
114.507
119,822
122,087
125 745
123.25
119,-10
92,573
100,004
103,215
108,183
105.931
102,733
101,763
99,091
101.180
102,077
108,832
110,084
108,705
103.382
-GROSS TONS.
DAILY RATE OF PIG IRON PRODUCTION BY MONTHS
Steel Works,
Copper Prices Firm Despite Slow Trade-Consumption of
Non-Ferrous Metals Continues on High Plane.
Trading in non-ferrous metals was below the average
in volume in the past week. Prices for the major items,
however, held an even course, with copper, zinc and tin
firm, Engineering and Mining Journal reports adding:
01.1.04
, W.MCIWO*00
NNOt.-W00 ,
0Mt O..[..,
,
00
.0MOMWM.-10.1.00NCON
97,384
106,026
111,809
107,781
84.358
67,541
95.794
57.577
60.875
68.442
79.907
83,656
95.539
85.075
19 TT nnthst' avarnsra _ _
January
February
March
April
May
June
First six months
July
August
September
October
November
Deoember
g4a4da,z.i.i.
a.46,6ci
0.-00..
The production figures of certain pools in the various districts for the
curret week, compared with the previous week, in barrels of 42 gallons.
follow:
-Week Ended
-Week EndedJune 29 June 22
June 29 June 22 North LouisianaOklahoma5,250 5,200
24,200 23,450 Hayneaville
Allen Dome
5,900 5,950
35,300 35,100 Urania
Bowlegs
18,750 18,850
Bristow-Slick
19,750 19,800 ArkansasBurbank
7,200 7.250
8,150 8,100 Champagnolle
Cromwell
6,100 8,100
74,050 63,000 Smackover (light)
Earlsboro
48,400 48,550
77,250 78,500 Smackover (heavy)
Little River
19,200 16,650
Logan County
Maud
12,850 13,000 Coastal Texas
8,400 8,950
Mission
34,800 34,900 Hull
17,600 18,700
St. LOUIS
81,350 88,600 Pierce Junction
26,800 26,400
&aright
12,250 11,800 Spindletop
6,450 6,300
Seminole
34,100 33,950 West Columbia
Tonkawa
10,000 9,900
Oklahoma City
9,800 3,200 Coastat Louisiana
2,000 2,100
Carr City
13,650 13,650 East Hackberry
Old Hackberry
2,300 2,400
KansasSedgwick County
2,000 2,000
34,600 34,250 Sulphur Dome
300
Panhandle Texas
Sweet Lake
300
Carson County
4,250 4,500
7,650 7,500 Vinton
Gray County
51,300 58,400
Wyoming
Hutchinson County
25,550 26,000
North Texas
Salt Creek
30,850 27,250
Archer County
17,850 17,200
WIlbarger County
26,300 26,400 Montana
West Central Texas
Sunburst
6,850 6,850
Brown County
7,750 7,600
Shackelford County
11,800 11,650 California
West Texas
10,000 10,000
Dominguez
Crane & Upton Counties 46,450 46.700 Elwood-Goleta
29.500 27,000
Howard County
43,500 40,500
42,500 44,000 Huntington Beach
Pecos County
23,500 22,300
110,100 95,500 Inglewood
Reagan County
18,200 18,400 Kettleman Hills
3,400 3,400
Winkler County
176,500 174,000
142,250 144,300 Long Beach
East Central Texas
Midway-Sunset
64,500 64,000
Corsicana-Powell
6,300 5,300
7,700 7.800 Rosecrans
Southwest Texas
Santa Fe Springs
255,500 246,500
Laredo District
10,950 11,000 Seal Beach
50,000 47,000
Luling
11,950 11,800 Torrance
13,000 13,000
Salt Flat
50,200 52,000 Ventura Avenue
59,000 60,000
Merchant.*
Total.
92,573
23.053
' 89,520
1928-January
100.004
78.444
21.560
February
103,215
19,726
83,489
March
106,183
21,000
85.183
April
105.931
20.355
85.576
May
102.733
21,103
81,630
June
99,091
19,578
79.513
July
.101,180
18.538
82.642
August
102,077
19.487
82,590
September
108.832
20,781
88.051
October
110.084
21,610
88.474
November
108,705
23,290
85,415
December
111,044
25,514
85.530
-January
1929
25,261
114.507
89,246
February
119,812
24,361
95.461
March
122,087
26.407
95,680
April
125,745
100,174
25,e/1
May
123,251
99,813
23,442
JIITIA
•Includes pig iron made for the market by steel companies.
TOTAL PRODUCTION OF COKE PIG IRON IN UNITED STATES
-GROSS TONS.
BEGINNING JULY 1 1926
1928.
1927.
1926.
1929.
1928.
1927.
July__ 3,223,338 2,951,160 3,071.824
Jan___ 3,103.820 2,869,781 3,442,370
3,200.479 2,947,276 3,136,570
Feb___ 2,940,679 2,900,126 3,206.185 Aug
3.062.314
Mar.. 3.483.362 3,199,674 3.714.473 Sept_ _ 3,136.293 2.774,949 3,373,806 .
Apr___ 3,422.226 3.185.504 3,662.625 Oct.,..3.334.132 2,784,112 3,302,522
3,390,940 3.283,856 3,898,082 Nov- 3,236,707 2.648,376
May.
June_ 3,089,651 3,082,000 3,697,628 Dec___ 3,091,060 2.695.755 3,369.846
yr_19,430,678 18,520,921 21,621,363 Year...39,070.470 36,232,3c6 37.837.804
•These totals do not Include charcoa pig Iron. The 1928 production of this
Iron was 142,980 groea tons.
-GROSS TONS
PRODUCTION OF STEEL COMPANIES FOR OWN USE
Total Pig Iron
Spiegel and Ferromanganese.
Ferromanganese.x
1927.
1928.
1929.
1927.
1928.
1929.
January
February
March
2.343.881
2,256,651
2,675.417
2,155.133
2,274.880
2,588.158
2,651.416
2,498,901
2,959,295
31,844
24,560
27,834
22,298
19,320
27.912
28,208
25.973
24.97$
3 Months
April
May
June
7.275,949
2.637.919
2.619,078
2.343,409
7,018.171
2,555.500
2,652.872
2,448.905
8,109.812
2,826.028
3,105,404
2,951,168
84,238
24,735
28.734
29.232
69.530
18.405
29.940
32.088
79,164
22,413
25,896
33,363
Half year
July
August
September
October
November
December
14.876.355 14,675,448 16,992.128 166.939 149.963 180,836
26,394 32.909
2,163,101 2,464,896
21.279 24,583
2.213.815 2,561.904
20,875 22,278
2.090,200 2,477.695
17.710 23.939
2.078.722 2,729.589
17.851 29.773
1,938,043 2.854.211
20,992 28.618
1,987.852 2.847.863
27.345.888 30.211.608
Year
Includes output of merchant furnaces.
291,840 312,061
Steel Ingots Make A Six-Month Peak-July Outlook of
Finishing Mills Good.
The rate of pig iron production in June, at 123,255 tons a
day, was the second highest for any month on record, being
exceeded only by the daily average of 125,745 tons for May,
says the "Iron Age" of July 4. The decline from the previous
month was less than 2%,according to blast furnace returns
to the "Iron Age," which continues:
Most of the loss was in merchant pig iron, the recession in the output of
steel making iron having been only 561 tons a day. This showing is not
surprising in view of the reduced operations of such large users of merchant
iron as the cast iron pipe plants, the makers of radiators and heating equipment and producers of sanitary ware, in contrast with the well-sustained
activity of the steel mills.
Throughout June steel ingot output was at close to capacity, and variations in operations were due chiefly to the physical limitations of equipment
Ingot output in the first half of 1929 will probably approximate 29,000,000
tons, establishing a new six-month record by a margin of nearly 16% over
the last half of 1928.
Steel output in the first week of July will be adversely affected by the
holiday, with some mills scheduled to shut down from Wednesday night
until the end of the week. Advantage will be taken of this interruption to
make greatly needed repairs. The outlook for the rest of July is excellent:
44
FINANCIAL CHRONICLE
In. tact, a leading steel producer looks for no appreciable change in the
operating rate for the next two months. Fluctuations in the output or
different kinds of finished products have thits far tended to neutralize one
another, leaving the demand for crude steel substantially unchanged.
Mills catering to the automobile industry continue to reduce backlogs,
but unfilled orders for producers as a whole have held up exceptionally well.
Although the United States Steel Corp. is expected to report a reduction
in unfilled tonnage as of June 30, the decline will probably be small.
The mid-summer falling off in steel requirements of the motor car-builders
has been rendered less severe than usual by the sustained operations of
makers of low-priced automobiles. The July schedule of the Ford company
calls for the manufacture of 190,000 cars.
Rail mills, as a result of supplementary orders, will maintain present
operations through July and August instead of undergoing the customary
seasonal curtailment. The Norfolk & Western has distributed orders for
39.000 tons of rails. The Pennsylvania has exercised options on 20,000 tons.
Pipe lines are again conspicuous for their contribution to mill commitments. The National Tube Co. and the A. 0. Smith Corp. share equally
In 100.000 tons of steel for a 22
-inch gas line connecting Birmingham with
Atlanta.
Both "Iron Age" composite prices are unchanged. Pig iron is $18.63
a gross ton for the fourth week and finished steel stands at 2.412 cents a
hound,from which it has not deviated since April 1.
Finished Steel.
mg Iron.
July 2 1929, 2412c.a Lb.
July 2 1929. $18.63 a Gross Ton.
One week ago
2.412e. One week ago
318 63
One month ago
18.71
2.412e. One month ago
One year ago
2.341e. One year ago
17.25
10
-year pre-war average
15.72
1.6890. 10
-year pre-war average
Based on steel bare, beams,tank plates.
Based on average of basic Iron at Valley
wire, rails, black pipe and black sheets. furnace and foundry irons at Chicago.
These products make 87% of the United PhIbuielphia, Buffalo. Valley and BlrStates output of finished steel.
High.
Low.
Low.
High.
1929..2.412e, Apr. 2 2.391e. Jan 8 1929_318.71 May 14 $18.29 Mar. Ill
1928...2.391c. Dec. 11 2.314e, Jan 3 1928._ 18.59 Nov. 27
17.04 July 24
1927..2.453c. Jan. 4 2.293c. Oct. 25 1927... 19.71 Jan. 4
17.64 Nov. 1
1926_2.453c. Jan. 6 2.403c. May 18 1926._ 21.54 Jan. 6 19.46 July 13
1925....2.560e. Jan. 8 2.396e. Aug. 18 1925... 22.50 Jan. 13
18.96 July
Steelmaking operations having concluded June on a basis
only slightly under the all-time peak reached in May, final
statistics for steel, like those for pig iron, undoubtedly will
reveal a record June and a record first half year says the
"Iron Trade Review" of July 4, which goes on to say:
Indicative of the pressure for steel, the July 4 holiday will be a oneday interlude for most mills. It still is true that, considering all makers
and all products, specifications for steel are given some ground, but the
retreat from the first half year's gait is so moderate that some large producers have dropped midsummer recession from their vocabulary. Structural requirements have diminished, but °beet, plate, bar and pipe needs
balk so large they promise unusual mill activity well into the autumn.
Application of a price lower than the open market to tonnayo buyers of
black sheets has lowered the "Iron Trade Review" composite of 14 leading
Iron and steel products 8 cents this week, to $36.76. This is the third consecutive week this index has declined.
Gain in Anthracite Employment and Wages.
Anthracite employment and payrolls turned upward in
May,following a steady decline in the latter since the early
part of the year, according to figures compiled by the Philadelphia Federal Reserve Bank on the basis of reports received
by the Anthracite Bureau of Information. The Bank's
advices in the matter, made available June 17, state:
The volume of wage disbursements by collieries rose 10% from April to
May, but was almost 13% smaller than in May 1928. The number of
workers also increased 3% in the month, but was 6% below that of the year
before. Compared with the 1923-25 average, employment in April stood at
about 107% and payrolls at a little over 85%, as shown by the following
Indexes:
INDEX NUMBERS 1923-26 MONTHLY AVERAGB 100.
Employment.
Wage Payments.
1927.
January
February
March
April
May
June
July
August
September
October
November
December
1928.
1929.
1927.
1928.
1929.
122.2
118.3
119.3
121.4
114.1
112.8
109.9
118.9
113.2
117.3
120.6
121.0
115.8
110.6
113.9
118.3
114.0
102.3
100.7
110.9
112.7
135.9
117.7
109.4
109.8
109.4
101.3,
104.1
107.2
101.9
92.2
91.9
115.4
119.5
87.8
87.5
114.2
104.9
115.5
100.1
101.9
91.9
86.4
83.1
116.8
97.6
60.6
82.5
97.2
112.5
134.7
110.1
92.9
112.8
107.0
79.5
77.4
85.4
REVISED INDEX NUMBERS OF ANTHRACITE EMPLOYMENT AND
WAGE PAYMENTS.
(1923-25 Monthly Average-100.)
EmploymentJanuary
February
March
April
May
June
July
August '
September
October
November
December
Average
1921 1922. 1923. 1924. 1925. 1926. 1927. 1928. 1929.
109.9 117.61115.4 118.8 118.5 33.0 122.2 115.8 109.8
109.3 115.01114.2 118.4 115.8 113.7 118.3 110.6 109.4
108.5 25.81112.5 117.3 118.2 118.1 119.3 113.9101.3
111.9 7.81114.0 117.6 117.9 119.7 121.4 116.3 104.1
113.0 8.51112.9 117.1 118.4 120.9 114.1 114.0107.2
113.9 8.91112.4 118.1 118.8 121.5 112.6 102.3
114.1 9.41112.6 117.3 119.2 122.8 109.9 100.7
' 116.2 76.51 46.1 118.3 42.1 122.5 118.9 110.9
116.8 113.21114.9 115.7 9.8 123.2 113.2 112.7
116.3 114.31115.7 118.9 9.4 123.3 117.3 135.9
118.7 116.21117.4 106.0 9.1 123.4 120.6 117.7
117.0 115.01117.9 106.3 9.3 123.0 121.0 109.4
113.8 69.01108.8 115.8 75.4 113.8 117.4 113.4
Wage PaymentsJanuary
February
March
April
May
June
July
August
September
October
November
December
•
son..
[VOL. 129.
Note.
-'These indexes have been prepared by the Department of Statis
s
tics and Research, Federal Reserve Bank of Philadelphia, on the basis of
figures collected and furnished by the Anthracite Bureau of Information.
Utah Miners' Wages Reduced.
Associated Press dispatches from Salt Lake City, Utah,
June 29, stated:
Notices of a wage reduction of 25 cents a day, effective July 1, have
been posted at various silver-lead properties in Utah. The decrease offsets
the increase granted this year when metal prices advanced, but affects
only miners, the smelter workers still holding to the increased scale.
Bituminous Coal and Beehive Coke Output Keeps
Ahead of 1928-Production of Anthracite Shows
Increase.
According to the United States Bureau of Mines, Department of Commerce, output of bituminous coal and
beehive coke for the week ended June 22 1929 continued to
increase over a year ago, while production of Pennsylvania
anthracite also shows a gain over the figures for the corresponding period last year.
Total output for the week under
review was as follows: Bituminous coal, 9,073,000 net tons;
Pennsylvania anthracite, 1,218,000 tons, and beehive coke,
143,200 tons.
This compares with 8,391,000 tons of bituminous coal, 1,083,000 tons of anthracite and 67,300 tons
of beehive coke produced in the week ended June 23 1928,
and 9,307,000 tons of bituminous coal, 1,220,000 tons of
anthracite and 146,100 tons of beehive coke produced in
the week ended June 15 1929.
The Bureau further states:
BITUMINOUS COAL.
The total production of soft coal during the week ended June 22, including lignite and coal coked at the mines, is estimated at 9,073,000 net tons.
Compared with the output in the preceding week, this shows a decrease of
234.000 tons, or 2.5%. Production during the week in 1928 corresponding
with that of June 22 amounted to 8,391,000 tons.
Estimated United States Production of Bituminous Coal (Net Tons).
1929-1928
Cal. Year
Cal. Year
Week.
to Date.
Week EndedWeek.
to Date.a
9,156,000
225,347,000
8,412,000
207,312,000
June 8
1 526,000
1,884,000
1,402,000
Daily average
1,532,000
234,654,000
9 307,000
8,342,000
215,654,000
June 15.13
1,660,000
1,551,000
1,390,000
1,528,000
Daily average
293,727,000
9,073,000
8,391,000
224,045,000
June 22c
1,654,000
1,512,000
1,399,000
1.521,000
Daily average
a Minus one day's production first weak in January to equalize number of days
n the two years. b Revised since last report. c Subject to revision.
The total production of soft coal during the present calendar year to
June 22 (approximately 147 working days) amounts to 243,727,000 net
tons. Figures for corresponding periods in other recent years are given
below:
253,923,000 net tons
224,045,000 net tons 1926
1928
228,114,000 net tons
285,081,000 net tons 1925
1927
revised figures above, the total production
As already indicated by the
of soft coal for the country as a whole during the week ended June 15
amounted to 9.307,000 net tons. This is an increase of 151,000 tons, or
1.6%, over the output in the preceding week. The following table apportions the tonnage by States:
Estimated Weekly Production of Coal by States (Net Tons).
June
Week Ended
Average,
June 18
June 18
June 8
June 15
1923.a
1929.
State1929.
1927.
1928.
312,000
320,000
387;000
308,000
316,000
Alabama
19,000
17,000
22,000
22,000
18,000
Arkansas
175,000
129,000
132,000
103,000
Colorado
102,000
81,000 1,243,000
718,000
IllInois
840.000
848,000
416,000
221,000
178,000
300,000
,Indlana
286,000
8,000
88,000
60,000
'Iowa
57.000
54,000
27,000
73,000
d
d
d
Kansas
912,000
681,000
902,000
Kentucky-Eastern
900,000
885,000
183,000
432,0011
184,000
223,000
180.000
Western
47,000
49,000
48.000
47,000
Maryland
58,000
12,000
10,000
14,000
12,000
12,000
Michigan
26,000
49,000
55,000
42,000
54,000
Missouri
30,000
44,000
38,000
33,000
40,000
Montana
44,000
43,000
51,000
53,000
45,000
New Mexico
14,000
8,000
10,000
14,000
12.000
North Dakota
446,000
152,000
425,000
888,000
282,000
Ohio
35,000
48,000
37,000
37.000
48,000
Oklahoma
2,650,000 2,640,000 2,180.000 2,288,003 3,613,000
Pennsylvania
98,000
98.000
97,000
103,000
113,000
Tennessee
17,000
18,000
14,000
21,000
21,000
Texas
56.000
60,000
52.000
87,000
Utah
89,000
246,000
227,000
209,000 264,000
240,000
Virginia
31,000
37,000
31,000
Washington
37,000
44,000
W. Va.-Southern.b...._ 2,000,000 1,930,000 1,870,000 2,036,000 1,417,000
702,000
Northern_c
647,000
885,000
888,000
819,000
83,000
93,000
84.000
Wyoming
86,000
104,000
42,000
36,000
35,000
Other States
4.000
5,000
Total bituminous coal 9,307,000 9,156,000 8,342,000 8,251,000 10,866,000
Pennsylvania anthracite-. 1,220,000 1,060,000 1,218,000 1,658,000 1,958,000
10,527,000 10,216,000 9,560,000 9,907,000 12,822,000
Total all coal
a Average weekly rate for entire month. b Includes operations on the N. & W.
C. dc 0.; Virginian; K. dr M., and Charleston division of the B. & 0. c Rest of
State, including Panhandle. d Kansas included in "Other States."
PENNSYLVANIA ANTHRACITE.
The total production of anthracite in the State of Pennsylvania during
the week ended June 22 la estimated at 1.218,000 net tons. This is approximately the same figure as for the preceding week. Production during the
week in 1928 corresponding with that of Juno 22 amounted to 1,083,000
tons.
Estimated Production of Pennsylvania Anthracite (Net Tons).
1928
Cal. Year
Cal. Year
Week.
Week Endedto Date.
to Dates
Week.
1,080,000
June 8
33,027,000
33,420.000
1,386.000
1,220,000
June 15
34,247,000
1,218,000
"
1 218,000
June 22.b
35,465,000
35.721,000
1,083,000
a Less one day's production first week In January to equalize number of days in
the two years. b Subject to revision.
1921. 1922 1923. 1924. 1925. 1928. 1927. 1928. 1929.
.\--111.7 102.9 110.7 131.9 124.8 11.31101.9 91.9 112.6
106.1 106.1 105.6 124.5 103.6 114.41 92.2 85.4 107.0
94.4 28.3 102.7 120.3 103.8 122.01 91.9 83.1 79.5
102.2 8.0 112.2 119.0 129.5 130.91115.4 118.8 77.4
111.3 8.2 113.3 111.3 119.3 130.31119.5 97.6 85.4
103.2 8.4 100.8 119.1 118.4 121.81 87.8 60.6
99.9 8.9 108.4 123.5 129.6 130.61 87.5 82.5
106.6 28.8 48.3 120.6 49.3 131.91114.2 97.2
112.3 105.9 117.7 120.6 9.9 137.41104.9 112.5
BEEHIVE COKE.
95.2 104.8 114.4 114.2 9.5 119.51115.5 134.7
The total production of beehive coke during the week ended June 22 is
109.4 113.8 122.0 104.1 9.4 129.1 100.1 110.1
81.3 102.1 115.3 103.0 9.6 112.91101.9 92.9
estimated at 143,200 net tons, as against 146,100 tons in the preceding
102.8 80.4 106.0 117.7 76.4 116.01102.7 97.1
week. The following table apportions the tonnage by States;
•
JuLY 6 19291
FINANCIAL CHRONICLE
Estimated Production of Beehive Coke (Net Tons).
Week Ended
1929
1928
June 22
June 15
June 23
to
to
1929.13
1929
1928.
Date.
Date.a
Pennsylvania and Ohio__
118,200
123,400
47.800 2.428,300 1,570,800
West Virginia
12,000
10,300
10,000
249,000
294.600
Georgia, Ky. and Tem.1,500
1,800
1,500
39,700
97,000
Virginia
6,000
6,000
4,500
127,500
117,700
Colorado, Utah and Wash.
5,500
4,600
3,400
134,200
106,800
United States total_
143,200
146,100
67,300 2,978,700 2,186,900
Daily average
23,887
24,350
11,217
19,991
14,677
a Minus one day's production first week in January to equalize number of days
In the two years. b Subject to revision.
45
an increase of 81,000 tons, or 5.6%,over the average rate for
the month of April.
The production of Pennsylvania anthracite decreased from
6,441,000 net tons in April to 6,308,000 tons in May. The
average daily rate of output in May was 243,000 tons, a
decrease of 15,000 tons, or 5.8%, from the average rate for
the month of April. The Bureau has issued the following
statistics:
Monthly Production of Bituminous Coal and Anthracite in May (Net Tons).
Bituminous.
Production of Coal in May Higher-Anthracite Output
Declines.
The total production of soft coal during the month of
May amounted to 40,172,000 net tons, as against 36,888,000
tons in April,according to the United States Bureau of Mines.
The average daily rate of output in May was 1,522,000 tons,
[
Holdings of discounted bills increased 1107,700,000' at the
Federal
Reserve Bank of New York, $12,600,000 at Atlanta,
$9.500,000 at San
Francisco, and $4,500,000 at St. Louis, and declined $24,000,000 at Boston,
19,100,000 at Philadelphia, and $4,100,000 at Chicago. The System's
holdings of bills bought in open market declined $8,900,000, of
Treasury
notes $6,200,000, and of Treasury certificates $2,400,000, while holdings
of United States bonds increased $500,000.
Federal Reserve note circulation increased during the week at all Reserve
banks except Cleveland, which shows a reduction of $2,300,000.
The
principal increases by districts being: New York, $27,200,000;
Chicas•.
114.800,000; San Francisco, $14,400,000; Boston, $6,500,000, and Philadelphia $5,200,000.
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 94 and 95.
A summary of the principal assets and liabilities of the
Reserve banks, together with changes during the week and
the year ended July 3, is as follows:
Total bills and securities
Total.
Production.
Much 1929
April 1929
May 1929 a
May 1928
•Revised.
39,347,000
36.888,000
40,172,000
36,624,000
No. of
Workhie
Days.
,513,000
26
25.6 1,441,000
26.4 ,1,522,000
26.4 1.387,000
26
25
26
26
194.
258.
243,
312.00to
Increase (+) or Decrease (-)
During
July 3 1929.
Week.
Year.
3041299,000 -31.255,000 +348,709,000
2,866,340,000 -29,174,000 +319,850,000
1,350,852,000
-total
Leans and investments
7,525,000,000 7,410,000,000 7,411,000,000
Loans-total
5 843,000,000 5,610,000,000 5.494,000,000
On seeurith•
All other
3,117,000,000 2,908,000,000 2,788,000.000
2 726,000,000 2,702,000,000 2,706,000,000
Investments-total
1,682,000.000 1,800,000,000 1,917,000,000
U.S. Government securities
Other securities
939,000,000 1,054,000,000 1,115,000,000
742,000,000 747,000,000 801,000,000
Reserve with Federal Reserve Bank
Cash in vault
753,000,000
62,000,000
Net demand deposits
Time deposits
Government deposits
711,000.000
54.000,000
752,000,000
57,000,000
5,341,000,000 5,238,000,000 5,513,000,000
1,071,000,000 1,162,000,000 1,185,000,000
48,000,000
72,000,000
47,000,000
Due from banks
Due to banks
136,000,000
989.000,000
Borrowings from Federal Reserve Bank_ 341,000,000
123,000,000 122,000,000
818,000,000 1,087,000,000
228,000,000
316,000,000
Loans on securities to brokers and dealers
For own account
1 255,000,000 1,038,000,000 1,132,000.
Fo account of out-of-town banks
1,580,000.000 1,536,000,000 1,494,000,
For account of others
2,934,000,000 2,969,000,000 1,681,000,000
Total
On demand
On time
-269,877,000
Loans and investments-total
-65,927,000
-167,582,000
+101,655,000
6769.000.000 5,542,000,060 4,307,000,000
5,383,000,000 5,204,000,000
317(
)
386,000,000 338,000,000 1,046,000,000
Chicago.
2 002,000.000 2,024,000,000 2,056,000,000
Loans-total
On securities
All other
1,586,000,000 1,606,000,000 1,561,000,000
902,000,000
684,000,000
912,000,000
894,000.000
416,000,000
418.000,000
496,000,000
168,000,000
248,000,000
169,000,000
249,000,000
226,000,000
270,000.000
+76,127,000
Reserve with Federal Reserve Bank_ _ _ 174,000,000
Cash in vault
17,000,000
168,000,000
16,000,000
213,000,000
19.000,000
-21,368.000
-22,727.000
+1,905,900
Net demand deposits
Time deposits
Government deposits
73,922,000
-8,917,000
--135,742,000
U. B. Government securities, total 141,382,000
Bonds
43,246,000
Treasury notes
85,779,000
Certificates of indebtedness
12,357,000
-8,145.000
+508,000
-6,242,000
-2,411,000
--711.183,000
--12,455,000
--4,908,000
--60.820,000
Federal Reserve notes in circulation_ _1,736,250,000
+77,763,000
2 437,948,000 +18,293,000
2,380,165,000 +36,352,000
23,373,000 -25,551,000
Returns of Member Banks for New York and Chicago
Federal Reserve Districts-Brokers' Loans.
Beginning with the returns for June 29 1927, the Federal
Reserve Board also commenced to give out the figures of the
member banks in the New York Federal Reserve District,
as well as those in the Chicago Reserve District, on Thursdays, simultaneously with the figures for the Reserve banks
themselves, and for the same week, instead of waiting until
the following Monday, before which time the statistics covering the entire body of reporting member banks in 101 cities
cannot be got ready.
Below is the statement for the New York member banks
and that for the Chicago member banks thus issued in
advance of the full statement of the member. banks, which
latter will not be available until the coming Monday. The
New York statement, of course, also includes the brokers'
loans of reporting member banks. The grand aggregate of
these brokers' loans the present week increased $227,000,000
5,044,000
6,441,000
6,308,000
8.124.000
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York.
July 3 1929. June 26 1929. July 3 1928.
+88,424,000
Total deposits
Members' reserve deposits
Government deposits
No. of Avelloe
Total
Workper
Production. (no
Warhia.
Digs.
Day.
over the amount for last week. The present week's increase
of $227,000,000 follows an increase of $122,000,000 last week
and of $136,000,000 two weeks ago making an expansion of
$585,000,000 since June 12 and bringing the grand aggregate
of these loans up to'$5,769,000,000 or within $24,000,000
of the high record established on March 20 1929 when the
amount was no less than $5,793,000,000. The total of these
loans on July 3, at $5,769,000,000 compares with $4,307,000,000 on July 3 1928.
Bills discounted, total
1,125,083,000 +108,336,000
Secured by U. S. Govt. obllga'ns 609,898,000 +77,153,000
Other bills discounted
515,185,000 +31,183,000
Bills bought in open market
Anthracite.
Average
per
Working
Day.
Current Events and Discussions
The Week with the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on July 3, made public by the Federal Re,
serve Board, and which deals with the results for the 12
Reserve banks combined, shows an increase for the week
of $88,400,000 in total bills and securities-an increase of
$108,300,000 in holdings of discounted bills being partly
offset by decreases of $8,900,000 in bills bought in open
market and of ,100,000 in U. S. Government securities.
Member bank reserve deposits increased $36,400,000 and
Federal Reserve note circulation $77,800,000, while cash
reserves declined $31,300,000 and Government deposits
$25,600,000. After noting these facts, the Federal Reserve
Board proceeds as follows: '
Total reserves
Gold reserves
Month.
Investments-total
U. B. Government securities
Other securities
Due from banks
Due to banks
Borrowings from Federal Reserve Bank_
870,000,000
691,000,000
1,217,000,000 1,193,000,000 1,263,000,000
628,000.000 627,000,000 702,000,600
14,000,000
20,000,000
3,000,000
141,000,000
327,000,000
135,000,000
320,000,000
180,000,000
378,000.000
57,000,000
64,000,000
96,000.000
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week.
As explained above, the statements for the New York and
Chicago member banks are now given out on Thursdays,
simultaneously with the figures for the Reserve banks themselves, and covering the same week, instead of being held
until the following Monday, before which time the statistics
covering the entire body of reporting member banks, in 101
cities, cannot be got ready.
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
FINANCIAL CHRONICLE
46
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 June 26:
[VOL. 129.
ticularly in the eastern section of Honan Province, that fall wheat hits not
been planted. Crop conditions in Southwestern Henan are reported poor,
and are likewise unfavorable in Shousi. Kansu, and Suiyuan Provinces.
Indications appear favorable for an average yield of cotton in North China.
with the exception of a few districts where crop conditions are not so good.
Through traffic on the Peking-Hankos Railway has been resumed,following
completion of permanent as well as temporary repairs to damaged bridges.
There are two through passenger trains weekly each way. A new motor
road and bus service has been started between Chefoo and Weihaiwel, a
distance of less than 50 miles, hitherto connected only by a sea route.
American busses are being used for this service. It is further reported that
Shanghai-Kiating motor road, approximately 17 miles in length, has been
completed. Twelve motor busses are scheduled to be in operation on this
route on July 1. Highways in China suitable for motor transport under
favorable weather conditions are now estimated at 20,973 miles, actually
constructed and opened to motor transportation. This estimate has been
made by the National Good Roads Association of China, based on actual
Investigations made by their various branches.
NICARAGUA.
The Federal Reserve Board's condition statement of weekly reporting
It is reported that the Nicaraguan budget for the fiscal year will show a
member banks in 101 leading cities on June 26 shows increases for the
week of $109,000,000 in loans and investments, of $78,000,000 in net surplus of $1.200,000. of which $500,000 will be used to repay the National
demand deposits, of $39,000,000 in time deposits, and of $41,000.000 in Bank of Nicatagua for short time advances, $300,000 as a reserve fund
for the adjudication of claims out of the revolution, and $100.000 for emergborrowings from Federal Reserve banks.
Loans on securities, which at all reporting banks were $155,000,000 ency expenses of the administration. It is stated that the President of
above the June 19 total, increased $157,000.000 in the New York district, Nicaragua hopes to start within six months the railroad toward the Carrib$16.000.000 in the Cleveland district and $11,000,000 in the Richmond bean sea. The first stretch to be built is between Managua and Boaco.
district, and declined $13,000,000 in tile Chicago district and $11,000,000 a distance of 45 miles and will cost approximately $1,500,000. From Boaco
In the San Francisco district. "All other" loans increased $14,000,000 it will be continued by way of the 45 miles highway to Matagalpa at a
in the Boston district, and declined $22,000.000 in the Chicago district, cost of $500,000.
GREECE.
• $16,000,000 in the New York district and $20,000,000 at all reporting
banks.
. Business has been aided by intensive activity in building construction
Holdings of U. S. Government securities declined 840,00,000 at all during the first four months of 1929, which has resulted in a fair reduction
• reporting banks, $10,000,000 in the New York district, $8,000,000 in the of employment. Building activity is reported to have been considerably
San Francisco district and $6,000,000 in the Cleveland district. Holdings greater than the corresponding periods of the previous two years, and is
of other securities increased $6,000,000 each in the Boston and Atlanta attributed to the increasing number of new building associations recently
districts and $14,000,000 at all reporting banks.
formed.
Net demand deposits of all reporting banks were 578,000,000 above the
JAPAN.
June 19 total, reporting banks in the New York and Cleveland districts
The raw silk market in Japan is active. Prices of raw silk and cocoons
while
showing increases of $80,000,000 and 514,000,000. respectively,
have been somewhat stimulated by the suspension of silk reeling by filatures
reporting banks in the San Francisco district showed a decline of$24,000,000. in the Nagoya district. Depression in the market for passenger automobiles
Time deposits increased $19,000,000 in the New York district, $9,000,000 is more pronounced, due largely to the difficulty in financing sales and to
In the San Francisco district. $7,000,000 in the Atlanta district and $39,- the decline in foreign exchange. The money market is tightening slightly.
000.000 at all reporting banks.
but the semi-annual settlements are being effected very easily. NegotiaThe principal changes in borrowings from Federal Reserve banks for tions are under way for the merger of the Daido Electric Power Co. and
the week comprise increases of $62,000,000 at the Federal Reserve Bank the Nippon Electric Power Co.
of New York and of $15,000,000 at Philadelphia, and decreases of $15,MEXICO.
000,000 each at Chicago and San Francisco and of $6,000,000 each at
Improved business conditions are reported as having resulted from the
Atlanta and Kansas City.
A summary of the principal assets and liabilities of weekly reporting agreement recently concluded between the State and church authorities.
member banks, together with changes during the week and the year ending A more optimistic tone was at once apparent as soon as the settlement was
effected, and it appears that one of the greatest elements having an adverse
June 26 1929, follows:
Increase (+) or Decrease (—) effect on economic conditions for the past three years has been eliminated.
Since
The termination of the revolution early in May and the more recent settleJune 26 1929. June 19 1929. June 27 1928.
ment of the religious controversy are indications that more peaceful in$
$
$
conditions will prevail in the future than for many months past.
Loans and investments—total____22,407,000,000 +109,000,000 +402.000,000 ternal
It is considered probable that agriculture, particularly in the Central
16,678,000,000 +135,000,000 +872,000,000 States, will show an improvement, for production has been greatly lowered
Loans—total
direct result of the disorders occurring in some of the rich agricultural
7,537,000,000 +155,000,000 +649,000,000 as a
On securities
gold peso is slightly improved.
—20,000,000 +223,000,000 regions. The position of the Mexican
9,141,000,000
All other
NETHERLAND EAST INDIES.
—26,000,000 —470,000,000
5,729,000,000
Investments—total
Retail business in west Java is proving satisfactory, following the rice
—40,000,000 —119,000,000 harvest. Low sugar prices throughout east Java, however, are causing
2,895,000,000
U.S. Government securities
+14,000,000 —351,000,000
2,834,000,000
Other securities
depression. Exports of rubber from all the Netherland East Indies in May
—62,000,000 totaled 26,662 long tons, of which 6,264 were shipped from Java; 6.961
+13,000,000
Reserve with Federal Res've banks 1,670.000,000
—17,000,000 from Sumatra East Coast, and 13,437 from all other rubber districts.
+5,000,000
232,000,000
In vault
Cash
. Net demand deposits
Time deposits
Government deposits
lily
Due from banks
.Due to banks
Borrowings from Fed. Res. banks_
, •June 19 figures revised.
13,018,000,000 •+78.000.000
6,763,000,000 •+39,000,000
260,000,000
—186,000,000
—167,000,000
+57,000,000
1,085,000,000
2,554,000,000
—14,000,000
+21,000,000
+7,000,000
—281,000,000
715,000,000
+41,000,000
—88,000,000
NETHERLANDS.
Despite the retarding influence of unfavorable weather on the retail trade,
a fair volume of general business has been maintained. The wholesale price
index for May dropped 2 points to 142; the index for foodstuffs only also
declined 2 points to 150. Total imports during May were valued at 236,000,000 florins and exports at 175,000.000 florins. The import surplus for
the first 5 months of the year was 25.000,000 florins lower than that for the
corresponding period of last year. Government revenues for the 5 months
were substantially above estimates. The American consulate at Amsterdam reports that exports declared to the United States during May were
considerably higher at $7.637,000, including diamonds at $2,560,000:
tobacco, $1,192,000; and tin, $968,000.
:Summary of Conditions in World Markets, According
to Cablegrams and Other Reports to the Department of Commerce.
The Department's summary also includes the following
• The Department of Commerce at Washington releases for with regard to the Island possessions of the Government:
publication July 6 the following summary of market conPHILIPPINE ISLANDS.
Depression in the textile market continues, despite temporary improve`ditions abroad, based on advices by cable and radio:
ment during the week ended June 22. Banks are showing no inclination to
ARGENTINA.
relax in extending textile credits and the offtake from dealers' stocks conweek was quieter than is usual for the midwinter
Business throughout the
The local abaca market has weakened slightly on account of
gas tinues slow.
time of the year and collections were more difficult. An important
dullness in New York and London derdand and a slight tendency on the
,company amalgamated with an electric company. The cotton mills are part of sellers to reduce their holdings. Receipts of abaca are somewhat
balancing their books for the fiscal year ending in June and the trade in lower totaling 27.746 bales last week. The local trade is anticipating de,yarns is quiet.
mand for between 100,000 and 150,000 bales of abaca for binder twine,
BRAZIL.
on account of the world stock situation, and not much reduction in prices
or in the coffee market, both of is expected. To-day's f. o. b. prices per picul of 139 pounds are 26 pesos for
There has been no change In exchange
important grade F; 1,24.50; JUS, 21.50: JUK, 17.50: and L. 14.75. Exports of abaca
which remained firm. The credit situation is stringent, and
merchants are insisting upon cash, but improvement is expected within last week totaled 24,000 bales, of which 7,000 went to the United States.
is for a further tight- (1 peso equals $0.50.) The copra market is steady, with arrivals declining
the next few months, although the immediate outlook
and producers holding off for better prices. Only two oil mills are operating
ening around the first of July. Automobile lines report slightly.
intermittently and it is expected that some mills will close down entirely
CANADA.
next month. Current f. o..b. steamer prices for warehouse grade resecado
Wholesale and retail trade has improved distinctly in the past week with are Manila. 10.50 pesos per Weill; Cebu and IIondagua, 10125; anti Iloilo
merchants expecting a record tourist traffic. The leather trade is less active and Legaspi, 9,875.
garment trade is much
but shoe factories are working over time and the
improved. Employment on June 1 was the highest ever recorded with the
and transportation the features of the advance
gains in logging,construction
Stock of Money in the Country.
and services also returned heavier
over May. Manufacturing, trade
The Treasury Department at Washington has issued the
employment as compared with May and with June of last year. Record
and dusting supplies in the Annapolis
statement showing the stock of money
sales of fertilizers, orchard spraying
that section. customary monthly
valley of Nova Scotia indicate a very favorable crop outlook in
Provinces, crops in general are from a week to ten days in the country and the amount in circulation after deduct,In the Prairie
farmers want soaking rains and warmer weather. ing the moneys held in the United States Treasury and by
biter than last year and
CHINA.
Federal Reserve banks and agents. It is important to note
trade and industry in North China continue to that, beginning with the statement of Dec. 31 1927, several
1
'New undertalnngs in
the political situation. Moderate
definite easing of
mark time, pending a
late in certain areas of North China. par- very important changes have been made. They are as folsummer rains have occurred so
JULY 6 19291
47
FINANCIAL CHRONICLE
lows:• (1) The statement is dated for the end of the month Reserve notes are obligations of the United States and a first lien on all the assets
by the
are
instead of for the first of the month;(2) gold held by Federal of the issuing Federal Reserve bank. Federal Reserve notes or ofsecured such
gold and
deposit with Federal Reserve agents of a like amount of gold
Reserve banks under earmark for foreign account is now discounted or purchased paper as is eligible under the terms of the Federal Reserve
excluded, and gold held abroad for Federal Reserve banks Act. Federal Reserve banks must maintain a gold reserve of at least 40%,including
redemption fund which must be
the United States Treasurer.
is now included; (3) minor coin (nickels and cents) has the gold Federal Reserve notes in actualdeposited with Lawful money has been decirculation.
against
been added. On this basis the figures this time, which are posited with the Treasurer of the United States for retirement of all outstanding
for May 31 1929, show that the money in circulation at Federal Reserve bank notes. National bank notes are secured by United States
where lawful money has been deposited with the Treasurer of the
that date (including, of course, what is held in bank vaults bends except for their retirement. A 5% hind is also maintained In lawful money
United States
of members banks of the Federal Reserve System), was with the Treasurer of the United States for the redemption of national bank notes
$4,737,635,931, as against $4,675,646,777 April 30 1929 and secured by Government bonds
84,744,074,316 May 31 1928, and comparing with $5,International Payments of the United States.
698,214,612 on Oct. 31 1920. Just before the outbreak of
In an item under the above head the July 1 issue of the
the World War, that is, on June 30 1914, the total was only
Monthly Review of the Federal Reserve Bank of New
83,458,059,755. The following is the statement:
York, says:
gg x..44e *0 0
,
The annual study of the balance of international payments of the United
q4,94› Er !too'cogga0 ggigl
x
States, recently issued by the Department of Commerce shows several
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n'g substantial changes in 1928 compared with the previous year. The merP
,
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chandise export balance of this country was over 250 million dollars larger
A-11 5
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ditures showed a further moderate increase, and were larger than in any
Si : F .
a
8,333,935,461
8,123,846,787
8.479,620.824
5,396,596,677
3,796,456,764
1.007,084.483
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-1-588,000,000
Total commodity and invisible Items
--853,000,000
New American investments abroad. net
+158,000,000
New foreign investments in U. S. net
Reduction in net debt of U.S.banks to foreigners--
!.
4 ..:?
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•
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a. -
a Includes United States paper currency in circulation in foreign countries and
the amount held by the Cuban agency of the Federal Reserve Dank of Atlanta.
Does not include gold bullion or foreign coin other than that held by the Treasury,
Federal Reserve banks, and Federal Reserve agents. Gold held by Federal Reserve
banks under earmark for foreign account is excluded, and gold held abroad tor
Federal Reserve banks is included.
c These amounts are not included in the total since the money held in trust against
gold and silver certificates and Treasury notes of 1890 is included under gold coin
and bullion and standard sliver dollars. respectively.
The amount of money held in trust against gold and silver certificates and
Treasury notes of 1890 should be deducted from this total before combining It with
total money outside of the Treasury to arrive at the stock of money in the United
States.
e This total includes $10,778,817 of notes in process of redemption, $166,282,022
of gold deposited for redemption of Federal Reserve notes, 819,077,997 deposited
for redemption of National bank notes, $1,950 deposited for retirement of additional
circulation (Act of May 30 1908), and $7,507,349 deposited as a reserve against
postal savings deposits.
f Includes money held by She Cuban agency of the Federal Reserve Bank of
Atlanta.
Nols.-Gold certificates are secured dollar for dollar by gold held in the Treasury
for their redemption: silver certificates are secured dollar for dollar by stalidard
silver dollars held in the Treasury for their redemption: United States notes are
secured by a gold reserve of $155,039,088 held in the Treasury. This reserve fund
may also be used for the redemption of Treasury notes of 1890, which are also
secured dollar for dollar by standard silver dollars held In the Treasury. Federal
+730,000,000
--1,217,000,000
+481.000,000
-226,000,000
Total private capital items
-695,000,000
-962,000,000
Gold shipped or earmarked,net
MONEY OUTSIDE OF THE TREASURY.
-1 -1 8 0' 05
Ct
O
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0
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8. Ch k A2 a.
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gg 03 :! 5 =1
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.
3
previous year.
Among the most interesting items were the estimated capital movements
shown in the report. New investments abroad by Americans are estimated
to have increased more than 350 million dollars over 1927, and new foreign
investments in the United States are calculated at a figure nearly 325
million dollars higher. Public offerings of new foreign securities in this
country declined somewhat in 1928, due to the fact that, following an
exceptionally large volume of flotations during the first half of the year,
rising money rates caused a substantial reduction in new issues in the latter
half, but it is estimated that the decline in public offerings was more than
offset by a substantial increase in purchases of securities from foreigners
In small lots during the year.
The merchandise export balance of the United States in 1928 was so
large as to require an amount in settlement more than equal to the net
amount of new American investments abroad over foreign investments in the
United States. The withdrawal of 272 million dollars of gold from this
country was largely reflected in a reduction in foreign funds held by banks
in the United States.
The following is a brief summary of the Department of Commerce
estimates for 1928, with comparable figures for 1927.
1928.
1927.
+837,000.000
+583,000,000
Commodity transactions. Net mdse.exports
-525,000,000
-444,000,000
Miscell. invisible items: Tourist expenditures
+523,000,000
+519,000,000
Interest on private investments abroad
+210,000,000
+206,000,000
War debt receipts of U.S. Government
-189,000,000
-206,000,000
Immigrant remittances
-84.000,000
-66,000,000
Freight payments
-42,000,000
-4,000,000
Other items
+154,000,000
+272,000.000
47
40
Net discrepancy
• Not reported.
I
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152,979,026 1.212,360,791 352,8.50,336 6,761,430.672 1,063,216.060
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Secretary of State Stimson Says Administration Is Unable
to Postpone Maturity Date of French Debt For War
-Move By French Deputies For Ratification
Supplies
of Debt.
A Washington dispatch June 28 to the New York "HeraldTribune" reported that Henry L. Stimson, Secretary of
State, and Andrew W. Mellon, Secretary of the Treasury,
came to the conclusion, at a conference that day, that the
Administration was powerless to postpone the French debt
for American war stocks beyond August 1 unless France
•ratified the Mellon-Berenger agreement in the mean tune.
The dispatch likewise said:
Paris Seeks Five-Month Delay.
An hour later an official request of the French Government for a
five-month extension to allow time for consideration of the Young
reparations plan was handed to Secretary Stimson by Paul Claudel,
French Ambassador.
Ambassador Claudel was under instructions from his Government.
The instructions were dictated by the French Chamber of Deputies in
a stormy session Thursday night, in which it was charged that this
debt to America, due August 1, was being used to coerce France
in its consideration of the Young reparations plan and the American
and British general debt agreements with France.
While neither Secretary Stimson nor Ambassador Claudel revealed
what was said in their interview, it was reported on excellent authority
that the American official told the Ambassador that President Hoover's
hands were tied, whatever the Administration's disposition might be.
Conditional Delay Voted.
explained that both Houses had passed a resolution just
before a recessing which would authorize President Hoover to postpone payment of the $407,000,000 debt until May 1 if the MellonBerenger agreement, pending between this Government and France for
two years, was ratified by August 1. While the resolution did not
become law, through a slip-up over the technicality requiring the
Senate and House presiding officers to sign legislation, the Administration considered Congressional intent, clear, and decided to act accordingly.
In Administration quarters it was pointed out that the proposal
now made by the French Government is a new one not anticipated
when Congress was in session, and therefore not considered. It
arises from a French contention that the Young plan and the debt
agreements are interrelated and should be considered together.
In view of the controversial nature of the debt question, the
Administration is not disposed to take any major step in the matter
without consulting Congress, which will not be back in full session
until September 23.
It
was
48
FINANCIAL CHRONICLE
The passage by Congress of the resolution referred to
above was noted in our issue of June 22, page 4083. Copyright advices from Paris on June 29 to the "Herald-Tribune"
referring to the message from Ambassador Claudel said in
part:
[Vol,. 129.
ternational Chamber of Commerce, has contributed to the
current issue of "World Trade", the official journal of the
Chamber, a statement on the proposed workings of the Bank
for International Settlements, provided for in the Young
plan for the settlement of the German reparations problem.
According to extracts from Mr. Lamont's statement, made
available at Washington on July 4 by the American section
of the Chamber, Mr. Lamont says that "should any central
Bank refrain from participating in the work of the (International) bank, alternative arrangements are provided in
the plan whereby the same end is intended to be attained."
Mr. Lamont also states that "in its natural course of development the bank may become an organization not simply
or even predominantly concerned with the handling of reparations but also with furnishing to the world of international commerce and finance important facilities hitherto
lacking." "It is also to be hoped that as time goes on"
says Mr. Lamont, "it will prove to be an effective means
for opening up new fields of commerce and enlarging the
volume of world trade as a whole." We quote as follows
his statement as made public July 4:
The French Government received a message from Ambassador Claudel
in Washington just before noon today containing the information that
the State Department was forced to decline the French request for
a postponement of the maturity date of the $407,000,000 war stocks
debt from August 1 to December 1. This negative reply had been
expected and in the saner political circles it has been accepted without
much hint of indignation.
In fact, it appears that twelve hours after the emotional demand
of the Chamber of Deputies on Thursday night that the Government
renew negotiations with Washington on the subject, most of the
Deputies who had voted for the resolution realized that the move
was a useless gesture.
Forced to Make Plea.
Premier Poincare, Foreign Minister Briand and other chief members of the Cabinet had actually opposed the step from the first,
but in view of the sudden outburst of enthusiasm in the Chamber
in which all but the Socialists and Communists participated the
Government was forced either to make the effort or to resign.
Meanwhile plans for ratifying the American and British debt accords
and for the intergovernmental conference for adoption of the Young
reparations plan, the evacuation of the Rhineland and related questions, have gone forward without intermission. Despite M. Poincare's
continued preference for ratification of the debt accords by decree
"Like so many other institutions which in due time have become
he maintains the view that Parliament should have its way, and it
is Parliament's way that the ratification should be by the more familiar figures in finance the Bank for International Settlements
had its inception in the need for an organization which would perform
customary method of legislative measures voted by the two chambers.
a specific
of functions. It
Under date of July 3 Associated Press advices from evolution and limited set of the reparation was a natural and necessary
from the facts
settlement. If, in years to
Paris said:
come, it takes on broader functions, it will be because, and only
A majority in Parliament is now believed reconciled to the necessity because, there is a practical and specific
use for it in branches of
of ratifying the Mellon-Berenger debt accord before Aug. 1, but a economic life which are not now served.
reservation formula in the form of a safeguard clause in a manner
"Early in the discussions at the Paris conference it became clear
which will not be objectionable to Washington but will nevertheless
that some sort or organization external to Germany had to be set
appease French public opinion. Both the Finance and Foreign Affairs
up
Commissions were busily engaged on this work throughout the day. The to deal with the annuities which Germany has agreed to pay.
new Experts' plan is based upon the principle that Germany
Premier Poincare's suggestion was that the text of the settlement
should be freed of all political controls, that the relations of the
be ratified without reservation, and that immediately afterward a
Reparation Commission with Germany should be terminated and that
separate resolution embodying a safeguard clause against German
the office for reparation payments and its associated organizations
suspension of payments of the Young annuities be solemnly introduced,
voted and conveyed through official channels to the American Govern- in Berlin should be retired. In accordance with its provisions, Germany will assume the responsibility for raising and transferring the
ment.
Deputies Jacques Stern and Francois Pietri respectively were ap- annuities, but it was necessary to set up new machinery which should
take care of the work involved in their receipt and disbursement.
pointed reporters for the Foreign Affairs and Finance Commissions
"It was first suggested that a clearing house would serve this purwith directions to have their reports ready to submit to the Chamber
pose, but it soon developed that the functions necessarily devolving
of Deputies as soon as possible.
Indications now are that the bill for ratification of the accord on the proposed institution, particularly those which snould effect the
distribution of large sums of money throughout the world with the
will come up on July 9.
least possible disturbance to the
Yesterday (July 5) the Associated Press accc.ants irom sort of organization from thatforeign exchanges, required a different
ordinarily recognized as a clearing
Paris said in part:
house. Accordingly, the institution was set up as a bank, the funcThe Poincare Government, which had been brought perilously close tions of which should be primarily those arising from the special
to a Ministerial crisis by opposition attacks, scored a decided victory conditions of reparation receipt and distribution.
in the Chamber of Derkties today.
"The Bank will be the trustee of the creditor countries in dealing
The debt question, about which much opposition has revolved, was with the annuities. As such, it
will receive and
not raised in the Chamber, while an interpellation introduced by the paying agents the service on the German external disburse to the
loan of 1924. It
Opposition Deputy, Maurice Dormann, involving the recent veterans' will receive funds from Germany in foreign
exchange and in reichsparade to protest ratification of the Mellon-Berenger debt accord, was marks—the latter in an
amount sufficient to cover payments within
withdrawn.
Germany on account of deliveries in kind.
The Chamber late today adjourned until next Tuesday.
"Out of the funds received in foreign exchange, it will make disThe Government's viewpoint on the question of ratification of the tributions to the creditor countries
by crediting the accounts which
debt accord received a jolt, when the Foreign Affairs Committee of the several Central Banks maintain
at the bank. It
the Chamber decided that reservations should be incorporated in to the paying agents the interest on the commercialized will disburse
and marketed
the text of the ratification bill.
obligations issued against the annuities, and will manage the sinking
By the vote, which was 13 against 12, with 9 absentions, the Foreign funds for the loans.
Along with these functions, the Bank will be
Affairs Committee joined the Finance Committee, which yesterday
to serve as trustee for the creditor countries in other respects
voted to incude the safeguard reservations in ratification.
also.
The Cabinet was convoked unexpectedly in special session this
"In its capacity as agent,
morning to consider varied attacks of the opposition which have of the creditors operations the Bank will initiate upon the request
for marketing bonds, arranging tne conbrought the Government perilously close to a Ministerial crisis.
ditions and supervising the execution of contracts, and will arrange
The Cabinet dissussed all phases of the situation presented by the for the distribution of the proceeds according
to the participation
Finance Commissions's unexpected action yesterday in voting to in- of the several creditors
in the bonds issued.
clude the safeguard reservations in ratification. It was agreed that
"It follows from the nature of these operations that the institution
although the situation had some serious aspects, there was confidence
Parliament would be convinced of the uselessness of adopting such will perform a number of banking functions. For example, as the
recipient of the annuity service from Germany, it becomes a depositary
a measure.
There was no objection to French sentiment being expressed simul- of funds which will pass more or less promptly to the creditor countries. As the holder of these funds in the brief interval between
taneously but separately in a resolution.
receipt and distribution, it becomes an investor. The long-term deThe attacks against M. Tardieu seemed today to have centered posits
which it
about the apparently trivial incident of an angry woman slapping the under the plan is due to receive from certain of the Governments
gives it additional funds which may be employed,
prefect 6f police during the recent veterans' parade to protest rati- possibly
in intermediate credit operations.
fication.
"Its capital stock, which amounts nominally to the equivalent of
The Minister of the Interior denied that the prefect was slapped,
but Deputy Dormann asserted he saw the affair. This controversy $100,000,000, will be paid in at the beginning to the extent only of
$25,000,000. This sum, certainly at the outset, represents the limits
has assumed unexpected importance, it was said, simply because it
of its power to invest at long-term.
afforded material for a new attack on the Cabinet.
"In the organization and the administration of the Bank the Central
There was conjecture whether the helmsman, Premier Poincare,
would survive the blow and save himself and his cabinet intact and at Banks of the creditor countries and of Germany, or such of them
as desire to participate, will have broad powers of control. In designthe same time ratify the Mellon-Berenger debt accord in a manner
ing the plan for the institution, safeguards were interposed to protect
suitable to the United States.
The newest complication striking at ratification of the debt accord existing business and financial agencies competition on the part of
developed yesterday in the Finance Committee of the Chamber of the Bank.
"Deposits in the Bank as well as the investments which it is
Deputies, when by a vote of 17 to 16, with 11 abstaining, it decided
to recommend to the Chamber that reservations be included in the qualified to make will be closely supervised both in general and in
detail by the Governors of Central Banks who participate in the
measure ratifying the agreement.
These reservations were the old ones, providing that France will board of directors, and its operations must be carried on consistently
not pay America if Germany defaults on the reparations payments with the policies of the Central Banks located in the markets conto France. The Premier had M. Pietri, the committee's reporter, cerned.
"Should any Central Bank refrain from participating in the work
introduce a measure resolution seeking separation of the reservations
and the ratification measure. It was this resolution which was de- of the Bank, alternative arrangements are provided in the plan whereby
the same end is intended to be attained.
feated, the reporter immediately resigning.
"All political influences are excluded from the operations of the
Bank, which will be carried on according to business principles only.
"In its operations with respect to the German annuities, it will
Thomas W. Lamont on Functions of Bank For International
provide an
Settlements—Expected to Enable Opening of New their receiptelastic element between the payments by Germany and
by the creditors. In effect, it will facilitate the payFields Enlarging World Trade.
ments and make more certain their timely and regular distribution.
It must have at its disposal,
Thomas W. Lamont, of J. P. Morgan & Co., who sailed apportioned supply of foreign in order to carry out its work, a well
exchange, which is susceptible of cona week ago for Europe to attend the meeting of the In- servative use for the benefit of international trade.
JULY 61929.]
FINANCIAL CHRONICLE
49
Dr. Schacht frankly criticized the German Government's failure to
suppress the alleged attempts by industrial interests and political circles
to interfere with the work of the German delegates. Discussing the
deadlock in the negotiations which resulted from the disparities between
the allied experts' annuity figures and the German counter proposal, Dr.
Schacht said the German delegates were confronted with a choice between
a breakdown of the negotiations or the adoption of Chairman Owen D.
Young's proposals as a new basis for discussion.
He continued:
"In deciding to accept the latter alternative we were prompted by the
conviction that the Young plan suggested an Improvement on the former
reparations obligations and we immediately sought to incorporate such
provisions of security into the new program, as would, in case it collapsed,
absolve us from a charge of disloyalty, at the same time protecting us from
economic catastrophe.
Urges AU to Co-operate.
T. W. Lamont of J. P. Morgan 8c Co. Sails for Europe
"The circumstance that the German delegates could not endorse the
With Other Delegates to Participate in Amsterdam Verdict of the other members of the Experts' conference in respect to Gerthe annuities prescribed in the Young Plan does
many' capacity
Congress of International Chamber of Commerce— not absolve us, to meet other competent German official quarters, of the
nor the
responsibility honorably and sincerely to endeavor to meet the payments
Topics to Be Discussed.
prescribed.
"If we to-day insist that the Allied Experts indulged in an Exaggerated
American business
delegation of one hundred and fifty
appraisal of Germany's economic possibilities it is but fair that we on our
German experts may have
men sailed Friday night, June 28, on the Steamship "Staten- part should also concede the charge that the in no small measure depend
erred in their judgment. The final outcome will
dam" to represent the United States at the Fifth Congress on whether international co-operation in the solution of the reparations
powers to adopt economic policies toward
of the International Chamber of Commerce at Amsterdam, problem will persuade other increase of her exports. It will also depend
Germany which will permit an
will
13. Representatives from forty-five countries will on whether a world freed of militarism, war psychosis and chauvinism,conJuly 8 to
unite in the common task of promoting economic markets, increasing
attend. Thomas W. Lamont, of J. P. Morgan & Co., who sumption and enhancing the material welfare of all nations."
Says Bank For International Settlements Must did Trade.
last year succeeded Owen D. Young as Chairman of the
Dr. Schacht then entered upon a detailed explanation of various feaAmerican delegation, before sailing with his associates
tures or the Young plan, especially in reference to the security provkloas
mentioned some of the topics which would come up for dis- and the proposed Bank for International Settlements.
meeting," he said, "will afford
cussion at Amsterdam. "The
"The bank," he declared, "is not to be an organ of control and I hope
the Repararepresentatives of business interests from countries all over that no one who has been identified with the apparatus of We need a
will have a place in its administration.
to discuss their common problems." tions Commissions new spirit in this Bank. It can only fulfill its purthe world an opportunity
different and wholly
pose if it is conducted as a business undertaking and devotes its funds
He added:
the and influence to the promotion of world commerce and Germany's share
"The fact that more than one hundred and fifty delegates from
the country's therein. Time alone will tell whether the idea which gave birth to this
United States, representing all sections and all phases of
the
Industrial, financial and commercial life, are planning to cross the ocean Bank was an idle dream or whether the Bank is destined to become
will be called
to attend the Amsterdam Congress of the International Chamber, bears first link in a chain of practical economic agencies which
nations."
witness to the spirit of international co-operation being shown by American on to serve the cause of international peace and the welfare of the
In describing the advantages of the Young plan over the Dawes plan,
business men generally.
finance.
'Of major importance on the program for the Amsterdam Congress are Dr. Schacht took the opportunity to discuss the future of German
part nf
the subjects of the 'Relative Merits of Public and Private Ownership of He frankly demanded the inauguration of rigid economy on the
Commercial Enterprises,' and 'Chinese Affairs.' For nearly two years the Government in administrative affairs and a halt in preadmmous fondwi
the International Chamber has been conducting an investigation of the borrowing.
Urges Big Reich Effort.
former problem. Changes and experiments brought about by the World
War and the subsequent deflation period of 1920-21 offered much new
The Reichsbank President continued: •
more of the countries represented in the
material for study. Twelve or
"Germany should demonstrate to the world that she is determined to
membership of the International Chamber have prepared detailed reports put her house in order and to exert every effort to insure the loyal fulone
filment of her reparations commitments. The acceptance of the Young
on the subject. These reports have in turn been correlated into
exhaustive survey.
plan obligates the German Government to draft and put into execution an
Chamber has for many economic program which will impose a uniform procedure on all govern"As regards 'Chinese Affairs,' the International
of establishing closer contact with mental departments."
months been studying the possibility
Reverting to the decision of the German delegates to accept Mr. Young's
the business men of China, with a view to future collaboration. A Chinese
attend mediation, Dr. Schacht added:
Delegation, which will contribute to the discussion, is planning to
the Amsterdam Congress.
"The circumstance that the compromise proposal which was finally
Amsterdam accepted by the German delegates came from the American group made its
"Other questions which will come up for consideration at
perhaps in a greater
or more countries; protection acceptance essentially easy for us. For this nation, responsibility.
include: Taxation of the same income in two
commercial degree than any other, possesses a sense of economic
of industrial property; international industrial statistics;
'It is high time that we comprehended that all this anti-American ranting
documentary credits; international postal, telegraph and telephone service, about Sbylock betrays a complete misconception of American psychology
of every man and of every nation
and various problems in the fields of transportation by highway, air,sea America is no Shylock;she merely expects obligations assumed. American
complete responsibility for the actions and
and rail. The response which business men here and abroad have given a
fusion of interallied debts with German reparations is
resistance to the
to the invitation to attend this Congress, following the one at Stockholm prompted by the feeling that it would be unfair to attempt to unload on
two years ago, is decidedly encouraging along the line of better international others an obligation which one voluntarily and knowingly assumed. If,
however, the redemption of such an obligation, for some economic reason,
understanding among men of affairs throughout the world."
becomes impossible. America would be the first to take such a practical
failure into account provided the debtor's good-will was evident.
Pop Tribute 16 America.
President Schacht of German Reichsbank Demands
familiar
"We also have no good reason for joining in the now somewhat Nothing
Freeing of Rhine—Hopes Young Reparations Plan
chorus that all Europe is about to become an American colony.
a
Won't be Ratified Unless that and Sarre Issue are could be further removed from American aspirations thanofdesire to relieve
their economic
for the administration
Settled—Accepted accord as Bettering Dawes Plan. Europeans of the responsibility in international intercourse,she demands
affairs. America cannot use slaves
of
nations be independent and responsible for the conductfor
general
We quote as follows a special cablegram from Munich, that men and
their own affairs. We must not forget that it ,was the agentthe first to
reparations who, by virtue of his American orientation, was to meet her
Germany, June 28, to the New York "Times."
courageously demand that Germany be placed in a position
That America was no Shylock and that all ranting to that effect reflects obligations without the intervention of foreign control agencies."
of American psychology, was declared by Dr.
crass misunderstanding
In conclusion Dr. Schacht said:
Hjalmar Schacht, president of the Reichebank and Chief German delegate
"The German experts have recommended the acceptance of the Young
to the recent Experts' Committee on Reparations at Paris, in the course Reparations Plan, not because they believe its figures conform to their
at last
plan
of a significant discussion of the Young reparations plan at the annual economic convictions, but because they believe the Youngwhich will world
the
bring the international economic and political peace for has been vainly
meeting of the German Associated Chambers of Commerce today.
of the Versailles Treaty
for the ten years since the signing
It was Dr. Schacht's first official utterance since his return from Paris, waiting. Peace among the nations is only possible when mutual good-will
and the frankness with which he reviewed the progress of the Paris prevails Germany has given more emphatic demonstration of this goodhave been expected of any
negotiations and the struggle of the German delegation to obtain satis- will in ihe past decade than could reasonablywe have earned the right to
In the course of these ten years
factory conditions in the protracted parleys gave his address a value one people. our opponents a similar exhibition of good-will after having
demand of
*
"
which is destined to have an important influence on the Reichstag's delib- voluntarily affixed our signature to the treaty.
of
"I hope that no parliamentary majority for the political ratification
erations when the new reparations commitments come up for ratification.
evacuathe Young Plan will be given in Germany unless an unconditionalquestion
Schacht Demands Free Rhine.
tion of the Rhineland and an acceptable regulation of the Sarre
again vouchsafes to Germany complete sovereignty over the territory of
At the conclusion of his speech Dr. Schacht expressed a hope that the the Reich. The world 113 tired of political chicaneries which seek to justify
Reichstag would not vote for ratification of the Young plan unless the the further presence of foreign military forces on peaceful German soil
9
Rhineland were evacuated unconditionally and unless a satisfactory ar- under the pretense that a disarmed German people constitutes a menace
The Young Plan will either be an instrument of peace or it will be nothing.
rangement were concluded in respect to the future of the Sarre.
The acceptance of the Young plan by the German delegates was defended by Dr. Schacht on the ground that it was their belief that it would Greeks Dissatisfied With Young Reparations Plan—
actively promote the realization of international economic and political
Athens Orders Minister in Paris to Protest German
peace.
Debt Cut.
He said:
"The outcome of the Paris conference of experts cannib be called a happy
From Athens June 30 the New York "Times" reported the
delegates. despffe this
if
one for Germany, and to the Germanplan the German people conviction,
are plainly following:
the Young
affixed their signatures
wholly
entitled to an accounting of their delegates* stewardship. It ispolitical
The Greek Government is highly dissatisfied with the great reduction
by economic,
Immaterial whether their acceptance was dictated actuated by the desire of the German war debt by the Paris conference. To-day it notified Its
psychological considerations; they were wholly
or
under the existing conditions, better terms could be minister in Paris. M.Politis, to present a strong protest against the Young
to determirre whether,
secured for the German people and whether the newly accepted proposals plan proposal.
constituted a betterment of the existing commitments.
Greek newspapers are sharply criticizing the preliminary acquiescence
Industrialists Scored.
of M.Ponds to the plan, which apparently leaves the Greek debt to France
German delegates of the responsibility for their and part of the debt to America uncovered by German counterpaymenta.
"Nobody can deprive the
Government assigned the
If the protest of M. Polltis proves fruitless, Premier Venizelos will atsignature. The men to whom the German fate of Germany acted, intask
the
of the Greek
of deciding a question which is vital to the
their knowledge and tend the final conference of the powers and ask a reduction
last analysis, only in accordance with the dictates of
war debt.
conscience."
"In its natural course of development, the bank may become an
organization, not simply or even predominantly concerned with the
handling of repextions, but also with furnishing to the world of
international commerce and finance important facilities hitherto lacking.
"It will provide a common meeting ground month by month for
the Governors or other representatives of Central Banks, and thereby become an increasingly close and valuable link in the co-operation of
Central banking institutions generally—a co-operation which new conditions confronting the world since the war have proved to be essential
for the continuing stability of the world credit structure.
"It is also to be hoped that as time goes on it will prove to be
an effective means for opening up new fields of commerce and enlarging the velume of world trade as a whole."
50
FINANCIAL CHRONICLE
Germany Regrets Non-Participation By U. S. in Bank
for International Settlements—Holds Institution
a Chief Issue at Young Plan Conference.
Associated Press advices from Berlin June 28 published
in the New York "Times" stated:
The reported disinclination of the United States to participatp in the
organization of the proposed Bank for International Settlements is much
deplored in German Government circles because American co-operation
proved so helpful at Paris and at other post-war conferences.
The organization of the new bank, in the German view, is one of the most
important works for the coming conference of Governments. Dr. Carl
Melchior, one of the German reparations experts, has been named as the
probable German representative on the organization committee of the Bank
It was stated in Government quarters tonight that Germany's outstanding interest at the conference is the re-establishment of German
Sovereignty, of which the reorganization of the Reichsbank and German
National Railways control are essential features. Germany holds that the
evacuation of the Rhineland and the Sarre Basin also must be considered,
but it is recognized that the Sarre question is so complicated that it must be
expected to extend beyond the conference.
It was hoped here that the conference might be arranged for July 15,
and it was supposed that it would not last longer than ten or twelve days.
The only German insistence is that it be finished by Sept. 1.
Chancellor Herman Mueller will leave for a cure on Monday and his
health may not permit his attendance at the conference. Representatives
for various conference committees were chosen at to-day's Cabinet meeting,
but they were not announced.
[VOL. 129.
steel industry through bond issues for the United Steel
Works group; $72,000,000 to electrical enterprises; $50,000,000 to the Government; $36,000,000 to German banks
and the balance to miscellaneous borrowers. In addition
the firm has participated in over $200,000,000 of German
financing originated by other houses since 1925.
One of the first German industrial loans floated in the
American market after the Dawes Plan was put into operation
was a $12,000,000 offering for the August Thyssen Iron &
Steel Works, arranged by Dillon, Read & Co. early in 1925.
The various German loans sponsored by this banking house
and its associates since that time follow:
Iron and Steel—
German Government—
August Thyssen Iron & Steel
Reich Government credit— --$50,000,000
Works
$12,000,000
German Banks—
Rheinelbe Union
25,000,000 Municipal Bank of Hessen.-- $3.600,000
August Thyssen Iron & Steel
Disconto-Gesellschaft
1,875,000
Works
5,000,000 Disconto-Geselischaft
3,690,000
United Steel Works Corp.,., - 30,000,000 Landesbank der RheinprovInz 2,000,000
United Steel Works Corp
30,000,000 Deutsche Bank
25,000,000
United Steel Works Corp_ _ 4,225,000
Miscellaneous—
Gelsenkirchen Mining Corp 15,000,000 Rudolph Karstadt, Inc
$3,000,000
Big Three Group
6,000,000 Ruhr Chemical Corp
4,000,000
Electrical Enterprises—
Ruhr Gas Corn
12,000,000
Siemens & Halske and SieRudolph Karstadt, Inc
15,000,000
mens Schuckertwerke
$10,000,000 Ruhr Housing Corp
4,600,000
Siemens Schuckertwerke- -- 24.000,000 Ruhr Chemical Corp
3,000,000
Berlin City Electric Co
20,000,000
Siemans Schuckertiverke and
Berlin City Electric Co_ _ _ 3,000,000
Berlin City Electric Co
15,000,000
Sir Josiah Stamp Describes Advantages of Reparations
Scheme Embodied in Young Plan.
From its London bureau the "Wall Street Journal" of Analysis by Max Winkler of German Loans Offered in
American Market to Dec. 31 1928.
July 3 announced the following:
Sir Josiah Stamp, chief British delegate to Reparations Experts
In view of the likelihood that a considerable part of the
Conference, speaking before a meeting of London accountants, said German reparations will be financed
in the American market,
in reference to the Young plan: "The advantages of the scheme
which has been agreed upon are so great as to outweigh any de- an analysis by Max Winkler, Vice-President of Bertron,
ficiencies in details. Those who do not take a serious view of the Griseom & Co., Inc., of German loans sold here should prove
situation of the civilized world in relation to a common standard of interest. Regarding this analysis, a statement
issued
of value might not see anything in the Bank of International
June 14 says:
Settlements but a reparations
institution with potentialities for certain encroachment on existing interests. But those who regard
the use of gold as lying at the root of most other problems will
see
in this proposal possibilities of the highest ultimate importance
to world peace."
German Industrialist Attacks Young Plan—Dr. Thyssen
Says Annuities Are Unreasonable and Will Lower
Standard of Living—Prof. Bernhard Commends Plan.
Criticizing the Young reparations plan before the Assembly
of Nationalist Partisans, Dr. Fritz Thyssen, industrialist,
according to a special cablegram to the "Times" July 4 from
Muehlheim, the Ruhr declared:
"Two billions marks annually after Germany has lost her
colonies
and a number of provinces, and after the confiscation
of her mercantile fleet and foreign bank deposits, is an unreasonable
demand.
I cannot understand how people dare to say the Young
plan must
be accepted in the interest of the masses. On one side
there is
an expensive policy of social welfare and administration,
and on the
other an annual tribute of 2,000,000,000 marks (about
$480,000,000)
over a period of sixty years to be paid to our former
enemies. Only
one or the other is possible.
"All of Germany's companies only distribute
1,000,000,000 marks
in dividends annually. From where is to come the
other half? It
can come only from a reduction of expenses and a
lowering of the
standard of living of the German people. But since
the revolution
many things have been so queer and topsy-turvy
that one sometimes
gets the impression that common sense has disappeared."
This study ehows that the aggregate par value of all German loans
underwritten and publicly offered in the American market to Dec. 31 1928
was $1,150,690,000; that their value on the basis of the price at which
bonds were originally sold aggregate $1,095,504,485, while their value on
the basis of quotations on Dec. 31 1928 totaled $1,095,308,875. In other
words, if the American investor had purchased one $1,000 bond of every
German loan sold here at the time bonds were offered, and had held his
bond continuously, he would have averaged well over 7% per annum on
his investment, and his principal would show a shrinkage of only 17 centa
per bond—a record much more satisfactory than that shown by any other
group of bonds, either foreign or domestic. Government, State and
municipal loans gave the best account,showing a profit of $63.78 per $1,000
bond. The profit in industrials Is $1.68 per bond. The depreciation
per $1,000 of loans of financial institutions amounts to $63.62; for loans
issued in behalf of religious institutions, the depreciation amounts to $35.56:
and for public utility loans to only 24 cents per bond of $1,000 par value.
Details are presented hereunder:
Value at
Amount
Value at
Dec. 51 1928
(Par Value). Issue Price.
Price.
Government, States and
municipals
Religious institutions
Financial Institutions
Public utilities
Industrials
$
I
$
Appreeialion per
$1,000
Bond.
$
297,850,000 278,598,520 297,594,875
13,500.000
13,035,000
12.655,000
301,350,000 288,622,000 269,451,000
236,075,000 222,062,250 222,005,000
301,915,000 293,186.625 293,703,000
63.78
.35.56
*63.62
*.24
1.68
1.150.690.000 1.095.504,485 1.095,308.875
•Denotes depreciation per $1,000 bond.
•.17
We also quote from the "Times" the following cable- Germany Pa
Bill to Cut Wheat Imports—Americans
gram from Goettingen, July 4:
in Berlin Fear Measure Will Ruin Our Grain Trade
At to-night's meeting of the Democratic students
Professor Georg
There.
Bernhard warmly recommended the Young plan.
He said:
Great concern is felt in American official circles in Berlin
"The plan contains several advantages for Germany. —
truly, Ger- over a bill in the Reichstag passed just befG .e adjourning
many knows at last the total amount she must pay. Secondly,
the
reduction of the annual payments permits an accumulation of capital on June 28 and according to which all mill owners are bound
which in turn will render payment easier for our children and grand- to buy 40% of the total amount of wheat ground in their
mills
children. Thirdly, Germany can apneal to the Bank for International
from domestic producers. A cablegram to the "Times"
Settlements instead of to the politicians in case of future financial
from Berlin reporting this added:
difficulties.
"Germany is facing a better economic future. An earnest will to
work for Germany's reconstruction will grow, and that is the best
we can do for the future."
The meeting was disturbed by Nationalist students, who threw
gas bombs and tear bombs into the assembly.
Before the war America did not sell any flour to Germany on account of the
heavy import duty, but after the war ended and Germany's elevators were
exhausted, the duty was lifted and America did a big German business in
flour. In 1925, however, the duty was re-established, nearly killing that
branch of the trade.
It is feared that the new arrangement will ruin America's German grain
trade.
Recent Credits Bring Dillon, Read's German Loans to
3326,000,000—Including Participations, Total Since Higher German Duties on Imported Grain—Protective
Moves Accompanied by Requirement to Mill Home
Dawes Plan Exceeds $500,000,000.
and Foreign Product Equally.
The expected opening of the American market to German
Under date al June 28 Berlin advices to the "Times" said:
borrowing following the recent reparations agreement, re-.
fleeted in the extension of a $50,000,000 credit to the Reich
Germany has nNfor denounced her commercial treaty with Sweden, as a
Government and a $3,000,000 credit to the Ruhr Chemical result of which it will be possible after next February to increase all grain
height desired. In the meantime the
duties to
Corp. through groups headed by Dillon, Read & Co., recalls abolition any reduced "Interim grain duties," so Reichstag has sanctioned
of the
that the import duty on
part taken by this banking firm in Geman financing in American wheat will henceforth be 65 marks per ton, instead of 55 as herethe
tofore.
the past five years.
Tho Reichstag Tariff Committee has furthermore approved the
Since the adoption of the Dawes Plan in 1924, American quiring that home millers who grind foreign wheat must also mill law rea fixed
proportion of home wheat. During the four months from August to
banking syndicates headed by Dillon, Read & Co. have
November this year that proportion will be at least 40%, and thereafter
floated German loans aggregating $326,000,000. Of this not less than 30%. According to the
present interparty compromise tho
total about $127,000,000 has been supplied to the iron and flour duty will also be increased to 145 marks per ton.
Spanish
Wheat
51
FINANCIAL CHRONICLE
JUL'S: 6 19291
Growers Seek Government
Against Wheat.
Madrid Associated Press Advices July 2, stated:
Delegates of the wheat growers, especially from Old and New Castile,
Andalusia and Extremadura. met to-day and presented a petition to the
Government asking that the importation of wheat be prohibited. They
declared that if this were not granted the home industry would be ruined.
Spanish wheat imports are principally from Argentina.
German Reparation Receipts and Transfers During
Rumania—Miscellaneous deliveries
Japan—Chemical fertilizers and nitrogenous products
Agricultural products
Miscellaneous deliveries
Cash transfers
184,991,726.71 1996511,036.43
Less discount on advance payments for service of
railway bonds and Industrial Debentures
1,090,015.58 6,438,108.13
Totals
183,901,711.13 1990072,928.30
7,039,341.03 65,141,166 45
39,155,082.69 297,877,816.84
3,291,203.26 32,426,224.44
399,404.49
64,088,776.35 578,756,630.94
545,130.56 3,230,125.19
114,119,833.89 977.831,368.35
By relchsmark payments for:
Deliveries in kind
Armies of Occupation
Costs of Inter-Allied Commissions
Miscellaneous objects
83,945,428.01 664,368,867.72
2,850,844.66 32.163,663,17
496,278.19 4,233.683.73
115,350.54
959.162.82
87,407,901.40 701,725,377.44
Total transfers
201,527,435.29 1679556.745.79
310,516.182.51
Cash balance as at May 31 1929
Distribution of Amounts Transferred—
To the Powers—
France—Army of Occupation
Reparation Recovery Act
Coal, coke and lignite (including transport)
Dyestuffs and pharmaceutical products
Chemical fertilizers and nitrogenous products
Coal by-products
Refractory earths
Agricultural products
Timber
Sugar
Miscellaneous deliveries
Miscellaneous payments
Cash transfers
2,000,544.15 21,847,335.70
5,438,991.36 49,127,492.60
19,008,413.38 146.401,026.57
1,213,633.52 8,919,062.66
2,955,543.44 34,432,754.58
1,078,063.12 6,292,485 03
414,948.51
20,377.87
123.986.91
587,570.89
400,568.84 3,826,113.89
2,472,211.14 15,995,019.97
28.190,282.68 225,095,981.84
675,000.00
75,000.00
34,073,511.58 326,110,107.23
97,051,127.99 839,724,898.47
British Empire—Army of Occupation
800,382.28 9,451,207.04
Reparation Recovery Act
33.716,091.33 248.750,324.24
Settlement of balances owing for deliveries made or
services rendered by Germany prior to Sept. 1
1924
399,404.49
Cash transfers
14,306,230.33 119,610,271.68
48,822,703.94 378.211,207.45
Italy—Coal and coke (including transport)
Dyestuffs and pharmaceutical products
Coal by-products
Miscellaneous deliveries
Cash transfers
9,636,057.32 72,270 417 00
985,925 69
1,137,021.91
1,520 57
4.886,095.61 46,902,510.90
14,522,152.93 121,297.396.07
Belgium—Army of Occupation
Coal and coke (including transport)
Dyestuffs and pharmaceutical products
Chemical fertilizers and nitrogenous products
Coal by-products
Refractory earths
Agricultural products
Miscellaneous deliveries
Cash transfers
49,918.23
865.120.43
6,185,835.05
6,465,491.15
5,817,116.68
1.550.038.36
1,203.57
94,781.99
4,197,836.71 37,094,720.81
3,402,786.63 29,367,798.28
927,054.37
1,124,716.43
140,814.81
1,203.57
9.844.330.75 87,442,106.32
Serb-Croat-Slovene State—Pharmaceutical products_
Chemical fertilizers and nitrogenous products
Miscellaneous deliveries
Miscellaneous payments
Cash transfers
204,802.78
99,797.41
144,730.41
8,749,930.93 53,081,705.35
39,918.96
277,396.15
2,379,666.51 1 1,711,689.26
11,269,313.81 65,420,323.95
United States of America—Deliveries under agree3,291,203.26 32,426,224.44
ment
Cash transfers in liquidation of priority for Army
4,028,922.69 37,725,822.69
costs in arrears
7,320,125.95 70,152,047.13
3,979,075.18
1,368,839.29
813,984.57
STATEMENT OF AVAILABLE FUNDS AND TRANSFERS FOR THE
FIFTH ANNUITY YEAR TO MAY 31 1929.
(On Cash Basis, Reduced to Gold Mark Equivalents)
Fifth Annuity
Year—CumuMonth of
May,
lance Total to
May 31 1929.
1929.
Arailable Funds—
Gold Marks.
Gold Marks,
Balance as at Aug. 31 1928
189.488,944.86
Receipts in completion of the fourth annuity:
Transport tax
24,174,000.00
Interest and amortization on railway reparation
55,000,000.00
bonds
Receipts on account of the fifth annuity:
Budgetary contribution
104,166,666.67 937.500,000.00
Transport tax
24,166,669 66 193,333,333 28
Interest and amortization on railway reparation
bonds
55,000,000.00 440,000,000.00
Interest and amortization on industrial debentures_
150,000,000.00
Interest and exchange differences
1,658,393.38 7,014,758.29
10,770.064 01
603,111.34
210,873.23
5,347,914.47
57,358.86
431.58
404,889.70
6,766.67
12,499.69
57,790.44
Total transfers to Powers
For Prior Charges—
Service of the German External Loan 1924
Costs of Inter-Allied Commissions
8,659,823.90
2,110,240.11
1,376,949.90
Poland—Agricultural products
Miscellaneous payments
Cash transfers
10,651,713.45
977.578 7
0
399,371.20
Greece—Miscellaneous deliveries
Cash transfers
401,318.57
3,601,156.88
281,904.56
2,931,800.20
3,836,851.81
401,318.57
Portugal—Miscellaneous deliveries
Cash transfers
May.
During the month of May, according to the report of the
Agent General for Reparation Payments the available funds
for distribution amounted to 183,901,711 gold marks and the
total transfers for the month were 201,527,435 gold marks.
The balance as of May 31 1929, (fifth annuity year, cumulative total) is shown as 310,516,182 gold marks. The following is the report for May:
Transfers—
In foreign currencies:
Service of the German External Loan 1924
Reparation Recovery Acts
Deliveries under agreement
Settlement of balances owing for deliveries made or
services rendered by Germany prior to Sept. 1
1924
Transferred in cash
Costs of Inter-Allied Commissions
Fifth Annuity
Year—CumulaMonth of
live Total to
May
[May 31 1929.
1920.
Gold Mar S.
Gold Marks.
1,966,886.66 17,509,943.04
Edict
424,156.06
193,446,684.51 1606951,770.42
7,039.341.03 65,141,166.45
1,041,408.75 7,463,808.92
201,527,435.29 1679556,745.79
Total transfers
Russian Soviet Press Gives Warning on Credit—Sees
Danger in Heavy Sale of Internal Stock Which
Workers Can't Afford to Hold—Socialization Plan
Depends on International Aid, Writers Declare.
Under date of June 29 the New York "Times" announces
the following from Walter Duranty at Moscow:
Leading editorials in "Isvestia" and "Pravda" to-clay were devoted
to the question of international credit, which they declare is one of the most
important factors in the success of the five-year plan of socialization.
Both newspapers sound a note of warning regarding internal loans and de
mend that the energies of the Communist party and of organized labor be
concentrated on a "campaign for the retention" of loan stock to combat
the present tendency of the holders to hypothecate or realize on the stock
even at a sacrifice.
Figures quoted by "Isvestia" show the situation clearly. The budget
to Sept.
called for the
for the current fiscal year, Oct. 1
rubles (about
realization of
in internal loans, of
are to be devoted to the support of industry and agriwhich
culture, the remaining 100,000,000 going to repay previous obligations.
By April 1 more than 600.000,000 rubles' worth of stock had been sold
to the public through a nation-wide campaign, which succeeded in making
of all the organized workers holders of State obligations, with a total
of 17,000,000 holders. But the success itself raised an unexpected difficulty.
A great many small holders could not afford to hold the stack, especially in
view of the rising prices of foodstuffs and goods for popular consumption.
and they were forced to realize, with the result,says "Isvestia" that repayment for the first eight months of the fiscal year amounted to 150.000,000
rubles, instead of 100,000,000 for the whole twelve months.
Kalinin and other leaders issued public appeals to the holders not to dispose of their obligations and "Pravda" states that the White Russian
press abroad is already talking about the "unsolid and ephemeral achievements of Soviet credit."
"Isvestia" suggests that greater facilities should be granted to banks to
collect coupons or lottery winnings without charge and to keep the holders informed regarding the latter, as over 30,000.000 rubles in prize mope&
and interest remain uncollected.
900,000,000
800,000,000
1928
30 1929,
$450,000,000)
83%
Moscow Decrees 360
-Day Work Year--Factories to Run
Continuously, With Five Bolshevist Fetes Only
Holidays—No Harder for the Worker—He Labors
Only 5 Days Weekly.
Writing from Moscow under date of June 15 to the New
York "Times" Walter Duranty says:
Soviet Russia may be the workman's paradise, but henceforth there will
be angels with flaming swords to see that the workman earns the right to
the apples and other delights of the Soviet garden. The angels will materialize as the Supreme Council of National Economy, which controls Soviet in-working
dustry, and their sword is the council's new order to institute a 360
day year in the factories, with no holidays save five great Bolshevist anniversaries.
The former chief of the Economic Council, M.Dzerjinski, who practically
broke his heart in an effort to increase production said just before he died
days a year, what with Sundays,
that Russian factories worked barely
religious holidays and State anniversaries, all of which were meticulously
observed. Henceforth, however, work will be practically uninterrupted
and the Economic Council's order will go into effect within three weeks.
250
No Harder for Individual.
Of course, in reality it will not impose a greater burden on the individual
worker. The
-day working week—which it is hoped soon to reduce
to days—will remain the rule, but work will go on irrespective of Sundays
and holidays.
Whoever conceived this measure is little short of a genius, for it kills
at least
big birds with one small stone. First, it will increase factory
output
Second. it will provide jobs for workers eliminated by industrial "rationalization." Third. it will be a powerful weapon in the Soviet
anti-religious campaign against Sunday and church holidays. Fourth,
It will give "more backward" countries like England and Germany a new
idea for their struggle against unemployment. Finally, it will reduce
overhead by the elimination of the weekly "let
-down," both of machines
and man-power.
Week-End Transferable.
According to the writer's information, no worker cT group of workers
will be compelled to work an hour more than at present', but the week-end
holiday will no longer necessarily be Saturday afternoon and Sunday but
any time during the week; thus,it is hoped, getting rid of "Black Mondays,"
which cost the Soviet so dear in the workers' absence through drink and
other causes.
5%
5
5
20%.
52
FINANCIAL CHRONICLE
[Vox.. 129.
This new plan sounds revolutionary and anti
-religious, and is meant as executive power,and correspondingly strengthening the executive branch,
such. But it was practiced by European countries in all the "key industries" which
had necessarily become little more than a figurehead. This plan
under the pressure of the great war.
today has great popularity.
The question is, can it be carried out? Personally, the writer Is confident
The Non-Partisan Bloc in the Seim, composed of a number of political
it can,so great is the centralized authority in this country to-day and so vast
elements grouped together to cooperate in working out the program of
the Communist party's influence. If it does succeed, the same process Marshal
Pllsudskl, passed a resolution recommending revision of the Condoubtless will be extended to government bureaus, banks, co-operative stitution and
planning several changes in it. The plan is founded on the
stores and every department of national life, which will be a real revolution same
democratic basis as the present Constitution. It considerably increases
in a social system that has governed Europe since Constantine adopted the
powers and prerogatives of the President of Poland, but does not touch
Christianity.
the legislative functions and prerogatives of the Parliament, composed of
the Seim (House of Representatives) and the Senate.
Accordingly, the principle of the election to the Seim, by general, direct
Poland's Revenues in First Five Months This Year
and secret vote, remains unchanged. The only difference Is the raising of
Exceed Those of Same Period Last Year.
the age to 24 for active electoral rights and 30 years for passive electoral
Despite t)ie severest winter in over a century, Poland's rights.
The Seim remains the organ of legislative authority, has the right
revenues for the first five months totalled 1,281,513,000 of legislative initiative, passes upon the budget, upon changes in the recruiting contingent, and has the right to call to account both politically
zlotys compared with 1,264,900,000 zlotys in the corresponding period of 1928, according to figures derived from the and constitutionally the governing authorities.
The plan gives the President the right of a legislative
newly organized Financial Council in Poland, made public upholds the right of the President to issue decrees withsuspending veto,
legal authority,
in New York an June 28 by the American Polish Chamber of makes the vote of loss of confidence in the Government contingent upon the
resolution taken by a qualified majority of the Seim and makes the Ministers
Commerce and Industry in the United States, Inc. The responsible to the President, as well as
to tho Seim. The President is
Financial Connell was formed as a sub-office to the Prime also given authority as arbitrator in cases of conflict between the Seim and
Minister, to guide the financial policy of the Government. the Government, permitting him to choose in such a case either the resignation of the Government or the dissolution
Seim. The
It is composed of the Prime Minister as Chairman, the President as to regulating the sessions and of theof the day ofpowers of the
order
both Houses.
Minister of Finance, the President of the Bank of Poland the Sejm and the Senate, are increased.
The President is elected for a term of seven years by a general national
and the heads of the three Government banks, and members
election,
order to prevent excessive
of the Cabinet when special questions concerning their depart- limits thebut in to nominate candidates forand chaotic agitation, the plan
right
the Presidency, reserving that
ments are to be discussed. In general, the Council will right for the National Convention, composed of the Seim and Senate, and
decide on questions concerning both foreign and domestic also the retiring President.
The project in no way deviates from the principle
credit conditions, the issuance of bonds, and the financial all Governmental authorities having their source in of integral democracy,
general elections.
The Senate remains rather an advisory than a legislative body, as its
policies of the government-owned banks.
amendments to laws can be rejected by 3-5 majority of the Sejm.
Speaking before the first meeting of the Council, Acting
There are also to be inducted into the Senate 50 Senators nominated
Minister of Finance Ignace Matuszewski stated:
by the President, so as to raise in this manner the professional level of this
body.
"The balance of the State Budget is the foundation on which the entire
The Government will be nominated and recalled by the President, but
work of the Government and nation has been built up, and consequently it
is the duty of the Treasury to protect that balance. Today this is a com- Is also accountable to the Seim.
The plan ofthe Non-Partisan Bloc is an endeavor to improve the efficiency
paratively easy task, easier than in many other countries, due to the efficient
of the parliamentary machinery, without depriving the nation of any of
and hard work of the former Minister, Mr. Czechowicz.
"Government revenues during April and May totalled 496 million zlotys, the gains of democracy.
an increase of 30 million over the corresponding period a year ago, in spite
of the fact that no special pressure was used for the purpose of hastening
payments. This considerable increase has been obtained by the develop- Survey by Redmond & Co. of Per Capita Wealth of
ment of normal sources of revenue, created by efficient legislation.
Vatious Countries—Swiss Richest Citizen with
"Government expenditures during these two months amounted to 485.8
$3,126.90 Per Capita.
million zlotys. Thus there is a cash surplus of HI million, as against a surplus
of22 million a year ago. This falling off Is due to the Government's decision
With a per capita wealth of $3,126.90, the Swiss is the
not to build up considerable reserve funds in view of the difficult situation
world's most prosperous national, according to the new
on the money market, which is being influenced by the general stringency
edition of economic chart compiled annually by Redmond
on all the world markets.
"The Government will decrease budget expenditures by 150 million zlotys & Co. Regarding the information disclosed therein, an
during 1929-30 by postponing certain investments, especially long-term
issued July 1 says:
Investments, as well as by a revision of the various appropriations of the announcement
The survey just issued presents the economic statistics, under 60 classibudget. This action is prompted by the desire of the Government to leave
fications, of 49 countries. Next in order of per capita wealth are New
as much liquid funds on the market as possible.
Australia, $2,"The Government will, however, ask for certain additional appropriations Zealand, $3,029; United States, $2,908: Canada, $2,770;
Russia, with $215.60. is at the
for the repair of damage wrought by the severe weather condition during 710.50; Great Britain, $2,677.70. Soviet
bottom of the list of major countries. In per capita debt New Zealand
the winter, especially on the railroads.
"The construction of the Gdynia port will not be included in the economy ranks first with $841.40; Great Britain next with $815.20 and France
third with $446.70. The debt burden of the German, with $16.60 is among
plan of the Government. Appreciating the importance of the port to the
foreign trade of the country, especially in relation to exports which con.sti- the lightest. On a pre-war basis of 100, the cost of living is highest in
Lute the most efficient means ofrelieving the money stringency, the Govern- Czechoslovakia with 741 and lowest in Poland with 103. Living costs are
ment desires that its construction shall be continued according to the plans. figured at 172 for the United States and 150 for Canada. The United
visible trade
"The policies of the Government
-owned banks have also been considered States distanced all other countries in 1928 with a favorable
and during the current year these institutions will confine their activities balance of $681.100,000. The Dutch East Indies, with a population of
to financing investments for undertakings which have already been started. 51,718,000, was next with $292,546,000. Great Britain had the highest
There is a possibility of securing foreign credits at moderate interest rates adverse trade balance of $1,882,276,009 followed by Germany with $846,for use in extending the activities of these banks in the field of long-term 426,000.
loans. There is no necessity for modifying the present policy of the Government Banks in the field of short-term loans.
Finland as a Factor in International Trade.
"Additional measures have been taken by the Treasury to relieve the
Growth of Finland as a factor in international trade is
money stringency, chief among which are the abolition of the 10% surtax on
capital and the discontinuance of the control of bank deposits for taxation discussed in the first issue of the quarterly review of the
purposes. As a further measure the provincial and minicipal governments Nordiska Foreningsbanken of Helsingfors, the largest and
have been advised to reduce their investment activities, confining them to
oldest private bank in that country. In announcing the
improvements which are urgently needed."
Poland's Midget for the fiscal year ended March 31 1929 publication of this first English edition of the review, Alexwas the subject of an item in our issue of June 15, page 3939. ander Frey, President of the Bank, states:
Expected Changes in Constitution of Poland.
TheAmerican Polish Chamber of Commerce and Industry
in the United States, Inc., reports under date of June 29
that important changes in the Constitution of Poland,
separating the executive and legislative functions, are likely
to be consummated as a result of the program of the NonPartisan Bloc in the Polish Parliament, according to cabled
advices from Warsaw. The Chamber further says:
The machinery of the Government of Poland in the past three years has
not been clearly understood. There has been a general impression In the
United States that absolute autocratic power was wielded by Marshal Pilsudski either directly as Premier or indirectly through others holding the
Premiership This impression is a grave error.
Prior to May 1926 a disproportionate amount of authority was vested in
the Seim or Lower House of the Polish Parliament: in addition to legislative
functions the Parliament enjoyed a certain proportion of executive power.
About twenty political parties were represented in its membership, no one
of which mustered sufficient strength to have anything approaching a
majority. This meant that every Government was of necessity a coalition,
some of the blocs insisting on the inclusion of pet projects, usually expensive,
In the Government program as the price of their support
One result was an increasing deficit, with Polish money steadily dropping
In international exchange.
Strong support developed throughout Poland for a plan of balancing the
Governmental powers equably by depriving the Parliament of its assumed
"Although situated far from the main thoroughfares of the world's
commerce, Finland is in contact with the trading centers of various parts
of the globe, thus having markets for its own exports and being able to
satisfy its import requirements as well. Trade in goods in its turn calls
for the establishment of banking relations, with or without recourse to
credit facilities, as a means of effecting payment for commodities bought
or sold.
"For the development of our foreign trade relations, it is of supreme
importance that we should keep our business friends abroad informed of
our market conditions, taking into account the special field in which each
Is interested and providing a review of the general situation as well."
Surveying the first part of this year, the review points
out that business has been hampered by stringent money
conditions, owing to an over-expansion in the past three
years. There was a general raising of interest rates at the
beginning of the year, and the rate on six months' deposits
is now 7% in all the joint stock banks, equal to the lowest
discount rate of the Bank of Finland. Deposits in the joint
stock banks and savings bank institutions, however, continued to increase, with a growth during the quarter of
approximately 300,000,000 marks as compared with an average increase of 450,000,000 marks during the correspOnding
period of the last five years. The review continues as
follows:
JULY 6 1929.1
FINANCIAL CHRONICLE
53
No Loans Issued in New York.
In foreign trade for the first quarter of this year there
New York,.
For the past 12 months no Australian loan has been issued in
was a considerable decline. As a result of severe ice and and it is extremely unlikely that any Australian flotations will be made In
money
unfavorable shipping conditions, exports dropped 9% to a that center in the near future. The fluctations in the New York will,
borrowing
market are assigned as reason why Australia in its overseas
total of 687,000,000 marks, while imports declined 30% to a for some time at all events, confine itself to London. The position is,
nothing to do.
total of 1,188,000,000 marks.
therefore, that in regard to its main objective the agency had
Australia anti
With regard to its general business, the financing between
From statistics of 35 representative business concerns,
of
States had previously been in the hands of a limited number
of business was normal during January and the United and banks as business firms generally were disinclined to make
the turnover
companies
restricted in this direcFebruary, but showed a decline of 17% in March. General any change. Commonwealth Bank was, therefore,
was not to attempt to obtain business
employment increased 1% in the first quarter of this year tion, especially as its declared policy trading banks.
by the ordinary
Building already undertaken the directors decided to close the agency. They were
as compared with the first quarter a year ago.
For these reasons
total profits.
operations have been considerably retarded by the tight influenced also by the State of New York tax on the bank's
was managed at a loss.
about 50% under the although the agency actuallywill not impede any future loans the Commoncredit conditions, and have declined
Withdrawal of the agency
Morgan & Co., through
corresponding period of 1928.
wealth may desire to raise in New York. J. P.
branchi n London.
in Finland is that of timber production whom the Commonwealth has made its flotations, has a
The basic industry
negotiations In that city.
and there would be no difficulty in conducting
and allied activities. Finland is the largest timber export- The Commonwealth Bank will resume the ordinary exchange and other
ing country in Europe, and during the current period im- business which it previously conducted for its customers and governments
provement has been noticed in practically every division of before the agency was established.
that industry. Despite voluntarily restricted production,
output of sawn timber reached 600,000 standards by the Japan's Fiscal Policy—Finance Minister Inouye's Views
on Gold Embargo.
end of March, compared with 540,000 standards in the pretake the
vious year. Paper output approximated last year's figure
From the "Wall Street Journal" of July 2 we
of about 74,000 tons.
advices:
following Tokio
been named Finance
Junnosuke Inouye, Japan's foremost financier, has
Inouye is universally
Minister in the cabinet by Yuko Hamaguchi.
Finance Minister during the
Uruguay's Proposed $75,000,000 Loan.
trusted and respected, and was first named
named Governor of the
crisis following the 1923 earthquake. He was also
Associated Press cablegrams from Montevideo (Uruz,ay),
considered largely responsible
Bank of Japan during the 1927 panic, and is
difficulties.
July 2 state:
for the sound settlement of the nation's economic
removal and deflation.
Hamaguchl is committed to the gold embargo
Gabriel Terra, national Counselor, has presented to the National
office.
Council the administration's project for the issue of an external loan both by his record and statements since leaving
but stated last week
Inouye likewise favors the gold embargo removal
of $75,000,000 at 6% interest, destined to conversion to the floating
debt, which now is $7,060,000 external and $77,000,000 internal.
that Japan was unready to take the step.
apparent immediate change
The world may assume there will be little
preparations will be inJapan's fiscal policy, but sound, farsighted
in
stituted.
$1,200,000 Icelandic Loan—Money Will Be Used for Bank,
same paper
Later accounts from Tokio, published in the
Factory, Radio and Ship.
July 5, state:
declared in an exCopenhagen advices July 1 published in the New York
Junnousuke Inouye, new Japanese Finance Minister,
Avertiser, that the
"Times" state:
clusive interview to be published to-morrow in Japan on gold exports
embargo
The Icelandic Parliament has authoried the Government to endeavor Government will not consider removal of the
in September, but that meanwhile
to raise a loan of 12,000,000 kroner (about $3,120,000) for the establishing of an agricultural bank, a herring oil factory, a radio station
and a new ship for coastal trade.
The loan is the greatest ever contemplated in Iceland.
until the new budget is completed
preparations are being made for this step.
two or three years,
When asked whether such preparations would require
policy would fail it it rethe Minister declared that the Government's
the matter is promised
quired that long. An official statement regarding
interview gives the'impression
for the near future. General trend of the
movement of yen exchange
removal is planned for next spring, regardless of
$35,000,000 Loan of Australia—First Offering Not meanwhile.
Underwritten by Banks is Oversubscribed.
From the "Wall Street Journal" of June 29 we take the
Plans Foreign
Minister of Finance Soong Denies China
following Sydney advices:
System
Loan—States Unification of Revenue
As anticipated, the loan of $35,000,000 which the Commonwealth raised
State Bank is ProgressingYen's
Under One
for the states in Australia was over-subscribed, the final figures being
$38,169.000. One of the satisfactory features of the subscriptions was
Future Uncertain.
their wide distribution, there being 51,050 applicants. Apart from the
is planPersistent reports that the National Government
$5,000,000 subscription of the Australian Mutual Provident Society, the
average subscription was approximately $3.250.
extensive program with the object of seeking foreign
ning an
This was the first Australian loan in recent years not underwritten by the
soon as the conditions here are stable
banks. The cost of flotation, which has always been considerably lower financial assistance as
in Australia than in either New York or London, has thus been still further were flatly denied on June 29 by the Minister of Finance,
reduced. The commonwealth Bank offered to moot any deficiency in the
that date from
T. V. Soong, according to a cablegram on
loan, but this was not required.
The advices to that
Government students are agreed that the government is to be congratu- Shanghai to the New York "Times."
lated on the result of this loan, following as it does the over-subscription
of the $100,000,000 conversion loan raised last year, three weeks before the
closing date.
The $38,169,000 subscriptions will be applied for the states, a portion
being withheld to redeem maturing securities. The oversubscription will
reduce any amount it may still be necessary to raise in London to complete
the states loan program for this financial year. The states received $16.600,000 as their proportion of the Commonwealth loan of $40,000,000
raised in London earlier in the year, and substantial sums have also been
received as the result of the sale of Commonwealth securities at the state
treasuries, which will be resumed now that the $35,000,000 loan is off the
market. The states in the aggregate (especially Queensland) had a substantial credit loan balance at the beginning of the financial year, excepting
New South Wales, which had debit balance of nearly $50,000,000.
Queensland Loan Due July 1.
The men council is making preparations for the renewal or redemption
of a Queensland 5%% loan of $63,520,000 maturing in London on July 1,
and it remains to be seen if it is found necessary to raise an additional sum
for the states.
Commonwealth has a loan of $13,950,000 bearing interest at 6% which
fell due in Australia May 31. This represented a conversion of war gratuity
bonds raised in 1920 at an interest rate of 5)1%. These were converted
Into the present loan in 1924, when interest rates had increased at 6%.
The Commonwealth government has offered holders the right of conversion into a new loan bearing 5)1% interest issued at par and with a currency of 10 years, the same terms as the $35,000,000 loan. The Treasury
has expressed the view that the original rate of interest is a fair basis for
the conversion, having regard to market conditions. No new cash is invited, and any deficiency in conversions will be redeemed out of available
sinking funds.
Much interest has boon aroused in Australia at the decision of the Commonwealth Bank to withdraw its agency in New York at the end of June
after 18 months' existence. The original object of the establishment of
Commonwealth and state
the agency In New York was mainly to assist the
governments and public bodies in regard to any loans which they might
h Bank was of
desire to raise in the United States. The Commonwealt
ordinary bankcourse debarred, being a "foreign" bank, from conducting
it was thought that a certain amount of financing of
ing operations, but
Auscredits and other business might be conducted by the bank between
tralia and America.
paper added:
South China, where
The energetic young Minister has just returned from
of the rich provinces of
he has been reorganizing the revenue sources
National Government
Kwangtung and Kiangsi in an effort to assure to the
a regular income from this area.
on President Chiang
Though public interest generally continues to center
Yu-hsiang and
Kai-shek's journey to Peking to confer with Marshal Feng
is considered of paramount
General Yen lisi-shan, Soong's southern trip
country.
importance for the unification of the finance program of the
The Minister, discussing his journey, said:
to bring all the
"My southern trip was most successful. We propase
unify the revenue
National banks under the Central Bank of China and to
The bankers in Kwangtung
system through one State bank in this manner.cannot disclose the program
have favorably accepted this program. We
forthcoming demonstratentirely, but announcements will subsequently be
National Government
ing our ability to unify the revenues and to place the
basis.
on a sound financial budget
to enter foreign markets
"So far as foreign loans are concerned, no plan rumors at present are
is entertained at present. We may say that such coming to China, but
entirely false. We are interested in foreign capital
we have
we shall not particularly seek to interest foreign capitalists until
something more definite to offer."
China's
Although reticent, Minister Soong was frankly optimistic as to
he thought
ability to reorganize her revenues within a few years, and then
scale foreign
the Government would consider projects for seeking large
Nanking
loans. Despite his stand, however, rumors persist that various
various
Ministries propose to encourage, if not to solicit, foreign loans for
projects within the coming year, if not this Fall.
Text of Fortes Gil Statement on Mexican Religious
Accord.
The following is the text of the statement made by President Portes Gil in connection with the religious accord
reached on June 21 by the Mexican Government and the
Roman Catholic Church as given in a copyrighted dispatch
on June 21 from Mexico City to the New Yoak "Herald
Tribune":
54
FINANCIAL CHRONICLE
[VOL. 129.
"I have had conversations with Archbishop Leopold
Ruiz y Flores and
Bishop Pascual Diaz. These conversations have
taken place as a result of
the statement by Archbishop Ruiz y Flores, publishe
d on May 2, and my
statement of May 8. Archbishop Ruiz y Flores
and Bishop Diaz Informed
me that the bishops of Mexico felt that
the constitution and laws,
especially the provision which grants separate
ly the State right to determine the number of ministers, threaten
the
giving the State control of spiritual offices. identity of the Church by
"They assure me that the Mexican
bishops are animated by sincere
patriotism and that they desire to resume
public worship if it can be done
consistently with their loyalty to the republic
and their consciences. They
stated that this could be done if the
Church could enjoy freedom within
the law to live and exercise spiritual
offices.
"I am glad to take advantage of this
opportunity to declare publicly
and very clearly that it is not the
purpose
nor the Government to destroy the identity of the constitution nor laws
of the Catholic Church or any
other or interfere in any way with their
spiritual functions.
"In accordance with the oath of
office which I took when I assumed
provisional Government, my purpose
has
estly that oath and to see that the laws been at all times to fulfill honare applied without favor to any
sect, any Administration being disposed to
hear
dignitary of some church or merely a private from any person, be he a
individual, any complaints
concerning injustices arising from undue
application of the laws.
"With reference to a certain provisio of
n
the law which has been misunderstood, I also take advantake of this
opportunity to declare, first, that
the provision of the law which required
the
not mean that the Government can register registration of ministers does
those who have not been named
by the hierarchical superior of the
religious
accordance with its regulations, and, secondly creed in question or in
, with regard to religious
instruction, the constitution and laws
in force definitely prohibit it in
primary or higher schools, whether public
or private, but this does not prevent ministers of any religion from imparti
ng its doctrines within the
church confines to adults or their children
when they attend for that
purpose. Thirdly, the constitution, in
addition to the laws of the country,
guarantees to all residents the right to
any church may apply to the appropri petition, and therefore members of
ate authorities for amendment, repeal
or passage of any law."
The "Herald Tribune" in anothe
r copyrighted dispatch
from Mexico City on June 21, in
describing the accord, said:
A "silent
understanding that was entered into last Saturda
y, as announced in the
"Herald Tribune," shows that in no way has
President Portes Gil bowed
to the demands of the Catholic Church nor
violated his pledge to uphold
and enforce the laws of the land made when
he assumed Provisional
Presidency last December 1.
There was a conference at 3:35 o'clock
this afternoon between Archbishop Ruiz and Bishop Diaz and President
Portes Gil in the National
Palace, following which word was flashed that a
settlement of the religious
conflict had been reached. The prelates immedia
tely after the conference
went by motor car to the Shrine of Guadalu
pe, about five miles from the
city, where they visited the Virgin of Guadalu
pe, the nation's patron saint,
for the first time in three years and offered
prayers and thanks for the
settlement.
Their arrival at the shrine was unexpected. They
basilica ten minutes, praying in front of the altar. remained within the
Except the few who
accompanied the prelates to the shrine there
were not more than a dozen
worshippers inside.
Walsh Hopes for Peace.
Dr. Edmund A. Walsh, Vice-President of
Georgetown University, Washington, issued the following statement:
"The simultaneous declaration from President
Portes Gil and Archbishop
Leopold Ruiz y Flores are welcome harbinge
rs. of eventual peace and
domestic harmony so ardently desired by the
broad masses of the population
and equally hoped for by both North and South
Americans. The language
and spirit of the declarations place the relation
s of the Church and State
In Mexico on sure foundations for mutual
respect, co-operation and the
common sharing of fundamental rights by all Mexican
citizens.
"With the present removal of old misunde
rstandings and the joint
acceptance of the great task of national reconstr
uction both patriotism
and religion now will have a fairer chance to
solve admittedly difficult
problems that still confront civil and ecclesiastical
authorities.
"The two documents constitute an organic whole and
neither should be
read or interpreted without the other."
With the announcement that an understanding had
been reached, public
blessings on the people of Mexico and prayers for the
welfare of the country
were voiced by a number of bishops of the
Mexican Hierarchy in brief
statements written by themselves. Heading the
list is that of Archbishop
Ruiz, Apostolic Delegate, who says:
"I beg of God with all my heart, through the interces
sion of the Most
Holy Virgin of Guadalupe, that the restoration of worship
in our churches
will mark a new period of peace, union and harmony
."
Appointment Pleases Porte. Gil.
Commenting on the participation of Archbishop
Ruiz
it is stated here that so far as is known be holds the in the negotiations,
distinction of being
one of a few, if not the only citizen, of a country to
be
Apostolic Delegate in that country. The Pope's movenamed by the Pope
in this respect is
known to have been particularly pleasing to President Portes
Gil, who was
glad that the usual custom of the Vatican appoint
ing non-citizens as
Apostolic Delegates to the country to which they are sent
was not observed
in this case, because the President felt that the religiou
s conflict
was a matter which the Government should treat with a Mexican in Mexico
priest.
Monsignor Vincente Castellanos, Bishop of Tulandngo,
stated as follows:
"I desire with all my soul that the peace and reign of
Christ prevail in
my beloved country; therefore I earnestly desire that
the rights of God
and those of this Church be recognized therein, after which
will come
the true peace and well being of the Mexican people, the
supreme object
of the sacrifice of her good sons, even of life itself."
understanding"—not a written accord or agreeme
nt—establishing a mach= vivendi which will
permit the Roman Catholic Church to
resume its position in Mexico
after a period of three years, was reached
to-day by President Portes Gil, represen
ting the Mexican Government, and
Archbishop Leopold Ruiz y Flores and
Bishop Pascual Diaz, representing
the Church, following conferences brought
about by various diplomatic and
Church representatives which began
here on June 12 last.
The settlement is based on three
principal points as follows:
The Mexican Government will allow
the Catholic hierarchy to designate
those priests who are to register in
compliance with Mexican laws.
Religious instruction, while not
permitted in the schools (which is
specified in the fifonstitution), will be
permitted within the churches.
The right is reserved to Mexican
Catholic prelates to apply for modification of the Oonstitution any time
in the future, a right granted to
all
Mexican citizens.
Priests to Return Soon.
The formal announcement that an
understanding had been reached was
made known in two statements, one
issued by President Portes Gil
and
another by Archbishop Ruiz. The agreeme
nt does not mean that immediate
services will be resumed in Mexico's
hundreds of churches. However, the
priests should be able to return to their
churches "within a few days," The Present
Gold Situation in Canada—Dr. C. A. Curtis
just as seon as details can be arranged to
allow this, which "may take
some little time" because many of the
on Canada's Finance Act and Gold Standard.
churches have been closed for
several years and will have to be turned
who now have charge of them, inventorover by committees of townsmen
Since the publication in our issue of May 25 (page 3433)
ies will have to be taken and
many other details of lesser impedance
of an item in which we quoted what the Canadian Minist
cleared up.
er
The announcements bring to a conclusi
on
initiated by Ambassador Morrow more than the negotiations that were of Finance, James A. Robb, had to say before the House of
eighteen months ago, during
which period the Ambassador, aided by
Commons relative to the Canadian gold situat
ion, an exunceasingly in the delicate task of bringin various other persons, labored tended
g the
discussion of Chnada's Finance Act and the Gold
Roman Catholic Church to an understanding Mexican Government and the
which, on first interpretation, Standard, by Dr. C. A.
shows that a solution to the problem
Curtis, Professor of Finance, of
was found without injuring the
dignity of either the Government or the
Church and established what is Queen's University, Kingston, Canada, has come to our
tantamount to de facto recognition of
the Church by the Mexican Govern- attention. Dr. Curtis' article, which discus
ses at length the
ment, closing a breach that has been
costly to both internal and external effect of issue,
unregulated in terms of gold, of Dominion
relations of Mexico since the churches
were closed in August 1926 as the
oilman in the disagreement and
estrangement that has existed between the notes of the Canadian monetary situation, appeared in the
Government and the Church which
dates back to 1857.
"Monetary Times" (Canada) of May 3. It is regard
ed as
Concessions by Government.
representing the Canadian monetary situation as
It exists
It was in this year that the so-calle
d laws of reform were made effective at the present time,
and we hence give the article in full
that stripped the Roman Catholic Church,
in addition to others, of its right
to ownership of property within the
herewith. Incidentally it is learned that whereas
boundaries of the Mexican republic.
the cost of
By to-day's agreement there is a
public concession on the part of the shipping gold to New York from Montreal was former
Government, but the text of the
ly 75c.
announcements is interpreted as leading per thousand dollars
(this figure appears in Dr. Curtis'
toward a gradual softening of the laws
now objected to by the clergy,
tending toward weaving into permane
nt adjustment rather than any discussion), the present cost, according to the Royal Bank
sudden change. To-day's understanding
is in the nature of a prelude, of Canada, is about $1.56 per thousand dollars.
The article
which, if all goes well, it is expected
eventual
permanent and lasting solution of the sixty-se ly will lead to a more follows:
ven-year-old controversy.
The statements are further interpre
A great deal of interest has been aroused lately
ted as meaning the Government's
in the Canadian monetary
eventual consideration of gradual modifica
tion of the religious laws based situation owing to the downward course of Canadian-United States exchange
on the Church's first move to accept these
rates and the absence of gold shipments to correct
laws as they now stand.
it. Indeed, the question
has been raised: Is Canada still on the gold
basis? Superficially the
Priests to Re-enter National Life.
matter seems to be merely one of periodic
gold movements, but fundaSome 4,000 priests again will enter into
the national life of the country. mentally it goes back to what the writer believes to
They will return to a nation that is 99%
be a very important
catholic by baptism but only 20% weakness in the Canadian monetary structure, namely,
devoutly Catholic, according to a stateme
the issue, unregunt made by Archbishop Ruiz y lated in terms of gold, of Dominion notes under
Flores in Amsterdam more than three years
the provisions of the
ago, before the conflict brought Finance Act. The present article states briefly the
arguments supporting
out the faith they have sought through
illegal and clandestine methods this view.
during this period of estrangement.
A brief resume of the developments leading up
to the present situation
Such laws as it is indicated eventually will
be subject to amendment or Is necessary here. From before Confederation until
modification are those placing limitati
August 1914 Canada
on on the number of priests that was on a gold basis and never departed from
it during
may officiate in the States and districts of
the republic; the Church in all when specie payments were suspended in the United that period; even
likelihood eventually will have part time
States, Canada remained on the gold basis. In August 1914, however
in
, the exigencies of war
tional institutions of the country other than religious teachings in educa- caused
Canada to abandon the gold standard, which
Government schools. As to
property ownership—this phase of the Church
July 1 1926. Since then Canada has been legally was not resumed until
on
solved by the Church's receiving temples and problem probably will be being
on a gold basis means that obligations redeema a gold basis. Now,
annexed buildings for'their
supervisism. The Bishops will not remain
ble in gold are freely
unconsulted In the matter of paid in gold on demand, and that there is a free
registration of the priests pertaining to their
movement of gold in and
out of the country.
diocese.
The situation existing for the last three
President's Pledge Intact.
months has been one in which
the Canadian-United States exchange rates have
At the same time an examination of the bwo statements
been consistently profitable
which had been for people having payments to make in
held for publication pending final approval by the Pope
the United States to ship gold
authorizing the rather than to buy "exchange." For
large amounts the cost of shipping
JULY 6 1929.1
FINANCIAL CHRONICLE
55
basis is to be found in the "Commercial
dollars, so, different interpretation of the gold
Canadian gold situation.§
gold from Montreal to New York is about 75c. per thousand
and Financial Chronicle's" discussion of the
one thousand dollars New York funds costs more than
ordinarily, when
to move out. Their view is as follows:
of common agreethousand dollars and 75c. in Canadian funds, gold begins
one
"Whether this attitude (gold embargo) is the result
thousand
However, at times during the last few months the cost of one
, or under official pressure is of little
in Canadian funds. ment among the banks themselves
dollars New York funds has gone as high as $1,010
of the gold standard is illusory."
has gone to consequence-in either case the working
That is, in Canada the premium on New York funds at times
THE FINANCE ACT 1923-1929.
In January gold exports from Canada to the United States
1% at least.
TABLE IV-ADVANCES UNDER
,
1923. 1924. 1925. 1926. 1927. 1928. 1929.
were $39,000,000, in February a little over $3,000,000, in March $1,500,000
(In millions of dollars)
accom9.0 10.0 23.0 76.5
24.7 18.7
January
and practically nil in April. So the rise in the premium has been
2.0 16.5 28.0 71.5
21.9 21.3
from Canada, and February
panied by an almost complete cessation of gold exports
14.7 10.0 12.5 36.0 83.5
23.1
of gold exports to correct the exchanges March
37.8 17.6 21.0 20.8 34.6
the conclusion is that the failure
be April
8.8 47.0
25.3 16.6 15.8
_
is the explanation of the present premium on New York funds. It may
May
19.2 19.8 19.8 15.9 57.3
is June
added that sterling is also at a premium in Canada, but as New York
19.7 20.3 16.0 17.1 64.1
new to July
the basing point for Canadian foreign exchange this adds nothing
22.7 20.2 14.3 25.9 71.1
August
54.6
.
19.4 11.2.
the situation.
September
78.6
26.4 24.2 15.7 24.8 30.8 66.6
Discouraged.
Gold Exports
October
7.0 13.2 17.0
12.7
28.5
November
In view of the fact that it is in the importers' interest to ship gold and December
31.2 30.4 14.8 11.5 32.5 72.6
monthly returns of the chartered
so reduce exchange costs, and, as the banks could make a profit by selling
The data in this table was obtained from the
supplement to the "Canada
exchange on New York and shipping gold there to meet it, the question banks made to the Minister of Finance, and printed as a
arises: Why has this not occurred? Despite various attempts to explain Gazette."
More Convenient Situation.
this situation by references to periodic and seasonal influences, the evidence
the
others acquiesce in this extraseems to indicate conclusively that the department of finance of
It may be wondered why importers and
has informally but nevertheless effectually disthat any legal action by
government of Canada
restriction, but it should be remembered
legal
t taking steps to make the
couraged gold exports. This view is quite prevalent in financial circles
importers would only lead to the governmen
both in New York and Canada, and is supported by the following state- embargo on gold exports legal, and the importing community would be
ments made in the Canadian House of Commonst one day recently:
prefers the present sitivation as
no better off. Naturally, the government
"Honorable J. A. Robb (Minister of Finance): The Canadian press and
the more convenient for it.
ents of newspapers inquired yesterday as to an item being
government is attempting to
certain correspond
There seems, then, little doubt but that the
is brought out clearly in
which appeared in the morning and afternoon papers, and the following
avoid gold exports, and the cause for this action
the
reply was submitted:
I, which shows the ratio of gold held (by
in the following table, Table
"'Speculation, coupled with high interest rates which have prevailed
Dominion notes outstanding.
Canadian Minister of Finance) against
New York for some considerable time, have no doubt attracted
gold to Dominion notes has
From this table it is clear that the ratio of
February and March
money to that market, but there is nothing in the present situation to
very substantially in the last few months.
decreased
cause undue worry. The adverse rate against Canada on yesterday's exwhich the ratio has touched in
of this year represent the lowest points
change was decreased by 7/32 under the rate of 19/32 of the previous day.
it were not for the action of the
years, and doubtless it would be lower if
Appar"'The banks are co-operating with the government in limiting, as far as
Finance in placing a virtual embargo on gold exports.
and commercial Minister of
e of the drain would exhaust the
possible, gold shipments to the requirements of industrial
ently the minister fears that a continuanc
from the fact
than for speculative purposes.'"
business only rather
fear is no idle one is clear
gold reserve completely. That his
the Canadian
TABLE I-RATIO OF GOLD TO DOMINION NOTES OUTSTANDING that sixty million dollars would be required to bring
1923-1929.
estimated by the "Commercial and Financial
exchange back to parity, as
of gold
1923. 1924. 1925. 1926. 1927. 1928. 1929.
From Tables II and III, which show the amount
44.6 58.9 59.5 54.2 54.0 29.8 Chronicle."
January
the total amount of Dominion notes
44.9 57.1 61.5 53.9 51.6 30.6 held by the Minister of Finanoe, and
February
dollars in the
45.6 57.9 52.2 56.8 49.3 28.4 outstanding, it is clear that there was not sixty million
March
42.3 56.4 47.9 55.7 49.3
April
reserve.
44.7 56.6 54.0 61.1 47.4
May
in absolute amounts the gold
It will be noted from these tables that
51.7 46.0 55.8 54.1 59.7 40.2
June
while the amount of Dominion notes
51.8 46.1 55.7 57.2 58.8 37.5
July
reserve has shown a startling decrease
is to be attributed to
48.4 45.6 55.8 60.8 57.0 39.1
August
outstanding is not greatly changed. This situation
60.9 59.4 41.6
46.9 46.5 ____
September
of the bank under the Finance Act.
operations
46.5 51.2 52.3 60.1 58.3 38.2
October
Dominion notes which are payable in
In Canada the government issues
45.4 56.8 58.5 59.9 63.3 46.2
November
amount of these notes is in
46.0 53.0 59.3 60.9 57.8 40.7
December
gold upon demand, and by far the greatest
present the
P. This table is computed from the monthly reports on circulation and specie made the hands of the banks. When the banks need gold they
by the Minister of Finance and reported in the "Canada Gazette." The figures Dominion notes for redemption and get specie, so that when calls come upon
as of the end of each month.
are
the gold, leaving intact their
them for exports of gold they can thus secure
The almost complete cessation of gold shipments since January is evi- own gold holdings. As long as the banks have Dominion notes-and they
dence of the effectiveness of the cooperation, despite the fact that importers had in all something over $164,000,000 of Dominion notes in February
of goods are thus required to pay about three-quarters of one per cent, more 1929-they held them as claims on gold, and it is the government's job to
for American funds than they would otherwise do. Apparently there is, meet that claim when required. But, as shown above, the government held
a drain
then, practically no "industrial and commercial business" at all being under $60,000,000 in specie, and so was unable to submit to such
exchanges. Clearly, then, the
transacted between the two countries!
would have been necessary to restore the
as
for its own
In this connection it may be interesting to quote another discussion action of the government in preventing gold exports was
which occurred in the House of Commons* about a month later. It is as protection.
indicates that a note issue intended
follows:
The experience of other countries
ely
"Mr. William Irvine (Westaskiwin): I wish to direct the attention of primarily for hand-to-hand circulation can be protected by a comparativ
ly not
the Minister of Finance (Mr. Robb) to a question based upon two sentences small gold reserve. But all experience shows that this is emphatical
(whether issued by government or central bank)
which I will quote from 'Commerce and Finance' of March 13:
true for a note circulation
a
'"Canada shipped one million five hundred thousand dollars gold and, which is held to any considerable extent by banks as reserves. Such
were a free market operative in the Dominion, doubtless would have sent situation places the gold reserve backing the note issue under a liability
from the
much more since Canadian dollars are at a big discount. Canada is evidently to sudden and large demands of a character utterly different
resorting to extraordinary measures to keep her remaining gold reserve.' demands to be expected when the note issue is largely in the hands of the
"Is the Canadian dollar at a big discount, and is the Minister of Finance public. Now, in Canada, a note issue intended primarily for hand-to-hand
resorting to extraordinary measures to retain a gold reserve? And, if circulation (and adequately protected therefor) has become in fact largely
thus become subject to demands which
so, why?
one held for bank reserves. It has
"Honorable J. A. Robb (Minister of Finance): The answer to both pues- the present situation proves it is quite incapable to cope with. How this
following brief description of the
Cons is no.
has come about will be indicated by the
TABLE II-GOLD FIELD AGAINST DOMINION NOTES OUTSTANDING Canadian monetary structure.
1923-1929.
Act of 1914.
1923. 1924. 1925. 1926. 1927. 1928. 1929.
(In millions of dollars)
102.9 130.8 127.4 92.9 96.4 59.1
1914, the government of Canada is
January
Under the Dominion Notes Act of
102.1 124.5 120.9 93.4 90.9 58.8
February
against a 25% specie reser've up to
98.8 119.6 95.3 97.8 93.0 58.1 allowed to issue Dominion notes
March
are to be backed dollar
96.9 116.2 88.5 101.2 94.9
$50,000,000; all issues in excess of this amount
April
$26,000,000 of Dominion notes
96.9 116.2 92.7 103.7 97.2
May
for dollar by gold. Owing to war finance
96.7 116.3 94.9 105.7
121.1
1915, and for this amount no
June
were issued under the Dominion Notes Act of
121.1 97.1 116.4 99.9 104.1
July
partially covered issue in all really
113.7 97.5 116.5 110.2 106.2 76.9
added gold reserve was required. So the
August
is covered by dollar for dollar
113.9 97.9113.9 108.8 82.1
September
amounts to $76,000,000, and above this it
112.3 123.1 112.4 116.1 112.4 84.1
$30,000,000 of small notes
October
in gold. The public keeps in circulation about
109.3 138.5 132.1 124.5 135.1 109.3
November
. The balance is held
which are not likely to be presented for redemption
114.3 138.7 134.7 128.1 127.7 90.4
December
to keep 40% of whatever reserve
the
These figures are as of the last day of the month and are taken from the monthly by the banks, and as they are required
"Canada they carry, in the form of Dominion notes, further leeway to the government
reports of the Minister of Finance on circulation and specie, reported in
is not a great source of
Gazette."
is allowed. Accordingly, the uncovered issue
government should not be
TABLE III-DOMINION NOTES OUTSTANDING 1923-1929.
danger, and there seems little reason why the
1923. 1924. 1925. 1926. 1927. 1928. 1929. able to redeem every note presented. Thus, if the above legislation were
(In millions of dollars)
230.1 221.9 214.1 171.6 178.7 198.2
January
appear to be little occasion for the govern4 a2 g
227.1 218.3 196.6 173.3 176: 1: the complete story there would
February
considered the
M
.
ment's present predicament. But there must also be
216.6 206.7 182.6
arch
made permanent
181.6 192.3
229.4 206.1 184.9
Finance Act which was tentatively introduced in 1914 and
April
216.9 205.2 171.7 169.6 204.9
May
in 1923.
234.1 210.3 208.4 175.7 177.1 200.8
empowered to
June
By the provisions of this act the Minister of Finance is
233.8 210.8 208.9 174.5 177.3 199.7
July
deposit of
235.1 213.8 208.8 181.4 186.3 196.8
make loans in the form of Dominion notes to the banks upon the
August
___ 187.1 183.2 197.1 _ ..._ satisfactory collateral, mainly securities and commercial paper. The sig.
242.7 210.5
September
241.8 240.3 215.1 193.3 192.3 220.1
by this lam
October
nificant point is that absolutely no gold reserve is required
240.9 243.8 225.9 207.8 213.6 236.7
redeemNovember
for notes so issued. But, at the same time, every note so issued is
248.7 261.7 227.2 210.4 220.9 221.9
December
of the
II.
able in gold, and becomes an indistinguishable part of the body
Table III was obtained from the same source as Table
diluthe Minister of Finance Dominion notes outstanding. Clearly here is machinery which allows
"Mr. H. E. Spencer, Battle River: May I ask
this seems a
tion of the entire Dominion note issue, and, to the writer,
market?
since
whether Canada is on a free gold
are on a gold basis." series defect which has existed in the Canadian monetary structure
"Honorable J. A. Robb (Minister of Finance): We
never showed up before, because Canada was not on a gold basis
foregoing it would appear that Canada can refuse to export 1914. It
From the
of this machinery under
according to the Minister of Finance. A until July 1926. Less than three years' operation
its fundagold and still be on a gold basis,
gold standard conditions, however, has been sufficient to manifest
that the gold standard mechanism
al and Financial Chronicle" (N. Y.), March 9 1929, p. 1453. mental weakness. In England, in order
note
•"Commerci
of Commerce" (N. Y.), April 13 may operate successfully, a 100% gold reserve against additional
/bid., March 30 1929, P. 1978. "Journal
1929, p. 4, editorial.
p. 327.
Debates (Unrevised Edition), Feb. 21 1929,
§March 30 1929, p. 1978.
t House of Commons
d Edition), March 19 1929,
"March 9 1929, p. 1454.
*House of Commons Debates (Unrevise
p. 1130,
80.8
56
FINANCIAL CHRONICLE
issues is legally required. In the
United States a 40% reserve is required,
and in other countries approximately
the same.
From Table IV it is evident that
there has been a very large increase
in the amount of Dominion notes issued
under the Finance Act. This brings
up the whole question of the banks'
policy in rediscounting and the position
of the government under the Finance
with in the present article. At the Act. This question cannot be dealt
ment's policy of issuing more notes same time, the wisdom of the governin March to the banks under the Finance
Act, when such Dominion notes
as are already outstanding are not being
redeemed, seems doubtful. Also,
the action of the banks in borrowing
heavily under the Finance Act at
this time is one that may well be
questioned.
If the foregoing analysis is correct,
the situation may be summed up
thus: The Minister of Finance
promises to pay all Dominion notes in gold
on demand, and every precaution
is taken under the Dominion Notes Act
to keep the issue on a sound basis.
The Finance Act, which was introduced as an emergency measure, and
which was none too well co-ordinated
with the rest of the monetary system,
allows the whole issue of Dominion
notes to be increased without any consequ
ent increase in the monetary stock
of gold. As far as the monetary structur
e is concerned, it is clear, then,
that the present difficulty is the result
of
gold, of Dominion notes under the Finance issue, unregulated in terms of
Act. This is a difficulty which
Canada will have to meet in some way
or other. Nearly every important
country in the world has set up a central
bank for the regulation of the
very matters concerned in the present
difficulties in Canada. However,
discussion of the policy to be followed by
Canada in this regard is beyond
the scope of the present article.
Production of Monetary Gold—
Survey by Joseph
Kitchin in Harvard Review of Econo
mic Statistics.
From the July 1 "Monthly Review"
of the Federal Reserve
Bank of New York we take the follow
ing under the head
"Production of Monetary Gold":
Estimates of world gold production
and the net amount available for
monetary purposes in 1928 and
preceding years, published recently by
Joseph Kitchin,• are of particular
interest
probable future adequacy of the supply as bearing on the question of the
of gold as the basis for the world's
money and credit. These latest
figures indicate that total world production
has increased noticeably above the
estimates made by Mr. Kitchin a few
years ago, and that the amount availabl
e
siderably exceeded expectations, especial for monetary purposes has conly during the past three years.
Mr. Kitchin's figures for the past
ten years, converted from sterling into
dollar amounts, are as follows:
(In millions of dollars)
(VoL. 129.
omic Changes of the President's Unemp
loyment Conference,
Dr.• Mitchell states in the section of the
survey entitled
"Business Cycles in 1921-27," that a
"characteristic of the
last few years in the United States is
the relative stability
of business," and that this state of things
has encouraged
optimists to say that "the business cycle
has been ironed
out." Dr. Mitchell explains, however,
that such an optimistic view is only justified if "a busine
ss cycle" is regarded
as a period including "a boom, crisis and
a severe depression." In that sense, Dr. Mitchell admits
that our last cycle
ended in 1921. He mentions that "the
United States has
not had a genuine 'boom' in business at large
since 1919;
it has not had a 'commercial crisis' since 1920,
or a severe
depression since 1921."
•
Using the term in its more general application
in economic
discussions, Dr. Mitchell and his collaborator
s of the Bureau
of Economic Research, contend this busine
ss cycles are
likely to continue, and that moreover we
are now passing
through such a cycle which began in Janua
ry of last year.
Four such cycles have characterized our
general business
activities since the close of the war, (1) from
May 1919 to
September 1921; (2) from October 1921 to
July 1924; (3)
from August 1924 to December 1927, and
(4) the current
business cycle, according to the survey.
Indicating further
Dr. Mitchell's observations, we quote
as follows from en
announcement regarding the survey:
Two outstanding facts are pointed out
by Dr. Mitchell in connection
with the tendency of the business cycle
to prevail; first the cyclical
behaviour of business which was so
abnormal in the war and immediate
post-war periods has now reverted to type
as far as duration is concerned,
and second (which Mr. Mitchell regards
as the most important), the
"amplitude of cyclical fluctuations have been reduced
." This reduction
In amplitude, Dr. Mitchell states, dates only
from 1924, but it extends
beyond 1927. By amplitude, Dr. Mitchell means
the extent to which
business expands and then reads during the course
of the cycle.
Emphasizing this reduction in the amplitude
of the business cycle,
Dr. Mitchell states that, "with the significant
exception of stock-market
Consumed
Balance
dealings and closely related processes," the latest
Total
in Arts and
statistics indicate that
Available
the business expansion which began in January 1928
Production.
Orient.
for Money.
is proceeding at a
moderate pace. lie observes that even the "bull market"
1919
on the New
365
304
1920
Stock Exchange which has reached its present phenomenal
61
336
heights "seems
110
1921
226
not to have infected business in commodities."
331
66
1922
285
319
"For the country as a whole," Dr. Mitchell adds, "curren
218
1923
101
t opinions and
367
188
1924
statistical indexes both indicate that production, transpor
179
394
tation and dis334
1925
60
tribution have been maintained for the last few years on a high,
394
216
1926
but not
178
399
exceedingly high level, with brief periods of contraction, to
154
1927
245
which the term
401
148
'depression' seems scarcely applicable."
1928
253
409
163
246
Dr. Mitchell's chapter contains tables showing all the cycles
During the first few years of this
which
period there was a steady decline in American • business has undergone within the last three quarters
gold production, which, however, was
of a centprobably continued in 1922 only ury. There were 19 such complete business cycles from January
because ofa strike in the Rand in that year.
1855 to
Mr. Kitchin in 1921 estimated December 1927, and 18 from June 1886 to December 1927.
that world production would rise from
about 325 million dollars in 1921 to duration of the cycles from 1855 to 1927 was 46 months; The average
about 350 million in 1930. At that
that of those
time it appeared that the Rand had from 1885 to 1927, slightly over 39 months.
passed its maximum output, and that
any increase in other producing areas
The World-War cycle starting January 1915 and lasting
would tend to be largely offset by a
until April
decline in this largest of producing gold 1919, a period of 52 months, had an
expansion phase of 44 months,
fields
exceeded in length only by that of the Civil-War cycle.
It has developed, however, that the
The Civil-War
put considerably beyond expectations, "New Rand" has increased its out- cycle lasted 78 months—July 1861 to December 1867—with an expansion
and
tained its output at approximately the that the "Old Rand" has main- phase of 46 months. The subsequent contraction of the World-War cycle
level of 1919-1920. In addition, lasted only 8 months—September
gold production has been resumed in
1918 to April 1919—matched in brevity
creased in Canada. Consequently, Russia, and has been materially in- only by the contraction in the case of the business cycle precedi
ng the
world production rose in 1928 to above Civil-War.
400 million dollars. Mr. Kitchin now
estimates that the annual production
The World-War cycle was the longest full business
of gold will remain around 400 million
cycle the country
dollars until 1940, after which he has experienced in a
expects a marked decline.
generation, though it falls far short of three earlier
cycles covered by the table, that of the Civil-Wa
Estimates of the net amount of new gold
r period, already menlikely to be available for mone- tioned, that beginni
tary uses have been even more difficul
ng January 1871 and ending March 1879 (99
t,
months),
to the purchases of gold by the Orient. due chiefly to the uncertainty as and that immediately succeeding it and completing its
course in May
Chiefly because these purchases 1885, represen
have been less than estimated, Mr.
ting a period of 74 months.
Kitchin's estimates of new gold to be
The first post-war cycle, May 1919 to September
added to the world stock of monetary
1921, is the shortest
gold have been materially exceeded.
covered by Dr. Mitchell's three-quarters century list,
In the ptst ten years the average
being only 29 months
annual addition to the monetary gold
in duration, and it had the shortest period of
stock has amounted to over 180 million
expansion, the upward
dollars, or about 1.8% of the total
trend lasting but 9 months before the decline set in.
stock, and in the past three years the annual
average has been close to 250
million dollars, or about 2.3%. For
"The cycle of 1921-24," Dr. Mitchell observes
the next five years Mr. Kitchin esti, represented a return
mates an average annual addition to the moneta
toward the average duration, but it still fell five
ry gold stock ofabout 2%.
months short of the
average for full cycles since 1885—a more
While it has been estimated by various economists
representative figure for
that an annual in- current experien
crease of 3% in the gold stock was required before the
ce that the average which includes the Civil
War to provide the long depressi
-War and the
ons of the '705. A still closer return to the
gold base for the increasing currency and credit requirements
of the world's in the last
average appears
trade, without a decline in the price level, there have been
cycle (1924-27), which lasted 41 months, or
several develop1.7 months longer
than the preferred average. So far as duration
ments during recent years which would tend to reduce
s go then, business cycles
the need for gold.
have reverted to type after the aberrations
These include the partial substitution in several countri
of the war. Of course that
es of deposits in
gold standard countries for actual gold holdings, followi
historical fact does not justify any one on
ng the heavy movecounting on 40-month cycles
ment of gold to the United States during and after the
War; the withdrawal in the near future.
of gold currency from circulation in many countrie
Dr. Mitchell's tabulation also deals with the
s; and a reduction in legal
"cyclical behaviour"
gold reserve requirements, especially in the United
States, accompanying business in particular lines and aspects, and data are given showing of
the establishment of the Federal Reserve
the
extent to which the following series conform
System.
or fail to eonform to the
general business "cyclical pattern." Immigra
tion, industrial production,
pig iron production, anthracite coal shipmen
ts, cattle receipts at Chicago,
Survey of National Bureau of Econo
mics Research— Jive hog receipts at Chicago, wholesale prices, farm price of crops,
operating revenues of Class I railroads, bank
Professor Wesley C. Mitchell of Colum
clearings outside of New
bia Uni- York, bank clearings in New York
City, building permits issued,
versity Says Business Cycles Have Not
total
Been exports of merchandise, total imports of merchandise,
interest rates on
"Ironed Out."
commercial paper, dividend payments by
industrial corporations, number
of shares sold on the stock exchange and
"Business cycles have not been 'ironed
liabilities of business failures.
out' in the United
States." According to the conclusion reache
d by Dr. Wesley
C. Mitchell, Professor of Economics, Colum
bia University,
as stated in the concluding chapter of the survey
of the
National Bureau of Economic Research
to be published
shortly xvith the report of the Committee
on Recent Econ.
* "Harvard Review of Economic Statistics," May
1929.
It is added that the survey of the
National Bureau of
Economic Research was made at the
request of the Committee on Recent Economic Changes of
the President's Unemployment Conference following the appoin
tment of the
Committee in January 1928. The Committee
completed its
analysis of the National Bureau data on March
2, and its
report—a critical appraisal of factor of stabili
s
ty and in-
JULY 6 1929.]
57
FINANCIAL CHRONICLE
stability in our economic life—will be published with the
survey some time next month. The Committee on Recent
Economic Changes is a continuation of the President's Unemployment Conference of 1921-23 which through a subcommittee on Business Cycles and Unemployment than made
a report on booms and depressions. The committee as now
constituted consists of President Hoover, chairman, and a
group of foremost business and labor leaders and economists. The report and survey will be issued under the title,
"Recent Economic Changes," by the McGraw-Hill Book
Company, it was announced April 14 by Edward Eyre Hunt,
Secretary of the Committee.
Reported Winding Up of Affairs of Call Loan Concern,
Formed Under Name of "First Call Money Company
of America"—Dissolves Before Lending Any Monies.
According to the "Times" of July 4 the First Call Money
Company of America, announced two months ago as "the
first organized effort to stabilize the call money situation
and at the same time permit the public to participate," is
now in process of winding up its affairs, it was learned on
July 3, without haying lent a dollar in the call money market.
The "Times" further said:
Brokers' loans, as reported by the Federal Reserve Bank of Now York,
on June 26 totaled only $5,542.000,000. From May 29 to Juno 26, which
is the closest corresponding period, Federal Reserve Bank figures showed
an advance in loans of $254,000,000. The wide discrepancy between the
compilations of the Stock Exchange and the Federal Reserve Bank,
according to financial opinion yesterday, was largely due to the fact that
the report of the latter had been issued as of last Tuesday and did not in
consequence include loans for the taking up of rights.
A second factor which increased the gap between the compilations of the
two institutions was the advance in loans, reported by the Stock Exchange,
by "private bankers, brokers, foreign bank agencies or others," not included in the Federal Reserve report. These increased their demand
loans by $72,617,039 and time loans by $19,582,370, bringing the former
total up to $1,111,293.343 and the latter to $163,256,087.
Loans on Security Collateral Higher.
This was not a shifting of loans from New York banks to other institutions. The Stock Exchange reported 'net increases by New York banks
and trust companies roughly corresponding to the figures of the Federal
Reserve Bank, indicating a greater disposition on the part of member
banks to lend on security collateral.
Demand loans by New York banks totaled $5,333,165,736, which was an
advance over the previous month of $272,521,565. Time loans, showing
an advance of $41,962,375, totaled $463,506,108.
Although the compilations by the Stock Exchange show a new high in
brokers' loans, the Federal Reserve Bank report last week was $23,000,000
below the high figure as of May 15. It is believed that the chief reason
that the Federal Reserve figures did not break through the previous high
record was that they did not include additions to the loan account during
the latter part of the last week, involving both the taking up of rights
and the advance in security prices. It is expected that there will be a
sharp advance in loans, as reported by the Federal Reserve Bank, this
week.
While call loans on the floor of the New York Stock Exchange
commanded 15%, accountants were at work on the books of the
Merchants and Traders Bancshares Corporation, the parent company,
which obtained control soon after the call money company was formed,
preparing a statement to be sent out to some 150 stockholders. These
were the only subscribers to the 7,383 shares which the corporation
sold out of 900,000,000 shares authorized for public offering. The
spacious offices which the concern had occupied on the sixteenth floor
of 30 Broad Street were deserted.
Within a few days, officials of the company said yesterday, the
handful of stockholders will be apprised of the plan to dissolve the
Merchants and Traders Bancshares Corporation and asked to give
their consent to the distribution of assets on a pro rata basis. Preliminary estimates are that liquidation of the company's property will
yield between $8.50 and $8.80 a share to Class A stockholders who
paid $13.50 a share for their holdings.
Faced with evident failure of the enterprise through lack of public
interest in the shares, John H. Allen, President of the corporation
and a former Vice-President of the National City Bank, recommended
that the company take steps at once to safeguard the interests of
shareholders by winding up its affairs. Since not all of the directors
would at once admit the failure of the project and agree to dissolution, Mr. Allen resigned his position as President and withdrew from
the corporation. Two other directors, B. L. Attwater and C. C.
Mollenhauser, did likewise.
At a meeting of the directors on June 28 a resolution was adopted
directing that the affairs of the corporation be wound up with a
view to protecting the interests of Class A stockholders. This was
the class of stock which was sold to the public. It was non-voting.
The Class B voting shares were held by members of the board of
directors, who, so far as can be learned, held no Class A shares.
Senator Daniel 0. Hastings, one of the directors, was instructed
to bring the business of the company to a conclusion and an audit
of the company's accounts was ordered. Shortly thereafter a tenant
was found for the offices of the company. Office fixtures and rental,
with the salaries of the secretary and one stenographer, had constituted the concern's only expenditures.
A tenant was found, to whom the company's office fixtures were
sold, and a public accountant was put to work upon the books.
Officials of the company ascribe the failure of the shares to meet
a heartier public reception to the unfortunate time at which they
were offered. This was in the latter part of May, when the stock
market was in the throes of a drastic reaction and public appetite
for shares was dull.
The compilations of the Stock Exchange since the issuance
of the monthly figures by it, beginning in January 1926,
follow:
11028—
Jan. 30
Feb. 27
Mad.31
AprIl30
May 28_
June 30
July 31
Aug. 31
Sept.30
Oct. 31
Nov.30
Dec. 31
1927—
Jan. 31
Feb. 28
Mar.31
April 30
May 31
Ain° 30
July 30
Aug. 31
Sept.30
Oct. 31
Nov.30
Dec. 31
1928—
Jan. 31
Feb. 29
kW.31
April 30
May 31
June 30
July 31
Aug. 31
Sept.30
Oct 31
Nov.30
Dec. 31
1929
Jan. 31
Feb. 28
Mar.30
Apr. 30
May 31
June 29
Demand Loans.
52,516,960,599
2,494.846,284
2,033,483,760
1,969,869,852
1.987.316,403
2.225.453.833
2.282,976.720
2,363,861,382
2,419,208,724
2.289,430,450
2.329.536.550
2,541.682,885
Time Loans.
5986,213.555
1,040.744.057
986,612,407
885,843,657
788.024.111
700,844.512
714.782.807
778,286.686
799,730.288
821,746,475
799,825.125
751,178,370
Total Loans.
53.513,174,184
3,536,590.321
3,000,096,167
2,835,718,589
2.767,400.514
2.926,298,345
2,996,759.527
3,142,148.068
3.218,937,010
3,111376,925
3.129,161,675
3,292,880,2(5
2,328,340.338
2,475.498.129
2,504,687.674
2.541.305,897
2,673.993.079
2,756.968,593
2,764,511,040
2.745.570.788
3.107,674.325
3,023,238,874
3.134,027,003
3.480,779,821
810.446.000
780,961,250
785.093,500
799,903.950
783.875.950
811.998.250
877.184.250
928,320.545
896.953.245
922,898.500
957.809,300
952,127,500
3,138,788.338
3,256.459,379
3.289.781.174
3.341.209.847
3,457.869,029
3,568,966,843
3.641,695,290
3.873.891.333
3.914,627.570
3.946.137.374
4.091.836.302
4.432.907.321
3,392.873.281
3,294,378,654
3.580.425,172
3.738,937,599
4,070,359,031
3.741,832,505
3.767,694,495
4,093,889,293
4.689.551,974
5,115.727,534
5,614,388.380
5,722,258.724
1.027.479,260
1,028.200.260
1,059.749,0811
1.168.845,000
1,203.887.250
1,156.718.982
1.069,653.084
957.548.112
824.087.711,
763,993.528
777.255.964
717.481,787
4.420.352,541
4.322.578.914
4.640.174,172
4.907,782.599
5.274.046,281
4.898,351,487
4,837.347,579
5,051.437,405
5.513,839,685
5,879.721.082
6.391,644.264
6.439,740,511
5,982.672,411
5,948.149.410
6.209,998,520
8.203,712,115
6,099,920,475
6.444.459.079
8,735.164.242
752.491,831
7 ,/1 917
730.398.507, U01.4 :
594,458,888 '
6,774.930.395
571.218,280
6.685,137.925
385.217.450
7,071,221.275
826.762.195
Employes of Los Angeles Stock and Curb Exchanges
Given Life Insurance Protection.
SevetIty employees of the Los Angeles Stock and Curb
Exchanges will be given life insurance protection worth
$112,000, effective July 1, with the two organizations
Brokers' Loans on New York Stock Exchange Over
bearing the full cost of the coverage, it was announced on
. Seven Billion Dollars—Record Figures.
June 25 by John Earle Jardine, President of the Stock
A new high record for outstanding loans on the New York
Exchange and D.G. Grant,President of the Curb Exchange,
Stock Exchange was established on June 29, when the
The announcement says:
total reached 37,071,221,275—an increase of $406,083,350
Fifty-five persons in the personnel of the Stock Exchange and 15 emthe figures for May 31, and exceeding by $266,763,867 ployees of the Curb will receive insurance amounting to $1,000 for those
over
$100
month,
the previous high figure of $6,804,457,408 recorded on employees earning $100 or less per those on $2,000 for those earning per
a salary of $250 or more
per month, and $3,000 to
March 30 of this year. The June 29 total of $7,071,221,275 to $250
month.
All persons on the payroll of the two exchanges July 1 will be included,
is made up of demand loans of $6,444,459,079 and time
and future employees will be eligible for the same protection after one
loans of $626,762,195. The following is the statement month's employment. The full amount of the policy will be paid by the
for the month issued by the Stock Exchange on July 2.
Travelers Insurance Co. of Hartford, Conn., to the designated beneAn item regarding the organization of the company appeared in our issue of May 4, page 2921.
Total net loans by New York Stock Exchange members on collateral,
contracted for and carried in New York as of the close of business June 29
1929, aggregated $7.071.221.275.
The detailed tabulation follows:
Demand Loans. Time Loans.
(1) Net borrowings on collateral from New York banks
55,333,165.736 $463,508,108
or trust companies
(2) Net borrowings on collateral from private bankers,
brokers, foreign brink agencies, or others in the
1,111,293,343
163,256,087
City of New York
ficiary in case of death of the employee, or to the employee in event of
his permanent disability because of accident or sickness. Each policy also
carries conversion privileges for the holder if he leaves the employ of either
xechange.
New York Federal Reserve Bank on Money Market In
June—New York City Banks' Borrowings at
Highest Figure in Recent Years.
66,444,459,079 8626,762,195
The fact that the borrowings of the New York City banks
of time and demand loans
57,071,221,275
Combined total
Federal Reserve Bank, at $425,000,000 on July 1,
The scope of the above compilation Is exactly the same as in the loan from the
the Exchange a month ago.
reached the highest point in recent years, is indicated in the
report issued by
Regarding the Stock Exchange figures of brokers' loans following discussion of the money market in June appearing
and those of the New York Federal Reserve Bank, the in the July 1 Monthly Review of the New York Federal
"Journal of Commerce" of July 3 had the following to say: Reserve Bank.
58
FINANCIAL CHRONICLE
[VOL. 129.
For the greater par of June money rates were more stable and
relatively for loans, and by Monday. June 17, extraordinarily heavy income tax
easier than for some months previous. From the first to the
22nd of the collections more than absorbed the surplus funds. Consequently, Stock
month call money hardly varied from 7%. Time money
declined from Exchange call loans remained at the 7% rate which had prevailed during
834 to 734, and towards the end of the month offering
rates for bankers the greater part of the first half of June. On the following days the conacceptances were generally reduced by 34 of one per cent.
This easier tinued collection of tax checks and resulting withdrawals of funds by
tendency reflected some release of bank reserves as
a result of the liquida- out-of-town banks led to a rapid increase in the indebtedness of New York
tion of bank credit since the end of March, a temporary
release of funds City banks, and with other causes led to firm money condit.ons.
through Treasury tax day operations, a renewed gold import
movement.
and somewhat greater willingness on the part of the
banks to supply the
market with funds.
1923-1928 Comparison of Member Bank Operations in
These tendencies were interrupted in the last week of the month.
While
gold imports continued, their effect was more
New York Federal Reserve District.
than offset by a reversal of the
trend in bank credit. Between May 29 and June
26 the total loans and
investments of reporting member banks increased 400 million dollars
Following its practice of previous years, the Federal Reto the
highest level since April 3, and reached a level of 400
million dollars higher serve Bank of New York on May 23 made available tables
than a year ago. A large part of this increase was in loans
on securities giving the operating ratios of representativ
and reflected a renewed rapid increase in security prices,
e member banks,
together with the
unusually large volume of new security issues.
with which individual banks may compare their own figures.
Mid-year movements of funds and holiday currency demands coming
The ratios, computed from data currently reported by memon top of this large increase in the demand for credit from
other causes ber banks,
are shown in comparison with figures for 1927
placed unusual pressure on the money market. New York City
banks
increased their borrowings at the Reserve Bank to 333 million on June
29, and an average for the years 1923 to 1928 inclusive. In
and to 425 million on July 1, a figure 21 million above
the high point of furnishing the comparison the Bank says that "in general
January 2, and the highest in recent years. Rates for call money
rose to
10% on June 24 and stayed at that level until Monday. July 1. when
the the rate of earnings to total available funds showed little
rate rose to 15%, with loans reported outside the Exchange at even
higher change from previous years." It also states that "the profigures.
portion of net profits to gross earnings was reduced in most
The following is from the July 1 Monthly Review of the
groups of banks, due to increased expense ratios in the
Federal Reserve Bank of New York:
smaller banks, and to increased losses on loans and discounts
Treasury Tax Period Operations.
or on securities or on both in nearly all groups." Reference
Transactions conducted by the Reserve Banks for the United States
to the compilation is made by the Bank's Monthly Review
Treasury during the June tax period included for the country
as a whole the
redemption ofabout $529,000,000 of434% Treasury certificates of indebted- of June 1, as follows:
ness, the payment of approximately $98,000,000 of interest
due on the
public debt on June 15, the collection of close to $550,000,000
of income
taxes, covering the second quarterly payments on 1928 income,
the sale
and issuance of $404,000.000 of new Treasury certificates
bearing
interest and maturing March 1930,and the receipt of $80,000,000 of 534%
interest
from foreign governments on their funded indebtedness to the
United States.
As usual a substantial part of these transactions occurred in New
York.
As a result the total turnover of funds at the Federal Reserve
Bank of
New York, including operations for the Treasury as well
as the ordinary
banking transactions reached a total on Saturday. June 15. of
nearly 134
billion dollars. This amount included only a small part of the
income tax
C,lections, as most of the tax checks were cleared on June
17 and on the
following days; also the usual banking operations were in smaller
volume
than would have been the case on a full busin sa day.
The principal operations for the Treasury and also
ordinary banking
operations on June 15 are summarized as follows:
Fiscal Agency Operations—
Securities redeemed
$174,000,000
Allotments to new issue
90,000.000
Interest paid
31,000,000
Foreign debt payments received
80.000,000
Income taxes collected
16,000,000
Tota
Banking Operations—
Checks and other col .•osis
Wire transfers__ _
__
Currency payments and -eoeipts
New loans to member banks
Member bank loans paid
Total
Total, all operations
$391,000,000
$585,000,000
151.000,000
14,000,000
22.000,000
63,000,000
$835.000,000
$1,226,000,000
Bank Earnings and Expenses in 1928.
This bank's annual study of operating ratios of representative member
banks in this District, which has just been completed for the year 1928,
shows some interesting changes compared with other recent years. Gross
earnings of these banks expressed as percentages of total available funds
were the highest in recent years, but the ratio of net earnings was approximately the same RB in the previous six years.
The increase in gross earnings was due partly to a slightly higher average
ratio of loans and investments to total available funds, and partly to a
somewhat higher rate of return on loans and investments, especially in the
large New York City banks, which adjust their lending rates to money
market conditions more rapidly than do country banks. The average rate
charged by a number of representative New York City banks on loans to
customers advanced from 4.38% in December 1927 to 5.50% in December
1928, whereas rates charged on customers' loans by banks outside of New
York, especially in the smaller localities, have shown but little increase.
The proportion of gross earnings derived from the sale of securities was
reduced in 1928, accompanying a declining bond market, but miscellaneous
income increased somewhat.
A rise in expense ratios offset the increase in gross earnings, however,
so that the ratio of net earnings to total available funds was no larger in
1928 than in 1927 or in several preceding years. The principal increases in
the ratios of expenses to gross earnings were in interest paid on deposits,
due to a continued increase in the proportion of time deposits, and in
interest paid on borrowed money, due to the increased indebtedness of
member banks at the Reserve Bank during the past year. In addition,
losses charged off on loans and discounts and on securities increased in
1928; consequently, the ratio of net profits to gross earnings was smaller
than in 1927.
The Bank's circular, presenting the comparison, was
issued as follows:
Federal Reserve Bank of New York—A Comparison of the Operating Ratios
of Representative Member Banks in the Second Federal Reserve District
for the Year 1928—Grouped According to Size of Banks and Character
of Business.
New York Federal Reserve Bank on Effect of Subscriptions of Corporation Stock Issues Against Rights.
[Circular No. 914, May 23 1929.]
Discussing the effect of subscriptions through rights, the
Continuing the practice
Federal Reserve Bank of New York, in its Monthly Review give the operating ratios of the previous five years, the following tables
of representative member banks, with which
for July 1, says:
individual banks may compare their own figures. The ratios are computed
From June 14 to 21, payments fell due for about 500 million dollars of
corporation capital stock issues against rights. Additional payments of over
300 million dollars were due July 1. A study of the effect of these large
new issues, payment for which was made during June, indicates that, while
these payments were probably a factor in the increase in the demand for
loans during the latter half of the month,a part of the proceeds of new issues
were loaned temporarily at least in the call loan market by the corporations
receiving funds, and so constituted a supply of funds which partly offset
the increased demand for loans. In this way corporations issuing new
stock in effect lent buyers part of the funds with which to buy the stock.
To this extent the transaction was a bookkeeping operation involving
simply an exchange of obligations, though it appears in the statistics on
the one hand as an increase in corporation capital and on the other hand as
an increase in brokers loans for account of others.
A part of the increase in brokers loans during June apparently reflected,
as in previous periods, the effect of a rise in stock prices. The day-to-day
demand for loans has followed closely one day behind the movement of
average stock prices, and has shown substantial increases on a number
of days when there were no subscriptions payable in sufficient amount to
account for the increases in borrowings. The . . . rise in brokers loans
in June has been in general proportionate to the rise in stock prices. The
increase in brokers loans was accompanied by some increase in bank
deposits and consequently an increase in the reserve requirements of the
New York City banks.
Treasury Opermions.
For a few days around the June 15 tax period, Treasury operations
tended to create a condition of ease in the money market. As usual.
the Treasury paid out on June 15 a larger amount through interest payments and the redemption of maturing securities than it received through
tax payments and other receipts on that day. In New York alone the
excess of Treasury disbursements over receipts on June 15 amounted to
over 150 million dollars. This gain of funds to the market enabled the
New York banks to reduce their indebtedness at the Reserve Bank and
several banks acquired substantial surplus reserves for a few days.
Such conditions ordinarily would tend to cause heavy offerings of funds
in the call loan marker, with a consequent decline in rates, but the day
-sf the largest surplus of funds was Saturday, when there was no market
from data currently reported by member banks and are shown In comparison with figures for 1927 and an average for the years 1923 to 1928
inclusive.
Several new ratios have been added this year to cover the years 1927
and 1928: ratio number 6 shows the rate of income received from loans
and investments; ratios 10, 11, and 12 indicate the relative proportions of
gross earnings derived from loans and investments, securities sold, and all
other income combined, respectively; ratio 21 shows net profits, before
dividends, in per cent, of gross earnings.
Additions to capital funds in 1928 brought about an increase in the ratio
of capital funds to gross deposits, particularly in the larger banks. There
was a continuation of the tendency for demand deposits relative to gross
deposits to decrease.
The rate of gross earnings to total available funds increased in all but
the smaller banks, and for all groups combined was the highest in recent
years. All groups had smaller net profits from security transactions
(ratio
11 less ratio 20) in relation to gross earnings, probably due chiefly to
the
declining bond market, but the larger banks, whose interest charges fluctuate
with open-market money conditions, showed an increased rate of
return
on loans and investments, and an increase also in income from other
sources.
In general, the rate of net earnings to total available funds showed
little
change from previous years. The smaller banks showed a reduction, due
chiefly to reduced profits on securities sold, and to increased interest
paid
on deposits, reflecting the continued increase in the ratio of time
deposits
to gross deposits. The larger banks showed higher rates of net earnings,
due partly to the increased rate of gross earnings, and partly to a general
reduction in the expense ratios with the exception of interest paid on
borrowed money. All groups of banks except one used a Ed
nailer part of
gross earnings for salaries and wages, but all groups used a larger share
for interest on borrowed money.
The proportion of net profits to gross earnings was reduced in
most
groups of banks, due to increased expense ratios in the smaller banks, and
to increased losses on loans and discounts or on securities or on both
in
nearly all groups.
A space has been provided for the insertion of the figures of any
bank
which may wish to compare its operations with those of other banks
of a
similar size or with a similar proportion of time deposits.
!Mil
-i216
74.0
=
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CAPITAL
Ratios Expressed in Percentages.
1. Capital funds 510 gross deposits
Number of banks in group
100
1.6
5.8
5.6
2.5
6.8
2
88.8 89.2 89.4
43.6 47.1 49.5
and
87.0 86.4 86.3
54.7 56.0 58,0
21.0 21.1 20.5
3.1 3.2 3.1
84.4 84.8 85.2
62.4 64.8 65.1
37.9 37.1 36.9
2.6 2.7 2.6
59.3 60.0 58.8
2.2 2.2 2.2
5.6 5.7
5.6 5.5 5.9
1.6 1.6
1.6
14.8 14.2 14.3
90.6 90.2 89.6
1.7 1.6 1.8
5.6 5.6
5.5 5.6 5.6
1.5 1.6 1.5
13.9 13.8 13.1
20.4
2.2
33.2
15.5
71.3
28.7
2.4
1.9
151
33
38
21.6 20.0
14.8
0.8
46.4
10.8
72.8
27.2
3.7
3.5
5.4 5.5
5.3 5.4 5.4
1.6 1.6
1.6
13.3 12.9 12.7
20.9
1.0
32.9
16.7
71.5
28.5
2.8
2.2
136
22.1 20.6
15.4
0.6
47.4
9.7
73.1
26.9
3.1
1.4
4.9 5.2
4.8 4.7 4.9
1.5 1.5 1.6
12.7 12.0 12.3
20.2
1.3
33.3
16.3
71.2
28.9
3.6
2.6
39
14.3
0.5
46.7
11.0
72.6
27.4
2.6
3.1
87.4 87.5
8.9 9.2
3.7 3.3
22.3
2.5
26.7
16.1
67.6
32.4
3.4
2.0
54
23.0 23.6
17.6
1.4
39.8
14.1
72.8
27.2
3.7
3.0
86.5 87.6
8.5 7.1
5.0 5.3
21.9
1.5
28.3
16.9
68.6
31.4
2.9
1.7
45
17..
0.9
39.7
13.5
71.7
28.3
2.9
2.4
86.3 87.8
6.2 5.0
7.5 7.2
21.1
1.7
28.6
16.9
68.3
31.7
4.6
2.1
51
26.0 26.8
17.4
1.1
39.8
14.0
72.3
27.7
3.5
2.8
83.5 82.7
5.4 4.0
11.1 13.3
78.5 79.1 77.8
70.0 70.6 71.6
Groups of Ban*. Divided According to the Percentage of Time Deposits to Gross Deposits.
Up.
75
50-74.9.
25-49.9.
Under 25.
0.
1923
1923
1923
1923
1923
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Your to
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1927. 1928. urea. As. 1927 1928. tires.
Av. 1927. 1928. urea 41 1927. 1928 tires. As. 1927. 1928. tires As.
13.3 13.4 13.9
14.2 14.4 14.8
15.9 15.5 17.1
16.2 15.4 16.7
40.8 36.1 65.2
._..........
5.7
5.7
1.9
9.6
100
1.6
83.2 84.9 88.4
53.6 56.8 51.1
100
1.1
5.2
2.0
9.0
86.5 90.5
4.5 5.0
9.0 4.5
6
-Ratio of the following to
DISPOSITION OF GROSS EARNINGS
gross earnings:
27.1 27.1 28.0
13 Salaries and wages
1.7 2.4
1.
14. Interest paid on borrowed money
12.2 17.9 4.6
15. Interest paid on deposits
20.4 18.8 19.7
16. All other expenses
61.4 65.4 54.6
17. Total current expenses
38.6 34.6 45.4
18. Net earnings (before charge-offs and recoveries)
1.3 0.6
1.4
19. Losses charged off on loans and discounts
2.3 0.3 3.1
20. Losses charged off on securities
21. Net profits e (after losses and depreciation charged off and re34.6 42.6
coveries, but before dividends)
-Ratio of the following to gross earnings:
SOURCES OF EARNINGS
10. Income from loans and investments_e
11. Profit on securities sold_e
12. All other earnings_e
EARNINGS 6. Income from loans and invest. to loans and invest. e
7. Gross earnings to total available funds c
8. Net earnings to total available funds_c
9. Net earnings to capital funds_b
DEPOSITS 4. Demand deposits to gross deposits
5. Interest paid on deposits to gross deposits
54:
s - LOANS AND INVESTMENTS total available funds c
2. Loans and investments to
3. Loans to loans and investments
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47.9 42.6 43.9
2.1 2.2 2.4
85.8 86.2 86.0
49.2 50.1 51.0
39.8 37.4 36.6
2.5 2.6d 2.7
87.6 87.6 88.3
50.8 51.9 54.6
39.1 36.0 35.0
2.7 2.8 2.8
87.9 87.2 88.8
57.0 57.3 59.2
46.8 46.5d 42.6
2.6 2.7
2.6
87.3 86.9 87.6
62.4 64.5 63.1
58.1 56.1 49.6
2.4 2.5 2.6
84.5 85.3 85.1
64.9 66.2 65.1
12.7 12.6 13.4
20.6
1.3
28.8
17.5
68.3
31.7
5.2
1.8
20.5
2.1
27.4
16.4
66.4
33.6
3.2
1.6
25.4 29.0
21.4
1.1
28.1
17.8
68.4
31.6
4.2
1.4
78.9 78.5
6.1 4.5
15.0 17.0
4.8 5.1
4.8 4.7 5.0
1.5 1.5 1.7
13.2 12.5 12.8
84.3 82.7 80.6
1.6 1.6 1.7
76.4 78.0 76.7
74.1 75.0 74.9
14.4 14.7 16.5
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As. 1927. 1928. uses. Ay. 1927. 1928. urea.
43.7
2.4
5.3 5.4
5.2 5.3 5.5
1.5 1.4 1.5
13.9 13.2 13.4
16.3
2.4
41.2
13.3
73.2
26.8
4.4
2.2
21.0 20.0
17.1
1.3
42.0
13.5
73.9
26.1
3.7
1.5
5.5 5.5
5.5 5.5 5.6
1.6 1.6 1.6
14.8 14.1 14.0
16.6
1.6
40.4
14.0
72.6
27.5
5.1
2.1
5.6 5.7
5.5 5.5 5.6
1.4 1.5
1.4
14.6 13.5 13.7
16.6
1.6
41.2
13.3
72.7
27.3
3.3
3.9
22.7 20.7
16.9
1.0
40.2
13.4
71.5
28.5
4.2
2.6
5.6 5.7
5.6 5.6d 5.8
1.7 1.7 1.7
14.4 14.5 13.8
16.6
1.1
40.6
13.5
71.8
28.3
4.0
3.0
5.6 5.6
5.4 5.7 5.5
1.8 1.9 1.7
12.6 13.9 12.8
17.3
1.1
42.5
12.6
73.5
26.5
4.2
2.9
20.1 18.9
18.0
0.6
43.6
12.4
74.6
25.4
2.5
1.5
86.7 86.5
5.8 5.9
7.5 7.6
17.3
1.0
42.6
13.3
74.1
26.0
3.9
2.4
87.1 87.2
7.2 7.4
5.7 5.4
18.4
1.1
38.2
13.5
71.2
28.8
3.2
4.3
24.2 21.9
18.4
0.8
38.1
12.8
70.2
29.8
2.2
1.3
88.6 89.2
6.4 5.9
5.0 4.9
18.1
1.0
37.7
13.8
70.5
29.5
3.0
3.0
87.0 88.0
9.1 8.5
3.9 3.5
18.7
1.4
34.5
15.2
69.8
30.2
2.9
2.5
25.9 25.1
19.1
1.0
33.0
14.1
67.2
32.8
2.0
2.7
88.1 89.0
8.3 6.8
3.6 4.2
21.5
1.6
35.3
15.4
73.8
26.2
3.3
1.8
85.8 88.2
9.1 6.7
5.1 5.1
21.6
1.2
31.9
17.0
71.7
28.3
1.0
2.9
22.3 20.1
19.6
1.2
31.7
15.9
68.4
31.7
2.3
3.2
5.6
5.4
1.4
10.6
84.8
53.7
GROUPS(40 SLEECTED BANKS IN EACH GROUP a).
TABLE 1-AVERAGE OPERATING RATIOS OF REPRESENTATIVE MEMBER BANKS IN SEVEN
capital funds averaged 19.1% of gross deposits in 1927 and 18.5% in 1928.
Read the table as follows: In the banks of Group I (banks with loans and investments under $500,000)
Indicated.
Size of Groups Divided According to Amount of Loans and Investments
V.
IV.
III.
II.
$5,000,000 to
$2,000,000 to
31,000 000 to
$500,000 to
I.
General Average
$9,999,999.
$4,999,999.
$1,999,999.
$999,999.
Under $500,000.
All Groups.
Your
Your 1923Ratios Expressed in Percentages.
Your 1923Your 1923Your 19239231923FigFig- 1928
Fig- 1928
Fig- 1928
Fig- 1928
1928
1928
1928. ures. As, 1927. 1928. ures. As. 1927. 1928. tires.
Av. 1923 1924. 1925. 1926. 1927. 1928. As. 1927. 1928. tires. As. 1927 1928. tires. Av. 1927.
13.6 13.8 13.9
12.2 12.4 13.2
15.2 15.2 15.8
20.7 19.2 18.6
15.6 16.1 15.6 15.3 15.4 15.3 15.7 20.3 19.1 18.5
I. Capital funds b to gross deposits
WV C
so
• Er, 1,
2,33geagg!"..
dr
""
CAPITAL
18.5
1.6
37.2
14.2
71.5
28.5
3.5
2.7
88.0 86.7
7.4 6.5
6.6 6.8
18.9
1.0
36.7
14.4
71.1
28.9
2.8
2.0
23.1 22.2
22.4
1.2
30.8
17.2
71.7
28.3
2.1
2.8
LOANS AND INVESTMENTS
84.8 85.1 84.4 84.8 84.3 85.0 85.3 84.3 83.9
2.
Loans and investments to total available funds c
58.2 56.9 56.9 56.9 58.8 59.3 60.2 48.9 50.2
3. Loans to loans and investments
52.7 57.2 55.2 54.4 52.0 50.2d 47.4 53.2 49.8
DEPOSITS 4. Demand deposits to gross deposits
2.3 2.1 2.2 2.3 2.3 2.4 2.5 2.1 2.2
5. Interest paid on deposits to gross deposits
5.6
5.4 5.5
-6. Income from loans and invest. to loans and invest.e
EARNINGS
5.3 5.2 5.2 5.2 5.4 5.4 5.5 5.4 5.6
7. Gross earnings to total available funds c
1.6 1.6
1.6 1.6
1.6
1.6
1.5 1.6
1.6
8. Net earnings total available funds c
13.5 13.6 13.4 13.7 13.8 13.3 13.0 10.9 11.2
9. Net earnings to capital funds b
-Ratio of the following to gross earn:
SOURCES OF EARNINGS.
10. Income from loans and investments e
11. Profit on securities sold e (deduct ratio 20 for net profit)
12. All other earnings e
DISPOSITION OF GROSS EARNINGS
Ratio of the following to gross earnings:
18.7 18.8 19.1 18.5 18.6
13. Salaries and wages
1.2 1.6 0.9 1.0 1.2
14. Interest paid on borrowed money
36.1 34.3 35.9 36.2 36.1
15. Interest paid on deposits
15.0 15.9 15.5 15.0 15.0
16. All other expenses
71.0 70.6 71.3 70.7 70.9
17. Total current expenses
29.0 29.5 28.7 29.3 29.1
18. Net earnings (before charge-offs and recoveries)
3.6 4.0 4.3 3.7 3.4
19. Losses charged off on loans and discounts
2.6 4.4 2.6 2.0 2.0
20. Losses charged off on securities
21. Net profits e (after losses and depreciation charged off and
recoveries, but before dividends)
se
ANt
'
FINANCIAL CHRONICLE
JULY 6 1929.]
60
FINANCIAL CHRONICLE[VOL.
129.
according to Washington advices that day to the New York
"Journal of Commerce", which went on to say:
While there seemed no prospects of any important "easing" movement in the next several weeks, the general impression was that
the
board, recognizing sectional needs of agriculture and industry, would
take steps to meet the exigencies of the situation.
This plan apparently, partially at least, disregards the use of credit
in speculative activities. With the market active and brokers' loans
having mounted about a quarter of a billion dollars in the last two
weeks, it did not seem that the Board's policy of diverting speculative
credit was particularly effective as to the volume of loans. However,
officials thought that actual bank credit, outside of the big financial
centers, reaching the market had declined.
According to the reported plan, member banks would be encouraged
informally to borrow at the Reserve Banks in localities where industry
or agriculture was in need of funds. Loans to these banks, of course,
would be restricted to those for productive purpgses.
Should it appear that banks seeking loans had made advances for
speculative purposes it would be probable that the Reserve Banks
would restrict their credit. Officials pointed out that this did not
necessarily mean a curtailment of loans on securities, since many of
that character of advances are made for productive purposes.
In the past credit easing operations have taken the form of reductions in the rediscount rates, or purchase of Government securities
in the open market. The former method acts to cheapen credit and
the latter similarly through furnishing a larger supply of money.
These operations naturally have a national reaction and would lighten
the interest burden on the speculative market, possibly encouraging
greater trading, as well as on commerce and industry.
Under the new plan, a distinct departure from former policies,
the Reserve system would be able to assist productive business without encouraging speculative activity. As long as commerce and industry is furnished with an adequate supply of reasonably-priced capital
the Reserve Board is not so much concerned with the market.
It always has been pointed out that the Reserve Board was not
fighting the market, except in so far as the market absorbed too great
a proportion of the country's available credit thus reducing the supply
for productive business.
With the crop moving season approaching and other heavy demands
from agricultural and industrial interests the Board feels called upon
to do something concrete to cheapen money rates for these purposes.
For the present there seems to be no indication of either increases
or reductions in the rediscount rates. Just what will happen later
along that line depends entirely upon conditions. While little has been
said in the last few weeks of Federal Reserve Board activities it was
understood that members are keeping the same close watch on the
credit situation as was maintained in the late winter and spring.
Reference to Mr. Hamlin's statement that the Reserve
System has taken an "effective control" of the credit situation was made in our issue of June 29, page 4254.
President Hoover Signs Bill Amending Second Liberty Bond
Act Providing for Issuance of Short Term Non-Interest
Bearing Tax Exempt Treasury Bills.
The bill amending the Second Liberty Bond Act, providing for the issuance of short term Treasury bills to be
sold on a discount basis, became a law on June 17, on which
date it was signed by President Hoover. A reference to
the bill as it passed the House on May 29 appeared in our
issue of June 1 page 3620. On June 4 it passed the Senate,
after the latter had eliminated from the bill the provision
exempting from income tax capital gains arising through
the sale of the Treasury Certificates issued under the provisions of the bill. The House disagreed to the Senate
change, and with the Senate's insistence upon its amendment
the bill was sent to conference. The text of the bill as it
was introduced, and passed by the House on May 29 was
given in our issue of April 27 (page 2739). The change
made by the Senate on June 7 affected subdivision "b" of
Section 5 of the bill, the Senate change making it read as
follows:
(b) All certificates of indebtedness and Treasury bills issued hereunder, (after the date upon which this subdivision becomes law)
shall be exempt, both as to principal and interest, from all taxation
(except estate and inheritance taxes, now or hereafter imposed by the
United States or by any local taxing authority; ana the amount
of discount at which Treasury bills are originally sold by the United
States shall be considered to be interest within the meaning of this
subdivision.
The managers on the part of the House at the conference on the
disagreeing votes of the two Houses on the Amendments of the
Senate to the bill (H. R. 1648) to amend Section 5 or Inc Second
Liberty Bond Act, as amended, submit the following wrttten statement in explanation of the effect of the action agreed upon by the
conferees and recommended in the accompanying conference report:
The House bill increased the tax exemptions of the present law
so as to exempt any gain from the sale or other disposition of certificates of indebtedness or Treasury bills, and also denied any loss.
The Senate amendment strikes out this provision of the House bill
and grants an exemption only as to principal and interest, as under
the present law, and adds a provision that the amount of discount
at which Treasury bills are originally sold by the United States
shall be considered to be interest within the meaning of the subdivision. Although the House bill would result in considerable simplification, would result in interest rates more favorable to the United
States, and in the end would very likely not affect the revenues,
the Senate took the position that the provision was an entering wedge
toward the exemption of capital gains.
Under the present law, when tax-exempt securities are sold at
a discount in lieu of interest, any increase in value realized by
the original purchaser is tax-exempt, but no exemption is granted
a subsequent holder. In order to prevent the application of this
rule, the Senate amendment provides for the computation of interest
at the original discount rate for the period during which the security
is held, whether by the original purchaser or any subsequent holder.
In other words, the original discount rate at which me security
is sold is substituted for the interest rate fixed by the security
itself in the , case of an interest-bearing obligation. The amount of
tax-exempt interest is apportioned among the holders according to
the periods of their holdings. Any gain in excess of this amount
is taxable and any loss resulting from a sale or other disposition
is
allowed as a deduction.
The House recedes with an amendment correcting a typographical
omission.
The following is the text of the bill as enacted into law:
An Act to amend section 5 of the Second Liberty Bond Act, as
amended.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled, That section 5 of
the Second Liberty Bond Act, as amended (United States Code, title
31, section 754), is hereby amended to read as follows:
"Sec. 5. (a) That in addition to the bonds and notes authorized by
sections 1 and 18 of this Act, as amended, the Secretary of the
Treasury is authorized to borrow from time to time, on the credit
of the United tSates, for the purposes of this Act, to provide for
the purchase or redemption before maturity of any certificates of
indebtedness or Treasury bills issued hereunder, and to meet public
expenditures authorized by law, such sums er sums as, rn his judgment, may be necessary, and to issue therefor (1) certificates of
indebtedness of the United States at not less than par and at such
rate or rates of interest, payable at such time or times, as he may
prescribe; or (2) Treasury bills on a discount basis and payable
at maturity without interest. Treasury bills to be issued hereunder
shall be offered for sale on a competitive basis, under sum regulations and upon such terms and conditions as the Secretary of
the Treasury may prescribe, and the decisions of the Secretary in
respect of any issue shall be final. Certificates of indebtedness and
Treasury bills issued hereunder shall be in such form or forms
and subject to such terms and conditions, shall be payable at such
time not exceeding one year from the date of issue, and may be
redeemable before maturity upon such terms and conditions, as the
Secretary of the Treasury may prescribe. Treasury bills issued hereunder shall not be acceptable before maturity in payment of interest
or of principal on account of obligations of foreign governments
held by the United States of America. The sum of the par value
of such certificates and Treasury bills outstanding hereunder and
under section 6 of the First Liberty Bond Act shall not at any
one time exceed in the aggregate $10,000,000,000.
"(b) All certificates of indebtedness and Treasury bills issued hereunder (after the date upon which this subdivision becomes law)
shall be exmept, both as to principal and interest, from all taxation
(except estate and inheritance taxes) now or hereafter imposed by
the United States, any State, or any of the possessions of the
United States, or by any local taxing authority; and the amount of
discount at which Treasury bills are originally sold by the United
States shall be considered to be interest within the meaning of this
subdivision.
"(c) Wherever the words 'bonds and notes of the United States,'
or 'bonds and notes of the Government of the United States' or
'bonds or notes of the United States' are used in the Federal Reserve
Act, as amended, they shall be held to include certificates of indebtedness and, Treasury bills issued hereunder."
Government Ends Fiscal Year with Surplus of $185,000,000—Treasury Department Reports Increase of
$156,000,000 in Income Tax Receipts as Compared
Both the House and the Senate agreed on June 6 to the
with Yield Previous Year—National Public Debt
conference report on the bill, the report reading as follows:
Reduced $673,000,000.
The Committee of Conference on the disagreeing votes of the
two
Houses on the amendments of the Senate to the bill (fl. R. 1648)
According to figures of the Government's finances, anto amend Section 5 of the Second Liberty Bond Act, as amended,
having met, after full and free conference have agreed to recommend nounced by Secretary of the Treasury Mellon on June 30, a
and do recommend to their respective Houses as follows:
surplus of $185,000,000 is shown at the close of the fiscal
(b) That the House recede from its disagreement to the amend- year—that
figure comparing with $37,000,000 estimated in
ment of the Senate, and agree to the same with amendment as
the budget. The total ordinary receipts for the fiscal year
follows: In lieu of the matter proposed to be inserted
by the Senate
amendment insert the following:
ended June 30, 1929 are reported as $4,033,000,000 as com"All certificates of indebtedness and Treasury bills issued hereunder
(after the date upon which this subdivision becomes taw) shall be pared with $4,042,000,000 in the previous fiscal year, while
exempt, both as to principal and interest, from all taxation (except the expenditures chargeable against the receipts were
estate and inheritance taxes) now or hereafter imposed by the United $3,848,000,000 in 1929, compared
with $.3,644,000,000 in
States, any State, or any of the , possessions of the United mates,
1928. An increase of $156,000,000 in income tax receipts is
or by any local taxing authority; and the amount of discount at
which Treasury bills are originally sold by the United States shall reported in Secretary Mellon's statement, the yield in 1929
be considered to be interest within the meaning of this subdivision. being announced at.$2,330,000,000 as against
$2,174,000,000
And the Senate agrees to the same.
in 1928. While the receipts from the corporation income
Statement of the House Conferees accompanying the re- tax this year were somewhat
lower than last year, and back
port said:
tax collections also fell off, Secretary Mellon has the following
JULY 6 1929.]
FINANCIAL CHRONICLE
to say regarding the increase in the yield from the individual
income tax:
"On the other hand, there was a remarkable increase amounting to about
$220,000,000 in receipts from the current individual income tax. Until the
returns have been analyzed it is impossible to assign definite reasons for this
abnormal increase, but, generally speaking, it was unquestionably due to
widespread prosperity, the cumulative results of the reduction of surtax
rates to a more reasonable point, and more specifically to increased income
realized on sale of capital assets due in the main to an exceedingly active
and constantly rising security market."
The public debt at the close of the late fiscal year, says
Secretary Mellon, amounted to $16,931,000,000 as compared
with $17,604,000,000 at the close of the 1928 fiscal year—
a decrease of $673,000,000. The annual rate of interest
on the interest-bearing debt on June 30 1929, says Secretary
Mellon, was 3.94% as compared with 3.87% at the close
of the fiscal year 1928. "This slight increase," he adds, "is
due to the high coupon rate carried by short-term securities
issued during the course of the last six months, in which
period tightening credit conditions compelled the Government, as well as other borrowers, to pay higher rates for
money." The following is the statement issued by Secretary
Mellon:
The Government closed the fiscal year with its finances in a highly satisfactory state. Receipts again exceeded expenditures by a substantial
amount, while our national debt shows a reduction over the twelve months'
period Just closed of approximately $673,000,000 as compared with one of
$907,000,000 in 1928.
For the first time since the war our national debt is now below $17,000,000.000.
The total ordinary receipts amounted to $4,033,000,000, as compared
with $4,042,000,000 in the fiscal year 1928.
The expenditures chargeable against such receipts were $3,848,000,000,
as compared with $3,644,000,900 in 1928. The surplus amounted to $185,000,000. as compared with a surplus of $398,000,000 in 1928.
Receipts.
The aggregate of tax receipts, that is, customs, income tax and miscellaneous internal revenue receipts was $3,540,000,000, or $176,000,000
more than receipts from these sources in 1928.
Income tax receipts aggregated $2,330,000,000, as against $2,174,000,000
in 1928, or an increase of $156,000,000.
The receipts from the current corporation income tax were somewhat
lower than during the previous fiscal year, owing to a reduction in the corporation income tax rate from 1336% to 12%, but practically all of the loss
,
occasioned by the reduced rate was made up by increased income reported
by corporations, due to increased prosperity. Back tax collections likewise
showed a falling off, somewhat greater than was anticipated.
increase in Receipts from Individual Income Taz
On the other hand, there was a remarkable increase, amounting to about
$220,000,000, in receipts from the current individual income tax. Until the
returns have been analyzed,it is impossible to assign definite reasons for this
abnormal increase, but, generally speaking, it was unquestionably due to
widespread prosperity, the cumulative results of the reduction of surtax
rates to a more reasonable point, and more specifically to increased income
realized on the sale of capital assets due, in the main, to an exceedingly
active and constantly rising security market.
The Treasury's estimates of receipts from the corporation tax and from
back taxes were reasonably accurate. Owing to the unprecedented conditions above described, which it was impossible to forecast with certainty,the
receipts from individual income taxes were considerably underestimated.
Customs duties, including the tonnage tax, yielded $602,000,000, as
compared with $569,000,000 in 1928 and the Treasury estimate of $582,000,000. The increase is accounted for, in large measure, by the impending
change in our tariff rates, experience having shown that imports tend to
Increase prior to tariff legislation.
Miscellaneous internal revenue receipts were $607,000,000, a falling off
of $14,009,000 from the 1928 figures but an increase of $29,000,000 over
the Treasury estimates. The falling off in revenue Is due In the main to a
loss of about $45,000,000 resulting from the repeal of the excise tax on the
sale of automobiles and of about $12,000,000 owing to increased exemptions
applicable to the so-called amusement tax, a total loss of some $57,000,000,
which, however, was almost entirely made up by increases ofabout $40,000,000 from the tobacco tax and about $16,000,000 from stamp taxes.
Estate Tax Yield.
The estate tax yielded about the same amount as the previous year,
namely $60,000,000. The difference between the actual miscellaneous
internal revenue receipts and the receipts as estimated by the Treasury is
accounted for principally by two items—$10,000,000 increase of estate tax
receipts over estimates and $14,000,009 increase in stamp tax collections,
due, of course, to the unforeseenable and unusual activity in security
markets.
The most significant changes to be noted in 1929 as compared with 1928,
In so far as receipts are eencerned, is the almost complete disappearance of
the large revenue derived up to the present time from the sale of government
-owned capital assets, continued downward trend in back tax collections, the loss in revenue occasioned by the repeal of the automobile tax,
the modification of the admissions tax and the reduction of the corporation
tax rate; and, on the other hand, the unusual increase in receipts from the
individual income tax, the record-breaking receipts from the tobacco tax
and the unusually largo yield of the stamp tax.
Expenditures.
Total expenditures chargeable against ordinary receipts amounted to
$3,848,099,000, as compared with $3,644,000,000 in 1928, or an increase of
8204,000,000 the principal items of increase consisting of increased postal
expenditures of $105,000,000 payable from the Treasury, of which $52,000,000 were for compensation to railroads for mail transportation as a result
of a recent Supreme Court decision; of increased internal revenue refunds
of $42.000,000; of increased naval expenditures of $30,000,000; of flood
control and other expenditures connected with flood relief of $30,000,000;
of the first governmental contributions to the Civil Service retirement fund
of $20,000,000; ef $16,000.000 increased Veterans' Bureau expenditures; of
increased public building expenditures and of increased compensation to
Government employees.
The principal items offitetting these increases are 150,000.000 for war
claims paid in 1028, and a decrease in interest paid of $51,000.000.
61
Increase in Government Outlay,
Expenditures as compared with the budget estimate show an increase
of $54,000,000. Though there are a number of decreases and increases in
the expenditures of the various departments, which to a large extent offset
each other, this is accounted for principally by three items—$52,000.000
paid to the railroads on account of back mail pay as the result of the decision
of the Supreme Court, an increase of some $39,000,000 in internal revenue
refunds, and a $12,000,000 loan to the Greek Government, or a total of
$103,000,000. This increased amount was partially offset by reduced
expenditures of some $49,000,000.
Surplus.
The surplus amounted to 1185,000,000, as compared with the surplus ag
estimated in the budget of $37,000,000; $124,000,000 of this surplus has
already been applied to the retirement of public debt obligations, and the
balance, which has temporarily been carried as an increase vin the net balance in the general fund at the close of the year over the balance at the beginning, will be applied to debt retirement early in the fiscal year 1930.
The Public Debt.
The total gross debt at the close of the fiscal year amounted to $16,931,000.000 as compared with $17,604,000,000 at the close of the fiscal year
1928. or a decrease of 8673,000,000.
Of the amount retired 9549,000,000 is to be attributed to the sinking:
fund and other debt retirements chargeable against ordinary receipts, and'
$124,000,000 to debt retirement from the surplus of receipts of expenditures.The annual rate of interest on the interest-bearing debt of June 30 1929,.
was 3.94%, as compared with 3.87% at the close of the fiscal year 1928.
This slight increase is due to the high coupon rate carried by short term'
securities issued during the course of the last six months, in which period
tightening credit conditions compelled the Government, as well as other
borrowers, to pay higher rates for money.
Total interest payments in the fiscal year 1929 were $678,000,000, as
compared with $732,000,000 in 1928, or a saving in interest charges of
$54,000,000.
President Hoover Says Possibility of Tax Reduction
is Being Studied.
Announcement was made by President Hoover on July 2
that "careful study" is being given to the possibility of tax
reduction." One of the three factors which must be determined 'before any conclusion is reached, the President indicated, is to ascertain "how far the increase in revenue is
due to the temporary Stock Exchange activity." The President's statement follows:
We are giving careful study to the possibility of tax reduction.
We all hope that the situation may work out CO the side of a
safe surplus for material relief. We must determine three things
before there can be any conclusion upon the subject.
First—We must know what the effect will be of the legislation
during the last twelve months, which has greatly increased expenditures for the present fiscal year beyond the original budget. The
new, enlarged program for naval armaments; the increased expenditure
on Army and Navy aviation; the rebuilding of Army. posts and
increased expenditures on veterans' services—in addition to the necessities in the Mediterranean fly and farm-relief work—have all intervened since the budget was passed by Congress.
Second—We must know how far we can reduce expenditures of
the Government in other directions to partially compensate for these
increases imposed during the past twelve months. We knew that
expenditures for the fiscal year just passed exoeed the original budget
by over $200,000,000, and much of the legislation expanding expenditures has not yet come into effect. The completion of the budget
for the year beginning July 1, 1930, will be helpful in determining
the rate of these increased expendibures.
Third—We must know how far the increase in revenue is due
to the temporary stock-exchange activity,.
President Hoover and Secretary Mellon Agreed on Tax Cut
—White House Denies Reports of a Conflict on Possible Reductions.
Reports that President Hoover and Secretary Mellon
held different views as to the possibility of tax reduction
were denied on July 3 at the White House where it was
explained that the statement made by the President July
2 had been studied by Ms. Mellon before it was made
public and had received his approval. A special dispatch
to the -"Times" July 3, from which were taken the foregoing added:
It was also stated that the President had read the statement issued
for publication on Monday by Mr. Mellon before it was given to
ase press.
Neither of the officials made the prediction that tax reduction could
be accomplished and each stressed the necessity for a careful determination of the future revenues and expenditures of the government
before reaching a decision, despite the fact that there was a budget
surplus of $185,000,000 at the close of the fiscal year.
Appointments by President Hoover to Federal Farm Boari
Created under Agricultural Marketing Act—Alexander
Legge of International Harvester Company To Be
Chairman of Board.
Alexander Legge, of Chicago, President of the International Harvester Company, has accepted the invitation
of President Hoover to serve as a member of the Federal
Farm Board, the creation of which is provided for under
the recently enacted Agricultural Marketing Act, the
signing of which by President Hoover was noted in our
issue of June 22, page 4091, and the text of which is
given elsewhere in this issue of our paper. Mr. Legge,
62
FINANCIAL CHRONICLE
[VOL. 129.
who is said to have been the first to have received an c interstate and foreign commerce in the marketing of agricultural
't
offer from the President to become a member of the commodities and their food products—MC; hi
(1) by minimizing speculation.
1%, FP
Board, will, it is announced, be Chairman of the Board
(2) by preventing inefficient and wasteful methods of distribution.
during the first year. The United States Daily of July 3 in
(3) by encouraging the organization of producers into effective assoreporting the appointment of Mr. Legge as chairman, ciations or corporations under their own control for greater unity of
effort in marketing and by promoting the establishment and financing of a
said:
farm marketing system of producer-owned and producer-controlled co-
The President, it was stated on his behalf
feels that Mr. Legge, in accepting a place on
a sacrifice as great as made by anyone who
public service. Mr. Legge is giving up a place
that yields him annually more than $100,000
the Federal Farm Board paying but $12,000 a
at the White House,
the Board, is making
has ever entered the
in the business world
to accept a post on
year.
The Board is to be composed of eight members. On
June 28 it was announced that three who had been asked
to serve on the Board, had made known their acceptance;
they are:
James C. Stone of Lexington, Ky., President of the Burley Tobacco Growers' Co-operative Association, which does an annual business
of $50,000,000. He is a director of the Fayette National Bank and
the Joint State Land Bank of Kentucky and the owner of live stock
farms.
C. B. Denman, President of the National Live Stock Producers'
Association, which operates in twelve States with an annual business
of $150,000,000. He is the owner of live stock farms near Farmington, Mo. and active in co-operative organiations.
Carl Williams of Oklahoma City, Editor of The Oklahoma Farmer.
Stockman, and an active force in many co-operative organiations, such
as the Oklahoma Cotton Growers' Association, the American Cotton
Growers' Exchange, Southwest Wheat Growers' Association and the
National Council Farmers' Co-operative Marketing Association, of the
last of which he was vice chairman.
operative associations and other agencies.
(4) by aiding in preventing and controlling surpluses in any agricultural commodity, through orderly production and distribution, so as
to maintain advantageous domestic markets and prevent such surpluses
from causing undue and excessive fluctuations or depressions in prices
for the commodity.
(b) There shall be considered as a surplus for the purposes of this Act
any seasonal or year's total surplus, produced in the United States and
either local or national in extent, that is in excess of the requirements for
the orderly distribution of the agricultural commodity or is in excess of
the domestic requirements for such commodity.
(c) The Federal Farm Board shall execute the powers vested in it by
this Act only in such manner as will, in the judgment of the Board, aid
to the fullest practicable extent in carrying out the policy above declared.
Federal Farm Board.
SECTION 2. A Federal Farm Board is hereby created, which shall
consist of eight members to be appointed by the President, by and with
the advice and consent of the Senate, and of the Secretary of Agriculture,
ex officio. In making the appointments the President shall give due
consideration to having the major agricultural commodities produced in
the United States fairly represented upon the Board. The terms of office
of the appointed members of the Board first taking office after the date
of the approval of this Act shall expire, as designated by the President
at the time of nomination, two at the end of the first year, two at the
end of the second year, one at the end of the third year, one at the end
of the fourth year, one at the end of the fifth year, and one at the end
According to the "Times" account from Washington, of the sixth year after such date.
A successor to an appointed member of the Board shall have a term of
June 28, the appointments of Messrs. Stone, Denman
of the expiration of the term for
and Williams were made by the President after recom- office expiring six years from the dateexcept that any person appointed
which his predecessor was appointed,
mendations had been made by farm and co-operative to fill a vacancy in the Board occurring prior to the expiration of the
organiations, which also, in reply to a questionnaire sent term for which his predecessor was appointed, shall be appointed for the
remainder of
One of the appointed members shall be desigout by Secretary Hyde of the Department of Agriculture, nated by thesuch term. as Chairman of the Board and shall be the
President
offered suggestions for the operations of the Board.
principal executive officer thereof. The Board shall select a Vice-Chairof the absence or
In announcing the acceptance of Mr. Legge, and his man who shall act as Chairman in casenotwithstanding disability of the
vacancies, and a
Chairman. The Board may function
resignation as Chairman of the Board, Washington ad- majority of the appointed members in office shall constitute a quorum.
vices on july 2 indicated that Mr. Stone would serve Each appointed member shall be a citizen of the United States and shall
employment than
as Vice-Chairman for the first year of the Board's func- not actively engage in any other business, vocation, orappointed member
that of serving as a member of the Board; nor shall any
tioning. In addition to the four members above, it was during his term of office engage in the business (except such business
announced on June 29 that two others, as follows, had as is necessary to the operation of his own farm or farms) of buying and
any agricultural combe financially
been invited to join the Board: W. R. Moscrip, of Lake selling, or otherwisethereof. Eachinterested in,
appointed member shall receive a
modity or product
Elmo, Minn., Secretary-Treasury of the Twin City Milk salary of $12,000 a year, together with necessary traveling and subsistthereof, within the
Producers' Association, and Charles C. Teague, of Los ence expenses, or per diem allowance in lieuofficial station upon limitaofficial
from his
Angeles, President of the California Fruit Growers' Co- tions prescribed by law, while away
business.
Wilk
Committees.
opative League; Vice-President of the California DevelopAdvisory Commodity
ment Association, President of the Farmers Legislative
SECTION 3. (a) The Board is authorized to designate, from time
Committee of California, and Vice-President of the Se- to time, as an agricultural commodity for the purposes of this Act, (1)
or type of any agricultural comcurity First National Bank of Los Angeles. Mr. Teague, any regional or market classificationor marketing methods from other
modity which is so different in use
it was stated on July 2 has accepted the appointment. such classifications or types of the commodity as to require, in the judgMr. Mosorip, it was announced July 3, declined the ap- ment of the Board, treatment as a separate commodity under this Act;
conunodities which are so closely
or (2)
two
pointment on the Board but was being urged by Presi- related anyuse oror more agricultural as to require, in the judgment of
in
marketing methods
commodity under this Act.
dent Hoover to reconsider his decision. In declining to the Board,joint treatment as a single
(b) The Board shall invite the co-operative associations handling any
serve, it is stated in Associated Press advice, he said
establish an advisory commodity committee
agricultural
business affairs required his attention to such an extent to consist ofcommodity to of whom at least two shall be experienced
seven members,
that he could not see his way clear to accept the post. handlers or processors of the commodity, to represent such commodity
Assuming that Mr. Moscrip would accept, it was noted before the Board in matters relating to the commodity. Members of each
advisory committee shall be selected by the co-operative associations
in Assooiattd Press accounts from Washington July 1 from time to time in such manner as the Board shall prescribe. No salary
that two places on the Board still remained to 'be filled. shall be paid to committee members, but the Board shall pay each a per
diem compensation not exceeding $20 for attending committee meetings
It was further noted:
called by the Board and for time devoted to other business of the comSo far the President has appointed no one to represent the wheat mittee authorized by the Board, and necessary traveling and subindustry. It is expected that the eighth place will go to one experi- sistence expenses, or per diem allowance in lieu thereof, within the
enced in the field of banking and finance, as Mr. Hoover announced limitations prescribed by law for civilian employees in the Executive
when he signed the farm bill that such a man would be appointed branch of the Government. Each advisory committee shall be deto the Board.
signated by the name of the commodity it represents, as, for example,
the "Cotton Advisory Committee."
advisory committee shall meet as soon as practicable after
Text of Farm Relief Bill (Agricultural Marketing Act) its(c) Each at a time and place designated by the Board. Each advisory
selection,
committee shall meet thereafter at least twice a year upon call of the
as Enacted into Law.
Board, and may meet at other times upon call of a majority of the
The Farm relief measure, passed by Congress, became a members thereof. Each advisory committee shall select a Chairman and
Secretary.
law on June 15, on which date President Hoover affixed
(d) Each advisory committee may by itself or through its officers, (1)
his signature to the bill. The signing of the bill was re- confer directly with the Board, call for information from it, or make
ferred to in our issue of June 22, page 4091. The measure oral or written representations to it, concerning matters within the
in its final shape does not carry the export debenture pro- jurisdiction of the Board and relating to the agricultural commodity, and
(2) co-operate with the Board in advising the producers through their
vision which the Senate had fought for, but which had been organizations or otherwise in the development of suitable programs of
omitted from the bill as agreed on by the conferees of the planting or breeding in order to secure the maximum benefits under this
policy declared in Section 1.
Senate and House. The following is the text of the new law, Act consistent with the
General Powers of Board.
as agreed on in conference and finally accepted by both
branches of Congress:
An Act to establish a Federal Farm Board to promote the effective
merchandising of agricultural commodities in interstate and foreign
commerce and to place agriculture on a basis of economic equality with
other industries.
Be it enacted by the Senate and House of Representatives of the United
States in Congress assembled:
Declaration of Policy.
SUCTJON 1. (a) That it is hereby declared to be the policy of
Congress to promote the effective merchandising of agricultural commodities in interstate and foreign commerce, so that the industry of
agriculture will be placed on a basis of economic equality with other
ischustries, and to that end to protect, control, and stabilize the currents
SECTION 4. The Board—
(1) shall maintain its principal office in the District of Columbia,
and such other offices in the United States as in its judgment are necessary.
(2) shall have an official seal which shall be judicially noticed.
(3) shall make an annual report to Congress upon the administration
of this Act and any other matter relating to the better effectuation of the
policy declared in Section 1, including recommendations for legislation.
(4) may make such regulations as are necessary to exeoute the functions ,
vested in it by this Act.
(5) may appoint and fix the salaries of a Secretary and such experts,
and, in accordance with the clasqication Act of 1923, as amended,
and subject to the provisions of theVV11 service laws, such other officers
and employees, as are neeessay to eateetic such functions.
JULY 6 1929.]
FINANCIAL CHRONICLE
63
(b) Any stabilization corporation for an agricultural commodity
(1) may act as a marketing agency for its stockholders or members in
preparing, handling, storing, processing and merchandising for their
account any quantity of the agricultural commodity or its food products,
and (2) for the purpose of controlling any surplus in the commodity in
furtherance of the policy declared in section 1, may prepare, purchase,
handle, store, process and merchandise, otherwise than for the account
of its stockholders or members, any quantity of the agricultural commodity or its food products, whether or not such commodity or products
are acquired from its stockholders or members.
(c) *Upon request of the advisory committee for any commodity the
Board is authorized to make loans from the revolving fund to the stabilization corporation for the commodity for working capital to enable the
corporation to act as a marketing agency for its stockholders or members
as hereinbefore provided. Not less than 75 per centum of all profits
as
derived by a stabilization corporation each year from its operations
fund
such a marketing agency shall be paid Into a merchandising reserve
to be established by the corporation. No such payment shall be required
Board,
whenever the fund is in such amount as, in the judgment of the
.
constitutes a sufficient reserve for such operations of the corporation
shall
Out of the remainder of such profits for the year the corporation
the accrued
repay any outstanding loan made under this subdivision and
fully
interest thereon, or if all such loans and accrued interest have been
dividend to its stockholders or
repaid, then it may distribute a patronage
members. Such patronage dividend shall be paid to each stockholder
or member on the basis of the total volume of the commodity or its products for the year marketed for his account through the corporation.
the
(d) Upon request of the advisory committee for any commodity
stabiliBoard is authorized to make loans from the revolving fund to the
zation corporation for the commodity to enable the corporation to control
any surplus in the commodity as hereinbefore provided and for meeting
conneccarrying and handling charges and other operating expenses in
to
tion therewith. The Board shall require a stabilization corporation
surplus
establish and maintain adequate reserves from its profits from its
s.
profits.
Loans to Co-operative Association
control operations before it shall pay any dividends out of such
Section 7. (a) Upon application by any co-operative association the All losses of the corporation from such operations shall be paid from such
the revolving fund to assist reserves, or if such reserves are inadequate, then such losses shall be paid
Board is authorized to make loans to it from
so loaned
In—
by the Board as a loan from the revolving fund. Any amounts
;(l) the effective merchandising of agricultural commodities and food for payment of losses shall be repaid into the revolving fund by the corAny
products thereof;
poration from future profits from its surplus control operations.
(2) the construction or acquisition by purchase or lease of physical stabilization corporation receiving loans under this subdivision for surplus
handling, storing, processing, or mer- control operations shall exert every reasonable effort to avoid losses and
marketing facilities for preparing,
from the domestic
chandising agricultural commodities or their food products;
to secure profits, but shall not withhold any commodity
in distress
(3) the formation of clearing house associations;
if the prices have become unduly enhanced, resulting
for market
the corporation
(4) extending membership of the co-operative association applying
to domestic consumers. Stockholders or members of
of the commodity handled by the shall not be subject to assessment for any losses incurred in surplus
the loan by educating the producers
association in the advantages of co-operative marketing of that com- control operations of the corporation.
records and
modity; and
(e) A stabilization corporation shall keep such accounts,
(5) enabling the co-operative association applying for the loan to memoranda, and make such reports with respect to its transactions,
of the market price of the com- business methods and financial condition,as the Board may from time
advance to its members a greater share
modity delivered to the association than is practicable under other credit to time prescribe; shall permit the Board to audit its accounts annual."
shall permit
facilities.
and at such other times as the Board deems advisable; and
(e) No loan shall be made to any co-operative association unless, in the Board, upon its own initiative or upon written request of any stockof the policy declared
and business
judgment of the Board, the loan is in furtherance
holder or member, to investigate the financial condition
in Section 1 and the co-operative association applying for the loan has methods of the corporation.
unless,
n and management, and business policies, of such character
an organizatio
CO No loan shall be made to any stabilization corporation
as to insure the reasonable safety of the loan and the furtherance of such in the judgment of the Board, the loan is in furtherance of the pallor
policy.
declared in Section 1.
(c) Loans for the construction or acquisition by purchase or lease of
Clearing House Associations.
shall be subject to the following limitations:
physical facilities
Upon application of any co-operative association
(1) No such loan for the construction or purchase of such facilities
Section 10.
agricultural
shall be made in an amount in excess of 80 per centum of the value of handling an agricultural commodity or of producers of an
such association or
the facilities to be constructed or purchased.
commodity, the Board is authorized, if it deems
rroducer(2) No loan for the purchase or lease of such facilities shall be made producers representative of the commodity,to assist in forming
the economic
unless the Board finds that the purchase price or rent to be paid is controlled clearing house associations adapted to effecting
iharkets
reasonable.
distribution of the agricultural commodity among the various
,
(3) No loan for the construction, purchase or lease of such facilities and to minimizing waste and loss in the marketing of the commodity
are not available suitable if such assistance, in the judgment of the Board, will be in furtherance
shall be made unless the Board finds that there
the
existing facilities that will furnish their services to the co-operative asso- of the policy declared in Section 1. The Board may provide for
ciation at reasonable rates; and in addition to the preceding limitation, registration, and for the termination of the registration, of any clearing
Board may
no loan for the construction of facilities shall be made unless the Board house association in accordance with such regulations as the
finds that suitable existing facilities are not available for purchase or prescribe. Such clearing house associations are authorized to operate
e associations and
lease at a reasonable price or rent.
under rules adopted by the member co-operativ
(d) Loans for the construction or purchase of physical facilities, to- approved by the Board. Independent dealers in, and handlers, dise
gether with interest on the loans, shall be repaid upon an amortization tributors, and processors of, the commodity, as well as co-operativ
for membership
plan over a period not in excess of 20 years
associations handling the commodity, shall be eligible
That the policy of such
in the clearing house association: Provided,
Miscellaneous Loan Provisions.
shall be approved by a committee of producers
or stabilization cor- clearing house association
Sec. 8. (a) Loans to any co-operative association
of the commodity.
which, in the opinion of the Board, is representative
poration and advances for insurance purposes shall bear interest at a Clearing house associations shall utilize the market news service and
rate of interest per annum equal to the lowest rate of yield (to the nearest
facilities of the Department of Agriculture as far as possible.
one-eighth of 1 per centum) of any Government obligation bearing a date other
ngs bonds), and
Price Insurance.
of issue subsequent to April 6 1917 (except postal-savi
outstanding at the time the loan agreement is entered into or the advance
application of coSection 11. The Board is authorized, upon
is made by the Board, as certified by the Secretary of the Treasury to the
, subject to the conBoard upon its request: Provided, That in no case shall the rate exceed operative associations, to enter into agreements
co-operative asso4 per centum per annum on the unpaid principal.
ditions hereinafter specified, for the insurance of the
agricultural commodity
(b) Payments of principal or interest upon any such loan or advance ciations against loss through price decline in the
the members thereof.
shall be covered into the revolving fund.
handled by the associations and produced by
judgment of the
(c) Loans to any co-operative association or stabilization corporation Such agreements shall be entered into only if, in the
at reasonable
shall be made upon the terms specified in this Act and upon such other Board, (1) coverage is not available from private agencies
declared in
terms not inconsistent therewith and upon such security as the Board rates, (2) the insurance will be in furtherance of the policy
bought and sold
deems necessary.
Section 1, (3) the agricultural commodity is regularly
price
(d) No loan or insurance agreement shall be made by the Board if in in the markets in sufficient volume to establish a recognized basic
with
Its judgment the agreement is likely to increase unduly the production of for the market grades of the commodity, and (4) there is available
an
any agricultural commodity of which there is commonly produced a respect to the commodity such market information as will afford
covering a period
surplus in excess of the annual marketing requirements.
accurate record of prevailing prices for the commodity
risk and
the
of years of sufficient length to serve as a basis to calculate require payStabilization Corporations.
shall
fix the premium for the insurance. The agreements
Sec. 9. (a) The Board may, upon application of the advisory com- ment of premiums so fixed and shall include such other terms as, in the
modity committee for any commodity, recognize as a stabilization cor- judgment of the Board, are necessary. The Board may make advances
insurance agreeporation for the commodity any corporation if—
from the revolving fund to meet obligations under any
(1) the Board finds that the marketing situation with respect to the ment, but such advances together with the interest thereon shall, as
agricultural commodity requires or may require the establishment of a soon as practicable, be repaid from the proceeds of insurance premiums.
stabilization corporation in order effectively to carry out the policy
Administrative Appropriation.
declared in section 1; and
the
vested in the
(2) the Board finds that the corporation is duly organized under
Section 12. For expenditures in executing the functions
of members, officers,
Jaws of a State or Territory; and
Board by this Act (including salaries and expeises
or member(3) the Board finds that all the outstanding voting stock
per diem compensation and expenses
be owned only by co-opera- and employees of the Board and
to July 1 1930, there is
ship interests in the corporation are and may
of the commodity committees), incurred prior of $1,500,000. No part
the commodity; and
tive associations handling
hereby authorized to be appropriated the sum
corporation agrees with the Board to adopt such by-laws as
this authorization shall be
d in pursuance of
(4) the
which by-laws, among other of the moneys appropriate including loans and advances, for the paythe Board may from time to time require,
s,
not stockholders or mem- available for expenditure
matters, shall permit co-operative associations
revolving fund or insurance 'honeys are authorized
s or members therein upon ment of which the
bers of the corporation to become stockholder
to be used.
equitable terms.
(6) may make such expenditures (including expenditures for rent and
personal services at the seat of Government and elsewhere, for law books,
periodicals, and books of reference, and for printing and binding) as are
necessary to execute such functions. Expenditures by the Board shall
be allowed and paid upon the presentation of itemized vouchers therefor
approved by the chairman of the Board.
(7) shall meet at the call of the chairman, the Secretary of Agriculture,
or a majority of its members.
Special Powers of Board.
Section 5. The Board is authorized and directed—
(1) to promote education In the principles and practices of co-operative marketing of agricultural commodities and food products thereof.
(2) to encourage the organization, improvement in methods, and
development of effective co-operative associations.
(3) to keep advised from any available sources and make reports as
to crop prices, experiences, prospects, supply, and demand, at home and
abroad.
(4) to investigate conditions of overproduction of agricultural commodities and advise as to the prevention of such overproduction.
(5) to make investigations and reports and publish the same, including investigations and reports upon the following: Land utilization for
agricultural purposes; reduction of the acreage of unprofitable marginal
lands in cultivation; methods of expanding markets at home and abroad
of
for agricultural commodities and food products thereof; methods
s;
developing by-products of and new uses for agricultural commoditie
and transportation conditions and their effect upon the marketing of
agricultural commodities.
Revolving Fund.
Section 6. There is hereby authorized to be appropriated the sum of
$500,000,000 which shall be made available by the Congress as soon as
practicable after the approval of this Act and shall constitute a revolving
fund to be administered by the Board as provided in this Act.
61
FINANCIAL CHRONICLE
[VOL. 129.
Avoidance of Duplication.
ducer-controlled co-operative associations and other
agencies, and (5)
Section 13. (a) The Board shall, in co-operation
aiding in
mental establishment in the Executive branch of the with any Govern- modity, preventing and controlling surpluses in any agricultural comGovernment,includthrough orderly production and distribution, so as to
ing any field service thereof at home or abroad, avail
itself of the services advantageous domestic markets and prevent such surpluses maintain
and facilities thereof in order to avoid preventable
from unexpense or duplication duly depressing the prices for the commodity.
of effort.
The Senate amendment (Section 1) declared it to
be the policy of the
(h) The President may by Executive order direct any
United States to minimize price fluctuations by
mental establishment to furnish the Board such informati such Govern- and
controlling surpluses •
by encouraging producers to organize effective
on and data as
such Governmental establishment may have pertainin
g to the functions corporations under their own control for greater unity associations or
of the Board; except that the President shall not direct
of effort in marketing.
that
furnished with any information or data supplied by any the Board be year's The Senate amendment described a surplus as a seasonal or
total surplus, produced in the United States and
fidence to any Governmental establishment in pursuance ofperson in con- national
either local Or
any
of law or of any agreement with a Governmental establish provision marketinin extent, that is in excess of the requirements for the orderly
ment.
g of any agricultural commodity or in excess of
the domestic
(c) The Board may co-operate with any State or Territory, or depart- requirements for
such commodity." The substitute (Section 1)
ment, agency, or political subdivision thereof, or with
retains
substantially the provisions of the House bill together
any
. (d) The Board shall, through the Secretary of Agricultu person.
with the provisions
the appropriate bureau or division of the Department of re, indicate to ment in the Senate amendment defining a surplus. The Senate amendAgricultu
(Section 1 (2) contained a provision declaring
special problem on which a research is needed to aid in carrying re any hereinbef
that the objects
ore referred to should be accomplished in such
out the
provisions of this Act.
manner as to
bring about a substantial and permanent improvem
ent in agriculture
(e) The President is authorized, by Executive order, to transfer
to or and promote the best interests of the country as a whole. It also
retransfer from the jurisdiction and control of the Board
declared
the whole or (Section 14 (f) it to be the purpose of this Act to
organize,
any part of (1) any office, bureau, service, division, commissi
on, or and utilize existing co-operative farm organizations and farm encourage,
Board in the Executive branch of the Government engaged
co-operative
in scientific marketing agencies. Both of these provisions have been
or extension work, or the furnishing of services, with respect
omitted from the
to the substitute.
marketing of agricultural commodities, (2) its functions
pertainin
Federal Farm Board.
such work or services, and (3) the records, property, including g to
office
The House
equipment, personnel, and unexpended balances of appropria
)
tion, per- consist of a bill (Section 2 (a) provided for a Federal farm Board to
taining to such work or services.
Chairman and five other appointed
to serve at the pleasure of the President and his members, the Chairman,
salary to be fixed by the
Examination of Books and Accounts of Board.
President. The House bill also provided that the
President should deSection 14. Vouchers approved by the chairman of the Board
for signate any appointed member to Act as Chairman in case of the absence
expenditures from the revolving fund pursuant to any loan
or advance or or disability of the Chairman. These provisions are omitted
from insurance moneys pursuant to any insurance agreemen
from the
t, shall be substitute.
final and conclusive upon all officers of the Government;
The Senate amendment (Section 2) provided
except that all
for a Federal Farm
financial transactions of the Board shall, subject to the above
Board to consist of 12 appointed members, one
from each of
be examined by the General Accounting Office at such times limitations, Federal land bank districts;
and in such
the Chairman to be designated the 12
manner as the Comptroller General of the United States may
by the
President and to be the principal executive officer
by regulation
of the Board, and the
prescribe. Such examination, with respect to expenditures
Board to select a Vice-Chairman. It also provided
that the terms of
revolving fund pursuant to any loan or advance or from from the office and the salary of all
appointed members, including the
moneys pursuant to any insurance agreement, shall be for theinsurance should be the same,
Chairman
sole purnamely, $12,000 a year. The Senate amendme ,
pose of making a report to the Congress and to the Board of
nt
further provided that no appointed member should,
expenditures
during his term
and of loan and insurance agreements in violation of law, together
with of office, engage in the business of buying and selling or otherwise
such recommendations thereon as the Comptroller General
deems be financially interested in any agricultural commodity or product thereof, . •
advisable.
except such business as was necessary in the operation
of his own farm
or farms.
Miscellaneous Provisions.
The substitute (Section 2) provides for a Federal
Section 15. (a) As used in this Act, the term "co-operative
Farm Beard to conassocia- sist of eight appointed members and retains
tion" means any association qualified under the act entitled "An
the provisions of the Senate
Act to
authorize the association of producers of agricultural products," approved amendment providing that the salaries and terms of office of all the
appointed members, including the Chairman shall be
Feb. 18 1922. Whenever in the judgment of the Board the
the same, namely,
producers of $12,000 a year. It also contains a provision
any agricultural commodity are not organized into co-operative
requiring the President to
associa- give due consideration to having major
tions so extensively as to render such co-operative associati
agricultural commodities proons
tive of the commodity, then the privileges, assistance, andrepresenta- duced in the United States fairly represented upon the Board, rather than
authority to select them from the several land bank
available under this Act to co-operative associations, shall
districts. The provisions of the
able to other associations and corporations producer-owned also be avail- Senate amendment requiring the President to designate the Chairman of
and producer- the Board and authorizing the
Board to
controlled and organized for and actually engaged in the marketin
g of the adopted in the substitute, as well as the select a Vice-Chairman are
agricultural commodity. No such association or corporati
provision providing that no
on shall
held to be producer-owned and producer-controlled unless owned be appointed member should, during his term of office,engage in the business
and of buying and selling or otherwise be financiall
controlled by co-operative associations as above defined and
y interested in any agri(or)
individuals engaged as original producers of the agricultural commoditby cultural eommodity or product thereof.
y.
The Senate amendment (Section 2) contained a
(b) It shall be unlawful for any member, officer, or employee of
the qualification to membership on the Board, that clause providing, as a
Board to speculate, directly or indirectly, in any agricultural commodit
each appointed member
or product thereof, or in contracts relating thereto, or in the stock y shall have demonstrated his capacity and fitness by a record of success
or in agricultural aetivities. This provision is omitted
membership interests of any association or corporation engaged
from the substitute.
in
ling, processing, or disposing of any such commodity or product. handAdvisory Commodity Committees.
Any
person violating this subdivision shall upon convictio
n thereof
fined
The House bill (Section 3 (b))provided that the Board
not more than $10,000, or imprisoned not more than 10 years, be
should invite
or both. the co-operative associations for any commodity to
(c) It shall be unlawful (1) for any co-operative association, stabilizaestablish advisory
commodity committees to consist of seven members,
tion corporation, clearing house association, or commodity committe
at least two of
e, or whom were to be experienced handlers and processors of
(2) for any director, officer, employee, or member or
the commodity.
behalf of any such association, corporation, or committeperson acting on members were to be selected by co-operative associations in such manner
e, to which or to as the Board might prescribe. The Senate amendme
whom information has been imparted in confidence by
nt (Section 4 (a))
the Board, to dis- provided for the establishment of an advisory
close such information in violation of any regulation of
council for each cornthe Board. Any modity prior to the first certification of a
such association, corporation, or committee, or
stabilization corporation for
director, officer, em- that commodity. Each council was to consist of
ployee, or member thereof, violating this subdivisi
seven members selected
on, shall be fined not by the Board from persons nominated by
the co-operative associations
more than $5,000, or imprisoned not more than 5 years,
or
for the commodity in such manner as the Board should
(d) The inclusion in any Governmental report, bulletin, both.
preeeribe.
or other such
The substitute retains the House provision
publication hereafter issued or published of any
prediction with respect to certain provisions from the Senate amendment s with the addition of
cotton prices is hereby prohibited. Any officer or
(Section 4) not found in
States who authorizes or is responsible for the employee of the United the House bill and covering such details as meetings of the advisory
inclusion in any such committee, the selection of its Chairman and
report, bulletin, or other publication of any
Secretary, and an outline
such prediction, or whe of the functions and authority of the committee.
knowingly causes the issuance or publication of
Among these latter
any suck report, bulletin, are, conferences with the Board, calling for informati
on from it, making
or other publication containing any such prediction, shall,
upon con- oral er written representations to it, and co-operation with
viction thereof, be fined not less than $500
it in advising
imprisoned for not more than 5 years, or both:or more than $5,000, or producers of the commodity in the development of suitable programs of
Provided. That this sub- planting and breeding.
division shall not apply to the members of the
Board when engaged in
While the House bill (Section 3(a))and the Senate
amendme
the performance of their duties herein provided.
5 (a)) both give the Board power to provide for combined nt(Section
(e) If any provision of this Act is declared unconstitutional, or the of one
or snore agricultural commodities as one eonunedity treatment
applicability thereof to any person, circumstance, commodity,
or separate
or class treatment for different classifications or types of a
single commodity,
of transactions with respect to any commodity is held invalid, the validity neither the
House bill nor the Senate amendment defines
of the remainder of the Act and the applicability of such provision to "agricult
the term
ural commodity." However, the Senate amendme
other persons, circumstances, commodities, and classes of transacti
provided that the term shall include, among other nt (Section 1
ons (3))
shall not be affected thereby.
matters, cornstalks, wheat, oat, and rice stalks, cotton stalks, and
(f) This Act may be cited as the "Agricultural Marketing
other like agriculAct."
tural-products. This provision is omitted from the
substitute.
no following statement in explanation of the action
General Powers of the Board.
agreed on in conference was made by the conferees:
The substitute (Section 4) makes no change from the
House bill (Section (b))in the general powers of the Board, except that
The Senate amendment struck out all of the House bill after
it omits from
the the House bill the requirements that the
enacting clause. The House recedes from its disagreem
principal office of the Beard
ent to the amendment of the Senate, with an amendment which is a substitute for both the shall be located in the Department of Agriculture and retains the proviHouse bill and the Senate amendment. The essential differences between sions in the Senate amendment (Section 3 (a) and (f) to the effect that
the House bill and the Senate amendment, and the nature of the corre- the Board shall have its principal office in the District of Columbia,
meet at the call of the chairman, the Secretary of
sponding provisions of the substitute agreed upon by the conferees
Agriculture, or a
, are majority of its members.
set forthi n-lhe following discussion:
The Senate amendment (Section 3 (e)) provided
that the appointment of experts should be snbjeet to the civil service
Declaration of Policy.
laws and their .
The House bill (Section 1) declared it to be the policy of Congress salaries should be fixed in accordance with the classification act
of 1923.
The House bill did not contain these restrictions,
to promote the effective merchandising of agricultural commodities
and they have been
In interstate and foreign commerce so that the industry of agriculture omitted from the subsitute.
would be placed on a basis of economic equality with other industries.
Special Powers.
This end was to be obtained by (1) minimizing speculation,(2) preventing
The substitute (Seotion 5) contains the identical
Inefficient and wasteful methods of distribution, (3) limiting undue and House
provisions of the
bill (Section 4) with the exception of omitting
excessive price fluctuations, (4) encouraging the organization of protherefrom the
requirement that the Board shall have authority
to make investigations
into co-operative associations and promoting the establishment
ducers
and reports upon the economic need for reclamati
on and irrigation
nd financing of a farm marketing system of producer-owned and pro- projects.
a
JULY 6 19291
FINANCIAL CHRONICLE
65
Revolving Fund.
ment provided that 75% of all profits made from surplus control
operaThe provisions of the House bill (Section 5 (a))and of the Senate tions should be paid
into
amendment (Section 8) establishing a revolving fund of $500,000,00 fund was inadequate in a surplus control reserve fund so long as that
0
the judgment of the Board. The remainder of
were identical. The substitute (Section ),of6
course, makes no change.
the profits from the surplus control operations could be distributed
as a patronage dividend. All losses from surplus control operations as a
Loans to Co-operative Associations.
were
payable from the surplus control reserve fund, or if that fund
The House bill provided for loans (Section 5 (b) )to co-operative
was inadeassociations for effective merchandizing, for the construction or acquisition quate, then from the revolving fund subject to repayment with interest
from future profits from surplus control operations. The
by purchase or lease of storage or other physical marketing facilities,
profits of a
the formation of clearing-house associations, and for the extensionfor stabilization corporation from its merchandising operations for the
of account of its members were in nowise
membership of co-operative associations through education
subject to liability for losses from
in the
advantages of co-operative marketing. The Senate amendment (Section the surplus control operations. On the other hand, the Senate amend6 (c))provided for loans to co-operative associations for the acquisition ment provided that 75% of its profits from merchandising operations for
the account of its members should be paid
by purchase, construction, or otherwise of facilities and equipment
for fund so long as that fund was inadequate into a merchandising reserve
preparing, handling, storing, processing, or sale or other disposition
in the
of Out of the remainder of such profits there was judgment of the Board.
agricultural commodities, for working capital for co-operative associarequired to be paid a cash
dividend on the outstanding stock which had been issued in order to
tions, and for the purchasing of supplies and equipment by co-operative
associations for use in the production of agricultural commodities by their obtain working capital and any balance might be distributed as a patronmembers. The substitute (Section 7 (a))retains the provisions of the age dividend.
The substitute (Section 9 (c) and (d))retains the segregation principle
House bill except that the provision for the loans for physical facilities
is
broadened so that physical facilities may be acquired for any phase of provided in the Senate amendment. A merchandising reserve fund is
marketing such as preparing, handling, storing, processing, or mer- established into which go 75% of the profits derived by the stabilization
corporation from its operations as a marketing agency for its members so
chandising agricultural commodities or their food products.
The House bill (Section 5 (b))contained certain provisions not found long as that fund is inadequate in the judgment of the Board. The
in the Senate amendment restricting the loans for physical facilities to remainder of its profits from its merchandising operations are to be used
80% of their value and further restricting them so as to avoid unnecessary for repayment of the loan (which loan as above noted takes the place of
duplication of existing facilities if the services of existing facilities were the stock issue provided in the Senate amendment)for working capital for
available at reasonable rates or the facilities could be purchased or leased its merchandising operations and interest thereon, and thereafter for
patronage dividends. As to
for a reasonable price or rent. The substitute (Section 7(c))
retains these are required to be paid into profits from surplus control operations, these
such reserves as the Board may require the
House provisions.
In addition to the loans above set forth, the Senate amendment stabilization corporation to establish and maintain. Any excess may be
(Section 6 (c))provided for loans to agricultural purchasing associations paid out in dividends of such character as the corporation may lawfully
declare and may in its discretion so declare.
(as well as to co-operative marketing associations) for the purchase
of
Establishment.—The House bill (Section 6 (a))provided for the estabsupplies and equipment for use in production. The House bill contained
lishment of stabilization corporations only upon application of the
no similar provision, and the substitute likewise omits the provision.
advisory commodity committee for the commodity. The Senate bill
The Senate amendment (Section 6 (d)) also provided for loans
co-operative associations for the purpose of enabling them to advance to (Section 5 (a))permitted any qualified corporation to make application
to for certification as a stabilization corporation
their members a greater share of the market price of the commodity
for.? commodity. The
delivered to them than is practicable under other credit facilities. These substitute retains the requirement of the House bill.
Accounts.—The substitute (Section 9 (e))retains the provisions found
loans were to be secured by a lien upon the commodity and, together
with advances made by intermediate credit banks and other agencies in the Senate amendment (Section 5 (c) ), but not in the House bill, to
upon the commodity, were not to exceed 85% of its market value. The the effect that the Board may prescribe accounts, records, and memo
rondo of a stabilization corporation, may require it to make reports with
House bill had no such provision. The substitute (Section 7 (a) (5)
)
retains the Senate provision but with modifications eliminating the per respect to its transactions, business methods, and financial condition,
cent limitation and leaving the matter of security to the discretion of may audit its accounts annually and at such ;other times as the Board
deems advisable, and may, upon its own initiative or upon written
the board.
request of a stockholder or member of the stabilization corporation,
4fiscellaenous Loan Provisions.
investigate the financial condition and business methods of the
The House bill (Section 5 (a))provided that all loans to co-operative corporation.
associations or stabilization corporations or advances for insurance
The substitute (Section 9 (d))also retains the provision found in the
purposes should be at a rate of interest fixed by the Board. The Senate House bill (Section
6 (c) ), but not
amendment (Section 6 (f))provided that such loans and advances should that a stabilization corporation the Senate amendment, to the effect
shall exert every reasonable effort to
bear interest at a rate of interest per annum equal to the lowest rate of avoid losses and to
secure profits, but shall not withhold any commodity
yield of any Government obligation bearing a date of issue since April
6 from the domestic market if the prices thereof have become unduly
1017 (except postal-savings bonds) and outstanding at the time
of the enhanced resulting in distress to domestie consumers.
loan or advance, provided that in no case should this rate exceed 4%
By-Laws.—The House bill (Section 6 (a) (4))required the stabilizaper annum on the unpaid principal. The substitute (Section 8 (a)) tion corporation, before being
recognized as such lay the board, to agree
retains the Senate provision with an amendment to clear up a minor with the Board to adopt
such by-laws as the Board may from time to
administrative difficulty. The House bill (Section 5 (a))provided that time require and, among other matters, by-laws
which permitted copayments of interest should be covered into the Treasury, while the operative associations not stockholders
or members of the corporation
Senate amendment (Section 6 (f))provided that such payments should to become steckholders of members therein upon
equitable terms. The
be covered into the revolving fund. The substitute (Section 8 (b)) Senate amendment (Section 5 (a) (3) required
)
a stabilization corporaretains the Senate provision.
tion to agree with the Board, before being certified as a stabilization
•The Senate amendment (Section 6) in many cases specified the nature corporation, to adopt by-laws and make such changes
therein as in the
of security upon which the various loans were to be made. The House judgement of the Board were necessary
to enable the corporation effecbill (Section 5 (b))and the committee substitute (Section 8 (c))leave tively to conform
to the requirements of the act. The Senate amendthis matter to the discretion of the Board.
ment (Section 5 (a) further provided that the Board shall prescribe the
The House bill (Section 5 (e))required that no loan or insurance terms upon which )
a co-operative association should be entitled to admisagreement should be made by the board if, in its judgment, the
sion to membership in a stabilization corporation. The Senate amendment is likely to increase unduly production of a commodity of agree- ment further provided (Section
which
5 (b))that upon becoming a member of
there is commonly produced a surplus in excess of the annual
domestic the stabilization corporatioa, a co-operative association should subscribe
requirements. The Senate amendment had no such provision.
The for shares of stock in the corporation in number,equal to the number of
committee substitute (Section 8 (d))retains the House
members of
a modification which limits the restriction to commoditie provision with (a) retains the co-operative association. The substitute (Section 9
)
s of which there
the provisions of the House bill upon the above matters.
Is commonly produced a surplus in excess of the annual
Duration.—The charter of a corporation must be satisfactory to the
requirementsfor
orderly distribution among both domestic and foreign
Board before the corporation will be recognized by the Board as a
markets.
The Senate amendment provided for the allocation of the
revolving stabilization corporation. Further, the Board controls the by-laws of
fund among the various classes of loans for co-operative
the corporation. It therefore follows that the surplus control operations
associations and
stabilization corporations by specifying maximum amounts
which the and the merchandising operations of a stabilization corporation are
amount of the outstanding loans for the particular
purpose could not subject to eontrol by the Board in the interest of effectuating the declared
exceed. The House bill contained no such restrictions
and the sub- policy. The Senate amendment (Section 5 (a)) provided that the
stitute likewise omits such restrictions.
authority of a corporation to act as a stabilizatioa corporation would
expire at the end of 5 years unless renewed. The Nouse bill and the
Stabilization Corporations.
substitute omit this provision as unnecessary in view of the control which
Dual Functions.—Both the House bill and the
Senate
recognized two main functions of stabilization corporations amendment the Board has over the stabilization corporation, as above set forth, sad
. First, the in view of the power of the Board
stabilization corporation for any commodity was
to supervise the reserves of a stal.ilizacontrol operations for the purpose of stabilizing to engage in surplus tion corporation.
the market for the
Federal Instrumentalities.—The Senate amendment (Seotien 5 (a))
commodity. This was to be done through
purchasing, storing, and mer- also declared
stabilization corporations to be Federal instrumentalities.
chandising the commodity. In the second place,the
tions were to act as marketing agents. They were tostabilization corpora- The House bill had no similar declaration and it is omitted in the subbe central marketing stitute.
agencies through which their stockholders or
co-operative associations, might on their own members, namely, the
Clearing-House Associations.
account dispose of the
commodity produced or lawfully acquired by them,
The substitute (Section le) retains the provisions of the House IAN
retaining
and suffering the losses. (See Section 6 (b) of the House bill the profits (Section 5 (c))with the exception of a clerical change and the addition
and Section of
5 (d) of the Senate amendment.)
the provisions of the Senate amendment (Section 9) which required
Loans.—The House bill (Section 6 (b))provided
that loan's from the clearing-house associations to utilize, the market news service and other
revolving fund might be made to a stabilization corporation
facilities of the Department of Agriculture as far as possible and which
Mr working
capital for its surplus control operations. The Senate
gave the Board power to terminate the registration of any clearing-hou
se
amendment not
only provided for similar loans to a stabilization corporation (Section
association.
6
Under the provisions of the Senate amendment only co-operative
(b)), but also authorized the Board to subscribe to stock of a stabilizaassotion corporation from the revolving fund in order that the corporation ciations handling perishable commodities could form a clearing-house
might have available working capital for its merchandising operations on association. The House bill and the substitute make possible clearingaccount of its members (Section 5 (f) ). The substitute provides for house associations for all commodities.
obtaining working capital for both surplus contr61 operations and
Pries Insurance.
merchandising operations by means of loans (Section 9(c) and (d))
which
The
will supplement the funds accumulated in its reserves or obtainable from ance House bill (sec. 5 (d))authorized the Board to enter into insuragreements with co-operative associations only upon application of
misting banking facilities.
Reserves.—The House bill (Section 6 (d))required a stabilikation cor- the advisory commodity committee for the commodity. It also provided
that such agreements should be entered into only if, ilk the judgment
poration to establish and maintain reserves before it could pay dividends the
of
Boavd,
out of its profits from any source. Losses which exceed its capital and exchange the agricultural commodity was regularly traded in upon an
in sufficient volume to establish a recognized basis price for
reserves for all purposes were to be met out of future profits from any the commodity
and such exchange had accurate price records of sufficient
source and were not permitted to be assessed against stockholders or value
members. The Senate amendment segregated the two operations of the the to serve as a basis to calculate the risk and fix the premiums for
insurance.
Corporation, namely, surplus control operations and merchandising
The Senate amendment (sec. 7) contained no provision
requiring
operations on account of its members. To this end the Senate amend- the
advisory commodity committee to make application for the insurance
66
FINANCIAL CHRONICLE
on behalf of the co-eperative associations for the commodity. The
Senate amendment also provided that such insurance agreements should
be!entered into if in the judgment of the Board the agricultural commodity was regularly bought and sold in the markets in sufficient volume
to establish a recognized basic price for the commodity and there was
available with respect to the commodity such market information as
would afford an accurate record of prevailing prices for the commodity
of sufficient value to serve as a basis to calculate the risk and fix the
premiums for:the insurance.
The substitute (sec. 11) adopts the provisions of the Senate amendment.
The House bill (sec. 5 (a))provided that the interest rate on insurance
moneys temporarily advanced from the revolving fund should be fixed
by the Board. The substitute omits this provision and fixes the rate
of interest the same as for loans. (See sec. 8 (a) of substitute.)
Administrative Appropriation.
The House bill (sec. 8 (a))authorized an appropriation of $1,500,000
for the administrative expenses of the Board incurred prior to July 1 1930,
whereas the Senate amendment (sec. 11) authorized an appropriation of
$500,000 for the administrative expenses of the Board incurred prior to
July 1 1930. The substitute (sec. 12) retains the provision of the
House bill.
Avoidance of Duplication.
Co-operation with Governmental Establishments.—The House bill (sec. 7)
and the Senate amendment (sec. 13) were substantially the same in providing for the co-operation with governmental establishments in the
executive branch of the Government; authorizing the President to direct
any governmental establishment to furnish the Board with information
and data pertaining to the functions of the Board; and authorizing the
Board to co-operate with any State or Territory or department, agency
or political subdivision thereof, or with any person. However, the
House bill, in authorizing co-operation with any governmental establishment in the executive branch of the Government, included in addition
any field service thereof, at home or abroad. The substitute (sec. 13
(a), (b) and (c)) adopts the language of the Senate amendment but
includes the provision of the House bill relating to co-operation with the
field service of any governmental establishment at home or abroad.
The Senate amendment (sec. 3 (g)) directed the Board through the
Secretary of Agriculture to indicate to the appropriate bureau or division
of the Department of Agriculture any special problem on which a research
is needed by the Board to aid it in carrying out the provisions of the Act.
No such provision was contained in the House bill. The substitute
(sec. 13 (d)) adopts the Senate amendment.
Transfer of Bureaus, &c.—The House bill (sec. 9) authorized the Presiof the
dent to transfer to or retransfer from the jurisdiction and control
Board the whole or any part of any office, bureau, service, division,
Government encommission, or board in the executive branch of the
with
gaged in scientific or extension work, or the furnishing of service
the
respect to the marketing of agricultural commodities, together with
records, property, personnel and appropriations pertaining thereto. No
The substitute
such provision was contained in the Senate amendment.
adopts the provision of the House bill with a clerical change.
[VOL. 129.
articles. In order to prevent undue stimulation in the production of any
commodity by reason of the issuance of debentures, reductions in debenture rates were authorized. The greater the increase in production
over the average annual production for the preceding five years, the
greater the amount of the reduction in the debenture.
The House bill contained no provision upon this subject, and the substitute likewise omits the debenture provisions.
Stock Sale Tax Asked in Riders to Tariff Bill—Glass
and Brookhart Deny Penalty on Speculation—
Explain It as Excise Levy.
From the "Herald-Tribune" of June 19 we take the following from Washington, June 18:
Declaring that speculation constituted a "menace" to the country and
that if possible something should be done to abate that menace, Senator
Carter Glass, Democrat, of Virginia, to-day offered his amendment to the
tariff bill intended to impose a tax of $5 a $100 of face value or fraction
thereof on stock transactions in case the stock has been held less than
sixty days.
While the amendment is proposed to be carried on the tariff bill, it
actually would modify the Revenue Act of 1926.
Senator Smith W. Brookhart, Republican, of Iowa, likewise offered an
amendment to the tariff bill of similar import. The essential difference between the two amendments is that Senator Brookhart's makes provision
for refund of the amount by which the tax exceeds 75% of the profit on the
transaction.
Both Senator Brookhart and Senator Glass are members of the Banking
and Currency Committee. It has been predicted for some days that
Senator Glass would propose such a tax. It is to be deemed an excise tax
on the doing of business, as viewed by Senators Glass and Brookhart. and
not a penalty to stop speculation.
The Glass and Brookhart amendments are expected greatly to enhance
the amount of oontroversy over the tariff bill. They are expected, in fact,
to stir up a broad discussion of the whole subject of brokers' loans, the
Federal Reserve System, credits and related matters.
It is regarded as doubtful whether a tax of the sort proposed will be
levied by Congress in connection with a tariff bill, but it is well known
there is much sentiment in both houses against the idea of speculation
on the scale on which in recent months it has been carried on.
Despite the fact Senators Glass and Brookhart will seek to treat the
proposed tax as an excise tax, it will be urged by good lawyers in the
Senate that it is in fact a penalty and prohibitory tax and as such would
fail in the Supreme Court.
Senator Glass, in offering his amendment, said:
"Mr. President, I desire to present a bill out of order for appropriate
reference to the Finance Committee, being an amendment which I shall
propose to the tariff bill now under consideration.
"Let me say, in a word, in presenting the proposed amendment, that
I am not undertaking to say that stock gambling, or, in more polite terms,
stock speculation, is essentially wicked or wrong. I am simply undertaking in this proposed amendment to distinguish, if I may, by the definiExamination of Books and Accounts of Board.
as legitimate
which tion incorporated in the bill, between what some people regard
aThe House bill (sec. 10) and the Senate amendment (sec. 12),
on stock exchanges, and what others regard as pure gambling
approved by the Chairman of the Board for ex- investments
provided that vouchers
on all in stocks.
penditures from the revolving fund should be final and conclusive
"The distinction has often been attempted, and I may have had, in
Accountofficers of the Government and which provided that the General
amendment, no better luck at it than those who have
for the purpose of the drafting of this
ing Office should examine such expenditures only
me and failed. I am simply trying to reflect the view in this
of expenditures and advances and of loan preceded
making a report to Congress
whether right or wrong, moral or immoral, when stock
of law, were substantially amendmext that,
the stupendous volume which it
and insurance agreements made in violation
which related gambling or stock speculation reaches
same except for a provision in the Senate amendment
the
, it constitutes an actual economic
the provisions did reach recently, of $6,000,000,000
to export debentures. The substitute (sec. 14) retains order that the menace to the legitimate business of the country, and if possible, somein
If this may not effectively
of the House bill with clerical changes found necessary
portions thing should be done to abate the menace.
language in this section should conform to the language of other
be done, we should, at the very least, collect a considerable revenue from
substitute.
of the
those who persist in this process of making quick fortunes at the expense
Miscellaneous Provisions.
people who are allured into the market."
the pro- of simple
The definition of the term "co-operative association" and
By the Glass amendment, Title VIII of the Revenue Act of 1926 Is
of the Board
visions prohibiting the members, officers and employees
by adding at the end thereof the following:
products thereof amended all sales or agreements or contracts or options for sales of shares
from speculating in agricultural commodities or food
"8. On
both the House bill (sec. 8 (b))and the Senate amend- of stock in any corporation at, or under the rules and usages of, any stock
were identical in
substitute (sec. 15
ment (sec. 14 (d))and are therefore adopted in the
exchange, or other similar place, in addition to all other taxes imposed by
paragraph 3 of this schedule, five dollars for each $100 of the selling or
(s) and (b)) without change.
(sec. 8 (d))and the Senate amend- buying value, whichever may be the greater, or fraction thereof, of the
The provisions of the House bill
prohibiting co-operative associations, stabilization stock covered by such sale agreement, contract or option—if the seller has
ment (sec. 14 (c))
or any
corporations, clearing-house associations and advisory committees been not had the legal title to or the beneficial interest in the stock for at least
has
director, officer or employee to which or to whom information of any sixty days prior to the sale agreement, contract or option—the tax shall
in violation
imposed upon a sale of certificates of stock made at the interests of
imparted in confidence to disclose such information
The House bill, notlbe
regulation of the Board, were substantially the same.
a lender in order to obtain satisfaction of a loan for which such certificates
that such prohibition should extend to any member have been deposited as collateral security. It shall be conclusively prehowever, provided
person acting on
of such association, corporation or committee or any and except that sumed that the seller has had the legal title to or the beneficial interest in
such stock for less than sixty days, if, within sixty days prior to the making
behalf of any such association, corporation or committee,
a fine of not more
of such sale agreement, contract or option, he has acquired the legal title
the penalty provisions of the House bill provided for
for not more than 10 years, or both. The to or the beneficial interest in an equal or greater number of shares of stock
than $10,000 or imprisonment
for not
amendment provided for a fine of $2,000 or imprisonment
of the same character issued by the same corporation.
Senate
(sec. 15 (c))incorporates
"Every banker, broker or intermediary who shall undertake to carry on
more than two years, or both. The substitute
the penalty provisions are the purchase or sale of stocks for account of others shall be required to
the provisions of the House bill, except that
$5,000 to imprisonment for not more than make deduction of the tax hereinbefore levied, and to pay the same to the
fixed at a fine of not to exceed
collector of internal revenue for the district in which his place of business
five years, or both.
a provision which pro- be situated, in accordance with administrative regulations to be prescribed
*The Senate amendment (sec. 14 (c))contained
bulletin or other publiby the Commissioner of Internal Revenue. And every such broker, banker
hibited the inclusion in any governmental report,
of cotton. No such
regarded as acting as an agent for the seller
cation of any prediction with respect to the prices
is Or other intermediary shall be
in the House bill. The Senate amendment
of such stock, and the provisions of the foregoing paragraph shall
provision was contained
The penalty or buyer
in the substitute with slight clerical changes.
individually to the transactions of each such seller or buyer, and not
incorporated
apply
been reduced in the
provisions contained in the Senate amendment have
to those of said broker or banker collectively.
than $10,000 to a
substitute from a fine of not less than $1,000 or more
"Upon each such sale, agreement, contract or option of sale the seller
than $5,000.
shall make and deliver, or cause to be made and delivered, to the buyer a
fine of not less than $500 or more
amendment (sec. 14 (a))contained a separability clause bill, memorandum, agreement or other evidence of such sale agreement,
',The Senate
adopted in the subcontract or option to which there has been affixed a lawful stamp or stamps
which did not appear in the House bill and which is
equal to the amount of the tax. Every such bill, memorandum, agreestitute (sec. 15 (e) ).
that the Act may be cited as the ment or other evidence of such sale agreement, contract or option shall conThe House bill (sec. 11) provided
Act" and the Senate amendment (sec. 14 (g)) tain the date thereof, the name of the seller and an accurate statement of
"Federal Farm Board
Surplus Control
provided that the Act may be cited as the "Agricultural
the number and face value, if any, of the shares to which it refers.
the Act may be cited
"Any person liable to pay the tax as herein provided, or any one acting as
Act." The substitute (sec. 15 (f))provides that
agent or broker for such person, who makes any such sale agreement, col
as the "Agricultural Marketing Act."
tract or option or who, in pursuance of any such sale agreement, contract
Export Debentures,
of export debentures or option, delivers any such stock without a bill, memorandum agreemelt
The Senate amendment provided for the issuance
of such sale agreement, contract or option as herein
to exporters of agricultural commodities or other evidence
by the Secretary of Agriculture
of tariff required, or who delivers such bill, memorandum, agreement, or other
products. The debenture rates were one-half the rate
without having the
or their
the particular commodity, except that so evidence of such sale agreement, contract or option
duty in effect with respect to
with intent to evade the foregoing proof
imposed on cotton, the debenture rate thereon proper stamps affixed thereto,
long as no import duty was
of a misdemeanor and upon conviction thereof,
deemed guilty
pound. Proportionate rates were provided for prod- along, shall be
Would be 2 cents per
not more than 6 months.
Debenleres if presented within one year were re- shall be fined not more than $1,000 or Imprisoned
ucts of the commodity.
against any imported or both.
at face value in pap:Alt of duties collectible
eivable
JULY 6 1929.]
FINANCIAL CHRONICLE
"Sec. 2. This act shall take effect on the sixtieth day after the date of
Its approval."
Senator Brookhart's Amendment.
Senator Bookhart's amendment provides:
"That Schedule A of Title VIII of the Revenue Act of 1926 is amended
by adding at the end thereof the following:
"8. On all sales, or agreements, or contracts, or options for sales of shares
of stock or stock rights of any corporation or certificates of beneficial
Interest or other evidences of ownership in any trust or unincorpo
rated
association at, or under the rules and usages of any stock exchange,
or other
similar place, in addition to all other taxes imposed by Paragrap 3
h of this
schedule, 5 dollars for each 8100 of face value or fraction thereof,
or, in
the case of stock issued without par or face value.5 dollars for each share,
of
the stock covered by such sale agreement, contract or option—if the
seller
has not had the legal title to or the beneficial interest in the
stock for at
least 60 days prior to the sale, agreement,contract or option: provided that
on claim filed with the commission of internal revenue and on
proof of the
amount of profit realized on the transaction involving the particular
sale
for which tax herein imposed has been paid, there shall be refunded
to the
person paying the tax the amount by which the tax so paid exceeds
75%
of such profit. The tax shall not to imposed upon a sale of certificates of
stock in satisfaction of a loan for which such certificates have
been deposited
as collateral security. It shall be conclusively presumed, that the seller
has
had the legal title or the beneficial interest in such stock
for less than 60
days, if, within the 60 days prior to the making of such
sale, contract or
option, he has acquired legal title to or the beneficial interest
in an equal
or greater number of shares of stock of the same character issued
by the same
corporation.
"Any person liable to pay the tax as herein provided, or any
one acting
as agent or broker for such person, who makes any such
sale, agreement.
contract or option, or who, in pursuance of any such
sale, agreement.
con:Tactt or option, delivers any such stock without
a bill memorandum,
agreement or other evidence of such sale, agreemen
t, contract or option
as herein required, or who delivers such bill, memorandum agreement, or
other evidence of such sale, agreement, contract or option without
having
the proper stamps affixed thereto, with intent to evade
the foregoing provisions,shall be deemed guilty of a misdemeanor,and upon convictio thereon,
n
shall be fined not more than 51.000 or imprisoned not more
than 6 months
or both.
"Section 2. ThLs act shall take effect on the sixtieth
day after the date
of its approval."
67
Great Britain and Democratic Presidential candidate in 1924,
James M. Beck, who now is a member of the House of Representa and
tives.
Robert H.Lucas Succeeds David H.Blair, Resigned,as Commissioner of Internal Revenue.
Succeeding David H. Blair resigned, Robert H. Lucas
of
Kentucky, was sworn in on June 1 as Commissioner of
Internal Revenue. A dispatch from Washington June 1 to
the
New York "Times" referring to the assumption of office
by
Mr. Lucas said:
The oath was administered at noon by Frank A. Birgfeld,
chief
in the office of Secretary Mellon. Others present were
Under-secretary Mills, Assistant Secretaries Schuneman and Lowman;
the retiring
commissioner and members of the Kentucky Congressional
delegation.
The retiring commissioner, Mr. Blair, was the recipient
of a
number of parting gifts from his former associates, among
them a
gold medallion bearing the inscription "David Hunt
Blair, Commissioner of Internal Revenue, 1921-1929," and on the
reverse "In
appreciation of just and kindly leadership"; a bronze and onyx
writing
set, a fishing outfit and a Gladstone bag and traveling
equipment.
It was stated in a dispatch to the "World" April 13
that
Mr. Blair was giving up his post to rest, recuperate from
an
illness and to attend to private affairs in North Carolina
,
where he has large real estate and cotton mill interest
s.
Brig. Gen. Herbert M.Lord Resigns as Director of the
Budget—To Become Associated With Arthur S. Kleeman
.
Brig. Gen. Herbert M. Lord retired on June 1 as
Director
General of the Budget to become associated with Arthur
S.
Kleeman at 120 Broadway, New York. Gen. Lord
will assume his new duties July 1. He had been Director
of the
Budget since 1922, having succeeded Charles G. Dawes
after
having served as Director of Finance of the War Departm
ent
from 1918. Prior to that he had served in the arm, which
he entered in 1898. Associated Press advices from Washing
ton on June 1 in referring to the President's commend
ation
of Gen. Lord's services said:
Charles Evans Hughes Takes Oath as Judge of World Court.
Charles Evans Hughes who, on September 8 last was
elected as Judge of the World Court—the Permanent Court
of International Justice—was sworn in on May 15, two days
"I regret intensely," the President wrote Mr. Lord,
after the opening of the sixteenth session of the Court on
"to accept
your resignation as director of the budget."
May 13. "Herald-Tribune" accounts from The Hague May
Adding that he could no longer ask the retiring
director for further sacrifice in the face of opportunity, the President
15, said:
said: "I
There was a full Court today in the seats for distinguis
hed
were the diplomatic envops to The Hague from many nations, visitors
including
Richard M. Tobin, American Minister to the Netherlands,
Commander
Robert R. M. Emmett, naval attache, and Sir Odo
Russell, the British
Minister.
Dionisio Anzilotti, of Italy, President of the Court,
Hughes at the first meeting of the Court attended welcoming Mr.
by the latter,
emphasized the great satisfaction with which his
election had been
received by the other members of the Court, all of
whom had a very
high opinion of the legal ability of their new colleague
and set great
value on his collaboration. He added that the
Court realized fully
the great increase in its prestige and authority in the
United States
which would accrue to it as a result of Mr.
Hughes's election to
its bench.
Mr. Hughes in reply thanked the President for
references and said he regarded it as a very greathis complimentary
privilege to participate in the work of the Court. Always
creation of a real International Court, he said having advocated the
he
filling one of his life's ambitions in assisting the felt he was fulCourt in the accomplishment of its noble task.
In his address the president also paid tribute
to the late Lord
Finlay, a member of the Court, to whom he attributed
the influence
of Anglo-Saxon system in the work of the tribunal
and whose personal
prestige as a former Lord Chancellor of Great
Britain, and one of
its greatest judges, enhanced that of the Court
just at the time when
it was most needed.
Mr. Hughes' election to the World Court, to fill the
unexpired term of John Bassett Moore, resigned
, was noted in
our issue of September 22, page 1606.
Charles Evans Hughes, Jr., Takes Oath of
Office as Solicitor
General of Department of Justice.
On June 1 Charles Evans Hughes, Jr., took
the oath of
office as Solicitor General of the Department of
Justice. The
oath was administered by Appointment Clerk Sornber
ger in
the presence of Attorney General Mitchell and other
Department officials. Mr. Hughes' appointment to the office
was announced at the White House on May 6. He
succeeds to the
held by Mr. Mitchell, before the latter became Attorne
post
y
General. Regarding Mr. Hughes' appointment
Associated
Press accounts from Washington May 6 said:
Mr. Hughes is the son of Charles Eyans Hughes, former Secretary
of State, a friend of the President and one of those upon whom
Mr. Hoover has leaned for advice, both during the pre-inauguration
period and since he entered the White House.
The new Solicitor General is connected with the law firm of
Hughes, Rounds, Schurman & Dwight of New York. He is a graduate
of Brows University and the Harvard Law School.
For some time, Mr. Hughes has been moderately active in New York
politics and was sponsored for the appointment by the New York
patronage committee set up by President Hoover.
The New York lawyer is named to a post which has been held
lit a number of men who have attained distinction in both the legal
and political fields. Among those who have held the position are
Chief Justice Taft, John W. Davis. who also was Ambassador to
do
wish to take this occasion to voice the debt owed
to you by the
country for your devoted and able service and the
high appreciation
you have won througout the Government in the conduct
of your
office."
Dwight F. Davis Takes Oath of Office as Governor General
of Philippine Islands.
Dwight F. Davis was sworn in on June 4 as Governor General of the Philippine Islands. The oath of office was
administered by Associate Justice Harlan F. Stone of the
U. S.
Supreme Court, in the presence of the Secretary of War
Good, Secretary of State Stimson, ranking officers of the
War
Department, and a delegation of Filipino officials,
including
Manuel Roxas, Speaker of the Philippine House of Deputie
s;
Rafael Alunan, Secretary of Agriculture, and Pedro
Guevara and Camilo Osias, Resident Filipino Commiss
ioners.
Governor General Davis will leave Washington to-d
ay (June
8), stopping at his home in St. Louis for a few
days, and
sailing for Manila from Seattle on the President
Taft on
June 15, arriving at his new post in time for the
forthcoming
session of the Philippine Legisulature. Announcement
of his
apopintment as Governor General was made in
these columns May 25, page 3447.
United States Senate Changes Rules on Closed Session
s
—Resolution Provides for Open Consideration of
Business Unless Otherwise Ordered by Majority.
By a vote of 69 to 5, the Senate adopted a resoluti
on
(S. Res. 19) June 18 changing the rules of the Senate
so that
all of its business will be transacted in open
session except
when ordered otherwise by a majority and so
that any Senator
may make public his vote taken in a closed
session. The rule
adopted was agreed to after a substitute to
the resolution
reported by the Rules Committee had been propose
d by
Senator Robinson (Dem.), of Arkansas, the minorit
y leader
and accepted by a vote of 59 to 15. Its
adoption followed
the defeat, by a vote of 39 to 34, of an
amendment by
Senator Norris (Rep.), of Nebraska, by which
all roll calls
taken in closed session, together with a
statement of the
question on which they were taken, should be
printed in the
record.
The United States "Daily" points
out that under the rule
which was adopted, a nomination or treaty,
now subjects for
closed executive consideration, would be consider
ed in the
open unless some Senator should move,
and be seconded,
that the discussion be secret. In that case
the doors would be
closed for the purpose of voting on the motion.
If a majority
68
FINANCIAL CHRONICLE
prevails, the session would be closed. If the consideration
proceeds, by a majority vote, in closed session, the injunction of secrecy as to these proceedings, or any part thereof,
may be removed by a majority vote.
Under the former rules, nominations were automatically
considered in closed session unless the doors were ordered
opened by a two-thirds majority. The resolution reported
by the Rules Committee would have changed the required
two-thirds majority to a simple majority.
The vote by which the Robinson substitute was accepted
was as follows:
[VOL. 129.
"I am for the greatest publicity," asserted Senator McKellar (Dem.). of
Tennessee.
Senator Caraway (Dem.), of Arkansas,said that he favored full publicity
but that he did not believe only half the facts, that is, just the roll call,
should be made public.
Answering a contention by Senator Norris that if the roll call is made
public each Senator could say what his personal reasons for so voting were,.
Senator Caraway insisted that it is facts disclosed on the floor, not opinions,
that are important.
Salt Creek Oil Lease Case
Collapses—Attorney-General Mitchell Indicates Inability of U. S. to Attack Leases Successfully in
Yeas (59).
Action.
Republicans(SP.—Allen,Bingham,Borah,Burton, Deneen,Edge,Fees,
The "Herald Tribune" Washington Bureau on June 24
Goff, Goldsborough, Greene, Hastings, Hatfield, Hebert, Howell, Jones,
McNary,Metcalf, Moses, Norris, Reed,Sackett, Schall, Shortridge, Smoot, announced that the Salt Creek oil lease Investigation, long
Steiwer, Thomas of Idaho, Townsend, Vandenberg, Walcott, Warren, pending before the Senate Committee on Public Lands, and
Watson.
likewise before the Department of Justice, and of almost
Democrats (28).—Ashurst, Barkley, Broussard, Caraway, Connally,
Copeland, Fletcher, George, Glass, Harris, Harrison, Hawes, Hayden, as much interest in oil circles as Teapot Dome, virtually
Heflin, McKellar, Overman, Ransdell, Robinson of Arkansas. Sheppard, .had been dropped. Senator Gerald P. Nye, Chaisman of
Simmons, Steck, Swanson, Thomas of Oklahoma, Trammell,Tyson, Walsh
the Senate Public Lands Committee, on that day gave out
of Massachusetts, Walsh of Montana, Wheeler.
a letter from Attorney-General Mitchell and also made a
Nays (15).
statement himself which indicated the inquiry had closed
Republicans (13).—Bookhart, Capper, Couzens, Cutting, Dale, Frazier,
and come to nothing. The Attorney-General indicated the
Johnson,. LaFollette, Norbeck, Nye, Patterson, Pine, Waterman.
Democrats (2).—Blease, Smith.
leases could not be attacked successfully in legal actions
by the Government. Senators Nye and George W. Norris,
Paired (4).
of Nebraska, were instrumental in the first place in having
Phipps (R.) with Wagner (D.)
Robinson of Indiana (R.) with Stephens (D.).
the investigation into Salt ()reek leases made. Senator
Norris felt that examination into some of the leases was
Not Voting (17).
Republicans (9).—Blaine, Gillett, Glenn, Gould, Hate, Kean, Keyes, likely to disclose frauds on a scale as great as the Teapot
McMaster, Oddie.
Dome case. The Senate Public Lands Committee retained
Democrats (7).—Black. Bratton, Dill, Kendrick, King, Pittman,
former Senator Thomas Sterling to investigate the matter.
Tydings.
He made a report to the committee several months agp
Farm-Labor (1).—Shipstead.
which did not bear out the suspicions there had been InfracThe following account of the proceedings is taken from the
tions of the law which could be reached.
"United States Daily" of June 19:
The matter Involves hundreds of millions of dollars worth
When the Jones resolution was laid before the Senate, Senator Moses
(Rep.), of New Hampshire, chairman of the Rules Committee, explained of oil property in Wyoming, the field being five by eight
that a "large majority" of the Committee had been in favor of amending the miles, with 2,400 wells and almost two hundred leases. The
resolution to provide that proceedings on nominations should start in closed
part have come Into the hands of the
session rather than in open session. This change was favored, he said. leases for the most
because if the opposite procedure were adopted a discussion of a motion to Midwest Refining Company, now a Standard company. On
go in into closed session would, probably,lead to a discussion of the reasons February 27 of this year the Senate Public Lands Comupon which such a motion was based and thus the whole matter would be
mittee adopted a resolution and referred its inquiry involvdebated in the open.
In at least 4 cases, Senator Moses said, in all of which the Senate finally ing the Salt Creek field to the Department of Justice. The
confirmed the nominations "irreparable damages" would have been done resolution transmitted to the Attorney-General called for
had all of the proceedings been in open session.
such action ,as in his judgment should be taken and directed
Secretary Seldom Necessary.
the attention of the Attorney-General to the reports of
Senator Robinson (Dem.), of Arkansas, the minority leader, advocating
Denton, into the report made to the Comto the Jones resolution, admitted that there have Messrs. Bell and
his substitute amendment
been instances in which "It would have been almost criminal" to have tnittee by Thomas Sterling, special counsel for the OQIII;discussed charges brought against nominees in open session. But, he added, mittee, and the printed hearings of the Committee involving
"there are very few cases in which the rule of secrecy should be invoked."
Senator Robinsen's amendment was to the effect that all business of the the Salt Creek facts.
Senate, including consideration of nominations and treaties, should be conUnder date of June 20 the Attorney-General reported to
sidered in open session unless the Senate in closed session decided by a
Senator Nye, Chairman of the Committee, as follows:
majority vote that a particular nomination or treaty should be considered in
"I note that the resolution does not call for either a report or an opinion
secret. He was opposed, he said, to the publication of roll calls taken in
secret session unless the discussions relating to such roll calls were also made
public. It would be unfair, he argued,to reveal how a Senator voted without
Permitting him to explain the reasons for his vote.
Senator Smith for Secrecy.
Senator Smith (Dem.),of South Carolina,speaking in opposition to modification of the rules, declared that discussion of nominations in executive
session would injure the character of innocent men.
The result of the proposed change, he said, would be to induce Senators to
keep silent when they should speak (risibly on the qualifications of nominees
for office or to sacrifice the character of nominees.
Senator Wheeler (Dem.), of Montana, asked: "Does the Senator believe
that Mr. Lenroot's nomination for the bench would have been confirmed if
we had had an open session?"
Senator Smith declared he did not feel at liberty to dismiss anything
concerning that transaction.
Publicity for Roll Calls,
Senator Norris (Rep.), of Nebraska, proposed an amendment to the
Robinson substitute which would automatically make all roll calls taken in
executive session public together with a statement of the subject voted on.
Senator La Follette (Rep.), of Wisconsin, said That the Senate should
remember that the roll calls are going to be published anyhow in the press
as well as a swannery of the debate on the question.
"In my opinion the nomination of Charlet; B. Warren. if voted on in
executive session, would have been confirmed instead of rejected by a onevote margin," declared Senator La Follette, recalling the rejection of
President Coolidge's neminee for attorney general.
"I hope the Robinson substitute will be adopted with the amendment
proposed by Senator Norris," he said.
Accuracy of Press Accounts.
Senator Helfin (Dem.). of Alabama, concurred in Senator La Follette's
position, but Senator Pass (Rep.), of Ohio, stated that he questioned the
advisability of making a man's character subject to irresponsible attacks by
Senators.
However, he admitted, this argument laeks weight because oxecutive
Proceedings have always been "pretty truly" recorded in the prem.
,
,
illottlinVin F. • Treaty Debates Discussed.
Senator Pass particularly stressed the question whether all treaties should
be publicly debated.
"Open sessions ought to be the rule rather than the exception," contended Senator Connally (Dem.), of Tex. "I don't believe that anywhere
n the Government there ought to be a place where the people can
U. S. Senate Inquiry into
on may part directed to the Committee, and in view of the precedenth the
Committee undoubtedly will understand that the law does not empower me
to render reports of opinions to Congressional Oismmittees.
"However, in view of the importance of the matter involved, without
creating a precedent in the matter, I beg to advise yea informally that I
Suive carefully examined all of the records referred to in your resolution
and find the same to be the record previously presented to the Interior
Department, and feel that in view of the adverse rulings of the Interim.
Department no legal basis exists at this time far the institution of actions
on the part of the United States, attacking the leases involved, or seeking
to set aside the determination of the Interior Department.
"It also appears to me that it does not seem probable that upon a new
investigation anything other than cumulative evidence could be discovered,
beyond what already has been presented to aid filed with the Interior
Department. For that reason I do not feel warranted in directing further
Investigation on the part of the Department of Justice.
"However, I beg to advise you that in event the Department of Juutice
should he directed by competent authority to conduct a further investigation of the matters involved, I would proceed immediately, If proper
funds were provided for that purpose, to make and complete each additional
austively as possible."
investigation as expeditiously and exhe
Senator Nye, in giving out the letter of the AttorneyGeneral, and in discussing the Probable attitude of the
Committee, said:
"My confidence in those whose study has contributed to the conclusions
of the Attorney-General is such as to cause me, except its new evidence easy
be produced, to give my support to an ending of the Salt Creek investigation,
which the majority of the •Committee gave evidence of being ready to do
last Spring. I would assume from the record of the Coenmittee at that
time that this would end the investigation and occasion a report to the
Senate somewhat in line with the conclusions of the Attorney-Oenesal.
Only in the event of the development of new evidence which is not now
known to be available would there be need for a contineatAon of the
Investigation.
"In closing the investigation, however, I could not and would not subscribe to a report that did not score the Democratic Payne-Tallman administration of the Interior Department for carelessness when the MI
Creek leases were originally entered into. The evidence shows a lack of
care and a refusal to carefully study claims at that time. Due care and
study would, I am sure, have afforded a fairer distribution of equities in
this great oil field than now exists."
JULY 6 1929.]
FINANCIAL CHRONICLE
Senator Nye's reference to the Payne-Tallman administration is an allusion to John Barton Payne as Secretary of the
Interior. At that time Clay Tallman, another Wilson appointee, was head of the Land Office.
Inter-State Commerce Commission Orders Revision of
Railroad Freight Rates on Iron and Steel in Official Classification Territory-Lack of Consistency
At Present, Asserted-Inequalities Could Be Removed Without Reduction in Revenues, According
to Separate Opinion of Commissioner Woodlock.
A general revision of freight rates on iron and steel articles
throughout Official Classification Territory
(in general
east of the Mississippi and north of the Ohio and Potomac
rivers) on the basis of uniform mileage scales, is prescribed
by the Interstate Commerce Commission in
a report and
order made public on June 22 in Part 6 of its Rate Structure
Investigation No. 17000, undertaken pursuant to the HochSmith resolution. The Commission prescribes
two scales,
to become effective not later than October 20. The basic
scale ranges from 6 cents per 100 pounds
for 5 miles up to
56 cents per 100 pounds for 1,200 miles.
A separate scale,
about 10% higher, is prescribed for New England
territory.
In a separate opinion concurring in
part, Commissioner
Woodlock says the record indicates that
the prescription of
the basic scale
will reduce carrier revenues in an amount of
probably $2,500,000 a year and perhaps more. While
he
agrees with the report in general he objects
to the level of
scale proposed for this reason, saying that inequalities
in
existing rates could be removed without such
a reduction.
Commissioners Taylor and Porter joined in
this expression
and Commissioner McManamy, in a separate concurring
opinion, said he knew of no reason for
the reduction in
carriers' revenues which would result from the establishment
of the rates prescribed and that there is no depression in the
steel industry. Commissioner Eastman concurring in part,
objected to certain features of the report, which was written
by Commissioner Campbell.
The rate structure investigations was instituted by the
Commission on March 12 1925, and is divided into 12 parts,
covering different commodities or groups of commoditie
s.
This is the second part, says the United
States "Daily,'
,
on which a report has been issued, the first one being that
covering rates on sand, gravel and related articles.
The
Commission has just concluded the hearing of arguments on
the grain part of the investigation and will hear arguments
part.
According to the report 90% of the steel of the United
States is produced in the territory covered by
this investi-
in the fall on the livestock
gation. After a discussion of the present rate
structure the
report says that while the record contains a
considerable
amount of evidence intended to prove that the
general level
of steel rates is too high, it indicates clearly that the level
of the rates is of much less importance to shippers generally
than their relationship and that "the record leaves no doubt
as to the need and the desirability of a thorough revision of
the rate structure here under investigation."
"Aside from the question of whether the present
rates
considered as a whole are upon the proper level,"
Commissioner Campbell says, "there is disclosed an utter
lack of
consistency and orderly arrangement, accompanied
by
many instances of unlawful prejudice and preference
which
should be removed."
The basic scale of reasonable maximum rates
prescribed
as shown in Appendix F (rates are in cents per 100
pounds)
follows:
5 miles
Over 5 miles
over 10 miles
Over 15 miles
over 20 miles
Øver 25 miles
Over 30 miles
over 35 miles
Over 40 miles
Over 45 miles
miles
Over 50 miles
Over 55
over 60 miles
over 65 miles
Over 70 miles
over 75 miles
eer 80 miles
Over 85 miles
over 90 miles
over 95 miles
over 100 nilles
over 105 miles
Over 110 miles
over 120 miles
6
6.5
7
8
8.5
9
9.5
10
10.5
11
11.5
12
12.5
13
13.5
14
14.5
15
15.5
16
16.5
17
17.5
18
Over 130 miles
Over 140 miles
Over 150 miles
Over 160 miles
Over 170 miles
Over 180 miles
Over 190 miles
Over 200 miles
Over 210 miles
Over 220 miles
Over 230 miles
Over 240 miles
Over 250 miles
Over 260 miles
Over 270 miles
Over 280 miles
Over 290 miles
Over 300 miles
Over 320 miles
Over 340 miles
Over 360 miles
Over 380 miles
Over 400 miles
Over 425 miles
18.5
19
19.5
20
20.5
21
21.5
22
22.5
23
23.5
24
24.5
25
25.5
26
26.5
27
28
29
30
31
32
33
Over 450 miles
Over 475 miles
Over 500 miles
Over 535 miles
Over 565 miles
Over 600 miles
Over 635 miles
Over 665 miles
Over 700 miles
Over 735 miles
Over 765 miles
Over 800 miles
Over 835 miles
Over 865 miles
Over 900 miles
Over 935 miles
Over 965 miles
Over 1,000 miles__
Over 1,035 miles-Over 1,065 miles_ _ __
Over 1,100 miles__
Over 1,135 miles...
Over 1,165 miles--
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
The scale of rates prescribed for application within New
England (rates are in cents per 100 pounds) as shown in
Appendix 0,follows:
Smiles
Over Smiles
Over 10 miles
Over 15 miles
Over 20 miles
Over 25 miles
Over 30 miles
Over 35 miles
Over 40 miles
Over 45 miles
Over 50 miles
Over 55 miles.
Over 60 miles
Over 65 miles
Over 70 miles
Over 75 miles
Over 80 miles
Over 85 miles
Over 90 miles
6.5
7
7.5
9
9.5
10
10.5
11
11.5
12
12.5
13
14
14.5
15
15.5
16
16.5
17
69
Over 95 miles
Over 100 miles
Over 105 miles
Over 110 miles
Over 120 miles
Over 130 miles
Over 140 miles
Over 150 miles
Over 160 miles
Over 170 miles
Over 180 miles
Over 190 miles
Over 200 miles
Over 210 miles
Ober 220 miles
Over 230 miles
Over 240 miles
Over 250 miles
Over 260 miles
17.5
18
18.5
19
20
20.5
21
21.5
22
22.5
23
23.5
24
25
25.5
26
26.5
27
27.5
Over 270 miles
Over 280 miles
Over 290 miles
Over 300 miles
Over 320 miles
Over 340 miles
Over 360 miles
Over 380 miles
Over 400 miles
Over 425 miles
Over 450 miles
Over 475 miles
Over 500 miles
Over 535 miles
Over 585 miles
Over 600 miles
Over 635 miles
Over 665 miles
28
28.5
29
29.5
31
32
33
34
35
36.5
37.5
38.5
39.5
40.5
42
43
44
45
Extracts from the report and the text of the separate
opinion are as follows, as given by the U. S. "Daily" on
June 24:
Campbell, Commissioner: Exception to the report proposed by the examiners were filed by some of the interested parties, and the case was
orally argued. Our conclusions differ in some respects from those proposed by them.
Conclusions Differ from Examiners' Proposals.
Subsequent to the decision in Jones & Laughlin Steel Corp. v. B. & 0.
RR. Co., 96 I. C. C.682, decided April 15 1925, hereinafter referred to
as Docket No. 15110, a number of complaints were filed by various parties
attacking the rates on Manufactured iron and steel articles, in carloads,
between certain points within Central Freight Association territory, hereinafter referred to as central territory. There also was filed a petition
requesting us to institute a general investigation into the rates on iron
and steel articles, carloads, between points within central territory. Having
on March 12 1925, pursuant to the Hoch-Smith* resolution, instituted a
general investigation, No. 17000, Rate Structure Investigation, the pending
cases referred to above were set for hearing with No. 17000 in so far as it
covered the interstate rates on iron and steel articles, in carloads, between
points within official classification territory, hereinafter called** official
territory.
In order to perfect plans for the preparation and presentation of data.
and with a view to handling the proceedings as expeditiously as possible,
a preliminary conference was held in New York, N. Y., on Dec. 4 1926.
by representatives of this Commission with representatives of State commissions, shippers; and carriers, the regulatory bodies of all the States
within official territory having been invited .to co-operate in these proceedings. Subsequently, in order to avoid duplication of data peculiarly
within their knowledge, the interested carriers were requested to prepare
in exhibit form certain information of a general nature for use by all parties.
Carriers' and shippers' committees were formed, and exhibits covering
most of the information called for in Appendix A hereto were submitted
by the carriers to the interested parties prior to the first hearing, which
was held at Pittsburgh, Pa., beginning March 16 1927. Subsequent
hearings were had at Columbus, Ohio, April 19, Detroit, Mich., April 25,
Chicago, Ill., May 12. and Atlantic City, N.J., June 15 1927.
Members and representatives of several of the State commissions sat
with us during some of the hearings. The State commissions of Ohio and
Michigan have proceedings pending before them involving related intrastate rates which were heard jointly with this proceeding.
Fifteen complaints, three investigation and suspension proceedings,
and one petition under section 13 of the interstate commerce act, all of
which put in issue rates on manufactured iron and steel articles from and
to various points in official territory, were assigned for hearing in connection with the general investigation, and were consolidated therewith
for disposition. No. 15490 had been heard before the general investigation
was instituted, and was made the subject of a proposed report by the examiner. Exceptions were filed by both complainants and defendants,
and the case was orally argued. It wilt be considered and disposed of
herein.
State Commissions Represented at Hearings.
The notice of January 15 1927. assigning the investigation for hearing
embodied a list of the articles generally included in the so-called manufactured iron and steel lists within official territory. Subsequently, but
prior to the hearings, suggestions and requests for changes in the list were
received and considered, and a revised list, embodying many of the suggested changes, was circulated. At the first hearing, requests for further
changes were made, but after a careful consideration were denied. Thereafter practically all parties were satisfied with the list and, with few exceptions, agreed that one common basis of rates should apply on the entire
list. The investigation accordingly was confined to the articles enumerated
in the revised list.
Wherever the term "steel" is used in this report it is to be understood
as referring to both iron and steel. Except as noted, rates will be stated
in amounts per 100 pounds. Rates and distances are taken from exhibits
of record. Discrepancies in distances may appear due to various methods
of computation employed by different witnesses. Generally speaking,
distances have been computed over short direct routes but not in all cases
over the shortest possible routes. . . .
Prior Rates Negligible in Adjusting Schedules.
The record contains voluminous evidence with relation to the history
of the rates under consideration. However, any attempt to set forth the
history of the various rates adjustments in sufficient detail to make a
readable account would unduly extend this report and would, be of little
help in determining the propriety of the present rate structure
or in deciding what changes should be made therein. Historical matter will
be
inserted only when it seems essential to an understanding of some peculiarity in the present rates.
Manufactured iron and steel articles in carloads, are rated fifth class in
the official classification. There have always been in effect in parts of
the territory commodity rates lower than fifth class, but a very large
volume of this traffic moves at fifth-class rates. This is especially true of
* Joint Resolution of the Congress, Public Resolution No. 46, 68th
Congress, approved January 30 1925.
** Official territory for the purpose of this investigation was defined in
the notice of November 18 1926, instituting the investigation, and
as
Clarified at the hearing, as including the territory east of the Mississippi
River and north at a line following the south bank of the Ohio River from
its confluence with the Mississippi to Catlettsburg, Ky., thence south
along the line of the Cheaspeake & Ohio to Elkhorn City, Ky., thence
the
line of the Norfolk & Western Railway from Bristol, Tenn.-Va.,to Norfolk,
Va., as well as the Lower Peninsula of Michigan. The territory includes
all of the State of Illinois, the west
-bank Mississippi River points in Iowa
and Missouri generally included in Illinois territory, and a small portion
of southern Wisconsin known as prorating territory.
70
FINANCIAL CHRONICLE
the great middle district which furnished 60% of the production of the
entire territory.
It appears that approximately one-half of the carload shipments of steel
originating in the middle district and destined to points in official territory
moves at fifth-class rates, whereas about 85% of those originating in the
western district and about 95% of those originating in the eastern district
take coamodity rates. The minimum weight is generally 36,000 pounds.
The average rate on steel articles within and between central and trunkline territories, computed from the exhibits containing the 1925 revenue
test, are compared with the central territory fifth-class scale and the scale
prescribed in Docket 15110, supra, in Appendix E.
In describing the rate structure the western termini points, Buffalo,
N. Y. Pittsburgh, Pa., Wheeling, W. Va., and points grouped therewith,
will be treated as being in trunk-line territory in speaking of rates from one
to another of those points or between those points and points in trunk-line
or New England territories.
They will be treated as in central territory in speaking of rates to or from
points in that territory. Except when the contrary appears, the term
"central territory" will include Illinois Freight Association territory. . .
Both the carriers and the shippers emphasize the provisions of the HochSmith resolution. No depression, such as is quite generally urged on
behalfofagricultural and livestock interests,is apparent in the steel industry.
On the contrary, the industry, generally speaking, is in a prosperous
condition and the commodities under consideration move freely. The
shippers, however, urge that under the provisions of the resolution it is
Our duty to distribute the burden of all rates on sound economic principles
and to give to the general public the benefit of competitive rates on freight
from all producing districts; that it contemplates the development of the
industry, and that no commodity shall bear an unfair portion of the transportation burden.
The carriers, on the other band, while admitting certain irregularities
In the present rate structure, are not asking for general increases in the
rates but contend that in ironing out these irregularities their existing
revenue from this existing steel traffic must be maintained.
We are directed by the resolution to distribute the burden of the transportation charges equitably "as between the various localities and parts
of the country, the various classes of traffic, and the various classes and
kinds of commodities," having due regard to the natural and proper development of the country as a whole and to the maintenance of an adequate
system of transportation.
It is evident that in the accomplishment of this task the principle of
what the traffic can or will bear is a factor which must be given due consideration. In other words, if agricultural products and livestock are to
receive the benefit of the lowest possible lawful rates compatible with the
maintenance of adequate transportation service, commodities, such as the
Iron and steel articles were under consideration, which are able to bear
relatively highoates, must be accorded rates which approach but which
do not exceed reasonable maxima.
[Vol,. 129.
1. Furnish work and a means of livelihood to 1% millions of employees.
2. Pay out nearly three billions of dollars in wages annually, which finds its way
almost at once into the channels of trade and commerce.
3. Give indirect employment to many hundred thousand additional men, who
manufacture and distribute the products bought and used by railways in construction, maintenance and operation.
4. Expend more than 114 billion dollars per year for the material and suPPliell
utilized In their operations.
5. Spend an annual average of MOM than three-quarters of a billion dollars for
capital Improvements.
While there is some duplication in these last two sums, expended for
material and supplies and for capital purposes, their net aggregate approaches two billions of dollars annually. This two billion, added to the
three billion spent directly for wages, represents a major contribution by
the railways of the United States to the economic activity of the nation.
Railroads Are Reducing Their Inventories.
Railways of class I have at all times a considerable investment in material and supplies on hand, including locomotive fuel. Their material
stocks on Dec. 31 1920, aggregated a total value of $755,563,000; this
total on Dec. 31 1923, had fallen to $682,726,000, and on Dec. 31 1928 to
$474,317,000. Although these figures are expressed in monetary units
and are affected by the price levels of the materials purchased, yet they
indicate the large amount of materials the steam railways must keep in
stock for current operations. The figures also indicate how the railways
have cut down their inventories through increased efficiency in operation.
The efficiency of the railway plant in 1928 was at the highest level in its
history, and reports for 1929 to date are indicative of further improvement.
Railway stocks of material and supplies are continually drawn on for
operating purposes, and must be as continually replenished by purchases
of new stocks.
President Aishton of American Railway Association
Expects Capital Expenditures of Railroads This
Year to Exceed Those of Last Year.
Capital expenditures to be made in 1929, for new equipment and betterments and improvements, by the railroads of
this country are expected to exceed those made last year,
R. H. Aishton, President of the American Railway Association, told the Tenth Annual Convention of the Purchases
and Stores Division of that Association, at San Francisco on
June 24. Special reports for the first quarter of 1929, said
Mr. Aishton in addressing the opening session, "show that
while expenditures for capital purposes in that quarter were
slightly below the corresponding period in 1928, the program
for the balance of the year will exceed 1928 by more than
$111,000,000. This indicates that a larger capital outlay
Western Engineers Take Vote for Strike—Missouri
will be made for railway improvements this year than last."
Pacific Brotherhood in Overtures to All Lines—
He added:
Representations Issue.
The following Chicago advices, July
New York "World":
12,
are from the
Locomotive engineers employed by the Missouri-Pacific Lines and the
Terminal Railroad Association of St. Louis have taken a strike vote to
compel both railway carriers to recognize an individual grievance agreement
with the Brotherhood of Locomotive Engineers, R. E. Edrington, an assistant grand chief of the brotherhood, announced to-night.
Negotiations for a similar contract with the Santa Fe, the Union Pacific
and Southern Pacific Railroads have come to an impasse. It is reported
that the engineers on these Western railways will also take a strike vote
soon. Other Western and Eastern and Southern railroads may become involved in threatened strike action as negotiations develop between the
officers and the Brotherhood of Locomotive Engineers and the managements of the roads.
It is expected that the United States Board of Mediation, however, will
assume jurisdiction of the controversy before any actual walkout occurs.ti
Railroad Purchases in 1928 Were $1,271,341,000—Expenditures for Materials and Supplies Total
$8,700,000,000 in Six Years.
—Mup7=
Class I railroads purchased fuel, materials iti
1928 amounting to a total value of $1,271,341,000, according to an analysis just made by the Bureau of Railway
Economics of "Capital Expenditures and Purchases in the
Railway Industry." The total for 1928 represented a decrease of $124,587,000 or 8.9% under 1927. For the sixperiod ending with 1928 the railroads have expended $8,700,000,000 for materials and supplies, or an average of $1,450,—Tlie expenditures last year, distributed
000,000 per year.
among the four principal groups of materials, are compared
with similar expenditures in 1927 in the following table:
Item—
Fuel
Forest products
Iron & steel products
Miscllaneous
Total
1928.
$384,808,000
160,794,000
397,544,000
328,395,000
1927.
8438,821,000
175,729,000
432,604,000
348,774,000
In the first three months of this year, capital expenditures amounted to
$127,119,000, a reduction of 81,309,000 compared with the corresponding
period in 1928. Unexpended authorizations and additional authorizations
during the first quarter brought the total capital program for the year as it
stood on April 1 last, $704,960,000 in 1929, an increase of $111.203,000 over
1928, but additienal authorizations will be made between April 1 and the
end of the year, which will augment this amount.
Few, if any,industries contribute as much to the industrial development,
prosperity, and the economic welfare of the nation as do the railroads. Not
only do they furnish work and the means of livelihood to nearly two millions
of employees, but they pay out annually nearly three billions of dollars in
wages, which finds its way almost at once into the channels of trade and
commerce. In addition, the carriers expend approximately two billions of
dollars each year for materials and supplies utilized in their operation and
for capital improvements, thus giving indirect employment to m ,ny
hundreds of thousands additional men, who manufacture and distribute
products bought and used by the railroads in construction, maintenance and
operation. This amount added to the three billions spent directly for wages,
represents a major contribution by the railways of the United States to the
economic activit of the nation.
Through increased efficiency in operation and greater dependability of
service, the railroads have not only enabled industry to realize enormous
savings by reductions in inventories, but the railroads themselves have been
able to reduce their own inventories to the point where on Dec. 31 last,
they were less than on any similar date since 1916, despite an increase during
that time of more than 20% in the volume of revenue freight raffle handled.
On Dec. 31 last, the amount of materials tile steam railroads had in stock
for current operation amounted to 8474.317,000 compared with $755,563,000
on Dec.311920.and,in 1916. it was $323,556.387.
Paul Shoup, President of the Southern Pacific Co., also
addressed the convention, as did C. C. Kyle of St. Paul,
Minn., Purchasing Agent, Northern Pacific Ry., who is
also Chairman of the Purchases and Stores Division. The
convention, which was in session for three days, was attended by purchasing agents, and storekeepers representing
practically all railroads in the United States, Canada and
Mexico. The members of the organization are in charge of
practically all purchases made by the railroads from locomotives to lamp chops for the dining cars and amounting to
approximately one and a quarter billion dollars annually.
81,271,341,000 81,395,928,000
These statistics of railway purchases cover only those
items that are directly bought and paid for by railroad companies. In addition, the roads are indirect purchasers of
many commodities, large quantities of which go into railway
equipment and into new construction that is contracted for
under lump-sum agreements, and is not classified under the
head of direct purchases. In a summary of its study the
Bureau says in part:
Joseph A. Broderick, New York State Superintendent
of Banks, on Banking Conditions in this State.
The new Superintendent of Banks in New York State
on June 17 made a preliminary report to Governor Roosevelt
on banking conditions in this State. In view of the sensational developments growing out of the investigation of
the failed City Trust Co., this report possesses much ininterest and we give below extensive extracts from it.
Railways play several roles in the economic activity of the United States.
Their first and most important function is to supply the demand of the
public for transportation service. In meeting that demand, they serve
other economic ends as well, and contribute in large measure to the welfare
railways:
of the nation. Among other things the
1. Survey of Banking Conditions.
The banks and trust companies in the State Banking system constitute
one of the strongest and best managed group of institutions in the world.
The writer has completed a review of the examination reports of such in-
JULY 6 1929.]
FINANCIAL CHRONICLE
stitutions and desires to say that in his opinion the situation is strong and
generally satisfactory.
There are 1,789 institutions and branches under the supervision of this
department all of which are not equally strong and well managed. There
are a very few institutions in which conditions are not satisfactory to this
department;in these instances re-examinations have been made and prompt
action has been taken to ensure correction of the situations
subject to
criticism.
The conditions disclosed in the investigation of the City Trust
Co. do
not and will not be permitted to exist in any other institution.
In fact.
there has been no similar situation since 1911 which was
the case of the
Carnegie Trust Co. Examinations have been held regularly and
it is
indeed rare to find a year elapsed between the examinations of
any state
bank, trust company or private banker. Two instances, aside
from the
City Trust Co. were referred to in the Moreland Commission investigation,
one occurred in 1919 and the other in 1928; but both of these are
strong and
well managed institutions.
2. Banking Department Activities
(a) Scope of Activities:
On Apr. 22 1929, the number of institutions and branches to be examined
each year were as follows:
Examinations.
No.
Banks & trust companies
379
twice yearly
758
Banks & trust companies, branches
502
twice yearly
1,004
Savings banks
149
once yearly
149
Savings banks, branches
26
once yearly
26
Private bankers
43
twice yearly
86
Investment companies
62
once yearly
62
Investment companies, branches
29
once yearly
29
Safe deposit companies
110
once yearly
110
Savings & loan associations
313
once yearly
313
Credit unions
120
once yearly
120
Land bank
1
once yearly
1
Personal loan companies
17
17
once yearly
Foreign agencies
38
once yearly
38
1.789 annual examinations 2.713
Since Apr. 22, four of the largest national banks
have merged with existing state institutions. so that at present the
aggregate resources of institutions under the supervision of this department is in
the neighborhood of
817,000,000,000.
The examinations made by the Department include
the foreign departments, periodicals examinations of trust departments
and branches of
state institutions in foreign countries.
(b) Personal:
The personnel of the department consists
of the (1) superintendent;
(2) four deputies;(3) office force in Albany and New
York
-30;(4) examining staff of 86.
A number of the examiners have been
assigned to the City Trust Co
for the past few months. With few exceptions,
these men will be released
as soon as the City Trust Co. has been taken
over as contemplated by the
Mutual Trust Co. or some other institution.
It is physically impossible for the present staff examiners
of
to cover the
examination work required by law. Every cent spent by the Department
is reimbursed to the State by assessment of banking
institutions under its
supervision; but no money can be spent unless it is first appropriated
by the
Legislature of the State of New York.
No funds have been available for any investigations
made by this dePartment nad it has been necessary to assign men from the
regular examining staff to do this work. At least 40
new examiners are needed. The
writer has arranged with the Civil Service Commission
to hold a new examination in the latter part of July and if satisfactory
men can be found
on this list, it is the intention to appoint at
least 15 examiners as soon as
the list is available and in a few months later,
an additional 15 examiners.
Additional clerks and stenographers are also needed for office work.
One of the principal defects in the staff at the present time the lack
of
is
senior examiners with practical experience in foreign exchange,
trust and
credit departments of banking. It may be
necessary at a later time to
arrange with the Civil Service Commission
for a special classification to
cover these branches. For the present the
Commission has granted special
Permission for the employment of two special
foreign exchange examiners
for a period of four months.
It will probably be necessary to ask for a
deficiency appropriation, but
we feel sure that the necessity for building
up this department will be a
Parent to the Legislature and we will have its whole
hearted co-operation
toward this end. A definite plan will be submitted
to the Legislature for
the re-organization of this department and full
and sufficient reasons will
be given in support of our requests.
(c) Examinations—Purpose--Methods--Staff.
(a) Purpose of Bank Examinations: The purpose
of periodical inspection
of banking institutions by governmental authorities
may be briefly stated
as follows:
To Ascertain:
(1) The solvency of an institution; the character,
liquidity and value of
its assets; the extent of its actual and
contingent liabilities; whether the
proper provision has been made for bad and
doubtful items and whether the
condition of the institution is correctly shown by
its books and published
reports.
(2) Whether the business is conducted in
accordance with the provisions
of the law.
(3) The character and competency of the
management and also whether
tendencies and policies in its loan and other
operations are safe and sound.
An inspection of a bank should be not simply
a checking and reconcilement of book accounts but should include an
independent appraisal of all
loans, advances, investments and other
assets; a determination of liabilities
both actual and contingent, and a thorough
investigation of the affairs
of the bank so that its actual position may be determined.
During the past few years, there has been a
marked change in the operations and methods of banking institutions. The
tendency is toward larger
banks with branches rather than the maintenance of
smaller banking units.
Institutions have taken on many new functions
through affiliated holding
companies. There have been numerous consolidation
s in order to place
institutions in a position to better take care of the
needs of their customers.
The larger banks now are self-contained units covering all branches of
deposit, trust and investment banking.
(b) Examination Methods: The methods of the banking department have
not kept pace with the chnaging conditions and there is a strong need for a
complete revision of the present methods which have been used by the
department during the past few years. Specialists are needed to cover
foreign exchange, trusts and credits. It is difficult to attract men with
this experience so that we may be faced with the necessity, therefore, of
training the men we have. This will take time but we are confident that
it can be done if necessary.
Suggestions are being received from banks, accounting firms specializing
in bank work and more important from the examiners on our present staff.
A committee has been at work since Apr. 24 and as a result of their work,
71
many valuable suggestions have been received which will be adopted by the
department.
gli
Since Apr. 22, it has been the practice of this department to consider as
under continuous examination, institutions which are subject to material
criticism. In such instances, these institutions are placed on a special list
calling for several examinations a year until such time as the condition is
satisfactory to this department. In these cases, it is the duty of the
examiner to thoroughly discuss all matters effecting the institution with
the board of directors of the respective institutions.
Responsibility of Directors.
When a director is elected, he gives to the State his sworn word that he
will diligently and honestly administer the affairs of the institution. In
the opinion of this department, this means an active participation in the
affairs of the institution and not the delegation of full powers to others.
We intend to bring the responsibility home to the directors. We are
willing to assist directors to direct but are determined to insist that the
directors shall understand their duties and live up to them.
The records of this department clearly show that where an unsatisfactory
condition has developed in an institution in the past, it has been due primarily to the failure of directors to properly perform their duties. To the
credit of the State Banking system, however, it may be said that for over a
decade, the instances where the directors have failed to fulfill the trust
Placed with them have been rare.
Credit Bureau.
It is the intention to re-establish the Credit Bureau with all of its old
time vigor. This bureau was originally started in 1911 and was intended
as an aid to the examiners in their work. The principal purpose was to
follow the loan lines in different institutions; to check slow and doubtful
assets between examinations; to follow the changes and to press until
corrected the matters criticised as a result of such examinations; also to
place under the direction of this bureau such special examinations as might
be necessary.
If this bureau had been functioning during the past three years, the
conditions as disclosed in the City Trust Company could not have gained
headway.
The activities of this bureau were discontinued some years ago due to the
pressure of work on the examining staff. The functioning of a bureau of
this type is absolutely essential for properly conducting the examination
work of this department.
Investigation Bureau.
It is planned to establish at an early date, a special investigation division
for the purpose of handling investigations in connection with the applications for charters for new banking institutions and branches; investigation
of capital payments and increases in capital; and special matters and complaints. This work is now divided over several divisions of the department
and it is believed that the centralization will result in greater efficiency in
the matters referred to above.
With respect to the Credit and Investigation Bureaus, the expense will
be small in comparison with the benefits to be derived. It is planned to
have both divisions well equipped but the work can be handled by one
examiner with requisite clerical assistance.
Holding Companies.
There are many security companies now affiliated with the banking
institutions. Wherever it is found that there is a close business relationship between banks under our supervision and such security companies, and
where the ownership is practically identical, it is now the practice of the
department to examine such holding companies at the time of the examination of the institution with which they are affiliated.
Unless, however, our force is increased it will not be possible for us to
make any fixed or general rule with respect to such examinations.
(c) Examining Staff.
Present Force: There are 86 examiners employed at present, all of whom
were appointed from the Civil Service list. There are no exempt examiners positions. The Superintendent is not permitted to appoint anyone
as an examiner except from the Civil Service list.
Of the present force, twenty-five (25) men are assigned to examination
work in upstate districts; forty-one (41) are engaged in similar work in the
Metropolitan district; three (3), that is, the Chief Examiner and two
examiners work principally at the New York office; three (3) are stationed
at Albany; eight (8) are temporarily in charge of the liquidation work at the
offices of the City Trust Company;and six (6) are assisting the writer in his
investigations of the affairs of the City Trust Company and of other Phases
of the past activities of this department. Of the fourteen menet present
employed in special work, it is hoped that within a short time, at least
nine will be released for regular duties.
All branch offices must be examined simultaneously with the main office
of an institution. In a number of banks and trust companies, an examination requires our entire staff of 86 examiners.
The examiners of this department as a whole are men of integrity, experienced, efficient and having a full sense of public duty. The pay which they
receive is greatly out of proportion to the responsibility of their positions.
The backbone of the department is really a number of men who, because
of their interest in their work, have remained with the department despite
opportunities for better positions. Such men have not been properly encouraged and it is the intention of the writer to see (as I am sure it is the
desire of all banking institutions) that such men shall receive at least fair
compensation for the work they are doing. •
Due to the low pay, it is difficult to attract older, experienced men for
this work and it has therefore been necessary for us to take the younger
men anddevelop them. As we have stated before,it is not possible for us to
employ any but those certified by the Civil Service Commission; nor is it
possible to pay salaries except within the appropriations made by the State
Legislature.
The statements made in the second previous paragraph do not refer
however to all of the examiners. Some whose failure to properly appraise
assets of the City Trust Company have brought discredit to the department
and to the examining staff. Regardless of what their reasons may be for
such derelictions, it is not the intention of the department to continue such
men on its staff. No changes, however, have been made to date and none
will be made until the investigations are completed; but such men are not
entrusted at present with independent examination work.
Since April 22, no appointments or reappointments have been made
in
the examining force, the officials of the department
or in the clerical staff.
Changes Since April 22, 1929.
(1) Morale of the Department: For a period of practically eighteen
years, this department and its examining staff enjoyed
a country wide
prestige for efficiency and integrity. A connection with the department
was a matter of pride to everyone engaged in its work. The criticism
arising out of the failure of the City Trust Company has had a marked
effect on the spirit of the examining staff. The writer is very happy
to
report that the morale of the department is being re-establsihed. There
72
FINANCIAL CHRONICLE
Is a complete understanding between the examiners and the officials of this
department.
The examiners are assuming greater responsibility than in the past; they
are now reporting their recommendations as well as their criticisms; and
meeting with the directors of institutions when it is found necessary to have
matters of serious nature corrected, if it be possible, before completing the
examination. The examiners know too that the Superintendent will
stand behind them when their criticisms are well grounded.
(2) Correction of Unsatisfactory Conditions: The department does not
believe in temporizing. A firm attitude is being taken. We are Insisting
on a prompt correction of matters properly criticised and the elimination
of unsafe and unsound prattices and tendencies.
The attitude of the department is one of helpful cooperation. We do
not intend to be paternal nor to inform the banks what their policies should
be nor how to run their business. But we are determined that the law
shall be obeyed, that the directors shall assume their full responsibilities,
that the active managing officials shall be competent, and the rights of
depositors and stockholders shall be properly safeguarded.
(3):Method of Handling Applicationsfor Branches and Bank Charters: For
some time prior to April 22, it had been the practice of the department to
consider applications for new branches and charters informally. An
investigation was made and if satisfactory to the Superintendent, informal
approval was given prior to the filing of formal papers. This system had
Its advantages but in the opinion of the writer, it was not the method contemplated by the law.
Shortly after April 22 1929, the method was changed because the writer
felt that In addition to the foregoing reason, opportunity should be given
to the public to file protests before approval be given In any form, and
in addition, there should be a public record of approvals and refusals of
applications.
Prior to April 22, informal approval had been given by my predecessor
to a number of bank applications. In some instances, these applications
are still pending, the formal legal steps not having been taken not completed.
It had been throught that the change in method of handling applications
could be accomplished gradually but in view of numerous applications
received, the writer considered it advisable to publish on the Weekly
Bulletin of May 17 1929, a statement with respect to the procedure to
be followed by applicants for new branches or charters, which read as
follows:
II In future, no applications for chapters for new institutions to be organized
under the provisions of any article of the Banking Law will be given consideration until the formal papers required by statute have been actually
flied.
All branch applications will be treated as formal and will, in accordance
with the provisions of Subdivision 9 of Section 82 of the Banking Law,
appear upon the Weekly Bulletin issued by the Department upon the
Friday immediately succeeding the date upon which such applications are
filed.
Investigation of Applications.
Section 23 of the Banking Law reads:
!After the organization certificate has been filed, the Superintendent is
required to make such investigation as he may deem necessary to ascertain
whether the character, responsibility and general fitness of the person
named in such certificate are such as to command confidence and warrant
belief that the business of the proposed corporation, etc., will be honestly
and efficiently conducted in accordance with the intent and purpose of
the law and whether public convenience and advantage will be promoted by
allowing such corporation, etc. to engage or continuo in business.
The writer believes that the burden of proving the merit and necessity
of a proposed institution is placed on the applicants. With this in view,
such applicants are required to file full detailed information as to their
purpose and plans. The organization certificate must be signed by all
of the proposed incorporators; each incorporator over his own signature is
required to give information regarding his business, net worth, at least two
banking references and information as to his previous experience as a
director of a financial institution.
An independent investigation is- made by this department to ascertain
"whether public convenience and advantage will be promoted by allowing
the applicants to engage in business:" the rights of other existing institutions are considered in this investigation; and the references of the proposed
Incorporators are thoroughly checked.
If such investigation proves satisfactory and there appears to be need
for a new institution, a conference is held by the Superintendent with the
proposed directors. At this time, the following information is requested.
The name of the practical bank man or men who will be in charge of the
operations ef the new institution: a statement of the price at which the
new stock will be sold and to whom;and the proposed directors are required
to fill a budget of organization expenses to include all expenditures in connection therewith.
If this proves satisfactory and before an authorization certificate is
Issued, the department investigates the payment of capital stock to ensure
that it is actually paid in, in cash from proceeds of stock subscriptions,
and not bank loans. It is required that all stock be distributed at the
price stated in the statements previously filed. The department will
examine the books and accounts of the organization committee to determine
all expenses.
The writer has not given and will not give any expression of opinion,
Informal or formal approval either expressed or implied, until after the
investigations have been completed.
The tremendous advance in the market quotations of bank stocks during
the past year seems to be the primary reason for the numerous applications
for new bank charters during the past several months. The desire of the
incorporators to promote public convenience and advantage seems to be
but a secondary reason for many such applications. Few among the
applicants have had previous experience either as bank officers or directors.
They do not realize that it is difficult for even existing institutions to be
fully equipped with qualified official and clerical staffs. The expense of
properly conducting a bank is tremendous and new institutions start with
heavy overhead expenses.
In reviewing the New York City banking institutions chartered during
the past three years, it has been interesting to note that the actual earnings
of but few of such institutions have justified the expectations of the organizers. It has been difficult for many such institutions to compete Profitably with the larger and better managed institutions. Quite a number
have consolidated with other banks.
Even with full knowledge of these facts, applicants arenot discouraged.
However, this Department has no Intention of granting favors and intends,
In passing upon applications, to be guided solely by what we consider will
best suit public convenience and advantage.
The writer intends at a later time to discuss, probably in the annual
report, the changing tendencies in banking; the development of branch
banking, its advantages and defects; also the indirect extension of intercity branch banking through bank stock ownership by Investment Companies.
To my mind, what the depositing public requires is sound well managed
banks; and their interest in the corporate form of such institutions is secon-
[VOL. 129.
dary. "Safety First"—is a good slogan for depositors and "Safety for the
Depositors First" a slogan for the Banking Institutions.
(4) Savings Bank Buildings: During the first week of the present administration, it appeared to be the rule of the department to require that
all plans and contracts for the erection or remodelling of bank buildings,
Particularly savings bank buildings, be submitted to the department for
approval. This procedure was changed during the week of April 22.
The matter of the erection and remodelling of savings bank buildings
the writer considers one solely within the province and judgment of the
savings bank trustees except where the proposed expenditures are in excess
of 25% of the existing surplus of such savings bank. In such instances, the
law requires that the amount so expended shall be subject to the approval
of this department.
The department is not competent to pass on technical plans; its interest
is to ensure that the savings bank is not investing too large a portion of ita
surplus fund without good reason and necessity. In such instances, plans
will be investigated and the department will be sure that the savings banks
will have good reason for the selection of its architect and if possible will
insist on competition, and that there is open and fair competition in the
awarding of building and vault contracts.
An investigation is being made with respect to the departmental method
of passing on plans and specifications, the result of which will be made the
subject of a later report.
(5) The City Trust Co. Situation: At the date of this report, the prospects
of the depositors of the City Trust Co. receiving full payments of their
deposits are bright. For reasons which I am not in a position to explain
here, the proposed contract between the Mutual Trust Co. and the Banking
Department covering the transfer of the City Trust Co. assets and the
assumption of the liabilities, has not yet been signed. It is hoped that
within the next two weeks the contract will be taken over and signed by
another banking institution with which the Mutual Trust Co. will merge.
This department has since Apr. 22 been engaged in investigating every
phase of the situation respecting the City Trust Co. failure, from the point
of view of the Banking Department. Spacial examiners not previously
engaged in any examination of the City Trust Co. are working under my
direction, ascertaining conditions, tracing funds and investigating criminal
violations and actions.
We have co-operated closely with the Moreland Commissioner Mr.
Robert Moses and Messrs. Banton and Dodd, District Attorneys of New
York and Kings Counties respectively.
It is the duty of the Banking Department to report to the District Attorney. all criminal acts or violations which come to the attention of the
officers or examiners. There Is no option in the matter. By agreement,
all information and documents found In our investigation indicating criminal
acts, have been turned over to Mr. Moses, as well as documents relating
to cfficers and examiners of the Banking Department and to other matters.
Until such time as Mr. Moses has completed his investigation and filed
his report, no report relative to the City Trust Company situation will be
Mr.
made by me. My investigation will supplement the one made by
Moses and will cover every branch not included in the scope of his inquiry.
It will be continued until every phase of the situation is covered. I pledge
othermyself to see that every apparent violation of the law, criminal or
wise by anyone, will be brought to the attention of the proper prosecuting
authorities.
Comment.
briefly
The intention in filing this preliminary report is to inform you
the work
of the progress made since Apr. 22, particularly with reference to
of the Banking Department.
When my investigations have been completed a full and detailed report
will be flied relative to the City Trust Co. At that time, recommendations
will be made as to suggested changes in the law, if as a result of such investigations, changes are deemed necessary or desirable.
Respectfully submitted,
JOSEPH A. BRODERICK,
Superintendent of Banks,
Yield from Personal Income Tax in New York in 1929
feCr
- - 0—1
i817000706— mTI Distribution to County Treas-urers.
New York State Commissioner of Taxation and Finance,
.
5
Thomas M. Lynch, announced at Albany on June 2- the
distribution on July 1st $40,500,000 of personal income tax
moneys co=by the State in 1929, a new high record, the
00,000771alf is retained by
total collection aggregatinUTF- the State and half apportio=nTl= of assessed valuaft trei distribu- 7
ireasurers for 7
e variii County l
tion
tion on the same basis to the cities, towns and villages. The
Commissioner's announcement says:
As in previous years the largest total increase was distributed in the 5
countries comprising the Countries of New York. Westchester, Nassau and
Onondaga, the increase in Onondaga being confined largely to the City of
Syracuse. The Increase for the Greater City of New York amounts to
approximately $8,500.000, and the increase in Westchester County where
assessed valuations of real property are steadily rising, will be in excess of
$550,000. This sum,the greatest ever to be distributed in the history of the
State, is $10,000,000 more than the money distributed last year, when
an amount In excess of $30,000,000 was spread among the Counties. This
sum of $40,000,000, which is only one-half of the income tax collections for
this year, is now $3,000,000 above the grand total collected 10 years ago.
"The great increase in income tax collections is something
that no person could forecast, "said Commissioner Lynch
in giving out the statement. "The vast amounts of money
made in the sale and exchange of stocks during the past year
or more is reflected in these figures and perhaps gives some
idea of the money that must have been made."With about
110,000 fewer persons making income tax returns and with
the remaining 400,000 or more residents orthe State who did
make returns paying lower incometaxes because of the
reduction given by the Governor and the Legislature, the
total of the income taxes jumped up nearly $20,000,000."
It is stated that the total assessed valuation of real property
stated is revealed at $26,716,193,116, which figures a rate of
$1.51 per each $1,000 of assessed valuation calculated for the
total in the income tax district. It is further stated.
JULY 6 1929.1
FINANCIAL CHRONICLE
Because of the increased rate in the distribution, every
city, town and
village in the State will receive more State money from this
source than ever
before and probably a greater amount than was estimat
ed in the various
municipal budgets. This year's figures represent an
increase of $1.000,000.000 above last year and it is interesting to note that in 1892
the total assessed
valuation of the real property in this State was slightly
over $3,600.000,000.
The following statistics are made available by the
Commissioner:
The following table contains the largest amounts
New York City
Albany County
Broome County
Erie County
Monroe County
Onondaga County
Oneida County
Schenectady County
Westchester County
73
charged with violation of the banking law, Section 190,
which coacerns
illegal loans.
The Jalna was a dummy corporation headed by a
fourteen-dollar-aweek clerk in Siegeltuch's office. It borrowed $375,00
0 from the City
Trust Company on a fifth mortgage on the 15 Park
Row Building. This
constituted a violation of law in that the loan was
in excess of 10% of
the capitol stock and surplus of the bank and also
because the prior mortgages on the building exceeded the percentage allowed
by law—exceeded,
in fact, the capital stock and surplus of the bank.
of increased valuations:
In an item in our issue of June 29( page 4258) allegat
ions
1927
1928 Increase
Valuation.
in Valuaiton. made by Mrs. Farrar! as to demands for money by former
$16.765,104,769
$1,285,140,116 Superintende
nt of Banks Frank H. Warder and Edward
280,121,734
24,315,868
181,780,769
4,621,513 Glynn, nephew of former Govern
or Smith, were noted;
1,340,558,445
28,319,624
754,971,754
11,243,281 further allegations were made on June 29 by Bernar
d Plias371,067,433
55,814,833
216,005,560
5,525,578 nick, attorney for the late F. M. Ferrari; this testimony
233,372,408
4,902,241 and a denial by
the firm of Curtin & Glynn, of the charges,
1,317,732,253
181,762.820
Total
51,611,645,874
The distribution follows:
County—
1928.
1929.
County—
1928.
1929.
$
Bronx
2,282,603.01 3,137,653.76 Montgomery
65,224.58
79,876.15
Kings
5,262,735.82 6,769,148.32 Nassau
412,337.34 1,217,533.92
New York_10,475,653.93 13,699,332.70 Niagara
313,868.07
$87,116.55
Queens
2,431,377.31 3,264,921.57 Oneida
268,378.19
335,826.70
Richmond_ - 377,596.00
491,933.36 Onondaga _
461,036.31
647,125.57
Total City of
Ontario.
85,996.22
114,066.31
New York20,829,966.07 27,362,989.71 Orange _ _ _
204,443.94
257,275.39
Albany ___ - 348,039.95
461,507.48 Orleans_
41,562.03
51,937.42
Allegany__ 63,727.59
82,061.73 Oswego-- _ 69,352.02
88,328.30
Broome_ - _ - 225,855.27
282,573.66 Otsego
51,177.17
77,629.78
Cattaraugu s
74,862.11
92,788.23 Putnam_
29,445.98
37,200.65
Cayuga_
100,349.18
124,149.77 Rensselaer
132,979.47
17.1,806.13
Chautauqu a 171,283.78
213,574.70 Rockland._ _
62,283.24
77,876.75
Chemung__ 80,251.08
102,585.51 St. Lawrence
83,562.97
106,107.40
Chenango. 30,652.53
44,305.40 Saratoga - —
90,929.93
114,743.02
Clinton_ 20,229.94
24,678.79 Schenectady 289,955.80
361,208.77
Columbia _
45,679.65
56,502.21 Schoharie. _
24,483.60
28,537.12
Cortland__ _
31,466.56
38,779.45 Schuyler- - 16,026.67
20,220.29
Delaware _ _
50,122.69
60,925.96 Seneca
29,505.92
37,037.20
Dutchess_ .._ 134,218.14
167,005.33 Steuben
73,098.41
90,746.93
Erie
1,665,589.77 2,090,288.89 Suffolk
265,128.05
337,797.53
Essex
31,956.33
39,467.15 Sullivan_ _ _ _
35,438.83
Franklin
39.850.41
42,111.38
52,109.97 Tina
38,604.03
47.747.90
Fulton
48,974.39
60,182.46 Tompkins_
63,733.50
84,352.98
Genesee- 65,476.3181,581.93 Ulster_
65,171.77
Greene
81,323.90
23,846.03
29,689.34 Warren- _..
60,234.15
Hamilton
76,806.12
13,262.21
18,865.99 Washington.
36,128.16
Herkimer
44,132.90
98,543.75
121,317.42 Wayne
62,016.88
Jefferson.... 117,296.85
76,422.30
146,766.06 Westchester. 1,637,229.14 2,273,136.38
Lewis
26,152.76
32,676.58 Wyoming __
36,816.00
45,125.81
Livingston.._
52,640.10
64,987.39 Yates
19,730.12
Madison - 24,404.08
43,545.15
54,821.39
Monroe_ _ . 938,021.94 1,161,53
1.84
Total..._30,500,000.00 40,500.000.00
are contained in the following from the "Times" of June
30:
"Nobody could get anything from the Banking Departm
ent unless the
Glynns did it or the Curtin & Glynn firm," Bernard Fliashni
ck, attorney
for the late Francesco M. Ferrari testified at the Morelan
d inquiry into
the Banking Department in relation to the City Trust failure.
Although
the last public hearing of the investigation by Commissioner
Robert Moses
ended on Friday afternoon, after Mr. Fliashnick had
failed to obey a subpoena, his testimony taken in the private examination
was made public
yesterday.
He also told of Ferrari's complaints that former Bank
Superintendent
Frank H. Warder and Edward F. Glynn, former Governo
r Smith's nephew,
were "bleeding me white." Edward Glynn has denied
that he received any
money other than for legal fees, and the law firm of Curtin
& Glynn issued
a denial yesterday of Mr. Fliashnick's testimony.
Calls Ferrari "Opportunist."
Mr. Fliashnick said that Ferrari was an "opportunist"
and that he
employed Glynn because of that. Fliashnick told of being
in Ferrari's
office at the Federal Securities Corporation, 15 Park Row,
about six months
before the banker's death, when Ferrari turned from a
telephone conversation with Edward Glynn and remarked:
"He bleeds me white."
"I know Eddie Glynn represented him in matters pertaini
ng to the
business of the Banking Department," Fliashnick continue
d, "and I felt
he probably was going to the right man. He was
an opportunist. He
probably went to those people where he could get the
best service. I surmised Ferrari was paying him money."
"Did you ever have any talks with Ferrari about
Warder?"
"Well, he would say he was being bled, bled white."
"By whom?"
"Glynn and Warder."
Mr. Fliashnick, who is counsel to Mrs. Ferrari and
all of those arrested
City Trust Investigation—F. F.
Ferrari Brother of in the bank scandal except Mr. Warder, was asked if he had sent Aathony
Late President Arrested—Judge
Di Paola, the bank's cashier, to Edward Glynn about
the time the MoreMancuso Defends land Commiss
ion was appointed. Mr. Fliashni
Position in Trust Company—Other
Developments. tions along this line on the ground that they ck refused to answer queswere privileged as between
attorney and client.
State authorities delvin
g into the failure of the City Trust
Company of New York counted their sixth
Queried About "Higher-ups."
criminal prosecuThen Mr. Fliashniok
tion in the arrest on July 2 of Freder
ic° Ferrari, brother of men that the Moreland was asked about a statement he made to newspaper
Commission should go after the "higher-ups" and
the late Francesco M. Ferrari, the
City Trust Bank Presi- not confine themselves to his clients, who he oharacterized as the "little
dent whose manipulation of its funds
fellows." Fliashnick admitted making the statemen
is said to have resulted
t, but said he had
no evidence.
in the crash on February 11 last.
The foregoing is from
"Whom do you think we should go after and on
what grounds?"
the "Herald Tribune" of July 3, which
"I have no grounds, but if you want my opinion, off the
said:
record"—
Frederico, who was a Director of the
sent in conjunction with his brother institution, was charged with having
on January 8 to the State Banking a false report of the bank's condition
Department. He was arraigned before
Justice James C. Oropsey, sitting as a
committing magistrate, at 300 Millberry Street, who held him under $3,500
bail, which was furnished. The
offense is a misdemeanor.
The Commissioner wanted his opinion on the record,
and Fliashnick reluctantly continued:
"It's only hearsay. I think you should go after
the Glynns and the
Curtin and Glynns. It was common knowledge
that nobody could get anything from the Banking Department unless the
Glynns did it or the Curtin
& Glynn firm."
Isidore Siegeltuch, an attorney, of the firm
Denial by Law Firm.
of Siegeltuch,
Butler & Kraft, 345 Madison Avenue
The following statement was issued by the Curtin
, whose office clerks
& Glynn firtn:
were the officers of the Jalna
'Our
Realty Corporation, was the firm attention has been called to the statement of Mr. Fliashnick in reference to
of Curtin Sr Glynn. This statement Is absolutely and
arrested on July 1 (we quote from the
unqualifiedly
the records
"Times") and held statemen of the Banking Department, which are public records, will show.false, as
Similar
ts have been made before and their untruth demonstr
on a charge of violating the State Banki
ated."
ng Law in
connection with the $375,000 loan made to
In its issue of June 29, regarding the testim
the Jalna Corporation
ony the preby the City Trust Company. Siegel
vious day the "Times" said:
tuch was a Director of
the bank. Anthony Di Paola, former
Cashier and TreasGlynn Denies Hounding Ferrari.
urer of the City Trust Company, was
Edward F. Glynn denied that he had ever received
held on the same
money from Fercharge, a misdemeanor, said the "Times"
rari other
which went on to money as than for legal services or that he had ever "hounded" him for
the widow had
say:
The complaints against the white-haired lawyer
and the youthful bank
officer were made by Moreland Commissioner
Robert Moses, who has just
closed an investigation of the Banking Departm
ent in relation to the City
Trust failure. Supreme Court Justice James
C. Cropsey, sitting as a
committing magistrate at 300 Mulberry Street,
before whom the complaints
were arraigned, held Siegeltuch in $2,000 bail
for a hearing next Monday
and continued Di Paola's bail of $24,500, posted
for other charges, for a
hearing on the same date.
Trouble Over Bond.
Di Paola had already been arrested on two felony
and three misdemeanor
charges, two of which were subsequently dismisse
d. Justice Cropsey had
intimated that he would hold Di Paola for the
Grand Jury on the thirddegree forgery charges, but first wished to inquire into
the sufficiency of
the bail bond posted by the Capital City Security
Company. When Di
Paola appeared yesterday his attorney, Bernard Fliashni
ck,
Cropsey that the bonding company officials had sent word told Justice
that they did
not wish to rewrite the bond and appear for examination
because of the
unfavorable publieity, "although we have paid our fee
of $750,"
"That's the first time I ever heard of a bonding company
bothered by
publicity," Justice Cropsey commented as he continue
d the hearing until
next week.
Meanwhile Mr. Siegeltuch, with his law partner, Myron
Butler, was
pacing up and down the corridors and insisting that he
wsa not worried
by the possibility of a complaint being lodged against
him. When Di
Paola retired Justice Cropsey called for Mr. Siegeltuch, and
then to Di
Paola's evident surprise called him back. He told them
that they were
testified. He was permitted to read a long
statement into the record.
Mr. Moses remarked after he had
finished:
"I have no comment to make. I
don't care very much for the statement that he has been patient in
his attitude toward this investigation
and I want that noted on the
record."
From the "Times" of June 29 we
also take
the following:
Judge Francis X. Mancuso, at the
last
Commission investigation of the Banking public hearing of the Moreland
Department in relation to the
City Trust failure at 302 Broadwa
y
propriety of his position as Chairma yesterday, was asked to justify the
n of the board of directors of the City
Trust, while on the bench. Ile
replied that the position was honorary
and that many precedents existed
for it.
Besides Judge Mancuso two Tamman
y district leaders were question
about their connections with the
ed
bank and with the late Francesco
Ferrari, its president, and Edward
M.
F. Glynn, nephew of former
Governor
Smith, was called to reply to
the testimony of Ferrari's widow
that he
had hounded her husband for money.
Drop Two Charges Against Di
Paola.
Anthony Di Paola, Cashier and
Treasurer of the bank, was arraigned at
300 Mulberry Street before Justice
James C. Cropsey sitting as a committing magistrate on three misdeme
anor and two felony charges. Two
of the misdemeanor charges were
dismissed on motion of his attorney,
Bernard Fliashnick, and he was
held for Special Sessions on the third.
All set forth that he had violated
the banking law by lending money to
Fortune Gallo for purchase of the
bank's own stock. Justice Cropeey
held that the bank had advanced the
money, but that it did not constitute
a loan in the legal sense. Hearing
on the felony charges, third degree
•
74
FINANCIAL CHRONICLE
[Vor.. 129.
a branch bank
ment." He was told that plans were being made to open
the permission.
at 15 Park Row and that it would cost $100,000 to get
Gennaro Dell'Osso told him that, Mecca said.
tell of buying
Six brokers appeared on the stand in rapid succession to
which is
City Trust and Harlem Bank of Commerce stock for the bank,
Gera violation of the banking law for a bank to trade in its own stock.
had
ald A. Dorman, a bank examiner, testified that the total purchases
to 1928.
been 1,468 shares at an average of $340 a share during 1927
on the books of the bank
Erasmo Berriebei and Dominick Gentile, both
enteras large borrowers, gave details of their transactions and a "joint
for
prise" with Ferrari. They denied that they had given authorization
transfers of large sums from their accounts to that of Di Paola.
SuperA registration in the handwriting of Frank II. Warder, former
intendent of Banks, at the Ambassador Hotel, Atlantic City, was offered
the
in evidence with the duplicate bill, both bearing the notation that
bill was to be sent to F. M. Ferrari at the "Harlem," Bank of Commerce, New York City. The bill was for $59.20.
A deposition of Representative FioreIla LaGuardia who served one
was
month as attorney for Ferrari when the bank was first organized,
he
read. It was taken at Hot Springs, Ark. Mr. LaGuardia said that
got out of the Ferrari enterprise after he saw the way the directors'
meetings were conducted.
"Aside from Mancuso," he said, "I could not understand how the Banking Department approved the Board of Directors. None had had any
paid the money to the judge.
of banking experience."
Judge Mancuso was then asked to explain his position as a director
Mr. Moses has been taking notes for his report as the hearings prothe bank and his actions while a director.
Governor by July
"Judge, as a director, do you think this was consistent with your posi- gressed and he hopes to have his report ready for the
8, it was announced after the hearing adjourned. A few loose ends may
tion and proper prestige as a judge?"
no more pub"It was more of an honorary position," the judge replied, "particularly be disposed of in the private hearings, but there will be
as Ferrari said he wanted a bank where community interests prevailed." lic hearings.
He said there were many precedents for his action in becoming a bank
In addition to our item on page 4258 regarding the investidirector while on the bench.
into the Banking Department and the affairs of the
Judge Mancuso was pressed on the point that his position was honorary gation
and he was asked to explain what he had done to act independently of City Trust, reference thereto appeared in our issue of June
Ferrari to protect the interests of the stockholders.
22, page 4095.
"Can you point to a single decision of the board of directors that was
due to your voice?"
He started to explain in detail what he considered actions initiated and
House of Clarke Brothers of New York
carried through by him when Mr. Moses interrupted and said that he Private Banking
In Receivers' Hands.
wanted "no more generalizations."
Questioned about the sale of the bank building to the City Trust ComUnable to meet the demands of its creditors, the private
Corp. at $345,000 when the city assessment
pany by the Ferrari Realty
was only $130,000, Judge Mancuso said that the matter had been dis- banking house of Clarke Brothers, at 154 Nassau Street,
cussed by the directors and referred to a special committee. Mr Moses this city, (founded in 1843) applied on June 29 to the
called attention to the discrepancy between this testimony and that which
Federal Court for the appointment of a receiver, and
he bad given previously, that he knew nothing about the sale of the
building by Ferrari to Ferrari's own bank.
Federal Judge Frank J. Coleman named as Receiver on
Documentary evidence of a stock trading account in the Federal Seday of the Irving Trust Company of this city. A
curities Corp., another Ferrari concern, was presented in the name of P. that
notice on the doors of the firm on June 29 read:
Mancuso.
of
"That account was in the name of your father, but in reality it was your
Being unable to meet the demands for withdrawals on the part
aecount, was it not?"
our creditors and desiring to prevent preference, we deemed it neces"Yee."
sary for the protection of our creditors to apply to the Federal court
affairs.
"How much did you know about the Federal Securities Corp.?"
for the appointment of a receiver to take charge of our
An orderly liquidation of our asssets should produce an amount
"Very little."
will bend every
"Did you know that the City Trust loaned money on the stock of the sufficient to pay all our creditors in full and we
effort to promptly effect a satisfactory reorganization of our business
Federal Securities Corp.?"
in full.
with a view to paying each and every one of our creditors
"No, I did not."
"Well, I guess that will be about all for you, judge," said Mr. Moses.
Gerald A. O'Reilly, Vice-President of the Irving Trust
The testimony of Michael F. Laura, Deputy Street Cleaning Commisclosed in somewhat similar
Company, in taking charge of the affairs of Clarke
sioner and a Tammany leader in Brooklyn, was
fashion at the morning session when Laura was asked if he had investiBrothers, issued a statement as follows:
has been doing
gated the Federal Securities Co. after he had agreed to buy stock in it
"Clarke Brothers, a private banking house which
money in new
for more than $16,000.
business for more than eighty years, has been lending
"No, they told me it was a holding corporation for the City Trust Co.
share of the
enterprises in which it is understood they received a
I didn't bother to find out."
profits. Therefore loans are consequently slow.
is approxi"According to incomplete reports, the depositors' fund
Mortgage Considered a Gift.
indebtedness
mately $5,000,000, and there is thought to be an additional
"Maybe somebody will bother for you, Mr. Laura," said Mr. Moses. of about $500,000. In the application for the receivership the assets
Laura had testified that Ferrari gave him a loan of $24,000 for his were stated to be approximately $5,000,000 if liquidated in the ordinary
Democratic club house on a second mortgage. The building, bought for course of business. The petition does not state the amount of
$53,500, already had a first mortgage of $27,500. Mr. Moses charac- liabilities."
terized the load as a political contribution and Laura agreed, saying:
According to the "Times" of June 30 State Superin"Yes, I considered it as such."
Nothing has been paid yet on the principal of either first or second
tendent of Banks Joseph A. Broderick said on June 29
mortgage.
that Clarke Brothers were not under the supervision • of
Laura said that Ferrari offered $6,000 a year to him to become a
his Department, nor under the supervision or jurisdiction
of the advisory board of the City Trust Co. Ile was to buy fifty
member
shares of Federal Securities Corp. stock at $365 and signed "five or six
of the National Banking Laws. The "Times" further
papers. I don't know what they were. Joseph Cohn brought them to me
stated:
and said just sign here on the dotted line, and I signed."
but a firm
He said, in effect, it was not a banking institution
"What were you to do to earn this $6,000?"
of the
engaged in financial business. He declared that Section 150
to get business men to make deposits."
"I was
Banking Law applied "only to those who take and credit interest
"Didn't it strike you as peculiar that you were to get all this money
that they
on deposits under $500 and who display signs indicating
and do no work?"
do a banking business."
in Brooklyn and the
"No, it was because of the host of friends I have
"I have no supervision over it, because the law is so arranged
good name I bear."
as to render the State Banking Department powerless in such a case,"
you don't think $6,000 a year would be given for just one repu"Well,
Mr. Broderick said. "Such is the case also with a number of other
table name, do you?"
downtown firms."
"I don't think it was enough," angrily replied Laura.
bank
On no part of the Clarke Brothers premises does the word
H. Warren Hubbard, another Tammany leader, explained that his stock
Only the sign "Clarke Brothers" is over the doors. In
box because tie had put it up as se- appear.
was found in Ferrari's safe deposit
Railsmaller letters appear on the windows the words "Public Utility,
curity for a $2,000 loan.
road, Industrial Securities, Government, State and Municipal Securi"Didn't you know that it was illegal for a bank to loan to a director?" ties."
firm
"I learned it was after the bank was closed, when I consulted my
It was recalled yesterday that about twenty-five years ago the
Clarke
lawyer."
was reorganized. At that time the firm was known as William
made large campaign contribupromptly.
Mr. Hubbard was asked if Ferrari ever
& Sons and there was some difficulty in meeting payments
full.
tions and he said:
Eventually, however, all the creditors received their money in
"I don't believe he ever gave me $200."
The following regarding the affairs of the firm is also
Mr. Hubbard's club, the Pocasset Democratic Club, got a $3,500 loan
only one
on a second mortgage, which he said had been reduced until
taken from the "Times" of June 30:
meet
more payment is due and that there is sufficient money on deposit to
Assets Put at $5,000,000.
that.
$5,000,According to the petition the assets of the firm amount to
Two Fail to Appear.
petition, which bore the signatures of James Rae Clarke,
testimony, Mr. Moses observed that Bernard Fliash- 000. The
After Mr. Hubbard's
F. Bouker, members
Ferrari, pre- Hudson Clarke, Jr., Philip L. Clarke and John
was said,
nick had agreed to have Gennaro Dell'Osso, brother of Mrs.
the firm, did not give the amount of liabilities. It
examination. Dell'Osso is a resident of New Jersey and has of
same amount as the
sent for
at all, however, that the liabilities are of about the
appear
evaded the jurisdiction of the commissioner. He did not
appear at 4 o'clock. assets.
typewritten notices
nor did Mr. Fliashnick, who was under subpoena to
Angry groups of men and women read the
for his failure to appear, but Mr. Moses
full," was the comHe can be punished for contempt
pasted on the windows. "They will never pay in
whether he would take that step.
as soon as the
would not say
ment frequently heard. Six policemen dispatched
Row building, told
difficulty in keeping
Vincenzo Mecca, who was foreman at the 15 Park
crowd in front of the Bank grew in size had
room "for a big man in the bank departof being instructed to prepare a
o'clock
forgery for falsification of the minute book, was adjourned until 10
Monday morning.
Commissioner
While Di Paola was awaiting arraignment, Moreland
CropRobert Moses filed another criminal information upon which Justice
the testisey will act on Mondey. Mr. Moses hurried away to return to
mony of Judge Mancuso.
found
Judge Mancuso's stock certificate of his ten qualifying shares was
name of
in a safe deposit box in the vaults of the bank, held under the
to the contents, saying
Frederico Ferrari, who has disclaimed any rights
only
that it belonged to his brother. Asked how it happened that the
his
stock he owned which would qualify him as a director was out of
possession, Judge Mancuso said that he had kept the stock in a safe deposit
keep it
box, but that when the rental period expired he asked Ferrari to
in the bank for him.
Ferrari Paid Mancuso's Hotel 13111.
hotel
He admitted that on visits to Atlantic City, Ferrari had paid his
bill, but said that bank questions had not been discussed while there.
ManWalter H. Pollak, counsel to Commissioner Moses, questioned Judge
Warren
cuso about his endorsement of checks for $2,000 and $2,500 to H.
Hubbard, Tammany leader, and Deputy Commissioner of Public Works.
Mr. Hubbard had previously explained that Judge Mancuso indorsed a
note for him and also its renewal at a $500 increase, but that Ferrari
JULY 6 1929.1
FINANCIAL CHRONICLE
the sidewalk clear. Many of the Bank's custome
rs
men and they called early in the morning to get are small business
cash to meet their
payrolls.
The Bank seemed to be deserted except for
could be seen through the glass in one of the one or two men who
rear
rapping on the door brought one of the persons rooms. Repeated
to the door. "I
am only a watchman here," he explained to
reporters.
75
Angeles; F. J. Belcher, Jr., President—First Nationa
l Trust & Savings
Bank, San Diego, Calif.
My very best regards.
Yours very truly.
A. J. MOUNT. President.
Joseph R. Kraus Elected President of Association of
Reserve City Bankers at Annual Meeting June 12.
Joseph R. Kraus was elected President of the Association
of Reserve City Bankers at the conclusion of the annual
meeting on June 12. Mr. Kraus is Vice-President and
Executive Manager of the Union Trust Co., Cleveland, 0.
C. A. Barr, Vice-President of the Continental Illinois Bank
& Trust Co., Chicago, was elected Vice-President of the
Association; Leslie A. Thornton, Vice-President of the
Bank of Commerce & Trust Co., Memphis, was appointed
Treasurer. The following were added to the board of directors: Guy Emerson, Vice-President of the Bankers
Trust Co., New York; Clark G. Mitchell, Vice-President of
the Denver National Bank; Fred F. Spellissy, Vice-President
and Cashier, Market St. National Bank, Philadelphia, and
H. Lane Young, Executive Vice-President, Citizens and
Southern National Bank, Atlanta. Memphis, Tenn., was
designated as the next meeting place. The Association of
Reserve City Bankers is composed to officials of banks in
Indicating that an inquiry had been
brought under way Reserve cities which actually carry the reserve accounts of
by Mr. Tuttle, the "Times" of July
other banks. Membership is limited to 400 active members
4 said:
United States Attorney Tuttle after
of whom not more than three can be elected from one bank.
Brothers, private banking house, said questioning members of Clarke
about the failure of that firm which yesterday he had information Discussions are centered about Reserve problems and inter"pass without a Governmental inquiry.convinced him it should not bank relations. The convention was held aboard
the S.S.
" He declared also that he
was convinced the concern always
"Noronie" on the Great Lakes, by invitation of the Detroit
had
supervision by the State Superintendent been "subject to a right of
of Banks.
members of the Association, who arranged all the details
Joseph A. Broderick, State
Superin
Department had a right of supervis tendent of Banks, dented his under the direction of Harry Covington, of the Nation
ion over the concern under Subal
division 3 of Section 150 of the
New York State Banking Laws. Bank of Commerce, General Chairman of the Committee.
He added that his Department
had
Says He Has $15,000 in 13ank.
One man who tried frantically to get into
men he had $15,000 on deposit and needed the bank told the policesome of his money immediately.
Inquiry is Asked.
A number of the depositors appeare
asked United States Attorney Tuttle d in the Federal Building and
to
the suspension and see if the bankrup make an investigation into
tcy laws had been violated.
Mr. Tuttle said he would designate one
of his assistants tomorrow
to make a thorough inquiry.
One of Mr. Tuttle's visitors told him
that on Friday he deposited
$500 so as to have money to meet his
payroll yesterday. It was
said that this man has a shoe repair
Another caller described himself as business on William Street.
Charles Halper, a salesman at
Astoria, L. I. He said he .recently
had deposited $1,800 with Clarke
Brothers. It was said that many deposite
d their money with Clarke
Brothers because they were assured
received at savings and other banks. a higher rate of interest than
William Clarke, who founded the firm,
died three years ago. He
left the concern to his three younger
brothers. Recently John F.
Bouker was added as a partner.
The institution for many years
newspaper men and city employes. was a depository for downtown
For many years it was located
in the newspaper centre. The
Clarke family controlled the policies
of the institution.
no power to investigate the
accounts of private banking houses
to ascertain whether the banking
laws were being violated. Mr.
Broderick said the Department had
attempted to examine the
Clarke Brothers' concern in 1923 and
permission had been refused by
its members.
He intimated that if Mr.
Tuttle's investigation revealed information
that the State banking laws
had been violated he would co-operate with
the United States Attorney in
D. S. McCormack, head ofinitiating action against the firm.
Irving Trust Company, receiver the receivership department of the
for Clarke Brothers, Intimated the
possibility of a reorganization
he had talked with the four of the firm with new capital. He said
members of the firm, James Rae Clarke,
Philip L. Clarke, Hudson
Clarke Jr. and J. F. Bouker, and that
although no definite reorgani
ation plan had been outlined, they had
expressed confidence in their
Mr. Tuttle, in support of his ability to obtain new capital.
statement that the State Superintendent
had the right of supervis
ion over
continuously received deposits in Clarke Brothers, said the firm had
such sums that the average of the
separate deposits so received
had been less than $500. He during the twelve successive months
quoted an opinion rendered by former
State Attorney General Carl
Sherman in 1923 that a private banker
so receiving such deposits
was under the supervision of and subject
to inspection by the State Superin
Mr. Tuttle said he had been tendent of Banks.
refused about ten years ago to informed that Clarke Brothers had
to inspect their affairs, believingpermit the State Banking Department
they were exempt from 0UM supervision.
"In view of certain federal
jurisdiction," Mr. Tuttle conclud statutes as to which this office has
ed,
of complaints made by deposito "and in view of the large number
rs to this office, it is my duty to
make a thorough and searching
investigation. For this purpose and at
my request the Department of
Justice has furnished a number of
expert accountants who will begin
records and make a preliminary at once a survey of the books and
report to me early next week.
"My examination of the member
s of the firm has furnished me
with important information as
to the causes of the failure, but until
the report of the account
ants I do not feel that any discussion
by
me of the affairs of the firm
would be appropriate."
F. C. Mortimer of Los Angeles Asked
to Accept Chairmanship of Economic Council of
California Bankers' Association.
A letter as follows, has been addressed to
Frank C. Mortimet, of the Citizens' National Trust & Saving
s Bank of Los
Angeles by A.J. Mount,President of the
California Bankers'
Association:
San Francisco, Calif., June 17
1929.
Mr. F. C. Mortimer, Vice-President,
Citizens' National Trust & Savings Bank,
Los Angeles, Calif.
My dear Mr. Mcrtlmer:
I should be very appreciative if you would accept the
the Economic Council of the California Bankers' Associat Chairmanship of
ion for
year. This Committee has become one of our_moist importa the ensuing
nt groups and
has done some very excellent work in behalf of the Associat
ion. Mr. Ven
Smith. who has handled it in the past. I am sure would
be happy to put
you in touch with the Economic Council activities.
I am appointing on this Committee, in addition to yourself,
the following
gentlemen, and should appreciate your early accepta
nce and your advice
as to the acceptability to you of the other men on the Committ
ee:
W. B. Clancy, President—Citizens' National Trust
Riverside; H. R. Erkes, Vice-President—Bank of Italy, & Savings Bank,
Los Angeles; R. B.
Motherwell, Vice-President—Wells Fargo Bank &
Union Trust Co.. San
Francisco;W.P.Murray,Vice-President and Cashier
—First National Bank,
San Rafael: A. B. Post, Vice-President—Oakland Bank, Oakland
, V. II.
Rossetti. Vice-President--Farmers & Merchants National
Bank. Los
Plan to Merge the Mutual Trust Co. with International Germanic Trust Co. To Be Acted Upon
by Stockholders July 22—Plan Provides for Payment of Depositors of City Trust Co.
A special meeting of stockholders of the International
Germanic Trust Co. of New York has been called for July 22
to vote on a proposal to merge the Mutual Trust Co., with
the International Germanic Trust Co. This action was taken
at a meeting on July 2 of the Directors of the International
Germanic Co. who approved the proposed union. The
announcement regarding the plans said:
The plan would provide the practical means of paying at an early date approximately 20,000 depositors of the former City Trust Co. and would turn
over to the International Germanic Trust Co. the remaining assets of City
Trust including its five valuable branches and approximately 56,000.
000
in deposits. By this means, the State Banking System's record of 12 years
without a dollar loss to depositors would be preserved.
Under the proposal, International Germanic Trust Co. is guaranteed
against loss. In addition, the proposed consolidation would bring in
as
virtually equal partners in the future development of the International
Germanic Trust Co., an unusually strong group of' financial interest
s.
At no time, say the directors of International Germanic Trust, in a statement that they are sending to their stockholders, has it been discusse
d
or contemplated that the International Germanic Trust Co. take over
by merger or otherwise the City Trust Co. While depositors of the former
City Trust Co. would benefit from the proposed consolidation, that company's officers, directors and stockholders have at no time figured in the
negotiations. The transaction Is between the International Germani
c
Trust and the Mutual Trust Co.
Following is a summary of the communication which
will be addressed by the Board of Directors of the International
Germanic Trust Co. to their stockholders:
Certain proposals have been made through the International Germanic
Co., Ltd., which was one of the original subscribers to the Mutual Trust
Co.. for a merger of the Mutual Trust Co. into the International Germani
c
Trust Co. These proposals have taken definite form satisfactory to the
offices and directors of the International Germanic Trust and are now
ready
for presentation to our stockholders.
At no time was it discussed or contemplated that the International
Germanic Trust Co. take over by merger or otherwise the City
Trust Co.
As liquidator of the City Trust Co., the Superintendent
of Banks succeeded to the possession and control of the assets of
the City Trust Co.,
amounting in all to a value as carried on that company books
's
in excess of
$9.000,000.
The International Germanic Trust Co.required that
it be fully guaranteed
so that In assuming the obligation to the deposito
rs of the City Trust Co..
It could suffer no loss if the assets received
from the Superintendent of
Banks proved to have a realizable value of
less than the amount due the
depositors. Through the constructive help of Herbert
H.Lehman, Lieutenant Governor of the State, Joseph A. Broderick,
Superintendent of Banks
of the State, and the public-spirited attitude
of the stockholders of the
Mutual Trust Co., it has been possible to
provide such a guarantee.
In the event of the proposed merger, the capital
and surplus which the
Mutual Trust Co. will bring Into the Internat
ional Germanic Trust Co.
Is $8.000,000, all of which is in cash or on call and against
which there are
no liabilities of any kind outstanding against
the Mutual Trust Co.
The basis of the proposed merger will be the
combination of the present
56.000,000 capital and surplus of the Internat
ional Germanic Trust Co.
with the $6,000,000 capital and surplus of the
Mutual Trust Co.. thus giving
the International Germanic Trust Co. capital
funds of $12,000,000, represented by 160,000 shares and divided into
53,200,
capital; 55.000,000
surplus and $3,800,000 of reserve. It is propose 000
d that these new shares
be given a nominal or par value of $20.00
in order to make readily possible
16
FINANCIAL CHRONICLE
the event of
the expansion of the International Germanic Trust Co. in
other mergers or consolidations.
and in the merger,
The book value of the shares will be 875.00 per share
receive two
present stockholders of International Germanic Trust Co. will
the present
shares of the new stock, thus reproducing the book value of
ng to reserve
stock of the International Germanic Trust Co., after transferri
its present reserve and earned surplus.
rs of the
In the event that the merger is approved by the stockholde
to the board
respective institutions, it is expected that there will be added
behalf of the
of the International Germanic Trust Co., seven directors in
by a committee
Mutual interests. These directors will probably be selected
which consists of Ralph
representing stockholders of the Mutual Trust Co.,
S. Somers
Jonas, George V. McLaughlin, Bernard K. Marcus, Arthur
Lehman.
and Harold G. Aron in consultation with Lieut. Governor
Previous reference to the plans to merge the Mutual
Trust into the Germanic Trust appeared in our issue of
June 22, page 4097.
The Views of the Chamber of Commerce of the United
States on Proposed Tariff Changes.
William Butterworth, President of the Chamber of Commerce of the United States, sent the following communication to the Senate Finance Committee, setting forth the
Chamber's views on tariff policies:
the
The American business community, expressing its conviction through
States, has
orderly procedure of the Chamber of Commefce of the United
industry.
declared for maintaining a just protective tariff for American
g America's
Vested with the responsibility of fostering and maintainin
rers, as also
higher wage scales and living standards, America's manufactu
against
America's agricultural producers, are entitled to just protection
competitors whose products
competition in our home markets from world
are those of lower wage scales.
appreciates the
In the same way American business has declared that it
unnecessary
benefits of international trade and that there should be no
Association and Vice-President of the Guaranty Trust Comthe.
pany, presiding, and Lewis E. Pierson, Chairman of
Trust Company, and George B. Cortelyou, President
Irving
of the Consolidated Gas Company, and first Secretary of
Commerce, also as speakers, was attended by about 1,000of the city's leading business men. The Secretary said:
deal of
"For some years past American business has given a great
reducing coats.
attention to and has spent enormous amounts of money in
use of
of production. Amazing progress has been made. The increased
the
power and the development of labor-saving and time-saving machinery,
have served
stepping up per-man productivity and many other factors
to make American manufacturing the wonder of the world.
the.
"According to figures from the Bureau of Census we have increased
by 50%
physical output per man employed in the manufacturing industry
industrialin twenty-five years. This is in reality equivalent to an
revolution.
by these
"Although costs of production have been continually lowered
from all
methods, the costs of distribution have been increasing. We hear
commodities from
sides serious complaints regarding the cost of getting
producers to consumers.
Middleman Was Criticized.
of the
"Some years ago these complaints took the form of criticism
increased costa
so-called middleman. To-day we are realizing that these
to the increase
are not due to profiteering by the middleman but in reality
practically
in the actual costs of doing business. Wages and salaries have
of labor.
doubled since 1914, and distribution requires .a large amount
"Not only that, but the increasing efficiency of production itself, resultin distribuing in what we call mass production, has created new problems
tion. In the mad scramble we secure markets for an ever increasing
have grown up. In addition,
output, many wasteful and economic processes
these
new methods of distributing merchandise are being tried out. Among
e' wholesale
may be mentioned chain stores, mail order houses, co-operativ
our whole
buying, installment selling and a host of others. As a result,
system of distribution is in a state of flux."
trade barriers.
does not
The declarations thus adopted indicate that American business
its sober reask exclusion of competition but does desire a recognition of
sponsibility to maintain America's living standards. These standards
must be protected.
on higher
American industry has made an honorable record, operating
on.
wage scales and shorter hours by intensive application to organizati
inIt has, moreover shown a willingness to venture capital in equipping
dustry with the most efficient machinery inventive genius can devise, and a
n of business. These
great devotion and unflagging energy in the prosecutio
factors have resulted in lower production and selling costs than would otherwise have been possible with America's higher wages. American industry,
including agriculture, has a right to ask that these advances be protected
against destructive competition from abroad, and it desires no more than
this.
In applying this principle of protection with the constant changes throughout the world in costs of raw materials, wages, transportation costs and
other factors, the Chamber has long supported the principle of flexible
inadjustments of tariff schedules to correct manifest inequalities and
adequacies. It again repeats its conviction that, within legislative limits
improved in
fixed by Congress, this flexibility should be maintained and
inadministration so that it may exercise a quickly applied corrective
fluence.
trade
The authorized delegates, representing the local organizations and
States,
associations which are the Chamber of Commerce of the United
assembled in annual meeting in Washington, this year declared:
In recent years there has developed a great appreciation of the necessity
wage scales
for maintaining fair and Just protection for America's higherinternational
and living standards yet coupled with an appreciation that
trade under proper conditions benefits America as well as other countries
and that there should be no unnecessary trade barriers. In the determination of a fair and Just protective tariff schedule accurately reflecting
conthese considerations and flexible enough to meet changing economic
investiditions, administrative authority is required to act promptly after ly supgation and within legislative limits. This Chamber has consistent
t of
ported, from an early date, the legislative permission for adjustmen by
tariff rates by administrative authority within the limits prescribed
Congress.
we
Furthermore, if American exports encounter discriminations abroad,
them. We,
believe there should be adequate means in our law to cope with
encountered—
likewise, favor provisions to meet foreign discriminations—if
from abroad.
in relation to essential materials which we can obtain only
Act of 1921, to
We favor legislation in harmony with the Anti-Dumping
prices lower than the
prevent the sale of foreign goods in our markets at
•
price ruling in the markets of origin.
American ports of
We favor permissive legislation for the creation in
and commodities may be shipped for
trade zones into which foreign goods
handling for shipment to
manufacture, repacking and other necessary
incident to passage
foreign destinations without the expense and delay
through the American customs.
United States Revised
Experience has disclosed that Section 2804,
permanent parcel post conStatutes, is a barrier to the negotiation of a
export trade. We, therevention with Cuba. This is detrimental to our
fore, suggest the repeal of this restriction.
members of the Chamber
The views here presented are the opinions of the
methods which that
of Commerce of the United States, determined by the
collective opinion upon
membership has evolved for the declaration of its
business welfare. As
national issues intimately affecting both public and
the weight to which,
such, I am sure, you will accord to the views expressed
in your judgment, they are entitled.
Costs—
Secretary Lamont Survey to Seek Lower Living
Commerce Department Seeks Cut in Commodity
Price Between Plant and Home.
A thorough study of the movement of common commodities from producer to consumer, based on data to be obtained
the
by the 1930 national census, will be undertaken by
e in the hope of reducing costs of
Department of Commerc
"most of the things the head of a family has to buy," it
y
was announced on June 26 by Robert P. Lamont, Secretar
ion
of Commerce, at a luncheon of the Merchants' Associat
the
of New York at the Astor. The luncheon, arranged by
Members' Council, with Willis H. Booth, President of the
[VOL. 129.
It is the purpose of his department, the Secretary conby
tinued, to utilize the distribution data made available
first of its kind ever taken in any
next year's census—the
will fill
country—as the foundation of an analysis which
merchandlzers long have felt to be an outstandwhat many
ing need of America's commerce.
the production of all
"We have in this country very excellent statistics on
practically lose sight
kinds of commodities," Mr. Lamont said, "but we
few exceptions are we
of every commodity once it is produced. With very
the various states of
able to follow the progress of commodities through
many students of business
marketing and distribution. It is believed by
and marketing of comthat more adequate information on the movement
costs of operation very
modities would enable business men to reduce the
materially.
form the basis for a much more
"It is believed that this new census will
a result of these fundamental
thorough study of distribution and that as
other organizations to combasic figures it will be possible for trade and
can be interpreted in the light of
pile such supplementary material which
the more comprehensive census figures."
started a survey of
Already, the Secretary said, his department has
n for the new census and
wholesale merchandising methods in preparatio
what the distributor spends his
"from the standpoint of trying to find out
he intends within the next
money for." As a further step in this direction
a representative committee of
few days, he told the merchants, to appoint
help" the Census Bureau in
the nation's business men to "advise and
the "helpful interest"
taking the new census of distribution, and bespoke
in the project of the merchants cf the country.
,
the SecreMr. Booth, in behalf of the New York association informed
study of retail
tary that "we in our way have started a movement for the
very heartily and, we
and wholesale distribution which will co-operate
hope, effectively with the work which your department is doing."
ITEMS ABOUT BANKS, TRUST COMPANIES, ETC.
Two New York Stock Exchange memberships were
reported posted for transfer, that of Winthrop Burr, deceased to Clarence F. Avery and that of Henry E. Butler to
Kenneth A. Wood the consideration in each case being
$395.000.
New York Curb Exchange membership was reported
sold this week for $170,000. The last preceding sale was
for $165,000.
The New York Cotton Exchange membership of Robert
Zunz was reported sold this week to Edward P. McEnany
for another for $31,000. Last preceding sale $3,P,500.
The New York Coffee and Sugar Exchange membership
of George Hearle, 3d. was reported sold this week to J. S.
Bache & Co. for $24,000.
The agreement of The Seaboard Bank of The City of New
York into The Equitable Trust Company of New York was
approved by the Boards of the two institutions on July 1.
Stockholders' meetings of the two corporations to ratify the
merger will be held July 18. The actual consolidation of the
two banks will not take place until about September 16th.
The name of the resulting institution will be The Equitable
Trust Company of New York. The following statement in
connection with this announcement was issued by Chellis
A. Austin, President of the Seaboard Bank, who is to become
President of the consolidated company:
JULY 6 19291
FINANCIAL CHRONICLE
"It has been decided to adopt the name of The Equitable Trust Company
of New York for the merged institution. This decision was arrived at after
.careful thought and was based primarily on the desire of our directors to
simply the corporate title and to avoid the very considerable expense that
would be involved in changing to a hyphenated name.
"After reviewing all the factors involved in transferring the Seaboard's
main offices to The Equitable Trust Company building at 11 Broad St.,
we determined it would take until about September 15th for adequate preparations to be made. At that time we will be ready to commence operations with our various departments consolidated and with the combined
official staffs located in quarters now being prepared at The Equitable Trust
building.
"A persistent rumor has been in circulation for 80/110 time past that a
further merger of the combined Equitable and seaboard banks is contemplated with another large bank of this city. I take this opportunity to
-state that there is absolutely no foundation for that rumor."
The plans for the merger of the Seaboard Bank and Equitable Trust Company were reported in these ColumnsMay 18,
page 3290 and June 22, page 4098.
It was announced on July 3 that William A. B. Ditto, F.
Rogers Parkin, and Cornelius J. Murray have been promoted
from Assistant Vice-Presidents to Vice-Presidents of the
Seaboard Bank of The City of New York. W. T. Decker
has been appointed an Assistant Trust Officer.
The statement of condition of the Bank of America
National Association of New York giving condition of that
institution as of July 1 shows total assets in excess of one-half
billion dollars. Deposits are $395,314,076 as compared
with $317,072,558 for Dec. 31 1928. Capital funds, published for the first time since recent mergers, exceed $74,000,000, giving effect to the consolidations with Blair & Co.,
the Nassau National Bank of Brooklyn and the Traders
National Bank of Brooklyn. Total resources as of Dec. 31
1928 were $416,804,175 while the latest statement shows
$514,392,833. The combined capital funds of the Bank of
America N. A. and Bancamerica-Blair Corporation amount
to more than $127,000,000. The bank now operates 20
branches in New York and 14 in Brooklyn. The consolidation of the Nassau National Bank of Brooklyn with the
Bank of America National Association became operative
July 1.
Resources in excess of $-600,000,000 are reported by
Central Hanover Bank & Trust Co. of New York in its
statement of condition as of June 29 1929, an increase of
more than $20,000,000 over its statement as of May 15
last, the date when the consolidation of the Central Union
Trust Co. and the Hanover National Bank became effective. The statement shows capital, surplus and undivided profits of $100,153,269 and deposits of $463,586,558. On the side of assets, loans and discounts show
a slight increase at $322,702,782, while the institution's
investments in United States bonds, municipals, short
term securities and other bonds and securities are slightly
below the total reported at the time of the consolidation.
Aggregate resources of $603,900,542 compare with $582,741,370 on May 15.
Central Hanover Bank & Trust Co. announced this
week that Alfred L. Loomis has been elected a trustee. Mr.
Loomis is Vice-President and director of Bonbright e.r. Co.,
Inc., Chairman and director of American Superpower
Corporation, Vice-President and director of Commonwealth Power Corporation, and director of Allied Power &
Light Co.
The board of directors of t-he J. Henry Schroder Banking
Corporation of New York has elected Gerald E. Donovan
as Assistant Vice-President, effective July 1. Mr. Donovan
has been Assistant Secretary of the corporation.
77
effect to a five-for-one split-up, the shares of the Bank are
reduced from $100 to $20 par value, while Chase Securities
Corp. will have a like number of shares of no-par value.
Of the increase of 950,000 new shares provided for by the
plan, 762,500 shares have been subscribed by stockholders
of the bank and the securities corporation at $110 a share
and the remainder were utilized by Chase Securities Corp.
incident to the acquisition of American Express stock. Virtually all of the American Express Co. stock, other than
that already owned by Chase Securities Corp., has been
exchanged for the new Chase stock on the basis of one and
two-thirds shares of the Chase National Bank, of $20 par
value, and one and two-thirds shares of the Chase Securities Corp., of no par value, for one share of American Express.
The affiliation of the Chase and American Express interests brings into being one of the largest organizations of
its kind in the world, with the three institutions co-ordinating their activities although each unit will continue to
operate independently. The American Express financial
and foreign travel services, known in practically every
country of the world, are conducted through 60 foreign
branches in addition to 35 in the United States. Capital
funds of the Chase institutions will be further increased
next month when action is taken on the proposed merger
with the National Park Bank and its security affiliate, the
Parkbanc Corp., mention of which was made in our issue
of June 22 page 4098. The enlarged organization will then
have capital funds exceeding $340,000,000. The merger with
Park Bank will be consummated by an exchange of stock
on a share for share basis after an equalizing stock dividend of 12%5) has been declared to shareholders of the
Chase Bank and Chase Securities Corp. This stock dividend, as well as the contemplated $4 annual cash dividend,
will be applicable to the Chase stock received by American
Express Co. stockholders who have assented to the plan and
retained their new Chase shares.
The Equitable Trust Co. of New York announced on June
25 the appointment as Vice-President of John Y. Robbins,
John J. Graeber Jr. and Harold A. Rich, and the appointment as Assistant Vice-President of George M. Stoll. Twentyfive years ago Mr. Robbins entered the employ of The
Equitable Trust Co. as an office boy. To-day he is a VicePresident of the same company. From 1908 to January of
1929, Mr. Robbins was associated with The Equitable's
Trust department, receiving the appointment of Assistant
Vice-President in 1925. He is now in charge of the company's Domestic Branch department. John J. Graeber Jr.
was with the Bowling Green Trust Co. in 1909 when it was
merged into The Equitable. In 1915 he was assigned to the
Trust Department. In 1918 Mr. Graeber was made an Assistant Secretary and assumed direction of certain divisions
of the company's trust service. Last January he was
appointed an Assistant Vice-President. Mr. Rich entered
the
Equitable in 1919 from the Chase National Bank where he
was a member of the Credit Department. He was made an
Assistant Treasurer of The Equitable Trust in 1922
and
in 1925 was assigned to the bank's 45th Street office
following an appointment as Assistant Vice-President. Mr.
Stoll, another of The Equitable's twenty-five year men,
has
worked in many of the company's departments, and helped
organize the bank's present credit department. He was
a
member of the original official staff of the company's 28th
Street office, first with the title of Assistant Secretary,
then
Manager, and now Assistant Vice-President.
James F. Cavagnaro, Vice-President of The Bank of
Plans for increasing the cap- ital funds of The Continenta
l
America N. A., of New York has been elected a director Bank of New York and its
securities affiliate to $20,000,000
of the Italian Savings Bank.
and establishing the institution
Affiliation of the interests o- f the Chase National Bank of
New York, the Chase Securities Corp. and the American
Express Co., creating a world-wide banking organization,
became formally effective July 1. An item with regard
thereto appeared in our issue of June 15 page 3948. With
the receipt of $83,875,000 from stockholders in payment for
additional shares and the issuance of new stock in exchange
for American Express Co. shares, the Chase Bank and Chase
- Securities Corp. together will have approximately $298,000,000 in capital, surplus and profits accounts. With the
Chase-American Express affiliation plan becoming operative, both the Chase National Bank and the Chase Securities Corp. will have outstanding 4,000,000 shares. Giving
as the brokers' bank through
the introduction- of $13,500,000 new money
by a group of
more than 400 Stock Exchange and Curb
houses, their
partners and associates were assured of
consummation on
July 1 when the capital increase was
formally ratified at
a special meeting of stockholders. More
than 90% of the
stock it is stated was voted in approval
of the program.
The plan approved this week calls for an
increase in the
capital stock of the bank from 200,000 shares
to 600,000
shares of $10 par value each; the issuance
of 100,000 such
shares to stockholders of record at the
close of business
June 24, 1929, as a stock dividend, and
sale to the brokers'
group, headed by Smith & Gallatin,
members of the New
York Stock Exchange, of 300,000
shares. Capitalization of
the Continental Corp. of New York is
increased from 200,-
78
FINANCIAL CHRONICLE
000 to 600,000 shares of $5 par value each, the 400,000 new
shares being subscribed by the brokers' group and being
forthwith transferred to the trustee for the pro rata benefit of the stockholders of the bank. The new stock will be
issued July 16, when the program will formally go into
effect. The action at the special meeting of shareholders
of the bank on May 10, last, when the par value of the
bank's shares was reduced from $100 to $10 and the capital
increased from $1,000,000 to $2,000,000, was formally ratified. The bank's capital structure, upon completion of the
program, will be constituted as follows: capital, $6.000,000
and surplus, $11,000,000, while its securities affiliate will
have a capital of $3,000,000. Previous reference to the
plans to increase the capital will be found in our issues of
June 8 page 3769 and June 15 page 3948.
The National City Bank of New York announces the appointment of S. Sloan Colt and Horace F. Howland as VicePresidents, the former being located at head office and the
latter at the Public Library Branch; Donald McK. Blodgett, D. Joseph Palmer, J. Courtney Talley, and William
G. Wendell have become assistant vice-presidents of the
bank, the first named at the Public Library Branch and the
last three at Head Office; Hugh Brooks has been made
Assistant Comptroller at Head Office; Sidney R. Craig,
Harold A. Dwyer, Mathew J. Kelsh, James B. Little, and
Francis W. Myers, Assistant Cashiers, the first named at
Head Office and the rest at the Public Library Branch;
Edward M. J. Sinclair has been named Manager of the Madison Avenue Branch; and Grenville B. Winthrop Jr., Assistant Manager of the Madison Avenue Branch. These
officers were all formerly executives in The Farmers' Loan
& Trust Co. and have been taken over with the affiliation
of the two institutions which has just become effective.
[VOL. 129.
dent, Benjamin Strong, Jr.; Assistant Treasurers, John C.
Decker, R. T. Giblin, J. J. Moran, James D. MacDouall,
Alfred J. Moutrie and J. Phelps Wood.
Figures showing its condition as of June 29 1929, published
by the Central National Bank of the City of New York,
indicate that the bank now has deposits of $12,409,700 or a
gain of approximately $1,100,000 during the year just ended.
During the year the bank opened new branches at First Ave.
and 82nd St., Yorkville, and at Queens Boulevard and Gds.
man Ave., Sunnyside, L. I. During this period its securities
affiliate, the Central National Corporation has also become
operative and has reported earnings to date in excess of
$350,000. The Central National Bank is one of New York's
younger independent financial institutions, having opened
for business during January of 1926. The bank has its
main office at Broadway and 40th St. and four branches
located at Burnside and Jerome Ayes.; 62-64 East Mt.
Eden Ave.,Bronx; First Ave. at 82nd St., Yorkville and
Queens Boulevard at Gosman Ave., Sunnyside, L. I.
The statement of conditio- n of the J. Henry Schroder
Banking Corporation of New York as of June 29 shows total
resources of $66,202,185, an increase, it is stated, of 15%
over a year ago. Liquid assets, represented by "Cash and
Due from Banks,""Call Loans with Discount Houses,"Call
Loans with Stock Exchange Houses," "Acceptances of other
Banks," "U. S. Government Securities" are reported as
totaling almost $26,000,000 against total "Due Customers
and Banks" amounting to $27,406,557. Acceptances
outstanding as of June 29th, are at a record level for this
date, amounting to $28,824,395. Capital, surplus and
undivided profits as of June 29 1929 aggregated $8,860,043
compared with $6,604,562 on December 31 1928, paid in
capital having been increased from $3,200,000 to $5,000,000
six months.
of the Executive Committee of the Board during 'the
At a meeting
of Directors of Guaranty Company of New York on July 3,
Charles A. Peabody was e- lected a director of The Nathe following appointments were made: J. D. Harrison, tional City Bank of New York at the regular meeting of
Vice-President, F. L. Moore, Vice-President, F.P. Shepard, the Board this week. Mr. Peabody is prominent in railroad,
Vice-President, and F. C. Van Cleef, Second Vice-President. insurance and banking circles. Among his varied activities,
t and a member of the board
A rumor that National City Bank was about to absorb Mr. Peabody is Vice-Presiden
of managers of the Delaware & Hudson Co.; Vice-President
Brown Brothers & Company was emphatically denied this
and director of the Pittsburgh, Fort Wayne & Chicago Railweek.
Co.;
Union Pacific
The stockholders of the Interstate Trust Company of
New York at a special meeting July 3, approved proceedings
for the increase of the capital stock of the trust company
from $5,175,000 to $6,468,700 and a reduction in par value
of the stock of the institution from $100 to $20 per share
and the increase in the number of shares from 51,750 to
323,435, of par value of $20 each. They further authorized
and approved the offering of such increased capital stock
to stockholders on the basis of one share of $20 par value
for every four shares of $20 par value of stock held by
stockholders at the close of business July 8. The increased
stock will be offered in units of one share of Trust Company
of $20 par value and one share of Interstate Corporation
of $4 par value at the subscription price of $46 per unit.
In accordance with the foregoing, each share of the issued
and outstanding stock of $100 par value is deemed to represent five shares of $20 par value each and warrants will be
issued on that basis. The plans to increase the capital were
noted in our issue of June 29, page 4099.
Railroad
road Co., and director of the
Los Angeles & Salt Lake Railroad Co.; Ocean Steamship Co.;
Illinois Central Railroad Co., and Central of Georgia Rail-
way Co. He is also a director of the Pacific 011 Co.; a
trustee of the Mutual Life Insurance Co. of New York and
the Atlantic Mutual Insurance Co., and a director of the
newly-organized City Bank Farmers Trust Co.
The completion of plans to meet the demand for banking
service among the negro population of Harlem was celebrated on July 1 with the opening of new quarters for the
Harlem Branch of the Chelsea Exchange Bank at 135th
Street and Seventh Avenue this city. This site is diagonally opposite the quarters occupied by the bank during the
seventeen' years that it has been in operation in that section. The new Harlem branch has every modern facility
and a substantial part of the additional space has been given
over to a safe-deposit vault. E. S. Rothchild, President of
the Chelsea Exchange Bank, was on hand to direct the
opening of thhe new quarters. Charles G. Rapp, Vice-President, who has been in charge of the Harlem branch since Its
opening seventeen years ago, will continue to direct Its
affairs in the new quarters. The Chelsea Exchange operates
six banking offices in various parts of the city. The
branch starts in its new quarters with 20,000 accounts on
its books.
A charter for the newly organized Guild State Bank has
been issued by the State Banking Department. The new
institution, as we indicated in our issue of June 8, page
3771, is to be located in the building at 857 10th Ave., which
is near 57th St., this city. The bank is to have a capital
of $500,000, surplus of $500,000, and organization reserve
of $100,000. The following have been chosen directors of
In his twenty-five years of wrecking houses, vaults,
the bank:
churches, schools, banks, etc., Albert A. Volk has it Is said
Herman W. Beyer, Deputy U. S. Appraiser; John Horn, Printer; Mark
Hyman, Investments; Robert E. Magee, President, Hinkle Steel Con- found no building so solidly built as 80 Broadway--one of
struction Co.; Adam Metz, President, Bakers Mutual Insurance Co. of the four large buildings being demolished to make way for
New York; Charles S. Oakley, real estate, Cross & Brown; Frank S. Parker,
-story headquarters and office
Trust Co.'s new 50
Construction Engineer; Herbert Pietzsach, President, U. S. Bronze Powder the Irving
Works, Inc.; Ellwood M. Rabenold, Attorney (Rabenold & Scribner); building, One Wall Street. Regarding the efforts to demolRobert C. Schock, President, &hock Gusmer & Co., Inc.; Howard S. Van ish the building at 80 Broadway we quote as follows from
Bomel, Vice-President, Sheffield Farms Co., Inc.; William J. Waite, Viceby the Institution:
President,A.Gusmer.Incorp.; Ralph D. Ward, President, Drake Bakeries, a press release'issued
Inc.; Chairman, Central Distributors Inc.
The thick bearing walls ranged from four feet in thickness to more
cement
The names of the officers will be announced shortly. It than ten feet at the bottom; and the brick and proved were so firmly
inadequate. The
welded together that ordinary methods of wrecking
is expected that the bank will begin business shortly after "Plug and Feather" method which works for most walls proved very slow.
Labor Day.
consists of two iron guards, feathers, between which a steel plug is
It
wedged and driven to break loose pieces of masonry. Similarly with the
The International Acceptance Bank, Inc. of New York "Growler" method which consists of drilling into the wall from the top
the following elections: Assistant Vice-Presi- and using a leverage system to break off sections.
announces
JULY 6 1929.]
FINANCIAL CHRONICLE
Finding these two most commonly used methods slow an attempt was
made to use compressed air. Holes were drilled into the walls, tubes
inserted and 1,500 pounds of pressure per square inch applied. In spite
of the fact that the building was almost half a century old the masonry
was so solid that 1,500 pounds of pressure made little or no impression.
While all the buildings on the 'sling Trust Co.'s site were coming
down at the rate of one story per day the thickness of the walls
of 80
Broadway gave cause for worry. The wreckers were ahead of schedule
in their race against time, but here was a building that was dmost time
defying.
The Volk engineers were puzzled; finally they consulted professors
at
Columbia University, which offers official testing laboratories for certain
New York City Departments of Government. Various novel methods
of
wrecking were devised.
Hydraulic pressure of 3,000 pounds per square inch was suggested, also
methods similar to those used in the granite and marble quarries of Vermont and the anthracite mines of Pennsylvania. In Vermont in winter
holes are drilled into the rock and filled with water. When the water
freezes it exerts a pressure through expansion which breaks off great
blocks of atone. By drilling holes in the masonry, filling them with
water and freezing by means of dry ice it is assumed that great blocks
of
cement and brick can be broken off.
In the coal mines where dynamite proves impractical quick lime
is
used; the expansion created by the heat and gases loosens great masses.
Similarly in wrecking it was suggested that quick lime be used
in the
walls and that the terrific heat developed would create a similar
action.
These methods are to be tried on the walls of 80 Broadway
which covers
a part of the Irving Trust Co.'s site, and on the comparatively
new vault
it contains. While the wrecking is already more than three-quarter
s completed well ahead of schedule Mr. Volk expects these
new methods to
further speed the work and permit completion far in
advance of schedule.
With progress well in advance of schedule it is
hoped that the Irving
Trust Co. will bo able to move into its new headquarters
and office building earlier than was at first expected.
Details of the organization of the National Exchange Bank
& Trust Company, recently formed in Brooklyn by a group
of the National Title Guaranty Company's officers and
directors, were announced July 3. The bank as we indicated
in our issue of June 1, page 3628 has a capital and surplus of
$1,000,000 each and due to the mutual executive control with
Nat'l Title Guaranty Co., relations of the two institutionsars
expected to be very close. The management is negotiating
for quarters in the new National Title Guaranty Company
building at 185 Montague Street, Brooklyn, now under
construction, and expects to assume occupancy this Fall.
At a meeting of the board of directors, Travis H. Whitney,
Vice-President of the Brooklyn Rapid Transit Co., was
named Chairman of the Organization Committee and
Manasseh Miller, President of the National Title Guaranty
Co., Secretary; James J. Brooke, First Vice-President of the
National Title Guaranty Co., was named Chairman of the
Executive Committee of the bank with the following members: Irwin Chanin, Milton Dammann, Dr. E. E. Hicks,
Charles C. Lockwood, Daniel Nicoll, and Mr. Whitney.
Besides these men, other directors include Alexander Block,
Benjamin B. Englander, Jack Gumpert, William Kennedy,
Jr., August Klipstein, Henry It. Lathrop, Charles C. Lockwood, Nathaniel H. Lyons, Herman Neaderland, Andrew
Nelson, Jr., Meier Steinbrink and Hyman Zeitz.
Plans are under way for the consolidation of the BrynMawr Nepperhan National Bank, Yonkers, N. Y., with the
First National Bank of Yonkers and the Yonkers Trust Co.
Advices to us regarding the plans state:
The proposed consolidation of the First National Bank of Yonkers,
the
Yonkers Trust Co., and the Bryn-Mawr Nepperhan National Bank
is to be
on a straight exchange of stock basis, none of the present
interests being
bought out.
The boards of directors of the respective institutions have
adopted
resolutions approving the merger. The date for stockholders
: meeting has
net yet been set. A tentative date has been set for the
merger as of Sept. I,
but the date is not yet certain. The name of the
consolidated institution
and the names of the officers have not yet been
decided definitely.
With regard to newspaper reports to the effect that
the
Yonkers Trust Co., controlled by John J. Walsh,
President,
recently obtained an option on the majority stock of the
First
National owned by Leslie Palmer," we are officially advised
as follows:
The majority stock ownership of the Yonkers
Trust Co. is not hold by
the President, John J. Walsh, nor did he obtain an option
on the majority
stock of the First National owned by Leslie Palmer.
An option
time obtained by other interests connected with the Yonkers was at one
Trust Co.,
but the option was not exercised.
Nicholas H. Steneck, Vice-President of the Steneck Trust
Co. of Hoboken died on June 26 in the Manhattan Eye and
Ear Hospital, New York,following an operation 8 weeks ago
for mastoiditis.1He was 48 years of age. Henry Steneck,
President of the Steneck Trust Co. is a brother of the
deceased. The latter was born in Hoboken,and was a son of
John Steneck, founder of the Trust Co., who survived his
son by only a few days. The elder Mr. Steneck, who was
83 years of age, died on June 30, after an illness of about
a week.
The directors of the Claremont National Bank of New
York have recommended that the capital of the bank be
79
increased from $500,000 to $750,000. Stockholders of record
July 15, will be offered the right to subscribe to one new
share at $37.50 for every two held. A meeting of the stockholders will be held July 15, to ratify this plan. In May
the capital of the institution was increased from $400,000
to $500,000 the stockholders having authorized the $100,000
additional capital on March 31. On that date plans to
change the par value of the stock from $100 to $25 per
share were approved by the stockholders.
A charter for the National Bank of Bayside in New York,
N. Y., was issued by the Comptroller of the Currency on
June 4; the bank will have a capital of $200,000 and surplus
of $100,000. J. Wilson Dayton has been chosen President
of the bank and Henry L. Doughty, Cashier. The institution is expected to begin business about July 15. Its stock
is in shares of $50.
Charles M. Stone, a Vice-President and a director of the
City National Bank of Binghampton, N. Y. and a well
known manufacturer and financier of that city, died on
July 2 of a heart attach. Mr. Stone, who was 75 years of
age, entered business immediately after graduation from
Yale in 1878 and was one of the founders of the firm of
Crandall, Stone & Co. manufacturers of carriage hardware,
now a divison of the Brewer, Titchner Corporation. Among
other interests, he was a Vice-President and a director of
the Binghampton Savings Bank, and a director of the First
National Bank, Security Mutual Life Insurance Co. and
Binghampton Gas Works.
According to the Boston "Transcript" of June 28, stockholders of the Atlantic National Bank of Boston at their
special meeting on that date approved the proposed reduction in the par value of the bank's stock from $100 to $23
a share and the proposed increase in the authorized capital
from $6,350,000 to $8,000,000, indicated in our issue of June
1, page 3629. Of the 66,000 shares of new stock, 63,500
shares will go to present stockholders in the ratio of one
new share fo reach four shares of old stock at the price of
$62.50 a share, and the remaining 2,500 shares will be sold
to junior officrs and employees.
Pursuant to a recommendation of the directors, stockholders of the Beacon Trust Co., Boston, will vote on July
9 on a proposed reduction of the par value of the company's shares from $100 to $20 a share and the issuance
of five new shares in exchange for each share now outstanding.
A most attractive new home for the Back Bay Branch
of the New England Trust Co. of Boston was officially
opened for business at 99 Newbury Street on June 28. The
bank announced the opening in an artistic eight-page booklet, a unique feature of which is a beautiful watercolor reproduction of a painting of the main banking room printed
by the Smithsonian Process—a process of watercolor reproduction developed and perfected in 1925. From a newsstory describing the new building we take the following
excerpts:
Architecturally the new Back Bay Branch building was designed to
perpetuate the best New England traditions. Its design finds its inspiration
from architecture of the English renaissance—about the period of Sir
Christopher Wren. The same period exerted a strong influence upon the
American architect, Charles Bulfinch, designer of many of Boston's foremost buildinngs.
The main banking room and safe deposit vaults, with the most up-todate safety appliances are at street level. This is an unusual feature in
bank convenience and allows the customer to use the vaults without
going up or down stairs. Below the main vaults is a storage vault for
silver or other bulky valuables, with a room adjacent for the we of
depositors who may wish temporary access to these possessions. A cmference room on the main floor and a small committee room on the mezzanine floor can be made available for meetings of boards of directors of
business or charitable corporations.
Surrounding the main banking room and conveniently arranged with
reference to it are the spaces for the bank's officers, consultation rooms,
working space for tellers, a men's alcove and a ladies' room..
In the mezzanine floor directly above the Safe Deposit Department,.
and in an easily accessible and well-lighted location, is a large and comfortably furnished room for ladies, well appointed with desks, telephtSnes,.
and other elements appropriate to the needs of women customers.
Both in its exterior and interior the building reflects a warmth and
beauty of unusual character. The Newbury Street facade of the building
is of Connecticut White granite, a fine-grained, intensely hard, uniform
and durable New England stone, of slightly pinkish tone, admirably
adapted to the execution of clean-cut mouldings and sharp arrises and
very
sensitive to other refinements of the stone-cutting art.
The design of the front is a simple composition of three vigorous,.
rusticated arches surmounted by a second story of smooth ashlar with
five large French windows opening upon a wrought-iron balcony.
The central archway is the main entrance of the bank and the
lateral
doorway to the west gives access to the elevators and stairways
for office
floors above.
80
FINANCIAL CHRONICLE
The main banking room walls are of full height Slavonic Oak with
large panels. The floor's slabs are of unfading Vermont slate with varying
shades of green, black, and purple. Carved ornamentations—reminiscent
of the vigorous style of the famous English carver, Grinling Gibbons—are
used advantageously. At the easterly side of the main banking room is
a cosy fireplace of warm Esehalion Fleuri marble with insets of Greek
Green. The iron work—gates and tellers' windows—are hand wrought
by Korewlesky, from whose plant at Roxbury come many of the world's
most famous steel and iron carvings. The design of this work, as well
as that of the bronze entrance doors, is worthy of careful study. The
American Elm, symbolic of The New England Trust Co., is used as a
motif. From it has emanated a distinctive design of strength, solidity,
and beauty.
Officers of the New England Trust Co., which was established fifty.
eight years ago, are: Roger Pierce, President; Leon 36. Little, Orrin C.
Hart, Arthur F. Thomas (and Trust Officers), and Edward B. Ladd,
Tice-Presidents; John W. Pillsbury, Treasurer; Leo. Wm. Huegle, Secretary; 0. Philip Johnson, Maud H. Pratt, Albert H. Dalrymple and
Arthur B. Keenan, Assistant Trust Officers; Charles T. Dunham, Frederick
0. Morrill, Harold H. Wright and Mark Trafton, Assistant Secretaries;
Stanley A. Lawry, Assistant Secretary and Assistant Trust Officer; George
H. Boynton, Manager of the Safe Deposit Vaults and Howard A. Potter,
Assistant Manager. Officers connected with the Back Bay Branch are:
George R. Wein, Manager; Howard M. Ladd, Assistant Manager; Gerard
B. Ladd, Manager of the Safe Deposit Vaults, and Ellen L. Whitney,.
Manager of the Women's Department.
Proposed increase in the authorized capital of the Northern Central Trust Co. of Philadelphia from $700,000 to
$1,000,000 and reduction of the par value of the stock from
$50 to $10 a share were approved at a special meeting of
the shareholders on June 21, according to the Philadelphia
"Financial Journal" of June 24, which continuing said:
Plan provides for a split-up of the shares five for one, and an allotment of nine new shares $10 par, for each 11 shares, $10 par, held, at
$25 a share to stockholders of record June 21.
Shares for the allotment are provided by 30,000 shares ensuing from the
capital increase and 15,000 shares now in the treasury. Previous to the
meeting Friday June 21 capital stock outstanding amounted to $550,000
out of authorized capitalization of $700,000.
H.Gates Lloyd,Jr., of Drexel& Co., and Arthur D. Smith
were made directors of the Northern Trust Co. of Philadelphia on July 3, according to the Philadelphia "Ledger" of
July 4, which furthermore stated that the directors declared
an extra dividend of 6% along with the regular dividend of
6%, both payable July 15.
The proposed consolidation of the First National Bank of
Easton, Pa., and the Northampton Trust Co. of that cityreference to which was made in our issue of June 8, page
3774, was consummated on July 3, according to a dispatch
from Easton on that day, appearing in the Philadelphia
"Ledger" of July 3. The new organization is known as the
First National Bank & Trust Co. of Easton. Officers are as
follows: Chester Snyder, President; Henry J. Steele (and
Trust Officer), S. R. Bush, Fred R. Drake and Clinton
Hilliard, and Frank W. Simpson (and Cashier), Vice-Presidents; Robert W. Bowlby, Assistant Trust Officer, and
Harvey G. Walter, Assistant Cashier. The First National
Bank was established in 1852, while the Northampton Trust
Co. was founded in 1902.
On July 1 the proposed union of the Fairhill Trust Co.
of Philidelphia with the Ninth Bank & Trust Co. of Philadelphia became effective under the name of the latter, as
reported in the Philadelphia "Ledger" of July 1. The enlarged institution has a capital of $1,375,000 and surplus
and undivided profits of $3,100,000. Total resources of the
institution aggregate $32,000,000. The offices of the Ninth
Bank & Trust Co. are at the following locations:
Front and Norris Streets, Allegheny and Kensington Avenues, 7th and
Dauphin Streets, Chelten Avenue and Chew street, Erie and Kensington
Avenues and 5th Street and Allegheny Avenue.
Consolidation of these banks was indicated in our Issues of
May 18, June 1 and June 15, pages 323, 3630 and 3950.
The proposed consolidation of the three Northeast suburban banks of Philadelphia, namely the Fox Chase Bank
& Trust Co., the Holmesburg Trust Co. and the Tacony
Trust Co., was consummated on July 1, according to the
Philadelphia "Ledger" of that date. The consolidated bank
is known as the County Trust Co. of Philadelphia and is
capitalized at $667,750, with surplus of $950,000. Deposits
are in excess of $7,250,000. Reference to the approaching
merger of these companies was made in the "Chronicle"
of May 11 and June 1, pages 3132 and 3630, respectively.
Effective Monday of this week (July 1) the Columbia
Avenue Trust Co. and the Tenth National Bank, both of
Philadelphia, were merged with the Integrity Trust Co. of
that city. The enlarged Integrity Trust Co., according to
the Philadelphia "Ledger" of July 1 has a capital of $2,077,920, surplus of $11,500,090, undivided profits of $1,470,284,
and deposits of $49,127,515. It will maintain six offices
as follows:
[VOL. 129.
Main office, 16th and Walnut Streets; Chesnut Street office, 717
Chestnut Street; Green Street office, 4th and Green Streets; West Phila.
delphia Title and Trust office, Lancaster Avenue and 40th Street; 86th
Street office, 36th and Walnut Streets, and Columbia-Tenth office, Broad
Street and Columbia Avenue.
The business of the Tenth National Bank's central office,
116 South 15th Street, is to be transferred to the main
office of the Integrity Trust Co. It is planned eventually
to close the 15th Street office, the paper mentioned said.
William Thompson Galliher, Chairman of the Board of
Directors of the Federal-American Bank of Washington,
D. C., and prominent in financial, trade, civic and political
circles of that city, died suddenly of heart disease on June
30, following an attack of acute indigestion suffered the
previous week while attending the District of Columbia
Bankers Association Convention at Montauk, L. I. The
deceased banker, who was in his 73d year, was born at Port
Deposit, Md. After receiving his education in the public
schools he entered the lumber business. At the organization
of the American National Bank of Washington in 1903, Mr.
Galiber became a director. Five years later he was appointed
a Vice-President and subsequently (1910) President of the
institution. In 1922 when his bank was merged with the
Federal National Bank to form the present institution, Mr.
Galliher became Chairman of the Board of Directors, the
office he held at his death. Filling the Presidency of the
lumber firm of W. T. Galliher & Bro., Inc., since its establishment in 1889, he also served as President of the Home
Building Association; Vice-President of the National Union
Fire Insurance Co., and Treasurer of the Rosslyn Steel &
Cement Co. He was also a director of the Washington Title
Co., the Washington Railway & Electric Co. and the Washington Hotel Co. From 1902 to 1912 Mr. Galliher served
as President of Lumber Exchange of-the District of Columbia
and of the Washington Board of Trade. He was also a
former President of the District of Columbia BankersAssociation and a member of the Washington Chamber of
Commerce. In politics, Mr. Galliher was a Republican
and was Chairman of the Republican committee of the
District of Columbia from 1916 until 1924 and a delegate
to the Republican national committee at Cleveland in 1924.
He was Chairman of the committee for the Coolidge-Dawes
inauguration in 1925 and served as brigade quartermaster
of the District National Guard, with the rank of Major.
After 37 years of continuous service, James D. Ayres has
resigned as a Vice-President of the Bank of Pittsburgh, N. A.
of Pittsburgh, according to the Pittsburgh "Post-Gazette"
of June 29. Mr. Ayres was reported as saying that he had no
other plans than to take a rest and look after his own business
interests. He began his banking career in the old Merchants'
& Manufacturers' Bank of Pittsburgh, which in 1904 was
merged with the Bank of Pittsburgh, N. A. Mr. Ayres is
Chairman of the Board of the Union Barge Line Corp.
The Union Trust Company of Cleveland opened two new
offices during the latter half of the month of June. The
offices of the The Union Trust Company now total 23. The
East 185th-Landseer office, which was opened June 22nd,
is managed by Harry W. Black, formerly of the Cedar-Lee
office of The Union Trust Company. The East 116thCorlett office, opened June 29th, is headed by Herbert E.
Zdara, formerly of the Kinsman-140th office.
Charles D. Hajek, Assistant Vice-President and Manager
of the Kinsman-140th office of the Union Trust Company
-day illness.
Mr.
of Cleveland, died on June 28, after a 10
Hajek started in 1907 with the Broadway Savings & Trust
Co., which later became a part of the Union Trust Co.
When the Kinsman-140th office was opened in 1923, Mr.
Hajek was made Assistant Vice-Prosident of the Union
Trust Co. and Manager of the new office.
That formal opening of the Upper Avenue Bank, a new
Chicago institution, would take place on July 2 was reported
in the Chicago "Journal of Commerce" of the previous day.
The new bank, organized by Roy C. Osgood, a Vice-President
of the First Trust & Savings Bank of Chicago,is located in the
Palmolive Building at Michigan Ave. and Walton Place,
It begins business with a capital of $300,000
Chicago.
and surplus and reserves of $150,000. Besides Mr. Osgood,
who is Chairman of the Board of Directors of the new institution, the officers are: Eugene I. Burke, President; Henry C.
Murphy, Vice-President and Edward Schumann, Cashier.
Reference was made to the Upper Avenue Bank in our issue
of May 25, page 3458.
uLy 6 1929.1
FINANCIAL CHRONICLE
81
The Citizens' State Bank, a newly organized institution, sure. After a definite earning record has been established another study
was to open in Park Ridge, Cook County, Ill., on June 29, of the subject will be made, so that the stockholders may feel that every
the stock
according to the Chicago "Journal of Commerce" of June 28. consideration willitbe given to the increase in the 11100/310 to judgment.
holders whenever may be consistent with conservative business
The institution has an initial capital of $25,000, surplus of
It gives me pleasure to advise you that the merger has been carried out
$15,000 and a contingent fund of $5,000, and is connected with very little inconvenience to our customers, and all of our departments
are functioning splendidly."
with the same interests which are identified with the Jefferson
The new bank resulted from a merger of the Mercantile
Park National Bank and the Norwood Park Trust & Savings
Trust Company and the National Bank of Commerce in
Bank, it was said.
St. Louis.
July 1 marked the formal combination of the National
Directors of the American-First National Bank of OklaBank of the Republic of Chicago and the Chicago Trust Co., homa City, Okla. on June 25 unanimously
decided to organcreating an organization with resources of $200,000,000. ize a $6,000,000 corporation to acquire a majority
of stock in
The institutions continue as separate units and both remain desirable banks in Oklahoma, according to an announcein their old banking quarters, the former at La Salle and ment by Frank P. Johnson, President of the American-First
Adams Streets, and the latter at the Southwest corner of National Bank, as reported in the "Oklahoman" of June 26.
Monroe and Clark Streets. In its issue of June 29, the Chi- Organization of the new company, Mr. Johnson said, would
cago "Journal of Commerce" had the following to say be recommended to the stockholders'at once and a charter
concerning the formal union of the institutions:
applied for immediately. The new corporation will be
The unique nature of the National Bank of the Republic and the Chicago
Trust Company consolidation by which both units continue in operation known as the First Bank Stock Co. The first unit will be
in their present quarters, will be permitted by a concen ration of related one of $6,000,000 and other units will be supplied as needed
activi,les in the most advantageous location. This was revealed last
expansion, according to Mr. Johnson. The paper
night in plans for completing the combination of the institutions over to cover
the week-end
All commercial divisions of the Chicago Trust Company, mentioned went on to say:
the bank and bankers' division and the bond department will be transferred to the National Bank of the Republic, the bond department
becoming a part of the National Republic Company.
In the Chicago Trust Company, the trust and real estate departments
will be concentrated, the National Republic Mortgage Company becoming
a part of that organization. Both units of the combined institution will
continue a savings department and operate safe deposit vaults.
Our last reference to the approaching union of these important banks appeared in the "Chronicle" of June 22,
page 4101.
The directors of the Chicago Morris Plan Bank announce
the change of the name of the bank to Personal Loan &
Savings Bank on July 1. This change is brought about
through the purchase of all the stock of the bank previously
held by the owners of the Morris Plan copyright and a move
to completely disassociate the bank from all "Morris Plan"
interests. Commenting upon the change, Willoughby G.
Walling, President of the Personal Loan & Savings Bank,
said:
"While the Chicago Morris Plan Bank has always been,locally owned
and managed, outside development of collateral activities under the
Morris
Plan name has made it appear thii the local bank was part of a chain
system, although It has never partlfipated in such promotional developments. In order to avoid confusion and 'to give the bank a name
more
clearly descriptive of its reason for being, the directors have thought it
best to change the name.
"The Personal Loan & Savings Bank had its inspiration through the
early activities of the Industrial Club of Chicago, when in 1913 it made an
exhaustive study of the credit conditions available to the man of moderate
circumstances. The First State Industrial Wage Loan Society was the
first organization in this state to extend credit facilities at a more modest
rate than had been charged up to that time, and on a scientific basis. The
success of that institution led to the formation of the Chicago Morris Plan
Bank."
It is stated that during the twelve years of its existence,
While the company will be formed for investment purposes it will also
be a mutual organization, Johnson said, whereby bankos can band together for protection and strength in a concern such as is being conducted
in numerous other states.
To be eligible for membership in the group, a hank must turn over 51%
of its capital stock to the controlling company. Banks joining the group
will continue to be operated by local officers and boards of directors.
"Conferences with leading bankers all over the state indicate that 100
banks will join this voluntary group." Johnson said,"and that when 309
have joined the banking situation in Oklahoma will be stabilized as it
never has been before."
Purpose of the First Bank Stock corporation is "to avert bank failures,
to stabilize earnings, to effect economics of operation, to use surplus funds,
of one community to meet seasonable requirements of others, assist in
sensible consolidations" and other benefits.
Associated Press advicesfrom Jacksonville, Fla., yesterday
(July 5), printed in last night's "Evening Post" stated that a
notice was posted on the door of the People's Bank & Trust
Co. of Jacksonville that morning, saying the institution was,
in the hands of George C. White, State bank examiner. At
the close of business June 29, the last bank call day, the
institution's resources, it was said, were listed at $2,199,000,
while capital was shown at $300,000 and deposits at $1,577,482. Continuing the dispatch said:
A.P. Anthony,President of the bank,issued a statement to-day declaring
that "internal dissension" was responsible for the institution's plight. He
added his belief that the depositors eventually would be paid in full
We are advised that stockholders of the Citizens Na-.
tional Trust and Savings Bank of Los Angeles held a special
meeting on Friday, June 28th, at which the plans previously announced for the reduction of the par value of
the stock from $100 to $20 per share were ratified. Thu
present outstanding shares number 50,000 and will be replaced by 250,000 of the new shares, or in the ratio of 5
the resources of the bank have grown from a million dollars
to ten million dollars, over 260,000 personal loans having to 1. The dividend rate on the new shares will be at the
been made, for a total of $65,000,000. The bank recently rate of $1 per quarter or $4 per year.
moved from its home on LaSalle Street to make way for the
The Union Bank & Trust Co., of Los Angeles, added four
new No. 1 LaSalle Building, and now occupies over two members to its board at a special meeting of the stockholders
entire floors at the corner of Madison and Clark. Joseph on June 27, according to the Los Angeles "Times" of the
E. Otis, President of the Central Trust Company, is Chair- following day. The new directors are Carlton F. Burke,
man of the Board of Directors; Marvin B. Pool, of Butler Reese H. Taylor, Gordon B. Kaufmann and Dr. Wayland B.
Brothers, is Chairman of the Executive Committee; and Morrison. Ben R. Meyer, President of the institution stated
R. B. Umberger is Executive Vice-President.
"that the enlargement of the board was a move for balance
.—
That a new financial institution—the Safetly State Bank and co-ordination following the two increases in capital and
—would open in Chicago on June 29 was reported in the surplus within the last six-months." The existing capital and
Chicago "Journal of Commerce" of June 28. The new bank, surplus of the bank total $8,500,000. A securities company
which is located at 5617 Belmont Avenue, starts with com- under the title of the Union Company,capitalized at $1,500,000, would open for business on July 1, the paper mentioned
bined capital and surplus of $125,000. Daniel V. Harkin, said, and subsequently would occupy the entire third
floor
President of the Union Bank and the Service State Bank, of the Union Bank Building. Officers of the new company
are Ben R. Meyer. President, Milton E. Getz and J. C.
both of Chicago, heads the new Institution also and associated with him are Albert R. Keeney and Albert W Lipman, Vice-Presidents; A. L. Lathrop, Secretary, and
Louis Meyer,
Sathern, Vice-Presidents; Roy C. Hanson, Cashier, and ties company Jr., Manager. The organization of the securiand the then proposed second increase in capital
Albert Svoboda, Assistant Cashier.
were noted in the "Chronicle" of April 6, page 2219.
The proposed merger of the three St. Louis banks— MissisThomas A. Morrisey, President of the Pacific National
sippi Valley Trust Co., Merchants-Laclede National Bank Bank of Los Angeles, has announced that he and six directors
and State National Bank—was consummated on Monday of the institution have resigned and that the proposed union
of this week, July 1, under the title of the Mississippi Valley of the Pacific National Bank and the National Bank of ComMerchants State Trust Co.
merce of Los Angeles has been abandoned, according to A
Associated Press from Los Angeles on July
dispatch by
Stockholders of the recently consolidated Mercantile- 4, appearing thethe New York
in
"Times" of July 5. The disCommerce Bank and Trust Company of St. Louis on July patch went on to say:
Ran M. Leaf, President of the National Bank of Commerce,
1 received an initial monthly dividend of 1% on their holdwas a
National and
ings. A statement accompanying the dividend and signed director of the Pacificthat he and is among those who have resigned.
Mr. Morrisey said
the others who had retired were "not in
John G. Lonsdale, said:
by the President,
accord with certain policies of the
"The policy of I% montly dividends has been adopted after careful de- Others would add to his statement.Pacific National Co." None of the
bastion. The conservatism of this program will appeal to you, I f
o
eel
82
FINANCIAL CHRONICLE
[VOL. 129.
The following comes to us this week with reference to PennsylVania, Ches. & Ohio and Union Pacific. Del. &
the current statement of the Bank of Italy National Trust Hud. also was remarkably actve and closed with a gain of
& Savings Association (head office San Francisco):
73.' points. United States Steel sold up to the highest point
Increases of more than $39,000,000 in deposits and 145,000,000 in total in the history of the present shares as it closed at 1963
resources during the last year are reflected in the current statement of with a net gain of 4 points, but later in the week advanced
The Bank of Italy, showing condition at the close of business for the first
six months of 1929. These gains are among the largest and most impressive still higher. General Electric and Westinghouse again lifted
In the history of an institution whose growth has always bordered on the their tops and so did Fleishman which closed with a net gain
phenomenal. The gains, in the opinion of officials of the bank, have
of more than 3 points at 86%. Motor shares moved to the
added significance coming but a few weeks following the forecast of
officials of the Federal Reserve Board who estimated that member banks in front under the guidance of Packard Motors which crossed
the Twelfth Federal Reserve District would show a net loss in deposits in 1353% with a gain of 04 points.
General Motors was
excess of $100,000,000.
stronger and Hudson gained nearly two points. Columbia
Aggregate resources of the Bank of Italy are $851,000,000, a new alltime record—and snore than $45,000,000 above a year ago. The increases, Graphophone opened with an overnight gain of five points
aside from the large growth in deposits, are distributed fairly evenly at 69 on a block of 15,000 shares, American Can moved
among the principal items. The invested capital account is $106,000,000,
into new high ground and Montgomery Ward scored a gain
as compared with $104,000,000, while relatively proportionate gains were
registered in loans and discounts, bonds and securities, and in letters of of three points.
credit and acceptances.
On Tuesday the advance in call money to 15% made little
Extensive additions to physical properties are shown in the banking appreciable
difference in the early trading though later its
premises, the purchase of the Spreckels Building in San Diego and the
erection of new quarters in Stockton and Palo Alto and a number of the day the market slowed up to some extent. United States
smaller branches in San Francisco and Los Angeles are reflected in this Steel, common, crossed 196, BTtirehem sold up to 113M and
item.
Inland Steel gained more than 2 points. Republic Iron &
While the Bank of Italy has for some time ranked as the largest
financial institution in the United States in point of the number of Steel broke into new high ground above 106. Railroad shares
depositors, the current report, showing 1,490,013 accounts, as compared continued in demand, New York Central leading the upward
with 1,347,000 last year, represents a gain of more than 142.000.
swing with a gain of 8 points to 219. Norfolk & Western
A dispatch by the Associated Press from San Francisco on gained 3 points, Union Pacific advanced 3 points to 342 and
June 24, printed in the Los Angeles "Times" of the following Chesapeake & Ohio 9 points to 246. General Electric was the
day, stated that a final dividend would be made within a outstanding feature of the trading as it made another sensamonth in the liquidation of the commercial department of the tional jump to a new high at 353, closing at 34934 with a net
defunct Farmers' & Merchants' Bank of Chino, Calif., which gainof 18Ailoints. Westinghouse also was strong and broke
was declared insolvent in 1923, according to an announce- through 200 with an advance of 6 points. New peak prices
ment on'June 24 by Will C: Wood, State Superintendent of were scored by Int. Tel & Tel. and Columbia Graphophone
for
Banks. Mr. Wood was reported as saying that the payment moved ahead about 5 points. Other s.ocks noteworthy
their strength were Allied Chemical & Dye and Air Reducwould approximate 33% and would bring total disbursements to date in the commercial department to 933/p% of tion, the former advancing 5 points and the latter 101 ti.
The market maintained its no:iianc7Orl Vednesday, The
the full claims. The claims of savings depositors were met
drop in call money to 6% stiTaiaath.gtirz71, 'erg a1onFlYe
by a 100% dividend in 1924, it was stated.
line. United States Steel,' climbed to a new top at 1993'
The Crocker First National Bank, San Francisco, which though it closed at 1963% with a .fractional gain over the
recently announced plans for a $400,000,000 merger with previous close. Copper shares again moved up with the
American Trust Company, reports record resources of leaders, Greene-Cananea leading with a gain of 6 points to
$126,913,713 in its statement of condition as of June 29. above 178 while Anaconda and Kennecott moved substanAn increase of $8,614,679 is shown in deposits. This is the tially toward. Food stocks were unusually active, Postum
second bank, it is said, in the twelfth Federal Reserve advancing , a point or more, !followed by Fleischman
- Gai Dust7—Raro Corporation sold up to 893% a net gain
District to report gains based on current statements.
-T5
of 4 3 points. Columbia Graphophone added nem - .
6
THE WEEK ON THE NEW YORK STOCK EXCHANGE. pou=i1 its gain as it closed at 69 8 and 87 1,rs toebuck
to,167Y. Among the oil shares Atlan8
3
The stock market this week has been active, buoyant moved ahead % points
tioRefining which advanced to 75, the highest peak for the
and higher, and many new top levels have been, recorded
railroad group New York Central
all along the line. The outstanding strong stocks ot the present shares. In the
was turned over in large blocks at a new top above 221. Delaweek were the railroad issues, public utilities, and toward
pushed into new high ground and
&
the latter end of the week the steel stocks and phone issues. ware - -Hudson also
Atlanlic CoaictliTe7Pennsyriania, Nickerrlaion
The report of the Federal Reserve Bank made public yesterVireFertiwelTuThrolirUeinalral
day shows an increase of $227,000,000 in brokers' loans Piifio9=Yorfolk &
higher prices.
in this district. Call money renewed at 10% Monday
On Thursday the New York Stock Exchange was closed in
morning, advanced to 15% in the afternoon and remained
7rTidepe=ce1375;7 5i7PridaTi17,1Earket
at that level throughout the following day. On Wednesday observance
opened strong-Main the early trading many popular ipeoul,
money was renewed at 12% but dropped to 6% later in the
- aa
ar
tive favorites scored new top records. As ifie ac .17a7v- day and again moved up to 7% on Friday.
considerable profit filing became apparent and some ofThe
Following early irregularity the market forged ahead
Railroad stooks held their gains fairly
during the brief period of trading on Saturday. Copper early gains were lost.
Pennsylvania RR., Mrs..
recorded byassumed the leadership, Anaconda shooting forward well and newtops were
shares
uams1
4exas,Chicago &ot.WIETrestei:ri,'Union Pa3 points to 119, Greene-Cananea closing at 1703. with a
Southel7Pacific. General Electric after bounding
gain of more than 6 points and Kennecott moving ahead cific and
forward to a new top sold off but TestingEouse held part of
nearly 2 points. Calumet & Arizona, Calumet allecla,
-17 fIrwa=indenre Fid- 15117tiloo sinOVZbilik Andes Copper and numerous others felt the upward urge its gain.
ance orrtrintic Refining ;which again lifted its toiraid
and closed at higher levels. Public utilities were equally
Amerada was strong and so was Skelly71
5an
strong especially American Tel. & Tel. which opened with crossed 75.
Simms and Indian Refining. Motor stocks
advance of over 3 points above the preceding close and American 'S,"
an
mand, Chrysler advancing 33/2 points to 78%;',
reached its final with a net gain of 73% points. Columbia were in
hudion improveoaTint and Auburn moved into new high
Gas improved more than 3 points and Consolidated Gas
with a net gain of 15
Oth_er
moved into new high ground as it touched 132. In the ground at 380
illte*
—Tortew pea=priarrncluderriiited States
first hour General Electric raised its top to 324% and WestSUIght, Fleischman, tendix Aviainghouse followed with a new peak at 19236 closing with a Steel, American Power,
- tioñ, Union Ca1Me & Ca7b6717 Ameratan and 'Pin=
net gain of 7A points. Woolworth advanced 6 points,
International Tel. & Tel. 53% points to 105,Goodyear Roller Bearing. The final tone was good.
TRANSACTIONS AT THE NEW YORK STOCK RECHARGE
Tire & Rubber over 4 points and American Smelting &
DAILY, WEEKLY AND YEARLY.
Refining nearly 5 points higher. Railroad stocks were in
good demand, Union Pacific moving ahead over 11 points to
Sods,
United
Railroad,
Mal*,
Number of
&c..
Week Ended July 5.
Municipal &
Slalec
235 followed by Chesapeake & Ohio with a gain of nearly 4
Mares.
Foreign bands
Bonds.
Bonds.
Chicago & Eastern Illinois with an advance of 7
points,
$1,078,000
8221,500
1,905,770
67,842,000
points and St. Louis & San Francisco with a gain of over 3 Saturday
2,404,000
4,087.420
713.500
11,072,000
Monday
2,171,000
1,020,700
4,593,790
10,555,500
Tuesday
points.
2,249,000
4,690,250
508,000
10,709.000
Wednesday
High-priced railroad shares were the outstanding strong Thursday
HOLI DAY
1,481,000
351,000
7,822,000
3,747,640
features of the trading on Monday and new tops were re- Friday
$9,383,000
$2,814,700
19,114,870 $48,000,500
Atchison, Pere Marquette, New York Central, Tai
corded by
JULY ‘6 19291
83
FINANCIAL CHRONICLE
SILVER.
The steadier tone prevailing last week has continued, mainly owing to a
slackening off in the selling which has been the feature during the past few
1929.
1928.
1929.
1928.
weeks. China operators have been buyers on most days, but have shown
Stocks-No, of shares_ 19,114,870
413,525,476 willingness to sell at rates slightly above current prices. The Indian Bazaars
8,444,628
554,986.850
Bonds.
have made small purchases for shipment and also in cover of bear commitGovernment bonds__ $2,814,700 $9,689,000
$110,518,750
866,432,600
State and foreign bonds
9.383,000 11,139,000
451,179,765 ments, whilst America has been inclined to support the market.
317,243,650
Railroad & misc. bonds 48,000,500 28,214,000
Mail advicesfrom Bombay under date of May 31st contained the following
971,324,500 1,416,237.525
information:
Total bonds
$60,198,200 $49,042,000 31,355,000,750 $1,977,936,040
"The daily trade return of the Bombay Chamber of Commerce shows an
export of 408 ingots of silver to London valued at Its 5.88 lace on GovernDAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND ' ment account?
BALTIMORE EXCHANGES.
The following were the United Kingdom imports and exports of silver
registered from mid-day on the 10th instant to mid-day on the 17th instant:
Exports
ImportsBorten.
PsaacteWOG.
Baltimore.
Week Ended
£107,032
£16,795 Poland
Germany
19,262 Egypt
17,300
.
Shares Bons Sales Share.. Bond Sale.. Shares. Bond Salsa. Canada
.
1
July 5 1929.
365,512
15,443 British India
Other countries
Saturday
Other countries
$18,000 a67,905
8,920
.32,481
$8,000
02,121
$4,000
Monday
25,000 a116,406
.56,172
15,000
63,342
18,200
Total
29,000 a150,533
£51,500
.67,961
£498.764
Tuesday
Total
14,000 . 82,845
14,000
32,000 0139,528
.64,975
Wednesday
11,000
32,500
84,761
No fresh Indian Currency Returns have come to hand.
HOLI DAY
Thursday
HOLI DAY
HOLI DAY
The stock in Shanghai on the 15th instant consisted of about 78,600,000
*48,743
15,000 044,127
Friday
21,000
82,902
ounces in sycee, 126,000,000 dollars and 7.780 silver bars, as compared with
270,332 $119,000 518,499
Total
$93,700 77.500.000 ounces in sycee, 128.000,000 dollars and 5.000 silver bars on
15,971
$44,000
Prev. week revised 367.315 5169.000 960.486 S123.500l 26.996 $142.200 the 8th instant.
Quotations during the week:
. addition sa es of rights were: Saturday, 16 299; Monday, 10,373; Tuesday,
In
-liar Surer. Per Or. Std.Bar Gold,
1,455: Wednesday 3,400.
Cash.
QuotationsPer Or. Fine.
2 Mos.
a In addition there were sold: Rights-Saturday, 2,500; Monday, 6,000; Tues- June 13
2434d.
24 5-16d.
845. 11d.
day, 10,500; Wednesday, 23,300; Friday, 300. Warrants-Saturday, 1,700; Mon84s. 1154.1.
2434d.
247-188.
14
day, 7,600; Tuesday, 3,800; Wednesday, 8,600; Friday, 2,300.
84s. 1150.
2434d.
2454d.
15
84s. 1150.
24Hd.
24 7-16d.
17
b In addition there were sold: Rights-Saturday, 23. Warrants-Saturday. 350.
249-16d.
2454d.
18
845. 1134d.
Scrip-Wednesday, 10-20; Friday, 10-20.
247-188.
24 7-16d.
845. 1134d.
19
24.416d.
Average
24.458d.
84s. 11.88.
The silver quotations to-day for cash and two months' delivery are
respectively 1-16d. above and the same as those fixed a week ago.
Sates al
New York Ewa
Exchange.
Week Ended July 5.
Jan. 1 to July 5.
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
Maturity.
Batas1929.--
Deo.151929_
'Mann 1930_
hit.
Rate.
Bid.
Asked.
6H% 991042 1001n
% 99vn 9910n
554% 10011n 10011n
Int.
Rate.
Maturity.
Sept.151930-32
Mar.151930-32
Deo.15 1930-32
Sept.151929
Deo.15 1929
New York City Realty and Surety Companies.
(All prices dollars per share.)
844
Alliance WIty 120
AmSurety new 130
Bond & M 0_
New(320par) 90
Home Title Ins 295
Lawyers Mtge 162
Lawyers Title
& Guarantee 387
Ask
Bid
130 Lawyers West140
chest M & T 276
95 Mtge Bond-- 190
$10 N Y Title &
64
Mortgage-- 631
Bid
N. Y. Inv't're
1st prof...... 98
3dpre -- 97
200 Westchester
Title & Tr. 160
6414
397 USCamMy- 107
Ask
112
4.5
325
180
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
June 19 1929:
GOLD.
The Bank of England gold reserve against notes amounted to £163,241,482
on the 12th instant (as compared with 4162,968,424 on the previous Wednesday), and represents an increase of £9,335,167 since April 29 1925
-when
an effective gold standard was resumed.
In the open market yesterday about £655,000 bar gold from South Africa
was available. The United States of America exchange being favourable
to the export of gold to that country there was keen competition from New
York for the amount offered in the open market, and the bulk-about
4545,000
-was secured at the maximum price for shipment to that quarter.
In addition about £1,110,000 bar gold was withdrawn from the Bank of
England for the same destination-as shown in the figures below. The
balance-about £110,000
-of the gold in the open market was absorbed by
the requirements of India and the Home and Continental Trade.
The following movements of gold to and from the Bank of England have
been announced, showing a not efflux of £788,263 during the week under
review:
June 13. June 14.June 15. June 17. June 18. June 19.
Received
4350,826
£2,618
Withdrawn- _ _ 10,338
8.578
5,158E1117,633
Of the amount received on the 13th latant, £349,254 was in sovereigns
generally understood to bn from Argentina. The withdrawals were ni1 In
bar gold.
The following v.ere the United Kingdom imports and exports of gold
registered from mid-day on the 10th instant to mid-day on the 17th instant:
ImportsExports
Prance
£9,668 Germany
£25,530
Argentina
350.000 Netherlands
13,387
British West Africa
31,730 Prance
17,239
British South Africa
923,602 Switzerland
51,140
Other countries
250 Austria
13,000
British India
30,489
Other countries
17.290
Total
£1.315.250
Total
£168,075
United Kingdom imports and exports of gold for the month of May last
are detailed below:
Imports.
Exports.
Germany
£647,700
4311,928
Netherlands
48,660
Belgium
12.300
Prance
9,199
62,938
Switzerland
102.385
Austria
33.250
Egypt
222,055
Wedt Africa
112.057
491
Argentina, Uruguay & Paraguay
200,000
lJnion of South Africa
3.697,422
Rhodesia
92,728
British India
133,981
Australia
1,007,000
Irish Free State
36.000
Other countries
9,843
27,938
Tani
£5.811.949
Course of Bank Clearings
Asked
Bid.
334% 97" 971ist
834% 971°I.4 97,,fs
97'n
354% 97144
kit% 1001st 100144
eft% 100in 100 if
4955.926
Bank clearings will again show a satisfactory 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 6)
bank exchanges for all the cities of the United States from
which it is possible to obtain weekly returns will be 15.4%
larger than for the corresponding week last year. The total
stands at 814,132,158,710, against 812,248,897,362 for the
same week in 1928. At this centre there is a gain for the
five days ended Friday of 23.9%. Our comparative summary for the week follows:
Clearings
-Returns by Telegraph.
Week Ended July 6.
Per
Cent.
1929.
1928.
$8,114,000,000
555,548,004
516,000,000
482,000,000
113,214,725
109,300,000
162,121,000
153,875,000
161,013,971
166,000,000
122,961,272
92,070,136
36,840,357
56,549.000,000
654,260,967
480,000,000
404,000,000
100,473,651
107,900,000
180,077,000
159,393,000
177,695,376
147,009,037
117,337,771
93.371,756
58,856,636
+23.9
-15.1
+7.5
+19.3
+12.7
+1.3
-10.0
-3.5
-9.4
+12.9
+4.8
Thirteen cities, 5 days
Other cities, 5 days
510,784,934,465
991,864,460
$9,229,375,194
1,044.857,860
+16.9
-5.1
Total all cities, 5 days
All cities, One day
$11,776,798,925 $10,274,233,054
2.355,359,785
1,974,664.308
+14.6
+19.3
S14.122158 710 212 245 RO7 RA2
4-154
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
Total all cities for week
-1.4
-37.4
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday) and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week has in all eases 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 June 29. For
that week there is an increase of 17.7%, the 1929 aggregate
of clearings for the whole country being 812,889,473,321,
against 810,952,549,115 in the same week of 1928. Outside
of this city the increase is only 5.3%, the bank exchanges
at this centre having recorded a gain of 24.9%. 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 24.8%,in the Boston Reserve District of 13.2%
and in the Philadelphia Reserve ,District of 12.4%. The
Cleveland Reserve District shows a gain of 10.2% and the
Atlanta Reserve District of 10.7%, but the Richmond Reserve District records a loss of 2.9%. The Chicago Reserve
District falls 0.3% behind, the St. Louis Reserve District
84
[VaL,129.
FINANCIAL CHRONICLE
The course of bank clearings at leading cities of the country
4.4% and the San Francisco Reserve District 0.9%. In
the Minneapolis Reserve District the totals are larger by for the month of June and since Jan. 1 in each of the last.
4.5%, in the Kansas City Reserve District by 3.3% and in four years is shown in the subjoined statement:
BANK CLEARINGS AT LEADING CITIES.
the Dallas Reserve District by 3.3%.
June
Jan. 1 to June 30
1929. 1928. 1927. 1926. 1929.
1926.
1927.
1928.
In the following we furnish a summary by Federal Reserve (000,000s
omitted.)
$
S
$
$
$
$
$
$
districts:
New York
34,561 34,739 27,876 24,195 228,492 196,805 156,433 150,192
SUMMARY OF BANK CLEARINGS.
Week Ended June 29 1929
1929.
Int.or
Dec.
1928.
1927.
$
Federal Reserve Dist,.
8
$
%
653,124,357
556,418,690
15t, Buidon ..... _ 12 8191838
491,743,494 +13.2
.11 "
8,779,396,533 7,034,143,966 +24.8 7,540,482.594
2nd New York.
611,973,374
643,201,049
ltd Philadelpla 10 "
572,102,906 +12.4
449,908,690
451,274,208
6th Cleveland.. 8 "
412,407,10 +10.2
177,274,702
170,166,327
175,283,955 -2.9
50 Richmond. 6 "
177.089,484
588 Atlanta_...12 "
189,482.624
159,941,655 +10.7
958,824,346 -0.3 1,046,518,492
955,990,159
1th Chicago -_20 "
217,535,126
204,829,337 -4.4
195,764,907
5th Pt. Louis.._ 8 "
108,731,821
111,660,563 +4.5
116,615,968
/th Minneapolis 7 "
237,607,086
232184,858
10th KanaasCity 11 "
22%315,149 +5.4
67,018,178
5 "
67,037,010
64,876,075 +3.3
11th 1381las
563,381,839
511,305,128
516,420,560 -0.9
125h San Fran._17 "
127 cities 12,889,473,321 10,952,519,115 +17.7 11,856,036,882
Total
4,254,361,349 4,041,302,073 +5.3 4,473,097,895
Ntsitle N. Y. City
lannrIca
21 Mtg.'s.
let nnn %re,
,cs lc. nen
Ana ctu tun_an
Chicago
Boston
Philadelphia
St. Louis
1926.
Pittsburgh
San Francisco
I
Cincinnati
698,252,424 Baltimore
6,872,730,228 Kansas City
688,554,528 Cleveland
442,013,832 New Orleans
263,458,932 Minnealolis
0 ,5,17
2 6,57 6 Louisville
1,105,694,304 Detroit
230,654,688 Milwaukee
127,853,169 Los Angeles
242,726,316 Providence
75,537.702 Omaha
573,918,910 Buffalo
St. Paul
11,527,969,159 Indianapolis
4,817,864,815 Denver
nex ne, ano Richmond
Memphis
Seattle
Reserve Hartford
Salt Lake City
3,183 3,194 3,087 18,025 19,081 18,100 17.977'
2,041 2,304 2,139 12,654 13,340 13,132 12,411
2,651 2,424 2,500 15,446 14,772 14,142 14,831
655 3,652 3,745 3,704 3,897
629
635
834
823
780 4,960 4,649 4,787 4,524
1,042
816 5,295 5,866 4,836 4,883.
811
1,946.
1,964 2,004
1,911
334
328
345
3,014
479
584 2,569 2,727 2,808
487
3,369
603 3,474
3,370 3.609
612
567
527 3,876 3,297 3,165 2,996.
582
593
1,505
1,438
1,476
1,333
229
225
227
1,980
1,722
345 2,067 1,984
324
358
908928
998
997
127
157
160
4,356
912
779
779 5,843 4,823 4,301
1,092
1,120
1,074
189
188
885
188
773
952
765 5,720 5,358 4,783 4.410
346
351
413
427
72
57
58
1,061
1,022
1,159 1,132
194
177
176
1,360
1,333
1,362
236
243 1,570
239
799
738
774
732
135
140
127
579.
599
101
107
599
100
630
793.
802
870
960
145
140
136
1,311
1,214
184
202
1,089 1,111
209
591
543
525
90
554
77
89
1,166.
1,147
1,261
201
1,314
223
199
428
390
502
78
66
509
75
434
429
454
475
79
76
75
2,655
1 998
2,529
575
826
834
318
426
579
662
192
364
152
964
151
833
69
189
272
111
105
150
171
79
219
75
83
We also furnish to-day a summary by Federal
districts of the clearings for the month of June. For that
50,142 51,420 43,977 40,176 311.225 294,372 249,488 243,137'
Total
month there is a decrease for the entire body of clearing houses Other cities
3,775 3,856 3,712 3,924 38,803 22,607 22,422 23,632of 2.4%, the 1929 aggregate of the clearings being $53,916,- Total all
,
53,917 55,276 47.689 44,100 350,028 316,979 271,910 266,769
910,741 and the 1928 aggregate $55,235,318,947. Outside Outside New York_19,356 20,537 19,813 19.905 121,536 120,174 115,477 116,578.
Our usual monthly detailed statement of transactions on
of this city the decrease is 5.6%. In the New York Reserve
The results for
Stock Exchange is
the New
District there is a loss of 0.3%, in the Boston Reserve Dis- June andYorksix months of 1929appended.are given below:
and 1928
the
District of
trict of 2.3% and in the Philadelphia Reserve
Six Month*.
Month of June.
5.0%. The Cleveland Reserve District shows an increase
Description.
of 2.4%, but the Richmond Reserve District falls 8.8% be1928.
1928.
1929.
1929.
hind and the Atlanta Reserve District 4.8%. The Chicago Stock, number of shs_ _ 69,546,040 43.886,110
415,666,003.
537,866,310
$
Reserve District suffers a decline of 11.0%, the St. Louis
$927,120,000 $1,127,375,150
Railroad & misc. bonds $173,603,000 $165,820,200
Reserve District of 6.7% and the Minneapolis Reserve Dis- State, torn, &c., bds_ _ 49,730,000 67,406,500 608,880,150 440,622,626
101,042,750.
64,251,800
10,321,750 23,748,000
U. S. Gov't bonds_ _ _ _
trict of 2.4%. In the Kansas City Reserve District the totals
$233,656,750 $256,974,400 $1,300,252,950 $1,669,040.525.
Total
are larger by 0.1% and in the Dallas Reserve District by
1.3%. The San Francisco Reserve District suffers a loss
The volume of transactions in share properties on the
New York Stock Exchange each month since Jan. 1 for
of 12.1%.
the years 1926 to 1929 is indicated in the following:
June
1929.
June
1928.
June
1926.
June
1927.
Inc.or
Dec.
1928.
1929.
No. Shares.
No. Shares.
1926.
1927.
No. Shares.
No. Shares.
$
2,407,603,610
38,987,886
34,275,410
56,919,395
110,805,940
24,922,491,582 ktonth of January
35,725,989
44,162,496
47,009,070
77,968.730
February
2,684,282,550
52,271,691
49,211,663
84,973,869
105,661,570
March
1,842,232,528
979,889,247
294,436,240 188,902,334 127,649,569 126,985,565
1st quarter
968,830,034
4,546,256,198
49,781,211
30,326,714
80,478,835
82,600,470
gonth of April
1,002,547,521
23,341,144
46,597,830
82,398,724
91,283,550
May
674,390,619
38,254,575
47,778,544
69,546,040 43,886,110
June
1,243,960,831
884,030,534
91,922,433
243,430,060 226,763,669 144,157,585
2d quarter
2,422,796,633
9297 WM ann 415.666.003 271.807.154 218.907.998
A mnnthe
Total
192 cities 53,916,910,741 55,235,318,947 -2.4 47,689,198,960 44,099,611,887
19,353,264,603 20,496,576,935 -6.6 19,813,451,614 19,904,622,301
kutside N. Y. City
* Largest single day's transaction in the history of the Exchange took place on
shares were traded
31 cities 1.899,853.651 2,067,482,620 -8.1 1,665,158,Cd3 1,462,096,809 Tuesday, June 12, when 5,052,790
Canada
Federal Rearrve Mars.
Lit 13,stou __ _.14 cities
!lad New York _ _14 "
rd Philadelpla 14 "
ith Cleveland.-15 "
ith Richmond _10 "
_18 "
Ith Atlanta
'th Chicago ___29 **
Ith St. Louis...10 "
ith Nlinneatx,ILi13 "
.0th KnneasCity 16 "
.110 Dallas
11 "
.288 San Fran_ _28 "
5
2,275,256,574
35,418,033,170
2,698,132.029
2,012,047,650
778,405,751
752,478,718
4,268,225.076
905,324,582
572,981,258
1,221,076,373
491,361,268
2.523,484.276
$
2,328,922,381
35,532,218,640
2,839,608,693
1.965,190,316
853,438.137
790,087.386
4.794,732,799
970,337,759
587,043,633
1,219,528,507
481,814,929
2,869,395.767
%
-2.3
-0.3
-5.0
+2.4
-8.8
-4.8
-11.0
-6.7
-2.4
+0.1
+1.3
-12.1
$
2,561,559.483
28,508,491,390
2,603,448,463
1,927,647,521
881,341,229
843,889,232
4,641,192,398
979,978,692
512,602,781
1,230,532,919
480,214,461
2,388,300,081
The following compilation covers the clearings by months
We append another table showing the c earings by Federal since Jan. 1 in 1929 and 1928:
MONTHLY CLEARINGS.
Reserve District:. for the six months back to 1926:
1929.
I
1928.
Federal Resume Mars.
let Boston __-_19 cities 14,183,627,663 15,061,886,458
2nd New York __14 " 233,259,712,096 301,067,217,625
2nd Philadelpla 14 " 16,521,569,643 15,881,520,511
4th Cleveland--15 " 12,058,590,598 11,170,512,694
4,775,717,598 4,936,173,250
6th Richmond -10 "
5,040,268,063 5,080,643,629
6th Atlanta__ 18 "
7th Chicago _ _29 " 27,818,951,873 27,919,311.371
5,843,917,477 2,856,518,158
8th St. Loula_10 "
3,313,047.096 3,262,993,985
988 Minneapolls13 "
7,485,071,885 7,212,041,865
10th KausasCity 16 "
3,297.453,884 2015,905,234
11th Dallas
11 "
12th San Fran--28 " 16,227.279,648 16,267,686,167
Inc.or
Dec.
Clearings Outside New York.
Clearings, Total All.
Ste Months.
Month.
1928.
1929.
1926.
1927.
-4.5 143644,469,265 13,945,882,773
+16.1 160,478,548,925 154,157,760,734
+4.0 15,233,975,379 15,901,961,892
+8.0 11.034,498,648 10,602,998,827
-3.2 5,132,803,491 5,484,588,217
-0.8 5,435,657,966 8,721.034.156
-0.3 26,387,060,203 26,276,843,036
-0.2 5,792,610,927 6,018,732,967
+1.5 2,922,476.707 3,225,665,310
+3.8 7,251,193,726 7,039,835,075
+9.3 3,147,478,358 3,154,906,879
-0.2 14,450,129,837 14,236,193,007
Total
192 cities 350,028,208,524 316,732,440,947 +10.6 271,910,103,432 266,769,402,873
121,536,806,512 119,927,410,511 +1.3 115,476,889,374 116,577,878,203
Outside N. Y. City
Canada
31 cities 12,057,546,302 11,765,098,608 +2.5 9,214,485,967 8,318,388,239
%
1928.
1929.
%
$
$
$
$
+8.7'
Jan_ _ _ 66,131,376.486 51,499,545,411 +28.4 22,227,710,616 20,456,065,482 +5.6
Feb__ 54,668,507,864 44.568,430.792 +22.7 18,738,749,534 17,744,304,726 +2.7
63,226,050,132 55,817,421,912 +13.320.907,211,45420,363,580.823
March1st qu_ 184025934482 151 885398 115 +21.2 61,873,671,604 58,563,957,031
April__ 55,171,872,704 51,718,442,536 +6.7 20,174,319,300 19,678,582,063
May.. 56,913,490.597 57.893,281,349 -1.7 20,131,551,005 21,188,204,482
June.. 53,916,910,741 55,235,318,947 -2.4 19,316,264,603 20,496,576,935
+5.7'
+2.8
-5.0
-5.6
2d qu. 166002274042 164847042832 +0.7 59,662,134,908 61,363,453,480 -2.8
6 moe 350028208 524 316 732440947 +10./ 121 535806 512 119927410 511 +1.3.
We now add our detailed statement showing the figures
for each city separately for June and since Jan. 1 for two.
years and for the week ending June 29 for four years:
CLEARINGS FOR JUNE, SINCE JANUARY 1, AND FOR WEEK ENDING JUNE 29.
1929.
1928.
$
$
rat Federal Rese rve District- Boston
2,832,189
3,785,106
le-Bangor
17,034,103
16,496,378
Inland
1,998,000,000 2,040,608,516
4. Boston
5,813,287
5.971,110
ill River
2,546,997
2,768,876
plyoke
5,079,734
5,149,444
'well
5,477,192
4,631,924
riv Bedford
24.734,449
25,275,808
xingfield
16,891,204
16,824,435
orcester
78,263,307
75,121,343
-Hartford _ _1.
42.157,312
36,193,470
,
.555 Haven
12,541,700
12,243,200
aterbury
71,590,700
69,319.400
.-Providence
3,771,506
3,156,265
(.-Manchester..
. 8.
tal (1S cities).- 2,275.356,574 2 32 922.381
Week Ended June 29.
6 Months Ended June 30.
Month of June.
7learings al
Inc. or
Dec.
1929.
1928.
Inc.or
Dec.
%
$
$
%
1929.
1928.
Inc. or
Dec.
1927.
$
$
%
$
$
554,840 +7.3
3,487,082 +10.9
439,000,000 +12.5
999,402 +34.2
636,000
4,259,300
591,001,000
1,799,955
886,870
5,036.003
630,000.000
2,146,643
+17.3
+30.3
+4.7
+33.0
+20.1
+7.5
1.282,092
1,104,622
6,072,867
4,411,652
15,247,713
8,689,337
1,068,622
1,291,939
5,621,718
4,978,235
21,454,178
8,915,207
16,623,900
769,014
13,149,000 +26.4
657,105 +18.8
17,595,000
1,025,829
15,548,300
1,304,709
556,418,690
491,743,494 +13.2
653.124,357
698,252,424
18,644,790 -11.1
16,568.267
--25.2
99,183,046 +0.5
99,671,538
+3.3
13.340,314,279 -5.1
-2.1 I2,654,265,716
49,081,036 -28.3
35,194,753
-2.6
18,600,671 -13.1
16,162,053
-8.0
30,938,638 +5.3
32,581,611
-1.4
28.811,808 +12.3
32,368.968
+18.2
150,144,778 -0.8
148,974,539
-2.1
93,723,324 +4.2
97,666,445
+0.4
502,442,098 +1.3
109,109,537
-4.0
230,887,270 --2.1
221,858,603
-14.1
67,909,700 -1.0
68,570,600
+2.4
412,806,100 +3.5
427,050,700
-3.2
18,598,920 +5.3
19,584,333
+19.5
595,608
3,867,959
494,000,000
1,341,507
-4.5
-2.3 14.383.627,663 15,061,886,418
1926.
1,190,104
1,160,360
5,930,061
4,550.464
17.406,519
8,983,104
1,063,532
890,296
5,663,940
3,420,803
14,500,191
8,357,303
JULY 6 19291
FINANCIAL CHRONICLE
85
CLEARINGS-(Continued.)
Mon'h of June.
6 Months Ended June 30.
Clearings at1929.
1928.
Inc. or
Dec.
1929.
1928.
Week Ended June 29.
Inc.or
Dec.
1929.
1928.
Inc.or
Dec.
1927.
1928.
$
Second Federal Re serve District .-New York.
_N.Y.
-Albany
25,144,510
28208.350
Binghamton
6.351,088
5,820,433
Buffalo
271,916,350
236,461.611
Elmira
5,410,924
5,081,719
Jamestown
5,758,320
5,704.728
New York
34,560.646.138 34,738.742,012
Niagara Falls
*6,000,000
7,298,820
Rochester
69,223,151
76,194,262
Syracuse
32,228,195
34,110,026
'Conn.-Sfamford
19.755,380
19,132,298
N.J.
-Montclair - 4259,227
5,331,512
Newark
167,334.140
156.057,668
Northern N...1
234,827,287
204.617,489
Oranges
8.478,466
9,457,712
Total(14 cities)- - - - 35,418,033,1713 35,532,218,640
161.659.105
164,023,765
-10.9
38.088,705
+9.1
34,439.637
+15.0 1,569,808,996 1,362,375,983
31,501,105
28,202,589
+6.5
34,778,040
34,025,828
+0.9
-0.5 228,492.402,012 196,805,030,438
38.921,924
-17.8
39,171,725
-10.1
413,386,666
388,466,231
188,233.119
-5.5
176.764,755
115,131,730
+3.3
103,525,473
24,659,939
-7.0
26.096.666
763,061,640
868.025,758
+7.2
+14.8 1233,988.857 1,098,822,404
47,690,313
-10.4
44,467,260
5,506,022
-1.4
5,387,918
1,323.502
1,005,423
+10.6
61,163,336
47,448,891
+15.2
1,099,991
+11.7
1,121,856
1,143,258
1,086.747
+1.7
+16.1 8,635,111.972 6,911,247,042
-0.6
15,662.385
12.163,716
+6.4
+6.5 . 7,012,012 •10,000,000
4.641,485
4,565.533
+ 11.2
974,401
870,198
+5.8
+13.8
39,150.403
+ 12.3
45,873,408
+7.3
-2.5
5.640.080
7,539,789
+31.6
1,572,317
1.467,868
+28.9
61,250,928
66.148,760
1.533,890
+2.0
1,581,962
1,326,069
+5.2
1,328,665
+24.9 7.382,936,987 6,710,104,344
+28.8
-29.9
+1.7
+12.0
11264,008
10,029,757
3,778,691
1,508,897
19,500,469
10,949,516
3,449,558
997,022
+17.2
51.341.261
48.562.08.5
-0.3 233,259,712,096 201,067,217,625 +16.1 8.779.395,533 7,034,143,966 +24.8 7.540,482,594 6,872,730.228
Third Federal Res erve District -PhIladelphi 2-Altoona
.Pa.
6,549,974
6,713,022 -2.4
38,767,292
39.383,984 -1.6
Bethlehem
20.548,258
24,455,178 -16.0
120.170,587 + 15.4
138,706,599
Chester
5,534,892
5,728.609 -3.4
31,498,370
33,271,902 -5.2
Harrisburg
20,138.159
21,178,834 -4.9
123,465,507
116,961.929 +5.6
Lancaster
8.803,775
61,901,501 -9.8
9.585,056
.55,851,674
Lebanon
3,019,810
2,742,103 + 10.1
16,696,584
16,673,030 +0.1
Norristown
3.622.076
4,942,224 7
23,029,480
26,902,043 -14.4
-26.7
Philadelphia
2,529,000,000 2251200,000 -4.6 15,446.000,000 14,772,000,000 +4.6
Reading
18,815,810
19,062,999 -1.3
111,58.5,647 +2.3
114,177,750
Scranton
26,290.267
28,117,513 -6.5
167.096,505
172,836,701 -3.4
Wilkes-Barre
14,814,36
11202,393 +32.2
102,378,061
100.723,223 +1.6
York
9,124,469
9,423,328 -3.2
57,112,475
+8.6
52,612,061
N.J.
-Camden
11,967,188
12,926.239 -7.4
65,989,549
66,492,935 -0.8
Trenton
19,905,000
32,528,195 -38.8
143,799.497
190,004,968 -24.4
1,581,701
5,729,952
1,388,200
1.468,851
+7.7
4,945,967 +15.9
1,176,604 +18.0
1287,545
4,824,282
1,587,838
1,751,890
4.952,397
1,632.516
1,880.597
1,974,523
2.275,847
2.412,488
577,000200
5,091.100
6.539.638
3.597.386
1,798,047
651,000.000
5,694,889
7,483.236
3234.605
2,258.270
612.000,000
4,244,194
5.925,601
3.605,834
2,152,787
540,000,000 +13.3
3,974,189 +6.8
5,096,369 +16.3
3.992,440 -9.7
1,711,756 +25.8
• 4,692,183
7,762,207 -39.5
7.571,891
7,736,739
+4.0
643,201,049
572.102,906 +12.4
611,973,374
688.554.528
+10.0
+11.4
-2.0
+17.6
-3.5
+6.4
+10.1
+7.4
+10.5
14.8
25.5
7,087,000
4,484,118
*77,000,000
149,985,029
15,409,500
5,785.000 +22.5
3,627.115 +23.6
75.699,947
+1.7
127,909,406 +17.3
14,535.300 +6.0
6,517,000
3,695.039
72.279,225
134.244,902
18,838,400
6,107,000
3,802,428
81.315,426
134,651,619
19.389.800
1,812,523
6,604,027
1,812,857 -0.1
5,607,197 +17.8
1,863,073
5,980.194
1269.283
4.912,030
+6.7
+9.2
+3.0
191,892.011
177,430,285
+8.1
206.486,857
189,866,246
2,012,047,650 1,965.190,316
+8.0
+2.4 12,058.590,598 11,170,542,694
Fifth Federal Rose rve District
- RichmondW. Va.-Huntington_
4.979.730
30,368,044
32,123.604 -5.5
„
-14.3
Va.-Norfolk
19,949,365
137,581.397 -10.5
22,723,664 -12.3
123.105.043
Richmond
170,782,000
124,246,000 -7.3 1,088.738,807 1,111,013,964 -2.0
N.C.
-Raleigh
9,699,57.2
65,515,345 -3.0
63,577,941
9,798,866
1.0
S. C.
-Charleston_ _ _
8,235,512
61,497,847 -8.1
10,422,709 -2.0
56,487,029
Columbia
8.908276
57.081.440 +9.0
8.734,227
62,198,699
+2.0
Md.-Baltimore
426,308,816
479.204,804 -11.0 2,569.247.685 2,726,838,696 -5.8
Frederick
1,866.306
12,082,293 -6.0
1,953,733 -4.5
11,361,794
Hagerstown
3,647,627
3,614,514
21.502,338 -8.9
+0.9
19,584,710
D. C.
-Washington
124,028,347
126,930,689 -2.1
+5.6
710,936.326
751,047.846
454,274,208
412.407,102 +10.2
449,904290
442.013,832
951,943
4,741,287
39,706,000
1.064.350 -10.7
4,884,471 -2.9
41,320,000 -3.9
1,226,059
5,159,956
46,119,000
1.65.5,307
5.303.918
53,676,000
Total(14 cities)
- - 2.698.132.039 2,839,608.693
Fourth Federal Re serve District -ClevelandOhio-Akron
34,132,000
29,803,000
Canton
21,396.947
19,467,883
Cincinnati
318,438,330
344,725,604
Cleveland
661.853.021
592,589,349
Columbus
70,502,10C
73,603,200
Hamilton
4,842,342
5,883,089
Lorain
1,929,375
1,948,775
Mansfield
8,365,861
8,645,948
Youngstown
28,454,461.
25,769,652
Pa.
-Beaver Co
2.493,341
3,099,706
Franklin
970.952
1.310,000
Greensburg
7,946,145
7,910,741
Pittsburgh
826,385.153
822,912,034
Ky.-Lexington
6,589,620
7,370,715
W. Vs -Wheeling _ _
17,747,981
20,150,620
-5.0 16,524,569,643 15,881,520,511
+14.6
+10.0
-7.6
+11.7
-4.2
17.7
1.0
-3.2
+10.4
19.6
8.4
+0.4
+0.4
10.f
-11
189,776200
123.635.269
1.963,549,771
3276,201,107
439.634,300
31,002,546
11,390.919
53,560,136
164.888.343
15,214,584
5,491,276
39,000.794
4,960,204,059
63.669,407
121,372,087
172,584,000
111,025,860
2,004.414,658
3,296,874,059
457.227,500
29.145,548
10,344.528
49,854.600
149,253,878
17,855,172
7,682,885
39,391.965
4,648,770,130
58,283,311
117,834,600
Total(15 cities)-
*2,000,000
2.002.239
96,460,577
100,221,784
1,718.202
-3.8
*2,200,000
94,401,412
166,543,833
26,306,520
25,791,111
+2.0
28,652,073
31,079,874
4275,717,598
4,936,163.250
-3.2
170.166,327
175.283.955
-2.9
177.274.702
263,458,932
-2.2
82,746,566
624.743.790
+8.4
+1.9 1,421,921,197
+10.0
53,674.872
+9.7 , 30.958,865
43,378.673
-24.7
-11.7
434,485.582
83.534,000
-6.8
-21.8
88.636,036
-5.7
620,861,827
-3.5
47,307,256
+3.6
42.376,525
43,808,000
-8.8
+0.2
56,424.932
-8.8
22.371,820
-28.9
9,891,840
-15.4 1,333,144,281
89,398.820
588.280.266
1,296,743,093
48,604,656
27,817,423
54,988,134
456.180.633
90.044,000
103,602,772
630,370,024
44,357.034
43.342,235
44,315.000
53,007,767
23,365,934
10,725,336
1.475,500.502
-7.4
+6.2
+9.5
+10.4
+11.3
-21.1
-4.8
-7.2
-14.6
-13.1
+6.7
-2.2
-1.1
+6.4
-4.2
-7.8
-9.6
*3,000,000
22,842,906
46.192,609
17,665,657
2,870,633 +4.5
18.413,634 +24.1
42,546,628 +8.6
1,642,898 +7.5
*4,000,000
20,979,290
45.673,250
1,860,936
4,172,250
21,360,096
51.593,159
1,727,848
1,443,147
13,473.260
1,965,000
1.762,219 -18.1
14,398,955 ---5.4
1,990,000 -1.2
1,957,280
17.651,343
3.408.000
1.798,404
25,794,875
11,843,609
21,838,976
1,725,329
21,807,705 +0.1
1,456,202 +18.5
24,362,559
2,058,655
25.074,111
2.347,615
752,478,718
790.087,386 -4.8 5,040,266,063 5,080,643,629
Seventh Federal R eserve Metric t-Chicago
Mich.-Adrian
1,270.316
1,383,754 -43.2
7,506,102
7.170.344
Ann Arbor
4,102,701
4,643,169 -11.6
27.184,015
24,977,388
Detroit
964,474,804
912.382,245 +5.7 5.843,052.403 4,823,236,448
Flint
18,158,300
16,437,469 +10.5
110,148,652
95,916,636
Grand Rapids
29,408,597
38,380,715 -23.4
207,069,211
211,722,499
Jackson
7,986,555
8,722,800 -8.4
54,036,114
54.926,306
Lansing
17.030,597
15,290,847 +11.4
99.891,104
75,621,070
Ind.
-Ft. Wayne....
18,412,476
16,387,315 +12.4
98,850.544
85.878,69
Gary
25,425,885
25,873,366 -1.7
143,937.524
147,711,32
Indianapolis
105,158,000
100.805,571
+4.3
629,506.000
598.820,506
South Bend
13.127,168
15,108,700 -13.1
83,540,366
78,639.038
Terre Ilaute
21,598,065
21,699,507 -0.5
139.979,226
140,262,383
Wis.-Madison
13,177,009
15.686,496 -18.0
85,145,205
98,505,995
Milwaukee
151,173.086
189,034,283 -20.0
88.5,068,315 1,074,496,97
Oshkosh
3.843.599
4,972,896 -22.6
24.880,382
26,523,232
Iowa-Ced. Rapids_
13,292,634
12,971,183 +2.5
80.155,185
77,312,13
Davenport
50.614,850
58.507,986 -13.6
324.699,893
298,963.52
Des Moines
44,291,619
43,280,191
+2.4
255,461,950
263,149,84
Iowa City
2.039,730
2,157,390 -5.5
12,722,187
13,014,758
Sioux City
28,444,338
31,145.236 -8.7
185,155,521
178,854,928
Waterloo
7,012,298
6,233,544 +12.5
42,124.825
35,044,346
Illinois-Aurora
5,420,329
5,996,054 -9.6
34,289,248
35,155.68
Bloomington
8,598,946
7,158,162 +20.1
53,108,783
Chicago
2,655,178,841 3,182,635,232 -16.8 18,025,253,148 1 49,103,53
9,081,173,40
Decatur
5,246,814
5,657,414 -7.3
33.269,392
34.379,284
Peoria
25,539,961
22,748,647 +12.2
155,326.810
142,793,328
Rockford
17,078,620
17,667,188 -3.3
103,024,606
94.665,627
Springfield
11,123.938
11,782,439 -5.6
73,677,970
72,382,340
Total(28 cities)
4,268,226,076 4,794,732,799 -11.0 27,818,954,873 27
,919,311,371
-0.8
i-4.7
i-8.8
i-2.1
+14.8
--2.8
+1.6
4-32.1
4-15.1
2.5
4-5.2
4-6.2
--0.2
--13.8
--17.6
--6.2
+3.7
+8.6
---2.9
---2.2
4-3.5
4-20.2
--2.5
4-8.2
Total(10 cities)
778,405.751
853.438,137
Sixth Federal Rese rve District. -Atlanta.Tenn.
-Knoxville _ _
*13,000,000
13,295,763
Nashville
100,294,280
94,977,164
Georgia-Atlanta
210,907,950
197,230,637
Augusta
7,678,081
6,981.930
Columbus
4.602.708
4,196,616
Macon
6,381,418
8.473,272
Fla.-Jack'nville
83,589,176
72,033,082
Miami
10,920,000
11,716200
Tampa
12,952,955
16,573,589
Ala.-Blrming'm
_
96,781.527
102,656,283
Mobile
7,668,719
7,944,197
Montgomery
6,035,873
5,826,000
Miss.-Hattlesb'g 6288,000
7,111,000
Jackson
8,397,146
8.383.152
Meridian
3,276,960
3.591.070
Vicksburg
1,170,924
1,643,183
La.
-New Orleans _ _
192,333,001
227,454,448
-8.8
Total(17 cities). - - -
Eighth Federal Re serve District -St. Louis
22,963,427
Ind. -Evansville._ _ _
23,987,614 -4.2
New Albany
763,984
757,273 +0.9
Mo.-St. Louis
575.485,519
635,381,753 -9.4
Hy -Louisville
152,145,963
160,199,749 -5.0
Ownesboro
1,403,559
1,417,898 -1.0
11,442,950
Paducah
11,196,887
+2.2
-Memphis._
Tenn.
78.636,592
76,515.598 +2.8
Ark.
-Little Rock...
54,376,881
52,584,939
+3.4
1,523.693
10.
-Jacksonville..- 1.517.880
+0.4
6.582,014
Quincy
6,778,168 -2.9
Total(10 cities).-
905.324,582
970.337,759
-6.7
1,640,567
1.560,672
+5.4
1,463,000
1,427,000
386,571 --24.9
51,105,538 -11.9
472.453
55,595,858
341,677
59,094,482
177,089,484
159,941,655 +10.7
189,482.624
206.575,126
270,628
1,101,153
243.559,437
478,740 -43.5
999,313
+9.8
199,664,022 +22.0
235,448
1,333,393
181,431,598
234,416
1,542.586
187,058,167
6.494.838
3,860,000
8,160,569 -20.5
3,704,177
+4.2
7,877,750
3,157,190
8,676.813
3,586,000
290,276
45,011,857'
3.805.998
3.165,835 +20.2
3.628.538
3,438,328
25,194,000
2,902,185
6,007.057
20,836,000 +20.9
4,258,900 -21.6
5,527,334 +8.7
24,891,000
3.363.900
6.339,086
29,189,000
4.441,233
6,800,797
32,632,481
38,679,199 ---15.8
42,448.984
44,821,561
2125,747
'
2,366,424 +19.4
2.848,838
3,015,342
8.546.959
*10,000,000 -14.5
10,578,481
10.910,444
6,233,867
1,559,312
6,450,078 -3.4
1,229.786 +26.8
5.906.036
1,333,521
82 224
91,
1,426238
--3.2
4-8.8
4-8.8
4-1.8
*1,500,000
596.729,186
1,275,201
5,730,412
3.419,806
2,341,892
1,496,914 +0.3
640,794,041 -6.1
1,186.552 +7.5
4,361,391 +31.4
3,259,041
+5.0
2.206,030 +6.2
1,805,800
736,128,471
1,374,962
5.260.793
3,946.070
2.628.653
1,700,532
777.728,693
1,357.553
6.034,855
3,749,058
3,371,366
-0.3
955,990,159
958,824,346
143,007,793
4.655,576
3,651,803,112
997,125,949
10,943,059
68,603,613
554,084,004
364,588,810
10,251.562
38,853,999
116,147,074 +23.1
4,620,295 +0.8
3
,745.371.648 -2.5
997.692,337 -0.1
10,353,682
+5.8
60.917,179 -12.6
524,685,329
+5.6
346,682,188 +5.5
9,115,590 +12.5
40,932.838 -5.1
5,843,917.477
5,858,518,158
-0.2
4.508,477
4,764,003
-0.3 1,046,518,492 1,105,694,304
+5.1
5,712,343
8,398.5 6
9
127,600,000
33.337206
286.035
137,100,000 -6.9
35,872,217 -7.1
249,499 +14.6
143,300,000
37,416,286
277,596
154,100,000
35.239,970
373,950
16,599,867
11,834,560
217,452
1,380,910
14,721,043 +Ili
10,348,823 +14.4
305,835 -28.9
1,467,917 -5.9
17,965,985
11,033,426
486.514
1.342.976
19.831.088
12.331,886
441,881
1,935.712
217,535,126
230.654.688
195.764,907
204,829,337
-4.4
86
[VOL. 129.
FINANCIAL CHRONICLE
CLEARINGS.-(Conciuded.)
Month of June.
6 Months Ended June 30.
Week Ended June 29.
Clearings at
1929.
1928.
Inc. or
Dec.
S
s
%
Ninth Federal Res erve District- -MinneapolisMinn.
-Duluth
40,737,330
38,672,153
+5.3
Minneapolis
363,711,806
358,256,066
+1.5
Rochester
2,906,649
3,118,553 -6.8
St. Paul
110,535,566
135,416,878 -18.4
N. Dak.-Fargo
8.918,052
8,678,287
+2.8
Grand Forks
5,847,000
5,955,000 -1.8
Minot
1,871.559
1,663,529 +12.5
-Aberdeen__ _ _
B. D.
5,525,091
5,635,485 -2.2
Sioux Falls
8,576,227
7,276,475 +17.9
Mont.
-Billings
3,156,929
2,686,831 +17.5
Great Falls
5,820,286
4,656,162 +25.1
Helena
14,777,920
14,360,893
+2.9
Lewistown
590,843
667,821 -11.5
1928,
5
1929.
1928.
Inc. or
%
1927.
1926.
5
1929.
Inc. or
Dee.
%
$
a
Dec.
$
5
185,180.729
2,067,470,000
15.579,177
731,644,139
51,530.972
34,469,000
11,096,897
29,878,776
48,786.316
17,324,899
31,849,845
84,991,457
3,244,889
186,556,651 -0.7
1,984,089,309
+4.2
15,965,305 -1.8
774,152,921 -5.5
51,338,353 +0.4
33,420,000
+3.1
9,182,952 +20.8
32,777,513 -8.8
43,721,282 +11.6
16,510,710 +4.9
29,050,767
+9.6
82,151,343 +3.5
4,076,879 -20.4
-2.4
3,313,047,096
3.262,993.985
Tenth Federal Res erve District- -Kansas CityNeb.-Fremont
+9.3
1,850,378
1,694,388
Hastings
2,546,450
2,388,861
+6.6
Lincoln
15,794,375
22,389,904 -19.5
Omaha
189,496,936
193,861,754 -2.3
Kan.
-Kan. City _ _
9,257,883
9,378,934 -1.3
Topeka
15,361,932
17.939,421 -14.3
Wichita
36,339,276
40,424,036 -10.1
5,191,204
Mo.-Joplin
5,823,798 -10.9
Kansas City
579.101,794
567,453,489 +2.1
St. Joseph
29,412,000
30,007,000 -2.0
-Oklahoma City
Okla.
119,988,000
119,321,559 +0.6
Tulsa
53,730,483
51,552,800 +4.2
Colo.
5,967,479
-Col. Springs
6,390,191 -6.6
Denver
149,601,867
144,778,264 +3.3
Pueblo
7,436,316
6,124,208 +21.4
10,419,410
16,074.449
112,309,382
1,158,557,040
55,136,253
91,449.668
209,064,279
35,691,840
3,473,781,609
182,669,709
762,522,706
337,279,048
37,820,845
959,863,112
43.432,535
+0.1
Eleventh Federal Reserve Distr ict-DallasTexas-Austin
7.603.646
7,428,846
+2.4
Beaumont
8,665,379
8,318,000 +3.0
Dallas
195,818,474
200,643,340 -2.4
El Paso
25,558,377
23,478,880 +8.9
Fort Worth
58,689,069
53,027,590 +10.7
Galveston
17,937,000
19,133,000 -6.3
141,310,498
Houston
135,610,679 +4.2
Port Arthur
3,571,475
2,468,128 +44.7
Texarkana
2,127,576
2,254,080 -5.6
Wichita Falls
10.350,000
10,460,013 -1.1
La.-8breveport
19.832.774
21,992,373 -9.8
7,449,570
79,019,801
6,196,461 +20.2
73,154,438
+8.0
7,072,258
66,867,000
6,764,922
81,907,556
23,587.452
1,836,199
26,243,736 -1
1,622,027 +15.7
-9.1
28,572,852
1,927,026
32,520,568
1,918,860
1,478,319
1,178,963
1,155,328
+2.0
1,039,142
566,583
526,575
+7.6
490,543
.556,842
3,007,400
2,762,000
+8.9
2,763.000
2,706.102
+1.5
116,645,968
111.660,565
+4.5
108,731,821
127,853,169
10,906,721
14,104,658
130,724,668
1,132,293,102
53,463,926
95,761,563
227,288,254
35,092,640
3,370,253,979
182,543,391
724,658,461
294,847,854
34,265,749
869.963,616
35,873,283
-4.5
+14.0
-14.1
+2.3
+3.1
-4.5
-8.0
+1.7
+3.1
+0.1
+5.2
+14.4
+10.4
+10.3
+21.1
284,151
490,343
3,206,268
42,656,256
302,230 -6.0
459,628 +6,7
6,126,115 -47.7
40,497,201
+5.3
339,301
371,912
4.874,744
38,004,871
776,378
518,694
5,494,304
40,772,393
7,485,071,885
7,212,041,865
+3.8
50,380,052
57,817,379
1.370,278,645
161,287,656
347,274,974
129,953,000
944,343,145
20,002,269
15,139,278
66,682,246
134,295,240
43,553,230
51,410,000
1,265,721,434
142,751,054
328,865,402
123,386.000
820,513,180
14,650,149
15,229,921
67,057,013
142,767,851
+15.7
+12.5
+8.3
+13.0
+5.6
+5.3
+15.1
+36.5
-0.6
--0.6
-6.0
3,997,194
4,408,749
-9.3
5,379,104
5,316,296
+1.3
3,297.453,884
3,015,905,234
+9.3
67.037,010
64,876,075
+3.3
67,018,178
75,537,702
Twelfth Federal R eserve Distric(-San Franc Igen-Wash.-Bellingham_
.
.4,000,000
4,087,000 -2.1
218,668,788
Seattle
223,456,278 -2.1
52,745,000
Spokane
57,651,000 -8.5
Yakima
6,569,336
6,168,907 +6.5
6,049,084
Idaho--Boise
5,176,381 +16.9
2,380,379
Dregon-Eugene
2,305,610 +3.2
166,862,531
Portland
169,847,978 -1.7
6,523,077
5,714,272 +14.2
Utah-Ogden
83,292,414
Salt Lake City
78,746,041
+5.8
triz.-Phoenix
19,374,000
15.797,000 +22.6
5,338,044
-Bakersfield
Dal.
5,648,796 -5.5
18,591,596
20,677,216 -10.1
Berkeley
14,673,871
15,618,542 -6.1
Fresno
37,571,304
35,116,983 +7.0
Long Beach
832,935,000
Los Angeles
951,882,000 -12.5
4,287,455
3,961,604
+8.2
Modesto
78,096.032
Oakland
89,616.705 -12.9
29,239,200
Pasadena
28.378.953 +3.0
5,221,351
Riverside
4,730,343 +10.4
30,232,348
Sacramento
33,659,419 -10.2
24,095,479
San Diego
24,548,131 -1.8
834,953,214 1,042,088,621 -20.0
San Francisco
12,322,273
San Jose
13,603,905 -9.4
8,055,138
Santa Barbara
7,493,536
+7.2
9,414,794
Santa Monica
10,036,951 --6.2
Santa Rosa
1499,268
2,228,695 -10.3
Stockton
9,993,300
11,154,900 -10.4
22,088,000
1,314,126,911
318,647,000
37,579.988
31,729,683
13,004,313
977,250,905
39,912,233
474,585,424
125,213.000
35,616,691
125.420,516
89,734,173
234,386,661
5,719,558,000
23,527,623
502,353,936
201.700,815
33,788,446
188,463,956
156,934,574
5,295,429,950
79,863,116
51,613,269
57,357.384
12,910,981
64,482,100
21,438,000
1,261,263,209
333,789,000
35,459,274
29.839,597
11,764,610
935.540,806
38,805,097
454,212,985
94,819,000
33,221,637
130,716,527
92,251.213
207,213,160
5,357,580,000
22,968,896
527,283,924
191,117,957
28,856,402
186,865,536
144,552,538
5,865,833,733
79,974,163
43,902,050
57,895,298
12,780,155
67,741,400
+3.0
+4.2
-4.5
+6.0
+6.3
+10.6
+4.5
+2.9
+4.5
+32.0
+7.2
-4.0
-2.7
+12.1
+6.8
+2.4
-4.7
+5.5
+17.1
+0.9
+8.6
-9.7
-0.1
+17.6
-0.9
+1.0
-4.8
48,256,078
11,381,000
44,200,933
11,809,000
+9.2
-3.6
45,056,175
12,900,000
45.926,133
12,584,000
1,343,991
1,227,588
+9.5
1,169,322
1,532,242
36,791.165
36,253,706
+1.5
34,177,564
41,373,883
19,884,400
17,375,343 +14.4
19,681,606
18,461,835
3,408,807
8,132,545
185,047,000
3,228,053 +5.6
7,106,251 +14.4
187.361,000 -1.2
3,169,154
6,664,823
188,161,000
4,312,831
7,149,597
187,597,000
+4.5
-0.2
17,960,211
6,589,676
22,668,400
6,573,095
5,937,182 -8.5
4,897,083 +4.4
196,640,000 -5.7
2,648,503 +4.7
1,313,520 +17.3
1,895,118 -1.5
5,617,599
5,788,139
207.283,000
3,161,570
1,566,166
2,087,734
7,525,075
6,837,968
201,185,000
3,923,585
1,443,140
2,371,226
2,523,484,276 2,869,395,767 -12.1 16,227,279,648 16,267,686,167
-0.2
Total(13 cities) _ _ --
Total(15 cities) _ _ _ _
572,981,258
1,221,076,373 1,219,528,507
Total(11 cities) _ _ _ _
Total(28 cities)
587,043,633
491,364,268
484,814,929
3,881,832
8,699,514
3,738,084
9,518,472
+3.8
-8.6
2,842,123
8,803,521
3,270,082
12,779.191
136,344,875
6,210,999
27,501,725
125.135,702
5,991,637
26,164,500
.;- - 6
9.
+3.7
+5.1
147,059,437
6,241,582
27,174.954
142,442,846
6,619,576
28,032,891
1,110.216 +19.6
a
a
1,271,364 +24.3
782,552
a
1,112,088
780,764
a
1,239.197
237,607,085
242,726,316
1,327,948
a
1,580,947
232,184,858
220,315,149
+5.4
1,399,328
1,601,671
43.277,147
42,523,407
+1.8
43,582,169
46,605,609
13,794,268
4,391,000
12,379,878 +11.4
4,425,000 -0.8
9.560,577
7,097,000
12,195,126
9,819,000
1,577,401
17,177,861
5,640.165
5,431,577
5,111,046
185,494,023
2,771.842
1,540,772
1,867,956
2,004,900
541,305,128
1,139,041 +38.5
16,430,917
5,651,266
2,445,100 -18.0
2,348,100
2,453,900
-0.9
563,381,839
573,918,910
546,420,560
3rand total(193 cities) 53,916,910,741 55,235,318,947
-2.4 350,028.208,524 316.732,440.947 + 10.5 12889473321 10952 549 115 +17.7 11 856036 882 11 527969 159
)utside New York- 19,356,264,603 20,496,576,935
-5.8 121,535,806,512 119,927,410,511
+1.3 4.254.361.3494.041,302.073
+5.3 4,473,097.895 4,817,864.815
CANADIAN CLEARINGS FOR JUNE,SINCE JANUARY 1, AND FOR WEEK ENDING JUNE 29.
Week Ended June 29.
Sic Months.
Month of June.
Clearings at
1929.
Canada
Montreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William
New Westminster__
Medicine Hat
Peterborough
Sherbrooke
Kitchener
Windsor
Prince Albert
Moncton
Kingston
Chatham
Sarnia
605,822,961
610,569,173
230,571,760
95,607.740
37,341,011
28,924,710
16.974,378
28,662,931
47,467.796
12,938,717
12,691,730
16,038,093
32.144,182
24,572.222
2,768,588
2,610,231
•11,000,000
5,558,975
6,354,163
4,275,245
4,031.031
2.141,608
4,052,767
4,401,617
6.376,467
27,836,888
1,952,485
4,701,990
3,817,444
3,316,854
4,331,894
1928.
692,999,928
659,048,971
266,362,243
90,780,446
39,653,963
32,894.777
16,648,056
30,376,570
47,834,138
13,114.396
11,657,234
17,042,556
28,998,883
22,539,868
2,836,257
3,126,116
10,550,365
5,602,115
7,605,797
5,729,610
3,706,494
1,928,095
4,092,534
4,583,037
6,038,962
24,288,386
1,909,000
4,355,902
4,324,053
3,436,300
3,417.570
Inc. or
Dec.
--12.6
--7.4
--13.4
+5.3
-5.8
-11.4
+2.0
-5.6
-0.8
-1.3
+8.9
-5.9
+10.8
+9.0
-2.4
-16.5
+4.3
-16.5
-25.4
+10.7
+11.1
-1.0
-4.0
+5.6
+14.6
+2.3
+7.9
-11.7
-3.5
+26.8
1929.
3,903,610,315
3,981,428,901
1,380,797,327
636,452,139
221,915,940
173,546,459
99,818,231
171,439,297
346.377,483
77,322,221
74,338,501
90,127,886
176,927,376
146,117,492
15,807,862
16.622,422
63.768,294
33,606,210
37,598.157
22,865,921
24,782,346
12,056,354
25,596,105
26,721,464
34,947,705
161,900.224
12,086,785
24,880,159
21,813,657
21,286,871
20,986,198
1928.
2,980,948,638
3,802,994,044
1,452,766,988
543.996,306
207,653,784
168,646,462
87,519,858
166,385,888
321,897,631
73,883,418
63,956,642
89,461,411
165,482,457
124,362,513
14,849,003
18,130,427
69,589,914
32,018,758
35,854,825
25,957,821
20,964,158
11,364,806
23,256,294
24,555,169
32,877,842
121,324,311
11,178,575
23,005,880
21,844,264
21,309,925
17,058,596
Inc. or
Dec.
%
1.9
+4.7
-5.0
+17.0
+6.9
+2.9
+14.1
+3.0
+7.6
+4.7
+16.2
-0.7
+6.9
+17.5
+6.4
-8.3
+6.3
+5.0
+4.9
-11.9
+18.2
+6.1
+10.1
+8.8
+6.3
+33.4
+8.1
+8.1
+2.5
-0.1
+23.0
+2.5
Total (31 cities). _ _ 1,899,853,651 2,067,482,620 -8.1 12,057,546,302 11,765,096,608
a Manager of clearing house refuses to report clearings for week ended Saturday. * Estimated.
1929.
1928.
Inc. or
Dec.
1927.
1926.
114,134,349
120,376,679
55.834,404
22,584,220
8,720,417
5,729,274
3,548,454
6,445,092
12,340,249
2,845,017
2,659,601
3,369,566
6,189,318
3,520,948
624,878
594,552
2,621,065
1,288,552
1,498,755
1,055,791
1,062,702
470.700
957,591
934,759
1,220,091
6,498,947
484,417
1,281,881
892,192
790,724
947,122
134,576,588
137,992,433
60,074,482
20,501,059
7,957.887
6,682,422
3,127,468
6,340,700
11,084,614
2,742.837
2,390,788
3,282,440
5,785.503
4,726,463
584,981
728,475
2,221,656
1,152,115
1,843.664
1,350,507
915,353
360,003
961,348
951.240
1,258,601
6.286,073
392,127
984,822
901,717
855,226
591,350
-15.2
-12.8
-4.8
+10.2
+7.7
-14.3
+13.5
+ 1.6
+11.3
+3.7
+11.2
+2.7
+7.0
-25.5
+6.8
-18.4
+18.0
+11.8
-18.7
-21.8
+19.1
+30.7
-0.4
-1.7
-3.1
+3.4
+23.5
+30.2
-1.1
-7.5
+60.2
129,173,330
109,278,724
38,569,714
16,146,940
6,738,727
5,834,078
2,523,591
5,768,682
6,339,271
2,326,378
2,462.859
3,282,449
5,708,152
4,366,330
583,523
450,319
1,786,866
1,236,880
1,162,987
983,601
921,965
281,168
773,689
769,541
587,562
4,120,003
267.161
917,489
845,494
620,463
569,032
90,510,618
74,114,168
37,775,171
12,444,161
4,601,037
6,195,956
2,247,181
4,197,660
5,667,079
2,033,094
1,655,552
3,138,926
3,464,398
3,466,010
484,068
378,072
1,407,781
1,020.021
830.716
619,343
692,299
214,996
668,951
737,277
709,045
4,093,141
235,066
684,647
682,226
559,664
438,235
391,522,307
429,604,942
-8.9
355,396,068
265,966,559
JULY 6 19291
FINANCIAL CHRONICLE
87
Total receipts of flourrand grain at the seaboard ports for
NEW YORK CURB EXCHANGE.
Prices were strong in the opening of trading on the Curb the week ending Saturday, June 29, follow:
Exchange this week but later realization in anticipation Receipts at
Wheat.
Corn.
- Flour.
Barley.
Oats.
Rye.
of the holiday caused lessened activity and irregularity in
Barrels.
bushels.
Bushels.
bushels,
bushels.
bushels.
New York ___
8,000
90.000, 611,000
9.000
prices. Utilities were again the features. Allied Power & Portland, Me 315,000 1.916,000
30,000
90,000
1,000
10,000
corn":imforoved from 83 to 89%, reacted to 82% and Philadelphia _ 21,000
Baltimore_ ___
93,000
13,000
47,000
Newport
1,000
recovered to finally 843. Amer. Light & Tract. corn. Norfolk News
1.000
Mobile
lost about 14 points to 275 and sold finally at 277. Com- New Orleans. 30,000
66,00
54,000
30,000
310,000
monwealth & Southern corn. was heavily dealt in down from Galveston
MontrealSt.John,N. B.
4
285% to 243 and at 255% finally. Elec. Bond & Share Boston
29,000
9,000
Port Arthurcorn. dropped from 131% to 1215% and closed to-day at 123.
76,000
2,475,000
139,000
658,000
9,000
Electric Investor was off from 2173/b to 203, but recovered Total wk.1929 427,000 87,642,000 14.774,000 10,499,00015,853,000 2,686,000
SinceJan.1 '2913,371,000
to 2193/2, closing to-day at 2105%. Long Island Ltg. corn. Week 1928._ _ 394,000 4,537,000 206,000 3,205,000 1,133,000 509,000
rose from 775% to 86% and reacted to 825 . The industrial Since Jan.1'28 11,744,000 80,661,000 8,540,000 14,110,000 15,205,000 9,758,000
%
Receipts do not include
and miscellaneous division show few changes of moment. on*through bills of lading. grain passing through New Orleans for foreign ports
Many issues after selling to lower levels returned to about
where they started. Goldman Sachs & Co. gained about
Pittsburgh Stock Exchange.
-Record of transactions
six points to 1095% and closed to-day at 108. Oil shows very at Pittsburgh Stock Exchange, June 29 to July 5, both
little activity and few price changes of note. Humble Oil inclu.ive, compiled from official sales lists:
& Ref. sold up from 1155% to 1223/8, the close to-day being
Friday
Sales
Last Week's Range for
Range Since Jan. 1.
at 1215%. Internat. Petroleum was active and advanced
Sale
of Prices
Week.
Par Price. Low. High. Shares.
StocksHigh.
Low.
four points to 267 , the final transaction to-day being at
%
Alleghany Steel corn
•
70
110 60
75
Feb 90
Mar
26%.
Amer Vitrified Prod 01_100
82
82
20 82
July 85% Mar
Am Wind Glass
82
120 82
85
July 88
Jan
A complete record of Curb Exchange transactions for the Animal Trap CoCo pf__100 85
52
52
Apr 52 June
50 49
9
Arkansas Gas Corp com_..*
834 9% 3,202
3% Jan
934 June
week will be found on page 115.
10
8
834
8%
7% Jan
1,758
834 Jan
Preferred
tr
glif
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET.
Bonds (Par Value).
Week Ended
July .5.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Stocks
(No. Shares)
•1,564,600
2,886.400
2,954,200
2,393.500
Rights.
1,747,100
191,610
450.900
710,710
602,250
HOLIDAY
285,400
11,545,800
Total
2.240,870
Domestic.
$693,000
1,028,000
1,119.000
1,234,000
Foreign
Government
$169,000
277,000
196,000
190,000
931,000
214,000
$5,005,000
$1,046,000
• New high record for a ha f-day (Saturday).
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:
The price of silver in New York on the same days has been:
Sat.,
June 29.
Silver, p. oz.& 2434
Gold, p. fine oz. 84.1134
Consols,23i%.
,
British 5%--
Mon.,
July 1.
24 1-16
Dues.,
July 2.
24
23 15-16
24 1-16
84.1134
5434
84.1134
54%
84.11%
54%
84.11%
100%
British 4)4%.
94%
French Renters
(in Paris)_fr_
74.25
French War L-n
(in Paris) fr
102.20
Silver in N.Y., per oz.(eta.)
Foreign
523i
5134
100%
94%
Thurs.,
July 4.
Wed.,
July 3.
Fri..
July 5.
24 1-16
84.11%
54%
100%
100%
9434
94%
74.80
74.90
74.50
102.20
102.70
102.50
5134
51%
Holiday
5134
(Commercial antiMiscenanconsRem
67
• 70
Armstrong Cork Co
25 43
Blau-Knox Co
3934
,
Carnegie Metals Co
10
18)4
Clark (D L) Co common.* 15% 15%
302
100
Colonial Trust Co
24
Consolidated Ice pref___50
25
Crandall McKenzie & II__ _
24%
10
9
Devonian 011
1634
Dixie Gas & Util com_
•
1534
•
Donohoes class A
42
Duff Norton common
89
Exchange Nat Bank_ __ _ 50
400
First National Bank-100
95
Follansbee Bros pref._ _100
Hachmeister Lind. pref.__ ...... 40
Harbison-Walker Ref corn• 60
59
9934 99%
Koppers Gas & Coke pref._
82
25
Lone Star Gas
11
McKinney Mfg common...
2634 2634
National Erie A
20
Nat Fireproofing corn_ _50
35%
50
Preferred
Penn Federal Corp pref _100
90
1165
Peoples Say de Trust_ _ _100
7%
734
Pittsburgh Brewing pf__50
2434
Pitts Investors Security_ •
334
5
Pittsburgh Oil& Gas
Pittsburgh Plate Glass_100 68
6434
37%
Pittsb Steel Foundry corn_• 47
30
Pruett Schaffer Chem pf__• 30
3
Salt Creek Consol 011_ __10
4c
1
San Toy Mining
27
27
Standard Steel Propeller_ _ _
8234 80
Standard Steel Springs_ _ _ _
23
Suburban Elec Dev
•
Union Steel Castings com.• 2634 2634
4214
United Eng & Fdry com__* 44M
78
Vanadium Alloy Steel
29
Waverly 011 Works class A•
4734
Westinghouse Air Brake_ -*
45
Witherow Steel common_ •
100 72
72
Preferred
Unlisted
Lone Star Gas w 1
Mayflower Drug Co
Penna Industries units
Pittsb Screw & Bolt Corp
Ruud Mfg
West Public Service v t e
......
......
Rights
Columbia Gas & Electric
------
......
3234
10
9734
2534
4234
3134
534
RSA'
71
44
20
15%
305
24
25
10
1634
16%
42
89
400
95
40
60
100
89
11
2634
2034
3734
90
165
7%
2434
334
68
47
30
334
4c
28
82%
23
2634
4434
78
29
47%
47
72
1,754 61%
2,625 38
1,195 16
675 15%
30 302
18 19%
SO 24%
1,350
6
200
734
155 1534
100 42
20 8834
44 400
10 9434
40 38
170 52
647 99%
2,491 67
95 11
370 2634
195 1034
120 28%
10 90
70 1160
6
300
25 2434
20
3
837 64
1,260 33
250 2934
3
75
4c
2,000
560 24
300 72
50 22
175 20
245 38
60 60
200 2434
170 44%,
150 3134
20 7134
3414 8,215
125
10
98
45
27
2,023
200
4234
20,297
35
55i
7
3234
9%
9734
2334
41
2434
Jan
June
June
June
June
Mar
July
Mar
Jan
May
Apr
May
Apr
June
June
Jan
June
Jan
June
June
Jan
Jan
July
June
Jan
June
Apr
Jan
Jan
June
May
June
May
Apr
June
Feb
Jan
Feb
June
May
Jan
Apr
Apr
73
45% Feb
2034 June
Feb
20
325
Jan
Feb
26
Jan
29
1334 May
May
21
1634 July
43% Mar
Feb
92
Jan
435
9934 Jan
40
May
Mar
61
10334 Feb
89 ,. July
11334 Mar
2714 Jan
21
June
3734 June
Apr
92
May
170
Feb
8
Feb
34
4% Feb
Jan
75
July
47
Jan
35
5% Jan
Jan
25c
28
Apr
8734 Feb
Jan
29
Apr
31
4934 Apr
82 June
Jan
35
5434 Mar
80
Mar
78
Feb
June 35
May 12
July 111
Mar 30%
Mar 4534
Apr 35
112
434 May
145.c514 June
June
May
Feb
Apr
May
July
534 JUI3
7
Stilt
•No par value. 1 New stock.
Breadstuffs figures brought from page 155.
-Al
the statements below regarding the movement of grain
receipts, exports, visible supply, &c., are prepared by us
National Banks.
-:-The following information regarding
from figures collected by the New York Produce Exchange. national banks is from the office of the Comptroller of the
First we give the receipts at Western lake and river ports Currency, Treasury Department:
for the week ending last Saturday and since Aug. 1 for
APPLICATION TO ORGANIZE APPROVED.
Capital.
each of the last three years:
June 29
-The Lincoln National Bank of Syracuse, New York_ _
Correspondent: Clarence R. King, Syracuse, N. Y.
Receipts atChicago
Minneapolis_
Duluth
Milwaukee...
Toledo
Detroit
Indianapolis
St. Louis- - -Peoria
Kansas City
Omaha
St. Joseph _
Wichita.
Sioux city
Total wk.1929
Same wk.1928
Same wk.1927
Flour.
Wheat.
Corn.
Oats.
Barley.
bbla.1013lb0. bush.60155.bush.56 lbs. bush. 32 lbs. bush.48Ibs. bush.561bs.
259,000
272,116 1.664,000
570,000
70,000
10,000
1,709,000
214,000
456,000
259,000
71,000
1,345,000
49,000
50,000
188,000
68,000
45,000
291,000
68,000
131,000
180,000
8.000
61,000
17,000
79,000
1,000
37,000
7,000
22,000
2,000
11,000
409,000
342.000
135,000
590,000 1,092,000
421,000
12.000
595,111
52,000
28,000
114,000
58,000
1,892,000
699.000
70,000
391,000
515,000
66,000
234,111
129,000
24,000
923,000
65,000
53,000
134,000
42,000
2,000
491,000
425,000
425,000
7,509,000
4,247,000
7,653,000
5,985,000
3,822,000
5.273,000
2,387,000
1.354,000
2,772,000
772,000
470,000
601,000
157,000
107,000
324,000
Since Aug. 1_ _
22,805,000464,933,000 257,183,000 136,508,00091,081,000 25,497,000
1928
22,537,000434,164,000293,856,000 147.242,00069,319,000 35,210,000
1927
0.000 nein q9l1 Rk7 1111021R AIR fril I'IR '1411 n114121 kit] (111(1111 1,19 MIA
750.000
Rye.
CHARTERS ISSUED.
June 24
-The Nat. Bank & Trust Co.of Jamestown, N. Dak__
President: R. R. Wolfer. Cashier: R. M. Stangler.
June 26-Lafourche Nat. Bank of Thibodaux, Louisiana
President: J. L. Danos. Cashier: A. A.LeBourgeois.
June 27
-The First Nat. Bank & Tr.Co.of Vermilion, S.Dak
President: C. H.Barrett. Cashier: T. N. Hayter.
100,000
50,000
100,000
CHANGE OF TITLE.
-The Farmers and Merchants National Bank of Reno,
June 24
Nev.,to "First National Bank in Reno."
VOLUNTARY LIQUIDATIONS.
-The First National Bank of Geyserville, Calif
June 25
Effective Feb. 6 1929. Liq. Agen trW. C. Marshall,
Care of Bank of America of California,660 S. Spring
St., Los Angeles, Calif. Absorbed by Bank of
America of California, Los Angeles, Calif.
June 26
-The Bristol National Bank,Bristol,Conn
Effective June 21 1929.
Liq. Agent: Morris L. Tiffany, Bristol, Conn.
Absorbed by: Bristol American Bank & Trust Co..
Bristol, Conn.
25,000
200,000
88
[VOL. 129.
FINANCIAL CHRONICLE
June 29
-The Milton National Bank,Milton, W.Va
Effective June 28 1929. Liq. Committee: F. F.Farnsworth. L. S. Griffith and C. T. Bickers, Milton,
W. Va. Absorbed by Bank of Milton, Milton,
W. Va.
50.000
CONSOLIDATION.
June 22
-The First National Bank Sc Trust Co.of Tulsa,Okla _ _62,500,000
Tulsa National Bank, Tulsa, Okla
750,000
Consolidated to-day under the Act of Nov.7 1918,under
the charter and title of "The First National Bank &
Trust Co. of Tulsa," No. 5171, with capital stock of
82,590.000.
-The First National Bank of Miami,Okla
June 24
100,000
The Ottawa County Nat. Bank of Miami,Okla_ _ _ _
150.000
Consolidated to-day under the Act of Nov. 7 1918,
under the charter and title of "The First Nat.
Bank of Miami," No. 5252, with capital stock of
$250,000.
-The Bank of America National Association, New
June 27
York,N.Y
34,340,925
The Nassau Nat.Bk.of Brooklyn in New York,N.Y. 1.700,000
Consolidated to-day under the Act of Nov. 7 1918.
under the charter and title of"The Bank of America
National Association," No. 13193, with capital
stock of $35,775,300. The consolidated bank has
43 branches all located in the City of New York.
-The First Nat. Bank of Grand Forks, N. Dak
June 28
200,000
The Northwestern Nat. Bk.of Grand Forks, N. Dak_
200,000
Consolidated to-day under the Act of Nov. 7 1918.
under the charter of The First National Bank of
Grand Forks (No.2570),and under the title "First
National Bank of Grand Forks," with capital stock
of 8400,000.
June 29
-The First Nat. Bank of Joliet, Illinois
1,000.000
The Commercial Trust & Savings Bank of Joliet, Ill_ _
100,000
Consolidated to-day under the Act of Nov. 7 1918, as
amended Feb. 25 1927, under the charter and title
of "The First National Bank of Joliet," No. 512.
with capital stock of$1,040,000.
The National City Bank of New York,N.Y.100,000,000
The Farmers' Loan State Bank, New York. N. Y_ _ _ _ 10,000,000
Consolidated to-day under the Act of Nov. 7 1918. as
amended Feb. 25 1927, under the charter and title
of "The National City Bank of New York," No.
1461, with capital stock of 6110,000,000. The consolidated bank has 36 branches all located in the
City of New York.
The Colonial National Bank of Roanoke, Va
700,000
The American National Bank of Roanoke, Va
300,000
Consolidated to-day under the Act of Nov. 7 1918,
under the charter of The Cononial National Bank of
Roanoke, No. 11817, and under the title of "The
Colonial
-American National Bank of Roanoke,"
with capital stock of 81,000,000.
BRANCHES AUTHORIZED UNDER THE ACT OF FEB. 25 1927.
June 24
-The Lefcourt Normandie Nat. Bk.of New York,N.Y.
Location of Branch-Vicinity of 7th Ave. & 26th St.,
New York City.
June 27
-The Bank of America Nat. Assn., New York, N. Y.
Location of Branches
-16 Court St., Brooklyn, New
York City;294 Livingston St., Brooklyn, N. Y.C.
June 29
-The National City Bank of New York, N. Y.
Location of Branches
-72 Fifth Aye,,(Northwest corner of 13th St. and Fifth Aye:52 Wall St.,475 Fifth
Ave.,901 Madison Ave. (All located in N. Y. CL)
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 & Sons, New York:
Shares. Storks.
$ per Sh. Shares. Stocks.
$ per Sh.
20 Sun Royalty Corp
125
175 Guardian Fire Ins. Co. of N. Y.
1,241 Sunray Oil Corp., par $1_
134
(stpd.), 7034% paid; 174 N. Y.
53 Vitebsker Credit Assn., Inc.,
Bowery Fire Ins. Co., par $25;
I common, par $5
$25 lot
200 Sutro Tunnel Co., par $10;
20)Aircraft Construction Trans-199 Star Fire Ins. Co. of N. Y.
portatlon Corp., no par
58 lot
(stPd.). 50% paid: 151,000 Det.
13 Charles Cory & Sons, Inc., corn.,
Tol. & Ironton Ry. consol. 4345.
no par
$15 lot
ctf. of dep. Central Trust Co_ _513 lot
15 Southwest Metals Co., no par_ _87 lot
By Barnes & Lofland, Philadelphia:
Shares. Stocks.
$ Per Sh.
10 Bucks County Trust Co.,
Doylestown, Pa
270
234 American Dredging Co
130%
20 Drovers & Merchants National
Bank, par $10
16
25 Second Nat Bank, par $10
8034
60 Second Nat. Bank, par $10
80
100 Pa. Co. for Ins. on Lives,&c.,
par $10
142
40 Adelphia Bk.& Tr. Co., par $10_ 2034
5 Northern Central Trust Co.
(with rights), par 550
170
20 Northern Central Trust Co.
(with rights), par $50
172
9 Sixty-Ninth St. Term. Title Sr
Trust Co., par $50
170
5 Mfrs. Title & Tr. par $50
100
15 Real Estate-Land Title it Trust
Co., par 810
6534
50 Franklin Trust Co., par $10_ _ _ 72
.
50 Franklin Trust Co., Par 510-_-- - 72
10 Broadway Merchants Trust Co..
Camden, N.J
69
9 Bankers Securities Corp., corn.
v. t. c
100
Shares. Stocks.
$ per Sh
35 Bankers Trust Co., par $50- -- _128
10 Bankers Bond & Mtge. Guar.
30
Co. of America, no par
13 North Pennsylvania RR
8734
20 Elrae Corp., class A
1
50 Elrae Corp., preferred
25
130
3 North City Trust
290
5 Colonial Trust
90
13 Mitten Bank
98 Philadelphia Life Ins
2634
By R. L. Day & Co., Boston.
Shares. Stocks.
$ per Sh.
141-14134
85 First National Bank
8 National Rockland Bank__ _114-114%
20 Naumkeag Steam Cotton
10134
3 Pepperell Mfg. Co
95
23 Wamsutta Mills
33-3334
60 Massasoit Mfg. Co
15
6 Lowell El. Lt. Corp. (undep.)
5634
2 Merrimac Chemical Co
6634
10 George Casualty Co
20
3
4 First Peoples Trust special units
1 Consolidated Rendering Co
6734
40 New England Power Assn., pref. 95
$ per share
Shares. Stocks.
_105
15 Connecticut Riv.Pow. Co.. pref.
6 Saco Lowell Shops, 2d pref
2334
50c
2 Hardy Coal Co
71
50 Merrimac Hat Corp
50 Beacon Panic., Inc., pref. A__ 18
95
91 New England Pow. Assn., pref
200 AU. Pub. CUL of Del., A_2154-2154
16 Fitchburg Gas & Elec. Co
15834
Per Cent.
Bonds.
$1,000 Collateral Security Corp.
70
68, Dec. 1947
By A. J. Wright & Co., Buffalo:
$ per Sh. Shares. Stocks.
Shares. Stocks.
$ Per share
100 Assets Realization Co.. par $10.51 lot
5 Labor Temple Assn. of Buffalo
20c lot 1,000 Apex Mines, Ltd., par 51_ _ _ _ 155e
and Vit•inity, Inc., par $5
100 Nipissing Mines, par 55
234
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. Paya5le.
Books Closed
Days Inclusix.
Railroad (Steam).
"88c. Oct. 1 *Holders of rec. Aug. 31
Bangor Sc Aroostook, corn. (quar.)
•134 Oct. 1 *Holders of rec. Aug. 31
Preferred (quar.)
Holders of rec. June 27a
Chesapeake Corp.(pay. In corn, stock.). 133 1-3
July 11
234 July 10 June 30 to
Philadelphia Sc Trenton (quar.)
234 July 20 Holders of rec. July 100
Pittsb. Ctn. Chic. Sc St. Louis
Putillc Utilities,
234 Aug. 1 Holders of rec. July • 12a
Amer. Light & Trac., corn. (quar.)
1 34 Aug. 1 Holders of rec. July 12a
Preferred (quar.)
'134 July 15 "Holders of rec. June 30
Central Power. 7% pref. (guar.)
*134 July 15 *Holders of rec. June 30
6% preferred (quar.)
CM. Newp. Sc Coy. L. & Tr., corn. (qu.) *134 July 15 *Holders of rec. June 28
*134 July 16 *Holders of rec. June 28
Preferred (quar,)
Cities Service Pow.Sc Lt.,$6 Pt.(mthly.) '50c. July 1 *Holders of rec. June 15
58 1-3c July 1 Holders of rec. June 15
$7 preferred (monthly)
155 Aug. 1 Holders of rec. July 15
Eastern Mass. St. Ry., pr. B (quer.)_ _
134 Aug. 15 Holders of rel. July 31
First pref. and sink, fund stk. (quar.) _
Aug. 1 Holders of rec. July 10
3
Edison Elec. III. of Boston (quar.)
55 Aug. 1 Holders of rec. July 13
Elec.Pow. Sc Lt., allot, ctf. full pd.(qu.)
634c Aug. I Holders of rec. July 13
Allot. Ws. 50% paid (quar.)
Empire Gas & Fuel,6% pref.(monthly)- *50c Aug. 1 *Holders of rec. July 15
• 54 1-6c Aug. 1 *Holders of rec. July 15
834% preferred (monthly)
98 1-3c Aug. 1 *Holders of rec. July 15
7% preferred (monthly)
• 66 2-3c Aug. 1 Holders of rec. July 15
8% preferred (monthly)
75c. July 15 Holders of rec. June 29
English Elec. Co. of Canada A (qu.)
Ft. Worth Power Sc Lt., pref. (quar.).... 134 Aug. 1 Holders of rec. July 15
Havana Elec. Sc tltil.. 1st pref.(guar.)_ _ 81.50 Aug. 15 Holders of rec. July 20
$1.25 Aug. 15 Holders of rec. July 20
Preference (quar.)
Monongahela West Penn. Pub. Service,
43%c Oct. 1 Holders of rec. Sept. 14
7% preferred (quar.)
National Electric Power, cl. A (guar.)._ .50c. Aug. 1 'Holders of rec. July 20
July 15 *Holders of rec. June 27
New Bedford Gas & Edison Light (qu.). *81
North American Co (payable in corn.stk) /234 Oct. 1 Holders of rec. Sept. 5a
% Oct. 1 Holders of rec. Sept. 50
Preferred (quar.)
North American Utility Security
First Pref. allot. certifs. 75% paid__ _• 1.1234 Sept. 16 Holders of rec. Aug. 31
North Boston Ltg. Prop.,com.dr pf.(qu.) *75c. July 15 *Holders of rec. July 3
2 June 29 Holders of rec. June 27a
Northwestern Bell Telep.. corn. OM.)-- 1.6234 July 15 Holders of rec. June 25a
Preferred (quar.)
July 10 *Holders of rec. June 28
Philadelphia Sc Camden Ferry (quar.)_ _ 55
l34 Sept. 30 'Holders of rec. Sept. 6
Pub.Serv. Elec. Sc Gas,6% pref.(qu.)
'I% Sept. 30 *Holders of rec. Sept. 6
7% preferred (quar.)
Pub. Scrv. of Nor. Ill., no par corn. (qu.) .82 Aug. 1 *Holders of rec. July 15
4
12 Aug. 1 *Holders of rec. July 15
Common, $100 par (quar.)
.134 Aug. 1 *Holders of rec. July 15
6% preferred (user.)
*134 Aug. 1 *Holders of rec. July 15
7% preferred (quar.)
25c. Aug. 16 Holders of rec. July 31
Southern Canada Power. corn. (quar.).
Western Power, Light Sc Telep. A (quar.) *50c. Aug. 1 *Holders of rec. July 15
Trust Companies.
Corn Exchange Bank Sc Trust
New $20 par stock (quar.) (No. 1)---
$1
Aug. 1 Holders of rec. July 20
Miscellaneous.
Adams (J. D.) Mfg., common (guar.)._ •60c. Aug. 1 'Holders of rec. July 15
50c. Aug. 1 Holders of rec. July 18
-Millis Corp., common (guar.)._ _
Adams
134 Aug. 1 Holders of rec. July 18
First and second preferred (quar.)_
134 July 1 June 21 to June 30
Alabama Fuel Sc Iron (guar.)
194 Aug. 15 Holders of rec. July 24a
Allis-Chalmers Mfg., common (quar.)
50c. July 31 Holders of rec. July 15
Amerada Corp., common (quar.)
75c. Aug. 1 Holders of rec. July 15
American Alliance Investing, pf, allot. ctf
Aug. 1 Holders of rec. July 15
2
American Cigar, common (guar.)
Per Cent.
B07743.
Aug. 1 Holders of rec. July 19
Amer. Mach. Sc Fdy., corn, (quar.)... $1
$2,000 bond and mortgage, Jennie
Aug. 1 Holders of rec. July 19
51
Common (extra)
Hance and Charles Hance to
194 Aug. 1 Holders of rec. July 19
Preferred (quar.)
Joseph F. Foley. dated Oct. 29
-Midi. Co., cont. (quar.) *50c. Aug. 1 *Holders of rec. July 20
Archer-Daniels
1926, payable within 5 years from
'134 Aug. 1 *Holders of rec. July 20
Preferred (quer.)
date, int. at 6%;reduced by payArrow-Hart dr Hegeman El., corn. (qu.) *50c. July 15 *Holders of rec. July 10
ments on account to $1,450, upon
•$1.6234 July 1 *Holders of rec. June 24
(quar.)
Preferred
2977 Atlanta Rd., Camden, N.J_543 lot Atlas Powder, pref. (guar.)
1% Aug. 1 Holders of rec. July 196
$10,000 Corp. Finance Co., deb.65,
*75c. Sept. 27 *Holders of rec. Sept. 16
Balaban Sc Katz, corn. (quar.)
$100 lot
March 1 1945
"134 Sept. 27 *Holders of rec. Sept. 16
Preferred (quar.)
Per Right. Bankers Holding Trust
$
Rights.
•
July 1 *Holders of rec. June 20
*33
1,500 Commercial National Bank &
*134 Aug. 1 *Holders of rec. July 15
Belding-Corticeni, Ltd., corn.(guar.)
90c lot
Trust Co. at $20
*134 Sept. 14 *Holders of rec. Aug. 31
Preferred (guar.)
20 Borden Co., common (guar.)
115 Northwestern Tr. Co. at WOO__
'75c. Aug. 31 *Holders of rec. Aug. 15
July 15 *Holders of rec. July 2
•56
Boston Safe Dep. Co.. common
By Wise, Hobbs & Arnold, Boston:
416 July 15 *Holders of rec. July 2
Extra
$ Per sh. Bourne Mills-Dividend Passed
Shares. Stocks.
S Per oh. Shares. Stocks.
2 National Shawmut Bank
•50c. Aug. 1 *Holders of rec. July 15
85
30 Greaser Mfg. Co. pref., par 510 __ 69
BradIng Breweries (quar.)
7 Nat. Rockland Bank,new, par $20,
17 Old Colony Trust Associates-- 55
Brewers Sc Distillers of Vancouver
5c. July 15 Holders of rec. July 2
Common (interim)
114-11434 10 New England Public Service Co.
106
4 Old Colony Trust Co
6% preferred
563
134 Aug. 1 Holders of rec. July 20
Brown Shoe, pref. (quar.)
35
1 Franklin Co. (Maine)
750. Aug. 15 Holders of rec. July 25
Brunswick-Balke-Collender, corn. (cps.)
10 units First Peoples Trust
285
17
23 Farr Alpaca Co
"50c. Aug. 1 *Holders of rec. July 25
10553 10 Heywood-Wakefield Co. corn
Bunte Bros., corn. (quar.)
20 Arlington Mills
•134 Aug. 1 *Holders of rec. July 25
Preferred (quar.)
3034 90 Lowell Elec. Lt. Corp. par $25.- 543
10 Pepperell Mfg. Co
25 Greaser Mfg. Co. class A com-69-7034 Burclines, Inc. (quar.)
*50e. June 30
96
26 Newmarket Mfg. Co
July 15 *Holders of rec. July 1
'SI
California Cotton Mills (quar.)
4634 10 No. Bost. Ltg. Prop. corn. (un6834 Castle (A. M.) Co. (quar.)
15 Nyanza Mills
deposited)
22
*75c. Aug. 1 *Holders of rec. July 19
1 Worcester Consol. Street Ry. 18t
"25c. Aug. 1 *Holders of rec. July 19
10 New Bedford Gas & Edison Lt.
Extra
104
28
Co. V. t. c., par $25
Pref.. par 190
•15c. Aug. 15 *Holders of rec. Aug. 5
Centrifugal Pipe Corp.(quar.)
8634 Century Ribbon Mills, pref. (quar.)- -. 11
40 Pittsburgh & East. RR. Co.,
5 U. S. Envelope Co. corn
f ree JulyAug 23
$1 lot 15 Hood Rubber Co. 754% Pref..
Par $50
Aug. 3 'HoldersHolders
*1
5110 Se
1
Cerro de Pasco Copper (quar.)
55%-55% Chain Belt Co. (guar.)
50 Attleboro Steam & Elec. Co.,
62%c. Aug. 15 *Holders of rec. Aug. 1
12034 33 Springfield G. L. Co. (undep.).
Par $25
Cherry Burrell Co., corn.(quar.)
'6234c Aug. 1 *Holders of ree. July 15
5734
par $25
50 West Beaton Gas Co. v. t. c.,
Preferred (guar.)
*194 Aug. 1 *Holders of rec. July 15
par $25
3434 80 Beacon Participations, Inc.,
Cluett Peabody & Co., corn. (quar.)..... $1.25 Aug. 1 Holders of rec. July 20
18
class A pref
74 Springfield G.
c..
Columbian Carbon (quar.)
41
Aug. 1 *Holders of rec. July 15
5755 100 Majestic Mines $1.40 paid-in;
par $25
•25c. Aug. 1 *Holders of rec. July 15
Extra
100 Nat. Toll Bridge Co. class B..$1 lot
50 Amer. Linen Co. corn.; 25
Consolidated Car Heating (quar.)
*134 July 15 *Holden; of rec. June 29
$27 lot
Pocassett Mfg. Co
35 Farms Co., Inc., class A com_ _ _ 15
Extra
July 15 *Holders of rec. June 29
*2
g per right. Coruralidated Cigar, prior pref.(guar.)
Rights449 New England Power Assoc.
.1 1.6254 Aug. 1 Holders of rec. July 17a
234
10 Nat. Shawmut Bank
95
I 6% preferred
Preferred (quar.)
.31.75 Sept. 3 *Holders of rec. Aug. 19
234 Consolidated Royalty Oil (guar.)
102 Nat. Shawmut Bank
112 Nat. Conduit & Cable Co., Inc.,
•150. July 26 *Holders of roe, July US
$1 lot 2 Collateral Loan Co
14-1434
common
A. co. v. I.
Jinx 6 19291
Name of Company.
FINANCIAL CHRONICLE
Per
When
Caul. Payable.
Books Closed
Days Inclusive.
Miaowloosens (Coniinum0.
Coos Bay Lumber, pref. (guar.)
*$1.75 July 15 *Holders of rec. July 1
Corn Products Refining, corn. (guar.)
750. July 20 Holders of rec. July 5a
Common (extra)
50e. July 20 Holders of rec. July 5a
Preferred (guar.)
1M July 15 Holders of rec. July 50
Credit Alliance Corp. corn. & cl. A (qu.) 25c. July 15 Holders of rec. July 3
Common and class A (extra)
25e. July 15 Holders of rec. July 3
Crunden-Martin Mfg., common
$2.50 July 10 Holders of rec. July 10
Curtis Lighting. common (guar.)
*33e. Aug. 1 *Holders of me. July 15
Davega, Inc. (guar.)
25c. Aug. 1 Holders of rec. July 15
Distillers Co.. Ltd.
Amer. rots. ord. shares (28. 6d.)
(w) Aug. 7 *Holders of rec. July 5
Dominion Tar & Chemical, pref. (guar.) 1M Aug. 1 Holders of rec. July 15
Eastern Dairies, pref. (guar.)
July 15 Holders of rec. June 30
Economy Grocery Stores (guar.)
*25c July 15 *Holders of rec. July 5
Electric Hose & Rubber (guar.)
*1M July 15 *Holders of rec. July 8
•1
Extra
July 15 *Holders of rec. July 8
Ely-Walker Dry Goods, 1st prof
3)i July 15 Holders of rec. July 3
Second preferred (quar.)
3
July 15 Holders of rec. July 3
Eureka Vacuum Cleaner (quar.)
"31 Aug. 1 *Holders of rec. July 20
Exchange Buffet (guar.)
37 Me.July 31 Holders of rec. July 15
Fair (The), corn. (guar.)
*60c. Nov. I *Holders fo rec. Oct. 20
Preferred (guar.)
*154 Nov. 1 *Holders of rec. Oct. 20
Federated Publications, prof. (guar.)
50e. July 31 Holders of rec. July 15
Filing Equipment Bureau, pref. (guar.). $1.75 July 1 Holders of rec. June 20
Fllntkote Co., common (guar.)
37 Mc. July 15 Holders of res. July 10
FoItis-Fisher, Inc., pref. (guar.)
$1.50 July 1 Holders of rec. June 27
Frigorifico Nacional 8.13., pref
5 July 1
Fuller (Geo. A.) Co. of Can., panic. pf__ *$4.38 Aug. 1 *Holders of rec. July 15
General Cigar, common (guar.)
*$1 Aug. 1 *Holders of rec. July 16
Preferred (guar.)
'1.75 Sept. 3 *Holders of rec. Aug. 23
General Electric Co., Ltd.
Amer. dep. rots, for ord. shares
*1+,10 July 26 *Holders of rec. July 1
General Mills, Inc., corn. (guar.)
75c. Aug. 1 Holders of rec. July 150
General Stock Yards, corn. (guar.)
50c. Aug. 1 Holders of rec. July 15
Preferred (quar.)
134 Aug. 1 Holders of rec. July 15
Georgian, Inc., class A pref. (quar.).,.. 40c. July 15 Holders of rec. July 5
Grand (F. & W.) 5-10-25e. Stores
Common (guar.)
35c.luly 20 Holders of rec. July 13
Preferred (guar.)
1( Aug. 1 *Holders of rec. July 13
Guardian Invest. Trust., corn.(No. M._ I
Aug. 1 *Holders of rec. June 27
Name of Compare.
89
Per
When
Cent. Payable.
Boots Closed
Days Inslusisi.
Miscellaneous (Concluded).
Tudor City Fifth Unit, Inc., pref
3
July 15 June 30 to July 15
Tung Sol Lamp Works, new corn. (qu.)_ *50e. Aug. 1 *Holders of roe. July 20
Union Steel Castings, pref. (quar.)
•144 July 10 *Holders of roe. July 1
United Dyewood Corp., pref. (guar.)
4,134 Oct. 1 *Holders of rec. Sept.13
United Pacific Corp., panic. pref
•I5c. July 15 *Holders of rec. July 1
U.S.& Brit. Internat., $3 pref. (quar.)_ •75c. Aug. 1 *Holders of rec. July 1.5
First preferred (guar.)
"81.25 Aug. 1 *Holders of rec. July 15
First Prof.. 50% paid (guar.)
*623.4e Aug. 1 *Holders of rec. July 15
U.S.& Foreign Secur.,$6 let pref. (qu.) .$1.50 Aug. 1 *Holders of rec. July 11
Universal Pipe & Radiator, pref. (qu.)
134 Aug. 1 Holders of rec. July 15a
Utah Radio Products,common (quari
*30c. Aug. 1 *Holders of rec. July 22
Vadseo Sales Corp., pref. (guar.)
*51.75 Aug. 1 *Holders of me. July 15
Victor Talking Machine, corn. (guar.)._ $1 Aug. 1 Holders of rec. July 8
7% prior preference (guar.)
134 Aug. 1 Holders of rec. July
$6 cony. preferred (quar.)
$1.50 Aug. 1 Holders of rec. July 3
134 Aug. 1 Holders of rec. July 8
Old preferred (guar.)
Web Holding Corp. (guar.)
50e. July 24 Holders of rec. June 29
Wellman-Se,aver-Morgan Co., pf. (qu.). 134 July 1 Holders of rec. June 20
*3734e Aug. 1 *Holders of rec. July 20
Western Grocery, corn. (guar.)
Western Royalty (monthly)
134 July 6
Aug. 1 *Holders of rec. July 19
White Sewing machine. pref. (guar-)-- •31
Wilson Line, Inc., 7% pref
*334 Aug. 15 *Holders of rec. July 15
Worcester Salt (guar.)
'13( June 29 *Holders of rec. June 24
Young(L. A.)Spring & Wire (stock divi *as Aug. 15 *Holders of rec. Aug. 2
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.
Books Closed
Days Industoe.
Railroads (Steam)
Alabama Great Southern, preferred
Aug. 15 Holders of rec. July 11
82
Preferred (extra)
81.50 Aug. 15 Holders of rec. July 11
Atch. Topeka ,k Santa Fe, corn. (gu.).- 234 Sept. 3 Holders of re6 July 260
Preferred
234 Al*. 1 Holders of rec. June 280
3)4 July 10 Holders of rec. June 12e
Atlantic Coast Line RR.,corn
Common (extra)
114 July 10 Holders of rec. June 12a
Habirshaw Cable & Wire (guar.)
25e. July 1 Holders of rec. June la Baltimore & Ohio, corn.(quar.)
134 Sept. 3 Holders of rec. July 130
Hart & Cooley, corn. (guar.)
'$1.50 July 1 *Holders of rec. June 25
Seyt. 3 Holders of rec. July 13a
Preferred (guar.)
1
Hayes Wheel & Forge, Ltd., pf. (qu.)
*154 July 1 *Holders of rec. June 20
Aug.134
Holders of rec. June 28a
Canada Southern
Hil'crest Collieries, corn. (guar.)
13( July 15 Holders of rec. June 29
Holders of rec. Juned29a
Carolina Clinehlield & Ohio,corn
Preferred (guar.)
1M July' 15 Holders of rec. June 29
1K j
July 10 Holders of rec. Juned29a
ulY 9
Stamped certificates (guar.)
Horn & Hardart of N. Y., pref. (qu.)
•1M Sept. 2 *Holders of me. Aug. 12
2
Aug. 15 Holders of roe. Aug. 50
Central RR. of N. J. (guar.)
Ingersoll-Rand Co., corn. (guar.)
'Si
Sept. 3 *Holders of roe. Aug. 6
2
July 15 Holders of roe. July 80
Extra
Internat. Cigar Mach'y (guar.)
51
Aug. 1 Holders of rec. July 19
234 July 10 Holders of rec. June 24
Chic. Indlanap. dc Louisville common
Extra
50c. Aug. 1 Holders of rec. July 19
1
July 10 Holders of rec. June 24
Common (extra)
Internat. Products, preferred
3
July 15 Holders of roe. July la
2
July 10 Holders of rec. June 24a
Preferred
International Projector-dtvidend deferr ed
*5
July 20 *Holders of rec. July 12
Cincinnati Northern
Internat. Safety Razor. el. A (guar.)60e. Sept. 3 Holders of rec. Aug. 14
July 20 Molders of me. June 280
Cleve. Cin. Chic. & St. L.,corn.(quar.)_ 2
. Class B (guar.)
I 50c. Sept. 3 Holders of rec. Aug. 14
134 July 20 Holders of rec. June 28a
Preferred (guar.)
Class B (extra)
25e. Sept. 3 Holders of roe. Aug. 14
3
Aug. 1 Holders of pec. July 159
Cuba RR., preferred
International Tea Stores (London)corn.. *16
Preferred
Feb110 Holders of rect. Jan. 15a
3
Interstate Iron & Steel, corn. (cuar.) - .01
July 15 *Holders of rec. July 5
Delaware & Hudson Co.(guar.)
*234 Sept.20 *Holders of roe. Aug. 28
Investment Trust Shares, series A
•50
June 30
Delaware Lackawanna & Western (qu.)- $1.50 July 20 Holders of rec. July 60
Series A (extra)
*39.70 June 30
July 15 *Holden of rec. Juli
Detroit River Tunnel
'3
Series B
*15.24c June 30
•2 July 31 *Holders of me. July 15
Erie RR.,first & second prof
Stain Petroleum of Amer.
-dividend OM Itted
First and second preferred
'2 Dec. 31 *Holders of rec. Dec. 16
Kayser (Jululs) & Co., corn.(qu.)
51
Aug. 1 Holders of rec. July 15
Georgia Railroad & Banking (guar.)._ •244 July 15 *Holders of rec. July 1
Keystone Steel & Wire, common (qu.)
*75c. July 15 *Holders of me. July 5
2)4 Aug. 1 Holders of roe. June 250
Great Northern preferred
Knapp Monarch Co., common
50c. Aug. 1 Holders of rec. July 15
144 Sept. 3 Holders of rec. Aug. la
Illinois Central. corn. (guar.)
Laclede-Christy Clay Prod., corn. (qu.)_ $1.25 Aug. 1 Holders of rec. July 22
Preferred A
3
Sept. 3 Holders of rec. Aug.. la
Lane Bryant, Inc., pref. (guar.)
15 Aug. 1 Holders of rec. July 15
of me. June 22a
Kansas City Southern, corn. (quar.)
134 Aug. 1 Holders of roe. June 290
Lefeeurt Realty Corp., common (guar.)_
40e. Aug. 15 Holders of rec. Aug. 5
1
July 15 Holders
Preferred (quar.)
Preference (guar.)
75e. July 15 Holders of
Little Schuylkill Nay., RR.& Coal
$1.13 July 15 June 15 to July 15
Lynch Glass Machine, pref. (quar.)---- *50c. Aug. 15 *Holders of roe. July 10
roe. Aug. 5
Louisville & Nashville
334 Aug. 10 Holders of rec. July 154
Manning, Maxwell & Moore (quar.).•1
July 2'Holders
Mahoning Coal RR., corn. (guar.)
rec. June 30
512.50 Aug. 1 Holders of roe. July 15a
Merchant Calculating Machine, new pref *35e. July 15 *Holders of rec. June 30
Michigan Central
of
.
20
e60 July 29 Holders of roe. June 280
Mayflower Drug Stores
Subj. to stockholders' meet. July 9
Nash. Chat. dr St. Louis(in stock)
$2 preferred (50% paid) (guar.)
*25e. July 15 *Holders of rec. July 1
2
New York Central RR.(guar.)
Aug. 1 Holders of rec. June 280
Maytag Co., first pref. (quar.)
*$1.50 Aug. 1 *Holders of rec. July 15
Holders of rec. Aug. 310
Norfolk & Western, corn. (guar.)
Cumulative preference (guar.)
*75c. Aug. 1 *Holders of rec. July 15
Adjustment pref. (quar.)
Aug. 19 Holders of rec. July 210
2
1
9
McCrory Stores, pref. (guar.)
•
Aug. 1 *Holders of rec. July 20
Holders of rec. June 29a
Northern Central
Melville Shoe Corp., common (quar.)--35c. Aug. 1 Holders of rec. July 18
$23i 'T 5 1 Holders of rec. July la
1
Aug.
Northern Pacific (guar.)
First preferred (guar.)
1M Aug. 1 Holders of rec. July 18
Northern Securities Co
434 July 10 June 22 to July 10
Second preferred (guar.) ($5 Par)-13( Aug. 1 Holders of rec. July 18
Pennsylvania Company
*51 50 July 15 *Holders of rec. June 29
Meyer Blanke Co., common (quar.)... 311.(c. Aug. 10 Holders of rec. June 30
Pennsylvania RR.(quar.)
Aug. 31 Holders of rec. Aug. la
$1
MiamiCopper Co. (guar.)
$1 Aug. 15 Holders of rec. Aug. 1
1)4 Aug. 1 Holders of roe. July ba
Pere Marquette RR.. pref. (guar.)
Mid-Continent Petroleum, corn.(guar.)_
50e. Aug. 15 Holders of rec. July 15
1)4 Aug. 1 Holders of rec. July_ 5e
Prior preference((Man)
Modine Mfg., common (quar.)
*50c. Aug. 1 *Holders of rec. July 20
Pittsburgh & Lake Erie
112.50 Aug. 1 *Holders of rec. Junl 28
Common (extra)
.25c. Aug. 1 *Holders of rec. July
Pittsburgh dc West Va., corn.(gnarl_ 144 July 31 Holders of rec. July 15a
Moloney Electric. common A (guar.) - Si Aug. 1 Holders of rec. July 20
.
1
Reading Co., common (quar.)
Aug. 8 Holders of rec. July lla
Mullins Mfg., pref.(guar.)
*51.75 Aug. 1 *Holders of rec. July 15
50e. Sept. 12 Holders of rec. Aug. 220
First preferred (quar.)
Second preferred (guar.)
50c. July 11 Holders of rec. June 200
Nash (A.) Co.,(quar.)
*$2.50 July 15 *Holders of rec. July 9
Second preferred (quar.)
50e. Oct. 10 Holders of rec. Sept. 190
National Acme (guar.)
37)(c. Aug. 1 Holders of me. July 15
Holders of rec. July la
St. Louis-San Francisco, pref.(guar.)...
National Belles Hess Co., pref.(guar.)
.1% Sept. 2 *Holders of rec. Aug. 21
Holders of rec Oct la
M Nov.
• Preferred (guar.)
Nat. Dept. Stores, 1st pref. (guar.)*$1.75 Aug. 1 *Holders of rec. July 15
Southern By., corn. (quar.)
2
11i Aug. 1 Holders of rec. July la
.
National Equity Co., Inc.(guar.)
2
July 1 Holders of rec. June 15
134 July 15 Holders of rec. June 24a
Preferred (guar.)
National Tea, new 53i% pref. (quar.)_ 13 c. Aug. 1 Holders of roe.
United N.J. RR.& Canal(guar.)
234 July 10 June 21 to July 9
National Terminals prior pref. (guar.).- .25e. Aug. 1 *Holders of roe. July 13
July 23
*3
Virginian By., preferred
Aug. 1 *Holders of roe. July 13
Convertible pref. (guar.)
*43Me Aug. 1 *Holders of me. July 23
Wabash By. pref. A (guar.)
134 Aug. 24 Holders of roe. July 250
National Trade Journals, Inc.-DivIden d pass ed.
New River Co., pref. (acct. accum. div.* 551.50 Aug. 1 *Holders of rec. July 20
Public Utilities.
N.Y.& Foreign Investing, pref.(qu.)-5 1.62)5 July 15 Holders of rec. July
Alabama Power, 55 pref. (guar.)
$1.25 Aug. 1 Holders of rec. July 15
10
N.Y. Merchandise common (quar.)....
*50c. Aug. 1 *Holders of rec. July 19
Amer. Cities Power dr Light class A (qu.) (1) Aug. 1 Holders of rec. July 5
Preferred (guar.)
•51.75 Aug. 1 *Holders of me. July 19
Class 13 (quar.)
1234 Aug. 1 Holders of rec. July 50
Noma Electric Corp. common (guar-)
40e. Aug. 1 Holders of rec. July 15
American Commonwealths Power
North American Trust Shares(No. 1)--- *30e.
Common class A dr B (No. 1)
15c. July 15 Holders of rec. July 1
Extra
*31 Mc
Corn. cl. A &FS (1-40 share el. A stock) (f) Oct. 15 Holders of rec. Oct. 1
Outlet Co. common (guar.)
Aug. 1 Holders of rec. July 20
$8.50 first preferred (guar.)
$1.63 Aug. 1 Holders of rec. July 15
First preferred (guar.)
$1.75 Aug. 1 Holders of rec. July 20
$1.75 Aug. 1 Holders of rec. July 15
$7 first preferred (guar.)
Second preferred (guar.)
$1.50 Aug. 1 Holders of rec. July 20
$1.75 Aug. 1 Holders of rec. July 15
Second pref., series A (guar.)
Pacific Clay Products (guar.)
*60c. Aug. 1 *Holders of rec. July 20
Amer. Dist. Tells. If N. J. coin.(qui *31
July 15 *Holders of rec. June 15
Pacific Portland Cement pref.(quari_ -- '134 July 5 *Holders of rec.
June 29
Preferred (quar.)
•154 July 15 *Holders of rec. June 15
Petroleum Royalties Co., prof.(mthly.).
Aug. 1 Holders of rec. July 25
American Gas & Elec., pref. (quar.)
$1.50 Aug. 1 Holders of rec. July 8
Preferred (extra)
44 Aug. 1 Holders of rec.
Amer. Telep. & Teleg. (guar.)
2)( July 15 Holders of roe. June 20a
Petroleum & Trading Corp., Cl. A (qu.) 31)40. Aug. 1 Holders of rec. July 25
July 19
Amer. Water Works & Elec.Phillips
-Jones Corp. Prof. (guar.)
"144 Aug. 1 *Holders of me. July 20
'Common (quar.)
250. Aug. 15 Holders of rec. July 260
Pitney-Bowes Postage Meter (guar.). _
'Sc. Aug. 1 *Holders of rec. July 17
Corn.(one-tenth share corn, stock)... 110 July 11 Holders of ree. July la
Pittsburgh Steel Co. pref. (guar.)
134 Sept. 1 Holders of rec. Aug. 10
Corn.(1-40 share corn. stk.)
(1) Aug. 15 Holders of roe. July 280
Pittsburgh Steel Foundries common
*21
July 5 *Holders of roe. July 5
$6 first preferred (guar.)
$1.50 Oct. 1 Holders of rec. Sept. 120
Power & Light Securities Trust
Associated Gas & Elec. class A
(1) Aug. 1 Holders of rec. June 29
Shares of beneficial interest
50c. Aug. 1 Holders of rec. July 16
Bell Telephone Co. of Canada (quar.). 2
July 15 Holders of rec. June 22
Shares of beneficial interest (In stock). el 34 Aug. 1 Holders of rec. July 16
Bell Telep. Co. of Pa. pref.(guar.)
144 July 15 Holders of rec. June 201
Public Investing Co.(guar.)
25c. Sept. 16 Holders of rec. July 15
Bridgeport Hydraulic Co.(guar.)
.40e. July 15 *Holders of rec. July 1
Providence Biltmore Hotel Co. 18t pref.. 8734 c July 1 Holders of rec. June
28
British Columbia Power. rt. A (guar.)._
50e. July 15 Holders of rec. June 20
Queen City Cotton Co
$1
July
Holders of rec. June 29
Brooklyn-Manhattan Transit Corp.
Republic Stamping &Enamel
*40c. July 25 *Holders of roe. July 1
Common (quar.)
July 15 Holders of roe. July la
Resource Fin.& Mtge.7% pref.(qu.)_ _ _ *87)i e July 1 *Holders of rec. June 28
Preferred, series A ((Mar.)
21.50 July 15 Holders of rec. July la
Rhode Island Ice pref. A & D (guar.)... $1.75 July 1 Holders of roe. June 25
Preferred, aeries A (quar.)
$1.50 Oct. 15 Holders of rec. Oct. la
Richfield Oil. corn. (quar.)
*50c. Aug: 18 *Holders of rec. July 20
Preferred, series A (guar.)
$1.50 JanI5'30 Holders of rec. Dec. 310
Russell Motor Car Co. common (guar.)_
Aug. 1 *Holders of rec.
15
Preferred, series A (guar.)
$1.50 AprI5'30 Hold, of rec. Apr. 1 '304
.014 Aug. 1 *Holders of rec. July 15
Preferred (guar.)
JuW
Buff. Mag.& East. Pow., let pref.(qu.) *$1.25 Aug. 1 "Holders of rec. July 15
Creek Producers (guar.)
Salt
*50e. Aug. 1 *Holders of rec. July 15
California-Oregon Power.7% prof.(qu.) 151 July 15 Holders of rec. June 30
Scars, Roebuck & Co.(guar.)
*6234c Aug. 1 *Holders of rec. July 15
Six per cent preferred (guar.)
144 July 15 Holders of rec. J.ne 30
Segal Lock & Hardware pref.(quar.)_ _ _ *87)ic July 15 *Holders of nee. June 30
Canada Northern Power pref.(guar.)... 154 July 15 Holders of rec. June 29
Beton Leather common (guar.)
50c. Aug. 1 Holders of roe. July 16
Cent. Hudson Gas & Elec., corn
.3311c Aug. 1 *Holders of rec. June 29
Sharon Steel Hoop (Quer.)
34 July 25 Holders of roe. July 5a Central Ill. Public Serv.. pfd.(qu.)_
•31.50 July 15 "Holders of rec. June 30
1 h Aug. 1 Holders of rec. July 20
Silver (Isaac) & Bros. prof. (guar.)
.
Central de Southwest CUL. corn. (guar.) 75e. July 15 Holders of rec. Juned19
Simmons Co. (guar.)
*75c Aug. I Holders of rec. July 18
Central States Elec., cent. (in stock)... *1200 July 25 *Holders of rec. July 15
Southern Asbestos
*$1.25 July 15 *Holders of rec. July 9
Chesapeake & Potomac TeleP.. pf (qu.)
154 July 15 Holders of rec. June 29
Extra
.25c. July 15 *Holders of rec. July 9
Chic. Rap. Transit pr. pf. A (mthly.)._ .
1680. Aug. 1 *Holders of rec. July 16
Southern Sugar, corn.(pay. In corn. stk.) *f5 July 15 *Holders of roe. June 30
Prior preferred class A (mthly.)
•650. Sept. 1 *Holders of rec. Aug. 20
(guar.)
Sullivan Machinery
51 July 15 June 30 to July 5
Prior preferred class B (mthly.)
•60e. Aug. 1 *Holders of rec. July 16
Superheater Co. (guar.)
51.50 July 15 Holders of rec. July 5
Prior preferred class B (mthly.)
*60e. Sept. 1 *Holders
reo. Aug. 20
Tennessee Copper & Chemical (guar.)
25e. Sept. 16 Holders of rec. Aug. 31a Cities Serv. Pow. & Light,35pf.(mthly) 4128e July 15 Holders of rec. July 1
of
Thatcher Mfg., cony. pref. (guar.)
*50e. Aug. 15 *Holders of rec. Aug. 5
Cleve. Elec. Illuminating, Pfd.(qtr.)._
134 Sept. 3 Holders of rec. Aug.45
http://fraser.stlouisfed.org/
f0.41.
Federal Reserve Bank of St. Louis
90
[VoL. 129.
FINANCIAL CHRONICLE
Name of Company.
Per
When
Cent. Payable.
Books Closed
Days Inclustre.
Public Utilities (Continued).
Aug. 1 'Holders of rec. July 15
Commonwealth-Edison Co. (qu.)
*2
Commonwealth Power Corp., corn.(qu.) 151
Aug. 1 Holders of rec. July 12a
6% preferred (guar.)
13. Aug. 1 Holders of rec. July, 12
Commonwealth & Southern Corp
Corn. (qu.) (No. 1)(1/80 oh. com.stk.) (f) Sept. 1 Holders of rec. Aug. 1
Consol. Gas of N. Y., pref.(guar.)
$1.25 Aug. I Holders of rec. June 29a
$1.25 Oct. I Holders of rec. Sept. 14
Consumers Power, 35 pref. (quar.)
1)' Oct. 1 Holders of rec. Sept. 14
6% pref. (quar.)
6.6% preferred (quar.)
$1.65 Oct. 1 Holders of rec. Sept. 14
1% Oct. 1 Holders of rec. Sept. 14
7% Pre?, (quar.)
50c. Aug. 1 Holders of rec. July 15
6% prof. (monthly)
6% pref. (monthly)
50c. Sept. 3 Holders of rec. Aug. 15
50c. Oct. 1 Holders of rec. Sept. 14
6% Pref. (monthly)
55c. Aug. 1 Holders of rec. July 15
6.6% pref. (monthly)
6.6% preferred (monthly)
55c. Sept. 3 Holders of rec. Aug. 15
55c. Oct. 1 Holders of rec. Sept. 14
6.6% Preferred (monthly)
July 15 Holders of reo. June 200
2
Detroit Edison (quar.)
14 July 15 Holders of rec. June 20
State Telco. pref.(Suar.)
Diamond
Dominion Power &Transp., pref.(guar.) •134 July 15 "Holders of rec. June 22
1% July 15 Holders of rec. June 153
Duquesne Light 5% 1st pref.(quar.)
5% first pref.(quar.)
134 Oct. 15 Holders of rec. Sept. 140
374c July 15 Holders of rec. July 1
Eastern Mass. Street fly. common
El% July 15 Holders of rec. June 18
Electric Bond & Share common
$1.50 Aug. 1 Holders of rec. July 10
Preferred (Suar.)
25c. Aug. 1 Holders of rec. June 13
Electric Power & Light, corn. (quar.)_
$1.75 July 15 Holders of rec. July la
El Paso Elec. Co., pref. A (quar.)
*I% Aug. 1 'Holders of rec. July 15
Illinois Northern Utilities, pfd. (qu.)
International Hydro Elec. System
July 15 Holders of rec. June 25
Class A (50c. cash or 1-50 sh. cl. A stk)
50c. July 15 Holders of rec. June 210
Internat. Telep. & Teleg., new stk.(qu.)
8734c. July 15 Holders of rec. June 280
Internat. Utilities, class A (quar.)
$1.75 Aug. 1 Holders of rec. July 183
$7 preferred (quar.)
134 July 15 Holders of rec. June 203
Kentucky Securities, pref. (quar.)
Aug. 1 Holders of rec. July 10
$1
Manitoba Power
Massachusetts Gas Cos., corn. (quar.).. 51.50 Aug. 1 Holders of rec. July 15
Mass. Utilities Associates, pref. (quar.)_ •6234c July 15 Holders of rec. June 29
July 15 Holders of rec. June 29
Middle West 11111. 7% panic. pref.(qu.) .2
•31.50 July 15 Holders of rec. Juno 29
$6 preferred (guar.)
Midland Utilities, 7% prior lien (guar.). 134 July 6 Holders of rec. June 22
134 July 6 Holders of rec. June 22
Six per cent prior lien stock (guar.)
134 July 6 Holders of rec. June 22
7% preferred class A (guar.)
134 July 6 Holders of rec. June 22
6% preferred class A (guar.)
I% July 31 Holders of rec. July 20a
Milw. Elec. fly. de Light, pfd. (quar.)_ _
Mo. Gas & Elec. Serv. pr. lien (qu.) - - $1 75 July 15 Holders of rec. June 29
Mo. River-Sioux City Bridge. pref.(qu.) $1.75 July 15 Holders of rec. June 29
Montreal L. H. & P. Consol. corn. (qu.) 600. July 31 Holdersof rec. June 30
2 July 15 Holders of rec. June 29
Montreal Telegraph (quar.)
Montreal Tramways (altar.)
234 July 15 Holders of rec. July 15
134 July 20 Holders of rec. June 29
Mountain States Power. pref.(quar.)
"2
July 15 *Holders of rec. June 29
Mountain States Tel. & Tel.(quar.)
Nat. Gas & Elec.. $6.50 pref.(quar.).•5 1.62% Oct. 1 *Holders of rec. Sept. 20
$1.75 July 1 Holders of rec. June 15
Nat. Power dr Light, $7 pref. (quar.)
$1.50 Aug. 1 Holders of rec. July 12
$6 preferred (quar.)
1% Aug. 1 Holders of rec. June 29
Nevada-Calif. Elec. Corp. pref.(qu.)
•50c. July 15 "Holders of rec. June 29
New England Power Assn.. corn.(qu.)
New England Pub.Serv. $7 pref.(qu.)- - $1.75 July 15 Holders of rec. June 30
•$1.75 July 15 *Holders of rec. June 30
$7 adjustment pref.(guar.)
$6 preferred (quar.)
•51.50 July 15 *Holders of rec. Juno 30
1% July 15 Holders of rec. June 20
N.Y. Telephone,64% prof.(guar.)
$1.50 Sept. 3 Holders of rec. Aug. 15
North American Edison Co.. pr. (qu.)
3
North Amer. Utility &cur. lot pf. (qu.) $1.50 Sept. 16 Holders of rec. Aug. 31
1st pref. allot. ctfs. (guar.)
$1.50 Sept. 16 Holders of rec. Aug. 31
Northern Indiana Pub. Saw. 7% pf.(qu.) 134 July 15 Holders of rec. June 29
14 July 15 Holders of rec. June 29
6% preferred (quar.)
14 July 15 Holders of rec. June 29
54% preferred (guar.)
Northern N. Y. Utilities, pref. (guar.)._ $1.75 Aug. 1 Holders of rec. July 10
Northern Ontario l'ower,()% pref. (au.) '1% July 25 "Holders of rec. Juno 30
2
Aug. 1 Holders of rec. June 29
Northern States Power,corn. A (guar.)._
134 July 20 Holders of rec. June 29
7% Preferred (quar.)
134 July 20 Holders of rec. June 29
6% Preferred (guar.)
I% Sept. 2 Holders of rec. Aug. 15
Ohio Edison Co.6% pref. (guar.)
1.65 Sept. 2 Holders of rec. Aug. 15
6.6% preferred (quar.)
134 Sept. 2 Holders of rec. Aug. 15
7% preferred (quar.)
5% preferred (guar.)
134 Sept. 2 Holders of rec. Aug. 15
50c. Aug. 1 Holders of rec. July 15
6% preferred (monthly)
50c. Sept. 2 Holders of rec. Aug. 15
6% preferred (monthly)
55c. Aug. 1 Holders of rec. July 15
6.6% preferred (monthly)
55c. Sept. 2 Holders of rec. Aug. 15
6.6% Preferred (monthly)
50c. July 15 Holders of rec. June 290
Pacific Gas & Elec., corn. (quar.)
Pacific Lighting, pref. (quar.)
.81.50 July 15 "Holders of rec. June 29
s32;ic Aug. 1 Holders of rec. July 10
Pacific Public Serv., corn. A (guar.)
Pacific Tel. & Tel., preferred (quar.)..
134 July 15 Holders of rec. June 29a
25c. Aug. I Holders of rec. July 15
Penn-Ohio Edison common (guar.)
7% prior Prof. (guar-)
134 Sept. I Holders of rec. Aug. 15
$1.50 July 15 Holders of rec. June 29
$6 Preferred (guar.)
Pa.-Ohlo Pow. de Lt., $6 pref.(guar)
91.50 Aug. 1 Holders of rec. July 20
l3.( Aug. 1 Holders of rect. July 20
7% preferred (quar.)
60e. Aug. 1 Holders of rec. July 20
7.2% Preferred (monthly)
6.6% preferred (monthly)
55c. Aug. 1 Holders of rec. July 20
2
Peoples Gas Light & Coke (guar.)
July 17 Holders of rec. July 30
Philadelphia dr Camden Ferry (quar.)_
•51.25 July 10 'Holders of rec. June 28
Philadelphia Co. common (Qltar.)
July 31 Holders of rec. July la
91
750. July 31 Holders of rec. July la
Common (extra)
5% Preferred
91.25 Sept. 2 Holders of rec. Aug. 10a
Philadelphia Elec. Power, pref. (quar.)
50c. Oct. 1 Holders of rec. Sept. 103
Philadelphia Rapid Transit Co. (quer.). $1
July 31 Holders of rec. July 15a
.
Phila. Suburban Water pref. (quar.) 134 Sept. 1 Iloiders of rec. Aug. 123
Phila. & Western fly. pref. (guar.)
14' July 15 Holders of rec June 303
Power Corp. of Canada partic. pf.(qu.)
750. July 15 Holders of roe. June 29
Preferred (guar.)
14 July 16 Holders of rec. June 29
Public Serv. Corp. of N. J., corn. (qu.)
65c Sept. 30 Holders of rec. Sept. 60
8% preferred (guar.)
Sept. 30 Holders of rec. Sept. da
2
7% preferred (guar.)
134 Sept. 30 Holders of rec. Sept. 60
$5 preferred (Suar.)
51.25 Sept. 30 Holders of rec. Sept. 6a
50c July 31 Holders of rec. July 5a
6% preferred (monthly)
50c Aug. 31 Holders of rec. Aug. fla
6% Preferred (monthly)
50c Sept. 30 Holders of rec. Sept. da
6% preferred (monthly)
Puget Sound Power & Light pref.(guar.) $1.50 July 15 Holders of rec. June 20a
Prior preference (Suar.)
51.25 July 15 Holders of rec. June 200
Quebec Power (guar.)
50c. July 15 Holders of rec. June 27
Holders of rec. July 150
Railway & Light Securities, corn. (qu.)50c Aug.
;Holders of rec. July 150
Preferred (guar.)
$1 50 Aug.
*Holders of rec. July 15
Rhode Island Pub.Serv. cl A (guar.).
Aug.
•$1
•50e Aug.
'Holders of rec. July 15
Preferred (guar.)
Holders ox rec. June 30
San Diego Consol. G. & E., pfd. (qu.) 1St July 1
'134 July 1 'Holders of rec. July 1
Seattle Lighting, common (guar.)
Preferred (guar.)
•1% July 1 *Holders of rec. July 1
Holders of rec. June 14
Shawinigan Water & Power (guar.)
50e. July 1
Holder of rec. July I5a
Sierra Pacific Elec. Co., corn. (quar.)_ _ _
50c Aug.
Preferred (guar.)
Holders of rec. July 15a
$1.50 Aug.
Southeastern Pr. & Lt.. eom.(guar.) - 1
July 2 Holders of rec. June 1
.
Holders of rec. July 20
Southern Calif. Edison, corn.(quar.)50c. Aug. 1
Original preferred (guar.)
50c. July 1 Holders of rec. June 20
3434c July 1 Holders of rec. June 20
54% prof. (guar.)
Southern Canada Power pref. (quar.)
July 1 "Holders of rec. June 20
•I
Southern N. E. Telen. Mar.)
July 1 *Holders of rec. Juno 29
*2
Holders of rec. July 1
South Pittsburgh Water Co. pf.(quer.). 134 July 1
Standard Gas & Electric, corn. (guar.)._ 8734c July 2 Holders of rec. June 290
Prior preference (quar.)
51.75 July 2 Holders of rec. June 29
Tennessee Elec. Pow., 5% first pref.(qu) 134 Oct.
Holders of ree. Sept. 14
1% Oct.
Holders of rec. Sept. 14
6% first preferred (quar.)
1% Oct.
Holders of roe. Sept. 14
7% first preferred (quar.)
31.80 Oct.
Holders of roc. Sept. 14
7.2% first preferred ((war.)
Holders of rec. July 15
6% first preferred (monthly)
50e. Aug.
500. Sept.
Holders of rec. Aug. 15
6% first preferred (monthly)
50c. Oct.
Holders of rec. Sept. 14
6% first preferred (monthly)
60c. Aug.
Holders of rec. July 15
7.2% first preferred (monthly)
60c. Sept.
Holders of rec. Aug. 15
7.2% first preferred (monthly)
60c. Oct.
Holders of rec. Sept. 14
7.2% first preferred (monthly)
2% July I
Holders of rec. June 29
United G3.9 & Elec. Co., preferred
•
1.1234 Sept.3 *Holders of rec. Aug. 31
United Gas Impt., corn.(Suer.)
Name of Company.
Public Utilities (Concluded).
United Light de Power Co.
Old common, class A & B (quar.)__
New corn., class A de B (guar.)
Western Power Corp.. prof.(quar.)
West Penn Elec. Co., class A (quar.)
Seven per cent preferred (guar.)
Six per cent preferred (guar.)
West Penn Power Co., 7% pref. (qu.)._
Sit per cent preferred (quar.)
West Penn Rye Co., pref. (guar.)
Western Union Teleg. (Soar,)
Winnipeg Electric Co
When
Per
Cent. Payable
75c. Aug. 1
15e. Aug. 1
13.4 July 15
134 Sept. 30
13.4 Aug. 15
I% Aug. 15
134 Aug. 1
13.4 Aug. 1
14 Sept. 16
July 15
2
$1 Aug. 1
ood
BOORA
Days Diciest:et.
Holders of rec. July 150
Holders of rec. July 1511
Holders of rec. July I
Holders of rec. Sept. 175
Holders of rec. July 200
Holders of rec. July 20a
Holders of roe. July 50
Holders of rec. July 50
Holders of rec. Aug. 24
Holders of rec. June 250
Holders of rec. July 10
Banks.
Continental (in stock)
e50
Trust Companies.
Bank of Sicily Trust Co.
New $20 par stock (quar.)
•50c July 10 'Holders of rec. June 29
Fire Insurance.
Continental
Fidelity-Phenix
United States (stock dividend)
$I
$1
e25
July 15 Holders of rec. June 24
July 10 Holders of rec. June 280
July 10 Holders of rec. June 28a
July 15 Holders of rec. June 28
Miscellaneous.
14 July 20 Holders of rec. July 100
Abitibi Pow. dr Paper, 6% pref. (quar.)
1)4 Aug. 1 Holders of rec. July 153
Abraham & Straus, Inc., pref. (quar.)- July 15 Holders of rec. June 280
Adams Express, corn. (pay. In corn. stk) 11
75c. July 15 Holders of rec. June 290
Reduction (guar.)
Air
155. July 18 Holders of rec. June 30
Allegheny Steel, common (monthly)-...
25e. July 18 Holders of rec. June 30
Common (extra)
•15c. Aug. 17 Holders of rec. July 31.
Common (monthly)
•150. Sept. 18 Holders of rec. Aug. 31
Common (monthly)
•ISi Sept. 1 Holders of reo. Aug. 15
Preferred (quar.)
'134 Des. 1 Holders of rec. Nov. 15
Preferred (quar.)
6240. July 20 Holders of rec. July 80
Alliance Realty, corn. (quar.)
51.50 Aug. 1 Holders of rec. July 110
Allied Chemical & Dye, corn. (guar.)
•75c. July 15 Holders or rec. Juno 25
Alpha Portland Cement ((Var.)
0501. Sept. 30 Holders of reo. Sept. 15
Aluminum Mfrs.. corn. (guar.)
*50o. Dec. 31 Holders of roe. Dee. 15
Common (quar.)
•134 June 30 Holders of tee. June US
Preferred (Suar.)
*I.Ii Sept. 30 •Holders of roe. Sept. 15
Preferred (guar.)
134 Dec. 31 Holders of roe. Dec. 15
•
Preferred (quar.)
Amalgamated Elec. Corp., Ltd.
July 15 Holders of rec. June 28
$1
Preferred (No. 1)
32c. July 15 Holders of rec. June 28
Pref.(issued subsequent to Mar. 1529)
13.4 July 15 Holders of rec. June 30
Works, corn. dr pref.(qu.)American Art
'134 July 15 Holders of rec. June 30
Amer. Asphalt Roofing, corn. (quer.)
July 15 Holders of rec. June 3e
•2
Preferred (war.)
75c. Aug. 15 Holders of rec. July 310
American Can, corn. (quer.)
13.4 Aug. 1 Holders of rec. July 20
American Chatillon Corp., pref. (qu.)
Aug. 1 Holders of rec. July 110
51
American Coal (quar.)
American Commercial Alcohol
40e. July 15 Holders of rec. June 20a
Common (guar.)(No. 1)
July 15 Holders of rec. June 26e
Common (Payable In corn. stock) - - - 13
Amer. European Sec., pref. (quar.)--- - 51.50 Aug. 15 Holders of rec. July 31
Oct. 1 Holders of rec. Sept. 14
•1
(guar.)
Amer. IIardware Corp.
Jan2'30 Holders of rec. Dec. 17
•1
Quarterly
30c. Aug. 1 Holders of rec. July 150
Amer. Home Products Corp.(monthly)..
50c. July 25 Holders of rec. July 50
American Ice, common (quar.)
134 July 25 Holders of rec. July 5a
Preferred (quar.)
Amer. Internat. Corp.
Oct. 1
ii62
Common (stock dividend)
American Manufacturing
750. Oct. 1 Holders of ree. Sept. 16
Common (guar.)
75e. Dec. 31 Holders of reo. Deo. 15
Common (guar.)
14 Mar. 31 Holders of rec. Mar. 15
Preferred (Suer.)
134 Oct. 1 Holders of rec. Sept. 15
Preferred (guar.)
st Doe. 31 Holders of rec. Dee. 15
Preferred (guar.)
*75c. Sept. 1 *Holders of rec. Aug. 21
corn. (quar.)
Amer. Metal,
•$1.50 Sept. 3 'Holders of rec. Aug. 21
Preferred (quar.)
750. July 10 Holders of rec. June 280
Amer. Phenix Corp.(guar.)
Amer. Radiator & Standard
3734c Sept.30 Holders of rec. Sept. lla
Sanitary Corp., corn.(guar.)
$1.75 Aug. 31 Holders of rec. Aug. 15a
Preferred (quar.)
50c. July 15 Holders of reo. June 29a
American Rolling Mill, corn. (Cluar.)
50c. Oct. 15 Holders of rec. Sept.30a
Common (altar.)
July 30 Holders of fee. July la
In common stock).- /5
Common (payable
Aug. 1 Holders of rec. July 150
2
American Shipbuilding, corn. (quar.)
I% Aug. 1 Holders of rec. July 15
Preferred (guar.)
_ _ 'El
Aug. 1 *Holders of rec. July 12
Amer. Smelt. & Reg, corn. (quer.)
'134 Sept. 3'Holders of rec. Aug. 2
Preferred (altar.)
75e. July 15 Holders of rec. July la
Foundries, corn.(quer.)
Amer. Steel
75e. July 18 Holders of rec. July la
Amer. Sumatra Tobacco. COM.(guar.) _
July 15 Holders of rec. July 50
2
Amer. Type Founders corn.(Suar.)
134 July 15 Holders of rec. July Sc
Preferred (Suar.)
•50c. July 15 'Holders of rec. July 5
Amer. Vitrified Products. corn.(qu.)_
•151 Aug. 1 'Holders of rec. July 20
Preferred (quar.)
$1.75 Aug. 19 Holders of rec. July 130
Anaconda Copper Mining (guar.)
75c. Aug. 5 Holders of rec. July 13
Anaconda Wire & Cable (quar.)
' 75c. Aug. 12 Holders of rec. July 130
Andes Copper Mining (guar.)
Anglo National Corp., corn. A (No. 1)... "51 July 15 *Holders of rec. July 3
630. Aug. 1 Holders of reo. July 130
Associated Dry Goods common (Suer.)
1 4 Sept. 2 Holders of reo. Aug. 10a
First preferred (guar.)
134 Sept. 2 Holders of rec. Aug. 100
Second preferred (guar.)
July 10 Holders of roe. June 150
Atlantic Acceptance Corp.el. A & B(qu.) 25
Atlantic Gulf ik West Indies ELS. Lines,
Si
Sept. 30 Holders of coo. Sept. 1011
Preferred (guar.)
Dec. 31 Holders of reit. Dee. lie
Si
Preferred (attar.)
Atlantic & Pacific Internat, Corp. A..... •114 Aug. 1 *Holders of rec. July 15
July 15 Holders of rec. July 1
$1
Plywood (Soar.)
Atlas
75c. July 15 Holders of rec. Juno 29a
Autosaies Corp., pref. (quar.)
14 Oct. 1 Iloiders of rec. Aug. 1
Bakers Share Corp.. COM. (qu.)
13.4 Jan 1'30 Holders of rec. Nov. 1
Common (guar.)
Bamberger (L.) & Co..64% Pf.(50.).. 134 Sept. 2 Holders of reo. Aug. 12a
lie Dee. 2 Holders of rec. Nov. 115
preferred (Suer.)
64%
Bancroft (Joseph) & 90119 Co., pref.(qu.) 134 July 31 Holders of rec. July 15
July 15 Holders of rec. July 1
$4
Bankers Capital Corp., corn
July 15 *Holdup of roe. July 1
*92
Preferred (quar.)
Oct. 15 *Holders of rec. Sept. 30
"52
Preferred (Suar.)
JanI5'30 'Holders of roe. Dee. 31
.$2
Preferred (quar.)
25c. Aug. 1 Holders of rec. July I
Bankers Financial Trust, common
75c. July 15 Holders of rec. June 290
Bankers Securities Corp. coin. (qu.)____
94e. July 15 Holders of rec. June 29a
Common (extra)
(f) July 15 Holders of rec. June 29
Common (one share corn.stock)
75e. July 15 Holders of rec. June 290
Participating pref.(quar.)
260. July 15 Holders of rec. June 29a
Participating pref. (extra)
•260. July 10 *Holders of rec. June 29
Bansicilla Corp.. class A (guar.)
•25c. July 10 *Holders of rec. June 29
Class 11 (quar.)
50c. Aug. d8 Holders fo rec. July 80
Barnsdall Corp., class A AL B (guar.)._ _
25c. Aug. 68 Holders of rec. July 80
Class A & B (extra)
50c. July 15 Holders of rec. Juno 290
Bayuk Cigars, Inc.. corn. (Soar.)
51.75 July 15 Holders of rec. Juno 290
First preferred (guar.)
•37
July 15 *Holders of roc. June 30
Bean (John) Mfg.(guar.)
75c. July 10 Holders of rec. June 25e
Beech-Nut Packing. common (Guar.)...
Aug. 15 Holders of rect. July 191
Steel common (guar.)
$1
Bethlehem
Bigelow-Hartford Carpet, pref. (guar.) _ '1% Aug. I "Holders of reo. July 18
Preferred (guar.).
•1 Si Nov. 1 *Holders of roe. Oot. 18
Bloomingdale Bros., Inc., pref. (guar.).
13.4 Aug. 1 Holders of rec. July 20a
$1 July 30 Holders of rec. July 15a
Bon Anti Co., class A (quar.)
$1 July 30 Holders of rec. July 15a
(extra)
Class A
Aug. 15 Holders of rec. Aug. la
Booth (F. E.) Co.,com.(pay. in com.s(k) 150
*31.25 Aug. 15 *Holders of rec. Aug. 1
Borin-VIvitone Corp. $3 pf. (No. 1)
•50c. Aug. 15 *Holders of rec. Aug. 1
$3 cony. pref. (extra)
50c. Oct. 1 Holders of rec. Sept. 154
Brillo Mfg, Co.. class A (guar.)
Type Investors, Inc.
British
15c. Aug. 1 Holders of roe. July 1
Class A (bl-monthly)
51.75 Aug. 1 'Holders of rec. July 11
•
Broadway Dept. Stores. pref.((War.)
Truck corn. (quar.)
750. Aug. 1 Holders of rec. July 150
13rockway Motor
JULY 6 1929.]
Per
Name of Company
91
FINANCIAL CHRONICLE
When
Payable
Books Closed
Days Inclusive.
Name of Company.
When
Per
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Continued).
Miscellaneous (Continua,
Fishman (M. H.) Co. Sc. to $I Stores
Brompton Pulp & Paper (guar.)
50e. July 15 Holders of rec. June 30
'
01M July 15 'Holders of rec. July
Preferred (guar.)
25c. Aug. 1 Holders of rec. July 150
Budd (E. G.) Mfg., common (guar.)._
25c. Aug. 1 Holders of rec. July 15a Fits Simmons Dredge & Dock
Common (extra)
Corn.(1-40th share corn.stk.)
(1) Sept. 1
Preferred (guar.)
Aug. 1 Holders of rec. July 15
(1) Dee. 1
Corn.(1-40th share corn.stk.)
Preferred( acct. accum. dividends)._ *d7
Aug. 1 *Holders of rec. July 15
"3714c July 15 'Holders of rec. July 10
Flintkote Co.(guar.)
Burma Corp., American dep. receipts-- (() Aug. 21 *Holders of rec. July 13
Fokker Aircraft of Amer. 1st pf. (qu.) '4334c July 15 'Holders of rec. June 21
Burroughs Adding Machine
*50c. July 15 'Holders of rec. July 6
20c. Sent.10 Holders of rec. Aug. 27a Foremost Fabrics Corp.(guar.)
New no par stock (qu.)(No.1)
•35e. Oct. 1 *Holders of rec. Sept. 14
"1400 Aug. 1 *Holders of rec. July 15
Formica Insulation (guar.)
Stock dividend
•35c. Jan1'30 *Holders of rec. Dec. 14
Quarterly
Bush Terminal Co., com. (guar.)
50c. Aug. 1 Holders of rec. June 28a
25c. Aug. 15 Holders of rec. July 31
1114 Aug. 1 Holders of roe. June 28a Foundation Co.of Canada, corn.(guar.)
Common (payable in common stock)
Preferred (guar.)
141 July 15 Holders of roe. June 28a Fox Film Corp., corn. A & B (RS.) -- $I July 15 Holders of rec. July la
50e. July 20 Holders of rec. July 10
Franklin(H.H.) Mfg.,corn.(guar.)_
Byers(A. M.) Co.pref.(guar.)
*144 Nov. 1 *Holders of rec. Oct. IS
13
% Aug. I Holders of rec. July 20
Preferred (guar.)
Preferred (guar.)
*151 Aug. 1 *Holders of rec. July 15
$1
Aug. 1 Holders of rec. July 150
*1)4 Sept. 1 *Holders of rec. Aug. 11
California Dairies, pref. A (guar.)
Freeport Texas Co.(guar.)
"20e. July 15 *Holders of rec. June 28
Preferred B (guar.)
$1.62% Aug. 1 *Holders of rec. July II
Frost Gear & Forge corn.(guar.)
*6814c July 15 *Holders of rec. June 28
$1.25 July 15 Holders of rec. July la Gair (Robert)& Co.,class A (quar.)
Canada Dry Ginger Ale, Inc. (guar.)
21.75 Aug. 1 Holders of rec. July 106
Canada Foundries & Fem.class A (qu.) 3714c July 15 Holders of rec. June 29
General Cable, pref. (guar.)
$1 Sept. 1 Holders of rec. Aug. Sa
50c. July 16 Holders of rec. June 29
Canadian Brewing (guar.)
Class A (guar.)
SI
July 28 Holders of rec. June 216
Canadian Bronze, com.(guar.)
General Electric common (guar.)
6234c Aug. 1 Holders of rec. July 19
$1
July 26 Holders of rec. June 216
1M Aug. 1 Holders of rec. July 19
Common (extra)
Preferred (guar.)
15e, July 26 Holders of rec. June 210
Special stock (qua?.)
Canadian Car & Foundry. ord.(quar.)-- 1M Aug. 30 Holders of roe. Aug. 15
114 July 10 Holders of ma. June 25
General Motors Corp.,6% deb. stk.(qu.) 134 Aug. 1 Holders of rec. July Sa
Preference (guar.)
1/4 Aug. 1 Holders of rec. July 86
Canadian Fairbanks-Morse, pref. (qu.). 1)4 July 15 Holders of rec. June 29
6% preferred (guar.)
144 Aug. 1 Holders of rec. July 86
38c. July 15 Holders of rec. June 29
Canadian Industrial Alcohol (guar.).--7% Preferred (guar.)
50c July 15 Holders of roe. July 55
Gen'l Outdoor Advertising, corn. (qu.) _
Canadian Wineries, Ltd.(No. 1)
'12)4c July 15 Holders of rec. July 1
General Public Service Corp.
Canfield Oil, corn.& pref.(guar.)
$1.75 Sept. 30 Holders of rec. Aug. 20
$1.50 Aug. 1 Holders of roe. July 10
Common & preferred (quar.)
$1.75 Dec. 81 Holders of roe. Nov. 20
$6 preferred (guar.)
1.3745 Aug. 1 Holders of rec. July 10
Carnation Milk Products
5534 preferred (guar.)
Common (payable in common stock)_ _
•1 Jan 2'30 *Holders of rec. Dec. 21
General Realty & Utilities
July 15 Holders of rec. June 21
Celluloid Corp. 1st partic. pref.(guar.)_ $1.75 Sept. 1 Holders of rec. Aug. 10
$6 pref.(75-100 sh. com.or $1.50 cash)
75e. July 31 Holders of rec. July 15
$7 preferred (guar.)
21.75 Sept. 1 Holders of rec. Aug. 10
Gilchrist Co.(guar.)
*300. July 30 *Holders of rec. July 15
Central Alloy Steel, cons. (guar.)
50c July 10 Holders of rec. June 225 Gilman Oil (guar.)
•4e. July 10 *Holders of rec. June 29
Central Coal & Coke pref.(guar.)
1)4 July 15 Holders of rec. June 30s Gilmore (F. E.) Co.(guar.)
111 Aug. 1 Holders of rec. July 150
Chapman Ice Cream (guar.)
*31 )4c July 15 "Holders of rec. June 25
Gimbel Bros.. Inc., pref. (guar.)
Oct. 1
Chicago Yellow Cab (monthly)
250 Aug. 1 Holders of roe. July 19a Gladding.McBeanik Co.,00m(in corn elk) go2
•1m July 15 *Holders of rec. June 30
Monthly
25e Sept. 2 Holders of rec. Aug. 20a Globe-Wernicke Co.. pref. (guar.)
Cities Service, common(monthly)
2 Mc Aug. 1 Holders of rec. July 15a Goldberg (S. M.) Stores. 57 pref.(guar.) •$1.75 Sept. 15 *Holders of me Sept. 1
6234c Aug. 1 Holders of rec. July 176
Common (payable in common stock)_
144 Aug. 1 Holders of rec. July 15a Gold Dust Corp., corn. (guar.)
Sept. 1 *Holders of roe. Aug. 15
Preferred and preference BB (mthly.) 500 Aug. 1 Holders of rec. July 15a Golden State Milk stook dividend (qu.). *el
*el
Dec. 1 *Holders of rec. Nov. 15
Preference B (monthly)
Sc Aug. 1 Holders of rec. July 15a
Stock dividend
City of Paris, 2d pref.(guar.)
*23.5 Aug. 15 *Holders of rec. Aug. 1
Tire & Rubber.com.(guar.).- $1.25 Aug. 1 Holders of rec. July la
Goodyear
50e. Sept.
Holders of rec. Aug. 1
Claude Neon Elec. Prod., corn. (clear.). .20c Aug. I *Holders of ree. July 20
Gorham Mfg., com. (guar.)
50c. Dec. 1 Holders of rec. Nov. 1
Cleveland stone. common (qua?.)
.500 Sept. 1 *Holders of rec. Aug 15
Common (guar.)
Holders of rec. July 120
114
Aug.
Coats
& P.), Ltd.
Gotham Silk Hosiery, pref.(qu.)
Holders of rec. July 120
u
July 6 Holders of roe. May 23
Amer. dep. recta,for ord. reg.sharesGranby Consol. Min., SmelL&Pow.(qu) $1.75 Aug.
25c. July 1 Holders of rec. July 30
Cockshutt Plow (quar.)
'3714e Aug. 1 *Holders of rec. July 15
Grand Rapids Metalcraft, corn. (guar.)_
*25e. Sept.30 *Holders of roe.Sept.20
*3714c July 15 *Holders of reo. June 30
Caen Cos.(guar.)
Grand Rapids Varnish (guar.)
*25c. Dec. 3 *Holders of rec. Dec. 20
Colgate-Palmolive-Peet Co. corn. (en.).
50c July 15 Holders of rec. June 29
Quarterly
•75c. Aug. 1 *Holders of rec. Aug. 1
114 Oct. 1 Holders of roe. Sept. 7
pref. (guar.)
Preferred (guar.)
Greenway Corp., 5%
•7513. Nov. 15 "Holders of roe. Nov. 1
1 M Janl'30 Holders of rec. Dee. 7
Preferred 'glum)
5% preferred (guar.)
July 10 *Holders of rec. June 30
13
Commercial Bookbinding, corn. (guar.). 4334 July 15 Holders of rec. July 1
1
Greenwich Nat Corp
*25e. July 15 *Holders of rec. July 10
Community State Corp., A & B (qu.). 1)4 Sept. 2 Holders of roe. Aug. 28
Ground Gripper Shoe, corn.(guar.)
*75c. July 15 'Holders of roe. July 10
Class A & B (guar.)
1 54 Dec. 81 Holders of rec. Dee. 29
Preferred (guar.)
*5013. Sept. 1 'Holders of rec. Aug. 21
Consol. Mining & Smelt. of Canada_
21.25 July 15 Holders of rec. June 29
Gruen Watch, common (guar.)
0500. Dee. 1 "Holders of rec. Nov. 20
Bonus
$5 July 15 Holders of rec. June 29
Common (guar.)
•50e. Wrl'30 *Hold,of roe. Feb.18'30
Consolidated Paper Box,cl. A (guar.).
-'3734c July 15 *Holders of rec. June 30
Common (guar.)
•114 Aug. 1 "Holders of roe. July 21
*25c. July 15 'Holders of roe. June 30
Is Class B (guar.)
Preferred (guar.)
Continental Motors Corp.(guar.)
•13( Nov. 1 *Holders of reo. Oct. 21
Preferred (guar.)
420c. July 30 Holders of rec. July 15a
•144 Febl'30 *Hold,of roe. Jan.21'30
Continental Securities Corp.(guar.) --- 31 July 15 Holders of rec. July 1
Preferred (guar.)
114 Oct. 1 Holders of rec. Sept.160
Coon(W.B.) Co., corn
*600. Nov. 1 *Holders of roe. Oct. 10
Gulf States Steel, pref.(guar.)
144 Jan 2'80 Holders of roe. Dee. 166
Common
•700. Aug. 1 *Holders of rec. July 10
Preferred (guar.)
*I% Nov. 1 *Holders of rec. Oct. 10
(guar.).,,.,_ *25c July 31 *Holders of rec. July 20
Preferred
Hall(W. F.) Printing, com.
el 14 Aug. 1 *Holders of roe. July 10
Preferred
Harbison-Walker Refract., pref.(guar.). 134 July 20 Holders of rec. July 104
50c. July 15 Holders of rec. June 15
Oct. 1 Sept.26 to Sept.50
Copper Range Co. (guar.)
Hayes Body Corp.(guar.)(pay. in stk.) 2
Jan2'30 Dee. 25 to Jan. 1
Coty, Inc., stock dividend
rt194 Aug. 27 Holders of roe. Aug. 12
2
Quarterly (payable in stock)
35e July 28 Holders of rec. July 10
Stock dividend
al 34 Nov. 27 Holders of rec. Nov. 12
Hibbard.Spencer,Bartlett&Co.(mthly.)Creamery Package Mfg., com.(qu.) -.- *50c July 10 *Holders of roe. July 1
35c Aug. 30 Holders of rec. Aug. 23
Monthly
35c Sept.27 Holders of rec. Sept.20
Preferred (guar.)
*81 50 July 10 *Holders of rec. July 1
Monthly
Crocker-Wheeler Elec. Mfg. pref. (qu.) '1)4 July 15 *Holders of rec. July 5
134 July 15 Holders of rec, June 29
Hillcrest Collieries, Ltd., corn. (guar.)_
Aug. 1 *Holders of rec. July 2
Preferred (acct. accumulated divs.)-- "772
114 July 15 Holders of rec. June 29
Preferred (guar.)
04 Dec. 81 Holders of roe. Dee. be Hollinger Consol. Gold Mines (monthyl)
Sc.July 15 Holders of rec. June 28
Croeley Radio (stock dividend)
25e. July 15 Holders of roe. June 29a Holly Development Co.(guar.)
214c July 15 Holders of roe. June 30
Crown Zellerbach Corp., com.(guar.)
Convertible preferred (guar.)
$1.50 Sept. 1 Holders of roe. Aug. 13
Holly Sugar Corp.; pref.(guar.)
154 Aug. 1 Holders of rec. July 15
Preferred series A& B (quar.)
$1.50 Sept. 1 Holders of rec. Aug. 13
Horn & Hardart of N.Y.,com.(guar.)._ 62140 Aug. 1 Holders of rec. July Ila
Crucible Steel, common (guar.)
134 July 31 Holders of rec. JulY115a Household Finance, partici prof (guar.) •750. July 15 *Holders of rec. July 1
4
July 15 Holders of roe. July 5a Household Products (guar.)
8710 Sept. 3 Holders of rec. Aug. 15
Cudahy Packing, com.(guar.)
$1
•I% Sept.16 *Holders of roe. Sept 1
51 July 15 Holders of rec. June 296
Cuneo Press, pref.(guar.)
Howe Sound Co.(guar.)
50c. July 15 Holders of rec. June 291
Curtis Publishing common (monthly).-50c. Aug. 2 Holders of rec. July 20a
Extra
Common (monthly)
50e. Aug. 1 Holders of rec. July 154
*50c. Sept. 2 'Holders of rec. Aug. 20
Hupp Motor Car Corp.(guar.)
Common (monthly)
*500. Oct.412 'Holders of rec. Sept.20a
e214 Aug. 1 Holders of rec. July 1541
Stock dividend (guar.)
Preferred (guar.)
51.75 Oct. 2 Holders of rec. Sent. 20
5244 Nov. 1 Holders of reo. Oct. 160
Stook dividend (guar.)
Darby Petroleum (guar.)
•250. July 1 *Holders of rec. July 1
Oct. 1
•2
Huron & Erie Mortgage Mara
Davenport Hosiery Mills, corn.(qu.)_ -- *50e. July 15 *Holders of rec. July 1
50e. July 15 Holders of rec. July 5
Hussmann-Ligonier Co., cons. (guar.)__
Dayton Rubber Co., com. A
*60c. July 15 *Holders of res. July 3
(guar.)
"21 75 July 10 *Holders of rec. June 27
Illinois Brick
Priority common
*60. Oct. 15 *Holders of rec. Oct. 3
•33 50 July 1 *Holders of rec. June 27
Quarterly
Preferred
•25c. July 15 *Holders of rec. June 22
"S3 50 July 10 *Holders of roe. June 27
Incorporated Investors
Decker (Alfred)& Cohn, pref.(guar.)
•114 Sept. 1 'Holders of rec. Aug. 22
.50. July 15 *Holders of rec. June 22
Extra
Dennison Manufacturing, pref. (guar.). 114 Aug. 1 Holders of rec. July 20
July 15 *Holders of roe. June 22
*2
Stock dividend
Debenture stock (guar.)
2
50e. July 31 Holders of roe. July 154
Aug. 1 Holders of ree. July 20
011 & Gas (guar.)
Independent
Detroit Forging (guar.)
•400. July 15 *Holders of rec. July 5
SI Aug. 15 Holders of rec. July 28
Indiana Pipe Line
Detroit Michigan Stove, com.(guar.) - •30c. July 20 *Holders of rec. July 10
53 Aug. 15 Holders of rec. July 26
Extra
Detroit Steel Products,com.(mthly.) _ •250. Aug. 1 *Holders of rec. July 20
Industrial Finance Corp., 7% pf. Om.). 154 Aug. 1 Holders of roe. July 19
Common (monthly)
•25e. Sept. 1 *Holders of roe. Aug. 20
134 Aug. 1 Holders of roe. July 19
6% preferred (guar.)
Devonshire Investing common (guar.).50c. July 15 Holders of rec. July la Insuransbares Corp. cony. pref.(guar.). 154 July 15 Holders of rec. June 28
Dictograph Products (guar.)
'25e. July 15 *Holders of roe. July 1
Internal. Agricultural Corp.,Pr. pf.(qu.) 114 Sept. 3 Holders of roe. Aug. 15a
Diversified Investments 1st pref.(qu.)..•21.75 July 15 *Holders of rec. July 1
International Banding Mach.
Domes Mines,Ltd.(guar.)
2
Aug. 1
25e, July 20 Holders of rec. June 290
Common and preferred (special)
Dominion Engineering Wks.(guar.)
51
July 13 Holders of rec. June 29
Internat. Business Machines (guar.). _ 51.25 July 10 Holders of rec. June 224
Dominion Textile, pref. (guar.)
51.25 Oct. 10 Holders of rec. Sept. 216
1)4 July 15 Holders of rec. June 29
Internat. Business Mach. (guar.)
Dunhill Internist. common (guar.)
$1
July 15 Holders of rec. July la Iaternat. Harvester common(guar.).- 6214c July 15 Holders of roe. June 25.
Common (guar.)
800. July 15 Holders of rec. June 25e
$I
Oct. 15 Holders of rec. Oct. la Internat. Match, corn.(guar.)
Common (guar.)
80c. July 15 Holders of rec. June 256
31
Jn 1530 Holders of rec. Dec. 310
Participating preference (guar.)
Common (payable in com.stock)
1
Jo 15'30 Holders of rec. Dec. 31a Internat. Nickel of Canada pref.(qu.).. 144 Aug. 1 Holders of rec. July la
Common (guar.)
114 July 15 Holders of rec. June 254
$1
Ap15'30 Holders of rec. Apr. la InternationalPaper Co..7% pref.(im.)_
Common (payable in corn. stock)
"1
Ap15'30 Holders of rec. Apr. la
144 July 15 Holders of rec. June 254
Six per cent preferred (guar.)
Dunhill Internat. (stock dividend)
el
July 15 Holders of rec. July la Internat. Paper & Pow.7% pref. (qu.).... 154 July 15 Holders of ree. June 25a
Stock dividend
Cl
Oct. 15 Holders of rec. Oct. la
144 July 15 Holders of roe. June 256
6% Preferred (guar.)
Du Pont(E. I.) de Nem.,deb.stk. (au). 115 July 25 Holders of rec. July 10a Internal. Printing Ink, com.(guar.).__ _ 6214c Aug. 1 Holders of rec. July 15a
Eagle Picher Lead, corn.(guar.)
*20c July 15 *Holders of roe. June 30
51.50 Aug. 1 Holders of rec. July 15a
(guar.)
Preferred
Preferred (guar.)
051.50 July 15 *Holders of roe. June 30
Internat.Securities Corp.corn.(guar.)-- •25e. July 15 *Holders of rec. July 10
Eastern Bankers Corp.,com
.300. Aug. 1 *Holders of rec. July 1
International Shoe, pref. (monthly)
-- *50c. Aug. 1 'Holders of rec. July 15
Common (extra)
•300. Aug. 1 *Holders of rec. July 1
•600. Sept. 1 *Holders of Me. Aug. 16
Preferred (monthly)
Preferred (guar.)
$1.75 Aug. 1 Holders of ree. July 1
•508. Oct. 1 *Holders of tee. Sept. 16
Preferred (monthly)
Preferred (guar.)
51.75 Nov. 1 Holders of roe. Sept. 80
(monthly)
*50c. Nov. 1 *Holders of refs. Oct. 16
Preferred
Preferred (quar.)
$1.75 Febl'30 Holders of roe. Dee. 31
•500. Dee. 1 *Holders of rte. Nov. 15
Preferred (monthly)
Eastern Theatres(Toronto), prof
314 July 31 Holders of rec. June 29
4
.500 Jan 1'80 *Holders of roe. Dee. 15
Preferred (monthly)
Eastern Utilities Invest. panic. pf. (qu.) 31.75 Aug. 1 Holders of rec. June 29
25c Aug. 15 Holders of rec. Aug. la
Intertype Corp., corn. (guar.)
$6 preferred (guar.)
$1.50 Sept. 2 Holders of rec. July 31
25e Aug. 15 Holders of rec. Aug. 10
Common (extra)
$7 preferred (guar.)
$1.75 Sept. 2 Holders of rec. July 31
*30e. July 15 *Holders of rec. June 15
Jackson Motor Shaft (guar.)
Prior preferred (guar.)
31.25 Oct. 1 Holders of rec. Aug. 31
•300. July 15 *Holders of rec. June 15
Extra
Eaton Axle & Spring (guar.)
75c. Aug. 1 Holders of rec. July 15
•750. Oct. I *Holders of roe. Sept.17
Jefferson Electric (guar.)
Eitingon-Schild Co., corn.(guar.)
8210. Aug. SO Holders of rec. Aug. 150 Jewel Tea common (guar.)
756. July 15 Holders of rec. July 36
Electric Household Utilities(guar.)
.25c. July 20'Holders of rec. July 5
75e, July 15 Holders of roe. June 24a
Johns-Manville Corp., corn.(guar.)._
Stock dividend
•el M July 20 *Holders of rec. July 5
Joint Security Corp
*6214c Aug. 1 *Holders of rec. July 10
Elgin National Watch (guar.)
Aug. 1 Holders of roe. July 20
Corn.(payablein cam.stock)
fl
•40c. July 25 *Holders of rec. July 10
Emsco Derrick & Equipment (guar.)
Nov. 1 Holders of roe. Oct. 20
Corn.(payable in corn.stook)
11
Eureka Pipe Line (guar.)
Aug. 1 Holders of rec. July 15
$1
•15o. Sept.30 *Holders of roe. Sept.20
Kalamazoo Vegetable Parchment
Oct. 1 *Holders of roe. Sent. 20
Evans Auto Loading. stook dividend-. *52
•150. Dec. 31 *Holders of rec. Dec. 21
Quarterly
"35c. July 15 *Holders of rec. July 1
Fageol Motors preferred
Kaufmann Dept. Stares coin.(guar.)_
38c. July 29 Holders of roe. July 10a
•600. Aug. 1 *Holders of rec. July 20
Kawneer Company (guar.)
•62340 July 15 *Holders of rec. June 30
Fair (The), corn.(gum.)
•144 Aug 1 *Holders of rec. July 20
Preferred (guar.)
Quarterly
*62340 Oct. 15 "Holders of fee. Sept. 30
Fashion Park Associates pref.(guar.)... $1.75 Aug. 1 Holders of rec. July 17a
Quarterly
•8214c JanI510 *Holders of rec. Dec. 31
Kelsey-Hayes Wheel, pref. (guar.)
114 Aug. 1 Holders of rec. June 22
Federal Knitting Mills. pref. (guar.).- •144 Oct. 1 *Holders of roe. Sept.20
3714c Aug. 31 Holders of rec. Aug. 15
Federated Capital Corp. common
Key Boiler Equipment (guar.)
25e. July 10 Holders of rec. June 29
(payable in common stock)-- 11
Aug. 31 Holders of me. Aug. 15
Keystone Steel & Wire, pref.(guar.) _
•114 July 1 *Holders of rec. July 5
Common
3714c Aug. 31 Holders of rec. Aug. 15
Keystone Watch Case,corn
51.50 Aug. 1 Holders of roe. July 190
Preferred
Kirby Lumber (guar.)
Finance Co.of Amer.,corn. A & B (au.). 1734c July 15 Holders of rec. July 5
'134 Sept. 10 *Holders of rec. Aug. 31
43440 July 15 Holders of reo. July 5
Quarterly
•154 Dec. 10 *Holders of roe. Nov. 30
7% pref. (guar.)
82 July 20 Holders of me. July 10z Knott Corp. (QUM.) (60e. cash or 1-50
Firestone Tire & Rubber, corn.(guar.)._
share stock
60c, July 15 Holders of roe. July 5
Preferred (guar.)
134 July 15 Holders of me. July 1
6%
92
FINANCIAL CHRONICLE
Name of Company.
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Name of Company.
[VOL. 129.
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Continued).
Miscellaneous (Continued).
KnoxHat Co., prior pref. (guar.)
$1.75 Oct. 1 Holders of rec. Sept. 16a Packard Electric Co. (guar.)
65c. July 15 Holders of rec. June 30
Participating pref (quar.)
75c Sept. 3 Holders of rec. Aug. 15a
Packard Motor Car (monthly)
25c. July 31 Holders of rec. July 126
Participating pref. (quar.)
75e Dec. 2 Holders of ree. Nov. 150
Monthly
25e. Aug. 31 Holders of rec. Aug. 12a
Lackawanna Securities
*$3 Sept. 3 *Holders of rec. Aug. 15
Extra
51.50 July 31 Holders of rec. July 12a
Lakey Foundry & Mach.(quar.)
.50c. July 30 *Holders of rec. July 15
Packer Corporation (quar.)
6234c. July 15 Holders of rec. July 5
Stock dividend
*234 July 30 *Holders of rec. July 15
Paepke Corp.. corn. (guar.)
*134 Aug. 15 *Holders of rec. Aug. 8
Stock dividend
•e214 Oct. 30 'Holders of rec. Oct. 15
Paramount Industrial Bankers corn A _ $1.40 July 12 Holders of rec. June 30
Land Bldg. Investing Corp., pref
$3.50 July 15 Holders of rec. June 29
Preferred
70c. July 12 Holders of rec. June 30
Landers. Frary de Clark (ouar.)
Sept.30 *Holders of rec. Sept. 20
•75c.
Park & Tilford, Inc. (guar.)
75c. July 15 Holders of rec. June 294
Quarterly
*750. Dec. 31 *Holders of rect. Dec. 31
Stock dividend
1
July 15 Holders of rec. June 296
Langendort United Bakeries-.
Quarterly
75e. Oct. 14 Holders of rec. Sept. 304
Class A and B (guar.)
•50c. July 15 *Holders of rec. June 30
Stock dividend
I
Oct. 14 Holders of rec. Sept. 300
Class A and B (qua?.)
*50e. Oct. 15 *Holders of rec. Sept. 30
Quarterly
750. Jan11'30 Holders of rec. Dee. 30a
Class A and B (guar.)
*50e. Ja 1530 *Holders of rec. Dec. 30
Stock dividend
1
Jan14'30 Holders of rec. Dec. 306
Lanston Monotype (quar.)
134 Aug. 31 Holders of rec. Aug. 21.
Quarterly
750. Apr14'31) Holders of ree. Mar. 296
Leath & Co.. pref.(guar.)
8734c Oct. 1 *Holders of rec. Sept. 15
Stock dividend
1
Apri4'30 Holders of ree. Mar. 294
Lehigh Coal & Nay.(guar.)
$1
Aug. 31 Holders of rec. July 310 Park Utah Cense! Mines Co.(quara_ _ _ _
20e. July 10 Holders of rec. June 14
Lehigh Portland Cement. corn. (quar.)_ 6224c. Aug. 1 Holders of rec. July 13a Penmans, Ltd., corn.(guar.)
$1 Aug. 15 Holders of rec. Aug.
Lincoln Printing corn.(guar.)
*40e. Aug. 1 *Holders of rec. July 22
Preferred (quar.)
11.50 Aug. 1 Holders of rec. July 22
Link Belt Co.(quar.)
65c. Sept. 1 Holders of rec. Aug.d150 Pennsylvania Salt Mfg. (quar.)
$1.25 July 15 Holders of rec. June 296
Lion 011 Refining (guar.)
•50c. July 27 'Holders of rec. June 28
Penn Traffic
734c. Aug. 1 Holders of rec. July 154
Liquid Carbonic Corp.(guar.)
*51
Aug. 1 *Holders of rec. July 20
Perfection Stove (monthly)
•37310 July 31 *Holder* of tee. July 18
Loew's London Theatres (Canada),com. 3
July 15 Holders of rec. June 29
Monthly
*3740 Aug. 31 *Holders of rec. Aug. 16
Preference
34 July 15 Holders of rec. June 29
Monthly
*3744c Sept.30 *Holders of ree. Sept. 13
Loew's(Marcus) Theatres (Can.), pref
34 July 15 Holders of rec. June 29
Monthly
*3740 Oct. 31 *Holden' el rec. Oct. 17
Loose
-Wiles Biscuit Co., corn. (quar.)
65e. Aug. 1 Holders of rec. July 18a
Monthly
*3734c Nov. 30 *Holders of rec. Nov. 18
Lord dr Taylor, pref.(guar.)
2
Aug. 1 Holders of rec. July 17
Monthly
.37 Ne )ee. 31 'Holders ,f ree. Dee. 18
Louisiana Oil Ref., Pref.(guar.)
14 Aug. 15 Holders of rec. Aug. la Petroleum Industries, Inc., pref. (attar.)
75e. July 15 Holders of rec. July 50
Lunkenheimer Co., pref. (quar.)
*14 Sept. 30 *Holders of rec. Sept. 20
Philadelphia Insulated Wire
$2.50 Aug. I Holders of rec. July 156
Preferred (quar.)
'i34 Dee. 31 *Holders of rec. Dec. 21
Pittsburgh Screw & Bolt, corn.(quara- *35cJuly 15 *Holders of rec. June 24
MacAndrews & Forbes, coin. (guar.)._ _
65e. July 15 Holders of rec. June 29a Porto Rican Amer.Tobacco class A (qu.) $1.75 July 10 Holders of rec. June 204
Preferred (guar.)
14 July 15 Holders of ree. June 290 Postum Co.Inc., corn.(guar.)
750 Aug. 1 Holders of rec. July 150
Macfadden Publications pref
$2 July 10 Holders of rec. June 29
Pressed Metals of Amer.. pref. (quar.).. •134 Oct. 1 *Holders of rec. Sept. 12
MacKinnon Steel Corp. 1st pf.(quar.)
134 Aug. 1 Holders of rec. July 23
Preferred (guar.)
•13.1 J ani'30 *Holders of ree. Dec. 12
Macmillan Petroleum (quar.)
*50c. July 15 *Holders of rec. June 28
Procter & Gamble, pref. (quar.)
2
July 15 Holders of rec. June 251
Macy (R. H.) & Co.. corn. (quar.)
50e. Aug. 15 Holders of rec. July 26a Pro-ally-lac-tie Brush, corn. (quara
50e. July 15 Holders of ree. June 294
Madison Square Garden Corp.(quara _ 3734c July 15 Holders of rec. July 5a Pullman. Inc. (quar.)
31
Aug. 15 Holders of rec. July 24a
Magma Copper Co. (guar.)
$1.25 July 15 Holders of rec. June 29a Pure Gold Mfg. Co., Toronto (quar.).._
50e. July 15 Holders of rec. June 29
Magnin (I.) Co. (guar.)
*374c July 15 *Holders of rec. June 30
Q. R.S. De Vry Corp.(qu.)(No. 1)_ _ *20c. July 15 Holders of rec. July 1
Mahon(R.C.) Co.cony. pref
55c. July 15 *Holders of rec. July 1
Quaker Oats Co., corn.(quar.)
*31
July 15 'Holders of roe. July 1
Mansfield Theatre. Ltd.. Toronto corn. _ 5
July 31 Holders of rec. June 29
Preferred (quar.)
•114 Aug. 31 *Holders of rec. Aug. 1
Preference
Republic Brass, pref. (quar.)
334 July 31 Holders of rec. June 29
144 Aug. 1 Holders of rec. July 101
Maple Leaf Milling, pref.(quar.)
Rice-Stix Dry Goods. common (quar.)
134 July 18 Holders of rec. July 3
3744 Aug. 1 Holders of rec. July 15
Margay 011 Corp.(quar.)
50e. July 10 Holders of rec. June 20
Richfield 011 new pref. (quar.)
*4341c Aug. 1 "Holders of ree. July 5
Massey-Harris Co. (quar.)
75c. July 15 Holders of rec. July 2
Richmond Radiator, 7% con. pref. (qu.) *8734e July 15 *Holders of rec. Juno 29
May Dept. Stores Inc (quar.)
$1
Rio Grande 011
Sept. 3 Holders of rec. Aug. 15a
81
July 25 Holders of rec. July 56
McCall Corporation (quar.)
51
Aug. 1 Holders of rec. July 150 FUo Grande Oil
$1
(r)
Hold of ree. Jan. 5 '80
McColl Frontenac Oil, pref. (quara_ _ _
rStock dividend
eltt Oct. 25 'fielders of ree. Oct. 5
134 July 15 Holders of rec. June 30
McQuay-Norris Mfg,stock dividend__ _ _
1
Riverside Forge dr Mach., corn. (guar.) _ *60c. July 25 *Holders of rec. July 15
July 10 Holders of rec. June 22
Mead Pulp & Paper (quar.)
*31
July 15 Holders of rec. July 1
Hoover Bros., Inc., preferred
1734c. Aug. 1 Holders of rec. July 54
Metropolitan Chain Stores. pref. (guar.) *51.75 Aug. 1 *Holders of rec. July 18
St. Croix Paper Co., common (quar.)_ _ _ •52 July 15 *Holders of roc. July 6
Metropolitan Industries, pref.(guar.)._ _ *$1.50 Aug. 1 *Holders of rec. July 20
Sc Joseph Lead Co.(quar.)
500. Sept 20 Sept lo to Sept.20
Mexican Petroleum, corn. (guar.)
$3
July 20 Holders of rec. June 29
Extra_
25e. Sept 20 Sept. 10 to Sept.20
Preferred (quar.)
$2
July 20 Holders of rec. June 29
St. Lawrence Paver Mills, allotment
Michigan Steel (guar.)
624c July 20 Holders of rec. July la
134 July 15 Holders of ree. June 20
certificates, preferred (guar.)
Mid-Continent Laundries (quar.)
*60c. July 15 *Holders of rec. July 1
Samson Tire dc Rubber, corn.(No. 1)
314c Aug. 1 Holders of rec. July 15
Minneapolis-Honeywell Reg.. corn
.21.25 Aug. 15 "Holders of ree. Aug. 3
San Francisco Mines of Nevada, Ltd.•1% Aug. 15
Preferred (quar.)
•Heldere of reo. Aug. 1
Am.dep. rcts. ord.shs.(1s.6d. per sh. (w) July 16 *Holders of rec. June 21
Preferred (Guar.)
1
.1.5i Nov. 15 *Hollers of ree. Nev. 1
*134 Aug. 15'Holders of rec. Aug. 1
Savage Arms, 2d pref. (quar.)
Miss. Val. Util., Invest. pr. lien (qu.)_ _ $1.50 Aug. 1 Holders of rec. July 15
Schulte United Solo $1 Stores, Pref.(qu.) *$1.75 Oct. 1 *Holders of rec. Sept. 20
Mitchell (Robert) Co. Ltd.(guar.)
25c. Oct. 15 Holders of rec. Sept. 30
Scott Paper Co.
Mitten Bank Securities Corp., corn
24 Aug. 15 Holders of rec. July 1
Deo. 31
COM.(in stk.sub). to'Ant's.'approv.) 12
Preferred
3
Aug. 15 Holders of rec. July 1
75e. July 15 Holders of rec. June 29
Scullin Steel, pref. (quar.)
Preferred (extra)
34 Aug. 15 Holders of rec. July 1
Seagrove Corporation
Moloney Elec. Co., el. A (quar.)
July 20 Holders of rec. June No
81
July 15 Holders of rec. July 1
Quer.(30c. cash or 234% in stock)
Monarch Mortgage & Invest. (Toronto)
Sears-Roebuck & Co.
Common
5
July 15 Holders of rec. June 30
el
Aug. 1 Holders of rec. July 154
Quarterly (payable in stock)
Preferred (quar.)
2
el
Nov. 1 Holders of ree. Oct. 15a
July 15 Holders of ree. June 30
Quarterly (payable in stock)
Mongeau (P. E.) Ltd., Montreal. pref.- 334 July 10 Holders of rec. June 29
50c. Aug. 1 Holders of rec. July 15
Seeman Brothers, Inc., corn. (quar.)
Montgomery Ward dr Co.,corn.(quar.)_ 6234c Aug. 14 Holders of ree. Aug. 30 Shaffer 011 & Ref. pref. (guar.)
134 July 25 Holders of rec. June 29
Class A (quar.)
50e. July 10 Holders of ree. June 20a
*51.75 Oct. 1 *Holders of rec. Sept. 20
Shattuck (Frank G.) Co.(qua?.)
Monsanto Chemical Works (in stock)
•1
4
11
Sept 19 "Holders of ree. Aug. 27
Aug. 1 *Holders of rec. July 20
Shaeffer(W A.) Pen Co. (qua?.)
Moody's Investors Service
11
Oct. 1 'Holders of rec. Sept. 20
Sheffield Steel, corn. (pay. in corn. stk.)_ 5
Participating pref.(aster.)
*6234e July 15 *Holders of rec. June 30
75e. Aug. 15 Holders of rec. Aug. 1
Signode Steel Strapping, prof.(quar.)
Participating Prof.(guar.)
50e. July 15 Holders of ree. June 15a
75e. Nov. 15 Holders of rec. Nov. 1
Sinclair Consol. 011 Corp. corn.(quar.)
Morris (Philip)& Co., Ltd.(quar.)
25e. July 15 Holders of ree. June 154
25c. July 15 Holders of rec. July 2a
Common (extra)
Mountain & Gulf 011 (guar.)
.2c. July 15 *Holders of rec. June 29
25c. July 15 Holders of rec. July 1
Southland Royalty (guar.)
Mulford (H. K.) Co., corn. (guar.)
*51.50 Aug. 15 *Holders of rec. July 15
40e. July 15 Holders of rec. June 304
Spalding(A. G.)& Bros., corn. (cetera
Muncie Geer Co., pref., elan A (quar.) •500. Oct. 1 *Holders of me. Sept. 15
134 Oct. I Holders of rec. Sept. 14a
!bang, Chalfant & Co.. Prof.(quar.)
Preferred. class A (quar.)
*50o. Jan 1'30 *Holders of rec. Dee. lb
400. Sept.301 Holders of ree. Sept. lea
apencer Kellogg dr Sons. Inc.(glum).Murphy (G. C.) Co.. pref. (guar.)
*2
Oct. 2 *Holders of rec. Sept. 21
750. July 15 Holders of rec. July 50
Spicer Mfg., prof. A (guar.)
Murray Corporation (qua (No. 1)
75e. July 15 Holders of rec. July la Spiegel-May-Stern Co.. corn. (guar.)._ *75c. Aug. 1 *Holders of rec. July 15
Corn.(payable In corn. stock)
July 15 Holders of rec. July la
1.6234 Aug. 1 *Holders of rec. July 15
Preferred (quar.)
Nat. Bellas-Hees, new coin.(quar )
25e. July 15 Holders of rec. July le Standard Investing, Corn. (qu.)(NO. 1)_
144 July 10 Holders of rec. June 20
New common (guar.)
25e. Oct. 15 Holders of ree. Oct. 16 Standard Screw common (extra)
51
July 15 Holders of rec. June 20
New common (guar.)
250. Jan. 15 Holders of rec. Jan. 2'30a Stanley Works,6% pref. (quar.)
*3734c Aug. 15 Holders of rec. Aug. 3
Stock dividend (qua?.)
el
July 15 Holders of rec. July la Steel Co. of Canada, corn.& pref.(qu.). 4334e A g. 1 Holders 01 rec. July 6
Stock dividend (qua?.)
el
(rt.
t
Oct. 15 Holders of rec. Oct. la Stet/kite Radio (quar.)..
- _Stock dividend (guar.)
el
Ja.15'30 Holders of ree. Jan. 2'30a Stetson 0. B.) Co., common
32.50 July 15 Holders of rec. July la
National Biscuit, corn. (guar.)
$1 50 July 15 Holders of ree. June 28e
Preferred
El July 15 Holders of rec. July la
Common (extra)
500. July 15 Holders of rec. June 280 Stewart
-Warner Corp._
National Biscuit, cond. (quar.)
$1.50 Oct. 15 Holders of ree. Sept. 27a
62
Aug. 15 Holders of tee. Aug. 5
New $10 par stock (in stock)
Preferred (quar.)
134 Aug. 31 Holders of rec. Aug.d15a
Nov. 15 Holders of too. Nov. 5
e2
New $10 par stock (in stock)
National Carbon, Prof.(guar.)
2
Aug. 1 Holders of rec. July 20
e2
2/15/30 Holders of red. Feb.6'210
New MO par stock (in stock)
National Cash Register, corn. A (quar.)
750. July 15 Holders of rec. June 294 Rix Baer & Fuller, core.(guar.)
'37340 Sept. 1 *Holders of rec. Aug. 15
National Dairy ProductsCommon (guar.)
'37(40 Dec. 1 *Holders of ree. Nov. 15
ouanon (payable in common stock) fl
Oct. I Holders of me Sept 3a
•750. Oct. 1 *Holders of roe. Sept.16
Stroock (S.) Co. (asar.)
National Distillers. Pref. (q11.)(No. 1)-- *51.75 Aug. 1 'Holders of ree. July 15a
•750. D.O. 21 *Holders of rec. Dec. 10
Quarterly
National Enameling & Stpg., common_ Si
Aug. 1 Holders of rec. July la Studebaker Corp.
Nat. Fireproofing, pref. (guar.)
11
Sept. 1 Holders of ree. Aug. 10a
Common (Payable in corn. stock).
6234e. July Di Holders ol rec. July 1
Preferred (guar /
fl
Dee. 1 tioidere of rec. Nov. 96
1
Common (payable In corn. stock) 6234c Oct. 19 Holders of rec. Oct
National Food Products
50c. Aug. 1 Holders of rec. July 22
Sun-Glow Industries, corn.(No. 1)
Class B (payable in class B stk.)
25c. Aug. 1 Holders of rec. July 15a
Sweets Co. of America (guar.)
Oct. 15 Holders of rec. Oct. 5
2
National Fuel Gas(quar.)
$1
Swift International
Aug. 15 Holders of rec. July 15
*25e. July 15 Holders of rec. June 29
National Lead, pref. class B (quar.)...... 134 Aug. 1 Holders of rec. July 19a Teck-Hughes Gold Mines
15c. Aug. 1 July 18 to July 31
National Refining, COM.(guar.)
2
Telautograph Corp. (quar.)
*25e. Aug. 1 *Holders of rec. July 15
July 15 Holders of rec. July 1
Nat. Rubber Machinery (guar.)
*45c. July 15 *Holders of rec. June 30
Temple Court, pref. (quar.)
550c. July 15 *Holders of rec. July 1
National Short Term Securities
3
Thirty-four East 31st St., Inc., Prof
Aug. 1 July 16 to
Aug. 1
Common A (guar.)(No. 1)
1234 July 15 Holders of rec. June 27
Thompson (John R.) Co.(monthla)- -30c. Aug. 1 Holders of rec. July 234
Common A (payable in corn. A stock). fl
July 15 Holders of rec. June 27
Monthly
30c. Sept. 2 Holders of rec. Aug. 23.
Preferred (quar.) No. 1
1734c July 15 Holders of rec. June 27
Thompson Products, preferred (quar.)_ _
134 Sept. 1 Holders of rec. Aug. 20
Nelsner Bros., Inc. corn. (In corn. stk.).- 160c. Aug. 5 Holders of rec. July 20
Tobacco Products Corp., mem. ($20 par)
350. July 15 Holders of rec. June 25a
Preferred (quar.)
PA Aug. 1 Holders of rec. July 15
Common (quar.) (5100 Par)
13.4 July 15 Holders of rec. June 254
New Amsterdam Casualty (in stk.)
July 15 Holders of rea.Juns 15
Toddy Corp., class A (guar.)
*50c. July 10 *Holders of too. Juno 20
e50
Newberry (J. J.) Realty, pref. A (qu.) _ *81.62 Aug. 1 *Holders of rec. July 15
Tooke Bros., Ltd., pref. (guar.)
134 July 15 Ithldere of rec. June 29
Preferred B (guar.)
.
Transamerica Corp. (quar.)
.
3$1 July 25 Holders of rec. July 5
51.50 Aug. 1 'Holders of rec. July 15
New Bradford 011 Co.(quar.)
*1
5124c July 15 'Holders of rec. June 29
Stock dividend
July 25 *Holders of rec. July 5
New Jersey Zinc (quar.)
*50e. Aug. 10 *Holders of rec. July 20
Transue & Williams Steel Forg (quar.)
25c. July 15 Holders of rec. June 29.
Extra
*50e. July 10 *Holders of rec. June 20
Tr -National Trading Corp., com.(No.1)
30c. July 8 Holders of roc. June 21
Newmont Mining (quar.)
July 15 Holders of rec. June 28
$1
Preferred (quar.) (No. 1)
$1.50 July 8 Holders of rec. June 21
Newton Steel, preferred (quar.)
*51.50 July 31 *Holders of rec. July 15
Truscon Steel, com. (quar.)
30e. July 16 Holders of rec. June 26e
New York Air Brake, corn. (quay.)
75e. Aug 1 Holders of rec. July 80 Tucketts Tobacco, corn. (guar.)
81
July 15 Holders of roe. June 29
New York Dock, pref
*24 July 15 *Holders of rec. July 5
Preferred (quar.)
134 July 15 Holders of rec. June 29
N. Y. Investors. Inc.. 1st pref.(quar.)_ _
July 5
3
July 15 Holders of rec.
Union Twist Drill, corn. (guar.)
*I5c. Sept.30 *Holders of rec. Sept. 20
Massing Mines (quar.)
734c July 20 Holders of rec. June 29
Preferred (guar.)
*134 June 29 *Holders of rec. June 20
Nichols Copper, class B
*75e. Nov. 1 *Holders of rec. Feb. 1
Preferred (guar.)
*144 Sept. 30 *Holders of rec. Sept. 20
Northern Manufacturing, pref.(quar.) 19c Sept. 1
.
0400. Sept. 1 *Holders of rec. Aug. 17
United Biscuit, corn. (guar.)
Preferred (guar.)
I9c. Dec. I
Preferred (quar.)
•134 Aug. 1 'holders of rec. July 17
Northwest Engineering (quar.)
*50c Aug. 1 *Holders of rec. July 15
United Piece Dye Wks., pref.(quar.)
3
/134 Oct. 1 *Holders of rec. Sept.20
Ohio Brass, class A & B (guar.)
51.25 July 15 Holders of rec. June 30
Preferred (guar.)
*134 Jan2'30 *Holders of roe. Dec. 20
Preferred (guar.)
134 July 15 Holders of rec. June 30
United Profit-Sharing, corn
60e. July 15 Holders of ree. June 154
Oil Shares Inc., pref.(quar.)
75c. July 15 Holders of rec. July 5a United Retail Chemists, Prof
'8734c July 15 *Holders of rec. June 28
Oilstocks, Ltd., cl. A & B
1234c. Aug. 15 Holders of rec. July 31
United Verde Extension Mining (quer.). 81
Aug. 1 Holders of rec. July 21
Oil Well Supply Co., pref.(guar.)
120 U.S. Cast Iron Pipe & Fdy.. corn.(qU.)
$1.75 Aug. 1 Holders of rec. July
50e. July 20 Holders of rec. June Spa
Otis Elevator, corn. (guar.)
$1.50 July 15 Holders of rec. June 29a
Common (qua?.)
50e. Oct. 21 Holders of ree. Sept. BOO
Preferred (quar.)
14 July 15 Holders of rec. June 29a
Common (guar.)
500. Jan2030 Holders of ree. Dee. 810
Preferred (quar.)
14 Oct. 15 Holders of ree. Sept. 30
0
First & second pref. (quar.)
30c. July 20 Holders of ree. June 2e4
Preferred (qua?.)
134 rn15'30 Holders of rec. Dee 3Ia
First & second pref. (quar.)
30e. Oct. 21 Holders of rec. Sept. 806
Pacific Coast Biscuit, Prof. (quar.)
*874c Aug. 1 *Holders of rec. July 16
First en second pref. (quar.)
30e. Jan2030 Holders of rec. Dee. 3I0
Pacific Equities, Inc
•50e July 15 *Holders of rec. June 30
U. S. Finishing, corn. (guar.)
144 July 15 Holders of rec. Juno 27
•
Extra
10e. July 15 *Holders of rec. June 30
Common (extra)
1
July 15 Holders of rec. June 27
0
JULY 6 19291
FINANCIAL CHRONICLE,
When
Per
Cent. Payable.
Name of Company.
Books Closed
Days Inclusive.
Miscellaneous (Concluded).
U. S. Industrial Alcohol, corn. (guar.) _ _ $1.50 Aug. 1 Holders of rec. July 15a
United States Leather
Class A partly & one. stock (qu.)
rlet. I Holders of rec. Sept. 106
SI
U.S. Radiator, corn.(quar.)
*50c. July 15 *Holders of rec. July 1
Preferred (guar.)
*III July 15 *fielders of me. July 1
U.S.Smelt., Refg.& M.,corn.& pf.(Ou. 87)c July 15 Holders of rec. July 50
Universal Cooler, pref. (quar.)
*35c. Sept. 1
Upson Company, cl. A & B (guar.)
*40c. July 15 *Holders of rec. Jane I
Class A & B (extra)
*10c. July 15 *Holders of rec. June I
Upre,ssit Metal Cap Corp.. pref.(quer.). $1
Oct. 1 Holders of rec. Sept. 15
Vanadium Alloys Steel (extra)
July 15 *Holders of rec. June 20
*52
Vapor Car Heating. pref.(quar.)
Sept 10 'Holders of rec. Sept 2
Preferred (guar.)
•14i Dec. 10 ▪ Holders of rec. Dec. 2
Vick Chemical (stock dividend)
el00 July 29 Holders of rec'. July 150
Viking Oil Corp..Partic.pf.(flu.)(No. 1)50c. July 15 Holders of rec. July 1
Volcanic Oil& Gas (quar.)
•350. Sept. 10 'Holders of rec Aug. 31
Extra
•5c. Sept. 10 "Holders of rec. Aug 31
Quarterly
•35o. Dee. 10 *Holders of rec. Nov. 30
Extra
'50. Dec. 10 *Holders of roe Nov. 30
Vulcan Detinning. Pref.(quar.)
114 July 20 Holders of rec. July 9a
Preferred (acct. accum. dividends)
h45( July 20 Holders of rec. July 90
Preferred A (unar.)
July 20 Holders of roe. July 90
Vulcan Detinning. prof. (guar.)
1% Oct. 19 Holders of rec. Oct. 9a
'
4
Preferred (accrued accum. dlv.)
114
Oct. 19 Holders of rec. Oct. 90
Preferred A (guar.)
134 Oct. 19 Holders of rec. Oct. 9a
Preferred A (accrued accum. div.)_
114
Oct. 19 Holders of rec. Oct. 9a
Waltham Watch, preferred (quar.)
' Oct. 1 *Holders of rec. Sept.21
1>4
Warner Co.. com. (quar.(No. I)
*50c. July 15 *Holders of roe. June 29
Welch Grape Juice, corn. fin coin. stk.)_ '/30 Aug. 1 *Holders of rec. July 15
Westchester Title & Trust (guar.)
60c. July 6 Holders of rec. June 29
Western Grocers (Can.) pref. (quar.)
July 15 Holders of rec. June 20
Westinghouse Air Brake (guar.)
July 31 Holders of rec. June 290
Westinghouse Elec. & Mfg.. corn.(gu.)_ $1
July 31 Holders of roe. June 280
Preferred (quar.)
$1
July 15 Holders of roe. June 213a
West Va. Pulp & Paper pref.(quar.) _ _ _ _ •114 Aug. 15 *Holders of rec. Aug. 5
Preferred Ritiar
Nov 15 •flolders of roe. Nov. 5
White (S S) Dental Co., stock div
*Holders of rec. Aug. 15
Subject to stockholders meeting Aug
White Eagle Oil Az Refg. (guar.)
July 20 Holders of rec. June 280
Wleboldt Stores. Inc. (guar.)
Aug. 1 'Holders of rec. July 15
Wilcox-Rich Corp.. class B (No. 1)
July 15 Holders of rec. July la
Class B (payable in class B stock)
July 15 Holders of rec. July la
Willard (W. E.) & Co
June 15 *Holders of rec. June 10
Winsted Hosiery (guar.)
Aug
'Holders of rec. July 15
Extra
*14 Aug.
*Holders of rec. July 15
Wrigley (Wm.) Jr., Co. (monthly)
25c. Aug.
Holders of rec. July 20a
Monthly
25c. Sept.
Holders of rec. Aug. 20a
Monthly
25e. Oct.
Holders of roe. Sept.20a
Monthly
25c. Nov.
Holders of rec. Oct. I90
Monthly
50c. Dec. 2 Holders of res. Nov. 20a
Yale & Towne Mfg.(quar.)
$1
Oct. 1 Holders of rec. Sept. 100
•From unofficial eouroee. t The New York Stock Exchange has ruled that stook
will not be quoted ex-dividend on this date and not until
further notice I
New York Curb Market Association has ruled that stock will not be quotedThe
exdividend on this date and not until further notice.
a Transfer books not closed for this dividend. d Correction.
e Payable In stock.
/Payable In common stock. o Payable in scrip. h On account of accumulated
dividends. .1 Payable In preferred stock.
Amer. Cities Power & Light class A dividend la payable either 75c. cash or
In class B stock at rate of 1-32nd share of class B stock for each share class A stock.
Class B dividend Is payable In class B stock.
n Coty. Inc declared a stock dividend 016%. payable In quarterly Installments
p N.Y. Stock Exchange rules that Chesapeake Corp. shall not be quoted ex the
33 1-3% stock dividend until July 5.
g L. A. Young Spring & Wire stock dividend subject to approval by stockholders
at meeting on Aug. 1.
r Rio Grande 011 stock to be placed on a 52 per annum basic The company has
declared $1 payable July 25 and Intends to declare another $1 payable on or before
Jan. 25 1930. The stock dividends are 14 shares on each 100 shares, the
first
1)4% having been declared payable April 25 with the Intention to declare
a aecond
134% payable on or before Oct. 25.
a Unless notified to the contrary on or before July 10, Pacific Power & Light dividend will be applied to the purchase of common A stock or scrip.
I Associated Gas & Electric class A dividend is 1-40th share class A stock.
u J. P. Coats dividend is 1 shilling less expenses of depositary.
se Less deduction for expenses of depositary.
t Electric Bond & Share dividend is 3-200ths of a share of common stock.
*Burma Corp. dividend Is 7 smuts and 2 mums per share less deduction for expenses of depositary.
:New York Stock Exchange rules Burrough Adding Machine be quoted ex the
stock dividend on Aug. 15.
93
The New York "Times
" publishes regularly each week
returns of a number of banks and trust companies which are
not members of the New York Clearing House.
INSTITUTIONS NOT IN CLEARING HOUSE WITH CLOSING OF BUSINESS
FOR THE WEEK ENDED FRIDAY, JUNE 28 1929.
NATIONAL AND STATE BANKS-Average Figures.
Oth.Cash, Res. Dep., Dep.Other
Gold. Including N. Y. and Banksand
Gross
Bk. Notes Elsewhere Trust Cos. DePosite.
Loans.
Manhattan$
8
$
$
$
$
247,718,100 60,000 4,716,600 32,123.500 1,724,400236,537,000
Bank of U.S
1,915,100
____ 201,500
Bryant Park Bank
2.005,000
227,000
22,650,000
__ __ 1,739,000 1,028,000
Chelsea Exch. Bk..
20,615,000
Grace Nation:IL__ 18,191,400 3,000
80,300 1,540,400 2,324,500 16,489.300
Port Morris
3,930,800 33,300
179,400
93,300
3,292.900
Public National_ 139.395,000 29,000 1,916,000 8,706,000 21049,000 144,613,000
Brooklyn
Nassau National_ 22,505,000 120,000 297,000 1,645,000 450,000 18,829,000
p..-.,..i.,, nr.rineni
8 2110 non 5.000 104.000
562.000
73.000 8.000.000
TRUST COMPANIES-Average Figures.
134
50c.
Weekly Return of New York City Clearing House.
-
The fol-
lowing are the figures for the week ending June 28:
Loans.
Cash.
Reeve Dep.. Depos.Other
N. Y. and Banks and
Elsewhere. Trust Co..
Gross
Deposits.
ManhattanS
$
$
$
s
49,929,600 10,005,900 1,033,200
American
22,000 49,429,700
17,502,650
872,446
Bk.of Europe & Tr
109,010
16,572,010
22,230,380
578,121
1,450,065
21,253,543
Bronx County
Central-Hanover.... 583,057,000 *42,405,000
34,269,000 431,855,000
78,898,200 *5,222,100 3,121,300
3,288,400 74,399,900
Empire
17,971,351
153,125 1,305,981
Federation
167,850 17,943,546
15,328,600 *2,063,600
304,600
14,731,700
Fulton
390,777,000 3,197,000 50,810,000 1,445,000 348,510.000
Manufacturers
70,599,098 3,133,333 9,055,325
56,988,813
United States
Brooklyn
118,785,400 3,058,000 18,583,000
111,538,800
Brooklyn
27,448,801 1,602,685 2,093,877
24,589,180
Kings County
Bayonne, N. J.-2 Igo 053
211.307
704.476
317.078 9.141:841
-Hanover,
* Includes amount with Federal Reserve Bank as follows: Central
$39,490,000; Empire, $3,319,300; Fulton, $1,949,700.
Boston Clearing House Weekly Returns.
-In
the
following we furnish a summary of all the items in the
Boston Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
Joh, 3
1929.
Changesfrom
Previous Week
June 26
1929.
Juns 19
1929.
s
S
$
$
86,550.000 Unchanged
86,550.000
86,550,000
Capital
110.085,000 -5,939,000 116.024,000 116,024,000
Surplua and Profits
Loans, discla & Investls. 1,146,376.000
+2,435,000 1,143,932,000 1,127,009,00e
701,023,000 +43.823.000 657,200,000 661,168,000
Individual deposits
150,099,000 +20,364,000 129,735,000 135,305,000
Due to banka
267.232,000
Time deposits
+520,000 266,712.000 266.064.000
13,062,000 -1,284,000
United States deposits
10,878,006
14,346.000
55,050,000 +25,692,000
Exchanges for C18. House
29,358,000
29,693,000
96.132,000 +14,818.000
Due from other banks
81,314,000
84,098,000
85,248,000
Reeve in legal deposit's
+6,125,000
79,123,000
80.442,000
7,920,000
Cash In bank
-110,000
8,031.000
7.820.006
111.01 01.1 Arr.. In V.R.Bk_
.
1.037.000
+734.006
329.000
778.000
Beginning with Mar.31'28the New York City Clearing House
Association discontinued giving out all statements previously
issued and now makes only the barest kind of a report. The
new return shows nothing but the deposits, along with
the capital and surplus. We give it below in full:
STATEMENT OF THE MEMBERS OF THE NEW YORK CLEARING HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY. JUNE 29 1929.
Clearing House
Members.
*Capital.
*Surplus & Na Demand
Undivided
Deposits
Profits.
Average.
$
$
Bank of N. Y.& Trust Co___ 6,000.000 13.539,100
Bank of the Manhattan Co_ _ 22,250,000 42,559,300
Bank of America Nat'l Ass'n_ k34,340,900 k38,719,500
National City Bank
100,000,000 111,246,500
Chemical Bank & Trust Co
h10,000,000 h16,957,500
auaranty Trust Co
(70,000,000 1115632,000
Chat.Phen. Nat. Bk.& Tr.Co 13,500,000 15,698,000
Cent. Hanover Bank & Tr.Co. 521.000,000 179,117,700
Corn Exchange Bank Tr. Co_ 12,100,000 122,294,700
National Park Bank
10,000,000 26,601,000
First National Bank
10,000,000 95,735,400
Irving Trust Co
m50000,000 m80037,800
Continental Bank
62,000.000 63.550.500
Chase National Bank
61,000,000 79,908.400
Fifth Avenue Bank
500,00
3,869,100
Seaboard National Bank _ __
11,000,
16,614,400
Bankers Trust Co
25,000,000 77,498.400
U. S. Mtge. & Trust Co
n8,000,000 n6,407,400
Title Guarantee & Trust Co
10,000,000 23,854,300
Fidelity Trust Co
4,000,000 3,812,600
Lawyers Trust Co
3,000.000 4.160,400
New York Trust Co
012,500.000 832,041,100
Farmers Loan & Trust Co
10,000.000 23,212,700
Equitable Trust Co
30,000.000 28,625,000
Com'l Nat. Bank & Tr. Co
7,000.000 7.332,000
Harriman Nat. Bank & Tr. Cs 1,500.000 2,840,300
Clearing Non-Member.
Mechanics Tr. Co., BaycauteTotals
500,000
817,200
g
54,741,000
175,880,000
149,359,000
0992,691,000
136,853,000
1731,754,000
153,416,000
347,484,000
167,908,000
134,444,000
310.909,000
358,462,000
8,971,000
6585,226.000
23,309,000
119,386,000
d347,195,000
54.750,000
32,859,000
42,046,000
17,910,000
135.096,000
698,835.000
1351,836,01)0
35.110,000
30,220,000
TONI
Deposits
Average.
$
9,215,000
41,570,000
54,062,000
144,674,000
10,448,000
100,719,000
37.747.000
49,388.000
31,850,000
10,078,000
7.653,000
37,619.000
695,000
66,490.000
895,000
7,755,000
57,464,000
4,355,000
2.335,000
5,003,000
2,360,000
17,649,000
24,290,000
40,564,000
2,803,000
5,375,000
3,180,000
5,592,000
545,190,900 972,682,300 5,599.830,000
778.648.000
• As per official reports, National. March 27 1929; State, March 22 1929;
Trust
eo's, March 22 1929. (a) As of March 30 1929;(h) As of May 3 1929:(1) As of May
4 1929; (I) As of May 15 1929; (k) As of May 20 1929: (1) As of May 211929;
(m)
As of May 27 1929: (n) As of Jane 3 1929. o As of June 14 1929.
Includes deposits In foreign branches: (a) 5311,720.000: (6) 5120,012,000;
(+)
13,848,000; (4) $68,514,000; (e) 21,827,000; (1) 5136,469,000.
Philadelphia Banks.
-The Philadelphia Clearing House
return for the week ending June 29,with comparative figures
for the two
weeks preceding, is given below. Reserve
requirements for members of the Federal Reserve Systeln
are 10% on demand deposits and 3% on time deposits, all
to be kept with the Federal Reserve Bank. "
Cash in vaults
"
is not a part of legal reserve.
For trust companies not
members of the Federal Reserve System the reserve required
is 10% on demand deposits and includes "
Reserve with
legal depositaries" and "Cash in vaults.
"
Beginning with the return for the week ending May 14, the
Philadelphia Clearing House Association discontinued showing
the reserves and whether reserves held are above or below requirements. This will account for the queries at the end of the
table.
Two Ciphers (00)
omitted.
Week Ended June 29 1929.
Members of
Trust
F.R.System Companies.
Capital
.59,750,0
Surplus and profits - 200,399,0
Loans, Meets.& invest 1,058,512,0
Exch. for Clear. Howe
48,156,0
Due from banks
103,992,0
Bank dePollitt
129,209,0
Individual depoedta.
656,324,0
Time deposits
202,119,0
Total deposits
987,652,0
Res. with legal depos-Rea. with F. R. Bank_
69,732,0
Cash In vault'
10,446,0
Total res. & cash held_
80.178,0
Reserve required
Excess reserve and clash
In vault
June 22
1929,
June 15
1929.
Total.
7,500,0
67,250,0
67,250,0
67.250,0
16,097,0 216,496,0 216,496,0 216,496.0
72.065,0 1,130,577,0 1,126.060.0 1,119.793,0
369.0
48.525,0
43,306,0
42.239,0
13,0 104,005,0 101,267,0 102,983,0
721,0 129,930,0 126,808,0 129,980,0
33,419,0 689,743,0 687,497.0 684,778.0
18,695,0 220,814,0 220,711,0 222,437.0
52,835,0 1,040,487,0 1,035,016.0 1,037,195,0
5,166,0
5,166,0
4,891,0
6.135,0
69,732,0
68,972,0
72.092,0
1,674,0
12,120,0
11,939.0
12,124,0
6,840,0
87,018,0
85.808.0
90.351.0
•Cash is vault let mud.'an reserve tar Federal Buena numbers
[VOL. 129.
FINANCIAL CHRONICLE
94
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Friday afternoon, July 5 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 tho
latest week appears on page 45, being the first item in our department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS JULY 3 1939.
,July 3 1929. June 26 1929. June 19 1929. June 12 1929. June 5 1929. %fay 29 1929 Slay 22 1929. May 15 1929. July 3 1928.
3
$
3
RESOURCES.
1,380,112,000 1.372,441.000 1,367,581,000 1,318,782.000 1.303,555,000 1,315.181,000 1,318,551.000 1,329,117.000 1,129,584,000
Gold with Federal Reserve agents
62,100,000
65,071,000
61,196.000
66,118,000
67,988.000
66,969,000
69,988,000
71.589,000
67.828,000
fund with Ti. S. Tress_
Sold redemption
Gold held exclusively eget. F. R. noted 1,447,940,000 1,444,030,000 1,437,569,000 1,384,900.000 1.371,543,000 1,382.150.000 1,379,747,000 1,394,188,000 1,191,684,000
669,696,000 644,038,000 637,598.000 691,678,000 679,733,000 663.795.000 652,404.000 654,848,000 699,796,000
Gold settlement fund with F.R.Board
Gold and gold certificates held by banks_ 748,704,000 807,446,000 805.135,000 799,052,000 792.692,000 *777.836,000 809,751,000 789.087,000 655,010,000
Total gold reserves
deserves other than gold
2,866,340.000 2,895,514,000 2.880,302,000 2.875,630,000 2,843,968,000 *2,521.781,000 2,841,902,000 2,838.123,000 2,546,490,000
174,959,000 177,040.000 166.379,000 149.559,000 141,383,000 •I46,177,000 166,229,000 173,400,000 146,100,000
Total reserves
Son-reserve cash
Bills discounted:
Secured by U. S. Govt. obligations
Other bills discounted
3,041,299,000 3,072,554,0003.046.881,000 3,025.189,000 2.985,351.000 2.969,954,000 3,008,131,000 3,011,523,000 3,692,590,000
54,273,000
83,981.000
85,517,000
79,385,000
83,604.000
82,4730)0
74.841,000
69.108,000
55.912,000
532,545,000
484,202,000
480,292.000
478,812,000
474,086,000
439,825.000
508,912.000
468,532,000
536.177.000 '502,558,000
452,017.000 *401,868,000
Total bills discounted
Bills bought in open market
U 8. Government securities:
Bonds
Treasury notes
Certificates of Indebtedness
1,125,083,000 1,016,747,000
82,839,000
73,922,000
959,104,000
87.032.000
933,911,000
114,117.000
977,444.000
112,747,000
918.194,000
117,919.000
904,426,000
137,986.000
43,246,000
85,779,000
12,357,000
42,738,000
92,021,000
14,768,000
42,672,000
83.014,000
13,772.000
44,630,000
97.244,000
27.999.000
48,625,000
85.295,000
13,408,000
50,384,000
84,965,000
9,223,000
50.386,000
91.839,000
11,062,000
50,400.000
90,610,000
14,816,000
55,701,000
90,687,000
73,177,000
141,382,000
10,465,000
149,527.000
13.315,000
139,458,000
13,167,000
169,873,000
9.917.000
147,328.000 144,572,000
9,917,000
7,817,000
153,287.000
7,817,000
155,826.000
7,817,000
219.565,000
490,000
609,898,000
515,185,000
Total U. S. Government securities...
Other securities (see no(s)
foreign loans on gold
512,837,000
401,762,000
777,480,000
413,530,000
914,599,000 1,191,010,000
146.107,000 209,664,000
Total bills and securities (eee soil).__
Gold held abroad (see note)
Due from foreign banks
Uncollected Items
Bank premises
All other resources
1,350,852,000 1,262,428,000 1.198,761,000 1,227,818,000 1,247,436,000 1,258,502,000 1,203,516,000 1.224,349.000 1,630,729,000
Total resources
LIABILITIES.
F. R. notes in actual circulation
Deposits:
Member banks—reserve account
Government
Foreign banks (ass note)
Other deposits
5,326,429,000 5,147,477,000 5.199,325,000 5,150,751.000 5,103.318,000 5,034,892,000 5,056,798,000 5,235,041,000 5,195,121,000
Total deposits
Deferred availability Items
Capital paid In
Surplus
MI other liabilities
2,437.948,000 2.419,655,000 2.368,672,000 2.376,215,000 2,365,778.000 2,331,194,000 2,324,511,000 2,365,508.000 2,459,316,000
712.989.000 625,737,000 739,228,000 688.296.000 649.782.000 611.242,000 655,232.000 786.019,000 682.191,000
158,585.000 158,607.000 158,412,000 157,931.000 157,507,000 156.446,000 156,279.000 156,296,000 141,210,000
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
26.162.000
18,953,000
26,824,000
27,927.000
28,418,000
29,695,000
26,250.000
30,584.000, 29,428,000
728,000
810,892,000
58,614,000
8,132.000
729,000
676.603,000
58,614,000
7.441,000
730.000
812,097,000
58.613,000
7,002,000
729,000
746,312,000
58,613,000
8,486.000
727.000
723,705.000
58,595.000
8,119,000
727.000
655,928.000
58,761,000
8.543,000
726,000
691,828.000
58.761.000
8,319,000
723,000
847,343,000
58,761,000
8.361.000
571,000
758,391,000
60,047,000
8,520,000
1,736,259,000 1,658,496.000 1,649,187,000 1,644,216,000 1,647,435,000 1,653,685,000 1,839,554,000 1,646,658,000 1,660,132,000
2,380,165.000 2,343,813,0002.201,765.000 2,328,232,000 2,321,343,000 2,285,870,000 2,275.752,000 2,319,887.000 3,402,892,000
21,468,000
15,366,000
19,291.000
13,678,000
16,023.000
18,700,000
46.731.000
48.924,000
23,373,000
6,106,000
8,852,000
6,362,000
6,744.000
8,085,000
6,225.000
7,124,000
5,606,000
6,128,000
26,104,000
23,106,000
25,837,000
21,873,000
21,668.000
23,058,000
23.052.000
21,312,000
28,282.000
5,326,429,000 5,147,477.000 5,199,325,000 5,150.751.000 5,103,318,000 5,034,892.000 5.056.798,000 5,235.041,000 5,195,121,000
Total liabilities
Ratio of gold reserves to deposits and
70.7%
61.8%
71.8%
70.8%
70.8%
71.5%
71.6%
68.6%
71.0%!
F. R. note liabilities combined
Ratio of total reserves to deposits and
75.1%
75.9%
65.4%
74.4%
74.5%
75.2%
75.8%
7.29%
75.3%1
R. note liabilities combined
F.
Contingent liability on bills purchased
428,711,000 424,566.000 416,999.000 405.240.000 392.415.000 385,754,000 381.751,000 367.498.000 309,038,000
for foreign correspondents
Dy .1/must/tea36,848,000
1-15 days bills bought in open market _
898,478,000
1-15 days bills discounted
2,990,000
1-15 days U. S certif. of indebtedness.
1-15 days municipal warrants
17,764,000
16-30 days bills bought in open market _
53,445,000
16-30 days bills discounted
16-30 days U. S. certif. of Indebtedness_
16-30 days municipal warrants
12,123,000
31-60 days bills bought In open market _
78,270,000
31-60 days bills discounted
31-80 days U. S. certif. of indebtedness
31-80 days municipal warrants
5,735,000
61-90 days bills bought In open market _
63,552,000
51-90 days bills discounted
7,166,000
51-90 days U. S. certif. of Indebtedness.
51-90 days municipal warrants
1,452,000
Over 90 days bills bought In open market
_ 31,338,000
Over 90 days Mils discounted
2,201,000
Over 90 days certif. of Indebtedness
300.000
Over 90 days municipal warrants
36,927,000
40,728,000
799,237,000 730,889,000
2,250,000
4,975,000:
102,000
22,594,000
18,005,000
49,840.0001 62,339,000
62,241.000
713,597.000
18,835.000
102,000
23,974.000
51,665,000
15,654.000
78,909,000
17,445,000
81.554,000
16,653,000
84,307.000
6,527,000
52,665,0001
7,319,000,
7,497,000
47,910,000
7 066,000
1,925.000
36.096.000
2,474.000
300,000
2,569,000
36,422,000
4,456,000
300,000
56,415,000
756,686,000
4,194,000
73,110.000
54,291.000
762.915.000 718,591,000
2.120,000
495,000
75.930.000
94.671,000
739,927.000 1,044.234,000
6,942,000
4,781,000
27,290,000
50.478,000
9,000
102,000
17,900,000
84,847,000
31,848,000
52.052.000
293,000
102.000
19.506,000
84,852.000
31,118,000
45,644,000
35,000
33,170.000
47.440,000
37,114,000
43,862,000
21,621,000
71,402,000
37,931,000
52,506,000'
8,640,000
51.090,000
12,000
9,027.000
53,173,000
10,080,000
57,418.000
102,000
10,265,000
42,000,000
25.732.000
68.185,000
617.000
102,000
9.103,000
35.767,000
2.609,000
33,252,000
9,152,000
300,000
2,106,000
32.260.000
9,205.000
300.000
2.194,000
30.957,000
8.435.000
300,000
1.872.000
26,095,000
8,907.000
300,000
2,111.000
23,280.000
9,418,000
300.000
7,101,000
16,297,000
66,235.000
26,099,000
40,859,000
V. R. notes received from Comptroller__ 3.831,793,000 3.777,049,000 3,670,016,000 3,595,813,000 3,487,024.000 3,432.180,000 3,227,661.000 3.055,800.000 2,819,200,000
V. R. notes held by F. R. Agent
1,571,715,000 1,535,752,000 1,526,482,000 1,482,382,000 1,402,482.000 1.358,362,000 1.161.597,000 900,877,000 798,775,000
Issued to Federal Reserve Banks
How Secured—
By gold and gold certificates
Gold redemption fund
Gold fund—Federal Reserve Hoard
By eligible paper
2,260,078,000 2.191,297,000 2,143,564.000 2,113,431,000 2,084,542,000 2,073,818.000 2.066,064,000 2,064,923,000 2,020,425.000
376,395,000 368.025,0001 372,045,000 371,145,000 372.895,000 372.895,000
90,753.000 101,776.000 100.092,000
96,802,000
93.393.000
97,579,000
906,138,000 911,023,0110 898,734,000 856,884.000 828.884,000 842,194.000
1,164,330,000 1,063.446,000 1,015,461.000 1.010.892.000 1,050,631.000 1.057.853,000
376,295,000 378,295,000 355,376,000
80,710.000
96.552,000
102.211.000
840.045,000 870.112,000 677,656,000
999,891,000 1.017.200,000 1,318,795,000
2,544,442,000 2,435.887.000 2.383,042,000 2,329,674,000 2,354,186.000 2.373.034.0002,318,442.000 2,346,317,000 2,448,379,000
Total
'Revised figures.
NOTE.—Beginning with the statement of Oct. 7 1925, two new Items were added In order to show separate y the amount of balances held abroad and amounts due
10 foreign correspondents. In addition, the caption, "Ail other earning assets," previously made up of Fedora Intermediate Credit Bank debentured, Was Changed to
l'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
Me discounts, acceptances and securities acquired under the provision of Sections 13 and 14 of tho Federal Reserve Act, which, It was stated, are the only Items included
therein.
WEEKLY STATEMF.NT OF RESOURCES AND LIABILITIES OF EACH OF THE 13 FEDERAL RESERVE BANKS AT CLOSE OP BUSINESS JI I Y3 1939.
Two ciphers (00) omitted.
Federal Reser-e Bank of—
RESOURCES.
$
S
(Jolla with Federal Reserve Agents 1,380,112,0 84,858,0
67,828.0 6,181.0
Gold red'n fund with U.S. Trees,
Cleveland Richmond Atlanta. Chicago, St Louis. Malmsey. Kemeny. Dallas, San Friiii
Philo
——
$
3
$
I
3
S
$
3
$
$
S
$
225,729,0 121,108,0 154,241,0 49,052,0 92,180,0 279,747,0 24,076,0 63,218,0 52,194,0 20,889,0 207,820,0
17,200.0 7,080,0 4.750,0 2,892.0 2,928,0 8,597,0 6,158,0 4 1,282,0 5,743,0 2,072,0 2,945,0
Gold held excl. Bent. F. Routes 1,447,940,0 91,039,0
Gold nettle't fund with F.R.Board 669,696,0 95,691,0
Gold and gold otto held by banks 748,704,0 21.625,0
242,929.0 128.188,0 158,991,0 51,944,0 95,108,0 288,344,0 30,234,0 64,500,0 57,937,0 27.961,0 210,765,0
77,772,0 60,432,0 85,875,0 20,943,0 23,285,0 123,860,0 34,915,0 23.663,0 53,149,0 28,523.0 41,588,0
483,230,0 24,430,0 43,938,0 6,670,0 3,363,0 107,564,0 7,837,0 5,779,0 4,096,0 11.230,0 28,042,0
Total gold reserves
Reserve other than gold
2,866,340.0 208,355,0
174,959,0 11,275,0
803,931,0 213,050,0 288,804,0 79.557,0 121,756,0 519,768,0 72,986,0 93,942,0 116,082,0 67,714,0 280.395,0
66,346,0 9,097.0 11,697,0 8.103,0 7.722,0 26,842,0 8,263,0 3,225,0 4,593,0 5,767,0 12,029.0
3,041,299,0 219.630,0
Total reserves
55,912,0 6.288,0
fiTon-reserve cash
Bills discounted:
Sec. by U.8. Govt. obligations 609,898,0 41,115,0
515,185,0 43,012,0
Other bills discounted
870,277,0 222.147,0 300,501,0 87,660,0 129,478,0 546,610,0 81,249,0 97,167,0 120,675,0 73,481,0 292.424,0
1,587,0 2,513,0 3,214.0
18,250.0 1,591,0 3,486,0 4,143,0 4,461,0 .5,877,0 3,435,0 1,067,0
Total billadiscounted
Bills bought in open market
U. B. Government securities:
Bonds
Treastury DOM
Certificates of Indebtedness
425,254,0 75,988,0 89.498,0 54,774,0 65.231,0 133,580,0 53,414,0 13,916,0 41.407,0 21,299,0 66,595,0
257,0 1,990,0 2,169,0 6,675,0 11,562,0
13,055.0 7,051,0 5,093,0 2.803,0 5,738,0 7,876.0
Total U. S. Gov't securities
TOW.
Boston.
1,125,083.0 84.127,0
73.922,0 9.653,0
New York,
288,122,0 40,125,0 55,480,0 19,383,0 11,670,0 73,467,0 25,503,0
137,132,0 35,863,0 34,018,0 35,391.0 53,561,0 60,113,0 27,911,0
7,914,0 11,170,0 7,417.0 28,532,0
6,002,0 30,237,0 13,882,0 38,003,0
43,246,0
85,779,0
12,367,0
689,0
1,523,0
1,055,0
155.0
16,737,0
2,990,0
548,0
585,0
8,835,0 26,816,0
1,0
7,038,0
1,152,0
657,0
36,0 19,937,0
3,037,0 3,287,0
20,0 1,130,0
7.125,0
6.500,0
5,141,0
3,827,0
64,0
7,813,0
65,0
3,223.0 11,337,0
59,0
141,382,0
3,267,0
19,882.0 16,458,0 27,365,0
1,809.0
3,093,0 24,354.0 13,625.0
9.032.0
11,095.0 11 409 0
JULY 6 1929.]
RESOURCES (Concluded)
Two Ciphent (00) omitted.
FINANCIAL CHRONICLE
Total.
Boston.
$
10,465,0
Other securities
Foreign loans on gold
Total bills and securities
Due from foreign banks
rip collected Items
Bank premises
Another
New Yorks
$
$
$
300,0
2,815,0
1,350,852,0 97,047,0
728,0
54,0
810,892,0 89,470,0
58.614.0 3,702,0
8,132,0
50,0
111
intend Atlanta. Chicago. Si. rent MinnvaIl. Ean.CIIII. Dallas. San Nan,
Cleveland. Ric.
I.
Philos
$
95
$
$
$
3,850,0 1,500,0
$
$
$
$
s
1,250,0
750.0
461,006,0 99,797,0 121,956,0 59,386,0 74.062,0 165,810,0 67,296,0 28.788.0 45.076,0 40,319,0 90,309,0
29,0
100,0
70,0
221,0
74,0
18.0
28,0
34,0
24,0
24.0
52.0
261,651,0 65,872,0 69.861,0 52,676,0 19,722,0 95,254,0 30,006.0 14,117,0 44,176.0 26.500,0 41,587,9
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
347,0
648,0
.618,0
724,0 1,133,0
426,0 2,177,0
961,0
204,0
438,0
406,9
Total resources
5,32(1,429,0 416.241,0 1.628,453,0 391,963,0 503,546,0 207,720,0 232,672,0 822,828,0 186,331,0 143,885,0 215,882.0 145.197,0 431,711,0
LIABILITIES.
wasaill
F: R. notes In actual circulation- 1,736,259,0 147,259,0 309,389,0 151,629,0 203,238,0 67,264,0 128,140,0 322,849.0 57,014,0 65.063,0 69,611,0 39,408,0 175,395.0
Deposits:
Member bank-reserve moll- 2,380,165,0 150,525.0 966,403,0 135,143,0 187,297,0 67,198,0 63,262,0 350,744,0 78,176,0 53,145,0 90.485,0 63,257,0 174,530,0
Government
23,373.0 1.711,0
18.0 1,863,0 2,576,0 2,021,0 3,184,0
467,0
3,335,0 1,398,0 1,073,0 2,484,0 3,243,0
Foreign bank
6,128,0
530,0
279.0
286,0
1,138,0
981,0
179,0
687.0
330,0
236,0
730,0
236,0
516.0
Other deposits
28,282,0
125.0
222,0
105.0 1.966,0 2,111.0
39.0 1,313,0
13,968,0
111,0
158,0
27,0 8,137,0
Total deposits
Deferred availability Items
Capital paid in
Surplus
All other liabilities
2,437,948,0
712,989,0
158,585,0
254,398,0
26,250,0
984,844,0 137,267,0 190,413,0 70,123,0 66,889,0 354,158.0 80.591,0 55,409,0 93,455,0 65,541,0 186,367,0
198,989,0 61,744,0 65,889,0 50,341,0 19,587,0 84,923,0 30,931,0 12,091,0 38,352,0 26,411,0 39,471,0
57,800,0 15,575,0 15.139,0 6,175,0 5,408,0 19,749,0 5,191,0 3,071,0 4,296,0 4,451,0 11,325,0
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 8.690,0 17,978,0
1,169,0
1,082,0
6,149,0 1,647,0 2,522,0 1,418,0 2,094,0 4,707,0 1,784,0
696,0 1,175.0
152.891.0
84,260,0
10,405,0
19,619,0
1,807,0
Total liabilities
5.326,429,0 416,241,0 1,628,453,0 391,963,0 503,546,0 207,720,0 232,672,0 822,828.0 186,331,0 143,885,0 215,882,0 145,197,0 431,711,0
Memoranda.
Reserve ratio(percent)
72.9
73.2
59.0
74.0
80.7
80.7
66.4
70.0
76.9
67.2
63.8
80.8
76.3
Contingent liability on bills purchased for foreign correspondla 428,711,0 31,256,0 134,309,0 40,549,0 43,083,0 19,430,0 16,473,0 57,866,0 16,895,0 10,560,0 13,939,0 13,939,0 30,412,0
rec'd..
Ft R. notes on hand (notes
.
from F. R. Agent less notes In
FEDERAL RESERVE NOTE ACCOUNTS OP FEDERAL RESERVE AGENTS AT CLOSE OF BUSINESS JULY 3 1929.
Federal Reserve Agent at-
Total.
Boston.
New York,
Phila.
Cleveland, Rtalmond Atlanta. Chicago. Si. Louis. Minneap. Kan.City. Dallas. San Front
Two Ciphers (00) omitted1
$
F.R.notes rated from Comptroller 3,831.793,0 278,305.0
F.R.notes held by F. R. Agent- 1,571,715,0100,390,0
$
s
3
$
s
$
s
$
1
s
$
935,316,0 243,588,0 331,913,0 196,170,0 291,109,0 645,856,0 120.301,0 155,464,0 156,991,0 74,576,0402,204.0
429,345,0 54,480,0 97,470,0 109,394,0 131,440,0 267,420,0 48,650,0 83,454,0 68.590,0 26.422,0 154,660,0
F. R.notes issued to F. R. Bank_ 2,260,078,0 177,915,0
Collateral held as security for
F. P. notes issued to F. R. Bk.
Gold and gold certificates__ 376,395,0 35,300,0
Gold redemption fund
97,579,0 11,558,0
Gold fund-F.R. Board
906,138,0 38,000.0
Eligible paper
1,164,330,0 93,702,0
505,971,0 189,108,0 234,443,0 86,776,0 159,669,0 378,436,0 71,651,0 72.010,0 88,401,0 48,154,0 247,544.0
,
Total collateral
2.544.442.0 175.560.0
7.800,0 14,167,0
171,880,0 30,000,0 41,800,0 16,190,0 9,500,0
14,758,0
13,849,0 9,611,0 12,441,0 5,862,0 7,680,0 2,747,0 3,276,0 3,051,0 5,834,0 4.131,0
40,000,0 81,497,0 100,000,0 27,000,0 75,000,0 277,000,0 13.000,0 46.000,0 46,360,0 7,000,0
423,172,0 68,484.0 94.481,0 54,183,0 70,889,0 141,214,0 53,576,0 15,857,0 43,486,0 27.847,0
35,000.0
17,539,0
155,281,0
77.439,0
648.601.0 159.592.0 245.722_0 103.235.0 163.069.0 420,961,0 77,652,0 79,075,0 95,680.0 53,736,0 285.259.0
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources
and liabilities of the member banks in 101 cities from which weekly returns are obtained. These figures are always a
week behind those for the Reserve banks themselves. Definitions of the different items in the statement were given In
the statement of Dec. 12 1917, published in the "Chronicle" of Dec. 29 1917, page 3475. The comment of the Reserve Board
upon the figuresfor the latest week appears in our department of "Current Events and Discussions," on page 46 immediately
preceding which we also give the figures of New York and Chicago reporting member banks for a week later.
Beginning with the statement of Jan. 9 1929. the loan figures exclude "Acceptances of other banks and bills of exchange or drafts sold with
endorsement," and include all real estate mortgages and mortgar:e loans held by the bank. Previously acceptances of other banks and bills sold with
endorsement were included with loans, and some of the banks included mortgages in investments. Loans secured by U. S. Government obligations are
no longer shown separately, only the total of loans on securities being given. Furthermore, borrowings at the Federal Reserve are not any more
subdivided to show the amount secured by U. S. obligations
and those secured by commercial paper, only a lump total being given. The number of reporting
banks le now omitted: in its place the number of cities included has been substituted. The figures have also been revised to exclude a bank in the San
Francisco district„ with loans and investments of $135,000,000 on Jan. 2. which recently merged with a non-member bank. The figures are now given In
round millions Instead of In thousands.
PRINCIPAL RESOURCES AND LIABILITIES OP WEEKLY REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT AS. AT CLOSE OF
BUSINESS ON JUNE 26 1929. (In millions of dollars.)
Federal Reserve Diswict.
Total.
Boston
New York
Phila.
Cleveland Richmond Atlanta. Chicago. St. Louis. Mtnneep. Ran. City Dallas. San Fran.
Loans and Investments
-total
$
22,407
5
1,511
5
8,660
1
1,221
$
2.187
1.3501
-total
16,678
1.151
6,548
906
7,537
9,141
488
662
3,366
3,212
467
439
5,729
361
2,112
2.895
2,834
173
188
1.156
956
1,670
232
95
16
13,018
6.763
260
U. B. Government securities
Other securities
Reserve with F. R. Bank
Cash ID VaUlt
Het demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
SOITOWInsta from F. R Rank
$
3,303
1,530
521
512
712
818
202
319
151
361
315
657
159
102
213
313
343
75
84
776
67
75
14
133
27
875
464
13
5,832
1,698
77
707
259
23
45
107
163
872
715
Investments--total
652
1,085
2.554
On securities
All other
680
77
250
.
It
$
1
$
$
1
691
375
689
471
S
1.966
2,602
518
250
457
342
1,341
1,225
1,377
232
286
84
167
121
336
99
242
420
921
141
702
173
124
232
130
624
64
76
321
380
59
114
71
54
107
126
89
41
364
260
39
11
40
9
247
37
44
6
25
6
56
11
31
8
108
19
1,018
957
26
347
239
10
316
246
17
1,811
1.222
27
369
228
7
216
133
3
494
180
5
277
143
16
757
993
36
57
152
93
189
45
90
66
93
204
437
46
102
49
68
112
189
54
72
151
181
40
01
96
90
108
:108
28
7
49
'Subject to correction.
Condition of the Federal Reserve Bank of New York.
The following shows the condition of the Federal Reserve Bank of New
In comparison with the previous week and the corresponding date last year: York at the otose of business July 3 1929,
IGUOUITANGold with Federal Reserve Agent
Gold redetnp. fund with U. S. Treasury..
July 3 1929. June 26 1929. July 3 1928.
225,729,000
17,200,000
255.861,000
17.719,000
175,652,000
17,559,000
Gold held exclusively agst. F. R. notes
Gold settlement fund with F. R. Board.
Goldand gold certificates held by bank_
242,929,000
77.772,000
483,230,000
273,580,000
125,913,000
512,574,000
193,211,000
171,682,000
439,407,000
Total gold reserves
Reserve@ other than gold
803,931,000
66,346,000
912,067,000
63,552,000
804,300,000
28,267,000
Total reserves
Ron-reserve cosh
Blils discounted
Secured by 1.1. B. Govt. obligations.Other bills discounted
870.277,000
18,250,000
975,619,000
24.288,000
832,567,000
16,804,000
288,122,000
137,132,000
210,141,000
107 447,000
323,045,000
113,492,000
Total bills discounted
Bills bought In open market
U. S. Government securities
Bonds
Treasury note.
Certificates of indebtedness
425,254,000
13,055,000
317,588,000
14,165,000
436.537,000
49,409,000
155.000
16,737,000
2,990,000
155,000
19,437,000
4,975.000
2,084,000
17,445,000
21,394,000
Total 11.9.Government securities__
Otter securities (lee note)
Foreign Loans on Gold
19,882,000
2,815,000
24,567,000
5,815.000
40,923,000
Total bills and securities (See Noes)...,.
461,006,000
362,135,000
526,869,000
Resources (Concluded)Gold held abroad
Due from foreign banks (See Note)
Uncollected items
Bank premises
All other resources
Total resources
July 3 1929. June 26 1929. July 3 1928
.
s
$
$
220,000
261,651,000
16,087,000
962,000
222,000
196,388,000
16,087,000
931,000
217.000
234,444,000
16,563,000
1,472,000
1,628,453,000 1,575,670,000 1,628,936,000
Petri Reserve notes In actual circulation
Deposits
-Member bank, merge sect....
Government
Foreign bank (See Nolo)
Other deposits
309,389,000
966,403,000
3,355.000
1,138,000
13,968,000
282,202,000
982,823,000
11,054,000
966,000
7,099,000
349,202,000
936,503,000
6,376,000
2,773.000
16,548,000
Total deposits
Deferred availability items
Capital paid In
Surplus
All other liabilities
984,844,000
198,989,000
57,800,000
71,282,000
6,149,000
981,942,000
174,465,000
57,821,000
71,282,000
7,958,000
962,200,000
202,611,000
45,530,000
63,007,000
6,386,000
Total liabilities
Ratio of total reserves to deposit and
Fed'I Reeve note liabilities combined_
Contingent liability on bills purchased
for foreign oorrospondenoe
1,628,453,000 1,575,670,000 1,628,936,000
67.2%
77.2%
63.5%
134,309.000
135,174,000
137.837,0011
NOTE.-segInning with the statement of Oct. 7 1925. two new items ware added In order to sbow separately the amount
(primps correspondents. In addition, the caption "All other earning assets.- Previously made Mt of Federal Intermediate of balances held abroad and amounts due to
Credit Bank debentures, was changed to
.'
"Olnerseeerities." sad tne na9t100 "Total earning assets- to rot bills sad securitiee." the latter term was adopted as•more accurate
description of the total of the
dliteOuntsooentanees and securities seguiroi sneer too ofovistooi of iaofload 1$ and 1401 he Fedeeal Reserve Act, which.It was stated, are the only
Items Included therein,
FINANCIAL CHRONICLE
ffianitere
azette,
Wall Street, Friday Night, July 5 1929.
"Railroad and Miscellaneous Stocks.—The reivew of the
Stock Market is given this week on page 83.
The following are sales made at the stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
a
STOCKS.
Week Ended July 5.
Sales I
for
Week.
Range for Week.
Lawest.
I
Highest.
Range Since Jan. 1.
Lateen. ! Highest.
Par. Shares
Railroads—
per share. I $ per share. 3 per share.$ Per share.
Bait & Ohio ctfs full pd- 3,70 123% June 291127%July 5 123% June,12744 July
Buff Roth & Pitta.-100
Mayl 98% Jan
1301 98 July 51 99 July 5 77
2 230 July 5233 July 3 228
July
June 233
Canadian Pacific 1st odl
May 92% Feb
701 83 July 31 83 July 3 82
Carol Clinch & Ohio 1001
Feb
CentralRRofNJerlOOI
Apr360
9001331 July 3353 July 3 305
May 33 June
Chesapeake & Ohio Rtsl 2,5001 32 June 291 33 June 29 23
Ch1cCC&StLoulslOOl
1 255 July 2255 July 2 248
May 260 June
201 7444July 11 7444July 1 73% Apr 79% Jan
Cleve & Pittsburgh 50
May
Apr 156
201140 July Olin July 2 130
New Oil Tex & Mex 100
Pitts McKeesport &
July
July 51
60 51 July
51 July 1 51
Youngh. RR Co__ _50
Wheel&Lake Erie pf 1C0 1.000 89 July 2 98%Jullf 2 70
mar 58I4 July
'I
Indus.& Misc.
Air-Way El Appliance • 10,50 4044July 8 43%July
37% May 48% May
*546,ItOl 37 June 29 43% Julys 27% Mar 43% July
&nee:luny Corp
100 6.9001101 June 29 106 July 5 99% Apr 108
July
Preferred
Receipts
14,40 100%June 29 105%July 5 100
May 105% July
1 113 July 2 130 July 5 86
Alliance Realty
•
July
Mar 130
7 96 July 11 9944July 5 95
Am & For Pow pf(6) *
Feb
Feb 100
44%July 3, 46 July 1 43% May 55
Am Comm Alcohol__ -* 9,8
May
80 33.44July 5 36 July 2 24% Mar 42
Am Hawaiian 58 Co_l
Apr
25 37,00 1.12%July 11121%July 5 106% May 121% July
Am Rolling Mill
• 500 65%July 1 73 July 5 65 June 85
American Stores
Apr
Am Telep & Teleg Ns— 19.30017 June 29 8 June 29 3 May 8 June
Anac Wire & Cab'e • 1.20 70 July 1 72 July 1 62% June 86% May
'1,216 55%July 2 57 July 3 49% May 58% June
Assoc Apparel Indus
400 95 July 1 95 July 1 94
Assoc Dry Gds 2d p0100,
Jan
May 116
Auburn Automobile....*1 8,7003253AJuly 1 38944July
221
May 389% July
•207,800 85 June 29 95 July
Bend'', Aviation
July
May 95
78
110% May 36% May
Bohn Alum & Brass__ _• 2,500121 %June 29 12544Ju1Y
Borg Warner Corp _ _ _10 23,500,118%June 29 1213July
107 June 143% May
Bullard Co
• 1,700 46July 1 49 July
48 June 53% May
7,400; 40 July 5 41%July
Briggs & Strat
40
July 41% July
1,306118%July 5 12044July
Bristol Myers
118% July 120% July
700, 22%July 3 22%July
Cavanagh-Dobbs
22% July 42% Feb
• 1,900: 583July 5 61 July
Celotex Co
52
May 79% Feb
180
100 8644July 5 86%July
Preferred
8534 June 93% Feb
•
700; 52 June 29 53 July
City Ice & Fuel
49 June 62% Jan
si 1,800, 41344July 3 4744June 2 46% July 50
Coca Cola CIA
Feb
294,800 54June 29 8%July
Col Gas Or Elea rts
4% June 6% July
108
Preferred B
200, 88 July
8844July
86 June 88% July
Col Graphophone rts__1111,500, 634June 29 9%Ju1y
5% June 9% July
40 92 July 3 9244July 1 85
Coml Cred pf x-war 100
May 95 June
70, 91 July 3 91 July 3 89% Jun 100
Cons Cigar pref (7)_100
Mar
• 4,700. 349(June 29 351fJuly 5 34% June 35% July
Continental Oil
Radio Corp_ ...• 11,100, 893July 3 94%June 29 85% May 125
Crosley
Feb
Crown Cork & Seal_ _s 11,900 44 July 1 60%July 5 42% June 60% July
700122 July
Curtis Publish Co•
123 June 29 117
Ma 129
Mar
•
300115%June 2911514June 29 115% M 121.% May
Preferred
100 111 July 2111 July 2 108% Feb 15% Feb
Cushman's Sons pf(8).•
• 22,0430; 47%July 3 54%Ju1y I 40 June 54% July
Dominion Stores
1001 7 July
Duluth Superior Trac__
7 July 3 7
July 12% Feb
.100
Preferred
July 30
301 30 July 2 30 July 2 30
July
•
Duplan Silk
5001 20%July 1 2144July 5 20% M
28% Jan
100
Preferred
1001 98 July
98 July 5 98
Mar 102
Jan
Coal pref.._
Elk Horn
201 844July 2 844July 2 8% Jun 13
Jan
Eng Pub Serv pf(5%)•
7001 96 July 7 97 July 2 92% June 99% Feb
Evans Auto Loading...5 2,8001 59 June 29 63 July 1 55
Ma 73% Mar
Fairbanks Co pref...2
201 18 July 3 18%July 3 11
Jan
AD 35
Fashion Park Assoo___•
400 65 July
66 July 5 6
4% May 72% May
Fleischmann Co otN___
200 883July 2 8844July 2 88% July 88% July
• 2.100 630July 3 65 July I 55% May 69% June
Gen Bronze
180102%July 2103%July 2 102% July 116% Jan
Gen Gas & Elee pf A(7)
* 22,900 583uJune 29 69%July 1 57
Gen Pub Service
Jun 69% July
80103%July
Gen Ry Signal pref_lI I
99
103%July
Ja 105
Apr
200 110 July
Gold Dust pref
110 July 3 106 34 Jun 120
Mar
4444July
Granite City Steel_ _. 3,2
45%June 29 43% Jun 46% June
• 5,
373(July
Hayes Body
40%July 2 37% Jun 68% May
E(oudaille Hers cl B • 12,3
48 July
49%July 1 37% Jun 52% May
Homeh Fin part pf_ _
800 493'July 3 50%July 1 49% July 50% July
20111 July 3111 July 3 111
Ingersoll Rand pref_l
Ap 115
June
23,9
Int Hydro Else
47%Jul) 5 49 July
,
July
47% July 49
119,300 4%June 2
Int Tel & Tel Rts
5%July 1 2% May 5% July
1
Interstate Dept Sts ct
69 June 29 69 June 29 69 Jun 69 June
10,500 6644July
Kayser Co new
58 %July 2 56% July 58% July
Kendall Co pref
•
70 92 July 3 93 July 1 89% AD 96
Feb
Kimberley Clark
• 4,4
50%June 2 52 July 3 45% May 52
July
Lehigh Valley Coal__ _* 5,100 20%June 29 22 July 5 19
Feb 28% Apr
Preferred
SO
100 39HJune 29 39%June 29 3434 M
43 June
Link Belt Co
900 51 June 29 51 June 29 49% Jun 61
Feb
Loew's Inc pref x-war_.
500 90 July 2 90 July 2 90
Mar
Ma 95
Loft Co Rta
34,300 1-32July 1 3-16July 1 1-32 July
H June
Ludlum Steel p ref__ _.•
400 113 July 2114 July 3 98% Mar 118
June
McGraw-Hill Pub Co _•
700 403July 1 42 July 3 40% July 48
Feb
Michigan Steel
• 18,200105 June 29 113%July 5 85 June 113% July
Minn Mol Pow Impl • 13,600 39 June 29 41 July 5 36% J
41
July
Preferred
July
* 2,900 99 June 29 102 July 5 97 June 102
Morrell (J) & Co
• 5,000 77 June 29 8044July 2 72% June 80% July
June
Motor Meter ci A ctfs_•
300 17%July 2 18 June 29 16% June 19
July 48% May
Nat Air Transport _ _ _• 68,7
35 July 2 40%July 3 35
.
July
Newport Co cl A __ _ _50 12,300 69 July 1 76 July 1 43
Mar 76
May 111% May
Newton Steel
• 2,300 97 June 29 99%July 3 93
Oliver Farm Equip_ * 3,600 35%July 2 37 July 1 3434 May 64% Apr
Cony participation.• 4,000 51 July 3 54%June 29 4
934 May 69% Apr
91 July 3 92%July 5 00 June 9944 May
Preferred A
* 1,1
Apr
Jan 110
Outlet Co pref
80108%July 3110 July 3 108
•
Phelps Dodge Co__...2 14.700 5994June 29 6594JulY 5 56% May 7934 May
May
Ma 73
700 50 July 3 51 July 3 41
Phillips Jonas Corp •
July
Pirelli Co of America__ 23,010 62%July
66 July 1 bo% Ma 68
Pitts Steel pref
1
226 98 July 1 100 July 3 92% Feb 100 June
Poor & Co class B_-*
800 28 June 29 28%July 2 26 June 28% June
Jan
100 95%July 1 95%July 1 95 June 96
P8 CorP of NJ (5)Prei•
Radio Corp pref B.__.• 5,9
Ma 82% Apr
77%June 29 7944July 1 74
Railway & Express___* 2,300 50%July 5 53 June 29 504 July 54% June
Republic Brass
• 1,100 45 July 1 4544July 3 42% May 54% May
Class A
May
200100 July 2 100 July 2 9334 May 111
•
Ritter Dental Mfg _ _ _ _• 6,5
67%July 1 70 June 29 59
May 70 June
Sharon Steel Hoop_
32,300 49%July 5 53%July 1 41
June 5334 July
:So Porto Rico Sug pf100
Feb
50 124 July 1 124%July 2 124
July 135
Spalding & Bros
• 1,3
57 July 5 59%July 1 5034 Ap 6354 May
Sparks Withington new* 21.3
61 %June 29 68%July 2 59% June 68% JillY
Spencer ICellogg&Sons
3,100 39 June 29 39%June 29 3544 Apr 43
Feb
Rights
4.3I1
%July 1
% July
%July 2
44 July
Spicer Mfg pref A_ ___•
600 47%June 29 49 July 3 46% June 55% Mar
Sterling Sec's Cory cl A• 36,700 27 June 29 29%July I 25% June 29% July
Preferred
20 16.900 14%June 2 15.44July 1 1344 June 15% July
Timken Dot Axle Coil 2.600 2444July 5 25 June 30 22% Jun 31
May
Tobacco Prod ctfs of dep 1,700 14%July 5 15%July 5 14% July 15% July
A ctfs of deposit
8,7
17%July 5 1844July 5 17% July 18% July
Aircraft & Trans _• 74,100123%June 29 136 July 2 78% Apr 162
Un
May
Preferred
50 2,800 84 July 2 89%July 5 6844 Apr 109% May
3.900 87 July 5 88%July 5 87
United Carbon
July 88% July
•140.200 653(July 5 69%July 2 58% May 7534 May
United Corp
17.100 46%July 1 4744.1,0v 5 41
Preferred
Mx. 413 roon
,
STOCKS.
Week Ended July 5.
[VOL. 129.
Sales
for
Week.
Range Since Jan. 1.
Range for Week.
Lowest.
Highest.
I
Lowest.
Highest.
Ind.& Misc.(Conc.)Par Shares. 5 Per share.
per share. 3 Per share.5 Per share.
United Dyewood _ _100
May
180 1244Ju1y 1 12%July 1 6% Ap 21
Preferred
100
May
30 72 July 2 74 July 5 53% Ap 75
Un Gas & Imp Co_ __ _•477,800 4744June 29 50 July 3 4634 June 50
July
Preferred
• 4,300 93 July 3 93%June 29 93
June
July 94
U Express
100 1,100 6%July 3 6%June 29 2
Jan 10 • Apr
US & Foreign Sec
13,900 112 July 5 64% July 5 62
July 65% July
1st preferred
408 8944July 5 90 July 5 8944 July 90
July
Virg El & Pie pf(6).100
10 100 July 1 100 July 1 9934 June 101% Jan
100 23 July 2 23 July 2 23
Virg Ir Coal & Coke 100
Mar 2544 May
Walgreen Co pref._ _100
100 101 July 1 101 July 1 100% Mar 106
Mar
Warner Bros Plc new _ 68,500 58%July 3 61 July 1 54% May 62% May
Westraco Corine Prod • 3,200 6544July 2 71 July 5 49% Jun 94% May
Wilcox-Rich cl A
• 2,300 4534July 1 4744July 1 37
M
6144 May
Class B
May 62
• 6,100 44 July 3 48%June 29 34
May
Woolworth Co new._10 42.760 91%June 29 94%July 1 85
May 94% May
• No par value.
Quotations for U.S.Treas. Ctfs. of Indebtedness —p.83
New York City Realty and Surety Companies.—p.83.
New York City Banks and Trust Companies.
(AU prices dollars per tears.)
Banks—N.Y
America
Amer Union*.
Bryant Park
BUS
220
248
450
197
Central
320
Century
204
Chase
Chatti Phenix
883
Nat Bk&
72
Rights
101
Chelsea Ex
Chemical . 114
Commercial- - 735
Continental*. 89
Corn Exch..- 208
Ask
223
250
490
Ban 145—N.Y.
Public
Seaboard
Seward
Trade•
204 US let S25__
aao Yorkville
206 Yorktown*...
Alt
I r.Gos.-N.Y Bid
Equitable Tr 625 632
Fidelity Trust 212 220
550 600
Fulton
855 862
Guaranty
lOt's 10212
Rights
IntiGermanic 218 223
230 336
InterstateIrving Trust
751z 7612
Lawyers Trust
Manufacturers 286 - 290
Murray Hill _ 300 315
Mutual(West
365 405
cheater) .
185 N Y Trust
323 327
155
Times Square 145
183
Title Gu & Tr 130
United States 4300 4700
Weetehest'r Tr 1000 1100
.451
254
910
167
320
204
235
Bid
250
900
163
312
201
225
260
890
74
105
Brooklyn.
117 Globe Excb• 380
760 People's
1200
92 Prospect-- 170
211
Trust Co..
Fifth Avenue_ 3250 550
6750 950
New York.
Fint
750
Grace
Banes Comic
Harriman_ __ 1325 1420
Italians Tr_
350 360 Bank of N Y
Lefcourt
& Trust Co
230 240
Liberty
830 837 Bankers Trust
Manhattan*
National CIt 407 411 Bronx Co Tr
Park
177 183 Cent Hanover
155 County
Penn Rich... 145
140 Empire
121
Port Morris_
*State banks. t New stook
410
Brooklyn.
1165 1175
Brooklyn
890 Kings Co—._ 3308 3500
171 Midwood. - 310 330
556
404
515
842
870
168
525
400
500
635
z Ex-dividend. •Ex-stook div
w Ex-nwhis
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 Lean 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. June 291July
High
First Liberty Loan
344% bondsof 1923-47—{LowClose
(First 3%)
.
Total sales in $1,000 units ...
Converted 4% bonds of{High
Low1932-47 (First 45)
Close
Total sales In $1,000 units..
Converted 4 X % bondsi High
of 1932-47 (First 4 414) LowClose
Total sales In 51.000 units__ _
Second converted 44%{High
bonda of 1932-47(First LowClose
Second 434*)
Total sales in $1,000 units_ _ _
High
Fourth Liberty Loan
434% bonds of 1933-38._ Low(Close
(Fourth 434*)
Total sales in $1,000 unur ___
High
Treasury
{Low_
434s, 1947-52
Close
Total sales in $1,000 units__
High
{Low.
45, 1944-1954
Close
Total sales in $1,000 units _ _ _
{High
Low _
3%s, 1946-1956
Close
Total sates in $1.000 units _
High
{Low
834n. 1943-1947
Close
Total sales in 31,000 units _ _ _
High
Law_
5040. 1940-1943
(Close
Total sales Its 31 000 setts_ _
961422
961422
9611.2
27
'
1 July 2 July 3 July 4 Julw 5
97421
964422 97Nun
open
4:
96112, 98112, 99771
w en
96112, 97
63
2
539
182
—--- -
99132
9932
99.32
46
991 -42
993,2
991
36
994
995n
995n
21
9 -1022
- 9
995n
995n
12
—__
----
---
----
99
- 1;1; 91X32
98.0o oiluo
. 9911n
9911
144
117
1071h 108
10715n 1075h,
10715
, 1075h,
s
95
104
1044,2
104
104
104
104
1
157
_ 10111,2
10114,2
_ _ _ _ 1015582
215
10-1-1 1
96nn
101, Nun
0
1011..2
9134122
10
25
._ _ _
985582
____
955$n
____
96"n
60
----
993
9-9 4":
995n
36
9 -1is; 99i;; HOU- 9 -17r;
9
9
991412 9911,2 DAY
99"s•
9911,,
9915n 991513
127
178
160
1085n 108"n
1085n
10Sh2 108h,
1085n
1085n 1085n
1085n
3
5
5
104"31 104"32
11044:44:
0
1044,2 104142
10414,2 10414,2
10415n
126
63
23
1011421 101142,
101142:
10114ss 1011422
10115n 1011142
1190099997:771111inn
100' 51
20
970n
971532
97122
9714n
9712
0 9710
1 124
35
975n
971413
971132
9715,2
975,
971132
97 a3
,
59
6
15
Note.—The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
55 4th 44(12
994,2 to 991Iss
Foreign Exchange.—
To-day's (Friday's) actual rates for sterling exchange were 4.84 5-16@
4.84 7-16 for checks and 4.84 27-32©4.84 29-32 for cables. CoMmerclal
on banks, sight, 4.84 1-16@4.84%; sixty days, 4
.7%@4.79 9-16; ninety
days, 4.77%@4.77543 and documents for payment. 4.79@4.79 9-16.
Cotton for payment, 4.83%, and grain for payment, 4.8334. '
To-day's (Friday's) actual rates for Paris bankers' francs were 3.90 13-16
ig3.91 for short. Amsterdam bankers' guilders were 40.10% @40.13% for
short.
Exchange at Paris on London, 123.98 francs; week's range, 123.98 franca
high and 123.89 francs low.
The range for foreign exchange for the week follows:
Sterling, Actual—
CAbles.
Checks.
4.84
High for the week
4.85
Low for the week
4.844
4.84 13-16
Paris Bankers' Francs—
High for the week
3.91%
3.913(
Low for the week
3.90 13-16
3.9134
Amsterdam Bankers' Guliders—
High for the week
40.14 .
40.15%
Low for the week
40.14
40.10
German Bankers' Marks—
High for the week
23.83%
23.83
Low for the week
23.81%
23.7834
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages-Page One
Por isles during the week of stocks not recorded here, see preceding PegsHIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
June 29.
ost4ey,
July 1.
5 per share
23412 237
1023 1023
4
4
8
8
1907 1907
12512 126
*76
7612
77
77
*10712 108
•101 105
8
623 63
86
.
83
*2512 26
*6512 69
*52
56
230 23218
9812
.93
231 23312
Tuesday,
July 2.
Wednesday,
July 3.
Thursday,
July 4.
Friday,
July 5.
Sales
for
the
Week.
$ per share $ Per share $ per share
2353 242
243 24712 242 24812
4
102 1024 102 102
1013 102
4
1903 19612 19614 199
4
199 201
125 8 127
1265 129
5
8
129 1207
8
*75
7612 7612 7612 76
7712
76
783
4 7814 80
7914 80 8
,
10612 10612 10778 1077 •10712 108
8
10118 10114 *102 105 •102 105
z6138 6214 613 613
4
4 6118 6214
*82
86
*82
86
*82
8518
25
2614 2412 2512 • 243 25
4
66
67
67
705
8 70
72
5118 5112 5112 5112 .52
56
23012 2317 23178 2361* 237 240
8
5
,
95
95
*95
9812 95
95
2335 238
8
237 24712 24312 247
STOCKS
NEW YORK STOCK
EXCHANGE
per share I $ per share Shares
Railroads
Par
24214 246
31.900 Atcb Topeka & Santa Fe__100
8 1.500 Preferred
1013 1023
4
100
199 201
12,400 Atlantic Coast Line RR
100
1287 1305 123,500 Baltimore & Ohio
8
8
100
7612 7612
500 Preferred
100
7912 8014 11,000 Bangor dr Aroostook
so
100
108 108
60 Preferred
•102 105
100
300 Boston & Maine
6212 6.700 Bidyn-7,fanh Tran v t o_No par
61
85
85
100 Preferred v t o
No par
26
*25
1,300 Brunswick Term & Ry Sec.100
1,600 Buffalo & Susquehanna_ _ _100
75
*70
56
*53
100
20 Preferred
238 24114 52,300 Canadian Pacific
100
*95
9812
10 Caro Clinch dr Ohio Ws st'd100
100
244 247
29,500 Cheeapeake & Ohio
Preferred
100
812 812
81, 813
74 8
,
618 712
100
8,500 Chicago & Alton
1214 1212 12
1212
912 11
812 914
100
83
4 934 7,501) Preferred
:31
36
*35
37
3712 3712 .36
38
39
35
800 Chic & East Illinois RR_100
54
5712 58
5912 5912 62
6114 613
4
62
100
60
6,000 Preferred
151s 155
1512 157
1512 15 8 153 173
8
8
4
,
4
100
17
173 11,900 Chicago Great Western
4
4114 4138 4212 437
8 423 433
4
s 427 443
6
8
44
100
457 11,200 Preferred
s
3118 3114 3114 323
s 3214 3378 3312 3478
3414 3612 45.000 Chicago Mllw St Paul & Pao__
5112 52
5114 525
8 5218 543
8 .54
5478
8
5414 567 62,200, Preferred new
863 883
4
4 8818 90
90
9138 9114 941
4
9212 943 82,900 Chicago dr North Weetera_100
*133 135 *133 138 •133 138 *134 1381
Preferred
*134 13812
100
1327 133
8
13212 134
133 135
13312 13678
13312 135
25,500 Chicago Rock Isl & Paciflo_100
*10512 10612 *10512 106 *10512 106 *10512 106
100
106 106
100 7% preferred
*983 9914 99
4
99
995 995
8
8 993 993
4
4
100
*99
993
4
300 6% preferred
112 112 *110 116
1157 118 •110 116
8
•110 116
100
500 Colorado & Southern
73
73
*70
783 *7012 73
4
68
70
100
•7012 73
1401 First preferred
*138
7112 *68
7112 *68
7112 *68
70
70
100
70
10 Second preferred
5118 5418 54
54
*53
55
*53
55
55
100
*53
2 00 Consol RR of Cuba pref
*7212 7712 7712 7712 *7212 7712 *635 7712
8
*633 7712
100
8
10 Cuba RR pref
199 1993 1993 20712 20712 214
8
4
2113 215
8
Stock
100
213 21412 30,100 Delaware & Hudson
12214 12212 12312 124
124 125
12514 128 4
12714 129
,
7,500 Delaware Lack & Western_ 100
*67
671
. 68
6818 6812 6914 6912 6912 Exchange
6914 6914
1,200 Deny & Rio Cr West pref _100
*212 312 *212 312 *212 312 *212 312
*212 312
!Duluth So Shore & AIL_.100
*4
5
*4
5
5
5
*4
Closed
55
8
*412 5
100
100 Preferred
793 8138 797 813
4
8
4 8018 8118 7912 8012
100
795 807 61,100 Erie
8
8
6514 653
4 6512 66
6512 6614 6518 657 Indepen8
100
65
653
s 8.300 First preferred
63
6312 6314 635
8 6318 6378 6312 633
4
100
633 633
4
4 2,500 Second preferred
109 10912 109 111
111 1133 11312 11412 dence Day 11312 1143 25,300 Great Northern preferred 100
4
8
10612 1067 10612 1061 2 107 11012 1093 1103,
8
4
10912 1103
8 7,900 Fret certificates
100
•42
43
*4214 437
453
8 43
8 45
45
.100
Holiday
45
473
4 3,000 Gulf Mobile & Northern..
*90
92
*90
91
91
9212 92
92
Preferred
100
*92
500
933
4
9
9
*9
912
9
9
•
818 9
*818 91
200 Havana Electric Ry_ __No par
*
62
70
*62
72
6712 6712 *6112 69
100
683 683
4
50 Preferred
*460 46878 465 470
470 476 *470 477
100
470 470
7C Hocking Valley
40
403
4 4018 4 73 407 407
8
0
8 41
413
8
100
4118 411
3,100 Hudson & Manhattan
*7014 72
703 703
8
8 723 7238 7212 7212
8
100
*7212 73
300 Preferred
140 140
142 145
144 1463 14513 1473
8
8
100
145 1467 16,900 Illinois Central
•138 144
14312 14312 144 144
14534 146
•142 150
100
500 Preferred
*7312 7512 *7312 75
723 75
4
74
74
*7412 75
400 RR Sec Stock certificates_ _
2412 2412 231* 237
8
8 233 2358 2212 233
4
223 23
2
3,100 Interboro Rapid Tran vs c_100
*4912 493
4 4912 4912 4812 4812 4912 4912
501
50
1,500 Int Rye of Cent America 100
*4312 48
*4312 48
*4318 4812 *4712 4812
*4318 481
No par
20 Certificate'
7314 7314 *74
8
4 747 75
7312 74
75
100
74
280 Preferred
4.21, 312 *218 743
312 *218 312 •218 312
•218 31
100
Iowa Central
93 4 9612 96
3
997
8 99 1007
8 99 10018
9812 100
79,000 Kansas City Southern__ 100
6312 64
*63
65
*63
65
6318 633
4
6412 641
100
900 Preferml
•
S8
89
90
923
9414 937 937
8 92
8
8
9218 931
50
3,700 Lehigh Valley
*143 1433 144 144
4
14514 1473 1473 149
4
4
1483 149
4
4,000 Louisville & Nashville___ _100
*6214 68
*6212 68
*64
68 .
64
68
•64
68
Manhattan Elevated guar_100
3412 3412 3412 3412 341s 3418 34
3418
333 343
8
8 1,900 Modified guaranty
100
*212 31 2 .212 3
212 212 •27
8 33
54
4
• 8 33
27
4
200 Market Street Ry
100
*27
2712 *2612 2712 2712 30
•30
347
8
.
26
34711
200 Prior preferred
100
*2314
25
8 *2
218 23
23
8
8
2111
218
211i
218
100
700 Minneapolis & St Louis
*4112 43
43
44
437 4414 447 447
8
8
8
45
45
2,400 Minn St Paul & 88 Marie.100
*75
81
.75
80
80
*75
*75
80
.75
80
Preferred
100
*5712 61
*5912 61
5912 62
•57l2 63
•5712 63
100
60 Leased liner,
573 587
4
8 .5712 5914 573 583
3
8 5712 60 4
,
58
61 171,200 Mo-Kan-Texas RR__ __No pa
10414 1047 10412 1043 1043 10578 1053 1053
8
4
8
4
4
1043 10514 3.600 Preferred
4
100
9412 9512 9314 96
9612 98
9612 983
8
9614 98
24,300 Missouri Pacific
100
137 1383 1377 1383 137 13914 1393 14012
8
8
8
8
140 1403 14,500 Preferred
4
100
*7712 82
"7718 82
*7712 82 •7712 82
*7712 82
Morris & Eerier
50
220 220 *220 225
223 225
225 225
•225 228
210 Nash Chatt & St Loule
100
*214
212
214 214 *2
212 *2
2 1s
•2
212
200 Nat Rye of Mexico 2d pref_100
207 200
209 211
2113 219
8
21712 22112
218 22112 173.300 New York Central
100
14312 14312 14414 14514 1443 14753 1463 14812
4
2
1467 14712 5,000 N Y Chic & St Louts Co
8
100
1063 1063 1065 1065 10618 1067 106 106
4
4
8
8
8
10614 10614 1,100 Preferred
100
*310 330 *310 330 *305 325
310 329
.
310 330
30 N Y & Harlem
50
1107 1113 10912 1113 110 11114 10918 11112
8
4
8
11018 11118 109,800 NY N II & Hartford
100
122 12212 12212 12314 1233 1245, 12214 125
4
120 122
13,000 Preferred
24
243 25
,
24
25
25 8 25
25
,
25
2514 2,100 N Y Ontario & Western100
*---312
3 2 312 •112
,
312 312
300 N Y Railways pref__Ne par
•1218 18
*1218 18
•1218 18
*1218 18
•1218 18
N Y State Rys pref
100
3812 37
37
*36
383 391* 37
4
40
37
37
1,600 Norfolk Southern
100
2333 235
236 2413 24214 245
8
4
24514 250
247 250
8.500 Norfolk & Western
100
.
-- *8512
_
8512 8512
-10 Preferred
100
10618 10612 x1063 10718 10718 fio
109 11012
4
86-110 8 1123 27,300 Northern Pacific
3
8
100
8
8
8
105 8 1053 x10412 10512 1043 1057 106 1087
5
8
1083 1097 23.600 Certificates
4
8
100
*20
40
40
40
*20
*20
*20
40
*20
40
Pacific Coast
100
41
41 .
*36
*3712 41
*34
41
36
41
*36
First preferred
100
*2712 30
*2712 30
*2712 30
•2712 30
•2712 30
Second preferred
100
8 8918 9012
83 4 8512 8512 893
3
8312 84
904 9112 167.400 PenneYlva1116
50
3178 32
30
3212 *31
32
*28
3212
•29
33
3.600 Peoria & Eastern
100
180 189
177 180
17712 179
187 187
185 185
4,800 Pere Marquette
100
*96
96
96
97 •96
98
97
•
96
97
*96
50 Prior preferred
100
*9312 95
*9312 95
*9312 115
*9312 95
*9312 95
Preferred
100
51
51
•50
50 Phil, Rapid Transit
50
*::::
4912 51
51
•50
20 Preferred
50
142 1453 143 1453
143 144
8
4
•1433 144
4
142 142
2,700 Pittsburgh & West Va
100
112 1135 11378 115
8
1133 117
4
11612 11712 25,900 Reading
112 113
50
44
45
*44
44
45
4514
45
4512 46
*44
900 First preferred
50
8
8
*4612 47
453
8 4518 4512 4512 4718 467 467
45
2,600 Second preferred
50
68
68
*65
*65
*65
68
68
•65
.66
68
Rutland ftlt pre!
100
8
12118 1257 1245 127
8
1253 1263
8
4
1243 1263 65,900 St Louis-San Francisco
8
11812 121
2
100
943
4 9414 95
4 94
x933 943
4
8 4,600 lot pref paid
9414 957
95
94
100
4
8 063 10112 9714 984
10.300 St Louis 8outhwestern_100
98 100
9312 943
4 94 1003
91
90
92
*89
92
92
90
500 Preferred
*89
*8814 90
100
• 48111
UG 8,,aud innera. us •Icer 03
kin,. 8 Ex-OlvIdena. y Ex-ligkte.
PER SHARI(
Range Sfnee Jan. 1.
On Basta of 100
-share Iota
Lowest
Highest
5 Per Share
19518 Mar 26
99 May 16
169 Jan 2
11518May 27
75 June 13
6412May 8
105 Apr 4
85 Apr 4
6018May 211
,
83 May 22
18 May 28
543 Jan 26
4
61 18July 1
218 May 27
95 June 11
195 May 20
2134 Jan 18
6', July3
812July 3
28 May 20
49 June 26
123
4May 28
38 June 11
2734May 28
4618May 28
8014May 28
134 Apr 24
115 May 27
10514 Mar 27
9812June 20
101 May 28
68 July 3
64 Apr 22
51 May 29
60 May 15
182 Mar 26
12014June 11
554 Jan 2
24June 11
4 June 11
64 Mar 26
57 Mar 26
56 Mar 27
101 May 28
100 May 15
323
8May 27
9012June 6
7 Feb 181
55 Feb 16
375 Mar 26
3412May 28
70 June 25
13212May 27
13312May 31
723
4July 2
221 2June 18
43 Apt 1
4018June 1
6912June 13
212June 20
78 Mar 26
63',July3
773
4May 29
13812May 28
6018 Apr 25
3112 Apr 8
214May 22
20 May 28
2 May 22
35 May 31
6814June 3
5712 Apr 101
4211 Mar 26
102 Apr 91
6212 Jan 4
120 Jan 2
7714June 3
186 Jan 29
13
4May 28
17812Mar 26
12818Mar 28
100 May 28
27712June 13
807 Jan 4
8
11438 Jan 3
2312June 28
312.june 26
1418May 29
33 May 28
191 Jan 9
83 Feb 15
9514May 27
96 May 27
20 Feb 15
32 Mar 27
2112 Jan 10
7212 Mar 26
2512June 4
148 Jan 3
96 Jan 5
9212 Mar 15
49 Ap
18
4912 Apr 19
1253
2May 28
10112May 27
411: Apr 22
433
8May 21
6318 bier 21
10912May 20
9214 Mar 26
82 May 27
87 June 14
S Per share
24812July 3
1037 Jan 7
8
201 July 3
133 Mar 5
8012 Mar 20
803
8July 3
110 8May 20
5
1093 Jan 5
4
814 Feb 25
923 Feb 1
8
4418 Jan 18
85 Mar 2
8812 Mar 4
26978 Feb 2
10112Mar 14
24712July 2
216 Feb 27
193 Feb 4
4
253 Feb 4
4
43 Feb 4
667 Feb 4
8
23 8 Feb 1
7
63 8 Jan 31
3
3978 Feb 2
634 Feb 2
9434July 5
145 Feb 5
1394 Jan 19
10814 Jan 25
1027 Feb 5
2
122 Mar 5
80 Jan 25
724 Mar 5
703 Jan 2
2
81 Jan 2
215 July 3
13314 Feb 1
7734 Feb 21
47 Feb 4
8
712 Feb 4
814June 28
661.) July 2
637
8July 2
11578 Mar 4
112 Mar 4
59 Feb 4
103 Jan 3
1112 Apr 20
73 Apr 15
476 July 2
5838 Jan b
84 Jan 18
152 Feb 1
146 July 3
8014 Feb 21
583 Feb 25
8
59 Jan 26
594 Jan 25
804 Jan 2
414 Jan 18
1007
8July 2
7012 Jan 15
10214 Feb 2
15313 Feb 5
87 Jan 3
574 Jan 11
43 Jan 22
8
394 Jan 4
34 Jan 19
4714 Feb 4
87 Jan 23
66 Jan 25
61 July 5
1071 Apr 25
:
9838July 3
1403
4July 5
863 Jan 17
8
225 July 2
34 Jan 25
22112July 3
14812July 3
10914 Jan 4
379 Jan 18
114 June 24
125 July 3
32 Feb 4
94 Feb 21
al Jan 30
484 Feb 4
250 July 3
8714May 14
1144 Mar 6
112 Feb 2
43 Feb 28
50 Mar 2
40 Feb 28
9112July 5
344 Feb 1
189 July 2
101 Mar 22
97 Jan 8
51 Apr 12
51 July 3
1483 Jan 10
4
1171 Feb 4
:
46 July 5
493 Feb C
4
71 June 19
127 July 2
9612 Feb 2
115 4 Feb 4
1
94 Apr 26
PER SHARE
Range for Previa*.
Year 1928
Lowest
Highest
$ per Share $ per shore
18248 Mar 204 Nov
1021: Jan 10812 Apr
15718 Oct 19112 May
1033
4June 1253 Dec
8
77 Nov 85 Apr
81 June 8414 Jan
104 Dec 11&5, May
58 Feb 91 Dee
534 Jac
773 NW
4
82
Jan 954 Mal
1412 Jan
4774 Sept
324 July 644 Nov
38 Sept 63 Nov
19512 June 253 Nov
98 Sept 10718 Mar
17612June 2184 Dee
- 3
68
772
37
58
918
2012
Feb
Feb
Aug
Feb
Feb
2214 Mar
37 Mar
78 June
135 Dec
106 Feb
105 Dec
99 2 Dec
105 Aug
67 July
6911 Nov
6512 Dec
79
Dec
16314 Feb
12514 Der
6012 Feb
3 Aug
4 3 June
2
483 June
4
50 June
494 June
9312 Feb
911s Feb
43 Aug
99
Aug,
7 Aug
51 Dec
340 July
504 Dec
81
Oct
13184 Jan
13012 Jan
75 July
29
Jan
3613 Mar
May
265 May
,
4814 WV
764 May
25 Dee
Ws Dec
4012 Apr
593 Nov
8
9414 May
150 May
1393 Nov
8
11113 May
105 May
126 May
85
AIM
86 May
873 June
8
94 June
226
Apr
150 Apr
654 Apr
634 Jan
91 May
:
7212 Dec
634 Jan
62 Jan
1143 Nov
4
1113 Nov
4
817 Mae
:
109 May
1714 June
784 Sep.
473 Nov
7312 Apr
934 Apr
148'g May
147 May
824 June
32 May
5218 Nov
694 Jan 82 May
2 Mar
54 Max
43 June 95 Nov
6612 Aug 77
Apr
8412 Feb 116
Apr
1394 Nov 1591 May
76
Jan 96 May
40
Jan 64 May
34 Dec
71 May
:
3812 Dec 5444 May
17 May
2
64 May
40 June 524 Jan
7014 Dee 874 Ma,
60 Dec 7112 Jan
3012 June 68 Dec
10111 June 109 Feb
417: Feb 764 Sept
105 Feb 1257 Dec
8
8212 Aug 89 June
1714 Aug2043
4May
2 Feb
512 Apt
156 Feb 196.: Nov
12114 Oct148 May
1044 Aug110
Jan
188
Jan 605 Apr
544 June 823 Dee
4
112 Sept117 May
24 Feb39 May
54 Jan
13 may
2311 Dec 43 July
32 June 58 Nov
175 June 19812 Nee
844 Oct 90 JUDO
924 Feb 118 Nov
903 Feb 115 Nov
8
1912 May 347g May
40 Aug
70
Jan
204 Aug 39 May
617 June 767 Der
8
8
25 Mar 77 May
1247 Feb 164 Nov
2
96
Oct 1014 Mat
92 Nov 100kt Mat
50 Nov
564 Aug
60 Mar 5112 Oct
1214 Feb 163
Get
9414 Feb 119% Mat
411 Nov 46
:
Apr
Jan
44
597 May
8
50 Feb 77
Dec
109 Feb 122 Mat
94 De. 101 May
674 Feb 1244 Nov
2e.
uly 95
89
98
New York Stock Record-Continued-Page Z
Vor soles during the weak of stocks not recorded hero, see second page preceding.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
June 29.
Monday,
July 1.
Tuesday,
July 2.
Wednesday,
July 3.
Thursday,
July 4.
Friday,
July 5.
Sales
for
the •
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Hasid Since Jan. 1.
Os Mats of 100-ilmere tote
Drums
Molest
PER SHARI
Raspsfor Prootoso
roar 1928
Lowest
IMAM
Par
Railroads (Cm.)
$ per share $ per share $ per share $ per share $ per share $ per share Shares
100
14
*12
1312 13
1414 145
8 3,400 Seaboard Air Line
1318 1318 144 144
100
2,500 Preferred
20
1912 1912 195 197
*19
2012 2018 2018
20
8
8
100
139 14114 24,900 Southern Pacific Co
1343 13434 134 136
4
1353 1374 13712 140
4
100
10,100 Southern Railway
14938 150 214758 14812 1474 149
149 151
149 151
100
600 Preferred
*94
95
943 943
4
4 9478 9478 94
*943 95
4
94
Mobile & Ohio 21:n114_100
*111 115 *110 115 *110 118 *110 118
*110 118
100
800 Texas ,k Pacific
'164 168
*160 167 *161 168 *161 166
167 171
100
Third Avenue
*1412 16
*14
*14
17
*14
17
*1412 16
17
900 Twin City Rapid Tranalt 100
3912 3612
40
40
4018 4018 39 39
39
39
100
Preferred
95
*92
*9012 95
*9012 95
*9012 95
*92
95
100
8
242 2457 19,500 Union Pacific
239 242
23514 239
232 235
2395 2427
8
8
800 Preferred
100
8118 8118
4 813 813
8114 8114 *8118 813
8
8 8114 8114
Vicksburg Shrev & Pao____100
*9414 _
*9414 ---- *9412 ---- *9414 ---- *9414 ---100
Preferred
*943
4
*943
4 _ _ *9414
*943
4
•943
4
100
717 - 8 13,500 Wabash
8 727
74
75 4 717 74
3
70
75
8
70 - 71
100
9614 1,100 Preferred A
*93
934 9334 94
8
*91
914 917 9214 93
100
100 Preferred B
85
*83
84
*82
84
85
84 "84
*8218 84
100
8
443 463 50,900 Western Maryland
4
4234 435
463
8 4512 4614
8 4314 454 45
100
800 Second preferred
45
45
8 4512 4512 45
a
*42
447
4 443 447
4514
100
3514 3612 4.400 Western Pacine
4
3
4 343 35 4 3512 365,
3
344 3418 35 4 353
100
6112 62
6014 613
4 4.400 Preferred
6138 615
8
597 598 5914 61
8
$ per alma
12 June 15
1614June 14
124 Mar 25
138 May 27
93 June 14
104 Apr 4
165 May 28
1344May 9
39 July 1
95 May 23
209 Mar 26
811sJulY 5
95 June 28
95 June 28
60 May 27
91 June 27
79 May 24
3212 Mar 24
3812May 28
32 May 27
66 Nfay 27
$ err slays $ Pm Mere $ per Om
111 Mar 3014 Jan
8
214 Mar 4
Jan
17 Aug 39
2412 Mar 1
14114July 5 117 Feb 1315, May
/
1
4
1584 Feb 1 13914 Fs) 161 May
/
1
965, Sept 19214 Jan
99 Jan 3
140 Jan 14 100 Jan 1591 Jan
/
1
4
9912 Jan 194% Oct
181 May 2
39 Feb 26
WS May
2814 Jan
3314 Sept 56 May
5814 Jan 25
94
/ Oct 107 Feb
1
4
100 Jan 5
4
2454 July 5 13612 Feb 2247 Nov
8214 Oct 8714 Jan
8414Mar 16
Jan
99 Aug 111
10014 Jan 5
9914 Nov 10114 Mat
103 Mar 7
51 Feb 18'* May
814 Jan 5
/
1
88% Feb 102 Me?
1047 Jan 7
87 Feb 9912 Mt1
91 Jaa 3
4
31% Feb 543 Mi.'
54 Feb 4
33% Feb $47 MI 1
4
1312 Feb 4
21114 Feb 3814 Dee
417 Mar 5
4
/
1
641 Feb 4
1211 Aim 624 Jan
Industrial & Miscellaneous
Napa?
42
4314 3,400 AbitibiPow &PAD
8 4112 4212
4112 423
8 4112 423
42
42
100
400 Preferred
"80
8414
*8414 84 4 8458 8458 *8414 8458 8414 8414
3
123 125
3,100 Abraham & Straus___No par
125 125
125 127
133 13812 13812 142
100
20 Preferred
109 109
4
*10812 10934 *109 1093 *109 114
•109 .111
100
700 Adams Express
630 641
643 644
625 630
*600 630 "610 630
*86
8612 *8514 865, 854 8512 8514 8514
100
900 Preferred
8
8514 855
No par
3114 314 3012 3012
8 1,000 Adams Millis
8
4
3014 307
3014 303 "303 32
100
3,500 Advance Mime])
36
37
3712 38
37
37
36
38
3712 38
100
400 Preferred
59
58
58
*58
59
59
59
58
*58
5818
1
17
8 2
2
2%
13
4
17 11,200 Ahumada Lead
8
13
4 17
8
2
218
1523 1547 153 1553
8
4
8
14512 145 4 1453 156
3
1517 15412 12,800 Air Reduction, Ine-___No par
8
8
5
/ 5% 4,100 Ajax Rubber.Inc
1
4
No par
54 6
3
6
6
54 6
3
.53
4 57
8
4
6
67
8
5
/ 5
1
4
/
1
4
614 63 13,500 Alaska Juneau Gold Mbe__111
614 7
5
/ 5Y
1
4
1814 19
800 Albany Perf Wrap Pap_No par
"18
184 1818 '18
18
19
18
19
326 33334 14,900 Allied Chemical de Dyo_No par
326 330
4
326 332
32512 3253 32514 332
100
400 Preferred
1203 1203
8
8
8
*12012 12114 12012 121 *12014 12114 1203 1203
8
100
9,300 Allia-Chalmers Mfg
259 26312 260 2733 271 280
273 273
4
261 265
613 612 eg
612 *6
100 Amalgamated Leather_No par
612
612 *6
"6
612
300 Preferred
5812 *55
5812 *55
547 55 I
8
56
56 I *55
*55
Ni par
244 2634 2612 2734 27
3038 333 48,800 Amerada Corp
4
*243 25
4
295,
1214 1214
1112 1112 1112 1212 1158 12
1,400 Amer Agricultural Chena_100
12
12
100
4312 43
44
44
45
43
1,600 Preferred
*43
45
45
45
10
2,100 Amer Bank Note
134 134
8
131 13412 133 1367 13414 13514 13312 13434
50
601z 6012 *6012 61
56212 6412 *6012 61
20 Preferred
*6012 61
15
15
*1412 16
200 American Beet Sugar__No par
*1412 15
*1412 15
'15
16
100
51
51
51
*50
51' *50
100 Preferred
"50
51
*50
64
8
4 5918 603
8
8
4 585 597
8 583 613
593 19,400 Amer Bosch Magneto__No par
4
5814 593
58
5412 5,534 55 4 57
5612 567
8
56
58
12,100 Am Brake Shoe & F_-No par
.56
57
3
4
4
4
•11712 122 '1153 12012 *1153 12012 *1153 121
100
120 120
10 Preferred
307
8 30
3018 3138
31
30
30
30
3012 313 10,500 Amer Brown Invert EI.No par
8
8112 843
4 8214 83 4 8214 83
3
*83
85
100
490 1''eferred
833 833
4
4
25
4
15114 15212 15138 1544 15414 15612 156 1593
Stock
15814 160% 223,700 American Can
100
•139 140 *139 13912 '139 13912 139 139
200 Preferred
139 139
4 963 100
4
9612 9618 973
98 1007 12,900 American Car & Fdy__No per
973 993 Exchange
4
4
96
8
115 115
100
4
115 115
*113 1163 *114 115
*113 11634
200 Preferred
100
80 80
80
80
*75
80
Closed
80
500 American Chain pref
80
*78
80
6112 617 647
No par
63
6648 28,000 American Cbtele
8
59
5914 594 6012 .60
8
No par
Prior preferred
Amer Druggists flyndicato_10
---- -- -- ---- -- - - -- -- ---- ---- ---293 *28
4
3014 *28
500 Amer Encaustic Tiling_No per
293 denee Day 293 30
4
3014 3014 30
4
100
American Express
"325 475
•325 475 '325 475 "325 475 "325 475
1183 1213 11312 1173
4
4
1201: 12212 11712 125
114 1163 168,700 Avner & For'n Pewer___No par
4
4 Holiday
No par
105 105 *1044 105
104 105
1,000 Preferred
1043 105
4
105 105
No per
9618 9612 924 9514
98
7,300 2d preferred
96
93
93
943 97
8
100 American Ride & Leatker_100
7
7
712
712 *7
712 *7
*7
712 *7
100
Preferred
4
353 *344 353 *344 3514
4
35
*334
36
"32
*32
7112 7112 72
72
7112 7112 *71
600 Amor Jaime Produsta_No par
7212
72
72
No per
x425 433
8
4 6,800 American Ice
4312 437
43
/ 4438 4312 44
1
4
8
44
44
100
9412 1,600 Preferred
9412 9412 9414 945
*93
8
93 4 95
3
*93
94
8
727
8 7112 7314 7012 7312
7218 733 129,0001 Amer Internet Corp-No per
7112 71
70
412 412
8 2,000 Amer La France a Foamite_ Ill
47
8 47
412 43
4
5
5
43
4 43
4
1110
50 Preferred
•__ __ 61
60 *--__ 61
4
4 60
*603 6212 603 603
4
4
8
126 12718 35,400 American Locomotive_No per
12512 1273
8
124 1247 1245 12638 1253 128
8
100
600 Preferred
1154 116
115 115
*11614 11712
116 116
115 115
800 Amer Machine dr Fdy__No par
*170 172
169 174
'167 171 "167 171 *167 171
70 Pref (7) ex-warrants
112 112
•110 112 *110 112 '110 112 *110 112
8 64
6314 6512 20,100 Amer Metal Co Ltd___No par
6612 64
8 634 645
663
8
64
643
100
Preferred (6%)
•120 125
*118 120 *118 125 *120 125 "120 125
340 Amer Nat Gag pref____No par
7012
70
70
7014 70
70
.7014 72 *7014 72
No par
200 American Piano
*412 5
412 412
*412 5
5
412 5
5
5
100
230 Preferred
22
22
*20
20
20
25
*1912 20
22
22
4
142 1473 76,000 Am Power & Light____No par
8
140 1437 13712 14212 13514 13914 138 1457
8
No par
1003 10012 1,500 Preferred
8
993 993
8
8 9912 10038 *10114 10112
99
99
No par
200 Preferred A
*733 74
4
*733 74
4
74
74
74
733 733
4
*73
4
No per
48012 8034 8014 8114 803 81
814 2,900 Pref A stamped
81
4
8014 81
25
American ltadlater
---- ---- ---- ---- ---- ---- -___ ____
6
-48T4 -. 1- 159:605 Am Rad &Stand Saa'ry No par
5 8 -- .
4612 46
3
4 46
4638 45 4 463
46
4712
Amer Railway Exprem--100
Republic
1.900 American Republica-No pa
48
. -4/ liar, "iiii2 ifi"
'4U2 ;W
7- -71O- li8 '
1,700 American Safety Rasor_No par
64
63
63
6314 6312 6312
*6212 6412 6234 63
No per
1,200 Amer Seating•t•
33
33
33
334 33
334 33
33
33
33
8 1,100 Amer Ship & Comm___No par
33
4 37
4
4
*33
4 3%
33
4 33
4
34 34
3
3
210 American Shipbuilding _.__100
90
88
*8612 90 "86
90
88
"86
*86
90
71,000 Aso Smelting de Refining_100
11014 112
110 11214 10912 11134
8
107 11012 1093 111
100
600 preferred
134 134
8
*133 13312 *1334 13312 13314 13314 1333 13312
108
American Snuff
•180 190
*180 190 *170 180 *175 190 '180 190
100
20 Preferred
106 106
107 107 *100 107 *100 107 '100 107
6614 674 17,400 Amer Steel Foundries_ _No p.r
8
6838
4
8 67
6812 663 685
673 6818 z67
8
100
330 Preferred
11012 112
1103 1103 11012 11112
4
4
*11012 1127 112 112
8
100
2,400 Amer Sugar Refining
787 77
8
774 774 *7714 7712 7612 78
767 773
8
8
100
500 Preferred
10512 10512
106 106
105 4 1053 10512 10512 *10514 106
3
4
Na per
3812 387
8 1,400 Am Sum Tob
3818 394
38
8
3
4
383 383 Z363 365 *37
4
200 Amer Telegraph & Cable_ _100
2414
2414
24
24 '23
247 *23
8
2318 2318 *23
DM
228 231 114,500 Amer Tells) & Wei
3
4
4
22914 2344 23012 2373 23112 2333 230 2317
1753 17814 7,000 American Tobaceo eas____110
4
170 17514
170 171
170 170
17012 171
GO
17612 17812 10,500 Common Waal B
4
171 17112 170 17012 170 1713 171 17634
190
400 Preferred
11512 11512
115 115 *115 11512
31115 116 *115 116
100 American Type Fonaders-100
14512
1,
x146 146
14312 147
143
*144 147 *145 146
100
10 Preferred
•109 11012
110 110
*109 110 '109 110 "109 110
No par
40,600 Am Wat Wks& El
13914 142
142 14512 13912 14234
14012 146
14312 146
200 let preferred
1004 10018
100 100
*100 10018 *100 101 *100 101
100
4 3,000 American Woolen
163 163
4
8
8 1658 175
165 167
8
4
8 163 17
165 165
8
100
800 Preferred
41
41
40
414
*40
42
*4012 41
*40
41
Writing Paw otfs_No per
1.300 Am
.12
13
1212 1212
13
127* 133
8 13
13
13
100
200 Preferred cort1finate
43
.40
43
43 •40
4112 411 *40
41
41
-25
2.200 Amer Zino, Lend & Smelt
274 28
273 2814
2
28
28
257
8 2718 2713 27
25
1,200 Preferred
96
96
95 95
*95
97
95
95
9612 94
4
1174 1193 495,200 Anacoada Copper kiln. new50
4
3 1163 11812 11512 118
117 11914 1174 119
No per
3.200 Anchor CAP
48
48
44
4412 45
43 4 441
3
493
4 4812 49
No pm
100 Preferred
*104 112
105 105 *104 108 .106 112
*104 112
4
524 533 72,100 Andes Copper Mining_No per
on 5414 5218 5438 524 53 5218 531g
304 3114 15,500 Archer, Dials, Mid'id_No par
313
8 3018 3138 3058 3218 3014 314
29
100
Preferred
*110 11412
*110 11412 *110 1141 *110 11412 *110 11412
700 Armour & Co(DU) prof _ 100
87
86
88
87 .86
86 86
87
88
88
4
1114 123 27.800 Armour of 1111nois dais A ___23
3
3
113
8 10 4 1118 10 4 114
103 1114 11
4
54 612 27,400 clam B
25
53
4 6
54 6
3
57
8 61
5
/ 6
1
4
100
500 Preferred
7214 7214
72
72
7212 7211 72
72
73
*72
21
213
4 3.100 Arnold Constable Corp./I per
2112 2112
21
213
4 21
20
21
21
ji soar
,
Artloom Corp
'2412 26
*2412 26 '2412 26
*2412 26
*2412 26
Preferred
100
*9414 100
*944 110
*9414 100
*9414 100
*944 100
3814May 27
79 Apr 10
101 May 28
106 June 4
389 Jan 16
43une 26
843
27 4May 1
3
27 May 31
4012May 29
4July 3
13
95% Apr 10
412May 31
412June 4
12 May 31
:41 Jan 7
1204 Apr 8
166 Mar 26
5 May 31
S47 July 5
2212May 25
1014Nlay 22
4May 29
483
110 Mar 26
60 Jan 3
144
/
1June 26
46 Apr 24
4012 Feb 14
45 Jan 16
120 June 25
154 Jan 7
/
1
493 Jan 7
4
1073 Feb 18
4
139 June 19
92 May 27
114 June 25
7014May 31
46 Mar 26
/
1
4
10912 Jan 2
9 Jan 25
4May 31
233
280 Feb 2
7514 Jan 4
104 July 1
88 Apr 9
614 Apr 9
/
4
301 Feb 81
64 June 3
26 Mar 26
893
4May 23
5212May 31
412June 10
60 May 28
102 Feb 18
/
1
4
113 Jan 3
14714June 3
108 May 22
50 May 27
113 2May 21
3
67 Apr 4
4 June 13
1812June 28
8114 Jan 8
983
4June 14
70 May 31
70 Mar 26
1115 Mar 26
4018May 28
129% Jan 111
4318may 31
61 June 12
32 4 Feb 16
8
312May 28
8112June 13
9314 Jan 16
130 May 31
1791
:June 5
166 July 5
56 May 28
110 June 17
71% Apr 5
1044June 7
/
1
3514June 1
17 Jan 2
1931 Jan 8
160 Mar NI
11101a Mar 26
116 June 20
13614 Jan 5
1071
4May 15
6714 Jan 8
97 Jan 3
1618June 21
3912June 28
9 May 28
3914May 313
2414May 28
94 July 1
99 May 20
43 June 26
102%June 27
443
3May 23
29 May 28
114 Jan 4
3514June 14
10 4May 31
6
AWAY 29
(
7114June 15
1914May 23
24 June 21
94 May 28
347 Jan 22
4
1415s Jan 7
160% Jan 3
112 Jan 2
750 Apr 23
96 Jan 3
357 Jan 15
4
1047
2May 1
119 May 1
42y Feb 20
156 July 1
1114 Jan 2
11114 Jan 8
25 Jan 3
33334 July5
125 Apr 27
280 July 3
1114 Jan 14
73 Jan 17
425 Jan 3
2352 Jan 15
735k Jan 11
137 June 28
653
4June 14
2014 Jan 16
6014 Feb 1
7314May 2,
62 Fob 4
121112Mar 21
34%June 1
104 June 12
1804July 5
142 Mar 28
10614 Jam 3
120 Jaa 29
8614 Mar 13
4July 5
663
11414 Jan 3(
11 Jae 2
47% Fob 25
409 Apr 8
1347 Feb it,
4
10812 Feb 14
103 Feb 21
18 Jan 2
42 June 3
11514 Jan 24
46 May 6
96 Mar 6
7614 Jan 18
87 Jan 19
4
76 Feb 21
128 July 2
11914May 15
4
1383 Jan 11
11614 Jan 12
213 Feb 6
4
135 Feb 6
9814 Jan 7
17% Jan 31
SS Jan 31
14714July 5
105 Fob 28
80 Feb 13
/
1
4
84 Feb 15
310 Jan 15
62 5May 3
5
184 May 3
64114 Jan 2
74% Jan Si
417 Mar 15
4
7 Feb 5
94 Jan 24
124% Mar 1
138 Jae 4
20e Feb 1
112 Jan 24
797 Feb 4
4
114 Mar 13
848 Jae 23
4
111 Feb 1
60 Jan 2
32 4 Mar 25
7
23814 Apr 23
1841 Jo.. 28
118 Jar 24
12114 Jan 15
155 Jam31
112 Apr 1
14614June 20
104 Jan 28
277 Jan 3
4
58 Jan 2
/
1
4
164 Jan 31
/
1
as Mar 2
4114 Mar is
11114Mar 19
140 Mar 22
825, Feb 21
124 Mar 1
68 Mar 1
/
1
4
49% Mar 4
116 Jan 11
95 Jan 30
13% Jan 2
1014 Jan 2
80 Jan 24
40 Jan 2
/
1
4
30 Feb 5
100 Jan 4
•Bid and asked private: no Was ea Ws day. plltr-amidend.
p Ex-rightd.
361 Nov
4
76 Nov
90 June
Oct
109
195
Jan
93 Jan
3014 Dec
11
Jan
2414 Jan
2 4 Jan
3
59 June
712 Jul e
Jan
1
223 Dec
4
Feb
146
12014 June
11518 Feb
9% Oct
et Mar
27% Feb
116 Feb
2
5514 Feb
745 Jan
Oct
60
143 July
4
Feb
36
153 Feb
4
391 July
/
4
120 Dec
10
/ Apr
1
4
41114 Apr
7814 Jan
1$3% Jan
334 July
/
1
1105, Aug
71 Dec
44 Dec
Jan
107
11112 Dec
Apv
85
102% July
142 Doe
11412 Just
426 Dm
9914 Ma2
3114 Dee
05 Selll
6934 Seal
6 4 mat
3
99% Dee
/
1
144 Jan
19 Nov
31% Jan
2523 Nov
4
127% Ma,
200 13.1
163 API
4
90
Al%
437 New
4
26 Nov
797 Nov
4
159 May
057 Jail
8
2414 Aug
611 Sept
/
4
444 Nov
/
1
49% JIM
128 Jun:
2614 May
65 Mai
/
1
4
1171j Nei,
147
API
11112 Jan
13712 Mai
105 June
608 flea
4
114 May
151 Ain
Jan 319 Del
169
225, Feb 85 fit'
144 4 Julie 118 May
8
Feb 100 Sew
31
/
1
4
84 Oct 11 Feb
/
1
11 Nov 67
/ Yell
1
4
ss Feb 123 Nor
28
Jan 464 •ull
/
1
Jan 1912 Mal
10
113a Oil
$5% 061
113
Jag
1S4 Mai
12314 Det
1111
Jan
/
1
4
63 Nov
1171 Ste,
/
4
993 New
4
25 Fee
90
J•s
91 Mar
10714 Id,?
771 Nov
81114 /Inv
/ Jan
1
4
5
56
Jan
87 Juno
111314 Oct
12912 June
110 Dee
39 Mar
109 Aug
96% Dee
123 July
4
$8 Dee
6214 Jan
10014 Dee
7014 Nov
$11s Dee
131114 Jan
181, Dee
11014 Jan
II% Feb
56
Jan
275, Nov
31 Aug
$O Sept
169 Feb
131 Mar
141
Jan
100
Oct
,
501 June
109 June
55 Feb
100 Feb
46
Feb
1714 Dec
172 July
152 June
152 June
113 4 Sept
3
1097 Aug
4
187 Nov
32 June
98
Oct
14 Zuly
SO And
1115 Jule
34 June
411 Jar
8
Rat
40
143 Deo
86 Apr
747 Sept
2
115 May
Sig May
119
Jan
293 fit;
142
Apr
210 Dee
120 June
70
/ Jan
1
4
120 lob
9312 Nev
11012 May
78% Seel
32
Jai
211 Ma,
184 Dee
/
1
4
1347 Nov
2
126
Apt
14214 Noo
113 Mat
761 Nov
/
4
106
Apr
32 Nov
/
1
4
611 Nov
*
1914 Feb
335, Oat
67
0.1
7
117 s Oct
MI Dec
10914 Dee
3614 Nov
1514 Feb
Oct
112
364 Jam
/
1
1114 Jan
SY Jam
714 Jaa
3514 July
2814 Dee
99 Dee
I
64 / Dee
1
4
111 Dee
56 Nov
1127 14417
s
1151 Mar
4
9714 June
2314 Sept
1313 May
81118 June
504 Apr
44 Mat
/
1
4
114 Mar
New York Stock Record-Continued-Page 3
99
Far aae. duriaa the week ef stocks mot recorded hors. boa third page precoding.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
June 29.
Monday,
July 1.
Tuesday,
July 2.
1Vednesday,
July 3.
Thursday,
July 4.
$ Per share
Per share
per share $ per share
*28
29
28
28
*27
28
28
28
4914 493
8 4812 4912 4812 503
4 4913 503
8
907 907 *89
8
8
90
90
90
•90
91
*44
4414 4414 *45
45
4614 44
4418
*65
6512 64
65
6214 63
6214 6334
*58
5812 583 587 *5612 58
8
8
*5614 58
724 723
8
4 717 727
4
8 713 74 4 74
3
75
per share
ioo" 191- ion" 1911- 2
'101 102 *101 102
•124 13
6
6
*34
39
*55
5718
314 313
4
4112
*41
*4214 44
448 250
•
120 1214
0106 10712
274 ,
28
*864 867
8
*9
14
4153 42
10012 166102 102
*1278 1412 15
1514
618 64
618 613
*35
*35
38
38
*5312 574 *5312 58
3014 314 3012 3138
41
41
"404 41
*423 45
4
*423 45
4
25112 252 *245 250
12114 122
120 120
10778 108
10712 10712
2618 264 25
2713
86
86
854 85 8
3
*9
*9
14
11
4118 42
4118 4238
inK f6672
10112 10112
15
153
8
*6
64
39
•35
*5312 57
305 304
3
4138 4138
4214 423
4
249 249
120 12012
1077 108
8
2612 28
86
8G18
10
10
4112 42
Friday,
July 5.
Sales
for
the
Week.
STOCK
NEW YORK STOCK
EXCHANGE
$ per share Shares Indus. Jr Mlacel. (Cos.) Par
600 Art Metal Construction___ 10
*28
285
8
4918 504 15,000 Assoc Dry Goad'
No per
400 First preferred
904 907
100
3
190 Associated 011
44 44
25
6218 6318 1.800 Atl0 Jr WI El 8 Line_No aar
300
57
.56
100
25
743 764 127,400 Atlantic Refining
8
100
Profaned
104 1058 6,100 Atlas Powder
No par
140 Preferred
102 102
100
Ni par
15
1,100 Atlas Tack
15
400 Austin, Nichols & Co_No par
*618 614
Preferred non-voting__ __100
39
*34
Austrian Crodit Anstalt
*5312 57
No par
3012 304 2,200 Autoiales Cons
500 Preferred
*39
60
41
*4214 45
300 Autortr tiaf Rs.sor"A"_Na pa?
600 Baldwin Locomotive Wke_100
251 253
118 118
101
280 Preferred
•107 109
/
1
4
120 Bamberger (L) & Co pre-100
920 Barker Brothers
No par
277 28
8
100
160 Preferred
•8613 87
400 Barnett Leather
No par
1014 104
414 424 37,600 Barnsdall Corp class A
25
25
------ I Class B
;56- 166- ;56- far ;56" 1- 66
200 Bayuk Cigars, Inc
-;9a- 100
Ni per
*____ 100l2 99 1004 99 9934 96 96
9813 99
9812 9812
190 First preferred
100
28
283
8
4 283 2878 28
283
4 28
287
8
N. par
2734 2812 19,300 Beacon Oil
83 4 86
3
*85
87
*85
86
8512
*84
8812 8612 3,100 leech Nut Packing
^0
1134 12
*1114 12
114 1114 111 113
/
4
4
•1114 113
4 1,10011teldlng Heta'way Co Ne par
82
82
*8212 823
4 8212 823 *82
4
4
% 823
5001Be1g1an Nat Rye Dart Ind
8212 8212
9012 903
4 904 91
4 9014 904
9012 903
No par
9012 9412 6,600 Beat & Co
111 1117 111 11312 11214 1143 11214 1144
8
4
11214 1144 233,300!B•thlehem Stasi Corp__ _10S
118 118
118 119 *118 11813 1185 11852
8
118 1187
8 1,100 Beth Steel Corp Ed (7%)_100
49
50
52
527
8 51
5212 51
51
523
8 7,000IBloomingdale Bros
50
N• Pa
*105 110 •105 110 •105 110 •105 110
105 105
100
10 Preferred
*95 102
*843 102
4
*95 102 .95 102
•95 102
100
IBlumeatkal & Co pref
•83
8412 84
84
83
83
843 844
4
400 Boa Arai class A
Na Pa
85
*82
*7% 712
7
713 7 s *73
4 8
75
8 74
Ve pa
75
s 7% 7,400 Booth Flsbinies
*4614 48
*4612 49
*47
48
48
51
1,5001 let preferred
52
52
100
92
94
9213 943
4 9213 94
933 9412
8
2
9314 944 14,700 Borden Co new
/
1
*8
1018 *812 1012 "914 1012 *813 1012
*812 1012
'Botany Cons Mills alas@ A.10
323 334 323 3338 323 3313 3278 331
4
4
4
3313 35 8 26,900 Briggs Maaafaatunag_Ne par
3
.338 3 4 *33
3
8 334 *33
8 358 *338 35
8
100
British Empire Steel
•31/4 31
64 *6
*6
67
8
614 614 *6
67
•6
100
100 2d profaned
6%
493 50
4
4914 50
4734 4938 477 481
8
483 4914 5,800 Brookway Met Tr----Ne Per
4
•10514 130 •10514 110
10514 110 *105 110
•10514 110
100
Preferred 7%
*350 500 *350 475 *350 4701 *350 4704
*350 47012
100
Brooklyn Egisoa Imo
211 2121 207 208
204 206 203 204
N. par
2023* 2034 3,500 Iklyn Union Gas
*4413 45
*4412 45
4 4418 4414
*4413 443
44
4418
600 Brown Shoe 114
Ni par
*11713 1191 *11712 1191 *11734 1191 *11712 11912
*11711 1191z
100
Preferred
4013 41
4012 41
394 401
3912 404
4 5,900 iruna-Balko-Collander-Ne Par
404 413
30
307
30
307
3013 325
8 3114 323
8
321
32
7,500 Bucymis-Erie Co
10
41
411
405 411
8
414 427
4212 437
8
10
4453 4413 6.500 Preformd
*11234 116 *11234 116
11234 1123 11113 1123
4
Stock
•11112 113
4
60 Preferred (7)
100
*97
99
*92
99
*97
*97
99
9712
97
97
300 Burma Bros new clAoomeN• Per
*24
2912 *24
291 *24
2912 •26
2913 Exchange •26
2912
New elan B eem-___Ne par
*9414 100
*943 97
4
*943 07
4
97
97
97
97
100
180 Preforred
3173 3173 31014 314 *305 315 315 315
4
4
Closed .310 317
500 Burroughs Add Maele..N• par
*5612 59
548 557
4
57
57
57
5812
59
/ 6112 1,700 Bust/ Terminal
1
4
No per
10214 1024 10214 1031 1037 104
8
103 10312 Indepen- 10312 10514
270 Debeatur•
1110
*113 1143 114 114
4
113 114 *11112 11213
114 114
100
80 Bunk Term lildgs pref
7
7
63
4 7
612 612
612 613 dence Day
612 68 2,700 Butte Jr fluiterlor Misting_10
43
4
458 43
4 *43
4 5
44 413
/
1
*43
4 47
1.500 Butte C•paer I Zino
1
2914 2914 30
30
2918 2913 2914 2914 Holiday
.30
303
100
•
600 Butterick Co
140 142
1394 143
14012 14834 14314 1473
4
144 14534 13.400 Byers Jr Co (A 11)--__Ne pa
*11012 112
111 111 •111 113 *11113 113
•11112 113
10 ?Warred
106
127 127
127 127
127 129 *128 129
*123 1297
8 2,100 By-Preducts Ceke----5 1 Pe
/
1
4
7514 7512 7512 757
8 75
755
8 754 753
8
7513 76
3,300 California Packlag__--A4 Pa
/
1
1
•24
29
•24
30
*27
30 •24
29
*24
29
California Petroleum
2
*14 2
178
178
178
17
8 •17
g
2
•17
8 2
1
600 Callahan Ziae-Lead
12814 129
12912 130% 13018 13012 12912 130
130 1315
8 7,400 Calumet & Animal Miniag.2
4218 43
4258 437
8 424 4312 4213 43
4214 4314 11,300 Calumet Jr Koala
2
89
8912 x8712 89
8838 894 89
90
884 89
14,300 Canada Dry Ginger Ali Ne pa
*3618 37
38
394 36
3618 36
36
3614 3614
800 °mines Mills
No par
315 319
312 315
319 3293 323 3293
4
32912 332
5,100 Case Thresh Machine ctfal00
*121 125
121 121 *120 125
120 120
120 120
900 Preferred ctfs
100
313 32
4
•313 331
4
3414 3414 3112 331
.32
3312
500 Central Aguirre Aliso_ _No par
4618 47
4614 475
8 4718 474 465 473
8
4612 4738 26,100 Central Alley Stael____Ne par
011012 1111 *11013 1111 111 111 *11012 1111
*11013 11112
10 Preferrod
100
*1113 133 •1113 133 •1112 133 •1112 131
•1112 1312
Century Itibbon MIlls_No 'sr
*6914 70
*6914 70
70
70 •6914 70
*6914 70
10 Profaned
100
973 983
4
4 9812 10014 984 9934 98
991
985 993
8
4 8,400 Cerro do Pasco Clopper_Ne per
23 8 23 8 23
7
7
231
23
23
23
24
2412 247
8 2,800 Cartaia-Teed Prodsets_Ne par
*60
744 *60
744 •70
741 *70
703
8
•70
7318
100
7% preferred
Carlo Corp
Ni par
Chandler Clevelaal MetNeyer
Ns par
Certificates
Rif" io 4 f6i" iol 112 1083* 110
36
363
8 36
364 35 4 36
8
3513 353
4
*5212 53
5113 52
525 523
8
5213
4 62
3012 3012 *29
29
3012 •29
3012 0
3012
3813 39
*38
39
3812 3813 38
38
73
747
8 73
745
8 724 73
7114 727
8
*825 100
8
*724 100
*8118 100 •72% 100
085 115
1385 110
*85 110 .85 115
733 745
4
8 74
753
4 7413 75 4 74
3
/ 7512
1
4
*483 54
4
483 483 *4834 52
4
4
48% 484
2014 2118 193 203
4
8 194 20
194 20
5918 5918 583 593 *584 5938 583 583
4
4
4
4
*____ 107
105 105
105 105
105 105
13214 1324 13013 13212 132 1347 134% 1393
8
2
5412 5312 5418 53
53
5414 55
5412
*93
953 *93
4
953 *93
4
95 4 *93
3
953
4
023 6314 627 6414 6312 664 64
8
8
655
s
192 1953 19614 2044 199 205 200 204
4
84
8612 86
894 '8413 863
4 823 8514
4
10614 107
1057 10614 10614 10614 10614 10614
8
614 6512 6614 6912 6618 6818 66
6912
4958 5213 513 53
8
50% 52
49% 603
4
4
*243 2614 *2518 2614 *25% 2614 *25
261
/
4
27 .26
/
1
4
*26
2778 27
27 .26
27
101 101
0100 101 *100 101
100 101
1654 1685 1663 16913 165 171
8
4
168 171%
4
*101 1043 *101 10434 •101 1043 •101 10434
4
95
96 .92
•92
934 9312 •92
95
*50
1551% 62
52
51% 52
51% 52
442 444% 444 444
4443 4443 •430 440
4
4
4
4
2383 2383 2394 2338 *221 233% 225% 228
77
76
77
78
76
*73
75
75
8 224 23
225
4 22
2218 223
223 23
s
7412 7313 75% *73
7212 7212 74
74
2
4
2,
•
311
3
4
*
-7514 WC -7554 1E4 7614 7612 76
7614
8812 8812 87
89
89
89
89
8914
3
2512 25 4 2512 25% 2514 2513 2513 2512
131 1325 12912 13214 1284 1304 127 12913
8
/
1
4
4 9713 973
9612 9612 074 9712 974 973
4
No par
Profaned
Pref certificates
No par
83
18,700 Chesapeak• Corp
No pa
3518 353
4 2,800 Chicago Pueumat TeolNe pa
5214 5213 1,400 Preferred
No pa
.29
3012
10 Chicago Yellow Cab„-Na par
38
38
900 Chickasha Cotton OU
10
71
7212 25.900 Childs Co
No par
•72% 100
01/11. Copper
25
'85 115
ChristieBrowa tan elf'No pa
7513 793 215,300 Chrysler Corp
4
No fa
*483 52
4
180 City Stores slams .4.Ne ea
1912 20
6,900 New
No pa
5912 5912
900 Cluett Peabedy Jr Co al. pa
•105 107
70 Preferred
100
1394 14612 15,500 Coca Cola Co
No vs
541 563
/
4
4 8.100 Collins Jr Album
No per
*93
953
4
Profaned alsa-voting.._1110
65
667 15.200 Colorado Fuel Jr Iron
8
100
197 2013 14,300 Columbian Carbon•
4
1
83
/ 85 199,100 Colt= Gas Jr Elea-- eNa pi
1
4
-Net Par
105% 1061 1,500 Preferred
/
4
100
69
71% 307,200 Columbia Gm-----one
494 6112 76,200 Cemmerclal
4
Credit__-Na Par
.2514 2614
Preferred
25
27
27
70 Preferred B
25
10012 10012
160 151 preferred (6f.4%)__300
168 171
18.200 Comm limit Trust___Ne par
*101 1043
4
106
7% Proforma
•92
95
100 Preferred (818)
100
45
/ 46
1
4
1.500 Warrants
100
440 4433
4 1.500 Co/mania! Solvents_Ne per
221 221
600 Commonwealth Power Ni per
7514 7712 1,700
ads Nara Publics__ _No par
2212 227 21.100 Congoleum-Nairn Ine_Ne per
8
73
71
2,800 Commas agar
No per
100 Conley Tin Foil atad-Ne Par
*1
/
4
3
4
751s 76
2,900 Consolidated Olgar
No par
88
88
530 Prior prof
100
*2512 27
1,500 Coasol Film Ind pre--N•
1261 128% 184,600 Consolidated Gas(NY)No Par
/
4
Par
97% 98
2.500 Preferred
No par
;go;
•Bid and askod priers: as ages 13 this day. a Ex-div. and ex-rights. a Ex
1
-dividend.
PER SHARE
Ranee Siam Is'. 1.
On barge of 100
-share kis
Lowest
I
MOM
PER SHARE
Rasesfar Pretiess
Year 1928
Lowest
IBMs!
$ per Mars I
per share $ per share
per sham
2634June 20 307 Feb 4
s
2513 Jan 3453 Apr
43 May 22 70 4 Jan 10
4
..0 June 75 Deo
/
1
4
/
1
4
90 June 15 107 Jan 15
9912 Aug 1127 Apr
s
4012May 31 4714 Ail' 5
3713 Feb 53 Sept
/
1
4
3218 Feb 16 673
a
4June 25
3718 Feb 597 May
45 4 Feb 11 6112June 26
3
38 Feb MA Oct
5312 Jan 29 763
/July 5
60 Nov 66 Dee
/
1
4
114 Apr 16 117% Jan 11 11412 Sept 11814 Jag
90 Apr 15 115 Jan 2
63 Jar 114 Dee
100 Mar 13 10612 Jan 14 102 July 11012 Map
101 Feb 25 157 Apr 26
/
4
g
814 Jan
17% June
512May 28 10 Jan 11
4% Jan
9 May
/
1
4
32 Mar 14 4218 Jan 14
25 July 39
JaR
54 May 14 65 Jan 8
68
Oct 71 Ma,
2218 Feb 15 35 s Apr 8
3
64 Jan
/
1
3453 Nov
7
3614 Mar 4 43,Jan 23
25 Aug 41 Now
4214June 10 50 Jan '1
Oct 5212 May
43
210 May 91 27112Mar 22 235 June 285 Mar
11412June 7 125 Apr 3 115
Oct1243 Apr
4
104 June 13 11011 Fob 1 10714 Nov 11171 Jan
25 July 2 331 Jam 23
267 Aug 351 Deo
s
4
853
8July 2 97 Jan 28
917 Deo 10112 June
s
7 June 13 2914 Jan 15
2313 Aug 5212 Feb
38% Feb 18 491sMay 111
20 Jul
63 Nov
38 Feb 18 49 Feb 2
20 Jur
61% Nes
4
87 June 1 1133 Jan 25
98 Jun 14012 Mar
4
I/812July 3 1063 Jan 25 10313 Dec 110 5 Mar
3
20 Feb 7 2912June 18
12 Mar 241 BM
/
1
4
/
4
73 May 25 101 Jan 12
703, July 10114 Dee
4
111s Feb 13 173 Apr 18
Jan
12 D.c 22
81 Jan 29 847 Jan 3
824 1.pt 9212 May
/
1
s
75 4 Mar 26 9412 July 5
3
13% Jan 182 001
8211 Jan 31 1183* Apr 22
517 Jun
/
81 Doc
/
1
4
1165
8May 31 123 Jan 11 118% Juns 125 Apr
4214 Jan 21 617 Apr 5
s
33% J.ly 50 Sept
104 June 3 111 Jan 16 10913 Jan 1113 July
4
97 Feb 16 111 Jan 2
87 June 122 Dee
7813 Mar 25 8513 Jan 12
664 Jan 8512 Dag
6 Mar 26 113 Jan 2
4
1211 Nov
114 Jan
45 Apr 16 633 Jan 11
4
41 Mar 721s Ni,
/
1
4
8311May 28 98 May 11
$114 Aug 23 jam
4June 14 1612 Feb 11
83
30 May 31 63% Jan 3
,
1
,
211 Feb 63 11431
87s Jim 23
29
3 1May
3
Ds Jan
914 May
6 4 Jan 14 1313 Jai 28
3
12 Feb
214 Jan
4212May 28 737g Jan 2
4512 June 703 Nov
106 Apr 30 145 Jan 2 1111 June 168 Nes
31111 Jan 2 345 June 18 2063 Jan 325 Nov
4
170 Apr 9 2123
/June 21 139 June 2834 Nov
4
3812 Apr 4 47 Jan 2
44 Dec Ws Apr
117 Fob 7 11912 Feb 18 115 Nov 120
Jan
2712 Feb 62% Hat
3812May 27 5514 Jan 18
251sMay 28 12% Jan 5
2411 Feb 1334 May
3833May 23 50 Feb 5
331 Feb 145* May
3
11112JulY 3 117 Apr 25 11614 Mar 117 Apr
97 July 5 127 Jan 11
Oat
93 Feb 127
/
1
4
223
8June 4 39 Jan 14
s
1.67 Mar 43% Julie
954June 27 10514 Jan 7
*
97% Feb 11111 Jam,
234 Jan 11 3293
4May 21 139
Jan 249 Dee
543 July 1 //Ws Fob 2
4
50 June 81 De*
10214June 2 11012Mar 2 1047 Aug111 May
s
110 Mar 22 1184 Feb 19 111 Aug11912.11m
/
1
.
614May 28 121 Jan 4
8 4 Aug1115* May
3
412May 28
1214 Nes
4% Jan
913 Jan 3
28 June 6 41 Jan 2
374 Dec47 May
/
1
/
1
4
12234May 28 19274 Jan 2
4
9013 Jan 2043 Doe
1115 Apr 3 12114 Jaa 8 1418% Apr 111 Mei
111414Mar 26 138 May 7
66 Mar 122 Die
72% Mar 26 81% Feb 27
6312 June 62% Nal
25 Juno 17 30 Apr 3
2614 Mar 36 Sept
17sMay 28
13 Mar
4
5 Apr
4 Jan 32
/
1
4
1241sMay 28 135 MayI-,
31%May 23 817 Mar 1
4
201 Jan 471 Nov
/
4
4June 14
71 Jan 4 903
647 Jan Ws May
s
36 June 21 414 Jan 3
/
1
13 Dee 50 Sept
303 June 20 33412June 17
120 July 3 121 July 1
---30 Juno 10 48% Jan 30
LW
3314 Dec 351i .4013 Mar 28 5212 Feb 1
281s Mar 118% Des
1053 Apr 2 1124 Jan 23 107
4
/
1
Jan 1115 Mal
*
12 May 24 2013 Jan 2
11 Aug 24
Oat
70 Apr 16 32 Jan 17
77 Aug 92 Mal
88
/
1
4May 28 120 Mar 1
1812 Jan 119 NUT
1612 Apr 111 285 Jan 2
,
231s Dee 64% Apr
47 Apr 12 81 Jan 11
/
1
4
/
1
4
71 Nes DM May
56 4 Mar 28 9214 Jan 31
5
7011 Oct 1131s Des
26 Jan 24 23 Jan 11
5 Feb 24 N.Y
/
1
4
2212 Jan 11 223 Jan 13
4
38 Mar 7 41 Jan 29
14 Mar 377 Dee
s
37 Jan 9 40 Jaa 14
7812 Mar 26 112 July 2
623 July 8123 Jan
4
281*Mar26 39
/
1
4May 11 111 Aug 17312 Die
4SlsMar 27 56% Jam 11
2812June 19 36 Jan 7
,
297 Aug 43 Jan
37"June2S 50 Jan 2
15 Dec 58 *it
/
1
4
,
447 Mar 26 744Ju1ie 29
17 Apr 64 Daa
711 Jan 8 12712 Mar 21
/
4
273 Mar 74% Ni'
8
9934May 23 115 Feb 4
76 Dec 131
Jay
66 May 31 135 Jan 2
543 Jan 140
4
/ Met
1
4
4834June 28 52 Jan 2
5114 Jan 144.11114
192,June 27 27 Feb 4
54 May 28 723a Jan 3 -4364 Dec 10984 Apr
105 July 1 119 Jan 3 11113 Dee 1245* Mar
1203sJune 1 14612July 5
48 May 29 72% Mar 14 "
iiT,"
Dec 1113 Jan
*
93 Jan 3 10312 Feb II
911 Nes 109 Us
66 May 27 7812 Mar 8
52 June 84
/
1
4
/ Jan
1
4
12114 Mar 26 205 July 2
79 June 1315* Doe
53 Mar 26 893
/
1
4
8July 1
8912 Mar 1417 Dos
,
1037 Mar 21 108 May 24 1116 June 11111e Jam
s
5514June 24 88% Jan 6
61 Dee 84% Nov
43 Mar 26 623 Jan 2
s
21 Feb 71 Nov
24 May 27 263sJune 18
23 Fib 27 Ma.
25 Jan 21 28 June 14
23 Feb 38 1,441
9518 Apr 1 105 4 Jam 24
3
Si June 167 Nov
13112 Jan 2 195 Feb 4
Ws Mar 1464 Nes
/
1
10114 Mar 27 109 Feb 1
99
Jan 109 May
92 May 31 99 Jan 28
92 June 9813 Aug
/
1
4
2714 Jan 7 62 8 Feb 4
7
61s Aug 307 Da*
8
22514 Feb 18 44113
4June 28 1377 June 25014 N.Y
s
1073* Jan 7 246 June 15
823* Jan 1101s Doe
5918June 3 93 Jan 19
48
Jam 84
Ost
191/May 28 36 4 Jan 28
3
23 June 3112 Apr
67 June 17 923 Feb 6
1
87 Feb 871 Dee
4
12June 27
11 Feb 7
/
4
14 May
14 Jan
6
751s July 5 9614 Jan 2
7912 Jan 100 Doe
84 June 5 96 Jan 7
Ws Oct 1124 Apr
4
25 Mar 26 30 s Apr 23
5
23 July 29 Saps
/
1
4
951/Mar 26 1325
8June 29 /74
Au 1703* May
9612June 28 100 s Mar 25
3
971 Aug 1111 Mar
4
loo
New York Stock Record-Continued-Page 4
For sales during the week of stocks not recorded here.see fourth page preceding
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
June 29.
Monday,
July 1.
Tuesday, 1 Wednesday,
July 2.
July 3.
Thursday,
July 4.
Friday,
July 5.
Sales
for
the
Week.
STOCKS
NEW YORK STOOL(
EXCHANGE
PER MARE
Range Sines Jan. 1.
On bails of 160,17sare less
Lowest
4 per share $ per share $ Per share $ per share $ per share $ per share Shares Indus. & Miscel.(Con.) Par $ per share
212.Iune 3
4 2,700 Consolidated Textile__No pail
25
8 23
4
27
8 3
23
4 23
23
4 23
4
23
4 23
4
8
8
1414 1458 143 143
143 143 *143 145
:
8
143 143
4
4
800 Container Corn A vot-No pail 12 May 24
4
4
No perj 8 Apr 20
65
8 63
4
700 Class B voting
*63
2 7
63
4 63
4 *63
4 67
s
63
4 654
8 80
832 833
4
4 8214 833
8114 80
8212 8318 10,100 Continental Baking el ANo pail 4718 Jan 8
834
1234 1314
123 127
8
No par
8% Jan 8
123 13
4
8 123 1353
13
134 40,600 Class B
4
9678 964 964 9618 9512 96
9612 9612
965 964
8
700 Preferred
1001 8813 Jan 2
77
8012 79
8114 7814 794
7818 7912 121,500 Continental Can Inc__No pal80 Jan 19
7714 777
100 1243 Jan 7
*125 127
80 Preferred
*125 128 *125 128 *125 128
1243 125
4
1 4
10 79 Mar 26
8 84
867
8 8514 8714 883 90
9012 9212 24,600 Continental Ins
83 8 833
3
4
1512 157 32,000 Continental Motors-No pail1418June 27
8
15 4 163
3
8 15 4 163
3
8 155 16
8
1512 157
3
251 82 Mar 26
2100 1015 42.200 Corn Products Reflnlng
8
4 985 10112 10018 1023
8
8
9914 10012 993g 1003
014112 142
20 Preferred
1001 141 June 27
*141 14212 14114 14114 *141% 14112 14114 14124
No Pail 51 Mar 26
6112 654 86,300 Coty Inc
623
8 6118 62
613 6212 6114 6212 61
4
30
8
*30
31
*30
31
*30
32
30
100 Crex Carpet
31
*30
1001 225 Jan 10
994 *93
98
*9514 997
8
*9514 997
8
Crown Will Pap 155 Dt_No par 95 June 20
*9114 98
*93
Crown Zellerbach
No pail 185
•1812 20
8June 5
*1814 1912 *1812 1912 *1812 20
*1812 20
1037 1053 16,500 Crucible Steel of Amerlca,.100l 85 Mar 28
10112 10312 1025 10618 .105 1064
8
4
8
10112 102
100 109 Jan 8
113 113 *111 113 *111 113
112 112
200 Preferred
*109 115
Na par 111zMay 31
8
133* 1412 2,700 Cuba Co
,
1312 1312 1314 1312 33133 1312 13 2 13 2
,
Na par
17
sJune 7
4 *212 3
3
3
3,000 Cuba Cane Sugar
23
212 24 *212 23
4 23
4
71
8
100
57
8June 11
8
600 Preferred
*714 812
712 *8
812
73
4 73
4
8 4,400 Cuban-American Sugar___10 11 Apr 24
1312 137
8 1338 13 4 137 137
3
1318 13%
13
133
8
64
100 6018June 14
64
64
260 Preferred
6314 6314 634 634 634 6312 64
2 June 21
8 1,100 Cuban Dom'can Buil-Ns par
*212 25
*258 3
*25
8 3
24 3
3
212 25
8
50 4918May 27
55514 5514 2,400 Cudahy Packing
52
5212 5212 557
4
517 514 513 52
8
$
15812 1593 11,300 Curtiss Aer & Mot Co_No par 13518 Mar 26
4
8
159 16212 15912 1627 15912 161
162 164
__
No par 20714 Apr 17
_
.*224
*221
___ ---- __ Cushman's Bonn
*221
*221 235 *221
100 120 June 19
-10 Preferred (7)
-120 120
*120 125
•120 121 *120 12
- - *120 128
8
10 6818 Mar 28
7112 7512 5,800 Cutler-Hammer Mfg
694 73
647 65
8
644 6512 6614 67
No par 63 Jan 3
95
95
95
95
*93
800 Cuyamel Fruit
91
9112 92
*89
92
No par 427
8May 31
545
8 52
534 5214 54
5318 5512 22,400 Davison Chemical
4 52
5114 533
53 3414Juiy 2
8
*343 343
8
4
400 Debenham Securities
3414 3438 3414 343
4
*343 354 *343 36
2
100 116 Feb 26
11934 120 *117 120
11712 11712
150 Deere & Co pref
4
1163 118 *11612 120
100 224 Jan 2
28414 287
2,900 Detroit Edison
290 290
288 290
295 295
286 294
515
, 4,500 Devoe & Reynolds A_No par 4312June 13
50
8 5012 5118 504 5l7
8 5018 5018
5112 517
100 112 Jan 7
11314 11314
130 1st preferred
11314 115
1134 1134
*11314 115 *11314 115
100 130 Apr 2
*140 14112
110 Diamond Match
140 140 *140 143
140 140
141 141
No par
834 Mar 26
94 93
4 1,500 Dome Mines, Ltd
93* 95
*95
8 97
8
93* 9 8
7
8
912 914
No par 105 May 27
112 113
16,900 Drug Inc
1083 1095 10912 11312 110I 113
4
8
109 109
493 5412 7,400 Dunhill International No par 493
4
4July 5
4 55
55
547 55
8
5712 5712 25412 563
400 Duquesne Light let pref _100 4913 Jan 24
99
*983 99
8
994 99
9914 99
*99 10014 *99
*5
6
200 Durham Hosiery Mills B__ 50
5 June 27
*512 6
3
.53: 6
6
6
*5
6
100 36 Jan 2
40
40
*40
42
*40
42
60 Preferred
42
407 40% *40
8
1923 1953 40,000 Eastman Kodak Co.....No par 168 May 27
4
4
4
8
181 1813 18014 18314 1823 1937 1934 19912
4
100 12512July 3
*12512 12612
110 Preferred
4
4
12614 12614 12614 12614 1253 1253 12512 1253
4
64
65
13,100 Eaton Axle dr Spring___No par 56 May 31
65
667 683
3
8 85
4
6612 6818 663 68
20 155 4 Jan 22
3
187 202
51,300 El du Pont de'Nem
4
184 18514 184 18712 182 18614 18414 1863
100 115 4 Jan 21
3
*116 11612
500 6% non-vot deb
4
4
1153 1153 *1153 1161* 1153 11554'116 11612
4
4
25 957 Jan 2
8
------ Eisenlohr & Bros
-- -- -- ----- ---- ---- -- -- --- - ---- -- -- -- -100 9312 Jan 9
Preferred
---- ---- - -- - ---- -- -- - - - - -- -- -- -No par 2612May 28
2914 2914 1.500 Eitingon &Mild
28
28
27
28
27
2914
2712 28
100 9238June 25
96
*9112 94
*9113 94
100 Preferred 654%
9222 9212 *92
*9212 96
No par 12634 Mar 26
166 1673 39,700 Electric Antoine
4
16512 16712
8
1627 16612 164 16714 1653 170
8
100 108 July 3
109 109
108 10912
40 Preferred
111 111 *108 111
111
*10914
Stock
No par 1112June 12
125 125
8
125 13
8
8 3,000 Electric Boat
8 1312 14
133 1312 1312 133
8
No par 431a Jan 8
79
764 794
774 7912 117,300 Electric Pow & Lt
4 77
7934 8118 7738 803
No par 103 June 25
3
4
8
1,200 Preferred
105 4 1053 1055 106 Exchange 105 106
10512 106
105 105
12212 Jan 4
140 140
10 Certificate. 50% paid
*14012 146 *137 146 *138 146 *139 140
8
4 Closed
83
8414 8312 8418 825 833
837
s 4,700 Mee storage Battery___No par 77 Mar 28
837 843* 83
318June 15
*314 44
Elk Horn Coal Corp___Ne par
4 *314 43
4 *314 43
4
8 *314 43
*314 35
5 May 31
v812 93
8 *812 93
93
8 *85
8 9 8 Indepen5
8 *81
718 75
8 1,000 Emerson-Brant class A_Ne par
6758 674 1,100 Endicott-Johnson Corp___-50 6612June 26
4
67
67
663 67
4
*663 6718 6612 663
4
100 121 Feb 7
Preferred
•10814 11818 *110 11818 *110 11818'110 11818 dence Day *110 118%
615
8 5814 603
5812 594 35.800 Engineers Public Serv_No par 47 Mar 25
623
4 60
4
613
4 60
61
NO par 90 Jan 12
Holiday
9612 9612 1,300 Preferred
9612 *9612 97
9812 994 9612 9612 96
393 394 9.100 Equitable Office Bldg No par 3114 Jan 4
4
3
4 39 4 394 393 393
4
4
393 393
4
4
393 397
4 1,800 Eureka Vacuum Clean_No par 4412 Feb 1
52
52
52
5114 513
51
51
51
51
51
26
2612
130 Exchange Buffet Corp No par 2214 Jan 15
*2514 26 . 26 26
25
25
*2514 26
3
No par 40 8May 28
*45
4712 *4512 4638 *45
46
2,300 Fairbanks Morse
4613
4412 4712 46
100 1063
4Ma7 10
107 10714
260 Preferred
107 107 *10714 108
107 107
*1063 107
4
,
15 681 Jan 3
102 102
09818 101
100 Federal Light & Tree
*10012 104 *10012 10212 *100 103
.fline 11
98
98
No Par 9212
*98
99
101 Preferred
9918 *98 100
9918 *98
*98
100 Federal Mining & Brneit'g_100 215 May 22
*235 250
240 240 *240 250 *235 250 *235 250
100 9814 Mar 27
102 102
3001 Preferred
*100 10014 *100 1004 10014 100% •100 102
4June 20
*16
1612 1,800 Federal Motor Truck_No par 133
154 1512
164 163
, 1524 16
163 17
8
.10 9014 Mar 26
10612 109
100 10312
11,4001Fidel Phen Fire Ins N Y
*92
984 98% 100
94June 19
No par
201Fifth Ave Bus
*1014 1012
4
*93 1012 *10, 1012 *1014 1012 1014 1024
8
No par 66 May 29
79
7514 78
2.100'Fliene's Bons
743 8014 79
4
7212 7312 75
•70
100 983
8June 18
•9912 102
30 Preferred
*994 102 .
8
1004 1007 100 100
*9912 101
6812 68
6914 70
8,000 First National Btores__No par 62 Apr 18
68
694
6814 6712 68
675
8
75sJune 14
812 8 8 12,500 Flak Rubber
7
No par
812 87
84 84
8
812 8 8
7
4
83
4 83
43
46
1,050 let preferred stamped...100 4014June 27
4312 4312 42
41
43
41
45
*41
4314 4514
250 let preferred cony
100 41 July 3
*4118 45
41
*4612 54
4314
59
4
10
9112 312.3001 Fielechmann Co
No par 6518 Apr 30
89
4
868 863 8912 8818 8914
3
823 83 8 83
400 Floreheim Shoe cl A___No par 46 June 28
*4612 48
*4612 48
4612 4612 *4612 48
46
46
*97 10218
2001 Preferred 6%
100 9714 Mar 18
*97 10218
*97 10218 *95 10218 100 100
6834 703* 6,800 Follansbee Bros
No par 5714May 28
8 67
654 6514 663
65
6834
65
64
No par 44 May 27
*50
511z
800 Foundation Co
5112 51
513
52i 5212 51
4
50 2 51
,
No par 80 4May 28
3
863 871z 11,800,Fox Film clam A
8
4
4
8 863 877
8 853 87
871s 8914 x8512 885
100 1043
4June 12
20'Franklin-Simon pref
1043 105
4
10434 1043 1043 1043
4
4
4
4
4
*1043 105 *1043 105
4612 473
4 7,900 Freeport Texas Co.....No par 3714June 1
4614 4712 46
4718 48
4634
48
473
4
100 Fuller Co prior pre ____ o par 99 Mar 26
102 102
*102 106 *102 106 *102 104 *103 104
2412 4,900 Gabriel Snubber A....No par 20 Mar 25
24
25%
3
25 4 2612 254 25 4 2512 2512 24
3
5 1012 Mar 25
145 15
8
5.400 Gardner Motor
8 144 1412
143 153
4
3
8
8 15 8 157
1514 157
923 9518 99,800Gen Amer Tank Car___No par 81 May 28
8
4
8
9412 964 943 953
94% 957
8 934 96
100 61 Mar 26
8312 8514 15,000 General Asphalt
8458 83
83%
831
: 83
: 83
: 821
813
100 10412 Mar 26
•127 130
100 Preferred
125 125 *125 128 *127 130
•123 126
50 General Baking pref___No par 130 Mar 28
•13012 131
13012 131
130 130
*130 136 *130 137
No par 3712 Jan 9
463 4814 5,200 General Cable
4
8 4518 47
451s 457
4512
434 433* 44
No par 81 Jar 8
9712 10,200 Class A
96
923 957
8
8
903 92
4
93
9414 90
90
100 104 Apr 13
200 Preferred
10512 10512
4
*1033 10512 *104% 10512 10512 10512'10514 10512
No par 63 Jan 8
2,100 General Clear Inc
*703 71
4
705
8
8
7112 705
8
705 714 71
*7013 71
10 Preferred
100 11214 Jan 5
*1173 120
4
4
4
4
4
4
1173 1173 *1173 120 *1173 120 •1173 120
No par 219 Mar 26
95,200 General Electric
350 360
34514 355
4
4
8
4
323 3247 3253 3343 3303 353
10 11 Jan 3
114 11 4 7.000 Special
,
1114
11% 11
11
11
11
1123 1114
803 803
8
8 1.200 General Gas & Mee A-No par 70 Jan 7
8 794 8038
8
8 803 803
8 804 805
8012 805
No par 78 Jan 3
Class B
*9614 100
*9614 100
*9614 100
eggi., 100
*9614 100
No par 113 July 2
113 1133
4
150 Pref A (8)
113 113
113 113
115 •____ 115
No par 90 June 20
Pref B (7)
•10214 10212
*10214 10212 *10214 10212 *10214 10212'10214 10212
8
Gen Ice Cream Corp_-No par 797 Mar 9
4.113_ *113
__ __ _ ___
_ _ *113
No par 675
8June 1
737 10.800 General Mills
8
73
8 72
72 72
73%
7112 71% - -12 713 - 71 I 100 94 June 29
200 Preferred
*9512 96
*955 96
8
96
953* 954 *94
94
94
10 683
8May 31
753 7714 310,900 General Motors Corp
8
8 75
8
8 7514 763
7534
74 8 7518 745 755
5
100 12212May 28
124 12412 2,400 7% Preferred
8
1233 1237e
4
12312 12312 1235g 1237 *12312 124
46
600 Gen Outdoor Ado A__No par 45 June 28
46
46
47
*48
47
46
46
48
*46
4,400 Trust certificates___No par 32 Feb 14
x33 33
3312 34
34
344 34
347
8 34
33
No per 9312 Mar 28
40,600 Gen By Signal
11612 118
8
8
8
11712 11814 117, 1197 11814 12134 1165 11918
78
15,500 General Refractories_ __No par 68 Apr 10
77
793
8 77
793
8 77
7812
8 78
7712 787
11314 11514 31.800 Gillette Safety Rasor__No par 101 June 11
8
8
10812 10819 10812 110, 11114 11414 111 1133
No par 31 June 20
403 17,700 Gimbel Bros
4
37
3312 3312 3412 3518 3614 40
34
*32
100 81 June 10
800 Preferred
85
85
•8114 82
827 82%
8
*8114 82
84
*81
No par 387 Jan 2
8
613 6314 25.100 Glidden Co
8
8
8 6014 62
6018 6218
615
8 603 623
8012
100 10118June 7
*
160 Prior preferred
103 1037
103 103
103 103
*102 103 *102 103
No par 44 Jan 26
48
7,500 Gobel (Adolf)
46
45
463
4 4612 453j 47
4712
47
46
65
6734 122,600 Gold Dust Corp v t o.
-No par 5318May 27
6314 6412 64
62
6612
6012 614 61
No par 73 May 27
8
804 843 25.800 Goodrich Co (B F)
8
8012 823
8 8014 823
83
8012 814 81
100 III June 14
400 Preferred
112 112
8
11212 112 112 *11153 11218 *1115 11218
11212
8
12712 1307 68.200 Goodyear T & Rub____No pa' 112 Feb 21
1293 128 12954
4
8
12414 1283 r126 1294 126
Na par 101 May 28
1,600 lit preferred
1013 102
8
10114 10114 10114 10114 101 10112 10112 10112
• Bid and asked prices; no sales on thin day. z Ex-dividend
HIODOIll
PER BB IRE
Range for Preston,
Year 1928
Loosest
Higbee.
$ per Mare $ per Shari 8 per chard
gig Deg
633 Jag 14
24 Aug
2313 Jan 9
20 Nov 36 Apr
Ills Jan 2
934 Oct 1914 Apr
843
4June 26
2612 Apr 531 Jan
:
143
4Ju0e 7
3 4 Apr
3
93 Dec
s
100 June 6
73 Apr 961: Jan
8114July 2
63 Dee 1287 Sept
8
128 Fee 14 123 Jan 128 Mal
9412 Jan 14
75 Feb 943* May
287 Jan 21
1
10 Mar 2013 Nov
1027
8June 26
4143 Jan 94 Nov
8
1443 Jan 19 13813 Jan 1483 Apr
4
4
8214 Jan 28
625 Dec 897 Nov
/
s
575 Apr 17
8
1213 Sept 27 Nov
10114 Jan 18
9813 Jan 10514 Oet
2314 Dec 283 Nov
253 Jan 9
4
4
10658July 3
6914 July 93 Feb
11634 Feb 28 111 Dec 121 Ma7
20
2412 Jan 3
Oct 287 May
8
51 Jan 3
:
Pt July
74 Map
187 Jan 3
8
13114 Oct 323 Jan
8
17 Jan 3
16 8 Dec 2414 May
3
95 Jan 3
93 4 Dec 108 Feb
3
6 Nov
12
Jan
83 Jan 2
4
6778 Jan 15
54
Jan 781 Aug
/
4
531s Feb 1923 Mel
17313 Feb 5
4
22514 Jan 15 1443 Jan 230
4
Jan 141 S%
130 Mar 22 114
7512July 5
52 Jane 6512 Nov
95 July 2
49 July 63
Oct
6913 Jan 31
345e Feb 883 Nov
4
38
467 Jan 24
s
Oct 4914 Apr
128 Jan 4 11513 Feb 1261 May
4
295 July 1 1664 Jan 22414 Dec
40
Jan 61
Apr
647 Feb 5
8
Jan 120 May
11513 Jan 15 108
18413 Jan 11 1343 Jan 172 Nov
s
10 4 Apr 26
3
8 June 1313 Jan
80 Mar 1201 Nov
,
1264 Feb 4
8
92 Jan 2
554 Jan 995 Nov
1007
998* Oct 1164 Mal
sMar 5
111s Mar 4
3 Aug
813 May
45 Apr 17
343 Oct 4612 Jan
4
19912July 3 163 Feb 19414 July
128 Mar 9 12312 Aug 134 Apr
763 Feb 1
4
26
Jan 684 Nov
202 July 5-119 Apr 5 114 July 12113 Mai
11213 Jan 18
1218 Jan 99 Dee
100 Jan 18
87 Nov 10013 Feb
393 Jan 10
8
3314 Aug 43 Nov
113 Jan 19 1013 Aug 1217 Nov
3
8
172 May 3
60 June 13618 Dee
115 Apr 2 10812 Sept 11212 Deo
184 Mar 19
83 Aug
4
173 June
8
8114June 28
281 .an 4981 Dec
4
10914 Feb 13 105 Dee 11018 Mar
14012June 28 12014 Nov 1297 Apr
8
69 Feb 9111 Dee
92 8 Feb 4
7
64 Jan 9
8
une
9 Jan
2212 Feb 7
54 Feb
153 Dec
1
8338 Jan 4
743 Dec 85 Apr
4
1244 Feb 28 12114 Jan 1275 Dec
8
33 Feb 51 Nov
623
4July 1
9012 Dec 10212 Oil
10413 Jan 31
41 May 1
295, Oct 333 July
4
43 Dec 79 Jan
54 Feb 28
2612July 5
193 July 545 Oct
4
8
513 Jan 21
4
324 Jan 54
Apr
Jan 1148 May
4
1107 Jan 9 104
8
109 June 19
42
Jan 71 Doe
98
Jan 109 Apr
104 Feb 6
310 Feb 4 120 Apr 230 Dee
9114 Jan 1024 Sept
102 July 5
2232 Feb 6
163 Aug 257 May
a
s
754 June 1074 Dec
112 May 16
1114 Jan
133 Mar 2
4
154 May
9812 Feb 25
107 Jan 23
e
18 Apr 783 Dec
747 Mar 18
3
87 Aug
8
173 Jan
4
2018 Jan 23
7213 Jan 14
553 Oct 9118 Jan
4
54
Oct 974 Jan
8212 Jan 25
9112July 5
65 June 893 Oct
8
4914 Nov 561 Nov
54 Jan 8
9818 Oct 100 Deo
10218 Jan 18
4
587 Dec 1394 Dec
8
733 Mar 19
363 Oct 5712 Dee
8
695 Apr 30
8
72 June 1193 Sept
3
101 Jan 19
110 Jan 4 10613 Dec 113 Feb
547 Jan 25
8
43 Oct10914 Jan
10712May 7 102 Mar 10978 Apr
15 Mar 2813 Jan
33 8 Feb 5
7
25 Jan 31
714 June
1788 Dee
102 Jan 9
607 Feb 101 Dec
3
87.
18June 11
68 June 947 Apr
8
131 June 11 1104 June 14112 Apr
140 Feb 5 132
Oct 150 June
81 Feb 28
21 Feb 413 Nov
4
12012 Feb 28
66 Feb 883 Nov
4
10719 Jan 21 102
Oct107
Ost
74 Feb 25
754 Feb
5918 Nov
122 Jan 24 11414 Sept 130 Mar
360 July 5 124 Feb 22112 Dee
113 Feb 4
4
11 Sept 12 June
90 Apr 3
3514 Jan 74 Nov
112 Apr 25
37
Jan 80 Nov
135 Feb 14 121
Oct 144 API
118 Feb 15 105 Oct 1147 May
s
112 June 17
744 July 1044 Oet
8918 Jan 18
79 Dec 844 Nov
100 Jan 4
9813 Dec 10014 Dee
91114Mar 21
73 4 Dec 9014 Nov
3
1264 Jan 2 12313 Jan 12713 Apr
52 Jan 2
49 Aug 587 Jag
8
41 Mar 12
2913 AuL 5211s Jan
12184July 2
8
8414 June 1235 J Jr
8618 Feb 20
454 June 82 .11.0
1283 Jan 26
4
9718 June 1233 Oct
s
8
4818 Jan 28
3418 Mar 597 June
90 Jan 3
87 Mar 101 JuLe
6314July 5
203 Jan 37 Deo
8
Jar 105 Sept
1064 Apr 22
95
66 Feb 5
4212 Dec 621s Nov
Jan 14314 Dec
82 Jan 19
71
10914 Dee
681s Jun
1053 Jan 2
4
11518 Feb 25 10913 Feb 11533 May
444 June 140 Dee
15411 Marl!
9213 Mar 105 Del
1047 Feb 28
8
New York Stock Record-Continued-Page 5
101
For sales during the week of stocks not recorded here. see fifth page preceding.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
June 29.
Monday,
July 1.
Tuesday, 'Wednesday,
July 2.
July 3.
Thursday,
July 4.
$ per share $ per share $ per share $ per share
3 per share
Friday,
July 5.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
Lowest
Shares Indus. & Mecca. (Con.) Par
Gotham Silk Ilosiery__No par
4212 43
43
48
4814 5114 -Lo- 1 7- 8
6
No par
-482 49
15.900 New
97 •
97 •____ 95 •____ 95
100
Preferred new
95
*____ 96 *---- 96 •____ 9612 *--__ 96
Preferred ex-warrants __.100
*____ 96
11
11
1114 1114
1114 1114 .11
1114
No par
700 Gould Coupler A
12
12
314 3214 3114 323
8 3112 3218 30 8 3112
,
32,500 Graham-Paige Motore_No par
30 8 33
,
*26
2812 27
27
•27
28
No par
2614 2614
300 Certificates
•27
28
7718 7912 783 803
4
8 793 80
4
8114
79
11.900 Granby Cons M Sm & Pr_100
8012 82
*8118 8412 8118 8314 81
813
81
100
4 81
*823 8412
700 Grand Stores
4
2412 25 8 24
3
25
23
/ 243
1
4
/
4
8 241 244
No par
/
1
233 243
8
8 4,700 Grand Union Co
*45
46
4512 4512 4514 45 4 *45
4512
No par
,
4514 454 1,600 Preferred
/
1
1217 1217 122 12212 1223 12314 123 123
8
8
4
No par
1,600 Grant (W T)
123 123
29
29
/ 2812 29
1
4
2918 294 2918 29
/
1
4
/
1
29
/ 29 8 16.000 Cl Nor Iron Ore Prop_ _No par
1
4
,
343 35
4
35
/
1
3512 344 353
No par
6,200 Great Western Sugar
4 3514 3512
3512 353
4
113 1137 114 114
/
1
4
8
11414 11414 11414 11414
100
110 Preferred
1153 1153
4
4
16512 17014 17212 1767 171 174
8
3
170 4 17812
,
27,800 Greene Cananea Copper... 100
1763 179
4
*212
23
4 3
*23
4 3
•25
8 3
300 Guantanamo Sugar____No par
*23
8 3
*48
50
46
48
*46
*46
100
50
50
30 Preferred
*46
50
.63
64
6314 644 644 663
/
1
/
1
661
100
8 65
/
4
651 654 5,400 Gulf States Steel
/
4
/
1
•10212 10812 *10612 10812 .10612 107 *10612 107
100
20 Preferred
10612 10612
*2514 26
26
*2514 26
26
25
2612 27
/
1
4
220 Hackensack Water
277 27
8
/
1
4
*2712 29
*2712 29
29
29
*2712 2812
25
20 Preferred
52712 2812
*27
2712 •27
2712 27
2712 *27
25
27
40 Preferred A
•27
2712
3478 3518 351 354 3512 36
/
4
3514 35
/
1
No par
/
1
4
344 353 15.500 Hahn Dept Stores
/
1
8
97
973 *963 98
8
4
964 964 967 97
/
1
/
1
100
8
800 Preferred
973 973
4
4
*10112 103 *10112 103 *10012 103 *1011 103
/
4
100
Hamilton Watch pref
*10112 103
*96
97
96
963 •9618 97
4
9618 97
300 Hanna lot pref class A___ _100
*9618 97
•---- 59 "____ .59
•58
5912
Harbison-Walk Refrac_No par
*58
5912
•11212 114 •11212 114 *11212 114 *11212 114
100
Preferred
.11212 114
*23
/ 243
1
4
4 2434 244 *2314 241.4 243 243
/
1
4
800 Hartman Corp class A_No par
244 2514
/
1
4
213 227
4
8 223 2312 23
4
No par
237
8
4
2412 7,100 Class B
24
'5312 641, *6312 6412 *6312 6412 233 24
20
5638 6412
Hawaiian Pineapple
8
*6338 6412
0101 10112 102 102 •102 10312'102 105
25
100 Helme (0 W)
•102 105
9112 92
93
96
92
947
92
93
924
/
1
93 8 9.200 Hershey Chocolate_ No par
,
4 968 9612 994 9618 98
/
1
No par
9614 973
9618 97
/ 9,100 Preferred
1
4
4
•106 10618 *106 10618 106 106 *106 10612
100
100 Prior preferred
•106 10612
247 26
8
243 2512 25
4
25
244 253
/
1
No par
25
4
254 4,400 Hoe (R) Jr Co
/
1
38
38
39
40
*39
40
35
3812
No par
2,500 Holland Furnace
37
37
.17
18
1712 1712 17
174 •1612 17
/
1
600 Hollander & Son (A) ..No par
17
17
*7012 74
73
73
73
73
*71
100
74
400 Homentake Mining
73
•72
*6518 68
6514 654 654 6514 6512 6714
/
1
No par
500 FIouseh Prod Inc
•6514 6712
.77
80
*77
8158 81
81
783
4 80
80
83
/ 5.200 Houston 01101 Tea tern ctfs 100
1
4
,
6512 66
66
6712 6614 6712 674 70
No par
/
1
Howe Sound
70
711
/
4
8812 887
8 88
8918 8512 90
/ 89
1
4
9014
8818 9112 44,200 Hudson Motor Car__ No pa
47
473
8 4614 4712 4618 467
8 46
4778
464 48
/
1
/ 16,100 Hupp Motor Car Corp__10
1
4
347 3478 344 3518 343 3538 3434 3518
8
/
1
8
344 351 7,900 Independent 011 & Gas_Ne par
/
1
/
4
211 214 203 2012 •20
/
4
8
2112 •20
No par
21
900 Indian Motocycle
20
20
80 •---- 80
80 •---- 79
100
Preferred
•____ 79
4314 44 4 43
3
443
4 43
10
45
/ 44 4 4618
1
4
,
4412 451 30,200 Indian Refining
/
4
413 43
4
40
411 403 4312 42
/
4
4
10
441
42
/ 4312 29,800 Certificates
1
4
100
Preferred
;156- 98
-54 18 - 1. ;(5O- 95
5
66 2
No pa
200 Industrial Rayon
645- W W.•140 145
145 145
146 150
No pa
148 150
2,400 Ingersoll Rand
149 149
9012 901
90
903
4 9012 93
/ 92
1
4
No pa
7,000 Inland Steel
92
9414
92
4418 45
/ 46
1
4
464 461 47
/
1
/
4
Stock
/ 4614 463
1
4
46 4614 15,900 Inspiration Cons Copper__ _20
*83
4 9
*83
4 9
812 83
9
9
9
9
1,500 Intercont'l Rubber
No Da
4
87
8 8 8 *812 8
7
/
1
4
8
/ 858
1
4
No pa
900 Internal Agricul
84 87
8
8
/ 8 Exchange
1
4
/
1
4
64 •____ 84
100
64 •____ 62
Prior preferred
•__ _ 62
210 210
2173 2233 220 220
4
4
Closed
219 2233
/
1
4
8 4,200 Int Business Machines_No pa
219 2197
*83
85
8418 84,
4 8314 8319 8314 8414
83
2,200 International Cement.. No Pa
80
63
/ 651
1
4
63 8 6512 63
,
641
62
/ 643 Indepen1
4
6514 67 102,500 Enter Comb Rug Corp__No pa
/
1
4
1004 101
/
1
101 10112 101 101
100
10214 10212 1,200 Preferred
1013 102
4
108 1083 1065 1084 1053 108
8
8
/
1
4
10718 111 dence Day 109 111 4 27,600 International Harvester No pa
,
,
•140 14018 140 14012 140 140
10
140 140
1,200 Preferred
*13014 140
8218 82
/ 82
1
4
823
4 83
851
Holiday
8312 853
16.300 International Match pref__3
8312 85
5
51
512
100
5
.5
58
3
5
51
/ 3,500 Int Mercantile Nfarine
1
4
*51 5
/
4
45
453
4514 4614 4512 471
10
4512 46
46
47
15,200 Preferred
5114 517
511 52
/
4
/ 5112 521
1
4
503 513
8
51
5212 83,800 hit Nickel of Canada_Na pa
*50
70
*50
70
•50
70
International Paper.._.No pa
•50
70
*50
70
*85
90
*83
89
*86
100
90 .86
*86
90
Preferred (7%)
90
28
287
29
2914 29
293
8 29
29
291
/
4
303 10.100 Inter Pap & Pow el A _ _No par
4
17
17
*17
173
4
1718 17 8 17
No par
,
17
19
1718
5.700 Claes B
1212 127
127 1314
8
121 123
/
4
No par
123 1314 6,600 Class C
1212 13
8
•84
8514 83
84,
4 83
100
841
83
/ 84
834 84
1
4
/
1
2,300 Preferred
4614 4812 49
49 4 50
,
50
49
497
8
50
1,100 Int Printing Ink Corp__No par
50
9512 9512 .96 2 9712 .9512 971 *9512 9712
,
100
*9512 9712
60 Preferred
*71
72
72
72
71
71
*71
72
100
73
40 International Salt
73
•13.5 141
141 14212 *135 141 •135 140
100
•135 140
600 International Silver
.10914 110 •10914 110
10912 1091 •1094 110
100
10914 10914
20 Preferred
9918 107
10414 1083 102 1063 101 10518
4
100
1034 10614 377,500 Internat. Teiep & Teleg
/
1
7014 7012 *7014 711 693 701
/
4
8
70
7014
6918 6914 1,700 Interstate Dept Stores_No par
•120 125 •120 125 *120 125 *120 125
100
*120 125
Preferred
33
33
3312 35
35
36
36
3612
No Par
36
3612 7,000 Intertype Core
513 52
8
.52
52
5112 52
52
52
I
.511 52
/
4
/ 1,000 Island Creek Coal
1
4
823 823
4
4 83
8412 •81
84
84
83
82 82
1,900 Jewel Tea. Inc
NO par
•
100
Preferred
.
183- jiff]; 182 1853 1133- 1186 1 18484
-7
No par
186 18912 26,200 Johns-Manville
•121 122
12012 12012 •121 122
121 122
100
12012 122
120 Preferred
•11812 120
1193 120
4
118 1203 118 120
/
1
4
4
460 Jones & Laugh Steel pref _100
11812 12012
27 •__ _ 27
•____ 27
•____ 27
Jones Bros Tea Inc___ _No par
7
i
7
i
.67
8 7
No par
7
7
7 12 2,300 Jordan Motor Car
73
8
•10814 10914 *10814 10912 •10814 10914 •10814 10812
*10814 10914
Kan City P&L lst Of 13_N0 par
*2512 26
*25
2512 25
25
25
.2512 2612
25
400 Kaufmann Dept Storee_212.50
.8112 83
8314 847
8
500 Kayser (J) Co v t c.... No par
354 36
/
1
3412 36
39s
3712 3712 *37 W12
500 Keith-Albee-Orpheum_No pa
112 112
1111 112
/
4
11212 113
100
11412 118
120 120
2.000 Preferred 7%
153 157
2
8
1512 16
1512 15 4 1512 1534
3
153 16
4
7,200 Kelly-Springfield Tire __No pa
•---- 73 •- - - 73
73
73 •____ 73
100
•____ 73
10 8% preferred
82 •_...z7 82
75
75
84
.75
100
20 8% preferred
•____ 84
49
4912 4812 4912 48
484 481 4812
/
1
/
4
4818 4812 5,200 Kelsey IlayesWheel newNo par
100
Preferred
1618 163
1614 -11
8
1614 171* i6't 17
11
No pa
1612 161 39 500 Kelvinator Corp
/
4
.
844 8612 863 893
/
1
1
4 873 9118 90
8
921
/
4
9212 93 392,200 Kennecott Copper
No Pa
/
1
4
4012 42
4112 42
4112 42
40
/ 4218
1
4
42
4212 3,700 Kinney Co
No pa
100 100 *100 102 •100 102 •100 102
984 98 4
100
/
1
30 Preferred
,
313 3212 32
4
327 p32
8
3212 32
337
8
334 3912 44,000 Holster Radio Corp.
-NO Par
4738 48
47
/ 474 47
1
4
/
1
/ 47
1
4
/ 473 477
1
4
4
8
47
/ 4812 6,800 Kraft Cheese
1
4
No par
*95 4 9614 *953 99
3
4
96
96
•953 96
4
*9584 96
100
100 Preferred
47
473
4 464 47
/
1
/ 463 47
1
4
4
474 48
47
10
4912 6,300 Kresge (13 8) Co
•11214 114 *11214 11414 *11214 11414 *11214 11414
11212 11212
100
20 Preferred
•14
147
8 15
141 141 •1412 15
15
/
4
/
4
.1414 15
300 Kreege Dept Storsi____No pa
.6812 70
68 8 683
,
8 6812 68
/ 6812 70
1
4
•6812 70
50 Preferred
100
•93 100
93 93
*93
96
•92
934
/
1
9114 9112 1.400 Kress Co
No par
357 364 35
8
/ 3634 3512 364 3512 361
1
4
/
1
/
1
/
4
354 3614 64,600 Kreuter & Toll
8418 85
8318 84 4 83
,
8412 834 87
/
1
8518 864 28,200 Kroger Grocery & Bkti_NO Par
/
1
*215 250
242 245 •2493 260
4
110 Laclede Gas
100
•11715- 16-- -- 100 100 .100 101 •100 101
1
30 Preferred
100
3412 3412 34
/ 343
1
4
8 343 35
4
/ 34
1
4
347
8
334 343
/
1
4 4,900 Lego Oil & Trammort-No Dar
14414 14714 14512 148
144% 14678 1441 147
/
4
14518 1473 72,300 Lambert Co
8
No Par
•1412 143
8
8 1418 143
8 1414 141
/
4
4 14, 14,
14's 1418 2,100 Lee Rubber & Tire_ _ No par
*5012 51
511 5014 61
/
4
50
50
/ 503
1
4
5012 51
4
3,100 Lehigh Portland Cement__ 50
107 8 105
1083 1083 108 108
4
4
108 108
,
107 108
130
Preferred 7%
100
52
504 52
/
1
51
5112 52
5118 52
5012 51
3,000 Lehn & Fink
Ns par
par
Life Savers
-11312 833 -OA, W7
.
-8 Li- 88
-8314
-89j2 12
- _ -3;665 Liggett k Myers Tobaoco _o_ 25
N
/ 8312 84
1
4
837 88
8
/ 83
1
4
8314 8312 83
8914 90
/ 12,600 Series B
1
4
26
'1104 133 *110 133 .110 133 .110 133
•110 133
100
Preferred
54
/ 534 544
1
4
/
1
/
1
/
1
.533 54
4
5314 5458 5,400 Lima Locom Works__.No per
53
/ 544 53
1
4
/
4
89
911 90
/
927 9412 36,200 Liquid Carbonic
4
8
917
8 9014 911 904 927
8
No Par
/
4
/
4
/
4
57181 574 5834 611 6012 611 591 6012
5814 591 20.000 Loeves I ncorporated.- No Par
4
/
1
93
93
93
93
93 , 9312 .9312 95
500 Preferred
ppar
No p,,,ar
912
912 9
/ 91.500 Loft Incorporat
1
4
918
94 912
91 912
/
4
914 912
Incorporated
25
25 1 25
25
25 *-- 500 Lo
25
25
25
25
No
Long Bell Lumber A.__No
• Big and asked prices. no awes on Ibis day
S per share
0 En-die. 75% In stock. s Ex-dividend
PER SHARE
Range Since Jan. 1.
On basis of 100
-share lots
s Shillings
$ per share
53 Mar 26
/
1
4
4078June 25
93 May 27
92 June 8
7 Feb 1S
25 May 28
20 June 3
6218May 28
7714 Jae 30
20'8 Mar 26
41 Mar 26
11412 Apr 12
2514May 28
3214 Mar 26
11212June 18
13618May 28
212May 28
46 July 1
5514June 12
10112,fone 3
25 Jan 7
27 Feb 18
26 Jan 31
3334June 10
9512Nlay 31
10034 Feb 15
91 Jan 14
54 Jan 3
112 Jan 14
233
8Nlay 23
207
8May 31
60 Feb 19
100 May 28
64 Feb 16
80 Feb 16
104 Jan 4
15 June 4
347
8May 23
1312May 27
7214 Feb 21
62 June 1
7012May 31
5618May 28
7518May 31
391251ay 31
30 Jan 31
4May 4
171
70 May 8
29 Jan 8
28 Jan 7
160 Jan 2
74 May 31
120 Jan 3
784 Jan 2
3818Mny 28
818May 31
818June 1
67 June 8
149% Jan 24
80 July 5
5412May 31
99 June 3
92 May 31
140 May 17
654 Mar 26
4 June 17
3612 Feb 1
4012 Mar 26
5712 Jan 11
8514May 22
25 May 20
143
4May 22
10 8 Jan 10
5
80 Apr 15
437
2May 21
95 June 5
5512 Jan 4
118 June 14
108 May 16
78 May 27
6918May 17
12714June 17
29 Jan 2
493
4May 16
82 June 2
12412 Jan
152125lay 3
119 Jan 21
117 June 14
2418NIay 2
6 Mar 26
106 Feb 1
2434May 2
76 Mar 26
25 Apr 11
9112 Apr 11
11 Mar 26
70 June
75 July
4014Nlay 2
lows Apr 23
12 Mar 26
7752May 2
2712May 2
9312 Jan
2518NIay 2
324 Mar 26
95 Apr 20
4412May 2
109 Jan
1214May 2
6812July 2
9114July 5
3312May 27
7512May 27
2311251ay 4
100 Mar 8
26 May 31
1274 Jan 22
10 May 28
50 Apr 17
106% Jan 3
5012July 5
2914 Jan 7
8112112u 26
8118 Mar 26
13414June 7
423
4May 28
71as Mar 28
4812May 27
921:June 19
712 Jan 19
25 June 23
p Ex-rights.
Highest
Per share
7412 Jan 23
60 Apr 11
10114 Jan 5
100 Jan 12
14 May 6
54 Jan 2
4912 Jan 11
1021 Mar 20
/
4
96',Mar 18
327 Jan 2
8
543 Jan 4
2
1445 Feb 5
8
3914 Feb 1
44 Jan 25
11912 Feb 1
1975 Mar 20
8
512 Jan 3
90 Jan 2
79 Mar 5
109 Feb 14
29 Feb 28
31 Mar 8
29 Jan 14
5614 Jan 10
115 Jan 31
1055 Jan 8
8
99% Jan 23
604 Mar 22
11812 Jan 29
27 Jan 2
39% Jan 2
6612 Apr 16
11812 Jan 29
96 July I
991
/
4July 1
10618 Apr 17
26 June 29
51 Mar 9
22 Jan 2
764May 13
7912 Jan 7
109 Apr 2
8212 Mar 21
9312 Mar 15
82 Jan 28
391
8May 7
3212 Jan 2
95 Feb 5
14
525 Apr 10
8
4814 Apr 10
165 Jan 11
135 Jan 18
1534 Apr 24
964 Mar 20
664 Mar 1
1414 Jan 11
177 Jan 28
8
884 Jan 26
22334Ju1y 1
1023 Feb 4
4
10311 Feb 15
121 Feb 16
11934May 3
145 Jan 18
10212 Jan 4
7 Feb 15
/
1
4
51 14 Apr 23
723 Jun 23
4
83 Apr 9
9412 Jan 8
35% Mar 19
2412 Mar 8
1714 Apr 4
93 Jan 23
63 Jan 23
106 Mar 4
90 4 Feb 4
1
150 Mar
119 Jan 17
1094July 1
934 Jan 2
/
1
150 Jan 2
3812Nfay 3
69 Mar 5
18214 Feb 5
12518 Feb 13
242% Feb 2
123 May 15
1224 Mar 11
-35 Jan 21
164 Jan 2
11214 Jan 22
3718 Feb 6
923 Apr 24
8
46 Jan 4
138 Jan 5
237 Jan 2
8
947 Jae 9
8
100 Jan 14
1
59 4May 13
110 Jan 8
1914 Feb 6
10474 Mar 18
1212July 5
109 4 Mar
3
783 Jan 3
8
5034June 12
9914 Jan 2
5712 Mar 4
116 June 7
23 Jan 2
7312 Apr 26
114 Jan 5
4e1 Mar 6
8
12212 Jan 3
245 Mar 14
102 Jan 4
383
8June 17
15714 Mu 19
25 Jan 14
65 Feb 8
110/4May 9
6812 Feb 4
393 Jan 5
8
10512 Jan 28
10312 Jan 29
137.2 Mar 1
65 Mar 22
1137 Jan 3
8
844 Feb 27
110 4 . 9 al
1 1s
11 12 Apr 1
324 Jan 5
PER SHARE
Range for Previous
Year 1928
Lowest
Highest
I Per sharel
Per +kali
70 Dec
100 Dec
95 Dec
6 7 Dec
8
BM Feb
2612 June
3918 Feb
6514 June
26% July
4612 Aug
11114 Dec
1914 June
31
Jan
11212 Feb
89 8 June
/
414 Dec
90 July
Jan
51
103% Nov
23 Jan
23 Jan
2512 Jan
93 As,
130 Apr
112 May
1258 Fob
0114 Sept
58 Sept
93 Dee
947 Oct
2
417 Oct
8
621 Oct
8
12512 Sept
33% Oct
384 Dee
120
Jan
17714 Dee
9 8 Jae
1
107
Jan
737 Sept
8
110 Apr
30
Jar
30 Dee
29 June
99 Aug
59 May
.54 Dec
110 June
2312 Aug
161 Aug
/
4
61 Dec
105 Dec
1
30 4 Jan
7014 Feb
1004 Aug
154 Sep
4018 Dec
18 Dec
57
Jan
8418 Feb
79 Dec
40% Feb
Jan
75
29
Jan
21% Feb
20
Oct
92 Nov
9 Feb
84 Jan
140 Dec
118 Dec
Feb
110
46 Mar
18 Feb
84 July
13 Feb
485 Mar
8
114
Jan
Jan
56
4514 Feb
103 Mar
80 Dec
1364 M
85 Dec
3 Mar
/
1
4
341 June
/
4
73 Feb
/
1
4
Oct
60
89 Dec
22 Dec
141 Dee
/
4
10 Nov
/
1
4
88 Dec
47% Oct
100 Dec
4912 Mar
126 June
11214 Dee
104 Apr
97 Nov
574 Oct
120
Jan
27% Feb
37% Dec
68 Nov
120
Oct
7212 Dee
89 Nov
Apr
105
304 JAI)
/
1
4988 Oot
8
367 Apr
80 Nev
24
Ost
167
Ayr
731 Nov
4
997 Mar
8
84 Nov
21% Rev
70 Apr
115 AM
52
39 July
374 July
185 Nor
001
146
127 Nov
80 Dec
487 Nov
8
211 Jan
4
207 May
8
85 Dee
166% Nor
2
947 Dee
20 Dee
110 Sept
977 Deo
2
147 May
1217 May
8
7% May
4458 Jan
26912 Dec
86% MAY
Jan
108
3412 Nov
19 Nov
1314 Dec
91 Dec
60 Dee
109 Dee
68% Jan
196
Jan
131
Jan
6112 Nov 90 Dec
1244 Nov 150 Dee
2314 Sept 3812 Jae
47
Oct61 May
77% Mar 179 Nov
11952 Nov 12512 Nov
984 June 202 Dee
1184 Oct 122
API
,
119 Dec 1244 Ma
25 Mar 414 Ool
52
194 Ool
81s Aug
108 Aug 114 Apr
2912 Dec 34
0411
3252 Jan 92 Nov
154 May 514 Ni,
754 May 100 Nov
1914 Dec 254 Nov
5514 Feb 95 Nov
58 Feb 101 Nov
106 Mar 111 Nov
71 July 3278 Apr
4
8714 Mar
5114 Aug
32 Dec
9914 Dec
065 Feb
11014 June
131 Jan
511 Febi
4
87 Fob
321 Dec
8
734 Mar
Jan
200
99 Nov
27% Feb
7912 Jan
1714 Jan
42% June
10614 Dee
Jan
58
284 Aug
831 June
/
4
'04 June
134 Aug
38 July
6312 Feb
49,8 June
2
997 Mar
544 Feb
26
Jan
100
Apr
951 Nov
42 Nov
1014 Dec
913, Nov
118
Apr
2714 Feb
75 Aug
12434 Nov
404 Oct
1
13214 Nov
260 Feb
12412 Jan
3918 Apr
132% Nov
2614 Oct
684 Nov
1105, May
847 Oot
8
4014 Nov
12212 Jan
12312 Jan
Apr
147
657 May
2
12412 Nov
77 May
11052 Apr
19% Aug
35/ Feb
4
102
New York Stock Record-Continued-Page 6
For isles during the week of stocks not recorded hers. see sixtl page preceding.
HIGH
AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
June 29.
Monday,
July 1.
Tuesday,
July 2.
Wednesday,
July 3,
Thursday,
July 4.
Friday,
July 5.
I Sales
for
the
Week.
STOCKS
NEW YOKE 8TOCK
EXCHANGE
PER SHARE
Ranee Mace Jan. 1.
On basis of 100-allare las
&noon
Mohan
PER SHARI
Range for Preview
rear 1133
14101181
Mobil
$ per share $ per share $ per share $ per share $ per share $ per share Shares Indus. &Miscall. (Com.) Per $ per SIMI $ pa Sherd $ per ahem $ per Saari
6638 6838 6618 6818 66
683
8 67
67
6814
7012 31,900 Loon-Wiles Biscuit
25 5$ May 29 741 Jan 5
/
4
4414 Jule 883 Sure
4
*116 1193 116 116 *116 118 '116 118
4
20 let preferred
*116 118
100 1153
4June 20 12112 Apr 2 11712 Aug 125 Mai
25
25 8 2412 2514 24
3
25 s 2312 26
3
2412 253 54,800 Lorillard
8
21 20 Afar 25 3112May 17
23 Jul* 457 Al,
/
1
4
8
•9012 94
*90
9313 *90
91
*90
91
91
*90
Preferred
100 8412May 3 9712May 17
8612 Deo 114 Mar
1212 1212 1212 123
8 1212 1234 124 127
1212 13
7,400 Louislau 011
No per 1212June 25 18 Jam 9
8
Vs Feb
194 Apr
/
1
*91
9112 *91
9234 *92
923
4 92
92
92
110 Preferred
1110 89 Feb 8 10014 Fab 21
923
4
73 July 911
Apr
4612 47 8 4512 4714 45 3 47
3
3
447 457
8
443 457 19,200 Louisville0& RI 4___N. par 3578May 31 4834June 24
4
8
8
23 Fib 41 May
5
8
993 1013 10012 10214 993 102
3
98
/ 99
1
4
4
1004 10218 46,600 Ludlura Steel
No per 1612Mar 26 10214 July 2
*3812 40
'383 40
4
383 383
3
8 384 40
900 MacAndrews & Forbee_N• Par 37 Apr 26 46 Jas 4
383 383
4
4
44
57 / Apr
1
4
*10714__ *10714
_ •10714
10714 --Preferred
*10714 --1011 104 Jan 8 107 Apr 19 103
/
1
4
Oct 110 Nov
*150 l
ib '150 170
*150 170 *150 180
'140 180
Mackay Computes
100 122 Jan 19 140 Mar 28 1014 Mar 134 Mar
*84
90
*84
90 '84
90 '84
90
'84
Preferred
90
100 8318 Jan 211 341s Jaa 14
6$4 Jas 86
Oct
1007 10113 9912 1003
8
8 994 101
99 1004
9812 1007 14,000 Mack Trucks, Iste
8
No par 91 Mar 26 114 Feb 5
33 Apr 110 Nov
/
1
4
19712 20412 19713 200
203 217
1963 202
4
200 2023 59,100 Maey Co
4
Ni par 148 Mar 26 217 June 29 y134 Aug 382 Aug
1812 19
18
183
4 1814 183
4 19
21812 184 2,800 Madlion St] Gardon_ _ _No par 1714Juae 12 24 Feb 28
1918
184 Dec 34 May
6933 6812 69
6712 673
8 68
5,000 Magmas Copper
684 694
684 70
No par 60 May 23 821/Mar 21
43 4 Feb 75 Nov
3
257 257
8
8 2518 2518 2512 267
3 2514 2512
2518 2514 1,500 Mallisoa (11 rt) & C.N.par 2414 Apr 9 394 Jam 15
16
Jam 384 Nov
*9718 1037 *9618 1037 •964 1034 *964 1034
8
8
'9618 1034
Preferred
100 954 Mar 25 10512 Jan IS
,
8718 Jan 110
Oot
*121815
*1212 15
15
15 '15
'15
184
110 Manatl Sugar
100 1212June 52 26 Jan 14
1812
21 Nov 41
Jan
*3112 37
*3112 35
"3113 35
*32
Preferred
35
35
*34
100 31 June 24 504 Jam 10
40 Nov 88 Jan
24
243 *24
8
27
24
24
*2414 27
600 Mandel Bros
'2414 27
No per 24 June 29 3338 Mar 11
32 June 4013 Jan
2518 25 8 2512 2.512 247 2518 2518 257
3
8
8
/
1
253 284 3.100 Mani Elea Supply_
_N• per 247
4
8July 2 373 Jaa 14
4
8
284 Sept 663 Julie
2912 297 *2912 297
8
8 2913 2912 2912 2912
2914 1,300 Manhattan Skirt
29
26 254May 29 354 Jan 4
311 Feb 43 May
/
4
•13
1334 '13
133
4 1314 1413 *1312 1412
800 Maracaibo 011Expl____Ne par 12 Feb 18 184 Apr 18
14
143
8
254 Apr
1218 Feb
343 35
4
344 3578 3434 353
344 35
343 3514 19.100 Marlaad Oil
8
No per 3318May 31 474 Jan 3
8
33 Feb
49 Ner
/
1
4
78
7912 78
*79
SO
79
79
79
79
1,100 Marlla-Rockwell
79
No par 6918 Mar 26 89
/
1
4May 20
45 Mar 83 Nev
/
1
4
863 8814 87 . 893
3
4 90
923
8 89
91
21,000 Marmon Motor Car_ _Ifs par 663 Feb 18 104 May 10
883 91
3
4
77 Des 86 DOC
814 814 *8
812 '8
400 Martin-Parry Corp
Ne par
818
84 •8
8
812
7 4June 10 18 Jan 2
3
121a Mar 21 June
/
1
4
56
567
3 56
573
4 58
573
8 554 563
4
5514 564 17.600 Matkiesoa Alkali WorksAfe par 4214May 28 218 Feb 27 117 June 190 Des
/
1
4
*12114 124 *122 124 *122 124 '122 124
*122 124
Preferrid
100 120 Jan 28 125 Jaa 2 115
Jan 130 Apr
814 834 833 843
3
8
4 823 8412 8218 833
8412 65,600 May DeptStores
25 731
83
sMay 31 10312 Jan 10
4
75 July 11318 Nev
*20 4 21
3
2012 2012 20 8 203
3
4 204 203
2014 20 4 2,400 Maytag Ca
Nape? 19 Map 31 25 Apr 4
3
8
1713 Aug
34 Nov
/
1
4
39
39
39
39
39
39
39
39
39
Ni per 384
39
/
1
1.500 Preferred
3une 27 451 Jan 3
/
4
Nis Aug 52 May
*8112 84
*82
84
*82
84
200 Prior preferred
82 82
82
82
No par 80 Apr 26 904 Jaa 111
11114 Dec 101 May
98s 987
9912 994 104 '97 101
8 95
2,200 McCall Corr
'95 101
No par 714 Feb 16 1044June 7
/
1
it Feb 85 Deo
*10138 103 *1013 103
8
10112 10112 "1014 103
90 MeCrory Storm Glass A Ni per 974June 11 113 Feb 5
•10038 103
/
1
4
4
77 Feb 1097 Nee
*10112 10212 10112 10112 *10012 104
300 Class B
101 101
'1003 104
No far 974June 18 1154 Feb 6
8
Uhl Mar 1193 Nov
4
*107 112 *107 111 *107 11112 109 109
•107 11212
100 107 June 11 120 Feb 7 1113 Feb 11114 Nov
100 Preferred
*15 4 164 *IA 1618 *153 1614 153 157
3
4
153 153
4
4
500 Mehttyre Porcupine Mlaes--5 153
4July 3 234 Jan 5
4
1914 Sept 3$4 Mar
8
69
/ 70
1
4
68
/ 70
1
4
69
/ 71
1
4
6812 69 69 70
2,900 MoKusport Tim Plate_Ne par 6213 Mar 26 82 Jan 31
1124 June 783 Nov
s
50 4 52
3
5118 52
514 52
4.500 MaKesson & Robblie_Ne par 49 Jan 7 59 Mar 4
5112 52
513 52
3
503 Dee
4
4514 Nov
5912 60
59
/ 60
1
4
59 3 60
3
1.809 Preferred
59 4 80
3
593 60
4
50 55 Mar 26 62 Feb 4
54 Nov 634 Nov
13 0
6
603
61
3 60
60
Na par
60
60
300 Melville 814••
61
•59
61
5112 Mar 26 72 Jan 3
Ors Nov
70 ON
24
/ 28
1
4
264 2738 2612 267
2833 29s 22,500 Mime Co(TN)
8 267 29
8
No par
20 Mar 211 34 Jam 4
/
1
4
211a July 41 9e51
2512 •247 2514 "2413 2514
*25
2512 *25
3
24 Jam 10 27 Feb 25
300 Matr•-0•14wya Plaguras 91_27
24
/ 2518
1
4
244 Dee 2718 May
501 53
8
5118 543
4 5114 54 3 5013 5312
507 103,400 Maxlgaa Seaboard 011 Ne par
3
49
3414May 31 69 8 .Tan 3
3
4
/ Jan 73 Die
1
4
43
4312 4312 4414 44
4412 43
304 Jan 8 5412 Mu 20
44
1
4314 437 24,200 Missal Copper
17
/ Jan 33 Dee
1
4
3318 3312 3318 3312 3318 343
3012 Feb 16 39 Jaa 3
20,100 Mi4-CeatPetrai1
No ,ar
4 33 4 3412
3
/
1
4
333 34
3
2511 Feb 4411 Nov
154 12014 Jam 18 121 Jam 4 13314 Feb 12013 Dee
Preferred
33
312June 20
15
38
3
312 3 4
3
312 3 4
518 Jam 3
3
Ps 33
2 Jan
/
1
4
4
3733
4 - 8 22:400 Middle States ell Corp
73 May
8
2
/ 2
1
4
/
1
4
212 213
23
It
4 27
21
8
4Juie 4
2 3 27
23
4 24 1,500 Certiflcalm
34 Jaa 3
7
14 Jam
8
5 May
/
1
4
*240 249 *242 249 *242 249 '238 248
•245 248
Midhunt Staid Prod prof_ _11111 225 Feb 15 275 Apr 3 1113 Jule 205 Nov
•17
/ 1812 17 3 18
1
4
7
*177 1812 "1712 18
8
173
4June 28 23 8 Mu 20
300 Miller Kabbala
No yr
18
18
1
134 Aug 27
Jan
*69
70
*673 70
8
6714 69
3012May 27 8114 Mar 1
67
69
67
2.000 Mobawk Carpet 11111e_No par
'66
Ms Aug 757 DN
8
108 10914 1094 1123 113 116
11218 1144
4
Stock
11338 1145 159,000 Most Ward&C•111ConoN• par
8
/
1
4
99 Mal`31 153 Jam 2 11514 Dee 15612 Du
418 412
44 43
8
44 414
No per
4 May 29
438 43
8 Jam 8
8 1.600 Melia Motors
1113 May
4 8 43
3
3
5 Feb
11
/
4
31s 314
3 Feb 8
34 314
318 3
612 Mai 4
/
1
4
34 33 Exchange
2 Aug
/
1
4
8
41 May
/
4
318 3
4 7,100 MUM,.Lege Coalllilem_Ne per
513
5112 524 48
8 51
547
8 5314 55
/
1
4
1211 Jam 8 60 Juse 21
5214 54
a Mar 144 Deo
No per
17,500 Mal.. Nature
/
1
1712 1812 19
19
17
/ 173
1
4
No par
19
/
1
4
Closed
14
/
1
4May 31 25 Jam 3
19
193
3 1,500 Moto Molar A
4 18
13 Mar 2414 Sept
128 133 *125 128
128 130
per
101111June 4 2N Mao 1
134 138
1343 1343
94 July 21514 Ost
4
4 2,900 Meter Profilist' Curp_Ne
4 4318 4418 44
434 433
4418 44
39 Mar 23 Aishmay 18
4438 453
447 IndepenNa par
8
8 5,100 Mater Wasel
254 Jan 114 Ibet
51
50
517
8 4912 5014
No par
421aune 14 311* Jam 4
4111 June 164 Ost
484 494 50
4
4714 4812 3.400 Mullins hffg Co
/
1
•_ _ _ 88 •_ _ - _ 88 *.-- _ 88 •____ 88 dente Day 86 86
.
No per
83 June 12 1024 Jam 11
1111 Dee 1114 Nov
50 Preferred
/
1
4
584 59
57 4 5813 58
No per
3
603* 59
501s Apr 6 611
/
4May 4
48 Mar 334 May
/
1
4
594 5914 2,500 Mnialagwear Ine
593
4
9314 9214 93
No yes
934 291
/
4June 17
62 Mar 26 111111
9112 93
93
2111 Feb 1244 Oct
Holiday
9112 9214 25,600 Murray 51363
,
/ 85
1
4
85 4 8514 863
3
8418 8518 8412 85
/
1
4
Na par 811sJuae 11 113 Jan 25
8914 Feb 111 No!
8
8712 903 37,400 Nagai Meters Co
8
4 364 363
368 373
714 Jam
8
4 354 378 Ws 368
321s De'
3
3812 9,300 Natleaal Acme stamped-13 Mg Jan 7 3114 Feb 28
36
4912 4818 4812 46
4914 493 248
No per 48 July 3 71 Mar 1
4
48
8 4,100,Nat Dallas Heel
463 463
8
1073 1073 10712 108
4
'103 106
4
4June 15 113 Jam 3
130 1023
108 108
9114 Jaa 11811 Dee
2,100, Preferred
108 110
19114 1953 193 1973
4
188 19112 190 191
36 16612May 28 213 July 5 151112 July 11154 Nev
56,100 National lallealt
200 213
4
1413 1414 *14112 142 "14112 1413
8
*1413 143
8
105 14112May 17 144 Jam 211 13711 Feb 150 Apr
3
4001 Preferred
•14113 1413
4
11813 122
, 118 1204 118 120
12214 126
/
1
4
4
571a Jan 1043 Dec
8
12012 1243 48.000 Nat Casa Register A w I Ns par 93 Jan 8 1411 Mar 20
744 753
4 74 8 7653 764 7713
5
8July 5
... 743 751
Nip par 621sMay 22 783
4
774 783 87,400 Nat Dairy Prod
3
1 2814 2814 2812 283
6
4 2811 2833 2818 2814
/
1
4
214 Jan 824 Oat
/
1
/
1
*2812 283
4 1,200 Nat Department Norse Ns far 2818 Jam 4 37 Mas 5
09418 9818 *9412 95
*944 95 *944 95
10111 9214 Feb 4 14 June 8
91
Jas 132 May
•9418 96
1st preferred
4838 494 4813 50
483 497
8
8 473 49 4
2914 Jose 581s Jan
48
487
8 8,900 Nat Distill Prod ado___Plo pas 33 Afar 26 58 June 17
4
,
t10511 1057 10414 1053 105 10614 10514 10514
4
8
/
4
5114 June 711 Jan
106 10614 5,800 Preformd limp etfa_hr• at 6713 Feb 7 10712June 17
it 46 46 *4412 49 *45 47 *4413 44
11141 43 May 29 6214 Jaa 9
234 Mar 57 Nov
4312 454
/
1
4
600 Nat Esau & Illtauplag
151
151 15112 *149 151
p151
149 149
105 132 Jaa 2 173 Mar 20 III July 136
.
Jam
1524 15212 1,000 National Lead
13814 13814 13814 13814 '13814 1393
*1384 140
13814 13814
Jam 14714 May
1011 13314Jime 12 1414 Feb 1 139
150 Preferred A
4
118 118
*118 119 *118 119
119 119
•118 119
1011 118 Jan 2 123 Apr 24 1124 Ma 122 July
/
1
4
70 Praferred B
4 60
6018 623
6214 63
6114 574 6014
Nape? 424 Mar 26 63 June 29
/
1
217 Jan 464 Dee
8
574 59 159,000 National Pr & Lt
7
712
714 714
7
714 *67
8 7
14 July 403 Jan
Ye par
612May 28 17 Jaa 10
1,800 Natioul Radiator
8
67
8 7
*1612 173
4 1612 1613 16
16
*123 15
4
•1212 15
200 Preferred
34 Dec 984 Jan
No par 16 July 2 41 Jaa 29
120 120 '121 126
120 120
*120 121
120 120
/
4
300 National Supply
8414 June 146 Deo
511 1111 Mar 26 144 Jaa 2
13115 11512 115 115 '115 116 '115 116
•115 116
50 Preferred
100 1141a Feb 8 117 Apr 19 114 Sept 119
Jan
1034 1053 1054 110
4
1053* 10512 105 105
1097 11312 4,900 National Surety
3
/
1
4
55 101 June 14 155 Feb 1 133 Dee 1541 Nov
665 6912 69 4 733
8
88
6618 6612 67
7214 7312 8.900 Natiosal Tea Co
Na par 64 May 31 9138Mar 1 0160 Jan 3110 Des
3
8
463 4818 464 477
8
451
4 47
8 4718 477
/
1
4
4712 483 66,900 Nevada Cons•ICoppos_Ne par 39 Jan 161 62 8 Mar 21
7
4
/
1
4
17
/ Jan 42 De°
1
4
3
4412 45
44 4 4512 444 443
3
397 Oct Mils No:
444 4514 3.700 N Y Air Brake
Na par 4111 Mar 25 4934 Mar 4
8
4 44
4412
*47
49
*46
*46
49
11110 40 May 28 51 / Fdo 2
50 *46
47 Aug 644 Jan
*46
3
50
New York Dock
50
*85
91
1185
*85
90
100 84 May 23 90 Apr 10
91
85 Sept 95
91
*85
Ja"...
.85
Preferred
91
9712 97
97
97
*97
9312 Oct 10512 Ma'
9718 98
97
120 N Y Steam pref (11)____No par 96 June 17 103 Jan 10
9712 9712
11014 11014 1113 1113 11014 11014 '11014 11114
4
/
1
4
4
11014 11014
No par 11014June 17 114 Vol 19 152
Jan 116 Apr
170 1s1 preferred (7)
8
Ple par 90 8 Jan 7 150 3July 1
3
148 1503 14712 14912 1463 1491*
3
146 148
U1 Jan 97 Nev
/
4
85,300 North Aantrinan Co
1454 148
4
50 5114June 18 544 Jam 11
51 Sept 56 8 May
524 5212 52
524 523 523
523 523
52
4
4
4 1,100 Preferred
4 52
3
/
1
4
/
1
4
200 No Amur Edison pref_Ne par 99 Mar 27 103 Jan 15
10014 10014 *10014 10112 1004 1004 *10012 102
•10012 102
913 Oct 105 Feb
4
/
1
4
4814May 28 641 Jan 12
/
4
53
33 June 511 Nov
5314 5314 53
523 5314 2,400 North Germ's Lloyd
/
1
4
4
5314 534 523 523
/
4
3
4
4312 4312 4512 46
1146
49
30 Nortkwasters Telegraillt-50 4312June 14 50 Mar 18
43 lict 51 May
*46
49
*46
49
400 Norwalk Tire .1. Rubber---10
*23
.212 3
4 3
64 Feb 4
2 4June 27
2 4 27
3
3
8 *234 3
24 Mar
74 Sept
23
4 2
/
1
4
100 19 July 2 45 Jan 31
*2114 3112 •204 25
*2018 25
19 '204 25
20 Preferred
33
/ Jaa 48 Sept
1
4
19
511May 16
*5
8 Feb 8
7
7
Nunaally Co (The)__Ni par
*5
*5
7
7
*5
*5
614 Dee 13 May
7
25 173
*19
1912 19
4June 18 32 Jan 3
500 6111 Wall gnat)/
21
•19
19
1914 •20
193
4
19
234 Jane 41
Jan
1113 92 May 31 1064 Jam II
90 Preferred
99
99
99
99
9812 9812 99
99
'9714 99
97 Julia 1104 Jan
/
1
74 Feb 21 104 Feb 28
818" 818 1,700 Omnibus Corp
No par
/
1
*814 812
8 3 83
3
8
74 Dee
84 83,
154 May
814 814
•
Preferred A
11110 80 Mar 26 90 Fab 23
87
• _ 87 • _ 87 •
87 11_
87
83 Dee 1153 June
12
8
75
/
1
4
°Nubile'Collina•CoNs par 72 Feb 8 84 Apr 13
;7
7 1i3 75
7
/
1
4
7
7518 ;741 75
75 ;
2
*iii3 75
WTI
37 Aug 8812 Jan
/
1
4
OrNeura Circuit. Imo
50
•23
50 '23
'23
50
50 '23
*34
15 May 711
50
Ost
1110 60 Apr 12 95 Jam 2
8612
140 Preferred
83
*764 82
/
1
4
84
•783 7912 •77
8
"83
75 May 194 Nov
85
60 276 Jan 7 405 July 2 1474 PO 231111 Dee
38434 37214 374 400
39412 405
39012 39012 4,400 Otis Elevator
390 400
4June 28 125 Jaa 24 11111 Jan 12111 July
105 1213
122 122
170 Preferrsd
*1214 12412 122 122
12412 12412
/
1
1224 12212
/
4
/
4
Na par 37 May 29 48's Mar 1$
4438 4514 447 46
454 25,300 Otis Steel
8
45
45 8 4534 45
3
11114 Jam
41118 Nev
455
8
1041 964June 5 103 Feb 20
/
1
*9614 100
111 Jam 133 Nov
Prior preferred
/
4
*9614 100
100
*97
"9614 100
*964 100
No par 83 June 20 15 Jam 4
85
50 Outlet C.
85
*82
85
85
*82
'82
85 "82
85
/
1
4
51 Jule 994 NIPS
900 Owens-Illinois Glass Co ___-21 78 May 28 84 May 18
"78
791 *78
79
7912 78
79
7814 79
78
25 53 8 Jam 2 734July 1
5
43,900 Paellle Gas JI, Elea
6814 70
7
7012 73 8 701s 727
8 6914 71
434 Feb
70
71
MN Nev
No per 70 Jan 7 9714July '2
943
4 9418 9714 933 963
947 9614 57.400 Pacific Lrg Corp
8
58 1344 15 June
904 9113 92
/
1
4
4
8
100 2712June 3 37 Apr 17
29
32
130 Pulite Mills
32
29
29
32
29 '29
*29
291
2$
Oet 35% Nov
No par
1 Mar 6
1
1
1
1
1
*1
1
118 4,700 PacHle 011
1
118
14 Jaa 15
1 Sept
21,, Apr
100 150 Jaa 3 200 Mar 14 143 Juae 1119 Dec
390 Paelfle Telop li Tel..
190 190
190 191
183 1S44 186 190 '186 191
100 116 Jan 3 130 May 18 114
/
1
4
Preferred
4
*125 4 130 *1254 130 *1253 130 *1253 130
•1253 130
3
4
4
Oet 1254 May
10 11612Mar 26 153
8
/
1
4May 15
1354 138 2
13012 13114 1307 1364 13612 141
13612 13912 90,400 Packard Motor Cu
5114 Fab 143 Doe
50 4014 Feb lb 63 May 4
54
53
1.400 Pan-Amer Pete & Trans
54
5412 5412
544 55
5314 53'2 53
$.314 Feb 1512 Nov
564 5738 553 57
50 4012 Feb 10 663
8
4
553* 583
8 5612 577
s
5612 583 64,600 Class B
4May 6
37 Feb 587 Nov
/
1
4
8
141
1334June 27 174 Jam 3
137 14 '14
8
4
70 Pan-An. Wmt Petrol B_Ne par
•14
1412
/ API,
1
4
*133 14'2 133 14
4
Ws July 29
912 Feb 16 1514 Jan 3
4104 10
912 9 8
5
93
8 95, 1.000 Pashaadle Prod & ref __Na par
9 8 93
5
8
9 8 97
7
4
114 Feb 213 May
100 4711 Feb 25 711 Jan It
Preferred
*55
60 '55
"50
60
*50
60
60
*55
60
73 Feb 1111114 May
644 651
643 66
3
4
8
644 653 36,400 Paramount Fare Lasky_hre par 554 Jan 2 713
sMay 13
474 Oat 553 Du
8512 654 6418 66
*5314 55
533 533*
8
34 Mar 93 Nov
5314 5314 1,700 Park & Tilford
5412 5412 533* 54
/
1
No par 47 June 3 874 Jan 14
4
1
7 May 15 137 Feb 28
4
712 7
712 73
3
712 73
9 Aug 144 Jan
7 s 7'z
3
s
714 712 7,900 Park Utah CM
93, 9 8
914
902 9,900.Path• Exchange
No par
712 Mar 26 144 Jam 5
914 9
8
0
/ 93
1
4
/
1
4
4
15 Nov
5
93
8 97
2 Feb
/
1
/ 1934 194 20
1
4
1311 Mar 26 30 Jaa 1
2012 19
No yar
20
811 Feb 24 Aug
1912 2012 1,3001 Clams A
20
20
/
4
35
3614 3618 363
3714 12,5001PatIno Mins'& Eaterpr____20 241 Jan 7 473 Mar 4
4 3613 37
337 Jan 31
37
1
4
AN
3512 36
I
Aug
•Bid and asked prices: no sales on thls day. s Ex-dividend.
y Ex-rights
New York Stock Record-Continued-Page 7
103
Far sales dadag the week of stoce• not recorded bere. see *event& pate preceding.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
June 29.
Monday,
July 1.
Tuesday,
July 2.
Wednesday,
July 3.
Thursday,
July 4.
Friday,
July 5.
Sales
for
the
Week.
$ Per share I Per share $ per share $ per share $ per share
1112 1112 12
12
1158 133
8 14
1512
573 5812 5718 587
4
8 5612 577
8 5612 59
*108 109 *108 109 *108 109 *108 109
83
*7
8
*7
8% *712
712 712
1312 14
113 137
4
g
12
13
12
13
*54
59
*54
55 .54
55
548 *54
300 301
300 300
2993 2995 *29518 300
4
4
*31
33
*31
33
*31
32121 *31
3212
179 17912 518014 183
18412 18612 *186 187
*49
4912 *49
4912 *4912_ _ *49
4914
*51
5212 *5112 5212 5212 - 5212 52
52
18
1838 1818 1812 1878 19
1812 1918
14
1418
14
1438 214
14
14
1418
*91
93
*91
93
*9012 93
*9012 93
3714 3712 365 3714 37
8
3712 3712 38
*24
28
24
28
*24
26
24
24
*94
97
*94
97
*94 100
*94 100
315 3158 3153 315
8
4 315 313
8
4 313 32
4
841g 8418 *83
84
*83
84
8312 84
2
2
2
2
2
2
2
218
*37
40
*39
40
*39
40
39
39
43
414 48
414 414
48*
418 414
*45
4512 44
4514 4358 4418 4414 45
STOCKS
NEW YORK STOCK
EXCHANGE
PER SIMILE
Ramps Since Jan. 1.
Os basis of 100-ahare lots
Lowest
Highest
PER MARI
Range for Prevfotis
Year 1928
LOWS,
Milial
$ per share Shares Indus. & Miscall. (Ctn.) Par I Per share 3 per share $ yet share I per share
50 1112June 26 2212 Jan 11
147 1512 7,700 Peerless Motor Car
8
141a Sept 257 MO
k
No par 38 Jan 2 59 July 3
5712 58
15,100 Pealck & Ford
223 Jan 5112 Oct
2
100 100 Apr 2 110 Jan 9 103 fIct 115 Mfg
Preferred
*108 109
50
512May 27 12 Jan 20
75
8
100 Pena Coal & Coke
•71
1412 Jan
8 Aug
141Ie July 31 May
1212 1212 5.100 Pena-Dixie Cemont____Ne par 1134July 1 27 Jaa 5
100 55 June 28 94 Jaa 22
Preferred
*54
55
75 Sept 95% Apr
100 208 Jan 11 30412June 28 151% Jan 217 Nov
296 30014 6,300 People's a L & C (Clale)
No per 3112June 27 4512 Jaa 3
4112 Das 454 Del
*31
Pet Milk
3212
1,900 Philadelplia Co (Pitteb)- _ _MI 15712 Apr 17 18612July 2 145 Mar 17434 May
184 184
50 4812 Jan 15 51 May 20
4112 Mar 49 Aug
*49
4912
5% preferred
55 5058June 24 54 May 13
200 6% preferred
518 Oct 57 Mae
*5112 5214
4
8May 28 34 Jam 8
3
1812 19
8,400 Phila & Read C & I____No par 173
27% Jule 39 4 Jan
10 1312 Apr 30 2314 Feb 26
15 Mar 2512 May
14
1412 6,000 Philip Morris & Co., Ltd
100 8814 Jan 17 96 May 1
85 Apr 99 M81/
Plilliee JOnall prof
*9012 93
21uly 1 47 Jan 3
354 Feb 537g Nov
373 3812 19,200 Phillips Petrolenna____No par 363
4
8k
21
Oct 38 Ma7
5 24 June 28 37 Jaa 22
*2312 24
100 Phoeaix Hoertery
100 9314May 22 100 Jan 6
94 Dec 10314 Feb
Preferred
*94 100
7
s
1812 Oct 30 1 Dee
9.900 Pierce-Arrow Class A...No-par 2712 Mar 26 377 Jan 9
317 34
g
k
100 7212 Jan 2 8712June 7
5512 Oct 747 Dee
85
8618 1.100 Preferred
2 June 11
h Mar
Ds Mar 13
25
ala Ayr
2
2 18 3,400 Pierce Oil Corporation
OoS
1614 Feb 50
100 30 Jan 8 5112 Mar 1S
40
500 Preferred
39
41 July 3
31 Fab
684 Apr
5 g Jaa 15
7
Na par
418 414 3,200 Pierce Petroi'm
2
2
8224 Feb 587 Dee
453 47
4
5.700 Pillsbury Flour Mills-No par 3918May 27 637 Jan 15
Jan 1447k Deg
100 143 Jan 2 15514 Jam 14 101
Preferred
;61 " , "rliT2 "66" - 65"
tify "4
,
3114 June 7117 Dee
-100 5418June 4 8324 Jaa 9
- 1353- 2,700 Pittsburgh Coal of Pa
4
*8512 90
*87
90
*88
90
*87
90
106 1312Junt 5 100 Jan 5
81 May 1064 Dee
Preferred
90
*87
24
24
23
24
22
22
*2312 243
26 Feb 33 Dal
1011 20 June 10 3458 Jan 9
24
24
600 Pitts Terminal Coal
4
*5212 59 '
3_
59 *__ __ 59
*54
63 Oct 82 Mar
12
59
100 5212June 10 7814 Jan 9
Preferred
59
*54
*7912 80
77
__- 78
14
7612 7612 7612 7612
8
8
Mt July 85 4 Dec
800 Porto Rican-Am Tob el A_100 7612July 2 95 4 Mar 15
7814 7812
*29
30 .29
31
30
30
,
No par 30 July 2 50 4 Jan 2
32
3
2114 Aug 517 Deo
323
4
600 Class B
3114 3114
*1023 103
4
103 10358 1027 1027 103 103
8
8
1023 1023
4
4
700 Postal Tel dr Cable prof _ _100 10112May 27 105 Jam 31 1001% Aug 106 Sepl
7314 743
8 7314 745
8 74
743
4 735 7612
614 July 13612 May
4May 3
4
8
7512 7612 78.300 Poetuxa Co.IncNo par 623 Mar 25 513
3 55 4 6512 563
5512 5614 55
3
8 553 5614
5912 Dee MN Del
25 .55 May 28 55% Jan 2
8,900 Prairie Oil& Gas
5514 60
5912 5912 5912 60
593 60
4
5912 60
25 53 8 Jaa 14 614May 21
5
4,300 Prattle Pip.& Line
593 60
4
.
1712 173
4
1712 1712 1718 173
4 17
8
No par 15 May 27 25 4Mar 22
13 Jame 334 Oct
4,300 Pressed Steel Car
1612 17
1714
*---- 74
74
76 *____ 763 *74
4
70 Aug 9312 Oct
100 73 May 29 $1 Mar 27
75
75
500 Preferred
*73
1812 1812 *18
19
18
18
1812 1812
16 Feb 29% Nov
2
Producers & Refiners Corp__50 18 May 28 257 Jan 3
1814 1814
600
*4112 43
*4012 42
42
42
*42
4Mar 21
50 3814 Feb 20 463
41 Feb 4l58 Jule
43
42
42
30 Preferred
*50
51
50
50
50
91 Feb
50
50
50
8
220 Pro-phy-lao-ttc Brush__Ne par 50 June 21 82 4 Jaa 14 - 52 Nov
50
50
111 11412 112% 1143 11012 1135 1083 111'2
4
8
4June 28
414 Jan 8312 Dee
1073, 11014 176,000 Pub Ser Corp of N .1-Na fir 75 Mar 26 1143
4
10514 10514 105 105
107 107
1053 10
4 612
100 10312June 8 1034 Feb 5 1034 Jan 116 Mal
•10512 10614
600 6% preferred
119 119 *118 119
118 119
2June 25 1247 Jan 3 117
Oct121112 MAY
e
HD 1173
119 12018
•119 12012
400 7% preferred
.
146 150 *14712 150
14812 14812 *14712 148
1011 145 Apr 17 15012Mar Is 134 Jan MS May
14712 14712
200 3% Preferred
106 106 *10514 10658 *1043 1063g *1063 10812
4
8
8
10638 10638
,
200 Pub Sera Eleo & Gas pref_100 105 2 Apr 3 10958 Jan 2S 106% Dec 11012 API
8558 86% 85 8 88
5
8534 883
4 87
77111 Ost 94 May
,
Na par 78 May 27 917 Jaa 3
88 4
,
8612 883$ 56,200 Pullman. Inc
15 s 1512 •15
5
16
a
15
17% Dec 347 Jai
1518 1514 1514
2May 29 2114 Jan 14
14 143
16
18
1,800 Punta Alegre Sugar
2652 2718 26 8 27
5
265 .28
8
21 2314 Feb 16 30 4M1.y 9
19 Feb 3114 Nol
263 278
3
4
263 2712 14,400 Pure Oil(The)
4
*112 113
11218 113
11218 11312 113 1135
100 111 June 12 115 Feb 25 10$ Mar 119 Jane
140 8% preferred
112 113
8
12314 123% 123 126
126 130
10982May 23 1397e Feb 4
71 Jaws 1334 Gel
1263, 1293
4
16,900 Putity Bakeries
127 130
105 July 16614 Oct
Preferred
-giis 14 -Sif4 ili 2 -ais ig 4 -iii2
8
;
13-iir2 iiii4 490:600 Radii( Corp of Anwer___Ne pm 6814 Feb 18 114 May 3
-168-8
*53
5 58 *5318 5458 53
4
5318 5312 5358
144 Jan 60 May
110 52 July 5 57 Jaa 3
1.000 Preferred
52
53
35
36
353 367
8
8 3518 375
3414 Dos 5112 Noi
19 Mar 26 464 Jaa 4
8 3612 3912
38
4018 350.100 Radio Keith-Ore el A__No par
76
7612 76
78
7612 7612 76
244 Jan
6058 Der
8
10 57 Jail 7 84 4Mas 4
78
787 82
8
31,800 Real Silk Hosier/
*9714 98
98
98
*9614 98
974 Del
804 July
lel 95 May 27 10312 Feb 1
*9614 98
Stock
*9614 98
10 Preferred
•1112 1218
123 1212 1212 1212 113 1218
15 Dee
N. yew
6 May 21 164 Feb 1
14 Feb
1238 1238
no 75 71 8 71 *70 75 73 4 7314 Exchange *72 75 1,600 Reis (Rebt) & Co
614 Feb 8912 Den
11111 60 May 29 1034 Feb 6
300 First preferred
351 37
3612 3814 373 393
3612 May
4July 2
2514 Jam
4
12
De war 23 Mar 26 393
4 38
3814 39.58292.100 Remiagton-Rawl
39
*9212 9312 9312 9312 94
94
$7 4 Dee 93 Jual
8
94
94
199 91114 Jae 4 96 Feb 4
500 First preferred
Closed
94
94
993 993 *993 100
4
4
8
Jai
993 100
4
834 Oet 100
109 93 Mar 20 Ill Apr 15
*9914 100
*9914 100
1,100 Second prefenag
23
2382 23
2458 2312 24
10 2214May 23 317 Jan 3
$
2318 2318 lodegen2358 Jan 3514 041
23% 237 15,000 Res Meter Cay
8
9912 10014 10014 10452 10434 11367 105 10714
4July 5
494 Jane 9412 Not
4
10518 1073 77.900 lispublle Iron A Med _-_10111 7914 Fob 3 1073
8
*10912 111
10918 10918 '109 11012 *109 11012 dence Day 11012 1105
100 1087 Jan 7 11512 Fob 27 102 Juin 112 Pet
8
300 Preferred
74 8
3
74 7 4
3
No par
6 June 8 1214 Jaa 16
73, 734
3
3 4 Feb 14% JUDI
8
712 712
73
4 9,400 Remolds Wing
73
53
5324 54
543
4 5412 553
Holiday
4 55% 58
57 4 59
8
27,000 Reynolds (RI) Tel slava 110 23 Mar 26 611 Jan 11
*70
76
*70
76
*70
19 70 Apr 24 80 Mar 15 1654 Mar 195 MAU
76
70
70
*70
75
60 Class A
*59
6014 6814 884 *58% 5978 *583 595
53 Feb 26 64 Jaa 2
50 Oct 61 Del
8
8
200 Rhine Westphal& lilea Pew__
5914 5914
4112 42
42
4314 417 4212 4112 423
2312 Feb 66 No
8
4
8
4218 423 10,100 Richfield 011 of Callforala__21 391 Feb HI 454 Jag 3
8
2914 2912 2912 30
2912 31
No par 2514Juae 11 424 Mar 23
Grsade Si)
3012 3112
53012 32
14.400 RI•
8 6918 7114 71
71% 7134 6912 717
---- ---•
727
8
713 74
4
8,700 Rossi& Is/Juntas& 0* now......111 63 May 23 96 May 9 -___
3258 3312 3318 343
4
4
40 Dec 493 Do
4 343 3614 35
4
3512 365 59,300 Royal Baking Powlos Ne per 27 May 31 434 Jan 2
358
8
107 107
107 107
106 110
108 95 June 12 11018July 3 104% Dee 104% DI
110 11018
•11112 115
1,000 Preferred
*53
k
53% 5314 5314 5312 5312 53
Oa
497 Feb 19 5584 Jaa I
4458 Jaa 64
533
8
5314 5414 1.300 Royal Date'Co(NY alliare4)
6714 685
8 6714 6812 6714 693
37 Mar 714 Da
HI 62 Jan 7 94 Jam 21
4 68
69
6712 6812 15.700 St.Joseph Lead
16112 163
1623 1633 16214 16312 16312 168 4
4
4
4
Na par 154%May 28 19558 Jan 4 171 Dee 2013 DI
16612 168
,
10,600 Safeway Stores
*94
9412 *9312 95
95
95
95 Dec 97 Da
95
NO 93 Apr 4 97 Jam 16
95
95
95
50 Preferred (6)
10418 1041 *10212 105
1025 1025 10212 104
8
8
100 102 Feb 15 101 Jaa 13 10658 Dee 10612 De
103 103
140 Preferred (7)
40
40
40
40
393 40
4
40 40
3614 Dec 51 Da
3912 397
8 1,700 Savage Arms Corp__ __No Tar 3814 Mar 26 51% Jail 24
20
2018 20
2018
8
-. 4
8July 3 4112 Jan 3
173 2012 153 19
31 4 Dee 674 AS
177 1812 32,000 Schulte Retail Steres__Ne par 163
8
93
98
*94
97
9212 9312 9114 9114
Al
9118 9118
100 9012June 18 11312 Jaa 2 115 Dec 129
60 Preferred
*1414 15
1414 1412 1414 1414 1414 14 4
10 Feb
1712 Jun
143 145
8
8 1,100 Seagrove Corp
,
No par 1412June 22 2214 Apr 12
164 164% 165 168
16578 168
16518 1673
,
16714 1683 35,200 Sears, Roebuck & Co...Nis pa/ 13934Mar28 181 Jan 2
8
8212 Jan 19712 No
4
8 53
51
8
512 558 6.000 Seneca Copper
514 54
5% 53
4
512 513
74 Oe
2 Jan
4 May 23 1012 Mar 20
Nape
•169 170
168 17034 1683 173 8 170 1723
4
3
8
17012 17112 7,900 Shattuck(F 0/
*July 2
804 Feb 14614 Oe
Nape? 1234 Jan 8 1735
*4612 4712 *453 47
8
45
45
4514 4514
'4518 48%
300 Blum Transport Al Tra4lag_12 43 Jan 26 55 4 in.19
31112 JAI 1174 Oa
3
2614 263
4 2614 265
8 263 263
8
4 2612 267
2612 267 23,700 Shell Union 011
8
4
2314 Feb 39% No
8
Na por 2514 Feb 18 318 Apr 2
45
4512 46
47
48
48
46
47
4412 45 4 3,400 Shubert Theatre Corp_No per 4412July 5 7458 Jan 24
8
3
54 4 June 8114 No
101% 10258 10218 105
104% 10814 1065 111
8
110 1153 95,300 Simmons Co
UN Jam. 1014 No
Na P.' 75 Mar 20 116 Jaa 31
305 31
3012 31
3018 327
8
4
8 315 323
2714 No
3218 333 42,200 Simms Petrolem
8
134 Feb
10 181s Mar 26 3714June 5
357
36
36s 36% 37% 3612 3714
8 36
365 3714 98,100 Sinclair Cons 011 Cerit_Ne par 3518Juno 26 45 Jan 2
8
4
17% Feb 468 No
•109 1091* •109 109'8 109 109 *109 10918
109 10912
4May ii 111 Jaa 29 10212 Jan 110 04
106 1073
300 Preferred_
40 8 41
3
393 41'8 4018 433
4
4238 433 46,000 Skelly 011 Co
4134 43,
4
25 33 1 Mli 71 4612May 6
25 Feb
7
8
4258 No
60
60
*58
63
*58
60
5812 5812
5914 5914
500 Sloaa-Sheffield Stool A Iron 100 5814June 281 125 Jaa 19 102 June 134 Fe
*84
94
*84
94
*84
94
*84
94
*84
94
100 85 June 201112 Jaa IS 10412 Oct 123 Ma
Preferred
•12
1212 1114 111
1178 117
113 113
1134 113
4
4
11 Doc 20
4
All
500 Balder Packing
De per 1014 Mar 26 1614 Feb 1
5412 551
5417 6314 5413
5412 5558 54
31 Nov 60
Ja
64 8 5412 5.000 Preferred
,
Na per 33 Jan 3 564June 17
37
3758 3712 38
3712 378 37% 3758
37
3712 5,900 So Porto Rico Sug
4
3212 Feb 498 Ma
No par 34 Mar 26 46 May 13
6618 663
4 66
677
65
665
8 633 6552
4
8k
64
65
43% Jae 51112 No
57,900 Southern Calif Edison
25 63 Jaa 4 6812 Jan 31
3912 3912 3912 391 *38
45 .38
48
*38
49
200 Southern Dairies el A__Ne par 35% Feb ill 5012Jule 14
2458 Jan 8058 Ma
10
1012 *1018 11
*1018 1014 1018 10,
„,•10
8
1014
9 Jail 30
600 Class B
2
10 June 29 158 Jan 12
Na par
Al
•11212 113 *11212 113 *11212 114
11212 !ivy
"11212 114
100 Spalding Bros 1s8 prof
100 11212M5y 231 117 Feb 6 109 Jan 120 Ap
41
41
41
41
393 41
4
40
40
41% 2,900 Spans ChalfaateCti!mit par 34 May 211 524 Jaa 3
4012
211 July 57% De
*93
95
*93
93
*93
95
95
93
93
93
40 Preferred
97
est 100 Au
100 89 Mar 19 97 in. 17
8
8
9
9
•7
812 •7
8
•
7
8
20 Fe
40 Spear & Co
11114 Nov
6 May 20 143* Feb 4
No pew
75
75
73
74
7312 7312 '7312 75
*7312 75
60 Preferred
100 73 May 201 3058 Jail 2
764 Nov 924 F.
54
57 8 5514 57
7
59
553 5914 58
4
573 58'1 13,200 Spicer Mfg Oe
4
,
234 Jan 515 14
8
Ns par 45 Jan 7 66 4Mas 1
8412 8412 84
843
4 83 4 86
3
8314 853
4
84
84
4,800 Spiegel-May-Shwa Co_Nis par 7714 Jan 15 1177 Feb 6
6512 feet 91 No
,
19
19
19
19
19
1918 1634 1812
1612 173
2,900 Stand Comm Tobsteee_Ne yr 1612July 5I 4382 Jan 11
24
Clet 4014 No
11834 12212 12314 12534 122 1253 1187 122
8
8
11814 1197 147.300 Standard Gas & Ni O.N. par 803*Ma,2S1 12634July 1
577, Jai 8482 De
6372 637
3 63
4
638 623 6312 631g 64
*6314 6312 1,400 Preferred
644 Doe 7112 Ma
DS 62saMay 311 67 Feb 4
•100 132 *100 132 *100 132 *100 132
•100 132
Standard Millais
Jai 14212 Dr
100 HA Mar 26 16314 Jam 11 1011
'100 105
100 100 *100 110 .100 105
*100 105
10 Preferred
HO 98 Juno 17 133 Jaa 12
97 Nov 115 De
725 7314 723 738 73
8
7539 7314 7414
7312 741 30.200 Standard 01101 Cal_ _No par 64 Feb 18 814May 6
13 Feb SO No
57
57
4
58
578* 563 571
57% 58
57% 577 91,300 Standard 01101 NowJaimeg A& 48 Feb 16 624May 11
4
37% Feb 598 No
394 3912 3918 3952 3918 401s 3914 397
8
3918 397 34,600 Standard 01101 New Yak _25 38 Mar 7 45 4 Jai 2
311% Feb l512 Da
8
51
5% 518
•5
514 •5
5
5 14
5
558
95 Jaa 21
1,300 Stand Plate Glaas Cet__Plit par
44 Jan 2
Va Fs
24 Jan
*177 1812 187 187 *16
8
1812 '17
8
18
*17
18
10 Preferred
100 1518May 28 31 Jan 13
Jaa 48 Fe
10
*4412 51
*4412 50
50
50
*463 5418
4
*463 5458
4
100 Stand Stu Mfg Co____Ne per 41 Jan 26 56 May 3
34 June 53% Di
-, ____
100 111112 Jae 15 133 Mn,21 113
Preferred
Oct1264 Ma
"ii" "io" 16 ;ii" 16 ;i6T8 16
;5i"
;5,5 -40
8
40 Stanley Co of Antes_-Ne par 26 Apr 11 45 May 20
31 Dee 69 4 Sel
8
4
731 7412 733 75
8
72% 7312 723 75
743 753 29,500 Stewart
-Warn Iln Cori
10 65 Apr 10 77 May 10
Stromberg Carburetor-6re par s531 Jaa 11 116 May 211
4
46
Jan 99 Mt
-37ili -'iii- V(iii -ii- V9 4 "iiT8 V614
-i6i4 - 79
794 10,200 Eltudels'r Corp (Tke...._No par 7312May 31 98 Jan 26
Jan 8712 01
67
*123 125 *123 125 *123 125 *124 125
*124 125
100 123 May 13 126 June 25 12112 Feb 127 Jur
Preferred
218 218
218 21s
it. 218 21s
*2
218
212 2,600 Submarine Boat
2'8
No par
2 June 21
412Mar 14
3 Feb
614 MI
6514 6514 6514 6618 6612 68
65
r 55
687 723
8
4 4,400 Sun 011
Ni par 57 Mar 26 72
84July 5
3112 Jan 77 No
101 101
100 100
101 103 8
*10012 102
100 100
,
159 Preferred
100 100 Jan 3 10512 Jaa 3 100
Jan 110 Al
714 858
73
8 712
74 712
75
8 8
72 8
22,200 Superior 011
Na par
7 Feb 16 12 Jan 3
1414 Ns
212 Feb
533
4
5214 5312 52
517 52% 518 543
8
5018 5112 15.200 Superior Steel
100 34 May 31 73 4 Apr 9
g
3
18
Jan 567 No
14
1414 1418 *1312 14
•1312 1412 14
*1312 14
500 Sweets Cool America
60 1312May 23 2214 Apr 11
1158 Feb 2312 Set
6
6
*614 7 4
3
78 7
5
5s '6 4 73
712 712
,
4
500 Symington
Na par
412 Mar 12
9 May 2
4 Aug
7 Ma
177
2 167 173
8
16% 1758
167 1758 17
173 1712 3.700 Class A
8
No par
1958 Al
122* Mar 11 194May 2
10 Aug
8
1914 1914
1912 1912 *193 1958
4
193 19%
500 Telautograpb Corp
19
19
No par 18 June 17 2512 Mar 28
1514 Jan 228 Mi
2
---
•Bid and asked prices; no sales on this day. I Ex-dlvldend. p Ex-rights.
104
New York Stock Record-Concluded-Page 6
For sales during the week of stocks not recorded here. see eighth page preceding
HICH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
June 29.
Monday,
July 1.
Tuesday,
July 2.
Wednesday,
July 3.
Thursday, 1
July 4.
Friday,
July 5.
Sales
for
the
Week.
$ per share $ per share 5 per share $ per share 5 per share
1718 1714
1738 175
8
1738 173
4 175 183
8
4
613 63
8
613 627
4
g 614 623
4 62
623
4
69 8 7052 70
5
7212 7118 72
7112 727
8
1718 1714 171g 1712 171s 175
8 174 1712
1618 163
4 1618 1612 164 1718 1612 17
2318 23 8 .2318 2312 2314 2438 2318 2412
7
42
42
42
42
4218 4218 42
43
35
35
35
354 345 36
8
363 3814
4
*107 109 .107 109 .107 109 *107 109
46
46
46
46
*443 464 454 4518
4
195 20
8
1912 197
8
1914 20
1912 197
8
*8514 8612 853 853
8
8 85 8 8612 8612 8612
5
34
34
3338 3312 *335 3412
*3414 35
8
923 925
8
3 9212 927
8 93
03 '923 93
4
107 1085 10514 10838 106 1087 106 11012
8
8
1438 147
8 143 147
8
8 1414 143
4 14
145
8
1818 185
8 1818 1812 18
183
8 1712 1811
•12
14
.13
14
13
13
*1112 13
431318 17
13 .1112 157
13
13
13
8
*1312 17
•1312 17
1312 1312 13
13
8
1012 107
1012 105
8 103 113
8
8 1118 113
8
*433 48
4
48
*4312 48
503 '45
4
50
4
8 5812 6212 61
8 573 595
63
334 597
*2014 22
*2014 22
2014 2014 *2012 21
49
49
493 5112 53
4
5712 56
58
144 14812 148 14712 1453 147
8
14712 155
*125 126 *125 12512 *125
_
•125 126
363 373
4
4 35
3614 34 - 7- 35
388
3812
1003 1025 10214 10914 10914 115 11218 1205
4
8
8
4738 473
8 473 483
8
4 4712 477
4 4714 4814
14412 14512 146 149
*144 148
148 150
4514 4512 4414 4414 46
465
8 4714 48
116 117
*115 124 *115 124
12012 12012
15
153
4
15
15 4 1412 153
3
8 133 1513
8
87 87
85
87
8712 '82
87
88
8 3918 4112 39
417 417
8
41
41
43
11512 118
11514 118
11512 118
115 11612
143 .1418 143 '14
4
144 1414
4
1412
7518 773
8 7714 77.8 7714 775* 7714 773
8
85
83 4 84
3
8314 83 8 .8312 85
.83
7
*1112 12
1112 1112 1158 117
8 1118 1112
*8312 95
8312 8312 *8312 85 .8312 85
2978 303
31
3134 3012 31
4 3018 303
8
•17
1712 173 1712 *1712 173
8
4 1712 173
8
*1934
4 '1934 201 *193 2014 .193 20 4
4
4
3
8 143 153
8
8 1014 15.
143 143
8
18 1438 147
8
84
*83
*82
8414 '83
85 .82
8412
39
393
8 37
37
373 373 '3612 38
4
4
1783 1793 1794 18412 1823 1857 18512 18812
8
8
4
8
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Rang. Since Jan. 1.
On basis of 100-aharo lets
Lowest
$ per share Shares Indus. & Miscel. (Con.) Par $ per share
16 Apr 9
18
183 12,700 Tenn Copp & ChemNo par
8
25 5714 Feb 31
62
63
24,500 Texas Corporation
8
734 755 72,200 Texas Gulf Sulphur_ __No par 6958June 29
10 1614 Jan 25
1718 1712 5.800 Texas Pacific Coal &011
1
1314 Mar 26
13,300 Texas Pao Land Trust
1612 17
No par
1812 Mar 14
235 24e 2,200 Thatcher Mfg
8
No par 35 Mar 9
44
441 1 1,300 Preferred
No par 3414 Mar 26
38
383
4 3,500 The Fair_ .
100 10412 Feb 26
Preferred 7%
"107 109
300 Thompson (J 11.) Co
25 44 May 1
.4514 413
1712 Feb 8
1912 1978 20,600 Tidewater Assoc 011__No par
100 84 June 18
*8514 8612 1,600 Preferred_
100 2718 Feb 1
500 Tide Water 011
333 333
8
8
100 904 Feb 25
900 Preferred
93
93
10718 110 4 34.800 Timken Roller Bearing_No par 7312 Feb 16
3
1412 1518 32,200 Tobacco Products Corp____20 14 July 3
20 1712July 3
1712 1812 15,500 Class A
12
12
1,100 Dividend certificate, A ____
12 July 5
•1212 17
300 Dividend certificates B
13 July 1
400 DivIdend certincatea 0
13 July 3
•1112 16
9 Feb 28
1114 113 59,600 TranecT1 011 tern ctf__No par
8
1.400 Transue & William,St'l No par 41 Feb 28
.45. 51
4
6018 6214 42,000 Tile° Products Corp___No par 383 Feb 18
No par
195
1,100 Truax Truer Coal
8June 4
2012 21
10 443 Mar 26
4
5,200 Truecon Steel
5218 57
15414 1613 56,300 Under Elliott Fisher Co No par 91 Jan 7
4
100 125 Jan 5
Preferred
"125 126
36
36 12 6.600 Union Bag & Paper Corp 100 24 June 1
No par 751461ay 22
120 12614 239.200 UnionCarbl&Carb
25 48 Feb 20
8 5,200 Union 011 California
4758 477
100 12172 Jan 15
3.200 Union Tank Car
148 152
Ns par 41 May 31
48
5058 10,500 United Biscuit
600 Preferred
100 11412June 11
125 125
19,300 United Cigar Storm
10 1358July 3
143 16
4
100 85 July 2
86
600 Preferred
86
6.300 United Electric Coal___No par 30 June 3
4112 43
'To par 1095
4 6,900 United Fruit
11514 1153
8June 12
100 14 June 18
100 United Paperboard
14
14
765
8 8,300 Universal Leaf Tobacco No par 7012June 18
74
160 Universal Pictures lot pfd_100 83 June 27
8
834 837
8May 29
1114 1114 1,400 Universal Pipe & Rad_ _No par 105
100 8312July 1
50 Preferred.
.8312 85
-on Pipe & Fdy__20 27 May 31
3012 343 25,100,U 8 Cast f'
4
No par
1678June 8
800, 1st preferred
1718 174
Ns par
1858 Apr 18
•193 204
1 Second pr derred.
4
,
125 Mar 28
No par
143 153
8
8 8,100 U S Distrib Coro
100 7114 Mar 12
1 Preferred
.83
8412
800IU S Hoff Mach Corp _No par 30 May 28
3658 3712
100 128 Jan 16
18518 1873 29,800 U 13 Industrial Alcohol
4
100 12414 Jan 8
__
_
Prel., red.
,
4May 27
23
No par 193
-225 22- -22i4 - - -23- - - -1- -2ii4 - 38
23 8
237 - - -14 2,300 U S I eat her
8 24
. 224
40
No par 38 May 28
40
40
40'2 4012 4212 41,18 41 12
3,700 Class A
40 40
8
100 91 May 14
94
.91
93 8 9318 9318 59312 937
7
.02
500 Priorireferred
937 94
8
. 87
885
8 8712 933
8
8 9218 9412
8
873 881
9018 933 32,000 0 S Realty k Impt____No par 81 Jan 8
Stock
100 42 Jan 8
513 5314 5112 5314 .52
4
53
517 527
8
8
5112 5312 24,000 United States Rubber
8
803 8012 80
100 73 May 28
8114 8114 803 81
8
2,300 lot preferred
81
80
80,
8
58
8
8
607
60'2 597 613
8 5912 6038 Exchange x5812 595 20,500 US Smelting, Ref & m1n___50 48 May 27
4 60
50 513
42une 13
54
54
54
'535 54
8
5412 543 5484
x5334 533
4
4
800 Preferred
8
Closed
1885 19043 18912 19234 19212 1967 196 1993
1975 200 599.100 United States Steel Corp__100 163 May 27
8
8
8
100 13934July 2
140 140 .140 14014 1393 14014 140 140,
4
14018 14018 3,100 Preferred
4
*8312 8412 •8312 8412 *8312 8412 '8312 8412 Indepen- •8312 84 2
No par 83 June 21
US Tobacco
,
.13914 140 *140 141 *13914 144 *140 141
100 136 Mar 6
•140 141
Preferred
310 310
318 318 dence Day '318 325
110 Utah Copper
.290 310 .290 310
10 264 Jan 2
4714 4512 4618 441
46
4714 48
4 453
8
445 453 79,200I Utillties Pow & Lt A__No par 35 Mar 26
8
4
934 10
103
8
97 10
8
Holiday
614May 28
4 10
4,900.1
No par
93
4 93
153aco Sales
984 10
7112 7112 .71
74
*693 72
4
*71
75
75
1001 Preferred
100 69 Apr 23
*71
9134 90
9218 893 9114
8 80
8738 897
4
No par 68 May 31
Vanadium Corp
8912 91
13,6001
37
*37
38 .37
37
39
38
38
No par 27 Mar 12
100.Van Raalte
*37
'37
83
*82
83
82
*82
60
*7512 8112 82
100 60 Jan 2
1s1 preferred
82
82
.91
92
s
907 907
8
903
4
g 907 907 '90
11
91
91
400,Vick Chemical
No par 82 Jan 4
1
...*100
____ *100
____ •100
•148
*100
No par 143 Feb 18
'Victor Talk Machine
•1I53 _
8
_
115 4 1 3 *1153 _ . 1153 1 - -34 -13 4
3 -15 4
100 110 Mar 1
4
1157 115 8 ---700' 77 9dor preferred
8
-7,
o
1178 12
93
- 7451ay 29
1112 12
No par
1112 128 1112 1214
1112 113
4 5.000'Virg-Caro Chem
4
403 4112 4134 413 .4112 42
4
4018 413
403 403
4 1,300 6% Preferred
100 3614May 29
4
4
*85
89 .85
89
80
•85
89
*85
100 8612May 29
'85
89
7% preferred
__ •1077
8 ___
4
__
__ *1073
.1077
4
•1073
_ _ *1073
4June 8
4
100 1653
Virg Elec & Pow pf (7)
*43 -1 8- .45
45 '45 50
*45 g0
.45 -47
Virg Iron Coal & Coke pf 100 45 Feb 27
47
____ ____
_ ____ ____ ___. ____ ....._
No par
13 Jan 18
Vivadou (V)
100-____ _
Preferred
91
9
. 4
89
85
85
730 Vulcan 1/canning
100 50 Jan 16
8612
106 106
106 106 *105 106
20 Preferred
*104 105
100 91 Jan 4
•105 106
86
88 .80
80
90
.89
95
.80
86
130 Clam A
100 40 Jan 2
86
8
8 3218 327
34
8
325 333
327 3314 33
8
3214 33
36,500 Waldorf System
No Far 224 klar 26
4438 447
8 4414 45
435 4438
8
443 45
4
425 44
8
13,900 Walworth Co
No par 2318 Jan 8
150 Ward Baking Class A_ No par 43 Apr 13
55
.504 .5312 5312 5312 547 541
8
8 5412 55
55
1018 1018 103
8 1018 103
10
10
10
104 103
8 1,900 C1888 B
8
No par
814 Mar 26
7712 79
79
8
76
76
200 Preferred (100)
No par 71 Mar 25
*77
777 *77
*76
78
8
119 120 4 1193 12112 1184 12012 --- -___
____ ____ 82,900 Warner Bros Pictures_ _No par 97 Mar 28
3
5218 5218 52
52
*52
4 52
54
7001 Preferred
No par 44 Apr 10
523 523
4
53
323 327
4
8 327 35
No par 28121day 27
8
34
3414 3512
3514 21,000IWarner Quinlan
323 33
4
170 171
165 165
18812 17212 17012 17012 166 16614
1,300 Warren Bros
No par 139 Apr 16
*48
514
48
*48
50 48 Apr 24
4814 *48
50
.48
30
First preferred
50
50
10
1814 1834 1812 19
183 183
4
1614 Mar 26
*1812 1912 1,800 Warren Fdry St Pipe___No par
4
18
8 90
300 Webeter Elsenlohr
*89
25 7212 Apr 22
9012 *89
907 *893 907
•907 9112
8
8
8
907
2
•90 100 '90 100
100 90 May 16
•90 100
.90 100
"90 100
Preferred
3214 3312 8,600 Wesson 011 k Snowdrift No par 3214July 5
337 3412 33
35
8
357
8 3412 35
34
60
60
6112 3,200 Preferred
61
No par 5952July 3
60 603
6012 61
8 595s 6012
4
20318 2093 44,600 Western Union Telegram_100 1794 Jan 2
1973 20312
4
196 19712 19412 19812 194 196
4718 473 13,600 Watnghse Air Brake_ _No par 4314May 31
40
4712 487
473 487
4
8 478 483
8 48
4
8
18612 19212 192 196
4
200 204 166,000 Westinghouee Elea 14 -Mfg_50 13712 Jan 15
1903 2007s 19712 20112
580 let preferred
180 183
19012 194
18612 189
185 19412 188 19012
50 132 Jan 2
4012 4178 41
4138 41
40 4 4034 2.700 Weston Elec Instrum*t_No par 22 Jan 28
3
413
8 41
41
3512
No par 3312 Jan 7
I Class A
.34
3512
3412 .34
3514 *34
*35
3558 •35
40 West Penn Else el A...No par 10212May 17
103 103
10212 10212 *103 105 *103 105
1110412 105
1
70, Preferred
100 103 Mar 28
107 107
10614 10614 *106 108
108 10/1
1073 1074
4
180. Preferred (8)
100 9412May 27
9712 99
4 98
9812 9812 9938
4
9712 9712 973 983
120 West Penn Power Pref.-100 113 Jan 8
115 11514 115 115 •115 11512
114 114
•1154 lie
40 6% preferred
100 1053
4July 5
4
105 4 10534
,
*10612 10712 I083 1084 10614 10614 *108 108'2
300 West Dairy Prod cl A....No par 49 June 5
50
63
49
*49
*49
*49
493
53
4 49
49
No par 2212June 11
8 1,300 Class B
253 253
2
s
254 2518 247 2512 *25
2512 25
2512 .
335 335
8
8 2,300 White Eagle 01 k Refg.No par 3014 Jan 30
34
34
3312 34
34
33
335 34
8
38 May 29
423
8 43
NO par
45
4 42
453 13,500 White Motor
4
417 423
8
45 4 453 46313
3
8
47
100 White Rock Min 181) ctf
60 43 Jan 2
•45
8
*45
47 .45
447 447
g
*4512 47
46
12 May 27
223
4 3,600 White Sewing Machlne_No par
2018 194 1912
20
4
2018 203 *2018 2012 20
900 Preferred
4212 4218 43
No par 4114June 3
4212 *42
45
46
•42
45
*42
4.1912 20
1,300 Wilcox 011 & Oas_.
*1912 20
20
No par
1912 2014 203 203
1912 Jan 7
20
8
8
235 2412 244 2612 2612 28 4
8
,
5 20 Juno 12
274 2812 54.800 WIllys-Overland (The)
2318 24
,
100 92 June 25
9714 1,000 Preferred
3
9514 93% 9518 95% 95 4 •93
96
96
95
77
8 1,100 Wilson & Co Inc
No Par
7 May 21
77
8
8
714
74
712 77
,
712 75
8
*714 8
No par
1714 1714
18 May 22
1812 187
8 3.400 Class A
17% 1714
1712 18
1718 1714
*59
60
61
61
300 Preferred
*60
61
100 57 May 22
.6014 63
60
60
230 230
1,400 Woolworth (F W) Co
230 2303 23012 234
25 192181548r 26
8
.22812 232
229 230
623 644 6212 64
4
63
6358 6112 64%
100 43 Mar 25
63
6512 10,200 Worthington P lk AI
89
'
1
8914 .84
89 ' 93
Preferred A
100 773 Apr 12
897 *85
4
8
87
*83
*84
600 Preferred B
77 '72
.77
7712 77
104) 66 Ain 6
76
77
78
'72
78
8
131 13512 131 134
4
1293 1323 21,600 Wright Aeronautical_No par 109 May 31
4
4
131 1333 1293 133
73
74
73
2.600 Wrigley (Wm Jr)
7312 74
No par 70 Mar 26
7358 73
75
74
*73
1,800 Yale & Towne
4
725
8 725 7312
4 7212 723 '72
25 8134 Feb II
8
73, 75
2
724 723
8 4118 42
4018 4178
8
404 433 29,400 Yellow Truck & Coach el 8_10 313
4May 28
8
417 4212 413g 425
594
0812 '85 100
100 50 Mar 8
Preferred
•85 100
,
98 2 .85 100
*94
8
697 7114 687 7018
8
8
8
697 20,000 Young Spring & WireNo par 5214 Mar 26
7012 697 71
69
69
8
8
13912 1417 1407 1434 143 14414
14214 14314 11,000 Youngotown Sheet & T _No par 105 Feb 19
140 140
•BM and asked prices, 00 sale, on this day
s Ex dIvIdend
y Ex-rights
Highest
PER MARE
Range for Previous
Year 1928
Highest
Lowest
5 per Share $ per share $ Per 550
197 Di
2078 Apr 20
2
1012 Jan
4
59 Feb 743 NC
6812 Apr 20
8514 Apr 18
6212 June 82 Nc
11a
8
1218 Mar 265 Ni
237 Mar 21
8
2412 Jan 17
20 June 30 4 Al
3
Jan
394 Ms
2838May 2
22
4838 Jan 5
8
45
Oct 535 Jul
34
Jan 5212 Di
517 Jan 15
2
,
110 Jan 2 1644 Jan 1144 0
62 Jan 12
6614 June 713 Jul
t
2312June 7
143 Feb 25 Sei
4
317 Mar 9134 Di
8
90 Jan 2
195 Mar 414 Di
8
40 June 7
9712 Jan 17
363 July 10018 DI
4
150 Jan 3 11252 Mar 151 Ns
2218 Mar 18
225
2Mar 18
19 Aug
263 Jo
18 Feb 13
4
19 Aug 24 Jul
20 Mar 26
19 1)ec 23 At
194 Jan 16
1414May 8
64 June 1412 Nt
444 Dec 5912 Fl
533 Apr 18
8
63 July 3
324 June 447 3e1
2
317 Jan 23
8
2
8152 Jan 3
554 Nov 637 DI
1.6134July 5
03 June 9372 D.
Al
125 Jan 5 119 Mar 126
43 Jan 14
4
30 Dec 493 Ft
12614July 5-Nc
5412 Apr 18
420 Feb 68 4
Oct 12812 Ma
152 July 5 Ile
5312 Jan 14
3411 Apr 57 0
128 Jan 24 1124 Mar 185 0
2712 Jan 11
224 Aug 3438 F4
104 Jan 2 1337 Dec 11418 Al
3
4514 Oct 8918 Di
8118 Feb 6
15812 Jan 31 13112 June 148 Nc
4
11112 Dec 277 Al
263 Jan 22
8
Seas June 8758 Nc
857
8May 10
Fe
93 Jan 2
9114 Nov 100
2214 Jan 2
154 June 354 0,
10012 Jan 9
377 Sept 10534 D
4
Dec 53 No
SS
554 Mar IS
IS Nov
1914 1•74
19 Jan 11
134 Nov
1914 D.
20 June 15
1812 Apr 19
134 June 2014 .71
84 Apr SS
Ttl
Oct 901 Jo
4
41
Dec 583 Js
497 Jae 2
8
4
18812July '3 IMP' June 188 0
,
127 Apr 3 1124 Sept 12574 Nt
N
Jan 61 Me
354 Jan 14
6178 Jan 14
0 Jan
72
Al
107 Feb 1 MIK Dec 10912 Ms
11114 Feb 935 Mo
1194 Feb •
8
65 Mar 15
117 Juno 8314 Jo
9211 Jan 16
III July 1093 Jo
8
8
727 Mar 20
81138 Feb 714 Ns
31
Jan 68 D.
58 Jan 3
200 July 5
14414 Mar 1 11.8114 Jan 14714 Al
SS June 120 0,
1094 Jan 311
143 May 5 1174 Jan 139 Jul
Jan 273 1E),
353 Mar 19 IN
334 Feb 55 4 Ms
49 4 Jan 33
3
3
____ .__.
1312 Jan 21
82 Jae 16
1164 Feb 3
II .144 11112 Nc
74 Jan .1074 0.
37 June 27
4374 Jan 78 Nt
83 Apr 24
109 May 15
Jan 65 D.
411
$24 Jan 15834 No
200 Mar 11
8July 5 1E12 Jan 1124 D.
1157
2434 Jan 26
4
11 June 203 Nc
4412 Jan 844 N4
5512 Jan 26
11212 Jan 9912 Nc
9712 Feb 4
10912 Apr 27 101112 Dee 11412 Al
Oct 623 Jo
47
2
48 Jan 29
4
113 June 253 Jo
16 Jan 4
4
Jo
73 June 100
_ __ __
2213 June 74 Nc
--- Apr 27
91
110 Apr 25
74 June 99 Sal
91 Apt 27
1914 June 484 Ns
34 July 1
1512 Jan 284 Di
1412 Aug 267 Sel
4614June 26
8
Fe
73 Igec 123
843 Jan 17
4
1514 Dec 293 Jo
8
2114 Jan 11
Dec 974 Jo
77
8712 Jan 15
894 •Ltir 13914 gel
134 Jan 21
5914 Jan 22
5134 Dee 5714 Di
*
la
Feb 447 0
427 Jan 2
8
4J1ne 28 14.11 June 19211 Al
1723
el
Al
4114 Nov
53 Mar 27
3414 Jan 3
IS June 3874 0
---- --.
1133 Feb 5 ---8
100 Mar 11
48 Mar 7
13.
37 ilov 110 7212Mar I 1•15, Dec 10834 Nc
22034 Mar I Mil July 201
0
Nis June 57
5412 Mar 2
/ le
1
4
204 July 3
504 Jan 144 Nc
19412July I
WI Jan 139 Nc
4814May 1
114 Jan 2812 Jut
3312 Apr 23
Ile% Jan 4012 Ms
110 Feb 1 Mk June 112
Al
11114 Jan 17 1074 Oct 1154 Al
102 Jan 17
11114 July 1044 Al
117 Mar IS 1104 Oat 118 Jul
11012 Jan 111 114 June 113
Jo
5934 Feb 5
WI Dec 78
Al
347 Feb 5
8
41163 Jan
8
49
Al
38 Feb 16
ells Feb 38 Nc
5312 Mar 3
SIN Feb 433 Jut
4
64 Apr II
Ni, Jan
497 Nc
8
48 Jan 2
411114 June 524 Di
577 Jan Ill
8
614 Aug 68
Di
294 Feb II
174 Drc
2214 Nc
35 Jan 1
17k Jan
33 D.
103 Jan 1
6" Jan 10414 1).
1314 Jan 13
11
Oct
10
F4
27 .18I) 21
112
Jan
36 Aill
79 Jan 25
4
1131 Oct 773 Fe
4
231 July 3 17412 Feb 3254 Nc
663
4June 28
31
Jan 65 244
9212 Jan 23
4114 Jan 93 Nc
80 NC
Jan
82 Jan 11
41
294 Feb 5
Feb 289 Nc
19
AL
I dy 84
8074 Jan 31
68
8412 Al
75 July 5
11112 1..ov
274 Feb 6714 Nc
5114 Apr 24
Al
53 Nov 96
981251ay 10
4634 Dec MN Ni
7114July 2
834 June 1163. Di
14414July 3
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
JIM I 1909 Itte daekanoe sioti•d of molls, bends WM
BONDS
N. Y. STOCK EXCHANGE
Week Ended July 5.
Prise
Friday
July 5.
U. S. Government.
First Merl,' Loan
3D
394% of 1932-1947
3D
Cony 4% of 1932-47
3D
Cony 494% of 1932-47
3D
2d eon,494% et 1932-47
Fourth Liberty Loan
AO 991132 Sale
494% of 1933-1938
Treasury 4948
1947-1952 AO 1084.2 Sale
Treasury 4s
1944-1954• II 1041422 Sa4
Treasury 394s
1946-1956 MS 101,11, Sale
Treasury 394i
1943-1947 ID 971442 Sale
Treasury 394s June 16 1940-1943 3D 97784 Sale
Week's
Range or
Last Sale.
Lew
ty:
991522 9914
10715)1108118
104
1041.4
101514 1011%
e8u4 9.7124
,
967142 9714
)
726
113
370
196
210
140
87
87
8812 Jan'29
99 4 Mar'28
3
9912 June'28
9512 June'29
10314 June'29
104 Mar'29
9712 Jan'29
9534 June'29
98 June'29
99 Mar'29
101 May'29
101 June'29
10812 June'28
1023 June'29
4
31 Apr'29
10
1044 Feb'29
10114 May'29
1014 May'29
15
Foreign Sleet. illoateleals.
•
Agri° Mtge Bank•t fis
1947 F A
Sinking fund Oa•Aer 15 1948 A 0
Akershus (Dept) exle 5a...._1963 MN
Antlequla(DesI6 col 7s A _ 1945 J J
19453 J
External s 78 se, B
External e f 78 sada C-1946 J J
External•f 7s ser D
19453 J
External s 7s let ear_ _1957 A 0
!
Exti sees I 78 7.30 sir __1957 A 0
exti sea s 7s 36 tier
1957 A •
Antwerp(City)sill S.
• 1958 J D
Argentine Govt Pub Wks66_1960 A 0
Argentine Nati* (Gem* ef)Sink fund es of Juno 1925-1959 J D
• s ee of Oct 1926 ....1959A
SIM fund Os swims A
1957 M S
External Si seri* B__De• 19583 D
Male I es of May 1914 _ _1960 PA N
External if(ie (S1.eeRy)..1960 M
Bill 6.Santis* IIIIIka
1981 P A
Ext gs pub wks(mar'27)_1961 MN
Public Works am.8;0_1962 F A
Argentin• Trearry Is 5.--1945 M
Australis 30-yr 56_381F 15 19553
external 51.1 19211-114ipt 1957 M
Exti g• of 1921
1956 SI N
Austrian (Govt) f 71
19433 D
82 Sale
81
-87 Sale
92 Sale
91
92
92
9212
9054 91
89
91
87
89
884 8912
4
904 903
9914 Sale
82
82
80
80
87
8712
91
9312
91
92
01
9112
9072
91
89 June'29 9612
88
8813
89
90
917
2
98%
993
4
9912 Sale
9914 Sale
993 Sale
4
99 Sale
100 Sale
9914 Sale
993 Sale
2
993 Sale
2
943 Sale
4
90% _ _
943 Sale
4
9414 Sale
87 Sale
10212 Sale
99
993
4
99
993
4
997
3
99
4
99
997
2
983
4
993
4
987
3
9912
99
991*
99
993
2
94%
95
903 June'29
4
9434
9514
94
9413
8612
8714
10214
103
5
13
14
10
6
9
10
8
17
59
61
35
72
85
26
75
40
40
40
65
79
88
16
Bavaria (Free BOW 111Ple--1945 A 94 Sale 93
11
963
Belgium 25-yr 511sf 7161 g-1 4 3D 114% Sale 11412 115 2 46
95
40-7r.f8.
1941 P A 108% 109 1083
4
10914 13
25
-yea, Masai 6Ids
1949 MS 104% Sale 1044
10514 35
External. 1 es
1955• J 10014 Sale 993
4 10014 106
Exeernal 30-yene If 7s
1955 3D 10712 Sale 10712 1077
2 18
Stabilisation loss 70
1958 MN 10513 Sale 10514
1053
4 63
Bergen (Norway)S t Si
1945 MN 110 Sale 110
112
10
ti
-year'inn* fel* 64
1949 AO 10013 Sale 99
1004 15
Berlin(Germany)If 494s--1950 AO 96
98
9614
973
4 11
external sink hat
3D 88 Sale 89
_ _1958
8912 24
Bogota (City)
'WI* I 88_ -1945 A 0 10214 Sale 102
103
13
Bolivia(Romans0)a:089_1947 MN 10013 Sale 10013 101
47
External see 71
1958 33 86 Sale 953
4
8612 33
Exseruale172
1969 M
8512 Sale 85
8612 27
Bordeaux (City et) 15-71'61-1934 M
100 Sale 9912 100
41
Brasil(U El of)extansiSs._1641 ID 10512 Sale
10512 10612 50
External 1116 Ms of 1926__1957 A • 914 Sale 904
9112 72
A
Bill. 1 6 Ns 01 1427
1957
914 Sale
9112 91
3D 975 Sale 9012
79 (Ciustral RallW•y)
2
973
2
9814
14
7
(coffee moue) A (flat)_1952•0 10412 Sale 104
1044
4
Bremen (Stat• of) extl 74-1935 MS 1003 Sale 1003
8
2 10112 15
Brisbane (City) If 5s
1957 M
903 913 893
4
4
4
9112
8
...Uniting fund gold 52
1958 A 8814 89
88l4
883
2
7
Budapest(City) *se s f as _1962 3D 7812 Sale
8
7912 20
Buenos Aires(Clem)4%4____1955 .1 J 1003 Sale 7 4 1007
4
2 42
AO 943 9812 9912
VA./•I es ser 0-2
1960
2
90 June'29
_
Prztl s I es ser 0-3
1960 A0 9754 Sale 9
512
973
4
4
Buenos Aires (Prey) sail 65_1961 MS 93 Sale 9252
9312 101
Bulgaria(Kingdom') e 17e__ _1967 J J 83 Sale 83
83
6
AtaiTurn •1 72114_1ov l5'68
90 Sale 86
90
24
Catdas Dept at(Celowni4a)7146'46 33 96 Sale 9512
97
14
Canada (Domini* of) Si.
..1931 AO 99 Sale 91
9913 69
tu-y•ar 494
1929 A 101 Sale 995
,
8
101
34
es
1952 MN 1003 Sale 993
4
4
101
75
4,
-se
1936 P A 9612 Sale 9612
963
4
J J 1035 10414 10313 June'29 38
Carlsbad (City) ii Es
1954
2
Cauca Val(Dept) Call= 7149 53 AO 98 Sale 9712
'
9712 11
Central Atria Seal (Germany)
Farm Loan .1 71 Sept 15 1950 MS 96 Sale 96
9652
Farm Loan f 6s_July 15 1960 J J 85 Sale 8413
8514 23
Farm Loan s f 44_040 16 1960 A • 84 Sale 84
85
49
Farm loan es ses A_Apr 15'38 AO 89 Sale 8814
89
18
Chile (Republic of)
MN 101% Sale 101
cu-year extern*.1 7s_
1942
102
7
External sink*,fund 6...1960 AU 92 Sale 91%
9214 90
1961 P A 93 Sale 92
External s f Ile
93
53
' 923 Sale
3
1961
R7 ref ext1 f es
4
9112
9212 60
1961 MS 924 Sale 91%
Extleinking(units
9314 69
Extl sinking tuna es
1962 M
92 Sale 911)
9214 99
Chile Mtge Bk 514$ June 30 1957 ID 97 Sale 96
9714 79
f 6448 of 1926__Jun• 30 1961• D 99 Sale 98
9914 77
Guar f es
Apr 30 1961 A0 92 Sale 913
2
9214 142
Chinese(Hukuang Ay)es__ _1954 32) 35 Sale 34
35
7
flbristtania (Oslo) 30-yr s 1 ee '54 MS 98% Sale 983
2
9834 12
1)Gernsany 434 1950 M
Cologne(C10
93 Sale 92
93
27
Colombia(Republic)*
1961 33 8312 Sale 83
831! 40
External.16.of 1921I____1961 AO 8312 Sale 8212
8812 67
Colombia Mtg Bank et 6;0_1947 AO 8012 83
8012
82
13
fund 74 of 1926_ _ _1946 MN 8513 98
Sinking
86
88
Sinking fund 7$ et 1927 1947 P A 893 Sale 893
4
4
90
1952
Copenhagen (City)81
94
95
9412
95
2
1953 MN 87 Sale 867
25-yr g 494.
4
88
12
Cordoba (City) ext1 s t 711.. 1957 VA 9414 Sale 94
95
18
s I 70 Nov 15 1937 MN 94
External
95
96% 94
10
Cordoba (Pro') Argentina 781942 Ji 1004 _ _ 10012 10013
4
Costa Rica (Repub)ext1 72.1951 MN 94% Sale 9414
95
19
__1944
Cuba (1121910) ea of 1904_
997 Sale 9912 100
2
23
External 58 of 1914 ser A-1949 A 97% - -- 973
4
971
4 19
951j June'29
External loan 44.ser C._1949 F
955
2 _
3 1014 Sale 10112
Sinking fund 6%8- -Ian 161953
102
22
Cundinamarea (Dept) Columbia_
met! a f 614e --------11159 MN 81
8112 80
8113 19
0 On the baals of 26 to the 6 *era*
and erfoss exs now and Intamt"-szos* for 111411, •/79 defaulted
110
Range
&Iwo
Jan. 1.
r. .
:4 3
1
IIONDS
N. Y. STOCK EXCHANG.S. - .g a*
-.o,
Week Ended July 5.
Frio*
Friday
July 5.
Week's
er
&lase
List
105
Soutli.
4
1, B
Sal.. az,
%
DM
Ask Lew
Risk
Hick No.
4
11012
6
Csechosloyakia(Rep et)8s__1951 A 0 110 Sale 1093
4
1952 A• 1093 Sale 1093
96
Sinking fund Se ser B
4 110
8
991111
96
10914
3
994544 Danish Cons MunIcip 83 A1946 1.' A 10712 109 10914
2
1246 F A 1087 Sale 108
1087
2
2
9842 1003
Series B 5 t 88
.1
1942 J J 10312 Sale 1034 10312 28
-year exti es
99'4299%2 Denmark 20
19551' A 9952 Sale 9912
9952 70
EMI Ir 6341
Eat'g 4ifs
Apr. 15 1962 A 0 8712 Sale 87
8712 55
9271210915
.2
97
29
105 111144 Deutsche Bk An part ct1 64_1932 kl II 9612 Sale 964
94 June'29 ---10142110613n Dominican Rep Cutit Ad /Ms'42N S 9312 96
95
92
1940 A • 92
92
2
1st sec 5945 01 1926
98144410317w
1940 A 0 934 Sale 9312
957
8
2
2d series sink fund 5ifs
95
543 98142
100
6
954w 98". Dresden (City) external 79..1945 MM 98 Sale 98
103
43
Dutch East Indies esti 611_1947 J J 10212 Sale 10214
2
196215 8 1023 10314 10212 10252 10
40
-year external 68
-year external 534._.._.19 315 5 102 10212 102 June'29 --30
5
10213 20
1953 M N 102 Sale 10184
-year external 534e
87
8813
30
110
. 1
8811 8812 El Salvador (Repub) Se____1948 J J ---_ 110 110
8212 8152 June'29 --19873 J 82
Estonia (Rep of) 711
4
4
923 --4
Finland (Republic) extl 61..1945 M 5 923 Sale 923
2
ii- 99
External sink fund 78-1950 M 8 997 Sale 9912 10014 15
9612 23
1956 M S 9514 Sale 9514
10314 104
Externals 1 634.
1968 P A 8814 Sale 8612
8814 23
Fall sink fund 534.
102 4 104
7
97
96
96
3
97
13 9 1t Finnish Mun Loan 1334e A 1954 A 0 96
7
954
1
1954 A • 9513 9612 9512
External 6)42 series B
95 4 98
3
3 11473 35
98 1004 French Republic ext 734i...1941 J D 11418 Sale 1137
10912 225
19493 5 109 Sale 1084
99
99
External 7. of 1924
, 10613 194
101 10114 Cierman Republic ern 76-1949 A• 10612 Sale 1053
20
1954 $1 N 9912 Sale 9812 100
9814 10114 Gras (Municipality) lis
1023 100
4
(UK of) 5%8_1937 F A 10212 Sale 10214
Gt Brit 83 Ire!
9913 June'29 -19291 A 9912 100
10
10134 1 -year con, 534s
4
83% 08234
8234
1
of% fund loan £ op 1960 _ _1990 NI N e82
103 3 103 3
7
7
3
3
98
05% War Lean L opt 1929_1947 J D 063 987 c98
10312 10418
I
8 1058,
1
9913 10114 Greeter Prague (City) 7342_1952 MN 10552 Sale 1055
9812
8
9913 10114 Greek Govemment s t see 78_1964 MN 9712 Sale 9713
8434 35
1968 P A 84 Sale 84
Sinking fund see 68
9912 24
1952 A 0 9912 Sale 98
Haiti (Republic) 2 f 68
1946 A • 97 Sale 96
Hamburg (State) es
3
97
79 8 9011 Heidelberg(Germany)int 734,50 J J 1004 103 10212 June'29 --,
7
9412 25
Hungarian Munic LOWS 73S2 19403 J 944 Sale 92
80
90
J J 8912 Sale 8912
9014 15
External e f 76._ _Sept
941f 8912
9414
3
91
96 4 Hungarian Land MInat 7439'61 MN 9312 Sale 9212
2
1961 MN 9213 9312 9212 June'29 - - -9478
91
S 1734$ ser B
10012 38
91
957 Hungary (Kingd of) e 17%4_1944 F • 10014 Sale 100
8
• 9612 Sale 9612
9613 19
9012 9512 Irish Free State extls s f 59._1960 M
4
96
85
Italy (Kingdom of) ext'l 7._.1951 3 • 953 Sale 95
88
95
9512 9334
943
4 39
Italian Crod Consortium 7s A1937 II 3 94
8612 96
95
20
1947 M 8 9414 Sale 94
Bill sec e 1 78 ser B
4
877 93
9512 29
3
Italian Public Utility ext 75_1952 J J 94 Sale 933
90
93
1931 J J 93 Sale 923
4
9314 53
*panne Gott A loan 4e
93 100 s
14
7
2 1004 113
1954 P A 10014 Sale 997
-year e 1 634.
30
1
99
99
98 10113 Leipsig (Germany) e f 78_1947 F A 9814 99
9712 98 June'29 ---1
281s 100 4 Lower Austria (Prov) 7iis 1950 J ID 96
62
-year 68-1934 MN 100 Sale 9912 100
9818 101
LYons (City of) 15
3
99 7
2 25
1
98 100 4 Maisel*(City of) l&-yr 69_1934 MN 991 Sale 99
13
8014 25
9814 10084 Medellin (Colombia) 6348_1964 J D 8013 Sale 80
18
1
98 10074 Mexican Iffiest Motu 4148_1943 ------------ 18
Mexico(U El) mai 56 011899 t'45 Q 3 -------- 4934 Jan'28 --- 98 101
28
2912 287
4
281
4
1945
4
Asseating Si 01 1899
98 100 4
7
26 June'2 --AggentIng 54 large
947 97
s
14
18
187
8 61
891s 9214
Amend* 48 of 1904
1918 201 19 June'29 --- -____
Assenting 42 of 1910 large_
9118 97
18
10
____
18 Sale 18
Aesenting 4e of 1910 small
9173 0912
25 June'29 --- Tree/162.21'13 anent(large)'33 1 J 271e 40
84
1a 8814
25 June'29 - - z .
.
Snail
10114 10413
893
4 91
Milan (City, Italy) ext'l 6342 '52 A 0 8914 Sale 88
90
14 9112 Minas Gerses(State) Brazil
90
1958 M El 90 Sale 884
26
Bill a 1 6144
11212 1154
10112 12
Montevideo(CH/ of) 714.-1952 J D 10014 10112 101
10712 110
10214 107
10512
5
97% 10073 Netherlands es (flat prices) 1972 IV 8 10512 Sale 10514
5
1954 A 0 --------99 2 Apr'29 ---,
30-year external 62
10914 109
914 41
9 3 9012
4
1044 10612 New So Wale* (State) ext 6e1957 P A 91
914 Sale 9012
913
4 47
Apr 1958 A g
External s 1 es
109 1124
1018
4 20
4
Norway 20-year exti 6s____1943 F A 1011 Sale 10114
97 101
102
30
1944 F A 102 Sale 101
-year external 68
9313 99
20
102
1952 A 01 10114 Sale 10114
9
8578 92
-year external 62
30
1965 3
993
4 32
997 Sale 9912
4
f 544s
100 104
40
-years
DI
23
95
8
Externals tre._ __Mar 15 1963 M So 947 Sale 944
100 104
92 14 12
Municipal Bank exti e t Se,1967 J D 9212 Sale 92
85
95
4
864
3
Nuremberg (City) ext1138-1952 F Al861 881 96
841s 92
7
-year.1 6....1956 1111 N 10112 Sale 100 4 10112
$
9814 101
Oslo (City) 30
1946 P Al95 8 9814 99 June'29 -- -,
7
105 109
Sinking fund 534.
1953.1 DI 9814 100 100
10012
3
9014 9612 Panama (Rep) exti 5348
1901 3 D -----10111 Jan'29 -- -}LIU see e f 634.
8
9012 1611
4 22
927
4
94 102
Exti.181 sir A__May 15 196315 N 927 Sale 92
12
92
101% 1071 Pernambuco (State of) ext 76 '47 M 84 92 Sale 92
3
994 10212 Peru (Republic of)
10714 Jan'29 ---8514 9312
Extl e t see 734s (of 1926)_1956 M ----1959 M
101100
14
101
86
2
93
Bill e I sec 7s
1960 3
85 Sale 85
857
2 25
7514 834
Nat Loan exti s f 68
1961 A
8512 Bale 85
8512 43
99 1024
B t g ea
1940 A 0 78
79
77
Poland (Rep of) gold 62
78% 36
94 100
1947 A 0 8514 Sale 8412
855
2 49
Stabilization loan,1 71
9412 10013
9114 94
1950 J J 9713 Sale 953
4
9713 46
Bill sink fund g 88
80
90
Porto Alegre (City of) 84_1961 J 0 103 1034 102
10212 57
100
11
8512 971
1966 .1 J 9912 100 100
Ext1 guar ednk fd 7Ifs_
4
934 101
Clueemiland (State)exti31781941 A 0 108 Sale 10614
1084
3
9813 1014
1947 I A 101713 Sale 10114
/
1
102
25
-year external 68
22
991, 101
Rio Grande do Sul extlii t 88-1948 A 0 10514 Sale 10514
10512
g
99 4 10534
3
19683 D 8612 Sale 8612
871
4 42
Bill s 1 6s temp
1966 MN 96 Sale 9554
965
8 26
061s 99%
EMI n t 7s of 1926
10512 10712 Rio de Janeiro 25-yr s t 8e-1946 A 0 105 Sale 105
10512
8
9213 30
97 102
1963 P A 92 Sale 92
Ext1 s t 1134.
9014 47
1952 A 0 90 Sale 8912
Rome (City) ext1 634.
9212 99
4
1033
2 92
Rotterdam (City) ext.! 6s...1964M N 102% 103 1023
7813 8813 laarbrueeken (City)6s
19533 J -_ __ 85'z 8614 June'29 --79
88
3ao Paulo(City).18e, ,,Ma 1952 1531 10812 Sale 108
109
16
85, 9274
943
4,
Exti e t 6 4is of 1927
1957 MN 93 Sale 93
5
San Paulo (State) ext).f 88_1936 1 J 104 Sale 10314
104
15
100 103
104
12
External Sec. 1 88
1950 3 J 104 Sale 103
9112 94
External s f 76 Water L'n_1956 M S 100 Sale 99
100
19
9113 9414
Exti s 1 68 1 int rots
1968 J J 877 Sale 8614
3
87s 30
917e 94
Santa Fe (Pro, Arg Rep) Te 1942 M II 97 Sale 96
9712 29
9113 94
3axon State Mtg fruit 73..
1945 J 0 96
97 97
974
2
9118 94
Eifgeits
Dec 1946 J D 9014 9413 901*
901
,
1
95
14 903 Seine. Dept of(France) exti 7e '42 J J 108 Sale 106
4
108
73
97 10074 3erbe. Croats & Slovenes 89'62 PA N 90 Sale 8914
90
11
89
94
EMI see 7e ser B
1962 M N 76 Sale 7513
77
25
34
4436 Mesta (Prow of) ext 78
1958 J D 773 Sale 774
4
773
4
3
9814 10112 Silesian Landowners Asen 68.1947 F A 77 Sale 76
7814
9
91
97
/ Nilsson" (City of) extl 60_1936 M N 99 Sale 99
1
4
99 14 22
82
91
Syria (Prov) extl 7s
1946 F A 9014 9114 9014
9011
817 91
s
Sweden 20
-year Gls
1939 J 0 10212 Sale 102
10212 30
1484
79
External loan 5149
1954 MN 10214 10212 10312 104
15
88
9314 *Ise Conted'n 20-yr if 88_1940 J J 1084 Sale 1075
8
10812 20
8812 9514 iwitzerland Gm/ ext 630_19441 A 0 10212 Sale 1024
1023
4 32
94
97
rokyo City 52 loan of 1912_ _1952 M S 7518 76
754
7512
7
654 8913
Ext1 2 f 534e guar
1961 A 0 853 Sale 8514
2
86
47
934 98
roilma (Dept of) exU 72_...1947 M N __ _ _ 8812 85 June'29 ____
94
9712 Prondhiem (City) lst 5342._1957 911 N 9012 934 9212
9212
1
95 1003
14
4 Upper Auetria (Prov) 7s_ _1945 J 0 9512 98
97 June'29 - --92% 96
External e t 6lie_,June 15 1957 J D 89
903 891
4
4
8984
5
99 10213 Uruguay (Republic) eat! 88_1946 F A 1067 Sale 1057
4
4
107
17
External e t es.
97 4 102 4
1
8
196015 N 963 Sale 9634
4
971
3 86
9313 9913 Venetian Prey Mtg Bank 72_1952.A 0 9138 013 913
4
8
9112
6
97 4 107
7
Vienna (City of) eat' et 64_1952 M N 87 Sale 8612
8712 30
Wareaw (City) external 74...1958 F A 81
82
81
81
7
SO
8914 Vokobama (City) ext1 23. 59613 11 924 Saie 92
1137e 26
High No. Low
Won .973 813
.
99 June'29
991
) 9914) 151
99141Mar'29
Stat••nd City SesnrItles.
NYC 394% Corp et_ _Nov 1954 MN
394% Corporals st__May 1954 MN
49 registered
1936 MN
43 registered
1956 MN
4% corporate 193011
1957 MN
494% corporals /WS----1957 MN
494% corporate stet_ _ _ _1957 M N
1958 MM
4% corporate stoc•
4% corpora* etw*
1959 MN
494s corporate eta*
1960 M
4945 corporate **II
1964 M
494s corporate atoll
1966 AO
494s corporals Meal
1972 AO
443e corponiin /Una
1971 3D ____ 167
443e corpora* steel!
1963 M
440 corpora* ate*
1965 3D
4948 corpora* stecaLluly 1967 33 10214
New York State Canal 41. _ _1960
49 Canal
Mar 1958 MS
obscured
Range
Since
Jon. 1.
High
Low
109 111
108 111
10872 111
10712 11012
2
102 1947
98 4 1018
4
4
861 90
,
96
99
9212 99
994 9813
9013 9711
4
98 1011
/
4
10114 10314
10184 104
10084 103 8
7
101 10311
108 111
8112 8652
92
9773
97 101
12
9913
.4
85
92
944 994
94 2 9814
5
2
109,115
10512 10912
10434 108
98 10234
10214 10432
99 11812
0823 974
4
090 100
104 107 1
1
9514 99
82
8734
98 101
93 97 4
1
1007 1044
3
918,100
85
1s 94
024 9814
9212 9412
994 1011e
98
974
9412 97 4
3
934 9612
9111 95
13
8012 9549
90
94
99 4 1021
2
4
95 10012
92
1s 9
934
98 4 101
1
9813 101
80
8934
1613 25
___
____25
25
28
34.
16
2
234
47
2314
158 221
4
5
25
37
12
25
3552
87
. 9011
1
881 05 9
4
1
100 103 8
1
103 108
'
994 10034
9011 96
904 9444
100 10314
100 10314
100 103 8
7
98 $ 10164
7
934 972
9
8814 95
8214 90 2
1
9914 10253
95 10114
100 1024
10114 10113
/
4
92 941
95
go
107 10713
99 103
85
9014
85
904
74
8312
81
883
4
93
99
10114 10612
974 1024
s
10614 113
100 10 2
47
105 106
86
92
95
9912
105 10613
94
958
4
874 9134
10134 10412
86
914
10734 115
92es 9813
103 108
10114 1974
964 102
8512 934
95
98
95 1001
s
87
12 95
,
1028 108s
88
96
7512 8112
76
80
75
847
2
9752 993
2
1 8944 94
10134 1044
100 4 10514
1
107% 110 4
7
1001i 10514
7412 7834
85
9011
8713 92
9
034 9614
94 4 9812
7
8572 89 4
3
10412 10934
9
612 100
871 94
844 9012
76
851
4
02
0612
New York Bond Record-Continued-Page 2
106
BONDS
119. Y STOCK EXCHANGE.
Week Ended July 5.
13
Price
Friday
July 5.
Bid
Nallread
Gt Seu hat mai A Ile---1943 J
1943 J D
lot cobs 4a ear B
Alb & Sued let guar 330_19/6 A 0
Allg&W.stlstggu4all18A 0
1142M
AllegValcenguargdi
Arm Arbor 1st g 4a____July 1915Q .1
Atch Top & Fo-Gea g Iiii_11116 A o
Registered
A 0
Adjustment geld M_July 1996 Nov
Stamped
July 1995 M N
Reglaterell
MN
Coav geld Is of 1909
1965 J D
Cosy to of 1906
11165 J D
Cony g 1s Issue *I 1910_196S J D
Gay dab &As
1948 D
Rocky Mta Div lit As_ _1965 J .1
Traiut-Coa 8kert L lit 40_1958 .1 J
Cal-Ads 1s1* ref 41 A_1962 81 8
/
4
s
Atl Knorr & Nor lit g 64_1946 J D
Atl & Chart A L lat 430 A_ _11114 J J
1st 110-yeafila merles i3_ _ _ _1944 J J
Atlaatic City lit ems 4s_ _ _1961 J J
Atl Coast Line 1st alas le July'62 M
Registered
M S
/
1
1
19414 J D
General 'miffed 44
L N coil cell As ___ _Oct 1952 MN
Atl a Dav 1st g da
1948J J
2d4.
1948.7 J
AU a Yad Ist gaar
1949 A 0
Austin /4 If W 1st gu 61-1941 J
Bait k Ohio 1st g 41----Jul) 194 A 0
8
-July 1918 Q
Itaglaterdi
20
-year.., 113/1
1933 M g
Registered
M 8
Refwad & gen gs sales A-1995 J
Redatered
D
lit geld U
July 19/8 A 0
Ref & malls earls,C
1115.7
P LE & W Val/van!11_1941 M N
Southw Div lit Ii
1960
J
Tol CM Div let set 4s A.11169 J J
Ref a gea is metes D_ _2000 M S
Bangor Is Areoebeek lit Is 11143 J J
1951
Co. ref de
Battle Crk & Sew let go Is 1989 ▪ •
1936 .7 .1
Beech Creek lat gu g da
Reciatared
• J
1936 J J
2d guar g ii
AO
Beech Crk Ext let g
Belvidere Del eons gm $4
1-1913'.7
/
1
1914 J D
Big 111111 lit da liar
Bolivia Ay lit Is
1927'.7
Beaten & Milne let Is A C11167 M S
Boston &N Y Air Line 1.1 4. 1966 FA
Bruns & Wad lit au C 41 1938 ii
Buff Rock & PIM'gea g is_1937 MS
s
1967 MN
Como'41
/
4
Burl C R *Nor lit & sell is 1934 A0
Range
Since
Jan.!.
Week's
Range or
Leg Sale.
Ask Low
-ge
9014 Sale
Sale
1007 Sale
8
10112 Sale
108 Sale
9014 91
10012 Sale
80 Sale
1004 Sale
/
1
99 102
783 Sale
8
------6312
7714
831 /
4
"948 Sale
4
771
8
92 IS 4
.79812 9912
88 Sale
____ 9938
•3
t
9014
907
8 52
87 June'29
963
4
9712 213
98 June'28
69
101
100
1
9914
9914
1013
8 10212 11
55
1073
4 108
4
9014
9014
10012 1011 88
/
4
80
8118 29
100
10012 67
99 June'29
5
783
8
785
8
6812 Feb'28
96 June'29
95 Aug'28
97 June'28
80 Mar'29
85 June'29
9484
9418
79 June'29
92 June'29
99
9912
864
/
1
88
993 June'29
4
Week's
Range or
Last Sale.
Bid
Ask Law
Hisk
High Chic Milw & St P (Concluded)
91
4
91 Sale 903
J
Gen 4340 series C-May 1989
100 May'28
Registered
9114
9118
Gen 434s series E__May 1989 .7.7 9118 92
8178 Feb'28
1925 JO
Debentures 4s
8
9114
Chic Milw St P & Pie is__ 1975 FA 91 Sale 903
/
4
75
Jan 1 2000 A0 751 Sale 7112
Cony adj Si
74
Chic & N'west gen g 33.4..__1987 MN 7212 7412 74
7712 Oct'28
Registered
Q P
86 June'29
1987 MN 8614 87
General 41
84
Apr'29
Registered
Q
86 May'29
Stpd 4. non-p Fed la tax '87 MN 8512 88
Gen 411 stpd Fed lac tax 1987 MN 9718 9912 99 June'29
/
4
10418
Gen Is stud Fed lac tax _ _1987 MN 104 107 10418
101
Apr'29
MN
Registered
100
3
1879-1929 A0 -551 IA 100
Sinking fund 6s
A0 ---- -- 10014 Oct'28
Registered
9938 June'29
8
1879-1929 A0 993
Slaking fund Si
99 Mar'29
A0
Registered
9912
Slaking toad deb Is
1933 MN 9912 Sale 9912
100
MN 100 Sale 100
Registered
10114
1930 JD 10114 Sale 101
10
-year secured g Ts
14
-year secured g 6341--1936 MS 10718 Sale 10634 10718
May 2037 JO 101 10114 101 June'29
lit ref g Is
92
May 2037 JD 92 Sale 92
lit A ref430
86
8
Chic R.I & P Railway gen de 1988 J J 853 Sale 8514
8814 Dec'28
J J
Registered
9312
1934 AO 9318 Sale 9318
Refunding gold 41
9234 Jan'29
AO
Registered
90
/
1
4
1952 MS 9014 Sale 9018
/
44
'Secured 41 series A
7818 8714 87 May'29
Ch St L& NO Maui Div 41_1961 J
4
June 15 1951 JD 102 1033 10312 June'29
Gold Si
JD
107 Apr'28
Registered
8412 Jan'28
June 16 1961 JD
9314
90
Gold 3341
JD
78
Apr'29
Registered
67
92
Cb5tL&FlstconiCU.1932 A0 9812 100 100 Apr'29
95
/ 90
1
4
10158 June'28
A0
Registered
/
4
9912
99 10212 Chic St P M &0cons Ss_ _1930 JD 991 Sale 9918
953 May'29
4
/
1
4
Coasts reduced to 3 1_-_1930 JD 9618
9914 9914
8
1930 MS 975 9814 97 June'29
/
1
8
Debenture 6s
1013 1044
9712 June'29
97
/
1
4
M
Stamped
10712 110
8
9514
110
94
Chic T & So East lot 58,_ _1960 JO 945 9512 9514
&gat 15212
8
Dee 1 191111 MS 8512 863 8712 June'29
IncguU
9558'
8
/
4
1
7812 1514 Chtc Un Sta'n lit gu 41 A_1963.7' 9558 Sale 955
103
1963.7, 103 Sale 103
99 193
lit Is series B
8
8 101
194/ JO 1003 Sale 1003
Guaranteed g M
09 105
11218
1963.7, 11212 11412 11218
864
/
1
lit gum 6341marlig C
78
10114 Feb'29
•N 10012
Chic a West Iall gsa lls Dec 1932
8412
/
1
4
4
1*52.7, 833 8412 83
4s
Coasol 60-year
-Ws 96
1021
/
4
1962 MS 10112 10218 101
let ref 6341 series A
1952 MN ---- 9912 9912 June'29
Choc Okla & Gulf cons U
96
1937 J J 91
93 Mar'29
. C1nH&D2d10ld4341
-PC id
96
96
C 1St LaClistg1s..Aug 2 1936 Q
97
Oct'28
Aug 2 1931 Q F
934
/
1
Registered
65
1912 MN 9014
95 May'29
Cl. Lob a Nor let coat gu
9112 99
100 July'28
79
1112 Clearfield M Mali lit go 6a__1943 J J 9812
8412 853 8412
4
391
841
/
4
1112 Cleve Cl.CY & St L gi.4s_ _3 3 J
92
975 9812 97 June'29
8
10012
deb 434s
20-year
P9
1113.7 D 10018 106 105 June'29
General 55 series B
2512 9278
4
4
9
,1 J J 993 10018 993 June'29
1112
4
993 102
4
Ref A lasjat Is series A
1033 10412
8
10412
Ref & impt gs mar C
9958
993
4
4
1913.7 .1 993 100
/
1
10118 1044
Ref & leapt 6/ ser D
92
9212 11134
Cairo Div lit geld dl ____1939 J .1 91 Sale 91
/
1
J ---_ 824 82 June'29
4
CinW&MDIv 111 g ts_1991
975 997
4
86
86
96
92
St L Div let coil tr g g 4s__1990 IS N
8
J S ---- 937 9218 Mar'29
M J
9112 95
8pr & Col Div 1st g
Oct'28
90
1931 113
/
4
W WVainly Mg ds
9112 June'29
11212 11612
Ref & inapt 4130 san E__11177 J J -9188 94
8
8
1934 J J 1005 104 1005 June'29
CCC&Igenc0a1g65
112 118
9514 99
Clay LanA Wee.1st g 511-1133 A 0 -- -- 9912 9712 June'29
Oct'28
100
Mahon Val g 6e__ _1938 J .1 9418
86
30
/
1
4
Clays A
9614 Apr'29
99
N 9412
96
CIA mar hit au 430----1935
4
1003 Mar'28
19
114
/
/
4s
Cleve & P gen gu 41 ger B_ 11 2 A 0
97 May'29
7914 101*
Series B 3148
98 May'29
1912 J J 95
98 102
•/
4s
Series 41
851 May'29
/
4
1948 M N 85
1119
/
1
s_
1416
Series C 34
887 893 Jan'29
4
1910 F A 84
/
4s
Series D 31
$7
/ 877
1
4
4
9618
9112 45
Cleve 81or Line lit gu 430_1961 A• 9218 9612 9618
8
8 1057
8
,
1 3
92
10112 10212 Cleve 17aMa Term lit 1341-1 7 AAA 000 1057 107 1057
Oct'28
107
98 103
egistered
R
102 103 102
/ 103
1
4
ser B
100 100
lat s f is
9512 96 May'29
•
1977 •
9914 10012
1st@ f guar 41344 ger C
993 10512
4
- 8412
D 8412
1915
8412
9612 10112 Coal River Ry lit go te
951 Sale 95
/
4
9533
87
Colo & South ref ex ext 43.0_1935 M
37
8812 Apr'29
1948 A•
Col a 11 V Ist ext g 144
101 101
9112 Mar'29
1966 F A
95
95
Col & Tel l.textdi
Apr'29
88
1 :0 A A
9111 10012 Coin & Psalm Rh v lit 41-11143 ir 0
/
4
9412 June'29
9412
Consol Ry deb 44
7618 84
70 June'29
1*543 J
9914
Noa-conv Ii
97
6714 June'29
11155 J J
Non-cony deb es__
95
9914,
_ 76 Nov'23
195 11118
Non-cony deb 4s._ __A&O 1965 A •
711
Jan'29
73
.1156.7 D _
J
8
Non-cenv debenture 4l.,
8
1935 1095
80F2 Sale 7912
807
8
/
4
1
89
Cuba Nor Ry let 61
19
88
87 Sale 87
93
89
Cuba RR lit 50-year ge g-19112 J
9912
1936 j 111 9914 100 9914
1s1 ref 7341 series A
9214 91
91
91
/
1
4
99
993
s
1st lien & ref 1 star B -1936 j
917
4
88
j 97 Sale 97
97 14
1_1931
/
4
991 103
/
4
Day A Mich lit con 41
92
33,5 AI
7A
Del 4, Hudson 1st & ref tn.__ li43 PI N 92 Sale 92
102
102
97
5
1111 11318
/
4
3 3a 5 g s
10 e c y
N 102 Sale 102 • 10214
10412
15 year
1013
8
4 10212
11130
D 10118 10212 1017
10-year secured 7.
11412 10014 D RR & Bilge lst MI 141-1936 F A 9012 ___- 9614 Aug'28
8914 Sale 8858
891
/
4
13: J
1
Den&RO 1st MaiI 41
9214 98
9012 Sale 9012
9114
Consol gold 4 e
/
1
4
9812 99
6414
35
901 955 Den 14 It0 Wedges 6P.Aug 1965 MN 9312 Sale 9212
/
4
8
Apr 1978 MN 8818 Sale 8818
leapt 511 sir
8812
Ref
921 9218
/
4
11 J .7 2514 39
3014 Apr'29
4
995 11314 Dahl .141.1 D "'Mau da
27
32. 25 June'29
Temporary Ws of deposit
8812
/
1
4
88
9812 924 Feb'29
/
4
/
1
83
8614 Dm Plaines Val ist gm 118_1947
71
79
75
Apr'29
Det & Mac 1st lies g 4s
46
81
19111 j 0
111 J 13
75 May'29
Gold 444
100 100
96
9518
96
96 10012 Detroit River Tuned 1341_1961 PA N 95
1005 _--- 1005
8
8 100 4
3
4
65
707 Dill Miambe a Nor VII 511-1141 J
99
99
Dui* Iron Rene lit Ss_ _11137 A 411 99 103
6512 69
78 May'29
Dul Sou Shore & ALIA fas_ -1917 1 .1
6612 71
4548 A 0 8612 9414 9312 Feb'29
71
East Ity Minn Nor Dl, lit
66
3 1 J
,4
86
10018
East T Va a Gs Div c id-.111110 J4 N 9914 100 10018
82
10414 10511 1043 June'29
8
84
Cons lit gold is
84
1
945 A N
99
94
Elgin Joliet a East 1.11 6s_ _ 196 M 0 99 Sale 99
89
---- 100 May'29
8918 93
12 El Paso it W 15164
100 10312
94
93
81
8612
9212
90
91
95
78
71
9014 94
92
85
/ 88
1
4
$4
834 90
/
1
4
803 85
90
86
91
85
311 90
/
4
10112 13812
92
89
853 93
:
11112 100
163 10314
/
4
93
9411
101 104
85
34
3114 93
2.12 9014
9912
114
91
86
76
66
6712
62
81
8312
/
1
4
98 103
iz
c?,Q
Range
Sines
Jan. 1.
No. Lose
High
3
/
1
4
907 95
4
4
"8714 Ver
290
493
1
94
89
U14 80
8011
72
13
1
86
84
96
99
1033
4
101
99
911
/
4
84
00
/
1
4
99
1097
4
101
10014
1-0-61;
3
2
31
17
17
14
150
26
*814
99
99
091 1011
/
4
/
4
10012 1003
4
10018 103
4
1967 11114
8
10018 1055
9012 977
4
864 89
/
1
iai
s
95
4
023 9234
9514
86
/ 88
1
4
84
102 105
'"if 16
11912 101
4
9
3
1
25
3
26
14
25
97 fcii"
4
957 97
116 101
9712 9914
91 10012
85
9212
9512 10014
101 10412
100 10212
112 11674
10114 1011
/
4
1312 8348
10014 105
9912 10112
9458
11,3
94
/ 9612
1
4
--
48
5
11
Cauda Sion gem gull A ____1962 AO 10114 1044 10114
/
1
102
2
Caladian Nat 41
/
46.111ept 15 1964 MS 9112 935 9338
8
6
935
8
l-yaar gill 14/e_1'eb 15 1930 FA 9914 Sale 99
9914 51
1967.7.7 93 Sale 925
-year rad 134s
30
8
9312 32
1963.30 9212 Sale 9112
Gold CM
9212 16
Canadian Marta gob a I 78-19/0 J. 11118 Sale 11118 11118
2
19/6 Ii 114 Sale 11338 114
26
-year s 141ela 6)0
15
Recietered
112 Apr'29
134s _ _Feb 151135 FA
1111-yr
9578 Sale 953
9612 20
4
Caasdian Faa Ity 4% deb stook J
8212 264
8112 Sale 8112
1946 MS 96 Sale 96
Col tr 134s
9
97
Care a gbaw 104 geld da1932 MI
9818 Mar'28
1949
Care Coat lit maul g lia
7978 May'29
' 78
'
Care Clinch A 01.1SO-yr U11$8• B 101 Sale 101
2
101
1111 10814 Sale 107
lit & song Is man •_Diac 11'52
10814
5
1981 J •
Cart & Ad 1st ga g de
8734 May'29
90
Cent Branch U F let g 4s_1948 J D
833 85 Mar'29
04
Central of Ga lit ge_Nov 1945 FA i98i1i42 __ _ 10112 May'29
1945 MN
Coasol mad U
3
9814
99
MN
Registered
100
Jan'29
10
-year secured MI_ _June 1929 J O
993 May'29
4
_
Ref & gea 64 ram B-11169 AO 10484 gale Ion
/
1
s
1043
4 10
1969 A • 9612 963 9612
Ref a gen as melee C
9812 115
4
Chatt Div pur mosey g 4s_11161 J O
87 Mar'29
86
' ---_ 101 101
3
Mac & Nor lAv lat g U.__ am
Jan'29'
'
4
Mid On & Addy per ea is 11147
95 May'29,
97
Mobile Div lit gIl
1946• J
Apr'29
-_ 101 100
1961'.7 7618 Sale 7818
Cent New Eng let ge da
761 11
/
4
1
42._1930 M S 9712
Central Ohio mem 1st /
9712 Apr'29
Cent RR a *kg of Ga sell fas 1937 M N 93
998 99 June'29
Central of NJ gew geld IN_ 1987 .1 J 106 108 105
12
108
1937 Q J
Registered
3
103
/
1
4
1035
8
Gleaera1410
1187.7 J 89'A89 Feb'29
Cent Pao 1st ref ma g 1
44
893
41 39
1
999 F
Sale 8914
Registered
F A
83 Sept'28:____
Mtge gear geld 1114a_Aug10311J D 99'899 June'29,
Through glimort L lot gu'SLIM A 0 88
88 June'29,
90
Guaraabsel g 111
1960 F A 1013 Sale 9978
100 ] 58
/
1
4
1018
4
1
Charleston A dove% let 72_191111 J J
_11114 Mar'29,___
Claes &
Istas slle__1111111 M N 101 10 4 101
/ 101121 19
1
4
-.
43lISOM N
Regadored
10214 Dec'28'____
4111J54 1144
41172:
0
1992M I 9514 Sale 9518
957
81 12
MI
20
-year eelv 4 Ole
1930 F A e219
65; We 98 Ma99 2 32
- 9
1993 A 0 9312 Sale 93
Ref Mot Ai
935
8 22
F A
ltagsd
9214 Mar'29
Craig PaMay
U-Ilay 1'10 J .1
10314 June'29
Potts Ore* gleowek Mt 4_1946 J
16 8812 May'29
5
g 14-__1989 J .1 35
R &A Div lat
85
8478
95
1939 J J 843
24 ormel geld de
8114 June'29
4
Warne Spews V 1st g 644_ _1941 M S ---- ---- 100 Mar'29
Chesap Corp may do May 15 1947 M N 9914 Sale 98
1004 155
/
1
1949 A 0 65
Chic & Alton RR ref g
12
66
6612 65
Ctf dep stpd Apr 1929 int _____
6638 June'29
66
64
Railway maths. /11-- -1110
6614 6614 66's, 6612 12
Certiflsated of deposit
66
.1 82
83314
(111C Burl /4 Q-111D1v 3)41-1949
66 4
82
59
85
.1
Apr'29
Itecisterdl
84
1949 J
Illinois Divides de
89 June'29
89
9012
1148M
General da
1
8
895
8
895 9012 895
8
611
Registered
4
. 913 Sept'28
193
0
1J J
9914 Erie 1st comol gold 7s ext_199 M S
95
953 9614 June'29
4
1977 F A 94
/
4s
lsta ref 11 ow I
15t cons g 4s prior
/
4
1971 F A 1023 1021 10218
8 12 1011 106
1023
1st ref au sedge
•
8
1996 .11 .1
Registered
1931 A 0 10114 106 105 June'29 -- 1011s 106
Chicago &Bast III lit Ils
7612 864
JJ
J J
lit consol gen lien g
64
79
& E Ill Ry(esw4w) eon U-1961 PA N 7712 Sale 7612
11932 106
1982 MN 101 1037 104 June'29 -g
Chic Fate Wadi tis
4
697
Penng tered gold to__ _1951 F A
Re gll trust
05
4 41
663
Chicago Great West lit da_ _1959 M S 6514 Sale 65
4
50
-year cony 11 merles A_ _1953 A 0
I 10014 1137
109
/
1
4
8
Cbic Ind Is Loaiw-Ttatels 1917 J J 1097 Sale 1095
8
1963 A 0
100 108
1947 .1 .1 95 10411 10018 June'29 _
Refunding gold II
1153A 0
Geirc ei v
g ion Ble series D
82
/ 02
1
4
3
J J 87 Sale 853
87
1947
4
Refund's& 44 Berke C
1967 M N
5a
y
95 103
/
1
4
DRerife&NI
4
95
1946 M N 95 Sale 95
lat &gea &seer A
Jersey1st s f 6s
1955 J J
3 103 110
10512
1st & gen Ss star B---MaY 1 96
105 106 105
9
Genessee River lit f 6e_11/57 J J
1966 J
- apt 043a
-year as
CIS° Ind & Sou 60
9012 8812 May'29
94
Erie & Pitts gu g 334s ear B.1940 J
9/
Chic L & East lstd1
94 Mar'29
/
41___ _1969 J D
J
MO
Series C 3411
/
1
867
4
80
Ch M St P gen g A_May 1989 J
82 12 37
Sale 82
196/ MN
80
Est RR esti f 7s
80
Registered
80 Apr'29 _
78
B__ _ _may 1986 j
71
7184 71
3
71
71
Ceu g 334s
---
Price
Friday
July!.
HOD N.. Leis
10014 June'29
93
93
81
81
81
83
9212 Mar'29
12 9312 9312 June'29
8
7212
7212 7512 7214
913
4 93
9114 Sale 9053
35
89
/ 8814 June'29
1
4
87 June'29
22
8
90
89 Sale 887
85 May'29
8211 87
86 June'29
2
86
86
8518
1
85
85
85
88
13612 Sale 12712 13812 1730
91
89 June'29
89
8
877
8 40
/
1
4
87 Sale 853
9612
2
9112 9612 9612
103 Apr'29
9918
95 June'29
9618
1
/
4
10158
_ 1015
8 1011
85 May'29
898 Sale 8914
891 11
/
4
9014 Jan'29
9412 951 Jan'29
/
4
94
8712 Sale 87
8712 14
7012 653 June'29
8
66
62 62 Apr'29
83
82
84
5
8312
10258 96 , May'29
100118 101
97
glINDS
N. Y. STOCK EXCHANGE
Week Ended July 5.
11
4
25
9
153*
91
I4
991
/
4
97
10312 112
.
9912 1017
1127 10542
2
98 10312
91
1312
92
80
15
1181
/
4
11212 9212
1112 *8
1111152 1041s
9712 10112
ft
5
16¼
-al
97
8512
111511
98
10512
If
9332
851s
4
897
2
993
109
10114 16 1
- ;
96 101
2
10
37
8,
2
43
101
5'
ii
14
13
118
31
61
50
14
15
1
3
20
1017 Sale 1015
8
8
1011 11
/
4
8218 Sale 8112
29
83
794 Mar'29
/
1
7614 Sale 76
21
77
7112 May'29
10114 1631- 10112 1011
4
/
4
81
821 8012
811 11
/
4
8012 823 803 June'29
4
82
857 8014 June'29
93 Sale 934
/
1
4
943 116
8
/
1
1
1065 111 1061 10612
8
/
4
10714 Sale 107
10714 17
88
/ _ 102 Feb'28
1
4
885 ___
8
8818 Jan'29
103 Sale 102
/ 10318 26
1
4
8412
9412
8812
9112
88
9412
67
/
1
4
67
9053
97 4
,
91
9112
90
9412
76
72
73
79
8514
9914
91112
75
9314
96
106
98
97
99
97
100
10012
9812
9412
10412
105
10314
928
$8
11912 9412
4
903 93
4
1157 933
8
40
25
36
25
92
/ 9252
1
4
7614
75
75
76
/
1
95 1004
tows 103
/
1
4
99 1011
/
4
74
8112
9312 04
97 10018
103 1057
/
1
4
4
9712 105
100 10514
100 104
12 8578
80
8
795 8118
/
1
4
743 80
4
7112 73
/
1
4
1004 102
/
1
7814 8412
7ti1 8412
/
4
797 82
4
911 97
/
4
105 11113
10612 112
8818 381
/
4
10112 105
107
New York Bond Record-Continued-Page 3
BONDS
N. Y. STOCK EXCHANGE
Week Ended July 5.
Price
Friday
July 5.
g
"e
Fla Cent& Pen litextgk..1930 J J
lit wool gold U
1943• J
Florida East Coast lit 4;46_1959 J D
let & ref 5. mita A
1974 MS
Fonda Jolane & Gloy lot 430 1952 MN
Fort Bt U DOe lot g 430
1941 J J
111 W & Den C lat g 11%._ 1961 J D
Prim Elk & Mo Val lit 64_1933 AO
()HASA MAP lit 51_1931 MN
td eaten. U guar
1931 J J
Gar Hone & Mend let U__ _1933 AO
GA & Ala Ay lit cons 54 Oct 1945 .7.7
Ga Caro & Nor lot gu g 5.__1929 j
Georgia Midland lit S.
1946 AO
Or It & Text lot gu g 410_ _1941 J J
Grand Truak of Can deb 61.1940 AO
15-year o
11.
1936 M S
Grays PoInt Term let 55._1947 J O
Week's
Range or
Last Sale
I.
N
g
&Ice
Bid
Ask Low
High
HUM No. Low
98
_
98
98
98 Apr'29
9112 963 9512 June'29
1312 9914
8
91
96
9112 94
92 June'29
68
80
52
6812 Sale 88
70
33 Sale 32
2512 50
33
18
9412 _
94
94 Nov'29
94
10412 10714
10412 105 106 June'29
7
100 10312 102 June'29
102 103 2
$4313 100
9938
994 100
1
994
99
99.. _ 99
9612 100
3
9212 9712 92
95
92 100
9
59
86
85
86 June'29
9914 loo
9418. 9914
98 June'29
7112 75l
7334 74 May'29
1l3 97
5558
934 June'29
10912 1093- 1093
4 11014
- 4
10814 113
10314 Sale 103
1044 47 103 106
9418 ____ 97 Apr'29
97
97
Great Nut gin 7.series A ___1936 J J
J
Registered
lit & ref 4 ;4 emeriti A _ _ _ _1961 J
Gemini 5345 series B_ _ _ _1952 J J
General 51 aerie. C
1973 J J
General 414e ode, D___ _1976 J J
General 4Ho aeries E
1977 J J
Green Bay & West deb eV. A- _ Feb
Feb
Debenture. ctfi B
Greenbrier Ry let gu O____1940 M N
Gulf Mob & Her lot 5;0_ _1950 A 0
11t M 54 serloo C
1950A 0
Gulf & S I lit of & ter g U..51952 J 1
Hocking Val lit coal g 04..1999 J J
Registered
1999 J
MN
Housatonic WY eons g
Hdc TC 1st is int guar._ 1637.7
Waco & N W div 1st So_ _ _1930 M N
Houston Belt & Tenn let 143.1137 J
Houton E & W Tex Utz...1983 M N
lot guar is red
Hud & Minima lot So
•_ 1933 MN
957 F A
AdJustaaest ineense fa Fib lot A 0
10812 Sale 108
1091
109 Apr'29
93
94
92
93
1053 Sale 1053
4
4 106
10112 Sale 10112 1013
9414 Sale 94
944
9312 96
9312
931
81
83 86
Oct'28
2612 Sale 22
261
9134
_ 9114 Mar'29
10018 102 100 June'29
97 June'29
100.. 101
101
903 9478 9412
4
_9412
10212 Mar'28
_ 963 97 June'29
8
100
102 June'29
10014 Mar'29
9811 99
9834 June'29
_ _ _ 99 Mar'29
95962 9812 9812 Feb'29
8914 Sale 89
8914
773 Sale 7614
4
78
Illlnois Ceatral lot gold4s
1951 1 J 90
92
8913
8912
J
Reglartered
95 May'28
lot geld 830
80
8312 79 June'29
J
Registered
84 Nov'28
Extended lit geld 1134.___1951 A 0
- 2 8318 Apr'29
/H1lot geld Si sterling
1951 M
55
92
7118 June'29
Collateral trust gold di._,i952 A 0 86
8938 884 June'29
MN
RKlatered
_
87
Oct'28
lit refunding dl
1955 M
89 Sale 8812
89
Purchased lino 330
1952 J
7714 80
80 May'29
Roistered
J
87 Nov'28
Collateral trust gold 14...1953 M N "
858 88
85 June'29
Registered
MN
9014 May'28
Refunding is
1955 M
10018 104 - 101 June'29
15
-year secured 6He g
1936
108 Sale 108
10812
40
-year 434.
Aug 1 1966 F A 97 Sale 9512
97 8
6
4
Cairo Bridge gold 4.
1950 J D 8514 90
90 Mar'29
Litchfield Div lit geld 15_1911 J
7218 75
743
4
743
4
Louloy Div Term g 230 19533 J 7612 7912 873 Mar'29
8
Omaha Div Lit geld ia
1951 F A 72
747 7412 Mar'29
8
St Louis Div & Term g 32_1951 J J
7118
763 Oct'28
8
Gold 334.
1951
7912 8138 80 Mar'29
Registered
.J
783 Oct'28
4
Springfield Div 1st 5344_1951 J
_ 88 Dec'28
Western Linea 1st g 4.____1951 F A so- - 9012 Apr'29
85
91
Registered
F A
92 Apr'28
Ill Cent and Chic St L & N0
Joint lit ref U aerie. A _1963 J • 1003 Sale 10012 1003
4
4
lit & ref 430 eerie. C____1963 .7 D ---- 9412 9412
9412
93
_
11
18
15
12
19
108
109
92
104H
12
"ii"
9114
97
97
101
94
1
1
28
41
"9
2"
"4
9114
106
99
108
99
4
.
818
112 19214
10014 162
4
911 160
9812 99
1171.4 1024
$9
18
7212 104
8912 9514
"i5T, 1318
71H 7414
861 115 4
4
/
8
8812 9272
13 4
1
BO
"ii"
7
41
5
101
117
15
16
718
4
11
74
$0
14
84
11134
10012
99
7514
145
8
7412
8
6
Lehi Valley RR gem Uteri..2003 M N 1003 104 102
8
103
3
Leh V Term fly lot in g 4.__1941 A • 100 10134 10018 10018
5
A 0
Begiatened
10538 Feb'28
ANY lit guar geld 4a__1945 M S
lab
90 90
Oct'28
Lex & East lot 50-yr 55 gu_ _1915 A 0
10412 103
103
1
Little Miami gin la eerie/ A.1962 MN --_ 86
8612 Dec'28
1935 A 0 101 10212 l0212 May'29
Long Deck wool(llo
98 May'29
Loal led let um geld is July1931 Q .1 98 100
--__July 1931 Q .1 97.__. 100 Feb'29
lit wool geld 1.
1938 J D 8012 0238 924 June'29
General gold is
1932.7 D
9912 Dec'28
Gold 4.
1949 M 13 84
8712 85 June'29
Unified gold 4.
1934.7 D 93
Debenture gold Iii
9614 95 June'29
1937 M N 93
9738 9812 May'29
-year p m deb fa
30
1949 M 13 854 863 857 June'29
8
8
Guar ref gold 4e
9912 9812 May'29
Nor Sh B lit con gu U_Oct'32 Q 1 91
Lou & Jeff Bdge Co gd g 4..1945 M 13 8512 8978 88 June'29
Louisville & Nashville 54-1937 M N 10118
__ 101 June'29
1940.7 J 0112 -92
Unified gold 45
9112
924 61
.1 1
9314 May'29 _
Registered
99
Cellateral trust gold W-1931 MN
9912 994
994
3
MN 1001 Sale 1003
8
10
-year see 7,_ _May 15 1930
8 10118 36
.A
lit refund 5345 series A_ _2003 0 104 10478 10012 10012
1
BONDS
N. Y. STOCK EXCHANGE.
Week Ended July 5.
co
Price
Friday
July 5.
Rang1
Since
Jan. 1.
Week's
Range or
Last Sale,
Bid
-High
Ask Low
High No. Low
Loulevnle & Nash,(Colocluded)2003 A 0 110112 10318 10112 10112
1
2 10112 105 i
lat & ref 55 aeries B
99
95
5
96
96
lot & ref 434o eerie. C___ _2003 A 0 a9oiz 96
991 101
4
1930.7 .1 993 -- 100 June'29
4
N 0* M let gold tle
100 10014
993
4
100 Apr'29
td gold 6a
90% 9114
9018 Mar'29
3
946F j
Paducah & Mem Div 48_190 j A
61
67
12
63 June'29
St Louis Div 2d gold 1._ _1910 M B 6012 64
984 100 Sept'28
Mob & Montg lot g 434i.1945 M S
88
" " "Slit;
ii
8412 June'29
South RI joint Moues 41.16521 .1 85
92
89 June'29
90
89
Atl Knoxv & Cin Div 4..l155 M N 89
97
9912
9718 June'29
95
Louliv CM & Lex Div g 434131 MN 97
100 100
100 May'29
1: 9 J N
5 m J
3
4
Mahon Coal RR lit Si
7
2
74
74
73 2 75
Manila RR (South Line.)40.1939 M N
77
69
69 May'29
663 69
4
lot ext 4.
en 1001s
Colonisa'n 5.1934 J D 9912 ---- 99 June'29
ManitobaS W
8612 8612
8
Man G B & N W 1st 3Hs_ _1941 1 1 853 861 8612 May'29
99% 100
Mich Cent Dot & Bay City 513.'31 M FS ---- 100 100 June'29
1003 Apr'28
4
Registered
924 93
9214 Apr'29
4
1940 Q M 913
J J
Mick Air Line 45
9218 July'28
J I
Registered
8
82
3 19 "853
1952 M N 80
80
lit geld 3345
4
1
99 8 993
9934 Mar'29
.
1929 A 0
A
20
-year debenture0
99
Oct'28
_
Registered
"iifk - .
16
4
911
1940 A 0 86 - - 94 Mar'29
Mid of N J 1st ext Si
8818 96
884
91
91
8
MO.& Net lit eat 434.(1110) 1934 J D 89
95
94
931 94 May'29
Cone int 4%5(1184)__ _1934 J D
92
88
8818 June'29
Mil Spar & N W lot gu le_ _11147 M 15
90 Apr'28
Milw & State Lino 1st 3H._ _1141 J J
"43" "Egli
43
43
47
Minn & St Louis lot one 61_1934 MN 46
46
5314
493 46 June'29 _
Temp etfs of deposit_ _ _1934 MN 44
19% 35
2218 22
let & refuscilng geld U-1949 M S 22 Sale 21
15% 22
18
50-yr Slur A_ _1982 Q F 18 Sale 18
Ref di ext
16
1912
191 19 June'29
Certificates id (spoilt
8914
53
84
85
87
1
Mrt eot lM tan i Wilt gu'111 J . 85
stP Bi
99
90
1638.7 .1 9112 941 96
968 23
9912
94
31
9412
95
lit cons is gu as te liat_ _1938 J 1 9414 96
9714 101
21
10
-year coil trust 814.__1931 SI S 100 Sale 9912 100
9712 102
8 --- 9738 9712 June'29
.1
4944
0
.
lit & ref $.1111[1611 A
88
9812
-8918 903 893
2
4
8
893
4
15
-year 5)0
_ 9314 Jan'29
9312 9312
L941 MN 8412
lot Citing.Terms f de
99%
95
95 June'29
Mlialmippi Ceetral lot U..-1649 J J 9512 98
51% 86
4
9512 15
Me Zan 2 Tex lit geld 41..1990 J D 843 Sale 934
961 102
4
994
3
Mo-K-T BR ',rite'5.ger A _1142 J .1 9938 Sale 99
81
864
1662.7 .1 8218 8212 82 June'29
-year 40 aeries 1
40
9412
19
1
1971 1 J 9112 Sale 9112
9112
Prior lien 410 so D
65 10112 10712
_Jan 1967 A 0 105 Sale 10412 106
Cum adjust Si air•
2
9512 1011
9812 16
Mo Pac 1st & of &a or A _ 1955 F A 98 Sale 9712
77
70
7314 83
1975 M 5 73 Sale 7114
General 45
£1912
95
4
97
1977 M S 97 Sale 953
59
let & ref 5.merles P
9415 100
43
97
1975 M N 9612 Sale 96
lot & ref g is or G
1949 MN 11712 Sale 11313 11712 269 10012 11712
Cony geld 534!
8912 91%
Me Pac 34 75 eat at 4% July 1931 MN 8912 9014 9014 June'29
99 100
Meb & Bin prior Ilea 6 114-11148 J 1 99 101 100 Apr'29
99 100
.1 J
9912 99 Feb'29
Small
98
15
85 June'29
1945 1 1 85
90
told 4.
litM
s..
89
85
85 May'29
1145 1 .1
_-_ 85
93%
91
91 June'29
Mobile & Ohio gen geld di._1933 M S -8112 94
99 100
100 May'29
Montgomery Div lot g 61-1947 F A 994
90
9712
8
9378 923 June'28
1977 M S
Ref & inept 430
834 87
4
3
833
4
833
4
Mob & Mar lit gu gold 42_1991 M S 833 87
106 106
1937 .1 .1 102 1077 106 Apr'29
8
Ment C let go lis
1003 101
4
1937 1 J 95 100 1003 Apr'29
4
lit guar geld Ss
7112 8012
4
7712 773 June'29
Morris & Essex lit gu 3Hs 2000 J 0 75
5
UI2
Nash Chatt & St L 4.sir A_1978 F A
1937 F A
N Fla & s 1st gu g li
111312 9012 Nat Zty if Mix pr ilea 434i_ 1657 .1 1
I
July 1914 mins'1
1111
---j
Assent cob war ret Ni 14.6e7a7
.-C 471
-year if 45
Guar 70
160 10514
Assent cash war ret Ne 5 en ---_
1141a 9712
Nat RR Mix pr lien 4;0Oct'16 J .1
Anoint will war rct No 4 en
-Si1- 1214
4
lot consol ts
16i1
$41 1814
Arent cask war ret No 4en I-0
Naugatuck RR lot g dl. _1954 ii"ii
lel 103
New England 8tH Ceu 48_1945 J 1
163 103
1945 .1 J
16014 16612
Gaol guar 45
NJ June RR guar lot 0_ __ _111311 F A
15
91
NO&NElstratking4X1A'52 J .1
"6 8 New Orleans Term lit 0_1953 J J
9 "3"
"
Ii
9512 N 0Texas & Max n-o Inc 58_1935 A 0
1954 A 0
lit fe eerie. B
72
82
1956 F A
90
lit 15 aeries C
96%
1956 F A
93
lit 434. series D
983
8
1954 A 0
lot 530 eerie.
3712 51
•
373 6112 N & C 13dge gen guar 434._ _1945 J J
4
1612 10
NYB&MBlitoeng 5/1_1935 A 0
N Y Cent RR cony deb 521_1935 M N
8334 92
MN
991 10014
4
Registered
$112 8$12
1998 F A
Coneol 44 aerie. A
Ref& inapt 4)4.series A 2013 A 0
19
9312
Ref & trot is aerie. C___ _2013 A 0
A0
98
9912
Registered
TO
76
11414 1191 N Y Cent & Ilud Itly M 1)01997 J .1
4
85
1012
1997 J .1
Reglatered
$6
901
4
1934 M N
Debenture gold 45
15
M N
95
Registered
86
1942 J J
90
10
-year debenture 0
90 2 15
1
Lake Shore coll gold 330_1998 F A
98 101
1998 F A
Roistered
98 WO
Mich Cent coil gold 3Ho_ _1998 F A
753 11112
4
1998 F A
76% 7812 N Yehlc
Registered&t L lot g 0_ _1937 A 0
961 9912
5
1937 A 0
26-year debenture 0
1931 M N
ebenture
10118
2d de aerial A B C
1931 M N
Re11111(11EIS 534. aeries A _ _1974 A 0
Refunding 530 series B_ _11)75 J 1
86
Ref 4345 aeries C
86
1978 M S
9212 100
N Y Connect 1st(9 4;0.4_1953 F A
lot guar fa series B
1953 F A
N Y & Erie lit eat gold 4._ _1947 M N
10132 10714
8d ext gold 430
1933
994 10312
4th ext gold U
N Y & Greenw L gu g 5a-1936 MN
4
190 A 0
N Y & Harlem gold 3H._ _2000 MN
ioi" 161
,
7
M N
Registered
NY Lack & W lat & ref gu ra'73 M N
10212 foil;
let dr ref du 430 con
197314 N
973 10114 Ny k E r.ey i stLip ext
4
N Y r jed‘ W lat
19341 M S
97 100
1932 F A
N Y & N E Boit Term 0_1939 A 0
90
94
NYNH*Hn-cdebli
1947 M S
"86"
Non-cony debenture 3345_1947 M S
95 100
Non-cony debenture 330_1954 A 0
96
99 8
3
Non-cony debenture 4s.__1966.7 1
11578 9132
N•11-000, debenture 411_1956 M N
9812 100
Cony debenture 3345
1956 .1 .1
948J .1
8412 90
Cony debenture de
100% 10212
Registered
9112 054
1940 j O
A j
8
Collateral trust.13
9314 93%
Debenture 4s
1957 M N
8
984 1003
let & ref 4345 or cd 1927.1967 .7 0
10012 103
Harlem R & Pt Chee lit 4.1954 M N
10012 10733
----
---.
KCFtS&MHysifggilIS8A 0 9178 Sale 9114
92
77
KC&MR*Blotgui..._1929 A 0
_ 99 June'29 _ _ _
Kan City Sou lot geld Si.. 1950 A 0 997318 74
72
72
6
Ref & trot is
Apr 1950 J I 97
9812 97
98
16
Kansas City Term lot di._,i90J J 8612 Sale 8538
87
7
Kentucky Central geld 0_1987 J
86
86
86
2
Kentucky & lad Term 4341_1961 J J
Jan'29
878 95
/Ramped
J 8784 9(94 87 June'29 _
1961
Plain
1961 J
91 May'29
_
Lake Eats& West lit g se_ _.1037 J J 9912 169'- 100
100
1
26 gold 55
1941 J
_
9612 10312 98 June'29
Lake Sh & Mich Be g 1130_ _1997
D 77
767
8 12
8012 7634
Registered
1997 J D
7812 May'29
_
115-year geld 4.1
1931 M N 9734 Sale 9738
98
66
Registered
MN
9934 Apr'28
Leh Val Barber Term gu 54.1914 F A i55; 107" 10318 10318
2
Leh Val NY Ist gu g 434o__1940 J
9558 99
99 June'29
lah'gh Val(Pa)co.g
M N 84 Sale 833
4
85
17
MN
Registered
86
Jan'29
General ons Ha
2003M N 9512 97
9512
9512
3
MN
Registered
99 Nov'28
112%
109
98
10984
mil 104%
92
9714
92
1171
/
4
"79" 15 4
3
Ind Blot= & West lot ext to 1941) A 0 85
91 Nov'28
Ini III &'ewe litggi
1640.7
88
947g 89 June'29
Ind & Louisville lit gu de__ _1955 J J 87
85 June'29
tad Union Ity go Se sir A1605 J
57E8 loo 102 Mar'29
Gen & ref 5.series
1666.7
101 103 101 June'29
13
Int & Grt Nor lit 6.ear _ _1952 J 1 103 Sale 10212 103
•
Adjustment go oar July 1952 -- 8912 Sale 873
•
8
8912 117
Stamped
_
7712 Feb'28
lit lessrIi.
1986, J
7
93 June'29
_
let g 5. wales C
1956 1
92
94
94
12
Int Rye Ceat Amer lit U.
..1172 M N 78
793 7714
4
79
17
lit collie 9% seta__ _1941 MN 9312 Sale 93
934 14
JO H.'& ref 1545
1947 F A 953 9612 9578
4
97
66
Iowa Central lot gold io___ _1938 J D 3912 40
40
40
1
Cott:Nate. if deposit
35
373 June'29
38
4
__
Refunding geld *I
1951
1312 1112
11
1
1112
James Freak & Clear lit 41.1659.7 D 8214 8478 833
5
833
4
4
111351
98
KanA&ORIstgUt11._
10014 Apr'29
Kaa & M lit gu g di
1990 A 0 8112 --- 82 June'29 _
8212
S Due Feb. 1.
Range
Since
Jan.1.
6651, 1- „
BA 881,
893 May'29
4
9812
9812
18 July'28
183 July'28
4
"1114 gife 1114
1112
8712 Aug'28
12 June'29
3512 July'27
198
4
- - 19 June'29
22 Apr'28
814
912
912 Sale
82 June'29
95
95
987 95
8
82 May'29
8318 85
-- 88 Mar'29
9113 96
9112 June'29
857 Sale 857
8
8
86
9312 964 943
8
9438
9514 Sale 934
953
4
9812 10018 10014 10014
903 92
8
90 June'29
102 103 102
102
95 June'29
943 100
95 June'29
4
1054 Sale 105
106
106
Jan'29
853 Sale 843
4
4
854
9512 Sale 9513
96
10314 Sale 1023
4 1033
4
106 Mar'28
55.7 99
2
1
12
8$14 907*
9812 102
i
"ii
1312
155
162 2211
712
3 82
95
1
82
- -2
11182
997
x
863
2
:
87
0008
90: 91
91 12 190 22
81
9085
21
2
33
3
98
101
3
18318 10512
00 2 90
18
944 951
4
95
97
10214 108
844 89i
27 1°6 106
45
1 5_ 2 !
_9131_
57 !4 1E72
1
8214
76
78
76
29
74% 7812
76
76
7
95
Sale 9412
93% 973
4
51
95
94
95 95
Jan'29
9018 97
9018 May'29
90
9512
734 76
7414 81%
754
7514 12
73
7712 75 June'29
73% 75
74
757 75 June'29
8
74
79 4
1
73 June'29
713 75
8
73
78
9412 931 June'29
9112 96
94
4
90% 9018
_ _ 904 June'29
9614 98%
9714 98
55
98
98
901007 Sale 10014
8
1007 160 100 10212
8
1044 Sale 10414
1043
4 11 10414 10714
104 Sale 1034
19 1037 107
2
105
9312 Sale 9312
91' 9512
4
931
923 June'29
923 94
4
4
9234 9712
96
- - 100
9914 10212
4
96
55
_ 90 June'29
90 90
_
166 9812 Mar'28
oil( 99% 100
"
Apr'29
" " 166
55
91 Sale 91
91
4
91
98
83 Mar'29
83 83
8518 Apr'28
100
10018 Feb'29
9738
96
Apr'29
_ 104 Feb'28
10013
96 ilife 96
2
96
90 Mar'28
7818 84
7412 June'29
"7412 1674
7578 73 June'29
77 4
1
73
6912 7012 7018 June'29
69% 75
7912 80
78 June'29
74
841s
77
7912 7718
7718
76
8.412
6
7014 72
70
1
70
681 75
4
12812 Sale 127
129
170 116 129
118 June'29
115 119
10312 191.- 104
10414 21 102 10512
74
76
76
76
2
7034 79
887 Sale 8412
8
97
89
8412 9212
8812 8812
88
1
8812
87
9012
78
95
Sale
los
BONDS
N. Y. STOCK EXCHANGE.
Week Ended July 5.
New York Bond Record-Continued-Page 4
Pries
Friday
July 5.
Week's
Range or
Last Sale.
is
at%
Range
Sines
Jan.1.
N
BONDS
V STOCK EXCHANGE
Week Ended July 5.
Price
Friday
July 5.
Range
Since
Jan. 1
Week',
Range or
Last Sells
Ask Low • High No. Low
Bid
Ask Low
High No
High
2
Sale 84
101
8412
7
84
743 St LOWS & San Fr Ry gen 6m_1931 .3 3 100 101 101
4
1931 J J 9812 99 99
70 Apr'28
99
General gold 56
60 June'29 ---- "io" liOli Bt L Peor & 33 W lel gu 152._1948 1 J 99 10284 10012 May'29
9012 June'29 _-_9013
90 91
Si Louis Sou 1st gu g 41...1931 M 11 934 ____ 9618 June'29
5
Eli L B W lat g 46 bond ctfa 1989 MN
893 Jan'28 ---4
833
4
833
4
-8151a 921 8512 June'29
.
78
7718 June'29
-iir4 -3912
2d g 42 Inc bond etfa Nov 1989 3 J 75
7818
7818 ---i
954 9514 9434
747 8812
3
Contsol gold 48
79
81
9533 55
3
lit terminal & unifying 521932j D 9514 Sale 9514
952 .1 J
____ 793 8434 Nov'28
983$
4
71
74 7012 June'29 --_- "fig, li- St Paul & K C Sh L 1st 450_1941 P A 9214 93
92 June'29
994 10113 81 Paul & Duluth let 56.-1938 1 D 98
19 1 3 A
8
994 98 May'29
9912 Feb'29
89 8818 Mar'29
703 85
1st consol gold 0
83
8214 83 82
101 Sale 10012 10114 34 100 108 St PaulE Or Trunk 1st4)0_1947 J 3
974 Jan'28
7518 90 4 Si Paul Minn & Man con 0.1933 3 J __ 954 947 May'29
754 June'29 ---75
3
6
10318 10212 June'29
9711 102
lit oongol g Si
1933 J J
99
99. 9912 99
J J 963 978 103 Jan'29
4
Registered
Norfolk & Heat gen gold 131_1931 MN 10113 10214 101 June'29
100 1034
ria reduced to gold 430_1933 J J 9814 Sale C712
9814 10
J J
95 Dec'28
105 105
Improvement & eat es_ _ _1934 P A 103_ _ 105 Mar'29
Registered
994 104
New River lit gold es__ 1932 * 0 101 18312 10112 June'29
Montext lot gold 48
-___ 934 95 Jan'29
7
9
89
N & W Ry leg cons g 4a_ _191)6 A • 9018 Sale 90%
86
9214
Pacific ext guar 46(sterling)'473J 86 Sale 86
193 3 D
0
904
6
102
87
Registered
8913 Bt Paul tin Deg 1t& ref 58_ 1972 J J 1024 104 102
87 June'29
1995 AO
5
5
89 94
B A & Ar Pass lat gu g 4a
DWI lit lien & gen g 48_1944 J
1943 J .3 88
"iii4 90 8912
88% 88
8012
88 4
,
234 June'29 -- -- 13212 234
10-yr cony gs
102 102 Apr'29
Santa Fe Pres & Phen let 56_1942 M S
1929 MS
1
9112 95 3 Say Fla & West 1st g 88_1934 A 0
3
Poeatt C & C joint 4a_ _1941 J O
104 10212 May'28
9112
"ii" 9112
3
,
,
__ 1074 10778
1s8 gold 56
1077 Jan'29
Nail& Cent gea & ref No A_ _1974 MS
9814 Apr'29
1934 A 0
s
9574 99 Scioto V & N E 1st gn g la..._1989 M N 90
Gen & ref 434e aer A stpd _1975 MS 96
914 90 June'29
964 97 Apr'29
2
90
9131, Seaboard Air Line 1s8 g 4a
92% 96 Feb'29 ____
Nall Ohio lit guar g Si_ _1945 AO _
65
1950 A 0 55
70 64
6
Nor* Pacific prior lien 46... _1997 Q 1
MN 90
Sale 844
66
Gold 46 stamped
8612 150
1950 A 0 6412 70 644
3
833 89
4
8312 85 8414
Registered
Adjustment 56
(Set 1949 1• 4312 Sale 4212
8414
1997 Q
437g 83
1
Gan Ilan ry & Id g 36_Jan 2047 Q P 644 Sale 6418
001a ars
4342
42
Certificates of deposit
6512 33
11
62 6312
A O 5212 gicems
62 Mar'29
Registered
Refunding
Jan 2047 Q F
Rag & lanai 4548 arias A-.2047
92
96
96 Sale 96
88 series A_ _1199459
_On !ale 69 2
lit & eons 461
52314
52
73
6
9411 98 a
7
Rat& inept fa series B_ _2047 3, 110 Sale 10934 1103 119 109 11332
MS
75 Mar'29
Registered
4
13
3 1004 108
10112 Sale 10112 102
Ref & Ingot fa septa'C___ 2047
Ail do Birm 30-yr lat g 402.31933 lol 5 85
86 - 85
86
1 101 1044 Seaboard All Fla lit gni% A_1935 7 A 6112 Sale 6112
Rai& Imps la aerie*
1027, 102% 10278
2047 J
624 49
1
Nos Pas Terra Cs tat g la_ .1933 33 1098 __ 10934 Feb'29
10984 1094
4
Series B
1935 1 A 6112 64 637
63%
• Ry of Calif guar g be_ _ _ 1938 AO
99 99 Seaboard & Roan 1st lki extol 1931 1 J --__ 9712 98 Dec'28
101% 99 Mar'29 -- ._
1936 1 A
10018 May'29
SA N Ala cons pi g 136
North Wimponsta lii S. _1930 33
_ _ 100 Sept'28
.
Gm cons 190111 130-yr 5.1963 A • 102 104 107 Mar'29
Qg & L Clams 1st in g 4s___1948 Ii 9912- 3
75
77 -- -. -Nig
79 77
068 Cennectlag Ry 121 0._1943 MS
9558 Nov'28 -- 9912 22
9912 So Pao 0110(Cent Pao col) V49 J D 8914 Sale 8914
877 Jusse'25 -Okko River RR 1st g 62....-1931• D 8912
3 D
994 Apr'29 _ _ _ "iters
General geld Is
93% June'29
9914 May'29 - -994 100
1937* 0 98
Is1450(Oregoa Linea) A_1977 III S
Regtutered
894 9213
Oregon RR & Nay awa g 46_1948• D _ - - 897 9014 June'29 ___
100 luee'28
20
-year cony 56
1934 J D
Or.Short Lino ial coaa g 58_1948 33
917$ 101
l014 1084
$
10214 10112 June'29
Gold 4348
1968 111 6 91% tide" 907
98 2346
Gam Mpg cam 55
2 1024 106
Gold 4%e w I
1946 J J loirs 10412 10212 10212
May 1 1969 1111 N 9532 Sale 9232
Omar iretandlag 48
97 3 9914
7
9914 48
am
2
San Fran Terra let 0.....1950 A 0 8772 Bale 5778
1929 J O 99% Sale 994
844 8913
Omen-Wash 151 & ref 4._ .1951
83 May'29 -- -861$ Sale 85
A0
8618 30
Registered
1
PasIfie Csaat Co lit g 5a_ ... _1948 3D 70 Sale 70
101
1
70
70
30 I%Pao of Cal lat eon gu g 54_1937 MN 101 Sale 101
9514 954 Apr'29 - - -.
3
Pa•ItR of Mo 1st tut g 4a 19323 P A 90 Sale 8912
8914 944 So Pao Coast lat go g 41......1937 3 3
90
24 extended geld 0
8978 47
„ 139
3 8
96% 99 9634 June'29 ... 9014 9
4
So Pae RR let ref0
1938 J
19511 J 884 Sale 883
Paducah & Ills lass f 4%6_1965 J J 92% _ 9112 June'29
903 Mar'29
4
85
Patio-Lyons
65
-Meg RR extlfla 1958 FA 9934 Sale 99% 100
971$ 101
Southernry lit eons g le
Regla re
1994 J J 10533 Sale 10414 106
&airing fund exuraal 7a 1958 MS 103 Sale 10234 103
105 Mar'29
Registered
1 3
Parla-Orleasa RR 5 f 78_ _ _ _1954 MS
10388 Jan'28 :8 ;i : 104
844
853k 1061
A 3
De elopterede 6eriea A......1958 ji 0 85 gide
D•T l gg gen 4:6s
Regitive
ag
. 1 l 11
1. :
0
:::
Ext slaking Mad 53.4.. _ 1958 M S 85 Sale 95
8714 Sept'28 --- - 1
*0
9512 12
Fatalists Ry lst ref f 73 1942 MS 10134 103 10212 June'29
1956 A 0 112 6;11 11112 11214 231
11734 11,
115513 A 0 1173 Sale 117
4
Develop Age.810
Penarylvaala RR is.. g 45_1943 MN 9214 9312 94 May'28 ___
934 96
Mem Div lett be
1998 3 J 1021 104 103 Jane'29 ---:
5
Coasoi gold 4s
8933 94
1948 MN 9012 Sale 89%
1364 Juno'28 -9012
St Louis Div lat 1 411
85%
19 1 2
51
45'ter" stpd dollar _May 1 1948 MN 90
2
92 90
994 June'29
90
00
93 4
3
East Tenn reorg Ilen g 56._1938 M S 9883
Comol sink fund 430......19130 F A 983 Sale 98
9778 10112
91 June'29
3
1936 M I
98% 15
Mob & Ohio ooll ty 46
General 450 settee A....._1966 3D 933 Sale 9384
118
9334 1004
4
9514
2
Gemara! Is lariat B
75
D 10214 Sale 1024 10384 49 10214 10812 Spokane Internal lug 56-1956 .1 J 70 Sale 70
1988
111-year secured 76
88 Nov'28
1930 *0 10118 Sale 101
10134 108 10038 10378 Staten Island Ily 1st 4)46_ _ _1943 3 D _
lb-year secured 634.
1936 P A 108 Sale 1063
95 Apr'28
45 101334 111
4 108
Sunbury & Lewiston 1st 4s._1936 J 3
P A
Registered
112 Apr'28
Superior Short Line 181 56_61930 M 13 18 166 99 Mar'29 - 45
-year secured gold ,5a..1984 MN 10213 Sale 10112 103
95 June'29 - 51 Bi- iiiii" Terra Assn of St L 1st g 430_1939 A 0 95
4
Pa Co kg u 3348 soil tr A rig.. 1937 MS
1002
4
- 4
4
894 90
1944 1 A 1004 1663 100
90
90
Bit cons gold Si
116% 45
Guar 354s loll trust ser B.1941 ▪ A - - -- 8612 June'29 --1933 J J 86% 88 86
Ws 874
Gen refunds f g Se
10084 10112 28
Guar 350 trust CU.C---_1942 3D 8338
8338 89 Texarkana & Ft8 1st 550 A 1950 1 A 10112 Bale
83% May'29
98 Mar'29
Guar 350 trust elf. D____1944 J O 83 84 85 Tex A N 0oom gold be
1943 3 -I
ails 87 May'29
5
104
2000 J D ioi" Sale 104
Guar 18
-25-year gold 4a._1931 *0 98% Sale 9712
9812 994 Texan& P.O 1st gold 56
98% 27
95 May'29
Guar 48 ser E trust otia...._1952
N 86
10
8533 92
87
24 Ine56(1VIar'28ep on)Des 2000 Mar 96
Secured gold 4368
9712 26
1983 M
e
1977 A 0 97 1:41-- 961s
9513 9918
9612 Sale 9512
Gen & ref &a aeries B
97% 59
81
97
PsOhloA Del las & ref 450 A'77 *0 9412 Sale 9412
9632
4
1979 A 0 96% 97
92 97
14
944
Gen & ref fa series0
9978 June'29
Peoria & Eastern let eons 43_1940 * 0 8312 Sale 8314
19313 J 100%
2
8312
313 87
4
La Div B L let g fa
Income 4a
April 1990 Apr
38
8
36 46 Tex Pao-Mo Pao Ter 5346_1984 M S 10034 gi e- 1004 100%
38
40
38
Peoria A Pekin UD lit 5%8_1974 L A 101 10214 101
1 100 103 Vol & Ohio Cent let 911 88
101
19311 3 1 0712 9912 9912 Marl')
1938 A 0 _ _ 10014 103 Apr'29
Pere Marquette 1st sir A 58_1956 31 102 Sale 10114 102
113 100 1047
6
Western Div 122g ba
lit0 aeries B
1935 1 D
1956• J 8614 88 8814
_ _ _ 97% 99 May'29
13
116
General gold Si
917
s
86%
15 Nov'28
Toledo Peoria & West let 44_1917 J I 12
Phil& Bait & Wash lit g 4a__1943 M N
8
90 June'29
90 95 • Tol St L & W 50-yr g 46-.1950 A () 88 1 7- 8734 June'29
98 Apr'29
General fa series B
1974 F A 107 108 Tel W V &0gu 450 A....1931 J J 9414
10714 May'28
Phlllippin• Ry lit 30-yr. f 46 '37 J J 34
9513 Alien
36 34
3418
4
32
39
let guar 430 mien 13
1233 2 2 9414
Pine Creek registered lit 51.19323 D
9738 Mar'29
1942 M 6 103 103
101 103 Mar'29
lit guar 48 series C
18
Pitts & W Va lst 450
19583 D 92
87
94 98 Toronto Hats& Buff Davie 1948 -1 1) 844 89 8518
94 94 June'29
P C C& St L gu 45S6 A
1940 A 0 9783 9812 9783 June'29
9514 9934
Series B 454s guar
1942 A 0 9783 ____ 9712 June'29
9712 10012 Ulster & Del 1st eons g fla
9
614 9934
1928 J D 7834 79 77 June'29
1
Series C 450 guar
1942 MN 9712
87
70 87
Certificates of deposit
88
9712 Apr'29
Berta' D 4s guar
9412 0612
1946 M N 9614
50 50 May'29 _
1s8 refunding 1 4.
1952 A 0 41
9614 June'20
32
Serial E 350 guar gold...1949 F A
93
93 93 Union Pac lit RR a Id get 481947 3 1 9278 Sale 9214
93 June'29
1
Series F 46 guar gold
90
19533 D 9614 ____ 964 May'29
92% 9314 90
944 9814
9
851$
Serlea G 43 guar
96 9612
lit ilen & ref 4.
June 2008 M B 84% 8612 85
1957 M N 904 _
9614 June'29
Series II COD guar 48
6912 10
95 9612
1967 J 1 Ms Sale 9614
Gold 430
1980 1 A 9614
9612 May'29
4
Series Icons guar 450_19133 F A
June 2008 M S mpg 10712 10612 10612
let lien & ref 58
9134 100
9684 June'29
9873 9934
19583 D 8512 Sale 85
8714 52
Series 3 COMP guar 4346_1984 MN
40
-year gold 4a
97 June'29
1 10312 103118 151 N J RR & Can gen 48
1933 3 8 91
944 1111 3
General M Sc aeries A.-1970 J D l02103
03 9212 May'29
12 10312
96338444
96 Nov'28
102 102
Registered
Utah & Nor MI eat 45
J D
_ 102 June'2£
6212 Apr'29
Gen mine guar Ba sir B-1975 A 0
16 10212 10812 Vandal's cons ir 4/ aeries A...1958 P A
1074 1034 104
92 May'29
1957 M N 993
Cons•f 48 eerie, B
Registered
4
11312 Jan'28
A0
14 June'29
18
10
Vera Crum & P aasent 450_1934 ____
10114 10114 Virginia Mid be merle, F._ _1931 1111 El 9712 99 1004 Mar'20
Pitts McK & Y lit go 86
10114 Apr'n
193233
1936 MN 9812 99% 99 June'29
2d guar 88
General 55
1934• 1 1013
10383 July'28 _
4
2
994 10012 Va & Southw'n lit gu 51
2003 J J 97% Sale 974
Pitts Sh & L E 1st g 56
9778
1940 w 0 997 ____ 997 June'29
3
2
lit cons 50
-year 58
1958 A 0 8912 Sale 8912
lit conaol gold 58
90
1943
10014 Aug'28
Vi
Ry lit ba series A.1962 111 N 101 1018 1001s
Pitts Va & Char 1.6 4.
M▪ N
70
102
4
1943
_
994 Sept'28 :- - 19391W N 10018 Sale 1008
4
$ 101
Otte Y & Ash lat 46 aer A...1948• D 9114 821- 914 Apr'29 - - -- "iiii. 93'z Wabash RR 1st gold Si
4
10318 103
12
2d gold Si
1939 P A 101 Bale 100
lit gen 58 series B
1
100
1982 P A
10314 10312 May'29 1975 NI 8 10212 104 10184 103
lit gen fa series C
Ref & gen 6 f 554a eer A
22
1974 ID
Debenture B 68 registered-1939 2 1
Providence Becur deb 4e
881$ May'27
1957 MN
71 June'29 ---- "ii" 'A84 64
lit lien 50-yr g term 48_ _1954 1 J 70's 89 8878 Nov'28
Providence Term 1st is.._.1956 ria 8 77 -_ 84 May'29 - - -Del & Chic ext Ist g 56....1941 3 J 100
Reading Co Jersey Cen coll 46'61 AO 90
2
100
90
934
10012
904 9018
004 25
Dee Moines Div lit 141..1939 .1 J
Registered
AO
943 July'28 --- 4
10 4 48 Jan'29
1
-Omaha Div let g 350......1941 A 0 80 Bale 781s
Gen & ref 4340 aerie') A._1997 33 gg - 2 9413
93t10 "iii" -Ii9.7-8
95
3
80
1941 IN 5
Vol & Chic Div g 4s
Blob & Meek lot g 4s
1948 MN
90 9012 Mar'29
79 784 May'28 _
Mahal Term Ry !st gu 58..1952
994 102
Wabash Ity ref & gen ba B_1976 A 0 9583 Sale 95
'
3
101 Feb'29
4
9585
Rio Grande June lit gu 56_1939• D
917 023
2
3
Ref & gen 4 He series 0_1978 F A 8712 87% 8712
9283 Juns'29
3
8712
Rio Grande Sou lit gold 43_19403,
-... --6 May'28
7
350-2000 F A ___ 804 83 Nov'28 Guar 48 (Jan 1922 coupon)'40
.1
Warren 1st ref Ill g
712 Apr'28
Rio Grande West 1st gold 48_19393) 87's Sale 8712
1 "
iii. 9234i9234wash cans ist gold 4s
1948 Q M
874
8414 Mar'29
14 Co. .to coil trust 48 A._1949 * 0 8012 82 805
Wash Term 1st gu 330
87
1945 13 A 8118 87 834 May'28
78
82% 26
s
-rear guar 48
RI Ark & Louie lot 4%2_1934 M
93
9134
1st 40
1945 P A
2
94
94
3
80
88 79%
94
96
Rut
-Canada 1st gu g 45_ --1949 J
_ W Min W & N W 1st gu 56_1930 F A 97
99 97 Feb'29
70
81
82 Nov'28
Rutland 1st con g 4348
1941 .1 .1 814 85 87 May'29 --- 87 9013 West Maryland 181 g 48......1952 A 0 78
79 78
7
78
1st & ref 5345 series A....1977 3 J 9612 Sale 9612 100
18
Joa & Grand lei 1st 48_1947 .1 J 84
83
8814 West N Y A Pa 1st g 68
1937 s 0 9984 10014 100
194s 3 3
5
87 84 June'29
100
Gen gold 45
St Lawr & Adir 1st 5s-1996 J J
1047 Feb'29 __ 1047a 10478
88
87 8712 June'29
s
2d gold Si
..i . .. r h Western Pao 1st ser A fa.....-19481W El 9812 Sale 9814
0 i _i_
.. 2
1998 A 0
27
1054 Nov'28
99
gt L & Cairo guar g 4s
19311 J 9612 Sale 96
West Shore let 46 guar
2361 3 3 844 85 84
1
964 io
84
63
97 101
Registered.........
St L Ir Mt & gen con g 58_1931 A 0 98% Sale 0818
.
2361 J J 8114 8312 84 June'29
99
.11331 A 0 100 101 10134 Dec'28
Stamped guar 58
1.69.. Wheeling & Lake Erie
Unified & ref gold 4s
1928 J
98',
Earn & impt gold 643
1930 13 A
993 100 9934
4
9934
9912 100 Sept'28
Refunding 450 series A-1988 IN 8 81
Riv & Div 1st g 0-.1933 M N 9312 Sale 9234
924 9434
93% 43
8138 May'29
L M Bridge Ter SU a 58_14130 A 0 9634 Sale 964
6
9834 100
Refunding 56 series B
1986 M 2
9684
100 102 Feb'29
73
834 8E4
RII lot cons& 0.
-San Fran pr lien 46 A _ 11151) M
1649 M S 8412
St L
85
8414 Sale 8414
83 June'29
Con M 4 Ste Serlefi A _ _ _ .1978 M 6 8712 Sale 8684
2
8334 894 DIM & East 1st gu g 58
1942 .1 1) 913%
65%
653
s
874 116
1950 3
Prior lien 58 aeries B
70
9712 1014 Will& B F 1st gold 56
19383 I)
98% 99 9834
99
99 Apr'20
▪ Y0& W ref 1861 48.June 1992 M
Reg 55.000 01717-June 1992
General 48
1956
N Y Providence & Boston01942 * 0
Registered
A
N Y & Putnam lit con gu 4.1933 A 0
N Y Snag & West lit ref 56_1937 J 3
2d gold 4346
1937 P A
Ge*eral gold be
1940 L A
Terminal lit gold 56
1943 MN
N Y W-ches & B 'steer I 4%6'48 J J
Nord Ry ezt'l
6Sis
1950 A 0
Norfolk South let& ref A Si 1961 P A
Ncrfolk & South lit gold 56_1941 MN
Bid
64
_-
d Due May. e Due June. k Due August
Lots High
99 102
954 1004
10013 1034
gip, 974
3114 89
774 82
2
111312 981
9415 1011
4
3
89 4 9514
98
984
804 884
941 WI;
10134 10413
143 103
964 9914
91 "91"
8934
86
101 1054
8573 91
102 102
10212 108
984 1004
8812 904
74
64
637$ 754
354 51
414 434
5212 804
13914 80
75
75
80
Si
6112 7114
8312 70
12
100's 16633
104$4 107
8814 91713
851 874
4
9312 9914
99 10112
8814 974
8934 96
87 91
83 83
100 103
964 954
8834 9212
90 4 904
3
2044 110
106 103
834 89
109 s 118
1
117 123
103 1083
4
85 89
9014 100
901s 934
8714 814
- _99
99
95
98
984 103
85 90
1004 10412
98
98
104 1094
93 95
98 10214
ea
hos
ars 1oo
!cols 100
4
964 1014
994 103
05 100%
81
95
9514
97%
8414
91
98
98%
99%
88%
50 88
55 85
33 1324
914 95
90 92
86 90%
92 99 2
3
10014 109
14
8314 8914
92 96
-9g; IA
92 944
12
1712
10018 1001$
9814 10014
974 100
8878 954
1004 10434
10018 1031
4
97 10112
100 10414
iOO" WI;
88
83
86 4
1
78
904 9012
944 10012
8414 90 2 •
7
.8414 8414
83 86
7973 91
97
97
771 82
4
9272 100
9834 10118
9112
86
95 100
834 8812
814 884
55%
102
•3
8538
99
"Ws;
102
894
74
1004
New York Bond Record-Continued-Page 5
109
134
N
BONDS
Y STOCK EXCHANGE
Week Ended July 5.
Price
Friday
July 5.
Week's
Range or
Last Sale
Range
Since
Jan. 1.
nui
A rt Low
rrie. No.
Masten-Salem S B let 4..
.196O.3 J 85
88
85 June'29
Wis Cent 50-yr lit gee 42_ __1949 J J 77
7812 767
8
2
767
8
Sup & Dul div & term let 44'38 M N 8818 89
g
9
Wor& Con East lat 4 Ks___ _1943 J J
923 Dec'28
8
INDUSTRIALS
Abraham & Straus deb 5)48.1943
112 Sale 10978 115
126
With warrant.
A 0 961 Sale 9614
/
4
1
9614
Adriatic Eiee Co extl 7s___ _1952 A 0 8512 8612 86
3
86
AdamsEX DMell eoll tr g 4.1948
8812 Sale 8812
11
90
Max Rubber lit 15-yr I 84_1936 J
318 12
3 June'29
/
1
4
Alaska Geld M deb 82 A____1925
31
/
4
-- 3 Apr'29
Cony deb ffs series B
1926M
9112 Sale 9112
2
9112
Pefor Wrap Pap 62_1948 A 0 10314 Sale 100
1268
Allegheny Corp coil tr 5s_ _ _ 1944 F A 102 Sale 9953 10314
103 1820
Coll & cony 58
1949.3 D 99 Sale 9814
34
99
Allis-Chalmers Mfg deb 54_1937 U N 96 Sale 95
9614 14
Alpine-Montan Steel 1.17s_ _1955 II
105 10512 105
105
9
Am AgrioChem 1st ref sf7K.'41 F A 83
/ 8514 8514 June'29
1
4
Amer Beet Sus cony deb 98_1935 F A 9618 Sale 933
4
961 14
/
4
American Chain deb 2 I6._ 1933 A 0 9818 99
9814
9814
1
Am Cot Oil debenture 64----1931 SI N 9418 943 9418 June'29
4
Am Cynamid deb le
1942 A 0 91
9118 91
9
9118
Amer Ioe•f deb 5s
1963.3 D 10512 Sale 102
107
669
Amer 50 Chem cony 530-1949 MN 110 Sale 107
111 1343
Amer Internat Corp cony 544s'49.1 .1 1033 10414 10414
4
May'29
Aga Mach & Fdy f 82
1939 A 0
American Natural Gas Corp
7811 Sale 78
8018 16
Deb 630(with pure') warr)'42 A 0 101 Sale 10012
10114 34
Am Bm & R lit 80-yr 6.ser A '47 A 0 1033 Sale 102
8
1033
8 22
Amer Sugar Ref I5-yr Ss.
I937 J I 993 100
9934 June'29
am Telep Teleg coil tr 44..1929 J J 96 4
Sale 96
96
6
Convertible 42
1988
981 9812
98
983
4
8
20
-year cony 43.4.
1933 PA 8 1011 10214 1013
/
4
4 103
65
80
-year e.li tr 5.
1946 J
101 Feb'2
Regintered
J
'lass gale 10214 1023
35-yr a I deb 66
1960
J 10514 Sale 105
.20
-year I 5Ks
19431M N 1463 Sale 14312 10512 172
8
15112 1505
Cony deb 434s
1939.1 J 10312
9
AmTypeFouncidsbss
1940 A 0 97 1041 10312 10312
Sale 9612
97
31
• Wat Wks & El col tr6s 1934 A 0
1031 104 1023
/
4
4 10312
8
Deb g 138 aer A
1976 M N 833 Sale 83
4
84
33
dm Writ PaP 1st g 6.
1947.3 J 1045 Sale 1045
8
8 1044 277
/
1
Anaconda Cop Min 1s1 49
1953 F A
103 Apr'29
Registered
1
Sale 176
1813
4 43
16
-year Cony deb 7.
1938 F A 803,
200 Jan'29
Registered
94
50
Anglo-Chilean s I deb 74____1945 M N "oiie Sale 9312
60
20
Antilla(Comp Asuc)734._ _ _1939 .1 J 60 Sale 58
9112 0
64 94 June'29
Ark & Mem Bridge & Ter 58_1964 911
89
8
89
41
Armour & Co 1.1 43.4.
1939
D 8818 Sale 873
Sale 88
8812 58
Armour & Coot Del 530...1943
10012 10112 10114 10114
2
Associated 0116% gold notes 1936 M
Atlanta Gas L 1st So
1947 J D 10118 Sale 10312 Dec'28
124
/
1
15 Nov'28
Atlantic Fruit 74 cli. dep
1934 J D
125
8
125 May'29
8
Stamped Mfg of deposit
.1 13 74
28
74
Atl Gulf& W 1 SS L col tr 61_1959
.1 10114 Sale 7214
Bale 10012 10114 15
Atlantic Refg deb 64
1937.3 J
8
/
1
Baldw Loco Works lit U...1940 PA N 10612 10712 10612 1064
84
88
15
84
Baragua (Comp Az) 734._ _ _1937 J J 85
92 Sale 9112
9212 33
Batavlan Pete gm deb 43.4. 1942.3
7
Belding-Hemingway 6.
9012
1936.3 J 9018 Sale 9018
1024 Sale 102
/
1
1023
4 32
Bell Telep of Pa & ries B 1948
J
4
8
1st & ref 64 series C
1980 A 0 1043 Sale 10418 105
9112 Sale 89
27
92
Berlin City Eine Co deb 6 Ks 1951.3
90
10
90
Berlin Elea Elk finds 6348_1956 A 0 8914 90
42
/ 100
1
4
Beth Steel lit & ref ie guar A '42 PA N 100 Sale 97
751
80-yr p m & Imp 15a_ _ _1936 .1 J 100 Sale 9712 100
10412 881
Cons 30-year 64 series A _ _1948 F A 10412 Sale 103
Com 30
30
103
-year Ks ser B._ _1953 F A 10212 Sale 10214
95 June'29
Bing & Bing deb 634/1
9414 95
1950 M S
Botany Cons 7dI1146342
634 64
/
1
65
1934 A 0 63
5
Bowman-Hilt hotel. 72
97
1934 PA S 07 Bale 97
/
1
677
/
4
8
B'enty & 7th A v 1st cons S._ _1943 J D 671 70 674
4
8
Brooklyn City RR let Ss_ _1941 J J 8314 847 833
843
4
14
103
Skive Edison Inc gen 5. A.
_1940 .3 .1 103 Sale 102
7
8
8 100
General fis series B
1930.3 .3 997 10014 997
8
8
935
8 97
8tlyn-Man H T sec 64
1968.3 J 923 Sale 923
71
70
70 June'29
Bklyn Qu Co & Sub con gtel 611 '41 M
7618 80
83
1st 64 stamped
Jan'29
1941
92 June'29
Brooklyn R Tr lit cony g 4..2002J J
3-yr 7% secured notes. _ _1921 J J 105..._ 10614 Nov'28
liklyn LID El Ist g 4-5e
8412
4
1960 F A 8414 8612 84
Stamped guar 4-5e
8
2
85
1950 F A 8418 895 84
Bklyn Lin Gas lot conga 54_1945 M N 104 Sale 1033
6
4 105
let lien & ref Os series A.,..1947 M N 11412 117 116 June'29
402 June'29
Cony deb 6344
1936.3 J 400 _
Ruff & Sum Iron 1st a f
_ 9212 June'29
1932
D 9212
Bush Terminal let 44
865
865 June'29
8
8
1952 A 0
Consol Se
2
93 7
8
1955
J 93 gale 93
Bush Term Bldg. Si gu tax-ex '60 A 0 98 Bale 98
6
98 18
By-Prod Coke lit 5342 A
5
10014
1945 M N 10014 Sale 100
Cal0& E Corp unit & re:54.1937 M N 9914 1003 9918
4
1
9918
Cal Petroleum cony debar fes 1939 F A 96 Sale 96
97
11
Cony deb f 530
27
4
100
1938 MN 100 Sale 983
4
Camaguey Bug let et g 74._ _1942 A 0 80
82 80
82
Canada SS L Ist & gen (is_ _ _1941 A 0 97 Bale 973
2
98
4
/
1
4
Cent Diet Tel let 30-yr Si. _ _1943 j o 10112 10314 10112 10112
1
Cent Foundry late TO. May 1931 P A 95
97
/ 97
1
4
/ Apr'29
1
4
Central Steel 1st g et&
2
1941 MN 12212 Sale 12212 12212
Certain-teed Prod ..344 A.
75
79
754 12
/
1
.1948 MS 75
Cespedes Sugar Co let sf 73.s'39 M
2
8512 9112 9012
9012
Chic City& Conn Rye Se Jan 1927 AO 635
8
_
724 Apr'29
/
1
Ch L & Coke lat KU II 64._ _1937 .1 J 100 10112 100 June'29
Chicago Rye lst,
16
8
83
/
1
1927 FA 825 Sale 824
Chile Copper Co deb 5s
109
95
1947 .3.3 9412 Sale 9414
Cin 0& E ist M 42 A
45
87
8718 8618
1968 AO 86
Clearfield lilt Coal let 4s._ - _1940
70
75
90 Dec'28
J
Colon 011 cony deb 64
97
8
1938 FA 97 Bale 9618
Colo F & I Co gen s f 5e
12
9712 9914 97
98
1943 .1
Col Indua let & coil Si an. _1934 FA 94
32
941 9312
96
Columbia0& E deb faMay_1952 MN 985 Bale 981
69
8
/
4
99
Debenture 5s
43
4
99
Apr 15 1952 AO 973 Sale 9734
Columbus Gan 1st gold 6e...1932 J J 90
98
95 June'29
Columbus Ry P & L 1414 Ks 1957 .3.3 93 Sale 913
4
03
11
Commercial Cable lot g 48-2397 Q J
8714
8712 Feb'29
Commercial Credit f Bs__.1934 MN 9712 98
9712
1
971
Col tr f 534% Dotty
/
4
4
89
/
1
4
1935 Ji 891 Sale 89
Comm'l Invest Tr deb(is_ _ _1948 MS 02 Sale 917
8
0214 14
Cony deb 53411
/
4
1949 FA 971 Sale 9412
9814 564
computing-Tab-nee i f 6s_ _1941 .1
1043 1053 10412 103
4
6
9412 981 95
,
Conn IQ & L 1st & ref g 4Se 1951 J
5
95
Stamped guar 4 Ks
5
1951 .3.3 9512 Sale 9512
951
8
Comm' Agricul Loan OK. -1958 J D 843 Sale 84
84% 25
Consolidated Hydro-Elee Worka
9212 Sale 0212
3
of Upper Wuertemberg 72.1958 1
921
Cons C. al°Mid let & ref 64_1960 JO 67 Sale 67
6718 18
4
64
Consol Gaa(N Y)deb 5348 _ _1945 FA 1043 Sale 10412 105
Consumers Gas of Chic gu 54 1938 JO
1007 10012 June'29
8
_1952 MN 10ll 102 1011
Consumers Power lot be
11
/ 1011
4
1946 J D 8918 92 89
Container Corp let 61
3
891
24
15-Yr deb S. with wart.. _1943 JO 6712 Sale 6712
72
Copenhagen Mei/ ext 6... _1950 AO
100 Apr'29 -Corn Prod Refg let 25-Yr e f 58' MN 1111
_ 101 June'2 -34
Crown Cork & Seal f Be__ I947 Jo 9814 fitle 963
4
9814 16
•rewn-Willamette Pao 6
3. 1051 J J 9912 Sale 9912 10018 17
4
613
4 18
Cuba Cane Buser cony 75_ _ _1930'.3 613 Bale 60
Cony debeu stamped 8%.1930J J 6112 6214 61
6111 25
4
Cuban Am Sugar let coil 88_1931 Pi B 993 100
9934
10114 15
-Ha
BONDS
N. Y. STOCK EXCHANGE
Week Ended July 5.
Price
Friday
July 5.
Weeka,
Range or
Last Sala.
1.
4
Range
Since
Jan, I
High
Bid
A it Low
High No Lots
Hfel
8518 Cuban Dom Bug let 7;0_1944 MN 60 Sale 60
627
8
5
971
/
4
55
8414 Cumb T & T 1st & gen 54_1937'.3 100 Sale 100
100
1
99 103
9112 Cuyamel Fruit ist 2 f 64 A ___1940 A0 977 Sale 977
8
8
1
9712 102
97
/
1
4
Denver COM TraMW len 58--1933 A 0
9
7
? Dec'27
DenGas&ELlst&refstgas'51M N 97
9914
7 - 4 101
995
8
1;01
N 9718 Sale 963
StanipedaitoPatax
1951
4
5
9718
96 101
1024 120
Dory Corp (D CI) let e f 74_1042 MS 58
70
63 May'29
63
73
98
94
Second stamped.
60
55
2
55
55
70
8314 8844 Detroit Edison lit coil Cr 58_1933
991 100
/
4
99
/ 1004 18
1
4
/
1
987 102
8
8512 10714
lit & ref 62 series A-11117 1949 MS 101 Sale 10012 1013
8 24 100 104k
19 0
31g
6
A0 1003 Sale 1003
Gen & ref 62 series A
4
4 1003
7 1904 10414
4
3
8
let ref (is series B _ _July , MS 107 Sale 10512 107
1940
00
20 10512 1084
/
1
'3D 101 10112 101
9112 9814
Gen ref as ser
101
1 19014 104 8
5
FA 101 10112 101 June'29
98 11012
Series C
1982
10012 10518
Del United let coneg4j4i..1932 J J 9612 9712 9612 June'29
973 103
4
11631 98
98 101
Dodge Bros deb 64
1940 MN 101 Sale
4
101
175
97 105%
903 9614 Dold (Jacob) Pack let OIL__ _1942 MN 83
4
847 85 June'29
8
95
88
10312 10612 Dominion Iron & Steel 6s.„1939 M
90
99
90 June'29
90
90
90
80
Donner Steel 1s1 ref 74
1942 J
10112 102 102
102
98 102
/
1
4
N 10314 Sale 10258 1033
9312 99
Duke-Price Pow let 64 sex A '66
4 40 1013, 10512
wig MO%
99
/ Duquesne Light lat 4 Ks A _ _1967 AO 967 Sale 9612
1
4
98
8
9712 61
93 4 Wiz East Cuba Bug 15-yr•f g 71.4.'$7 M
1
84 Sale 82
25
84
97
78
,
871 021 Ed El Ill Bkn lit cos g
/
4
_1939 ii 9312 9412 9312 May'29
9312 97
9518 11012 Ed Elec HI lst cons g is
1055 ____ 1055 June'29
8
8
10512 110%
1995
101 111
Edith Rockefeller McCormick
103 4 1044 Elee
3
Trust coil tr6% notes..), _ _4,10
100 Sale 100
(aeriun 6 1934
99 100k
/
1
4
1003
8
5
MS 91 Sale 9014
92
12
874 96
7512 964 Elk Horn Coal lit& ref 6345.1931 J O 9212 94
/
1
95
1
90
95
951s
984 102
/
1
7612
Deb 7% notes(with warns) 31 j. 7412 7512 75
3
8118
75
'
10112 1047 &pin Gas Light lit con 54_ _1932 MS --__ 99181 9914 Mar'29
4
994 1001g
99 100
Federal Light & Tr lit 54_1942 MS 95
____ 95 June'29
9214 96
__
/
1
4
911 97
/
4
let lien•IS. stalaped
/
1
4
1942 U S 96 Sale 05
11
97
._
92 4 971
1
96 101
lit Ilea 64 stamped
1942 MB 101 10312 104
104
5 161 104
101 1047
30
1
1964
9812 Sale 9812
-year deb 6.ger B
99
96 101
12
8
J O 100 Sale 100
101 101
Federated Metal. 1.
.1
10012
194
90
3
9
2
987 105
2
J
1011 10614 Plat deb 7s (with wart)
/
4
135 139 137
137
2 130 171
10412 107
/
1
4
93 Sale 923
Without stock purch warrants_
4
931
45
924 103
/
1
12014 15112 Fisk Rubber 1st f 82
1941
104 Sale 104
1077
8 19 104 114%
102 10614 FraMeric Ind & Deb 20-Yr 7341 43
10318 Sale 1023
4 10414 83 10118 1084
'
96
9918 Francisco Sugar 1.1,1734.._1942
9912 Sale 9912
8
9712 109
9O2
101 105 4 French Nat Mail SS Lines?. 1949
1013 Sale 1013
3
4
8 10184 12 103 4 102k
1
A 86
77
8512 Gannett Co deb 68
8728 87
873
28
95
87
10314 105
100
/ Gm & El of Berg Co con1115111694439
1
4
____ 106 Mar'29
_ 105 106
0 1054 10612 106
Gen Asphalt cony 82
102 103
/
1
1939
106
1 103 1091
:
180 268
Gen Cable let 41 5Ks A_ _1947
973 Sale 973
4
4
13
98¼
4
961 100
A 945 96
196 200
8
Gen Electric deb 133.4.
945 June'29 _
8
1
94 8 96
1942
Gen Elm (Germany)7,Jan 15'45
101 10238 101
9312 100
1023
8 17 100 1044
/
1
0 122 12312 122 June'29 _
58
79%
f deb6 Ks WIt.11 Warr- _1940
/
1
4
1111 125
/
4
9714 20
94 10311
96 96
/
1
4
Without ware& attach'd '40 0 95
/
1
914 99
92
20
-years f deb 62
9114
91
4
1948
92
24
878, 927
88
9412
A 10012 Sale 10014
9212 Gen Mot Accept deb tis
88
1937
100
3 148 WO 103k
A 1004 100 4 101 June'2
100 1034 Gaul Petrol lst ii.
/
1
1940
3
99 102
/
1
4
0 94
_ Good Hope Steel & I sec 7e 1945
9512 95
2
95
.:
96 1007
1067 107 1063
Goodrich(B F)Co lst630.-1947
8
4 10711 31 1063 1084
/
1
4
123 12
8
06: 13; 2 976
71 8
/ Goodyear Tire & Rub 1,165.1967
1
4
2 7
1:
92
7614
128
95
91
0 94 Sale 94
77
67
Gotham Silk Hosiery deb 82_1936
94
5
93 100
A
100 1024 Gould Coupler lst•16s
1960
25
687 81
4
A
106 107
Gt Con.El Power(Japan)72_1944
9718 Sale 9612
9712 16
94
9923
8312 99
lst & gen I 8)4s
9012 9511
93 Sale 92
1960
931 136
8912 9312 Great Falls Power 1st.15.. 1940
Apr'29
10612
104 107
/
1
4
8814 943 Gulf States Steel deb 6
4
_.1942
9714
12 98
16
98
99
96
102 10512 Hackensack Water let 44
1952 J J 84 Sale 84
84
8212 8723
1
104 10814 HartJord St Ry let as
1930 MS 9612 98
9618 Nov'28
89
J962 FA
Havana Else consul g be
96
__ 82 June'29
80
87
89
Deb 634.sake of 1926...1961 SI S 65
94
8212- 8812 6518
67
15
7012
19
97% 104
Hoe(R)& Co 1st 634.set A_1934 AO 8418 891 897
/
4
8
897
8
1
83
90
9712 102
Holland-Amer Line 8.(flat)_1947 MN 101 102 101
101
10 100 1035,
1024 1053 Hudson Coal 1,1.155 set A_1982 J D 75 Sale 7412
4
7412. 85
7612 142
/
1003 10414 Hudson Co Gas lit g 66
1
4
4
9958
1
99 105
1940 MN 99 100
995
8
/
1
94 100
Humble 011 & Refining 5;44.1932 J J 1004 Sale 10012 1003
4 16 190 10214
gots 744
AO 100 Sale 100
/
1
0012 10112
Deb gold 5.
I937
10014 29
.31) 10212 Sale 102.8
9612 100
Illinois Bell Telephone 51
1023
4 20 10114 1047t
1966
66
771 Illinois Steel deb 434.
1940 AO 98 Sale 963
/
4
4
98
13
93 4 100
7
83
9212 Raeder Steel Corp.176
103 100 May'29
1946 AO /
1
4
103 103
102 10512
Mtge Bs
83 Sale 833
4
.
1948 F A
8
92
/
1
4
4
81
8412
MN 8814 90
99 103
/
1
4
Indiana Limestone 1st f 641_1941
90
2
90
92
87
911 98
/
4
/ Intl Nat Gas & 0115e
1
4
10118 1011
1936 MN 10118
2
974 102
/
4
63
7812 Indiana Steel lit fa
8 102
1952 MN 1027 103 102
1 10118 105
80
63
_ 102 Sept'28
Ingersoll-Rand let Dee 31 1936 JJ
9212 9212 Inland Steel let 4Ks
1978 AG 9058 Sale 9014
9112 50
89
/ 93
1
4
Inspiration Con Copper 634. 1931 MS 10118 10114 10118
10118
1 100 1021
:
/
1
4
$31 921k Interboro Metxop 44s
1912 May'29 ---•
1956 AO 1912 20
1912 1912
Insta med
93
83
terbopo Rap Tram lit 64._1966 J J 6614 Sale 66
r
66 7
8 79
8412 7912
• J 653 Sale 6514
10212 16614
4
6434 7911
863
4 79
11412 118
Registered
78 Mar'29
76
781z
354 402
0 52 Sale 52
10
-year 64
1932 56
23
84
52
9212 96'4
1 -year cony 7% notes_ _1932 MS 9214 93
0
92
9312 18
91
99k
85
Int Agri° Corp lit 20-yr 58._1932 MN
88
9212 95
92
92
33
904 95
91
99
/
1
4
Stamped extended to 1942.-. MN
7612 8112 763
4
763
4
1
/
4
761 8112
971s 1044 Int Cement cony deb 54_
/
1
1943, MN 100 Sale 100
103
295 100 1181
:
100 102
Internet Match deb 54
1947 MN 95 Sale 94
/
1
4
95
/ 83
1
4
93 4 99
3
9918 103
Inter Mercan Marine sf 68..1941
100 10114 10018
10114 17
994 102
95 4 102
3
Internet Paper fie ser A & B _1947
87 Sale 87
883, 24
87
96
/
1
4
9814 10314
Ref f (Se ser•
9214 32
8
1955 M 8 9112 Sale 907
88
97
80
9712 Int Telep & Teleg deb g{Ks 1952 J
911 Sale 913
/
4
8
9212 65
8912 95Ig
97 10112
J J 15812 Sale 149
Cony deb 4 Ks
160 4264 1094 1607
/
1
4
z
1011 10414 Kansas City Pow & Lt 5a...1952 M
/
4
10114 Sale 10118
, 11 101 105 4
19
36
1013
3
96
9812
lit gold 434.serlee 13
101
98 Mar'29
1957'.3
98 1001%
122 12412 Kamm Gas & Electric 68_1952 M
10414 Sale 104
10414 27 102 106
68
83
Keith (B F) Corp let 64.__ _1946 MS 904 Sale 90
9114 17
90
97
90 100
Kendall Co 634. with warr__1948 MS 9112 93
9112
92
24
90 4 963E
8
65
7214 Keystone Telep Co let 58_1935 J
95
5
85
95
100 103
Kings County El & P g 54___1937 AO le-- 8 _ 1088 June'29
l
1
_3
10012 10412
7712 8411
A0 128 130 12812 June'29
Purchase money 64
12814 130
934 9612 Kings County Elev lot 44._1697 P A 79
80
85
2
80
1949
80
85
85
8914
FA 80 Bale 7912
Stamped guar 42
80
•6
82
79
Kings County Lighting 5e....1949 J
1017 102 June'29
64
e
19
192 10514
ifisi First & ref6K.
• J
1141
114 114
10 114 11814
97
9912 Kinney(OR)de Co 714% notee'311 J
8
19 4
6
1043
105
8 10378 1074
927 987 Kresge Found'n coil It 8s.....1936 J D 101 8 1051 1037
8
4
10114 101
10114 12 101 104
9714 10012 Nreuger & Toll 5s with war_1959 MS 98 Sale 97
99
333
97
99
974 99
4
Lackwanna Steel 1st 54 A..1950 M
971 Sale 97
/
4
/
1
4
98
8
96 10212
95
9934 Lacel Gas of St L refdtext 64_1934 AO 9812 Sale 9712
9812
5
97 1017
/
1
4
1
9018 93 4
3
Col & ref 630 series C
1963 FA 10212 Sale 10214
103
28 10012 10512
8712 87.2 Lautaro Nitrate Co 6s
1954
94
994
With warrants
99 Sale 99
99 18 1306
99
9914
87
97
Lehigh C & Nay s f 434* A-1954 .3.3 0412 95
934 995,
984 Lehigh Valley Coal 1st g 64..1933 .3.3 981 9912 9712 June'29
91
/
4
983
4
98
/
1
4
1
97 101
/
1
4
9014 1051
/
4
1st 40-yr gu int red to 4% _ 1933
.• 1
_ 96
07
Oct'28
104 108
/
1
4
lit & ref IS.
1934 FA 101 -__ 101 June'29
-101- 101
95
99
1st& ref f
1944 FA -__ 88
88 May'29
935,
SO
9214 99
1st & ref f 58
1954 FA ____ 837 88 May'29
88
9372
8112 8712
lit & ref f 6e
FA ____ 87
88 May'29
88
88
1st & ref f 54
FA ____ 827 88 Mar'29
1974
66
8
8a
9012
8914 9714 Lax Ave & PP let go g 54_ 1993 MS
3714
664 7334 Liggett & Myers Tobacco 72_1944 AO ii8T8 tittle 11638 May'28
/
1
11818 28 -116. 12112
104 106/4
1961 IA 983 Sale
8
9812 11
9818 103
9912 1011 Loew's Inc deb 62 with wart.1941 AO 107 Sale 9818
/
4
10518
109
43 103 1231s
101 104
Without stock our warrants_ AO 96 Sale
9712 16
9512 100%
80 10012 Lombard Elec 1st 7. with war '52 J D 99 Sale 9512
99
99
/ 30
1
4
/
4
951 102
6712 914
Without warranta
J
95
98
95
1
95
90
97k
/
4
99 1001 Lorillard (P) Co 74
AU 108 111 10912 110
/
4
17 10614 1131
9612 103
FA 8014 801 80
/
4
8012 18
7612 914
/
1
95 100
I
rTeb 5Sig
1964 J J 873 Sale 85
9947
31
8
874 23
/
1
84
897
t
981 1031 Louisville O. & El(Ky) 5e_1952 M N 1003 Sale
/
4
/
4
8
10014
100 4 28
3
991 104
/
4
59
794 Louisville Icy let cone 6e
1930• .1 91
92
92 June'29
90
95
59
80
OW IN Aueubin Ilydro El Pow9912 103 4
1
Ist I 630
1944 P A 83
8512 8414
87
44
81
873
LOW
85
7612
8412
no
BIONDI
N. Y. STOCK EXCHANGE
Week Ended July 5.
New York Bond Record-Concluded-Page 6
1.
MeCrory Stores Corp deb 544a'41 J D
Menet!Sugar 1.1.1 734.._ 1942 A 0
Maahat Ry(N Y)co= g 48_1990 A 0
2018.9 D
864.
Means.Elec Ry & Lt s 1 5a_1953 M
Marion Steam Shove if 6u 1947 A 0
Mfrs Tr Co ars of partie In
A I Num & Son let 68_1943 J D
Market St Ry 7.eer A April 1940 Q J
1957 A 0
Meridional El lit 78
1953 J J
Matt Ed 1st & ref 58 aer C
Metz West Side El(Chic)48_1938 F A
Wag Mill Mach 78 with war.1956 .1 D
J D
Without warrant.
Midvale Steel &0cony st5e_ 1936 M S
Kith El Ry & Lt ref & ext 434831 J J
Game-al& ref 3.series A 1951 J D
D
1911
1st & ref 5.series ES
1943 J
Montana Power lit Si A
1962.9 D
Deb bs series A
Moatecatlal MIs & Agee
Deb 78 with warrants_ __.19373 .1
J
Without warranta
Montreal Tram lit* ref 58_ _1941 J J
Goa & ref f 58 series A_ _1955 A 0
1955 A 0
Aeries 13
Morris & Co lit s 1 00_1930 J J
Mertgage-Bond Co 48 per 2 1944 A 0
J
10 -year 51. series 3
1933
-23
D
1934
Murray Body lit6Ms
Mutual Fuel Gas let gag 5s.1947 M N
MItUST.igtdI.exsasS% 1941 MN
Hamm (A I)& Son-See Mfrs Tr
J
Nassau Elee guar gold 4._ _ _1161
1142.9 D
Nat Acme Inlet Ss
1942 F A
Nat Dairy Prod deb 534s
Nat Radiator deb 634.
1947 1 A
NatStuck 20
-year deb Ss__ _1930 J J
.1952 MN
National Tube lets I Sc._.
Newark Coasol Gas ceu 58..1941 J D
•
New England Tel 1. Tel*. 1152 D
1961 M N
Lag 4 Ms serfs. B
New On Pub Seth lull. A.-_1962 A 0
First & ref Sc merles II__ _1954 J D
NY Dock 50
-year lug 48 111511 A
1938'A 0
Serial5% Rothe
NY Edison lit & rot 814s A_1141IA 0
1st Ilea & ref 5s series B.__ 1944'A 0
NYGasElLtH*Prg 58_11148i
Purchase money gold 4._1949 F A
NYLE&W Dock & Imp 5s 1941J J
NY&QE1L&Plst1 54_1930F A
J
N Y Rys lat R E & ref 4a_ 1942
Certificates of deposit
-year &di Inc 58_ _ __Jan 1942 A 0
30
Certificates of deposit
N Y it,. Corp Inc Is_ __Jae 1943 Apr
Prior lien asserts'A
1916 J J
N Y& Rickat Gas 1st Gs A_ _1151 M N
N Y State ltys 1s8 cons 4)41_1962 31 N
1142 MN
lat coos 6 Ms series B
N Y Steam let 25-yr icier A 1947 MI N
N Y Telep 1s1 J. gem f 430_11139 M N
-year debea s I la_ _Feb 1141F A
30
20
-year refunding gold 66_1141 A 0
1144.9 D
N Y Trap Rock 1.1 6.
Niagara Falls Power lit 54_1932 J J
Jae 1932 A 0
Ref & gen 6s
Mai Lock &0 Pr 1st 68 A_ _1955 A 0
Berddeutache Lloyd (Brilitha)1947 M N
20-year s f Ils
Her Amer Cele deb 4 Ms A _1940 M
Re Am Edison deb is set A 1167 M S
Debl3iusirB.Auglll9I3F A
Eller Ohio Tree & Light $i_..1947 14 S
Nor States Pow 25-yr is A_ _1941 A 0
lit & ref 5-yr 48 series B_ _1141 A 0
Berth W T 1st fd g 4 Ms gtd_1934 J .1
Nerweg Hydre-E1 Nit 5M8_1967 M N
Oblo Public Service 7 Ms A_ _1146 A 0
1147 F A
let & ref 78 series B
Ohio River Edisoa 1st 68_ __ _1941 J .1
19445' A
Old Ben Coal 1.1 1.
Ontario Power N F lit 58_1943 F A
°uteri° Traniraluion lst 58_1945 U N
1953M S
Oriental Devel guar 68
1953 MN
Ext1 deb 514s lat etfs
Oslo Gas & El Wk.ext1 55_1963 al S
1941 M 8
Otis Steel let M 68 ser A
ratline Gas & El gea Is ref be 1142.9
Pee Pow & Lt lat & ref 20-yr 68'30 F A
1927.9 J
Paella Tel & Tel lit is
1952 U N
Ref Ratio 5d lidded A
Paa-Amer P & T thaw f 68_1134 MN
1930 F A
let Ilea cent. 10-yr 7.
Psi-As.Pet Co(of Cal)coav 6.'40J D
Paraisouat-B'way 1st 5341_ _1951 J
Paramouat-Fstia's-Laaky 61.1147.9 D
Park-Liz 1s1 leasehold 6 M8_11153 J J
Pat & Paasale G & El eeu 54 1941 M 83
Paths Ezell' deb 78 with warr 1937 M N
Pau
-Dixie Cement A ___ _1141 M
Peep Gas C 1st emu glis-1943 A 0
1947 M
Refunding gold ie
Philadelphia Co the Es ser A.1967 J D
1967 M N
?kith Elea Co let 4 Ms
Pails & Readiag C & I ref:58_1973 J
194116 8
Cosy deb fis w I
1931 J D
Phillips Petrol deb 113(8
Pierce-Arrew Met Car deb 581143 1111
Pierce 011 deb•18s_ _Dee 15 1931 J D
Pillsbury Fl Mills 20-yr 68..1143 A 0
Pirelli Co(Italy) cosy 74._ _1952 M N
Penh Co.Collieries 1.1.1581157 J
Pert Arthur Cask Dk 68 A _1153 F A
1st M
series B
1953 F A
Portland Else Pow lit as B..194716 N
Portland Gen Ella° let Sc..
..1131J J
1130 MN
Portland Ry let & ref fis
Portland Ry L & P 1st ref 54_1942 F A
let Ilea*ref 68 wise 13
1147 MN
lat lien & ref 7Ms series A.1946 MN
Porto Rican As.Tomb coavf3s 1942.9 J
Postal Teleg & Cable cell 58_1953 J
Praised Steel Car cony g 54_1933 J J
/red & Ref f 88(wit& war)_1931 J D
Without warraata attached__ J D
Pub Wry Corp NJ deb 4448_1948 F A
Pub Serv El & Gas 1st* ref 58'65 J D
lst Is ref 434s
1967.9 D
Punta Alegre Sugar deb 78..1937 J J
1937 F A
Pun 01181534% Rotas
Purity Bakeries at deb 58_ _1948 J J
1137 M N
Ressiturtoa Arms 68
Rem Raid deb 534e with war '47 M N
July 1948 M 81
Republic Brass 65
Rennie I & S 10-30-yr 58 s f__1940 A 0
Re1 & gen 5Ma series.4_1953
Price
Friday
July 5.
Week's
Rants or
Last Sale.
Range
Since
Jan. 1.
Price
Friday
July 5.
BONDS
N. Y. STOCK EXCHANGE
Week Ended July 5.
Week's
Rants or
Last Sale.
b
sc
Rants
Since
Jan.1.
Iltyla
HISS No. Lola
Ash Lets
BM
High
High No. Lots
Lit.
99 106
16
106
4
993 Reinelbe Unlon 7. with war_1946 J J 106 Sale 105
92
96
4
/
971 15
98
__1946 J J 9612 Sale 968 92
Without atk purch war_
90 10013
33
91
90
9712 103
4
/
8
1112
10012 1011 10012 1( 4 2
Rhine-Main-Danube 78 A...1950 M
68
56
56
5714 22
1
/
1004 17 100 102
101 Sale 100
8
582 6053 Rhine-Westphalia Elea Pow 71.1
92
60 May'29
4
1
/
93
27
18
90
90 Sale 8912
Direct
lathe (is
9612 10412
_
8
955 99
4
1
/ 9612 June'29
9
8 1s 9 %
51
93
5
0
1
8
9
Cons m Gs of'28 with war_1953 F A 93 Sale 9214
9912
89
90
4
/
89 891 89
11
93
Without warrants
96
91
7
9112
0
93
92
8
1955 F A £512 8778 9112
3 100 105
Rhea Steel lat f 7a
100
1004 100
9 105 110
4
/
1071
80
172
2
91
973 Rochester Gas Is El 7a set B_1946 MI S 10712 Sale 107
91 Sale 8752
7 10312 107
10412
10412 Sale 104
1948 M
9814
93
8
Gea laths 5)0 aeries
1
/
974
9712 Sale 9712
9511 1004
_ 993 99 Apr'29
4
1
/
4
1977 M
5
4
991 103
Gea nthge 4 Ms series D
10114
101 Sale 101
90 Dee'28
1946 M N
1
72
75
8014 Roth Pitts C I p 8185e
75 Sale 75
94
984
5
8
945
& PI 1st M.__ _1937 M N 9412 Sale 9412
1
/
924 981 St Jos Ry
8
4
933 9312 June'29
99
99
99 Feb'29 ____
3
9413 St Joseph Stk Yds let 434...1930J J
84
85
85 Sale 85
77
64
4
/
661 64 June'29 ____
97 10012 St L Rock Mt& P Ea staipd_11155 J J
9912 81
9812 Sale 9812
92 94
4
1
/ 92 June'29
93
9712 9113 St Paul City Cable eons Ea_ _1937 J J
7
99
981s
9818 99
2 10113 107
4
1
/ 104
4
1
/
4
1
/
98 103 San Antonio Pub Seth 1s1 48_1952 J J 103 104 103
1
100
100 103 100
9312 10014
9714 28
,
9714 101118 Saxe'Pub Wks(Germany)78'45 F A 97 4 Sale 9618
21
100
9914 Sale 99
9114
3
91'3
8712 94 4
3
4
/
1951 M N 911 92
98 104
17
Oea ref guar 6 Me
10012 101
4
1003 102
8113 101
5
84
11146 .1 .1 82 Sale 8118
97 101
7
Schuleo Co(nal6Xs
9852
9812 984 9812
80 101
8114 25
8
1941A 0 8112 915 90
Guar f6 Msseries B
9411 97
4 20
4
963
1
/
1
/
Sharon Steel Hoop. f 5348-1948 MN 964 Sale 9612
11112 14 107 127
4
4
1103 112 1103
9212 97
9312 32
4
9312 923
9312 Shell Ply* Lin..I deb 58_1952 M N 93
93
9812 12
9812 Sale 9714
8
987
94
1
/
954 46
4
1
/ 9514 94
94
7
.
9911 Shell Union Oil if del 58_1947 1111 N 94
5
05 8
4
1
/
95
9512 96
3312 94
4
1
/ 29
89
8812
93 g 943 Shlayetsu El Pow let 6 Ms_ _1952 J D
7
4
95 June'29
9112
75
29
79
9514 93 4 Shubert Theatre Ile_Jene 15 1142.9 D 7712 Sale 7712
9312
,
.9514 May'29
Ms 105
5
4
1023
4
1023 10218
1635.9 J
82
8
8811 Siesthaffil. Halite s f 78
8312
811 82
80
4
/
76 10011 108
106
10512 Sale 10514
1951 M
Deb.16 Ms
8112 Jan'29 ---4
773 81
4
/
811 8112
101 106
103 Apr'29
9512
2
9512 9712
f 6 Ms allot MO 10% pd -'51 M
9512 Sale 9512
16 101
2
9712
1
/
9814 101
Sierra & San Frau Pow*/ 58_1941 1 A 9712 9812 974
9914 30
4
1
/
994 Sale 98
5314 89
1
4
/
851
4
/
111411 F A 854 92 851
102 104
Silesia Elee Corp f II Ms_
100 101 102 Mar'29
961g 99
3
964
9618
1941 1 A 96's 97
Silesian-Am Sap soil In 78
98
98
98 Feb'29
19 100
9914 Juna'29 ____
MN
1921
SIMMS Petrol 8% mites
8 56 101 10312
99
12
50
Simplify Coas01115-yeei7s 1937 MI S 101'4 Sale
64
52
50 Sale 50
98 100
52
100
M
99 Sale 99
lat lien till S.aeries D.._
10018 1014 10114 June'29 ____ 101 10214
9818 1011
4
/
55
100
D 99 Sale 9914
4
1
/
11t11
196
4
1
/ 977
93
ist Ilea 6341 series D
4
97
97 Sale 964
4
1
/
4
1
/ 97
93
9512 29
4
/
18
3314 Mackin Crude 0115545W A _1133 J J 9512 Sale 941
40
50
46 Sale 43
93 95
1142 A 0 9312 Sale 9313
9358 19
s f is
9912 Ellashdr Pipe Lime
98
4
/
961 9912 99 June'29 ---9518
92
19
93
4
1131 IA
4
923 Sale 923
1
/
1004 104
4
1
/ Skelly 011 deb 534s
99 103 103 June'29
8
98711 1025
4
4
1
/
102
.1833 N N 10112 10134 10214
4
1
/
10114 ____ 10114 June'29 ____ 100 10312 Smith (A 0)Corp lit 134..
2 102 107
7' 1017 107
.
South Porte Ries doges 7s _ _1141 J D 10514 106 10514 10514
4
1023
10214 10314 1024
1
/
99 1044
4
1
/ 10012 12
•
97 10014 South Bell Tel & 1.311.8 f 58 1141 J J 10012 Sale 99
28
98
9714 9713 97'l
4 12 100 10411
1013
4
2
897 9118 Souther* Cole Pewee S. A._11147 J J 103 Sale 10118
9214 10
92 Sale 9112
33 161 1054
102
4
4
4
1
/ 9613 Wires{ Bell Tel 1s8 & re 5a 1154 1 A 1013 Sale 1013
89
4
1
/ 20
90
4
1
/
90 Sale 90
67 100
97 June'29 ___
98
Spring Val Water 1st g Se__ _11431111 N 97
80
834 15
8758
8314 Sale 80
91 102
6
9814
M N 98 981 9814
1930
4
/
90 Staadard 8,11111... 1.1 51
80
80 June'29
4
1
/ 82
80
3
95 4 105
4
1145M
9912 993 99 June'29 ____
ref 5 Ms
1s8
11152 Sale 1114 11158 17 11112 11514
4
1
/
1
/
177 1004 103
011 et N J deb la Dee 15'44 / A 10012 Sale 10012 101
13 101 105
Stand
102
102 10212 102
98
94
9818 36
4
1
/
deb 4;0_1151 J D 94 Salo 9414
10418
4 10312 10712 Stead 011 et N
10418 Sale 104
95 100
4
1
/ 15
95
1
/
1
Steveas Hotel lit S.sales A_1545 J J 954 9612 954
94
91
9212 9112
9112
9112
98
65
6
78
8
775
79
77
98
.
981 Sugar Estates (Orleate) 71.1642 M
974 ____ 984 June'29
1034 107
_ 104 10412 June'29
98 1011118 Syraeuse LIghtlag l.tgk...185hJ D
9858June'29 ____
984 100
1
/
1014 1034
4
1
/
4
Teas Coal Iroa As ItR gee is_ 1151 J .1 983 102 102 June'29
56
56
Jan'29 ---4714 ____ 56
3 192 115
4
4 1043
1
/
38
Twin Cop As Clem deb 118 A.1141 A 0 1044 105 1043
56
4714 ____ 564 Mar'29 ---4
/
1011 62 100 107
114416
10112 Sale 101
212 21
. Csavdeb6esrB
4
1
/ 212 May'29
9
1
10414 25 1024 107
J
1 41
Elie Pow 1s8 68-111.47 J D 10418 Sale 10312
3 Teamess•
2
Jan'29
3
9
1
65
50
4
5712
584 57
57
241* T: rad A ye 1st ref 42
10
k
T Ai d
4
/
101 69
10 Sale 10
4
1
/
64
38
4
/
391 30
39
40
75
ins fe taf-e1u
5
87
Ai e Ry g82 NY Jai MO A 0 38
76
76
79
75
9714
90
1
18273 J 901g 9214 9191
6 10112 108
105
104 109 105
9714 45
96
4
/
4
993
1155 Mg S 961 Sale 9614
37
54
Tribe Elie Pow 1.1 7.
37 Sale 37
3812 18
8
6 2 00
9 14 10642
12
21
100
8
4712 70
6% gold notes_ _ __July 15 18263 J 100 Sale 997
48
42
484 12
4712
9612
19323 J 9614 Sale 9614
20 103 1078
6% gold notes
4
105
103 105 103
23
9713 101
Tokyo Hum Light Co. Ltd
99
9812 Sale 984
91,
86
98 1041
8912 55
19533 D 8914 Sale 8914
40 1013 11158
4
1st fla dollar series
1
/
1
/
1094 11014 1094 110
984 1004
9914 33
9812 Sale 9812
4
1054 49 1043 10811 Toledo Tr L & P 5 % motes 1930 J
1054 Sale 10518
99
38
Traaecont Oil 6 Ms with war 1931 J J 99 Sale 97
9612 101
15
97
9612 97 97
1
98 10012
98
98
111411 PA 13 98 102
1041 163
Trenton 0 J. El 1s8 g 5e
10011 103 100 June'29
90 10312
5
9012
1
/
924 9012
3 11111114 1034 Traax-Traer Coal esav 6)0_1143 MN 90
10012 101 10012 10114
4
10112 12 101 1033
158 if Gs_ __ _1140 M N 10112 Sale 101
30
4
1
/
99 1044 Trumbull Steel
1
/
102
10112 102 101
62
57
57 June'29 ____
J ____ 65
Tweaty-tbird St fly ref 58_1162
951g 9912
19
99
9914 98
90
3
Tyrol Hydro-Eles Pow 7;0_1155 U N OS
94
4
913
9112 Sale 91
2
8912
88
8914
9212
1952 F A 894 91
Mil
9
Guarsees 178
80
76
7312 Sale 71
95 100
9712 18
1
/
1145 IA El 964 Sale 964
99 102
UJigawa El Pow .17.
10012 48
1
99 4 Sale 9914
9912 101
3
9953
8
4
1
/
99 Sale 995
Lt & Pr(Me) M.11132 M
4
/
19 1011 Unto' Else
4 85
1003
10014 Sale 10014
4
/
4
973 1011
8
984
183316N 9812 9912 9812
99 16314
8
Ref & ext 58
9912 Sale 9912 10014
4 10 101112 104
1003
4
4
4
938 10184 UaEL&P(111)1stg5MsserA.'5 J J 10012 1003 10014
4
994 Sale 983
9912 18
81
8712
8312 81 June'29
_1945 A 0
,
10512
5 104 10413 Union Mel Ry (Chic)fe105
10558
015s
1
94 1032
1131 J J ___ 10112 10014 June'29
16 105 4 Union Oil 1st lien f 58
1
96 June'29
98
96
3 1048 10912
4
4
/
9213
38
20
30-yr 68 series A__ _May 1942 F A 10612 1061 10612 10612
90
4
1
/
89 Sale 8912
9712 22
Sale 96
3 11814 11313
1s8 lien e f Si series C_Feb 1835 A 0 9712
4
1
/ Ill
11014 111 110
9558 111012
9814
98
3
11u M s
7 11197 11612 United IlLscuit of As.deb Ils_ 11142 rA N 9614 99
4
1103
4
111 112 11014
9258 974
9414 76
9312 Sale 924
4 39 162 111713 United Drug 25-yr Si
4
1063 Sale 10312 1063
8012 8412
1
81
81
81
1934 J .1 80
11
37
7
United Rys St L Ist g 42
874
87 Sale 87
90 100
7
1
/
964
1937 111 N 964 Sale 964
111 162
SS Co 15-yr 65
7
United
101
2
1013 --- 10014
8722 11
84
9012
4
1
/
97 103
Ua Steel Works Corp 6 Ms A _1951 J D 85 Sale 854
98 10012 9712 June'29
88
J D 87 Sale 87
With stock put warrant.
In
92
9418 14
4
1
/
934 Sale 93
92
4
3 9014
8
8
7
4
8614
8512
without warrants__ J D
Series C
.
351 60
864 13
4
s
855 Sale 853
4
1
/
4
4
843 893
With stock pun warrants__ J D 8512 Sale 84 June'29 ____
9314
85
9
8812
8
883 Sale 85
27 100 16312 United Steel Wks of Burbach
4
1013
4
4
1013 Sale 1003
10212 108
4
1
/
Eselt-Dudelange 8 t 72_ _1951 A 0 10212 102 10212 June'29
99 10212
100 Sale 9958 10014 75
4
1
/
92
88
94
90
4
9712 19012 U Rubber 1st not 54 ser A 1047.9 J 89 Sale 883
17
100
100 Sale 99
31 100 10232
4
1
/
10-yr 734% secured noths_1930 F A 100 Sale 10012 101
4
993 10314
29
101
4
100 Sale 993
1
/
16 1814 1954 U S Steel CorpjCoupol Apr 1963 MN 10912 Sale 1084 10912 223 107 10912
103 Sale 10212 103
10752 June'29 ____ 10614 108
et 1040-yr5e1Regls._Apr 1963 MN
30 111212 16952
108
4
10712 Sale 1063
8413 90
8412 JunO29 ____
Universal Pipe & Rad deb 68 11363 D 8412 85
.
4
/
1
/
1044 Sale 10412 1041 16 11125 185
8612 91
6
88
8712 87
1953 A 0 87
7
92
.
931 Unterelbe Pr & Lt 68
94
94 Sale 9312
4
1
/
2 23
915
89
9612
Utah Lt & Trae 1st J. ret 58_ _1944 A0 9112 Sale 90
s
977 103
18
9914
994 Sale 9812
951s 101
24
98
1944 FA
1653 1011114 Utah Power & Lt 1.1 51
984 40
98 Sale 38
4
1
/
:
1
/
824 9651
92
10714 108 102 June'29 ____ 102 1044
8212 1512 Utica Else L & P lst sr g 58-1950
8
8318
8212
84
82
10512 24 103 107
Utica Gas & Elec ref 1.315. 1957 J J 10312 106 103
0912 165
9912 June'29
_ 103
32
91
98
90
Utilities Power & Light 5148_1947 J D 9012 Sale 90
701g 84
8 14
705
7012 Sale 704
66
18
82
9713
2
85
9714 Vertientes Sugar lit ref 78_1942 J o 8112 Sale 80
86
85
86
85
314 40
1
/
28111 334 314 June'29
1963 J
Victor Fuel 1st 8158
11012 10 110 113
11012 Sale 110
72 June'29 ____
82
70
73
4
1
/ Vs Iron Coal& Coke 1st g 5a 1649 MS 69
2 101 105
10212
10114 1013 10114
4
4
35
101
9712 101
1934 3, 993 Sale 993
4
Va Ry & Pow let & ref 58
96 100
96
98
98 Sale 9712
32
101
8712 103
4
/
1
951s 11104 Walworth deb 634.(with war)'35 A0 9512 991 99
97
97
9612 97
1
/
874 Sale 85
8712
85
2
8712
Without warrants
04
81
20
8212
8212 Sale 81
93
90
88
6
let sink fuss.' Miseries A...MI5 A • 89 Sale 89
9114 101
9414 195
9414 Sale 924
5 IDA 107
106
Warmer Sugar Rena lit 78..1941 J o 106 107 106
04
38
28
90
884
4
1
/
89 Sale
70
87
14
3
85 4
Warner Sugar Corp let 7s___1939'.9 68 Sale 68
109
5 106
109
109 110 109
96
94
1131 MS 9412 Sale 94
27
514
Waraer-Quinian del. 6.
4
1
/
105 106 4 106 June'29 ____ 10514 107
,
9912 1004 June'29 ____ 100 10252
99
Wash Water Power s U.__ _1930 J
3 102 106
105
1
/
1
/
1044 105 1044
4
101
1 101 1054
20 119 15413 Wenches Ltg g is strapd gtd 1960 ▪ D 102 1033 101
1,13
144 140 149
10012 1003 10012 10058
8 10012 104
4
West Pena Power sir A 58_1946 M
9412 95
9412 - - _ 9412 June'29
4
/
1963 M
4
/
4
/
1011 10212 1011 1011 11 10034 105
let 5.series E
3
105 4
1110
103 10414 10412 June'29
1953 A0 1031 10412 103 June'29 ____ 101 10518
4
/
lit 534$ series F
10113 1055.
10014 104 104 June'29
1154 J D 10114 Sale 1003
,
2 100 1041
4 10114
lit sec 5s aerie'0
1812 10314
4
4
1003 Sale 10012 101
1950• J 2012 Sale 20
22
4
1
/
28
2058 334
lst 6s
West Va C &C
93 102
984 9912 99 June'29
4
/
51 100 10 4
4
4
1
/ 3
Western Electric deb 58_ _ 1144 * 0 1023 Sale 1011 103
4
1
/ 99
95
3
4
/
961
9514
4
953 97
4
8
1
/
1004 53 100 1048
06
1
9914 Western Union cell ts cur 58_1138'.9 1005 Sale 100
97
97
9718 100
9914
95
9512 . 2
1
/
Fund & real eat g 4 Ms---MA MN 9512 954 9512
9612 10212
_
100
100 Sale 100
1934 P A 10812 Sale 10712 1083
4 16 107 111
-year 634.
15
2 186 10714
1
/
1064
1
/
1064 10612 106
5
4
9111 1033
1951 J O 1011 10214 101
8 22
1015
4
/
-year gold ISs
25
4
1133 107
93
99
4
9812 Sale 983
90
79
82 sale 804
8258 32
Westphalia Un El Pow 68..1153 J
59
95
81
94
4
93 Sale 923
II 102
4 100,2 44
Wheeling Steel Corp 1s1 134. 1141 3, 100 Sale 993
24
8812 99
90
4
1
/
88 Sale 8912
844 8714
8614 76
let & ref 4341 series B_ _1953 A 0 864 Sale 8412
111 111
111 Mar'29
11014
1124 1121. wait.Eagle Oil& Ref deb 614837
10912 May'29
106
4
1
/
89 105
4
1
/ 27
99
9918 Sale 99
purch warraata_ _
With stock
31 172 253
250
240 Sale 240
98 130
1
98
991g 991 98
4
/
4 101 10512 White Sin Mach 68(with war)'311
103
4
10112 102 1023
80
7
99121
8312
8514 8312
Without warrants
8
9117
96
964 30
9614 Sale 96
8712 10012
3
88
8712
1940
90
87
Pattie a 1 del Is
88
75
7
764
7614 Sale 76
404 61
5
43
42
4152 44
let 78
1935
4
963 10014 Wickwire Spen
9712 56
9714 Sale 97
4
/
391 4214
, 8
421
424 Sale 411g
Chase Nat Bank
Ctt deo
4
193 95
9312 12
9418 95
92
3
60 4
40
1
/
434 25
4
/
4318 Sale 421
Wickwire Sp Sri Co Te_Jan 1935
95 101
6
9512 Sale 9512
9712
4018 42
8
4218
4
1
/
4212 Salo 40
Ctf dep Chase Nat Bank
9114 9518
4
/
93 Bale 93
931 94
4
1
/
11 100 102
101
Sale 1001g
10012
4
1
/ Willy.
-Overlaid. f 6 Ms_ __ _1933
1034 Sale 103
1035s 33 102 103
4
993 10311
20
4
1
/ 100
4
993 Sale 99
4
1
/ Wilson & Co 1st 25-yr f 41_1941
1004 13 10018 103
1
/
10014 Sale 10014
12 1u1112 108
4
/
1061 Salo 10612 107
Winchester Repeat Arms 7 Ms'41
29 100 104
102 Sale 10012 102
9913 101
88
100 Sale 995. 100
Youngstown Sheet*Tube 581978
Ask
B14
4
/
971 Sale
9253 Sale
57 Sale
1:
4
JULY 6 1929.1
FINANCIAL CHRONICLE
111
Outside Stock Exchanges
Boston Stock Exchange.
-Record of transactions at
the Boston Stock Exchange, June 29 to July 5, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices
Week.
Par Price. Low. High. Shares.
Railroad
Boston & Albany
100
Boston Elevated
100
100
Preferred
let preferred
100
100
2d preferred
Boston & Malay
Ber A let pref unstpd.100
Prlor preferred stpd__100
Ber A let pfd ellea
B&B 1st pf stpd.- _100
Sec C 1st pfd stpd___100
Ser D 1st pfd stpd _100
Chic Jct fly & USY pf A100
East Mass St fly Co_ _100
100
let prt
100
Preferred B
Adjustment
190
100
Maine Central
100
Preferred
NTNHi Rantoul-190
100
Old Colony
Peaarelvapla Rig .___. PO
Prov & Worcester
100
7534
107
101
17335
7535
96
107
99%
173%
77
96
107
101
71
71
10634 10635 106%
7435 75
75
115 115
100 100
143 143
104 105
16% 16%
65
66%
63
6434
48
49%
70
68% 70
77
77
11035 11035 111%
124
124 125
9131 83% 91%
171 171
Range Since Jan. 1.
Low.
108 17234 June 182
Jan
210 7535 June 8854 Jan
78 96
Jan
May 101
44 1023,4 June 116
May
191 9935 July 108
Jan
45
90
56
20
10
5
109
45
191
125
155
240
10
1,385
57
1,869
6
94
110
813,4
129
111
157
10735
27
72
70
5634
80
84
11331
13915
91%
185
Feb
Jan
Jan
Jan
Jan
Feb
Mar
Feb
Jan
Jan
Jan
Feb
Jan
June
Feb
July
Feb
17
17%
485 17
Apr 2334
1235 14
1,125 12% June 20
64
68
24 64
July 76
70
70%
.
563 70
Apr 75
5% 735 8,230
734
234 Jan
23
25
1,250 1554 Jae 26
49
50
35 45
Ma
50
228 234% 6,395 193
Jaa 23854
8
7
21,453
8
234 Apr
1534 1635
899 1534 June 24
9835 101
204 95
Jaa 106%
103 103
9 10034 Jai 107
91% 92
120 9134 July 94
6235 69% 1,120 5536 Jun
8834
8%
7
150
5 Jun
834
z95
95
5 94
MAY 120
36
1,417 34
3735
May 4734
5% 614
135
4
8
Feb
115% 11834
1,715 99
Jae 118%
47
47
210 45
Apr 48
100 100
10 97
Ma 102%
2234 23%
399 12
Jan 24%
25
25
104 2234 Jan 27%
321 340
944 289
Jaa 351
4534 4935 5,015 28
Mar 51
113 122
6,719 100
Mar 123
3534 36
1,266 35 June 4934
22
25
725 1634 May 27
49
50
140 43
May 61%
67% 6735
10 27
Jan 6715
18
135 1734 Apr 20
19
1035 13
760 1035 June 1735
26
26
7 20
Apr 3334
108% 115
948 100H June 121134
3035 3235 • 20 2934 May 3535
4234 42%
10 42% June 47
18% 20
722 18
May 2554
39
115 37
3935
Apr 5254
98% 9854
5 97
Apr 105
24% 2634
201 2434 July 33%
2134 2135
140 20 June 2334
1035 10%
20
934 Apr 1034
62% 65%
25
4435 June 10235
4635 4815 5,45
43
May 50
92
92
25 9034 Apr 93%
1234 13
11
1051 Apr 13%
10
77 10
1014
July
13
132 135
277 125 June 167
1735 21
6,43
13 June 21
81
82
476 76
Mar 8434
14% 1635 15,020 11
June 18
104% 105%
121 10054 Feb 11234
2% 335
22
2% June
554
535 6% 2,093
4
May
634
26
10 22% Apr 3035
28
May
Jan
Apr
Jan
July
MAY
Mar
Apr
July
Jan
Apr
May
Jan
Jaa
July
68
104%
71
112
100
140
99
16%
5715
62
42
82
77
821.4
120
7234
171
Apr
May
Apr
May
Apr
May
June
July
May
June
May
Jan
July
Mar
Apr
Mu
July
IlluellameofeeAlt Invasion. Ise
American Brick Co
15
Amer Chatillon Corp T C
Amer.& Oen See Corp.....
Amur Pneumatic bervies 26
734
Preferred ... ______24 24.)5
100
First preferred
Amer Tel Tel
leo 22854
Rights
Sautes!' Mfg Cie
• 1534
Btftelow-llartt Carpel _ -• 99%
Preferred
100
Brown & Co
91%
Columbia Graph's
Rights
Ocutiaeutal Ituaritles Corp
Credit Alliance cello el A.- 37
East Boston Laid
10
Eastern 68 Limes lee __ __se 1153.
•
Preferred1st preferred
100 100
Eastern Utility lac Corp-- 23
Economy Grocery eiteru..•
Eileen Elee Blue
11114 335
Eleo Shareholdiags Corp_. 4635
Preferred
116H
goal Group Amu
36
Galv Hous Lice------100
Preferred
100 4934
General Pub Service Corp_
GerCred&InvC25%Ist Pf Georgian!ne(The)pfclA._20
Gliebriet Co
• 26
Glihotte Safety Itswer Ce..• 115
Mathaways Bakeries elaseB
Class A
Hood Rubber
• 19%
ElYitrade Lamp Co
39
Preferred
9834
Insurance Sec Inc
10
Insuranshares Corp c I A _
Int Button Hole Macb _ _10 1034
International Com_
Ice Hydro El Byst el A
48
*tickler Peab acme A p1101 92
Libby MoNelil & 1Abley_111
13
Leewb Theatres
21
10
Massachusetts Gas Co_100
Rights
194
Preferred
100 8134
Mass Utilities Ass, corn-.
1534
Mergenthaler Linotype.100
National Leather
10
Nati Service Co
6
Nelson Corp (II) tr etts...5 26
New Eng Equity Corp
Rights
50c
New Engl Pub Service_ *
New Eugl Pub Serv pr p14'
Hew Eng Tel & Tel__ _ _ lab 145
North Amer Aviation ImoPunic Mill._
100 2835
Plant (Dios CB 1st pf. 100
Reece But Hole Niacheol0
Reliance Managementcon,
shimmer Apse Co.Stk.. _
22
Sterling Sec Corp corn
Preferred
20
Swift & Co
6
10(/ 125 H
. 7
Torrington Co
Tower Mfg
934
Tri-Continental Corp
3355
Preferred
Unlon Twist Drill
I 5934
United Shoe Mach Corp_25 683-4
Preferred
24
U B Brit Inv 33 pfd allot at
U & Int Ser Corp pref___
41
Utility Equities Corp
Preferred
10931
Venezuela Holding Corp_ _
Venezuelan Mx Oil Corp 10 --6834
Waldorf System Inc
• 3334
Waltham Watch class B. •
Preferred
100
Prior preferred
100
Warren Bros
50 164
50
let preferred
Westfield Mfg Co corn__
35
24
Whiteallif0411. Inc
60c
9235
100
147
1734
ssy, 29
15
15
17
17
3034 36
2135 22
28
2935
14% 15
124 127%
75
76
935 10
3335 33%
104 104
58% 60
65
6834
31
31
4134 41%
41
41%
2,86
45c July
5
89
July
135 x983( May
1.100 140
Apr
13
1434 June
59
28 June
1
15 June
2
17
Apr
1.95
28
Mar
83
2034 June
26
28
June
22
1435 June
53 124
July
16
7035 Apr
1,94
8
Jan
22
29% May
15
104
Apr
2,73
25
Mar
2,092 6051 June
145 3034 June
55 39
Jan
340 4
034 June
106
315
67
33
48
SO
101
164
4834
35
2
11035
3%
68%
34
48
80
101
164
4834
36
234
2,533 100
100
2
1,425 66
1.320 2234
75 48
8 78%
10 100
6 139
37 48
360 27
300
135
Jam
Apr
Feb
Ma
June
June
Feb
AD
June
Mar
June
MinintAdventure Cons CoPper_25
Arcadian Cons Min Co_ -26
6
Arbon!) Commercial
25
Calumet & Hula
26
Copper Range Co
Eau Butte Copper Min_10
Franklin Mining Co__ _25
Hancock Coasolidated__25
25
Helvetia
I
Island Creek Coal
1
Preferred
26
Isle Royal Copper
sa
Neweenaw Copper
30o 300
750 75o
3
3
4234 4334
2134 2234
231 3
134 234
134
1%
500 50c
51
53
105 105
21% 2236
4
4
30 210
150 55c
300
2%
385 37
2,625 20
420
2%
98
1
5
134
400 50c
400 50
10 105
381 20
10
354
Jan
May
May
May
May
July
Jan
May
May
May
Jan
May
Jnne
30c
42%
22%
234
1%
500
53
22
High.
45e
89
98%
14135
1634
Friday
Soles
Last Week's Rau
for
Sale
Cf Prices
Week.
Stocks (Cescluiled) Par Price. LW. High. 851176,
La Salle Copper Co
25
Mass Consolidated
25
Mayflower & Old Colony 25
Mohawk
24
New Dombsioa CODDO/ _
New River Co prof_...100
i
Niplusiag Mines
. -.16
.
North Butte
North Lake Mining Co._25
Oilbway Mining
25
0111 Doralelos C.
Ile
P C Pocahontas Co
21
Quincy
It Mary's Mixers)LIMAN
Shannon
10
Superior & Boston Copp _10
Utah Apex Miming
6
1
Utab Metal & TuaneL
Amoskeag Mfg 6s_...1948
Chic Jct ACUSY5S--1940
Brit & Hun Bk Ltd 735s'62
Ernesto Bredo Co 7s-1954
Esti MAss Street RE
1946
43 series A
-4e
1948
5s ser 11
Fox New Eng Theatre.
1943
534s
Int Hydro-Elee Sys{6s1944
Ramses(Red) Ins its 1946
Lexington Telep Co 691944
Miss River Pow Co Is 1951
New Engl Tel& Tel 58 1932
Reliance Mgt Corp 515_1954
PC Pocah Co 7s deb__1935
1944
Swift & Co 5e
Western Tel &Tel 5s_ _1932
Low.
High.
135
450
650
5435
17o
65
235
735
20e
2%
9%
1335
35%
37
200
25c
335
1
1%
750
75e
55%
28c
65
235
7%
200
2%
10
14
3735
3735
22c
40e
354
1%
100
140
500
1,060
2,475
125
200
5,563
100
150
815
45
1.941
875
220
276
1,430
7,250
134
25e
60*
41
17e
58
234
634
Sc
2
7%
11
32
31
20e
25e
June
May
Apr
Jan
July
Jan
June
Jaa
June
May
June
Feb
May
May
Map
May
90e
May
3%
134
1
60%
65c
67
334
83.4
50e
534
193.4
22
50
46
55e
520
651
231
8335
83
83%
83
9535
97%
83% $13,000
89
9,000
953.5
5,000
9735
1,000
82%
83
94
85
June
June
Apr
June
90
Jan
49
Jan
97
Jan
913.4 July
58
57% 58
60
61
53
55
May
May
64
80
Jan
Feb
July
AN
July
June
Apr
July
May
Feb
Mar
June
10534
1003.4
93
9934
102
10035
101H
125
153%
10034
Jan
Apr
Jan
June
Jan
Jut
Feb
Mar
mar
Feb
70c
5531
200
65
7%
10
3334
3735
3%
1%
97
99
91
100
80
9931
99
9834
93%
105
100%
99
3,000
12,000
91
1,000 91
100
1,000 100
82
2.000 80
2,000 9934
9934
99
1,000 9751
1,000 9835
9835
97
25,000 93
106
5,000 103
10135 11,000 100
9934 10.000 94
Mar
June
Mar
May
Mar
Apr
Mar
Mar
Feb
Jan
Jan
Mar
Feb
Mar
Mar
Mar
Mar
Map
* No par value. S Ex-dividend.
Chicago Stock Exchange.
-Record of transactions at
Chicago Stock Exchange June 29 to July 5, both inclusive,
compiled from official sales lists:
mar
Jan
May
July
Jaa
Mar
Jule
June
Jan
June
June
Jan
Jan
Jan
July
Jaa
Feb
Jan
Jall
Feb
Jan
Max
Jaa
Feb
Jan
May
July
Feb
June
Feb
Jan
Jan
Apr
July
May
June
Mar
Jan
July
May
Rang* Since Jas. 1.
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par Price. Low. High. Shares.
Abbott Laboratories oem _•
Auto Steal C;e.
Adams(ID) Mfg corn...
Adams Royalty Co corn__*
Alaswertli Mfg cm)oetai•
An-Amer Mohawk "A" _I
Allied Motor had Inc core _•
•
Preferred
Allied Products "A"......•
Altorfer Bros Cs cony pfd•
Amer Colortype corn.....*
Amer Commie Pow "A".•
Class B
Amer Pub Sere pref. __100
Amer Pub CHI part pt_ _100
Ana Radio & Tel St Core*
America'Servise Co,sem •
Am States Pub Ber A eon.'
Amer Yvette Co Imo
Common
Art Metal WU lie Com _•
ASSOC Avner Ind me cant.'
415404 Investmeat Co...
Assoc Tel Util Co com___.
Atlas Stores Corp emu_ _ _•
Auburn Auto Ce corn....'
AutomaticWashCoconpf._•
Backstay Well Co coot...'
3astlan-BletCag Co ecni_•
Baxter Laundries Ins A.._•
Beatrice Creamery com_50
Bendix Aviation
Hints Mfg Ce el A cony Id*
Borg-Wareer Corp cora_ le
100
7% preferred
Bonin VivItone Corn Pre •
Brach & Sens(E J) corn..'
750 Juno Bright Star Flee "A"-___•
9834 Jan
•
Class B.
10434 Jan Brown Fence & Wire cl A..*
156
Feb
•
Class"B"
1934 May Brown Mfg Co
10
373,4 Apr Bruce Co E L common....
25
Jan Bulova Watch Ce corn...'
1834 Mar
preferred
•
3635 Feb
RolTAr Rrnthwrs
an
26
Mar Gamut) Wyant& Ca.Fdy•
37
Jan Canal Constr Co eon, pt.*
15
July
Castle & Co(AM)corn lb
13935 Jan CeCo Mfg Co In. corn __•
84
Jan Central III Pub Serv pref _•
1734 Feb CentIndPowCoottsofdp 100
355( Apr Can; Pub Ser (Del)
105
Feb
Class"A"
60
July Central S W Util Prat
•
•
Jam
87
Prior lien. pre'
3134 Jan
Common
•
4134 Apr Chain Belt Co corn
•
44
Apr Chlo City & C Ry par sh •
Preferred
•
1111.4 Mar
Certificates of deposit 961 Jan Chicago Corp corn
•
7735 Jan
Convertible preferred- -•
34
July
Units
•
70
Jan ChicNS&MIlw pfd._ ___100
9535 Jan
Common
100
102
Jan Chicago RallwaYs
170 June
100
Part ctfs ser I.
52
Jan
Part certifs series 2--100
3834 June City Radio Stores com
•
175i Jan Club Alum Uten Co
Commonwealth Mison_100
nommonw UM Corp B__•
500 Mar Community Tel cocupart•
2
Feb Cone Serv Co(The) ett dep
5% Jan Construction Material...*
•
80% Mar
Preferred
32% Max
Consumers Co 00111131011
6
Mar
7% CUMUI preferred _100
4
Apr
Warrants
334 Jan Continental St Corpcom _•
134 Star Crane Co. common
25
Mar
66
100
Preferred
10535 Jan Curtis Lighting Inc com •
35
Mat Curtis Mfg Co corn
5
731 Mar
Oasts Indue Inc "A"_•
46
45%
124% 120
3735 3654
15%
1535
5735 56
1634
4334 43
49% 4835
72
75
40
3835
40
24%
31
30
101% 40115
9134 9134
10
9
1134
2535 2534
45%
250
12535
2,500
6011
3731
1535
500
1,900
58
250
1635
44
3,050
50
850
76% 18,350
950
40
200
40
2535 2,150
31
200
450
102
250
91%
8,550
12
1134
600
50
2535
Range Since Jan. 1.
Low.
High.
39
OM
3634
1535
3435
1254
2934
46
4954
36
3634
21
2336
9935
9151
9
11
2534
Mar 52
Feb 130
June 4334
June 25
Mat 58
Mar 69
Mar 57%
May 65
Jab 81
June 53
Jan 4634
May
31
May 34
Jan 103
June 96
June 375(
May
15
June 29
2034 21%
500 20
37% 34
3715 6,400 31
56
55
1,450 4534
57
5534 52% 55%
750 49
27
26
27
1,550 26
5335 48
53% 6,700 30
380
325 390
2,500 13151
32
27
32
150 27
42
43
100 41
54
51
5434 4,250 35
18
18
19
850 15
84
85
451) 78
92
85% 95% 75,450 75%
28% 28
550 27
2835
120% 11834 122
28,000 9434
102 102%
102
250 101
33
1,450 29
26
25% 27
2,150 2134
13
13
1434
250 11
535
534 5%
600
535
24
24
2415
1,100 22
21
2035 22
1,450 2035
5534 5535 5531
50 44
54
53% 5435
850 41
2834 2835
100 28
4734 48
300 4735
28
29
28
3.60
2535
40
36
46
2,700 33
20% 20
400 19
2035
7214 71
800 66
73
47
1,600 4334
45% 47
95% 96
150 94
90
90
50 90
Apr 24
June 5734
Mar 58%
June 60
June 33
June 743.4
Jan 390
July
40
Mar 5234
Mar 54%
Apr 26
Mar 98
May 98
May 87A
Mar 152
June 10334
Mar 41
May 2934
June 26
June 18
June 3654
July
37
Apr 57
Apr 56
June 32
July 55
June 45
May 47
Feb 2134
Mar 71154
Max 8534
Mar 98
Mar 0536
4535
8734
23%
28
45
73%
6235
8%
295
46%
28
44%
70
46
35
835
4534
97
100
83
46%
236
2334
2335
28
44
7234
58
1535
45%
1,250 34
97
50 94
101
200 100
90
3,100 7031
4634
5
4534
235
250
134
23%
60
18
2335
50 16
3035 23,000 18
4534
1,250 44
7435 25,750 65
65
650 54
16
100 1335
1834 22
435
435
27
28
8% 934
274 300
45
4735
2335 30
35
35
24
2935
40
45
834 835
70
70
3% 334
4135 4135
46
46
115 115
22% 2234
30
35
8% 9
May
June
Feb
Jan
July
Jan
Feb
may
May
Jan
Feb
Max
Feb
Mar
Jan
Mar
Feb
Jan
Apr
Feb
June
Feb
Jan
Feb
July
May
Jan
June
Jan
Jan
May
Jan
Jan
Feb
May
Jan
Jan
May
Jan
Jai
Jan
May
MAY
June
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jaa 4534 May
Jaa 9831 Jan
Jaa 103Id for
Mar 90
Jan
June 59% Jan
Jaa
331 Mar
Jam
31
Mar
Jan 26
May
Feb 34
Feb
July 4534 July
Mar 7514 Feb
Jan 65
Jan
Jan 21
Feb
250 16
May 23
100
2% Jan
7
250 24
31
May
3,100
65i May 3434
1,950 209
Jaa 300
3,250 34
Jan 4735
400 2336 June 3535
100 35
Ma
35
3,800 24
July 38
4,600 40
July 55
100
Mar 1334
7.
200 65 June 80
200
254 May
6%
50 39 June 44
617 45 June 4851
150 112
Apr 119
50 22
May 2334
1,950 2834 June 37
100
734 Mar 171
4
Mar
Mar
Fob
Feb
July
July
Feb
Mar
Feb
Feb
Jan
Feb
Jaa
June
Mar
Jan
May
Jan
Jan
112
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Continued) Par. Price. Low. High. Shares.
17
DeckerC&Co"A"com _ _100 17
17%
•
264 27
De Mets Inc pref w w
19%
Dexter Co (The) corn_ _• 19% 17
103 103
DiversifledInvInc pfd .100 103
5455 57
Li Hotmenola Util Corp_10 56
734
755 74
Else Research Lab Inc.. •
Empire(3 a F Co
93
93
7% Preferred
100
8% preferred
10535 10515
30
294 30
Emp Pub Service A
14
16
Fabrics Finish Corp corn.' 16
2514 26
Federated Pub $2 pfd ___• 26
VIM Nimmons& Consel Dk
•
70
70
& Dredge Co corn
3135 23% 314
Poore Moe0& M Co_ _.
*
46
46
Foot-BurtCo(The)corn
77
76
Gardner Denver Co corn.' 77
•
4735
47
Oen Spring Bumper A
Certificates of deposit... 464 464 48
•
47
48
Choi* is
464 48
Certificates of deposit-- 47
27% 2631 2731
Gen Water Wks& El A
96
94
• 96
87 preferred
15% 1635
•
Gerlagb Barklow amn
• 2515 244 25.4
Preferred
Gleaner Coin Hare Corp
105 113
• 107
Common
304 32
Geldbleste Bros Ina com • 32
214 24
Great Lakes Aircraft A . 23
225 226
Great Lakes DI D_ _100
Girlffsby-Orunow
• 149% 141
15015
Consume
414
• 40.15 39
GroundGrippShoescom
32
man Printing Co Corn __10 30% 28
40
40
HammermillPaper Co._ _10 40
25
264
tsars-Carter Co cans DI.• 26
5015 55
Hormel & Co(Geo) corn A• 53
47
494
Houdaille-Hershey Corp A• 47
• 48% 474 50
Claw B_
27% 27%
Hussmann Ligonier corn. *
30%
30
_28
linnol• Brick Co.
57
58
Indep Pneu Tool v t c„.• 58
47% 5734
1301 Invest Inc...._' 56
854 844 854
Without warrants
26;5 2655
Internal Pvrr Cs Ltd com •
29%
Iron Fireman Mfg Corte• 28% 28
99 10115
tralareasoo Stove /tont_ •
• 34
3435
33
Katz Drug Co coin
14% 1555
Kellogg switchbd corn...10 1531
72
72
100
Preferred
2015 244
Ken-Rad TubearLp A corn• 24
51%
51
50
Ky Utll Jr cum pref
40
464
WI eom_ •
keystone Sr &
334
331
LaSalleExUniversity corn 10
15
15
tame Drug corn v $C•
•
18
20
Cern preferred
Loath & Co
1754 18
• 18
Common
40
41
Camulative preferred _ _• 41
Lltby McNeill & LIbbe-10 12% 12% 1315
2155 224
22%
Lincoln Printing
50 4315 43% 4335
preferred corn.'7%
435 435
_10
LindsayLightCo corn
• 3435 3435 36
Mon Oil Ref Co earn
484 484 48%
London Packing Co
24
23
Leach Ohms Mach Co...13 23
384 3955
McCord Radiator Mfg A •
674 674
•
McQuay-Norris Mfg
384 40 „
Mapes Cons Mfg Co cam • 40
21% 21%
MarkBrosTheaIncconvpL•
10
94 11%
Meadow /OM Co corn____•
Mar I Mfrs See
22
25
25 2435
Part preferred
27
28
Mid Cent Lawnd Inc A._• 28
fi
Middle Weal UtIlitlee-i-• ti 206 225
116 118
Preferred
rr
98 101
•
. 100
$4 eum preferred_
96 101
56 Cum prior lien pref ..• 101
122 123
100
Prior lien pref
97
97
Midland Steel Prod corn.'
43
454
Miller & Hare Incconvpf _•
91
91
M =eau Honeywell Rea
404
Minneap-Moline Pr ImP_• 4011 39
99 103
• 103
Preferred
• 2934 274 2911
514•Yan Pipe Line corn..
• 6715 664 67%
-400100 Mfg cons
Mohawk Robber
• 50
50%
44
Common
150 163
•
Monsanto Chem works.. 162
• 3535 354 3515
Monroe Chem pref
154 16%
• 1631
Common
20
21
Morgan Lithograph corn.•
76
• 79
7955
Morrell & Co Deo._......
18
1815
Mune% Gear clam "A"___• 1855
Masegeon Mot Specialties
Convertible elms A__•1 2634 254 2654
60
6151
Naensuar.deringfilled cone*, 60
44
44
National Battery Co pref.•
Nat Eler Power A Part_ _ • 3334 31 54 34
34
1
. : 3
National Leather com_10 33
N
at Secur luv C.,31%
30
Common
6 7„ me. ul pref
1011 10215 1014 103
46
4735
•
Nat Stand ere cow
Nat Term Corp part pfd.' 154 15% 16
N .abilti-fiparke iud eon._• 4631 424 47
49
50
Natle American Car eore.• 50
19
194
1935
North Amer 0 & El cl
36
36
N & 8 Am Corp A corn___•
Northwest 14119554 9635
100 9834
7% preferred
734
711
Oshkosh OverallCo corn..'
184 1831
•
Cony preferred.
3735 38
•
Ontario Mfg Co tem_
2515 264
2615
Pee Pub Ser Coel"A"come
46
4755
(1n com10
Parker Pen (The,
244 244 24%
com•
PatmeleeTrannertC0
94
9%
Peabody Coal B com____•
20
20%
Penn Gas & Elec "A"corn'
47% 494
peoplee Lt,it Pr Co A com• 494
Perfect Circle (The) Co..' 6234 6115 6331
Pines Winterfront
714
67
71
Common new
624 67
Polymet Mfg Corp com__• 67
27% 2831
-Poor et Co class is corn...' 28
PotZer Co(The) coin.... • 3331 324 34
16% 18
18
Process Corp corn• 285 282 283
Pub dery of Not 111 eum100
270 290
. • 290
Common
127 127
100
6% preferred
137 137
100
7% preferred
-De Vry Corp (The)
Q-R-8
39% 3855 394
New
314 320
•
Quaker Oats Co corn .
33
32
Rath Packing Co coin _ _10 33
• 6355 634 6355
aaytheon M tg Co
244
24
10 24
Mfg Isom
Reliance
48
48
•
Roes Gear & Tool corn
14
14
Ryan Car Co (The) coin 25
3855
37
Ryerson A Hon Inc corn_ •
2731 30
28
9
Bally Frocks. Inc. oom-• 3 51
394
38
•
tom:noon Elantrir no
[VOL. 129.
FINANCIAL CHRONICLE
Range Since Jan. 1.
Low.
200 16
100 26
1.950 16
100 103
3.950 80
7
1,300
High.
Jan
May 27
June 37% Feb
June 224 Mar
Jan
July 105
June
Jan 57
Mar 2234 Jan
9854 Mar
50 93 July
50 10515 July 11034 Jae
24
May 32% June
1.650
2,150 11 June 344 Jan
May
Jan 29
100 25
100
33,000
100
1,500
600
950
2,400
850
600
400
950
700
57
21
46
64
3735
41
8731
384
26%
90
15%
24
600 90
200 28
7,600 154
35 190
31,600 113
14,150 3515
5,350 23
50 40
3,250 24
1,150 3354
2,050 34
2.400 30%
200 26%
450 30
250 54
95,550 30
650 844
50 26
850 244
550 95
2,650 284
5,600 104
50 69
8,750 19
200 5055
2,550 40
150
3
500 12
300 18
800
500
6,700
1,250
600
400
6,100
50
350
300
50
300
100
3,100
16
40
10%
20
42
355
23
40%
20
38
524
37
18
951
Apr 8331
,
may 3135
May 53
77
May
June 7311
June 48
June 7335
June 48
June 27%
Apr 100
June 26
Mar 30
Mar 125
Mar 36
Mar 32
Apr 275
Feb
July
Mar
July
May
June
May
June
June
Jan
Feb
Feb
Jan
Jan
Jan
Feb
Apr 179% Mar
Feb 424 Mar
Mar 3535 Jan
Jan
June 46
Mar 344 Jan
Jan 574 Feb
Mar 5984 Feb
Feb
Mar 59
June
June 28
Jan
41
July
May
Jan 58
Jan 5555 July
June 854 July
Jan
June 31
Jan 344 Feb
Jan
Mar 131
June 3435 July
Mar 194 Jan
Jan
Mar 74
Feb
June 42
Feb 5235 Mar
Jan
Mar 58
531 Jan
May
May 2915 Jam
Jan
32
July
June
Apr
May
June
Jan
Jan
Mar
Apr
Mar
Mar
June
Mar
Apr
June
Mar
Jan
Jan
Feb
Jan
Apr
May
Feb
so Jan
4455 Jan
May
76
Jan
42
33% Jan
29% Feb
25%
40
1534
2855
4534
6
3815
60
Jan
1,650 20
June 32
Apr 3514 Feb
1.450 25
27,900 157% May 225 June
Feb
600 118
June 122
Jan 1034 Feb
850 98
Feb
Jan 104
150 90
Jan
400 119 June 127
Jan
100 90 June 108
Jan
July 52
1,000 43
200 65% Jan 9815 June
May
2,700 38 June 45
May
500 5735 June 103
2,450 224 Jan 424 May
May
Mar 72
1,450 48
1,000 44
2,500 104
100 3555
250 15%
300 20
1.750 684
400 18
so
June
Jan
July
July
June
Apr
Mar
Jan
July
183
Jae
51
2635 Jan
5684 Jan
May
80
Jan
51
700
900
150
4,050
950
23
130
40
27
3
May
Mar
May
Mar
Mar
664 Jan
78 ft Feb
Jan
60
Jan
6% Jan
700
4,400
2.900
500
3,450
1,500
350
300
25
97
39
1455
8231
60
184
36
Feb
June
Mar
May
Mar
Mar
June
May
May
33
0534 Feb
Feb
fie
1734 Feb
Feb
50
Jan
70
20
36% May
350
100
50
200
2,100
250
700
50
200
1.400
3,350
93
7
18
30
214
44
244
835
20
4615
46
Feb 10231 Jan
1555 Mar
June
Mar
June 27
May
Mar 42
Fel, 2655 July
Apr 57
June 2431 June
915 July
June
June 2411 Feb
Feb
May 68
Apr 6351 June
6,100
2,800
1,950
450
300
45
426
70
100
58
50
2234
27
14
205
205
11731
125%
June 76
June 67
Mar 34
,
Mar 4435
June 33
Jan 285
Jan 290
Jan 127
Jan 127
AM
July
Mar
May
Jan
July
July
July
July
1,000 32
110 294
1,550 32
100 53
800 20
150 45
8
100
1,350 37
5,600 27
3E0 354
May 4634
June 369
June 334
Mar 81%
Mar 3011
Jan 67
18
Jan
441
July
June 31%
4634
Jan
Apt
Fe1
June
API
Jan
Feb
Jan
Feb
May
Jan
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Concluded) Par. Price. Low. 11104. Shares.
Saunders class A corn. •
50
Preferred
•
Sheffield Steel Corn
Signode Steel Strap Co
30
Preferred
Purchase warrants
-+nristron Tube Co corn__ •
So Colo Pr Elec A cons_ _25
S W Gas & El Co 7% pf 100
Southwest Lt&Pow pf. •
Staadard Dredge con, of.'
•
Common
•
Steintta Radio Co
Sterling Motor. pref _80
Storkline Fur cony pfd._25
•itudebuker Mall Or aotn.E.
•
Class A_
•
super Maid Corn eorn
SutherlandPaperCo com 10
100
dwift & CO
16
Swift International
Tenn Prod Corp. eorn .. •
-La Power Co p01.100
Texas
-O-St Controls "A" •
Time
12th St Store (The)pf"A"•
(Snit Corp of Am pref._ __•
United Dry Dke.Ine gOm-•
•
United Gas Co corn
United Power,Gas &Water
•
Corp common
Un Repro Corp part pf A.•
20
'IS Gypsum
25% paid
•
1113 Lines Inc pref
El 13 Radio & Telev oom •
Utah Radio Products corn*
•
Ut & Ind Corp. com
•
Con,. pre/
Utilities Pow&LtCorpcIA •
'*an Sick len Corp part cl A•
Viking Pump Co com____•
•
Preferred
•
Vogt Mfg common
•
Wahl Co cow
Wardle' Corporation....'
•
Preferred
Ward(Montg'y)&CoclA _*
Waukesha Motor Co com •
Wayne Pump Co
Convertible preferred. •
•
Wleboldt Stores Inc
Weztark Red Ste Inc.tiom•
•
West Con Utll Inc A
West Pow Lt&Tel let pf A•
White Star Refg Co corn_ _•
WllUarna 011-0-Malla own*
Winton Engine con pref. •
•
Common
WolverInePortlandCem _10
Wrigley(WmJr)Co corn •
-Amer Mach park 1:11•
Yates
Yellow Cab Co Ino (Chia)•
Zenith Radio Corp com__•
55
7315
55
48
55
55
6615 7355
150
100
1,350
Ranee Since Jan. 1.
Low.
July
48
May
37
5855 Apr
11405.
Jan
73
5634 May
Jan
90
27
115
30%
2614
094
9255
30%
31
2735 2655
1915
30
31
32
22
16
2335 2234
58
5751
17
12714 12451
34
36
22
22
90
29
2234
3334 32
17
23
23
250 26% Apr 324 Jan
28
435 Jan
14 June
200
115
6,450 2754 Mar 4415 Feb
33
150 224 June 28 June
2734
Jan
100 96% Apr 101
9955
Apr
150 874 Jan 95
9354
Feb
Mar 41
1,450 28
3155
Mar 39% Mar
1,950 26
274
Jan
12,500 1615 June 48
30
Feb
Mar 36
350 30
32
Jan
July 30
100 22
24
Fab
500 134 Jan 22
1635
Jan
900 224 July so
2355
Jam
Mar 74
584 1,050 10
Jan
May 21
100 14
17
Jai
12755 2,400 124% June 140
364 8,550 WI% May 27% Jan
Feb 28% Jan
200 21
22
Jan
50 90 June 100
90
Mar 394 Jaa
500 26
30
Jan
100 214 May 26
2255
Mar 3734 Jan
7,600 23
3315
Jae
100 15 June 23
17
100 22
June '93-4 Jos
23
38
20
6855
60
1714
26
1435
2514
2935
28
2715
154 15
29
30
3134
20
234 2155
2814
29
13035 1304
170
175
June 3855
1,050 38
3834
May 42%
1,000 20
2255
6935 3,900 454 Apr 7555
Mar 66
800 42
604
1854
600 1715 Apr
1735
32% 4,250 2215 June 141
0,200 144 July 56
18
10,250 204 Feb 31
26
Feb 3151
30% 6,600 25
July 28
100 28
28
100 274 June 3655
2834
17
May
900 15
16
600 224 June 32
30
Apr 35
150 29
32
400 1754 May 27
21
2,100 1634 Apr 20
24
MI
May
500 28
29
210 13054 July 134
13055
June 210
261 161
175
June
Jan
June
June
Apr
Fab
Jan
Feb
June
July
Jan
May
May
Feb
Jan
Jan
Jan
Apr
Mar
46
57
054
244
3555
6534
29%
94
78
8
8051
3254
35
6214
Jan
Jan
Jae
Apr
Jan
July
Ja*
Jan
May
Feb
May
Apr
Jan
Feb
135
31
27
3831
20
694
60
1735
31
1755
26
3051
4255
43
24
64
2255
724
28
4255
3535
4255
42
24
32
61
2155
74
7255
6
74
2531
29
3834
300
37
150
4234
3,725
45
200
24
150
32
6511 2,100
22% 2,450
800
76
650
7315
50
6
74
50
2855 12.050
1,250
294
21,450
43
35
39
37
234
314
43
20
57
7015
6
72%
214
2851
2815
Mar
June
June
Mar
Apr
Mar
Jan
Mar
May
Jan
Mar
Mar
June
May
Ronde
Feb 8835
Chicago Rye588235 8231 $1,000 78
8,000 7754 Mar 85
85
85
9 7
1st in ctfs of dep 581927
Com'wealth Edison
1,000 9515 July 99
915 93-4
151 mtge 435s ser C 1956
July 96
5,000 96
96
96
Fed Pub Serv Co 6s..1947 96
3,000 9915 June 100
100 100
Hines Western Pine 6s 1939
1,000 994 June 100
9931 9911
IIolland Furnace deb 6s'36
July 89
10.000 88
89
88
SouthUnIce655s"B"-.1938 89
1,000 1004 Apr 10234
10135 10155
Swift&Coistm5s9
UnPubServeoes"A"_ _1194424
July 88
1,000 88
88
88
88
Mar
July
Jan
July
June
Feb
July
Feb
July
• No par value.
-Record of transactions
Philadelphia Stock Exchange.
at Philadelphia Stock Exchange, June 29 to July 5, both
inclusive, compiled from official sales lists:
Stocks-
JILMIT
rriauy
for
Last Week's Range
Week.
of Prices
Sale
Par Price. Low. High. Shares.
5
•
Altner Stores
American Milling new__ ......
• 72
American Stores
Bankers Securities pref. _50 51
Bell Tel Co of Pa pref_ _100 114%
Bornot Inc
• 21
Budd (E G) Mfg Co
91
Preferred
70
Wheel Co
Budd
Preferred
50
Cambria Iron
3315
Camden Fire Insurance_ _ _
935
Central Airport
Central Properties common
Citizens Pass Itwys
2
Cramp Ship dr Eng_ _ _100
Electric Storage Battery 100 84
10 46
Fire Association
Horn.kHardart(Phila)com• 201
Ilorn&Hardart(N Y)corn •
100
Preferred
Insurance Co of N A...10
Keystone Watch Case_ •
Lake Superior Corp_ _ _100 15%
50
Lehigh Coal & Nay
Manufact Cas Ins
East Power Co..._•
North
Penn Cent 1.1 P cum pt.*
Pennroad Corp
141
Pennsylvania Insurance
50
Pennsylvania RR
Pennsylvania Salt Mfg_50
887-4
Phila Dairy Prod pref._
25
Piffle Electric of Pa
Phila Elec Pow pref. _ _.25 33
Phila. Insulated Wire____•
424
Philadelphia Inquirer
Preferred w 1
Phila Rapid Transit_ ... _50 5055
50 494
7% preferred
Philadelphia TractIon 50
Certifleateg
68
R E Land Title new
10
Reliance Insurance
Shreve El Dorado Pipe L 25 263-4
•
Scott Paper Co
second & Third Sts Rys.50
Sentry Safety Control_ ... _
Taeony-Palmyra Bridge_ _• 4555
35
Tono-Belmont Devel_ _1
1
Tonopah Mining
50
Traction
Union
United Corp temp ctts_
554
5
65
65
73
66
524
50
11431 115
93-4 9%
1834 21%
91
9135
6815 70
95
95
404 4051
3135 344
915 935
8% 845
1684 16835
2
2
83
843-1
4555 4615
201 210
5235 53
103 103
77
7815
56
56
1455 1531
15135 160
59
593.6
66
693-4
78
7834
2034 2335
139 1424
8315 904
93
93
8815 8835
122 125
3235 33
63
63
4215 43
50
50
5055
50
4935 4915
5155 514
4
49
934
63% 68
1955 194
2415 2631
5815 60
145 145
19% 21
4534 46
4
15
3
33,5
3535 3535
66% 69
Atitt 4744
Range Since Jan. 1.
Low.
11115.
Apr
834 Jan
5
3,835
July
6 50 June 65
Jan
5,100 6555 May 97
July 634 Jan
1,800 50
May
June 118
799 114
10
Feb
100
83.1 Jan
June 663-4 Mar
32,400 14
June
676 5634 Jan 94
Jan 10815 Mar
600 34
Apr
May 100
10 94
30 3935 June . 4155 Jan
June 4234 Jan
4,000 31
May
955 June 13
730
734 Mar 11
500
Mar
17 1684 July 1684 July
July
100
335 Mar
2
548 793-4 June 9235 June
3,100 4554 Jena 5234 Mar
197
June 233
Feb
1,200 5131 May 6254 Jan
100 10051 May 108
Feb
1,000 77
Jan
June 91
30 4715 Jan 56
June
2,200 14
May 42
Jan
2,500 146
Mar 16915 May
1,900 59
Feb 71
Jan
1,300 40
June
Mar 75
20 7655 June 81
Feb
60.400 154 May 26
Apr
2,500 136
Feb 175
Mar
42,600 73
Mar 903,5 July
500 89 June 9735 Jan
110 8854 June 9355 Jan
144 81 14 Apr 125
July
4,400 324 July 347-4 Mar
20 57
Jan
Jan 63
700 4034 May 50
Apr
500 50 June 53
May
Mar 54
1,100 50
Feb
2,900 4935 June 5115 Mar
4 Jan
200 4915 Jane 557
475 45 June 62
Feb
1,500 634 June 843-1 Jan
200 1955 July 26
Jan
4,835 2455 July 3815 Jan
Jan 70
251 48
Mar
28 145
July 145
July
2,700 114 Feb 39 Islay
70 38
Jan 49% Feb
5
134 3.
15 July
800
1,
3
May
1,100
4
Jan
990 3155 May 3834 Apr
8,550 3935 Mar 7555 May
...., ...-!O*r
24400 A2
Friday
Sales
Last Week's Range for
of Prices.
Sale
Week.
Stocks (Concluded) Far. Price. Low. High. Shares.
Range Since Jan. 1.
BondsElec & Peoples tr ctf 4s '45
Ctfs of deposit
Keystone Tel 1st 5s_ _1935
Lake Sup Corp 5s stpd____ _
Lehigh Valley 18t 4s__1948
Peoples Pass tr ctfs 48_1943
Phila Elec (Pa) 1st 5s_1966
1st lien & ref 5358-1953
Pulls Elec Pow 554s..1972
Strawbridge & Cloth 55 '48
58
10234
10531
104
9834
58
10234
10531
10434
9835
July
July
May
July
Mar
Jan
July
534 July
335 July
50
51
8234
45
90
Apr
Mar
June
Jan
July
5434 Jan
5135 Mar
July
91
Jan
65
9234 Jan
1,000 53
5,000 101
500 10135
9,000 10234
2,000 98
Jan
June
Mar
Mar
June
5935 May
10535 Jan
10635 Jan
Jan
106
100 34 Feb
5334 $9,000
3,000
5134
5,000
91
6,000
65
3,000
90
5335
5135
84
65
90
Mar 253
May 5035
May 95
June 5135
Jan 5334
July 2534
June
534
354 June
135 May
531 6,200
335 26,800
435
2 15-16 213-16
High.
Low.
60 24735 23735 253
17,800 157
United Gas Impt
4835 47U 5035 72.500 37
Common new
9335 9334 94
2,100 87
Preferred new
4835 5134
600 3134
United Lt & Pr A Corn...
49
4935
US Dairy Prod class A__ *
500 48
1834 1934
Victory Insurance Co_ _10
900 1835
434 534 6.200
334
United Corporation
Rights
United Corporation
United Gas Impt
• No par value.
-Record of transactions at
Cleveland Stock Exchange.
Cleveland Stock Exchange, June 29 to July 5, both inclusive, compiled from official sales lists:
Stocks-
113
FINANCIAL CHRONICLE
JULY 6 1929.]
Friday
Sales
Last Week's Range for
of Prices.
Sale
Week.
Par Price. Low. High. Shares.
•
Aetna Rubber corn
-Way El Appl pref_-100
Air
•
Allen Industries corn
Preferred
Amer Multigraph corn....'
Amer Ship Bldg corn....100
Apex Elec
100
Preferred
Bessem Lime.st & Cmt corn'
20
Bond Stores A
•
Drown Fence A pref
Buckeye Incubator corn....
Bulkley Building pref_100
•
Byers Machine A
1435
98
IOU
2731
37
88
30
94
36
84
134
2435
13
6334
1234
Range Since Jan. 1.
Low.
Jan
Feb
Jan
Feb
Jan
Feb
May
Mar
Apr
July
Apr
Jan
Mar
Mar
Feb
113
64
1435
35
110
35
9834
11235
111
335
235
84
340
10734
Mar
Mar
July
May
May
Feb
June
Feb
May
Jan
Apr
June
July
May
Jan 69
40 57
37 32
June 3935
1,148 29% June 3434
162 10734 May 111
20 94 June 102
Feb 40
460 29
164 10235 June 105
Jan 43
40 40
Jan 500
28 376
so 4134 May 50
71 10235 Apr 105
20 15 June 2534
Apr 15
• 40 12
Jan 73
120 39
16 145
Feb 190
62 3234 Apr 4534
Mar
Jan
Apr
Jan
Jan
Apr
Jan
Jan
Jan
Mar
Jan
Feb
Jan
Jan
May
Jan
235
15
200
125
226
55
374
100
25
940
841
250
45
69
219
14
9634
8
2
734
35
82
2634
94
3435
3
1
2334
1034
6335
935
Central Alloy Steel pref 100
11035 111
•
City Ice & Fuel
52
52
10 1434
Clark Fred G con)
1235 1434
24
Cleve Autom Mach com _50
24
100
Preferred
98 100
Cleve Bldrs Sup & Br corn •
2534 27
Cleve-Cliffs Iron com____• 9734 9735 98
Cleve Elec 1116% pref__100 11135 11135 11134
Cleve Railway corn _ _100 100
100 10035
Cleve Securities P L pref 10
235
234
Cleve Sand Brewing _ _ _100
2
2
100
Preferred
835 835
Dow Chemical corn
• 340
330 325
Preferred
100
105 105
80
155
1,118
25
146
550
387
247
363
978
10
10
75
10
10834
49
5
1235
70
2535
97
11034
100
234
1
7
200
10435
El Controller & Mfg corn •
62
62
Faultless Rubber corn....'
32
32
Ferry Cap dc Screw
3134 31
32
Firestone T & R 7% pf _100 10835 108 10835
Genl Tire dt Rubber pf _100
95
95
3434 3331 3434
Geometric Stamp
Glidden prior prof
10234 103
100
41
Greif Bros Coop'ge com_•
41
160 395
Guardian Trust
39434 397
10
42
Italie Bros
42
100 10334 13034 10334
Preferred
• 18
Harbauer coin
18
18
12
Rarris-Seyb-Potter
12
12
India Tire & Rubber corn.' 50
50
51
Interlake Steamship corn..
169 169
•
Jaeger Machine corn
33
33
11.4
3234
735
134
13
6335
15
10 31
Kaynee corn
31
31
Lake Erie Bolt & Nut corn •
39
38
Lamson Sessions
25 5735 55
5735
100
414
Midland Indorsed
McKee, A G & Co com_ •
3934 3954
40
40
Met Paving Brick corn...'
106 106
Preferred
o
3435
Miller Wholes Drug corn_•
32
6235
Miller Rubber pref. _ _ _100 62 • 62
Mohawk Rubber com__ • 50
4334 50
ioo 81
81
81
Preferred
3634
3435 37
Myers Pump corn
• 3235
3234 33
National Tile corn
• 22
24
22
Nestle-LeMur corn
North Ohio P L6% pf100
Ohio Bell Telep prof.
..100 1124 11234 11334
•
Ohio Brass B
8234 84
Ohio Seamless Tube corn..
70
68
104 104
Preferred
100
135
308
340
29
29
34
350
3934
40
10454
27
58
4335
81
3234
3234
22
Mar
June
Jan
Feb
Feb
July
June
Mar
Apr
May
Apr
Apr
Jan
June
Jan
Jan
Feb
Mar
Mar
June
Mar
Jan
June
July
Jan
Mar
May
Mar
30
25
21
313
182
1,145
25
395
396
470
8
37 1134 Mar
116 8034 Apr
23 66 June
Jan
10 102
Packard Electric corn __ • 3635
..
• 25
Packer Corp corn
Paragon Refining corn_ •
• 34
Patterson Sargent
•
Reliance Mfg corn
• 134
Richman Bros corn
__
Robbins & Myers pref. _25 14
•
Scher-Hirst class A
Selberling Rubber corn_ • 39
Preferred
160
Selby Shoe corn
•
Sherwin-Williams corn_ _25
Preferred
1013 106
Stand Text Prod corn...100
100
A preferred
100
B preferred
•
3
Stearns Motor corn
Steel dr Tubes Inc com_25
• 30
Stouffer A
3635
25
24
3335
53
130
11
21
3834
104
26
9235
105
634
72
45
3
113
30
40 3534 June
3635
105 2435 June
2535
2435
550 214 May
34
' 340 33 June
325 4735 Mar
54
1,043 11235 June
134
740 10
14
Mar
13 21
21
June
877 384 July
40
10 104
July
104
50 25 June
27
185 82
Apr
93
230 10434 June
106
635
295
634 June
May
25 70
72
May
4535
350 42
3
3 May
550
113
Feb
16 94
110 30
30
Feb
•
Thomp Prod corn
Trumbull-Cliffs Furn pf100
Union Metal Mfg corn.6o 390
Union Trust
100
United Bank
•
Vlchek Tool
Van Dorn Iron Wks com_•
100 42
Preferred
* 45
Weinberger
West Res Inv Corp lif- -100
5834
103
4934
388
5835
103
4935
390
2635
11
42
44
102
27
11
42
48
10235
Bonds
10135 102
pfd 100 102
Youngstown S &
97
97
Cleveland Railway 5.3_1931
Cleve & Sand Brwg 68_1948 1014 10135 10135
95
95
_1943
Steel & Tubes deb Cis_
• No par value.
High.
May 27
Apr 101
Apr 1434
July 34
Mar 40
June 9235
Feb 40
July 107
June 3735
Jan
734
Jan
234
June 36
Jan 2835
July 66
Feb 20
1434
98
1135
2734
37
88
3335
9435
36
735
2
24%
13
6334
15
100
194
80
172
2
280
237
10
172
310
4635
103
47
307
280
2635
635
28
24
102
Jan
Apr
May
Jan
Apr
June
Mar
Jan
Jan
June
Jan
201 101
4,000 97 June
3,000 10134 Apr
Apr
8,000 93
-Record of transactions at
Baltimore Stock Exchange.
Baltimore Stock Exchange, June 29 to July 5, both inclusive, compiled from official sales lists:
Stocks-
bales
Friday
Last Week's Range for
Week.
of Prices
Sale
Par Price. Low. High. Shares.
• 41
Arundel Corporation
Atl Coast Line (Conn)...50 19934
50 199
Baltimore Trust Co
(I) Benesch & Sons new w 1
• 2534
Berliner-Joyce
• 4034
Black & Decker corn
25
Preferred
Central Fire Insurance-10 36
50 185
Century Trust
Claes & Po Tel of Balt pf100
25
Colonial Trust
•
Commercial Credit
25
Preferred
25
Preferred B
_100
64% 1st preferred..100
Ex-warrants
Warrants
Corn Credit of NO pref._ ______
Consol Gas,E L Sz Power_•
Voting trusts
6% preferred ser D-100
534% pref w 1 ser E__100
5% preferred ser A _ _100 101
Consolidation Coal__ _100
100
Preferred
Continental Trust
53g
Dellon Tire & Rubber _ _ _ _*
Drovers' & Mechanics
• 34
Eastern Rolling Mill
34
Scrip
25 140
Equitable Trust Co
50 295
Fidelity & Deposit
Finance Co of America A_•
•
Series B
Finance Service corn A__10
55
First Nat Bank w 1
Roust 011 pf v t ctfs-.100
Mfrs Finance corn v t___25
25
1st preferred
25 1634
2d preferred
Casualty Co_ _25 141334
Maryland
•
Maryland Mtge corn
.
Certificates of deposit_ _ ______
Maryland Sr Penn RR_ _100
Mercantile Trust
Nierch & Miners Transp_.• 4535
Monon W Penn P 8 pret.25 25
Mt Ver-Wood Mills v t _100 1334
100
Preferred
Nat Bank of Baltimore 100 270
Marine Bank.... 71
National
National Sash Weight pref_
New Amsterdam Cas Co 10 54
New
Northern Central Ry-_50
10 29
Park Bank
Permit Water & Power....
..100 121
Real Estate Trustee.
Southern Bank Sec Corp-- 54
92
Preferred
Un Porto Rican Sugar com• 4635
50
Union Trust Co
9
United Rys & Electric_ _ _50
US Fidelity & Guar new.. 7135
US Fid & Guar Co Fire WI 62
Wash Bait & Annapolls_50 15
W Md Dairy Inc Prof....' 88
50
Prior preferred
Rights
.
National Marine Bank__ _ ______
Range Since Jan. 1.
Low.
High.
41
4235
192 19935
199 200
16
16
2434 2535
4934 50
27
27
36
36
180 185
11334 11535
88
88
4934 5236
26
2634
2634 27
94 101
9235 9235
11
11
2435 2435
137 14135
13935 140
110 1L1331
10734 109
10035 101
15
15
45
45
250 255
435 534
411 411
3435
33
34
34
140 141
28635 295
1235 1234
1235 1234
17
1734
5334 55
8535
85
1,305
552
384
10
789
592
305
27
45
7
10
168
44
27
60
5
350
15
804
27
5
50
631
152
5
20
325
26
2,634
1
20
162
150
20
170
535
75
3834 Apr
Jan
179
Jan
165
Mar
15
24 June
3134 Jan
Feb
27
May
32
178 June
11334 Jan
July
88
4034 Feb
May
24
2534 May
July
94
8531 May
June
11
Feb
24
Mar
88
13935 July
Mar
100
10435 May
100 June
June
12
July
45
Jan
200
Jan
1
July
411
2734 Mar
Jan
28
12431 Feb
28635 July
Jan
11
1035 Jan
May
17
52 June
May
80
4334 Jan
Feb
200
May
200
1834 Feb
June
26
May
52
Jan
28
Jan
40
Jan
210
11735 Feb
Apr
100
Jan
62
2634 June
2734 June
10434 Jan
93 June
Mar
15
2534 Jan
15/3 June
July
140
11135 Feb
110
May
Jan
103
2234 Jan
Jan
55
Jan
300
535 May
July
411
35 June
3434 Feb
May
146
Apr
314
1335 Apr
1334 Apr
Mar
75
6035 Jan
9254 Jan
18
1834
1835 1834
1535 1635
142 143
36
35
3635
35
60
6534
491 491
4535 4634
25
25
1334 1335
80
80
270 270
71
70
48
48
54
53
5334 5335
83
83
29
29
101 104
121 121
55
42
92
92
4635
45
398 399
9
9
7035 7154
6234
61
15
12
8734 88
53
53
110
49
204
105
240
280
45
10
85
16
16
248
27
126
100
249
20
35
5
155
15
385
35
756
20
252
1.281
31
510
97
5
June
18
1834 June
May
15
May
127
Jan
31
34 June
May
25
Apr
570
43 June
May
25
Jan
13
7336 June
Jan
267
67 June
48 June
July
53
5334 July
July
83
2836 May
8135 May
Feb
120
40 June
July
92
Jan
39
Jan
339
834 May
May
65
564 Apr
Jan
8
June
86
52 June
Feb
36
Feb
22
1934 Jan
18334 Jan
4654 Mar
37 June
6534 July
June
491
4734 Jan
Feb
27
1635 Apr
Jan
82
Feb
295
Jan
80
5235 May
Jan
93
5534 Jan
Jan
88
3234 Feb
10434 June
Feb
123
Apr
57
9735 May
May
52
July
399
1534 Jan
9434 Jan
Jan
87
July
15
Jan
96
Feb
54.•
4
4
23
4
June
7
May
Bonds
Baltimore City Bonds:
July 9934 Feb
95
$200 95
95
4s school house -_ _1957
800 94 June 9934 Jan
95
95
1954
45 annex impt
9535 9535 4,200 94 June 9935 Jan
1951
4s paving loan
ConsolG E L &P40
Jan
May
1,000 102 June 105
10235 10235
1965
lst ref 5$ ser F.
May Elkhorn Coal Corp 7% w w
39
7534 7554 3,000 754 July 7534 July
60
May Fairmont Coal let 5s _ _1931
9634 9635 12,000 9634 Apr 9836 June
430
May
5,000 95 June 9935 Apt
97
97
53i% notes'38
4334 Jan Houston 011 1st 5s
July
1,000 8535 Mar 87
87
87
Roland
Jan Lake
52
Mar 9531 Feb
1,000 93
93
93
Ry 1st 5s 1931
Electric
Feb Nid St ref 635s ser A.1957
106
Apr 8834 June
1,000 80
88
88
1st
42
Apr'
Feb
9734 9731 2,000 9735 May 99
& Ports Trite 55_1936
85
Mar Nori Ave Market 614_1940 8934 8934 90
Mai
May 96
3.000 88
North
6535 Jan Prudential Refin
Jan 10334 May
500 100
10134 10134
6348.1943
9035 Jan
Jar
Apr 95
3,000 92
93
93
Co Inc 1s1 6s_1940
40
May Sandura 635s
Mal
106 10734 6,000 10035 Jan 110
1932
41
Mar Silica Gel
Jar
June 97
7,000 90
92
90
Un PR Suss 635% notes '37
2935 Jan
Fel
10,000 5834 June 65
59
58
United Ry & E 1st 43_1949 58
Jar
May 43
2,000 32
1949 334 3334 3336
Income 48
11534 Jan
Jar
Apr 63
2,000 50
52
52
1936 52
Funding 58
92
Jan
Jan 97 Jun(
3,000 90
97
97
1930 97
6% notes
7535 Jan
3,000 72 June 8334 Jan
72
72
1949 72
1st es
105
Feb Wash Bait de Annan 581941
12,000 70 June 8335 Jan
77
76
77
42
Mar
• No par value.
3335 Jan
30
Mar
-Record of transactions
Cincinnati Stock Exchange.
3
834 Mar
6934 Apr at Cincinnati Stock Exchange, June 29 to July 5, both
134
July inclusive, compiled from official sales lists:
16
Jan
25
Jan
Sales
Friday
65
Jan
Range Since Jan. 1.
Last Week's Range for
10734 Jan
Week.
Of Prides
Sale
35
July
High.
Low.
Par Price. Low. High. Shares.
StocksMay
105
108
Feb
Jan Ahrens
Feb 20
50 18
19
19
•
-Fox "A"
834 May Aluminum Industries...-. 45
Apr 4534 July
2,448 32
3834 3534
79 June Am Laund Mach corn _ _ _25 81
Jan
Mar 96
772 81
82
81
52 June Amer Products common...
Jan
Mar 29
25 20
23
23
64 Jan Amer Roll Mill Corn..._25 120
May
May 120
185 90
11635 120
113
July Amer Thermos Bottle A _ _•
July
19
May
565 15
1734 19
3234 Apr
May 50 June
276 46
50
4935 50
Preferred
July
1,969 3734 Apr 80
80
74
80
Amrad Corp
68
Jan Baldwin common
Jan
July 29
1,067 15
100 15
20
15
10535 Jan
97 80% June 10735 Jan
100 90
8934 90
New preferred
60
Jan Brownell pref
Apr
June 15
126
100
634 835
6
424
May Buckeye Incubator pf..100 13
Jan 2735 Mar
13
124 10
1374
300
Jan Carey (Philip) corn..
3035 3034
32 30 June 3134 Mar
..l00
2735 June
Jan
Feb 126
125 125
100
20 120
Preferred
15
Apr Champ Coated Pa sp pf 100
105 105
15 105 June 109 June
42 June Champ Fibre pref
100
106 10634
3 10534 June 10835 Mar
Jan
May Churngold Corp
50
Mar 23
25
14 20
•
25
July
104
Mar Cincinnati Ads' Prod
592 29 June 40
• 38
3334 40
Jan
June 40
28 32
324 33
Cinc Ball Crank pref._ _100
Apr
4
58
254 June
One Car Co B
254 254
May CNO&TPpref
Jan
104
114 114
117 11134 June 115
100 114
Jan
10035 Feb
307 9035 Apr 99
9731 98
Cln Gas & Elec pref.._ 100 98
Jan
102
May 155 June
35 125
15234 15234
Chi Gas Transporta _100
Jan
96
Apr 13335 July
93
13135 12834 13334
126
C N & C Lt (ir Tr com_100
May
Jan 90
113 78
100 85
8535
85
Preferred
114
FINANCIAL CHRONICLE
Friday
sates
Last Week's Range for
Sale
of Prices
Week.
Stocks (Concluded) Par Price. Low. High. Shares
Cin Street Ry
50 49
Cin & Sub Tel
50 11934
Cin Postal Term pref_100
City Ice & Fuel
* 53
Coca Cola A
• 31
Col Ry Pr 1st pref
100 10434
Cooper Corp new pref_ 100 55
Crystal Tissue
100 23
Dan Cohen
Dow Drug common__ -100 22
Eagle-Picher Lead com_20 1834
Early St Daniel corn
oi.
Fifth-Third-Union Tr .10034935
First National
100
Flelschmann pref
100 137
Formica Insulation
• 73
Foundation Inv
Fir Fyers A
22
Olbson Art common
"
Globe-Wernicke com___100
Goldsmith Sons
•
Goodyear Tire 1st PL100
Gray & Dudley
Gruen Watch common__.
Preferred
100
Elatlield-Campbell com_ •
Hobart Mfg
•
Ent Print Ink
•
100
Preferred
Julian Kokinge
Kemper-Thomas corn _..20
Kodel Elec & Mfg A
•
10
Kroger common..
Lazarus pref
Leland Electric
100
Lunkenheimer
•
Marlischewitz corn
100
McLaren Cons A
Mead Pulp
*
Meteor Motor
*
Moores Coney A
100
B
100
Nash (A)
100
Nat Recording Pump. 5
Newman Mfg
100
High.
48% 4935
118 120
80
80
51)
53
31
32
1043-4 10535
5.5
55
23
23
3234 3334
22
2334
1634 18%
70
70
340 34935
430 434
130 137
70
75
3134 3134
22
2234
680
76
20
154
85
28
2
273
308
187
2,518
5
58
20
125
942
150
83
4434 May
May
118
7934 May
3
494 June
Apr
30
10434 July
50 June
23
Jan
26
Apr
2034 May
1634 June
6834 June
Mar
327
428 June
12934 May
2834 Mar
20
Jan
22
June
5535
130
8534
63
34
10734
80
2334
34
4134
2134
75
385
450
137
76
3134
2834
4
834 4734
80
80
2934 2954
10135 102
10735 10735
48
48
50
11436 11435 114%
1134 1134
59
60
49
4634 49
9734 97
98
2635 2634 2634
3834 3834
22
2134 2234
84
87
9834 99
38
38
32
3234
47
47
47
1934 1934
67
87
20
20
25
26
26
535 534
185 188
27
2734
2834 26%
39
55
341
99
24
144
12
100
100
38
40
70
35
751
16
42
100
135
105
84
20
115
32
50
44
115
370
45 June
72 June
24 June
10135 July
10754 July
47 June
11434 July
1134 July
55 June
45 -June
9635 June
Mar
25
3634 Jan
15
Jan
84
July
9834 July
July
38
28
June
Jan
33
1634 Jan
65 May
20
Apr
26
May
534 June
150
Jan
2834 May
25 June
Feb
58
Jan
97
3634 Jan
Mar
104
120
Mar
Feb
60
Apr
116
1334 Feb
Feb
70
6334 Jan
Feb
108
Jan
30
Jan
42
29
Feb
Jan
116
May
100
38
July
3234 July
50 June
2234 May
Jan
71
2735 May
Apr
31
Mar
10
192 June
3434 Feb
27 June
21
20
279
160
10234
99
111
58
240
26
734
9735
8534
99
4
41
25
30
2934
397
165
108
10335
114
71
249
3135
9
115
115
102
8
89
28
4634
80
2934
Paragon Refining 13_100 2355
Voting trust Ws_ ___100 2335
Procter & Gamble com__20 39535
8% preferred
100
100 10734
5% preferred
100 10035
Pure 0116% pref
8% preferred
100
tepid Electrotype
* 65
Second National
100 24235
Jolted Milk Crate A__.• 30
United Rys B
*
834
J S Playing Card
10 10435
J S Ptg & Litho com ..100
Preferred
100 100
J S Shoe common
• __ 436
Preferred
100
Araco Aircraft
• 25
2334 2335
2335 2334
37834 397
160 160
10634 10734
10035 101
112 112
65
67
24234 24234
30
3154
834 9
10434 107
101 102
100 100
4
435
41
42
25
27
inn
inn
13
18
1.749
4
166
92
1
50
8
259
50
198
55
38
137
51
812
"
May
May
Jan
July
Feb
Apr
Mar
Feb
May
June
June
June
Jan
May
June
July
July
Jan
Jan
Feb
Jan
Feb
June
Jan
June
June
Jan
Jan
Feb
Mar
Jan
July
July
July
May
May
May
July
May
June
Jan
Jan
May
Jan
July
May
Jan
May
Mar
Jan
Jan
June
• No par value.
St. Louis Stock Exchange.
-Record of transactions
at St. Louis Stock Exchange, June 29 to July 5, both
inclusive, compiled from official sales lists:
Stocks-
Friday
Saks
Last Week's Range for
Sale
of Prices.
Week.
Par Price. Low. High. Shares.
Bank Stocks
First National Bank ___100 440
Mercantile-Commerce _100 293
437
290
Trust Co Stocks
100 30935 302
Miss Valley Trust
Miscellaneous Stocks
20 3535
A B Aloe Co cow
BaerSternberg&Cohncom •
Bentley Ch Stores corn •
Boyd-Welsh Shoe
•
100 4434
Brown Shoe corn
Burkart Mfg corn
•
Preferred
•
Century Electric Co _ _ _100 100
Cham Shoe Mach pf_ _ _100 9834
Chicago Ry Equip corn _25
Coca-Co/a Bottling Sec._ _1 57
ConsolLead&Zine"A"____• 12%
Elder Mfg corn.
*
100
Ely&WalkDryGdscom ..25 31
Fulton Iron Wks coin_
•
Granite Ill-Metallic. _10
Hamilton-Brown Shoe __25 14%
Hussmann Refr corn
•
Huttig S & D coin
•
Independ Pkg corn
*
International Shoe corn __* 7334
Preferred
100
Johnson-8 & S Shoe
• 68
Key Boller Equip
• 60
Knapp Monarch corn.._. 32
Preferred
•
Laclede-ChristyCIPcom 100
Preferred
100
Laclede Steel Co
20
Landis Machine corn _ _ _25 78%
Moloney Electric "A".___• 60
Mo Portland Cement_ _25 4134
Marathon Shoe corn. __ _25 40
Nat Dear Metals coin- •
Nat Candy corn
• 3034
let preferred
100
Nicholas Benzley
5 20
Pedigo-Weber Shoe
*
Pickrel Walnut
• 2235
Rice-St1xDry Gds corn_ • 1834
let preferred
100 103
2nd preferred
100
Scruggs-V-B DO com.._25 16
let preferred
100 75
2nd preferred
100 75
Scullin Steel pref
• 31
Securities Inv corn
•
Southwtn Bell Tel pfd _100 11734
Stix Baer & Fullercom - _ _• 34
•
St L Pub fiery corn
Wagner Elec corn
15 4556
100 10535
Preferred
Street RI Bonds
United Rye 4s
1934
440
29735
2,11.61
Last Week's Range Sales
Sale
of Prices.
for
Price. Low. High.
Range Since Jan. 1.
Low.
Range Since Jas. 1.
Low.
High.
40 34134 Jan 443
159 285 June 310
June
May
[VOL. 129.
Bonds (Concluded)
Miscellaneous Bonds
Moloney Elec 534/1-1943
Scruggs B 7s
-V
Ser
Scullin Steele.
1941
93
93
9335 814,000
7,000
9834 9836
9435 96
5.500
Range Singe Jan. I.
High.
Lass.
92 June 9534 Feb
Mar
9735 Jan 100
Feb
9435 Jure 101
• No par value.
Los Angeles Stock Exchange.
-Record of transactions at
Los Angeles Stock Exchange,June 29 to July 3, both inclusive
compiled from official sales lists:
Friday
Sates
Last Week's Range for
Sale
of Prices
Week.
Par Price. Low. High. Shares.
Stocks-
Rano Mass Jan. 1.
Less.
Associated Gas & Elect •
Barnedall Oil"A"
25
Bolas Chloe 011 "A"
1 2.45
Buckeye Union 011 pfd _1 74c
Byron Jackson Co
'
California Bank
25
Central Investment Co,100
Citizens Nati Bank_ __100
Douglas Aircraft Inc.____.
EmscoDer&EquipCo.----• 33
Farmers&MerchBank__100
Gilmore 011 Co.
8 1335
Globe Or & Milling corn 25
25
1st preferred
Goodyr Tic & Rub pfd 100 9934
Goodyear Textile pfd- -100 9835
5335 5335
100 53
200 31
4154 4234
2.30 2.65
26.200 1.76
60e 740 59,000 26e
38
3635
700 36
13135 133
90 134
9934 9934
158 WS
575 575
29 MS
3536 383.4 4,700 1434
3434
33
1,100 NM
480 480
10 III
1334 1334 1,015 16
2835 2835
230 Ng
25
25%
160 241‘
9734 100
155 8714
9834 9934
44 81134
Holly Development Co __I
Home Service Co 8%pf _25
Inter Re-Insur Corp _ ___10 5734
LosAngGas&Electpfd--100
Loa Angeles Invest Co--_1 2.15
25 394
MacMillan Pet Co
1
Mascot 011 Co
Merchants Nat'l Bank_25
Monolith Portl Cem com_•
Moreland Motors pref-10
Occidental Petro com__1
3
Pac Finance Corp tom-25 115
Preferred series A._..25
Pac Gas & Elec com_ _ _25
25
1st preferred
• 9435
Pacific Lighting coin
Pacific National Bank_ _25 40
25 30
Pacific National Co
Pacific Public Service A__•
Pacific Western Oil Corp..*
10 1134
Pickwick Corp corn
10
Republic Petro. Co
• 70
Republic Supply Co
Richfield 011 Co com__-_25 42
25 24
PreferredRio Grande 011 com- _25 3135
80c 80c
3,600
25
2535
217
5535 5734
2,500
10234 10355
162
2.05 2.15
2.100
3935 40
900
1.50
1.75 1,700
216 216
20
14
14
300
200
634
534
2.90
3
1,200
10935 114
650
28
28
5(3
1,500
7034 7334
26
26
201
91
9635
3.700
40
40
308
30
876
3334
2534 2635
800
1635 17
400
3.300
1154 12
4.30
4.35
300
69
70
1,420
4134 4254 3,000
24
884
2434
2935 3235 11,400
101
101
Ban Joaq L&P 6% Pr Pi 100
Seaboard Dairy Cred Corp
9834 98
100
Preferred A
Sec First Nat Bk of L A_25 12735 12734 129
Signal Oil at Gas Co B._25
3554 36
So Calif Edison com_ __ _25 6334 6374 6735
25 65
65
6635
Orig Preferred
25
2834 2835
7% preferred
25 2535 2534 2534
6% preferred
25 2436 2434 2434
534% preferred
9754 98
Bo Counties Gas 6% pfd_25 973-4
* 7334 73
7535
Standard 011 of Calif
-America Corp_-_25 13634 13651 13935
Trans
47
48
Union 011 Associates____25
25 4735 4735 4836
Union 011 of Calif
290 300
Union Bank & Trust Co 100
Bond.-
P
10A1
26e Jsk
3454 Apr
4116 Jane
181
May
2 Juno
6414 Feb
1
Juse
Feb
246
1354 June
4.35 Mar
2.10
Jan
6735 Jan
2735 Feb
54% Jan
2535 June
Jan
70
40
July
July
30
2335 June
1635 May
1134 July
4 June
60
Jan
40
Feb
2334 May
2735 June
12 100
High.
1734
4135
4.30
1.25
3634
143
16334
ISO
41
4434
OS
1535
$434
3534
16134
May
May
Jan
Jan
Jan
May
Mar
May
May
Feb
June
Jay
Mar
July
Mar
1.1734APr
1634 Jae
Apr
65
151
Jan
2.55
Jay
4334 June
2.10
Jan
25334 Jan
1435 June
6
Apr
634 Jae
12034 Jan
29)5 Jan
7335 July
273,4 Jaa
9634 July
Jan
50
4034 Mar
2634 July
23
Jay
1235 June
954 Feb
68
June
4834 Jan
2534 Apr
4214 Jan
Mar 10135 Apr
20 97
1,300 125
200 3534
9,000 3434
380 56
821 2835
4,888 2535
2,333 3416
57 Sayi
3.300 6435
5
000 12
1,400 44
4,300 404
40 255
OA, OA S4 sit nnn
,4
Mar
liar
Apr
Val
Apr
Jan
.Palg
Mar
liar
Jame
Jae
Mar
June
Jame
Julie
JO,
June
Mar
July
Jan
May
June
Jane
June
June
Feb
Feb
Feb
Feb
Feb
100%
14234
4734
6734
70
3934
26)(
24
10135
3135
143
5334
14
$OO
ttit4 ism 165
June
Apr
Mar
Jan
Feb
Jan
Jan
Feb
Mar
Mar
May
Apr
Apr
July
Jay
•No par value.
30935
3534 3534
10
1035
20
20
11734 11734
4434 45
6
6
14
14%
100 100
9836 9835
775
734
57
59
1235 1335
3134 32
80
8034
3034 31
4
4
86e 90c
1434 1434
2735 2734
16
16
10% 1035
7234 7334
1005 10734
66
6734
60
60
32
32
3735 3734
108 108
10735 10734
4834 50
78
80
5935 60
41
42
40
40
99 105
3034 3336
10634 10835
19
20
28
28
22
2235
1834 19
103 103
96
96
16
16
75
75
75
75
31
3134
33
33
11734 11734
34
34
17
17
44
4535
10535 10535
11 302
July 30935 July
540 3434 Apr
225
7
Mar
310 18 June
5 117
Feb
Apr
150 39
10
6 June
July
37 14
1 100
July
8 9834 July
137
7
Apr
135 37
Jan
190 1034 Jan
255 30
Mar
33 72
Mar
280 2735 June
75
4
June
200 50c Mar
350 1335 June
Apr
35 • 22
10 16
July
65 1054 July
2,853 63
Apr
58 10434 June
315 54
Feb
May
50 45
50 23
Mar
38 3734 June
Jan
10 60
Apr
28 100
190 4834 July
1,332 47351 Jan
315 5234 Feb
July
641 41
July
6 40
Apr
310 77
2,509 1835 Jan
40 105 June
400 19 June
70 2634 June
June
30 21
860 1834 June
July
10 103
3 94 June
July
25 16
61 76 June
30 75
July
July
245 31
Apr
20 30
175 116% June
12 3234 Apr
July
70 17
May
871 37
75 10534 June
8051 801 4 all ono
.
Rol! TIllo
37
1034
40
11935
4634
103-4
2034
130
10834
9
5234
1734
36
813-4
3334
735
90c
24
3534
2234
15
743.4
110
6734
62
33
40
108
10735
57
80
63
5535
5335
105
343,4
110
2236
3335
25
2434
110
100
1935
80
75
4235
37
121
4434
24
50
11(1
as
Apr
Sul:
May
Apr
June
Jan
Jan
Jan
Jan
Feb
May
Mar
Jan
June
June
Jan
June
Feb
Feb
Jan
Jan
Mar
Feb
June
June
June
Mar
July
July
Mar
June
Apr
Jan
Jan
July
June
Feb
Mar
Jan
Jan
Jan
Feb
Feb
Feb
Jan
July
Jan
Jan
Mar
Jan
Jan
Feb
Jan
Inn
San Francisco Stock Exchange.-Reoord of transactions at San Francisco Stock Exchange, June 29 to July 3,
both inclusive, compiled from official sales list.:
Stocks-
Friday
Sates
Last Week's Range for
of Prices.
Sale
Week.
Par Price. Low. High. Shares.
Beam Maga Jae. 1.
L.
Higb.
American Co
12774
Anglo dc Lond P Nat Bk.__ ...__
915
Aasociated Ins F P
5435
Atlas Im Diesel En A
2835
Aviation Corp of Cal
Bancltaly Corp
Bond & Share
Byron Jackson Pump Co
3634
John Bean corn
Preferred
124 13034 14,418 124
25035 251
40 250
3,053
935 10
1134
1,206 44
4934 5535
2735 2835
1,145 2435
380 380
50 200
1835 19
580 1334
3535 3634 2.748 31
850 4635
50
50
100 100
20 100
J.
Jump
June
May
Jane
Jan
May
Mar
Feb
June
16134
26934
12
6555
31
380
20
4334
5555
10035
Mar
Feb
Mar
Jan
May
June
May
May
May
May
Calamba Sugar COM
Preferred
California Cotton Mills corn
109
Calif Ore Pow 7%
Call/ Packing Corp
7535
Caterpillar Tractor
83
41
Clorox Chem Co
Coast Co Gas & El let pfd_
Crocker First Nat Bank__ 440
.
89
Crown Zellerbach pfd A_ _
B
Voting trust certificates_
1835
Consolidated Chem
2934
Douglass Air
Eldorado Oil Works
2554
445
Faigeol Motors com
Fireman.Fund Ins.
11
Foster & Kleiser com
First Sec of0
25
150 25
25
17
17
30 17
55
55
10 53
10834 109
20 104
2,293 73
7534 76
81
8335 14,632 71
4094 41
415 8635
98
98
52 98
440 440
60 380
89
89
362 89
89
89
190 89
1834 19
3,533 18
2834 2934
735 2634
38
38
600 2734
2594 2534
340 2534
4.25 4.50
7.67 4.15
10834 111
120 10454
11
11
630 1034
140 140
60 140
July
July
June
June
May
Mar
May
Jan
Feb
July
July
May
Apr
Feb
June
June
Mar
Mar
liar
2735
19
94
115%
81)(
8735
5035
99
440
96
95
2534
3096
4434
2634
7
151
1234
148
Feb
Jan
Jan
Jan
Feb
May
Jaa
Jay
July
Jan
Mar
Jan
May
May
May
Jan
Feb
Jan
Feb
Golden State Milk Prods__ 54
34
5434
Gt West Pwr aer A 6% pfd_ 100% 10036 10055
Great Western Power pfd_ 10535 10534 105%
General Paint A
29
29
B
2234 227-4
Haiku Pineapple Co Ltd Id
2035 2034
Hale Bros Stores Inc
19
1934
Hawaiian Pineapple
6435 6454
Honolulu Cons 011
39% 4036
Hunt Bros Pack A coin_
2834 23%
Hutchinson Sugar Plantat_
1134 1134 1134
3154 3135 32
Illinola Pac Glass A
4
Jantzen Knit
634 4531 4654
Kolater Radio Cern
3754 3134 3934
Rights w 1
.70 .5.1
.71
Langendorf United Bak A. 31
31
3135
B
31
31
l'Altrbtnn Ind R v t a
R
R
R
1,487 5254
135 100
241 10454
210 28
613 2034
126 2034
771 19
136 59
570 3534
358 22
15 11
703 30
365 41
8.128 23
6,658 .60
535 28
100 25
On
7
Mar 8034 May
Mar 10254 Feb
June 10734 Apr
July 3254 Jan
May 2834 Feb
May 2334 Jan
June 2434 Jan
June
Mar 66
Feb 4455 May
Apr 2334 Jan
Mar 133-4 May
May 47 Feb
May 4834 Jan
May 7934 Jan
July .71 July
Feb 3534 Mar
Jan 3235 Mar
Jan 1014 Feb
JULY
115
FINANCIAL CHRONICLE
6 1929.1
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Continued) Par. Price. Low. High. Shares.
Range Since Jan. 1.
High.
Low.
31% 31% 3134
855 31
June
Leslie Salt Co
L A Gas & Elec pfd
103
103 105
60 1024 May
12,414 3.55 June
Magnavox Co
4.25
3.90 4.40
32
June
Magnin I corn
32
31
265 31
26x 26%
Market St Sty prior pfd.
50 2611 July
123 123
5 113
Jan
No Amer Investment corn.
101 101
105 100
Feb
Preferred
32
3,157 20
Mar
No American Oil
31
Occidental Incur Co
665 25
July
25
25
25%
250 3014 May
Oliver Filter A
3414 35
645 28
May
31
31%
Jan
Pee Gas & Elec corn
68
734 22,462 54
68
3.428 25% May
First preferred
26% 25% 2611
'Jan
Pie Lighting Corp corn_ _ 95
90)4 96% 9,432 70
6% preferred
101% 101% 101%
300 99% June
1.00 May
Pacific Oil
1.20
300
1.20
Jan
Pacific Tel & Telep corn__ _ 190
210 160
185 192
Jan
Preferred
5 121
125 125
1,707 794 June
Paraffine Co's Inc coin_ ___ 83
809( 83
Plg'n Whistle pref
13
100 12% Apr
13
13
3,238 20% Jan
Pacific Public Service
264 25% 26%
31
795 294 May
Rainier Pulp & Paper
31
3,543 39% Feb
Richfield Oil
42% 42
42%
24% 244
675 23% May
Preferred ex-warrants.
Jun
255 31
314 31%
Roos Bros corn
4711
10814
1334
39
36%
123%
101%
38
3011
46
45
7334
28
96%
104
1.25
196
128
8834
144
2634
35
48%
25
34
Sales
Friday
Last Week's Range for
Week.
of Prices
_Sale
Stocks (Concluded!) Par.'rice. Low. High. Shares.
Range Since Jas. 1.
kow.
High.
Feb
5 11034 June 118
112% 112%
Jan S J Lt & Pow pr pref
30 9834 Mar 10231 Jaa
Jan
6% prior preferred
10034 1004 100%
17
17
283 isq Apr 214 Jan
17
Jan Schlesinger (B F) A corn., _
803 26
Feb 31% Apr
2634 27
Jan Shell Union Oil corn
26%
Mar
79
21 75
July 103
Mar Sherman & Clay prior pref. 75
75
20 90
Mar 96% Jaa
91
92
June Sierra Pacific Elec pref____
92
Mar 137
135 137
515 126
July
Jan Southern Pacific
395 82 June 92
Jan
83%
Jan Spring Valley Water
83
82
Feb Standard Oil (Calif)
7391 72% 75% 10,575 6431 Feb 814 May
20
20
100 18
Feb 22% May
Feb Tidewater Assoc 011 coin_ _
30 95 June 8934 Jan
85
8515
Feb
Preferred
40 24
Mar 31% May
July Transcon Air Trans Inc.-. 30% 28% 30%
275 17
July 2035 May
17
17
Jan Thomas Alice
May
11,353 125
Feb 143
137 140
July Transamerica Corp
137
1,822 44% Feb 5354 Apr
47
Feb Union Oil Associates
4831
Jan Union Oil of Calif
47% 4731 48% 3,978 46% Feb 5334 Apr
June 28% mar
22
150 19
Mar Union Sugar corn
22
May 32
Mar
100 27
May
2734 2714
2734
Preferred
Mar 31$
Apr
30 300
310 315
Jan Wells Fargo Bank & Un Tr 315
4
514 Jan
4.60
400
June
Apr West Amer Finknce pref._
4.55
July
Mar
Pittsburgh Stock Exchange. For this week's resent
Jan
Jan of transactions on the Pittsburgh Exchange see page $7.
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 tke
week beginning on Saturday last (June 29) and ending the present Friday (July 5). 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. prim Low. High. Shares.
Week Ended July 5.
Stocks-
Indus. & Miscellaneous.
Acetol Products corn A_..'13
4
AO0UatIO Products corn....'
Aeronautical Industries •
Warrants
434
Aero Supply Mfg c1B____• 1834
•
Aero Underwriters
Agfa Ausco Corp com---• 3534
5
Ainsworth Mfg Co
• 57%
Ala On Sou ord
50
Preference
50 158
Alexander Industries
• 14
Allied Aviation Industries
With stk Our war
* 1334
•
yi
Allied Pack corn
Allison Drug Ste class B..*
134
Alpha Portl Cement oom_• 4434
Aluminum Co common_ • 325
Preferred
50
Aluminum Ltd
* 165
Aluminum Goods Mfg
•
Aluminum Industries_
•
American Arch Co
100 38
Amer Bakeries class A_..'
Amer Beverage Corp• 15
Amer 13rit & Cont Corp_ •
Am Brown BoverIBlee Corp
Founders shares
Amer Chain corn
• 2474
Amer Colony pe corn
• 3934
Amer Cyanamid oom elB 20 54
Amer Dept Stores Corp..' 13%
lit preferred •
100
Amer Laund Mach com__. 804
Amer Meter
•
Amer Milling Co new..,_25 6891
Amer Phenix Corp
50
Amer Pneurnat Ser com_25
74
Amer Solv & Chem v t
2
634
Cony panic pref
• 47
Anchor Post Fence com_.• 417
%
Anglo-Chile Nitrate Corp.' 36
Apco Mossberg Co ci A-25
Arcturus Radio Tube...... 40%
Armstrong Cork cam.....' 70
Art Metal Wks corn
Arnociated Dye & Print...
, 14
Assoc Elm Industries
Amer dep rots
1134
Associated Laundries A. • 10
Assoc Rayon 6% pref__100
Atlantic Coast Fisheries. •
Atlantic Fruit & Sugar_•
•
Atlas Plywood
Atlas Portland Cement...* 4934
Automatic Regis Mach_ •
Cony prior panic
• 20
Aviation Coro of the Amer* 6634
Aviation (The) Corp com_d. 16
Aviation Credit Corp. _ _• 17
Aviation Secur Corp
*
Aston-Fisher Tob cons A 10
Babcock&WilcoxCo. -100
•
Bahia Corp corn,
Bellanca Aircraft v t e__ •
Benson & Hedges corn. •
Preferred
Bigelow-Hartf Carpet- •
*
Blauners common
Blaw-Knox Co
*
(B W)Co common.*
BIM'
Blumenthal(S)& Co corn •
•
Bridgeport Mach corn_
Briggs & Stratton Corp_ •
•
Brills) Mfg corn
_•
Bristol-Myers Co corn
bear_El
Brit Amer Tob ord
British Celanese
Amer deposit receipts..
•
Bruck Silk Mills Ltd
Budd (Edward) Mfg new..
•
Bulova Watch corn
$3.50 cony pref
Burma Corp Amer deo rots
Burroughs Add Mach new'
20
Butler Bros
By-Products Coke new -*
Cable Radio Tube v to.,.'
Capital AdmInis class A-•
50
Preferred A
Canadian Car & Fdy..100
Carman & Co class A....'
Carnation MI1 Prod ooM 25
Casein Coot Amer - --100
•
Caterpillar 'Praetor
124
34
17
3%
1831
36
3431
5531
150
154
13%
Range Since Jan. 1.
Low.
High.
6
200
13
2%
4% 22,800
800 16%
1714
44 2.000
3%
18%
2,000 13
300 35
36%
1,200 32
36%
5791 8,700 39
100 144
150
158
270 144
15
3,000 13
May 23
June
19
June 18%
5
July
1834
May
May 484
Apr 4334
57%
AL.
May 161
May 167
Mar 23
Jan
Jan
June
June
June
Feb
Jan
July
Feb
Feb
Mar
1.100 13
31
3,100
1
200
400 423(
1.200 146
200 103%
1,600 106%
300 28
1,500 35%
200 35
300 4434
500 13)4
1,100 14%
14%
Jun
2
Jun
May 11
Mar 54%
Jan 325
Jan 108%
Apr 165
June 41
June 44
June 4734
July 50
Jan 1614
July 22%
June
Jan
Mar
Feb
July
June
June
Feb
May
Jan
Jan
Jan
Feb
8% Jan 23
20% 2,400
200 164 Mar 3434
26
40
Jan 4934
300 37
54% 24,600 3934 May 80
900 12% June 29
14%
200 85 June 114
85
Mar 96%
81
625 77
50 11434 Apr (1124
11531
May 69
500 57
69
300 r5934 June 6054
5991
2% Mar
700
7%
7%
2,200 254 July 4035
2914
700 42 June 55%
47
41% 4,200 29% Mar 4133(
39% 3.800 83
Jan 4534
200
8
5
Feb 12%
41% 3,700 22% Mar 5534
1,12
61
70
Jan 75
100 32 June 564
3634
700 1134 June 2734
1731
June
Mar
Feb
Jan
Mar
Mar
Jan
Jan
July
May
July
Mar
Jan
Jan
Jan
Jan
May
Apr
Feb
Feb
1534
14%
874
9034
2
8034
5434
1534
2934
89%
23
23%
4994
43%
May
Feb
Jan
Fe0
Jan
Jan
Jan
Jan
Jan
Mar
May
Feb
June
Feb
13
13%
%
1% 14
44
44%
285% 325
106 106
150 165
30
30%
3734 44
374 38
4434 45
15
15
14% 15
19%
24%
394
5134
1334
85
57834
115%
65
5991
6
25%
45
4634
3434
8
39
66
364
14
1194
10
65
60
6434
4834
9
19%
6634
15%
17
4131
34%
1234 37,200
800
1034
6631 4,600
1,50
62
1,80
74
100
54)4
70
49%
20
9
2091 3,30
1,40
68
16% 22,50
1,70
1831
2,20
4234
40
35
9%
10
64
4934
7130
68
4534
8
19%
32%
1534
16%
41%
32
Apr
Mar
May
May
•
P
Feb
May
Jan
Mar
Jan
July
June
June
Apr
128
634
16
20
17
97
49% 48
40
40
4534
87
4
36%
18%
11714
304
200 117% Apr 137
12834
50
7
6% June 2294
1,00
15
164
Jan 24
20
9
May 2034
2034
500 17
2031
June 2434
96
10
Jan 104
97
45 June 60%
90
4934
38
Apr 45%
80
4134
39
2.70
45%
5634
AD
200 80
8891
Feb 97%
191 Jan
100
4
5%
40% 14,80
36% June as
May 27%
100 18
1894
121
3,500 84% May 121%
100 29% AD
304
3214
13%
33
19
2514
47
4%
634
2814
32
15
4431
37%
143%
29
4091
208
80%
6% 1,70
4% Jan 10%
200 33 June 3434
33
22% 16,400 16
June 22%
500 2534 July
3234
2815
200 47
4791
July 50
491 11,800
3% Fe
531
6,500 6931 May 67
65
500 28% June 4434
2894
200 30
32%
June 32%
1534 4,300 1234 June 19%
52
4,500 3734 June 52
37%
800 35% May 39%
143%
100 14335 July 143%
2934
July 3134
200 29
43%
200 83)( May 4835
210
Jan 267
80 180
83
Mar 88
000 69
7
2134
434
644
2834
324
1534
47
3754
14334
4354
210
8234
Sates
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Continued) Par. Price. Low. High. Shares.
Celanese Corp of Am nom
100
First preferred
•
Celluloid Corp corn
Pipe Corp...'
Centrifugal
•
Chain Store nooks Ino_ Checker Cab Mfg DOM- •
ioo
Childs Co pref
Cities Service common_ jai.)
Preferred10
Preferred B
Bankers shares
City Machine & Tool corn..
City Radio Stores corn_ *
City Say Bank (Budapest).
Clark Lighter corn A
Cleveland Tractor corn_ •
•
Cliffs Corp com v t c
Club Alum Utensil
•
Cohn-Hall-Marx
Cohn & Rosenberg com .
•
Colgate Palmolive Peet..
Colombian Syndicate
Colts Pat Fire Arms Mfg 25
Columbia Graph sub rts._
Columbia Pict corn
Columbus Auto Parts pref•
Consolidated Aircraft _ ___•
Conic)! AutomatioMerchandising• 0.--•
•
$3.50 pref
Consol Cigar warrants__
•
Dairy ProductsConsol
Consol Film Indus corn...*
•
Consol Gas Utll cl A
Consol Instrument corn..'
•
Consol Laundries
Cons Ret Stores Inc own.*
ContinentalDiamondFibre
•
Cooper-Bessem'rCorPoom*
$3 cum pref with warn.'
Copeland Products Inc
•
Class A with warn
Corroon & Reynolds Pl A -•
Courtalds Ltd Am del)
Bets for ord stk reg._11
Crook Wheel El Mfg coin 100
Crowley Milner & Co corn •
Curtiss Aeropi Kip Corp.'
Curtiss Airports v t c____•
•
Curtiss Flying Sere Ins-Curtiss Lighting corn....'
Curtiss-Reid Aircraft
pfd with stk porch war 30
Curtiss-Wright Corp
Convertible class A stock
Warrants
5
Curtis Mfg common
Dayega Inc
•
Davenport Hosiery
Davis Drug Stores allot otts
Dayton Airplane Engine-.
Decca Record Ltd
Amer she for ord reg._LI
Jan Deere & Co common_ _100
Jan De Forest Radio v t c____•
May De Havilland Aircraft Co
July
Am dep rts new I pd reitJan
Am dep rcts old ord regLI
Mar Detroit Aircraft Corp w L.
Feb Dinkier Hotels
Feb
Class A with warrants...
Jan
Dixon (Jos) Crucible_ _100
May
•
flashier Die-Casting
May Dormer Steel common....'
Mar
•
Douglas Aircraft Ina
Mar Dow Chemical common_ •
June Draper Corp
100
Feb Dresser (S R) Mfg class A•
Dubllier Condenser Corp.
June Durant Motors Inc
•
June Durham Duplex Razor
July
•
Prior 'wet with war_
Mar Dug Co Inc class A v c--•
Jan Edison Bros Stores corn..'
•
Jaa Eisler Electric corn
May Elec Shareholdings
May
Cony pref with warr__
June Fabrics Finishing ann.__ •
May Facial Motors corn
i0
June Fairchild Aviation class A •
100
June Fajardo Sugar
July
•
Fandango Corp corn
Feb Fansteel Products Inc_ -•
June Fedders Mfg Inc class A_ •
Jan Federated Metals tr ref •
Ma, Flat, Amer dep receipts_
70
2734
30
9714
84
48
40
68
/
74
324
68
32%
35%
4%
18.%
264
21%
24%
16
36%
4034
High.
Low.
1,200
33
200
9591
100
34
1,100
8
1,600
3334
8591 69,500
700
107
3634 214,700
95% 1,600
100
100
70
70
1.100
2714 30
100
2594 25%
100
484 4814
100
34
247
313
44 1,600
100
9734 974
200
835 9
1,400
4391 48
500
40
40
800
6534 68
1,400
11
1
100
3234 3234
6034 6934 17.300
32
3314 2,100
100
2634 2634
3,400
35
3614
June
5734 Feb
31
95 June 122
Apt
July 50
Jam
34
Jan
7 June 13
30 June 46% Jan
Mar
46% Jan 94
Jan
97% Mar 109
,
27% May 36% Jab
99% May
0434 July
934 Jan
5% Jan
July
5631 May 70
24% Apr 34% Jaa
Feb
May 31
25
48% July 5634 Feb
2434 Jan
334 Jun
27
July 32 June
974 July 9734 July
734 May 3334 Feb
36)4 Feb 48
Jul:
4031 Jane
40 Jun
63 May 8014 Jan
2
% June
Jan
30% May 45% Jam
55 Jun
6934 JO/
May 38% May
28
Mar
25
May 35
2534 Mar 44% May
4
17%
6%
36%
21%
30
19%
16
26%
35%
40%
48%
4
Jul
1734 Jun
434 June
3134 Jun
Jan
18
29% June
1934 July
May
16
25
May
25% Apr
87% JUDO
June
46
31%
95
34
7%
8
31% 31%
85
7611
10531
3634 34%
94%
95
33
Range Since Jan. 1.
4% 15,300
3,400
23%
100
6%
38% 1,300
2214 1,400
1,000
30
1,800
2515
16% 5.800
700
274
36% 2,100
500
41
200
4931
14% 14%
100 100
100
700
17
45
13%
50%
27
3014
35
21
39%
35)4
MN
5234
Jan
Jan
Feb
Feb
Apr
JESS
Mar •
Mar
Feb
Apr
Jane
Apr
11% June 21% Feb
Apr
AID 152
97
100 1834 June 35%
18% 18%
15 12734 Jan 837
3344 337
300 46% July 62%
46% 47
26% Jan 52%
10
3534 3534 3534
11% 39,500 10% May 1314
1131 11
2294 22% 234 7,100 19% Mar 29%
200 21% June 22%
22% 22%
33
28
39
1134
1514
32
27%
37%
1131
294
3.200
35
29% 56.900
39% 11.700
8.500
13
200
30
30% 32
21
21
15
15%
16
15
2
2
550 565
563
13% 13% 14%
15
134
25%
47%
115%
15%
434
12%
27%
Apr
JULY
June
June
July
2834 Apr
18% Jan
15
July
15 June
85
30%
3914
13
36%
Mar
June
June
July
Jan
35% Jae
34% Feb
6734 Max
19 Jtme
47% Feb
2
July
100
May 542
Feb
72o 511
7,300 113( May 2634 Jan
300
834 9
100
834 8%
15
1534 26,800
21% 21%
166% 166%
314 33%
2894 28%
3511 38
311 311
7431 724 744
43
43
44
634
594 6%
1134 10% 13
3131
28%
36%
500
100
200
200
27%
25%
35%
911
2934
Jan
Jain
Jam
Feb
May
Apr
Jtvy
8% July
834 July
15 June
1054 May
10% may
1514 June
200 21% June 2234
20 160% Jan 173
1.500 27
Mar 42
Jan 32
200 21
4.000 24% Mar 4534
Jan 311
10 200
Jan 78
1.050 65
200 43
July 4834
1,400
4
June 1134
5,200
9 May 19%
40
40
100 394
1%
131
13(
100
20
100 20
20
24
2634 9,100 2134
4634 4714
600 4635
115 117
500 115
14
159/
40 100
4% 44
200 40
1834 20
1,600 1834
90
94
60 79
2% 334 3,300
234
12
1214
400 10%
294 2934
100 28
34
35
500 27
27% 28% 11,200 26
Feb
Mar
Jan
Feb
May
July
June
Jan
Jan
Jan
May 5334 Mar
434 Jan
June
May 23
May
June 29% June
July 473( July
July 117
July
June 2534 Jan
May
6% Jan
July 84% Feb
Apr 124% Jan
10
Mar
June
Mar 21% Jan
Jan
June 50
Mar
June 39
May 29% May
116
FINANCIAL CHRONICLE
Friday
Sales
Last Week's Range for
Sale
Week.
of Prices.
Stocks (Continued) Par Price. Low. High. Shares.
Range Since Jan, 1.
Low.
High.
Film Inspection Mach
231
14 Jan
300
2% 214
531 May
Financial Inveseg of NY 10 2834 2734 28% 3.300 2634 June 284 June
Fire Assn of Phila
10
Nlar
May 53
46% 46%
100 46
Fireman's Fund Insur__100
Mar 155
Feb
100 101
109 109
Firestone Tire & R com_10
Apr
625 220% Feb 309
268 273
Flelschmann Royal com*
33% 3734 769,600 32% June 3531 June
Fokker Air Corp of Amer.' 48
47% n5034 4,200 1834 Jan 67% May
Foltis-FischerInc corn__.•
3834 Jan
1,400 2531 July
25% 2531 n29
Foote Bros Gear & Macbe
June 2934 July
200 21
2934 2934
Foote-Burt Co corn
•
Mar
600 2934 July 50
2934 3634
Ford Motor Co Ltd
Amer dep rcts ord reg_£1
153.4
14% 15% 20,400 144 July 20% „Tan
Ford Motor of Can el A__.• 47% 45
48% 5,600 43% June 69% Apr
• 74
Class B
Apr
250 56% Apr 172
69, 74
4
Foremost Dairy Prod corn.*
154 Apr
100 11% July
114 1131
Cony preference
•
Apr
200 2044 June 23
20% 20%
Foremost Fabrics Corp_ •
May 304 May
400 25
2534 254
Foundation Co
Foreign shares class A_ _• 1134
1934 May
400 1144 July
11% 12%
Fox Theatres class A com_' 22% 22
22% 10,600 214 May 35% Jan
Franklin (11 11) Mfg com _• 41
800 304 Mar 46% June
41
4335
Preferred
100
25 8534 Feb 914 Feb
8834 8834
-Am shs for
French Line
Corn B stock 600 francs 46
Jan
300 4234 Jan 59
46
464
•
Freal3man (Chas) Co
1234 Jan
834
64 Mar
834 3,000
734
• SO
Gamewell Co corn
.500 68% mar 83% May
80%
78
Garlock Packing corn__.' 31
Apr 314 July
314 13,200 23
26
Gen Amer Investors new.. 29
5,100 254 June 29% July
25% 29%
6% May
•
General Baking com
8
10% Jan
.734 84 40,400
Preferred
• 72
7934 Jan
8,500 6714 May
71% 73
General Cable warrants_ _ _
31
500 17% Jan 47
Mar
31
30
Gen Elec Co of Gt Britain
American deposit
124
12
124 23,000 1131 Jan 20% Feb
General Fireproofing com _•
100 3034 *Jan 4134 June
38% 3834
Gen Indust Alcohol v t c_• 34
1,300 32% June 344 May
334 34%
Gen Laund Mach com._
2144 20
July 27% Jan
214 4,400 20
Gen Printing Ink com____* 48
500 4534 Juno 48% May
47
48
Gaul Realty & Util corn..' 2434 20% 26% 33,500 1734 Apr 264 July
Pf with corn purch war 100 934 93
May 100% Feb
3,700 88
94
Gilbert(A C) Co com._,...• 204 20
Jan
2531 Jan
800 18
21
Gleaner Combine Harv_ _ _• 107% 10734 1074
Feb 12444 Jan
100 95
Glen Alden Coal
• 12334 12231 125
500 11834 June 139
Jan
Globe Underwrit Exch
• 2531 25
25% 5,200 24% June 27% June
Goldberg (S M) Stores
Common
200 17
23% Mar
Apr
18
18
$7 pref stk our warr_ •
500 80
June 88
Jan
80
80
Goldman-Sachs Trading_• 108
Feb 12131 Mar
10334 109% 63,700 93
Gold Seal Elec Co new_* 2231 2134 2331 20,100 17
May 274 May
• 3535 34
Gorham Inc corn A
1,400 3134 June 38
May
3514
$3 cum pref with wan._.• 51% 50
May 61
51% 1,400 50
Juno
Gorham Nib;common_
300 60
•
July 82
Apr
6234
60
Gotham Knitbao Mach_ •
734 June 19% Feb
74 8% 2,500
Gramophone Co Ltd
Amer dep rats ord £1
500 6234 Jan 90 June
76 n76
41
New
500 41
41
July 41
July
41
Grand Rapids Varnish_ __• 184
1,900 1834 July 22 Juno
1831 n2031
Gt Atl & Pao Tea 1st p1100 11634 1164 116%
110 115
Jan 117% Feb
Non vot corn stock__ ..• 380
260 332
May
May 494
378 383%
Greenfield Tap & Die eorn •
300 12
Jan
1934 Feb
16
16
Greif (L) & Bro class X 100 95
25 9314 Feb 97
95
Jan
95
Griffith (D W) class A
•
100
14 Jan
134
414 Feb
134
Grigsby-Grunow Co corn_• 150
4,300 120
140 150
Apr 183
Mar
Ground Gripper Shoe corn' 40
4031 2,400 27
39
Jan
43% Mar
700 32
• 39
$3 Preferred
36% 40
Jan 4245 Mar
Guardian Fire Assurance 10 654 61
Apr 70% May
6534 1,400 57
Hall(W F) Printing____10 3034
28
Apr 35
3134 4,300 26
Jan
Handley-Page Ltd
Am dep rcts panic pref__
534
4% June
534 5% 1,500
54 June
Happiness Candy Bt cl A'
251
600
2 June
234 3
5% Jan
Harrisons Orange Huts •
200 20
Slay 36
22% 23%
Jan
Hartford Times partic pi.*
100 42 June 45
44
44
Jan
.10
100 20
Hartman Tobacco corn.
20
20
Jan 22
Jan
• 624 6134 63% 3,000 46
Haygart Corp
Jan 82% Mar
• 6334 5731 70% 18,300 41
Haseltine Corn
Apr 704 May
200 1734 June 2644 Jan
Helena Rublitein Inc corn •
18% 19
Hercules Powder com____* 127
1,800 96u Jan 130
1174 12735
Feb
Preferred
110 115
11834 1164 11834
Feb 121% Jan
•
400 1944 Feb 41% June
38
39
Hayden Chemical
Hires (Chas E) corn A____* 2534
24
2534 1,400 23% Jan 25% Feb
Holt (Henry) & Co cl A_ •
500 23
23
Apr 24% Jan
23
flood Rubber
200 18
19% 19%
June 2734 Jan
Hormel(Geo A)& Co corn'
900 3344 Jan 57
54%
51
Feb
• 5131 5134 514
200 51% July 6134 Feb
Horn & Hardart com
50
Preferred
100 100
104 104
Apr 105
Jan
•
100 234 Apr 32
Huyler's of Del corn
2334 2335
Jan
100
100 90 June 1004 Mar
7% preferred
90
90
Hydraulic Brake Co_ __25
400 56
56
July
5734
5734 July
Hygrade Food Prod corn... 34% 34% 35
1,300 3434 July
494 Jan
Imperial Chem Industries
834
200
Am den rcta ord ohs reg £1
834
834 May 11% Feb
Imp Tob of G B & Ire__
1,100 22% June 33% Jan
2334 23%
Indus Finance corn v t 0_10
1,700 27
June 58% Jan
29
30%
7% cum pref
100
100 76
June 91
7731 7731
Jan
2,100 7644 May 9034 Jan
Inaur Cool North Amer_10 79% 7634 79%
Insurance Securities_ _ _ _ 10 25% 2534 26% 7,600 25 June 3334 Jan
Insur shares of Del corn A • 22
2134 28% 11,000 20
2635 July
May
lot Mere Marine new____• 26% 2534 26% 2,100 2534 June 2811 June
900
Internal Products corn__ _•
931
734 934
144 Jan
734 July
• 2734
Inter Projector new
14,500 1934 Apr 3044 Juno
27
30
600 25
Internal Safety Razor B.' 2731 27
Jan
46
Feb
28%
International Shoe corn...' 7331 714 7331
1,300 60
Feb 7434 Mar
Inter Sleeping Car & Eur0
9
Express Train Am dep
rets for ord sits
100 2334 May
May
26
24
24
Internat Text Book._ ..100
50 2131 July
Apr
22
2131 2134
Interstate Hosiery Mills_ •
700 2034 June 32% Mar
2131 2434
Investors Equity com._.' Si
2,000 45
Mar 5444 June
54
53
2,100 21
Irving Air Chute corn
May 41% May
-• 30
31%
30
Issotta Frasch Int94 May
Amer dep recta
10% 10% 10%
500
10% Juno
Johnson motor
June 60
600 45
48
Mar
484
47
Jonas & Naumberg com_.•
Mar
400
8
7 June 20
8%
8
Karstadt(Rudolph) Am she
June 2434 Mal
300 18
18
18
Kermath Mfg common__ •
300 1234 May
17% May
1434 1434
Keystone Aircraft Coro__' 4431 4431 464 12,300 31% Mar 50
Jan
Klein (D Emil) Co corn_ •
100 2334 May
2834 Jan
244 24%
Kleinert (J B) Rub corn. •
200 404 May 41% May
4034 404
•
Knott Corp common
Feb
200 30 Slay 37
31
31
Kobacker Stores Corn_
•
Jan 714 Mar
100 41
60
60
Kolster-Brandes, Ltd.
£1
Amer shares
614
May
1234 Mar
4
54 635 13,400
,
Kruskal & Kruskai com_ •
14
1534 Jan
July
100 14
14
Lackawanna Securities_ _ _• 394 3934 4031
1,300 37
May 45% Jan
Lake Superior Corp_ _ _ _100 15%
15
May el% Jan
200 13
15%
Lakey Foundry & Mach.' 25
24% 25% 3,300 20% May 85% Jan
Landray Bros class A,. •
17
Feb
100 1634 June 29
17
•
Land Co of Fla
13
Jan
531 54
100
534 May
Lawrence Portland Cem 100
91
25 91
91
July 10134 Jan
Lazarus(F & It) & Co corn'
Mar
364 37
200 324 June 49
• 23% 234 27%
Lercourt Realty
Jan
900 23% July 39
Preferred
•
3534 3534
100 35% July 39
Jan
50 1574 1544 15934
Lehigh Coal & Nay
Jan
Apr 172
1,000 149
Lerner Stores Corp corn._ •
64% 64%
Feb 65% June
300 44
Libby, McNeil & Libby_10 12%
1234 1334 2,200 1134 May
Jan
15
175 184%
Libby Owens Sheet Glass25
June 220% Feb
600 148
• 23
22% 234 2,400 184 Apr 24% June
Lily-Tulip Cup Corp
10
19
Lit Brothers Corp
19
Apr 264 Jan
100 19
Loblaw Groceterlas cl B_
20
20
July
July
100 20
20
Loews Inc stk pur warts_ _
434
5
Mar
400
14
414 July
London Tin Syndicate Am
dep recta ord reg__ _£1
154 1531
100 1434 Apr 2254 Mar
834 9% 6,700
Louisiana Land A. FAnior •
814
84 June 1431 Feb
Friday
Sales
Last Week's Range for
Sale
Week.
of Prices
Stocks (Continued) Par. Price. Low. High. Shares.
[VOL. 129.
Range Since Jan, 1,
Low.
High.
MacMarr Stores corn
3934 3934 4031
Apr 4334 May
1,200 35
Mangel Stores corn
•
3434 3534 1,100 3334 Apr 3834 May
Manning Bowman & Co A• 18%
1831 1834
200 174 Jan 20% Jan
Marlon Steam Shovel corn • 24% 24
24%
1,600 2314 Apr 56% Jan
Mavis Bottling Coot Am..'
5A
Mar
54 634 10,300
11
534 July
Mayflower Associates Inc • 7534 73
76% 10,000 60
June 7634 July
McCord Itad & alfg el B_•
25
Anr 314 Jan
200 22
26
McLellan Stores class A__• 52
51
54
June 59
1,600 42
Jan
Mead Johnson & Co com_•
534
June 59% Apr
53
200 53
Nfercantile Stores
100
95
95
300 95 June 119% Jan
Merchants & Mfrs Sec CIA' 2234
2234 23%
500 2014 June 23% July
Merritt Chapman & Scott• 33
2844 33% 10,100 2434 Apr 3
3% July
Mesabi Iron
14 14
134 June
1,200
Jan
3
Metal & Mining Sias Inc...* 19%
1944 20% 6,300 19 June 22% Juno
Metropol-Chain Stores_ •
7214 74%
Feb
700 70
Mar 89
Stet 5 3: 50c Stores cl A.. _*
6
May
6
100
6
74 Jan
6
Class B
4% Jan
3
3
100
3
3
July
Midland Royalty $2 pfd.' 29
284 29% 3,400 28 June 30 Juno
Nildland Steel Products _ _ • 98
9434 98
200 90
May 106% Jan
Midvale Co
• 51
51%
Mar
51
300 4434 Apr 66
Milgrim
& Bros corn..' 1734 164 17%
Apr 2034 Feb
1,400 15
• 48
Miller (I) & Sons com
47
1,100 39
Jan 53% May
4834
Minneapolis
-Honeywell
Regulator common__ • 914 90
9734 June
1,000 55% Jan
9314
Mock.Judson Voehringer•
3434 344
Jan 4134 Apr
200 28
Monsanto Chem Works.....
July
155 162
100 12514 Apr 162
Montecatini
& AgrAmer dep rcts bearer ohs...
1514 Mar
12% 1234
400 12% Apr
Warrants
234 May
234 24
6% Feb
400
Moody's Invest panic Pf-*
45
June 52% Jan
100 44
45
Mtge Bank of Colombia
American shares
40
40
June 4844 afar
100 40
Moto Slater Gauge & Eq.' 29
7,400 2534 June 35% Apr
2814 30
Nachmann-Spgfield Corp.'
60% 61
Apr 7634 Feb
300 58
• 68
Net Aviation Corti
6734 71
7,000 62
Jan
88
May
Nat Baking Co common_ _*
Jan
Mar
5,14
6
5
100
531
Nat Bancservice Corp......'
60
200 60 June 7534 Jan
60
• 31
Nat Candy common
31
34%
400 24% June 34% July
Nat Container Corp com.• 2834 274 2834 3,600 24% June 2834 July
28
•
$2 cony pref
1,000 27% May
2831
2934 May
Nat Family Stores corn _ _• 35
35
35% 3,900 3034 Jan 48% Feb
Preferred with war....25
37
100 3211 Jan 4934 Mar
37
Nat Food Products
•
Class A with wart
28
Jan
200 28
June 37
28
•
Class 13
8% July
Jan
300
12
844 9
Nat Investors warr
900 11% July 254 July
25% 11% 2534
Allotment ars
Apr 110% July
100 110
11034 11014 1104
•
Nat Mfrs & Stores
22% 23
200 2134 Slay 40% Jan
Nat Rubber Machinery..' 34% 33
34% 1,200 29% May 4134 Jan
• ....11
Nat Shirt Shops Inc
11
Jan
July 20
100 11
11
•
Nat Sugar Refg
414 4214
5534 Jan
300 39% Apr
Nat Theatre Supply corn.• 2131 2114 22% 10,200
Mar 2414 Apr
7
Nat Toll Bridge coin A_ •
Mar
14
14
July 20
100 14
16
Nat Trade Journal Inc_ •
3,400 1534 June 34% Jan
20
11
Nauhelm Pharmacies pf...•
11
100 10 Slay 3231 Mar
• 23
2114 23
Nehl Corp common
1,800 20% Mar 2934 Jan
151% 15111
Neisner Bros common.. 100
100 140 June 164
Feb
199 200%
100
125 187
Preferred
Jan 210
Feb
2641 27
500 23
Apr 31
Nelson (Ilerman) Corp___5
May
20
21
600 1914 Jan
Nestle Le Slur Co class A _• 20
2734 May
100 75
75
75
July 8014 May
Newberry (J J) Co
54 534
100
535
5% May
944 Mar
New Mez & Aria Land- _ 1
194 2714
1,300 14
32
May
Feb
New On Gt Nor RR___100 284
16% 17
800 1614 June 2414 Feb
NY Auction common A_ •
100 3814 May 52% Mar
41
41
N Y Hamburg Corp_ __50
3834 364 38% 3,400 38% Apr 48% Feb
N Y Investors
100 3544 June 4744 Mar
35% 35%
•
N Y Merchandise
• 6234 5834 64% 8,300 25
Jan 68% June
Niagara Share Corp
1,400 3834 Mar
Niles-Ilem't-Pond corn...... 6036 5744 60%
78
Apr
1,200 17
Mar 27% May
Noma Electric Corp corn.' 234 224 23%
1634 1744 14,300 14
Mar 24
North American Aviation.' 164
Jan
300 31
4144
July 46% May
.
Northam Warren Corp pf • 404 394
500 25
31
33
June 4841 Feb
Northwest Engineering,.'
700 20
Feb 3134 Feb
Novadel-Agene common..' 2334 22% 24
May 99
100 88
88
88
100
Mar
7% cum pref
225 8034 Apr 92
86
81
Jan
• 86
Ohio Brass class B
011 Stocks Ltd
1,400 13 June
1934 Jan
1334 1434
Class A without wart..' 14A
23% 24
400 23
• 24
May 2934 Apr
Orange Crush Co
Apr
900 11
16
Apr
Outbd Motors Corp corn B• 114 11% 124
•
1834 194
1,100 18
June 21% May
Cony prof cl A
•
500 50 June 59
Overseas Securities
5314
May
53
Packard Motor new
26% 28% 87,200 2534 June 29% Slay
28
Paramount Cab Mfg corn.' 22
20
1,300 154 June 43% Jan
22
600 4434 May 584 Feb
Parke Davis & Co
464 48
Parmelee Transport corn..
2444 244 2,400 244 Apr 254 Apr
Pander (D) Grocery cl A..• 5134 514 53
Apr
250 5134 July 65
3,500 105
May 122
Penney (J C) Co corn
121
11034 122
July
Class A preferred___ _100 974 96
July 10214 Feb
940 1/6
98
Pennroad Corp corn v to..' 23% 20% 24 331,800 16
25
Apr
May
Peoples Drug Store Inc....'
8034 81%
Jan
600 744 Feb 94
Perfect Circle Co com___• 6234 61% 62%
1,800 45
Apr 64
June
Perryman Elea Co
June 29% May
600 16
•
1734 18
PhilipPe(Louts)Ine A eons•
800 243£ Apr 32
May
2744 2834
Common class 51
27
• 27
500 234 Apr 31% May
2744
1,600
134
4% Juno
134 May
Phil Morris Con Inc corn..'
1%
135
25
Class A
9
10
834 Jan
1,400
9
9
June
Pick (Albert). Barth dt Co
1534 1534
600 15
Prof Claim A (Dame vr)-•
Mar 19
Jan
600 2534 June 38% Jan
•
274 2834
Pierce Governor Co
Pilot Radio & Tube CIA..' 18%
1734 18% 5,300 1734 May
18% Juno
Pitney Bowes Polarise
29,800 1314 Mar 30% Apr
• 29%
2834 32
Meter Co
142% 1444
400 135% Mar 15834 Feb
Pitts & L Erie RR com_50
64
900 61
Pitts Plate Glass corn .._ _25
68%
Jan 76% Jan
•
Pitts Screw & Bolt
254 26%
1,400 23
Mar 31% Apr
Powdrell & Alexander__ _• 754 67
5,300 67
76
July
76
July
•
Pratt & Lambert Co
7034 72
300 634 Jan 85
Feb
Procter & Gamble com _ _10
380 394
150 281
Jan 394
July
propper Silk Hosiery Inc.• 27% 2734 2734
100 2734 July
Jan
43
Prudence Co 7% pref_ ..100 100
100 100
100 9934 Apr 10411 Apr
Prudential Investors corn..' 27% 25
274 22,300 2334 June 28
Slay
814 8%
Pyrene Manufacturing__10
100
7
9% Jan
Apr
Quaker Oats common. •
310 315
130 309
Apr
June 323
Rainbow LumlnousProd A• 364 32
36% 8,800 234 May 65
Jan
Raybeatos Co common_25 9134 86% 92
2,800 6934 Jan 924 May
Reltanee Broils & St'l corn' 224 2235 2234
1,300 2214 Apr 2434 May
Reliance Nlanagement___• 34% 304 34% 4,400 30 June 34% July
Reliance Mfg (Ohio)
3214 35
1,800 3234 July 52% Feb
5
Repeal Inc
2
234
2
900 65c
Jan
Apr
5
Reynolds Metals common • 3834
3834 38%
200 4:34 Jan 52% Feb
•
Preferred
6834 6934
500 63
Mar
Jan 79
•
Rice-Stix I) Gds corn_
18% 18%
600 18% July 2434 Jan
Richman Bros new
130 130
100 116
May 130 Juno
Rich's Inc common
May
3031 3031
34
100 3034 July
Richmond Radiator corn..'
1934 Feb
834 8%
8
100
May
Rolls-Royce of Am pref 100
4334 46
100 43% July 7334 Mar
• 12
Mar
Roosevelt Field Inc
18
931 12
914 July
9,100
Ross Stores Inc
634 634
5% May 29% Jan
100
July
160 167
Royal Typewriter corn.....'
Jan 167
175 81
8334 834
New
200 8334 July 8334 July
Ruberold Co
7334 79
100 75
400 72% June 108% Jan
Fifth Ave Inc_ •
34
Russeks
May 3554 May
34
100 34
Pelt
Safe-T-Stat Co common_ •
37% Mar
27% 27%
100 ly
Apr
Certificates of deposit_
27% 2734 28
June 35
600 25
Jan 22934 Jan
Safety Car Ilia dr Ltg__100 207
200% 210
475 157
June 626
Jan
Safeway Stores 2d ser warr_ 450
450 450
10 421
Apr 1984 June
• 17631 1764 189%
5,400 119
lit Regis Paper Co
Jan
Feb 107
7% cum preferred..,100 10334 10334 10334
150 100
Jan
• 51% 5134 53
400 5134 July 79
Schiff Co common
&Metter & Zander corn vtc
200 20 June 255
20
20
May
• 3934
500 3914 July 46
3934 40
Cum cony prof
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Continued) Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
Rights
-
1,500
18% July 3941 Jan
1831 19
Schulte Real Estate Co....' 18%
Jan
1031 June 28
Schulte-United 543 to $1 St• 11% 11% 11% 1,900
July
31
July 31
200 30
30
Scullin Steel part pref
Second Gen'i Amer Inv Co..
• 28
5,100 23% Apr 35% Jan
2731 2811
Common
Jan
400 104% Apr 125
6% pref with warrants... ------ 10634 10634
Jan
100 6334 July 80
6334 63%
Seeman Bros common_ •
May
14
July
10
600
9
9
9
Segal Lock & Hardware...*
1934 2335 8,200 1834 Jan 31% Feb
Selected Industries corn...* 23
Jan
93% 90
93.4 3,300 90 June 106
Allot refs 1st paid
July
900 62 June 64
63
Prior preferred
62% 64
Selfridge Provincial Stores
37314 Feb
20
3% Jan
£1
344 3%
Ltd, ordinary
9
Mar 28;4 May
Sentry Safety Control_ ___* 2031 19% 20% 11,50
17,300 14% Jan 21% May
Serve' Inc(new co) v t o..-• 1734 1734 18
Apr 6334 Jan
80
48
5231
• 52% .51
Sheaffer(W A)Pen
2
81
Mar 105% May
92
92
Sherwin-Wms Co corn .25
20% Jan 63% Mar
5035 10,40
Sikorsky Aviation corn_.• 4831 42
Silica Gel Corp corn v t e...•
Silver (Isaac) &Bros corn..'
100
Preferred
Singer Manufacturing_ _100
£1
Singer Mfg Ltd
Smith (A 0) Coro corn_•
Sonatron Tube common_ •
Southern Asbestos
South'n Ice & Util corn A _•
Common B
Sou Groc Stores cony el A _
Southern Stores class A...'
Soutwest Dairy Prod....*
Southwest Stores com___•
Span & Gen Corp Ltd_ LI
Bearer stock
.100
Spiegel May Stern pref.
Square D Co corn B
•
•
Stahl-Meyer Inc com_
Standard Brands w 1
Standard Investing corn..'
Standard Motor Constr.100
100
Standard Screw
Stand Steel Propeller rem*
Stand Steel Spring com__•
•
Starrett Corp cone
Stein Cosmetics corn
Stein(A)& Co corn
Preferred
100
Bterchl Bros Stores corn- •
Stinnes (Hugo) Corp
-Roth Stores com •
Strauss
Stromberg-Carl Tel Mfg.'
•
Stroock (S) & Co
•
Stutz Motor Car
Swift & Co
100
Swift International
15
•
Byre° Wash Mach B corn.
117
FINANCIAL CHRONICLE
JULY 6 1929.]
38%
545
6
21934
37%
3614
1231
1531
4
37
36
169
83%
30%
21%
26%
3934
154
12734
3534
Taggart Corp common...* 5134
Tennessee Prod Corp corn "
• 3234
Mermaid Co corn
7% cum cony pref_ _100
Third Nat Investors corn.• 50
Thompson Prod Inc el A..* 5534
Thompson Starrett pref-- 50%
Tishman Realty & Constr•
Tobacco & Allied Stocks. _* 46
Tobacco Products Exports*
214
Todd Shipyards Corp_ __.• 58
Toddy Corp class A
•
Transamerica Corp
r13734
Trenscont Air Transp____• 3134
Voting trust ctfs
30
Trans
-Lux Pict Screen
• 1231
Clan A common
Travel Alr Co
•
TM-Continental Corp corn• 3334
6% cum pref with war100 104
Triplex Safety Glass
Am rote for ord eh reg..... 18
Trunz Park Stores
•
Tublze Artificial Silk al B_• 345
Tung-Sol Lamp Wks com,•
Class A
•
$3 cum cony pref
• 46%
3.40
23% Jan 4811 Mar
3694 3814
Feb
40
614 June 86
73
72
Feb
10 105 June 128
109 109
Jan
100 535
535 545
July 631
600
534 June
5% 6
954 Jan
200 21934
560 163
Feb 21934 July
32
700 2831 Mar (1334 Feb
30
700 30% Apr 49% Feb
3534 3734
734
734
100
7 June 17% Jan
734
734
100
7% June 27% Feb
3534 3634
1,400 30% Mar 3731 Feb
5
5
Jan
100
5
Apr 12
Jan
12% 13
300 12
May 21
200 15% July 2831 Jan
1534 1534
1,400
3 May
334 394
July
331 4
4
334 June
600
81
82
200 81
July 98% Feb
4331 4494
300 4331 July 4631 June
41
41%
400 39
Feb 5334 Jan
3634 3734 105,900
3134 36
Feb
1,500 31% July
43
3% 4
300
251 Mar
6% May
168 169
July
150 1594 June 169
2634 2735
Mar
1.000 '24
May 30
82
85
July
1.200 78
Feb 85
29
32
July
9,000 28
Apr 32
21
2134 6,400 15% Ma
22)4 May
400 26
2634 2634
June 384 Feb
89
89
100 89
May 99% Feb
2834 2835
Apr
1,000 28% AD
29
1134 1134
500
934 Jan 16% Feb
700 1834 July
19% July
1834 1934
30% 31
600 29
Jan 35% May
200 39% July 61)X Feb
3934 3934
15
1734 6,200 12
June 3534 May
12334 12734
350 12334 July 139)4 Jan
34
3631 10,400 204 Mar 37% Jan
24
June
2534 32,000 16% Mar z26
51%
22%
3035
9531
50
65
50%
6031
46
2
5641
28
x137%
29%
30
11%
49
33
104
5334 1.400 43%
22%
100 22%
3231 8.800 25
97%
300 90
50
200 50
900 48
58%
51% 1,300 50
61%
900 49%
46
100 46
2
3%
1,700
900 46
58
28
100 25%
4,700 125
140%
3134 17,200 2134
3034
700 30
Feb
Feb
Mar
Mar
Apr
Jan
Jan
May
Jan
Jan
Jan
Jan
May
July
July
5% Jan 24
13%
Mar
3,100
54
Jan
1,500 45% Apr 61
35
Jan 35% June
18,900 30
Apr 10751 Jan
104% 2,400 104
18
19
44% 44%
305 345
33
33%
44% 46
4644 4831
Union Amer Investment *
56
59
•
Union Tobacco coin
5% 734
6%
7934 84%
United Carbon v t o
•
Preferred
98 100
100 100
36
United Chemicals $3 pref
3834
• 38
17
18%
United Dry Docks cam...* 18%
10
10
United Milk Prod com_ •
•
38%
37
Un Piece Dye Wks
7
734
United Profit Soar corn...
7
66
6734
United Shoe Mach com _25'
29
29
Preferred
25
United Stores Corp corn.' 2334 2231 2631
Non-rum cony class A...• 4534 45% 46%
$6 cum cony pref
• 80% 8054 8234
U S Dairy Prod class A_• 4934 4934 49%
U S Finishing corn
ioo 14235 121 14331
61%
59
U Foil class B
• 61
59% 62
U & Foreign See corn. •
8944
89
$6 first pref
94
89
• 94
U S Freight
LI 5 Gypsum common._.20 7034 6834 70%
120 120
Preferred
100
• 17%
1734 1734
U Lines com
• 5334 53% 55
U S Radiator corn
21
22
U 15 Rubber Reclaiming..' 21
1434 1431
• 14%
Universal Aviation
1434 1531
CUB of deposit
20% 21
Universal Pictures
Utility Equities Corp....' 2734 25% 27%
Utility & Ind Corp corn__
25% 2534 27
3034 29% 3014
Preferred
•
2434 25%
Van Camp Pack corn
25
2534
25 25%
7% Preferred
1531 17%
Vick Financial Corp...-10 17%
3131 33%
•
Vogt Mfg Corp
• 23
20
23%
Wait & Bond class A
14% 14% 15
Class B
Walgreen Co common....* 89% 86% 89%
61% 65
65
Warrants
Walker(thram)Gooderbam
1754 2011
20%
& Worts new
4
434
594
Watson (John Warren)Co •
• 20
1834 20
Wayne Pump common...
Western Air Express.-.10 6831 6744 69%
7134 76
Western Auto Supply comA
33
33
West'n Tablet dr Stat'nery•
234
234
•
WhItenIghta Inc corn_
Widlar Food Prod coin...* 24% 2434 2434
Williams(R C) Co Inc.....' 2734 27% 2734
1434 18%
• 1734
Wil-Low Cafeterias cam .
• 4741 4733 48%
Preferred
13% 1331
•
Winter (Beni) Inc cern• 7234 7234 73%
Winton Engine corn
831 834
834
•
Worth Inc class A
4444
4134 38
Zenith Radio
3334 35
Zonite Products Corp rem •
Apr 59%
July 27
Feb 35%
Feb 105
May 51
Jan 69%
May 58%
Jan 70
July 5531
May
3)4
June 76%
Apr 314
Feb 14374
May 31%
July 30%
1,100 18
200 44%
510 305
300 15
2,300 2444
1,200 4234
July 3314
July 60%
June 5%
Jan 334
Fet
46
June 50
1,300 51% May
5% July
18,700
9,80
46
Jan
92
90
Jan
1,200 34% June
3,40
15% May
200 10
Apr
1,30
35% Jun
500
5
May
400 64 June
100 29
June
3,500 22% July
2,800 4554 July
1,700 8034 July
100 48% Jan
9,860 90
Jan
3,900 54% May
5,100 4731 May
1.600 87
Apr
10,600 81
May
1,300 56
Mar
10 120 Jun
800 17% Apr
400 43% Jan
400 16
Jan
300 14% July
1436 July
600
200 1614 Mar
May
6,000 24
14,200 2334 June
2,300 27 June
800 22
June
200 2134 May
20.000 1014 June
1,900 28
Jan
700 20
July
600 14% July
5,900 71% Mar
1,500 61
Mar
10,700
3,400
200
1,200
600
100
100
300
100
1,300
1,800
600
300
300
.5,000
1.800
16, 4
7
.
4
1734
5634
5031
30
2
21%
2034
1434
44
1141
7134
531
27%
31%
May
July
Apr
Apr
Apr
June
June
May
June
July
June
Mar
May
Mar
May
Jan
Feb
Jan
Jan
July
June
June
7234
20
844
102%
61%
20%
21
53
11
854
31%
2854
54%
91%
53,31
14331
74%
6874
95%
109%
75%
130
1851
62%
31
27%
22
29
27%
27
31
8804
88
18
35
2634
26%
91%
65
Feb
Jan
July
Mar
Feb
Apr
Jan
Mar
Mar
Feb
Jan
June
June
June
Mar
July
Feb
Feb
Jan
Feb
May
Feb
Apr
Jan
Mar
Mar
May
Apr
June
July
June
Feb
Feb
June
Feb
Apr
Jan
May
Jan
23
14%
32
7831
7354
33%
18
29
41%
30
58
164
7534
1131
61%
4414
May
Jan
Jan
May
June
June
Jan
Feb
Feb
Max
Mar
JBE
June
Jan
Feb
Fan
Sales
Friday
Last Week's Range for
Week.
of Prices
Sale
Price. Low. High. Shares.
American Superpower
Associated G & E deb rts
Rights
Elec Bond & Share
Fiat
General American Invest..
GramophoneAm dep rats..
Loews Inc deb rights
Lone Star Gas
Massachusetts Gas
Montgomery Ward & Co._
Murray Corp
Oneida Community Ltd.....
Penny (J C)& Co
Transcontinental 011
United Corp
United Gas Impt
Western Air Express
White Sewing Mach debs
Zonite Products
7%
234
511
834
13%
32%
16
1834
15ni
4"n1
2%
6
2%
Range Since Jan. 1.
Lew.
o114 n1% 109,800
he
5)4
6% 7% 11,700
1%
232,000
134
554
5% 634 03,900
734
8% 8%
600
9
9341354 10,100
34%
2,300 32
32
200 19
24% 25
6
614 6% 2,700
100 14%
1634 16%
1434 16% 134,800 13%
1831 1834 8,300 18%
1%
100
131 1%
570 193
210 227
113*
28,200
34
1
3%
4% 5% 525,600
1%
231 334 631,200
500
454
631 634
3%
500
54( 6
134
134 2% 6,900
High.
1%
June
June 13%
2%
June
July
634
Apr 17)4
June 13%
July 34%
May 49%
June
6%
June 1734
June 1641
June 18%
131
July
May 235
1
June
54
June
3%
May
May
814
May 14%
July
2%
July
Apr
June
July
Jan
July
July
Feb
July
June
July
June
July
May
July
July
July
May
Jan
July
Public Utilities
84% 8234 894 51,300 44%
Allied Pow & Lt cora
800 74
74% 74
7434
$5 1st preferred
200 42
42
42%
$3 preference
Amer Cities Pow & Lt Corp
50 67% 673-4 6931 7,500 3634
Class A
49% 22,400 23)4
• 46% 46
Claw B
2411 2574 30,500 22
Am Com'w'ith P corn A..• 25
• 30
4,100 22
2834 3374
Common B
5%
831 6,500
754
731
Warrants
44,300 52%
98
90% 90
Amer & Foreign Pow warr_
16,300 128
Amer Gas & Elec corn.....' 205% 202 221
• 103
800 99
10234 103
Preferred
275 28994 1.35 205
0
Amer Lt &Tree oom. _100
11234 1123.4
150 108
100
Preferred
8%
1034
400
10
Amer Nat Gas corn v t o- •
2534 2611 1,800 25%
Amer States Pub Serv Cl A
Amer Superpower Corp
64,600 26
51% 5134 59
Corn. B new
1,400 9434
973.4 9834
First preferred
Convertible preferred... 9034 9034 9131 1,200 8941
6,300 2331
58
Com..__100 56% 54
ArizonaPower
52
5434 26,200 494
Assoc Gas & Elec claw A.' 52
Brazilian Tr Lt&Pow ord•
• 6131
Brideport Gas Light
8
pr corn.'.:
Buooil n CityRR100
r ffk
Certificates of deposit......
--99,1
lytag&East
9931
Class A
25 24%
Preferred
Capital Traction Co__ _100
Carolina Pow dr Lt pref_100
Cent All States Eery t e_• 12%
Central Pub Serv cl A - -• 4534
Cent & Sweat Ut11-100 80
Central States Elec corn...' 146%
4931
New
6% Prof with warr -100
8514
6% Prof without warn
250%
Convertible preferred
125%
Cony pref new w 1
69
Warrants
Cities Ser P.3* L $6 pref. •
100
7% preferred
• 7931
Cleve El Ilium corn
Columbus Elec & Pow- _.• 119
Com'w'ith Edison Co._100 300
Com'w'Ith Pow Corn Pf.100
2534
Commwealth & Sou Corp_
1031
Warrants
Connecticut Elec Service.* 131%
Cons0E L & T Bait corn _• 13934
Common voting trust ctfs
Preferred Class A_ _ _100
Consol Gas Util class A _..• 30
Cont'l G dr E 7% pr pf.100
100
Duke Power Co
East States Pow B 00111___•
Edison1Gen'l Italian ElecAmerican dep recta
Elec Bond & Sit Co com__•
•
tore
Elec Investors
Preferred
Elm Pow & Lt 2nd pf A _ _•
Option warrants
Em p Gas 22 Fuel8% pf 100
Empire Pow Corp part atk•
Engineers Pub fiery war....
Federal Water Seri el A..*
Fla Pow & Lt $7 cum pref •
Galveston-Houston Elec100
Internal Util class A
•
•
Class B
Partic pref
Warranta
Italian Super Power
Warrants
5741 6034 1,000
200
6131
61
711 856 2,600
500
7% 7%
12,600
99 105
16,900
98 105
2454 2411 2,700
100
92
92
25
loeq 10631
2,300
1034 1234
4531 4534 3,200
400
80
80
14634 1503-4 3 3 0
.0
31,400
4854 51
15094 15034
100
8334 8554 1,000
3,800
25034 259
12334 12944 3,900
1,600
75
69
100
9131 9111
200
10334 10334
79
8141 1.
50
114 12511 15,70
2,23
27034 310
60
9711 10034
2531 2834 1209000
1034 1254 413,60
20
13134 13151
132 14274 18,70
800
13734 139
300
10031 10014
100
30
30
175
10034 104
190% 19034 20131
61% 6134 64
89% July
Apr
79
45
May
Mar
Mar
Jan
May
June
Jan
Jan
June
Mar
Apr
June
July
7134 June
60 June
31
Mar
37% Jan
11% Mar
118% Feb
221
June
10934 Jan
291
June
11534 Mar
184 Jan
27% June
July
May 59
June 100% Feb
Jan
Apr 94
Jan 58 June
Jan 6134 Mar
4841
61
731
7%
61%
4914
24%
71%
105
934
35
80
73%
38%
10334
80%
97
119
1914
91%
103%
60
56
215
9711
22%
831
130
88%
13734
100
2934
10031
May 70
July 6131
June 11)4
June 10%
Mar 112
Apr 109%
June 26%
Apr 92
Feb 111
June 19%
Jan 46
Mar 90
Mar 151
June 51%
Jan nI55%
May 87%
Jan 259
June 129%
Jan 75
96)4
July
July 10734
May 82
Mar 125%
Jan 310
July 104%
June 29
June 12%
June 136
Apr 160
July 139
Apr 10231
30
Jun
July 104%
Mar
July
Jan
Mar
June
June
Jan
July
Apr
Apr
May
Jan
June
June
June
Feb
July
June
June
Jan
Jan
Jan
July
July
June
June
July
June
June
July
Jan
June
Jan
Jan
290 155
Jan 210
1,000 4234 Feb 72% June
Apr 4934
100 41
4234 4274
4234
Mar 135%
121% 13534 262,300 73
123
2,800 101% June 10934
103% 103 10434
2103.1 203 21934 34,100 77(4 Jan 219%
9831
600 96% June 101
98
101 101
100 99% May 103
575'
53% 5134 5734 5,200 2804 Jan
100 105;( June 110
10634 10634
Mar 62
56% 5334 5774 3.300 39
3,200 23
Mar sa
33
3254 35
4934 4834 517-4 15,300 4634 June 68%
Jan 102
100 100
100 100
500 17
July 19%
1934
17
51
5,400 41% May
51
4874 48
22%
1874 2194 41,200 14% Mar
19%
June 100
100 92
95
95
11
4% Jan
600
634 7
2334
7,700 114 Jan
1834 21
19%
15
5% Jan
1034 1234
000
1034
Long Island Light cam...* 82% 7594 8634 11,000
2
100 10731 10734 10731
7% Preferred
Maroon!Internal Marine
Commun Am dep rota-- 2731 2514 28 240,500
734
734 18,600
Marconi Wirel T of Can_ _1
7%
Marconi Wireless Tel Land.
18
1831
Class B
1854 6,900
80
18% 18%
1831
Class B ctfs of dep
1,000
14
1441
Memphis Nat Gas
•
4,30
207% 210
220
Mrcidle West Util
100
9734 9834
$6 preferred
•
% 8714 9234 2,900
Mohawk & Bud Pow coin. 877
•
250
105 105
let preferred
•
150
10211 104
28 preferred
7,700
6331 72
67
Warr- ta
300
10734 10831
Montreal Lt, Ht & Pr corn*
22
2231
• 22
800
Muuicipal Service
Nat Elec Pow class
•
Nbi Power & Lt pref
Nat Pub Serv corn claw A*
Common class B
•
Nev-Calif Electric com _100
New Eng Pow Assn 6% pt..
N Y Tele°6%% Drat _ _100
/Vag Hudson Pr corn w 1.10
Class A opt warr w
Class B opt warr w I_
Nor Amer 0111 800 eom •
•
1st preferred
Northeast Power own _-.•
'Son States P Corp oom _100
Pacific Gas & El let pref _25
•
Penn-Ohio Ed corn
7% prior oreferred__101
•
$6 preferred
Option warrants
Warrants series B
Apr
May
June
107
24
11234
2334
9
64
2014
66
20314
2634
95
10434
9331
32
SOO
34
200
107 107
1,100
24
2534
1,400
3034 32%
400
56% 5714
50
92% 92%
450
111
1124
2334 2534 291,300
7% 931 176.800
63% 70% 5,200
2034 2134 ,7,300
9551 9531
300
65
70
32;300
197 208
14,100
2531 2654
800
95
98
800
10334 10434
330
9231 94
100
71
300
70
4031 40%
200
Feb
July
Jan
July
Feb
Mar
June
Jan
May
Jan
Feb
Mar
July
July
Feb
Jan
Jan
June
Jan
48% Apr
107 June
8634 July
113
Mar
1911 Mar
734 Feb
Jan
28
103.4 Mar
17%
18
12%
158%
97
38
104
102
234
10534
2031
Jun
Jun
Ma
May
AD
Ma
Jun
Jun
Mar
Ma
May
22% Jan
18% June
May
20
220
July
10454 Feb
102 June
110% Jan
110
Jan
July
72
Jan
114
3331 Mar
30
104)4
22%
29
48
92
111
22
7
60
1314
944
40
1864
2514
53
102
89
30
1634
May
Mar
Mar
June
June
June
June
June
June
June
Jan
Mar
Mar
Jan
June
Mar
Feb
Feb
Mar
Apr
3714
110
241
32%
60
100
114
2551
941
7034
26
97%
7534
212%
28)4
106%
106%
97
81
50
Feb
June
Feb
Feb
Jan
Feb
Jan
June
July
July
May
May
June
June
Jan
June
Jan
Mar
June
June
118
FINANCIAL CHRONICLE
Friday
Sales
Last Week's Range for
Public Utilities(Cond.) Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Pa Gas dr Electric class A_•
Penn Water & Power_
P00.101 Light &Pow ol A _
Power Corp of Can com_ •
Power Securities com____•
Preferred
•
Pugs;Eld P&L 8% prof _101
Rochester Central Power_ _
Rockland Light dC Power_
Sierra Pacifist Elie cora _100
Southeast Pow & 14 cone •
Wallets to our corn stk.
Participating pref
•
Sou Calif Edison pref A_25
Preferred B
25
534% Preferred C
25
Sou Colo Power cl A_25
fle'weet Pr & Lt 7% pf_100
Standard G & E 7% pf..100
Standard Pow & I.t
25
Preferred
•
Swim-Amer Elle prof
Low.
20
20
300 20 June
2056
10051 100% 103
8,100 81
May
49
47% 49
3,000 45
Apr
107 11056
600 974 Jan
2056 2136
2136
500 1556 June
65
100 65
65
Jan
100% 10051 100%
50 98
Jan
4036 39
40% 15,100 El
Air
32
31% 32
700 264 June
6031 60
65
2,000 4751 Apr
125 130
3,000 714 Jan
76
70
79% 2,000 2734 Jan
85
84% 85%
600 8336 June
28% 28% 28%
300 23% Mar
2531 25% 25%
400 2516 Mar
24
23% 24
1,800 2356 Apr
27
2756
2,000 22% May
27n
105
120 102
102% 105
June
109 109
200 10734 June
82
82
3,800 493-4 Jan
85
250 99% June
100 101
500 9556 May
98% 98% 98%
Tampa Elutric Ca
• 73% 7254 77%
Unica Nat Gas et Cant 44% 44% 45
Ilaitmi Else San warrants.
231
236
256
United Gag cern
24% 23
2556
United Oaa Impraveml_60 24551 240 253%
Emit."' Lit & Pew urn A • 4851
4736 515i
Common class B
7031 70%
6% cum let pref
107
106 10856
Preferred A
•
104% 10551
United Pub Sant Ca con •
1951 1951
CBI Pow & Lt corn
• 2734 2756 2856
Class Byte mew
3916
35
TWIty Shares corn
•
53
53
Former Standard Oil
Su beidia ries. Par
Aaglo-Araer 011(vet sh)_ Al
Vat stock ctfs of denIfna-vetiag sitame_ ___S1
Borne, Scrymser & Co.100
Ineekey1 Pipe Line
50
atesebrough Mfg
25
Continental 011 t e
10
Cumberland Pine Line_100
lareka Pipe Line
100
Galena-Signal 011
Now [preferred
100
Old preferred
100
Mumble Oil& Naftalis_ _25
Illinois Pipe Liu
100
1p.rlai 011(Canadal
•
Registered
Indiana Pipe Liao
50
Range Since Jan. 1.
7,900 60
2,700 34
10,000
154
14,300 21%
41,500 155
72,300 3056
100 32
14,200 99%
300 9536
200 17
17,800 21%
5.300 27
100 18%
High.
24% Jan
113% June
58% Feb
1224 Feb
Mar
27
8634 Mar
10154 Apr
49
Jut
34% June
65
June
138 June
87% June
100
May
30
Jan
26% Jan
26)4 Jan
28% June
111% Jan
111% Feb
85
July
10551 Feb
98% July
May 79% Jan
Mar 45
July
433 Feb
June
June 39
Jan
Mar 25316 July
Mar 52% June
Jan 7011 July
June 110 June
Mar 10636 May
Feb
May 21
May 2836 June
June 40 June
Jan 53
July
r6onsol. Copper Minot--;
Consol Nev & Utah
3
Cresson Consol0 MA 1,4_1
Engineer Gold Min Ltd .5
Evans Wallower Lead com•
raison Lead Mines
Gold Coin Mines
Golden Cents:. Mines_ _5
Gonifield Comm! Mitten_ _1
Heels Mining
25e
HollingerConsGold Minot5
Bud Ray Min & Smelt_ __•
Iron Cap Copper
10
Kerr Lake
5
Mason Valley Mines
5
Mohawk Mining
11,4
1231
ill
56
19
16%
494
134
5416
451 556
74
56
1751 1736
,
531
556
1656 17%
43-4 456
34
34
156
136
54% 55%
5,200
400
1,800
100
2,800
6,400
4,900
4,000
2,000
500
2,700
7,700
200
300
1,500
400
Range Since Jan. 1.
Low.
9)4
Sc
56
151
1436
10c
21c
4%
16c
16
551
1856
334
56
1%
50
High.
May
Jan
July
May
Mar
Jan
Jan
June
Jan
Jan
July
May
Jan
July
Jan
Apr
18
24c
134
49-1
26%
540
24
12
80e
2334
93.4
23
94
14
234
6136
Mar
Jan
Jan
Jan
Feb
Jan
Apr
Jan
Mar
Mar
Jan
Feb
Mar
Jan
Jan
May
New Jersey Zinc new
600 7554 Mar 87% Jan
79%
7954 78
Newmont Mining Corp_10 21356 18836 216% 17,500 187% Feb 233% Mar
New Quincy Mining
24 July
' 231
351 Jou
100
NY & Honduras Rosario10
18
Apr
200 1551 Jan
1654 1636
Munising Mine.
236 May
3% Jan
500
2%
254 234
Noranda Minim. Ltd
• 61% 5754 6151 21,500 45,6 Mar 1814 Jan
Ohio Copper
1
2
414 Jan
1% 2
9,300
134 May
Premier Gold Niining
I
1)4 June
2'9 Jan
1.500
151
156
151
Roan Antelope C Min Ltd. 4656
4551 46% 3,500 38% Jan 52 Jnne
Shattuck Donn Mining
* 1756
Feb
1734 1711 2,500 lb% May 2It
Standard Silver Lead
1
Jan
36 May 310
3,100
34
34
34
Teak Hunan
1
10% Mar
8 June
300
834 831
Tonopah Mining
4•18 Jan
336 33.4
23-4 Apr
35i
400
United Eastern Min
1
3.4 June
1,745
34
56
114 Feb
Si
United Verde Extension &se 1754
16% 17.51 6,900 1136 Feb 26
Mar
Unity Gold MInes
1
% June
136
134
1
294 Apr
1,800
Utah Metal &
156
1
13•
2,800 95e
Jan
294 Mar
Walker 'Alining
1
456
456 Mar
451
254 Jan
454 2,600
Wendell Copper Mining.
.1
131
156
2)4 Jan
151 2,700
13-4 Jan
Yukon Gold Co
5
'it May nl % Jan
300
%
%
Bonds
-
15
14%
1451
13
13
3751
3751
69
6.5q
167% 16751
21% 2051
70
69
60
8,400 14% May
15
1651 Feb
18
100 14
14%
June
Feb
300 13
June 17
Feb
1354
,
100 3754 July 46% Feb
3751
8936' 2,400 6551 July
744 Jan
200 140% Jan 17036 May
168
21% 25,100 174 Jan 29
Mar
70
100 62
Jan 755( Feb
60
50 5931 June 7056 1Jan
82
82
10 7734
10 7754
7754 7736
121% 11556 12216 16,600 8936
350 285
308%, 303 30854
28% 5,200 26%
27
2856
29
29
29
100 27
10351 9836 10351
1,200 81%
Mar 91
May
Feb
July 85
Feb 124% May
Jan 34034 May
May 30% Anr
June 29
July
Feb 10351 July
National Transit_ __12.50 23
22% 23
2,000 31% Mar 2514
New York Transit new
14
14
10
600 10
July
Northern Pipe Line_ __100 58
450 52
58
53
June 63
Ohio On
28 71% 70% 7351
4,300 8434 Jan 75%
Pena Meg Fuel
25 27
000 2316 June 4456
2636 27
Solar Refiniag
25 3836
400 38% Mar 50
3856 3951
Eleetb Pun 011
25 52% 5251 54
7,200 40% Feb 6034
Southern Pipe Line
10
21
21%
300 13
2234
Feb
Southwest Pa Pipe Line 100
6254 634
200 82% Apr 70
Standard 011(Indium.) 25 5756 55% 5774 24,400 54 May 63
,
Standard Oil (Kaasa8)._25 2156 21% 2151
1,400 18
Jan 22%
Standard 011 (K7)
10 3816 3751 39
6,400 354 May 451i
Standard 011(Nab)
25
200 454 Feb 5034
Standard 011(0) con_ _25
120 121%
650 1104 Feb 129
Preferred
100
10 115
May 12456
11651 116%
Vaeuum 011 new
11651 11536 117%
3.400 1054 Jan 183%
Other 011 Stocks
Allen 011
1
'le
70
Amer Coatr Oil Fielde
I
36
'Is
35
Amer Marasalbte Cs
3)4
3% 4
Argo 011 Corn
is
2
2
2
Anus Nat Gas Carp earn•
9%
851 9%
Preferred
8%
111
876 9%
Clue A
9%
8% 9%
Atlantic Lobos 011 cosi
•
1%
156
Preferred
•
2
2%
Carib Sysdilate now
__
454
356 4%
Oaten 011
•
736
7
8
Cassel Rayality 011
1
835
656 6%
• 8036 70
Cesdee 011 C.
83
Preferred
714i 7136 72
•
Creels Syndicate
634
8
836
Crown Cent Petrol Cinie•
156
1%
156
Darby Petroleum Carp_ _• 16
1534 1656
Derby Oil& Rat sem
• 10%
9% 1036
Preferred
44
44
44
S
ilf011Corp•f P
_ _35 17636 17354 178%
Honsaokla 011
4
Zeuten Gulf Gas
• 15%
Istercontlienta1Petrol__10
1)4
Intermit Petralum New _• 2636
Kirby Petroleum
•
136
Leonard 011 Develepm1-25
331
Lien Oil Rene
•
Lone Star Gas Corn _ _ __25 8136
New when Issued
33%
Magdalena Syndicate_ __I
Mexico Ohio 011 Co
4
Ms Kansas Pipe Line
30
Mountain & Gulf 011
1
Mountain Prod Corp___10 1431
Nat Fuel Gas new
• 35
New Bradford 011
5
356
New Fog Fuel 011
•
N Y Petrol Royalty
Nor Cent Texas Oil Co.,..
115b
Pacific Western 011
• 16
•
Panden 011COrP
194
Panetpeo Oil of Venezuela•
• 28
Petroleum (Amer)
Plymouth 011
23
4
1556
134
2254
156
351
3436
78%
3251
54
4
2756
16
1456
3216
316
3
1656
11
16
136
8
2631
22
56
900
4.900
56
SOO
3%
200
1%
30,000
34
12,300
7%
3,900
651
300
15i
200
156
7,800
3%
1,100
6
1,100
6%
43,900 45
200 71
11,000
8
4,200
14
11,600 14
12,900
2
100 20%
4,100 14314
436 2,700
600
15%
9,500
136
26% 29.100
200
156
4% 6,600
100
35%
2.500
8256
343i 2,500
100
56
200
4
5,700
30
100
56
2,900
16
3534 5,800
100
336
100
3
200
1656
1,800
1156
2,800
18%
400
1%
2.400
836
16.900
28
1,000
23%
Red Bank(011
•
12
12
Reiter Foster 011 Corp.,..'
416
414
Richfield 011 pre:
25
2456 24%
Root Refining Co pref___ _
25% 2456 25%
Ryan Como'P..trol
•
656 6%
6%
Ball Creek Consol OIL..,10
316 356
35'
Salt Crank Produeers10 185( 18
19%
Southland Royalty CO.-1634
17% 1856
Taxon 011k Land new WI 16
1531 16
Transcont[011
Pref_100 13756 137% 13736
Union 011 Associates_ _-25
4756 4736
Venezuelan Mex Oil
•
6934
69
Venezuela Petroleum
.5
3% 4
37'
Woodiey Petroleum
451
436
"Y"01 & Gas Co
25
1%
131
100
1,400
100
1,000
200
400
2,500
2,200
1,100
200
100
500
1,800
1,500
200
Mining Stocks
Arizona Globe Copper___1
3-1
31 21,700
56
Bunker 1101 & Sullivan.._10 138
138 138
200
Carnegie Metals
10
18% 19
800
Comstock Tun & Dfge_10o
136 2.800
1
134
[VOL. 129.
Friday
Sales
Last Week's Range for
Mining Stocks
Sale
1Veek.
ofPrices.
(Concluded)
Par. Price. Low. lliyh. Shares.
Jan
July
Jan
Juno
Feb
Feb
Apr
Apr
Jan
Mar
Jan
Jan
May
May
Mar
Mar
Apr
June 75c
72e
Jan
May
836 Jan
May
04 Apr
Feb
936 June
Jan
9
Mar
Mar
954 June
May
2% Jan
June
436 Apr
May
Feb
434 May
15
May
Jan
114 Feb
July
June 83
July
June 80 Juno
May 114 Jan
234 Apr
Feb
Jan
May 26
11
June
Jan
July
Jan 44
Jan 189 May
3% June
1456 June
136 July
22% June
134 May
2% June
234 Mar
67
Jan
3236 June
34 May
3% Jan
15% Jan
76 June
14% July
2454 A?
356 May
Mar
3
Feb
16
34 Jan
16
May
136 June
534 June
2636 June
July
22
734
22
216
29
3%
636
38%
87
3536
194
654
42
154
22%
35%
5
3%
2435
114
24
33-4
1034
3434
30
Jan
Jan
May
Apr
Jan
Mar
May
June
June
Jan
Mar
May
Jan
Feb
July
Jan
June
Mar
May
Mat
Mar
Jan
Feb
Jan
Abbots Dairies 6s.__1942
Abitibi P & P 54 A.---1953
Alabama Power 4361_1967
168 & ref 54
1956
Allied Pk lit col tr 88.1939
Certificates of deposit..
Debenture is
1939
Aluminum Co if deb 6552
Aluminum Ltd 5s
1948
Amer Comith Pr Si'49_ _
Amer (I & El deb 54_2028
American Power & Light2016
en, without warr
Amer Radiator deb 4365'47
Amer Roll Mil deb 58_1948
Amer Seating 68
1938
Amer Sole & Chem 68_1936
Without warrants
Appalachian El Pr 54_1258
ArkansasPr & Lt.1%__1956
Arnold Print Wks 1st 6541
Asso Dye & Preen 68-1938
Associated 0.8 £594.1977
Con deb 436e wi war 1948
Without warrants_
Aesoo'd Sim Hard 636e '33
Atlantis Fruit Inn 8s....1949
Atlas Plywood 5361-1943
100
83
9236
9951
4736
4734
4734
101
10056
95% 9551
10536 101
9556 95
8456
9256
9951
S2,000 984
100
8456 27,000 823-4
925( 67,000 90
9951 6,000 98
4756 4,000 45
3,000 45
4736
2,000 4636
4756
101
89,000 100
0634 19,000 9551
106% 80,000 97
96 113,000 9336
Apr 16
84
June
June 2551
Mu 29
June 11
5%
May
May 25%
June 24
July 23
Mar 138
Jan 50
Feb 7056
634
May
936
June
534
May
100%
8734
953'
103
57
553(
e57
11124
953-4
106%
9734
May
Jan
Jan
Jan
freb
Feb
Feb
Jan
Apr
July
Jan
10354 10356 104
68,000 103
95% 9456 95% 9,000 9451
9556 9556 9634 45,000 54
87
87
88% 18,000 87
June 106% Jan
Jan
June 99!
Mar 97% May
May 974 Jan
105%
9536
94
93
7956
10354 10356
124
10854
8636 8634
12
84
2,000 104
68,000 37%
12.000 IS
2,000 93
6,000 69
31,000 93%
47,00(1 99%
4,000 5416
10,000 854
41,000 12
12,000 114
June
Feb
Mar
May
June
Jan
Jan
Jan
May
July
July
122
994
498
98
94
131
148
12056
88
2256
103%
Jan
Jan
Jan
Jan
Jan
Mar
Feb
Feb
Feb
Jan
Jan
Bates Valve Bag 118.__1942
With stock purch warr
8,000 102
104% 104% 105
Beacon Oil 6e, with wart'36 11556 11556 11651 38,000 106
Bel Tel of Canada 58_1955 9954 99
9956 44,000 98
let 5e earls B
1957
9951 100
29,000 98%
Berlin City Elan 834s.1959 91% 90
9151 47,000 90
Boston & Maine RR 68 '33 101
9934 101
11,000 9836
Burmeister & Wain of Copenhagen 15-yr 65_1940 9936 9834 99% 15,000 9714
Apr
Mar
Mar
June
July
Apr
11014
1187
4
10234
1024
94
103
Jan
June
Jan
Feb
Ain
Jan
96
9456
Canadian Nat Rys 78.1935
106
Capital ildmin ta 4_1953 10351 102
Carolina 'Pr & Lt 54..1956 98
9756
lat & ref 5e new__ _1956
98
Cent States Elea 51...1948 85
8334
CentStates PA Lt 53.4.'53 9056 90
Chic Pneum Tool 53.68 '42 100
99
Chic Rye 511 otf dep 1927 8231 8234
Childs Co deb 58
1943 85
85
Cigar Stores Realty
1949 93
556s serles A
9234
Cincinnati St Ry 5345_1952
94q
Cities Service 5e
1986 8734 801
Cities Service Gas 5101942 87
87
Cities Berv Gas Pipe L 6s'43
94
Cities Barr PAL 53.48_1952 90
90
Clev Elec Ill Saner A.1954 107
107
106
9636
94%
93
7936
105
13034
110
8656
15
85
Jan
9934 July
106
104%
98
98
85
0036
100
8251
86
1,000 105
92,000 96
29,000 97
3,000 V%
46,000 82
15,000 894
11,000 93,6
12,000 77%
12,000 34
June
June
June
June
May
June
June
Mar
June
110
104)1
102%
994
9014
961(
10154
844
90
Jan
July
Jan
*Pr
Jan
Jan
Jan
June
Jan
93
0414
8751
88
94%
9434
107
23,000 9234
1,000 94
20,000 8636
11,000 8634
17,000 93%
52,000 90
1,000 102
June 914
May 103
Apr 9034
June 9233
June 984
July 97%
June 107
Jan
Feb
Jan
Jan
Jan
Jan
July
Clev Term Bldg 6s..._1941
95
95%
Columbia River Long Bdge
1953
let 63-45
9836 9816
Comander Larabee 65 '41
80
7954 80
Gommerz und Private
1937 8631 8551 8651
Bank 536.
Commonw Edison 436s '57
,
95
96
Consol0 E LA P Ball
1952 10534 10534 10536
53.65 series E
P 1969
4
9951 9951
Consol Publisher,' 63451936 09
09 100
Consol Textile 88
1941
80
79
82
Cont'l0 & El let
19511 88
8716 8811
Continental 0115%0_1937
93
9356
Cuba Co 6% notes
_1929
9754 9734
Cuban Telephone 756s 1941 108
10536 108
Cudahy Pack deb 545 193
96
7 9636
9636
1946
58
9835 9854
5.000
95
1,000
5,000
90% June 100
7954 July 90
Jan
Jan
84
95
31.000
20,000
2,000 105
5,000 99
3,000 atqi
20,000 79
22,000 85
44,000 93
5.000 96
6,000 10536
29,000 9534
3,000 9654
May
98345 Jan
May
June
88
98%
Jan
Jan
Feb
May
Jan
July
Mar
Feb
Mar
July
May
June
106'4
100%
101
90
914
983-1
9731
111
99)4
101
Mar
Apr
May
Jan
Jan
Ian
Feb
Jan
Jan
Jan
Deny & Salt L By 65.1960
70
70
10,000 70 June 914 Jan
Detroit City Gas 58 B_1950 983-6
9836 9814 6,000 9734 May 108% Jan
1947 10334 10336 10436 13,000 10314 June 10636
fle series A
,
Jan
Detroit Int Bdge 8 48_1952 90
87
6,000 84
90
Jan
Apr 94
25year 8 f deb 7s
1952
78
78
2,000 70
Mar 8954 Feb
Dixie Gulf Gag 6301-1937
With warrants
7956 78
80
13,000 71% June 884 Jan
Mar
Ron
Apr
Ave Electric Pow (Ger) 656s'53 8951 8951 90
Jan El Page Nat Gas6561 A '13 107
107 108
Deb 6
_ -Deo 1 1938
Jan'
10856 n112
Jan Empire 011& Refg 5148'42 8654 86% 8756
Mar Ercole Morel Elec Mfg
63is with warrants.1953
Jae
86
87
June EuropMtg&Inv7eserC 1967
86
87
Feb
May Fabrics Finishing 68_1939
8756 8756
Jae Fairbanks Morse Co 5e '42
9334' 9451
Mar Federal Sugar 65
1933 85
85
85
Jan Federal Water Serv 5365__ 100% 100 10154
Finland Residential Mtge
1961 8634 85
Bank 6s
8634
470
Jan Firestone Cot Mills 56_1948
34 Jun
90
9051
Mar Firestone TAR Cal 58_1942 9436 94
12556 Feb 165
9434
21% June Flak Rubber 53-4e.......1931 92
15% Jun
92
93
234 Jan
500 Mar
Florida Power & Lt 56.1954 88% 88
8936
1156
4%
2314
23
854
34
17%
1736
15%
80
47
66
336
44
.1%
Jan
May
May
June
Jan
June
Mar
Feb
May
May
Feb
10,000
10,000
3,000
23,000
89
MI
99
88
97
May
Apr 108
Jan n112
June 914
5,000
3.000
86
86
Apr
May
2.000
6,000
5,000
44,000
86
9336
8354
99
May 1014 Feb
June
963-4 Jan
June 95% Jan
June 10156 July
7,000
13,000
13,000
22,000
70.000
86
90
92%
9934
8716
Mar
July
Mar
Jan
May
98%
92
9151
94
95
96
9214
Feb
July
July
Apr
Jan
Jan
Jan
Jan
Jan
Jan
Feb
JULY 6 19291
Bonds (Continuei)-
FINANCIAL CHRONICLE
Friday
Last Week's Range Sales
Sale
for
of Prices.
Price. Low. High. Week.
Range Since Jan. 1.
Low.
High.
Bonds (Concluded)
-
FoEls-Fisher 6%s_ ___1939 96% 96% 96%
Garlock Packing deb 6s '39 108
100 108%
Gatineau Power 514___1956 93
92% 93%
1941 9734 97
6s
97%
Gelsenkirchen Min 1%.1934 8931 89% 89%
Gen Amer Invest 58_ _1952
Without warrants
83% 8334
Geri Indus Alcohol 650'44 10335 103 103%
Gen Laund MAO 804. 1937
90% 93%
General Ray*. as A. _1948 83
81
83
General Vending Comes with warr Aug 15 1937 55
55
60
Georgia Power ref is__1967 96% 96% 96%
Graaf,Trunk /t7 6%6_1936 106% 106% 106%
Guantanamo & W Ry 5558
72
70
Gulf 01101 Pa is
1937 99% 98% 99%
Sinking fund deb 54.1947 09% 99% 100
Gulf States Uti 5s._ 1958
04
94
32,000
28,000
26,000
16,000
36,000
8,000 55
76,000 95
6,000 103
5,000 70
6,000 98%
32,000 9951
1,000 94
July 8754 Fgb
May 9814 Jan
Jan
May 108
June 85% Mar
Mar 10111 Jan
Jan
May 102
May 9955 Jan
Hamburg Elea 7s
1935 100
100
Hamburg El & Ind 0%s •:is 83% 83
Hanover Cred last 68_1931
95
1949
88
6%.
Barren Mining is
1949
With era roasts
92% 91%
Hood Rubber 7s
1934
85
1934 75
10-yrsonv 5%s
75
Houston Gulf Um 8345 '43 77% 75
1943
gs
76
Hung-Itallan Bank 7%s'63
88
7,000
20,000
1,000
7,000
99
82
93
88
Jan
Apr 103
Jar
Mar 88
May 96% Feb
July 95% Mar
71,000
6,000
13,000
51,000
12,00(
1,000
85%
8255
68
75
76
87
May
May
May
July
July
June
100
84
95
88
92%
85%
75%
78
77
88
87%
9734
9234
9634
87%
June 99% Apr
Apr 10835 July
June 97% Fe
)
June 100% Jail
June 914 Jan
4,000 82% June 86% Feb
May
46,000 100 June 106
7,000 9015 July 10255 Jan
Jan
13,000 78
Apr 95
Ill. Power&Lt 554 May1957
91% 91%
1,000 9134
Indep Oil& Gas deb ge 1939 110% 109% 112
60,00( 102%
Ind'holis P & I. Is sir A '57 9714 97
97% 44,000 9515
tot Pow Samar 7s ear X 1957 95
95
9534
9,00(
91%
Intarnat Securities 63_1947 85
85
86
36,000 83
Interstate Nat Gaa 6s_1936
Without warraats
102 102
2,000 102
Interstate Pewee As. _ _1987
88% 91
7,000 88%
Interstate Pew deb 6s_1952 90% 90% 92% 8,000 89%
Invest Bold & Atari, (2(srp
Deb 53 series A.. _ _1947
104
104
1,00 104
Invest Co of •se Si A_1147 97
96
97
24,000 95
Without warrasts
SO
mg 80
12,000 78
Iowa-Neb I. & P 5... _1957 90% 9015 9155 9,00(
00
Buren Hydro-114s 76_1952 88
88
89
5,00
86%
Italian Suprrpawar 69.19(13
Without warrants
77
76
77% 109.00
75
93% MAU
Jan
97
84% Jan
92% Jan
92% Jan
98% Jan
June 9634 Jan
May
Feb 120
May
May 100
Mar 96% Feb
Jan
May 92
Apr 104%
July
9634
May 97
Jan
Jan
Jan
Jan
July 110
Jan
Apr 107
Jan
Jan 83
June 04% Jan
Feb 91A Jan
Mar
82
Jan
Jeddo Highland Coal 6s '41
104% 10434 20,000 10354 Mar 10435 June
Ran Gas & El is A..2022 102
102 102
Slay
Apr 103
1,000 98
Kelvinatar Cs Ss
1936
Without warrants
7514 73
Jan
2,000 67% June 79
7514
Koppers0 & C deb 5s_1947 95% 95% 96% 41,000 95% June 100% Apr
Lehigh Pow /Hour(4_2026 102% 102% 103
Jan
96,000 102% Mar 106
Leonard 'nets las 7!, e '46
:
Without warrants
9935 99% 9934
Jan
May 102
1,000 99
Libby, MeN & Libby 51'42 QOM
90% 90% 0,000 9015 June 94
Jan
Lone Star GH Carp 5s 1942
97% 97% 6,0(10 96
Mar 9934 Jan
Long Island Lig is. _.1945
102% 103
Fe)
3,000 10256 June 106
Louisiana Pow & Lt 54 1957 92
92
92% 6.000 90 June 96% Jan
Manitoba Power 6554 1051
99
Mansfield Mining & Smeltg
7s with warr
1941
78 without warrants 1941
Mass Gas Co. 53;s_ __1946 102
McCord Rail & Mfg is 1043 94
Memphis Nat(Sal 68_1943
With warraati
Metrop Erllsoa 410_1969
Milwaukee Gas Lt 4%s '67 95%
Minn Pow & Lt 4148_1078 90
Montreal L U &P col Si'61
9956
Morris & C. 754s____1930 100%
Munson S S Limos 6%s '37
With warrants
109%
Narragansett Else is A '57 98
Nat Food Prod I.._ _1944
Nat Power & Lt Ita •_2026 104
Nat robin. lin-rigs is 1974
Nat Rubber Hark 61_1943
Nat Trade -reward I..1938 80
Nelsner Roan, deb Ils 1948 102%
New EngGalt1kna5e 1948 91
5s
1947 91
N Y & Foreign latestVis A wit& wan_ _1943
NY P11.Carp lit 414167 91%
Niagara Falls Pow 68_1950 105%
Nippon Elan Paw 8%. 1953
North lusi Tab Mary ig 1966 99%
Nor States Pow 6 % _1933
North 'tests Utilities 7.35 98
Ohio Power 5s Hr B__1952
415s series D
1956
Ohio River Edison 511_1951
9835 99
72
92%
88
Jan
95%
96
95%
89
99
100
9515
2,000
964 8,000
9555
1.000
90
19.000
99% 18,000
100% 19,000
109% 115
97%
9915
103%
78%
130
80
100
90%
90
98%
09%
104%
80
130
83%
102%
91
91%
89
90
105%
88
99
101%
98
97%
8935
9755
89
91%
105%
88%
99%
10215
98
97%
90%
97%
Poor & Co 6.
1939
96
9616
Potomac Edison is...1956 94
94
95
Power Corp of N Y 53047
9455 9415
Reliance Bronze & Steel
Corp 15-yr deb 63..1944
9915 99%
Reliance Stanage't 58.1954
98%
With warrants
98% 95
Remington Areas 5%8_1930
97
97
Richfield 011434% notes'31 100% 100% 10051
1044 9931 99 100
68
Rochester Cent Pow 5s '53 87% 87
8755
Ruhr Gan 6348- - - 193
8354
3 83% 83
Ryerson (Jos T)& Sons Inc
92
93
I5-yr t deb 5s._,.1947 92
84%
92
98% June 101
Mar 103% June
101
3,000 96
Feb
93
2,000 9114 May 97
102
7,000 10154 July 104% Apr
94% 10,000 9235 June 99% Jan
Pao Gam & El lit 6%6_195: 9415 94
9455
Pacific Invest 5.
1948 92% 91% 9215
Pacific Western 0116%s'43 9534 95
95%
Penn-Ohio Edison (le 1950
Without warrants
100% 100 100%
514s when Issued._ 1059 91
90
91
Penn Pow & LI 5s..._1953
99% 99%
Peoples it & Pr 58......1579
89
9034
Pitila Electric 5%s__ -1953
105% 105%
50
1960
102 102
Phlla Elec Pow 8%6_1972 104% 103% 104%
Palls Renal Trams 6..1062
9955 99%
Phil. Suburban Counties
Gas dr El Istkref 4%8'67 95% 95% 96
Pittsburgh Coal 6s____1949 99
99
99
Pittaburgh Steel 68....1948
101% 102
St Louis Coke & (las 6.'47
San Ant Public Sera Si 1958
19'5
Sands Falls 58
Schulte Real Estate.* 61V35
Without warrants
,
_.1943
Scripps
W)5
Servel Inc (new co) 58.1918
Shawinigan w I 1'445 67
'
Shawsbecn Nillls 78_1931
Sheridan Wyom Coal as '47
4,000
101
93
101%
93%
95%
934
95%
8715
96%
9914
July
Mar
July
June
Apr
Mar
97
May
115
July
Mar
Slay
Mar
June
Stay
July
June
Apr
June
10054
10054
105%
8354
163
983:
108%
97%
9754
Jan
May
Feb
Jam
Jan
Jan
Jan
Jan
Feb
12,000 88
May
Mar
128,000 90
0,000 104% Jan
Apr
14,000 87
5,000 9754 Ma/
11,000 100% May
June
2,000 1)8
3,000 97% Jun
17,000 8054 June
June
15,000 96
94
93%
108%
02
10155
104
103
101
93%
10034
Fob
Jan
Feb
Jan
Jan
Feb
Feb
Jan
Jan
Feb
93% Ma
91
Apr
93
May
98%
96%
9834
Jan
Feb
Jan
14,000 98% Apr
July
19,000 90
Slay
3,000 99
23,000 85% Jun
2,000 10
416 May
2,000 10035'June
15,000 1024 Mar
May
4,000 97
102
97
102%
100
10616
10335
105%
103%
Jan
Mar
Jan
Feu
Jan
Feb
Jan
Feb
152,000
21,000 97
12,000 9955
30,000 102
37,000 78%
1,000 120
23,000 80
15,000 98%
18,000 8734
19,000 8814
10,00()
4,000
22,000
10,000 95% July
98% Jan
15,000 99
May 10054 Slay
9,000 100% AP 103
15.000
10,000
5,000
9,000
67,000
3,000
20,000
95.000
73,000
37,000
2,000
84% 8534 9,000
92
9215
4,000
100 100% 13,000
80
94
70%
91%
96
88
Feb
107
Jan
99
100% Feb
9234 Jan
101% Jan
101
Jan
8055
5,000
94
3,000
72% 18.000
9256 42,000
96
1,000
88
2,000
96
94
03
Jun
July
Jun
100
May
98
Mar
981: Feb
119
Friday
Last Week's Range Sales
Sale
for
of Prices.
Price, Low. High. Week.
Silica Gel Corp 6158
1932
with warrants
107
Sloss-Sheffield S & I 6s '29
9915
8954
Snider Pack 6% notes_1932
Solvay-Am Invest 5s 1942
96
Southeast P & L 6a
2025
101%
Without warrants
102
9935 9955
Sou Calif Edison 5s___1951
1952 10055 9934
Refunding Est
1944
100
Gen & ref 5s
92
1937
Sou Call 1G814 5.
96
1957
5s
Southern Dairies 68__..1930 99
99
So'wst Dairies 634s
92
1938
With warrants
93
Sweet0& ES.A...1957
Southwest I.t & Pr 58_1957
Sweat Pow & Lt8g
2022
Staley (A E) Mfg (4_1942
Stand Pow & Lt 6e
1957
Stinnes (Hugo) Corp
7s Oct 1 '36 without warr
74 1946 without warents
Strauss (Nathan) 68..1938
Suit Maid Raisins 63461942
Sun 011515s
1939
Swift & Co 5 Oct 15 1932
9834
974
U S Radiator 5s ser A_1938
U S Rubber
Serial 654% notes-1930
Serial 634% notes__1931
Serial 655% notes__I932
Serial 8 % notes- -1934
Serial 655% notes_.1935
Serial 655% notes__1936
Serial 615% notes._1937
Serial 655% notes_ _1939
Serial 6%% notes- _1940
Utilities Pr & Lt 58...1959
Low.
High.
10814 $8,000 101
Jan 11214 Mar
Jan
99%
2,000 99% June 100
8936
8,000 8714 May 1074 Jan
97
42,000 9435 Apr 985: Feb
102
74,000 100
10034 31,000 99
100% 26.000 99
100% 6,000 9934
92% 9,000 92
96
2,000 92
99%
8,000 96
92
93
1,000
3,000
93
15,000
10354 17,000
,
98%
7,000
98
43,000
92
90
85%
85
105%, 105%
69
60
9914 100
9934
99% 99
92
105%
102%
102
102%
95
98%
9915
Jan
Feb
Arm
liar
Mar
May
July
91
June 101
9154 Apr 9754
Jan
Jar
,
Mar
Mar
June
June
Mar
Mar
Mar
91
July 96‘6 Jan
99% May 107% Jan
Feb
97% Jai 99
94% May 99% Jac
41,000 ill
14,000 83%
2,000 193
2,000 48
16,000 99%
126,000 93%
June 94% Feb
Feb
June 91
June 140% Jan
May
7935 Jan
Jan
June 102
Mar 100% Mar
1,000
6,000
1,000
76
1111
95
Mar
89
Jun
Mar 99% Jan
Jun 101154 Mar
1,000
9754 9715
101 102
20,000
Texas Cities Gas 58
1948
Texas Power & Lt 6.1966
Thermoid Co 6. w w 1934
Ulen Co 6%,.Nov 1 1936
Union Amer Invest 53_1948
United El Sera (Unee)71-511
Without warrants
United Industrial 65681941
United Lt & Rye 53413_1952
1952
14 series A
United Itys (Hay) 7%8'35
United Steel Wks 6348 1947
With warranta
91
10254
98%
96
Range Since Jan 1.
97
98
Feb
Apr 100
Jun
11634 Feb
77
78
96% 96%
9631 96%
9034
88
8855
9955
90%
88
87
99
108
91%
88
89%
993
,
108
34,000 83
1,000 84
49,000 86%
10,000 93
15,000 108
Apr 92%
9154
Apr
Mar 94%
June 101%
May 110
91
8835 9134 66,000
82% May
8934
89% 8935
8935 July
99
99
98
95%
9635
97
9554
98%
96
9954
89%
96
9555
96
99%
8935
99
3,000
98
1,000
96
12,000
6,000
97
97
1,000
9556
4,000
98%
3,000
96
4,000
9915
2,000
90% 73,000
84
84
97% 98
Van Camp Packing 65_1948
Virginia Elee Pow 5a__1955
5,000
15,000
16,00
983.4
98
95(4
9654
95%
9535
96%
96
97
89
Jan
Jan
July
July
June
July
May
Jan
Jan
June
Jan
Jan
Jan
Jan
Jan
91% July
9315
Jan
100%
10055
1003/2
100
100%
100%
100%
100%
192
984
Jar
Jas
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Fab
81
Slay 87% Feb
96% June 10035 Jan
90
87% Apr 9655 Jan
90
14,00
Webster Mills 6148___1933
152% 15615 104,00 109% Jut 15615 July
Western Power 5%3_1957 154
Jan
99% 99%
1,000 9936 Mar 104
Westvaco Chlorine 515s '37
Wisconsin Cent Rya 581930 9835 9815 98% 2,000 9635 Jan 98% Jan
Foreign Government
and Municipalities
Aa-lcul Mtge Bk Rep ofCo
89
9055 9055
4,00
20-yr 7s.___Jan 15 1947
89
20-3 r 78__Jan 15 1947
9031 4,000 89
Bank of Prussia Landowners
9615 96% 2,000 94%
Aas'n 6% notes____1930
1,000 92
95
95
Baden (Germany) 7s _1951 95
Buenoa Aires(Prov) 7346'47 103% 103% 10435 38,000 100
20,000 9915
1952 10134 10054 102
79
Cauca Valley (Dept) Co1948
lombia esti f 7s_
Cent Bk of German State&
1951
Prov Ranks 68 B
1952
6s series A
Danish Cons Muni° 5346'55
Danzig P & Waterway Bet
EMI a 6349
1952
Frankford (City)6%1.1953
German Cons Munlo 7.'47
1947
es
Indus Mtge Bk of Finland
let mtge col s f 78..1944
Lima (City) Peru,65631958
Maranchao(State)78_1958
aledellin (Columbia)781951
Mendota (Prov) Argentina
755s
1951
Montevideo (City) 68 1959
Site Bk of Bogota 73_1947
78 new
1047
Mtge Bank of Chile 6s 1931
Os
1962
Mtge Ilk of Deniti'k 5s '72
Mtge Bk of Jugoa'av 78 '57
Parana(State of) Bras 7e'58
Prussia (Free State) 6346'51
Esti 68(of'27) Oct 15'52
Rio de Janeiro 6 1 55_ _ _1959
Rumanian Mono Trutt 76'59
Russian Governments.
-655e Ws
1919
5548 certificates__ __1931
June
June
99
99
Jan
Jan
Mar
May 98
Jan
Ma
98
Apr 104% June
June
Ma 102
Ma
9631
Jan
88%
87
83
9731
83
8314 31,000
83
2,000
83%
9655 97% 9,000
Jan
86% Apr
97
87
90
90
2,000
96% 9714 40,000
86
87
19,000
88% May
93% Ma7
8315 May
96% Jan
98% June
Jan
89
8954
98% 09% 19,000
88
4,000
8914
97% May 102
88
Apr 93
83%
93%
83% 83%
93
9335
81
92
June
June
94%
95
93.55
95
89
89
96%
92
95
7715
9534
96%
89
89
973£
92
95
7755
23,000
13,000
2,000
2,00
44,00
10,00
3,000
8,00
93
93%
87
87
96
92
95
75
Apr
Apr 99
May n9655 May
Apr 94
Feb
Apr 94
Jan
June 98% Feb
July
July 92
Jan
Mar 97
Mar 82% Jan
87
92
86%
91%
8315
1,00
87
93% 17,000
8734 26,000
91% 4,00
20,000
84
84
89
83%
9154
82%
June
May
May
July
June
13
13
13
14
82
89
97%
92
7755
92
87%
83%
Saarbrucken 78
1935 99%
Santa Fe (City) Argentine
Republic ext 7s
1945 9354
Santiago (Chile) 75.....1949
Switzerland Govt 648 1929 100
8855
82
9953 99%
4,000
3,000
4,000
4,000
5,00
12.00
4,00
93
93% 7,000
1,000
9815 98%
99% 100
11,000
85
May 87% Feb
79
8255 May 873.4 Star
,
96 34 June 101% Jan
81
Jan
94
97% Feb
9334 Jan
Feb
97
9054 Jan
0134 July
89% Fib
19
19
Apr
Apr
Mar 101
Feb
12% Jan
12% Feb
99
Jan
Jan
91% Jun
96
Apr 100
96
99% Ma 100%
Jan
Jan
Jan
99% May 100% May
92
97
984
99
83
79%
Jun
9856 July
May 99
Jan
Mar 102a: Jan
Ma
May
100
Mar 89% Jan
Ma
94
Jan
92
July
96
Jan
92
Jan
824 May
91% Apr 97
Fels
98
Ma 10254 Jan
80
9235
7034
9055
94
88
Jul
Jan
Jul
Ma
May
Jul
96%
95%
8534
94%
98%
93
Mar
Apr
Jan
Apr
Jan
Jan
• No par value. I Correction. m Listed on the Stock Exchange this week, where
additional transactions will be found. n Sold under the rule. o Sold for cash.
I Option sales. i Ex-rights and bonus. ta When issued. s Ex-dividend
v Ex
rights. x Ex-stock dividend
"Under Ike rule" sales were made as follows:
a Amer. Meter Co., Jan. 15 at 128: c Danish Con. Music. 5%s, 1955, Jan. 15
at 105: 1) Educational Pictures pref.. Feb. 6 at 100. a United Milk Products, Mar.
21, pref. at 81. v Allied Pack. 65, 1930, April 2 at 59. v Mayflower Associates.
May 29, 200 at 65. z Investors Equity 5s, 1947. 57.000 at 98.
"Cash" sales were made as follows:
d Arkansas Power & Light lot & ref. 53, Jan. 22 at 99.
-Option- sale, were made as follows: a Schutter-Johnson Candy. class A. Mar.
100 at C.
120
FINANCIAL CHRONICLE
[VoL. 129.
Quotations of Sundry Securities
All bond prices aro -and Intormt" except where marked •f"
Bid
Ask
Railroad Equipments
5.20 5.00
Ask Hocking valley 58
5.50 5.20
s20712
Equipment65
10312 Illinois Central 434.& 6o5.15 5.00
5.50 5.20
280
Equipment°,
112
Equipment 75 & 6441-- 5.30 5.10
_
Kanawha & Michigan Os-- 5.50 5.20
92
Kansas City Southern 534e- 5.25 5.00
92
95 Louisville & Nashville
5.50 5.20
5.25 5.10
105 10712
Equipment6%a
5.75 5.10
Michigan Central Si & 81
MinnStP&SEIM AM/a& 5.75 5.25
298 102
992 101
4
Equipment 8341 & 7 -- 5.75 5.25
,
*3612 38
Missouri Pacific 65 & 6341.. 5.60 5.20
5.25 5.00
*133 1412 Mobile & Ohio 58
4
New York Central 414s & Sr 5.25 5.00
65
*63
93
EquipmentS.
5.75 5.50
•
90
5.50 5.30
Equipment 70
100 102
Norfolk & Western 644,_. 5.15 5.00
98 100
5.40 5.10
96
Northern Pacific, 7s
94
5.40 5.15
*108 107 Pacific Fruit Express 7e--98 Pennsylvania RR eq 55 5.15 4.95
*97
206 20712 Pittab & Lake Erie 6445-5.25 5.60
5.15 4.95
10712 110 ReadlngCo434sASs
5 St Louis & San Francisco 55. 5.20 5.00
2
13 Seaboard Air Line 5445 & 65 6.00 5.50
8
5.15 5.00
10512 10712 Southern Pacific Co 4341-5712 9912 Equipment7a
5.40 5.10
*25 27 Southern Ry 434e & Ss-- 5.20 5.00
5.50 5.20
Equipment Se
*98 100
88 Toledo & Ohio Central IN_
5.50 5.20
*813
Union Pacific 71
5.30 5.10
9914
65
•55
Aeronautical Securities
107 109
2
3
5
103 10412 Aeromarine-Klemm
20
99 Aeronautical Industries-22
97
17
19
93 Air Investors corn
90
35
38
Preferred
102 105
8
10
Warrants
109 110
GO
62
1013 103 Airstocks Inc
4
13
14
Alexander Indus corn
*80
90
Short Term Securities
8% Participating pref
20
24
Amer Aeronautical
Allis Chal Mfg, Os May '37.
American Airports Corp- --t 30
40
9812 99
Alum Co of Amer.55 May'52 10012 101
Amer Eagle Aircraft
13
5
19
20
Amer Rad.deb 434s. May'47
4
943 9512 Aviation Sec Co of N E
963 9614 Bach Aircraft
4
112 2
Am Roll M111 deb 513. Jan '48
18
20
BellancaAircraft Corp, new
Ana'da Cop Min let cons 65
25
4
Feb. 1953 1043 1043 Berliner-Joyce Aircraft A- 23
8
12
14
91
9178 Central Airport
Botavlan Pete OM_ _ _1942
25
9918 9912 Cessna Aircraft new(tom__
27
Bell Tel of Can Os A _Mar'55
3612 3712
Claude Neon Lights
Bethlehem Steel.
99
9912 Consolidated Aircraft
35
37
8.06% notes_June 15 '30
9814 99 Consolidated Instrument. t 24
25
Bee 5% notes_June 15 '31
Bee 5% notes_June 15 '32
9812 9912 Crescent Aircraft
5
7
22
23
Curtis Flying Service
Omni Invest Tr
97
99 Curtiss-Robertson Airplane
6% notes
May 1930
125 135
98
963
4
Units
Cud Pkg. deb 544s_Oct 1937
17
20
982 9912 Curtiss Assets
4
Canard SS Line 444a Dee'29
32
34
Ed El 111 Bost
Curtiss Reid prof
494% notes. __.Nov 1930
1514
9812 99 Dayton Airpl Englne () 15
5
1834 19
Empire Gas & Fuel 5e
Fairchild
47
9714 9812 Fokker Aircraft
48
June 1930
22
risk Rub 544a___Jan 1931
24
9312
92
Preferred
28
(Joni Mot Accept.
32
Haskellte Mfg
16
18
5% serial notes_Mar '30
9914 993 Lockheed-Vega
4
5% serial notes. Mar '31
9714 98
14
Maddux Air lines com
. 12
23
26
5% serliel notes_Mar '32
9612 9712 Mahoney-Ryan Aircraft__
8 _ 13
__
95
9614 Mohawk Aircraft
5% serial notes_Miir '33
8
6% eerie! notes_Mar '34
9412 96
Mono Aircraft
30
35
9412 96
fi% serial notes_Mar '35
Preferred
25
27
9312 9512 Moth Aircraft Corp units _.
5% serial notes__Mar '36
10
12
Gulf 011 Corp of Pa deb 5.
Common
Dec 1937
99 100
National Air Transport__
4 -1- 42
-1 2
Deb 56
993 10014
4
Feb 1947
New
66
67
Koppers Gas & Coke deb 5s
National Aviation
16
17
95
953 North Amer Aviation
June 1947
4
94 100 Pollak Mfg
6
7
Use Pet it 44e_Feb 15'30-35
49
51
Mar 011 5s. notes June 1530
963 973 Sky Specialties
4
4
Serial 5% notes June 1531
9414 9514 Stearman Aircraft com __ • 130 140
9314 9414
27
30
Serial 5% notes June 15'32
New stock
18
20
Mass Gas Cos,544s Jan 1948 102 10212 Stinson Aircraft corn
7
9
Pacific Mille 540-„Feb 31
97
98 Swallow Airplane
'
483 4912
4
Peoples Gas L & coke 434s
Travel Air Mfg New
13
Dec 1929 & 1930
98 100
U Air Transport
frost & Gamb,434s July '47
130 - 131
95
98 United Aircraft
Moss She( 811 & Ir Os Aug'29
9212 9312
99 4 100
8
Preferred
Swift & Co 5% notes
14
15
Universal Aviation
9912 997 Warner Aircraft Engine new 35
37
8
Oct 15 1932
On NJ RR & Can 4s Sept'29
6812 69
9914 100
Western Air Express. new
Wise Cent 55
Jan '30
9812 983
4
Water Bones,
9412
Tobacco Stocks Par
Miran Wat Ist 5s'58 A.A&O 93
American Cigar mom_ _1(10 135 140 Birm WW lat 5%sA'54.A&O 100 101
99
Preferred
100 112 125
lat M 58 1954 set B__J&D 98
British-Amer Tobao ord./1 *30
99
32 City W(Chat053513'54AJ&I) 98
Bearer
95
81 *30
32
J&D 90
1st M 5a 1956
Imperial Tob of 0 B & herd *22
25 City of New Castle Water
lot Cigar Machinery new100 110 120
J&I) 1 93
Se Den 2 1941
Johnson Tin Foil & Met_ 100
55
65 Clinton WW 1st 511'39.F&A 92
Stand Comml class B
19
1914 Com'w'th Wat 1st 544aA'47 98 100
Mien Cigar
5
6 Connellay W 5sOct2'39A&01 93
92
Union Tobacco Orr corn
*6
7 E St LA lot Wat 58'42.J&J 90
•
Class A
J&J 97 100
let 5i Os 1942
55
Young (J 13) Co corn -100 105 115
Huntington les 138 '54_MaeS 100 102
Preferred
1954 92 ____
100 104
58
_
Mid States WW da'38 MAN
93
Indus. a hillseell
Monm Con W let5e'56AJ&D 91 - 97
American Hardware
25 *6512 6712 Monm Val WI 5340'50.J&J 95
Babcock & Wilcox
100 127 133 Muncie WW fer 0012'39 A01 94
Bliss(E W)Co
*46
3 4 StJoseph Water 5s 1941A&O 94
63
Preferred_
90
93
50 *59
62 Shaming° ValWat 58'511A&O
Childs Company pret_100 105 107 So Pitts Wat 1st 6s 1960 J&J
94 -_
9412
Hercules Powder
• *118 122
FAA
let M 5s 1955
Preferred
100 115 120 Ter H W W 55 '69 A J&D 100 103
Phelps Dodge Corp
63 65
1st M lis 1956 iter B__F&D 92
Singer Manufacturing__100 540 545
Wichita Wat lit Os'49.M&S 100 103
Binger Mfg Ltd
El
*57
8 6
92
1st M 5e 1956 ger B__F&A
Public Utilities
Par
American Gas et Electrie-1
8% preferred
Amer Light & Tree com-100
Preferred
100
Amer Public UM corn_ 100
7% prior preferred_ _ _-100
Partio preferred
100
Appalachian El Pr pf___100
Associated Gas & Eieo
$5 preferred
lori'vrith Pr Corp pref.
_100
East. Dill. Awe. Qom....
Cony. stock_
raiment! Pub Serv corn
Gen'l Public Utll $7 prig_ t
Ml 1sstppl Riv Pow mei
.100
ylr"t 'etas 55
-1/e3
Deb 5s 1947 1961_MAN
National Pow & Light Pref-1
$d preferred
North Stated Pow com_100
7% Preferred
100
Nor Tern. Else Co com_100
Preferred
100
Ohio Pub Seer.7% mid _100
8% pref
Patella Gas & El lat pref._25
Puget Sound Pow& Lt$8 Pt
$5 preferred
1st & ref 636. 1969__J&D
South Cal Edison 8% lid--25
Stand G &E 7% pr pf--100
Tenn Elea Power lot prat 7%
8% preferred
100
Toledo Edison 5% pref
8% preferred
100
7% prof
Western Pow Corp pref-100
Railroad Equipments
Atlantic coast Line 60
Equipment644s
Baltimore & Ohio 68
Equipment 644s &
Buff Koch & Pitts equip 85
Canadian Pacific CM & 81
Central RR of NJ 6s
Chesapeake & Ohio Os
Equipment044s
Equipment as
Chicago & North West Go__
Equipment6348
Chic RI & Pao 4341 & 51_
Equipment tis
Colorado & Southern ds„
Delaware & Hudson 6l_..
Erie434.A fia
Equipment es
Great Northern Si
Equipment U._
6(4
*3205
*102
276
105
5.60
5.40
5.60
5.20
5.50
5.30
5.50
5.50
5.35
5.20
5.50
5.40
5.15
5.50
5.60
5.50
5.40
5.60
5.50
5.35
5.30
5.10
5.30
5.00
5.20
5.10
5.20
5.20
5.10
5.00
5.20
5.10
5%
5.20
5.20
5.20
5.10
5.20
5.20
5.10
Investment Trust Stocks
and Bends
Per
Cent Nat Corp A
Bid
61
33
307
8
96
72
1014
36
Ask
65
37
313
8
101
78
11
38
Coloniall3
C
Investor Shares
Continental Securities Corp_
Preferred
Corporate Trust Shares_ _ __
Credit Alliance A
Crum Jr Forster trimaran105 109
shares corn
101 10212
Preferred
Deposited Bank Shares__
283 - - -3
2 ;
9
Diversified Trustee she
2512 2614
Shares B
25
Eastern Bankers Corp corn.
145 151
Equit Investors units
3312
20
18
Class B
Federated Capital Corp-___ 6912 73
57
6012
New units
11
13
First Holding & Tmd
42
46
First Investment, A met_
243
4
FLxed Trust Shares class A. 24
213 223s
5
Class B
87
90
Founders Holding
87
90
Corn class A
912 1112
Foundation Sec corn
28
General Trustee common.. 23
70
75
New units
90
95
6% bonds
18
20
German Cred & Inv25%pd _
2614 2812
Greenway Corp corn
6312 6512
Preferred (w w)
32
Guardian Investment
32
Preferred
15
Guardian Investors
00 100
6%
42
50
S3 units
Harvard Financial
5814
Incorporated Equities
74;
72 - - -1
Incorporated Investor,
2614 27 4
,
Insuranshares ser A
21 4 2314
,
Series It 1928
263 2814
4
Series C
303 3214
4
Sertes F
2434 261
218 225
IntIrieg n
rG
Germanic Tr new
62
lot See Corp of Am corn A. 59
34
31
Coam m B
A lim con
146 153
93
98
erT3preferredfm
6%%
pre
8914 9314
43
49
Invest Co of Am coin
95 100
7% preferred
Invest Fund of N J
73
4 8
8
133 143
8
investment Trust et N It _.
48
Invest Trust Associates__ -- 43
66
Joint Investors class A
72
Standard 011 Steaks
Convertible preferred.... 128
23
Anglo-Amer 011,01stock_ /1 *143 1518 Keystone Inv Corp class A. 18
4
14
4
6
Class B
Non-voting stook
SI *13
547 573
8
4
Atlantic Role corn new..25 *753g 7512 Massachusetts Investors__
38
152 15512
Mohawk Invest Corp
Borne &maser Co
1412 153
25 68
3
Buckeye Pipe Line Co_ ___50 :7 6912 Mutual Inveetment Trust..
4
New England Invest Trust
Cheeebrough Mfg Cona_25 *182 168
10 *2034 2114 N Y & London Mgnt units..
Continental 011•1 e
70
North Am VW Sec
Cumberland Pipe Line_ _100 69
18
20
62
Eureka Pipe Line Co__ _100 58
Preferred
9514 9714
6
Galena Signal 011 cool_ _100
5
North Amer Tr Shares
1012 11
85
Preferred old
100 81
011 Shares units
Preferred new
the 81 90 Old Colony Invest Tr com_. 20 23
82
Humble Oil& Refining __25• *121 12134
434% bonds
Illinois Pipe Line
100 307 309
Pacific Inventing Corp corn. 32
2838
80
85
Preferred
Imperial 011
t *28
Power & Lt Secs trust
82
Indiana Pipe Line (7o..
..5O •103 104
2714 2912
27
New stock
26
Second Financial Invest_ _ _ _
International Petroleum___t *2614 2612 2nd Found Sh Corp units ... 105 109
52
National Transit Co_12.50 *223 2314 Second Internet See CM.. 50
4
22
25
New York Transit Co___100 1314 15
58
45
Northern Pipe Line Co_ _100 56
46
Oblo 011
25 *7114 72
Second Natrrnestora
d Nat I
9refe
96
9712
2712 Snawmut Bk Inv Trust1 4_
Penn Men Fuel Co
25 *27
38
.. ..2 36
.
„
Prairie 011 & Gas
56
85
88
434e
Prairie Pipe Line
25 :51 60
5 591
5
89
92
5s 1952
Solar Refining
25 *38
39
240 as
Southern Pipe Line Co.
-50 *2118 2134 Southern Bond & Share 1952
South Penn 011
:214653
33
53
28
Corn & allotment ctfa _
S'weet Pa Pipe Lines
50
68
47
2
505
$3 pref allotment Ws_
35
Standard 011 (California __t *7312 733 Stannard Investing Corp... 33
4
Standard 011 (Indiana)...25 *56 4 57
97 100
544% preferred w w
,
2112
123
Standard 011 (Kansas)___25 *21
5% bonds w w
39
Standard 011 (Kentuoky).10 *38
State Bankers Financial_ _
25 *47
48
12 8 1338
-5Standard 011 (Neti)
Trustee Stand Oil She
8
57
Standard 01101 New Jer_ _25 .5718 573 United Founders Corp corn. 55
s0 S Shares class A
Standard 011 of New York.25 *3
1432
914 395
1378 158
2$ *120 122
Standard 011 (Ohio)
4
0 1
3478
Preferred.
101 *0 1173
2 11 7
Class C 1
CiaeeA
1312
Swan & Finch
Class C 2
363
8
Union Tan Car Co
Tank
2 :47 1493
5 116
5
4
Claea C 3
28
11612
Clan D
Vacuum 011
1814
CY S & Brit Internet el B
16
investment Trust Stocks
Class A
3112 3512
and Bonds
Preferred
4114 4414
60
Airstocks Inc
62
U S Elec L& Powr
46
48
U El & Foreign Sec com___
Allied Internal Investore_1 104 109
---16
14
Amer Brit & Cont corn
Preferred
6% preferred
Sugar ssssss
Amer Cit Pow & L units.... ..6. __ _8_6
4
2
Caracas Sugar
DJ "
Class B
Fajardo Sugar
92
100 88
9 -ii
Amer Common Stks Corp__
Godchaux Sugar,. Inc
27
1 *20
Am & For Sh Corp units.... 83 86
Preferred
i13
00 ! 85
t
. . ,ir.),
39
40
Common
Hayden Corp Amer
12
min.
98
1938 97
39
Holly Sugar Corp
*10634 10914
Amer % uon ereaCorp corn
H Foc ndy d hs
83
85
Preferred
14812
05
Cony preferred
100 41
42
National Sugar Ref
141112 New Niquero Sugar
6% preferred
26
*119
50
7% preferred
53
Savannah Sugar coat
t 15 120
75e 80c
140ths
Preferred
108 112
74
Amer & Genl See. units---- 71
Sugar Estates Oriente pf _100 18
22
Chain Store Stocks
199
30
34
Class A
•100 106
vertioates sugar pi
100 40
50
Berland Stores units new
11
13
59
Class 13
56
Rubber Stocks (Cleveland
Bickford's Inc units
Amer Internet Bond & 3311„
75
80
1612
Boback (EI C) Inc corn__ t
- - - - Aetna Rubber common____t *14
file 1812 Falls Rubber eons
518
Amer Ry Tr Shares
7% let preferred
100 98 105
1 *4
15
Amer & Scottish Invest _ _
9
Preferred
25 *10
Butler(James) corn
45
26
32
529
0
Astor Financial clam A
45
Faultless Rubber
100
Preferred
t *30
10
275
Claes B
14
40
44
Diamond Shoe. corn
Fireetone Tire* Rub eo10.10
3534 _
110
Atlantic & Par corn
8% preferred
100
100 104
Preferred
4412 4812
- .1:2
2
,
Preferred
90 01
2
4
7% preferred
100 167 109
Edison Bros Stores corn__
75
78
A tl & Pac Intl Corp units..
General Tire & Rub oom_115 260 275
Preferred
31 _ _ - _
9112
Bankers Financial Trust _ _ _
23
32
100
Epicure Food Stores
Preferred
343 37
4
Bankers Investm't Am corn
•30
33
e'en Farmer Candy 511 pref
CoOdy'r TAR of Can pf.)0b r356 160
53
Bankers Sec Trot Am com
Fen Bak shops.com
*812 8
India Tire & Rubber
Bankinstocks Holding Corp. 1914 2214 Mason Tire & Rubber c002-1
_Peel 7% with warr._ _.100 90 100
/00
Bankshares Corp of U S cl A
712 912
Feltman & Curare Shoe
Preferred
1712 __ _ _ Miller Rubber preferred_100 62
64 Bankstocks Corp of Md cl A
65
Stores A 7% pref.-._l00 50
51
48
5
51
10
100 50
Fishman(H M)Stores coin. 18
Mohawk Rubber
100 7814 85
100
05
Praferred
U less B
Preferred
Preferred
39
2354 13elber11ng 6 ._ D Rubber_ -n *38
101 8
_. .. _ _ n t
(it All & Par Tea Tot com_t *375 385
Basle Industry Shares
pre2 neT1re
6
104
2291748
Preferred _
_
100 115 118
British Type Investors._
•Pershare. t No Par value. b Basis. d Purchaser also pays accrued dividend
Chain Store Stocks Par. Bid
Ask
Howorth-Snyder Co, A.... 12
15
Knox Hat,new w 1
*1130 140
Kobaeker Stores corn
*55
61
100 98 102
Cum pref 7%
Lane Bryant 201 7% pref _- 115 121
Leonard Fitzpatrick &
*22
28
Muller Stores corn
100 115 117
Preferred 8%
Lerner Stores 634% pref.
Without warrants
101 105
Lord dr Taylor
100 3.50 370
First preferred 8% _ _100 98 104
Second pref.8%
100 109 113
MacMarr Stores pref
16
, 95
111
2
McLellan Store/38% pref 100
Melville Shoe Corp
1st pref 6% with warr.100 100 104
Mercantile Stores
100 103 ____
Preferred
Metropolitan Chain Stores
New preferred_
100 113 117
Miller (I) & Sons corn.-- -t *48
49
Preferred 634% ...
100 93 100
Mock Judson & Voekinger pf 101 105
98
Murphy(GO)Co corn_ _t *93
8% cum prof
100 104 109
3
Nat Family Stores Inc wanr
14
Nat Shirt Shops, corn
t *11
Preferred 8%
83
100 75
National Ted pref
101 105
*19
Nedick's Inc com
22
*150 155
Neisner Brea Inn corn
Preferred 7%
100 199 203
*75
78
Newberry (J J) Co nom
100 101 105
Preferred 7%
NY Merchandise corn. -1 *3512 37
First pref7%
100 100 104
Penney (JO) CO
100 113 119
Peoples Drug Stores corn...5
63.4% cum pre'
100 112 115
*38
45
"ugly-Wiggly Cory
Preferred 8%
100 103
Reeves(Daniel) preferred _- 92
97
Rogers Peet Co core. -100 135 145
95 96
Safeway Stores pref
25
Saunders(Clarence),cam B_
*5212 53
34
Schiff Co corn
Cum cony prof 7% _ - -100 1105 110
22
2212
Shaffer Store corn w I
75
Silver (Isaac) & Broil corn.t *72
7% cum cony pref. _100 109 112
72
Southern Stores6 unite
Stone Dept Stores
4
U S Stores corn class A....t *2
3
Cnrnre
l o o cl
51
ferred 7%
assB
100 47
Young(EdwinH)Druguntts _ 100 102
3612
20"
k Last sale. n Nominal. 2E2
-dividend. y Ex-rights. r Canadian quotation. a Sale print"
butestutent an Saitroati intelligetut.
Latest Gross Earnings by Weeks.
-In the table which
follows we sum up separately the earnings for the fourth
week of June. The table covers one road and shows 3.30%
increase over the same week last year:
Fourth Week of June.
1929.
1928.
Increase.
Canadian Pacific
$5,389,000 $5,216,000
Total (one road)
Net increase (3.30%)
$5,389,000 $5,216,000
Decrease.
$173,000
$173,000
17.4 flan
In the following table we show the weekly earnings for
a number of weeks past:
Current
Year.
Previous
Year.
Increase or
Decrease.
Per
Cent.
i
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
5,389,000
$
13,385,303
13,715,106
13,818.627
20,378,281
13.394,590
12.849.259
12.745,841
16,956,008
13,198,800
13,800,007
14.015,235
20,132,939
16,187,145
13.805,018
13,974,488
5.216.000
$
+453.213
+372,052
+667,023
-798,083
+863,416
+855,121
+1,178.259
+3.144,625
+885,177
+225,684
-28,063
-206,474
+175,321
+374,728
+440,466
4-1730
3.38
2.70
4.82
3.93
6.45
8.85
9.33
18.51
6.71
1.64
0.20
1.03
1.07
2.70
10.30
3.30
Week.
let week
2d ,week
3d week
4th week
let week
26 week
3d week
4th week
let week
2d week
3d week
4th week
1st week
26 week
3d week
4th week
Mar.(11 roads)
Mar.(11 roads)
Mar.(11 roads)
Mar. 9 roads)
(
Apr.( 9 roads)
Apr.( 8 roads)
Apr.( 7 roads)
Apr.( 8 roads)
May ( 8 roads)
May( 8 roads)
May ( 8 roads)
May ( 8 roads)
June ( 8 roads)
June ( 8 roads)
June ( 8 roads)
June ( 1 road )
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.
Gross Earnings.
Month.
1928.
January
February
March
April
May
June
July
August
September
October
November
December
January
February
March
April
Month.
(+) Or
Dec.(-).
1927.
456,520.897
455,681,258
504,233,099
473,428,231
509,746,395
501.576,771
512,145,231
556.908.120
554,440.941
616,710,737
530,909,223
484,848,952
1929.
486,201,495
474,780,516
516,134,027
513 076.026
Length of Road.
486,722,646 -30,161,749
468,532.117 12,850,859
530,643,758 -26,410,659
497,865,380 24,437,149
518,569,718
-8,823,323
516,448,211 -14,871,440
508.811,786
+3.333,445
556,743,013
+165.107
564.421,830
-9,980,689
579,954,887 +36.755,850
503,940,776 +29,968,447
458,660,736 +26.188.216
1928.
457.347,810 +28,853,685
456.487,931 +18,292,585
505,249,550 + 10.884,477
474,784,902 +38.291,124
Net Earnings.
1928.
January
February
March
April
May
June
July
August
September
October
November
December
January
February
March
April
1927.
93.990.640
108,120,729
131,840,275
110,907,453
128,780,393
127,284,367
137.412,487
173,922.684
180,359.111
216,522,015
157,140.516
133,743,748
1929.
117.730,186
126,368.848
139,639,086
136,821.660
99,549.436
107,579,051
135,874,542
113,818.315
126,940.076
129,111,754
125,700,631
164,087,125
178,647,780
181,084,281
127,243,825
87.551,700
1928.
94,151,973
108,987,455
132,122.686
110,884.575
1928.
1927.
Miles.
239.476
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
238.608
238,731
238,729
238,904
239.079
239,066
238,906
239,205
239,205
239,602
239,982
230,094
1928.
240,417
242,668
240,427
240,816
Inc.(+) or Dec.(-).
Amount.
Per Cent.
-5,558.796
+541.678
4,034,267
-2,910,862
+840,317
1,827,387
+11,711,856
+9,835,559
+ 1,171,331
+35.437,734
+29.896.691
+46.192,048
-5.58
+0.50
-2.96
2.56
+0.66
-1.41
+9.32
+5.99
+0.96
+19.56
+23.49
+52.74
+23,578,213
+17,381,393
+7,516,400
+25.937,085
+25.04
+15.95
+5.68
+23.39
Net Earnings Monthly to Latest Dates.
-The table
following shows the gross, net earnings and net after taxes
for STEAM railroads reported this week to the Inter-State
Commerce Commission:
-Grossfrom Railway- -Net from Railway- -Net after Taxes
-1929.
1928.
1929.
1929.
1928.
1928.
$
Atch Topeka de Santa Fe
May
17.224,575 15,823,564 4,816,362 2,583,609 3,515,750 1,488.251
From Jan 1.82,792,784 75,926,805 24,295.806 16,772,633 17,363,056 10,832,907
Gulf Col de Santa Fe
May
1,930,746 2,118,518
54,824
321,343 -38,229
229,351
From Jan 1_10,616,681 10,458,769 1,699,581 1,563,285 1,246,547 1,098,185
Panhandle de Santa Fe
May
1,019,926
970,441
156,913
240,331
119,319
204,012
From Jan 1_ 5,105,999 4,875,562 1,253,614
728,854 1,052,407
549.046
Atlanta Birm & Coast
May
376,239
377,066 -18,232
-1,804 -35,175 -17,073
From Jan L 1,901,757 1,963.291 -24,033
18,641 -108,404 --57,815
Atlanta & West Point
May
239,730
238,753
36,915
42,890
19,966
30,487
From Jan L. 1,211,006 1,273,829
223,425
309,932
151,907
229,583
Baltimore & Ohio
13 & 0 Chic Terminal
422,705
378,156
119,318
May
100,068
51,233
35,541
From Jan 1_ 1,794,569 1,753,277
293,810
357,498
-8,123
66.573
Bangor & Aroostook
582,753
649,125
175,935
253,077
128,945
195,975
May
From Jan 1_ 3,882,754 3,625,277 1,504,707 1.483,989 1,206,342 1,170,683
Garfield-Bingham &
50,191
45,915
14,443
23,826
9,258
-4,947
May
28,146 , 19,074
194.969
100,223
--8,903
From Jan 1_ 238,133
Buffalo & Susquehanna
135,191
9,411
14,949
7,311
146,287
12,949
May
658,192
105,943
97,350
33,196
23.196
From Jan L 768,707
Canadian National Rye
Chi Det & Can G T Jet
344,793
253,322
242,060
207,736
218,086
394,487
May
861,043
912,804 1,000,934
From Jan 1_ 1,779,659 1,579.867 1,056,597
Pet G II & Milwaukee
268.987
819,904
400.220
277,872
385,270
872,370
May
From Jan 1_ 3,932.324 3,752,606 1,671,487 1.418,023 1,608.423 1,373,665
Canadian Pac Lines in Me
138,596 -70,540 -78,691 -85,040 -92,691
159,852
May
145,896
239.464
166,964
215.896
From Jan 1_ 1,598,717 1,323,327
121
--Grossfrom Railway- -Net from Railway- -Net after Taxes
1928.
1928.
1929.
1929.
1929.
1928.
$
Canadian Pac. Lines in VtMay
166,314
166,390 -16.887 -189,621 -20,907 -194,471
828,518
-7,555 -223,924 -27,655 -248,174
From Jan 1_ 846,301
Central of Georgia
409.416
311,408
293,740
May
2,070,417 2,028,394
428,253
From Jan L10,565,040 10,648,582 2,515,862 2,484,680 1,874,069 1,836,926
Charles & W Carolina
34,061
51,697
73,310
May
274,179
280,904
60,577
194,394
256,471
302,179
373,996
From Jan 1_ 1,443,435 1,429,802
Chic Burl & Quincy
May
12,539,903 12,146,362 2.605,101 2,032,020 1,763,106 1,388,639
From Jan 1_63,751,206 63,057,426 20,886,103 18,103,959 15,425,351 13,606,668
Chicago Great Western
287,364
287.948
366,385
366,516
May
2,085,372 2,021,723
From Jan 1_ 9,961,622 9,618,084 1,234,585 1,783,187 1,327,783 1,373.318
Chic & Ill Midland
26,245
17,406
32,680
205,871
25,341
May
224,261
221,828
196.855
232,030
216,503
From Jan 1_ 1,226,216 1,047,616
Chic Ind & Louisville
351,360
401,562
430,355
490,497
May
1,616,352 1,552,988
From Jan 1_ 7,434,827 7,534,665 1,968,181 1,988,155 1,549,826 1,596.833
Chicago de North Western
13,122,767 12,941,423 3,256,656 2,896,970 2,478,930 2,620,634
May
From Jan 1_58,490,037 57,399,129 46,777,364 46,782,812 7,829,880 6,731,910
Chicago River & Indiana
176,462
223.556
193,329
263,772
594,465
547,946
May
871,037
From Jan 1_ 2.898,084 2,837,692 1,249,713 1,077,913 1.046,490
Chic R I de PacMay
10,871,238 10,293,570 2,154,584 2,144,115 1,477,253 1,506,544
From Jan L54,882,657 51,623,353 11,938,014 12.010,406 8,457,002 8,828,388
Chic R I & Gulf
76,033
153,606
104,176
180,684
494,839
572,464
May
705,487
841.426 1,042,072
From Jan 1_ 2,985,535 2,601,604 1,168,288
Chic St Paul Minn &0
113,875
261,437
227.345
363,595
2,079,951 2,057,361
May
From Jan 1_10,217.028 10,437,503 1,546,076 1,590,245 1,009,233 1,033,038
Clinchfield566,265
561,086
May
From Jan 1.. 2,982,354 2,899,453
Colo & Southern
909,199
956,596
May
From Jan 1.. 4,750.295 4,658,166
Ft Worth & Denver City
824.198
829,752
May
From Jan 1_ 4,497,978 4,349,123
Trinity & Brazos Val
161,087
121,863
May
922.901
From Jan 1_ 807,703
Wichita Valley
125,906
91,668
May
747,849
From Jan 1_ 582,277
Columbus & Greens
131,649
140,951
May
699,534
From Jan 1_ 737,102
Denver & Rio Gr West
2,561.310 2,406,487
May
From Jan E12,730,612 12,184,809
Denver & Salt Lake
308,496
229,145
May
From Jan 1_ 1,465,426 1,573.956
Pet Toledo & Ironton
895,002
1,255,131
May
From Jan 1_ 6,371,755 3,912,215
Pet & Tol Shore Line
391,728
426,473
May
From Jan 1_ 2,377,643 2,086,145
Dul Missabe & North
3,133.806 1,980,905
May
From Jan 1_ 4,335,710 2,360,417
Dul So Shore & Atl422,354
439.109
May
From Jan 1_ 2,054,992 2,025,709
Dul Winnipeg & Pac186,794
217,483
May
From Jan 1_ 1,037,722 1,083,414
•
Elgin Joliet de East2,450,628 2,219,541
May
From Jan L11,195,340 10.735,883
Evans Ind & Terre Haute
135,902
145,152
May
808,588
From Jan 1_ 870.496
Ft Smith & Western
106,124
97,274
May
577,302
From Jan 1- 592,995
GalvestonWharf171,899
136,907
May
705,033
From Jan 1. 858,996
Georgia RR
407,273
443,622
May
From Jan 1- 2,213,179 2,130,874
Georgia & Fla
108,160
May
124,993
643,593
From Jan 1_ 646,996
Grand Trunk Western
May
1,930,797 1,929,662
From Jan 1_ 9,549,116 8,815,930
Great Northern
May
11,009,885 9,250,541
From Jan L45,159,975 39,802,824
Green Bay dr Western
161,511
May
194,862
707,049
From Jan L 784,637
Gulf Mobile & Nor
605,751
May
611,583
From Jan 1_ 3,031,101 3,057,600
Gulf & Ship Island
253.669
May
243,871
From Jan 1_ 1,390,063 1,513,603
Hocking Valley
May
1,757,229 1,916,833
From Jan 1_ 8,077.947 7,186,990
Ill Cent System
14.623,413 14,380,065
May
From Jan L74.749,790 73,774,119
III Central Co
12,524.512 12,214,034
May
From Jan L64,101,384 63,071,020
Yazoo de Miss Val
2,082,742 2,151,057
May
From Jan 1_10.568,033 10,628,985
Illinois Terminal Co
530,893
638.092
May
From Jan L 3,021,332 2,798,231
International Great North
1,484,179 1,543,742
May
From Jan 1_ 7,608,979 7,366,682
Kan City Mex & Orient
180,385
260,132
May
From Jan 1_ 807,082 1,290,767
193,301
181,258
1,128,456 1,105,213
106,241
753,347
118,262
729,911
120,811
1,041,576
140,506
772,964
52,410
687.191
74,189
441,256
138,426
1,337,458
250,284
1,321,801
def53,550
def27,276
660
71,105
-61,309
-66.330
--6,966
33,132
21,061
230,760
36,921
362,369
14,221
192,969
30,011
316.014
25,231
121,069
5,217
81,787
20,654
104,768
5,276
76,992
400,312
599,690
3,395,875 2,605,258
222.783
107,789
1,087,062 1.111,846
215,058
432,463
2,528.383 1,679.664
-9,470
497.062
94,050
489,928
535,341.
325.344
596,595
3,194,684 1,139,476 2,815.193
269,603
888,077
124,371
1,067,019
151,321
976,409
530
547,081
104,051
527,958
182,891
159,849
1,256,783 1,129,327
992,397
2,308,072 1,242,054 2,039,396
1,714,644 --21,636 1,009,060 -579,675
76,706
385,757
36,246
330,269
45,706
226,755
6,246
180,187
6,131
189,045
19,599
245,610
-5,415
136,145
9.625
190.403
619,484
841,514
747.823
972,663
4,091,573 3,589,561 3,461,650 3,006.770
37,868
311,619
12,083
230,588
32,909
286,068
9,240
205,443
3,570
79.687
3,497
50,598
-1,155
56,037
1,297
32,271
32,201
327,668
78,293
235,980
15,201
242,668
61,293
150.980
77,582
386,432
39,257
298,702
62.068
328,381
30,916
252.405
2,913
45.983
9,582
104.270
--6,814
--2,589
575
61,241
258,127
477,237
351,852
2,690,051 2,241,005 2,227.599
385,368
1,815.166
3,486,395 2,040,402 2,737,567 1,320,098
11,503,422 8,628,141 8,011,498 5,208,905
59,424
161,230
51,946
198,450
50,424
121,182
43,883
158,286
167.376
844,310
147,349
796,769
126.724
638,899
118,422
640,776
19,786
240,003
30,908
335,391
--11,904
80,692
2,802
201.544
685,401
2,902,071
707,894
561,354
821.585
2,135,705 2,256,573 1,522,002
2,820,170 2,658,302 1,857,408 1,823,636
17,329,778 16,536,991 12,069,989 11,447,025
2,518,470 2,253,398 1,726,829 1,585,013
15,431,502 14,713,245 11,028,612 10,455,412
302,421
132,216
410,545
1,891,340 1,852,398 1,039,021
245,023
1,024.060
219,695
892,881
128,953
738.949
198,393
786,408
96,054
577.845
279,182
1,446,481
313,611
1,266,669
237,210
1,233,666
272,117
1,056,926
-308 --17,951
137,619 -119,125
--4,427
117.421
24,699
-48,073
122
FINANCIAL CHRONICLE
[VOL. 129.
--Grosefrom Railway-- -Net from Railway-- -Nd after Tares
-Grossfrons Railway- -Net from Railway- -Net after Tares
1029.
1928.
1929.
1928.
1929.
1928.
1929.
1928.
1929.
1928.
1929.
1928.
$
8
$
$
K C Mex dc 0 of T
New Orleans Terminal
May
347,715
507,186
108,854
89,188
160,904
82,140
May
173.783
141,932
83,308
49,983
38,976
72,302
From Jan 1_ 1,482.091 2.521,624
360,212
469,416
376,335
433,710
From Jan 1_ 811,910
709.438
365,985
190.871
315,017
245,948
Kansas City Southern
Spokane International
May
1,631,415 1,572,808
May
92,023
552,283
434,607
480,925
368,281
87,547
25,711
20,246
24,726
19,206
From Jan 1_ 7,592,418 7,416,833 2.350,703 2,241,941 1,762,172 1,870,316
From Jan 1_ 487,376
443,772
118,677
81,906
91,356
109,509
Texarkana & Ft Smith
Spokane Portl & Seattle
May
255,826
May
239,003
117,183
760.267
124,488
100,313
734,855
112,345
230,341
263,589
179,778
145,068
From Jan 1_ 1,303,118 1,115,063
From Jan 1_ 3,523,457 3,364,804 1,207,489 1,128,181
887,959
575,198
492,135
431,387
709,352
780,849
Tennessee Central
Lake Superior & Ishpeming
May
May
271,552
277,280
73,800
434,956
54,173
59,048
66,255
235,012
272,621
58,595
230,694
80,129
From Jan I_ 1,300,819 1,385,081
From Jan 1_ 907,502
230,514
267,202
296,761
200,054
508,670
341,440 -32,544
247.635 -105,450
Term Ry Assn of St Louis
Lehigh dr Hudson River
May
1,067,355 1,086,687
346,980
327,880
228,297
May
225,769
213,907
277.653
52,104
83.798
100,628
119,465
From Jan 1_ 5,271,422 5,518,577 1,599,295 1,789,262 1,079,418 1,278.908
From Jan 1_ 1,060,319 1,188,251
343,621
235.420
304,053
420.669
Texas & Pacific
Los Ang & Salt Lake
May
3,914,503 4,463,433 1,135,817 1,636,489
930.790 1,432,446
May
2,305,840 1,935,457 11. 582,193
282,124
124,674
441,785
From Jan 1..19,122,055 20,329,389 5,672,711 6,573,899 4.857,170 5,677,228
From Jan 1_11,143,028 9,342,533 2,909,486 1.285,468 2,205,814
584,075 Texas Mexican
Louisiana Ry & Nay Co
May
124,165
27,003
135,767
21,831
41,980
36,958
La
& Nay Co of T
From Jan 1_ 589,670
555,417
170,927
117,485
145,743
92,209
May
83,626
72,421
1,044 -38,346
-4,026 -42,361 Toledo Peoria & Western
From Jan 1_ 415,097
415,811 -19,805 -40,686 -43,985 -61,357
May
168,577
39,458
179,678
33,004
33,624
34,004
From Jan 1_ 895,512
813,418
118,349
240,188
131,411
Louisville dr Nashville
278,634
May
11,069,507 11,379.551 2,109,010 2,431,207 1,515,095 1,868,577 Toledo Terminal
From Jan L54,138,296 56,302,432 10,172,049 11,373,030 7.282,039 8,483.429
May
128,254
34,291
137,509
24,514
51,791
40,754
From Jan 1- 876,983
Louis,Henderson & St L
603,397
147,259
207,192
228,548
119.695
May
258,212
252,716
25,438 -14,758 Ulster & Delaware
18.490
-1,393
From Jan 1_ 1.253,250 1,424,827
May
96,837
111,434
15,153
113,064
7,051
148,171
252,384
20,903
551
63.497
From Jan 1_ 375,562
Maine Central
378,543
3,590
-2,014 -18,310 -30,264
May
1,592,681 1,607,851
352,664
212,348 Union Pacific Co
266,290
325,627
From Jan 1- 7,895,698 8,076,448 1,718,434 1,831,944 1,294,055 1,290,721
May
9,353,552 9,391,229 2,652,658 2,685,701 1.127,021 1,984,087
From Jan 1_44,365,538 42,829,619 13,342,929 13,126,414 9,713,401 9,725,063
Minn SIP & El £4 M
May
4,363,410 3,887,718 1,355,995
Oregon Short Line
557,191
778,543 .1,099.533
From Jan 1_18,129,925 17.886,716 3,851,725 3,140,290 2,671,358 2,081.424
May
2,944,123 2.948,852
133,1195
681.955
685.093
415,796
From Jan 1_15,008,404 14,383,791 4,581,331 8,884,782 3,11111.214 2,529.704
Mississippi Central
May
137,482
Ore-Wash Ry & Nay Co
137,720
28,831
26,736
36,054
38,803
From Jan 1_ 886,247
2,304,790 2,281,432
May
674,942
86,543
141,103
254,511
348,728
148,035
154.285
196,067
198,015
From Jan 1_11,027,929 10,998,952 1,438,763 1,271,338
312,727
444,319
Mo-Kansas-TexasMay
4,303,902 4,288,352 1,030,839 1,205,602
St Joe & Grand Island
981,853
791,953
From Jan 1_21,983,331 21,090,894 6,230,636 8,171,100 4,915,529 4,937,248
May
290,863
92,743
349,008
49,342
109,70.11
85,810
From Jan 1_ 1,521,831 1,618,935
456,859
Mo & North Ark
199,134
570,383
471,583
May
150,965
132,997
14,111
16,678
15,693 Western Maryland
18,205
From Jan 1_ 754,089
1,545,016 1,509,126
May
357,594
8711,199
442,594
458,899
679,021
63,028
77,250
32,870
46,511
From Jan 1_ 7,480,000 7.723,771 2,276,527 2,323,243 1,374,527 1.898,243
Missouri Pacific
May
10,913,253 10,099,627 2,334,899 2,100,311 1,852,936 1,673,462 Western Pacific
From Jan 1_54,506,110 51,388.380 41,651,790 39,901,338 10,480,360 9,249,722
1,407,040 1,297,095
May
30,783 -85,323
130,903
6,053
From Jan 1_ 6,477,268 5,692,238
838,868
999,413 -254,118
228,511
Mobile & Ohio
May
1,462,20311,451,401
226,894 Western Ry of Alabama
222,281
309,194
303,314
From Jan 1_ 7,176.20917.184,037 1,592,423 1,559.166 1,165,039 1,144,458
240,972
284,531
May
43,721
57,110
71,934
25,038
From Jan 1. 1,261,770 1,360,173
308,802
200,315
Nash Chatt dr St Louis
126,915
410,102
May
1,950,900 1,944,287
Southern
356,202 Wichita Falls &
371,197
486,281
419,473
From Jan 1_ 9,839,976 9,407,914 2,504,194 1,767.353 2,064,716 1,402,988
88,229
86,332
May
31,088
31,911
25,590
26,938
396,267
From Jan 1- 404,181
Nevada Northern
122,589
94,711
93,227
07,483
May
87,995
88.701
132 12
, 6
35,353
73,613
46,135
-Deficit or loss.
From Jan 1_ 597,133
395,062
380,143
131,879
308,989
184,509
New On Tex dr MexMay
199,384
250,838
9,807
22,658
42,816 -10,824
Other Monthly Steam Railroad Reports.
-In the folFrom Jan 1. 1,161.501 1,253,600
101,117
204,813
194,327
303,330
lowing we show the monthly reports of STEAM railroad
Beaumont So Lake ar W
May
322,711
276,613
80,151
64,394
84,239
58,854 companis received this week as issued by the companies
From Jan!. 1,522,762 1,344,793
281,114
404,685
252,383 themselves, where they embrace more facts than are re384,326
St L Browns dr Mex-S. C. Commission, such as
in the reports to the I.
May
765,928
708,300
209,233 spired
235,547
268,577
228,138
From Jan 1_ 4,218,381 3,910,284 1,456,778 1,321,315 1,308,630 1,217,489 fixed charges, &c., or where they differ in some other respect
New York Central
from the reports to the Commission:
Indiana Harbor Belt
May
1,131,48811,032,284
444,543
341,853
372,603
398,254
From Jan 1- 5,258,450 5.052,457 1,767,607 1,598,273 1,448,039 1.315,358
Canadian National Railways.
Michigan Central
May
8,371,377 7,869,311 2,734,507 2,613,405 2,162,208 2,168,087
1929.
1928.
1929.
1928.
From Jan 1_40,703,317 37,289,232 13,342,593 11,738,664 10,482,774 9,262,091
$
$
$
2
New York Connecting
22,527,219 21.751,337 104948.290 101180.759
Gross earnings
May
255,524
213,559
147,333
132,387
183,333
92,387 Working expenses
19,373.149 18,095,900 86,500,272 84.117,042
From Jan 1_ 1,237.954 1,189,992
575,839
728,882
540,882
773,839
NYNH& Hartford
Net profits
3.154,069 3.655,436 18,448,017 17,063,716
May
12,027,078 11,715,815 3,741,634 3,242,071 3.059,307 2,662,807
From Jan 1_55,524,694 54,271,204 17,470,640 14,418,738 13,947,100 11.328,637
Canadian Pacific Railway Co.
Northwestern Pacific
May
534,895
511,271
-Month of May- -Jan. 1 to May 3173.438 --12,028
111.357
28,571
From Jan 1_ 2,188,737 2,187,428
-8,074 --79.437 --199,385 --282,773
1928.
1929.
1928.
1929.
Pennsylvania System
$
S
2
2
Pennsylvania Co
Gross earnings
17,932.352 17,807,974 83.324.155 80,204,864
May
15,402.593 14.752,255 69,960,249 66.630.318
59.953,652 55,168.338 18,015,036 15,127,255 14,589,647 11,823,709 Working expenses
Fr Jan 1272,723,310 254135,775 73,582,558 80,439,594 59,491,567 48.858,850
'm
Net profits
2,529,758 3,055,718 13,363,905 13,574,553
Long Island
May
3,569,669 3,534,372 1,211,229 1,189,115
950,722
961,957
From Jan 1_15,508,699 15,208,505 4,206,509 3,300,322 3.521,392 2,658,969 a
Fonda Johnstown & Gloversville RR. Co.
Monongahela
-Month of May- -Jos. 1 to May 31May
656,761
256,021
303,556
603,818
278,089
332,070
1929.
1929.
1928.
1928.
From Jan 1_ 3,106,301 2,892,215 1,474,638 1,234,549 1,352,880 1,134,305
$
$
West Jersey & Seashore
44,108
41,224
172,453
Freight revenue
182.805
May
785,101
80,292
122,905
861,235
189,072
205,771
-Steam div_ _
1,059
1,003
6,211
From Jan 1_ 3,645,307 3,829,357
7,615
198,948 Passenger rev.
849,794
395,495
833.313
Passenger rev.
-Electric div_
37,980
40,480
238,253
258.533
Pere Marquette
3,482
All other rev, from transp
3.180
15,418
16.751
May
4,042,633 3,824,261
797,895 Rev, from other ry. oper
730,642
1,018,899
999,951
1,292
1.140
4,960
5,318
From Jan 1_18,899,539 17.127.984 5,810,378 4,718,408 4,568.531 3.693.877
Pitts & ShawmutTotal ry. oper. rev
84,831
90.121
430,635
469,683
May
128,650
59,702 Ry.open. exps.(not incl.tax)
57,674
164,974
24,862
61.469
61,148
28,208
325.102
308.611
From Jan 1- 708,408
302,200
177.354
538,382
847,531
522.390
Net rev, from ry. oper
27,156
Quincy Omaha & K C
28,652
144,588
122,024
May
7,840
7,848
39,200
58,877
39,200
59,301 -11,815 -20,711 -16,671 --25.556 Railway tax accruals
From Jan 1.. 275,965
302,494 -305,794 -35,603 -54,112 -59,957
Railway operating income19,316
20,812
82,824
105.380
Rutland
Miscall. oper. Inc. (or loss)
-246
-1.785
May
-5,843
-4.582
548,605
110,695
97,534
585.072
138.779
128,280
From Jan 1_ 2,489,109 2,807,375
400,092
295,353
537,376
424,827
Total operating income_ _ 19,070
19,027
73,241
99.537
St Louis & San Fran System
Non-operating income
4.005
14.881
29.551
17.289
St L-San Fran of Texas
May
153,226
13,539 -24,209
126,799
18,819 -21,028
Gross income
23,075
33.908
129.088
95,531
From Jan 1_ 762,263
94,153
133,179
704,828
110,131
148.688
Deductionsfrom Gross Income ,
-Ft Worth dr Rio Grande
Rents for leased roads
700
700
3.508
3,500
May
105,118
101,955
-9,901 -19,296 Other rents accrued-Debits..
-5,641 -15,206
3,753
3,590
17,236
From Jan I- 486,058
130 Int. on funded debt
4913,651
20,788 -21,397
589
25,916
25,918
119.2C
129.583
St Louis SouthwesternInt. on unfunded debt
1,416
1,215
5,468
4,971
St Louts 8 W of Texas
Amort. of disc, on fund. debt
492
2,464
492
2,464
May
545,999
770
531,251
142,360 -49,174 -169,908 -78,983 Miscall. income charges
1.938
From Jan 1_ 2,958,958 2,809,812 -777.590 -297,102 -917,997 -436,829
Total deduc.fr. gross inc.33.050
San Ant Uvalde & Gulf
158,072
159,794
31.914
May
179,666
220,886
79,712
46,199
83,441
50,561
Net income (or loss)
-9,974
From Jan 1.. 937,608
1.993 -84,262 -28,984
980,775
324,332
276.852
297,992
343,443
Southern Pacific System
Southern Pacific Co
Virginian Railroad Co.
May
18,950,047 18,250,843 8,007,237 5,485,170 4,468,903 4,289,222
-Month of May- -Jan. 1 to May 31Form Jan 1_88,873,622 83,035,628 25.771,904 22,547,582 18,520,938 15,912,882
1929.
1929.
1928.
1928.
Texas & New Orleans
3
6,090,140 5,582,083 1,431,867
May
528,984 Railway operating revenues_ 1.690.801 l,4!5.943 8,11 7,036 7,666,584
848,822 1,084,553
4
From Jan 1_30,293,292 27,305,858 7.178,159 4.367,224 5,448.059 2,816.488 Net railway* oper. revenues... 853,180
524.163 4.017.609 3,104,839
Railway operating income_ -Southern Railway System673,180
392.140 3,157.603 2,386,601
Gross income
Cin N 0 & T P
834.233
498.810 3,830.522 2.940,950
2,127,717 1,901,530
May
329,366
485,903 Fixed charges
598,756
335,860 1.647,930 1,680,341
708,359
607,648
From Jan 1_ 9.422,202 8,828,221 1,529,494 2,587,917 1,137,277 2,067,813 Net income
504,866
162,950 2,182,591 1,260,4309
2
2
s
123
FINANCIAL CHRONICLE
JULY 6 1929.]
Norfolk & Western Railway Co.
-Month of May- -Jan. 1 to May 311928.
1929.
1929.
1928.
2,240.
2,240
2,241
Average mileage operated_ -.
$
Operating Revenues$
$
$
9,156./15 8,238,941 42,2/6,260 36,814,204
Freight
625,526 3,031,092 3,203,366
603,626
NM., mail and express
202,104
181,857
40,989
Other transportation
36,/30
421,925
77,117
80.173
328,274
Incidental & joint facility__ _
9,874,189 8,985,630 45,817,485 40.641,600
Railway oper. revenues
Operating ExpensesMaint. of way & structures
Maintenance of equipment
Traffic
Ttansportation-Rail line_ _
Miscellaneous operations_
General
Transp. for invest,-Cr
1,221,979 1,382,105 6,046,536 6,232.869
1,670,554 1,612,933 8,791,670 8,024.810
593,828
563.272
121,078
126,142
2,168,534 2.175,742 11.010,914 10.864.919
20,753
103,792
108.239
20.732
245,056
258,641 1,_200.810 1,296,241
Cr33,322 Cr12,205 Cr50,694 Cr126,821
5,419,677 5,559,050 27,696,858 26,963.530
Railway oper. expenses
4,454,511 3,426,580 18,120,626 13.678,070
800,000 4.000,000 4.000.000
800,000
3,251
226
395
5,531
Net ry. oper. revenues
Railway tax accruals
Uncoliectible ry. revenues_
Engineers Public Service Co.
-Month of May- 12 MOS. End. May 31.
1928.
1928.
1929.
1929.
$
$
$
$
4,132,246 2,511,666 40,894,038 30.142,492
Gross earnings
Operation
Maintenance
Depreciation of equipment
Taxes
1,727,867 1,080.818 17,642.968 13,345,258
323,089
197.810 3,001.787 2,398,392
13,837
86,087
215,638 2.951,496 2,539,508
314,081
Net operating revenue
Income from other sources
1.753,370 1,017,399 17,211,697 11.859,332
44,641
473,110
17,416
93,550
1,846,920 1,034,815 17.684,807 11,903,974
Balance
325,166 5,331,001 3.724.262
Interest and amortization_ _ _ 554,514
709,649 12,353,806 8,179,711
1,292,406
Balance
3,100,246 1.736.519
Divs. on pref. stock ofsub. cos. (accrued)
9,253,560 6,443,191
Balance
76,466
46,641
Amt.applic. to com.stock ofsubs,in hands of public
Bal. applic. to res. and to Eng.Pub. Set. Co
9.177,094 6.396,550
Gulf Power Co.
Railway operating income_ 3,654,284 2,626,185 14,115,095 9,674,818
211,138
208,881 1,228,884 1,118,515
Equipment rents (net)
-321
--2,236 --32,347 --20,984
Joint facility rents (net)
Net ry. oper. income
Other income items (bal.)
3,865.101 2,832,830 15,311,631 10,772,349
217,143
134,620
867,280
516,656
Gross earnings from operations
Oper. expenses, incl. taxes and maintenance-
12 Max. End.
May 31 '29.
$
1,091.859
87,089
691.791
56,037
Gross income
Interest on funded debt
4,082,245 2,967,451 16,178,911 11,289,005
399,346
413,339 2,016,138 2,084,119
Net earnings from operations
Other income
31,052
2,317
490.153
25,633
Total income
Interest on Funded debt
33,369
425,713
178,670
Net income
3,682,898 2.554,111 14,162.773 9.204,886
Prop'n of oper. expenses to
operating revenues
54.89%
61.87%
66.34%
60.45%
Propor'n of transp'n expenses
to operating revenues
24.21%
24.03%
26.73%
21.96%
Electric Railway and Other Public Utility Earnings.
-Below we give the returns of ELECTRIC railway and
other public utility companies making monthly returns which
have reported this week:
American Railway Express Co.
-Month of April- 4 Max. End. Apr. 30.
1929.
1928.
1929.
1928.
Revenues
Express-Domestic
Miscellaneous
Month of
May 1929.
Balance
Other deductions
247,116
33.3$3
Balance
Dividends on $6 cumulative preferred stock
293.733
59,995
Balance for reserves, retirements and dividends
143,74S
Idaho Power Co.
-Month of May- 12 Mos. End. May 31.
1928.
1929.
192$.
1929.
$
$
$
$
300,329 3.609.096 3.361,941
Gross earnings from oper____ 317,427
137,336 1.706.428 1.618,756
Oper. expenses and taxes_ --- 147.291
Net earnings from oper___
Other income
170.136
5,687
162,993 1,902.668 1.743,135
83,667
7.634
82.859
Charges for transportation 25.311,949 22,850,050 91,057,683 86,611,235
Express privileges
-Dr
13,693,532 11,350.045 45,553,968 40,788.389
Total income
Interest on bonds
Other interest and deduc'ns _
175,823
54,167
5,511
170,627 1.985,518 1.826,852
54,167
650,000
647.670
5.489
69,556
79,926
Revenue from transporta_11,618,417 11,500,005 45,503,714 45,822,845
Operations other than trans_ 306,122
286.570 1.124,946 1,124,388
Balance
Dividends on preferred stock
116.145
110.971
25,311,040 22,849.126 91,054,142 86,607,764
908
924
3.470
3,541
Total oper. revenues
Expenses
Maintenance
Traffic
Transportation
General
11,924,539 11.786,576 46,628,660 46,947,233
Operating expenses
11,712.187 11,547,772 45,661.780 45,925,189
Balance
935,028
712,255
695,554 2,870,029 2,776,336
28,474
20,043
87,688
80,609
10,352,676 10,221,775 40,229.879 40,552,987
618,780
610,399 2,474,183 2,515,256
Net operating revenue
Uncollec. rev, from transp_
Express taxes
212,352
2,110
144,519
238.803
1,640
153,213
65,721
83,949
Operating income
966,880 1,022,043
7,768
6,605
610,655
656,219
348,456
359.219
Bangor Hydro-Electric Co.
-Month of May- 12 Mos. End. May 31.
Gross earnings
Oper. expenses and taxes.--
1929.
$
157,646
80,287
77,359
16,588
73,426 1,089.823 1,030,263
21,389
232,567
293,307
Net income
Preferred stock dividend
Depreciation
60,771
52,037
736,956
237,369
115,697
469,074
282,182
(And Subsidiary Companies)
-Month of April- 12 Max. End. Apr. 30.
1929.
1928.
1928.
1929.
$
$
$
2.36.678 2,808,873 2,811,712
22t.297
Gross earnings
182.087
Balance
Boston Elevated Railway.
118,097 1,465.033 1.429.005
382.786
33,073
438,841
220.353
19.466
204,607
Operation
Maintenance
Taxes
118.632
37,886
17,738
Net operating revenue__
Income from other sources.. -
55.040
55.040
12,500
66,040
12,500
700,391
150,000
779,566
150,000
67.540
78,540
850,391
449,531
929.566
388,845
400.859
540,721
Pacific Telephone & Telegraph Co.
383,890
201.803
186,892
Balance
Common stock dividend
857,256
263,754
124.428
821,886
Northern Texas Electric Co.
Balance
Interest and amortization
1929.
1928.
1928.
$
$
$
Balance
150,825 2,001.966 1.903,507
77,399
912,143
873,244
Gross income
Interest, &c
1,265.962 1,108,256
330,934
286.371
Gross
Netincome
Surplus after dividends
-Month of May- -5 Mos. End, May 311928.
1929.
1929.
1928.
$
8,522,930 7,536,553 41,217,555 36,910.137
1,402,404 1,209,249 6,455,093 5,599.572
837,972
449,904
256,749 1,692,593
(The) Philippine Railway Co.
-Month of April
-12Mos,End.Apri130.
1929.
192$.
1929.
1928.
S
$
734,494
669,854
65,413
54,979
Gross operating revenue.._46,648
534.621
519.379
44,860
Operating expenses & taxes....
-Month of MayReceipts1929.
1928.
159,473
8,330
199.872
20,553
Net revenue
From faros
$2,854,045 $2,887,549
Deductions from Income
From oper. of special cars, mail pouch service,
341.960
341.91111
28,496
28,496
Interest on funded debt
express and service cars
4,176
4,251
From adver. in cars, on transfers, privileges at
-7,943 -20,165 -142,087 -182.484
Net income
stations. &c
64,479
64.932 Income approp. for invest, in
From other /7. cos. f6r their use of tracks & facilities
5,365
7.749
74.685
65,809
physical property
From rent of buildings and other property
4,524
3,192
From sale of power and other revenue
45,855
45.988
216.
Balance
--7.943 --20.165 77 - 77l --248.296
Total receipts from direct operation of the road--- $2,978.446 $3.013,663
The Pullman Company.
Interest on deposits,income from securities, &c.--4,268
9,033
-Month of May- -Jan. 1 to May 31Total receipts
$2,982,715 $3,022,696
1928.
1929.
1928.
1929.
Sleeping Car Operations$
$
Cost of Service
$
5.95.851 5,880,023 30,924,605 30,176.687
Maintaining track,line equipment and buildings..-- $243.760 $276,754 Berth revenue
748.685
759,416 3,976,257 4,000,5.54
Maintaining cars,shop equipment,&c
369,067
375,322 Seat revenue
883,191
164,600
855,208
144,010
Power
192,316
196,230 Charter of cars
67,509
16,453
13,844
78,099
Transportation exp.(incl. wages ofcar service men)936,269
970,422 Miscellaneous revenue
78,720
428,588
408.483
97.734
Salaries and expenses of general officers
7,623
7,715 Car mileage revenue
493.354
583.854 3,310.437 3,220.585
126,532
Law expenses,injuries and damages and lnsurance.156.640 Contract revenue
Other general operating expenses
114,517
112,743
Total revenues
6.471,380 6,312,750 32,952,321 32.315,752
Federal, State & municipal tax accruals
147,965
158,055
261,328
Rent for leased roads
262,458
Maintenance of cars
2,840,464 2,633,869 12,870,899 12,580,241
Subway,tunnel & rap. trans. be rentals to be paid
41,624
45.680
209,936
225.349
187,631
157,544 All other maintenance
to the City of Boston
Conducting car operations- 2.902.105 2.882,331 14,440,580 14,294.618
Cambridge subway rental to be paid to the Com268,289
239,024 1.241,705 1.226,028
33.310
33,361 General expenses
monwealth of Mass
212.731
Interest on bonds and notes207,778
Total expenses
6.052.483 5,800,906 28.763.121 28,326.229
5,893
9,070
Miscellaneous items
Net revenue
418.897
511.844 4,189,200 3,989.523
$2.833,995 $2,929.051
Total cost ofservice
$93.645
Auxiliary Operations
$148,719
Excess of receipts over cost ofservice
Total revenues
116,791
107,062
626.026
585.863
Total expenses
109,813
100,289
527,118
482,779
Counties Gas & Electric Co.
Coast
-Month of May- -12 Max. End. May 31
1928.
1929.
1928.
1929.
$
$
$
$
189,557
172,379 1,963,543 1,834,109
Gross sales
99,471 1,224.230 1.140,731
112,656
Operating expenses
739.313
693,378
76,901
72.908
Operating & other income- - -
Net revenue
6,978
6.772
98,907
103.093
Total net revenue
Taxes accrued
425,876
230,120
518,617 4.288,108 4,092,616
210,003 1,520,601 1.434.518
Operating income
195.755
308.613 2.767,507 2.658.097
124
FINANCIAL CHRONICLE
Portland Electric Power
Co.
-Month of May
-12 Mos. End. May 31.
1928.
1929.
1928.
1929.
$
3
Gross earnings
1,052,696 1,042,099 12,630,865 12,292,991
Oper. expenses and taxes--- _
621,300
625,966 7,487,806 7,274,269
Gross income
Interest. Zzc
431,396
211,794
416,133 5,143,059 5,018,722
216,721 2,569,120 2,574,572
Net income
Dividends on stock:
Prior preference
First preferred
Second preferred
219,602
199,412 2,573,939 2,444.150
462,615
788,883
330,000
992,441
779,933
Balance
955,942
766,127
212,508
Balance
Depreciation
475,213
705,495
307,500
189,815
Puget Sound Power & Light Co.
(And Subsidiary Companies)
-Month of April- 12 Mos. End. Apr. 30.
1928.
1929.
1928.
1929.
3
1,312,353 1,228,223 15.505,675 14.952,635
Gross earnings
Operation
Maintenance
Depreciation Of equipment
Taxes
586,152
95,689
14,310
74.387
400,594 7,063,522 5,994,697
92,194 1,088,975 1,160,080
125,292
17,058
176,835
749,923 1,163,793
92,159
Net operating revenue_
Income from other sources_.
541,813
49,970
536,215 6,426,418 6,508,770
495.810
40.132
556,567
Balance
Interest and amortization
591.783
576,347
Balance
6,982.985 7,004.580
3.064,078 3.242,152
3,918.906
3.762,427
Virginia Electric & Power Co.
(And Subsidiary Companies)
-Month of May--- 12 Mos. End. May 31.
1929.
1928.
1929.
1928.
Gross earnings
1,412,321
1,315,814 16,636,010 15,748,126
Operation
Maintenance
Taxes
539.907
130,302
122,545
510,417 6,351,073 6,309.451
123.237 1,529,048 1,515,448
115,460 1,397,223 1.400.241
Net operating revenue
Income from other sources
619,566
566,699
Balance
Interest and amortization
Balance
7,358,664 6,522,985
10,212
17,832
7,376,496 6,533,198
1,914,452 1,752,382
5,462,044 4,780,815
FINANCIAL REPORTS
Annual, &c., Reports.
-The following is an index to all
annual and other reports of steam railroads, public utilities,
industrial and miscellaneous companies published since and
including June 1 1929.
This index, which is given monthly, does not include reports in to-day's "Chronicle."
Boldface figures indicate reports published at length:
RailroadsPublic Utilities (Continued)
Canadian Pacific Ry
4316 Kansas City Public Service Co
3684
3997 Kentucky Securities Co
Chesapeake Corn
4321
Chesapeake & Ohio Ry
4317 Laclede Gas& Electric Co
4321
3676 Louisville Gas dr Electric Co_ _4321, 3684
Chicago dr Eastern Illinois Ry
Denver & Salt Lake Ry
3822 Marconi's Wireless Tele. Co.,Ltd -.3684
3820 Market St. Ry
Long Island RR
4321, 3684
Mexican Ry.Co., Ltd
3998 Memphis Power dr Light Co
4003
Missouri Kansas Texas RR
3821 Memphis Street Ry
4003
-4151 Metropolitan Edison Co
-Lyons-Mediterranean
Paris
3684
3823 Mexican Telephone dr Telegraph Co-3684
Peoria & Pekin Union Ry.Co
Pere Marquette Ry
4318 Michigan Fuel dr Light Co
3825
3821 Missouri Power & Light Co
St.Louis San Francisco Ry.
3684
4147 Mohawk Hudson Power Corp
Ulster & Delaware RR
3684
Public Utilities
Montana Power Co
4003
Alabama Power Co
3677 Mountain States Power Co_ _4321, 3684
Alabama Water Service Co
3999 Municipal Service Co
3684
3995 National Electric Power Co
American & Foreign Power Co•
3684
Amer. Commonw.Power Corp4319, 3681 National Fuel Gas Co
3684
Amer.Community Power Co
4319 National Public Service
3884
Amer.Power & Light Co
3881 New England Public Service Co... -4321
Amer.Tel. dr Tel. Co
4319 New Orleans Public Service Co
4003
Amer. Water Works & Electric Co_ _3681 New York Water Service Corp
4003
Associated Gas dr Electric Co-4148, 3681 Niagara Falls Power Co
3685
3681 North American Co
Atlantic City Sewerage Co
4322, 3685
Barcelona Traction Lt. & Pr. Co.,
Northern Mexico Power & Develop.
3677
4322
Ltd
Co., Ltd
3685
Binghamton Lt., Ht.dr Pr. Co
3682 Northern New York Utilities
Brazilian Traction Lt.dr Pr. Co.Ltd.3677 Northern Pensylvania Power Co_ _ -.3685
Broad River Power Co
3682 Northern States Power Co_ _4322, 3685
4003
California Oregon Power Co. 4320, 3682 Northern Ohio Pr.& Lt. Co
4004
4000 Northern Utilities Co
Callfornia Water Service
3685
Central Ill. Public Service Co
4152 Ohio Edison Co
4004
Central Power dr Light Co
4000 Ohio Water Service Co
Central States Electric Corp
Oklahoma Gas& Electric Co--4322, 3685
4004
432 Omnibus Corporation
Central States Utilities Corp
46(0
)
0
Chester Water Service Co
4001 Oregon-Washington Water Service. 4004
3685
Chicago Motor Coach Co
4001 Oslo Gas dr Electricity Works
4004
Colonial Gas.dr Electric Co
4320 Oswego River Power Corp
3685
Consolidated Gas Utilities
4001 Pacific Lighting Corp
4155
Consumers Power Co
3683 Pacific Public Service Co. Del
Cuba Telephone Co
3683 Penn. Central Lt.& Pr. Co.._3828, 3685
4322, 3686
Detroit Edison Co
4153 Philadelphia Company
Dixie Gas& Utilities Co
4001 Pittsburgh Suburban Water Service-4004
3686
Dixie Gull Gas Co
3683 Porto Rico Telephone Co
3826
East Kootenay Power Co.. Ltd
4153 Postal Telegraph & Cable Co
4004
Eastern New Jersey Power Co
4320 Power Corp. of N.Y
4004
El. Paso Electric Co
4320 Public Service Co.of Colo
Electric Bond & Share Co..._4146 4001 Rochester & Lake Ontario Water Ser4004
3824
Electric Power dr Light Corp
vice Corp
3686
Federal Light & Traction Co
4320 Sacramento Northern Ry
4001 San Diego Consol. G.& E.Co_4322, 3686
Federal Water Service Corp
3686
Fifth Avenue Bus Securities Corp_ -3683 San Joaquine Lt. dr Pr. Co
4004
4002 Scioto Valley Ry.& Power Co
General Gas dr Electric Corp
General Water Works & El. Corp_ -4158 Scranton Spring Brook Water Service4005
3683 Southern Colorado Power Co_4322. 3686
Georgia Power Co
4005
3683 Southern Public Utilities Co
Georgia Power dr Light Co
Greater London dr Counties Tr., Ltd.4320 Southwestern Gas dr Electric Co_ -- _4156
Greenwich Water & Gas System_ -- -4153 Southwestern Light dr Power Co..-.4156
3825 Standard Gas & Electric Co.._4322, 3686
Hamilton Gas Co
4005
3683 Union Water Service Co
Houston Gulf Gas Co
4156
4003 United Gas Co
Illinois Water Service Co
4005
Indianapolis Pr.&Lt. Co
4320 United Light dr Power Co
3675 United Power & Transportation Co 4005
Interborough Rapid Transit Co
4003 Utilities Power dr Light Co...-4323, 4157
International Power Co., Ltd
3686
4003 Virginia Public Service Co
International Tel.& Tel. Corp
4157
4321 West Texas Utilities Co
Interstate Power Co
4005
3683 West Virginia Water Service Co
Jersey Central Power& Light
Public Utilities (Concluded)
Western Power Light & Telephone- -4157
Wisconsin Power & Light Co
4157
Wisconsin Public Service Corp4323, 3687
Wisconsin Valley Electric Co__4323, 3687
York Railways Co
3687
[VoL. 129.
Jndustrials (Continued)
3692
Fraser Companies,Ltd
4330
Freeport Texas Co
4012
(Geo. A.) Fuller Co
3692
Gabriel Snubber Mfg.Co
3692
Gotland Mercantlle Laundry
3835
Galveston Wharf Co
3835
Industrials
Gardner-Denver Co
3835
Adams Express Co
3687 Gardner Motor Co
3835
Aero Corp. of Cal. Inc
4157 Gemmer Mfg.Co
Airway Electric Appliance Corp_ _ _ _4323 General American Tank Car Corp.-3835
3692
Alaska-Juneau Gold Mining Co
4327 General Bronze Corp
3823
3836
Algoma Steel Corp
General Paint Corp
4012
Algonquin Printing Co
General Rayon Co.,Ltd
4164
4323 General Steel Castings Corp
3687
Allied Products Corp
3836
4158 General Steel Wares,Ltd
15
8
Amalgamated Silk Corp
3693
4158 Gilchrist Company
Amer.Bakeries Corp
4165
4315 Gillette Safety Razor Co
3827
Amer.Beet Sugar Co
3836
Amer.Bosch Magento Corp
4006 (Forest E.) Gilmore Co
4331, 3692
Amer. Car & Foundry Co
Glidden Company
Amer. Equitable Assurance Co. of
Globe Insurance Co.of America-.-4165
3836
4168 (H.C.) Godman Co
.
N.Y
3836
Amer.Ice Co
4324, 3827 Gold Seal Electrical Co
3837
4324 Grand Rapids Metalcraft Corp
Amer.Insulator Corp
3677
3687 Greene Cananea Copper Co
Amer.Optical Co
.4324,4113 Greif Bros. Cooperage Corp-4013,3837
Amer.& Scottish Invest. Co.
3694
Amer.Steel Car Lines
3687 Gruen Watch Co
Amer.Toll Bridge Co
Guardian Fire Assurance Corp. of
3837
4007. 43 8
3 24
4 24
82
3
Andes Copper Mining Co
N. Y
3837
Anglo-American Oil Co
Hachmeister-Lind Co
3694
Anglo-Persian 011 Co., Ltd
Hahn Dept.Stores
3837
3687 Haiku Pineapple Co.,Ltd
Associated Quality Canners, Ltd_ _4443
1855997
24
3837
4324 (W.F.) Hall Printing Co
Beach
Atlantic Bch Bridge Corp
3837
4324 Halle Bros. Co
Auburn Automobile Co
3837
Austin Nichols &Co
Hamilton Bridge Co., Ltd
3694
Hamilton Dairies, Ltd
Bates Valve Corp
3837
3688 Hammermlll Paper Co
Bendix Aviation Corp
4325 Hawallan Commercial & Sugar Co..
Benjamin Electric Mfg.Co
3837
Berliner-Joyce Aircraft Corp4325
Ltd
3694
Bird & Son Inc
Bendier Creamery Co
3838
38
Blauners (Specialty Store) Phila. -4100 Heyden Chemical Corp
58
7
3838
(H.C.) Bohack Co
Hill Mfg.Co
3694
4008 HllIcrest Colleries, Ltd
Bond dr Share Co., Ltd
3838
4325, 4008,43 8 Hobart Mfg.Co
3685
2
Borden Company
4013
Borg-Warner Corp
Sugar Corp
Holly
3694
Bowman Biltmore Hotels Corp
4325 Holt Renfrew dr Co.,Ltd
3838
Brillo Mfg.Co
Honolulu Plantation Co
3838
Columbia Packers, Ltd
British
Honomu Sugar Co
4331, 3838
411663° Household Finance Corn
382
4433 5
Brockway Motor Truck Corp
388
00
4180
Bronx Fire InsuranceCo
Hudson's Bay Co
Brooklyn Fire Insurance Co
Hudson Bay Mining & Smelting
3694
Brown Shoe Co
43362868
Co., Ltd
3694
Brush Moore Newspapers,Inc
Hudson River Day Late
3694
(Edw.G.)Budd Mfg.Co
4160 Hunt Bros. Packing
3838
Buffalo & Susquehanna Coal dr Coke33688390 Hutchinson Sugar Plantation Co
3694
Hygrade Lamp Co
Co
Bullocks Incorporated
Imperial Chemical Industries, Ltd...3838
3838
Corporation
4326 Imperial 011, Ltd
Burma
3838
4009 Incorporated Investors
Burmeister dr Wain,Ltd
4166
3830 Independent 011 & Gas Co
Burns & Co., Ltd
4014
Independent Pneumatic Tool Co
Butterick Company
3838
Inland Wire & Cable Co
Buzza Clark Inc
3839
383°38 Inter City Baking Co., Ltd
38 0
83
Petroleum Corn
California
4 09
3 89 International Button-Hole Sewing
6
0
Callahan Zinc Lead Co
3839
4009
Machine Co
Canada Dry Ginger Ale
3819
International Match Corp
Canadian Brewing Corp.,Ltd
3821
3689 International Mercantile Marine
Canadian Celanese. Ltd
...3694
3689 International Printing Ink Corp.
Consol. Felt Co.,Ltd
Canadian
3839
4009 International Products Corp
Canadian Converters Co.,Ltd
3694
3689 International Projector Corp
Canadian Cottons. Ltd
4167
43 6
3 89
Canadian Dredge & Dock Co.,Ltd- 62 International Superpower Corp
4014
Cadian Fairbanks Morse CO.,Ltd-3689 Investment Co. of America
na
4014
Investors Syndicate
Canadian Vickers, Ltd
3695
4009 Jackson Motor Shaft Co
Castle Trethewey Mines, Ltd
3895
4161 (Byron) Jackson Pump Co
Cavanagh-Dobbs Inc
4014
Television Corp
3831 Jenkins
Celotex Co
3839
3680 (Mead)Johnson & Co
Central Airports Inc
4014
Chandler-Cleveland Motors Corp..-3831 (Julius) Kayser & Co
3695
4009 Keystone Aircraft Corp
Chase Companies
3840
4326 Kilauea Sugar Plantation
Chicago Yellow Cab.Co
4167
Insurance Co
4326 Knickerbocker
Chile Copper Co
3840
4161 Knox Hat Co
City Investing Co
3840
3831 Koloa Sugar Co
City Machine & Tool Co
3840
3830 (S. H.) Kress & Co
Claremont Investing Corp
3840
Claude Neon Electrical Products Inc 3689 Kreuger & Toll Co
4167
Kuppenhelmer & Co
(B.)
Coleman Lamp & Stove Co
3841
4812 La Salle Extension University
3030
Colon Oil Corp
4167
3 9
3
83
Colts Patent Fire Arms Mfg.Co- -683 Lamson & Hubbard Corp
4167
Lamson dr Sessions Co
Columbia River Packers Assn
4168
Commercial Credit Co.Bait
4326 Lautaro Nitrate Co., Ltd
3841
Conley Tank Car Co
3890 (F. dr R.) Lazarus & Co
3841
Consol. Coppermines Corp
3690 Leath & Co
3841
Consol.Film Industries
4162 Lee Rubber & Tire Corp
4168, 4015
Consol. Retail Stores
3690 Lefcourt Realty Co
3841
Continental Clay Products Corp- -4327 (P. T.) Legare Co., Ltd
4332, 3695
Continental 011 Co., Del.(Formerly
Lesaings Inc
4188
Mar an
4327 Lever Brothers, Ltd
)
Continental Oil Co.(Me.)
4327 Lincoln Fire Insurance Co.of N.Y 4168
3841
4162 (C. W.) Lindsay & Co., Ltd
Coos Bay Lumber Co
3842
4327 Lit Brothers
Copeland Products Inc
3842
3833 (Marcus) Loew's Theatres, Ltd
Cosden dr Co
4015
Cosgrave-Meehan Coal Corp
3690 Loudon Packing Co
3690 (P.) Lyall & Sons Construction Co.,
Credit Alliance Corp
3842
4162
Ltd
Creole Petroleum Corp
4015
4328 Lyon & Healy,Inc
Crown Cork dz Seal Co
4015
-Magnus, Inc
3834 Lyons
Crown Willamette Paper Co
4162 McIntyre Porcupine Mines, Ltd__ 3842
Crucible Steel Corp. of America
3690 Macfadden Publications, Inc_4169, 3695
Cunard Steamship Co.,Ltd
3842
Dayton Airplane Engine Co
4010 Manhattan Financial Corp
4333, 4169
3834 Manhattan Shirt Co
Dayton Rubber Mfg.Co
..4015
De Forest Crosley Radio Co.,Ltd..-3690 Mansfield Mining & Smelting Co.
4333
Manufacturers Finance Co
4169
Dictograph Products Co.,Inc
3690 Maple Leaf Milling Co., Ltd
Dominion Coal Co., Ltd
3690 Marchant Calculating Machine Co_ _4333
3691 Marlin-Rockwell Corp
4015, 3696
Dumbarton Bridge Co
3606
4328 Maverick Mills
Durant Motors Inc
3843
Durant Motors of Canada,Ltd
3834 Meadows Mfg. Co
Eagle Oil Transport Co.. Ltd
4163 Merchants & Manufacturers Fire
4169
3691
Eastern Steel Products, Ltd
Insurance Co
..3843
Easy Washing Machine Co.,Ltd..._3691 Merchants & Mfrs. Securities Co.
Eddy Paper Corp
3691 Merchants & Miners Transport. Co_3696
..3696
Electric Auto Lite Co
3691 Merritt-Chapman & Scott Corp..
3843
Electric Shovel Coal Corp
3691 Mexican Seaboard 011 Co
3696
Electrographic Corp
3691 Mexico-Ohio Oil Co
3896
Empire Bond & Mtge. Corp
3691 Mining Corp. of Canada, Ltd
3843
Empire Fire Insurance Co
4011 (J. S.) Mitchell & Co., Ltd
3843
Emsco Derrick & Equipment Co..-.3691 (Robert) Mitchell Co., Ltd
4333
Equitable Casualty & Surety Co- -4162 Mobile Bay Bridge Co
Equitable Office Bldg. Corp
3691 Mock, Judson, Voehringer Co., Ine_3843
4170, 3843
3691 Modine Mfg. Co
Emil Morelli dr Co
3843
Esmond Mills
3691 Monighan Mfg. Co
3896
3691 Monolith Portland Cement Co
Ewa Plantation Co. Honolulu
3843
Exchange Buffet Corp
4329 Montreal Cottons, Ltd
4170
Fageol Motors Co
3692 Moon Motor Car Co
3697
Fairbanks Company
4329 (John) Morrell & Co., Inc
3844
Fairchild Aviation Corp
4163 (Phillip) Morris & Co., Ltd
3697
Federal Electric Co
4011 (J. K.) Mosier Leather Corp
3844
Federal Mining dr Smelting Co
4163 Moto Meter Co., Inc
3697
Federal Screw Works
4329 Mount Royal Hotel Co., Ltd
3844
Federated Capital Corp
4011 Mountain Producers Corp
3844
Financial Investing Co. of N.Y.,Ltd4329 Municipal Service Corp
3697
First National Pictures Inc
3835 National Air Transport, Inc
3697
First National Stores Inc
4329, 3835 National American Co
4016
Florence Stove Co
4164 National Bond & Mortgage Co
3697
Foster dr Kleiser Co
3892 National Breweries, Ltd
3844
Foundation Co.of Canada.Ltd
Brick Co
4330 National
JULY 6 19291
FINANCIAL CHRONICLE
125
Industrials (Continued)
Industrials (Concluded)
The company has authorized common stock of $5,610,000, or 112.200
3697 Sandusky Bay Bridge Co
National Dairy Products
4336 shares, par $50, of which $5.328,000, or 106,560 shares, are outstanding.
3697 Savannah Sugar Refinery Corp
National Fire Insurance Co
4019 -V. 128, p. 2291, 2267.
3844 Sehlage Lock Co
National Food Products Corp
3849
Chesapeake & Ohio Ry.-Trackage Rights.
National Industrial Bankers, Inc- _ A170 Scovill Mfg. Co
3700
3697 Securities Corp. General
National Screen Service Corp
4019
SEE Baltimore & Ohio RR. above.
-V. 128. D. 4317.
3844 (G. I.) Sellers & Sons Co
National Standard Co
4019
Chicago & Alton RR.
4016 Service Station Equipment Co., Ltd_4019
National Title Guaranty Co
-Foreclosure.
-4178 Sharon Steel Hoop Co
New York Fire Insurance Co
3700
Federal Judge Carpenter has upheld the findings of the report of Master
Newmarket Mfg. Co
3698 Shawmut Association
3849 in Chancery Herbert A. Lundahl affecting the foreclosure proceedings
4016 Shawmut Bank Investment Trust-_ _3849 against the road. The court is expected to enter a formal decree ordering
Newton Steel Co
Nichols & Shepard Co
3698 Sheffield Steel Corp
9020 the foreclosure and sale of the road in a few days, thus ending one phase of a
Noblltt-Sparks Industries, Inc
3845 Shell Transport & Trading Co., Ltd_4315 seven-year receivership.
Noranda Mines, Ltd
3698 Shell Union Oil Corp
4336, 3701
By the decision the holders of a $22,000,000 mortgage under the trusteeNorth American Investment Corp3845 Signode Steel Strapping Co
4019 ship of the Farmer's Loan & Trust Co. of New York, are awarded a first
North Central Texas Oil Co
3698 Sikorsky Aviation Corp
4020 lien on the rolling stock. This mortgage was placed on the property in
O'Connor, Moffat & Co.. Inc
3698 (Isaac) Silver & Brothers Co
3849 1900 by E. H. Harriman and was the second he had placed upon it in the
Oahu Sugar Co., Ltd
3845 (Robert) Simpson Co., Ltd
4020 one year of his ownership.
011stocks, Ltd
3845 Simpson's Ltd
Contesting the claims of the $22,000,000 mortgage, which bears 1%
4337, 4920
Olaa Sugar Co., Ltd
4017 (Howard)Smith Paper Mills, Ltd_ __4020 and had no interest for seven years, were the holders of an $18.000,000
Old Colony Investment Trust
4007 Soule Mill
4009 mortgage, bearing 6%. on which no interest has been paid since it was put
Oliver Farm Equipment Co
4334 Southern Dairies, Inc
4020 on the road in 1912.
4171 Southern United Ice Co
Oliver United Filters, Inc
4020
The latter mortgage was awarded the second lien. It is expected that
Oneida Community, Ltd
4334 Sparta Foundry Co
3701 an appeal will be taken to the United States Circuit Court, a proceeding
Onomea Sugar Co
3846 Spiegel May Stern Co., Inc
4021 which would delay the sale until fall.
-V. 128, p. 4317.
3846 Square D Co
Oshkosh Overall Co
4020
Chicago Rock Island & Pacific Ry.-Bonds.4335 (John P.) Squire & Co
Osgood Company
4020
3698 Standard Chemical Co., Ltd
Owl Drug Co
The 1.-S. C. Commission June 26 authorized the company to pledge
3849
3846 Standard Dredging Co
Pacific Clay Product§
4021 from time to time until June 30 1931 not to exceed $4,180,000 of 1st &
4171 Standard Fruit & Steamship Corn- -4021 ref. mtge. gold bonds as collateral security for any short-term notes which
Pacific Coast Co
3846 Standard Investing Corp
Pacific Coast Glass Co
3850 It may issue within the limitations of paragraph (9) of Section 20a of the
Pacific Tin Corp
4017 Standard Paving Co., Ltd
-V.128, p. 4317.
4021 Inter-State Commerce Act.
4171 (Frederick) Stearns & Co
Packard Motor Car Co
4021
Packard Electric Co
Cisco & Northeastern Ry.-Construction and Operation.
3698 Sterling Coal Co., Ltd
4174
Paepcke Corp
4017 Sterling Securities Corp
4337, 4021
The L-S.C.Commission June 21 issued a certificate authorizing the
3698 Stinson Aircraft Corn
Page-Hershey Tubes, Ltd
4021 Company to construct and operate a line of railroad beginning at a point
Parke Austin & Lipscomb,Inc
3846 Stover Mfg.& Engine Co
4021 on the railroad of the Witchita Falls, Ranger & Fort Worth RR., approxPatine Mines & Enterprises Consol--3698 (S. W.)Straus & Co.,Inc
3850 imately 1,400 feet south of the southerly yard lead at Breckenridge, and
Perfect Circle Co
4335 (Nathan) Strauss, Inc
4022 extending thence in a northwesterly and northerly direction to a connection
Perfection Glass Co
3846 Stromberg-Carlson Mfg.Co
4021 with its main track about 375 feet south of tlae southerly yard lead at
Pet Milk Co
3698 (B.F.) Sturtevant Co
4022 Breckenridge, a distance of 1,326.3 feet, all in Stephens County. Tex,
Pettibone Mulliken Co
3846 Super Maid Corp
4022 V. 125, p. 1703.
(Louis) Philippe, Inc
3846 Sylvania Insurance Co., Phil&
4022
Phillips-Jones Corp
Cleveland Union Terminals Co.
3847 Thompson-Starret Co., Inc
-Bonds Called.
4174
Photo Engravers & Electro., Ltd-...4017 Tide Water Associated 011 Co
The company has called for redemption October 1 838,100 1st mtge.
4175
Photomaton Incorporated
3847 Tip Top Tailors Ltd
4022 s. f. gold bonds, series A at 105 and int. Payment will be made at J. P.
Pierce-Arrow Motor Car CO._4335,
Tishman Realty & Construction
Morgan & Co., trustee, 23 Wall St., N. Y. City.
4172, 3699
Co., Inc
4022
Wins Suit.
Pilgrim Mills
3699 Todd Shipyards Corp
4023
The company, according to a Cleveland dispatch of July 1 has won in its
Pinchin, Johnson & Co., Ltd
4017 Tonopah Belmont Development C0_4023
legal battle with the Taplin interests of Pittsburgh for the right to use the
Pines Winterfront Co
4172 Tonopah Mining Co
4023
site of the Wheeling & Lake Erie station at Cleveland as part of the terPioneer Mill Co., Ltd
3847 Trans-Lux Daylight Picture Screen
Pitney-Bowes Postage Meter Co..
._3847
Corp
4023 minal project. The Taplins had secured a temporary injunction restraining
Plymouth Cordage Co
4172 Tuckett Tobacco Co., Ltd
3850 such use, and when this injunction was removed a full appeal was made by
Plymouth Oil Co
3699 Union Mills, Inc
4023 the Taplins. This appeal has now been denied by Judge A. C. Dennison
-V.128, p. 1551.
Poor & Co
4172 Unit Corp. of America
4023 of the Appellate Court at Grand Rapids, Mich.
Port Alfred Pulp & Paper Corp
3699 United Aircraft & Transport Corp 3851
Colorado & Southern Ry.-Stockholders' Meeting.
Postum Company
4018 United Business Publishers. Inc
4024
Potomska Mills Corp
A special meeting of stockholders will be held Aug. 12. The purpose of
3699 United Electric Coal Companies_ _4024
Pressed Metals of America
3847 United Engineering & Foundry Co_ _4024 the meeting is to procure the approval of stockholders to the renewal of two
Price Bros. & Co., Ltd
3699 United States Asbestos Co
4024 leases with the Colorado RR., whose entire stock and funded debt are owned
Process Corp
3847 U.S. Bobbin & Shuttle Co
4024 by the Colorado & Southern. The lease of the Colorado RR. will be
-mile spur from the Ingleside branch to a newly
Prosperity Co., Inc
3847 United States Cold Storage Corp__ _4025 renewed so as to include a 5
Provincial Paper, Ltd
3699 United States Dairy Products
4025 developed limestone quarry. The renewal of the lease is a technicality
Prudential Investors, Inc
-S. C. Commis4335 U. S. El. Lt.& Pow.shares, Inc----4338 and the action will be taken to satisfy requirements of the I.
Quebec Pulp & Paper Corp
4018 United States Freight Co
4025 sion.
Quincy Market Cold Storage &
At the same meeting the stockholders will be asked to approve the renewal
U. S. Industrial Alcohol Co
4338
Warehouse Co
3699 U. S. & Internat. Securities Corp
4025 of a lease on part of the line of the Colorado RR.from Southern Junction
Junction, used
Quiasett 3.1111
3699 United Stores Corp
4025 to Walsenburg Grande. The jointly by the Colorado & Southern and
present lease expires next May.
Railway Express Agency, Inc
-V. 128, 13•
4018 Utah-Idaho Sugar Co
3851 Denver & Rio
Regent Knitting Mills, Ltd
3342.
4018 Utah Metal & Tunnel Co
4026
Reltter-Foster Oil Corp
3700 Veeder-Root, Inc
4175
Detroit 8c Toledo Shore Line RR.
-Final Valuation.
Remington-Rand, Inc
4315, 4018 Vogt Mfg. Co
3852
-S. 0. Commission has placed a final valuation of $2,960,000 on
Republic Fire Insurance Co
The I.
4173 Waialua Agricultural Co., Ltd
4176
properties of the company as of June 30 1917.-V. 120.
Republic Motor Truck Co., Inc
3848 Walluku Sugar Co
4175 the owned and used
Richman Brothers
4173, 3848 Warner Bros. Pictures
4339. 4177 p 2681.
Richmond Radiator Co., N. Y
3700 Washburn Wire Co
3852
Fonda Johnstown & Gloversville RR.
-Settlement
Rio Tinto Co.. Ltd
4336 (John Warren) Watson Co
3852
Ritter Dental Mfg. Co
3700 Webster-Eisenlohr. Inc
4177 Accepted.
Rogers Paper Mfg. Co
3848 Western Air Express Corp
4177
The company has accepted $1,727.696 from the
Rolland Paper Co., Ltd
3700 Westvaco Chlorine Products Corp 4177 ing Board as final settlement for property damage Hudson River Regulatcaused by the
Roosevelt Field, Inc
4018 Wickwire Spencer Steel Co
3702 tion of the Sacandaga Reservoir. ending five years of litigation. In construcaddition,
Royal Dutch Co
4147, 4019 (IL F.) Wilcox 011 & Gas Co
3853 the company received valuable concessions of advantage to that part of
Royal Typewriter Co
3700 Wilson-Jones Co
4026 Sacandaga Park which it still retains as a summer resort.
-V. 128. p. 3347.
Royal Weaving Co
3700 Windsor Hotel, Ltd
3853
Russell Motor Car Co., Ltd
3848 Winton Engine Co
3853
International Rys. of Central America.
-Linking of
Saco-Lowell Shops
4019 Woods Brothers Corp
4178
Safe-Guard Check Writer Corp
3700 (F. W.) Woolworth Co
3853 Guatemala-Salvador Rail Systems to Be Completed Early in
Sagamore Mfg.Co
3849 Yukon Gold Co
3853 August.
St. Croix Paper Co
4019 Zenith Radio Corp
9178
According to advices received at the offices of the company, the 80
-mile
St. Paul Union Stock Yards Co
3849
link between the systems of Guatemala and Salvador which will give the
latter country direct access to the Atlantic Ocean, will be completed early
in August. At a ceremony held in the Pan American Union building in
Washington. June 27. Fred Lavis, President of the railroad, presented to
Adrian Recinos, Minister of Guatemala, and Carlos Leiva, Charge
d'Affaires of Salvador, full sized gold railroad spikes which will be used by
their respective presidents in completing the link at the International
STEAM RAILROADS.
line in August.
Take Strike Vote on Two Western Lines.
-Missouri Pacific and St. Louis border presentation in Washington, which
The
parallels an occasion more than
Terminal locomotive engineers are being_polled. N. Y."Times" July 3.P.4.
Matters Covered in Chronicle" of June 29.-N. Y. Central protests half a century ago when a gold spike wa.s driven to create America's first
against port differentials against N.Y.City on railroad freight rates, p 4257. trans-continental rail system, was attended by diplomatic representatives
of all the Central American republics and of the State and Commerce
Baltimore & Ohio RR.
-Asserts Right to Retain Stock of Departments.
The international link now being rushed to completion Will give the
Western Maryland.
International Railways of Central America a single system of over 800
The company in a brief filed with the I.
-S. C• Commission and made nines of main track, representing an investment of $80,000,000 and doing a
public June 27 asks dismissal of the complaint on the Business Protective gross business in excess of $8,000,000 a year. The all-rail route will effect
Association which asked that the Commission require the B. & 0. to divest a saving of as much as 15 days to Salvador shippers.
-V. 128 p. 3823.
itself of its stock in the Western Maryland Railway.
Miami Mineral Belt RR.
"There is no provision in the act to regulate commerce which gives the
-Final Valuation.
Commission authority to pass any such order," it says,"even in the case of
The
C. Commission has placed a final valuation of $327,925 on the
an admitted violation of those provisions of the transportation act which owned and used property of the company as of June 30 1919.-V. 123.
have been named.
P. 3179.
"The language of the prayer follows so closely the language of section 11
Missouri-Kansas-Texas RR.
of the Clayton Act that perhaps this oversight on the part of the complainant
-Van Sweringens Buy Into
may be excused, bearing in mind that its chief concern seems to lie in the
enforcement of the provisions of section 7 and section 11 of the Clayton Act. Road.
The "Wall Street Journal," June 29, said: The latest and probably most
But, as seen from the complaint itself, the Commission has already instituted a proceeding against this defendant under these provisions of the noteworthy railroad development is acquisition of a block of MissouriClayton Act and has held a hearing thereon, and whether the defendant Kansas-Texas common by the Van Sweringen interests, presumably for
shall be required to divest itself of the Western Maryland stock must await account of Alleghany Corp. It is reported more than 50.000 shares have
been accumulated so far. Just why Allegheny Corp.should want to
. .
a determination of that proceeding.
acquire
"A proceeding was begun on Feb. 19 last by this defendant by which the a substantial interest in Katy could not be learned from official quarters.
defendant applied for the approval and authorization of the Conunission It is unlikely Katy will see fit to consider any dividend payment until the
far the acquisition of control by it of a number of carriers in the eastern main line is completely ballasted, ruling grades reduced and the road
district, among which is included the Western Maryland. It would seem, equipped with automatic block signals.
Competition for traffic is probably keener in the Southwest than in
therefore, as if further discussion of violations of any of the aforementioned
any
Other section. Therefore, the management plans to put
sections of the statute had become somewhat academic.
Missouri
-Kansas
"In the hearing upon Finance Docket No. 7450 the complainant will be Texas' property on the highest possible standard to permit coping with any
given the widest possible opportunity to do what it claims has been denied demand for service. It is estimated about $12,000,000 would have to be
spent to place Katy on the desired standard and that it would take
8.
about two
Years. Indications are that earnings for 1929 will be about $5 a common
Operation Under Trackage Rights.
share, against $4.61 in 1928 and $4.80 in 1927.
In addition to purchase of Missouri-Kansas,Texas stock
I.-.S.C. Commission June 21 issued a certificate authorizing (a) the
The
it is reported
Baltimore & Ohio RR.to operate under trackage rights over the railroad of Alleghany Corp. or the Van Sweringens recently have increased their
the Chesapeake & Hocking Railway from RA Junction to VA Junction. Position in Missouri Pacific, so that holdings of its stocks aggregate more
0., about 5.97 miles and (b) the Chesapeake & Ohio than 275,000 shares. It is also stated these interests are now the
in Ross County,
largest
Railway to operate under trackage rights over the railroad of the Toledo holders of a recent issue of $46,392,000 Missouri Pacific 5 % convertible
bonds,some fancy figures as to holdings of this bond issue being mentioned.
-V. 128. p. 4316.
Sc Cincinnati HR. between the same points.
case of the Van Sweringens buying
-To Increase Capitalization.
Bangor 8c Aroostook RR.
- it In almost obvious there Is no hope of into Missouri Pacific and Katy,
is
consolidating
systems
A special meeting of the stockholders has been called for July 36 to vote because of their competitive traffic position. Both these twoexcellent
have an
authorized number of shares of common stock and on future, and their stocks might well
on increasing the
appreciate so that Alleghany would reap
authorizing the directors or executive committee to increase the out- a profit on its investment.
standing number of such shares from time to time in such amount as may
It is suggested another motive is the value of Missouri Pacific and Katy
with respect to traffic interchange at St. Louis. They have a network
be deemed advisable.
GENERAL INVESTMENT NEWS
126
FINANCIAL CHRONICLE
[Vor... 129.
time.
of mileage serving the entire Southwest and are the largest carriers of east- chosen by the parties to the contract shall fall, within a designatedsenior
by the
bound traffic through St. Louis, with the balance of interchange in their to select the third, then the third arbitrator may be appointed
named in the contract.
of the Federal court
favor. It is not unlikely that the Van Sweringens figure their interest in
protective comThe intervener referred to in our previous report as the
such connecting lines could swing considerably more traffic to New York,
denied upon
mittee contends that the supplemental petition should be
Chicago & St. Louis and Chesapeake & Ohlo.-V. 128, p. 4317.
to the New York
much the same grounds originally urged in opposition that, even under
upon the further ground
Missouri Pacific RR.
-Van Sweringens Buy Into Road.
- Central's application herein and our former report, the asserted inadequacy
the construction given thereto in
see Missouri-Kansas-Texas RR. above.
-V.128. p. 3182.
properties
of the rental provided in the proposed lease of the Big Four's
to purchase 'of
Norfolk & Western Ry.-Payment of Bonds.
is in no way cured by the provisions of the lease relating merely implies
contention
The attention of holders of the convertible 10
-year 6% gold bonds minority shares of the lessor's stock. This
maturing Sept. 1 1929, is called to the fact that as Sept. 1 1929, falls on a necessity for review of our previous finding. the New York Central, and
We are of opinion and find that the offers of
Sunday, and Sept. 2 is a legal holiday, Labor Day, the bonds will be payfide compliance with the condiable at the office of the Guaranty Trust Co. of New York, No. 140 Broad- steps taken subsequent thereto, are in bonabelieve, nevertheless, that addition prescribed in our previous report. We
way, New York City, on or after Tuesday, Sept. 3 1929.
and ought to be provided in order to
The privilege of converting the bonds into paid-up shares of common tional precautions may reasonably
consummation of our purstock, also at the Guaranty Trust Co.of New "York, may be exercised up insure that there be no miscarriage in the final
herein will be upon
to and including Sept. 3 1929, after wlaich date the holders of such bonds poses. Accordingly our authorization and approval
will not be entitled to exchange them for common stock.
-V.128, p 4318. the further express conditions:
months from
1. That opportunity be accorded to the Fonda within sixbe entitled to
the date hereof to designate an arbitrator and thereupon leases and to
Northern California RR.
-Proposed Construction.
applicable provisions of the
The 1.-S. C. Commission June 19 denied the application of the company arbitration in accordance with York Central for the purchase of its steam
for authority to acquire an existing private line of railroad and the con- receive an offer from the New award of the arbitrators.
re 41
struction by it of a new line of railroad connecting therewith, aggregating a railroads in accordance with the construed to relieve the Big Four or the
2. That nothing herein shall be
total length of line of approximately 31 miles, extending from a point near
from compliance with provisions of law applicable to
Crescent Mills on the Indian Valley RR. to a point at or near the town of New York Central obligations and liabilities. &c., by virtue of execution
any assumption of
Westwood, all in Plumas and Lassen Counties. Calif.
4
of the proposed leases.
lessor companies shall be sold or otherwise dis3.
New York Central RR.
-Commission Approves Offer to posedThat no stock of the or by the New York Central without authority
of by the Big Four
-Approval was from us first had and obtained.
Buy Small Lines as Part of Unification Plan.
proceeding
4. That all conditions heretofore prescribed by us in this
-S.
announced July 2 by the I. C. Commission of an application by the New York Central RR. to acquire control of 6 shall remain in full force and effect. the proposed acquisitions of control.
approving
An order authorizing and
is retained
entered;
short lines as part of a plan of consolidation that includes the upon the conditions aforesaid, will be motion orbut jurisdiction shown, for
for good cause
to reopen the proceeding, on our own
Big Four, the Michigan Central and other roads subsidiary the entry of such supplemental orders herein as we may deem necessary or
appropriate.
to the present New York Central system.
Commissioners Eastman. McManamy,and Taylor, dissented for reasons
The action is complementary to an order issued by the Commission on
-V.128, p. 4318.
stated in their dissents to the original report.
Jan. 14 1929 (V. 128. p. 624). permitting the New York Central to acquire
-Bonds.
by lease the properties of the Big Four, the Michigan Central and other
St. Paul & Kansas City Short Line RR. company-issue
to
reads on condition that it should offer to buy the short lines subordinate to
authorized the
-S. C. Commission June 26
The I.
the trunk system but not embraced in the program outlined in the original $600,000 of 1st mtge. gold bonds, to be delivered to the Chicago Rock
application.
Ry. at par in reimbursement of a like amount of indebtedIsland & Pacific
The New York Central has now offered to buy the short lines and when ness due that company.
-V. 122, p. 1165.
tee neogitations for them have been completed and other conditions complied with, this consolidation, representing 12,000 miles of railroad, will
Shelby County Ry.-Bonds.-go into effect.
-S. C. Commission June 23 authorized the company to issee,
The I.
The short lines affected are the Fonda Johnstown & Gloversville RR., $125.000 1st mtge. 5% refunding bonds, to be exchanged at par for a like
the Chicago Attica St Southern RR. the Ulster amount of lst-mtge bonds which mature July 1 1929.-121, p. 2872.
he Federal Valley RR.,
'
& Delaware RR., the Boyne City Gaylord & Albena RR. and the Owasco
Elver RR.
Tennessee Central Ry.-Bonds.-S. 0, Commission June 25 authorized the company to issue
The I.
in part:
The report of the Commission says
gold bonds, series B, in partial reimbursement
On Feb. 2 1929 the President of the New York Central addressed to the $410,000 of 1st mtge. 6% bonds to be sold at not less than 95 and interest.
for capital expenditures; the
principal executives of the short line carriers concerned, except the Owasco, -V. 128, p. 3182.
identical letters to the effect that the New York Central was then prepared
--Earnings.
to begin negotiations contemplated in our original report.
Toledo Peoria & Western RR.
1927.
1928.
It appears that conferences were then had between representatives of the
Calendar Years$2,179,189 $1,766,019
New York Central and of each of the short lines. It is stated that the New Operating revenues
1,530,263
1,643,700
Yerk Central made specific offers to acquire the various properties involved Operating expenses
145,023
226,741
for considerations deemed by it to be equal to their commercial value. In Taxes & rents
ne instance was the amount proffered acceptable to the short-line carrier
$90,734
$308.748
nor were the parties able to reach an agreement upon such commercial
Net rwy. operating income
10,649
9.965
value. Consequently, on March 6 the New York Central notified the Other income
ether parties, except the Fonda. that it desired to arbitrate the matter of
$101,383
$318,713
consideration and with such notices submitted drafts of proposed arbitraGross income
6J.000
60,000
tion agreements. Negotiations with the Fonda assumed a somewhat dif- Interest on funded debt
4,829
13.082
ferent aspect.
e
Other interest
4,057
3.048
In general, the agreements tendered for consideration of four of the short Other deductions
lines provide for determination, subject to our approval, of the commercial
$32,498
$242.582
value of the respective properties by three arbitrates's, for the selection of
Net income
one arbitrator by each of the parties to the agreement and of the third by -V. 127. p. 1251.
the two so chosen,for the conduct of the arbitration and the making of an
Virginia Central Ry.-Securities.award in writing,and for payment offees and expenses. It is then provided
that upon receipt of copies of the award, each party is to submit the same
The 1.-S. C. Commission June 22 authorized the company to issue
for our consideration, with such objections, if any, as it may have thereto. $215.500 common stock, (par $100) 1.105 snares thereof to be soldat not
If the award is approved by us, the New York Central will offer, in writing, less than par and the proceeds used to pay an 0 ual amount of existing
to acquire the property for a consideration equal to the commercial value indebtedness, and 650 shares to be exchanged for an e ual number of
se determined and approved. The other party is to have 30 days from the shares of the company's outstanding common stock issued without the
receipt of such offer to accept or reject the same. If accepted, the New commission's authorization.
firstYork Central forthwith is to apply to us for authority to acquire the propAuthority was also granted the company to issue $400.000 of
erty in accordance with the accepted offer.
mortgage gold bonds, to be sold at not less than par and interest, and the
-V. 128..
have been entered proceeds used to pay an equal amount of existing indebtedness.
Arbitration agreements containing these provisions
into by the New York Central with the Federal Valley. under date of March p. 2989.
25 1929, and with the Alpena under date of April 24 1929. The agreement
Wabash Ry.-Asks Fifth Eastern Trunk Line-Filed Apwith the Alpena takes into account a trackage agreement made or about to
be made between the Alpena and one J. R. Sensibar, of Chicago. From plication July 1 with I.
-S. C. Commission to Combine Nine
before us, it appears that two arbitrators have been chosen
information now
York-Chicago Termini-Opposed
in accordance with the agreement with the Federal Valley and that the New Roads into System with New
-See full details on precedYork Central has designated its arbitrator under the agreement with the to Four-Party Consolidation Plan.
Alpena.
-V. 128, p. 4318.
It has been mutually agreed between the Ulster'and the New York ing pages of to-day's issue.
Central that no separate agreement is necessary as our previous report
provides for arbitration in the manner prescribed in the proposed leases
PUBLIC UTILITIES.
and the applicable provisions of the leases adequately set forth the procedure
to be followed. In accordance with this understanding, all three arbi-Earnings.
Alabama Water Service Co.
trators have been chosen.
Years Ended May 31The Attica and the New York Central were unable to agree upon a form
$722,065
2792,09
of arbitration agreement. On April 18 the latter, in accordance with the Operating revenues
247.037
304,796
procedure prescribed in the proposed leases, gave to the Attica written Operation expense
34,698
33,011
commercial value of the Maintenance
notice of its desire to determine by arbitration the
67,588
78,619
Attica's properties In order to enable it to make an offer to acquire the prop- Taxes (excluding Federal income tax)
and of the selection of an arbitrator. Concurrence in the procedure
ertiee,
$372,683
$375.613
Net earnings from operations
has been indicated by notice dated April 24 1929 of the selection of an arbi1,318
1,447
lrator by and on behalf of the Attica. The latter has filed an answer con- Other income
premature and should be denied.
tending that the supplemental petition is
$374,001
$377,060
Gross corporate income
The situation as to the Attica seems somewhat similar to that in the case
193,000
Annual interest requirements on total funded debtof the Ulster.
.
Complete dissatisfaction of the Fonda with the New York Central's offer -V. 128. P. 3999
to acquire properties of the former led to the conclusion that it would be
Electric Co., Inc.-Acquis.
American Water Works &
necessary for the Fonda to apply to us for reopening of this proceeding to
The company has acquired the Alexandria Water Co.,serving the City of
take further testimony and hear argument in the matter of including in the Alexandria, Va., and portions of Arlington and Fairfax Counties. With
us the Fonda's electric lines, as well as the steam this acquisition the American company now owns and operates 40 water
condition prescribed by
uses. Such a petition was filed on April 11. In response to notice similar companies in 16 States, serving over 406,000 customers.-V. 128. p. 4319.
York Cento that given the Attica on April 27 the Fonda advised the New petition to
-Extends Payment Limit.
Associated Gas & Electric Co.
tral that the proposal to arbitrate was out of order because the
reopen was then pending before us. The petition was denied on May 6.
The company announces that it has extended the time to July 13 whereby
day the Fonda contends that no bona fide one-half of the subscription price of the company's class A stock on rights
By answer filed on the same
offerer was made by the New York Central to acquire the steam railroads could be paid by surrendering certain underlying securities of the system.
of the Fonda. that the New York Central has failed to comply with the Rights were given to class A and common stockholders to subscribe to
requirements of our previous report, and that the supplemental petition one share of class A stock for each four shares held at the close of business
is premature and should be dismissed. The Federal Valley also denies June 14. Payment may be made in full at $42 a share when accompanied
that there has been compliance with the condition. It is urged that there by rights or under a convenient payment plan arranged as follows: Upon
has been failure of agreement upon the commercial value of the Federal subscription, $10 per share; Oct. 15, $16; Jan. 15 1930. $16 a share. The
Valley's properties and likewise failure of determination of such value by rights expire on July 23 1929.
arbitration since the third arbitrator has not even been selected,and, thereConsolidated Statement of Earnings and Expenses of Properties Since Dates o
fore, that the New York Central has not yet made an offer to acquire the
steauisitton.
properties. Fearing that we may lose control over the subject matter,
-Increase-be denied. In
the Federal Valley asks that the supplemental petition
Amount. %
1928.
1929.
12 Months Ended April 30substance, this Is the position assumed also in an answer filed by the Ulster.
$11.718,449 29
subject to ultimate ap- Gross earnings and other income_ 352,618,711 $40,900,262
It seems clear the sense of our condition is that,
6,041,404 27
exp., maint., all taxes, &c..- 28.800.068 22,758,664
proval by us, the considerations equal to commercial value, payable by Oper.
the New York Central for properties of the short lines, are to be determined
$23,818,643 $18,141,598 $5,677,045 31
Net earnings
by arbitraby agreement between the parties, or agreement failing. then
5.447.478 dec911,663 17
4,535,815
tion. However, inadequate the initial offers of the New York Central may Underlying pref. diva. and int__
have been deemed by the short lines, once the fact of irreconcilable dis52
$19,282,828 212,694,120 $6,588,708 85
Balance
agreement became fixed it was the duty of the parties to resort to arbitra3,745,104
8,176,342 4,431,238
tion. Since provision for arbitration has or can yet be made by legally All other interest
York Central
34
enforceable contracts, and those contracts will bind the New
$11,106,486 $8.262.882 $2,843.604
Balance for dive. & dem ec
to make further offers in accordance with the awards of the arbitrators,
as approved by us, we think the contentions of the Attica, the Fonda. the Prov. for replace., renewals & 3,257.852
1,252.765 62
2,005,087
retire, of fixed cap. (deprec.)Federal Valley, and the Ulster are without merit. Certainly there is no
substance in the Federal Valley's observation that the third arbitrator has
$1,590.839 25
Balance for dim and surplus--- $7,848,634 $6.257,795
not been selected. The arbitration agreement between the New York
Central and the Federal Valley expressly provides that if the two arbitrators -V.128. P. 4319.
Alp
JULY 6 1929.]
FINANCIAL CHRONICLE
127
Appalachian Electric Power Co.
-Obituary.
N.
As provided in the present Federal income tax law, dividends
are exempt
McLean Seabrease, director, died in Philadelphia June 29.-V.
127. from normal Federal income tax. Dividends are not subject to Federal
p. 2364.
income tax when received by a domestic corporation.
,
Transfer Agents,
Equitable Trust Co. of New York, and office of the corporatio
n,
Arizona California & Nevada Telephone Co.
Registrars, Chase National Bank, New York and Continent Chicago.
- Bank & Trust Co. of Chicago.
al Illinois
The Public Utilities Consolidated Corp., which operates -Sale.
management, announces that it has purchased the above under Foshay
company, sunData from Letter of H. C. Orton, President of the
plying telephone service in every part of
Corporation.
Foshay interests have also purchased the mid-western Arizona. The
Company.
-Organized under the laws of Delaware in
Chloride Water Co., also
located in Arizona.
electric light and power,and (or) gas and (or) other public 1925. Furnishes
utility services to
122 cities and communities located in the States of Iowa,
Kentucky. LouisiBeaver Valley (Pa.) Water Co.
Oklahoma and Texas. Through subsidiaries.
-Notes Offered.-H.M. ana, Minnesota. Mississippi, of
controlled through ownership
Payson & Co., Portland, Me., recently offered $100,000 5 also serves 62 communities in more than 99% of all outstanding stocks,it
the States of Alabama, Missouri. North
- Dakota and
year 53'% gold notes at 98 and int., to yield 6.05%.
in New Brunswick, Canada. The total population of the
territories served by the system is approximately 331,000 and
Dated May I 1928: due May 1 1933. Red. all or part
the customers
on
at 102 and int. up to May 1 1931, and thereafter at par and 30 days' notice total more than 48,000. The combined annual electric output is about
bit. Company 28,000,000 k.w.h., the electric properties including 7 steam
will pay the normal Federal income tax up to 2%. Denom.
$1,000. Int. ing stations, 8 hydro-electric generating stations, and 1,397 electric generatpayable M. & N. 1 at the office of the Portland National Bank,
miles of electric
trustee, transmission lines.
sr at the office of the Chase National Bank, New York City.
As a result of the present financing the corporation will acquire,
and through a whollyowned subsidiary, all of the properties owneddirectly
Data from Letter of Vernon F. West, Pres. of the Company
by the
.
San Bois Gas Co. and Quinton Sooner Co. and all of the capital
Business.
stock of
-Company furnishes the water supply in the Beaver
Valley Quinton Relief Oil & Gas Co. These properties form a complete system the
(Fa.) District,including the Boroughs of Beaver Falls, Bridgewat
for
er, College the production and sale of natural gas at wholesale and retail in the eastern
Hill, East Rochester, Fallston, Freedom, West Mayfield,
portion of
Patterson Heights, Rochester, and Rochester Township. New Brighton, having at Oklahoma, and include leases on approximately 25,000 acres,
Company was
the present time 71 wells with a total open flow capacity ofapproxiorganized in 1902 and one or more of its predecessors have
engaged in this mately 245,000,000 cu. ft. daily. Total sales of these properties for the
business for more than 40 years. Population of the territory
12
supplied is months ended on March 31 1929 approximated 4,000.000,000 Cu. ft. The
approximately 50,000.
properties are adjacent to natural gas properties already owned and
operated
by the corporation in this territory and, therefore, will not only
Capitalization Outstanding.
add further
wholesale and retail consumers to the corporation's present
1st mtge. 5% bonds due 1932
$1,063.000 also place it in an extremely favorable position with regardsystem but will
5
-year 53 % gold notes
to gas reserves
300,000 to Provide for the increasing demands for gas in this district. It
7% preferred stock
is estimated
250.000 that the gas reserves included in the present acquisition approxima
Common stock •
te 165,
1,000.000 000,000,000 cu. ft.
Earnings Years Ertl. Dee. 311928.
1927.
1926.
CapitalizationGross operating revenues
Authorized. Outstanding.
$355,723
$313.965
$267,026 let mtge. & first lien gold bonds 534% series_ _
Non-operating revenues
$10,500,000
1.056
2,483
5,750 $7 Dividend preferred stock (no par)
120,000 shs. 80,000 shs.
Common stock (no par)
Total
50,000 shs. 40,600 she.
$316,448
$272,776
Operating expenses, maintenance & 6356,779
a Issuance of additional bonds restricted by provisions of the
mortgage.
taxes, except Federal income
Earnings.
-The combined earnings of the properties now owned
140,663
145,313
130,198 trolled
and to be owned or controlled upon completion of the present or conBalance
financ8216,116
$171,135
8142,578 ing for the year ended March 31 1929. were as follows:
Interest & aramtizatien
57,095
52,888
56,655 Gross earnings
Operating expenses, maintenance and provision for all taxes-- $4,375,770
Balance available for dividends,
- 2.528.566
Fed. income tax & depreciation_ $159,021
$118.247
Net earnings (before interest, reserves. &c.)
$85,923
Control.
-Company is controlled by ownership of over
95% of the com- Annual interest requirements and other deductions, including $1.847,204
mon stock by the Consumers Water Co.
-V. 121, p. 837.
amortization
642,500.
British Columbia Electric Ry. Ltd.-Acgui
Balance
sition.A Montreal dispatch June 29 says: By
Annual dividend requirements on 80,000 shares $7 dividend pref. $1,204,704
Corp., Ltd.. controlling the electricalacquisition of the National Utilities
stock presently to be outstanding (incl. this issue)
plants at Port Alberni, City of
560,000
Alberni, and other points the B.0. Electric Railway
has gained control of
Balance of earnings as shown above is equal to 2.1 times annual dividend
all Vancouver Island utilities with two exceptions
Ltd., operating in Nanalmo and Duncan, and the. the Canadian Utilities. requirements on the preferred stock to be outstanding upon completion of
development of the Canadian Collieries, Ltd., Puntledge hydroelectric this financing. After reserves for renewals and replacements at 5% of gross
which serves CourtenaY. revenues in accordance with the provisions of the corporatio
Now the 11. 0. Electric will control power in
seven of the twelve munici- Indenture, the balance is $992,210, equal to over one and n's mortgage
palities on Vancouver Island.
three-quarters
times such dividend requirements.
Through the purchase of the National Utilities
Corp. Ltd.,the following
-Proceeds will be used to provide
Purpose.
holdings are ceded to the B.0.Electric:
Port Alberni power plant, Cumber- make payment for the properties and leasespart of the funds with which to
land & Union Waterworks Co.,_ Ltd.: Royston
being acquired.
Light & Power Co.. Ltd.:
Management.
-Corporation has the benefit of the
Parksville Light & Power Co., Ltd.
of Utiti-V. 126, P. 3296.
ties Power & Light Corp., through that corporation's management common
control of its
stock.
-V.327. p. 3088.
Brooklyn & Queens Transit Corp.
-New Surface
12 Months Ended March 311929.
System Starts in Brooklyn.
1928.
Dividend income-Stock dividends
87,993.768 84,364.831
The Brooklyn k Queens Transit Corp.
Cash
595,093
began operation July I of all Bond dividends
184.535
surface street railroads in Brooklyn and
interest
40,628
Queens heretofore separately Profit on sale of securities
31,783
operated by the Brooklyn City RR. and the
6.461,041
856.953
surface line subsidiary com- Syndicate profits
panies of the B.
-M.
-T. System, the Nassau
133,979
85.625
Island-Brooklyn RH., the Brooklyn Queens Electric RR. the Coney Miscellaneous,interest
149.066
50.128
County & Suburban RR.,
and the Coney Island & Gravesend
Ry.
The now company, which was incorporat
Total
$15,373,574 $5,573,856
controls South Brooklyn Ry., hitherto a ed in New York July 2 1929, Interest and discount
1,248,670
752,975
subsidiary of the B.
-M.
-T., Administration expenses. &c
which, in addition to owning certain passenger
158,343
116,127
freight carrier on the Brooklyn trolley lines.trolley lines, operates as a Federal taxes
557.0271
24,746
The new company will Miscellaneous taxes
also control the Brooklyn Bus Corp. which has
23,8171
pending an application
for a franchise to operate 16 bus routes in Brooklyn.
Net income
The now company and its affiliated companies will
$13.385,714 84.680,010
operate approximately
500 single track miles (235 route miles) of street
surface lines in Brooklyn
and Queens. These comprise all the surface lines
Balance Sheet. April 30 1929.
exception of 2.78 single track miles operated by in Brooklyn with the
Assets
Liabilities
Brunt Street & Erie Basin RR. and 4.02 single the receiver of the Van Investments, at average cost
Capital stock
track miles of the Man8431.223,799
hattan Bridge Three Cent Line.
Including valuation placed
Bonded indebtedness
19,532,000
The lines in Queens include the Grand St. Line
upon stock dividends by the
Notes & accounts payable
to
Flushing-Ridgewood Line,Metropolitan Ave., Richmond North Beach, the
board of directors
$69,608,394 Accrued liabilities, including 7,25.5,370
and Jamaica Ave.linos. The surface lines in Brooklyn Hill, Cypress Hills Central States Electric Corp.
provisions for Federal income
carry approximately
47% of all traffic on transit lines in that borough.
Preferred stocks, at cost:
taxes ($502,644)
875,773
Gerhard M. Dahl. Chairman of the Board of the 13.
5,815 shs. 7% cumul. pref.
-M.
Reserve for contingencies
-T., will serve in
200,000
the same capacity with the new corporation, and
stock issue of 1912
666,235 Surplus
William S. Menden,
16.667,911
-T. President, will hold a like post with the trolley
-M.
13.
12,300 ills cony. pref. stock,
ether officers are: George D. Yeomans, Vice-President & company. The
optional dividend series... 1.547,600
General Counsel
Fred C.Marston.Secretary and Treasurer. and James Addison,
Comptroller Syndicate participations-net
The directors of the new company are Frank Bailey,
advances
849,270
Matthew C. Brush,
Irvhir T. Bush, Daniel J. Creem, Mr. Dahl, William N. Dykman.
1,465,000
Charles Accounts receivable
liayden, David F. Houston, John
10,380
Id den.U.Hobart porter, Charlet, V. Jewell, Edwin P. Maynard, Mr. Prepaid expenses
.
S. Sargent, Arthur S.Somers,Frederick Unamortized discount on 5%
Strauss aid Albert H. WIggin.-V. 128, P. 4320.
Convertible debentures ser.
due 1948
1,276,090
Califolista Water Service Co.
Accrued interest receivable-Earnings.
18,823
Cash
Years Ended 5155 11313,061
1929.
1928
perating revenues
$2,079,786 $1,983.861
eration expense
Total
$75,754,855
Total
803,632
$75,754,855
843,062
aintenance
a 7% cumul. preferred stock issue of 1912: authorized and issued
104,447
126.479
axes (excludiag Federal income tax)
150,632
127,049 75,433 shares of $100 each. Serial preferred stock: authorized-750.000
shares of $100 each whereof outstanding: 102,490 shares
Net earnings from operations
81.021.074
ferred stock 6% series 84.564 shares convertible preferredcumulative pre$887,272
ther income
stock, optional
12.915
19.472 dividend series. Common stock: authorized-10,000,000 shares of
no
par value whereof issued-2,455.959.65432 shares.
Gross corporate income
$1,033,989
The corporation is obligated to deliver 62,540
8906,744
nnual int. requirements on total funded debt---348,600
Co. common stock at prices ranging from $77shares The North American
to $82 per share upon the
V. 128, p. 4320.
exorcise of purchase warrants outstanding exercisable on or
before May 1
1933. An option extending to July
exercisable at $50 per share
Central Maine Power Co.
has been granted on a further 28,84431 1937. The
-Legislation
.shares.
corporation has entered
into agreements to furnish to syndicates in which
president Walter S. Wyman in a circular to stockholde
it has participations
assage of the Smith-Carleton bill, which will come before rs urges the 18.259 7-27 shares General Realty & Utilities
the voters of
Corp. common stock and
88,750 shares Electric Shareholding Corp. common stock
able Sept. 9. He says in part.
at $17.50 Per
share and $30 Per share, respectively. 195,320 shares
"Under this bill export of power can only be carried on by
of the
ormed under it for that purpose. These corporations cannot corporations cumulative preferred stock, 6% series, are reserved for issue corporation's
develop any version
against conwar of their own and no power company in the state can sell power to
of 5% convertible debentures series due 1948, and
he export companies without getting a license from the Public Utilities exercise of stock purchase warrants on or before Jan. 1 1938: (or) upon
143.329.085
shares and 230.469.296875 shares common stock
oromission of Maine. In order to get that license the power
company
are reserved
lust enter into a contract with the state by which it binds itself to conform for issue against conversion and stock dividend requirements respectively
of convertible
o all conditions laid down by the Utilities Commission and by the law. Preferred stock, optional dividend series.
-V. 128, p. 4152.
public utility company selling power under this law for export must
spend an amount equal to one-half of the income which it receives from
Central West Public Service Co.(& Subs.).
-Earns.
his source on lines for rural electrification up to a maximum of 8250,000 a
Consolidated Income Account for Year Ended December
ear for 10 years. In addition to this the state collects a tax from the
311928.
(Including earnings of properties since dates of acquisition
port companies of 4% on all revenues they receive."
only.)
Pres. Wyman says the passage of this law means more to Maine in a Operating revenue
$1.785.042
usiness way than any other law which has been before the people for a long Non-operating revenue
63.732
3824.
128. P.
Gross earnings
$1,848,775
Operating expenses
Central States Power & Light Corp.
-Stock Offered.
- Maintenance
1.009.409
additional issue of 20,000 shares $7 div. pref. stk. is Taxes-state. local, etc
167.146
70,320
syndicate composed of Chase Securities Interest on funded debt
eing offered by a
388,788
Interest on 1-year notes
orp., Pynchon & Co., West & Co., Central-Illinois Co., General interest (net credit)
43,170
26,823
nd W. S. Hammons & Co. at $95 per share and div., to Amortization of debt discount & expense
71.188
'old about 7.35%.
Surplus net income before depreciation
8125,576
128
FINANCIAL CHRONICLE
Pro Forma Statement of Consolidated Earnings.
(Giving effect to 12 months operation of properties now owned by the
company or to be acquired presently under existing contracts.)
1927.
Years Ended Dec. 31.*1928.
Gross earnings
$2,342,632 92,421,833
$1,275.472 91,326,357
Operating expenses
277,219
214,462
Maintenance
94,247
85,084
Taxes
$724,009
Net earnings before depreciation
9767,612
* The decrease in gross earnings for 1928 as compared with 192'7 is
accounted for by the fact that in 1927 the ice business in Dallas, Texas, was
conducted on a retail basis, while in 1928 it was on a wholesale basis.
Consolidated Balance Sheet-December 31 1928.
Liabiltifes-Plant, prop, rights
franchises, etc-917,225,156914,295,102 Pref. stock-ser. A 8324,500 z 2324,500
M scel. invest's- -_
1,527
1,527 Prof. stock,ser. B_ 1,155,000 1,000,000
105,000
Common Stock _a 5,800,000
Debt disc. & exp.
7,802,500 8,223,000
Funded debt
In process of
amortiz
637,708 Real estate mort &
637,706
purch.oblig. ___ 145,329
3,982
Special deposits- _
3,983
30,968
30,968
84,314 Purchase contracts
Organization exp
15.710
15,710
Prof.stk. corn.& exp_.
64.189 Customers' depos..
6,948
6,948
Paving assecsments
Prepaid (tools &
714,982
79,639
68,039 Notes payable_ _ _ 844,983
deferred charges
126,422
33,233 Accounts payable_ 254,576
Due from attn. cr
153,681
677.821 Accr.Int.& tax_ __ 134,631
492,163
Cash
15,385
15,001Accr. pref. stk. div. 15,385
15,001
Working funds __
54,084
50,930
6,609 Other curr. hob_ __
6.609
Notes receivable 2,120,754 1,722,855
358,744 Reserves
Acc'ts receivable- _ 358,745
137,793 3,299,812
260,387 Capital surplus_ _ _
Materials & suppl's 260,388
472,500
Paid-in surplus
240,909
240,909
Surplus
19,080,918 16,506,658
Total
19,080,918 16,506,658
Total
x Giving effect to certain changes in capital structure accomplished
subsequent to Dec. 31 1928 as well as certain property acquisitions accomplished since that date; also one property to be acquired presently under
-V. 127.
an existing contract. a Represented by 200,000 (no par shares).
p. 2525.
[VOL. 129.
The committee consists of Albert B. Merrill, (First Trust & Deposit Co)C
Syracuse, New York: Daniel P. Abercrombie, (E. H. Rollins & Sons),
Boston, Mass.; Harold C.Beatty, V.-Pres.,(Syracuse Trust Co.). Syracuse.
New York with Frederick W.Barker, Jr., 201 South Warren St., Syracuse,
N. Y., Secretary and First Trust & Deposit Co., Syracuse, New York
depositary and The First National Bank of Boston. Agent of the Depositary.
Digest of Plan of Reorganization.
•
-The bondholders' protective committee, shall cause
Foreclosure Sale.
the mortgage to be foreclosed and the mortgaged premises shall be purchased
by the committee.
-A new corporation snail be organized and incorporated
New Company.
in New York, to own and operate the mortgaged premises and any other
property which the company may acquire pursuant to the plan.
-New company shall hate an authorized capital stock
Capitalization.
not exceeding 92,000,000 (par $100)•
-New company shall authorize the execution and delivery to
Mortgage.
an appropriate trustee of a mortgage to secure an issue of $750,000 first
mortgage income gold bonds bearing non-cumulative int. at a rate not
exceeding 5% per annum payable only out of the net earnings.
-The mortgaged premises purchased by the comPurchase of Property.
mittee shall be conveyed to the new company in consideration of the receipt
by the committee of all of the 20,000 shares of the common stock and
the $750.000 first mortgage income gold bonds.
-All of the stock and 9500.900 of the bonds shall
Exchange of Securities.
be by the committee distributed and delivered to the certificate holders
participating in the plan in the proportions of First Mortgage income gold
bonds of the new company $200. Common stock of the new company
$800 par value for each $1,000 first mortgage 5% gold bonds of Lake Shore
represented by certificates.
Voting Trust.
-The Committee may, in its discretion, conclude that
it is advisable that the shares of stock to which the certificate holders
participating in the plan are entitled, be held in a voting trust for a period
not exceeding 10 years from the creation thereof, and it shall have the
right to establish such a trust and name the trustees.
The committee, in a letter to the bondholders,says in part:
Earnings of the road for the past two years have been as follows:
1929.
1928
Year' Ended Mar. 318449,100.53 425.776.29
Gross
44.496.56 30,504.81
Net,after oper. exp. deprec. and taxes
1,492,532
1,573.988
Number of ravenue passengers
-Earnings.
Funds received during the same period and their application:
Chester Water Service Co.
$100,076
The net earnings before depreciation were
1929
Years Ended May 318,870
9512,470 Reserve for accidents and damages
9536.283
Operating revenues
11,893
143,989 Received from sale of mortgaged property
133.750
Operationg expense
30,530 Cash, securities and other accounts taken over from tho Empire
23,537
Maintenance
State Railroad Corp. at the time of the receivership on April 28
17,709
12,516
Taxes (excluding Federal income tax)
13,299
1927
$320,240
9366,479
from operations
Net earnings
$134,138
Total
8,355
5,374
Other income
Application of Funds:
$328,595 Cash on hand in the name of the receiver of the Syracuse, Lake
$371.854
Gross corporate income
Snore & Northern RR.and the receiver of Empire State Railroad
135,000
Annual int, requirements on total funded debt
$ 74.049
Corp
-V. 128, p. 4001.
3,809
Cash with Irving Trust Co., New York, trustee
-Control Sought.
Liberty bonds and New York City stock deposited with State
Columbus Electric & Power Corp.
Industrial Commissioner to guarantee payments of compensation
-V. 128, p. 3824.
Corp. below.
See Commonwealth & Southern
12,025
claims
3,597
-Seeks Control of
Accounts receivable
Commonwealth & Southern Corp.
19,550
obligations
Paving
Columbus Electric & Power Co.
20,640
Additions and betterments to the property
The corporation has made an offer to acquire control of the Columbus Material and supplies, prepaid insurance, prepaid taxes and interest
12,371
'
Electric & Power Co. common stock on the basis of exchanging for each
on paving obligations
share of Columbus common stock four shares of Commonwealth & Southern
$148,141
common stock and two warrants to ,purchase Commonwealth & Southern
Total
12,003
common at $30 a share without time limit after Sept. 1 1929. The Colum- Less accounts payable, unpaid and outstanding on March 31 1929
bus stock must be deposited by July 15. although it may be extended to
$134,138
the option of Commonwealth & Southern Corp. Stone &
Aug. 30 at
Balance
Webster. Inc. is depositary.
Economies have been made wherever possible. The Oswego City Linos
••• Transfers and interchange of denominations of the certificates of stock and the Fulton City Lines have been abandoned. Operating expenses have
only at the office of the transfer agent, The Commonwealth been reduced through the consolidation of departments and the consequent
may be made
& Southern Corp., 20 Pine St.. and not at the office of J. P., Morgan az Co. cutting down of the number of employees. Taxes on real estate have-been
substantially reduced. The property, however, has been kept in good
-128. P. 4320.
operating condition.
-Interest and Dividends in 1929
Cuban Telephone Co.
Committee aolds more than 80% of tne bonds outstanding. If bondholders have not already deposited, they should do so at once, as otherwise
Not Subject to United States Income Tax.
they must necessarily accept tneir pro rata share of the proceeds of the for
-V.126.
The Commissioner of Internal Revenue has agreed that interest on closure sale and thenceforth give up their interest in the property.
bonds and dividends on stock of this company are to be regarded, for tax
2147.
purposes, as income from sources without the United States during the P.
-Earnings.
year 1929. Such income when received by a non-resident alien is not subFederal Water Service Corp.
1929.
1928.
ject to U. S. income tax during the year 1929.
12 Months Ended May 31913,578,777 $15.252,41
The following is taken from a letter received by the company from the Operating revenues
4,483,41
4,374,311
Commissioner's office under date of June 22 1929: "In reply you are ad- Operation expense
vised that inasmuch as you have shown to the satisfaction of the Com- Mainten. & deprec. (as provided in subs. cos.
1,417,95
1,294,335
missioner that less than 20% of your gross income was derived from sources
mortgages)
1,073,50
-year period ended Dec. 31 1928, you Taxes (excluding Federal income tax)
903,485
within the United States for the 3
have satisfied for 1929 the requirements of Section 119 (a), (1), (B) and
$7,006,645 $8,27731
(a). (2). (A) of the Revenue Act of 1928. Therefore, no tax is required
Net earnings from operations
462,11
422,978
to be withheld by you from interest on your bonds paid to non-resident Other income
aliens during 1929, and non-resident aliens receiving interest on your
bonds and dividends on your stock during 1929 should regard such income
$7,429,624 98,739,53
Gross corporate income
3,990.77
as income from sources without the United States. No tax is required to Annual interest requir. on funded debt of sub. cos
1,175,97
-V. 128, p. 3683.
be withheld from dividends on your stock."
Annual dividend requirements on pref. stock of sub. cos
155,00
Reserve for miscellaneous charges
-New
Edison Electric Illuminating Co. of Boston.
Director.
53.416,77
Balance
357,50
Annual interest require. on Federal Water Service Corp. debs985,61
Leavitt L. Edgar has been elected a director succeeding Oliver Ames, Annual div. require. on Federal Water Service Corp. pref. stk.
-V.128, P. 3350.
deceased.
$2,072,66
Balance
-Rights.
Electric Bond & Share Co.
-V. 128, p. 4001.
The directors have voted to offer pro rata to the holders of common
-Acquisition.
General Water Works & Electric Corp.
stock of record July 15 1929, the privilege of subscribing at $85 Per share
The Public Service Corporation of Missouri has authorized the Corpora
for one share of common stock for each six shares of common stock held
tion, a holding company, to buy and hold more than 10% of tho capita
by them, respectively.
Jeffers°
Certificates for integral shares of common stock to be issued July 15 1929 stock of the Sedalia Water Co.and of the Capital City Water Co. of shares o
acquire all of the 3,000
to stockholders of record June 18 1929, in payment of the stock dividend City. Under the order the Company willCompany for $700,000 cash, an
outstanding stock for the Purpose of the common stock of the Jefferson City
recently declared, will be included as
this offering, but fractional scrip issued in connection with such stock 11,807 shares out of the 11,850 shares of the common stock of the Sedali
dividend will not be so included. The holders of record July 15 1929 of Company for $470,725.
SecuriIt is stipulated in the order that the properties are to be operated sepa
certificates for common stock of the former Electric Bond & Share of con-V. 128. p. 4153.
ties Corp., which have not been exchanged under the certificate Bond ateiy and distinctly.
stock of the present Electric
solidation for certificates for common
-Extra Dividend.
Holyoke Water Power Co.
& Share Co. will be treated for the purpose of this offering as the holders
A regular quarterly dividend of $3 per share and an extra dividend o
of record of certificates for the number of shares of common stock of the
holders will be entitled to $2 on the capital stock were paid July 3 to holders of record Juno 28.
present Electric Bond & Share Co., which such
V. 127. p. 3244.
receive upon due surrender of their certificates.
Including the issuance of 144,229 shares in payment of the stock divi-Earnings.
Illinois Water Service Co.
dend distributable July 15 1929 (less such of these shares as are represented
1928.
1929.
Years Ended May 31by fractional scrip), and the issuance of 480,765 shares for sale to officers
$547,81
$606,037
provisions of the certificate of Operating revenues
and other employees as authorized by the
243,57
238,871
consolidation forming Electric Bond & Share Co there will be outstand- Operation expense
27,03
28,849
ing at the close of business July 15 1929, approximately 10,240,300 shares Maintenance
42,41
the issuance of Taxes (excluding Federal income tax)
47,943
of common stock. Accordingly, this offering will call for
approximately 1,706,716 shares.
8234,79
$290.373
Net earnings from operations
Warrants for whole shares which will evidence the rights of such stock1.33
893
holders to subscribe for one share of common stock for each six shares of Other income
stock held by them respectively (and fractional warrants which
common
8236,12
purchase full shares of
9291,265
Gross corporate income
will evidence the rights of the holders thereof to
125,000
common stock upon surrender of such fractional warrants in integral Annual int. requirements on total funded debt_ _ _ _
amounts) will be mailed to such holders of common stock as soon as pos- -V. 128, P. 4003.
sible after July 15 1929.
-Transfer Agent.
Inland Utilities, Inc.
Payment for subscriptions Is to be made direct at the office of the comThe Seaboard Bank, N. Y. City, has been appointed transfer agent
pany, 2 Rector St, N. Y. City, or through the office of the Guaranty
-V. 128, p. 4320.
Trust Co. of New York in London or Paris, on or before Aug. 20 1929.
the participating class A stock.
1929.
All warrants will be void after the close of business Aug. 20 Co., at the
-Directors.
International Power Co., Ltd.-Stk. Inc. cumulative r
The entire issue has been underwritten by Bonbright &
-V. 128. p. 4146.
offering price.
The shareholders have approved an increase in the 7%
shares. 8100 par, from 80,0
deemable 1st preferred stock to 150,000
150,00
shares, and in the no-par common stock to 220,000 shares from D. Bel
-Reorganization Plan.
Empire State Railroad Corp.
The following directors have been elected: I. W.=am,Russell
plan of reorganization providing for the formation of a corporation to 0. A. C. Bruce, W. H. Chase, G. MacGregor Mitchell, Victor E. Mitchel
A
take over the property covered by the 1st mtge. 5% gold bonds of the John H.Price, W.D. Ross,0.E.Smith, H.J. Symington,Fred R.Taylo
Syracuse. Lake Shore & Northern RR. has been submitted by the com- L. M.Wood and Fred C. Clarke.
-V.128,P. 4003.
mittee for the bonds.
JULY 6 1929.1
129
FINANCIAL CHRONICLE
own common stock. Since Dec. 31 1928 senior shareholders increased by
2.651, chiefly as a result of the over-the-counter sale of approximately
% preferred stock early in 1929. During this period the
85,000,000
increased by
In a survey of economic conditions in Italy for the first four months number of common stockholders was and exercise 1,478. which is attributed
of rights under the comthe corporation, Avv. Roberto Pozzi of in a large measure to the purehvse
of the current year, prepared for
pany's common stock par offering, subscriptions for which absorbed
Milan, states:
-V. 128, p. 4004.
The first four months of 1929 showed a continuous revival in all the 99.7% of the amount of stock offered.
indices. The major Italian companies have confirmed, and in some cases
-Earnings.
Pittsburgh Suburban Water Service Co.
improved their usual dividends. Industries engaged in exportation continue
1928.
1929.
Years Ended May 31
their process of cost revision by reorganizing their methods of production
$309.827
8302,536
in order to improve the positions already held in foreign markets, despite Operating revenues
117.979
112,369
the more difficult conditions of competition created by the new parity of Operation expense
26,523
17.097
Maintenance
the currency.
4,941
6,206
- Taxes (excluding Federal income tax)
The total amount of foreign trade increased during the period Jan.
April, 1929 in comparison with the corresponding period of last year. The
$153,992
$174,155
Net earnings from operations
surplus of imports over exports was also increased, by an increment of
1.271
972
about 600 million lire, which, however, is due almost exclusively to a Other income
greater quantity of raw materials imported for the industries.
$154,394
$175,128
Gross corporate income
During the same periods exports recorded a satisfactory increase which,
85,000
Annual int. requirements on total funded debt.-It is expected, will be maintained during the following months.
The production of electricity increased 11% for the period from Jan. -V.128, p.4004.
1 to March 31 1929.as compared with the corresponding quarter for 1928.-Tax Ruling.
Porto Rico Telephone Co.
V. 127, 9. 2679.
The Commissioner of Internal Revenue has agreed that interest on bonds
tax purposes,
-Harris Trust and dividends on stock of this company are to be regarded,for income when
-Bonds Offered.
Iowa Ry. & Light Corp.
during the year 1929. Such
& Savings Bank, Chicago, recently offered at 97 and int. as income from United States is not subject to U. S. income tax during
received by a non-resident alien
-year 5% gold bonds, series B. the year 1929.
$500,000 1st & ref. mtge. 20
The following is taken from a letter received by the company from the
Dated June 1 1926; due June 1 1946.
Commissioner's office under date of June 26 1929: "Inasmuch as you have
The corporation owns or controls and operates electric power and light, shown to the satisfaction of the Commissioner that less than 20% of your
gas, heating, street and interurban railway properties in Iowa, including gross income has been derived from sources within the United States for
those of the Iowa Railway & Light Co. The territory served includes the the 3
-year period ended Dec.31 1928, you come within the class of domestic
cities of Cedar Rapids, Ames, Marshalltown, Boone, Perry, Jefferson, corporations specified in Section 119 (a) (1) (B) and (a) (2) (A) of the
Marion, Belle. Plaine, Tama, Toledo, Nevada and Mount Vernon, and is Revenue Act of 1928. You are, therefore, not required to withhold tax
located in the heart of the Iowa corn belt. The population served is esti- from interest paid during 1929 to nonresident aliens on your bonds, and the
mated at 269,000. Over ,14 of the present net earnings form the operation dividends on your stock paid to such aliens should be treated as income from
of the properties are derived from the sale of electric power and light.
-V. 128. p. 3686.
sources without the United States.
The proceeds of this issue will be used to reimburse the corporation for
-Acquisition.expenditures already made for extensions and additions to the properties.
Public Utilities Consolidated Corp.
-V. 128. P.
" See Arizona. California and Nevada Telephone Co. above.
Capitalization.
$8,500,000
Common stock
227. 1055.
9.121,357
Preferred stock
412,600
Gold notes
Rochester & Lake Ontario Water Service Corp.
1st & ref. mtge. Series A 53.58 due 1945
1928.
$4,600,000
1929.
Years Ended May 31
8529,975
$490.300
2,500,000 Operating revenues
Series B 5% due 1946 (Incl. this issue)
170,763
189.915
Iowa Railway & Light Co 1st & ref.(now 1st closed) mtge. 5s_ - a8,072,000 Operation expense
30.465
30,846
a 8500,000 of these bonds carry additional interest coupons at the rate of Maintenance
31.615
34.370
2% per annum, and $1.000,000 thereof carry additional interest coupons Taxes (excluding Federal income tax)
at the rate of 3% per annum.
$238.306
8293,996
from operations
of Earnings Years Ended April 30.
Nekearnings
Statement
4,923
2,003
1928.
1929.
Other income
Gross earnings
85.110,077 $4,879,103
8243.228
$295.999
income
Oper. exp., maint. & taxes
2.728.915
Gross corporate
2.902,671
125,000
Annual int, requirements on total funded debt....
Net earnings available for interest, depreciation,
-V.128. p.4004.
dividend, &c
$2,207,406 $2.150,188
-Definitive Bonds.
San Antonio Public Service Co.
Annual int. require. on $15,172,000 mtge. bonds
821.600
-V. 127, p. 2684.
Definitive bonds of the 87.500,000 1st mtge. and refunding gold bonds
-year 5's series B due January 1 1958, are now ready for delivery in
30
Marconi Wireless Telegraph Co., Ltd.
-Merger Ap- exchange for outstanding temporary bonds at the Bankers Trust Co..
-V. 126, p. 2313.
trustee, N. Y. City.
proved.Shareholders have approved the terms of the merger of the Company
-Earnings.
Scranton Spring Brook Water Service Co.
with British cable companies. Lord Inverforth, chairman of Marconi
's,
1928.
1929.
Years Ended May31announced that the necessary percentage of shareholders of all companies Operating revenues
$5,281,995 $4,208,714
-V.128. p.3684.
concerned had signified their assent to the proposed terms.
1,145,050
1,208,854
Operation expense
389,317
355,096
Maintenance
Massachusetts Gas Cos.
-Stock Issue Approved.
115.215
195,655
tax)
The stockholders on June 3 authorized an issue of 166,667 additional Taxes (excluding Federal income
at
common shares which will be offered for subscription to common holders
$3,522,389 $2,559,131
Net earnings from operations
par ($100) on the basis of two new shares for each three now held.
12,229
9.771
The proceeds are to be used in payment of current Indebtedness, loans Other income
to subsidiaries and additions to plant and properties. The right to sub$3,532,160 $2.571,360
corporate income
Gross
scribe expires Aug. 15 to holders of record June 15. Payment may be
on total funded debt.-- 1,629.075
made in full on or before Aug. 1 or in two installments, viz.: 850 on or Annual int. requirements
before Aug. 1 and the balance of 949.25 on or before Nov. 1-V. 128, P. -V.128. p.4005.
2992.
-New Alloys Plant.
Shawinigan Water & Power Co.
The newest subsidiary of the company,to be known as Shawinigan Stain-New England Public Service Co.
-Acquisitions.
recently commenced operations at Shawinigan
Ltd.,
The Company has purchased the Bethlehem Electric Co. and Lisbon less Steel & Alloys. new company is held by Shawinigan Chemicals, Ltd.,
of the
Light & Power Co. Both companies will be operated by the Public Service Falls. Control controlled by Shawinigan Water & Power Co.. and the
is
- which in turn first in Canada to confine itself to the manufacture of alloy
Co. of New Hampshire, a New England Public Service Co. subsidiary.
foundry is the
V. 128. p. 4321.
-resisting
steel castings of all descriptions, which include stainless steels, heat
steels, corrosive resisting steels, wear resisting steels, carbon steels, espeNew York Telephone Co.
-New Director.
cially annealed steels and duriron steels.
Walter P. Cooke of Buffalo has been elected a director.
-V.128. p.4321.
R. A. Witherspoon,the President of the new company,is general manager
while James L. Gibney, the Vice-President
of Shawinigan Chemicals,
New York Water Service Corp.
-Earnings.
steel
and general manager, is a Ltd..casting expert, who comes to the company
1928.
Years Ended May 311929.
directors are: James Wilson. Secretary-Treasurer:
Operating revenues
$2.515,631 $2,277,012 from Buffalo. The other
-V. 128.
Turnbull, of Toronto.
Operation expense
711,279 Julian C. Smith, W. S. Hart and Robert
715,476
Maintenance
85,040 isi• 1555.
'
106,844
Taxes (excluding Federal income tax)
202,116
227.195
-Merger.
Southern Indiana Utilities Corp.
-V. 125. p. 3063.
See South-States Utilities Co. above.
Net earnings from operations
$1.466.115 $1,278,578
12,401
Other income
50,943
-Reports InInternational Power Securities Corp.
crease of 11% in Electrical Production in Italy.
Gross corporate income •
$1,517,059 $1,290,979
Annual int, requirements on total funded debt---620.250
-V. 128, p. 4003.
North American Co.
-Makes Offer to Minority Stockholders of Washington Ry. & Electric Co.
-See that company
below.
-V. 128, p. 4322.
Ohio Water Service Co.
-Earnings.
Years Ended May 31
Operating revenues
Operation expense
Maintenance
Taxes (excluding Federal income tax)
1929.
8576.985
143,686
31.198
57.585
1928.
8.533.118
145,398
36,544
55,146
Net earnings from operations
Other income
$344,516
26.372
$296.030
22,925
Gross corporate income
Annual Int. requirements on total funded debt----V.128, p. 4004.
$370.889
165,350
$318.955
-Earnings.
Oregon-Washington Water Service Co.
Years Ended May 31Operating revenues
Operation expense
Maintenance
Taxes (excluding Federal income tax)
$594,461
226,981
•29.911
71.779
8552,685
203.268
30.727
67,768
Not earnings from operations
Other income
$265.789
2.009
$250.823
2,434
Gross corporate income
Annual int. requirements on total funded debt
-V.128. p. 4004.
$267.798
137,730
$253.257
-Stock Sale.
Pacific Gas & Electric Co.
The California Railroad Commission has granted an extension of time
until July 1 1930, to the Company for the sale of the unsold portion of
% 1st preferred stock, of which Company on May 31, had
$10,000400
sold $5,016,600, leaving unsold $4,983,400. In connection with the appliextension of time for the preferred stock sale, the Company
cation for the
asked that it be permitted to sell stock at not less than $24 a share. The
earlier limit was $24.50.
Stockholders.
Figures made public by the company reveal that ownership is distributed
among 53,197 stockholders, 33.157 of whom own preferred and 20,040
-New Utility System Organized
South-States Utilities Co.
Organization of this company to take over a group of telephone and
natural and manufactured gas properties located in Indiana, Mississippi,
Alabama and Georgia is announced by the First Guardian Co., the banking
house which has effected the consolidation. The new company, incorporated in Maryland, will construct and operate a system for the production and sale of manufactured gas in the cities of Gainesville, Dublin.
Fitzgerald. Cordele, Moultrie, Thomasville, and Bainbridge, Ga. In
addition, the company will acquire, directly or through subsidiaries, all
the assets and properties of the Southern Indiana Utilities Corp. which
supplies natural gas to Corydon, Laconia, New Middleton and other
southern Indiana cities, and all the assets of the South Central Telephone
Co., operating a telephone system in Alabama and Mississippi.
Capitalization of the new company will consist of 100,000 shares of
convertible preferred stock of which 60.000 shares are expected to be outstanding shortly: 200.000 shares of no par Class A common stock of which
4,000 shares will be outstanding shortly: and 100,000 shares of Class B
common stock, all outstanding.
According to the announcement by this banking house, financing incidental to the consolidation will be carried out shortly and will consist of an
offering of one-year 53•5% secured notes and 60,000 shares of convertible
preferred stock.
-Earnings.
Swiss-American Electric Co.
Interest, dividends commissions, etc
Expenses
Reserves for contingencies
$1,754,101
35,445
193,000
$1.525,656
Net profit
Balance Sheet April 30 1929.
Assets
Cash
Loans to subs. & others
Investments
$1.494,823 Capital stock
12,540,259 Ordinary reserve
12,591,784 Special reserve
Accounts payable
Dividends & Tantleme
Profit & loss account
:$17.794.600
2,895,000
4,130,200
281,411
1,476,159
49,496
$26,626,866
$26,626,866
Total
Total
x Represented 100,000 shares $6 cumulative preferred stock at 8100
nom. 200,000 shares class "A" common stock at Fr. 200 nom. and 400.000
-V. 127, p. 2090.
shares class "B" common stock at Fr. 1 nom.
Tennessee Central Service Co.
-Merger.
The Cities Service Co. has organized a company to be known as Tennessee
Central Service Co., to consolidate into one concern 10 of its electric light.
power, gas and traction subsidiaries operating' in upper East Tennessee.
Virginia and North Carolina. The new company is capitalized at about
$10,000.000.
130
FINANCIAL CHRONICLE
[VOL. 129.
The companies to be included in the merger are the Bristol Gas & Elec- ship, 5 main groups of public utility companies operating chiefly in large
trie Co., the Tennessee Eastern Electric Co., the Elk Park Light & Power centers of business and population in widely separated and industrially
Co.. the Erwin Light & Power Co.,the Butler Light & Power Co.. the New- diversified sections of the United States. Territories served have a total
land Light & Power Co., the Roane's Creek Light & Power Co., the Bluff area of 29,447 square miles, with a population of 6,250,000, and include
City Light & Power Co.. the Wautauga Power Co., and the Johnson City 932 communities receiving various classes of public utility service. The
Traction Corp.
electric properties in each group form a distinct interconnected power
In Permission has been granted to the new company by the Tennessee Rail- system.
road and Utilities Commission to Issue $5,500,000 of 5M % 25
-year mortgage
Dividends on the common stock of the North American Co.are currently
bonds, 16,000 shares of preferred stock and 35.000 shares of no par common paid in common stock at the rate of 23i% quarterly, viz., 1-40 of a share
stock.
for each share held on the dividend record date. Upon request the company acts for stockholders who wish to add to or dispose of their dividend
Tri-State Telephone & Telegraph Co.
-Earnings.
--stock. The closing sale price of the common stock of the North American
The net earnings for the five months ended May 31 1929, after deducting Co. on the New York Stock Exchange on July 2 1929 was $149.50 per share.
Interest on bonds and dividend on the preferred stock, totaled $444.473. A sale of the dividend stock at that price would realize cash approximately
The telephone properties and the investment in subsidiary corporations equal to $15 per annum on'each share of common stock of the North America
increased $589.755 since Jan. 1.
Co. Common stock of the North American Co. delivered in exchange on
Current assets as of May 31 aggregated $1,554,330, with current and or before July 31 1929 will be entitled to the quarterly dividend declared
accrued liabilities aggregating about 3783,000.-V. 128. p. 1729.
payable on Oct. 1 1929 to holders of record Sept.5 1929.-V. 128, p. 728.
Union Water Service Co.
-Earnings.
-
West Virginia Water Service Co.
-Earnings.
-
Years Ended May 31Operating revenues
Operating expense
Maintenance
Taxes (excluding Federal income tax)
1929.
$398,989
110,331
16,041
51.677
1928.
$393,024
110,532
16,632
46,966
Years Ended May 31Operating revenues
Operation expense
Maintenance
Taxes (excluding Federal income tax)
1929.
$781.189
299,296
37,576
85,986
1928.
$766,166
306,136
54,227
76,737
Net earnings from operations
Other income
$220.939
54,887
$218,894
55,479
Net earnings from operations
Other income
$358,331
2,872
3329,066
3,188
Gross corporate income
Annual int. requirements on total funded debt_ _ _
-V. 128, p. 4005.
$275,827
146,520
$274,374
Gross corporate income
Annual int. requirements on total funded debt----V. 128, p. 4005.
$361,203
176.100
$332,255
United Light & Power Co.
-Earnings.
(Including Consolidated Earnings of American Light & Traction Co.).
12 Months Ended May 31.-1929.
1928.
Gz'oss earnings of subsid. & controlled co's (after
eliminating inter-company transfers)
$86,267,674 $91,659,730
Operating expenses
39,016,220 38,369,394
Maintenance, chargeable to operation
5,654,160 6.220,183
Taxes, general and income
8,133,254
8,795,817
Depreciation
5,955,249 7,095,911
Net earnings of subsid. & controlled co.'s
$27.508,789 $31.178.425
Non-operating earnings
266,961
Net earnings, all sources
31,445,386
Int. on bonds, notes, &c., of sub. & controlled co.'s due public 11,940,685
Amortiz of bond & stock discts. of subsid. & controlled co.'s
887,017
Divs. on pref. stocks of subsid. & controlled co.'s due public &
propor. of net earns. attrib. to cora,stock not owned by co
8,605.950
Gross income, available to The United Light & Pow. Co_ __ $10,011,734
Interest on funded debt
2,975,437
Other interest
4,932
Amortiz. of holding co. bond discount & expense
132.427
Net income
$6,898,937
Class A preferred dividends
1,043,881
Class 11 preferred dividends
307.080
Balance available for common stock divs
$5.547,977
Earnings per share
$1.72
-V. 128. p. 4005, 3826, 3512. 3352, 3188.
Utilities Power & Light Corp.
-To Su'pply Natural Gas
to St. Louis.
-
INDUSTRIAL AND MISCELLANEOUS.
Cloak Strike Parley Called by Governor.
-Leaders of industry to meet him
July Sin effort to end tie-up. N. Y. "Times" July 4, p. 1.
Matters Covered in "Chronicle" of June 29.-(a) Retail food prices increased in May, p. 4235. (b) Canadian commerce reaches a new high
peak, p. 4237. (c) Activity in the cotton spinning industry for May,
p. 4240. (d) Growth of rayon production in United States, p. 4241.
(e) $3,000,000 credit granted by Dillon, Read & Co. to Ruhr Chemical
Corp., p. 4250. (f) N. Y. Stock Exchange begins installing new tickers,
p. 4251. (g) Governor Roosevelt of N. Y. names board to study public
service laws, p. 4257. (h) Big bank mergers arouse Congress; Democrats
will ask for Senate investigation of trend; fear money dictatorship, p. 4260.
(J. D.) Adams Mfg. Co.
-Dividend No. 2, &c.
The directors have declared a quarterly dividend of 60 cents per share
on the common stock, no par value, payable Aug. 1 to holders of record
July 15. An initial dividend of like amount was paid on May 1 last.
The company reports that earnings in the first 5 months were sufficient
to cover annual dividend requirements on 300.000 shares of common stock
outstanding. June sales were reported to be 20 to 25% ahead of June
1928. The company manufactures road grading machinery.
-V. 128.
Ir• 2464.
Adams Express Co.
-Acquires Trust Shares.
Announcement was made July 1 that the company recently acquired
through Hayden, Stone & Co. a substantial amount of the Class A common
stock of the Sterling Securities Corp. Hayden. Stone & Co. on May 23
purchased 100,000 shares of Class A common of Sterling Securities. With
Its recent purchase. It was announced, Adams Express has become the
-V.128, p. 4157.
largest stockholder in Sterling Securities.
-Rights.
Aero Corp. of Calif.
After nearly 2 years of investi7ation and study the Company has brought
Stockholders of record June 24 will be given the right to subscribe to
to a final conclusion arrangements for bringing natural gas to St. Louis and 164,000 additional shares of common stock. One additional share can be
environs for industrial purposes. The investigation disclosed that it would purchased at $2 for each share held. Rights expire July 6.-V. 128. p.4323.
be uneconomical to build sufficiently large pipe lines to supply gas for domes-Rights--Acquisition.
Ainsworth Manufacturing Corp.
tic purposes, there being such a great difference in the demand between the
summer and winter months, to say nothing of the widely fluctuating
Stockholders of record July 9 will have the right up to July 25 to subscribe
demand occurring daily throughout the year.
for one additional share of stock (par $10) at $40 a share for each
The industrial gas distribution system for St. Louis will be built by the five shares held.
The corporation has decided to issue the additional stock to finance the
Missouri Industrial Gas Co., controlled by the Company, which also controls St. Louis Gas & Coke Corp., and the industrial gas system on the East acquisition of the Joseph N. Smith Co. Both manufacture automobile
-V. 128, p. 3514.
Side will be built by the Cahokia Manufacturers Gas Co. which is con- accessories and are located in Detroit.
trolled by Illinois Power & Light interests. The gas Is being brought by
-Earnings.
pipe line from the Louisiana fields by the Mississippi River Fuel Corp.,
Air Investors, Inc.
which gets its supply under long-term contracts with the Interstate Natural
Income and Expenses for the Periodfrom January 1 1929,to March 31 1929.
Gas Co., the Palmer Corp.. the Hope Engineering Co., the United Carbon
dividends received and profits on Sale of
Interest earned,
Co. Moody Seagrave Gas Co., and others.
securities after allowance for Federal Income tax
$160,838
'
As has amen generally known, there has been a shortage of industrial gas in
22,527
the territory supplied by the St. Louis Gas & Coke Corp. The bringing of Expenses
natural gas to St. Louis under these conditions will not disturb the conNet income
$138,311
tractual relations between the St. Louis Gas & Coke Corp. and the Laclede
Balance Sheet of March 311929.
Gas Light Co., which purchases all of the gas made by the Gas & Coke Corp.
-V.128. p. 4323.
Assets
Liabilities.
$ 238.057 Reserve for Federal income tax$
Cash
131
• Washington Ry.& Electric Co.
- Call loans
-Offerfor Min. Stock.
1,200,000 Cony. pref.stock
3,240,000
The minority common stockholders have been given the opportunity to Investments at cost
3,130,482 Common stock, outstanding
exchange their holdings at the rate of one share of Washington company Accounts receivable
55,694
158,255 shares'
1,582,550
stock for 5 shares of common stock of the North American Co. on or before Subscriptions receivable
17,450
Subscribed 1,745 shares_ _ __
17,450
July 31 1929.
Miscellaneous assets
2,371 Earned surplus
148.788
Unamortized cost of financF. L. Dame, President of the North American Co., in a
315,000
ing
letter to the common stockholders of the Washington Ry.
Unamortized organization
expense
29,864
& Electric Co., July 3,
said in substance:
The market for the common stock of the Washington company Is greatly
limited due to the fact that less than 10.000 shares are owned by others than
the North American Co. Certain holders of such stock have therefore expressed the desire to exchange their holdings for common stock of the
North American Co., which is actively dealt in on the New York Stock
Exchange and enjoys a substantially broader market.
Holders of the common stock of the Washington company are now advised that those desiring to do so may exchange their holdings at the rate of
one share of such stock for five shares of the common stock of the North
American Co. provided they deliver the certificates for their stock to
Central Hanover Bank & Trust Co., 70 Broadway, N. Y. City, on or
before July 31 1929.
The North American Co. organized in 1890, is one of the oldest public
utility holding companies in the country. It controls, through stock ownership, five main groups of public utility companies operating chiefly in large
centers of business and population in widely separated and industrially
diversified sections of the United States. Territories served have a total
area of 29,447 square miles. with a population of 6.250,000, and include 932
communities receiving various classes of public utility service. The electric
properties in each group forms distinct interconnected power system.
Dividends on the common stock of the North American Co. are currently
paid in common stock at the rate of 23.5% quarterly, viz.. 1-40th of a share
for each share held on the dividend record date. Upon request, the company acts for stockholders who wish to add to or dispose of their dividend
stock. The closing sale price of the common stock of the North American
Co. on the New York Stock Exchange on July 2 1929 was $149.50 per share.
A sale of the dividend stock at that price would realize cash approximately
equal to $15 per annum on each share of common stock of the North
American Co. Common stock of the North American Co. delivered in
exchange on or before July 31 1929 will be entitled to the quarterly dividend
declared payable on Oct. 1 1929 to holders of record Sept. 5 1929.-V.
128. p. 78.
The market for the common stock of the Washington company is greatly
limited due to the fact that less than 10,000 shares are owned by others
than the North American Co. Certain holders of such stock have therefore
expressed the desire to exchange their holdings for common stock of the.
North American Co., which Is actively dealt in on the New York Stock Exchange and enjoys a substantially broader market.
Holders of the common stock of the Washington company are now
advised that those desiring to do so may exchange their holdings at the rate
of one share of such stock for 5 shares of the common stock of the North
American Co., provided they deliver the certificates for their stock to
-Central Hanover Rank & Trust Co., 70 Broadway, N. Y. City, on or
before July 31 1929.
The North American Co., organized in 1890, is one of the oldest public
*utility holding companies in the country. It controls, through stock owner
$4,988,919
Total
Total
14.088,919
* The corporation has also issued and outstanding common stock purchase
warrants evidencing the right to purchase 266,627h shares of common stock
at $10 per share on or prior to Nov. 1 1943. and has authorized the issuance
of similar warrants evidencing the right to purchase 872H shares of common stock with the common stock which has been subscribed for.
-V.12&
P. 3826.
Alpine Montan Steel Corp., Austria.
-New Directors.
-
Jacob Goldschmidt of the Darmstader Bank and Hans Fuerstenberg
of the Berliner Handelsgeselschaft have been elected directors.
-V. 128.
P. 3514.
Amalgamated Silk Corp.
-Earnings.
Earnings for 6 Months Ended April 30 1929.
Operating profit
Total income
Depreciation, etc
Net loss
Consolidated Balance Sheet April 30 1929.
AssetsLiabilities
54,679,406 Preferred stock
Property account
Sinking fund
373 Funded debt
Cash
167,004 Trade accept. payable
61,213 Accounts payable, etc
Accounts receivable
Inventories
2,010,089 Accr. int. payable
Prepaid insurance & int.- __
38,869 Contingency reserve
15,378
Deferred charges
Deficit
855,050
Total (each side)
-V. 128, p. 4158.
$398,672
440,574
452,818
312.244
$3,595,046
3,254.000
409,661)
525,815
37,951
5,000
$7,827,472
American Cirrus Engines, Inc.
-No Public Offering.
There is to be no public offering of Class A and B stock although Allied
Motor Industries, Inc., which recently purchased American Cirrus, will
offer to its stockholders and to the Class A stockholders of its subsidiaries.
Great Lakes Aircraft Corp., and Van Sicklen Corp., the opportunity to
subscribe to units of Cirrus stock comprising one share of Class A stock and
3i, share of Class B stock. William Robert Wilson Pres. of Allied Motors,
made this statement June 28, in answer to inquiries as to whether or not
rights to Cirrus would be publicly traded in.
"Allied Motor Industries. Inc.," said Mr. Wilson, "purchased a large
majority of the stock of American Cirrus Engines, Inc.. because it wished
to add to the group of operating companies in the automotive field which it
JULY 6 1929.]
,131
FINANCIAL CHRONICLE
already controls, this manufacturer of aircraft engines which holds rights of
manufacture and sale throughout the United States and its territories of the
famous British Cirrus engine, the most widely used power plant for light
aircraft in the world.
"The purchase was a private one, requiring no public financing but the
Allied board of directors, in the interests of their stockholders and the stockholders of the subsidiaries mentioned, determined to extend to them the
holdings..
right to share in the advantage which it is confidentlybelieved, will result
"
from the additions of Cirrus to Allied present
Mr. Wilson said that the Cirrus units would be priced at $21 and the
right to purchase one unit for each four shares held of Allied stock or the
Class A stocks of Great Lakes and Van Sicklen, woudl be extended to the
stockholders of these companies.
Shares Listed.
-
The Chicago Curb Exchange has approved for listing both classes of
-V. 128.
stock of the company and trading will begin within a few days.
P. 4324.
-Personnel Reorganized.
American & Continental Corp.
The interest acquired by the new group in the Handley-Page company
which controls the slotted wing patent, is seen as of particular significance
due to the world-wide reputation secured by this company and its patented
wings, which latter lend a stabilizing influence to airplanes taking off and
landing. Its importance is seen in the $875,000 paid by the Unitd States
Government after a year's investigation, for use of the patented wings,
In Navy planes, and in the £100,000 paid by the British Government for
the same privilege. The Governments of Germany, Argentina and Japan
are also reported negotiating to acquire the use of the Handley-Page patent
In their planes.
A partial list ofthe Britishers who willserve as directors of Anglo-American
Shares, Inc., includes Lord Herbert Scott, C.M.G., D.8.0.; Col. the
Master of Sempill, William F. Forbes-Sempill R.F.C.; Alexander A.
Mountbatten, the Marquess of Carisbrooke, G.C.B. G.C.V.O., and
'
Col. Arthur M. Grenfell. D.S.O. Serving on the advisory board will be
Capt. R. J. Goodman-Crouch and Prof. Alexander A. Klemin. Frederick
Handley-Page, President of the Handley-Page company, is expected to
serve on the advisory committee.
The American directors, in addition to Mr. Frear and Mr. Merritt.
Include H. N. WhIttelsey, C. N. Carver, H. S. Borden, R. R. Grant,
J. F. Mann, Ralph Cram,and George Palmer Putnam.
Public financing of Anglo-American Shares, Inc., will be,entirely in the
form of common stock, according to Mr. Frear, to give the public full
opportunity to participate in the company's earnings. The initial offering
will probably consist of 300,000 shares of no par common stock and will
be offered simultaneously in New York, Montreal and London. It will
be handled in this country through the American bankers for the company.
Freer & Co. and E. B. Merritt & Co.
Coincidentally with payment by the American Founders Corp. for a
half interest in the junior equity shares of the American & Continental
'Corp., the board of directors of the latter corporation has been reorganized
and officers have been elected, it was announced on July 2. Paul M.
Warburg, Chairman of International Acceptance Bank, Inc., will remain
as Chairman of the board, and F. Abbot Goodhue, President of International Acceptance Bank, Inc., will be Vice-Chairman of the board.
Louis H. Seagrave, President of the American Founders Corp., was elected
President of American & Continental Corp.
-Earnings.
Archer-Daniels-Midland Co.
The board of directors has been reorganized as follows: Frank L. Dame
1929.
1928.
(President of the North American Co.). George E. Devendorf (ViceNine Months Ended June 14President of American Founders Corp.), Marshall Field (of Field, Glore Net profit after depreciation and Federal taxes.-- $950,382 $1,390,528
480.852
213.712
& Co.), E. Stanley Glines (Vice-President of American Founders Corp.), Shares common stock outstanding
$1.54
$5.45
F. Abbot Goodhue and E. Carleton Granbery (of Harris, Forbes & Co.
Earnings per share
Edwin Gruhl (Vice-Pres. of the North American Co.), Erwin Rankin -V. 128, p. 2966.
(President of American & General Securities Corp.), Louis H. Seagrave
-Executive Comm.
Associated Dyeing & Printing Corp.
Warburg & Co., Hamburg, Germany).
and Dr. Ernst Spiegelberg (of M. M.
James P. Warburg (President of International Manhattan Co., Inc.).
The following directors have been chosen to form the Executive ComPaul M. Warburg and Don C. Wheaton (Harris, Forbes & Co.).
mittee: Harry Hough, Chairman, Harold G. Aron, Henry L. Bogert. Jr..
The officers of the corporation are: Louis H. Seagrave, President; Frank C. H. Dimick. Pres., is an ex-officio member of the committee.
-V. 127.
L. Dame, E. Stanley Glines, Erwin Rankin, G. B. Blaine and Hugh ro• 2959.
Knowlton, Vice-Presidents; W. T. Sheehan, Secretary and Treasurer;
-Units Separated.
Lawrence P. Carron, Assistant Treasurer; Stacy V. Jones, Assistant
Atlantic Securities Corp.
Secretary.
-V. 128. p. 4006.
Unit certificates representing $3 cumulative preferred stock with warrants and common stock can now be separated. International Acceptance
American Eagle Aircraft Corp.
-Expansion Program.
- Trust Co. depositary, has issued a notice that holders upon surrender
With its plant at Kansas City as the hub of a wheel, the company has receive sack certificates for the number of preferred shares with war:ants
under way one of the most extensive programs to provide for the demon- called for together with stock certificates for a like number of common
stration, sale, distribution and servicing of its machines to be yet under- shares.
-V. 128. p. 3354.
taken by any company in the aviation industry, according to announce-Shipments Increase.
ment to-day by Pres. E. E. Porterfield. Factory branches at New York.
Auburn (Ind.) Automobile Co.
Chicago. Minneapolis. Portland, Los Angeles, Dallas and Atlanta are to
N. E. McDarby announces that the company's shipments in June set
be placed in operation at the rate of one a week, which will place the com- a new record for any month with a total of 3,144 cars shipped. This is an
pany in a position to demonstrate its planes to any prospect in the United increase of more than 124% over June 1928. when 1,402 ears were shipped.
States or Southern Canada within a few hours. The branch in Los Angeles
May shipments were 3.039. In the calendar year 1928 Auburn's ShipIs already in operation and the Minneapolis branch will be opened this ments were 13.491. On June 19 of this year shipments had reached 13.530,
week. Each branch is to be in charge of a District Manager and will be or more in the first six months of 1929 than during all of 1928. More
manned with a licensed pilot and a factory service man. Three planes, tban 6 . of the cars shipped in 1929 have been straight eights.
-V. 128.
p 4324%
6
each equipped with a different type motor, the "Wright Whirlwind".
"Kinner" and "Curtiss 0x5" will be available for demonstration purposes
at each of these points and it is planned to establish assembly plants in
-Bonds
Augustinian Society of Illinois, Chicago, 111.
'
connection with the branches to facilitate distribution.
The company, it is said, already has in force an extensive sales organiza- Offered.-Stix & Co., St. Louis, are offering $277,000 5
tion throughout the country and is at present producing 11.8% of the 1st mtge. serial bonds at 100 and interest.
commercial biplanes manufactured in this country.
-V. 128. P. 3687.
Dated June 1 1929; due serially Dec. 1 1932 through 1949. Denems.
payable at the
Title &
and $500. Prin. and int. J. &
American-La France & Foamite Corp.
-New Director.
- $1,000Co. of Chicago, trustee. Red. all D.part on any int. Chicago4 weeks'
or
Trust
date on
Clifford Hemphill of Hemphill, Noyes & Co., has been elected to mem- notice at 102%, provided further that any bonds so called having less than
bership in the board.
-V. 128, p. 3827.
5 years to run to maturity, shall be called at a premium of %% for each
part thereof said bonds have to run.
American Machine & Foundry Co.
-Extra Dividend.
- Year orAugustinian Society of lillinois, a corporation, is a branch of the
The
The directors have declared an extra dividend of $1 per share on the Augustinian Fathers, a teaching order of the Roman Catholic Church. The
common stockln addition to the regular quarterly dividends of $1 per share Fathers came to Chicago in 1905 and established St. Rita's High School.
on the common and of 1%% on the preferred stock, all payable Aug. 1 to which is located in the southwestern part of the city, about 8 miles from the
holders of record July 19. On Dec. 1 1928, an extra of $1 per share was downtown district. The St. Rita Shrine is one of the best-known and most
paid.
-V. 128, p. 3515.
famed in the United States, and it is here that people from all over the
West gather each year for the Novena held during the month of May.
American Metal Co., Ltd.
-President Retires.
Devotions are also held every Thursday, attracting attendance from all
Carl M.Loeb, President, retired June 30. No successor has been selected. Chicago.
Mr. Loeb remains a director -V.128, p. 2995.
This issue is a direct obligation of The Augustinian Society of Illinois.
The corporation owns in fee simple a city block located at West 63rd St.
Anaconda Copper Mining Co.
-Bonds Called.
and South Washtenaw Ave. on which it constructed in 1923 six brick
The directors have called for redemption on Aug. 1 all of the 8102,846,000 buildings, including a church, schools, rectory and convent; a city block
outstanding 1st consol, mtge. series A 6% sinking fund gold bonds at located at West 63rd St. and Oakley Ave., occupied by St. Rita's College,
105 and the $1.276,000 7% cony, debentures at 110 [not 100 as previously and a 7%-acre tract of land in Aurora, Ill., with a church and high school
reported in the issue of June 221. Payment on the bonds will be made at building, The combined values of these properties are in excess of $5,000,(the Guaranty Trust Co., trustee, 140 Broadway, N. Y. City, oit4 at the 000 and the total outstanding indebtedness of the corporation, including
option of the holder, at the National City Bank, 55 Wall St., N. Y. City. this loan, is only $777,000.
Payment on the debentures will be made at the National City Bank,trustee,
These bonds are specifically secured by a closed first mortgage upon the
N. Y. City, or, at the option of the holder, at the Guaranty Trust Co.. property known as St. Rita's College, comprising approximately 5 acres
N. Y. City.
of land, or one entire city block bounded by West
St., Oakley Ave,
Holders of cony. 7% debentures have the right to convert their holdings West-64th St., and Clairmont Ave. Chicago, Ill. 63rd buildings thereon
The
Into common stock at the rate of one share of stock for each $65 of deben- are all 3
-story brick structures, and consist of a combination rectory and
'
tures so converted up to ten days prior to the date of retirement.
-room school building and gymnasium. All of the equipment is
chapel, a 16
modern and the school is an accredited high school for Illinois University
Exchange Offer Made to Stockholders of Andes Copper and
the North Central Association of Colleges and Secondary Schools.
Mining Co. and Greene Cananea Copper Co.
-
Aviation, Inc.
-Directors, Officers, &c.
The directors on July 1 agreed to offer an exchange of stock to shareThe company, which has been organized for the manufacture and distriholders of the Andes Copper Mining Co.and the Greene Cananea Copper
bution of airplanes, transportation of passengers and freight, and the
Co. in further strengthening Anaconda's position in the copper industry.
The Anaconda company, which already owns a majority of the out- operation of student training schools, has announced the election of Lorilstanding 3,582,379 shares of Andes and a large part of Greene Cananea's lard Spencer, former president of the Fokker Aircraft Corp. of America, as
outstanding 500.000 shares, offers 45-100 of a share of its own stock for President of B. G. Dahlberg. President of the Celotex Co., and a director
each share of Andes and 1% shares for each share of Greene Cananea. of several aviation companies, will be chairman of the board. Other
directors will include Arnold A. Schantz, President of the Stout
The offer will expire Oct. 1, John D. Ryan, Chairman, announced.
-D. & C.
Mr. Ryan said that operations at Andes in the first half of this year were Air Lines; Col. B. F. Castle, President a the Great Lakes Aircraft Corp.;
at the rate of 200,000,000 pounds of copper a year, but that recently output Alexander Klemin. Augustin J. Powers, Harold P. Borer, Brig.
-Gen.
had been curtailed. He stated that it was the intention to increase the M. D. Bryant, Walter Watson, Godfrey Dewey and James G. Alexander
capacity of Andes to 230,000,000 pounds a year. During the earlier part A. V. S. Olcott. President of the Hudson River Steamboat Co., is Viceof 1929 Greene Cananea was producing at the rate of about 75.000,000 President. William Knabe will be executive Vice-President; Samuel R.
pounds of copper a year, but output was held back somewhat by the Mexi- Bell, Treasurer and Stanley E. Gunnison Secretary.
Training schools at Lake Placid. N. Y., and Orlando, Fla., and a pascan revolution, he added -V. 128. p. 4324.
senger service between New York and Albany will be established soon.
doe company has acquired air landing rights to all Hudson River Day Line
The
-Exchange Offer.
Andes Copper Mining Co.
ks,
-V. 128, p. 4224.
See Anaconda Copper Mining Co. above.
Anglo-American Shares, Inc.
-International Aviation
Investing Co. Formed.
Definite announcement was made July 1 in London of the formation of
this company, to be incorporated in this country and believed to be the
most comprehensive international avaiation concern yet organized. It
has on its board of directors and advisory committee some of the most
important financiers both in England and the United States.
The announcement confirms reports circulated during the past week
that an American banker was in London negotiating with British financiers
and aviation leaders for purchase of substantial blocks of stock in such
leading companies as Handley-Page, Ltd.' A. V. Roe & Co.• Ltd., and
Rolls Royce Co., Ltd. This banker, Philip A. Frear, President of Frear
& Co.,cabled his New York associates and E. B. Merritt & Co..investment
bankers of Bridgeport, New Haven and Boston, that the company will
in no sense be a managing concern but will make substantial investments
In a selected group of British and American aviation companies in an
endeavor to combine the best of Europe's technique with the production
efficiency of this country. He added that it is the company's intention
to eventually branch out into other allied fields of automotive endeavor,
but that its initial effort will be in the aeronautical line.
While Mr. Frear advised his associates that full details of the companies
to be included in the project and the volume of stock to be held in each
were not ready for announcement, he revealed that negotiations have
been completed for the acquisition of substantial interests in Handleypage, Ltd. He added that similar stock acquisitions are planned in
Rolls Royce, Ltd., makers of automobiles and Diesel airplane engines;
A. V. Roe & Co. Ltd., producers of the Avro Avian light sport plane,
both English firms; and in Whittlesey Mfg. Co., Bridgeport, Conn.,
makers in this country of the Avian planes.
Aviation Securities Corp. of New England.
-Earns.
-
The company in the period from formation in March to and including
July 1,
-approximately 3% months-earned net profit of $60,443 after
non-recurrent organization expenses of $9,182. The former figure is
equivalent to approximately 40 cents a share on 150,000 shares and including
the latter, 46 cents a share. Interest received totaled $29,160; dividends.
$3,050; underwriting, $6,645 and profit from sales of securities. $36.583.
Securities carried at cost as of July 1 totaled $2,036,796 and call loans
amounted to $800,000, while cash stood at $222,885. Liquidating value
of the shares was $20.69 per share. Current market prices of portfolio
securities are considerably higher.
Of total investments, 29.1% were in the field of aircraft manufacture.
19.1% in engine manufacturer, 16.4% in accessories and supplies, 14.5% in
transport operators, 5.5% in airports and 15.4% in miscellaneous aeronautical securities.
-V. 128. p. 1732.
Balaban & Katz Corp.
-Dividends on Common Stock
Now Payable Quarterly, Instead of Monthly.
The directors have declared a quarterly dividend of 75c. per share on
the common stock and the regular quarterly dividend of $1.75 per share
on the preferred stock, both payable Sept. 27 to holders of record Sept. 16.
Previously, the corporation paid monthly dividends of 25c. per share on the
common stock.
-V.128. D. 2811.
Barker Bros. Corp.
-Earnings.
-
Five Months Ended May 31
Net profit after all charges and taxes
Earns, per share on 150,000she. corn.stock(no par)
-V. 128. p. 2634.
1929.
$203.226
$0.81
1928.
$179,953
$0.66
132
FINANCIAL CHRONICLE
(L.) Bamberger & Co.
-Acquired by R. H. Macy & Co.
-
See R. H. Macy & Co., Inc., below.
-V. 128, p. 1909.
Barnsdall Corp. (& Subs.).
-Earnings.
-
Fire Months Ended May 311929.
1928.
Profit before reserves
$5,919,939 $3,720,637
Depreciation, development and abandonment_
- 2,502.260 2,949,656
Minority interests
10,872
x8,849
Net profit
23,406,807
$777,830
Shares capital stock outstanding (par $25)
2,247.411
1.250,896
Earnings per share
$0.62
$1.51
x Loss applicable to minority interest.
President E. B. Reeser states that the company's working capital position
at the end of May showed a ratio of 4.55 of current assets to one of current
liabilities.
-V. 128, p. 4325.
Beggs Building, Columbus 0.
-Bonds Offered.
-Straus
Brothers Investment Co. Chicago, are offering $375,000
1st mtge. 6% leasehold gold bonds at par and interest.
These bonds are secured by leasehold and office building appraised at
$831,500. Based on leases already in force and under negotiation the
gross income will be $176,162. The annual net income is estimated at
$76.219. The bonds mature serially from 1931 to 1939.
Bendix Aviation Corp.
-Acquisition, etc.
Vincent Bend's has announced the acquisition of the Pioneer Instrument
Co., of Brooklyn, by the Bendix Corporation. Mr. Bendix said that the
purchase will be concluded with an exchange of stock, and that Charles H.
Colvin, who is general manager of the Pioneer Company, will be a director
of the Bendix Aviation Corp.
The executive committee consists of the following: Vincent Bendix,
Chairman; C. E. Wilson, W. L. O'Neill. J. C. Ferguson, W. L. McGrath.
W.J. Buettner, C. M.Keys. F. B. Rentschler, Jas. C. Wilson.
The finance committee will consist of Albert Bradley, C. 0. Mingier,
R.F. Hoyt,Paul H. Davis, W.J. Buettner, and Vincent Bendix.-V. 128,
P. 3688.
Berliner-Joyce Aircraft Corp. of Baltimore, Md.New Director.
George T. Leach, of A. B. Leach & Co., has been elected a director.
V. 128, p. 4325.
Blake-Clarke Co.
-Registrar.
The Central Hanover Bank & Trust Co., N. Y. City, has been appointed
registrar for 150,000 shares of common stock.
-V. 128. p. 4159.
Briggs & Stratton Co.
-Sales Increase Expected.Pres. Stephen F. Briggs states that shipments of gasoline engines for the
first half of this year will approximate 26,808 units,exceeding the company's
entire gasoline engine output for 1927 and representing a 40% increase
over the corresponding period of 1928. The company's gasoline engine
sales constitute about one-third of its total volume of business.
The company is enlarging its engine line by redesigning one of its portable
gasoline engines to develop four instead of 2 h. p. Capacity of the engines
ranges at present from M to 234 h. p. for use in operation of washing
machines, lawn mowers, garden cultivatots, garden tractors, water pumps,
sprayers, portable saws, air compressors, rail drillers and blower equipment.
Sales are particularly good in agricultural regions and isolated sections
where there is no electric power available, and its is believed the power
increase will open a latger field. The company at present manufactures
engines for more than 180 equipment companies.
-V. 128 p. 4325.
Brillo Manufacturing Co.
-Sales.
Period End. Apr. 30Sales
-V.128, p. 3830.
1929-1 Mo.-1928
$154,710
$171.036
1929-4 Mos.-1928
$736,221
$648,757
(Edw. G.) Budd Mfg. Co.
-Earnings.
-
The company reports for four months ended April 30 1929 a surplus of
2856.180 after charges. Federal taxes and preferred dividends, equivalent
to 83 cents a share on 1,031,352 no par shares common stock.
Pro Forma Balance Sheet April 30 1929.
[After giving effect to sale of 687,568 shares of common stock and paying
off of bank loans,and after giving effect to the payment of all back preferred
dividends and preferred stock sinking fund and the payment of a 25 cent
-cent extra dividend on common stock.]
regular dividend and a 25
Assets-Liabilities
21,911,713 Accts. payable, accr. payroll,
Cash
4,279,323 interest and taxes
Accts. and notes receivable
$2,596,557
Miscellaneous investments__
285,763 Advance in acct. cancellation
Inventories dc work in process 6.067,049
of contract
200,000
544,567 Bonded mtge. & deb. debt
Dies & fixt. (current produc.)
Prepaid insur..int. & taxes,ecc
127,307 Reserve for depreciation
6 017 538
3 544 1®
: :
167,585 Other reserves
Treasury stock & bonds
1,204,553
Investment in other cos
1,511,900 Preferred stock
7,616,460
218 Common stock
Cash in sinking fund
112.981,965
305,000 Surplus
Other assets
1,825,918
Plantsand properties
19,831,589
Deferred items
955,077 Total (each side)
$35,987,091
x Represented by 1,031,352 no par shares.
-V. 128, p. 4160.
Cambridge Investment Corp.
-Stock Offered.
-Cambridge (Mass.) Trust Co. recently offered 10,000 shares
class A common stock at $52 per share.
Dividends exempt from Normal Federal and Massachusetts income
taxes. Dividends payable quarterly.
Capitalization Authorized.
Common stock (without par value)
Class A
25,000 abs.
Class B
1.000 shs.
All shares of common stock irrespective of class share equally in the
earnings and assets of the corporation. The Class B common stock Is all
owned by the Cambridge Trust Co.
Officers.
-Alvan B. Hathaway, Pres. (Pres., Cambridge Trust Co.);
E. Willard Phippen, Treas. and Clerk (Treas., Cambridge Trust Co.);
Edward A. Davenport, Vice-Pres. (Vice-Pres., Cambridge Trust Co.).
Directors.
-The above officers and Stoughton Bell (director Cambridge
Trust Co.), Charles E. Cotting (Lee, Higginson & Co.) David H. Howie
(director Cambridge Trust Co.), J. Henry Russell (director Cambridge
Trust Co.),James J. Storrow Jr.(director Cambridge Trust(Jo.), Homer B.
Vanderblue (director Cambridge Trust Co.).
Company has been organized by the Cambridge Trust Co. to provide
for its depositors and others interested a medium of investment which will
make it possible for the investor to have ownership in a representative and
diversified selection of common stocks, bonds and other investments under
experienced and specialized management.
The funds of the corporation will be invested under the direction of the
board of directors. No limitations are placed upon the inveStment policy
of the corporation in order that the utmost freedom may be exercised in
the choice of investments. Shares will be sold only through the Cambridge
Trust Co. at its offices at 1336 Massachusetts Ave., Harvard Square, and
2078 Massachusetts Ave., North Cambridge, and will be sold without payment of any commission.
Manayement.-The corporation has entered into an agreement with the
Cambridge Trust Co. whereby the latter will serve the corporation as its
agent and depositary and will keep proper books of account and do other
clerical work incidental to carrying ontgeusnittheoaiionfor
on the business of the corporation for
eand
ejwor incidenaltoca
rgeranmofttenet worth of the
r
expenses
plus
i
disbursements of the Cambridge Trust Co. incurred or made in connection
with such services. In order to insure continuous management by the
Cambridge Trust Co. the voting control of the corporation is vested in the
Class B common stock which is all owned by the Cambridge Trust Co.
Marketability.
-A resale market for the class A common shares is assured
by the provision in the articles of organization under which the investor
may sell his shares to the Cambridge Investment Corp. at the net liquidating value less 1%•
[VoL. 129.
Campbell, Wyant & Cannon Foundry Co.
-Acquisition.
The directors on July 2 voted,subject to the approval of the stockholders
on July 12, to acquire the entire outstanding stock of the National Motor
Castings Co.. amounting to 22,000 shares. This is to be accomplished
by the issuance of 33,000 shares of authorized but unissued stock of the
Campbell company in the ratio of 134 for 1.-V. 128, p. 2813.
Carnegie Metals Co.(& Subs.).-Balance Sheet March
31 1929.Assets
Cash
$63,565
Accounts receivable
94,235
Ores dr supplies
79.611
Property acct.. power plant,
real est., mach. & bldgs___ 2.797,454
Ore reserves
2,255,175
Deferred charges
60,666
Total15,350,705
-V. 128, p. 1560.
Liabilities
Bills & accounts payable- -__
Funded debt
Capital stock
Surplus
Total
8790,249
240,000
2,313.670
2.006,786
$5,350,705
(A. M.) Castle & Co.
-Extra Dividend.
-
The directors have declared an extra dividend of 25c. per share and
the regular quarterly dividend of 75c. per share, both payable Aug. 1 to
holders of record July 19. On May 1 like amounts were paid.
-V. 128.
p. 2635.
Century Shares Trust.-Dipidends.-
The trustees have declared a semi-annual dividend of $1 in cash, payable
August 1 to holders of record July 1. The trustees have also declared from
the balance of net income for the year 1928 a dividend payable Aug. 1 in
participating shares of the trust to holders of participating and ordinary
shares of record July 1. Participating shareholders will receive one new
participating share for each 10 shares held July 1.
This is not a 10% stock dividend by reason of the fact that the number
of participating shares is increased more than 10%; the excess of 10% being
distributed to the ordinary shareholders under the provisions of the trust's
charter affecting both ordinary and participating shares.
-V. 128, p. 254.
Chatham Savings & Loan Co.
-Bonds Offered.
-Citizens
& Southern Co. of Savannah, Ga., are offering $100,000
6% 1st mtge. gold coupon bonds, series L, at 100 and int.
Dated July 1 1929; due July 1 1939. Callable as a whole on any int. date
upon 60 days' notice at 103 and int. Prin. and int. (J. & J.) payable at the
office of the company, or at the banking house of The Citizens & Southern
National Bank at Savannah, trustee.
Company.-Incorp. in 1885. Capital stock is $500,000. Dividends at the
rate of 6% per annum have been paid semi-annually on its capital stock
since organization in 1885. The great bulk of its funds are loaned on security
deeds which are first liens on residence properties located in cities in the
State of Georgia on a basis from 60% to 75% of the actual value of the
property and are reduced monthly.
Security.-These bonds are a direct obligation of the company, and in
addition are secured by an indenture of trust under which will be pledged
real estate notes secured by deeds of the character above described, the
present value of which on a 6% discount basis shall at all times be not less
than $135,000.
Purpose.
-Bonds are issued for the purpose of providing additional working capital for the company,and the proceeds will be invested in accordance
with the recognized policy of the company, which policy is fixed by the
directors.
-V. 128. P. 2096.
Cities Service Petroleum Co.
-Organized.
-
Cities Service Petroleum Co. has been organized in Delaware with capital
of $1,000,000. The new company, it is said, will conduct oil operations of
the Cities Service Co. in California.
Claude Neon S3uthern Corp.
-Southern Claude Neon
Companies Consolidate.
Through a consolidation of the Southern interests of Claude Neon Lights,
Inc., with the Elliott Claude Neon Lights of Florida and the Munn Sign &
Adv. Co. of Atlanta, the largest company in the entire South has been
formed to manufacture luminous tube electric signs and outdoor advertising
displays.
The name of the new company will be Claude Neon Southern Corp..
which will be licensed under me various patents of Georges Claude for the
States of Alabama. North Carolina, South Carolina, Georgia and Florida.
Claude Neon Lights, Inc., own the Claude patents which are being licensed
to the new company and have been vigorously protecting their position,and
the most important of the Claude patents has been recently validated and
declared infringed by several United States Federal Courts. It is the intention to institute further suits against so called non-infringing companies
which are operating in violation of Claude patent.
R. L. Kester, Jr., Vice-Pres. of Claude Neon Lights of New York, will
be president of the new company. The vice-presidents will be E. Frank
Munn, pres. of the Munn Sign & Advertising Co. of Atlanta; E. B. Elliott.
pres. of the Elliott Claude Neon Lights, Inc., and E. B. Elliott Co. of
Florida; Clark B. Davis, pres. of the National City Bank in Miami; and the
secretary-treasurer will be L. A.Corya,executive secretary of the Associated
Claude Neon Companies of North America. The above.officers, together
with W. T. P. Hollingsworth, pres. of Claude Neon Lights, Inc., of New
York, and Paul D. McGarry will constitute the board of directores.
The Claude Neon Southern Corp. will obtain the business of the two Florida factories at Miami and Tampa which showed an increase of 300% for
the second quarter of 1929 over the first quarter.
It will also secure the Atlanta plant of the Munn Sign & Advertising
Company which has been operating at capacity to serve the States of
Georgia and Alabama, North Carolina and South Carolina. Plans have
been approved for the enlarging of the Atlanta plant and the establishment
of new factories in Alabama and the Carolinas to care for present business
at the rate ofabout 81.200,000 a year and for the servicing of new territories.
The Munn Sign & Advertising Co. was organized in 1915 and is one of
the largest outdoor advertising companies in the South. The Elliott Claude
Neon Lights, Inc., was organized in 1928 and has hail remarkable success.
maintaining offices in Miami, Tampa, Jacksonville, West Palm Beach.
Orlando, Pensacola and St. Petersburg.
Coast & Valley Properties, Inc., Los Angeles.
-Bonds
Offered.
-Security-First National Co., Los Angeles, are offering 1,400,000 1st mtge.63% sinking fund gold bonds at 99
and int., to yield about 6.65%.
Dated April 1 1929; due April 1 1939. Principal and int. (A. & 0)
payable at Security-First National Bank of Los Angeles trustee without
deduction for normal Federal income tax up to 2%. Denom. $1,000 and
.
$500c0 Red. in whole or in part on any date upon 45 days' notice at 102
and int. Exempt from California personal property tax.
Data from Letter of F. W. Marlow, President of the Company.
Company.
-A California corporation will acquire title to a number of parcels of land in Los Angeles County, including 11 tracts located in or near
Burbank and Owensmouth in the San Fernando Valley and approximately
295 acres of choice coast property located directly north of the Pales Verdes
Estates and bordet ing on the Pacific Ocean. Of the 1.102 lots in the San
Fernando Valley, 913 lots have been sold at prices aggregating $2,427.369.
the balance due on the land sales contracts and first trust deeds being
11,261,764. The properties in the Burbank area contain 900 of the 1.102
lots and have been improved with streets, sidewalks and curbs, water, gas
and electricity.
The coast property of approximately 295 acres contains over 2,363 feet
of beach frontage and will be known as the second parcel of Hollywood
Riviera. The original parcel of about 300 acres of Hollywood Riviera
(which does not come under this bond issue) has been in the process of sale
for only a little more than one year, but during that time about 65% in
value and 75% of the tract has been sold, with wee aggregating in excess
of $4,500.000. While the new acreage has not as yet been formally opened.
advance reservations totalling about $250,000 have been made. Excellent
transportation facilities are provided by the Roosevelt Highway, the Coast
Highway and Redondo Boulevard.
Secursty.-Bonds will specifically secured, a direct mortgage on 1,086 of
the undeeded lots in the 11 tracts in the San Fernando Valley and on the
approximately 295 acres at the beach; and by assignment and pledge of
contracts ofsale and 16first trust deeds with unpaid principal balances agre-
JULY 61929.]
FINANCIAL CHRONICLE
gating $1.261.764. The real property which will secure these bonds has
recently been appraised by two well qualified appraisers, W. A. Aveyand
0. A. Vickrey. Based upon the lower of these two appraisals, namely
$3,391,234, this offering represents a 41.28% loan against the property.
Pledge Contraas.-About 96% of the principal and interest to be collected
on the $1,261,764 contracts and first trust deeds shall be placed in the
sinking fund and interest fund, respectively. On all future sales, about
96% of the interest collections shall be placed in the interest fund and about
48.8% of the sale price of each lot shall be placed in the sinking fund, the
remaining approximately 51.2% of the sale price being available for sales,
advertising and general corporate purposes of the company, for fees and
expenses incidental to the deeding of lots and transferring of title, and for
deposit into certain improvement funds.
Sinking Fund.
-Company will covenant to retire, through the sinking
fund or otherwise, this entire bond issue at or prior to maturity. It is
calculated that principal payments to be received on the land sales contracts
and first trust deeds which will be initially pledged will operate to ietire
these bonds a great deal more rapidly than Is required under the sinking
fund schedule.
Purpose.
-Proceeds will be used by the company to pay, in part, for
acquiring title to the approximately 295 acres of coast property, to pay
existing indebtedness, to further improve its properties and for other corporate purposes.
133
were those of the National Department Stores,for 11 units, 1 change maker
and 2 talking devices. Installations were made during the two weeks at
Rollman & Sons Co. Cincinnati, Ohio (one of the Hahn group of 4 units
and 2 talking devices; the May Co., Cleveland, Ohio, the largest department store in Ohio, of 30 units, 6 change makers, and 5 talking devices;
Sears, Roebuck & Co.,(3 stores) Chicago, Ill., 15 units, 3 talking devices;
and Scranton Dry Goods Co., Scranton,Pa., 18 units and 2 talking devices.
-V. 128, p. 4162.
Columbian Carbon Co.
-Extra Dividend.
-
Consolidated Instrument Co. of America, Inc.
-New
Director.
General T. Edward Hambleton has been elected a director succeeding
the late Col. John A. Hambleton.-V. 128. p. 4162.
-Contracts.
Construction Materials Corp.
The company reports receipt of sand fill contracts from the Youngstown
Sheet & Tube Co., at Indiana Harbor; the Great Lakes Steel Corp. at
Detroit, and the Newton Steel Co. at Monroe, Mich., calling for more than
3,000,000 cubic yards of materials and involving the building of new land
along the shore of Lake Michigan for use as,additional plant sites. J. R.
Sensibar, Pres., reports contracts on hand which will keep its entire equipment 100% occupied for all of 1929 and part of 1930, including the paving
and commercial sand and gravel divisions as well as the sand fill work.
-V.128, p. 1235.
The directors have declared an extra dividend of 25 cents per share
and the regular quarter dividend on $1 per share, both payable Aug. 1
-To Spend $5,000,000 on
Continental Can Co., Inc.
to holders of voting trust certificates of record July 15. Like amounts
were paid on Feb. 1 and May 1 last. From Feb. 1 1923 to Nov. 1 1928 Plants:
Inclusive, the company paid regular quarterly divs. of $1 per share.
The company will spend $5,000,000 during 1929 on new plant construcV. 128, P. 3356.
tion and improvement to existing facilities, the largest expenditure for this
Purpose in any year of its history. Of this amount, $3,000,000 already
Columbia River Longview Bridge Co.
-To Open Late has been expended On the Pacific Coast additions will be made to the
This Year.
can manufacturing plant at San Jose and the machinery manufacturing
The Columbia River Longview Bridge between Longview, Wash., and plant at Seattle. At Clearing, Ill., additions to three buildings will maRainier, Ore., will be completed and ready for traffic early in December, terially increase productive and storage capacity. Other improvements
according to word received by J. & W. Seligman & Co. from Joseph J. include an addition to one of the Baltimore plants with additional shipping
Tynan, Vice-President of the Bethlehem Steel Co., which has the contract and rail siding facilities and additions to the Canonburg, Pa., plant and
for the bridge. Construction crews are working night and day. The the Syracuse plant. Most of these improvements will be completed before
-V. 128, p. 4327.
bridge was started in November 1928, and the concrete substructure com- the end of the current year.
pleted within seven months' time. The approach from the Washington
-Vice-President.
side, consisting of a bridge structure resting on piling, is complete. The
Continental Mortgage Guarantee Co.
bridge will be one of the most important links in the highway system of
-V. 128, P. 3519.
Philip W. Kniskern has been elected Vice-President.
the Pacific Northwest.
-V.128, P. 4326,
Comme/ce Investments, Inc., of Cincinnati.
-Stock
Offered.
-The Bank of Commerce & Trust Co., Cincinnati,
0., recently offered at $26.25 per share, 40,000 shares Investors' stock.
Capitalization
Authorized. Issued.
Investors shares
40,000
40,000
Managers shares
40
Transfer agent and registrar, The Bank of Commerce & Trust Co.
Company.
-Was organized to privide an advantageous investment
medium for the trust funds and clients of The Bank of Commerce & Trust
Co. The objectives are safety, with the gradual growth of principal, an
increasing income over a period of time, and the well known benefits of
nation wide diversification of investments. To accomplish this purpose
the funds of shareholders are combined in one fund under the constant
supervision and direction of experienced investment management.
Directorate.
-Stanley Mathews,President the Bank of Commerce &Trust
Co.; Edward W.Greeno,President the C.L. Greeno Co.;Earl M.Galbraith,
Cashier the Bank of Commerce & Trust Co.; H. N. Lape, President the
Julian & Kokenge Co.; W. Howard Cox, Secretary the Union Central Life
Insurance Co.; David G. Devore, Secretary the Fisher-Devore Construction
Co.; Powel Crosley Jr., President the Crosley Radio Corp.
Investment Counsel.-Haydock, Cressler, Lamson & Co.
Custodian and Depositary.
-The National City Bank of New York.
Investment Policy.
-The general policy of the management will be to invest
only in the seasoned and readily marketablesecurities ofleading corporations
supplying basic commodities and services.
Investments will be diversified industrially and geographically. In
order to follow the conservative purpose of the fund proportions of the
various classes of investments will be varied according to prevailing conditions, and will consist of government,• railroad, public utility, industrial
bonds, call loans and common stocks.
The investment counsel firm of Haydock, Cressler, Lamson & Co. has
been retained by the directors and the executive committee to aid and
counsel them in the supervision of the corporation's investments.
General.
-Investors and managers shares are alike in every respect except
that the right to vote is vested in the managers shares.
Managers shares have been issued to insure continuity of management
and do not carry any options or rights to buy stock of any class now or hereafter authorized, nor to participate in any greater dividends than Investors
shares.
No officer or director of the corporation may buy from or sell to the corporation any securities or profit either directly or indirectly in the purchase
or sale of securities. The Bank of Commerce St Trust Co., may not buy
from or sell to the corporation any securities except the shares of the corporation.
Management expenses are limited to clerical salaries, cost of investment
counsel and minor items incidental to management and should not exceed
1'7 annually.
0
Marketability.
-Upon written demand, any stockholder may require
the corporation to repurchase his shares at their appraised value, lees a
surrender charge of 1%.
An appraisal of Managers and Investors shares will be made weekly in
which cash assets will.be appraised at par, and securities at the last reported
sale.
Commercial Credit Co.
-Stock Increased.
The stockholders have approved the recommendation of the directors
(1) to create an issue of 1,000,000 shares of class A convertible stock. $50
par value, which shall have preference over common stock; (2) to increase
the authorized issue of common stock from 1,200,000 to 3,000,000 shares
of no par value, the greater portion of which is to provide for conversion
Into common stock of the class A convertible stock; (3) to authorize the
directors to issue from time to time all or any part of the shares of the
class A convertible stock and all or part of the common stock without first
offering common stock to common shareholders, although in the discretion
of the directors such stock may first be offered to common stockholders.
•
To Finance Packard Retail Sales.
-
The company has entered into an exclusive contract with Packard Motor
Car Co. to finance retail sales for Packard. Contract will bring to Commercial Credit a volume of business exceeding $20,000,000 annually, it is
-V. 128, p. 4327.
said.
Commercial Investment Trust Corp.-Ext. of Service.
The Company has extended its service to the Balkans by establishing a representative at Sofia, Bulgaria, for the purpose offinancing the products of
American and foreign manufacturers„sold on the deferred payment basis.
Representation in this European country places the Company in a position
to share in the business resulting from the rapidly growing exports of
American manufacturers to the Balkan countries and is part of the foreign
expansion program which was greatly advanced by the recent absorption
by Motor Dealers Credit Corp. with its extensive overseas organization.
The Company now has branches or representatives in every continent,
transacting business in more than 60 different countries, exclusive of its
network of 133 branch offices in the United States and Canada. and is
doing business at the rate of $400,000,000 annually with capital and surplus
of over 250,000,000. V 128, p. 4161.
Consolidated Aircraft Corp.
-Receives Large Order.
Major R. H. Fleet, President, announces that the corporation has received an order from the Navy Bureau of Aeronautics for 51 Standard
Navy Training planes. An order also was received for spare parts, the
-V. 128. P. 2814.
equivalent of 13 additional planes.
Consolidated Automatic
"Robot" Orders.
Merchandising
Corp.
-
The Company reports among the orders received from department stores
for Its "talking robots" salesmen during the two weeks ended June 26
-Semi-Annual Report.
Continental Motors Corp.
1929.
1928.
6 Mos. End. Apr.30$1,445,238 $1,777,300
Gross profits
242,371
355,807
Other income
1927.
1926.
Not stated.
Total income__ ------ $1,801,045 $2,019,671
Selling, acim. and other
924,056
847.190
raiscell. expenses
Operating profits---Interest charges
Depreciation
Fed.taxes for period- --
$876,988 $1,172,480
250,464
215,149
79,421
114,519
$972.919 $2,016,441
263,031
275,834
539,848
571,374
157.655
22.955
Net income
Dividends paid
6582,418
774,769
$807,498
703,198
$147.084 $1,011,578
692,338
704,338
$319,240
def$192,351
$104,300 def$557,253
Surplus
Shs. corn. stk. outstand2,113,000
1.760,845
1,760,845
ing (no par)
$0.27
$0.45
$0.08
Earns. per sh
Comparative Balance Sheet April 30.
1929.
1929.
1928.
Liabilities8
$
$
AssetsProperty account a14,963,141 15,374,239 Common stock-b23,497,239
6%% bonds
Patents, goodwill,
trade name, &c. 5,908,317 5,908,317 Purch. money obli9,942
741,116
gations
695,524
Investments
25,522
17,336 Accounts payable_ 1,458,377
Accr. int. recelv
Accr. payrolls, &c_ 532,379
Government bonds 1,502,934
3,607,411 4,675,279 Federal tax reserve 213,328
Cash
3,244
Notes & accts. rec_ 2,589,152 2,673,510 Deferred credits
10,394,361
73,640 Surplus
90,539
Sundry debtors.-5,748,451 6,256,397
Inventories
Prep. int., tax,&c. 977,879 1,573,214
1,760,845
$0.57
1928.
2
17,308,450
6,543,900
9,942
1,781,263
504,690
213,409
10,931,394
36,108,871 37,293,047
Total
36,108,871 37,293,047
Total
a After deducting $9,013,129 reserve for depreciation and accruing re.
-V. 128:
by 2,113.000 shares of no par value.
newais. b Represented
P. 3519.
Continental Oil Co.(Del.).
-Ruling.
-
The Governing Committee of the New York Stock Exchange at a special
meeting June 29. adopted the following resolution: Whereas the investigation made by the committee on arrangements has indicated that substantially all the transactions in the common stock of Continental Oil Co. of
Delaware supposed to have been made on the exchange on June 27 1929.
were transactions between parties believing that they were buying or selling
common stock of Continental Oil Co. of Maine, a security dealt in on the
New York Curb Exchange and not dealt in on the New 'York Stock Exchange; and, whereas,in the opinion of the governing committee it would be
In the public interest that such purported contracts for transactions made
on the floor of the exchange should not be enforced and should be cancelled;
resolved, that the governing committee. pursuant to the provisions of
section 5 of article 3 of the constitution, hereby extends and postpones
indefinitely the time for the performance of any contract made in Continental Oil common stock on the exchange on June 27 1929.-V.128, p.43271
-New Vice-President.
Corroon & Reynolds Corp.
Charles H. Holland has been elected a director and Vice-Presidene.V. 128, p. 4162.
-25c. Extra Dividend.
Credit Alliance Corp.
The directors have declared an extra dividend of 25c. per share and a
regular quarterly dividend of 25c. per share on both the common and
class A stocks, payable July 15 to holders of record July 1, Like amounts
were paid on Jan. 15 and April 15.-V. 128, p. 4162.
Crown Willamette Paper Co.(& Subs.).
-Earnings.
Period End. April 30-
4Months 12 Months 16 Months
1928.
1929.
1929.
Profit (excl. of diva. rec. from Pacific
Mills, Ltd.)
$1,740,597 $6,790,531 $8,531,127
Divs. rec.from PacificMills Ltd.:
Rec.in pref. stk., 4,575 shs. at par_
457,500
457.500
Rec, in cash
405,542
405,542
Cumul. diva, on pref. stk. acquired
by the company at Jan. 1 1926,
am-.to that date,cred.to inv. acct
Dr.352,905 Dr.352,905
Total income
Depreciation
Depletion
Bond interest
Federal income taxes
Net income
Divs. on 1st pref. stock
Divs. on 2d pref. stock
$1,740,597 $7.300,667 $9,041,264
442,976
1,496,677
1,939,653
87,404
586,329
673,733
389,490
1,150,019
1,539,509
107,312
410,333
517.645
$713,416 $3.657,308 $4,370,723
1,750,000
307,5130
Balance
Earned surplus at Dec.311927
Adjust,of prov.for Fed.inc. taxes prior to Jan. 1 1926
$2,313.223
2,611,061
Dr.144,679
Earned surplus carried to balance sheet
$4,779,605
Note.
-The above statement does not include$1,741.967 representing
the proportion of net earnings of Pacific Mills mited, since Jan. 1 1926.
applicable to stock of that company owned by Crown Willamette Paper
Company.
134
[VoL. 129.
FINANCIAL CHRONICLE
Balance Sheet April 30 1929.
AssetsLiabilities
Cash
$1,209,699
$807,205 Accounts payable
U.S. Government bonds_ _ _ _
588,414 Bond interest accrued
379,189
Demand loans
467,456
1,750,000 State & county taxes
Notes receivable
715,814
51,902 Prov. for Fed. income taxesAccounts receivable
3,036,121 1st mtge. sinking fund 6%
Inventories_
4
18,935,000
4,630,893 gold bonds
Invest Pacific Mills, Ltd_ _ 11,448,308 Notes pay, covering def. pay.
Miscellaneous investments- on timberland purchases
1,020,000
55,800
Sinking fund with trustees__
133,141
555 Reserve for contingencies
Land
x39.961,569
1,644,600 Capital & surplus
Timberlands
15,758,119
West Linn water power lease,
water rights, patents, &c
2,929,291
Buildings, mach. & equip
y19,837,265
Def. chgs. to future opers
$62,821,869
283,395 Total
x Represented by: 200,000 shares no par value 1st preferred $7 per share
cumulative stock, 41,000 shares no par value 2d preferred $6 per share
cumulative: stock and 1,000,000 shares no par value common stock.
3 After depreciation of $4,024,846.
,
Note.
-The company is contingently liable as guarantor on $4,301,200
bonds of Pacific Mills Ltd., which are secured by mortgagee on properties
of that company having a book value of approximately $16,000,000.
Income Account of Pacific Mills Ltd.for 16 Months Ended April 30 1929.
$2,411,097
Dross profit
Depreciation
1.007,362
Depletion
18,485
Bond interest
354,279
a
Prov. for Dominion & Provincial income taxes
166,500
Net profit for 16 months
Earned surplus at Dec. 31 1927
Total surplus
Divs on pref. shares from Nov. 1 1918 to Oct. 31 1928
Divs. on pref. shares from Nov. 1 1928 to April 30 1929
Divs. on ordinary shares (4%)
$864,471
5.673.743
History and Business.
-Company, a Michigan corp., is engaged in the
manufacture of non-metallic gaskets. Plant is located at Detroit. Company is the largest manufacture of non-metallic gaskets in the United States
and its market is with almost every trade where metal connections are used.
Company, which started in business in Jan. of 1924 with approximately
$25,000 of cash capital, has operated at a profit for each year of its history.
To round out and augment its manufacturing program, in Sept. of 1928
the company acquired the Springman Paper Products Co. of Detroit.
Earnings.
-Net earnings of the company are shown as follows:
Calendar YearNet After Taxes
on 143,750 Shs.
Corn. Stock.
Avail. for Divs.
1924
$0.69
99,719
1925
1.28
185.183
1926
179.886
1.25
1927
0.86
124,243
1928
1.74
250,924
-Jan. 1 to May 31
1929
*1.43
206,873
* For first five months of 1929, or at the rate of $3.43 per annum.
The earnings as shown above are after the deduction for Federal Taxes,
for each year at the tax rate applicable to that year, and have not been
adirs
ivtantathe e dirpgsenthaederltax rate.
rt3wer e ors Fve
declared their intention to place this
common stock on an annual dividend basis of $1.20 per share. The
initial quarterly dividend will be payable Oct. 11929.
Listing.
-Stock Motel on the Detroit Stock Exchange.
Balance Sheet as of May 31 1929.
Assets
Liabilities
$162,468.
Cash
$49,990 Accounts payable
12,058
Accounts receivable
231,634 Accrued expenses
77,095.
Inventories
122,468 Long-term liabilities
38,619
Marketable securities
5,452 Reserves
514,535
Fixed assets
354,268 Capital stock and surplus-_
Real est. not used in business
27,000
Deferred charges
13,964
$6,538,213
806,895
Total
59,595
300,000 -V. 128. p. 4328.
Surplus carried to balance sheet
$5.371,723
Balance Sheet of Pacific Mills Ltd. April 30 1929.
AssetsLiabilities
Cash
$79,605
$7,617 Bank overdraft
Demand loan
482.859
1,650,000 Accounts payable
Accounts receivable
288,102 Bond interest accrued
67,482
Inventories
1,748,404 Real & personal prop, taxes
Properties
61,947
x16,042,888
accrued
Bond discount & expenses of
Prov. for Dominion & Prov.
bond issue
73,671
135,366
income taxes
Miscellaneous expenses
12.308
68,717 Dividends payable
4,301,200
Bonded Indebtedness
Cumulative preference stock 1,990,300
7,500,000
Ordinary stock
5,371,723
Earned surplus
$804,775
Total
$804.775
De Forest Radio Co.
-Earnings.
Earnings for Six Months Ended Mar. 31 1929.
Sales
Coat of sales
Operating expenses
•
Net earnings
Other income
$976.486
477,658
341,395
$157,433
19,396
$176.829
.
Net profit
Earns, per sh. on 820,543 shs. cap. stk. (no par)
$0.21
Balance Sheet Mar, 311929.
.AssetsLiabilities
$2,329,217
Cash
960,215 Capital stock
120,132:
Call loans
150,000 Accounts payable
40,071
Accts. receivable
75,174 Accrued wages, &c
Total
$19,941,096
Total
$19,941,096 Inventories
600,000
287,702 Donated surplus
176,929
4,751 Earned surplus
x After derpeciation of $7,441,640 and depletion of timber limits amount- Investments
376,150
ing to $388,224.-V. 128, p. 3834
Machinery & equipment ____
Deferred charges
264,809
Curtiss-Wright Corp.
-Will Confine Activity to Manu- Patents & Patent rights
$3,266,349
2,047.548
Total (each side)
facturing-President Optimistic on Outlook.
-v. 128, P. 3357.
President C. M. Keys, prior to his sailing for Amsterdam June 28. stated
that although the aviation industry as a whole has slowed down a little as
EastmanKodak Co.
-Wage Dividend.
the piled up demand for planes and motors has been met by increased proWage dividends totaling $2,204,628 were distributed July 1 to about
duction, there is still a wholesome market for standard products of all sorts. 15,841 employees of the company, and its principal foreign subsidiary.
Mr. Keys also stated: "I expect the $2 dividend on the Class A stock of Kodak, Ltd. This will be the 18th annual distribution of the concern.
the Curtiss-Wright Corp. to be earned this year with plenty of margin to
In addition certificates for life insurance amounting to more than
spare. Since the announcement of the Curtiss-Wright merger we have 519,000.000 will be issued in accordance with the plan approved by stockreceived inquiries concerning the question of whether other air interests, holders in April.
-V. 128, p. 4329.
particularly transportation lines, in which Mr. Hoyt and I have more or less
-Sales.
power, are likely to be associated with Curtiss-Wright Corp.
Edison Bros. Stores, Inc.
"There is not the slightest probability that either now or at any other
•
y
Sales for June 1929 totaled $325,695 against $255,378 for June 1928. an
time any offer will be made to these companies to come into Curtiss-Wright increase of $70,317 or 27.5%. For the first six months of the year sales
Corp.
totaled $1,753,185. compared with $1,360.033 for the same period last
"We believe that the interest of the transportation companies is best year, an increase of $393,152 or 28.9%.-V. 128, p. 4011, 3358.
served by having a large divergency of interest in its ownership so that it
-Debenreceives support and friendly interest,from many sources. Neither of us
Edwards Dental Supply Co., San Francisco.
thinks that transport and manufacturing and sales can be best run by the tures Offered.-Sehwabacher & Co. and Wm. Cavalier &
same group of executives.
"Of course, there will be the friendliest possible relationship between the Co. recently offered $400,000 63/2% cony, gold debentures
transport companies and Curtiss-Wright Corp.. but the transport companies at
963/i and interest.
will be an open market for the products of all manufacturers.
Dated June 1 1929: due June 11939. Interest payable J. & D. at Bank
"Another question concerns the possible makeup of the board of directors
and executive committee of Curtiss-Wright. These boards have not been of Italy, N. T. and S. A., San Francisco, trustee, without deduction for
selected. In general they will follow the usual line of holding company normal Federal income tax up to 2% per annum. Red. on first day of any
boards. They will not, like the old Curtiss board, for instance, consists of calendar month on 60 days' notice at 105 and int, up to and incl. June 1
factory and engineering and sales officers. They will call upon the forces of 1930. thereafter and prior to maturity red. at 105 less M of 1% for each
the manufacturing and selling companies for technical information as year or fraction thereof expired after June 1 1930. California personal
needed, but the board of Curtiss-Wright Corp. will consist mostly of repre- property tax up to 4 mills refundable upon timely application. D)enom.
sentatives of the larger owners of the Company. They will, therefore, be $1,000co.
Sinking Fund.
-There will be a sinking fund of 50% of each calendar
mostly capitalists and bankers. The function of this board will be to make
year's net earnings (as defined in the Trust Indenture) after deducting an
general policies rather than to run particular businesses.
"Still another question that we have been asked concerns the possibility amount equal to $5 per share on the average amount of capital stock outof other manufacturing units being absorbed. We are not thinking of it standing during the year.
The sinking fund will be used to purchase bonds in the open market at or
at present, although we have had under consideration during the past
month several other such units. In general, our object will be to make an below the call price, or, if not so obtainable, to call bonds by lot. Bonds
almost complete line of planes and motors for every use. In some cases, the retired by conversion are to be credited against the sinking fund at their
filling of the line as time goes on may involve the purchase of other corn- par value. The company may at its option anticipate sinking fund payments
pants, but it is just as likely as not to come about through additions to the or make sinking fund payments in bonds at their par value.
Based upon the average earnings of the four years 1925-28. it is estimated
products now made under our control. Travel Air Co. has been made an
offer to enter Curtiss-Wright Corp. which it may or may not accept. We that the sinking fund would retire 44% of the Debentures by maturity.
Based upon 1928 earnings alone it is estimated that the sinking fund would
have not yet approached Sikorsky or Cessna.
"Pitcairn Aviation, Inc., embraces air mall operations and flying service retire 86% of the debentures by maturity.
Convertible into capital stock at the option of the holder at any time up
operations and has contracted for some ships for passenger service. Our
care about it at present is a complete survey of the possibilities of the passen- to 10 days prior to redemption on the basis of par value for the debentures
ger service. We hope to cut the passenger service schedule to Florida and $85 per share for the capital stock.
materially by establishing a cut-off in the Pitcairn system south of Richmond
-The same bankers offered 5,500 shares for
Stock Offered.
via the coast cities, Charleston, Savannah and Jacksonville. We are also
studying the possibilities of rail and air connections at Atlanta for a fast capital stock at 69 per share.
Dividends on Capital Stock.
-Dividends will be payable on the capita
passenger service to Florida points during the winter.
,
-M. Directors intend to declare the initial dividend on the capita/
"It is not possible to say at this time that National Air Transport will stock Q.
establish a New York-Chicago passenger line at any definite time. It will stock payable Sept. 1 1929 at the rate of $5 per share per annum.
Listing.
-Application will be made to list the capital stock.
certainly not do so until its engineering studies have proved that it is safe
1
CapitalizationAuthorized. Outstanding.
and probably a profitable thing to do.
% Convertible gold debentures
$400,000
$400,000
"There has been more or less of a turn in the market for water-cooled
Capital stock (no par)
shs.
*25.000 shs.
8,572
motors, stimulated. I think, by the very high performance of Curtiss and
*4.706 shares of capital stock have been reserved for conversion of tit
English motors, by the experiments with Prestone and, above all, by the
demand for motors so big in horsepower that the radial motor cannot do the debentures.
job without becoming so big as to be hopeless. There is plenty of room in Data from Letter of Thos. R. Edwards, Pres., San Francisco, May 44.
the aviation mote field for both water cooled and air cooled motors and the
History and Bustness.-Company has been organized in Del, and wilt
Intelligent thing to do is to develop them both to the fullest possible extent. acquire the entire capital stock except directors' qualifying shares of The
"The water-cooled motor lends itself to very high-speed military tactics Jas. W.Edwards Co. (Calif.). Company succeeds to a business established
and at low altitude, and will probably do even better at high altitude when In 1882. which dominates the dental supply field in Northern California
present developments are completed, and will also be found after a while to and Nevada. The business was founded 47 years ago with an initial capita)
be the dominant commercial type for very big horsepower. The air-cooled of $2,000. Since then the business has had a consistent and substantial
motor fits better into most of the other uses of aviation motors.
growth. In 1922 the net worth of the business was about $470,000:sales were
"Diesel development mill come through in time. It has been under $633,000 and net profits were about $50,000. The present net worth
development for many years. About four years ago the point was reached (before deducting debenture liabilities) is over $800,000; 1928 sales were
where all of us could go ahead and develop the Diesel if we wanted to, but over $1,100,000 and net profits over $125,000.
if we did it would have been with no patent protection. It did not look as
Earnings.
-The net sales and the net profits for
years 1925 to
though we could make anything out of it in the aircraft line. Packard has 1928. incl., after all charges incl. depreciation and the four taxes at 12%
Federal
gone ahead and I hope they will be successful. Of course, the main advan- have been as follows:
tage of Diesel is the elimination of fire risk and elimination of any interYear1925.
1928.
1926.
1927.
ference with, radio. The saving in cost of fuel is not important, as the cost Net sales
$907.757
$909,862
51,101.159
$974.610
of fuel is a small item in the cost of transportation,"
Net profits before deben_.
-V,128, p. 4328.
in & Federal taxes93;i33
92,875
143,543
110,386
Detroit Gasket & Mfg. Co.
-Stock Offering.
Time deben. int. earned_
3.60
.3.57
5.52
4.24
Mention was made in V. 128, p. 4328 of the offering of 57,500 shares Net profits after int. &
common stock by Wm. L. Davis & Co. at $20 per share. This stock has
Federal taxes at 12%
59.5.1
C58,814
103,396
74,211
been purchased from individuals. A bankers' circular further shows:
Net profits per share of
Transfer Agent: Fidelity Trust Co Detroit, Mich • Registrar: Union
capital stock
r6.95
16.86
12.06
•
8.66
Trust Co., Detroit, Mich.
Average earnings for the 4 year period before Federal taxes have been
Capitalization
Authorized. Outstanding.
4.23 timer 1.1) Mire interest and,;$8.6:ishare of capitalistock after all
Common stock (no par)
143,750 shs. charges.
200.000 shs.
ISII
JULY 6 19291
FINANCIAL CHRONICLE
135
Net sales for the first four months of 1929 were $345,701 compared to class A stock, showing for this period a net profit,
after depreciation and
$312,037 in the corresponding portion of 1928. an increase of 10.79%.
- Federal income tax reserve, of $165,368. Earnings are thus running at
-V. 128, P. 3691.
an annual rate of $16 per share class A stock, as compared with $12.98 in
1928
Epicure Food Stores Corp.
-Earnings.
For the period from Mar. 16 1929 to June 1 1929 the corporation reports
Balance Sheet April 30 1929.
a gross profit of $44,075, equal to 26 2-3%. and net operating profit of
AssetsLiabilities
$16,585, which is a trifle better than 10%. The company is now operating Cash on hand and in banks
$121,927 Notes payable
$5,784
13 stores, four of which were acquired during May. Total sales have Marketable securities
181,432 Accounts payable
75,135
averaged $3,000 daily. The board of directors has authorized additional Interest and notes receivable__ 12,578 Accrued items
payable
113.168
acquisitions and improvements.
-V. 128. p. 1405.
Accounts receivable less reserve_ 221,363 Capital and surplus
:681.857
71,070
Inventories
Equitable Bonded Mortgage Co., Philadelphia.
- Deferred charges
14,481
Bonds Offered.
-Biddle & Henry, Holman, Watson & Rapp Fixed assets
189,207
Total(each side)
63,885
$875,945
and Fitch, Crossman & Co. recently offered $1,200,000 1st Other assets
x Represented by 25.000 shares class A stock and 25,000 shares class B
mtge. coll.6% gold bonds, 5
-year series A,at 100 and int.
stock.
-V. 128. p. 4164.
Dated May 1 1929; due May 1 1934. Principal and int. (M. & N.)
(Marshall) Field & Co.
Payable in Philadephia at office of Provident Trust Co., of Philadelphia.
-Expansion Program.
trustee. Denom. of 21,000 and $500c5 Red. all or part on 30 days'
President James Simpson is quoted as follows: "The business outlook
.
notice at 101 and int. Interest payable without deduction for Federal in the Middle West and \Vest continues at a high level of prosty. In
normal income tax up to 2% per annum. Free of Pennsylvania Personal spite of adverse weather conditions, merchandising sales volume is in excess
Property tax of four mills.
of the splendid record of last year, judging from the figures reported from
our wholesale division and retail stores, which we consider a very good index
Data from Letter of Don Peters, Pres. of the company.
of conditions
Security.
-These bonds are the direct obligations of company, and are "Employmentthroughout the territory. Payrolls in practically all lines of
has been at a high level
secured by the deposit of collateral with Provident Trust Co., of Philamanufacturing have shown steady increases Production in the basic
delphia, as trustee under a trust indenture which provides that
shall consist of first mortgages of individuals, bonds or otherthe collateral industries has been at peak capacity with practically no abatement."
evidences of
"Our increase in capital investment this year will be close to $50.000.000.
indebtedness of the U. S. Government,the Commonwealth of Pennsylvania,
the City of Philadelphia. or the School District of the City of Philadelphia, The principal feature in our present program is the Merchandise Mart,
which Is to be the largest building in the world and which will house sales
cash, or certificates of deposit issued by The Philadelphia National Bank or
displays of hundreds of leading manufactures and distributors of merchanProvident Trust Co., of Philadelphia.
The indenture provides that the mortgages shall be on real estate located dise, along with our wholesale and manufacturing sales headquarters. We
feel that the opportunity for the efficient wholesale distributor of merchanin the County of Philadelphia or contiguous counties, and
presently to be improved by individual dwelling houses. improved or dise is improving, and we intend greatly to increase our wholesale facilities.
Construction
"Another important investment has been in the business of Frederick &
loans will be protected by surety or trust company guarantees
for comple- Nelson, the foremost department store in Seattle, which we purchased this
tion. Provision is also made for the substitution of
and surplus of the Equitable Bonded Mortgage Co. collateral. The capital month. We are building department stores in Evanston and Oak Park.
as of Dec. 31 1928, was two of the principal suburbs of Chicago. We have bought a number of
2566,919.80.
general merchandising stores in smaller cities and towns in the Middle
Valuation.
-The mortgages are limited to an amount not to
exceed 60% West."
-V. 128. p. 4164.
of the appraised value of the properties; and in actual
practice the mortgage
loans are about 50% of the conservative market value
(William) Filene's Sons Co.
-Injunction Continued.
The average par value of the mortgages now owned by of the properties
the company is less
Judge Franklin T. Hammond of the Superior Court heard arguments
than $6,000. Equitable Bonded Mortgage Co., has
agreed
ties upon which loans are made will be appraised by two that all proper- on and took under advisement the defendants' demurrer to and motion to
competent real strike out certain allegations of the bill in equity brought by Edward A.
estate appraisers.
Filene against Louis E. Kirstein, A. Lincoln Filene and Edward J. Frost
To Create Bond Issue.
-A special meeting of stockholders has been called to enjoin them from acting under the deposit agreement looking toward
for July 12 to vote on increasing the indebtedness of the
company to $10.- a merger of William Filene Sons Co. stock with that of two other concerns.
000,000 from nothing.
Judge Hammond continued in force for one week the temporary injunction
issued by Judge Gray, and said he would undertake to render his decision
Equity Investors
Co.,Inc. of Mass.
-Bonds Offered.- within that time. He stated that on July 8 the case could be set down for
S. W. Straus &
'
Inc. are offering at 99% and int., to hearing on the question of further continuance of the injunction.
-V. 128.
P. 4164.
yield about 6.07%, $5,006,000
10-year coll. trust 6% gold
bonds (with stock purchase warrants attached).
Dated July 11929; due July 11939. Principal and
int. (J & J) payable
at principal office of S. W. Straus & Co.,
tion for U. S. Federal income tax up to Inc., New York, without deduc2%, which the corporation will
agree to Pay, and with provision for
and the Mass, income tax up to 6%. reimbursement of Penn. 4 mills tax
Straus National Bank & Trust Co.
of New York, trustee. Red. all or part to the
extent of $1,000,000, upon
any int. date at 102 and int., upon not more
than 60 nor less than 30 days'
pulDlished notice. Denom. $1,000 and $500.
Stock Purchase Warrants.
-To each $1,000
detachable warrant, void after July 1 1932,bond will be attached a nonchase (and to receive voting trust certificates entitling the holder to purtherefor) 4 shares of Equity
Investors Inc. of Massachusetts at the following
prices, and a similar
warrant for two shares will be attached to
July 1 1930-$45 per share; thereafter and each $500 bond: On or before
per share; thereafter and on or before July 1on or before July 1 1931-$50
1932-$55
Data from Letter of George Putnam, President per share.
of the Company.
Organization.
-Company was organized in Mass.
general investment company, but it is planned to in June 1929, as a
invest principally in
the shares and (or) voting trust certificates
porated Investors. Equity Investors Inc. offor shares of stock of IncorMass, has received subscriptions for 125,000 shares of its common stock
less than $40.50 per share net, and will invest without par value, at not
the _proceeds to be received therefrom in thenot less than $5.000,000 of
purchase
certificates for shares of stock of Incorporated Investors.of voting trust
The proceeds
of this issue of bonds will be used to purchase voting
additional shares of Incorporated Investors, so that,trust certificates for
upon conclusion of
the present financing, the corporation will have invested
in the aggregate
not less than $9,500.000 in voting trust certificates
for
Investors, all of which certificates will be pledged stock of Incorporated
as collateral security
for these bonds.
Incorporated Investors is an investment
organized in 1925, whose average earnings corporation of Massachusetts,
realized
the past 334 years have amounted to over 374'% perand unrealized during
annum of the average
capital employed and whose investments on June 29
1929 are shown in
detail in the letter printed herein.
CapitalizationAuthorized.
Outstanding.
10
-year collateral trust 6% gold bonds
$5,000,000
$5,000,000
Common stock (no Par)
'310,000
1
'
125,000 shs.
There will also be outstanding warrants, void shs.
after July 1 1932.
evidencing the right of the holders thereof to purchase
30,000 shares of common stock of Equity Investors Inc. in the aggregate
receive voting trust certificates therefor) at the prices of Mass. (and to
set forth above.
(Such prices and the number of shares purchasable bring subject
to adjustment for the protection of the warrant holders in certain
rants for the aggregate amount of 20,000 shares will be cases.) Warattached to the
bonds, as above stated.
Voting Trust.
-To insure continuity of management, all
shares of stock, together with the 30,000 shares if and whenof the 125.000
issued against
the warrants, are to be deposited in a voting trust.
Listed.
-Voting trust certificates are listed on the Boston Stock
Exchange.
Security.
-The bonds are to be secured by the pledge thereunder
of
voting trust certificates for shares of Incorporated Investors
the use in the purchase thereof of the aggregate sum of not less acquired by
000 as above described. The sum of $9,500,000 amounts tothan $9.500,aggregate principal amount of the bonds. In this indenture, 190% of the
tion will covenant that the liquidating value shall at no time the corpora130% of the aggregate principal amount of all the bonds then be less than
outstanding
(such liquidating value being that fully defined in the
indenture): and it
will be provided that, if the corporation fails to maintain
trustee shall declare all the bonds immediately due and this ratio, the
payable. The
indenture will also contain provisions regarding the withdrawal of
collateral,
when and after the liquidating value (defined as aforesaid), of
shall be equal to or exceed 270% of the aggregate principal the collateral
amount of the
bonds then outstanding.
-V. 128. p. 4329, 1914.
Ex-Cell-0 Aircraft & Tool Corp.
-Finance Expansion.
-
An offering of 40,000 shares of no par common stock will be made within
a few days by Baker, Simonds & Co. This company is one of the largest
manufacturers of airplane engine and Diesel engine parts in the
country.
Over 70% of the company's entire output goes to the aviation industry.
The corporation was originally organized in 1919.
This financing will provide funds for increasing the size of the
plant,
and facilitate stepping up production on present lines, and the manufacture of several new products.
For the first five months of this year, net profits after all charges and
provision for Federal income taxes amounted to $208,859, equal to over
Si per share on the 200,000 shares of no par common stock outstanding.
Sales for the first five months of the year increased more than 270% over
sales in the same five months in 1928.
Federal Home Investing Co., Inc.
-Trustee.
-
The Empire Trust Co. has been appointed trustee under an indenture
dated June 1929 securing an issue of *2,000,000 6% collateral convertible
gold bonds.
Ferro Enameling Co.
-Sales Increase.
-
The company's May sales were 70% greater than those in May
and 6% greater than those in Jan. 1929, the previous peak month. 1928.
The
company earned in the 5 months ended May 31 $6.61 per share on its
Financial Institutions, Inc.
-Stocks Offered.
-Old Colony Corp., Stone & Webster and Blodget, Inc., and Ireland
& Co. recently offered 13,600 units, each unit consisting of
one share 6% cum. pref. stock (par $100) and one share
common stock (no par),represented by allotment certificates,
at $112-per unit.
Dividends Exempt from present Federal normal income tax.
-Preferred
stock has preference both as to assets and divs., and shall be entitled in
priority to the common stock, to $110 a share plus dive. upon voluntary or
involuntary liquidation. Red. whole or in part, on any div. date, on 60
days' notice at $110 per share plus div. Dividends cumulative at the rate
of 6% per share per annum, payable (Q.
-F.) Transfer Agent, Old Oolony
Trust Company.
-The offering is in the form of allotment certifiAllotment Certificates.
cates representing Units consisting of one share of preferred and one share of
common stock. The sharer themselves cannot be transferred separately
until Feb. 18 1931, unless an earlier date for their transfer separately is fixed
by Old Colony Corporation.
Data from Letter of Guy P. Gannett,Pres. of the company.
Compang.-Is a Maine corporation with power to buy, hold, sell and
and otherwise deal with investment securities (but so limited by its by-laws
that not less than 80% of its assets, exclusive of cash on hand or on deposit.
shall at all times be invested in shares of national banks and-or trust
companies). Company will own and hold not less than a majority of the
capital stock of the Fidelity Trust Co.. of Portland. Me.,the Augusta Trust
Co., and the First National Granite Bank of Augusta, Me.
CapitalizationAuthorized. Outstanding.
6% cum. pref. stk. (par value $100)
13,600 shs.
25,000 shs.
Common stock (no par value)
125,600 shs.
130,000 shs.
Bo long as any preferred stock is outstanding, the company shall not
create any funded debt, or incur any indebtedness whatsoever maturing
more than one year from the date thereof, except by affirmative vote or
written consent of two-thirds in interest of all preferred stock at the time
outstanding.
Earnings.
-Upon the basis of audited statements for the last three years,
the average annual earnings, applicable to the bank shares to be held by
Financial Institutions, Inc. were equal to more than 3.77 times the annual
dividend requirement on the 13,600 shares of preferred stock. Similar
figures for 1928 were equal to more than 4.38 times such annual dividend
requirement. After deducting this requirement from the above average
figure for the past three years, the balance applicable to the 125,600 shares
of common stock was equivalent to $1.80 per share, and the balance for
1928 was equivalent to $2.19 per share.
Li4uidating Value.
-After deducting an allowance deemed adequate for
doubtful loans, the bank shares to be held by Financial Institutions, Inc..
have an estimated liquidating value as of March 1 1929 of $2,372,017. or
over $174 per share of preferred stock and $8.18 per share of common stock,
after deducting the preferred stock at $100 par value.
Preferred Dividend Reserve.
-Company covenants to create a dividend
reserve in the interests of the preferred stockholders. This dividend reserve
shall amount to 10% of the balance of net earnings remaining in any one
Year after payment of dividends on preferred stock, and shall accumulate
until it equals at least two years' dividend requirements on all outstanding
Preferred stock; thereafter the company shall not declare or pay any dividends on its common stock which shall reduce its dividend reserve below
this level.
The dividend reserve shall be represented by cash and-or readily marketable securities of Government or business organizations unaffiliated with the
company.
Directors.
-Guy P. Gannett, Pres., Walter S. Wyman, Treas.,Leonard
A Pierce. Spaulding Bisbee, Edwin R. Marshall
Foundation Co. of Canada, Ltd.
-New Directors.
-
Frank M. Ross, F. G. Rutley and John W. Doty have been elected
directors F. G. Rutley has been elected a Vice-President.
Balance Sheet April 30 1929.
Assets
Liabilities
Land, plant, &c
$1,147,057 First preferred stock
$360,000
Good-will
200,000 Second preferred stock
250,000
Inventories
17.948 Common stock
300,000
Accounts receivable
1,125,252 Bank loan
100,000
Inv, uncomp. cent
55,551 Accounts payable
962,917
Cash
215,393 Dividends payable
10,675
Investments
126,901 Tax reserve
19,706
Accrued interest
2,430 Depreciation reserve
261.819.
Deferred charges
4,172 Reserve for uneomp. contrts_ 279,867
Surplus
349,728
Total
$2.894,714
Total
62,894,714
Our usual comparative.income account was published in V. 128, p. 4330.
(H. H.) Franklin Mfg. Co. (Syracuse).
-Shipments Inc.
The company shipped 1,405 cars in June, an increase of 74% over
1928. For the six months ended June 30 shipments were 8,719, a June
high
record and a gain of 135% over thesame period of last year.
-V.128,P.4330.
136
FINANCIAL CHRONICLE
[VOL. 129.
-Stockholders To Get Rights.
Gotham Loan Co.
-Exchange.
Frontenac Oil Refiners, Ltd.
-V.126, P. 378.
See McColl-Frontenac 011 Co., Ltd.
4035 LaPorte Avenue Building (LaPorte Bldg. Corp.),
Chicago.
-Bonds Offered.-Leight & Co., Chicago are offering $300,000 1st mtge. serial 6% gold bonds at 100 and
int.
President James A. Hoyt announces that in connection with the plan to
increase the capitalization from $500,000 consisting of 5,000 shares of par
value of $100 each to $1,000,000 consisting of 50,000 shares of par value of
$20 each which will be presented to stockholders for their approval at a
meeting on July 10 1929, that 25,000 of the additional shares of stock will
be offered to stockholders pro rated to their holdings at $26 per share. Those
-V.127, p. 3099.
shares not taken by the holders will be sold publicly.
Dated June 15 1929; due serially 1932 to 1939. Int. payable (J. & J.)
Chicago Title & Trust Co., Chicago, trustee. Callable in whole or in part
on any int. date upon 60 days'notice in reverse of the numerical order at 102
and int., to and incl. Jan. 1 1 1932: thereafter, to and incl. July 1 1936, at
101% and int.; thereafter, to and incl. Jan. 1 1939, at 101 and int. Principal and int. payable at office of Leight & Co., Chicago.
The bonds will be the direct obligation of the LaPorte Building Corp.
and will be secured by a direct closed first mortgage on the land owned in fee
(258 feet, 5% inches on North LaPorte Ave., 128 feet on Cuyler Ave., 129
feet, 7N inches on Belle Plaine Ave.) and a three-story and English basement semi-fireproof brick apartment building to be erected at 4035-4057
North LaPorte Ave., Chicago, Ill.
The building will contain 73 unfurnished apartments of 3% to 5 rooms
each. The 33. room apartments will contain living room, bedroom, dining
-room apartments will contain living
room. kitchenette and bath; the 4
-room apartments
room, bedroom, dining room, kitchen and bath; the 5
and bath.
will contain living room, two bedrooms, dining room, kitchen estimated at
The gross annual earnings of the property are conservatively
After making liberal allowance for operating expenses, taxes,
$60,000.
vacancies, etc., the net income is estimated,at $43,000, which is more than
two times the maximum annual interest charges on this loan.
-Earnings.
Gotham Silk Hosiery Co., Inc.
A marked increase in earnings during the second quarter, which is expected
by the management to carry the net profit figure for the three months to
more than $530,000, has featured the first half year of operations. In the
first quartr. net profits were $269,000, a decline that was occasioned by
the need for installing new machinery, style changes and reduction of
inventories. For the six months, it is estimated that preferred dividends
will be earned five times. Cash on hand is over $4,000.000 against 12,500,000
six months ago.
Owing to the Increased business, the company is contemplating an
expansion program to cost more than $2,000,000, including the installation
of 100 new machines and a new central finishing plant with approximate
-V.128, p.2277.
capacity of 20,000 dozen pairs daily.
Granby Consolidated Mining, Smelting & Power Co.
-Reserve Fund.
At a special meeting of stockholders July 1 it was voted to increase the
reserve fund for depletion and depreciation by $2,367,738 by appropriation
from excess current assets.
The directors were also authorized to make further proportionate distribution to shareholders from this reserve fund as return of capital stock
-Comparative Balance Sheet.
from time to time as they see fit, up to the amount Just appropriated, plus
Freeport Texas Co.
May 31 '29. Nov.3028. residue of previous appropriation. -V. 128, p. 4013.
Mat, 31'29. Nov. 3028.
Liabilities
Assets-Sales.
(F. 8c W.) Grand 5-10-25 Cent Stores, Inc.
x7,323,022 7,323,022
eq-10,088,845 10,012,812 Capital stock
Prop.. plant &
Increase.
1929-6 Mos.-1928.
-June
Increase.
-1928.
1929
2.795,120 2,455,880 Acets pay., &c.-- 2,310,224 2.280,676
Cash
81,888,569 81.259.080
8629,4891$9,147.981 16,413,559 12,734,422
Accounts receivle_ 1,074,378 1,273,292 Sulphur sold but
V. 128, p. 3836, 3197.
52,179
not delivered__ 111.309
87,796
Notes receivable4,170,309 3,848,446 Deprec'n reserve__ 4,012,914 3,855.418
Inventories
-Sales.
Grand Union Co.
73,037 Tax and amortiza73,232
Investments
For the 4 weeks ended June 22, store sales totaled $2,644,120 against
605.550
tion reserve._....597,432
1,013,750 1,013,750
Gov't securities
5,594,406 5,239.015 82,085.614 in the corresponding period of 1928, an increase of $558,506
574.285 Surplus
645,897
Deferred assets_
or 26.77%. Total sales, including jobbing sales for the 1929 period amount19,949,327 19,303,681 ed to /2.808.484 against $2.539.615 in the 1928 period, an increase of
Total
Total
19,949,327 19.303,681
1268.869 or 10.58%. For the period Jan. 1 to June 22, Incl., store sales
zRepresented by 729,344 no par value.
in 1929 amounted to 115,158.532 against 112,642,517 in I he corresponding
Our usual comparative income statement was published in V. 128, p.4330. period of 1928, an increase of 12,516,015 or 19.9%. To al sales for the
against $14,978.645 in the
1929
to
-Participating same period inperiod amounted an 317.605,978 12,627.333 or 17.5%.-V.
(George A.) Fuller Co. of Canada, Ltd.
increase of
of 1928,
corresponding
Preferred Dividend.
128. P. 3837
.
The directors June 26 disclosed a participating dividend of $4.38 per share
-Sales Increase.(W. T.) Grant Co.
out of residuary net profits for the fiscal year ended April 30, 1929, on the
,
In rease.
Increased 1929-6 Mos.-1928.
1929--hme-1928.
6% cum, guaranteed and participating preferred stock of $100 par value.
basis the total $5,374,178 84,365,847 11,008,3311E26,871,117 821,290.916 15,580.201
payable August 1, to holders of record July 15. On this
Sales in the same number of stores in operation during both periods
dividend received by preference shareholders for the year ended April 30
showed an increase of 5.05% for the month of June and 6.31% for the
last amounts to 310.38.-V. 126, D. 1361.
-V. 128. p. 3837.
6 months.
--Earnings.
Fyr-Fyter Co.
-Exchange Offer.
Greene Cananea Copper Co.
Earningsfor Year Ended December 31 1928.
Gross sale;
Net sales
Cost of sales
Selling and general expenses
11,467,724
1,379,216
603,387
- 647,369
Operating profit
Income credits
1 128,459
11,486
Total income
Income charges
1 139,946
32.330
107,616
7,970
10.464
Net income
Preferred dividends
Common dividends
Balance surplus
-V. 127. P. 3548.
$
89,182
-To Increase Capital.
Gardner Motor Co., Inc.
The stockholders will vote Aug. 1 on increasing the authorized capital
stock from 300.000 shares to 500,000 shares. The additional 200.000
shares will be used to finance production of a low-priced automobile to be
marketed through Sears, Roebuck & Co., and of a front-drive car for an
Eastern company, as well as to expand the facilities of the Parks Aircraft
-V. 128. p. 3835.
Co., a subsidiary.
-V. 128, p. 3677.
See Anaconda Copper Mining Co. above.
-Acquisition.
Ground Gripper Shoe Co.
The purchase by the company of the Cantilever Corp. was announced
July 1. This acquisition follows the consolidation of the Kehler Shoe Co.
with the Ground Gripper Co. last Oct. and gives the lattter company 3 of
-known brand names in the orthopedic field.
the beet
Details of the terms were not made public, although it is understood that
the transaction involves an exchange of stock in the two companies.
V. 128, P. 3337
.
Guardian Investment Trust-Dividend-Earns.
The trustees have declared an initial dividend of 1% in common stock
on the common stock, payable Aug. 1 to holders of record June 27. The
regular quarterly dividends of 373c. have been declared on the cumulative
preferred and convertible preferred issues.
The auditors' report for the fiscal year ending May 31 discloses total
assets of 14,377.883, an increase of 12,004.042 over 12,373,341 as reported
May 31 1928. Surplus and reserves of 8472,433 represent an increase of
$310,227 over 1162.206 a year ago. Total income for the year ending May 31
was 1549,285 and expenses for the same period were 128,474.-V. 128.
p. 4331.
-Certificates
Guardian Rail Shares Investment Trust.
-An issue of 250,000 series I preferred non-cumuOffered.
lative beneficial ownership certificates was recently offered
Gelsenkirchen Mining Corp. (Gelsenkirchener Berg- by F. E. Kingston & Co., Hartford, priced at the market.
-Stockholders To
The holders of these certificates have the right to purchase an equal
werks-Aktien-Gesellschaft), Germany.
number of common beneficial ownership certificates on the following
Approve Dividend.
terms: At 110 up to and incl. Dec. 31 1930. $15 from Jan. 1 1931 to
The stockholders will meet July 15 to approve the action of the executive
committee in proposing payment of a dividend of 8% on the common stock
-V.127. P• 959.
for the year ending March 31 last.
Dec. 31 1931 incl., /20 from Jan. 1 1932 to Dec. 311932, and $25 from
Jan. 1 1933 to Dec. 31 1933.
The preferred certificates, fully paid and non-assessable and entitled
to a dividend of 81.25 per annum, are subject to redemption at 135 on any
dividend payment date on 30 days' notice.
-Officers.
General Cable Corp.
The Guardian Rail Shares Investment Trust, with an authorized capitaliH. T. Dyett has been elected President succeeding Walter Robbins
500.000
resigned. J. W. Marsh has been elected Vice-Chairman and is succeeded zation of 250,000 series I preferred beneficial certificates and laws of
common beneficial ownership certificates, operates under the
-V. 128, p. 3196.
as Chairman by W. Robbins.
Connecticut in accordance with its own trust agreement and primarily
undertakes the investment and reinvestment of its funds in the securities
-Forms Subsidiary for China.
General Motors Corp.
and obligations of railroad companies, but also may invest in the securities
Operations of the Company in China will be directed by the General of other companies and investment trusts and participate in underwriting.
under the laws of Delaware,
Motors China, Inc., a new subsidiary,organized
According to Edmund S. Wolfe, President, the fundamental purpose
Company's
and wholly owned by the General Motors Corp. Heretofore the Ltd.
is to enable the investor of moderate means to participate in the accruals
business in China has been handled by General Motors, Japan.
Corp. are General arising out of the compounding of principal and interest in the obligations
Other Far Eastern subsidiaries of the General Motors
railroad companies.
Motors, India, Ltd., with headquarters at Bombay, and N. V. General ofThe Guardian Investment Trust, as fiscal agent, manages the portfolio
Motors, Java. The Corporation also has subsidiaries in London, Copen- and handles all financial operations.
Alexandria,
hagen, Stockholm, Warsaw, Antwerp, Berlin, Paris, Madrid, Africa and
Buenos Aires, Sao Paulo, Montevideo. Port Elizabeth, South
-Earnings.
Hart-Carter Co.
cities of Australia.
1928.
1929.
6 Months End. May 31
1222,929
1356 698
Net income after all charges
New Frigidaire Series.$1.54
1i.54
series of electric water coolers, rang- Earns, per share on 140.000 shares pref. stock _ _ _
Frigidaire Corp. has announced five
adapted
ing in capacity from 2% to 21 gallons an hour. The coolers are adjustedfor -V. 127, p. 2238.
to
home, office and factory installation. Temperatures may be
-Sales.
Hartman Corp., Chicago.
suit particular requirements.
1929.-6 Mos.-1928.
Period End. June 30- 1929-3 Mos.-1928,
Seven thousand orders for the new coolers were received before_public
16,168,935 $5,464,305 19,609,424 $8,713.667
have already been built. Equip- Sales
announcement of the new line and these
ment has also been devised for connection with the regular household elec- -V.128, p. 2472.
tric refrigerator, which makes cold water available for the household at the
-Earnings.
Hathaway Bakeries, Inc.
-V. 128, p. 4164.
turn of a handle.
For the four weeks' period ended June 15 1929, the company reports net
after taxes and depreciation, at the annual rate of 1646,01,0.
earnings,
-Acquisition.
General Paint Corp.
the calendar
The acquisition of the L. S. Finch Corp. of Los Angeles, manufacturers compared with $388,955 forat the annualyear 1928 and $277,829 for 1927.
rate of 18,110,087, compared with
Sales for the period were
of transparent and colored lacquers, has been announced by General Paint
1928 and 16.972.744 for 1927.
Corp. which was organized last year as a consolidation of leading paint $7,145,970 for the yearannual rate of
1546,060 show the $7 preferred stock
Net earnings at the
deal was carried out by exchange of
co:zanies in Pacific Coast cities. The
dividend earned 4.35 times over, and the 13 preference dividend on the
applicable to
The General Paint Corp. was authorized by the Corporation Commission class A stock earned practically four times over. The balance is equivalent
stockholders of L. S. Finch Corp. the class "B" stock and to the participation of the "A" stock
to issue 2,785 shares of its class B stock to
In exchange for all its outstanding shares, consisting of 6.152 preferred to 12.09 per share on the "II" stock.
All of the above figures include sales and profits of the recently acquired
-V. 128, p. 3836.
and 7,219 common.
-V.128, p. 4331.
Webbe units.
-Merger.
General Spring Bumper Corp.
The merger of General Spring Bumper Corp. with Houdaille Hershey
Corp. was declared effective July 2. Deposits of, General Spring Bumper
_stock are in excess of the amount required to consummate the plan, the
committee in charge of the arrangements announced.
Certificates for Houdaille Hershey stock will be available for delivery in
about 10 days to holders of certificates of deposit of General Spring Bumper
-V. 128. p. 4331.
stock.
-To Push Suits For Infringement.
Hazeltine Corp.
Suits now pending by the corporation against the Radio Corn. of AmeriCs.
the Grigsby-Grunow Manufacturing Co. and other radio manufacturers.
Involving the Hazeltine patent covering Neutrodyne receivers, will be vigorCircuit
ously pushed as a result of a decision handed down July 1 by the U.S. action
Court of Appeals for the second circuit in New York City in a similar
Kent Manufacturing
brought against a New York distributor of the Atwater
Kent
Co. holding the Hazeltine patent valid and infringed by the Atwater
The decision was rendered by the majority
-New V.-Pres. redo receivers complained of. Judge Manton with Judge Hand dissenting.
Goodyear Tire & Rubber Co., Akron,0.
the court, and was written by
F. R. Harpham has been elected a Vice-President, succeeding 0. M. ofIt is expected that as soon as the District Court receives the mandate.
-V. 128, p. 4331.
Stone, resigned.
JULY 6 1929.1
FINANCIAL CHRONICLE
137
accounting proceedings will at once be brought to recover from the Atwater
International Cigar[Machinery Co.
-Extra Dividend.
Kent distributor and from the Atwater Kent Manufacturing Co. itself.
The directors have declared an extra dividend of 50 cents per share and
In holding that Hazeltine's invention of plate circuit neutralization was the regular quarterly dividend of$1 per share, both payable Aug. 1 to holders.
not either approached or suggested by the prior art, the court in part said: ofrecord July 19. An extra dividend of $1.50 per share was paid on Dec. 1
"It is clear enough that the appellant uses plate circuit neutralization so 1928.-V. 128, p. 2473.
as to give to his multistage tuned radio frequency amplifiers, the freedom
from squeals and whistles which characterized amplifiers until Hazeltine
International Mercantile Marine Co.
-Third Electric
Neutrodynes appeared. Perfect neutralization is an Ideal but apparently
Liner to Be Launched.
not_practically attainable.
"It was during the fall of that year (1922) that Hazeltine,at the request of
The Pennsylvania, third electric passenger liner to be built for the
manufacturers, designed an audio receiver solving the problem and brought Panama Pacific Line of the International Mercantile Marine Co. will be
forth in December. 1922, the plate circuit neutralization covered by the launched July 10 by the Newport News Shipbuilding & Dry Dock Co. at
patent. After that plate circuits were used in all neutrodyne sets whch Newport News, Va. When the Pennsylvania goes into service it will
were made. It was the first time that squeals and whistles were eliminated. mark the completion of the most extensive marine electrification program
"If our conclusions are correct that plate circuit neutralization has been ever undertaken involving vessels for passenger service. The Interaccomplished by Hazeltine and involves inventive thought, as well as a national Mercantile Marine Co. will then have a greater tonnage of elecdefinite and tangible method of arrangement of the parts, the fact that the trically propelled passenger vessels than any other shipping company m
ag
ipellantent not practise the plate neutralization perfectly does not avoid the world, and the three boats will constitute a record in size for electric
does
ships of this type.
-V. 128. D. 4332.
"Nothing in the prior art approached or suggested plate circuit neutralization. The nearest was the Rice patent which we have considered. The
International Projector Corp.-Com. Div. Deferred.
the claims in suit are infringed.
patent is valid and
-V. 128. D. 2472.
The directors have omitted the dividend payment on the common stock,
usually paid July 1. This stock was split up five-for-one in May. The old
Hirons Securities Corp.
-15% Stock Dividend.
common stock had been on a 25c. quarterly basis.
The corporation has declared a 15% stock dividend on the common
The regular uarterly dividend of $1.75 per share on the preferred stock
stock, payable July 10 to holders of record July 1. Fractional amounts was paid July 1.-V. 128, p. 3694.
will be paid in cash based on $25.50 as a share value. After July 10 there
will be 2,060 shares of preferred stock and 20,087 shares of common stock
International Safety Razor Corp.
-Extra Dividend.
outstanding.
An extra dividend of 25 cents per share has been declared on the class "B"
stock in addition to the regular quarterly dividend of 60 cents per share
Hotel Charleston (Lake Charles Hotel Building Co., on the class "A" stock and 50 cents per share on the class "B" stock, all
3 to
Inc.), Lake Charles La.
-Bonds Offered.
-The Canal payable1Sept.June holders of record Aug. 14. Like amounts were paid on
1 last.
March and
-V. 128, p. 3363.
Bank & Trust Co. of New Orleans are
offering $375,000 1st
mtge.6% serial gold bonds at prices to yield 63i% according to maturity.
Dated July 11928; due Serially (J. & J.)from July 1 1930 to Jan. 1 1942.
Denom. $1,000 and $500c*. Principal and int. (J. & J.), payable at
Canal Bank & Trust Co., New Orleans. Callable in whole or in part,
by lot, in reverse numerical order, after 60 days' notice, on any int, date at
102 during first 10 years and at 101k thereafter. Federal income tax
not exceeding 2% paid by borrower.
These bonds are a direct obligation of the Lake Charles Hotel Building
Co., Inc., a corporation organized in Louisiana in May, 1928.
The new Hotel Charleston at Lake Charles occupies a site fronting 75 ft.
on Ryan St., by a depth and frontage of 130 ft. on Pujo St. owned in fee.
Being 10 stories in height, it towers above most of the other buildings of the
City and provides the guests with a fine view of the lake and all the surrounding country.
The Hotel contains 148 guest rooms with 4 stores on the ground floor.
It is served by two high speed elevators, has a roof garden, coffee shop,
attractive lobby, and the rooms are equipped with running ice-water,
ceiling fans, telephones and many other conveniences for the comfort of
the guests. The Hotel was completed in Feb.. 1929.
The Hotel Charleston is leased for a period of 15
-years from Feb. 1929,
to J. E. Daley of the Daley-Moffat Hotel Co., of Houston, Tex. The
Daley-Moffat Hotel chain includes the Bender and the Cotton Hotels at
Houston, the Virginia at" Monroe, La., and the Vaughan at Port Arthur,
Texas. Under the terms of the lease the rental from the Hotel and stores
for the first year will be $48,355, for the second year $52.750 and for the
remaining 13
-years $55,750 per year. Taxes and insurance are estimated
at $7,000 annually, leaving net income available for bond interest and
amortization of $43,552 for the first two years and $48,750 for the remaining
term of the lease, averaging over twice the maximum annual interest
charge of this issue.
Houdaille-Hershey Corp.
-Earnings, &C..
International Shoe Co.
-Earnings.
6 Mos.End.-5
Months Ended April30May 31 '29.
Period1927.
1928.
1926.
Net sales
$59,733,377 $45,153,183 346.551.674 *44.904,008
Cost.,exp.,deprec.. &c.,
52,170,295 38.423,924 39,947.809 40,091,361
less other income
Interest
60.430
942,373
908,702
Federal taxes
970,317
500,267
$6,620,709 $5,820.557 *5,633.548 $4,251,947
Net income
Preferred dividends- -- 300,000
250,000
250,000
250,000
4,700,000 3.760,000 3.255,000 2,760,000
Common dividends
*1,620,709 $1.810,557 82,128,548 $1,241,947
Surplus
Shs. cons. out.(no par)-- 3,760,000
3,760,000
920,000
940,000
Earnings per share
$1.68
$1.48
$4.35
$5.72
The company manufactured 25,215,419 pairs of shoes during the six
months,the largest production for the first halfof any year in the company's
history.
The ratio of current assets to liabilhies is now 15.5 to 1. The company's
net working capital amounts to $69,668,000 and total assets $105,125,938.
Current assets amounted to *74,457,069. against current liabilities of
*4,788.950. Cash totals *5,786,498 with brokers' collateral loans at
$17,000,000. Accounts payable are listed at $2,485,323.
President F. C. Rand says: "Actual inventory was taken of all finished
merchandise. Values of raw materials and merchandise in process were
estimated a.cost or market, whichever was the lower. The textile mill at
Malvern, Ark., is now in operation. The mill is excellently equipped and
is producing a superior quality of linings for our shoes.
"Prices on our shoes are 10% to 12% lower than last year. This would
have caused a loss of six or seven million dollars in shipments if we had not
sold a much greater number of pairs. It is therefore very gratifying to note
the gain of $2,844,891 in shipments for the period.
"We look for satisfactory sales through the balance of this year."
-V.
128. It• 899*
Net earnings of Houdaille-Hershey Corp. for the first five months of
1929 after giving effect to the combination with .
General Spring Bumper
International Standard Electric Corp.
are reported as $3.43 per share on the class "B' stock after all charges
-To Install
Including taxes and allowance for class "A" dividends for the same period. Telephone System in Vatican.
A consolidated balance sheet of the corporation and General Spring
Arrangements have been made for the Installation in Vatican City of a
Bumper Corp. as of May 311929, it is understood, shows current assets of
outside
*5.620,000 compared with current liabilities of $1,500.000. and cash on modern automatic telephone system linking the Holy See with the connechand amounting to $1.550,000. The plan to combine the two companies world. About 33.000,000 telephones will then be placed in direct
tion with the Holy See. The company's system was selected as the most
through an exchange of Houdaille-Hershey stock for General Spring Bumper
advanced and beet responding is the complicated requirements and imstock has been declared operative.
-V.128. p. 4166.
portant work of the new state.
The automatic exchange will have a capacity of 1.800 lines and will be
Hudson County Consumers Brewing Co.
-Receiver- equipped with about 500 lines at present. Service with the outside world
ship Denied.
will be partially automatic and partially served through a manual board
The application for the appointment of a receiver for the company, filed equipped with about 30 circuits connected with tne regular Italian line.
last year by Mary Lausecker of Secaucus, N. J., has been denied by Vice- Power for the circuits will be furnisded by the Vatican's own power plant.
Unusual problems have arisen in the installation of the telephone lines in
Chancellor John Bentley in the New Jersey Court of Chancery in a decision
handed down June 11 and made known June 29 by Arthur J. Westermayr, buildings where almost every part of walls and ceilings is covered with
counsel for the company. In his decision Vice-Chancellor Bet tley de- valuable decorations and works of art are frequent. In some instances also
-V. 128. p. 3523.
clared that while the condition of the company calls for liquidatic n of its walls through which the lines must run are 15 feet thick.
business he was not of the opinion that sufficient evidence had been offered
Iron Fireman Mfg. Co.
warranting a receivership. It was het opinion that the directors of the
-Unit Sales Increase.
company were fully capable of winding up the business and accomplish its
E. C. Sammons, executive Vice-President informed underwriters of the
dissolution under the statute.
company's recent stock issue that unit sales of the company in the first
months this year show about 60% increase over the same period last year.
The company has normally done about 30% of the total volume of its annual
Hudson Motor Car Co.
-Shipments Increase.
-V.128, p. 1918.
On June 30 the company completed the largest half year in its history business in the first half.
with 226,318 Hudson and Essex cars produced and shipped. Juno figures
Ivanhoe Foods, Inc.
-Stocks Offered.
-W. E. Willard
were 31,737. In the six months' period last year shipments were 183,047.
showing a 24.2% gain in the 1929 figures. Each month of the first six & Co., Inc., New York, recently offered 11,000 shares $3.50
months period of 1929 was a record breaker.
The company announced a line of light commercial cars in five body cumulative preferred stock (no par value) and 11,000 shares
types to be known as the Dover. Prices on the now commercial lino are class A stock (no par value) in units of 1 share of each at
as follows- Chassis, $595: panel body, $895; open express, $835;
express, $870, and screen side express, $885.-V. 128. p. 3838. canopy $60 per unit.
Pref. stock has preference both as to assets and divs, over class A stock
Cumulative divs, at yearly rate of $3.50
Hudson River Navigation Corp.
-To Build 2 Ships.
- and common stock.Red. in whole or in part on any div. date onPer share
-J.
30 days'
Col. Carrington, Pres., in a statement points out that the future of are payable Q.
mmenger travel on the Hudson River rested largely in making provision notice at $55 per share and dive. Entitled to $50 per share and dim in
for carrying automobiles between New York City and the vacation area Case of involuntary liquidation, before any distribution may be made to
surrounding Albany and Troy. Almost every family, he said, now had an class A or common stock. Holders of pref. stock are entitled to vote in
automobile and wished to take It on vacation. He added that the line was the event that dividends are in arrears for eight consecutive quarterly
planning to build two motorships to supplement its present equipment. Periods. Class A stock is entitled to receive, after dividends on the pref.
These ships would carry not only passenger cars but dealers cars and would, stock, but prior to any payments on the common stock, non-cumulative
In all probability, run right through from Now York to Cleveland and dives, at the rate of $1 per share a year, when and as declared, and in
Detroit via the Hudson River, N. Y. State Barge Canal and the Great addition, after a like payment of $1 per share on the common stock will
Share equally with the common, share and share alike, in the remaining
Lakes. -V. 128, P. 3838.
earnings. In the event of liquidation, after the rights of the pref. stock
have been satisfied, the class A stock will be entitled to preferential payIndustrial Acceptance Corp.
-Stock Authorized.
ments over common stock
$25
The directors have authorized an additional 25,000 shares of 8% cumul. payment of a like amount toup toshareper share and in addition after the
each
ofcommon
2nd pref. stock at $100 per share. The Industrial Finance Corp. has pur- Share and share alike, with the common stock in stock, will share equally.
the remaining net assets
chased an additional $1,500.000 of this issue.
and funds of the corporation. Class A and common stock have full voting
The company's entrance into diversified financing was marked by the power and are non-callable. The entire
purchase in July. 1928 of the General Contract Purchase Corp. from the Purchased by officers of the corporation. issue of common stock has been
General Electric Co. Through local General Contract Purchase Corp.
CapitalizationAuthorized.
Outstanding.
offices now operating in 40 cities throughout the United States and Canada,
15,000 shs.
11,000 shs.
the company has broadened its service to dealers in General Electric prod- $3.50 cumulative preferred stock (no par)
Class A stock (no par)
15,000 shs.
11,000 shs.
ucts and other standard articles to the point whore additional capital can Common
stock (no par)
15,000 shs.
11,000 shs.
be profitably utilized in handling the increasing volume of discounts, accordData from Letter of Ellis R. Meeker, President of the Company.
ing to Percy M. Hall, Vice-President and Chairman of the finance committee.
Business
.-Company manufactures "Ivanhoe mayonnaise" and similar
issue increased the authorized second preferred stock to 50.000 Products. The business was started in 1920 as an adjunct to the retail
The new
shares, with 30.000 shares outstanding, bringing the total issued cumul. and wholesale business of the C. G. Meeker Co., Inc., and Ivanhoe
2nd pref. from $1,500,000 to *3,000,000, all held by the Industrial Finance mayonnaise soon became popular in Auburn and nearby territory. The
Corp.
first attempt to sell Ivanhoe mayonnaise outside of Auburn trade territory
The quarterly volume of the Industrial Acceptance Corp.for the 3 months was in 1924: and the manufacture of Ivanhoe mayonnaise as a distinct
ending June 30 will reach $30,000,000 according to present indications, an business really dates from the spring of that year. The buildings equipIncrease of 50% over the preceding quarter.
ment, stock, accounts, trade-marks and good-will were acquired frosts
With the corporation's program of national expansion now well developed C. G. Meeker Co., Inc., Jan. 1 1929.
through the establishment of the various General Contract Purchase Corp.
Growth and Earnings.
-Ivanhoe mayonnaise was first introduced (subside
offices the gross turnover for the fiscal year ending Dec. 311929. should be Of Auburn in 1924. In 1925 distribution was obtained in Syracuse. Utica,
well in excess of $100,000,000, Mr. Hall said, as compared to $89,000,000 Rochester, Elmira and Watertown. In 1926 distribution was extended
to Buffalo and Albany and down the Hudson as far as Poughkeepsie,
for the preceding year.
The Industrial Acceptance Corp. is associated with the Industrial Finance and distributors were appointed in western Massachusetts, northern
Corp., parent company of the Morris Plan Corp. of America. The organiza- Pennsylvania and Vermont. Early in 1927 distributors were secured
tion nd branch operating facilities of the latter corporation are utilized in In western Pennsylvania, Ohio, Indiana and Michigan, and later in the
-V. 128, p. 4014.
year in Connecticut. In 1928 no new territory was opened, but additional
most of the 21 key cities in the Acceptance network.
138
FINANCIAL CHRONICLE
[VOL. 129.
distributors were secured in the territory already covered. Earnings in
Dated June 1 1929: due June 1 1932. Int. payable J. & D. at Central
1928. giving effect to present financing and allowing for dividends on the Trust Co.. Cincinnati, 0. trustee. Denom. $1,000 and $500. Red., all
pref. stock, were equivalent of $3.83 per share on both class A and class B or part, on any int. period upon 30 days' notice at following prices and hit.:
'
common stock. Estimated earnings in 1929 will be equivalent to $5.06 Dec. 1 1929 and June 1 1930 at 101; Dec. 1 1930 and June 1 1931 at 100.50;
per share on class A and B common stock after allowing for pref. dividends. 1 Dec. 1 1931 at 100.
Balance Sheet.
-The balance sheet as of Jan. 2 1929, and giving effect
Data from Letter of Pres. Wm. Koehl, Cincinnati, 0.
to current financing shows assets of $773,671 and liabilities of $66,054.
Company.
-Organized in 1895 at Jamestown, N. Y., being the outgrowth
The ratio of assets to liabilities was approximately 11.5 to 1. Current
i of a business founded a few years previous by William Koehl for the manuassets amounted to $250,524 against current liabilities of $16,054. The
facture of paper board containers. Since its inception the development of
ratio of current assets to current liabilities was 15.5 to 1.
Purpose.
-To pay off the indebtedness to C. G. Meaker Co., Inc., re- the business has been sound and consistent. In 1915 the business was moved
maining on the purchase of the buildings, trade-mark and business from to Cincinnati. Since coming to Cincinnati. the company has shown a net
them. The balance will supply working capital and funds for introduction profit for each successive year. The growth of the business has necessitated
the-acquiring of additional property and the enlargement of the original
of Ivanhoe products into adjacent metropollatn markets.
building on three occasions. The floor space has been increased from
18,000 to 130,000 square feet. (The acquisition of the Davenport Paper
Johns
-Manville Corp.
-Subsidiary.
Johns-Manville International Corp., has been formed to hold all the Box Co. will further increase this square foot area to 178,000.)
Purpose.
-Proceeds have been applied to the acquisition by the company
stock owned by the parent company in branches operating in Europe and
South America, being made necessary by expanding foreign business. of the business and property of the Davenport Paper Box Co., located at
237-241 Main St., Cincinnati.
-V. 128, P. 3
005.
Earnings.
-The consolidated earnings from operation of The William
Koehl Co. and The Davenport Paper Box Co. applicable to the payment of
Johnson Motor Co.
-Patent Issued.
The company announces that Patent No. 1, 716,962 for water propulsion interest charges on this $300,000 bond issue were after depreciation charges
device. was Issued June 11 1929 to H. L. Johnson, covering the type of but before income tax as follows:
1924.
under-water unit for outboard motors now almost universally used in this
1925.
1927.
1928.
1926.
country and abroad, by outboard motor manufacturers. This device is very 3101,282
$121,669
$93,495
$ll8,1a2erag
year3 1v
largely responsible for the remarkable performance of the outboard motor
The earnings for the last five
106 4e times the annual
e over 14v n
to-day. The Johnson Motor Co. are sole licensees under this patent. interest charges on this issue of bonds and for the year ending Dec. 31 1928
-V. 128, p. 1066.
about 5.8 times bond interest charges.
Directors.
-William
Treas.; William P. Anderson, ViceKane Stores of New England, Inc., Woonsocket.
- Pres.; Robert A. Taft. Koehl, Pres. &
Sec.; Hulbert Taft; Earl S. Koehl.
I
Stock Offered.
-Flint & Co., Inc., New York,recently offered
Kreuger & Toll Co.
-32,000,000 Debentures Sold Privately
60,000 shares (no par value)capital stock at $13.75 per share.
by Credit Lyonnais.
-A block of approximately $2,000,000
CapitalizationAuthorized. Outstanding.
-Capital stock (no par)
300,000 shs. 200.000 dui. secured sinking fund 5% debentures, part of the $50,000,000
Transfer Agent, the Anglo-South American Trust Co., New York, N. Y. issue recently sold by Lee, Higginson & Co., has beenpriListed.
-Stock is listed on the New York Produce Exchange.
History and Organization.
-Organized in March 1929 in Delaware. Is the vately placed in France by the Credit Lyonnais. It is exowner and holder of all the capital stock of the following companies: Kane pected that the entire issue
will, in the near future, be listed
Furniture Co., Kane Furniture & Carpet Co., the Kane Co. of Worcester,
and Kane Co.of Taunton,operating 8 stores at Fitchburg. Mass., Gardner, on the Paris Bourse.
Mass.. Woonsocket, R. I. Taunton, Mass., Worcester, Mass., and Southbridge, Mass. As a holding company, it reflects the consolidated business
assets and good will of all of these companies.
The first subsidiary company was organized in 1920, as the Kane Furniture Co., having a place of business in Woonsocket. It. I. The Kane
Furniture & Carpet Co., was organized in Oct. 1923, with a place of business
in Fitchburg, Mass., the Kane Co. of Worcester, was incorp. in 1926, with
a place of business in Worcester, Mass., and the Kane Furniture Co., with
a place of business in Taunton, Mass., was incorp. In June 1928.
The subsidiary companies are engaged in the retail furniture business
Wider the modern budget plan. Under this method, the company is fully
protected by conditional sales contracts.
There are approximately 40,000 retail accounts on the books of the operating companies, resulting from an advertising program, covering the last 9
years. during which time over $500,000 has been judiciously spent in acquirit
these accounts and the general good will of thefurniture buying public.
olume of Sales.
-The total net sales for the period 1926 to 1928, incl.,
were $3,241,996. or a yearly average of net sales of$1,080,665. Inasmuch as
-one of the present8 stores was opened only 7 months,another only 5 months,
and another only 1 month, before the end of the year 1928, and a fourth
did not start to operate until 1929, it will be seen that the average annual
sales, based on this 3 year period, resulted mainly from the operation of
but 4 stores.
For the 3 months ending March 311929, net sales were $241,447, compared with $218.412 for the same period of 1928, or an increase of 10.54%
and under the new financing and the opening of new units a substantial
increase in sales and net profits will result.
Earnings.
-The total net profits of the company for the =lender years
1926, 1927 and 1928 after provision for interest, depreciation. Federal
taxes, and after giving effect to non-recurring items, were 3364,645 or an
average net profit per annum of $121,548. If effect were given to the
estimated earnings for those years, based on the earnings for the fractional
parts of the years, of those stores which operated only during the latter part
of the period, these figures would be largely increased.
Dividends.
-A total of $78,450 has been paid in stock and cash dividends
during the 3 year period.
Purpose.
-It is the intention of the management to develop along constructive chain store principles by opening additional units in favorable
locations in cities and towns throughout New England.
(Julius) Kayser 8c Co.-Stoct: Placed on a $4 Annual
Dividend Basis.
-
Introduction of this issue to the Paris market is a further step towards
creating international distribution of this issue. In March, 1929, when the
debentures were first sold, blocks were simultaneously offered in the United
States, England, Sweden, Holland and Switzerland.
-V. 128, p. 3840.
(S. S.) Kresge Co.
-June Sales.m1929.
-June
--1928. Increased 1929.-6 Mos.-1928.
U2,571,795 $11,834.133
-V. 128. P. 3840.
Increase.
8737,6621367,627,807 $62,790,164 $4,837.643
Lake Superior Corp.
-New Directors-Earnings.
Major-General S. C. Newburn, P. G., K. C., and Gordon F. Perry have
been elected directors succeeding Robert Dodd and F. B. Dodd.
Net earnings of the various Subsidiary companies of The Lake Superior
Corp. (excluding The Algoma Central & Hudson Bay Railway for the 11
months ending Ma - 31 1929, before taking into account bond interest and
general depreciatim, amount to 33,452.866.93: As recently announced
these are not to be taken as earnings of the Lake Superior Corp.
-V. 128.
p. 4332.
Lakey Foundry & Machine Co.
-Earnings.
6 Months Ended Ain ti 30Gross profit on sales
Other income
1929.
$202,400
8,666
1924.
$579,779
38,916
Total
Selling, administrative & miscellaneous expenses
Prov.for Federalincome taxes
$211,067
83,299
15,332
$618,695
64,580
Net income
$112,435
$554,115
Balance Sheet April 30.
Liabilities1929.
1928.
Asseg1929.
1928.
$91,325
352,677 Accts. payable_ _... $282,464
Cash
3182.812
5,045
10,195 Accr.payrolLtaxes
U.S.Govt. bonds116,248
80,517
Accts.rec.-less res. 234,279
780,870 &c
85,400
107,684
227,416 Prov.for Fed.taxes
Inventories
, 528,609
Res.(for liab., ins.,
Land,bldgs., mach.
92,721
81,279
x1,674,423 1,411,199
&c.)
& equip
56,022
4,194 Capital stock
y1,497,545 1,192,000
Prep. nsur., &c___
922,304
618,254
Surplus
$2.681,192 $2,486,552
Total
$2,581,192 $2,486,552
Total
The directors have declared a quarterly dividend of $1 per share on the
new common stock, payable Aug. 1 to holders of record July 15, placing the
x After depreciation of$699,316. y Represented by 299,509 no par shares.
Issue on a $4 annual basis. This is equal to $6 per share on the old com- -V.128. to. 4332.
mon stock which paid at the rate of $5 per share annually prior to the 50%
Lawyers Mortgage Co., N. Y.
stock disti ibution on July 1 last.
-Mortgage Certificates
-V.128, p.4014.
Kemsley-Millbourn & Co., Ltd.
-To Increase Stock, &c. Offered.-
• •
•
In view of the rapid growth of the business, the directors have decided
The company is offering a total of $1,005,000 5 % guaranteed mortgage
to recommend to stockholders that the authorized capital be increased by a certificates in series as follows: series of 3315,000, secured by land and
further 200,000 shares.
building. Bennett Ave. and W. 192nd St.. N. Y. City, total valuation
Robert R. Appleby, Pres. who has just returned from an extended tour $475,000, matures Oct. 1 1934; series of $260,000, secured by land and
of Europe and South America, reports that the foreign branches of the building Cruger Ave. Bronx, N. Y. total valuation $390.000. matures
company are making rapid progress and that the volume of financing of April 16 1934; series of 3260,000,secured by land and building Cruger Ave.,
American automobiles abroad handled by the company is expanding in a Bronx, N. Y. total valuation 3390.000, matures April 15 1934; series of
very satisfactory manner. The company, which is the foreign affiliation $170,000, secured by land and building Lenox Ave. and W. 115th St.,
of the Commercial Credit Co., of Baltimore, finances a great part of the N. Y. City, total valuation $260,000, matures May 20 1934.-V. 128, p.
foreign business of most of the so-called independent manufacturers,includ- 4015.
ing Hudson & Essex, Willys Knight and Whippet, Chrysler, Flupmoblle,
Dodge, Graham-Paige, Reo Motor Car Co., Federal Motor Truck Co.,
-Earnings.
Le Blond-Schacht Truck Co.
Durant Motors, etc.. as well as the foreign business of manufacturers of
Earnings for 12 Months Ended Dec. 311928.
motor boats, agricultural machinery, automotive accessories and other Net sales
$2,380,413
lines.
Cost of sales
1,736,625
Mr. J. L. Sebald has been elected a Vice-President. V. 127, p. 1815.
Selling, gen. & administrative expense
466,996
Other expenses (net)
31.449
Keystone Watch Case Corp.
-Initial Common Div.
income taxes
16,300
The directors have declared an initial semi-annual dividend of $1.50 Federal
record
per share on the common stock, payable August 1 to holders of
Net profit
$129,042
July 19.-V. 128, p. 1567.
-V. 1 7. p. 3409. 1111
Kolster Radio Corp.
-Stock Increase,
The stockholders June 28 created an authorized issue of 150,000 shares
(no par value) $4 dividend convertible preferred stock in addition to the
present authorized issue of 1.000,000 shares of common stock (no par value).
Stockholders of record July 2 are given the right to subscribe to 100.000
shares of the new preferred stock on the basis of one share of preferred stock
for each 8 shares of common stock held at $45 per share of preferred stock.
Rights expire Aug. 12.
Rudolph Spreckels, Chairman of the Board, says: "Since the corporation
commenced the manufacture of radio receiving sets its growth has been
rapid,sales having increased from $1,900,000 in 1925 to more than $13.000,000in 1928. Judging from the contracts thus far made for the present season
with the corporation's distributors, the business of the current year will
exceed $20,000,000.
The purpose of the proposed issue of preferred stock is to provide additional working capital for the larger production necessary to meet this
Increasing demand for the corporation's products.
"AO doubt stockholders will be interested to know that the corporation
now owns over 1,000 important patents and patent applications in the radio
field, acquired at a cost of millions of dollars. On investigation, it has
developed that certain of these patents are being infringed by other manufacturers of radio sets. Recently, notices of infringement were served on
21 of these manufacturers, and a further inv stigation is being made to
ascertain the extent to which there is additional infringement. Suits will
be brought in all these cases to enforce the rights of the corporation and to
collect such damages as are due. It is expected that large sums of money
will be recovered as a result of these suits and substantia I royalties hereafter
collected."
-V. 128. p. 4014.
-Bonds Offered.
(William) Koehl Co., ,Cincinnati.
Weil, Roth & Irving Co., Cincinnati, are offering $300,000
1st (closed) mtge. 7% 3
-year gold bonds at par and int.
Leonard, Fitzpatrick, Mueller Stores Co.
-Merger.
See National Beilas Hess Co., Inc.. below.
-V. 128. p. 3695.
Libby-Ownes Sheet Glass Co.
-To Split Shares, &c.
The stockholders will vote July 19 on the plan to split the common stock
on a four-shares-for-one basis and the proposal to change the par value of
the shares from $25 to no par, and to change the name of the company.
The changes, if approved, will become effective before Sept. 1.-V. 128.
p. 4333.
Liberty Hosiery Corp.
-Bonds Offered.
-MercantileCommerce Co., St. Louis, are offering $1,000,000 6% serial
secured gold bonds, at prices ranging from 99 and int. to
100 and int, according to maturity.
Dated June 11929. Due June 1 1930 to Dec. 11938. Interest payable
J. & D. Principal and int. payable at the Mercantile-Commerce Hank
& Trust Co.. St. Louis, trustee. Denom. $1,000 and $500 c*. Callable
all or part on 30 days' published notice on any int. date at par and int,
plus a premium of 2%. No portion of Federal income tax paid.
History (Ye Business.
-Corporation, a wholly owned subbildjary of the
Real Silk Hosiery Mills, Inc. was organized in May 1929 in Indiana. It
was formed for the purpose of facilitating the expansion program of the Real
Silk Hosiery Mills, Inc. The business of the Real Silk Hosiery Mills, Inc.
was started on a small scale in 1919 and since then has grown rapidly until
to-day it is one of the largest manufacturers of silk hosiery in the world,
with a daily capacity of over 100,000 pairs of stockings. The main plant
is located in Indianapolis and consists of five large buildings of steel and
concrete construction covering 303,000 square feet. The follow=ubof
sidiary companies are operated in addition: Real Silk Hosiery
Pa.; Real Silk Throwing Co.; Hartford Frocks. Inc.; and Noble Street
JULY
6 1629.1
FINANCIAL CHRONICLE
-Realty Co. The Keystone Knitting Mills, Ltd. of London, Eng., is an
affiliated company.
Ladies' and men's silk and silk-and-wool hosiery, in both seamless and
(nil-fashioned style, are the principal products. Lisle hosiery and ladies'
rayon lingerie products are also manufactured. Company's output is
sold direct to the consumer throughout the United States through 250
branch sales offices and 10,000 representatives, under the slogan "from
mill to millions."
Earnings.
-Consolidated net earnings of the Real Silk Hosiery Mills,
Inc. after all charges except Federal taxes, for the years ended Sept.
30
have been as follows:
.1923
x$907.295 1927
$658,458
1924
x1,575.063 1928
448,789
1925
x2,058,259 y 1928
802,540
1926
x839.510
x Not consolidated. y 3 months ended Dec. 31.
For the six years 1923 to 1928, inclusive, net
have
$1,081.229 or over 18 times the maximum annual earningschagreaveraged
interest
on these
bonds. Earnings for 1929 (based on the company's report of $1,221,308
net earnings for six months ending Mar. 31 1929 are estimated
in excess
of $2,000,000.
Purpose.
-The proceeds of this issue will be used to provide in part
the purchase of a plot of land of 40,000 square feet in Indianapolis for
(adjacent to the plant of the Real Silk Hosiery Mills). for the construction
of
five-story steel and concrete factory building thereon and for the purchase
of modern "full-fashioned hosiery machines. The land is
valued at $100,000
the building to cost about$300,000 and the machinery to cost
about$900,000
a total of approximately $1,300,000.
Security -The bonds are a direct obligation of the Liberty Hosiery Corp.
and are secured by a first mortgage on the above
mentioned land, building
and machines.
As additional security for the bonds, the Real
has entered into a lease with its wholly owned Silk Hosiery Mills, Inc.
subisidiary, the Liberty
Hosiery Corp., for the use of its properties
and ending Dec. 1 1938, at rentals which for a term beginning June 1 1929
are sufficient to
Payment of principal and interest on these bonds as they provide for the
mature, which
rentals have been irrevocably assigned
for these bonds. Under the terms of to the trustees as additional security
this assignment the rent is payable
direct to the Mercantile-Commerce Bank & Trust
to be applied by it to the payment of interest on Co.,as corporate trustee,
the bonds and the principal
thereof as the same mature.
(Louis K.) Liggett Co.
-Balance Sheet Dec. 31.
[As
filed with the Massachusetts Commissioner of
Corporations.]
.
1927.
1928.
1927.
Assets$
$
Liabilities$
$
Real estate, maCapital stock
9.840,600 9,841,100
chinery. &c.._ _12,483,242 13,248,448 Mortgages
635,193 1,385,349
Merchandise
11,152,284 11,045,330 Notes payable._
1,200,000
Notes & acc'ts rec. 1,171,250
605,748 Acc'ts payable..._ 4,383,975 3,713,238
Cash
1,626,003 2,103,614 Reserves
4,821,013 4,193,769
Securities
2,368,994
699,892 Accrued items_ _ _ _ 586,623
580,504
Deferred charges
929,376
804,462 Surplus
15,685,084 18,430,572
Mtges. receivable.
68,000
28,000
Improvements .... 6,149,309 5,593,206
Bonuses on leaseholds
1,204,030 4,021,832
Total(each side) 37,152,488 38,150.532
-V. 127. P. 2967.
Liquid Carbonic Corp.
Eight Months Ended May 31- -Earnings.
1929.
1928.
Sales
$7,450,442 $5,857,253
Net profit after charges and
taxes.
355,580
Earns, per sh. on 268,424 shs. corn, stock ,671,563
$2.50
$1.32
Net profit for May was $276,972 after iro par)charges and taxes, against $205,894
May 1928.
Laird Bell, Chicago, has been elected a
director.
-V. 128, p. 4015
Lockheed Aircraft Co.-Deposists of
Stock.
Announcement was made earlier this
agreement providing for the purchase byweek that in accordance with the
the Aircraft Development Corp.,
now the Detroit Aircraft Corp., of a
of 100% of the capital stock of the minimum of 662-3% and a mxaimum
the final deposit date of Lockheed Lockheed corporation, that, although
stock with
of Los Angeles Is July 3 1929, the depositary toe Metropolitan Trust Co.
will accept all stock forwarded
for deposit bearing the postmarked (late of not
later than July 3 1929. The
basis of exchange as provided in t he
agreement is 1 1-3 shares of
Aircraft Corp. stock for each
,o•,‘ of Lockheed capital stock. Detroit
-V. 127.
P. 3713, 3409.
Long Island Capital Corp.
The corporation, a New York State -Seeks Utility.
New York Public Service Commissionholding company, has petitioned the
to
1,600,000 or all of the 3,000,000 shares ofallow it to acquire not less than
a the Long Island Lighting Co., so that the outstanding common shares
it could become the financial
advisor to the latter company.
According to E. L. Phillips, Vice-Preeident of the
Long Island Lighting
Co., his company will need $100,000,000
to carry out the needs of the
company in tee next 8 years.
Ludlum Steel Co.
-Completes New
The company has comRleted its new plant for Process Plant.
,
manufacturing the new cutting tool steel, 'Strauss metal, and It is now in
production. This is the
new cutting tool steel developed by Professor
Strauss
Ludlum and General Electric Co. have the exclusive of Krupp's on which
Germany it Is sold under the name of Widia and by American rights. In
General Electric under
the name of Carboloy. Ludlum also has installed and
placed in operation
at its Dunkirk, N. Y., plant the Darmstadt wire
drawing
es Ludlum has further extended its rights on German steel equipment.
processes, company executive on a recent trip to Germany having
closed negotiations with
the Darmstadt Wire Drawing Corp. of Frankfort
giving Ludlum Steel
exclusive rights for these machines covering the drawing
of all metals, the
original contract only covering the
of
state this opens a new large field drawing of steel wire. Company officials
for use
this material. ("Wall Street
Journal")
.-V. 128. p. 3364.
McCall Corp., N. Y. City.
-Proposed
Acquisition.
-The stockholders will vote July 16 on acquiring the
publishing assets of
the Consolidated Magazine Co., publishers of"Red Book"
'
magazines, in exchange for 25,603 shares of McCall stock.and "Blue Book'
-V. 128, p. 900.
McColl-Frontenac Oil Co., td.
-Stock
Exchange.Exchange of the preferred stock of l'erontenac Oil
sidiary of McColl-Frontenac Oil Co. Ltd., for 6% Refiners, Ltd., a subcumulative preferred
stock of the parent company has been offered stockholders.
The exchange
is to be made on a share for share basis, and in addition
equivalent to the dividend arrears on the subsidiary stockan amount In cash
from Aug. 11927.
to March 31 1929.-V. 127, p. 3101.
McCrory Stores Corp.
-New Director.
-
Carrie M. McCrory has been elected a director,succeeding V.C.McCrory,
deceased.
-V. 128. p. 3842.
CIMacMarr Stores, Inc.
-Acquires Three Chains.
p. According to interests close to the company, arrangements have been
completed for the acquisition by MacMarr Stores, Inc., of Heller's, operating 42 grocery stores, warehouse and bakery in San Diego and vicinity:
Economic Food Co., operating 46 grocery stores, 4 markets and warehouse
In Fresno and vicinity, and Piggly Wiggly Laws Co., operating 7 grocery
stores, 4 markets and warehouse in Modesto and vicinity. MacMarr
Stores, Inc., now has a chain In excess of 1,000 stores, more than 600 of
which are now In California.
-V. 128. p. 4169. 3695.
F (R. H.) Macy & Co., Inc.
-Acquires L. Bamberger & Co.
Announcement was made June 29 of the acquisition by the
company of L. Bamberger & Co. of Newark, N. J. Following is the statement issued by Pres. Jesse I. Straus in behalf
of R. H.Macy & Co.announcing the purchase:
p.R.1111Macy & Co., Inc., announce that they have bought Bamberger's
of Newark. There will be no change in the management or policies of
Bamberger's. which has been, and is, one of the most successful department
stores in the United States. 8
139
All the executives remain and continue their respective functions. Mr.
Bomberger, who thirty-six years ago started the business, retires from the
presidency and becomes chairman of the Board of Bomberger's, and will at
the next meeting of Macy's Board of Directors be elected to membership
in that board.
The cooperation of two of the largest and most progressive and successful
stores in the metropolitan district will lead to greater achievement for both
and to constantly improving service to their community.
"It is felt that the cooperation between two of the largest and most progressively successful stores in the world will lead to greater achievement
and benefits for the public which they serve.
The following additional statement was made by Pres.
Louis Bomberger:
I am getting old and I want to be relieved of the active management and
responsibility of the business which I founded. It is a big business. When
this offer came,coming as it did from such a responsible store, I decided to
accept it. I was approached about 10 days age by Lehman Brothers of
New York, bankers, on the matter, and negotiations have been going on
ever since.
-V. 128 p. 3524.
Maddux Air Lines Co. 51% of Stock Deposited Under
Plan-Time Extended to July 31.
The Bancamerica-Blair Corp. and Bond & Goodwin & Tucker, Inc..
announce that voting trust certificates representing more than 51% of
the outstanding stock of the Maddux company had been deposited as of
July 1, to be exchanged for voting trust certificates representing capital
stock of Transcontinental Air Transport, Inc., in accordance with the
letter of J. L. Maddux of June 15 to Maddux stockholders. The period
of exchange has been extended to July 311929.-V. 128. p. 3842.
Maple Leaf Milling Co.
-Recapitalization-Directors.
The stockholders voted June 25 to change the authorized and issued
25,000 common shales of the par value of $100 each into 125,000 shares
without par value, of which 25,000 shares are designated class B preference
shares and 100,000 common shares. Upon the issue of supplementary
letters patent there will be issued one fully paid class B preference share
without par value and 4 common shares without par value for each common
share of $100 par value owned.
The stockholders also voted to authorize the directors to borrow money
and (or) create and issue of first mortgage bonds to an aggregate amount
not exceeding $5,000,000.
S. W. Rydell, R. S. Waldie and J. L. Henderson have been elected new
directors.
-V. 128, p. 4169.
Marmon Motor Car Co.
-June Shipments.
G. M. Williams, President. has announced that June shipments of Marmon and Roosevelt automobiles were 104.5% ahead of shipments In June
of last year.
-V. 128, P. 4333.
Martin Wright Electric Co., San Antonio Tex.
--Mercantile-Commerce
Notes Offered.
St.
are
offering $110,000 1st mtge. real estate serial 532% gold notes
Co.,
at par and interest.
Dated Dec. 1 1928; due serially Dec. I 1930-1938. Pres. and Int.
(J. & D.) payable at Federal Commerce Trust Co.. trustee, St. Louis, Mo.
Denom.$1.000. $500 and $100 c5 No portion of Federal income tax paid.
.
Callable all or part on any int, date prior to maturity at the option of the
company upon 60 days' notice to the trustee and upon payment of principal
and accrued interest plus a premium of 2%.
These notes are the direct obligation of the company and are secured by
a closed first mortgage on ground and building thereon located in San
Antonio, Texas. The company was chartered in Texas in July 1916 with
a tully-paid capital stock of $30.000,all of which is owned by Martin Wright.
Phil Wright and T. J. Reneberg, officers and directors of the company.
It was the outgrowth of and succeeded to the business begun by Martin
and Phil Wright in 1904 and is one of the largest of its kind in that section.
Financial statement of the company shows total assets to be approximately
$422,000. The company carries a very high grade of merchandise and does
both wholesale and retail business in adjacent cities and surrounding territory, the volume of business exceeding $450,000 annually.
The security for these notes consists of a parcel of ground. containing
about 7,500 square feet, at the intersection of the north line of North
Navarro St., and the City Auditorium Plaza, San Antonio, Texas, having
a frontage a approximately 50 ft. by a depth of 137 ft. on the east line and
along the City Auditorium grounds, and 165 ft. on the west line. The
Improvements, covering practically the entire lot, consist of a 2
-story
reinforced concrete fireproof building which has just been completed. It
contains about 382,000 cubic feet and has 23,500 square feet of floor space.
The basement and foundation are adequately constructed to carry eight
additional stories.
Mayflower Associates, Inc.
-Liquidating Value Gains.
An authorized statement says: The company announces an increase
in the liquidating value for the month ended June 21 of $1.656,000, or
9.24%. This amount is equal to $5.52 a share on 300,000 shares of capital
stock outstanding.
Approximately one-third of company's funds, which exceed $18,000.000,
were invested over this period, and the balance of about $12.000,000 was
placed in the money market. Hence the bulk of the appreciation is due
to an investment of about $6,000.000.
The largest part of the appreciation was contributed by the advance in
its shareholdings of the Rhodesian copper companies. The largest appreciation occurred in the shares of Rhodesian Congo Border Concession, Ltd.,
which advanced from a market price of $30.67 on May 21 to $63.17 a
share (including rights) on June 21.
The company holds in excess of 50,000 shares of Rhodesian Congo Border
Concession, Ltd., accumulated at prices substantially below the present
market. Company also holds a diversified list of American railroad and
Other stocks at prices below the present market.
-V. 128, p. 3525.
Mexican Seaboard Oil Co.
-Stock Subscribed.
The recent offering of 248,877 additional shares capital stock has been
subscribed. Stockholders of record May 29 were offered the right to subscribe at $32 a share in the ratio of one share for every four shares held.
Rights expired June 25.-V. 128, p. 4016.
Modine Mfg. Co., Racine, Wis.-Extra Dividend, &c.
An extra dividend of 25c. per share has been declared on the common
stock, no par value, in addition to the regular quarterly dividend of 50c.
Per share, both payable Aug. 1 to holders of record July 20. Like amounts
were paid on this issue on May 1 last. In each of the preceding three
quarters, the regular dividend of 50c. per share was paid.
Summer activity, it is stated, has been stimulated
hot water automobile heater business which should by an increase in the
reach
approximately 200,000 units, compared to 35.000 last year. a volume of
which will be made during the summer and early fall, will beThese units,
delivered
Tropic-Aire, Inc., of Minneapolis, and Burd High Compression Ring to
Co.
of Rockford, 111.-V. 128, p. 4333.
Moth Aircraft Corp. Added to Curtiss-Wright Merger.
The Moth Aircraft Corp. will be added to the merger represented by the
Curtis Wright Corp., involving securities with a market value in excess
of
$220,000.000 according to a statement made by Chester W. Cuthell,
General for the Keys Group.
Mr. Cuthell said: "At a special directors' meeting of the Moth Aircraft
Corp., it was recommended to the stockholders to accept the
offer made
by the Curtiss-Keys and Wright
-Hoyt interests
Moth stock consisting of one share of A stock and to exchange each unit of
one-half share of common
stock, for one share of common in the new corporation.
"Special directors' meetings have also been held
New York Air
Terminals, Inc., New York & Suburban Air Lines,of the Curtiss-Capron
Inc.,
i
Corp., Curtiss Airports Corp., and Curtiss Flying Service, Inc., At
all
these meetings the directors voted to recommend to their stockholders of
the
exchange of stock for stock of the now Curtiss-Wright Corporation at
the
ratios previously announced."
-V.128 p. 2821.
Motor Products Corp.
-Addition to Plant.
-
The Company announces that the new addition to their main plant at
Detroit is now in production on their new line of aviation accessories, while
production in their Detroit and NValkerville (Canada). plants of automobile
accessories is at capacity. Contracts with Ford, Chrysler, General Motors,
Packard, Durant and Hudson-Essex assure capacity operation for the
140
FINANCIAL CHRONICLE
remainder of the year, the Company reportsSwithirthe output running
approximately 25% higher than 1928.-V. 128,.p. 4334.
[Vol.. 129.
-Increase in Plant CapacityOhio Seamless Tube Co.
Shipments.
The company has approved plans for an increase of 40% in plant capacity.
according to 'Ws. A. C. Morse. The expansion program, the result of
greatly increased demand from the automobile and aviation industries,
calls for buildings and newiequipment costing approximately $400.000.
The company, which is reported to be the country's largest producer of cold
Dated April 20 1929: due serially May 1 1930-1939. Denom. $500. drawn seamless steel tubing, has been running 8 to 12 weeks behind order
St.
Prin. and int. (M. & N.) payable at Mercantile Trust Co., date LOUIS. since the beginning of the year. Its highly specialized product has been
on 30 used for years in automobile construction, and the company is now the
trustee. Red, at option of maker at 101 and int. on any int.
days' notice. No portion of income tax paid.
ranking maker of tubing for airplane manufacture.
-Notes are the direct obligation of Muskingum College and are
Security.
During the first five months of 1929,shipments increased more than 35%
secured by a 1st mtge. on a tract of land containing approximately 85 over one year ago. Earnings for tne period were approximately $4.27 a
Concord, 0., together with share on common stock, an increase of 106%. Contracts for the expansion
acres located in and about the town of New
the buildings and improvements erected thereon. The buildings on the have been placed and the new equipment will be in production in approx-V. 128, P. 3367.
campus are 8 in number. This mortgage of $300,000 will constitute the
mately 90 days.
only debt of the College, aside from current liabilities.
-Charted by the General Assembly of the State of
fuskingum College.
-Bonds Called.
Old Ben Coal Corp.
93rd year. Beginning with one
Ohio on March 18 1837, and is now in its
-year 73i%
Toe company has called for redemption August 1 $125,000 10
present
acre and a small log building, the institution has grown to its institu- debentures at 110 and int. Payment will be made at the Pennsylvania Co.
splendid proportions. For many years it was operated as a local
S. E. Cor. 15th &
United Presbyterian for Insur. on Lives and Granting Annuities, trustee,City Bank, 55 Wall
tion. In 1877 formal control was transferred to the
Chestnut, Sts., Phlladelpala, Pa. or at the National
Presbyteries of Muskingum and Mansfield. In 1888 its sphere of service St., N. Y. City.
-V. 125, p. 3652.
was extended when it came under the control of the United Presbyterian
its constituency
Synod of Ohio. These transfers have largely increased Christian body
-Buys Hart-Parr Minority.
Oliver Farm Equipment Co.
it the representative of higher education for a
and made
The Company has purchased the outstanding minority interest in Hart
having a large membership in Ohio, Michigan,Pennsylvania and W.Virginia
to Parr Alberta, Ltd., by the issuance of 1,300 shares of convertible partici-The loan was made to refund the balance, amounting to
Purpose.
pating stock. The Oliver Company owns through a wholly-owned subhigher-rate bond issue, made in 1922, and
$117,000. of a $325.000
-Parr, Ltd., a Saskatchewan Corporation, 550 shares of a
retire bank loans incurred in the erection and equipping of Cambridge sidiary, Hart outstanding shares of Hart
-Parr Alberta Ltd., and the acquiHall, completed in 1929, and for other substantial improvements made on total a 1,000remaining 450
shares was deemed desirable by the board.
sition of the
the campus.
V. 128. p. 4334.
-Notes
Muskingum College, New Concord, Ohio.
Offered.-Merc,antile Trust Co., St. Louis, are offering at par
and interest.$300,000 1st mtge.53/2% real estate serial notes.
-Larger Dividend.
National Acme Co.
The directors have declared a quarterly dividend of 37%c. per share on
,
the capital stock, payable Aug. 1, to holders of record July 15. This compares with quarterly dividends of 25c. per share paid on the preceding two
-V. 128, p. 3008.
quarters.
-New Directors.
National Bearing Metals Corp.
George H. Walker and William F. Cutler have been elected directors.
-V. 127, p. 2101.
National Belles Hess Co. Inc.-Merger with Leonard,
'
Fitzpatrick, Mueller Stores Co. Declared Operative.
Packard Motor Car Co.
-Production Increased.
1928.
1929.
10 Months Ended June 3046,702
41,131
Cars produced
-V. 128, p. 4171.
See Commercial Credit Co. above.
Increase.
5,571
Pan American Petroleum & Transport Co.-Bds. Calla
-year con,
The company has called for redemption Aug. 1 8405,030 10
vertible 6% s. f. gold bonds. due Nov. 11934, at 102q and int. Payment
will be made at the Chase National Bank trustee 20 Pine St., N. Y. City.
V. 128, p. 3508.
Paxton Hotel (Kitchen Bros. Hotel Co.), Omaha,
The stockholders' committee of Leonard, Fitzpatrick, Mueller Stores Neb.-Bonds Offered.
-Fidelity Bond & Mortgage Co.,
for
Co. announced July 3 that the plan of exchanging common stock
mtge. 6% real estate
stock of the National Belles Hess Co., Inc. had been declared Chicago, are offering $1,250,000 1st
common
share
operative. The merger agreement provides for the Issuance of one
gold bonds.
Leonard
of National common stock in exchange for each two shares ofchairman
Dated Feb. 15 1929, due from 3 to 12 years. Trustee. Fidelity Bank &
company. W.E. Leonard, President of the Leonard company,isAdams of Trust Co. of St. Louis. Interest payable Feb. & August 15. Bonds and
of the stockholders' committee. Other members are: TFcster Leonard coupons payable at offices of Fidelity Bond & Mortgage Co. Normal
George H. Burr & Co., and George Mueller. Vice-President of the
Income tax not to exceed 4% paid by borrower. Callable at 102 and accrued
company.
has
A special meeting of stockholders of the National Belles Hess Co.new interest. -First mortgage on land in fee, 154 x 132 feet, valued at $616.Security.
been called for July 25, and in this connection it is pointed out that
000; new 11-story fireproof hotel, containing 331 renting rooms and 7
common stock should be registered on or before July 15 In order for holders stores valued at $1,425,000 with furnishings and equipment to cost approxto participate in the meeting. See also V. 128, p. 4334, 4170.
imately $250,000, together with lien on income from same.
-Sales Increase.
National Container Corp.
The corporation reports sales for the first six months of 1929 amounting
to $1,019,799, compared with $942,605 for the same six months of 1928,
an increase of approximately 8%%. Sales of Burlabox, one of the specialties manufactured by the National Container Corp., are reported for the
same period as having increased about 35% against the 1928 Period.
An increase of about 33% is shown for the period in tonnage production,
but price of raw material during the first six months of 1928 was about
25% higher than the same period in 1929; this, according to the company,
accounting for the discrepancy between dollar sales increase and tonnage
production increase between 1928 and 1929.-V. 128, p. 3526.
-Earnings.
Penn Mex Fuel Co.
Earnings for Year Ended Dec 31 1928.
Gross income
Operating expenses
Depreciation & depletion
$4,003,878
1.239,429
798.747
Net income
Dividends
$1,965,701
800,000
$1,165,701
Balance surplus
$4.91
Earns per shr. on 400,000 shs. cap. stk. (par 825)
Balance Sheet Dec. 311928.
'
Liabilities
The directors have voted to omit the quarterly dividend due
AssetsAccounts payable
V. 128, p. 4334.
Producing & non-producing
0 081 +
.14 304i9 9
:82
0 5
816,753,489 Capital stock
properties
-June Sales.
Neisner Bros., Inc.
--2,689,754 Iles,for deprec.& depict
1929-6 Mos.-1928. Increase. Cash .1c accounts receivable
Increased
-1928.
-June
1929
5,234,744
622,456 Surplus & undiv. profits
$3,714,111 $2,026,684 Materials,supplies & oil
$818,603
$429,1801$5,740,795
$1,247,783
75,829
Stock owned & adv.to subs- -V. 128, p. 4334.
$20,141,528
Total
820,141,528
Total
-Earnings.
Nestle-LeMur Co.
Far the four months ended April 30, the company reports a net operating -V. 127, p. 2972.
profit of $277,608. The report also says that current business is better
-Increasing Uses for New Fuels.
Phillips Petroleum Co.
than on the period for which figures are given and that a continuation of
The company reports rapid increase in sales of its new domestic and
-V. 127, p. 2101.
good volume is expected.
fuels obtained by its patented processes in the manufacture of
- industrial
-Registrar.
gasoline from gas. The new products, which retail under the name of
New York, Rio & Buenos Aires Line, Inc.
gasoline
The Irving Trust Co. has been appointed registrar for 750,000 shares of Philfuels, are the more volatile parts of natural released, and are shipped
they assume the
as liquids under pressure. When the pressure Is
common no par value stock.
gaseous state, thus possessing all the advantages of gas as a fuel and enabling
-Acquisition.
Aviation, Inc.
industries and homes to use natural gas as fuel, despite their distance from
North American
It is announced that the company has purchased the Pitcairn Aviation, a producing field. The domestic fuel, known as Philgas, has the unusual
physical property of vaporizing at all temperatures down to 44 deg. below
-V. 128, p. 2645.
Inc.
zero, but maintaining its liquid state without excessive pressure.
-Distributes $938,490
The Philfuels Co., a subsidiary of Phillips Petroleum, has domestic and
North American Trust Shares.
Baltimore, Washingstations near Detroit,
In Cash to Re-Invest Percentage of Returns in Additional retailD. C., Boston and NewCleveland, Indianapolis, entering new areas,
York City, and Is rapidly
ton,
with the ultimate aim of national distribution. Among the large industrial
Shares at Bid Price.
have availed themselves of these new fuels for use in their plants
Establishing a new high record investment trusts of a fixed type, the buyers who
Corp., pipe and automobile frame manufacturers; General
sales of North American Trust Shares up to June 30 1929 totaled $17,009.- are A. 0. Smith
Group, Inc. Motors Corp.. Chrysler Motor Corp., and Corning Glass Works, makers of
142. according to an announcement made by Distributors the rate of
The fuel is also widely used in the steel, ceramic, food products,
at
through Lee, Stewart & Co., syndicate managers. This is in Feb.. 1929. Pyrex.
non-ferrous metals, textile, glass and other industries. Several public
approximately $1,000,000 per week since the public offering
utility companies have also contracted with the company for use of the new
The initial dividend foe the six months' period ended June 30 1929 to fuels in the manufacture of city gas, among them being United Light and
which represents 61% cents per share conshareholders totals $938,490
an extra return Power Co.. Sheridan Gas Utilities Co., Linton Gas and Coke Co. Citizens
sistiniof the regular coupon rate of 30 cents per share and
Great Lakes Utilities Co., and the Louisville Gas & Electric Co.
of 31 cents. This return is at the annual rate of approximately 12% on Gas Co.,
barrels per hour.
the 1. 26,000 shares of the trust which had been issued up to June 29 1929. Oil wells yield 60 2 Palmer,in Gray County,Texas, is making 60 barrel
The company No.
average
This return, according to Lee. Stewart & Co., is in line with the
high gravity crude oil per hour from a depth of 2.843 feet. This is the
the past 18 years on the 28 stocks held by the trust which was second large well the company has brought in on this lease, No. 1 came in
return for
$1.26 or approximately 12% on the average prices of these stocks for the for approximately 1,600 barrels per day.
-V. 128. p. 4172.
-year period.
18
Aside from the extra distribution of 31%c. per share. it is announced
of the
-Stock Offered.
Snow Cleaners & Dyers Corp.
Phoebe
that rights have been Issued entitling shareholders to reinvest part
proceeds from their dividend in additional shares totaling $708,953. These F. Domo & Co., New York, are offering 190,000 shares
which provides
rights are issued in accordance with the plan of the trust
for semi-annual reinvestment of the proceeds from sales of stock dividends, class A stock (price at market).
rights, &c., and is designed to maintain a balance diversification among
Class A stock is preferred as to dividends at the rate of $1 per share.
.
the 28 stocks held by the trust. The average investment in each of the is non-voting and shares equally with class B stock after the latter ha, re28 companies held by the Trust is now in excess of $500.000 per company, ceived $1 per share. Registrar and transfer agent, Security Transfer Si
while a reserve fund held by the trustee, the Guaranty Trust Co. of New Registrar CO.
York. totals $916,600 as of June 29 1929. This fund may be used to
Authorized. Outstanding.
Capitalization100,000 shs. 100,000 she•
stabilize the minimum coupon return amounting to approximately 6% Class A (no par)
25,000 shs.
25,000 shs.
during possible depression periods. It is said that aside from the dividend Class B (no par-voting)
return, the shares in the ex-dividend price of 10% as of July 1 1929 show
Data from Letter of Geo. Schwartz, President 01 the Company.
.
an appreciation exceeding 5% during this period.
-Organized in Delaware for the purpose of acquiring and operCompany.
'The holders of any number of shares," states Thomas F. Lee President
and dyecleaning and dyeing stores,
of Lee, Stewart S: Co. and Executive Vice-President of Distributors' ating a chain of allied cleansing services, together with cleaning
conducted under the chain store
ing plants and
Group. Inc., which sponsors the shares, "have the privilege of converting
stores and operating
same directly through the trustee at all times. Holders of one-fourth a principle, centralized management, standardization of stores and a finishunit, or multiples thereof, may convert into one share of each of the 28 economies. The corporation now ONVIIS and operates 10 together with 21
stocks held by the Trust, and holders of fractional amounts may 'cash in' ing plant located in New York City. These ten stores,it is stated, form
well-located stores under
their certificates by means of a revolving fund which has been deposited additionalfor an organization of 100 consideration, will,
stores.
with the Guaranty Trust Co. There is no service charge or penalty a nucleus
It is the intention of the corporation to acquire or build as in the opinion
imposed at the time of conversion and the shareholder may receive the
pro rata portion of of the management will seem best, a fully-equipped dry-cleaning facterY,
full value of the deposited stocks, together with his
100 stores. Facilities and equipthe reserve fund and any dividends which may have accumulated since with sufficient capacity to take care ofand sanitary developments in the
ment will consist of the most modern
the preceding coupon date.
industry. Operating its own dry-cleaning factory, the corporation will
"As evidence of the satisfaction of shareholders, and the fact that the
a larger margin of profit.
issue has been well placed, it is interesting to note that less than four reduce such costs to a minimum and in turn obtain will be used exclusively
-Proceeds from the sale of the stock
Purpose.
units of North American Trust shares have been sold by investors out
and provide adequate working
to acquire and develop additional stores
-V.128. p. 4171.
of the $17,009,142 of sales.
capital. It Is the intention of the directors to eventually acquire, develop
-Sale.
and operate approximately 75 stores at strategically located points in densely
North Atlantic Oyster Farms, Inc.
populated sections of New York and vicinItY.
-V 127, p. 1399.
Sae Postum Co.. Inc., below.
National Trade Journals Inc.-Omits Dividend.- 1.July
JULY 6 1929.]
FINANCIAL CHRONICLE
Earnings.
-Through the operation of 75 stores or thereabouts, the gross
receipts should approximate $2,000.,000 annually and estimated earnings
from these stores will average approximately over $250,000 per annum.
141
-Shipments Decrease.
Reo Motor Car Co.
Period Ended June 30-Shipments of cars and
speedwagons(number)
-V. 128, p. 3700.
-Month-1928.
1929
1929-6 Mos.-1928.
3,042
6,132
23.127
26.031
Phoenix Finance System, Inc.
-The
-Stocks Offered.
company with offices at Des Moines, Ia., recently offered
Robert Airplane Manufacturing Co.
-Directors Recom10,000 units, each unit consisting of one preferred and one
mend Acceptance of Curtiss-Keys and Wright
-Hoyt Interests
participating share, at $150 per unit.
for Stock Exchange.
-Preferred as to dividends at rate of $6
$6 Dividend Preferred Shares.
per share per annum, payable Q.
-J., before dividends are paid or set apart
on any other class of stock; also preferred as to assets up to $105 per shar
in event of voluntary or involuntary dissolution. The purchaser of each
preferred share is entitled to buy one participating share. Callable on
dividend dates after Jan. 1 1930, upon 30 days' notice, at $105 per share
plus dividends.
Participating Shares are non-callable. The participating shares divide
assets and also the earnings, after payment of the annual $6 pref. dividend,
equally share and share alike with the voting common stock without limitation.
Authorized. Outstanding.
$6 dividend preferred shares
10,000 shs. 10,000 shs.
Participating shares
10,000 shs. 10,000 shs.
Voting common shares
10,000 shs. 3,500 shs.
Business.
-Company was organized for the purpose, besides others, of
holding, buying and selling of stocks of companies engaged in small loan
activities, its primary purpose being to make permanent investments in the
voting common stocks representing a control of such companies. It is
already a holding company for the Phoenix group ofseven loan office§ located
in Des Moines, Kansas City, St. Louis, Davenport, and Milwaukee. It
controls subsidiaries through the ownership of a major portion of their
voting common stock, which control at all times is to be maintained,
exercising a general supervision, thus assuring uniformity and economy of
operation and efficiency of management. It plans to continue the establishment of additional loan offices in the centers of industrial population
of the country, forming a larger national chain, The Phoenix fleet is
already recognized as one of the important chain organizations in the middlewest engaged in rendering a loan service to worthy borrowers.
Operations.
-The loan offices of the Phoenix Finance System advance
small sums of money for short periods of time to individuals who do not enjoy the privileges of bank credit. Less than one-fifth of the families of the
country have means sufficient to borrow from banks, and need of small
temporary loans is frequently felt by millions of trustworthy persons.
Phoenix offices have loaned, to Dec. 31 1928, a total of $1,522,427.42.
representing approximately 12,000 accounts, averaging about $112.50
per loan. Under a "budget repayment plan"payments on loans are
to meet the individual needs of the borrower in a methodical and arranged
businesslike way.
Earnings
.-Funds are loaned at a remunerative rate by the subsidiary
companies, through well established and profitable local loan offices. The
substantial net earnings of these offices and the rapid growth in their
volume of business assure shareholders of the holding co. of prompt and
regular payment of the dividends. Comparatively little additional overhead expense of operation of established loan offices will be required to
handle a large increase in volume of business. Aggressive and experienced
snanagement increased the sums loaned by offices for the six months ending
Dec. 31 1928, in excess of 150% over the previous six months' period. A
single month's interest collection reached
at the rate of over a quarter million dollars $28,901.20 in April 1929. being
annually.
Purpose.
-Proceeds will be used to
of the Phoenix fleet of loan offices offinance the enlargement and extension
the subsidiary companies of the chain
now in profitable operation as well as those to
be added, and for other
corporate purposes.
Phoenix (Fire) Insurance Co.
-New
Vice-President.
E. V.Chaplin, Sec- has been elected Vice-President.
-V.125. p. 3494.
Pittsburgh Screw & Bolt Corp.
-Earnings.
The company reports for the five months ended
net income of $1,374,336 after depreciation, May 311929,consolidated
equal to 92c. a share on the 1,500,000 no parinterest and Federal taxes,
capital shares outstanding.
V. 128. p. 2479.
Poor & Co.
-Earnings.
-
The board of directors have voted to recommend to the stockholders the
acceptance of the offer of the Curtiss-Keys and Wright
-Hoyt interests for
the exchange ofstock for stock of the Curtiss-Wright Corp.
Royal Typewriter Co.
-Ratify Split-Up.
The stockholders July 1 ratified the proposal to increase the no par common stock from 144,852 to 269,704 shares, an d to split the common stock
and
two shares for one. The proposal to give
of the $100 par preferred
stock two votes per share, thus maintaining equal voting power of the
respective stocks, was also ratified.
-V. 128, p. 3849.
Salt Creek Producers' Association,Inc.
-Reduces Div.
The directors have declared a quarterly dividend of 50c. per share on the
capital stock, payable Aug. 1 to holders of record July 15. This compares
with a previous quarterly dividend of 75c.
-V. 128. p. 3530.
Schulte-United 5c. to $1 Stores, Inc.
-Sales Increase.
Sales in June amounted to $1,505,706. an increase of 16% over sales for
the previous month. Sales are now running at the rate of $20,000,000 a
year,it is stated.
-V.128, p. 4173,4019.
Sears-Roebuck &
Month of June
First 6 months
-v. 128.P. 4336.
1929.
1928.
1927.
1926.
535,747.979 $25,669,119 $19,340,640 118,274,895
192,728.711 146.099,065 129.726,556 126.621,823
(Isaac) Silver & Bros. Co.
-Sales.
-June-1928.
1929
$526,175
$613 M58
-V. 128, p. 3849. 3204.
Increased 1929-6 Mos.-1928.
886,883183.166,970 82.620,262
Increase.
$546,708
Skinner Organ Co.
-10% Stock Div. Proposed.
-
A special meeting of the stockholders has been called for July 11 to act
upon a recommendation to increase the authorized capital stock from
55,000 no-par common shares to 60,500. It is the intention of the directors to distribute the additional 5,500 shares as a 10% stock dividend on
July 15. Treasurer Catlin states it is antidipated that dividends will be
continued at the present rate of $2.50 per share per annum.
-V.125. p.662.
-Extra Dividend.
Southern Asbestos Co.
The directors have declared the regular semi-annual dividend of $1.25.
with an extra dividend of 25c on the capital stock, no par value, payable
was paid Jan.
July 15 to holders of record July 9. A similar extra
15, last.
-V. 128, p. 1924.
Southern Sugar Co.
-5% Stock Dividend.
The directors have declared a stock dividend of 59' on the common stock.
payable July 15 to holders of record June 30. Stockholders have the right
to sell the stdck to the company up to Aug. 15 at the rate of $35 a share.
Stockholders would thus be able to realize cash of $1.75 a share.
-V. 128.
P. 2824.
-Definitive Certifs. Ready.
(A. G.) Spalding & Bros.
-
Dillon, Read & Co. announce that temporary stock certificates for 50,000
shares of A. G. Spalding & Bros. common stock are now exchangeable fo
definitive certificates at the office of the Chemical Bank & Trust Cor
(See also V. 128, p. 905.)-V. 128, p. 2287.
-Stock Offered.
Sparta Foundry Co.
-L. A. Geistert &
Co. and A W. Clutter & Co., Grand Rapids, recently
offered 22,500 shares common stock (no par) at 838.50
per share.
Dividends exempt from present normal Federal Income Tax. Transfer
agents: Continental Illinois Bank & Trust Co., Chicago and Michigan
Trust Co., Grand Rapids. Registrars, The Northern Trust Co., Chicago
and Grand Rapids Trust Co., Grand Rapids.
Capitalization.Outstanding.
Authorized.
Common stock (no Par)
100,000 shs.
50,000 shs.
-Company Is the largest manufacturer in the world
History & Business.
Postum Co., Inc.
-Acquisition.
of individually cast grey-iron pistonrings for automobiles,trucks,tractors and
The company has acquired the North Atlantic Oyster Farms, Inc. airplanes.Company was incorp.in Mich.in 1926 to acquire the
W. H. Raye, President of the acquired company, will, it is said, continue Oil Stopper Piston Ring Co., which was established in 1921.business ofthe
tin active charge of the business, operating it in conjunction with the General of the company has been rapid, each year showing a most The growth
satisfactory
Seafoods Corp.. which the Postum and affiliated interests recently acquired. increase in the volume of sales and earnings. With an initial paid-in
-V.128. p. 4335.
capital of $50,000, the development of the business to its present leading
position in the industry has been financed largely through reinvestment of
Power & Light Securities Trust.
earnings, during this period, substantial dividends in cash and stock were
-Report.
-Power and Light Securities Trust, an investment trust of the management also paid.
type, as of June 15 1929, had a capital of 60.600 shares of beneficial interest
Sales e Earnings.
-The volume of sales has shown a substantial increase
and 80,000 option warrants to purchase additional shares of beneficial year by year since 1922, each year's sales increasing on an average of 100%
interest at $75.
over the preceding year. From an average daily production of 8,000 to
The following table shows the increase in liquidating value, dividends 10 000 ring castings in 1923, the business has developed to an average
paid and rights issued for the 12
-month periods ended June 15 1927, 1928 daily production at the present time of over 500,000 castings. Production
and 1929.
is now at the annual rate of 156,000,000 ring castings, compared with
Period 12 Mos. Ended June 15199.
1928.
1927. 57,000,000 in 1928. and 34,402,000 in 1927 and 22,000,000 in 1926.
-Cash dividends paid
Earnings.
-A substantial profit has been earned by the company each
$2.00
$2.50
$2.00
Value of stock dividends on date paid
1.78
---- year since its inception, net earnings keeping pace with the annual increase
1.53
Value of rights
in sales. Net earnings, for the 3 1-3 years ending April 30 1929 ,after all
3.50
Increase in liquidating value
16.85
5.37 charges, including Federal taxes and after giving effect to the elimination of
6.92
certain expenses considered to be non-recurring.
Total gain for each year
Years1929(4 mos.)
1928.
1927.
1926.
$24.13
$10.45
$7.87
The total gain, including increase in liquidating value, dividends paid Not after Fed, taxes and
deprec. avail for diva. $160.522
$158,417
.and rights issued-for the three-year period ended June 15 1929. amounted
$107.386
$74,893
to $42.45 per share. This is equivalent to 103.5% on the offering price Earned per share on
50,000 shares of corn.
•of the shares at the beginning a the period, and is at the average annual
stock
*3.21
3.17
2.15
rate of 34.5%.-V. 128, p. 3012.
1.50
• Or at annual rate of $9.63.
Assets
-The balance sheet as of April 30 1929 shows net assets of $581,132
Printing Crafts Building, N. Y.
-Certificates Offered.
- and net current assets of
The Prudence Co., Inc., is offering $3,000,000 532% guar- times current liabilities. $189,332. Current assets are in excess of three
Dividends.
-It is the intention of the directors to place the common stock
anteed Prudence certificates.
on an annual dividend basis of $3 per share, payable (Q. St M.).
Legal for trust funds in State of Now York. Interest payable June 1
Higher Sales for May and First Half of June.
Dec. 1. The purchase of one of these certificates makes the holder
and
Sales for May were $152.257 as compared with $148,257 for the preceding
the owner of a participation equal to the amount of his subscription in a
first mortgage made by the Printing Crafts Realty Corp. on the office and month, an increase of $4,000. Sales for the first half of Juno were ran
aa compared with $76,599 for the first half of May, an increase of $8,315.
loft building described below.
The mortgage is a first lien on the land and modern 22
-story basement According to Pres. August A. Johnson, increases seem to indicate that
and sub-basement fireproof office and loft building known as the Printing motor car and airplane manufacturers do not anticipate a slump in proCrafts Building. at 461 Eighth Ave., occupying the entire block front on duction during the summer months. Questionnaires were recently sent
the west side of Eighth Ave. from West 33rd St. to West 34th St., with an to all customers of the Sparta Company in an effort to determine what the
requirements of each would be for the next 12 months. Mr Johnson said
average depth of approximately 120 feet.
Tho building is of skeleton steel frame, concrete, brick and stone, 100% that in each case customers had replied saying they expected increased
fireproof construction, and contains unusual details for this type of office Production during this period, many stating that production would be
and loft building. Nine of the upper floors are devoted to offices and 12 stepped-up as high as 50% over the present output.
are used by some of the highet class printing and lithographic corporaExpansion Program.
tions. The floors have a carrying capacity of 240 pounds per square foot.
The directors have announced an
as compared with only 120 pounds in the average building. The building completed, will, it is stated, add two expansion program which, when
additional units to the company's
contains exceptional window space and very high ceilings, providing the Want, as
utmost light and air. It is equipped with 14 high-speed elevators. The 100,000 well as increase the total floor space occupied from 80,000 to
square feet and step
Printing Crafts Building is one of the outstanding structures of its kind in Piston rings from 600,000 toup the daily production of individually-cast
750.000. The company recently acquired
-V. 115. p. 2591.
respect to construction, design, layout and location.
several tracts of land adjoining its plant and will erect the new buildings
on them. • Total cost of construction will exceed $100,000. it was said.
Utility Investment Co.
-Dividend No. 2.Public
-V. 128. v. 3849.
grA dividend of 35 cents per share (being dividend No. 2) was paid on the
Springfield (Mo.) Medical & Dental Building Corp.
outstanding no-par value common stock July 2, to holders of record June
20.
Bonds Offered.
-First National Co. St. Louis, are offering
The fireadividend amounted to 50 cents and was for the period ended $275,000 1st mtge. serial
6% real estate gold bonds at prices
Dec. 311928.-V. 126, p. 2662.
The company reports for five months ended May
-after depreciation, but before interest and Federal 31 profit of $1.329.050
taxes. After
for interest, Federal taxes and dividends permissible on the classallowing
was a balance of $959,763, or $2.92 a share on the 329,000 class BA there
shares.
-V.128. P. 4172.
Real Silk Hosiery Mills, Inc.-Sub-Company.v. 2648.
-V. 128.
geolLthertyaHosiery Corp. above.
to yield from 534% to 6%, according to maturity.
Dated Sept. 24 1928; due serially Oct. 1931-1940. Int. payable A.& 0.
at office of the St. Louis Union Trust Co., St. Louis, Mo., trustee. Call-
142
FINANCIAL CHRONICLE
able on any int, date on 60 days' notice at 100 and int., plus a premium
,
of 1% for each year prior to maturity. Denom. $500 and $1,000.
of
-These bonds are a direct obligation of the corporation, and
Security.
are sesured by a closed 1st mtge. upon fee and building in Springfield,
Mo., known as the Medical and Dental Building.
-The ground, comprising an area of 6,844 sq. ft, is located at
Building.
the southeast corner of South Avenue and East Pershing St., having 59
ft. on the east side of South Ave. and 116 feet on the south side of East
Pershing St. This location in the downtown business section is considered
excellent for a medical building.
-story and full basement reinforced
The improvements consist of an 8
concrete office building, which will be fully completed on or about Aug. 1
1929. The building contains approximately 625,000 cubic feet and provides, in addition to the store space, approximately 28,000 square feet of
rentable office area.
-The net annual revenue of the building, after deducting opIncome.
erating expenses and taxes and allowing 10% for vacancies, is estimated by
the officers of the corporation and the Mortgage Loan Department of the
First National Co. to be $36,412, or over twice the greatest annual interest
charge on this loan, viz.:
$56,000
Income: 28,000 square feet office space at $2
9.960
3,320 square feet store space at $3
Total
Less 10% for vacancies
Expenses and taxes
Estimated net revenue
$65,960
6,596
22.952
$36,412
-Incorporated.
Standard Brands, Inc.
This company was incorporated in Delaware June 28, with an authorized
capitalization of 21,000.000 shs., no par value, of which 1.000,000 pf. and
20.000,000 common -V. 128, p. 4337.
--Listing.
Standard Commercial Tobacco Co., Inc.
The New York Stock Exchange has authorized the listing of 43,791 additional shares common stock without par value, on official notice of issuance
in exchange for shares of class B.common stock, making the total applied
for 283,191 shares.
The 43,791 shares of no par value common stock proposed to be issued
were authorized by the board of directors at a meeting held on Jan. 2 1929,
to be issued share for share for the class B common stock, thus retiring the
-V.128. p. 3205.
class B common stock.
Standard Oil Co. of Ohio.-Aeguisition.-
Exercise of an option on the controlling interest of Caldwell & Taylor.
Inc., taken by the Standard Oil Co. of Ohio, which expired June 15, was
announced on June 17 by President W. T. Holliday, of the Standard Oil
Co.. nd A. B. Caldwell, Vice-President and General Manager of Caldwell
& Taylor. Inc.
The deal involves 31 oil stations in Cincinnati and vicinity, a refinery and
other interests of the Aero Gas Co. and filling stations and other assets of
subsidiary companies in Dayton and at Columbus, 0.
,According to the announcement the negotiations which had been in progress for several weeks will result in the immediate application for a charter
for a new company to be known as the Caldwell & Taylor Corp. The
purpose of this new company Is to assemble under a single ownership all
the assets of Caldwell & Taylor, Inc. and its subsidiaries.
The Standard Oil Co. of Ohio will acquire a controlling interest in the
new corporation and also the Columbus property of the Caldwell & Taylor
Co. T. J. Taylor. President of Caldwell & Taylor, Inc., will retire and
A. B. Caldwell, who has taken a substantial stock interest in the consolidated company, will become its President and manager, with headquarters
in Cincinnati.
It is also announced that President Caldwell will retain the present organization of the acquired company intact, and their business with its various
-V.128.
products will be conducted as heretofore. (Cincinnati "Enquirer.")
p.2107.
-Enlarges Plant.
Standard Steel Propeller Corp.
The company, the largest producer of metal airplane propellers, is enlarging the capacity of its plant at Homestead, Pa.,to five times its present
output. The present production is 350 yropellers monthly. No new
financing will be necessary to pay for the additions to the plant now under
construction as the company has approximately $500,000 cash balance.
Received Orders for 100 Propellers.
-
An order for 100 propellers has been received by the company from
the Curtiss-Robertson Airplane Manufacture Co., of St. Louis. The propellers will be delivered at the rate of 10 a week for use on Curtiss "Robin"
panes in production at that rate in the St. Louis plant.
Orders have been also received by the company from Panstowe Zaklady
Lotnicze, of Poland, and from the Royal Air Navigation Co., of Holland,
it is reported.
Preference Being Converted.
The preference stock, it is reported, is being rapidly exchanged for common on the basis of four shares of common for one preference. At present
less than 8,000 shares of preference are outstanding of a total of 20,000
shares authorized. The company has no funded debt or bank loans.
V. 128, p. 2482.
-Earnings.
Stanley Co. of America.
Net income after depreciation and Federal income taxes and after provision for minority interest in subsidiary companies, amounted to $392,651
for the 9 weeks ended March 2 1929. This Is equivalent to 43 cents per share
on the common stock now outstanding. As the company recently changed
its fiscal year to end the last Saturday of August comparable figures for
1928 are not avallable.-V. 128. P. 4337.
-Stone &
-Stock Sold.
Stone & Webster Inc. (Del.).
'
Webster and Blodget, Inc., announce that no more subscriptions are being received for stock of Stone & Webster, Inc.
About 400,000 shares capital stock were offered at $100 per
,
share. A circular shows:
[Vol.. 129.
single hydro-electric power installation in the United States. In addition
steam and hydro-electric power stations industrial plants, office buildings,
hotels and other structures have been designed and erected for many °Leer
large corporations.
During the past 25 years construction work costing over $1,000.000,000
has been executed. The uncompleted portion of tie work now On hand is
in excess of $100,000,000. Expert reports and appraisals have been made
on properties having a total value of over $6.800,000.000. Approximately
75% of the engineering and construction work done is for clients not connected with the organization and 25% for the companies whose operations
are supervised as referred to below.
-This business is now carried.
Underwriting and Distribution of Securities.
on by Stone & Webster and Biodget, Inc., which is one of the large investment security houses. It originates and underwrites security issues and
distributes them both at wholesale and retail. It deals not only in domestic
and foreign government, municipal and corporation bonds, but also in
preferred and, common stocks of railroad, utility, industrial and other companies. Due to its close affiliation with Stone & Webster, Inc., it benefits
from the long experience and world-wide contact of that orgainzation in
the construction and operation of properties of various types. These
benefits are available to its clients, which include banks, insurance companies and other institutions, as well as trustees and individual investors.
The business is directed by executives, a majority of whom have been with
the company or its predecessors for at least twenty years. Principal offices
are maintained in New York, Boston, Chicago and Philadelpia, with
branches in other cities and with representation in Europe.
Supervision Service.
-There has been developed an organization which
has specialized in the practical operation of public utility companies. The
properties under the supervision of Stone & Webster, Inc. are located in
18 of the United States. in Canada and in the West Indies, they servo a
ou1ation of over 5,000,000 and have annual gross earnings of over $80,
g
Stone & Webster supervision has resulted in sound economic practices
applied to public utilities in the development of business, operation, financing, engineering and accounting. Special attention has been given
to the maintenance of proper public relations through service and the
dissemination of adequate information. The principal companies so
supervised (which include the operating subsidiaries of Engineers Public
Service Co.) are the following: Baton Rouge Electric Co., Blackstone
Valley Gas & Electric Co.. Chicago, Wilmington & Franklin Coal Co.
Columbus Electric & Power Co., Edison Electric Ill., Co. of Brockton
El l'aso Electric Co., Fall River Gas Works Co., Operating subsidiaries
of Galveston-Houston Electric Co., Gulf States Itllites Co., Operating
subsidiaries of Northern Texas Electric Co., Puget Sound Power & Light
Co., Savannah Electric and Power Co., Sierra Pacific Power Co., Southern
Ice Co., Tampa Electric CO., Virginia Electric & Power Co., Western
Public Service Co.
Promotion and Development.
-In addition to furnishing engineering and
supervisory services to others and engaging in the business of distributing
securities, the organization also undertakes, sometimes in association with
others, the purchase of properties for the purpose of reorganizing, developing and improving them. The returns from such operations result from
the increased values of the purchased properties after their development.
This promotion and development work is expected to continue as an important part of the company's business.
-The many interests of Stone & Webster. Inc., and its
Investments.
intimate knowledge of various enterprises, offer opportunities for investment not only in companies supervised by Stone & Webster. Inc., but also
in ocher undertakings.
Organization and Management.
-The business will be carried on by Stone
& Webster, Inc. and its constituent companies, which are listed below:
Percentages
to be Owned.
Company907 '''_
Stone & Webster Engineering Corp
Stone & Webster and Blodget, Inc
66 2-3%
100
Stone & Webster Service Corp
100
Stone & Webster Associates Corp
•
100
Stone & Webster Investing Corp
100 a
Stone & Webster Realty Corp
* 90% of common stock and all of preferred stock.
of the foregoing
-Unified policy and co-ordinated operation
Directors.
divisions of the business are attained by the general supervision of Stone &
Webster, Inc., through its directors and chief executive officers. The
board of directors of Stone & Webster, Inc., on completion of the present
plans, will consist of the following: Charles A. Stone, Chairman; Henry
(G. Bradlee. Vice-Pres. & Treas.; F. Higginson Cabot, Jr., Vice-Pres.;
W. Cameron Forbes, Joseph P. Grace, Harry H. Hunt, Vice-Pres.; George
0. Muhlfeld, Vice-Pres.; Bayard F. Pope, Vice-Pres.; Edwin S. Webster.
Pres.; Thomas N. Perkins, Herbert L. Pratt. Russell Robb, Henry B.
Sawyer, Vice-Pres.; Whitney Stone, Eliot Wadsworth, Edwin S. Webster.
Jr., Vice-Free.; Albert H. Wiggin.
-The authorized stock consists of
Capitalization and Purpose of Issue.
one class, without par value, having full voting rights and entitled to subscribe pro rata to additional stock and obligations convertible into stock,
issued for cash after the completion of the present plans. No stock with
prior rights is authorized and no stock purchase warrants or other options
to purchase stock are outstanding. Present plans contemplate the issueof 175,761 additional shares to the present stockholders and their associates
in exchange for securities (including common shares of Engineers Public
Service Co.. General Public Service Corp. and Tampa Electric Co.) having
a market value of June 24 1929, of $17,576,100 and the offering to the public
of 400,000 shares at 3100 per share. The 400,000 shares are to be offered
directly by the company and there will be no underwriting. The new money
is to be used for the purpose of further extending the activities of Stone &
Webster Inc., and its constituent companies.
The disposition of the shares authorized will be as follows:
683,220 shs.
Outstanding or issuable in respect of old shares
175,761 shs.
Issuable for securities as above stated
400,000 shs.
Now being offered to public
Total presently to be outstanding
Unissued
1,258,981 shs.
241,019 shs.
1,500,000 shs.
Total authorized
-The average net earnings of the old company (without
Earnings.
taking into account changes in value of investments held) for the last three
calendar years is equivalent to $4.48 per share of the new company issuable
For 40 years the business of Stone & Webster, Inc. has been privately for the outstanding shares of the old company; and similarly the net earnowned, first as a partnership and later as a Massachusetts corporation. ings for the year 1928 is equivalent to $6.24 for each of such shares. The
It is now making corporate readjustments. and, as recently reincoporated foregoing does not take into consideration the increases in the shares of the
under the laws of Delaware, will have an authorized capital stock of 1.- old company outstanding during each year, but assumes that the total
500,000 shares without par value. Of this amount,400,000 shares are being shares of the new company issuable for the shares of the old company were
publicly offered at $190 per share and certain of the present stockholders outstanding during the entire period. Nor does the foregoing calculation
who have been responsible for the success of the business and their asso- include the shares of the new company to be issued for additional capital
ciates are at the same time increasing their investment by transferring to funds on completion of the present plans or any allowance for earnings on
the company marketable securities having a market value as of June 24 such funds.
Pro Forma Balance Sheet May 311929.
1929, of $17,578,100 in exchange for 175,761 of the new shares.. The business will be continued rafter certain adjustments) under the said° manageA ssets
Liabilities
ment with the added advantages of broad public participation and, on *Land & building
$4,891,814 *Bonds
$3,382,000
completion of the present plans. with an increase in assets of over $57.- Equipment & furniture
449,230 Notes payable_ ,
0
12,271.00
500.000.
43,707,241 Accounts payable
Securities(at cost)
4,801.548
History.
-Stone & Webster, Inc. is the evolution of a partnership formed Cash
118,284
38,535.489 Sundry liabilities
original purpose was to serve Notes receivable
in 1889 and first incorporated in 1920. Its
181,250
337,913 Unadjusted credits
In a reporting and consulting engineering capacity, but soon design and Accounts receivable
1,009,741
7,827.813 Reserves
construction work was undertaken, particularly in the field of electrical Sundry assets
218,808 Minority int, in cap. & sum.
enterprises. In time, as a logical outgrowth of the engineering business. Unadjusted debits
3,150,180
of subsidiaries
85,898
the firm undertook the supervision of operating properties (especially in
Bal. of assets for 1,258.981
the public utility field). the acquisition of such properties for their own
70,889,821
corn. ohs.(no par)
account and the issue and distribution of securities. In 1927 the securities
division was combined with Boldget & Co. to form Stone & Webster and
$95,853,804
Total
395,853,804
Total
Biodget, Inc. In 1928 the Stone & Webster Engineering Corp. OMR or.
4 First mortgage 5% bonds of Stone & Webster Realty Corp., representganized, took over the engineering and construction business of Stonq & ing alien on only land and building of that
corporation, shown under assets.
the construction
Webster, Inc., together with its substantial interest in
-The capital stock is
Listed.
Stock Exchange and
and financing business of Ulen & Co., and acquired the engineering and applicationwill be made to list listed on the Boston the New York Stock
the capital stock on
construction business of McClellan & Junkersfeld, Inc. from The North
American Co. The activities of the various divisions of the business are
Transfer agents, Chase National Bank, New York and New England
described below.
-Power stations have been designed and Trust Co., Boston.
Engineering and Construction.
Registrars, Central Hanover Dank & Trust Co., New York and The
built with an aggregate of over 4.000,000 h.p. of steam and hydro-electric
Bank of Doston.-V. 128, p. 4337.
capacity, representing approximately 10% of the installed capacity of the First National
central station industry in this country and serving 20,000.000 people with
Strauss-Roth Stores, Inc.
-Stock Offered.-Braham &
electric power and light. These undertakings include the construction of
such steam power stations as the Long Beach Stations for the Southern Co. Inc., New York, are offering 30,000 shares common
California Edison Co. and the Edgar Station for The Edison Electric stock, at $17.50 per share. The shares of common stock
Illuminating Co. of Boston. and also the building of such nationally known
hydro-electric plants as Big Creek, Keokuk and Conowingo, the largest included in this offering are being purchased from individuals.
JULY 6 1929.]
FINANCIAL CHRONICLE
Capitalization Authorized and to be Presentl
y Outstanding.
10
-year 6% sinking fund bonds
$600,000
Common stock (no par)
100,000 shs.
Transfer Agent. the Bank of America Nationa
l Association. Registrar,
the Seaboard National Bank of the City of
New York.
Data from Letter of Nathan Strauss,
Chairman of the Board.
Business and History.
-Company has been incorp in New
Jersey to acquire, own and operate a chain of 126
located in the States of New York, Newretail stores selling meat products,
Jersey, Connecticut, Pennsylvania
and Massachusetts, including the cities of Newark
, Allentown and Bethlehem, New Brunswick, and other
centers.
decessor companies,affiliated with large Nationa The business of the preRoth
l Stores Holding Corp.. was
originally established in 1888 with a cash
investment of $1,000 and has
grown to its present size without public financi
panies were: National Beef Co., Roth & Co.,ng. The predecessor comJ. L. Byrne & Co., the
Guaranteed 10-20-30c. Meat Shops, Arnold
Market, American Provision Co., Kratt Market Co., Malloy's Sanitary
&
National Butchers Co., National Market Co. Co., National Provision Co..
and
Company will sell meats, poultry, provisio National Meat Sotres Co.
businesses to be acquired are well established ns, fish and groceries. The
in
served. The business is conducted essentially the communities which are
The business will be conducted in leasehol upon a cash basis.
d locations. The corporation
ill own and operate a complete modern warehou
se in Newark
Sales and Earnings.
-The combined net sales of the stores .
proposed to be
acquired by the corporation amounted to
$6,479,756 for the year ended
Feb. 2 1929. The stores showed a net profit
for the year. Based on the
operations of Nathan Strauss, Inc. (which
successfully operates a smiliar
chain of approximately 100 stores in the New
York metropolitan area and
which earned for its common stock for the year
edned Dec. 31 1928. over
% on its net sales), it is estimated by Nathan
Strauss, President of
Nathan Strauss, Inc. and Chairman of the
Roth Stores, Inc., that the annual earningsboard of directors of Straussof Strauss-Roth Stores, Inc.
available for stock after all charges,
direction and management, should under substantially the same executive
figure is conservatively based upon amount to at least 3160,000. This
only 2;i
for the year ended Feb. 2 1929, and would % of net sales of the chain
$1.60 per share on the shares of stock to be be equivalent to earnings of
Managment.-Strauss-Roth Stores, Inc.presently outstanding.
will be under the executive
direction and management of Nathan
Strauss
include: Nathan Strauss, Chairman; Irving . Its board of directors will
M.Schaap, President; Graham
Adams, Roy M. Cohen, A. D. Braham
thal, E. F. Gillespie, Richard Franken , Louis Strauss, Michael M. Rosenfelder,
Listing.
-Company has made application Lloyd B. Kanter.
to list this stock on the New
York Curb Exchange.
-V. 128, D. 4174,
Studebaker Corp. of America.
-Cuts Price on New
Dictator Sixes.The corporation will make its second bid
this season for business in the
medium-priced field by its announcement
Six series, priced from $995 to $1,195. to-day (July 6) of a new Dictator
most important model in any line of The four-door sedan, which is the
automob
$250 in list price. Early in June the compan iles, carries a reduction of
y announced a new Dictator
Straight Eight line, priced from $1,185 to
$1,435. The new six $995 business coupe is the lowest priced Studebaker
closed car ever offered.
Comparative prices of new and old
Dictator Six models are as follows:
Model
New Price,
Club sedan
Old Price.
1.035
Four-door sedan, mohair upholstery
185
.
1,095
Regal sedan, with six-wire wheels
1.345
1,195
Two-passenger business coupe
1,395
995
Four-passenger coupe
1,265
1.045
Five-passenger touring car
1,395
1.095
"The new Dictator Sixes round
1,265
out the Studebaker line offering greater
values in the $1,000 field .and
provide a formidable competitor in that
popular price market," Vice-Pres.
Paul G. Hoffman stated. "The
pany expects the new Dictator
Eights and Sixes to stimulate summer comand bring the lower priced cars in
line with Commander and President sales
which showed an increase of over
50% during the first 5 months sales,
year."
-V. 128, p. 4174.
of this
Stutz Motor Car Co. of America., Inc.
-Business Increases.In the face of predictions made by
tion of automobiles would show a "Automotive Industries" that producE. S. Gorrell, Pres. of the compan falling off of some 10% in May, Col.
y,
95% over May 1928 and a consistent announces an increase in business of
production increase over April. The
factory now has 48% more unfilled
orders on file than at this time last year.
He adds that Stutz has shown a 50%
from Jan. 1 to May 31, with an exportincrease over last year for the period
increase of 34% for the same period.
-V. 128, p. 3532.
Sunset-Pacific Oil Co.
-Co-Agent.-
The Bankers Trust Co. has been appoint
ed co-agent with the AngloCalifornia Trust Co., San Francisco,
Pacific Oil Co. 1st mtge. & coll. 6;.6% Calif., for the payment of Sunset
bond coupons.
-V. 127, v. 3417.
Super Maid Corp.
-Earnings.
Net earnings for the that five months of
ing allowance for Federal taxes, are reporte 1929 after all charges, includd. as $456.940, being equal to
$3.09 a share on the 150.000 shares of commo
n stock outstanding.V. 128, p. 4022.
Swedish
Co. (Aktiebolaget Svenska
Kullagerfabricken), Gothenburg, Sweden.
erican Shares Sold-Lee, Higginson & Co.and-50,000 AmBrown
& Co. announce the sale of 50,000 American shares Bros.
(representing B shares of the company) at $68.66 per
Ameri
shares. The offering in the United States is part can
of an
issue of 240,000 B shares issued to effect a further
extension
of the company's already world-wide interests by the
acquisition of certain competing allied interests in Europe.
Certificates for America
Ball
Bearing
n shares, in bearer form with dividend
warrants
attached, will be issued by Lee, Higginson Trust Co.,
Boston as depositary
under a deposit agreement dated June 28 1929, in
the
erican share for each B share of the company,of the proportion of one Ampar value of 100 Kronor,
deposited with the agent of the depositary
in London. Eng., or in Stockholm, Sweden. The 50,000 B shares to be initially
deposited will be entitled
to dividends declared in respect of the year 1929 and
subsequent years.
The deposit agreement will in substance provide
dividends received by the depositary upon deposit , among other things, that
ed shares will be converted
into dollars at current rates of exchange and the proceeds
holders of American shares, upon presentation and surrend will be paid to
er of the appropriate dividend warrants attached to the America
the offices of Lee, Higginson & Co., fiscal agents, in n share certificates, at
New
Chicago; that on and after Dec. 31 1929, American shares York. Boston and
will be exchangeable for the B shares represented thereby, deliverable at
agent of the Depositary in London or Stockholm; and the office of the
that
that date, or prior thereto under certain restrictions, additioon and after
nal B shares
may be deposited and certificates for American shares
issued therefor in
the proportion above stated.
Lee, Higginson Trust Co., Boston, Depositary.
London, Skandinaviska Kreditaktiebolaget, Stockho Higginson & Co.,
lm, Agents of the
Depositary.
Data from Letter of B. G. Prytz, Managing Directo
r.'
Business.
-The company, known as SKF, was founded
law in 1907. Company and its subsidiaries constitute the under Swedish
world's largest
group of manufacutrers of ball and roller bearings, supplying
more than
one-third of the world's market. The Swedish compan
largest exporter of anti-friction bearings and is the only y is the world's
manufacturer of
ball bearings which controls important factories in all the chief
industrial
countries.
The combined companies represent a self contained unit from raw materia
l
(iron ore and charcoal) through the various processes of steel manufac
ture
to the finished product which is marketed through the
organizations established in practically every country.company's own sales
The reputation for
quality which SKF products enjoy is largely due to the excellen
tonal and the efficiency of the manufacturing process and ce of the raw
of the minany's highly trained engineering staff. The company has been one of
the
lef promoters of the standardization of ball and roller bearnings which
t
143
has made it possible to manufacture
by mass production methods, thus
progressively reducing the price and contrib
of anti-friction bearnings in every field of utiong to the ever-widening use
uted, no single country or industry being industry. Sales are well distribof any undue proportion of the company's responsible for the consumption
products.
In Sweden the company owns extensi
blast furnaces, steel furnaces, fundries ve rich iron ore mines, large forests,
and
estimated to contain sufficient first quality factories. The ore mines are
ore to supply the company's
needs for at least 50 years at the present rate
of
45,000 tons of finished chrome steel.per annum. steel production, roughly
per
The group also controls
factories in America, Great Britain,
Germany and Russia and has
nearly 200 offices or controlled agencies
situated throughout the world.
The works in Sweden manufacture for stock
over 1,000 standard types of
bearnings, the foreign factories concentrating on
most in demand in their respective areas. The the production of the types
companies, including the recent acquisitions, employees of the combined
The American subsidiary, SKF Industries, number about 23.000.
Inc., controls manufacturing
plants in the United States located at Hartfor
d Connecticut and Philadelphia, Pennsylvania. Sales offices
important city in the United States. are maintained in practically ever,
Purpose of Issue.
-The 50.000 shares
form of American shares represent part offered in the United States in the.
of 240.000
company to effect the acquisition of competing B shares issued by the.
and allied interests on a
valuation basis which the directors are convinc
ed will strengthen the
Position of the company.
Capitalization After Giving Effect to the Present
Issue.
Capital stock: 920.000 A shares (100 IC.ronor
par value)
equivalent to
$24,656,000.
380.000 B shares (100 Kronor par value) equivalent
10,184,000.
Both classes of stock are alike in all respects save to
as to voting power, the
A stock having 1 vote per share and the B stock
1-1000th
Swedish law requires that less than 20% of the voting vote per share.
stock of the company be held by other than Swedish subjects and
so as to permit foreign ownership of the compan the B shares were created
y's stock. The A shares are
listed on the Stockholm stock exchange and
the B shares in London.
Earnings and Dividends.
-Sales.
subsidiaries available for dividendsnet earnings of the company and its
after provision for all prior charges
including taxes and depreciation and after deducti
ng
to minority interests in subsidiaries, and dividends profits paid or accruing
paid for the past 5 years.
have been as follows:
Net Earns. Divs. Paid
Year Ended
Net Avail.
per Share. per Share Rate
Dec. 31.
Sale.
for Divs. (On Stk. Ourd'g at End of Yr.)Divof
.
1924
$20,559,000
31,889,009
$2.05
$1.60
6%.
1925
28,470,000
2,923,000
3.17
2.14
8
1926
30,698,000
3.054.000
3,.31
2.14
8
1927
33,706,000
3,390,000
3.68
2.68 10
1928
44,880.000
5,376,000
5.07
3.21 12 0
Net earnings of $5,376,000 for the year 1928, after
deducting for depreciation 16% of net book value of fixed assets, are equival
ent to $5.07 Per
share on the 1,060,000 shares outstanding at the end
of that
$4.13 per share, or 15.43%, on the 1.300,000 shares outstan year and to
ing effect to the present issue. These net earnings do ding after givincome from the properties being acquired through this not include any
financing. Net
earnings for the year 1929 to date, without including
any
additional properties to be acquired,are in excess of those income from the
for the corresponding period of the 1928 Year.
The company has paid dividends in every year since
1909 with the
exception of the years 1921 and 1922. Dividends
in May in respect of the year ended the previou are usually paid annually
rate of 12% for the year 1928 is equivalent to s Dec. 31. The dividend
$3.21 per share on the total
shares outstanding during that year.
Co s lidated Balance Sheet (Company and Subsidi
ary) Dec. 31 1928.
Assets-Fro3hod lland, including ore mines, plant and
buildings, $28,703.336: less reserve for depreciation, $16,696,936
312.006.400
Current assets: Cash,$12,801,556: accounts receivab
le,$9,190,524; inventories, $17,729.004
39,721.084
Shares in other companies
2,385,736
Advance payments
390.476
Total
$54,503,690 .
Liabilities
Current liabilities: Accounts payable, $4,212,424: loans
from
bankers, $893,780: reserve for taxes, 12.377.964:
dividend
payable, $3,511,604
•
$10,995,772
Bond payable
484,276.
Capital and proportion of reserve fund and surplus
of subsidiaries applicable to minority interests
4,917,264
Pension reserve, &c
540.824
Reserve fund
2,894,400
Special reserve
1.599,692
Capital stock (1.060.000 shares)
28.408.00G
Surplus
4,663.648
Total
$54,503,696
All conversions of Swedish Kronor to
exchange (1 Swedish Krona =3.268). dollars have been made at par of
•
Swift Internacional Corp.
-Semi
The directors have declared a semi-annual -Annual Dividend.
dividend of $1. payable
15 to holders of record July 15. A similar
dividend was paid Feb. 15 Aug..
previous to which the company paid
semi-annual dividends of 60clast.
per
share.
-V. 128, p. 2107.
Telautograph Corp.
-Stockholders
Exchange Stock.
A majority of the holders of the preferre
of $100 par has exchanged its holdings for d stock consisting of 7,500 shares
shares of common stock for one share ofcommon stock in the ratio of five
standing 898 shares of preferred stock andpreferred. There are now outbeen called for redemption at 105 and div. these unexchanged shares have
on
outstanding 224,270 shares of common stock. Oct. 11929. There are now
-V. 128. p. 3370.
Texon Oil & Land Co. (8c Subs.).
-Earnings.
--
Earnings for 4 Months Ended April 30 1929.
Gross earnings
Operating & administrative expense
Net earnings
Dividends received
Other income
$1,201.486
467,009
$740,477
300.000
48.285
Net income before capital extinguishment
s
Reserves for depreciation
Reserves for depletion
Reserves for intangible drilling costs
Surrendered leases
Adjustments & retirements
Net income
Surplus December 31 1928
Total surplus
Appreciation, depreciation & depleti
Dividends paid minority interests on adjustments
Surplus April 30 1928
$1,088,762
296,630
22,242
15,083
25,974
10,884
717,948
319,780.380
$20,498,328
17,999,749
75,350
32.423,228
Condensed Consolidated Balance Sheet
Apri130 1929.
AssetsMabiliticsFixed assets
y53,588,472
CaPItal stk.& surplus
Investments at costs
:$5,275,291
226,356 Minority interests
Deterred charges
1,827,861
4,774 Deferred
Cash
83,037
3,024,408 Accountsliabilities
payable
accounts receivable
148,997
279,754 Other payables
Other receivables
49,835
520
Inventories of crude oil
88,889
Inventory of material & an*.
173,649
Total
$7,384,822
Total
x Represented by 935,945, no
depletion of 32,810,235.-V. 128.par shares.
p. 1575.
37,384.822
y After depreciation and
[VOL. 129.
FINANCIAL CHRONICLE
144
-Voting Trust.
Transcontinental Air Transport, Inc.
letter from President C. M. Keys
The stockholders have received a
prepared and that
advising them that a voting trust agreement has been
including the Pennmany of the largest owners of the company's stock,
American Aviation. Inc.,
sylvania RR., National Aviation Corp., North
stock in exchange
and others have signified their intention to deposit theirt is to continue for
for voting trust certificates. The voting trust agreemen
10 years from June 10 1929.
Cowdin, Paul
The voting trustees are Henry Breckinridge, J. Cheever
Maddux and D. M.
Henderson, Richard F. Hoyt, C. H. Keys, J. L.
Sheaffer.
Trust Co., 14
The depositaries under the voting trust are the Bankers
Bank, San FranWall St., New York, and Anglo-London,Paris National
cisco.
y of policy and
The purpose of the voting trust is to insure a continuit
on will be made to
management. in the affairs of the company. Applicati
s on the New York Curb Market and on the
list voting trust certificate
-V. 128, p. 3850.
San Francisco Stock Exchange.
-Offering Planned.t Corp. Inc.
Balance Sheet April 30 1929.
Liabilities
Assets
$179,926
$572,195 Purchase money notes
Cash
155,714
468,229 Accounts & wages payable
Accts. & notes receivable__ _ _
195,022
259,038 Unmat'd dive. decl. not paid
Inventories, mans & supplies
29,476
225,132 Accruals
Coal mined on hand
9,098
70,000 Reserve for income taxes_ _-owned
Securities
87,741
Reserve for royalty payments
58,077
Inv.in Electric Coal Co
900,000
Bonded debt
Coal properties, land, build88,799
y10,648,481 Other long-term debt
ings, equipment, &c
x900,800
1st pref.8% cum. stock
Prem., disct. & exp. on cap.
184.300
950,336 Gen. pref. 7% cum. stock-. 8,430,913
prepaid & def'd exp_ _ _
and
Common stock
2,012,816
Earned surplus
76,885
513,251,489 Capital surplus
Total (each side)
on June 1 1929.
x Called for redemption at $115 and accrued dividend Trust Co., New
deposited with Bankers
On May 31 1929 the company
n. y After depreciaYork, N.Y.,$1,010,412 to provide for such redemptio
tion of $1.375,144.-V. 128, p. 4024.
Transport Aircraf
Kaess Mfg. Corp. of
Financing of the corporation, formed to acquire the
no par com.stock
Lindenhurst, L. I., will take the form of 40,000 shares of
announced Wednesday.
to be offered by Madden, Tracy Co. it was
of the Airplane &
'
The company also owns 50% of the common stock arranged for the
contract
Marine Direction Finder. Inc., and has by consisting of radio direction
manufacture and sale of the latter's products,ships of all sizes. Both the
and radio compasses for
finders for airplanes
inventions of L. L.
airplane direction finder and the radio compass are the
Aircraft Corp. Inc., who
Kaess, founder and President of the Transport
be the only one infallible for night flying, fog
claims his aviation finder to
and heavy weather.
consists of 200,000 shares
The authorized capitalization of the company
be outstanding.
of no par common stock, of which 100,000 shares will
-Rights.
nce Co.
. Travelers Insura
capital stock of the
Directors have recommended to stockholders that the new shares to be
company be increased from $17,500,000 to $20,000,000,
stockholders of record
issued in the ratio of one new share for each 7 held, to on or before Sept. 18.
June 28, at par, $100. Subscriptions will be payable 29,and at that time
A special stockholders meeting has been called for July to the company's
stockholders will be asked to approve the amendment
increasing the
charter passel by the last session of the General Assembly 00.
amount of authorized capital from $25,000,000 to $50,000,0 in June 1928,
in capital of the company was
The last previous increase
000.-V. 128,
when the capital Ivas increased from $15,000,000 to 517,500.
P. 4175.
-New
-Initial Pref. Div.
Tung-Sol Lamp Works, Inc.
Basis.
Common Stock Placed on a $2 Annual Dividend50c. per share on
dividend of
The directors have declared a quarterly
new preference stock,
the new common stock and 75c. per share on the
ly. Both diviplacing these issues on a $2 and $3 annual basis, respective
common
Aug. 1 to holders of record July 20. The oldcommon,
dends are payable
of a share for one of new
stock was exchanged on a basis of 2-3
and new common on the
and the class A was exchanged for new preferred
and F-3 of a share of
basis of 1-3 of a share for each share of new preferred, old 'A' stock paid
The
new common for each share of class A held. common stock was on an
at the rate of $1.80 annually and the
dividends
128, p. 3533.
80c. annual basis, with an extra of 50c. in 1928.-V.
-Stock Retirement.
ood Elliott Fisher Co.
Underw
of the company
Retirement of the 8,100 (no par) shares class B stock
$1,580,will take place soon, it is reported the company recently retired
new financing.
000 of a subsidiary's preferred stock without requiring
V. 128 p. 2482.
-Earnings.
Union American Investing Corp.
31 '29
tO
Earningsfrom Date of Commencement of Operations June 7'28 Mail
$890,695
Profit realized on sale of securities
30.339
Interest on bonds
110,863
Dividends on stocks
133,034
Interest on bank balances and call loans
$1,164,931
aliTotal income
122,917
Eiterest on debentures
4.375
Amortization of discount on debentures
18,760
Other expenses
166,886
state taxes
Federal income and
$851,994
Surplus net profit
8.34
stock
Earnings per share on 102,090 shares common
Balance Sheet May 31 1929.
Liabilities
Assets$2,500,000
debentures
* Securities Owned, at cost- $3,976,469 5% gold int, on debentures
64,325
2,127,579 Matured
Cash and call loans
2,306
13,228 Accounts payable
accrued
Divs. receiv.& int.
166,338
for Fed. & State taxesRes.
Special deposit for matured
a1,531,350
64,325 Capital stock
debenture interest
1,149,686
1,272 Capital surplus
Furniture and fixtures
851,994
83,125 Earned surplus
Unamortized disct. on dabs
$6,265,998
Total
56,265,998
Total
75,000 shares, par value
a Preferred stock: authorized and unissued shares without par value,
$100 each; common stock: authorized, 250,000
77.910 shs. in treasury.
issued, 180.000 shares stated at $1,531,450. Less in escrow to cover:
held
$100. The 77.910 shares of treasury stock are
debentures, series A. for the
(1) Option warrants attached to 5% gold
share on or before June 1
purchase of 24,510 shares of said stock at $32 per a price of $40 per share
year to
1929, and at a price increasing $2 each
after June 2 1933.
during the year ending June 1 1933; void on or
management to purchase 53.400
(2) Option warrants permitting the
at which the common stock
shares of said stock at $28 per share (the price
up to and
offered to the public in May 1928) at any date
was originally
June 2 1938.
including June 11938; void on or after
31 1929 of securities
-The aggregate market value as of May P. 2699.
* Note.
127,
owned, was in excess of cost by 5428,896.-V.
-Earnings.
United Dry Docks, Inc.
net earnings for the first
President Edward P. Morse announces that-were at the annual rate
two full months of operations-April and May for all charges, Including
of approximately $2.80 per share, after allowing
after providing for preferred
interest, taxes, depreciation and reserves and
stock dividends.
during that month
operations in March the company employed until to-day it has
Starting
its force
about 2,700 men and has steadily increased
approximately 5.000 on its pay-roll.
economies in operating
Mr. Morse said that many improvements andthat substantial 13enefits
way,
the consolidated companies were well under derived.
-V. 128. p. 2652.
had already resulted and would continue to be
-Listing.
Co. of America.
United Biscuit
of 24,416 adThe New York Stock Exchange has authorized the listing
notice of issuance
ditional shares of common stock (no par value) on official
a total applied
exchange for shares of Keebler-Weyl Baking Co., making
in
for of 530,916 shares of common stock.
issued in payment for
The 24.416 shares of common stock are to be
and 2,500 shares of corn.
2,376.65 shares of 7% cum. pref. stock (par $100)
Co., being all of the outstanding
stock (Par $100) of Keebler-Weyl Baking
shares ofstock ofsaid corporation.
Earnings for the Quarter Ended March 31 1929. $4,790,486
Net sales
2,868,878
Cost ofsales,exclusive of depreciation
77,514
Depreciation
1,086,821
Selling and delivery expenses
254,920
Administrative and general expenses
$502,352
Operating profit
29,717
Other income
$532,069
Total profit and income
62,655
Interest on debentures,loans,&c
59,972
Federal and State income taxes
6,290
Proportion oforganization expenses,&c.,written off
3,329
Other deductions
$399,822
Net profit first quarter
66,477
Preferred dividends
179,221
Common dividends
$154,124
Balance
$0.80
ng
Earns per share on 448,054 shs. of coin,stk. outstandi
Comparative Consolidated Balance Sheet.
Mar.31'29. Dec.31'28.
.
Mar.31'29. Dec.31 28.
$
$
Liabilities$
$
Assets215.391
payable-- 701,500
501,659 Notes
660,959
Cash
143,320 Mtge. mater. Feb.
197,368
Investments
80,000
1 1929
Cash surr. value,
276.356
24,054 Accounts payable_ 439,149
life insurance_
306,855
412,935
& accts. rec. 1,436,306 1,286.698 Accruals
Notes
15,873
1,714.914 1,687,109 Deferred liabilities 3,840,000 3,840,000
Inventories
15-yr.6% deb. bds
15-yr.6% de . ds.
10-yr. 7% deb. Faof United Biscuit
150,000
MOUB Biscuit Co.
67,468
Co. of America161,748
193.049
Reserves
Return.containers,
183,185 Int, of min, stock197,043
racks, &c
179,781
in sub_
holders
Land, bldge., in
.
7% cum. cony. pf.
lsehld., mach. &
1,867,100 1,931,600
stock
equip.autos, &c.y6,348,699 6,127.713
9,429 Common stock_ _x10,397,804 9,883,303
Other assets
669,787
7,867,481 7.479,639 Earned surplus.- - 784.508
Good-will
200,418
213,273
Deferred charges
18,636,044 17,710,694
Total
18,636,044 17,710,694
Total
on of $2,821:
x Represented by 458,055 no par shares. y After depreciati
291.-'V. 128, p. 2652.
-Earnings.
United Fruit Co.
1929-6 Mos.-1928.
Period Ended June 30- 1929-3 Mos.-1928.
Net profit after deprec.
0 $6,600,000 $7.600,000 $11,100,000
but before Federal tax 14,300,00
Sharea cap.stk. outat'd'g
2,500.000
2,625,000
2,500,000
2.625.000
(no par)
$4.44
$2.89
$2.64
$1.64
Earnings per share
dividends and exclusive of
Cash on hand after payment of the July 00. compared with $30,500fund was $17,700,0
$10,000,000 in the insurance
company has purchased several
000 a year ago. Since June. 1928. the totaling more than $15,400,000.
producing plantations and reserve lands
p. 2482.
-V. 128,
this reducing the cash account.
-Guardian
-Stock Offered.
United Laundries Corp.
Finance & Development Corp., New York, recently offered
$600,000 7% cumul. preferred stock at 93 and div. to yield
7%2%
income tax. Registrar, Commercial
Exempt from normal Federal
stock is fully paid
Trust Co. of New Jersey, Jersey City, N. J. Preferred over the comWon
and non-assessable, preferred as to assets and dividends $7 per share per
to cumulative dividends at the rate of the corporation
stock, entitled
-J. Red. at any time at the option of
annum, payable Q.
.
as a whole or in part at $110 per share and dividends
Authorized. Outstanding.
Capitalization-$3,000,000 $2,507,200
cumulative preferred shares ($100 par)
7%
25,000 abs. 25,000 abs.
Common stock (no par)
-A Delaware corporation. Owns the controlling shares of
Corporation.
Y.; Sheldon-Foster Supply Co.,
Holland Laundry, Inc., Brooklyn, N. L. I., Jamaica, L. I.
Brooklyn, N. Y.; Park Laundry, Inc., of
$1,599,306
-Gross for year ended Dec. 31 1928
Earnings.
1.331,505
Oper. expenses, maintenance, depreciation,local and State taxes_
Net earns, after giving effect to adjusts. and non-recurr. charges $267,801
-The proceeds of this issue are to be applied in part for the
Purpose.
notes,
acquisition by the corporation of minority interests, mortgages and
and for other corporate purposes.
-To Manage Additional Hotels.
United Realties, Inc.
-V.128, Ist 1417.
See Wardman Real Estate Properties. Inc., below.
-Plans New Warehouse.
United Shoe Machinery Corp.
-Listing.
new
United Electric Coal Companies. the listing of additional
The company is reported to be planning the construction of a large
expected
The New York Stock Exchange has authorized
common stock (no warehouse in Boston. The cost has not yet been settled, thoughlt is
es representing 11,000 shares of in full, making the that it will run to a considerable figure.
-V. 128. p. 3506.
voting trust certificat
payment
par value), on official notice of issuance and
es representing 271,000
-Capital Increased.
total amount applied for voting trust certificat
United States Daily Publishing Co.
$1,000,000
shares of common stock.
The company has increased its authorized capital stock from
held on May 24, there
At a regular meeting of the board of directors
i to 52,000,000.-V. 127, P. 3722.
and the Mississipp
a contract between the company provisions:
was authorized
essential
-Acquisitions.
Coal Corp. (Del.) containing the following to the Alississippi Coal Corp.
United States Dairy Products Corp.
the
(1) The issuance and sale by the company
Continuing its Southern expansion, the corporation has acquired of
stock (no par) of the company at $60
th Dairy Co.
of 11.000 shares of the common
Coal Corp. of voting Birtchard Dairy Co. of Norfolk, Va., and the Portsmou these two proi
per share, and the acceptance by the Mississipp common stock in lieu Portsmouth, Va. It is understood that the operations of
Princess Anne
trust certificates representing the 11.000 shares of
perties will be consolidated with that of the Norfolk & United States
of the stock itself.
Mississippi Coal Corp for Dairies, Inc., also of Norfolk which was purchased by the
The purchase by the company from the
(2)
Mississippi Coal Corp. Dairy some time ago.
Dairy Co. of
$660,000 of all the right, title and interest of the
The company also reports the acquisition of the. Model
approximately 4,900 acres
of milk and cream
in and to certain contracts and leases covering
1 West, Town- Atlanta. Ga., which is the largest wholesale distributor
the Pedigree Dairies, Inc.
-bearing lands located in Township 5, South Range
of coal
Range 1 West, and Town- in that city. The United States Dairy also owns
ship 5, South Range 2 West, Township 6, South Ill., such lands being sub- of Atlanta, and the operations of these two properties will be consolidated.
t the
ship 6, South Range 2 West. in Perry County,
that still further acquisition are contemplated throughou
which are to be assumed by the company, and It Is reported
Northern properties.
ject to liens of $710,895,
properties now owned by or South, in addition to expansion ofthe system's the Richmond Dairy Co.,
being in the vicinity of other coal-bearing Bald lands are estimated to
S. Dairy Products recently acquired
The U.
cream &c., In Richmond, Va.
under lease or contract to the company.
recoverable by strip mining which is the largest distributor of milk and
be one
contain not less than 33,000,000 tons of coalrights therein to be acquired This company secures its milk supply from a territory destined tointerest
the United States, and in the
process, and the value to the company of the
of the richest dairy producing areas in
i Coal Corp. have been appraised at $2,896,000.
from the Mississipp
JULY 6 1929.]
FINANCIAL CHRONICLE
145
of consolidated operation, it is already supplying a substantial amount of
We mention these circumstances, not to voice complaint on the part'of
its surplus milk purchases to the Norfolk-Portsmouth group, thus im- the directors, but to show to
the stockholders the efforts which have been
mediately making effective one of the advantages for economies obtained made to realize
on this property. The directors have paid off all other
through consolidation of these various milk properties.
indebtedness, and in order to liquidate the affairs have sold their claims
against the Wellington Mines Co. to an institution which will thereby
Ice Cream Sales
The company reports sales for the week ending June 2 of 772,875 quarts acquire the property including the mill. If the contract is carried out, the
of ice cream, as compared with 527,310 quarts the corresponding week of directors will realize approximately $35,000 to apply upon the indebtedness
due them, and the balance of their claim will be a loss. There will be
last-year, being an increase of 464%. For the five months ending
sales of ice cream were 7,293,938 quarts as compared with 6,550,889 June 2 nothing for dividend tostockholders.
quarts
for the first five months of 1928, an increase of i1.3%.
-V.128, p.4025.
Warwick Iron & Steel Co.
-Liquidating Dividend.
The directors have declared a liquidating dividend of 51.094 Per share
United States Hoffman Mchy. Corp.
-New Director.
L. J. Belknap has been elected a director, succeeding W. H. North, re- on the capital stock. Stockholders must deposit their shares with the Real
signed. Mr. North was formerly Vice-President and Secretary, and will Estate Land, Title & Trust Co., Philadelphia, Pa.. on or after July 1. The
be succeeded in the latter position by Charles H. Brewster, Comptroller, company's property was sold at public auction after the receivership for the
Eastern Steel Co. cancelled the lease by which the Eastern company was
who also will remain Comptroller.
-V. 128. p. 3015.
operating the Warwick plant.
-V. 127, p. 1401.
United States Kings County Bond & Mortgage Corp.
-Stock Offered.-The company,with offices at 146 Pierrepont
St., Brooklyn, N. Y. is offering 5,000 units, each unit consisting of one share 7% cumulative preferred stock (par
$100) and one share common stock (no par value) at $110
per unit.
Capitalization.
-The authorized capital is 10,000 shares of
preferred stock (8100 par) and 30,000 shares of common7% cumulative
value). The paid in capital of the company at May 31 1929stock (no par
was $321,090.
The preferred stock is preferred as to assets and cumulative dividends of
7% per annum. Dividends payable Q.
-M. Common stock is fully paid;
non-assessable and each share carries full voting power.
Data from Letter of Robert E. Patterson, President of the Company.
History.
-Incorporated in New York. Is one of the largest second mortgage companies in Kings County operating on a standard basis of practice
which is new in the field of second mortgage financing. The directors
and
officers are Kings County bankers, lawyers and business
financial character and standing, intimately acquainted men of excellent
with local
estate values and the mortgage market. The corporation is affiliated real
the United States Bond & Mortgage Corp. of New York, the largest with
second
mortgage institution in America, which supplies the Kings County company
with a comprehensive plan of rediscounting its mortgages, thus
permitting
rapid turnover of capital and multiplication of earnings.
Purpose.
-Company represents the first strong organized
movement
toward the standardization and stabilization of second mortgage financing
in Brooklyn. It has been formed to serve home owners in
Brooklyn
providing adequate and standard facilities for the home financing. by
It
has introduced In this county a standardized policy of amortization
payments, rates and appraisals which is governed by conservative
and
equitable principles of business and banking.
Weinberger Drug Stores, Inc.
-Sales.
-
Sales for June, 1929 were $130,282, exceeding the figures for June, 1928
by 200% and establishing a new high monthly record for the second successive month. Sales for the first 6 months of 1929 were 5613.148,as compared
with $235,957 for the first half of 1928. June sales were almost double the
total for Jan. 1929, due largely to new stores which have been opened since
that time.
It is understood that the company's expansion program will include
opening 5 more stores during the year, in addition to the 14 units now operated.
-V. 128, p. 4177.
Wickwire Spencer Steel Co.
-Plan Operative., The bondholders Committee announces that the plan of reorganization
dated May 27 1929 has been adopted. Any holder of a certificate of depoits
not withdrawing prior to July 20 1929 will be deemed to have assented to
the plan. See also V. 128, p. 3702, 4026, 4177.
Wilson Line, Inc.
-Initial Dividend.
-
The directors have declared the first regular semi-annual dividend of
$3.50 per share on the 7% cumulative preferred stock. payable August
15 to holders of record July 15.-V. 128, 13. 3536.
(F. W.) Woolworth Co.
-June Sales.
-
-June
-1928. Increase.
1929.
1929.-6 Mos.-1928.
Increase.
$23,609,078 $22.401,399 $1.207,679 1$135,808.2685125.281,459510,526,809
-V. 126, p. 4178.
Wrought Iron Co. of America.
-Earnings.
-
Earnings for 4 Months Ended April 30 1929.
Net sales
$1.114,484
Profit before int., deprec.,amortiz. of bond disc., organiz., exp.,
& Federal income taxes
101,201
United States Leather Co.
-Vice-President Resigns.
Bond interest
41.821
William McAdoo, Jr., has resigned as a First Vice-President, but
will -V. 128, p. 1418.
remain a member of the board of directors and a member of
the executive
committee.
-V. 128, p. 2845.
(L. A.) Young Spring & Wire Corp.
-To Increase
Stock and Declare 25% Stock Dividend.
United States Smelting, Refining & Mining Co.
At a meeting of the board of directors held this week it was voted, sub-
Earns. 5 Mos.End. May 31Operating revenues
Interest
1929.
1928.
1927.
$2.856.400 $2,772,212 $2,500,442
143,022
185,638
185,846
Balance
Reserves
$2.713,378 $2,586.574 $2,314,596
756,330
861.423
845,433
Balance
Preferred (dividends)
$1.957,048
709,260
Balance for common
Shs. corn. stk. outstand. (par $50)
Per share common
-V. 128, p. 2652.
$1,247.788 $1,015,891
570.562
351,115
2.19
2.89
ill 725.151 $1,469,163
'709,260
709.260
$759,903
351.115
2.16
United States Steel Corp.
-Number of
Stockholders.
There were 105,612 holders of common stock
of books for the Juno dividend. This was an on the date of the closing
increase of 2,041 over the
March figure of 103,571 and compares with
The number of preferred holders at the 98,336 a year ago.
closing
May dividend was 64,791, compared with 65.979 of the books for the
three months previous
and 68,650 a year ago.
-V. 128. p. 4338.
Vogt Manufacturing Corp.
-Orders Increase.
Profits and unfilled
orders are reported to be running well
of the same period in 1928. Net income for the second quarter above those
of the $1.12 a share earned on the common stock in the first was in excess
3 months of
this year.
-V. 128, P. 3852.
Waldorf System, Inc.
-New Directors.
Knowlton L. Ames,
Herbert K. Hallett and Parker Corning have been
elected directors.
-V. 128, p. 3852.
Wardman Real Estate Properties, Inc.
-Management
of Washington (D. C.) Hotels.
-
ject to the requisite stockholders' action, to increase the authorized number
of shares of common stock without par value from 330.000 shares to 1,000,000 shares and after such increase has become effective to pay a 25% stock
dividend on Aug. 15 1929 to holders of record Aug.2 1929,so that the holders of each four shares of stock now outstanding will receive certificates for
one additional share. Non-voting non-dividend bearing scrip certificates
will be provided for fractional interests and such scrip certificates may be
consolidated into full shares on or before Aug. 15 1930.
A special meeting of the common stockholders is being called for Aug. 1
1929 to act upon the requisite amendment of the articles of association of
the corporation recommended by the board.
Within the next three weeks their auditors will have completed their report covering the operations of the corporation for the six months ended
June 30 1929. It is expected that the earnings of the corporation and its
subsidiaries for such period after all charges, including Federal taxes, will
be in excess of $1.518,000, or $4.60 per share on the basis of the present
capitalization of 330,000 shares of common stock outstanding during said
six months. Below Is a comparison of operations for the first six months
of the last three Years:
6 Months Ended June 301929.
1928.
1927.
Net profits after Federal taxes
$1,063,898
$664,078
Per share on 330.000 shares
$4.60
$3.22
$2.01
* June 1929 estimated
The corporation is in a strong financial condition. On May 31 1929 the
balance sheet showed cash, call loans and U. S. Treasury certificates total$2.317,923, with a ratio of current assets to current liabilities of over
5 to 1.
If the increase in capitalization is authorized by the stockholders, it is
the intention of the directors that the stock to be outstanding after the
stock dividend will be placed upon a regular annual dividend basis of $3
per share commencing with the next quarterly dividend due Oct. 1. See
also V. 128, P. 3536.
$1,518,000
i7/
Zonite Products Corp.
-Rights, &c.
-
The stockholders will vote July 11 on increasing the capital stock from
With the announcement of an afflication between this
200,000 shares to 500,000 shares (no par
Of
United Realties. Inc., whereby the latter will assume the corporation and 200,000 shares are to be sold to acquire the value). of the increased stock
business the A. C.Barnes Co.,
management of
Wardman Park,Carlton and other important Wardman hotels
of which 176,000 shares have been offered to stockholders on a share-forments in Washington, D. C., these properties come under the and apart- share basis at $30 a share. Rights expire July 15.-V.
direction of
128, p. 2655.
an organization which ranks among the largest hotel operating
companies
in the United States. Tha arrangement, which becomes
effective July 15
next, does not involve any new financing. Title to the
Wardman
CURRENT NOTICES.
will be retained by Wardman Real Estate Properties, Inc., properties
with which
Harry Wardman will remain as President.
At the present time United Realties Inc. is engaged in the
-Declaration by North American Trust Shares of its initial dividend
hotel properties in middle Western cities and now has under operation of
its direction or amounting to 30 cents and an extra dividend of 31M cents to stockholders
management a total of 4,560 rooms, which
9,000 rooms when the Wardman propertieswill be increased to more than of record June 30 1929 was announced on June 17 by Distributors Group.
are included. The affiliation
between the two companies will be mutually beneficial.
Inc. Based on the offering price of $10 per share, the shares show a yield
-V.127. p. 2555.
of 12.4%. while the total dividend declared will amount to more than
Wellington Mines Co. (Kansas City, Mo.).-To
Wind $900,000 on the 1,500,000 shares to be outstanding on June 30. StockUp Affairs.holders during the period from July 1 to July 15 will be offered rights en),letter to the stockholders says in part:
titling them to reinvest all returns above cash dividends In additionalshares.
The ore in the mine has become exhausted, in
operation has been permanently suspended and the consequence of which These rights will call for the reinvestment of approximately $750,000
of
Its affairs and go out of business. All mines must of company will wind up
course, sooner or later
North American Trust Shares. The offering of rights follows the plan of
come to this end,inasmuch as their supply of ore is not
inexhaustible.
* the trust to retain a balanced investment in its various holdings. Since its
measure of satisfaction in the fact that the company
There is a
has paid organization on Jan. 15 1929 sales of North American
cash dividends to its stockholders in the sum of $2,050,000.
Trust Shares by
The only persons who sustain an actual financial loss are the
directors Distributors Group, Inc., have reached the $14,000.000 mark, an increase
who,in their efforts to keep the property in operation and develop additional of $4,000,000
during the past month. Lee. Stewart & Co., members of the
ore bodies advanced to the company a large sum of money. You will recall
that in 1926 there was sent to the stockholders an audit of the company's group, announce. These sales represent an average of approximately
affairs made by independent certified public accountants, which showed
half a million dollars in each of the 28 stocks in the units. Public offering
that time an indebtedness,"due directors for cash advanced, of $86,465." at of these shares was made in February 1929, and since that time
the reserves
At the stockholders meeting in June 1927, a report was submitted which on deposit
with the trustee, the Guaranty Trust Company of New York,
showed that the existing mill for the treatment of the ores was obsolete
and have grown to approximately $750,000, an increase
considerable sum would have to be raised to build a now
that a
of $200,000 since
mill. Accordingly, a plan was devised, of leasing the property to a corporation May 13 1929.
headed py Mr. Oldham known as "The Wellington Mines J..q.iing Co."
-Some arrangement other than crop restriction Is expected to be adopted
which was approved by the stockholders, and in which all of the stockholders of the Wellington Mines Co. were given an opportunity to take by the Cuban Government in the sale of its sugar, according to an analysis
stock. The agreement was that this company would install new equipment prepared by Farr & Co., members of the New York Stock Exchange.
and after operations had repaid the cost thereof, the net profits should be Discussing the situation in the sugar market, the
analysis says: "The
divided equally between the Wellington Minos Co. and the lessee for a
term of five years when the lease would terminate and the property would sharp advance has been brought about by reports that the Cuban Oovernrevert to the Wellington Mines Co. Only a very few of the stockholders of ment was considering crop restriction next year and a single seller of her
the latter company availed themselves of the privilege to purchase stock entire crop-the idea behind this latter move being to obtain in the United
in the Leasing company, so that the directors of the Wellington Mines Co
States the preferrence to which she is entitled under the tariff. There is
again found it necessary to advance the cash to the Leasing Co. for the con- also a
possibility that her preference in the United States may be increased
struction program referred to and they did advance to the company on
that account $87,696 and a modern mill of capacity of 100 crude tons per and in this event it would be all the more compulsory for Cuba to try by
Matters, however, did not work out well, first, because some means to obtain this advantage.
day was installed.
of unfavorable market price: and second and finally, because of exhaustion
S. Sickle, Jr.. Jerome L. Nathan and A. D. Nast. Jr.. have
of the ore In the mine. In consequence, none of the money advanced to
build the now mill has been repaid nor has any part of the indebtedness of organized a new Investment banking firm under the name of Sickle, Nathan
$86,465, owing by the Wellington Mines Co., with interest, been paid.
& Nast, with offices at 105 West Adams St., Chicago.
146
FINANCIAL CHRONICLE
[Vol,. 129.
—Franklin W. Lee and Charles L. de Bourbon have formed Lee & Co.
—Announcement has recently been made in Nashville, Tenn., of the
with offices at
formation of a new investment company to transact a general investment New York distributors of Massachusetts Investors Trust,
general brokerbusiness under the name of Joseph, Hutton & Estes, Inc.. with offices in 11 Broadway, New York. The new firm will also conduct a
the Nashville Trust Building. The President of the corporation is J. B. age business in unlisted securities.
—Wilbur F. .McWhinney, member of the New York Stock Exchange,
Joseph, who, for seven years, was the local representative of Bitting &
Co. of St. Louis. The Vice-Presidents are: C. H. Hutton, who was con- Richard A. Aishton, with headquarters in Chicago, and Frederick Harry
nected with Caldwell & Co. In the industrial and real estate buying de- Woods, with headquarters in London, have been admitted to partnership
partment and W. N. Estes for six years buyer of Caldwell 8z Co.'s municipal in the firm of Pynchon & Co.
department.
—Dyer, Hudson & Co. announce that the interest of their late partner
—Three former office boys, whose combined service with the New York William A. Moore, Jr., terminated as of June 30, and that Harry Heath,
four years Francis J. Schippers, and Charles Madison have been admitted to general
Stock Exchange firm of Pominick & Dominick covers a period just
short of a century, have been rewarded with general partnership. William partnership in the firm.
G. Beach,cashier, has been with the firm for twenty-eight years; Edward K.
—The Annual Statistical and Corporate Manual of the American Water
Davis, comptroller, has rounded out thirty-two years of service while Wil- Works & Electric Co., Inc.. for the year 1928, has been published. Copies
liam J. Howard, at present manager of the firm's Cincinnati office, has can be °Mined on application at the company's offices, 50 Broad St..
been with Dominick & Dominick for the past 36 years. All have been New York City.
made general partners in recognition of meritorious service.
—Scholle Brothers of New York announces that it has become a limited
—A public utility map showing the territory served by the principal partnership with William D. Scholle as a limited partner. Morton H. Fry.
and operating public utility companies in the United States has William I. Fishman, Charles K. Cook and O. Charles Latour are general
holding
been prepared by Emanuel & Co., members New York Stock Exchange, partners.
32 Kroadway, New York, for distribution to investors. A chart accom—Lewis-Dewes & Co., Inc.. Chicago, offer increased facilities to those
panies the map showing the corporate relationship of the companies listed
Interested in insurance and bank stocks through their private wire to
and the gross earnings of each for the year 1928. Some 200 companies
Gilbert Eilott& Co., specialists in insurance and bank stocks, New York
have been listed and the total gross of these for the year 1928 exceeded
City.
$2,300,000,000.
—Martyn T. Conrey has formed the investment firm of Martyn T.
—The banking house of A. Iselin & Company of this city announces the
Conrey & Co., to specialize in Texas general obligation bonds and waradmission to partnership of Ernest Iselin, Jr., a member of the fourth
rants, with offices in the Republic Bank Building, Dallas, Texas.
generation of the Iselin family to be associated with the firm, and Paul G.
—J. S. Ackerman & Co., Inc., of New York, have appointed N. I.
Pennoyer. Mr. Ernest Iselin. Jr. is a graduate of Harvard and has had
also announce his election
several years of banking training abroad and a year of experience with A. Stone, Ph.D. as their consulting economist, and
Iselin & Co. He is a son of Ernest Iselin and a grandson of Adrian Iselin, as Vice-President and Director of Corporate Trading Corp.
grandfather,
—R.H. Hiscoe & 0o.. 115 Broadway, New York, have issued a letter on
senior parterner of the firm, which was founded by his great
Associated Electrical Industries, Ltd., of Great Britain, which company is
Adrian Iselin, Senior.
—William F. Wells has become associated with Bauer, Pogue, Pond & allied with General Electric Company of the United States.
—James L. Cooke & Co., 231 So. La Salle St., Chicago, announce that
Vivian as manager of the firm's Albany office, located in the Standard
Building. Mr. Wells was formerly manager of the stock department of James C. Clair, Gordon J. Imrie, Alan T. Lockard, Lloyd E. Winter and
the Albany office of E. B. Smith & Co. and was previously associated with Charles M.Strickland are now associated with their firm.
Foster & Adams in Schenectady and Watertown. He is a resident of
—Bauer, Pogue, Pond & Vivian, New York City, members of the New
Johnstown. New York, where his father is President of the People's Bank York Stock Exchange, announce that George S. Arciero has become assoof Johnstown.
ciated with the firm in its Stock Exchange department.
—The firm of Fairman, Johns & Co., formerly Fred W. Fairroan &
—Benjamin, Hill & Co., Members of the New York Stocck Exchange,
business as of July 8. in its new offices at 208 South La Salle with headquarters in this city, announce the admittance of Albert E.
Co., opens for
St., Chicago. The new house, members of the Chicago Stock Exchange. Steinthal as a special partner as of July 1 1929.
will do a general brokerage business in New York and Chicago stocks and
—Walter W. Cragie & Co., dealers in investment securities, have rebonds. The partners in the firm are Fred W. Freiman. Merrill B. Johns,
cently removed their offices to 616 E. Main St., Richmond, Va.. where
Ward S. Perry and Elmer A. Kurzka.
they are occuping the ground floor.
—Bode11 & Co. announce that Jay Cooke McClure, who has been identi—G. Hinman Barrett, for the last 43 years Assistant Treasurer of
with the firm for the past 18 years, has been admitted to partnership.
fied
has become a partner in thefirm of Seasongood and
Mr. McClure, who has been manager of the New Haven office for a number Columbia University,
City.
of years, will continue in charge of the firm's activities in western Connecti- Haas of New York
cut, his appointment being in accordance with the policy of Roden & Co.
—O. L. Heinemann, formerly of E. A. Canalizo & Co., Inc., is now
to admit to partnership men of long and successful association with the firm. associated with Farr & Co.,of this city, in charge of their Cocoa and Rubber
—Hemphill, Noyes & Co. announce the opening of a Montreal office Futures Departments.
at 249 St. James St.. with Major Eric Del. Greenwood as resident manager
—Arthur Lipper & Co., of New York, announce that Sylvan M. Baraet,
and Ogden B. Richardson as assistant manager. The Montreal office will a member of the New York Stock Exchange, has been admitted as a general
of
have private wire connections with the New York and Toronto offices
partner of the firm.
Hemphill, Noyes & Co. and through the firm's extensive wire system will
—James T.Soutter, Jr.,formerly of Brown Bros. & Co. is now associated
connection with 42 other cities throughout the United States.
have
with Stranahan, Harris & Oat's, Inc., in the Sales Department of their
—Warren Crawford and Alfred J. Dyer announce the formation of New York office.
E.
Crawford-Dyer & Co. to underwrite and distribute general market se—Robert A. Wogish has been admitted to general partnership in C.
curities, with offices in Chicago and Kansas City. Mr. Crawford formerly Welles & Company, members of the New York Stock Exchange, with offices
was connected with E. H. Rollins & Sons and Lee, Higginson & Co.. and in this city.
Mr. Dyer until recently was Secretary and Treasurer of L. L.Davis Co.
Henry F.
—Reed A. Morgan & Co., of Philadelphia, announce that
William I. Nichols, who for the past two years has been Assistant Dean Abbott and Maurice E. Green have been admitted to general partnership
in charge of Freshmen at Harvard College, has joined the New England In their firm.
office at Boston. Massachusetts, of Rudolph Guenther-Russell Law,Inc.,
now
—Robert B. Cromwell, George C. Jennings and Frank Russell are
Financial Advertising Agency, according to an announcement by Joseph R.
associated with the uptown New York office of Harriman & Co. at 341
Hamien. director for New England,
Ave.
—The formation of the firm of John Melady & Co., members of the New Madison
—Redmond & Co. announce the appointment of L. E. Crandall as resiYork Stock Exchange is announced, with offices at 2 Broadway. New York.
at 203 Southern
The partners are John Melady. William J. Malady, John J. Edgerton and dent representative in Washington, with headquarters
Wilfred F. Reser. Mr. Edgerton, who was formerly with E. F. Hutton & Building.
—R.L. Day & Co.. of New York and Boston have issued for distribution
Co., will be the floor member.
July list of selected municipal, railroad and public utilities bonds.
—Francis A. Bonner, William L. Nolan and David T. Bonner announce their
—Tucker,Anthony & Company of New York and Boston announce that
that the co-partnership of Bonner, Brooks & Co. has been dissolved as or
June 30 1929, and a limited partnership of the same name formed con_ Charles K.Dickson has been admitted to partnership in their firm.
sisting of Francis A. Bonner, David T. Bonner, and William L. Nolan,
—Prince & Whitely, with headquarters at 25 Broad St., this city, are
limited partner.
distributing an analysis of Sinclair Consolidated 011 Corp.
elecurities Co.. Mem—Norfleet Turner. formerly with the Commerce
—Henry G. Rolston & Company. 30 Broad St., New York, are distriMemphis,
phis, has been made manager of the First Securities Corp.,
tributing a circular on Guaranty Trust Company of New York.
formed to take over the bond and security business
which was recently
National Bank
—Buell & Co., of this city, announce that Franklin C. Cornell has
previously conducted by the bond department of the First
become associated with them in their securities department.
of that city.
—W. J. Madden & Co. of this city announce that John J. Daly and
of Bancamerica—John G. Gallaher has been appointed sales manager
and Elmore Song has Raymond J. Comyns have become associated with them.
Blair Corp. for the Chicago and mid-west territory
men have been associated
—Harold M. Donahue is now associated with F J. Lisman & Co. in the
been appointed Assistant Sales Manager. Both
than ten years.
trading department of their New York office.
with the company and it predecessors for more
D. Whitehouse,
—Joseph R. Berkson has been admitted to the firm of Granials. Doty
—Continental Illinois Co. announces that Howard
, and
& Co. of New York, as a general partner.
heretofore second Vice-President, has been elected Vice-President
Asst. Cashiers, have
that 0. M. Smits and Walter A. Delaney, heretofore
—Stein Bros. & Boyce, 6 S. Calvert St., Baltimore, have prepared an
institution.
been elected second Vice-Presidents of the
analysis on Eastern Rolling Mills Co.
of Kevin Lyons
—William R. Compton Co. announces the appointment
—Edward B. Byron has been admitted to general Partnership in the firm
Crawford,formerly manager
as manager of their Boston office. Douglas C.
of Johnson & Wood of New York.
of the company and is now
of the Boston office, has been elected treasurer
—Hemphill, Noyes 8z Co. announce that William S. Rogers has become
associated with the New York office.
associated with their Buffalo office.
E. Cairns has been admitted
—E.W.Clucas & Co. announce that James
—Edward Lowber Stokes & Co. announce the removal of their Philamember of the New York
as a member of the firm. The Clucas firm is a
Exchange and delphia offices to 1708 Locust St.
associate member of the New York Curb
Stock Exchange,
—Rowland H. George has become a general partner in the firm of Wood.
a member of the Chicago Board of Trade.
of this city.
Guenther, President of Rudolph Guenther-Russell Law. Inc.. Struthers & Co.
—Rudolph
an
a delegate for the adver—Clark Williams & Co., 160 Broadway, New York, are distributing
financial advertising agency, will go to Berlin as
that club. Mr. Guenther analysis of the steel stocks.
from
tising Club of New York along with others
&
—Louis Hartman has been admitted to partnership in J. H.Ilirshhorn
sails on July 6 on the SS. Deutschland.
the firm of Green, Ellis & Company of New York.
—Henry Holt announces his retirement from
York City, in the offices
—Carroll Dunham. 3rd has become a general partner of Wood. Lew &
Anderson, and will locate at 24 Broad St., New
continue to act in an advisory
Company of New York.
of Maynard, Oakley & Larence, where he will
capacity on investment matters.
—Leahy Bros. announce the removal of their °Macs to 150 Broadway.
H.
—Charles F. Zeltner. member New York Stock Exchange, Otto
York.
the firm New
under
Kroeger and William Koch have formed a co-partnership
—Estabrook & Co. have issued a list of investment suggestions.
New York.
name of C. F. Zeltner & Co. with offices at 61 Broadway,
JULY 6 1929.1
FINANCIAL CHRONICLE
147
The Commercial Markets and the Crops
COTTON-SUGAR-COFFEE-GRAIN---PROVISIONS
-WOOL
-ETC.
PETROLEUM-RUBBER-HIDES-METALS-DRY GOODS
shipment at 13.55 to 13.65c. Today prices ended 2 to 12
points higher on Rio with sales of 17,000 bags and 3 to 10
up on Santos with sales of 25,000 bags. There was no pressure to sell today, nor was there any aggressive demand.
The market is in a waiting attitude. Final prices for the
Friday Night, July 5 1929.
week are unchanged to 22 points lower on Rio and unchanged
COFFEE on the spot was quiet at 223 to 233.1c. for to 12 points lower on Santos.
%
%
Santos 4s, 163 c. for Rio 7s and 163.c. for Victoria 7-8s.
Rio coffee prices closed as follows:
On the 1st inst. cost and freight offers from Santos were not Spot (unofficial) _ --16% I September
14.24 I March_ _ _ _13.620
13.92 I May
13.35® nom.
15.00 December
much changed but those from Rio were lower. For prompt Julr
Santos coffee prices closed as follows:
shipment Santos Bourbon 2-3s were here at 233c.; 3s at
%
I September
19.46@_
20.75 March.
_ -23c.; 3-4s at 223.10 to 22.55c.; 3-5s at 213, to 2234c.; 4-5s at Spot (unofficial) 21.551December20.001May __ 19.16@nom.
July
%
203' to 22c.; 5s at 19% to 21.55c.; 3-5s at 20 to 203 c.; 6s
COCOA.
-The exchange here was closed today. Prices
at 21c.; 6-7s at 18c.; Bourbon separation 6s at 19 to 19.30c.;
6-7s at 18.70c.; 7-8s at 15.20 to 1831c.; part Bourbon orflat on the 3rd inst. were 7 to 14 points higher than last Friday.
bean 3-5s at 21 to 22e.; 4-5s at 21.55c.; 5s at 203/sc.; 6s at
-Prompt Cuban raws were steady at 17sc. and
/
SUGAR.
193/80.; Santos peaberry 3s at 2234c.; 4s at 22 to 22.30c.; 3.64c. delivered. The sales on the 1st inst. included 50,000
,
4-5s at 203 to 213c.; 5s at 21.60c.; 5-6s at 21c.; 6s at 20c.; bags of Porto Rico July and early Aug. and 3,000 tons of
%
rain damaged but dry Santos 3-45 at 22.60c.; 4s at 21% to Philippines at 3.64c. There were unconfirmed rumors of
22.35c.; 7-8s at 15.95c.; Victoria 7-8s for August shipment sales of two cargoes at 1 15-16c. c. & f. Also 4,500 tons of
were offered at 13.90c.; Rio 7s for prompt shipment at 153.1c. Porto Rico for July at 3.67 or 1.29-32c. c. & I. Refined was
and 7-8s at 150. Spot coffee later was dull and rather weak; 5c. with withdrawals good even if not so large as expected.
Santos 4s nominally 223 c to 23c.; Rio 7s, 163/ to 16%c., Receipts at Cuban ports for the week were 29,370 tons,
%
and Victoria 7-8s, 16c to 163'lc.; Robustas, 203 c. Fair to against 30,093 in the same week last year; exports 98,801
%
good Cucuta, 213' to 22c.; Colombian, Ocana, 21 to 220.; tons against 51,670 last year; stock (consumption deducted)
Bucaramanga, natural, 22% to 23c.; washed, 23% to 24c.; 1,298,387 tons against 1,157,428 last year. Of the exports
Honda, Tolima and Giradot, 23% to 24%c.; Medellin, 243. 26,915 went to Atlantic ports, 18,616 to New Orleans;
to 25c.; Manizales, 24 to 243.jc.; Mexican, washed, 25 to 5,042 to interior United States; 6,674 to Savannah; 3,289
253/2c.; Surinam, 22 to 23c.; Ankola, 283/i to 34c.; Mandhel- to Galveston, 1,394 to Canada and 36,871 to Europe.
ing, 34 to 37e.; Genuine Java, 32 to 333.c.; Robusta, washed, Futures on the 1st inst. advanced 6 to 9 points with sales of
203 c.; Mocha, 263/ to 273.c.; Harmr, 25 to 26c.; Guate- 93,550 tons. Leading Cubans are supposed to have bought
%
mala, prime, 26 to 263/2c.; good, 24% to 25c.; Bourbon, 23 near months heavily and sold the distant. Wall St. bought
to 23%c.
rather freely. Shorts covered. Outsiders bought. So did
Lanouville stated the world's visible on July 1st as 5,355,- Europe. It all hinged on rumors of approaching bullish
000 bags against 5,342,000 on June 1st and 5,305,000 on Cuban developments. There is talk of a sliding scale of
July 1st last year. He figured world deliveries for the 12 duties and that Cuba would have a preferential of 100 points
months of the last crop at 22,252,000 bags compared with on a 4
-cent market for raws. This and the talk of a single
23,536,000 bags in the previous year and 21,300,000 in 1926- selling agency put new life into the market.
27. The receipts at Santos during July, according to an
Havana cabled to the Associated Press: "The Cuban
official cable have been fixed at an average of 35,000 bags Association of Retail Merchants sent a message to President
daily. E. Lanouville cabled his figures on world's production Hoover protesting against the proposed increase of United
and deliveries as follows: Rio in 1928-29 2,993,000 bags States tariffs on Cuban sugar. The protest said that such
against 3,793,000 last season; Santos in 1928-29 8,874,000 tariff increases would constitute a death blow to Cuba's
against 10,321,000 last season; Victoria 1,016,000 against economic welfare and tend to damage the friendly relations
1,411,000 last year;Bahia 345,000 against 470,000 last season; between the two nations." On the 2nd inst. a small cargo of
Paranagua 313,000 against 322,000; Pernambuco 80,000 Cuban raw sold to Now Orleans at 1 31-32c. c. & f. Washagainst 103,000 and other kinds 8,660,000 against 8,003,000 ington wired the New York "Times": "Assurances have
last season; total 22,281,000 bags against 24,423,000 last been given to President Hoover by dominant Republican
season. Deliveries in 1928-29 were 22,251,000 bags against leaders that the tariff law will be scientifically revised by
23,536,000 last season.
the Senate Finance Committee, and the heavy duties on
Futures on the 1st inst. declined 5 to 13 points with sales necessaries carried in the House bill be reduced so that the
of 14,500 bags. Rio ended 3 points off to 2 points higher with party need not fear another political revulsion such as folsales of 6,500 bags. July Rio and Santos Sept. at one time lowed the Payne-Aldrich act. The first important change
advanced 10 points. Sales of Victoria on the 28th are said to that will be made in the House bill, it was indicated, will
have been made at under the parity of July futures that is be a reduction in the proposed duty on sugar of 3 cents a
7-8s sold at about 13.85 to 13.90e. On the 2d inst. firm pound. The Senate committee is having great difficulty
offers from Santos for prompt shipment continue very deciding what would be an equitable duty and how it can
irregular. On well described coffees they ranged from be imposed without conflicting with the treaty of 1902 with
unchanged to lower while rain-damaged stock was somewhat Cuba. The majority opinion in the committee, it was said,
firmer. For prompt shipment, Santos Bourbon 2-3s, 23.65c.; is for a reduction greatly below the House schedule. This
3s, 23c.; 3-4s, 223. to 22.60c.; 3-5s at 21 to 223.1c.; 4-5s at may be brought about by a sliding scale plan."
213.1 to 22c.; 5s at 21.45 to 21/c.; 5-6s at 20.90 to 21c.;
4
Receipts at United States Atlantic ports for the week were
6-7s at 183.c.; Bourbon separation 6s at 19 to 20.90c.; 37,176 tons against 52,387 in previous week and 55,441 last
6-7s at 18.65c.; 7-8s at 15.20 to 18.150.; part Bourbon or year; meltings, 62,317 tons against 66,710 in previous week,
flat bean 3-55 at 21 to 2243.; 4-5s at 21.55c.; 5s at 205'c.; and 58,000 last year; importers' stocks, 389,520 against
Os at 193'c.;Santos peaberry 3s at 22.65c.;4s at 22 to 22.30c.; 389,520 in previous week and 375,232 in same week last
4-5s at 203/2 to 213c.; 5s at 173; 5-6s at 21c.; 6s at 20c.; year; refiners' stocks, 283,271 against 308,412 in
%
rain-damaged, but dry Santos 4s at 19.30 to 20.300.; 5-6s week and 166,463 last year; total stocks, 672,791previous
against
at 18.10c.; 5s at 193/2c.; 5-6s at 18.10c.; Rio 7s at 15.10c.; 697,932 in previous week and 541,695 last year. On the
7-8s at 14.55c. to 14.85c.; Victoria 7s at 14c.; 7-8s at 13.80c. 3rd inst. futures were active and closed at a rise of 2 to 5
Victoria 7-8s for Aug. shipment at 13.65c. and for Aug. points the latter on July. The transactions
were 87,950,
Sept. shipment at 13.65c.
including 22,650 September. An early decline of 3 to 4
Futures on the 3rd inst. fell 3 to 9 points on Rio, with points was regained. There was a rise from
the
sales of 10,000 bags and 3 to 8 points on Santos with 9,000 to 7 points. Heavy selling by the trade and Cuban low of 3
interests
sold. At Rio, December rose 100 reis. Otherwise the cables if not by Europe, told for a time. When this pressure was
were unchanged. Foreign markets have declined of late lifted, heavy buying of September and December made itself
when New York has not been much affected. Brazil is ex- felt. Wall Street bought December and
interests
pected to receive coffee on both Rio and Santos July con- September partly or wholly, it was said, for trade account.
hedge
tracts. Even the drop in Victoria coffee has been largely Refined was 50. with good withdrawals. It was reported
ignored for this reason. The world's visible supply of on the 3rd inst. that the Pool had sold a cargo of
coffee, according to the New York Coffee & Sugar Ex- presumably for August shipments at 9s. 33.1d. c.i.f. Cubas
change on July 1 1929 was 5,352,398 bags showing an inHavana cabled that Cuban sugar cane planters and
crease of 16,918 bags during June. Today on cost and grinders are to meet in the near future to form the first
freight offers prices were unchanged or slightly lower and arbitration board to deal with the problems arising between
included for prompt shipment Santos Bourbon 2-6s at 21.85e. growers and grinders. The National Association of Growers
3-4s at 22.10c. 3-5s at 213.1 to 21.85c.; 4-5s at 203/2 to 21.60c.; issued an invitation to the National Association of Millers
5s at 193 to 21.35c.; 5-6s at 20.35c.; 6-7s at 18e.; part asking that a committee be named to aid in planning a
Bourbon 3-5s at 213.1c.; Peaberry 4-5s at 203'c.; 5s at 20.85c.; board of arbitration to act with a member of the Cuban
Os at 2043.; Rio 7s at 15.10c.; 7-8s at 14.80c.; Victoria 7s at government in any differences which may arise. London
13.95e.; 7-8s at 13.70c.; Victoria 7-8s for July-September cabled that there had been a sale of one cargo of Cuban
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."
148
FINANCIAL CHRONICLE
raws on the 4th for Aug. shipment at 9s. 3d., with further
buyers at that price and no offerings. Rumors which have
been current lately of the possible segregation of an additional 500,000 tons of the 1929 Cuban crop to the Joint
Foreign Sales Syndicate for sale to destinations other than
the United States were officially denied to-day by executives
of the Joint Foreign Sales Syndicate. To-day prices ended
3 to 8 points higher with sales of 89,100 tons. Havana
reported the sale of 10,000 bags Cuban raw for July shipment at 2c. c. & f. New York. A membership in the New
York Coffee & Sugar Exchange was sold to-day for $24,000,
which is $1,000 under the last previous sale. There was a
noticeable demand for May to-day from houses with Cuban
and European connections. Wall St. was a buyer, mostly
of the distant months. Final prices on futures show an
advance for the week of 15 to 19 points. Prices were as
follows:
Spot (unofficial)
July
September
2 December
1.99 January
2.06
2.17 March
2.19 May
2.23 ©2.24
2.3082.31
LARD on the spot was weaker on the 1st inst. with pram
Western 12.35 to 12.45c. Refined Continent, 12%c.;
South America, 133c.; Brazil, 143c. Futures on the 1st
inst. closed 2 to 5 points lower. Hogs were steady but the
total Western receipts were somewhat larger than expected.
They reached 139,400 against 127,400 a week previously
and 131,000 last year. There were deliveries on contracts
of 550,000 lbs. of lard, 1,450,000 of bellies and 150,000 of
ribs. Export clearances from New York last week were
9,191,000 lbs. larger to Continental ports and this compared
with 6,279,000 lbs. cleared the week previous. Contract
stocks of lard at Chicago on July 1 were 102,837,518 lbs.
"against 97,307,860 on June 15 and 120,205,898 on July 1
1928. On the 3rd inst. futures ended unchanged to 5 points
higher. Hogs and grain were firm. They helped lard.
Total Western receipts of hogs were 94,000 against 114,500
a week ago. Last year a holiday prevailed. At Chicago
23,000 hogs were expected. Liverpool was unchanged to
3d. higher. To-day futures closed unchanged to two points
higher. Final prices show a rise for the week of two points
in July with other months unchanged.
DAILY CLOSING PRICES
Sat.
12.87
12.22
12.42
July delivery
September delivery
October delivery
OF LARD FUTURES IN CHICAGO.
Mon. Tues.
Wed. Thurs.
Fri.
11.82 11.85
11.85
Holt- 11.87
12.20
12.17
12.17
day 12.17
12.32
12.30
12.30
12.32
PORK was steady but quiet; Mess, $31.50; family, $36;
fat back, $28.50 to $31. Ribs, $13,75, basis 50 to 60 lbs.
average. Beef firm; 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, 6 lbs., South America, $16.75;
pickled tongues, $75 to $80. Cut meats steady; pickled
hams, 10 to 20 lbs., 223 to 230.; pickled bellies, 6 to 12
lbs., 183. to 213c.; bellies, clear, dry salted, boxed, 18 to
20 lbs., 169/8c.; 14 to 16 lbs., 163/c. Butter, lower grades
to high scoring 38 to 43c. Cheese,flats, 23 to 293c.;daisies,
23 to 28c. Eggs, medium, 27 to 335.c.; closely selected, 34
to 35%c.
-Linseed was higher owing to the strength of flaxOILS.
seed. Raw oil in carlots, cooperage basis, was 11.11c. and
single barrels 11.9o. The movement against old contract
orders is fairly good, but consumers are not inclined to purchase on any very large scale at present prices. There was
a fair jobbing trade. Cocoanut, Manila Coast tanks, 6%o.;
spot New York tanks, 7 to 73'c.; corn, crude, barrels, tanks,
f.o.b. mills, 7% to 7%c.; olive, Den., $1.35 to $1.40; China
2
wood, New York drums, carlots, spot, 143 to 143/0.; Pacific
Coast tanks, futures, 123' to 13c.; soya bean, tanks, coast,
90 • edible, olive, $2.25 to $2.30; lard, prime, 15c.; extra
strained winter, New York, 13c.; cod, Newfoundland, 620.
Turpentine, 51% to 573c. Rosin, $8.25.to $9.70. Cottonseed oil sales to-day, including switches, 10,300 barrels.
Prices closed as follows:
Spot
July
August
9.40 _ _ - 1September -9.46 _ _ _ December_ _ _1).50 9.52
9.54(9.57
9.50©9.52 January
9.40(819.55 October
9.40@9.55 November--..9.35©9.55 February--- -9.45 9.60
PETROLEUM.
-The Standard Oil Co. of New Jersey
advanced U.S. Motor gasoline in bulk lc. to 110.in tank cars
at refineries. The Warner-Quinlan Co. followed this advance. Other large refiners are also expected to follow. The
upward swing is due no doubt to the heavy increase in consumption. The Up-state demand has recently increased
considerably and some are looking for further gains in the
near future. The export demand is all that could be expected and the Gulf market is strong. Bunker oil was in
good demand for spot Grade C at $1.05 at refineries. Contract withdrawals are large. Diesel oil was in good demand
and steady. Kerosene was rather quiet but steady. Water
%
white 41-43, 73 c. in tank cars at refineries. Consumption
is fairly large. Production has been reduced, but is still
large enough to take care of the increasing needs of the
agricultural industry. The South Penn Oil Co. announced
a revised schedule for oil. For Pennsylvania and Bradford
district Pennsylvania crude oil in the New York Transit
Co.'s lines the South Penn Oil Co. will pay $4 a barrel for
oil run prior to July 1 and $4.05 for oil run July 1st and after
against the previously !voted prices of $4.10 a barrel. For
Pennsylvania oil run in the National Transit Co.'s lines
prior to July 1st the South Penn Oil Co. will pay $4 a barrel
and after that date $4.05 against the previous price of $4.
Tables of prices usually appearing here will be found on an earlier page in
our department of "Business Indications." in an article entitled "Petroleum
and Its Products."
[VOL. 129.
RUBBER.
-On the 1st inst. New York closed unchanged
to 20 points net higher with sales of 232 lots or 580 tons.
New York closed on the 1st inst. with July 20.50 to 20.600.;
August, 20.700.; September, 21c.; December 21c.; January,
21.90 to 22c.; March, 22.40 to 22.500. '
Outside prices:
Smoked sheets, spot and July, 203 to 20%c.• July-Sept.,
-Dec., 21% to 21%c.; Jan.
20% to 21c.; Oct.
-March, 22 to
22%c. Spot, first latex crepe, 21% to 219go.; thin, pale
latex, 223's to 223c.; clean, thin, brown crepe, 183 to 190.;
%
specky crepe, 183/2 to 18%c.;rolled brown crepe, 14 to 143.c.;
No. 2 amber, 19 to 193c.; No. 3, 18% to 19c.; No. 4, 183
%
to 183c.; Pans, upriver, fine spot, 21% to 223c. The
London stock increased 365 tons to a total of 30,982 tons.
In Liverpool the stock increased 113 tons to 4,628 tons.
London advanced; spot and July 105 d.; July-Sept.,
%
-Dec , 11d.; Jan.
.
103c.; Oct.
-March, 11%d.; April-June,
%
113d.; Singapore, July 9 13-16d.; July-Sept., 9 13-16d.;
-December, 105 d. On the 2nd inst. New York adOct.
%
vanced 40 to 60 points on figures showing a reduction in the
shipments of crude rubber from Malaya in June and higher
cables. British Malayan shipments in June decreased 3,562
long tons, according to a cable. Gross exports were 40,.398
tons against 43,960 tons in May. The exports to the Umted
States in June fell off 4,083 tons from the preceding month.
Shipments to this country in June were 26,883 tons against
30,966 tons in May. New York closed with July 210.;
August, 21.30c.• Sept., 21.60 to 21.700.; Dec , 22.20o.;
:
'
January, 22.40c.; March, 22.80 to 23c. Outside prices:
Ribbed smoked, spot and July, 213. to 21%c.; July-Sept.,
213 to 21%c.• Oct.
%
-Dec., 22 to 22%c.• Jan. M
-arch, 2234
'
to 22%c. Spot, first latex crepe, 21% to 220.; thin, pale
'
latex, 223i to 223c.; clean thin brown crepe, 18% to
18%c.; specky crepe, 18% ' 18tc.• rolled brown crepe,
to
14%c to 14%c.; No. 2 amber, 19 to '
l9%c.; No. 3, 184 to
19c.; No. 4 183' to 183 c. London closed on July 2 for
%
spot, July and Sept., at 10 15-16d.; Oct.
-Dec., 11 3-16d.
Singapore, July 103'd.; Oct.
-Dec., 10 11-16d.
It is contended that consumption for the second quarter
in the United States will exceed 140,000 tons as against
130,000 in the first quarter. The third quarter is estimated
at 120,000 tons. It is now estimated that the United States
consumption for 1929 will be about 520,000 tons and the
rest of the world 280,000 tons or 800,000 tens total. Rubber
production may not reach this figure, it is thought. New
York on the 3rd inst. declined 10 to 20 points with transactions of 475 lots or 1,187 tong regardless of firmer cables.
London closed at 10%d. for July and September. Singapore spot was 10d.; August, September, 103(d. New
York ended on the 3rd inst. with July 20.80; September,
21.40. Outside prices: Ribbed smoked spot and July,
21 to 21%c.• July-September, 21% to 21%c.; OctoberDecember, 21% to 22%c.• January-March, 22 8 to 22%c.;
'
spot, first latex crepe, 21% to 213/sc.; thin pale latex, 22 to
223c.; clean thin brown crepe, 1834 to 183c.; specky crepe,
%
183t to 183/20.; rolled brown crepe, 14% to 14%c.; No. 2
;
amber, 18% to 19c.. No. 3, 18% to 18%c.; No. 4, 18% to
18%c.; Paras, up-river fine spot, 213 to 223c.; coarse,
%
%
%
123 to 123c.; Acre, fine spot, 223 to 23c.; Caucho-Ball%
Upper, 123 to 123 c.
Consumption of crude rubber during June totalled approximately 46,000 tons according to estimates made by
members of the Rubber Exchange based on operating
rates of tire manufacturers during the month. While this
will represent a decline of over 3,000 tons from the high
record established during May of 49,233 tons, it will be
more than 8,000 tons in excess of the rubber consumed
during June 1928. Consumption for the first half of the year
will be approximately 27,080 tons, a new high record for the
industry, and which will compare with 211,573 tons consumed during the first half of last year. Crude rubber
consumption for the first half of 1929 was 272,080 tons
against 211,573 tons in the same time last year and 202,060
in a like period of 1927. Here to-day prices ended 20 to 30
points higher with sales of 488 lots. The firmness of foreign
markets was the big factor coupled with speculative and
to 3-16d. higher with spot
foreign buying. London closed
11d.; July-Sept. 1130.• Oct.-Dec. 11%d.; Jan.
-March
'
11%d.; April-June 11%d. Final prices here are 50 to 70
points higher than a week ago. Some think the Continent is
buying more than is generally supposed. Singapore to-day
closed steady 1-16 to Hd. net higher; No. 3 Amber crepe
spot 8%d. An unofficial estimate of the rubber stocks at
London show a decrease of 1,000 tons.
-On the 2d inst. futures decline 10 to 20 points on
HIDES.
the active months, while others were unchanged to 40 points
lower. Importers bought. Argentine stocks however are
large; that is they are estimated at 100,000 of frigorifico
steers. Chicago late was quiet. South American cables
furnished nothing stimulating; 1,000 cows sold at 17%04
3
light cows were freely offered later it was stated at 17c. and
trade dull. New York ended on the 2nd inst. wtith September at 17.70c.; December, 18.70 to 18.75c.; May, 19.30 to
19.350. To-day prices ended 25 points lower to 10 points
higher with August 17c.• September, 17.50 to 17.70o., and
'
December, 18.17 to 18.22o.
OCEAN FREIGHTS.
-Rates late last week were unchanged. Grain tonnage this week was in fair demand.
CHARTERS included grain 22.000 quarters, Montreal, prompt, to
Antwerp-Rotterdam, 9;ic.; Hamburg-Bremen, 1034c.; option full barley,
lc. more. Sugar, Santo Domingo, late July, United Kingdom-Continent,
16s. 6d. Coal, Hampton Roads, July, to West Italy. $2.50. Prompt ask-
JULY 6 1929.]
FINANCIAL CHRONICLE
fag rates, heavy grain: London, Liverpool and Manchester, is. 6d.; Glasgow, 2s. 3d.; Hull, is. 1;d.; Avonmouth, 2s. 146(1.; Leith, 2s. 3d.; Irish
ports, 2s. 6d.; Hamburg. 8c.; Bremen, Sc.: Rotterdam, Antwerp. Sc.;
Havre, Dunkirk, Bordeaux and St. Nazaire, 10c.• Marseilles, 12c.; Genoa,
Leghorn and Naples, 12c.; Venice and Trieste, '
18c.; Sweden. Greece and
Malta, 21c. Tankers: Dirty, July, San Pedro to Curacao combination to
United Kingdom-Continent, 378.; eight trips, commencing August. Venezuela or Gulf to north of Hatteras, 35c. or intercoastal two for one trip,
96c.; clean, California to United Kingdom-Continent, Aug. 10
-Sept. 15.
37s.: Tampico, late July, to United Kingdom-Continent, dirty. 3 trips at
22s. 6d.• Gulf, clean, to United Kingdom-Continent, Aug. 15
-Sept. 15,
22s. 6d.'in London; clean, California, July-August. to United KingdomContinent. 37s.; clean, two consecutive trips, July, to Copenhagen. Gulf,
22s.; North Atlantic, 18s. 6d.; dirty, July, Gulf to North of Hatteras, two
trips, 32c.: clean or dirty, to north of Hatteras. July-August, six trips at
32Mc.; option three from California, clean. 90c. Petroleum: Clean,
August, Black Sea to Continent, 18s.; clean, July. Gulf to French Mediterranean, 25s.; time, July, 3 to 4 months, West Indies, Canada, $2.15; delivery,redelivery, north of Hatteras, prompt. 2 or 3 months. $2.15: St. John's,
prompt. redelivery, St. Lawrence, one trip. $1. Scrap iron, Gulf. July, to
Japan,$5; Montreal. July. gross form, Italy. $5.75; Cuba. July. to Rotterdam-Danzig range, $5.30 one, $5.40 two. $5.50 three loadings.
149
44.60e. and November at 45.25 to 45.35c. The w rld
visible supply was 23,751 tons at the end of June against
16,231 a year ago. At the end of March it was 26,632 tons.
In London on the 2nd inst. spot standard dropped 5s. to
£201 15s.; futures off 2s. 6d. to £105; sales, 50 tons spot and
320 tons futures; Spot Straits fell 5s to £205 10s.; Eastern
c. i. f. London unchanged at £208; sales, 275 tons. At the
second London session standard advanced 10s.; sales for
the day 575 tons. Latterly trading here has been stimulated by a marked rise in London. Large interests were
buying. Prices here on the 3rd advanced 30 to 45 points
with sales of 215 tons. Of Straits 300 tons sold including
spot at 45%c.; August 451 0.; September, 45 Vic.; October,
/
453/ic. and November, 46c. Tin plate production over the
first half of the year was 23,200,000 base boxes. That is
COAL.
-Trade is dull aside from the regular movement of nearly 1,125,000 boxes larger than the previous recor 1 in
bituminous coal on requisition under contract. Anthracite the first half of 1927. In London on the 3rd inst. spot
is certainly slow. Steam sizes sell the most readily at un- standard advanced £2 5s. to £204; futures up £2 to £207;
changed prices. Third week of June advices from Wales sales, 470 tons spot and 750 futures; spot Straits advanced
reveal a disposition of greater cheerfulness. Lake trade was £2 to £207 10s. Eastern c. i. f. London up £1 10s. to £209
brisk. In the middle of last week there were 20,726 cars at 10s. on sales of 300 tons. At the second London session
the Lake front, and 6,937 cars in transit. Despite the standard rose 10c.; sales for the day 1,510 tons. To-day
marked activity tonnage exceeds the requirements of the market was steady with sales of 60 tons. July ended at
shippers, and freight rates are deemed about right for con- 44.70c., September 45.15c. and December 45.65c. Final
tinued distribution. Hampton Roads steamers took 50,000 prices show an advance for the week of 45 to 60 points.
tons of high and low volatile coal on June 26th most of it
LEAD was rather quiet with prices 6.80c. East
said for the West Indies where trade is rather more active. and 7c. New York. Producers estimate that at St. Louis,
least half
Anthracite producers made the scheduled 10c. per ton of July requirements are yet to be purchased, and are thereincrease as of July 1st on domestic sizes. The June 1st in- fore not inclined to press sales. Lead ore was unchanged
crease of 25e. a ton, it is understood, will remain unchanged at $90 a ton. In London on the 2nd inst.
and unadvanced until Aug. 1st. Prices wholesale at mine in changed at £23 7s. 6d. for spot and £23 6s. prices were un3d. for futures;
long tons are as follows: Grate .10 to 8.20; egg, $8.40; sales, 600 tons spot and 200 futures. Trade of late has been
stove,$8.90; nestnut,$8.40; pea,$4.60 to $4.70; buckwheat, dull at 6.80 to 7c. London was active on the 3rd inst. with.
$2.75; buckwheat domestic, $3.25. Soft coal at retail is prices off, however, 5s. to £23 2s. 6d.for spot and £23 Is. 3d.
$7.25; coke from $11.75 to $12. These prices are exclusively for futures; sales, 200 tons spot and 800 futures. At the
for Greater New York with Brooklyn prices generally 50e. second London session spot declined 2s. 6d.; sales, 400spot
higher. Cellar delivery is included, except where length of and 450 futures.
haul or circumstances of delivery entail extra labor.
ZINC was quiet at 6.70 to 6.750. East St. Louis. The zinc
TOBACCO.
-Here trade has recently been very slow. ore surplus was estimated at over 37,000 tons against 34,000
M akers of 5
-cent cigars are ready enough to buy the sort a month ago and 21,000 at the end of April. In London on
of tobacco needed for this purpose at asking prices but offer- the 2nd inst. spot advanced 2s. 6d. to £25 8s. 9d.; futures
ings were rather small. The Amsterdam sales seem to show up Is. 3d. to £25 8s. 9d.; sales, 100
an upward tendency. Connecticut shade grown was steady, have been small with prices called tons spot. Of late sales
6.70 to 6.80e. London
but lausiness fell off. A Connecticut drought of three weeks on the 3rd inst. was unchanged
was relieved and farmers were encouraged. Dry weather is and futures; sales, 150 tons spotat £25 8s. 9d. for both spot
and 50 futures.
a good thing up to a certain point. But if too prolonged, it
-Fabricated structural steel has been in fair deSTEEL.
is, of course, bad. Popular priced cigars are being pushed
for this
in Baltimore and Detroit. Washington wired:"The wrapper mand business time of the year. Pittsburgh has been doing
than usual at this season in wire. Despite
tobacco crop for 1929 in Northern Sumatra promises to be more decrease in specifications
from the automotive indusone of the smallest in years, because of unsatisfactory weather some
conditions, states a report received by the Tobacco Section try the total tonnage remains fairly large. The nail demand
of the Department of Commerce. Not only will the crop is slow. Fencing material is in fair demand. Demand for
be smaller, the report added, but it will also be poorer than spikes, tie plates and other track material is decreasing as
usual at this time.
in recent years. During the first four months of this year bids, however, for itsThe Pennsylvania Railroad is taking
the rainfall was exceedingly light, the proper haze and Light rails were dull. regular track fastening requirements.
Pittsburgh
humidity have been lacking and the plants, subjected to recent order of the Pennsylvania car builders shared in the
Railroad for 4,000 steel
intense sunshine have bloomed before reaching the proper box car bodies. Tin
plate specifications were smaller.
height and maturity it is said." Denver wires the U. S. August requirements of can
makers have,it seems, been filled.
Tobacco Journal: "With retail trade on the upward trend,
PIG IRON was in moderate demand at Philadelphia and
the Denver dealers were beginning to smile broadly once
more and everything pointed to a good tourist business when quiet here. Buffalo is said to be selling small lots at $18.
suddenly out of a clear sky the old bugaboo of the retail Boston is reported to have done quite a good business.
cigar merchant namely, the price war, cropped out again The daily production of pig iron in June was the second
and has taken the joy out of life." Also from Havana: largest on record; that is second only to the month that had
"Top prices are being asked in certain Cuban districts. gone before, or as 125,745 tons for May compare with
Many Operators are holding off. Sales for the week were 123,745 tons in June these being the figures of the Iron
'
2,596 bales. Samples of the 1920 crop of Porto Rico tobacco Age. The falling off in production was less than 2% from
are being shown in New York. Amsterdam cabled June 29: May. The principal decrease was in merchant pig iron
"Prices high at Sumatra inscription today. About 1,000 that was not unexpected in view of some falling off in demand
bales bought for America. A New York house, Duys & Co., for iron from the makers of radiators, cast iron pipe and
sanitary ware.
was the largest buyer."
WOOL.
said to be awaiting
COPPER.
-Export buying increased somewhat. Last sales next -Everybody is3a government report the London
week. On July
from Boston
Friday foreign sales totaled 3,125 tons, the largest for a said:
"Several fairly large sales of Texas 12 months' wool
single day in three months. Early this week they have
averaged more than 1,000 tons daily. Domestic business have recently been closed. The scoured basis prices comwas still light, however. Prices were steady at 18e. to puted on an estimated shrinkage were around 95c. These
18.30c. for home and foreign delivery. In London on the are the first sizable transactions reported on the wools for
2nd inst. prices fell 2s. 6d. to £73 7s. 6d. for spot; futures several weeks." In Boston, Ohio & Penn. fine delaine, 38
to 383/ie.;
off 5s. to £73; sales, 100 tons spot and 700 futures. Elec- to 43c. % blood, 43c.; % blood, 44 to 45c.; X blood, 42
Territory, clean, basis, fine staple, 93 to 95c.• fine
trolytic unchanged at £84 for spot and £84 10s. for futures.
Futures on the exchange here closed at 17.20 to 17.500. for medium, French combing, 85 to 900.- fine, fine medium,
clothing, 83
July-August and September, 17.20-17.35e. for October; 85 to 88e.• to 85e.; % blood, staple 40 to 920.; % blood,
X blood, 75 to 77c. Texas, clean basis, fine, 12
17.10-17.35e. for November; 17 to 17.25e. for December.
months, g8 to 92c.; fine, 8 months, 85 to 87c.; Fall, 83 to
Trade has latterly been quiet. What export business there 85c.;
pulled, scoured basis, A super, 93 to 95c.; B, 83 to
was came from France. Quotations were 18 to 18.30e.
home and foreign. Here trading in standard futures 85c.• C, 73 to 75e. Domestic mohair, original Texas, 57
to 58e.
amounted on the 3rd inst. to 50,000 lbs. of October and super, Australian clean, basis in bond, 64-70s, combing
74 to 75c.
100,000 November. The close was unchanged to 5 points
Boston
higher for the day with October 17.25 to 17.40e. and Novem- reported awired a government report later: "Dealers have
slight
ber 17.10 to 17.40e. In London on the 3rd inst. spot the past week asimprovement in the volume of sales during
manufacturers
standard fell 10s. to £72 17s. 6d.; futures, £73; sales, 300 interest in wool than for some have manifested a broader
spot and 500 futures. Electrolytic was £84 spot and ditions, however, are far from weeks past. General contons
being
£84 10s. futures. At the second London session standard continued firm on the medium grades sound. Prices have
while sales on some of
advanced is. 3d.; sales for the day, 1,350 tons.
the finer grades of strictly combing of both fleece and terriTIN was firm but quiet. Spot Straits sold at 443/ic. tory wools were reported at slightly lower prices than thoseearly on the 2nd inst. but later in the day sellers would not qqoted last week. Fleece wools have been only moderatey
do business at under 443 c. October sold at 453/i to 455sc. active during the past week. Some business has been
%
/
5
/
and November at 45% to 45303. Sales were 125 tons. reported on graded Western grown wools. Strictly combOn the exchange transactions were 130 tons with prices up ing and the French combing 64s and finer wools were sold
10 to 20 points. July closed at 44.25e., August at 44.55 to in moderate quantities with the demand favoring the French
[VOL. 129.
FINANCIAL CHRONICLE
150
combing types. A slight improvement was reported in the
volume of sales of short territory wools at prices about
steady with recent quotations. Manufacturers have been
reluctant to meet asking prices for New Zealand and South
American crossbreds, and although inquiries were more
numerous on these wools during the past week, the volume
of business was small. A few sales were reported on some
Australian merino wools at lower prices. Prices on mohair
continue to be steady with only limited demand received
by the dealers from manufa,curers."
-To-day new contracts closed one point lower to
SILK.
one higher with saled of 30 bales with July ending at 4.80
to 4.88c.; September, 4.70 to 4.77c.; December, 4.74 to
4.77c. Old contracts ended two points lower to one higher
with sales of 195 bales. July ended at 4.83 to 4.86c.; September, 4.75 to 4.76c. and December, 4.73 to 4.76c.
COTTON
Friday Night, July 5 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 10,769 bales, against 13,090 bales last week and
18,466 bales the previous week, making the total receipts
since Aug. 1 1928, 8,985,752 balm against 8,264,650 bales
for the same period of 1927-28, showing an increase since
Aug. 1 1928 of 721,102 bales.
349
576
167
1.514
23
1
706
1,072
___37
95
42
35
---- 2,654
347
347
--------386 1.368
2 4,221
762
396
622
-___
3
102
630
236
---351
146
23
19
--------113
1
304
171
---_
38
76
112
1,541
109
475
494
5
9
Total.
Fri.
Thurs.
Wed.
Tues.
Mon.
Sal.
Receipts atGalveston
Texas City
Houston
New Orleans
Mobile
Savannah
Charleston
Wilmington
Norfolk
Baltimore
18
Exported to
From
Aug. 1 1928 to
GerBritain. France. many.
Great
July 5 1929.
Exportsfr,
_..- ____
Total
1.836,776792.10 1,896 169702,074 277,4081482987785,2127,772,729
Total 1927-2: 1.407,804885.281 2,125,428,670,447 350,198 1024003862,8327,338,043
Tntlil 102/1-27 2 55A.2111% 11112A5*12 1:107 ftlit'7A2 *71 419 25517005651243486 10693802
-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 al
the cotton destined to the Dominion comes overland and it is impossible to get returns concerning the same from week to week, while reports from the customs districts
on the Canadian border are always very slow in coming to hand. In view, however,
of the numerous inquiries we are receiving regarding the matter, we will say that for
the month of May the exports to the Dominion the Present season have been 18,470
bales. In the corresponding month of the preceding season the exports were 17,726
bales. For the ten months ended May 31 1929 there were 245,589 bales exported,
as against 203,916 bales for the corresponding ten months of 1927-28.
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
On Shipboard Not Cleared for
The following table shows the week's total ieceipts, the
total since Aug. 1 1928 and the stocks to-night, compared
with last year:
Galveston
New Orleans
Savannah
Charleston_
Mobilo
Norfolk
Other ports*
Stock.
1927-28.
1928-29.
Receipts to
July 5.
941
1.019
This Since Aug This Since Aug
Week. 1 1928. Week. 11927.
Galveston
Texas City
Houston
Corpus Christi
Port Arthur, dtc__
New Orleans
Gulfport
Mobile
Pensacola
Jacksonville
Savannah
Brunswick
Charleston
Lake Charles
Wilmington
Norfolk
N'port News. &c_
New York
Boston
Baltimore
Philadelphia
2,654 2,778.169 10,465 2.240,750
538
347 180,233
98,789
1,368 2,846,766 9.417 2,532,472
____ 258.123
-_-_ 176,344
____
17,060
__-_
4,344
4.221 1,571,544 11.226 1.529.689
598
62
289,026
807 293,603
___
12,950
12,684
____
186
51
630 377,720 1,629 660,349
1929.
1928.
108,595 152,795
8.063
4,046
214,220 255.564
125,899
204.569
19,417
3,377
674
22,542
613
21.488
172,712
5.505
126.017
232,584
129
51.268
3.471
61,586
105
1,669 269.689
1,224
____
223 132.129
734 223,459
_ _ __
534
50
7.992
____
8,138
236
72.254
156
____
166,573
2,052
1,059
4.351
807
1.629
1,246
6,118
181
4,112
64
1.424
3,692
2,311
146
113
304
1,669
223
734
5,524
662
837
875
747
827
2,325
25
685
1.155
82
2,044
Other CoastGerGreat
Britain. France. many. Foreign V7L1C.
3.400 11.000
1,294 17.940
250
2.000 24,600
319 19,933
350
100
&Job
4.7001 3.500
230
1501
-.
7,g05
220
-i2O
---- 12,000
1:ioo
1.000
7.250
Total 1929
Total 1928- 10,592
9.277
Total 1927
•Estimated.
Total.
500
1.000
9,500
4,230 5.944 44.540
5,084 10,407 34.251
4,971 13,221 40.356
Leaving
Stock.
83,995
105,966
22,192
14.276
11,917
39,444
388,352
2,639 64,603 666,142
2.886 63,220 746,855
4,428 72,753 1,053.690
Speculation in cotton for future delivery has been on a
very moderate scale where it has not been actually small.
Now and then prices have rallied, but on the whole they
have drifted downward owing to better weather and crop
reports and steady liquidation. The selling was partly by
Wall Street, the West and uptown interests, as well as by
Liverpool, New Orleans and the Southwest. For a time the
weather was quite favorable. Texas had beneficial rains.
80,078
3.556
1,342
4,467
121 n 117A
622
630
___
___
July 5 at
3469
Mi
Total.
Galveston_ _ _ _ 390.124316.296 587,047222,100I 32,447583.401 398,8292,530,253
406,857 .3,771 556,520227,559,106.807 1.925 175,6452,248,884
Houston
4i,633 1,6161
--- 10,335 11,281 112,083
Texas City__35,150 12,0
90,833 21,624 4,90 55.036 27.781 288.523
46,405 41,940
Corpus Christ
17,060
--------3,946
764
8,977
943 2.4 1
Port Arthur
6,027
330
1,151 3,2501
___
1,296
Lake Charles_
New Orleans_ 409,682 97:654 226,259 138,019 133:250172,524 110,891 1,288,279
---- 19,300 4,670 198,916
78,979 5,018
88.7901 2,15
Mobile
12,950
100
____ 1,400
905
5,775
____
4,770
Pensacola..,,,
_--- 12,100 4,097 300,030
75 117,097 3,262
163,399
Savannah
598
598
Gulfport
____ 1,150 16,274 141.737
777 62,197 1,281
60.058
Charleston_
___ 3,400 102,642
9,842 50,600
38,801 --Wilmington
8:300 2,527 123,998
29,451 3,87
78,608 1,238
Norfolk
129
___
2
127
Newport Ne
98,238
_ 6,735 18:755
30,593 14.115
24.332 3,708
New York _ _ _
7,648
1,7381,450 ------------4,480
Boston
1.8 ------------5,238
3,646.
Baltimore_
283
------------200
1
82
Philadelphia__
____ 95,1 1,078 221,414
38,705 13,28#
88,041 14;149
Los Angeles_
13,496
------------600
6.852 1,948
4,296
Ban Diego__ _
36,055
348
---- 170
200
7,36
10,524
2 I
San Franc
18,248
---18,248
Seattle
1.341 10.769
2 504
I595
Totals this wpek_
Japan&
Italy. Russia. China. Other.
146
---113
304
----
14.276
18,447
7,377
39,664
16,951
38.765
One estimate of the acreage was 49,119,000 acres. This
caused selling, especially as the condition was given at
364
71.2%. The increase in the acreage, according to this esti10 769 R.995.752 96 ens 9 964 990 7311 746
Morals
mate, was 4.6%. Still another report put the condition at
In order that comparison may be made with other years, 75%, the highest thus far, and the increase in acreage
we give below the totals at leading ports for six seasons:
at 3.3%. On the other hand, the weevil menace remained
Receipts at- 1928-29. 1927-28. 1926-27. 1925-26. 1924-25. 1923-24. largely what it had been, namely serious, though the actual
1,482 damage to the crop will depend largely on the weather in
5,741
3,721
5.492
10.485
2.654
Ga1veston____
382
8.413
6.521
1,368
9.417
4.167
Houston*____
8,763 July and August. Spot cottons early in the week declined
3,185
14.104
11,039
11,226
4,221
New Orleans_
Mobile
Savannah_,...
Brunswick..
Charleston_
Wilmington
Norfolk
N'port N., &c
All others_
Total this wk_
711
824
3,266
2,067
295
1,266
10,769
36,994
38,891
37,067
18.245
21,177
Since Ana. I__ 9.995.752 8.264 1150 1.259.495 9.496.599 9.109.260 6.634.085
*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 43,549 bales, of which 5,920 were to Groat Britain, 3,113
to France, 7,374 to Germany, 11,093 to Italy, nil to Russia,
8,149 to Japan and China, and 7,900 to other destinations.
In the corresponding week last year total exports were
101,803 bales. For the season to date aggregate exports
have been 7,772,729 bales, against 7,336,043 bales in the
same period of the previous season. Below are the exports
for the week.
Exported to
Week Ended
many.G'erGreat
- Britain. Frame.
Exports from
July 5 1929.
Galveston
Houston
New Orleans__ _
Norfolk
New York
Baltimore
Los Angeles_
Total
• Total 1928
Total 1927
4,120
1,650
900
342
1,010
50
811
2,673
3,126
250
1,250
75
Japan&
Italy. Russia. China. Other. Total.
4,937
5,406
750
-
1,210
5.564
1,375
4,174 13,894
2,447 16.885
1,055 8,560
2,900
349
224
811
150
8.149
7.900 43,549
150
5,920
3,113
7,374 11,093
17,259 19,410 19,780 12,942
11,376 6,865 23,021 3.102
20.853 11,550 101,803
33,058 26,093 103,513
and the sales were far smaller than was the case on the
same days last year. Exports were smaller. Liverpool was
lower than due owing to the better weather. London and
the Continent sold.
On the 2nd inst. prices ended 12 to 13 points net higher
Oil all but July, which ended unchanged. Oklahoma had
rainfalls up to 4% inches. Contracts were not so freely
offered in the late trading. The rainy weather in parts
of the belt gave rise to new fears of weevil damage. Some
said that the weevil menace is the gravest since 1921. The
Department of Agriculture reports show that the weevil
reduced the crop 31.2% in 1921, 23.3 in 1922, 19.2 in 1923,
and 19.4 in 1927. A Boston report said that the weevil
menace is far greater from Louisiana eastward than ever
previously recorded at this date, that the weevil population
was three times as numerous as a year ago against twice
as numerous at the end of the previous week. This latest
report registered unusually large hatchings wherever
squares had been set for ten days or longer, except In nonweevil territory and in Tennessee, Oklahoma and parts of
other States. Dry weather in southern Texas checked
hatchings somewhat. In other parts they were very large.
The belief in some quarters was that the recent good
weather was offset by the weevil menace.
On the 3rd inst. prices advanced 10 to 20 points, the latter
on July, on which prices, it is said, were being fixed by
mills. Russia is supposed to have called sonic October
cotton. Rains of 2 to 4 inches in Texas on the 3rd Inst. were
supposed to be too much. There were rains, too, in Ar-
JULY 6 1929.]
FINANCIAL CHRONICLE
kansa8, Louisiana, Oklahoma, the Memphis district, Georgia
and the Carolinas that were not supposed to be wanted.
Some features of the weekly report were regarded as less
favorable than had been expected. The summary of the
report said that the temperatures were slightly subnormal
In the cotton belt, with rather heavy rains in the East.
In central and western portions rainfall was mostly light
to moderate except locally. Excessive rains fell in Texas.
In most sections of the Atlantic Coast States there was too
much rain which hindered cultivation and was favorable
for a marked increase in weevil activity in many places,
though in the South the fair weather in the latter part of
the period was rather favorable. In Georgia there were
complaints of fields becoming weedy and of plants not
fruiting quite so well. In Alabama and Mississippi progress was mostly fair to good, though rains were too frequent in some sections, favoring increased weevil activity.
In Tennessee growth was excellent with squares forming
rapidly. In Louisiana, especially in north, the weather
was dry, sunny and excellent for cotton which is blooming
In all sections with many bolls on early plants; favorable
for checking weevil. In Arkansas good weather prevailed
and cotton made mostly excellent growth with bolls forming to central district. Fields are mostly clean except on
some lowlands. In both Oklahoma and Texas weather was
also mostly favorable and progress of cotton was mostly
generally good except where damage in a local storm area
in Texas from San Antonio southward. There were some
complaints of root rot in Texas and condition was favorable
for weevil activity; in part of the South picking progressed
well in extreme South. In Oklahoma the crop is still
spotted, ranging from rather poor In the east to from fair
to very good in the west.
A Boston report said: "The net crop prospect is rising
daily with the improvement in condition and will continue
to advance for probably about 10 days, when weevil damage
will stop the improvement. It is important to note that
the crop condition is now improving whereas it usually
declines in July; this tends to make for rapidly increased
crop forecasts, which are based on averages. All of the
States of the belt are in good average condition except South
Carolina, where a poor start and subsequent heavy rains
and weevil damage have resulted in a low figure."
To-day prices closed 2 to 13 points lower, ending barely
steady. The decline Was a mild response to estimated
Increases in acreage of 4.4 to 5.5, making the total 49,007,000
to 49,532,000 acres. One report put the condition at 74.1%.
General rains fell in Texas. In parts of that State rain
seemed to be needed. June, it is generally agreed, was in
the main a good month for the plant. It is apt to be. Well
Street, the Southwest, Liverpool and New Orleans sold.
There was no pressing demand from any source. Indeed
everybody was going slow on the eve of the acreage estimate by the Government on the 8th inst. On the other
hand, July at one time was 7 points higher and other months
were unchanged to 4 points higher. The Dallas "News"
weekly report said that in spite of a month of growing
weather the Texas crop still averages from 5 to 20 days
late and that conditions during the week ended July 4th
were favorable for weevil. Final prices for the week show
a decline of 28 to 46 points. Spot cotton ended at 18.35e.
for middling, a decline for the week of 30 points.
Staple Premiums
611% if average of
nix snarkets quoting
for deliveries on
July 111929.
15-16
lick.
1-Inch &
longer.
.26
.26
.26
.31
.31
.29
.25
.83
.83
.58
.92
.92
.85
.76
.25
.25
.24
.22
.22
.22
.22
.22
.21
.21
.79
.79
.78
.66
.66
.68
.66
.66
.84
.
64
Differences between grades established
for delivery on contract July 11 _1929.
Figured from the July 3 average quotations of the ten markets designated by
the Secretary of Agriculture.
Middling Fair
White
.84 on
Strict Good Middling___ do
65
Good Middling
do
51
Strict Middling
do
38
Middling
do
Basis
Strict Low Middling- _ do
.73 off
1ww Middling
do
1.60
Good Middling
Extra White
51 on
Strict Middling
do do
.38
Middling
do do
even
Strict Low Middling__ do do
73 off
Low Middling
do do
1 60
Good Middling
Spotted
29 on
Strict Middling
do
01 off
Middling
do
73
Strict Good IfIddling___Yellow Tinged
04 off
Good Middling
do de
45
Strict Middling
do di
92
Good Middling
Light Yellow Stained-1.08 off
Good bilddling
Yellow Stained
1.42 off
Good Middling
Gray
.69 off
Strict Middling
do
1 08
Mid.
do
do
do
Mid.
do
do
do
de
do
do
do
do
do
do
do
do
do
do
do
do
The official quotations for middling upland cotton in the
New York market each day for the past week has been:
151
FUTURES.
-The highest, lowest and closing prices at
New York for the past week have been as follows:
Saturday,
June 29.
Monday,
July 1.
Tuesday, Wednesday, Thursday,
July 2.
July 3.
July 4.
Friday,
July 5.
JulyRange- 18.06-18.24 17.85-18.02 17.70-17.85 17.73-18.04
18.00-18.09
18.02
17.85-17.86 17.85- Closing- 18.1018.00Aug.- .---Range18.1218.00Closing- 18.25 -17.9518.10Sept.
Range__
-18.2218.1518.05Closing_ 18.4018.20012.18.28-18.34
Range-- 18.60-18.69 18.25-18.52 18.20-18.39 18.32-18.45
18.39 --18.3918.2618.32Closing- 18.64Oct. (new)
18.23-18.38
Range__ 18.53-18.63 18.17-18.45 18.14-18.30 18.22-18.39
18.30-18.32
18.17-18.20 18.29-18.30 18.34-18.36
Closing_ 18.57Nov.Range18.5118.4118.4118.30Closing 18.67Nov. (new)
-18.35
Range_
18.51 18.4118.41 18.30Closing 18.67HOLIDAY
Dec.18.49-18.61
Range_ 18.75-18.86 18.44-18.65 18.41-18.60 18.51-18.66
18.52-18.51
Closing_ 18.78-18.79 18.44-18.46 18.57-18.59 18.61-18.63
Jan,
18.48-18.51
Range.. 18.77-18.85 18.41-18.63 18.38-18.53 18.47-18.6
18.52 --18.59-18.6
18.5318.41Closing_ 18.78Feb.-Range-18.55 18.48- - 18.6518.60
Closing_ 18.86Mar.
18.59-18.7:
Range.. 18.89-18.96 18.59-18.77 18.52-18.68 18.60-18.75
18.71-18.74
18.59-18.61
18.55-18.57 18.68Closing_ 18.94Apr._
18.6318.7618.7318.60Closing_ 19.01 May
18.67-18.8:
19.02-19.07 18.65-18.89 18.62-18.78 18.70-18.85
Range.. •-0 00_10 00
10 A7-10 71
--OS- .
3
.
..
Range of future prices at New York for week ending
July 5 1929 and since trading began on each option:
°Monter-
Range for Week.
June 1929..
July1929- 17.70 July
Aug. 1929
Sept. 1929
Oct. 1929_ 18.14 July
Nov. 1929- 18.35 July
Dec. 1929__ 18.41 July
Jan. 1930__ 18.38 July
Feb. 1930
Mar. 1930- 18.52 July
Apr. 1930
May 1930_ 18.62 July
Ranee Since Beginning of option.
17.12 Sept. 18 1928 21.28
2 18.24 June 29 17.70 July 2 1929 20.95
18.30 June 21 1929 20.53
18.08 Nov. 5 1928 20.63
2 18.69 June 29 18.74 July 2 1929 20.72
2 18.35 July 2 18.35 July 2 1929 20.38
2 18.86 June 29 18.40 June 1 1929 20.70
2 18.85 June 29 18.38 July 2 1922 20.66
Mar.
Mar.
Mar.
Mar.
Mar.1
Mar. 1
Mar. 1
Mar. 1
1929
1929
1929
1929
1929
1929
1929
1929
2 18.96 June 29 18.52 July 2 1929 20.25 Apr. 1 1929
2 19.07 June 29 18.62 July 2 1929 19.39 June 4 1929
THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks as
well as afloat are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday) we add the item of exports from the United States,
including in it the exports of Friday only.
July 5Stock at Liverpool
Stock at London
Stock at Manchester
1929.
bales- 797,000
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
1927.
1928.
757,000 1,268,000
1926.
852,000
142.000
83,000
896.000
830,000 1,410,000
935,000
302.000
172,000
9.000
46,000
26,000
422.000
198.000
10,000
113,000
46,000
600,000
237,000
14.000
112,000
26.000
149,000
146,000
3.000
83,000
19,000
555.000
789.000
989,000
400,000
99,000
73,000
1,451.000 1,619,000 2,399.000 1,335.000
Total European stocks
India cotton afloat for Europe
130,000
52,000
98,000
93.000
American cotton afloat for Europe 176,000 271,000 239,000 221.000
Egypt,Brazll.&c.,afloatforRurope 121,000
96,000 145.000 146.000
Stock in Alexandria. Egypt
275,000 266,000 357.000 227.000
Stock in Bombay, India
1.144,000 1.169,000 677,000 623,000
Stock in U. S. ports
a730.745 a810,07501.126,443 621.582
Stock in U. S. Interior towns
a276,723 a407,726 a449,131 952,467
U. S. exports to-day
Total visible supply
4,304,468 4.736,801 5,485,574 4,178,049
Of the above, totals of American and other descriptions are as follows:
American
Liverpool stock
bales 428,000 507,000 929,000 498.000
Manchez,ter stock
54.000 124,000
59.000
74.000
Continental stock
479,000 721,000 936,000 324.000
American afloat for Europe
176,000 271,000 239,000 221,000
U. S. port stocks
0730,745 a810.075a1,126,443 621,582
U. S. Interior stocks
a276.723 a407,726 0449.131 952,467
U. S. exports to-day
Total American
East Indian, Brazil,
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
2,149,468 2.770.801 3.803.574 2,691,049
369,000
250,000
339,000
354.000
40,000
19,000
76.000
68,000
130,000
98,000
121,000
96,000
275,000 266.000
1,144,000 1.169.000
18,000
53,000
93,000
145,000
357,000
677,000
9,000
76,030
52,000
146.000
227,000
623.000
2,159.000 1,966,000 1.682,000 1,487,000
2,145.468 2,770,801 3,803,574 2.691,049
Total visible supply
4,304,468 4,736,801 5,485.574 4,178,049
Middling uplands, Liverpool.... 10.28d. 12.53d.
9.17d.
9.604.
Middling uplands, New York
18.35c. 22.85c.
17.15e.
19.050.
Egypt, good Sakai, Liverpool__ _ 17.305. 22.306. 18.85d. 17.33d.
Peruvian, rough good. Liverpool_ 14.50-1. 14.001. 11.00d. 16.00d.
NEW YORK QUOTATIONS FOR 32 YEARS.
Broach, fine, Liverpool
8.603. 10.706.
8.35d.
8.406.
9.75d. 11.65d.
8.45d.
8.905.
The quotat'ons for middling upland at New York on Tinnevelly, good, Liverpool
a Houston stocks are now included in the port stocks; in previous years
July 5 for each of the past 32 years have been as follows:
12.15c. 1913
12.350. 1905
18.35c. 1921
11.10c. they formed part of the interior stocks.
1929
39.75c. 1912
12.00c. 1904
10.60c.
22.75c. 1920
1928
Continental imports for past week have been 64,000 bales.
34.35c. 1911
12.75c.
14.85c. 1903
17.050. 1919
1927
The above figures for 1929 show a decrease from last
31.20c. 1910
9.31c.
15.45c. 1902
18.25c. 1918
1926
25.450. 1909
12.60c. 1901
8.88c. week of 171,253 bales, a 1038 of 432,333 from 1928, a
23.80c. 1917
1925
13.050. 1908
10.000. decrease of 1,181,106 bales
11.400. 1900
29.750. 1916
1924
from 1927, and a gain of
9.60c. 1907
13.500. 1899
6.06c.
27.65c. 1915
1923
13.25c. 1906
10.800. 1898
6.25o. 126,419 bales over 1926.
23.300. 1914
1922
June 29 to July 5-Middling upland
Sat. Mon. Tues. Wed. Thurs. Fri.
18.45 18.20 18.20 18.35 Hot. 18.35
152
FINANCIAL CHRONICLE
[VOL. 129.
-that is,
Movement into sight in previous years:
AT THE INTERIOR TOWNS the movement
WeekBales.
Bales.
Since Aug. 1the receipts for the week and since Aug. 1, the shipments for
-July 9
19,171,776
138,586 1927
the week and the stocks to-night, and the same items for the 1927-July 10
1926
16.200.773
97.918 1926
corresponding periods of the previous year, is set out in 1925-July 11
89,780 1925
14.811.889
detail below:
QUOTATIONS FOR MIDDLING COTTON AT OTHER
MARKETS.
Movement to July 6 1928.
Movement to July 5 1929.
Towns.
Receipts.
Week. Season.
Ship- Stocks
ments. July
Week.
5.
Ala.,Birming'm
107 55,741
472
Emmula_-__
337
525
15,689
Montgomery.
134 58,247
336
Selma
488
57,689
Ark.,BlythevMe
2 88,027
460
Forest City
13 28,720
75
Helena
5 57,055
606
Hoye
57,663
Jonesboro_ _ _
33,272
51
Little Rock.._
285 119,224
657
Newport_ _
58
3 47,801
Pine Bluff
4 142,738
129
Walnut Ridge
4 39,118
7
Ga., Albany _ _
_
3,712
Athens
15 29,530 1,450
Atlanta
1,011 135,377 1.675
Augusta_ _ _ _
377 249,760 1,259
Columbus_
180 53,086
200
Macon
673
80 53,884
Rome
35,946 1,500
La., Shreveport
59 145,733
655
Miss.,Clark'dale
11 146,628
728
Columbus_ _
____
31.305
Greenwood_
-111 190,841
.
684
Meridian
55 49.894
126
Natchez_
871
34,866
554
Vicksburg_
10 24,945
6
Yazoo City
39,343
94
Mo., St. Louis_ 2,776 474,795 3,530
N.C.,Greensb'o
177 26,779 1,219
Oklahoma
15 townss- -72 772,837
630
S.C.,Greenville 3,404 230,925 3,924
Tenn.,Memphis 2,847 .800,632 16,789
Texas, Abilene54,788
-Austin
50 48,659
51
21
44
Brenham__
35,586
601
468 144,749
Dallas
Paris
7 91,173
14,921
Robstown_
- 43,113
__-_
San Antonio_
24 65,858
81
Texarkana
121 146,584
150
Waco
Receipts.
Week. Season.
Ship- Stocks
ments. July
6.
Week.
770 5,003
93,919
81 4,916
20,410
289 8,014
78,302
217 5,496
58,782
442 4,165
78,659
321 3,248
37,123
356 5,671
52,277
49,847
262 1,804
32,345
7
996
109,823
577 6,329
9 1,186
48,708
126,038
500 8,903
12
35.641
679
4.980
-- 1,577
50,899, -110 1,367
129,121,1
855 16,441
284,2011 2,714 34,835
51,2911
100
343
68,722
786 1,764
39,706
300 8,934
98,365; 1,466 11,301
153,944 1,272 17,621
36.086
25
901
160,495 1,664 32,363
41,336
218 1,075
37,200
505 11,421
18,150
- 1,773
27,888
216 6,369
376.086 3,251 2,819
29,726
818 9,559
1
706 744,642 2,601 18,845
3,000 326,528 6,000 27,879
4,180 1.488,125 15,630102.699
237 57,928
275
598
116 26,728
---564
65 30,039
225 10,663
580 101,443 1,481 19,089
29 75,449
60 1,060
29,779
-___
436
287 37,952
131 4,048
58,785
200 1,727
345 90,948
676 4,245
703
268
1,826
3
6.221
78
2,750
4.537
2,207
2,849
383
338
799
3
4,574
89
242
1
4,015
100
338
5
1.536
3,305
12,054
567
39,438 1,119
8,435
1,726
305
11,055
200
8,855
39
5,205
50
243
1
10,728
77
693
21
1,534
316
1,589
12,386 3.243
9,909
447
4,751
29.351
70,441
671
357
2,531
2,817
95
98
1,932
928
2,345
Total, 56 towns 13,7215,977,233 40,487 276,723 16,5445,498,468 45,422407,726
•Includes the combined totals of 15 towns In Oklahoma.
The above total shows that the interior stocks have
decreased during the week 27,082 bales and are to-night
131,003 bales less than at the same time last year. The
receipts at all the towns have been 2,823 bales less than
the same week last year.
MARKET AND SALES AT NEW YORK.
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader, we also add columns
which show at a glance how the market for spot and futures
closed on same days.
Spot Market
Closed.
SALES.
Futures
Market
Closed.
Spot. Contr'cl Total.
Saturday_ -- Quiet,20 pts. decl _ _ Steady
Monday --- Quiet,25 pts. decl -- Barely steady- _
Tuesday --- Quiet, unchanged -- Steady
Wednesday Quiet. 15 pts. adv.-- Steady
HOLIDAY.
Thursday -Quiet, unchanged _ Barely steady
Friday
400
155,400 155,400
800
400
6,100 6.100
400 161,900 162,300
179.558 650,100 829.658
Total..
Since Aug. 1
OVERLAND MOVEMENT FOR THE WEEK AND
-We give below a statement showing the
SINCE AUG. 1.
overland movement for the week and since Aug. 1, as made
up from telegraphic reports Friday night. The results for
the week and since Aug. 1 in the last two years are as follows:
July 5ShippedVia St. Louis
Via Mounds, &cc
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, Scc
'
Total gross overland
Deduct ShipmentsOverland to N.Y.. Boston,&c
Between interior towns
Inland, &c.,from South
Total to be deducted
----1928-29---Since
Week. Aug. 1.
3,530 462,065
84,244
5,719
46
44,903
340
3,364 225,192
6,150 626.146
----1927-28---Since
Week. Aug. 1.
3,251 372,821
275 242,851
14.064
271
31.628
3,458 252.230
6.948 401,926
13,430 1.448.269
14,203 1,315,520
364
361
10,949
118,758
21,681
696,805
286
349
12.820
11,674
837,244 ,
13,455
753,368
748
562,152
Leaving total net overland*
1,756 611,025
* Including movement by rail to Canada.
88,540
23.202
641,626
Closing Quotations for Middling Cotton on
Week Ended
July 5.
Saturday. Monday. Tuesday. Wed'day. Thursd'y. Friday.
Galveston
18.65
New Orleans--- 18.65
Mobile
18.10
Savannah
18.31
Norfolk
18.56
Baltimore
18.85
Augusta
18.63
Memphis
17.80
Houston
18.60
Little Rock___ - 17.55
Dallas
18.15
Fort Worth__ --
18.30
18.28
17.85
18.10
18.25
18.65
18.25
17.40
18.25
17.35
17.80
17.80
18.40
18.39
17.85
18.10
18.31
18.40
18.31
17.55
18.35
17.35
17.90
17.90
18.45
16.39
17.95
18.27
18.38
18.60
18.38
17.60
18.40
17.60
17.95
----
18.40
18.39
17.95
18.15
18.38
HOLI- 18.60
DAY. 18.38
17.55
18.40
17.60
17.90
17.90
-The closing
NEW ORLEANS CONTRACT MARKET.
quotations for leading contracts in the New Orleans cotton
market for the past week have been as follows:
Saturday,
June 29.
Monday,
July 1.
Tuesday, Wednesday, Thursday,
July 2.
July 3.
July 4.
Friday,
July 5.
18.40 Bid 18.03 Bid 18.11 18.1618.10-18.11
JUIY
-August
-September .
18.19-18.2C
October
18.46-18.47 18.06-18.07 18.18-18.19 18.21-18.22
-November
18.38-18.31
December 18.64-18.65 18.25-18.27 18.37-18.38 18.41-18.43
18.26-18.27 18.38 Bid 18.41-18.42 HOLIDAY 18.38-18.4C
Ian(1930) 18.64-February _
18.57 bid
18.59-18.60
18.80 Bid 18.45- 18.55
March
-kpril
18.63 bid
May
18.91 ma 18.54-18.5618.68 -18.67 Bid
-rune
oily
ToneSteady
Quiet
Spot
Quiet
Quiet
Steady
111tInna
RUAdv
V11510
RtAndy
fibmuiv
Steady
-Reports to
WEATHER REPORTS BY TELEGRAPH.
us by telegraph this evening indicate that the week generally
has been favorable for cotton in most sections of the cotton
belt. Rainfall has been scattered and precipitation light to
moderate. Progress and condition of cotton have been as a
rule satisfactory.
-The weather in this State has been mostly favorTexas.
able and progress of cotton has been generally good.
-Favorable weather has promoted growth
Mobile, Ala.
and bolls are forming. Some fields are grassy and there has
been a slight increase in weevil activity.
-The condition of cotton is good but rain
Memphis, Tenn.
is needed in these parts.
Galveston, Texas
Abilene
Brenham
Brownsville
Corpus Christi
Dallas
Henrietta
Kerrville
Lampasas
Luling
Nacogdoches
Palestine
Paris
San Antonio
Taylor
Weatherford
Ardmore, Okla
Altus
Muskogee
Oklahoma City
Brinkley, Ark
Eldorado
Little Rock
Pine Bluff
Alexandria. La
Amite
New Orleans
Shreveport
Columbus
Greenwood
Vicksburg
Mobile, Ala
Decatur
Montgomery
Selma
Gainesville, Fla
Madison
Savannah,Ga
Athens
Augusta
Columbus
Charleston,5.0
Greenwood
Columbia
Conway
Charlotte, N. C
Newbern
Weldon
Memphis, Tenn
Rain. Rainfall.
Thermometer
2 days 1.02 in. high 87 low 75 mean 81
2 days 0.42 in. high 98 low 64 mean 81
4 days 2.80 in. high 98 low 64 mean 81
3 days 0.67 in. high 90 low 76 mean 83
2 days 1.68 in. high 90 low 72 mean 81
5 days 0.38 in. high 96 low 70 mean 83
2 days 0.64 in. high 102 low 68 mean 85
3 days 1.66 in. high 88 low 66 mean 77
3 days 0.12 in. high 98 low 70 mean 81
5 days 2.80 in. high 96 low 70 mean 83
2 days 2.20 in. high 90 low 68 mean 79
3 days 0.16 in. high'92 low 70 mean 81
4 days 1.69 in. high 98 low 68 mean 82
5 days 2.52 in. high 94 low 70 mean 82
3 days 0.98 in. high 94 low 68 mean 80
3 days 0.00 in. high 98 low 66 mean 82
2 days 0.23 in. high 95 low 66 mean 80
1 day 0.70 in. high 100 low 63 mean 81
2 days 2.44 in. high 93 low 67 mean 80
1 day 1.46 in. high 95 low 63 mean 79
dry
high 98 low 66 mean 82
1 day 0.11 in. high 97 low 71 mean 81
2 days 0.40 in. high 98 low 69 mean 83
2 days 0.28 in. high 102 low 64 mean 83
1 day 0.50 in. high 97 low 70 mean 84
1 day 0.19 in. high 92 low 68 mean 80
1 day 0.05 in. high __ low __ mean 84
3 days 2.95 in. high 94 low 69 mean 81
high 99 low 69 mean 84
dry
3 days 0.81 in. high 98 low 67 mean 83
2 days 0.31 in. high 92 low 70 mean 81
2 days 0.48 in. high 95 low 74 mean 84
1 day 0.53 in. high 93 low 69 moan 81
1 day 0.02 in. high 96 low 69 mean 83
1 day 0.10 in. high 93 low 69 mean 81
3 days 0.61 in. high 96 low 66 mean 81
4 days 2.72 in. high 97 low 68 moan 83
2 days 0.21 in. high 97 low 72 mean 84
2 days 0.79 in. high 96 low 63 mean 79
2 days 0.51 in. high 98 low 69 mean 84
2 days 0.74 in. high 98 low 70 moan 84
1 day 1.96 in. high 99 low 68 mean 81
2 days 0.17 in. high 94 low 62 mean 78
2 days 0.78 in. high 96 low 70 mean 83
2 days 0.06 in. high 95 low 62 mean 79
3 days 0.32 in. high 97 low 63 mean 78
2 days 0.69 in. high 92 low 60 mean 76
1 day 0.31 In. high 91 low 53 mean 72
3 days 0.06 in. high 93 low 78 mean 85
The foregoing shows the week's net overland movement
this year has been 1,756 bales, against 748 bales for
The following statement we have also received by telethe week last year, and that for the season to date the
height
aggregate net overland exhibits an increase over a year ago graph, showing the given: of rivers at the points named at
8 a. m. of the dates
of 48,873 bales.
July 5 1929 Jul, . 1928
y
-----1928-29- -----1927 28
Since
/n Sight and Spinners'
Since
Week.
Aug. 1.
Takings.
Week.
Aug. 1.
36,994 8,264.650
Receipts at ports to July 5
10,769 8,985.752
748
562,152
Net overland to July 5
1.756
611,025
115.000 5,201,000
Southern consumption to July 5_116,000 5,454.000
Total marketed
128,525 15,050.777
Interior stocks in excess
*27,082
22,372
Excess of Southern mill takings
-___
over consumption to June 1_
468,194
Came into sight during week_101.443
Total in sight July 5
15,541,343
North.spinn's's takings to July 5 27,147 1,396.412
* Decrease.
152.742 14,027.802
*30.235
37.977
*1,320
122.507
14.064.459
14.869 1,402.913
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
Above zero of gaugeAbove zero of gaugeAbove zero of gaugeAbove zero fo gaugeAbove zero of gauge-
Feet
15.4
20.7
11.0
11.6
39.8
e1e
14.7
35.5
42.5
18.0
48.6
RECEIPTS FROM THE PLANTATIONS.
-The following table indicates the actual movement each week from
plantations. The figures do not include overland rethe
ceipts 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.
JULY 6 1929.]
Week
Ended
Receipts at Ports.
1929.
Mar.
29..
Apr.
512__
19..
26._
May
3__
10._
17__
24._
31__
June
7__
14__
21__
28._
July
5._
FINANCIAL CHRONICLE
Stocks at Interior Towns.
1928. 1927.
1929.
1928.
1927.
Receiptsfrom Plantations
1929.
1928. I 1927.
78,041 88,473 168,766 752,959 863,788 984,188 49.333
59,884 80,232 140,928 711.349 835,361 922,735 18,274
48,659 73,019 131,290 679,205 803,203 889,925 16,515
57,351 72,882 102,307 646,881 773.381 1,541,773 25,027
56,917 92,378 86,136 615,322 737,026 824,696
25,358
65,091 116.594
51,805
40,861
43,060
59,006
79,475
98,792
38,190
50,162
68.471
47,278
41,028
13,893
25,730
564,846
512,890
481,152
446,703
418,598
691,224
649,289
620,320
587.760
558,886
784,478
742.667
710,044
656,461
613,917
765 64,089
68,977
55,354
27,199
2.319 25,309
24.368
17,318
18,466
13,090
381,208
352,656
324,575
303,805
523,060
493,693
463,240
437,961
575,095
634,914
503,000
471,669
Nil
Nil
Nil
Nil
2,083 17,215
9,535 11,279
Nil 13,482
5,572 5.512
April
-
276,723 407,726 449.131
NB
6.759 16,263
Mar
-
56,037
51,460
45,396
36,843
10.769 36,994 38,801
Cotton Takings,
Week and Season.
1928-29.
Week.
1927-28.
Season.
Week.
Season.
Visible supply June 28
4,475,721
4.961.966
Visible supply Aug. 1
4,175,480
American in sight to July 5_ _._ 101.443
4,961,754
15,541.343 122,507 14,064,459
Bombay receipts to July 4
36,000 3,216,000
34,000 3.365,000
Other India shipments to July 4.
34,000
672,000
2,000
629.500
Alexandriareceipts to July &500 1,601,300
Other supply to July 3..5_ b_ _ _ _
800 1,282,660
6,000
594.000
14,000
599.000
Total supply
4.653,664 25.800,123 5.135,273 24.902,3
Deduct
73
Visible supply July 5
4,304.468 4,304,468 4,736,801 4,736,80
1
Total takings to July 5_a
349,196 21,495,655 398,472 20,165.5
Of which American
72
257,696 15,537,355 261,672 14.673,412
Of which other
91.500 5.958.300 136,800 5.492.1
60
* Embraces receipts in Europe
from Brazil, Smyrna, West Indies,
a This total embraces since
Ste.
Aug. 1 the total estimated consumption by
Southern mills, 5,954,000 bales
in 1928-29 and 5,201,000 bales
takings not being available
-28
-and the aggregate amounts taken in 1927 and foreign spinners,
by
16,041,655 bales in 1928-29 and 19.966.5 Northern
1927-28, of which 10.083,5
72
55 bales and 9.474,412 bales American. bales in
b Estimated.
INDIA COTTON MOVE
The receipts of India cottonMENT FROM ALL PORTS.
from all India ports for the at Bombay and the shipments
week and
Aug. 1 as cabled for three years, have for the season from
been as follows:
July 4.
Receipts at
-
1928-29.
Bombay
1927-28.
Since
Aug. 1.
1926-27.
Since
Aug. I.
Since
Week.
Week. Aug. 1.
36,000 3.216,000 34,000 3,365,000
49,000 3,076.000
Week.
For the Week.
Since August 1.
Great Conti- Japan*
Great
Britain. sent. China. Total. Britain.
Conti Japan de
neat.
China.
Total.
Bombay
1928-29_17,000
75,000 65,000 781,0001,695,000
1927-28_ 8,000 29,000 37,000 86,000 652.000 1,250,000 2,541,000
1,988,000
1926-27.- 1:666 9,000
10,000
19,000 370,000 1,541.000 1,930,000
Other India:
1928-29_ _ 12,000 22,000
34.000 119,000 553,000
672,000
1927-28- _ 1,000 1,000
2,000 109,500 520,000
629.500
1926-27-- 10,000
19,000 52,000 415,000
467,000
Total all
1928-29_ - 12,000 39,000 58,000 109,000
1927-28-- 1,000 9,000, 29,000 39,000, 184,000 1,334.000 1.695,000 3,213,000
195,500 1,172,000 1,250,000
1926-27_ 11,000 18,000
____ 29,0001 71,000 785,000 1,541,000 2,617,500
2,397.000
82 CeD
Twist.
Mar.-
1928.
834 Lb.. Shirt Cotton
fags. Common litickU'g 87.. Cop
to Finest.
Uprits. Twist.
d.
d. s. 4.
s. 4.
163401634 13
Q13 7
834 Lb.. latri- Cotton
tam Common
to Finest.
Cpl.
&
d.
4. 4.
10.96 1534017
1.8.
I. 4.
13 6 614 1
4.
10.86
Q13 6
013 4
1534(a1634 13 2 013 4
lb 016 13 0 013 0
10.73
10.89
10.69
10.23
1534017
153401734
153(0173i
16 61734
13 7
14 0
14 0
14 1
014 1
614 2
014 2
014 3
10.91
11.11
11.25
11.61
145(015% 12.7
1434 011554 12 7
14%0155i 12 7
14%0165i 12 7
143401534 12 7
013 1
013 1
013 1
013 1
613 1
10.02
10.08
10.26
10.11
10.20
1634(4)17%
103‘617%
16 01751
16 61734
18 6171i
14 2
14 3
14 3
14 3
14 3
014 4
014 6
014 5
614 5
014 5
11.60
10.08
11.71
11.46
11.47
013
613
613
013
10.27
10.33
10.25
10.33
16 6173L
16 617%
16%61734
16340 X
18
14 3
14 2
14 3
14 6
014 5
614 4
4614 6
015 0
11.45
11.89
11.65
12.49
isssigtssi 13 3
15%01684 13 2
19.._...
The above statement shows: (1) That the total receipts
from the plantations since Aug. 1 1928 are 8,973,199 bales;
in 1927-28 were 8,238,266 bales, and in 1926-27were 12,227,
059 bales. (2) That, although the receipts at the outport,s the
past week were 10,769 bales, the actual movement from
plantations was nil bales, stocks at interior .towns
having decreased 27,082 bales during the week. Last
year
receipts from the plantations for the week
were 6,759
bales and for 1927 they were 16,263 bales.
WORLD'S SUPPLY AND TAKINGS OF
The following brief but comprehensive statemCOTTON.
at a glance the world's supply of cotton for ent indicates
since Aug. 1 for the last two seasons from the week and
all sources from
which statistics are obtainable; also
gond out of sight for the like period: the takings or amounts
Exports
from
-
1929.
51,241109.891 108,689
40,133 110,912 89,089
27,000 84,323 73,651
31,129 59,759 67,486
30,429 54,183 68,264
37,809
38,902
26,447
30,851
153
MANCHESTER MARKET.
-Our report received
cable to-night from Manchester states that the market by
in
yarns is active and in cloths quiet. Demand for both India
and China is improving. We give prices to-day below and
leave those for previous weeks of this and last year for
comparison:
17
June
1454(4155i
14---- 143401534
14g015%
145.40155i
July14%015%
12 7
12 7
12 7
12 7
1
1
1.
I
12 6 013 0
10.28 17 (018g 14 6 015 0
12.5
SHIPPING NEWS.
-Shipments in detail:
Bales.
NEW ORLEANS
-To San Felipe
-June 21-Tela,45---June 28Abangarez, 5
100
To Naples-June 28
-Maria.400
400
To Trieste-June 28
-Maria,50
50
To Venice
-June 28
-Maria,300
300
To Liverpool
-June 28
-West Caddes, 1,130---July 3
-Benefactor, 1,591
2,721
To Manchester
-June 28
-West Caddes, 607.
...July3-Benefactor, 792
1,399
To Bremen-June 30
-Aquarius. 250
250
To Rotterdam-June 30-Aquarlus, 200..
.July 2
-Edam,100
300
To Dunkirk-July 3
-Missouri, 550
550
To Guayaquil
-June 29-Heredia, 125.
125
To Havre-July 3
-Missouri,460
460
To Bolivia-June 29-Coppename, 100
100
To Ghent
-July 2
-Cranford,350
350
To Buena Ventura-July 2-Nesa Chief. 80
80
To Japan-July 2
-Steel Voyager, 1,375
1.375
NORFOLK
-To Bremen-June 29-Helgar, 1,250
1.250
To Liverpool-July 1-Kearny, 200
200
To Manchester
-July 1-Kearny, 1.450
1,450
BALTIMORE
-To Havre
-June 13
-Ontario, 811
811
HOUSTON
-To Gothenburg-June 27--Sturehelm, 150
150
To Nykepping-June 27-50
Si)
To Havre
-June 28
-Lancaster Castle, 342
342
To Ghent
-Lancaster Castle, 685
-June 28
685
To Genoa-June 28-Monginevre, 3,485
3,485
To Trieste-July 3
-Mario,9
9
To Bremen-June 29-Griesheim, 3.126
3,126
To Venice-July 3
-Maria,1,462
1,462
To Japan-July 2
-Ethan Allen, 2,028; Beifuku Maru,853
2,881
To Naples-July 3
-Maria, 450
450
To China-July 2
-Ethan Allen, 273; Keifuku Maru .2,410
2,683
To Barcelona-July 3-Prusa, 1,562
1.562
NEW YORK
-To Rotterdam-June 29-Coahoma County, 100
100
• To Bergen-July 1-Tyrifjord, 100
100
To Dunkirk-July 2-Pipestone, 50
50
To Lisbon-June 29
-Mindoro, 6___July 3
-Kinney, 18
24
To Bergen-July 1-President Harding, 75
I.
75
GALVESTON-To Genoa-June 28
-Cripple Creek, 1,824-June
29-Monginevre, 1,809
3,633
To Bremen-June 28
-Endicott, 2,673
2,673
To Japan-June 29-Hawail, 1.025
1.025
To China-June 29
-Hawaii, 185
185
To Barcelona-July 1-Prusa. 2,367
2,367
To Venice
-June 29
-Maria,988
988
To Ghent
-July 2
-Lancaster Castle, 1,807
1,807
To Trieste-June 29
-Maria,316
316
To Havre
-July 2
-Lancaster Castle, 900
900
LOS ANGELES
-To Liverpool
-June 30-Drechtdijk, 150
150
Total
43,549
COTTON FREIGHTS.
-Current rates for cotton from
New York, as furnished by Lambert & Burrowes, Inc., are
as follows, quotations being in cents per pound:
High
StandDensity. ard.
Liverpool .450. .600.
Manchester .45e. .600.
Antwerp
.45e. .600.
Havre
.310. .46c.
Rotterdam .45c. .60e.
Genoa
.60c. .650.
Oslo
Stockholm
Trieste
Flume
Lisbon
Oporto
Barcelona
Japan
High
StandDensity. ant.
.500. .65c. Shanghai
.60c. .750. Bombay
.500. .65c. Bremen
.50c.
.650. Hamburg
.45c. .600. Piraeus
.40c. .750. Salonica
.30c. .45c. Venice
.78340.
High
StandDensity. ard.
.6834c. .8334c.
.600. .750.
.450. .600.
.450. .60c.
.750. .90c.
.75c.
.90c.
.500. .65c.
LIVERPOOL.
-By cable from Liverpool we have the folAccording to the foregoing, Bombay appear
s
increase compared with last year in the week's to show an lowing statement of the week's sales, stocks,&c.,at that port:
June 14. June 21. June 28. Jule 5.
2,000 bales. Exports from all India ports record receipts of Sales of the week
41,000
an increase
43,000
31.000
33,000
of 70,000 bales during the week, and since
Of which American
26.000
25,000
17,000
17,000
Aug. 1 show Sales for export
1.000
an increase of 595,500 bales.
2.000
2,000
2,000
Forwarded
02,000
60,000
59,000
58,000
Total stocks
882.000 845,000 824.000 797,030
ALEXANDRIA RECEIPTS AND SHIPMENT
Of which American
-We Total imports
523,000 483,000 458.000 428.000
now receive weekly a cable of the movements of S.
29.000
38,000
30,000
cotton at
41,000
Ofwhich American
Alexandria, Egypt. The following are the
5,000
13,000
10,000
8,000
Amount afloat
receipts and
131,000 131.000 128,000
shipments for the past week and for the correspondin
121.000
Of which American
32,000
29,000
g week
20.000
19,000
of the previous two years:
The tone of the Liverpool market for
each day of the past week and the dailyspots and futures
Alexandria, Egypt,
closing prices of
1928-29.
1927-28.
spot cotton have been as follows:
1926-27.
July 3.
Receipts (cantarS)This week
Export (bales)-
Spot.
4,0130 •
4 (Sin RO4
This Since
Week. Aug. 1.
4,000
A nrto 141
000
4 /2114a,on
19,
This Since
Week. Aug. 1.
This Since
Week. Aug. 1.
To Liverpool
177.554
- 154.943
_ 228,242
To Manchester,&c
173.991 6,500 169,340
ToOontinent & India...._ 4.000 476.662 7,250 399,388 7,000 189,947
7,750400.021
To America
178,602
-___ 113,750
---- 147,936
*TM n1 stvrinr14
4.000 LOU Rag lf/ IAA W17 All 1,1 7gn OAR 1 411
NOte.-A cantar is 99 lbs Egyptian ha on weigh about
750
This statement shows that the receipts for the week ending lbs.
July 3 were
cantars and the foreign shipments 4 000 bales.
4,000
Market,
12:15
P.M.
Mid.UpIrds
Sales
Saturday,
Monday,
Moderate
demand.
A fair
business
doing.
10.30d.
5,000
10.26d.
6,000
Tueday,
Quiet.
10.106.
6,000
Wednesday, Thursday,
Good
inquiry.
10.144.
6,000
Friday,
A fair
business
doing.
Quiet.
10.20d.
10.284.
6,000
5.000
Futures.f Q't but tit'Y
Quiet
Steady
unch'd
Market
lot _decl.to 4 to 7 Pts. 5 to 9 pts. Qt 3 Ms. Quiet but Steady
to
st'y, 3 to 5 3 to 5 pts.
opened f 2 pts. adv. decline.
decline.
advance. Pt.. adv. advance.
Market. r Qt unch'd
Quiet
Q't but sty Qt but sty Quiet but
Quiet,
4
to 2 pts. 10 to 11 pts 7 to 10 ins. unch'd to 2
sty, 4 to 6 3 to 5 pts.
P.M.
decline.
decline.
decline. 2 pts. adv. pts. adv. advance.
FINANCIAL CHRONICLE
154
[VOL. 129.
total available supplies in the United States this
Prices of futures at Liverpool for each day are given below: cates that
year as of July 1 are somewhat larger, due to a heavy carryr
Fri.
Thurs.
Wee.
over, and this statement caused some brief selling. Weathe
Tues.
Mon.
Sat.
ce on the market.
June 29
I4.00 conditions will be the main influen
4e. at
12.1512.3612.15 4.0012.15 4.00 12.15 4.00 12.1 4.0012.15
to
/
.
To-day prices closed 314c. higher at Chicago, 3% to
p.m.P. m.P. m.D .m.P. m.p.m v m.v. m.
July 5.
eg
Minneapolis, and % to %c. lower at Winnipeg. Winnip
d.
d.
d.
d.
d. d.
d.
d.
d.
d.
d.
d.
3%
9.81 9.88 9.80 at one time rallied very sharply, that is something like
9.73 9.74 9.75
9.90 9.86 9.8 9.7
July
9.79 9.86 9.79
9.90 9.86 9.80 9.69 9.72 9.73 9.74
morning. Crop reports were
August
9.77 9.83 9.76 to 4c. from the low of the
9.90 9.85 9.79 9.68 9.71 9.71 9.72
September
9.74 9.80 9.73 considered bad both from the American Northwest and from
9.87 9.82 9.77 9.65 9.68 9.68 9.69
October
9.72 9.78 9.71
9.86 9.81 9.76 9.64 9.67 9.66 9.67
on both sides of the border
November9.75 9.81 9.74 Canada. The Spring wheat crop
9.88 9.82 9.77 9.65 9.68 9.68 9.70
December
9.75 9.81 9.74 Is not getting rain enough. That seems to be an unavoidable
9.89 9.83 9.78 9.66 9.69 9.69 9.70
January
9.75 9.81 9.74
r reports. Foreign mar9.90 9.84 9.79 9.67 9.69 9.69 9.70
February
9.79 9.85 9.78 conclusion from the daily weathe
9.93 9.87 9.83 9.71 9.74 9.74 9.75
March
9.79 9.85 9.79 kets were strong on Thursday. To-day they were off a
9.93 9.87 9.83 9.71 9.74 9.74 9.75
April
9.81 9.86 9.80
Canada, Argentina
9.95 9.89 9.85 9.73 9.76 9.76 9.77
May
9.80 9.85 9.79 little with reports of showers in parts of
9.94 9.88 9.83 9.72 9.75 9.75 9.76
June
9.79 9.84 9.78
9.82 9.71 9.74 9.741 9.75
Australia. Prices reached a new high in this country
9.93 9.87
and
July
light. Conon this movement. The Canadian rains were . A crop
ditions at the Northwest were unsatisfactory
only about
BREADSTUFFS
report said that the yield this year might be
in Canada.
Friday Night, July 5 1929.
half as much as last year in the Northwest and those two
reports from
in response to higher prices It is hinted that some of the crop
Flour advanced at one time
given out by
better. sections are so lurid that they are not being
world's
for wheat but with the demand not much, if any,
commission houses which receive them. The
. the
The export demand, too, was reported to be unsatisfactory shipments this week are estimated at 12,000,000 bushels. On
a
estimated sales
Later in the week prices advanced sharply in response to
the other hand export business fell off. The
is now 25c. higher than the low of were 300,000 to 500,000 bushels. But the Gulf premiums
rise in wheat which
It took
were rather stronger. Speculation was active. receipts
over a month ago. Consumers bought more freely.
is true Southwestern
on bad crop reports from profit taking very well. It
Wheat advanced nearly 10c.
favorable for
were large. The weather there was very
the Northwest and Canada. The Spring wheat crop needs harvesting. Threshings in the Southwest, it is hinted,
more rain on both sides of the border. Prices on the 1st inst. are turning out better than had been expected. There were
Final
. advanced 1%c. on bad crop reports but lost most of the rise some indications of Southwestern hedge selling.
00 bushels on July prices were 8 to 9c. higher than a week ago.
later. There were deliveries of 3,300,0
NEW YORK.
contracts. Over the week-end there were only scattered
DAILY CLOSING PRICES OF WHEAT IN Wed. Thurs. Fri.
Sat. Mon. Tues.
showers in the Northwest on both sides of the border. They
1453 144% 146% Hol. 1493i
145
No.2red
IN CHICAGO.
were not enough. In some sections high temperatures preCLOSING PRICES OF WHEAT FUTURES
Frt.
were received with DAILY
Sat. Mon. Tues. Wed. Thurs. 122R
vailed. Many unfavorable crop reports
1193 Roll11541 115% 117
122 1247 [day 127
ng that the damage is irreparable and that July delivery
some asserti
120% 121
September delivery
133
12644 126% 128 130
even with generous rains immediately it is doubtful if an December delivery
FUTURES IN WINNIPEG.
OF WHEAT
average crop could be produced in certain sections. Minne- DAILY CLOSING PRICES
Sat. Mon. Tues. Wed. Thurs. Fri.
143%
1343 139%
129%
apolis was firmer than Chicago and indeed plainly led July delivery
139%
132% 13634
128
136
1303( 1334
12631
Chicago. The Winnipeg market was closed. Liverpool October [delivery
December delivery
closed %d. to %d. higher. The foreign markets showed
has advanced sharply partly in response to a
Indian corn
more interest. There was some business worked at the rise in wheat. Moreover, the cash demand has been good.
ment of old On the 1st inst. prices closed % to 1c. lower, with rather
Gulf but it is regarded as largely in fulfill
arrive, though at prices a little
contracts. Southwestern receipts were large, and while large country offerings to
ed to be a good cash
ng liberal above the market. Early there appear
showers over the week-end may delay threshi
but were readily
demand. Deliveries were fairly liberal,
was reported
arrivals are expected from now on. The United States
by different houses. Shipping demand
taken
visible supply increased last week 83,000 bushels to as rather slow. The United States visible supply increased
3,000,000 less than last
92,707,000 bushels against 38,922,000 last year.
496,000 bushels, and the total is now
2e. higher. Winni- year. Rains fell and warm weather prevailed. This was
On the 2nd inst. prices ended 1%c. to
the 2nd inst. prices were % to %c.
peg prices advanced 4% to 5c. Crop reports from the Amer- very favorable. On
able and cables stronger.
Little or higher, with the weather unfavor ed 2,683,000,000 bushels,
ican Northwest and Canada were unfavorable.
Private reports on the crop averag
no rain occurred in these sections and none was predicted.
or about as expected.
lc. higher. The
Heavy rains fell in the Southwest, where they are not
On the 3rd inst. prices ended about
r
A private report from North Dakota said that in weather was favorable, but the Government weekly weathe
wanted.
and that in some report showed a late season. Some private advices from
many sections wheat was almost a failure
there would have to be an unusually
areas not enough seed could be produced. Private crop re- Nebraska said that
before frost. A bullish
on of Winter late season to allow corn to mature
ports on the condition and probable conditi
offerings were
Kansas State report also counted. Country
and Spring wheat were about as expected. They averaged fairly large, but mostly at prices above the market. The
public took
601,000,000 bushels of winter and 254,000,000 of Spring shipping demand was rather better. The outsideunfavorable
632,000,000 of Winter and more interest in the speculation owing to the
against a June 1st estimate of
were 60,000 bushels. Open con252,000,000 of Spring wheat. A private report put the crop crop reports. Deliveries
at 352,- tracts were 45,416,000 bushels. To-day speculation was very
for the three Northwestern provinces of Canada
of brisk. December touched a new high for the season. Pro000,000 bushels of Winter wheat and 390,000,000 for all
of the profit
6d. to 4%d. and Buenos fessionals were buying. They took much
7
Canada. Liverpool advanced 3/
The strength of wheat braced
up 5%c. A dock strike was said to be forming at taking and other selling.
Aires was
2% to 3c. net higher for the day. ReRosario. A better export demand was reported, with sales corn, and it closed
% to 1%c.
at 1,500,000 bushels, including ceipts were large but cash corn for all that was
estimated in all positions
higher. There were some rains in different parts of the
as.
hard Winters, durums and Manitob
of belt. Moreover, the forecast was unsettled. Final prices
On the 3rd inst. prices advanced 3 to 5%c. on reports
an show a rise for the week of 3 to 4c.
serious damage to the crop in Canada and the Americ
,
YORK.
IN
Northwest and a better eport demand for hard Winter
DAILY CLOSING PRICES OF CORN Tues. NEW Thurs. Fri.
Wed.
Sat. Mon.
and Manitoba. The sales were estimated at 1,200,000 No.2 yellow
durum
10934 10934 10934 11034 1101. 113
bushels to England and the Continent. The Government
CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
weekly weather report mentioned deterioration in the North- DAILY
$ 934g Roll- 9541
921
92
92
returns from parts of the July delivery
west and unfavorable harvesting
95% day 98%
93% 94
94
there had September delivery
955-i
91
9334
Southwest. The Kansas State report stated that
9234 91
December delivery
very bad weather.
been deterioration in the crop due to the
Oats followed other grain upward, especially as some
the July
The advance at Buenos Aires of 2% to 3%c. raised
A private of the crop reports were unfavorable. Prices on the 1st inst.
price there above July wheat at Kansas City.
% to %c. higher, with reports of dry weather in the
ons in South Dakota said that unless were est. It was noticeably hot in parts of the West.
report covering conditi
within the next few days a Northw
there were rains of importance
inst. prices
e of Winter Yields per acre may be reduced. On the 2nd
virtual crop failure would result. An estimat
other grain.
makes the average ended % to %c. higher in sympathy with
wheat production of 601,000,000 bushels
or about
against Private crop reports averaged 1,252,000,000 bushels,
of the private crop reports about 600,000,000 bushels
inst. prices
e crop of the 200,000,000 less than last year. On the 3rd
a June 1st average of 632,000,000. The averag
moderate.
bushels ended % to %c. higher. Country offerings were
three Canadian provinces was giv•en at 372,000,000
Shipping demand was a little better. Oats to some look
,000
with the estimates running from 365,000,000 to 392,000
inst.
believ- cheap compared with other feed. Deliveries,on the 3rd
bushels. In Chicago they say there are grounds for
; open contracts 15,570,000 bushels. Tos will be done in American were 60,000 bushels
ing that a large export busines
hc. higher. Speculation was
indi- day prices closed 2 to 21
wheat, especially on reactions. Murray's crop report
p
. .
.m
p
m
JULY 6 1929.]
FINANCIAL CHRONICLE
broader. That was because of unfavorable Northwestern
crop news. Also the firmness of cash corn lent a hand.
Moreover, there was a natural response to the rise in other
grain. Final prices show an advance for the week of
3% to 4c.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat. Mon. Tues. Wed. Thus-s. Fri.
No.2 white
5634 5634 5734 58
1101. 6034
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
United StatesKansas City
Wichita
St. Joseph, Mo.
Peoria
Indianapolis
Omaha
On Lakes
On Canal and River
155
Wheat.
Corn.
bush,
bush,
15,174,000 1.756.000
2,539,000
5,000
773,000
325,000
5,000
73,000
136,000
283,000
4,32.5,000
684,000
695,000
38,000
Oats.
bush.
21.000
Rye,
trash.
21,000
Barley.
bush.
60,000
3,000
23,000
42,000
243,000
379,000
15.000
93,000
532,000
92,707,000 12,748,000 7,430,000 6.622,000 5.692,000
ToyAl June 29 1929
June 22 1929
92,621,000 12,252,000 7.550,000 6,592,000 5,349.000
June 30 1928
38,922,000 15,999,000 3,225,000 2.495,000
688,000
July delivery
Note.
-Bonded grain not included above: Oats
-New York, 132,000 bushels:
433( 4334 4434 4434 Roll- 47%
September delivery
4434 4494 4434 4594 [day 47% Philadelphia, 3,000: Baltimore, 4,000; Buffalo, 221,000; Duluth, 16,000; total,
December delivery
47
376,000 bushels, against 122,000 bushels in 1928. Barley-New York, 414,000;
4734 4774 4894
5034
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG. Philadelphia. 22,000; Buffalo. 1,447,000: Buffalo afloat, 63,000: Duluth. 108,000;
on Lakes, 1,281.000; total 3,335,000 bushels, against 125,000 bushels in 1928. Wheat
Sat. Mon. Tues, Wed. Thurs. Fri.
-New York, 4,233,000 bushels: Boston. 1,287,000; Philadelphia, 3,343.000: BaltiJuly delivery
523 5494
569( more, 3,594,000: Buffalo, 9,036,000: Buffalo afloat, 383,000; Duluth, 160,000; on
October delivery
5394
Lakes,695,000; Canal,853,000: total, 23,584,000 bushels, against 14,047,000 bushels
5534 5634
59
December delivery
52
53
5634 in 1928.
5534
Canadian
Rye took its cue from wheat, but was also braced by
Montreal
8.154,000
1,707,000
494,000
961,000
persistent bad crop reports from the Northwest. On the Ft.William& Pt.Arthur-44,718,000
5,561,000 1,695,000 3,427,000
Other Canadian
14,842,000
2.891,000
303,000
916,000
1st inst. prices declined % to %c. despite
Sat.
Mon. Tues. Wed. Thurs. Fri.
5034
reports of unfavorable crop developments in the Northwest and little
Tots June 29 1929-.85,712.000
10,159,000 2,492,000 5,304,000
Total June 22 1929.---63,874,000
9,850,000 2,239,000 5,251,000
demand. On the 2nd inst. prices advanced 1% to 1%c. In
Total June 30 1928----59,376,000
3,893,000 2,147,000 1,024,000
response to higher prices for other grain. Crop reports
Summary
were unfavorable. Speculative interest was lacking. On the American
92,707,000 12,748.000 7,430,000 6,622,000 5,692,000
65,712,000
10,159.000 2,492,000 5,304.000
3rd inst. prices ended 1% to 214c. higher following wheat Canadian
/
Total June 29 1929.--158,419.000 12,748,000 17,589,000 9,114,000 10,996,000
upward and affected also by bad crop news from the NorthTotal June 22 1929-155,823,000 12,058,000 17,130,000 8,831,000 10,600,000
west. Deliveries were 47,000 bushels. To-day prices ended
Total June 30 1928- 98,298,000 15,999,000 7.118,000 4,642,000 1.712,000
4 to 41
4c. higher. They reached new highs owing to perThe world's shipments of wheat and corn, as furnished by
sistent unfavorable crop reports from the Northwest. Also Broomhall to the New York Produce Exchange,for the week
the speculation was more active. There was general buy- ending Friday, June 28, and since July 1 1928 and 1927,
ing. Final prices show a rise for the week of 7
are shown in the following:
/
1
2
c.
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
883.4 8794 89
91$ Roll- 95
$
93% 92
94
96 [day 100
98% 98
99% 101
105
July deliver,'
Septber delivery
em
December delivery
Wheat.
1928-29.
X
Corn.
1927-28.
I
1928-29.
I Week
Since
Jtdy 1.
June 28.
Closing quotations were as follows:
Since
July 1.
1927-28.
Since
July 1.
1
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
GRAIN.
North Amer_ 6,457,001540,404,000477,453,000
90,000 33,648,000 15,600,000
WbeaS. Now YorkOats, New York
2,632,000 9,512,000
No. 2 red.f.o.b
Black Sea--1,827,000 21,895,000
1.49%
No.2 white
60X Argentina__ 6,022,000,214,162,111 175,490,000 8,455,000250,098,000 278,821.000
No.2 hard winter.f.o.b----1.34X
No. 3 white
5934 Australia- 688,000'110,321,000 76,647,000
Own.New YorkRye. New York
No.2 yellow
1,112,000 11,104,000:
India
113
No.2 f.o.b
10614 0th. cotmte
No.8 yellow
560011 44,284 111 32,912,000 332,000 29,407,000 27.695.000
11094 Barley,
New Y°rk
M
8134
13.727,006912,915.000783,118,000 6,877,000314,976,000344,011.000
Total
FLOUR.
Spring pat.high protein.27.00@S7.50 Rye
flour, latent.
$6.55$6.90
Spring patents
6.6Ois 7.00 Semolina No. 2. pound_
WEATHER BULLETIN FOR THE WEEK ENDED
434
Clears first spring
5.80 6.20
2.70 2.75 JULY 2.
-The general summary of the weather bulletin,
Soft winter straights-5.8Q(6.15 Oats flour
Corn
2.70 2.75
Hard winter straights__ 6.00 6.50
issued by the Department of Agriculture, indicating the in.
Hard winter patenta__ 6.50 6.90 Barley goods
Coarse
3.60
fluence of the weather for the week ended July 2, follows:
Hard winter clears
5.40 5.90
Fancy pearl Nos.1.2.
Fancy MUM. patenta._ 8.55te 9.10
At the beginning of the week pressure
3 and 4
6.50@ 7.00 tral Rocky Mountain area and also in the was relatively low over the cenCity mills
more northeastern States: show8.65 9.35
ers occurred in central-northern districts and rainfall was wide-spread
For other tables usually given here, ace page 87.
over the more eastern States, with some excessive local falls in the South-
The exports from the several seaboard ports
ending Saturday, June 29 1929, are shown in for the week
the annexed
statement:
east.
During the middle days of the period there were further showers
in the East and locally in west Gulf sections, but elsewhere the weather
was mostly fair. The latter part again had rain in parts of the interior
valleys and in the middle and north Atlantic area. Fair weather was general over the more western States, and temperature changes during the
week were not marked anywhere.
Chart I shows that the week was unusually warm over most of the western
ExportsfromWheat.
Cont.
Flour.
Oats.
Barley,
Ere.
half of the country, especially in the Great Basin where the temperature
Bushels. Bushels. Bushels. Bushels. Bushels. Bushels. averaged generally from 6 deg. to nearly 10 deg. above normal. Over
the Great Plains States and in the South nearly normal warmth prevailed,
New York
1,175.000
103.010
51,000
26.000 484,000 with the temperature in the latter area averaging mostly I deg. or 2 deg.
Portland, Me
below normal. From the Ohio River northward and northeastward the
Boston
48,000
period was abnormally cool. In this area the weekly mean temperatures
Philadelphia
8,000 were generally from 3 deg. to as much as 7 deg, below normal.
Baltimore
252,000
1,000
351,000
Maximum temperatures above 90 deg. were experienced in the south
Norfolk
1.000
Atlantic area and generally over interior districts as far north as Iowa and
Newport News
1,000
central Illinois while in the Great Plains a number of first-order stations
New Orleans
43,000
58,000
36,000
8,000
reported maximum readings in excess of 100. Maxima were above 100 deg.
Galveston
96,000
12,000
the interior
Montreal
4,044,000
122,000 157,000 155,000 272,000 also in for the week of California and the far Southwest, the highest reported
being 112 deg. in southern Arizona.
Chart
Total week 1929-- 5,858,000
58,000 278,010 218,000 181,000 1.115,000 southern II shows that rainfall for the week was moderate to heavy in
Texas and was substantial to excessive in most parts of the SouthSame week 1928 _ _ _ - 5.511.086
182.571 835.000 871) 151 1 42d 250 east.
From the upper Ohio Valley eastward and northeastward the weekly
totals
The destinat'on of these exports for the week and since of the ranged mostly in excess of 1 inch, while falls were generous in much
Lake region. In central and northern districts west of the Mississippi
July 1 1928 is as below:
River rainfall was mostly light, though locally moderate amounts occurred.
From the Rocky Mountains westward the week was practically rainless.
Droughty conditions were relieved by generous rains in the Northeast,
Flour.
Wheat.
Corn.
and soil moisture is now generally sufficient for present need of crops
Exports for Week
from the Mississippi Valley eastward, while field work made mostly satand Since
Week
Since
Week
Since
Week
Sines
isfactory advance. Night temperatures were rather too low for best growth
July 1 toJune 29 July 1
June 29
July 1
June 29
July 1
of warm weather vegetation from the Ohio Valley northward , but other1929.
1928.
1929.
1928.
1929.
wise warmth was sufficient and crops, in general, made satisfactory to ex1928.
cellent growth in the eastern area. Locally excessive rains were harmful
Barrels. Barrels.
Bushels,
Bushels. Bushels. Bushels.
in parts of the Southeast and it was largely too wet for field work in much
United Kingdom. 93,565 3,584,147
775,000 75,058,728
9,828,110 ofthis area,though in a few localities on higher land rain fall would be helpful.
Continent
137,230 5,304,764 4,8135,000 210.182.959
17,732,982
Timely and very beneficial rains occurred in the upper Mississippi Valley.
So. & Cent. Amer
8,000
347,000
18,000
525,000
1.000
2137,000 which were especially favorable for oats, now in the critical filling stage
West Indies
4,000
492,000
91,000
57,000 1,085,000 there. In central and southern trans-Mississippi States the warm, sunny
BrIt.No.Am.Col__ ______
1,000
20,000
weather was beneficial, while rain at the close of the week in parts of the
Other countries __ 33,215 1,388,119
3,527,733
2,250 Southwest was welcome.
Drought prevails and rainfall is now badly needed over a
exTotal 1929 ____ 276,010 11,207,030 5,658,000 289,403,418
58,000 28.915,322 tensive area of the Northwest. Including the principal spring rather secwheat
Total 1928
162.571 11.333.427 5.511.068 245.702.024
10 Raft 2R5 tions. Because of the deficient moisture, small grains are heading
short
The visible supply of grain, comprising the stocks in in this area, while high temperatures farther south over portions of the
northwestern Whiter
secgranary at principal points of accumulation at lake and tions where rains hadWheat Belt were harmful, especially in those area
previously been persistent; in
the maximum temperatures exceeded 100 deg. Rain is parts of this the
seaboard ports Saturday, June 29, were as follows:
needed
far Southwest, but in the Pacific Northwest the week was mostlyalso in
favorable.
SMALL GRAINS.
GRAIN STOCKS.
-Conditions were mostly favorable for harvesting
wheat in the Ohio Valley and his work was general to central parts, with
Wheat.
Corn.
Oats.
Eye.
Barley. threshing advancing in the lower valley districts.
United Statesbush.
bush.
bush.
bush.
bush. Iowa, and favorable harvest weather prevailed inThe crop was turning in
New York
Missouri with cutting
145,000
3,000
66,000
46,000
73,000 under way to the northern 'Art of the latter State;
Boston
condition
4,000
3,000
ress were poor in Minnesota, due to the drought. Progress and and progPhiladelphia
155,000
condition
11,000
89,000
8,000
6,000 of winter wheat were very good in Nebraska, except
for some reports of
Baltimore
215,000
66,000
82.000
2,000
24,000 too rapid ripening, but there was deterioration
indicated in many parts
Newport News
1,000
of Kansas, due to the hot weather following the previous continued
280,000
New Orleans
wet
104,000
69.000
27.000
198,000 spell, and to lodging; harvest is practically completed
in the southeast
908,000
Galveston
99,000
57.000 and is well along elsewhere, except in the western
third where it is be917,000
Port Worth
138.000
148,000
1,000
37,000 ginning The weather was generally favorable for harvest
and threshing
2,654,000 2.038,000 1,165,000
Buffalo
176,000
170,000 in the Southwest. Harvest has begun in the East to Pennsylvania.
80,000
" afloat
Winter
306,000
wheat was reported firing and heading short in
Toledo
1,167,000
136.000
33.000
2.000
11,000 blight, but rapid ripening was noted in Oregon. Montana, with some local
170,000
Detroit
12,000
52,000
9,000
8,000
Continued dry weather in the main spring
14,125,000 5,165,000 2,166,000 2,802,000
Chicago
484,000 and Minnesota caused general deterioration wheat sections of the Dakotas
of the crop; much is
Hutchinson, Kan
566,000
156,000
short in North Dakota and the general condition there Is now poor heading
to only
888,000
Milwaukee
727,000
386,000
521,000
235,000 fair. The crop is backward and burning locally in Montana,
and rain is
18,339,000
59,000
Duluth
174,000 1.976,000
956,000 needed in other Rocky
Minneapolis
25,944,000
154,000 1,655,000 1,003,000 2,689,000 ture in Iowa, but thereMountain districts. Oats were benefited by moiswere many complaints of heading on short
118,000
373,000
Sioux City
139,000
in central sections. Rain is needed for all small grains in the northern straw
2,297,000
433,000
St. Louis
384,000
9.000
35,00
Plains and adjacent sections, but elsewhere they did well generallyGreat
156
FINANCIAL CHRONICLE
CORN.—The corn crop continues generally late and is very uneven as
to size of plants in most sections of the belt, especially in north-central
districts; for example, in Iowa the tallest corn is shoulder high, while the
shortest is but a couple of inches. The weather of the week was rather
cool for best growth in the eastern part of the belt, but advance was generally favorable under the influence of abundant sunshine, while fields
are now mostly well cultivated. In Iowa rains were beneficial and the
weekly progress was very good to excellent, though corn is very late in the
south. In Missouri the warm, sunny weather was favorable, while in
the Great Plains States progress was generally good, with plants reported
knee-high as far north as South Dakota.
COTTON.—The temperature averaged slightly subnormal in the Cotton
Belt, with rather heavy rains in most of the east. In the central and
western portions rainfall was mostly light to moderate, except locally excessive in Texas.
In most sections of the Atlantic Coast States there was too much rain,
which hindered cultivation and was favorable for a marked increase in
weevil activity in many places, though in the south the fair weather the
latter part of the period was rather favorable; in Georgia there were complaints of fields becoming weedy and of plants not fruiting quite so well.
In Alabama and Mississippi progress was mostly fair to good, though
rains were too frequent in some sections, favoring increased weevil activity. In Tennessee growth was excellent, with squares forming rapidly.
In Louisiana, especially in the north, the weather was dry, sunny, and
excellent for cotton, which is blooming in all sections, with many bolls
on early plants; favorable for checking weevil. In Arkansas good weather
prevailed and cotton made mostly excellent growth, with bolls forming to
central districts; fields are mostly clean, except on some lowlands.
In both Oklahoma and Texas the weather was also mostly favorable
and progress of cotton was generally very good, except where damaged
in a local storm area in Texas from San Antonio southeastward. There were
some complaints of root rot in Texas.'and conditions were favorable for
weevil activity in parts of the south; picking progressed well in the extreme south. In Oklahoma the crop is still spotted, ranging from rather
poor in the east to from fair to very good in the west; early plants are
setting squares and there is some bloom. - •.—
[vol.. 129.
the expectations of sales agents, and is considered a development of major importance to the industry. In the cotton
division, the wholesale curtailment of production which
became effective this week, and plans for further reduction
of output have resulted in firmer prices and have put both
buyers and sellers in a more optimistic frame of mind.
With prospects of a material reduction in stocks of practically all types of goods and the elimination of many
surpluses overhanging the market, the outlook is that, as the
season progresses, both sales and profits will become more
attractive. As to silks, although the industry is temporarily
quiet owing to between-season conditions, the continued
strength and large consumption of the raw product have
been an encouraging feature. Factors are now preparing
for an active season, and some believe that in the event
of the International Garment Workers Union strike in the
woolen division being protracted, and thus forcing a shortage of fabrics, that it will react favorably on silks in that
the scarcity will attract attention to the possibilities of the
latter.
DOMESTIC COTTON GOODS.—In general, a holiday
atmosphere pervaded the markets for domestic cotton goods
this week. Nevertheless, prices have been on a firmer basis
In sympathy with strengthening quotations for the raw
The Weather Bureau furnishes the following resume of product, and the extensive plans for curtailment of prothe conditions in the different States:
duction among mills which became effective this week. A
Virginia.—Richmond: Favorable for growth of farm crops and condition mostly good. Wheat harvest finished in south and threshing begun; majority of the cotton mills throughout the country closed
potaharvest interrupted in north by rains, but bulk of crop cut. Early
on Wednesday not to reopen until Monday. Many of them
toes good to excellent; also pastures and meadows. Favorable for fruit.
North Carolina.—Raleigh: Frequent and heavy to excessive rains dam- are planning to extend materially curtailed operating
aged crops in northeast and central; little cultivation possible and many
and it is thought that
fields grassy. Mostly too much rain elsewhere, though less favorable. schedules into the coming weeks,
Progress of cotton poor in north and only fair in south; conditions favorable these reduced output plans will in some cases be in force
for weevil activity. Advance of tobacco poor to fair; considerable portion
for the remainder of the month. Furthermore, quite a few
damaged.
South Carolina—Columbia: Old corn shows renewed vigor and later producers, who usually close for at least two weeks during
plantings growing well; planting continues. Tobacco curing continues.
weeks
Potato harvest practically completed and small grain threshing progress- the Summer are now planning to do this the last two
ing. Progress of cotton good and vigorous; old crop squaring and blooming of August so that the closings may be extended over the
weevil activity and dusting
freely, but conditions favorable for increased
Labor Day holiday. These plans are expected to conactive.
Georgia.—Atlanta: Almost daily rains somewhat unfavorable, but week siderably reduce stocks throughout the industry and
much complaint
closed dry and warm. Very little farm work done and
of rapid growth of grass and weeds. Progress of cotton very good, but especially eliminate the overstocked condition on some goods
becoming rather weedy and not fruiting quite so well; weather favored now prevalent among producers. This should result in a
increase in weevil activity. Laying by early corn in good condition; general growth of late-planted very good: army worms numerous. Tobacco stronger technical position, bring about more stable prices,
curing well.
business; encourage both buyers and sellers to operate
Florida.—Jacksonville: Progress of cotton good and condition very and
good, except some lowlands of west and extreme north where too wet on a better basis and provide for a livable margin of profit
fore part of week. Much early corn laid by' late mostly good. Sweet all around. It was noticed that factors are shying away
potatoes good to excellent; local planting continued. Citrus groves doing
well and fruit holding.
from concessionary bids and it is believed that this tendency
'Alabama.—Montgomery: General rains first half locally unfavorable,
more pronounced as the season progresses.
but favorable for most crops, except cotton. Progress and condition of will become even
corn, potatoes, truck, and minor crops mostly fair to i:good. Progress In the meantime, many traders and mills are either giving
and condition of cotton mostly fair to good, but too wet in some sections
inventories or taking advantage of the
for best development; weather first part favorable for weevil activity; their attention to
first bolls reported in central.
opportunity offered for a protracted holiday. But despite
Mississippi.—Vicksburg: Progress of cotton poor to good, with fresized orders were received the earlier
quent showers favoring weevil activity, especially in south and central; all this, some good
crop setting squares freely throughout, with appearance of occasional part of the week. In fact, the volume of business was conbloom to northern boundry. Progress of corn poor to fair; early needing
sidered usually good in view of the imminence of the first
general rain in parts of north and central.
Louisiana.—New Orleans: No rain after Saturday excellent for most Government cotton forecast. Print cloths 28-inch 64x60's
Cotton
crops, especially cotton in north, but corn suffering where dry.
4c.
at 47
/
blooming in all sections and many bolls showing on early crop; condition construction are quoted at 514c., and 27-inch 64x60's
generally good to very good; rains favored weevil activity in south, but Gray goods 39
-inch 68x72's construction are quoted at 8c.,
hot.sunshiny weather latter part excellent check. Cane thriving and mostly
and 39-inch 80x80's at 10c.
laid by; rice making excellent progress.
Texas.—Houston: Tropical storm on 28th did considerable damage to
crops from Matagorda Bay section northwestward to Bexar County;
otherwise, weather favorable for harvesting small grains and plant growth,
except that there was a deterioration in few locally dry sections. General
condition of pastures, corn, rice, truck, and feed and minor crops fair
to very good. Progress of cotton very good, except badly deteriorated in
limited storm area; general condition fairly good;some root rot, and weather
favored weevil activity in portions of south; picking good progress in
extreme south.
Oklahoma.—Oklahoma City: Week of clear, dry weather closed with
beneficial general rains Monday night. Harvesting and threshing progressed rapidly, but grain yield generally light. Progress of corn generally
very good. Cultivation fair ,to good; condition spotted, but probably
averages fair. Prowess of cotton generally very good; mucn cultivation
and chopping done and fields now mostly clean; early setting squares and
some bloom; condition spotted, mostly rather poor in east and fair in very
good In west.
Arkansas.—Little Rock: Progress of cotton excellent in all portions.
due to light or no rain; squares and some bloom in central and south;
crop clean and well cultivated, except some lowlands where grassy; condition good to very good. Progress of corn very good, except in south
where too dry; tasselling in nearly all portions.
Tennessee.—Nashville: Favorable for growth and cultivation. Progress and condition of corn excellent, but late; progress of lowland crop
poor account excessive moisture. Progress of cotton excellent; fields
clean and squares forming rapidly on upland and early cotton. Excellent
advance in harvesting winter wheat and condition very good. Winter
oats near harvesting, while spring oats coming fairly well.
Kentucky.—Louisville: Rain heavy and mostly beneficial in northeast;
light to moderate in west. Wheat harvest practically completed in central and west; drying quickly and threshing commenced in south and
west. Condition of corn generally very good; improved in west and growth
excellent; crop well cultivated. Growth and cultivation of tobacco satisfactory.
-
THE DRY GOODS TRADE
New York, Friday Night, July 5 1929.
Despite the fact that textile markets were influenced by
pre-holiday conditions, developments were, with but few
exceptions, of an encouraging nature. About the only disclosure of an adverse character was the garment strike in
the woolen division. However, it is not expected to prove
materially depressing nor prolonged. Much depends upon
how successful the efforts of Governor Roosevelt to end
the strike will be when he meets the leaders of all factions
at a conference to be held at Albany. Elsewhere trade
continues to expand, with sentiment confident. For instance, the surprising volume of business which has been
received for the new Fall lines in the rug and carpet
division continues a feature. The amount of orders for
the new type American-Oriental rugs have greatly exceeded
WOOLEN GOODS.—Conditions in the markets for
'woolens and 'worsteds have quieted down to some extent.
This is chiefly attributed to the garment strike which was
called on Tuesday morning, although another contributing
factor has been the fact that the markets are now between
seasons. Mills manufacturing tropical weights have cleaned
out their stocks even to the point of seconds and returnables,
so great has been the consuming demand for these fabrics.
Producers are now centering their attention on the approaching Spring openings, the dates for which will be decided upon
by the Wool Institute some time this month. It is believed
that the dates will be later than usual. The garment strike
which has been threatened for some time was finally called
this week by the International Garment Workers' Union, and
It was estimated that fully 15,000 garment workers answered
the strike call. However, the walkout is not expected to
seriously affect production as the output usually slackens at
this time and then revives about the middle of the month.
Those who anticipate a rush for goods, once the strike is
ended, claim that any curtailment of output can be made
up by overtime during August.
FOREIGN DRY GOODS.—There have been few, any, de-if
velopments of outstanding importance in the local linen markets this week. Business has continued to approximate recent
proportions with the majority of interest centered in goods
suitable for seasonable wear. This includes such merchandise as linen suitings and dresses and knickers, as household
linens have failed to show much improvement. Reports
from abroad indicate that although conditions are temporarily quiet, shipments to this country have been quite heavy
in order to escape the increased tariff. Burlaps remained
quiet the earlier half of the week with factors disinclined
to operate except where absolutely necessary, pending the
jute acreage forecast for the 1929-30 season which is to be
estimated by the Department of Agriculture of the Government of India. Preliminary unofficial estimates of a considerable shrinkage in the acreage planted resulted in a
sharp advance in prices later in the week. Light weights
are quoted at 6.10c. and heavies at 8.15e.
JULY 6 1929.]
FINANCIAL CHRONICLE
Sitatt anti Tidy Ilevartment
MUNICIPAL BOND SALES IN JUNE AND FOR THE
HALF
-YEAR.
State and municipal financing for the month of June fell
below the very exceptional total of the previous month,
when New York City came to market with $52,000,000 of
corporate stock. Total borrowing in June reached $148,222,256. This compares with $185,588,397 for the month
of May and with $91,500,769 for April. In June of last
year the awards totaled $129,806,486.
The aggregate amount of long-term State and municipal
bonds sold during the first six months of 1929 was $672,738,096. Not since 1923 have the emissions for the first half of
any year been less than $700,000,000. This year's decline
is due, in- part, to the tense monetary situation which has
prevailed since May 1928. The disposals in the months of
January, February and April of the present year failed to
reach $100,000,000 each. In March the figure was $102,693,507, while in May the awards amounted to $185,588,397,
due to the fact already noted that the City of New York
sold $52,000,000 of 54% corporate stock. For the first
six months of 1928 the awards were $778,419,445; for 1927,
$882,820,720;for 1926,$748,986,936;for 1925,$751,838,574;
for 1924, $788,744,973, and for 1923, $584,800,923.
In our total for the first six months of this year we do
not include the issuance during April of $50,000,000 warrants
maturing between May and Dec. 15 1930 by the City of
Chicago, Ill. Of the warrants sold, $40,000,000 bore a
coupon rate of 6% and $10,000,000
%. In May, a
$6,000,000 6% tax note issue was sold by Cook County, Ill.
The notes mature on June and Dec. 1 1930, optional on
and after May 1 1930. During the same month a $9,135,000 6% warrant issue was disposed of by the Chicago Sanitary District, Ill. This issue is due on June and July 15 1930.
The most prominent offering during June, amounting to
$21,000,000, was made by the State of Tennessee. The
award was made on June 4 to a syndicate managed by the
Guaranty Co. of New York, which took the bonds at par,
consisting of $13,500,000 4s and $7,500,000 44s. The
obligations mature in 1932, 1939 and 1944.
A compilation of other municipal sales of $1,000,000
or
over during June is given herewith:
$13.000,000 4% State of Illinois bonds. One issue of $10,000,000
due serially from 1945 to 1959 Inclusive. was awarded to a syndicate
managed by the Guaranty Co. of New York,at 93.775, a basis
ofabout 4.42%. A 83,000,000 water way issue. due $1.000.000
on Jan. 1 from 1932 to 1934 inclusive, was sold to a group
headed by the First National Bank, New York. at 96.949. a
basis of about 4.83%.
10,000,000 State of New Jersey 414% road bonds. series
A,issue of 1927.
sold to approximately 36 New Jersey banks at prices ranging
from 100.565 to 103.96. The bonds mature on July
1 1944.
10,000.000 bond!' of the City of Philadelphia, Pa., consisting
of 87.000.000
434s, due on June 1 1979 and $3.000.000 434s due on
June 1
1959, sold to a syndicate headed by the National'City
Co.,
New York. at 100.109, an interest cost basis of about
4.425%•
4.630.0004% sower, paving and bridge bonds of Baltimore, Md., due
from 1938 to 1945 inclusive, sold to a group headed by
the
Guaranty Co. of New York. at 96.23, a basis of about 4.41%.
4,280,000 State of Maryland bonds, bearing a coupon rate of 434%
and
due serially from 1932 to 1944 inclusive, sold to a syndicate
headed by Harris, Forbes & Co., New York. at 100.211, a
basis of about 4.47%.
3.900.000 bonds of the City of Toledo, Ohio, consisting of
$2,400,000
434sk due serially from 1930 to 1954, inclusive, and
$1,500.000
434s, due annually on Nov. 1 from 1930 to 1954 inclusive,
•
sold to a syndicate headed by Harris, Forbes &
Co., New
York, at 100.210, an interest cost basis of about 4.57%.
3.327,000 Montclair, N. J., 434, 434 and 534% bonds due
from
to 1964 inclusive. The bonds were sold to a syndicate 1932
headed
by Lehman Bros., New York, as follows: 82.115,000
at 100.15.
cost basis about 5.69%. $743,000 at 100.30. cost basis
about
4.72%, $254,000 at 100.27, cost basis about 4.73%,
and
$215,000 assessment bonds at 100.32, a basis of about
4.68%.
3.224,500
% bonds of Albany, N. Y., due serially from
1930 to 1969
inclusive, sold at 102.069, a basis of about 4.30%.
to a group
headed by the First National Bank, New York.
3,000.0006% Asbury Park, N. J., improvement bonds, sold at
private
sale to a syndicate headed by B. J. Van Ingen &
Co.. New
York. Price paid for bonds not disclosed which
mature
serially from 1932 to 1935, inclusive.
2,630,000 6% temporary improvement bonds of Atlantic City,
N. J.
No bids were received at the time sot for the sale.
The
bonds were then sold to the Bankers Trust Co.,
Atlantic
City, at a price reported as par. Obligations mature in
1930.
1931 and 1932.
2,200.000 5.30% Tax Revenue bonds of Jersey City, N. J., sold to the
Bancamerica-Blair Corp. of New York, at 100.03.
a basis of
about 5.29%. Bonds mature on June 1 1932.
2.165.000 bonds of the City of Yonkers. N. Y., sold to a group headed
by Estabrook & Co.. New York, at 100.04. an interest cost
basis of about 4.74%. $1,540,000 bonds were taken as 534s
and $515,000 as 4s. The bonds mature annually on June 1
from 1030 to 1943 inclusive.
I
157
2.000,000 5% court house and park bonds of Camden County, N. J.,
sold at private sale to a group headed by the Chase Securities
Corp., New York. Bonds mature on June 1 1934.
2.000,000 434% bonds of Atlanta, Ga., sold at 100.859. a basis of about
4.42%. to the Trust Co. of Georgia and associates. Bonds
mature annually on July 1 from 1930 to 1956 inclusive.
2,000,000 534% Middle Rio Grande Conservancy District, New Mex.,
bonds, sold at private sale to a syndicate headed by Stifel.
Nicolaus & Co., of St. Louis. Price paid not given. These
bonds are a portion of the $8,700,000 issue for which no bids
were received on May 18—V. 128. p. 3722.
1.156,000 special assessment bonds of Wayne County, Mich. A syndicate headed by the First National Co., of Detroit. paid 100.09
for $1.033.000 bonds as 51.45 and $123.000 bonds as 5s. Obligations mature serially from 1931 to 1939 inclusive.
1,000,000 4.40% bonds of Buffalo, N. Y., sold at 100.34. a basis of
about 4.35%, to a group headed by George B. Gibbons &
Co., New York. Due 850.000. July 1 1930 to 1949 inclusive.
1,000,000434% road bonds of Carbon County, Pa., sold at private sale
to M. M. Freeman & Co., of Philadelphia. Price paid not
given. Bonds due serially from 1934 to 1959 inclusive.
1,000,000434% Kent County, Md., bonds. Award was made to the
National City Co., of New York. at 98.039. a basis of about
4.86%. The bonds mature annually on July 1 from 1930 to
1944 inclusive.
1.000.000 434% road bonds of St. Louis County, Mo., sold to a syndicate headed by the Harris Trust & Savings Bank, Chicago,
at 99.33, a basis of about 4.56%. Due on June 1 from 1932
to 1949 inclusive.
1.000,000 4%% general improvement bonds of St. Paul, Minn., sold
jointly to Stranahan, Harris & Oatis, Inc., of Toledo, and
Emanuel & Co., New York. at 100.63, a basis of about 4.45%.
Due annually on June 1 from 1930 to 1959, inclusive.
1,000,000 5% electric light and power bonds of Tacoma, Wash., sold to
a syndicate managed by Halsey, Stuart & Co., of Chicago. at
98.03, a basis of about 5.56%. Due annually on Jan. 1 from
1932 to July 1 1936.
1,000,000 451% water works improvement bonds of Waco, Tex., sold to
a group headed by the Harris Trust & Savings Bank, Chicago,
at 100.113, a basis of about 4.74%. Obligations mature annually from 1930 to 1969 inclusive.
As was the ease in preceding months, a considerable
number of municipalities were unsuccessful in disposing of
their offerings in June. In the following table we give a
list of the municipalities which failed to market their offerings during the month, also showing the amount of the offering, the interest rate specified and the reason assigned for the
failure to award the obligations:
Page.
Name.
Int. Rate.
Amount.
3876—Buffington Twp.,Pa
$75,000
434
4190--Brookhaven S. D. No.9, N. Y.
5
68.000
0000_ _Clark County.Ia
Not exc. 5
269,000
4190—Columbia County,Ark
60,000
3876—DeFuniak Springs, Fla
6
38.000
4191- _Dunedin, Fla
6
50.000
4191_ _Eau Claire County. Wis
182,000
4191__El Campo Ind. S. D., Tex
5
45,000
4357__Escambia Co. S. D. No. 10, Fla.,
6
30,000
3877-.Fentress County,Tenn
5
75.000
3877__Fort Lauderdale, Fla.(4 issues).
6
228,200
4042--Grayson County,Tex
4%
300.000
4192—Hartsville, So. Caro
5
125,000
0000-.Indian Lake S. D.No. 1, N.Y—Not exc 6
165,000
0000—Jacksonville R. D. No. 1. Fla
5
100,000
4360—Linden, Ala. (2 issues)
6
30,000
4193—Marlin, Tex
5
75,000
4360—Miami Beach, Fla
Not exc. 6
255,000
.Navasota, Tex
4361.
5
130,000
4194--New Castle, N. Y.(2 issues)
Not exc. 6
470,000
4046—Ossining Un. Fr.S.D.No.l. N.Y.
434
750.000
4362—Pensacola, Fla
5
200.000
4362--Port Chester, N.Y.(14 issues) Not exc.5
373,000
4047..-Prince George's County, Md
434
425,000
4363_.*Roseau County, Minn
Not exc.5
100,000
4047—Ridgewood, N. J
Not exc 5
613.000
4196__st. Clair Shores, Mich
Not exc. 534
46,000
4047—St. Croix County, Wis
434
75,000
4363—Salem, Ore
434
100,000
4196--St. Cloud, Minn.(2 issues)
434
75,000
4363__Sea Isle City, N. J. (2 issues)...
6
63.000
4196__Soldier Bridge S. D.,Calif
6
6,500
419.7—Tulsa, Okla
Not exc. 4% 1,250,000
4049_Waupaca County, Wis
434
235,000
4049.—White County, Ind
434
22,050
• These bonds are being re-offered on July 16. Interest
rate
exceed 6%.—V. 128. p. 4363.
Report.
No bids
No bids
Not sold
Bids rej.
No bids
Not sold
No bids
Bids rel.
No bids
Bids rej.
No bids
No bids
Not sold
Bids rej.
No bids
Bids rej.
Bids raj.
Bids rej.
Bids rej.
Bids re).
No bids
No bids
No bids
Bids rel.
No bids
No bids
Bids rel.
No bids
Bids rej.
Bids rej.
No bids
No bids
No bids
Bids rej.
No bids
is
not to
Temporary loans negotiated during the month aggregated
$50,089,000, of which $23,885,000 was borrowed by the
City of New York.
Canadian bond disposals during June reached $15,553,0
64.
This figure includes a $10,000,000 issue of 5% bonds of
the
Government of Newfoundland, sold to a London banking
syndicate at 96.25,a basis of about 5.27%. Price in English
currency was 95 pounds and 5 shillings per 100 pounds.
None of these securities were offered here. The City
of
Quebec, Que., sold a $3,524,000 5% bond issue to a Canadian syndicate headed by the Bank of Montreal, at 98.43,
a basis of about 5.10%. These bonds mature on June
1
1959. A $3,100,000 5% bond issue, dated June 1 1929
and
payable on May 1 1966, was sold by the Montreal Metropoli
tan Commission, Que., to a syndicate headed by Dillon,
Read & Co., New York, at 98.45, a basis of about 5.09%.
158
FINANCIAL CHRONICLE
[VOL. 129.
New York State.
-Governor Discards Contemplated Special
-On July 2 Governor Roosevelt is reLegislative Session.
ported to have abandoned the idea of calling the Legislature
into special session after a conference with the leaders of the
Senate and Assembly. The Governor had contemplated
the passage of special legislation upon the proposed $50,000,000 bond issue to relieve the congestion at State hospitals
for the insane, which he had previously recommended, but it
is stated that he was assured in the conference on the subject
that an appropriation would be passed at the next session
to provide for the necessary beds.
-Court Decision Raises City Debt Limit.
Philadelphia, Pa.
-A decision handed down on July 2 by Judge J. Willis
Martin in the Common Pleas Court No. 5 is reported to
1925.
1926.
1927.
1929.
1928.
have increased the borrowing capacity of the city by $10,$
$
$
Perm. loans(U. S.)_148,222,256 129,806,486 158,862,319 140,731,789 139,653,772 784,662. The court is said to have ruled that the amount
*Temp.loans(U.S.) 50,089,000 45,294,982 33,251,224 60,248,000 99.813,948 used to defray the municipality's share of expense in the
Canada loans (perm't):
Placed in Canada_ 11,691,064 12,296,885 3,463,862 6,326,919 7,523,780 construction of the Delaware River bridge may no longer be
16,292,000 12,132,000 charged to the indebtedness of the city.
Placed in U. S.. _ 3.862.000
General fund bonds
15,000,000
N one 4,100,000
(N. Y. City)- --Pittsburgh, Pa.
-Voters Defeat Consolidation Charter
500,000 1,500,000 3,425,000 1,000,000
Bonds U.S. Posses's
-At the special election held on June 25-V. 128, p.
Plan.
214,364,320 192,998,353 199,012,405 224,698,708 274,123,600 4189
Total
-the voters indicated their disapproval of the proposed
•Includes temporary securities (revenue bonds and bills, and corporate stock consolidation charter which was designed to incorporate the
notes) issued by New York City. $23,885,000 In June 1929, 126,310,000 in 1928,
$35,975,000 in 1926, $66,494,000 in 1925, $23,350,000 in 1924 and $30,629,000 county of Allegheny and the city of Pittsburgh into the fourth
in June 1923.
largest city in the United States. The following report of the
The number of municipalities in the United States issuing consensus of opinion is taken from the Pittsburgh "Postpermanent bonds and the number of separate issues made Gazette" of June 29: vote,
carried 82 municipalities by a majority,
The charter, by popular
during June 1929 were 386 and 505, respectively. This con- losing 39 and tying 2. according to the official count. The return board
which had only two
1929 and 491 and 630 for counted McDonald, 50 for and 73 against. districts in the county. The
trasts with 467 and 617 for May
two-thirds vote stood
The total vote on the charter in the county was 87,807 for and 40,973.
June 1928.
or a majority of 46,834 for the charter. The lineup of the official vote folpurposes we give the following table, lows:
For comparative
No.
Yes.
showing the aggregate for June and the six months for a Pittsburgh
50,402 8,976
7,121
548
McKeesport
series of years. In these figures temporary loans and bonds Duquesne
754
627
715
538
Clairton
issued by Canadian municipalities are excluded:
25,122 15,705
The Province of Manitoba sold a $2,500,000 5% bond issue
on June 4 to Salomon Bros. & Hutzler, of New York, and
Fleming, Denton & Co., of Toronto, jointly, at 99.21, a
basis of about 5.05%. The bonds mature on June 15 1954.
Of the Canadian bonds sold during the month, $3,862,000
are reported to have been taken by American investors. The
City of Manila, Philippine Island's, sold a $500,000 issue of
.0i% public impt. bonds on June 11 to the First National
Bank, of Boston, at 100.25, a basis of about 4.49%. The
issue matures on April 1 1959.
Below we furnish comparison of all the various forms of
obligations sold in June during the last five years:
For the
Month of
For the
Month of
Six Months.
June.
Six Months.
June.
$19.369,775 5162,846,110
3148,222,256 8872,738,096 1910
1929
•62,124,450 207,125,317
129,806,488 778,419,445 1909
1928
31,606,064 169,082,579
158,862,319 882,820,720 1908
1927
21,390,486 115,347,889
140,731,789 748,986,936 1907
1926
21,686,622 102,338,245
139,653,772 751,838,574 1906
1925
19,016,754 111,723,054
242,451,538 788,744,973 1905
1924
24,425,909 137,869,155
161,711,897 584,800,923 1904
1923
79,576,434
16,926,619
118,969.285 655,086,150 1903
1922
87,628,395
28,417,172
110,412,059 466,415,487 1902
1921
61,223,060
13,468,098
45,113,020 322,661,532 1901
1920
77,943,665
19,670,126
100,378,461 305,650,839 1900
1919
63,345,376
29.348,742
27,821,083 151,766,284 1899
1918
44,078,547
9,704,925
28,510,832 221,579,100 1898
1917
73,275,377
16,385,065
47,555,691 283,464,572 1897
1916
43,176,964
12,792,308
z108,976,230 322,982,610 1896
1915
56,991,613
15,907,441
54,403,737 357,557,177 1895
1914
66,426,992
16,359,377
39,386,230 218,879,270 1894
1913
32,663,116
1.888,935
49,485,807 246,289,293 1893
1912
49,093,291
12,249,000
27,470,820 223,262,370 1892
1911
4s of N. Y. City. •Includes $40,000,000 4s of N. Y.
s includes $71,000,000
City.
Owing to the crowded condition of our columns, we are
obliged to omit this week the customary table showing the
month's bond sales in detail. It will be given later.
NEWS ITEMS
-Governor Kills $1,000,000 Bond Bill. A
Connecticut.
$1,000,000 bond issue that was voted by the 1929 Legislature
just before adjournment, to be used for street paving and
sewer impt. purposes in the city of Stamford, was killed by
the pocket veto of Governor Trumbull, according to the
Hartford "Courant" of June 29. The Governor transmitted
the bill to the Secretary of the State, it is said, announcing
that he does not approve the measure.
-Clearing House for Future Bond Issues
Houston, Tex.
-On June 28, a group of civic leaders and the heads
Created.
of three of the governing bodies, created a clearing house
for all of the future bond issues that may be floated to improve the city of Houston, Harris County, the navigation
district and the school district. The Houston "Post" of
June 29 reported on the new movement in part, as follows:
Tentative plans for the new body, with a suggested personnel, were subThe
mitted by J. 8. Cullinan and later adopted, with several amendments. head
At its
name of the body will be the Houston Advisory committee. chairman of
will be the mayor of Houston, the Harris County judge, the
the navigation district and the president of the independent school district
of Houston.
W.0.Munn,drainage advocate, and Mr. Cullinan,father of the motion,
were named ex officio members. Three daily newspapers also will be represented.
The balance of the committee will be composed of representatives of the
following industries and agencies:
Cotton, oils, banks, railroads, public utilities, shipping, manufacturing!
real estate, contracting, labor, merchandising, farming, stock raising and
the various professional elements.
Mr. Cullinan's original motion did not include representation of the independent school district, newspapers or the farming and stock raising
classifications.
Inclusion of the school district president was suggested by R. S. Sterling.
Chairman of the State Highway Commission and the Navigation District
Commission. Chairman Bryan suggested that newspapers be given representation, while Mayor Walter E. Monteith offered a motion to include
farming and stock raising agencies. All three amendments were adopted
unanimously and given approval by Mr. Cullinan.
-A special
-Governor to Call Special Session.
New Jersey.
dispatch to the New York "Times" of July 3 reports that
Governor Larson made it known on July 2 that he intended
calling a special session of the Legislature in the coming
week, probably on July 9,in order to consider the Wise bill.
This measure, introduced by Assemblyman Wise of Passaic,
provides that utility companies shall be required to pay only
for the actual costs of installing mains and trolley tracks on
State highway bridges.
Sixty-six boroughs
Fifty-three townships
Total
Carried By Majority.
Municipalities carried by a majority:
Cities
Boroughs
Townships
10,570
9,702
87.807 40,973
3
14
22
82
39
1
34
15
3
32
38
50
*Two tied (Sewickley 21-21, O'Hara 200-209).
Municipalities carried by two-thirds majority:
Cities
Boroughs
Townships
1
52
*29
73
BOND PROPOSALS AND NEGOTIATIONS.
-And
ACCOMACK COUNTY (P. 0. Accomack), Va.-BOND SALE.
$86.000 issue of 4.4% coupon refunding bonds has been jointly purchased
West, beth of Norfolk
by the Investment Corp. of Norfolk and Davis
Denom. $1,000. Dated June 11928. Due from June 1 1933 to 1944 incl.
Prin. and hit. (J. & D. 1) payable at the office of tha County Treasurer.
Legality to be approved by Thomson, Wood & Hoffman, of New York.
Financial Statement (As Officially Reported.)
$40,000,000.00
Estimated value of real estate in county
$12,200,255.00
Assessed valuation of real estate
923,950.00
Assessed valuation of personal property
13.124,205.00
Total assessed value
333,407.29
Total bonded indebtedness including this issue
Population, U. S. census 1920, 34,795. Population. eat. 1927, 37,000.
ANNE ARUNDEL COUNTY (P. 0. Annapolis), Md.-BOND OF-Elmer E. Parkinson, President of the Board of County ComFERING.
missioners, will receive sealed bids until 12 in. (Eastern standard time)
on July 23,for the purchase of the following Issues of 4;i% bonds aggregating $400,000:
$300,000 coupon series C, public road bonds. Dated July 1 1929. Due
on July 1, as follows: $15,000. 1930 to 1947 incl.: and $30.000.
1948. Interest payable on January and July 1.
100.000 coupon series of 1929. public road bonds. Dated May 1 1929.
Due $5,000, May 1 1930 to 1949 incl. Interest payable on May
and November 1.
Prin. and semi-annual interest payable in gold at the Annapolis Banking
Sc Trust Co., Annapolis. A certified check for 2% of the bonds bid for,
payable to the County Treasurer, must accompany each proposal.
The legality ofthese bonds will be approved by Mr.Benjamin Michaelson,
Attorney for the County Commissioners of Anne Arundel County, Annapolis
Maryland, and Messrs. Niles Barton, Morrow & Yost, of Baltmore, Maryland and the approving opinion of these gentlemen will be delivered upon
request to the purchasers of the bonds, without charge.
-BOND SALE.
-The $30.000
ANNISTON, Calhoun County, Ala.
i
,
Issue of 5;. % improvement bonds offered for sale on June 27-V. 128. p.
-was awarded to the Merchants Securities Corp.of Mobile, at a
4040
price of 98.71, a basis of about 5.77%. Dated June 1 1'929. Due S3,000
from June 11930. incl. The next highest bid was an offer of 98.53 by the
Well, Roth & Irving Co., of Cincinnati.
ARANSAS PASS INDEPENDENT SCHOOL DISTRICT (P. 0.
-BONDS REGISTERED.
Aransas Pass) San Patticio County, Tex.
% school bonds that was sold in May
-V. 128,
The $75.000 issue of
-was registered on June 25 by the State Comptroller.
p. 3054
-Sealed
ARMOUR, Douglas County, S. Dak.-BOND OFFERING.
bids will be received until 8 p. m. July 15. by Phil Felton, City Auditor,
for the purchase of a $17,000',meet 5% sewerage bonds. Denom.$1,000.
Dated Juno 1 1929. Due $1,000 from June 1 1933 to 1949, incl. Prin.
and semi-annual hit, payable at a bank or trust company designated by the
purchaser. A certified check for 10% must accompany the bid.
-BOND OFFERING.
ASHLAND COUNTY (P. 0. Ashland), Ohio.
Sealed bids will be received by Zella Swartz, Clerk of the Board of County
,
Commissioners, until 12 m. on July 8, for the purchase of $47.000 53570
road construction bonds. Denom. $1,000. Due Oct. 1, as follows: $4,000,
1929 to 1931 incl.: and $5,000. 1932 to 1938 incl. Prin. and int. (April
and Oct. 1) payable at the office of the County Treasurer. A certified check
for $1,000, payable to the Treasurer, must accompany each proposal.
Anyone desiring to do so may present a bid for such bonds based upon
their hearing a different rate of interest than specified in the advertisement.
provided, however, that where a fractional interest rate is bid,such fraction
shall be one quartet of 1% of multiples thereof. Transcript of the proceedings will be furnished successful bidder for the purpose of approval by their
legal advisor, and bids may be made subject to such approval.
-The two issues of
ATLANTA, Fulton County, CA.
-BOND SALE.
offered for sale
43 % coupon or registered bonds aggregating 82.000,000, Co. of Georgia,
Trust
-were awarded to the
on June 29-V. 128. p. 3875
of Atlanta and Associates, for a premium of $17,180, equal to 100.859. a
basis of about 4.42%. The issues are described as follows:
JULY 6 1929.1
FINANCIAL CHRONICLE
$1,278,000 school bonds. Due from July 1 1930 to 1956 incl.
722.000 sewer bonds. Due on July 1. as follows: $31,000, 1934 to 1947,
and $32,000 from 1948 to 1956, incl.
The other bidders and their bids were as follows:
BiddersPrice Bid.
National City Co. & Associates
$2,015.502
Empire Trust Co. of Atlanta & Associates
2.010.700
First National Bank of New York & Associates
2.006.326
Eldredge & Co. of New York
2.004.580
Fourth National Co. of Atlanta & Associates
2,002.500
r
Courts & Co. of Atlanta & Associates
2,002.198
BONDS OFFERED FOR INVESTMENT.
-The above bonds are now
being offered for public subscription by the purchasers at prices to yield
from 4.40 to 4.25%, according to maturity. The official offering circular
states that these bonds are issued for school and sewer purposes and are
direct and general obligations of the City of Atlanta. payable from unlimited
ad valorem taxes levied on all taxable property therein. They have been
validated by the Superior Court of Fulton County.
Financial Statement, May 31 1929.
Assessed valuation 1929
$392,785.842
Total debt (incl. this issue)
17,633.000
Water debt
3.592.000
Sinking funds
2.889,750
6,481.750
Net debt (less than 3%)
511.151.250
Population. 1920 census
200.616
BALDWIN,Saint Croix County, Wis.-BOND SALE.
-A $5.000 issue
of paving bonds has recently been purchased at par by a local investor.
BARDSTOWN, Nelson County, Ky.-BOND SALE.
-The $48.000
issue of 5% coupon sewer bonds offered for sale on June 25-V. 128, P.
-was awarded at par to the Farmers Bank & Trust Co.of Bardstown.
4189
$1,000. Int. payable on Jan.& July 1.
Denom.
BATTLE CREEK, Calhoun County, Mich.
-BOND OFFERING.
George C. Furniss, Secretary of the Board of Education of the Public
Schools of the City, will receive sealed bids until 7:30 p.m.(Eastern Standard
time) on July 8, for the purchase of $500,000 5% school bonds. Dated
July 1 1929. Denom. $1,000. Due on July 1. as follows: 935.000. 1931 to
1943 incl., and $45.000. 1944. Interest payable on Jan. and July 1 of each
year at such financial center as the buyer shall designate. A certified check
for $1,000, payable to the Treasurer of the Public Schools of the City, must
accompany each proposal. These bonds were approved by the electorate
at an election held on June 4 by a vote of 5 to 1.
BENTON COUNTY (P. 0. Fowler), Ind.
-BOND SALE.
-The
$9,100 4%% highway improvement bonds offered on July 1-V. 128, P.
-were awarded to a local investor, Parker A. Fair, at par, plus a
4040
premium of $78.50. equal to 100.86, a basis of about 4.30%. The bonds
mature as follows: $455, July 15 1930; $455. January and July 15 1931 to
1939 incl.; and $455. Jan. 15 1940. Bids of par and accrued interest were
submitted by the Fletcher American Co., the .1. F. Wild Investment Co.,
and the City Security Corp., all of Indianapolis.
BOLING INDEPENDENT SCHOOL DISTRICT (P. 0. Wharton)
Wharton County Tex.-BONDS REGISTERED.
-The 9165,000 issue of
% serial school bonds that was sold during May
'
-was
-V. 128. p. 3382
registered by the State Comptroller on June 24.
BOLIVAR, Genesee and Clarksville Central School District No. 1
(P. 0. Bolivar), Allegheny County, N. Y.
-INTEREST RATE.
The $499,200 coupon or registered bonds were awarded to the State Bank of
Bolivar, of Bolivar, as 5s. at 100.16, a basis of about 4.98%-V. 128,
P.
4356
-The bonds sold are as follows:
$494.000 bonds,series "A." Due $19,000. March 1 1930 to 1955 incl.
5.200 bonds, series "B." Due on March 1. as follows: $1.000. 1930 to
1933 incl., and $1,200, 1934.
Both issues are dated March 1 1929.
BORGER, Hutchinson County, Tex.
-BONDS REGISTERED.
An issue of 9150,000 6% serial refunding bonds was registered on June24
by the State Comptroller.
BRONX VILLE, Westchester County, N. Y.
-NO BIDS.
000 coupon or registered street improvement bonds offered -The .36,on July 2V. 128, p. 4356
-were not sold, as no bid was received. Rate
interest
was not to exceed 6%. The bonds are dated July 1 1929, areof $1,000
in
denoms., and mature $3.000 on July 1. from 1930 to 1941 inclusive.
BROOKHAVEN COMMON SCHOOL DISTRICT NO. 9 (P. 0.
Rocky Point), N. Y.
-BOND OFFERING.
-Henry A. Tuthill, School
Trustee, will receive sealed bids until 2 p. m. (Daylight Saving time) on
July 20, for the purchase of $78,000 6% school bonds. Dated June 1 1929.
Denom. $1,000. Due on July 1 as follows: 51,000, 1930 to 1936 incl.;
$2.000, 1937 to 1939 incl.; $3,000, 1940 to 1944 incl.; $4,000. 1945 to 1949
incl., and 95,000. 1950 to 1955 incl. Principal and semi-annual interest
payable at the Chase National Bank, New York. A certified check for
10% of the bonds bid for Is required. This
a $68.00() issue of 5% school bonds on June District unsuccessfully offered
19. No bids were received.
V. 128, p. 4190.
CALUMET, Houghton County, Ohio.
-BOND SALE.
-The $300,000
4H% bonds of the Calumet Public Schools offered on June 20-V.
p. 4040
-were awarded to the First National Bank and the Merchants 128.
and
Miners' Bank, both of Calumet. The bonds are in $1,000 denoms., and
mature $25,000 on Aug. 1.from 1930 to 1941 incl.
CAMPBELL, Mahoning County, Ohio.
-BOND SALE.
-The following bond issues aggregating $95,499.61 offered on June 24-V. 128,
4041-were awarded to Otis & Co. of Cleveland, as 5Hs, at par, plusP.
a
premium of $30 equal to 100.03, a basis of about 5.74%;
$58,052.57 special asst. street impt. bonds. Due Oct. 1 as follows:$11,000.
1930; 912,000, 1931; 511.000, 1932; $12,000, 1933; and $12,052.57, 1934.
37,447.04 spode' asst. paving and grading bonds. Due Oct. 1 as follows:
$3,500, 1930: $4,000 1931; $3,500, 1932; $4,000, 1933; $3,500,
1934; $4,000, 1935: $3.500, 1936; $4.000. 1937; $3.500, 1938;
and $3,977.04, 1939.
CARNEGIE, Caddo County, Okla.
-BOND SALE.
-A
of 6% coupon water extension and fire equipment bonds has $50,000 issue
recently been
purchased by the First National Bank of Carnegie, for a $20 premium,
equal to 100.04, a basis of about 5.98%. Denom. $1,000. Due from
1930
to 1934 incl. Int. payable on June & Dec. I.
CASTLE GROVE TOWNSHIP SCHOOL DISTRICT (P. 0.
Monticello) Jones County, Iowa.
-BOND SALE.
-A $4,000
bonds has been purchased by the Lovell State Bank of issue of school
Monticello. as
4Hs,at par. Due $1,000from July 1 1931 to 1934 incl.
CHAPEL HILL GRADED SCHOOL DISTRICT (P. 0. Chapel Hill)
Orange County, N. C.
-BOND SALE.
-The $15.000 issue of coupon
or registered school bonds offered for sale on June 25-V. 128. p. 4041
was awarded to the Hanchett Bond Co., of Chicago, as 534s, for a premium
of $77, equal to 100.513, a basis of about 5.44%. Dated July 1 1929. Due
from July 1 1932 to 1949.
CHARLESTOWN, Sullivan County, N. H.
-BOND OFFERING.
Prank W. Hamlin, Town Treasurer, will receive sealed bids until 2 Is.
(Eastern standard time) on July 12, for the purchase of $60,000 435m.
%
coupon road bonds. Dated July 1 1929. Denom. $1,000. Due $5.000,
July 1 1930 to 1941 incl. Prin. and semi-annual interest (January and July
1) payable in gold at the First National Bank. Boston. The afore-mentioned
bank will also supervise the preparation of the bonds and will certify as
to the genuineness of the signatures of the officials and the seal impressed
thereon. Legality to be approved by Ropes. Gray. Boyden & Perkins, of
Boston, whose opinion will be furnished the successful bidder.
Financial Statement April 1 1929.
Assessed valuation for year 1928
$1.745,295.00
Bonded debt.-Water bonds
$10,000.00
Other bonds
35,700.00
Total
$45.700.00
CHATTANOOGA, Hamilton County, Tenn.
-BOND OFFERING.
Sealed bids will be received untll 11 a. m.on July 9 by E. D. Bass, Mayor
for the purchase of a $216,000 issue of6% coupon improvement assessment
1929. Due $10,800 from July 1 1930 to 1949 incl.
bonds. Dated July 1
Prin. and semi-annual int. payable in lawful money at the Hamilton
National Bank in Chattanooga. Caldwell & Raymond,of New York City
159
will furnish the legal approval. A certified check for 2%,payable to F.E.
Rosamond, must accompany the bid.
CHERAW SPECIAL SCHOOL DISTRICT (P. 0. Cheraw) Chesterfield County, S. C.
-BOND SALE.
-The $12,000 issue of school bonds
offered for sale on June 15-V. 128, p. 3876
-was awarded at par to Mr.
S. C. Natural, of Columbia. Dated July 1.1929. Due $2,000 in 1930
and $2,500, 1931 to 1934.
-BONDS REGISTERED.
CHEROKEE COUNTY (P.O. Rusk), Tex.
A $218,000 issue of 5'. % refunding bonds was registered on June 26 by the
State Comptroller. Due serially.
0. Henderson), Tenn.
CHESTER COUNTY
-BOND OFFERING.
-A $50,000 issue of 4J1 coupon road bonds will be offered for sale at
public auction by It. B. Wood, Clerk of the County Court, at 10 a. m.
on July 26. Denom. $1,000. Dated June 1 1928. Due on June 1, as
follows: $4,000 in 1930 and $2,900 from 1931 to 1953 Incl. Int. payable
on June & Dec. 1. Benj. H. Charles, of St. Louis, will furnish the legal
approval. A $2,500 certified check must accompany the bid.
-BOND
CHICAGO, SOUTH PARK DISTRICT, Cook County, 111.
-M.E.Connelly.Secretary ofthe Board ofPark Commissioners.
OFFERING.
will receive sealed bids until 4 p.in. on July 9,for the purchase of 51,500,000
4% Chicago River bridge and Approach bonds. Dated July 1 1929.
Denom. $1,000. Due 975,000, July 1 1930 to 1949 incl. Prin. and semiannual int, payable at the office of the Treasurer of the Park Commissioners. A certified check for $100,000, payable to the Board of Park
Commissioners, must accompany each proposal. Legality is to be approved by Chapman & Cutler of Chicago.
-BONDS NOT SOLD.
CLARKE COUNTY (P. 0. Osceola), Iowa.
The $289,000 issue of not to exceed 5% annual primary road bonds offered
on June 27-V. 128. p. 4041-was not sold. Due on May 1, as follows:
$25.000. 1935 to 1943 and $44,000 in 1944. Optional after May 1 1935.
CLEAR CREEK TOWNSHIP SCHOOL DISTRICT (P. 0. Tiffin)
-BOND OFFERING.
Johnson County, Iowa.
-Sealed bids will be received until 1.30 p. m. on July 15, by A. J. Roger, Secretary of the Board
of Education, for the purchase of a $3,000 issue of 43 % school bonds.
Dated July 1 1929. Due $1,000 from July 1 1942 to 1944. Prin. and semiannual int, payable at the Tiffin Savings Bank in Tiffin.
CLERMONT COUNTY (P.O. Batavia), Ohio.
-BOND OFFERING:.
B. L. Ketchum, County Auditor, will receive sealed bids until 12 m. on
July 19, for the purchase of $25,925.99 5% bridge bonds. Dated July 1
1929. Denom. 91,000, one bond for $925.99. Due on July 1, as follows:
$3.000. 1930 to 1937 Incl. and $1,925.99, 1938. Principal and semi-annual
interest payable at the office of the County Treasurer. A certified check for
2% of the bonds bid for, payable to the County Treasurer,is required.
CLIFFSIDE PARK SCHOOL DISTRICT (P. 0. Cliffside), Bergen
-Of the $325,000 coupon or registered
County, N. J.
-BOND SALE.
school bonds offered on July 1-V. 128. p. 4356-$321,000 bonds were
awarded to Seasongood & Meyer, of New York, as 5s. paying $325,300
equal to 101.33. a basis of about 5.38%. Dated July 1 1929. Due on July 1,
as follows: $5,000. 1930 to 1932 incl.; $10,000, 1933 to 1962 incl.. and
$6,000. 1963.
COHUTTA SCHOOL DISTRICT (P.O.Cohutta) Whitfield County,
-Sealed bids will be received until noon on July
Ga.-BOND OFFERING.
15, by the Secretary of the School Board, for the purchase of a $15.000
issue of 6% school bonds. Denom. $500. Dated July 1 1929. Due on
April 15, as follows: $500, 1930 to 1939 and $1,000, 1940 to 1949 all Inel.
Prin. and annual int. payable at the Hanover Central National Bank in
New York City.
COLUMBIA COUNTY SCHOOL DISTRICT NO.5(P.O.Clatskanie)
-Sealed bids will be received until 7 13.1n• on
Ore.
-BOND OFFERING.
July 10, by Bertha G. Barr, District Clerk, for the purchase of a $30.500
issue of 5% semi-annual school boonds. Due on May 15, as follows:
13.500, 1935 to 1937 and $4,000. 1938 to 1942 all incl. A certified check
for $1,500 must accompany the bid.
COLUMBUS, Franklin County, Ohio.
-NOTE SALE.
-The 9260,000
promissory notes offered on July 1-V. 128. p. 4357
-were awarded to
Otis & Co., of Cleveland, as 6s, at par, plus a premium of $325.00 equal to
100.125, a basis of about 5.91%. The notes are dated July 15 1929 and
mature on July 15 1931.
CONCORD, Merrimack County, N. H.
-BOND SALE.
-E. H.
Rollins & Sons, of Boston, were the successful bidders on July 1 for a $72,000
Issue of water works bonds, bearing a coupon rate of 434%. The Price Paid
was 98.71. Harris, Forbes & Co. of Boston, were the only other bidders,
offering 98.11 for the issue.
CONWAY COUNTY (P. 0. Morrilton), Ark.
-ADDITIONAL
DETAILS.
-The $117.000 issue of court house bonds that was awarded at
par to Caldwell Co. of Nashville
-bears interest at 5%.
-V. 128.3?. 4041
Denom. $1,000. Dated July 1 1929. Due from 1932 to 1949. Int.
payable on March and September 1.
CULVER CITY Los Angeles County, Calif.
-BOND SALE.
-A
575,000 issue of 534 k coupon or registered improvement bonds has recently
j
been purchased by ohn S. Mitchell & Co. of Los Angeles. Denom. $1,000.
Dated June 1 1929. Due $3,000 from June 1 1930 to 1954, incl. Prin. and
int. (J. & D. 1) payable at the office of the City Treasurer. Legality
approved by Orrick, Palmer & Dahlquist. of San Francisco.
CUMBERLAND, Allegheny County, Md.-BOND OFFERING.
Frank Billmeyer, Commission of Finance and Revenue, will receive sealed
bids until 9.30 a. m.on July 17,for the purchase of$125,0004H% Memorial
Hospital bonds. The bonds are dated Aug. 1 1929. Denom.$1,000. Due
in 30 years. A certified check for 234% of the bonds bid for is required.
CUSTER COUNTY SCHOOL DISTRICT NO. 49 (P.O. Miles City),
Mont.
-BOND SALE.
-The $35.000 issue of school bonds offered for sale
-was awarded to the State of Montana. as
on June 24-V. 128, p. 4190
68. at par. No other 1Dids were received.
DAMASCUS TOWNSHIP SCHOOL DISTRICT (P. 0. Tyler Hill),
Wayne County, Pa.
-BOND SALE.
-The $50,000 5% coupon school
bonds offered on July 1-V. 128, p. 4041
-were awarded to the Pennsylvania School Retirement Board, at par, plus a premium of $3,198.40,
equal to 106.39, a basis of about 4.52%. The bonds mature on July 1,
as follows: $4.0(K). 1934; $5,000, 1939; $7.000, 1944; $9,000, 1949; $12,000.
1954; and $13.000, 1958. The Honesdale Dime Bank, of Honesdale.
bid par for the bonds and M. M.Freeman & Co.,Philadelphia, offered 105.
DANVILLE, Pittsylvania County, Va.-BOND SALE.
-The two
issues of
% coupon bonds, aggregating $140_,000 offered for sale on July
1-V. 128. P. 419 -were jointly awarded to Frederick E. Nolting & Co.
and the Planters State Bank, both of Richmond, at a price of 97.22. a basis
of about 4.81%. The issues are described as follows:
$100.000 refunding bonds. Dated July 1 1929. Due $4,000 from July 1
1930 to 1954, incl.
40,000 water works improvement bonds. Dated May 1 1929. Due
$2,000 from May 1 1930 to 1949, incl.
DARK HOLLOW DRAINAGE DISTRICT (P. 0. Little Rock)
-BOND SALE.
Pulaski County, Ark.
-A $39,000 issue of 5% drainage
bonds has been purchased by the Columbia Title & Trust Co. of Topeka.
Dated April 1 1929. Due on Oct. 1. as follows: $1,000. 1930 to 1932;
$2,000. 1933 to 1936; 53.000. 1937 to 1939; $6.000, 1940 and 1941 and
$7,000 in 1942.
(This corrects the report appearing in V. 128. p. 4190.)
DAVIS COUNTY (P. 0. Bloomfield), Iowa.
-BOND SALE.
-The
$200,000 issue of annual primary road bonds offered for sale on June 28
-V.128, P. 4041
-was awarded to Geo. M. Bechtel & Co., of Davenport,
as 5s.for a premium of $256,equal to 100.128,a basis ofabout 4.98%. Due
$20,000 from May 1 1935 to 1944 incl. Optional after May 1 1935. The
only other bid was a premium offer of $255 for 5s, made by the Carleton
D.Beh Co.,of Des Moinea.
DEMOCRAT CIVIL AND SCHOOL TOWNSHIP, Carroll County,
Ind.
-Elmer Shaffer, Trustee, will receive sealed
-BOND OFFERING.
bids until 2:30 p.m. on July 5, for the purchase of $37.000 43.5% school
building bonds. Denoms. $650 and $600. Due on June 15 1930 to June 15
1944 incl. Interest payable on June and Dec. 15.
DIMOND TOWNSHIP (P. 0. Coteau) Burke County, N. Dak.BOND SALE.
-The $2,000 issue of6% semi-annual township bonds offered
for sale on June 4 was awarded at par to Mr. Lars Nelson of Coteau. Due
from 1930 to 1932.
160
FINANCIAL CHRONICLE
DIVIDE COUNTY (P.O. Crosby), N. DaIr.-CERTIFICATE SALE.
The $10,000 .ssue of semi-annual certificates of indebtedness offered for
sale on June 25-V. 128, P. 4191-was awarded to local investors. as 634s.
at par. Due in 2 years.
DOUGHERTY SCHOOL DISTRICT(P.0.Floydada)Floyd County,
Tex.
-ADDITIONAL DETAILS.
-The $15,000 issue od school bonds
that was purchased at par by the State of Texas
-V. 128,1). 4191-bears
interest at 5% and is due from 1930 t9 1969.
DuBOIS COUNTY (P. 0. Jasper), Ind.
-John
-BONDS NOT SOLD.
Seger, County Treasurer, states that the $5,600 43 'road bonds offered
on June 26-V. 128, p. 4042
-were not sold as no bid was received. The
bonds are dated June 15 1929.
DURHAM PUBLIC SCHOOL DISTRICT (P. 0. Durham County,
N. C.
-BOND SALE.
-The 1250,000 issue of coupon school bonds offered
for sale on June 28-V. 128 p. 4191-was awarded to Eldiedge & Co., of
New York, as 5s, for a premium of $3,975, equal to 101.59. a basis of about
4.86%. Dated July 1 1929. Due from July 1 1932 to 1959, incl. The
following is the official list of the bids (all for 5s.):
Amount.
Bidder$252,897.50
The National City Co.
253,975.00
Eldredge & Co*
252,070.00
Hannahs, Ballins & Lee
Detroit & Security Trust Co., Douglas H. Campbell First
251,450.00
Wisconsin Co
252,675.00
Otis & Co
250,877.00
John Nuveen & Co., and Morris Mather
252,717.89
Braun, Bosworth & Co., Stranahan Harris & Oatis
250,576.89
C. W. McNear & Co. Federal Securities Corp
251,100.00
First National Bank, A. B. Leach & Co
*Successful bid.
EL CAMPO INDEPENDENT SCHOOL DISTRICT (El Campo)
Wharton County,Tex.
-BOND SALE.
-The $45,000 issue of 5% coupon
-was
school bonds offered without success on June 17-V. 128, p. 4191
since purchased at par by the State of Texas. Dated Mar. 20 1929. Due
from 1934 to 1950 hid.
-BOND
ELIZABETH SCHOOL DISTRICT, Allegheny County, Pa.
OFFERING.-Lotta K. Christy, Secretary of the Board of Directors, will
receive sealed bids until 6 p. m.(Eastern standard time) on July 9, for the
purchase of $27.000 5% school bonds. Denom. $1.000. Due on July 15,
as follows:$4,000.1934;15.000. 1939;$7,000.1944;$9,000.1949;and $2,000
1950. A certified check for $1,000, payable to the School District, is required.
-A $24,000 issue of
ENID, Garfield County, Okla.
-BOND SALE.
6% street paving bonds has been purchased by the Hanchett Bond Co.,
of Chicago. Denom. S1,000. Dated May 13 1929. Due on Oct. 1, as
follows: $1.000, 1929; $2,000, 1930 to 1933 and 13.000, 1934 to 1938, all
incl. Prin. and int.(A. & 0. 1)'payable at the office of the City Treasurer.
Legality approved by Holland M.Cassidy, of Chicago.
-T. Hanlon. City Clerk,
ERIE, Erie County, Pa.
-BOND OFFERING.
will receive sealed bids until 10 a. m. (Eastern standard time) on July 12,
for the purchase of 1173.000 43j% coupon improvement bonds. Dated
July 1 1929. Denom. $1,000. Due on July 1 as follows: $23,000. 1930,
and $30,000. 1931 to 1935, inclusive. The bonds are registerable as to
principal only. Principal and semi-annual interest (Jan. and July 1)
payable at the office of the City Treasurer. A certified check for 1% of
the bonds bid for, payable to the City Treasurer, must accompany each
proposal.
Financial Statement.
Taxable valuation of the City of Erie (real and personal)
$148,147,877.00
for the year 1929
200.000,000.00
Actual valuation (estimated)
•Bonded debt of the City of Erie, Including the $173,000
4,723,000.00
now offered for sale
Less collectible liens to be filed under certificates of the City
Engineer, for amount of benefits to be assessed against
owners of property abutting the improvement for which
173,000.00
those $173,000 bonds are issued
x Floating debt
$4,550,000.00
187,519.25
Assets in sinking fund
$4,737,519.25
674,350.00
Net debt of the City of Erie, Pa
$4,063,169.25
(U. S. census of 1920)
Population of the City of Erie'
102,093
Present population (estimated)
133.000
* Water debt included in the bonded debt, $230,012.58. x The floating debt consists of re-paving, property damages, mortgages, etc. It is
expected that the floating debt will be reduced 25% in the near future.
1,597,500 of the net debt have been authorized by the votes of the
electors;and 32,465.669.25 in the Councilmanic debt.
The values represented by the city building permits for the first five
months of 1929 amount to $4,120,502. against $1,503,707 for the corresponding period of last year.
Real and personal property owned by the City of Erie: Land and buildings, $7,419,007; equipment, $1,267,109; total, $8,686.116.
FALLING SPRINGS ROAD DISTRICT(P.O.Lewisburg)Greenbrier
-An issue of $110,000 road bonds has
County, W. Va.-BOND SALE.
recently been purchased at par by the State Sinking Fund Commission.
-BOND
FERNDALE SCHOOL DISTRICT, Oakland County, Mich.
-Gordon A. Damon, Secretary of the Board of Education,
OFFERING.
will receive sealed bids until 4 p. m.on July 9,for the purchase of $300.000
school bonds. Bidders to name rate of interest which is not to exceed 5%•
The bonds are to mature annually in from 1 to 20 years. Principal and
semi-annual interest payable at a depository agreeable to the purchaser of
the issue. Denom.$1,000. A certified check for 2% of the bonds bid for,
payable to the Treasurer of the Board of Education, must accompany each
proposal. Bids may be made for a $100,000 block of the bonds or the entire
offering. Said bonds have been authorized by the electors of the said school
district for the purpose of building and equipping an addition to the Harding
and the Coolidge schools. Assessed valuation of school district, $21,235,361.
Bonded indebtedness (not including this issue), 31,509,250. Sinking fund,
3157.936.24.
FERNDALE SCHOOL DISTRICT (P. 0. Detroit) Wayne County,
-BOND OFFERING.
-Sealed bids will be received by the Clerk
Mich.
of the Board of Education, until 8 p. m. on July 9, for the purchase of a
$300,000 school bond issue, to bear a coupon rate of 5% Payable semiannually. The bonds are to mature serially in 20 years,and were authorize
at an election held on June 10, by a vote of 420 to 262.
-An issue of
FISHER COUNTY (P. 0. Roby), Tex.
-BOND SALE.
$149,000 5;i 5/ road and bridge refunding bonds has been purchased at
par by the J. E. Jarratt Co.. of San Antonio. Due from 1930 to 1969.
FLORIDA INLAND NAVIGATION DISTRICT (P. 0. Jackson-BOND OFFERING.
ville), Fla.
-Sealed bids will be received until 11
a. m. on Aug. 1 by Charles'F. Burgman, Chairman of the Board of Com.;
missioners, for the purchase of two issues of 4% bonds aggregating $1,887,000. divided as follows:
$1.137,000 right of way purchase bonds. Due $76,000 from 1934 to 1945
and $75,000, 1946 to 1948, all inclusive.
750.000 canal purchase bonds. Due $50,000 from 1934 to 1948. incl.
Denom. $1,000. Dated Sept. 11928. Principal and interest(M.& S.)
payable at the Florida National Bank in Jacksonville or at the Guaranty
Trust Co. in New York City. Bids will be received for each issue separately or for both issues as a whole. These bonds are offered subject to
the legal approval of Thomson, Wood & Hoffman of New York. The
Board of Commissioners will furnish the required bidding forms. A certified check for 1% of the bid, payable to Frank H. Owen,Treasurer of the
Board of Commissioners, Is required.
-BOND SALE.
FOREST GROVE, Washington County, Ore.
The $67,000 issue of 53i% coupon refunding water bonds offered for sale
-was jointly sold to Pierce, Fair & Co., and
on June 18-V. 128. p. 3224
Atkinson, Jones & Co., both of Portland, at a price of 96.02. a basis of
about 5.93%. Dated June 15 1929. Due from 1930 to 1949 incl.
-At the
-BONDS VOTED.
FORT WORTH, Tarrant County, Tex.
-the voters approved the
special election held on June 25-V. 128, p. 3877
Issuance of the three items totaling $3,000,000 by a majority reported to be
6 to 1. The Dallas "News" of July 1 commented on the election as follows:
[VOL. 129.
One item for $2,000.000 for subways and viaducts for railroad crossings.
most of them on the Texas & Pacific, will enable that railroad to carry out
its plans for spending about $4,000,000 for a new passenger station and a
large freight terminal.
Carriage of the issue will enable the city to purchase the land at the
municipal airport and to make extensive additions there. The amount
voted was $500,000. Another item of 15,00000 is for the purchase of a site
and the erection of a new central fire station and enlargement of the fire
alarm system.
-BOND OFFERING.
FOUNTAIN COUNTY (P.O. Covington) Ind.
George McMurtrie,County Auditor, wilIreceive sealed bids until 10 a.m. on
July 22, for the purchase of $71,600 4 % bridge construction bonds.
Dated Feb. 15 1929. Due $3,580, July 15 1930: $3,580, Jan. and July 1
1931 to 1939 incl.. and $3,580, Jan. 1 1940. Interest payable on Jan.
and July 1.
-BOND OFFERING.
-Howard
FREEPORT, Nassau County, N. Y.
B. Pearsall, Village Clerk, will receive sealed bids until 8 p. m. (daylight
saving time) on July 12, for the purchase of $118,000 coupon or registered
public impt. bonds. Rate ofinterest is not to exceed 6% and Is to be stated
in multiples of g or 1-10 of 15/. The bonds are dated July 1 1929. Denom.
$1,000. Due on July!,as follows: 58,000. 1930 to 1933 incl.; $12,000. 1934;
$3,000, 1935 to 1958 incl.; and $2,000, 1959. Prin. and semi-annual int.
payable in gold at the Freeport Bank, Freeport. A certified check for
$2000, payable to the Village, must accompany each proposal. Legal
opinion by Clay, Dillon & Vandewater, of New York.
GALT, Grundy County, Mo.-BOND SALE.
-A $20,000 issue of 5%
electric light bonds has been purchased at par by the White-Phillips Co. of
Davenport. Denom.$500. Dated June 1 1929. Due on June 1, as follows:
11,000. 1931 to 1933; 52,000, 1934 to 1936; $2,500, 1937 and 1938 and
Ii3.000. 1939 and 1940.
GARDEN CITY SCHOOL DISTRICT (P. 0. Garden City) Finney
% semi-annual
-BOND SALE.
-A $50.000 issue of
County Kan.
auditorium and gymnasium bonds has recently been purchased at par by
the sinking fund. Due 52,500 from July 1 1930 to 1949,incl.
-The
GEAUGA COUNTY (P. 0. Chardon) Ohio.
-BOND SALE.
$19,323.19 special assessment street improvement bonds offered on June 3-were awarded to the First-Citizens Corp. of Columbus, as
V. 128, p. 3719
53.1s, at par, plus a premium of $34.80, equal to 100.17, a basis of about
6.23%. The bonds are dated May 10 1929, and mature on May 10, as
follows: $1,323.19. 1930,and $2,000, 1931 to 1939 incl. Other bidders were:
Int. Rate. Premium.
Bidder$5.00
Blanchet, Bowman & Wood
5
102.60
5
Stranahan, Harris & Oatis, Inc
66.00
5
Ryan, Sutherland & Co
5.00
Seasongood & Mayer
5
GEORGETOWN, Eaton and Nelson Common School District No.
-The
SALE.
-BOND
1 (P. 0. Georgetown), Madison County, N. Y.
365,000 coupon or registered school bonds offered on June 29-V. 128.
P• 4191-were awarded to Prudden & Co., New York, as 5(s, at par,
plus a premium of $227, equal to 100.34. a basis of about 5.17% • The
bonds are dated July 1 1929. Due on July 1 as follows: $1.000, 1931 to
1941, inclusive; $2.000, 1942 to 1950 inclusive, and $3,000, 1951 to 1962,
nclusive. The following bids were also submitted:
Rate Bid.
Int. Rate.
Bidder100.879
Edmund Seymour & Co
6%
100.784
George B. Gibbons & Co
6%
GLOUCESTER TOWNSHIP (P. 0. Blackwood), Camden County,
-The First National Bank, of Blackwood, purchased
N. J.
-BOND SALE.
at private sale, as 6s. at par, a $61.000 issue of coupon or registered improvement bonds. The bonds are dated March 1 1929. Due on March 1,
as follows: $5,000, 1931, and 14.000, 1932 to 1945 incl. No bids were
received for these bonds when they were offered on July 1-V. 128, p.4192.
-The
-BOND SALE.
GRAND RAPIDS, Wood County, Ohio.
$3,850 5% tire engine apparatus bonds offered on June 21-V. 128, p. 3719
-were awarded to the Grand Rapids Banking Co. at par and accrued int.
No other bid was received. The bonds are datedJuly 1 1929. Due $385.
Oct. 1 1930 to 1939 incl.
-BONDS REGISTERED.
GRANDVIEW, Johnson County, Tex.
Two issues of 6% serial bonds aggregating $36,000, were registered by the
State Comptroller on June 24. The issues are divided as follows: $30,000
sewer and $6,000 water works bonds.
GRANT ROAD DISTRICT (P. 0. Huntington) Cabell County,
W. Va.-BOND OFFERING -Sealed bids will be received until noon on
July 31, by R. S. Douthat, Clerk of the County Court, for the purchase
of a 5286,000 issue of 5% road bonds. Denom.$1,000. Dated July 1 1929
Due on July 1, as follows: $9,000, 1930 to 1960. and $7,000 in 1961. Prin.
and semi-annual int. payable at the office of the State Treasureeln Charleston, or at the National City Bank in New York City. A $3,000 certified
check must accompany the bid.
-The two
-MATURITY.
GREENWOOD,. Leflore County, Miss.
1% bonds, aggregating $60,000, awarded on June 18-V. 128.
,
issues of 53
-are due as follows:
p. 4192
$30,000 hospital bonds purchased by Saunders & Thomas,of Memphis,at a
price of 100.13. mature $2,000 from June 1 1935 to 1949, giving
.23.
a basis of about 5%
30,000 school bonds to Mrs. Gussie Kantor, of Greenwood, at a price of
100.33, mature on June 1, as follows: $1,000, 1930 to 1934; $2,000,
1935 to 1944 and $1,000, 1945 to 1949, all incl. Basis of about
5.20%.
GUADALUPE GRAMMAR SCHOOL DISTRICT (P. 0. Santa Bar-The
-BONDS NOT SOLD.
bare), Santa Barbara County, Calif.
$105.000 issue of 5% school bonds offered on July 1-V. 128, p. 4192
was not sold as there were no bids received.
-Sealed bids will again be received for the pur-OFFERED.
RE
BONDS
chase of the above bonds by E. D. Hunt, County Clerk, until Aug. 5.
Denom. $5,000. Dated June 3 1929. Due $5,000 from June 3 1930 to
1950, inclusive. A certified check for 3% of the bid, payable to the
County Treasurer, is required.
-BOND SALE POSTHALIFAX COUNTY (P. 0. Halifax), N. C.
-The sale of the $52 000 issue of not to exceed 6% coupon or
PONED.
for July 8-V. 128, p.
j
eenpopog dlnj y6
originally
registered 1efundlnfbids,lgr
hL;
4t
-BOND SALE.
-The $164,HAMTRAMCK, Wayne County, Mich.
538.61 public improvement bonds offered on June 25-V. 128, p. 4192
were awarded to Stranahan, Harris & Oath', Inc. and the First National
Co., both of Detroit, as 55's, at par, plus a premium of $518.18, equal to
100.31, a basis of about 5.63%. The lconds are to mature serially in from
1 to 5 years. The following bids were also submitted:
Rate Bid.
Bidder100.185
Detroit & Security Trust Co.and the Union Tr. Co.,jointly
100.11
Bank of Detroit, Detrot
-BOND SALE.
HANCOCK COUNTY (P. 0. Findlay), Ohio.
The $2,100 5.5.6% coupon road bonds offered on June 27-V.128, p. 4043
were awarded to the American First National Bank, at par and accrued
interest. The bonds are dated May 1 1929. Due $1,100, in 1930; and $1.000, 1931.
HEMPSTEAD COMMON SCHOOL DISTRICT NO. 3 (P. 0. East
-BOND OFFERING.
-Sealed bids will
Meadow, R. F. D. No. 1), N. Y.
be received until 8 p. m.(daylight saving time) on July 9, by the District
Clerk, for the purchase of $36,000 coupon or registered bonds. Rate of
Interest either 5,5% or 5;i %. The bonds are dated July 2 1929. Denom.
$1,000. Due on July 2, as follows: 11.000, 1930 to 1941 incl.; and $2,000.
1942 to 1953 incl. Prin. and semi-annual interest payable at the Second
National Bank, Hempstead, or at the National Park Bank, New York.
A certified check for $1,800, payable to the District Treasurer, is required.
Legality to be approved by Hawkins. Delafield & Longfellow, N ew York.
HEMPSTEAD UNION FREE SCHOOL DISTRICT NO. 23 (P. 0.
-There were no bids
-NO BIDS.
Wantagh), Nassau County, N. Y.
received on July 1 for the $185,000 ot% coupon or registered school
-V. 128, P. 4192. The bonds are dated July 1
bonds offered for sale
1929. Due on July 1 as follows: $9,000, 1934 to 1953, inclusive, and
$5,000, 1954.
HENDERSON COUNTY (P. 0. Henderson) Ky.-ADDITIONAL
-The $200,000 Issue of 4.(% road and bridge bonds that was
DETAILS.
-is
-V. 128, pl. 4043
Purchased by Taylor, Wilson & Co., of Cincinnati
dated April 1 1929. Prin. and int. A. & 0) payable at the Ohio Valley
JULY 61929.]
FINANCIAL CHRONICLE
Banking & Trust Co. of Henderson. Legality approved by Chapman &
Cutler of Chicago.
HENRY COUNTY (P. 0. Newcastle), Ind.
-BOND SALE.
-The
118,750 5% coupon highway improvement bonds offered on July 1V. 128, P. 4043
-were awarded to the J. F. Wild Investment Co.. of
Indianapolis at par, plus a premium of $155, equal to 100.81. a basis of
-about 4.81V'. The bonds are dated July 15 1929. Due $937.50, May
and Nov. 15 1930 to 1939 inclusive. Other bidders were:
BidderPremium.
City Security Corp
$102
Local Banks
25
HIGHLAND PARK, Middlesex County, N. J.
-BOND OFFERING.
-Benjamin F. Gebhardt, Borough Collector, will receive sealed bids
until 7 p. m.(Eastern standard time) on July 15,for the purchase of $32,000
5% coupon or registered water bonds. Dated Aug. 1 1929. Denom.
41,000. Due $1,000, Aug. 1 1930 to 1961 incl. Prin. and semi-annual
int, payable at the office of the Borough Collector. No more bonds to be
awarded than will produce a premium of $1,000 over the amount stated
-above. The United States Mtge. & Trust Co., N. Y., will supervise the
preparation of the bonds and will certify as to the genuineness of the signatures of the officials and the seal impressed thereon. A certified check for
2% of the bonds bid for, payable to the Borough, must accompany each
proposal. Legality is to be approved by Caldwell & Raymond of New
York.
HILL COUNTY SCHOOL DISTRICT NO. 13 (P. 0. Box Elder),
Mont.
-BOND OFFERING.
-Sealed bids will be received until 8 p. m.
on Aug. 1 by N. M. Spangels, District Clerk, for the purchase of a $24,000
Issue of school bonds. A 3500 certified check must accompany the bid.
HILLSDALE SCHOOL DISTRICT, Hillsdale County, Mich.PURCHASERS.
-The Hillsdale Savings Bank, the First National Bank
.and the First State Bank. all of Hlllsdale, were the purchasers of the $285,-000 4%% school bonds sold on June 20-V. 128, p. 4358. The price paid
was,100.20, a basis of about 4.73%.
HOOD RIVER, Hood River County, Ore.
-BOND OFFERING.
Sealed bids will be received until 8 p. in. on Aug. 5, by H. L. Howe, City
Recorder, for the purchase of a $25,000 issue of 4 % semi-annual water
bonds. Dated July 1 1929. Due on July 1, as follows: $8,000 in 1957 and
417,000 in 1958. Teal. Winfree, McCulloch & Shuler of Portland. will
furnish the legal approval. A $1,000 certified check must accompany
the bid.
HOOD RIVER IRRIGATION DISTRICT (P. 0. Hood River) Hood
River County, Ore.
-BOND SALE.
-The $4,000
bonds offered for sale on June 24-V. 128, p. 3878issue of 6% refunding
-was
First National Bank, of Hood River. at a price of 94, aawarded to the
basis of about
-6.76%. Dated Oct. 1 1918. Due on Oct. 1 1940.
HOWARD COUNTY (P.O. Cresco), Iowa.
-CERTIFICATE SALE.
A $20,000 issue of anticipation certificates was recently purchased
Cresco Union Savings Bank of Cresco. as 5s, at par. Dated July by the
15 1929.
Due 310,000, Jan. 1 1933 and 1934.
HUNTINGTON (P.0. Huntington) Suffolk County, N. Y.
-BOND
OFFERING.
-Richard W. Hawkins, Town Supervisor, wlll receive sealed
bids until 2 p. m. (daylight saving time) on July 12, for the purchase of
$306.000 coupon or registered, series B, road improvement bonds. Rate
of interest is not to exceed 5% and is to be stated in multiples
.of 1%.one rate to apply to the entire offering. The bonds are of 1-10 or M
dated July 1
1929. Denom. $1,000. Due on Jan. 1, as follows: $21,000. 1934; $25,000.
1935 to 1939 incl.; and $20.500. 1940 to 1947 incl. Prin. and semi-annual
interest payable in gold at the Bank of Huntington,Huntington. A
check for 36.000, payable to the above-mentioned official, is certified
required.
Legality to be approved by Clay, Dillon & Vandewater, of New York.
IDAHO, State of (P. 0. Bolse).-NOTES REDEEMABLE.
informed that Byron S. Defenbach, State Treasurer, is now in -We are
a position
to redeem any or all of the 6% tax anticipation State Highway treasury
notes that are maturing on Oct. 16. These notes are not being called in
but the holders may present them for redemption at the present time on the
rate of $1,020.82 for a $1,000 bond.
INDIAN LAKE CENTRAL SCHOOL DISTRICT NO. 1, Hamilton
County, N. Y.
-BIDS REJECTED.
-The following
which were rejected on June 27 for the $165,000 couponis a list of the bids
or registered school
bonds offered on that date.
-V.128. p. 4043.
BidderInt. Rate.
Premium.
George B. Gibbons & Co
$2,905.00
6%
Edmund Seymour& Co
377.85
6
Manufacturers & Traders-Peoples Trust Co., Buffalo-6 0
978.45
INDIANAPOLIS, Marion County, Ind.
-BOND SALE.
-The $950.000 43X % bonds offered on July 1-V. 128. p. 4359
-were awarded as
follows:
4530,000 City Hospital bonds, issue No. 1, sold to a group composed of
Emerich & Co., the Northern Trust Co., and the William R.
Compton Co., all of Chicago. at 100.53, a basis of about 4.45% •
Due on July 1 as follows: $18,000. 1931 to 1958 inclusive, and
$26.000. 1959.
420.000 'Municipal Judgment funding bonds of 1929, issue No. 1. sold to
the Indiana Trust Co., and the Merchants National Bank, both
of Indianapolis, jointly, at 100.036. a basis of about 4.49%.
Dated July 1 1929. Due 321.000, Jan. 1 from 1931 to 1950, incl.
The $530,000 issue awarded to the syndicate headed by Ames, Emerich
& Co., Chicago, are being re-offered for public investment at prices to
yield from 4.25 to 5.00%. The financial statement as of May 1 1929,
assessed valuation of taxable property. 9672,689,970: net bonded shows
debt,
39.375,675, and population (1920 census), 314,194.
IOWA, State of (P. 0. Des Moines).
-BONDS VOTED AND PENDING.
-The following is a detailed tabulation of the bonds that have been
voted by the various counties during the present year and also those bond
issues contemplated by the different counties, as it appeared in the Dee
Moines "Register" of July 2:
Bonds Voted Previously.
Sixty-one counties
366,535,657
Bonds Voted This Year.
Story, April 8
$1,300,000 Union, May 28
550,000
Shelby, April 11
800,000x Black Hawk, May 31
1,000,000
Audubon, April 17
750,000 x Montgomery, May 31 -___
450,000
Adams, April 24
450.000 Carroll, June 4
1,500.000
x Page, May 1
550,000 x Fayette. June 4
660,000
Dallas, May 9
Cass, June 6
1,500,000
1,500,000
a Fremont, May 9
415,000 Hamilton, June 12
1,350,000
Boone, May 15
1,300,000 x Pottawattamie, June 12._ 1,000,000
Taylor. May 16
750,000 x Franklin, June 12
650,000
x Mabaska. May 22
800,000 Hardin, June 14
1,300,000
Marion, May 22
1,300,000 x Bremer. June 14
400,000
x Clarke, May 22
250,000 Grundy, June 20
1,230,000
Guthrie, May 22
1,200,000 a Appanoose, June 27
350,000
Crawford, May 24
1,500,000 a Muscatine, July 1
800,000
a Dubuque, May 27
900,000
x Linn, May 27
1,700,000
Total
s
$30,480,000
375,000 Total voted by 78 counties---$97,015,657
a Van Buren, May 27
Webster. May 27
1,900,000
Bond Elections Called.
$500,000 x Tama, July 17
x Delaware, July 3
800,000
850,000
Emmet, July 10
Total
723,000
Dickinson, July 10
$2;873,000
Total voted and submitted$99,888,657
x Voting a second issue.
IREDELL COUNTY (P. 0. Statesville), N. C.
-BOND SALE.
-The,
two issues of 5% bonds, aggregating $270,000, offered for sale on June
-were awarded at par to Stranahan, Harris & Coatis,
28-V. 128, p. 4192
Inc., of Toledo. The issues are divided as follows:
4160.000 funding bonds. Due from 1931 to 1944, inclusive.
110.000 school building bonds. Due from 1932 to 1957, inclusive.
-BOND OFFERING.
JACKSON COUNTY (P. 0. Brownstown), Ind.
H. Drooge, County Treasurer, will receive sealed bids until 1 p. in.
on July 12, for the purchase of 32.600 5% John F. Louden et al highway
improvement bonds. Dated July 15 1929. Denom. $130. Due $130,
July 15 1930; 3130, Jan. and July 15 1931 to 1939. inclusive, and 9130,
Jan. 15 1940. Interest poyable on Jan. and July 15.
161
JACKSON COUNTY (P. 0. Pascagoula), Miss.
-BOND SALE.
The $30,000 issue of bridge bonds that was unsuccessfully offered on Jan.
7-V. 128, p. 1095
-has since been purchased at par by the Pascagoula
National Bank, of Pascagoula.
JACKSON COUNTY(P.O.Sylva), N. C.
-BOND SALE.
-A 3254.000
issue of 6% funding bonds has been purchased by the Weil, Roth & Irving
Co., of Cincinnati. Denom. $1,000. Dated April 11929. Prin. and int.
(A. & 0.) payable at the Harrison National Bank in New York City.
Storey, Thorndike, Palmer & Dodge, of Boston. will furnish the legal approval.
JACKSON COUNTY SCHOOL DISTRICT NO. 73 (P. 0. Ashland),
Ore.
-BOND SALE.
-A 916,000 issue of 5;i% semi-annual school bonds
has recently been purchased by a local investor.
JACKSONVILLE ROAD DISTRICT NO. 1 (P. 0. Jacksonville),
-BONDS NOT SOLD.
Cherokee County, Tex.
-The $100,000 issue of
5% road improvement bonds offered on June 25-V. 128, p. 3878
-was
not sold as no bids were received. Dated June 25 1929. Due from June
25 1930 to 1959, all inclusive.
JACKSON-WILSON HIGH SCHOOL DISTRICT (P. 0. Jackson),
Teton County, Mont.
-BOND OFFERING.
-Sealed bids will be received
until 2 p. m. on July 20, by Pearl G. Davis, Secretary of the Board of
Trustees, for the purchase of a 949,000 issue of 5% semi-armpit school
bonds. Denom. $4,000. Dated June 1 1929. Due $4,000 1/45ni June 1
1942 to 1951, inclusive.
JASPER, Walker County, Ala.
-PRICE PAID.
-The $18,000 issue
of coupon refunding bonds that was purchased by Ward, Sterne & Co.,
of Birmingham, as 6s-V. 128._p. 4359-was awarded at a price of 95,
giving a basis of about 6.58%. Due $1,000 from July 1 1933 to 1950, incl.
JEFFERSON COUNTY (P. 0. Birmingham), Ala.-INT. RATE.
The $250,000 issue of court house construction bonds awarded at par to
Marx & Co. of Birmingham-V. 128, p. 4359
-was awarded as 5% bonds.
Due from Jan. 1 1950 to 1952.
JOHNSTON CONSOLIDATED SCHOOL DISTRICT (P. 0. Johnston), Polk County, Iowa.-EtOND OFFERING.
-Bids will be received
until 8 p. m. on July 8. by B. J. Ahrold, District Treasurer, for the purchase of a $12,000 issue of school bonds. Interest rate is not to exceed
5%. Denom. $1,000. Dated July 1 1929. Due on July 1 as follows:
$1.000 in 1931: $2,000, 1932 to 1936 and 31,000 in 1937. Both sealed
and open bids will be received. Bonds will be printed and furnished by
the District, as well as the approving opinion of Chapman & Cutler of
Chicago. A certified check for 3% of the bonds offered, is required.
JOHNSTOWN, Cambria County, Pa.
-FINANCIAL STATEMENT.
-In connection with the scheduled sale on July 15 of *250.0004 % bonds,
notice and description of which appeared in-V.128. p. 4192, the following
statistics have been prepared.
Estimated value of all taxable property
:095
000
Assessed val.incl. prop.& personal tax assessm'ts for 1929.-31812
°
8
Total bonded debt including this issue
5.023.500
No floating debt or other debt in addition to bonded indebtedness.
Cash in sinking fund
3220076:500006
Bonds in sinking fund
Net indebtedness June 1 1929
4,296,994
Value of property owned by municipality for 1929
4.603.450
Population of 1925 census. 75,743.
-Sealed
KENSAL, Stutsman County, N. Dait.-BOND OFFERING.
bids will be received at the office of the County Auditor, in Jamestosn.
by J. A. Aarhus, Village Clerk, until 2 p. M. on July 8, for the purchase
of a $6,000 issue of village bonds. A certified check for 2% is required.
KERRVILLE INDEPENDENT SCHOOL DISTRICT (P. 0. Kerr-BOND SALE.
ville) Kerr County, Tex.
-A 960,000 issue of school
bonds has recently been purchased at par by the State Department of
Education.
KNONVILLE, Knox County, Tenn.
-BOND SALE.
-The $365.000
issue of 4,4% coupon or registered improvement, series "H" bonds offered
r
-was awarded to E. H. Rollins & Sons.
f, sale on July 2-V. 128. p. 4359
of New York at a discount of 310.526.14. equal to 97.116, a basis of about
5.01%. Dated June 1 1929. Due on June 1. as follows: $36,000.1931 to
1935 and $37,000, 1936 to 1940 all incl.
-Sealed bids
-BOND OFFERING.
KONAWA,Seminole County, Okla.
will be received by 0. T. Damon, Town Clerk, until July 8. for the purchase of a $30,000 issue of water system bonds.
-BOND OFFERING
KOSSUTH COUNTY (P. 0. Algona), Iowa.
Bids will be received up to 2 p. m. on July 31 by H. W. Kruse, County
Treasurer for the purchase of an issue of 9100,000 annual primary road.
bonds. Denom. $1,000. Dated Aug. 1 1929. Due 910,000 from May 1
1935 to 19441,incl. Optional after five years. Sealed bids will be opened
only after all the open bids have been received. Purchaser to furnish
blank bonds. Chapman & Cutter of Chicago, will furnish the legal approval. A certified check for 3% of the bonds, payable to the County
Treasurer, is required.
LANCASTER, Erie County, N. Y.
-BIDS.
-The following is a list
of the bids received on June 24 for the 417,000 bonds awarded to the
Citizens National Bank,of Lancaster-V.128, p. 4359.
erInt. Rate. Rate Bid,
Citizens National Bank, Lancaster
100.54
%
George B. Gibbons & Co
100.174
6%
Manufacturers & Traders-Peoples Trust Co
100.367
5q %
Edmund Seymour & Co
100.029
LANE COUNTY SCHOOL DISTRICT NO. 69 (P. 0. Junction
City), Ore.
-BOND SALE.
-The 936.000 issue of semi-annual school
bonds offered for sale on June 29-V. 128, p. 4359
-was awarded to the
State of Oregon as 5 Xs at par. Dated June 15 1929. Due from June 15
1930 to 1939.
LAPEER COUNTY (P. 0. Lapeer), Mich.
-BIDS.
-The following is a
list of the bids received on June 21 for the $50,000 5A % improvement
bonds awarded to Brawl, Bosworth & Co., of Toledo
-V.128. p.4360.
Bidder
Premium. Rate Bid.
Braun, Bosworth & Co
$384.00
100.76
First National Bank. of Lapeer
230.00
100.46
Central Trust Co
205.00
100.41
LAUREL, Cedar County, Neb.-BOND SALE.
-A 319.000 issue of
% refunding bonds has been purcnased by Wachob, Bender & Co.
of Omaha.
LAURENS, Laurens County, S. C.
-BOND SALE.
-The twolssues
of 5% semi-annual bonds aggregating $70,000, offered for sale on June 28V. 128. p.4193
-were awarded at par to the Bond Commission. The issues
are divided as follows: 3.10.000 street and sidewalk and $30,000 city hall.
police and fire station bonds.
LAVACA COUNTY ROAD DISTRICT NO. 4 (P. 0. Hallettsville),
Texas.
-BOND SALE.
-The $50.000 issue of road bonds offered for sale
of s une 15(V. 128. p. 3879) was awarded at par to the First National Bank
n Jhiner.
LINDEN, Union County, N. J.
-BOND OFFERING.
-Thomas H.
Sullivan, City Clerk, will receive sealed bids until 8 p. In. on July 15.
for the purchase of 3643.000 coupon or registered assessment bonds.
Dated July 1 1929. Denom. $1,000. Due on July 1, as follows: 9107,000,
1930 to 1934 incl.. and $108.000, 1935. Rate of interest is to be named by
bidder. N') more bonds to be awarded than will produce a premium of
91.000 over the amount stated above. Principal and semi-annual interest
(Jan. and July 1) payable in gold at the Linden National Bank & Trust Co..
Linden, A certified check for 2% of the bonds bid for, payable to the City.
must accompany each proposal. Legality is to be approved by Caldwell
& Raymond, of New I ork.
LIVERMORE, Alameda County, Calif.
-BOND SALE.
-The $7,000
issue of 5M % coupon municipal improvement bonds offered for sale on
June 24-V. 128. p. 4193
-was awarded to Mr. C. H. Wente,of Livermore.
for a premium of $94.50, equal to 101.35. The only bid was a premium
offer of $79, by the National Bankitaly Co. of San Francisco.
LOGAN,Hocking County, Ohio.
-BOND OFFERING.
-Della Bishop
City Auditor, will receive sealed bids until 12 in. on July 23, for the purchase of $6,300 5 c7., Church Street sewer bonds. Dated July 1 1929.
Denom. 31.000 and $500, one bond for $300. Due on April 1 as follows:
31.000, 1930 to 1932, inclusive; $500, 1933 to 1938. inclusive, and $300,
162
FINANCIAL CHRONICLE
[Vol,. 129.
Both issues are dated August 1 1929. Interest rate 5% or a lesser rate.
Principal and interest (February and Aug. 1) payable at the Citizens Bank,
Monroe. A certified check for 10% of the bonds bid for, payable to the
Village Treasurer, must accompany each proposal. Legality to be approved
by Thomson, Wood & Hoffman, of New 'York.
-The
-BOND SALE.
MONTGOMERY, Montgomery County, Ala.
$30,000 issue of 43 % coupon refunding bonds offered for sale on June 25
-was awarded to the National City Co. of New York.
-V. 128. p. 2045
'
at a price of 97.659, a basis of about 4.75%. Dated July! 1929. Denom.
$1.000 from 1932 to 1957 and $2,000,in 1958 and 1959.
MORGANTON GRADED SCHOOL DISTRICT (P. 0. Morganton),
-The $35.000 issue of coupon or
-BOND SALE.
Burke County. N. C.
-was
registered school bonds offered for sale on July 3-V. 128, p. 4194
sold to the Hanchett Bond Co. of Chicago, as 510,for a premium of 3560.97
equal to 101.602. a basis of about 5.29%. Dated July 1 1929. Due on
July 1 as follows: 81.000. 1930 to 1934 and 82,000. 1935 to 1949, all bid.
There were 16 bidders in all the next highest as follows:
Rate. Premium.
Bidder$447.00
Prudden & Co
535%
363.00
White-Phillips Co
5%%
-BOND OFFERING.
MORROW COUNTY (P. 0. Heppner), Ore.
Sealed bids will be received by the County Clerk. until Aug. 7 for the purchase of a 860.000 Issue of 4U% semi-annual highway bonds.
MOTT SCHOOL DISTRICT (P. 0. Mott) Hettinger County, N.
Dak.-BOND SALE.
-An $80.000 issue of school bonds has been recently
purchased at par by the State of North Dakota.
-The
-BOND SALE.
MOUNT OLIVE, Covington County, Miss.
$25.000 issue of 6% semi-annual school bonds offered for sale on May 16-was awarded to the Bank of Mount Olive, for a $900
V. 128. p. 3387
premium, equal to 103.60. a basis of about 5.70%. Due in 20 years.
-BOND OFFERING.
NEW MEXICO, State of (P. 0. Santa Fe).
Sealed bids will be received until 10 a. in. on Aug. 5 by the State Highway
Commission, for the purchase of a 83.100.000 issue of highway bonds.
Int. rate is not to exceed 5%%. Denoms. to suit purchaser. Dated
July 1 1929. Due as follows: $250.000 on Jan. and July 1 1936: 250,000
-BOND OFFER- Jan. and $500,000 July 1 1937; $500,000, Jan. and July 1 1938; $350,000
MACOMB COUNTY (P.O. Mount Clemens), Mich.
will receive sealed Jan. and $500,000 on July 1 1939. Prin. and semi-ann. int. payable at
-Bert Engelbrecht, County Drain Commissioner,
ING.
at the
in New York
bids until 11 a. m. (Eastern standard time) on July 8, for the purchase of the Seaboard National Bankcgeck for 2% ofCity, or payableoffice of the
to the State
the bid,
not State Treasurer. A certified
$8.000 lateral drain bonds. Bidders to state rate of interest which isDue Treasurer is reauired.
to exceed 6%. The bonds are dated June 11929. Denom. $1,000. May
on May 1, from 1932 to 1939. inclusive. Interest payable on
SALE.
$1.000
-An 385,000 issue
NEWTON, Newton County, Miss.
-BOND
and Nov. 1. A certified check for $250. payable to the above-mentioned of 5,4% school bonds has been purchased by the Commerce Securities Co.,
official, must accompany each proposal.
of Memphis.for a premium of $450,equal to 100.52, a basis of about 5.44%.
- Due 82,000 from 1930 to 1934: $4.000, 1935 to 1944 and $5.000 from 1945
MADISON COUNTY (P. 0. Anderson), Ind.-BOIVD OFFERING.
Marcia H. Barton. County Treasurer, will receive sealed bids until 10 to 1951 all incl.
a. m. on July 15, for the purchase of the following issues of 414% bonds
NISKAYUNA WATER DISTRICT NO, 3, Schenectady County,
-The following bids were also received on June 27 for the
aggregating $39.600:
-BIDS.
N. Y.
$24,200 0.B. Frazier et al Pipe Creek road construction bonds. Due semi- $133.000 water bonds awarded as 5Sis, at 100.534, a basis of about 5.43%.
annually on Jan. and July 15 in from 1 to 10 years.
to George B. Gibbons & Co., New York
-V.128, p. 4361.
road construction bonds.
Rate Bid.
Int. Rate.
Bidder15.400 0. H. Renfroth et al Green Township
Due semi-annually on January and July 15, in from 1 to 10 years. Manufacturers & Traders-Peoples Trust Co.,Buffalo 5.50%
100.456
6%
- Edmund Seymour & Co100.169
-BONDS NOT SOLD.
MARION COUNTY (P. 0. Jasper) Tenn.
100.18
5.70%
semi-annual school and road bonds Dewey, Bacon & Co
The $150.000 issue of net to exceed 5%
-was not sold. Due in 20. 25 and 30
offered on July 1-V. 128, p. 4044
NORTH PLATTE SCHOOL DISTRICT (P. 0. North Platte), Lin..
-Bids will be received until 8
years.
coin County, Neb.-BOND OFFERING.
-The p. M. on July 8. by W. J. Braham, Superintendent of Schools, for the
YORK, N. Y.-SlIORT-TERM FINANCING IN JUNE.
NEW
bonds were purchase of a $480,000 issue of 4.14% semi-annual school bonds. Dated
following corporate stock notes, tax notes and special revenue
due on
1937; $13,000.
Issued on June 5 by the City. The amount borrowed aggregated $23.- July 1 1929 and$14,000.July 1 as follows: 312.000, 1934 to 1943: 116.000.
1940 and 1941; 315,000, 1942 and
1938 and 1939:
885.000.
Maturity.
1944 and 1945; 317.000, 1946 and 1947: $18,000. 1948 and 1949: 319.000,
Int. Rate.
Rapid Transit ConstructionJune 5 1930 1950: $20,000. 1951: $21,000, 1952 and 1953; $25,000, 1954: $26,000, 1955:
%
$12.300,000
June 5 1930 827.000, 1956: 328.000. 1957; $29,000, 1958, and 830.000 in 1959.
%
500.000
School Construction
-BOND OFFERING.
-Stephen
NORWALK, Fairfield County. Conn.
June 5 1930 Dokus, City Clerk, will receive sealed bids until 8 p.m. on July 16, for the
5%
3,435,000
June 6 1930 purchase of the following issues of coupon or registered bonds aggregating
%
2,150,000
Various Municipal Purposes
31.050.000:
June 5 1930 $500,000 sewage disposal bonds. Due on Aug. 1, as follows:850.000, 1931 to
5%
1.500.000
Water Supply
1968 incl.and $100.000,_1969. Prin. and int, payable at the
June 5 1930
43i%
500.000
Equitable'Trust Co., N. Y. C.
Tax Notes of 1929450.000 school bonds. Due on Aug. 1, as follows: 355,000, 1934 to 1965
June 5 1930
5%
2,000,000
1968 incl., and $65,000, 1969. Prin. and int. payable at the Bank
Special Revenue Bonds of 1929of the Manhattan Co., N. Y. C.
June 5 1930
5%
100.000 school bonds. Due 310.000 on Aug. 1 1932: 1936; 1940, 1944;
1948; 1952; 1956: 1960; 1964, _and in 1968. Prin. and int. payable
MARSHALL SCHOOL DISTRICT (P. 0. Arvonia), Buckingham
at the Guaranty Trust Co., New York.
-At a special election held on June 26.
County, Va.-BONDS VOTED.
dated Aug. 11929. Denom. $1,000. Interest
All of the above bonds
the voters approved a proposition to issue $25,000 in bonds for a new payable on Feb. and Aug.are A certified check for 1% of the par value of the
1.
high school by a count of 284 "for" to 110 "against."
bonds bid for, payable to the City Treasurer, must accompany each proMASTODON TOWNSHIP SCHOOL DISTRICT (P. 0. Alpha), posal. Legality is to be approved by Thomson, Wood & Hoffman. New
-The $46,000 5'% school I3onds York. Official advertisement of the proposed sale of these bonds appears
-BOND SALE.
Iron County, Mich.
-were awarded to the First National on the last page of this section.
offered on July 1-V. 128. p. 4193
Bank of Alpha at par. A bid was also submitted by the Hanchett Bond
-BOND SALE.
-The
OBION COUNTY (P. 0. Union City) Tenn.
Co.. Chicago. The bonds are dated July 1 1929. Due on July 1 as
160.000 issue of school bonds offered for sale on April 1-V. 128, p. 1603
follows: $4,000. 1930. and 13,000. 1931 to 1944 inclusive.
to J. C. Bradford & Co., of Nashville, as 5s. Denom. $1,030.
was awarded
-BOND SALE. Dated June 11929. Due on June 1, as follows: $2,000, 1930 to 1949, and
MAY TOWNSHIP (P. 0. Sublette), Lee County, 111.
-Glaspell, Vieth & Duncan of Davenport, were the successful bidders $4.000, 1950 to 1954. Prin. and int. Is payable at the Chemical National
% coupon road impt. bonds. The Bank in New York City.
on April 20 for an issue of 122,000
price paid was par. The bonds are dated May 1 1929. are in $1,000
-VOTERS REJECT INCORPOOCEANSIDE, Nassau County, N. Y.
denoms. and mature annually from 1930 to 1936 incl. Interest payable RATION PROPOSAL.
-At a special election held on July 1, the voters
on the first day of February and August.
rejected a proposal to incorporate the village by a vote of 629 to 363, acJ.Mooney, Village Clerk, cording to the New York "Times" of the following day.
MENANDS,N.Y.-BONDOFFERING.-John
will receive sealed bids until 7 p. in. (daylight saving time) on July 16,
ONEKAMA TOWNSHIP SCHOOL DISTRICT NO. 1 (P. 0. Onekfor the purchase of 3108,000 coupon or registered water supply bonds. ansa) Manistee County, Mich.
-J. E. Joseph,
-BOND OFFERING.
Rate of interest is to be in a multiple of k," or 1-10 of 1% and is not to exceed Secretary of the Board of Education, will receive sealed bids until 8 P. in.
bonds are dated April 1 1929. Denom. 31,000. Due $3,000,
4(%. The
interest payable in gold (Central Standard time) on July 11, for the purchase of $53,000 school
April 1 1933 to 1968 incl. Prin. and semi-annual
to bear a coupon rate not exceeding 5%. Due annually on June 1.
at the National Commercial Bank & Trust Co., Albany. A certified check bonds,
follows: $2,000, 1931 to 1934 incl.: $2,500, 1935 to 1940 incl.: $3.000,
for $2.000, payable to the Village, must accompany each proposal. Legal- as to 1945 incl.: $3,500. 1946 and 1947. and $4,000, 1948 and 1949. A
1941
ity to be approved by Clay. Dillon & Vandewater,of New York.
certified check for $500, payable to the above-mentioned official, must
-The $130.000 accompany each proposal. The successful bidder to pay for the printing of
-BOND SALE.
MIDDLETOWN,Butler County,Ohio.
- bonds and legal opinion.
bonds offered on July 2-V.128. p.4045
5% City Building construction
-BONDS DEFEATED.
were awarded to Seasongood & Mayer. Inc., of Cincinnati, at par plus
ORANGE COUNTY(P.O.Santa Ana)Calif.
-the voters dea premium of $886. equal to 100.66. a basis of about 4.92%. The bonds At the special election held on June 25-V. 128. p. 3562
The
are dated July 1 1929. Due $6,500, Sept. 1 1930 to 1949 incl.
feated the proposition to issue 316.500,000 in flood control and water
majority. The official vote was reported to
following is an official tabulation of the bids received:
Total Bid. conservation bonds by a small
Int. Rate, Prem.
and 10,598 "against."
Bidder$886.00 $130.886.00 be 10.204 "for"
5%
Seasongood & Meyer, Inc., Cincinnati
130.676.00
-BONDS VOTED.
-At a
ORANGE COUNTY (P. 0. Orlando) Fla.
676.00
5%
Otis & Co.. Cleveland
130,530.00 special election held on June 26 the voters authorized the issuance of $250,530.00
Asset, Goetz & Moerlein, Inc., Cincinnati-57
130,338.00 000 in court house refunding bonds by a majority reported to have been
338.00
5
First Citizens Corp. Columbus
130,301.70 about three to one.
301.70
5
N. S. Hill & Co., Cincinnati
130,235.10
235.10
OSSINING UNION FREE SCHOOL DISTRICT NO. 1 (P. 0. OssinW. L. Slayton & Co., Toledo
130,152.25 ing), Westchester County, N. Y.
152.25
-BOND SALE.
-The $340,000 coupon.
& Barnitz Bk.& Tr.Co.,Middletown.5
Oglesby
131,872.00 or registered school bonds offered on July 2-V.128, p. 4362
1,872.00
-were awarded
5
Stranahan, Harris & Ostia, Toledo
131,703.00 to a syndicate composed of Lehman Bros. and Stone & Webster and Blod1.703.00
Detroit & Security Tr. Co.. Detroit
131,677.00 get, Inc.. both of New York, and the Manufacturers & Traders-Peoples
,
c 1,677.00
Ryan, Sutherland & Co., Toledo
130.741.00 Trust Co., Buffalo, as 5s. at 100.79. a basis of about 4.90%. The bonds
741.00
514;%
C. W.McNear & Co.. Chicago
are dated July 11929. Due on July 1 as follows: $10.000. 1930 and 19311
-A $15.000 issue of
-BOND SALE.
1932 to 1938, inclusive:
and
- MONMOUTH,Polk County, Ore.
Pierce, Fair & Co., of $15,000. 1944 to 1946, inclusive $25,000, 1939 to 1943, Inclusive,
330,000.
fire apparatus bonds has recently been purchased by
Portland.
OTTAWA HILLS, Lucas County, Ohio.
-The
-BOND SALE.
-BOND OFFERING.
Village's portion street improvement bonds offered on May 27MONROE COUNTY (P. 0. Key West). Fla.
Superintendent of the Board $77.856.653388
-were awarded as 5s to Otis & Co. of Cleveland, at peeV. 128, p.
Sealed bids will be received by M. E'. Russell,
until July 23 for the purchase of a $75,000 issue of ping a premium of $425.00, equal ot 00.54, a basis of about 5.39%. The
of Public Instruction,
bonds mature annually on July 1, as follows: $6,856.65, 1930: $7,000, 1931
6% semi-annual school refunding bonds.
-The $600,000 issue to 1935 incl., and $9,000, 1936 to 1939 incl. The following bids were also
-BOND SALE;
MONROE, Ouachita Parish, La.
- submitted:
sale on July 2-V. 128, p. 4194
of 5% school building bonds offered forCo. of New Orleans, for a premium
Int. Rate. Premium.
Bidderwas awarded to the Hibernia Securities
$546.00
5
July 1 1929. Braun, Bosworth & Co., Toledo
$5,010, equal to 100.83. a basis of about 4.92%. Dated
of
401.00
5
Slier, Carpenter & 'loose, Toledo
1969 incl.
Due from July 1 1930 to
Par
Commercial Savings Bank & Trust Co., Toledo- - 5
-Fred L. Spitzer, Rorick & Co., Toledo
-BOND OFFERING.
100.005
MONROE, Orange County, N. Y.
(daylight Ryan, Sutherland & Co., Toledo
p. M.
177.00
5
Jacqmein, Village Clerk, will receive sealed bids until 8 issues of coupon
saving time) on July 12,for the purchase of the following
-E.R.
OTTAWA HILLS, Lucas County, Ohlo.-BOND OFFERING.
impt. bonds aggregating 321,500.
Gillet, Mayor, will receive sealed bids until 12 m. on July 10, for the Purincl.
$13,000 North Main St. bonds. Due $1.000, 1930 to 1942 incl.; and $500. chase of 877,856.65 6% street improvement bonds. Due annually on,
Due $1,000, 1930 to 1937
8.500 South Main St. bonds.
Sept. 1,from 1930 to 1939. inclusive. Prin. and int. (March and Sept. 1)
1938
1939. Principal and semi-annual interest payable at the office of the
City Treasurer.
-The
-BOND SALE.
LONG BEACH, Los Angeles County, Calif.
$300,000 issue of harbor improvement bonds offered for sale on July 2-was awarded to a syndicate headed by R. H. Moulton
V. 128, p. 4193
& Co., of Los Angeles as follows: $192,000 as .5s and $108,000 as 4%a,at a
price of 100.029, a basis of about 4.92%. Due on June!,as follows: $41.000
in 1936:$67,000, 1937:$68,000, 1938; 367,000, 1939 and $57,000 in 1940.
-Frank
-BOND OFFERING.
LONG BEACH, Nassau County, N. Y.
G. Waldron, City Clerk. will receive sealed bids until 8:15 p. m. on July 16
for the purchase of $1,600,000 coupon city bonds. Rate of interest is not
to exceed 6% and is to be stated in multiples of % of 1%. The bonds are
dated July 1 1929. Denom. $1,000. Due 1160.000 July 1 1940 to 1949
Inclusive. A certified check for $32.000, payable to.James J. Farrell, City
Treasurer, must accompany each proposal. Legality is to be approved by
Clay. Dillon & Vandewater of New York.
LORAIN (P. 0. Johnstown), Cambria County, Pa.-BO.VD OFFER-Sealed bids will be received by Fred A. Grening. Borough SecreING.
improvement
tary, until 10 a. m. on July 15 for the purchase of $15,000 Sept. I Mg.
bonds to bear a coupon rate of 514 %. The bonds are dated
Denom. $1.000. Due on Sept. 1 as follows: $5,000, 1933. and $1,000,
1934 to 1943 incl. A certified check for $500 is required.
LUZERNE INDEPENDENT SCHOOL DISTRICT (P. 0. Luzerne),
-The $4,000 issue of 5% school
-MATURITY.
Benton County, Iowa.
100.625
bonds that was purchased by the Luzerne Savings Bank at a price of basis of
a
(V• 128,p. 4193) is due $1,000 from 1930 to 1933, incl., giving
about 4.75%.
LYMAN SCHOOL DISTRICT (P. 0. Lyman), Scotts Bluff County,
-An issue of $115,000 school bonds has been purNeb.-BOND SALE.
chased by the Peters Trust Co. of Omaha.
LYTLE INDEPENDENT SCHOOL DISTRICT (P. 0. Lytle),
-A $20.000 issue of 5% school
-BOND SALE.
Atascosa County, Tex.
bonds has recently been purchased at par by the State of Texas.
JULY 6 1929.1
FINANCIAL CHRONICLE
payable at the Commercial Savings Bank & Trust Co.. Toledo. A certified check for 2% of the bonds bid for, payable to the Village Treasurer,
a required.
PALISADES PARK, Bergen County, N. J.
-BOND OFFERING.
Joseph E. Kosinski, Borough Clerk, will receive sealed bids until 8 P. m•
(Daylight Saving time) on July 15, for the purchase of $139,000 54%
coupon or registered street improvement bonds. Dated June 1 1929.
Denom.$1,000. Due on June 1, as follows: $4000. 1931 to 1936 incl., and
25,000, 1937 to 1959 incl. Principal and semi-annual interest payable in
gold at the Palisades Park National Bank Palisades Park. No more
bonds to be awarded than will produce a premium of $1,000 over the amount
stated above. A certified check for 2% of the bonds bid for, payable to the
Borough, must accompany each proposal. Legality to be approved by
Hawkins, DelanoId & Longfellow, of New York. These are the bonds
offered as 5%s on July 1-V. 128, p.4195.
PERRY COUNTY (P. 0. Cannelton), Ind.
-BOND SALE.
-The
23.000 5% road construction bonds offered on June 29-V. 128. p. 4195
were awarded to the Tell City National Bank, at par, plus a premium of
$10. equal to 100.33. a basis of about 4.92%. The bonds are to be dated
June 92 1929. Due $150, Jan. and July 15 1930 to 1939, inclusive.
PETERSBURG COMMON SCHOOL DISTRICT NO.4(P.O. Petersburg), Rensselaer County, N. Y.
-BOND SALE.
-The $28,000 5%
school bonds offered on June 29-V. 128, p. 4046
-were
to a
Mr. E. M. Gardner of Petersburg. at par, plus a premium awardedequal
of 420.
to 101.50. a basis of about 4.84%. The bonds are dated July 1 1929.
Due $1.000, July 1 1930 to 1957, inclusive.
PHILADELPHIA, Pa.
-OFFICIAL ADVERTISEMENT.
-Attention
Is called to the official advertisement on the last page of this section of the
proposed sale on July 22 of $9,350,000 4% or 4%7 bonds, notice and
0
description of which appeared in V. 128, p. 4362.
PIERCE COUNTY (P. 0. Tacoma), Wash.
-MATURITY.
-The
$150,000 issue of airport, series B bonds, that was awarded to the State
of Washington, as 446, at par-V.198. p. 3881-is due in 20 years. The
second highest bid for the bonds was a Joint offer of 100.17 on 44s, by
Baillargeon, Winslow & Co.; Pacific National Co.,and Ferris & Hardgrove.
PLAINFIELD, Union County, N. J.-130ND SALE.
-The Bancamerica-Blair Corp! of New York, associated with Eldredge & Co., also
of New York and M. M. Freeman & Co. of Philadelphia, purchased the
following bonds, on July 1. aggregating $1.256,000.
$719.000 public Impt. bonds. ($720,000 offered) sold as 448,at par, plus a
premium of $1,090. equal to 100.15, a basis of about 4.74%. The
13onds mature on June 1 as follows: $20.000. 1930 to 1950, incl.;
$25.000. 1951 to 1961, incl., and $24,000, 1962.
537.000 school bonds ($545,000 offered) sold at 5s. at par, plus a premium
of $8,490, equal to 101.58, a basis of about 4.80% . The bonds
mature on June 1 as follows: $25,000. 1930 to 194eincl.,$30,000.
1941 to 1948, incl., and $29.000, 1949.
At thesame time,a syndicate composed of the National City Co.,Bankers
Co. of New York, and Harris, Forbes & Co., all of New York, purchased
the following issue.
$232,000 public improvement bonds sold as 5)s,at par, plus a premium of
716.88. equal to 100.30, a basis of about 5.39%. The
mature on June 1 as follows: $43.000, 1930; $45,000. bonds
1931;
$55,000, 1932, and $45,000, 1933 and 1934.
All of the above bonds are dated June 1 1929.
The bonds awarded to the Bancamerica-Blair Corp. group are being
re-offered for public investment at prices
5.50 to 4.60%. according
to maturity. According to the offering to yield the city has an assessed
notice,
valuation of $59.591,932 and total indebtedness, including the present
issues, of $6,099,463.
PLATTSBURG, Clinton County, N. Y.
-BONDS OFFERED.
Elizabeth B. Curran, City Chamberlain,
(eastern standard time) on July 5, for received sealed bids until 3 P. m•
the _purchase of $30,000 coupon
Street Improvement and Machinery bonds. Dated April 1 1929. Denom.
$1.000. Bidders to name interest rate which is to be in multiples of
or
1-10th of 1% and is not to exceed
incl. A certified check for $1.000 6%. Due $5,000, April 1 1930 to 1935,
is required.
by Clay, Dillon & Vandewater, of New York. Legality is to be approved
PORTAGE COUNTY (P. 0. Stevens Point), Wis.-BOND SALE.
The $142,000 issue of 4%% semi-annual highway bonds offered for sale on
July 1-V. 128, p. 4195
-was awarded at par to
Bank of Stevens Point. Dated May 1 1929. Duethe Citizens1National
from May 1932 to
1938, incl. No other bids were submitted.
PORTSMOUTH, Scioto County, Ohio.
-BIDS.
-The following Is a
list of the other bids received on June 27 for the $335.143.26 5% bonds
awarded to Stranahan, Harris & Oatis, Inc. of Toledo, at 100.29, a basis of
about 4.96%-V. 128, p. 4362.
Bid
Premium.
Int. Ruts.
Otis & Co.. Cleveland
$2,585.00
5)4%
Seasongood & Mayer, Cincinnati
341.00
W. L. Slayton & Co., Toledo
112.00
5%
POTSDAM, St. Lawrence County, N. Y.
-CERTIFICATES
James E. Lenney. District Clerk, states that the local bank is toSOLD.
take the
$5,000 5% certificates of indebtedness offered on June 28-V. 128. p.
4362
-at par. The certificat.are dated June 1 1929, due $500 on Oct. 1.
from 1930 to 1939 incl.
PROVIDENCE, Webster County, Ky.-BOND SALE.
-A $75,000
Issue of 6% semi-annual water revenue bonds has recently been awarded
at par to the contractor.
RILEY RURAL HIGH SCHOOL DISTRICT NO. 4 (P. 0. Riley)
Riley County, Kan.
-BONDS OFFERED.
-Sealed bids were received
until 8 p. m.on July 6 by Mrs. Lucy N. Pottorf, Clerk of the School Board,
for the purchase of a $45,000 issue of 4)4% school bonds.
RITTMAN, Wayne County, Ohio.-130ND SALE.
-The Rittman
Savings Bank, of Rittman, was the successful bidder on June 29 for the
following 6% bonds offered for sale
-V. 128, p. 4196, 4047.
$19,880 street impt. bonds. Dated Oct. 1 1928. Denoms. $994. Due
$1,988 Oct. 1 1930 to 1939. incl.
6,240 street impt. bonds. Dated March 1 1929. Denom. $624. Due
$624 March 1 from 1930 to 1939, incl.
For the two issues above the Bank bid a premium of $190 over their par
value, equal to 100.72, a basis of about 5.83%.
$6,000 Village's portion paving bonds sold at par,plus a premium of $12.50,
equal to 100.20, a basis of about 5.94%. The bonds are dated Oct.
11928. Due $600 Oct. 1 1930 to 1939, incl.
The bank also agreed to furnish the printed bonds free of charge. For the
$6,000 issue, W. L. Slayton & Co., Toledo, bid a premium of $17.
ROBESONIA, Berks County, Pa.
-BOND OFFERING.
-Richard M.
Moll, Borough Clerk, will receive sealed bids until 6 p. m.(Eastern Standard
time) on July 19. for the purchase of $30,000 4%% coupon road bonds.
Dated July 11929. Denom. $500. Due July 11959, optional after July 1
1939. Principal and semi-annual interest payable in Robesonia. A certified
check for $3,000 Is required.
RONAN, Lake County, Mont.
-MATURITY.
-The $23,500 issue of
coupon water works bonds that was purchased by the State of Montana,
as 5s,at par
-V. 128, p. 4047
-is due in 1949.
ROYAL OAK, Oakland County, Mich.
-BID.
-The First National
Co.of Detroit, offered a premium of 31,437 for $300,000 bonds as 5%s and a
premium of $320.00 for $50.000 bonds as 54s on June 24 for the $300,000
Issue awarded as 5%s, at 100.09, to the Union Trust Co.. Detroit, and for
the $50,000 issue sold as 5s, at 100.53. to A. C. Allyn St Co., Chicago.
V. 128. p. 4363.
JOSEPH COUNTY (P. 0. Centreville), Mich.
-BOND SALE.
ST.
The following issues of coupon bonds aggregating $64,500 offered on May 31
-1r, 128, p. 3724-wore awarded to the Detroit & Security Trust Co. of
Detroit, at 5s,at par, plus a premium of $756.00 equal to 101.17, a basis
of about 5.27%:
$31,500 District No. 45 bonds. Due May 1 as follows: $3,000, 1931 to
1934 incl.: $3,500. 1935, and $4,000, 1936 to 1939 incl.
19,000 District No. 47 bonds. Due May 1 as follows: $2,000, 1931 to
1938 incl., and $3,000. 1939.
14,000 District No. 50 bonds. Due May 1 as follows, $1,000, 1931 to
1934 incl. and $2,000, 1935 to 1939 incl.
Bonds are dated May 1 1929. Legality to be approved by Miller, Canfield. Paddock & Stone of Detroit.
163
Braun, Bosworth & Co.of Toledo, bid par, plus a premium of $673.00 for
the bonds.
ST. STEPHENS HIGH SCHOOL DISTRICT (P.O. Moncks Corner)
Berkeley County, S. C.
-The $18,000 issue of 54%
-BOND SALE.
school bonds that was offered for sale on March 18-V. 198. p. 1778
-was
purchased by the Peoples Securities Co. of Charleston. Denom. $1,000.
Dated April 1 1929. Due $1,000 from April 1 1930 to 1947 incl.
SALEM, Essex County, Mass.
-TEMPORARY LOAN.
-The Salem
Trust Co. recently purchased a $150,000 temporary loan on a discount
basis of 5.20%. The loan is dated July 3 1929 and is payable on Nov.6 1929.
The following bids were also submitted:
Bidder
Discount Basis.
Merchants National Bank, Salem (plus $4.50)
5.275
First National Bank of Boston
5.475
Blake Bros
5.51
A
Naumkeag Trust Co
5.57
Bank of Commerce & Trust Co
5.575%n
SANTA MARIA SCHOOL DISTRICT (P.O. Santa Barbara), Santa
-BOND SALE.
Barbara County, Calif.
-The $50,000 issue of 5% school
bonds offered for sale on July 1-V. 128, p. 4363
-was awarded to the
Anglo-London-Paris Co., of San Francisco, for a premium of $825. equal
to 101.65, a basis of about 4.82%. Due $2,000 from 1930 to 1954, incl.
SANTA MONICA ACQUISITION AND IMPROVEMENT DISTRICT
-BOND
NO. 1 (P. 0. Santa Monica) Los Angeles County, Calif.
-Sealed bids will be received by the District Clerk, until
OFFERING.
July 18. for the purchase of a $297,890.95 issue of 7% improvement bonds.
Due $13,000 from 1932 to 1953 and $11,890.25 in 1954.
SEATTLE LOCAL IMPROVEMENT DISTRICT NO. 4766 (P. 0.
Seattle), King County, Wash.
-BOND SALE.
-An,issue of $170,616.94
5)4% municipal paving bonds has recently been purchased by Wm. P.
Harper & Son of Seattle. Denom. $500, one for $616.94. Dated June 28
1929. Due as follows: $17,616.94 in 1930 and $17,000 from 1931 to 1939
incl. Prin. and annual hit, payable at the office of the City Treasurer.
Legality approved by Shorts & Denney of Seattle.
SEYMOUR SCHOOL DISTRICT (P.O. Seymour), Webster County,
Mo.-BOND SALE.
-A $12,500 issue of school gymnasium bonds has been
purchased by an unknown investor.
SHARPSVILLE SCHOOL DISTRICT, Mercer County, Pa.
-BOND
SALE.
-The $80.000
% coupon school bonds offered on March 12 (V.
128, p. 1440) are reported to have been awarded to J. 11. Holmes & Co. of
Pittsburgh. The bonds are dated Feb. 1 1929. Due on Feb. 1 as follows:
$4.000. 1932; $5,000, 1935; $6,000, 1938: $8,000. 1942; $10,000. 1946; 1949
and 1952; $13,000. 1955; and $14,000, 1958.
SMYRNA SPECIAL SCHOOL DISTRICT, Kent County, Del.
BOND SALE.
-The $50,000 5% coupon refunding bonds offered on June 7
(V. 128, p. 3881) were apportioned equally between the Fruit Growers'
Bank & Trust Co. and the National Bank of Smyrna. both of Smyrna.
The bonds are dated June 15 1929. Due on June 15 1949, optional on June
15 1930 or on any interest payment date thereafter.
SOUTHGATE ACQUISITION AND IMPROVEMENT DISTRICT
-An issue of $134.500
NO. 9 (P. 0. Southgate), Calif.
-BOND SALE.
6% paving bonds has recently been purchased by the District Bond Co. of
Us Angeles. Denom. $1,000. Dated June 11 1929. Due from 1934 to
1944 incl. Int. payable on Jan. and July 2. Legality to be approved by
Dryer, Castle, McConlogue & Richards of Los Angeles.
-BOND OFFERSOUTH PITTSBURGH, Marion County, Tenn.
ING.
-Sealed bids will be received by R. C. Aycock, Mayor, until July 23
for the purchase of an issue of $100,000 street improvement bonds.
SPOKANE COUNTY SCHOOL DISTRICT NO. 20 (P.O. Spokane)
-ADDITIONAL INFORMATION.
Wash.
-The $90,000 issue of school
building bonds that was purchased at par by the State
-V. 128, p. 4048
bears interest at 45.1%. Due from 1931 to 1952 incl. and optional after
one year.
STEUBEN TOWNSHIP, Steuben County, Ind.
-BOND SALE.
-were
The $59,000 4%% school bonds offered on June 20-V. 128. p. 4196
awarded to the W.R. Dunkin & Son,of Huntington, at par. The bonds are
dated June 20 1929. Coupon in denoms. of $2,500 and $2,000. Due semiannually from July 1 1930 to Jan. 1 1944 incl. Interest payable in Jan. and
July,
STILLWATER, Washington County, Minn.
-BONDS OFFERED.
Sealed bids were received until 7:30 P. m. on July 5 by Chas. A. Lammers,
City Clerk, for the purchase of a $33,000 issue of wharf and dock bonds.
Interest rate not to exceed 5%. Denom. $1.000. Dated Aug. 1 1929.
Prin. and int. (F. & A.) payable at the First National Bank of Stillwater
or at any bank in St. Paul Minneapolis, Chicago or New York that the
purchaser may designate. Junell, Dorsey, Oakley & Driscoll of Minneapolis will furnish the legal approval.
STOCKTON, San Joaquin County, Calif.
-BOND OFFERING.
Sealed bids will be received by the City Clerk, until July 8. for the purchase of a $400,000 issue of dam construction bonds. (These bonds are a
part of an issue of $1.500,000, voted in 1924.)
STRUTHERS, Mahoning County, Ohio.
-BOND OFFERING.
Albert G. Jones, City Auditor, will receive sealed bids until 12 m.(Eastern
standard time) on July 5 for the purchase of $44,798.29 6% special assessment street improvement bonds. Dated July 15 1929. Due on Oct. 15
as follows: $5,000, 1930 to 1933 incl.; $4,798.29, 1934, and $5.000, 1935
to 1938 incl. Interest payable on April and Oct. 15. A certified check
for $1,000, payable to the City Treasurer, must accompany each proposal.
Any one desiring to do so may present a bid or bids, based upon the bonds
bearing a different rate of interest than specified; provided, however, that
where a fractional interest rate is bid, such fraction shall be
of 1% or
multiples thereof.
SUNSET SCHOOL DISTRICT (P. 0. Salinas), Monterey County,
Calif.
-BOND SALE.
-The $35,000 issue of 5% school land purchase
bonds offered for sale on July 1-V. 128, p. 4048
-was awarded to R. H.
Moulton & Co., of Los Angeles, for a premium of $287, equal to 100.82,
a basis of about 4.86%. Dated July 1 1929. Due $2,500 from 1930 to
1943, inclusive.
TARRANT COUNTY WATER CONTROL AND IMPROVEMENT
DISTRICT NO. 1 (P. 0. Fort Worth), Tex.
-BOND SALE.
-According
to the Dallas "News" of June 29, the $2,000,000 issue of 5% water improvement, series A bonds, unsuccessfully offered on June 18-V. 128.
p. 4197
-was awarded on June 28 to a syndicate composed of the Continental Illinois Co. and the Harris Trust & Savings Bank, both of Chicago:
J. E. Jarrett & Co. of San Antonio; Garrett & Co. of Dallas; the Wm. R.
Compton Co.. of St. Louis, the Fort Worth National Co. and the Continental National Bank, both of Fort Worth and the Boatmen's National
Co. of St. Louis, at a discount of $70,000, equal to 96.50, a basis of about
5.28%. Dated March 15 1929. Due from March 15 1930 to 1959. incl.
TIPPECANOE COUNTY (P.O. Lafayette), Ind.
-BOND OFFERING.
-Clyde F. Morgan, County Treasurer, is receiving sealed bids for the
purchase of $4,042 6% drain construction bonds. Dated June 8 1929.
Denom. $402.20. Due $404.20. July 15. from 1930 to 1939, inclusive.
Interest payable on the 15th day of January and July.
TIPPECANOE COUNTY (P. 0. Lafayette), Ind.
-BOND SALE.The $13,000 4)4% coupon highway improvement bonds offered on July 1V. 128, p. 4048
-were awarded to the contractor 0. J. Larkin, at a price
of par. The bonds are dated April 20 1929. hue $650. July 15 1930;
$650, Jan. and July 15 1931 to 1939, inclusive, and $650. Jan. 15 1940.
Clyde F. Morgan, County Treasurer, reports that bids were received
from J. F. Wild & Co.,the City & Security Corp. and the Fletcher-American
Co., all of Indianapolis.
TYRO CONSOLIDATED SCHOOL DISTRICT (P. 0. Lexington),
Davidson County, N. C.
-BOND SALE.
-The $20,000 issue of 5)4%
coupon or registered school building bonds scheduled to be offered on April
16 and then postponed (V. 128, p. 2693), has since been purchased by the
lianchett Bond Co. of Chicago. Dated April 1 1929. Due $1,000 from
April 1 1932 to 1951. inclusive,
UMATILLA COUNTY UNION HIGH SCHOOL DISTRICT NO. 6
(P. 0. Pendleton), Ore.
-BOND OFFERING.
-Sealed bids will be received until 8 p. in. on July 15, by Mrs. M. A. Dent, District Clerk, for
the purchase of a $25,000 issue of school bonds. Dated July 11929. Due
$1,000 from 1930 to 1939, and $1,500 from 1940 to 1949, all inclusive. A
certified check for 5% is required.
[VOL. 129.
FINANCIAL CHRONICLE
164
UTICA, Oneida County, N. y.—FINANCIAL STATEMENT.—The
following statement has been issued in connection with the scheduled sale
on July 8 of $812.463.77, notice and description of which appeared in
V. 128, P. 4364.
Financial Statement as of May 31 1929.
Bonded Debt—
310.914,203.78
Bonded Debt, exclusive of this issue of bonds
1.186.876.18
Sinking Funds
Net Bonded Debt
Assessed Valuation—
Assessed Valuation of real estate, less exemption
Assessed Valuation of special franchises
Assessed Valuation of personal property
$19,727,327.60
$131,871,058.00
4,176.510.00
178,200.00
3136,225.768.00
Assessed Valuation of property assessable for schools and
289,295.00
highways
Valuation of property exempt from taxation
3136.515,063.00
17.236,855.00
3153,751.918.00
Total Valuation of all property
None
Water Dept
74,419
Population, Federal census, 1910
83,547
Population, State enumeration. 1915
94,156
Population, Federal census. 1920
101.604
Population. State enumeration, 1925
City of Utica incorporated. 1832.
Bonds are a general obligation of the city.
No default in payment of principal or interest.
No pending or threatened litigation against the issue, or title of any officialto office.'
VICTORIA COUNTY (P.O. Victoria), Tex.—BONDS REGISTERED.
—The $181,000 issue of 5% road,series E bonds,sold on May 31—V. 128,
p. 4197—was registered by the State Comptroller on June 29.
WAHPETON SCHOOL DISTRICT (P. 0. Wahpeton), Richland
County, N. Dak.—PRICE PAID.—The $150.000 issue of coupon school
building bonds awarded to the Citizens' National Bank. of 'P.
ahpeton—V.
128, p. 4197—was purchased as 5s, and was awarded for a premium of
$875, equal to 100.58, a basis of about 4.94%. Due from May 1 1932 to
incl.
1949
WAKE COUNTY (P. 0. Raleigh), N. C.—BOND SALE.—The two
issues of 5% coupon bonds aggregating $228,000, offered for sale on June
29—V. 128, p. 4197—were awarded to the National City Co. of New
York.for a premium of $2.074.57, equal to 100.909, a basis of about 4.91%.
The issues are divided as follows:
3200,000 road bonds. Due from March 1 1931 to 1959. inclusive.
28,000 refunding bonds. Due $1,000 from March 1 1932 to 1959, incl.
follows: $500. 1930 to 1937, incl.; 31.000, 1938: and $2.000, 1939 to 1958.
incl. Prin. and semi-annual int. payable in gold at the First National Bank.
Warwick, or at the National Park Bank, New York. A certified check
for $1,000 payable to John C. Minturn, President of Board of Trustees,
is required. The approving opinion of Clay, Dillon & Vandewater of New
York. will be furnished the successful bidder.
WARE,Hampshire County, Mass.—TEMPORARY LOAN.—The First
National Bank, of Boston, was the successful bidder on June 28 for a
$50.000 issue of Tax Revenue notes. dated July 5 1929 and payable on
Nov. 211929. The bank offered to discount the loan on a 5.485% basis.
The following bids were also received:
Disct. Basis.
Bidders—
5.565%
Bank of Commerce dc Trust Co
15%
5.5'
Old Colony Corp
7„
5.610
Salomon Bros. & Hutzler
Merchants National Bank, Boston
5.70%
Harris, Forbes & Co
5.95%
Ware Trust Co
WATERBURY, New Haven County, Conn.—BOND OFFERING.—
Thorns P. Kelly, City Clerk, will receive sealed bids until 7 p. m.(standard
time) on July 15 for the purchase of the following issues of 434% coupon
or registered bonds, aggregating $550.000:
3400,000 water bonds (23d series), Due $10,000 July 15 1930 to 1969 incl.
100,000 water bonds (22d series). Due 310.000 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 37,000, 1937 and 1938.
All of the above bonds are dated July 15 1929. Denom. $1,000. Prin.
and semi-ann. int. (Jan. 15 and July 15) payable at the First National
Bank, Boston. A certified check for 1% of the bonds bid for, payable
to the City Treasurer, must accompany each proposal. Legality is to be
approved by Storey, Thorndlke, Palmer Sz Dodge of Boston.
Financial Statement as of June 27 1929.
•,
3194,066.869.00
Assessed valuation of taxable property, grand* list
$5,283,102.90
Revenues for year 1928—Taxes
Miscellaneous items—Including State School Funds,
982,734.19
licenses, assessments, water rents, grants and gifts, 5:c_
Total
36,265.837.09
Bonded debt—Water bonds $7,294,000: school bonds,
$1,911.000: sewage disposal bonds, $428.000; city hall,
police, and fire station bonds, 3620,000; sewerage bonds,
$1,362,000: Brooklyn Bridge bonds, $100,000; West
Main St. Bridge bonds,$150.000; bridge bonds.$600,000;
Isolation Hospital bonds,$285,000; park bonds,$280,000;
street impt. bonds,$635,000;storm water drainage bonds,
$160,000: impt. bonds. 310,000: comfort station and
garage bonds. $55,000; fire department bonds, $264,000;
funding bonds, $825,000: permanent paving bonds,
15,156,000.00
$177,000; total bonded debt
7,294,000.00
Less water bonds outstanding
37,862,000.00
in sinking funds—Street impt.
WARWICK COMMON SCHOOL DISTRICT NO. 11 (P. 0. Green- Amounts bonds, 1923, $72,000: total bonds 3118,623.88;
190,623.86
sewerage
wood Lake),Orange Co., N. Y.—BOND OFFERING.—Samuel S. Stinson,
-receive sealed bids until 4:30 p. m. (daylight saving
District Clerk, will
37,671,376.14
Net bonded indebtedness
or registered school
time) on July 13, for the purchase of 345.000 coupon
Tax rate on list 1928. payable May 1 and Nov. I 1929. 33 mills. Popubonds. Interest rate Is not to exceed 6% and is to be stated in multiples
at different periods: 1880, 20,270; 1890, 33,202; 1900, 51,139;
of 1-10th or 3..f of 1%. Uniform rate for the entire offering. The bonds lation 73,141: 1919, 125,000.
Jan. 1, as 1910,
are dated July 1 1929, are in $1,000 denoms., and mature on
NEW LOANS
$9,350,000
City of Philadelphia
4
1
/
4 or 472% Loan
Dated July 16, 1929
We Specialize in
City of Philadelphia
3s
/
31 2s
4s
4
1
/
4 s
/
41 2s
5s
1
/
54s
2s
5y
Interest Payable January 1 and July 1
-Year 4X or 434% Registered and Coupon Loan—
15
Due July 16, 1944
Free from All Tax in Pennsylvania
Free from Tax under Income Tax Acts of Congress
Legal Investment for Trust Funds
City of Philadelphia loans enjoy a high investment standing.
They are owned largely by savings funds, trust estates and
conservative institutions.
Negotiable interim certificates will be issued if desired,
pending engraving of permanent certificates.
Loan certificates will be interchangeable as to form from
registered to coupon or from coupon to registered, and re-exchangeable from one to the other from time to time at option
of holder, and coupon form may be registered as to principal.
Sealed proposals will 13e received at Mayor's office until
Monday, July 22, 1929, at 11 o'clock A. M.(Eastern Standard
Time). Bids must be on form which may be had on application
to Mayor's Office, and must be accompanied by certified check
for five per cent of par value of the amount of loan bid for. The
rights is reserved by the undersigned to reject any or all bids,
or to award any portion of the loan for which bids shall be
received, as they may deem best for the interests of the City.
Full descriptive circular furnished on application to the
Mayor's Office.
FINANCIAL
HARRY A. MACKEY, Mayor
WILLB HADLEY, City Controller
AUGITSTUS TRASH ASHTON. City Solicitor
Biddle & Henry
1622 Locust Street
Philadelphia
Members of
Philadelphia Stock Exchange
Baltimore Stock Exchange
Private New York Wire—Canal 8437
FINANCIAL
WHITTLESEY.
McLEAN
MUNICIPAL BONDS
PENORsCOT BLDG.. DETROIT
MINING ENGINEERS
H. M. CHANCE & CO.
Mining Engineers and Geologists
COAL AND MINERAL PROPERTIES
Examined, Managed, Appraised
Drexel Building
PHILADELPHIA '
JULY 6 1929.]
FINANCIAL CHRONICLE
WASHINGTON COUNTY (P. 0. Salem), Ind.
-BOND SALE.
-The
$18,620 4%% Thornton Callaway et al highway improvement bonds
offered on June 28-V. 128, p. 4049
-were awarded to the Farmers State
Bank of Salem. The bonds are dated June 3 1929. Due $931, July 15
1930: $931, Jan. and July 15 1931 to 1939, incl., and $931. Jan. 15 1940.
We have not been informed as to the disposition of the $12,900 bridge
construction bonds offered at the same time.
WASHINGTON COUNTY SCHOOL DISTRICT NO. 10 (P. 0.
Barthlesville), Okla.
-BOND SALE.
-The 417.200 issue of school bonds
offered for sale on May 14-V. 128, p. 3230
-was awarded to
unknown
investor. as 43% bonds. Due $1.000 from 1933 to 1948.an
and $1,200
in 1949.
WATERFORD TOWNSHIP SCHOOL DISTRICT NO. 3 (P. 0.
Pontiac) Oakland County, Mich.
-BOND OFFERING.
-Robert Heitsch.
Attorney, will receive sealed bids until 4 p. m. (Eastern standard time)
on July 17, for the purchase of $60.000 school bonds. Bidders to name intetest rate which is not to exceed 5%. The bonds mature annually on Jan.
15. as follows: $2,000. 1931. and 1932; $3,000. 1933 to 1944 incl.: and $4,000,
1945 to 1949 inclusive.
WAYNE COUNTY (P. 0. Detroit), Mich.
-BOND OFFERING.
William F. Butler, Chairman of the Board of County Road Commissioners
will receive sealed bids until 11 a. m. (Eastern standard time) on July 15.
for the purchase of$201.000 Road Assessment District No. 13 bonds. Dated
July 1 1929. Denom.$1,000. Due May 1, as follows: $23.000 1931 to 1933
incl.; and $22,000. 1934 to 1939 incl. Prin. and int.(May and November)
payable at the First National Bank. Detroit. Cost of legal opinion
printing of the bonds to be assumed by the purchaser. A certified checkand
for
$2,010. payable to the Board of County Road Commissioners, must accompany each proposal.
WAYNE, Wayne County, Neb.-BOND SALE.
-A $22,000 issue of
5%% street: leapt. bonds has recently been purchased by Wachob, Bender
&
of Omaha. Denom. $1,000. Dated June 16 1929. Due 32.000
from 1930 to 1940.
Co..
WAYNOKA SCHOOL DISTRICT (P. 0. Waynoka) Woods County,
Okla.
-BOND SALE.
-A $26.000 issue of school bonds has recently been
purchased by the Security National Bank, of Oklahoma City.
WESTCHESTER COUNTY (P. 0. White Plains), N. Y. $3,650,000
ROAD PROGRAM APPROVED.
-A special dispatch dated July 1, and published in the New York "Times" of the following day, is quoted herewith.
in part:
The Westchester County Board of Supervisors approved to-day a $3,650,000 highway program and an expenditure of $948,000 for the purchase of
about 60.000 square feet of property south of the county court house.
where additional county office buildings are to be erected.
The county will not pay the entire cost of the highways, since many
of the roads effected are maintained jointly by the county ans State or by
the county and the Federal Government. Municipalities will also share
In the cost of these highways, but the bulk of the cost will be paid by the
county. The largest item on the list in which the Federal Government
shares, is the White Plains-Armonk highway, nearly five miles in length.
The total cost is estimated at $1.008,800. The Federal Government's
share will be $69,300, the State's $514,355, the county's $358,665, and the
town of North Castle's $66.500.
The expenditure of 2948.000 for the purchase of additional county property was opposed by Supervisor James Sullivan of Yonkers, minority
leader of the board. Ile said there was 'something suspicious'
about
the deal, and offered an amendment to have the property
obtained
condemnation hearings rather than by private sale, as arranged by by
committee on the budget and appropriations. The amendment was the
voted
down."
WILLISTON, Williams County, N. Dak.-BOND OFFERING.-Bids
will be received until 8 p. m. on July 8, by Jessie M.
for the purchase of an issue of 10.1,500 sanitary sewer Hunt. City Auditor,
extension bonds. A
certified check for 2% is required.
WILLOUGHBY, Lake County, Ohio.
-BOND OFFERING.-ArvIlla
Miller, Village Clerk, will receive sealed bids until 12 m.
time) on July 22, for the purchase of $223,516.02 4%% (Eastern Standard
street improvement bonds. Due on Oct. 1 as follows: special assessment
822,516.02,
222,000, 1931; $23,000, 1932; $22,000, 1933; $23,000. 1934; $22,000, 1930;
1935;
$23,000, 1936, and $22,000, 1937 to 1939 incl. Principal and int. (April &
Oct. 1) payable at the Cleveland Trust Co., Willoughby. A certified
check
for 5% of the bonds bid for, payable to the Village Treasurer,
must accompany each proposal.
NEW LOANS
NOTICE OF SALE
of
165
WILLOUGHBY, Lake County, Ohio.
-BOND OFFERING.-Artilla
Miller, Village Clerk, will receive sealed bids until 12 m.(Eastern Standard
time) on July 22, for the purchase of 543,643.41 6% special assessment
street improvement bonds. Due on Oct. 1 as follows: $4,643.41, 1930;
$5,000, 1931; $4,000, 1932: 55,000, 1933; 34,000, 1934; 85,000. 1935;
$4,000, 1936 to 1939 incl. Principal and int. (April & Oct. 1) payable at the
Cleveland Trust Co., Willoughby. A certified check for 5% of the bonds
bid for, payable to the Village Treasurer, is required.
WOBURN, Middlesex County, Mass.
-BOND SALE.
-F. S. Moseley
& Co. of Boston, were the successful bidders on June 28 for 5596,000 bonds,
consisting of five issues, bearing a coupon rate of 5%%. Interest payable
semi-annually. The purchasers paid 100.32 for the bonds.
WYANDOTTE COUNTY (P.O. Kansas City) Kans.-BOND OFFERINC.-Sealed bids will be received by William Beggs, County Clerk, until
2 p. m. on July 15, for the purchase of three issues of 4%% coupon bonds
aggregating $296,650.21. as follows:
$151,000 Kaw Valley Road bonds. Due on July 1 as follows: $11,000.
1930 and $10,000, 1931 to 1944, inclusive.
106.000 Olsen Road bonds. Due on July 1 as follows: $8,000. 1930.
and $7,000, 1931 to 1944, inclusive.
39,650.21 A. J. Corum Road bonds. Due on July 1 as follows: $2.650.21
in 1930: 53,000, 1931 to 1939 and $2,000. 1940 to 1944, inclusive.
Denom. $1,000 and one fqr $650.21. Dated July 1 1929. Principal and
interest (J. & J. 1) payable at the office of the State Treasurer in Topeka.
Legal opinion of Bowersock, Fizzell & Rhodes,of Topeka, will be furnished.
A certified check for 2% of the bid, payable to the Chairman of the Board
of County Commissioners, is required.
ZANESVILLE. Muskingum County, Ohio.
-BOND SALE.
-The
Sinking Fund Trustees Were awarded the $41,816.67 5% street improvement
bonds offered on July 1-V. 128. p. 4198. The following is a list of the bids
which were rejected at the time of sale:
BidderInt. Rate. Premium.
First
-Citizens Corp., Columbus
$112.90
5?%
Breed, Elliott & Harrison, Cincinnati
133.81
6
Stranahan, Harris & Oatis. Inc., Toledo
29.26
54%
CANADA. its Provinces and Municipalities.
GASPE, Que.-BOND OFFERING.
-11. M.Miller. Secretary-Treasurer.
will receive sealed bids until 6 p.m. on July 8, for the purchase of $12.000
improvement bonds, to bear a coupon rate of 5% and mature annually on
July 1. from 1930 to 1942 incl. The bonds are to be dated July 1 1929, are
in $100 denoms. and are payable in Gaspe.
CHAMBLY CANTON, Que.BOND SALE.
-The $85,000 improvement bonds offered on June 25-V. 128. p. 4198
-were awarded to Gerard
Brunelle, a local investor, at a price of 92. The bonds bear a coupon rate of
5%,are in $1,000 and $500 denoms., and mature annually on July 1.from
1930 to 1970 incl. Payable at Montreal, Quebec and Chambly.
CRYSTAL BEACH, Ont.-BOND OFFERING.
-J. 0. Page. Village
Clerk, will receive sealed bids until 7 p.in. (Standard time) on July 15. for
the purchase of two issues of 53(% water bonds, consisting of an $18,571.99
sewer issue and an $8,165.91 water mains issue. The bonds mature annually
from 1929 to 1958 incl. A certified check for 5% of the bonds bid for is
required.
MEETING LAKE R. M., Sask.-BOND OFFERING.
-F. W.Starmard,
Secretary-Treasurer, will receive sealed bids until July 8,for the purchase of
$6.000 bonds, to mature in 10 instalments. No interest rate has been
named.
NORTHUMBERLAND & DURHAM COS., Ont.-BOND SALE.
The $125.734.46 5% bonds offered on June 17-V. 128. p..4050
-were
awarded to Wood. Grundy & Co., of Toronto. at 98.0S, a basis of about
5.23%. The bonds mature annually on Dec. 15, from 1929 to 1949 incl.
The following is a list of the bids received:
BidderRate Bid,
Wood, Gundy & Co
98.08
Bell, Gouinlock & Co
97.16
Harris, hiacKeen & Co
97.18
Dyment, Anderson & Co
97.171
Matthews & Co
97.07
R. A. Daly & Co
97.04
C. H. Burgess & Co
96.74
McLeod, Young, Weir & Co
96.58
NEW LOANS
NOTICE OF SALE
of
NEW LOANS
NOTICE OF SALE
of
$500,000.00
$100,000.00
$450,000.00
SERIALSEWAGE DISPOSAL BONDS
SERIAL SCHOOL BONDS
of the
SERIAL SCHOOL BONDS
of the
of the
CITY OF NORWAIY,
CITY OF NORWALK,
CONNECTICUT.
CONNECTICUT.
CONNECTICUT.
Sealed proposals will be received by the Mayor
and Council of the City of Norwalk until 8:00
O'CLOCK P. M. ON JULY 16, 1929, in the
City Clerk's Office at South Norwalk, in the City
of Norwalk, Coon.
Said bonds shall he 500 in number, of the denomination of $1,000.00 each, dated August 1,
1929. fifty of which are payable on the first day
of August, 1931, and fifty on the first day of
August each fifth year thereafter until August
first, 1969, on which last named date one hundred
of said bonds shall be Payable, bearing interest
at a rate per centum per annum not exceeding
five per cent to net said city par for said bonds.
payable on the first days of February and August
in each year, except the last payment of interest,
which shall be payable at the maturity of the
bonds, and will be coupon bonds, registerable at
the option of the holder, either as to principal
alone, or as to both principal and interest. Both
principal and interest will be payable in lawful
money of the United States of America at The
Equitable Trust Company, New York City,
New York.
All proposals should be addressed to Stephen
Dokus, Clerk of the City of Norwalk, South Norwalk, Connecticut, and must be accompanied
by a certified check to the order of the Treasurer
of the City of Norwalk for one per centum of the
par value of the bonds bid for, and the check of
the successful bidder to be retained by the committee and credited upon the purchase price of
the bonds, and the checks of all unsuccessful bidders to be forthwith returned.
Said bonds will not be sold for less than par and
accrued interest.
The Committee reserves the right to reject any
and all bids.
The bonds shall be certified as to genuineness
by The Central Fairfield Trust Company. of said
Norwalk, and their validity will be approved by
Messrs. Thomson, Wood & Iloffman, 120 Broadway. New York City.
STEPHEN DOKES,
City Clerk.
Sealed proposals will be received by the Mayor
and Council of the City of Norwalk until
0 CLOCK P. M. ON JULY 16, 1929, in 8:00
the
City Clerk's Office at South Norwalk, in the City
of Norwalk, Conn.
Said bonds shall be 100 in number,
nomination of $1,000.00 each, dated of the deAugust 1,
1929, ten of which are payable on the first day
of August, 1932, and ten on the first day of
August
each fourth year thereafter until said issue
shall
be fully paid, bearing interest at a
centum
per annum not exceeding five per rate pernet
cent to
said
city par for said bonds, payable
of February and August in each on the first days
year, except the
last payment of interest, which shall be
at the maturity of the bonds, and will bepayable
bonds, registerable at the option of the coupon
holder,
either as to principal alone, or as to both principal
and interest, both principal and interest
will
payable in lawful money of the United States be
of
America at The Guaranty
New York City, New York. Trust Company,
All proposals should be addressed to Stephen
Dolma, Clerk of the City of Norwalk, South Norwalk, Connecticut, and must be accompanied
by a certified check to the order of the
Treasurer
of the City of Norwalk for one per centum of the
par value of the bonds bid for, and the check of
the successful bidder to be retained by the committee and credited upon the purchase price of
the bonds, and the checks of all unsuccessful
bidders to be forthwith returned.
Said bonds will not be sold for less than par and
accrued interest.
The Committee reserves the right to reject
any and all bids.
The bonds shall be certified as to genuineness
by The Peoples' Trust Company, of said Norwalk. and their validity will be approved by
Messrs. Thomson, Wood & Hoffman, 120 Broadway, New York City,
STEPIIEN DOKUS,
City Clerk.
Sealed proposals will be received by the Mayor
and Council of the City of Norwalk until 8:00
O'CLOCK P. M. ON JULY 16, 1929, in the
City Clerk's Office at South Norwalk, in the City
of Norwalk, Conn.
Said bonds shall be 450 in number, of the denomination of $1,000.00 each, dated August 1,
1929, fifty-five of which are payable on the first
day of August. 1934, and fifty-five on the first
day of August each fifth year thereafter until
August first, 1969, on which last named date
sixty-five of said bonds shall be payable, bearing
interest at a rate per centum per annum not
exceeding five per cent, to net said city par for
said bonds, payable on the first days of'February
and August in each year, except the last payment
of interest, which shall be payable at the maturity
of the bonds, and will be coupon bonds, registerable at the option of the holder, either as to principal alone, or as to both principal and interest.
130th principal and interest will be payable in
lawful money of the United States of America at
Tne Bank of the Manhattan Company. New
York City, New York.
All proposals should be addressed to Stephen
Dokus, Clerk of the City of Norwalk, South Norwalk. Connecticut, and must be accompanied by
a certified check to the order of the Treasurer of
the City of Norwalk for one per centum of the
par value of the bonds bid for, and the check of
the successful bidder to be retained by the committee and credited upon the purchase price of
the bonds, and the checks of all unsuccessful
bidders to be forthwith returned.
Said bonds will not be sold for less than par and
accrued interest.
The Committee reserves the right to reject any
or all bids.
The bonds shall be certified as to genuineness
by The South Norwalk Trust Company, of said
Norwalk, and their validity will be approved by
Messrs. Thomson, Wood & Hoffman, 120 Broadway, New York City.
STEPHEN DOKUS,
City Clerk.
CITY OF NORWALK,
[VOL. 129.
FINANCIAL CHRONICLE
166
ginancial
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INVESTMENT SECURITIES
TRUSTS • ESTATES
39 So.LASALLE Sr. CHICAGO
LOUISVILLE. AV.
WE extend the
facilities of o u r
"
organization to those
desiring information or
reports on companies
with which we are
identified.
CITY OF LOUISVILLE
BONDS
LACKNER, BUTZ & COMPANY
Henning Chambers & Co.
Inquiries Solicited on Chicago
Real Estate Bonds
Members N. Y. Mock Eschange
LOUISVILLE, KY
431 W. Jefferson St.
ill West Washington Street
CHICAGO
WINSTON-SALEM, N.C.
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-SECURITIES ENGRAVED
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ELECTRIC BOND AND
SHARE COMPANY
Two Rector Street
New York
Wachovia Bank & Trust Company
BOND DEPARTMENT
North Carolina State and Municipal
Notes and Bonds.
Southern Corporation Securities
Winston-Salem, N. C.
For Listing on All Stock Exchanges
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COLUMBIAN BANK NOTE COMPANY
82 WALL STREET
NEW
5005. ASHLAND DLVD
CHICAGO
YORK
BRANCHES IN PRINCIPAL CITIES
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